Lightbridge Corp (LTBR) 2024 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Lightbridge Corporation Business Update and Second Quarter 2024 conference call. Please note that today's call is being recorded and is now my pleasure introduce you to Matthew Abenante, Director of Investor Relations for Lightbridge Corporation.

感謝您的耐心等待，歡迎參加 Lightbridge Corporation 業務更新和 2024 年第二季電話會議。請注意，今天的電話會議正在錄音，現在我很高興向您介紹 Lightbridge Corporation 投資者關係總監 Matthew Abenante。

Thank you, Marvin, 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 Andre Mushakov, Executive Vice President for Nuclear Operations; Scott Holcomb, Vice President of Engineering; and Larry Goldman, Chief Financial Officer.

謝謝你，馬文，也謝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執行長 Seth Grae；與核能營運執行副總裁安德烈·穆沙科夫 (Andre Mushakov) 一起； Scott Holcomb，工程副總裁；和財務長拉里·戈德曼。

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 offering 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 presentation is based on current expectations and involve certain risks and uncertainties. It may cause actual results to differ significantly from such efforts.

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在今天的電話會議中的競爭地位以及產品和服務的前瞻性陳述。我們在討論未來演示中的目標或事件時將使用“預期”、“預期”、“相信”和“打算”等詞語，這些詞基於當前的預期，並涉及某些風險和不確定性。它可能會導致實際結果與此類努力顯著不同。

These and other risks are set forth in more detail in Lightbridge's filings with the Securities and Exchange Commission. Lightbridge does not assume any obligation to update or revise any such forward-looking statements, whether as a result of new developments or otherwise. And with that, I would like to turn the call over to our first speaker, Seth Grae, Chief Executive Officer of Lightbridge.

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聲明的義務，無論是由於新的發展還是其他原因。接下來，我想將電話轉給我們的第一位發言人，Lightbridge 執行長 Seth Grae。

Hello, Seth.

你好，賽斯。

Hello, Matt, and thank you all for joining us and discussed Lightbridge's second-quarter 2024 results. Lightbridge has continued to make progress on our fuel development programs, and we will get into these updates shortly.

你好，Matt，感謝大家加入我們並討論 Lightbridge 2024 年第二季的業績。Lightbridge 在我們的燃料開發計劃上繼續取得進展，我們很快就會進行這些更新。

I would like to begin today with an overview of what we are building at Lightbridge. There is undeniable excitement around nuclear energy right now. At COP28, we saw an international commitment to triple nuclear capacity globally by 2050. Here in the US, the ADVANCE Act, which was signed into law this month has the potential to accelerate deployment of advanced nuclear technology. This momentum around the nuclear industry is critical as we confront the challenges of climate change, energy security, and producing enough electric power.

我想先概述我們在 Lightbridge 正在建造的內容。不可否認，目前核能令人興奮。在 COP28 上，我們看到國際社會承諾在 2050 年將全球核電容量增加三倍。在美國，本月簽署成為法律的《先進法案》有可能加速先進核技術的部署。當我們面臨氣候變遷、能源安全和生產足夠電力的挑戰時，圍繞核工業的這種勢頭至關重要。

Lightbridge Fuel is truly unique. It doesn't consist of pellets in the two. It's a complex high-tech metallic rod with multiple zones engineered for performance. We expect that the centerline of our fuel rods will be about 1,000 degrees C cooler than traditional fuel rods, deliver longer fuel cycles, power uprates, and higher burn up, which means more energy from the fuel source. Our fuel development spans several sites across two continents, including Idaho National Laboratory, the nation's leading nuclear energy research and development laboratory. It is also DOE's lead nuclear fuel testing laboratory.

Lightbridge Fuel 確實是獨一無二的。它不由兩者中的顆粒組成。它是一種複雜的高科技金屬桿，具有多個專為性能而設計的區域。我們預計燃料棒的中心線溫度將比傳統燃料棒低約 1,000 攝氏度，從而提供更長的燃料循環、功率提升和更高的燃耗，這意味著來自燃料源的能量更多。我們的燃料開發橫跨兩大洲的多個地點，其中包括美國領先的核能研究和開發實驗室愛達荷國家實驗室。它也是美國能源部的主要核燃料測試實驗室。

Earlier this year, we celebrated a landmark achievement at INL, where we successfully demonstrated certain key aspects of the sophisticated extrusion process for Lightbridge fuel. A video of this extrusion is on our website.

