Q4 2024 Energy Fuels Inc Earnings Call

Good morning, My name is Andrew and I'll be your conference operator today.

Andrew: Good morning. My name is Andrew and I will be your conference operator for today. And this time, I would like to welcome everyone to the Energy Fuels Physical Year 2024 conference.

At this time I would like to welcome everyone to the LNG fuels fiscal year 'twenty 'twenty four conference call.

Andrew: All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session where you'll be able to ask one question and one follow up question should you desire. If you would like to ask a question during this time, Simply press star, then the number one on your telephone keypad. If you would like to withdraw your question, please press star then the number 2. Thank you.

All lines have been placed on mute to prevent any background noise.

After the Speakers' remarks, there will be a question and answer session, where you'll be able to ask one question and one follow up question should you desire.

If you'd like to ask a question during this time.

Press Star then the number one on your telephone keypad.

If you'd like to withdraw your question. Please press Star then number two.

<unk>.

Mark Chalmers: Mr. Chalmers, you may begin your conference. Thank you, Andrew. And good morning to those listening to the call today. My name is Mark Chalmers, President and CEO of Energy Fuels. And today I am delighted to highlight Energy Fuels remarkable accomplishments during 2024, which we believe has created the leading US based critical mineral company. I'm also excited to talk about our goals, guidance, and aspirations in 2025 and beyond. Many of you have heard me say many times, there is no other company in the world like Energy Fuels. Today, that is more true than ever before. Energy Fuels is building a global critical mineral powerhouse.

Mr. Thomas you May begin your conference.

Mark: Thank you Andrew and good morning to those listening to the call. Today. My name is Mark <unk>, President and C. O of energy fuels and today I am delighted to highlight energy fuels remarkable accomplishments during 2024, which we believe.

Has created the leading U S based critical mineral company.

Mark: I'm also excited to talk about our goals guidance and aspirations in 2025 and beyond.

Mark: Many of you have heard me say many times there is no other company in the world like energy fuels.

Mark: Today that is more true than ever before energy fuels is building a global critical mineral powerhouse.

Mark Chalmers: and the progress we made in 2024 is extraordinary. We are building this business around our core uranium business, leveraging our permits, infrastructure, excess processing capacity, and most importantly, our talented and creative workforce. Over the course of the past year, we have resumed commercial uranium production, secured world-class critical mineral assets, and commercially recovered separated rare earth elements, which some of our naysayers said was not even possible. While this has caught some people off guard, and a diminishing group of naysayers remain, that is fine. We will continue to pursue our creative, creative strategy, as it simply makes so much sense that it has become obvious.

Mark: And the progress we made in 2024 is extraordinary.

Mark: We are building this business around our core uranium business leveraging our permits.

Mark: Infrastructure excess processing capacity and most importantly, our talented and creative workforce.

Mark: Over the course of the past year, we have resumed commercial uranium production secured world class critical mineral assets and commercially recover separated rare earth elements, which some of our naysayers said was not even possible.

Mark: While this has caught some people off guard.

Mark: And a diminishing group the naysayers remain that is fine we will continue to pursue our creative.

Mark: <unk> strategy as it simply makes so much sense that it has become obvious.

Mark Chalmers: We are on the verge of generating significant cash flows and margins in the next couple of years and emerging as the leading, low-cost, large-scale, Western producer of several critical materials that are central to energy, defense, technology, and mobility.

Mark: We are on the verge of generating significant cash flows in margins in the next couple of years and emerging as a leading low cost large scale western producer of several critical materials that are central to energy defense technology and more.

Mark: Ability.

Mark: Today, I will be joined by Dave Freeland, Our executive Vice President and Chief Legal Officer.

Mark Chalmers: Today, I will be joined by Dave Friedland, our Executive Vice President and Chief Legal Officer, Nate Bennett, our Interim CFO and Chief Accounting Officer, and Curtis Moore, Senior VP of Marketing and Corporate Development, to assist with any questions that you may have at the end of the presentation. Replays of this presentation will be available shortly, perhaps even as early as today, and Kim or we will be controlling the slides. You will not be controlling the slides, but I'll try to remember to tell Kim when to advance to the next slide.

Speaker Change: <unk> been at our interim CFO, and Chief Accounting Officer, and Curtis more senior VP of marketing and corporate development to assist with any questions that you may have at the end of the presentation.

Speaker Change: Replays of this presentation will be available shortly perhaps even as early as today.

Speaker Change: And.

Speaker Change: Kim or we will be controlling the slides you will not be controlling the slides, but I'll try to remember to tell Kim went to advance the next slide.

Mark Chalmers: So let's get going with the presentation. Next slide.

Speaker Change: So, let's get going with the presentation.

Kim: Next slide.

Speaker Change: Yeah.

Mark Chalmers: On page two, I may be making some forward-looking statements, and those are highlighted on this page that is included with the presentation. Next slide.

Speaker Change: On page two I may be making some forward looking statements and those are highlighted on this page that is included with the presentation.

Speaker Change: Next slide.

Speaker Change: I wanted to talk about.

Mark Chalmers: I want to talk about our high value Okay, out of sequence here. One of my slides is out of slide.

Speaker Change: Our high value alright.

Speaker Change: Alright, no secrets here.

What my one of my slides is that it's like so look let's talk about energy feels really an investment in energy fuels is you are getting three companies and one we are building a globally significant critical minerals company. We have built this around our significant U S significant leading U S uranium.

Mark Chalmers: So look, let's talk about Energy Fuels. Really, an investment in Energy Fuels is you are getting three companies in one. We are building a globally significant critical minerals company. We have built this around our significant US significant leading US uranium production. We have produced uranium for the last decade or two or three with our assets. But we've never been world significant. But when you look at these two other portions of our strategy, we will be world significant with rare earth production, and world significant with the heavy mineral sands production.

Speaker Change: In production, we have produced uranium for the last decade, or two or three with our assets, but we've never been world significant but when you look at these two other portions of our strategy, we will be world significant with rare Earths production and world significant with the heavy mineral sands production.

Speaker Change: And that in turn it makes a world significant company in due course with multi elements being produced and our timing is impeccable.

Mark Chalmers: And that, in turn, it makes a world significant company in due course, with multi elements being produced, and our timing is impeccable. Next.

Speaker Change: Next slide.

Mark Chalmers: Let's talk about our high-value product lines. These are all-in-demand materials central to energy defense, mobility, and health. Uranium, as I mentioned before and many of you are aware of, we have been a leading producer of uranium for a long period of time, and we are now in large-scale production. Currently, we have three producing mines, and we expect to have newly mined production of 1.73 to 1.17 million pounds of contained uranium in 2025, subject to market conditions. This does not include up to 200,000 pounds of additional alternate feed materials in third party or purchases, so you can add up to another 200,000 pounds on top of that.

Speaker Change: Let's talk about our high value product lines. These are all in demand materials central to energy defense mobility, and health uranium as I mentioned before and many of you are aware of we have been a leading producer of uranium for a law.

Speaker Change: A period of time and we are now in large scale production.

Speaker Change: Currently we have three producing mines and we expect to have newly mined production of 1.73 to 1.17 million pounds of contained uranium in 2025 subject to market conditions. This does not include <unk>.

Speaker Change: Up to 200000 pounds of additional alternate feed materials and third party ore purchases. So you can add up to another 200000 pounds on top of that.

Speaker Change: We expect to sell under contract between 200 to 300000 pounds in 2025, and we will also be looking at potential spot sales as prudent as the market strength is.

Mark Chalmers: We expect to sell under contract between 200 to 300,000 pounds in 2025. And we will also be looking at potential spot sales as prudent as the market strengthens. Inventory, we have nearly 400,000 pounds of finished uranium already on the ground at the end of 2024. And we have over 700,000 pounds of contained uranium and ore and other raw materials to be processed. By the end of 2025, we expect to hold between 1.6 to 2.3 million pounds of uranium that will either be finished or in inventory yet to be processed.

Speaker Change: Inventory, we have nearly 400000 pounds of finished uranium already on the ground at the end of 'twenty four and we have over 700000 pounds of contained uranium and or in other raw materials to be process.

Speaker Change: By the end of 2025, we expect to hold between one six to $2 3 million pounds of uranium that will either be finished or in inventory yet to be process and I want to comment on this because I think some people do not understand the flag.

Mark Chalmers: And I want to comment on this because I think some people do not understand the flexibility that we have at Energy Fuels, because with the White Mason Mill, we can have newly mined ore, we can have alternate feed that we process for many decades. We can have mine cleanup ore, we can have pond return, and we can process that, we can mine it, we can store it at the mine, we can ship it to the mill, we can store it at the mill and stockpile, we can process some of that in the mixture, we can process just newly mined ore, add alternate feed or other sources.

Speaker Change: The ability that we have at energy fuels, because with the White Mesa mill, we can have newly mined or we can have alternate feed that we process for many decades.

Speaker Change: We can have mine cleanup or we can have pond return and we can process that we can mine. It we can store it at the mine we can ship it to the mill, we can store at the mill and stockpile, we can process some of that in the mixture. We can process just newly mined ore.

Speaker Change: Added alternate feed or other sources. So so one of the things I want to highlight is that that has been the key success to energy fuels over decades, because we had that flexibility. So you can't compare just to an ISR mine other mind because no one else has that flexibility.

Mark Chalmers: So one of the things I wanna highlight is that that has been the key success to Energy Fuels over decades because we had that flexibility. So you can't compare just to an ISR mine, other mine, because no one else has that flexibility. So.

Speaker Change: So right.

Mark Chalmers: Rare Earths. We are a leading producer of Rare Earths in the United States, and not many people can say that. We're now in early stage commercial production. We have the capacity to produce up to a thousand tons of NDPR per year. We produced 38,000 kilograms of on-spec NDPR in 2024. This material is now being tested and qualified by non-China rare earth metal and magnet manufacturers to support future sales and offtakes, and that is going very well. I hope to have further updates to the market in due course.

Speaker Change: Rare Earths.

Speaker Change: We are a leading producer of rare earths in the United States and not many people can say that we're now in early stage commercial protection, we have the capacity to produce up to 1000 tonnes. A N D. P. R per year, we produced 38000 kilograms of answer.

Speaker Change: On spec N D. P. R. In 2020 for this material is now being tested and qualified by non China rare Earth metals and magnet manufacturers to support future sales and off takes and that is going very well and I hope to have further.

Speaker Change: Updates to the market in due course, we also have the potential to go back into even though were.

Mark Chalmers: We also have the potential to go back into, even though we're currently processing uranium at the mill, we have the ability to go back into commercial production of NDPR either this year or in 2026, subject to mill schedule market conditions and supply of feedstock.

Speaker Change: Currently processing uranium at the mill, we have the ability to go back into commercial production of N. D. P. R. Either this year or in 26 subject to mill scheduled market conditions and supply of feedstocks.

Speaker Change: On the heavy mineral sands front.

Mark Chalmers: on the heavy mineral sands front. We are advancing three material mining projects right now. And that is a big part of our story in 2024 and going forward. Mines world-scale, world-class projects in Madagascar, Australia and Brazil.

Speaker Change: We are advancing three material mining projects right now and that is a big part of our story in 2024 and going forward.

Speaker Change: Mines World scale World class projects in Madagascar, Australia, and Brazil.

Speaker Change: Medical isotopes, we are continuing to do our research and development on the recovery of radium.

Mark Chalmers: medical isotopes. We are continuing to do our research and development on the recovery of radium. And radium is put into solution when we're processing our uranium ores, or some of our rare earth feeds. Vanadium, we're still the largest primary producer of vanadium in the United States.

Speaker Change: And radium is put into solution when we're processing, our uranium ores or some of our rare earth feeds.

Speaker Change: Vanadium, we're still the largest primary producer of vanadium in United States and we can respond quickly when markets support this.

Mark Chalmers: And we can respond quickly when markets support Next slide.

Speaker Change: Next slide.

Speaker Change:

Speaker Change:

Speaker Change: So let's talk about 2024, which was a fundamental building year.

Mark Chalmers: So let's talk about 2024, which was a fundamental building year. Again, developing low cost tier one critical mineral assets while maintaining a very strong balance sheet. We had a net loss in 2024 of $48 million, but that really is somewhat misleading because that was driven by transaction costs and the combination with primarily base resources, which was also offset by uranium cells. We sold 450,000 pounds of uranium for a gross profit of $21 million at a margin that was north of 50%, and we sold it to a combination of contract sales and spot sales that averaged around $84 per pound, which is a better result than a lot of our peers.

Speaker Change: Again, developing low cost tier one critical mineral assets.

Speaker Change: While maintaining a very strong balance sheet.

Speaker Change: We had a net loss in 2024 or $48 million, but that really is somewhat misleading because that was driven by transaction costs and the combination with primarily base resources, which was also offset by uranium sales we.

Speaker Change: We sold 450000 pounds of uranium for a gross profit of 21 million at a margin that was north of 50% and we sold it to a combination of contract sales and spot sales that average around $84 per pound, which is a better result than a lot of our.

Speaker Change: Peers.

Mark Chalmers: We also sold approximately 40 million of heavy mineral sands products, which includes ilmenite, rutile, and zircon. We had one-off transaction costs of over $10 million, and as I mentioned, related to the acquisition of BASE and the formation of the Donald Joint Venture Project with Astron. Some of our recurring costs and additional offering costs were higher with the acquisition of base and the reclamation of the Kuala project in Kenya that came to a close at the end of December of 24. We also purposely elected to not sell uranium during Q4 due to weak prices. That all contributed to the loss.

Speaker Change: We also sold approximately 40 million of heavy mineral sands products, which includes ilmenite rutile and zircon.

Speaker Change: We had one off transaction cost of over $10 million and as I mentioned related to the acquisition of base and the formation of the John Donahoe joint venture product project with as strong.

Speaker Change: Some of our recurring costs and additional operating cost.

Speaker Change: <unk> were higher with the acquisition of base and the reclamation of the quality <unk> project in Kenya that came to a close at the end of December of 'twenty four.

Speaker Change: We also purposely elected to not sell uranium during Q4 due to weak prices.

Speaker Change: That all contributed to the loss.

Mark Chalmers: We still have excellent liquidity with over 178 million at current commodity prices, made up of cash, cash equivalents, liquid marketable securities, uranium, and other receivables and inventory. We have, as I said earlier, 400,000 pounds of finished uranium. We also have 900,000 pounds of vanadium and we have some mixed rare earth carbonate and 38,000 kilograms of finished separated NDPR in inventory. No debt.

