Energy Fuels Inc (UUUU) 2024 Q1 法說會逐字稿

Good morning. My name is Julie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Energy Fuels' first quarter 2024 conference call. (Operator Instructions)

早安.我叫朱莉，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Energy Fuels 2024 年第一季電話會議。（操作員指示）

Thank you, Mr. Chairman. You may begin your conference.

謝謝主席先生。您可以開始您的會議了。

Thank you, Julie, and good morning from Denver, Colorado. This is Mark Chalmers, President and CEO of Energy Fuels, and I'm excited to discuss our Q1 results and the exceptional progress we are making on both the uranium and the rare earth fronts, and I'm extremely pleased and proud to discuss this with you today.

謝謝你，朱莉，科羅拉多州丹佛市的早安。我是能源燃料公司總裁兼執行長馬克·查爾默斯，我很高興討論我們的第一季業績以及我們在鈾和稀土方面取得的卓越進展，我非常高興和自豪今天與你們討論這個問題。

Over the past several years, we have been pursuing a very focused strategy on building a critical mineral company centered around uranium, utilizing our uranium knowledge assets, capability and expertise to have maximum unlike any other country or excuse me, company, I know in the entire world. On the back of our US leading uranium business, we are making extraordinary progress advancing our global critical minerals strategy on numerous fronts.

過去幾年來，我們一直奉行一項高度集中的策略，致力於打造一家以鈾為中心的關鍵礦產公司，利用我們的鈾知識資產、能力和專業知識，最大限度地發揮我們所知的世界上任何其他國家或公司都無法比擬的優勢。憑藉我們在美國領先的鈾業務，我們在眾多方面推動全球關鍵礦產策略取得了非凡進展。

While remaining profitable two in the uranium industry can currently count being profitable at all, let alone while building out a diversified critical minerals company, which we believe will be world significant in time. It is highly unique that Energy Fuels' is doing more than many other companies in the uranium sector, while also advancing very quickly and efficiently both our rare earth and heavy mineral sands base business strategies, which I believe presents significant opportunity for our investors.

儘管鈾行業目前仍保持盈利，但只有兩家公司能夠盈利，更不用說建立一家多元化的關鍵礦產公司了，我們相信，這家公司最終將具有世界意義。Energy Fuels 的獨特之處在於，它比鈾領域的許多其他公司做得更多，同時也非常快速有效地推進我們的稀土和重礦砂基礎業務策略，我相信這為我們的投資者帶來了重大機會。

Today. I want to remind you you will be controllixng your slides from your own computer. I will tried to tell you when I move these forward also, there will be a playback available on our website shortly after the presentation.

今天。我想提醒您，您將透過自己的電腦控制幻燈片。當我推進這些內容時，我會嘗試告訴您，演示結束後不久，我們的網站上就會提供回放。

So at the end of the presentation, there will be time for questions. And I am being joined by Dave Friedland, our Executive Vice President, Chief Legal Officer, Nate Bennett, our Chief Accounting Officer and Interim CFO, and Curtis Moore our Senior VP of Marketing and Corporate Development to assisting assist me with any questions you might have.

因此，演講結束時，將留出提問時間。和我一起的還有我們的執行副總裁兼首席法律官戴夫·弗里德蘭 (Dave Friedland)、我們的首席會計官兼臨時首席財務官內特·貝內特 (Nate Bennett) 以及我們的營銷和企業發展高級副總裁柯蒂斯·摩爾 (Curtis Moore)，他們將幫助我解答您可能遇到的任何問題。

So I'm looking at this first slide, and I love this slide. This is taken down in San Juan County, not far from the White Mesa mill and the tidal clean energy starts with us and actually clean energy on steroids because I believe Energy Fuels can do more for the energy transition. That's just about any company I know of because of our strategy.

所以我正在看第一張投影片，我很喜歡這張投影片。這是在聖胡安縣拆除的，距離白梅薩工廠不遠，潮汐清潔能源從我們開始，實際上是清潔能源的升級版，因為我相信能源燃料可以為能源轉型做出更多貢獻。由於我們的策略，我所知道的任何公司都是如此。

Next slide, I may be making some forward-looking statements during this presentation. Those are included in a page 2 of the presentation.

下一張投影片，我可能會在本次簡報中做出一些前瞻性的陳述。這些都包含在簡報的第 2 頁中。

Next slide. Our business objective is simple, creating a profitable, high-margin US critical mineral company that I don't believe anybody else out there is doing like us because there is no playbook centered around uranium producing several of the advanced materials needed for the clean energy transition. When you look at this figure with the uranium. And these other things that surround the uranium, they all have a common denominator.

下一張投影片。我們的業務目標很簡單，創建一家盈利能力強、利潤率高的美國關鍵礦產公司，我相信沒有其他公司能像我們這樣，因為沒有專門以鈾為中心的劇本來生產清潔能源轉型所需的幾種先進材料。當你看到這個帶有鈾的圖形。而鈾周圍的其他物質都有一個共同點。

They contain uranium radium nucleotides that we can recover the uranium profitably and also handle the residuals for example, when we're processing uranium ores or rare earth, we solubilize a lot of things like some of the medical isotopes that we're advancing, particularly things like Radium two to six and two to eight. A number of our mines contain vanadium and rhenium, and we can cover the vanadium as part of recovering uranium.

它們含有鈾鐳核苷酸，我們可以有利地回收鈾並處理殘留物，例如，當我們處理鈾礦石或稀土時，我們會溶解很多東西，例如我們正在推進的一些醫用同位素，特別是鐳二至六和鐳二至八。我們的許多礦山都含有釩和錸，我們可以將釩作為鈾回收的一部分來覆蓋。

Best rare earth elements include uranium and other radio nuclear clients that we can capitalize on and deal with heavy mineral sands historically have had legacy issues with monocyte and we can monetize the monocyte as well as the heavy mineral sands itself and the monocyte becomes a byproduct of heavy mineral sands. And then our long history have uranium recycling, recovering uranium that would be lost for disposal and everything we do perfectly centered around ESG. So we're very excited about that.

最好的稀土元素包括鈾和其他放射性核客戶，我們可以利用這些客戶來處理重礦砂，歷史上，重礦砂一直存在單核細胞遺留問題，我們可以將單核細胞以及重礦砂本身貨幣化，而單核細胞則成為重礦砂的副產品。我們在鈾回收方面有著悠久的歷史，回收那些將被丟棄的鈾，我們所做的一切都完全圍繞著 ESG 。所以我們對此感到非常興奮。

So next slide, everything we do is a high value product line of recovering materials needed for the clean energy transition uranium. We have been the largest producer of uranium since 2017 and produce two-thirds of the uranium produced in the United States. If you look back 10 or 15 years, we produced approximately one-third of the uranium produced in the United States with Cameco being the largest producer of uranium. So second, only to chemicals, we're restarting or we've restarted our uranium mines, and we're increasing and ramping that up right now, and I'll talk more about it in this presentation.

在下一張投影片中，我們所做的一切都是回收清潔能源轉型鈾所需的高價值材料產品線。自 2017 年以來，我們一直是最大的鈾生產國，生產了美國三分之二的鈾。如果回顧過去 10 年或 15 年，我們生產的鈾約占美國鈾產量的三分之一，而 Cameco 是最大的鈾生產商。其次，僅就化學物質而言，我們正在重新啟動或已經重新啟動了鈾礦，我們現在正在增加和加強鈾礦開採，我將在本次演講中詳細討論這一點。

The rare earth critical elements used for the powerful electric magnets for EVs, wind generation and other. We are starting the commissioning of our SX plant, our Phase one SX plant. Today and I will be at the mill in a few hours time after this presentation, heavy mineral sands that is expanding. You provided a source of low cost monocyte at world scale, well, also being able to capitalize on the titanium zirconium minerals, but [NADIA] them.

用於電動車、風力發電和其他用途的強力電磁鐵的稀土關鍵元素。我們正在開始調試我們的 SX 工廠，也就是我們的第一階段 SX 工廠。今天，演講結束後的幾個小時內，我將前往工廠，那裡正在生產正在膨脹的重礦砂。您提供了世界範圍內低成本單核細胞的來源，同時也能夠利用鈦鋯礦物，但是 [NADIA] 它們。

We have the only conventional vanadium plant in the United States. We can restart that when we choose to. But we are currently mining uranium vanadium ore's and the recycling. It's the reason the mill has stood the test of time of uranium and vanadium bearing materials and that promotes sustainable sourcing and reducing carbon emissions and financial strength I believe we have the strongest balance sheet of any of our peers out there, and I'll talk about that more in just a second.

