Energy Fuels (UUUU) 6 Nov 232023 Q3 Earnings call transcript

Good afternoon. My name is John, and I will be your conference operator today. At this time, I would like to welcome everyone to the Energy Fuels Third Quarter 2023 Conference Call. [Operator Instructions] Mr. Chalmers, you may begin your conference.

John. you, Thank or call morning on you're where And afternoon, this from. joining good depending thank the Yes, and for you and joining webcast QX today. call conference

I'm Energy As and indicated, my is Chalmers, John name CEO Fuels. and of Mark President

experiencing are critical Joining the can Moore, greater for Marketing And call, Senior Curtis CFO; we vehicle which our continuing we has it company. and bringing are been Fuels me is the opportunities Development. All Uranium believe great VP is for I to markets Tom are today Corporate the in our I and Fuels electrification. Energy investment mineral appreciation things truly Brock, and Energy also all say conference of unique a decarbonization emphasize to very does how more busy. strengthen, space. Every

If capabilities. continue and energy in No vanadium, improving company we now one-stop advance X strong very a even the potentially balance and the medical rare other sheet and debt. are We'll uranium, shop with ability to production to maintain investment. has improve a earth you believe transition, isotope

keep The people could uranium in are asking, wished. XXXX, production going now when a uranium it's great great many we that uranium you but addition, In you into if we back sales answer -- is making production? profitable it's right resume

the device, when slide. as of will advance the the you Energy remainder and on current slides remind expect during plan, elaborate to to the about to talk at we'll year. I time this tell the of year, be, financial uranium scale presentation. end that you your to I'll to quarter the to more also endeavor presentation accomplishments also next also during our However, mentioned, questions the what early we expect own commercial from your and to the I'll controlling for production and and during John presentation. next There operational resume want you're Fuels'

we'll tomorrow. today, presentation join weeks you website or those for X of our cannot have on available this replays today For us who of later either

you this of you have most So a you, that energy the Fuels elements Fuels or get But of the critical producing slide, the when world, have And is to if going. Certainly, those company of look on Energy the let's first in will currently critical is seen -- before. Energy focused again, on it not transition. X all has XX of elements. at capability

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on created leading Energy Fuels better a producer of world transition. U.S. to earth uranium, So the is elements, again, a energy all vanadium and

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rare table the and Energy Now over adding I've radium. years. And elements vanadium last and about talked know, all but is few Fuels, has a long industries mining we in seeing history the we're uranium, of periodic as the now and production the that processing changes the earth

XX that years the different have mining so different day. on graduated more the it new these I ago electrification I say increasing much whole Arizona, And today decarbonization. from focused are or by did the elements than and there's to And professional these University focus of on in the looks all geological is a periodic it all table elements because to when

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demand without is XX% in powerful product products Energy of elements as XX% Fuels critical Fuels generation rates lines, reactors ability with offtake years for strong quickly agreements part electric other high-tech business batteries. or know and for as proud -- always use small down uranium magnets that to that's cash and and shut adds But said about in only our the that that is appliances Earth all well would always we making capital, and our critical to wind on future. Recycling, United more balance significant to vanadium, Energy realization. Rare the very which the used vehicles So million advancing that and front of are the our all signing because decades unique and natural the basically, the therapies. the oxides. ability unique focus separated that the and States closer electricity the The getting for considered financial is particularly I'll makes into our we talk that, more we're very, carbon and also not-too-distant elements that at over of And getting very, critical quite recycle how module times value and we of you emerging energy increased grid later. Vanadium, very have strength the and used again, I've inventory, baseload and of on I'll and this the earth ago, of a add cancer showing about United market X coming the a high-value proud for a increasing a for electricity, is attention weak progress medical some plant and element processing and to looked uranium, to and conventional rare have and forecasts need hopefully, conservative, again, and to strategy and talk high scale And working element many mill of about globally. which separate reclaimed all on $XXX our States. periods. Financial up. be sheet. -- on really strength. again, vanadium We're are in depending isotopes have report strength, great but

