Energy Fuels Inc (UUUU) 2021 Q2 法說會逐字稿

Good afternoon. My name is Colin, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Energy Fuels Q2 2021 conference call. (Operator Instructions) Thank you. Chalmers, you may begin your conference.

Thank you, Colin, and good afternoon, everyone. Thank you for joining our Q2 2021 conference call and webcast today. As always, we're excited to discuss our Q2 achievements and achievements after the close of the quarter. For those that cannot join the call today, there will be replays of the presentation and recording available for two weeks on our website starting later today or tomorrow.

I just want to say that we continue to make what I believe is extraordinary progress on many fronts, and we believe the Energy Fuels has and continues to emerge as the clear leader in US critical mineral production space. I realize some of those of you that are on the call today are invested in Energy Fuels for different reasons. It could be uranium; it could be rare earth; it could be vanadium. And now, we've complicated further with the introduction of thorium. And I'm sure that confuses some people, and hopefully, I can clarify that over the course of the next 30 minutes or so.

But look, the bottom line is in investment in Energy Fuels represent an investment in clean energy, low carbon emissions, and critical minerals. And I really don't know of any other single investment that you can cover that kind of real estate. Most of you -- almost all of you will know that we have a long history as a US uranium producer and we're very proud of that.

And now, we're really pleased that we now have the ability to process rare earth at scale, and we're more advanced than any other company in the United States. And we're producing a rare earth product, intermediate product, which is currently being shipped to Europe.

And we have big plans. We're targeting 50% of US requirements in a not-too-distant future, but there's no reason we can't eventually be able to produce 100% of current US requirements or greater when we secure adequate sources of monazite feed and established separation at White Mesa. So this is incredible progress and we're incredibly proud of this.

We also continue to build our relationships with a number of groups, certainly Chemours, Neo, Hyperion, Carester, and others that I'd like to tell you about, but I can't. And I believe that based on the quality and the quantity of inbound calls, it's a reflection of what people aren't just staying with our progress at a rapid progress.

But I've said this before and I said a little earlier, we are not stopping at mixed rare earth carbonate production. We are absolutely going to develop fully integrated US supply chain through a minimum of separated oxides at White Mesa Mill, and we believe it will be low CapEx and OpEx, competitive with the world's best producers, including China, and scoping studies are well underway.

In addition, we're seeing the prices of uranium and vanadium increase over the last number of months. And if you look at the value of our inventories that on the books versus the current prices, it's actually at current prices. Our inventory is worth about $14 million than we currently carry as our working capital number.

We also continue to get recognition for industry-leading recycling programs. So we believe that Energy Fuels has got to be one of the best ESG stories in the business, particularly in United States.

So before we move to the slides, I just want to remind people that you are controlling the slides on the web with the previous and next buttons. I'm also pleased to say that we will be answering questions at the end of the presentation, as Colin mentioned. Also pleased to announce that Sarai Luksch, our Controller, will help -- join me at the end of the presentation if there's any questions that I can answer. And Dave Frydenlund and Curtis Moore, who many of you know, are all taking well-deserved vacations.

So let's jump in. On this first slide, a lot of you have seen this before, a picture of the White Mesa Mill in Utah -- in Southern Utah. And the one thing I want to know is that we added thorium, the uranium, rare earth elements, vanadium recycling, and thorium, and I'll talk more about it in a second or two.

So next slide, I may well be making some forward-looking statements. Those are included at the back of the presentation.

Next slide. All right, so here we are. And you have all seen this, our core business case, or many of you have, Energy Fuels, it's the same as in the past. Our core business is and will always be uranium. We've added rare earth in the last, probably last 13, 14 months. And we've now producing vanadium, long history of producing vanadium. Vanadium prices are increasing.

The recycling, which I talk yet in previous presentations. And now, we added the thorium. And we're very excited about thorium because like uranium, rare earth, uranium, rare earth also have contained thorium, which we believe has the potential to be recovered for medical isotopes that could be used for emerging cancer therapies. That is the remarkable addition to the frontline here.

And also, we're very, very proud of our financial strength and our zero debt. And also on this slide, you can see where we -- on the side, on the periodic table, we got uranium, vanadium, and thorium.

Next slide. So our financial strength and flexibility. We posted in our financials, $98.8 million of cash securities or inventories. That inventories are valued at -- our book values, as you can see in the table on the right, uranium at $23.79 per pound, and vanadium at $5.11 per pound. And with current prices, the price of uranium is up 37% from that, and nearly double for vanadium.

