Energy Fuels Inc (UUUU) 2024 Q3 法說會逐字稿

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

早安.我叫 Ena，今天我將擔任您的會議接線生。現在，我歡迎大家參加 Energy Fuels 2024 年第三季電話會議。（操作員指示）

Mr. Chalmers. You may begin your conference.

查爾默斯先生。您可以開始您的會議了。

Thank you very much. And again, Mark Chalmers. I'm President and CEO of Energy Fuels. And thank you for joining this conference call today.

非常感謝。再次感謝馬克·查爾默斯。我是 Energy Fuels 的總裁兼執行長。感謝您參加今天的電話會議。

And I can say with absolute confidence that momentum is growing for our company quicker than ever before on three fronts: uranium production ramp up, three mines are operating, more are planned; rare earths, we've achieved commercial separation in our Phase 1 plant and our expansion projects are advancing; the heavy mineral sands and the closing of Base Resources on October 2, the moving forward of the Donald joint venture, FID decision, and expiration at Bahia, and on top of that, we have the isotopes. So it really is an exciting time for Energy Fuels.

我可以非常自信地說，我們公司在三個方面的發展勢頭比以往任何時候都要快：鈾產量不斷增加，三個礦場正在運營，還有更多的礦場正在規劃中；稀土方面，我們在第一階段工廠實現了商業分離，擴建項目正在推進；重礦砂和Base Resources於10月2日關閉，唐納德合資企業的工業因此，對於能源燃料來說，這確實是一個令人興奮的時刻。

And I will go through a presentation, as I normally do, on the progress in more detail shortly. The conference call will have replays available on the website in -- later today or tomorrow, And so you people can refer to that, if they are not able to attend this call at this point in time.

像往常一樣，我將很快更詳細地介紹進展。電話會議的重播將於今天晚些時候或明天在網站上提供，如果您現在無法參加此電話會議，可以參考重播。

As always at the end of the presentation, as Ena said there will be time for questions and I have Nate Bennett, our Interim CFO and Chief Accounting Officer; and Dave Frydenlund, our Senior VP and Chief Legal Officer, will also be available to answer any questions that I'm not able to do so.

正如 Ena 所說，在演示結束時，我們將留出時間回答問題，我們的臨時首席財務官兼首席會計官 Nate Bennett 和高級副總裁兼首席法律官 Dave Frydenlund 也將回答我無法回答的任何問題。

So let's get going. And certainly, this first slide and I always say I love this slide because it's in close proximity to the White Mesa Mill in San Juan County. And really, the title Clean Energy starts with us, and I always say, on steroids because that has not changed. Next slide.

那麼我們就開始吧。當然，這是第一張幻燈片，我總是說我喜歡這張幻燈片，因為它靠近聖胡安縣的白色梅薩磨坊。事實上，「清潔能源」這個名稱始於我們，我總是說，因為它是強力的，因為它從未改變。下一張投影片。

I may be making some forward-looking statements; those are included on the slide 2 in the presentation. Next slide.

我可能會做出一些前瞻性的陳述；這些都包含在簡報的第二張投影片中。下一張投影片。

And again, many of you have seen this slide, but really, we're building a business around our ability to process uranium. And that is really our advantage that we have that nobody really has out there with the exception of perhaps the Chinese. And so why is really the ability to recover critical elements that contain natural-occurring radioactive materials?

再次強調，你們中的許多人已經看過這張幻燈片，但實際上，我們正​​在圍繞鈾加工能力建立業務。這確實是我們的優勢，也許除了中國人以外，沒有人擁有這樣的優勢。那麼，為什麼能夠真正回收含有天然放射性物質的關鍵元素呢？

So when you look at uranium, if we're mining some of our uranium vanadium projects, again, the common denominator is uranium. The rare earth elements contain uranium and other radionucleotides. Heavy mineral sands have a long history of having radionucleotides with monazite, the uranium recycling, and medical isotopes, and all built on a very strong financial strength.

因此，當你觀察鈾時，如果我們正在開採一些鈾釩項目，那麼共同點就是鈾。稀土元素包括鈾和其他放射性核苷酸。重礦砂有著悠久的歷史，擁有獨居石放射性核苷酸、鈾回收和醫用同位素，並且都建立在非常強大的財務實力之上。

So again, this is playing to our strengths here. And not having the ability and the knowledge and the licenses and the permits to recover the uranium and deal with the radionucleotides is our secret weapon here. Next slide.

所以，這又發揮了我們的優勢。而沒有能力、知識、執照和許可證來回收鈾和處理放射性核苷酸是我們的秘密武器。下一張投影片。

So if you look at the company, several high-value product lines, uranium, and I've said this many times, we produced two-thirds of the uranium since about 2017. We're ramping up these three existing mines to a run rate of about 1.1 million to 1.4 million pounds by the end of this year. And we will achieve that. The rare earth, and most of you are very aware of the requirements. They were the most powerful magnets required for electric vehicles, wind, and other technologies. We successfully commissioned our Phase 1 separation plant at the beginning of this year. And it has capability up to 1,000 tonnes per annum, which is equivalent to about 1 million electric vehicles.

所以如果你看看這家公司，你會發現它有幾條高價值的產品線，鈾，我已經說過很多次了，自 2017 年左右以來，我們生產了三分之二的鈾。我們將在今年年底前將這三個現有礦場的產量提高到約 110 萬至 140 萬磅。我們一定會實現這個目標。對於稀土，你們大多數人都非常清楚其要求。它們是電動車、風能和其他技術所需的最強大的磁鐵。我們在今年年初成功啟動了第一期分離工廠。其年產能高達1000噸，相當於約100萬輛電動車。

The heavy mineral sands, I'll talk more on that. The addition of that is very exciting to us. Really focused the titanium and zirconium elements, but also the material amounts of monazite that come with the heavy mineral sands, securing our sources of molecules going forward.

關於重礦砂，我稍後會詳細討論。對我們來說，增加這一點是非常令人興奮的。真正關注的是鈦和鋯元素，以及重礦砂中含有的獨居石的物質數量，以確保我們未來的分子來源。

Vanadium, and we don't get a lot of airtime on that currently because price of vanadium is down. But we have the only conventional vanadium plant in North America that can also restart in due course when prices are higher. And our recycling, which is really something that we built the company around over years, that is still there and we're currently recycling uranium ores as we speak. And that built on the financial strength at quarter close, we had USD183 million of working capital. Most of that is in cash and marketable securities and large inventories of uranium and vanadium. Next slide.

釩，目前我們對此沒有太多的報道時間，因為釩的價格下跌了。但我們擁有北美唯一一家常規釩工廠，當價格上漲時，該工廠也能適時重啟。我們的回收業務，實際上是我們多年來建立公司的核心業務，現在仍然存在，我們現在正在回收鈾礦石。基於本季末的財務實力，我們擁有 1.83 億美元的營運資金。其中大部分是現金、有價證券和大量鈾和釩庫存。下一張投影片。

So what we have here? And this is what's extraordinary and unusual. We have three businesses in one. We have a US leading uranium company, and we have been the US leading uranium company for decades. And then you have a rare earth element -- quickly emerging rare earth element company or sector, which has -- we believe, will have global significance for NdPr and Dy and Tb, the elements to get the most efficient electric motors out there because of the characteristics of those elements.

那我們這裡有什麼？這就是非凡且不尋常之處。我們集三項業務於一體。我們擁有一家美國領先的鈾公司，而且幾十年來我們一直是美國領先的鈾公司。然後你就有了稀土元素——快速崛起的稀土元素公司或產業，我們相信，這將對 NdPr、Dy 和 Tb 產生全球性的影響，這些元素的特性使它們能夠製造出最高效的電動馬達。

And then now, heavy mineral sands, and we believe, we will and are well on the path to being globally significant in the titanium and zirconium areas with the ability to also recover monazite. So that's what Energy Fuels is. And I always say this, we are valued as a uranium-only company, but this is moving forward in leaps and bounds. Next slide.

現在，我們相信，我們將在重礦砂領域取得全球性重大成就，並且已經具備回收獨居石的能力。這就是 Energy Fuels。我總是這麼說，我們作為一家只經營鈾業務的公司而受到重視，但我們正在突飛猛進地發展。下一張投影片。

We'll talk about our Q3 financial highlights. Next slide.

我們將討論第三季的財務亮點。下一張投影片。

We had a net loss of $12 million for the quarter. That was really largely result of transaction cost and that was offset a bit by uranium sales. We elected to sell 50,000 pounds of uranium, and really, we elected not to sell any more than that because the prices were lower. But that is just a matter of timing because we're currently mining this uranium and hauling it to the mill and stockpiling it. And so it's really a point of catching up as the mill restarts. And the mill is running right now on uranium feeds from both our alternate feed and some of the low-grade material that we had from a project in New Mexico.

本季我們的淨虧損為 1200 萬美元。這很大程度上是交易成本造成的，但鈾銷售在一定程度上抵消了這種影響。我們決定出售 50,000 磅鈾，但實際上，我們決定不再出售更多，因為價格較低。但這只是時間問題，因為我們目前正在開採鈾礦並將其運送到工廠並儲存起來。因此，當工廠重新啟動時，這確實是一個追趕點。該工廠目前正在運行，使用的鈾原料既包括我們的替代原料，也包括我們從新墨西哥州的一個項目中獲得的一些低品位原料。

So we can and are in the position to do potential additional spot sales as required. We don't have any other contractual terms this year and we have some lighter contractual terms next year. So we're really getting the flywheel moving.

因此，我們可以並且有能力根據需要進行潛在的額外現貨銷售。我們今年沒有其他合約條款，明年我們的合約條款會更寬鬆一些。所以我們確實讓飛輪轉動起來。

So when you look at it in whole, we have nearly $0.2 billion in liquidity. As I said, working capital of $183 million at quarter-end. When you look at our product inventories at current prices, you can add another $10 million or so there. The inventories, we have 235,000 pounds of uranium inventories. It's finished about 900,000 pounds of vanadium. And we have over 800,000 pounds of work in progress that can be processed at the mill. So when you add up the finish and the work-in-progress, we have north of 1 million pounds of uranium, either finished or in the process of being finished.

所以從整體來看，我們有近 2 億美元的流動資金。正如我所說，季度末的營運資金為 1.83 億美元。當您以當前價格查看我們的產品庫存時，您可以再增加 1000 萬美元左右。庫存方面，我們有 235,000 磅鈾庫存。目前已開採出約 90 萬磅釩。我們還有超過 80 萬磅的在製品可以在工廠加工。因此，當你把已完成的工作和在製品加起來時，我們有超過 100 萬磅的鈾，要么已經完成，要么正在完成過程中。

And then in addition to that, we have some rare earth carbonate, and we have about 38 tonnes of NdPr in inventory, and no debt, and we're very proud of that. Next slide.

除此之外，我們還有一些稀土碳酸鹽，庫存約有 38 噸镨釹，而且沒有債務，我們對此感到非常自豪。下一張投影片。

So the big news in October was the closing of the transaction acquisition of Base Resources on October 2. We had a separate conference call in that regard a few weeks ago. And we're just so excited about that because we think it is the foundation of being a company maker with these other parts of our business strategy.

因此，十月份的重大新聞是 10 月 2 日完成對 Base Resources 的交易收購。幾週前我們就此舉行了一次單獨的電話會議。我們對此感到非常興奮，因為我們認為這是我們成為公司製造商的基礎，也是我們業務策略的其他部分的基礎。

And Base has now become a wholly owned subsidiary of Energy Fuels. They have a very experienced management team that is proven in the heavy mineral sand business and that comes with this combination, which again, we think, gives extraordinary momentum and expertise there. And they have an exceptional track record on safety, environmental stewardship, and profitability.