Speaker Change: We still have excellent liquidity with over $178 million at current commodity prices made up of cash cash equivalents liquid marketable securities uranium and other receivables and inventory.

Speaker Change: We have as I said earlier 400000 pounds of finished uranium. We also have 900000 pounds of vanadium and we have some mixed rare earth carpet and 38000.

Speaker Change: Kilograms of finish separated NTP or in inventory.

Speaker Change: No debt.

Mark Chalmers: We probably have a billion dollars worth of assets plus. We also raised $60 million of cash on our ATM. from the beginning of the year through February 14th at an average share price of 5.34 per share. This is to ensure we have plenty of cash to advance our tier one mineral assets that were currently really not getting valued in the market.

Speaker Change: We probably have a billion dollars worth of assets plus.

Speaker Change: We also raised $60 million of cash on our Atms.

Speaker Change: From the beginning of the year through February 14th at an average share price of $5 34 per share.

Speaker Change: This is to ensure we have plenty of cash to advance our tier one mineral assets that were currently really not getting valued in the market.

Speaker Change: Next slide.

Mark Chalmers: Next slide. So let's look at the diversified asset portfolio that we have put together over the last few years. Certainly in the Northern Hemisphere, is mainly our uranium assets, most of which, or a number of which are permitted. We're headquartered out of Denver. We have the White Mesa Mill that can process the uranium and the rare earths. And that is really the area where we have our hydrometallurgy skills in the northern hemisphere. And now, with the combination of base in the southern hemisphere, we have an office in Perth, and we have a full management team to advance our heavy mineral sand goals and recover monazite in due course that are focused on physical metallurgy and are currently advancing two FID, final investment decision processes, advancing those on the world-class Tole Ara project and Donald joint venture in Victoria.

Speaker Change: So let's look at the diversified asset portfolio that we have put together over the last few years.

Speaker Change: Certainly in the northern Hemisphere is mainly our uranium assets most of which are a number of which are permitted we're headquartered out of Denver, we have the white Mesa mill that can process, the uranium and the rare earth.

Speaker Change: And that is really the area, where we have our hydro metallurgy skills in the northern hemisphere, and now with the combination of base and the southern Hemisphere, we have an office in Perth, and we have a full management team.

Speaker Change: To advance our heavy mineral sand goals and recover monocyte in due course that our focus on physical metallurgy.

Speaker Change: And at our currently advancing two F. I D final investment decision process is advancing those on the world class totally or a project and Donald joint venture in Victoria. So.

Mark Chalmers: So we have a complete team of people advancing those projects. right now.

Speaker Change: So we have a complete team of people advancing those projects.

Speaker Change: Right now.

Mark Chalmers: Next. So we put together this graphic to kind of illustrate how it all works from a structural perspective. I mean, currently we are processing uranium ore, and we could also process, or we're processing vanadium ores as well too, from multiple uranium projects. It goes through the White Mesa Mill, and we can produce U-308, V-205 if we elect to recover it, and potentially medical isotopes. That same mill, because we retrofit it to be able to also process rare earths, can stop processing uranium ores and process monazite that contains uranium to advance and recover uranium and rare earth oxides.

Speaker Change: Next slide.

Speaker Change: So we put together this graphic to kind of illustrate how it all works from a structural perspective I mean currently we are processing uranium ore.

Speaker Change: And we can also process, where we're processing the vanadium ores as well too from multiple uranium projects that goes through the White Mesa mill and we can produce you 308 V 205, if we elect to recover and potentially medical isotopes.

Speaker Change: That same mill, because we retrofit it to be able to also process rare earth.

Speaker Change: Can stop processing uranium ores and process monocyte that contains uranium to advance and recover uranium and rare Earth oxides.

Mark Chalmers: This is remarkable that we have a facility that can process both these ore streams. at the mill, and we're able to build that for about $20 million.

Speaker Change: This is remarkable that we have a facility that can process. Both these ore streams.

Speaker Change: At the mill and we were able to build that for about $20 million now the mineral sands down at the bottom and the Orange.

Mark Chalmers: Now, the mineral sands down at the bottom in the orange. really doesn't touch the mill at all, with the exception of recovering the monazite, which can be processed through the phase one plant at the mill. Now our phase two initiative, which is building an entire separate, brand new, rare earth processing facility, will be separate from the center of that graphic because we'll be able to have a completely separate uranium processing facility and a completely separate rare earth processing facility looking to the futures. Now on the far right, you have multiple different materials and elements that can be processed through our infrastructure.

Speaker Change: Really doesn't touch the mill at all with the exception of recovering the monocyte, which can't be process through the phase one plant at the mill now our phase two.

Speaker Change: Initiative, which is building an entire separate brand new rare earth processing facility would be separate.

Speaker Change: From the center of that graphic because we will be able to have a completely separate uranium processing facility and a completely separate rare earth processing facility.

Speaker Change: Looking to the futures now on the far right you have multiple different materials and elements that could be process through our infrastructure.

Mark Chalmers: We've seen how brutal the Critical mineral elements can be like lithium, graphite, cobalt, including uranium, when the price goes up or down, and our company will be diversified with multiple streams at world-significant scale.

Speaker Change: We've seen how brutal the.

Speaker Change: Critical mineral elements can be like lithium graphite cobalt, including uranium when the price goes up or down and our company will be diversified with multiple screams at world significant scale.

Speaker Change: Next slide.

Speaker Change: So again.

Mark Chalmers: So again, As I talked about, we have three mines in production. The mill is actively processing uranium today. and we processed at the end of 2024. We only ran the mill at the very end of Q4 and we produced about 160,000 pounds of ore. We talked about We expect to finish additional uranium in the first half of this year of between 200 and 250,000 pounds. It can be more, as I explained earlier, because we will have plenty of feedstock that we can still process if we elect to. It really depends on what contracts we want to fill and what spot sales we want to make on how much finished goods we actually have at any one given time.

Speaker Change: As I talked about we have three mines in production. The mill is actively processing uranium today.

Speaker Change: And we processed at the end of 2024, we only ran the mill at the very end of Q4, and we produced about 160000 pounds of ore.

Speaker Change: We talked about.

Speaker Change: We expect to finish additional uranium in the first half of this year of between 200 and 250000 pounds. It can be more as I explained earlier, because we will have plenty of feedstock that we can still process. If we elect.

Speaker Change: Two it really depends on what contracts, we want to fill in what spot sales, we want to make on how much finished goods, we actually have at any one given time.

Mark Chalmers: I talked about the mining of the ore between that 730,000 to nearly 1.2 million pounds, and that would primarily come from the Pinyin Plain mine in the La Salle complex. I also mentioned that there could be up to another 200,000 pounds of alternate feed and third party ore purchases that all goes to our account. We still are increasing our ability to ramp up to a run rate of 2 million pounds per year with additional work at the Whirlwind Project and at Nichols Ranch with additional drilling. We're also very pleased with the landmark agreement with the Navajo Nation for ore transport, and we are currently transporting ore from the Pinon Plain Mine without any issue.

Speaker Change: I talked about the mining of the ore between that 730000 to nearly $1 2 million pounds.

Speaker Change: And that would primarily come from the opinion plain mine and Lasalle complex and I also mentioned that there could be up to another 200000 pounds of alternate feed and third party ore purchases that all goes to our account.

Speaker Change: We still are increasing our ability to ramp up to a run rate of 2 million pounds per year with additional work at the World Wind project and at Naples Ranch with additional drilling.

Speaker Change: We're also very pleased with the landmark agreement with the Navajo nation for ore transport and we are currently transporting ore from the opinion plain mine without any issue.

Mark Chalmers: And we're also very excited that we also will be working closely with the Navajo Nation on cleaning up some of their abandoned uranium mines that had nothing to do with energy fuels, but that all fits in perfectly with our ESG and our corporate responsibility and stakeholders in all the areas that we work in, particularly down in the Four Corners region.

Speaker Change: And we're also very excited that we also will be working closely with the Navajo nation on cleaning up some of their abandon uranium mines that had nothing to do with energy fuels, but that all fits in perfectly with our ESG and our corporate responsibility and stakeholder.

Speaker Change: And all the areas that we work in particularly down in the four corners region.

Mark Chalmers: We have four contracts. long-term contracts. And as I said, we're only expecting to sell under contract between 200 and 300,000 pounds in 2025. We can continue like we did in 2024, opportunistic spot sales if the market is there, but we do not plan to sell uranium at these current spot prices, which are in the mid 60s. And as I said, at the end of this slide, we are building inventory of uranium to have it available in the order of 1.6 to 2.3 million pounds in uranium inventory. And we can process that, as I said, when we elect to meet the market conditions at the time.

We have four contracts.

Speaker Change: Long term contracts and as I said, we only expecting to sell under contract between 200 and 300000 pounds in 2025.

Speaker Change: We we cannot continue like we did in 2020 for opportunistic spot sales if the market is there, but we do not plan to sell uranium at these current spot prices, which are in the mid sixties.

Speaker Change: And as I said.

Speaker Change: At the end of this slide we are building inventory of uranium to have it available.

Speaker Change: In the order of one six to $2 3 million pounds and uranium inventory and we can process that as I said, when we elect to to meet the market conditions at the time.

Speaker Change: Next slide.

Speaker Change: Rare Earth, we continue to focus on monocyte as a low cost byproduct of heavy mineral sands monocyte has superior distributions of N D. P. R. A D y in TB.

Mark Chalmers: Rare Earths, we continue to focus on monazite as a low cost byproduct of heavy mineral sands. Monazite has superior distributions of NDPR, DY and TB, which is very, very important, particularly with the component of heavies. It's a low cost byproduct coming from these projects that we've assembled over the last 18 months or so in the heavy minerals, sand space. White Mesa is the only facility in the US that can process monazite. I talked about the inventory of the on-spec separated NDPR that we currently have, the 1,000 tons of NDPR capacity that we have in our phase one plant at the mill.

Which is very very important, particularly with the component of heavies.

Speaker Change: As a low cost byproduct coming from these projects that we've assembled over the last 18 months or so and the heavy minerals.

Speaker Change: Space.

Speaker Change: White Mesa is the only facility in the U S. It can process monocyte I talked about the inventory of the on spec separated in D. P or that we currently have the 1000 tonnes of into P. Our capacity that we have in our phase one plant at the mill.

Mark Chalmers: We are also looking to increase production over time. With this phase two plant, we do have a pre-feasibility study that was done a year or so ago back. We're looking to increase the capacity up to 6,000 tons of NDPR per year. And we've already got and awarded to Barr Engineering the engineering for the definitive feasibility study. And that is well underway and should be completed at the towards the end of this year.

Speaker Change: We are also looking.

Speaker Change: Looking to increase production over time with this phase II plant, we do have a pre feasibility study that was done a year or so go back we're looking to increase the capacity up to 6000 tons of N DPR per year, and we've already got awarded two bar engineer.

Speaker Change: During the engineering for the definitive feasibility study and that is well underway and should be completed.

Speaker Change: At the towards the end of this year. We're also currently piloting.

Mark Chalmers: We're also currently piloting. DY and TB separation of the heavy. And we've done all this without diminishing our ability to produce uranium.

Speaker Change: D Y in T b separation of the heavies.

Speaker Change: And we've done all this without diminishing our ability to produce uranium.

Speaker Change: Next slide.

Speaker Change: So we've shown this.

Mark Chalmers: So we've shown this. This graphic showing the steps to integration to get down to magnets and drivetrains. And we are rapidly advancing this with the ability and having secured these world class assets for the supply of both heavy mineral sands and monazite, our ability to process mixed rare earth carbonates, our ability to separate rare earth oxides and ramp that up and do course with phase two. But we're very focused on the next step, which is the rare earth metals and alloy step. and we're already working on that with, I said, the pre-qualification with other companies in the world, but we all have aspirations to continue making these steps for full integration in due course, and so that is a key focus of our company going forward.

Speaker Change: This graphic showing the steps to integration to get down to magnets and drive trains and we are rapidly advancing this with the ability into having secured these world class assets for the supply of both heavy mineral sands monocyte, our ability to process.

Speaker Change: Rare Earth car, but it's our ability to separate rare earth oxides and ramp that up in due course with phase III, but we're very focused on the next step which is the rare earth metals and alloys step.

Speaker Change: And we're already working on that with I said, the prequalification with other companies in the world, but we all have aspirations to continue making these steps were full integration in due course, and so that is a key focus of our company going forward.

Mark Chalmers: Next slide. On the heavy mineral sand front, again, we've made extraordinary process. for low-cost, world-scale titanium zirconium mines that also can produce the monazite low-cost by-product feedstock to extract the titanium minerals, the ilmenite, rutile, leucocene, zircon minerals, and rare earths. and so basically the titanium zirconium raw materials are used in industrial applications like white pigment paint, plastic, metals, ceramics. Chemicals, Refractory Foundries, and Nuclear Applications. In 2024, I already mentioned, we had approximately $40 million of revenue from sales from Qual.A project. That was 18,000 tons of rutile, 48,000 tons of ilmenite, and 2,500 tons of zircon.

Speaker Change: Next slide.

Speaker Change: On the heavy mineral sand front again, we've made extraordinary process.

Speaker Change: For low cost world scale titanium zirconium mines. They also can produce the monocyte low cost byproduct feedstock to extract a titanium minerals, the ilmenite rutile rutile lukaku seeing zircon minerals and rare Earth.

Speaker Change: And so basically the titanium zirconium raw materials are used in industrial applications like white pigment in paint and plastics metals ceramics.

Speaker Change: Chemicals refractory foundries and nuclear applications in 2024, I already mentioned, we had approximately $40 million of revenue from sales from quality project that was 18000 tons of rutile 48000 tons of ilmenite in 'twenty.

Speaker Change: 500 tons of zircon.

Speaker Change: We are rapidly advancing these three heavy mineral sands projects that I mentioned with our newly acquired project team based out of per both at totally our Donald in Bahia, and the combination of those and including the relationship we have come more.

Mark Chalmers: We're rapidly advancing these three heavy mineral sands projects that I mentioned with our newly acquired project team based out of Perth, both at Toliara, Donald, and Bahia. And the combination of those, including the relationship we have with Chemours, puts us in position to get to scales approaching or equal to Linus in due course. and it has compelling economics. compelling economics on the heavy metal sands alone, and even more so with the rare earth processing. And as we take those rare earths and process them through the value chain of the oxides, metals, and alloys, that margin even increases further.

