Q2 2021 Energy Fuels Inc Earnings Call
[music].
Good afternoon, My name is Colin and I'll be your conference operator today at this time I would like to welcome everyone to the energy fuels Q2, 2021 conference call all lines have been placed on mute to prevent any background noise.
After the Speakers' remarks, there will be a question and answer session. If you'd like to ask a question. During this time simply press Star then the number 1 on your telephone keypad, if you'd like to withdraw your question. Please press star followed by 2 thank you. Mr. <unk> you may begin your conference.
Thank you Colin and.
Good afternoon, everyone. Thank you for joining our Q2.2021 conference call and webcast today.
Always we're excited to discuss our Q2 achievements and achievements after the close of the quarter.
For those that cannot join the call today, there will be replaced.
The presentation and recording available for 2 weeks.
On our website, starting later today or tomorrow.
I just wanted to say that we continue to make what I believe is extraordinary progress on many fronts and we believe the energy fuels has and continues to emerge as the clear leader and.
U S critical mineral production.
Space.
I realize some of those of you that are on the call today are investing in energy fuels for different reasons, it could be uranium and it could be worse.
It could be vanadium and.
And now we've complicated further with the introduction of thorium and I'm sure that confusion and some people and I hopefully I can clarify that over the course of the next 30 minutes or so but look at the bottom line is an investment and energy fuels referenced and investment in clean energy low carbon emissions.
And critical minerals and I really don't know of any other single investment that you can cover that kind of real estate.
And.
Most of you almost all of you will know that we have a long history as a U S uranium producer and.
And we're very proud of that and now we're really pleased.
And now have the ability to process rare Earths.
Scale, and we're more advanced and any other company and the United States and we're producing.
Product intermediate product, which is currently being shipped to Europe.
And we have big plans, we're targeting 50% of U S requirements and not too distant future, but theres. No reason, we can't eventually be able to produce 100% of current U S rig.
Our requirements or greater and when we secure.
Adequate sources of modest IC and establish separation at White Mesa. So this is incredible progress and we're incredibly proud of this.
We also continued to build our relationships with a number of groups certainly kumars, Neil Hyperion, caster, and others and I'd like to tell you about but I can't.
And I believe that based on the quality and the quantity of inbound calls is a reflection of what people are seeing with our progress and our rapid progress.
But I've said this before and I said, a little earlier, we are non stopping at mixed rare Earths carbonate production, we are absolutely going to develop fully integrated.
<unk> supply chain through a minimum of separated oxides at White Mesa mill, and we believe it will be low capex and opex competitive with the world's best producers, including China, and scoping studies are well underway.
In addition, we're seeing the prices and uranium and vanadium increase over the last number of months and if.
And you look at the value of our inventories debt on the books versus the current prices. It's actually at current prices our inventory is worth about $14 million and we currently carry.
As our working capital numbers.
We also continue to get recognition for industry, leading recycling programs. So we believe that energy fuels has got to be 1 of the best ESG stories in the business, particularly United States.
Before we move to the slides I just want to remind people that you are controlling the slides.
On the web.
The previous and next buttons and.
I'm also pleased to say that and we will be answering questions at the end of the presentation as Colin mentioned also pleased to announce share looks.
Solar will help.
Joining me at the end of the presentation, if theres any questions that I can't answer and Dave freed and learn and Curtis Moore, who many of you know are all taking well deserved vacations.
So let's jump in and on this first slide and.
A lot of you have seen this before the picture of the White Mesa, nail and Utah and Southern Utah and the 1 thing I wanted to know is that we added thorium uranium rare earth elements, vanadium recycling and thorium and I'll talk more about it.
And a second or 2.
So.
Next slide.
I may well be making some forward looking statements and those are included at the back of the presentation.
Next slide.
Alright. So here, we are and you all seeing this our core business case and many of you have energy fuels. It's the same as in the past our core business is and will always be.
Uranium.
We've added rare Earths and last.
Probably last 13.14 months.