我們擁有美國唯一的常規釩工廠。當我們選擇時，我們可以重新啟動它。但我們目前正在開採鈾釩礦石並進行回收。這就是工廠經受住鈾和釩材料考驗的原因，它促進了可持續採購，減少了碳排放和財務實力，我相信我們擁有比任何同行都要強大的資產負債表，我將在稍後詳細討論這一點。

Next slide. Q1 2024 financial highlights.

下一張投影片。2024 年第一季財務亮點。

Next slide. We had a profitable Q1 2024. We're continuing our earnings. We had $3.64 million of net income, $0.02 a share, including $2 million of operating income driven by our uranium business and revenue. We sold GBP300,000 of uranium for gross profit of over $14 million.

下一張投影片。我們在 2024 年第一季實現了盈利。我們仍在繼續獲利。我們的淨收入為 364 萬美元，每股 0.02 美元，其中包括由鈾業務和收入推動的 200 萬美元營業收入。我們銷售了價值 30 萬英鎊的鈾，毛利超過 1,400 萬美元。

Our strong earnings, including last year with our net income continues to fund the growth of our uranium business and rare earth production and heavy mineral sands strategies. Meanwhile, we're ramping up uranium production, as I discussed in advancing the commercial rare separation capabilities as well, speak over $0.24 billion of liquidity, current commodity prices. The working capital for [March 20], March 31 of 2024 was $222 million, made up of $55 million of cash and cash equivalents, $140 million of marketable securities, which includes uranium stocks and interest bearing securities, substantial inventories, $28 million of inventory and $19 million of product inventory.

我們的強勁盈利，包括去年的淨收入，繼續為我們的鈾業務和稀土生產以及重礦砂戰略的成長提供資金。同時，我們正在提高鈾產量，正如我在推進商業稀土分離能力時所討論的那樣，流動性超過 2.4 億美元，目前的商品價格也是如此。2024 年 3 月 31 日 [3 月 20 日] 的營運資金為 2.22 億美元，其中包括 5,500 萬美元的現金和現金等價物、1.4 億美元的有價證券（其中包括鈾股票和有利息的證券）、大量庫存、2,800 萬美元的庫存和 1,900 萬美元的產品。

When you adjust for current commodity prices, our product inventory goes up to about [$40 million], which adds another $20 million of liquidity. Zero debt and we have probably in excess of $1 billion worth of assets. We have nearly GBP400,000 of finished uranium and GBP900,000 of finished vanadium and 11 tonnes of finished high purity separated makes rare earth carbon. We also have nearly GBP500,000 of U3O8 as raw materials at the mill ready to be processed later this year. So we have substantial inventories of finished goods and raw materials. Next slide talk about some of our uranium highlights.

當您根據當前商品價格進行調整時，我們的產品庫存將增加到約 [4000 萬美元]，這將增加另外 2000 萬美元的流動資金。零債務，我們的資產價值可能超過 10 億美元。我們擁有價值近40萬英鎊的成品鈾、價值90萬英鎊的成品釩和11噸的成品高純度分離稀土碳。我們工廠還擁有價值近 50 萬英鎊的 U3O8 原料，準備在今年稍後進行加工。因此，我們有大量的成品和原料庫存。下一張幻燈片討論我們的一些鈾亮點。

Next slide. And many of you have seen these pictures before, but we're ramping up to GBP2 million of uranium production in the short term, low cost protection with limited capital required. That's important limited capital, mainly working capital, White Mesa mill. They're in the upper left-hand corner, currently commissioning phase I. As soon as that commissioning is complete. We are going to switch over the mill and start processing uranium for the next couple of years.

下一張投影片。你們中的許多人之前已經看過這些圖片，但我們將在短期內將鈾產量提高到 200 萬英鎊，以有限的資本提供低成本的保護。這是重要的有限資本，主要是營運資金，White Mesa 工廠。它們位於左上角，目前正在進行第一階段的調試。一旦調試完成。我們將在未來幾年內轉換工廠並開始處理鈾。

While we're securing other sources of monetization, Kenyon plane in the lower left is currently got about 30 miners in mining, high grade uranium ore right now. That is the highest grade uranium mine in the United States. We're also in preproduction at our ISR facility Nichols Ranch in Wyoming. And we also are mining at two of our mines in the [LaSal] complex at LaSalle and Pandora and Beaver chef is actually 3 mines and we're mining uranium and vanadium ore's as we speak, ramping up to GBP2 million with limited capital and looking to the future from there next site.

在我們確保其他貨幣來源的同時，左下角的肯揚平面目前有大約 30 名礦工正在開採高品位鈾礦。這是美國品位最高的鈾礦。我們也在懷俄明州尼科爾斯牧場的 ISR 設施進行預生產。我們還在拉薩爾 (LaSalle) 和潘多拉 (Pandora) 的兩座礦山和比弗廚師 (Beaver chef) 進行開採，實際上有 3 座礦山，我們正在開採鈾礦和釩礦，在有限的資本下將開採額度增加到 200 萬英鎊，並從下一個地點展望未來。

So I've already talked about the uranium transactions of GBP300,000 generated north of $25 million in revenue, an average uranium sales price of $84 a pound, resulting in the gross profit of $14 million plus at a margin of 56%, GBP200,000 was under long-term utility contracts and an average price of [GBP7520] or [GBP7513] a pound, but we also sold GBP100,000 on the spot market at an average price of nearly $103. Propel continue ramping up our uranium and vanadium mines, as I mentioned, both in Utah and Arizona and Colorado with will win in time and also Nichols Ranch, ramping it up to about GBP1.1 million to GBP1.4 million of newly mined ore. So this ore will be mined and stockpiled either at the mine site or at the White Mesa mill ready for further processing later this year or into next year.

因此，我已經談到了 300,000 英鎊的鈾交易，產生了超過 2500 萬美元的收入，鈾的平均銷售價格為每磅 84 美元，從而產生了 1400 萬美元的毛利潤，利潤率為 56%，其中 200,000 英鎊是根據長期公用事業合同達成的，平均價格為每磅 [7507 或市場接近市場。美元的平均價格出售了 100,000 英鎊。正如我所提到的，Propel 將繼續擴大我們在猶他州、亞利桑那州和科羅拉多州的鈾礦和釩礦的開採，最終將取得勝利，尼科爾斯牧場也將如此，新開採的礦石價值將增加到約 110 萬英鎊至 140 萬英鎊。因此，這些礦石將在礦場或 White Mesa 工廠開採和儲存，準備在今年稍後或明年進一步加工。

Our guidance we've given out is finished goods in 2024 of between GBP150,000 to GBP500,000. We hope to be at the high end of that depends on how much ore gets delivered to the mill and what gets process at the mill into finished goods this year. But we'll be building up those inventories for processing. And remember, we have about GBP400,000 of inventory finished goods already, and we'll continue to prepare Nichols ranches this at an whirlwind. So when you combine our finished inventory and raw materials, we have nearly GBP900,000 either. Auto Refinish were ready to be processed at the White Mesa mill one week but we complete our commissioning of Phase I.

我們給的指引是 2024 年成品價格在 15 萬英鎊至 50 萬英鎊之間。我們希望達到高端，這取決於今年有多少礦石被運送到工廠，以及在工廠加工成成品。但我們將建立這些庫存以供處理。請記住，我們已經擁有大約 40 萬英鎊的庫存成品，我們將繼續全力以赴地為尼科爾斯牧場做好準備。因此，當我們將成品庫存和原料加在一起時，我們也擁有近 90 萬英鎊。汽車修補漆已準備好在 White Mesa 工廠進行加工，但我們已經完成了第一階段的調試。

Next slide. So ramping up to the GBP2 million of annual production by 2025 will be a combination of a number of our mines, including processing, low cost, alternate feed materials and also potentially or purchases from third parties with the buying schedule. Again, if you look over the past, Energy Fuels has produced about a third of the uranium produced in the United States, second to Cameco.

下一張投影片。因此，到 2025 年將年產量提高到 200 萬英鎊將結合我們的多個礦山，包括加工、低成本、替代進料材料以及潛在的或根據購買計劃從第三方購買。再一次，如果你回顧過去，你會發現 Energy Fuels 生產的鈾約占美國鈾產量的三分之一，僅次於 Cameco。

And we plan to continue to be a very significant producer of uranium in the United States. We're looking at expanding our future uranium production with exploration delineation drilling both at Nichols Ranch underground delineation drilling at the pinion Plaine mine, which, as I mentioned, is the highest grade underground mine is the highest-grade uranium mine in the United States.

