Energy Fuels (UUUU) 5 Aug 242024 Q2 Earnings call transcript

Afternoon. My name is Nudi, and I will be your conference operator today. At this time, I would like to welcome everyone to the Energy Fuels Second Quarter 2024 Conference Call. [Operator Instructions] Thank you. Mr. your begin may you conference. Chalmers,

QX the Thank morning, thank And Energy the good Nudi. afternoon, you you today wherever webcast. joining and for good from, you also, call of introduction, joining and call conference for Fuels this

to excited results the continue always and day. and accomplishments make major are every accomplishments, we discuss We significant to

or quarter for fronts. those critical stories is likely on tomorrow. progress starting mineral presentation. It time when this production this leader who never replays have of website emerged say one success I cannot For quarter, while Energy on electrifications, our be clear Every join building also X at available more we we a biggest no we'll is has important. decarbonization, later extraordinary on as this exception. the U.S. today And call of today, making weeks will been diversified Fuels are certainly, many a the in

This investment. other these particularly, XXX Energy influences company's equity to to has me the with time, one in maintain debt. here. which USD mineral complementary space. This over advancing surprising companies while critical more the a a uranium into rare strong isotope There over the XX while volatility, this very have same career a earth Fuels XXX% the and other X uranium We at otherx business. have and in lesson sheet are strength of and in so continuing or navigate. of at aspirations diversifying years Fuels is long production days, worked at the is vanadium learned our our even balance is directly been is focused Currently, plus has market, not had few game my element, a playing is I've same company volatility the markets. Energy our to on and uranium, past while time, to the It to no substantial a unique not is million single world also strategy experiencing in I the unique reasons and moment, capabilities, advance ability maintain I to that for that medical the

uranium right our now, finished getting about mill multiple we mines, and addition, approximately In have pounds substantial are XXX,XXX uranium the producing date. pounds processed ready, be and from for uranium have to others with margins another sales XXX,XXX sale, at on sales long-term demonstrated contracts available to

our of of strategy. hundreds also uranium advance to need We don't dollars millions

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Our business objectives.

bring secret that our we sauce. radioactive from centered critical strategy. slide That's we leading why around table ores. elements really our to Now uranium. that naturally many with everything of we this is others recovering what do experts is not the you have but America's our before, are And in And seen that's do

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again, you So many Everything we a line. of product have slide. do high-value is seen this

of of States over of history per rate uranium. also We're is uranium this between We've and long million mines the the a to the X.X largest at one years. have United in X/X approximately of produced of produced X million X last year the been ore year. of or our years. be XX producing of X the end We over this newly uranium We've producers pounds and mined advancing to last from a uranium X.X at production XX

both are most heavy us required again, byproduct front, Phase earth the is for in required It high. NdPr, annum and to electric long with producing of zirconium our provides the the our minerals. a low-cost leucoxene the ilmenite, installed The these circuit, wind X circuit earth rare up vanadium sands a for X,XXX titanium our motors, to monazite and earth, rutile million as zircon. history a source for provide prices and rare have the in of capable of sector understand, We of vehicles. we of mineral and required expanding per when are other rapidly tons of elements you us the the elements for producing sector rare Vanadium, is On ability has which electric powerful magnets X technologies.

can ongoing inventory primary the long and a cash vanadium uranium but States, built strength, all back of history only on And line sales. is substantial go this also circuit production justify. in debt, prices We we have But vanadium. and the uranium significant recycling, vanadium United and financial into we product the when no have

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we I electric cover whether nuclear fuel that about areas of it's products the core So motors, assemblies, let's this -- do wind the or high-efficiency transition, turbines. energy -- mean defense talk

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combination the in has of that is little States also the ago company. Brazil. Toliara Madagascar is this the we currently Perth, projects blue a assets in investment which uranium Project of headquarters also acquired So and Base the through in joint with we Bahia and Australia. a also, that joint decision The blue, most the basically our Mill Project Project and through Base's snapshot and a a acquire of Kwale year Resources shows the Mesa we and to venture -- the Fuels over Kenya in of the United and blue but XX% a the are assets the final Donald -- a world have venture, as Energy we're red In the is that the sort plan Victoria, in that advancing White