而Base目前已成為Energy Fuels的全資子公司。他們擁有一支經驗豐富的管理團隊，在重礦砂業務方面經驗豐富，我們認為，憑藉這種組合，他們在該領域擁有非凡的動力和專業知識。他們在安全、環境管理和盈利方面有著卓越的記錄。

So with that, also comes 100% ownership of the Toliara project in Madagascar, which we believe is one of the best heavy mineral sand deposits globally. And we also -- I believe, it is one of the biggest sources of monazite out there in the world. And I believe, in due course, it has the ability to be one of the lowest-cost rare earth mines in the world.

因此，我們也擁有馬達加斯加圖利亞拉計畫的 100% 所有權，我們認為該計畫是全球最好的重礦砂礦床之一。而且我相信，它是世界上最大的獨居石產地之一。我相信，假以時日，它有能力成為世界上成本最低的稀土礦之一。

It is a massive resource. It has opportunity for further expansion. As I mentioned, it's both the titanium and zirconium project containing monazite and xenotime, which are the rare earths that will come along with the mining of that. And we believe also represents a source of monazite we're effectively because the byproduct of the monazite, it comes along for free. And that monazite-xenotime that is produced will be processed at the White Mesa Mill facility in Utah. Next slide.

這是一個巨大的資源。它還有進一步擴展的機會。正如我所提到的，這是一個含有獨居石和磷釔礦的鈦和鋯項目，這些是隨著開採而產生的稀土元素。我們相信這也代表了獨居石的來源，因為獨居石是免費的副產品。生產的獨居石磷釔礦將在猶他州的 White Mesa Mill 工廠進行加工。下一張投影片。

So you look at this slide and the blue is what we have had for years. When you look at the uranium assets that we have, we're headquartered in Denver as many of you know, the White Mesa Mill in Utah. And these are all assets that we've managed for decades. So we have the team in place here in Denver to manage those assets like we have for years.

所以你看這張投影片，藍色就是我們多年來一直使用的顏色。當您查看我們擁有的鈾資產時，您會發現，正如許多人所知，我們的總部位於丹佛，即猶他州的白梅薩磨坊。這些都是我們幾十年來管理的資產。因此，我們在丹佛設立了一個團隊來管理這些資產，就像我們多年來所做的那樣。

Now in the Southern Hemisphere with the Head Office in Perth with Base taking the management of the heavy mineral sands, which they've been doing for the last decade plus. Certainly, they have the Toliara project that we're -- we believe, is advancing in a very positive way with the Madagascar government. There's still -- we don't have an exact date we can provide, but we still believe we're in a good position there.

目前，Base 公司位於南半球的珀斯，其總部位於那裡，負責重礦砂的管理，這項工作他們已經做了十多年。當然，他們有圖利亞拉項目，我們相信，該項目正與馬達加斯加政府以非常積極的方式推進。我們仍然無法提供確切的日期，但我們仍然相信我們處於有利地位。

But also managing the final days of the Kwale project in Kenya. And also, the Base team is already doing work and participating with the Donald joint venture in Victoria, Australia, that we're moving towards the FID decision. And they are also weighing in on the exploration at the Bahia project in the Southern Hemisphere or in Brazil.

同時也負責管理肯亞 Kwale 計畫的最後階段。此外，Base 團隊已開始與位於澳洲維多利亞州的 Donald 合資企業合作並參與其中，我們正在朝著 FID 決策邁進。他們也正在考慮在南半球或巴西的巴伊亞計畫進行勘探。

So again, the point I want to make if people think we are overstretching ourselves, we already have the history of managing the blue in the Northern Hemisphere, which is really the hydrometallurgy and the uranium projects and the rare earth value add of processing. In the Southern Hemisphere, the physical metallurgy is being managed by Base with their long history. And this is where it is a unique combination. And that's where it is so complementary to our plans, going forward. Next slide.

所以，如果有人認為我們過度擴張了自己的能力，我想再次指出，我們已經擁有管理北半球藍色區域的歷史，這實際上是濕式冶金和鈾項目以及稀土加工的增值。在南半球，物理冶金學由歷史悠久的Base公司管理。這就是它的一個獨特組合。這就是它與我們未來計劃的互補之處。下一張投影片。

So this is a real interesting slide. And Tim Carstens from Base put this slide together and I really like it. But it shows how on the left-hand side the mines, the mines, uranium mines that we have and then you look at the mineral sands projects that we've accumulated or the relationships we have with companies like Chemours. And you see how that kind of marches across here.

這是一張非常有趣的投影片。Base 的 Tim Carstens 製作了這張投影片，我非常喜歡。但它顯示了左側的礦山、礦山、我們擁有的鈾礦，然後您可以查看我們累積的礦砂項目或與科慕等公司建立的關係。你就會看到這種遊行是如何在這裡進行的。

The uranium goes to White Mesa Mill, gets further -- it processed -- the uranium ores get processed into yellowcake on the right-hand side there, the end products. And then you also have the monazite, also goes to White Mesa. It gets processed into the rare earth oxides. And then you have the heavy mineral sands. And so what we've accumulated here, and you can really say we are asset rich as a company is we have the control of our molecules in the ground to go forward to further value add in at White Mesa.

鈾被送到白梅薩磨坊，經過進一步加工，鈾礦石在右側加工成黃餅，即最終產品。然後你還有獨居石，也去白台地。它被加工成稀土氧化物。然後你就得到了沉重的礦砂。因此，我們在這裡累積了資產，你可以說我們公司資產豐富，因為我們可以控制地下的分子，從而為白台地進一步增值。

Now currently in Phase 1, the White Mesa Mill, the Phase 1 separation plant and the uranium plant are all one plant. I mean, we have separate solvent extraction circuit for the rare earths. And in Phase 1 though, we share the mill. When we move to Phase 2, we will separate the mill from the rare earth processing facility and there'll be two complete separate facilities.

目前正處於第一階段，White Mesa Mill、第一階段分離廠和鈾廠都是工廠。我的意思是，我們有單獨的稀土溶劑萃取迴路。但在第一階段，我們共享工廠。當我們進入第二階段時，我們將把工廠與稀土加工廠分開，形成兩個完全獨立的設施。

But it isn't holding us back at all when it comes to our current plans for the next few years. So when you look at again this graph and move to the right, the end products as you end up with around 10 critical element products, uranium, vanadium advancing towards medical isotopes, rare earth oxides, titanium and zirconium. And I want to point out that we already know and have produced uranium for years. We have produced vanadium for years. The medical isotopes is new. The rare earth oxides, we have demonstrated we can do that commercially recently with the commissioning of the Phase 1 plant.

但就我們未來幾年的計劃而言，這絲毫沒有阻礙我們。因此，當您再次查看此圖表並向右移動時，最終產品會變成大約 10 種關鍵元素產品，鈾、釩逐漸發展成為醫用同位素、稀土氧化物、鈦和鋯。我想指出的是，我們已經了解鈾並且已經生產多年了。我們生產釩已有多年。醫用同位素是新興的。我們最近透過第一期工廠的投產證明了我們可以實現稀土氧化物的商業化生產。

And then you look at the Base team has a long history of producing the titanium and the zirconium. So this is not a dream here we have, folks. This is a plan for a world-significant critical mineral hub that with the proven expertise and with proven mines and the proving pipeline of mines, we are focused on building something of world significance. Next slide.

然後你會看到基地團隊在生產鈦和鋯方面有著悠久的歷史。所以，各位，這不是我們的夢想。這是一個具有世界意義的關鍵礦產中心的計劃，憑藉成熟的專業知識、成熟的礦山和成熟的礦山管道，我們致力於建造具有世界意義的礦產中心。下一張投影片。

So we'll talk a bit more about uranium, which has been our core business for decades and will continue to be our core business for decades. Next slide.

因此，我們將更多地談論鈾，幾十年來它一直是我們的核心業務，並將繼續成為我們未來幾十年的核心業務。下一張投影片。

We have signed -- have a total of four contracts that we have signed to date. I mentioned the uranium inventories, the work-in-progress finished goods, so somewhere north of 1 million pounds of uranium inventory in different stages. We did sell in the first quarter, 200,000 pounds under long-term contracts for about $75 per pound, but we've also sold this year about 250,000 pounds of uranium on the spot for around $91.50 a pound. Meanwhile, the spot price at the end of the quarter was about $82. This morning, I think, it's $79.50.

我們已經簽署了——迄今為止總共簽署了四份合約。我提到了鈾庫存，即在製品成品，因此處於不同階段的鈾庫存量約為 100 萬磅。我們在第一季確實以每磅約 75 美元的價格根據長期合約銷售了 200,000 磅鈾，但今年我們還以每磅約 91.50 美元的價格當場銷售了約 250,000 磅鈾。同時，本季末的現貨價格約為 82 美元。我想，今天早上是 79.50 美元。

When you look at the merchandise sales price of the under contract versus the spot, I think, it was around $84 or something like that, $85. So it's certainly been greater than the spot market and that is one of the advantages having a blend of contracts and ability to sell into the market.

當你查看合約商品銷售價格與現貨商品銷售價格時，我認為它大約是 84 美元或類似的價格，85 美元。因此，它肯定比現貨市場更大，而這正是結合合約和向市場銷售的能力的優勢之一。

We're also looking to expand the production, and I'll talk about that more with reinitiating drilling at the Nichols Ranch in Production Area 2 and also advancing the Whirlwind project in Colorado. Next slide.

我們還希望擴大產量，我將在 2 號生產區的尼科爾斯牧場重新啟動鑽探以及推進科羅拉多州的旋風項目時進一步討論這一問題。下一張投影片。

So again, many of you have seen these slides. We're ramping up our uranium production over the next year or two, up to 2 million pounds, subject to just the continued strong market environment we're here, the White Mesa Mill. And as I said, uranium ore is going into the mill right now. The Pinyon Plain mine in Arizona, the highest-grade mine that I know of in the history of the United States, we're doing advanced development there and we're also doing drilling in what we call the Juniper Zone.

再次強調，你們中的許多人已經看過這些幻燈片。我們將在未來一兩年內將鈾產量提高到 200 萬磅，這取決於我們所在地白梅薩磨坊持續強勁的市場環境。正如我所說，鈾礦石現在正在進入選礦廠。亞利桑那州的 Pinyon Plain 礦場是我所知的美國歷史上品位最高的礦場，我們正在那裡進行深入開發，並且還在所謂的 Juniper 區進行鑽探。

We're also working through, I believe, in a very collaborative way with the Navajo Nation on the transport. We believe it's very positive and we believe that the concerns the Navajo Nation has had about transport of uranium ore. The negotiations we've been having have been very productive. And we're also trying to tie that in to have a win-win with also assisting them with some of the cleanup of the abandoned uranium mines on the Navajo Nation, which are legacy mines. Nothing to do with Energy Fuels. But we're trying to come up with a long-term outcome here. It's a positive for the company and for the Navajo Nation, and we're very excited about that.

