Energy Fuels Inc (UUUU) 2024 Q4 法說會逐字稿

Good morning. My name is Andrew, and I will be your conference operator today. At this time, I would like to welcome everyone to the Energy Fuels fiscal-year 2024 conference call.

早安.我叫安德魯，今天我將擔任您的會議主持人。現在，我歡迎大家參加能源燃料 2024 財政年度電話會議。

(Operator instructions) Thank you. Mr. Chalmers, you may begin your conference.

（操作員指示）謝謝。查爾默斯先生，您可以開始您的會議了。

Thank you, Andrew, and good morning to those listening to the call today. My name is Mark Chalmers, President and CEO of Energy Fuels. And today, I am delighted to highlight Energy Fuels remarkable accomplishments during 2024, which we believe has created the leading US-based critical mineral company. I'm also excited to talk about our goals, guidance and aspirations in 2025 and beyond.

謝謝你，安德魯，今天收聽電話會議的各位早安。我叫馬克‧查爾默斯 (Mark Chalmers)，是 Energy Fuels 的總裁兼執行長。今天，我很高興地強調 Energy Fuels 在 2024 年的卓越成就，我們相信這些成就成就了美國領先的關鍵礦產公司。我也很高興談論我們 2025 年及以後的目標、指導和願望。

Many of you have heard me say many times, there is no other company in the world like Energy Fuels. Today, that is more true than ever before. Energy Fuels is building a global critical mineral powerhouse. And the progress we made in 2024 is extraordinary. We are building this business around our core uranium business, leveraging our permits, infrastructure, excess processing capacity and most importantly, our talented and creative workforce.

你們中的許多人聽我說過很多次，世界上沒有其他公司能像 Energy Fuels 一樣。今天，這一點比以往任何時候都更加真實。Energy Fuels 正在打造一個全球關鍵礦產資源強國。我們在 2024 年所取得的進步是非凡的。我們圍繞著核心鈾業務開展這項業務，利用我們的許可證、基礎設施、過剩加工能力，最重要的是，我們的才華橫溢、富有創造力的勞動力。

Over the course of the past year, we have resumed commercial uranium production, secured world-class critical mineral assets and commercially recovered separated rare earth elements, which some of our naysayers said was not even possible. While this has caught some people off guard and a diminishing group of naysayers remain, that is fine.

在過去的一年裡，我們恢復了商業鈾生產，獲得了世界級的關鍵礦產資產，並商業化回收了分離的稀土元素，而一些反對者甚至認為這是不可能的。儘管這讓一些人措手不及，而且反對者的數量也在減少，但這沒什麼。

We will continue to pursue our creative accretive strategy as it simply makes so much sense that it has become obvious. We are on the verge of generating significant cash flows and margins in the next couple of years and emerging as the leading low-cost, large-scale Western producer of several critical materials that are central to energy, defense, technology and mobility.

我們將繼續推行我們的創意增值策略，因為它的意義非常重大，而且已經顯而易見。我們即將在未來幾年產生大量現金流和利潤，並成為西方領先的低成本、大規模的多種關鍵材料生產商，這些材料對能源、國防、技術和移動旅行至關重要。

Today, I will be joined by David Frydenlund, our Executive Vice President and Chief Legal Officer; Nate Bennett, our Interim CFO and Chief Accounting Officer; and Curtis Moore, Senior VP of Marketing and Corporate Development, to assist with any questions that you may have at the end of the presentation.

今天，我將與我們的執行副總裁兼首席法律官 David Frydenlund、我們的臨時首席財務官兼首席會計官 Nate Bennett 以及市場營銷和企業發展高級副總裁 Curtis Moore 一起，解答您在演示結束時可能遇到的任何問題。

Replays of this presentation will be available shortly, perhaps even as early as today. And Kim or we will be controlling the slides, you will not be controlling the slides, but I'll try to remember to tell Kim when to advance the next slide. So let's get going with the presentation.

這次演講的重播將很快提供，甚至可能最早在今天就可以提供。而 Kim 或我們將控制幻燈片，你不會控制幻燈片，但我會盡量記得告訴 Kim 何時推進下一張幻燈片。那麼就讓我們開始示範吧。

Next slide. On Page 2, I may be making some forward-looking statements, and those are highlighted on this page that is included with the presentation. Next slide. I want to talk about our high-value sequence here. One of my slides was out a slide. So look, let's talk about Energy Fuels. Really, an investment in Energy Fuels is you are getting three companies in one.

下一張投影片。在第 2 頁，我可能會做出一些前瞻性的陳述，這些陳述在簡報中包含的此頁面上突出顯示。下一張投影片。我想在這裡談談我們的高價值序列。我的一張投影片已經出爐。那麼，讓我們來談談能源燃料。事實上，對 Energy Fuels 的投資就等於同時獲得三家公司。

We are building a globally significant critical minerals company. We have built this around our significant US significant leading US uranium production. We have produced uranium for the last decade or two or three with our assets, but we've never been world significant. But when you look at these two other portions of our strategy, we will be world significant with rare earth production and world significant with the heavy mineral sands production.

我們正在打造一家具有全球影響力的關鍵礦產公司。我們圍繞著美國重要的鈾生產建立了這個體系。過去一二十年或三十年來，我們利用自己的資產生產鈾，但從未產生過世界級的影響。但是當你看看我們策略的另外兩個部分時，你會發現我們的稀土生產和重礦砂生產都將具有世界重要性。

And that, in turn, makes a world significant company in due course with multi-elements being produced. and our timing is impeccable. Next slide. Let's talk about our high-value product lines. These are all in-demand materials central to energy, defense, mobility and health.

而這反過來又會在適當的時候使一家具有世界重要意義的公司生產出多種元素，而且我們的時機是無可挑剔的。下一張投影片。讓我們來談談我們的高價值產品線。這些都是能源、國防、交通和健康領域急需的材料。

Uranium, as I mentioned before and many of you are aware of, we have been a leading producer of uranium for a long period of time, and we are now in large-scale production. Currently, we have 3 producing mines, and we expect to have newly mined production of 1.73 million to 1.17 million pounds of contained uranium in 2025, subject to market conditions.

鈾，正如我之前提到的，你們很多人都知道，我們長期以來一直是鈾的主要生產商，現在我們正在大規模生產。目前，我們有 3 個在產礦山，預計到 2025 年，新開採的鈾礦產量將達到 173 萬至 117 萬磅，具體取決於市場狀況。

This does not include up to 200,000 pounds of additional alternate feed materials and third-party ore purchases, so you can add up to another 200,000 pounds on top of that. We expect to sell under contract between 200,000 to 300,000 pounds in 2025, and we will also be looking at potential spot sales as prudent as the market strengthens.

這還不包括高達 200,000 磅的額外替代進料材料和第三方礦石購買，因此您可以在此基礎上再添加高達 200,000 磅。我們預計 2025 年的合約銷售量將在 20 萬至 30 萬磅之間，隨著市場走強，我們也將謹慎地考慮潛在的現貨銷售。

Inventory, we have nearly 400,000 pounds of finished uranium already on the ground at the end of '24, and we have over 700,000 pounds of contained uranium and ore and other raw materials to be processed. By the end of 2025, we expect to hold between 1.6 million to 2.3 million pounds of uranium that will either be finished or in inventory yet to be processed.

庫存方面，截至 24 年底，我們已經有近 40 萬磅成品鈾儲備在地面上，還有超過 70 萬磅的含鈾礦石和其他原料有待處理。到 2025 年底，我們預計將擁有 160 萬至 230 萬磅鈾，這些鈾要么已加工完畢，要么處於尚未處理的庫存中。

And I want to comment on this because I think some people do not understand the flexibility that we have at Energy Fuels because with the White Mesa Mill, we can have newly mined ore, we can have alternate feed that we processed for many decades. We can have mine cleanup ore. We can have pond return. And we can process that, we can mine it, we can store it at the mine, we can ship it to the mill. We can store it at the mill in stockpile.

我想對此發表評論，因為我認為有些人不了解我們 Energy Fuels 的靈活性，因為有了 White Mesa Mill，我們可以獲得新開採的礦石，我們可以獲得我們加工了幾十年的替代原料。我們可以清理礦山礦石。我們可以讓池塘回歸。我們可以對其進行加工，可以對其進行開採，可以將其儲存在礦場，可以將其運送到工廠。我們可以將其儲存在工廠的庫存中。

We can process some of that in a mixture. We can process just newly mined ore, add alternate feed or other sources. So one of the things I want to highlight is that, that has been a key success to Energy Fuels over decades because we had that flexibility. So you can't compare it just to an ISR mine, other mine because no one else has that flexibility.

我們可以透過混合物來處理其​​中的一些。我們可以加工新開採的礦石，並添加替代原料或其他來源。因此，我想強調的一點是，幾十年來，這對 Energy Fuels 來說是一個關鍵的成功，因為我們有這種彈性。因此，你不能將它與 ISR 水雷或其他水雷進行比較，因為沒有其他水雷具有這種靈活性。

So rare earths, we are a leading producer of Rare Earths in the United States and not many people can say that. We're now in early-stage commercial production. We have the capacity to produce up to 1,000 tonnes of NdPr per year. We produced 38,000 kilograms of on-spec NdPr in 2024. This material is now being tested and qualified by non-China Rare Earth metal and magnet manufacturers to support future sales and offtakes.

因此，就稀土而言，我們是美國領先的稀土生產商，沒有多少人可以這麼說。我們現在正處於早期商業生產階段。我們每年可生產高達 1,000 噸 NdPr。2024 年，我們生產了 38,000 公斤符合規格的镨釹。該材料目前正在接受中國以外的稀土金屬和磁鐵製造商的測試和鑑定，以支持未來的銷售和承購。

And that is going very well. And I hope to have further updates to the market in due course. We also have the potential to go back into -- even though we're currently processing uranium at the mill, we have the ability to go back into commercial production of NdPr either this year or in '26, subject to mill schedule market conditions and supply of feedstock.

一切進展順利。我希望能及時向市場提供進一步的更新資訊。我們也有潛力恢復——儘管我們目前正在工廠加工鈾，但我們有能力在今年或 26 年恢復 NdPr 的商業生產，但取決於工廠計劃市場條件和原料供應情況。

On the heavy mineral sands front, we are advancing three material mining projects right now, and that is a big part of our story in 2024 and going forward. Mines world-scale, world-class projects in Madagascar, Australia and Brazil.

在重礦砂方面，我們目前正在推動三個材料開採項目，這是我們 2024 年及未來發展的重要組成部分。在馬達加斯加、澳洲和巴西開採世界規模、世界級的計畫。

Medical isotopes, we are continuing to do our research and development on the recovery of radium and radium is put into solution when we're processing our uranium ores or some of our rare earth feeds. Vanadium, we're still the largest primary producer of vanadium in the United States, and we can respond quickly when markets support this.

醫用同位素，我們正在繼續對鐳的回收進行研究和開發，當我們處理鈾礦石或一些稀土原料時，鐳會被放入溶液中。釩，我們仍然是美國最大的釩初級生產商，當市場支持這一點時，我們可以迅速做出反應。

Next slide. So let's talk about 2024, which was a fundamental building year, again, developing low-cost Tier 1 critical mineral assets while maintaining a very strong balance sheet. We had a net loss in 2024 of $48 million, but that really is somewhat misleading because that was driven by transaction costs and the combination with primarily base resources, which was also offset by uranium sales.

下一張投影片。那麼讓我們來談談 2024 年，這是一個基礎建設年，再次開發低成本的一級關鍵礦產資產，同時保持非常強勁的資產負債表。2024 年我們的淨虧損為 4,800 萬美元，但這確實有些誤導，因為這是由交易成本以及主要基礎資源的結合所驅動的，而鈾銷售也抵消了這一損失。

We sold 450,000 pounds of uranium for a gross profit of $21 million at a margin that was north of 50%, and we sold it through a combination of contract sales and spot sales that averaged around $84 per pound, which is a better result than a lot of our peers. We also sold approximately $40 million of heavy mineral sands products, which includes ilmenite, rutile and zircon. We had one-off transaction cost of over $10 million, and as I mentioned, related to the acquisition of Base and the formation of the Donald joint venture project with Astron.

我們賣了 45 萬磅鈾，毛利為 2,100 萬美元，利潤率超過 50%，我們透過合約銷售和現貨銷售相結合的方式銷售，平均價格約為每磅 84 美元，這個成績比許多同行都要好。我們還銷售了價值約 4000 萬美元的重礦砂產品，其中包括鈦鐵礦、金紅石和鋯石。我們的一次性交易成本超過 1000 萬美元，正如我所提到的，與收購 Base 以及與 Astron 組建 Donald 合資項目有關。

Some of our recurring costs and additional operating costs were higher with the acquisition of Base and the reclamation of the Kwale project in Kenya that came to a close at the end of December of '24. We also purposely elected to not sell uranium during Q4 due to weak prices. That all contributed to the loss.