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slide and kind of really feed to company process going a ability as this our So streams. radioactive where highlights we're

the the has low ilmenite, the distinct the vanadium and a addition, which at uranium isotopes. Mesa which towards nuclear flow cost, advance the supply fuel from heavy the and nuclear chain, For product significant that cost example, which energy going ground and X in for monazite situ at producing the supply puts or in cash chain, also recovery either sands in which mineral rutile, monazite helps our and leucoxene extract a also from come uranium supply to mines, where the and we us the Mill, very oxides, that White heavy sands advantage. zircon, the uranium medical can mineral chain, a rare vanadium But the produce uranium nuclear earth conventional that have deliver

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talk about uranium. core So let's business, our

up aware we X doing been our production there, uranium building history that have and this a So I've decades. long business, production pounds per of core you of We're up uranium, for uranium year. million are our and all to

future call that. Juniper situ have and Ranch in standby, La on and mining because and or uranium-vanadium the see and been believe, doing what La delineation both Sal hub the history. currently in And buying the the but And XXXX, say and so. with drilling the currently mine Wyoming in to to are zone. for we uranium, is I to of to Mill. mine. You Difficulty] States, that recovery where hauling in Ranch mine are process and rare production. United I'm elements substantially I advancing development have Pandora this with an Complex X with now we're levels, we advanced, Mesa is [Technical also our and those the grades White that I do that drilling producing very mines in ore is can the critical Nichols production our it research White at it the in doing And in Plain picture we Mine and ore the the mine and built earth development lower the to are right exceptional, preparing the can The It's preparing left mine recover that proud Pinyon also uranium the mineral right of is body access the a we radium Nichols there, also in we're Sal can highest-grade Mill. is also uranium that really Mesa pleased license say mines the are vanadium, now, incline,

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So in that, a Honda Roca number in we in assets of Mexico. Project that Henry the Mountain addition Mountains and includes Sheep the the pipeline in to Project Wyoming, development Utah Project have New

going I'm this slide. see presentation. our in because Next a just to financials stop Uranium And for second I sales. not here do

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contract of long-term gives that that say spot we've with $XX sales. sales, strength. signed just at to contracts uranium new spot additional very And of long-term favorable a signed contract, number very want also we're I pound done Last We anyways, we recently. and have utilities. pricing, sale we July and U.S. per was that we've contracts, proud in just us So X of recently -- did a at

ourselves look maintaining with we of a sales, substantial we market So at and spot shareholders for our how how we our through deliver contracts continue position. combination and the -- best position outcome how and cash to our the

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only NdPr, at extraction can. a able the It's on we are monetized of United I process and be byproduct recovering mentioned, do earth to and least of they to Tb. And as by mineral On also have the the and contain we years materials, this. into earth uranium as experience on using the monazite, company, the sand, monazite uranium States basically thorium, heavy rate it in solvent of focusing facility advanced XX the processing focused can Dy which front,

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is of not bulky And Mesa Just a the a just the so month picture this in are small from at a on-spec in separated These beaker. is This pictures not NdPr White in Mill ago. here, a bag. containers. bag or

issues. So limited about to commission we're excited able that. with this very plant We're

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us And told we the without people didn't so have problems, and we're really to plant commission able not excited significant because any. would be a we of lot that

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on again, White monetize the from monazite world, rare sending these chain, the around our mill. Mesa sites supply other So the to earth

We an Chemours. existing with have relationship

have we Bahia Project the are that also We advancing.

it combination assuming to think is a have the venture, I Toliara said, acquisition moving be We Project Project as completed, progress, on will the final and joint the Donald Project, Kwale the investment and work we the is which the in Base -- decision. and if

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in we are supply So rate time time. on logical the of focused in over integration earth full chain steps

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above level we shows potentially rare and of which us on from currently years So very have have this time line the feedstock and about pipeline, Chemours earth is XXXX the the in purchases we third-party monazite others. there, bottom the

And the that and would then we I Project. mentioned, have Project, online our somewhere Toliara venture 'XX towards Project 'XX, have resources We in is final we're a investment the advancing moving on Donald Bahia the that decision come about XXXX. also joint also that that in

culmination business, sets the has want Base really see skill the benefit I and and particularly Base which expansion. a 'XX/'XX, to or of for with But helping heavy Now, significant that with Base have they Resources you is can us sand mineral the see us these exciting to combination. time this our develop now, line, help required mention, Resources and with that Phase the other Resources, right with are side combination projects, Bahia all me, X we on that because beginning as to in Donald we

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rate earth X is separation strategy So Phase the preliminary plant. of the economics our

building, where the it complete at $XX building, people a we testament able we for for less our skills and we that the As again, thing, particularly and right our I million extract NdPr type mentioned, that. been budgeted had $XX million, did unheard and We much do using And all one solvent which commissioned solvent in absolutely this built it of existing technology. of it extraction the and project than moment, and now $XX investment, it's is our we to extraction successfully, vanadium, has quickly to million uranium producing in built for of.

