Q1 2024 Lightbridge Corp Earnings Call & Business Update

May 10, 2024

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Operator: Thank you for standing by, and welcome to the Lightbridge Corporation business update and first quarter 2024 conference call. Please note that today's call is being recorded. It is now my pleasure to introduce Matthew Abenante, Director of Investment Relations for Lightbridge Corporation.

Thank you for standing by and welcome to the late Breaker Corporation business update and first quarter 2024 Conference call. Please note that today's call is being recorded it is now my pleasure to introduce Matthew I've been anti.

Matthew: The director of Investor Relations for Libraries Corporation.

Matthew Abenante: Thank you, Victor. And thanks to all of you for joining us today.

Matthew: Thank you Victor and thanks to all of you for joining US today. The company's earnings press release was distributed yesterday and can be viewed on the Investor Relations page at <unk> website at Www Dot L T rich dot com.

Matthew Abenante: The company's earnings press release was distributed yesterday and can be viewed on the Investor Relations page of the Lightbridge website at www.ltbridge.com. Joining us on the call today is Seth Grae, Chief Executive Officer, along with Andrey Mushakov, Executive Vice President for Nuclear Operations, Scott Holcombe, Vice President of Engineering, James Fornoff, Vice President of Program Management, Larry Goldman, Chief Financial Officer, and Sher I would like to remind our listeners that any statements on this call that are not historical facts or forward-looking statements. Today's presentation includes forward-looking statements about the company's competitive position and product and service offerings.

Matthew: Joining us on the call today is Seth Great Chief Executive Officer, along with Andre Boucher Cup Executive Vice President nuclear operations.

Matthew: Scott Holcomb, Vice President of Engineering, James borne off Vice President of program management, Larry Goldman Chief Financial Officer, and Sherry Holloway controller.

Matthew: I would like to remind our listeners that any statements on this call that are not historical facts are forward looking statements.

Matthew: Today's presentation includes forward looking statements about the company's competitive position and product and service offerings.

Matthew Abenante: During today's call, words such as expect, anticipate, believe, and intend will be used in our discussion of goals or events in the future. This presentation is based on current expectations and involves certain risks and uncertainties that may cause actual results to differ significantly from such estimates. These and other risks are set forth in more detail in Lightbridge's filings with the Securities and Exchange Commission. Lightbridge does not assume any obligation to update or revise any such forward-looking statements, whether as a result of new developments or otherwise. And with that, I would like to turn over the call to our first speaker, Seth Grae, Chief Executive Officer of Lightbridge. Hello, Seth.

Matthew: During today's call words, such as expect anticipate believe and intend will be used in our discussion of goals or events in the future. This presentation is based on current expectations and involve certain risks and uncertainties.

Matthew: May cause actual results to differ significantly from such estimates.

Matthew: These and other risks are set forth in more detail in <unk> filings with the Securities and Exchange Commission.

Matthew: <unk> does not assume any obligation to update or revise any such forward looking statements, whether as a result of new developments or otherwise.

Matthew: And with that I would like to turn over the call to our first speaker, Seth Gray Chief Executive Officer of Life Bridge Hello, Seth.

Seth Grae: Well, hello and thank you, Matt. And thank you all for joining us to discuss Lightbridge's first quarter 2024 results. In March, we celebrated an important achievement at Idaho National Laboratory. We demonstrated an extrusion process for Lightbridge fuel material using a uranium zirconium alloy. A video of the extrusion process is on our website, along with photos of the team, the machinery, and the rod.

Seth Grae: Well Hello, and thank you, Matt and thank you all for joining us to discuss <unk> first quarter 2024 results.

Seth Grae: In March we celebrated an important achievements at Idaho National Laboratory, we demonstrated an extrusion process for light bridge fuel material using us or conium uranium zirconium alloy.

Speaker Change: Video of the extrusion processes on our website, along with photos of the team the machinery and the rod.

Seth Grae: I was recently honored to be appointed as the chair of the American Nuclear Society's International Council. This role grants me the privilege of working alongside global nuclear experts to enhance international cooperation and advocate for the safe, secure, and economical use of nuclear science and technology worldwide. The International Council is vital for fostering global communications and cooperation among nuclear and non-nuclear organizations, and I am eager to leverage this platform to advance our collective goals.

Speaker Change: I was recently honored to be appointed as the chair of the American Nuclear Society International Council.

This role grants me the privilege of working alongside global nuclear experts to enhance international cooperation and advocate for safe secure and economically use of nuclear science and technology worldwide. The International Council is vital for fostering global communications and cooperation among nuc.

<unk> year end non nuclear organizations and I am eager to leverage this platform to advance our collective goals.

Seth Grae: In addition, Jim Fornoff, our Vice President of Program Management at Lightbridge, who you'll hear from soon, has been appointed to the Board of Directors at the United States Nuclear Industry Council. The USNIC is a leading advocate for nuclear energy in promoting the American nuclear supply chain globally. It represents approximately 80 companies that are integral to various facets of nuclear innovation and supply chain development. Jim's role on the USNIC Board reflects his expertise and dedication, and he is excited to contribute to the industry's growth, supporting initiatives that span from national security to environmental management.

Speaker Change: In addition June foreign off our Vice President of program management at Light branch, you'll hear from Susan has been appointed to the board of directors at the United States Nuclear industry Council.

Speaker Change: <unk> is a leading advocate for nuclear energy in promoting the American nuclear supply chain globally. It represents approximately 80 companies that are integral to various facets of nuclear in innovation and supply chain development Jim's ROE on the U S. Nic's board reflect his expertise.

Speaker Change: <unk> and dedication and he is excited to contribute to the industry's growth supporting initiatives that span from national security to environmental management.

Seth Grae: Both of these appointments reflect Lightbridge's deep involvement and expanding influence in the nuclear power industry and policy, both domestically and internationally. We are committed to playing an important role in shaping the future of nuclear energy, ensuring it remains a key component of a sustainable and secure global energy framework. Now I'll turn the call over to Andrey Mushakov, Executive VP for Nuclear Operations, to review our fuel development activities. Andrey. Thank you.

Speaker Change: Both of these appointments reflect light bridges deep involvement and expanding influence in the nuclear power industry and policy both domestically and internationally. We are committed to playing an important role in shaping the future of nuclear energy ensuring it remains a key component of our sustained.

Speaker Change: <unk> and secure global energy framework.