我們計劃繼續成為美國重要的鈾生產商。我們正在考慮透過在尼科爾斯牧場 (Nichols Ranch) 和小行星平原 (Pinion Plaine) 礦進行勘探界定鑽探來擴大我們未來的鈾產量，正如我所提到的，小行星平原礦是美國品位最高的地下鈾礦。

We continue to advance the permits at Roca, Honda, Sheep Mountain and Bullfrog. All significant projects have the potential of adding an additional GBP4 million of uranium production per year in the coming years. For 2024 uranium sales, I already talked in detail about Q1, but for the remainder of 2024, we're going to continue to evaluate spot market sales opportunities. We still potentially have another GBP100,000 under contract for this year, and we may potentially make a delivery on that, but we'll have to see if the utility wants to take delivery.

我們繼續推進 Roca、Honda、Sheep Mountain 和 Bullfrog 的許可證發放。所有重大項目都有可能在未來幾年內每年增加 400 萬英鎊的鈾產量。對於 2024 年的鈾銷售，我已經詳細討論了第一季的情況，但在 2024 年剩餘時間裡，我們將繼續評估現貨市場的銷售機會。我們今年可能還有另外 10 萬英鎊的合同，我們可能會交付這筆錢，但我們必須看看公用事業公司是否願意接收。

So we will continue to use our existing inventory, our raw material that we have at the mill site or alternate feed in these ores, they get transported to the mill to capitalize on a strong uranium price as much as possible.

因此，我們將繼續使用我們現有的庫存、我們在工廠現場的原材料或這些礦石的替代原料，將它們運送到工廠，以盡可能利用強勁的鈾價。

Next slide, let's talk about the rare earth and heavy mineral sand highlights. Next slide, excuse me, the rare earth element production complements our uranium production because when we're processing monocyte, we're recovering uranium and that uranium is a lot of times, we'll be at very, very attractive cost structures, very low cost uranium like our alternate feed and some of our uranium production on that we have as our uranium project.

下一張幻燈片我們來談談稀土和重礦砂的亮點。下一張幻燈片，對不起，稀土元素的生產補充了我們的鈾生產，因為當我們處理單核細胞時，我們正在回收鈾，而鈾很多時候，我們將處於非常非常有吸引力的成本結構，非常低成本的鈾，如我們的替代原料和我們的一些鈾生產，作為我們的鈾項目。

So the combination of that are very competitive uranium production costs like no other company because of the way we can produce uranium. We completed the Phase I separation plant in Q1. And as I said, we're starting to commission the [Asic] unit today and I'll be there. The cost of building out that separation plant was approximately $16 million that is incredible. It was under budget by $7 million to $9 million under budget. And most companies in the rare earth business could not even build a pilot plant for $16 million. And we have built a separation plant with capability up to 1,000 tons per year of NdPr, which in itself is world significant, subject to receipt of sufficient monocyte fee, which we're in the process of doing. And so again, I'll talk more about that in a moment.

由於我們生產鈾的方式，我們的鈾生產成本非常具有競爭力，這是其他公司無法比擬的。我們在第一季完成了第一階段的分離工廠。正如我所說，我們今天將開始調試 [Asic] 部門，我會在場。建造分離廠的成本約為 1600 萬美元，這真是令人難以置信。比預算少了 700 萬至 900 萬美元。而大多數稀土產業的公司甚至無法以 1,600 萬美元建造一座試驗工廠。我們已經建造了一座年產 1,000 噸镨釹分離工廠，這本身就具有世界意義，但前提是收到足夠的單核細胞費用，我們正在建設中。所以，我稍後會詳細討論這個問題。

We also expect to produce between 25 to 35 tonnes of separated NdPr oxide as we commissioned the circuit and then switch over and start producing uranium with White Mesa mill. The White Mesa mill over time has never been held because we were doing something like four in this case, processing alternate feeds for even processing the rare earth.

我們也預計在電路投入使用後將生產 25 至 35 噸分離的 NdPr 氧化物，然後切換並開始使用 White Mesa 磨機生產鈾。長期以來，White Mesa 工廠從未停工過，因為在這種情況下，我們同時在做四件事，處理替代原料，甚至處理稀土。

We have plenty of capacity at the White Mesa mill to handle all the feed we have lined up for the immediate future, but we are engineering it upsized Phase II and Phase III. So we can have completely separate separate facilities in time. So we have the full production capacity, all our infrastructure at all times for the processing of rare earths, uranium and vanadium. So we plan to increase the capacity basically two times to up to 6,000 tonnes of NdPr oxide per year. And just for people's information, that is the quantity of NdPr that Linus produced last year. So world significant, we'll have our own separate crack and leach facility and the ability to separate disposing and terbium and other heavies in due course, Phase II and Phase III separation circuits are still subject to final engineering design and receipt of all required permits.

我們的 White Mesa 工廠擁有足夠的產能來處理我們近期準備的所有飼料，但我們正在對其進行擴建，以完成第二階段和第三階段的建設。這樣我們就可以及時擁有完全獨立的設施。因此，我們擁有充分的生產能力，以及隨時處理稀土、鈾和釩的所有基礎設施。因此，我們計劃將產能提高兩倍，達到每年 6,000 噸 NdPr 氧化物。僅供大家參考，這是 Linus 去年生產的 NdPr 的數量。這對世界意義重大，我們將擁有自己獨立的裂解和浸出設施，並能夠在適當的時候分離處理铽和其他重質物質，第二階段和第三階段的分離電路仍需經過最終工程設計和獲得所有必要的許可證。

Next slide. This is a very unique slide, and it shows how we are advancing an innovative rare earth supply chain four years ago. All there would have been a flag for White Mesa. So look at the progress we're making for a fully integrated rare earth business. While we're doing this on the back of our uranium business advancing through mining crack leach separation with a view and advancing towards metal making and alloys. We've had our relationship with [Kimorehi's], which we plan to continue to advance. We've secured the Bahia project, 100%.

下一張投影片。這是一張非常獨特的幻燈片，它展示了我們四年前如何推進創新稀土供應鏈。那裡全是白色台地的旗幟。看看我們在全面整合稀土業務方面所取得的進展。我們這樣做的同時，也推動了鈾業務的發展，透過採礦裂解浸出分離，朝向金屬製造和合金方向發展。我們與 [Kimorehi's] 已經建立了合作關係，並計劃繼續發展這種關係。我們已 100% 確定了巴伊亞專案。

We have agreements signed for the acquisition of base resources with the world-class Toliara Project and also their quality of project in Kenya. And we're advancing the agreements with as strong on the Donald project in Victoria .

我們與世界級的圖利亞拉專案簽署了收購基礎資源的協議，並獲得了肯亞優質專案的許可。我們正在大力推進與維多利亞州唐納德項目的協議。

Next slide. This next slide is a bit busy, but it shows that we are building world scale for monetized supplies while also building a very strong portfolio at heavy mineral sands projects globally, and it was not by accident. We searched the world high and low to find the best heavy minerals on projects that had monetized.

下一張投影片。下一張投影片有點複雜，但它表明我們正在為貨幣化供應建立世界規模，同時在全球範圍內為重礦砂項目建立非常強大的投資組合，這並非偶然。我們走遍了世界各地，尋找已實現貨幣化的項目上最好的重礦物。

And we went after, look at the big here project with potential production in 2026, Donald in '26, Toliara potentially in '28 when it gets all agreements in place to go forward. And that when you add up the potential of securing that monocyte and the heavy mineral sands revenue places us in an enviable position going forward.

我們隨後研究了這裡的大型項目，這些項目可能在 2026 年投產，唐納德項目可能在 2026 年投產，圖利亞拉項目可能在 2028 年投產，屆時所有協議都將到位。當你把獲得單核細胞和重礦砂收入的潛力加起來時，我們在未來將處於令人羨慕的地位。

We're also very excited about the world-class Toliara Project is well known in the world and base through the acquisition. It has an outstanding project team in a history of profitable HMS uranium production. And many of these projects monocyte was never even considered an asset. It was considered a waste stream, and we're able to capitalize on this light no other company I know of and recover the uranium in a very opportunistically and economic way at low cost structures. We're also looking at purchasing additional monocyte concentrates through offtake and time.

