Q3 2025 Oklo Inc Earnings Call & Business Update

November 11, 2025

Initial results and business update call all lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question and answer session to ask a question simply press star followed by the number one on your telephone keypad to withdraw your question Press Star one again.

Speaker #3: That momentum continued in the third quarter and is creating a different environment for deployment than even a year ago. We strongly believe Oklo is uniquely positioned to thrive in this environment.

Speaker #3: Our mission at Oklo continues to be focused and clear: to deliver clean, reliable, and affordable energy at a global scale. We started this company with the belief that advanced nuclear power could play a transformative role in the world's energy future.

Thank you. It is now my pleasure to turn the call over to Sam don't director of Investor Relations. Please go ahead.

Speaker #3: That meant rethinking everything . How we design reactors , how we license and fuel them , and how we them and engage customers .

Good afternoon, and thank you operator, welcome everyone to <unk> third quarter 2025, earning the company update call.

Speaker #3: That same vision continues to guide us today , and it remains fully aligned with where we believe policy , technology and customer demand are headed .

Sam down equally director of Investor Relations joining me today are Chris.

Co founder and Chief Executive Officer, and Craig <unk>, Our Chief Financial Officer, today's accompanying slide presentation is available on the Investor Relations section of our website.

Speaker #3: competitive Our advantages come from the intersection of strategies . Our business several core model , our scalable design , and our proven technology First , our .

Before we begin I'd like to remind everyone that today's discussion, including our prepared remarks, and the Q&A session that follows.

Speaker #3: build own operate model allows us to sell customers under directly to long term creates revenue and contracts . That streamlines the regulatory recurring keeping process by operational control within ownership and Oklo Second , are .

Forward looking statements. These statements reflect our current views regarding trends assumptions risks uncertainties and other factors that could cause actual results to differ materially from those discussed today.

Speaker #3: means we can deploy design assets scalable quickly and incrementally , matching customer demand while existing industrial leveraging supply chains and factory That reduces fabrication .

We encourage you to review the forward looking statements disclosure included in our supplemental slides additional information on relevant risk factors can also be found in our most recent filings with the SEC.

Speaker #3: onsite construction risk , lowers cost , and supports faster rollout . And third , our liquid metal sodium cooled technology a is built on foundation of 400 combined reactor years of operating experience more than worldwide , including the Experimental Breeder Reactor two , which operated successfully for three decades in the United States .

Please note that <unk> assumes no obligation to update any forward looking statements as a result of new information future events or otherwise except as required by law.

Speaker #3: That operating record is one of the most tested , demonstrated , and validated , and advanced nuclear history , and it gives us deep confidence in the performance , safety , and reliability of our design .

With that I'll now turn the call over to Jake <unk> co founder and Chief Executive Officer, Jay <unk>.

Thanks Sam.

The first half of this year brought an incredible wave of momentum across the advanced nuclear sector from new federal programs and executive actions to growing customer and investor interest in clean reliable power.

Speaker #3: It's the reason we can move directly into commercialization for costly, time-consuming processes without the need for plant demonstration. Oklo is building on that foundation to become the proven hub for metal fuel and fast reactor technology, integrating innovation, design, licensing, fuel supply, and recycling into a unified platform.

<unk> has continued into the third quarter and is creating a very different environment for deployment than even a year ago.

We strongly believe OCA is uniquely positioned to thrive in this environment.

Speaker #3: This gives us a significant flexibility across fuels , fresh recycled material and down blended alternatives and positions . Oklo at the center of how this next phase of advanced nuclear power scale .

<unk> continues to be focused and clear to deliver clean reliable affordable energy at a global scale.

We started this company with the belief that advanced nuclear power can play a transformative role in the worlds energy future that been rethinking everything our design reactors have been licensed in children and how we operate them and engage customers.

Speaker #3: will Additionally , Oklo Inc. across areas needed to deploy its reactors to position the company to benefit from capabilities including products and services from fuel fabrication , recycling and isotopes .

That same vision continues to guide us today and it remains fully aligned with where we believe policy technology and customer demand are headed.

Speaker #3: To go along with heat power and sales from its . Together , these advantages position Oklo reactors to deploy its and scale with a model built for long term leadership growth and in advanced nuclear energy .

Our competitive advantages come from the intersection of several core strategies, our business model, our scalable design and our proven technology.

Speaker #3: We have continued to make progress this quarter meaningful every part of the business , from licensing and project execution to fuel development partnerships and the customer pipeline .

First our build own operate model allows us to sell power directly to customers under long term contracts that creates a recurring revenue and streamlines the regulatory process by keeping ownership and operational control within Oklahoma.

Speaker #3: On the regulatory front, we were selected for three projects under the new Department of Energy's Reactor Pilot Program (RPP), giving us access to Department of Energy pathways that accelerate authorization deployment timelines and complement our NRC ongoing work.

Second our small scalable design means we can deploy assets quickly and incrementally matching customer demand, while leveraging existing industrial supply chain and factory fabrication that reduces onsite construction risk lowers cost and supports faster rollout.

Speaker #3: And we submitted our principal design criteria topical report to the NRC and received notice of just acceptance in 15 days . About half the time , typically expected .

And third our liquid metal same cool technology is built on a foundation of more than 400 combined reactor years of operating experience worldwide.

Speaker #3: The NRC also indicated that the draft evaluation is expected in early 2026, which would be less than half the traditional review timeline.

Including the experimental breeder reactor to which operated successfully for three decades in the United States.

Speaker #3: And just before the RPP announcement, Oklo also completed a readiness assessment with the NRC for Phase One of its coal application, which found no gaps to application acceptance for review.

That operating record is one of the most tested demonstrated and validated an advanced nuclear history and it gives us deep confidence in the performance safety and reliability of our design. It's also the reason we can move directly into commercialization without the need for costly time consuming demonstration plants.

Speaker #3: We broke ground also on the Aurora INL, marking the start of physical construction activities of advanced plans for Atomic Alchemy's pilot project under the RPP.

Speaker #3: Finally, we successfully completed fuel assembly flow, demonstrating progress on the fabrication and testing handling systems that will serve many Oklo powerhouses in fuel and recycling, we announced Oklo.

Oh close building on that proven foundation to become the hub for metal fuel and fast reactor innovation integrating design licensing and fuel supply and recycling into a unified platform.

This gives us significant flexibility across fuels rushing the recycled material and down blended alternatives and positions Oklahoma at the center of how this next phase of advanced nuclear power will scale.

Speaker #3: S Advanced Fuel up to Center $1.68 billion investment a that anchors our long term fuel supply chain , and were selected for the Department of Energy's Nuclear Advanced Fuel Line Pilot program , which accelerates US fuel fabrication capacity .

Additionally of course work across areas needed to deploy reactors and position the company to benefit from capabilities, including products and services from fuel fabrication recycling and isotopes to go along with power and heat sales from its reactors together. These advantages position of go to deploy at speed and scale with a model built for long term growth and leadership in advanced nuclear energy.

Speaker #3: We achieved a key regulatory milestone with the Department of Energy's approval of the nuclear safety design Agreement , or Nsda , for the Aurora Fuel Fabrication Facility .

Speaker #3: The Nsda , the first approved under the Doe's Fuel Line pilot projects , was completed in under two weeks and demonstrates a new authorization pathway that can help unlock US industrial capacity , strengthen national energy security , and accelerate domestic fuel production .

We are continuing to make meaningful progress this quarter across every part of the business from licensing and project execution to field development partnerships and customer pipeline on the regulatory front. We were selected for three projects under the department of Energy's, New reactor pilot program or RPT, giving our Oklahoma access to department of energy authorization pathways that accelerate deployment timelines.

Speaker #3: Under the Executive Order on deploying advanced nuclear reactor technologies for national security, the approval reflects the strength of our technical submissions and proactive DOE engagement, and builds Aurora's groundbreaking efforts to advance an integrated model of fuel production, plant construction, and power delivery.

And complement our ongoing NRC work and we submitted our principal design criteria topical report to the NRC and received notice of acceptance in just 15 days about half the time it typically expected.

The NRC also indicated that the draft evaluation is expected in early 2026th which would be less than half their traditional review timeline and just before the RPT announcement. We also completed our readiness assessment with the NRC for the phase one of its Cola application.

Found no gaps to application acceptance for review.

<unk> broke ground on the Aurora I know, marking the start of physical construction activities.

Advanced plans for atomic Alkermes pilot project under the ERP. Finally, we successfully completed fuel assembly flow testing demonstrating progress in our fabrication and handling systems that will serve many unquote powerhouses.

And Julian recycling, we announced or closed advanced fuel center up to a $1.68 billion investment that anchors our long term fuel supply chain and were selected for the department of Energy's advanced nuclear fuel line pilot program, which accelerates U S fuel fabrication capacity.

We achieved a key regulatory milestone with the department of energy is approval of the nuclear safety design agreement or N. S. T E for the Aurora fuel fabrication facility. The N F. D. A the first approved under the <unk> fuel line pilot projects was completed in under two weeks and demonstrates a new authorization pathway that can help unlock U S industrial capacity strengths.

National Energy security and accelerate domestic steel production under the executive order deploying advanced nuclear reactor technologies for National security the.

The approval reflects the strength of our technical submissions and proactive engagement and builds on our Aurora AML groundbreaking to advance an integrated model of fuel production plant construction and power delivery.

We also strengthened our partnership with Idaho National Laboratory through a new agreement with Battelle Energy Alliance, the lab management and operations contract or the collaboration focuses on advancing fuel materials research that supports our clothes and other companies' commercial deployments and takes advantage of <unk> unique ability to generate real world data during operation, including <unk>.

Neutrons for testing and research that data will help us characterize materials faster characterized fuels faster improve designs more efficiently and continue driving innovation across the nuclear technology landscape.

In other words. This partnership is about expanding the Aurora mission to include fast neutron radiation capabilities.

These are capabilities that had been lacking in the U S for decades.

We signed new international partnerships with European nuclear companies, Mccullough and nuclear to advanced enjoying technology and fuel manufacturing capabilities and demonstrate our emerging technical leadership in this space.

On the customer pipeline side, we're evaluating potential power sales with the Tennessee Valley Authority as part of our Tennessee Fuel Center initiative, and we're continuing to advance discussions with both the previously announced and new customers as you expand our commercial pipeline across data centers utilities and defense markets.

We are also exploring potential fuel off takes with the Tennessee Valley Authority as part of our Tennessee fuel center as well.

Financially, we closed the quarter with a strong balance sheet approximately $1 2 billion in cash and marketable securities with cash burn tracking in line with expectations. Following the close of the third quarter. We also filed a new shelf registration to maintain flexibility and access to capital markets as we scale.

In other words. This partnership is about expanding the Aurora <unk> mission to include fast neutron irradiation capabilities.

Taken together these milestones reflect the execution momentum behind <unk> potential for near term success licensing celebration supply singled out and commercial traction all moving in parallel.

These are capabilities that had been lacking in the U S for decades.

We signed new international partnerships with European nuclear companies from the Colorado and nuclear to advanced joined technology and fuel manufacturing capabilities and demonstrate our emerging technical leadership in the space.

This quarter marked a major milestone for Oakland with our selections under the department of Energy's reactor pilot program.

RPT was established earlier this year following new executive actions that directly <unk> to take a leading role in advancing next generation reactor deployment as part of the broader U S energy Renaissance.

Clean power as a federal priority with strong bipartisan support reflecting the shared recognition that advanced nuclear energy is essential to meeting America's energy security and economic objectives.

We are also exploring potential fuel off takes with the Tennessee Valley Authority as part of our Tennessee fuel center as well.

<unk> received three of the 11 granted awards two led by our Globe and won by our subsidiary Atomic Alchemy.

And financially we closed the quarter with a strong balance sheet approximately $1.2 billion in cash and marketable securities with cash burn tracking in line with expectations. Following the close of the third quarter. We also filed a new shelf registration to maintain flexibility and access to capital markets as we scale.

The awarded projects include of course, Aurora I know our first powerhouse.

Alchemy pilot plant for radioisotope production and of course Pluto.

Test reactor supporting advanced fuel and component development.

Participation in the reactor pilot program that gives us access to a department of energy authorization pathway aligning our projects with federal review and creating the potential to accelerate construction and operation timelines.

Taken together these milestones reflect the execution momentum behind of course potential for near term success licensing acceleration supply chain build out and commercial traction all moving in parallel.

Just as importantly, the RPT provides the venue for generating operating data that will help derisk commercial licensing for future powerhouses strengthening our overall regulatory foundation.

This quarter marked a major milestone for Oakland with our selections under the department of Energy's reactor pilot program.

The RPT was established earlier this year following new executive actions are directed to you. We did take a leading role in advancing next generation reactor deployment as part of the broader U S energy Renaissance nuclear power as a federal priority with strong bipartisan support reflecting the shared recognition that advanced nuclear energy is essential to meeting America's energy security and economic objectives.

This selection positions our core I was one of the first advanced reactor companies moving from design to build under daily oversight reinforcing that the momentum behind nuclear energy in the United States is broad based durable and growing.

Do you always authorization pathway represents one of the most important policy shifts we've seen for advanced reactors in decades, expanding regulatory tools without reducing safety expectations for Oklahoma. It effectively provides a structured approach and process to begin constructing our first powerhouse under daily oversight, while maintaining full alignment with NRC standards the daily pathway enables faster.

<unk> received three of the 11 granted awards two led by our Globe and won by our subsidiary Atomic Alchemy.

The awarded projects include of course, Aurora I know our first powerhouse.

Alkermes pilot plant for radioisotope production and of course Pluto.

So in a clean power, while maintaining the same rigorous safety expectations and provides an opportunity for a rapid transition to an NRC license for full commercial operation Here's what changed.

Test reactor supporting advanced fuel and component development.

In May new executive actions established a clear day reauthorization process for first of a kind of nuclear plants.

But now complements rather than replaces traditional NRC licensing within months, we moved to qualify our Aurora INR powerhouse under that framework.

Just as importantly, the RPT provides a venue for generating operating data that will help derisk commercial licensing for future powerhouses strengthening our overall regulatory foundation.

We expect to finalize our other transaction authority or O T. A agreement and have approval of our nuclear safety design agreement or an S. T. A with the <unk> by the end of the year.

This selection positions Arcos, one of the first advanced reactor companies moving from design to build under daily oversight reinforcing that the momentum behind nuclear energy in the United States is broad based durable and growing.

So here's how it works deal you will authorize construction and initial operations under its modernized framework, which allows us to begin building one of the longer commercial NRC transition proceeds in parallel we don't need full operating approvals to finalize construction, which reduces idle time without compromising 50. Once initial data is collected the project can then transition to NRC oversight.

The D res authorization pathway represents one of the most important policy shifts we've seen for advanced reactors in decades spanning regulatory tools without reducing safety expectations for Oklahoma. It effectively provides a structured approach and process to begin constructing our first powerhouse under daily oversight, while maintaining full alignment with NRC standards the daily pathway enables faster.

Yeah.

This approach builds on the recent decades of experience managing nuclear facilities with an exceptional safety record for naval propulsion to National Laboratory programs.

<unk> of clean power, while maintaining the same rigorous safety expectations and provides an opportunity for a rapid transition to an NRC license for full commercial operation Here's what changed.

It doesn't lower the bar is simply puts the right reviewers and the right place from a broader perspective. This model has the potential to unlock U S industrial capacity strengthen national energy security and create a repeatable template for future advanced reactor deployment.

In May new executive actions established a clear day reauthorization process for first of a kind nuclear plants.

Is that now complements rather than replaces traditional NRC licensing within months, we moved to qualify our Aurora powerhouse under that framework.

Importantly, D O and the NRC are complementary not competitive their teams have a long history of collaboration and we expect continued coordination throughout this process to ensure a smooth handoff when conversion occurs.

We expect to finalize our other transaction authority or O T. A agreement and have approval of our nuclear safety design agreement or N. S. T. A with the deal by the end of the year.

For investors and customers. This change hopefully means less timeline risk better capital efficiency in earlier validation of cost and performance. The Bottomline is that D. Reauthorization de risks your eye and a regulatory path and allows us to focus on building an operating powerhouses, while maintaining the same safety rigor and establishing a scalable modern pathway for the next generation of <unk>.

So here's how it works deal you will authorize construction and initial operations under its modernized framework, which allows us to begin building model longer commercial NRC transition proceeds in parallel we don't need full operating approvals to finalize construction, which reduces idle time without compromising safety. Once initial data is collected the project can then transition to NRC oversight.

Fast reactors.

As we pursue authorization under the deal we were maintaining steady momentum with the NRC to prepare for full commercial licensing.