我相信，我們仍在與納瓦荷族就交通問題進行密切合作。我們認為這是非常積極的，我們相信納瓦霍族對鈾礦石運輸的擔憂。我們進行的談判非常富有成效。我們也試圖將其結合起來，實現雙贏，並幫助他們清理納瓦霍族保留地的一些廢棄鈾礦，這些礦山都是遺留礦山。與能源燃料無關。但我們正努力取得長期成果。這對公司和納瓦荷族來說都是一件好事，我們對此感到非常興奮。

Nichols Ranch, I mentioned we're doing drilling. We're looking at a restart there in due course. And then La Sal Complex, we have two mines operating there as we speak. And those are uranium, vanadium mines. And as I mentioned, it's not in any of our list, but the Whirlwind mine is also a mine that we're looking at advancing and it is not too far from La Sal but it's in Colorado. Next slide.

尼科爾斯牧場，我提到我們正在進行鑽探。我們正在考慮在適當的時候重新開始。然後是拉薩爾綜合體，我們現在在那裡有兩座礦場在運作。那些是鈾礦、釩礦。正如我所提到的，它不在我們的任何名單上，但旋風礦也是我們正在考慮推進的一個礦，它離拉薩爾不太遠，但它位於科羅拉多州。下一張投影片。

You look at the development pipeline. The Sheep Mountain project in Wyoming is an open-pit underground mine. It is fully permitted. It's fully permitted. It's a very material project. The Roca Honda project, we're advancing DEIS at the Roca Honda, again, very material project. In New Mexico, very high grade for the United States, around 0.5% or so, but very high grade and then the Henry Mountains project, the Bullfrog project, we're also initiating activities there.

你看一下開發流程。懷俄明州的羊山計畫是一個露天地下礦場。這是完全允許的。這是完全允許的。這是一個非常重要的項目。Roca Honda 項目，我們正在 Roca Honda 推廣 DEIS，這也是一個非常重要的項目。新墨西哥州的金礦品位在美國來說非常高，大約 0.5% 左右，但品味非常高，然後是亨利山項目、牛蛙項目，我們也在那裡開展活動。

So this development pipeline in itself is significant and has the ability to increase above that 2 million pounds depending on the timing of those projects when they can be put into production of up to 5 million or 6 million pounds of total production. So that is -- those are very exciting developments and we're moving all these projects forward to be in a position to produce as the uranium market supports. Next slide.

因此，這條開發管道本身意義重大，並且有能力將產量增加到 200 萬磅以上，具體取決於這些項目投入生產的時間，總產量可達 500 萬或 600 萬磅。所以，這些都是非常令人興奮的發展，我們正在推動所有這些項目，以便在鈾市場支持下進行生產。下一張投影片。

We'll talk about the rare earths and the heavy mineral sands here. Next slide,

我們在這裡討論稀土和重礦砂。下一張投影片，

And I've talked about the Phase 1 facility that has been commissioned at the White Mesa Mill, has a capability to process up to 1,000 tonnes of NdPr per year. And we had a few other residual costs in there and the costs are about $19 million now. I think I had said $16 million, but again, extraordinary to be able to build a facility like that for $19 million. Most people ask me to repeat that. And they usually ask two or three times. One -- it was 16, they go 19, 91, 200. They don't believe it and they can't believe it, but we did it. And the team at the mill did an extraordinary job there.

我曾談到已在白梅薩工廠投入使用的第一期設施，該設施每年可處理多達 1,000 噸镨釹。我們還有一些其他剩餘成本，現在的成本約為 1900 萬美元。我想我說過 1600 萬美元，但再說一次，能夠以 1900 萬美元建造這樣的設施真是非同尋常。大多數人都要求我重複這一點。他們通常會問兩三次。一是 16，二是 19、91、200。他們不相信，也無法相信，但我們做到了。工廠的團隊做出了非凡的貢獻。

So because of these successes that we've had with our securing of heavy mineral sands projects, we are looking to up rate that Phase 1 production capability up to 6,000 tonnes of NdPr, which is about equivalent to what Lynas currently can produce and also be able to recover the Dy and the Tb and very material quantities. Now that is the ability to have the elements required for these electric vehicles of up to about 6 million electric vehicles per year.

因此，由於我們在重礦砂項目上取得的這些成功，我們希望將第一階段的生產能力提高到 6,000 噸镨釹，這大約相當於萊納斯目前的產量，並且能夠回收鏑和铽以及非常大量的材料。現在，我們有能力為每年約 600 萬輛電動車提供所需的元件。

Now let's put that in context. The General Motors and Ford are looking at getting that up to around 2 million electric vehicles per year at each of those. So 6 million is a big number. I want to make another comment too that some people say, well, the EV business isn't moving forward like it should be or was planned to be. But what's interesting is that the plug-in hybrids require the same amount of rare earth as an electric vehicle. And so we believe that the fundamentals are never been stronger and so we're going to be in a great position to move forward with that.

現在讓我們來看看具體情況。通用汽車和福特計劃將電動車產量分別提升至每年約 200 萬輛。所以 600 萬是一個很大的數字。我還想再說一句，有些人說，電動車業務並沒有像它應該或計劃的那樣向前發展。但有趣的是，插電式混合動力車所需的稀土量與電動車相同。因此，我們相信基本面從未如此強勁，因此我們將處於有利地位繼續前進。

So we're advancing our focus on feasibility study to ramp up the project. We did the pre-feasibility study showing that the operating cost of a kilogram of NdPr around $30 a kilogram. The current price is around $60. And if you get the monazite for a very low cost, which we think through our strategy, we can have what we believe will be very, very attractive operating cost globally and I believe could be very enviable in the business.

因此，我們正在加強可行性研究，以加快專案進程。我們做了預可行性研究，結果顯示一公斤镨釹的運作成本約為每公斤 30 美元。目前價格約60美元。如果您能以非常低的成本獲得獨居石（這是我們透過策略考慮的），那麼我們就能在全球範圍內獲得非常非常有吸引力的營運成本，我相信這在業內是非常令人羨慕的。

And we're doing this without diminishing our ability to produce uranium. And I think people still get confused with that, but that is the case. Next slide.

而我們這樣做並不會削弱我們生產鈾的能力。我認為人們仍然對此感到困惑，但事實就是如此。下一張投影片。

So the heavy mineral sands, I already talked about the combination with Base, October 2; the Toliara project in Madagascar. And again, I see that as just an unbelievable project to add into our quiver here, going forward. The Kwale project, as I mentioned, is scheduled to finish mining at the end of 2024 and is getting in the final reclamation mode.

因此，對於重礦砂，我已經在 10 月 2 日與 Base 討論了馬達加斯加的 Toliara 計畫的結合。再次，我認為這是一個令人難以置信的項目，可以添加到我們的未來計劃中。正如我所提到的，Kwale 計畫於 2024 年底完成開採，並進入最後的複墾模式。

We've secured through the combination of the Base Resource management. The Donald project, as I mentioned, moving to FID decision in 2025 and Bahia. So really when you look at the heavy mineral sand side of our business, we are getting significant interest around the world.

我們透過基礎資源管理的組合獲得了安全。正如我所提到的，唐納德計畫將於 2025 年和巴伊亞州進行 FID 決策。因此，當您看到我們重礦砂業務時，您會發現我們正受到世界各地人們的極大關注。

I've had people come up to me and say, you have acquired the projects we wish we had acquired from heavy mineral sands companies. So watch this space. Next slide.

有人來找我說，你們獲得了我們希望從重礦砂公司獲得的項目。因此請關注此空間。下一張投影片。

Yeah, looking at our strategy of integration from mining, from cracking, leaching, and separation, we have done those already and have the ability to do those. I've mentioned to many of you, we have Deb Bennethum from General Motors who joined us and she's helping us with these next steps, metals alloys towards magnets. We are very focused on advancing our integration strategy to include the metals and alloys. So watch this space.

是的，從採礦、裂解、浸出和分離的整合策略來看，我們已經做到了，並且有能力做到。我向你們中的許多人提到過，通用汽車公司的 Deb Bennethum 加入了我們，她正在幫助我們完成接下來的步驟，從金屬合金到磁鐵。我們非常注重推進我們的整合策略，將金屬和合金納入其中。因此請關注此空間。

You can see the little map of how these projects will feedback into the White Mesa Mill, a global footprint including Chemours. And so we are having a very diversified supply chain or we're building a diversified supply chain for our rare earth business and that gives us some country risk diversification and again building it to a very significant scale. Next slide.

您可以看到一張小地圖，展示這些項目將如何反饋到 White Mesa Mill，這是一個包括科慕在內的全球性項目。因此，我們擁有一個非常多樣化的供應鏈，或者說我們正在為我們的稀土業務建立一個多樣化的供應鏈，這給我們帶來了一些國家風險的分散，並且再次將其建設到一個非常大的規模。下一張投影片。

So this slide is pretty similar to what we've done in the past but showing both Donald and Bahia and Toliara. And when you look at the sum of -- and the Chemours at the bottom line there in the gray, that gets us, we believe, well placed for up to 6,000 tonnes of NdPr per year. But what we've added on the bottom there is we are advancing our uranium strategy. And we plan to be at that about 1.1 million, 1.4 million pounds by the end of this year, but building that up over time to about 2 million pounds. And then with these other development projects in time, and it does take time, we build up with having this uranium strategy advancing rapidly while we're getting all the other pieces into place with our rare earth strategy and our heavy mineral sand strategy.

因此，這張幻燈片與我們過去所做的非常相似，但同時展示了唐納德、巴伊亞和圖利亞拉。當您查看灰色部分底部的科慕公司的總和時，我們相信，這使我們能夠每年生產高達 6,000 噸的镨釹。但我們最後補充的是，我們正在推動我們的鈾戰略。我們計劃在今年年底前達到約 110 萬至 140 萬英鎊，但隨著時間的推移，這一數字將逐漸增加到約 200 萬英鎊。然後，隨著這些其他開發項目的及時開展，這確實需要時間，我們將迅速推進鈾戰略，同時將我們的稀土戰略和重礦砂戰略等所有其他部分落實到位。

So this is exciting. So you see Phase 1 there and you see Phase 2 there in that '27, '28, and Phase 2 and Phase 3 and we are piloting heavies right now at the White Mesa Mill. So it is an aggressive strategy, but I can say, watch this space, watch the momentum and see how we unfold this because now is the time to demonstrate our ability to execute. Next slide.

這很令人興奮。因此，您可以看到那裡的第 1 階段，也可以看到 27 年、28 年的第 2 階段，以及第 2 階段和第 3 階段，我們現在正在 White Mesa Mill 試行重型產品。所以這是一個積極的策略，但我可以說，觀察這個空間，觀察勢頭，看看我們如何展開，因為現在是展示我們執行能力的時候了。下一張投影片。

The longer-term growth opportunities. Next slide.

長期成長機會。下一張投影片。

The medical isotopes, I always say that when you're processing uranium ores, you're processing monazite, you solubilize a number of elements. And a couple of the elements that you solubilize is radium-226 and radium-228. We acquired RadTran in August, and they're a company specialized in separating critical isotopes, particularly radium-226 and radium-228, to be used in targeted alpha therapies. And we've got a research and development license and we're planning to be recovering research and development quantities of radium-226 later this year or early in 2025.

我總是說，對於醫用同位素，當你處理鈾礦石時，你就是在處理獨居石，你會溶解許多元素。可溶解的元素有鐳-226 和鐳-228。我們在八月收購了 RadTran，這是一家專門分離關鍵同位素（特別是鐳-226 和鐳-228）的公司，用於靶向阿爾法療法。我們已獲得研發許可證，並計劃在今年稍後或 2025 年初回收研發數量的鐳-226。

And we're getting very significant interest in the ability to -- for companies, for pharmaceutical companies looking for sources of radium that they can put their foot on to take to that further chain of making these targeted alpha therapies for cancer treatment. So this is a sleeper. It's still early stages. And I didn't include it in those top three that are advancing rapidly, but this is also advancing rapidly. But we still have work to do. And so again, watch this space. Next slide.