Speaker Change: Now I'll turn the call over to Andrey <unk> <unk> executive VP for nuclear operations to review our fuel development activities Andre.

Andrey Mushakov: Thank you, Seth. As Seth mentioned, Lightbridge achieved a critical milestone in our fuel development effort. Idaho National Laboratory, or INL, extruded a rod sample of Lightbridge fuel material consisting of an alloy of depleted uranium and zirconium. This work was performed under the Strategic Partnership Project and Cooperative Research and Development Agreements between Lightbridge and Battelle Energy Alliance, LLC, the U.S. Department of Energy's operating contractor for Idaho National Laboratory. The ongoing project aims to generate irradiation performance data for Lightbridge's delta phase uranium zirconium alloy related to various thermophysical properties.

Andrey: Thank you Seth.

Andrey: As Jeff mentioned Lionbridge achieved a critical milestone in our fuel development efforts.

Andrey Mushakov: The data will support fuel performance modeling and regulatory licensing efforts for the commercial deployment of Lightbridge fuel. I will now ask Jim Fornoff, Vice President of Program Management, to provide additional details about the Extrusion Demonstration Milestone and our next steps in this project at INL.

Andrey: National Laboratory.

Andrey: Al Extruder that Raj sample of language fuel material consistent from al of depleted uranium zirconium.

Andrey: This work was performed under strategic partnership project and Cooperative research and development agreements that's been Landry <unk> Energia Alliance LLC.

Andrey: U S department of around or just operate in contractor for AML.

Andrey: Go on project aims to generate irradiation performance data for Lionbridge as Delta phase uranium zirconium alloy relating to various derma physical properties.

Andrey: The data will support fueled performance modeling on the regulatory or licensing efforts for the commercial deployment of Lionbridge fuel I'll now ask Jim for enough Vice President of program management.

Andrey: Additional details about the extrusion demonstration milestone and our next steps on this project the time Jim.

Jim: And it out a little over a month ago, we demonstrated the extrusion fuel rods sample consisting of an alloy of depleted uranium zirconium.

Jim Fornoff: A little over a month ago, we demonstrated the extrusion of a fuel rod sample consisting of an alloy of depleted uranium and zirconium. The extrusion process involves pressing a billet of Lightbridge fuel alloy through a die under pressure to form an elongated fuel sample. Our intention is to align this demonstration process with our eventual manufacturing technique as closely as possible. This extrusion is a major goal that we set for the project this year.

Jim: The extrusion process involves pressing a bill out of White bridge fuel alloy through a die under pressure.

Jim: Form an elongated fuel sample.

Jim: Our intention is to align this demonstration process with our eventual manufacturing technique as closely as possible.

Jim: This extrusion is a major goal that we set for the project for this year.

Jim Fornoff: And as a prerequisite to ultimately fabricating coupon samples using enriched uranium zirconium alloy for radiation testing in the advanced test reactor at INA, casting and extruding this demonstration bill at Lightbridge Fuel Alloy showcases the unique research talent and facilities within Einel's Materials and Fuels Complex. We very much appreciate the collaborative input that we've received from our INL colleagues during this work, as well as the ongoing support and recognition of DOE. INO and Lightbridge will work together to analyze the extruded rod in order to confirm the extrusion process parameters and the resulting material characteristics, while performing additional castings and extrusions during the remainder of this year. Next year, we plan to produce irradiation coupon samples of Lightbridge fuel material using enriched uranium and zirconium for insertion into the ATR. Thanks, and back to you, Andrey. Thank you, Jim.

Jim: And as a prerequisite to ultimately fabricating coupon samples using enriched uranium zirconium alloy for irradiation testing and the advanced test reactor at Idaho.

Jim: Casting extruding this demonstration bill White light.

Jim: White bridge fuel alloy showcases the unique research talent and facilities within vinyls materials on fuels complex.

Jim: We very much appreciate the collaborative input that we've received from our Idaho colleagues. During this work as well as the ongoing support and recognition of Doa.

Jim: I know in light bridge will work together to analyze the extruded rod in order to confirm the extrusion process parameters and the resulting material characteristics, while performing additional castings and extrusion is during the remainder of this year.

Jim: Next year, we plan to produce a radiation coupon samples of white bridge fuel material using enriched uranium zirconium for insertion into the ATR.

Jim: Thanks and back to you Andre.

Andrey Mushakov: Thank you, Jim. In addition to our ongoing project at INL, we are working with Rattan ICN on an engineering study to assess the compatibility and suitability of Lightbridge fuel for use in CANDU reactors. I expect this initial engineering study to be completed later this year. In collaboration with Centris Energy, we are also conducting a front-end engineering and design study, or FEED study, to assess feasibility for deployment of a Lightbridge pilot fuel fabrication facility at the Piketon, Ohio site. We are currently working on cost and schedule estimates to assess the commercial feasibility of moving forward with this project. We expect this study to be completed in the coming months.

Andre Boucher: Thank you Jim.

Andre Boucher: In addition to our ongoing project that we are working with <unk> on an engineering study.

Speaker Change: Assess the compatibility and suitability of Lionbridge fuel for use on can do reactors.

Speaker Change: We expect this initial engineering study to be completed later this year.

The collaboration of a sensor synergy will also conduct in the front end engineering and design feed study to assess visibility for deployment of our Lionbridge pilot fuel fabrication facility at the Pike and Ohio site.

We are currently working on cost and schedule estimates the SaaS commercial feasibility of moving forward with this project. We expect the study to be completed in the coming months.

Finally, my language colleagues into I recently returned from a trip with Texas A&M University.

Scott Holcombe: Finally, my Lightbridge colleagues and I recently returned from a trip to Texas A&M University, where we visited the Fuel Cycle and Materials Laboratory and Thermohydraulic Facilities that have state-of-the-art experimental and modeling capabilities to discuss our ongoing projects and future collaboration opportunities. The Fuel, Cycle, and Materials Laboratory is currently performing, under a contract with Lightbridge, cladding characterization work on the trial of surrogate rod samples that were ex The work will inform our future plans with respect to cladding development and co-extrusion process demonstration efforts.

Speaker Change: We visited the fuel cycle on materials laboratory and thermal hydraulic facilities.

Speaker Change: State of the art experimental and modeling capabilities to discuss our ongoing projects and future collaboration opportunity.

Speaker Change: The fuel cycle on materials laboratories currently performing.

Speaker Change: Contract with Lionbridge cladding characterization work.

