Energy Fuels Inc (UUUU) 2025 Q2 法說會逐字稿

Good morning. My name is Jeannie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Energy Fuels second quarter 2025 conference call. (Operator Instructions) Thank you. Mr. Chalmers, you may begin your conference.

早安.我叫珍妮，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 年第二季電話會議。（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, Jeannie, and thank you for that introduction. Again, Mark Chalmers, CEO of Energy Fuels, and thank you for joining our Q2 conference call today. And I can say with absolute confidence that we had a big quarter with regard to momentum on many fronts, and I don't believe our timing could be any better; namely, rapidly advancement of our uranium production with very high grades being mined, dropping unit cost, increasing production rates as we ramp up to 2 million pounds per year, and we expect the Pinyon Plain costs looking forward to be around $23 to $30 per pound of finished goods of uranium, which are exceptional and Q1 cost.

謝謝你，珍妮，謝謝你的介紹。再次感謝 Energy Fuels 執行長 Mark Chalmers 今天參加我們的第二季電話會議。我可以非常自信地說，就許多方面的勢頭而言，我們本季度取得了巨大的成功，而且我認為我們的時機再好不過了；也就是說，我們的鈾產量迅速提高，開採出的鈾品位非常高，單位成本下降，生產率提高，年產量達到 200 萬磅，我們預計 Pinyon Plain 的鈾成本將在第 300 美元左右的成品成本。

We're also rapidly advancing our rare earths separations with the expansion of the White Mesa Mill Phase 2 and significantly improved rare earths pricing, particularly ex-China, where the prices ex-China for Dy and Tb are approximately 350% higher than China prices. And at the same time, NdPr prices are up about 20% in the mid-70s in the last month.

隨著白梅薩工廠二期的擴建，我們的稀土分離技術也迅速進步，稀土價格也得到了顯著改善，尤其是中國以外的地區，鏑和铽的中國出口價格比中國價格高出約 350%。與此同時，镨釹的價格上個月上漲了約 20%，達到 70 多美元。

Our Heavy Mineral Sands portfolio is also rapidly advancing. So there's no shortage of things to do at Energy Fuels. We received our final regulatory approvals on the Donald project, which is rich in heavies. We're also advancing our feasibility study and nearing the completion of our feasibility study on Toliara, and the other agreements with the Madagascar government, and the permits and drilling at Bahia.

我們的重礦砂產品組合也在快速發展。因此，在 Energy Fuels 可以做的事情很多。我們已獲得唐納德項目的最終監管批准，該項目富含重質原油。我們也正在推進可行性研究，對圖利亞拉的可行性研究、與馬達加斯加政府的其他協議以及巴伊亞的許可和鑽探工作即將完成。

We have improving financial results, and we have strengthened balance sheet as compared to Q1 '25. Our cost and margins of uranium production are improving materially as Pinyon Plain ore is planned to be processed starting in Q4. No Pinyon Plain ore has been processed as of this date.

與 2025 年第一季相比，我們的財務表現有所改善，資產負債表也得到加強。由於計劃從第四季度開始加工 Pinyon Plain 礦石，我們的鈾生產成本和利潤率正在大幅改善。截至目前，尚未加工任何 Pinyon Plain 礦石。

As I typically do, I'm going to be making a short presentation to update listeners on the overall strategy of the company and the state of play of the company. I believe that you're going to be controlling the slides. Is that correct, Kim?

和我通常做的那樣，我將做一個簡短的演講，向聽眾介紹公司的整體策略和公司的發展狀況。我相信你會控制幻燈片。對嗎，金？

I'll be controlling the slides. Yes.

我將負責控制幻燈片。是的。

There will be conference replays available at the completion of this conference call on the website. And as always, there will be time for presentations at the end of this presentation. Nate Bennett, our CFO; and David Frydenlund, our Executive VP and Chief Legal Counsel, will be available for questions that I'm unable to answer.

本次電話會議結束後，網站上將提供會議重播。與往常一樣，本次演講結束時將留出時間進行演示。我們的財務長 Nate Bennett、我們的執行副總裁兼首席法律顧問 David Frydenlund 將解答我無法回答的問題。

In addition, it is my pleasure to have Ross Bhappu, our new President, with us. While Ross is new to our organization, he is not new to mining. Feel free to ask questions of Ross at the end of the presentation on his past experience in the resource sector or his first impressions on day four with Energy Fuels.

此外，我很高興我們的新任總裁羅斯·巴普 (Ross Bhappu) 能與我們一起出席。雖然羅斯是我們組織的新成員，但他對採礦業並不陌生。在演示結束時，您可以隨意向羅斯提問，詢問他過去在資源領域的經歷，或者他在 Energy Fuels 工作第四天的初步印象。

So let's get going. So again, our story is different because we are building a global critically significant, critical mineral company. I always tell everybody; I love this picture. This is in San Juan County. It's not far from the White Mesa Mill, which is our critical mineral hub that is advancing in leaps and bounds.

那麼我們就開始吧。因此，我們的故事再次有所不同，因為我們正在建立一家具有全球意義的關鍵礦產公司。我總是告訴每個人；我喜歡這張照片。這是在聖胡安縣。它離白梅薩磨坊不遠，白梅薩磨坊是我們突飛猛進的重要礦產中心。

Next slide. Okay. I may be making some forward-looking statements. Those are included on page 2 of this presentation. Next slide. Again, many of you have seen this, really Energy Fuels is basically three businesses in one, with the three sectors that we've been advancing and focused and built around our core uranium business, which, as I said, is ramping up very quickly and turning into immediate cash flow at large scale and low cost, I believe, largest scale and lowest cost in the entire United States and competitively lower quartile in the entire world.

下一張投影片。好的。我可能正在做出一些前瞻性的陳述。這些內容包含在本簡報的第 2 頁。下一張投影片。再次，你們中的許多人已經看到了這一點，實際上，能源燃料基本上是三項業務合一的，我們一直在推進、關注和建立三個部門，圍繞我們的核心鈾業務，正如我所說的，鈾業務正在迅速發展，並以大規模和低成本轉化為即時現金流，我相信，它是全美規模最大、成本最低、在全世界具有競爭力的下四分位數。

And we're very excited. We'll talk more about that. Certainly, the rare earths, we're emerging as a global leader on the rare earths fronts with our ability to separate NdPr, Dy and Tb. And Heavy Mineral Sands with the Heavy Mineral Sands projects that we've acquired for titanium and zirconium minerals.

我們非常興奮。我們將進一步討論這個問題。當然，就稀土而言，我們憑藉著分離镨釹、鏑和铽的能力，正成為稀土領域的全球領導者。我們已收購了重礦砂項目，主要開採鈦和鋯礦。

So really three sectors basically in one company, Energy Fuels, which those three in one equates to about 10 critical elements, which gives us broad diversification in sort of the peaks and valleys and the volatility of a lot of the critical minerals that we've seen over the last couple of years.

因此，實際上一家公司基本上涵蓋三個部門，即能源燃料，這三個部門相當於大約 10 種關鍵要素，這使我們能夠在過去幾年中看到的許多關鍵礦物的高峰和低谷以及波動性方面實現廣泛的多樣化。

But all three of these segments have one common denominator, and it has a natural occurring uranium, which is all our basically significant advantage that we have as a company and our ability to deal with that at the White Mesa Mill.

但這三個部分都有一個共同點，那就是天然鈾，這是我們作為一家公司所擁有的基本上顯著的優勢，也是我們在白梅薩磨坊處理鈾的能力。

Next slide. All of this is in demand. You're hearing about these critical minerals every day, whether it be for energy, defense, mobility, health or improvements in electrification. uranium, certainly the focus on fuel for clean baseload energy, data centers, space travel, uranium is back, front and center globally and particularly in the United States and developing countries where you're now seeing bipartisan support.

下一張投影片。所有這些都是有需求的。您每天都會聽到這些關鍵礦物的消息，無論是用於能源、國防、交通、健康還是電氣化改進。鈾，當然是清潔基載能源、資料中心、太空旅行的燃料焦點，鈾在全球範圍內再次成為焦點，特別是在美國和發展中國家，現在您看到了兩黨的支持。

Rare earths, Energy Fuels is becoming a leading producer of rare earths oxides also used in energy efficiency, automotive, advanced manufacturing, defense and robotics and other technologies. The Heavy Mineral Sands projects that we've acquired are world-scale, world-class and basically contain the titanium and zirconium minerals and monazite. So that is part of those three sectors that we have that all fit perfectly together.

稀土，能源燃料正成為稀土氧化物的主要生產商，其產品也用於能源效率、汽車、先進製造、國防和機器人等技術。我們收購的重礦砂計畫都是世界規模、世界級的，基本上都是鈦鋯礦和獨居石礦。所以這是我們擁有的三個完美契合的部門的一部分。

We also are a leading producer of vanadium, and we have a vanadium circuit at the mill. It's currently not operating, but it is the only conventional vanadium circuit in the United States, and it is also a critical mineral. Medical Isotopes, we're still advancing our R&D work on the potential to recover radium for emerging medical technologies.

我們也是釩的主要生產商，我們在工廠裡有一個釩迴路。它目前尚未運營，但它是美國唯一的常規釩迴路，也是一種關鍵礦物。醫用同位素，我們仍在推進我們的研發工作，以探索為新興醫療技術回收鐳的潛力。

Next slide. uranium highlights. We're producing more uranium than anybody else in the US today. We're mining high-grade ore. As many of you will have seen in Q2, we mined newly mined ore of over 660,000 pounds of uranium, which was from both the Pinyon Plain Mine, La Sal and Pandora Mines.

下一張幻燈片是鈾的亮點。我們目前生產的鈾比美國其他國家都多。我們正在開採高品位礦石。正如你們許多人在第二季度看到的那樣，我們開採了超過 660,000 磅鈾的新礦石，這些鈾來自 Pinyon Plain 礦、La Sal 礦和 Pandora 礦。

Now if you extrapolate out that 665,000 pounds, that would be 2.7 million pound rate. So again, we had very high grades at that point in time. We're not changing our guidance at this point in time, but it just gives some examples of capacity when the right stars align.

現在，如果以 665,000 英鎊推算，那就是 270 萬英鎊。所以，我們當時的成績非常高。我們目前不會改變我們的指導方針，但它只是給出了一些在正確的星星排列時容量的例子。

In 2025, our guidance, so we haven't changed it yet, is between 875 million to 1.4 million pounds of uranium, newly mined uranium, where you can see what we produced in a quarter. So we're really getting all the pieces in place when it comes to our mining, including additional trucks to haul the ore from the Pinyon Plain Mine to the mill. But again, this is all ramping up very quickly.

到 2025 年，我們的預期是新開採的鈾產量在 8.75 億磅至 140 萬磅之間（我們還沒有改變），你可以看到我們在一個季度內生產了多少鈾。因此，我們在採礦方面確實做好了一切準備，包括增加卡車將礦石從 Pinyon Plain 礦場運送到工廠。但再說一遍，這一切都在快速升級。

And working towards a 2 million pound run rate, which many of you know I've been talking about for years, well, we're getting there. And this is a run rate that we don't require a lot of capital. We've already spent the capital, and it really is just getting the mining going, getting the miners hired, getting the reagents in place. And -- but it is also going to be at very attractive costs. So watch this space as we ramp up the mining, which then goes to processing.

我們正在努力實現 200 萬英鎊的運行率，你們很多人都知道我已經談論這個好幾年了，嗯，我們正在實現這個目標。這是一個我們不需要大量資本的運作率。我們已經花了資金，實際上只是開始採礦，僱用礦工，準備好試劑。而且——而且它的成本也非常有吸引力。因此，當我們加大採礦力度並進行加工時，請關注這個領域。

So processing at the White Mesa mill, while we're also building significant inventories at the mill. In the first half of the year, we produced 330,000 pounds of finished uranium, and most of that was a mixture of La Sal ore, alternate feed and cleanup material.