So when you look at the $98.8 million. That's actually very conservative. It's actually about $14 million more than that.

We have a significant uranium inventory that we produced ourselves, as well as a vanadium inventory that we produced ourselves. Our revenue was just about $0.5 million dollars. That was mainly from some of the cleanup work we're doing in the Mexico, zero debt.

We did have a net loss of about nearly $11 million, but the $3.6 million of that was related to the share price increase in warrant liabilities, so that's a non-cash issue.

We also had about $2.5 million in increasing expenditures for our rare earth production in Q2. And I want to say that even though the capital cost was only less than $2 million for capital costs, we had things like re-agents and labor costs that skewed that a bit.

Our guidance for 2021, we are not going to produce any uranium at the current time. We're going to retain that in circuit inventory. It actually is produced, but it will be circulating in the system, and we won't be recovering it into finished goods. So yearend, at this point in time, we're projecting nearly 700,000 pounds of uranium inventory.

Also, rare earth oxide, we're projecting that we'll produce between 700 and 1,100 tonnes of mixed rare earth carbonate production, which is about 350 to 550 tonnes of REO. That is because of a delay in shipments from Chemours. It is not a reflection of our ability to produce rare earth carbonate. They've had some operational issues and I'm currently talking to them how they catch that up in due course.

So anyways, for those of you that have a question about our ability to produce rare earth carbonates, it is not restricted on the plant, it's restricted on this short-term shortage of feed.

Next slide. So let's talk about some of our milestones. We maintain our US uranium leadership. We began production of the rare earth products, and we start shipping carbonate. Uranium, we still continue, as we believe, the clear leader in the US space. We maintain our assets on standby. And as I mentioned, we've got uranium inventories that are currently valued at about $22.5 million that we produce at US origin.

We also announced after the quarter that we are divesting some non-core assets to international consolidated uranium, which we're very excited about, the long history of the number, the members of international consolidated uranium. And that has a pro forma value when it's closed, and all the progress payments are made of around $24 million. We will become the largest shareholder of CUR.

Rare earth. We talked about the first shipments and started to go to Estonia, and no other company has advanced as we are. We signed our contract with Neo for the shipment and for them to procure our rare earth carbonates from White Mesa on July 7. And then we continue to have a numerous discussions with monazite suppliers around the globe, as well as advancing our scoping studies with Carester for full integration.

Vanadium. Really no change in vanadium as a company, except for the fact that the price keeps going up and we now have about $16.5 million of high-purity vanadium in stock and ready to sell when we decide to sell it.

The new kid in town is thorium. And we announced recently that we had signed a strategic alliance agreement with RadTran, which is a Denver-based company. And we're going to be evaluating the recovery of thorium, as I mentioned, for the production of medical isotopes. I'll talk about more a little bit later for emerging cancer treatments, and we're very, very excited about that as well.

So look, this next slide, just showing our footprint in United States. And most of you have seen this before, from Wyoming all the way down to Texas and the White Mesa Mill in the four corners region.

Next slide, our frontline production centers, White Mesa, Alta Mesa, the Pinyon Plain, and the Nichols Ranch facility. These continue to be our frontline range. We still have Alta Mesa and Nichols Ranch on standby, as well as Pinyon Plain and White Mesa, is the only producing asset we have at this point in time.

This slide, again, you've all seen this, or most of you have seen this, but between chemical and energy fuels, between their assets and our assets, 85% of uranium produced in United States came from two companies. And when you add Ur-Energy and Uranium One, that is 97% of uranium production in the United States over 15 years. And actually, the assets that were on selling to CUR, or international consolidated uranium, they would actually become the fifth largest if you look at the uranium production over time from those assets.

Next slide. Here, rare earth and uranium, again, I've talked about this at [length]. It's very complementary. And we still are focused on monazite because of the high value. We really believe that this is a real value proposition in our ability to basically recover the uranium.

Potentially, the thorium and the Lynas' radionuclides is a real game changer, and constantly incurring up as we continually uses that. And I really am happy does because it is really remarkable position that we are in as we advance our critical mineral hub for these number of elements, and also for fulfilling this newly projected fivefold increase in magnetic rare earth oxides that they're projecting over the next 10 years.

Next slide. Monazite, again, I talked in the past about this, but it is a byproduct of existing heavy mineral sand operations. It's mined around the world. And as I said and told people previously, we're talking to basically everybody around the world.

