This report documents the U.S. Nuclear Regulatory Commission's (NRC's) staff review and safety and safeguards evaluation of International Isotopes Fluorine Products, Inc.=s (IIFP), application for a license to construct a Fluorine Extraction Process & Depleted Uranium Deconversion Plant (FEP/DUP) and possess and use source materials. INIS proposes that the FEP/DUP be located in Lea County, New Mexico, approximately 24 kilometers (15 miles) west of the city of Hobbs. The facility will possess natural and depleted uranium, and significant quantities of hazardous chemicals derived from licensed material, e.g., hydrogen fluoride.