Energy Fuels Inc (UUUU) 2025 Q3 法說會逐字稿

Thank you for standing by. My name is Eric, and I will be a conference operator today. At this time, I would like to welcome everyone to the Energy Fuels Q3 2025 conference call. (Operator Instructions)

感謝您的耐心等待。我叫艾瑞克，今天我將擔任會議接線生。此時此刻，我謹代表能源燃料公司歡迎各位參加 2025 年第三季電話會議。（操作說明）

I would now like to send the call over to Mark Chalmers, CEO and Director. Please go ahead.

現在我想把電話轉接給執行長兼董事馬克·查爾默斯。請繼續。

Thank you, Eric, and again, Mark Chalmers, CEO of Energy Fuels. I want to thank everybody for joining our Q3 conference call today.

謝謝艾瑞克，再次感謝能源燃料公司執行長馬克·查爾默斯。感謝各位今天參加我們的第三季電話會議。

And I can say with absolute confidence the entire team continued to deliver on our promises this quarter, which is rather unusual in today's world when it comes to getting projects restarted in advance, namely we had increased sales, increased revenues, we continued our build up of low costs and increased our uranium production, so we're lowering our cost as we increase our uranium production.

我可以非常自信地說，本季度整個團隊繼續履行了我們的承諾，這在當今世界提前重啟項目方面相當不尋常，具體來說，我們的銷售額和收入都有所增長，我們繼續降低成本，並提高了鈾產量，因此我們在提高鈾產量的同時降低了成本。

And we're setting the stage for increased gross margins in 2026, and the timing could not be better. We're making remarkable progress on our rare earth segment including heavy rare earth piloting and plans for commercial production. We've received a qualification for our NdPr production which is going into major automobiles manufacturers as we speak.

我們正在為 2026 年提高毛利率做好準備，現在正是最佳時機。我們在稀土領域取得了顯著進展，包括重稀土試點和商業化生產計劃。我們的釹鈽生產產品已經獲得認證，目前正在向各大汽車製造商供貨。

We've received all government approvals for the development of our Donald joint venture project in Australia, which has significant heavies as well as NdPr. We received a conditional letter of support from Export Finance Australia, more commonly known as EFA for up to AUD80 million, and that's with respect to our senior debt project financing for the project.

我們已經獲得了澳洲政府對我們在澳洲的唐納德合資計畫開發的所有批准，該計畫蘊藏著大量的重金屬以及釹镨。我們收到了澳洲出口融資機構（簡稱 EFA）的有條件支持函，金額高達 8,000 萬澳元，這與我們該專案的優先債務專案融資有關。

We also completed an upsize offering of a AUD700 million convertible note on very favorable terms. And post quarter we had a working capital balance approaching $1 billion US dollars.

我們也以非常優惠的條件完成了7億澳元可轉換債券的增發。季度末，我們的營運資金餘額接近10億美元。

As many of you understand, these accomplishments are not the norm for many in our sector because it is tough. It is tough to produce uranium. It is tough to produce heavy mineral sands, and it's tough to produce rare earths. And we are a company that is playing the long game. We've been doing that for a long period of time. We deliver on our promises. We have the right team with the right skills. And we have put the company in a unique position of all things, critical minerals including uranium by design.

正如你們許多人所了解的，這些成就對於我們這個行業的許多人來說並不常見，因為這很艱難。鈾的生產很困難。生產重礦砂很困難，生產稀土也很困難。我們是一家著眼於長遠發展的公司。我們長期以來一直這樣做。我們信守承諾。我們擁有具備合適技能的合適團隊。我們透過精心設計，使公司在包括鈾在內的關鍵礦產領域處於獨特的地位。

Not an accident we're capitalizing on our advantages, which are skills, infrastructure, permits, and capacity globally in all three of those sectors. So just a reminder there will be conference call replays -- or replay which will be on the website later today.

我們充分利用自身優勢並非偶然，這些優勢包括在全球範圍內這三個領域的技能、基礎設施、許可證和產能。再次提醒大家，電話會議錄影將會在今天稍晚發佈在網站上——或者說是回放。

And as always, as Eric mentioned, there'll be time for questions at the end of the presentation.

正如埃里克提到的那樣，演講結束後會留出時間供大家提問。

New for today's call and for the presentation, I will have Ross Bhappu, our President, and Nathan Bennett, our CFO to discuss overall company finances and Ross will be talking about the convert.

在今天的電話會議和演示中，我將邀請我們的總裁羅斯·巴普和首席財務官內森·貝內特來討論公司的整體財務狀況，羅斯還將談到轉換問題。

And in addition to that, at the end of the presentation, both Nathan, Ross, David Frydenlund, our Executive VP and Chief Legal Officer, as well as Nathan Longenecker, our Senior VP and General Counsel, will be available to answer any questions I am unable to answer.

此外，在演講結束後，Nathan、Ross、我們的執行副總裁兼首席法律官David Frydenlund以及我們的高級副總裁兼總法律顧問Nathan Longenecker將回答我無法回答的任何問題。

So let's get going again. I always say this, I love this slide because we're building a globally significant critical mineral company in the US and this picture is taken not far from the White Mesa Mill.

那麼，我們繼續前進吧。我總是說，我喜歡這張幻燈片，因為我們正在美國打造一家具有全球重要性的關鍵礦產公司，而這張照片拍攝於距離白梅薩工廠不遠的地方。

Next slide. I may be making some forward-looking statements. Those are included on page 2 of this presentation.

下一張投影片。我可能會做出一些前瞻性陳述。這些內容都包含在本簡報的第2頁。

Next slide. An investment in energy fuels is really these three investments that I discussed the uranium, where we are the leading producer of uranium, lowest cost producer of uranium in the United States, the rare earths, which are rapidly emerging globally significant, and the heavy mineral sands which will provide the rare earth feeds the monazite for our rare earth processing.

下一張投影片。對能源燃料的投資實際上包括我剛才提到的這三項投資：鈾，我們是美國領先的鈾生產商，也是成本最低的鈾生產商；稀土，它正迅速成為全球重要的資源；以及重礦砂，它將為我們的稀土加工提供稀土原料——獨居石。

And so basically you get three companies in one, we are. Focused and we build these three companies and how they fit together energy fuels around the foundation of our core uranium business and all of these materials contain naturally concentrations of uranium that are found alongside the minerals that occur with these minerals.

所以基本上，我們是一家三合一的公司。我們專注於建立這三家公司，並研究它們如何相互配合，圍繞我們核心鈾業務的基礎提供能源燃料，所有這些材料都含有天然濃度的鈾，這些鈾與伴隨這些礦物出現的礦物一起存在。

Next slide. To talk about the uranium mines and as I mentioned, we're producing more uranium than any other company in the United States today.

下一張投影片。說到鈾礦，正如我剛才提到的，我們目前在美國的鈾產量比其他公司都高。

The Pinyon Plain Mine in Arizona, which is in production and it's conventional, we're ramping up our production there, and it's got I believe it's the highest grade uranium mine in the history of the United States, and we're actively mining and shipping or to the mill right now that's going very well.

位於亞利桑那州的皮尼翁平原礦場目前正在生產，採用的是常規開採方式。我們正在提高那裡的產量，我相信它是美國歷史上品位最高的鈾礦。我們現在正在積極開採並向工廠運送鈾礦，一切進展順利。

And we'll be seeing and hearing more about that during this presentation as we ramp up the scale of the Plain Mine at the same time, La Sal Complex also conventional in production that actually are is the Pandora and La Sal incline, but there are also several other mines along a 11-mile trend. In that area and that mining is advancing and we're doing additional work on other mines there that are being reactivated as the uranium business improves.

在本次演示中，我們將看到和聽到更多關於這方面的信息，同時，隨著 Plain 礦山規模的擴大，La Sal 綜合體也在進行常規生產，實際上包括 Pandora 和 La Sal 斜井，但沿著 11 英里長的走向還有其他幾個礦山。該地區的採礦業正在發展，隨著鈾礦業務的改善，我們正在對那裡重新啟用的其他礦場進行額外的開發工作。

Next slide. So let's talk about uranium production moving forward.

下一張投影片。那麼，讓我們來談談鈾生產的未來發展方向。

In at the mill in Q4 we've commenced a processing with the newly mined plain or in this quarter, and that's the first uranium that has been produced at Pinyon Plain at the mill we actually processed at the at the Pinyon Plain or processed at the mill. We expect to produce between 1.1 million to 1.4 million pounds of uranium to Q1 '26. That run could go longer. And when we run the mill, basically we produce about 200,000 pounds to 250,000 pounds per month for every month we run the mill.