今年早些時候，我們在 INL 慶祝了一項里程碑式的成就，成功展示了 Lightbridge 燃料複雜擠出工藝的某些關鍵方面。我們的網站上有該擠壓的影片。

We are also collaborating on two Department of Energy, Nuclear Energy University program studies at MIT and Texas A&M University, along with NuScale power to better understand the performance of Lightbridge fuel in a NuScale small modular reactor. We are also working with RATEN ICN in Romania on a comprehensive engineering study to assess Lightbridge Fuel for use in CANDU reactors. These studies can potentially expand the applications of our fuel technology, paving the way for broader adoption of Lightbridge Fuel.

我們也與 NuScale power 合作進行兩個能源部、麻省理工學院和德州農工大學核能大學計畫研究，以便更好地了解 NuScale 小型模組化反應器中 Lightbridge 燃料的性能。我們也與羅馬尼亞的 RATEN ICN 合作進行一項綜合工程研究，以評估 CANDU 反應器中使用的 Lightbridge 燃料。這些研究有可能擴大我們燃料技術的應用，為更廣泛採用 Lightbridge Fuel 鋪路。

Our goals are ambitious to develop nuclear fuel that significantly improves economics, enhances nonproliferation, and the ability to quickly adjust power output by load-following to complement renewables. Many companies are developing new reactor designs, but Lightbridge is fundamentally rethinking nuclear fuel for the vast majority of reactors operating today and water-cooled reactors planned for the future.

我們的目標雄心勃勃，開發核燃料，顯著提高經濟性，增強防擴散能力，並能夠透過負載追蹤快速調整電力輸出，以補充再生能源。許多公司正在開發新的反應器設計，但 Lightbridge 正在從根本上重新考慮目前運行的絕大多數反應器和未來計劃的水冷反應器的核燃料。

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

現在我將把電話轉給核能營運執行副總裁安德烈·穆沙科夫（Andrey Mushakov），以審查我們的燃料開發活動。安德烈？

Thank you, Seth.

謝謝你，賽斯。

As Seth mentioned, Lightbridge achieved the critical milestone of our fuel development efforts earlier this year. Idaho National Laboratory extruded an unclad cylindrical rod sample of Lightbridge Fuel material consisting of an alloy of depleted uranium and zirconium. This work was performed under Strategic Partnership Project and Cooperative Research and Development agreements between Lightbridge and Battelle Energy Alliance LLC, the US Department of Energy's operating contractor for Idaho National Laboratory.

正如 Seth 所提到的，Lightbridge 今年稍早實現了我們燃料開發工作的重要里程碑。愛達荷國家實驗室擠壓了一個由貧鈾和鋯合金組成的 Lightbridge Fuel 材料的無包層圓柱形棒樣品。這項工作是根據 Lightbridge 和美國能源部愛達荷國家實驗室營運承包商巴特爾能源聯盟有限責任公司之間的戰略合作項目和合作研究與開發協議進行的。

We anticipate the initial phase of work under the two agreements that has been released, will culminate in casting and extrusion of unclad fuel material samples using enriched uranium that will subsequently be inserted for irradiation testing in the advanced test reactor at Idaho National Laboratory.

我們預計，根據已發布的兩項協議開展的初始階段工作將最終使用濃縮鈾鑄造和擠壓無包覆燃料材料樣品，隨後將其插入愛達荷國家實驗室的先進測試反應器進行輻照測試。

Experimental data obtained during subsequent post-irradiation examination work to be released via future project test statement under our existing agreement with Idaho National Laboratory will be vital for our model development and validation efforts. In addition to our ongoing project at Idaho National Laboratory, we are working with RATEN ICN on engineering study to assess the compatibility and suitability of Lightbridge Fuel for using CANDU reactors. We expect this initial engineering study to be completed later this year.