Speaker Change: <unk> puts us in position to get two scales approaching or equal to Linus in due course.

Speaker Change: And it has compelling economics.

Speaker Change: <unk> economics on the heavy mineral sands alone and even more so with the rare earth processing.

Speaker Change: And as we take those rare earth and process them through the value chain of the oxides metals and alloys that margin even increases further.

Mark Chalmers: Next slide. So, the Toliara project is a game changer for our company, and not just our company, but for the critical mineral industry. We believe this project, when it is fully approved by the Madagascar government, and built, constructed, and operating, will revolutionize global rare earth production, including titanium and zircon, mark. In October, we closed on the combination with base resources on October 2nd, and about six weeks later, the government of Madagascar lifted the suspension on the Toliar project. A week or so later, the government of Madagascar and Energy Fuels signed an MOU advancing technical and financial terms and development, and we are currently working on legal agreements with the Madagascar government right now.

Speaker Change: Next slide.

Speaker Change: Yeah.

Speaker Change: So the totally or a project is.

Speaker Change: Is a game changer for our company and not just our company, but for the critical mineral industry. We believe this project when it is fully approved by the Madagascar government.

Speaker Change: And built constructed operating will revolutionize global rare earth production, including titanium and zircon markets.

Speaker Change: In October we closed on the combination with base resources on October 2nd in about six weeks later, the government of Madagascar lifted the suspension on the totally our project.

Speaker Change: A week or so later, the government of Madagascar, and energy fuels signed an Mou advancing.

Speaker Change: Technical and financial terms and development and we are currently working on legal agreements with the Madagascar government right now and everyone seems to be focused on getting this done.

Mark Chalmers: And everyone seems to be focused on getting this done. We've advanced and started the FID process for the Toliara project. It's expected to be completed in the first half of 2026. This is a massive resource. It includes massive quantities of recoverable monazite, ilmenite, rutile, and zircon. And I don't really think the market appreciates how significant this acquisition was for the company. Those that know the project understand the scale and the significance of this. And a big chunk of our feed for phase two plant will come from the Toliar project on a project that has the potential to generate hundreds of millions of dollars.

Speaker Change: We've advanced and started the FID process.

Speaker Change: For the totally our project is expected to be completed in the first half of 2026.

Speaker Change: This is a massive resource.

Speaker Change: It includes a massive quantities of recoverable monocyte ilmenite, rutile and zircon and I don't really think the market appreciates how significant this acquisition was for the company.

Speaker Change: That no that project understand the scale and the significance of this and a big chunk of our feed for phase two plant will come from a totally our project.

Speaker Change: On a project that can Moor.

Speaker Change: And it has the potential to generate hundreds of millions of dollars.

Mark Chalmers: of EBITDA per year for generations.

Speaker Change: Of EBITA per year for generations.

Speaker Change: It currently has a mine life of 38 years with the current feasibility study done by base, but it has significant potential to expand this.

Mark Chalmers: It currently has a mine life of 38 years with the current feasibility study done by BASE, but it has significant potential to expand this next.

Speaker Change: Next slide.

Speaker Change: So in addition.

Mark Chalmers: So, in addition. We have the Bahia project, which is in exploration and permitting that we bought and own 100% that can also contribute feed to the phase two plant or even the phase one plant and the Donald project in Australia, which is a joint venture where we're earning 49% interest, but would secure all the monazite from that project. And again, not at the scale of totally are but material scale with up to seven to 14,000 tons of monazite per year for decades. We have most or all the major permits in place. And we again are advancing this through final investment decision targeted for June 30 of this year.

Speaker Change: We have the Bahia project, which is in exploration and permitting that we bought and own 100% that can also contribute feed to the phase II plant or even the phase one plant and the Donald project in Australia, which is a joint venture.

Speaker Change: Where we're earning 49% interest, but would secure all of the mono side from that project and again not at the scale of totally Ara, but materials scale with up to 7% to 14000 tonnes a month per year for decades, we have most or all of it.

Speaker Change: The major permits in place and we again are advancing this through final investment decision targeted for June 30 of this year and we're using base to advance the FID process with the joint venture advancing totally are.

Mark Chalmers: And we're using base to advance the fit process with the joint venture advancing totally are completing the final reclamation. at Kuala and also advancing the Bahia project. So we have, again, a complete project team.

Speaker Change: Completing the final reclamation.

Speaker Change: At Koala and also advancing the Bahia projects. So we have again a complete projects team I don't know if people appreciate how important that is with advancing these projects and also building constructing and operating those in the most efficient ways possible.

Mark Chalmers: I don't know if people appreciate how important that is with advancing these projects and also building, constructing and operating those in the most efficient ways possible.

Mark Chalmers: Next slide. So this is an indicative timeline for the rare earth development. And I just want to point out that when you look at, we commissioned the phase one separation plant in 2024. Meanwhile, we stopped processing rare earths. We've started the uranium processing. This will continue on over the course of the next many years and can ramp up to 5 million pounds in due course with some of our undeveloped projects that we're advancing through to permits. Meanwhile, when you look at the red up above, we have four sources of both heavy mineral sands and monazite coming in over the next few years, including chimores, which we still receive monazite from as we speak.

Speaker Change: Next slide.

Speaker Change: Yeah.

Speaker Change: So this is an indicative timeline for the rare Earth development and I just want to point out that when you look at we commissioned the phase one.

Speaker Change: Separation plant in 2024. Meanwhile, we stopped processing for Earth, we started uranium processing. This will continue on.

Speaker Change: Over the course of the next many years and can ramp up to 5 million pounds in due course with some of our undeveloped projects that were advancing through the permits. Meanwhile, when you look at the Red up above we have four sources of both heavy mineral sands and monocytes.

Speaker Change: Coming in over the next few years, including <unk>, which we still receive monocyte from as we speak.

Mark Chalmers: The Donald Project, Bahia, and Toliar in Madagascar, all adding up to world-significant low-cost scale, and scale equal to approximately Linus. We can restart the phase 1 separation plant as required, whether it be this year, next year, or 27. But we plan to have the phase 2 separation plant fully constructed and operating by 2028 to fit the supply from these other projects.

Speaker Change: Donald project, Bahia and totally are in Madagascar, all adding up to world significant low cost scale.

Speaker Change: And scale equal to approximately Linus, we can restart the phase <unk> separation plant as required whether it be this year next year or 27%, but we plan to have the phase two separation plant fully constructed and operated operating by 2028 to fit the <unk>.

Speaker Change: Supply from these other projects.

Mark Chalmers: Next.

Speaker Change: Next slide.

Speaker Change: Yeah.

Mark Chalmers: the medical Isotopes, radium recovery, I've already talked about. It's a complimentary high growth opportunity. Targeted Alpha Therapies, which shows great promise for the treatment of cancer. There are certain isotopes, primarily the radium-226 and 228, that are highly sought after and we're evaluating the potential to recover this for the U.S. medical supply chain and even potentially globally. We have this research and development license, and we're currently working to advance that as we speak. And it's potential to produce, we have potential to produce commercial quantities in coming years. And if we're successful, it has potential for significant cash flows looking forward.

Speaker Change: The medical.

Speaker Change: Isotopes radium recovery have already talked about it as a complementary high growth opportunity.

Speaker Change: Targeting the targeted alpha therapies are.

Speaker Change: Showing which shows great promise for the treatment of cancer.

Speaker Change: There are certain isotopes, primarily the radium, 226% to two eight they're highly sought after and we're evaluating the potential to recover this for the U S medical supply chain and even potentially globally.

Speaker Change: We have this research and development a license and we're currently working to advance that as we speak and its potential to produce we have potential to produce commercial quantities in coming years and if we're successful it has potential for significant.

Speaker Change: Cash flows looking forward and there is a global shortage of these isotopes so kind of watch this space.

Mark Chalmers: And there is a global shortage of these isotopes.

Mark Chalmers: So kind of watch this.

Mark Chalmers: Next slide.

Speaker Change: Next slide.

Speaker Change: Let's talk about guidance.

Mark Chalmers: talk about guidance. Now, as I said earlier, finished material, and it can be more than this, in the first half of 2025, 200 to 250,000 pounds of uranium production currently, and it can be higher. As I mentioned, we only have 200 to 300,000 pounds of uranium under contract. In 2025, we'll opportunistically look at selling spot uranium if the market strengthens, but we're not going to if it stays weak. I talked about the ore production at the conventional mines, and this is ore production, and we'll process it or not, depending on what the market looks like, but we'll have it to process, and we can process it in a couple months or two or three months if need be, and it doesn't include the 200,000 pounds or up to 200,000 pounds alternate feed third-party purchase.

Speaker Change: Now as I said earlier finish material and it can be more than this in the first half of 2025 200 to 250000 pounds of uranium production currently and it can be higher as I mentioned, we only have two to 300000 pounds of uranium.

Under contract.

Speaker Change: In 2025, we will opportunistically look at selling spot uranium if the market strengthens, but we're not going to if it stays weak.

Speaker Change: I talked about the ore production at the conventional mindset and this is or protection and we will process it or not depending on what the market looks like but we'll have it to process and we can process. It in a couple of months or two or three months if need be.

Speaker Change: And it doesn't include the 200000 pounds were up to 200000 pounds of ultra feed third party purchases.

Mark Chalmers: So towards the end of the year, we could have inventories of between 1.6 and 2.4 million pounds, both finished and unprocessed. still working to increase the run rate up to 2 million pounds plus. We have these two additional permitted mines that we're working on as we speak, as I mentioned earlier, and we have these other projects that we're still advancing with our permits, the large-scale Rocahonda project, Bullfrog, and we also have the Sheep Mountain project in Wyoming. We'll continue to do our research and development on radium. We also have the ability to go back into rare earth production in 25 or 26 if we elect to and we have the feedstock to do so.

Speaker Change: So towards the end of the year, we could have inventories between one six and $2 4 million pounds.

Speaker Change: <unk> finished and unprocessed.

Speaker Change: Still working to increase the run rate up to 2 million pounds plus.

Speaker Change: We have these two additional permitted mines that we're working on as we speak as I mentioned earlier and we have these other projects that we're still advancing with our permits the large scale Roca Honda project Bullfrog and we also have the sheet Mountain project in Wyoming we.

Speaker Change: We will continue to do our research and development on radium.

Next slide.

Speaker Change: And.

Speaker Change: We also have the ability to go back into rare Earths production and twenty-five or Tony six.

Speaker Change: If we elect to and we have.

Speaker Change: The feedstock to do so I talked about the phase two expansion engineering. It's underway. We're very excited about that with bar engineering and will be coming up with updated capital and operating cost for the phase II and will be coming up with updated capital operating.

Mark Chalmers: I talked about the Phase 2 expansion engineering that's underway. We're very excited about that with Barr Engineering, and we'll be coming up with updated capital and operating costs for the Phase 2, and we'll be coming up with updated capital operating costs for the FIDs that are underway for both the Donald Project and Tole Ara this year and early into next year. I talked about the piloting of the DYNTB, and that is very exciting. The drilling is at the Bahia Project in Brazil will be underway. We expect to have a resource estimate later in 25 or 26.

Speaker Change: Cost for the fits that are underway for both the Darla project and totally are this year and early into next year I talked about the piloting of the D Y in T. B and that is very exciting the drilling is.

Speaker Change: At the Bahia project in Brazil will be underway, we expect to have a resource estimate later in 'twenty five or 'twenty six.

Mark Chalmers: I talked about doing the two FIDs underway for both Donald and Tole Ara, and as I indicated, we have a complete project team to advance those. And we're pursuing the final agreements on Toliar with the government of Madagascar. And then lastly, we are developing a comprehensive project finance strategy for these remarkable projects, which are world scale, low cost, and the timing could never be better for critical elements at this scale.

Speaker Change: I talked about doing the two fits underway for both Donna Donald and totally are and and as I indicated we have a complete project team to advance those.

Speaker Change: And we are pursuing the final agreements with the.

Speaker Change: Until they are with the government Madagascar, and then lastly, we are developing a comprehensive project finance strategy.

Speaker Change: For these remarkable projects, which are world scale low cost and the timing could never be better for critical elements at this scale.

Mark Chalmers: I don't believe of any company I know of. at this point in time.

Speaker Change: I don't believe of any company I know of.

Speaker Change: At this point in time, so now I'd like to open it up for questions.

Andrew: So now I'd like to open it up for questions. Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star followed by the number one on your touch tone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press the star followed by the number 2. If you are using a speakerphone, please lift the handset before pressing any keys. One moment, please, for your first question.

Speaker Change: Okay.

Speaker Change: Thank you.

Speaker Change: Ladies and gentlemen, we will now begin the question and answer session.

Speaker Change: Should you have a question. Please press the star followed by the number one on your Touchtone phone.

Speaker Change: You'll hear a prompt that you had has been raised.

Speaker Change: Should you wish to decline from the polling process. Please press the star followed by the number too.

Speaker Change: You are using a speaker phone.

Speaker Change: Please lift the handset before pressing any keys.

Speaker Change: One moment. Please for your first question.

Speaker Change: Okay.

Heiko Ihle: Your first question is from Heiko Ihle from HC Wainwright, please go ahead. Hey Mark, thanks for taking my questions. How are you? Always a pleasure, Heiko. Indeed it is.

Speaker Change: Your first question is from Heiko Ihle from H C. Wainwright. Please go ahead.

Heiko Ihle: Hey, Mark Thanks for taking my questions.

Speaker Change: How are you.

Heiko Ihle: Always a pleasure heiko.

Speaker Change: Neither this let's talk a bit about your long term contracts or even more importantly about contracts that haven't really been made yet what are you seeing in the market. Just so many of you over the past months given recent uranium pricing is there still I assume the answer is yes is there still an interest for you know.

Heiko Ihle: Let's talk a bit about your long-term contracts or even more importantly about contracts that haven't really been made yet. What are you seeing in the market just maybe over the past month given recent uranium pricing? Is there still, and I assume the answer is yes, is there still an interest for geopolitically safe uranium? Maybe just give us a little bit of color of what you're seeing in the market from your customers and maybe other folks you're talking to.

Heiko Ihle: Geopolitically safe uranium.

Heiko Ihle: Maybe just give us a little bit of color of what you're seeing in the market from your customers.

Heiko Ihle: Maybe other folks youre talking to.

