Q2 2026 Energy Fuels Inc Earnings Call

Speaker #1: Good day, ladies and gentlemen, and thank you all for joining us for this Energy Fuels second quarter 2026 conference call. As a reminder, all phone participants are in a listen-only mode to prevent any background noise.

Operator 2: Good day, ladies and gentlemen, and thank you all for joining us for this Energy Fuels Q2 2026 Conference Call. As a reminder, all phone participants are in a listen-only mode to prevent any background noise. Later, you will have the opportunity to ask questions. As a reminder, today's session is being recorded. It is now my pleasure to turn the floor over to President and CEO, Mr. Ross Bhappu. Welcome, sir.

Speaker #1: But later, you will have the opportunity to ask questions. As a reminder, today's session is being recorded. It is now my pleasure to turn the floor over to President and CEO, Mr. Ross Bhappu.

Speaker #1: Welcome, sir.

Speaker #2: Good morning and thank you for joining our second quarter earnings call. I'm joined today by Nate Bennett, our CFO, and Nathan Longenecker, our Chief Legal Officer.

Ross Bhappu: Good morning, thank you for joining our Q2 earnings call. I am joined today by Nate Bennett, our CFO, and Nathan Longenecker, our Chief Legal Officer. After today's prepared comments, I will be happy to take questions. Our earnings release and today's live presentation are available on our investor relations website, a replay of today's discussion will also be available on the website. Before we begin, I would like to turn your attention to our safe harbor statements. During today's call, management may use forward-looking statements. All forward-looking statements are based on current assumptions and beliefs as of today. Such statements are subject to risks and uncertainties, for a detailed list of such risks, please refer to our risk factors section within the Form 10-Qs and Form 10-Ks filed with the SEC.

Speaker #2: After today's prepared comments, I'll be happy to take questions. Our earnings release in today's live presentation are available on our investor relations website and a replay of today's discussion will also be available on the website.

Speaker #2: Before we begin, I'd like to turn your attention to our safe harbor statements. During today's call, management may use forward-looking statements. All forward-looking statements are based on current assumptions and beliefs as of today.

Speaker #2: Such statements are subject to risks and uncertainties, and for a detailed list of such risks, please refer to our risk factors section within the 10Qs and 10Ks filed with the SEC.

Speaker #2: ENERGY FUELS is under no obligation to publicly update forward-looking statements after the date of this call, except as otherwise required by applicable legislation. Well, it's been exactly a year since I joined ENERGY FUELS as president, and just over 100 days since I became the CEO.

Ross Bhappu: Energy Fuels is under no obligation to publicly update forward-looking statements after the date of this call, except as otherwise required by applicable legislation. Well, it has been exactly a year since I joined Energy Fuels as President and just over 100 days since I became the CEO. Before we get into this quarter's results, I want to take a little bit of time to first share my reflections on the last 12 months. I joined this company because of its unique position with the industry. Energy Fuels has a deep history and foundational strength within uranium, in the US we are the largest producer of uranium, we own the only permitted, fully operational uranium processing facility, our White Mesa Mill in Blanding, Utah. Over the course of our history, the company has also discovered the ability to process both light and heavy rare earth elements.

Speaker #2: Before we get into this quarter's results, I want to take a little bit of time to first share my reflections on the last 12 months.

Speaker #2: I joined this company because of its unique position with the industry. ENERGY FUELS has a deep history and foundational strength within uranium. And in the U.S., we're the largest producer of uranium, and we own the only permitted, fully operational uranium processing facility.

Speaker #2: Our quite nascent mill in Blanding, Utah. Over the course of our history, the company has also discovered the ability to process both light and heavy rare earth elements.

Speaker #2: The company has identified and acquired, as well as partnered on projects that will supply rare earths to the white mason mill for processing. These projects, the Barramuda project, the Bahia project, and the Donald project, along with our agreements with Chemours, were hand-selected as the most complementary feedstock sources to the future of commercial expansion of the mill.

Ross Bhappu: The company has identified and acquired as well as partnered on projects that will supply rare earths to the White Mesa Mill for processing. These projects, the Vara Mada project, the Bahia project, and the Donald project, along with our agreements with Chemours, were hand-selected as the most complementary feedstock sources to the future of commercial expansion of the mill. That was the stage when I joined the company last year. A great portfolio of assets ready for the next phase of growth. I spent significant time with the team to determine how best to deliver on our ambitions from a view both of operational feasibility and of value creation. As part of our strategic planning process, the picture became quite clear. Rare earth elements are paramount to the future of industry and defense.

Speaker #2: That was the stage when I joined the company last year. A great portfolio of assets, ready for the next phase of growth. I spent significant time with the team to determine how best to deliver on our ambitions, from a view both of operational feasibility and the value creation.

Speaker #2: As part of our strategic planning process, the picture became quite clear. Rare earth elements are paramount to the future of industry and defense. We have access and ability to mine these critical materials in industry-leading ability to process them into oxides.

Ross Bhappu: We have access and ability to mine these critical materials, industry-leading ability to process them into oxides. A major squeeze point in the rare earth magnet manufacturing value chain has long been midstream metallization and alloy making. We took a hard look at the opportunity set, in January, we announced the acquisition of Australian Strategic Materials, ASM as it is called. A deal that is advancing well, we expect to close late this month, only a few weeks away. ASM is a fully operational producer of metals and alloys that will be supplied by our rare earth oxides. Combining these capabilities solves a critical step and a significant pinch point in the value chain, allowing for full integration, which leads to significantly improved economics.

Speaker #2: A major squeeze point in the rare earth magnet manufacturing value chain has long been midstream metalization and alloy making. So we took a hard look at the opportunity set, and in January, we announced the acquisition of Australian Strategic Materials, ASM as it's called.

Speaker #2: A deal that's advancing well, and we expect to close late this month, only a few weeks away. ASM is a fully operational producer of metals and alloys that will be supplied by our rare earth oxides.

Speaker #2: Combining these capabilities solves a critical step and a significant pinch point in the value chain. Allowing for full integration, which leads to significantly improved economics.

Speaker #2: In addition, across the geopolitical landscape, it's become quite clear that the West is very limited in its ability to produce rare earth magnets, required for rapidly growing industries, including automotive, data centers, robotics, and defense.

Ross Bhappu: In addition, across the geopolitical landscape, it's become quite clear that the West is very limited in its ability to produce rare earth magnets required for rapidly growing industries including automotive, data centers, robotics, and defense. In fact, there are very few companies with this capability that can do so at scale. The largest Western company with these capabilities is Vacuumschmelze, more commonly referred to simply as VAC. Our due diligence quickly revealed that VAC's robust capabilities and 100-year history of operations, which accentuated the long-term potential when combined with Energy Fuels and ASM. The company has been producing rare earth permanent magnets for over 40 years, and in the past decade has produced over 1 billion magnets. Let me repeat that. It's produced over 1 billion magnets in the last 10 years.

Speaker #2: In fact, there are very few companies with this capability that can do so at scale. The largest Western company with these capabilities is Vacuum Schmelz.

Speaker #2: More commonly referred to simply as VAC. Our due diligence quickly revealed that VAC's robust capabilities and 100-year history of operations with which accentuated with ENERGY FUELS and ASM.

Speaker #2: The company has been producing rare earth permanent magnets for over 40 years, and in the past decade has produced over 1 billion magnets. Let me repeat that.

Speaker #2: It's produced over a billion magnets in the last 10 years. Keep in mind that these magnets are not what you experimented with in your science or chemistry class.

Ross Bhappu: Keep in mind that these magnets are not what you experimented with in your science or chemistry class. Rather, these are highly engineered and uniquely made for each customer, for each specific application like electric vehicle drive motors, actuators for airplane aileron deployment, smartphones, earbuds, and the list goes on and on. These are prolific in our everyday lives, and VAC has over 1,000 current customers producing over 2,000 individual parts. When we looked at where we are and where we want to be in five years' time, this acquisition made incredible sense, and our respective growth profiles fit like a hand in glove to create a fully integrated mine to magnet platform. We expect the VAC transaction to close in early 2027, subject to customary regulatory approvals. When that happens, we'll have all the pieces of the puzzle to make us completely vertically integrated.

Speaker #2: Rather, these are highly engineered and uniquely made for each customer for each specific application, like electric vehicle drive motors, actuators for airplane aileron deployment, smartphones, earbuds, and the list goes on and on.

Speaker #2: These are prolific in our everyday lives, and VAC has over 1,000 current customers producing over 2,000 individual parts. When we looked at where we are and where we want to be in five years' time, this acquisition made incredible sense, and our respected growth profiles fit like a canned-in-glove to create a fully integrated mine-to-magnet platform.

Speaker #2: We expect the VAC transaction to close in early 2027, subject to customer excuse me, customary regulatory approvals. When that happens, we'll have all the pieces of the puzzle to make us completely vertically integrated: resources, processing, separation, metalization, and alloy making, and now magnet manufacturing.

Ross Bhappu: Resources, processing, separation, metallization, and alloy making, and now magnet manufacturing. As we move through the approval and closing processes of these two incredible organizations, we are readying ourselves to put these pieces together and realize significant value creation across the supply chain. Now our story is about execution. As a first step, we announced the commencement of construction on our Phase I-B and I-C expansion at the White Mesa Mill and the addition of a rare earth MREC processing circuit. MREC is mixed rare earth carbonate. Upon completion, the mill will be equipped to process uranium and rare earth simultaneously, and at commercial scale. This alleviates the decision point that we currently have today, processing either uranium or rare earth minerals. Importantly, it allows us to readily supply our midstream operations at the ASM facility, who will ultimately supply VAC for its magnet manufacturing needs.

Speaker #2: As we move through the approval and closing processes of these two incredible organizations, we are readying ourselves to put these pieces together and realize significant value creation across the supply chain.