On the Trialogue surrogates rod samples throughout sort of the May 2021.

The work will inform our future plans with respect to <unk> development and Craig Susan process demonstration efforts.

Scott Holcombe: We separately toured the thermohydraulic facility and discussed Texas A&M University's computer modeling capabilities in that area. They're currently working on their DOE-funded Nuclear Energy University Program Awards on a flow test experiment set up under new-scale SMR school and flow operating conditions. It will use 6-foot-long acrylic rods mimicking lightbridge fuels, multi-lobed geometry, and helical twists. Now, I'll ask Scott Holcombe, Vice President of Engineering, to give us an update on several other ongoing projects and initiatives. Scott?

Speaker Change: Lee with towards the term a hydraulic facility and discuss thanks, So santander universities computer modeling capabilities in that area.

Speaker Change: Currently working under a dealer you fund that nuclear Energy University program Awards on a flow test experiments setup under new scale that some of our school in slow operating conditions.

Speaker Change: Six foot long a critical rods, mainly can leverage fuels multiple love geometry, I'm cubicle to this.

Speaker Change: Now I'll ask Scott Hawkes, Vice President of engineering to give us an update on several other ongoing projects and the initiatives Scott.

Scott Holcombe: Thank you Andre.

Scott Holcombe: First, with the ongoing progress of our fuel development work, we've expanded and strengthened our fuel development team with the hiring of additional R&D personnel with expertise in computer modeling and simulation, experiment design and execution, and fuel qualification and regulatory licensing activities. Their additions aim to bolster Lightbridge's capabilities in Neutronics, Thermal Hydraulics, Fuel Performance, and Transient Analysis, all critical components to support fuel qualification, regulatory licensing, and commercial deployment of Light The newly appointed R&D staff will support Lightbridge's ongoing collaborative projects, including our SPP and CRADA collaboration with Idaho National Laboratory in the U.S., our engineering study with Vatten ICN in Romania, and two important projects under the Nuclear Energy University programs with Massachusetts Institute of Technology and Texas A&M University.

Scott Holcombe: First with the ongoing progress of our field development work, we have expanded and strengthened our field development team with the hiring of additional R&D personnel expertise in computer modeling and simulation experiment design and execution.

Scott Holcombe: Until qualification and regulatory licensing activities.

Scott Holcombe: There are additions aimed to bolster library. This capability is neutron ex thermal hydraulics fuel performance in transient analysis, all critical components to support few qualification regulatory licensing and commercial deployment with Lionbridge fuel.

Scott Holcombe: The newly appointed R&D staff will support like bridges ongoing collaborative projects, including our SPP and greater collaboration with Idaho National Laboratory in the U S. Our engineering study with.

Scott Holcombe: ICL in Romania, and two important projects under the nuclear energy University programs, with Massachusetts Institute of Technology, and Texas A&M University.

Scott Holcombe: These experts will lead the development of Lightbridge-specific codes and methods, utilizing industry-standard modeling tools to simulate Lightbridge fuel across various types of water-cooled reactors. We believe these new hires will support advancement through TRL levels 4 to 9 as it underpins our ability to model and simulate our fuel's behavior under various operating conditions, an essential aspect of our development process. As we project further into the future, our roadmap towards full commercial deployment encompasses a series of intricate and scientifically rigorous steps.

These experts will lead the development of library specific code the methods utilizing industry standard modeling to stimulate lionbridge fueled across various types of water cooled reactors.

Scott Holcombe: We believe these new hires will support advancement through <unk> levels forward phenomenon as it underpins our ability to model and stimulate our fuels behavior under various operating conditions in a central aspect of our development process.

Scott Holcombe: As we project further into the future our roadmap towards full commercial deployment encompasses a series of interest rate and scientifically rigorous steps. This includes the extensive irradiation of nuclear material samples and prototype fuel rods within test reactors, followed by thorough post irradiation examination validate material characteristics and performance metrics.

Scott Holcombe: This includes the extensive irradiation of nuclear material samples and prototype fuel rods within test reactors, followed by thorough post-irradiation examinations to validate material characteristics and performance metrics. Our comprehensive testing regimen will also involve advanced thermohydraulic experiments and additional out-of-reactor tests designed to rigorously evaluate our fuel safety and functionality. Advanced computational modeling and simulations will support the qualification process, ensuring that our fuel meets stringent industry standards. The culmination of these efforts will involve the design of lead test drogs and ultimately lead test assemblies and subsequent collaborations with commercial reactors and potential fuel vendor partners for the deployment of lead test drogs and assemblies.

Scott Holcombe: Our comprehensive testing regimen will also involve advanced thermal hydraulic experiments and additional out of reactor tests designed to rigorously evaluate our fuel safety and functionality.

Scott Holcombe: Advanced computation of modeling and simulations will support the qualification process, ensuring at our fuel meet stringent industry standards.

Scott Holcombe: The culmination of these efforts will involve the designer of lead test rods, and ultimately lead test assemblies and subsequent collaborations commercial reactors and potential fuel vendor partners for the deployment of lead test assemblies.

Scott Holcombe: Once successful operation of the lead test assemblage with Lightbridge fuel has been demonstrated in commercial reactors, we would seek regulatory approval for batch reloads of Lightbridge fuel in those host reactors. With that, I'll turn the call back over to Seth.

Scott Holcombe: Once successful operation of lead test assemblies like bridge fuel has been demonstrated in commercial reactors, we would seek regulatory approval for battery loads of <unk> fuel in those host reactors.

Scott Holcombe: I'll turn the call back over to Seth.

Seth: Thanks Scott.

Seth Grae: Globally, we are witnessing an expansion of the nuclear sector. New nuclear plants are under construction, and many existing plants are having their operating licenses extended well beyond their original lifetime. Remarkably, some facilities that have shut down are now being revitalized and brought back online.

Seth: Globally, we are witnessing an expansion of the nuclear sector.

Seth: New nuclear plants are under construction.

Seth: And many existing plants are having their operating licenses extended well beyond their original lifetimes remarkably some facilities that had shut down are now being re bridal revitalized and brought back online.

Seth Grae: In a groundbreaking development last December at COP28, the UN Climate Conference in Dubai, the United States, along with other nations, committed to tripling the world's nuclear power capacity by the year 2050. This ambitious goal was reinforced at the recent Nuclear Energy Summit in Brussels, which brought together leaders at the head of state level to transform this vision into tangible action. The focus was clear.