我們對這項技術非常感興趣——對於尋找鐳資源的公司和製藥公司來說，他們可以藉此進入進一步的生產癌症治療標靶阿爾法療法的鏈條。所以這是一輛臥舖車。目前仍處於早期階段。我沒有把它列入快速發展的前三名中，但這也是快速發展的。但我們仍有工作要做。所以，再次提醒大家，請關注這個空間。下一張投影片。

We'll talk a little bit about recycling and our commitment to the community. Next slide.

我們將稍微談論一下回收以及我們對社區的承諾。下一張投影片。

You're ahead of me, Kim. We continue to be one of the largest private employers in San Juan County. We currently have about 80 employees at the White Mesa Mill and then we have 35 employees at the Pinyon Plain Mine, which is not in San Juan County but just south of it.

你比我領先，金。我們繼續成為聖胡安縣最大的私人雇主之一。目前，我們在 White Mesa Mill 擁有約 80 名員工，在 Pinyon Plain Mine 擁有 35 名員工，該礦不在聖胡安縣，但位於其南部。

And then you have the La Sal Complex, where we have our own uranium mine and the contract mine. And they -- combined, we've got about 150 people in the uranium space focused right now producing uranium. So this is a substantial effort on the uranium production front. I've talked about the advancements when we start looking to the future, when we have Phase 2, Phase 3 at the mill. This is going to be a big deal for San Juan County and a big deal for Utah and a big deal for the United States when we have the capacity to produce these world quantity scale low-cost critical elements, not one element but up to 10 elements. And we've all seen how brutal the critical mineral space is when it comes to like lithium, graphite, cobalt, even uranium.

然後是拉薩爾綜合鈾礦，我們在那裡擁有自己的鈾礦和合約礦。總共大約有 150 人目前在鈾領域專注於生產鈾。因此，這是鈾生產的重大努力。當我們開始展望未來，當我們在工廠進入第二階段、第三階段時，我已經談到了進展。當我們有能力生產這些世界級低成本關鍵元素（不是一種元素，而是多達十種元素）時，這對聖胡安縣、猶他州、對美國來說都是一件大事。我們都看到了鋰、石墨、鈷甚至鈾等關鍵礦產資源的競爭有多麼殘酷。

When uranium price went from $105 or $106 to $80, the price of equities -- there's a 25% drop in uranium price and equities dropped around 50%. So it's brutal and we're looking for diversification. So when you look at -- and I mentioned the Navajo Nation with this transport agreement that we're working on, we're still front and center looking and helping the Navajo Nation on a cleanup of some of these abandoned mines. And I believe we can do so much there, which will be a really great outcome for both companies.

當鈾價從 105 美元或 106 美元跌至 80 美元時，股價——鈾價下跌了 25%，股票下跌了 50% 左右。所以這很殘酷，我們正在尋求多樣化。所以當你看到——我提到納瓦霍族正在努力達成這項運輸協議時，我們仍然站在最前線，幫助納瓦霍族清理一些廢棄的礦井。我相信我們可以做很多事情，這對兩家公司來說都將是一個非常好的結果。

And as I've mentioned before, the ability of the mill to recover and recycle uranium and vanadium that would have been lost previously disposal is the reason the mill has stood the test of time and is the only operable mill in the United States. The foundation as I've mentioned, we put $1 million into the foundation a few years ago and we've committed 1% of the annual revenues for the White Mesa Mill there and all focused on education, environment, wellness, and a large portion going to Native American priorities. Next slide.

正如我之前提到的，該工廠能夠回收和再利用以前處理過程中會丟失的鈾和釩，這是該工廠經受住時間考驗並成為美國唯一可運營的工廠的原因。正如我所提到的，幾年前我們向基金會投入了 100 萬美元，並承諾將每年收入的 1% 用於那裡的 White Mesa Mill，所有資金都用於教育、環境、健康，其中很大一部分用於美洲原住民的優先事項。下一張投影片。

So this last slide on guidance and focus, we're looking at around 150,000 to 200,000 pounds of finished uranium at the end of the year. And the main reason that is down a bit from previous is really just this working out this agreement with the Navajo Nation on the transport, which again I think we're advancing well on. But meanwhile, we have almost 1 million pounds as I mentioned in inventory finished and work in progress and we're adding to that every day.

因此，在最後一張有關指引和重點的幻燈片中，我們預計今年年底的成品鈾產量將達到約 15 萬至 20 萬磅。與之前相比有所下降的主要原因實際上只是與納瓦霍族就運輸問題達成的協議，我認為我們正在順利推進這項協議。但同時，正如我所提到的，我們的已完成庫存和在製品庫存接近 100 萬英鎊，而且我們每天都在增加這個數字。

When we catch up, the mill processing will be running well into next year and beyond. And there'll be a bit of a catch up. So it's really just a lag of getting the material at the site and being able to process it. So we don't have any further contract sales this year. We do have some contract sales later next year of around 300,000 pounds. So that's not really affecting us at this point in time with getting this ore to the site for further processing.

當我們趕上進度時，工廠的加工將會順利運作到明年甚至更久。並且會有一些追趕。因此，這實際上只是材料到達現場並進行處理的一個滯後現象。因此我們今年沒有進一步的合約銷售。明年晚些時候我們確實會有一些價值約 30 萬英鎊的合約銷售。因此，目前這並沒有真正影響我們將礦石運送到現場進行進一步加工。

We may consider other spot sales if we feel we want to sell uranium. I talked about the three mines that are already operating and the focus to increase that. We mentioned -- I mentioned the commissioning of the Phase 1 NdPr circuit and the 38 tonnes of NdPr that's been produced, which we are sending out for qualification with metals and magnet makers right now. We have substantial quantities, and we usually send them out a couple of kilograms. And if they say they need more, we say, well, you take 1 tonne or 2 tonnes. And not many people can do that.

如果我們想出售鈾，我們可能會考慮其他現貨銷售。我談到了已經投入營運的三座礦場以及增加產量的重點。我們提到過——我提到了第一階段 NdPr 電路的調試以及已經生產的 38 噸 NdPr，我們現在正在將其送往金屬和磁鐵製造商進行鑑定。我們的數量很大，通常一次發送幾公斤。如果他們說需要更多，我們會說，好吧，你拿 1 噸或 2 噸。但能做到這一點的人並不多。

Full speed ahead on uranium processing while we get these other projects full speed ahead on Phase 2, Phase 3 and full speed ahead at drilling at Brazil, integrating the Base team into the Energy Fuels team, getting this momentum going on multiple fronts. And it is really an extraordinary time at Energy Fuels.

我們在全速推進鈾加工的同時，也全速推進其他專案的第二階段、第三階段，全速推進巴西的鑽探，將基地團隊整合到能源燃料團隊中，在多個方面保持這一勢頭。對於 Energy Fuels 來說這確實是一個非凡的時刻。

So now the last slide and I want to add one comment. The list of molecules is increasing with titanium and zirconium and the rare earths, and they all have the common denominator that there is radioactivity somehow involved with them and that is our secret weapon here.

現在是最後一張投影片，我想補充一點評論。分子清單越來越長，包括鈦、鋯和稀土元素，它們都有一個共同點，即它們都具有放射性，而這正是我們的秘密武器。

Open for questions.

開放提問。

(Operator Instructions) Heiko Ihle, H.C. Wainwright.

（操作員指示）Heiko Ihle，H.C. Wainwright。

Hey, there. Can you guys.

嘿。你們可以嗎？

Cool. Thanks for taking my questions and congratulations on getting this very transformational deal done.

涼爽的。感謝您回答我的問題，並祝賀您完成這項具有變革意義的交易。

Speaking of tomorrow, it'll officially -- excuse me, tomorrow, it'll officially be a month since you close the Base Resources deal. Probably, decent amount of time for the teams to get to know each other, work out maybe minor kinks. In that process, have there been any surprises either positive or I assume nothing really negative, but anything positive or surprise or negative that you encountered? Any efficiencies that you're encountering that maybe you didn't really expect?

說到明天，對不起，明天就正式標誌著你們完成 Base Resources 交易一個月了。可能，團隊需要足夠的時間來互相了解，解決一些小問題。在這個過程中，是否有任何驚喜，無論是積極的還是我認為沒有什麼真正消極的，但是您遇到了什麼積極、驚喜或消極的事情嗎？您是否遇到了一些可能您沒有真正預料到的效率問題？

No, Heiko. I think it's all going as scheduled. I mean, we've got to get the teams together. And you've got two separate companies and it always takes some time to blend that together. I was down at the close for about a week. We've got people going back and forth between both entities. And so I don't think there's any surprises.

不，海子。我認為一切都按計劃進行。我的意思是，我們必須讓團隊團結起來。而且你有兩家獨立的公司，把它們融合在一起總是需要一些時間。我當時心情低落了大約一週。我們的人員在兩個實體之間來回奔波。所以我認為沒有什麼意外。

But there's these opportunities, like for example, in Brisbane, this week, on the Donald project, we had a workshop where we had five people from Base working with the technical experts from Astron and their consultants looking at all the assumptions being made in the FID process and design and recoveries and operability and all that. So we're putting people to work. I think that's the main thing is we're putting people to work between the two companies.

但也存在這樣的機會，例如本週在布里斯班的唐納德項目上，我們舉辦了一個研討會，Base 的五個人與 Astron 的技術專家及其顧問一起研究了 FID 流程中做出的所有假設以及設計、恢復和可操作性等等。所以我們正在讓人們工作。我認為最重要的是我們安排人員在兩家公司之間工作。

But it is -- an integration is an integration. And what I tell people is we have two teams here that are very proud of what they do and how they do. That is a great thing. That's a great thing. So we've got people that want to make things happen. And both organizations are doer focused, focused on profitability, focused on accomplishing significant things.

但整合就是整合。我告訴大家的是，我們這裡有兩個團隊，他們對自己所做的事情和工作方式感到非常自豪。這是一件很棒的事。這是一件很棒的事。所以，我們擁有一群想要實現夢想的人。這兩個組織都注重實幹、注重獲利、注重完成重大的事情。

Fair enough. Good answer. Okay.

很公平。很好的答案。好的。

Building on something that came up earlier on this call, you mentioned that you sold 250,000 pounds, I think, you said $91 in the spot market this year. Just following up on that, the long-term contracts with utilities that you're currently -- not even necessarily yours, but just in general, the long-term contracts that you're seeing with utilities that are getting done, have there been any changes related to pricing and the duration versus where we would have been, call it, 12 months ago?

基於本次電話會議早些時候提到的內容，您提到您今年在現貨市場上賣出了 250,000 磅，價格是 91 美元。繼續問這個問題，您目前與公用事業公司簽訂的長期合同 - 甚至不一定是您自己的合同，但一般來說，您看到的與公用事業公司簽訂的長期合同，與 12 個月前相比，價格和期限是否有任何變化？

Yeah, I think, the utilities are starting to understand that the market isn't going to retreat back to $30, $40. And so if you go back to 00 there was kind of a couple of cycles like when you had the Russian-Ukraine conflict, there was like a flurry of contracts that were done month or two after that. And those are, generally speaking, lower price. And then as time has progressed and as uranium prices have gone up to $105 and $80 and stayed there, I think you're definitely seeing an increase in the floors and the ceilings, and prices are going up.

