Energy Fuels Inc (UUUU) 2025 Q1 法說會逐字稿

Good morning. My name is Konstantine, and I will be your conference operator today. At this time, I would like to welcome everyone to the Energy fuels first quarter 2025 conference call.

早安.我叫康斯坦丁，今天我將擔任您的會議接線生。現在，我歡迎大家參加能源燃料 2025 年第一季電話會議。

(Operator Instructions)

（操作員指示）

Thank you, Mr. Chalmers, you may begin your conference.

謝謝您，查爾默斯先生，您可以開始您的會議了。

Thank you, Konstantine, and thank you for that introduction. Again, Mark Chalmers, I'm the CEO of Energy Fuels. We are really appreciative of people joining the Q1 2025 conference call today, and it is always a pleasure to update everyone on our remarkable progress on building the largest critical mineral company in the United States.

謝謝你，康斯坦丁，謝謝你的介紹。再次向大家介紹馬克‧查默斯，我是 Energy Fuels 的執行長。我們非常感謝大家今天參加 2025 年第一季電話會議，並且很高興向大家通報我們在打造美國最大的關鍵礦產公司方面取得的顯著進展。

We are also very pleased to announce that we've increased our 2025 production and finished goods inventory guidance by 22% and 193% respectively, and that is quite unusual because many companies are actually going the other direction at this point in time. So, we're really excited about upgrading the guidance. We also are happy to report that we have very strong working capital position of $214 million.

我們也非常高興地宣布，我們已將 2025 年的產量和成品庫存預期分別提高了 22% 和 193%，這是非常不尋常的，因為目前許多公司實際上都在朝著相反的方向發展。因此，我們對升級指導感到非常興奮。我們也很高興地報告，我們的營運資金狀況非常強勁，達到 2.14 億美元。

We continue to advance our high grade and low cost US uranium production. Including a record production in April that was after the quarter of 151,000 pounds at an average grade of 1.64%. And I want to point out something that it's 1.64% in a reserve zone in the main zone of 0.58. So, the grades that we're currently mining are almost three times what we had expected in that area. So, very excited about that.

我們繼續推進美國高品位、低成本的鈾生產。其中 4 月產量創下季度新高，達到 151,000 磅，平均品位為 1.64%。我想指出的是，在0.58的主礦區中，一個儲備礦區的品位為1.64%。因此，我們目前開採的品位幾乎是該地區預期的三倍。所以，我對此感到非常興奮。

And we continue to advance our world class rare earth and heavy mineral sand projects and capabilities and no debt. So, there is a lot going on now, Kim, are they advancing their slides or are you doing it?

我們將繼續推進我們世界一流的稀土和重礦砂項目和能力，並且沒有債務。那麼，現在有很多事情要做，Kim，他們在推進幻燈片還是你在推進？

I'm doing it.

我正在做。

Okay. Well, I'll keep you cued on advancing your slides. There will be a conference replay available after the conference call is concluded on the website. And as always, as Konstantine mentioned, there will be time for questions at the end.

好的。好吧，我會提示你如何推進你的幻燈片。電話會議結束後，網站上將提供會議重播。正如康斯坦丁所說，一如既往，最後會有時間回答問題。

Today I'm being joined for questions by Nate Bennett, our CFO, and we will just tag team that as required. So, let's get going in this first slide. I always say I love this slide, but I love this slide. And again, this is taken not far from where the White Mesa Mill is in Utah.

今天，我們的財務長 Nate Bennett 也和我一起回答問題，我們將根據需要標記團隊。那麼，讓我們從第一張投影片開始。我總是說我喜歡這張投影片，但我喜歡這張投影片。再次強調，這張照片拍攝於距離猶他州白梅薩磨坊不遠的地方。

Next slide.

下一張投影片。

I may be making some forward-looking statements and those are covered on page two.

我可能會做出一些前瞻性的陳述，這些陳述在第二頁有所涉及。

Next slide.

下一張投影片。

Again, many of you have seen this before, but I think one of the things that people don't understand is that Energy Fuels is really got three different core businesses. We have this long history in the uranium business, as people know, and that is going remarkably well.

再說一次，你們中的許多人以前都見過這種情況，但我認為人們不明白的事情之一是 Energy Fuels 實際上有三個不同的核心業務。眾所周知，我們在鈾業務方面有著悠久的歷史，而且發展得非常順利。

We've added on the rare earth elements and the heavy mineral sand, so you're really getting investment in three companies in energy fuels and investment in energy fuels, and I also want to mention that we have the current capability or will have the capability to commercially recover at least 10 of the critical elements on the list of 50 at the White Mesa mill, and that is a key differentiator.

我們添加了稀土元素和重礦砂，因此您實際上正在對三家能源燃料公司進行投資，並對能源燃料進行投資，我還想提一下，我們目前有能力或將有能力在 White Mesa 工廠商業化回收 50 種關鍵元素中的至少 10 種，這是一個關鍵的區別因素。

Next slide.

下一張投影片。

So, and all of our products are in demand for energy, defence, mobility, or health, uranium, as I said, long history of doing that. Now we're in large scale production, the rare earths, we are also leading producer at NDPR oxide, and we currently have a lot of that product out for validation, and we also have the technology to produce heavy rare earth oxides, which in itself is very unique.

因此，我們所有的產品都需要能源、國防、交通或健康，而鈾，正如我所說，我們長期以來一直這樣做。現在我們正在大規模生產稀土，我們也是 NDPR 氧化物的領先生產商，我們目前有大量該產品需要驗證，我們還擁有生產重稀土氧化物的技術，這本身就非常獨特。

Heavy mineral sands again advancing our world scale world-class rare-earth titanium, zirconium mineral sands projects globally, couldn't be more excited about that. And vanadium. We do have a vanadium circuit. We do have vanadium mines.

重礦砂再次在全球推進我們世界級規模的稀土鈦、鋯礦砂項目，對此我們感到無比興奮。還有釩。我們確實有一個釩電路。我們確實有釩礦。

We're not currently recovering vanadium, even though we are producing it at the La Sal Complex as we speak. And lastly, the medical isotopes, we're still forging ahead on the R&D work we have for recovering of radium. Next slide.

儘管我們現在正在拉薩爾綜合體生產釩，但我們目前還沒有回收釩。最後，關於醫用同位素，我們仍在推動鐳的回收研發工作。下一張投影片。

Now again, if you ask the question, the world is your oyster, well, energy fuels can obviously say that we are asset rich. When you look at the assets we have in the United States, certainly most of them are uranium, the White Mesa Mill, kind of in that it's kind of a purplish Ly red colour where we can do all this processing of these critical elements.

現在，如果你再問這個問題，世界是你的牡蠣，那麼，能源燃料顯然可以說我們的資產豐富。當你看到我們在美國擁有的資產時，肯定大部分都是鈾，白色梅薩磨坊，有點像紫紅色，我們可以在那裡處理這些關鍵元素。

And then when you look Down in the southern hemisphere with the heavy mineral sand's projects, the Bahia project, the Donald joint venture, our office in Perth, and the world class world scale Toliara project, we have an absolutely fantastic pipeline to feed the White Mesa Mill in due course with a number of these critical elements going forward. Next slide.

然後，當你看向南半球的重礦砂項目、巴伊亞項目、唐納德合資企業、我們在珀斯的辦事處以及世界級的圖利亞拉項目時，我們擁有一條絕對一流的管道，可以在適當的時候為白梅薩磨坊提供一些關鍵要素。下一張投影片。

So, you know this graphic, and we do this graphic to kind of show where the processing of these critical elements actually happens. So, certainly the uranium is mined in the region and processed through the White Mesa Mill, and it comes out the back end as U3O8 or vanadium.

所以，你知道這張圖，我們製作這張圖是為了展示這些關鍵元素的處理實際上發生在哪裡。因此，鈾肯定是在該地區開採並透過 White Mesa Mill 進行加工，最終以 U3O8 或釩的形式出來。

Or at the same time or when we flip the mill over, we can process the rare earths, and the rare earths, mainly the monazite and the xenotine, can also be processed in the rare earth processing facility, which is the White Mesa Mill, and out comes the rare earths on the back end.

或者同時，或者當我們翻轉磨機時，我們可以處理稀土，而稀土，主要是獨居石和紫輝石，也可以在稀土處理設施中處理，即 White Mesa Mill，並在後端輸出稀土。

The heavy mineral sands don't have to go through the mill, but they're also critical elements, but they also are recognized as such, and that's how we get a list of 10 plus, the rare earths.

重礦砂不需要經過磨坊加工，但它們也是關鍵元素，而且也得到了認可，這就是我們得到 10 多種稀土元素清單的方式。

There are other elements that can be extracted if there's an economic reason to do so. Now our phase two plants that we're currently doing engineering work and feasibility work on will actually separate that rare earth processing step and the White Mesa Mill into two separate processing facilities. Next slide.