On a groundbreaking development last December.

Seth: 2008, the U N climate conference in Dubai, the United States, along with other nations committed to tripling the worlds nuclear power capacity by the year 2015.

Seth Grae: Move from ambition to real action, with specific emphasis on establishing robust financing mechanisms to achieve this tripling of global nuclear power. During this pivotal time, I had the honor of meeting with America's new climate envoy, John Podesta, along with other leaders in the American nuclear industry. It was evident from our discussions that there is a strong alignment between the U.S. government and the nuclear industry. We are advocating for the adoption of American nuclear technology, which adheres to the highest safety standards globally.

Seth: This ambitious goal was reinforced at the recent nuclear energy summit in Brussels, which convened leaders at the head of state level to transform this vision into tangible action.

The focus was clear move from ambition to real action.

Seth: With specific emphasis on establishing robust financing mechanisms to achieve this tripling of global nuclear power.

Seth: During this pivotal time.

Speaker Change: Had the honor of meeting with America's New climate envoy, John Podesta, along with other leaders of the American nuclear industry. It was evident from our discussions that there is a strong alignment between the U S government and the nuclear industry. We are advocating for the adoption of American nuclear technology, which it.

Speaker Change: Here's to the highest safety standards globally.

Seth Grae: The World Economic Forum's special meeting last month in Riyadh on global collaboration, growth, and energy development included a session on advanced energy solutions. The urgency to shift from decades to years in deploying advanced energy solutions, including nuclear power, was a central theme. The special meeting brought together top political leaders, major corporations, and investors.

The World Economic Forum Special meeting last month in Riyadh on global collaboration growth and energy development included a session on advanced energy solutions, the urgency to shift from decades to years and deploying advanced energy solutions, including nuclear power.

Speaker Change: A central theme.

Speaker Change: Special meeting brought together top political leaders major corporations and investors highlighting highlighting the critical role of nuclear power in global energy strategies for instance, Saudi Arabia is exploring significant shifts in its energy strategy to establish a robust nuclear power.

Seth Grae: Highlighting the critical role of nuclear power in global energy strategy. For instance, Saudi Arabia is exploring significant shifts in its energy strategy to establish a robust nuclear power program. This move aims to reduce domestic consumption of hydrocarbons, thereby allowing the country to increase its exports to bring in revenue to support economic development. Heads of state and government are increasingly recognizing nuclear power not as a peripheral issue but as a central component of energy strategy. I'll now turn the call over to Larry Goldman, Chief Financial Officer, to summarize the company's financial results.

Speaker Change: Graham this.

Speaker Change: This move aims to reduce domestic consumption of hydrocarbons, thereby allowing the country to increase its exports to bring in revenue to support economic development.

Speaker Change: Heads of state and government are increasingly recognizing nuclear power not as a peripheral issue, but it is a central component of energy strategies.

Speaker Change: I'll now turn the call over to Larry Goldman Chief Financial Officer to summarize the company's financial results.

Lawrence Goldman: Thank you, Seth, and good morning, everyone. For further information regarding our first quarter 2024 financial results and disclosures, please refer to our earnings release that we filed post-market close yesterday, as well as our quarterly report on Form 10-Q that will be filed with the Securities and Exchange Commission. The company's working capital position was $27.4 million at March 31st, 2024, versus $28.3 million at December 31st, 2023. Total assets were $28.9 million, and total liabilities were $0.9 million at March 31, 2024.

Lawrence Goldman: Thank you Seth and good morning, everyone.

Lawrence Goldman: For further information regarding our first quarter 2024 financial results and disclosures. Please refer to our earnings release that we filed post market close yesterday as well as our quarterly report on Form 10-Q that will be filed with the securities and Exchange Commission.

Lawrence Goldman: The company's working capital position was $27 4 million at March 31, 2024 versus $28 3 million at December 31, 2023.

Lawrence Goldman: Total assets were $28 9 million and total liabilities were <unk> 9 million at March 31 2024.

Lawrence Goldman: Today, we have ample working capital and financial flexibility to support our near-term fuel development expenditures. This is very important to Lightbridge and our stockholders, as well as our external stakeholders, such as the federal government, to ensure that we have sufficient working capital, as well as the ability to access capital in the future to conduct our R&D activities. Total cash and cash equivalents were $27.9 million, as compared to $28.6 million at December 31, 2023.

Lawrence Goldman: Today, we have ample working capital and financial flexibility to support our near term fuel development expenditures.

Lawrence Goldman: This is very important to like bridge and our stockholders as well as there are external stakeholders such as the federal government to ensure that we have sufficient working capital as well as the ability to access capital in the future to conduct our R&D activities.

Lawrence Goldman: Total cash and cash equivalents were $27 9 million as compared to $28 6 million at December 31, 2023, a decrease of <unk> 7 million for the first quarter ended March 31 2024.

Lawrence Goldman: A decrease of $0.7 million for the first quarter ended March 31, 2024. Cash used in operating activities for the first quarter ended March 31, 2024 was $1.9 million, an increase of $0.4 million compared to the $1.5 million for the first quarter ended March 31, 2023. This increase was primarily due to increased spending on R&D and G&A expenses. Total cash provided by financing activities for the first quarter ended March 31, 2024 was $1.2 million, an increase of $0.5 million compared to the $0.7 million for the first quarter ended March 31, 2023.

Lawrence Goldman: Cash used in operating activities for the first quarter ended March 31, 2024 was $1 9 million an increase of <unk> 4 million compared to the $1 5 million for the first quarter ended March 31 2023.

This increase was primarily due to increased spending on R&D and G&A expenses.

Lawrence Goldman: Total cash provided by financing activities for the first quarter ended March 31, 2024 was $1 2 million an increase of <unk> 5 million compared to the <unk> 7 million for the first quarter ended March 31, 2023. This increase was due to an increase in the net proceeds received from the <unk>.

Lawrence Goldman: <unk> of common stock under our at the market or ATM facility.

Lawrence Goldman: And supportive of our long term business and future financing requirements with respect to our fuel development, we expect to continue to see government funding in the future.

Lawrence Goldman: Along with new strategic alliances that may contain cost sharing contribution and additional funding from others.

Lawrence Goldman: Help fund our future R&D milestone.

Lawrence Goldman: Leading to the commercialization of light bridge fuel.