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of the Mine, together Pinyon Plain Just you XXXX. head picture that I a many which that frame in bolted actually told I've of

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working inventory, of sheet, $XX almost equivalents, $XX $XXX cash, a cash prices debt. of which million of end of product our million about at securities, million than QX $XX $XX of that, marketable of capital and current greater the at up made So commodity little bit million X on more currently balance is million

pounds XX high finished separated finished $X billion that's still of pounds of XXX,XXX of rare of We and paid XXX,XXX completely and carbonate. uranium, we also inventories have about infrastructure nearly purity for, have worth significant vanadium uranium, of tonnes

with mention post of to the $XX want to addition additional that, yet a balance also to have we note them, on leaving off. I enCore in that $XX paid repaid quarter, that has an be Now million convertible about million

So the they $XX total, $XX note. of off convertible million in paid million about

again, further our balance just So sheet. strengthening

Next slide.

to $XX want spot U.S. pound, sold the This XXX,XXX did a around that $XX about per nuclear utility is was a long-term is we price the gross sell about a $XX even pounds $XX I at and that had quarter, margin out pound. of to a And though to price point XX%, pound.

floors get highest to when So you're ceilings. the get spot but certainty all at and sign with you going times, not price you contracts, do

of More mines. uranium our our preparation on

uranium, are want and bit X mines little production conventional vanadium We about this. for I a preparing to explain

new Arizona. shaft We're Colorado, the to hole a we're where complex, there. we're work just we establish hiring includes all, and not-too-distant Plain production, of refurbishing year's complex. putting the it mine First decline, we X-foot mining put La La Sal is currently shape, advancing getting in and Whirlwind speak which vent we of the Beaver of in ventilation. pockets mine, the mining ready done mining a the doing did currently mines. Also also And put worth new to We're hole almost all equipment. future. into that shaft We a Sal and the miners good of lot start refurbish operational La the at and Sal in in building a ordering as in to get the for -- Pinyon We've required diameter around commercial restart vent which

projects start of it can is very out a We it finished that final to on that we And about the production all levels at requirements, if So work. contract could yet X ways. is of capacity these We to, have XXX,XXX mines we're about have have Fuels cost We we production mix we're we we do don't to we're pounds of it. we uranium. the recommence call, wanted will production ISR of market with and yet. regard Uranium can phone our do alternate really match greater required, that million getting gives a stockpile and one at said, that a uranium. in about that. I materials also mine XXXX. of doing do I want maybe production mentioned, indicate restart production, that whatever conventional are a decisions we number process and ready to as contracts really pounds depends in Energy conditions. The attractive mining can raw our thing inventory but but than unique per to us have ready at XXX,XXX pounds our and mine getting of inventory, as lot literally it. this year, rate And nobody commercial process with inventory, to when of can different today, these We ready in inventories sales. flexibility I requirements future can to can processed production, be feed for or unique And to nearly uranium we're

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So the awaiting production, monocyte currently rare element on next shipment our we're earth from Chemours. of

NdPr to to oxide on receive expected capabilities SX that X around we and we'll start additional once building have X,XXX existing QX building, capacity that which operational and expanding QX expect existing the extraction that Phase given QX at or to plant, or started White it year per tonnes of in separation SX in it commissioning to early to be of early year adequate ready building, 'XX 'XX. modifying and metric expect We is solvent Mesa we're XXX later we processing when separated fee. by start of adding and next We our capacity

work about and be are of development ordered doing and have cost the million. $XX Major that well is components expect So the that, being at the mill advanced. installed been to we

We a Open nuclear gave the speech also and for was America really power people event, the that and of what aspects House we're going XXX about to showing the had great doing mill group and in expanding up about it We really showcased October. up positive a forward. aspects show including at Miss at wonderful