Heiko Ihle: Yeah.

Mark Chalmers: Yeah, I'll have Curtis answer that question. I mean, I think but before he does, you know, the term market is still pretty strong. And I think people recognize the need to have long term contracts and the spot is weak.

Heiko Ihle: Heiko I'll have Curtis answer that question I mean, I think but before he does it you know the term market is still pretty strong and I think people recognize the need to have long term contracts and the spot is weak, but Curtis go ahead and.

Curtis Moore: But Curtis, go ahead and answer that. Thank you. Yeah, I'm in here. Yeah, absolutely. Hey, Heiko, how are you? So yeah, yeah, no. Yeah, the term market still seems to be pretty good. The term price is still hanging in there in the $82 per pound range. There are RFPs still being issued right now. Probably, you know, I suspect to take advantage of some of the lower pricing we're seeing in spot markets. But again, long term, I think that the market remains good. The spot market is seeing a little bit of what I would say is some short term weakness, due to just I think people trying to get their heads around what's happening with the new administration in Washington, DC.

Speaker Change: Yes, hi, I'm in here, Yeah, absolutely Hey, how are you.

Heiko Ihle: Yeah, Yeah I know.

Speaker Change: Yeah, the term market still seems to be a pretty good though.

Speaker Change: The term price is still hanging in there in the $82 per pound range. There are rfps still being issued right now probably.

Speaker Change: I suspect to take advantage of some of the lower pricing, we're seeing in spot markets, but again long term I think that the market remains good the spot market is seeing a little bit of what I would say in some short term weakness due.

Speaker Change: Due to just I think people trying to get their heads around what's happening with the new administration in Washington D. C are there is not a big rush to go out and be particularly active in the spot market and deploy capital there, but long term I think the fundamentals look as good or even better than ever.

Curtis Moore: There's not a big rush to go out and be particularly active in the spot market and deploy capital there. But yeah, long term, I think the fundamentals look as good or even better than ever.

Speaker Change: Fair enough good good.

Heiko Ihle: Fair enough. Good, good.

Heiko Ihle: And then just a quick clarification, I guess, because, you know, one question, one follow up. There is a sentence in your press release, a company expects to mine stockpile orphamines, pinion playa, and Los Alamos door mines to only approximately 730,000 to 1.17 million pounds. That's a huge delta, and obviously a good part of that is, you know, because you have a fairly wide range of tonnage, 85,000 to 115,000. But can you maybe provide just a touch more color on what factors you would expect to, you know, cause this large-scale range besides contracts and spot prices?

Speaker Change: Then just a quick clarification I guess, because you know one question one follow up.

Speaker Change: There was a sentence in your press release, the company expects to mine stockpile orphan kidney, implying more solids door mines pulling approximately 740 closer to 1.17 million pounds.

Speaker Change: Yes, huge delta and obviously a good part of that is you know because you have a fairly wide range of.

Speaker Change: Yes.

Speaker Change: Tonnage 85000 to 115000, but can you maybe provide just a touch more color on what's doctors you would expect to you know cause this large scale range the sites are.

Speaker Change: Contracts and spot pricing.

Mark Chalmers: Yeah, sure, Heiko. Well, the pinion plain mine is very high grade, low cost. We've done a lot of development work, we can mine very quickly there and produce and you know, 750, even more potentially of uranium because of that. The LaSalle, Complex, Pandora are higher cost. But for example, right now with these lower uranium prices, we may elect not to be mining a lot of ore at LaSalle or Pinon Plain. We may go more into a development mode and driving drift out to new areas that have never been mined, that where we can get better productivity and actually doing that kind of work.

Speaker Change: Yeah sure I go well the opinion play mine is very high.

Speaker Change: <unk> low cost.

Speaker Change: We've done a lot of development work, we can mind very quickly there and produce and.

Speaker Change: 750, even more potentially of uranium because of that.

Speaker Change: Lasalle complex Pandora.

Speaker Change: Our higher cost, but for example, right now with these lower uranium prices, we may elect not to be mining a lot of ore at Lasalle or opinion plane. We may go more into development mode, and driving drift out to new areas that have never been mined that where we can get better.

Activity and actually doing that kind of work. So so that's really why that range is there heiko.

Heiko Ihle: So that's really why that range is there, Heiko. It's a combination of, are we gonna push harder on Pinon Plain, push harder or less hard on Pandora in LaSalle, do some development work at some of these other mines, not mine because of the market circumstances at the time. But that's why that range is there. Sorry, I put you on mute. No, that's very helpful.

Speaker Change: A combination of you know are we going to push harder on opinion plane push harder or less hard on Pandora in Lasalle do some development work at.

Speaker Change: At some of these other mines not mind because of the market circumstances at the time, but that's why that range is there.

Speaker Change: Sorry, I put you on mute.

Heiko Ihle: Thank you very much, and I'll get back in queue.

Speaker Change: That's very helpful. Thank you very much and I'll get back in queue.

Speaker Change: Yeah.

Speaker Change: Yeah.

Speaker Change: Your next question is from Joseph Reagor from Roth Capital Partners. Please go ahead.

Joseph Reagor: Your next question is from Joseph Reagor from Roth Capital Partners, please go ahead. Hey, Mark and team, can you hear me all right? Yeah, Joe. So, first thing I saw. This was capital to be used for taking projects to FID. Yeah, how much of the 60 do you think you'd spend in 2025 on rare earth projects? Um, well, you know, when you when you look at it It all depends on what you're doing here. Because if we're mining uranium ore, we're not processing it, we're spending money on uranium ore. If we're developing, you know what I'm saying, it could be any place, really.

Joseph Reagor: Hey, Mark and team can you hear me all right.

Speaker Change: Yeah Joe.

Joseph Reagor: Okay. So I guess first thing I saw.

Joseph Reagor: This was capital to be used for taking projects F. I D.

Joseph Reagor: How much of the 60 do you think you'd spend in 2025 on rare Earth projects.

Joseph Reagor: Yeah.

Joseph Reagor: Well you know when you look at it.

Joseph Reagor: It all depends on what you're doing here, because if we're mining uranium or we're not processing. It we're spending money on uranium ore.

Joseph Reagor: If we're developing and you know what I'm, saying it can be any place really I mean, I think I think the key thing when you look at.

Mark Chalmers: I mean, I think the key thing when you look at things like advancing the rare earth work with, take for example, Toliara, when we do project certification or receive project certification, which we hope will be this year, we're going to have a number of payments that we're going to have to make fairly quickly. Total is about $30 million or so. And if things move forward, we want to make sure that we have plenty of funds in Treasury right now so we don't get caught out with our successes. So you don't want your successes to be a problem.

Joseph Reagor: Things like the the advancing the rare Earth work.

Joseph Reagor: Take for example, you know totally Ara you know when we do project certification or.

Joseph Reagor: Or receive project certification, which we hope will be this year, we're going to have a number of payments that we're gonna have to make fairly quickly totals about $30 million or so.

Joseph Reagor: And if things move forward, we want to make sure that we have plenty of funds in treasury right. Now so we don't get caught out with our successes. Okay. So you don't want your success is it would be a problem. So so that's that's why we've raised the money on the ATM.

Joseph Reagor: So that's why we've raised the money on the ATM. And again, Joe, we're not getting value for these projects. And getting the feasibility works updated, the engineering work done, these fits advanced, getting all the final approvals and whatnot is how we're going to create long-term value for our shareholders going forward. Because these are world significant projects and we just don't want to be caught short on the cash. The cash could be used anywhere is the short answer to that question. But I can't really say, depending on timing, on where it's going to go. But it's going to go to productive use for the shareholder value creation.

Speaker Change: And again Joe.

Speaker Change: Not getting value for these projects and getting.

Speaker Change: The feasibility works updated the engineering work done these fits.

Speaker Change: Advanced.

Speaker Change: Getting all the final approvals and whatnot is how we're going to create long term value for our shareholders going forward. Because these are world significant projects and we just don't want to be caught short on the cash so the cash could be used anywhere along the short answer to that question.

Speaker Change: But you know and I can't really say, depending on timing on where it's going to go but it's going to go to productive use for the shareholder value creation.

Speaker Change: Okay, Yeah fair enough it sounds like there's a lot of moving pieces.

Joseph Reagor: Okay, yeah, fair enough. It sounds like there's a lot of moving pieces.

Speaker Change:

Curtis Moore: And then just on the broader markets, I mean, I know Heiko touched on it a little already, but what do you guys think is driving? Is it just, you know, less uranium being processed because of the 10X export restrictions or is there something else out there you guys are seeing? Yeah, hey, Joe, this is Curtis here again. Good to hear from you. You kind of blanked out there for a second. I think you were just asking a little bit about what we're seeing sort of in the current spot market weakness. Is that generally what you're asking?

Speaker Change: And then just.

Speaker Change: On the broader markets I mean, I know HEICO touched on it a little already but what do you guys think is is driving.

Speaker Change: Price. It is it just you know less uranium being process because of the tenex export restrictions or is there something else out there you guys are saying.

Curtis: Hey, Joe This is Curtis here again.

Curtis: To hear from you you'd kind of blanked out there for a second I think you were just asking a little bit about what we're seeing sort of in the current spot market weakness is that.

Curtis: Generally what youre asking.

Curtis Moore: Yeah. Okay. Yeah. So again, the intel that I've been hearing is that, yeah, there's been a little bit of speculation out there about, you know, on, you know, on, you know, say, uranium from Russia coming into the United States. What's that going to look like? What are some of these shipments going to look like? Are there shipments that are actually going to be delayed? That sort of thing. And at the end of the day, the shipments are going forward as planned. And so I think there's some folks out there kind of unwinding some trades. There's some, you know, there's a fund out there that's been selling a little bit of material, I believe.

Curtis: Yeah Yeah.

Curtis: Okay. Yeah. So again, the Intel that I've been hearing is that there yeah, theres been a little bit of speculation out there about.

Curtis: On on.

Curtis: Save uranium from from Russia coming into the United States, what's that going to look like what are what are some of the shipment is going to look like or their shipments are actually going to be delayed that sort of thing and at the end at the end of the day. The shipments are going forward as planned and so I think theres some folks out there kind of unwinding some trades there's some.

Curtis: There's a there's a fund out there.

Curtis: Looking at selling a little bit of material I believe.

Curtis Moore: So yeah, I think it's created some weakness. And there's not a whole lot of buyers out there. Again, there's just, you know, I don't think utilities are particularly active right now in the spot market just because they're fine for the foreseeable future. And so why, you know, why step in and take, you know, what they might perceive to be kind of a risky move by, you know, being too active on the spot market if something were to come up that's unexpected, again, with the new administration. I mean, everything we're hearing on the administration front, though, is positive.

Curtis: So yeah, I think it's created some weakness and theres not a lot of buyers out. There again is just you know I don't think utilities are particularly active right now in the spot market just because they're you know they're fine for the foreseeable future and so why you know why step in and take up what they might perceive to be kind of a risky move by you know being too active on the spot market if.

Curtis: If something were to come up that's unexpected again with the New administration I mean, everything we're hearing on the administration for it though is positive I mean theres a lot of support for nuclear I don't think anything is really going to change at the end of the day, but.

Curtis Moore: I mean, there's a lot of support for nuclear. I don't think anything's really going to change at the end of the day. But there's no reason to be real active out there is my view for a lot of these folks. So I think that's what's created some of the weakness. I think this is a short-term phenomenon. Again, the long-term price is hanging in there. So yeah, I think that could be a buying opportunity on the spot market, honestly.

Curtis: No reason to be real active out there is my view for a lot of these folks. So I think that's what's created some of the weakness I think this is a short term phenomenon.

Curtis: Again, the long term prices hanging in there so.

Curtis: Yeah, I think I think that.

Curtis: It could be a buying opportunity on the spot market honestly.

Curtis: Alright, thanks for the color I'll turn it over.

Joseph Reagor: Okay, thanks for the color.

Noel Parks: I'll turn it over. Your next question is from Noel Parks from Toy Brothers Investment Research.

Curtis: Okay.

Speaker Change: Your next question is from Noel Parks from Tuohy Brothers investment Research. Please go ahead.

Noel Parks: Please go ahead.

Curtis: Okay.

Noel Parks: Hi, good morning. I was struck by your sort of summing up of Toliara and Madagascar, that everyone seems to be focused on getting this done. So, are there, I guess, just any other signs you see that are encouraging that both from the government and legislative side, and maybe also for just broader interest in the project, that things might go pretty smoothly this year? Well, there's some We see that the government appears to be motivated and wants to get this project advanced. And we're doing a lot of work on that front with the government directly, with a number of lawyers that are working for us very aggressively.

Speaker Change: Hi, good morning.

Curtis: I was struck by your <unk>.

Curtis: Sort of summing up of Toyama, and Madagascar that everyone seems to be.

Curtis: Focus on getting this done so.

Curtis: Are there I guess just on the other side you can see that they're.

Curtis: Our encouraging that both from the government legislative side.

Curtis: And.

Curtis: Maybe also for just broader interest in the product project.

Curtis: Okay.

Speaker Change: Michael pretty smoothly this year.

Curtis: Yeah.

Curtis: Well it is.

Curtis: We see that the government appears to be motivated and wants to get this project advanced.

Curtis: And we're doing a lot of work on that front with the government directly with.

Curtis: With a number of.

Curtis: Lawyers that are working for us very aggressively it's still Africa, but we think the timing is right I mean, one of the reasons that it was putting the suspension is over.

Mark Chalmers: You know, it's still Africa, but, you know, we think the timing is right. I mean, you know, one of the reasons that it was put into suspension is over the commercial terms and the stability agreements and whatnot. You know, there was real progress made there with the nickel project that Sumitoma has and Rio Tinto's heavy mineral sands project and really totally our is next in the queue. So we think the timing is right. They need economic development. You know, they're they're they're really focused on how they benefit as a government and regionally with some of these payments that are going to be coming, including the royalties over due course.

Curtis: <unk> commercial terms and the stability agreements and whatnot. There was real progress made there with the nickel project that Sumitomo has in Rio Tinto heavy mineral Sands project can really totally or is next in the queue.

Curtis: We think the timing is right they need economic development.

Curtis: They're they're they're really focused on how they benefit as the government and regionally.

Curtis: With some of these.

Curtis: Payments that are going to be coming including the royalties over due course so.

David Frydenlund: So, I mean, we don't see any red flags, but it just takes time. It takes time. It takes time to get these agreements. They're they're comprehensive.