Lawrence Goldman: This increase was due to an increase in the net proceeds received from the issuance of common stock under our At-The-Market, or ATM, facility. In support of our long-term business and future financing requirements with respect to our fuel development, we expect to continue to seek government funding in the future, along with new strategic alliances that may contain cost-sharing contributions and additional funding from others to help fund our future R&D milestones, leading to the commercialization of Lightbridge fuel. I will now turn the call over to Sherrie Holloway, our controller, who will go over our P&L financial information for the first quarter of 2024. Sherrie?

Lawrence Goldman: I will now turn the call over to Sherri hallway, our controller, who will go over our P&L financial information for the first quarter 2020 for Sherri.

Sherrie Holloway: Thank you Larry.

Sherrie Holloway: The net loss was $2.8 million for the first quarter ended March 31, 2024 compared to $2 million for the first quarter ended March 31, 2023. Total R&D expenses amounted to $1,000,000 for the first quarter ended March 31, 2024 compared to $0.4 million for the first quarter ended March 31, 2023, an increase of $0.6 million. This increase was primarily due to an increase in R&D activities related to the development of our fuel, including an increase in I&L project costs and outside R&D expenses of $0.5 million.

Sherrie Holloway: Net loss was $2 8 million for the first quarter ended March 31, 2024 compared to $2 million for the first quarter ended March 31 2023.

Sherrie Holloway: Total R&D expenses amounted to $1 million for the first quarter ended March 31, 2024 compared to <unk>.

Sherrie Holloway: $4 million for the first quarter ended March.

Sherrie Holloway: <unk> 31, 2023, an increase of $6 million.

Sherrie Holloway: This increase was primarily due to the increase in R&D activities related to the development of our fuel <unk>.

Sherrie Holloway: Including an increase in project costs and outside R&D expenses.

Sherrie Holloway: $5 million.

Sherrie Holloway: Total G&A expenses were $2 2 million for the first quarter ended March 31, 2024, compared to $1 9 million for the first quarter ended March 31 2023.

Sherrie Holloway: The increase of <unk>.

Sherrie Holloway: $3 million with.

Sherrie Holloway: Primarily due to an increase in employee compensation and employee benefits as well as directors fees and increase in postage and recruitment expenses.

And an increase in stock based compensation.

Sherrie Holloway: Total other income was <unk> 4 million for the first quarter ended March 31, 2024 compared to other income of <unk>.

Sherrie Holloway: $3 million for the first quarter ended March 31, 2023 and.

Sherrie Holloway: An increase of <unk>.

Sherrie Holloway: $1 million the.

Sherrie Holloway: The increase in other income was due to an increase in interest income earned from the purchase of Treasury bills.

Sherrie Holloway: Our bank savings accounts.

Speaker Change: Back to you Sir.

Thank you Sherry.

Speaker Change: I would like to recognize ambassador Thomas Graham Junior for his extraordinary leadership and service to light Ridge.

Speaker Change: <unk> was the chairman of light bridges Board and retired last month.

Speaker Change: His legacy is etch and the history of the company Tom's had a remarkable career, including leading the successful efforts by the United States to permanently extend enforce the nuclear nonproliferation Treaty.

Speaker Change: Staying in touch with Tom and continue to benefit from his advice.

Speaker Change: I would like to thank everybody for participating on today's call.

Speaker Change: We have not received questions submitted by E Mail.

Speaker Change: We're looking forward to providing additional updates in the meantime, we can be reached at IR at <unk> Dot com stay safe and well goodbye.

Speaker Change: Yeah.

Speaker Change: Thank you for your participation in today's conference. This does conclude the program you may now disconnect everyone have a great day.

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Speaker Change: Yes.

Sherrie Holloway: Total G&A expenses were $2.2 million for the first quarter ended March 31, 2024, compared to $1.9 million for the first quarter ended March 31, 2023. The increase of $0.3 million was primarily due to an increase in employee compensation and employee benefits, as well as director's fees, an increase in postage and recruitment expenses, and an increase in stock-based compensation. Total other income was $0.4 million for the first quarter ended March 31, 2024, compared to other income of $0.3 million for the first quarter ended March 31, 2023, an increase of $0.1 million. The increase in other income was due to an increase in interest income earned from the purchase of Treasury bills and from our bank savings account. Back to you, Seth.

Speaker Change: Thank you for standing by and welcome to the <unk> Corporation business update and first quarter 2024 Conference call. Please note that today's call is being recorded it is now my pleasure to introduce Matthew <unk>.

Seth Grae: I would like to recognize Ambassador Thomas Graham, Jr. for his extraordinary leadership and service to Lightbridge. Tom was the chairman of Lightbridge's board and retired last. His legacy is etched in the history of the world. He has had a remarkable career, including leading the successful efforts by the United States to permanently extend in force the Nuclear Non-Proliferation Treaty.

Matthew: The director of Investor Relations for Lionbridge Corporation.

Seth Grae: We're staying in touch with Tom and continue to benefit from him. I would like to thank everybody for participating in today's call. We've not received any questions submitted by email.

Matthew: Thank you Victor and thanks to all of you for joining us today.

The company's earnings press release was distributed yesterday and can be viewed on the Investor Relations page of <unk> website at Www Dot LTE bridge Dot com.

Matthew: Joining us on the call today is Seth Gray Chief Executive Officer, along with Andre Lucia Cup Executive Vice President for nuclear operation.

Speaker Change: Got Holcomb, Vice President of Engineering, James <unk>, Vice President of program Management, Larry Goldman Chief Financial Officer, and Sherry Hollaway controller.

Speaker Change: I would like to remind our listeners that any statements on this call that are not historical facts are forward looking statements.

Speaker Change: Today's presentation includes forward looking statements about the company's competitive position and product and service offerings.

Speaker Change: During today's call words, such as expect anticipate believe and intend will be used in our discussion of goals or events in the future. This presentation is based on current expectations and involve certain risks and uncertainties that may cause actual results to differ significantly from such estimates.

Speaker Change: These and other risks are set forth in more detail in <unk> filings with the Securities and Exchange Commission <unk> does not assume any obligation to update or revise any such forward looking statements, whether as a result of new developments or otherwise.

Seth Grae: We're looking forward to providing additional updates. In the meantime, we can be reached at ir at ltbridge.com. Stay safe and well, goodbye. Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone have a great day.

Speaker Change: With that I would like to turn over the call to our first speaker, Seth Gray Chief Executive Officer of Light Bridge Hello, Seth.