This approach builds on D. Reis decades of experience managing nuclear facilities with an exceptional safety record for naval propulsion to National Laboratory programs.

This is a parallel engagement strategy not competing reviews, but coordinated progress with this new faster, while maintaining regulatory rigor.

It doesn't lower the bar, it's simply puts the right reviewers and the right place from a broader perspective. This model has the potential to unlock U S industrial capacity strengthen national energy security and create a repeatable template for future advanced reactor deployment.

Our work with the NRC remains focused on two priorities first completing ongoing pre application reviews and topical reports for the Orion now and future sites and second leveraging data from D. Reauthorized operations to further inform NRC licensing with a broader commercial fleet.

Importantly, the OE and the NRC are complementary not competitive their teams have a long history of collaboration and we expect continued coordination throughout this process to ensure a smooth handoff when conversion occurs.

In practice. This means we'll finalize dewi authorization documentation and begin a rino construction and operations under <unk> oversight, while continuing NRC pre application work for follow on deployments.

For investors and customers. This change hopefully means less timeline risk better capital efficiency in earlier validation of cost and performance. The Bottomline is that D. Reauthorization de risks your iron ore regulatory path and allows us to focus on building an operating powerhouses, while maintaining the same safety rigor and establishing a scalable modern pathways for the next generation of Advair.

The learnings from real World performance data feel behavior in the operating experience will feed directly into the Nrc's combined license process, which we expect could compress the timeline from the Orion now to fleet deployment.

We expect to submit licensing actions next year to support construction for subsequent sites and our goal with these operating data from your email to strengthen each subsequent submission.

Reactors.

As we pursue authorization under the Dewey, we're maintaining steady momentum with the NRC to prepare for full commercial licensing.

This strategy ensures that a theory authorizations advance early construction and operation. The NRC pathway continues in parallel creating a repeatable data supported model for commercial powerhouse deployment.

This is a parallel engagement strategy not competing reviews, but coordinated progress that lets us move faster, while maintaining regulatory rigor.

We expect the result to be a clear regulatory sequence build and operate under D. We then transitioned to NRC oversight acting on lessons learned we will demonstrate a replicable commercial licensing framework for the next generation of OCA powerhouses.

And Idaho National Laboratory, we have officially broken ground on our first of our powerhouse marking a major milestone in a quick transition from design and permitting to active construction.

In practice. This means we'll finalize D O E authorization documentation and begin Aurora IL construction and operations under <unk> oversight, while continuing NRC free application work for follow on deployments.

As mentioned, we're progressing under <unk> reactor pilot program, which provides federal oversight and coordination as we move from preparation to build kiewit has mobilized major equipment to the site and the earthworks began October 27th to be followed by control blasting in mid November targeting full excavation in early January.

The learnings from real World performance data fill behavior and operating experience will feed directly into the Nrc's combined license process, which we expect could compress the timeline from the Aurora I know two fleet deployment.

For Oclaro. This is a defining moment it represents a shift from planning to physical build with the same discipline and execution framework that will carry through our future projects. This first site establishes the template for future powerhouses, demonstrating our ability to execute as we move toward operations with.

We expect to submit licensing actions next year to support construction for subsequent sites and our goal is to use operating data from your email to strengthen each subsequent submission.

This strategy ensures that a D V authorizations advance early construction and operation. The NFC pathway continues in parallel creating a repeatable data supported model for commercial powerhouse deployment we.

With construction now underway at <unk>, we're also making strong progress on the procurement and supply chain from securing the long lead components and supplier commitments that keep our schedule on track. This quarter, we completed major procurements for industrial and extra salt handling machines primary and intermediate sodium pumps, the reactor trips system and fuel assembly nozzle fabrication.

These are some of the most technically significant systems and the powerhouse and having them under contract are only locks in pricing timelines and fabrication slots with qualified vendors.

And Idaho National Laboratory, we have officially broken ground on our first of our powerhouse, marking a major milestone and a quick transition from design and permitting to active construction.

It also demonstrates the maturity of our supply chain, a key differentiator for Oklahoma showing that we can source critical components through proven industrial partners, rather than relying on bespoke first time suppliers.

As mentioned, we're progressing under <unk> reactor pilot program, which provides federal oversight and coordination as we move from preparation to bills Hewitt has mobilized major equipment to the site and the earthworks began October 27th to be followed by control blasting in mid November targeting full excavation in early January.

We are procuring these components in a dynamic and continually evolving environment, and then fluctuating tariff supply chain pressures and inflation. These challenges make procurement, especially challenging but our business model and the repeatability of our acid appointment plans will allow us to learn from our experience overtime. Even if costs are higher were there are other unexpected developments that impacted our first few powerhouses.

For <unk>. This is a defining moment it represents a shift from planning to physical built with the same discipline and execution framework that will carry through our future projects. This first site establishes a template for future powerhouses, demonstrating our ability to execute as we move toward operations with.

We have the opportunity to iterate and improve as we scale up our operations to ultimately build a reliable and cost effective supply chain. It's also worth noting that the future reactor deployments may benefit from a reduction in costs compared to the Aurora I know in part due to the required additional fuel and core testing capabilities.

With construction now underway at <unk>, we're also making strong progress on the procurement and supply chain from securing the long lead components and supplier commitments that keep our schedule on track. This quarter, we completed major procurements for in vessel and extra vessel handling machines primary and intermediate sodium pumps, the reactor trips system and fuel assembly nozzle fabrication.

This progress builds real confident in our ability to execute efficiently and scaled repeatedly as we move from this first powerhouse to a broader fleet under the <unk> reactor pilot program and future commercial deployments.

These are some of the most technically significant systems and the powerhouse and having them under contract early locks in pricing timelines and fabrication slots with qualified vendors.

It also demonstrates the maturity of our supply chain, a key differentiator for Oklahoma showing that we can source critical components, the proven industrial partners rather than relying on bespoke first time suppliers.

Our wholly owned subsidiary of Atomic Alchemy also achieved a major milestone this quarter with its selection under the department of Energy's reactor pilot program. The selection makes the atomic alchemy pilot facility eligible for D reauthorization, creating a faster pathway to construction and operations.

We are procuring these components in a dynamic and continually evolving environment and been fluctuating tariff supply chain pressures and inflation. These challenges make procurement, especially challenging but our business model and the repeatability of our asset deployment plans will allow us to learn from our experience overtime, even if costs are higher or there are other unexpected developments that impact our first few powerhouses.

The pilot facility is designed to prove isotope production validate supply chain readiness and derisked the deployment of a larger commercial scale Viper facility.

In the near term the team is finalizing D reauthorization documentation and advancing site selection and procurement with the intent to be operational by mid 2026.

We have the opportunities to iterate and improve as we scale up our operations to ultimately build a reliable and cost effective supply chain. It is also worth noting that the future reactor deployments may benefit from a reduction in costs compared to the Aurora IL in part due to the required additional fuel and core testing capabilities.

For the medium term Tom Mcgough me will begin at a separate lab scale facility production and initial isotope sales, creating an early revenue stream, while expanding commercial and operational experience.

Longer term the focus shifts to securing the NRC license for the full scale Viper facility scaling to multiyear off take agreements and carrying forward the procedures and quality assurance systems proved.

This progress builds real confidence in our ability to execute efficiently and scaled repeatedly as we move from this first powerhouse to a broader fleet under the Boe's reactor pilot program and future commercial deployments.

And the pilot facility to streamline future deployment.

What's important here is that it's all like alchemy isn't just an adjacent business. It's a strategic extension of <unk> technology platform the <unk>.

Business creates near term production revenue potential and represents a paradigm shift in an underserved high potential market.

The atomic Alchemy Viper reactor.

The pilot facility is designed to prove isotope production validate supply chain readiness and derisk the deployment of a larger commercial scale Viper facility.

Our versatile isotope production reactor.

There's also quite a bit different than O close Aurora.

The Viper reactor is designed to produce isotopes and therefore produce neutrons. It is an open water cool pool type reactor that is not pressurized and uses conventional 17 by 17 pressurized water reactor fuel bundles filled with L. U at a shortened type. This means the reactors can be built and supplied quickly and produce a variety of isotopes that sort of health care differ.

In the near term the team is finalizing D reauthorization documentation and advancing site selection and procurement with the intent to be operational by mid 2026.

Over the medium term atomic alchemy will begin at a separate lab scale facility production and initial isotope sales, creating an early revenue stream, while expanding commercial and operational experience.

And industrial applications.

So generally speaking vastly under supplied in the U S and can play a similar role to critical minerals in terms of national resilience and security.

Our unique and differentiated approach to fuel brings together several complementary sources to cover near mid and long term needs near term, we're drawing on deal materials like <unk> fuel and potentially the Tony and based feedstock to fuel early get midterm, our partnerships with interest axiom and others expand the fresh helio access and reduce single vendor risk long.

What's important here is that atomic alchemy isn't just an adjacent business. It's a strategic extension of <unk> technology platform. The business creates near term production revenue potential and represents a paradigm shift in an underserved high potential market.

The atomic alchemy, Viper reactor or versatile isotope production reactor.

Term, our Tennessee advanced fuel center positions us to recycle and fabricate our own fuel domestically at scale from used fuel inventories taken together this strategy reduces cost and schedule risk strengthens U S energy resilience and ensures we can keep building regardless of how the enrichment market evolves.

There's also quite a bit different than O close Aurora.

I have a reactor is designed to produce isotopes and therefore produce neutrons. It is an open water cooled will type reactor that is not pressurized and uses conventional 17 by 17 pressurized water reactor fuel bundles killed with L. U at a shortened type.

Jewelry remains one of the most important inputs for advanced nuclear power and one of the most complex the forecast right now.

This means the reactors can be built and supplied quickly and produce a variety of isotopes that serve health care defense and industrial applications isotopes are generally speaking vastly under supplied in the U S and can play a similar role to critical minerals in terms of national resilience and security argued.

The reality is that the cost environment for Hulu and related materials looks very different today than it did in 2020 for terrorists supply chain constraints inflation and evolving sanctions have all changed the market dynamics. The global unrest that landscape is still shifting and so are the pricing assumptions that come with it.

Our unique and differentiated approach to fuel brings together several complementary sources to cover near mid and long term needs near term, we're drawing on Doa materials like E V or two fuel and potentially titanium based feedstock to fuel early get midterm, our partnerships with centrist axiom and others expand fresh helium access and reduce single vendor risk.

This is challenging work and we're owning it we're building the most resilient diversified fuel strategy in the sector, because we know fuel optionality will determine who's scale successfully in the years ahead. Most quickly we don't yet know where haywood costs will ultimately land, but what we do know is that Oklahoma is more pathways and flexibility than other companies in our space well.

Near term, our Tennessee advanced fuel center positions us to recycle and fabricate our own fuel domestically at scale from used fuel inventories taken together this strategy reduces cost and schedule risks strengthens U S energy resilience and ensures we can keep building regardless of how the enrichment market evolves.

We will continue refining our cost models and expect to share more detailed updates next year as the pricing picture becomes clearer, but to take away today is straightforward.

Steel markets are changing and Oklahoma is built to adopt especially in the current fuel environment with additional government materials, becoming available to serve as a bridge fuel supplies.

Jewelry remains one of the most important inputs for advanced nuclear power and one of the most complex the forecast right now.

We think it's useful to spend a little time, eliminating he was supply chain and how they work the current levels in the U S and in the World generally speaking involve several steps starting with uranium mining to then uranium milling to then conversion to then enrichment deconversion and then ultimately to fuel fabrication.

The reality is that the cost environment for Halo and related materials looks very different today than it did in 2024 tariffs supply chain constraints inflation and evolving sanctions have all changed the market dynamics. The global unrefined landscape is still shifting and so are the pricing assumptions that come with it.

Next generation models might change that significantly.

This is one of the reasons why we take a multi pronged approach and partnering with Haywood providers.

This is challenging work and we're learning and we're building the most resilient diversified fuel strategy in the sector, because we know fuel optionality will determine who's scale successfully in the years ahead. Most quickly we don't yet know where halo costs will ultimately land, but what we do know is that Oklahoma is more pathways and flexibility than other companies in this space will continue refining our cause.

Not just to work with those operating today in the supply chain that fit today's models, but also for next generation technologies that have the potential to have lower capital and operating costs.

That can simplify the processes and offer value chain consolidation and operate more flexibly, which can altogether I mean opportunities for lower cost.

Models and expect to share more detailed updates next year as the pricing picture becomes clearer, but to take away today is straightforward.

And beyond Haley are closed also taking a multi pronged approach for sourcing fuel both in the near term as well as the long term we discussed this a little bit already but there are several major pools the material to think about for fueling our reactors going forward.

Steel markets are changing and Oklahoma is built to adopt especially in the current fuel environment with additional government materials, becoming available to serve as bridge fuel supplies.

We think it's useful to spend a little time illuminating he was supply chains and how they work. The current models in the U S and in the World that generally speaking involves several steps starting with uranium mining to the near and Emailing to then conversion to then enrichment to the deconversion and then ultimately to fuel fabrication.

But one there are significant government uranium reserves some of this material fans and highly enriched format and can be downloaded into fuel for reactors. Some of it might also be an prior or previously irradiated fuel that can be recovered and then producing the fuel for reactors that is where we're getting the first five tons of fuel for our first plant.

X generation models might change this significantly.

Five times the fuel produced from ear to fuel that has been recovered in Dublin to make fuels suitable for use in our Aurora plant an important feature about some of that material is that it carries impurities because it's been a time in a reactor those impurities do not necessarily make it suitable for all reactors to be able to use it but I'll reactor by being a fast reactor and by being Dizzy.

This is one of the reasons why we take a multi pronged approach and partnering with Haywood providers.

Just to work with those operating today in the supply chain that fit today's models, but also for next generation technologies that have the potential to have lower capital and operating costs.

That can simplify the processes and offer value chain consolidation and operate more flexibly, which can altogether mean opportunities for lower costs.

<unk> to be versatile in its fuel can use it.

Additionally, the government has significant reserves plutonium that it is now making available as they bring source of fuel for our commercial power plants. This is significant because the government recently announced up to 20 times being made available in tranches.

And beyond Halo are closed also taking a multi pronged approach for sourcing fuel both in the near term as well as the long term we discussed this a little bit already but there are several major pools of material to think about for fueling our reactors going forward.

That can be made into about 180 metric tons of Aurora fuel.

For one there are significant government uranium reserves some of this material fans and highly enriched form it can be downloaded into fuel for reactors. Some of it might also be an prior or previously irradiated fuel that can be recovered and then producing the fuel for reactors that is where we're getting the first five tons of fuel for our first plant.

This is a massive bridge supply of fuel that can get us beyond that not just our first few plants, but out into our first 10 to 20 plants within an opportunity to scale beyond that with commercial enrichment sourcing as well as recycling.

And the way. This works is by taking the plutonium and blending it with uninterrupted uranium to make a fuel that can be used in our reactors.

Five times the fuel produced from ear to fuel that has been recovered and downloaded to make fuel suitable for use in our Aurora plant an important feature about some of that material is that it carries impurities because it's been time in a reactor those impurities do not necessarily make it suitable for all reactors to be able to use it but I'll reactor by being a fast reactor and by being.

That negates and avoids the need for any enrichment and can accelerate time to market as well as reduced total capital investments needed to actually produce fuel for our plants.

We are exploring the opportunities to use this material given that it can be a significant bridge to future supplies.

<unk> to be versatile in its fuel can use it.

Those features supplies really comprised of two main approaches is how we think about it there are the conventional and Richard that in many cases are already producing Liu and are either actively or exploring expanding production into haley as well as advancing Richard that bring forward different technologies in centrifuges that have unique upside and potential.

That can be made into about 180 metric tons of Aurora fuel. This is a massive bridge supply of fuel that can get us beyond not just our first few plants, but out into our first 10 to 20 plants within an opportunity to scale beyond that with commercial enrichment sourcing as well as recycling.

And in some cases down lower on the technology readiness development spectrum, but these technologies offer opportunities for value chain consolidation lower cost of production lower cost of operation and ultimately the ability to use lower cost feedstocks.

And the way. This works is by taking the plutonium and blending it with unearned rich uranium to make a fuel that can be used in our reactors.

Ultimately translate to lower cost halo that scale as well.

And ultimately recycling is a key part of our fuel strategy because of how significant it is in our marketing significant reserves of fuel.

That negates and avoid the need for any enrichment and can accelerate time to market as well as reduce total capital investments needed to actually produce fuel for our plants.

I use that term duplicitous the on purpose significant.

It is hard to overstate how much material there is in the U S that can be made into fuel there.

We are exploring the opportunities to use this material given that it can be a significant bridge to future supplies.