Curtis: We don't see any red flags, but it just takes time it takes time to get these agreements or they're comprehensive and and.

David Frydenlund: And. And so, I don't know if there's anything to add, Dave, on that front, but I mean, I think just the lifting the suspension, signing the MOU, and the fact that we're working collaboratively with the government are all positive signs, but it is Africa, and there's a lot of work to be done.

Speaker Change: And so I I don't know if there's anything to add Dave.

Speaker Change: On that front, but I mean, I think just the lifting this suspension signing an Mou and the fact that we're working collaboratively with the government are all positive signs, but it is Africa and Theres a lot of work to be done.

Speaker Change: Yeah. This is Dave Whelan I would agree with that.

David Frydenlund: Yeah, this is Dave Frydenlund. I agree with that. We're seeing all the right signs with the government. They're motivated, but as Mark says, it takes time to go through the details because everyone wants to get it right. We're working to help the government make amendments to their laws, and that's going to be carefully thought out. But everyone's motivated, and as a matter of fact, the government is suggesting a schedule that's pretty aggressive.

Speaker Change: We're seeing all the right signs with the with the government. They are motivated but as Mark says it takes time to go through the details because everyone wants to get it right, where we're working to to make amendments to our.

Speaker Change: How is the government make amendments to two their loss and thats going to be carefully thought out, but it was motivated alerts, whereas matter of fact.

Speaker Change: The government is suggesting.

Speaker Change: Schedule, that's pretty aggressive and we'll see if that plays out.

David Frydenlund: And we'll see if that plays out.

Great.

Noel Parks: Great.

Mark Chalmers: And you mentioned a few sort of high-level... Contributors to Uncertainty, exactly what some of the policies are. Unknown Executive, David Frydenlund, Unknown Executive, David Frydenlund, Unknown Executive, Does that feel like most of the work to be done on that is fairly straightforward, fundamental analysis, or does it seem that you're really kind of hamstrung a bit until a few months out? and better clarity on those. I don't think we're hamstrung. You know, I think that what we had to do or what we did as a company is we really were focused on securing the assets and showing that we can actually deliver on-spec saleable NDPR in the supply chain when others had their hands out, okay?

Speaker Change: You mentioned.

Speaker Change: Few sort of high level.

Speaker Change: Contributors to uncertainty.

Speaker Change: Exactly what sort of the policy.

Speaker Change: Items that might be out of Washington is one we've got subgroups or interest rate uncertainty macro uncertainty and so forth. So against that backdrop, you mentioned, you're developing a comprehensive project for our growth strategy.

Speaker Change: It.

Speaker Change: Does does that feel like most of the work to be done on that.

Speaker Change: Fairly straightforward.

Speaker Change: Fundamental analysis or does it.

Speaker Change: Does it seem that.

Speaker Change: Really.

Speaker Change: Kind of.

Speaker Change: So I'm a bit until you know a few months out we get some better clarity on those issues.

Speaker Change: I don't think we're hamstrung.

Speaker Change: Think that what we had to do with what we did as a company is we really were focused on securing the assets and showing that we can actually deliver on spec saleable N D. P. R.

Speaker Change: In the supply chain when others have their hands out okay and over the last few years, we've not asked for anything from the U S government.

Mark Chalmers: And over the last few years, we've not asked for anything from the U.S. government. But now, with all these projects that we've secured, and this is like world-significant, we are telling or plan to tell the U.S. government and the Australian government that when you look at the assets we've secured, the ability to process at White Mesa, that we are a big, huge part of the solution on critical materials, particularly in the United States of America. So we're just getting ourselves organized. We've got the strong balance sheet. We're advancing these projects. We're not going to go approve the final FID decisions until we have our financing in order.

Speaker Change: But now with all these projects that we've secured and this is like world significant we are telling her plan to tell the U S government in Australia government that when you look at the assets we've secured the ability to process at White Mesa that we are a big huge part.

Speaker Change: Of the solution on critical materials, particularly in the United States of America. So so we're just getting ourselves organized we've got a strong balance sheet.

Speaker Change: We are advancing these projects, we're not going to go approved the final FID decisions until we have our financing in order. So those are things that we're getting our ducks lined up in 2025 to be in a position to move forward.

Mark Chalmers: So those are things that we're getting our ducks lined up in 2025 to be in a position to move forward with the proper financing in place as non-dilutive as possible. We do have companies that are talking to us and interested about off-take. So there's other ways that we can potentially get equity contributions from people that want to do perhaps prepays or other forms of off-take, which we're going to evaluate in this whole financing program that we're embarking on. But the financing program, we already have a couple debt advisors that are one for Donald through the joint venture and also through Toliara.

Speaker Change: With the proper financing in place as non dilutive as possible. We do have companies that are talking to us and interested about offtake. So there's other ways that we can potentially get equity contributions from people that want to do perhaps prepays or other form.

Speaker Change: <unk> of offtake.

Speaker Change: Which we're going to evaluate in this whole financing program that we're embarking on but the financing program. We already have a couple of dead advisers that are hired one for Donald through the joint venture and also through totally are but we're looking at other groups that can help us in this regard.

Mark Chalmers: But we're looking at other groups that can help us in this regard, including the U.S. government, Ex-Im Bank, the DOE, the DOD. So we think our timing is perfect. We think our timing is perfect because we're not coming with a dream, we're coming with a plan. And a lot of people have come with a dream, not a plan, and we have a very Well thought out. world scale, low cost, and we've demonstrated that we can execute a plan, not a dream.

Speaker Change: Including the U S government Exim bank, the Doa the D O D.

Speaker Change: So there we think our timing is perfect. We think our timing is perfect because we're not coming with a dream, we're coming with a plan.

Speaker Change: And a lot of people have come with a dream not a plan and we have a very.

Speaker Change: Well thought out.

World scale low cost and we've demonstrated that we can execute a plan not a dream.

Speaker Change: Terrific.

Mark Chalmers: Terrific.

Mark Chalmers: Thanks a lot.

Speaker Change: Thanks, a lot.

Speaker Change: Yeah.

Speaker Change: Yeah.

Speaker Change: Your next question is from Cooper gesture Jefferson from Canaccord Genuity. Please go ahead.

Cooper Jefferson: Your next question is from Cooper Jefferson from Canaccord Genuity, please go ahead. Good morning, Cooper Jefferson from Canaccord Genuity on behalf of Katie LaChapelle. Thanks for taking my question.

Speaker Change: Okay.

Good morning, Cooper Jefferson from Canaccord Genuity on behalf of Kittila Chapelle. Thanks for taking my question first it's great to see processing activities at White Mesa wrapping up and second on the uranium costs upfront. We were wondering if you could potentially provide some additional color on how operating costs per pound <unk> three and we are tracking thank you.

Mark Chalmers: First, it's great to see processing activities at White Mesa ramping up. And second, on the uranium costs front, we were wondering if you could potentially provide some additional color on how operating costs per pound U308 are tracking. Thank you. Yeah, well, I mean, I think one thing you can look at is when you look at the uranium that we've sold has been at a, you know, very low cost. I mean, it's been, you know, $35 to $40 per pound. As we keep mining additional newly mined ore, that's going to change. The pinion mine is is quite low cost.

Speaker Change: Okay.

Speaker Change: Yeah, well I mean, I think one thing you can look at is when you look at the uranium that we've sold has been at a.

Speaker Change: Very low cost I mean, it's been.

Speaker Change: $35 to $40 per pound.

Speaker Change: As we keep mining.

Speaker Change: Additional newly mined ore that's going to change the opinion plying mine is is quite low cost. The alternate feed is very low cost.

Mark Chalmers: The alternate feed is very low cost. And it's the blend of how that goes. But, you know, over time, the more you mine, the more capital you spend, the newer projects you open up, that's going to start creeping up to an extent. We do plan to manage that to the best of our abilities. And certainly having the blend of alternate feed and pinion plane go a long ways and how we keep those costs very competitive, and more competitive than lots of companies that don't have those levers. We have levers of pull. The reason that mill still is operable and is staffed today and has been for the last 45 years is it had about four levers that others didn't have.

Speaker Change: And it's the blend of how that goes but you know over time that the more you mined the more capital you spend.

The newer projects you open up that that's going to that's going to start creeping up to an extent, we do plan to manage that to the best of our abilities and certainly having the blend of alternate feed and pinion plane go a long ways and how we keep those costs are very competitive and more competitive.

Lots of companies that don't have those levers to pull we have levers to pull and the reason that mill still is operable and his staff today and has been for the last 45 years is it at about four levers that others didn't have.

Mark Chalmers: And we're going to continue to plan it. But yeah, as you start looking at the projects we have right now, we don't require a lot of capital to get up to that 2 million pound per year production rate.

Speaker Change: And we're going to continue to planet, so, but yeah. As you start looking at the projects. We have right now we don't require a lot of capital to get up to that 2 million pound per year production rate, but when you start going above the 2 million pounds were going to have to put.

Mark Chalmers: But when you start going above the 2 million pounds, we're going to have to put additional capital in things like Roka Honda, Bullfrog, and other projects that we don't have to do to get to 2 million pounds.

Speaker Change: Material additional capital and things like Roca, Honda Bullfrog and other projects that we don't have to do to get to 2 million pounds.

Speaker Change: That's very helpful. Thank you.

Mark Chalmers: That's very helpful.

Zachary Perry: Thank you.

Speaker Change: Yeah.

Speaker Change: Yeah.

Zachary Perry: Your next question is from Zachary Perry from Robertson Stevens. Please go ahead. Hey guys, can you hear me? Yeah, that. Great. Anyways, great work last year. I guess two questions, one on the uranium side. Obviously, everyone's scratching their head with where current uranium prices are, whereas the rest of the whole cycle seems to be priced very high. I guess maybe if you step back, aside from the short term, whatever's causing this blip, Take out you and Cameco, which I guess you guys seem to be low-cost producers. What's the replacement cost or production cost of all these other new mines you see on Slideware out there that they would have to cover if the utilities really want to have lots of production from alternative sources?

Speaker Change: Your next question is from Zachry Perry from Robertson Stephens. Please go ahead.

Speaker Change: Hey, guys can you hear me.

Speaker Change: Yeah that.

Speaker Change: Alright, great.

Speaker Change: Anyway, it's a great work last year.

Speaker Change: I guess two questions one on the uranium side.

Speaker Change: Obviously, you have us scratching our head with.

Speaker Change: For current uranium prices are whereas the rest of that whole cycle seems to be priced very high.

Speaker Change: I guess, maybe if you step back aside from the short term whatever is causing this blip.

Speaker Change: Take out year, and Cameco, which I guess you guys seem to be low cost producers, what's the replacement cost or production costs of all of these are the new mine do you see on slide who are out there.

Speaker Change: They would have to cover.

Speaker Change: If the utilities really want to have lots of production from alternative sources that you get what I'm, saying.

Mark Chalmers: You get what I'm saying? These guys should not be selling uranium if they can't make money on it. So I'm just curious what production costs are of all these other Slideware that you see out there that eventually should actually price where uranium is going to go if people want it from North America?

Speaker Change: Guys should not be selling uranium they can't make money on it. So I'm just curious what production costs are.

Speaker Change: All of these other.

Speaker Change: <unk> out there.

Eventually should actually price, where uranium is going to go up people want it from North America.

Speaker Change: Exactly I think it has to be north of $100, a pound if not well into the $100 a pound.

Mark Chalmers: Zach, I think it has to be north of $100 a pound, if not well into the $100 a pound. One of the problems that we have here is that everyone, including Energy Fuels and Cameco, they're living off of projects that were built 20, 30 years ago, been depreciated, were explored and discovered in the 70s and the 80s, and nobody's counting those costs. And when you start looking at defined a pound permit that pound, to build that project, to operate that project, to reclaim that project, it's a lot bigger number than anybody wants to believe. But I can tell you after almost 50 years in this business, it's it's it's north of 100 bucks a pound.

Speaker Change: One of the problems that we have here is it everyone, including energy fuels and chemicals. They are living off of projects that were built 2030 years ago been depreciated.

Speaker Change: Floored and discovered in the seventies, and the eighties and nobody's counting those costs.

Speaker Change: And when you start looking at defined a pound.

Speaker Change: To permit that pound to build that project to operate that project and reclaim that project.

It's a lot bigger number than anybody wants to build.

Speaker Change: Our belief, but I can tell you after.

Speaker Change: Almost 50 years in this business.

Speaker Change: It's north of a 100 Bucks a pound.

Mark Chalmers: And I think that there's a number of these new companies that need to raise a bunch of capital. You know, they'll be lucky if they can produce at $100 per pound. So, so yeah, that's the good news. The good news is it's got to go up, and we've got to get to replacement value. And that is one reason we don't plan to sell uranium at $65 a pound, because that is below replacement value. And, but, you know, so, so yeah, and I think, I think the other thing that you're starting to see is It's difficult to produce uranium.

Speaker Change: And I think that there's a number of these new companies that need to raise a bunch of capital.

Speaker Change: There'll be lucky if they can produce at $100 per pop so.

Speaker Change: So yeah. That's the good news the good news is it's Gotta go up and we've gotta get to replacement value and that is one reason, we don't plan to sell uranium at $65 a pound.

Speaker Change: Because that is below replacement value and.

Speaker Change: But so so yeah and I think I think the other thing that you're starting to see us.

Speaker Change: It's difficult to produce uranium everybody has these your rain projects everybody's going to start up it's never been harder to startup of uranium project. I mean, we saw it with the unexpected sort of delays that we had with the ore transport across the Navajo nation never had that problem before.

Mark Chalmers: Everybody has these uranium projects, everybody's going to start up. It's never been harder to start up a uranium project. And we saw it with the unexpected sort of delays that we had with the ore transport across the Navajo Nation, never had that problem before. But other projects are struggling, too, with the skill sets and the technical risk and everything. And I think that a combination of the fully loaded cost and the fact that a lot of companies are not going to meet their goals and be able to ramp up projects successfully and economically is where the rubber is going to meet the road and the pinch point for future uranium projects.

Speaker Change: What other projects are struggling too with the skill sets and the technical risk and everything and I think that a combination of the fully loaded cost and the fact that a lot of companies are not going to meet their goals and be able to ramp up projects successfully and economically is what where the rubber is going to meet the.

Speaker Change: Road, and the pinch point for future grain prices.

Speaker Change: Okay. Thanks.