Operator: Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone have a great day. ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? ?? [inaudible] Thank you for standing by and welcome to the Lightbridge Corporation business update and first quarter 2024 conference call. Please note that today's call is being recorded. It is now my pleasure to introduce Matthew Abenante. Director of Investor Relations for Lightbridge Corporation.

Matthew Abenante: Thank you, Victor. And thanks to all of you for joining us today.

Well Hello, and thank you, Matt and thank you all for joining us to discuss <unk> first quarter 2024 results.

In March we celebrated an important achievement at Idaho National Laboratory, we demonstrated an extrusion process for light bridge fuel material using us or conium uranium zirconium alloy.

Matthew Abenante: Today's presentation includes forward-looking statements about the company's competitive position and product and service offerings. During today's call, words such as expect, anticipate, believe, and intend will be used in our discussion of goals or events in the future. This presentation is based on current expectations and involves certain risks and uncertainties that may cause actual results to differ significantly from such estimates. These and other risks are set forth in more detail in Lightbridge's filings with the Securities and Exchange Commission.

Speaker Change: Video of the extrusion processes on our website, along with photos of the team the machinery and the rod.

Speaker Change: I was recently honored to be appointed as the chair of the American Nuclear Society International Council.

Speaker Change: This role grants me the privilege of working alongside global nuclear experts to enhance international cooperation and advocate for safe secure and economically use of nuclear science and technology worldwide. The International Council is vital for fostering global communications and cooperation among nuc.

Matthew Abenante: Lightbridge does not assume any obligation to update or revise any such forward-looking statement, whether as a result of new developments or otherwise. And with that, I would like to turn over the call to our first speaker, Seth Grae, Chief Executive Officer of Lightbridge. Hello, Seth.

Speaker Change: Earlier, and Nonnuclear organizations, and I am eager to leverage this platform to advance our collective goals.

Speaker Change: In addition June <unk>, our Vice President of program management at life ratio here from soon has been appointed to the board of directors at the United States Nuclear industry Council.

Speaker Change: Jim's ROE on the U S. Nic's board reflect his expertise and dedication and he is excited to contribute to the industry's growth supporting initiatives that span from national security to environmental management.

Speaker Change: Both of these appointments reflect light bridges deep involvement in expanding influence in the nuclear power industry and policy both domestically and internationally. We are committed to playing an important role in shaping the future of nuclear energy ensuring it remains a key component of a sustainable.

And secure global energy framework.

Seth Grae: Well, hello and thank you, Matt. And thank you all for joining us to discuss Lightbridge's first quarter 2024 results. In March, we celebrated an important achievement at Idaho National Laboratory. We demonstrated an extrusion process for Lightbridge fuel material using zirconium, a uranium zirconium alloy. A video of the extrusion process is on our website, along with photos of the team, the machinery, and the rod.

Seth Grae: I was recently honored to be appointed as the Chair of the American Nuclear Society's International Council. This role grants me the privilege of working alongside global nuclear experts to enhance international cooperation and advocate for the safe, secure, and economical use of nuclear science and technology worldwide. The International Council is vital for fostering global communications and cooperation among nuclear and non-nuclear organizations, and I am eager to leverage this platform to advance our collective goals.

Speaker Change: Now I'll turn the call over to Andrey <unk> <unk> executive VP for nuclear operations to review our fuel development activities Andre.

Andrey: Thank you Seth.

Andrey: As Jeff mentioned <unk> achieved a critical milestone in our fuel development efforts.

Seth Grae: Both of these appointments reflect Lightbridge's deep involvement and expanding influence in the nuclear power industry and policy, both domestically and internationally. We are committed to playing an important role in shaping the future of nuclear energy, ensuring it remains a key component of a sustainable and secure global energy framework. Now, I'll turn the call over to Andrey Mushakov, Executive VP for Nuclear Operations, to review our fuel development activities. Andrey? Thank you.

Andrey: National Laboratory.

Ill extra there rod sample offline bridge fuel material consistent enough on allo of depleted uranium zirconium.

Andrey: This work was performed on the strategic partnership project and cooperative research and development agreements.

Andrey: <unk> Energia Alliance LLC the U S Department of energy <unk> operates in the contractor for AML.

Andrey: Ongoing project aims to generate irradiation performance data for Lionbridge as Delta phase uranium zirconium alloy relating to various Jeremy physical properties.

Jim: Additional details about the extrusion demonstration milestone and Darla next steps on this project now.

Andrey: Jim.

Jim: And it out a little over a month ago, we demonstrated the extrusion of our fuel rod sample consisting of an alloy of depleted uranium zirconium.

Jim: The extrusion process involves pressing a bill out of White bridge fuel alloy through a die under pressure to form an elongated fuel sample.

Jim: Intention is to align this demonstration process with our eventual manufacturing technique as closely as possible.

Jim Fornoff: This extrusion is a major goal that we set for the project for this year and is a prerequisite to ultimately fabricating coupon samples using enriched uranium and zirconium alloy for radiation testing in the advanced test reactor at INA. Casting and extruding this demonstration bill at Lightbridge Fuel Alloy showcases the unique research talent and facilities within Einel's Materials and Fuels Complex. We very much appreciate the collaborative input that we've received from our INL colleagues during this work, as well as the ongoing support and recognition from DOE.

This extrusion is a major goal that we set for the project for this year.

Jim: And as a prerequisite to ultimately fabricating coupon samples using enriched uranium zirconium alloy for radiation testing and the advanced test reactor at Idaho.

Jim: Casting extruding this demonstration bill white.

Bridge fuel alloy showcases the unique research talent and facilities within vinyls materials on fuels complex, we very much appreciate the collaborative input that we've received from our <unk> colleagues. During this work as well as the ongoing support and recognition of Doa.

Jim Fornoff: INO and Lightbridge will work together to analyze the extruded rod in order to confirm the extrusion process parameters and the resulting material characteristics, while performing additional castings and extrusions during the remainder of this year. Next year, we plan to produce irradiation coupon samples of Lightbridge fuel material using enriched uranium and zirconium for insertion into the ATR. Thanks and back to you, Andrey. Thank you, Jim.

Jim: I know when <unk> will work together to analyze the extruded rod in order to confirm the extrusion process parameters and the resulting material characteristics, while performing additional castings and extrusion is during the remainder of this year.

Next year, we plan to produce a radiation coupon samples of white bridge fuel material using enriched uranium zirconium for insertion into the ATR.

Jim: Thanks and back to you Andre.