如果有經濟原因，還可以提取其他元素。現在，我們正在進行工程和可行性研究的第二期工廠實際上將把稀土加工步驟和白梅薩工廠分成兩個獨立的加工設施。下一張投影片。

Again, we continue to grow our portfolio of uranium sales contracts. We have four contracts with three nuclear utilities deliveries between 2025 and 2030. In 2025, we only have about 220,000 pounds of deliveries, and we have yet to fill those deliveries. We also have entered into an agreement to purchase third party uranium ore from a company that is not too far from the mill.

再次，我們繼續擴大鈾銷售合約組合。我們與三家核電廠簽訂了四份合同，預計在 2025 年至 2030 年間交付。到 2025 年，我們的交付量僅為約 220,000 磅，而且我們尚未完成這些交付。我們也與一家距離工廠不遠的公司達成協議，購買第三方鈾礦石。

So, our contracts are really light in 2025, and they ramp up to around 800,000 or 900,000 pounds in 2026, but they are all concluded in 2023 on the current contracts that we have. Next slide.

因此，我們 2025 年的合約金額非常少，到 2026 年將增加到 80 萬或 90 萬英鎊左右，但就我們現有的合約而言，所有合約都將在 2023 年完成。下一張投影片。

So, let's talk about, more about the uranium highlights, and I want to emphasize that some people get confused with what we mine, what we process, the alternate feeds, and how that all fits together. So, towards the end of this presentation, I have a table that I think simplifies that significantly.

那麼，讓我們多談談鈾的​​亮點，我想強調的是，有些人對我們開採的東西、我們加工的東西、替代原料以及它們如何組合在一起感到困惑。因此，在本次演示即將結束時，我準備了一張表格，我認為它可以大大簡化這個過程。

So, when you look at the conventional mines in Q1, we mined 115,000 pounds of unprocessed uranium, so it's uranium ore, and that was from Pinyon Plain, La Sal, and Pandora mines, and that's now being stockpiled at the mill.

因此，當您查看第一季的常規礦山時，我們開採了 115,000 磅未加工的鈾，因此它是鈾礦石，來自 Pinyon Plain、La Sal 和 Pandora 礦，現在被儲存在工廠。

Now when you talk about how much we plan to mine, in 2025 we've upgraded this guidance. We're looking at mining between 875,000 pounds to 1.4 million pounds of uranium, and we can process that as we select to do at the mill in due course. We're still working forward to increase our production up to about the 2 million pounds per year subject to market conditions.

現在，當您談論我們計劃開採多少時，我們在 2025 年升級了這項指導。我們計劃開採 875,000 磅至 140 萬磅的鈾，並可以在適當的時候按照我們在工廠選擇的方式進行處理。根據市場情況，我們仍在努力將產量提高到每年約 200 萬磅。

And, but we're certainly making significant steps in that direction as we speak. Now, when you look at what's processed at the White Mesa Mill, for Q1, we process 150,000 pounds of finished goods. We're now saying that this year our guidance for finished goods processed at the mill is 700,000 to 1 million pounds and we will be at the same time we have the optionality to build up inventory, and I'll go into more detail at the end.

但正如我們所說，我們確實正在朝著這個方向邁出重要一步。現在，當您查看 White Mesa Mill 加工的產品時，第一季我們加工了 150,000 磅成品。我們現在說，今年我們對工廠加工成品的指導量是 70 萬至 100 萬磅，同時我們還可以選擇增加庫存，最後我會更詳細地介紹。

To sell the uranium when the markets support that, we have taken a position to not sell uranium. At $63, $64, $65 per pound, and that's a good thing because we actually bought uranium at that price range and we now have a uranium price that's about $70 a pound. So, just in the last month or two, the price uranium, or at least on the spot price has gone up by 10%. Next slide.

為了在市場支持的情況下出售鈾，我們採取了不出售鈾的立場。每磅 63 美元、64 美元、65 美元，這是一件好事，因為我們實際上是以這個價格範圍購買鈾的，現在鈾的價格約為每磅 70 美元。因此，就在過去一兩個月裡，鈾價格，或至少現貨價格上漲了 10%。下一張投影片。

So again, the White Mesa Mill and the remarkable facility that it is with both the capability to produce uranium and rare earth, and never has it been more important to have a White Mesa Mill as the only operating conventional mill in the United States, it is the largest uranium processing facility in the United States.

再說一次，白色梅薩磨坊和它所擁有的卓越設施既能生產鈾又能生產稀土，而作為美國唯一運營的傳統磨坊，白色梅薩磨坊的重要性從未如此顯著，它是美國最大的鈾處理設施。

It's fully licensed, permitted, producing, and has employees there. It has a licensed capacity of 8 million pounds per year. It has the ability to process and recycle uranium bearing alternate feeds at very low cost, 40 years of operational experience.

它擁有完全的執照和許可，可以進行生產，並且擁有員工。其許可產能為每年800萬磅。該公司有能力以極低的成本處理和回收含鈾替代原料，並擁有 40 年的營運經驗。

And we also have the opportunity to assist the US government and the Navajo Nation on cleanup of abandoned uranium mines on the reservation that had no connection to our company, and we're really looking forward to helping the Navajo Nation on that front, hopefully this year, and it is the only facility that can process monazite for production of rare earth oxides in the United States. Next slide.

我們也有機會協助美國政府和納瓦荷族清理與我們公司無關的保留地內的廢棄鈾礦，我們非常期待能夠幫助納瓦霍族，希望是在今年，這是美國唯一能夠加工獨居石以生產稀土氧化物的設施。下一張投影片。

So again, you've seen this slide, but it's been modified a little bit, but the current ore is coming out of the Pinyon Plain mine and highest-grade uranium mine in the history of the United States, and that ore is now being shipped across the Navajo Nation with our agreement.

所以，再說一次，你已經看到了這張幻燈片，但它被稍微修改了一下，但目前的礦石來自 Pinyon Plain 礦和美國歷史上品位最高的鈾礦，而且這些礦石現在正按照我們的協議運往納瓦霍族國家。

The La Sal complex is really a complex of several mines. It's about 11 miles of trend ore is also being transported to the mill from the La Sal complex, and we're also looking at refurbishing a couple other mines on the La Sal complex.

拉薩爾礦區實際上是由多個礦區組成的綜合體。大約 11 英里長的趨勢礦石也從拉薩爾綜合體運輸到工廠，我們也正在考慮翻新拉薩爾綜合體上的其他幾個礦場。

So, the combination of those two projects we plan to mine between about 55,000 tons to 80,000 tons in 2025. We're still doing drilling at Nichols Ranch, our ISR operation in Wyoming, and we'll restart that when the market supports. Next slide.

因此，我們計劃在 2025 年將這兩個項目的開採量增加到約 55,000 噸至 80,000 噸。我們仍在懷俄明州尼科爾斯牧場（ISR 作業）進行鑽探，當市場支援時，我們將重新開始鑽探。下一張投影片。

Now, this is exciting a slide here because Pinyon plain is starting to hit on all cylinders. And we're currently mining the main ore body zone, and I already mentioned that in April we had record production of 151,000 pounds at the 1.64%.

現在，這是一個令人興奮的下滑，因為 Pinyon 平原開始全速前進。我們目前正在開採主要礦體區，我已經提到過，4 月我們的產量達到了創紀錄的 151,000 磅，品位達到 1.64%。

And I mentioned that the average grade in that zone was about 0.58, 0.59, and we're mining about 1.6, so we are getting extraordinary grades there, and we think that will equate to a larger resource reserve mind because of these extraordinary grades that we're hitting.

我提到過，該地區的平均品位約為 0.58、0.59，而我們開採的品位約為 1.6，因此我們在那裡獲得了非凡的品位，我們認為，由於我們達到的這些非凡品位，這將等同於更大的資源儲備。

In addition, many of you have seen that we announced exploration results on the juniper ore zone and the juniper ore zone is just below that main zone, but it's only 200 ft. It's 200 ft away and so it's very close.

此外，你們很多人都已經看到，我們公佈了檜柏礦帶的勘探結果，檜柏礦帶就在主礦帶的正下方，但也只有 200 英尺。它距離我們有 200 英尺，所以非常近。

But look at those grades, 13 ft of 7%, 7.5 ft at 7.5%, 9.3 ft at 2%, 17.5 ft of 5.7%, including 4 ft of 20%. These are grades that are unheard of, in the United States, and I couldn't be happier to be reporting the success that we're having, and there will be additional drilling happening in the juniper zone.