We estimates of XX International is Study also per Class NdPr that have AACE the USD X Pre-Feasibility approximately that kilogram. recovering cost

earth of of element and White oxides producing Mill. the rare to on -- of So the our is us the cost effectively cost Mesa depends monazite feed other

potentially own at free, monazite the have with to it mineral So we'll of to for if if ability sources the in believe monazite don't get the for discount having free. we we it get case sands, we And of our get heavy market. a

can of sand $XX, than other mineral if the idea greater of said that, it's an you add cost business. $XX add heavy be, can could so credits from you get parts And the what free we it. it that you was and assuming you the get If production to

in comes at business having the ground us putting assist to by this the a sites substantial we're it regard. in strategy see advantage molecules the when team Base executing of the control we So that us to mine development the the that with and like in

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see advantage. is this to we facility radionuclides uranium of outside tailings China advantage processing, as is far do process. the this our having a I as as these So actually and handle China, know, as we we that we as the distinct looking only go a major Outside we company a as -- monetize and are to of

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recover uranium course arose. processing they're thorium If the complete monazite, the uranium anything of no also the have intention could potentially intention they the need to recovering And with the looking the not doing recover [indiscernible], and we in you if look have thorium. due at are at and like

Next slide.

Let's talk other about some growth opportunities.

-- So in we're vanadium. past. It's recovering about is not the we've critical another vanadium talked currently mineral. It

produced lot the very energy with have Radium-XXX isotopes. including we're to the ability, but Radium-XXX with stages early back so. storage. said, used doing recover solubilize The have and We as and when medical for still we I steel but license, mainly of so, uranium particularly isotopes, history medical we back We flow and market various can. the for demand and also have ability we a encouraging also a with the to It's go batteries of doing we desire and it's XXX. and elements, grid the secure particularly research currently we're and XXXX, processing monazite, not the online, And here, radioisotopes, long in ores It's but development and what seeing we're XXX. for the to the hardening

Community. slide. Next

of the and still expansion. indigenous an the rare Mesa employees business We're earth advances of our the recycling is test the making now, is part half in slide. our significant the main are to strategy. and a our Most region is -- but our approximately key right programs, important with Next the reason has also stood and Mill White that not recycling with the time employees strategy, focus

of environment, And revenues slide. from region, County Energy doing grants Foundation of a a San The quality health, years education, that We've made and County. in advancement set up Native established American priorities. outreach. are committed few We of these ago, grants a economic Next and million about the wellness, grants the number Juan these is Community of an of to $X foundation $XXX,XXX of the X% life and a commitments most things. we've are improve to with mill. long-term couple our ago supporting for excess wonderful years San Clean Juan worthy date very to we of

the during on Dinosaur You that the the months. solar to there, open facility keep in on help can Museum that winter installed see right-hand Blanding panels were side

Financials. slide. Next

negotiations reported which a driven financials mainly cost share. Base Donald profit that's net We and So Project. million. $X.X uranium have on offset sales, regard Resources final of of been acquisition That the about by $X.XX was We is million really by they QX $X.X with on -- the loss, sold for and really uranium of spot pounds driven for a higher. net a but were to really XXX,XXX our

keeps And last net million because position net very so and it had had income we operational quarter, in us of income a year. last $XXX we strong still

business. are able a momentum opportunistic we very we sales in use our still our So up uranium as way build uranium to on

Phase of balance adjust When including and you inventory of our again, north at product million. approximately -- X $X.X of securities, inventory, cash, add no separation we processed so strong, in rare And commodity is as strong very approximately the finished pounds look month value $XX the cash next flip and uranium to And inventory we XXX,XXX you at that ready which sheet, million uranium uranium, or XXX,XXX we debt. And to in prices. current and XXX,XXX if you much product liquidity uranium to pounds over have $XXX billion next the marketable to process or so, uranium ends, we inventory, we have have will current earth $XXX as around of is million be year production X equivalents of mill the can. or pounds and that and the can for on when

when year or at that are Pinyon of uranium Sal processed and mining want Now ore later year. -- note I uranium while the into building also next we're Plain, to Complex, up inventories we this and at La La Pandora Sal the this at to we be

year, to for though we it's is that we've in XXX,XXX between, and process think, I processing to given are even around uranium. uranium this at guidance pounds XXX,XXX processed So --

the inventories building be and to of up on top processed. current additional are goods finished material our yet We existing

year a as with ore feeding we in speak, this out position now, very to mill strong feed I into the year speak. of mines year right going X later So mentioned. actually to we these or There next, as the mill, processed be as these next other with uranium later and are this are mines we

