Management Change/Compensation (Form 8-K)

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On February 26, 2026, Energy Fuels Inc. (the "Company") announced that it expects to appoint Mr. Ross Bhappu, the President of the Company, to the role of President and Chief Executive Officer of the Company and as a Director effective April 15, 2026, consistent with the Company's previously announced succession plans and in accordance with his existing employment agreement.

Concurrently with Mr. Bhappu's appointment, Mr. Mark Chalmers, the current Chief Executive Officer, will be retiring on April 15, 2026 from his role as Chief Executive Officer, consistent with his planned retirement date. Upon his retirement, Mr. Chalmers will continue as a consultant to the Company exclusively for two years to support, as required, Mr. Bhappu and others in the Company with current and future growth initiatives. Mr. Chalmers will also be resigning from his position as a Director of the Company upon his retirement. Mr. Chalmers' resignation from the Board of Directors is not due to any disagreement with the Company on any matters related to the Company's operations, policies or practices.

Mr. Bhappu was originally appointed President of the Company effective August 4, 2025. Mr. Bhappu, age 65, brings over 35 years of experience in mining to the Company, including nearly 25 years with Resource Capital Funds, where he provided both technical and financial evaluation and support in project identification, analysis, development, valuation, project finance, mergers and acquisitions and sourcing of capital from private and public markets exclusively for the mining and minerals sector. Mr. Bhappu completed his Ph.D. degree in Mineral Economics at the Colorado School of Mines and B.S. and M.S. degrees in Metallurgical Engineering at the University of Arizona. He began his professional career with Cyprus Minerals Company in Denver, Colorado and Miami, Arizona where he served in both technical and financial roles before joining Newmont Mining Corporation in Denver where he served as Director of Business Development. Mr. Bhappu gained substantial expertise in copper concentrate marketing while at Newmont and served as CEO of GTN Copper Corporation for three years with a focus on acquiring and redeveloping a brownfield copper project in Arizona prior to joining Resource Capital Funds in 2001. During his 25 year tenure at Resource Capital Funds, where he served in multiple roles including as Head of Private Equity Funds, Mr. Bhappu was instrumental in the acquisition of Mountain Pass, the only operating rare earth mine in the U.S., and the recreation of Molycorp, Inc. where he served as Chair of the Board from 2008-2013. Mr. Bhappu retired from Resource Capital Funds just prior to joining the Company.

There are no family relationships among Mr. Bhappu and the members of the Board of Directors or the other members of senior management of the Company. Mr. Bhappu is not a party to any transaction with the Company that would require disclosure under Item 404(a) of Regulation S-K.

In conjunction with Mr. Bhappu's appointment as President of the Company effective August 4, 2025, Mr. Bhappu entered into an employment agreement with the Company dated July 30, 2025. Mr. Bhappu's employment agreement, as well as a description of the employment agreement, is contained in the Company's Form 8-K filed with the U.S. Securities and Exchange Commission on August 4, 2025 and is incorporated by reference herein.