Every day that goes by, more people understand the progress we're making and speed of our progress. And so, that is creating a number of interesting opportunities that are showing up at the doors. For us, it is low-cost protection. It's high grade. It has -- typically, the heavy mineral sands produces monazite sands, which is between 50% to maybe 60% total rare earth oxides, which is like the equivalent of the McArthur River and Scar Lake and uranium industry and the rare earth industry.

And that's why we're focusing on the monazite. It is lower-cost production and processing. It's got great distributions, NdPr and heavies, and it's much higher grades than typically what is mined in the past [in mind]. So we're going to stick to this monazite plan even though we will look at other sources in due course.

Next slide. Now this slide, again, just unique capabilities of the White Mesa Mill. And this picture on the right is a picture of myself; Logan Shumway, our mill superintendent; and Constantine Karayannopoulos at our packaging plant. That is a one-time bulky bag of rare earth carbonate that is headed to Estonia.

And I checked this morning, and right now, we've we basically packaged about 170 or 180 bags of this rare earth carbonate. And we've got another 20 years -- 120 to go in this first batch from Chemours. And so, we're very excited about that. And we had followed up, Constantine came down to the mill. And it was really a great day to showcase what we've accomplished in as quickly as we accomplish that and with the limited capital cost required.

So again, this first amount from Chemours is giving us the opportunity to basically work all the kinks out in the mill in terms of recovery, reagent consumption, and handling of the product. And -- but we -- our next step is we want to secure enough feed to get up to around 15,000 tonnes of feed, which would be approximately 50% of US' current requirement. So a little bit amount of monazite goes a long way because of the grade. And so, again, we're moving very quickly on this front.

Next slide. So I've talked, again, quite a bit about our short-term plan, which is the purchasing and processing of around 2,500 tonnes per year of monazite. I mentioned that Chemours is lagging on that, but we're going through some steps. And I have some talks with them next week on how they can increase that, hopefully, in the next the not-too-distant future.

We are out there actively seeking to purchase additional monazite. And there are people, as I said, around the world, that are noticing what we're doing and talking to us about monazite supply. And so, we're planning to -- in this period of time, while we're building up our capabilities and our ability to eventually separate, we're using the facility with Neo in Estonia for separation, very strong, healthy relationship with NEO. We plan to have that continue for a long, long time.

So when you look out in 2023, '24, we hope to have a US-centric supply chain. We've been talking about potentially submitting our plans with the state of Utah next year some time. That's not completely nailed down yet, to have and capture the full value chain of the rare earth supply at White Mesa, including our relationship with Neo.

So we're very excited about our collaboration with the Carester. Many of you know of Carester, they're long, established, and proven operators and separators of monazite feeds, not just in France, but in China as well.

And lastly, we have a long history of dealing with solvent extraction at the White Mesa Mill. So many people that tell us that solvent extraction is unruly and not easy to control, which is true. We have a head start over most.

So this is just a graphic of what I just said. And looking at this initial step to get through separation and then looking in the mid-term and a few years to have full integration. And as I said too, we're looking to get through at least separation at the White Mesa Mill, but we're starting to look at metals and alloys and powders right now. So we still got work to do there, but we're taking it a step at a time.

Next slide. So sort of our accomplishments in a little over a year, we continue to engage additional professionals. We know we've had Constantine working on this with us for over a year, Brock O'Kelley, Jack Lifton, and Carester.

But we recently hired Chris Wyatt. Chris Wyatt worked for Iluka. He's a heavy minerals expert, and he's helping us, particularly in this front end when it's securing and sourcing a monazite for the White Mesa Mill. So we're really pleased to have Chris join the team. And it just continues with our philosophy and approach that we know we don't know.

And so, we'll bring in the expertise we need at every step to get the best outcomes possible. So I'm hoping in the not-too-distant future that we can add to this list on top of Chemours and Hyperion to others that are joining the initiative.

I actually talked to Hyperion this morning, and so they're very excited about working with us in the future. I've talked about the rare earth carbonate that we're producing at the mill. And it's very unique that you have an opportunity like this that I mentioned that we went from lab scale to 1-tonne scale to 100-tonne scale. We've done these 300 tonnes this last run.

And the next step, we hope to start up in October. And it will be somewhere on the order of 600 to 800 tonnes, and we plan to continue to ramp it up as feed becomes available.

