Q4 2021 Energy Fuels Inc Earnings Call

Good afternoon, ladies and gentlemen. My name is Michelle, and I will

Good afternoon, ladies and gentlemen, my name is Michelle and I will be your conference operator today.

Michelle: At this time, I would like to welcome everyone to the Energy Fuels Fiscal Year 2021 conference call. All lines have been placed on mute to prevent any background noise, and after the speaker's remarks, there will be a question and answer session. If you would like to ask a question.

At this time I would like to welcome everyone to the energy fuels.

Full year 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 would like to ask a question. During this time simply press Star then the number one on your telephone keypad.

And to withdraw your question simply press the star followed by the number too.

Michelle: I would now like to turn the conference over to Mr. Mark Chalmers, President and CEO of

I would now like to turn the conference over to Mr. Mark Chalmers President and CEO . Please go ahead Sir.

Thank you Michelle.

Mark Chalmers: And good morning or good afternoon, wherever you're joining this call from.

And good morning, or good afternoon wherever you are joining this call from.

Mark Chalmers: We're very excited today to talk about our 2021 achievements and also a number of achievements that we've made early in 2022. There is a lot to talk about. For those that cannot join the call today, we'll have replays available for two weeks on our website, and those should be up either later today or tomorrow.

We're very excited today to talk about our 2021 achievements and also a number of achievements that we've made early in 2022, there is a lot to talk about.

For those who cannot join the call today, we will have replays available for two weeks on our website and those should be up either later today or tomorrow.

Mark Chalmers: I'm really happy to report that we continue to make extraordinary progress on many fronts.

I liked and really happy to report that we continue to make extraordinary progress on many fronts and energy fuels has absolutely emerged as the clear leader in U S critical mineral production.

Mark Chalmers: and energy fuels has absolutely emerged as a clear leader in U.S. critical mineral production.

Mark Chalmers: at a time when this has never been more important.

At a time when this has never been more important.

Mark Chalmers: Today I will break this down in two parts.

Today I will break this down in two parts first I'll talk about the highlights that are included in our press release for 2021 results and then I'll follow that up with an updated corporate presentation.

Mark Chalmers: First, I'll talk about the highlights that are included in our press release for 2021 results, and then I'll follow that up with an updated corporate presentation.

Mark Chalmers: So let's get started with the highlights. Firstly.

So let's get started with the highlights firstly.

Mark Chalmers: We were very pleased to be able to report net income of $1.5 million for 2021.

We were very pleased to be able to report net income of $1 $5 million for 2021, I don't believe there is any other of our peers that will report net income in 2021, and I think it's an extraordinary accomplishment and these what we're in difficult circumstances.

Speaker Change: I don't believe there is any other of our peers that will report net income in 2021, and I think it's an extraordinary accomplishment in what were difficult circumstances. A lot of that was attributable to the monetization of some of our non-core assets, but again, a win is a win, and we'll take it.

I also certainly a lot of that was attributable to the monetization of some of our noncore assets, but again a win is a win and we will take it.

Second.

Speaker Change: At the end of December 31st, 2021, we reported a very robust balance sheet of approximately $143 million of working capital, including $113 million in cash and marketable securities.

At the end of December 31, 2021, we reported a very robust robust balance sheet of approximately $143 million of working capital, including $113 million in cash and marketable securities.

Speaker Change: and $31 million of inventory, plus no short-term or long-term debt.

And $31 million of inventory plus no short term or long term debt.

Speaker Change: If you look at what those inventories are worth today at current prices.

If you look at what those inventories are worth today at current prices the.

Speaker Change: The inventories are up to $60 million and perhaps north of that.

The inventories are up to $60 million and perhaps north of that.

Speaker Change: So we've gotten a very nice bounce off of increased uranium and vanadium.

So we've gotten a very nice bounce off of increased.

Uranium and vanadium values.

Speaker Change: Our working capital that reported at the end of 2021 also does not include the value of the shares that we hold in consolidated uranium, which are restricted shares at this time.

Our working capital that reported at the end of 2021 also does not include the value of the shares that we hold and consolidated uranium which are restricted shares at this time. So if you take into account what we reported for year end look at the increase current metal prices and the.

Speaker Change: So if you take into account what we reported for year-end, look at the increased current metal prices and the value of consolidated uranium shares, you can see we're being very conservative and actually have in the order of around $200 million if you combine those all together.

<unk> of consolidated grain shares you can see we're being very conservative and actually have in the order of around $200 million.

If you combine those altogether.

Okay.

Everything the energy fuels produces or.

Speaker Change: or has the ability to produce is going up rapidly.

Or has the ability to produce is going up rapidly.

Speaker Change: At the end of 2021, uranium prices had increased by 38%.

At the end of 2021 uranium prices had increased by 38%.

Speaker Change: The neodymium and praseodymium NDPR had increased at the end of 2021.

The <unk> and Praseodymium N D. P. R had increased at the end of 2021.

112% vanadium was up 62% and that trend just continues into 2022, particularly with the developments in Russia with the invasion.

Speaker Change: The natium was up 62% and that trend just continues into 2022, particularly with the developments in Russia with the invasion of Ukraine and Russia being a major supplier of nuclear fuel to the United States of America.

Ukraine, and Russia, being a major supplier of nuclear fuel to the United States of America.

Speaker Change: We didn't sell any uranium in 2021, but we are now actively engaged in pursuing selective long-term uranium sales contracts like we haven't seen for many, many years.

We didn't sell any uranium in 2021, but we are now actively engaged in pursuing selective long term uranium sales contracts like we haven't seen for many many years.

Speaker Change: Last year we produced 270 metric tons of rare earth carbonate, which contained about 120 metric tons of total rare earth oxygen.

Last year, we produced 270 million metric tonnes of rare Earth carbonate.

<unk> about 120 metric tons of total rare Earth oxides.

Speaker Change: Energy Fuels is more advanced than any other company in North America when it comes to producing rare earth materials.

Energy fuels is more advanced than any other company in North America, when it comes to producing rare earth materials.

Speaker Change: We are also continuing with numerous.

We are also continuing with numerous.

Speaker Change: active discussions with several sources of natural monazite sands around the world and I hope that we can be able to report with some updates on that in the not too distant future but certainly during 2022. It's my goal.

Active discussions with several sources of natural monetized fans around the world and I hope that we can be able to report with some updates on that in the not too distant future, but certainly during 2022 is my goal.

Speaker Change: At the beginning of 2022 in the first quarter, the company began commercially separating lanthanum and cerium at a small scale, but commercial scale.

At the beginning of 2022 in the first quarter. The company began commercially separating lanthanum in cerium at a small scale, but commercial scale.

Speaker Change: with our rare earth carbonate using an existing solvent extraction circuit at the mill.

With our rare earth carbonate using an existing solvent extraction circuit at the mill.

Speaker Change: This represents the first commercial separation of rare earth.

This represents the first commercial separation of rare Earth.

Speaker Change: carbonate that has occurred in the United States for many years.

Carbonate that has occurred in the United States for many years.

Speaker Change: We still are planning to install full separation circuit at the White Mesa mill to produce both lights and heavies.

We still are planning.

To install full separation circuit at the White Mesa mill to produce both lights and heavies.

Speaker Change: in the coming years and we're focusing on advancing that as quickly as possible.

In the coming years, and we're focusing on advancing that as quickly as possible.

We also.

Speaker Change: have hired Carister for a full scoping study for the White Mesa Mill through separated oxides.

Have hired character for a full scoping study for the White Mesa mill through separated the oxides, we had done some work with character.

Speaker Change: We had done some work with Carister initially. It was sort of a small scoping study, but now we're moving into full scoping study with Carister. We believe and hope that the materials that we received from Carister from the full scoping study will be adequate to advance our permitting initiatives at the mill.

Initially it was sort of a small scoping study, but now we're moving into full scoping study with character, we believe and hope that the materials that we received from cursor from before.

Scoping study will be adequate to advance our permitting initiatives at the mill.

Speaker Change: Late in 2021, we announced our strategic venture with nanoscale powders, and this is looking at novel technology for the production of rare earth metals.

Late in 2021, we announced a strategic venture with nano scale powders and this is looking at novel technology for the production of rare Earth metals still early days, but we're looking beyond separation of the oxides.