因此，我們在 White Mesa 工廠進行加工，同時我們也在工廠建立大量庫存。今年上半年，我們生產了 33 萬磅成品鈾，其中大部分是拉薩爾礦石、替代進料和清理材料的混合物。

So it wasn't at this ultra-high grade that we have at the Pinyon Plain Mine. So for 2025, we expect to have finished uranium between 700,000 pounds and 1 million pounds by the end of the year. And one of the reasons, if not more, is we're preparing the mill to run hard.

因此，它的品位並不像 Pinyon Plain 礦那麼高。因此，到 2025 年，我們預計鈾產量將在 70 萬磅至 100 萬磅之間。其中一個原因（如果不是更多的話）是我們正在為工廠的全力運作做準備。

The mill has not been asked to run this hard for decades. So there's a lot of work that's being done on the mill. There's a lot of ore that's being mined and delivered to the mill to get that material to be available for feed as the mill starts up. And we're also looking at things like critical spares because, again, the mill hasn't run this hard. So there's a lot of work going on.

幾十年來，工廠從未被要求如此高強度地運作。因此工廠正在進行大量工作。大量礦石被開採並運送到工廠，以便在工廠啟動時作為原料。我們也在關注關鍵備件之類的問題，因為工廠還沒有這麼辛苦地運作過。所以還有很多工作要做。

But when the mill is actually running with Pinyon Plain ore, it can be doing approximately between 230,000 and 250,000 pounds of finished uranium per month that it runs. So there is a bit of a lead lag between the time we mine things and we process things and we do a campaign run. And I think that's important, and we'll go into more detail today on that because it's important for investors and analysts to understand those dynamics.

但當工廠實際使用 Pinyon Plain 礦石時，每月可生產約 230,000 至 250,000 磅成品鈾。因此，在我們開採、處理和開展活動之間存在一些領先滯後。我認為這很重要，今天我們將對此進行更詳細的討論，因為投資者和分析師了解這些動態非常重要。

Next slide. So uranium moving forward, the newly mined ore. I expect that we're going to be able to mine 1.6 million pounds per year or greater going forward from 2026. We still have a lot of exploration to do in the Juniper zone.

下一張投影片。因此鈾礦正在不斷開採，成為新開採的礦石。我預計從 2026 年開始我們每年將能夠開採 160 萬磅或更多。我們在 Juniper 區域還有很多探索工作要做。

But what we're seeing, we're super encouraged with the grades we're seeing, the increases in uranium that we're finding in the main zone, the Juniper zone and literally pretty much everywhere we drill, we're seeing to find additional ore, but we have more work to do on that front.

但我們看到，我們對所看到的品位感到非常鼓舞，我們在主區、Juniper 區以及幾乎所有我們鑽探的地方發現的鈾含量都在增加，我們看到發現了更多的礦石，但在這方面我們還有很多工作要做。

The mill run, the next mill run is planned to be beginning of October, and that's going to go from the kind of Q4 into '26, with this mill run, the next mill run, we expect to produce between about 1.1 million to 1.4 million pounds of finished uranium during that run.

此次選礦，下一次選礦計劃於 10 月初進行，並將從第四季度持續到 26 年，透過這次選礦，下一次選礦，我們預計在該選礦期間將生產出約 110 萬至 140 萬磅成品鈾。

When you look at Pinyon Plain, and this is what's extraordinary. On average, Pinyon Plain ore, mining and transport costs are expected to be $10 to $14 a pound recovered. That is remarkable. And when you look at that after it's processed, so now for $10 to $14 a pound, it's delivered.

當你看到 Pinyon Plain 時，你會發現這是非凡的。平均而言，Pinyon Plain 礦石的開採和運輸成本預計為每磅 10 至 14 美元。這真是太了不起了。當你看到它經過加工後，現在它的交貨價格是每磅 10 到 14 美元。

And then when you process that ore, the cost of processing about $13 to $16 per pound. So when you combine those, that's when you get cost of $23 to $30 per pound recovered. And we believe those are absolutely exceptional to our peers, not just in the United States, but globally.

然後，當你加工該礦石時，加工成本約為每磅 13 至 16 美元。因此，當你把這些加在一起時，你就會得到每磅回收成本為 23 至 30 美元。我們相信，這些成績對我們的同行來說絕對是卓越的，不僅在美國，而且在全球範圍內。

So right now, when you look at our cost of goods currently, we have 725,000 pounds in inventory of finished goods, and those are currently on the books between $50 and $55 per pound. And a lot of those pounds need to be sold at that cost of goods pricing at those prices because that was the cost of making those pounds.

因此，現在，當您查看我們目前的商品成本時，我們有 725,000 磅的成品庫存，目前帳面價格在每磅 50 至 55 美元之間。其中許多英鎊需要以商品成本價出售，因為這是生產這些英鎊的成本。

So as we ramp up our uranium production, particularly with these lower cost of Pinyon Plain alternate feed and other mining feeds from wherever we're getting from Pandora or La Sal, we see these weighted costs to start dropping, and we expect them to be between $30 to $40 per pound in Q1 of '26.

因此，隨著我們鈾產量的提高，特別是隨著 Pinyon Plain 替代原料以及來自 Pandora 或 La Sal 等地的其他採礦原料成本的降低，我們看到這些加權成本開始下降，我們預計 26 年第一季這些成本將在每磅 30 至 40 美元之間。

But as more Pinyon Plain ore is mined, these costs should continue to drop. So we're in a position where we have to clear out the existing cost of goods in inventory to this transition as we ramp up our uranium production and get the economics of scale and the benefits of the higher grades.

但隨著更多 Pinyon Plain 礦石被開採，這些成本應該會繼續下降。因此，我們必須清除庫存商品的現有成本，以實現這一轉變，同時提高鈾產量並獲得規模經濟和更高品位的效益。

Next slide. So Pinyon Plain, and I've said this to many of you, I built that mine in 38 years ago, and it is exceeding my expectations on every front with regard to the grades, the low cost, and larger than originally expected with upside exploration potential.

下一張投影片。所以 Pinyon Plain，我已經對你們中的許多人說過，我在 38 年前建造了這座礦，它在各個方面都超出了我的預期，包括品位、低成本，並且比最初預期的更大，具有上行勘探潛力。

In an earlier part of my career, I mined four breccia pipes. As a matter of fact, the largest, most successful breccia pipe ever mined on the Arizona strip was Hack 2, and it was about 7 million pounds of uranium. And it is my hope that Pinyon Plain is going to be much better than Hack 2, but we still have exploration to do to further quantify that. But it absolutely has better grades than Hack 2. So that's a really great outcome for our company, particularly at this point in time.

在我職業生涯的早期，我開採了四個角礫岩筒。事實上，亞利桑那州地帶開採過的最大、最成功的角礫岩筒是 Hack 2，鈾含量約為 700 萬磅。我希望 Pinyon Plain 比 Hack 2 好得多，但我們仍需要進行探索以進一步量化這一點。但它的成績絕對比 Hack 2 好。所以這對我們公司來說是一個非常好的結果，特別是在目前這個階段。

So we discussed, and I said, we mined over 600,000 pounds in the three months ending June 30, great outcome. The grades have been double, in some cases, triple, what we expected in certain areas. There we likely believe that there's going to be more ore in what we call the main zone, and then we shift to the Juniper zone, which is lesser explored, and it starts just literally a few hundred feet -- 100 to 200 feet below the main zone.

所以我們討論了一下，我說，截至 6 月 30 日的三個月內，我們開採了超過 60 萬磅，結果非常好。在某些領域，成績是我們預期的兩倍，在某些情況下甚至是三倍。我們很可能相信，在我們所謂的主區域會有更多的礦石，然後我們轉向 Juniper 區域，該區域的勘探程度較低，其起始位置實際上只有幾百英尺——比主區域低 100 到 200 英尺。

The recent exploration drilling that we've done has confirmed super high-grade areas just below the main zone. So we're driving drift down to that lower zone, and we'll be putting in additional drill stations to expand that. Approximately half of the breccia pipe that this ore is contained in has had very limited exploration. So that's why we're really encouraged about the upside.

我們最近進行的勘探鑽探已經證實了主區域正下方存在超高品位區域。因此，我們正在將巷道延伸至較低的區域，並且我們將設置額外的鑽井站來擴大該區域。含有這種礦石的角礫岩筒中約有一半的探勘程度非常有限。這就是為什麼我們對上行前景感到十分鼓舞。

So in the little box, that little yellow box, I talked about the $23 to $30 per pound really commencing in Q4 of '25 and going into '26 as we are able to deplete this existing cost of goods sold that I mentioned at that $50 to $55 per pound and shift over to more Pinyon Plain ore, our cost of sales will drop materially.

因此，在那個小盒子裡，那個小黃盒子裡，我談到了每磅 23 到 30 美元，這實際上從 25 年第四季度開始，並進入 26 年，因為我們能夠消耗我提到的現有銷售成本，即每磅 50 到 55 美元，並轉向更多的 Pinyon Plain 礦石，我們的銷售成本將大幅下降。

And as I said before, and I want to repeat, none of the high grade from Pinyon Plain has been processed to date. We have to get that ore processed where we see those very low costs that I mentioned about getting that material to the mill at these exceptional costs.

正如我之前所說，我想重複一遍，到目前為止，Pinyon Plain 的所有高品位礦石都尚未經過加工。我們必須對礦石進行加工，我們看到我提到的那些非常低的成本，即以這些特殊的成本將礦石運送到工廠。

Next slide. So we continue to grow our portfolio of long-term uranium sales contracts. We have four existing contracts. We are continuing to look at other opportunities as they present and particularly as they present with the growing uranium production that we are seeing and expecting this year and into next year and on for a number of years.

下一張投影片。因此，我們繼續擴大長期鈾銷售合約組合。我們目前有四份合約。我們將繼續尋找其他機會，特別是隨著鈾產量不斷成長，我們看到並預計今年、明年以及未來幾年鈾產量都會持續成長。

We have 300,000 pounds of contract deliveries that are happening in the last two quarters of this year. So you're going to see a real increase on our contract sales coming in strong, but we also have the ability to make spot sales if we elect to even in 2025, '26 going forward. We will have plenty of finished goods to do that if we elect to.

我們有 30 萬磅的合約交付量將在今年最後兩季進行。因此，您將會看到我們的合約銷售額真正強勁成長，但如果我們選擇的話，即使在 2025 年、2026 年以後，我們也有能力進行現貨銷售。如果我們願意的話，我們將有足夠的成品來實現這一點。

There has been a reluctance for us to put product into the market at like the $70 per pound. We did sell a small amount for $77 a pound. We still believe the price of uranium is going up. And so we're going to just play that by ear, but we're really looking at ramping up our revenue stream and our margins over the next, literally over the next few months. We also have an agreement to purchase ore from a third-party miner, not too far from the mill, and we have ore coming in from that third party at this time.

我們一直不願意以每磅 70 美元的價格將產品推向市場。我們確實以每磅 77 美元的價格賣出了少量。我們仍然相信鈾的價格會上漲。因此，我們將隨機應變，但我們確實希望在接下來的幾個月內增加我們的收入來源和利潤率。我們也與距離工廠不遠的第三方礦商達成協議，目前我們已經從該第三方進口了礦石。

Next slide. Sorry, I flipped one page too soon. Okay. So we'll shift gears from uranium to rare earths and Heavy Mineral Sands. As I said earlier, we're making rapid progress on that front and really getting a lot of recognition as an emerging rapidly expanding producer of rare earths oxides.

下一張投影片。抱歉，我翻了一頁太快了。好的。因此，我們將從鈾轉向稀土和重礦砂。正如我之前所說，我們在這方面取得了快速進展，並且作為一家新興且快速擴張的稀土氧化物生產商獲得了廣泛認可。

NdPr that we've made with our Phase 1 run that we did last year is currently being validated with a number of metal alloy and magnet manufacturers. We're very encouraged with the results that we're getting from that feedback.

我們去年第一階段運作中生產的 NdPr 目前正在與多家金屬合金和磁鐵製造商進行驗證。我們對從該回饋中獲得的結果感到非常鼓舞。

We announced the arrangement or the relationship with POSCO. We're piloting heavy rare earths as we speak, and we've had a few releases on that. We plan to have 1 kilogram of Dy oxide, 99.5% pure in August this month, expanding that to about 15 kilograms of Dy by October of '25 and then a kilogram of Tb expected 99.99% pure in October.