Reason this is the cases because reactors in general only use a few percent of the fuel in one pass. So today's reactors for example, only use about 5% of the fuel in a single pass through the reactor that mean, the useful that's discharged or often referred to as waste actually has about 95% of its fuel remaining.

Those feature supplies really comprised of two main approaches is how we think about it there are the conventional and Richard that in many cases are already producing L. EU and are either actively or exploring expanding production into halo as well as advanced and Richard that bring four different technologies in centrifuges that have unique upside and potential for me.

With our recycling technologies, we can tap into that pool of that material out and reuse it as fuel and reactors.

In some cases stand lower on the technology readiness development spectrum, but these technologies offer opportunities for value chain consolidation lower cost of production lower cost of operation and ultimately the ability to use lower cost feedstocks. This can ultimately translate to lower cost hey, Lou at scale as well.

We can also recycled fuel from our reactors as well as other advanced reactors that will likely get built this positions us well to have a long term very durable supply of fuel going forward.

<unk> on recycling one of our biggest advancements this quarter was the announcement of our advanced fuel center in Tennessee, beginning with appeal recycling facility located in Oak Ridge.

And ultimately recycling is a key part of our fuel strategy because of how significant it is and unlocking significant reserves of fuel.

This is the first privately funded recycling facility of its kind in the U S representing an investment of up to $168 billion and creating more than 800 permanent jobs.

Use that term duplicitous Leon purpose significant because it is hard to overstate how much material. There is in the U S that can be made into fuel.

In addition to the field recycling facility. This investment is expected to include other assets, such as one or more powerhouses and fuel fabrication facility.

The reason this is the cases because reactors in general only use a few percent of the fuel in one pass. So today's reactors for example, only use about 5% of the fuel in a single pass through the reactor that means it's the usual that's discharged or often referred to as waste actually has about 95% of its fuel remaining.

The facility is another layer of vertical integration to it goes business, enabling us to convert use you'll enter new metal fuel for our powerhouses.

Strengthens your capability and gives us more supply chain control on our path to scale.

With our recycling technologies, we can tap into that pool of that material out and reuse it as fuel and our reactors.

We're tracking towards an initial production ramp up in your early twenties thirties with regulatory engagement already underway through the NRC pre application process. We're also working with the Tennessee Valley authority on potential collaboration around used nuclear fuel and feedstock transfer as well as power generation from Aurora powerhouses.

We can also recycled fuel from our reactors as well as other advanced reactors that will likely get built this positions us well to have a long term very durable supply of fuel going forward.

This project isn't just about fuel supply, it's about creating a durable domestic foundation for advanced nuclear power. It anchors close long term fuel strategy and position, Tennessee is a national hub for clean energy manufacturing and innovation.

<unk> on recycling one of our biggest advancements this quarter was the announcement of our advanced Steel Center, Tennessee, beginning with a fuel recycling facility located in Oak Ridge.

This is the first privately funded recycling facility of its kind in the U S representing an investment of up to $1.68 billion and creating more than 800 permanent jobs.

In parallel there's growing federal support for advanced steel recycling just last week, the Senate energy and public works Committee announced the nuclear Refuel Act of 2025, which proposes updates to the atomic Energy Act to provide regulatory clarity for licensing advanced fuel recycling facilities. If enacted this legislation could further streamline the licensing.

In addition to the field recycling facility. This investment is expected to include other Oklahoma assets, such as one or more powerhouses and fuel fabrication facility.

The facility is another layer of vertical integration to echo's business, enabling us to convert use you'll enter new metal fuel for our powerhouses.

Process for our Tennessee facility.

Strengthens your capability and gives us more supply chain control on our path to scale.

Building on the momentum from the tendency fuel center. We were also selected by the department of energy for the advanced nuclear fuel line pilot program.

We're tracking towards an initial production ramp up and the early twenties thirties with regulatory engagement already underway through the NRC pre application process. We're also working with the Tennessee Valley authority on potential collaboration around used nuclear fuel feedstock transfer as well as power generation from Aurora powerhouses.

This program is designed to accelerate construction and operation of domestic fuel fabrication facilities strengthening U S capability and ensuring that advanced reactors like ours have a reliable long term supply of fuel.

Under this initiative.

Ordered three Oklahoma and fuel related projects, allowing us to build and operate facilities that directly support our powerhouse appointments and complement the work underway at our advanced fuel center and over INR fuel fabrication facility.

This project isn't just about fuel supply, it's about creating a durable domestic foundation for advanced nuclear power. It anchors close long term fuel strategy and positioned Tennessee is a national hub for clean energy manufacturing and innovation.

A few line pilot program nears the intent of the reactor pilot program to create alternative pathways for advanced nuclear deployment that move faster streamline reviews, and leveraged private investment alongside federal oversight.

In parallel there's growing federal support for advanced dual recycling just last week, the Senate energy and public works Committee announced the nuclear Refueling Act of 2025, which proposes updates of the atomic Energy Act to provide regulatory clarity for licensing advanced fuel recycling facilities, if enacted that legislation could further streamline the licensing process.

Brokaw does three important things it presents an opportunity to secured near term fuel for early powerhouses, reducing one of the biggest bottlenecks facing the industry.

It reinforces U S manufacturing and fuel independence supporting the national effort to rebuild domestic nuclear capacity and it stacks directly with our Tennessee facility, creating a vertically integrated ecosystem for cycling fabrication and deployment.

For our Tennessee facility.

Building on the momentum from the tendency fuel center. We were also selected by the department of energy for the advanced nuclear fuel line pilot program.

Together these programs reactor pilot and fuel line pilots form the backbone of a modern U S nuclear strategy and who is one of the few companies positioned across both with the capability to deliver on near term milestones. We're building the infrastructure for the long term.

Under this initiative Doa awarded three OCA led fuel related projects, allowing us to build and operate facilities that directly support our powerhouse deployments and complement the work underway at our advanced fuel center and Aurora iron out fuel fabrication facility.

With that I'll pass it to Craig to share our progress on our strategic partnerships and financials Greg.

Thanks Jake.

As Jake mentioned, Oh, close leading the advanced nuclear effort here in the United States, but we are also experiencing growing international momentum around fast reactors and metal fuel technology.

The fuel line pilot program nears the intent of the reactor pilot program to create alternative pathways for advanced nuclear deployment that move faster streamline reviews and leverage private investment alongside federal oversight.

This quarter, we signed new Trans Atlantic partnerships with Blue collar, Andrew Clay out two European companies advancing fast reactor and fuel fabrication technologies.

For Oclaro does three important things it presents an opportunity to secured near term fuel for early powerhouses, reducing one of the biggest bottlenecks facing the industry.

These collaborations strengthen our supply chain strategy.

Spanned our technology base.

A lie with broader trends across both the United States and Europe for a renewed commitment to nuclear innovation manufacturing and partnership.

Together these programs reactor pilot and fuel line pilots form the backbone of a modern U S nuclear strategy and who is one of the few companies positioned across boats with the capability to deliver on near term milestones for building the infrastructure for the long term.

With Blue collar, we entered into a joint technology development agreement to collaborate in key areas, where there's mutual benefit such as balance of plant components regulatory learnings and fuel strategy.

With that I'll pass it to Craig to share progress on our strategic partnerships and financials Greg.

We also co led the recent funding round building across Atlantic partnership that benefits both companies with new play out we've launched a strategic partnership to develop advanced fuel fabrication and manufacturing infrastructure in the United States under domestic oversight.

Thanks Jake.

As Jake mentioned all closed, leaving the advanced nuclear effort here in the United States, but we are also experiencing growing international momentum around fast reactors and metal fuel technology.

Nuclear could invest up to $2 billion through an affiliated vehicle to expand U S capacity and support our metal fuel platform.

This quarter, we signed new Trans Atlantic partnerships with Blue collar and nuclear out two European companies advancing fast reactor and fuel fabrication technologies.

Taken together these collaborations represent the next step in <unk> evolution and could help us accelerate cost reduction.

These collaborations strengthen our supply chain strategies.

Spanned our technology base and a lie with broader trends across both the United States and Europe for a renewed commitment to nuclear innovation manufacturing and partnership.

Average international capital and extend our reach into markets, where demand for advanced nuclear power is growing rapidly <unk> is combining proven fast reactor technology with a global ecosystem of partners suppliers and investors are equally focused on delivering scalable zero carbon baseload power.

I'll now provide a summary of our financials.

We also co led their recent funding round building across Atlantic partnership that benefits both companies with no play out we've launched a strategic partnership to develop advanced fuel fabrication and manufacturing infrastructure in the United States under domestic oversight.

<unk> third quarter operating loss was $36 $3 million inclusive of noncash stock based compensation expense of $9 $1 million.

<unk> loss before income taxes in the third quarter was $29 2 million, which reflects our operating loss adjusted for net interest income of $7 $1 million.

Nuclear could invest up to $2 billion through an affiliated vehicle to expand U S capacity and support our metal fuel platform.

On a year to date basis, when adjusting for noncash stock based compensation charges changes to working capital and deferred income tax benefits.

Taken together these collaborations represent the next step in <unk> evolution and could help us accelerate cost reduction leverage international capital and extend our reach into markets where demand for advanced nuclear power is growing rapidly <unk> is combining proven fast reactor technology with a global ethos.

Cash used in operating activities equates to $48 $7 million.

We still expect on a full year basis, our cash used in operating activities to be within our guided range of $65 million to $80 million that we disclosed at the start of this year.

System of partners suppliers, and investors, who are equally focused on delivering scalable zero carbon baseload power.

In addition to build on an earlier discussion points in this company update we have started to make modest capital investments in 2025, which include advancing deployment of activities at <unk> for our raw powerhouse and fuel fabrication facilities as well as for the reactor pilot programs for which we have been selected.

I'll now provide a summary of our financials.

<unk> third quarter operating loss was $36 $3 million inclusive of noncash stock based compensation expense of $9 $1 million.

<unk> loss before income taxes in the third quarter was $29 $2 million, which.

The Raptor pilot program not only includes work at our power and fuel businesses, but also the award received by atomic Alchemy.

Next our operating loss adjusted for net interest income of $7 $1 million.

This thing has been enabled by various accelerators, we have seen across the business in 2025.

On a year to date basis, when adjusting for noncash stock based compensation charges changes to working capital and deferred income tax benefits the <unk>.

Finally in the third quarter, we successfully completed an at the market fundraising program.

<unk> $540 million in gross proceeds providing the company with additional cash on hand to deliver our enhanced growth agenda.

Cash used in operating activities equates to $48 $7 million.

We still expect on a full year basis, our cash used in operating activities to be within our guided range of $65 million to $80 million that we disclosed at the start of this year.

As a result of the capital raise we ended third quarter with approximately $1 $8 billion in cash and marketable securities on our balance sheet.

In addition to build an earlier discussion point in this company update we have started to make modest capital investments in 2025, which include advancing deployment of activities at IL, four our Aurora powerhouse and fuel fabrication facilities as well as for the reactor pilot programs for which we have been selected.

As we wrap up I want to conduct the key themes you've heard today to what makes the Oklahoma a compelling investment opportunity.

We are now executing not theorizing an advanced nuclear power.

Our proven fast reactor technology is designed for speed simplicity and scalability.

And our first powerhouse at Idaho is under construction.

The reactor pilot programs not only includes work at our power and fuel businesses, but also the award received by atomic Alchemy.

We built a fully integrated fuel strategy that few others can match.

From early access to fuel for the Aurora Iron El powerhouse.

This thing has been enabled by various accelerators, we have seen across the business in 2025.

Fabrication under the Department of Energy's fuel line pilots to long term recycling through our advanced fuel center in Tennessee.

Finally in the third quarter, we successfully completed an at the market fund raising program generating $540 million in gross proceeds providing the company with additional cash on hand to deliver our enhanced growth agenda.

We have based our strategy on feedstock integration and multiple long term fuel cycle delivery pathways.

It should provide us stability and supply security as we grow our fleet.

As a result of the capital raise we ended third quarter with approximately $1.2 billion in cash and marketable securities on our balance sheet.

Our radioisotope business as a high margin adjacent revenue stream that Leverages, a similar technology base regulatory pathway.

As we wrap up I want to connect the key themes you've heard today to what makes Oklahoma, a compelling investment opportunity.

<unk> and core competencies to further diversify our earnings potential.

We are now executing not theorizing an advanced nuclear power.

And our build own operate model creates recurring revenue through long term power contracts driving margin visibility and capital efficiency.

Our proven fast reactor technology is designed for speed simplicity and scalability.

Finally, our growing customer pipeline for power.

And our first powerhouse at idle is under construction.

Data centers defense utilities and industrials.

We built a fully integrated fuel strategy that few others can match.

Firms strong durable demand for what we are building.

Some early access to fuel for the Aurora IL powerhouse.

In short <unk> is delivering on its plans proven technology.

Fabrication under the Department of Energy's fuel line pilots to long term recycling through our advanced fuel center in Tennessee.

Differentiated field strategy global partnerships.

We have based our strategy on feedstock integration and multiple long term fuel cycle delivery pathways.

Business model designed to scale.

Executing today and possession to leave the next era of clean reliable energy.

Should provide cost stability and supply security as we grow our fleet.

Operator, we are now ready to take questions.

Our radioisotope business as a high margin adjacent revenue stream that Leverages, a similar technology Bates regulatory pathway facilities and core competencies to further diversify our earnings potential.

As a reminder to ask a question simply press star one on your telephone keypad, we do respectfully ask that you limit your questions to one and one follow up our first question comes from the line of Ryan. Thanks.

B Riley. Please go ahead.

And our build own operate model Craig's recurring revenue through long term power contracts driving margin visibility and capital efficiency.

Yeah.

Hey, guys. Thanks for taking my questions.

Just wanted to make sure I'm clear on it.

Boo.

Finally, our growing customer pipeline for power.

Authorization does the Idaho plant shifting to the daily pathway change your requirement to submit a cola with the NRC for that project.

Data centers defense utilities, and industrials confirms strong durable demand for what we are building.

Or is that something you still have to do and has the government shutdown.

In short <unk> is delivering on its plans proven technology, a differentiated field strategy global partnerships and a business model designed to scale.

Impacted your ability to do that at all thanks.

Right.

Thanks for the question I think so so yes, we no longer need to do a call. It right. So we're going through the D V authorization process, which is inherently quite different.

We're executing today and possession to lead the next era of clean reliable energy.

Operator, we are now ready to take questions.

So we don't have to do that anymore.

The end of the day to build.

As a reminder to ask a question simply press star one on your telephone keypad, we do respectfully ask that you limit your questions to one and one follow up.

At the end of the day, we'll still do.

Some kind of combined license type application to the NRC part of it being a little bit redefined and developed based on you know.

First question comes from the line of Ryan <unk> with B Riley. Please go ahead.

Even just this Mou signed between the understand the UE, which was a pretty big deal just last week or the week before.

Hey, guys. Thanks for taking my questions.

As for how the facility would then become a commercial operating RC license plant.

Just wanted to make sure I'm clear on.

At some point you know after we get through some of the units will startup.

The D O E authorization does the Idaho plant shifting to the daily pathway change your requirement to submit a cola with the NRC for that project.

And operational kind of a frame.

Frame, our invasive paradigm I should say, but yeah now it's just through a different process with huge about this is this you know.

Or is that something you still have to do and has the government shutdown impacted.

This is a muscle that if you think about it there's three major agencies.

Impacted your ability to do that at all thanks.

<unk> right to do nuclear authorization permitting obviously, you're going to see it in the department of energy and the Department of war and those three agencies have those abilities.

Hey, Brian.

Thanks for the question I think so so yes, we no longer need to do a cola right. So we're going through the Dewey authorization process, which is inherently quite different.

D O E M D O D C or D. D. W haven't really use those very much.

So we don't have to do that anymore at.

Recently, but they have that history and so.

At the end of the day to to build it.

They are they have used them and they do have continued oversight of the programs, but they're using them on what you know now a lot more in this this is by the way wasn't just something that happened overnight like this goes back to the nuclear energy innovation capabilities Act that was passed into law in 2018 that set the stage for this it was just following the executive orders that really supercharge this effort.

The end of the day, we'll still do.

Some kind of combined license type application to the NRC part of it being a little bit redefined and developed based on yeah.

Even just this Mou signed between the NRC and <unk>, which was a pretty big deal just last week or the week before it sets the stage for how the facility would then become a commercial operating NRC license plant.

And he has really leaned into it and it's kind of empower that ability to do these things what's cool about it is it changes the cadence compared to what the NRC had guarantee framework said you have to do a lot of upfront licensing work before you can build and operate the plant meaningfully.

At some point you know after we get through some of the units will startup.

And operational kind of in a frame.