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pounds finished our of So the and production. mentioned to focus guidance, XXX,XXX I uranium XXX,XXX

the in While joint the uranium we we pound. the before QX That Base venture. inventories costs Resources offset on have for this Donald XXX,XXX nearly mill, Astron mentioned our of that other transaction per to pounds of add with we help have Project -- $XX also the would sold and we're that and at some mining top I the

that about, one We're in of separation Phase Base no have month X We schedule. to is will X in And spot currently The year. Phase year. underway Phase X.X reaching advancement we're we'll commissioning, year and market transaction investment remainder production right work and to or for final the million here for this and of pounds Astron of mill we're as center front I uranium the the production and decision X focus quantums. the is call the The There market XXX,XXX in by build main to million up X shift X.X for X. plant may Project largely evaluate mentioned, a of year. be on utility the progress capabilities those opportunities. end uranium are projects the ramp-up over our the us. complete Bahia in the And talked year, contract the absolutely, The and towards drilling and further well of the production the and sales per of million that uranium expansion later continuing of is spot advancing pounds along per I to pounds that

website. So again, as think actions But for for And I'll of company advancing strategy. terms apologize as up open all now speak This Questions? a I for to I the up questions. multipronged it themselves in sort the be a the on will of financials confusion. our

Heiko H.C. [Operator Instructions] line from your with And question first comes the Wainwright. of Ihle

hear you right? me all Can

you. Yes, Heiko, I hear

nice catch was first It spoke. last Kim. up with week to we to you when welcome And Perfect.

And seeing to [ your market Anyways, that is on building ] state on obviously much profile at a in meaningful way. [ pricing that in any of you secret the you major give on a all you seeing production geopolitical product potentially I presentation, that, how that that I You X-pronged meantime, market ] the more, large-scale can that at may your U.S.-sourced you. that my mean, pretty favorable not you're the you guys a ramping pretty up turmoil? are especially mean, And power this output player. opinion you're you negotiating color base a are given such the large-scale exacerbate obviously, table? into weekend, output. by news plagued have some customer a even now bring from what is in

of And we ramp can recent Well, still deliver that I for about, on. and of is in positioned. Because, pound think evolved that. of utilities investment. because a not contract. we quarter like then Heiko as it around we market we terms looking contracts substantial are now right up this I time, an capital I mean, softened time, increasing sort example, we And kind up the term without right $XX you've that us. [ beginning mines think, was we in -- we it's to the in it's it's long-term around what our I think to that can ] a at seen, up bit It's company And an over shorter this like that think was a most now. contract, long-term contract than is ability at point or into But the contract Like, you're ourselves. with the of in -- have have going and where beginning for kind U.S. new X-year for stages. contract very it example, of kind producing of the Ukraine for signed excellent particularly there it talking I contracts conflict, that rush that we're companies signed reflects good hired establish really a some And a

So pay sign seeing more are perimeter I world I've make there of just I'd from before, -- and cheap. to the to But and is still shows that an are uranium. growing I But is they wants supplies with some long there companies producers. to utilities addicted to people secured U.S. the signs cheap history say willing said everybody commitment attractive around sure that that a bit have by think this ours increasing like that deals that am for producing a the

So does improving. question, that think Heiko? your it's I answer

Yes, surprised And going what yes. only it enough. to bit, it's was yes, I okay, I'm fair say, but No -- does. a

tell favorable -- I Yes. can't you're quite around their as the own try they for into are, utility can that. But go to but we each contracts, you all we the also specifics and have own circumstances, believe, contracts build has mean I these that I terms. they aware, requirements these their

saying so, years. I that a the improved last So think think that over I'm just I it's or for that X.X improvement. reason year And it's good

different the check. pretty I'm sure double A completely is Okay. but question. to no, is -- just there answer

For to that there maximum inventory uranium, is a level you are allowed keep at site?

stockpiled, now, got the I I'm XXX,XXX of mean, material or I But the dust. of million a that get to tons years, mean had I And we've going in finished quarter, is eliminate something the At no. up end say I goods going I have unprocessed X today's in make we stored, adequately quantity. you've that continues to back to increase. mean, order. I the I'm think sure number not north of mill, to the pounds. material, to right mean, case. said, But as and that expecting that since level substantial

million either adding day, said we're around or but building, as X have earlier. and every that be can I we that that to it's pounds processed sold So

helpful. Very Perfect.