Speaker #2: Now, our story is about execution. As a first step, we announced the commencement of construction on our phase 1B and 1C expansion at the white mason mill, and in the addition of a rare earth EMREC processing circuit.

Speaker #2: EMREC is mixed rare earth carbonates. Upon completion, the mill will be equipped to process uranium and rare earth simultaneously, and at commercial scale. This alleviates the decision point that we currently have today.

Speaker #2: Processing either uranium or rare earth minerals but, importantly, it allows us to readily supply our midstream operations at the ASM facility who will ultimately supply VAC for its magnet manufacturing needs.

Speaker #2: We have a lot to do for the path is quite clear, and my job is to make sure we continue to execute. We have a tremendously experienced leadership team at ENERGY FUELS, and we will be joined with an equally talented leader equally talented leaders from both ASM and VAC with the required expertise for operating these key facilities.

Ross Bhappu: We have a lot to do, but the path is quite clear, and my job is to make sure we continue to execute. We have a tremendously experienced leadership team at Energy Fuels, and we will be joined with an equally talented leaders from both ASM and VAC with the required expertise for operating these key facilities. Mine to magnets is a term that gets used quite frequently in our industry. We view ourselves as not just a mine to magnets player, but rather a mine to engineered solutions provider. I can confidently say that we're on a clear path, and we will be the first company in the West, and certainly North America, to have operational and commercial scale facilities that will make us truly vertically integrated from mines to magnets.

Speaker #2: Mine-to-magnets is a term that gets used quite frequently in our industry. We view ourselves as not just a mine-to-magnets player, but a rather a mine-to-engineered solutions provider.

Speaker #2: I can confidently say that we're on a clear path, and we will be the first company in the West and certainly North America to have operational and commercial-scale facilities that will make us truly vertically integrated from mines to magnets.

Speaker #2: I will continue to update you on our progress and future calls, but now let's turn to our second quarter results. Q2 2026 was a strong operational quarter for ENERGY FUELS.

Ross Bhappu: I will continue to update you on our progress in future calls. Now let's turn to our second quarter results. Q2 2026 was a strong operational quarter for Energy Fuels. To highlight, we announced support from the U.S. government with a conditional $725 million loan from the Office of Strategic Capital. We announced the transformative acquisition of VAC. We progressed on the ASM acquisition, which we anticipate closing at the end of August, subject to formal closing procedures. With the closures of these acquisitions, we'll be the West's leading mine to magnet provider. We mined 365,000 pounds of uranium and produced more than 860,000 pounds. We ended the quarter with 2.27 million pounds of uranium in inventory. From a financial perspective, we have a robust balance sheet with nearly a billion dollars of liquidity.

Speaker #2: To highlight, we announced support from the US government with a conditional $725 million loan from the Office of Strategic Capital. We announced a transformative acquisition of VAC.

Speaker #2: We progressed on the ASM acquisition, which we anticipate closing at the end of August, subject to formal closing procedures. With the closures of these acquisitions, we'll be the West's leading mine-to-magnet provider.

Speaker #2: We mined 365,000 pounds of uranium and produced more than 860,000 pounds. We ended the quarter with 2.27 million pounds of uranium in inventory. From a financial perspective, we have a robust balance sheet with nearly a billion dollars of liquidity.

Speaker #2: And during the quarter, we recorded 25 million dollars of revenue from a combination of contract and spot sales. We achieved an industry low production cost of $23 per pound of uranium.

Ross Bhappu: During the quarter, we reported $25 million of revenue from a combination of contract and spot sales. We achieved an industry low production cost of $23 per pound of uranium. This quarter's financial results were weighed by a few heavy one-time items attributable to transaction related costs that Nate's going to walk you through momentarily. I spoke briefly about the clear path that Energy Fuels has ahead of us. As you can see, it's certainly ambitious. However, it's thoughtful and calculated, and as Mark Chalmers, our previous CEO, would say, we're ambitious, but not reckless. As we progress through the remainder of 2026 and into the years ahead, we've staged our capacity and production growth across feedstock processing and separation and magnet manufacturing to ensure our ability to seamlessly integrate our upstream, midstream, and downstream capabilities.

Speaker #2: This quarter’s financial results were weighed by a few heavy one-time items attributable to transaction-related costs that Nate’s going to walk you through momentarily. I spoke briefly about the clear path that Energy Fuels has ahead of us.

Speaker #2: As you can see, it's certainly ambitious. However, it's thoughtful and calculated, and as Mark Chalmers, our previous CEO, would say, "We're ambitious but not reckless." As we progress through the remainder of 2026 and into the years ahead, into the years ahead, we've staged our capacity and production growth across feedstock, processing, and separation, and magnet manufacturing to ensure our ability to seamlessly integrate our upstream, midstream, and downstream capabilities.

Speaker #2: When we enter 2028 with a completed phase 1B and 1C expansion of the white mason mill, we'll be able to source 100% of our feedstock for processing to rare earth oxides.

Ross Bhappu: When we enter 2028 with a completed Phase 1B and Phase 1C expansion of the White Mesa Mill, we'll be able to source 100% of our feedstock for processing to rare earth oxides. That capacity will be sufficient for 70% of the capacity for use at ASM's metallization and alloy making facilities, which will supply sufficient magnet alloy for over 100% of VAC's 2,000 tons of magnet capacity at their manufacturing facility in Sumter, South Carolina, the largest rare earth permanent magnet facility in the United States. To put it in perspective, this volume will provide magnets needed for 800,000 electric vehicles or 4 million conventional vehicles or 1 billion smartphones. These are just amazing levels of production. We anticipate increasing our magnet making capacity at Sumter sixfold through 2031 to 12,000 tons per annum. By far the largest planned facility in the West.

Speaker #2: That capacity will be sufficient for 70% of the capacity for use at ASM's metalization and alloy making facilities, which will supply sufficient magnet alloy for over 100% of VAC's 2,000 tons of magnet capacity at their manufacturing facility in Sumter, South Carolina.

Speaker #2: The largest rare earth permanent magnet facility in the United States. To put it in perspective, this volume will provide magnets needed for 800,000 electric vehicles, or 4 million conventional vehicles, or 1 billion smartphones.

Speaker #2: These are just amazing levels of production. We anticipate increasing our magnet making capacity at Sumter sixfold through 2031 to 12,000 tons per annum. By far, the largest planned facility in the West.

Speaker #2: As we execute our expansions across each of the pillars of our supply chain, including activating rare earth mining projects, that are currently in development and additional expansion of the white mason mill, we expect the ability to supply over 100% of our facilities within our within our fully integrated mine-to-magnet supply chain.

Ross Bhappu: As we execute our expansions across each of the pillars of our supply chain, including activating rare earth mining projects that are currently in development and additional expansion of the White Mesa Mill, we expect the ability to supply over 100% of our facilities within our fully integrated mine to magnet supply chain. This is a capital intensive plan, and we're not shy about that. We've put considerable thought into not only what we intend to do, but also how we can achieve these important milestones. Importantly, our plan is strategically staged and disperses our capital across the next 5 years. We're also starting from a position of strength within our balance sheet, with our balance sheet at quarter end of nearly a billion dollars in liquidity, as mentioned previously.

Speaker #2: This is a capital-intensive plan, and we're not shy about that. We've put considerable thought into not only what we intend to do, but also how we can achieve.

Speaker #2: These important milestones. Importantly, our plan is strategically staged and disperses our capital across the next five years. We're also starting from a position of strength within our balance sheet, with our balance sheet at quarter end of nearly a billion dollars in liquidity, as mentioned previously.

Speaker #2: In addition, our own to our own balance sheet, we have access to multiple government funding sources, as well as the term loan facility from Goldman Sachs.

Ross Bhappu: In addition to our own balance sheet, we have access to multiple government funding sources, as well as the term loan facility from Goldman Sachs. This allows us to be tactical in our capital deployment strategy with multiple levers to pull as we assess the financing of each project. Lastly, a plan is only as good as the team that's leading it. In the past year and also through the ASM and VAC acquisitions, we are assembling a team with deep operational and execution-based experience. This group possesses not only the required technical expertise, but have also been the drivers of transformative projects and acquisitions across our value chain. I'm confident that we have the right people in place to deliver on our ambitious plans. As I turn the call over to Nate to cover our financials, I'd like to leave you with a couple of thoughts.

Speaker #2: This allows us to be tactical in our capital deployment strategy with multiple levers to pull as we assess the financing of each project. Lastly, a plan is only as good as the team that's leading it.

Speaker #2: In the past year and also through the ASM and VAC acquisitions, we are assembling a team with deep operational and execution-based experience. This group possesses not only the required technical expertise, but have also been the drivers of transformative projects and acquisitions across our value chain.

Speaker #2: I'm confident that we have the right people in place to deliver on our ambitious plans. As I turn the call over to Nate to cover our financials, I'd like to leave you with a couple of thoughts.

Speaker #2: Before an EV and electric vehicle vehicle can move, there's a rare earth magnet. Before a reactor can produce power, there's uranium. Before stronger steel can carry greater loads, there's vanadium.

Ross Bhappu: Before an EV, an electric vehicle can move, there's a rare earth magnet. Before a reactor can produce power, there's uranium. Before stronger steel can carry greater loads, there's vanadium. Before robotics and advanced technologies, there are rare earth minerals. The world talks about what comes next. Energy Fuels works to deliver on what comes first. Now I'll hand it over to Nate Bennett. Thanks, Ross. Before I get into the numbers, I'd encourage everyone to review today's discussion alongside our Form 10-Q and other public filings, as those documents provide additional detail and context around our results, risk factors and disclosures. As we continue to grow and diversify the business, it is important to remember that we manage and evaluate our operations by commodity line.

Speaker #2: And before robotics and advanced technologies, there are rare earth minerals. The world talks about what comes next. ENERGY FUELS works to deliver on what comes first.

Speaker #2: Now I'll hand it over to Nate Bennett.