根據我們與愛達荷國家實驗室的現有協議，在後續的輻照後檢查工作中獲得的實驗數據將透過未來的專案測試聲明發布，這對於我們的模型開發和驗證工作至關重要。除了愛達荷州國家實驗室正在進行的專案外，我們還與 RATEN ICN 合作進行工程研究，以評估 Lightbridge Fuel 使用 CANDU 反應器的兼容性和適用性。我們預計這項初步工程研究將於今年稍後完成。

Now I'll ask Scott Holcombe, our Vice President of Engineering, to give us an update on other ongoing projects and initiatives. Scott?

現在，我將請我們的工程副總裁 Scott Holcombe 向我們介紹其他正在進行的項目和計劃的最新情況。史考特？

Thank you, Andre.

謝謝你，安德烈。

First, with ongoing progress of our fuel development work, we've expanded and strengthened our field development team with hiring of additional R&D personnel with expertise in computer modeling and simulation; experiment, design, and execution; and fuel qualification and regulatory licensing activities. Their additions aim to bolster Lightbridge's capabilities in neutronics, thermal hydraulics, fuel performance, and transient analysis, all critical components to support fuel qualification, regulatory licensing, and commercial deployment of Lightbridge Fuel.

首先，隨著燃料開發工作的不斷進展，我們擴大並加強了現場開發團隊，聘請了更多具有電腦建模和模擬專業知識的研發人員；實驗、設計與執行；以及燃料資格和監管許可活動。他們的增加旨在增強 Lightbridge 在中子學、熱工水力學、燃料性能和瞬態分析方面的能力，以及支援 Lightbridge Fuel 的燃料資格、監管許可和商業部署的所有關鍵組件。

The newly appointed R&D staff will support Lightbridge's ongoing collaborative projects, including our SPP and create a collaboration with Idaho National Laboratory in the United States, our engineering study with RATEN ICN in Romania, and two important projects under the Nuclear Energy University Programs with the Massachusetts Institute of Technology and Texas A&M University. These experts will lead the development of Lightbridge specific codes and methods, utilizing industry-standard modeling tools to simulate Lightbridge Fuel across various types of water-cooled reactors.

新任命的研發人員將支持Lightbridge 正在進行的合作項目，包括我們的SPP 以及與美國愛達荷州國家實驗室的合作、我們與羅馬尼亞RATEN ICN 的工程研究，以及與馬薩諸塞州核能大學計劃下的兩個重要計畫理工學院和德州農工大學。這些專家將領導 Lightbridge 特定程式碼和方法的開發，並利用業界標準建模工具來模擬各種類型水冷反應器的 Lightbridge Fuel。

As we project further into the future, our road map towards full commercial deployment encompasses a series of intra-group and scientifically rigorous steps. This includes the extensive irradiation of nuclear material samples and prototype fuel rods within test reactors followed by thorough post radiation examinations to validate material characteristics and performance metrics.

隨著我們對未來的進一步規劃，我們實現全面商業部署的路線圖包含一系列集團內部和科學嚴謹的步驟。這包括對試驗反應器內的核材料樣品和原型燃料棒進行廣泛輻照，然後進行徹底的輻照後檢查，以驗證材料特性和性能指標。

Our comprehensive testing regimen will also involve advanced thermal hydraulic experiments and additional out of reactor tests designed to rigorously evaluate our fuels, safety, and functionality. Advanced computational modeling and simulations will support the qualification process, ensuring our fuel meet stringent industry standards. The combination of these efforts will involve the design of lead test rods and ultimately lead test assembly and subsequent collaborations with commercial reactors and potential fuel vendor partners for the deployment of lead test rod and assemblies.

我們的綜合測試方案還將涉及先進的熱水力實驗和額外的反應器外測試，旨在嚴格評估我們的燃料、安全性和功能。先進的運算建模和模擬將支援資格認證流程，確保我們的燃料符合嚴格的行業標準。這些努力的結合將涉及鉛測試棒的設計和最終的鉛測試組件，以及隨後與商業反應器和潛在燃料供應商合作夥伴的合作，以部署鉛測試棒和組件。

Once successful operation of lead test assemblies with Lightbridge Fuel has been demonstrated in commercial reactors. We will seek regulatory approval for batch reloads as Lightbridge Fuel in those host reactors.