我們宣布了與 POSCO 的安排或關係。我們正在試驗重稀土，並且已經發布了一些相關消息。我們計劃在本月 8 月生產 1 公斤純度為 99.5% 的氧化鏑，到 2025 年 10 月將產量擴大到約 15 公斤鏑，然後預計在 10 月生產 1 公斤純度為 99.99% 的铽。

So all that information gives us the ability to have our plans solidly in place for going towards a commercial production plant quite rapidly as these things evolve. And we have the technical ability to produce all the rare earths oxides that are currently under Chinese export restrictions.

因此，所有這些資訊使我們能夠制定穩固的計劃，隨著事態的發展，迅速邁向商業生產工廠。我們擁有生產目前中國出口受限的所有稀土氧化物的技術能力。

We are advancing the Phase 2 feasibility study at the mill. That should be completed October, November, and that increases the capacity to produce monazite or process monazite from 10,000 tons, which is our Phase 1 capability to 60,000 tons per year of monazite. And that is equivalent to Lynas scale. So this is a large-scale facility in the United States of America.

我們正在推進工廠第二階段的可行性研究。該項目預計在 10 月或 11 月完成，這將使生產或加工獨居石的能力從第一階段的 10,000 噸/年提高到 60,000 噸/年。這相當於萊納斯規模。這是美國的一個大型設施。

The final investment decision on Donald is still pending. It could be as early as December of '25, but it is fully permitted, shovel-ready, Heavy Mineral Sands project with exceptional heavy rare earths oxides, very high grade, over 2% Dy and about 0.4% Tb.

唐納德的最終投資決定仍未作出。最早可能在 2025 年 12 月，但這是一個完全獲得許可、隨時可以開工的重礦砂項目，含有特殊的重稀土氧化物，品位非常高，鏑含量超過 2%，铽含量約為 0.4%。

So we're really excited about that and very few companies have fully permitted projects that are shovel-ready. We're also advancing Toliara project in Madagascar. We're advancing the final investment agreements under negotiation with the government.

因此，我們對此感到非常興奮，而且很少有公司能夠獲得完全許可並隨時可以開工的專案。我們也正在推進馬達加斯加的圖利亞拉計畫。我們正在推動與政府談判的最終投資協議。

And the Toliara feasibility study is very advanced and should be out fairly soon, but we got to make sure that we clear all the final reviews by legal and whatnot, particularly with regard to United States compliance. But the final investment decision for Toliara could be as early as 2026.

圖利亞拉可行性研究已經非常先進，應該很快就會出爐，但我們必須確保通過法律和其他方面的所有最終審查，特別是關於美國合規性的審查。但對圖利亞拉的最終投資決定可能最早要到 2026 年才能做出。

Next slide. Let's talk about monazite because monazite is our structural advantage in the rare earths business, the ability to process it at the White Mesa Mill, and it is simply a superior rare earths mineral concentrate.

下一張投影片。讓我們來談談獨居石，因為獨居石是我們在稀土業務中的結構優勢，在白梅薩工廠加工它的能力，它是一種優質的稀土礦物精礦。

Super high grade, 50% to 60% more NdPr more mids, more heavies, lower cost, includes a credit for uranium, easy to process and high recoveries, and we are the only facility in the United States that can process monazite.

超高品位，镨釹含量高出 50% 至 60%，中子和重子含量高，成本較低，包括鈾元素，易於加工且回收率高，而且我們是美國唯一一家可以處理獨居石的工廠。

Those pictures on the side, those are commercial scale recovery SX circuit. Most people are still doing things on a desk or on a lab scale, and this is a commercial facility that operates in below 1 ton bags, super sacks of NdPr, not in a beaker.

側面的那些圖片是商業規模的恢復 SX 電路。大多數人仍在辦公桌或實驗室規模上做事，這是一個商業設施，在 1 噸以下的袋子、超級 NdPr 袋中操作，而不是在燒杯中。

So we have proven our ability to produce NdPr at specification, and we're rapidly advancing the ability with our piloting and our future plans for commercial scale recovery of both the mid and the heavy rare earths oxides that could be used for defense needs.

因此，我們已經證明了我們有能力按規格生產镨釹，並且我們正在透過試點和未來計劃迅速提高這一能力，以實現可用於國防需求的中重稀土氧化物的商業規模回收。

Next slide. So growing leader in the industry. If you compare our market cap to MP and Lynas, we're the third largest publicly traded company outside of China in the world focused on these critical minerals and rare earths. I've talked about certainly the rare earths, the heavy rare earths are in high demand and the shortage because the world is so dependent on rare earths, heavy rare earths, particularly from China.

下一張投影片。因此，我們正逐漸成為業界的領導者。如果將我們的市值與 MP 和 Lynas 進行比較，我們是中國以外全球第三大專注於這些關鍵礦物和稀土的上市公司。我當然已經談到了稀土，重稀土的需求量很大，而且由於世界對稀土、重稀土的依賴程度很高，特別是來自中國的稀土，所以出現了短缺。

And we talked about the work that we're doing on the separations. We are -- the Donald project is a world-leading heavy deposit, and the concentrations that we have, as I mentioned, it's shovel-ready, it's permitted, and with the rising prices of rare earth oxides and particularly the growth in the heavies, we are absolutely in a fantastic spot.

我們討論了我們正在進行的分離工作。我們是——唐納德計畫是世界領先的重質礦床，正如我所提到的，我們擁有的礦藏濃度已經準備就緒，已經獲得許可，而且隨著稀土氧化物價格的上漲，特別是重質礦藏的增長，我們絕對處於一個絕佳的位置。

Benchmark has done a new update of both in China and out of China prices. NdPr prices have gone up about 20% in the mid-70s, as I mentioned. But what is really extraordinary is benchmark is publicizing Dy prices in Europe of $800 per kilogram as compared to $230 in China. So that's almost 3.5 times higher for Dy.

Benchmark 對中國國內和國外的價格進行了新的更新。正如我所提到的，NdPr 的價格在 70 年代中期上漲了約 20%。但真正不同尋常的是，歐洲公佈的鏑價格為每公斤 800 美元，而中國的鏑價格為每公斤 230 美元。因此，對於 Dy 來說，這幾乎高出了 3.5 倍。

And when you look at Tb, it's effectively the same thing that the China price is around $1,000 per ton, but in Europe, it's $3,600, which is 3.6 times. So this is really an unusual circumstance that we have where people are saying they will pay more than China prices for products that are not coming out of China.

而當你看 Tb 時，實際上是一樣的，中國的價格約為每噸 1,000 美元，但在歐洲，價格為 3,600 美元，是後者的 3.6 倍。因此，這確實是一種不尋常的情況，人們說他們願意為非中國產的產品支付高於中國的價格。

Next slide. So this timeline, many of you have seen this before, as we're advancing the Donald project, the Bahia project, the Toliara project, those all equate to Lynas scale in due course once those are fully permitted, constructed and operating.

下一張投影片。所以這個時間表，你們很多人以前都看到過，因為我們正在推進唐納德項目、巴伊亞項目、圖利亞拉項目，這些項目一旦獲得完全許可、建成並投入運營，最終都將相當於萊納斯的規模。

But at the bottom, I just want to highlight that we are ramping up this uranium production from 2 million pounds in due course, could be up to 5 million pounds, while the uranium sector of our business is generating cash, material cash, material cash. And when you look at the margins that we can generate with the increased uranium production and even current uranium prices, it is extraordinary.

但最後，我只想強調的是，我們正在適當的時候將鈾產量從 200 萬磅提高到 500 萬磅，而我們業務的鈾部門正在產生現金、物質現金、物質現金。當你看到我們透過增加鈾產量甚至當前的鈾價格所能產生的利潤時，這是驚人的。

Next slide. We'll talk a bit about our financials. Next slide. So really producing low-cost uranium end of June 30, developing Tier 1 critical mineral assets, maintaining a strong balance sheet. We had liquidity at the end of June 30 of over $250 million. That's about $253 million of working capital, a large component of that is cash, cash equivalents and liquid market securities and also inventories and various trade receivables.

下一張投影片。我們將討論一下我們的財務狀況。下一張投影片。因此，到 6 月 30 日，我們確實生產出了低成本鈾，並開發了一級關鍵礦產資產，維持了強勁的資產負債表。截至 6 月 30 日，我們的流動資金超過 2.5 億美元。這相當於約 2.53 億美元的營運資金，其中很大一部分是現金、現金等價物和流動市場證券以及庫存和各種貿易應收款。

The finished product inventory was nearly $60 million. And if you add that at current commodity prices, you could add about $13 million to liquidity. I talked about the finished goods of uranium. We also have nearly 1 million pounds of vanadium, 9,000 kilograms of separated NdPr and carbonate, and well, I should say, 9,000 kilograms of high-purity, partially separated mixed rare earths carbonate, and 37,000 kilograms of separated NdPr in inventory.

成品庫存近6000萬美元。如果按照當前商品價格計算，您可以增加約 1300 萬美元的流動資金。我談到了鈾的成品。我們還擁有近 100 萬磅釩、9,000 公斤分離的镨釹和碳酸鹽，以及 9,000 公斤高純度、部分分離的混合稀土碳酸鹽和 37,000 公斤分離的镨釹庫存。

No debt. We have a lot of assets and no debt, and that in itself is exceptional. We did have a net loss in Q2 really on a number of factors, but mainly we elected not to sell a bunch of uranium due to the low and weak uranium prices. We're also spending a lot of money on development and general operating costs to advance these three projects that we have.

沒有債務。我們擁有大量資產，而且沒有債務，這本身就很了不起。由於多種因素，我們在第二季確實出現了淨虧損，但主要原因是由於鈾價低且疲軟，我們選擇不出售大量鈾。我們也在開發和一般營運成本上投入了大量資金來推進這三個項目。

The net loss was $22 million or $0.10 a share. That is an improvement from Q1, which was a net loss of $26 million and $0.13 a share. And as we start getting to this increased uranium production, the Pinyon Plain ore and everything, you should see a very dramatic improvement because of the investments we've made and the positioning and the momentum that we're securing there.

淨虧損為 2,200 萬美元，即每股 0.10 美元。這較第一季有所改善，第一季淨虧損 2,600 萬美元，每股虧損 0.13 美元。隨著我們開始提高鈾產量、Pinyon Plain 礦石和其他所有資源，由於我們所做的投資以及我們在那裡所取得的定位和勢頭，你會看到非常顯著的改善。

We did sell 50,000 pounds of uranium at $77 per pound. I think I've mentioned to a number of you that I don't want to sell uranium below $80 a pound. We took a small sale there. But we, again, are focused on cash flow and our margins, and moving the uranium sector to profitability as quickly as we can. We did have a 31% margin on that material that we sold.

我們確實以每磅 77 美元的價格出售了 50,000 磅鈾。我想我已經向你們中的很多人提到過，我不想以低於每磅 80 美元的價格出售鈾。我們在那裡做了一點小銷售。但我們再次關注現金流和利潤率，並儘快使鈾行業獲利。我們銷售的該材料確實有 31% 的利潤。

Next slide. Let's go back to the kind of the wrap-up on uranium. We're actively mining ore, three conventional mines. We're actively processing uranium ore, including alternate feeds and cleanup material at the mill, increasing levels of contract sales, as I mentioned, later this year into next year and building on that going forward. The cost of goods is going to go down, trending lower starting in Q4 with the low-cost Pinyon ore being processed.

下一張投影片。讓我們回顧一下有關鈾的總結。我們正在積極開採礦石，有三座常規礦山。我們正在積極處理鈾礦石，包括工廠的替代進料和清理材料，提高合約銷售水平，正如我所提到的，今年晚些時候到明年，並在此基礎上繼續發展。隨著低成本 Pinyon 礦石的加工，商品成本將會下降，從第四季開始呈現下降趨勢。

We will opportunistically look at selling uranium on the spot or in the midterm markets. Again, we'll play that by ear, but we are actively looking for a home for a lot of the uranium that we'll have that will be marketable and sellable at short notice. We are increasing the uranium production up to around that 2 million pounds plus.