但看看這些等級，7% 為 13 英尺，7.5% 為 7.5 英尺，2% 為 9.3 英尺，5.7% 為 17.5 英尺，包括 20% 為 4 英尺。這些等級在美國是聞所未聞的，我很高興地報告我們的成功，並且將在杜松區進行更多的鑽探。

There's still a lot of runways to continue to add, but we're going to have to drill because you can fit a lot of uranium in a very small area with those types of grades. Next slide

還有很多跑道需要繼續添加，但我們必須進行鑽探，因為你可以在這種等級的鈾礦中在很小的區域內容納大量的鈾。下一張投影片

So, this is going to be a bit of an experiment, but we want to take you down into the Pinyon Plain, or body, and we're going to TRY to show you a video. So let's take a look at the video now.

所以，這將是一個小小的實驗，但我們想帶你進入 Pinyon Plain 或身體，我們將嘗試向你展示一段影片。現在讓我們來看看影片。

(Video Playing)

（影片播放中）

All right, well, that went without any hitch, but again, just to give people insight of the mine, and again, I highlight that, the grades have been averaging mines in that 1% to 2% range and again, and when you put that in perspective, I mean, that's like two to four ounces per ton gold, so this is really high grade, high value product that we're getting out of the Pinyon Plain mine.

好的，一切都很順利，但是為了讓大家對這座礦山有更深入的了解，我再次強調，礦山的平均品位一直在 1% 到 2% 的範圍內，從這個角度來看，這相當於每噸黃金有 2 到 4 盎司，因此，我們從 Pinyon Plain 礦山開采出來的確實是高價值、高價值的產品。

So, let's talk a little bit more about some of the development pipeline. Again, you've seen this slide where we have the Sheep Mountain Project in Wyoming, which is fully permitted and we also have the Henry Mountain Project in Utah, Bullfrog, which is in pre-permitting, but also I'm very pleased to announce that our large Roca Honda project in New Mexico, which is also underground and high grade, but it's about 0.5%.

那麼，讓我們進一步討論一些開發流程。再次，您已經看到了這張幻燈片，我們在懷俄明州有 Sheep Mountain 項目，該項目已獲得完全許可，我們還有位於猶他州的 Henry Mountain 項目 Bullfrog，該項目正在預許可階段，但我也非常高興地宣布，我們在新墨西哥州的大型 Roca Honda 項目也是地下的，而且品位很高，但約為 0.5%。

So, it's still a high grade mine by uranium standards, but a very significant project, but it was also selected by the Trump administration on this fast 41 covered project. So, it's being recognized as a national security critical mineral project, and we're really excited to get that designation on one of our projects and our pipeline projects.

所以，按照鈾標準它仍然是一個高品位礦，但卻是一個非常重要的項目，而且它也被川普政府選中在這個快速 41 覆蓋的項目中。因此，它被認定為國家安全關鍵礦產項目，我們很高興我們的一個項目和管道項目獲得這一頭銜。

So, we've been advancing the feasibility study on that for, or actually it's the EIS on that, and we think now is an ideal time to get that wrapped up in advance, so we have another significant permitted project. Next slide

因此，我們一直在推進這項可行性研究，或實際上是該項環境影響報告書，我們認為現在是提前完成這項研究的理想時機，因此我們還有另一個重要的許可項目。下一張投影片

We, we'll shift gears a bit and go around the world here, talk a little bit about the rare earth production, and assets that we have in heavy mineral sands. Next slide.

我們將稍微轉換話題，到世界各地，談談稀土生產以及我們在重礦砂中擁有的資產。下一張投影片。

We haven't left the country yet, but just some pictures of the solvent extraction circuit for extraction of the rare earth oxides at the White Mesa Mill. And again, this is a facility that that the team at White Mesa built on their own without consultants, without people advising them. They came up with the designs for this and they built a very significant solvent extraction facility and commissioned it for under $20 million

我們還沒有離開這個國家，但只是拍攝了一些白色梅薩磨坊用於提取稀土氧化物的溶劑萃取迴路的照片。再說一次，這是 White Mesa 團隊自己建造的設施，沒有顧問，也沒有人建議他們。他們提出了這個設計方案，並建造了一個非常重要的溶劑萃取設施，投入使用成本不到 2000 萬美元

And I know there's companies out there that have pilot plants that are $100 million and do just a fraction of what this will do. I mean some of these pilot plants that are pushing $100 million will do like 1 ton of NDPR per month, and this project, when it has enough feed, will be doing like 70 tons or 80 tons a month. And we built it for $20 million.

我知道有些公司擁有耗資 1 億美元的試驗工廠，但功能卻只是這個工廠的一小部分。我的意思是，一些投資 1 億美元的中試工廠每月將生產 1 噸 NDPR，而這個項目在有足夠的原料時，每月將生產 70 噸或 80 噸。我們花了 2000 萬美元建造了它。

And also, look at the bags of NDPR oxide, in bulky bags. It's not in a beaker and we're doing it at commercial scale. Next slide.

另外，看看裝在大袋子裡的 NDPR 氧化物袋子。它不在燒杯中，我們正在以商業規模進行。下一張投影片。

Again, we continue to focus on integration as we step down through the supply chain there with the mining beneficiation, crack, leak, separation, and we are still very keen to advance into the metal making and alloy steps.

再次，我們繼續專注於整合，因為我們透過採礦選礦、破碎、洩漏、分離等供應鏈逐步實現整合，我們仍然非常渴望進入金屬製造和合金步驟。

And I've always mentioned Deb [Benneam's] working for us from General Motors. She came to work for us and she's helping with that back end, and she's been a great addition to our team to help us on that back end and again we'll collect the monazite from these multiple projects including material from [Kemmos].

我一直提到通用汽車公司的 Deb [Benneam] 為我們工作。她來為我們工作，幫助我們處理後端事務，她是我們的團隊的一個很好的補充，幫助我們處理後端事務，我們將再次從這些多個項目中收集獨居石，包括來自[凱莫斯]。

So, we have diversified supply and feed to the White Mesa Mill globally at scales equivalent to minus in due course. Next slide.

因此，我們在全球範圍內以相當於負數的規模向 White Mesa Mill 提供多樣化的供應和飼料。下一張投影片。

So also, recent news certainly in March we signed a collaboration agreement with Pasco International in South Korea on a collaboration on providing them with feed materials. We also signed a strategic alliance with [Kemmos] in March also collaborating on bolstering US critical mineral supply chains.

同樣，最近的消息是，在三月份，我們與韓國 Pasco International 簽署了合作協議，合作為他們提供飼料原料。我們也於 3 月與 [Kemmos] 簽署了戰略聯盟協議，共同合作加強美國關鍵礦產供應鏈。

And then in April we made the announcement that we have the technical capability and skills to produce six of the seven heavy rare earths subject to current China export controls. Next slide.

然後在四月份，我們宣布我們擁有生產目前中國出口管制的七種重稀土中的六種的技術能力和技能。下一張投影片。

Okay, we'll talk a bit about financials next slide.

好的，下一張投影片我們將討論一下財務問題。

So again, at the end of the quarter, March 31, we continue and are producing low-cost uranium. We're developing this tier one critical mineral in heavy mineral sand assets, and we're maintaining our strong balance sheet, excellent liquidity with over $210 million of liquidity at the end of the quarter made up of cash, marketable securities, interest bearing securities, very liquid, $20 million of trade and other receivables, and about $35 million of inventory.

因此，在本季末，即 3 月 31 日，我們將繼續生產低成本鈾。我們正在開發重礦砂資產中的一級關鍵礦物，並且我們保持著強勁的資產負債表和出色的流動性，本季末的流動性超過 2.1 億美元，包括現金、有價證券、有利息證券、流動性極強的 2000 萬美元貿易和其他應收款，以及約 3500 萬美元的庫存。

At current prices you can actually increase the value of those inventories by about $12 million. At the end of the quarter we had nearly 600,000 pounds of finished uranium. We continue to add to that. We still have vanadium inventory. We still have some rare earth inventory, and we have zero debt now.

按照當前價格，這些庫存的價值實際上可以增加約 1200 萬美元。截至本季末，我們已擁有近 60 萬磅成品鈾。我們將繼續對此進行補充。我們還有釩庫存。我們還有一些稀土庫存，而且我們現在沒有債務。

The net loss for Q1 of 25 was driven on a very aggressive program of advancing all these projects and also electing not to sell uranium at current prices.

第一季淨虧損 25 美元，原因是該公司積極推進所有這些項目，並選擇不以當前價格出售鈾。

As I mentioned in the first quarter, the uranium prices were languishing spot between $63 and $65 now they're about $70 and so by holding onto that uranium, that value of that product at spot is 10% higher and we really still don't have a lot of interest in selling uranium at $70 a pound. The last uranium we sold on the spot was $80 a pound.