由於收購 Base 以及肯亞 Kwale 計畫的開墾（該計畫於 2024 年 12 月底結束），我們的部分經常性成本和額外營運成本有所增加。由於價格疲軟，我們也特意選擇在第四季不出售鈾。所有這些都導致​​了損失。

We still have excellent liquidity with over $178 million at current commodity prices made up of cash, cash equivalents, liquid marketable securities, uranium and other receivables and inventory. We have, as I said earlier, 400,000 pounds of finished uranium. We also have 900,000 pounds of vanadium and we have some mixed rare earth carbonate and 38,000 kilograms of finished separated NdPr in inventory.

我們仍然擁有良好的流動性，以當前商品價格計算，我們的流動性超過 1.78 億美元，包括現金、現金等價物、流動有價證券、鈾和其他應收款和庫存。正如我之前所說，我們擁有 400,000 磅成品鈾。我們還擁有 90 萬磅釩、一些混合稀土碳酸鹽和 38,000 公斤成品分離镨釹庫存。

No debt. We probably have $1 billion worth of assets plus. We also raised $60 million of cash on our ATM from the beginning of the year through February 14 at an average share price of $5.34 per share. This is to ensure we have plenty of cash to advance our Tier 1 mineral assets that we're currently really not getting valued in the market.

沒有債務。我們的資產價值可能超過10億美元。從年初到 2 月 14 日，我們也透過 ATM 籌集了 6,000 萬美元現金，平均股價為每股 5.34 美元。這是為了確保我們有足夠的現金來推進我們目前在市場上尚未受到重視的一級礦產資產。

Next slide. So let's look at the diversified asset portfolio that we have put together over the last few years. Certainly, in the Northern Hemisphere is mainly our uranium assets, most of which or a number of which are permitted. We're headquartered out of Denver. We have the White Mesa Mill that can process the uranium and the rare earths. And that is really the area where we have our hydrometallurgy skills in the Northern Hemisphere.

下一張投影片。讓我們來看看過去幾年我們建立的多元化資產組合。當然，北半球主要是我們的鈾資源，其中大部分或一部分是被允許的。我們的總部設在丹佛。我們有白色梅薩磨坊，可以處理鈾和稀土。這正是我們在北半球擁有濕式冶金技術的地區。

And now with the combination of base in the Southern Hemisphere, we have an office in Perth, and we have a full management team to advance our heavy mineral sand goals and recover monazite in due course that are focused on physical metallurgy and are currently advancing two FID, final investment decision processes, advancing those on the world-class Toliara project and Donald joint venture in Victoria.

現在，我們在南半球擁有基地，在珀斯設有辦事處，並擁有一支完整的管理團隊，以推進我們的重礦砂目標，並在適當的時候回收獨居石，重點是物理冶金，目前正在推進兩個 FID，即最終投資決策流程，推進世界級的圖利亞拉項目和維多利亞州唐納德合資項目。

So we have a complete team of people advancing those projects right now. Next slide. So we put together this graphic to kind of illustrate how it all works from a structural perspective. I mean, currently, we are processing uranium ore, and we can also process where we're processing vanadium ores as well to from multiple uranium projects. It goes through the White Mesa Mill, and we can produce U308, V205 if we like to recover it and potentially medical isotopes.

因此，我們現在擁有一支完整的團隊來推進這些專案。下一張投影片。因此，我們製作了這張圖表，從結構角度來說明這一切是如何運作的。我的意思是，目前，我們正在處理鈾礦石，我們也可以處理釩礦石，以及來自多個鈾項目的處理。它經過白色梅薩磨坊，如果我們願意的話，我們可以生產 U308、V205 以及潛在的醫用同位素。

That same mill, because we retrofit it to be able to also process rare earths can stop processing uranium ores and process monazite that contains uranium to advance and recover uranium and rare earth oxides. This is remarkable that we have a facility that can process both these ore streams at the mill, and we're able to build that for about $20 million.

因為我們對同一家工廠進行了改造，使它能夠處理稀土元素，所以它可以停止處理鈾礦石，而是處理含鈾的獨居石，以推進和回收鈾和稀土氧化物。值得注意的是，我們擁有一個可以在工廠中處理這兩種礦石流的設施，而且我們能夠以大約 2000 萬美元的價格建造它。

Now the mineral sands down at the bottom in the orange really doesn't touch the mill at all with the exception of recovering the monazite, which can be processed through the Phase 1 plant at the mill.

現在，橘子底部的礦物砂實際上根本不接觸工廠，除了回收獨居石，獨居石可以透過工廠的第一階段工廠進行加工。

Now our Phase 2 initiative, which is building an entire separate brand-new rare earth processing facility will be separate from the center of that graphic because we will be able to have a completely separate uranium processing facility and a completely separate rare earth processing facility looking to the future.

現在，我們的第二階段計劃，即建造一個完全獨立的全新稀土處理設施，將與該圖表的中心分開，因為展望未來，我們將能夠擁有一個完全獨立的鈾處理設施和一個完全獨立的稀土處理設施。

Now on the far right, you have multiple different materials and elements that can be processed through our infrastructure. We've seen how brutal the critical mineral elements can be like lithium, graphite, cobalt, including uranium when the price goes up or down, and our company will be diversified with multiple streams at world significant scale.

現在在最右邊，您有多種不同的材料和元素可以透過我們的基礎設施進行處理。我們已經看到，當價格上漲或下跌時，鋰、石墨、鈷、鈾等關鍵礦物元素的供應有多麼緊張，我們的公司將多元化，擁有多種具有世界影響力的資源。

Next slide. So again, as I talked about, we have three mines in production. The mill is actively processing uranium today. and we processed at the end of 2024. We only ran the mill at the very end of Q4, and we produced about 160,000 pounds of ore. We expect to finish additional uranium in the first half of this year of between 200,000 and 250,000 pounds.

下一張投影片。正如我剛才所說，我們有三個礦山正在生產。該廠目前正積極處理鈾。我們在 2024 年底進行了加工。我們只是在第四季末才開始運作工廠，生產了約 16 萬磅礦石。我們預計今年上半年將完成 20 萬至 25 萬磅的額外鈾開採。

It can be more, as I explained earlier, because we will have plenty of feedstock that we can still process if we elect to. It really depends on what contracts we want to fill and what spot sales we want to make on how much finished goods we actually have at any one given time. I talked about the mining of the ore between that 730,000 to nearly 1.2 million pounds, and that would primarily come from the Pinyon Plain Mine and La Sal complex.

正如我之前解釋的那樣，這個數字還可以更多，因為如果我們願意的話，我們還有足夠的原料可以加工。這實際上取決於我們想要履行什麼合約、我們想要進行多少現貨銷售以及我們在任何特定時間實際擁有多少成品。我談到了 73 萬至近 120 萬磅礦石的開採，這些礦石主要來自 Pinyon Plain 礦和 La Sal 綜合體。

And I also mentioned that there could be up to another 200,000 pounds of alternate feed and third-party ore purchases that all goes to our account. We still are increasing our ability to ramp up to a run rate of 2 million pounds per year with additional work at the Whirlwind project and at Nichols Ranch with additional drilling.

我還提到，可能還會有高達 20 萬磅的替代原料和第三方礦石採購全部進入我們的帳戶。我們仍在不斷提高生產能力，以將產量提高到每年 200 萬磅，同時也在 Whirlwind 項目和 Nichols Ranch 進行額外的鑽探。

We're also very pleased with the landmark agreement with the Navajo Nation for ore transport, and we are currently transporting ore from the Pinyon Plain mine without any issue. And we're also very excited that we also will be working closely with the Navajo Nation on cleaning up some of their abandoned uranium mines that had nothing to do with Energy Fuels, but that all fits in perfectly with our ESG and our corporate responsibility and stakeholders in all the areas that we work in, particularly down in the Four Corners region.

我們也對與納瓦霍族達成的具有里程碑意義的礦石運輸協議感到非常高興，目前我們正在順利地從 Pinyon Plain 礦運輸礦石。我們也非常高興，我們將與納瓦霍族密切合作，清理一些與能源燃料無關的廢棄鈾礦，但這一切都與我們的 ESG 以及我們工作的所有領域的企業責任和利益相關者完全契合，特別是在四角地區。

We have four contracts, long-term contracts. And as I said, we're only expecting to sell under contract between 200,000 and 300,000 pounds in 2025. We can continue, like we did in 2024, opportunistic spot sales if the market is there, but we do not plan to sell uranium at these current spot prices, which are in the mid-60s.

我們有四份合同，都是長期合約。正如我所說，我們預計 2025 年的合約銷售額僅為 20 萬至 30 萬英鎊。如果有市場，我們可以像 2024 年那樣繼續機會性現貨銷售，但我們不打算以目前的現貨價格（60 多美元）出售鈾。

And as I said, at the end of this slide, we are building inventory of uranium to have it available in the order of 1.6 million to 2.3 million pounds in uranium inventory, and we can process that, as I said, when we elect to, to meet the market conditions at the time. Next slide. Rare earths, we continue to focus on monazite as a low-cost byproduct of heavy mineral sands. Monazite has superior distributions of NdPr, DY and TB, which is very, very important, particularly with the component of heavies.

正如我在本投影片末尾所說的那樣，我們正在建立鈾庫存，以便鈾庫存達到 160 萬至 230 萬磅的水平，並且我們可以在選擇時對其進行處理，以滿足當時的市場條件。下一張投影片。稀土方面，我們持續關注獨居石作為重礦砂的低成本副產品。獨居石具有優越的 NdPr、DY 和 TB 分佈，這非常非常重要，尤其是重質元素的成分。

It's a low-cost byproduct coming from these projects that we've assembled over the last 18 months or so in the heavy mineral sand space. White Mesa is the only facility in the US that can process monazite. I talked about the inventory of the on spec separated NdPr that we currently have, the 1,000 tons of NdPr capacity that we have in our Phase 1 plant at the mill.

這是我們在過去 18 個月左右的時間裡在重礦砂領域開展的這些項目的低成本副產品。White Mesa 是美國唯一一家能夠加工獨居石的工廠。我談到了我們目前擁有的符合規格的分離镨釹庫存，以及我們工廠一期工廠的 1,000 噸镨釹產能。

We are also looking to increase production over time with this Phase 2 plant. We do have a pre-feasibility study that was done a year or so ago back. We're looking to increase the capacity up to 6,000 tonnes of NdPr per year. And we've already got and awarded to Barr Engineering, the engineering for the definitive feasibility study, and that is well underway and should be completed towards the end of this year. We're also currently piloting DY and TB separation of the heavies. And we've done all this without diminishing our ability to produce uranium.

我們也希望隨著時間的推移提高二期工廠的產量。我們確實在大約一年前做過一項預可行性研究。我們希望將镨釹的年產量提高至 6,000 噸。我們已將最終可行性研究的工程委託給 Barr Engineering，目前工程進展順利，預計今年底完成。我們目前仍在試行 DY 和 TB 重物分離。而且，我們做到這一切的同時也沒有削弱我們生產鈾的能力。

Next slide. So we've shown this graphic showing the steps to integration to get down to magnets and drivetrains, and we are rapidly advancing this with the ability and having secured these world-class assets for the supply of both heavy mineral sands and monazite, our ability to process mixed rare earth carbonates, our ability to separate rare earth oxides and ramp that up in due course with Phase 2, but we're very focused on the next step, which is the rare earth metals and alloy step.

下一張投影片。因此，我們展示了這張圖表，展示了整合到磁鐵和傳動系統的步驟，我們正在迅速推進這一進程，並已獲得這些世界一流的資產，用於供應重礦砂和獨居石，我們有能力處理混合稀土碳酸鹽，我們有能力分離稀土氧化物，並在第二階段的適當時候提高這些能力，但我們非常專注於下一步，即稀土金屬合金步驟。

And we're already working on that with, I said, the prequalification with other companies in the world, but we have aspirations to continue making these steps for full integration in due course. And so that is a key focus of our company going forward. Next slide. On the heavy mineral sand front, again, we made extraordinary process for low-cost, world-scale titanium zirconium mines that also can produce the monazite low-cost byproduct feedstock to extract the titanium minerals, the ilmenite, rutile, leucoxene, zircon minerals and rare earths.

