Lightbridge Corp (LTBR) 2023 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Lightbridge Corporation Business Update and Second Quarter 2023 Conference Call. Please note that today's call is being recorded.

感謝您的耐心等待，歡迎參加 Lightbridge Corporation 業務更新和 2023 年第二季度電話會議。請注意，今天的通話正在錄音。

It is now my pleasure to introduce Matthew Abenante, Director of Investor Relations for Lightbridge Corporation. Please go ahead.

現在我很高興向您介紹 Lightbridge Corporation 投資者關係總監 Matthew Abenante。請繼續。

Thank you, Lisa, and thanks to all of you for joining us today. The company's earnings press release was distributed yesterday and can be viewed on the Investor Relations page of the Lightbridge website at www.ltbridge.com. Joining us on the call today is Seth Grae, Chief Executive Officer; along with Larry Goldman, Chief Financial Officer; and Andrey Mushakov, Executive Vice President for Nuclear Operations.

謝謝你，麗莎，也感謝大家今天加入我們。該公司的收益新聞稿於昨天發布，可在 Lightbridge 網站 www.ltbridge.com 的投資者關係頁面上查看。今天加入我們電話會議的是首席執行官 Seth Grae；與首席財務官拉里·戈德曼 (Larry Goldman) 一起；安德烈·穆沙科夫（Andrey Mushakov），核運營執行副總裁。

I would like to remind our listeners that any statements on this call that are not historical facts are forward-looking statements. Today's presentation includes forward-looking statements about the company's competitive position and product and service offerings.

我想提醒我們的聽眾，本次電話會議中任何非歷史事實的陳述都是前瞻性陳述。今天的演示包括有關公司競爭地位以及產品和服務的前瞻性陳述。

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

在今天的電話會議中，我們將在討論未來的目標或事件時使用期望、預期、相信和打算等詞語。本演示文稿基於當前預期，涉及某些風險和不確定性，可能導致實際結果與此類估計存在顯著差異。 Lightbridge 向美國證券交易委員會提交的文件中更詳細地闡述了這些風險和其他風險。 Lightbridge 不承擔更新或修改任何此類前瞻性陳述的義務，無論是由於新的發展還是其他原因。

And with that, I'd like to turn the call over to our first speaker, Seth Grae, Chief Executive Officer of Lightbridge. Hello, Seth.

接下來，我想將電話轉給我們的第一位發言人，Lightbridge 首席執行官 Seth Grae。你好，賽斯。

Well, thank you. Hello, Matt, and thank you all for joining us to discuss Lightbridge's second quarter results. I'm delighted to share our latest achievements and developments with you. On July 6, we announced that Texas A&M University has been awarded approximately $1 million from the U.S. Department of Energy's Nuclear Energy University program R&D Awards, to evaluate thermal hydraulic performance of Lightbridge Fuel in a NuScale small modular reactor. .

嗯，謝謝。你好，Matt，感謝大家加入我們討論 Lightbridge 第二季度業績。我很高興與您分享我們的最新成就和發展。 7 月 6 日，我們宣布德克薩斯農工大學獲得美國能源部核能大學項目研發獎約 100 萬美元，用於評估 NuScale 小型模塊化反應堆中 Lightbridge Fuel 的熱水力性能。 。

The choice of Texas A&M University for this study speaks to their world-renowned standing in nuclear engineering education. Their expertise and research capabilities make them an invaluable partner for this project. We are proud to have them leading this critical study, and we are eagerly looking forward to this new collaborative project.

選擇德克薩斯農工大學進行這項研究表明了其在核工程教育領域享譽世界的地位。他們的專業知識和研究能力使他們成為該項目的寶貴合作夥伴。我們很自豪讓他們領導這項關鍵研究，我們熱切期待這個新的合作項目。

The study planned to be conducted over a span of 3 years is designed to develop a comprehensive understanding of how Lightbridge Fuel performs in a small modular reactor, an SMR designed by NuScale power.

這項研究計劃為期 3 年，旨在全面了解 Lightbridge Fuel 在小型模塊化反應堆（由 NuScale power 設計的 SMR）中的表現。

NuScale is a recognized global leader in developing SMRs, which are playing an increasingly important role in the move towards safer, more efficient and flexible nuclear power. Partnering with us in this project is structural integrity associates, which will perform the thermal evaluation of Lightbridge Fuel in the SMR using its Pegasus simulation software. This software represents a next-generation fuel evaluation and design optimization tool, which will provide us with detailed insights into the performance of our fuel under various conditions.