使用 Lightbridge Fuel 的先導測試組件已在商業反應器中成功運作。我們將尋求監管部門批准在這些主反應器中批量重新裝載光橋燃料。

And with that, I'll turn the call back over to SaaS.

然後，我會將電話轉回給 SaaS。

Thank you, Scott. The recent passage of the ADVANCE Act was a landmark moment for the entire advanced nuclear industry. This legislation is a game changer for several reasons.

謝謝你，斯科特。最近《先進法案》的通過對於整個先進核工業來說是一個里程碑式的時刻。出於多種原因，這項立法改變了遊戲規則。

The act aims to streamline the Nuclear Regulatory Commission review process, specifically for advanced nuclear fuels, including high-assay low-enriched uranium fuels. We believe this is a critical step towards bringing these innovative technologies to market. It's a clear signal of government support for this sector, which we believe bodes well for future investment into nuclear power. We see evidence of this today with a growing list of nuclear publicly traded companies. The need for clean and reliable energy has never been greater.

該法案旨在簡化核管理委員會的審查程序，特別是針對先進核燃料，包括高含量低濃縮鈾燃料。我們相信，這是將這些創新技術推向市場的關鍵一步。這是政府支持該產業的明確訊號，我們認為這對未來核電投資來說是個好兆頭。今天，我們從越來越多的核子上市公司名單中看到了這一點的證據。對清潔、可靠能源的需求從未如此強烈。

The growth of data centers with AI, the rise of energy intensive processes like crypto mining, and the growing electrification of transportation are all driving an unprecedented surge in demand for electric power. There's also a growing global consensus that nuclear energy is essential to meeting the Paris Agreement's goals cost effectively and equitably.

人工智慧資料中心的發展、加密貨幣挖礦等能源密集流程的興起，以及交通運輸電氣化的不斷發展，都在推動電力需求前所未有的激增。全球也日益達成共識，核能對於以成本效益和公平的方式實現《巴黎協定》的目標至關重要。

The pledge last December at COP28 triple nuclear capacity by 2050 is a testament to this. There is a clear shift towards greater demand for nuclear power across the entire supply chain. This is evident in the extension of licenses for existing plants, new reactor construction, and the restarting of previously shut down reactors. Uranium prices, both for the commodity itself and related ETFs are nearing record highs. This potential nuclear expansion could significantly increase the potential market for Lightbridge Fuel. We expect growing demand for more efficient, safer, and economically viable nuclear fuel, making Lightbridge an attractive option for both existing reactors and future powerplants.

去年 12 月 COP28 承諾在 2050 年將核電容量提高到三倍就證明了這一點。整個供應鏈對核電的需求明顯轉向更大。這在現有核電廠的許可證延期、新反應器建設以及先前關閉的反應器的重啟方面表現得很明顯。鈾商品本身和相關 ETF 的價格都接近歷史高點。這種潛在的核子擴建可能會顯著增加 Lightbridge Fuel 的潛在市場。我們預計對更有效率、更安全和經濟上可行的核燃料的需求將不斷增長，這使得 Lightbridge 成為現有反應器和未來發電廠的有吸引力的選擇。

Our focus remains on advancing our fuel development, strengthening collaborations with industry, government, and academic partners and achieving our key milestones. Our ongoing fuel development and strong intellectual property portfolio position us well in an industry poised for global expansion.

我們的重點仍然是推動燃料開發，加強與產業、政府和學術合作夥伴的合作，並實現我們的關鍵里程碑。我們持續的燃料開發和強大的智慧財產權組合使我們在準備全球擴張的行業中處於有利地位。

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

現在我將把電話轉給財務長拉里·戈德曼（Larry Goldman），總結公司的財務表現。

Larry?

拉里？

Thank you, Seth, and good afternoon, everyone. For further information regarding our second-quarter 2024 financial results and disclosures, please refer to our earnings release that we filed post market close yesterday as well as our quarterly report on Form 10-Q that will be filed with the Securities and Exchange Commission later today.