Speaker Change: still early days, but we're looking beyond separation of the oxygen.

Speaker Change: The company sold a small amount of vanadium in 2021, but we expect to sell more vanadium as the price of vanadium increases, and we may well go back into vanadium production by extracting vanadium out of our tailing cells in the next year or two, but it'll depend on market conditions and some of the other activities we have.

The company sold a small amount of vanadium in 2021, but we expect to sell more of an ATM as the price of vanadium increases and we may well go back into vanadium production by extracting vanadium out of our tailing sells in the next year or two but.

It will depend on market conditions and some of the other activities we have.

Speaker Change: Also in 2021 and about the middle of 2021, we announced the execution of a strategic alliance with RADTRAN LLC for potential recovery of thorium and radium for the production of medical isotopes.

Also in 2021 in about the middle of 2021, we announced the execution of a strategic alliance with Red trend LLC for potential recovery of thorium and radium for the production of medical isotopes for.

Speaker Change: for cancer therapies. We're very excited about that. It's early days, but this is something that we can potentially capitalize on because we have the radium and the thorium at the White Mesa Mill.

Cancer therapies, we're very excited about that it's early days, but this is something that we can potentially capitalize on because we have the radiant in the thorium at the White Mesa mill.

Speaker Change: In September of 2021 and this is a long list here. So I'm going to get through it and move on to the corporate presentation, but we're very proud of these highlights we set up the San Juan County Clean Energy Foundation.

In September of 2021, and this is a long list here, so I'm going to get through it and move on to the corporate presentation, but we're very proud of these highlights we set up the San Juan County, Clean Energy Foundation, specifically designed to contribute to the communities surrounding the mill.

Speaker Change: specifically designed to contribute to the communities surrounding the mill.

Speaker Change: in San Juan County, one of the poorest counties, the poorest county in Utah, one of the poorest counties in all of the United States. Approximately half of those people are Native Americans and the poverty level is like 30 or 40 percent. So we're very excited about the foundation.

And San Juan County, one of the poorest counties the poorest county in Utah, one of the poorest counties and all of the United States approximately half of those people are native Americans and the poverty level is like 30 or 40%. So we're very excited about the.

Asia.

Speaker Change: In October , we completed the sale of certain non-core uranium assets that consolidated uranium.

In October we completed the sale of certain noncore uranium assets to consolidated uranium.

Speaker Change: And that's what we were able to report a gain in value of that transaction of approximately $35 million. We look forward to working with Consolidated Uranium as they progress their plans to further define the resources there and also potentially go back into uranium production, which will be milled at the White Mesa Mill.

And that had and that's what we were able to report a gain in value of that transaction approximately $35 million, we look forward to working with consolidated uranium.

As they progress their plans to further define the resources there and also potentially go back to grain production, which will be milled at the White Mesa mill.

Speaker Change: Early this year, we're very proud that we're able to appoint I.V. Estabrook as a Director of Energy Fuels.

Early this year, we're very proud that we're able to appoint IV SCA Brooke as a director of energy fuels.

Speaker Change: Ivy holds a doctorate and she also has extensive experience in biotech, research and development, program leadership, and technology solutions, so we're very proud to have Ivy join the Board of Energy Fuels.

She IV holds a doctorate.

And she also has extensive experience in biotech research and development program leadership and technology solutions. So we're very proud to have.

<unk> joined the board of energy fuels.

Speaker Change: Now, lastly, it wasn't included as a highlight, but it's still core to energy fuels, but we continue to focus on our industry leading recycling programs for uranium and vanadium.

Now lastly, it wasn't included as a highlight but it is still core to energy fuels, but we continue to focus on our industry, leading recycling programs for uranium in the media.

Speaker Change: This is a remarkable thing that we do at Energy Fuels when it comes to recycling natural uranium and vanadium to reduce carbon emissions. So,

This is a remarkable thing that we do at energy fuels when it comes to recycling natural uranium in vanadium.

To reduce carbon emissions.

So now.

I'll move to the corporate presentation.

Speaker Change: And the corporate presentation, I just want to remind all of you that you will be controlling the slides. So you'll have to advance your slides on your own. I'll try to remind you when to

And the corporate presentation I, just want to remind all of you that you will be controlling the slides. So youll have to advance your slides on your own.

I'll try to remind you went to advance them.

Speaker Change: If for some reason I forget, I apologize in advance. And at the end of the presentation, the corporate presentation, Dave Friedland will join me to answer any questions that I might not be able to answer. So anyways, let's move on to the corporate presentation.

If for some reason I forget I apologize in advance and at the end of the presentation. The corporate presentation, Dave Friedman will join me to answer any questions that I might not be able to answer so anyways, let's move on to the corporate presentation.

Speaker Change: Now the first slide should be the slide of the White Mesa Mill where it says America's leading producer of critical minerals.

No. The first slide should be the slide of the White Mesa Mill, where it says America's leading producer of critical minerals.

Next slide.

Speaker Change: I may be making some forward-looking statements. Those are included at the back of the presentation.

I may be making some forward looking statements. Those are included at the back of the presentation.

Next slide.

Speaker Change: Energy fuels. I tell people that there really is no investment like energy fuels. Typically, if you want to invest in the uranium industry, you invest in 100% uranium focused companies.

Energy fuels I tell people that there really is no investment like energy fuels typically if you want to invest in the uranium industry you invest in a 100% uranium focused company or if you want to invest in rare Earth you invest in the 100% rare Earths focused company.

Speaker Change: Or if you want to invest in rare earths, you invest in a 100% rare earth focused company.

Speaker Change: With energy fuels, you get both. Matter of fact, you get both in a bonus called vanadium.

With the energy fuels you get both matter of fact, you get both in a bonus called vanadium so basically.

Speaker Change: So basically, all the things we do, if you look at the uranium, the rare earths, vanadium, medical isotopes, recycling.

All the things we do if you look at the the uranium to rare Earths vanadium medical isotopes recycling that.

Speaker Change: A common denominator is one thing, it's radioactivity and the ability to recover uranium and the ability to recycle and produce a number of the critical elements required for decarbonization.

The common denominator is one thing its radio activity and the ability to recover uranium and the ability to recycle.

And produce a number of the critical elements required for de carbonization.

Speaker Change: And electrification and we're very proud of this. This is a good news story.

And electrification and we're very proud of this this is a good news story.

Speaker Change: Lastly, and I'll talk about it more, is our substantial financial strength in zero debt.

Lastly, and I'll talk about it more is our substantial financial strength and zero debt.

Next slide.

Yeah.

And I already mentioned it but the establishment of the San Juan County, Clean Energy Foundation. This is a very significant initiative for the company.

Speaker Change: I already mentioned it, but the establishment of the San Juan County Clean Energy Foundation.

Speaker Change: This is a very significant initiative for the company. We're very focused on ESG.

We're very focused on ESG, we're very focused on sustainability and we're very excited about the foundation, because we deposited $1 million into the.

Speaker Change: We're very focused on sustainability and we're very excited about the foundation because we deposited $1 million into the foundation last year and we plan to To fund the foundation going forward with 1% of the annual revenues from the White Mesa mill. So this

The foundation last year, and we plan to.

To fund the foundation going forward with 1% of the annual revenues from the White Mesa mill. So this.

Speaker Change: could and should be a very substantial source.

It should be a very substantial source.

Funds for the foundation going forward that can make material difference in a very poor region.

Speaker Change: for the foundation going forward. It can make material difference in a very poor region.

Next slide.

Speaker Change: Most of you have seen this slide many times, but our footprint is large from Wyoming down to Texas. The White Mesa Mill is the blue star in the Four Corners region. Nichols Ranch and Alta Mesa are on standby but could be starting up soon because of the price of uranium. And then we have a number of permitted assets throughout the western United States. The focus on nuclear power is increasing by the day to reduce carbon emissions.

Most of you have seen this slide many times, but our footprint is large from Wyoming down to Texas.

White Mesa Mill is the Blue star in the four corners region.

Nicholas Ranch and automation are on standby, but could be starting up soon because of the price of uranium.

And then we have a number of permitted assets throughout the western United States. The focus on nuclear power is increasing by the day to reduce carbon emissions.