第四季度，我們在工廠開始對新開採的平原鈾礦進行加工，這是皮尼翁平原工廠生產的第一批鈾礦，我們實際上在皮尼翁平原工廠進行了加工。我們預計到 2026 年第一季將生產 110 萬至 140 萬磅鈾。那次跑步可能會持續更久。當我們開工生產時，基本上每個月我們可以生產大約 20 萬到 25 萬磅的鋼材。

At Pinyon Plain in Q3, we mine around 415,000 pounds of uranium and an average grade of 1.27%. That is a bit lower because we're mining kind of the upper part of the main zone where the grades are lower, so that is all expected year-to-date we've mined 1.15 million pounds of uranium and an average grade of 1.66%. And we expect to be mining over 2 million pounds per year at the Pinyon Plain Mine in 2026.

第三季度，我們在 Pinyon Plain 開採了約 415,000 磅鈾，平均品位為 1.27%。產量略低，因為我們開採的是主礦帶的上部，那裡的品位較低，所以這都是預期之內的。今年到目前為止，我們已經開採了 115 萬磅鈾，平均品位為 1.66%。我們預計到 2026 年，皮尼翁平原礦的年產量將超過 200 萬磅。

Truck haulage has been an impediment earlier in the year, but I'm pleased to say that we have improved that significantly. We've been averaging about 250 trucks per month, and that is more than sufficient to get to about that 2 million pound run rate for production, getting that or to the mill.

今年早些時候，卡車運輸一直是個難題，但我很高興地說，我們已經大大改善了這種情況。我們平均每月大約有 250 輛卡車，足以達到約 200 萬磅的生產運行率，無論是運送到工廠還是其他用途。

The relationship with the Navajo Nation is going very well, and we've seen that turn out to be a significant positive for both energy fuels in the Navajo Nation, and we had a number of those from the Navajo Nation at our open house which was held a month or so ago and it was really pleasing to see how they've received the relationship and how we've been executing that relationship together.

與納瓦荷族的合作關係進展非常順利，我們看到這對納瓦荷族的能源燃料發展來說是一個重要的正面因素。大約一個月前，我們舉辦了開放日活動，期間有許多納瓦荷族人士參加。看到他們對這段關係的接受程度以及我們共同發展這種關係的方式，真的令人欣慰。

Uranium cost of production costs of sales are expected to decline. We have previously mentioned that we believe that opinion plan cost will be in that $23 to $30 per pound range, as we ramp up production as we process this material we have existing inventory right now at the middle of 485,000 pounds.

預計鈾的生產成本和銷售成本將會下降。我們之前提到過，我們認為意見計畫的成本將在每磅 23 至 30 美元之間，隨著我們加大生產力度來加工這種材料，我們目前的現有庫存約為 485,000 磅。

And that is currently at a cost of goods sold at around $50 to $55 per pound and it's sort of a mixture of various feeds that we process including La Sal, including some of the clean up material that we've done. And alternate feeds, but as we start ramping up the opinion plane, run, we see those things, the cost dropping pretty materially, should be in that $30 to $40 per pound range in Q1 of this '26 and lower as time progresses.

目前，該產品的銷售成本約為每磅 50 至 55 美元，它是由我們加工的各種飼料混合而成，包括 La Sal，以及我們清理出來的一些材料。以及其他飼料，但隨著我們開始加大投入，我們看到這些飼料的成本大幅下降，到 2026 年第一季應該會降到每磅 30 至 40 美元，隨著時間的推移還會更低。

Next slide. So on the Contract front, we still have four existing contracts. I believe that we are seeing a strengthening and desire for long-term contracts with utilities.

下一張投影片。所以在合約方面，我們目前還有四份現有合約。我認為我們正在看到企業越來越渴望與公用事業公司簽訂長期合約。

In 2025 we have contracts for 300,000 pounds of which we -- just in this last quarter, sold 140 into contract and but with those commitments are increasing in 2026 and they ramp up to 620,000 pounds to 880,000 pounds and could be higher in due course.

2025 年我們簽訂了 30 萬英鎊的合同，其中僅在上個季度我們就簽訂了 140 英鎊的合同，但隨著這些承諾的增加，2026 年的合同數量將增加到 62 萬英鎊至 88 萬英鎊，並且在適當的時候可能會更高。

We're looking at various spot in midterm sales for the additional uranium inventories that we have that will be greater than our contract sales and we have a significant margin to benefit from that because we didn't over contract where other companies have over contracts and they're having trouble meeting those commitments.

我們正在考慮中期銷售中各種機會，以利用我們額外的鈾庫存，這些庫存將超過我們的合同銷售量，而且我們有相當大的利潤空間從中獲益，因為我們沒有像其他公司那樣過度簽訂合同，而其他公司過度簽訂合同，因此他們難以履行這些承諾。

But we're also looking at other long-term contracts in due course and the terms just seem to improve as time progresses. And lastly we have also received a small amount of ore from third-party minor in Colorado.

但我們也在考慮在適當的時候簽訂其他長期合同，而且隨著時間的推移，條款似乎也在不斷改善。最後，我們也從科羅拉多州的一家第三方小型礦業公司收到了一小批礦石。

Next slide. So let's talk more -- a bit more about rare earths and heavy mineral sands highlights.

下一張投影片。那麼讓我們再深入探討稀土和重礦砂的亮點。

We are becoming the leading rare earth producer in the United States, including heavies. I mentioned earlier that we've been getting our NdPr oxide validated by outside manufacturers and confirmation, particularly with Pasco with that material or some of the surplus material going into the production electric vehicles and hybrid vehicles.

我們正成為美國領先的稀土生產商，包括重稀土生產商。我之前提到過，我們一直在請外部製造商對我們的 NdPr 氧化物進行驗證和確認，特別是與 Pasco 合作，將這種材料或一些剩餘材料用於生產電動車和混合動力車。

The piloting has been going exceptionally well. We have recovered around nearly 30 kg of Dy oxide, 99.9% pure, and that's through September of '25, and we're getting ready to start piloting a Tb later this year.

試飛工作進展得非常順利。截至 2025 年 9 月，我們已經回收了約 30 公斤純度為 99.9% 的氧化鏑，我們正準備在今年稍後開始試運行 Tb。

We're also based on the results that we have from the piloting, we are expecting to advance commercial production of heavies later in 2026, and that in itself is a major milestone to pull that off, where we'll be able to commercially recover Dy Tb and perhaps other elements like uranium through that circuit.

根據試點結果，我們預計將在 2026 年稍後推進重金屬的商業生產，這本身就是一個重要的里程碑，屆時我們將能夠透過該流程商業化回收 Dy、Tb 以及其他元素，例如鈾。

Phase two feasibility study at the mill is progressing very well. We expect to have that completed towards the end of the year and the design of that facility, given sufficient would be up to 6,000 tons. Of NdPr oxide, 275 tons per annum of the 80 tons per annum of Tb, and potentially other rare earth oxides. So that in itself is world significant by every measure, and it is approximately the same quantums as minus is in Australia and Malaysia.

該工廠第二階段可行性研究進展非常順利。我們預計將在年底前完成這項工作，該設施的設計，如果有足夠的資源，產能將達到 6,000 噸。年產釹镨氧化物 275 噸，年產铽 80 噸，以及其他稀土氧化物。因此，就其本身而言，無論從哪個角度來看，這都具有世界意義，而且其數量與澳大利亞和馬來西亞的負數大致相同。

Next slide. And I've used this slide and talked about this slide before, but monosite is our structural advantage. It is simply a superior rare earth concentrate, super high grades, more NdPr, more heavies, more mid in heavy rare oxides. It's a low cost byproduct of HMS mining. We get the uranium credit it's easier to process if you have the facilities that can receive the [radionucleides] and high recoveries.

下一張投影片。我之前也用過這張投影片，也談過這張投影片，但單體是我們的結構優勢。它是一種優質稀土精礦，品位極高，釹镨含量較高，重金屬含量較高，中重稀土氧化物含量較高。這是HMS採礦的低成本副產品。我們獲得鈾信用，如果你有能夠接收[放射性核種]且回收率高的設施，處理起來就更容易了。

You can see the existing SX circuit in the mill building that recovers the rare earth lights and you can see the bulky bags and what we're planning to do is to Include a circuit in that building or very close to that building for recovery of the heavies with the commercial facility. So we're the only facility in the US that has the ability to process monosite into lights and heavy oxides.