Now producing vanadium and long history of producing vanadium vanadium prices are increasing the recycling, which I've talked at.
And.
Previous presentations and now we added the thorium and we're very excited about thorium, because like uranium rare earth uranium or and also have contained thorium, which we believe has the potential to be recovered from medical isotopes that could be used.
For emerging cancer therapies.
That is a remarkable addition to the frontline here and also we're very very proud of our financial strength and our zero debt and also on this slide you can see on the side and the periodic table, we got uranium vanadium and.
And story.
Next slide.
So our financial strength and flexibility.
We posted in our financials and 98.8.
8 million cash securities or inventories.
And that inventories are valued at what our book value and so as you can see and the table on the right uranium at $23.79 per pound and vanadium at 511 per pound and at current prices. The price of uranium is up 37% from that and nearly double.
For vanadium. So when you look at the $98.8 million Thats actually very conservative, it's actually about $14 million more than that.
A significant uranium inventory that we produced ourselves as well as.
And ADM inventory that we produced ourselves.
Our revenue was just about a half a million dollars that was mainly from some of the cleanup work, we're doing and new Mexico.
Pro debt.
We did have a net loss of about nearly $11 million, but $3.6 of that was related to the share price increase and the warrant liabilities. So that's a noncash issue. We also had about $2.5 million and increasing expenditures for our rare earth production and <unk>.
You too and I want to say that even though the capital cost.
It was only less than $2 million per capital costs, we had things like reagents and labor costs that skewed that a bit.
Our guidance for 2021, we are not going to produce any uranium at the current time, we're going to retain that and circuit in circuit inventory. It actually is produced but it will be circulating in the system and we won't be recovering it and to finished goods so year and at this point and time, we're projecting.
And nearly 700000 pounds of uranium inventory.
So whereas oxide.
Projecting that we will produce between 700.1100 tons of mixed carbonate production, which is about 350 to 550 tons of Oreo that is because of a delay in shipments from <unk>. It is not a reflection of our ability to produce.
<unk> carbonate and they've had some operational issues and.
I am currently talking to them, how they catch that up.
And in due course, so any ways for those of you that have a question about our ability to produce rare earth carpet. It's it is not restricted on the plant is restricted on this short term shortage of <unk>.
Next slide.
So let's talk about some of our milestones.
We maintained our U S uranium leadership.
And again production other rare earth products, and we started shipping carbonate.
Uranium.
We still continue as we believe the clear leader and the U S space, we maintain our.
Assets on standby.
And as I mentioned, we've got.
Uranium inventories that are currently valued at about $22.5 million that we produce its U S origin, we also announced after the quarter.
And that we are divesting some non core assets to international consolidated uranium, which we're very excited about.
Long history with a number of the members of international consolidated uranium and that has a pro forma value when its closed and all the progress payments are made of around $24 million, we will become the largest shareholder of <unk>.
Where are we.
We talked about first shipments and started to go to Estonia.
And no other company has advanced as we are we signed our contract with Neil.
And for the shipment and for them to procure a rare carbonate from white Mesa.
On July 7th.
And then we continue to have numerous discussions with monocytes suppliers around the globe as well as advancing our scoping studies with character from for a full integration.
And the ADM.
Really no change and vanadium as a company except for the fact that the price keeps going up and we now have about 16 and $5 million of high purity vanadium in stock and ready to sell when we decided to sell it.
The new Kid on town is thorium.
And we announced recently that we had signed a.
Strategic Alliance agreement with Red trend, which is a Denver based company and we're going to be evaluating the recovery of thorium and.
As I mentioned for the production of medical isotopes and I'll talk about more.
Little bit later.
Our emerging cancer treatments and we're very very excited about that as well.
So this next slide.
And just showing our footprint and United States and most of you have seen this before from Wyoming, all the way down to Texas, and the White Mesa mill and the 4 corners region.
Next slide our frontline of production centers White Mesa alternates of opinion, playing and the Nickels ranch facility.
These continue to be our front and the range, we still have automation nickels ranch on standby as well as opinion playing.