正如我在第一季提到的那樣，鈾價一直在 63 美元到 65 美元之間徘徊，現在約為 70 美元，因此通過持有鈾，該產品的現貨價值將高出 10%，而且我們實際上仍然對以每磅 70 美元的價格出售鈾沒有太大興趣。我們最後現場出售的鈾的價格是每磅80美元。

And that is kind of our goal to get back with eight [handle] on it going forward. We did sell the residual heavy metal sand products from Kwale, [Imani] [Ruta] Zircon for about $15.5 million and we did have a net loss of 26.3%, about $0.13 per share, because other than the sales of the largely of the heavy mineral sand products, we didn't try to generate any additional revenue. Next slide.

這就是我們的目標，在未來重新獲得八個 [處理]。我們確實以約 1,550 萬美元的價格出售了 Kwale、[Imani] [Ruta] Zircon 的殘留重金屬砂產品，並且我們的淨虧損為 26.3%，約合每股 0.13 美元，因為除了大部分重礦砂產品的銷售外，我們沒有嘗試產生任何額外收入。下一張投影片。

So again, talking a bit more about the quarter, we're actively mining uranium as I talk. We're actively processing uranium ores; we're opportunistically buying uranium on the spot market. We bought some for 64, 75, about 50,000 pounds. We'll continue to look at when that makes sense or not. We did enter into that purchase agreement for third party ore, with another party not too far from the mill.

因此，再次談論本季的情況，正如我所說，我們正在積極開採鈾礦。我們正在積極處理鈾礦石；我們正在現貨市場上投機性地購買鈾。我們買了一些，花了 64,75，大約 50,000 英鎊。我們將繼續研究這是否有意義。我們確實與距離工廠不遠的另一方簽訂了第三方礦石購買協議。

We're still increasing our ramp up to that 2 million pounds of uranium production with existing assets, and we're also advancing these other large scale uranium projects which can increase our production up to about 4 million to 6 million pounds with additional permits and investment, and we're continuing to do the R&D recovery on radium. Next slide.

我們仍在利用現有資產將鈾產量提高到 200 萬磅，我們也正在推進其他大型鈾項目，透過額外的許可和投資，這些項目可以將我們的產量提高到約 400 萬至 600 萬磅，而且我們正在繼續進行鐳的研發回收。下一張投影片。

So again, I think people have struggled to kind of understand how the mining and the processing and the alternate feeds all fit together. So, if you look at that top line which says mind and you look at what was our guidance, previous guidance and our revised guidance, it's up from the midpoint of 22%.

所以，我認為人們一直在努力理解採礦、加工和替代供應是如何結合在一起的。因此，如果您看一下上面那行“注意”，並查看我們的指導、先前的指導和修訂後的指導，您會發現它從 22% 的中點上升了。

And again, most peoples are going down. So, if you look at that, that's my product. And then if you go to the next line, alternate fee, and for example, in our guidance, it hasn't changed for the alternate fee, but 160,000 to 200,000 pounds, that is about 20% of our feed for the White Mesa Mil and that is a beautiful sweetener in our production profile.

再一次，大多數人的生活水準都在下降。所以，如果你看一下，那就是我的產品。然後，如果您轉到下一行，替代費用，例如，在我們的指導中，替代費用沒有變化，但是 160,000 到 200,000 磅，大約占我們 White Mesa Mil 飼料的 20%，這是我們生產概況中一個很好的甜味劑。

So then go down to the third line with the processed pounds we're saying 700,000 to a million pounds, up 278%. And one of the reasons it's not so big is we are actually looking at not processing some of that ore because of some of the work we are doing on the radium front. So, we decided to process some of our feeds, uranium feeds, and that's why it jumped.

那麼，再看第三行，我們說處理的磅數是 70 萬到 100 萬磅，增加了 278%。規模不大的原因之一是，由於我們正在鐳方面進行一些工作，因此我們實際上不考慮加工部分礦石。因此，我們決定處理一些原料，鈾原料，這就是它上漲的原因。

Contract sales very light for 2025 at around 220,000 pounds. That's down a little bit. That doesn't really upset me because I'm still looking for these higher uranium prices in due course. Finished goods we plan to have between 925,000 and the 1.2 million. And by the end of the year that's up 193%,

2025 年的合約銷售額非常低，約 22 萬英鎊。有點低了。這並沒有讓我感到不安，因為我仍在期待鈾價在適當的時候上漲。我們計劃的成品產量在 925,000 到 120 萬之間。到年底，這一數字上漲了 193%。

So, we're going to have a lot of finished goods but look at those inventories because not only can we select the time we want to process that or we can also store it in stockpile and process it later. We do not have to spend that money if we have it sitting at the mill in inventory, so we plan to have between about 2 million and 2.5 million pounds of inventory or to be processed inventory, which is up about 14%.

因此，我們將會有許多成品，但要查看這些庫存，因為我們不僅可以選擇我們想要處理的時間，還可以將其儲存在庫存中並在以後進行處理。如果工廠有庫存，我們就不需要花這筆錢，因此我們計劃擁有約 200 萬至 250 萬磅的庫存或待加工庫存，這一數字將增長約 14%。

Now some people might say, what does it cost to process the unprocessed inventories, and it varies. I mean it can vary between $15 to $20 a pound, sometimes it can be $10 a pound, sometimes it can be $35 or maybe up to $40 but it is very easy and low cost for us to process that inventory when we want to put it into the market, we can do it quite quickly.

現在有人可能會說，處理未處理的庫存需要花費多少錢，而且費用各不相同。我的意思是，它的價格可能在每磅 15 到 20 美元之間，有時可能是每磅 10 美元，有時可能是 35 美元甚至可能高達 40 美元，但當我們想要將其投放到市場時，處理這些庫存非常容易且成本低廉，我們可以很快完成。

Now having these significant inventories is also putting us in a great position that we can flip the mill back and process rare earths, potentially early in 2026 by having enough inventory to meet our contractual agreements and also having material to put out on the spot market if we like to do so. Next one.

現在，擁有這些大量庫存也使我們處於有利地位，我們可以將工廠重新投入生產並加工稀土，可能在 2026 年初，我們就有足夠的庫存來滿足我們的合約協議，如果我們願意的話，還可以將材料投放到現貨市場。下一個。

It's okay, we'll talk about the rare earths and sort of the titanium zirconium products. As I said just a minute ago, we may go back into rare earth production in 2026. We're building up inventories of monazite as we speak. We're advancing the phase 2 expansion at the White Mesa Mill.

沒關係，我們來談談稀土和鈦鋯產品。正如我剛才所說，我們可能在 2026 年恢復稀土生產。我們正在建立獨居石庫存。我們正在推進 White Mesa Mill 第二階段的擴建工程。

This is a separate plant separate from the uranium mill with a capacity of up to 6,000 tons of NDPR per year equivalent of Linus and also recovering about 225 metric tons of DY and 75 metric tons of TB per year and that update will also come up with updated capital and operating costs for that.

這是一座獨立於鈾工廠的工廠，其年產能高達 6,000 噸 NDPR（相當於 Linus），同時每年還可回收約 225 公噸 DY 和 75 公噸 TB，此次更新也將帶來最新的資本和營運成本。

We are currently piloting DY and TB, and when we talked about that we have these capabilities to separate additional rare earths, including these rare heavy rare earths, we can do that. So again, remarkable capabilities at the White Mesa Mill. Tole our project is moving towards FID. It should be expected in the first half of. 2026.

我們目前正在試行 DY 和 TB，當我們談到我們擁有分離額外稀土元素（包括這些稀有重稀土元素）的能力時，我們可以做到這一點。再次證明，White Mesa Mill 的能力非凡。告訴我們，我們的專案正在走向 FID。應該在上半年就能預料到。2026年。

We're continuing to be starting to look at pursuing potential off-take sales and financing options. We're also pursuing final agreements to enshrine and agreed fiscal terms on to they are with the Madagascar government, and we're really excited about that to keep pushing that along. The Madagascar government wants this project.

我們將繼續開始尋找潛在的承購和融資選項。我們也正在尋求與馬達加斯加政府達成最終協議並商定財政條款，我們對此感到非常高興並將繼續推動這一進程。馬達加斯加政府想要這個計畫。

We want this project, and it is an important project for the United States of America on securing world scale critical minerals. When you look at our scale of our project, of our goals as we move this forward, we can produce between 50% to 100% of 10 critical elements for the current demand of the United States of America. So, it is absolutely significant.