Zachary Perry: Yeah, it almost is, you know, as they always say with commodities, lower price. Solution for Lower Prices, and vice versa. With that, it seems like contracts at some point have to go above that replacement cost, which would be very bullish for you guys, in the guise of the time.

Speaker Change: It almost as they always say with commodities lower prices are the solution for lower prices and vice versa. So.

Speaker Change: With that it seems like contracts at some point have to go.

Speaker Change: Above that replacement cost, which would be very bullish for you guys.

Speaker Change: And because of the timing.

Zachary Perry: Jumping over to Rare Earths, one of the previous guys really hit an important topic. Once you kind of get through this, the approvals and everything in place, it seems to me like it doesn't make sense to put major investment in the ground until you really have an offtake. And the offtake... Again, given the geopolitical issues and given that China controls 95% of these resources, and that you're going to be a low cost once you get to scale, that seems like something somebody should be willing to invest in, say, whenever, 29, 30, 31, an off-take agreement that allows you to finance this thing.

Speaker Change: Jumping over to rare Earths.

Speaker Change: One of the previous Guy has really hit an important topic.

Speaker Change: Once you kind of get through this.

Speaker Change: The approvals and everything in place it seems to me like it doesn't make sense to put major investment in the ground.

Speaker Change: So you really have an uptake.

Speaker Change: And the uptake.

Speaker Change: Again, given the geopolitical issues and given that China controls 95% of these.

Speaker Change: These resources.

And that youre going to be a low cost once you get to scale.

Speaker Change: That seems like something somebody should be willing.

Speaker Change: Two and to invest in see whenever 29, 30 31, an off take agreement that allows you to finance. This thing is that a reasonable assumption on the type of discussions you are having obviously deep the Devil's always in the details.

Mark Chalmers: Is that a reasonable assumption on the type of discussions that you're having? Obviously, the devil's always in the details. Yes, yes. I mean, I think when you look at, you know, like, well, you know, okay, uranium, uranium prices should should go up to replacement value. When you look at the rare earths, you look at the heavy mineral sands. You know, there are other companies out there that are very interested in the products, the heavy mineral sand products that we will be producing from these three projects that we have. And frankly, there's a history of other companies showing, expressing interest in some of these projects for some prepayments and whatnot or offtakes.

Speaker Change: Yes, yes, I mean, I think when you look at.

Speaker Change: Okay uranium green prices should go up to replacement value. When you look at the rare Earth you look at the heavy mineral sands.

Speaker Change: There are other companies out there that are very interest interested in the products.

Speaker Change: Mineral sand products.

Speaker Change: That we will be producing from the three projects that we have.

Speaker Change: And frankly, there's a history of.

Speaker Change: Other companies showing expressing interest in some of these projects.

Speaker Change: For some prepayments and whatnot are off takes so.

Mark Chalmers: So, you know, we plan to and are having discussions with other people in that regard. When you look at the, you know, the NDPR oxide and people interested in the metals, alloys and magnet sector of the business, people are looking for non-China, non-Russia sources of this product and is very limited molecules out there. But they're very keen to establish their bifurcated supply chains that they can show their customers that are sensitive to those crossovers with China that are also interested in offtakes. So, I mean, and really with our FIDs, you know, again, you're right. We need those offtakes.

Speaker Change: We plan to and are having discussions with other people in that regard.

Speaker Change: You look at the.

Speaker Change: The NDP, our oxide and people interested in the metals alloys and magnet sector of the business people are looking for non China non Russia sources of this product and is very limited molecules out there, but they're very keen to do.

Speaker Change: To establish they're they're they're kind of a bifurcated supply chains that they can show their customers that are are sensitive to those those crossovers with China.

Speaker Change: That are also interested in offtake, so I mean and really with our <unk>.

Speaker Change: Again, we have you're right we need those off takes we need those people signing up long term.

Mark Chalmers: We need those people signing up long-term agreements with us to finance these things and get the bank financing and whatnot. So, it's a very big part of... of our story. And as I said, with this, this financing program that we're putting in place, that is a key part of, of how we're going down the path and going forward. So, but there are people that are contacting us. And there are people that have said that Energy Fuels has acquired assets that they wish they had acquired. And they, they said that their company take the risk on something like Toliara because of the political...

Speaker Change: <unk> with us to finance these things and get the bank financing and whatnot. So it's very big part of.

Speaker Change: Of our story.

Speaker Change: And as I said with this this is <unk>.

Speaker Change: Financing program that we're putting into place that is a key part of of how were going down the path and going forward. So but there are people that are contacting us and there are people that have said that energy fuels has acquired assets that they wish they had acquired and they said that their company.

Speaker Change: On something like totally are up because of the political risk. While we took the risk and then the suspension was lifted and that's why I took the risk because we thought the suspension would be lifted and we thought that we would get those agreements in due course so.

Mark Chalmers: Well, we took the risk, and then the suspension was lifted, and that's why we took the risk, because we thought the suspension would be lifted, and we thought that we would get those agreements in due course. So, you know, and the bottom line, Zach, is low cost. That is our best offense and defense is having. World scale, low cost. low quartile production. Unknown Techie And I guess the thing to take from that by reading your properties, once you have an offtake, If you do a gain and off take, then the financing revolves strictly around the value of that project.

Speaker Change: And the bottom line Zack is low cost that is our best offense and defense is having.

Speaker Change: World scale low cost.

Speaker Change: Low quartile production capabilities not touch on that.

Speaker Change: And I guess the thing to take from that if I'm reading your properties. Once you have an uptake.

Speaker Change: If you do again, the uptake and the financing revolves strictly around.

Speaker Change: The value of that project it doesn't revolve around wherever your stock might be so you have to worry about your stock at that point because the financing would be based on the uptake is that a way of thinking about it.

Mark Chalmers: It doesn't revolve around wherever your stock might be. So you have to worry about your stock at that point because the financing is going to be based on the off take. Is that a way of thinking about it? Yes. Got it. You know, I think we still get valued as a uranium company and having these other assets.

Speaker Change: Yes.

Speaker Change: Got it.

Speaker Change: Awesome. Thank you.

Speaker Change: We still get valued as a uranium company and having these other assets.

Speaker Change: There's a day, where its some of our naysayers as I've said are there.

Mark Chalmers: There's a day where it's, you know, some of our naysayers, as I've said, are there's fewer, but people are going to wake up and realize that this is a world significant building story that that is we're playing a long game. Great.

Speaker Change: And there are fewer but people are going to wake up and realize that this is a world significant building story.

Speaker Change:

Speaker Change: That is when we're playing a long game here.

Speaker Change: Great. Thanks, guys.

Michael Kozak: Thanks, guys. Your next question is from Michael Bersik from B.

Speaker Change: Yeah.

Speaker Change: Okay.

Speaker Change: Your next question is from Michael Bursik from B Riley wealth. Please go ahead.

Michael Kozak: Reilly Wealth, please go ahead. Yeah, hi guys. Just a question on, I believe Zelensky's coming to the States to talk about mineral deals with the U.S. and they're talking about deals with Russia as well. Do you see that as having any effect? on. Your Rare Minerals, etc.

Speaker Change: Yes, hi, guys.

Speaker Change: Yeah.

Speaker Change: Just a question on <unk>.

Speaker Change: I believe sowinski is coming to the states talk about mineral deals with the U S and they are talking about deals with Russia as well.

Speaker Change: You see that as having any effect.

Speaker Change: On.

Speaker Change: Your rare earth minerals et cetera.

Speaker Change: Yeah, Hey, this is curtis more thanks for thanks for your question, but that is a good way and.

Curtis Moore: Yeah, hey, this is Curtis Moore. Thanks for your question. That is a good question. And, you know, there's still a lot of details that I think need to be worked out on that. And to our understanding, there's not a whole lot of these projects in Ukraine that are all that economically competitive. From what we know, we do know that there are ilmenite mines, ilmenite projects. I suspect there's also monazite there, to the extent there is monazite. Well, shoot, that material could come to the White Mesa mill for processing. I mean, if the US government wanted to support some sort of a supply chain like that, that maybe is not economic, but there's broader geopolitical reasons.

Speaker Change: There's still a lot of the details that I think need to be worked out on that and to our understanding there's not a whole lot of these projects in Ukraine that are all that economically competitive.

Speaker Change:

Speaker Change: From what we know we do know that there are ilmenite mines ilmenite projects I suspect. There's also monazite there to the extent there is monazite well shoot that that material could come to the white made some mill for processing I mean, if the if the U S government wanted to support some sort of a.

Speaker Change: Supply chain like that that you know, maybe it's not economic but theres broader geopolitical reasons. So you know.

Curtis Moore: So, you know, we're still trying to get visibility on this. You know, the fact remains is that our projects are going to be low cost, first quartile, highly competitive projects. So, you know, that offers a big level of protection, no matter what happens.

Speaker Change: We're still trying to get visibility on this.

Speaker Change: The fact remains is that our projects are going to be low cost first quartile highly competitive projects. So that that offers a big level of protection no matter what happens so yeah.

Mark Chalmers: So, yeah, I want to add to that. He went through a process with TCMI, who's kind of the world leaders on heavy mineral sand projects, similar to what Curtis said, maybe in Ukraine. And we gave a mandate to go through all the projects in the entire world and come up with a shortlist of the top 10 projects. that had heavy mineral sands and monazite that we should look at potentially acquiring. And I don't recall any of them, including Ukraine, on that list. And we went and took and secured the top two projects that were available, which was Tully R.

Speaker Change: I wanted to I wanted to add to that.

Speaker Change: Mhm.

Speaker Change: Enter a process with T CMI, who is kind of the world leaders on heavy mineral sand projects similar to what Peter said, maybe in Ukraine.

Speaker Change: And we gave them a mandate to go through all of the projects and the entire world.

Speaker Change: And come up with a short list at the top 10 projects that had heavy mineral sands and monocyte that we should look at potentially acquiring.

Speaker Change: And I don't recall any of them, including Ukraine on that list.

And we went and took and secured the top two projects that were available which was totally R and Donald.

Mark Chalmers: and Donald, out of that incomplete list. So we focused on low-cost, large-scale... projects, and that's how we built our plan. Now, as I said, when you look at that map we have of the world and showing where these projects are, where they are in terms of permitting, where they are in terms of engineering, where they are in terms of FID, these projects are ready to go quicker, faster than just, oh, let's get all the projects in a country. You know, they're very, would be very early stages compared to what we're doing right now. So, we're in a great position, and we will be telling the U.S.

Speaker Change: Out of that and complete list. So we focus on low cost large scale.

Speaker Change: Projects and that's how we built our plan now as I said when you look at that map, we have of the world and showing where these projects are where they are in terms of permitting where they are in terms of engineering, where they are in terms of these.

Speaker Change: These projects are ready to go quicker faster than <unk>.

Speaker Change: Oh, let's get the all the projects in the country you know, they're very would be very early stages compared to what we're doing right now.

Speaker Change: No.

Speaker Change: We're in a great position and we will be telling the U S government.

Mark Chalmers: government. That is the case. And the US government knows our story. And it's just gotten to the point now, where this is an advanced story. As I said, it's it we're executing a plan, not just given lip service to it. And these projects are low cost. And ultimately, everybody should be focused on low cost, not just a project in a given country.

Speaker Change: That is the case in the U S government knows our story and it's just gotten to the point now where this is an advanced story as I said, it's it.

Speaker Change: We're executing a plan not just given lip service to it and these projects are low cost and ultimately everybody should be focused on low cost not just a project in a given country well if I can add two more points to that.

Curtis Moore: Well, if I can add two more points to that. Number, the first point I'll make is that it's kind of funny, I'll look at like news reports about, you know, all these, you know, rare earth minerals in Ukraine, and then they start talking about like gallium and germanium, and things like that, which actually are not rare earth elements, and we're not involved in those. So, you know, it's it's it's it's there's a question about what what minerals are actually talking about here. And this is just my own personal opinion. I feel like this could just be a longer term play to kind of secure these minerals.

Number the first point I'll make is that it's kind of funny I'll look at like news reports about you know all of these rare Earth minerals and Ukraine, and then they start talking about like gallium and germanium and things like that which actually are not rare earth elements and we're not involved in those.

Speaker Change: So it's it's a there's a question about what what minerals are actually talking about here.

Speaker Change: And this is just my own personal opinion I feel like this could just be a longer term play to kind of secure these minerals. We're gonna be needing. These these critical materials for decades, if not centuries, and so maybe they're not economic today, but hey in the next 2030 years. Maybe then they will be important to the United States kind of like maybe the talk about Greenland in the critical minerals up there I mean those.

Curtis Moore: You know, we're going to be needing these these these critical materials for decades, if not centuries. And so, you know, maybe they're not economic today, but hey, in the next 20, 30 years, maybe then they'll be important to the United States. Kind of like maybe the talk about Greenland and the and the and the critical minerals up there. I mean, those are not going to be produced, you know, anytime soon either. So, again, there's speculation here. We're looking forward to learning more. But we don't currently see it as a threat. Yeah. Just just to give you a little further and then I'll be quiet.

Speaker Change: We're not going to be produced.

Speaker Change: Anytime soon either so again there is speculation here, we're looking forward to learning more.

Speaker Change: But we don't currently see it as a threat.

Speaker Change: So just just to give you a little further and then I'll be quiet.

Speaker Change: We believe that we can solve a lot of the United States critical mineral.

Mark Chalmers: We believe that we can solve a lot of the United States' critical mineral issues. in this current term, in the next three, four years, because of the projects we have, where they are, and what stage they're at in this term. That is a pretty powerful statement. Yeah, great. Thanks, guys.

Speaker Change: Issues in.

Speaker Change: In this current term in the next three or four years because of the projects, we have where they are and what states are at in this term that is a pretty powerful statement.

Speaker Change: Yes, great. Thanks, guys, Hey, maybe thereafter, the Ukrainian sorry, Alastair Thanks, a lot.

Mark Chalmers: Hey, maybe they're off to the Ukrainium. Sorry, that was a joke. Thanks a lot. All right.

Speaker Change: Alright.

Speaker Change: Yes.

Unidentified Operator/Moderator: Your next question is from Mike Kozak from Cantor Fitzgerald. Please go ahead.