我們也非常高興世界級的圖利亞拉專案透過此次收購而聞名世界並成為其基地。該公司擁有一支出色的專案團隊，在 HMS 鈾生產方面擁有豐厚的利潤。而這些項目中的許多單核細胞甚至從未被視為資產。它被認為是一種廢物流，我們能夠利用這一點，而據我所知，沒有其他公司能夠做到這一點，我們能夠以非常機會主義和經濟的方式在低成本結構中回收鈾。我們也正在考慮透過承購和時間來購買額外的單核細胞濃縮物。

Next slide, just some preliminary rare earth economics. We expect to be globally competitive. I talked about this Phase I separation plant of up to 1,000 tonnes of NdPr oxide per year at a $16 million investment. We had when we have completed a Class four pre-feasibility study to increase the NdPr separation and crack and leach capacity at the mill this is the stand-alone at 30,000 tonnes a monocyte per year.

下一張投影片只是一些初步的稀土經濟學。我們期望具有全球競爭力。我談到了這個第一階段的分離工廠，該工廠每年可生產 1,000 噸 NdPr 氧化物，投資額為 1,600 萬美元。當我們完成四級預可行性研究以增加工廠的 NdPr 分離和裂解和浸出能力時，這是每年 30,000 噸單核細胞的獨立能力。

But if you go back to the previous slide, you will see that we're securing in time, we believe when we close all these agreements and get these projects up and running up to 50,000 tonnes of monocytes secured to our account. So the phase of the original Phase II pre-feasibility at 3,000 tonnes of NdPr per year showed a capital investment about $350 million and the cost of producing a kilogram of NdPr of around $30 per kilogram.

但如果你回到上一張幻燈片，你會看到我們正在及時確保安全，我們相信，當我們完成所有這些協議並啟動這些項目時，多達 50,000 噸的單核細胞將被安全地存入我們的帳戶。因此，原第二階段預可行性研究的階段性成果為每年 3,000 噸 NdPr，其資本投資約為 3.5 億美元，生產一公斤 NdPr 的成本約為每公斤 30 美元。

And I want to mention that it really depends the economics of the rare earth business in the separation and advancing integration of rare earth products. Really in our case, depends on what the costs of securing the monocyte is because we know we can be world competitive. If we have low cost sources of monocyte and folks look at the program, we're putting in place, we're building up our position to be in receive low cost monocyte and also have revenues from the HMMS business.

我想說的是，這實際上取決於稀土產品分離和推動整合過程中稀土業務的經濟效益。實際上，就我們的情況而言，取決於獲取單核細胞的成本是多少，因為我們知道我們可以具有世界競爭力。如果我們擁有低成本的單核細胞來源，並且人們關注我們正在實施的計劃，我們正在建立我們的地位，以獲得低成本的單核細胞，並從 HMMS 業務中獲得收入。

So we're updating the PFS between 40,000 to 60,000 tons of monitor side will probably be on the upper end to have the capability as we get these projects online to produce up to 6,000 tonnes of NdPr per year, which is the size of Linus. And just for information, Linus has a market cap of US$4 billion, even in a period where rare earth prices have been low. And on top of that, have the ability to recover the DY in the be in separate oxides per year.

因此，我們正在更新 PFS，監測側的產量在 40,000 至 60,000 噸之間，這可能是達到上限的產量，因為我們讓這些項目上線，每年可以生產高達 6,000 噸的 NdPr，這是 Linus 的規模。僅供參考，即使在稀土價格低迷的時期，Linus 的市值也高達 40 億美元。除此之外，我們每年還能以單獨的氧化物形式回收 DY。

So this is exciting stuff we are also doing pilot scale testing on recovery and separating out the DY in the TB right now. And again, that is one of the really exciting and powerful things that we can do all this work at our site at White Mesa when most companies have to go out to laboratories and wait in line for months to do their testing. We can do it right now, real time.

這是令人興奮的事情，我們現在也正在進行中試規模測試，以恢復並分離 TB 中的 DY。再次強調，這是一件非常令人興奮和有力的事情，我們可以在白台地的工廠完成所有這些工作，而大多數公司必須去實驗室排隊數月才能進行測試。我們現在就可以即時地做到這一點。

Next slides. So we'll talk briefly about vanadium medical isotope highlights. Next slide. So we're continuing to advance the potential recovery of radio isotopes from existing processing streams. I know I've mentioned this in the past that we have a R&D license allows us to recover Radium two to six. We also expect to complete the engineering on a pilot facility to recover a Radium two to six for testing by end users later this year or during this year, vanadium sales are basically on hold until vanadium prices increase, but we do have large inventories of vanadium and we have the ability to recover vanadium out of our tailings solutions and also building up sources of future vanadium with the mining of our deposits at the South complex.

下一張投影片。因此，我們將簡要討論釩醫用同位素的亮點。下一張投影片。因此，我們正在繼續推動從現有處理流中回收放射性同位素的潛在能力。我知道我以前提到過，我們擁有研發許可證，可以回收二至六級鐳。我們也預計將在今年稍後或今年內完成一個試點設施的工程，以回收二到六種鐳供最終用戶測試，釩的銷售基本上處於暫停狀態，直到釩價格上漲，但我們確實擁有大量的釩庫存，我們有能力從尾礦溶液中回收釩，並通過開採位於南部綜合體的礦床來建立未來的釩來源。

Next slide. So talk about recycling and commitment to community, which is very important to us. Next slide. We continue to be very proud of the San Juan Clean Energy Foundation that we set up a few years ago with our initial contribution of $1 million into the foundation and an ongoing commitment to fund the foundation with 1% of the annual revenues from the White Mesa mill. We've made grants of north of $300,000 to date supporting existing and new programs in education and farm and health wellness economic development in Native American priorities.

下一張投影片。所以談論回收和對社區的承諾，這對我們來說非常重要。下一張投影片。我們仍然對幾年前成立的聖胡安清潔能源基金會感到非常自豪，我們最初向基金會捐贈了 100 萬美元，並承諾將白梅薩工廠每年 1% 的收入用於資助該基金會。迄今為止，我們已經提供了超過 30 萬美元的贈款，用於支持美洲原住民優先領域的教育、農業和健康經濟發展的現有和新計畫。

And this is an outstanding program. If you haven't ever done so you can go on the website the San Juan County, Clean Energy Foundation website and look at the great things that we're doing with our stakeholders in the community. The mill recycling programs are being particularly recovering of uranium, which we'll be doing this year, reduces carbon emissions in the world's finite resources that be able to recycle them using the White Mesa mill is incredible and all this is being done at our state-of-the-art facilities and tailings facilities at the highest global standards out there.

這是一個出色的項目。如果您還沒有這樣做，您可以訪問聖胡安縣清潔能源基金會網站，看看我們與社區利益相關者一起做的偉大的事情。工廠回收計劃主要是回收鈾，我們今年將進行這項計劃，這將減少世界有限資源的碳排放，能夠使用 White Mesa 工廠回收這些資源是令人難以置信的，所有這些都是在我們最先進的設施和尾礦設施中按照全球最高標準進行的。

Next slide. Now this is my last slide, and this is an exciting slide for a number of reasons because look at the things that we are doing and accomplishing, we're restarting the mill to have finished uranium production guidance was one GBP150,000 to GBP500,000 this year. But remember, we have inventory and we plan to push that as hard as we can to capitalize on potential future spot sales. We have no further contract sales this year expected except for that potential GBP100,000 with one of our customers, we're ramping up the ore production, as I indicated, at our existing mines to that GBP1.1 million to GBP1.4 million per year rate and that ore will be going to the mill to be ready to be processed and manufactured.

下一張投影片。現在這是我的最後一張幻燈片，這是一張令人興奮的幻燈片，原因有很多，因為看看我們正在做和完成的事情，我們正在重新啟動工廠以完成鈾生產指導，今年的鈾生產指導是 150,000 英鎊到 500,000 英鎊。但請記住，我們有庫存，我們計劃盡力推銷庫存，以利用未來潛在的現貨銷售。除了與我們的一位客戶簽訂的潛在 10 萬英鎊合約外，我們今年預計不會有進一步的合約銷售，正如我所指出的，我們正在將現有礦山的礦石產量提高到每年 110 萬至 140 萬英鎊，這些礦石將送往工廠進行加工和製造。

Some of it is going to the mill right now. So we're increasing to that GBP2 million per year using a combination of our mines, alternate feed and potential third party purchases of uranium with limited capital and doing it right now with proven assets that we know what the cost structures are. And we know we can accomplish that because we've done it for decades and also at the same time, increasing our long term production profile by up to an additional GBP4 million per year through the projects that we have, mainly Sheep Mountain and Roca Honda and Bullfrog.