Speaker Change: So it's a very, very interesting time to be in the uranium business, but also in the rare earth business and the Vanadium businesses as well.

So it's a very very interesting time to be in the uranium business, but also in the rare earth business in the vanadium businesses as well.

Next slide.

Speaker Change: Again, many of you have seen this picture, but it shows the three fully paid for producing assets, the two in-situ recovery assets in Texas and Wyoming, the White Mesa Mill and White Mesa is where we produce uranium, vanadium, and the rare earths and do the recycling. And then, of course, the Pinion Plain Mine in Arizona, which I built back in the late 80s.

Again, many of you seen this picture, but it shows the three.

Fully paid for producing assets to institute recovery assets in Texas, and Wyoming, The White Mesa Mill and White Mesa is where we produce uranium vanadium and the rare Earth and do the recycling and then of course, the opinion plain mine in Arizona, which I built back in the late eighties.

Speaker Change: And it's the highest grade conventional underground mine in the United States.

And it's the highest grade conventional underground mine.

In the United States.

Next slide.

Speaker Change: So, this slide should be a picture of uranium production in...

So this slide should be the picture of.

Uranium production in the United States.

Speaker Change: over the last 15 years and this is a very important slide because it shows who has produced uranium in the United States at significant levels over a long period of time.

Over the last 15 years and this is a very important slide.

Because it shows.

Has produced uranium in the United States at significant levels over a long period of time. So when you look at this slide you can see and sort of the light Blue 25 million that is chemicals production from their U S assets.

Speaker Change: So when you look at this slide, you can see in sort of the light blue 25 million, that is Cameco's production from their US assets.

Speaker Change: When you look at the darker blue, the 15.6 million, that is uranium that was produced from energy fuels assets. So between Cameco and

When you look at the darker blue the $15 6 million that is uranium that was reduced from energy fuels assets. So between cameco in energy fuels.

Speaker Change: 86% of the uranium produced in the United States over 15 years was produced by two companies.

86% of the uranium produced in United States over 15 years was produced by two companies.

Speaker Change: Number three on that list, if you add up all the production

Number three on that list, if you add up all the production <unk>.

Speaker Change: Energy fuels was five times number three. So we definitely stand out amongst the crowd.

Energy fuels was five times number three so we definitely stand out amongst the crowds when.

Speaker Change: When you look at the amount of uranium we have produced in the past and the uranium we will produce in the future.

When you look at the amount of uranium we have produced in the past and uranium we will produce in the future.

Next slide.

Speaker Change: This next slide just shows kind of where we sit in our peer group and we are

This next slide just shows kind of where we sit in our peer group and we are in the middle but as I. Just mentioned, we have a very long history of producing uranium and we will produce a lot more uranium in the future I want to point out a couple of things that when you look at like the cash working capital.

Speaker Change: But as I just mentioned, we have a very long history of producing uranium, and we'll produce a lot more uranium in the future. I want to point out a couple things that when you look at like the cash working capital inventories that 144 that I mentioned, which I believe very conservative for the reasons I pointed out earlier in the highlights, you know, we're in a very strong financial position to carry out all our activities.

Inventories that 144 that I mentioned, which I believe very conservative for the reasons I pointed out earlier in the highlights.

We're in a very strong financial position to carry out all our activities going forward rapidly without.

Speaker Change: going forward rapidly without any worry that we're not gonna be able to fund our activity.

Any worry that we're not going to be able to fund our activities.

Speaker Change: I also want to point out that we have about 700,000 pounds of finished uranium that we produced. We didn't buy. Most people on the list have purchased uranium. That was a good plan because a lot of people purchase it at low prices, but we produced our uranium. We have the ability

I also want to point out that we have about 700000 pounds of finished uranium that we produce we didn't buy most of the people on the list have purchased uranium and that was a good plan because a lot of people purchase prices, but we produced our uranium and we have the ability.

Speaker Change: Looking out over the next few months or the next six months to a year, producing more uranium, probably quicker, faster than anybody else, because we have uranium stockpiles and alternate feed material that we can run through the mill in a very short course of action when we decide to process that. But the main thing on this slide that I want to point out is, if you look at our peer group in the uranium space, all of this are focusing on uranium.

Looking out over the next few months or the next six months a year are producing more uranium probably quicker faster than anybody else because we have uranium stockpiles and alternate feed material that we can run through the mill.

And very short course of action when we decided to process that but the main thing on this slide that I want to point out as you look at our peer group in the uranium space.

All of this our focus on uranium.

Speaker Change: But no one on that list except for energy fuels has and is producing rare earths. Nobody on that list has a vanadium circuit and has and can produce vanadium or the medical isotopes or has the ability to do the recycling. So we really are in a class of our own. There is really no peer group for energy fuel.

No one on that list, except for energy fuels.

Has and is producing rare earth nobody on that list task vanadium circuit and has and can prove vanadium or the medical isotopes or has the ability to do the recycling. So we really are in a class of our own there is really no peer group for energy fuels.

Slide.

Speaker Change: I've talked about how uranium and rare earths fit perfectly together because the best rare earths contain uranium and we have the ability to recover the uranium at the White Mesa Mill. Certainly the focus on electrification is going in leaps and bounds and the forecasters are saying

I've talked about how uranium and rare earths fit perfectly together because the best rare Earth contained uranium and we have the ability to recover the Iranian at the White Mesa Mill certainly the focus on electrification is growing in leaps and bounds and the forecasts are saying.

Speaker Change: up to five-fold increase in the next 10 years.

Up to five fold increase in the next 10 years.

Speaker Change: Konstantin Karyanopoulos, which I've mentioned a number of times, continues to say that energy fuels could be the missing link for rare earth production, not just in the United States, but in the world.

Constantine carry Annapolis, which I've mentioned, a number of times continues to say the energy fuels could be the missing link for rare Earths production not just in the United States, but in the world.

Speaker Change: So we did enter commercial production last year.

So we did enter commercial production last year.

Speaker Change: And as I said earlier, nobody else is advanced as we are with the way we can process at the White Mesa mill of these rare earth carbonates and the first stages of separation.

And as I said earlier nobody else has advanced as we are with the way we can process at the White Mesa Mill of reserve carbonates and the first stages of separation. So we are still absolutely focused on full integration at the White Mesa in the next few years.

Speaker Change: So we are still absolutely focused on full integration at the White Mesa in the next few years.

Speaker Change: And we're going to be focused to get to the separated oxides, as I mentioned, lights and heavies and do course in potentially metals and alloys.

And we're gonna be focused to get to the separated oxides as I mentioned lights and heavies in due course and potentially metals and alloys.

Next slide.

Speaker Change: So, our main focus continues to be on monazite and particularly monazite sands.

So our main focus continues to be on monocyte, and particularly monazite sands.

Speaker Change: And we're focused on that because it is a byproduct of heavy mineral sand production around the world. It's very high grade. It has great distributions of the total rare earths And high in oxides and the neodymium, the praseodymium and the heavies, the dysprosium and the terbium. It's much higher grade.

We're focused on that because it is a byproduct of heavy mineral sand production around the world. It's very high grade it has great distributions of the total versus.

Hi, and oxides, and the neodymium praseodymium than the heavies dispose of them in the <unk>, it's much higher grade.

Speaker Change: and has better distributions than other sources of monazite, like basonite, which is also a good source, but not nearly as good a source as monazite. So watch this space. And again, we think that it fits perfectly into our capabilities because of the fact that we can monetize uranium and potentially thorium in due course.

And has better distributions and other sources of monocyte like Basanite wishes are also a good source, but not nearly as good a sources monocytes. So watch this space.

And again, we think that it fits perfectly into our capabilities because of the fact that we can monetize uranium and potentially a thorium in due course.

Next slide.

Speaker Change: So just a picture of mill. And again, I've, you know, shown this slide a number of times the the production of rare earths will just take up a fraction of the capacity of the mill because the mill is licensed to produce

So just a picture of mill and again I've.

Shown this slide a number of times the <unk>.

Production of rare Earths will just take a fraction of the capacity of the mill because the mill is license to produce.