Frame and basic paradigm I should say, but yeah now it's just through a different daily process with huge about this is this you know.

This is a muscle that if you think about it there's three major agencies.

Part of why were you able to break ground and move into meaningful construction is because the <unk> process gives you the flexibility.

<unk> right to do nuclear authorization permitting obviously, you're going to see it in this department of energy and then the department of war and those three agencies have visibility.

To build while youre going through the different steps.

And you know.

Basically authorization up until loading fuel and turning it on and.

D O E N D O D C or D. D O W haven't really use those very much.

And that gives you a lot more flexibility to just move into a build mode and iterate a lot faster some things that I think is really important and that you see in pretty much every other industry. So.

Recently, but they have that history into.

They are big.

They have used them and they do have continued oversight of their programs, but they're using them. All you know now a lot more in this this is by the way wasn't just something that happened overnight like this goes back to the nuclear energy innovation capabilities Act Nieca that was passed into law in 2018 that set the stage for this it was just following the executive orders that really supercharge. This effort and he has really leaned into.

In many ways. This has taken off excuse me one of the regulatory risk has changed the paradigm that we can build in parallel.

It has opened the path for a different kind of approach in mind you. The department of energy has a long history of doing regulatory oversight and authorization of Sydney and fast reactors like we're developing they were the ones that provided the regulatory authorization for E. B R. Two for F. T F and continue that oversight into operations. They know how to do this better than probably anybody so it's a.

And it's kind of empower that ability to do these things with cool about it is it <unk>.

Is the cadence compared to with the NRC had Nancy framework said you have to do a lot of upfront licensing work before you can build and operate the plant meaningfully.

Really great kind of fit we've looked at this pathway as it existed before back in the past.

Why were you able to break ground and move into meaningful construction is because the <unk> process gives you the flexibility.

To build while youre going through the different steps.

And then following the he owes it has been which means a ton of sense for us to move into that space as I mentioned kind of the enhanced.

Yeah.

Basically authorization up until loading fuel and turning it on.

Work between the undersea and do you read obviously leverage this the interesting thing is right.

And that gives you a lot more flexibility to just move into a build mode and iterate a lot faster something that I think is really important and that you see in pretty much every other industry. So.

Reviewers.

Reviewers as well it would also use our national laboratory experts in the country. One of the key kind of things we have as a country and what's great about that is that actually.

In many ways. This has taken off a huge amount of the regulatory risks.

Has changed the paradigm that we can build in parallel and has opened the path for a different kind of approach in mind you. The department of energy has a long history of doing regulatory oversight and authorization of Ceridian fast reactors like we're developing they were the ones that provided the regulatory authorization for <unk> for F. T F and continue that oversight into <unk>.

There's gonna be residual expertise and experience gained through our process.

We're approaching a through D E.

So help us on the NRC space. So it's a huge kind of change and many many positive ways, there's gonna, let us move faster to build and turn on the planet and ultimately convert over to commercial operations and scale from there.

Takeaway NRC licensing it just changes the cadence it kind of accelerates the ability to get something built and get into interesting licensing in the commercial space in a meaningful way, which is really really accelerated for us.

They know how to do this better than probably anybody so it's a really great kind of fit we've looked at this pathway as it existed before back in the past, but it wasn't in any way modernized and then since neat Nieca passed and then following the he owes it has been which means a ton of sense interest to move into that space.

Got it appreciate that she'd tell Jake and then.

My second question I've asked you this one before but I'm curious if your thinking has changed.

As I mentioned kind of the enhanced.

Regarding order you know a conversion from from pipeline to.

Work between the undersea, India, we'd obviously leverage this.

The interesting thing is D O E reviewers.

More more of something firm and if it's starting to make more sense to try to lock in a PPA with the customer as we get closer to.

The reviewers as well David I'll also use our national laboratory experts in this country one of the key kind of things we have as a country and what's great about that is that actually mean that theres going to be residual expertise and experience gained through our process now are approaching us through <unk> that will also help us in the energy space. So it's a huge kind of change.

26, 27, and ultimately that that first plant.

Being built.

Yeah, well you know our our our view has always been.

Find and build the right partnerships and deals with customers.

And many many positive ways and it is going to let us move faster to build and turn on the planet.

And take the time to do that in the most constructive way possible for the company and not necessarily rush into Ppas hunting.

Ultimately convert over to commercial operations and scale from there doesn't takeaway and RC licensing it just changes the cadence it kind of accelerates the ability to get something built and get into NRC licensing in the commercial space in a meaningful way, which is really really accelerated for us.

But rather build better offtake structures because doing this.

And he is not the same exact thing is sort of just doing a power off take purchased from like a solar project, which is what much of the I would call. It legacy convinced on PPA structure has been built for a lot of room to be also more creative and that opens the door to do a lot of things that are important for frankly de risking a lot of things for us that.

Got it appreciate that detail, Jason and then.

My second question I've asked you this one before but curious if you're thinking has changed.

Regarding order you know a conversion from from pipeline too.

You know more more of something firm and if it's starting to make more sense to try to lock in a P. P. A with the customer as we get closer to.

The off takers are also incentive aligned to do with us so.

Yeah.

We've continued to develop customers in the market and we continue to do that here.

You know 26, 27, and ultimately that that first plant.

And now that you know as part of kind of our intentional cadence and strategy to do that and I think as we work towards.

Being built.

Yeah, well you know our our our view has always been.

What we're executing against we expect to be able to kind of ensure that was into places that do make sense for everybody to kind of build a really constructive.

Find and build the right partnerships and deals with customers and.

It takes time to do that in the most constructive way possible for the company and not necessarily rush into PPA signing.

Mutual relationship that is part of an off take agreement that also helps derisk some of the stuff today into that for them for their power offtake, that's pretty powerful so that's kind of where our focus I shouldn't say kind of that is where our focus has been for the last you know over 12 months or so.

But rather build better offtake structures because <unk>.

Doing this inherently is not the same exact thing is sort of just doing the power off take purchased from like a solar project, which is what much of the I would call. It legacy convinced on PPA structure has been built for there's a lot of room to be also more creative and that opens the door to do a lot of things that are important for frankly de risking a lot of things for us that.

You know, we're continuing on that pace, because that's what the market is quite supportive and receptive too and we expect that to continue and position as well so they're going into the next year and beyond we will start converting those into that kind of you know those kinds of structures as it works now each of these different you know off takers in groups.

The off takers are also incentive aligned to do with us so.

Have different knobs, and levers and things did turn that work better for them, respectively than maybe their peers or competitors. So we've got to make sure we work kind of.

Yeah.

We've continued to develop customers in the market and we continue to do that here.

And that is part of kind of our intentional cadence and strategy to do that and I think as we work towards.

With the right ones that can kind of lean into this in the right ways and cadence and then and then focus on moving that into the execution phase. So that's how we think about that I think one X factor Thats interesting is part of the executive order structure includes.

What we're executing against we expect to be able to kind of mature those into places that do make sense for everybody to kind of build a really constructive.

The government's ability to be.

And also as we've seen in their policy actions and I think as we hear about policy actions that are still developing but around the AI side of things.

And seeing the ability for them to be hosts <unk>, even some kind of a middleman or some kind of enabling structure for data center development and deal size. So this is still developing and speculative in many ways, but theres some interesting potential based on what the he was put into law.

And we're you know we're continuing on that pace because that's what the market is quite supportive and receptive too and we expect that to continue and position as well so they're going into the next year and beyond we'll start converting those into that kind of you know those kinds of structures as works now each of these different you know all figures and groups is going to have different knobs and levers and things did turn that work better for them.

Put into executive actions that could enable sort of interesting structures too to expand deployments under the view your authorization that are providing to the government for their own use cases as they think about critical resource needs in critical capability.

Respectively than maybe their peers or competitors. So we got to make sure we work kind of.

Resource needs, meaning AI and computing. So it was kind of cool to see what that might look like too which is interesting. So that's probably the biggest shift is that a lot of this has opened the door for otherwise.

Otherwise, we've continued to work at pace as saying Hey.

Let's find the most you know.

The government's ability to be.

Constructive ways.

To work with our customers and ultimately convert them forward.

And also as we've seen in their policy actions and I think as we hear about policy actions that are still developing but around the AI side of things enhancing the ability for them to be hosts and or even some kind of middleman or some kind of enabling structure for data center development at the OE side.

Based on what you know how we can work together in what we can do to sort of.

More or less guaranteed success in this project and are in a beneficial way.

Understood. Thanks, Jake I'll turn it back.

Our next question comes from the line of Brian Lee with Goldman Sachs. Please go ahead.

So this is still developing and speculative in many ways, but there are some interesting potential based on what the he was put into law.

Hey, guys. This is Tyler bisset on for Brian Thanks for taking my questions.

Put into executive action that could enable sort of interesting structures too to expand deployments under the beauty authorization that are providing to the government for their own use cases as they think about critical resource needs in critical capability need.

Wanted to follow up on a prior question I just wanted to confirm are you guys still targeting targeting commercial operations at <unk> to commence between late 'twenty seven in early 'twenty eight or just shifting to the D O pathway accelerate that timeline.

Resource need, meaning AI and compute needs. So it was kind of cool to see what that might look like too which is interesting. So that's probably the biggest shift is that a lot of this has opened the door for otherwise.

It sounds like full excavation is targeted for early January so what are the next sort of milestones we should be watching out for that supports that timeline beyond January.

Otherwise, we've continued to work to pay for saying Hey.

Yeah. I mean this is what's really exciting about the reactor pilot program. It opens the door for quite a bit of different ways of doing things and thinking about things.

I find the most constructive.

Constructive ways to work with our customers and ultimately convert them forward based on what you know how we can work together in what we can do to sort of.

In terms of the cadence of these milestones so a couple of big things to pull back we have three extra pilot programs awarded to US we talked about those a little bit earnings. One as you were I know the other is for the time it got to me pilot and prototype production reactor.

More or less guaranteed success in this project and are in a beneficial way.

Understood. Thanks, Jake I'll turn it back.

That.

Our next question comes from the line of Brian Lee with Goldman Sachs. Please go ahead.

That is on pace.

For that plant and specifically MTA to turn on.

Hey, guys. This is Tyler bisset on for Brian Thanks for taking my questions.

Yeah.

June July of next year 2026.

Yeah.

I wanted to follow up on a prior question I just wanted to confirm are you guys still targeting targeting commercial operations at <unk> to commence between late 2007, and early 28 or the shifting to the D O pathway accelerate that timeline.

It's incredible awesome really cool to see how that's progressing.

So that's a pretty big set of milestones along to achieve that so obviously, we will continue to update the market as we hit milestones on that front as we execute into that.

Then there's the <unk>.

It sounds like full excavation is targeted for early January so what are the next milestones we should be watching out for that supports that timeline beyond January.

Bhutto reactor.

Which is basically a plutonium fuel testing reactor.

That will have a continuing set of milestones as well that bridge as well into serving both research and development purposes for us to serve that for the government, we announced earlier today partnering with.

Yes, I mean this is what's really exciting about the reactor pilot program and opens the door for quite a bit of a different ways of doing things and thinking about things.

In terms of the cadence seems milestones so a couple of big things to pull back we have three reactor.

Idaho National Laboratory.

<unk> been telling in July and it's about providing fast neutron radiation capabilities political kind of expand on that capability said, but that has an incremental set of milestones that we march forward about moving towards basically you know plutonium doing fuel systems and critical assemblies in system test reactors that.

Upon the programs awarded to US we talked about this a little bit earnings one as you were I know the other is for the atomic alchemy pilot and prototype production reactor.

That is on pace.

For that plant and specifically on pace to turn on.

That are happening on a pretty fast timescale as well that we'll continue to update the market over the course of the next six.

Yeah.

Ooh June July of next year of 2026.

Well. The next 369 12 months out and then back to part of your question was when you were an airplane.

It is incredible it's often that's really cool to see how that is progressing.

So that's a pretty big set of milestones alone to achieve that so obviously, we will continue to update the market as we hit milestones on that front as we execute into that and then there's the.

The authorization path. That's important here is allows us to move into the construction activity much more quickly. So we can start building. The plant you know we broke ground in September we're moving into major information words here coming up shortly and then moving to the full scale procurement and activities as we speak including stuff, we've already done so for ramping tore it into.

<unk> reactor.

Which is basically a plutonium jewels testing reactor.

That will have a continued set of milestones as well that brings as well and disturbing both research and development purposes for us to serve that for the government, we announced earlier today partnering with.

That.

Is it going to be pretty important for us to be able to turn that plant on we're still targeting in the 27 28 timelines that plant to commence operation to turn on and go.

Idaho National Laboratory.

I have to tell energy lines, it's about providing fast neutron radiation capabilities Pluto will kind of expand on that capability set that has an incremental set of milestones that we march forward about moving towards basically yeah plutonium during fuel systems and critical assemblies in system test reactors that.

There are some things that might be accelerated to benefit that but some of that can also just help take out or accommodate some slack and other things in the system. It's just important that you can move fully into the build stage. So that you can move through these things more iteratively and then on top of that the key thing that's enabling all of this is the ability to actually make fabricate fuel could put in that.

That are happening on a pretty fast timescale as well that we'll continue to update the market over the course of the next six yeah well. The next 369 12 months out and then back to part of your question was on the Aurora and Alpine.

Reactors.

That's a critical part of the supply chain that you.

We've been focused on for a very long time and with the reactor pilot program and then the associated fuel pilot program allows us to move into.

The authorization path. That's important here is allows us to move into the construction activity much more quickly. So we can start building the plant.

And as we talked about it and we announced earlier today, we see some pretty sizable milestones there really compressed time window and illuminate objectively, how clearly beneficial leasing bar for us.

We broke ground in September we're moving into major excavation work here coming up shortly and then moving through the you know the full scale procurement and.

<unk> activities as we speak including stuff, we've already done for ramping for it into.

We are building a fuel fabrication facility to make fuel for our Aurora plant in Idaho, where you can partner with government, we're using existing building at Idaho National Laboratory to do that.

That is.

Is it going to be pretty important for us to be able to turn that plant on we are still targeting in the 27 28 timelines that plant to commence operation to turn on and go.

Building needs to have some refurbishment and then have equipment go into it.

Building going through the traditional kind of legacy Doa because it's a daily facility Viewy authorization passed before the executive orders, we were moving at a pace that was in the order of like two years.

To kind of get close to a milestone that then when we reset the processing of the pilot program.

<unk> from zero, there granite we'd had some work done so we can kind of copy paste over that but we moved in two weeks to hit this significant.

Reactors.

That's a critical part of the supply chain that we.

Milestone that is now, allowing us to actually do the construction work their installed equipment and fabricate fuel them much more quickly so.

We've been focused on for very long time, and with the reactor pilot program and then the associated fuel pilot program allows us to move into.

There's clear benefits that we're seeing that we are going to be in pace, you have things moving faster and be able to deploy internet playing for them I will caveat that that plant in Idaho.

And as we talked about and we announced earlier today, we can see some pretty sizable milestones there and have really compressed time window and illuminate objectively clearly beneficial these things are for us.

It is not going to be selling commercial power to the grid underneath the authorization that's not what it's intended it might be able to do some work selling into not just power, but irradiation services to the lab complex and the department of energy as part of the authorization, but the point is we get this built more quickly get the initial operational experiences and everything else and then we can take that pass over to the NRC.

We are building in our fuel fabrication facility to make fuel for our Aurora plant in Idaho, where you can partner with government, we're using existing building at Idaho National Laboratory to do that.

Building needs to have some refurbishment and then have equipment go into it.

Building going through the traditional kind of legacy Doa because the dnb facility Viewy authorization path before the executive orders, we were moving at a pace that was in the order of like two years.

And as indicated by the.

Expanded Mou.

Fine for the Mou signed by you in the North Sea just in the last week or two they made it clear that the NRC is going to build on the new he's worked for that so we expect there is some new work obviously to do that kind of thing, but it is supportive that theyre already getting in front of that part of why they are looking at that to.

To kind of get close to a milestone that then when we reset the processing of the pilot program.

<unk> from zero, there granite we'd had some work done so we can kind of copy paste over that but we moved in two weeks to hit this significant.

Milestone that is now, allowing us to actually do the construction work, there and some equipment and fabricate fuel much more quickly so.

To build off the success that we can do on a daily and again the feature D. We have compared to the NRC interest he isn't doing a lot of work to get ready to license advanced reactors.

It is clear benefits that we're seeing that we are going to be on pace, you have things moving faster and be able to deploy internet plan, Tom I will caveat that that plant in Idaho.

<unk> been licensing advanced reactors for a long time, so they already have those muscles.