我們將抓住機會，考慮在現貨或中期市場上出售鈾。再次強調，我們會隨機應變，但我們正在積極尋找一個可以短期內銷售的鈾資源的歸宿。我們正在將鈾產量提高到約 200 萬磅以上。

And as I mentioned, we expect the Pinyon Plain mine to be producing 1.6 million pounds or greater. So you can see we're going to get there with alternate feed and the other feeds that we have from the other mines. We are advancing the permitting on three large-scale uranium mines.

正如我所提到的，我們預計 Pinyon Plain 礦的產量將達到 160 萬磅或更多。所以你可以看到，我們將利用替代飼料和從其他礦山獲得的其他飼料來達到這個目的。我們正在推動三座大型鈾礦的許可工作。

We have the Roca Honda on the Fast-41 government list, and we can increase production over time beyond the 2 million pounds up to 4 million to 6 million pounds. And we're continuing to do the R&D on the radium recovery, which potentially can be used for Medical Isotope cancer treatments.

我們的 Roca Honda 已列入 Fast-41 政府名單，隨著時間的推移，我們可以將產量從 200 萬磅提高到 400 萬至 600 萬磅。我們正在繼續進行鐳回收的研發，它可能用於醫用同位素癌症治療。

Next slide. So we haven't materially changed our guidance on any front, but I do want to point out a few things because I think this slide says a lot and it's important, certainly for analysts that as we mine the uranium, that doesn't mean it's instantly processed. So we have guidance of 875,000 pounds to 1.435 million pounds. But I want to point out, we did over 600,000 pounds in a single quarter.

下一張投影片。因此，我們並沒有在任何方面實質地改變我們的指導方針，但我確實想指出幾點，因為我認為這張幻燈片說明了很多問題，而且對於分析師來說，這很重要，因為我們開採鈾，但這並不意味著它會被立即處理。因此我們的指導價是 875,000 英鎊至 143.5 萬英鎊。但我想指出的是，我們一個季度就完成了60多萬英鎊。

So if we're mining uranium at full tilt, we can get well past that. But we're keeping guidance where it is right now because we're ramping up our trucking and we're getting our mining fully in place. The alternate feed, we haven't changed anything, but alternate feed still is a very material part of our business, up to 200,000 pounds for the year.

因此，如果我們全力開採鈾礦，我們就能遠遠超越這個目標。但我們仍將維持目前的指導方針，因為我們正在加大卡車運輸力度，並使採礦工作全面到位。替代飼料，我們沒有改變任何東西，但替代飼料仍然是我們業務中非常重要的一部分，每年高達 200,000 磅。

The processing of uranium, the 700 million to 1 million pounds. I talked about getting the mill ready, the critical spares ready. When the mill is running Pinyon Plain ore, 230,000 to 250,000 pounds of finished goods per month when the mill is running. So you can see you run it for four months or six months or seven months or eight months reliably and you get large quantities of finished goods at large margins.

此次處理的鈾量為7億至100萬磅。我談到了準備好工廠、準備好關鍵備件。當工廠運作時，Pinyon Plain 礦石每月可生產 230,000 至 250,000 磅成品。因此，您可以看到，只要您可靠地運行四個月、六個月、七個月或八個月，您就可以獲得大量利潤豐厚的成品。

Sales under contract and the small sale that we did earlier at 350,000 pounds, we are going to focus on making spot sales if it makes sense or additional contracts to find a home for some of that product.

合約銷售和我們之前進行的 350,000 英鎊的小額銷售，如果有意義的話，我們將專注於現貨銷售或簽訂額外合約來為部分產品找到歸宿。

Finished goods by the end of the year, and again, this could be subject to any spot sales, but between 900 million and 1.2 million pounds of finished goods, that is enough for all our contracts this year, next year, a matter of fact, all the way through next year, depending on how many pounds we sell under spot.

到年底，成品數量將達到預期，這可能取決於任何現貨銷售，但成品數量在 9 億至 120 萬磅之間，足以滿足我們今年、明年，事實上，一直到明年的所有合同，這取決於我們現貨銷售的磅數。

So total inventories at the end of the year between about 2 million and 2.5 million pounds. Now if you go up just the next level above, you can see a big chunk of that is finished pounds, but it's also Pinyon Plain pounds, but are yet to be processed.

因此，年底的總庫存約為 200 萬至 250 萬磅。現在，如果您繼續往上看，您會發現其中很大一部分是成品磅，但也有 Pinyon Plain 磅，但尚未加工。

Next slide and last slide, 2025 activities for the rare earths and Heavy Mineral Sands. We are looking at potentially being in a position to commercially produce heavies in 2026 following our current uranium run, but we definitely will have the piloting complete, and we'll be looking at how we can ramp that up in due course. And only Energy Fuels has unique capabilities and how we can respond and do a lot of these things that others can't do because of our unique capabilities at the White Mesa Mill.

下一張投影片和最後一張投影片是 2025 年稀土和重礦砂的活動。我們正在考慮在目前的鈾生產之後於 2026 年實現重質鈾的商業化生產，但我們肯定會完成試點，並且我們將研究如何在適當的時候加快這一進程。只有 Energy Fuels 擁有獨特的能力，而且由於我們在 White Mesa Mill 擁有獨特的能力，我們可以應付和做許多其他人無法做到的事情。

The Phase 2 rare earths expansion at the White Mesa Mill, which is the complete separate facility separate from the uranium mill, have the capacity of 6,000 tons of NdPr, which is 6,000 tons of monazite and also the ability to produce Dy and Tb, and we should have the feasibility study out in a few months' time.

白梅薩工廠二期稀土擴建工程是與鈾工廠完全分離的獨立設施，其產能為 6,000 噸镨釹和 6,000 噸獨居石，同時還具有生產鏑和铽的能力，我們應該在幾個月內完成可行性研究。

We're currently piloting the heavies, as I mentioned, the Donald project FID could be as early as this year, later this year. Potential offtake sales financing options are being evaluated, including the increased cost and value, not cost, but value of the heavies. Toliara project, we're getting close to finalizing the feasibility study, but also could well be in a position to make a final investment decision as early as 2026.

我們目前正在試行重型項目，正如我所提到的，唐納德項目的最終決定可能最早在今年或今年晚些時候做出。正在評估潛在的承購銷售融資方案，包括增加的成本和價值，不是成本，而是重型設備的價值。對於圖利亞拉項目，我們即將完成可行性研究，而且很可能最早在 2026 年做出最終投資決定。

We're pursuing the final agreements at Toliara that basically memorialize and formalize the fiscal terms with the government of Madagascar. And we're -- the drilling at Brazil and permitting of the Bahia project is advancing. We hope to have a resource estimate soon later '25 or '26.

我們正在圖利亞拉達成最終協議，該協議基本上紀念並正式確定了與馬達加斯加政府的財政條款。我們正在巴西進行鑽探，並正在為巴伊亞計畫申請許可。我們希望在 2025 年或 2026 年稍後能夠得到一份資源估算。

And front and center is developing a final comprehensive project financing strategy because we have a lot of projects, but we again are going to maximize this uranium sector to generate as much cash as possible and take off some of the burn on these other two sectors that are developing rapidly.

由於我們有很多項目，因此最核心的是製定最終的綜合項目融資策略，但我們將再次最大限度地利用鈾資源部門，以產生盡可能多的現金，並減輕其他兩個快速發展的部門的負擔。

So I'll stop there, and say I'll now open it for questions that anybody might want to ask.

所以我就此打住，現在開始回答大家可能想問的問題。

(Operator Instructions) Nick Giles, B. Riley Securities.

（操作員指示）Nick Giles，B. Riley Securities。

Thank you very much, operator, and good morning everyone. My first question, obviously, there's a ton of excitement across rare earths. And I have to imagine others are trying to have discussions with agencies like the DoD that I think you hinted to last quarter for potential offtake in funding.

非常感謝接線員，大家早安。我的第一個問題，顯然，人們對稀土產業非常興奮。我必須想像其他人正在嘗試與國防部等機構進行討論，我認為您在上個季度暗示過可能會獲得資金。

So my question is really, what do you feel is the most critical differentiator, specifically in the eyes of those agencies that gives you a greater likelihood for either offtake or funding, so on? Thank you.

所以我的問題是，您認為最關鍵的區別因素是什麼，特別是在那些機構眼中，它能為您帶來更大的可能性，無論是承購還是融資等等？謝謝。

Well, I think we -- when we say we're going to do something, we do it. And we also have the infrastructure to actually do it. You can take people to the White Mesa mill, and there's a built operable site with 100 people-plus working there, laboratories, a Phase 1 separation circuit. You've got product that has been qualified by some of the end users. And you see the number of projects that we've accumulated.

嗯，我認為──當我們說要做某件事時，我們就會去做。而且我們也擁有實際實現這一目標的基礎設施。你可以帶人們去白梅薩工廠，那裡有一個可操作的場地，有 100 多人在那裡工作，還有實驗室和第一階段的分離迴路。您的產品已獲得一些最終用戶的認可。您可以看到我們已經累積的項目數量。

I mean we're not just a one mine company. I mean we have Bahia, we have the Donald project. We have Toliara. We have an agreement with Chemours. We secured the monazite from Florida and Georgia. So what they see is scale, low cost infrastructure in place and the skills required to advance.

我的意思是我們不只是一家擁有單一礦產的公司。我的意思是我們有巴伊亞，我們有唐納德項目。我們有圖利亞拉。我們與科慕公司達成協議了。我們從佛羅裡達州和喬治亞州獲得了獨居石。因此，他們看重的是規模、低成本的基礎設施以及發展所需的技能。

And I think that really sums it up at a high level. And you can go touch and feel it. It's interesting. A lot of people are in D.C. talking about their projects. Well, they don't have any project. They have a PowerPoint presentation.

我認為這確實從高層次概括了這一點。你可以去觸摸並感受它。這很有趣。許多人正在華盛頓談論他們的計畫。嗯，他們沒有任何項目。他們有一個 PowerPoint 簡報。

And we actually have a fully constructed site in multiple projects that are advancing in a lot of cases, permitted to advance. The molecules. We are the molecule machine and a lot of people are short of molecules.

實際上，我們在多個專案中都擁有一個完全建成的場地，這些專案在許多情況下都正在推進，並已獲得推進許可。分子。我們是分子機器，很多人都缺乏分子。

Mark, I appreciate that perspective. Maybe just a follow-up. Can you just walk us through your plans to procure sufficient levels of feedstock as we think about processing as early as Q4 '26? I mean, should we think about this is coming from Chemours, or could you explore other sources outside the scope of energy fuels?

馬克，我很欣賞這個觀點。也許只是後續行動。我們考慮最早在 2026 年第四季開始加工，您能否向我們介紹採購足夠原料的計畫？我的意思是，我們是否應該認為這是來自科慕，或者您可以探索能源燃料範圍之外的其他來源？

Yeah, that's a good question because really on the rare earths front, and we're constrained on feedstock. I mean, right now, the only feedstock we have is what we get from Chemours. And they, once or twice a year, they send us a few hundred tons, and we're stockpiling. We're getting a fairly reasonable stockpile built up.

是的，這是個好問題，因為在稀土方面，我們的原料受到限制。我的意思是，現在我們唯一的原料就是從科慕公司獲得的。他們每年一兩次寄給我們幾百噸，我們就會儲存起來。我們正在建立相當合理的庫存。

But there are other companies that come to us and ask if we would be willing to procure monazite from them, and it could be from pretty much any place in the world. A lot of them are shipping to China right now. There are companies from Australia and the United States that are still shipping monazite to China. It's not a good look.

但也有其他公司來找我們，詢問我們是否願意從他們那裡購買獨居石，而這些獨居石可能來自世界上的任何地方。其中很多現在正在運往中國。仍有來自澳洲和美國的公司向中國運送獨居石。看起來不太好。

So we're always open to looking at what opportunities may be out there to procure additional material. and stockpile it at the White Mesa Mill and then run it in due course. So it's dynamic. I don't have a complete answer there, but we're building up inventories. We're still talking to people about buying inventories.