我們想要這個項目，這對美國來說是一個確保世界關鍵礦產資源的重要項目。當你看到我們專案的規模和我們推進的目標時，我們可以生產出滿足美國當前需求的 10 種關鍵元素的 50% 到 100%。所以，這絕對意義重大。

The Donald project is also moving forward with FID. We're continuing with drilling on the Bahia project in Brazil and we're continuing to develop our final comprehensive project finance strategy. That's it. Any questions?

唐納德項目也正在按照最終投資決定向前推進。我們將繼續在巴西的巴伊亞計畫上進行鑽探，並繼續制定最終的綜合專案融資策略。就是這樣。還有其他問題嗎？

(Operator Instructions)

（操作員指示）

Katie Lachapelle, Canaccord Genuity.

凱蒂·拉查貝爾，Canaccord Genuity。

Hi Mark. Thanks for taking my question. It's great to see the increase in expected uranium production for 2025. I do, however, want to focus a bit on the rare earth segment. We've seen your balance sheet improve quarter over quarter with some activity on the ATM.

你好，馬克。感謝您回答我的問題。很高興看到 2025 年鈾產量預期增加。不過，我確實想稍微關註一下稀土領域。我們看到，隨著 ATM 機的一些活動，您的資產負債表逐季度有所改善。

But on our numbers, we're still seeing a pretty significant GAAP between the projected capital costs and your current balance sheet. So how are you thinking about, the potential funding stack for the phase two expansion of white Mesa in addition to advancing Toliara and Donald?

但根據我們的數據，我們仍然看到預計資本成本和當前資產負債表之間存在相當顯著的 GAAP 差異。那麼，除了推進圖利亞拉和唐納德之外，您如何考慮白色台地第二階段擴建的潛在資金儲備？

Yeah, Katie, as I said at the end, we're putting together a comprehensive financing strategy. We've already got some debt advisors on Toliara and Donald. We're looking at adding a significant US bank to help us with that. In addition, we're making the rounds across DC, with places like the DOD, Exim Bank, and DOE, and all that.

是的，凱蒂，正如我最後所說的，我們正在製定一項全面的融資策略。我們已經為圖利亞拉和唐納德聘請了一些債務顧問。我們正在考慮尋求一家重要的美國銀行來幫助我們實現這一目標。此外，我們也正在華盛頓特區與國防部、進出口銀行、能源部等機構進行巡查。

So, and as I said, we're looking at potential offtakes. Potential there could be potential people willing to fund in some of these projects. So, Katie, it's really going to be from a number of sources.

所以，正如我所說，我們正在尋找潛在的承購機會。可能有潛在的人願意為其中一些項目提供資金。所以，凱蒂，這確實會來自多個來源。

Our strong balance sheet allows us to advance all these projects through this FID process to get all the accurate numbers. And estimates for bankable purposes. And but I do believe that when you look at the scale and the low-cost nature of what our plan and strategy is when I talk about, 50% to 100% of US requirements, we will secure funding.

我們強大的資產負債表使我們能夠透過 FID 流程推進所有這些項目，以獲得所有準確的數字。並進行銀行用途的估算。但我確實相信，當你看到我們的計劃和策略的規模和低成本性質時，當我談到美國 50% 到 100% 的需求時，我們將獲得資金。

Now this doesn't mean it's going to be easy and it's complicated, but we plan to have that strong balance sheet get to these FIDs and we're multitasking on number fronts when it comes to how we're going to finance these projects and I want to point out too one thing the Toliara project is so remarkable that it funds itself, it doesn't fund itself, but it can stand alone as a heavy mineral sand project only without any credits for the rare earth.

現在這並不意味著它會很容易，它很複雜，但我們計劃擁有強大的資產負債表來實現這些最終投資決定，當談到如何為這些項目融資時，我們在數字方面正在多任務處理，我想指出的一件事是，圖利亞拉項目非常了不起，它是自籌資金的，它不是自籌信貸資金，但它可以作為一個重礦砂土獨立存在，而不需要任何稀土信貸項目。

So, it's a, it's a really significant project, really low-cost structures. But we still have a lot of work to do.

所以，這是一個非常重要的項目，而且結構成本真的很低。但我們還有很多工作要做。

Understood. And then maybe just one unrelated follow up. You didn't make any uranium sales in the quarter, so kind of two questions. Can you provide us with a level that would, trigger you to make some additional sales into the spot market this year?

明白了。然後也許只是一個不相關的後續行動。本季您沒有進行任何鈾銷售，因此有兩個問題。您能否向我們提供一個水平，以促使您今年在現貨市場上進行一些額外的銷售？

And then on the cost side, there were no reported costs for this quarter. So, how are your cost tracking right now and how do you expect them to track through the remainder of this year?

在成本方面，本季沒有報告成本。那麼，您目前的成本追蹤情況如何？您預計今年剩餘時間的成本追蹤情況如何？

Yeah, as I said earlier, I really don't like to sell uranium at these prices because I think it's below the cost of replacement. But I, I'd like to see something with an eight handle on it or greater.

是的，正如我之前所說，我真的不喜歡以這樣的價格出售鈾，因為我認為它低於更換成本。但是我，我希望看到有八個或更多手柄的東西。

When you look at our cost for the quarter, we're really just ramping up some of the mining, we had the delays with the ore transport across the Navajo Nation. But our most recent estimates are that our, the combined cost going forward and for the year are going to be between about $35 and $40 dollars per pound, Katie.

當你查看我們本季的成本時，我們實際上只是增加了一些採礦量，我們在納瓦霍族保留地的礦石運輸方面遇到了延誤。但我們最近的估計是，未來和今年的總成本將在每磅 35 至 40 美元之間，凱蒂。

Perfect. Thank you, Mark.

完美的。謝謝你，馬克。

Heiko aele, HC Wainwright

Heiko aele，HC Wainwright

Hi Mark, it's actually Case on behalf of Heiko.

你好，馬克，我實際上是代表 Heiko 的 Case。

Okay, All right.

好的，好的。

No, awesome. Just a quick question on Pinyon Plain. It seems like things are going pretty well. Could you maybe give us any colour on if there's been any unforeseen supply chain issues throughout the process and have any idea of how much money you spend to plan to spend at the site during Q2?

不，太棒了。這只是關於 Pinyon Plain 的一個簡單問題。看起來事情進展得很順利。您能否告訴我們在整個過程中是否存在任何不可預見的供應鏈問題，並且您知道您計劃在第二季度在該現場花費多少錢嗎？

Well, look at that there haven't been any issues. At the at the site since we signed the agreement with Navo Nation, one of the issues has been just getting the trucks pulled up to haul the ore to the mill, which we're working to resolve.

嗯，看看，沒有任何問題。自從我們與 Navo Nation 簽署協議以來，現場遇到的一個問題就是如何將卡車拖上來將礦石運送到工廠，我們正在努力解決這個問題。

We indicated that, for Q2 we already had these 150,000 pounds mined and that's continuing on. I mean, I got a text from the mine this morning. It's going actually going higher than that. So, as I said to Katie, homogenized basis we're looking at that $35 to $40 a pound. The mine is largely developed, so a lot of the expenditures there are just focused on producing ore and shipping it to the mill. So, did I cover that all for you?

我們表示，第二季我們已經開採了 15 萬磅黃金，而且還在繼續開採。我的意思是，我今天早上收到了礦井發來的簡訊。事實上，它還會比這更高。所以，正如我對凱蒂所說的那樣，均質基礎上，我們認為價格是每磅 35 至 40 美元。該礦已基本開發，因此大部分支出僅集中在生產礦石並將其運送到工廠。那麼，我是否已經為您講完了所有內容？

Yeah, that's great. And I guess to touch on the earlier question, we like seeing you buy uranium below $65 a pound. And you know with a great cash balance, do you anticipate converting any more cash into the inventory Q2 and beyond, and is there possibly a mental maximum price for doing so?

是的，太棒了。我想回到之前的問題，我們很高興看到您以低於每磅 65 美元的價格購買鈾。您知道，在現金餘額充足的情況下，您是否預計在第二季及以後將更多現金轉換為庫存，並且這樣做是否存在心理最高價格？

I wish I'd bought more at $64. But, yeah, well, we're going to just play it by here. I mean, we, well, if we, if we're giving our going forward cost at $35 to $40, that kind of gives you an idea of what we can put it in a drum, finished goods. But, again, it's just, we're going to always look at mix and match and if we think we can pick up some product at a price that we can turn around and sell, we'll consider that.

我希望我能以 64 美元的價格買到更多。但是，是的，好吧，我們就在這裡玩吧。我的意思是，如果我們，如果我們給出的未來成本為 35 至 40 美元，那麼您就可以了解我們可以將其放入桶中的成品中。但是，再說一次，我們只是總是會考慮混合搭配，如果我們認為我們可以以可以轉手出售的價格購買一些產品，我們就會考慮。

Thank you. Great caller. I appreciate it. That's it for me.