NuScale 是開發小型模塊堆 (SMR) 領域公認的全球領導者，其在邁向更安全、更高效和靈活的核電的過程中發揮著越來越重要的作用。在這個項目中與我們合作的是 Structure Integrity Associates，他們將使用其 Pegasus 模擬軟件對 SMR 中的 Lightbridge Fuel 進行熱評估。該軟件代表了下一代燃料評估和設計優化工具，它將為我們提供有關燃料在各種條件下性能的詳細見解。

I want to take a moment to express our gratitude to the U.S. Department of Energy. Their financial support through the Nuclear Energy University program R&D awards has been instrumental in enabling this research and experimental work. This is the second year in a row that Lightbridge Fuel has been selected for evaluation in an NEUP study as we continue to work today with MIT. These kinds of collaborative projects are an important component of advancing our nuclear technology understanding and capabilities. Overall, we're confident that this project will yield critical insight into the performance of Lightbridge Fuel in NuScale SMRs. These insights will help inform our future research and development and ultimately, we believe they will contribute toward paving the way for widespread commercial adaptation of next-generation nuclear fuel technology, strengthening our ability to provide safe, efficient and sustainable nuclear energy.

我想花點時間向美國能源部表示感謝。他們通過核能大學項目研發獎提供的財政支持對於實現這項研究和實驗工作發揮了重要作用。這是 Lightbridge Fuel 連續第二年被選為 NEUP 研究評估對象，我們今天繼續與麻省理工學院合作。此類合作項目是提高我們對核技術的理解和能力的重要組成部分。總體而言，我們相信該項目將為 NuScale SMR 中的 Lightbridge Fuel 性能提供重要的見解。這些見解將有助於為我們未來的研究和開發提供信息，最終，我們相信它們將為下一代核燃料技術的廣泛商業應用鋪平道路，增強我們提供安全、高效和可持續核能的能力。

In addition to our achievements in R&D, the U.S. government approved Lightbridge's request to join 2 pivotal public-private nuclear power partnerships. The first of these partnerships is with the Department of Energy's high-assay, low-enriched uranium consortium or HALEU consortium. Achieving a national HALEU stockpile and production capacity is a key step in supporting advanced nuclear energy technologies like the ones we're developing. The consortium is focused on streamlining the production and use of HALEU in the U.S. aiming to promote energy security and sustainability, both of which are pivotal to our strategic vision.

除了我們在研發方面取得的成就外，美國政府還批准了 Lightbridge 加入兩個關鍵的公私核電合作夥伴關係的請求。第一個合作夥伴關係是與能源部的高含量低濃縮鈾聯盟或 HALEU 聯盟。實現國家 HALEU 儲備和生產能力是支持先進核能技術（例如我們正在開發的技術）的關鍵一步。該聯盟致力於簡化美國 HALEU 的生產和使用，旨在促進能源安全和可持續性，這兩者對我們的戰略願景至關重要。

By joining this consortium, we are now part of an industry-leading group of companies and organizations focused on advancing availability of this critical feedstock material.

通過加入這個聯盟，我們現在成為行業領先的公司和組織集團的一部分，致力於提高這種關鍵原料的可用性。

I'll also just mention that just before we started this call a few minutes ago, the U.S. Senate voted on a bill to support increasing enrichment capacity in the U.S. for HALEU and it passed in the Senate and the vote was 96 to 3, reflecting widespread bipartisan support for nuclear power.

我還要提一下，就在我們幾分鐘前開始這次電話會議之前，美國參議院就一項支持提高美國HALEU 濃縮能力的法案進行了投票，該法案在參議院獲得通過，投票結果為96 比3，反映出兩黨對核電的廣泛支持。

And I also want to mention a second partnership that we've entered into with the U.S. Department of Commerce International Trade Administration's SMR Working Group. This working group brings together industry leaders in the field of SMRs to facilitate international trade and cooperation.

我還想提及我們與美國商務部國際貿易管理局 SMR 工作組建立的第二個合作夥伴關係。該工作組匯集了中小型反應堆領域的行業領導者，以促進國際貿易與合作。

As a member, we gain opportunities to influence policies and initiatives that affect the SMR market, and we can contribute to setting global standards for this emerging industry. Given the rising demand for SMRs in Europe and globally, we believe this position working within the working group will help us understand better SMR related technologies to see how Lightbridge Fuel could best fit into international deployment plans for SMRs.