<unk> now, they're just using them a little bit differently externally and that's hugely beneficial because then the undersea is gonna be able to build off and reference those things. So it kind of keeps the same pace and cadence of operations.

It is not going to be selling commercial power to the grid under D reauthorization.

10 days it might be able to do some work selling into not just power, but irradiation services to the lab complex and department of energy as part of the authorization, but the point is we get this built more quickly get the initial operational experiences and everything else and then we can take that path over to the NRC and as indicated by the.

Trying to do for the Aurora plant, but opens the door for accelerated milestones on that and then additional accelerated milestones for other things going on.

Yeah.

Awesome Super helpful.

Really appreciate the incremental details around the 20 tons of plutonium reserves potentially being made into a 180 tons of Aurora fuel can you help me understand what underpins that conversion math or your assumptions because that was a lot more than what we were estimating and then is this an opportunity for your fuel recycling facility or wood processing. This.

Expanded Mou.

Find for the Mou signed by the U V and the NRC just in the last week or two.

They made it clear that the NRC is going to build on the new he's worked for that so we expect like there's some new work, obviously to do that kind of thing, but it is supportive that theyre already getting in front of that part of why they are looking at that is.

Material require a separate NRC license facility because it sounds like that fuel source could accelerate your deployment schedule.

To build off the success that we can do under Dewey and again the feature daily has compared to the NRC inter season doing a lot of work to get ready to license advanced reactors.

So one of the things that we got I love that question for so many reasons.

<unk> been licensing advanced reactors for a long time, so they already have those muscles.

And I'm sure some folks are probably going to be a little nervous at all.

I'm getting into the technical details, which I'll try not to because I'm a prerecorded practice sessions, we were thinking about getting really really deep on all this let me rephrase that I was just doing that because this is.

<unk> now, they're just using them a little bit differently externally and that's usually beneficial because then he or she is gonna be able to build often referenced this thing. So it kind of keeps the same pace and cadence of operations for we're trying to do for the world plant, but opens the door for accelerated milestones on that and then additional accelerated milestones for other things going on.

One of my favorite things technically so to answer your question.

So the key thing about what Tony I'm right is it a incredibly useful fissile material.

As a fuel source in other words, if you think about hey, Louis 19, it's up to 20% less than 20% enriched uranium 235, the balance during 238.

Yeah.

Awesome Super helpful and then.

And the fast reactor pretty much all the exits of simple Tony them, but especially there's something available which is mostly.

Turning to 39 with some pertaining to $40 41 in there, but that material. It's a great bridge fuel because it can be a direct replacement for the union to 35 without meeting any enrichment aerie just so you blend it in with uranium, but in our case you had some zirconium to obviously make the metallic fuel, but you just blend them for Tony with uranium can make a halo equivalent type of feel for how they're thinking about returning them.

Material require a separate NRC license facility because it sounds like that fuel source could accelerate your deployment schedule.

So one of the things that we got I love that question for so many reasons.

And I'm sure some folks who are probably going to be a little nervous, but honest all time getting into the technical details. It's I'll try not to because on a tree recordings practice sessions, we were thinking about getting really really deep funnel. This let me rephrase that I was just doing that because this is.

Its a even better fuel uranium do you need less of it.

Commensurate performance, so on average and it depends by variations in flavors in the fuel but on average.

One of my favorite things technically so to answer your question.

If you basically.

Yeah. So the key thing about plutonium right is it a incredibly useful fissile material as a fuel source in other words, if you think about hey, Lou its 19, you know, it's up to 20% less than 20% enriched uranium 235 now.

It's about 11 or so percent equivalent so about 11 or so for simple utonian is equivalent and our reactors and behavior and performance to about 19.

On the 20% enriched uranium.

Where that conversion and that comes from.

The balance sheet and a 238.

That's why it's such a potent fuel for them so to speak.

And the fast reactor pretty much all the exits of simple Antonio, but especially just dumping me available which is mostly.

So that's pretty cool, that's obviously very accelerated for a lot of things and for that facility.

Turning to 39 with some pertaining to $40 41 in there, but that material. It's a great bridge fuel because it can be a direct replacement for the union to 35 without meeting any enrichment criteria exist. So you blend it in with uranium and in our case you had some zirconium to obviously make the metallic fuel, but you just blend of attorney with uranium can make a halo equivalent type feel for now the thing about petroleum is.

That's one of the things that was encompassed in the.

Pilot program, which Youll pilot program Awards.

And being able to do that kind of work there.

As an initial stage of initial scale. So it may at the end of the day convert over to a larger scale kind of commercially licensed facility, but to get through some of the initial sources without material and initial supplies assuming that that's you know fully made available and we have access to and keeping them at.

Its a even better fuel uranium do you need less of it.

To get commensurate performance, so on average and it depends by variations in flavors in the fuel but on average.

We have the <unk>.

Fuel pilot program selection to support that.

It's hard to overstate the significance of the government moving this material away from me 2000, $12 billion taxpayer funded liability to Bury it literally makes it with Kitty litter and fan and buried in the desert in Mexico.

If you basically.

It's about 11 or so percent equivalent so about 11 or so for simple utonian is equivalent and and our reactors and behavior and performance to about 19%.

Your 20% enriched uranium so that's where that conversion and that comes from.

Making it available to be a bridge fuel for the advanced reactor industry.

That's why it's such a potent fuel for them so to speak.

So that's pretty cool, that's obviously very accelerated for a lot of things and for that facility are that's one of the things that was encompassed in the.

Completely changes the paradigm, where you knew longer our fuel constrained because of that.

It's huge and what's significant about that obviously, it's not just that you can build more reactors sooner, but that means you can scale more powerful and significant orders to the enrichment market as well as what we're doing on the recycling side. It's incredible it is absolutely absolutely incredible. So so for me like that was one of the most exciting.

Pilot program, which Youll pilot program Awards.

And being able to do that kind of work there.

At an initial stage of the initial scale. So it may at the end of the day convert over to a larger scale kind of commercially licensed facility, but to get through some of the initial sources of that material and initial supplies assuming that that's you know fully made available and we have access to and keeping on that then.

Things to have happened this year because of what that catalyzes for building more things sooner.

Then we have the D E Shaw pilot programs selections to support that.

Without like having to be dependent on other factors and then instead using that you know.

It's hard to overstate the significance of the government moving this material away from a 20 plus billion dollar taxpayer funded liability to Bury it literally makes it with Kitty litter and fan and buried in the desert in Mexico.

They basically ability to build more plants to convert to more fuel orders didn't help scale that fuel supply side more quickly so for a long time ago Blue.

We've been working to advocate for <unk>.

Government bridge fuel supplies as a key enabler to kick start the commercial fuel supply chain and I think where we're seeing that really take root and opened the doors for that to move in a totally different way.

Making it available to be a bridge fuel.

For the advanced reactor industry.

And completely changes the paradigm, where you no longer are constrained because of that.

Seriously.

It's a really really significant policy move to enabling the deployment of more <unk>.

Quickly more quickly.

Perfect. Thank you very much.

Yes.

And I'll, just add one little piece of that like.

Not all.

Reactors.

So for me that was one of the most exciting things to have happened this year because of what that catalyzes for building more things sooner.

And fuel fabrication approaches.

Benefit from settling them the same.

It has different characteristics to it.

No it works really well and past practice, because we spend a lot of time developing and researching them for that so that obviously is.

Without like.

Having to be dependent on other factors and then instead using that you know the big.

Part of the benefit.

Fast reactors and their ability to be quite fuel ignostic until flexible.

The ability to build more plants to convert to more fuel orders didn't help scale that fuel supply side more quickly so for a long time ago Glu.

We've been working to advocate for.

Your next question is from the line of the Cram them agree with Citi. Please go ahead.

The government bridge fuel supplies as a key enabler to kick start the commercial fuel supply chain and I think where we're seeing that really take root and opened the doors for that to move in a totally different way, yes seriously.

Alright, it's Ted.

For taking the question I wanted to ask you about the Pluto test reactor. So it looks like it's gonna be deployed after the first reactor at iron now.

It's a really really significant policy move to enabling the deployment of more nuclear power quickly more quickly.

Is this going to be the template for all the future reactors and what are the differences to Aurora is it only that it's gonna be run on plutonium should we also assume a <unk> 75 megawatt size for it and then just lastly, what are the main learnings that you hope to obtain from this from this test reactor.

Perfect. Thank you very much.

Yes.

And I'll, just add one little piece of that like.

Not all.

Reactors.

And fuel fabrication approaches and benefit from plutonium the same.

It has different characteristics to it.

No it works really well and fast reactors, because we spend a lot of time developing and researching them for that so that obviously is.

Yeah, it's a great set of questions.

So basically it's a little bit different is bespoke.

Part of the benefit.

Fast reactors and their ability to be quite Julian gnostic and feel flexible.

To enable the accelerated sort of fast and he's trying to radiation testing capabilities of the system like that can afford.

Your next question is from the line of the Cram Beggary with Citi. Please go ahead.

That's important for a couple of reasons like part of what we've talked about as you know at the company right. If you can remember it does obviously the reactor parties what people focus a lot on MISO power we saw he.

Okay, Alright, its Ted.

For taking the question.

The other parts of the business that we had to build to deliver into the micro fabrication, which will help us obviously makes fuel for reactors potentially for others too which is part of what some of the investments partnerships. We've announced this quarter touch on Additionally, we've talked about recycling, which is great. Because we can make sure for ourselves as well as potentially for others and so various materials and isotopes Cisco.

I wanted to ask you about the pseudo test reactor.

So it looks like it's going to be deployed after the first reactor at iron now.

Is this going to be the template for all the future reactors and what are the differences to Aurora is it only that it's going to be run on plutonium.

Products from that as well as possibly recycling services.

Should we also assume a <unk> 75 megawatt size for it and then just lastly, what are the main learnings that you hope to obtain from this from this test reactor.

And then obviously there is a subset of the business, which is specifically focused on that.

Part of the reactor part of the story, though.

And also somewhat ties to the isotope side is we are a fast reactor we use fast fashion trends, we will have fast neutrons.

Yes, it's a great set of questions.

So basically it's a little bit different is bespoke.

To help test and characterize materials and fuel that is not a capability that we've had in this country in 30 plus years and it's not a capability that the western World has had.

To enable the accelerated sort of fast and you're trying to radiation testing capabilities of the system like that can afford.

That's important for a couple of reasons like part of what we've talked about is at the company right. If you can grow at a good as obviously the reactor parties what people focus a lot on MISO power we saw heat.

Similar timeframe.

So I can 20 years or so so it's an important thing that we're bringing to bear the governments have forward on building a big dedicated test reactor, but it was government programs. So naturally had a lot of challenges around it what.

Because the other parts of the business that we had to build to deliver into that micro fabrication, which will help us obviously make fuel for reactors potentially for others too which is part of what some of the investments partnerships. We've announced this quarter touch on Additionally, we've talked about recycling, which is great. Because we can make sure for ourselves as well as potentially for others and so various materials and isotopes.

What we're doing with your plan and our ability to do that and therefore also offer that as a potential revenue generating aspect of the company, which is a real fast anytime that we can provide a very decent capabilities not just for our own use but for others as well as what we're doing on the Pluto side, which expands that and gives us that cadence of experiencing a plutonium bay system, it's pretty.

Products from that as well as possibly recycling services all great and then obviously the license outside of the business, which is specifically focused on that.

It is opening the door for moving into better skills and different materials and expanding the field performance envelope. So that we can maximize what we do when it gets back to be able to build and operate that's great. But there is going to be so much more we can get out of these materials with more unusual in terms of I mean, the reactor and just ultimately better economic performance with more data that.

Part of the reactor part of the story, though.

And also somewhat tighter to the isotope side is we are a fast reactor we use fast we make past trends, we will have fast neutrons to.

To help test and characterize materials and fuel that is not a capability that we've had in this country in 30 plus years and it's not a capability that the western World has had in a similar timeframe.

We can generally eating with so that was part of the incipient still looked at doing a test reactor. It's a smaller system, it's not producing electric power primary job is right I mean as of now its primary job is focused on.

So again 20 years or so so it's an important thing that we're bringing to bear the government set forward on building a big dedicated test reactor, but it was government programs. So naturally had a lot of sort of challenges around it.

Making fast neutrons and is a culmination of activity. So think of it more as a program than just the single reactor that will involve taking some plutonium critical.

What we're doing with your plant and our ability to do that and therefore also offer that as a potential revenue generating aspect of the company, which is hey, we've passed anytime that we can provide a very decent capabilities not just for our own use but for others as well as what we're doing on the Pluto side, which expands that and gives us that cadence of experience and a plutonium based system is pretty.

Getting some experience doing that with our National lab partners doing some work around the plutonium handling and management and then moving that into obviously the full scale like Pluto reactor a reactor will be smaller than its power production and will also be optimized etonian physical Tony was inherently.

Salary to opening the door for moving into better skills and different materials and expanding the field performance envelope. So that we can maximize what we do when it gets back to be able to build and operate that's great. But there is going to be so much more we can get out of these materials with more in fuel in terms of the reactor and just ultimately better economic performance with more data that.

In the nuclear space, our higher worth.

And to use that terminology fuel.

It means we can actually use less overall fuel if we concentrate up turning a bit more.

Which is what you know generally speaking process reactors have done.

So that means we can kind of use a higher loading and plutonium totaled less total fuel math get more thermal power out of it and therefore more neutrons to test things with it and it's a pretty favorable thing to do with that but the system will give us a very significant amount of repetition about doing the actual work around plutonium feel fabrication going forward. If you will look generally speaking.

We can generate using us so that was part of the incipient to look at doing a plenary test reactor. It's a smaller system, it's not producing electric power. Its primary job is right I mean as of now its primary job is focused on.

Making passenger trends and is a culmination of activity. So think of it more as a program than just the single reactor that will involve taking some plutonium critical.

Very similar to the Aurora fuel, if we used to 20 minutes.

In terms of form factor and pipe it would just use a lower amount of.

Getting some experience doing that with our National lab partners doing some work around the plutonium handling and management and then moving that into obviously the full scale like food a reactor a reactor will be smaller than its power production and will also be optimized use battani them since plutonium is inherently.

Tony I'm in it because we have we're designing too when you were planning to be interchangeable between Hulu training, bringing Shaw and trains or anything fuel and that means you've kind of dilute the baton anymore compared to what <unk> will do.

When you think about what to do as a program. It's the cadence to build on top of the fuel and.

In the nuclear space, our higher worth.

She'll fabrication piece into the plutonium reactor part.

And to use that terminology fuel.

So over the course of the next year, we're getting experience with Antonio criticality.

It means we can actually use less overall fuel if we concentrate up turning a bit more which is what you know generally speaking process reactors have done.

And work around that and then we'll move that into the next steps are actually building the plants going forward those are high level kind of perspectives on where it goes but its a pretty significant enabler for getting those repetitions and are about to then start fueling our rural plants with plutonium burning fuel.

That means we can kind of use a higher loading and plutonium totaled less total fuel math get more thermal power out of it and therefore more neutrons to test things with it.

Some pretty favorable thing to do with that but the system will give us.

Now just to put a number on this.

A very significant amount of repetition about doing the actual work around plutonium fuel fabrication and going forward. If you will look generally speaking very similar to the Aurora fuel if we used for 20 minutes in.

The thing that's really powerful about.

Moving and this pace like building out these fast when you're trying to radiation capabilities, yes. It opens the door to do additional things for irradiation services, yes. It opens the door to do some additional I still production using different material types and yes, it's important because it helps us with ourselves as well as other companies could come to us or government programs. He comes to us.

In terms of form factor and pipe it would just use a lower amount of the.

So Tony I'm in it because we have we're designing to any of our plan is to be interchangeable between hey, Lou Tony brings you and trains or any greenfield and that means you're kind of dilute the baton anymore compared to what Pluto will do.

And either rent or buy radiation type time already sorry, irradiation time or similar types of kind of exposure and it's been in the environment to help bring some materials that are quite mature, but need a little bit more to go over the finish line that are inherently.

What do you think about what to do as a program. It's the cadence to build on top of the fuel factor the plutonium fuel fabrication piece into the plutonium reactor part.

So over the course of the next year, we're getting experience with Kryptonian criticality.

Basically economically better.

Then what we have to use based on the experiences are today those are still great. Because we can make something work, but that look this is a platform for R&D and margin improvement as one way to think about it. So anyway, that's kind of the cadence of how we see things.

Got it that's super helpful. Thank you and I just had one follow up.

Now just to put a number on this like the thing Thats really powerful about.

Moving in this space like building out these fast and you're trying to radiation capabilities. Yes. It opens the door to do additional things for irradiation services, yes. It opens the door to do some additional istent production using different material types and yes, it's important because it helps us with ourselves as well as other companies come to us or government programs, you can come to us and either rent or <unk>.