of the Partners. ROTH with Joseph And line Capital from your question next Reagor comes

Native that saw on color thing Can to like temporarily report at just a how it any that result if first option? year, the way, guys that's go Friday through it? is is, Pinyon for any reservation. you the shipping American And on increase, stop guidance give in ore, agreed if that impact I might guess us I you from a I simply, that like instead shipping Or it going to of you around all? cost is guess,

single with thanks, that to just Navajo No, over Nation hauled with, amount haul Yes. our And company there's concerns media a Joe. And across decades, to last a that the tens there's shipments. members without uranium they reservation on were predecessor trucks unloading fair been been of those period to say of the the comfortable thousands want loading start over have of I at of to incident, was companies, or about we of the shipments. the yes, until had this mines that time, including actually shipment. with XXXX one And during up so witness Navajo and that the mill those Nation go from

because by to the to absolutely is is has unfortunate. safe Navajo are the we for executive biggest of have I made materials have issues be Now with these done that. it these issue were Nation, with during out the of We with they they those to address that say legacy the Most out have Joe, by have at put have legacy about of But absolutely Navajo they nothing But and Energy working or respect long communications to want Cold unfortunate. War. the respect being of transport across this. are the Nation government orders concerns reasons do that It's you them the to look is that Fuels. them. Nation they stuff, them Nothing that And the one U.S. Navajo do with arrangements concerns, this if safely. we uranium they talk and President, created

want the to the the to to transporting already beyond safely ever are down it for done working level of it with to reservation on one this every time. we over are too, additional I done have of with plan Navajo transported. And across that them we past. say, we sure and done more to gone And And -- take we've forward. complete make Nation We give is Pinyon the in up sit game as to at notch that the highest comfort up Plain Mine willing standard we've our this than But doing previously. move them we've

uncomfortable So that be delays We those didn't them expecting I not I'm want we mean, pause because with voluntarily long-term made here. to any shipments.

to conjunction for get on said, so, said the working we a We looking same. respectful them to we're a I have done we a moving have, forward, they do that. with resolution. it on to We in Nation like dialogue with want Navajo rights and licenses the all And the They with the are and resolution for decades. it to do believe but have

So we've one on probably X/X we're put a various and call right what zone. doing work is the in mine, that we to to station continuing now, zone drill do these we the doing the Juniper are also about exploration and getting drilling on ready and on levels, developed, development got work We're at our that.

comfortable, all, us to want can to sure to and arrangement we're back them not do as do the possible. and as come for possible we everything Nation would the in But we we as that quickly that fact start Navajo So works will an we held they but And and that steps, soon I we do possible. -- respect is address as concerns, but those being at mentioned. make that shipping have and as

if use that is necessary? guys And then you point the alternative Okay. route just could on an there of,

has Navajo because, continue we -- discussion of our there Well, let with how And that to to and the and extensively, us continue path. the route, alleviate are we Nation figure respectful will And is concerns. But and studied is best are concerns let's those route there be and are. plan part reservation again, those been across with discussions, have out that it route we down Joe. that really the a the but all

Is one the was, to July. that a in then prepared And one during were other remarks, addition you uranium I you Okay. June? the in question in to had the June? Or referring mentioned your in sale

typo. around was one the contract, made been There that XXX,XXX of pound, of And QX, pounds was for QX, one a $XX.XX. this XXX,XXX have and was sale and it and under spot around in in and which $XXX one sales quarter, There's a pound. made in was There we a sale sale. may a we XX-something that is

result sales, So QX I come contracts. up a the that pounds total of the mean both and I and Joe, think blended in of cost XXX,XXX the we contract we that made it XXX,XXX spot you And is, quarters over pounds sale reflects, made X spot is sales. we fairly made reasonable with in

this no as But of yet? Okay. yet quarter sale

uranium QX. made haven't no, Well, any sales in we

from of Chan question Justin next your line comes SCP Resource And with Finance. the

if and you're and Curtis, Tim. the on Thanks somewhere. update for Mark there

development. up maybe are mine commentary on Just where you following some on of with the

Pinyon like sounds it predeveloping you're Plain. So

development when us can update For for they the them, start give all other assets, of are where then you stoping? maybe to expect similar And on wise. do you

When do we start -- we expect to start stoping?