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basically what of as or be, project. like we monocyte. for as advancing also looks greater we per can tonnes call It X,XXX big could be we the on think to are that future want it X Phase future be We separation feeds securing what And year. depending

the also allow We the of to mill are of on going circuit, It's going X simultaneous is piloting SX circuit at doing ahead and start of we and this start starting commissioning have community Bahia separation to separately sonic to site. Engineering and of uranium work to the the lead of Brazil rare the next the the and We've earth delivered commence drill that. X advancing. year, Phase expect to some to project, expecting having heavy results is the advance rig bulk production piloting. The XXXX actual is later still initial Phase a this for that capabilities stakeholder in after site waiting We're period. The to done XXXX phase we're and heavy time month. a drilling mineral of oxides new to soon we're going production test engagement. and concentrate on of Kraken

a pounds also lot decide Next tailings and when critical the did has And margin. to has sales circuit earlier or vanadium United slide. emphasize element. do that. vanadium the we again, inventory from about to we at happened a the company just in mines finished to of the lately conventional recover still we our in Not more XX% We We XXX,XXX States, ability vanadium on have have that sold I do conventional it want vanadium our the some this a about year, and only sales.

Next slide.

the liquidity a bit our and it And paid and CUR $XXX the note post highlights quarter, more said, about current not the or just on slide our also inventory that include significant does strong value I the does million. by balance our million $XX Encore this as of include sheet, investment ISO not So value.

we on define working GAAP again, based capital principles. So

are, very debt. all we fronts, on strong So no again,

down inventories XXX%. steady inventories look Vanadium our when those is value pound. the I goods pretty price substantial at, books could of at current on you of values, mean our upgrade vanadium $XX. for have and books have market It's $XX come bit, up the what our uranium Also and in for just is the finished but still we a prices get value on a on and on inventories. over you is a example, value uranium the our books. Current those

catch will sold pounds let's never average we of at price So or price. uranium look I to an we the of guidance And the as said, just $XX.XX. like, about looks have XXXX XXX,XXX spot at you're going what sell

price, never to contracts. you If any long-term have try catch the you'll spot

separate U.S. X So to mine utilities, production, X and XX,XXX XXX,XXX about we going sold at deliveries. We're our it's U.S. be earlier to for in to uranium mine. X go pound probably $XX pounds more and the continuing than this reserve we to a least sales made to in prepare year,

start but ready to we're As we any commercial and completely levels we're optimal levels. said, start can waiting I time, until at

additional for terms contracts we uranium goods. the to scarcity the looking think of be other market finished uranium We're of which going long-term up of utilities. uranium price and with processing be doing XXXX with will supply for in that We're on not in had production certainly the uranium agreements, any there

to XXX process We uranium circuit this advance feed monocyte in that, rare are of I've looking already solution commission the be looking M&A HIA we'll when late, are rare probably earth producing we to back inventories. IRFs, and We're this later opportunities to the and the at we'll we that continuing another QX space start advancing still year, globally. processing continue tonnes commission build mentioned, next earth up into mines, and our commercial processing we XXXX. year, for mentioned uranium uranium go it space in the early project keeping and middleware at circuit I aggressively uranium and later we're the X And both alternate the Phase we're offtakes, about and plan rare when to in production. We for stockpiling

So end. the that's

open sunset Tom anyone beautiful I Brock it Juan Utah. now of This Curtis for Moore. slide. questions in any Next would or County, San have myself, up

Wainright. Instructions] of comes line first from question the [Operator Ihle Heiko from Your H.C.

tour the also ago. And taking couple thanks weeks of for a

is sheet very solid. balance Your

the Can you things the have funds. to to use you're larger spend down about the or of of in for the money break Let's XXXX? going bit on of months talk some a XX that next end

uses completed. major in like mentioned, capital increasing work, the to of mean all I of as getting development shaft close of the is lot more hole mining. uranium of production on regard some the being Heiko, a are with Yes. that vent work, I terms to

will every for be we tonne there the mine, for basically, So cash mining. consumed

addition, the Phase looking at finishing In we're up I.

