Energy Fuels Inc (UUUU) 2024 Q2 法說會逐字稿

Good afternoon. My name is Judy, and I will be your conference operator today. (Operator Instructions) At this time, I would like to welcome everyone to the Energy Fuels second quarter 2024 conference call. Thank you, Mr. Chalmers, you may begin your conference.

午安.我叫朱迪，今天我將擔任您的會議主持人。（操作員指示）現在，我歡迎大家參加 Energy Fuels 2024 年第二季電話會議。謝謝您，查爾默斯先生，您可以開始您的會議了。

Thank you for the introduction, Judy. And also, good morning, good afternoon wherever you joined this call from and thank you for joining the Q2 conference call of Energy Fuels today and webcast. We are always excited to discuss our results and significant accomplishments, and we continue to make major accomplishments every day. For those who cannot John join the call today will have replays of this presentation. It will be available for two weeks on our website starting later today or tomorrow.

謝謝你的介紹，朱迪。另外，無論您從哪裡加入本次電話會議，大家早安、下午好，感謝您參加今天的 Energy Fuels 第二季電話會議和網路直播。我們總是興奮地討論我們的成果和重大成就，我們每天都在繼續取得重大成就。對於那些無法參加今天電話會議的人來說，約翰將重播這場演講。從今天晚些時候或明天開始，它將在我們的網站上提供兩週。

Every quarter, I say we are making extraordinary progress on many fronts, and certainly this quarter is no exception. Energy Fuels is likely one of the biggest building success stories on decarbonization electrification. While we also emerge as a clear leader and diversified US critical mineral production, at a time when this has never been more important.

每個季度我都會說我們在許多方面都取得了非凡的進展，這個季度當然也不例外。Energy Fuels 可能是脫碳電氣化領域最大的成功案例之一。同時，我們也成為了美國關鍵礦產生產的明顯領導者和多元化者，這一點在當今比以往任何時候都更加重要。

We are a unique investment. There is no other company that has the ability to advance uranium, vanadium and rare earth production capabilities, while at the same time, advancing our medical isotope aspirations and continuing to maintain a very strong balance sheet of USD200 million-plus with zero debt.

我們是一項獨特的投資。沒有其他公司能夠像我們一樣，在提升鈾、釩和稀土生產能力的同時，繼續推進我們的醫用同位素願景，並繼續保持 2 億美元以上的強勁資產負債表，且零債務。

Currently and particularly over the past few days, the world has been experiencing substantial equity volatility and even more so in uranium space. This volatility, while surprising to me at the moment, is not unique to other times in my career that I or companies I have worked forward have had to navigate. It is also one of the reasons Energy Fuels is not 100% focused on a single element, which directly influences our company strategy to maintain our strength in uranium market and while at the same time diversifying into these other complementary critical mineral markets.

目前，特別是過去幾天，全球股市經歷了大幅波動，鈾市場的波動尤其劇烈。這種波動性雖然目前令我感到驚訝，但在我的職業生涯中，我或我曾經工作過的公司也曾經歷過類似的波動。這也是 Energy Fuels 不 100% 專注於單一元素的原因之一，這直接影響了我們的公司策略，即保持在鈾市場的實力，同時向其他互補的關鍵礦產市場多元化發展。

Energy Fuels' is playing a long game here. This is a lesson I've learned over 48 years in this business. In addition, right now, we are producing uranium from multiple mines, getting others ready, have finished uranium available for sale, about 300,000 pounds and another approximately 700,000 pounds to be processed at the mill with long-term sales contracts and have demonstrated substantial margins on our uranium sales to date. We also don't need hundreds of millions of dollars to advance our uranium strategy.

Energy Fuels 正在為此進行一場長期遊戲。這是我在這個行業工作48年來學到的一個教訓。此外，目前，我們正在從多個礦山生產鈾，並準備好其他礦山，已完成可供出售的鈾約有 300,000 磅，另外約 700,000 磅將在工廠加工，並簽訂了長期銷售合同，迄今為止，我們的鈾銷售已顯示出可觀的利潤。我們也不需要花費數億美元來推進我們的鈾策略。

So today, in more detail, I'll elaborate on our accomplishments for the quarter and give some forward-looking insight to the rest of the year. And I'm pleased to say that you do not have to control your slides today, Kim Casey, who is our Investor Relations Manager, I should say that beautiful Kim Casey is advancing the slides for you, and I'm saving you actually some work here today.

因此，今天我將更詳細地闡述我們本季所取得的成就，並對今年剩餘時間做出一些前瞻性的見解。我很高興地告訴大家，今天您不必控制自己的幻燈片，我們的投資者關係經理 Kim Casey，我應該說，美麗的 Kim Casey 正在為您推進幻燈片，今天我實際上為您節省了一些工作。

At the end of the presentation, we'll be open for questions. Dave Frydenlund, our Chief Executive -- our Executive Vice President and Chief Legal Officer; and Nate Bennett, our Interim CFO and CAO will be available to help answer any questions, I cannot answer. So let's jump right into the presentation.

演示結束時，我們將開放提問。我們的執行長、執行副總裁兼首席法律長 Dave Frydenlund 和我們的臨時財務長兼首席行政官 Nate Bennett 將隨時解答我無法回答的任何問題。那麼讓我們直接進入演示吧。

And this first slide that clean energy starts with us. And I always say, on steroids and I love this picture because it's taken in San Juan County not far from the White Mesa mill.

第一張投影片介紹的是我們開始使用清潔能源。我總是說，我喜歡這張照片，因為它是在聖胡安縣白梅薩工廠附近拍攝的。

Next slide. I may be making some forward-looking statements, and those are included on slide 2 of this presentation.

下一張投影片。我可能會做出一些前瞻性的陳述，這些陳述包含在本簡報的第 2 張投影片中。

Next slide, our business objectives. Now many of you have seen this slide before, but everything we do is centered around uranium and our why is really that we are America's leading experts in recovering critical elements from naturally radioactive ores. That's our secret sauce, and that's what we bring to the table that others do not with our strategy. So we're very proud of that, and it is really important to how we're advancing our strategy as we speak.

下一張投影片是我們的業務目標。現在，你們中的許多人之前已經看過這張幻燈片，但我們所做的一切都圍繞著鈾，而我們這樣做的真正原因是，我們是美國從天然放射性礦石中回收關鍵元素的領先專家。這就是我們的秘密武器，也是我們透過我們的戰略所無法提供的東西。因此，我們對此感到非常自豪，這對我們推進策略至關重要。

Next slide. So again, many of you have seen this slide, everything we do is a high value product line. We have a long history of producing uranium. We produced approximately two-thirds of uranium produced in United States over the last six to seven years. We've also been one of the largest producers of uranium over the last 10 or 15 years. We're advancing three of our mines to be at a production rate. And this is from newly mined ore of between 1.1 million and 1.4 million pounds of uranium per year at the end of this year.

下一張投影片。所以，你們中的許多人都已經看過這張投影片了，我們所做的一切都是高價值的產品線。我們生產鈾有著悠久的歷史。在過去的六到七年裡，我們生產了美國大約三分之二的鈾。在過去的10到15年裡，我們也是最大的鈾生產商之一。我們正在推進三座礦井的生產。這是今年底新開採的鈾礦石，產量為每年 110 萬至 140 萬磅。

On the rare front, again, most of you understand these are elements required for the powerful magnets, required in electric motors, wind and other technologies. We installed our circuit. Our Phase 1 circuit is capable of producing 1,000 tonnes per annum of NdPr, which has the ability to provide the elements required for up to 1 million electric vehicles.

從罕見的角度來看，大多數人都明白這些是強力磁鐵所需的元素，也是電動馬達、風能和其他技術所需的元素。我們安裝了電路。我們的第一階段電路每年能夠生產 1,000 噸镨釹，能夠為多達 100 萬輛電動車提供所需的元素。

The heavy mineral sands sector for us is expanding rapidly in both the rare earth to titanium and zirconium minerals. It provides us with a low cost source, a monazite for our rare earth sector as a byproduct of ilmenite, rutile, and leucoxene, and zircon.

對我們來說，重礦砂領域正在快速擴張，包括稀土、鈦和鋯礦物。它為我們提供了一種低成本的來源，即為我們的稀土產業提供的獨居石，是鈦鐵礦、金紅石、白鈦礦和鋯石的副產品。

Vanadium, we have a long history of producing vanadium when prices are high. We have the only primary vanadium circuit in the United States, but we can go back into vanadium production when the prices justify. And we also have a long history of recycling uranium and vanadium.

釩，我們在價格高的時候生產釩的歷史很長。我們擁有美國唯一的初級釩生產線路，但當價格合理時，我們可以重新開始生產釩。我們在回收鈾和釩方面也有著悠久的歷史。

But all this product line is built on substantial financial strength, no debt, significant cash and inventory, and ongoing uranium sales.

但所有這些產品線都建立在雄厚的財務實力、無債務、大量現金和庫存以及持續的鈾銷售的基礎上。

Next slide, let's talk about, I mean, the core areas of what the products that we do cover this energy transition, whether it's nuclear fuel assemblies, high-efficiency electric motors, defense, or wind turbines.