因此，我們始終願意尋找機會來購買額外的材料，並將其儲存在 White Mesa Mill，然後在適當的時候運行。所以它是動態的。我還沒有完整的答案，但我們正在建立庫存。我們仍在與人們討論購買庫存的事宜。

But once we get projects like the Donald project, if it passes the final investment decision, it gets built, then we start having world material commercial scales that are coming from our own operations that we can depend on because it will be coming at a regular rate and an expanding rate as we get these progressive projects in line and operating.

但是，一旦我們獲得像唐納德項目這樣的項目，如果它通過了最終的投資決策，並且得以建設，那麼我們就開始擁有來自我們自己的運營的可以依賴的世界性物質商業規模，因為隨著我們讓這些漸進式項目投入運行，它將以正常的速度和不斷擴大的速度出現。

Mark and team, thanks for the update this morning and continue best of luck.

馬克和團隊，感謝你們今天早上的更新，祝你們好運。

Thank you.

謝謝。

Heiko Ihle, H.C. Wainwright.

Heiko Ihle、H.C. Wainwright。

Hey Mark and team, congrats on another good quarter. It's been nice to watch you guys transform the funnel over the last few years here. Let's talk about Pinyon Plain a little bit. The site is obviously a big driver for the farm right now. I mean I searched your press release and Pinyon Plain has mentioned 20 times in it.

嘿，馬克和團隊，恭喜你們又一個好季度。很高興看到你們在過去幾年中改變了漏斗。讓我們簡單談談 Pinyon Plain。該地點顯然是目前農場發展的一大推動力。我的意思是，我搜尋了你的新聞稿，其中提到了 Pinyon Plain 20 次。

You mentioned $23 to $30 per pound in costs earlier on this call. And then in the release, you actually break it down $10 to $14 for transport, and $13 to $16 for milling costs. Great margin at those prices. Let's talk about what things could move us from the lower to the upper end of this guidance range, if you'd be so kind.

您之前在電話中提到成本為每磅 23 至 30 美元。然後在發佈時，你實際上將其分解為 10 至 14 美元的運輸成本和 13 至 16 美元的銑削成本。這些價格的利潤空間很大。如果您願意的話，讓我們來討論一下哪些因素會使我們從該指導範圍的下限走向上限。

I mean, especially on the mining and transport, you got a 40% range. And is it labor? I mean you know the mine, sorry, the mill quite well. So I assume there's only so much variability there in that part.

我的意思是，特別是在採礦和運輸方面，你的範圍達到了 40%。這是勞動嗎？我的意思是你對這個礦井，對不起，是這個工廠非常了解。所以我假設那部分的變化是有限的。

Yeah, Heiko, I mean, on the guidance, we're always trying to be conservative on our guidance. And I was trying to hint a bit that if we get 600,000 pounds in a quarter, we can put a lot of pounds out there or send it to the mill.

是的，Heiko，我的意思是，在指導方面，我們總是試圖對我們的指導保持保守。我想暗示一下，如果我們在一個季度內獲得 60 萬英鎊，我們就可以投入大量資金或將其送往工廠。

Our biggest limitation has been the truck and trucking from the mill, and we're building that up. We currently have about 10 trucks per day, five days a week, and we're trying to get that up to, well, it will average no more than on an average on a daily basis, seven days a week, no more than 10 trucks per day.

我們最大的限制是工廠的卡車和貨運，我們正在加強這方面的工作。目前，我們每週五天、每天大約有 10 輛卡車，我們正在努力將其提高到平均每天不超過 10 輛卡車、每週七天不超過 10 輛卡車。

But that's really the limitation. I can tell you, if there was no limitation on the amount of ore that we're hauling from the mill or to the mill, we could be putting a lot of more uranium down on the ground right now. But what we're doing is, as we're producing the uranium, we're also doing the required development work down to the Juniper zone as we are advancing the development there so that we can put in additional drill stations and we can do more drilling. So we're trying to keep it balanced.

但這確實是一個限制。我可以告訴你，如果從選礦廠運出或運往選礦廠的礦石數量沒有限制，我們現在就可以將更多的鈾礦埋到地面上。但我們所做的是，在生產鈾礦的同時，我們也在進行必要的開發工作直至 Juniper 區，推進那裡的開發，以便我們能夠設立額外的鑽井站並進行更多的鑽探。因此我們盡力保持平衡。

And, but yeah, the trucking is the major impediment there, but we're working to resolve that, and we're building up momentum on that front. And also, it's grade dependent. So you have to have the trucks and you have to have the grade.

是的，卡車運輸是那裡的主要障礙，但我們正在努力解決這個問題，我們正在這方面積聚動力。而且，它也與等級有關。所以你必須有卡車，而且你必須有等級。

The average grade we've mined thus far has been about 2%, which is very, very high grade. So you can get about 30 pounds per ton in every truck. And so that's the reason for the range. We hope to beat guidance, okay? But we haven't changed the guidance. And our goal is always to exceed guidance. But until we have all those pieces together, Heiko, we're being a little conservative.

到目前為止，我們開採的平均品位約為 2%，這是非常非常高的品味。因此每輛卡車每噸可以裝載約 30 磅。這就是該範圍的原因。我們希望超越指導，好嗎？但我們並沒有改變指導方針。我們的目標始終是超越指導。但是，在我們把所有這些部分整合在一起之前，Heiko，我們會有點保守。

Fair enough. Fair enough. It's -- one can read between the lines here a little bit better now. You -- completely different question. You have the strongest balance sheet the firm has ever had since I started following it the way it is right now.

很公平。很公平。現在人們可以更理解字裡行間的意思了。你——完全不同的問題。自從我開始關注該公司以來，該公司的資產負債表是迄今為止最強勁的。

Arguably, this is even more impressive given your recent M&A. Conceptually, has your internal thought process on minimum cash or minimum working capital changed over the past, call it, 12 or 24 months?

可以說，考慮到你們最近的併購，這更令人印象深刻。從概念上講，您對最低現金或最低營運資本的內部思考過程在過去 12 或 24 個月內是否發生了變化？

Well, look, I mean, we've got a lot of activities, Heiko. And a lot of these activities could require cash in different shapes and form, whether it be an M&A transaction potentially. It could be some of the certification payments required for Toliara, which can take a pretty large load on us. I've always been of the believer to have a very strong balance sheet because Murphy is out there somewhere.

嗯，你看，我的意思是，我們有很多活動，Heiko。許多此類活動可能需要不同形式的現金，無論是否為併購交易。這可能是圖利亞拉所需的一些認證費用，這會給我們帶來相當大的負擔。我一直相信，擁有非常強大的資產負債表是因為墨菲就在那裡。

But I think really from a management perspective and a Board perspective, the focus has been just to maintain that strong balance sheet to have plenty of cash and be in a position that we are not short cash because the last thing you want to be in this business is short cash, particularly when your success makes you short of cash, depending on what makes you short of cash.

但我認為，從管理層和董事會的角度來看，重點一直是保持強勁的資產負債表，擁有充足的現金，並確保我們不缺少現金，因為在這個行業中，你最不想遇到的就是缺少現金，特別是當你的成功使你缺少現金時，這取決於是什麼讓你缺少現金。

Yeah. Okay. Fair enough. I'll leave it at that, and get back with you. Thank you, Mark and team and congratulations.

是的。好的。很公平。我就不多說了，回頭再跟你聯絡。謝謝馬克和團隊，恭喜你們。

Katie Lachapelle, Canaccord Genuity.

凱蒂·拉查貝爾，Canaccord Genuity。

Hey Mark and team, thanks for taking my question. About two days ago, we actually saw some reports out of Australia that the Australian government is considering setting a floor price to support critical minerals projects, specifically rare earths. So that would be very similar to what the DoD did with MP Materials.

嘿，馬克和團隊，感謝你們回答我的問題。大約兩天前，我們看到一些來自澳洲的報道，稱澳洲政府正在考慮設定底價來支持關鍵礦產項目，特別是稀土項目。這與國防部對 MP Materials 的做法非常相似。

I'm just wondering in your discussions with you and your partners at Astron, have you been in discussions with the Australian government regarding potential funding support for the Donald project or potential floor prices? And then similarly, do you also think you could see similar support from the US government?

我只是想知道，在您與 Astron 的合作夥伴的討論中，您是否與澳洲政府討論過唐納德專案的潛在資金支持或潛在的底價？那麼同樣地，您是否也認為您會看到美國政府提供類似的支持？

Ye, Katie, thanks for calling in. Yeah, this whole world is talking about floor pricing to provide some protection to China manipulation and China costs. Yeah, we have had discussions with Astron. I've had discussions with the Australian government on all these things similarly to what we've had discussions with the US government.

是的，凱蒂，謝謝你來電。是的，全世界都在談論底價，以便為中國操縱和中國成本提供一些保護。是的，我們已經與 Astron 進行了討論。我與澳洲政府就所有這些問題進行了討論，類似於我們與美國政府的討論。

I think the realization is that you will never be able to material break away from China unless you have some level of support. And so I'm very encouraged with these announcements and with what we're seeing with MP, because it just gives an insurance policy that China isn't going to flood the market and put you out of business.

我認為，除非得到一定程度的支持，否則你永遠無法從實質上脫離中國。因此，我對這些聲明以及我們在 MP 上看到的情況感到非常鼓舞，因為它提供了一份保險政策，即中國不會湧入市場並讓你破產。

So it's all work in progress. I mean, really, when you think about it, the floor pricing discussions are fairly recent. They've come out over the last month or so, month or two, but it obviously is getting additional traction.

所以一切工作仍在進行中。我的意思是，實際上，如果你仔細想想，底價討論是相當新的。它們已經存在了大約一個月或一兩個月，但顯然正在獲得額外的關注。

So again, I think we're ideally placed. As I mentioned, when you look at MP and Lynas and we're the third largest market cap publicly traded rare earths company out there and you look at the scale that we have, I mean, I think we're just so well positioned that the activities we've had, Katie, over the last five years with the acquisitions and the advancement of our processing just puts us in a very, very unique position.

因此，我再次認為我們處於理想的位置。正如我所提到的，當你看到 MP 和 Lynas 時，你會發現我們是全球市值第三大的上市稀土公司，再看看我們的規模，我的意思是，我認為我們處於非常有利的地位，凱蒂，過去五年來，我們通過收購和加工工藝的進步，使我們處於非常非常獨特的地位。

Definitely. And then maybe one follow-up on potential support from the US government, are you of the view that the US government will be more likely to allocate funding or support towards the expansion at White Mesa? Or do you think they would extend beyond the United States and actually look to potentially provide support on the development projects to Toliara and Donald?

確實。然後也許可以問一下美國政府可能提供的支持，您是否認為美國政府更有可能為白台地擴建計畫提供資金或支持？或者您認為他們會超越美國，真正尋求為圖利亞拉和唐納德的發展項目提供支持？

Yeah. Look, I think the US government in the first instance, prefers to advance and fund projects that are in the United States. But you also have to get back to the realities of the United States. With the exception of Mountain Pass, there really aren't a lot of quality rare earths deposits in the United States.

是的。我認為，美國政府首先傾向於推動和資助美國境內的計畫。但你也必須回到美國的現實。除帕斯山 (Mountain Pass) 外，美國優質稀土礦藏並不多。

I mean you look at the monazite we get from Chemours in Florida and Georgia, it's high and heavies. So I think they prefer the United States, but they recognize they have to have a global footprint. I mean you look at how they've reached out to Australia in a number of cases, certainly Canada and even into Africa. The US government is interested in securing reliable material scales so that they have some geographic diversity.

