2014-09-15_REVISION - M2007044 (3)

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• L NEMNG LEASE AGREEMENT - .k. +,v t-1;R w«►� THIS AGREEMENT is made and entered into effective as of the 110 day of December, 2006, by and between LITTLE MAVERICK MINING COMPANY, a sole proprietorship whose owner is Virgil L. Sutherland (hereinafter referred to as "Lessor") and ENERGY FUELS RESOURCES CORPORATION, a Colorado corporation (hereinafter referred to as `Energy Fuels"). RECITALS WHEREAS, Lessor owns certain unpatented mining claims situated in Mesa County, Colorado, and Grand County, Utah, more particularly described in Exhibit "A" attached hereto and by this reference incorporated herein (hereinafter referred to as the "Subject Properties")-, and WHEREAS, Lessor desires to grant to Energy Fuels,and Energy Fuels desires to acquire from Lessor,a mining lease of the Subject Properties pursuant to which Energy Fuels shall have the exclusive right to explore, develop, extract, mine, market, sell or otherwise dispose of all minerals fiom the Subject Properties. AGREEMENT NOW, THEREFORE, in consideration of the royalties and mutual covenants contained and provided for herein,the parties hereto agree as follows: .1. Grant. Lessor hereby grants, leases, lets and demises unto Energy Fuels, its successors and assigns, all of the Subject Properties described in Exhibit "A" together with all ores, minerals and mineral substances of every nature and character whatsoever to the extent Lessor has the rights to said minerals (which ores, minerals and mineral substances are hereinafter referred to severally and collectively as the "Minerals') located thereupon or thereunder. Lessor further grants to Energy Fuels the exclusive right and privilege to enter upon the Subject Properties for purposes of surveying, exploring, prospecting, sampling, drilling, developing, mining (whether by underground, strip, open pit or solution methods), stockpiling,