has biggest Now work portion, balance the a that it's sheet and I uses the that. initiatives. far. purchasing million, permitting. But a been significant additional around securing is yes, we that cover think spent of monocyte at rare restarting also are a mines, looking thus to earth strong in the But $XX half progress, or advancing our probably We're have certainly

you? of able will quantify be these to items would You any line

each tonne of to XXXX. that in. Mr. on do Heiko, cost there, I a can ore quantify you've there mean, you're want I for it we to is going I more we depending on budgets tonne to I know some in -- offline, mine of $XXX us but for with I'd example, for Brock, buy of every include rather working you'd the that been to and add processing. But Is that the somewhere between $XXX anything doesn't terms expenditure? don't tonne know

Yes.

you're Mark. think Brock I on spot here. Heiko, there, Tom

in tune But for XXXX. our the if based will, work and and pretty mentioned here strategies as are on We're you outliers what continue our to earlier, the 'XX down for the pike, M&A there? We success what's beyond. is activity business through process to Mark budgeting coming

Yes.

So that what you've also could cash. the to potentially look have got also M&A consume activities you have potential operational at that activities could we

$XX be it that sheet really way. And mean you that in I million set cap the really million, want $XXX done what of it enough. question, enough cap, of at think knows Obviously, that than excess anything than limits get want of there mean to balance say Fair starting I I million we in $XXX more need? stuff. But because who all $XXX you've to costs to is a slightly to holds. $XXX up, beyond of trying million, your future different cash, working fair up that million be securities. is going you strong we're but anyways. think we're logical I to million could million, in working $XX I up I is ask any a $XXX ramping was marketable probably got got

a You comes M&A aspects, at -- looking Tom when our for We're Heiko. cash, of it really, looking activity. it strategy need also at never at what But but to we're [indiscernible], the uranium currently, our hit in have as in too this we and couple at looking terms we're much on. business of

of we're pieces of X And that. M&A there's So on being not that sort shy potential scale could the be.

us fronts. success so of trying have on to the here we biggest give we're powder of And to all make chances sure plenty

Fair great get enough. a the keep up been work. year company for It's to to

Reagor the Your next comes ROTH MKM. from from of Joseph question line

about what might and you uranium the your following year. budget on a Heiko start you like have asking Do little for think range Mark fall bit costs campaign? was trying team, the a all-in once next milling you into

giving terms pound. have somewhere world are be $XX don't these and our a I numbers per finished other expect feed restarting alternate between $XX our a $XX lowest on gather because competitive to mix can can have a very said Pinyon it you inventory combination numbers. careful The at goods. pound, Plain, we under it match. be exact $XX Plain Pinyon we to have how will to pound we of in around of as and is I look exact But Mine, of material, -- be well, we competitive mines we . When at believe this

inventories, As Plain alternate I the operations. feed, Pinyon production said, and other from the

pretty going I under -- I it to it's per this well $XX be be -- pound. So believe say will can

you you I project? need Q? the you're Like it ISR, price there I Or it's how certain but a a is for think assuming about do of certain might just time? in we when then a Any that Is thoughts And restart? didn't helpful. That's I'm period number there Ranch. Nichols Okay. on to -- you referring mentioned hear see know we certain

for your We're make committed years you for produce it -- number mine a a you can once and I steps you sort building can to look before, I it, can you the conventional basically can it's restoration, stockpile at you from XX produce book production stop mine, from process when a that day, of There's through production to you're pound harder projects, pound think process. of steps. With it. as you're ISR, that when can mentioned you ISR, that plus uranium of different it, at ISR you you stop

So we're that X with get I really longer-term currently, supporting about looking go the the we're contracts up really looking market approach. to when mean, that. at absolute, signals long-term demand we our years, contracts for but

this we feed like the alternate in So our makes the when we're the certainly time, assets But right. that we mining can restart time mines way at be in that think the sense circumstances, our conventional for at we with this a point time. is our and restart modular more conventional but looking of

thing Okay. then Fair enough. versus And on one final inventory. contracts

the 'XX. spike sell in think to as with to plan about could of what's do of would look pricing is under you And right available As your that you How as if selling you guys far versus it pounds that XXXX how part out gap comfortable were how start be contract? potentially or circumstances? this to much inventory like Like the XXXX latter early you much milling left? in