我的意思是，看看我們從佛羅裡達州和喬治亞州的科慕公司獲得的獨居石，它又高又重。所以我認為他們更喜歡美國，但他們意識到他們必須擁有全球影響力。我的意思是，看看他們在許多情況下是如何與澳洲、加拿大甚至非洲接觸的。美國政府有興趣確保可靠的材料尺度，以便它們具有一定的地理多樣性。

So I mean, they prefer, but yet at the same time, the realities are there are not a lot of heavies in the United States of America, unless it comes really from the monazite. And in the case for us, you have the Donald project in Australia, which is high and heavy. So but we think the appetite is there from a number of different angles with the US government to help finance projects globally. And it could be floor prices alone would be sufficient.

所以我的意思是，他們更喜歡，但同時，現實情況是美國沒有很多重石，除非它真的來自獨居石。就我們的情況而言，你們在澳洲有唐納德項目，這個項目很高而且很重。但我們認為，美國政府從多個不同角度都願意幫助資助全球計畫。而且僅底價就足夠了。

Awesome. Thanks Mark and team.

驚人的。感謝馬克和他的團隊。

Justin Chan, SCP Resource Finance.

SCP Resource Finance 的 Justin Chan。

Hi Mark and team, congrats on being where the puck start being where the puck is starting to go early, strategies coming together. Just a few questions. One is on Astron and Donald. So just to confirm the financial side of things in FID, can I confirm that -- so you will essentially make a payment if you both elect to go ahead with the project of AUD183 million, and that will secure your 49%. And then that amount is payable towards your share of CapEx? Or would your share of CapEx for Donald be in addition to that $183 million?

嗨，馬克和團隊，恭喜你們早早開始進攻，策略也開始成形。僅有幾個問題。其中一個是關於 Astron 和 Donald 的。因此，僅是為了確認 FID 的財務方面，我可以確認一下——如果你們雙方都選擇繼續推進該項目，你們實際上將支付 1.83 億澳元，這將確保你們的 49% 權益。那麼這筆金額是支付給您應承擔的資本支出份額嗎？或者您為唐納德承擔的資本支出份額是否是在這 1.83 億美元之外？

No. The $183 million is really our buy-in to the project and the equity portion is really what is geared around. Both parties will have to pay their own debt portion pro rata on their share, and any additional equity that might be required to obtain financing. So -- but yeah, really our buy-in. And Dave, I don't know if you want to add anything to that.

不。1.83 億美元其實是我們對該專案的投入，而股權部分才是真正的重點。雙方必須按比例償還各自的債務部分，以及獲得融資可能需要的任何額外股權。所以 — — 但是是的，我們確實買了。戴夫，我不知道您是否想對此進行補充。

Yeah. No, that's right. The $183 million would basically cover the equity contributions of both parties, and that would be our buy-in. Our buy-in would be paying Astron's equity contribution, and then we would pay our own, and that would all total to $183 million. And as Mark says, if that increases at all due to financing needs, that would be paid pro rata by the partner.

是的。不，沒錯。1.83 億美元基本上涵蓋了雙方的股權貢獻，也是我們的投資。我們的出資額將包括支付 Astron 的股權出資，然後我們支付自己的出資，總計 1.83 億美元。正如馬克所說，如果由於融資需求而導致金額增加，那麼合作夥伴將按比例支付。

So basically, our buy-in on that project was about $60 million or thereabouts. And so far, I mean, with some of the prefit work and everything, I think we've invested about $20 million or something around that at this point in time. So yeah, we're pleased that we have that project, and we have that project permitted and it's at a good address in Australia and permitted.

所以基本上，我們在該項目上的投資約為 6000 萬美元左右。到目前為止，我的意思是，加上一些預盈利工作和所有一切，我認為我們目前已經投資了大約 2000 萬美元左右。是的，我們很高興有這個項目，而且該項目已獲得許可，並且位於澳大利亞的一個好地址，並且已獲得許可。

Got you. So that, just to make sure I'm clear on this. So that $183 million goes into, let's say, the Donald Project Co? Or does that go to Astron? And then I'm just trying to calculate like what the balance to fund is.

明白了。這樣，只是為了確保我清楚這一點。那麼，這 1.83 億美元是否進入了唐納德計劃公司？或者說是屬於 Astron 嗎？然後我只是想計算一下需要資助的餘額是多少。

Yeah, it goes into the joint venture.

是的，它進入了合資企業。

Right. That $183 million is available for both of you?

正確的。那 1.83 億美元是你們兩個人都可以使用的嗎？

Yeah, the $183 million goes into expenditures by the joint venture in advancing the project.

是的，這 1.83 億美元是合資企業為推動該項目而支出的。

Right. I see. So you could effectively as a group, debt fund the remainder then?

正確的。我懂了。那麼，作為一個團體，你們可以有效地透過債務融資來彌補剩餘的資金嗎？

Yes, absolutely. Yeah.

是的，絕對是。是的。

Thank you.

謝謝。

As Mark said, that's Australian dollars. They're a lot smaller than US dollars.

正如馬克所說，那是澳元。它們比美元小得多。

Yeah. Okay. Got you. And then could you maybe talk us towards sort of what the next steps are for confirming FID there now that it's got its permits? Is it just investigating offtake? There was a revised capital estimate, I think, less than a year ago. I'm just curious what the next steps are.

是的。好的。明白了。那麼，您能否向我們介紹一下，既然已經獲得許可證，下一步要採取哪些措施來確認 FID？這只是調查承購量嗎？我認為不到一年前曾對資本估算進行過修訂。我只是好奇下一步該怎麼做。

Yeah. It's really focused on bankable offtakes, both for the Heavy Mineral Sands and the rare earths products is really what it boils down to. And we're looking at that in relationship to the capital operating costs, returns on the project.

是的。它真正關注的是可獲利的承購，無論是重礦砂還是稀土產品，這才是關鍵。我們正在從資本營運成本和專案回報的角度來考慮這個問題。

So that's really the bit is getting the bankable offtakes, securing financing and getting the position, the project ready to go into construction. The project is ready to go into construction right now. If you had all that done, you could go into construction quite quickly. But it's not over until you get all the money to do the project. It is relative to the rare earths world, it's a pretty small strike rate.

因此，關鍵在於獲得可靠的承購、確保融資並獲得批准，然後專案就可以準備好投入建造了。該計畫目前已具備開工條件。如果您已完成所有這些，那麼您就可以快速投入施工。但直到你獲得完成該專案所需的全部資金，一切才算結束。相對於稀土世界來說，這是一個相當小的開採率。

I mean if you look at in US dollars, it's around $300 million for the project, the combined both parties in terms of, so yeah, watch this space, Justin, but we've really got to get the bankable offtakes and be in a position to get the financing to make the FID decision.

我的意思是，如果以美元計算，該項目的投資約為 3 億美元，雙方合計投資約為 3 億美元，所以，賈斯汀，請關注這個領域，但我們確實必須獲得可靠的承購，並能夠獲得融資來做出 FID 決定。

Got you. And maybe just a bit more color on that. So is it offtakes more on the titanium and zircon products or on the rare earths side of things or both?

明白了。或許還可以再豐富一點色彩。那麼，鈦和鋯石產品的銷售量更大，還是稀土產品的銷售量更大，或者兩者兼具？

Both.

兩個都。

Okay. Got you. Perfect. Thanks. And then on Pinyon Plain, especially, I mean, you've been way outperforming the reserve grade, the drilling has been encouraging. Just wondering what your time lines are on putting out an updated either reserve or mine plan to help the market kind of start pricing this into the long-term outlook for your company?

好的。明白了。完美的。謝謝。然後，尤其是在 Pinyon Plain，我的意思是，你們的表現遠遠超過了儲備等級，鑽探情況令人鼓舞。只是想知道您發布更新的儲備或採礦計劃的時間表，以幫助市場開始將其納入貴公司的長期前景中？

Yeah. We've got SOR working on that right now. I don't know, Dave, have you heard the exact time line on that. I mean they've got some stuff that's still into the laboratories for analysis and they're pulling together. What's interesting about the Pinyon Plain, and Justin, you'll appreciate this, is that the, what we think we're seeing is that when the original modeling was done, the model constrained on high grades and the area influence of the high grades to be conservative.

是的。我們現在正在讓 SOR 處理此事。我不知道，戴夫，你是否聽說過這件事的具體時間表。我的意思是，他們有一些東西仍在實驗室中進行分析，他們正在將它們整合在一起。賈斯汀，你會欣賞這一點的，關於 Pinyon Plain 的有趣之處在於，我們認為我們看到的是，當完成原始建模時，該模型對高品位和高品位區域影響進行了限制，使其保持保守。

And what we've seen and what we think we've seen is that we didn't need to constrain it because those high grades actually were, could be projected out for quite a large distance. So that's why we're getting this significant increase.

而我們所看到的以及我們認為我們已經看到的是，我們不需要限制它，因為這些高等級實際上可以投射到相當遠的距離。這就是我們獲得如此大幅成長的原因。

Also, even though we've done drilling in the Juniper zone, as I mentioned, over half of that Juniper zone still has a whole pile of drilling to do. So I think what you're going to see fairly soon, probably, I'm guessing by the end of the year, an update on the resource and then there's going to be this geologic potential to expand this further.

另外，儘管我們已經在 Juniper 區完成了鑽探，但正如我所提到的，超過一半的 Juniper 區仍有大量鑽探工作要做。所以我認為你很快就會看到，可能，我猜是在今年年底，資源的更新，然後將有進一步擴大的地質潛力。

And what you're also seeing is that when you look at some of these grades like 5%, 7%, you can fit a lot of uranium in a very small space like you see in Athabasca. Effectively, the Pinyon Plain mine is a miniature Athabasca mine with the grades that we're seeing, and it doesn't take a lot of space to hide a lot of pounds if it's very high grade.

你還會看到，當你看到 5%、7% 等等級的鈾時，你可以在非常小的空間裡容納大量的鈾，就像你在阿薩巴斯卡看到的那樣。實際上，Pinyon Plain 礦場就是阿薩巴斯卡礦場的微型礦場，具有我們所見的品位，如果金品位很高，那麼隱藏大量金子並不需要佔用太多空間。

Yeah. Absolutely. Yeah, it's doing great. Just can't wait for, I guess, more data to just price it into the long term. And then just one on, I guess, Toliara and maybe the rare earths master plan here. In terms of, I guess, pressing the button on the Phase 2 expansion for White Mesa, you imagine that you would, that would be around the same time as FID on Toliara, i.e., you're mentioning you could make that decision next year?

是的。絕對地。是的，做得很好。我想，只是迫不及待地想要獲得更多數據來長期定價。然後我想，就說說圖利亞拉，也許還有這裡的稀土總體規劃。我想，就按下白色台地 (White Mesa) 第二階段擴建按鈕而言，您認為這會與圖利亞拉 (Toliara) 的最終決定 (FID) 大約在同一時間，也就是說，您提到您可以在明年做出該決定？

Yeah. I mean, right now, our main focus is on the projects that we have that are fully permitted and can go forward right now. So when you have Donald, you have the ability to receive material from Chemours and you can receive from others.

是的。我的意思是，現在，我們的主要重點是那些已經獲得完全許可並且可以立即推進的專案。因此，當您擁有唐納德時，您就有能力從科慕公司接收材料，也可以從其他人那裡接收材料。

And then you look at where we are with the White Mesa Mill. Now we still have to submit our Phase 2 documentation to the state of Utah for final approval. I don't believe that we may pull the trigger on Phase 2 even without all the permits in place on Toliara.

然後你看看我們現在和白色梅薩磨坊的關係。現在我們仍然需要向猶他州提交第二階段的文件以獲得最終批准。我認為，即使圖利亞拉計畫沒有獲得所有許可證，我們也不會啟動第二階段計畫。

Now in the perfect world, we'd like to have both, right? But it takes time and how we phase things is still work in progress, Justin. But we want to have the larger scale. We want to have the separate plant and the ability to process both uranium ores unimpeded and rare earths ores unimpeded as soon as we can. And we'll just be evaluating how best to do that.

現在，在完美的世界中，我們希望兩者兼得，對嗎？但這需要時間，而且我們如何分階段進行仍處於進行中，賈斯汀。但我們希望規模更大。我們希望盡快擁有獨立的工廠，並且能夠暢通無阻地處理鈾礦石和稀土礦石。我們將評估如何最好地做到這一點。

So just quickly, the Pinyon Plain resource update should be December, not to change topics. But we see the expansion of the White Mesa Mill in the United States is something very attractive for whether it be the government or even private parties because of its ability to produce monazite. And we'll just see how that unfolds with the various other projects we have.