我們已經在與世界上其他公司合作進行資格預審，但我們希望繼續採取這些措施，以便在適當的時候實現全面整合。這是我們公司未來的重點。下一張投影片。在重礦砂方面，我們再次為低成本、世界規模的鈦鋯礦制定了非凡的工藝，該礦還可以生產獨居石低成本副產品原料，以提取鈦礦物、鈦鐵礦、金紅石、白鈦礦、鋯石礦物和稀土元素。

And so basically, the titanium zirconium raw materials are used in industrial applications like white pigment, paint, plastic, metals, ceramics, chemicals, refractory foundries and nuclear applications. In 2024, I already mentioned we had approximately $40 million of revenue from sales from Kwale project. That was 18,000 tons of rutile, 48,000 tons of ilmenite and 2,500 tons of zircon.

因此，基本上，鈦鋯原料用於白色顏料、油漆、塑膠、金屬、陶瓷、化學品、耐火材料鑄造廠和核應用等工業應用。我已經提到，2024 年我們從 Kwale 專案的銷售中獲得了約 4000 萬美元的收入。其中包括 18,000 噸金紅石、48,000 噸鈦鐵礦和 2,500 噸鋯石。

We're rapidly advancing these three heavy mineral sands projects that I mentioned with our newly acquired project team based out of Perth, both at Toliara, Donald and Bahia and the combination of those, including the relationship we have with Chemours puts us in a position to get to scales approaching or equal to Lynas in due course.

我們正在與我們新收購的位於珀斯的項目團隊一起快速推進我提到的這三個重礦砂項目，這兩個項目分別位於圖利亞拉、唐納德和巴伊亞，這些項目的結合，加上我們與科慕的關係，使我們能夠在適當的時候達到接近或相當於萊納斯的規模。

And it has compelling economics. compelling economics on the heavy mineral sands alone and even more so with the rare earth processing. And as we take those rare earths and process them through the value chain of the oxides, metals and alloys, that margin even increases further.

而且它具有引人注目的經濟效益。僅重礦砂就具有引人注目的經濟效益，稀土加工則更是如此。當我們將這些稀土元素透過氧化物、金屬和合金的價值鏈進行加工時，利潤率會進一步增加。

Next slide. So the Toliara project is a game changer for our company and not just our company, but for the critical mineral industry. We believe this project when it is fully approved by the Madagascar government and built, constructed and operating will revolutionize global rare earth production, including titanium and zircon markets. In October, we closed on the combination with Base Resources on October 2.

下一張投影片。因此，圖利亞拉計畫不僅對我們公司有重大影響，而且對關鍵的礦產產業也具有重大影響。我們相信，該計畫在馬達加斯加政府的全面批准並建成、施工和營運後，將徹底改變全球稀土生產，包括鈦和鋯石市場。十月份，我們於 10 月 2 日完成了與 Base Resources 的合併。

And about six weeks later, the government of Madagascar lifted the suspension on the Toliara project. A week or so later, the government of Madagascar and Energy Fuels signed an MOU, advancing technical and financial terms and development, and we are currently working on legal agreements with the Madagascar government right now. And everyone seems to be focused on getting this done.

大約六週後，馬達加斯加政府解除了圖利亞拉計畫的暫停。大約一週後，馬達加斯加政府和 Energy Fuels 簽署了一份諒解備忘錄，以推進技術和財務條款及發展，我們目前正在與馬達加斯加政府制定法律協議。每個人似乎都專注於完成這件事。

We've advanced and started the bid process for the Toliara project. It's expected to be completed in the first half of 2026. This is a massive resource. It includes massive quantities of recoverable monazite, ilmenite, rutile and zircon. And I don't really think the market appreciates how significant this acquisition was for the company.

我們已經推進並開始了圖利亞拉計畫的招標程序。預計2026年上半年完工。這是一個巨大的資源。其中包括大量可回收的獨居石、鈦鐵礦、金紅石和鋯石。我真的不認為市場意識到這次收購對公司有多重要。

Those that know the project understand the scale and the significance of this. And a big chunk of our feed for Phase 2 plant will come from the Toliara project on a project that has the potential to generate hundreds of millions of dollars of EBITDA per year for generations. It currently has a mine life of 38 years with the current feasibility study done by base, but it has significant potential to expand this.

了解該專案的人都知道該專案的規模和意義。我們第二期工廠的大部分原料將來自圖利亞拉項目，該項目有潛力在未來幾代中每年產生數億美元的 EBITDA。根據基地目前的可行性研究，該礦的礦山壽命為 38 年，但具有很大的延長壽命的潛力。

Next slide. So in addition, we have the Bahia project, which is in exploration and permitting that we bought and own 100% that can also contribute feed to the Phase 2 plant or even the Phase 1 plant and the Donald project in Australia, which is a joint venture where we're earning 49% interest, but would secure all the monazite from that project.

下一張投影片。此外，我們還有巴伊亞項目，該項目處於勘探和許可階段，我們購買並擁有 100% 的股份，該項目也可以為第二階段工廠甚至第一階段工廠和澳大利亞的唐納德項目提供飼料，這是一個合資企業，我們賺取 49% 的權益，但將從該項目中獲得所有獨居石。

And again, not at the scale of Toliara, but material scale with up to 7,000 to 14,000 tons of monazite per year for decades. We have most or all the major permits in place, and we again are advancing this through final investment decision targeted for June 30 of this year. And we're using base to advance the FID process with the joint venture, advancing Toliara, completing the final reclamation at Kwale and also advancing the Bahia project.

再次強調，這不是圖利亞拉的規模，而是物質規模，幾十年來每年獨居石的產量高達 7,000 至 14,000 噸。我們已經獲得了大部分或全部主要許可證，我們將再次透過定於今年 6 月 30 日做出的最終投資決定來推進這一進程。我們正在利用這個基礎與合資企業推進 FID 進程，推進圖利亞拉項目，完成誇勒的最終填海工程，並推進巴伊亞項目。

So we have, again, a complete projects team. I don't know if people appreciate how important that is with advancing these projects and also building, constructing and operating those in the most efficient ways possible. Next slide. So this is an indicative timeline for the rare earth development. And I just want to point out that when you look at -- we commissioned the Phase 1 separation plant in 2024.

因此，我們再次擁有一個完整的專案團隊。我不知道人們是否意識到這對於推進這些項目以及以盡可能最有效的方式建造、建造和運營這些項目有多麼重要。下一張投影片。這是稀土發展的一個指示性時間表。我只想指出，當你看到——我們在 2024 年啟動了第一階段的分離工廠。

Meanwhile, we stopped processing rare earths. We've started the uranium processing. This will continue on over the course of the next many years and can ramp up to 5 million pounds in due course with some of our undeveloped projects that we're advancing through the permits.

同時，我們停止了稀土加工。我們已經開始鈾處理。這項舉措將在未來很多年持續下去，隨著我們透過許可證推進一些未開發的項目，投資金額將在適當的時候增加到 500 萬英鎊。

Meanwhile, when you look at the red up above, we have four sources of both heavy mineral sands and monazite coming in over the next few years, including Chemours, which we still receive monazite from as we speak, the Donald project, Bahia and Toliara and Madagascar, all adding up to world significant low-cost scale and scale equal to approximately Lynas. We can restart the Phase 1 separation plant as required, whether it be this year, next year or '27, but we plan to have the Phase II separation plant fully constructed and operating by 2028 to fit the supply from these other projects.

同時，當你看到上面的紅色部分時，我們會發現未來幾年內我們將有四個重礦砂和獨居石來源，包括科慕（我們現在仍然從那裡獲得獨居石）、唐納德項目、巴伊亞和圖利亞拉以及馬達加斯加，所有這些加起來將形成世界重要的低成本規模，其規模大約相當於萊納斯。我們可以根據需要重啟第一階段的分離工廠，無論是今年、明年還是27年，但我們計劃在2028年之前全面建成並投入運營第二階段的分離工廠，以滿足這些其他項目的供應。

Next slide. The medical isotopes, radium recovery, I've already talked about. It's a complementary high-growth opportunity, targeting the targeted alpha therapies which shows great promise for the treatment of cancer. There are certain isotopes, primarily the Radium-226 and 228 that are highly sought after, and we're evaluating the potential to recover this for the US medical supply chain and even potentially globally.

下一張投影片。醫用同位素、鐳的回收，我已經談過了。這是一個互補的高成長機會，針對標靶 α 療法，該療法在癌症治療中顯示出巨大的前景。某些同位素，主要是鐳-226 和 228，備受追捧，我們正在評估為美國醫療供應鏈甚至全球範圍內回收這些同位素的可能性。

We have this research and development license, and we're currently working to advance that as we speak. And we have potential to produce commercial quantities in coming years. And if we're successful, it has potential for significant cash flows looking forward. And there is a global shortage of these isotopes. So kind of watch this space.

我們擁有此項研發許可證，目前正在努力推進此項工作。我們有潛力在未來幾年實現商業化生產。如果我們成功了，未來就有可能產生可觀的現金流。而全球範圍內都存在這些同位素的短缺。因此請關注這個空間。

Next slide. Let's talk about guidance. Now as I said earlier, finished material, and it can be more than this in the first half of 2025, 200,000 to 250,000 pounds of uranium production currently, and it can be higher, as I mentioned. We only have 200,000 to 300,000 pounds of uranium under contract.

下一張投影片。讓我們來談談指引。正如我之前所說，成品材料到 2025 年上半年可能會超過這個數字，目前的鈾產量為 20 萬至 25 萬磅，而且可能更高，正如我所提到的。根據合同，我們只購買了 20 萬至 30 萬磅鈾。

In 2025, we'll opportunistically look at selling spot uranium if the market strengthens, but we're not going to if it stays weak. I talked about the ore production at the conventional mines, and this is ore production, and we'll process it or not depending on what the market looks like, but we'll have it to process, and we can process it in a couple of months or two or three months if need be.

2025 年，如果市場走強，我們就會抓住機會考慮出售現貨鈾，但如果市場持續疲軟，我們就不會這麼做。我談到了常規礦山的礦石生產，這是礦石生產，我們會根據市場情況進行加工或不加工，但我們會進行加工，如果需要的話，我們可以在幾個月或兩三個月內進行加工。

And it doesn't include the 200,000 pounds or up to 200,000 pounds of alternate feed third-party purchases. So towards the end of the year, we could have inventories of between 1.6 million and 2.4 million pounds, both finished and on process. Still working to increase the run rate up to 2 million pounds plus.

這還不包括20萬磅或高達20萬磅的替代飼料第三方購買量。因此，到今年年底，我們的庫存量將在 160 萬至 240 萬磅之間，包括成品和在製品。仍在努力將運行率提高至 200 萬英鎊以上。

We have these two additional permitted mines that we're working on as we speak, as I mentioned earlier, and we have these other projects that we're still advancing with our permits, the large-scale Roca Honda project, Bullfrog, and we also have the Sheep Mountain project in Wyoming. We'll continue to do our research and development on radium.

正如我之前提到的，我們現在正在開發另外兩個獲得許可的礦山，我們還有其他項目正在申請許可證，包括大型 Roca Honda 項目、Bullfrog，以及懷俄明州的 Sheep Mountain 項目。我們將繼續對鐳進行研究和開發。

Next slide. And we also have the ability to go back into rare earth production in '25 or '26 if we elect to and we have the feedstock to do so. I talked about the Phase 2 expansion engineering that's underway. We're very excited about that with Barr engineering, and we'll be coming up with updated capital and operating cost for the Phase 2, and we'll be coming up with updated capital operating costs for the fits that are underway for both the Donald project and Toliara this year and early into next year.

下一張投影片。如果我們願意並且擁有原料，我們也有能力在 25 年或 26 年恢復稀土生產。我談到了正在進行的第二階段擴建工程。我們對與巴爾工程公司的合作感到非常興奮，我們將為第二階段提出最新的資本和營運成本，並且我們將為今年和明年年初正在進行的唐納德專案和圖利亞拉專案提出最新的資本營運成本。

I talked about the piloting of the DY and TB, and that is very exciting. The drilling is at the Bahia project in Brazil will be underway. We expect to have a resource estimate later in '25 or '26. I talked about doing the two bids underway for both Donald and Toliara. And as I indicated, we have a complete project team to advance those.

我談到了 DY 和 TB 的試點情況，這非常令人興奮。巴西巴伊亞計畫的鑽探工作即將開始。我們預計將在 2025 年或 2026 年稍後做出資源估算。我談到了對唐納德和圖利亞拉正在進行的兩項競標。正如我所指出的，我們有一個完整的專案團隊來推動這些工作。

And we're pursuing the final agreements on Toliara with the government of Madagascar. And then lastly, we are developing a comprehensive project finance strategy for these remarkable projects, which are world-scale low cost and the timing could never be better for critical elements at this scale, I don't believe, of any company I know of at this point in time. So now I'd like to open it up for questions.