下一張投影片，讓我們來談談我們所生產的產品涵蓋能源轉型的核心領域，無論是核燃料組件、高效電動機、國防或風力渦輪機。

Next slide. So this is a sort of a snapshot of the world. And the blue basically shows the assets that Energy Fuels' currently has as our company. In blue, the most of blue are uranium assets in the United States and the White Mesa Mill and on and also Bahia project that we acquired a little over a year ago in Brazil.

下一張投影片。這是一種世界快照。藍色基本上顯示了 Energy Fuels 目前作為我們公司所擁有的資產。藍色部分，大部分是美國的鈾資產，還有 White Mesa Mill 以及我們一年多前在巴西收購的 Bahia 計畫。

The red is the projects that we plan to acquire through the combination with Base Resources with the Toliara Project and the Kwale project in Kenya and Madagascar and also Base's headquarters in in Perth. But also we have the Donald joint venture, which is a 49% joint venture that we're advancing to a final investment decision in Victoria, Australia.

紅色是我們計劃與Base Resources合併收購的項目，包括肯亞和馬達加斯加的Toliara項目和Kwale項目，以及Base位於珀斯的總部。但我們還有唐納德合資企業，這是一家 49% 的合資企業，我們正在推進對澳洲維多利亞州的最終投資決定。

Next slide. So this slide really kind of highlights where we're going as a company and our ability to process radioactive feed streams. For example, in-situ recovery where we can extract the uranium from the ground and advance that uranium towards nuclear energy, supply chain, nuclear fuel supply chain, our conventional mines, which produce uranium and vanadium going to the White Mesa Mill, also producing uranium for the nuclear supply chain, the rare earth oxides, which come from the heavy mineral sands in the monazite and the vanadium and the medical isotopes.

下一張投影片。因此，這張投影片確實突顯了我們公司的發展方向以及我們處理放射性進料流的能力。例如，我們可以進行原地回收，從地下提取鈾，並將其輸送至核能、供應鏈、核燃料供應鏈，我們的常規礦山生產的鈾和釩被送往白梅薩磨坊，同時也為核子供應鏈生產鈾，稀土氧化物來自獨居石中的重礦砂，還有釩和醫用同位素。

But in addition, the heavy mineral sands also have a product that has a significant cash flow that ilmenite, rutile, leucoxene and zircon which helps deliver monazite at either zero cost or very low cost, which puts us at a distinct advantage.

但除此之外，重礦砂還具有可觀的現金流的產品，即鈦鐵礦、金紅石、白鈦礦和鋯石，有助於以零成本或極低成本提供獨居石，這使我們具有明顯的優勢。

Next slide. So let's talk about our core business uranium. So our core business uranium and all of you are aware that we have a long history there. I've been doing this for decades. We're building up our uranium production up to 2 million pounds of uranium production per year. You can see the picture of the White Mesa Mill. And this is really our critical mineral hub where we can process both of the uranium, vanadium, the rare earth elements, and also recover radium because we have a research and development license to do so.

下一張投影片。那麼讓我們來談談我們的核心業務鈾。我們的核心業務是鈾，大家都知道我們在這個領域有著悠久的歷史。我已經這樣做了幾十年。我們正在將鈾產量提高到每年 200 萬磅。您可以看到白色梅薩磨坊 (White Mesa Mill) 的圖片。這確實是我們的關鍵礦產中心，我們可以處理鈾、釩、稀土元素，還可以回收鐳，因為我們有這樣做的研發許可證。

The Pinyon Plain mine in the lower left is the highest grade uranium mine in the United States, I believe in history. And I built that mine in 1987. And I can say that it is substantially advanced producing uranium right now. And we're advancing our development of that mine with the levels access to the ore body and also preparing to do additional drilling in what we call the Juniper zone. And I'm also proud to say that the ore grades are exceptional, and we're very pleased with that.

左下角的Pinyon Plain礦是美國史上品位最高的鈾礦。我於 1987 年建造了那個礦。我可以說，目前鈾生產技術已經相當先進。我們正在推進該礦的開發，逐步進入礦體，並準備在我們稱為 Juniper 區域的地方進行額外的鑽探。而且我很自豪地說，礦石品位非常出色，我們對此非常滿意。

Nichols Ranch mine in Wyoming is in situ recovery mine, it's currently on standby, but we are currently doing -- we have been doing delineation drilling at the Nichols Ranch mine, preparing it for future production. La Sal Complex is also in production with two mines there, the Pandora and the La Sal Incline. And those are uranium, vanadium mines that are mining right now and hauling to the White Mesa mill.

懷俄明州的尼科爾斯牧場礦場是原地恢復礦場，目前處於待命狀態，但我們目前正在進行 - 我們一直在尼科爾斯牧場礦場進行邊界鑽探，為未來的生產做準備。La Sal Complex 也正在生產，那裡有兩座礦山，分別是 Pandora 和 La Sal Incline。這些是鈾礦和釩礦，目前正在開採並運送到白台地工廠。

Next slide. So in addition to that, we have a number of development pipeline assets that includes the Sheep Mountain project in Wyoming, the Henry Mountains project in Utah, and the Roca Honda project in New Mexico.

下一張投影片。除此之外，我們還擁有一系列開發管道資產，包括懷俄明州的 Sheep Mountain 項目、猶他州的 Henry Mountains 項目和新墨西哥州的 Roca Honda 項目。

Next slide, uranium sales and I'm just going to stop here for a second because I do not see our financials in this presentation.

下一張投影片是鈾銷售，我將在這裡暫停一下，因為我在簡報中沒有看到我們的財務狀況。

Well, we will find those and get those included. And I believe they're up on our website at the moment.

好吧，我們會找到它們並將其包括在內。我相信它們現在就在我們的網站上。

Okay. Well, I'll just pointing out. So anyways, those listening, I do not see the financials in our presentation at this moment. And so we will follow up with those at the end of the presentation.

好的。好吧，我只是指出這一點。所以，無論如何，聽眾們，我目前沒有在我們的演示中看到財務資訊。因此，我們將在演示結束時跟進這些問題。

Next slide, well, let's stay on this slide. So anyways, uranium sales, we signed a number of long-term contracts and we've done spot sales. Last spot sale we did was at $86 per pound in July of -- just recently. And I also want to say that we have for long-term contracts with US utilities.

下一張投影片，好吧，我們繼續看這張投影片。無論如何，在鈾銷售方面，我們簽署了許多長期合同，並且進行了現貨銷售。我們最近一次的現貨銷售是 7 月份，價格是每磅 86 美元。我還想說，我們與美國公用事業公司簽訂了長期合約。

We just recently signed a new contract at very favorable pricing, and we're very proud of that contract that gives us additional strength. So we continue to look at how we position ourselves with the market and through a combination of our contracts and spot sales, how we deliver the best outcome for our shareholders and maintaining our substantial cash position.

我們最近剛剛以非常優惠的價格簽署了一份新合同，我們對這份賦予我們額外實力的合同感到非常自豪。因此，我們將繼續研究如何在市場中定位自己，以及如何透過合約和現貨銷售的組合為股東帶來最佳結果並保持充足的現金狀況。

Next slide. Growth drivers.

下一張投影片。增長動力。

Next slide. On the rare or front, we are focused on the processing a monazite recovering as a byproduct of heavy mineral sand as I mentioned focusing on NdPr Dy, and Tb. And they also contain uranium and thorium, which can be monetized by the company at least the uranium can. It's the only facility in the United States able to process monazite and into advanced rare earth mark materials. And we have 40 years of experience basically using solvent extraction to do this.

下一張投影片。在稀土或前沿領域，我們專注於加工獨居石，將其作為重礦砂的副產品回收，正如我所提到的，重點關注 NdPr Dy 和 Tb。而且它們還含有鈾和釷，至少鈾罐可以被公司貨幣化。它是美國唯一能夠將獨居石加工成先進稀土金屬材料的工廠。我們基本上是使用溶劑萃取來實現這一目標，已有 40 年的經驗。

We have our Phase 1 separation plant up and running and commissioned. We're very excited about that. That is already producing on-spec separated NdPr in 2024, and we are currently advancing a strategy to engineer and eventually construct a facility, what we call Phase 2 and Phase 3, which was upwards of 6,000 tonnes of NdPr per year and also substantial quantities of Dy, and Tb. The monazite, as I mentioned earlier, is a low cost byproduct from heavy mineral sand production. And we're doing this without diminishing our uranium production capabilities.

我們的第一階段分離工廠已經投入運作並調試。我們對此感到非常興奮。該公司已於 2024 年生產出符合規格的分離镨釹，目前我們正在推進一項戰略，設計並最終建造一座設施，我們稱之為第二階段和第三階段，每年可生產 6,000 噸以上的镨釹，以及大量的鏑和铽。正如我之前提到的，獨居石是重礦砂生產過程中產生的一種低成本副產品。而我們這樣做並不會削弱我們的鈾生產能力。

Next slide, just pictures of the on-spec separated NdPr at the White Mesa Mill here, a picture from just a month or so ago, and this is not in a beaker. This is not in a small bag. These are in bulky back containers. So we're very excited about that. We are able to commission this plant with limited issues. Matter fact, when I asked the guys at the mill, what they would have changed, they really don't have any material changes on that front. And so we're really excited because a lot of people told us that we would not be able to commission a plant without significant problems, and we didn't have any.