Speaker Change: or to process 720,000 tons of ore per year, and even if we achieve the likes of Linus's capacity and do coursewise securing adequate sources of monazite, you're only talking a few percent of the capacity, maybe 3, 4, 5, 6 percent. So we have ample capacity to ramp up the rare earths and also produce significant quantities of uranium and vanadium.

Our to process 720000 tonnes of ore per year, and even if we achieve the likes of <unk>.

<unk> capacity in due course, while securing adequate sources of monazite youre only talking a few percent of the capacity maybe 345, 6%. So we have ample capacity to ramp up the rare Earth and also produce.

Significant quantities of uranium and vanadium.

Next slide.

So.

Speaker Change: In 2021, we launched this US-European supply chain. We are securing material from Chemours. We are looking at other sources of supply that will be many times greater than what we are currently receiving from Chemours. We are making the carbonate and we are shipping that material to NEO at their SILMET facility in Estonia because there is no separation in North America.

In 2021, we launched this U S European supply chain.

We are securing material from <unk>, we're looking at other sources of supply that will be many times greater than what were currently receiving from Kumars, we're making the carbonate and we are shipping that material to neo at Theres still met facility in Estonia, because there is no separation in north <unk>.

Speaker Change: So that's a plan that got us to market very quickly. It impressed a lot of people because we creatively bolted together three companies to get to integration, at least through separated oxide.

America So that's.

Our plan that got us to market very quickly at Empress a lot of people because we creatively bolted together three companies to get to integration at least through separated oxides.

Speaker Change: Our long term will still and will continue to be U.S. centric. We'll have full integration. I already mentioned the fact that we have started a more extensive collaboration with Carister. The Carister is the world leaders in processing, cracking and leaching and separating of monazite. We're very excited about that and, as I said, going into full scoping as we speak.

Our long term will still and will continue to be U S centric, we will have full integration.

Already mentioned the fact that we have started a more extensive collaboration with character.

Characters the world leaders in processing, a cracking and leaching and processing separating of monocyte, we're very excited about that and as I said going into full scoping as we speak advancing announced scaled powders and then lastly, we have a long history of dealing with solvent extraction at the White Mesa.

Speaker Change: advancing the nail scale powders. And then lastly, we have a long history of dealing with solvent extraction at the White Mesa mill.

Mill and so we're very well equipped we have the experience.

Speaker Change: and so we're very well equipped. We have the experience to move to separated oxides because of the fact of our long history of solvent extraction. We understand it very well. Next slide.

To move to separated oxides because of the fact that our long history of solvent extraction, we understand it very well next slide.

Speaker Change: This slide just shows, you know, what we've accomplished in the last couple years, because we've only been actively advancing the rare earth business in the last two years. You can see the top line existing where we've got Chemours.

This slide just shows what we've accomplished in the last couple of years, because we've only been actively advancing the rare earth business in the last two years you can see the top line existing where we've got <unk>.

Speaker Change: We've got our cracking and leaching at White Mesa Mill, shipping that to Estonia, to SILMET, and NEO, and then they have the ability to value add going down the chain. We also have a relationship I'd like to mention with Hyperion. Hyperion, they changed their name in Tennessee. We believe that in due course they're going to also have material quantities of monazite sands to feed the White Mesa. But looking down below the line...

We've got our.

Cracking and leaching at White Mesa mill shipping that to Estonia to two sill met and Neo and then they have the ability to value add going down. The chain. We also have relationship I'd like to mention with Hyperion I Purion. They changed your name in Tennessee, We believe and do.

Of course, they're going to also have material quantities of monocytes and to feed the white Mesa, but looking down below the line of existing.

Speaker Change: the planned area, we're looking and talking to people all over the world, North America, South Africa, Madagascar, Australia, New Zealand, and South America. So, we believe that this year will be a very important year where we show that we have substantially increasing supplies of monazite sands to ramp up production at the mill. If we had that monazite right now, we could probably produce.

The planned area.

We're looking and talking to people all over the World North America, South Africa, Madagascar strategy in New Zealand.

In South America. So we believe that this year will be a very important year, where we show that we have.

Substantially increasing supplies of monocyte sands to ramp up production at the mill, if we had that monazite right now we could probably produce.

Speaker Change: 10,000 tons a year of monazite or greater right now, if we had it. So it's quite important that we're able to secure material sources of monazite going forward, and then it all fits together from there. I am certain we're going to get there. I don't know exactly the date or the quantity, but I can tell you there are a lot of people interested in what we're doing around the world.

10000 tons, a year of monocyte or greater right now if we had it so it's quite important that we're able to secure material sources of Monotype going forward and then it all fits together from there I am certain we're going to get there.

Don't know exactly the date or the quantity, but I can tell you. There are a lot of people interested in what we're doing around the world.

Next slide.

So.

Speaker Change: This shows some pictures of the carbonate heading off to Estonia in the bulky bags. It also shows some of the lab, pictures of the lab, the crack and leach in the internal of the mill. And then at the lower right-hand corner, we are doing separations at lab scale, 24-7 with the chloride route, and we're also building out a full-scale

This is show some pictures of the carbonate heading off to a stoney.

And the bulky bags. It also shows some of the lab.

The pictures of the lab.

The crack and leach in internal of the mill and then at the lower right hand corner.

Our doing.

Separations at lab scale.

24, 7% with the chloride route and we're also building out a full scale.

Speaker Change: separation plan at this pilot scale.

Separation planet, it's pilot scale.

Speaker Change: for nitrate approach to separations. And again, running 24 seven. So we are doing it right now and we have the ability to do it right now because we have the people that know how to do it. And at the same time, we have the facilities to do it at our own pace, which is most people don't have. Next slide.

For nitrates.

Approach to separations.

And again running $24 seven so.

We are doing it right now and we have the ability to do it right now because we have the people that know how to do it and at the same time, we have the facilities to do it at our own pace, which is most people don't have <unk>.

Next slide.

Speaker Change: So this slide just shows additional pictures in the mill. Lower left-hand corner is a picture of Constantine Karyanopoulos. On the far right, Logan Shumway, the mill manager, and myself at the packaging facility for the rare earth carbonate.

So this slide just shows additional pictures in the mill.

Lower left hand corner is the picture of constituting carrying Annapolis.

On the far right.

Logan Shumway the mill manager myself at the packaging facility for the rare Earth carbonate.

Next slide.

Speaker Change: So I already touched on the collaboration with nanoscale powders. It's early days, but again, we're very excited about potentially advancing a revolutionary technology that will produce less greenhouse gas, require less energy, and it could be significant to the metals making a step of the process using this new technology.

So I already touched on the collaboration with nanoscale powders. It's early days, but again, we're very excited about potentially advancing a revolutionary technology that will produce less greenhouse gas require less energy.

And.

And it could be significant to the metals, making.

Step of the process using this new technology.

Next slide.

Okay.

Speaker Change: Why will energy fuels succeed when others have failed? Well, number one, we have the permit.

Why will energy fuel succeed where others have failed well number one we have the permits.

Speaker Change: The permits to recover the uranium and deal with the radionuclides are very, very difficult to get now in the United States or anywhere else in the world.

The permits to recover the uranium and deal for Radian nuclear are very very difficult to get now in the United States or anywhere else in the world. We're focused on the mono side, which I mentioned has the great distributions very high grade.

Speaker Change: We're focused on the monazite, which I mentioned has the great distributions, very high grade. It is mined around the world, and it's a byproduct. The processing of monazite is straightforward if you have the ability to deal with the radionuclides. It's very low capital and operating costs relative to other feeds of rare earths.

<unk> mined around the world.

And as a byproduct. It is the processing of monocyte is straightforward. If you have the ability to deal with the radio nuclides, it's very low capital and operating costs relative to other.

Feats of rare Earth.

Speaker Change: We have the history, as I mentioned, with solvent extraction technology, and we're moving forward with separation technologies using SX, which are well understood by us. And lastly, Utah is a great place to do business, and we look forward to making Utah a very, very significant world-scale jurisdiction for rare earth production globally.

We have the history as I mentioned with solvent extraction technology.

And we're moving forward with separation technologies, using Sx, which we will really well are well understood by us and lastly, Utah is a great place to do business and we look forward to making Utah, a very very significant world scale.

Jurisdiction for rare Earth production.