我們正在與馬達加斯加政府就圖利亞拉問題達成最終協議。最後，我們正在為這些非凡的專案製定全面的專案融資策略，這些專案具有世界級的低成本，而且對於這種規模的關鍵要素來說，時機再好不過了，我相信，目前我所知道的任何公司都沒有比這更好的時機。現在我想開始回答大家的提問。

(Operator instructions)

（操作員指示）

Heiko Ihle, H.C. Wainwright.

Heiko Ihle、H.C. Wainwright。

Hey, Mark, thanks for taking my questions. How are you?

嘿，馬克，謝謝你回答我的問題。你好嗎？

Always a pleasure, Heiko.

總是很高興，Heiko。

Indeed, it is. Let's talk a bit about your long-term contracts or even more importantly, about contracts that haven't really been made yet. What are you seeing in the market, just maybe over the past month given recent uranium pricing? Is there still -- and I assume the answer is yes. Is there still an interest for geopolitically safe uranium? Maybe just give us a little bit of color of what you're seeing in the market from your customers and maybe other folks you're talking to.

確實如此。讓我們來談談您的長期合同，或者更重要的是，談談尚未簽訂的合約。鑑於最近的鈾價，您在市場上看到了什麼？也許在過去的一個月裡？還有嗎——我認為答案是肯定的。人們是否仍然對地緣政治安全的鈾感興趣？也許您可以向我們稍微介紹一下您從客戶以及與您交談的其他人那裡了解到的市場情況。

Yes. Heiko, I'll have Curtis answer that question. I mean, I think -- but before he does, the term market is still pretty strong. And I think people recognize the need to have long-term contracts and the spot is weak. But Curtis, go ahead and --

是的。Heiko，我會讓 Curtis 回答這個問題。我的意思是，我認為——但在他這樣做之前，術語市場仍然相當強大。我認為人們認識到簽訂長期合約的必要性，但現貨供應不足。但是柯蒂斯，繼續吧--

Yes, absolutely. So yes, yes, the term market still seems to be pretty good. The term price is still hanging in there in the $82 per pound range. There are RFPs still being issued right now, probably, I suspect to take advantage of some of the lower pricing we're seeing in spot markets. But again, long term, I think that the market remains good.

是的，絕對是。所以是的，是的，術語市場似乎仍然相當不錯。預計價格仍徘徊在每磅 82 美元左右。目前仍有 RFP 正在發布，我懷疑這可能是為了利用我們在現貨市場上看到的一些較低價格。但從長遠來看，我認為市場仍然保持良好。

The spot market is seeing a little bit of what I would say is some short-term weakness due to just, I think, people trying to get their heads around what's happening with the new administration in Washington, D.C. There's not a big rush to go out and be particularly active in the spot market and deploy capital there. But yes, long term, I think the fundamentals look as good or even better than ever.

我認為現貨市場出現了一些短期疲軟，原因只是人們試圖了解華盛頓特區新政府的情況。人們並不急於在現貨市場上特別活躍並在那裡部署資本。但從長遠來看，我認為基本面看起來比以往任何時候都好，甚至更好。

Fair enough. Good. And then just a quick clarification, I guess, because one question, one follow-up. There is a sentence in your press release, the company expects to mine stockpile ore from its Pinyon Play in La Sal and Pandora mines totaling approximately 730,000 to 1.17 million pounds. That's a huge delta.

很公平。好的。然後我猜只是快速澄清一下，因為一個問題需要一個後續問題。你們的新聞稿中有一句話，公司預計將從其位於拉薩爾 (La Sal) 和潘多拉 (Pandora) 礦區的 Pinyon Play 開採總計約 73 萬至 117 萬磅的儲備礦石。這是一個巨大的差異。

And obviously, a good part of that is because you have a fairly wide range of tonnage, 85,000 to 115,000. But can you maybe provide just a touch more color on what factors you would expect to cause this large-scale range besides contracts and spot pricing?

顯然，這很大程度上是因為噸位範圍相當廣，從 85,000 到 115,000。但是，除了合約和現貨定價之外，您能否更詳細地說明還有哪些因素會導致這種大規模的波動？

Yes, sure. Well, the Pinyon Play mine is very high grade, low cost -- we've done a lot of development work. We can mine very quickly there and produce -- and 750,000 , even more potentially of uranium because of that. The La Sal complex, Pandora are higher cost. But for example, right now, with these lower uranium prices, we may elect not to be mining a lot of ore at La Sal or Pinyon Plain.

是的，當然。嗯，Pinyon Play 礦的品位很高，成本很低——我們已經做了很多開發工作。我們可以在那裡快速開採並生產出 75 萬噸甚至更多的鈾。La Sal 綜合大樓和 Pandora 的成本較高。但例如，目前鈾價較低，我們可能選擇不在拉薩爾或皮尼恩平原開採大量礦石。

We may go more into a development mode and driving drift out to new areas that have never been mined that -- where we can get better productivity and actually doing that kind of work. So that's really why that range is there, Heiko. It's a combination of are we going to push harder on Pinyon Plain, push harder or less hard on Pandora in La Sal, do some development work at some of these other mines, not mined because of the market circumstances at the time. But that's why that range is there.

我們可能會更多地進入開發模式，並將採礦作業延伸到從未開採過的新區域——在那裡我們可以獲得更高的生產力並真正進行此類工作。所以這才是該範圍真正存在的原因，Heiko。這是我們是否要加強對 Pinyon Plain 的開發力度、加大或減少對 La Sal 的 Pandora 的開發力度，以及對一些由於當時的市場情況而未開采的其他礦山進行開發工作的綜合問題。但這就是該範圍存在的原因。

Sorry, I put you on mute.

抱歉，我已將您靜音。

No, that's very helpful. Thank you very much and I'll get back in queue.

不，這非常有幫助。非常感謝，我會重新排隊。

Joseph Reagor, ROTH Capital Partners.

羅仕證券資本合夥公司的約瑟夫‧里格 (Joseph Reagor)。

Mark, can you hear me all right? So first thing, I saw -- this was capital to be used for taking projects to FID. How much of the $60 million do you think you'd spend in 2025 on rare earth projects?

馬克，你聽得到我說話嗎？所以首先我看到的是——這是用於將專案推向 FID 的資金。您認為到 2025 年您將在稀土項目上投入 6,000 萬美元中的多少？

Well, when you look at it, it all depends on what you're doing here because if we're mining uranium ore, we're not processing it, we're spending money on uranium ore. If we're developing -- I'm saying, it could be any place really.

嗯，當你看到它時，這完全取決於你在這裡做什麼，因為如果我們開採鈾礦，我們就不會處理它，而是在鈾礦上花錢。如果我們正在開發——我想說，它實際上可以是任何地方。

I mean I think the key thing when you look at things like the advancing the rare earth work with -- take, for example, Toliara, when we do project certification or receive project certification, which we hope will be this year, we're going to have a number of payments that we're going to have to make fairly quickly, totals about $30 million or so.

我的意思是，我認為，當你考慮推進稀土工作等問題時，關鍵在於——以圖利亞拉為例，當我們進行項目認證或獲得項目認證時（我們希望是今年），我們將需要相當快地支付一些款項，總額約為 3000 萬美元左右。

And if things move forward, we want to make sure that we have plenty of funds in treasury right now, so we don't get caught out with our successes, okay? So you don't want your successes to be a problem. So that's why we've raised the money on the ATM.

如果事情繼續向前發展，我們希望確保我們現在有足夠的資金，這樣我們就不會因成功而陷入困境，好嗎？所以你不希望你的成功成為一個問題。這就是我們在 ATM 上籌集資金的原因。

And again, Joe, we're not getting value for these projects and getting the feasibility works updated, the engineering work done, these bids advance, getting all the final approvals and whatnot is how we're going to create long-term value for our shareholders going forward because these are world significant projects, and we just don't want to be caught short on the cash.

喬，再說一次，我們沒有從這些項目中獲得價值，更新可行性研究工作、完成工程工作、推進這些投標、獲得所有最終批准等等，這些都是我們未來為股東創造長期價值的方式，因為這些都是具有世界意義的項目，我們只是不想陷入資金短缺的境地。

So the cash could be used anywhere is a long -- the short answer to that question. And I can't really say depending on timing on where it's going to go, but it's going to go to productive use for the shareholder value creation.

因此，現金可以在任何地方使用，這是對這個問題的一個簡短答案。我無法確切地說出這些錢會根據時間流向何處，但它將被用於生產性用途，為股東創造價值。

Okay. Yes, fair enough. It sounds like there's a lot of moving pieces. And then just on the broader market, I mean, I know Heiko touched on it a little already, but what do you guys think is driving price? Is it just less uranium being processed because of the 10X export restrictions? Or is there something else out there you guys are seeing?

好的。是的，很公平。聽起來好像有很多事情在改變。然後就更廣泛的市場而言，我的意思是，我知道 Heiko 已經稍微談到了這一點，但你們認為是什麼推動了價格？10X 出口限制是否會導致鈾處理量減少？或者你們還看到了其他什麼東西？

Yes. Joe, this is Curtis here again. Good to hear from you. You kind of blanked out there for a second. I think you were just asking a little bit about what we're seeing sort of in the current spot market weakness. Is that generally what you're asking?

是的。喬，我是柯蒂斯。很高興收到你的來信。你有一瞬間有點茫然。我想您只是想問一下我們在當前現貨市場疲軟時看到了什麼。這通常是你問的嗎？

Yes.

是的。

Yes. Okay. Yes. So again, the intel that I've been hearing is that, yes, there's been a little bit of speculation out there about on, say, uranium from Russia coming into the United States. What's that going to look like? What are some of these shipments going to look like? Are there shipments that are actually going to be delayed, that sort of thing. And at the end of the day, the shipments are going forward as planned.

是的。好的。是的。所以，我再次聽到的消息是，是的，有一些猜測，例如關於俄羅斯鈾礦進入美國。那會是什麼樣子呢？這些貨物將會是什麼樣的呢？是否有貨物實際上會被延誤，諸如此類的事情。最終，貨物運輸按計劃順利進行。

And so I think there's some folks out there kind of unwinding some trades. There's some -- there's a fund out there that's looking -- that's been selling a little bit of material, I believe. So yes, I think it's created some weakness, and there's not a lot of buyers out there. Again, the just -- I don't think utilities are particularly active right now in the spot market just because they're fine for the foreseeable future.

所以我認為有些人正在解除一些交易。我相信，有一些基金正在尋找並出售一些材料。所以是的，我認為這造成了一些弱點，而且買家也不多。再說一次，我認為公用事業公司目前在現貨市場上特別活躍並不是因為它們在可預見的未來表現良好。

And so why step in and take what they might perceive to be kind of a risky move by being too active on the spot market if something were to come up that's unexpected, again, with the new administration. I mean everything we're hearing on the administration front, though, is positive. I mean there's a lot of support for nuclear. I don't think anything is really going to change at the end of the day.

那麼，如果新政府再次出現意想不到的情況，他們為什麼要介入並採取他們認為有點冒險的舉動，在現貨市場上過於活躍？我的意思是，我們在政府方面聽到的一切都是正面的。我的意思是核能得到了很多支持。我認為到最後什麼都不會改變。

But there's no reason to be real active out there is my view for a lot of these folks. So I think that's what's created some of the weakness. I think this is a short-term phenomenon. Again, the long-term price is hanging in there. So yes, I think that could be a buying opportunity on the spot market, honestly.

但我認為，對很多人來說，他們沒有理由真正活躍起來。所以我認為這就是造成一些弱點的原因。我認為這是一個短期現象。再次，長期價格仍維持在穩定水準。所以，是的，老實說，我認為這可能是現貨市場的買入機會。

Alright, thanks for the call, I'll turn it over.

好的，謝謝您的來電，我會轉達的。

Noel Parks, Tuohy Brothers Investment Research.

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

Hi, good morning. I was struck by your sort of summing up of Toliara and Madagascar that everyone seems to be focused on getting this done. So are there -- I guess, just any other signs you see that are encouraging that both from the government and the legislative side and maybe also for just broader interest in the project that things might go pretty smoothly this year?

嗨，早安。您對圖利亞拉和馬達加斯加的總結令我印象深刻，似乎每個人都專注於完成這件事。那麼，我想，您是否看到了其他令人鼓舞的跡象，無論是來自政府還是立法方面，或許也只是對該項目更廣泛的興趣，表明今年的事情可能會進展得相當順利？

Well, it's -- we see that the government appears to be motivated and wants to get this project advanced. And we're doing a lot of work on that front with the government directly with a number of lawyers that are working for us very aggressively. It's still Africa, but we think the timing is right. I mean one of the reasons that it was put in the suspension is over the commercial terms and the stability agreements and whatnot.