I mentioned the separations of the work with Carester. We hope to have some initial results. There won't be final results of some of the scoping work that they're working on in the next month or so. And I mentioned the rare earth metals and alloys that we're currently starting to do more work on. And then we have secured around $2 million of support from the US government thus far.

Next slide. So this is a new slide that I don't think I've shown to you before, but it's why can't Energy Fuels succeed when others have struggled. Number one, we have the licenses and the capability to handle the radionuclides in monazite. Number two, monazite has the high grade and value over other rare earth minerals.

And I know this is a little bit prescriptive as I go down, but I'm trying to really hit the points. Monazite is already being mined in the US and around the world. There is monocyte out there that is available. Number four, it's straightforward to process monazite over some of the rare earth streams. In our case, it's low cost and capital efficient with the existing infrastructure.

Number six, we're planning to use solvent extraction technology, which we have this long history of nearly 40 years. We're going to focus on proven technology using SX. Now, if other technologies present themselves that we think makes sense, we'll look at them.

And lastly, Utah is a great place to do business. It's low-cost jurisdiction. They're very pro mining and processing. And we think it is far less costly to do business in Utah than it is places like California and Australia.

Next slide. All right. Now, let's talk about our divestment of our non-core assets. We now set after the end of the quarter in July 15 to international consolidate uranium we're divesting the Tony M Mine, the Daneros Mine, the Rim Mine, and some DOE leases. That divestment comes with a toll milling agreement.

They are the only company that will have a toll milling agreement at this point in time with Energy Fuels. These are high-quality, fully licensed, and either completely developed or partially developed, and they are ready to become a producer of uranium when the markets justify.

Total consideration is approximately USD24 million if all aspects of the agreement are exercised. We'll get $2 million of cash at closing, which we believe will be about the next month or so. We'll become a 19.9% shareholder of CUR, and that's worth around $15 million at current prices. They'll make progress payments -- two progress payments of CAD3 million at the 18- and 36-month anniversaries. And then when they go into production, another payment of $5 million.

I will also go on the Board of International Consolidated Uranium to help them with my long expertise as I started as a miner in 1976, and that dates me a bit.

So, additional benefits to Energy Fuels, it reduces our holding and compliance costs. We are still going to manage the properties for the time being for at least three years. So we'll continue to use our people to make sure that permits are in good order, they're well maintained, and they have access to myself and our other people in the company for advice as required.

And we hope they spend money on these projects because they can get these mines in better condition than they currently are, because we don't have time to focus on them right now, and then provide ore to be processed at White Mesa in the future.

So again, we're very excited about this. This is not to be consider that we're getting out of the uranium industry. We just don't have time to focus on it. And this is a way that we hopefully could see CUR grow, become a uranium producer, and we are their major shareholder.

Next slide. Now, let's talk of RadTran. In this strategic alliance that we announced just a few days ago, the execution of the agreement, I mentioned RadTran is Denver-based. It is a technology development company, and they are actively investigating the recovery of isotopes from existing processing streams at White Mesa. The focus is on these alpha therapies, the TATs, the targeted alpha therapies, for cancer treatment.

And what -- and there are a number of these in approval with the FDA and around the world. There are major pharmaceutical companies that are studying and advancing these alpha emitting treatments. They're in short supply. The objectives are to treat cancer on a cellular level by minimizing the damage to surrounding healthy tissues because the alpha therapies basically half-life out very quickly. And so, the existing sources of isotopes for this are costly and probably not able to scale up to meet the demand of some of these new drugs.

And RadTran has technologies, patented technologies that they've developed. And they've also been working closely with the Pacific Northwest National Laboratory, which is owned by the Department of Energy. They've actually received funding for this initiative.

RadTran was not the only party that came to us with this idea. There are other parties that came to us with this idea. And we chose RadTran for a number of reasons, including location. They were the first in the door. And so, the benefits to Energy Fuels, we can possibly play a role in filling some of this solution to the medical supply chain. The materials, the monazite ores, uranium ores, contain a number of these isotopes.

It is another example of recycling and value add for our shareholders, and it could potentially add significant revenues to Energy Fuels. It's early days. So I'm not going to speculate, but it could be very significant.

And what a great story when you look at the uranium, the rare earth, the radionuclides that have been potentially we can recycle working with RadTran for the isotopes that treat cancer. So I think this is a really, really great position for us to be in and utilize the elements that come into the mill in every way possible.