是的，我認為，公用事業公司開始明白市場不會回落到 30 美元或 40 美元。所以如果你回顧 00 年，你會發現有幾個週期，例如當俄羅斯和烏克蘭發生衝突時，在那之後的一兩個月裡就會出現一系列合約。一般來說，這些都是較低的價格。隨著時間的推移，鈾價上漲至 105 美元和 80 美元並保持在那裡，我認為你肯定會看到底線和上限的上升，而且價格正在上漲。

So I think that the utilities are accepting that the nuclear industry is growing. The demand is growing. The focus on data centers, artificial intelligence is growing. The restarts of reactors around the world is growing. And I think they're getting a bit nervous because they see that.

所以我認為公用事業公司正在接受核工業正在成長的事實。需求正在成長。人們對資料中心、人工智慧的關注度日益增長。世界各地反應爐重啟的數量正在增加。我認為他們看到這一幕後會有點緊張。

And the thing about the uranium industry is it doesn't respond quickly. It's hard to get project up and it's hard to get through the steps of integration in the nuclear fuel cycle through conversion and enrichment. So yeah, I think, people are getting used to these higher contract prices and that also creates an opportunity for us, going forward.

而鈾工業的問題在於其反應不夠迅速。該專案很難啟動，而且很難透過轉化和濃縮完成核燃料循環的整合步驟。是的，我認為人們已經習慣了這些更高的合約價格，這也為我們未來創造了機會。

Justin Chan, SCP Resource Finance.

SCP Resource Finance 的 Justin Chan。

Hi, Mark. Great to talk to you. Yeah, thanks for taking the call.

你好，馬克。很高興和你談話。是的，謝謝您接聽電話。

I guess my question is on -- your thoughts on your inventory and next year. You've got 800,000 pounds in various ore inventories. I guess, what's your current thinking on production next year on where we are with spot? And maybe, could you give us some color on the volumes and timing? Is there any constraints on timing through the year for your contracted uranium sales next year?

我想我的問題是關於——您對庫存和明年的看法。您有 800,000 磅各種礦石庫存。我想，您目前對於明年的生產有什麼想法，以及 Spot 的現況如何？也許，您能給我們一些有關音量和時間的詳細資訊嗎？你們明年簽訂的鈾銷售合約在全年時間上有限制嗎？

Yeah, we haven't given formal guidance for next year yet, Justin. As I said, between finished and work in progress, we've got about 1 million pounds and ore is showing up at the mill every day.

是的，賈斯汀，我們還沒有給出明年的正式指導。正如我所說，在已完成的工作和正在建造的工作之間，我們已經有大約 100 萬磅礦石，而且每天都有礦石出現在工廠。

I mean, you get to a point to where you try to get in the equilibrium, like if we process this in the order of 1 million pounds and we're bringing more material in, it should reach an equilibrium or close to equilibrium in my mind in due course as we get the flywheel going. Our contracts that we have next year are towards the end of the year and as I said around 300,000 pounds total. So we're pretty wide open.

我的意思是，當你試圖達到平衡點時，如果我們處理的數量達到 100 萬磅，並且我們引入更多的材料，那麼隨著飛輪的運轉，它應該在適當的時候達到平衡或接近平衡。我們明年的合約將在年底前簽訂，正如我所說，總額約為 30 萬英鎊。因此我們的心態相當開放。

But the contracts are ramping up the following years, Justin. But we're going to be looking at contracts, spot, uranium prices, try to maximize it, kind of like what we did this year where we sold 250 in spot, 200 under contract.

但是賈斯汀，接下來的幾年合約數量會不斷增加。但我們將專注於合約、現貨和鈾價格，並嘗試將其最大化，就像我們今年所做的那樣，我們以現貨形式出售 250 份，以合約形式出售 200 份。

But we're focusing on ramping it up to the couple of 100 -- couple of 1 million pounds per year, probably the following year or two, '26-ish, '27-ish, somewhere in there. But we should be -- I believe, we're going to be pushing well north of 1 million to 2 million. But we already said we're going to be doing that by the end of the year. But yeah, I don't want to give guidance yet and we'll get back to the market due course.

但我們正致力於將其提升至每年幾百到數百萬英鎊，可能在接下來的一兩年內，也就是 26 年、27 年左右的某個時候。但我們應該——我相信，我們將會推動這一數字遠遠超過 100 萬到 200 萬。但我們已經說過我們將在今年年底前完成這項工作。但是的，我現在還不想給予指導，我們會在適當的時候回到市場。

Got you. No. Thanks. That's helpful color.

明白了。不。謝謝。這是很有幫助的顏色。

And maybe just a bit more as a follow-up on mill activities for next year as you're thinking a bit. So I mean, will most of the year be uranium? Will you -- do you have any more monazite to run a rare earth campaign? And then, just trying to get a sense of how you think about the calendar year. Like will the -- will uranium processing start kind of early in the year? Will it kind of switch between rare earth and uranium? I realize that you don't have guidance. I'm just trying to get a sense of maybe your thinking.

也許只是作為明年工廠活動的後續跟進，正如您所想的那樣。所以我的意思是，一年中的大部分時間都是鈾嗎？您還有更多的獨居石來進行稀土活動嗎？然後，只是想了解您對日曆年的看法。例如——鈾加工會在年初開始嗎？它是否會在稀土和鈾之間轉換？我知道你沒有指導。我只是想了解你的想法。

Yeah, the focus next year is going to be on uranium production. At this moment, the only monazite we get is from Chemours. And monazite is coming from Chemours right now. I mean, we've got monazite showing up. We're just stockpiling it. And that's the unique thing that we have here is we've got this big facility. We've got uranium ores from different mines, different alternate feed, and then we've got monazite.

是的，明年的重點將放在鈾生產上。目前，我們唯一獲得的獨居石來自科慕。目前獨居石來自科慕公司。我的意思是，我們發現了獨居石。我們只是在儲存它。我們這裡的獨特之處在於我們擁有這麼大的設施。我們從不同的礦山、不同的替代原料中獲得了鈾礦石，然後我們得到了獨居石。

So the focus will be on uranium. We don't have any current plans to go back into processing the monazite. That could change depending on what we secure. And so when you look at -- when we go back into processing a monazite at a larger scale, I mean kind of be thinking towards like 2027, but there could be a run-in between, depending on how much uranium ore we have to process versus how much monazite we have to process.

因此重點將放在鈾上。我們目前沒有重新加工獨居石的計劃。這可能會根據我們所獲得的資訊而改變。所以當你看到——當我們重新大規模地處理獨居石時，我的意思是考慮 2027 年左右，但兩者之間可能會出現衝突，這取決於我們要處理多少鈾礦石以及我們要處理多少獨居石。

Joseph Reagor, ROTH Capital Partners.

羅仕證券資本合夥公司的約瑟夫‧里格 (Joseph Reagor)。

Hey, Mark and team. Thanks for taking my questions.

嘿，馬克和他的團隊。感謝您回答我的問題。

I think most of the things were already touched on, but just two more quick items. One on the ongoing negotiations with the Navajo Nations, at what point would you guys consider an alternative shipping solution here?

我認為大多數事情都已經涉及了，但還有兩個簡短的內容。關於與納瓦霍族正在進行的談判，你們什麼時候會考慮替代的運輸解決方案？

Really, we think that we're going to get there with the existing shipping, highways and whatnot. So yeah, I mean, right now we're, we're very encouraged with how these discussions are going. A big part of it has been education, making them comfortable. And so we think we're going to get there.

實際上，我們認為我們能夠利用現有的航運、高速公路等到達那裡。是的，我的意思是，現在我們對這些討論的進展感到非常鼓舞。其中很大一部分是教育，讓他們感到舒適。所以我們認為我們將會實現這一目標。

And as I said, we're looking at something holistic, that's a win-win for both groups. We're looking at the cleanup, which is very exciting for me. I mean, I think tying -- there's a tie between those. It's just an extra -- again, I know, I use extraordinary a lot. But it'd be a great outcome. It'd be a really, really good outcome.

正如我所說，我們正在考慮一個整體的問題，這對雙方來說都是雙贏的。我們正在進行清理工作，這對我來說非常令人興奮。我的意思是，我認為兩者之間存在著關聯。這只是一個額外的——再說一次，我知道，我經常使用非凡的。但這會是一個很好的結果。這將會是一個非常非常好的結果。

And what's interesting too on this whole -- these negotiations and stuff is very little cleanup has been able to happen on the reservation because they didn't have a way to deal with the cleanup. And we give an outlet to the Navajo Nation, which we think is very powerful for them. So watch the space. But I don't want people to be fearful that we're not going to get there because I really do think that people in the room talking are trying to get there.

整件事情中有趣的一點是——這些談判和其他事情導致保留地的清理工作很少，因為他們沒有辦法進行清理。我們為納瓦霍族提供了一個發聲的管道，我們認為這對他們來說非常有益。因此，請關注空間。但我不希望人們擔心我們無法實現這一目標，因為我確實認為房間裡討論的人們正在努力實現這一目標。

Okay. Fair enough. And then last thing, just a housekeeping item, post the special dividend to the Base Resource shareholders, how much cash did you guys get in the acquisition?

好的。很公平。最後一件事，只是一個常規事項，向 Base Resource 股東發放特別股息，你們在收購中獲得了多少現金？

Let me ask Nate. What do we got?

讓我問問內特。我們得到了什麼？

So as far as cash goes, so they -- so (inaudible) Base will continue to operate the quality line and that'll wrap up here at the end of 2024. So they're using the cash that they have plus the revenue that they're going to sell on the fourth quarter, which should be around $40 million to $45 million in the fourth quarter. So all of that cash in operations is going to use to wrap up the production in the fourth quarter and then also to perform the reclamation obligations from the quality line. So all that stays within the Base, the cash that they had to finish up operations and the reclamation liability. So we didn't actually transfer any cash or remove any cash to the consumables, if that clarifies your question.

就現金而言，他們 — — 因此（聽不清楚）Base 將繼續營運優質生產線，並將在 2024 年底結束。因此，他們使用現有的現金加上第四季將要出售的收入，第四季的收入應該在 4,000 萬至 4,500 萬美元左右。因此，所有營運現金都將用於完成第四季度的生產，然後履行品質線的回收義務。因此，所有這些都留在基地內，包括他們完成行動所需的現金和復墾責任。因此，我們實際上並沒有將任何現金轉移或移出到消耗品中，如果這能解釋您的問題的話。

Okay. A quick follow-up to that. So will you guys book that revenue on your income statement then since the transaction closed during the quarter?

好的。對此進行快速跟進。那麼，由於交易在本季結束，你們會在損益表中記入這筆收入嗎？

That is correct. So we will -- you will see the fourth quarter of Base Resources consolidated into our Energy Fuels financial statements that we'll file at yearend and that'll include just the fourth quarter and include that revenue that you'll see from Base in the fourth quarter.

沒錯。因此，您將看到 Base Resources 的第四季度合併到我們將在年底提交的 Energy Fuels 財務報表中，其中僅包括第四季度，並包括您將在第四季度從 Base 看到的收入。

Noel Parks, Tuohy Brothers Investment Research.

諾埃爾·帕克斯（Noel Parks），Tuohy Brothers 投資研究公司。

Hi. Good afternoon. Just wanted to ask about the White Mill pre-feasibility study. There was a mention in the queue that, that was being looked at just for expansion of the output capacity. Please talk about what's involved in that. And if you have any sense of time frame, that'd be great.