作為會員，我們有機會影響影響 SMR 市場的政策和舉措，並且可以為這一新興行業製定全球標準做出貢獻。鑑於歐洲和全球對中小型反應堆的需求不斷增長，我們相信工作組內的這一職位將幫助我們更好地了解中小型反應堆相關技術，以了解Lightbridge Fuel 如何最好地適應中小型反應堆的國際部署計劃。

And additionally, I was reappointed by the U.S. Secretary of Commerce, Gina Raimondo to the U.S. Civil Nuclear Trade Advisory Committee, or CINTAC. As a member, I'll continue to provide advice for developing and administering programs to expand U.S. exports of civil nuclear goods and services. All of these partnerships place Lightbridge squarely at the nexus of public policy and private innovation in the nuclear energy sector. They will not only help us to continue to develop Lightbridge Fuel but will also give us an influential role in shaping the future of nuclear power, both in the United States and internationally. As we take meaningful strides in our development, we have also been strengthening our team with industry-leading talent.

此外，美國商務部長吉娜·雷蒙多再次任命我為美國民用核貿易諮詢委員會 (CINTAC) 成員。作為一名成員，我將繼續為製定和管理擴大美國民用核產品和服務出口的計劃提供建議。所有這些合作夥伴關係將 Lightbridge 置於核能領域公共政策和私人創新的紐帶中。它們不僅將幫助我們繼續開發 Lightbridge Fuel，還將讓我們在塑造美國和國際核電的未來方面發揮有影響力的作用。隨著我們在發展中取得有意義的進步，我們也一直在通過行業領先的人才來加強我們的團隊。

On April 25, we were thrilled to welcome Dr. Scott Holcombe to Lightbridge as Vice President of Engineering. With his distinguished career and profound experience in the field of nuclear engineering and irradiation testing experiments, Dr. Holcombe brings a wealth of expertise that will be instrumental in driving our fuel development endeavors forward. Dr. Holcombe will not only provide technical leadership, but will also influence our strategic direction as we strive to redefine the future of nuclear energy.

4 月 25 日，我們非常高興地歡迎 Scott Holcombe 博士加入 Lightbridge，擔任工程副總裁。霍爾科姆博士憑藉其在核工程和輻照測試實驗領域的傑出職業生涯和豐富經驗，帶來了豐富的專業知識，將有助於推動我們的燃料開發工作向前發展。霍爾科姆博士不僅將提供技術領導，還將影響我們努力重新定義核能未來的戰略方向。

On April 3, we were equally delighted to have Sherri Goodman joining our Board of Directors. Ms. Goodman is a renowned expert for her comprehensive knowledge and vast expertise in the intersecting domains of national security, energy and environmental issues. Her inclusion in our Board brings a unique perspective that will enhance our ability to navigate the complexities of a global energy landscape. In her role, Ms. Goodman will chair the newly constituted Energy Security and National Security Committee of the Board. This committee will play a vital role in advising our organization on matters of energy security and related national security issues, ensuring that we are not only providing innovative energy solutions, but are also contributing to positively -- also contributing positively to the global energy security landscape.

4 月 3 日，我們同樣很高興 Sherri Goodman 加入我們的董事會。古德曼女士是一位著名專家，在國家安全、能源和環境問題等交叉領域擁有全面的知識和豐富的專業知識。她加入我們的董事會帶來了獨特的視角，將增強我們應對全球能源格局複雜性的能力。古德曼女士將擔任新成立的董事會能源安全和國家安全委員會主席。該委員會將在就能源安全和相關國家安全問題向我們組織提供建議方面發揮至關重要的作用，確保我們不僅提供創新的能源解決方案，而且還為全球能源安全格局做出積極貢獻。

Turning to our strong patent portfolio. During the second quarter, we received a notice of allowance for a divisional patent relating to Lightbridge's innovative metallic nuclear fuel assemblies from the U.S. patent and trademark office. This expands our intellectual property portfolio with more than 160 patents and is an integral component of the company's plans to commercialize Lightbridge Fuel technology in the future.

轉向我們強大的專利組合。第二季度，我們收到了美國專利商標局發出的與 Lightbridge 創新金屬核燃料組件相關的分案專利許可通知。這擴大了我們的知識產權組合，擁有 160 多項專利，也是公司未來 Lightbridge Fuel 技術商業化計劃的重要組成部分。

I'll turn the call over to Andrey Mushakov, Executive VP for Nuclear Operations, to review our ongoing fuel development activities. Andrey?