謝謝。很棒的來電者。我很感激。對我來說就是這樣。

Justin Chan, SCP Resource Finance.

SCP Resource Finance 的 Justin Chan。

Good morning, Mark and team. Thanks for hosting the call. My first one regarding, just reading through your 10Q, you noted that part of the logic for bringing forward uranium processing is you, you're thinking of doing a processing campaign next year or freeing up the mill for circuit changes.

早安，馬克和團隊。感謝您主持此次電話會議。我的第一個問題是關於，剛剛讀完你的 10Q，你指出，提前鈾加工的部分邏輯是，你正在考慮明年進行加工活動或騰出工廠進行電路改造。

I was wondering if you could just give us some more colour on what your current thoughts are for next year on the rare side of things and what are the key moving parts.

我想知道您是否可以向我們詳細介紹您目前對明年稀有事物的看法以及關鍵的動向。

Yeah, well, exactly, as I said, if we have this inventory, we can elect on how to process uranium or reverse. I mean, so our thoughts were to go ahead and build up our inventory, which we can do very quickly with the product out there to process, have this other inventory that we can process, later with the switch over the mill if we need to.

是的，嗯，確實如此，正如我所說，如果我們有這個庫存，我們可以選擇如何處理鈾或逆向處理。我的意思是，我們的想法是繼續建立我們的庫存，我們可以透過在那裡處理產品來快速完成，並擁有我們可以處理的其他庫存，稍後如果需要的話，就可以切換到工廠。

And then looking at in 2026, we're still getting material from [Kemmos], but we're also looking at other sources of feed of monazite and right now, we're getting a lot of inbounds from the US government saying what can you produce for Earth now? What can you produce now? And you know what, we're the only ones that can produce now if we want to.

然後展望 2026 年，我們仍會從 [Kemmos] 獲取材料，但我們也在尋找其他獨居石原料來源，目前，我們收到大量來自美國政府的信息，詢問現在可以為地球生產什麼？你現在能生產什麼？你知道嗎，如果我們願意的話，現在就只有我們能夠生產。

And in addition to our ability to also do these heavy rare earths, we're trying to position ourselves so we can show that we have this incredible flexibility, that this flexibility allows us to be and produce whatever they may need and if they need, a samarium or whatever, we can actually do that. We can't just wiggle our nose and do it but give us a few months or six months and some support, and we have remarkable flexibility on that.

除了我們能夠生產這些重稀土元素之外，我們還在努力展現自己的定位，以便能夠證明我們擁有令人難以置信的靈活性，這種靈活性使我們能夠生產他們可能需要的任何東西，如果他們需要釤或其他東西，我們實際上可以做到。我們不能只是勉強接受，而是給我們幾個月或六個月的時間和一些支持，我們在這方面具有很大的靈活性。

So, [Jess] and this gives us that opening to be able to do either. I mean, if we decide we want to keep producing uranium, we'll do it. If we want to switch over to rare earths, we'll do it.

所以，[傑西] 這給了我們做這兩件事的機會。我的意思是，如果我們決定繼續生產鈾，我們就會這麼做。如果我們想轉用稀土，我們就會這麼做。

Gotcha. So maybe just reading between the lines, probably the key determinant right now is perhaps some signal from the government absent a huge, price once or NDPR or something like that.

明白了。因此，也許只是字裡行間可以看出，目前的關鍵決定因素可能是政府發出的一些訊號，除非出現巨大的價格或 NDPR 或類似的東西。

Yeah, I think that's correct. I mean, if we get a signal from the government, we want to say we're going to deliver. In the United States. In Utah.

是的，我認為這是正確的。我的意思是，如果我們收到政府的訊號，我們就會表示我們會兌現。在美國。在猶他州。

Gotcha. And, on Toliara, could you give us an update on how things are going in country, and I guess what the next 12 months looks like between now and FID in terms of, so we can track progress over the next 4 quarters.

明白了。關於圖利亞拉問題，您能否向我們介紹一下該國的最新情況，以及從現在到最終決定之前的 12 個月內的情況，以便我們可以跟踪未來 4 個季度的進展。

Look, I've got Tim Carstens here. Tim, calling you on the spot here. Okay. He's here. I might as well bring him in.

瞧，蒂姆·卡斯滕斯 (Tim Carstens) 在我這裡。提姆，我當場就打給你了。好的。他在這裡。我最好把他帶進來。

Good question. Hi, Justin.

好問題。你好，賈斯汀。

Hey Tim, speaking of Toliara.

嘿，提姆，說到圖利亞拉。

Yeah, exactly. Yeah, so the, it's got the three key focuses at the moment in, at Toliara one is, as Mark mentioned earlier, it's finalizing the agreements to lock in the fiscal terms with government, and that's all making good progress. The government's amending its large mine investment regime at the moment, in good consultation with us. So, I'm comfortable with the direction that's taking.

是的，確實如此。是的，目前在圖利亞拉有三個重點，正如馬克之前提到的，首先是與政府敲定鎖定財政條款的協議，這一切都取得了良好的進展。政府目前正在與我們進行良好的協商，修改其大型礦場投資制度。所以，我對目前的發展方向感到滿意。

On ground we're doing a lot of work with governments on, I guess, community. I won't say sensitization, but more just sort of making sure that we've got full community onside.

我想，我們在實地與政府在社區方面開展了大量工作。我不會說敏感化，而只是確保我們得到整個社區的支持。

We've got the various, I guess engagement and dialogue structures in place, Toliara dialogue structures between ourselves, government and communities to make sure any issues are addressed adequately, that we avoid, the influence of the, opponents of the project that aren't really motivated around the project, but have, as from the past, have attempted to use the project as, I guess a football for their own objectives.

我們已經建立了各種參與和對話結構，圖利亞拉對話結構，即我們與政府和社區之間的對話結構，以確保所有問題都得到充分解決，從而避免受到那些對該項目並不真正感興趣的反對者的影響，他們過去一直試圖將該項目作為實現自身目標的藉口。

So, we've been working really closely with the government in managing that. Got a really good position. And, on groundwork is now starting to happen as we head towards FID.

因此，我們一直與政府密切合作來解決這個問題。獲得了非常好的職位。隨著我們邁向最終決定 (FID)，基礎工作已經開始。

So, that being one of the challenges we've experienced over the last five years is well in hand now. On the project side, there's quite a lot of work that needs to be done over the next, 12 months or so as we head towards the FID. Quite a bit of geotechnical drilling that needs to be done, particularly in relation to the bridge, and the port facility. They're kind of long lead time items, for that.

所以，這是我們過去五年來遇到的挑戰之一，現在已經得到很好的控制。在專案方面，隨著我們朝著最終投資決定邁進，未來 12 個月左右還有很多工作要做。需要進行大量的岩土鑽探，特別是與橋樑和港口設施相關的鑽探。對於這些來說，它們是一種交貨週期較長的物品。

We're, busily building the team at the moment. As with, our approach is to bring on a lot of the operational people early and embed them in the project. So, people like our GM operations are already in place.

我們目前正忙於組建團隊。同樣，我們的方法是儘早引入大量營運人員並將他們嵌入到專案中。因此，像我們通用汽車營運部門這樣的人員已經到位。

And they're starting to assemble their team, to sort of drive our input in project execution. So that's coming together quite well. Quite a significant spend, over the next 12 months, as you would expect for a project of this scale. So, yeah, at this stage, we're well on track for an FID as Mark said in the first half of next year.

他們開始組建團隊，以推動我們在專案執行上的投入。所以一切都進展順利。正如您所預料的那樣，對於這種規模的項目來說，未來 12 個月的支出將是相當大的。是的，正如馬克所說，在現階段，我們正順利實現最終投資決定 (FID)，並將於明年上半年實現。

Gotcha. And is there a plan to kind of put out updated CapEx and I guess high-level economics and roughly went along that timeline, do you think that would be?

明白了。是否有計劃推出更新的資本支出，我想是高層經濟學，並大致按照這個時間表進行，您認為會是這樣嗎？

Yeah, we're in the process of completing that now. The intent is to release a full updated DFS, in, I think it's due in June, maybe early July. Which will sort of form the basis of the next phase of execution of the project, so that'll get released to the market with a full update. It also forms of the debt funding, so that'll become the debt funding model.

是的，我們現在正在完成這項工作。目的是發布完整更新的 DFS，我認為預計在六月或七月初發布。這將構成專案下一階段執行的基礎，以便以完整更新的形式發佈到市場。它也是一種債務融資形式，所以這將成為一種債務融資模式。

Okay, that's June early July this year, like in a couple of months.