你好。午安.只是想詢問有關 White Mill 預可行性研究的情況。隊列中提到，這只是為了擴大輸出能力。請談談其中涉及的內容。如果您對時間框架有任何概念，那就太好了。

Yeah. Well, we did this pre-feas a year or so ago that was looking at around 3,000 tonnes of NdPr processing capacity previously and that was before we had the Base transaction what not. So because of the successes that we've had with gathering these significant projects that have the ability if they're developed to these larger quantities, we're going to this larger scale.

是的。嗯，我們在大約一年前做過這個預估，當時我們考慮的是大約 3,000 噸的镨釹加工能力，那是在我們進行基礎交易之前。因此，由於我們在收集這些重要項目方面的成功，如果這些項目能夠發展到更大的數量，我們就能實現更大的規模。

We're currently working with a couple engineering companies, trying to advance the -- with the engineering companies to help us with those feasibility studies to get to that 6,000 tonnes. We were having discussions with them right now. There's been a lot of work done. We have huge amount of data because of what we've done in laboratory, what we've done with this Phase 1 commercial operation.

我們目前正在與幾家工程公司合作，試圖推進——讓這些工程公司幫助我們進行可行性研究，以達到 6,000 噸的目標。我們現在正在與他們討論。已經做了很多工作。由於我們在實驗室中所做的工作以及我們在第一階段的商業運作中所做的工作，我們擁有大量的數據。

So I mean, I believe, we'll have a feasibility study in the middle of '25 with this Phase 2 in hand. That's the goal. And once we get that in hand and get the flow sheets and whatnot, we're going to advance the permitting with the State of Utah. They're expecting it. This is going to be coming.

所以我的意思是，我相信，我們將在 25 年中期進行可行性研究，並開始第二階段的工作。這就是目標。一旦我們掌握了這些並獲得了流程表等，我們將推進猶他州的許可。他們正在期待它。這即將發生。

So assume, takes us to the middle of the year to finish up the engineering feasibility work, start going right into permitting to get the permitting. So in that 2027, 2028 time period, when you start seeing material quantities of monazite heavy mineral sands from these projects that we've acquired, the timing aligns quite well.

因此假設，我們需要在年中完成工程可行性工作，然後開始申請許可。因此，在 2027 年、2028 年期間，當您開始從我們收購的這些項目中看到大量的獨居石重礦砂時，時機就非常吻合了。

Now the one thing that I can say is that because we do have the Phase 1 plant constructed, that we do have the ability if we have monazite sooner than that, we can process that. We can shift the mill back into rare earth mode and process that.

現在我可以說的一件事是，因為我們確實已經建造了第一階段的工廠，如果我們在那之前擁有獨居石，我們確實有能力對其進行加工。我們可以將工廠重新切換至稀土模式並進行加工。

So it's not very often that you have a uranium plant, a Phase 1 plant, a Phase 2 plant that's work in progress and have that flexibility. So we're in a unique position there to be flexible.

因此，擁有一座鈾工廠、一座第一階段工廠、一座第二階段工廠並具備這種靈活性的情況並不常見。因此，我們處於一個獨特的位置，可以靈活變通。

(Operator Instructions) Mike Kozak, Cantor Fitzgerald.

（操作員指示）麥克·科扎克，康托·菲茨杰拉德。

Yeah. Good afternoon, Mark and team. Just one question for me. That new contract that you signed in the quarter with the US utility. Where did the floors and ceilings print on that contract? And if you can't give me the exact price to the dollar, I understand. I don't want to get you in trouble. Maybe if you could round it to the nearest $5 per pound, I'd appreciate it. Thanks.

是的。下午好，馬克和團隊。我只有一個問題。您在本季與美國公用事業公司簽署的新合約。合約上的地板和天花板印在哪裡？如果您不能告訴我準確的美元價格，我理解。我不想給你帶來麻煩。如果您能將其四捨五入到最接近的 5 美元/磅，我將非常感激。謝謝。

I don't know if I can round it to $5 a pound, Mike. CFO is shaking his head and I think my lawyer is too. So yeah, look, the contract, this is a unique one for us that we have the ability to do contracts that others are not able to. A lot of these companies that are starting up, they need like a six-, eight-year contract because they're trying to get their project financing. And this fourth contract that we signed, it's got a like a two-year term and then an option to extend for two years. So it's a two plus two to four. And it gives them the ability to put that out another two years, if they want to.

我不知道是否可以將其四捨五入為每磅 5 美元，麥克。財務長搖頭，我想我的律師也是如此。是的，你看，這份合約對我們來說是獨一無二的，我們有能力簽訂其他人無法簽訂的合約。許多剛起步的公司都需要六年或八年的合同，因為他們想獲得專案融資。我們簽署的第四份合約期限為兩年，並且可以選擇延長兩年。所以它是二加二等於四。如果他們願意的話，這讓他們有能力再拖延兩年。

But definitely, the floors are increasing and the ceilings are increasing. And Mike, I think you talking to other uranium producers, uranium wannabes producers, they'll confirm that. But the utilities tell us not to give out those financial terms and so we can't.

但毫無疑問，地板在增加，天花板也在增加。麥克，我想你和其他鈾生產商、鈾生產商交談過，他們會證實這一點。但公用事業公司告訴我們不要透露這些財務條款，所以我們不能這樣做。

So there is a trend for increasing floors, increasing ceilings, but we have unique flexibility in that we're not having to go out and raise or fund a $500 million or $1 billion and we can do two year, three year, four year, whatever, and it isn't tied to a financing. But it's very encouraging and we like this new contract we have. And Curtis was in Kansas City at this last conference and he says utilities are out there, they're out there and they're looking at needing more product. So I believe the trend is going to continue, Mike.

因此，存在著提高下限和上限的趨勢，但我們具有獨特的靈活性，因為我們不必出去籌集或資助 5 億美元或 10 億美元，我們可以進行兩年、三年、四年等任何期限的貸款，而且它與融資無關。但這非常令人鼓舞，我們喜歡這份新合約。柯蒂斯在堪薩斯城參加了上次會議，他說公用事業公司就在那裡，他們正在尋找更多的產品。所以我相信這種趨勢將會持續下去，麥克。

I appreciate that color. Maybe -- and I totally understand not being able to provide the dollar amounts. Maybe if I could follow up though. Would you characterize -- your material versus other contracts that you're hearing that are being signed, would you characterize your materials getting a premium or in line with the contract terms more recently?

我很欣賞那個顏色。也許——我完全理解無法提供美元金額。也許如果我能跟進的話。您能否描述一下—您的資料與您聽說的正在簽署的其他合約相比，您是否認為您的資料獲得了溢價或符合最近的合約條款？

I think they're very attractive for our circumstances. And we're not being penalized, let's put it that way. We're not being penalized because we signed the contract. I think they're very attractive to us as a company and how we can fit that into our production profile.

我認為它們對於我們的情況來說非常有吸引力。可以這麼說，我們並沒有受到懲罰。我們不會因為簽署了合約而受到懲罰。我認為它們對我們公司非常有吸引力，我們可以將其融入我們的生產概況中。

[Aaron Venacana, CU Boulder.]

[科羅拉多大學博爾德分校的 Aaron Venacana。 ]

Hey, Mark. I appreciate you taking my question and for all your time today. Couple quick questions on the rare earth side. So you mentioned that 29.88 per kilogram NdPr processing cost. I just wanted to clarify whether that was driven by the low-cost monazite procurement or that it will be driven further down by low-cost monazite procurement.

嘿，馬克。感謝您回答我的問題並抽出時間。關於稀土方面，有幾個快速問題。所以你提到每公斤 NdPr 的加工成本是 29.88 美元。我只是想澄清一下，這是由低成本獨居石採購推動的，還是會因低成本獨居石採購而進一步下降。

That's just kind of the cost of it. If you have a ton of monazite and processes at the mill, it's around $30 per kilogram. What the point is that if you take a project like Toliara that supports itself without any credit for monazite. I mean, it generates cash. Their feasibility study said around $200 million of EBITDA over 38 years or something without any credit for monazite.

這只是它的成本而已。如果您有一噸獨居石並在工廠進行加工，每公斤的成本約為 30 美元。如果你採取像圖利亞拉這樣的項目，它本身就能維持運轉，而不需要任何獨居石的功勞，那麼意義何在？我的意思是，它能產生現金。他們的可行性研究表明，38 年內的 EBITDA 約為 2 億美元，不包括獨居石。

Now when you look at the PFS that they did on the addition of the rare earths and the monazite, it's very, very low strike rate to actually recover the monazite. So depending on how you account for it, going forward, if the heavy mineral sand project is really able to carry the load and get monazite for free and transport it to the mill, you can basically add that onto the $30. So if the monazite was actually free delivered, you could say $30 plus zero. If you have to pay for the shipping, you know, there's different ways you get there.

現在，當您查看他們在添加稀土和獨居石後所做的 PFS 時，您會發現，實際回收獨居石的命中率非常非常低。因此，取決於你如何看待它，如果重礦砂項目真的能夠承載負荷並免費獲得獨居石並將其運送到工廠，你基本上可以將其添加到 30 美元中。因此，如果獨居石實際上是免費送貨的話，您可以說 30 美元加零。如果您必須支付運費，您知道，您可以透過不同的方式到達那裡。

But I think the bottom line is we believe that our strategy with having the molecules in place and having heavy mineral sand projects that stand on their own without any rare earth credit. This is where it is poised for a great outcome to have $10 or $20 or nothing on the $30, okay? So each project will be different. And as we get these projects advanced, we update our studies and have the ability to disclose this, we'll disclose it to the market in due course.

但我認為，最重要的是，我們相信，我們的策略是將分子放到位，並擁有獨立的重礦砂項目，而不需要任何稀土信貸。這是一個很好的結果，即 30 美元中有 10 美元或 20 美元，或者什麼都沒有，好嗎？所以每個項目都會有所不同。隨著這些項目的進展，我們會更新我們的研究並有能力披露這一點，我們會在適當的時候向市場披露。

Got you. Got you. I appreciate that, Mark. And then just looking down the timeline for the Phase 2 and 3 rare earths separation plants, just wondering why -- yeah, what goes into the decision to produce NdPr versus separating those two out from each other? Is that just due to the economics of like the price delta between separated Nd and separated Pr versus NdPr together. And then, also just wondering if you could provide like any type of scale on the -- how much building those Phase 2 and 3 plants will take compared to the $19 million for Phase 1?

明白了。明白了。我很感激，馬克。然後，只要看一下第二階段和第三階段稀土分離工廠的時間表，就想知道為什麼——是的，決定生產 NdPr 而不是將兩者相互分離的原因是什麼？這只是由於分離的 Nd 和分離的 Pr 與 NdPr 的總價格之間的差異造成的嗎？然後，我還想知道您是否可以提供任何類型的規模——與第一階段的 1900 萬美元相比，建造第二階段和第三階段工廠需要多少錢？

Yeah. think whether we split out and separate the Nd and Pr separate and I don't have my mill guy here, but I think the ratio is about 75:25 or something. It seems to be adequate for most of these metals, alloys, and magnet manufacturers, the current ratio.

