US-based uranium and rare earth producer Energy Fuels will see a change at the top in April, as part of a planned succession process unveiled on Thursday as the company reported its financial and operating results for what it describes as a "breakout year".

President Ross Bhappu will be appointed president and CEO on April 15, in accordance with existing employment agreements.

Current CEO Mark Chalmers will retire on that date, which is his planned retirement date, and will continue as a consultant to the company exclusively for two years to support Bhappu and others with current and future growth initiatives.

The announcement comes as Energy Fuels highlighted that it produced more than one-million pounds of low-cost US uranium in 2025, continued producing heavy rare earth pilot output and completed a $700-million convertible notes offering that lifted working capital to nearly $1-billion.

The company reported a net loss of $86.1-million, or $0.38 a share, compared with a net loss of $47.8-million, or $0.28 a share, in 2024. The increase was largely attributed to higher ongoing costs following the acquisition of Base Resources in late 2024, increased exploration and development spending and lower average uranium spot prices during the year.

Operationally, the company exceeded its 2025 guidance across mining, production and sales.

It mined about 1.72-million pounds of contained uranium oxide (U₃O₈) during the year, above its revised guidance range of 875 000 lb to 1.435-million pounds. Processing totalled 1.015-million pounds of finished U₃O₈, slightly above the top end of guidance, while sales of 650 000 lb were well ahead of the 350 000 lb forecast.

Uranium revenues reached $48.2-million, based on 650 000 lb sold at a weighted average realised price of $74.21/lb. The company also signed two new long-term contracts with US nuclear utilities in the fourth quarter, expanding its portfolio to six long-term contracts extending to 2032.

At year-end, total finished and contained U₃O₈ inventory stood at 2.18-million pounds, providing flexibility to meet contracted deliveries and pursue spot sales.

For 2026, Energy Fuels is guiding for a step change in output, targeting mining of 2.0-million to 2.5-million pounds of contained U₃O₈, processing of 1.5-million to 2.5-million pounds and sales of 1.5-million to 2.0-million pounds.

The company expects average mining and transportation costs from its Pinyon Plain mine to remain in the range of $10/lb to $14/lb, with milling costs of about $13/lb to $16/lb, implying total weighted average costs of $23/lb to $30/lb during the current mill run.