This is my last slide. Just summarizing. We talked about our uranium assets, proven assets, long history of producing uranium, our ability to ramp up. They are 100% paid for and have proven. We have more facilities, more capacity, more experience than any other US company in the production in uranium we're now producing rare earth carbonate, and we're more advanced than any other company in this regard in the US.

We're shipping out to Estonia. There are advances being made with the US government on a number of fronts, not just in US uranium reserve, but also on critical minerals. So we're very pleased with the new administration's efforts to focus on critical materials and there is no one else to ask more of those than Energy Fuels.

We're still advancing our recycling and our clean-up programs. We have the strong balance sheet that I mentioned that is actually quite conservative. When you look at current prices of uranium, vanadium, and the divestment of the non-core assets, vanadium production is still an option and is improving by the day. And our inventories are going up in value substantially. And the recent addition of the thorium recovery option and possible cancer treatments, I couldn't be more excited.

So now, that will be it for me. It's open to the floor for questions and that is the end of my presentation.

(Operator Instructions) Heiko Ihle, from H.C. Wainwright. Please go ahead and Mark, hope you're doing.

Hi, Mark. Hope you're doing well. Thanks for taking my questions. Can you hear me?

Yeah. My pleasure, Heiko. Fire away.

Perfect, perfect. Hey, in relation to all these rare earth stuffs that you're doing and all the other really non-uranium stuff. Clearly, the market is very appreciative of what you're doing there when one looks at the share price on the chart.

A few years back, we did a roadshow together in Switzerland, and your presentation [at all Cubit Arrows], where you've showed all the different franchises for lack of a better word that you have gone with the company.

Mentally looking back at that presentation or more clearly for everyone else, I guess, how would you say the priorities for the firm, both in regards to management time, but also investment dollars, have changed for the company? And frankly, I wrote this question before the call, but since you brought up on the call that inbound calls are very much focusing on some of these things, what -- can you just maybe walk us through changes of priorities?

Yeah. Look, I think the changes in our priorities are really what drives cash flow now, okay? Or what improves our cash position and our profitability. And when you look at the prices of rare earth today, they're economic. And if we have enough monazite and abilities to do this value add and the processing, Heiko, it is a significant economic return if we had the ability to do all that right now. So it's a -- right now an opportunity. And so, yeah, I would say that my main focus right today is rare earth.

Uranium. You know as well, a lot of people -- I've been doing this for 40 years. It's really my love, my first love when it comes to mining. We still need higher prices. So we're still keeping our properties in good standing. We're still spending money on them. We've still got our key people there, but we need higher prices. So it's not really a now opportunity other than the fact we're ready to go into production when the time presents.

When you look at things like the vanadium -- actually, when you start looking at vanadium, and vanadium prices can be very, very spiky as you know if you go back two or three years. Now, the price of vanadium is nearly $10 a pound. It's almost a now opportunity as well.

So I think really when I look at where I'm spending my time, it's on the rare earth mainly because of the now opportunity. So -- but we can shift quickly as required.

Makes sense. Slightly different question, and this is more or less thinking out loud. It's with the sale to the International Consolidated Uranium. Would it maybe make sense, or have you at least ever consider spinning off some assets into a little publicly traded SpinCo instead of selling into a third party? And if so, what assets do you think would lend themselves to such a thing?

Yeah. I don't think I want to speculate that much on a call like this. But look, we will always consider whatever makes sense to our shareholders. And I recognize that it gets complicated when -- as I said at the beginning of the presentation before I started the presentation that uranium, rare earth, vanadium, and thorium, it gets to be a bit of a mouthful.

So as this evolves, we will consider what creates the greatest values, and go from there. When you look at spinning off bits and pieces, each of those bits and pieces would have corresponding overheads. And we also have -- a lot of our overheads are experienced at managing all these assets.

So look, at this point in time, have we thought about it? Yes. Are we actively thinking about doing it in the near term? No. But could we -- and what will we spin off? I don't want to go that far on this call.

So that's, I think, a very fair answer, especially given the nature of this call. Thank you all very much. Congratulations, and thanks for taking my questions.

(Operator Instructions) Joseph Reagor, Roth Capital Partners.

Hey, Mark. Thanks for taking the questions. You touched on a lot of things, but I have some questions that are more specific to the uranium industry.

There's been some public commentary about the infrastructure bill and subsidies included in it for the nuclear power industry. And I just wanted to see if you guys have any thoughts on what's being done there and how it may or may not benefit you guys.