您可以在工廠大樓內看到現有的 SX 電路，該電路用於回收稀土燈，您還可以看到笨重的袋子，我們計劃在該建築物內或非常靠近該建築物的地方添加一個電路，以便與商業設施一起回收重物。因此，我們是美國唯一一家能夠將單組分氧化物加工成輕質和重質氧化物的工廠。

Next slide. So let's talk a bit about the Donald project in Australia. It is shovel ready. And is an exceptional source of heavy rare earth oxides. We expect that potentially as -- early as Q1 of '26 that we will be in a position to make a final investment decision a bid.

下一張投影片。那麼，讓我們來談談澳洲的唐納德計畫。已經可以開工了。而且是重稀土氧化物的絕佳來源。我們預計最快可能在 2026 年第一季度，我們就能做出最終的投資決定並提出報價。

And potentially have monosite deliveries from the Donald project by late 2027, as I mentioned, has exceptional high concentration of the heavy oxides, the Dy Tb and Summerium and others, and it is allied country and friendly jurisdiction.

正如我之前提到的，唐納德專案有可能在 2027 年底之前實現單礦交付，該專案具有極高的重氧化物、DyTb 和 Summerium 等的濃度，而且它是盟國和友好管轄區。

It is a joint venture with Astron where we're earning our 49% Tb interest, but we will receive 100% of the monosite. I mentioned the conditional support from EFA for project development financing and the. Total capital cost of that project is approximately $340 million in energy fuels has agreed to fund approximately at the first $120 million and after that, that'll be split between the joint ventures.

這是與 Astron 的合資企業，我們持有 49% 的 Tb 股份，但我們將獲得該單體站點 100% 的所有權。我提到了歐洲金融管理局 (EFA) 對專案開發融資的有條件支持，以及。該項目的總資本成本約為 3.4 億美元，能源燃料公司已同意出資約 1.2 億美元，之後的資金將由合資企業分攤。

Next slide. Now this is an interesting one showing that at the design capacity of phase 2 and the capacity at the White Mesa Mill and reflecting on the current rare earth oxide prices, particularly those prices that are outside of China where NdPr prices have increased 13% over September of 2025 and then looking at the prices outside of China, in the European Union for disposing and terbium.

下一張投影片。現在，這是一個有趣的例子，它展示了二期工程的設計產能和白梅薩工廠的產能，並反思了當前的稀土氧化物價格，特別是中國以外的價格，其中釹镨的價格在2025年9月上漲了13%，然後看看中國以外的歐盟的處置和铽的價格。

which are all at premiums to the China prices, and you look at the production capacity of the rare earth oxides at phase 2, and you can do some simple math there and that's about a billion dollars if you see those prices and those production quantities. So it is very material.

這些價格都高於中國的價格，你看看二期稀土氧化物的產能，簡單算一下就知道，如果以這些價格和產量來看，那大約是十億美元。所以它非常注重物質層面​​。

Next slide. Talk about Toliara, heavy mineral sands, and rare earth in Madagascar. It's economically robust and scalable. It is a large scale operation. It is a high grade heavy mineral sand deposit.

下一張投影片。談馬達加斯加的圖利亞拉礦、重礦砂和稀土。它經濟效益顯著且可擴展。這是一項大規模行動。這是一個高品位重礦砂礦床。

We believe and many others do and agree that it is considered one of the best heavy mineral sand deposits undeveloped in the world and includes the significant byproduct of rare earth monosite. It's very simple from a mining perspective, tailing's perspective, technically straightforward, exceptional project.

我們相信，許多其他人也相信並同意，它是世界上最好的未開發重礦砂礦床之一，並且含有重要的稀土單質礦副產品。從採礦角度來看，從尾礦處理角度來看，這是一個非常簡單的項目，技術上也很直接，是個卓越的項目。

We plan to provide an updated feasibility study by the end of 2025. It has a long project life. There has been some unrest in the country, and a new government is in the process of being appointed. And while the outcomes are not fully known, initial indications are that the new government it is pro-economic development.

我們計劃在 2025 年底前提供更新的可行性研究報告。該專案週期很長。該國出現了一些動盪局勢，目前正在組成新政府。雖然結果尚不完全清楚，但初步跡象表明，新政府是支持經濟發展的。

So it's been a little choppy there, but things are starting to settle down and we're just basically adjusting our plans as prudent as that settles down. We do have people in country that are resident in country that are still working on the project matter of fact, we are still working on the project.

所以情況一直有點動盪，但事情正在逐漸穩定下來，我們基本上只是根據情況的穩定程度謹慎地調整我們的計劃。事實上，我們確實有一些居住在該國的人員仍在從事該項目的工作，我們仍在從事該項目的工作。

And so this work is ongoing and I believe that Toliara is a company maker and when you look at when we acquired Toliara, we acquired it because we believed it was a company maker and I think our time is coming into course to have this contribute materially to the company going forward.

因此，這項工作仍在進行中，我相信 Toliara 是一家能夠創造公司績效的公司。回顧我們收購 Toliara 的初衷，我們收購它正是因為我們相信它是一家能夠創造公司表現的公司。我認為，現在正是我們讓 Toliara 為公司未來的發展做出實質貢獻的時機。

Next slide, again you've seen this timeline. And it really hasn't materially changed. There's been a few additions where we've added the rare earth processing of heavies with the phase 1, also the uranium production ramping up at that 2 million pounds plus over those time horizons and looking at both the Bahia project, Donald project, Toliara project, the material we received from [coors] and potentially others that basically positioned us in the same quantum as Lyans going forward. So you know we're still executing on all fronts and again I don't think the timing could be any better.

下一張投影片，您將再次看到這個時間軸。而且實際上並沒有發生實質的變化。在第一階段，我們增加了一些稀土重金屬加工，同時，鈾產量也在逐步提高，預計在未來一段時間內將達到 200 萬磅以上。此外，我們也正在關注巴伊亞項目、唐納德項目、圖利亞拉項目，以及我們從庫爾斯公司和其他公司獲得的原材料，這些都使我們在未來的發展中與萊恩斯公司處於同一水平。所以你知道，我們仍在各方面全力推進，而且我認為時機再好不過了。

So now for the tricky part we are going to show a video explaining our heavy mineral sand processing and to ensure clear audio the video and sound will play on the webcast only but we will mute the conference call phone and then when we're done we'll unmute the conference call phone and continue with our presentation.

現在到了比較棘手的部分，我們將播放一段影片來解釋我們的重礦砂加工流程。為了確保音訊清晰，視訊和聲音只會透過網路直播播放，但我們會將電話會議靜音。影片播放完畢後，我們會取消電話會議的靜音，繼續我們的簡報。

Okay, hopefully that was, provided some information on how the heavy mineral sand mining process advances and how we end up with a modest I concentrate that then is transported to the White Mesa Mill for further processing. So, and again we're trying to add some of these videos to just mix it up a bit and provide additional information on the company.

好的，希望以上內容能夠提供一些關於重礦砂開採過程如何進行以及如何最終得到少量重礦砂精礦並將其運送到白梅薩磨坊進行進一步加工的信息。所以，我們再次嘗試添加一些視頻，以豐富內容並提供有關公司的更多資訊。

So now, I'd like to hand over to Ross Bhappu, to talk about the convertible note and then after that will be Nathan Bennett, our CFO.

現在，我想把麥克風交給羅斯·巴普，讓他談談可轉換票據，之後將由我們的財務長內森·貝內特發言。

Thank you, Mark. Well, as Mark mentioned, the company is in a very strong financial position right now.

謝謝你，馬克。正如馬克所提到的，公司目前的財務狀況非常穩健。

On the back of about a $700 million fundraising we just recently did. We intend to use those funds to expand our phase 2 project at the White Mesa Mill. We also intend to use some of those funds for the Donald project development.

在我們最近完成約 7 億美元的籌款活動之後。我們計劃利用這些資金擴大我們在白梅薩磨坊的第二期專案。我們還打算將其中一部分資金用於唐納德項目開發。

Again, it's it was a fantastic outcome and really the funds were very inexpensive. It's an inexpensive source of capital. We used an unsecured convertible debt structure that gave us maximum flexibility. The interest rate on that on that note was 0.75% coupon rate, which is incredibly low. It gave us a 32.5% conversion premium so that the reference pricing was $15.30. The premium with the premium it gave us a $20 34% conversion rate.