下一張幻燈片，只是白色梅薩磨坊中符合規格的分離镨釹的圖片，這是一個月前左右拍攝的照片，而且它還不是在燒杯中。這可不是在一個小袋子裡。這些都放在笨重的後部容器中。所以我們對此感到非常興奮。我們能夠在有限的問題下啟動工廠。事實上，當我問工廠裡的人會做出什麼改變時，他們確實沒有在這方面做出任何實質的改變。因此我們非常興奮，因為很多人告訴我們，如果沒有重大問題，我們就無法啟動工廠，但我們沒有遇到任何問題。

Next slide. So again, on our rare earth supply chain, sending the monazite from these other sites around the world. Monazite to the White Mesa Mill. We have an existing relationship with Chemours. We also have the Bahia project that we are advancing. We have the Kwale project. Assuming if the combination is completed and we think it will be on the Base acquisition and the Toliara project and the Donald project joint venture, which is work in progress, as I said, moving to final investment decision.

下一張投影片。因此，在我們的稀土供應鏈上，我們將獨居石從世界各地的其他地點運送出去。獨居石到白色梅薩磨坊。我們與科慕公司已有合作關係。我們還有正在推進的巴伊亞計畫。我們有 Kwale 專案。假設合併完成，我們認為將涉及 Base 收購以及 Toliara 項目和 Donald 項目合資，這項工作正在進行中，正如我所說，正在轉向最終投資決策。

So when you look at this integration strategy, we are in -- completed or working on the mining and beneficiation today, the crack and leach today, the separation today. And we're also advancing the strategy to move forward with metal making and alloying as we speak. So we are focused on full integration of the rare earths supply chain in time in logical steps over time.

因此，當您查看此整合策略時，我們今天已經完成或正在進行採礦和選礦、破碎和浸出、分離。同時，我們也正在推動金屬製造和合金化發展的策略。因此，我們致力於隨著時間的推移，按照合理的步驟全面整合稀土供應鏈。

Next slide. So this is the timeline of the rare earth feedstock pipeline, which shows us in currently about 2024. And in the very bottom level above the years there, we have third party monazite purchases from Chemours and potentially others. We have the Donald project, a joint venture that I mentioned is moving towards final investment decision in about 2026. And we also have the Bahia project that we're advancing our resources on that also would come online somewhere in that '27, '28. And then the Toliara Project.

下一張投影片。這是稀土原料管道的時間表，目前顯示大約在 2024 年。在這些年的最底層，我們從科慕公司和其他潛在公司購買了第三方獨居石。我們有唐納德項目，我提到的合資企業將在 2026 年左右做出最終投資決定。我們也正在為巴伊亞計畫投入資源，該計畫也將在 2027 年、2028 年的某個時候上線。然後是圖利亞拉計畫。

Now, I want to mention, which is really exciting for me that with the culmination or combination with Base Resources, we have Base Resources helping us with these other projects, particularly Donald and Bahia, because Base Resources has all the skill sets required to develop our heavy mineral sands side of the business, and they are beginning to help us right now. And we see that as a significant benefit with this combination.

現在，我想提一下，這對我來說真的非常激動人心，隨著與 Base Resources 的整合，Base Resources 可以幫助我們完成其他項目，特別是 Donald 和 Bahia，因為 Base Resources 擁有開發我們重礦砂業務所需的所有技能，他們現在就開始幫助我們了。我們認為這是這一組合的一個顯著優勢。

But on that timeline, you can see in '26, '27, the Phase 2 expansion. Now this is where our plans are to have a plant up to about 6,000 tonnes of NdPr per annum and that is equivalent to what [Leidos] is currently doing with a follow-up by a Phase 3 expansion and includes the ability to separate the Dy and the Tb, which are the heavy elements used in electric motors.

但在時間線上，你可以看到 26 年、27 年的第二階段擴張。現在，我們計劃在這裡建立一個年產約 6,000 噸 NdPr 的工廠，這與 [Leidos] 目前正在進行的第三階段擴建相當，並包括分離 Dy 和 Tb 的能力，它們是電動機中使用的重元素。

Next slide. So the preliminary economics of our rare earth strategy is the Phase 1 separation plant. As I mentioned, it has been commissioned successfully, quickly producing NdPr right now at the moment. We built that for $16 million to $18 million investment, which is absolutely unheard of. We built it in our existing solvent extraction building where we extract uranium and vanadium all in one building, and we had it budgeted for $25 million. And we did we did the complete project for much less than that and again, it's a testament of our people and our skills and able to do this type of thing, particularly using the solvent extraction technology.

下一張投影片。因此，我們的稀土策略的初步經濟效益是第一階段的分離工廠。正如我所提到的，它已經成功投入使用，目前正在快速生產镨釹。我們建造這棟建築的投資額為 1,600 萬到 1,800 萬美元，這絕對是聞所未聞的。我們在現有的溶劑萃取大樓內建造了它，我們在這棟大樓內提取鈾和釩，預算為 2500 萬美元。我們確實以遠低於這個成本的價格完成了整個項目，這再次證明了我們的人才和技能，能夠完成這類工作，特別是使用溶劑萃取技術。

We also have AACE International Class 4 pre-feasibility study that estimates that the cost of recovering NdPr is approximately USD30 per kilogram. So the cost of us producing rare earth oxides and other elements is effectively -- depends on the cost of our feed of monazite to the White Mesa Mill. So if in the case of having our own sources of monazite with heavy mineral sands, we have the ability to potentially get the monazite for free.

我們還有 AACE 國際 4 級預可行性研究，估計回收 NdPr 的成本約為每公斤 30 美元。因此，我們生產稀土氧化物和其他元素的成本實際上取決於我們向 White Mesa Mill 提供獨居石的成本。因此，如果我們擁有自己的含有重礦砂的獨居石來源，我們就有可能免費獲得獨居石。

And if we don't get it for free, we believe we'll get it at a discount to market. And so if you said it was free and you add $30, you can get an idea of what the production cost could be, assuming the credits that we get from other parts of the heavy mineral sand business. If it's greater than that, you can add $30 to it.

即使我們不能免費得到它，我們相信我們也能以低於市場價的價格得到它。因此，如果您說它是免費的，然後添加 30 美元，您就可以了解生產成本是多少，並假設我們從重礦砂業務的其他部分獲得了信用。如果大於這個金額，您可以添加 30 美元。

So we see this putting us in a substantial advantage when it comes to the business strategy that we're executing by having the control of the molecules in the ground at the mine sites and with the development team like Base to assist us in that regard. So I think they're putting up this other presentation that I believe we'll have the financials in it.

因此，我們認為，透過控制礦場地下的分子，並有像 Base 這樣的開發團隊在這方面為我們提供幫助，這將為我們執行的業務策略帶來巨大的優勢。所以我認為他們正在進行另一份演示，我相信其中會有財務資訊。

And I apologize for this pickup, but we will get it done.

我對此表示歉意，但我們會完成它。

Hold on second.

稍等一下。

Yes. Can we go back to the -- go back to slide -- go back to the financials. Previous previous -- is that the new presentation -- is the right one?

是的。我們可以回到——回到幻燈片——回到財務問題嗎？上一個 上一個 —— 這是新的簡報嗎 —— 正確嗎？

Yeah. I don't believe so.

是的。我不這麼認為。

So let me get you -- I can certainly do it on a PDF, but I think I'd have to send it to them.

所以讓我幫你——我當然可以在 PDF 上做到這一點，但我想我必須把它發送給他們。

Go back to previous one.

返回上一個。

Okay.

好的。

Well look, we'll go back to the previous presentation, and I will give the financials verbally off of what I have in front of me. And again, I apologize. I have no idea how they got mixed up. So I'll go back to where we have the economics.

好吧，我們回到之前的演示，我將根據我面前的資料口頭介紹財務狀況。我再次表示歉意。我不知道他們是怎麼混淆在一起的。因此我將回到經濟問題。

Okay. Now next slide. Okay. And we've talked about this before why monazite is because we have these structural advantages to recover the uranium from the monazite, which has about the same grade of uranium as our traditional ores. And we have the ability to deal with the tailings. We have the deal to recover the uranium and we have the ability to remove the uranium and other radian nucleotides to come up with a pure carbonate which they can then be separated into NdPr as we currently are doing. So this is a major advantage.

好的。現在是下一張投影片。好的。我們之前討論過為什麼選擇獨居石，因為我們具有這些結構優勢，可以從獨居石中回收鈾，獨居石的鈾品位與我們的傳統礦石大致相同。而且我們有能力處理尾礦。我們有回收鈾的交易，我們有能力去除鈾和其他弧度核苷酸，得到純碳酸鹽，然後可以將它們分離成镨釹，就像我們現在正在做的那樣。所以這是一個很大的優勢。

Outside of China, as far as I know, we are the only company -- outside of China that is actually looking to monetize the uranium as we do our processing. And we see it as a distinct advantage. And having a tailings facilities to handle these radionuclide as we go -- as we process. So that's a distinct advantage.

據我所知，在中國以外，我們是唯一一家在加工過程中真正尋求將鈾貨幣化的公司。我們認為這是一個明顯的優勢。並且擁有尾礦設施來處理這些放射性核種。這是一個明顯的優勢。

If you look at like the [Lucas], they're also looking at processing monazite. They're not recovering uranium and have no intention of doing anything with the thorium. And we have complete intention to recover the uranium and potentially could recover the thorium in due course if the need arose.