On slide nine it mentions the breakdown of Capex by components and I think it's dusted by.

A number of components are you able to share just directionally what that is in dollar terms.

Yeah, I mean I guess.

I'll kind of hand this over for Greg If you wanted to kind of answer some of it and I can chime in.

By radiation type time radius, sorry, radiation time, or similar types of kind of exposure and in the environment to help bring some materials that are quite mature, but need a little bit more to go over the finish line that are inherently.

Yeah. So I think Directionally, we would expect the dollars to be.

Similar to the components of it.

In terms of an actual dollar breakdown, we're still refining a lot of our cost estimate now that we've got kiewit onboard and now that we're deepening some of our procurement activities and we'll probably have more to share on that.

Basically economically better.

Then what we have to use based on what the experiences are today those are still great. Because we can make something work, but that look this is a platform for R&D and margin improvement as one way to think about it. So anyway, that's kind of the cadence of how we see things.

Probably into 2026.

Got it that's super helpful. Thank you.

Thank you.

Just had one follow up.

Our next question comes from the line of Jed Gershon does tomorrow with William Blair. Please go ahead.

On slide nine it mentions the breakdown of Capex by components and I think it's lifted by.

Hi, Thanks, Thanks for taking my question here guys.

Number of components are you able to share just directionally what that is in dollar terms.

I guess first.

I don't know Jake you want this or Craig, but just if you could talk a little bit about backlogs are I think it was 14 gigawatts has that changed at all and maybe just.

Yeah, I mean I guess.

I'll kind of hand this over for Greg If you wanted to kind of answer some of it and I can chime in.

A little bit of color on the discussions that you're having.

Yes, so I think Directionally, we would expect the dollars to be.

Is it mostly utility is it mostly hyperscale or.

Similar to the components and.

Just that.

In terms of an actual dollar breakdown, we're still refining a lot of our cost estimates now that we've got he would onboard and now that we're deepening some of our procurement activities and we will probably have more to share on that.

That breakdown, if you would and then I have a follow up.

Yes, I can take that so I'd say you know the 14 Gigawatts is still predominantly made up of data center and Hyperscale customers.

I've mentioned to you last time, we were on the phone. We're also got other potential.

Probably into 2026.

Potential customers in the mix.

Thank you.

Art identified customers as part of that 14, gigawatts that could maybe even cause that number to go up.

Our next question comes from the line of Jed <unk> with William Blair. Please go ahead.

Bigger question is when do you convert that into a.

Hi, Thanks, Thanks for taking my question here guys.

P P E and I'd say, we're working on that.

I guess first.

With pace and urgency and actively exchanging term sheets I never would've promised an exact date on when we might announce something because it takes all call. It will be on the same page with the customer, but I'm really pleased with kind of how those commercial progress commercial discussions are progressing and not just on the PPA pricing.

I don't know if Jake you want this or Craig, but just if you could talk a little bit about backlogs are I think it was 14 gigawatts has that changed at all and maybe just.

A little bit of color on the discussions that you're having.

Is it mostly utility is mostly hyperscale or.

But I think we're also seeing good traction on.

Just that.

That breakdown, if you would and then I have a follow up.

Similar to what we were able to achieve with Equinix, which was a prepayment for power. We're also progressing conversations with customers.

Yes, I can take that so I'd say the 14 Gigawatts is still predominantly made up of data center and Hyperscale customers.

Could convert into prepayment for power or prepayment for fuel or some other.

I think I've mentioned to you last time, we were on the phone. We're also got other.

Asset oriented contribution to the deal itself.

Potential customers in the mix.

Got it that's helpful just along those lines.

That are identified customers as part of that 14, gigawatts that could maybe even cause that number to go up I know the bigger question is when do you convert that into <unk>.

Did the discussions.

It does.

As the atomic alchemy, and having that are standing up a fueling recycling even if that's in the future is that kind of move some of those discussions along from a supply chain breast and sorry, yes, but.

PPA and I'd say, we are working on that.

With pace and urgency and actively exchanging term sheets I never want to promise an exact date on when we might announce something because it takes all call. It will be on the same page with the customer and I'm really pleased with kind of how those commercial progress commercial discussions are progressing and not just on the PPA pricing.

Well I would say that atomic alchemy is probably at a.

What types of conversations we're having around PS.

Feedstock for isotope production taking customer.

But I think we're also seeing good traction on.

Customer discussions into.

Contract conversion.

Similar to what we were able to achieve with Equinix, which was a prepayment or power. We're also progressing conversations with customers.

The steps are the same but but it's definitely with different.

Counterparties on both the feed.

Feedstock side, the supplier vendor side.

Could convert into prepayment for power or prepayment for fuel or some other.

And all of that but I think we are excited around.

Asset oriented contribution to the deal itself.

The tremendous progress that.

The team is making around.

Got it that's helpful just along those lines.

The reactor pilot program at atomic Alchemy was awarded.

Did the discussions.

It does.

And in addition, we're also making good progress on.

As atomic alchemy, and having that standing up a.

The lab scale facility that will be down the road at IL and I think as I've said earlier.

Fueling recycling, even if that's in the future is that kind of move some of those discussions along from a supply chain breast and <unk> sorry.

There is the possibility.

Or the lab scale project that we could be.

Yes, that's what I would say the atomic alchemy is probably it.

Generating revenue and gross margin its going to be in the.

Single single single million dollars, not anything bigger than that and it won't be exactly ratable, but we're excited about what we might be able to do two <unk>.

The types of conversations we're having around.

Feedstock for isotope production.

Taking customer discussions into contract conversion.

Actually turn some of that the the lab scale facility, especially.

Steps are the same but but it's definitely with different.

In the gross margin in the first half of next year.

Counterparties on both the.

Got it and then just one for Jay if I just look at using an edr for isotope production in isolation.

Feedstock side, the supplier vendor side.

And all of that but I think we are excited around the.

Do we need to wait till you get the Viper up for sort of an act tonight tailoring or.

Tremendous progress.

The team is making around.

The reactor pilot program that atomic alchemy was awarded.

Can that be done in between I ask because.

And in addition, we're also making good progress on.

Can do is really well suited for cobalt and lutetium, which are being used for sort of the radioisotope or radio pharma market.

The lab scale facility that will be down the road at IL and I think as I've said earlier.

There is the possibility.

Right now and just curious on the <unk> side, whether or not you need that.

For the lab scale project that we could be.

Generating revenue and gross margin its going to be in the you know.

Tailored a reactor before you can do that or if there's an in between.

Single finger single million dollars, not anything bigger than that and it won't be exactly ratable, but we're excited about what we might be able to do to.

Yeah. It's a good question I mean, there's a couple of steps actually to parse that out. So one there are some things we can do in the near term without a reactor in terms of isotopes sort of consolidation of recovery that we are making progress we've talked about now and any update them towards an in Idaho, where you'll be able to actually have you know infrastructure and facility.

Actually turn some of that the lab scale facility, especially.

In the gross margin in the first half of next year.

Got it and then just one for Jay if I just look at it.

Using an ABR for isotope production in isolation.

Capabilities to actually do some of that work and start producing somebody I suppose from those kinds of sources, but.

Do we need to wait till you get the Viper up for sort of an actinide tailoring or.

As far as sort of the most meaningful and that's great because you get them you get some practice repetition.

Optical revenue, which was cool, but at the end of the day. It helps position us with experienced and then move into the next stages, which is where the reactors really unlock significant differentials in performance and yes, Kansas do that they're also not in the U S and there is a pretty important focus on these production capability and being in the U S.

Can that be done in between I asked because you can do is really well suited for cobalt and lutetium, which are being used for sort of the radioisotope or radio pharma market right now and just curious on the edr side, whether or not you need that.

Not even in our nearest neighbors right and so.

The tailored.

And Kenny has a pretty limited they can do something pretty well, but.

Reactor before you can do that or if there is an in between.

But they can't do everything very well and the diversity of life production reactor design is designed to do pretty much most everything pretty well that you can do with thermal neutrons caveat.

<unk>.

Yes, it's a good question I mean, there's a couple of steps actually to parse that out. So one there are some things we can do in the near term without a reactor in terms of isotopes sort of consolidation and recovery that we are making progress we've talked about now and any update.

So the nice thing about the reactor is will have its prototype up running by middle of next year. It uses standard pressurized water reactor fuel bundles that are just shorten height at commercial scale and that's often as children leave.

Towards in Idaho, where you'll be able to actually have you know infrastructure and facility capabilities to actually do some of that work and start producing some of the isotopes from those kinds of sources, but for sort of the most meaningful and that's great. Because you get them you get some practices repetition, maybe helps color revenue, which was cool, but at the end of the day it helps.

And it's part of what we were drawn to with his business, whereas it wasn't trying to design because some of the margins and the numbers that these radioisotopes bringing to you.

We have drawn some folks in the field to look at really exotic reactors because you can pay for it because of that so you kind of build like a formula one custom reactor to produce these isotopes. When maybe you. All you need is like a Ford F 150, or something similar to that.

Positioning us with experienced and then move into the next stages, which is where the reactors really unlock significant differentials in performance and yes can do to do that they're also not in the U S. And there is a pretty important focus on these production capabilities being in the U S.

It doesn't have to go quite as faster be quite as exotic and therefore, we'd cheaper and easier to build them and that was one of the things that really attracted us to tell me how can we as we were working with them. So that's one of the features here's what that will enable but then there's the other part which is.

Not even in our nearest neighbors right and so.

And Kenny has a pretty limited they can do some things pretty well.

But they can't do everything very well and the first of all is the production reactor design is designed to do pretty much most everything pretty well that you can do with thermal neutrons caveat.

Some isotopes you.

You really you.

I would say your best produced if not uniquely produce and a fast spectrum environment, you need fast neutrons to really do that.

So the nice thing about that reactor is will have its prototype up running by middle of next year.

It uses standard pressurized water reactor fuel bundles that are just shorten in height at commercial scale and that's.

And that's where being able to harvest from the fast neutrons in.

Our fast reactors will unlock and those capabilities.

That's often as Joel does that leave.

Pretty attractively and then tie that in.

And it's part of what we were drawn to with his business, whereas it wasn't trying to design because some of the margins and the numbers that these radioisotopes bring to you.

Got it to me kind of sales channels and.

Product innovation and sales trends.

And that's a pretty cool feature set that will be able to have it.

Have drawn some folks in the field to look at really exotic reactors because you can pay for it because of that that you kind of build like a formula one custom reactor to produce these isotopes. When maybe you. All you need is like a Ford F 150, or something similar to that.

You look back in the Annals of history fast flux that facility one of the reactors from which we derive our legacy after that our Chief Technology Officer, Chief Technology Officer has just been a lot of time that <unk>.

Had quite cool set up to do a bunch of fast neutron like I said to a production work like a ton and pretty attractive economics to go with it.

I'd have to go quite as faster be quite as exotic and therefore, we'd cheaper and easier to build.

I was one of the things that really attracted us to tell me how can we as we were working with them.

And that wasn't a somewhat constrained way of thinking about it.

So that's one of the features here's what that will enable but then there's the other part which is.

And then on top of that the Russians have been significant players in the markets on a global scale, because they've been using their capacity and capabilities to do that too.

Some isotopes.

You really you.

So it's a pretty significant game changer that does diversify away from capabilities that you can't do with just thermal neutron reactors, but at the end of the day those are pretty important thing one other thing I'll just throw out, but we've talked a little bit about but its important to kind of eliminate.

I would say you best produce if not uniquely produce and a fast spectrum environment, you need fast neutrons to really do that.

And that's where being able to harvest from the fast neutrons in.

Our fast reactors will unlock and those capabilities.

To go back to the micro reactor one of the things. That's designed for is also being able to do silicon radiation, which is generally speaking the or one of the gold standards for keeping silicon doping right. If you do phosphorous like.

Pretty attractively and then tie that in.

Did the atomic alchemy kind of sales channels and global product position and sales trends.

And that's a pretty cool feature set that will be able to have it.

You look back in the Annals of history fast flux that facility one of the reactors from which we derive our legacy reactor that our Chief Technology Officer, Chief Technology officers spend a lot of time at.

Hi, Dave.

Deposition or infusion.

Kind of limited in wafer thicknesses and other things like that you're trying to permeate the material much more uniformly and will then trends new and make that phosphorus doping happen naturally.

Had quite cool set up to do a bunch of fast neutron like I said to a production work like a ton and pretty attractive economics to go with it.

A pretty attractive thing that capability it used to be used when it existed minimum way because of the ability to do that every lesion.

And that was in a somewhat constrained way of thinking about it.

And then on top of that the Russians have been significant players in the markets on a global scale, because they've been using their fast neutron capabilities to do that too.

Kind of went away. So we're also that's one of the cool things about library that could do stuff like that too right. So a lot of flexibility that you couldn't otherwise do them without a system designed them be versatile in nature.

Your next question comes from the line of Jeffrey Campbell with Seaport Research. Please go ahead.

To go back to the micro reactor one of the things. That's designed for is also being able to do silicon radiation.

Hi, good evening and congratulations on all the progress.

<unk> is generally speaking the or one of the gold standards for achieving silicon doping right. If you do phosphorous like.

Glenn I hadn't planned this Wednesday.

On the last discussion pretty fascinating so Jack let me just ask.

When you get around to trying to do.

Hi, vapor deposition or infusion.

Radiation.

Kind of limited in wafer thicknesses and other things like that neutrons permeate the material much more uniformly and will then trends mute.

And Aurora are you going to be able to do it in a way that won't interrupt here Joe cycle, you mentioned, the Russian reactors as kind of a peculiar.

That phosphorus stoping happen naturally.

Fuel cycle. It allows it to go in periodically.

A pretty attractive thing that capability used to be used when it existed minimum way because of the ability to do that radiation kind of went away. So we're also that's one of the cool things, but libraries it could do stuff like that too right. So a lot of flexibility that you couldn't otherwise do without a system designed to be versatile in nature.

Of course, it can be it can do it without any interruption, but typically.

Reactors.

Sure.

Match their fuel refueling cycle with their radios.

Yeah.

Yeah, It's a great question Brian.

By and large like the focus of those reactors as really power production, but some of the flexibility that will be afforded to us.

By for example, the word Idaho as well as the pool of reactors will give us a lot more flexibility to do more work around those things.

Your next question comes from the line of Jeffrey Campbell with Seaport Research. Please go ahead.

Hi, good evening and congratulations on all the progress.

So think of it more as imagine some like for normal commercial ops, if we want to harvest some of those new trunk because it makes sense, we're going to have to fit it into the power cadence because that's the primary driver, but we will have some flexibility and some other reactors that will give us more flexibility to kind of match that accordingly.

Glen.

Then just my bad.

And the last discussed some pretty fascinating so Jay let me just ask.

When you get around to trying to do the isotope radio radiation.

And Aurora are you going to be able to do it in a way that won't interrupt here Joel cycle, you mentioned the Russian reactors.

Because if we're gonna be doing other testing work. So it's just going to be some interesting planning and coordination like it is for other test reactor irradiation and test reactors.

Julia.

Fuel cycle. It allows it to go in periodically.

Of course, it can be it can do it without any interruption, but typically.

To sort of optimize to that Oh, and do the tradeoffs, but generally speaking.

Reactors.

Sure.

Yeah, we would be.

Match their fuel refueling cycle with their radios and so I'm just wondering if you think about that.

For the vast majority of the focus if we're going to use any of their capability of their passenger drying capacity will be largely skewed towards you know minimizing if not completely avoiding interference from our power operations schedule y.

Yeah.

Yeah, It's a great question.

And by and large like the folks those reactors as really power production, but some of the flexibility that will be afforded to us.

There will be a couple that will have more flexibility that we can kind of optimize to limit the upside if it makes sense to do so so it's kind of a one of those acknowledgment of.

By for example, the word Idaho as well as.

The fleet of reactors will give us a lot more flexibility to do more work around those things.

So think of it more as imagine some.

Yeah, we're gonna have to look at.

Possibly parsing some of the assets operational schedules if it makes sense to do and that's the key question is if it makes sense to do.

For normal commercial ops, if we want to harvest some of those new trunk because it makes sense, we're going to have to fit it into the power cadence because that's the primary driver, but we will have some flexibility and some other reactors that will give us more flexibility to kind of match that accordingly.

Okay.

It makes sense. The other question I wanted to ask.

If you could give us any update on your preferred.

Natural gas of our partnership with Liberty.

Because if we're going to be doing other testing work. So it's just going to be some interesting planning and coordination like it is for other test reactor irradiation and test reactors.

Liberty has recently spoken about it at a high level one resumed during the period.