Andre: Thank you Jim.

In addition to our ongoing project that you're.

Speaker Change: We are working with <unk> on an engineering study to assess the compatibility and suitability of fly a bridge fuel for use in candle reactors.

Speaker Change: Spec. This initial engineering study to be completed later this year.

Speaker Change: The collaboration of a sensor synergy will also come back to the front end engineering and design study a feed study.

Speaker Change: SaaS visibility for deployment of our Lionbridge pilot fuel fabrication facility at the Pike and Ohio site.

Speaker Change: Currently working on cost and schedule estimates the SaaS commercial feasibility of moving forward with this project.

Speaker Change: Expect this study to be completed in the coming months.

Andrey Mushakov: Finally, my Lightbridge colleagues and I recently returned from a trip to Texas A&M University, where we visited the Fuel Cycle and Materials Laboratory and thermohydraulic facilities that have state-of-the-art experimental and modeling capabilities to discuss our ongoing projects and future collaboration opportunities. The Fuel Cycle and Materials Laboratory is currently performing, under a contract with Lightbridge, cladding characterization work on the trial of surrogate rod samples that were extruded in May The work will inform our future plans with respect to cladding development and co-extrusion process demonstration efforts.

Speaker Change: Finally, my language colleagues into I recently returned from a trip with Texas A&M University.

Speaker Change: We visited the fuel cycle in materials laboratory and thermal hydraulic facilities.

Speaker Change: State of the art experimental and modeling capabilities to discuss our ongoing projects and future collaboration opportunity.

Speaker Change: The fuel cycle on materials laboratories, currently performing under a contract with Lionbridge, claiming characterization work.

Speaker Change: On the Trialogue surrogates rod samples throughout sort of the May 2021.

Speaker Change: The work will inform our future plans with respect to creating development and Craig Susan process demonstration efforts.

Andrey Mushakov: We separately toured the thermohydraulic facility and discussed Texas A&M University's computer modeling capabilities in that area. They are currently working under a DOE-funded Nuclear Energy University Program Award on a flow test experiment setup under new scale SMR school and flow operating conditions that will use 6-foot-long acrylic rods mimicking Lightbridge fuels, multi-lobed geometry, and helical twists. Now I'll ask Scott Holcombe, our Vice President of Engineering, to give us an update on several other ongoing projects and initiatives. Okay, Scott?

Separately with towards the thermal hydraulic facility and discuss Texas, A&M University computer modeling capabilities in that area.

Speaker Change: He currently working under a dealer you fund that nuclear Energy University program Awards on a flow test experiments setup under new scale as some of our school in slow operating conditions are familiar six foot long a critic rods, mainly can language fuels multiple of geometry, I'm cubicle to this.

Now I'll ask Scott Hawkes, Vice President of engineering, the give us an update on several other ongoing projects and the initiatives Scott.

Thank you Andre.

Scott Holcombe: First, with the ongoing progress of our fuel development work, we've expanded and strengthened our fuel development team with the hiring of additional R&D personnel with expertise in computer modeling and simulation, experiment design and execution, and fuel qualification and regulatory licensing activities. Their additions aim to bolster Lightbridge's capabilities in Neutronics, Thermal Hydraulics, Fuel Performance, and Transient Analysis, all critical components to support fuel qualification, regulatory licensing, and commercial deployment of Light The newly appointed R&D staff will support Lightbridge's ongoing collaborative projects, including our SPP and CRADA collaboration with Idaho National Laboratory in the U.S., our engineering study with Zlatan ICN in Romania, and two important projects under the Nuclear Energy University programs with Massachusetts Institute of Technology and Texas A&M University.

Scott Holcombe: First with the ongoing progress of our fuel development work, we have expanded and strengthened our field development team with the hiring of additional R&D personnel with expertise in computer modeling and simulation experiment design and execution and fuel qualification and regulatory licensing activities.

Scott Holcombe: There are additions aimed at bolstered library. This capability is neutron ex thermal hydraulics fuel performance in transient analysis, all critical components to support <unk> qualification regulatory licensing and commercial deployment of like bridge fuel.

Scott Holcombe: ICL in Romania, and two important projects under the nuclear energy University programs, with Massachusetts Institute of Technology, and Texas A&M University.

Scott Holcombe: These experts will lead the development of library specific code the methods utilizing industry standard modeling to stimulate lionbridge fuel across various types of water cooled reactors.

Scott Holcombe: We believe these new hires will support advancement through PRL levels forward phenomenon as it underpins our ability to model and stimulate our fuels behavior under various operating conditions in a central aspect of our development process.

Scott Holcombe: As we project further into the future our roadmap towards full commercial deployment encompasses a series of intricate and scientifically rigorous steps. This includes the extensive irradiation of nuclear material samples and prototype fuel rods within test reactors, followed by thorough post irradiation examination validate material characteristics and performance metrics.

Scott Holcombe: Advanced computation of modeling and simulation will support the qualification process, ensuring that our fuel meet stringent industry standards.

Scott Holcombe: The culmination of these efforts will involve the designers of lead test broadly ultimately lead test assemblies, and subsequently collaborations commercial reactors and potential fuel vendor partners for the deployment of lead test rods and assemblies.

Scott Holcombe: Once successful operation of lead test assemblies, Blackberry fuel has been demonstrated in commercial reactors, we would seek regulatory approval for battery loads of library fueling those hopes reactors.

Scott Holcombe: I'll turn the call back over to Jack.

Jack: Thanks Scott.

Jack: Globally, we are witnessing an expansion of the nuclear sector.

Jack: New nuclear plants are under construction.

Jack: And many existing plants are having their operating licenses extended well beyond their original lifetimes remarkably some facilities that had shut down are now being re bridal revitalized and brought back online.

Jack: In a groundbreaking development last December.

Jack: 2008, the U N climate conference in Dubai, the United States, along with other nations committed to tripling the worlds nuclear power capacity by the year 2015.

Jack: This ambitious goal was reinforced at the recent nuclear energy summit in Brussels, which convened leaders at the head of state level to transform this vision into tangible actions. The focus was clear move from ambition to real action.

Jack: With specific emphasis on establishing robust financing mechanisms to achieve this tripling of global nuclear power.

Speaker Change: During this pivotal time I had the honor of meeting with America's New climate envoy, John Podesta, along with other leaders of the American nuclear industry. It was evident from our discussions that there is a strong alignment between the U S government and the nuclear industry, we are advocating for the adoption of American.