我將把電話轉給核運營執行副總裁安德烈·穆沙科夫（Andrey Mushakov），以審查我們正在進行的燃料開發活動。安德烈？

Thank you, Seth. As previously announced, we have been working since last December with Idaho National Laboratory under an umbrella strategic partnership project agreement and an Umbrella Cooperative Research and Development agreement to support the development of Lightbridge Fuel. Earlier this year, we worked with Idaho National Laboratory to complete an quality implementation plan for the project. This was an essential first step to ensure that all future work performed at Idaho National Laboratory and the project, will meet the U.S. Nuclear Regulatory Commission's quality assurance requirements.

謝謝你，賽斯。正如之前所宣布的，自去年 12 月以來，我們一直根據傘式戰略合作夥伴項目協議和傘式合作研究與開發協議與愛達荷國家實驗室合作，以支持 Lightbridge Fuel 的開發。今年早些時候，我們與愛達荷國家實驗室合作完成了該項目的質量實施計劃。這是確保愛達荷國家實驗室和該項目未來進行的所有工作都滿足美國核管理委員會的質量保證要求的重要第一步。

We're currently working with INL to demonstrate casting of delta-phase uranium-zirconium ingots with depleted uranium using existing INL equipment. As part of that effort, we have recently been able to cash to initial ingots using depleted uranium and zirconium alloy materials, they currently undergoing characterization. Our next step is to scale up the ingot size to make it suitable for extrusion and then conduct initial extrusions from the scaled up ingots.

我們目前正在與 INL 合作，演示使用現有的 INL 設備鑄造貧鈾 δ 相鈾鋯錠。作為這項努力的一部分，我們最近已經能夠使用貧鈾和鋯合金材料兌現初始錠，它們目前正在進行表徵。我們的下一步是擴大鑄錠尺寸，使其適合擠壓，然後對放大的鑄錠進行初始擠壓。

In addition to our projects with Idaho National Laboratory, as Seth mentioned, Lightbridge is collaborating with Texas A&M University, NuScale Power and structural integrity associates on a $1 million study funded by the U.S. Department of Energy's Nuclear Energy University Program R&D Awards. The second collaboration for Lightbridge with the U.S. University. As we've previously announced, we also have an ongoing collaborative project with MIT.

正如Seth 提到的，除了我們與愛達荷國家實驗室的項目外，Lightbridge 還與德克薩斯A&M 大學、NuScale Power 和結構完整性同事合作開展一項由美國能源部核能大學計劃研發獎資助的100 萬美元的研究。 Lightbridge 與美國大學的第二次合作。正如我們之前宣布的，我們還與麻省理工學院正在進行一個合作項目。

First, I'll briefly describe the new collaborative project with Texas A&M. The project entails a comprehensive characterization over the performance of the Lightbridge helical cruciform advanced fuel design, which will generate a unique set of experimental data of friction factor, low and heat transfer behavior, on the new scales, light water, small modular reactor, simulated normal and of normal conditions. The project is expected to accelerate the deployment of advanced fuels for light water SMR's applications by leveraging the use of existing testing infrastructure, major basic thermal-hydraulic properties, et cetera.

首先，我將簡要描述與德克薩斯農工大學的新合作項目。該項目需要對 Lightbridge 螺旋十字形先進燃料設計的性能進行全面表徵，這將在新尺度、輕水、小型模塊化反應堆、模擬正常和正常條件下。該項目預計將通過利用現有的測試基礎設施、主要的基本熱工水力特性等，加速輕水 SMR 應用的先進燃料的部署。

The ongoing study led by MIT, the second study relates to the evaluation of accident on fuels in various types of small module reactors. The project that we are collaborating with MIT on aims to simulate the fuel and safety performance of Lightbridge Fuel for the NuScale small modular reactor and provide scope and analysis to improve the safety and economics of light water reactor small modular reactors.

麻省理工學院領導的正在進行的研究，第二項研究涉及各種類型小型模塊反應堆燃料事故的評估。我們與麻省理工學院合作的項目旨在模擬 NuScale 小型模塊化反應堆的 Lightbridge Fuel 的燃料和安全性能，並提供範圍和分析，以提高輕水堆小型模塊化反應堆的安全性和經濟性。

With that, I'll turn the call over back to you, Seth.

這樣，我會將電話轉回給你，Seth。

Thank you, Andrey. Global efforts to attain net zero carbon targets championed by both governments and private entities have led to a policy shift favoring nuclear power. The ongoing war in Ukraine has magnified global energy problems and amplified apprehensions regarding energy security. Therefore, nuclear power is being increasingly perceived as a pivotal element in accomplishing national security, energy and climate objectives, more so than renewable energy sources.