Aimed towards large projects.

To sort of optimize to that.

Frankly, I'm wondering if there's been any diminished appetite.

And do the tradeoffs, but generally speaking.

This progression to our construction has accelerated.

Yes, we would.

Yeah for the vast majority of the focus if we're going to use any of their capability their passenger drawn capacity will be largely skewed towards new.

Yeah, I think in general we still see it as a pretty powerful bridge I think we've seen now several other groups be talking at a broad thematic about the gas and nuclear combo in bridging you know capabilities and features that offers.

Minimizing if not completely avoiding interference on our power operations schedule, while there will be a couple that will have more flexibility that we can kind of optimize on that.

So we continue to see that as a as a positive thing and different customer discussions I think what we see in general though and this is this is a bit anecdotal so take it for that but I think some of the near term focus and priorities at the moment is around.

Upside if it makes sense to do so so it's kind of one of those acknowledgment of.

We're going to have to look at.

Possibly parsing some of the assets operation schedules, if it makes sense to do and that's the key question is if it makes sense to do.

Utilizing stuff that's basically on grid.

Okay.

Makes sense. The other question I wanted to ask years.

<unk> to be the nearest term operation kind of preference.

If you could give us any update on your preferred.

Where that will be a key enabler for getting some stuff filtered powering stuff that's already been built and filling in the power to either meet additionality goals are.

Natural gas Aurora partnership with Liberty Energy Liberty's recently spoken about at a high level, one Christine Bernie Greg.

They're kind of feature sets that they can do and then that is inherent all happening, but just a temporal nature of the project planning.

Ben aimed towards large projects frankly, I'm wondering if there's been any diminished appetite on <unk> side is this progression to our construction has accelerated.

Isn't kind of followed by the benefits of being able to bring gas into enabled power at a site for either a co location or near location or even behind the meter approach Ah Ah that gas can enable pretty pretty successfully so I mean, it's still a pretty powerful feature in market conversations and discussions.

Yeah, I think in general we still see it as a pretty powerful bridge I think we've seen now several other groups be talking at a broad thematic about the gas nuclear combo in bridging.

Capabilities and features that offers.

But I think at the end of the day like.

And I don't think theres much diminishment on it.

If anything there's a lot of holidays. So none of that is valuable and it's a feature and it continues to kind of evolve and progressed one of the challenges I think we see in the commercial market I don't know if I'd call. It a challenge, but one of the things we've observed is.

Utilizing stuff that's basically on grid.

A lot of focus on the Hyperscale. There's has been on you know the energy objectives. They have over the next you know on multi month scale Timeframes right, maybe that's extended out to 24 months or less but like that's where they're obviously really really focusing most of their activity is making sure. They're in a good position for all of them, what they need them and they are increasingly looking at the.

To be the nearest term operational kind of pressure.

<unk>.

Where that will be a key enabler for getting some stuff smelter repowering subjects already being built and filling in the power to either meet additionality goals are.

They're kind of feature sets.

Can do and then that is inherently happening, but just a temporal nature of the project planning.

Longer term views just given how constrained the power markets are as a whole realizing they need to expand our horizons and thats systematically continue to see evolve and.

Isn't kind of followed by the benefits of being able to bring gas into enabled power at a site for either a co location or near location or even behind the meter approach.

Gas is a ability to bring power to a facility or site sooner.

That gas can enable pretty pretty successfully so I mean, it's still a pretty powerful feature in market conversations and discussions.

It's pretty powerful.

I still think I'll say that but I still think that the understanding of the benefits that making fuel government fuel availability like.

But I think at the end of the day like.

And I don't think theres much diminishment on it I think.

Was it increasing government fill their ability like the baton inside which can be quite accelerated to building new nuclear plants faster and more faster, it's still being digested in the market. So like that may have an ability to help show a path to bringing nuclear on even sooner and that's I think pretty potent and I think it's still very early innings for folks understanding of what that means given the nature of its still pretty.

Anything there is a lot of validation now that it's valuable and it's a feature and it continues to kind of evolve and progressed one of the challenges I think we see in the commercial market I don't know if I call. It a challenge, but one of the things we've observed is.

A lot of focus on the Hyperscale. There's has been on you know the energy objectives. They have over the next you know on multi month scale Timeframes right, maybe that's extended out to 24 months or less but Mike that's where they're obviously really really focusing most of their activities, making sure. They're in a good position for all of what they need them and they are increasingly looking at the.

Yes.

Yeah that makes sense.

But at least I wasn't completely irrational [laughter].

So I appreciate I appreciate the color.

[laughter].

Longer term views just given how constrained the power markets are as a whole realizing they need to expand their horizons and thats. The thematic we continue to see involved in.

Your next question comes from the line of Derek Soderberg with Cantor Fitzgerald. Please go ahead.

Yeah, Hey, guys. Just one question from me is there a level of prepayments you need to make to secure some of these long lead time items in either the nuclear non nuclear supply chain and wondering if you can quantify how much capital. It will require to just ensure access to those long lead time items as you scale.

Gas is a ability to bring power to a facility or site sooner.

He is pretty powerful.

I still think I'll say that I still think that the understanding of the benefits that making fuel government fuel availability like.

Was it increasing government fill their ability like the bluestone inside which can be quite accelerated to building new nuclear plants faster and more faster, it's still being digested in the market. So like that may have an ability to help show a path to bringing nuclear on even sooner and that's I think pretty potent and I think it's still very early innings for folks understanding of what that means given the nature of its still pretty <unk>.

I can take that one so like what we're currently working on progressing.

I don't want to mentioned the vendor specifically, but some of the <unk>.

Other supply chain partnership from already announced and there might be some form of a prepayment but it can be.

Yeah.

Yes that makes sense.

It's in that 10% range. So it's.

But at least I wasn't completely irrational.

A number but it's not significant and I think one of the reasons, though that we're so glad about the success we've had around the capital raise is that we can.

Hey, Robert.

So I appreciate I appreciate the color.

Mhm.

Your next question comes from the line of Derek Soderberg with Cantor Fitzgerald. Please go ahead.

We don't need to have capital to be a constraint that if we find an opportunity when it makes sense in terms of the returns to do.

Yeah, Hey, guys. Just one question for me is there a level of prepayments you need to make to secure some of these long lead time items in either the nuclear non nuclear supply chain and wondering if you can quantify how much capital. It will require to just ensure access to those long lead time items as you scale.

Our prepayment because we can get a better.

[laughter] point, all the assets that we can go go forth and do that.

Perfect. Thanks.

Yeah.

Your next question is from the line of shafts and Mcgratty with B T. I G. Please go ahead.

I can take that one so like what we're currently working on progressing.

Hi, Thank you just a two parter on the fuel line pilot at I know.

You know I don't want to mentioned the vendor specifically, but some of the.

You have a target online date and then the facility was also selected for a daily program, which you mentioned.

Other supply chain partnerships, we've already announced and there might be some form of a prepayment but it's in the.

I'm wondering if there's.

You know it's in that 10% range. So it's.

And economic opportunity there as soon as the facility comes online or if that's also something that meet NRC approval to monetize.

A number but it's not significant and I think one of the reasons, though that we're so glad about the success we've had around the capital raise is that we can.

Yeah. So just.

Just so I understand that you like the Aurora plant.

We don't need to have capital be a constraint, but if we find an opportunity that it makes sense in terms of the returns to do.

That.

Is.

Going through Viewy authorization to you Bill.

Our prepayment because we can get a better <unk>.

You know and turned on initially and get through some initial operational cycles and then the intent is to move that over into a commercially operating space I will flag.

<unk> point on the asset and then we can go go forth and do that.

Perfect. Thanks.

But moving that over to Nancy My sense is the most likely path its not impossible, though that given some of the dynamics of what's happening on the DRAM side that there might be pathways to kind of sell into the government that could exist. We're not planning that that's exactly where it is but that is something that has been you know and it was in the E OS and that might be something that does evolve.

Yeah.

Your next question is from the line of shares L. Mcgratty with BT AG. Please go ahead.

Hi, Thank you just a two parter on the fuel line pilot at Idaho.

You have a target online date and then the facility was also selected for a daily program, which you mentioned.

That is correct that over to nurses and doctors from that experience gained with at the end of the day is great because you point to real data with real plant just move some of that stuff.

And I'm wondering if there is.

And economic opportunity there as soon as that facility comes online or if that's also something that meet NRC approval to monetize.

Pretty constructively forward.

So you're telling me how come your plant in Texas. The intent we have on there is to primarily be serving where he is impossible that we go converted over to an NRC license as well, there's some optionality potentially there, but the general view is keeps it the D V facility get the experience of letting it running in doing some R&D work, providing some support to view emissions and possibly opening the door for.

Yes so.

Just so I understand that.

The Aurora plant.

That.

Is.

Going through Viewy authorization to you Bill.

And turned on initially and get through some of the initial operational cycles and then the intent is to move that over into a commercially operating space I will flag.

Other things, but at the end of the day, that's kind of how we see that and that similarly as kind of how we think about the Pluto reactor as well again, it's possible that there's a feature set to convert many of these facilities or convert these two.

But moving that over to you and honestly license is the most likely path is that impossible, though that given some of the dynamics of what's happening on the <unk> side that there might be pathways to kind of sell into the government.

Interesting, but I think all of them to interested licenses thats a possibility, but the general purpose and plan is to kind of see there were I know being the one that would make the most sense to do that with the other two not necessarily but it depends on some factors that may involve another thing I'll flag is coming out of the executive orders one of the things that you mentioned and clearly defined in there just to highlight is the fact that daily authors.

It exists and we're not planning that that's exactly where it is but that is something that has been you know and it was in the E OS and that might be something that does evolve. The plan is to convert that over to nursing licensed doctors from that experience gained with at the end of the day is great because you point to real data with real plant just move some of that stuff.

Asian or daily authorize facilities can support and provide clinical product right, whether that'd be power or heat or isotopes or whatever it is.

Constructively forward.

Can you tell me how come your plant in Texas. The intent we have on there is to primarily be serving where do you is it's not impossible that we go and converted over to an NRC license as well, there's some optionality potentially there, but the general view is keeps as a D V facility get the experience of letting it running in doing some R&D work, providing some support <unk> mission.

To the department of Energy's These cases.

That can then buy houses you're thinking things are defined candy and proceed and be built like sorry, [laughter] things that do that work can be under like basically authorized under D reauthorization.

And possibly opening the door for other things, but at the end of the day, that's kind of how we see that and that similarly as kind of how we think about the Pluto reactor as well.

And that could mean for example, we are in a position where we build more plants under the authorization because they're serving D O.

It's possible that there's a feature set to convert many of these facilities or convert needs too.

So that could be something that also occurs.

It's there's nothing firm on that but just given that the he was put that out there and it does open the door for the possibility that that might be something else. The nice thing and the key thing here. That's so important for why we felt confident and excited to move in this pathway that's accelerated.

NRC license all of them to interested licenses thats, a possibility, but the general purpose and plan as we kind of see there were I know being one that would make the most sense to do that with the other two not necessarily but it depends on some factors that may evolve.

Because it's clear that the understanding of your working well together and working together.

The thing I would flag is coming out of the executive orders one of the things that's mentioned in clearly defined in there just to highlight is the fact that daily authorization or do you reauthorize facilities can support and provide critical products right, whether that'd be power either isotopes or whatever it is.

Two I would say you know be efficient in how work done by one will be complementary complement terribly informative to the other and that's an important kind of capability set and again, that's as evidenced pretty clearly by the recent Mou between Delian NRC.

To the department of Energy's These cases.

That can then buy houses you're thinking things are defined can be and proceed and be belts like sorry, [laughter] things that do that work can be under like basically authorized under the authorization.

This is supportive of the fact that getting D reauthorization and going through the technical work to do that will.

It will be constructive and NRC, either licensing conversion and or I should say really hand, future NRC license applications for future commercial claims.

And that could mean for example, we are in a position where we build more plants under do you your authorization because they're serving Doa.

Great. Thank you Jake.

So that could be something that also occurs.

It's there's nothing firm on that but just given that the E OS put that out there and it does open the door for the possibility that that might be something else. The nice thing and the key thing here. That's so important for why we felt confident and excited to move in this pathway that's accelerated.

And our final question comes from the line of Craig Shere with Tuohy Brothers. Please go ahead.

Hi, Thanks for taking the question.

What are the prospects for rounding up remaining fuel needs to maximize your made an IL powerhouse to 75 megawatts and if you don't have it all upfront.

It's because it's clear that the undersea and D. We are working well together and working together.

I would say.

As you commence operations, but later get NRC approval and can commence full <unk>.

The efficient and how work done by one will be complementary complementarity kind of informative to the other and that's an important kind of capabilities that and again, that's as evidenced pretty clearly by the recent Mou between the OEM NRC.

Commercial sales are.

At that time to refuel to maximum capacity.

Which is supportive of the fact that getting you know D reauthorization and going through the technical work to do that.

Yes, although given the recent activities and traction around a multitude of kind of fuel policy arrangements as well as what we're seeing on the commercial fuel supply markets.

We'll be constructive and NRC, either licensing conversion and or I should say really and future NRC license applications for future commercial class.

I think we feel increasingly confident that we'll be able to have the fuel needed to run that facility. If not immediately at the onset of full power or pretty close to the immediate onset of full power.

Great. Thank you Jake.

And our final question comes from the line of Craig Shere with Tuohy Brothers. Please go ahead.

No I think this is the plan because we feel.

Increasingly confident.

Hi, Thanks, Thanks for taking the questions.

There's going to be extra heavy that we can use for that facility from actually a variety of sources, which is the diversity of sources as part of the confidence you know the answer.

What are the prospects for rounding up remaining fuel needs to maximize your made an IL powerhouse to 75 megawatts and if you don't have it all upfront.

Creation of the confidence the other part of it as we can in that reactor. If we needed. If we were able to get for example access to some of the petroleum feedstocks into fuel that can be located in commingled with the reactor fuel there just been some assemblies would have.

As you commence operations, but later get NRC approval and can commence full <unk>.

Bearing fuel someone just be uranium and fuel.

Commercial sales.

At that time to refuel to maximum capacity.

And you can design it to work.

Just fine in that in that configuration of matter.

Given that that material exists in a pretty much ready to fabricate form it gives us a lot of confidence in how that can actually kind of proceed.

Yes, although given the recent activities and traction around a multitude of kind of fuel policy arrangements as well as what we're seeing on the commercials fuel supply markets.

So yeah, that's how we see that kind of playing out.

Right and last for me.

The degree you start employing which sounds like a great opportunity. This plutonium mix to help bridge a quicker.

Not that this is the plan because we feel.

Quaker plant deployments.

Does that have any implications on NRC regulatory.

Increasingly confident that.

There's going to be extra heavy that we can use for that facility from actually a variety of sources, which is the diversity of sources as part of the confidence.

Process do they have to shift because of the new fuel mix and having some plutonium in there or does that have any proliferation concerns with anytime.

The ratio of the confidence the other part of it as we can in that reactor. If we needed. If we were able to get for example access to some of that plutonium feedstock into fuel that can be located in commingled with the reactor fuel there excuse me some assemblies would have.

Yeah. It's a very good question is that there are some inherent things that are a little different.

To go back in the history of this plutonium.

Bearing fuel someone just be uranium and fuel.

Cereal kind of its legacy and policy history.

And you can design it to work.

Just fine in that in that configuration of manner, and given that that material exists in a pretty much ready to fabricate form it gives.

The President's Executive order is directed 34 tons that was slated for diluting the supposed to be.

There's a lot of confidence in how that can actually kind of proceed.

<unk> made available for reactors for fueling.

For the program of diluting dispose, which is are we going to spend $20 billion of taxpayer money to just.

So yeah, that's how we see that kind of playing out.

Right and last for me.

Linda step up the dividend fan and Barry.

The degree you start employing.

Program before that was actually the fabricated into fuel as part of a joint treaty with Russia at the time for stockpile reduction and the plan was to take them.

It sounds like a great opportunity this plutonium mix to help bridge.

Quicker planned deployments.

Does that have any implications on NRC regulatory.

Not material fabricated into fuel for light water reactors, and then using light water reactors whats called the Mox program in the facility in South Carolina to view that.

Process do they have to shift because of the new fuel mix and having some plutonium in there does that have any proliferation concerns with anytime.

That program.

You could spend a long time and for time sake, I'll keep it very simple and a little bit simplistic program added significant struggles because Tony and fuel in light water reactors won't very doable is inherently something very different than what we do as a country here. So the infrastructure to do all of that wasn't necessarily in place because.

Yeah. It's a very good question is that there are some inherent things that are a little different.

To go back in the history of this plutonium.