And White Mesa is the only producing asset we have at this point and time.
This slide.
You've all seen this or most of you have seen this but between cameco and energy fuels between their assets and our assets, 85% and uranium producing I'd states came from 2 companies and we.
When you add U R energy and uranium 1.
That is 97% of the rain production and the United States over 15 years and actually the assets that were on selling to see you are or international and consolidated uranium they would actually become the fifth largest if you look at the uranium production over time.
And from those assets.
Next slide.
<unk> and uranium.
And I've talked about this at link.
It's very complementary and.
We still.
Our focus on monocyte because of the high value.
We really believe that this is a real value proposition and our ability to.
To basically recover the uranium potentially the thorium and dealing with radio nuclides is a real game changer and constantly and carry Annapolis continually uses that and I really am happy does because it is really a remarkable position that we are and as we advance.
Our critical mineral hub for these number of elements and.
And also for fulfilling this nearly projected fivefold increase and magnetic rare earth oxides that theyre projecting over the next 10 years.
Yeah.
Next slide.
Manav.
Again, I've talked in the past about this but it is a byproduct of.
Existing heavy mineral sands operations, it's mind around the world and.
And as I said and told people previously we're talking to basically everybody around the world.
The day that goes by more people understand the progress, we're making and speed of our progress and so that is creating a number of interest and opportunities that are showing up at the doors.
For us and as low cost protection is high grade and it has.
Typically the heavy mineral sands and produces monocytes and switches between 50 to maybe 60% total rare Earth oxides, which is like the equivalent of the Mcarthur River and scar Lake and uranium industry and the rare Earth industry and that's why we're focusing on the Monza and it is lower cost production.
<unk> and.
And processing, it's got great distributions.
And DPR and heavies and its much higher grades and typically what is mined and the pass and right. So.
So we're going to stick to this monetize plan, even though we will look at other sources and due course net.
Next slide.
Now this slide.
Again, just unique capabilities of the White Mesa mill.
And this picture on the right.
Pitcher and myself.
<unk> Shum way, our mill superintendent and.
Constituting carry Annapolis, and our packaging plant that is a 1 ton bulky bag.
Rare carbonate debt is headed to Estonia and.
And.
I checked this morning, and right now we basically packaged about 170 or 180 bags of this carbonate and we've got another 20 or 120 to go and this first batch from Kenmore and.
And so we're very excited about that and we had sort of a photo op Constantine came down to the mill and it was really a great day to showcase what we've accomplished and as quickly as we accomplished it and with the limited capital cost required so again.
This first amount from tomorrow is giving us the opportunity to to basically work all the kinks out and the mill in terms of recovery reagent consumption and handling of the product.
And but we our next step is we want to secure enough feed to get up to around 15000 tons of feed which would be approximately 50% of U S current requirements. So.
A little bit of mono cycles, along way because of the grade and.
And so again, we're moving very quickly on this front.
Next slide.
So I've talk again quite a bit about our short term plan, which is the purchasing and.
And processing of around 2500 tonnes per year, and monocyte I mentioned debt Kumars is lagging on that but we're going through some steps and I have some talks of the next week and how they can increase that and hopefully in the next.
Too distant future.
Are out there actively seeking to purchase additional modest site.
And.
There are people as I said around the world and are noticing what we're doing and are talking to us about monocytes supply and.
And.
And so we're.
Planning too and.
And this period of time, while we're building up our capabilities and our ability and eventually separate we're using the facility with Neil and Estonia.
And for separation very strong healthy relationship with Neil and we plan to have that continue for a long long time, so when you look out.
In 2023, 24, we hope to have a U S centric supply chain.
We've been talking about potentially submitting our plants and state of Utah next year. Some time, that's not completely nailed down yet.
And to have and capture the full value chain of the rare supply.
And at White Mesa, including our relationship with Neil So.
We're very excited about other collaboration with the characters many of you.
No of characters, there long established and proven.
Operators and separators of monocytes and it's not just in France, but in China as well.
And lastly.