如果你看看[盧卡斯]，你會發現他們也在研究加工獨居石。他們沒有回收鈾，也沒有打算對釷做任何事。我們完全有意回收鈾，如果有需要的話，也有可能在適當的時候回收釷。

Next slide, let's talk about some other growth opportunities. So we've talked about vanadium in the past. It's another critical mineral. It is -- we're currently not recovering vanadium. We have a long history of doing so. Is mainly used for steel hardening and also for grid flow batteries for energy storage. We produce back in 2019 and we have ability to go back on line, as I said. But we're currently not doing so, but we can. The medical isotopes when we're processing uranium ores and also the monazite, we solubilize a lot of various elements, including particularly Radium-226 and Radium-228.

下一張投影片，我們來談談其他一些成長機會。我們過去曾討論過釩。這是另一種重要的礦物。是的──我們目前沒有回收釩。我們這樣做已經有很長的歷史了。主要用於鋼材淬火，也用於儲能的網格液流電池。正如我所說，我們在 2019 年恢復生產，並且有能力重新上線。但我們目前還沒有這樣做，但我們可以。當我們處理鈾礦石和獨居石時，醫用同位素會溶解許多不同的元素，特別是鐳-226 和鐳-228。

And we have the ability with the research and development license to recover the medical isotopes. It's still early stages here, but it's very encouraging with what we're seeing with the market and the demand and desire to secure radio isotopes, particularly Radium-226 and Radium-228.

而我們擁有研發許可證，有能力回收醫用同位素。雖然現在還處於早期階段，但從市場對放射性同位素（特別是鐳-226 和鐳-228）的需求和渴望來看，這非常令人鼓舞。

Next slide, community.

下一張投影片，社區。

Next slide. We're still making some significant advances in the region and with our employees and also with our rare earth expansion. Most approximately half of our employees are indigenous. And recycling programs, that is the reason the White Mesa Mill has stood the test time. It is a key part to our business strategy, not the main focus right now, but the recycling is an important strategy.

下一張投影片。我們在該地區、我們的員工以及我們的稀土擴張方面仍在取得一些重大進展。我們的員工中大約有一半是本地人。還有回收計劃，這就是 White Mesa Mill 經受住時間考驗的原因。這是我們業務策略的關鍵部分，雖然不是目前的重點，但回收是一項重要策略。

Next, community outreach, the San Juan County Clean Energy Foundation that we set up a few years ago is doing wonderful things. We've made grants to date of an excess of $400,000 to a number of very worthy grants for the region. And these are long-term commitments to improve the quality of life in San Juan County.

接下來是社區拓展，我們幾年前成立的聖胡安縣清潔能源基金會正在做非常出色的事情。迄今為止，我們已為該地區的許多非常有價值的項目提供了超過 40 萬美元的贈款。這些都是改善聖胡安縣生活品質的長期承諾。

We established a foundation was about $1 million a couple of years ago, and we've committed 1% of our revenues from the mill. And most of these grants are supporting education, environment, health, wellness, economic advancement, and Native American priorities. You can see on the right-hand side there, solar panels that were installed on the Dinosaur Museum in Blading to help keep that facility open during the winter months.

幾年前，我們成立了一個約 100 萬美元的基金會，並承諾捐出工廠收入的 1%。這些撥款大部分用於支持教育、環境、衛生、保健、經濟發展和美洲原住民的優先事項。您可以在右側看到安裝在布萊丁恐龍博物館的太陽能電池板，以幫助設施在冬季保持開放。

Next slide, financials. So our financials for Q2 driven really -- mainly have been higher. We reported a $6.4 million net loss, which is about $0.04 a share. That was really driven by cost but they were offset by uranium sales. And that's really with regard to acquisition of Base Resources and final negotiations on the Donald project. We sold 100,000 pounds of uranium on the spot for a net profit of $4.9 million. And so it still keeps us in a very strong operational position because we had net income last quarter and we had $100 million of net income last year, so we still are able to use our uranium sales in a very opportunistic way as we build up momentum on our uranium business.

下一張投影片，財務狀況。因此，我們第二季的財務狀況確實有所提高。我們報告淨虧損 640 萬美元，約每股 0.04 美元。這實際上是由成本驅動的，但被鈾銷售所抵消。這實際上涉及收購 Base Resources 以及唐納德項目的最終談判。我們當場售出了10萬磅鈾，淨利490萬美元。因此，它仍然使我們處於非常強勁的營運地位，因為我們上個季度有淨收入，去年我們的淨收入為 1 億美元，因此，隨著我們鈾業務的發展勢頭增強，我們仍然能夠以非常投機的方式利用鈾銷售。

And so our balance sheet, again, very strong north of $200 million or $0.2 billion of liquidity at current commodity prices. When you look at the strong cash, cash equivalents, and marketable securities, including inventory and product inventory, if you adjust to current value of uranium product inventory, you can add approximately $14 million on to that $200 million.

因此，我們的資產負債表非常強勁，以當前商品價格計算，流動性超過 2 億美元或 2 億美元。當您查看雄厚的現金、現金等價物和有價證券（包括庫存和產品庫存）時，如果您調整鈾產品庫存的當前價值，您可以在這 2 億美元的基礎上增加約 1400 萬美元。

And we have no debt and we have approximately 300,000 pounds -- 285,000 pounds of finished uranium. And we have around 700,000 pounds of uranium in inventory that is ready to be processed when the rare earth Phase 1 separation ends, which is in the next month or so. And we will flip the mill over to uranium production for the next year or two and process as much uranium as we can.

我們沒有債務，而且我們擁有大約 300,000 磅 - 285,000 磅成品鈾。我們庫存中有大約 70 萬磅鈾，可以在稀土第一階段分離結束時（大約在下個月）進行處理。我們將在未來一兩年內將工廠轉向鈾生產，並盡可能多地處理鈾。

Now, I also want to note that when we -- while we're mining this uranium ore at the La Sal Complex at the Pandora and the La Sal and at Pinyon Plain, we are building up inventories of uranium to be processed later this year or into next year. So even though we are processing at around -- and we've given guidance to process new uranium between I think it's 150,000 to 500,000 pounds for this year. That is processed uranium.

現在，我還想指出，當我們在潘朵拉、拉薩爾和皮尼恩平原的拉薩爾綜合體開採鈾礦時，我們正在建立鈾庫存，以便在今年晚些時候或明年進行處理。因此，儘管我們正在處理大約——並且我們已經給出了今年處理新鈾的指導量，但我認為數量在 150,000 到 500,000 磅之間。那是經過處理的鈾。

We are building up additional inventories on top of our current existing finished goods and the material yet-to-be processed. So we are in a very strong position with uranium to feed the mill later this year and into next year with these other three mines feeding the mill as we speak. There are actually ore going out of these mines right now as we speak to be processed later this year or next, as I mentioned.

我們正在現有成品和尚未加工的材料的基礎上建立額外的庫存。因此，我們擁有非常有利的鈾資源，可以在今年稍後和明年為該工廠提供原料，正如我們所說，其他三個礦場也將為該工廠提供原料。正如我所提到的，實際上現在這些礦山中的礦石正在運出，準備在今年稍後或明年進行加工。

Next slide. So our focus and guidance, I mentioned 150,000 to 500,000 of finished uranium production. While we're mining this other uranium to add on top of the inventories we have at the mill, we have 100,000 pounds that we sold in Q2 for nearly $86 per pound, that was helped offset some of our transaction costs that I mentioned before with the Base Resources and also the Astron Donald project joint venture. We have no further contract sales currently in the scheduled. There is 100,000 pounds at one utility may call on later this year.

下一張投影片。所以我們的重點和指導是，我提到了 150,000 到 500,000 的成品鈾產量。在我們開採其他鈾礦以補充工廠庫存的同時，我們在第二季度以每磅近 86 美元的價格出售了 100,000 磅鈾，這有助於抵消我之前提到的與 Base Resources 以及 Astron Donald 項目合資企業的部分交易成本。目前我們還沒有計劃進一步簽訂合約銷售。一家公用事業公司可能會在今年稍後動用 10 萬英鎊。

We're continuing to evaluate the spot market for spot market opportunities. The ramp up of production, I talked about that 1.1 million to 1.4 million of uranium per year by the end of the year. We're well along in reaching those quantums, and we're advancing to build up our uranium production capabilities towards that 2 million pounds per year.

我們將繼續評估現貨市場，尋找現貨市場機會。我談到產量的提高，到今年年底，鈾產量將達到每年 110 萬至 140 萬。我們在實現這些產量方面進展順利，並且正在努力提高鈾生產能力，以實現每年 200 萬磅的目標。

The commissioning, as I mentioned, of Phase 1 separation plant is largely complete and we'll shift the mill over to uranium production here in a month or two. The Phase 2 and Phase 3 expansion projects is work in progress and underway and will be the main focus for us. And absolutely the drilling of the Bahia project and advancement of the Base transaction and Astron final investment decision are right front and center for the remainder of the year. So I'll now open it up for questions.