是的。想想我們是否可以將 Nd 和 Pr 分開，雖然我這裡沒有磨坊工人，但我認為比例大約是 75:25 左右。對於大多數金屬、合金和磁鐵製造商來說，目前的比例似乎已經足夠了。

Could they split them out? I think, they can. But right now, we're trying to just keep them together. And as I said, we're doing the piloting on the Phase 3, which is the Dy and the Tb as we speak. So I'd have to talk to him about what it would take to split them out separately. But the ratios are, we believe, adequate for the market.

他們能把它們分開嗎？我認為可以。但現在，我們只是盡力讓他們團結在一起。正如我所說，我們正在進行第三階段的試點，也就是我們所說的 Dy 和 Tb。所以我必須和他談談如何才能將它們分開。但我們相信，這些比率對於市場來說是足夠的。

When you look at the capital costs, we don't have those numbers revised. Now the fact that we are able to build Phase 1 for $19 million. We built it in the existing solvent extraction building. So we didn't have to build a new building. We did put a roof on it and that's included in the cost, I think. So we got a new roof on top of the (inaudible) building. And we were able to do it because we used existing infrastructure.

當您查看資本成本時，我們不會修改這些數字。現在我們能夠以 1900 萬美元完成第一階段的建設。我們在現有的溶劑萃取大樓內建造了它。所以我們不必建造新建築。我們確實給它加了屋頂，我想這已經包含在成本裡了。因此我們在（聽不清楚）建築物頂部裝了一個新屋頂。我們之所以能夠做到這一點，是因為我們利用了現有的基礎設施。

Now looking to the future and I don't have the feasibility, the pre-feas on the 3,000 was like $350 million. is that what it was? And so certainly, if we double it, it's going to be larger than that. But I think there's also things that -- you saw what we could do with Phase 1 plant. And we've got some real creative people.

現在展望未來，我沒有可行性，3,000 的預估值是 3.5 億美元。是這樣嗎？因此，如果我們將其加倍，它肯定會比這個更大。但我認為還有一些事情——您看到了我們可以用第一階段工廠做什麼。我們擁有一些真正富有創造力的人。

We have an answer from Deb

Deb 給了答案

We do? Okay.

我們有嗎？好的。

And she says that the magnet measures by an NdPr oxide but not the individual Pr and Nd oxide.

她說，磁鐵是透過 NdPr 氧化物來測量的，而不是透過單獨的 Pr 和 Nd 氧化物來測量的。

Okay. There you go. Our people are messaging in as we speak on the NdPr question.

好的。就這樣。當我們談論 NdPr 問題時，我們的人員正在發送訊息。

So we don't have a number. But I think something north of $350 million, $500 million-ish. I don't know. I don't want to be tied down to a number. But we've got to get the engineering complete.

所以我們沒有數字。但我認為金額應該在 3.5 億美元到 5 億美元左右。我不知道。我不想被數字束縛。但我們必須完成工程。

The other thing I want to point out though is that when you look at the cost of doing business in Utah compared to places like Western Australia, we're at a real advantage here because we get water for effectively free. We got good sources of water. Power costs are low. Labor costs. Great work ethic. Not fly in, fly out. Lesser social costs in some of these other jurisdictions. We'll be at a strike rate that will be far, far less than people like Lynas and the Iluka when it comes to building the plant. So we're not expecting a $2 billion plant here like some of the others.

不過，我想指出的另一件事是，當你比較猶他州與西澳大利亞州等地的經商成本時，我們在這裡具有真正的優勢，因為我們可以免費獲得水。我們有良好的水源。電力成本低。勞動成本。有很好的職業道德。不是飛進來，而是飛出去。其他一些司法管轄區的社會成本較低。在建造工廠方面，我們的罷工率將遠低於萊納斯和伊祿卡等公司。因此，我們並不期望在這裡像其他一些工廠一樣建造一座價值 20 億美元的工廠。

Great. Yeah. And then congratulations on the $19 million Phase 1. It's really impressive. And really appreciate your time today, Mark.

偉大的。是的。然後恭喜第一階段 1900 萬美元的完成。這確實令人印象深刻。非常感謝您今天抽出時間，馬克。

Okay. Yeah, and I've seen -- I won't mention companies but I know one company is building a pilot plant for $50 million and it won't be a commercial plant. It's a pilot plant to do the same thing.

好的。是的，我見過——我不會提到公司，但我知道有一家公司正在斥資 5000 萬美元建造一座試驗工廠，但它不會是一座商業工廠。這是一個進行同樣工作的試驗工廠。

Punit Singh, Eight Capital.

Punit Singh，Eight Capital。

Hey, Mark. Just has a question on conventional versus ISR. I know you're prepping the Nichols Ranch ISR, but some of the US peers are struggling with ISR. Just talk to us about the advantages and disadvantages of each technique from an operational perspective because I know you're pushing the conventional assets first, just want to understand how that could be a strategic advantage for you.

嘿，馬克。我只是想問一下關於常規和 ISR 的問題。我知道你正在準備尼科爾斯牧場 ISR，但一些美國同行正在為 ISR 而苦苦掙扎。請從營運角度與我們討論每種技術的優點和缺點，因為我知道您首先推動的是傳統資產，只是想了解這對您來說如何成為策略優勢。

And then, I know you mentioned some of the people at site. Maybe just talk to us about how you've been able to fill the labor needed for each asset because that's something that's always talked about for us production as well. Thanks.

然後，我知道您提到了現場的一些人。也許只需與我們談談您如何能夠滿足每項資產所需的勞動力，因為這也是我們生產中經常談論的事情。謝謝。

Yeah. Puneet, as you know, I've got experience with both and a lot of people don't. Okay, You get the ISR miners, that's all they've done. You get the conventional miners, that's all they've done. So I've done both and there are advantages to both.

是的。Puneet，如你所知，我對這兩方面都有經驗，但很多人沒有。好的，你得到了 ISR 礦工，這就是他們所做的一切。你得到的是傳統礦工，這就是他們所做的一切。所以我兩者都做過，而且兩者都有優點。

Okay, one of the advantages of conventional that gets, I think, underappreciated by the ISR folks is that with the conventional, I can go mine a tonne of ore, and then I can mine it and I can either not mine it or I can ship it out and put it at the mine on stockpile. I can ship it to the mill and put it in stockpile. And then I can process it, but I can stop it at any place. I can stop a conventional mine today. If I said stop the mines, I can stop it right now and they stop. That's an advantage. It's an advantage because you're not having to be all in for 5 or 10 years in the cycle to produce 1 pound of uranium. And people don't appreciate that advantage. And that is one of the reasons we started up our conventional projects.

好的，我認為 ISR 人員沒有充分認識到傳統方法的一個優勢，那就是使用傳統方法，我可以開採一噸礦石，然後我可以不開採它，或者我可以將其運出並存放在礦場進行儲存。我可以將它運送到工廠並儲存起來。然後我可以處理它，但我可以在任何地方停止它。我今天可以阻止一座常規礦井。如果我說停止開採地雷，我現在就可以停止，它們也會停止。這是一個優勢。這是一個優勢，因為你不必花費 5 年或 10 年的時間來生產 1 磅鈾。但人們並不欣賞這優勢。這也是我們啟動常規專案的原因之一。

And it's not just the only reason because we see the Pinyon Plain mine as high-grade mine. It's very, very cost effective. And we also have the ability to start and stop as I said.

這不僅是因為我們將 Pinyon Plain 礦視為高品位礦的唯一原因。這是非常非常划算的。正如我所說，我們也有能力開始和停止。

When you do ISR, you have to put in the well fields and you have to extract uranium, takes two to three years to get the uranium out. Now you're looking at three, four years and you don't get uranium out if you don't keep going, okay. And then you have to restore those aquifers and that can take a long time. I won't extrapolate there, but it can take a very long time. So you're really committing to 1 pound of uranium for 10 years and you can't start or stop.

當你進行 ISR 時，你必須投入井場並提取鈾，需要兩到三年的時間才能提取鈾。現在，如果你不繼續下去，三、四年後你就無法提取鈾了，好嗎？然後你必須恢復這些含水層，這可能需要很長時間。我不會對此進行推斷，但這可能需要很長時間。所以你實際上要花 10 年的時間處理 1 磅鈾，而且你不能開始或停止。

Now with long-term contracts and more security of supply, in terms of the people that are going to buy your product, having long-term contracts, eight-year contracts, whatever, that starts fitting into the world of ISR better. But the other thing with ISR and I think a lot of people are experienced in Wyoming is the cost of drilling has gone up significantly. Okay. And the cost of putting in a pattern becomes a big part of what it costs you to produce 1 pound of uranium.

現在有了長期合約和更多的供應保障，就購買你的產品的人來說，擁有長期合約、八年合約等等，這開始更好地適應 ISR 的世界。但 ISR 的另一個特點是，我認為懷俄明州的許多人都經歷過鑽探成本大幅上漲的情況。好的。而建立模型的成本是生產 1 磅鈾成本的很大一部分。

So they're different animals. And then lastly with ISR, it can be very variable depending on how the uranium solubilizes underground and comes to the surface. So if I mine a tonne of ore in a conventional sense, I can literally walk it through the process plant and I can tell at each step what recovers I'm getting, what my reagent consumptions are, what kind of heat do I need, retention time, and everything. So they're very different.

所以它們是不同的動物。最後，對於 ISR，它會有很大變化，這取決於鈾如何在地下溶解並浮出水面。因此，如果我以傳統方式開採一噸礦石，我可以真正地將它穿過加工廠，並且可以在每一步知道我得到了什麼回收，我的試劑消耗是多少，我需要什麼樣的熱量，保留時間，以及一切。所以它們非常不同。

So on the ISR front, finding people, I think, places like Casper, where you've got three or four companies competing for bodies is creating issues because people are poaching from each other. And so that makes it difficult for people and with the skill sets of actually operating a successful ISR project.

因此，在 ISR 方面，我認為，在像卡斯珀這樣的地方尋找人才時，會有三四家公司爭奪人才，這會產生問題，因為人們會互相挖角。這使得人們很難真正操作一個成功的 ISR 專案。

When you go down to White Mesa and our uranium mines, Blanding is a very stable community workforce, very tight community. And we haven't had any real issues with people getting poached from White Mesa, but also, because it's a very tight team that works really well together. Miners are hard to find. We're training a lot of miners. People that call themselves miners aren't necessarily have all the skill sets that are required.

當你來到白台地和我們的鈾礦時，你會發現布蘭丁是一個非常穩定的社區勞動力，一個非常緊密的社區。我們並沒有遇到從白台地挖走員工的真正問題，而且因為我們是一個非常緊密的團隊，所以合作得非常好。礦工很難找到。我們正在培訓很多礦工。自稱礦工的人不一定具備所需的所有技能。

So it is a different world. Puneet, it is harder to start up now than I have ever seen in my career because the shortage of skills. We're making progress, but it has not been easy.

所以這是一個不同的世界。Puneet，由於技能的短缺，現在創業比我職業生涯中遇到的任何時候都要困難。我們正在取得進展，但這並不容易。

I don't know, I guess it's kind of long winded but -- and Puneet, if you ever want to take it offline on the pros and cons of ISR, happy to do that with you.

我不知道，我想這有點冗長，但是——Puneet，如果你想離線討論 ISR 的利弊，我很樂意和你一起做。

Yeah. Yeah. I know, right, as uranium analyst. I just wanted to see the advantage because everybody else is doing ISR, right? You're doing conventional start. So I think you do have an advantage yourself there, but labor has just been hard all around. So just had to ask questions. Thanks.