Material kind of its legacy and policy history.

Attorney does behave notably differently and is floating in front of reactor then it fast reactor if somebody's differently, the uranium and fast factor, but the difference is more amplified and accentuated in the thermal spectrum are slowly trying reactor, especially water cooled reactor.

The President's executive orders directed 34 tons that was slated for diluting disposed to be.

Made available for reactors for fueling before the program of diluting dispose, which is are we going to spend $20 $1 billion of taxpayer money to just Linda step up with either in fan and Barry.

It wasn't something that utilities, where really one thing fuel markets. We're not constrained it was not something that there was a market for it and it was a top down government run approach where the facility Scott.

The program before that was actually the fabricated into fuel as part of a joint treaty with Russia at the time for stockpile reduction and the plan was to take.

We are controlling costs and everything else because it wasn't being driven.

I E.

More I would say you know entrepreneurial are enterprising kind of dynamic.

Not material fabricated into fuel for light water reactors and then using light water reactors, that's called the <unk> program and the facility in South Carolina to view that.

So the recommended options the best half coming out of that program basically not being in a spot to not proceed was too actually.

That program.

You could spend a long time and for time to think I'll keep it very simple and a little bit simplistic that program had significant struggles because so tony and fuel in light water reactors, while very doable is inherently something very different than what we do as a country here. So the infrastructure to do all of that wasn't necessarily in place because.

The technical panel panelists were to say, okay. The best thing would be to put it in past factors, but we don't have any fast reactors. So the next best option is just the dilutive disposal well now we're gonna have fast reactors right based on what we're doing so our view is hey, this is great because it sounds like that there are other companies developing reactors and other things like you use this material and there is a fuel crunched. So now in a different world.

Turning does behave notably differently and a slew of new trend reactor then fast reactor is still behaves differently. The uranium in that fast reactor, but the difference is it is more amplified and accentuated in there and that's where more spectrum or so let me try and reactor, especially water cooled reactor.

How they think about that that facility that I talked about under the Lightwater MX program is actually going through and have gone through all like all of that was set up to be under NRC per view generally speaking and so there's a lot of infrastructure in place and experience around that so there are some differences with things you need to do on the regulatory side.

And it wasn't something that utilities were really one thing fuel markets. We're not constrained it was not something that there was a market for and it was a top down government run approach where the facility.

Way out of controlling costs and everything else because it wasn't being driven.

By Ey.

And have a more I would say you know entrepreneurial are enterprising kind of dynamic.

For this but it's not it's generally speaking pretty well known but what's really powerful two is that D V spending kind of.

So the recommended options the best half coming out of that program.

The new reactor pilot programs into the field pilot program to help fuel. These reactors under the pilot program. They also are sending their authorization capabilities and they're the ones that already oversee from a permitting and authorization perspective, what's what anymore. So it's great to be able to kind of tie in with that and we've been expanding our partnerships with some of the national Labs, who has experience doing all that work. So it kind of helps us drive in.

Basically not being in a spot to not proceed was two actually if.

The second compound panelists were to say, okay. The best thing would be to put it in past factors, but we don't have any fast reactors. So the next best option is just the dilutive disposal well now we're going to have fast reactors right based on what we're doing so our view is hey, this is great because it sounds like that there are other companies developing reactors and other things that can use this material in there is it fuel crunched, so now when a different world where how they think.

Build out that expertise that.

In partnership with the expertise we have in this country and kind of accordingly kind of build the scale that forward. So.

That's like that's it that's how this course sort of charged they've got some things that are a little bit different than the mining side, but nothing significantly departed and stuff that's largely like noble manageable.

That that facility that I talked about under the Lightwater Mox program was actually going through and have gone through I think all of that was set up to be under NRC per view generally speaking and so there's a lot of infrastructure in place the experience around that so there are some differences with things you need to do on the regulatory side.

I mean again, this contours and elements to it but generally speaking. This is this has a history and precedent behind it and a multitude of ways between the U N NRC.

For this but it's not it's generally speaking pretty well known but it was really powerful to us that viewy expanding kind of.

Where it is and to your other part of your question, whether it is kind of an exciting opportunity around this is the story in the conversation around proliferation and I see that.

The new reactor pilot program to include the fuel pilot program to help fuel. These reactors under the pilot program. They also are extending their authorization capabilities and they are the ones that already oversee from a permitting and authorization perspective plutonium work. So it's great to be able to kind of tie in with that and we've been expanding our partnerships with some of the national labs, who have experienced doing all that work. So it kind of helps us drive and <unk>.

Because.

The only way to permanently destroy plutonium.

Out of this you know university sufficient it so by putting it in the reactors you're visiting it.

And you're trying to get into too fission products that you know.

Mike.

Build out that expertise at.

Stars have a really hard time synthesizing through super novas into back into plutonium. So that's in CD way of saying like this is a pretty good way to get rid of it and generate power in doing so and solve our fuel crunch, while doing so so.

In partnership with the expertise we have in this country and kind of accordingly kind of beyond the scale that forward. So.

That's like that's that's how this core sort of charts, you've got some things that are a little bit different than uranium side, but nothing significantly departed and stuff that's largely like noble manageable.

So if anything.

Our view is pretty strongly as you know are you you're obviously apply all the relevant and state of the art and this is something we've leaned into because of our work in recycling out of field applying state of the art capabilities on safeguards and security around managing this material from receipt into fabrication and then into reactors.

I mean again, this contours and elements to it but generally speaking. This is this has a history and precedent behind it and a multitude of ways between the U N NRC.

Where there is and to your other part of your question, where there is kind of an exciting opportunity around this is the story in the conversation around proliferation and I say that.

As you are destroying it so it's actually pretty cool setup and something that as a country. We were geared to do there are some you know I would say predict out there well see pretty clear anti nuclear.

Because.

The only way to permanently destroy plutonium.

The kids, who have said Oh. This is a non proliferation concerned I've never understood that because destroying plutonium and this is the best way to get rid of it.

Out of this you know university sufficient it so by putting it in the reactors you're visiting it.

And youre trying to get into too fission products that you know well.

I know that the effectively the best way to get rid of it. So yeah, it's pretty elegant solution to actually get rid of the material I think what it really just don't see that it was just like Oh. This is different and then there's the change takes a little bit of time to socialize when people are like Oh, yeah. Thanks, a lot of sense.

Mike.

Stars have a really hard time synthesizing through supernovas into back into plutonium. So that's in CD way of saying like this is a pretty good way to get rid of it and generate power in doing so and solve a fuel trends while doing so so.

The other concern is like what it will incentivize other countries, usually the same which I would also argue well I think if we incentivize other countries to just further plutonium. That's also kind of a feature in the nonprofessional world So not necessarily the worst thing on that front.

So if anything.

Our view is pretty strongly as you know you you obviously apply all the relevant state of the art and this is something we've leaned into because of our work in recycling out of field applying state of the art capabilities on safeguards and security around managing this material from receipt into fabrication and then into reactors and then in the reactors are destroying it so it's actually pretty cool.

And then I think what's important to US. This is legacy material from weapons programs as we think about the future and recycling you're not separating out people pretending using state of the art technology, which again gets back to how I think.

Policy level, we should be thinking about leaving on the world stage, if we as a country are you now.

<unk> set up in something that is a country. We're geared to do there are some you know I would say predict out there, mostly it's pretty clear anti nuclear.

What we know from Tennessee.

Cycling material in a manner that does not ever produce pure separated plutonium instead produces a uranium transuranic mix that's commingled.

The kids, who have said Oh. This is a non proliferation concern I've never understood that because destroying plutonium and this is the best way to get rid of it.

I know that the effectively the best way to get rid of it. So yeah, it's pretty elegant solution to actually get rid of the material I think what it really just don't see those just like Oh. This is different and then as it change takes a little bit of time to socialize and people are like Oh, yeah. It makes a lot of sense.

That's a good spot to kind of leave from and so that's kind of how you're thinking about the space.

Alright, thank you.

And with no further questions in queue I will now hand, the call back over to Jan de Witte, CEO and co founder of Oklahoma. Please go ahead.

The other concern is like well devised other countries, usually the same which I would also argue well I think if we incentivize other countries to just further plutonium. That's also kind of a feature in the amplification world So not necessarily the worst thing on that front.

Thank you. Thank you all for joining in today. We appreciate it there's no. This is the second call since the executive orders were signed the first call since.

And then I think what's important to US. This is legacy material from Watkins programs as we think about the future and recycling youre not separating out pure plutonium using state of the art technology, which again gets back to how I think about a policy level, we should be thinking about leaving on the world stage. If we as a country are you know what we know from Tennessee.

We had the reactor pilot program and fuel pilot program selection. So it has significantly changed how do we think about the regulatory landscape and the regulatory strategy, we're employing accordingly.

It's significant.

And then it's accelerated features but also in its regulatory Derisking features.

Material in a manner that does not ever produce pure separated plutonium instead produces a uranium transuranic mix that's commingled.

Aligns pretty well with what we're also seeing in the policy landscape driving sort of a continued focus and effort on modernization.

Not just the department of energy, but the nuclear regulatory Commission our work with the NRC has not stopped it still continues but now it gets the benefit and the accelerating benefit of working with the department of energy and the National Laboratory ecosystem that supports this that will help the NRC reviews, and generally speaking enable a world where in our C reviews.

That's.

That's a good spot to kind of lead from <unk> and so that's kind of how I think about the space.

Great. Thank you.

And with no further questions in queue I will now hand, the call back over to Jay.

CEO and co founder of Oklahoma. Please go ahead.

Will be accelerated and made more efficient and generally speaking improved by the experience is already done by the D. V. D. We have a tremendous track record of safely authorizing and reviewing and overseeing nuclear facilities.

Thank you. Thank you all for joining in today.

We appreciate it.

This is the second call since the executive orders were signed the first call since.

We had the reactor pilot program and fuel pilot program selection. So it has significantly changed how we think about the regulatory landscape and the regulatory strategy, we're employing accordingly.

And the C and D. We don't forget we're born from the same as at the Atomic Energy Commission and so Theres a lot of common threads. They worked together for a long time and we're happy to see that that's kind of continuing and in some ways are even getting closer again to work together and I mean that in a constructively independent way, where NRC can use <unk> best resources and information.

It's significant and it's <unk>.

Accelerated features but also in its regulatory Derisking features this aligns pretty well with what we're also seeing in the policy landscape driving.

The continued focus and effort on modernization at not just the department of energy, but the nuclear regulatory Commission our work with the NRC has not stopped it still continues but now it gets the benefit and the accelerating benefits of working with the department of energy and the National Laboratory ecosystem that supports this that will help the NRC reviews and generally speaking.

Asian, because one of the best ways, you can do safety analysis and safety oversight is good understanding of what the system is your overseen and leveraging our nation's leadership technically speaking that's the view we have the national labs have to help support that it's a pretty powerful combination. So I like the things that we're now kind of moving into this next chapter of this new wave of nuclear that's leveraging the best fee.

Enable a world where in our C reviews will be accelerated and made more efficient and generally speaking improved by the experiences already done by the <unk> deal.

And government to its maximum ability and that's a benefit for all of us. Additionally, the opportunities around making more fuel sources available for example, there's plenty of material as well as continued traction in efforts to stand to build out and invest in and expand the uranium fuel supply chain are pretty accelerated because of the bridge fuel.

He has a tremendous track record of safely authorizing and reviewing and overseeing nuclear facilities and the C and D. We don't forget we're born from the same as at the Atomic Energy Commission.

Opportunities that the opinion gives us is a game changer and building more reactors more quickly and using that to help accelerate.

And so theres a lot of common threads. They worked together for a long time and we're happy to see that that's kind of continuing and in some ways. They are even getting closer again to work together and I mean that any constructively independent way, where NRC can use do you he's best resources and information because one of the best ways. You can do safety analysis and safety oversight is good understanding of what the system is.

The investment and development of uranium enrichment market.

Uranium enrichment is radically under supplied in this country practically meaning like 18% to 20% we need more of it for just our existing plants. We also needed of course, where we're making less than one time, a year, but for Hulu and so things we can do to help signal more powerful optics orders in investments and therefore expansion in the in the Hughes.

You're overseeing and leveraging our nation's leadership technically speaking that's a deal we have in the national labs have to help support that it's a pretty powerful combination. So I like the things that we're now kind of moving into this next chapter of this new wave of nuclear that's leveraging the best features of government to its maximum abilities and that's a benefit for all of us. Additionally.

Supported by building more reactors sooner using bridge fuel.

It's pretty accretive to realizing more fuel supplies and.

Maybe a bit of a silly term dual leadership and feel dominance because back in the 1980, we use a country had more fuel production capacity.

The opportunities around making more fuel sources available for example, this plutonium material as well as continued traction in efforts to stand to build out and invest in and expand the uranium fuel supply chain are pretty accelerated because of the bridge fuel opportunities that the opinion gives us is a game changer and building more reactors more quickly.

Conversion enrichment deconversion fabrication.

Then the rest of the world combined and now we definitely don't so big opportunity for how that's proceeding and bridge fuels are really important piece of it and then on the reactor front you know one of the great things about the pilot programs and the benefits. There is an ability to move into building a big thing that we have long thought from policy it would be very supportive.

And using that to help accelerate that.

The investment and development of uranium enrichment markets uranium enrichment is radically under supplied in this country radically meaning like 18% to 20% we need more of it for just our existing plants. We also needed of course, where we're making less than one time, a year, but for healing and so things we can do to help signal more powerful optics orders and investments.

Nuclear is to move.

The frontloaded paperwork to be developed largely or largely as as in parallel as possible with the actual building of facilities. So.

So that you can do the kind of learning of building while you do the regulatory work. So you know when you're building one two and you know what your licensing but also you know you can have it builds and then get the final authorization before you actually load the fuel and actually run the plant and the UAE pathways allow us to do that so we can accelerate timelines and it's bringing forward.

And therefore expansion in the in the Haley side supported by building more reactors sooner using bridge fuels.

It's pretty accretive to realizing more fuel supplies and.

These may be a bit of a silly term jewel leadership in fuel dominance because back in the 19 eighties, we use a country had more fuel production capacity, meaning conversion enrichment deconversion fabrication and the rest of the world combined and now we definitely don't see a big opportunity for how that's proceeding and bridge fuels are really important piece of that.

And the ability to start going from being going from Greenfield.

And the design of a reactor turning reactors on.

Well it looks like it's going to be less than 12 months for at least what we're doing on the atomic alchemy side as well as some other companies that are pursuing this that were selected under the program. That's you know if someone said recently kind of Manhattan project level speed of being able to do these things and that's a real feature to moving all of this excitement and enthusiasm into real.

And then on the reactor front you know one of the great things about the.

Final programs and the benefits there is an ability to move into building a big thing that we have long thought from policy that would be very supportive of nuclear is to move.

Those application and the iterations that come from being able to build and build more quickly. So this is a bit of a dream set of scenarios that I think Carolyn and I long dreamed about when we were starting the company and its all coming together in a very very accretive time for us not just to be positioned to take advantage of it because of where we are as a company and the maturity we have but also the resources we have to.

The frontloaded paperwork to be developed largely or largely as as in parallel as possible with the actual building facilities.

Or that you can do the kind of learning of building while you do the regulatory work. So that you know when you're building one two and you know what your licensing but also you know you can have it builds and then get the final authorizations before you actually load the fuel and actually run the plant and the UAE pathways allow us to do that so we can accelerate timelines and it's bringing forward.

The bear to it so we're very excited that we are selling.

For three of those reactor pilot programs as well as the tooling programs and executing down that as we also scale forward with additional customer.

And the ability to start going from being going from Greenfields and.

Customer development and future sites and deployment opportunities.

The design of a reactor turning reactors on.

Thank you all.

Well it looks like it's going to be less than 12 months for at least what we're doing on the atomic alchemy side as well as some other companies that are pursuing this that were selected under the program that you know if someone said recently kind of Manhattan project level speed of being able to do these things and that's a real feature to moving all of this excitement and enthusiasm into real work.

Thank you again for joining US today. This does conclude today's conference call you may now disconnect.

The application and the iterations that come from being able to build and build more quickly. So this is a bit of a dream set of scenarios that I think Carolyn and I long dreamed about when we were starting the company and its all coming together in a very very accretive time for us not just to be positioned to take advantage of it because of where we are as a company and the maturity. We have but also the resources we have to bring.

Bear do it. So we're very excited that we are selected for three of those reactor pilot programs as well as the fuel and programs and executing down that as we also scale forward with additional custom.

Customer development and future sites and deployment opportunities.

Thank you all.

Thank you again for joining us today. This does conclude today's conference call. You may now disconnect.

Yeah.

[music].

Yeah.

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