謝謝你，安德烈。由政府和私營實體倡導的全球實現淨零碳目標的努力導致了有利於核電的政策轉變。烏克蘭持續的戰爭加劇了全球能源問題，並加劇了人們對能源安全的擔憂。因此，核電越來越被視為實現國家安全、能源和氣候目標的關鍵要素，比可再生能源更重要。

Nuclear power allows for a responsible amplification of clean, reliable baseloaded electricity production with 0 carbon emissions. This energy source also minimizes reliance on nations that can disrupt fossil fuel supplies.

核電可以負責任地擴大清潔、可靠的基載電力生產，實現零碳排放。這種能源還最大限度地減少了對可能破壞化石燃料供應的國家的依賴。

Countries throughout North America, the European Union and Asia have begun initiatives to extend nuclear plant licenses, reinitialize reactors and construct new facilities. Countries seem to be waking up to the realization that they can't meet their national security, energy or climate goals without a significant increase in nuclear power. And now we're seeing that this is starting to happen. Just in the last month, we saw the U.K. launch great British Nuclear Initiative, a competition to help drive the expansion of new nuclear power plants in the U.K., which has set a target of 25% of its electricity from nuclear energy by 2050.

北美、歐盟和亞洲各國已開始採取措施延長核電站許可證、重新啟動反應堆和建設新設施。各國似乎開始意識到，如果不大幅增加核電，就無法實現國家安全、能源或氣候目標。現在我們看到這種情況正在開始發生。就在上個月，我們看到英國啟動了偉大的英國核計劃，這是一項幫助推動英國新核電站擴建的競賽，英國設定了到2050年25%的電力來自核能的目標。

We also saw Poland approved its first nuclear power plant based on a new scale SMR. In the U.S., Maria Korsnick, President and CEO of the Nuclear Energy Institute, testified before the House Energy and Commerce Subcommittee on energy, climate and grid security. During a hearing title, American Nuclear Energy expansion, updating policies for efficient, predictable licensing and deployment. The hearing highlighted the resounding bipartisan endorsement for nuclear energy and the mutually recognize significance it holds for our national energy and security considerations.

我們還看到波蘭批准了其第一座基於新規模SMR的核電站。在美國，核能研究所所長兼首席執行官瑪麗亞·科斯尼克在眾議院能源和商業小組委員會就能源、氣候和電網安全問題作證。在聽證會期間，主題是“美國核能擴張，更新高效、可預測的許可和部署政策”。聽證會強調了兩黨對核能的強烈支持以及核能對我們國家能源和安全考慮的相互認可的重要性。

During the hearing, committee members from both political parties, they imminently emphasize the urgent necessity to reassert U.S. dominance in nuclear technology. This can be achieved by modernizing the Nuclear Regulatory Commission's operations for increased efficiency and process simplification, securing a reliable and safe domestic fuel supply and strengthening U.S. competitiveness in the international nuclear market. These are objectives that we fully and enthusiastically back. This is an exciting time for the nuclear industry and particularly for Lightbridge. We look forward to updating investors on the progress we will make throughout the year.

在聽證會上，來自兩黨的委員會成員都強調迫切需要重申美國在核技術方面的主導地位。這可以通過使核管理委員會的運作現代化以提高效率和簡化流程、確保可靠和安全的國內燃料供應以及增強美國在國際核市場的競爭力來實現。我們全力支持這些目標。對於核工業，尤其是 Lightbridge 來說，這是一個激動人心的時刻。我們期待向投資者通報我們全年取得的進展。

Now I will turn the call over to Larry Goldman, Chief Financial Officer, to summarize the company's financial results. Larry?

現在我將把電話轉給首席財務官拉里·戈德曼（Larry Goldman），總結公司的財務業績。拉里？

Thank you, Seth, and good afternoon, everyone. For further information regarding our second quarter 2023 financial results and disclosures, please refer to our earnings release that we filed yesterday. The company's working capital position was $28 million at June 30, 2023, versus $28.7 million at December 31, 2022. .

謝謝你，賽斯，大家下午好。有關我們 2023 年第二季度財務業績和披露的更多信息，請參閱我們昨天提交的收益報告。截至2023年6月30日，該公司的營運資本狀況為2800萬美元，而2022年12月31日為2870萬美元。

Total assets were $29.2 million and total liabilities were $0.6 million at June 30, 2023. Today, we have ample working capital and financial flexibility to support our near-term fuel development expenditures. This is very important to Lightbridge and our stockholders as well as our external stakeholders such as the federal government, to ensure that we have sufficient working capital as well as the ability to access capital in the future in order to conduct our future R&D activities.