when ability that much when have gives time the us optionality than of Well, when us inventory like mine all we uranium, that right we more guess not circumstances. it comes we given in look mine. mine process, contract, we we and that plan has the a right. down market how And We have, on I under play is we lot at only to to to the uranium things

what most have we'll at shareholders. think don't absolute but for for it, an makes we always the sense look So answer I our

of the from comes Resource Chan Finance. question next Justin from Your SCP line

I Okay. tell which one mute. couldn't was the

got you I hear think it I wrong. me now? Can

Hearing you fine, Justin.

All right. Great.

mining first Sorry an that will start your contracts of mining campaigns, be of -- about of you produce out what expect you Do volume to just either you number? get similar you choose processing guess a sense how Just it? to in question and that to trying when stockpile or tonnage understanding terms higher that steady to matches look cadence. that model my is that to Or a on get and I volumes start. like. process of will to a or is

Yes.

in pounds matures, around greater year spend Justin, being of in as quantum at And the per million And to year. least, market up we on can we we're then looking to, pounds having mine XXXX of per go I we from with but depending limited able how uranium or at said, increase position that there, start capital. to very then X the capital. be greater then to can million production X a

contracted more, I our of It speaking, at kind production, to like some but we the Justin. XX% be order. say, mean, be generally in it for, more of in could could that I'd of least order less, be

about So year. And per match and very it per X but how with we're I million-plus as on and a be could on we said It inventories $XX how a very to again, pounds sources, that of Plain very to conference under $XX. to other it, world. price planning call with of mix depending be down I want held it's the comfortable and in to because compared mix to depends range but we're We're Pinyon want mix our pound was that we it to from it's doing. competitive. serve said, the the match of competitive. I like rest But $XX, you don't structures how on requirements this, $XX to

that number, Got so based you. at million-pound and just of would kind you at market increase X let's level. off change, if say, start anticipate, some you could future point, conditions that produce it. to were once you don't you around then But if I that, -- kind of on

of I the time. rehired to and and takes Correct. whatnot going. got We things just mean Correct. like getting that get flywheel trained miners the some

the that site, keep decide than the in it Like So but it, have go ore. we're all it mill, level at along at comfortable X We'll the can it until we put we will that. mine get to XXXX, about don't quickly. be million process stockpile pounds X we rate to to of million-pound that greater

then of Okay. ramp do inventory material up in with the you Are business, you up? comfortable as separation -- levels your there? I guess, side now terms of the to to, Got And on allow have you rare the enough you. ramp you circuit, right

Yes.

Justin, quantities. challenged we've been on monocyte

As We're you're number they've of, Chemours, resolve in to with we've to under aware to we them. from X,XXX delivered. NdPr received per to to material working I've tonnes that to that a still been and said XXX of Yes, subject of securing that of feed. talking get year parties is still regard. adequate

per since one year supply thing has with to of the urgency in that Now so. working others that's helping X,XXX to And rare certainly feed price to down those -- materially is get material securing favor to monocyte XX,XXX But to to NdPr is tonnes that's quantities, year or that around earths come XXX mill. quite to a create get subject ago to XX,XXX tonnes of to X,XXX tonnes our the the X,XXX a more year. and that's to of

at question your maybe just lines can through that. time what And then And you. -- Got talk you you expect I guess, towards me are. a [indiscernible],

anticipate -- in think enough put drilling Or round declare more drilling you you next you QX. more year there's to before resource? out Would give a drilling would you that So resource? you do

drill large can't It's large you out a any you have that a it can you area, can. in We're resource Yes. soon short out we area, hoping and order. land put when as to appreciate a as

are the -- a putting looking at we community and the within areas on We're consultation least whatnot. So permitting there out in resource year. the at ramping next next up some

concentrate. few we a can. ramp But we to to as going still it's . quickly up plan to to do, it as So producing years we take get