Speaker #3: Thanks, Ross. Before I get into the numbers, I encourage everyone to review today's discussion alongside our Form 10-Q and other public filings as those documents provide additional detail and context around our results, risk factors, and disclosures.

Speaker #3: As we continue to grow and diversify the business, it is important to remember that we've managed and evaluated our operations by commodity line. Today, that primarily includes uranium, while our rare earth and heavy mineral sands, metals, alloys, and magnet businesses continue to advance through development activities and the pending ASM and VAC acquisitions.

Ross Bhappu: Today, that primarily includes uranium, while our rare earth and heavy mineral sands, metals, alloys, and magnet businesses continue to advance through development activities and the pending ASM and VAC acquisitions. For uranium specifically, there are three key metrics we discuss each quarter: pounds mined, pounds processed, and pounds sold. Those metrics do not always move together in a given quarter, and understanding the distinction is important when evaluating our results.

Speaker #3: For uranium specifically, there are three key metrics we discuss each quarter. Pounds mined, pounds processed, and pounds sold. Those metrics do not always move together in a given quarter, and understanding the distinction is important.

Speaker #3: When evaluating our results. Mining reflects the amount of uranium extracted from our deposits. Processing reflects the amount converted into finished U308 at the white mason mill.

Nate Bennett: Mining reflects the amount of uranium extracted from our deposits. Processing reflects the amount converted into finished U3O8 at the White Mesa Mill. Sales reflect pounds delivered into the market under long-term contracts or spot transactions. Because we strategically build and draw inventory over time, these metrics can vary from quarter to quarter while still supporting our long-term operating and commercial plan. With that context, let me walk you through the quarter. Turning to our financial results, Energy Fuels remains in an exceptionally strong financial position. As of 30 June 2026, we had approximately $996 million of working capital and $1.53 billion of total assets, which we believe represents one of the strongest balance sheets in the global uranium and critical minerals sector. During Q2, we reported a net loss of $33.6 million.

Speaker #3: Sales reflect pounds delivered into the market under long-term contracts or spot transactions. Because we strategically build and draw inventory over time, these metrics can vary from quarter to quarter while still supporting our long-term operating and commercial plan.

Speaker #3: With that context, let me walk you through the quarter. Turning to our financial results, ENERGY FUELS remains in an exceptionally strong financial position. As June 30th, 2026, we had approximately $996 million of working capital and $1.53 billion of total assets, which we believe represents one of the strongest balance sheets in the global uranium and critical minerals sector.

Speaker #3: During the second quarter, we've reported a net loss of $33.6 million. As we've discussed before, quarterly earnings can be influenced by the timing of uranium sales, product mix, strategic investments, and transaction-related expenses.

Nate Bennett: As we've discussed before, quarterly earnings can be influenced by the timing of uranium sales, product mix, strategic investments, and transaction-related expenses. Importantly, the fundamentals of the business remain strong. Our uranium segment generated $25 million of revenue, approximately $14 million of gross profit, and a 57% gross margin during the quarter. The segment continues to generate positive operating income while supporting exploration, development, and corporate costs, demonstrating that our uranium business provides a solid financial foundation for the company. The losses incurred with our rare earth elements and heavy mineral sands businesses primarily reflect planned investments to advance these projects towards future production, including engineering, permitting, infrastructure development, and organizational growth. We also incurred approximately $10.7 million of acquisition and integration related costs associated with the ASM and VAC transactions.

Speaker #3: Importantly, the fundamentals of the business remain strong. Our uranium segment generated $25 million of revenue, approximately $14 million of gross profit, and a $57% gross margin during the quarter.

Speaker #3: The segment continues to generate positive operating income while supporting exploration, development, and corporate costs, demonstrating that our uranium business provides a solid financial foundation for the company.

Speaker #3: The losses incurred with our rare earth elements and heavy mineral sands businesses primarily reflect planned investments to advance these projects towards future production, including engineering, permitting, infrastructure development, and organizational growth.

Speaker #3: We also incurred approximately $10.7 million of acquisition and integration-related costs associated with the ASM and VAC transactions. These expenditures support our strategy of building a fully integrated, critical minerals platform spanning mining, processing, separation, and downstream magnet manufacturing.

Nate Bennett: These expenditures support our strategy of building a fully integrated critical minerals platform spanning mining, processing, separation, and downstream magnet manufacturing. Overall, our financial strategy remains unchanged: maintain a strong balance sheet, generate cash flow from our uranium business, preserve commercial flexibility, and invest prudently in the growth initiatives that we believe will create significant long-term shareholder value. Turning to uranium inventories and costs. One of the most encouraging trends we continue to see is the decline in uranium inventory costs, driven largely by the strong production performance and low-cost profile of Pinyon Plain. At quarter end, our finished U3O8 inventory carried an average cost of approximately $33.92 per pound, down from approximately $36 per pound at the end of Q1 and continuing the downward trend we have seen over the past several quarters.

Speaker #3: Overall, our financial strategy remains unchanged, maintaining strong balance sheet, generate cash flow from our uranium business, preserve commercial flexibility, and invest prudently in the growth initiatives that we believe will create significant long-term shareholder value.

Speaker #3: Turning to uranium inventories and costs. One of the most encouraging trends we continue to see is the decline in uranium inventory costs driven largely by the strong production performance and low-cost profile of Binion Plain.

Speaker #3: At quarter end, our finished U308 inventory carried an average cost of approximately $33.92 per pound, down from approximately $36 per pound at the end of the first quarter and continuing the downward trend we have seen over the past several quarters.

Speaker #3: Looking ahead, we expect inventory costs to continue declining as additional low-cost Binion Plain production moves through inventory. This is consistent with the operating and economic benefits we have expected from Binion Plain, including higher grades, increased production volumes, and continued operating efficiencies.

Nate Bennett: Looking ahead, we expect inventory costs to continue declining as additional low-cost Pinyon Plain production moves through inventory. This is consistent with the operating and economic benefits we have expected from Pinyon Plain, including higher grades, increased production volumes, and continued operating efficiencies. Our uranium inventory remains a significant strategic asset with approximately 2.27 million pounds of U3O8 in inventory at quarter end. We have the flexibility to support long-term contract deliveries, pursue spot market opportunities when market conditions warrant, and manage production and sales activities to maximize value. Overall, we believe our declining inventory costs, future production base, and substantial inventory position continue to strengthen the profitability and strategic flexibility of our uranium business.

Speaker #3: Our uranium inventory remains a significant strategic asset, with approximately U308 in inventory at quarter end. We have the flexibility to support long-term contract deliveries pursued spot market opportunities when market conditions warrant and manage production and sales activities to maximize value.

Speaker #3: Overall, we believe our declining inventory costs, future production base, and substantial inventory position continue to strengthen the profitability and strategic flexibility of our uranium business.

Speaker #3: Looking at operations moving forward, the White Mesa Mill successfully completed the current uranium processing campaign during the second quarter, producing approximately 1.7 million pounds of finished U3O8 during the first half of 2026 and achieving our annual process production guidance range ahead of schedule.

Nate Bennett: Looking at operations moving forward, the White Mesa Mill successfully completed the current uranium processing campaign during Q2, producing approximately 1.7 million pounds of finished U3O8 during H1 2026 and achieving our annual processed production guidance range ahead of schedule. The mill has now transitioned into a planned maintenance period with uranium processing expected to resume in Q4 2026 or early 2027. Pinyon Plain continues to perform exceptionally well and is delivering the low-cost production profile we anticipated. During the campaign, our average mining and transportation costs were approximately $14 per pound of recovered U3O8, while mill processing costs averaged approximately $9 per pound. Combined, those costs resulted in a total weighted average production cost of approximately $23 per pound of recovered U3O8, which was at the bottom end of our previously communicated cost range of $23 to $30 per pound.

Speaker #3: The mill has now transitioned into a planned maintenance period with uranium processing expected to resume in the fourth quarter of 2026 or early 2027.

Speaker #3: Binion Plain continues to perform exceptionally well and is delivering the low-cost production profile we anticipated. During the campaign, our average mining and transportation costs were approximately $14 per pound of recovered U308, while mill processing costs averaged approximately $9 per pound.

Speaker #3: Combined, those costs resulted in a total weighted average production cost of approximately $23 per pound of recovered U308, which was at the bottom end of our previously communicated cost range of $23 to $30 per pound.

Speaker #3: We believe these results demonstrate both the high-grade nature of the Binion Plain deposit and the efficiency of our integrated mining and milling platform. Our priority remains consistent: convert low-cost ore into reliable uranium pounds, continue to improve efficiency across the system, and do so without compromising safety or compliance.

Nate Bennett: We believe these results demonstrate both the high-grade nature of the Pinyon Plain deposit and the efficiency of our integrated mining and milling platform. Our priority remains consistent. Convert low-cost ore to reliable uranium pounds, continue to improve efficiency across the system, and do so without compromising safety or compliance. Turning to our guidance. Our uranium production performance through H1 2026 positions us very well relative to our full year outlook, and we are maintaining our 2026 guidance. Having processed approximately 1.7 million pounds of finished U3O8 during the first six months of the year, we have already achieved production within our full year finished uranium production guidance range of 1.5 million to 2.5 million pounds of U3O8. We also remain on track to achieve our 2026 uranium sales guidance.

Speaker #3: Turning to our guidance, our uranium production performance through the first half of the 2026 positions us very well relative to our full-year outlook, and we are maintaining our 2026 guidance.

Speaker #3: Having processed approximately $1.7 million pounds of finished U308 during the first six months of the year, we have already achieved production within our full-year finished uranium production guidance range of $1.5 million to $2.5 million pounds of U308.

Speaker #3: We also remain on track to achieve our 2026 uranium sales guidance, consistent with our commercial strategy. We expect a combination of opportunistic spot market sales and deliveries under our remaining long-term contractual commitments to drive sales during the remainder of the year.