截至 2023 年 6 月 30 日，總資產為 2920 萬美元，總負債為 60 萬美元。如今，我們擁有充足的營運資金和財務靈活性來支持我們的近期燃料開發支出。這對於 Lightbridge 和我們的股東以及我們的外部利益相關者（例如聯邦政府）非常重要，以確保我們有足夠的營運資金以及未來獲得資金的能力，以便開展我們未來的研發活動。

Total cash and cash equivalents was $28.2 million as compared to $28.9 million at December 31, 2022, a decrease of $0.7 million for the 6 months ended June 30, 2023, as compared to the prior period due to the following: Total cash used in operating activities for the 6 months ended June 30, 2023, was $3 million, a decrease of $0.1 million compared to $3.1 million for the prior period in 2022.

現金及現金等價物總額為2,820 萬美元，而截至2022 年12 月31 日為2,890 萬美元，截至2023 年6 月30 日止6 個月，較上一期間減少70 萬美元，原因如下： 經營活動使用的現金總額截至 2023 年 6 月 30 日的 6 個月的活動金額為 300 萬美元，比 2022 年同期的 310 萬美元減少 10 萬美元。

Total cash provided by financing activities for the 6 months ended June 30, 2023, was $2.3 million, a decrease of $5.3 million compared to the $7.6 million raised for the prior period in 2022. This decrease was due to the decrease in net proceeds from the issuance of our common stock by our at-the-market facility.

截至2023 年6 月30 日的六個月，融資活動提供的現金總額為230 萬美元，比2022 年同期籌集的760 萬美元減少了530 萬美元。這一減少是由於融資活動淨收益減少所致。通過我們的市場設施發行我們的普通股。

Regarding our P&L financial information, net loss was $1.7 million for the second quarter ended June 30, 2023, compared to $1.5 million for the second quarter 2022, due to the following: Total R&D expenses amounted to $0.4 million for the second quarter June 30, 2023, as compared to $0.2 million for the second quarter June 30, 2022, an increase of $0.2 million. This increase was primarily due to an increase in project labor costs incurred from the U.S. National Laboratories of $1.1 million, an increase in R&D payroll of $0.1 million, an increase in consulting fees of $0.1 million, offset by a decrease in other R&D costs of $0.1 million.

關於我們的損益財務信息，截至2023 年6 月30 日的第二季度淨虧損為170 萬美元，而2022 年第二季度為150 萬美元，原因如下： 截至6 月30 日第二季度的總研發費用為40 萬美元， 2023 年第二季度，與 2022 年 6 月 30 日第二季度的 20 萬美元相比，增加了 20 萬美元。這一增長主要是由於美國國家實驗室的項目人工成本增加了110萬美元，研發工資增加了10萬美元，諮詢費增加了10萬美元，但被其他研發成本減少0.1美元所抵消百萬。

Total G&A costs were $1.6 million for the second quarter June 30, 2023, as compared to $1.4 million for the second quarter June 30, 2022. There was an increase in stock-based compensation of $0.1 million and an increase in professional fees of $0.1 million.

截至2023 年6 月30 日，第二季度的一般管理費用總額為160 萬美元，而截至2022 年6 月30 日的第二季度為140 萬美元。股票薪酬增加了10 萬美元，專業費用增加了10 萬美元。

Total other income was $0.3 million for the second quarter June 30, 2023, as compared to 0 for the second quarter June 30, 2022. This increase was due to an increase in interest income earned from the purchase of our treasury bills and our bank savings account.

2023 年6 月30 日第二季度的其他收入總額為30 萬美元，而2022 年6 月30 日第二季度的其他收入為0。這一增長是由於購買國庫券和銀行儲蓄所賺取的利息收入增加帳戶。

In support of our long-term business and future financing requirements with respect to our fuel development, we expect to continue to seek government funding in the future, along with new strategic alliances that may contain cost-sharing contributions and additional funding from others in order to help fund our future R&D milestones leading to the commercialization of Lightbridge Fuel. Back to you, Seth.

為了支持我們在燃料開發方面的長期業務和未來融資需求，我們預計未來將繼續尋求政府資助，以及可能包含成本分攤捐款和來自其他方的額外資金的新戰略聯盟，以便幫助資助我們未來的研發里程碑，從而實現Lightbridge Fuel 的商業化。回到你身邊，賽斯。

Well, thank you, Larry. And with that, we will go to the question-and-answer session. Thank you to everyone who has submitted questions. Matt, please go ahead with the questions. .