其中一些現在正被送往工廠。因此，我們將利用我們的礦場、替代原料和潛在的第三方購買鈾，在有限的資本下將年收入增加到 200 萬英鎊，並且現在就利用已知的資產來實現這一目標，我們知道成本結構是怎樣的。我們知道我們能夠實現這一目標，因為我們已經這樣做了幾十年，同時，透過我們現有的項目，主要是 Sheep Mountain、Roca Honda 和 Bullfrog，我們的長期生產概況每年可額外增加 400 萬英鎊。

Now that's a lot just in the uranium space alone and doing that while at the same time bolting on. The rare earth elements and the heavy mineral sands with the commissioning of Phase I. We increased the engineering of Phase II Phase III at 2 times what we had planned drilling at here in Brazil coming up with a resource later this year or early next year and advancing the Donald project with a strong and acquisition of Base Resources, which also puts us in the heavy mineral sand in a big way it secures low cost supplies, a monocyte at world scale while being profitable.

現在僅在鈾空間就有很多工作要做，並且同時還要繼續努力。隨著第一期工程的投產，稀土元素和重礦砂也進入了生產階段。我們將二期工程和三期工程的規模擴大到原計劃的兩倍，在巴西進行鑽探，預計在今年晚些時候或明年年初獲得資源，並通過收購Base Resources來推進Donald項目，這也使我們在重礦砂領域取得了巨大的成功，確保了低成本的供應，在世界範圍內實現單核細胞盈利。

We are busy folks and people some people don't understand what we're doing, but watch our advancements. We are not slowing down. So everything we do is focus on long term sustainable profitability at Energy Fuels. We're not a promotion. We're doers and we're making great progress. And I really appreciate our shareholders, and I appreciate and happy to talk to anybody else that wants to consider becoming a shareholder. We're always available to talk about the advancements of our company in our strategy. So I will completed the presentation at this time and now open the floor for any questions.

我們很忙，有些人不明白我們在做什麼，但專注於我們的進步。我們並沒有放慢腳步。因此，我們所做的一切都是為了實現能源燃料的長期可持續獲利。我們不是促銷活動。我們是實干家，並且正在取得巨大進步。我非常感謝我們的股東，我也很高興與任何想要考慮成為股東的人交談。我們隨時可以談論我們公司在策略上的進步。我的演講到此就結束了，現在開始回答大家的提問。

(Operator Instructions)

（操作員指示）

Matthew Key, B. Riley.

馬修·基、B·萊利。

Good morning and thank you for taking my questions. We obviously had a big announcement last week with the Russian enrichment band pass in the Senate on at a high level. Could you maybe provide some additional colour on how you expect this to impact your business in the US uranium production chain more broadly?

早上好，感謝您回答我的問題。顯然，我們上周宣布了一項重大消息，俄羅斯濃縮鈾計畫已在參議院高層獲得通過。您能否進一步說明一下，您認為這將對您在美國鈾生產鏈中的業務產生何種更廣泛的影響？

Well, I think it certainly shows bipartisan support for reshoring our uranium production capabilities and the priority being placed on having the integration in the uranium business. So it's certainly a significant help, and I think it's going to take some time to get all this in place. I mean, we've got a lot of catch up because it was a national priority. Looking back 2030 years ago, we got a lot of catching up to do so we plan to be ready and able to to help fulfil Iranian production in the United States right now.

嗯，我認為這確實表明了兩黨對恢復鈾生產能力的支持，以及對鈾業務整合的優先事項。所以這肯定是一個很大的幫助，我認為要把這一切都落實到位還需要一些時間。我的意思是，我們還有很多工作要做，因為這是國家優先事項。回顧 2030 年前，我們有很多事情要做，因此我們計劃做好準備並能夠幫助伊朗在美國完成生產。

I'm curious more is on the line, Curtis Do you have any other comments to that that you'd like to add, and?

我很好奇還有更多內容，柯蒂斯，您對此還有其他想要補充的評論嗎？

Yes, not so much. I mean, it's just I think, firstly, it's wonderful that we're not going to be spending anymore money to Russia through our nuclear industry. And yes, no, it's the US utilities have been shifting off of Russian supply over the last several years on which is to their credit. I think this was a very important step, mainly to unleash some some funding out there. I think $2.7 billion to help restore domestic nuclear fuel capabilities, which is just going to increase demand for our utility U3O8 product here in the United States. So this was extremely important move. And I think that Energy Fuels is probably one of the better positions to take advantage.

是的，不是很多。我的意思是，首先，我認為我們不會再透過核工業向俄羅斯花費任何資金，這真是太好了。是的，不是的，過去幾年來，美國公用事業公司不再依賴俄羅斯的供應，這是他們的功勞。我認為這是非常重要的一步，主要是為了釋放一些資金。我認為 27 億美元將用於幫助恢復國內核燃料能力，這將增加美國對我們實用 U3O8 產品的需求。所以這是一個極為重要的舉措。我認為 Energy Fuels 可能是更值得利用的優勢之一。

Great. I appreciate that colour. And I'm just just one more for me. You've mentioned for several months now that bringing our wind and Nichols Ranch will bring you over GBP2 million of mine production. I was wondering if you could potentially drill down into that number a little more on if I recall correctly, Nichols Ranch has a nameplate capacity of GBP2 million kind of alone. So basically, if uranium pricing performs really well heading into 2025, do you have a kind of what's the optionality here to kind of, you know, push those assets further if you have it?

偉大的。我很欣賞那個顏色。而對我自己來說，我只是其中一個。幾個月來您一直提到，我們的風能和尼科爾斯牧場將為您帶來超過 200 萬英鎊的礦場產量。我想知道您是否可以更深入地了解這個數字，如果我沒記錯的話，Nichols Ranch 的標稱容量就達到了 200 萬英鎊。所以基本上，如果鈾定價在 2025 年表現非常好，您是否有某種選擇權來進一步推動這些資產？

Well, I mean, we can we can get to the GBP2 million when you start going above GBP2 million, it's just a function of how much additional investment that you make. And with regard to things like satellites and additional wellfields pushing these mines. So when I talk about this goal of getting to this first wrong of about GBP2 million, this is with limited capital, mainly working capital. So it's just a function of investment to push it past the [$2 million] in time. And when we start talking about GBP3 million, GBP4 million of uranium production, we've got to start spending pretty substantial capital.

嗯，我的意思是，當你開始超過 200 萬英鎊時，我們可以達到 200 萬英鎊，這只是取決於你進行了多少額外投資。以及衛星和額外的井場等推動這些礦山發展的事物。因此，當我談到實現約 200 萬英鎊的第一個錯誤目標時，這是在有限的資本（主要是營運資金）的情況下。因此，這只是一項投資的功能，可以使其及時突破 [200 萬美元]。當我們開始談論 300 萬英鎊、400 萬英鎊的鈾產量時，我們必須開始投入相當多的資金。

I mean, I'm talking like increments of $100 million or so for about every million pounds or so somewhere in that order. So the $2 million is really kind of a threshold with limited capital. And again, that will be made up of newly mined ore from our conventional mines on production from Nichols Ranch, alternate feed and potential some third party purchases. So it's approximate GBP2 million. We can go above that, but to really go way higher like to double that, we have to start making substantial capital investments to go higher.

我的意思是，我指的是大約每百萬英鎊左右的增量為 1 億美元左右。因此，200 萬美元對於有限資本來說確實是一個門檻。再次強調，這將由我們從尼科爾斯牧場生產的傳統礦場新開採的礦石、替代原料和潛在的一些第三方採購組成。所以大約是200萬英鎊。我們可以超越這個數字，但要真正再高一些，例如翻一番，我們就必須開始進行大量的資本投資才能達到更高的目標。

Got it. Thank you. Super helpful and best of luck moving forward.

知道了。謝謝。非常有幫助，祝你好運。

Your next question comes from Joseph Reagor from Roth MKM.

您的下一個問題來自 Roth MKM 的 Joseph Reagor。

Hey, Mark, thanks for taking my questions. Is first thing is on your inventories. You guys have a little under GBP400,000 of uranium, a little under [GBP1 million] of vanadium was what do you guys think about, you know, what level of you'd like to keep of those inventories? Or is it just a function of pricing that would allow you to sell that, you know, as an option to the market and over the remainder of this year and maybe long term?

嘿，馬克，謝謝你回答我的問題。首先要檢查的是你的庫存。你們擁有價值略低於 40 萬英鎊的鈾和略低於 [100 萬英鎊] 的釩，你們認為，你們希望將這些庫存保留到什麼水平？或者它只是一種定價功能，允許您將其作為一種選擇出售給市場，並在今年剩餘時間內甚至長期出售？

Yes. Well, Joe, what we're looking at is as we said, we're mining this newly mined ore, shipping it to the mill. We're going to look at how we can maximize these higher prices to maintain our profitability to the best of our ability. So from next year, I mean, this year, we have potentially another [GBP100,000] to put into of some of our long-term contracts next year. We also have long-term contracts, but we certainly don't have all that uranium committed for this year next year.