嗯，我們看到政府似乎很有動力並希望推進這個計畫。我們正在與政府直接合作，並有許多律師積極為我們工作，在這方面我們做了大量工作。雖然它仍然是非洲，但我們認為時機已經成熟。我的意思是，它被暫停的原因之一是商業條款和穩定協議等等。

There was real progress made there with the nickel project that Sumitomo has in Rio Tinto's heavy mineral sands project and really Toliara is next in the queue. So we think the timing is right. They need economic development. They're really focused on how they benefit as a government and regionally with some of these payments that are going to be coming, including the royalties overdue course.

住友在力拓重礦砂計畫中的鎳礦計畫取得了真正的進展，而圖利亞拉則是下一個。因此我們認為時機已經成熟。他們需要經濟發展。他們真正關注的是政府和地區如何從即將支付的部分款項（包括特許權使用費逾期款項）中獲益。

So I mean, we don't see any red flags, but it just takes time. It takes time these agreements. They're comprehensive and -- and so I don't know if there's anything to add, Dave, on that front. But I mean, I think just the lifting of suspension, signing an MOU and the fact that we're working collaboratively with the government are all positive signs. But it is Africa, and there's a lot of work to be done.

所以我的意思是，我們沒有看到任何危險信號，但這只是需要時間。這些協議需要時間。它們非常全面——所以我不知道在這方面是否還有什麼需要補充的，戴夫。但我的意思是，我認為解除暫停、簽署諒解備忘錄以及我們與政府合作都是正面的訊號。但這是非洲，還有很多工作要做。

Yes. This is David Frydenlund. I agree with that. We're seeing all the right signs with the government. They're motivated. But as Mark says, it takes time to go through the details because everyone wants to get it right. We're working to make amendments to our -- help the government make amendments to their laws, and that's going to be carefully thought out, but everyone is motivated and we're -- as a matter of fact, the government is suggesting a schedule that's pretty aggressive, and we'll see if that plays out.

是的。我是大衛‧弗萊登隆德。我同意這一點。我們看到政府正在展現出一切正確的跡象。他們很有動力。但正如馬克所說，需要時間來處理細節，因為每個人都想把事情做好。我們正在努力修改我們的法律——幫助政府修改他們的法律，這將經過深思熟慮，但每個人都有動力，而且我們——事實上，政府建議的時間表非常積極，我們將看看是否會有成效。

Great. And you mentioned a few sort of high-level contributors to uncertainty, exactly what some of the policy items might be out of Washington is one. We've got some sort of interest rate uncertainty, macro uncertainty and so forth. So against that backdrop, you mentioned you're developing a comprehensive project financing strategy.

偉大的。您提到了一些造成不確定性的高層因素，華盛頓可能推出的一些政策就是其中之一。我們面臨某種利率不確定性、宏觀不確定性等等。因此，在這樣的背景下，您提到您正在製定全面的專案融資策略。

Does that feel like most of the work to be done on that is fairly straightforward fundamental analysis? Or does it seem that you're really kind of hamstrung a bit until a few months out, we get some better clarity on those issues?

這是否意味著大部分要做的工作都是相當簡單的基本面分析？或者您覺得您真的有點束手無策，直到幾個月後我們才能更清楚地了解這些問題？

I don't think we're hamstrung. I think that what we had to do or what we did as a company is we really were focused on securing the assets and showing that we can actually deliver on-spec salable NdPr in the supply chain when others had their hands out, okay? And over the last few years, we've not asked for anything from the US government. But now with all these projects that we've secured, and this is like world significant.

我不認為我們受到了束縛。我認為，作為一家公司，我們必須要做的或所做的就是真正專注於保護資產，並證明當其他人伸出援手時，我們實際上可以在供應鏈中提供符合規格的可銷售镨釹，好嗎？在過去幾年裡，我們沒有向美國政府提出任何要求。但現在我們已經獲得了所有這些項目，這對世界來說具有重大意義。

We are telling or plan to tell the US government and the Australian government that when you look at the assets we've secured, the ability to process at White Mesa that we are a big, huge part of the solution on critical materials, particularly in the United States of America. So we're just getting ourselves organized. We've got the strong balance sheet. We're financing these projects.

我們正在告訴或計劃告訴美國政府和澳洲政府，當你看到我們所獲得的資產和在白台地進行加工的能力時，就會明白我們在解決關鍵材料問題上發揮了巨大作用，特別是在美國。所以我們只是在組織起來。我們的資產負債表強勁。我們正在為這些項目提供資金。

We're not going to go approve the final FID decisions until we have our financing in order. So those are things that we're getting our DUCs lined up in 2025 to be in a position to move forward with the proper financing in place as nondilutive as possible.

在我們的融資安排妥當之前，我們不會批准最終的 FID 決定。因此，這些都是我們在 2025 年為 DUC 做好準備的事情，以便能夠以盡可能不稀釋的方式推進適當的融資。

We do have companies that are talking to us and interested about offtake. So there's other ways that we can potentially get equity contributions from people that want to do perhaps prepays or other forms of offtake, which we're going to evaluate in this whole financing program that we're embarking on.

確實有一些公司正在與我們洽談並對承購感興趣。因此，我們可以透過其他方式從那些想要預付款或其他形式承購的人那裡獲得股權貢獻，我們將在我們正在著手的整個融資計劃中對此進行評估。

But the financing program, we already have a couple of debt advisers that are hired one for Donald through the joint venture and also through Toliara, but we're looking at other groups that can help us in this regard, including the US government, XI Bank, the DOE, the DoD. So we think our timing is perfect.

但對於融資計劃，我們已經聘請了幾位債務顧問，一位是透過合資企業為唐納德聘請的，另一位是透過圖利亞拉聘請的，但我們正在尋找可以在這方面幫助我們的其他團體，包括美國政府、XI 銀行、能源部和國防部。因此我們認為我們的時機已經完美。

We think our timing is perfect because we're not coming with a dream, we're coming with a plan. And a lot of people have come with a dream, not a plan, and we have a very well thought out world-scale, low cost, and we've demonstrated that we can execute a plan, not a dream.

我們認為我們的時機是完美的，因為我們不是帶著夢想而來，而是帶著計畫而來。許多人帶著夢想而不是計劃而來，而我們有一個經過深思熟慮的世界規模、低成本的項目，並且我們已經證明我們可以執行計劃，而不是夢想。

Terrific. Thanks a lot.

了不起。多謝。

Cooper Jefferson, Canaccord Genuity.

庫柏·傑斐遜（Cooper Jefferson），Canaccord Genuity。

Good morning. Cooper Jefferson from Canaccord Genuity on behalf of Katie Lachapelle. Thanks for taking my question. First, it's great to see processing activities at White Mesa ramping up. And second, on the uranium cost front, we were wondering if you could potentially provide some additional color on how operating cost per pound U308 are tracking.

早安.Canaccord Genuity 的 Cooper Jefferson 代表 Katie Lachapelle。感謝您回答我的問題。首先，很高興看到 White Mesa 的加工活動正在蓬勃發展。其次，關於鈾成本方面，我們想知道您是否可以提供一些有關每磅 U308 營運成本如何追蹤的額外資訊。

Thank you.

謝謝。

Yes. Well, I mean, I think one thing you can look at is when you look at the uranium that we've sold has been at a very low cost. I mean, it's been $35 to $40 per pound. As we keep mining additional newly mined ore, that's going to change. The Pinyon mine is quite low cost.

是的。嗯，我的意思是，我認為你可以看到一件事，那就是我們出售的鈾的成本非常低。我的意思是，價格是每磅 35 到 40 美元。隨著我們不斷開採更多新開採的礦石，這種情況將會改變。Pinyon 礦的成本相當低。

The alternate feed is very low cost. and it's the blend of how that goes. But over time, the more you mine, the more capital you spend, the newer projects you open up, that's going to start creeping up to an extent. We do plan to manage that to the best of our abilities and certainly having the blend of alternate feed and Pinyon Plain go a long ways and how we keep those costs very competitive and more competitive than lots of companies that don't have those levers to pull.

替代飼料的成本非常低。而且它是混合的。但隨著時間的推移，你開採的越多，你投入的資本越多，你開放的新項目越多，這將開始逐漸增加到一定程度。我們確實計劃盡最大努力來管理這一點，當然，替代飼料和 Pinyon Plain 的混合會發揮很大的作用，而且我們會保持這些成本非常具有競爭力，比許多沒有這些槓桿的公司更有競爭力。

We have levers to pull. The reason that mill still is operable and is staffed today and has been for the last 45 years is it had about four levers that others didn't have. And we're going to continue to plan it. So -- but yes, as you start looking at the projects we have right now, we don't require a lot of capital to get up to that 2 million pound per year production rate. But when you start going above the 2 million pounds, we're going to have to put material additional capital in things like Roca Honda, Bullfrog and other projects that we don't have to do to get to 2 million pounds.

我們有槓桿可以拉。該工廠至今仍可運轉，並且在過去 45 年中一直有員工在崗，這是因為它擁有其他工廠所沒有的四個槓桿。我們將繼續計劃。所以——但是是的，當你開始查看我們現在的專案時，我們不需要大量資金來達到每年 200 萬英鎊的生產力。但當資金超過 200 萬英鎊時，我們就必須在 Roca Honda、Bullfrog 和其他我們不需要做的項目上投入大量額外資金，才能達到 200 萬英鎊。

That's very helpful. Thank you.

這非常有幫助。謝謝。

Zachary Perry, Robertson Stephens.

扎卡里·佩里、羅伯遜·史蒂芬斯。

Can you hear me? Anyways, great work last year. I guess I have two questions. One on the uranium side. Obviously, everyone is scratching their head with where current uranium prices are, whereas the rest of the whole cycle seems to be priced very high. I guess maybe if we step back, aside from the short term, whatever is causing this blip, take out you and Cameco, which I guess you guys seem to be low-cost producers.

你聽得到我嗎？不管怎樣，去年的表現非常出色。我想我有兩個問題。一個在鈾側。顯然，每個人都對當前的鈾價感到困惑，而整個週期中其他產品的價格似乎都很高。我想也許如果我們退一步，除了短期因素之外，無論是什麼原因導致了這一波動，都請您和 Cameco 退出，我想你們似乎是低成本的生產商。

What's the replacement cost or production cost of all these other new mines you see on slideware out there that they would have to cover if the utilities really want to have lots of production from alternative sources, what I'm saying that. These guys should not be selling uranium if they can't make money on it. So I'm just curious what production costs are of all these other slideware that you see out there that eventually should actually price where uranium is going to go if people want it from North America.

如果公用事業公司真的想從替代來源獲得大量產量，那麼他們在投影片上看到的所有其他新礦的重置成本或生產成本是多少？我所說的是什麼？如果這些人不能從鈾中賺錢，他們就不應該出售鈾。所以我只是好奇，你看到的所有這些幻​​燈片的生產成本是多少，如果人們想要從北美獲得鈾，那麼這些幻燈片最終應該如何定價呢？

Zack, I think it has to be north of $100 a pound, if not well into the $100 a pound. One of the problems that we have here is that everyone, including Energy Fuels and Cameco, they're living off of projects that were built 20, 30 years ago, have been depreciated, were explored and discovered in the '70s and the '80s, and nobody is counting those costs.

扎克，我認為價格必須超過每磅 100 美元，甚至可能低於每磅 100 美元。我們面臨的一個問題是，包括 Energy Fuels 和 Cameco 在內的所有人都依賴 20 或 30 年前建造的項目生存，這些項目已經折舊，是在 70 年代和 80 年代進行勘探和發現的，沒有人計算這些成本。

And when you start looking at to find a pound, to permit that pound, to build that project, to operate that project to reclaim that project, it's a lot bigger number than anybody wants to believe. But I can tell you after almost 50 years in this business, it's north of $100 a pound. And I think that there's a number of these new companies that need to raise a bunch of capital.

當你開始尋找一磅石油、批准這一磅石油、建造該項目、運營該項目並收回該項目時，你會發現這個數字比任何人願意相信的都要大得多。但我可以告訴你，從事這個行業近 50 年後，價格已經超過每磅 100 美元。我認為許多新公司都需要籌集大量資金。

They'll be lucky if they can produce at $100 per pound. So yes, that's the good news. The good news is it's got to go up, and we've got to get to replacement value. And that is one reason we don't plan to sell uranium at $65 a pound because that is below replacement value. And -- but -- so yes, and I think the other thing that you're starting to see is it's difficult to produce uranium.