Nate Bennett: Consistent with our commercial strategy, we expect a combination of opportunistic spot market sale and deliveries under our remaining long-term contractual commitments to drive sales during the remainder of the year. Planned maintenance at the White Mesa Mill during H2 2026 provides an opportunity to complete improvements that support future uranium operations, continued rare earth element initiatives, including beginning construction to expand our Phase 1 circuits, and overall long-term operating efficiency. We currently expect uranium processing to resume in Q4 2026 or early 2027. This operational flexibility remains a significant advantage at the White Mesa Mill. While the mill undergoes planned maintenance, our mining operations remain fully active, and we continue to expect to mine more than 2 million pounds of contained U3O8 in 2026 while maintaining our focus on safe, disciplined execution.

Speaker #3: Planned maintenance at the white mason mill during the second half of 2026 provides an opportunity to complete improvements that support future uranium operations continued rare earth element initiatives, including beginning construction to expand our phase one circuits and overall long-term operating efficiency.

Speaker #3: We currently expect uranium processing to resume in the fourth quarter of 2026 or early 2027. This operational flexibility remains a significant advantage at the white mason mill.

Speaker #3: While the mill undergoes planned maintenance, our mining operations remain fully active and we continue to expect to mine more than 2 million pounds of contained U308 in 2026 while maintaining our focus on safe, disciplined execution.

Speaker #3: We also expect uranium grades to improve during the second half of 2026 as mining advances into higher grade zones at Binion Plain. As we have noted previously, grade variability is a normal characteristic of underground mining operations, and it's fully reflected in our mine plans, production forecasts, and annual guidance expectations.

Nate Bennett: We also expect uranium grades to improve during H2 2026 as mining advances into higher-grade zones at Pinyon Plain. As we have noted previously, grade variability is a normal characteristic of underground mining operations and is fully reflected in our mine plans, production forecasts, and annual guidance expectations. Overall, we believe the combination of strong H1 production, low-cost performance, continued mining activity, and improving grade positions us well to execute on our strategy and create long-term value for our shareholders. With that, I'll turn it back to Ross.

Speaker #3: Overall, we believe the combination of strong first-half production, low-cost performance, continued mining activity, and improving grade positions us well to execute on our strategy and create long-term value for our shareholders.

Speaker #3: With that, I'll turn it back to Ross.

Speaker #1: Thank you, Nate. With that, I'd like to conclude with a few comments and summary about where we are in 2026. First of all, we remain the U.S.

Ross Bhappu: Thank you, Nate. With that, I'd like to conclude with a few comments in summary about where we are in 2026. First of all, we remain the US largest producer of uranium, a position we intend to hold for an extended period. Importantly, with rare earths, we've piloted at both dysprosium and terbium, and that work is complete, and now we've moved on to gadolinium and potentially other heavy rare earth oxides. The Phase 1 rare earth expansion at the mill is underway, and we expect to commercially produce heavy rare earth oxides in late 2027, and that's going to include both terbium and dysprosium. The Phase Two expansion at the mill is advancing.

Speaker #1: largest producer of uranium, a position we intend to hold for an extended period. Importantly, with rare earths, we've piloted both dysprosium and terbium, and that work is complete, and now we've moved on to gadolinium and potentially other heavy rare earth oxides.

Speaker #1: The phase one rare earth expansion at the mill is underway, and we expect commercially produced heavy rare earth oxides in late 2027. That's going to include both terbium and dysprosium.

Speaker #1: The phase two expansion at the mill is advancing. As you recall, we released our feasibility study results earlier this year, and demonstrated a total capacity of up to over 6,000 tons of NDPR, about 300 tons per annum of dysprosium and 80 tons per annum of terbium oxides.

Ross Bhappu: As you recall, we released our feasibility study results earlier this year and demonstrated a total capacity of up to over 6,000 tons of NdPr, about 300 tons per annum of dysprosium, and 80 tons per annum of terbium oxides. Permitting is underway, and we plan on commissioning this facility in late 2029. The Donald project FID is expected as early as Q3 2026, so here in just the next few months, including potential offtake and sales and financing options. We continue to pursue permits and government approvals and suitable stability agreements with the government of Madagascar to support an FID on the Vara Mada project in the near future. Finally, we've obtained exploration permits in 2025 for our Bahia project that has allowed us to restart drilling. We hope to have a resource estimate later this year or in early 2027.

Speaker #1: Permitting is underway, and we planned on commissioning this facility in late 2029. The Donald Project F ideas is expected as early as Q3 2026, so here in just the next few months, including potential offtake and sales and financing options.

Speaker #1: We continue to pursue permits and government approvals and suitable stability agreements with the government of Madagascar to support an F idea on the Baramata Project in the near future.

Speaker #1: And finally, we've obtained exploration permits in 2025 for our Bahia Project that has allowed us to restart drilling. We hope to have a resource estimate later this year.

Speaker #1: Or in early 2027. So with that, I'd like to thank you for joining the call today. I appreciate your interest and I appreciate your support of ENERGY FUELS, and we will now take questions from the audience.

Ross Bhappu: With that, I'd like to thank you for joining the call today. I appreciate your interest, and I appreciate your support of Energy Fuels, and we will now take questions from the audience. Thank you.

Speaker #1: Thank you.

Speaker #2: Great. I think.

Nate Bennett: Great.

Operator 2: At this time, we will begin the question and answer section. If you would like to ask a question, please press star, then the number one on your telephone keypad to raise your hand and join the queue. If you would like to withdraw your question, simply press star one again. Your first question comes from Brian Lee with Goldman Sachs. Your line is open.

Speaker #4: At this time, we will begin the question and answer session. If you would like to ask a question, please press star, then the number 1 on your telephone keypad to raise your hand and join the queue.

Speaker #4: If you would like to withdraw your question, simply press star 1 again. Your first question comes from Brian Lee, with Goldman Sachs. Your line is open.

Speaker #5: Hey, guys. Good morning. Thanks for taking the questions. And maybe this is semantics, but it sounded like on the Donald F ID timing, you mentioned as early as Q3, which is in the next couple months.

Brian Lee: Hey, guys. Good morning. Thanks for taking the questions. Maybe this is semantics, but it sounded like on the Donald FID timing, you mentioned as early as Q3, which is in the next couple of months. In the past, I thought you had kind of characterized it as by Q3, so wondering if there is an update, any incremental visibility on what's happening there in terms of Donald. To the extent that Donald doesn't come online as quickly as you'd like, can you give us a sense of what the strategy would be in terms of sourcing monazite and feedstock outside of internal sources?

Speaker #5: In the past, I thought you had kind of characterized it as by Q3. So wondering if there is an update, any incremental visibility on what's happening there in terms of Donald.

Speaker #5: And then to the extent that Donald doesn't come online as quickly as you'd like, can you give us a sense of what this strategy would be in terms of sourcing monazite and feedstock outside of internal sources?

Speaker #2: Yeah. First of all, Brian, thanks for joining us. I'm always appreciate your questions. So yeah, Donald F ID has been delayed a bit this year, unfortunately, but I think we're making very good progress.

Nate Bennett: Yeah. First of all, Brian, thanks for joining us. I always appreciate your questions. Yeah, Donald FID has been delayed a bit this year, unfortunately, but I think we're making very good progress. The key for us is finalizing our financing program, and I think we've made great progress on that. We continue to work with the financing alternatives that we have there. We're focused on financing it in Australia. I'll be heading to Australia a week after next to hopefully progress that and see what we can do to get it finalized and get that FID off as quick as we can. If there are delays, and we do have backup plans, I would point you to the fact that we have an existing agreement with Chemours, where we are taking monazite from Chemours, and those come from Florida and Georgia, their operations there.

Speaker #2: The key for us is financing sorry, finalizing our financing program. And I think we've made great progress on that. We continue to work with the financing alternatives that we have there.

Speaker #2: We're focused on financing it in Australia. I'll be heading to Australia a week after next to hopefully progress that and see what we can do to get it finalized and get that FID off as quick as we can.

Speaker #2: If there are delays, and we do have backup plans. I would point you to the fact that we have an existing agreement with Chemours where we are taking monazite from Chemours.

Speaker #2: And those come from Florida and Georgia. Their operations there. So that'll continue. We've also announced that we're putting in an MREC facility. That was the announcement we made just last week.

Nate Bennett: That'll continue. We've also announced that we're putting in an MREC facility. That was the announcement we made just last week, I think it was.

Speaker #2: I think it was. And that MREC facility will allow us to take feedstock from ionic clay producers. And there's a number of them in Brazil and different parts of Asia.

Ross Bhappu: That MREC facility will allow us to take feedstock from ionic clay producers. There's a number of them in Brazil, in different parts of Asia, different parts of the world. We will source MREC, which is a mixed rare earth carbonate. We'll source that MREC to feed that facility, and that should be operational late next year or early 2028. We do have backup plans. In addition, we've had a lot of discussions with different heavy mineral sands producers that have historically either put their monazite in waste dumps or they send it to China, because they don't have other options. Again, we have the ability to process that. We do have backup plans, but we're very hopeful and very confident that we'll be able to finalize our financing and get Donald FID made here in the next couple of months.

Speaker #2: Different parts of the world. So we will source MREC, which is a mixed rare earth carbonate. We'll source that MREC to feed that facility.

Speaker #2: And that should be operational late next year, early 2028. So we do have backup plans. In addition, we've had a lot of discussions with different heavy mineral sands producers.

Speaker #2: That have historically either put their monazite in waste dumps or they send it to China. Because they don't have other options. And again, we have the ability to process that.

Speaker #2: So we do have backup plans, but we're very hopeful and very confident that we'll be able to finalize our financing and get the Donald F ID made.

Speaker #2: Here in the next couple of months. So yeah, very, very active on that right now.

Ross Bhappu: Yeah, very active on that right now.