正如我所提到的，第一階段分離廠的調試已基本完成，我們將在一兩個月內將工廠轉移到鈾生產。第二階段和第三階段擴建工程正在進行中，將成為我們關注的重點。毫無疑問，巴伊亞計畫的鑽探、Base 交易的進展以及 Astron 的最終投資決策是今年剩餘時間的重中之重。現在我開始回答問題。

And again, I apologize for the confusion. This will all be up on the website, but I think the financial sort of speak for themselves as to our actions as a company in terms of advancing a multi-prong strategy.

我再次對造成的混亂表示歉意。這些都會在網站上公佈，但我認為財務數據足以說明我們公司在推動多管齊下策略方面的行動。

Questions.

問題。

(Operator Instructions)

（操作員指示）

Heiko Ihle, H.C. Wainwright.

Heiko Ihle、H.C. Wainwright。

Thanks for taking my questions, Mark, and welcome to Kim. It was nice to catch up with you last week when we first spoke. You guys are obviously ramping up in a pretty meaningful way. I mean your two-pronged production profile that you stayed in that presentation, there are pretty major market player. In the meantime, my favorable opinion on US sourced product is not a secret to any of you.

感謝馬克回答我的問題，歡迎金。上週我們第一次聊天時很高興與您見面。你們顯然正在以一種非常有意義的方式進步。我的意思是，您在演示中提到的雙管齊下的生產概況，有相當重要的市場參與者。同時，我對美國產品的好評對你們任何人來說都不是秘密。

Anyways, building on all that, can you give some color of how much pricing power you're seeing from your customer base, given the large scale output that you bring into a market that's displayed by geopolitical turmoil. Obviously, the news this weekend potentially may exacerbate that even more, especially now that you have such a large scale output? What are you seeing at the negotiating table?

無論如何，基於上述這些，考慮到您為地緣政治動盪所顯示的市場帶來的大規模產出，您能否說明一下您從客戶群中看到的定價能力有多大？顯然，本週末的消息可能會進一步加劇這種情況，特別是現在你們有如此大規模的產出？您在談判桌上看到了什麼？

Well, I mean, I think it's kind of evolved, Heiko, in stages. Like for example, at the beginning of the Ukraine conflict, there was a sort of a rush of particularly US utilities looking to establish long-term contracts with companies like ourselves, and we signed some contracts at that point in time. And then it kind of softened up a bit. It's still going on. But I think over time, as you've seen the long term term market increasing beginning up to about, I think it's around $80 a pound right now.

嗯，我的意思是，我認為它是分階段演變的，Heiko。例如，在烏克蘭衝突開始時，許多美國公用事業公司都急於與我們這樣的公司建立長期合同，而我們當時簽署了一些合約。然後它就變得稍微軟化了。這一切仍在繼續。但我認為隨著時間的推移，正如您所看到的，長期市場開始上漲，我認為現在的價格約為每磅 80 美元。

And in this most recent contract that we hire or we signed in the quarter was really an excellent contract for us. And I think it kind of reflects what you're talking about that it is a very good terms for our company and where we're positioned because, for example, we have the ability in this new contract it's not like an eight year contract, it's a shorter than that. And we can deliver into that contract because we have mines that are producing right now that we can ramp up without substantial capital investments.

我們在本季簽訂的最新合約對我們來說確實是一份非常好的合約。我認為這在某種程度上反映了您所說的，這對我們公司和我們的定位來說是一個非常好的條款，因為例如，我們有能力在這份新合同中做到這一點，它不像一份八年的合同，而是一份比八年更短的合同。我們之所以能夠履行合同，是因為我們目前擁有正在生產的礦山，無需大量資本投資即可擴大產量。

So I think there is a increasing growing commitment by the utilities to sign deals that are attractive for US producers. But I'd still say that the world -- and I said this before is addicted to cheap and everybody wants cheap, but I am seeing some signs around the perimeter that shows that there are people willing to pay a bit more to just make sure that they have secured supplies from companies like ours with a long history producing uranium. So does that answer your question, Heiko? I think it's improving.

因此我認為公用事業公司越來越願意簽署對美國生產商有吸引力的協議。但我仍然要說，世界——我之前就說過這一點，人們沉迷於廉價，每個人都想要廉價，但我看到週邊的一些跡象表明，有些人願意多付一點錢，只是為了確保他們能從像我們這樣有著悠久鈾生產歷史的公司獲得供應。那麼這回答了你的問題嗎，Heiko？我認為情況正在好轉。

Yes, no, what I was going to say, yes, it does. And I'm surprised it's only a bit, but okay, fair enough.

是的，不，我想說的是，是的，確實如此。我很驚訝這只是一點點，但好吧，還算公平。

Yes. I mean, as you're aware, these contracts, we can't go into the terms. But I can tell you they are, I believe, quite favorable for the circumstances, but they also all these contracts have their own specifics that -- each utility has their own requirements and we try to build around that. So I'm just saying that I think that it's improved over the last year or so, 1.5, and I think it's a good reason for that improvement.

是的。我的意思是，正如你所知，我們不能詳細討論這些合約的條款。但我可以告訴你，我相信它們對情況非常有利，但所有這些合約都有各自的特點——每個公用事業公司都有自己的要求，我們會嘗試圍繞這一點進行構建。所以我只是說我認為它在過去一年左右有所改善，1.5，我認為這是這種改善的一個很好的理由。

Okay. Completely different question. I'm pretty sure there is -- the answer is no, but just to double check. For uranium, is there a maximum inventory level that you are allowed to keep at site?

好的。完全不同的問題。我非常肯定有——答案是否定的，但只是為了再確認。對於鈾，現場允許保留的最大庫存水準是多少？

At the mill? No.

在工廠嗎？不。

I mean, you got to make sure that the material is adequately stored, stockpiled, eliminate the dust. But I mean, I think going back a number of years, we've had substantial quantities. I mean, I'm going to say 1 million tonnes or something in that order. I'm not expecting to get up to that level in today's case. But as I said, I mean right now finished goods and unprocessed material, we have north of a 900,000 pounds. And since the end of the quarter, that continues to increase. So it's building, but we have that are around 1 million pounds that can either be sold or processed, and we're adding to that every day, as I said earlier.

我的意思是，你必須確保材料得到充分儲存、堆放，並消除灰塵。但我的意思是，我認為回顧過去幾年，我們已經擁有了相當數量。我的意思是，我會以這個順序說 100 萬噸或類似的數字。我並不期望今天的情況能達到那個水準。但正如我所說，我的意思是現在成品和未加工材料我們有超過 900,000 磅。自本季末以來，這一數字還在持續增加。所以它正在建設中，但我們有大約 100 萬磅可以出售或加工，正如我之前所說，我們每天都在增加這個數字。

Perfect. Very helpful. I'll get back in queue.

完美的。非常有幫助。我會回到隊列中。

Thank you, Heiko.

謝謝你，Heiko。

Joseph Reagor, Roth Capital Partners.

羅斯資本合夥公司的約瑟夫·里格。

Hey, Mark, thanks for taking the questions. I guess first thing is I saw a report on Friday that you guys agreed to temporarily stop shipping or I guess from Pinyon through like a Native American reservations. Could you give us any color on how that might impact your guidance for the year, if at all? Or is it just simply instead of shipping it that way you go around it and is that going to result in any cost increase, if that's the option?

嘿，馬克，謝謝你回答這些問題。我想第一件事是我在星期五看到一份報告說你們同意暫時停止從 Pinyon 運送貨物，或者我猜是通過美洲原住民保留地運送貨物。您能否告訴我們這會對您今年的指導產生什麼影響（如果有的話）？或者只是簡單地繞過去運輸，如果可以的話，這是否會導致成本增加？

Yeah. No, thanks, Joe. And yeah, there's been a fair amount of media on this Navajo Nation concerns over shipments. And to start with I just want to say that over decades with our company or predecessor companies, there's been tens of thousands of uranium haul trucks that have hauled across a reservation without a single incident including up until about 2022, was the last shipment. And during that period of time, we actually had members from the Navajo Nation go to one of those mines to witness the loading and unloading at the mill so that they were comfortable with those shipments.

是的。不用了，謝謝，喬。是的，媒體對納瓦荷族的貨運問題進行了相當多的報導。首先，我想說的是，幾十年來，我們公司或前身公司已經運送了數以萬計的鈾運輸卡車穿越保留地，沒有發生任何事故，直到 2022 年左右，這是最後一批貨物。在那段時間裡，我們實際上讓納瓦霍族的成員前往其中一個礦場，目睹工廠的裝卸過程，以便他們對這些貨物感到放心。

Now this communications that are being made out or put out by the Navajo Nation President, it's unfortunate. But I have to say that one of the reasons they have these concerns as they have this long legacy of uranium issues that have nothing to do with Energy Fuels. Nothing to do with us. Most of them were created by legacy arrangements with the US government during the Cold War.

現在，納瓦荷族總統所發表的這些言論令人遺憾。但我不得不說，他們之所以有這些擔憂，是因為他們長期以來一直有鈾問題，而這些問題與能源燃料無關。與我們無關。其中大多數是根據冷戰期間與美國政府的遺留安排創建的。

But because they have those concerns, Joe, we are working with the Navajo Nation to address some. And if you look at these executive orders and stuff, they talk about the biggest issue for them is they want safe transport of materials across the Navajo Nation. And we absolutely respect that. We absolutely respect that it has to be done safely. We have done it over time and we plan to sit down with them to make sure that it is safely transported.