Your Financial next from of the Noble question Markets. comes line from Heim Mike

to talk Great. other the 'XX, there simply are Or talked talking come into understand that. started? I or We've 'XX. about want things about system just that upgrades Is type play to couple campaign we might of a mill that just costs I make sure of should times getting the Okay. that about? in

when is really period really Phase on million-ish time existing when excess and SX that's production and for really leaching that. building. 'XX the can using into at comes have mill, that. separation produce basically capital that it uranium the cracking, to vanadium that mill but flip extra to into for uranium it to $XX the That's to we mill major X the go And the over work the back we go in when has for the elect -- so completing Well, any and there oxides. do it isn't focused we

the say, capital the, no So of for building $XX rears. outside major for million the FX .

dropped Okay. that maybe I rarest to And that what forward? the tonne guess, items looking are year-over-year. reasonable cost then carbonate. other Is I'm the -- up? is the use that for just XX% number the make forward, help Or reflection specifically, that a cost question things per earth rare couldn't on going that It there a notice a of ramping

so it the terms low the are The doesn't absolute the the cost carbonates, so -- have of problems small. are the in quantities that quantities -- one with we because really we reflect

really question any you we better earth in a it get of up to terms costs? processing can answer cost. the on to you So Tom, are the get rare got line,

Yes. higher production. that leading going utilizing not this or a at efficiently per not cost I a agree point being time, would in that necessarily Mark, costs of your with we're absorbed earths that the fact rare process find for to there, to are lot the fixed comment fully you're

answer not to go as I a question, would forward. your use So that

it Meaning even that could higher? get better ramps as production

Correct.

that And then the... guess I

Yes.

or be looked processing to material can Michael, real to like get year something, you at where -- tonnes If up on. quantities and you you need in you XXX pretty small tonnes if looked numbers there's XX,XXX at or to see a X,XXX

yes. So

want I type type kind that was Is of reserves? don't through to just looking And things can X of new. technology? gain Is little talk facilities? a then about ask for be it exact M&A looking What it to bit comments, the of about things Is you'd you And M&A? certainly for? me, finally any you be question but I what would it expect

merrill we're of looking in is pounds [ to years just a few those really was counted ago, attribute even main was if thing look there that earth tonnes heavy it's sand all. monazite a into in monocyte ] The wasn't the we you ground, It the for, the is any even what rare waste at a and the And take at stream negative the operations value call value. main thing business ground.

own as of at our many what so can basically and few that to as of bring And jurisdictions least trying monocyte into mill. the we sources own we secure we're we so a

Now that feed purchase we're joint forward key bring that ways lowest dedicated or production. here But to mines ultimately, cost mill. doesn't that the going partner project in not or the we because and is the venture control think that real also different into have mean to lead will to in rare to going are to our

how synergies Now to perspective? uranium to on our get front, on improved at projects be would of or other synergies might get terms anything projects land close we either uranium other our M&A of projects in blocks really from we do a the better uranium front, look to the with close that

[Operator question David comes from of the Instructions] McAusland. line Your next

-- especially Minas was doing processing And now. Or getting you monocyte looking or to Are elements. associated in in Okay. lower Medallion the They using don't as call methodologies and have there's time a you at research at out various shareholder possibly. are far been for at a less even process. I my ones do that rare -- a that of right I questions it -- lot are X if ones involved of a long less can plant a conventional and Medallion cost-effective are of FX I the still cost-intensive resources. are only know the has more was -- earth I on -- and also both REE exotic lines X you your level? module as cost

at the proven White history caustic using using We're solvent really solvent mill. thorium using of uranium looking the have we're a long crack and at the proven extraction Mason extraction the of because extraction -- and technologies, we for

using of And of so monocyte. traditional we're to sort approaches processing

the tailings others have a advantage problem. radio recover the where to uranium nucleides, with Now bigger with is main ability and we our facility the deal is

are are we technologies focused that So that technologies were... existing proven, on

mean, you important I going then. extremely the I to because, material But of ask, -- important And ago, in business. the this any X Has possibly energy for years rare is not it so coming dreams magnets can't forward as property of how REE also amount bit I here your is monocyte Bahia already so some enough I as X of paying as are produced date? productive. want are go. I actually to your uranium become green earths, they're you concentrate But -- be situated far huge. And or be that saw give to super a yes, credit to and and little more you course, stock held this