Globally.

Next slide.

Speaker Change: So this slide just kind of shows, sort of like the slide I had on the uranium peer group, kind of where we fit in with the rare earth peer group, where energy fuels fits in. You can see that the likes of Linus and NP have market caps from seven to eight billion dollars.

So this slide just kind of shows sort of like the slide I had on the uranium peer group kind of where we fit in with the rare Earth.

Your group, where energy fuels fits in you can see that the likes of minus A&P have market caps from $7 billion to $8 billion you can see that lineup.

Speaker Change: You can see that MP is focused on bassinite, which has got a lower basket value than the monazite, but you can see that Linus and Luca and us, and particularly with the current prices of rare earth oxides, the monazite has a very high basket value, which helps in the economics and reduces processing costs.

His focus on basanite, which is which has got a lower basket value.

The monocyte, but you can see that Linus and Luca and us and.

And particularly with the current prices the rare Earth oxides.

Monocyte has a very high basket value, which helps in the economics and reduces processing costs.

Next slide.

Vanadium.

Speaker Change: And as I said, uranium, rare earths, and vanadium's a bonus. Vanadium prices have gone up.

And as I said uranium rare earth and vanadium to bonus.

Vanadium prices have gone up dramatically.

Speaker Change: In current prices of around $12.25, we have around $20 million of vanadium in inventory. So we're looking at how to best play the vanadium card. I mentioned that we may potentially go back into vanadium production when the time's right. And we can go back and produce at substantial profits based on current pricing with the recovery of vanadium from our tailings facility.

Current prices of around 12, 25, we have around $20 million of vanadium in inventory.

So we're looking at how to best play the vanadium card I mentioned that we may potentially go back into vanadium production.

When the Time's right and we can go back and produce at substantial profits based on current pricing with the recovery of vanadium from our tailings facility.

Next slide.

Speaker Change: Again, I mentioned in the highlights, the medical isotopes and the agreement with Rattran. Again, watch this space. This could be a very substantial add-on to energy fuels, and White Mesa is the perfect place to harvest the uranium, the radium, and the thorium for

Again, I mentioned in the highlights the medical isotopes and the agreement with Red trend again watch this space.

This could be a very substantial add onto energy fuels and white Mesa is the perfect place to harvest the Iranian.

<unk> in the thorium.

Sure.

Speaker Change: treatments to treat cancer. We had one party tell us it's not about treating cancer, it's about curing cancer. So watch this space. It's still early days, but we're very excited about it.

Treatments to treat cancer, we had one party tells us it's not about treating cancer, it's about curing cancer. So watch this space. It's still early days, but we're very excited about it next slide.

Speaker Change: Uranium recycling has always been a very important part of our business plan.

Uranium recycling has always been a very important part of our business plan.

Speaker Change: And it's done so much when it comes to reducing carbon emissions.

And it's done so much when it comes to reducing carbon emissions and it will continue to be.

Speaker Change: And it will continue to be a core part of our business because it really fits into these ESG requirements and the world needs more uranium and they certainly need more recycling. Next.

A core part of our business.

Because it is it really fits into these ESG.

Requirements.

And the world needs more uranium and they certainly need more recycling next slides.

Speaker Change: We're still continuing to try to advance the addressing of these.

We're still.

Continuing to try to advance the addressing of these.

Speaker Change: Cold war legacy, uranium mines that were either not reclaimed or poorly reclaimed. We still are are cleaning up the project that's over by grants to Mexico from a private party. We've taken about 60000 tons of of cleanup material, low grade.

Cold War legacy uranium mines that were either not reclaimed reportedly reclaimed we still are our clean up the project thats over by grants, New Mexico from a private party.

We've taken about 60000 tons.

Of cleanup material low grade or.

Speaker Change: to the mill, we basically get the uranium from that cleanup project for free. We get paid a fee, it gets transported and delivered to the mill. This is the lowest cost uranium production probably in the world because it's basically for free. So we look forward to doing more.

To the mill, we basically get the uranium from that cleanup project for free we get paid a fee gets transported and delivered to the mill. This is the lowest cost uranium production probably in the world because it's basically for free so we look forward to doing more of that.

Speaker Change: Uh, and we can do it on the Navajo nation, and we can do it right now if.

And we can do it on the Navajo nation.

We can do it right now.

If the EPA and the Navajo nation decides they actually want to get the cleanups billing, we can do it right now.

Speaker Change: the EPA and the Navajo Nation decides they actually wanna get the cleanups going, we can do it right now.

Slide.

So I guess my slides mixed up here.

Speaker Change: Now, on our financial strength, and when I talked about this

Now on our financial strength and when I talked about this.

Speaker Change: It's working capital of $144 million. That is with uranium on our books at $23.79 and vanadium on our books at $5.11.

Working capital of $144 million.

That is with uranium on our books at $23 79 in vanadium on our books at 511 current prices for uranium or almost $60, a pound and vanadium is north of $12 a pound. So the price of vanadium from book value has gone up 146% for uranium.

Speaker Change: Current prices for uranium are almost $60 a pound and vanadium is north of $12 a pound. So the price of vanadium from book value has gone up.

Speaker Change: 146% for uranium and 140% for vanadium. So when you make a just was for current.

And 140% for vanadium, so when you make adjustments for current values you can see that again.

Speaker Change: Values, you can see that, again, you know, we're being pretty conservative when it comes to our cash and working capital. And also, as I mentioned, those numbers do not include the value of the CUR shares when we divest in non-core assets.

We're being pretty conservative when it comes to our cash and working capital and also as I mentioned that those numbers do not include the value of the C. U R shares when we divested of noncore assets.

Next slide.

Speaker Change: So really, this is my last slide, and then I'll open it up for questions. There really is no peer group like Energy Fuels.

So really this is my last slide and then I'll open it up for questions. There really is no peer group like energy fuels, we have and.

Speaker Change: You know, we have and provide our investors exposure to several critical minerals, which again, as I said, are becoming more important by the hour now with all the instability in the world. We have the uranium.

And provide our investors exposure to several critical minerals, which again as I said are becoming more important by the hour.

Now with all the instability in the world we have the uranium.

Speaker Change: and we have a substantial ability to increase that very quickly. The rare earths, we are making progress in leaps and bounds, and several people say that we make more progress in one year than most people make in 10 years. Vanadium prices

We have substantial.

<unk> ability to increase that very quickly the rare earth, we are making progress in leaps and bounds and several people say that we make more progress in one year than most people may continue ears vanadium prices are up.

Speaker Change: And we're able to capitalize on that as we speak. I talked about the medical isotopes and recycling and our substantial financial strength going forward. So that's the end of the presentation. I'd now like to open it up for questions.

And we're able to capitalize on that as we speak I talked about the medical isotopes in recycling and our substantial financial strength going forward. So that's the end of the presentation I would now like to open it up for questions.

Okay.

Speaker Change: Thank you, sir. Ladies and gentlemen, we will now conduct the question and answer session. If you would like to ask a question, please press the star followed by the one on your telephone keypad.

Thank you Sir.

Ladies and gentlemen, we will now conduct a question and answer session.

I would like to ask a question. Please press the star followed by the one on your telephone keypad.

Speaker Change: If you would like to withdraw your question, please press the star followed by the two.

If you would like to withdraw your question. Please press the star.

By this shift.

Please standby for your first question.

Speaker Change: Your first question comes from Robert Carlson of Janney, Montgomery. Please go ahead.

Your first question comes from Robert Carlson of Janney Montgomery. Please go ahead.

Robert Carlson: Yeah, thanks for taking the time to do this, but could you just put a little color on the current

Yeah. Thanks for taking the time to do this.

But could you just put a little color on the current.

Robert Carlson: status of the utility industry in Europe .

Status of the utility industry in Europe .

Robert Carlson: I guess there is some possibility that they're going to bring back uranium into some of these facilities.

I guess there is some possibility that they're going to bring back to some of these utilities.

Robert Carlson: So you're saying that the current status of utilities, mainly in Europe , is what you're saying? Yeah. Okay.

So you're saying that the current status of utilities, mainly in Europe is what you're saying yes.

Okay, well look.

Speaker Change: Certainly, the war in Ukraine and the aggression from the Russians has really shook up everybody, including the utilities.