Speaker Change: Nuclear technology, which adheres to the highest safety standards globally.

Speaker Change: The World Economic Forum Special meeting last month in Riyadh.

Speaker Change: Global collaboration growth in energy development included a session on advanced energy solutions, the urgency to shift from decades to years in deploying advanced energy solutions, including nuclear power was a central theme.

Lawrence Goldman: Highlighting the critical role of nuclear power in global energy strategy. For instance, Saudi Arabia is exploring significant shifts in its energy strategy to establish a robust nuclear power program. This move aims to reduce domestic consumption of hydrocarbons, thereby allowing the country to increase its exports to bring in revenue to support economic development. Heads of state and government are increasingly recognizing nuclear power not as a peripheral issue but as a central component of energy strategy. I'll now turn the call over to Larry Goldman, Chief Financial Officer, to summarize the company's financial results.

Speaker Change: Graham.

This move aims to reduce domestic consumption of hydrocarbons, thereby allowing the country to increase its exports to bring in revenue to support economic development.

Speaker Change: Heads of state and government are increasingly recognizing nuclear power not as a peripheral issue, but it is a central component of energy strategies.

Speaker Change: I'll now turn the call over to Larry Goldman Chief Financial Officer to summarize the company's financial results.

Lawrence Goldman: Thank you Seth and good morning, everyone.

The company's working capital position was $27 4 million at March 31, 2024 versus $28 3 million at December 31, 2023.

Total assets were $28 9 million and total liabilities were <unk> 9 million at March 31 2024.

Lawrence Goldman: Today, we have ample working capital.

Lawrence Goldman: And financial flexibility to support our near term fuel development expenditures.

Lawrence Goldman: This is very important to light grades and our stockholders as well as there are external stakeholders such as the federal government to ensure that we have sufficient working capital as well as the ability to access capital in the future to conduct our R&D activities.

Lawrence Goldman: Total cash and cash equivalents were $27 9 million as compared to $28 6 million at December 31, 2023, a decrease of <unk> 7 million for the first quarter ended March 31 2024.

Lawrence Goldman: A decrease of $0.7 million for the first quarter ended March 31, 2024. Cash used in operating activities for the first quarter ended March 31, 2024 was $1.9 million, an increase of $0.4 million compared to the $1.5 million for the first quarter ended March 31, 2023. This increase was primarily due to increased spending on R&D and G&A expenses. Total cash provided by financing activities for the first quarter ended March 31st, 2024 was 1.2 million, an increase of 0.5 million compared to the 0.7 million for the first quarter ended March 31st, 2023.

Lawrence Goldman: This increase was primarily due to increased spending on R&D and G&A expenses.

Lawrence Goldman: From the issuance of common stock under our aftermarket or ATM facility.

Lawrence Goldman: And supportive of our long term business and future financing requirements with respect to our fuel development. We expect to continue to seek government funding in the future.

Lawrence Goldman: Along with new strategic alliances that may contain cost sharing contribution and additional funding from others.

Lawrence Goldman: Fund, our future R&D milestone.

Lawrence Goldman: Leading to the commercialization of light bridge fuel.

Lawrence Goldman: I will now turn the call over to Sherri Hollaway, our controller, who will go over our P&L financial information for the first quarter 2020 for Sherri.

Sherrie Holloway: Thank you Larry.

Sherrie Holloway: Net loss was $2 8 million for the first quarter ended March 31, 2024 compared to $2 million for the first quarter ended March 31 2023.

Sherrie Holloway: Total R&D expenses amounted to $1 million for the first quarter ended March 31, 2024 compared to <unk>.

Sherrie Holloway: $4 million for the first quarter ended March 31, 2023 and.

Sherrie Holloway: Increased $6 million.

Sherrie Holloway: This increase was primarily due to the increase in R&D activities.

Sherrie Holloway: Right to the development of our fuel.

Sherrie Holloway: Including an increase in project costs and outside R&D expenses the point.

Sherrie Holloway: $5 million.

Sherrie Holloway: Total G&A expenses were $2 2 million for the first quarter ended March 31, 2024, compared to $1 9 million for the first quarter ended March 31 2023.

Sherrie Holloway: The increase of <unk> 3 million was primarily due to an increase in employee compensation and employee benefits as well as directors fees and increase in postage.

<unk> expenses.

Sherrie Holloway: And an increase in stock based compensation.

Sherrie Holloway: Total other income was <unk> 4 million for the first quarter ended March 31, 2024 compared to other income of <unk> 3 million for the first quarter ended March 31 2023.

Sherrie Holloway: An increase of $1 million the.

Sherrie Holloway: The increase in other income was due to an increase in interest income earned from the purchase of Treasury bills.

Sherrie Holloway: <unk> bank savings accounts.

Speaker Change: Back to you Sir.

Speaker Change: Thank you Sherry.

Seth Grae: I would like to recognize Ambassador Thomas Graham, Jr., for his extraordinary leadership and service to Lightbridge. Tom was the chairman of Lightbridge's board and retired last month. His legacy is etched in the history of the company. He has had a remarkable career, including leading the successful efforts by the United States to permanently extend in force the Nuclear Non-Proliferation Treaty.

Speaker Change: I would like to recognize ambassador Thomas Graham Junior for his extraordinary leadership and service to light Bridge, Tom was the chairman of <unk> Board and retired last month.

Speaker Change: His legacy is etched in the history of the company.

Speaker Change: Tom has had a remarkable career, including leading the successful efforts by the United States to permanently extend in force the nuclear Nonproliferation Treaty.

Seth Grae: We're staying in touch with Tom and continue to benefit from his advice. I would like to thank everybody for participating in today's call. We've not received questions submitted by email. We're looking forward to providing additional updates. In the meantime, we can be reached at IR at LTBridge.com. Stay safe and well. Goodbye.

Speaker Change: Staying in touch with Tom and continue to benefit from his advice.

Speaker Change: I would like to thank everybody for participating on today's call.

Speaker Change: We have not received questions submitted by E Mail.

Speaker Change: We're looking forward to providing additional updates in the meantime, we can be reached at IR at <unk> Dot com stay safe and well goodbye.

Speaker Change: Yeah.

Operator: Thank you for your participation in today's conference. This does conclude the program. You may now disconnect, everyone.

Speaker Change: Thank you for your participation in today's conference. This does conclude the program you may now disconnect everyone have a great day.

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