如果他們能以每磅 100 美元的價格生產，那就算幸運了。是的，這是好消息。好消息是它必須上漲，我們必須達到重置價值。這就是我們不打算以每磅 65 美元的價格出售鈾的原因之一，因為這低於重置價值。而且 — 但是 — 是的，我認為您開始看到的另一件事是鈾的生產很困難。

Everybody has these uranium projects. Everybody is going to start up. It's never been harder to start up a uranium project. I mean we saw it with the unexpected sort of delays that we had with the ore transporter cost of Navajo Nation. We never had that problem before. But other projects are struggling, too, with the skill sets and the technical risk and everything.

每個人都有這些鈾項目。每個人都將開始行動。啟動鈾計畫從未如此困難。我的意思是，我們看到了納瓦荷族礦石運輸成本意外的延誤。我們以前從未遇到過這個問題。但其他項目也面臨技能、技術風險等各方面的困難。

And I think that a combination of the fully loaded cost and the fact that a lot of companies are not going to meet their goals and be able to ramp up projects successfully and economically is what -- where the rubber is going to meet the road and the pinch point for future uranium prices.

我認為，滿載的成本和許多公司無法實現其目標以及無法成功和經濟地擴大專案的事實相結合，就是未來鈾價的關鍵所在和關鍵點。

Yes. It almost -- as they always say, with commodities, lower prices of the solution for lower prices and vice versa. So with that, it seems like contracts at some point have to go above that replacement cost, which would be very bullish for you guys in the guess of the timing. Jumping over to rare earth. One of the previous guys really hit an important topic. Once you kind of get through this -- the approvals and everything in place, it seems to me like it doesn't make sense to put major investment in the ground until you really have an offtake.

是的。正如人們常說的那樣，對於商品來說，降低價格可以解決降低價格的問題，反之亦然。因此，看起來合約在某個時候必須高於重置成本，這對你們在時間猜測上非常有利。跳到稀土。前面有一位朋友確實觸及了一個重要話題。一旦你完成了這些工作——獲得批准和一切到位，在我看來，在你真正獲得承購之前，進行大量投資是沒有意義的。

And the offtake, again, given the geopolitical issues and given that China controls 95% of these resources and that you're going to be low cost once you get to scale, that seems like something somebody should be willing to invest in, say, whenever, '29, '30, '31 an offtake agreement that allows you to finance this thing. Is that a reasonable assumption on the type of discussions that you're having? Obviously, devil is always in the details.

再一次，考慮到地緣政治問題，考慮到中國控制著 95% 的資源，而且一旦達到規模，成本就會很低，這似乎是某些人願意投資的事情，比如，在 29、30、31 年，簽訂一份允許你為這項計劃融資的承購協議。對於您所進行的討論類型來說，這是一個合理的假設嗎？顯然，魔鬼總是藏在細節裡。

Yes, yes. I mean, I think when you look at, well, okay, uranium grain prices should go up to replace that value. When you look at the rare earths, you look at the heavy mineral sands, -- there are other companies out there that are very interested in the products, the heavy mineral sand products that we will be producing from these three projects that we have.

是的，是的。我的意思是，我認為當你看到鈾粒價格上漲時，它的價值應該會上升。當你專注於稀土元素時，你會看到重礦砂——其他公司也對我們透過這三個項目將要生產的重礦砂產品非常感興趣。

And frankly, there's a history of other companies showing -- expressing interest in some of these projects for some prepayments and whatnot or offtakes. So we plan to and are having discussions with other people in that regard. When you look at the NdPr oxide and people interested in the metals, alloys and magnet sector of the business.

坦白說，其他公司也曾對其中一些項目表現出興趣，希望以預付款等方式獲得這些項目。因此，我們計劃並正在與其他人就此進行討論。當您查看 NdPr 氧化物和對金屬、合金和磁鐵業務領域感興趣的人。

People are looking for non-China, non-Russia sources of this product, and there's very limited molecules out there, but they're very keen to establish their kind of the bifurcated supply chains that they can show their customers that are sensitive to those crossovers with China that are also interested in offtake.

人們正在尋找該產品的非中國、非俄羅斯來源，而且那裡的分子非常有限，但他們非常渴望建立自己的分叉供應鏈，以便向那些對與中國的交叉敏感且對承購感興趣的客戶展示。

So I mean -- and really with our FIDs, again, you're right, we need those offtakes. We need those people signing up long-term agreements with us to finance these things and get the bank financing and whatnot. So it's very big part of our story. And as I said, with this financing program that we're putting in place, that is a key part of how we're going down the path and going forward.

所以我的意思是——而且實際上，對於我們的最終投資決定，您說得對，我們需要那些承購。我們需要這些人與我們簽署長期協議來為這些項目提供資金並獲得銀行融資等等。所以這是我們故事中非常重要的一部分。正如我所說，我們正在實施的這項融資計劃是我們未來發展的關鍵部分。

So -- but there are people that are contacting us, and there are people that have said that Energy Fuels has acquired assets that they wish they had acquired. And they said that their company take the risk on something like Toliara because of political risk. Well, we took the risk and then the suspension was lifted.

所以——但有人聯絡我們，有人說 Energy Fuels 收購了他們希望收購的資產。他們說，他們的公司願意冒險投資圖利亞拉等地，是因為有政治風險。好吧，我們冒了險，然後停賽就被解除了。

And that's why we took the risk because we thought the suspension would be lifted, and we thought that we would get those agreements in due course. So -- and the bottom line, Zack, is low cost. That is our best offense and defense is having world-scale, low-cost, low quartile production capabilities.

這就是我們冒險的原因，因為我們認為暫停會被解除，而且我們認為我們會在適當的時候達成這些協議。所以——札克，底線就是低成本。這就是我們最好的進攻和防守，也就是擁有世界規模、低成本、低四分位數的生產能力。

And I guess the thing to take from that, if I'm reading you properly is once you have an offtake, if you do again an offtake, then the financing revolves strictly around the value of that project. It doesn't revolve around wherever your stock might be. So you have to worry about your stock at that point because the financing will be based on the offtake. Is that a way of thinking about it?

我想，如果我理解正確的話，那麼從中可以得出的結論是，一旦你有了承購，如果你再次承購，那麼融資就嚴格圍繞該項目的價值進行。它不會圍繞你的庫存所在位置而旋轉。因此，您必須擔心您的庫存，因為融資將基於承購。這是一種思考方式嗎？

Yes. We still get valued as a uranium company and having these other assets, there's a day where it's -- some of our naysayers, as I said, are -- there's fewer, but people are going to wake up and realize that this is a world significant building story that is -- and we're playing a long game here.

是的。我們作為一家鈾公司仍然受到重視，並且擁有這些其他資產，總有一天——正如我所說，我們的一些反對者——會越來越少，但人們會醒來並意識到這是一個具有世界意義的建設故事——我們正在打一場持久戰。

Great. Thanks, guys.

偉大的。謝謝大家。

Michael Brcic, B. Riley Wealth Management.

Michael Brcic，B. Riley 財富管理公司。

Yeah, hi guys. Just a question on -- I believe Zelinski is coming to the States to talk about mineral deals with the US, and they're talking about deals with Russia as well. Do you see that as having any effect on your rare earth minerals, et cetera?

是的，大家好。只是一個問題——我相信澤林斯基來美國是為了與美國討論礦產交易，他們也在討論與俄羅斯的交易。您認為這會對您的稀土礦物等產生影響嗎？

Yes. This is Curtis Moore. Thanks for your question. That is a good question. And there's still a lot of details that I think need to be worked out on that. And to our understanding, there's not a whole lot of these projects in Ukraine that are all that economically competitive from what we know. We do know that there are ilmenite mines, ilmenite projects. I suspect there's also monazite there.

是的。這是柯蒂斯·摩爾。謝謝你的提問。這是個好問題。我認為還有很多細節問題需要解決。據我們了解，烏克蘭的這類計畫並不多，而且在經濟上也不具競爭力。我們確實知道有鈦鐵礦礦山和鈦鐵礦計畫。我懷疑那裡還有獨居石。

To the extent there is monazite, well, shoot, that material could come to the White Mesa Mill for processing. I mean, if the US government wanted to support some sort of a supply chain like that, that maybe is not economic, but there's broader geopolitical reasons. So we're still trying to get visibility on this. The fact remains is that our projects are going to be low-cost, first quartile, highly competitive projects. So that offers a big level of protection no matter what happens. So --

如果存在獨居石，那麼，這些材料就可以送到 White Mesa Mill 進行加工。我的意思是，如果美國政府想要支持某種這樣的供應鏈，那可能不是出於經濟原因，而是有更廣泛的地緣政治原因。因此我們仍在努力提高人們對此問題的認識。事實上，我們的專案將是低成本、第一四分位數、極具競爭力的專案。因此，無論發生什麼情況，這都能提供很大程度的保護。所以--

Yes, I want to add to that. We went through a process with TCMI, who's kind of the world leaders on heavy mineral sand projects, similar to what Curtis said maybe in Ukraine. And we gave a mandate to go through all the projects in the entire world and come up with a short list of the top 10 projects that had heavy mineral sands and monazite that we should look at potentially acquiring.

是的，我想補充一點。我們與 TCMI 一起經歷了一個過程，TCMI 是重礦砂計畫領域的全球領導者，類似於柯蒂斯在烏克蘭所說的情況。我們授權對全世界的所有項目進行審查，並列出 10 個含有重礦砂和獨居石的項目清單，我們應該考慮收購這些項目。

And I don't recall any of them, including Ukraine on that list. And we went and took and secured the top two projects that were available, which was Toliara and Donald out of that incomplete list. So we focus on low-cost, large-scale projects, and that's how we built our plan.

我不記得有任何一個國家，包括烏克蘭在內。我們從那份不完整的名單中挑選並確定了兩個最合適的項目，圖利亞拉和唐納德。因此，我們專注於低成本、大規模的項目，這就是我們制定計劃的方式。

Now as I said, when you look at that map we have of the world and showing where these projects are, where they are in terms of permitting, where they are in terms of engineering, where they are in terms of FID, these projects are ready to go quicker, faster than just, oh, let's get to all the projects in a country.

正如我所說的，當你看我們擁有的世界地圖時，它顯示了這些項目的位置、它們的許可情況、它們的工程情況、它們的 FID 情況，這些項目已經準備好更快地啟動，比僅僅讓我們開始一個國家的所有項目要快得多。

They're very -- would be very early stages compared to what we're doing right now. So we're in a great position. And we will be telling the US government that is the case. And the US government knows our story. And it's just gotten to the point now where this is an advanced story. As I said, it's -- we're executing plans, not just giving lip service to it. And these projects are low cost. And ultimately, everybody should be focused on low cost, not just a project in a given country.

與我們目前所做的相比，它們還處於非常早期的階段。因此我們處於非常有利的地位。我們將告知美國政府事實確實如此。美國政府知道我們的故事。現在故事已經進入尾聲。正如我所說，我們正在執行計劃，而不僅僅是口頭上說說。而且這些項目成本較低。最終，每個人都應該專注於低成本，而不僅僅是某個特定國家的專案。

Well, if I can add two more points to that. Number -- the first point I'll make is that it's kind of funny. I'll look at like news reports about all these rare earth minerals in Ukraine and then they start talking about like gallium and germanium and things like that, which actually are not rare earth elements, and we're not involved in those markets.

好吧，如果我可以再補充兩點的話。數字——我要說的第一點是，這有點好笑。我會查看有關烏克蘭所有稀土礦物的新聞報道，然後他們開始談論鎵和鍺之類的東西，但這些實際上並不是稀土元素，我們也沒有參與這些​​市場。

So it's -- there's a question about what minerals are actually talking about here. And this is just my own personal opinion. I feel like this could just be a longer-term play to kind of secure these minerals. We're going to be needing these critical materials for decades, if not centuries.

所以——這裡存在著一個關於礦物質實際上在談論什麼的問題。這只是我個人的觀點。我覺得這可能只是一種保護這些礦物的長期措施。我們將在未來幾十年甚至幾個世紀內需要這些關鍵材料。

And so maybe they're not economic today, but hey, in the next 20, 30 years, maybe then they'll be important to the United States, kind of like maybe the talk about Greenland and the critical minerals up there. I mean those are not going to be produced anytime soon either. So again, there's speculation here. We're looking forward to learning more. But we don't currently see it as a threat. Yes.

所以也許它們今天並不具有經濟價值，但是，在未來的 20 到 30 年內，它們也許會對美國產生重要影響，就像人們談論格陵蘭島和那裡的關鍵礦產資源一樣。我的意思是這些也不會很快被生產出來。所以，這裡又有猜測。我們期待了解更多。但我們目前並不認為它是一種威脅。是的。

Just to give you a little further and then I'll be quiet. We believe that we can solve a lot of the United States critical mineral issues in this current term, in the next three, four years because of the projects we have, where they are and what stage they're at in this term. That is a pretty powerful statement.

