Energy Fuels Appoints Ross R. Bhappu as CEO, Marking Leadership Transition for Critical Materials Producer

Energy Fuels Inc. (NYSE American: UUUU) (TSX: EFR), a leading U.S. producer of uranium, rare earths and critical materials, announced that Ross R. Bhappu has been appointed chief executive officer, effective April 15, 2026. Bhappu, who has served as president since August 2025, brings more than 30 years of leadership experience spanning mining, critical minerals, finance and international resource development. He succeeds Mark S. Chalmers, who is retiring after more than eight years as CEO and will remain with the company as an exclusive uranium and rare earth consultant for two years.

The leadership transition comes at a pivotal time for Energy Fuels as the company positions itself within the growing critical materials sector. As a leading U.S. critical materials company specializing in uranium, rare earth elements, heavy mineral sands, vanadium, and the development of medical isotopes, Energy Fuels has established itself as the top U.S. producer of natural uranium concentrate, supplying nuclear utilities. The company's operational infrastructure includes the only fully licensed conventional uranium mill operating in the U.S. – the White Mesa Mill in Utah – where it produces REE products and evaluates medical isotope recovery for emerging cancer therapies.

Energy Fuels' strategic development portfolio includes three heavy mineral sands/rare earths projects: the Vara Mada Project in Madagascar, Bahia Project in Brazil, and Donald Project in Australia through a joint venture with Astron Limited. These international projects represent the company's expansion beyond its core uranium operations into broader critical materials markets. The leadership change from Chalmers to Bhappu represents continuity in strategic direction while bringing Bhappu's extensive international resource development experience to guide these global initiatives.

The appointment matters because Energy Fuels operates at the intersection of energy security, national defense, and technological advancement. Uranium production supports nuclear power generation, which provides approximately 20% of U.S. electricity and represents a carbon-free energy source. Rare earth elements are essential components in numerous technologies including electric vehicles, wind turbines, smartphones, and military equipment. The company's medical isotope development work has potential implications for cancer treatment advancements. As geopolitical tensions highlight supply chain vulnerabilities for critical materials, Energy Fuels' domestic production capabilities gain strategic importance.

Bhappu's background in mining, critical minerals, and international finance positions him to navigate the complex regulatory, market, and geopolitical landscapes facing critical materials producers. His transition from president to CEO suggests a planned succession that maintains institutional knowledge while bringing fresh perspective. Chalmers' continued involvement as a consultant for two years provides transitional support and preserves his expertise in uranium and rare earth markets. Investors and stakeholders can access additional information through the company's newsroom at http://ibn.fm/UUUU. The full press release detailing the leadership appointment is available at https://ibn.fm/UakDn.