It's heavy -- looked sand no. mineral but project. as monocyte really number looked it monocyte were miles, has grades, quite producing of It historically, like negative companies. was square by the XX a And the exploration now grades. and an it yes, positive. a good but they're also known, so as No, It's was well a known well

X secured acquisitions. And advanced of along we're that's I securing we more But our why are kind stages lines appreciated. Bahia. as actively than of other said, that's And at Bahia exploration the certainly, anything looking acquisitions is that so of as the

to mine you productive right? don't apparently, to Green maybe has politically okay, because in do if already nationalized like a a very Right, Energy, want uncapitalistic critical an Mexico site mean, you government, have be hosted I field some vanadium, zirconium property this have not lithium so And of but the be definitely properties doesn't it do. but to yes, the But their -- supply. -- right? monazite -- would like good so properties

traditional It's titanium, deposit Yes. a heavy mineral sand zirconium. with

Okay. be think concentrate And get might a shipped you what and you've your Brazil done analysis made up as to to far as plant? economic it in

working and at it through pieces We're still have with previously. those looked But steps. consultants we

But more in in early stages. helping was basically, steps we're all good got to trying testing sampling there. us, thought And some their And to the take in. to a We do advise yes, were that the have done project. get you've people it

you known Molycorp, I I you -- I know for Old guess, about doing credit mean, this. has enough can't has reopened. mine that give

some credit problems in need your looked getting and production reason, of this works industrial affect here continues other do. day in society But I -- can't fortunately, I enough way, REE done hope and going We we the and my saw States. backwards no, it project. is of forward little kinds for an markets we of definitely is to to -- opinion, are you. in this, at have United in there's I And I bit involved stock for for a I more. give need So more, that if forward. But all the well going out going this you the we our go we're kind now, this world right in really

hope So plan as it thank we works make it And you. We out. well. out well work to

source or about for a mean been fit I is thorium. to be or know would I with of that for hopefully, as but I there's And finding be And it a well going those, uranium in -- And it to it's a story. seem talking enough -- you already down monocyte you're for be disseminated make but about so. there is -- yes, to drill, the well Brazil. But I of people a just plant okay? frequently while, they don't I monocytes fuel how whether when and because good amount monocyte you'll thorium processing if No, rich find and radioactive a as what monocyte for you, have a either natural it think looks don't nuclear much disseminated this of happening. then to uranium decent -- like don't out going doesn't pockets enough know materials know in there's that the deal some still the

else, have else somebody sell if to to it so. yours, can rely it, don't who it's on you control somebody You

projects our our and dedicate requirements to key. of them these It's controlling the That's to Correct. some infrastructure.

-- duct put my on I'm from going to tape if but have windows I away Right, right, a what all try Japan, side get not not there's we in why. right. haven't about think, might X heard I we too. energy. time there climate And in know to what to I fossil in wish I'm nuclear a mean I a mean I in I to lot we of a changer. and built plant luck after that or days uranium don't we're green to resistance on a was fuels, any here, mean, X I case, long happened the which ultimately

think amount to of out got purposes, it's over for to a political to scan. But purposes forward I find we in any ways moving and it's But get use control more it get it political make energy boom, the conventional energy and magnets a electricity. can trying of economies. we But have we out earth that taking than a decent keep of if case, of of and takes you more lot motors plus. rare electric than a to force

you So very much. anyway, thank

There . time. over are call no continue. to back Please hand the I further questions at Chalmers. now will this Mr.

for looking in Energy you, John. your closing, time interest in thank Fuels. you Yes, your Okay. thank Well, and

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concludes very So call. much, thank that and you the conference

gentlemen, concludes you and call. this your today's Ladies for participation. Thank conference

You may disconnect. now