只是給你一點時間，然後我就會安靜下來。我們相信，根據我們現有的計畫、這些計畫的進展以及本屆政府所處的階段，我們可以在本屆政府任期內以及未來三、四年內解決美國許多關鍵礦產問題。這是一個非常有力的聲明。

Yeah, great. Thanks, guys. Maybe they're after the Ukranium. Sorry it was a joke. Thanks a lot.

是的，很棒。謝謝大家。也許他們在追尋烏克蘭的蹤跡。抱歉，這只是個玩笑。多謝。

All right.

好的。

Mike Kozak, Cantor Fitzgerald.

麥克·科扎克，菲茨傑拉德領唱。

Yeah, good afternoon, Mark and team. Just a couple of questions for me. Number one, can you give me the best you can, a range of your expected average realized price for material delivered into uranium contract book this year? And just is it fixed price, market related? Any color would be helpful.

是的，下午好，馬克和團隊。我只想問幾個問題。第一，您能否盡可能詳細地告訴我，今年鈾合約中交付材料的預期平均實現價格範圍是多少？它是固定價格嗎？與市場相關嗎？任何顏色都會有幫助。

Well, these are market -- they're hybrid contracts, similar to what we delivered into the contracts last year. So Yes. In fact, it's the same contract. So contracts. So yes, there's a certain portion of the price that is based on the spot price in effect at the time of delivery and another aspect of the price is fixed.

嗯，這些都是市場——它們是混合合同，類似於我們去年簽訂的合約。是的。事實上，這是同一份合約。所以合約。所以是的，價格的某一部分是基於交貨時的現貨價格，而價格的另一個方面是固定的。

These prices -- the fixed portion of the prices escalate with inflation. So we're getting the benefit of that. These contracts also have floors and ceilings that also escalate with inflation. So, yes.

這些價格－固定部分的價格隨著通貨膨脹而上漲。因此我們從中受益。這些合約也有底線和上限，並且會隨著通貨膨脹而上升。是的。

And what we delivered last year was $75 a pound in that neighbourhood. (multiple speakers)

去年我們向該地區運送的價格是每磅 75 美元。（多位發言者）

Yes. That's very helpful. Thanks. And then second one, your guidance for finished production of 200,000 to 250,000 pounds this year, how much of that will be material mined from Pinyon Plain La Sal or Pandora either late last year or this year? What I'm trying to get at is, will most of that guide for finished production this year still come from alternate feed?

是的。這非常有幫助。謝謝。然後第二個問題，您預計今年的成品產量為 200,000 至 250,000 磅，其中有多少是去年年底或今年從 Pinyon Plain La Sal 或 Pandora 開採的材料？我想問的是，今年成品生產指南的大部分內容是否仍來自替代飼料？

I would say most of that finished goods is going to come from existing inventories at the mill that is currently out there. And a lot of the newly mined ore from Pinyon Plain and La Sal will just be stockpiled yet to be processed. There may be some La Sal ore that was processed.

我想說，大部分成品將來自工廠現有的庫存。而許多從 Pinyon Plain 和 La Sal 新開採的礦石只是被堆放起來，尚未進行加工。可能有一些經過加工的拉薩爾礦石。

And I think I mentioned earlier that even, for example, some of the ore that was mined at La Sal in 2024, we mixed it with some of the alternate feed, and we also mixed it with some of the ore that we received from New Mexico that came from the Mount Taylor project, and it was blended. So it can be a little bit of anything. But I'd say most of our ore will be stockpiled. The newly mined ore this year will be stockpiled. We may use some of it. Most of it will be existing inventories that are already at the mill.

我想我之前提到過，例如，2024 年在拉薩爾開採的一些礦石，我們將其與一些替代原料混合，我們還將其與我們從新墨西哥州收到的來自泰勒山項目的礦石混合，然後混合。所以它可以是任何東西。但我想說我們的大部分礦石都會被儲存起來。今年新開採的礦石將儲存起來。我們可能會用到其中的一些。其中大部分將是工廠現有的庫存。

Thank you, very helpful. I'll turn it back.

謝謝，非常有幫助。我會把它轉回去。

Justin Chan, SCP Resource Finance.

SCP Resource Finance 的 Justin Chan。

Hi team, thanks so much for taking my questions. My first one is just on, I guess, the accounting treatment of your mining costs and stockpiling ore. Can you give us some guidance on perhaps quantum on -- I know your operating costs are, say, $40 a pound and maybe a little bit higher for some of the newer ops. How much of that is mining? And will that be capitalized on the balance sheet this year?

大家好，非常感謝你們回答我的問題。我的第一個問題是關於採礦成本和礦石儲存的會計處理。您能否給我們一些關於量子方面的指導——我知道您的運營成本大約是每磅 40 美元，對於一些較新的運營來說，成本可能會更高一些。其中有多少是採礦？這筆款項會在今年的資產負債表上資本化嗎？

I'll let Nate, answer those questions.

我請內特來回答這些問題。

Yes. Thanks for the question, Justin. So yes, there is the processing cost at the mill that you're talking about. But the mining costs for the Pinyon and La Sal that we're talking about, those will be capitalized onto the balance sheet as inventory costs.

是的。謝謝你的提問，賈斯汀。是的，您說的是工廠的加工成本。但我們正在談論的 Pinyon 和 La Sal 的採礦成本將作為庫存成本計入資產負債表。

So you'll see those inventory balances go up throughout the year as we mine those costs. And the same with the processing cost at the mill, they also get added on top into our work-in-process inventory that we'll see capitalized on the balance sheet.

因此，隨著我們挖掘這些成本，你會看到這些庫存餘額全年都在上升。與工廠的加工成本一樣，它們也會被添加到我們的在製品庫存中，我們會在資產負債表上看到其資本化。

And I guess relative to the, let's say, total delivered cost to the pounds, I'm just trying to get a sense of the quantum of the mining costs that will be capitalized. Is there a number of dollar per pound or round number that you think would be kind of a good starting point.

我想，相對於每磅的總交付成本，我只是想了解一下將被資本化的採礦成本的數量。您認為每磅美元數或整數是否是一個很好的起點。

Like a Pinyon Plain, I mean, it typically will range from -- anywhere from $25 to $35 a pound, depending on the ore grade. And then also La Sal, a little bit higher cost per pound at La Sal that we'll see that you would add on top of the processing costs there. If that gives you some sense based on our forecasted production volumes.

就像 Pinyon Plain 一樣，我的意思是，它的價格通常在每磅 25 到 35 美元之間，具體取決於礦石等級。還有拉薩爾，拉薩爾每磅的成本稍微高一點，我們會發現你會把這筆成本加到那裡的加工成本上。如果根據我們預測的產量，這能為您帶來一些啟發。

Got you. That's really helpful. And then I saw that there's still some product from Kwale that's yet to be sold or will be sold in Q1. Could you give a sense of what you're expecting broad numbers revenue-wise from that?

明白了。這真的很有幫助。然後我看到 Kwale 還有一些產品尚未出售或將在第一季出售。您能否透露一下您對整體收入的預期是多少？

Yes. So during the first quarter, we're expecting $10 million to $15 million in revenue with really little to no profit margin on those just with the mine wrapping up and selling off the remaining inventory there at Kwale, but we will see that $10 million to $15 million come in, in revenue.

是的。因此，在第一季度，我們預計收入將達到 1000 萬至 1500 萬美元，利潤率非常低甚至為零，因為礦場即將結束，並且 Kwale 剩餘庫存也即將售出，但我們將看到收入達到 1000 萬至 1500 萬美元。

Got you. Has the operating cost for that already been capitalized from a cash perspective, it is quite incremental? Or would you say that the operating costs are -- will come into the quarter also from a cash perspective?

明白了。從現金角度來看，其營運成本是否已資本化，且增量相當大？或者您會說從現金角度來看，營運成本也會進入本季？

No. Yes, all operating costs because all the mining cost was -- so those have been capitalized in inventory. So that's what you see on our balance sheet at the end of the year.

不。是的，所有營運成本，因為所有採礦成本都是 - 所以這些都已資本化為庫存。這就是您在年底的資產負債表上看到的內容。

Okay. So that will be helpful from a cash perspective.

好的。從現金角度來看，這將是有幫助的。

Yes, yes.

是的，是的。

Okay. Excellent. And then I guess, big picture, guys, I think Toliara is a huge attraction from our perspective. What are your current plans for Toliara maybe through this year? What's happening there now?

好的。出色的。然後我想，從總體上看，夥計們，我認為從我們的角度來看，圖利亞拉是一個巨大的景點。今年您對圖利亞拉有什麼計畫？那裡現在發生什麼事了？

What are your key work streams? Are you considering any changes to the high-level concept with the port and the road, et cetera? Maybe can you just give a bit more color on the path between here and FID?

您的主要工作流程是什麼？您是否考慮對港口、道路等高層概念做出任何改變？也許您能更詳細地介紹一下從這裡到 FID 的路徑嗎？

Yes. Well, there's no really material changes, I think, in the plans that have been put forth by base previously. I mean we do plan to update all the capital and operating costs in the feasibility study this year as we move through the FID process. And the one thing, and Justin, you appreciate, you've been there, it's very scalable.

是的。嗯，我認為，基地之前提出的計劃並沒有實質的變化。我的意思是，隨著我們推進 FID 流程，我們確實計劃在今年的可行性研究中更新所有的資本和營運成本。有一件事，賈斯汀，你很欣賞，你曾經經歷過，它非常具有可擴展性。

I mean, even though it's this huge project, I mean, if we want to make it bigger, smaller, we probably won't make it smaller, but bigger, we can do so. And the biggest -- sort of the biggest infrastructure cost is the port for ocean-size ships for the heavy mineral sands and stuff. So yes, it -- after we got the suspension lifted, the MOU working on these legal agreements, we're advancing the FID process, we should have updated feasibility numbers.

我的意思是，儘管這是一個巨大的項目，但如果我們想把它做大、做小，我們可能不會把它做小，但做大，我們可以做到。而最大的——可以說是最大的基礎設施成本是用於運輸重型礦砂和貨物的遠洋船舶的港口。是的，在我們解除暫停後，諒解備忘錄正在製定這些法律協議，我們正在推進 FID 流程，我們應該更新可行性數字。

And we're putting a lot of this into the SK 43-101 format so that that's -- we can then report that and update the market on that with the anticipation that the FID will be completed early in 2026 is the current plan and then be able to go into construction shortly thereafter with adequate financing.

我們將其中的大部分內容納入 SK 43-101 格式，這樣我們就可以報告並向市場更新這一情況，預計 FID 將於 2026 年初完成，這是目前的計劃，然後能夠在充足的資金下不久後投入建設。

So yes, still the same plan. And again, Justin, as we said, we just see this as a missing link that the market has been looking for to supply these material quantities of monazite as a byproduct to a very profitable project on its own merits, just on heavy mineral sands.

是的，計劃仍舊一樣。賈斯汀，正如我們所說，我們只是將此視為市場一直在尋找的缺失環節，以在重礦砂上提供這些數量的獨居石作為副產品，從而為一個本身就非常有利可圖的項目提供這些副產品。

Absolutely. And maybe just one last one for me. Have you I was just wondering if maybe you could share a bit of color on, I guess, with the new administration in place, have you had any dialogue with them regarding their rare earth strategy that perhaps would be helpful for the people on this call?

絕對地。對我來說這也許只是最後一個了。我只是想知道您是否可以分享一些情況，我想，在新政府上台後，您是否與他們就其稀土戰略進行過對話，這也許對參加電話會議的人有幫助？

And also, I guess, as far as you've seen in the disclosure that's out, is there much impact of tariffs on the market on importing either uranium or rare earths that investors should be aware of?

而且，我想，就您在披露的資訊中看到的而言，關稅對進口鈾或稀土市場是否有很大影響，投資者是否應該注意？

I'll answer the first part, and I'll let Curtis answer the next part. It takes time with the new administration to get people in place. We are organizing extensive trips to D.C. to meet some of the new players, the new secretary level type people. And as I said, we're going to be selling a story of delivery in this term, which we think will be very compelling. Regard to the tariffs and whatnot.

我來回答第一部分，然後讓柯蒂斯回答下一部分。新政府需要時間來安排人員到位。我們正在組織前往華盛頓特區的廣泛旅行，以會見一些新成員、新部長級別的人員。正如我所說的，我們將在這個學期講述一個關於交付的故事，我們認為這將非常引人注目。關於關稅等等。

Well, and just to add on to that, there's been quite a bit of outreach actually with the new administration with sort of mid-level folks, the career folks. And so again, they're well, well aware of what Energy Fuels is doing and highly supportive of it. So -- but then on the tariffs, as you know, there's a price differential has opened up between Converdn and Cameco on uranium due in part to this.