We have a long history of dealing with solvent extraction at the White Mesa mill. So many people that tell us that.
And the solvent extraction is unruly and not easy to control it which is true.
Have a head start over most so this is just a graphic of what I just said and.
And.
Looking at this initial step to get through separation and then looking in the mid term and a few years to have full integration and as I said to you.
We're looking to get through at least separation at the white space and mail, but we're starting to look at metals and alloys and powders.
And now so we still got work to do there, but we're taking a step at a time.
Next slide.
And so.
Some of our accomplishments and a little over a year.
We continue to engage additional professionals.
We've had caused the team working on this with us for over year, Morocco, Kelly, Jack lifted and character, but we recently hired Chris Wyatt, Chris why it worked for a Luca he's a heavy mineral sand expert and he's helping us, particularly in this front and when it's securing and sourcing.
Monocyte for the White Mesa mill. So we're really pleased to have Chris join the team and.
And that just continues with our philosophy and approach that we know we don't know and so we will bring and the expertise we need and every step to get the best outcomes possible.
So I'm, hoping and the not too distant future debt, we can add to this list.
Top of <unk> and Hyperion.
And 2 others that are joining the initiative.
Actually talked to Hyperion. This morning, and so they're very excited about working with us and the future.
I've talked about the rare earth carbonate that we're producing at the mill and and it's very unique that you have an opportunity like this and I've mentioned that we went from lab scale to 1 ton scale 210 scale. We've done this 300 tons. This last run and.
The next step, we hope to startup and October and it'll be somewhere in the order of 6 to 800 tons and we plan to continue to ramp it up as feet becomes available.
I mentioned, the separations and the work with character.
We hope to have some initial results and won't be final results from some of the scoping work that they're working on.
And the next month or so and I.
I mentioned, the rare Earth metals and alloys that we're currently starting to do more work on and then we have secured around $2 million and support from the U S government.
Thus far.
Next slide.
So.
This is a new slide that I don't think I've shown to you before but it's why Ken energy fuels succeed when others have struggled.
Number 1.
We have the licenses and the capability to handle the radio nuclides in mono site.
Number 2 monocyte has a high grade and value over other earth.
Minerals and I know this is a little bit prescriptive as they go down, but I'm trying to really hit the points.
Monazite is already being mined in the U S and around the world. There is mono sites out there that is available.
Number 4 it's it's straightforward the process monocyte over some other rare streams.
And our case, it's low cost and capital efficient with the existing infrastructure.
Number 6.
We're planning to use solve and extraction technology, which we have this long history of with nearly 40 years, we're going to focus on proven technology using S. X now with other technologies present themselves that we think makes sense, we will look at them and lastly.
Utah is a great place to do business, it's low cost jurisdiction Theyre very pro mining and processing and we think it is far less costly to do business in.
And Utah and it is places like California, and Australia.
Next slide.
Alright, now, let's talk about about our divestment of our non core assets, we announced that after the end of the quarter and July 15th.
International consolidated uranium, we're divesting, the Tony and minded and the minerals mining and RIN mined and some leases that divestment comes with the toll milling agreement.
They are the only company that will have a toll milling agreement at this point in time with energy fuels. These are high quality fully license and either completely developed or partially developed and they are ready to become a.
Producer of uranium when the market's justify total consideration is approximately $24 million. If all aspects of the agreement are exercised we will get to me and it cash at closing, which we believe will be and about the next month or so will become a 19.9 shareholder.
As of <unk>.
And that's worth around $15 million at current prices, they will make progress payments to progress payments of $3 million Canadian at the 18th and 36 month anniversaries and then when they go into production another payment of $5 million I will also go on the board.
And of <unk>.
International consolidated uranium to help them with my long expertise as I started as a miner and $19.76, and net dates me a bit.
So.
Additional benefits and energy fuels.
It reduces our holding and compliance cost we are still going to manage the properties and for the time being for at least 3 years. So we'll continue to use our people to make sure. The permits are in good order.
And well maintained and they have access to myself and our other people and the company for advice as required.