Yeah, Joe. It's pretty quick moving. There's a lot of news on all things, infrastructure and nuclear, critical minerals. We haven't really been able to piece it all together. But as I said earlier, I'm quite pleased with how the administration, the Biden administration has been looking at all those things seriously. And so, I think we've never been really in a better position to get some relief.

But by what I have learned over the last three, four years, and you'll know how much work we spent on the Section 232 in the Nuclear Fuel Working Group that you can't depend on it and you can't take it to the bank, okay? So we're not managing a company that we're going to get relief from the government anytime soon. Even though if we get it, it will be appreciate, okay?

So I think, though, that even some of these discussions on -- like supporting nuclear power and all that, some of the commentary, looks like it came right out of the Nuclear Fuel Working report. So it's good that some of this is lead on and these initiatives started with the other administration, with Trump administration, but a lot of it seems to be carrying for the right reasons in a bipartisan way.

So look, it's moving pretty quick right now. So I don't know exactly how it lands, but so far, they're making the right sounds and the right noises with regard to doing something.

Okay. Fair enough. Just quick follow up on that series of things. You mentioned historical stuff. There's the $75 million uranium reserve that's supposed to be created. Do you have any update? Well, it's been rather quiet on what the government's actually doing with that, if they're going to actually spend the money. What are the qualifications to be able to apply to deliver into it? Is there anything additional you guys could give us on color on that?

Well, because it's appropriated, it's -- the money is approved. And the DOE and NNSA are trying to figure out how to administer the program. One of the things that has slowed it down and has surprised me when I heard it that there was discussion on whether they had to do a NEPA process, which is the National Environmental Protection Act process, which had -- it could be done on a desktop review, which could be very quickly, or a more detailed review slowed down.

But the latest I saw, even just a few days ago, that they're trying to resolve that. But I'm also hearing that the federal year basically ends at the end of September. October 1 is the beginning of federal budget year, but I'm also hearing that I believe it will be carried over while they're trying to figure out how to administer their reserve.

And there are also other steps being made to increase it, potentially to that $150 million a year that was originally in the Nuclear Fuel Working Group report. So again, no specifics, it's still on the radar screen. If we get support as a company, we'll take it, but we're not managing the company on belief that we're going to get relief from the government in any form.

Okay. Fair enough. And thanks for additional color there. One final thing, if I can.

There was a bunch of contracts handed out for the clean-up of old uranium mines on Native American lands. Have you guys seen any opportunities come from that? Do either toll milling or processing of any kind, or like alternative feed? Anything there, whether it be later this year or next year where you can pick up some additional revenue?

Yeah. We're still working on that. We are doing that clean up with Rio Grande Resources, which is the Mt. Taylor mine. We've got, I think, about 40,000 tonnes that have been shipped to the mill already on that. But yeah, we're still working behind the scenes to -- and when they start cleaning up these mines, they may well find that they have digging up uranium that we could handle at the mill. What they're going to do with it, I don't know, but the mill is certainly alternative.

So yeah, we're still trying to advance that. But unfortunately, the biggest issue there on the reservation is the nerd and the politics. I hate to say it, but I will say it on this call that a number of the environmental groups, they don't want us to be involved with the clean up on the reservation because they'd rather not help us. They don't want to help us. They'd rather have that stay on the reservation at the health extensive Navajo's than the Native American's. So that's really pathetic.

And I know some of them listening, they can call me directly on that. But the politics are getting in the way of a viable now opportunity that we could do with the reservation right now as we're doing currently with the Mt. Taylor mine in Mexico.

Okay. Thank you for the additional color on that. I'll turn it over.

There are no further questions at this time. I'll turn it back to Mr. Chalmers for closing remarks.

Well, look, thank you for listening in on the conference call. As I said, there's a lot of things happening. We're focusing on the long term here to create significant value for our shareholders. We're not managing the company for the share price tomorrow or the next day. We're managing the company to create significant value over the long term.

When you look at our company, currently, market cap is around USD750 million. I look towards the Lynas and MP Materials that have market caps of [$4 billion] and $46 billion. That's what we're aspiring to be as we get some more of these things in place and on these critical mineral opportunities, including the advancement of thorium, which is early stages, but still very exciting.

So we are not trying to just do good things. We're looking at doing big things. So thank you for your time. Really appreciate those that have an interest in our company and our investors, and we will work hard to build value for all of you as we go through and advance our objectives. So thank you very much.

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