Certainly the the war in Ukraine.

The aggression from the Russians has really shook up everybody, including the utilities.

Speaker Change: Unfortunately, they're in a pickle because a lot of these utilities over the last few decades have become very dependent on uranium and nuclear products from Russia and Kazakhstan. I don't know exactly where it all shakes out here, but I think it's certainly highlighted to the utilities and to the public.

And unfortunately, they are in a pickle.

Because a lot of.

These utilities over the last few decades, they become very dependent on uranium and nuclear products from Russia and Kazakhstan. So.

Don't know exactly where it all shakes out here, but I think it's certainly highlighted to the utilities and too.

The public.

Speaker Change: that we become overly dependent on some of these countries that are geopolitical foes. I think that you're seeing, or we're seeing right now, particularly with U.S. utilities

We become overly dependent on some of these countries.

Well our geopolitical.

Political foes and I think that that youre seeing or we're seeing right now, particularly with U S utilities.

Speaker Change: that there seems to be a willingness to go back in looking at long-term contracts, and our company wants to be there to work with utilities.

There seems to be a willingness to go back and looking at long term contracts and in our company wants to be there to work with utilities.

Speaker Change: to provide a transition mechanism. We understand, as I said, they're in a pickle, and we want to be there to work with them to provide more production from the United States of America and other developed countries that are our allies, not our foes.

To provide a transition mechanism we understand as I said they are in a pickle and we want to be there to work with them.

To provide.

More production from the United States of America, and other developed countries that our allies not our foes.

Thank you.

Speaker Change: Your next question comes from Heiko Iele of H.C. Wainwright. Please go ahead.

Your next question comes from Michael <unk> of H C. Wainwright. Please go ahead.

Hey, Mark Thanks for taking my questions.

Heiko Iele: Always a pleasure, Heiko. Yeah, I hear you. Good, good. Hey, you were talking about the medical ice pokes earlier. I mean, I just went through your release from last July again, and I'm somehow getting even more excited now than I was last summer. I mean, obviously, the world as we know it has changed in the last month and a half.

I always say you Andrew Heiko.

I hear you.

Good good hey, you're talking about the medical isotopes earlier I mean I just went through your release from last July again in them are somewhat getting even more excited now than it was last summer.

Obviously the world as we know what has changed in the last month of the half.

Speaker Change: Can you provide some color on total market size, potential exposure, et cetera? And also in your release, you mentioned that you required a receipt of any required licenses, permits, and regulatory approval.

Can you provide some color on total market size potential exposure et cetera, and also in your release you mentioned that you require the receipt of any required licenses and permits and regulatory approvals.

Speaker Change: What exactly is it you need? And you want to just maybe give some detail on your progress in receiving all of that stuff thus far.

What exactly is that you need and you want to just maybe give some.

A detail on your progress in receiving all of that stuff thus far.

Speaker Change: Yeah, look at HICO. I can tell you that the medical isotope business is probably in the order of a billion dollars a year based on what we've discovered as we've, you know, gone further into this sector when it comes to, you know, what required, you know, licenses we need. Dave Friedland's on the call here. Dave, can you chirp in here and give a little bit of an explanation on where we are there?

Yes look at HEICO I.

I can tell you that the medical isotope.

Business.

Is probably in the order of $1 billion a year based on what we've discovered as we've gone further into this sector when it comes to.

What required licenses, we need de Friedland is on the call here, Dave can you chirp in here and give a little bit of an explanation on where we are there.

Dave Friedland: Yeah. Our focus is to evaluate recovering thorium and radium from our existing thorium and radium at the mill. We have a lot of thorium and radium in our natural uranium ores. We're just evaluating concentrating it to the purities required for use by pharmaceutical companies to make medical isotopes.

Yeah, we.

Our focus is to evaluate recovering a thorium and radium from our existing through Raymond reading at the mill, we have a lot of thorium radium in our natural uranium ores.

Where do you see evaluating concentrating it to the <unk> III required.

They are used by pharmaceutical companies to make medical isotopes. So the the step for going from handling large quantities of regime of thorium two actually concentrating it requires some permitting at the mill, but it's it's it's within our general environmental footprint.

Dave Friedland: So, the step from going from handling large quantities of radium and thorium to actually concentrating it requires some permitting at the mill, but it's within our general environmental footprint. It's a question of going through and making sure that we get the proper approvals for the concentration because each of these radionuclides have got certain characteristics that require regulatory approval.

Footprint and it's a question of going through that making sure that we get the proper approvals for the concentration because each of these these radionuclides have got certain characteristics that require.

Regulatory approvals.

That's fair.

Speaker Change: Thank you. Also I think very informative and then something worth pointing out. Speaking of the geopolitical risk factors in the world, are you seeing an increased focus from, you know, U.S. farms looking for supply from more geopolitically safe areas?

Thank you.

Also I think very informative and then something worth pointing out.

Speaking of the geopolitical risk factors in the World are you seeing an increased focus from U S firms looking for supply for more geopolitically safe areas I assume there is already a premium assigned to steady and safe supply, but what are you seeing both in uranium and also to a lesser.

Speaker Change: I assume there is already a premium assigned to a steady and safe supply, but what are you seeing both in uranium and also to a lesser, because it's less relevant, extent in the vanadium market?

Because it is less relevant to extend in the vanadium marketplace.

Speaker Change: Well, Heiko, you know, as I said, we're definitely seeing increased.

Well heiko.

As I said, we're definitely seeing increased interest from utilities.

Speaker Change: interest from utilities to looking at signing contracts with U.S. companies. If you go back,

<unk> to looking at.

Signing contracts with U S companies.

And so if you go back.

Speaker Change: A few years ago, there wasn't that level of activity, but also I want to point out that if you go back a few years ago, the price of uranium was $20 or $25, and the industry was saying they needed north of $50, probably closer to $60.

A few years ago, there wasn't that level of activity, but also I want to point out that if you go back a few years ago. The price of uranium was was $20 or $25 and the industry was saying they needed.

North of 50, probably closer to 60 to go back in production not just United States, but around the world, including in Canada. So right now there is not really a very significant delta between the world prices and the cost of going back in production in the United States. So so I think.

Speaker Change: to go back in production, not just in the United States, but around the world, including in Canada. So right now, there is not really a very significant delta between the world prices and the cost of going back in production in the United States. So I think the utilities have moved, the markets moved, and so they've moved, and certainly the instability is...

Thank you.

Utilities have moved.

The markets moved and so they've moved and certainly the instability is.

Speaker Change: you know, concerning everyone. So I think we're getting very close to where this market has, you know, come full circle. And as I said, you know, our goal is to work with these utilities to get the best outcomes possible under the circumstances. Unfortunately, the circumstances are not where any of us want to be. So, but we want to be part of the solution.

Concerning to everyone. So I think we're getting very close.

To where this market has come.

Come full circle.

And as I said, our goal is to work with the utilities to get the best outcomes possible under the circumstances. Unfortunately, the circumstances are or are not where any of us want to be so, but we want to be part of the solution here now on vanadium.

Speaker Change: Now, on vanadium, same thing, you know, with some of these sanctions that are going up and, you know, we're seeing demand for vanadium, you know, certainly, as I said, it's gone up, you know, dramatically since, you know, less from our book values, but also since the beginning of the year.

Same thing.

With some of these sanctions that are going up and.

We're seeing demand for vanadium.

Certainly as I said has gone up dramatically since as you know.

From a book values, but also since the beginning of the year.

Speaker Change: I think you're seeing the upper pressure on all forms of commodities. And I think that's also typical in a highly inflationary environment as well. So there's a number of things working there that are pushing up.

I think youre seeing.

The upward pressure on all forms of commodity so and I think that's also typical in a highly inflationary environment as well so theres a number of things working there that are pushing up.

Speaker Change: commodities for a couple of different reasons.

Commodities.

For a couple of different reasons.

That's fair I appreciate your time, thank you all.

Thanks Heiko.

Yeah.

Speaker Change: Your next question comes from Colin Healy of Haywood Securities. Please go ahead.

Your next question comes from Colin Healey of Haywood Securities. Please go ahead.

Colin Healy: Hey guys, thanks as well for taking my questions.