And we hope they spend money on these projects because they can get these mines and better condition than they currently are because we don't have time to focus on them right now and then provide ore to be processed at visa and the future.
So again, we're very excited about this this is not to be considered debt, we're getting out of the uranium industry.
Just don't have time to focus on it and this is a way that we hopefully can see <unk> grow becoming uranium producer and we are their major shareholders.
Next slide.
Now, let's talk Red trim.
And this is strategic alliance that we announced just a few days ago the execution of the agreement.
Mentioned red trend is deemed rebates.
And as technology development company.
And they are actively and.
Investigators and the recovery of isotopes from.
Existing processing streams at White and Asia.
The focus is on these alpha therapies.
<unk> is targeted alpha therapies for cancer treatment and what.
And there are a number of these and approval with the FDA and around the world.
There are major pharmaceutical and pharmaceutical companies that are setting and advancing.
These alpha emitting.
Treatments they are in short supply the.
And the objectives and to treat cancer on a cellular level by minimizing the damage to surrounding healthy tissues, because the alpha.
Therapies.
We have life out very quickly and so the existing.
Sources of isotopes for this.
Are costly and probably not able to scale up to meet the demand and some of these new drugs and red trend has technologies patented technologies.
And that they develop and they have also been working closely with the <unk>.
Pacific Northwest National Laboratory, which is owned by the department of energy and they've actually received funding for this initiative.
That trend was not the only party that came to us with this idea.
Other parties that came to us with this idea and we chose red trend for a number of reasons, including location day over the first and the door and so the benefits to energy fuels.
We can possibly play a role.
And and filling some of this.
Solution to the medical supply chain.
The materials, the modest site ores and the euro.
And ores contained a number of these isotopes.
It is another example of recycling and value add for our shareholders.
And it could potentially add significant revenues to energy fuels. It's early days, so I'm not going to speculate but it could be very significant and.
And what a great story when you look at the uranium.
Errors.
The radio nuclides, it didnt potentially we can recycle working with red trend for the isotopes to treat cancer. So I think this is a really really great position for us to be and and utilize the elements that come into the mill and every way possible.
And this is my last slide.
And just summarizing.
We talked about our uranium assets proven assets.
Long history, producing uranium our ability to ramp up their 100% paid for and a proven.
We have more facilities more capacity more expense experienced and any other U S company and the production of uranium.
We're now producing carbonate.
And we're more advanced and any other company in this regard and the U S. We're shipping that to Estonia.
There are advances being made with the U S government on a number of price.
Not just the U S uranium reserve, but also on critical minerals. So we're very pleased with the new administration's efforts to focus on critical materials and there is no 1 else it as more of those than energy fuels.
We're still advancing our recycling and cleanup programs.
We have the strong balance sheet that I mentioned that is actually quite conservative when you look at current prices of uranium vanadium and the divestment of the non core assets.
Canadian <unk>.
<unk> is still an option and is improving by the day and our inventories are going up and value are substantially and the recent addition of the thorium recovery option and possible cancer treatments.
Couldnt be more excited so now that it will be it for me, it's open to the floor for questions and.
And that is the end of my presentation.
Thank you ladies and gentlemen, we will now begin the question and answer session should you have a question. Please press star followed by 1 on your Touchtone phone Youll hear a 3 tone prompt acknowledging your request and your questions will be pulled and the order. They are received should you wish to decline from the polling process. Please press star fall.
And by 2 if you're using a speaker phone. Please lift the handset before pressing any keys 1 moment for your first question.
Okay. Your first question comes from Heiko Ely from H C. Wainwright. Please go ahead.
And Mark Hope, you're doing well thanks for taking my questions.
Can you hear me, Yeah, my pleasure HEICO fire away perfect.
And in relation to all this.
Stuff that you're doing and all the other really non uranium stuff.
Clearly the market is very appreciative with what you're doing there when when 1 looks at the share price and could chart.
A few years back we did a roadshow together in Switzerland, and your presentation at Little Cupid Arrows, where you showed all of the different franchises for lack of a better word that you have going with the company.