Speaker #5: Yeah, that's great. Helpful context. And then maybe just a question on the operations. Cost improved nicely. Kudos there. We'd be curious, as you near your next processing campaign, is this the sort of cadence we should expect from a cost perspective?

Brian Lee: Yeah, that's great helpful context. Maybe just a question on the operations. Cost improved nicely. Kudos there. We'll be curious as you near your next processing campaign, is this the sort of cadence we should expect from a cost perspective? Processed pounds increasing quarter to quarter and then cost starting out a little higher, but then coming down sequentially? Or is this the new cost level that we should expect into Q4, end of year? Thanks, guys.

Speaker #5: Process pounds are increasing quarter to quarter, and then costs are starting out a little higher but then coming down sequentially. Or is this the new cost level that we should expect going into Q4 and end of year?

Speaker #5: Thanks, guys.

Speaker #2: Yeah. Thank you again, Brian. Look, our cost basis of we're working out higher cost inventory. So our overall cost of sales cost of goods sold is reducing because we're kind of catching up with the current cost.

Ross Bhappu: Yeah. Thank you again, Brian. Look, our cost base is simple. We're working out higher cost inventory, our overall cost of sales, cost of goods sold is reducing because we're kind of catching up with the current costs. The costs have been dropping. I think they will equalize or equilibrate here over the next couple of quarters. We've been very fortunate with the Pinyon Plain mine that we're mining high grades and those result in low cost operations. We're confident that, at least in the near term, we're going to continue seeing costs sort of in the neighborhood of where we've been experiencing. Yeah, it's really a function of very good grades at that mine. As long as those continue, we'll maintain a low cost profile. Look, just one other thing on that is the White Mesa Mill continues to operate very effectively and efficiently.

Speaker #2: So the costs have been dropping. I think they will equalize or equilibrate here over the next couple of quarters. We've been very fortunate with the Pinion Plain Mine that we're mining high grades, and those result in low-cost operations.

Speaker #2: So we're confident that at least in the near term, we're going to continue seeing costs sort of in the neighborhood of where we've where we've been experiencing.

Speaker #2: So yeah, it's really a function of very good grades at that mine. And as long as those continue, we'll be we'll maintain a low cost profile.

Speaker #2: Look, just one other thing on that: the White Mesa Mill continues to operate very effectively and efficiently. I would just remind our listeners that the White Mesa Mill has a higher capacity than our mines do.

Ross Bhappu: I would just remind our listeners that the White Mesa Mill has a higher capacity than our mines do. That's why we campaign it. That's why, as Nate mentioned, we ran the mill for the H1 of the year. We're now replenishing our stockpile for the mill, and that's why we're going to start it up again later in Q4. Hopefully that answers your question, Brian.

Speaker #2: So that's why we campaign it. And that's why as Nate mentioned, we ran the mill for the first half of the year. We're now replenishing our stockpile for the mill.

Speaker #2: And that's why we're going to start it up again later in Q4. So hopefully that answers your question, Brian.

Speaker #5: Absolutely. Appreciate the additional color and I'll pass it on. Thanks, guys.

Brian Lee: Absolutely. Appreciate the additional color, I'll pass it on. Thanks, guys.

Speaker #2: Thanks.

Ross Bhappu: Thanks.

Speaker #4: Your next question comes from Nick Giles, with B Reilly, Securities. Your line is open.

Operator 2: Your next question comes from Nick Giles with B. Riley Securities. Your line is open.

Speaker #6: Yeah. Good morning, guys. Thanks for taking my questions. Maybe just my first one. On the OSC facility, what are the kind of remaining conditions to close?

Nick Giles: Yeah. Good morning, guys. Thanks for taking my questions. Maybe just my first one on the OSC facility. What are the kind of remaining conditions to close, when would you expect that first disbursement? Just curious on what kind of some of those steps are between now and then.

Speaker #6: And when would you expect that first disbursement? Just curious on what kind of some of those steps are between now and then.

Speaker #2: Yeah. First of all, Nick, thanks. Thanks for joining us. Thanks for the question. I'm not sure exactly what we've disclosed, but there are a number of conditions precedent to drawing down on that facility.

Ross Bhappu: Yeah. First of all, Nick, thanks. Thanks for joining us. Thanks for the question. I'm not sure exactly what we've disclosed, there are a number of conditions precedent to drawing down on that facility. We're in the middle of legal work, legal documentation, there are a few conditions precedent that we've also been focused on. Advancing some of the projects is part of that. I think there's a few different steps that we have. Recall that the OSC financing is meant for the White Mesa Mill expansion that we just announced. The Phase 1B and 1C is included as part of that. The Phase Two expansion, which we're working on our permitting for that. We wouldn't draw money down on that until we're further advanced on permitting.

Speaker #2: We're in the middle of legal work, legal documentation, but there are a few conditions precedent that we've also been focused on. Advancing some of the projects is part of that.

Speaker #2: I think there's a few different steps that we have. Recall that the OSC financing has meant for the White Mesa Mill expansion that we just announced.

Speaker #2: So, the phase one B and C is included as part of that. The phase two expansion, which we're working on our permitting for.

Speaker #2: So we wouldn't draw money down on that until we've further advanced on permitting. And then the third category of use of those funds is the construction of the American Metals plant, which is effectively replicating what we have in South Korea and building a sister plant here in the US to process metals and alloys.

Ross Bhappu: The third category of use of those funds is the construction of the American Metals Plant, which is effectively replicating what we have in South Korea and building a sister plant here in the US to process metals and alloys. We need to advance on that as well. The drawdown of the funds in the near term or the nearer term would be for the Phase 1B and 1C, which again, we announced last week. We'll be progressing on that construction over the course of the rest of this year and through 2027. To be honest, we don't need the funds probably until early in 2027, when we would hope to be able to draw down on them.

Speaker #2: So we need to advance on that as well. So the drawdown of the funds in the near term or the nearer term would be for the phase one, B and C, which again, we announced last week.

Speaker #2: And we'll be progressing on that construction over the course of the rest of this year and through 2027. So to be honest, we don't need the funds probably until early in 2027.

Speaker #2: When we would hope to be able to draw down on them.

Speaker #6: Understood. No, thanks for that color, Ross. And maybe just to follow up, it was good to see the announcement the other day of construction commencing.

Nick Giles: Understood. No, thanks for that color, Ross. Maybe just to follow up, it was good to see the announcement the other day of construction commencing. Have you disclosed just how much capital will be spent across the balance of 2026 versus what would be left in 2027?

Speaker #6: Have you disclosed just how much capital will be spent across the balance of 2026 versus what would be left in 2027?

Speaker #2: No, I don't believe we've provided that. And I'm just trying to think through. Nate, correct me if I'm wrong. I don't believe we've provided cash flows or capital expenditures.

Ross Bhappu: No, I don't believe we've provided that. I'm just trying to think through. Nate, correct me if I'm wrong. I don't believe we've provided cash flows or capital expenditures.

Speaker #3: No, we haven't. But just kind of thinking how you spread it out over the construction period, I mean, it's 104 million. We probably expect about a fourth of that through 2026 and the remaining amount of that during 2027 as you plan out the project and spend over the construction phase.

Nate Bennett: No, we haven't. Just kind of thinking how you spread it out over the construction period. It's $104 million. We probably expect about a fourth of that through 2026 and the remaining amount of that during 2027 as you plan out the project and spend over the construction phase.

Speaker #6: Got it. Okay. Thanks for that. And then maybe switching gears if I could. You've talked about the path to roughly 5 million pounds of uranium production.

Nick Giles: Got it. Okay, thanks for that. Maybe switching gears, if I could. You've talked about the path to roughly 5 million pounds of uranium production. If we see term prices continue to strengthen, what would it take to bring Whirlwind and Nichols Ranch back, both from a kind of capital perspective, and then what kind of the timing of that decision would look like?

Speaker #6: So if we see term prices continue to strengthen, what would it take to bring whirlwind and nickels ranch back both from a kind of capital perspective and then what kind of the timing of that decision would look like?

Speaker #2: Yeah, so Nickels Ranch, for example, is fully permitted. It's fully constructed. It's really sitting on care and maintenance—on standby. To be honest, it'll take probably four to six months once we make the decision to restart that operation.

Ross Bhappu: Yeah. Nichols Ranch, for example, is fully permitted, it's fully constructed. It's sitting really on care and maintenance, on standby. To be honest, it'll take probably 4 to 6 months once we make the decision to restart that operation. The CapEx requirements are going to be fairly low. I think the bigger issue is getting the crews in place and getting the team in place to get it operational. Whirlwind, I think it would be a bit longer. Look, I think we're in very good shape if prices start to increase or increase a fair bit, which we anticipate they'll do over the course of the next couple of years. We would bring those back into production fairly quickly. CapEx requirements, again, pretty minimal for Nichols Ranch. We're talking a fairly low amount, to be honest with you.

Speaker #2: The CAPEX requirements are going to be fairly low. I think the bigger issue is getting the crews in place and getting the team in place to get it operational.

Speaker #2: Whirlwind, I think, is it would be a bit longer. So look, I think we're in very good shape. If prices start to increase or increase a fair bit, which we anticipate they'll do over the course of the next couple of years, we would bring those back into production fairly quickly.

Speaker #2: Capex requirements, again, pretty minimal for nickels ranch. We're talking yeah, a fairly low amount, to be honest with you. I don't have an exact number, and I hate to throw one out without having a hard data in front of me.

Ross Bhappu: I don't have an exact number, and I hate to throw one out without having the hard data in front of me. Suffice it to say, it's a fully built, ready-to-go project. Of course, it's an ISR project, so as you advance that, you would do further production and recovery wells, so there's a bit of drilling expenses involved with it. Nichols Ranch in particular is effectively ready to go once we make the decision to restart it.

Speaker #2: But suffice it to say, it's a fully built ready-to-go project. Of course, it's an ISR project. So as you advance that, you would do further production and recovery wells.