Hey, guys. Thanks for taking my questions.

Colin Healy: I, I see your guidance of 100,000 to 120,000 pounds of uranium production this year, but I'm just wondering if you choose to do. So how quickly could that be ramped up? And what would you say would be a reasonable 2022 kind of exit production? Right? If you maximize that.

I see your guidance of 100000 to 120000 pounds of uranium production this year, but I'm just wondering if you choose to do so.

How quickly could that be ramped up and what would you say would be a reasonable 2020 to kind of exit production rate if you maximize that effort.

Speaker Change: Yeah, Colin, you know, it depends on how we juggle the balls here, obviously, with rare earth production, uranium production, vanadium production, right? So we'll go where we get the biggest bang for the buck for our shareholders and for the company. You know, but to put it into context, yeah, that 125, you know, that's, that's fairly low production, but we already have material inventories

Yes collyn.

It depends on how we juggled the balls here obviously.

Rare Earth production Iranian production vanadium production right. So we will go where we get the biggest bang for the Buck for our shareholders and for the company.

But to put it into context.

100, 125, that's that's fair.

Fairly low production, but we already have.

Material inventories at the mill there could be around three to 400000 pounds that if we decided to go back in the rain production, we could do that very quickly because a lot of that material is sitting in front of the mill alright.

Speaker Change: at the mill that could be around three to four hundred thousand pounds that if we decide to go back in the rain production, we could do that very quickly because a lot of that material is sitting in front of the mill.

Speaker Change: There are other sources that we could also add to that.

There are other sources that we could also add to that.

Speaker Change: You know, we've got our, you know, numerous minds, as you're aware of, throughout the Western U.S., we're currently looking at plans on, you know, how to ramp up and where to ramp up, as is prudent. So,

We got our numerous minds issue youre aware of that.

Throughout the Western U S.

We're currently looking at plans on <unk>.

How to ramp up and were to ramp up as is prudent so.

Speaker Change: Yeah, it I mean that that 100 125 I think is on the low end.

Yes.

100, 125, I think is on the low end.

Speaker Change: It could certainly be much quicker than that, much greater pounds than that, depending on how this all unfolds.

It could certainly be.

Much quicker than that much greater pounds in that.

The opinion on how this all unfolds, we would really like to get another a few contract or two that kind of underpins. Our production efforts. So that we know that it's going to go for multiple years not not just for a flash in the pan.

Speaker Change: We would really like to get another a few contractor to that kind of underpins our production efforts so that we know that it's going to go for multiple years, not, you know, not just for a flash in the pan.

Speaker Change: Sure, that makes sense. And on the on the rarest, the 270 metric tons of.

Sure that makes sense.

On the on the rare Earth are the 270 metric tons of.

Marine carbonate.

Speaker Change: for the 120 metric tons of reoxide contained in that.

For the 120 metric tons of re oxide contain.

Contained in that can.

Speaker Change: Can you give us some color on what those are worth, what they cost?

Can you give us some color on what those are worth.

What they cost you.

Speaker Change: and what you can uh... what what you're what you're telling them or transferring them for to try to get an idea of margins on that

And what you can.

What you're selling them or or transferring them for just trying to get an idea of margins on that.

Speaker Change: Yeah, I mean if you look at, and it gets a little complicated, but if you look at a ton of monazite sand today.

Yeah.

I mean, if you look at and it gets a little complicated, but if you look at it.

Ton of monocyte sand today.

Speaker Change: The contained value

The contained value.

Speaker Change: recovered the basket value of the lights and the heavies today is about $30,000 per ton. If you look at like the material that we get from

Recovered.

What value of the lights and heavies today is about $30000 per ton. If you look at like the material that we get from <unk>. Okay. So if you take.

Speaker Change: Okay, so if you take, you know, just just, you know, do the math on that. And I'm bringing up my calculator because I have a hard time doing math and talking at the same time. But, you know, say, you know, you got a thousand.

Just just do the math on that.

And I'm, bringing up my calculator, because like I have a hard time of doing math and talking at the same time, but you know, let's say you know you've got a thousand.

Speaker Change: tons of monazite sands at $30,000 a ton, that's $30 million for a million tons, if you could separate to the likes.

Tons of Monazite Sands.

At 30000 ton that's $30 million for me in terms of if you could separate to the lights.

Speaker Change: and you separate to the heavies okay so you're looking at very valuable feed very valuable feed

And you separate to the heavies, okay. So youre looking at very valuable.

Seat very valuable seat so.

Speaker Change: You know, I'm not going to get into what we're paying for the monoxide, but I can tell you there is a very significant margin when you can get through fully separated lights and heavy oxides. Now, the current agreement that we have...

I'm not going to get into what we're paying for the monocyte, but I can tell you. There is a very significant margin. When you can get through fully separated lights and heavy oxides now the current agreement that we have.

Speaker Change: with NEO is that basically, you know, we have, like, we get a percentage of what we ship to them based on sort of the fluctuation of the prices of neodymium, the praseodymium, and some of the other elements.

Neil is that basically.

We have like we get a percentage of what we shipped to them based on sort of the fluctuation of the prices of neodymium praseodymium.

And some of the other elements and so we don't get the $30000 per ton.

Speaker Change: And so, we don't get the $30,000 per ton. NEO doesn't separate the heavies. They make a concentrate that they ship to China. So, it gets a little bit more complicated. But I can tell you, Colin, the margins are significant.

Neo doesn't separate the heavies, they make a concentrate that they ship to China. So it gets a little bit.

Little bit more complicated, but but I can tell you.

Collyn the margins are significant we need more scale, though to really fully.

Speaker Change: We need more scale, though, to really fully capitalize on those margins. But, Dave, do you want to say anything else in that regard?

Capitalize on those margins, but.

Dave do you want to say anything else in that regard.

Dave Friedland: No, I think you captured it pretty well. We believe that current

No I think you captured it pretty well we believe the current.

Dave Friedland: rare-earth prices that when we're at full-scale production, we will achieve the margins that we expect. We're in the ramp-up phase right now, so it's kind of hard to...

Rare earth prices that when we're at full scale production we will.

You know achieve the margins that we expect it we're in the ramp up phase right now so it's kind of hard to quantify anything right now, but we're very satisfied with the quality of the <unk>.

Dave Friedland: quantify anything right now, but we're very satisfied with the quality of the carbonate we're making on a commercial scale. And as Mark said, if we had more monetization of the door tomorrow, we can increase our production immediately and increase our scale. So that's about all I had at that.

Carpeting were making.

On a commercial scale and as Mark said, if we had more.

More monetization of the door tomorrow, we could increase our production immediately and increase their scale. So that's about all I had a bad to that.

Dave Friedland: But I can say this, Colin, that a few thousand tons of monazite, we could achieve profitability on that alone just making the carbon in this market.

But what I can say this call on that.

A few thousand tons a monazite.

We could achieve.

<unk> ability on that alone just making the carbonate in this market.

Colin Healy: Right, okay, that's helpful. I know it's early days and I'm just always trying to get a little bit more color about, you know, what, what it what it means to to valuation just to follow up on the.

Right. Okay. That's helpful. I know, it's early days and I'm, just always trying to get a little bit more color about what what it what it means to <unk>.

Valuation.

Just to follow up on the.

Colin Healy: on the SX circuit and the processing and separation that you're.

On the Sx circuit in the.

Processing.

Separation that youre doing.

Colin Healy: uh... you mentioned it on a commercial scale just wondering how much uh... what you've got to that circuit so far and uh... how much you

You mentioned this on a commercial scale I'm just wondering how much how 'bout you've got through that circuit, so far and then.

How much you produced.

Speaker Change: Well, it depends on how much material we get from Chemours. We just started feeding it through that small SX, what, about a week ago, I think. I believe we have currently in circuit around 300 tons that was the latest shipment from Chemours. So, you know, we processed about 300 tons last year and now we're processing about another 300 tons. So it's still

Well it depends on how much material, we get from Tumours, We just started seeing it through that.

The small sx, what about a week ago I think.

I believe we have currently in circuit around 300 tonnes that was the latest shipment from tomorrow. So we process about 300 tons last year and now we're processing about those 300 tons.