但因為他們有這些擔憂，喬，我們正在與納瓦荷族合作解決一些問題。如果你看看這些行政命令和其他內容，你會發現他們談到的最大問題是他們希望物資能夠安全地運送到納瓦霍族保留地。我們絕對尊重這一點。我們絕對尊重必須安全地完成此事。我們已經做了一段時間了，我們計劃與他們坐下來確保它安全運輸。

And I want to say too we've already gone up and beyond on every level of transporting across reservation as in the past. I mean, we've done more this -- for the Pinyon Plain Mine than we've ever done previously, but we are willing to take our game up one additional notch to give the Navajo Nation complete comfort that we are doing this at the highest standard working with them to move forward.

我也想說，我們在跨保留地運輸的各個層面上都已經取得了比過去更好的進步。我的意思是，我們為 Pinyon Plain Mine 所做的工作比以前任何時候都多，但我們願意更上一層樓，讓納瓦霍族完全放心，我們正在以最高標準與他們合作，共同前進。

So I mean, I'm not expecting any long term delays here. We voluntarily made that pause because we didn't want them to be uncomfortable with those shipments. We have, like I said, done it for decades. We believe we have all the licenses and the rights to do so. But we want to do it in conjunction with a respectful dialogue with the Navajo Nation to get to a resolution. And they have said the same. They are looking for a resolution on moving forward, and we're working with them on that.

所以我的意思是，我預計這裡不會有任何長期延誤。我們自願暫停運送，因為我們不想讓他們對這些貨物感到不舒服。正如我所說，我們已經這樣做了幾十年。我們相信我們擁有這樣做的所有許可和權利。但我們希望與納瓦霍族進行尊重的對話，以達成解決方案。他們也說過同樣的話。他們正在尋求向前邁進的解決方案，我們正在與他們合作。

So right now at the mine, we are doing our development work on these various levels. And we've got probably the one zone is about two-thirds developed and we're continuing to do that. We're also doing work and getting ready to put in a drill station on extra exploration drilling on what we call the Juniper zone.

因此，目前我們在礦井中從各個層面進行開發工作。我們可能已經開發了該區域的三分之二，我們將繼續這樣做。我們也正在進行工作並準備設立一個鑽井站，在我們所謂的 Juniper 區進行額外的勘探鑽探。

So we're not being held back at all, but we want to make sure that the Navajo Nation is comfortable and we can come to an arrangement that works for them and us and start shipping as soon as possible. But we'll do that in steps, as I mentioned. And but we do respect the fact that they have concerns and we will do everything possible to address those as quickly as possible.

所以我們根本沒有受到阻礙，但我們希望確保納瓦霍族感到舒適，並且我們能夠達成對他們和我們都有利的安排，並儘快開始發貨。但正如我所提到的，我們會分步進行。但是我們確實尊重他們的擔憂，我們將盡一切可能盡快解決這些問題。

Okay. And then just on the point of is there an alternative route that you guys could use if necessary?

好的。那麼，如果有必要的話，你們還有什麼其他路線可以使用嗎？

Well, there are. And those will all be part of the discussions, Joe. But the route that we have across the reservation is a route that has been studied extensively and it is really the best route. And we plan to continue down that path. But let us continue with our discussion of Navajo Nation because again, we are respectful in their concerns and let's figure out how to alleviate those concerns.

嗯，有。喬，這些都會成為討論的一部分。但我們穿越保留地的路線是經過廣泛研究的，確實是最佳路線。我們計劃繼續沿著這條道路前進。但是，讓我們繼續討論納瓦霍族的問題，因為我們尊重他們的擔憂，並讓我們找出如何緩解這些擔憂的方法。

Okay. And then the other question I had was during your prepared remarks, you mentioned a uranium sale in July, is that in addition to the one in June or are you referring to the one in June?

好的。然後我的另一個問題是，在您準備好的發言中，您提到了 7 月份的鈾銷售，這是除了 6 月份的鈾銷售之外的銷售嗎，還是您指的是 6 月份的鈾銷售？

There may have been may been a typo there. There was one sale in this quarter and it was at one for $85.90. And we made 200,000 pounds of sales in Q1 and that was under contract and that was around $75 something a pound. And we made a spot sale of 100,000 in Q1, which is around $103 a pound. So I mean, I think it reflects, Joe, the sale that we made in Q2 that we made 200,000 pounds of contract sales and we made 200,000 pounds total over the two quarters and spot sales. And the result is if you come up with a fairly reasonable blended cost of both spot and contracts.

那裡可能有打字錯誤。本季有一筆交易，單價為85.90美元。我們第一季的銷售量為20萬磅，這些是合約規定的，價格大約是每磅75美元左右。我們在第一季的現貨銷售量為 100,000 份，價格約為每磅 103 美元。所以我的意思是，喬，我認為這反映了我們在第二季度的銷售額，即我們完成了 200,000 英鎊的合約銷售額，並且我們在兩個季度和現貨銷售額中總共完成了 200,000 英鎊。結果是，您可以得出一個相當合理的現貨和合約混合成本。

Okay, but no sale yet this quarter as of yet?

好的，但是本季還沒有銷售嗎？

Well, no, we haven't made any uranium sales in Q3.

嗯，沒有，我們在第三季沒有進行任何鈾銷售。

Okay. Thanks. I'll turn it over.

好的。謝謝。我把它翻過來。

Justin Chan, SCP Resource Finance.

SCP Resource Finance 的 Justin Chan。

Hi Mark and Kim. Thanks for the update and Curtis, if you're on there somewhere. Just maybe following up on some of the commentary on from where you are with mine development. So it sounds like your predevelopment Pinyon Plain for the other assets, can you maybe give us a similar update on where they are development wise and then for all of them, when do you expect to start stoping?

嗨，馬克和金。感謝 Curtis 的更新，如果你在那裡的話。也許只是想跟進一下您對礦山開發現狀的一些評論。因此，聽起來您在開發 Pinyon Plain 之前還有其他資產，您能否向我們提供類似的更新，說明它們的開發進度情況，然後對於所有這些資產，您預計何時開始停止開採？

When do you start expect to start stoping?

您預計什麼時候開始停止？

Yeah.

是的。

Okay. Well, I mean, let me just take it step by step. Pinyon Plain, we've been doing a spiral incline that goes around the ore body and doing sublevels. And we have, I think, three sub levels that we've stepped into the ore body and we mine some ore as we develop those sublevels. And I believe that in the course of the next couple of months, two or three months, we'll largely have the development of that initial ore body developed from what we call the [one-five] level to the [one-four]. So those are two levels in the shaft.

好的。嗯，我的意思是，讓我一步一步來。Pinyon Plain，我們一直在進行圍繞礦體的螺旋傾斜，並進行分層。我認為，我們已經進入了礦體的三個子層，並且在開發這些子層時開採了一些礦石。我相信在接下來的幾個月，兩三個月內，我們將基本完成初始礦體的開發，從我們所說的[一至五]級發展到[一四]。所以這是豎井中的兩個層級。

And but we can mine right now, Justin, and we can we can mine ore from those sublevels as we speak, but we're going to go ahead and complete that development work. So the entire sort of block is ready to be mined later this year in a bigger way and into next year. So and then we're starting this drilling what we call the Juniper zone where we have some areas that are covered from previous drilling. We're very excited about that because we think there's great opportunities to expand the resource.

但是賈斯汀，我們現在就可以開採，我們可以在說話的同時從那些子層開採礦石，但我們將繼續完成開發工作。因此，整個類型的區塊已準備好在今年稍後以更大規模的方式進行開採，並持續到明年。因此，我們開始鑽探所謂的 Juniper 區域，該區域的一些區域已被先前的鑽探覆蓋。我們對此感到非常興奮，因為我們認為有很大機會擴大資源。

So we can mine right now, and we plan to ramp up that mining rate in the coming weeks or so. And the Pinyon Plain Mine just say, 750,000, 800,000 pound per year looking out over the next number of years. So that's kind of where Pinyon Plain fits in at La Sal and Pandora. We are currently mining uranium vanadium ores right now and with the view to ramp that up to around 400,000 pounds per year of uranium, but not including any vanadium credits.

所以我們現在就可以進行挖礦，並且我們計劃在未來幾週左右提高挖礦率。而 Pinyon Plain Mine 預計未來幾年每年的產量將達到 75 萬至 80 萬磅。這就是 Pinyon Plain 在 La Sal 和 Pandora 中的位置。我們目前正在開採鈾釩礦石，並計劃將鈾產量提高到每年約 40 萬磅，但不包括任何釩信用。

So those are happening as we speak. We've got the Whirlwind project, which is fully licensed to go into production, and that's not too far from where the La Sal Complex is. We have a water treatment plant there. And but we're refurbishing that water treatment plant so that we can dewater that mine and there's not a lot of water there. So it will take a few months and start mining there. And that's very similar to the La Sal and the Pandora mines that uranium vanadium mine.

所以當我們說話的時候這些事情就正在發生。我們有旋風項目，該項目已獲得全面生產許可，距離拉薩爾綜合體不遠。我們在那裡有一座水處理廠。但是我們正在翻新那個水處理廠，以便我們可以排出礦井裡的水，那裡的水並不多。因此需要幾個月的時間才能開始在那裡進行採礦。這與拉薩爾礦和潘朵拉礦的鈾釩礦非常相似。

We've been doing delineation drilling at Nichols Ranch and that has the ability assuming supportive markets of coming online in the next year or so. And that is somewhere in the order of 0.5 million pound-ish. And again, this can all be upgraded with certain other capital investments.