謝謝你，賽斯，大家下午好。有關我們 2024 年第二季度財務業績和披露的更多信息，請參閱我們昨天收盤後提交的收益報告以及將於今天晚些時候向美國證券交易委員會提交的 10-Q 表格季度報告。

The company's working capital position was $26.4 million at June 30, 2024, versus $28.3 million at December 31, 2023. Total assets were $28 million and total liabilities were $0.9 million at June 30, 2024. Today, we have ample working capital and financial flexibility to support our near-term fuel development expenditures. This is very important to Lightbridge and our stockholders as well as our external stakeholders such as the federal government to ensure that we have sufficient working capital as well as the ability to access capital in the future to conduct our R&D activity.

截至2024年6月30日，該公司的營運資本狀況為2,640萬美元，而2023年12月31日為2,830萬美元。截至 2024 年 6 月 30 日，總資產為 2,800 萬美元，總負債為 90 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 Lightbridge 和我們的股東以及聯邦政府等外部利害關係人來說非常重要，以確保我們有足夠的營運資金以及未來獲得資金來進行研發活動的能力。

Total cash and cash equivalents was $27.1 million as compared to $26.8 million at December 31, 2023, a decrease of $1.5 million for the six months ended June 30, 2024. Total cash used in operating activities for the six months ended June 30, 2024, was $3.7 million, an increase of $0.7 million compared to $3 million for the same period ended June 30, 2023. This increase was primarily due to increased spending on R&D and general administrative expenses and changes in working capital.

現金及現金等價物總額為 2,710 萬美元，而截至 2023 年 12 月 31 日為 2,680 萬美元，截至 2024 年 6 月 30 日止六個月減少了 150 萬美元。截至2024年6月30日止六個月經營活動所用現金總額為370萬美元，較截至2023年6月30日止同期的300萬美元增加70萬美元。這一增長主要是由於研發支出和一般管理費用的增加以及營運資金的變化。

Total cash provided by financing activities for the six months ended June 30, 2024, was $2.2 million, a decrease of $0.1 million compared to $2.3 million for the same period ended June 30, 2023. This decrease was due to a decrease in the net proceeds from the issuance of common stock by our at-the-market or ATM facility in the first half of 2024.

截至2024年6月30日止六個月，融資活動提供的現金總額為220萬美元，較截至2023年6月30日止同期的230萬美元減少10萬美元。這一減少是由於 2024 年上半年我們的市場或 ATM 設施發行普通股的淨收益減少。

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

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，以及新的策略聯盟，其中可能包含成本分攤捐款和來自其他方的額外資金，以幫助資助我們未來的研發里程碑，從而實現Lightbridge Fuel 的商業化。

Now to the P&L for the second quarter of 2024. Net loss was $2.4 million for the second quarter ended June 30, 2024, compared to $1.7 million for the second quarter ended June 30, 2023. Total R&D expenses amounted to $0.9 million for the second quarter compared to $0.4 million for the three months ended June 30, 2023, an increase of $0.5 million. This increase primarily consisted of an increase in the INL project labor costs and outside R&D expenses of $0.2 million and an increase in allocated employee compensation and employee benefits to R&D of $0.3 million.

現在來看看 2024 年第二季的損益表。截至2024年6月30日的第二季淨虧損為240萬美元，而截至2023年6月30日的第二季淨虧損為170萬美元。第二季研發費用總額為 90 萬美元，而截至 2023 年 6 月 30 日的三個月研發費用為 40 萬美元，增加了 50 萬美元。這項成長主要包括INL專案勞動成本和外部研發費用增加20萬美元，以及分配給研發的員工薪資和員工福利增加30萬美元。

We currently project investing approximately $8.3 million in R&D spend over the next 12 to 15 months. Total G&A expenses amounted to $1.8 million for the second quarter compared to $1.6 million for the three months ended June 30, 2023. There was an increase in professional fees of $0.1 million, an increase in employee compensation and stock-based compensation of $0.1 million.