是的。好吧，喬，正如我們所說的，我們正在開採這種新開採的礦石，並將其運送到工廠。我們將研究如何最大限度地提高這些更高的價格，以盡最大努力保持獲利能力。所以從明年開始，我的意思是，從今年開始，我們可能還會有另外 [100,000 英鎊] 投入到明年的一些長期合約中。我們也有長期合同，但我們肯定不會承諾今年到明年提供那麼多鈾。

So Joe, we're going to have we're going to push it as hard as we can, but a lot of it may be just timing. And because we have such significant inventories coming to the mill, we may run down our inventories a bit just to get the best result for our shareholders as we go forward in this really kind of cause a self fund ourselves not cause a self-funded, but based on the back of the Iranian business. So Curtis, do you have any other comments from a uranium market perspective?

所以喬，我們會盡最大努力去推動它，但很多可能只是時機問題。而且由於我們有如此大量的庫存進入工廠，我們可能會稍微減少庫存，以便為股東獲得最好的結果，因為我們在前進的過程中真正實現了自我融資，而不是自籌資金，而是基於伊朗業務的支持。那麼柯蒂斯，從鈾市場的角度看，您還有其他評論嗎？

No, I don't think so. I think that that is that I mean that's a, yes, no, there's there seems to be some really good things happening in your end markets and the price seems to be headed in the right direction. I think this Russian uranium ban and some additional things happening out there bodes well for spot prices on. So I think that inventory is going to be a important part of our plans going forward this year.

不，我不這麼認為。我認為，我的意思是，是的，不是的，你們的終端市場似乎發生了一些非常好的事情，價格似乎正朝著正確的方向發展。我認為俄羅斯的鈾禁令以及其他一些事件對現貨價格來說是個好兆頭。所以我認為庫存將成為我們今年計劃的重要組成部分。

Okay. And then any comments on the vanadium market, what you are seeing there?

好的。您對釩市場有何評論？您看到了什麼？

It's been pretty soft, Joe, and we look at what's happening to the vanadium market and when the price goes up. We sell some product. It's an interesting vanadium is an interesting one because it is very spiky. And so what we're doing is when we process vanadium and put it in inventory. We'll just hold that until we see a spike in vanadium prices. So we have had some people reach out to us or have interest for vanadium for some of these vanadium flow batteries, and we're hopeful that we can get some long-term interest for purchasing that at prices higher than the current prices, I think is $5 or $6 a pound right now?

喬，市場一直很疲軟，我們關注釩市場的情況以及何時價格上漲。我們銷售一些產品。釩很有趣，因為它非常尖銳。因此，我們所做的就是加工釩並將其放入庫存。我們會一直保持這種狀態，直到看到釩價格飆升。因此，有些人與我們聯繫或對一些釩液流電池中的釩感興趣，我們希望能夠獲得一些長期購買的興趣，其價格高於當前價格，我認為現在是每磅 5 美元或 6 美元？

Yes, if I could back it out there, we know vanadium prices, we found it just to be closely tied to global economic forecasts. The main use for vanadium is steel. And so when there's good economic forecasts for for construction for vehicles for infrastructure, things like that, you'll see vanadium prices go up when that when the outlook's a little bit more uncertain like maybe it is right now, vanadium prices are weak.

是的，如果我能證實這一點，我們知道釩的價格，我們發現它與全球經濟預測密切相關。釩的主要用途是鋼鐵。因此，當對建築、車輛、基礎設施等方面的經濟預測良好時，你會看到釩價格上漲；而當前景有點不確定時，就像現在這樣，釩價格就會疲軟。

But again, we just see every three, four, five years, there's a spike in vanadium prices. And so that's it's very hard to time that. And so it's beneficial to carry inventory. So you're ready for it. And then as you sell it into those strengthening markets, we have the ability to produce it pretty quickly. As we bring our La Sal mines online, we're going to also be processing and producing vanadium. So I think it's just a it's just a good kind of option that we have that we can capitalize on every few years.

但我們再次看到，每隔三、四、五年，釩價格就會飆漲。所以很難確定時間。因此持有庫存是有益的。所以你已經做好準備了。然後，當你將其銷售到那些不斷增強的市場時，我們就有能力相當快地生產它。隨著拉薩爾礦山的投產，我們也將加工生產釩。所以我認為這只是一個很好的選擇，我們可以每隔幾年就利用一次。

Okay, thanks. And then, on the capital spending front, we spent about $7.3 million in first quarter. What are you guys thinking for kind of the full year on the CapEx side?

好的，謝謝。然後，在資本支出方面，我們在第一季花費了大約 730 萬美元。你們對於全年的資本支出有何看法？

A lot of that go is where we're capitalizing some of our uranium development and also, um, we're capitalizing some of the uranium production that we haven't turned into finished goods yet. So Nate, you're on I think it's around $40 million or something. Can you correct me with estimate on what our capital spend looks like, including what we're capitalizing for production.

其中很大一部分是我們將部分鈾開發資本化，還有，嗯，我們正在將部分尚未轉化為成品的鈾生產資本化。那麼 Nate，我認為它的價值大約是 4000 萬美元左右。您能否修正我對我們的資本支出的估計，包括我們為生產資本化的情況。

Yes. No, that's exactly right. We should see a similar spend throughout the rest of the year, but ramping up to approximately the $40 billion throughout the year, although we had been capitalizing some of the development of our opinion plain mind and some of the other activities. So that's that's the activity that you're seeing.

是的。不，完全正確。我們應該會看到今年剩餘時間的支出類似，但全年支出將增加至約 400 億美元，儘管我們一直在利用我們的一些觀點的簡單思維的發展和一些其他活動。這就是您所看到的活動。

All right. Thanks for the guidance, as I'll turn it over.

好的。謝謝您的指導，我會把它轉過來。

Mike Heim from Noble Financial Markets.

來自 Noble Financial Markets 的 Mike Heim。

Thanks. And the question was kind of partially answered with the question on inventory, but let me just re-ask it for confirmation. It sounds to me like you kind of feel like you need to have more uranium inventory before we sign or long term contract? Is that the case or is it still the case that the utilities are still stuck on the trying to buy things on spot?

謝謝。關於庫存的問題已經部分回答了這個問題，但請允許我再次詢問以確認。在我看來，在我們簽署長期合約之前，您似乎覺得需要有更多的鈾庫存？情況確實如此嗎？還是說公用事業公司仍然停留在嘗試現場購買東西的階段？

No, we don't think we I mean, we think that our inventory is all work in progress. Michael, as I said, we're already over mining on our current contract portfolio. So we still are looking at and considering additional long term contracts and a number of the utilities like the fact that we can be in production sooner faster without capital are significant capital and financing the capital right now. So we are yes, we're not going to I mean.

不，我們不這麼認為，我的意思是，我們認為我們的庫存都是正在進行的工作。邁克爾，正如我所說，我們已經對當前的合約組合進行了過度挖掘。因此，我們仍在研究和考慮額外的長期合約和一些公用事業，例如，我們可以在沒有資本的情況下更快地投入生產，這是重要的資本，目前正在為資本融資。所以，是的，我們不會這麼做。

We're just going to we're just going to be opportunistic when it looks like we evaluate what inventory we have, what inventory's been produced at the mines with alternate feed we have and go from there. But we don't necessarily I mean, we'd like to have some inventory just because it gives you a little breathing room if for some reason, you have some sort of production disruption for a short period of time. But but we're confident we know our assets well, we know our ability to deliver for those assets, and we're not going to have large inventories just to cover them.

當我們評估我們擁有的庫存、礦場使用替代原料生產了哪些庫存，然後從那裡開始的時候，我們就會抓住機會。但我們不一定，我的意思是，我們希望有一些庫存，因為如果由於某種原因，你的生產在短時間內出現某種中斷，它會給你一點喘息的空間。但是，我們相信我們非常了解我們的資產，我們知道我們有能力兌現這些資產，而且我們不會僅僅為了覆蓋這些資產而儲存大量庫存。

Yes, I guess if I could jump in as well, Mark, real fast that you remember most long-term contracts, you know, they don't have deliveries that start for a couple of years, so on and so and we're ramping up to producing around GBP2 million of uranium per year. We have not secured contracts for anywhere near that at this point. So we still have significant uncovered of future production to enter into long-term contracts. And we're certainly talking to utilities on that front.