好的，那是今年六月到七月初，就像幾個月後一樣。

Yeah, a couple of months we're in the final stages of that now.

是的，幾個月後我們就進入了最後階段。

Okay, gotcha. Thanks very much. All right, thanks very much. I'll stay up the line and rejoin if I have any more questions. Thank you.

好的，明白了。非常感謝。好的，非常感謝。我會繼續在線，如果還有其他問題，我會再次加入。謝謝。

Thank you, Tim.

謝謝你，提姆。

Zack Perry, Robertson Stephens.

札克佩里、羅伯森史蒂芬斯。

Hey Mark, thanks for the question. Quick question on the rare earth side, at scale and how you define that, what is your cost structure relative to other projects around the world?

嘿，馬克，謝謝你的提問。關於稀土方面的快速問題，就規模而言，您如何定義規模，相對於世界各地的其他項目，您的成本結構是怎樣的？

Obviously if you have the feedstock and you look at the future, what would be your cost structure just not just the United States but relative to other projects around the world?

顯然，如果您擁有原料並著眼於未來，那麼您的成本結構將是怎樣的，不僅僅是美國，而且相對於世界各地的其他項目而言？

Yeah, we're finishing all of our studies, and but at scale we believe we're going to be, if we're not the lowest cost, we're going to be the second lowest cost in the world is what we believe. Okay, now how China fits in, but certainly outside of China we're going to be low-cost producer.

是的，我們正在完成所有的研究，但從規模上看，我們相信，即使我們的成本不是最低的，我們也將成為世界上第二低成本的。好的，現在看看中國如何融入其中，但在中國以外我們肯定會成為低成本生產商。

And we will be producing in the United States and a lot of that is driven on the fact that the contribution of these various projects, particularly Toliara with the scale of Toliara and the low cost structures of Toliara, is going to provide us with a supply of monazite significant about half of the mill's capacity of and it could be more in due course if we want to upgrade it effectively for free. So that's a pretty good start, Zack.

我們將在美國進行生產，這很大程度上取決於這些不同項目的貢獻，特別是圖利亞拉項目，圖利亞拉項目的規模和低成本結構將為我們提供大量的獨居石，約佔工廠產能的一半，如果我們想免費有效地升級工廠，那麼在適當的時候，還可以提供更多。所以這是一個很好的開始，扎克。

Yeah, so it sounds like you're very low cost without the Toliara and you basically get almost free stock assuming Toliara is, profitable on, heavy mineral sands upon its own. Is that a way I think about it?

是的，聽起來，沒有圖利亞拉礦，你的成本就非常低，而且你基本上可以獲得幾乎免費的庫存，假設圖利亞拉礦本身就能盈利，重礦砂。我是這樣想的嗎？

Becomes an accounting exercise how you want to account for it, but. But yeah, no it's a, these pieces, as you said, at scale, and that's a big part is at scale because, I mean, phase one is at the mill is about 1,000 tons of NDPR per year.

成為一項會計練習，你想如何解釋它，但是。但是，是的，不，正如你所說，這些部分是按規模的，而且很大一部分是按規模的，因為，我的意思是，第一階段在工廠每年約有 1,000 噸 NDPR。

The expanded phase two is [6XA], right? So that makes a difference in terms of the fixed variable cost in terms of how you go forward, so--

擴充的第二階段是[6XA]，對嗎？因此，就固定變動成本而言，這對您未來的發展方式會產生影響，所以-

Just coming back to your point, about the as a free monazite. I mean, Toliara just as a mineral sand project, so completely excluding any monazite revenue, in terms of revenue to cash cost ratio, it's about four to one, revenue to cash cost. It's pretty much the most profitable mineral sand operation in or will be, profitable mineral sand operation in the world, excluding monazite.

回到你的觀點，關於自由獨居石。我的意思是，圖利亞拉只是一個礦砂項目，因此完全不包括任何獨居石收入，就收入與現金成本比率而言，收入與現金成本的比例約為四比一。這幾乎是世界上最賺錢的礦砂業務，或者說將是世界上最賺錢的礦砂業務（獨居石除外）。

So, that's one of the real strengths of that as a project and how it contributes to a relatively low risk way for Energy Fuels to develop rare earth capability relative to anybody else because you've just got that protection.

所以，這是該專案的真正優勢之一，也是它如何為能源燃料公司開發稀土能力提供相對低風險的方式，因為你得到了這種保護。

Right, now that makes a lot of sense. So, with that, assuming that the US government wakes up and, if they're going to get in a trade war with China, would want to get your product up and running.

好的，現在這很有意義了。因此，假設美國政府醒悟過來，如果他們要與中國進行貿易戰，他們就會希望你的產品能正常運作。

How quickly could you get a separate REE, line up and running, assuming, if the government showed up and said do it tomorrow? What's the time frame I actually get up and running if you have full funding and everything?

假設政府出面並表示明天就做這件事，那麼你多久能獲得單獨的 REE、排隊並運行呢？如果您擁有充足的資金和一切條件，我實際啟動和運行的時間是多久？

Yeah well, phase one. Couple of months, okay, that'll do an NDPR, and we're currently piloting the DYCB, we've been telling the government that some of these specialty products, if they want a two or three, it probably take us six months to 12 months, but we are looking at like a phase 1B, which is the addition of other circuits to recover some of these other products if the government wants them, that we can provide them with a custom built solution for that.

是的，第一階段。幾個月後，好的，那將完成一個 NDPR，我們目前正在試行 DYCB，我們一直在告訴政府，如果他們想要兩到三個月的這些特殊產品，我們可能需要六個月到十二個月的時間，但我們正在考慮第 1B 階段，即增加其他電路來恢復其中一些其他產品，如果政府需要的話，我們可以為他們提供定制的解決方案。

When it comes to the phase two mill, we've been talking about phase two birth plan of having it up and running in 2028, and that's kind of where it is on the current, scale, but it isn't impossible to think that the government might not want to fast track that. But we also have to make sure that ties in with the mines and when these mines are up and producing.

談到第二階段的計劃，我們一直在談論在 2028 年啟動並運行的第二階段生育計劃，這就是目前的規模，但可以想像政府可能不想加快這一進程。但我們也必須確保這與礦山相適應，並保證這些礦山能夠正常開採和生產。

So, there's a little bit of a juggling. One thing that's kind of interesting is there are sources of monazite out there in the world that people are looking at sending to us because they believe it makes a lot of sense for them to send it to White Mesa.

因此，這其中存在一些玩雜耍的情況。有趣的是，世界上有許多獨居石資源，人們正在考慮將其發送給我們，因為他們認為將其發送給白台地非常有意義。

So, we're still exploring some of those options and opportunities so that we have larger run of rare earths and being able to again process the rare earths at the mill or the uranium and being flexible. So, yeah, we're kind of just keeping our options open on how we go, Zack, and, but there's a number of pieces to this that we can orchestrate as required.

因此，我們仍在探索其中的一些選擇和機會，以便我們能夠擁有更大的稀土產量，並能夠再次在工廠或鈾工廠處理稀土，並且具有靈活性。所以，是的，扎克，我們只是對如何前進保持開放的態度，但其中有很多部分我們可以根據需要進行協調。

Great, thanks. Yeah, I mean, it looks incredibly exciting. It's a fast time frame without a push by the US government, but if I was in the US government, I would be pushing for it to go faster, so it looks pretty interesting. Thanks guys.

太好了，謝謝。是的，我的意思是，它看起來非常令人興奮。如果沒有美國政府的推動，這個時間框架將會非常快，但如果我是美國政府，我會推動它加快速度，所以它看起來非常有趣。謝謝大家。

Thank you.

謝謝。

Noel Parks, Tally Brothers Investment Research.

諾埃爾·帕克斯（Noel Parks），塔利兄弟投資研究公司（Tally Brothers Investment Research）。

Hi, good morning. So, I just wanted to check back on the Navajo Nation cleanup. So, the process of unlocking the dedicated funds for that, is that something that would involve any financial commitment from Energy Fuels and capital or operating side? And so just wondering about the scale of it, is it just a few 1,000 in GNA or something larger?

嗨，早安。所以，我只是想回顧一下納瓦荷族的清理情況。那麼，解鎖專用資金的過程是否需要能源燃料和資本或營運方面的任何財務承諾？所以我只是想了解它的規模，在 GNA 中只有幾千人還是更大？

Yeah, the agreement that we did with Pinyon Plain, we agreed to 10,000 tons, we'd haul it and take it for free with, the option that can be expanded later on.

是的，我們與 Pinyon Plain 達成的協議是，我們同意運輸 10,000 噸，並免費帶走，這個選項以後還可以擴展。

There really is no capital investment required, but there is, last I checked there was about $2 billion in trust. For the Navajo Nation to clean those sites up. And so, one of our goals working with the Navajo Nation, we put out this offer for the free material so that they can be comfortable and see how it actually works.