再次強調，這是一個非常好的結果，而且資金成本非常低。它是一種低成本的資金來源。我們採用了一種無擔保可轉換債券結構，這使我們擁有了最大的靈活性。那張票據的票面利率為0.75%，這非常低。它為我們帶來了 32.5% 的轉換溢價，因此參考價格為 15.30 美元。加上溢價後，我們的轉換率為 34%，價格為 20 美元。

The only effective tax rate on that note is about 2.1%, again, a very inexpensive financing the new once of the note was that we put in a cap call feature. The cap call effectively gave us insurance against future dilution and gave us an effective conversion price of $30.70.

票據的唯一有效稅率約為 2.1%，再次強調，該票據的融資成本非常低廉，因為我們加入了上限贖回條款。上限選擇權有效地為我們提供了防止未來股權稀釋的保險，並使我們獲得了 30.70 美元的有效轉換價格。

So it's a very successful offering. Again, we raised $700 million and it was oversubscribed by more than seven times.

所以這是一項非常成功的產品。我們再次籌集了 7 億美元，認購額超過認購額的七倍多。

The use of the funds is shown there in that slide, the phase 2 expansion, and if we go to the next slide, it gives you a sense of just how big White Mesa will be. Effectively we're planning to double the size of the facility to give us individual lines for both processing uranium and rare simultaneously. So it's an incredibly impressive project that we're undertaking, and we've got a great financial position to undertake these these future plans.

那張投影片展示了資金的用途，也就是第二階段的擴建，如果我們看下一張投影片，就能感受到白山基地究竟有多大了。實際上，我們計劃將設施的規模擴大一倍，以便同時擁有獨立的生產線來處理鈾和稀有金屬。所以，我們正在進行的這個計畫非常了不起，而且我們擁有雄厚的財力來實施這些未來的計畫。

And with that, I'll hand it to Nathan to talk a little bit more about the financial structure.

接下來，我會把麥克風交給內森，讓他再詳細談談財務結構。

Okay, thank you, Ross.

好的，謝謝你，羅斯。

During the third quarter, we continue to strengthen our financial position as we're preparing to develop our long-term projects in the next couple of years, and we finished the quarter with $750 million in total assets. We also increased uranium revenue revenues leading to improve an improved net loss of $16.7 million compared to the second quarter's net loss of $21.8 million.

第三季度，我們繼續加強財務狀況，為未來幾年的長期專案開發做準備，本季末總資產達到 7.5 億美元。鈾礦收入的增加也使得淨虧損從第二季的 2,180 萬美元減少到 1,670 萬美元。

And we continued low-cost uranium mining at our Pinyon Plain Mine. We expect this to continue to improve as we mine and produce low-cost uranium inventory and increase future uranium sales in the fourth quarter. At the end of the third quarter, our working capital was approximately $300 million which includes $235 million of combined cash and marketable securities, with the majority of these marketable securities being interest-bearing securities, treasury bills, and bonds.

我們繼續在皮尼翁平原礦場進行低成本鈾礦開採。我們預計隨著我們開採和生產低成本鈾庫存，以及在第四季度增加未來鈾銷售額，這種情況將繼續改善。第三季末，我們的營運資金約為 3 億美元，其中包括 2.35 億美元的現金和有價證券，這些有價證券大部分是計息證券、國庫券和債券。

This does not include the $625 million net proceeds from the senior convertible note completed in the fourth quarter, and this will be reflected in our fourth quarter balance sheet. And by the end of the year, we expect working capital to be somewhere between $900 to a billion in working capital.

這還不包括第四季度完成的高級可轉換票據的 6.25 億美元淨收益，這將反映在我們的第四季資產負債表中。到今年年底，我們預計營運資金將在 9,000 美元到 10 億美元之間。

During the third quarter, we sold 240,000 pound of uranium at a realized price of [7,238] per pound. And a gross margin of 26%. We expect similar margins for our fourth quarter sales as we sell and average down our 485,000 pounds of finished uranium inventory that we had at September 30, and as we start to add our approximate 670 pound of low cost finished uranium inventory during the fourth quarter as we process those pounds at the middle.

第三季度，我們售出了 24 萬磅鈾，實際售價為每磅 [7,238] 美元。毛利率為 26%。我們預計第四季度銷售利潤率將與上一季相似，因為我們將出售並平均減少截至 9 月 30 日的 485,000 磅成品鈾庫存，同時在第四季度開始增加約 670 磅低成本成品鈾庫存，並在中間階段對這些庫存進行處理。

As we continue to mine and process ore in the 2026, we expect our finished uranium inventory cost per pound to decrease from approximately $50 per pound to $55 per pound to approximately $30 per poundto $40 per pound with our gross margins expected to increase to approximately 50% or above -- and above.

隨著我們在 2026 年繼續開採和加工礦石，我們預計每磅成品鈾庫存成本將從每磅約 50 至 55 美元降至每磅約 30 至 40 美元，而我們的毛利率預計將提高到約 50% 或更高。

And with that, I'll turn it back over to Mark.

那麼，我就把麥克風交還給馬克了。

Thank you, Nathan and Ross. Look at this, these last few slides are a bit repetitive, so i'll try not to repeat too much. But look, we plan to retain our status as the largest uranium miner and processor of uranium wars in the United States.

謝謝Nathan和Ross。你看，最後這幾張投影片有點重複，所以我盡量避免重複太多內容。但是，我們計劃繼續保持我們作為美國最大的鈾礦開採商和鈾加工商的地位。

There was a time where people questioned that we were leaving the uranium business. Well, we're not. We're still going to be number one in the US. We're processingos, as discussed, the White Mesa MIil is running with pin playing, alternate feed materials, and some La Sal material. We're increasing, or have the ability because we have not overcontracted.

曾經有一段時間，人們質疑我們是否會退出鈾礦業務。不，我們不是。我們仍然會是美國第一。正如討論的那樣，我們正在處理 White Mesa MIil 正在運行，採用針狀物演奏、替代飼料材料和一些 La Sal 材料。我們正在增加產能，或者說我們有能力增加產能，因為我們沒有過度縮減產能。

We're looking at opportunistic spot sales and other opportunities to add to our contract sales volumes and we'll have a material amount of additional uranium to do that, whether that be later in '25 or in '26, the cost of goods sold is decreasing as Nathe has mentioned with the addition of opinion or. We're increasing our ability to produce uranium of 2 million pounds plus per year and we could probably do that with Pinyon Plain alone without alternate feed without La Sal Complex and other projects. So we're very comfortable in saying that the margins are expected to improve material with lower costs and and increasing improved uranium prices. We've talked about the three conventional mine.

我們正在尋找機會進行現貨銷售和其他機會來增加我們的合約銷售量，我們將有大量的額外鈾來實現這一目標，無論是在 2025 年晚些時候還是 2026 年，正如 Nathe 所提到的，隨著意見的增加，銷售成本正在下降。我們正在提高鈾的年產量，達到 200 萬磅以上，而且我們可能僅靠 Pinyon Plain 就能做到這一點，無需其他原料，也無需 La Sal Complex 和其他項目。因此，我們有信心說，隨著材料成本降低和鈾價上漲，利潤率有望提高。我們已經討論了三種傳統礦山。

That are currently in production. We're getting a number of other mines ready for production. Some of those are already permitted, some are not, but we're advancing the ones that are not fully permitted to get our ability to produce 4 million pounds to 6 million pounds per year, particularly once phase 2 is completed and the mill is able to be dedicated 100% to uranium production, and we're still continuing advancing the R&D work on the uranium recovery.

目前正在生產中。我們正在為其他一些礦山投產做準備。其中一些已經獲得許可，有些還沒有，但我們正在推進那些尚未完全獲得許可的項目，以使我們的年產量達到 400 萬至 600 萬磅，尤其是在第二階段完成後，工廠能夠 100% 用於鈾生產之後，我們仍在繼續推進鈾回收的研發工作。

Next slide.

下一張投影片。

And just talking a little bit about guidance, we haven't really changed this since Q2, but I want to say that we are always conservative on guidance and I am very hopeful and positive and we mentioned it in the press release that we are on the higher ends of a number of these areas and we hope to seek guidance in some of these areas and for example on the mine uranium, I'm quite confident we're going to be well above that.