Michael Kozak: Your next question is from Mike Kozak from Cantor Fitzgerald, please go ahead. Yeah, good afternoon, Mark and team. Just a couple questions for me. Number one, can you give me, to the best you can, a range of your expected average realized price for material delivered into Uranium contract book this year? Is it fixed price, market related? Any colour would be helpful. Well, these are market, they're hybrid contracts, similar to what we delivered into the contracts last year. So, yeah, in fact, it's the same contract. So, contracts. So, yeah, there's a certain portion of the price that is based on the spot price, in effect, at the time of delivery, and another aspect of the price is fixed.

Mike Kozak: Yeah. Good afternoon, Mark and team just a couple of questions from me number one can you can you give me the best you can.

Speaker Change: A range of your expected average realized price for material delivered into uranium contract book. This year. It just is it fixed price market related any color would be helpful.

Mike Kozak: Well there are these are market.

Speaker Change: Our hybrid contracts.

Speaker Change: Similar to what we delivered into their contracts last year. So.

Speaker Change: Yes in fact, it's the same contract so.

Speaker Change: Contracts, so yeah, theres, a theres a certain portion of the price that is based on the spot price in effect at the time of delivery in another aspect of the price is fixed.

Mark Chalmers: These prices, the fixed portion of the prices escalate with inflation. So we're getting the benefit of that. These contracts also have floors and ceilings that also escalate with inflation. So. Yeah, and what we delivered last year was $75 a pound in that neighborhood, yeah. Um, I would say most of that finished goods is going to come from existing inventories at the mill that is currently out there. And a lot of the newly mined ore from Pinyon Plain and LaSalle will just be stockpiled, yet to be processed. There may be some LaSalle ore that was processed.

Speaker Change: These prices are the fixed portion of the prices escalate with inflation.

Speaker Change: So we're getting the benefit of that these contracts also have floors and ceilings.

Speaker Change: Also escalate with inflation so.

Speaker Change: Yes.

Speaker Change: We look at last year was $75 a pound in that neighborhood, yes in that neighborhood.

Speaker Change: Yeah, that's very helpful. Thanks, and then second one yeah.

Speaker Change: Guidance for for finished production of 200 to 250000 pounds. This year.

Speaker Change: How much of that will be material mined from opinion play in Lasalle or Pandora, either late last year or this year I'm, what I'm trying to get at as well most of that guide for finished production. This year still come from alternate feed.

Speaker Change: I would say most of that.

Speaker Change: Finished goods is going to come from existing inventories at the mill is currently out there and a lot of the newly mined ore from our opinion plain and Lasalle will just be stockpiled you have to be process. There may be some.

Speaker Change: Lasalle or that was process and I think I mentioned earlier that even for example, some of the ore that was mined at Lasalle in 2024 remixed it with some of the alternative seed and we also mix it with some of the ore.

Mark Chalmers: And I think I mentioned earlier that even, for example, some of the ore that was mined at LaSalle in 2024, we mixed it with some of the alternate feed. And we also mixed it with some of the ore that we received from New Mexico that came from the Mount Taylor project. And it was blended. So it can be a little bit of anything. But I'd say most of our ore will be stockpiled. The newly mined ore this year will be stockpiled. We may use some of it. Most of it will be existing inventories that are already at the mill.

Speaker Change: Or that we received for new Mexico that came from the Mount Taylor project and it was blended so it can be a little bit of anything.

Speaker Change: But I'd say most of our or.

Speaker Change: B.

Speaker Change: <unk> put out the newly mined ore this year will be stockpiled, we may use some of it most of it will be existing inventories that are already at the mill.

Mark Chalmers: Thank you. Very helpful. I'll turn it back.

Speaker Change: Thank you very helpful I'll turn it back.

Unidentified Operator/Moderator: Your next question is from Justin Chan from S. CP resource Finance. Please go ahead.

Justin Chan: Your next question is from Justin Chan from SCP Resource Finance. Hi, team. Thanks. Thanks so much for taking my questions. My first one is just on, I guess, the accounting treatment of your mining costs and stockpiling ore. Can you give us some guidance on perhaps quantum on I know your operating costs are say $40 a pound and maybe a little bit higher for some of the newer ops. How much of that is mining and will that be capitalized on the balance sheet this year?

Justin Chan: Hi team. Thanks, Thanks, so much for taking my questions. My first one just on <unk>.

Justin Chan: I guess, the accounting treatment of your mining costs and stockpiling ore.

Can you give us some guidance on.

Justin Chan: Crafts quantum on I know you're.

Justin Chan: Operating costs or save $40, a ton and then maybe a little bit higher for some of the newer ops how.

Speaker Change: How much of that is mining and will that be capitalized on the balance sheet. This year.

Speaker Change: I'll, let <unk>.

Nathan Bennett: I'll let Nate Answer those questions. Yeah, thanks for the question, Justin. So yeah, there is the processing costs at the mill that you're talking about. But the mining costs for Pinon and LaSalle that we're talking about, those will be capitalized onto the balance sheet as inventory costs. So you'll see those inventory balances go up throughout the year as we mine those costs. And the same with the processing costs at the mill, they also get added on top into our work in process inventory that we'll see capitalized on the balance.

Justin Chan: <unk>.

Justin Chan: Answer those questions.

Yes. Thanks for the question adjustments. So yes, there is the processing cost at the mill that you were talking about.

Justin Chan: But the mining costs for opinion and Lasalle that we're talking about those will be capitalized onto the balance sheet as inventory costs. So youll see those inventory balances go up throughout the year as we mine those costs and the same with the processing cost at the mill. They also get added on top.

Justin Chan: Into our work in process inventory that we'll see capitalized on the balance sheet.

Justin Chan: Thanks, Dave and I guess relative to the let's say total delivered cost of the <unk>.

Nathan Bennett: Thanks, Nate. And I guess relative to the, let's say, total delivered cost of the pounds, I'm just trying to get a sense of the quantum of the mining costs that will be capitalized. Is there a number of dollar per pound or? or round number that think would be kind of a good starting point? Yeah, so, you know, like a pinyon plane, I mean, it typically will range, you know, from anywhere from $25 to $35 a pound depending on the ore grade. And then, you know, also LaSalle, a little bit higher cost per pound at LaSalle that we'll see that you would add on top of the processing costs there, if that gives you some sense based on our forecasted production volume.

Justin Chan: I'm, just trying to get a sense of the quantum of the.

Justin Chan: Mining costs that will be capitalized.

Justin Chan: Is there a number or dollar per pound or.

Justin Chan: A round number.

Justin Chan: Do you think would be kind of a good yes.

Justin Chan: Yes.

Justin Chan: Opinion, playing I mean, it typically will range.

Justin Chan: From anywhere from 25 to $35 a pound depending on the the Org grade and then also Lasalle a little bit higher cost per pound at Lasalle that we'll see that you would add on top of the processing costs. There. If that gives you some sense based on our forecasted production volumes.

Speaker Change: Gotcha. Thanks, that's really helpful. And then I saw that there is still some product from koala.

Nathan Bennett: Pasha, thanks, that's really helpful. And then I saw that there's still some product from Kuala that's yet to be sold or will be sold in Q1. Could you give a sense of what you're expecting, broad numbers revenue wise from that? Yeah, so during the first quarter, we're expecting 10 to 15 million in revenue, with really little to no profit margin on those just just with the mine wrapping up and selling off the remaining inventory there at Kuala Lumpur, but but we will see that 10 to 15 million come in and revenue.

Speaker Change: Yet to be sold or will be sold in Q1 could you give a sense of what youre expecting.

Speaker Change: Broad numbers revenue wise from that.

Speaker Change: Yes, so during the first quarter, we're expecting $10 million to $15 million in revenue.

Speaker Change: With really little to no profit margin on those just what the mine wrapping up.

Speaker Change: And selling off the remaining inventory of their quality, but we won't see that $10 million to $15 million come in in revenue.

Speaker Change: Gotcha has the operating costs for that already been capitalized from a cash perspective. It is it is quite incremental are or would you say that.

Nathan Bennett: Gotcha. Has the operating costs for that already been capitalized from a cash perspective? It is it is quite incremental or, or would you say that the operating costs are what will come into the quarter also from a cash perspective? No, yeah, all operating costs because all the mining costs was in. So those have been capitalized in inventory. So that's what you see on our balance sheet at the Okay, so that will be helpful from a cash perspective.

Speaker Change: The operating costs are what will come into the quarter also from a cash perspective.

Speaker Change: No yeah, all trading cost because all the mining cost was.

Speaker Change: Yeah.

Speaker Change: So those have been capitalized in inventory. So that's what you see on our balance sheet at the end of the year.

Speaker Change: Okay. So that that will be helpful from a cash perspective.

Mark Chalmers: Yes, yep. Okay, excellent. And then You know, I guess big picture guys, I think Toliara is a huge attraction from our perspective. What are your current plans for Toliara maybe through this year? What's happening there now? What are your key work streams? Are you considering any changes to, you know, the high-level concept with the port and the road, etc.? Maybe can you just give a bit more color on the path between here and FID?

Speaker Change: Yes, yes.

Speaker Change: Okay excellent and then.

Speaker Change: I guess big picture guys I think totally ours is a huge attraction from our perspective.

Speaker Change: What are your current plans for totally or maybe through this year, what's happening there now.

What are your key work streams are you considering any changes to the high level concept with a part in the road et cetera.

Speaker Change: Maybe can you just give a bit more color on the path between here at <unk>.

Speaker Change: Yeah.

Mark Chalmers: Yeah, well, there's no really material changes, I think, in the plans that have been put forth by BASE previously. I mean, we do plan to update all the capital operating costs in the feasibility study this year, as we move through the FID process. You know, the one thing, and Justin, you'll appreciate it if you've been there, it's very scalable. I mean, even though it's this huge project, I mean, if we want to make it bigger, smaller, we probably won't make it smaller, but bigger, we can do so. And, you know, the biggest, sort of the biggest infrastructure cost is the port for ocean-size ships for the heavy mineral sands and stuff.

Speaker Change: Well Theres no really material changes I think in the.

Speaker Change: The plans that had been put forth by base previously.

Speaker Change: I mean, we do plan to update all the capital and operating costs in the feasibility study this year.

Speaker Change: As we move through the FID process.

Speaker Change: And the one thing and just and you appreciate that if you've been there.

Speaker Change: It's very scalable I mean, even though is this is this huge project I mean, if we want to make it bigger or smaller probably won't make it smaller but bigger we can do so.

Speaker Change: And the biggest sort of the biggest infrastructure cost is the port for ocean size ships.

Speaker Change: For the heavy mineral sands and stuff. So so yeah.

Mark Chalmers: So, yeah, it You know, after we got the suspension lifted, the MOU, working on these legal agreements, we're advancing the FID process. We should have updated feasibility numbers, and we're putting a lot of this into the SK-43-101 format so that we can then report that and update the market on that with the anticipation that the FID will be completed early in 2026, is the current plan, and then be able to go into construction shortly thereafter with adequate financing.

Speaker Change: After we got the suspension lifted the Mou working on these legal agreements were advancing.

Speaker Change: The FID process, we should have updated feasibility.

Speaker Change: <unk> and we're putting a lot of this into the SK 43, 100 win format so that.

Speaker Change: We can then report that and update the market on that.

Speaker Change: With the anticipation that the FID will be completed.

Speaker Change: Early in 2026 is the current plan and then be able to go into construction. Shortly thereafter with adequate financing. So yes, it's still the same plan.

Mark Chalmers: So, yes, still the same plan. And again, you know, Justin, as we said, we just we just see this as a missing link that the market has been looking for to supply that, you know, these material quantities of monazite as a byproduct to a very profitable project on its own merits, just on heavy mineral sands. Absolutely. And maybe just one last one for me. Have you, I was just wondering if maybe you could share a bit of color on I guess with the new administration in place, have you had any dialogue with them regarding their rare earth strategy that, you know, perhaps would be helpful for the people on this call?

Speaker Change: And again.

Speaker Change: <unk>.

Justin Chan: Justin as we said we just we just see this as a missing link that the market has been looking for.

Speaker Change: To supply these material quantities of monocyte.

Speaker Change: As a byproduct to a very profitable project on its own merits just on heavy mineral sands.

Speaker Change: Yeah.

Speaker Change: Absolutely.

Speaker Change: Maybe just one last one for me.

Speaker Change: Have you.

Speaker Change: I was just wondering if maybe you could share a bit of color on.

Speaker Change: I guess with the new administration in place have you had any dialogue with them regarding their various strategy that perhaps would be helpful for the people on this call.

Mark Chalmers: And also, I guess, as far as you've seen in the, in the disclosure that's out, is there is there much impact of tariffs on the market on, you know, importing other uranium or rare earths that investors should be aware of?

Speaker Change: And also.

Speaker Change: I guess as far as you've seen in the in the disclosure. That's out is there is there much impact of.

Speaker Change: If tariffs are on the market on importing other uranium or virus that investors should be aware of.

Speaker Change: Yeah I'll I'll.

Mark Chalmers: I'll answer the first part, and I'll let Curtis answer the next part. It takes time with the new administration to get people in place. We are organizing extensive trips to D.C. to meet some of the new players, the new secretary-level type people. And, as I said, we're going to be selling a story of delivery in this term, which we think will be very compelling. Regard to the tariffs and whatnot, well, and just to add on to that, there's been quite a bit of outreach, actually, with the new administration with sort of mid-level folks, the career folks.

Curtis More: I'll answer the first part and I'll, let Curtis answer the next part.

Speaker Change: We are it takes time with the new administration to get people in place we are organizing <unk>.

Speaker Change: Extensive trips to DC to meet some of the new the new players or new secretary level type people.

Speaker Change: And as I said, we're going to be selling a story of of delivery in this term, which we think will be very compelling.

Regard to the tariffs and whatnot.

Speaker Change: To add onto that there's been quite a bit of outreach actually.

Speaker Change: With the new administration, but sort of mid level folks the career folks and so again they are well aware of what energy fuels is doing and highly supportive of it so.

Curtis Moore: And so, again, they're well, well aware of what Energy Fuels is doing and highly supportive of it. But then on the tariffs, you know, as you know, there's a price differential that's opened up between Conradine and Cameco on uranium, you know, due in part to this. Luckily, on the uranium side of things, you know, we don't, that doesn't impact us. Now, down the road, this is something that we'll be making the administration aware of is, you know, if you're producing minerals in another country and bringing them into the United States, you know, will something like that be subject to a tariff?

Speaker Change: But then on the tariffs as you know.

Speaker Change: There is a price differential has opened up between Congress and cameco on uranium.