是的，馬克，我想如果我能插話的話，你記得大多數長期合同，你知道，他們沒有在幾年內開始交付，所以我們正在努力將鈾產量提高到每年約 200 萬英鎊。目前我們還沒有簽訂任何類似的合約。因此，我們仍有大量未開發的未來產量可以簽訂長期合約。我們確實正在與公用事業公司就此進行談判。

How should we view the ramp up of production, is that kind of a steady scale? Or is that things really jump when when you hit a certain? I wouldn't want to say a certain point a certain achievement level?

我們該如何看待產量的提升，這是穩定的規模嗎？或者當你擊中某個東西時，東西真的會跳動嗎？我不想說某個點某個成就水準？

Well, I think I think that the way you should look at it is it if we're saying we're mining GBP1.1 million to GBP1.4 million of newly mined ore that will become steady-state in time on average. And you add, you know, getting to that GBP1.5 million to GBP2 million at Curtis. Talk to that's going to happen all fairly quickly over the next year or so. And then depending as to what the grain prices do doing as we're advancing these other projects, we'll just start kicking them in time as well. So we want to and we like to we have sort of a baseload of long-term contracts that underpin our operations and but also like to be able to put product out in the market in an opportunistic way like we did in Q1.

嗯，我認為你應該這樣看待這個問題：如果我們說我們正在開採價值 110 萬英鎊到 140 萬英鎊的新開採礦石，這些礦石平均會隨著時間的推移達到穩定狀態。而且你知道，在 Curtis 公司的銷售額可以達到 150 萬到 200 萬英鎊。談論這些事情將會在未來一年左右很快發生。然後，根據我們推進這些其他項目時糧食價格的變化，我們也會及時開始推進這些項目。因此，我們希望並且願意擁有某種形式的長期合約基礎，以支撐我們的運營，同時也希望能夠像我們在第一季度所做的那樣，以機會主義的方式將產品推向市場。

Yes. All right. Thank you.

是的。好的。謝謝。

Graham Tanaka from Tanaka Capital Management.

田中資本管理公司的 Graham Tanaka。

Congratulations on your progress so far. I'm wondering if you could give us a little bit of guidance of what your revenues could be? Should the uranium prices strengthened further, just to give us a range sort of minimum maximum as to, if say, if prices get to well over $100 a pound, et cetera, how much higher could you ramp faster? Could you ramp production sales and therefore revenues perhaps giving us a range of revenue guidance for the full year? Thanks.

祝賀你目前所取得的進步。我想知道您是否可以給我們一些關於您的收入的指導？鈾價是否該進一步走強？給我們一個最低和最高的範圍，比如說，如果價格遠遠超過每磅 100 美元等等，那麼價格還能上漲多少？您能否提高產量銷售額並因此提高收入，為我們提供全年收入的一系列指引？謝謝。

Yes, Graham, good to have you ask question on Graham, as he said, we can get to that GBP1.5 million to GBP2 million quite quickly. So depending on what uranium prices gives you an idea of the of the revenue, when you look at sort of the blended price of our production costs and whatnot. I mean, you could kind of see that we had these significant margins. I think it was our basis was around $37 to $40 per pound as we mine additional uranium from various sources and including our alternate feed.

是的，格雷厄姆，很高興你向格雷厄姆提問，正如他所說，我們可以很快達到 150 萬到 200 萬英鎊的目標。因此，當您查看我們的生產成本等的混合價格時，根據鈾價，您可以了解收入的情況。我的意思是，你可以看到我們有如此顯著的利潤。我認為我們的基礎價格約為每磅 37 至 40 美元，因為我們從各種來源開採額外的鈾，包括我們的替代原料。

I'm just going to say a blended price of around $50 ish a pound or something as we had ramping this up. But as we go past it to me and as I said, Bill, you could you can kind of assume that, you know, to get to GBP3 million, GBP3.5 million, would you have to spend $100 million or so of capital investment?

我只是想說，隨著我們不斷提高價格，混合價格大約是每磅 50 美元左右。但是當我們把它交給我時，正如我所說的，比爾，你可以假設，為了達到 300 萬英鎊、350 萬英鎊，你是否需要花費 1 億美元左右的資本投資？

So to get be on some, say, GBP2.5 million or GBP3 million per year. We're going to need a few years to get beyond that. So I don't know if that provides any flavour, but and that's just sort of the realities of the timing and getting all the permits in order getting infrastructure. Now we have the infrastructure to get to that $2 million, $2 million plus a bit, but then it's going to take some more time to go beyond that, right.

因此，每年的收入可以是 250 萬英鎊或 300 萬英鎊。我們需要幾年的時間才能克服這個困難。所以我不知道這是否能提供任何風味，但這只是時間上的現實以及為了獲得基礎設施而獲得所有許可證的情況。現在，我們已經擁有了達到 200 萬美元甚至更多一點的基礎設施，但要超越這個目標還需要一些時間，對吧。

So I understand it will take time and some capital to build a $2 million to $3 million, $2.5 million, $3 million. But with your ability to ramp production up. I'm just wondering at a faster ramp scenario on prices, not a ramp, but a higher prices, the prices were to firm up. What could your revenues be this year. I'm just trying to get a feeling from going from the first quarter to the rest of this year. We expect this year?

所以我明白建立一個價值 200 萬到 300 萬美元、250 萬美元、300 萬美元的市場需要時間和一些資金。但隨著你有能力提高產量。我只是想知道價格是否會以更快的速度上漲，不是上漲，而是上漲，價格是否會堅挺。今年的收入是多少？我只是想了解一下從第一季到今年剩餘時間的情況。我們預計今年？

Well this year, depending on how we sell inventories and ramp up when we sold the $300,000 in the first quarter. No, I'm just going to speculate that it could be around $100 million.

今年，這取決於我們如何銷售庫存，以及當我們在第一季銷售 30 萬美元時如何增加庫存。不，我只是推測它可能在 1 億美元左右。

Okay. Of revenues this year if everything clicks together and goes from there this year, and that would be kind of roughly at what average price range kind of.

好的。如果一切順利的話，今年的營收將大致處於平均價格範圍。

Yes, just well, I already gave some indication that we carrying the uranium on our books, a little north of [30] depends on the blended price, but just say in the order of that $40 to $50.somewhere in that order by

是的，我已經給出一些跡象表明，我們帳面上的鈾價略高於[30]，這取決於混合價格，但就說在40美元到50美元的順序。

$40 to $50 would be your costs per pound

每磅成本為 40 至 50 美元

in that order.

按此順序。

Okay. So in other words, to get to $100 million, I have to do the math on how many million, how many thousand pounds pounds just trying to figure out what the price would they have to be there any revenues for the banks?

好的。換句話說，為了達到 1 億美元，我必須計算出需要多少百萬英鎊、多少千英鎊，只是想弄清楚它們需要付出多少代價才能為銀行帶來收入？

Well in the order of [$1 million], GBP2, something in that order.

嗯，大約是 [100 萬美元]、2 英鎊，或類似的金額。

Okay. One to [GBP1.2 million] and at. Okay, I got it. So you okay. Now I understand that.

好的。一至 [120 萬英鎊] 和在。好的，我明白了。所以你還好嗎。現在我明白了。

Thank you. And under the reverse of a lot of a lot of what you do in terms of how fast you ramp that production is going to be a function of capacity and sorry, of car prices, what read that you can realize? And I was wondering how much of a price increase you're going to need to see in those end markets to really ramp up the rare earth production and sales? Thanks.

謝謝。而與您所做的許多事情相反的是，產量提升的速度將取決於產能和汽車價格，您能實現什麼目標？我想知道，這些終端市場需要漲價多少才能真正提高稀土的生產和銷售？謝謝。

Yes. Well, on the rare earth front, I mean, right now our focus is going to be on securing the molecules, which we think we're putting our foot on these these projects that I mentioned. It's going to take some development time right now to get all that in place. I mean, while the uranium business is really hot and we can capitalize on that, and it also allows us time to get our Phase II Phase III and ramp that up over the next two or three years.

是的。嗯，在稀土方面，我的意思是，現在我們的重點是確保分子的安全，我們認為我們正在把重點放在我提到的這些項目上。現在需要花費一些開發時間來實現這一切。我的意思是，雖然鈾業務確實很熱門，我們可以利用這一點，但它也讓我們有時間進入第二階段和第三階段，並在未來兩三年內加速發展。

Graham, we think we're going to be world competitive and we're going to be low cost curve on the rare earth front because of the strategy that we're executing. And so I mean, really to look at material rare earth production, you'd be looking at 26, 27, 28 out in that timeframe in terms of being able to fully capitalize and do the value add that we plan to do at the White Mesa mill. But when you add up on the scale of what we're talking about. You can see that it is world material compared to any other company that you added up to including China.