再簡單談談業績指引，自第二季以來我們並沒有真正改變過指引，但我想說的是，我們在業績指引方面一直都很保守，我對此非常樂觀，我們在新聞稿中也提到過，我們在許多領域的業績都處於預期上限，我們希望在其中一些領域尋求業績指引，例如礦山鈾礦，我很有信心我們會遠高於預期。

Look at sales we have 350,000 pounds. Well, we've already sold 290,000 pounds year-to-date and we've got contract sales of another 160, which would put us at 450 and whatever spot sales that we might have on top of that. So we want to be conservative because we deliver on what we say we're going to do and I like to surprise people on the up side or the company does and the team does,

看看銷售額，我們有35萬英鎊。嗯，我們今年迄今已經售出了 29 萬英鎊，還有 160 英鎊的合約銷售，這將使我們達到 450 英鎊，再加上我們可能獲得的現貨銷售。所以我們想保持保守，因為我們說到做到，而且我喜歡帶給人們驚喜，無論是公司還是團隊，都能取得好成績。

Last slide, just talking about the rare earth and the mineral sands we mentioned the piloting on the heavies and. Also mentioned the fact that we're planning to have the ability to commercially recover heavies later in '26 phase 2 expansion project going along very well.

最後一張幻燈片，我們談到了稀土和礦砂，以及我們在重型飛機上的試飛。也提到，我們計劃在 2026 年稍後具備商業回收重型礦石的能力，第二階段擴建工程進展非常順利。

I already talked about the quantums for NdPr, the Dy, and the Tb, and, we will have that, we're planning to have that. Update for the feasibility study at the end of this year. Donald project we discussed with the FID, we think it is in a unique position to supply a material amount of heavies and lights to the United States as required. Toliara FID still expected in 2026.

我已經討論過 NdPr、Dy 和 Tb 的量子性質，我們會進行研究，我們計劃進行研究。今年底將發布可行性研究的最新進展報告。我們與FID討論了唐納德項目，我們認為它處於獨特的地位，可以根據需要向美國供應大量的重型和輕型設備。Toliara 的最終投資決定預計仍將在 2026 年做出。

We're still. Working through this, the pursuing the permits and approvals with this new government, but as I mentioned earlier, they appear to be pro-business, pro development, so we just have to kind of see how things shake out there, and we also have all our exploration permits to restart some of the drilling at the Bahia project in Brazil.

我們依然如此。我們正在努力推進此事，爭取獲得新政府的許可和批准，但正如我之前提到的，他們似乎是親商、親發展的，所以我們只需要看看情況如何發展。此外，我們還獲得了所有勘探許可證，可以重啟巴西巴伊亞計畫的部分鑽探工作。

And on top of that we're always looking at other opportunities. We do not stand still at energy fuels and we're looking for value creative opportunities on a number of fronts and we'll continue to do so. We have a strong balance sheet to deliver on our existing projects, but we also have a strong balance sheet to look at other opportunities that may come our way. So last slide is just this pretty picture again.

除此之外，我們一直在尋找其他機會。我們在能源燃料領域不會止步不前，我們正在多個方面尋找創造價值的機會，我們將繼續這樣做。我們擁有強勁的資產負債表，既能完成現有項目，也能掌握其他可能出現的機會。所以最後一張投影片又是這張漂亮的圖片。

The diversified nature of our business with these multiple critical elements and now I'd like to turn it over to questions for those that are listening and we will do our best to answer those questions.

我們的業務性質多元化，包含多個關鍵要素。現在我想把時間交給聽眾提問，我們會盡力回答這些問題。

(Operator Instructions)

（操作說明）

Heiko Ihle, H.C. Wainwright & Co., LLC

海科‧伊勒 (Heiko Ihle)，H.C.溫賴特有限公司

A conceptually for the Donald project. I mean you got the final government approvals. You got the $80 million from EFA. You actually discussed that earlier on this call. We might see the FID as soon as next month, but I mean just. Again, conceptually task that you got the balance sheet liquidity to, put whatever numbers needed really into this.

唐納德項目的概念。我的意思是，你們已經獲得了政府的最終批准。你從EFA拿到了8000萬美元。你之前在通話中其實已經討論過這個問題了。我們最快可能下個月就能看到最終投資決定（FID），但我的意思是，就這麼簡單。再次強調，從概念上講，你對資產負債表流動性的要求，就是把所有需要的數字都填進去。

Why are we not doing that? And I know the timeline is quite accelerated, but I feel like we might be able to shave one or two quarters off of that, though.

為什麼我們不這樣做？我知道時間安排相當緊湊，但我感覺我們或許還能再縮短一到兩個季度。

Yeah, Heiko, it's ready to go. I mean, what we're looking at is -- as there's this huge interest in getting these materials, like from the do project in the United States, particularly the heavy. And we're just looking at our options potentially with off takers for that project and we're working through what that can look like we've been we've been talking to and basically out.

是的，海科，準備就緒。我的意思是，我們現在看到的是——人們對獲得這些材料有著巨大的興趣，例如來自美國的do項目，特別是重型材料。我們正在考慮該專案的潛在承購方，並努力研究可能出現的情況，我們一直在與他們洽談，基本上已經完成了。

Seeing what the opportunities could present and I think there's also this opportunity when you look at that project and you look at these higher prices that are being placed on non-China material there can be premiums there so we're really looking at what those are and to help us make the best informed decision there.

看看這些機會可能帶來什麼，我認為當你審視這個項目，並注意到非中國材料價格較高時，也存在這樣的機會，那就是可能存在溢價，所以我們正在認真研究這些溢價，以幫助我們做出最明智的決定。

And that that's really what we're doing is we're shopping around to see what interest in those products that that are out there whether it be private or even government agencies that that might be interested in those products.

而我們真正要做的，就是四處打聽，看看市場上對這些產品有哪些興趣，無論是私人機構還是政府機構，他們是否對這些產品感興趣。

Fair enough. And it wouldn't make sense to essentially skip that into the secondary step and just move forward now while you're looking for that.

很公平。而且，如果你在尋找答案的時候就直接跳過這一步，進入第二步，那就說不通了。

Yeah, I mean, Heiko, we're going to, we're looking at all these opportunities in a holistic way, yeah, we have the capacity to do that right now and, so we're just looking at all our opportunities, on how we best go forward. I don't know, Ross, if you want to add anything on that front.

是的，海科，我們會，我們正在以整體的視角看待所有這些機會，是的，我們現在有能力做到這一點，所以我們正在審視所有的機會，思考我們如何才能最好地向前邁進。羅斯，我不知道你是否想在這方面補充什麼。

Well, yeah, look, I agree. I think we're waiting to try to secure some off-take agreements. We also have a number of different options on financing, and we're just trying to run those to ground, Heiko and do the best thing that's do what's best for shareholders on utilizing the money that we have in the bank right now.

嗯，是的，我同意。我認為我們正在等待機會，爭取一些承購協議。我們還有很多不同的融資方案，海科，我們正在努力把這些方案都落實到位，盡最大努力利用我們目前銀行帳戶裡的資金，為股東謀取最大利益。

I think there are options.

我認為還有其他方法。

Fair enough.

很公平。

And then just one quick clarification on your preliminary guidance for next year. There it says in there you expect to sell between 620,000 pounds and 880,000 pounds with the long-term uranium sales contracts. Where is that delta between the 620,000 pounds and the 880,000 pounds come from? Is that a timing? Is that a pricing issue? What exactly could make it go from one end to the other end of that range, please?

最後，關於您明年的初步指導方針，我還有一個小小的疑問需要澄清。上面說，你預計透過長期鈾銷售合同，銷售額將在 62 萬英鎊到 88 萬英鎊之間。62萬磅和88萬磅之間的差額從何而來？這是時間安排嗎？這是價格問題嗎？請問究竟是什麼原因導致它從該範圍的一端跳到另一端呢？

You. It's really the flexed up or flex down is what -- that is Heiko

你。真正重要的是向上彎曲或向下彎曲——那就是海科

So it's purely your choice.

所以這完全取決於你的選擇。

No, that's a collection of the contracts. So, I know some companies have said they're not going to do flex up or flex down, we have -- it doesn't really.