我們一直在尼科爾斯牧場進行邊界鑽探，這能夠保證支持性市場在未來一年左右上線。這大約是 50 萬英鎊左右。而且，所有這些都可以透過某些其他資本投資來實現升級。

We're looking at potential ore purchases from some of the parties in the region and that can add up just into 100,000 pounds -- a couple of hundred thousand pounds, depends over time, but starting fairly soon and alternate feed that we have this long history of recycling uranium that we get from others like [Chemico carbedine] and others and uranium produced from what process and we do of the monazite.

我們正在考慮從該地區的一些團體購買潛在的礦石，總數可能達到 10 萬磅到幾十萬磅，這取決於時間，但很快就會開始，並且替代原料是我們長期以來從其他公司（如 [Chemico carbedine] 和其他公司）回收鈾的歷史，以及通過什麼工藝生產的鈾，以及我們對獨居石的處理。

So it's a different story, Justin, I know you're aware of this than others. So it comes from multiple sources and supplies in different ways. But the combination of those put us in a position to have really attractive cost. And if you look at the uranium that we sold this last two quarters, I mean, we've had margins that have been between 50% to 65% margins over 400,000 pounds. So that's pretty good. And I think that's as good as just about anybody out there, but it's how we mix those together is how we maintain those margins as we go forward.

所以這是一個不同的故事，賈斯汀，我知道你比其他人更了解這一點。因此它來自多個來源，並以不同的方式供應。但這些因素的結合使我們的成本具有了真正吸引力。如果你看一下我們過去兩個季度銷售的鈾，我的意思是，我們的利潤率在 400,000 磅以上，達到 50% 到 65% 之間。這非常好。我認為這和任何人一樣好，但我們如何將它們融合在一起就是我們如何在未來保持這些利潤。

Got you, thanks, Mark. And just one on your stockpile levels, given that you will be ramping up mining, but also running your processing campaign, do you expect your stockpiles ore lower levels to be pretty similar to at the end of the year or I guess at a higher level -- lower level depending on mining and your processing campaign?

明白了，謝謝，馬克。關於您的庫存水平，考慮到您將加大採礦力度，同時也在開展加工活動，您是否預計您的庫存礦石較低水平將與年底水平相當，或者我猜會處於較高水平 - 較低水平取決於採礦和加工活動？

Yeah. Well, as I said, we're saying we're going to get up to the 1.1 million to 1.4 million pounds of newly mined material by the end of the year. The mill can now process us on that, the mill can outstrip that. It's got a 8 million pounds of production capacity. And so our goal is to run these mines as aggressively as we can within reason, add to what we have out there, and clean up what we can. If we have to make a pause with the mill for three months or six months or whatever, we'll make that pause and we'll continue on with other work, we can do in the rare earth space potentially, and then we'll be ready for another restart of the mill. So it's kind of a dynamic environment, Justin, how we replenish what we process and what we mine.

是的。嗯，正如我所說的，我們說到今年年底我們將獲得 110 萬至 140 萬磅的新開採材料。工廠現在可以用它來處理我們的東西，工廠可以超越它。其生產能力為800萬磅。因此，我們的目標是在合理範圍內盡可能積極地運作這些礦山，增加現有資源，並清理我們能清理的礦山。如果我們必須暫停工廠生產三個月或六個月或更長時間，我們會暫停生產並繼續進行其他工作，我們可能在稀土領域開展工作，然後我們為工廠的再次重啟做好準備。所以這是一個動態的環境，賈斯汀，我們如何補充我們所處理的和我們所開採的。

Okay. Thanks a lot, Mark, I think that was my question and follow-up. So thanks very much for your time, and I'll free up the line.

好的。非常感謝，馬克，我想這就是我的問題和後續。非常感謝您抽出時間，我會騰出這條線路。

Matthew Key, B. Riley Securities.

馬修·基 (Matthew Key)，B. Riley 證券。

Hi, good morning, everyone, and thank you for taking my questions. Most of mine have been asked, but I guess I wanted to touch base a little bit on M&A. Obviously, you've been very active on the rare earth side, but how do you view M&A in the uranium space today? Could there be potentially opportunities down the line that could interest you? Thank you.

大家早安，謝謝大家回答我的問題。我的大部分問題都被問到了，但我想我還是想稍微談談併購方面的問題。顯然，您在稀土領域非常活躍，但您如何看待當今鈾領域的併購？未來是否存在令您感興趣的潛在機會？謝謝。

Yeah, Matthew, I mean we look at M&A based on whatever makes sense. Okay. I mean, we're this company that is interested in multi elements, and that includes uranium. So we are -- yeah, we have been aggressive on the M&A on the critical mineral front, the rare earth, the monazite, both in Australia and overseas and Africa, that would still work in progress.

是的，馬修，我的意思是我們根據任何有意義的東西來看待併購。好的。我的意思是，我們是一家對多種元素感興趣的公司，其中包括鈾。是的，我們一直在積極進行關鍵礦產、稀土和獨居石的併購，無論是在澳洲、海外或非洲，這些併購仍在進行中。

But we have not ignored opportunities for M&A in uranium space. So I just want people to understand that we are not looking at current possibilities that may make sense for us. And I can say that even in places like the La Sal Complex, we've actually acquired certain claims and whatnot in the vicinity of our mines to kind of fill in a few of the gaps.

但我們並沒有忽略鈾領域的併購機會。所以我只是想讓人們明白，我們沒有考慮對我們有意義的當前可能性。我可以說，即使在拉薩爾綜合體這樣的地方，我們實際上已經在礦山附近獲得了某些權利，以填補一些空白。

So it's been a dynamic on the uranium front. It sure has been a little -- there's been a lot more activity on the rare earth front in the last few months, but we don't necessarily say that that's always going to be the same. That we will look for the opportunities that makes sense for our company on whatever front M&A takes us to be a long term, stable, profitable critical mineral, including uranium, production company.

因此，鈾方面一直處於動態狀態。確實有一點——過去幾個月稀土方面的活動增多，但我們並不一定說這種情況會一直持續下去。無論在什麼方面，我們都會尋找對我們公司有意義的機會，併購將使我們成為一家長期、穩定、有利可圖的關鍵礦產（包括鈾）生產公司。

Got it. Thank you for that. And you mentioned that your update in the rare earth PFS right now to include the increased capacity of monazite and NdPr, when should we expect those kind of updated numbers to be published? And could you maybe provide initial ballpark for the CapEx there assuming the higher scale? Thank you.

知道了。謝謝你。您提到，目前稀土預可行性研究 (PFS) 的更新包括了獨居石和镨釹產能的增加，我們什麼時候可以預期這些更新的數據會發布呢？假設規模更大，您能否提供那裡資本支出的初步估計數？謝謝。

Yeah. Well, I think the initial study at the 3,000 tonnes was about 350 million. I mean, we've got a lot of the design criteria completed or largely completed for what we call Phase 2, at least for the NdPr. We're looking for engineering companies to help us there. So we've got a really flying start there. So an exact timing of when all that will be done, I think it can go fairly quickly, but I don't really have an exact time on that. But it's a very high priority for the company and for me, personally to advance that as quickly and as efficiently as possible.

是的。嗯，我認為最初研究的 3,000 噸數量大約是 3.5 億噸。我的意思是，對於我們所說的第二階段，我們已經完成或基本上完成了許多設計標準，至少對 NdPr 來說是如此。我們正在尋找工程公司來幫助我們。因此，我們在這方面已經有了一個非常好的開始。所以，至於完成所有這些工作的確切時間，我認為可以很快完成，但我真的沒有確切的時間。但對公司和我個人來說，盡快、盡可能有效率地推進這項進程都是當務之急。

I do want to say this, though, is that when you get an engineering study like we had that we published this the 3,000 tonnes of NdPr that was relatively recently completed on the 350 million, I mean, very proud of what the guys did in the Phase 1 for $16 million, so engineers are engineers. And we use these studies to guide us to get financing and whatnot. But we have some pretty resourceful people and operate in a very good jurisdiction with a very committed workforce.

不過，我確實想說的是，當你得到像我們這樣的工程研究時，我們發表了這項最近在 3.5 億上完成的 3,000 噸 NdPr，我的意思是，對這些傢伙在第一階段花費 1,600 萬美元所做的事情感到非常自豪，所以工程師就是工程師。我們利用這些研究來指導我們獲得融資等等。但我們擁有一些非常足智多謀的人才，並且在非常好的管轄範圍內開展業務，並且擁有一支非常敬業的員工隊伍。

So I'm hopeful we're going to get some excellent results on all these studies because of the track record we already have. And but right now, I'd just say that that we've got most of our design criteria nailed down, getting an engineering company on board and having them help us package this to be able to get back to the market. So I'm not going to speculate six months or something like that, but it could be more or less, but I'm just going to throw that out.

因此，我希望我們能夠在所有這些研究中獲得一些優異的成果，因為我們已經有了良好的記錄。但現在，我只想說，我們已經確定了大部分設計標準，並讓一家工程公司參與進來，讓我們把產品打包，以便能夠重返市場。所以我不會猜測六個月或類似的時間，但可能會更多或更少，但我只是想拋出這個數字。

Got it. I appreciate the color on. That's it for me. I'll turn it back. Thank you.