因此，很快，Pinyon Plain 資源更新應該是在 12 月，而不是改變主題。但我們看到，美國白梅薩磨坊的擴建對政府甚至私人來說都是非常有吸引力的，因為它能夠生產獨居石。我們將觀察這項進程如何與我們所進行的其他計畫一起展開。

Zach Perry, Robertson Stephens.

札克佩里、羅伯森史蒂芬斯。

Hey Mark, congratulations and have a good quarter. People have really kind of hoped at the financing of rare earths, obviously, is a big geopolitical game, as I've always said. And I hate to have you try to read the mind of the government.

嘿，馬克，恭喜你，祝你本季一切順利。人們確實對稀土融資抱有希望，顯然，正如我一直所說的那樣，這是一場大型地緣政治遊戲。我不希望你試著去了解政府的想法。

But does the US government understand both the structure of your supply chain, what you need to do? And if you get to scale your superior volume and cost structure? Because if so, you would think that you guys would be a very high priority after they sort of walked in with saving MP.

但是美國政府是否了解你的供應鏈結構，你需要做些什麼？如果您能擴大您的優質產量和成本結構呢？因為如果是這樣的話，你會認為在他們帶著拯救 MP 的使命走進來之後，你們會成為非常優先考慮的對象。

Yeah. Look, Zach, thanks for calling in. I think with the US government, it's part of it's an education process because most of the people in the US government are not like rare earths technically skilled mining engineers, processing engineers. I mean they have some of that. But -- and you just have to keep telling your story and showing that you can advance your story.

是的。聽著，扎克，謝謝你來電。我認為對美國政府來說，這是教育過程的一部分，因為美國政府中的大多數人並不是稀土技術熟練的採礦工程師、加工工程師。我的意思是他們有一些這樣的。但是——你只需要繼續講述你的故事並表明你可以推進你的故事。

And I think, though, it is resonating with them that there are a lot of stories out there, but there really are only a handful of legitimate stories. I mean a lot of them are more hopes and wishes, and we can do it if you give us money stories, and we're not that.

但我認為，他們有這樣的共鳴：雖然有很多故事，但真正真實的故事屈指可數。我的意思是，其中很多都是更多的希望和願望，如果你給我們金錢故事，我們就能做到，但我們不是那樣的。

So I think that they're getting more up to speed with how this market interrelates and the importance of each step. And I think they're also aware that they can't have investment in a single project that they have to have multiple projects because, as you know, Zach, a lot of projects will fail or underproduce, or may never produce.

所以我認為他們越來越了解這個市場是如何相互關聯的以及每一步的重要性。我認為他們也意識到他們不能只投資一個項目，而必須投資多個項目，因為正如扎克你所知，很多項目都會失敗或產量不足，或者可能永遠不會生產。

So I think they're getting up to speed. But what's remarkable is how keen they are to reshore a lot of these capabilities and get world-scale molecules and not just world-scale molecules for the Defense Department in the US, but countries like Canada and the European Union, even places like Japan, they need molecules too.

所以我認為他們正在加快速度。但值得注意的是，他們如此熱衷於將這些能力重新引入國內並獲得世界級的分子，而且不僅僅是美國國防部需要的世界級分子，而且加拿大和歐盟等國家，甚至日本等地也需要分子。

And you don't have those mines in Europe and you don't have those mines in Japan. So it's kind of a global issue. So I think they're getting it more, but it's been a learning process, and it's been a learning process for a lot of people.

歐洲沒有這樣的地雷，日本也沒有這樣的地雷。所以這是一個全球性問題。所以我認為他們學到的更多，但這是一個學習的過程，對很多人來說這也是一個學習的過程。

Got it. And could your timelines be sped up if the government push fast forward on their support?

知道了。如果政府加強支持力度，你們的時間表能加快嗎？

Look, money can speed up a lot of things. But you also have to look at the practicalities too, because you have things like how much can you speed up the permitting, how much can you speed up the construction and long lead times and things like that.

瞧，金錢可以加速很多事情的進展。但你也必須考慮實際情況，因為你需要考慮諸如許可速度能加快多少、施工速度能加快多少以及交貨時間長短等問題。

So yeah, it can be sped up. The question is how much. And -- but what's interesting and unique for us is, for example, we have the Phase 1. It's already constructed, and we have Donald permitted. So we can speed up at least to the capacity of Phase 1 for the lights, and potentially the heavies quicker than others can.

是的，它可以加速。問題是多少。而且 — — 但對我們來說有趣和獨特的是，例如，我們有第一階段。它已經建好了，我們已經獲得了唐納德的許可。因此，我們至少可以加快第一階段的燈光容量，並可能比其他人更快達到重型設備的速度。

So that's a unique position that Energy Fuels can do uranium. It can do the rare earths at the Phase 1 scale, and, or in the future at the Phase 2 scale. So we have stepping stones that others don't have.

因此，能源燃料公司能夠開採鈾資源具有獨特的優勢。它可以在第一階段規模上進行稀土元素的生產，並且，在未來，可以進行第二階段規模的生產。所以我們有別人沒有的墊腳石。

Got it. Thanks. And then real quick on uranium. Congrats on proving an incredible cost structure. Now uranium market has sort of been in a Mexican standoff for, I feel like a couple of years in terms of pricing. Pricing has gone up a lot, but we haven't seen true contracting at what you would expect high prices needed to create increased supply.

知道了。謝謝。然後快速討論鈾。恭喜您證明了令人難以置信的成本結構。現在鈾市場在定價方面已經陷入了某種程度的墨西哥僵局，我覺得這種情況已經持續了好幾年。價格已經上漲了很多，但我們還沒有看到真正的合約價格達到增加供應所需的水平。

And obviously, I think that's what you're waiting for. What actually finally breaks that standoff where you actually see contract pricing come in at volume at a price that we might think clears the market?

顯然，我認為這就是你所等待的。最終是什麼打破了這種僵局，讓您真正看到合約定價以我們認為可以清算市場的價格大量出現？

I think it's just the beginning, but I think that the utilities are starting to see where a number of new producers are failing to deliver on time and are struggling. And we've seen that starting to emerge over the last year.

我認為這只是個開始，但我認為公用事業公司開始看到許多新生產商未能按時交貨並陷入困境。我們看到，在過去的一年裡，這種情況開始顯現。

And a lot of the discussions we have with utilities is that they need more product. In our case, they flexed up on some of our contracts because they're short of material from new producers that are not producing. So I mean, there is a pretty active market right now. I mean we're getting quite a few RFPs coming in.

我們與公用事業公司進行的許多討論都是關於他們需要更多的產品。就我們的情況而言，他們放棄了一些合同，因為他們缺少來自未生產的新生產商的材料。所以我的意思是，現在市場相當活躍。我的意思是我們收到了不少的 RFP。

And again, the term prices are $80 or even higher. So you do have a higher term price than the spot, which I think reflects that the utilities believe that the price is going to be higher. and the ceilings are going higher, and the floors are coming up. So I think all the pieces are in place to see these improvements in the spot price and the term price going forward.

而且，學期費用是 80 美元甚至更高。因此，定期價格確實高於現貨價格，我認為這反映出公用事業公司相信價格會更高。而且上限越來越高，下限也在上升。因此，我認為所有因素都已到位，現貨價格和期限價格未來將有所改善。

Noel Parks, Tuohy Brothers Investment Research.

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

Hi, just a couple. I just wonder, and I apologize if you touched on this earlier, but could you just talk a little bit about, there's still all the excitement with the SMRs versus the different projects for restarting existing legacy reactors.

嗨，只有一對。我只是好奇，如果您之前提到這一點，我深感抱歉，但您能否稍微談一下，與重啟現有傳統反應器的不同項目相比，人們對 SMR 仍然很感興趣。

And could you just talk a little bit about sort of a reality check on the legacy versus the SMRs and their sort of their impact on uranium demand because I feel like they tend to get sort of discussed as a little bit lumped together. So any thoughts there would be great.

您能否簡單談談對傳統核電廠與小型模組化反應器的現實對比，以及它們對鈾需求的影響，因為我覺得人們往往會把它們混為一談。因此，任何想法都是很好的。

Yeah. No. Look, the quickest way to increase demand is restart a reactor that's already built. And I think that's surprising people because you're seeing even reactors in the United States that are being restarted. I mean you look at Japan, Japan shut down all these reactors after Fukushima and they're restarting them.

是的。不。看，增加需求的最快方法是重啟已經建成的反應爐。我認為這讓人們感到驚訝，因為你甚至看到美國的反應爐正在重新啟動。我的意思是，看看日本，福島核事故後日本關閉了所有反應堆，現在又重新啟動它們。

So the demand is going to increase quicker with restarts because given six months or a year or two years, they can restart and they have to be reloaded and you see that where they have to go out and buy the uranium.

因此，隨著核電站重啟，需求將會更快地增加，因為六個月、一年或兩年的時間，他們可以重啟核電站，並且必須重新裝載，你會看到他們必須出去購買鈾。

SMRs are ways off, quite a ways off. And so, I think the disconnect is that it's just that, the existing, it's really no different. If you have a permitted mill, you can do something with it. If you don't have a permitted mill, you can't. So when you look at from the mining or processing side of things.

SMR 還很遙遠，相當遙遠。所以，我認為脫節就是現有的，其實也沒有什麼不同。如果您擁有一家獲得許可的工廠，您可以用它做一些事情。如果你沒有獲得許可的工廠，你就不能這麼做。因此，當你從採礦或加工的角度來看待事物時。

So yeah, I see the restarts as immediate demand, and you can bank on that, particularly when you see big tech companies putting the money into the restarts and the utilities signing an agreement. That's the way to get the demand up quicker.

所以，是的，我認為重啟是迫切的需求，你可以依靠這一點，特別是當你看到大型科技公司將資金投入重啟並且公用事業公司簽署協議時。這是讓需求更快上升的方法。

And SMRs are work in progress and you're looking out probably at least 2030-ish or so before that starts to become a real factor. But it takes time for all these things. It doesn't matter if you're mining or you're doing nuclear power plants. It takes a lot of time to get the permits and to build them. And, but I'm really encouraged with what I'm seeing with restarts.

SMR 工作仍在進行中，預計至少要到 2030 年左右才會開始成為真正的因素。但所有這些事情都需要時間。無論您是在採礦還是在建造核電站，都沒關係。獲得許可證並建造它們需要花費大量時間。但是，我對重啟後看到的情況感到非常鼓舞。

Great, thanks. And just to clarify a bit for me. So is there a time horizon, and I know I'm asking you to predict the future, which is always hazardous. But do you have a sense of a threshold where perhaps the SMRs, some of those go into FID, their plans become more concrete where the market starts to sort of backfill a bit and start thinking about what premium -- what sort of time premium really should be built into the price to sort of make sure that wherever the demand is coming from, that any given party can lock in supply and not be the last one trying to crowd through the door. And any sense of in advance of the SMR going live that you could see the pricing ripple into the market?

太好了，謝謝。只是為了讓我澄清一下。那麼是否存在時間範圍，我知道我要求你預測未來，這總是很危險的。但是，您是否感覺到一個門檻，也許 SMR 中的一些進入了 FID，他們的計劃變得更加具體，市場開始回補一點，並開始思考什麼樣的溢價 - 什麼樣的時間溢價應該真正納入價格中，以確保無論需求來自哪裡，任何一方都可以鎖定供應，而不是成為最後一個試圖擠進門的人。在 SMR 上線之前，您是否預見到價格會對市場產生影響？

Yeah. Look, I think that the best way to get a handle on that is you go to TradeTech or UX, and they have forecasts that are a lot more scientific than I can give you over the phone or on this call. But I do see this that I, and after being in the business for coming up on 50 years, I don't know how we're going to fill the demand, with new uranium projects.