不，那是一系列合約。我知道有些公司表示他們不會實行彈性上下班制，但我們——實際上並沒有。

Bother us too much because we're, a lot of these things are evolving as things progress. So that's flex up, flex down, we're still looking for homes whether it be spot midterm, other contracts, for the future. So, if you look at if we're up at 2 million pounds of uranium production, they're about 1.5, 2. And we've currently got that kind of contract portfolio you can see we have a lot of headroom there for doing other arrangements as we see fit.

別太在意這些，因為隨著時代發展，很多事情都在不斷演變。所以，我們可以靈活調整租房計劃，我們仍在尋找合適的房源，無論是短期短期租房、其他短期合同，還是未來的租房計劃。所以，如果我們鈾產量達到 200 萬磅，那麼他們大約是 150 萬磅，200 萬磅。我們目前擁有這樣的合約組合，你可以看到，我們在這方面還有很多空間，可以根據需要進行其他安排。

Awesome. I'll get back into you. Thank you all very much. Great quarter.

驚人的。我會再跟你聯絡的。非常感謝大家。很棒的季度。

Joseph Riegger, Roth Capital Partners.

Joseph Riegger，Roth Capital Partners。

Hey, Mark and team, thanks for taking the questions. So I guess first thing on the rare earth separation plant at White Mesa.

嗨，馬克和團隊，謝謝你們回答問題。所以我想首先要討論的是位於懷特梅薩的稀土分離廠。

I know you guys have floated a cost of $300 million to $500 million, but there hasn't been a lot of like ranges put on IRR or NPV for this project. When do you think we'll get those numbers and then as we're leading up to that, is there a range you're comfortable putting on that, so we can start to try to build these into our models.

我知道你們曾提出 3 億至 5 億美元的成本估算，但對於這個專案的內部報酬率 (IRR) 或淨現值 (NPV) 並沒有給出太多類似的估算範圍。您認為我們什麼時候才能得到這些數字？在此之前，您能否設定一個合理的範圍，以便我們開始嘗試將這些數字納入我們的模型？

Yeah, well, Joe, first of all, thanks for, asking the question. We're really on the cusp of getting a number of these feasibility studies completed. One is for phase 2 separation plan. We also completing the feasibility on the Toliara project and also, getting the final investment numbers for Donald and with that publicly disclosed you're going to have all the information you need to figure out what all those costs are going forward.

是啊，喬，首先感謝你提出這個問題。我們即將完成其中幾項可行性研究。一個是第二階段分離計劃。我們也完成了 Toliara 計畫的可行性研究，並獲得了 Donald 的最終投資數字。隨著這些資訊的公開披露，您將擁有所有必要的資訊來計算未來的所有成本。

When it comes to the phase 2 processing plant upgrade we are adding, we've added since those earlier estimates we've been adding a lot of additional infrastructure. Including the ability to recover heavies and so some of those costs are going up but the actual facility is actually becoming more capable to do more things.

至於我們正在進行的二期加工廠升級，自先前的估算以來，我們已經增加了許多額外的基礎設施。包括回收重型物品的能力，因此一些成本會增加，但實際上該設施的能力也越來越強，可以做更多的事情。

So you know we expect to have again all these studies completed by the end of the year and then the dots can be connected with certainty because they will be, done by third parties or signed off by third parties, fresh and updated to give you the most recent information to make, your calculations on.

所以，我們預計所有這些研究都將在年底前完成，屆時就可以確定地將各個環節聯繫起來，因為這些研究將由第三方完成或經第三方認可，並且是最新的，以便為您提供最新的信息，供您進行計算。

Okay, maybe a follow-up that then, would it be fair for us initially to assume that the economics are roughly similar to what we see for this kind of thing, historically where, CapEx and NPV are roughly equal and IRR are in the high [10s, low 20s].

好的，或許可以接著問，我們是否可以先假設，其經濟效益與歷史上此類項目的情況大致相同，即資本支出和淨現值大致相等，而內部收益率較高？[10秒，20秒出頭]。

Look, I don't want to really over speculate until those studies are completed, but we believe that what our plan, our strategy with the multiple assets we have is going to deliver a very low cost, compared to our peers.

你看，在這些研究完成之前，我不想過度猜測，但我們相信，與同行相比，我們利用自身擁有的多項資產所製定的計劃和策略將帶來非常低的成本。

Option for producing these multiple rare earth oxides and some of these other critical elements. So, we're very confident that our focus on monosite is going to be a very. Attractive and low cost, opportunity for our shareholders going forward.

生產這些多種稀土氧化物和其他一些關鍵元素的方案。因此，我們非常有信心，我們對單體站點的關注將會是一個非常好的策略。極具吸引力且成本低廉，對我們的股東來說是一個未來發展的機會。

Okay, fair enough. One other thing on the uranium production side, you guys kind of get guidance for Q1, only, and Is this to say that mining at Pinyon Plain is going to wrap up, and then the mines to go back on care and maintenance, or just that you're not comfortable giving a guide yet? For next year.

好吧，這說得有道理。關於鈾礦生產方面還有一點，你們似乎只得到了第一季的指導，這是不是意味著皮尼翁平原的採礦活動即將結束，然後礦山將恢復維護保養，還是說你們現在還不方便給出指導？明年再說。

The main reason that we've only given guidance in part of 2026 is that we have a rare earth plant as part of the white Mesa Mill that phase 1, where we share the mill and we're also doing trade-offs on how much rare earths we have to process versus uranium versus our ability to stockpile.

我們只對 2026 年的部分時間給出了指導，主要原因是我們在白梅薩工廠一期工程中建有一座稀土廠，我們與其他工廠共用該工廠，而且我們還在權衡我們需要加工多少稀土、鈾以及我們的庫存能力。

For example, when we process the opinion plan or we're going to keep my opinion plan we'll put it out in the yard and it'll be stockpiled for future processing and that may be extending that run in 2026, but we're also giving ourselves the option to be able to recover both lights and heavies later in the year if need be.

例如，當我們處理意見計劃或我們將保留我的意見計劃時，我們會將其放在院子裡，並儲存起來以備將來處理，這可能會將運行時間延長至 2026 年，但我們也給自己留出了選擇權，以便在需要時於今年晚些時候回收輕型和重型設備。

So that is the reason why we haven't gone too far out, but we will have and we do have, frankly, we do have enough mining capacity and towns that are coming out of those mines to keep running that mill if we elect to do so on uranium only.

所以這就是我們沒有走得太遠的原因，但我們會走得更遠，而且坦白說，我們確實有足夠的採礦能力，而且這些礦山也帶動了城鎮發展，如果我們選擇只開採鈾礦，就足以維持工廠的運作。

All right. Thanks, Mark.

好的。謝謝你，馬克。

Nick Giles, B. Riley Securities

Nick Giles，B. Riley Securities

Yeah, thank you, operator. Good morning, everyone. Maybe starting on the uranium side, you mentioned blending Pinyon Plain, higher grade or with La Sala, lower grade material through early '26. So can you quantify the margin differential between Pinyon Plain as a stand-alone campaign versus the blended approach, and then Just given opinion plain superior economics, I mean, why wouldn't it make more sense to process higher grade or from that asset now while spot prices are, above kind of the $75 level and preserve the La Sala material for potential toll milling arrangements further down the road.

是的，謝謝接線生。各位早安。也許可以從鈾礦方面說起，你提到在 26 年初將 Pinyon Plain（較高等級）與 La Sala（較低等級）混合。那麼，您能否量化一下單獨開採 Pinyon Plain 礦與採用混合開採方式之間的利潤差異？鑑於 Pinyon Plain 礦的經濟效益明顯更優，我的意思是，既然現貨價格高於 75 美元左右，為什麼不現在就加工更高品位的礦石，並將 La Sala 礦石保留下來，以備將來可能進行代加工呢？

Yeah, well, it, it's a combination of things. I mean, the Pinyon Plain is obviously an absolutely our lowest cost source, with the exception of on occasion with some of the alternate feeds can be lower. And we look at how we what seeds we have the process we have the ability or will have the ability in 2026 to run justPinyon Plain or alone we've made some modifications in the middle to do that.