確實不需要資本投資，但是，我上次檢查時發現信託資金大約有 20 億美元。讓納瓦荷族清理這些地方。因此，我們與納瓦霍族合作的目標之一是提供免費材料，以便他們能夠安心並了解其實際效果。

And so, there's no cost to us we can take it right now. And we'll probably start taking some of that material, that 10,000 tons this year. It's really about them deciding, which site would they like us to take it from. Again, that material contains uranium. We can process it. We get free feed, well the initial 10,000 tons we're hauling it to the mill.

因此，我們現在就可以免費取得它。我們可能今年就會開始提取其中的一部分材料，也就是 10,000 噸。這實際上取決於他們決定讓我們從哪個網站獲取它。再次強調，材料含有鈾。我們可以處理它。我們得到免費飼料，最初的 10,000 噸飼料我們正在運送到工廠。

So, there's a number of different ways this could roll out. We have had with the new administration discussions with the EPA and the Bureau of Indian Affairs and the Navajo Nation, and they are keen about working with energy fuels, keen because they know we can do it right now, like a lot of things right now.

因此，實現這一目標有多種不同的方式。我們已經與新政府、美國環保署、印第安事務局和納瓦霍族進行了討論，他們熱衷於從事能源燃料方面的工作，因為他們知道我們現在可以做到，就像現在的許多事情一樣。

And there's not been a lot of action on the Navajo Nation on this cleanup, and this is just a perfect way that we can work with the Navajo Nation with this ore haulage contract. They can see how the ore is hauled across the Navajo Nation. And also, they can see the good we can do helping them with some of these cleanups that have been stagnant for 50 years.

納瓦荷族在清理工作上還沒有採取太多行動，而這正是我們透過這份礦石運輸合約與納瓦荷族合作的完美方式。他們可以看到礦石是如何被運送到納瓦霍族保留地的。而且，他們也看到了我們幫助他們完成一些已經停滯了 50 年的清理工作所帶來的好處。

Great. Thanks for the clarification. And talking about the potential catalyst of the government deciding it does want to move forward with some of the minerals that you could produce.

偉大的。感謝您的澄清。並談論政府決定推進某些礦產生產的潛在催化劑。

Do you have any sense of sort of the interaction when it comes to looking for, I guess funding overall for the various projects in the company because I think of, government financing in good terms but tends to move slow and I mean, is it possible that there could be sort of like a larger package that could, help with white Mesa, help with the critical minerals there, help with Toliara or do I really need to think of them as just sort of entirely separate, thrusts.

在為公司各個專案尋找資金時，您是否了解其中的互動關係？因為我認為政府融資條件不錯，但進展緩慢。我的意思是，是否有可能提供更大規模的援助，幫助白台地、幫助那裡的關鍵礦產、幫助圖利亞拉，或者我真的需要將它們視為完全獨立的項目。

We're actively talking to the US government on every front right now, multiple groups, and we're making proposals to the US government on multiple fronts. They can be large or they can be small, and I mean we want to, tap into whatever makes sense, but you're right, a lot of the government funding takes time and is slow.

我們現在正在各個方面、多個團體積極地與美國政府進行對話，並且在多個方面向美國政府提出建議。它們可以很大，也可以很小，我的意思是，我們想利用任何有意義的東西，但你說得對，很多政府資金需要時間，而且進展緩慢。

So, you've got to look at the balance between commercial options, government options, how those fit together. How prescriptive they are and getting those funds, there's a number of different variables, but no, we are actively working with the US government and providing them options just as I've discussed in this presentation, and if it makes sense, we're there to deliver.

因此，你必須考慮商業選擇、政府選擇之間的平衡，以及它們如何結合在一起。他們的規定性如何以及如何獲得這些資金，存在許多不同的變量，但不，我們正在積極與美國政府合作並為他們提供選擇，正如我在本演講中所討論的那樣，如果它有意義，我們就會兌現承諾。

Great. Thanks a lot.

偉大的。多謝。

(Operator Instructions)

（操作員指示）

Richard White, Private Investor.

理查德·懷特（Richard White），私人投資者。

Hello, Mark.

你好，馬克。

Hello, how are you doing?

你好你最近怎麼樣？

I'm doing pretty good, Mark. You mentioned you have a or purchase contract with a third party in the region of the White Mesa Mill. I was wondering, are you? Do you have or are you anticipating a buying schedule for the other small miners in the region who could get into production?

我做得很好，馬克。您提到您與 White Mesa Mill 地區的第三方簽訂了購買合約。我很好奇，你呢？您是否有或正在預測該地區其他可以投入生產的小型礦商的購買計劃？

Yeah, there, first of all, good to hear your voice. Well, and it's no secret that, Western has put out a press release that we're buying their or--

是的，首先，很高興聽到你的聲音。嗯，這已經不是什麼秘密了，西方已經發布了一份新聞稿，說我們正在購買他們的或——

What we find, and you can appreciate this, that, going back 20, 30, 40 years, there were a lot of mines that could, feed into a buying schedule, and now there aren't that many, okay. So, we've kind of taken an approach that if somebody has a mind that's fully permitted in compliance, just come visit us, right, and see what they've got.

我們發現，你可以理解，回顧 20、30、40 年前，有很多礦場可以納入購買計劃，但現在卻沒有那麼多了，好吧。因此，我們採取了這樣一種做法：如果有人的想法完全符合要求，那就來拜訪我們，看看他們有什麼。

We want to know the quantities and the grade, and we'll just kind of work out a special arrangement if it makes sense to us to go forward. So, to put out a blanket buying schedule, there's so few people, it's too difficult because the variables like the grade and even the metallurgy in some cases is uranium, vanadium or what is it.

我們想知道數量和等級，如果繼續進行下去有意義的話，我們就會制定出一種特殊的安排。因此，制定一個全面的購買計劃，因為人太少，所以太難了，因為變數包括品位，甚至在某些情況下冶金學是鈾、釩或什麼的。

So, but yeah, if somebody has a mind, I would say, give us a ring, give [Curtis] a ring, and we'll see what can be worked out or not.

所以，但是的，如果有人有想法，我會說，給我們打個電話，給[Curtis]打個電話，我們會看看能不能解決問題。

Okay. Thank you.

好的。謝謝。

Thank you. There are no further questions at this time. I'd like to turn the call over to Mr. Mark Chalmers for closing comments. Sir, please go ahead.

謝謝。目前沒有其他問題。我想將電話轉給馬克·查默斯先生，請他發表最後評論。先生，請繼續。

Yeah. Well, again, thank you, everyone who joined this call or listens to the replays, in the next few days. Exciting time for Energy Fuels.

是的。好吧，再次感謝在接下來的幾天裡參加這次電話會議或收聽重播的所有人。對於能源燃料來說這是一個令人興奮的時刻。

These pieces are starting to come together on multiple fronts, but I also want to say that, some people have questioned our conviction to the uranium business, and I think that the numbers that are starting to come out with our uranium production and the scale and the cost show that we're not out of the uranium business, we still have a lot of work to do.

這些部分開始在多個方面匯集在一起，但我還想說，有些人質疑我們對鈾業務的信念，我認為，我們鈾產量、規模和成本開始顯現的數字表明，我們並沒有退出鈾業務，我們還有很多工作要做。

Pinyon Plain mine, which I built in 1987, took 38 years to go from when I built it to getting the ore to the pad at White Mesa, is really paying dividends and out of this side of things the highest-grade uranium project I've seen in my career. Richard, if you're still listening, I know we worked at the Schwartz Walter, which was had some high grades too, but not at this kind of scale.

我於 1987 年建造的 Pinyon Plain 礦，從建造到將礦石運送到 White Mesa 的平台花了 38 年的時間，確實帶來了回報，從這個方面來說，這是我職業生涯中見過的最高品位的鈾項目。理查德，如果你還在聽的話，我知道我們曾在施瓦茨沃爾特工作過，那裡也有一些高分，但沒有達到這種規模。

So, yeah, it's an exciting time and we're pulling it together and I think we couldn't be in a better place with the critical mass we have. We're not a pretender. We're out there to deliver an outcome that's extraordinary. Thank you.

所以，是的，這是一個激動人心的時刻，我們正在齊心協力，我認為憑藉我們所擁有的臨界質量，我們處於一個更好的位置。我們不是偽裝者。我們的目標是實現非凡的成果。謝謝。

Thank you for participating in the Energy Fuels conference call. Please reach out to the company directly for any additional investment questions. This concludes today's conference call. 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。今天的電話會議到此結束。您現在可以斷開連線。