Speaker #2: So there's a bit of drilling expenses involved with it. But nickels ranch in particular would is effectively ready to go once we make the decision to restart it.

Speaker #6: Understood. No, that's very helpful. Well, guys, I appreciate the update. And continue best of luck.

Nick Giles: Understood. No, that's very helpful. Well, guys, I appreciate the update and continued best of luck.

Speaker #2: Great. Thank you, Nick. Appreciate the questions.

Ross Bhappu: Great. Thank you, Nick. Appreciate the questions.

Speaker #4: Your next question comes from Joseph Reagor, with Ross Capital Partners. Your line is open.

Operator 2: Your next question comes from Joseph Reagor with Roth Capital Partners. Your line is open.

Speaker #7: Hey, Ross and team. Thanks for taking the questions. Also, it was very helpful to have the breakout and slide deck on capex spend and timing.

Joseph Reagor: Hey, Ross and team. Thanks for taking the questions. It was very helpful to have the breakout, the slide deck on CapEx spend and timing. As you guys think about all the tools that you guys have to fund the small gaps that exist, what is your preference as far as forms of capital raising as you look out both the near term aspects and the long term ones?

Speaker #7: As you guys think about all the tools that you guys have to fund the small gaps that exist, what is your preference as far as forms of capital raising?

Speaker #7: As you look out, both the near-term aspects and the long-term ones.

Speaker #2: Yeah. First of all, thank you, Joe. Great to talk to you. And thanks for the question. So first of all, I think we're sitting on a very healthy balance sheet.

Ross Bhappu: Yeah. First of all, thank you, Joe. Great to talk to you, and thanks for the question. First of all, I think we're sitting on a very healthy balance sheet, $596, call it $1 billion of liquidity, effectively cash for the most part. That puts us in a very healthy position there. Now, of course, we will be using a good chunk of that for closing the VAC acquisition, which will be later next year, or sorry, early next year. Then we did put in place a term loan facility from Goldman Sachs for $250 million. That's really there as almost a standby facility for us to use if needed, and we're not sure we're going to need it, but it's nice to have sort of in our back pocket.

Speaker #2: 996, I call it a billion dollars of liquidity effectively cash for the most part. That puts us in a very healthy position there. Now, of course, we will be using a good chunk of that for closing the VAC acquisition, which will be later next year or sorry, early next year.

Speaker #2: And then we did put in place a term loan facility from Goldman Sachs for 250 million. And that's really there is almost a standby facility for us to use if needed.

Speaker #2: And we're not sure we're going to need it, but it's nice to have sort of in our back pocket. As we look forward, I mean, I think there's a whole host of ways that we could look at raising additional money.

Ross Bhappu: As we look forward, I think there's a whole host of ways that we could look at raising additional money. My goal, Joe, is to minimize dilution to the extent possible. Anytime we go back and have to raise money, I'm going to explore every option that I have available without dilution. Now, just on that, my view on dilution is maybe a bit different. If it's accretive, I hate to think of it as dilution and think of it more as accretion. If we do come back to the equity markets, it'll be accretive to our balance sheet and developing and progressing on our business plan. Again, I'm exploring all sorts of options that we have available to us to raise money, and we'll continue to explore those.

Speaker #2: My goal, Joe, is to minimize dilution to the extent possible. So, anytime we go back and have to raise money, I'm going to explore every option that I have available without dilution.

Speaker #2: Now, just on that, my view on dilution is maybe a bit different. I mean, if it's a creative, I hate to think of it as dilution and think of it more as accretion.

Speaker #2: But if we do come back to the equity markets, it'll be a creative to our balance sheet to and developing and progressing on our business plan.

Speaker #2: But again, I'm exploring all sorts of options that we have available to us to raise money. And we'll continue to explore those. But look, I think we're in a very good financial position today.

Ross Bhappu: Look, I think we're in a very good financial position today and very confident with where we are. Sorry, one other thing I'll just mention, keep in mind that we will generate cash flow from the VAC acquisition and from the ASM acquisition as well. Those all get weighed into the equation.

Speaker #2: And very confident with where we are. And sorry, one other thing I just wanted to mention—keep in mind that we will generate cash flow from the VAC acquisition and from the ASM acquisition as well.

Speaker #2: So those all get weighed into the equation.

Speaker #7: Okay, fair enough. The other question I have is: as you look across the landscape of rare earth projects in the world, do you see alternative potential sources out there if any one of the projects were to be delayed?

Joseph Reagor: Okay. Fair enough. The other question I had is, as you look across the landscape of rare earth projects in the world, do you see alternative potential sources out there if any one of the projects were to be delayed? Obviously, Donald's been pushed back a little bit, not meaningfully. Are there other potential sources you guys are seeing come forward that might be of interest or ways to partner with people to get a portion of a project that, say, isn't 100% a rare earth project?

Speaker #7: Obviously, Donald's been pushed back a little bit, but not meaningfully. But are there other potential sources you guys are seeing come forward that might be of interest or ways to partner with people to get a portion of a project that, say, isn't 100% of rare earth project?

Speaker #2: Yeah. Yeah. It's a really good point. And something that we think about all the time once we make the commitment for phase two, we need to make sure we have feed to fill that 50 or 60,000 tons of monazite per year that we'll be capable of processing.

Ross Bhappu: Yeah. It's a really good point and something that we think about all the time. Once we make the commitment for Phase Two, we need to make sure we have feed to fill that 50,000 or 60,000 tons of monazite per year that we'll be capable of processing. That is front and center in what we're thinking about. First of all, let me just say, I think we're very confident in our FID for the Donald project being made in the near term. Vara Mada continues to advance, and we're confident that we'll have it in a position to sign an investment agreement and move that project forward here in the near term. Should those be delayed, should the Bahia project in Brazil be delayed, we are looking at alternatives.

Speaker #2: So that is front and center in what we're thinking about. First of all, let me just say, I think we're very confident in our FID for the Donald project being made in the near term.

Speaker #2: Varamada continues to advance and we're confident that we'll have be in a position to sign an investment agreement and move that project forward here in the near term.

Speaker #2: But should those be delayed, should the Bahia project in Brazil be delayed, we are looking at alternatives. There's a number of heavy mineral sands producers out there that are either not extracting, not processing their monazite.

Ross Bhappu: There's a number of heavy mineral sands producers out there that are either not extracting, not processing their monazite, so it's going into tailings, or they're processing, producing monazite, and sending it to China. We would be a much better alternative for those sources of feed, and we're having discussions with a number of those different groups. Look, we'll continue to have discussions and we want to have access to that offtake. The third source of feed is MREC, the mixed rare earth carbonates. There's a number of producers of MREC that are out there that are looking for a home. One of the key differentiators is we have the ability to process radionuclides that are always contained in MREC, really in any rare earth feed. It's a differentiator for us.

Speaker #2: So it's going into tailings. Or they're processing, producing monazite and sending it to China. We would we would be a much better alternative for those sources of feed and we're having discussions with a number of those different groups.

Speaker #2: And look, we'll continue to have discussions and we want to have access to that offtake. And then the third source of feed is MRAC, the mixed rare earth carbonates.

Speaker #2: And there's a number of producers of MRAC that are out there that are looking for a home one of the key differentiators is we have the ability to process radionucleides that are always contained in MRAC, really in any rare earth feed.

Speaker #2: And so it's a differentiator for us. It gives us a tremendous sort of leg up and competitive advantage as a buyer of those monazite and MRAC feeds.

Ross Bhappu: It gives us a tremendous sort of leg up and competitive advantage as a buyer of those monazite and MREC feeds. We'll have the ability to process MREC as early as the end of next year. Again, I think there's a number of interesting sources of that out there as well.

Speaker #2: So we'll have the ability to process MRAC as early as the end of next year and again, I think there's a number of interesting sources of that out there as well.

Speaker #7: Thanks. Very helpful. I'll turn it over.

Joseph Reagor: Thanks, very helpful. I'll turn it over.

Speaker #2: Thanks, Joe. Appreciate the question.

Ross Bhappu: Thanks, Joe. Appreciate the question.

Operator 2: Your next question comes from Heiko Ihle with H.C. Wainwright. Your line is open.

Speaker #4: Comes from Heiko Ihle, with HC Wainwright. Your line is open.

Heiko Ihle: Hello, Ross and team. Thanks for taking my questions. Most have been answered, but just a few little things here. Obviously, the Australian Strategic Materials acquisition should be closing here by the end of the month. Just to clarify, what steps besides the shareholder approval are still outstanding, or I guess asked differently, what regulatory issues are open and which court cases need to settle for this to close?

Speaker #6: Hello, Ross and team. Thanks for taking my questions most have been answered, but just a few little things here. Obviously, the Australian Strategic Materials Acquisition should be closing here by the end of the month.

Speaker #6: Just to clarify, what steps besides the shareholder approval are still outstanding? Or I guess ask differently, what regulatory issues are open and which court cases need to settle for this to close?

Ross Bhappu: Well, first of all, hi, Heiko. Good to talk to you, and I appreciate the question. The ASM acquisition is advancing very well. There's a very well-defined process in Australia when you acquire these. I might turn it over to Nathan just to talk a little bit more in detail about it.

Speaker #2: Well, first of all, hi, Heiko. Good to talk to you and I appreciate the question. So the ASM acquisition is advancing very well. We've there's a very well-defined process in Australia when you acquire these.

Speaker #2: So I might turn it over to Nathan just to mention to talk a little bit more in detail about it.

Speaker #3: Yeah. Thanks for the question. Yeah. There are some steps that still need to take place, but and those are in the fairly near term, actually.

Nathan Longenecker: Yeah. Thanks for the question. Yeah, there are some steps that still need to take place, and those are in the fairly near term, actually. 12 August, there's a scheme meeting that's going to take place, that's where you receive the shareholder approval for the transaction. There's another court date 18 August, where the court just takes a look at it to make sure that everything is in order. 28 August is really the implementation date, where the transaction is final and the shares are trading. That's really the process. Really there aren't any. Obviously, it's all subject to the process. There aren't any things beyond that are major that need to take place.

