Lightbridge (LTBR) Appoints Jesse Funches to its Board

Lightbridge Corporation (Nasdaq: LTBR), an advanced nuclear fuel technology company, today announced the appointment of Jesse Funches to the Lightbridge Board of Directors, effective immediately. Mr. Funches will also serve as Chair of the Audit Committee of the Board.

Mr. Funches is the former Chief Financial Officer of the U.S. Nuclear Regulatory Commission (NRC), and he currently provides consulting services and expert testimony to the U.S. civilian nuclear industry on regulatory costs, including NRC fees and related issues. He is a world-leading authority on how to operate a capable and cost-effective nuclear oversight agency. Mr. Funches played key roles in the establishment of the Federal Authority for Nuclear Regulation, the independent body tasked with regulating and licensing all nuclear energy activities within the United Arab Emirates.

“We are pleased to welcome Jesse Funches to the Lightbridge Board. Jesse brings a unique skill set, combining years of successful financial management with a comprehensive knowledge of nuclear regulatory policies and processes. He also has extensive experience in working with Congress and the Office of Management and Budget,” commented Seth Grae, President and CEO of Lightbridge. “Jesse’s wealth of knowledge and strong leadership will be instrumental in guiding our fuel development initiatives and ensure we meet or exceed regulatory and governmental requirements.”

Commenting on his appointment, Mr. Funches stated, “I am excited to join Lightbridge’s Board at a time of significant progress in its fuel development efforts, including being awarded a second GAIN voucher by DOE. Lightbridge’s fuel innovation brings robust safety and economic benefits, and is a much needed driver to expand the use of nuclear power to impact the world’s energy and climate challenges. I look forward to contributing to the Company’s progress towards commercializing its fuel designs.”

Mr. Funches has more than three decades of regulatory experience, including ten years as CFO of the NRC. In that capacity, reporting to the Chairman, he served as a key member of the senior management team that set the strategic direction for the agency and addressed policy issues. He established internal controls and risk management, achieving an unqualified assurance statement on the federal version of Sarbanes Oxley. Mr. Funches liaised directly with Congress and the Office of Management and Budget on financial and regulatory program issues and oversaw all aspects of agency-wide budgeting, performance evaluation, and strategic planning. Mr. Funches worked closely with the agency’s chairman, commissioners, and program managers to license new power reactors and nuclear fuel cycle activities.

Prior to working at the NRC, Mr. Funches spent six years at the Office of the Secretary of Defense in the Pentagon. As an Operations Research Analyst, he completed analyses and studies for use by the Secretary of Defense in making decisions on defense programs and activities and developed planning and fiscal guidance for use by the military departments.

Mr. Funches earned a B.S. in Mathematics from Jackson State University, an M.S. in Applied Mathematics from the University of Illinois, and an MBA from Loyola College.

He has won numerous awards throughout his career. In addition to winning the 2004 Donald L. Scantlebury Memorial Award (the federal government’s highest award for excellence in financial management), Mr. Funches is a three-time recipient of the Presidential Rank Award for Meritorious Senior Executives and a two-time winner of the NRC’s Distinguished Service Award. Mr. Funches was also an active member of the Federal Chief Financial Officers Council, a collection of senior-level officials working to improve government-wide financial issues.

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