RE: New Article EFR Mention(ARTICAL) One stock we will be adding to our portfolio will be Energy Fuels (EFR.TO) which has been beaten
down recently over mill concerns. They announced that they will seek permitting to build their own mill as
Denison seems to be bullying them around (along with BRD.v which is also in our portfolio), but this
should work itself out. First Denison has a monopoly on the geographic area, so they better behave or
they could face the wrath of the Justice Department. They are operating in a very vital sector to the US
economy (nuclear power accounts for roughly 20% of electricity capacity), so one could imagine that the
Government has an interest in keeping supply flowing from these new mines and thus increasing supply
to the US nuclear plants. In the long run, Denison would be wise to let EFR and BRD piggy-back on their
milling capacity so as to avoid competition. EFR has already stated they want to build a mill now, and we
hear rumors that BRD may be looking into doing the same. Also, STM is permitting a mill in New Mexico
which will be built in part by a Global Fortune 500 company and SXR is bringing its mill in Wyoming online
in the near future. EFR has options, and at this price we think it is a buy, so at C$2.38 we will take our
initial position.