Speaker #3: August 12th, there's a scheme meeting that's going to take place, and that's where you receive the shareholder approval for the transaction. There's then another court date, August 18th, where the court just takes a look at it to make sure that everything is in order.

Speaker #3: And then August 28th is really the implementation date, where the transaction is final and the shares are trading. So that's really the process, and really there aren't any—obviously, it's all subject to the process.

Speaker #3: But there aren't any things beyond that that are major that need to take place. And incidentally, if you or others are interested, you can go on the ASM website and there's the scheme booklet is on there and that has all the dates and things you'd need to take a look at, but it's all happening fairly imminently.

Nathan Longenecker: Incidentally, if you or others are interested, you can go on the ASM website, and there's the scheme booklet is on there, and that has all the dates and things you'd need to take a look at, it's all happening fairly imminently.

Speaker #6: Gotcha. Okay. Fair enough. So really just standard stuff and nothing to really even talk about. Okay. And then just a clarification on Donald. I mean, I'm potentially you have some money to be spent there in over the next period of time.

Heiko Ihle: Got you. Okay, fair enough. Really just standard stuff, nothing to really even talk about. Okay. Just a clarification on Heiko. Potentially you have some money to be spent there over the next period of time. I assume the answer is no, you guys don't have any sort of hedges. In other words, you're just taking your chances with FX and that's it, right?

Speaker #6: Are you assume the answer is no, but you guys don't have any sort of hedges? In other words, you're just taking your chances with FX and that's it, right?

Ross Bhappu: We don't have hedges in place. Hedging a lot of these materials, Heiko, it's a very shallow market for hedging any of them. I think instead what we're focused on is offtake agreements with our end users, or customers. That's more what we're focused on is offtake agreements as opposed to hedging. It's a very shallow market, so it's-

Speaker #2: We don't have hedges in place. Hedging a lot of these materials, Heiko, it's a very shallow market for hedging any of them. I think instead what we're focused on is offtake agreements with our end users.

Speaker #2: Or customers and so that's more what we're focused on is offtake agreements. As opposed to hedging. But it's a very shallow market. So it'd be.

Speaker #6: But I really meant hedging to currencies, sort of payments.

Heiko Ihle: I really meant hedging to currencies for the payments.

Speaker #2: Yeah. We do not have active hedging of currencies in place. Certainly something as we make an FID, I think once we make the FID, then we'll look to probably put in some price protection on currency.

Ross Bhappu: Yeah, we do not have active hedging of currencies in place.

Heiko Ihle: Yeah.

Ross Bhappu: Certainly something as we make an FID. I think once we make the FID, we'll look to probably put in some price protection on currency.

Speaker #6: Cool. Makes a lot of sense. I'll get back into you. Thank you guys.

Heiko Ihle: Cool. Makes a lot of sense. I'll get back in queue. Thank you, guys.

Ross Bhappu: Yeah. Thanks, Heiko. Appreciate it.

Speaker #2: Thanks, Heiko. Appreciate it.

Speaker #4: Your next question comes from Anthony Taglieri with Canaccord Genuity. Your line is open.

Operator 2: Your next question comes from Anthony Taglieri with Canaccord Genuity. Your line is open.

Speaker #1: Hey, good morning, guys. Thanks for taking my questions. Maybe just on Varmada, is there anything new there that you guys could share on pushing that project forward, taking the steps in the development process?

Anthony Taglieri: Hey, good morning, guys. Thanks for taking my questions. Maybe just on Vara Mada, is there anything new there that you guys could share on pushing that project forward, taking the steps in the development process?

Speaker #2: We've yeah, first of all, thanks, Anthony. Great to talk to you and great to hear from you. We are advancing. We've so earlier this year, or maybe late last year, we pulled our teams out of the field just given some of the uncertainty with the new presidential change of power that went on about this time last year, a little later this last year.

Ross Bhappu: Yeah. First of all, thanks, Anthony. Great to talk to you and great to hear from you. We are advancing. Earlier this year, or maybe late last year, we pulled our teams out of the field, just given some of the uncertainty with the new presidential change of power that went on about this time last year, a little later this last year. Just given sort of the uncertainty of what was happening there, we sort of took a step back and waited to see how things unfolded. We have had a very active program now in place. We're just putting people back in the field as we speak. We're gearing up a drilling program for borehole drilling, for geotech work, but also for water wells for some of the local communities. We've got a very active program that's ramped up.

Speaker #2: And just given sort of the uncertainty was of what was happening there, we sort of took a step back and waited to see how things unfolded.

Speaker #2: We have had a very active program now in place. We’ve, and we’re just putting people back in the field, kind of as we speak.

Speaker #2: We're gearing up a drilling program for borehole drilling for geotech work, but also for water wells for some of the local communities. So we've got a very active program that's ramped up.

Speaker #2: I think the big thing there is we want to progress. We need to progress on the investment agreement. So recall that we have a memorandum of understanding signed with the government of Madagascar and so the next step is signing the actual stabilization agreement called the investment agreement.

Ross Bhappu: I think the big thing there is we want to progress, we need to progress on the investment agreement. Recall that we have a memorandum of understanding signed with the government of Madagascar, the next step is signing the actual stabilization agreement, called the investment agreement. We hope to progress that here over the next few months. We have a team on the ground in Madagascar, and we continue to work very heavily on it. Nathan, I don't know if you have anything to add there.

Speaker #2: And we hope to progress that here over the next the next few months. And so we have we have a team on the ground in Madagascar and we continue to work very heavily on it.

Speaker #2: Nathan, I don't know if you have anything to add there.

Speaker #3: Yeah, no. I think you pretty much hit it on the head. I mean, we do have support though at the highest levels of government and have regularly been engaging with them with our teams.

Nathan Longenecker: Yeah, no, I think you pretty much hit it on the head. We do have support, though, at the highest levels of government, have regularly been engaging with them, with our teams. Yeah, look, there's obviously a number of priorities for a government that, as Ross mentioned, has not been there that long. We do have good support and are looking to move that forward. Our target is very soon, but obviously there are things that are out of our control. You basically continue to have the meetings at the highest levels of government and move things forward. We continue to work on it and are quite optimistic.

Speaker #3: And yeah, look, there's obviously a number of priorities for a government that, as Ross mentioned, has not been there that long. But we do have good support and are looking to move that forward.

Speaker #3: Our target is very soon, but obviously there are things that are out of our control and you basically continue to have the meetings at the highest level as a government and move things forward.

Speaker #3: So continue to work on it and are quite optimistic.

Anthony Taglieri: Okay, great. Maybe switching gears to the uranium business. I believe you guys have, I think it was 240,000 pounds of contract commitments left for the rest of this year. First part of the question is, will we see that all in one particular quarter, or is it sort of spread between the two? Then secondly, should we expect to see any more spot sales? Obviously, that's dependent on the spot price, but is there a particular price level that you'd feel comfortable selling pounds at?

Speaker #1: Okay, great. Maybe switching gears to the uranium business. I believe you guys have I think it was 240,000 pounds of contract commitments left for the rest of this year.

Speaker #1: First part of the question is, will we see that all in one particular quarter or is it sort of spread between the two? And then secondly, should we expect to see any more spot sales?

Speaker #1: Obviously, that's dependent on the spot price, but is there a particular price level that you'd feel comfortable selling pounds at?

Ross Bhappu: Yeah. Good. Thanks for those questions. We do have some contract sales through the balance of the year, and I don't have the schedule of those in front of me, but we will be making contract sales through the balance of the year. We're also sitting, as Nate mentioned, on about 2.2 million pounds of uranium in inventory. We are going to be very opportunistic about how we sell into the spot market. We continue to be very bullish on uranium prices, we'll continue to look for good opportunities to sell into the market. We will have some additional spot sales in addition to the contract sales that we have. We want to be careful and just be cautious on how we sell into the spot market.

Speaker #2: Yeah, good. Thanks for those questions. So we will have we do have some contract sales through the balance of the year. And I don't have the schedule of those in front of me, but we will be making spot sales through the balance of the year.

Speaker #2: Sorry, contract sales through the balance of the year. We're also sitting, as Nate mentioned, on about 2.2 million pounds of uranium in inventory.

Speaker #2: We are going to be very opportunistic about how we sell into the spot market. We continue to be very bullish on uranium prices and so we'll continue to look for good opportunities to sell into the market.

Speaker #2: But yeah, so we will have some additional spot sales in addition to the contract sales that we have. But we want to be careful and just be cautious on how we sell into the spot market.

Speaker #1: Thanks. I will pass it on.

Anthony Taglieri: Thanks. I will pass it on.

Ross Bhappu: Great, Anthony. Thank you.

Speaker #2: Great, Anthony. Thank you.

Speaker #4: Your next question comes from Matthew Key, with Texas Capital. Your line is open.

Operator 2: Your next question comes from Matthew Key with Texas Capital. Your line is open.

Matthew Key: Good afternoon, thanks for taking my questions. I did have a quick one on White Mesa and MREC. I was wondering, does your capacity to process MREC increase once you complete phase II, or is phase II just focused on expanded monazite processing at this time?

Speaker #5: Good afternoon, and thanks for taking my questions. I did have a quick one on White Mesa and Emerick. I was wondering, does your capacity to process Emerick increase once you complete Phase Two, or is Phase Two just focused on expanded monazite processing at this time?

Speaker #2: Yeah, first of all, thanks, Matthew. Great to talk to you. So the answer is that we are putting in this EMRIC facility, EMRIC capability, that will continue through Phase Two.