格雷厄姆，我們認為，由於我們正在實施的策略，我們將具有世界競爭力，並且我們將在稀土方面保持低成本曲線。所以我的意思是，真正看一下稀土材料產量，你會看到在這段時間裡，需要 26、27、28 年才能充分利用並實現我們計劃在 White Mesa 工廠實現的增值。但是當你把我們正在談論的內容加在一起時。您可以看到，與包括中國在內的任何其他公司相比，它都是世界級的。

No, yes, that's But congratulations by the way and lining up so much supply at monocyte turn it pretty quickly, but that was great. So getting back to the uranium, what kind of funding might be available for you from the US legislation, I am not quite sure what the spending of a couple of billion dollars by the US government in the industry infrastructure means. Does that mean low cost loans possibly for Energy Fuels or grants or what types?

不，是的，但是順便說一句，祝賀你，並且在單核細胞處排隊如此多的供應很快就轉變了，但這很棒。所以回到鈾問題，美國立法可能會為您提供什麼樣的資金，我不太確定美國政府在產業基礎設施上花費數十億美元意味著什麼。這是否意味著可能為能源燃料提供低成本貸款或補助金或什麼類型？

Certainly it will not mean that your. Yes, yes, no problem. Yes, Hecker him. This is Curtis Morgan on. So most of that most, if not all of that money is for domestic conversion and enrichment capacity, not for mining. However, there is there's currently a big bottleneck in conversion with Russia essentially being kicked out of the Western market. And so that actually limits the ability of conversion facilities to take our material.

當然這並不意味著你的。是的，是的，沒問題。是的，Hecker 他。我是柯蒂斯摩根 (Curtis Morgan)。因此，這些資金中的大部分（如果不是全部的話）都用於國內的轉化和濃縮能力，而不是用於採礦。然而，目前俄羅斯的轉型面臨巨大瓶頸，基本上被踢出了西方市場。這實際上限制了轉換設施獲取我們材料的能力。

So you've seen things like conversion prices are up like 10 times, 12 times or something like that over the last couple of years. And enrichment prices are up a similar amount, but you've seen uranium prices. I mean they're strong, but they're only up, say three times or maybe maybe four times over the last five years. And so by increasing conversion capacity, that will increase the demand for at least the amount of U3O8 that they can take from guys like us from from Western producers. So that's what that money is mainly for, um, but it's going to we think it's going to have a big impact on uranium prices just because it's going to increase demand for our material because of that de-bottlenecking of the conversion of the conversion function.

因此，您會看到，在過去幾年中，轉換價格上漲了 10 倍、12 倍或類似的倍數。濃縮鈾的價格也上漲了類似的幅度，但你也看到了鈾的價格。我的意思是，它們很強大，但在過去五年裡只上漲了三次或四次。因此，透過提高轉換能力，這將增加至少一定量的八氧化三鈾的需求，這些八氧化三鈾可以從我們這樣的西方生產商那裡獲得。所以這筆錢的主要用途就是這個，但我們認為它將對鈾價格產生很大的影響，因為它將增加對我們材料的需求，因為它消除了轉換功能的瓶頸。

That make sense. Thank you very much.

這很有道理。非常感謝。

Thanks and good luck.

謝謝，祝你好運。

Thank you.

謝謝。

Thank you, Graham.

謝謝你，格雷厄姆。

And there are no further questions at this now. I will turn the call back over to Mark for closing remarks.

現在沒有其他問題了。我將把電話轉回給馬克，請他做最後發言。

Well, first of all, thank you for those of you joining the conference call and for those questions. Again, I understand that our strategy is different from others. In fact, we're building this diversified critical mineral hub centered around uranium. And there is no playbook. There is no playbook.

嗯，首先，感謝各位參加電話會議並提出這些問題。再次強調，我明白我們的策略與其他策略不同。事實上，我們正​​在建造以鈾為中心的多元化關鍵礦產中心。並且沒有劇本。沒有劇本。

Nobody has done this before and that makes it difficult for some people to understand what we're doing. But again, if you go back to that last slide, showing our focus and guidance on uranium and rare earth, and you look at our actions look at our actions where we're producing uranium, we're examining our ability to produce and expand that in time.

以前沒有人做過這樣的事，這讓一些人很難理解我們在做什麼。但是，如果你再看一遍最後一張幻燈片，它展示了我們對鈾和稀土的關注和指導，你看看我們的行動，看看我們在生產鈾的行動，我們正在檢查我們生產和擴大鈾的能力。

And then you look on the rare earths front. I mean, when you look at those three projects that we either have secured or in the process of securing or are trying to get all the final agreements and close these opportunities.

然後你再看稀土方面。我的意思是，當你看到這三個項目時，我們要么已經獲得，要么正在獲得，要么正在試圖獲得所有最終協議並抓住這些機會。

I hope that provides people with an idea of the scale we are talking about, it is significant. It is significant scale. And right now we still get valued as a uranium producer. And in fact, probably penalize because uranium producer, while building out this rare earth supply chain at world-class scale and what we believe will be low low cost structures because of the unique attributes that we bring to the table in the types of deposits that we're out there looking to secure.

我希望這能讓人們了解我們正在談論的規模，這很重要。其規模十分巨大。目前，我們仍然作為鈾生產商受到重視。事實上，我們可能會因為鈾生產商受到懲罰而受到懲罰，同時，我們也在以世界級的規模建造這個稀土供應鏈，而且我們相信，由於我們在尋求保護的礦床類型中具有獨特的屬性，這將是低成本的結構。

So I can say is that Energy Fuels', I believe, and I might be a little biased. And I go back to page 2 of a forward looking statements is a outstanding uranium investment and rare earth investment. But you cannot compare us to just the rare earth business or just the Iranian business, you cannot compare us.

所以我可以說的是，我相信能源燃料，但我可能有點偏見。我回到前瞻性聲明的第 2 頁，這是一項出色的鈾投資和稀土投資。但你不能把我們與稀土業務或伊朗業務進行比較，你不能把我們與稀土業務或伊朗業務進行比較。

We really don't have a peer group. But if you believe in the energy transition and the focus on reducing carbon emissions look at what we do. When we tell people, we're going to do something we do it. That is how we operate. We're not promoters. Mining uranium is difficult. It's very difficult. I've been mining uranium for 48 years. We know how to do this. These assets are proven. And on the other side, we are securing these feeds through a very focused strategic way. We're looking at high quality acquisitions and the BASE acquisition is a perfect example of the type of assets we're trying to secure that are world-class long term, multi decade projects.

我們確實沒有同齡人。但如果你相信能源轉型並致力於減少碳排放，請看看我們所做的。當我們告訴別人我們要做某件事時，我們就會去做。這就是我們的運作方式。我們不是發起人。開採鈾礦非常困難。這非常困難。我開採鈾礦已有 48 年了。我們知道如何做到這一點。這些資產已得到證實。另一方面，我們正在透過非常有針對性的策略方式來確保這些資訊的安全性。我們正在尋找高品質的收購，BASE 收購就是我們試圖獲得的資產類型的完美例子，這些資產是世界級的長期、數十年專案。

They can help with that diversification at scale again over the long term and having that diversified cash flow creates other opportunities over time. So I mean, look at the fact that in four years as we build our uranium production and at the same time, look at the speed that we're operating in advancing the rare earth, I think it is absolutely extraordinary. And that's what we're focused on. We're not trying to be status quo. We're not trying to repeat what everybody else is doing in the uranium space.

從長遠來看，它們可以幫助再次大規模多元化，多元化的現金流會隨著時間的推移創造其他機會。所以我的意思是，看看我們在四年內建立鈾生產能力的事實，同時看看我們推進稀土生產的速度，我認為這絕對是非凡的。這正是我們所關注的。我們不想維持現狀。我們並不想重複其他人在鈾領域所做的事情。

We're trying to be a standout and look for extraordinary opportunities to build a world material critical mineral hub. So thank you very much. Look forward with future updates, but we are moving fast and we have the balance sheet. We have the team and we're acquiring the assets and we have a very significant asset base to build a very significant company going forward.

我們正努力脫穎而出，尋找非凡的機會，打造世界材料關鍵礦產中心。非常感謝。期待未來的更新，但我們正在快速行動，我們有資產負債表。我們擁有團隊，我們正在收購資產，我們擁有非常重要的資產基礎，可以在未來打造一家非常重要的公司。

Have a great day.

祝你有美好的一天。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect. Thank you.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線。謝謝。