好吧，謝謝你，拉里。接下來，我們將進入問答環節。感謝所有提交問題的人。馬特，請繼續提問。 。

Okay. Our first question, are both the metallic bonded cladding and full casting method being examined for Lightbridge Fuel testing or has one been determined? Are both the 3 and 4 low versions of Lightbridge Fuel being evaluated?

好的。我們的第一個問題是，金屬結合包層和全鑄造方法是否正在接受 Lightbridge Fuel 測試，或者已經確定？ Lightbridge Fuel 3 和 4 低版本都在評估中嗎？

Well, on the first part, our ongoing work at Idaho National Laboratory under the existing Statement of Work includes both casting and extrusion of unclad coupon samples. The initial irradiation testing in the Advanced Test Reactor will include fuel material coupon samples comprised of delta phase enriched uranium and zirconium alloy materials, which is similar to the fuel material composition to be ultimately used in the commercial fuel product.

嗯，第一部分，我們在愛達荷國家實驗室根據現有工作說明書正在進行的工作包括鑄造和擠壓未包覆的試樣樣品。先進測試反應堆中的初始輻照測試將包括由δ相富集鈾和鋯合金材料組成的燃料材料試樣樣本，該樣本與最終用於商業燃料產品的燃料材料成分相似。

The purpose of this initial experiment is to generate irradiation performance data for Lightbridge's delta-phase uranium-zirconium alloy relating to various thermal physical properties. The data will support fuel performance modeling and regulatory licensing efforts for commercial deployment of Lightbridge Fuel. Subsequent phases of this work our plan that will be under 2 umbrella agreements with Idaho National Lab to be released in the future.

該初始實驗的目的是生成 Lightbridge 的 δ 相鈾鋯合金與各種熱物理性能相關的輻照性能數據。這些數據將支持 Lightbridge Fuel 商業部署的燃料性能建模和監管許可工作。這項工作的後續階段我們的計劃將根據與愛達荷國家實驗室的兩項總括協議進行，並將在未來發布。

And these will include post-irradiation examination of the irradiated fuel material coupons fabricated of co-extruded fully clad multi-low Lightbridge Fuel rodlets, and [lube] radiation testing of these robots in the advanced test reactor as well as transient experiments in the transient reactor test facility, also known as the TREAT reactor at Idaho National Laboratory and then corresponding postirradiation examination.

這些將包括對由共擠全包層多低光橋燃料小棒製成的輻照燃料材料試樣進行輻照後檢查，以及在先進測試反應堆中對這些機器人進行[潤滑油]輻射測試以及瞬態實驗。反應堆測試設施，也稱為愛達荷國家實驗室的 TREAT 反應堆，然後進行相應的輻照後檢查。

On the part of the question, the 3 or 4 low version of the fuel, we're developing both. They will be for different types of reactors that optimize fitting inside the fuel assembly geometry for those reactors. So for example, for Western pressurized water reactors, it's a 4-lobed design and for Russian VVER-type reactors. It's a 3-lobed design. But for each reactor, there's a version of Lightbridge Fuel that's optimized for that reactor.

就問題而言，3 或 4 低版本燃料，我們正在開發兩者。它們將用於不同類型的反應堆，優化這些反應堆燃料組件幾何形狀內部的安裝。例如，對於西方壓水反應堆來說，它是四葉設計，而對於俄羅斯 VVER 型反應堆來說，它是四葉設計。這是一個三瓣設計。但對於每個反應堆，都有一個針對該反應堆優化的 Lightbridge Fuel 版本。

The second question, how does TRISO fuel compare and contrast to Lightbridge Fuel?

第二個問題，TRISO Fuel 與 Lightbridge Fuel 相比如何？

Well, they're very different. The -- first of all, TRISO, I hear it pronounced both ways. I usually say TRISO. And they're meant for different reactor applications for different types of reactors. TRISO stands for a tristructural isotropic, and it's a coated particle fuel and it's generally for high-temperature reactor designs that include high-temperature gas-cooled reactors and fluoride salt-cooled, high-temperature reactors. There are several so-called generation 4 and microreactor designs in development by companies that include Ex-Energy, Westinghouse, BWXT and Kyros Power. Now none of these reactors have yet been deployed.