So it's still.

Speaker Change: early days, but we're very excited about how it's performing. And again, I think it shows that, you know, the creativity, the guys on the ground and the substantial infrastructure we have and our knowledge of using solvent extraction, how we can do things that others can't because they just don't know how to run those type of facilities. So yeah, right now, I think

Early days, but we're we're very excited about how it.

It's performing and and again I think it shows that the.

The creativity of the guys on the ground and the substantial infrastructure, we have in our our knowledge of using solvent extraction, how we can do things that others can't because they just don't know how to run those type of facilities. So.

Yeah, right now I think.

Speaker Change: Colin, and I don't have an exact number, but I think we could process 10,000 tons a year of monocyte sand right now with the infrastructure that we have in place. Well, you know, I just told you that at current prices, if you could separate the light from the heavies, you know, that would be a lot of dollars of rare earths, right? It'd be $300 million. So, you know, I think you can see where we're going there, why we're so.

Colin and I don't have an exact number but I think we could process.

10000 tons, a year of monocyte sand right now with the infrastructure that we have in place well.

Just told you that at current prices, if you could separate the lights and heavies.

That would be a lot of dollars of rare earth right to be $300 million. So.

I think you can see.

Where we're going there of why we're so excited about this.

Speaker Change: For sure. And I understood the scale of processing to carbonate. I was just more curious about the separation, but I realized that's early days as well. But I can tell you, I can tell you Colin, that the margins are significant, very significant.

For sure and I understood the scale processing to carbonate I was just more.

More and more curious about the separation, but I realize that it's early days as well.

And what I can tell you I can tell you.

Calling it the margins are significant very significant.

I'll just leave it at that.

That's good.

Speaker Change: On the thorium and radium radionuclides, I'm not that familiar at all with

On the thorium radium radio nuclides I'm not.

That familiar at all with our with the market for those but.

Speaker Change: the market for those. But, uh, I'm just wondering, um, how, how

I'm just wondering.

How how.

And if they get too.

Speaker Change: Energy fuels, maybe future top line, like how big of a part of that business or how big of a part of your business? Could that be?

Or do you feel.

Maybe future topline like how big of a part of that business.

How big of a part of your business could that be.

What are those worth what what's the market like that.

Speaker Change: Anything you can tell us about that.

Anything you can tell us about that initiative.

Speaker Change: Yeah, the you know, I kind of touched on a little bit a few minutes ago, but you know, we think it's, you know, the business is, you know, in the order of a billion dollar a year business, you know, potentially, it's developing quickly, because of some of these FDA approvals.

Yes.

And I kind of touched a little bit of a few minutes ago, but we think it's.

The business is.

In the order of a billion dollars a year business potentially it's developing quickly because of some of these FDA approvals.

Speaker Change: There are a number of parties that want to secure sources of this material. A lot of it deals with the half-lives of some of these elements that we're talking about.

There are a number of parties that.

Wanted to secure sources of this material.

Lot of it deals with the half life.

Some of these elements that we're talking about.

Speaker Change: You know, we think it could be very material for us, and it's too early to put out numbers, but you know, we think it could be, I was going to say it could be as material as, you know, the Canadian business or maybe even the Iranian business, potentially in due course. But Dave, do you want to add anything here?

We think it could be very material for us and it's too early to put out numbers, but.

We think it could be.

I was going to say it could be as material as.

Vanadium business or maybe even the Iranian business potentially in due course, but Dave do you want to add anything here.

Dave Friedland: Yeah, it's, it's, it's, it's really exciting. It's.

Yeah.

It's really exciting.

Dave Friedland: You know, I mentioned earlier, we have a lot of radium and thorium at the site as a part of our normal operations. The question is concentrating it, and so we're working on that. But then we, then what happens is we send the concentrated radioisotopes to pharmaceutical companies and others, and then they develop short-lived alpha-emitting.

I mentioned earlier, we have a lot of radiothorium. It to say this is a part of our normal operations. The question is concentrating it and so we're working on that but then we then what happens is we sell the concentrated.

Radio isotopes to pharmaceutical companies and others and then they develop short lived to alpha emitting.

Dave Friedland: radioisotopes, which they can actually target cancer cells. And then because these are short-lived.

Radio isotopes, which can they can actually target.

Cancer cells and then because these are short lived.

Dave Friedland: They basically kill the cancer cells and they kind of decay and fade out before they can hurt anything around them.

You basically kill the cancer cells, and they they kind of decay and fade out before they can hurt anything around them and their abilities to researches is is finding peptides and other other types of elements that that that that are.

Dave Friedland: And there's abilities to research is finding peptides and other types of elements that are these real isotopes can be attached to.

These.

So that's kind of it can be attached to and injected intravenously into the body and then the peptide you take the Alba part goes right to the cancer cells and ignore the healthy cells, It's amazing technology and everyone's very excited about it. So it's the problem. The problem is that it's very difficult to get some of these radio isotopes, what we've got.

Dave Friedland: The problem is that it's very difficult to get some of these radioisotopes. We've got them all at the mill. The question is now, can we harvest them and produce them? It's very exciting. How much this market will grow remains to be seen, but the test results that they're getting are pretty amazing. We're very optimistic that this technology is really going to take off, and we're in an ideal situation to be a part of it.

Got them all with the mills. The question is now can we harvest them and produce them. So it's very exciting.

How much this market will grow remains to be seen but the the the test results that we're getting are pretty amazing.

Dave Friedland: So we're very optimistic that this technology is really going to take off. And we're in an ideal situation to be a part of.

So we're very optimistic that that's.

This technology is really going to take off and we are an ideal situation to be a part of it.

Speaker Change: Well, thanks a lot guys. That helps me start to understand what that could be. Appreciate the time.

Well, thanks, a lot guys that helps me.

When you start to understand what that can be I. Appreciate the time. Thank you.

Yeah.

Okay.

Speaker Change: Ladies and gentlemen, as a reminder, if you would like to ask a question, please press star 1 now.

Ladies and gentlemen, as a reminder, if you would like to ask a question. Please press star one now.

Okay.

Mark Chalmers: There are no more questions from the phone lines. I will turn the conference back over to Mr. Chalmers for closing remarks. Please go ahead.

There are no more questions from the phone lines I will turn the conference back over to Mr. Chalmers for closing remarks. Please go ahead Sir.

Mark Chalmers: Thank you for the questions and thank you for your interest in energy fuels.

Yes, Thank you and thank you for the questions and thank you for your interest in EOG fuels and.

No.

Mark Chalmers: reiterating that it's a very exciting time for our company. It's a very changing world that we live in. We plan to change with the world because that's what you have to do nowadays. If you're looking at an investment.

Reiterating, but it's a very exciting time for our company, it's a very changing world that we live in.

We plan to change with the world because thats, what you have to do nowadays if youre looking at an investment and reducing carbon emissions and electrification you get the one stop shop with energy fuels and as I said really with the bonus of vanadium and.

Mark Chalmers: on reducing carbon emissions and electrification. You get the one-stop shop with energy fuels. And as I said, really with the bonus of vanadium and the medical isotopes in the future, potentially. So it's kind of, it's a remarkable story. I love telling the story.

The medical isotopes.

In the future potentially so.

It's kind of it's a remarkable story I love telling the story.

Mark Chalmers: And I understand that it's a bit complicated for some.

And I understand that it's a bit complicated for some but I plan, we plan to be aggressive, but not reckless as I've said in the past.

Mark Chalmers: But we plan to be aggressive but not reckless, as I've said in the past.

Mark Chalmers: looking through to the future in this year and I look forward to providing further updates.

Looking through to the future in this year and I look forward to providing further updates.

Mark Chalmers: in the coming months that hopefully will be very exciting as we kind of build our strategy going forward. Thank you very much.

In the coming months that hopefully will be very exciting as we kind of build our strategy going forward. Thank you very much.

Speaker Change: Ladies and gentlemen, this does conclude your conference call for today. We would like to thank you for participating and ask that you please disconnect your line.

Ladies and gentlemen, this does conclude your conference call for today, we would like to thank you for participating and ask that you. Please disconnect your lines.

Speaker Change: ?Outro Music?

Okay.

Okay.

Yes.

Okay.

[music].