目前，我們計劃在未來 12 至 15 個月內投資約 830 萬美元的研發支出。第二季的一般管理費用總額為 180 萬美元，而截至 2023 年 6 月 30 日的三個月為 160 萬美元。專業費用增加了 10 萬美元，員工薪酬和股票薪酬增加了 10 萬美元。

Total other income was $0.3 million for the second quarter, unchanged compared to the three months ended June 30, 2023. The company's interest income earned from the purchase of treasury bills and from our bank savings account for the three months ended June 30, 2024, was consistent to the three months ended June 30, 2023.

第二季其他收入總額為 30 萬美元，與截至 2023 年 6 月 30 日的三個月相比持平。截至2024年6月30日止三個月，本公司透過購買國庫券和銀行儲蓄帳戶所賺取的利息收入與截至2023年6月30日止三個月一致。

Back to you, Seth.

回到你身邊，賽斯。

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

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。

Matt, please go ahead with questions.

馬特，請繼續提問。

Thank you, Seth. We received the following questions from Tim Moore, Senior Analyst and Managing Director from Clear Street. The first question, can you provide an update on upcoming milestones over the next 12 to 18 months, such as fuel material samples testing in the reactor?

謝謝你，賽斯。我們收到了 Clear Street 高級分析師兼董事總經理 Tim Moore 提出的以下問題。第一個問題，您能否提供未來 12 至 18 個月即將到來的里程碑的最新信息，例如反應器中的燃料材料樣品測試？

As discussed in our most recent 10-Q filing, we anticipate fuel development milestones for Lightbridge Fuel over the next couple of years will consist of the following: first, continue to execute strategic partnering project, Cooperative Research and Development Agreement work at Idaho National Laboratory, leading to casting and extrusion of uncleared fuel material samples, using enriched uranium and their subsequent insertion for irradiation testing in the advanced test reactor; second, complete a feasibility study for the use of our fuel and CANDU heavy water reactors; and third, complete a front-end engineering and design study for a Lightbridge Pilot Fuel Fabrication Facility with Centrus Energy.

正如我們在最近的10-Q 文件中所討論的，我們預計未來幾年Lightbridge Fuel 的燃料開發里程碑將包括以下內容：首先，繼續執行戰略合作項目、愛達荷國家實驗室的合作研究和開發協議工作，使用濃縮鈾鑄造和擠壓未淨化的燃料材料樣品，然後將其插入先進試驗反應器中進行輻照測試；第二，完成使用我們的燃料和CANDU重水反應器的可行性研究；第三，與 Centrus Energy 合作完成 Lightbridge 試辦燃料製造設施的前端工程和設計研究。

Next question, please.

請下一個問題。

And this is our last question. Regarding the recent ADVANCE Act legislation, how much time could that save on licensing permits, red tape being held up?

這是我們的最後一個問題。關於最近的《高級法案》立法，在繁瑣的手續被擱置的情況下，這可以節省多少時間來獲得許可？

We were very pleased to see the ADVANCE Act passed with such overwhelming support in both the House and the Senate. We're particularly encouraged by the expedited NRC licensing process for advanced nuclear fuel technologies. The act directs the NRC to assess its preparedness to review and qualify the use of high-assay low-enriched uranium fuels.

我們很高興看到《先進法案》在眾議院和參議院獲得如此壓倒性的支持獲得通過。我們對先進核燃料技術的 NRC 許可流程加快感到特別鼓舞。該法案指示 NRC 評估其準備情況，以審查和鑑定高含量低濃縮鈾燃料的使用。

The NRC has successfully regulated positive changes in the nuclear industry, including license extensions for many US nuclear power plants and increases in capacity factors of plants. We believe the NRC can streamline the review process and the ADVANCE Act shows that Congress prioritizes faster licensing.

NRC 成功監管了核工業的積極變化，包括延長美國許多核電廠的許可證以及提高核電廠的容量係數。我們相信 NRC 可以簡化審查流程，而 ADVANCE 法案表明國會優先考慮更快的許可。

And with that, I'll just say thank you, everybody, for participating on today's call. We look forward to providing additional updates. In the meantime, we can be reached at ir@ltbridge.com. Stay safe and well. Goodbye.

在此，我只想對大家參加今天的電話會議表示感謝。我們期待提供更多更新。同時，您可以透過 ir@ltbridge.com 與我們聯繫。保持安全和健康。再見。

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

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。