知道了。我很欣賞這個顏色。對我來說就是這樣。我會把它轉回去。謝謝。

[John Kang, BIP].

[John Kang，BIP]。

Well, Mark, thank you for taking questions. Good job with the results, my focus on growth projects and capital allocation framework. Can you speak about the Madagascar state for Toliara. And the follow-up question would be how do you plan to fund your capital expenditure on the growth projects? Thanks.

好吧，馬克，謝謝你回答問題。結果很好，我專注於成長專案和資本配置框架。能談談圖利亞拉州的馬達加斯加情況嗎？後續問題是，您計劃如何為成長項目的資本支出提供資金？謝謝。

Okay. Well, thank you. Well, so let me start with all our projects. All our projects will move through final investment decisions that will be reviewed based on their merits with the most recent information, whether it's in the United States, it's in Australia, or it's in Madagascar anywhere else, but here. So we'll go through with the best information available to decide which projects should go forward on the merits. When it comes to financing those, I mean, we do have a very strong balance sheet and which puts us off to a very good start, we have, some companies coming to us that are interested and potential offtakes of some of these projects that could help finance some.

好的。好的，謝謝你。好吧，那麼讓我先從我們所有的專案開始。我們的所有項目都將經過最終投資決策，並根據最新資訊根據其優點進行審查，無論是在美國、澳洲、馬達加斯加或其他任何地方，但這裡都是如此。因此，我們將利用現有的最佳資訊來決定哪些項目應該繼續推進。說到為這些專案融資，我的意思是，我們確實擁有非常強勁的資產負債表，這使我們有了一個非常好的開端，一些公司對我們感興趣，並且這些專案的潛在承購商可以幫助我們融資。

We believe that due to the criticality of the critical elements that are produced from these sites that they are perfect targets for non-recourse financing, whether that support from US government, Australian government, or other governments that are interested in a diversified supply chain that is not dependent on China. So a lot of it will be based on a case-by-case basis as we go forward.

我們認為，由於這些工廠生產的關鍵要素至關重要，因此它們是無追索權融資的完美目標，無論是來自美國政府、澳洲政府或其他對不依賴中國的多元化供應鏈感興趣的政府的支持。因此，隨著我們不斷推進，很多事情將根據具體情況進行處理。

So but I think the starting point is having our strong balance sheet, which gives us the flexibility making sure we get to final investment decisions that make sense talking to various people that are interested in working with us on offtake and looking at non-recourse financing to get these projects in place. But what our plans are extraordinary when it comes to what kind of capacity that we're building up with these initiatives we have in place.

所以，但我認為起點是擁有強大的資產負債表，這為我們提供了靈活性，確保我們做出最終的投資決策，這些決策是有意義的，與有興趣與我們合作承購的各種人進行交談，並尋求無追索權融資來實施這些項目。但是，當談到我們利用現有的舉措建立什麼樣的能力時，我們的計劃是非凡的。

And I am not really concerned about getting those financed if those projects are in place and the final investment decisions warrant development and we have all the permits and licenses to do so. I'm not overly concerned about that, but we will look at a relatively strong component of debt balance with the decent equity contribution and offtakes to get those financed. But they'll all be done on a case-by-case basis.

如果這些項目已經到位，最終的投資決策保證了開發，而且我們擁有所有的許可證和執照，那麼我並不真正擔心獲得資金的問題。我對此並不太擔心，但我們將考慮債務餘額中相對較強的部分，並透過可觀的股權貢獻和承購來獲得融資。但所有處理都將根據具體情況而定。

Thanks, Mark. And just a little tiny follow-up. I'm not sure if you picked it up, but as I mentioned about the status of the Madagascar negotiation. And last one would be you mentioned about government funding and all that, and offtakes for strategic reasons, any conversations going on? Thank you.

謝謝，馬克。並且只是一點點的後續行動。我不確定您是否聽懂了，但正如我所提到的馬達加斯加談判的現狀。最後一個問題是，您提到了政府資助等等，以及出於戰略原因的承購，有什麼對話嗎？謝謝。

Yes, look, the update on Madagascar is there are still continued negotiations to come up with the MOU with the government on this stability agreement and final approvals with the parliament in Madagascar to go forward. We still believe that the stage is set on those fronts, but nothing is certain until all these steps are completed.

是的，馬達加斯加的最新情況是，雙方仍在繼續談判，就這項穩定協議與政府達成諒解備忘錄，並獲得馬達加斯加議會的最終批准。我們仍然相信，這些方面的工作已經準備就緒，但在所有這些步驟完成之前，一切都無法確定。

But the Madagascar government has passed a new mining code and the stability agreements are routinely being applied with other companies in the country. They're getting a lot of pressure from the World Bank and others to start economic development in the country. And we think that the alignment of Base combined with the Energy Fuels, puts us in a much stronger position in due course to get a successful outcomes to all of those things.

但馬達加斯加政府已經通過了新的採礦法，穩定協議正在與該國其他公司定期實施。他們受到了來自世界銀行和其他機構的巨大壓力，要求他們推動該國的經濟發展。我們認為，Base 與 Energy Fuels 的結合，將使我們在適當的時候處於更有利的地位，從而獲得所有這些事情的成功結果。

So that's kind of where it is with Madagascar, but it does have and has had a checkered history, if you know. But we think that the stars are aligning there, and we're looking very optimistically to the future. When it comes to, we have been having discussions with various other government entities on possibilities for finance. We have had discussions with other companies that are interested and potential offtakes. I'm not going to go into detail there, but they are -- we are getting a lot of attention from other parties that are watching our moves with keen interest, and we plan to continue to -- continue those discussions while we advance these things.

馬達加斯加的情況就是這樣，但如果你了解的話，它確實有著一段曲折的歷史。但我們認為一切進展順利，我們對未來充滿樂觀。就此而言，我們一直在與其他政府實體討論融資的可能性。我們已經與其他有興趣且有潛在承購意願的公司進行了討論。我不會在這裡詳細說明，但是——我們正受到其他各方的密切關注，他們正熱切地關注著我們的舉動，我們計劃在推進這些事情的同時繼續進行這些討論。

I mean, again, if you look at any of our projects, by the time you initiate a final investment decision to start the final investment decision, it takes six months to a year before that process is completed. So you do have some time as these pieces come together. And as I said, the first project in the wings here is the Astron project that's initiated. We've initiated the final investment decision work as we speak.

我的意思是，如果你再看一下我們的任何一個項目，當你啟動最終投資決策時，這個過程需要六個月到一年的時間才能完成。因此，當這些部分組合在一起時，您確實有一些時間。正如我所說，這裡正在籌備的第一個專案是已啟動的 Astron 專案。我們現在已經啟動了最終投資決策工作。

Thank you. And that is all the questions that we have at this time. I would like to turn it back to Mr. Chalmers for closing comments.

謝謝。這就是我們目前的所有問題。我想請查爾默斯先生作最後評論。

Yes. Thank you for that. Yes, firstly, I apologize for the sort of the scramble on the presentation. I mean the contents are effectively the same, as I mentioned, our financial highlights. Even though we had a net loss that was offset by uranium sales. And as I mentioned, the ability to kind of selectively create and add revenue from our existing contracts and spot sales will continue. We are a strong balance sheet, as I mentioned, no debt.

是的。謝謝你。是的，首先，我對於演示中的混亂表示歉意。我的意思是，內容實際上是相同的，正如我所提到的，我們的財務亮點。儘管我們的淨虧損被鈾銷售所抵消。正如我所提到的，我們將繼續能夠有選擇地從現有合約和現貨銷售中創造和增加收入。正如我所提到的，我們的資產負債表強勁，沒有債務。

We also have building revenue from the uranium business with mines that are in production. And so we're in a really, really great position from that front. I've never been more excited with the activities that we have as a company. The volatility of the market, I understand that's difficult for investors. It's difficult for the company. We don't like to see the volatility.

我們也透過正在生產的鈾礦業務創造收入。因此從這方面來看我們處於非常非常有利的地位。我從未對我們公司所進行的活動感到如此興奮。我知道市場的波動對投資人來說很困難。這對公司來說很困難。我們不喜歡看到這種波動。

But it's not our first rodeo. I've been through this a lot of times and I'm confident that with all the attributes that we have as a company and our strength and our experience and the moves that we're making, we'll result in a, I believe, an unusual story and success story when it comes to critical minerals.

但這不是我們第一次參加牛仔競技表演。我已經經歷過很多次了，我相信，憑藉我們公司所擁有的所有屬性、實力、經驗和正在採取的行動，在關鍵礦產方面，我們將創造一個不同尋常的故事和成功故事。

So thank you for your time, your effort, your investments in many cases in the company. And all I can say is we'll look forward to giving further updates in due course.

所以感謝您在許多情況下為公司付出的時間、精力和投資。我只能說，我們期待在適當的時候提供進一步的更新。

Thank you for participating in the Energy Fuels conference call. Please reach out to the company directly for any additional investment questions. You may now disconnect.

感謝您參加能源燃料電話會議。如有任何其他投資問題，請直接聯絡公司。您現在可以斷開連線。