是的。是的。我知道，對，身為鈾分析師。我只是想看看它的優勢，因為其他人都在做 ISR，對吧？您正在進行常規啟動。所以我認為你們在那裡確實有優勢，但各地的勞動力都很困難。所以只需要問問題。謝謝。

But there are real advantages depending on which method is selected and what environment is selected. And there are people that say ISR is the only way to mine and it's wrong.

但根據選擇的方法和環境，確實存在優勢。有人說 ISR 是開採礦井的唯一途徑，這是錯誤的。

Conventional is also a good and proven methodology. And in a lot of cases, it's the only methodology to be used. And in our cases, like Pinyon Plain, you're not going to ISR Pinyon Plain, you're going to mine it conventionally. And Cameco is conventional. And Olympic Dam is conventional.

傳統方法也是一種良好且經過驗證的方法。在很多情況下，它是唯一可用的方法。在我們的案例中，例如 Pinyon Plain，你不會去 ISR Pinyon Plain，而是會以常規方式開採它。而 Cameco 則很傳統。奧林匹克壩是傳統的。

[Dave McCasland]

[戴夫·麥卡蘭]

Oh., hey. Thank you very much. Well, I've got about eight questions but I want to because I was an investor about six years ago at Linus and I gave up because of Malaysia issues and stuff like that. And when you got involved with Bahia, I said, oh my God, this is so great. We really need REE production here in the United States to get us away from relying on China for permanent magnets.

噢，嘿。非常感謝。嗯，我大約有八個問題，但我想問一下，因為大約六年前我是 Linus 的投資者，但後來因為馬來西亞問題之類的原因我放棄了。當你參與巴伊亞時，我說，天哪，這太棒了。我們確實需要在美國生產稀土元素，以擺脫對中國永久磁鐵的依賴。

In any case, so it's a huge step. It's going to take a lot of money. It's going to take -- and you're around the world involved in it. But when I started looking at your news, you were involved with a company called [Nanopowders] and all their scientists came from Cabot Corp, associated with your pre -- before you got actually into extracting NdPr out of monazite, how important has their contribution been to what you're doing there? Kind of sounds like you're a more conventional acid leach still.

無論如何，這都是一個巨大的進步。這需要花費很多錢。這會需要──而且你們全世界都參與其中。但是當我開始看您的新聞時，發現您參與了一家名為 [Nanopowders] 的公司，他們所有的科學家都來自卡博特公司，在您真正開始從獨居石中提取镨釹之前，他們的貢獻對您在那裡所做的事情有多重要？聽起來你還是個比較傳統的酸浸者。

I mean, it sounded like from a news release that the technology that they were trying to develop for you would be your technology, and you would control it. It might give you a competitive advantage. And if not, you can possibly even sell it to other people because, let's face it, breaking down something that's so permanent like monazite. Mother nature's been trying to break it down for millions of years and it's kind of what's left and getting particular atoms out of it. You don't -- it's not like getting jellybeans out of a can of sugar.

我的意思是，從新聞稿中聽起來，他們試圖為你開發的技術將是你的技術，你將控制它。它可能會為你帶來競爭優勢。如果沒有，你甚至可以把它賣給其他人，因為，讓我們面對現實吧，分解像獨居石這樣永久的東西。大自然母親數百萬年來一直試圖將其分解，並從中獲取特定的原子。你不需要──這可不像從糖罐裡取出軟糖那麼簡單。

So where did the Nanopowders deal fits it in? Or is it behind you? Because I think you spent a decent amount of money on it. Go ahead.

那麼 Nanopowders 交易有何意義呢？還是它在你身後？因為我認為你為此花了相當多的錢。前進。

Oh, well, there's a couple of things. There's Neo Performance that we started working with early on when we announced we're getting in the business in 2020. And that was where, we made a carbonate, we shipped it to Estonia. Back in the days, Constantine was CEO. And we still have a relationship with Neo, and we look at what the opportunities are in the future. But Nanoscale Powders, that was an R&D initiative that we explored, that we didn't go forward with. We still have some issues -- actually, one of the guys that was involved with Nanoscale Powders was -- has passed away. So there's the Neo relationship --

哦，好吧，有幾件事。當我們宣布將於 2020 年進入該行業時，我們很早就開始與 Neo Performance 合作。在那裡，我們製造了碳酸鹽，並將其運往愛沙尼亞。過去，康斯坦丁是執行長。我們仍然與 Neo 保持著合作關係，並且正在關注未來的機會。但奈米粉末是我們探索的研發計劃，但我們沒有繼續前進。我們仍然存在一些問題——實際上，參與奈米粉末研究的其中一位人員已經去世了。這就是 Neo 的關係--

That answers my question. That answers my question. Yeah, I thought maybe what was going on at White Mill was somewhat secret because you had keys to unlock monazite that other people didn't have, okay? But it doesn't sound like that's the case.

這回答了我的問題。這回答了我的問題。是的，我認為也許白磨坊發生的事情有點秘密，因為你有其他人沒有的打開獨居石的鑰匙，好嗎？但聽起來事實並非如此。

The keys we have is that we can process this at White Mesa Mill. We can recover the rare earth and uranium. We can deal with the radionuclides. We have the tailings facility facilities. And you said you were an early investor in Linus. Now, Linus also mines monazite but it's not monazite, sand, it's hard rock monazite. And yeah, they've had significant problems with the Malaysian government on the residuals. And I don't know where that is at this point in time, but that's one of the reasons they did a crack and leach facility in Kalgoorlie, Western Australia, which was a challenge for them because of the cost of building a facility and the availability -- want more radio activity like uranium because we can monetize it.

我們擁有的關鍵是，我們可以在 White Mesa Mill 處理這個問題。我們可以回收稀土和鈾。我們可以處理放射性核種。我們有尾礦設施。您說過您是 Linus 的早期投資者。現在，萊納斯也開採獨居石，但不是獨居石，不是沙子，而是硬岩獨居石。是的，他們在殘值問題上與馬來西亞政府有嚴重問題。我不知道現在那裡的情況，但這就是他們在西澳大利亞卡爾古利建造裂解和浸出設施的原因之一，這對他們來說是一個挑戰，因為建造設施的成本和可用性——他們想要更多像鈾這樣的放射性物質，因為我們可以將其貨幣化。

And it's about the same grade as our mines like La Sal or Pandora. And that's an attribute that we welcome to be able to recover that uranium.

它的品位與我們的 La Sal 或 Pandora 礦場差不多。這是我們歡迎的一種能夠回收鈾的特性。

Justin Chan, SCP Resource Finance.

SCP Resource Finance 的 Justin Chan。

Hi, Mark. Hopefully, I'm not breaking the rules too badly with the second question here. Just, I saw in the quarterly, there's some commentary on Bahia, and I think it said 7,000 to 10000 tonnes of monazite, which sounds like a lot of the kind of scoping work you've done is starting to define what the project looks like. I was wondering if you could give us more color on the work you've done and what it's -- how the project is shaping up.

你好，馬克。希望我的第二個問題沒有嚴重違反規則。剛才，我在季刊上看到一些關於巴伊亞的評論，我認為上面說的是 7,000 到 10,000 噸獨居石，這聽起來像是您所做的許多範圍界定工作開始確定項目的樣貌。我想知道您是否可以向我們詳細介紹您所做的工作以及專案進度。

Yes. I'm just going back and see what I did say here. We had -- but Bahia, we said 3,000 to 5,000 and then we said Donald is up to 7,000 in Phase 1. Well, okay. So you wanted me to talk about Bahia then?

是的。我只是回去看看我在這裡說了什麼。我們有——但是巴伊亞，我們說是 3,000 到 5,000，然後我們說唐納德在第一階段將達到 7,000。嗯，好的。那你想讓我談談巴伊亞嗎？

Yeah. Yeah, I mean, I think I could be wrong but it was the first time I've seen numbers put around scale there.

是的。是的，我的意思是，我想我可能是錯的，但這是我第一次看到按比例顯示的數字。

Yeah. Well, I'm looking at page 19 in the presentation, it's 3,000 to 5,000. But the Bahia project, we bought a sonic drill rig. And we're using that right now. We've got a large land position there. We hired a country manager that was Ex-Rio Tinto, Brazilian. And we've got, I don't know, 10 employees down in Brazil.

是的。嗯，我正在看簡報的第 19 頁，數字是 3,000 到 5,000。但是在巴伊亞計畫中，我們購買了一台聲波鑽機。我們現在正在使用它。我們在那裡擁有大片土地。我們聘請了一位前力拓集團巴西分公司經理。我們在巴西有 10 名員工。

We've also had support from Base go to Brazil, looking at exploration program. We're also advancing towards the permits for putting that project into place., doing a lot of whatever the studies that are required for that. It's still early stages. We've got to get your resource. And we're focused on getting to a resource in 2025, and also getting, as I said, support from Base with their expertise in that regard.

我們也得到了Base的支持，前往巴西考察勘探計畫。我們也正在推動實施該計畫的許可，並為此做了大量必要的研究。目前仍處於早期階段。我們必須獲取您的資源。我們專注於在 2025 年獲得資源，同時，正如我所說，我們也希望獲得 Base 在這方面的專業知識支援。

So it's moving forward at a significant pace, but it's earlier stages than like the Donald project and the Toliara project. They have more data, more study, more feasibility work, more permits. I mean, Donald project is effectively permitted. And so yeah, they're three different animals. Let's leave it at that.

因此，該項目正在以顯著的速度向前推進，但與唐納德項目和圖利亞拉項目相比，還處於早期階段。他們擁有更多的數據、更多的研究、更多的可行性工作、更多的許可證。我的意思是，唐納德項目實際上是被允許的。是的，它們是三種不同的動物。我們就到此為止吧。

Thank you. No further questions at this time. I will now hand the call back to Mr. Mark Chalmers for any closing remarks.

謝謝。目前沒有其他問題。現在我將把發言權交還給馬克·查默斯先生，請他做最後發言。

Yeah, thank you. Yeah, my closing comments are -- that was a lot of questions and that's good. Happy to get that kind of interest in what we're doing. What we're doing is different than others. I think that people are starting to understand the significance of what we're doing. We're playing a long game here, not a short game.

是的，謝謝。是的，我的結束語是——有很多問題，這很好。很高興我們所做的事情能引起大家的興趣。我們所做的事情與其他人不同。我認為人們開始理解我們所做的事情的意義。我們在這裡玩的是長期遊戲，而不是短期遊戲。

We're building a company for the future and that company, we are focused on being, as I said, world significant low cost with these multiple elements. And we are proud of that. We're driving our bus. And we believe that the focus that we're taking, we think, that as this becomes clear to investors, that gives us an opportunity for further re-rates in the stock and appreciation for the strategy.

我們正在為未來打造一家公司，正如我所說，我們專注於利用多種要素來實現世界性的低成本。我們對此感到自豪。我們正在駕駛我們的巴士。我們相信，隨著投資人逐漸明白這一點，我們所關注的重點將為我們進一步提高股票評級和策略升值提供機會。

So appreciate our current shareholders. I look forward to new shareholders and I look forward to giving more updates in due course, which I'm really excited and looking forward to doing. I just -- we've got a lot of work to do and we're going to keep focused on that and look forward to our future updates. Thank you very much.

非常感謝我們現有的股東。我期待新股東的到來，也期待在適當的時候提供更多更新信息，對此我感到非常興奮並期待著這樣做。我只是——我們有很多工作要做，我們將繼續專注於此，並期待我們未來的更新。非常感謝。

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。