Speaker Change: Due in part to this luckily.

Speaker Change: <unk> on the uranium side of things, we don't that doesn't impact us now down. The road. This is something that we'll be making the administration aware of is if you are producing minerals in another country and bringing them into the United States.

Speaker Change: Something like that would be subject to a tariff I mean, we would hope not but there are some other strategies that have been brought to our attention to mitigate or or avoid those kinds of possibilities, but luckily we're not we're not producing uranium at our I'm, sorry, producing mineral sands out of monocyte out a totally RF for a couple of years or Donald for a couple of years. So we'll have time to.

Curtis Moore: I mean, we would hope not, but there are some other strategies that have been brought to our attention to mitigate or avoid those kinds of possibilities. But, you know, luckily, we're not producing uranium, I'm sorry, producing mineral sands out of, and monazite out of Tulliara for a couple of years or Donald for a couple of years. So we'll have time to see how it all plays out.

Speaker Change: To see how it all plays out.

Speaker Change: Absolutely I would imagine that there should be if you're upgrading in the United States like I'm sure that they need to account for that and how they design the wording.

Curtis Moore: Absolutely. I'd imagine that there should be, you know, if you're upgrading in the United States, like, I'm sure that they need to account for that and how they design the wording. Also, just maybe on the rare earth market in general, I'm curious. if you've seen any price differentials opening up. I've been pretty, it's been pretty well, I mean, we haven't been you know, we're not selling a lot of rare earths right now. So, um, you know, most of our discussions that we're having are with specific buyers on, you know, on contracts or sales, sales commitments that, you know, there's a relation to the market, but you know, there's a, there's an appetite for non Chinese material out there.

Speaker Change: Just maybe on the various market in general and I'm curious if.

Speaker Change: And if you've seen any price differential is opening up.

Speaker Change: Yeah.

Speaker Change: <unk> been pretty it's been pretty well.

Speaker Change: Yes, I mean, we haven't been yeah, we're not selling a lot of rare Earths right. Now. So you know most of our discussions that we're having are with specific buyers on.

Speaker Change: On contracts our sales sales commitments that are.

Speaker Change: You know theres, a relation to the market, but you know theres, a theres an appetite for non Chinese material out there so.

Curtis Moore: So, again, more clarity on that will be coming, I think. But, uh, but yeah, I have, I'm not seeing what you're referring to. You know, there's been, I think, appetite for, but not a mechanism previously for kind of differentiating. American Rares from, say, products from China as an example. Well, and it should be viewed as a big benefit economically for the United States, where you bring, you know, you have these raw materials, and but you know, from produced around the world, and you bring them back to the United States, where we then manufacture them into high value, high value materials and high value goods, and that sort of thing.

Speaker Change: Again, more and more clarity on that will be coming I think.

Speaker Change: But yeah.

Speaker Change: I'm not seeing what you're referring to.

Speaker Change: No no I'm not referring to anything specifically I just think it.

Speaker Change: It could be a big opportunity given that you are doing a lot of.

Speaker Change: Of the upgrading in the United States.

There's been I think appetite for it but not a mechanism previously for kind of differentiating.

Speaker Change: American wearers from safe.

Speaker Change: Products from China as an example.

Speaker Change: It should be it should be viewed as a big benefit.

Speaker Change: Economically from the United States, where you bring you know you have these raw materials and but you know from produced around the world and you bring them back to the United States, where we then manufacture them into high value high value materials and high value goods and that sort of thing so.

Curtis Moore: So we're gonna be certainly making that, making that clear. And I'm sure others out there will be making that clear, too, that, you know, you don't want to slap tariffs on valuable raw materials that we can use for our own you know, military defense and technology and all that. Absolutely.

Speaker Change: We're going to be certainly, making that making that clear and I'm sure others out there will be making that clear too that you know you don't want to slap tariffs on on valuable raw materials that we can use for our own economy and our own.

Speaker Change: Military defense.

Technology and all that.

Speaker Change: Absolutely alright, well. Thanks, so much guys all the way up the lineup taken it up for a while thank you.

Mark Chalmers: All right. Well, thanks so much, guys. I'll free up the lineup. Taking it up for a while. Thank you.

Andrew: Thank you, Justin.

Speaker Change: Justin.

Speaker Change: Yeah.

Speaker Change: Okay.

Your next question is from John <unk> from <unk> capital. Please go ahead.

John Debs: Our next question is from John Debs from Boudreaux Capital. Once again, your next question is from John Debs from Bowdrey Capital, please go ahead.

Speaker Change: Yeah.

Speaker Change: Once again your next question is from John Tabs from Poultry capital. Please go ahead.

Speaker Change: Hello.

John Debs: Hello, can you hear me? Yep. Yeah. Okay.

John Tabs: Can you hear me.

Mark Chalmers: I don't understand why you're selling stock at $5.43. If you have this fantastic future and all these assets, it seems like you're just giving away equity at a very low price. I'll answer that question, because when you look at these world-class assets, you have to be able to fund the advancement of the FIDs, making certification payments, and getting these projects advanced to a point to where they're actually valued in the stock. The one thing I've learned working in this business coming up on 50 years is you want to have a strong balance sheet, and we will always have a strong balance sheet to make sure that we can cover downturns in the market and be well-funded to carry out the plans that we have, which are aggressive, but are also necessary to get the appreciation and value of these assets going forward.

Yep Yep.

Speaker Change: Okay I don't understand why you are selling stock at $5 imported 30 sounds if you have this fantastic future of all of these assets.

John Tabs: Thank you just given the way equity at a very low price.

Speaker Change: I'll answer that question because when you look at these world class assets, you have to be able to fund the advancement of the Fid's, making certification payments and getting these projects advance to a 0.2 there actually.

John Tabs: <unk> in the stock.

John Tabs: The one thing I've learned working in this business coming up on 50 years is you want to have a strong balance sheet and we.

John Tabs: We'll always have a strong balance sheet to make sure that we can cover downturns in the market.

John Tabs: And be well funded to carry out the plans that we have which are aggressive but are also necessary to get the appreciation of the value of these assets going forward.

John Tabs: Yeah.

John Tabs: Yeah.

Conway Ivy: The next question is from Conway Ivy from Ivy Mineral. Yes, I've been a long-term shareholder in Energy Fuels, and I very much appreciate the work you've done to build up this Rare Earths infrastructure. It's very, very impressive. I also appreciate your comments on the uranium, you know, Rare Earths, because that puts that in perspective as well. But as a follow-up on the uranium Rare Earths, and I realize it's in the future, but excluding China, where would be the production capacity to really process those Rare Earths? And assuming it would not be available, where, excluding China, where would the technology come from to build a new plant, should our government, you know, enter into this agreement?

Unidentified Operator/Moderator: The next question is from Conway IV from IV mineral incorporated please go ahead.

Speaker Change: Yes, ive been a long term shareholder.

Speaker Change: Energy fuels and I very much appreciate the work you've done to build up this rare earths infrastructure, it's very very impressive.

Speaker Change: I also appreciate your comment on the uranium.

Speaker Change: Rare earth, because that puts that in perspective, as well, but as a follow up on the uranium rare earth and I realize that in the future but excluding.

Speaker Change: Excluding China, where it would be the production capacity to really process those rare earths and assuming it's not would not be available, where excluding China, where with the technology come from to build a new plant should our gum.

Speaker Change: Enter into enter into this agreement.

Mark Chalmers: Thank you. Okay, well, look, I'll talk about, I mean, in terms of outside of China, I mean, you've got us and you got MP, you've also got Linus that is operating in Malaysia, and also has built a crack and leach facility in Western Australia, ran way over budget, you got a LUCA that is also building a processing facility in Western Australia, and it is also way over budget. You know, there's limited, there's, there's limited places where, where you can do this. And, and, and that really, the key differentiator for us is that we have the ability to take the monazite in our process in the mill in the United States, and we have the ability to deal with the uranium and the thorium, where others like a LUCA are not and even Linus has had challenges in Malaysia.

Speaker Change: Thank you very much.

Speaker Change: Well look I'll talk about I mean in terms of outside of China.

Speaker Change: I mean, you've got us and you've got empty.

Speaker Change: You've also got Linus that it's operating in Malaysia, and also has built a crack and leased facility in Western Australia ran way over budget, you've got to look.

Speaker Change: That is also building a processing facility in Western Australia, and it is also way over budget.

Speaker Change: Yeah.

Speaker Change: Ltd.

Speaker Change: There's limited places where you can do this and and that really the key differentiator for US is that we have the ability to take the monazite in our process in the mill in the United States and we have the ability to deal with the uranium and the thorium where others like.

Speaker Change: Luca or not and even Linus has had challenges in Malaysia. So so Theres limited places where you can do this and do it economically we think that it makes the most sense doing it economically in the United States because even in places like Australia, and Malaysia. There is no final used for those products in those countries. It has.

Mark Chalmers: So, so there's limited places where you can do this and do it economically. We think that it makes the most sense doing it economically in the United States, because even in places like Australia and Malaysia, there is no final use for those products in those countries, it has to get shipped out anyways. So why not ship it to the United States where you have lower power costs, lower water costs, lower people costs, lower construction costs. So, and, and I don't know, Curtis is sitting here, maybe want to add some commentary as well. But that's, that's my response.

Speaker Change: They get shipped out anyways, so why not ship it to the United States, where you have lower power cost lower water costs lower people costs lower construction cost so.

And I don't know Curtis is sitting here, maybe want to add some commentary as well, but that's my response.

Curtis Moore: Well, and there, there is a, there is, there are some small actors outside of China in the downstream on the rare earth metal making, alloying, magnet making, that sort of thing. You know, some, some players in Europe, some players in Japan, some players in South Korea, Vietnam, those kinds of, those kinds of locations. And there's also efforts to build up that, that capacity in the United States and Europe. You know, I know that there's some efforts by like Neo Performance Materials in Europe. There's some efforts to build a plant in South Carolina that, that will have these functions.

There is a there is there are some small actors outside of China in the downstream on the rare earth metal, making alloying magnum, making.

Speaker Change: That sort of thing simply.

Speaker Change: Some players in Europe, some players in Japan, some players in South Korea.

Speaker Change: Vietnam those kinds of those kinds of locations and there is also our efforts to build up that that capacity in the United States and Europe, you know I know that there's some efforts by like Neil performance materials in Europe. There are some efforts to build.

Speaker Change: Our plant in South Carolina that that will have these functions I know MP materials is is is building up a facility in Texas and in others. So it's it is limited right now, but it is growing and I think that that outs those customers in that outside capacity is probably going to grow right alongside energy fuels our ability to produce.

Curtis Moore: I know MP Materials is, is, is building up a facility in Texas and others. So, you know, it's, it's, it is limited right now, but it is and I think that, that out, those, those customers and that outside capacity is probably going to grow right alongside energy fuels ability to produce, produce these oxides. And as Mark mentioned earlier in the, in the call, you know, we're potentially looking to make some progress going downstream in a, in a low cost and a very valuable way. So. We're confident there will be a place for our material outside of...

Speaker Change: Produce these oxides and as Mark mentioned earlier in the call, we're potentially looking to make some progress going downstream and are in a low cost.

Speaker Change: Very valuable way so.

Speaker Change: We're confident there'll be there'll be a place for our material outside of China.

Conway Ivy: Thank you very much and congratulations on what you all have done in this market segment.

Speaker Change: Thank you very much and congratulations on what you all have done it in this market segment. Thank you.

Unidentified Operator/Moderator: There are no further questions at this time. Please proceed with closing remarks.

Mark Chalmers: There are no further questions at this time. Please proceed with closing. All right, well, first of all, everyone who joined today or is listening to the replays later. Thank you for your interest in Energy Fuels. As I said, we are a unique company. And but we are advancing a very unique strategy to build a company that has multiple critical elements focused on low cost processing in the United States and large scale. So we're very excited about that. We have a long way to go here in terms of demonstrating to the market the next steps that we're taking.

Unidentified Operator/Moderator: Alright, well first of all everyone, who joined today or is listening to the replays later.

Speaker Change: Thank you for your interest in energy fuels.

Speaker Change: As I said, we are a unique company.

Speaker Change: And but we are advancing a very unique strategy.

Speaker Change: To build a company that has multiple critical elements focus on low cost processing in the United States and large scale.

Speaker Change: So we're very excited about that.

Speaker Change: We have a long way to go here.

Speaker Change: In terms of demonstrating to the market. The next steps that we're taking I think 2025 is going to be a very important year, because we're going to be able to provide I believe a lot more clarity on haul these pieces fit together with updated studies and reviews.

Mark Chalmers: I think 2025 is going to be a very important year because we're going to be able to provide, I believe, a lot more clarity on how these pieces fit together with updated studies and reviews and potentially announcements with regard to people interested in offtake or other funding mechanisms, including how we plan to organize ourselves with our long term project financing. So, you know, nothing ventured, nothing gained. But we will always be aggressive, but not reckless. We want a strong balance sheet. You do not want to run out of money, but we have to execute the strategy.

And potentially announcements with regard to people interested in offtake or other funding mechanisms, including how we plan to organize yourself with a long term project financing so.

Speaker Change: Nothing Vinson nothing ventured nothing gained but we will always be aggressive, but not reckless we want a strong balance sheet you do not want to run out of money, but we have to execute the strategy and.

Mark Chalmers: And we plan to continue to execute the strategy and show that we're building long term value and not playing a short game. One of the reasons we diversified is I've been in the uranium business for a lot of years, and I've seen the ups and downs. And that is the way that the market rolls as do other critical minerals. And we are positioning our company to have less volatility over time than others because of that diversification. So thank you very much and have a great day.

Speaker Change: And we plan to continue to execute the strategy and show that we are building long term value and not playing a short game one of the reasons. We diversified is I've been in the uranium business for a lot of years and I've seen the ups and downs and that is the way that the market roles as do other critical minerals and we are.

<unk>, our company to have less volatility over time than others because of that diversification. So thank you very much and have a great day.

Speaker Change: Okay.

Ladies and gentlemen, this concludes your conference call for today.

Andrew: Ladies and gentlemen, this concludes your conference call. We thank you for participating and ask that you please disconnect your.

Speaker Change: We thank you for participating and ask that you. Please disconnect your lines.

Speaker Change: Alright.

Heiko Ihle: Okay, now it's Heiko. Sorry, we pushed Heiko.

Speaker Change: Sorry, I pushed hotel.