Ross Bhappu: Yeah. First of all, thanks, Matthew. Great to talk to you. The answer is that we are putting in the MREC facility, MREC capability, that will continue through phase II. Phase II is designed primarily for monazite, but we could expand our MREC capacity or capability with phase II if we wanted to. I think the view is that we just need to see what the availability of MREC's going to look like and how much additional capacity we're going to need. We have designed phase II really around monazite from our own mines. We don't own any mines that produce MREC today. Doesn't mean we wouldn't in the future, but we would be sourcing our MREC from third parties, where the monazite feed for the mill, especially for phase II, is largely going to come from our own captive mines.

Speaker #2: Phase two is designed primarily for monocyte, but we could expand our emeric capacity or capability with phase two if we wanted to. I think the view is that we just need to see what the availability of emeric is going to look like.

Speaker #2: And how much additional capacity we're going to need. We do we have designed phase two really around monocyte from our own minds. So we don't own any mines that produce emeric today.

Speaker #2: Doesn't mean we wouldn't in the future, but we would be sourcing our emeric from third parties where the monocyte feed for the mill, especially for phase two, is largely going to come from our own captive mines.

Speaker #2: So that's why phase two is really designed primarily around monocyte, but we could potentially feed emeric into that circuit the key there is emeric doesn't require cracking the way monocyte does.

Ross Bhappu: That's why Phase Two is really designed primarily around monazite, but we could potentially feed MREC into that circuit. The key there is MREC doesn't require cracking the way monazite does. The design of the Phase Two facility really allows for cracking of monazite at the front end. You could feed monazite in just after the cracking to the leach phase of that flow sheet. We will have that.

Speaker #2: And so the design of the phase two facility really allows for cracking of monocyte at the front end. So you could feed monocyte in just after the cracking to the leach phase of the flow sheet.

Speaker #2: So, we will have that capability.

Matthew Key: Got it. No, that's helpful.

Speaker #5: No, that's helpful.

Speaker #2: Okay.

Ross Bhappu: okay.

Speaker #5: Okay. And you kind of answered my second question in regards to I was wondering if you would expand it because it just seems like it would add some flexibility in terms of feedstock, but it sounds like you would consider that.

Matthew Key: You kind of answered my second question in regards to, I was wondering if you would expand it, because it just seems like it would add some flexibility in terms of feedstock, but it sounds like you would consider that. Would it be included, if you decided to kind of expand the capacity of MREC, would that cause an increase in capital expectations for what was disclosed in Phase Two, or was it included in that number?

Speaker #5: Would it be included? If you decided to kind of expand the capacity of Emeric, would that cause an increase in capital expectations for what was disclosed in Phase Two, or was it included in that number?

Ross Bhappu: I would have to go back and double-check on that. It's the dissolution circuit for putting MREC into solution that's critical, and I think we would have that capacity or capability pretty well in hand. Matthew, I'd like to take that question away and come back with it. I would say that.

Speaker #2: I would have to go back and double-check on that. But it's the dissolution circuit for putting emeric into solution that's critical. And I think we would have that capacity or capability pretty well in hand, but Matthew, I'd like to take that question away and come back with an answer on that.

Speaker #2: But I would say that.

Speaker #5: Yeah, no problem.

Matthew Key: Yeah, no problem.

Speaker #2: Just off the top of my—yeah, just off the top of my head, I think it'd be a pretty minimal cost if we had to add or expand that circuit compared to the overall cost of the project.

Ross Bhappu: just off the top of my head, I think it'd be a pretty minimal cost if we had to expand that circuit compared to the overall cost of the project.

Speaker #5: Got it. Okay. No, that's helpful. That's everything I had. Best of luck moving forward.

Matthew Key: Got it. Okay. No, that's helpful. That's everything I had. Best of luck moving forward.

Speaker #2: Great, Matthew. Thank you.

Ross Bhappu: Great, Matthew. Thank you.

Speaker #4: Your next question comes from Noel Parks with Tui Brothers Investment Research. Your line is open.

Operator 2: Your next question comes from Noel Parks with Tuohy Brothers Investment Research. Your line is open.

Speaker #6: Hi, good morning. I apologize if you touched on this before, but I just wondered, now that we're getting very close to the closing of the ASM acquisition, could you just sort of maybe update us on your thinking about the Korean Metals plant and sort of after the close with hopefully with the access to your considerably bigger balance sheet and so forth, just sort of what the, I guess, what the planned next steps would be for that and going forward.

Noel Parks: Hi. Good morning. I apologize if you touched on this before, I just wondered now that we're getting very close to the closing of the ASM acquisition, could you just sort of maybe update us on your thinking about the Korean Metals Plant and sort of after the close with hopefully the access to your considerably bigger balance sheet and so forth, just sort of what the plan next steps would be for that and going forward? That's my first.

Speaker #6: So that's my first.

Ross Bhappu: Sure. No, first of all, thanks, Noel. Noel, good to talk to you. Yeah, look, I think planning to close later this month. I actually plan to be at the Korean Metals Plant facility here in 1 September, thereabouts, 1 or 2 September to welcome them to the Energy Fuels family. We're really excited about that. Look, the facility's operating great. We are in the process of expanding it. We've just added 8 new furnaces. We intend to add to the strip casting capabilities. The facility today, I think, has 1,200 or 1,400 tons per year capacity. We're looking to double that. That equipment's already been purchased. It's already started on the furnace side, and we'll expand on the strip casting side. That is all progressing well and is funded. We're excited to just get it integrated.

Speaker #2: Sure. No, first of all, thanks, Noel. Noel, good to talk to you. So, yeah, look, I think we're planning to close later this month. I actually plan to be at the Korean Metals facility here in early September—thereabouts, the first or second of September—to welcome them to the Energy Fuels family.

Speaker #2: So we're really excited about that. Look, the facility is operating great. We are in the process of expanding it. We've just added eight new furnaces.

Speaker #2: We intend to add to the strip casting capabilities. The facility today, I think, has 12 or 1400 tons per year capacity. We're looking to double that.

Speaker #2: And that equipment's already been purchased. So looking it's already started on the furnace side and we'll expand on the strip casting side. So that is all progressing well and is funded.

Speaker #2: And so we're excited to just get it integrated. We're excited to be shipping our oxide materials over there to our own facility. So yeah, I think the integration has gone—the integration plans are going very well.

Ross Bhappu: We're excited to be shipping our oxide materials over there to our own facility. Yeah, I think the integration plans are going very well. We think the integration itself is going to be pretty seamless. We've put a lot of effort into that.

Speaker #2: We think the integration itself is going to be pretty seamless. So we've put a lot of effort into that.

Speaker #6: Great, thanks. And I just wondered if you had any updated thinking on the Juniper ore body at Pinyon Plain—just maybe what product has been made, and sort of the analysis, and perhaps the plans for drilling into it?

Noel Parks: Great. Thanks. I just wondered if you had any updated thinking on the Juniper ore body at Pinyon Plain. Just maybe what progress has been made in sort of the analysis and perhaps the plans for drilling into it.

Speaker #2: So, we've got a very active drilling campaign going on right now. We've been continuing our work into the ore body. Of course, we're mining the upper zone now.

Ross Bhappu: We've got a very active drilling campaign going on right now. We've been continuing our works into the ore body. Of course, we're mining the upper zone now. The next phase of mining Pinyon Plain will come from the Juniper zone. We're preparing for that. I just signed off on purchasing some additional equipment that's going to be needed as we go down into the Juniper. We do have a very active drilling campaign going on right now to just better define that ore body. Keep in mind that these breccia pipe mining is a little bit more uncertain than big open pit mines in terms of understanding the ore grades that you're going to hit. So far I think we've been very happy with how that's gone.

Speaker #2: And the next phase of mining Pinyon Plain will come from the Juniper zone. So we're preparing for that. I just signed off on purchasing some additional equipment that's going to be needed as we go down into the Juniper.

Speaker #2: But we do have a very active drilling campaign going on right now to just better define that ore body. Keep in mind that these breccia pipe mines are a little bit more uncertain than big open pit mines in terms of understanding the ore grades that you're going to hit.

Speaker #2: So, so far, I think we've been very happy with how that's gone. But we're really trying to drill it out as much as we can to really make sure we understand what those ore grades are going to look like from the Juniper zone.

Ross Bhappu: We're really trying to drill it out as much as we can to really make sure we understand what those ore grades are going to look like from the Juniper zone. Yeah, very active campaign going on right now.

Speaker #2: So, yeah, there's a very active campaign going on right now.

Speaker #6: Great. Thanks a lot.

Noel Parks: Great. Thanks a lot.

Speaker #2: Thank you. Good talk to you, Noel.

Ross Bhappu: Thank you. Good talking to you, Noel.

Speaker #4: That concludes our Q&A session. I will now turn the conference back over to Ross Bhappu for any closing remarks.

Operator 2: That concludes our Q&A session. I will now turn the conference back over to Ross Bhappu for any closing remarks.

Speaker #2: Great. Thank you very much. Again, I just want to thank everybody for participating. Energy Fuels is on a really exciting trajectory. We had some incredible announcements when you look at Q2.

Ross Bhappu: Great. Thank you very much. I just want to thank everybody for participating. Energy Fuels is on a really exciting trajectory. We had some incredible announcements when you look at Q2. The addition of fact that the DOE OSC financing the phase one and two or Phase 1B and 1C, kicking off that construction. This is a company that is very active. It's moving very quickly. We greatly appreciate our shareholders' support, and I think the best is yet to come. Thank you, and look forward to talking to our shareholders as we progress. Again, thank you, everybody.

Speaker #2: The addition of fact that the DOW OSC financing the phase one and two or phase one B and C kicking off that construction. This is a company that is very active.

Speaker #2: It's moving very quickly. We greatly appreciate our shareholder support, and I think the best is yet to come. So thank you, and we look forward to talking to our shareholders as we progress.

Speaker #2: So again, thank you, everybody.

Operator 2: This concludes today's call. Thank you for attending. You may now disconnect and have a wonderful rest of your day.