嗯，他們非常不同。 - 首先，TRISO，我聽到它有兩種發音。我通常說 TRISO。它們適用於不同類型反應器的不同反應器應用。 TRISO 代表三結構各向同性，它是一種塗層顆粒燃料，通常用於高溫反應堆設計，包括高溫氣冷反應堆和氟化鹽冷卻高溫反應堆。 Ex-Energy、Westinghouse、BWXT 和 Kyros Power 等公司正在開發幾種所謂的第四代微反應器設計。現在這些反應堆都還沒有部署。

In contrast, Lightbridge Fuel can be used in both the existing fleet of water cooled reactors, such as PWRs and BWRs and [conduce] as well as Russian VVERs as well as future water-cooled small modular reactors of these types of technologies like PWR and BWR. They are currently under development by companies like NuScale developing their SMR, GE-Hitachi developing the BWRX-300 reactor and other companies like Rolls-Royce and Holtec that are developing PWR SMRs.

相比之下，Lightbridge Fuel 可用於現有的水冷反應堆，例如壓水堆和沸水堆，以及俄羅斯的 VVER 以及未來採用此類技術的水冷小型模塊化反應堆，例如壓水堆和沸水堆。沸水堆。目前，NuScale 等公司正在開發 SMR，GE-Hitachi 正在開發 BWRX-300 反應堆，而其他公司（例如 Rolls-Royce 和 Holtec）正在開發 PWR SMR。

And for our final question, is there a rough estimate for the cost of retrofitting existing fleet reactors to accept Lightbridge Fuel?

對於我們的最後一個問題，是否對改造現有反應堆以接受 Lightbridge 燃料的成本進行了粗略估計？

$85 million. Siemens has a subsidiary called Pace Global that performed an economic study of Lightbridge Fuel, looking at the cost of retrofitting a typical existing 1,100-megawatt pressurized water reactor, a typical large reactor that's running in the world today for use of Lightbridge Fuel. And you can actually see this study on the Lightbridge website under the technical articles. And the Siemens subsidiary, Pace Global estimated a onetime upfront cost of $85 million per reactor to accommodate Lightbridge Fuel capable of a 10% power upgrade to the reactor plus a 24-month fuel cycle extended from the reactor's existing 18-month fuel cycle.

8500 萬美元。西門子擁有一家名為 Pace Global 的子公司，對 Lightbridge Fuel 進行了經濟研究，研究了改造現有典型 1,100 兆瓦壓水反應堆的成本，該反應堆是當今世界上使用 Lightbridge Fuel 運行的典型大型反應堆。實際上，您可以在 Lightbridge 網站的技術文章下看到這項研究。西門子子公司Pace Global 估計，每個反應堆的一次性前期成本為8500 萬美元，用於安裝Lightbridge Fuel，該燃料能夠對反應堆進行10% 的功率升級，並在反應堆現有18 個月的燃料循環基礎上延長24 個月的燃料循環。

So that's we think, excellent actually advantages for the cost for the utility that has the reactor. Another advantage is that the capital cost is 0 for the nuclear power plant to get the longer fuel cycles, which will extend the fuel cycle from 18 to 24 months, plus the significantly improved safety margin associated with Lightbridge Fuel. That all comes with the fuel.

所以我們認為，對於擁有反應堆的公用事業公司來說，實際上具有巨大的成本優勢。另一個優點是，核電站的資本成本為0，可以獲得更長的燃料循環，這將使燃料循環從18個月延長到24個月，而且與Lightbridge Fuel相關的安全裕度顯著提高。這一切都伴隨著燃料。

The nuclear power plant will incur some upfront costs relating to regulatory licensing, procedure, updates, training as part of the conversion of Lightbridge Fuel. But basically, we expect our fuel will be a drop-in substitute in the case of the fuel cycle extension only.

作為 Lightbridge Fuel 轉換的一部分，核電站將產生一些與監管許可、程序、更新、培訓相關的前期成本。但基本上，我們預計我們的燃料將僅在燃料循環延長的情況下成為直接替代品。

And with that, that was the last question, Matt. I want to thank everybody for participating on today's call. We look forward to providing additional updates in the near future. In the meantime, we can be reached at ir@ltbridge.com. Stay safe and well. Goodbye.

這就是最後一個問題，馬特。我要感謝大家參加今天的電話會議。我們期待在不久的將來提供更多更新。同時，您可以通過 ir@ltbridge.com 聯繫我們。保持安全和健康。再見。

This concludes today's conference. Thank you all for joining. You may disconnect. Everyone, have a great day.

今天的會議到此結束。感謝大家的加入。您可以斷開連接。大家，祝你有美好的一天。