是的，嗯，這是多種因素共同作用的結果。我的意思是，皮尼翁平原顯然是我們成本最低的來源，當然，偶爾一些替代飼料的成本可能會更低。我們研究了我們擁有的種子，以及我們在 2026 年能夠或將能夠獨立運作 Pinyon Plain 的過程，為此我們在中間進行了一些修改。

But also when we look at you know like towards the end of this year we have, and we need to do some blending to cut the grade down to some extent, the La Sala complex and right now we're not recovering the vanadium, okay,

但是，當我們回顧今年年底的情況時，我們需要對拉薩拉礦區進行一些混合，以在一定程度上降低礦石品位，而目前我們還沒有回收釩，好的。

So when you look at the La Sala complex, Pandora, our costs are say in the 70s, low 70s, recovering just uranium but not recovering the vanadium. The vanadium gets put out the tails we can bring the van. Get back at a later date and so when you blend in those costs with opinion playing and alternate feed we can still come up with a very attractive, combined production cost at those sites but I believe that where we are with our processing is we're going to push, the opinion playing as much as we can we'll complement alternate feed and La Sala.

所以，當你查看拉薩拉綜合體、潘多拉礦時，我們的成本大概在 70 美元左右，70 美元出頭，只回收鈾，而不回收釩。釩從車尾排出，我們可以把貨車開過去。稍後再來討論，所以當你把這些成本與輿論操控和替代飼料結合起來時，我們仍然可以在這些網站上得出非常有吸引力的綜合生產成本，但我相信，就我們目前的加工方式而言，我們將盡可能地推進輿論操控，我們將補充替代飼料和 La Sala。

Looking at that blended cost, but we're also likely going to be gaining inventory of mine unprocessed material this year and going forward we should have a material amount of unprocessed or at the mill that will be ready for processing at whatever rates we really choose up to complete design capacity of the White Mesa Mill as we get phase 2 rare earth circuit online in due course.

從綜合成本來看，我們今年也可能會獲得礦山未加工材料的庫存，展望未來，我們應該會有相當數量的未加工材料或在選礦廠，這些材料將隨時準備按照我們選擇的任何速度進行加工，直至達到白梅薩選礦廠的完全設計產能，因為我們將在適當的時候將二期稀土迴路線。

Mark, I really appreciate all that detail. Maybe switching gears, you've signed the MOU with Vulcan, could lead to an off-take agreement for downstream magnet production. I mean, I think we'll be getting something on the product validation front in the near term, but can you just remind us what really the critical steps beyond that validation would be and and kind of how that plays into, commercial production decisions, later in '26.

馬克，我非常感謝您提供的所有細節。或許可以換個角度來看，既然你已經與 Vulcan 簽署了諒解備忘錄，那麼下游磁鐵生產的承購協議可能會達成。我的意思是，我認為我們近期會在產品驗證方面取得一些進展，但您能否提醒我們，驗證之後的關鍵步驟是什麼，以及這些步驟在 2026 年稍後如何影響商業生產決策？

Yeah, well, the, these various groups that are looking for our offsides, initially it's about the validation and after that it is working together to come up with potential offtake arrangements pricing whatnot which we really aren't at that stage yet.

是的，這些不同的團體都在尋找我們的越位理由，最初是為了驗證，之後是共同努力製定潛在的承購協議、定價等等，而我們目前還沒有到那個階段。

I mean we are in some initial discussions on those fronts, but we haven't really advanced so as you are aware you know between Pasco, Vulcan, and we're talking to others, it's pretty dynamic at this point in time and but we haven't really secured any binding agreements for offtake at this moment.

我的意思是，我們正在就這些方面進行一些初步討論，但還沒有真正的進展。如您所知，我們與 Pasco、Vulcan 以及其他公司都有合作，目前情況相當活躍，但我們還沒有真正達成任何具有約束力的承購協議。

Understood. Well, really appreciate all the detail and continue, best of luck.

明白了。非常感謝您提供的所有細節，請繼續努力，祝您一切順利。

(Operator Instructions)

（操作說明）

[Tatiana Lauder], Merger Market.

[Tatiana Lauder]，併購市場。

Yeah, thanks operator. Good morning, everyone. I just wanted to speak to the excitement around the Toliara acquisition and the statement earlier that you guys are always looking at value creative opportunities.

好的，謝謝接線生。各位早安。我只是想談談大家對 Toliara 收購案的興奮之情，以及你們之前所說的你們一直在尋找有價值的創新機會。

I wanted to ask what those opportunities might look like and what your forward-looking appetite to expand via acquisitions on any part of the uranium supply chain would be or if there's any excitement around some Boltons, divestitures, or JVs.

我想問一下，這些機會可能是什麼樣的，以及您對透過收購擴大鈾供應鏈任何環節的前景有何興趣，或者您是否對一些博爾頓收購、資產剝離或合資企業感到興奮。

Yeah, well, we look at every opportunity on its own, I mean we've expressed our desire to do further integration and from one aspect, but we're also looking at having additional feed and diversification of our feed as we go forward.

是的，我們會單獨評估每一個機會。我的意思是，我們已經表達了進一步整合的願望，從這個角度來看，我們也在考慮增加資訊來源，並隨著我們未來的發展實現資訊來源的多樣化。

So I think what you're seeing is when you look. At the market and the people that are in the business, whether it be heavy mineral sands or earths or uranium, they're seeing are the strength that we have the momentum that we have, and it's really a unique market.

所以我覺得你看到的，就是觀察時看到的。市場上的從業人員，無論是重礦砂、土方或鈾礦，都看到了我們所擁有的實力和發展勢頭，這確實是一個獨特的市場。

The world is wanting an integration story upscale. And that is what we're building and there are companies that that routinely come to us and trying to see how they can potentially join with us in different ways, it could be a number of different options on how they might be able to join us and so we look at them on the merits.

世界渴望看到一個高端的融合故事。這就是我們正在建構的，經常有一些公司來找我們，想看看他們有可能以哪些不同的方式加入我們，他們可以透過多種不同的方式加入我們，所以我們會根據這些方式的優點來考慮。

So all I'm saying is we will look at each opportunity -- opportunistically and see how that fits with with our strategy and go from there but I think that when you look at the market cap that we have the momentum we have it's very attractive for a number of these parties that are kind of isolated in in a small portion of the business and they don't really have that that critical mass and I'll ask Ross to say a few things on that front too.

所以我的意思是，我們會以機會主義的眼光看待每一個機會，看看它如何契合我們的策略，然後從那裡開始。但我認為，當你看到我們目前的市值和發展勢頭時，這對許多只涉足一小部分業務、缺乏足夠規模的公司來說非常有吸引力。我也會請羅斯就此發表一些看法。

Yeah, Tatiana, it's a great question because there's so much activity going on in the market right now. I'd say we're looking at probably two dozen different opportunities on our plate that are very. Potentially opportunistic and so to Mark's point, I think we're going to remain opportunistic. We've got a lot on our plate with our own assets, but that being said, we're always going to look for unique and good opportunities to bolt on to what we have.

是的，塔蒂亞娜，這是一個很好的問題，因為目前市場上的活動非常活躍。我認為我們目前有大約二十幾個不同的機會擺在我們面前，這些機會都非常寶貴。或許會伺機而動，所以正如馬克所說，我認為我們會繼續保持這種伺機而動的態度。我們自身資產方面有很多事情需要處理，但即便如此，我們也會始終尋找獨特且好的機會來補充我們現有的資產。

So there's no shortage of those, and the key is finding ones that are going to be accretive and good value for us. And I would just add that that both in uranium and rare earth, tied to mineral sands, so monazite is really critically important.

所以這類機會很多，關鍵是要找到那些能為我們帶來收益和價值的機會。我還要補充一點，無論是鈾礦還是稀土礦，都與礦砂密切相關，因此獨居石非常重要。

Oh, it sounds very exciting. We most of those two `dozen opportunities just around traditional mining or anything around uranium extraction or other parts of the supply chain?

哦，聽起來真令人興奮。我們這二十幾個機會中，大部分都集中在傳統採礦、鈾礦開採或供應鏈的其他環節嗎？

They can be anything really, I think as a general rule, I'd say most of them are more rare earth oriented, but they can be. Different things. I mean, again, we've got the infrastructure, we're processing uranium there's people that would like to have us purchaser ore there, if it's the same thing and whether it's monoite producers, heavy metal sand producers, they're just seeing that momentum and capacity that we've established over the last few years.

它們實際上可以是任何東西，我認為一般來說，它們大多更偏向稀土，但它們可以是任何東西。不同的事情。我的意思是，我們已經有了基礎設施，我們正在加工鈾，有人希望我們在那裡購買礦石，如果情況相同的話，無論是單晶礦生產商還是重金屬砂生產商，他們都看到了我們在過去幾年中建立起來的勢頭和產能。

And how soon do you anticipate going back out to the market? I know you guys just did the $700 million fundraise that was oversubscribed. How soon should we expect to see you guys going out again to raise more capital?