是的。聽著，我認為解決這個問題的最好方法是去 TradeTech 或 UX，他們的預測比我透過電話或這通通話給你的要科學得多。但我確實看到這一點，在從事該行業 50 年後，我不知道如何透過新的鈾專案來滿足需求。

And I think when you look at existing projects that are becoming mined out and have to be replaced, whether it is anywhere around the world, if you start to double the demand for nuclear fuel products, you're going to have to double the mining of new uranium.

我認為，當你看到現有的項目正在被開採殆盡並必須被取代時，無論它位於世界任何地方，如果你開始將核燃料產品的需求增加一倍，你就必須將新的鈾礦開採量增加一倍。

And people haven't explored for uranium for decades in any material way, and I don't know where it's going to come. So I think all these pieces, including the restarts, SMRs, but also the build rate in China, I don't know where they're going to get all their fuel.

幾十年來人們沒有以任何物質方式探索鈾礦，我不知道它會從哪裡來。所以我認為所有這些部分，包括重啟、SMR，還有中國的建造率，我不知道他們要從哪裡獲得所有燃料。

[Gary Steele].

[加里·斯蒂爾]

Good Morning, Mark. Hope you can hear me all right?

早上好，馬克。希望你聽得到我說話嗎？

I do, Gary. Thanks for calling in.

我同意，加里。謝謝您的來電。

Absolutely. Absolutely exciting quarter beyond belief after having watched the company for many years, what a treat. A couple of questions. With all the press and excitement around this Ramaco thing up in Ranchester, Wyoming and of course, Mountain Pass, is there anything you can share or would be at liberty to share regarding any synergies or opportunities with those two projects?

絕對地。在關注這家公司多年之後，這絕對是一個令人難以置信的激動人心的季度，真是一種享受。有幾個問題。懷俄明州蘭切斯特和帕斯山的 Ramaco 項目引起了媒體的廣泛關注和興奮，您能否分享一些關於這兩個項目之間的協同作用或機會的信息？

See, I have to think about that, Gary. I think, again, we go back to this differentiator being monazite, monazite sands, very high grade, good distributions of NdPr and heavies and the economics. So I mean, our strategy is different than theirs. And for me, as a mining engineer, grade is always keen when you're processing things.

瞧，我必須考慮一下，加里。我認為，我們再次回到這個區別因素，即獨居石、獨居石砂、非常高的品味、镨釹和重金屬的良好分佈以及經濟性。所以我的意思是，我們的策略與他們的策略不同。對我來說，身為一名採礦工程師，在處理物品時，等級總是很重要的。

So yeah, I mean, I don't really know the synergies between the groups other than we will have probably likely more heavies than any of them with the projects we have and the monazite deposits we have. But everybody in the rare earths space is getting attention right now.

是的，我的意思是，我真的不知道這些集團之間的協同作用，除了我們可能比他們中的任何一個集團擁有更多的重量級產品，包括我們擁有的項目和獨居石礦床。但現在稀土領域的每個人都受到了關注。

And I do think that the realities of the cost of production and the grade of these deposits is really going to, something that's important in the scheme and the economics going forward. And we know with what we've done thus far and the monazite that we've received and the project we have that we're going to be a low-cost producer. So we're focusing on being a low-cost producer. And the others will have to do their studies and make sure they can process and do the things that they say they're going to do.

我確實認為，生產成本的現實情況和這些礦藏的品位對於該計劃和未來的經濟確實非常重要。我們知道，憑藉我們迄今為止所做的工作、我們收到的獨居石以及我們開展的項目，我們將成為低成本生產商。因此，我們致力於成為低成本生產商。其他人則必須進行研究，確保他們能夠處理和完成他們所說要做的事情。

Sure. Another totally separate question. I assume that your uranium runs and your rare earths runs have to be done separately and involve a cleanout and turnaround between runs. Is that accurate?

當然。另一個完全不同的問題。我認為您的鈾運行和稀土運行必須分開進行，並涉及運行之間的清理和周轉。這樣準確嗎？

Yeah. We're trying to be flexible here. Right now, and just conceptually, when we talk those 2 million pounds per year or thereabouts, that's about an 8 month run or 9 month run. And we can have a window between that run, a uranium run and the next uranium run and a rare earths run. So but we're going to be flexible because we can generate really exceptional margins on the uranium.

是的。我們正嘗試在此採取靈活措施。現在，從概念上講，當我們談論每年 200 萬英鎊左右時，這大約是 8 個月或 9 個月的運行時間。我們可以在該次鈾礦開採、下一次鈾礦開採和稀土礦開採之間留出一個窗口。但我們會保持靈活性，因為我們可以在鈾上產生真正卓越的利潤。

We've got to have enough rare earths feed to justify a run, but it does take time to switch over. I mean the mill; you don't just flip a switch. It probably takes a month to retrofit and take certain equipment out of the tanks and whatnot about a month each direction.

我們必須擁有足夠的稀土原料來確保生產，但轉換確實需要時間。我指的是磨坊；你不能只是扳動開關。改造和從坦克中取出某些設備大概需要一個月的時間，每個方向也需要大約一個月的時間。

So we want to minimalize that as much as possible, but we really want to make sure that we're really focused on our best margins for our shareholders going forward. But we have the ability to do both, but it isn't a switch, until we have Phase 2, okay? Phase 2 will be completely separate, and they can both run independently, and then we will not have to do that.

因此，我們希望盡可能地減少這種情況，但我們確實希望確保我們真正專注於為股東帶來未來的最佳利潤。但是我們有能力同時做到這兩點，但這不是轉換，直到我們進入第二階段，好嗎？第二階段將完全獨立，它們可以獨立運行，這樣我們就不必這樣做了。

So Phase 2 will add new front end to the SX circuit so that you can run both materials independently from one another?

那麼第 2 階段將為 SX 電路添加新的前端，以便您可以彼此獨立地運行這兩種材料？

Correct. Completely independent. And Gary, you know this, the mill has not been ran at capacity for a lot of years. And I think that our best years are ahead of us because I think we are going to need to run both our facilities at or near capacity going forward, including the Phase 2 plant.

正確的。完全獨立。加里，你知道，工廠已經很多年沒有滿載了。我認為我們最好的年景還在後頭，因為我認為我們需要在未來以滿載或接近滿載的方式運行我們的兩個工廠，包括第二階段工廠。

Aaron Vadakkan, Alta.

亞倫·瓦達坎（Aaron Vadakkan），阿爾塔。

Mark and team, thanks for taking the call, and congrats on all the progress this quarter. I was -- I'm glad you brought up the benchmark ex-China pricing. It's really exciting and something that I've been looking at, too. I was just wondering if you could share how those prices and how those changes have impacted your offtake conversations?

馬克和團隊，感謝你們接聽電話，並祝賀本季的所有進展。我很高興你提到了中國以外的基準價格。這確實令人興奮，也是我一直在關注的事情。我只是想知道您是否可以分享這些價格以及這些變化如何影響您的承購對話？

Well, the benchmark prices came out a week ago or so. So it's recent, okay? But what's interesting, I did get a text message this morning from another forecaster and said, they think they're low, okay? They are actually higher.

嗯，基準價格大約在一週前就出來了。所以這是最近的事，好嗎？但有趣的是，今天早上我確實收到了另一位預報員的短信，說他們認為氣溫很低，好嗎？它們實際上更高。

No, I haven't verified that. So I mean, I think it kind of goes back to this whole story on these floor prices that people are realizing that you got to pay more if you're going to compete with China. And I have to admit, it surprised me when you had 350% more with this first publication.

不，我還沒有證實這一點。所以我的意思是，我認為這有點回到有關底價的整個故事，人們意識到如果要與中國競爭，就必須付出更多。我必須承認，當你第一次發表這篇文章時就獲得了 350% 的閱讀量時，我感到非常驚訝。

So I mean, it's certainly not going to hurt them. And we think that this whole concept you have to pay more is a reality. And I think that's gaining traction. I think the MP deal proves that the government thinks you have to pay more. And let's see where it goes. But the Australian government talking about floor prices, I think everybody is just realizing that there's got to be a different market. Otherwise, you're truly not independent.

所以我的意思是，這肯定不會傷害他們。我們認為，你必須支付更多費用這一概念是現實。我認為這正在獲得越來越多的關注。我認為 MP 交易證明政府認為你必須支付更多。讓我們看看它會走向何方。但當澳洲政府談論底價時，我想每個人都意識到一定有一個不同的市場。否則，你就真的不獨立了。

Okay. Thank you.

好的。謝謝。

I just want to thank you all for calling in, for watching the webcast. We very much appreciate your participation. I just want to remind and let everybody know that our management team will be attending several upcoming industry and investor conferences.

我只想感謝大家打電話過來並觀看網路直播。我們非常感謝您的參與。我只是想提醒大家，我們的管理團隊將參加即將舉行的幾場產業和投資者會議。

I'm just going to run through a couple of them very quickly. It will be the Citi's 2025 Natural Resources Conference, EnerCom Denver, U2025 Global Uranium Symposium, the World Nuclear Symposium 50; Jefferies Industrials 2025, the H.C. Wainwright 27th Annual Global Investment Conference, the Pinyon Plain Institute, Critical Minerals Symposium, Uranium Summit, and the Power Up BNP Paribas.

我將快速地介紹其中的幾個。這些活動包括花旗銀行 2025 年自然資源會議、EnerCom 丹佛會議、U2025 全球鈾研討會、世界核子研討會 50；傑富瑞工業 2025、H.C. Wainwright 第 27 屆年度全球投資會議、Pinyon Plain Institute、關鍵礦產研討會、鈾峰會和法國巴黎銀行 Power Up。

So thank you again, and we'll try and get all of that information uploaded onto our website so everybody can follow along. And now Mark will just say a few closing words.

再次感謝您，我們會盡力將所有資訊上傳到我們的網站，以便每個人都能關注。現在馬克只想說幾句結束語。

Yeah. Again, thank you for those of you who joined. I think that really the closing words I have is we've been playing a long game. We're not playing short games, flash in the pan. We've been focused on uranium for decades or at least the assets have.

是的。再次感謝各位的加入。我認為我最後要說的是，我們一直在玩一場持久戰。我們玩的不是短暫的遊戲，也不是曇花一現的遊戲。幾十年來，我們一直專注於鈾資源，或至少是鈾資產。

But when we added the rare earths, I mean, we started a journey about five years ago. We held to that. There were criticisms from people that we shouldn't be getting into rare earths critical minerals. And it's interesting because a lot of them are calling me up now and saying, wow, that was great. Why didn't -- we're happy you did that.

但是當我們添加稀土元素時，我的意思是，我們大約五年前就開始了一段旅程。我們堅持這一點。有人批評我們不該涉足稀土這項關鍵礦物。有趣的是，現在很多人打電話給我說，哇，這太棒了。為什麼沒有——我們很高興你這麼做了。

So we are focused on continuing the journey to build a world significant cost competitive critical mineral company that has 10 plus critical minerals that can be produced commercially and at scale. And really, I don't know anybody who's done that. So it's been a unique strategy. We're starting to bear the fruits of that.

因此，我們致力於繼續打造一家具有全球重要成本競爭力的關鍵礦產公司，該公司擁有 10 多種可進行商業化和規模化生產的關鍵礦產。說實話，我不知道有誰做過這樣的事。所以這是一個獨特的策略。我們已開始收穫成果。

And even with our uranium peers, year-to-date, we've been the best producing uranium share this year, year-to-date. And even when you look back a year or even start looking back over five years, we have outperformed our peers in many cases in the uranium space.

即使與我們的鈾礦同行相比，今年迄今為止，我們的鈾礦產份額也是最高的。即使回顧一年甚至五年，我們在鈾領域的許多表現都優於同行。

We're performing well in terms of our peers in the rare earths space. So this is not an accident. It's a strategy that we've been committed to and will continue to be committed to. So thank you very much.

與稀土領域的同業相比，我們的表現良好。所以這不是意外。這是我們一直致力於並將繼續致力於的策略。非常感謝。

Thank you for participating in the Energy Fuels conference call. Please reach out to the company directly for any additional investment questions. This concludes today's 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。