And mentally looking back at that presentation or more clearly for everyone else I guess.
How would you see the priorities for the firm both in regards to management's time, but also investment dollars have change for our company and frankly it won't this question before the call. But then you brought up on the call that inbound calls or very much focusing on some of these things.
Can you just maybe walk us through changes and priorities.
Yes.
Thank you <unk>.
<unk>, our priorities are really what drives cash flow now, okay or would improves our cash position and our profitability and.
And when you look at the prices of rare Earth to day.
And their economic and if we have enough monocyte and the abilities to do this value add and the processing of HEICO.
It is.
Significant economic return if we had the ability to do all of it right now so so it's a right now opportunity and so yes I would.
I'd say that my main focus right today is rare earths.
Uranium you know as well as lot of people have been doing this for 40 years. It's really it's really my love My first love when it comes to <unk>.
Mining.
We still need higher prices so.
We're still keeping our properties and good standing we're still spending money on them, we've still got our key people there but.
But we need higher prices, so it's not really a now opportunity other.
Other than the fact, we're ready to go into production.
When the time presents.
And when you when you look at things like the vanadium.
I mean actually when you start looking at vanadium and vanadium price it can be very very <unk>.
Spiky as you know if you go back 2 years or 3 years.
Now the price of and Aam's nearly $10 a pound.
It's almost and now opportunity as well so.
I think really when I look at where I'm spending my time.
It's on the rare Earth.
And mainly because of the now opportunity so.
But we can shift.
Quickly as required.
Makes sense.
Slightly different question and this is more or less thinking out loud and with the sale to the international and consolidated uranium.
Would it maybe make sense or have you at least ever considered spinning off some assets into a little publicly traded spin co and <unk>.
So the selling them to a third party and if so what assets do you think would lend themselves to such a thing.
Yeah.
I don't think I want to speculate that much on a call like this but.
Look.
And we'll always consider whatever makes sense.
To our shareholders and I recognize that it gets complicated.
As I said at the beginning of the presentation before I started the presentation that uranium wearers vanadium.
Vanadium, and and thorium and it gets to be a bit of a mouthful.
So.
As this evolves.
We will consider.
What creates the greatest values.
And go from there.
When you look at spin and off bits and pieces each of those bits and pieces would have.
Corresponding overheads and and.
We also have a lot of our overheads are experienced at managing all these assets. So.
Look it at this point and time have we thought about it yes.
We actively think about doing it and the near term no.
But could we and what will we spin off.
I don't want to go that far on this call.
I think a very fair answer, especially given that the nature of this call.
Thank you all very much congratulations and thanks for taking my questions.
Ladies and gentlemen, and there's 1 more reminder, should you have a question. Please press star followed by 1. Your next question comes from Joseph <unk> from Roth Capital Partners. Joseph Please go ahead.
Hey, Mark Thanks for taking the questions.
And you touched on a lot of things.
Some questions that are kind of.
More specific to the uranium industry.
There's been some public commentary about the.
And infrastructure Bill and subsidies included and it for the nuclear power industry and.
And I just wanted to see if you guys have any thoughts on what's being done there and how it may or may not benefit you guys.
Yeah Joe.
It's pretty quick moving each other as a lot of news.
All things infrastructure and nuclear.
Critical minerals, we haven't really been able to piece it all together, but as I said earlier.
And quite pleased with how the administration and the bite and administration.
And has been looking at all of those things are.
Seriously.
And.
So I think.
We've never been really and a better position.
To get some relief.
But what I have learned over the last 3 or 4 years and you'll know how much work we spin on the section 232, and the nuclear fuel working group.
Debt you can't depend on it and you can't take it to the bank. Okay. So we're not managing the company that we're going to get relief from the government anytime soon even though if we get it it'll be appreciate it okay. So I think though debt.
Even even some of these discussions on like supporting nuclear power and all that some of the.
And the commentary it looks like it came right out of the nuclear fuel working group report.