您預計多久後會重返市場？我知道你們剛完成了7億美元的募款活動，而且超額完成了目標。我們大概多久才能看到你們再次外出籌集更多資金？

Look, we're in a strong position right now and you know you look at our balance sheet, you look at the convert, you look at the building revenue from uranium, we're in good shape, so I'm not going to speculate on how soon we're going to go out to the market again.

你看，我們現在處境很有利，看看我們的資產負債表，看看可轉換資產，看看鈾礦的建設收入，我們狀況良好，所以我不會猜測我們何時會再次進入市場。

But again, we're only going to -- go out to the market whenever that is when we think it makes sense and we think it made sense to go out to the market on the convertible and it was a real successful execution. We're very proud that we were, Goldman Sachs took the lead on that and we couldn't be happier with the outcome.

但是，我們只會在我們認為合適的時候才會進入市場，而我們認為敞篷車進入市場是合適的，而且執行得非常成功。我們為此感到非常自豪，高盛牽頭負責此事，我們對結果非常滿意。

Eric Lee, Retail Investor.

Eric Lee，零售投資者。

Hi, thank you, and good morning. So I had a broader question given that this current administration is a lot more active about making strategic investments in critical mineral producers, including the Pentagon's equity stake and MP or the COE investment in Latin America or you know that even more recent Westinghouse partnership. I was just wondering if you guys were in talks with the administration or regarding any sort of strategic partnerships yeah, thank you.

您好，謝謝，早安。鑑於本屆政府更加積極地對關鍵礦產生產商進行策略性投資，包括五角大廈的股權投資、MP 或 COE 在拉丁美洲的投資，以及最近的西屋電氣合作項目，我有一個更廣泛的問題。我只是想問你們是否與政府部門進行過洽談，或者是否有任何戰略合作方面的合作。好的，謝謝。

Yeah, well, that's a loaded question, but I think everybody in these critical minerals sort of sectors, whichever one they are [NDC] talking to the administration on what support might be available or not but we're no different. I mean we spent a lot of time in NDC, we're not prepared to speculate on what the US government may or may not do,

是啊，這確實是個棘手的問題，但我認為所有從事關鍵礦產行業的企業，無論是哪個行業（NDC），都在與政府溝通，了解可能獲得哪些支持，我們也不例外。我的意思是，我們在NDC待了很長時間，我們不准備去猜測美國政府可能會做什麼或不會做什麼。

But. I do believe that, really we've been driving our own bus we've secured multiple projects, we're producing a lot of the elements that they, the government is interested in, whether it be uranium, the [rares], even some of the heavy mineral sand elements are also, a critical element, and we are just basically moving forward.

但。我確實相信，我們一直在自主發展，我們已經獲得了多個項目，我們正在生產政府感興趣的許多元素，無論是鈾、稀有元素，甚至是一些重礦物砂元素，這些都是關鍵元素，我們基本上都在向前邁進。

On our own strategy, does that mean that might be attractive to a government agency or potentially private entities that that are interested in securing US processed non-China material, I think it does, and that's where I'll pretty much leave it at that.

就我們自身的戰略而言，這是否意味著它可能對有意獲取美國加工的非中國材料的政府機構或潛在的私人實體具有吸引力？我認為是的，我就說到這裡吧。

So, I just think we, we're positioning ourselves, we're playing the long game. And we'll see where we go from there but yeah there are these investments that are going on and just look at the assets we have and where we kind of fit into the picking the feed chain -- food chain when you start looking at MP Lynas ourselves and others.

所以，我認為我們正在進行戰略佈局，我們著眼於長遠發展。接下來我們會看看情況如何，但確實有一些投資正在進行中，看看我們擁有的資產，以及我們在飼料鏈（食品鏈）中的位置——當你開始關注 MP Lynas 和其他公司時，就會發現這一點。

Okay thank you so much.

好的，非常感謝。

Nick Giles, B. Riley Securities.

Nick Giles，B. Riley Securities。

Hey, great, thanks so much for taking my follow-up. I just wanted to really go back to your long-term contracting philosophy on the uranium side. I mean, you have fresh capital, utilities are out there discussing supply concerns. So I think, you need good position to sign baseload contracts that would really de-risk production.

嘿，太好了，非常感謝您回覆我的後續問題。我只是想再次探討您在鈾礦方面的長期合約理念。我的意思是，你們有新的資金，而公用事業公司正在討論供應問題。所以我認為，你需要佔據有利地位才能簽訂基本負荷合同，這才能真正降低生產風險。

So can you just speak to, what percentage of 2026, 2027 production capacity you could target for term business and, what would be the remaining spot exposure.

那麼，您能否具體說明一下，2026 年、2027 年的產能中，您可以針對長期業務設定多少百分比的目標，以及剩餘的現貨敞口是多少？

Thank you very much.

非常感謝。

Yeah, look, again, a tough one to fully quantify. Generally speaking, with my experience in this business, if you're not highly leveraged, I generally say 50% of both one or the other is not a bad place to be because you either 50% right or 50% wrong.

是的，你看，這又是一個很難完全量化的問題。總的來說，根據我在這個行業的經驗，如果你沒有很高的槓桿率，我一般認為兩者各佔 50% 並不是一個糟糕的狀態，因為你要么 50% 正確，要么 50% 錯誤。

And you're not over committed and we obviously are not over leveraged here from a debt perspective with our our projects at the moment. So, but we also want to make sure that we don't have to put too much material on the spot market because it's really not --really it's thinly traded.

而你們並沒有過度投入，顯然從債務角度來看，我們目前的專案也沒有過度負債。所以，我們也想確保不必在現貨市場上投放太多貨物，因為現貨市場的交易量真的很低。

And we recognize that we don't want to hold back the spot price, so it's something that we discussed frequently and it's how to position what new contracts that we're willing to commit to. I believe that the price aim has to continue to increase because of the true cost of producing a pound of uranium, currently isn't at that say $80 per pound,

我們意識到我們不想阻礙現貨價格，所以我們經常討論這個問題，以及如何確定我們願意簽訂哪些新合約。我認為鈾價必須繼續上漲，因為目前生產一磅鈾的實際成本還沒有達到每磅80美元。

So we're just going to play it by ear, but also at the same time, as I mentioned earlier, we currently use the mill to process both uranium and rare earth, and we're also looking at how if we decide or like to process more rare earth and we're not to process uranium that we don't over leverage ourselves in terms of too many long-term contracts so it's that balance that we're looking at but I think you can safely assume we're going to have 50% of our production contracted in some form, maybe a little bit more, but not less.

所以我們只能走一步看一步，但同時，正如我之前提到的，我們目前使用這家工廠加工鈾和稀土，我們也在考慮，如果我們決定或想要處理更多的稀土而不處理鈾，我們該如何避免因為簽訂太多長期合約而過度負債。我們正在尋求的就是這種平衡，但我認為你可以有把握地假設，我們至少有 50% 的產量會以某種形式簽訂合同，也許會多一點，但不會少。

Makes sense. Well, thanks again guys.

有道理。再次感謝各位。

There are no further questions at this time. I I like to turn the call back over to Mark Chalmers for closing remarks. Please go ahead.

目前沒有其他問題了。我想把電話交還給馬克·查爾默斯，讓他做總結發言。請繼續。

Well, again, thank you everyone for your interest in energy fuels. It's been an exciting time for energy fuels. I mean you've looked at our share price and how it's appreciated over the last number of months. I think people are finally getting our strategy and the importance of our strategy.

再次感謝大家對能源燃料的關注。對於能源燃料產業來說，這是一個令人興奮的時期。我的意思是，您已經看過我們股價在過去幾個月的成長情況了。我認為人們終於理解了我們的策略及其重要性。

I don't think that we could ever ask for better timing when it comes to the realization by governments around the world that that we've become overly dependent on Russia, China, and we plan to continue to execute.

我認為，世界各國政府意識到我們已經過度依賴俄羅斯和中國，我們計劃繼續這樣做，這真是再好不過的時機了。

And so watch this space, we are focusing for the stars and doing things that are extraordinary.

所以敬請期待，我們將聚焦星辰大海，做著非凡之事。

Ladies and gentlemen, this concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining and you may now disconnect.

感謝各位參與，現在可以斷開連結了。