嗯，補充一點，新政府實際上已經與中層人士、專業人士進行了相當多的接觸。所以，他們非常清楚 Energy Fuels 正在做的事情，並且大力支持。所以 — — 但就關稅而言，正如你所知，Converdn 和 Cameco 之間的鈾價出現了差異，部分原因是這個原因。

Luckily, on the uranium side of things, we don't -- that doesn't impact us. Now down the road, this is something that we'll be making the administration aware of is if you're producing minerals in another country and bringing them into the United States, will something like that be subject to a tariff.

幸運的是，就鈾方面而言，我們沒有——這不會影響我們。現在，我們將讓政府意識到這一點，如果你在另一個國家生產礦產並將其運入美國，這樣的產品是否會被徵收關稅。

I mean, we would hope not. But there are some other strategies that have been brought to our attention to mitigate or avoid those kinds of possibilities. But luckily, we're not producing uranium -- I'm sorry, producing mineral sands out of and monazite out of Toliara for a couple of years or Donald for a couple of years. So we'll have time to see how it all plays out.

我的意思是，我們希望不會。但我們注意到還有一些其他策略可以減輕或避免此類可能性。但幸運的是，我們沒有生產鈾——對不起，我們幾年內都沒有從圖利亞拉生產礦砂和獨居石，或者幾年內都沒有從唐納德生產礦砂和獨居石。所以我們將有時間看看這一切將如何發展。

Absolutely. I'd imagine that there should be -- if you're upgrading in the United States, like I'm sure that they need to account for that and how they design the wording. Also, just maybe on the rare earth market in general, I'm curious if you've seen any price differentials opening up.

絕對地。我想應該有——如果你在美國升級，我相信他們需要考慮到這一點以及他們如何設計措辭。此外，也許就整個稀土市場而言，我很好奇您是否看到任何價格差異的出現。

It's been pretty -- I mean, we haven't been -- we're not selling a lot of rare earths right now. So most of our discussions that we're having are with specific buyers on contracts or sales commitments that there's a relation to the market, but there's an appetite for non-Chinese material out there. So again, more clarity on that will be coming, I think. But yes, I'm not seeing what you're referring to.

情況相當糟糕——我的意思是，我們現在沒有出售很多稀土。因此，我們進行的大部分討論都是與特定買家就合約或銷售承諾進行的，這與市場有關，但市場對非中國材料有需求。所以，我認為，對此將會有更清晰的認識。但是是的，我沒有看到您所指的內容。

No, no, I'm not referring to anything specifically. I just think it could be a big opportunity given that you are doing a lot of the upgrading in the United States. And there's been, I think, appetite for, but not a mechanism previously for kind of differentiating American Rare earths from, say, products from China as an example.

不，不，我不是指什麼具體的事。我只是認為這可能是一個巨大的機會，因為你們在美國進行了很多升級。我認為，人們一直有興趣，但之前並沒有一種機制來區分美國稀土產品和中國產品。

And it should be viewed as a big benefit economically for the United States where you bring -- you have these raw materials from produced around the world and you bring them back to the United States where we then manufacture them into high-value materials and high-value goods and that sort of thing.

這應該被視為對美國經濟的巨大利益，因為您可以從世界各地生產這些原材料，然後將它們帶回美國，然後我們將它們加工成高價值的材料和高價值的商品等等。

So we're going to be certainly making that clear, and I'm sure others out there will be making that clear, too, that you don't want to slap tariffs on valuable raw materials that we can use for our own economy and our own military defense and technology and all that.

所以我們一定會明確表示這一點，而且我相信其他人也會明確表示這一點，你們不想對我們可用於自身經濟、軍事防禦和技術等的寶貴原材料徵收關稅。

Absolutely. All right, well, thanks so much, guys. I'll free up the line. I've taken it up for a while. Thank you.

絕對地。好的，非常感謝大家。我會釋放線路。我已經接受了一段時間了。謝謝。

John Debs, Bodri Capital.

約翰·德布斯（John Debs），Bodri Capital。

Can you hear me? Yes. Okay. I don't understand why you're selling stock at $5.43 if you have this fantastic future of all these assets. It seems like you're just giving away equity at a very low price.

你聽得到我嗎？是的。好的。如果您擁有所有這些資產的美好未來，我不明白為什麼您要以 5.43 美元的價格出售股票。看起來你只是以非常低的價格贈送股權。

I'll answer that question because when you look at these world-class assets, you have to be able to fund the advancement of the FIDs, making certification payments and getting these projects advanced to a point where they're actually valued in the stock. The one thing I've learned working in this business coming up on 50 years is you want to have a strong balance sheet.

我來回答這個問題，因為當你看到這些世界級的資產時，你必須能夠為 FID 的進展提供資金，支付認證費用，並使這些項目進展到它們在股票中實際估價的程度。我在這個行業工作了 50 年，學到的一件事就是要有強大的資產負債表。

And we will always have a strong balance sheet to make sure that we can cover downturns in the market and be well funded to carry out the plans that we have, which are aggressive, but are also necessary to get the appreciation and value of these assets going forward.

我們將始終擁有強勁的資產負債表，以確保我們能夠應對市場低迷時期，並擁有充足的資金來執行我們的計劃，這些計劃是積極的，但也是未來實現這些資產升值和價值的必要條件。

Conway Ivy, Ivy Mineral Inc.

康威常春藤，常春藤礦產公司

Yes. I've been a long-term shareholder in Energy Fuels, and I very much appreciate the work you've done to build up this rare earth infrastructure. It's very, very impressive. I also appreciate your comments on the uranium rare earths because that puts that in perspective as well.

是的。我一直是 Energy Fuels 的長期股東，我非常感謝您為建立這項稀土基礎設施所做的工作。這非常非常令人印象深刻。我也很欣賞您對鈾稀土元素的評論，因為這也讓我們看清了這個問題。

But as a follow-up on the uranium rare earths, and I realize it's in the future, but excluding China, where would be the production capacity to really process those rare earths? And assuming it would not be available, where -- excluding China, where would the technology come from to build a new plant should our government enter into this agreement?

但作為對鈾稀土的後續關注，我意識到這是未來的事情，但除了中國之外，哪裡有真正處理這些稀土的生產能力？假設這項技術無法取得，那麼，如果我們的政府簽署這項協議，除中國外，從哪裡可以獲得建造新工廠的技術？

Thank you very much.

非常感謝。

Okay. Well, look, I'll talk about -- I mean, in terms of outside of China, I mean, you've got us and you've got MP. You've also got Lynas that is operating in Malaysia and also has built a crack and leach facility in Western Australia. It ran way over budget. You got Iluka that is also building a processing facility in Western Australia, and it is also way over budget.

好的。好吧，聽著，我會談論——我的意思是，就中國以外而言，我的意思是，你們有我們，你們有 MP。另外，萊納斯公司也在馬來西亞運營，並在西澳大利亞建造了一座裂解和浸出設施。它遠遠超出了預算。Iluka 也在西澳大利亞建造了一個加工廠，而且也遠遠超出了預算。

There's limited places where you can do this. And really, the key differentiator for us is that we have the ability to take the monazite in our process in the mill in the United States, and we have the ability to deal with uranium and the thorium where others like Iluka are not and even Lynas has had challenges in Malaysia.

可以進行此項活動的地方有限。實際上，我們之間的主要區別在於，我們有能力在美國工廠的加工過程中提取獨居石，並且我們有能力處理鈾和釷，而其他公司如 Iluka 則沒有能力，甚至連 Lynas 在馬來西亞也遇到了挑戰。

So there's limited places where you can do this and do it economically. We think that it makes the most sense doing it economically in the United States because even in places like Australia and Malaysia, there is no final use for those products in those countries. It has to get shipped out anyways.

因此，能夠以經濟的方式進行此項工作的地方有限。我們認為從經濟角度來說在美國進行這項活動是最合理的，因為即使在澳洲和馬來西亞這樣的地方，這些產品在這些國家也沒有最終用途。無論如何都必須將其運出。

So why not ship it to the United States where you have lower power costs, lower water costs, lower people costs, lower construction costs, -- so -- and I don't know if Curtis is sitting here, maybe want to add some commentary as well, but that's my response.

那為什麼不把它運到美國呢？那裡的電力成本、水成本、人力成本和建築成本都更低，所以，我不知道柯蒂斯是否坐在這裡，也許他想補充一些評論，但這是我的回應。

Well, and there is -- there are some small actors outside of China in the downstream on the rare earth metal making, alloy, magnet making, that sort of thing, some players in Europe, some players in Japan, some players in South Korea, Vietnam, those kinds of locations. And there's also efforts to build up that capacity in the United States and Europe.

嗯，而且，在稀土金屬製造、合金、磁鐵製造等下游領域，中國以外也有一些小參與者，有些參與者在歐洲，有些參與者在日本，有些參與者在韓國、越南等地。美國和歐洲也在努力增強這種能力。

I know that there's some efforts by Neo Performance Materials in Europe. There's some efforts to build a plant in South Carolina that will have these functions. I know MP Materials is building up a facility in Texas and others. So it is limited right now, but it is growing.

我知道 Neo Performance Materials 在歐洲做出了一些努力。有人正在努力在南卡羅來納州建造一座具有這些功能的工廠。我知道 MP Materials 正在德克薩斯州和其他地區建造一家工廠。所以現在它還很有限，但它正在成長。

And I think that those customers and that outside capacity is probably going to grow right alongside Energy Fuels ability to produce these oxides. And as Mark mentioned earlier in the call, we're potentially looking to make some progress going downstream in a low cost and very valuable way. So we're confident there will be a place for our material outside of China.

我認為這些客戶和外部產能可能會隨著能源燃料公司生產這些氧化物的能力而成長。正如馬克早些時候在電話中提到的那樣，我們希望以低成本且非常有價值的方式在下游取得一些進展。因此，我們相信我們的材料在中國以外也有一席之地。

Thank you very much and congratulations on what you all have done in this market segment.

非常感謝，並祝賀你們在這個領域所取得的成就。

There are no further questions at this time. Please proceed with closing remarks.

目前沒有其他問題。請繼續致結束語。

All right. Well, first of all, everyone who joined today or is listening to the replays later, thank you for your interest in Energy Fuels. As I said, we are a unique company and -- but we are advancing a very unique strategy to build a company that has multiple critical elements focused on low-cost processing in the United States and large scale.

好的。好吧，首先，感謝今天參加或稍後收聽重播的每個人對 Energy Fuels 的關注。正如我所說，我們是一家獨特的公司，但我們正在推動一項非常獨特的策略，以建立一家擁有多個關鍵要素的公司，專注於在美國進行低成本加工和大規模生產。

So we're very excited about that. We have a long way to go here in terms of demonstrating to the market the next steps that we're taking. I think 2025 is going to be a very important year because we're going to be able to provide, I believe, a lot more clarity on how these pieces fit together with updated studies and reviews and potentially announcements with regard to people interested in offtake or other funding mechanisms, including how we plan to organize ourselves with our long-term project financing.

所以我們對此感到非常興奮。在向市場展示我們接下來要採取的措施方面，我們還有很長的路要走。我認為 2025 年將是非常重要的一年，因為我相信我們將能夠更清楚地說明這些部分如何與最新的研究和評論相結合，並可能向對承購或其他融資機制感興趣的人發佈公告，包括我們計劃如何組織我們的長期專案融資。

So nothing ventured, nothing gained, but we will always be aggressive but not reckless. We want a strong balance sheet. You do not want to run out of money, but we have to execute the strategy, and we plan to continue to execute the strategy and show that we're building long-term value and not playing a short game.

所以，不入虎穴，焉得虎子，我們永遠都會積極進取，但不會魯莽行事。我們希望擁有強勁的資產負債表。你不想耗盡資金，但我們必須執行該策略，我們計劃繼續執行該策略，並表明我們正在建立長期價值，而不是玩短期遊戲。

One of the reasons we diversified is I've been in the uranium business for a lot of years, and I've seen the ups and downs, and that is the way that the market rolls as do other critical minerals, and we are positioning our company to have less volatility over time than others because of that diversification. So thank you very much, and have a great day.

我們進行多元化經營的原因之一是，我從事鈾業務多年，見證了鈾業務的起起伏伏，這也是市場與其他關鍵礦物一樣的運作方式，由於這種多元化經營，我們將公司定位為比其他公司具有更小的長期波動性。非常感謝您，祝您有愉快的一天。

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

女士們、先生們，今天的電話會議到此結束。感謝您的參與，並請您斷開線路。