So it's good that some of this has led to <unk> and this is.
Initiatives started with the other administration with the Trump administration, but a lot of it seems to be carrying forward for the right reasons, Okay and a bipartisan way so look at it it's moving pretty quick right now so I don't know exactly how it lands but.
So far there.
And the right sounds and right noises with regard to doing something.
Okay fair enough.
Follow up on that the series of things.
You mentioned historical stuff, there's the $75 million of uranium reserved is supposed to be created.
Do you have any update.
And rather quiet.
On what the government is actually doing with that if theyre going to actually spend the money you know what are the qualifications.
To be able to apply to deliver into it.
Is there anything. Additionally, you guys could give us some color on that.
Well because it's appropriated.
The money is approved.
And the Doe and and it's and in F.
S. A are trying to figure out how to.
Administer the program 1 of the things that has slowed it down and this kind of surprised me when I heard it debt.
There was discussion of whether they had to do a knee price process, which is the national Environmental Protection Act process, which which.
Had.
It could be done on a desktop review, which could be very quickly or a more detailed review of slow down, but but the latest I saw even just a few days ago that they are trying to resolve that.
But I'm also hearing debt.
The federal year basically ends at the end of September 1st of October and at the beginning of the federal.
Budget year.
But I'm also hearing that I believe it will be carried over while theyre trying to figure out how to administer the.
The reserve and there are also other steps being made to.
To increase it.
Potentially to that $150 million a year that was originally in the nuclear fuel working group report.
So so again.
And those specifics, it's still and the radar screen.
If we get support as a company will take it.
But we're not managing the company.
On.
Belief that we're going to get relief from the government and the 4.
Okay fair enough and and thanks for the additional color there 1 final thing if I can.
There was a bunch of contracts and it out for the cleanup of our.
The old uranium mines on Native American land.
Have you guys seen any opportunities come from that to do either toll milling ore processing of any kind.
And like alternative feed anything there or.
Whether it be later this year next year, where you can pick up some additional revenue.
Yes.
Still we're still working on it we are doing that cleanup with Rio Grande resources, which is the Mount Taylor mine.
We've got I think about 40000 tons that have been shipped to the mill already on that.
But yes, we are still working behind the scenes to.
And when they start cleaning up these mines, they may well find that they have.
Digging up.
Uranium that we could handle at the mill, what theyre going to do with it I don't know, but the mills certainty and alternative so yes, we're still we're still trying to advance that.
Unfortunately, its the biggest issue there on the reservation.
And mirrored in the politics.
And I hate to say it and I will say it on this call and then a number of the environmental groups.
Don't want us to be involved as a cleanup on the reservation because they'd rather not help us they don't want to help us they'd rather have that stay on the reservation.
And at the health expenses, the Navajos and the native Americans, So that's really pathetic and and I know some of them listen in on it and they can call me directly on that but but the politics are getting away of a viable now opportunity that we could do with the reservation right now.
And as we're doing currently.
And with the Mount Taylor mine in Mexico.
Okay. Thank you for additional color on that I will turn it over.
There are no further questions at this time I'll turn it back to Mr. <unk> for closing remarks.
Yeah, well look at thank you for listening in on the conference call.
As I said, there's a lot of things happening.
We're focusing on the long term here.
And to create significant value for our shareholders, we're not managing the company for the share price tomorrow or the next day.
Managing the company to create significant value over the long term.
When you look at our company currently market cap is around 750 million U S.
I look towards the Lionesses and NT.
Materials and <unk>.
Market caps of 4 and $4.6 billion.
That's what we're aspiring to be as we get some more of these things in place.
And on these critical mineral opportunities, including the advancement and thorium, which is early stages, but still very exciting. So we are not trying to just.
Do good things were looking at doing big things. So thank you for your time really appreciate those that have an interest and our company and our investors and we will work hard to build value for all of you.
As we go through and advance our objectives. So thank you very much.
Ladies and gentlemen, this concludes your conference call for today, we thank you for participating and ask that you. Please disconnect your lines.