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COAL MINING LEASE <br />This Coal Mining Lease, made and entered into as effective on March 20, 2000, by <br />and between South Wind Land and Mining, LLC, K2T, LLC, and South Central Land and <br />Mining, LLC, all Colorado limited liability companies (hereinafter collectively referred to as <br />"Lessor ") and Energy Fuels Associates, Ltd., a Colorado limited partnership (hereinafter <br />referred to as "Lessee ") <br />NOW, THEREFORE, in consideration of the mutual covenants and agreements <br />contained in and the benefits to be derived from this lease, Lessor and Lessee mutually <br />agree as follows: <br />1. The Leased Premises. Lessor hereby leases to Lessee all right, title and <br />interest of the Lessor in and to the coal in the lands described in Exhibit A attached hereto, <br />(the "Leased Premises ") together with all rights and privileges to mine that coal by <br />underground methods only, together with a right of access into, upon, through and under <br />the Leased Premises at such points and in such manner as may be reasonably necessary <br />for the purposes of Lessee's operations under this lease, including the right to explore, <br />test, drill, dig, drain, ventilate, construct and operate mine portals, buildings and other <br />improvements reasonably necessary for the mining, transporting, storage, processing and <br />shipping of coal and the right to deposit on the surface of said lands consistent with mining <br />and reclamation plans approved by the Colorado Mined Land Reclamation Board, such <br />earth, rock, stones, slate and "gob" material as may be produced in connection with the <br />operations authorized herein, provided, however, that the existing waste pile on the Leased <br />Premises which presently covers 35 acres shall not be expanded laterally to cover more <br />IU%V4,SOUTHININD <br />.1,nm0 Lease <br />%larch 23, 2000 <br />