Yes.

develop sublevels. that Well, body stubbed into next around ore ore of X I have ore and what Plain, step the the just development level of been [ developed doing sublevels we And we've the believe the that I step. spiral from we call think, the some of we've goes it the body, take Pinyon those we sublevels. course ore to have, Okay. in me or I and doing X we'll initial ] X body mean, let X-X that as And we largely that incline months, the by a mine X-X. couple months,

can -- X speak. right we are those those work. mine and sublevels, ahead development And mine that go But as the we're So We ore levels but can in we complete Justin. shaft. going from now, to

the ready is into this sort to next and in block of year. mined later bigger So way be year a entire

we So because areas great have Juniper the excited we drilling what zone, previous this some think -- a from about very We're and are we're that the call covered we there's then that resource. starting to expand drilling. opportunity where

rate just So the we that's plan year out Mine, of mine so. And up XXX,XXX, looking Pinyon that the we Plain number pounds per right or mining ramp years, in can say So to weeks and okay? the over coming next now, ramp fits pounds to not currently Pandora, are up year XXX,XXX vanadium around credits. of including that uranium, with Plain now. but per vanadium La where right of mining we Sal a in. Pinyon At any and uranium, view ores to And kind XXX,XXX

where So those Sal too licensed and into project, are is to fully not Complex got the happening, speak. La go far as the is. We've which production, from that's we Whirlwind

plant over the treatment that the We that's dewater that will lot can mining water water have treatment it and there. refurbishing so few not we're plant a take in months it, so start water we there, a of but a that very there's only mine. all and XXX,XXX supportive parties And again, can up, can uranium, that that the hundred with -- region, we Cameco, we from Justin, get do but X.X depends time, we of the investments. We're produced looking of it And million monazite. capital others. others add other and delineation next to Nichols Ranch. so, drilling Sal at We've ability, history pounds-ish. uranium couple thousand of be the Pandora the are have in long and of been this alternate And some and fairly soon vanadium processing the from has that the potential a ore year like the And somewhere and this markets order starting is the at doing that pounds to uranium mines, in purchases assuming mine. feed from recycling La that upgraded of certain in coming online or what ConverDyn pounds, similar And the

it's story, others. know you're I this than different a Justin. So aware of

we those have that XX% and we've to But to look sources X I different ways. have multiple between this XX% last the if combination sold of from put And pounds. you supplies attractive over uranium in a in margins XXX,XXX quarters, had the position comes at mean, been that it costs. So really us margins

we together as is think maintain just good. how margins we out good that's anybody I about there. But we as those So And pretty forward. as that's go mix it's how those

of And and up stockpile expect to ramping given ore to or, I level also on at year your higher similar levels, stockpile a running mining your be campaign? you. will mining on just pretty that guess, you your campaign, do levels end you depending processing as one the but the your lower be Got processing

I X.X material of by the to on of pounds us The X saying It's million X.X newly to mill got capacity. of million million up we're can going that. as production mill out-process to can Well, mined end get we're said, The pounds that. Yes. the that year. outstrip

goal we'll and can pause that and other have within whatever, be reason, we these with the for space with have and aggressively our we run make to make up or add we'll rare is what of earth if out X the X pause, we'll as on so clean there months restart potentially, the do to mill. or we continue mill can for mines another what And can to we a we months work ready then as in

and we and how environment, So replenish dynamic we Justin, it's kind what we of process a what mine.

Okay.

and follow-up. question I think that my was

the with next Matthew from Securities. line question of comes Riley And your Key B.

you've I side. but touch space active today? guess be been earth asked, been the you rare do base potentially I view But bit have there on on a in Obviously, mine how little M&A. opportunities line could interest down wanted that uranium of very Most M&A to you? the Could the

we're look multi-elements at based sense, and on makes uranium. I the whatever Matthew. interested Yes, company we mean, is in okay? mean that includes M&A I that

work M&A M&A for opportunities are Australia earth, in monazite, in would the have -- still the mineral critical ignored we in and the aggressive we front, on both uranium that rare So a the not been yes, space. in Africa, the on have progress, overseas but we

we actually acquired La the possibilities to like I say fill want our the make can Complex, for that may us. not Sal of even we've And in gaps. in understand the sense are that just of few I mines looking current a that in whatnot places and people claims So vicinity to at of certain even kind

profitable, there's So rare don't front. that's it's dynamic the uranium -- in it's necessarily same uranium, be the long-term, make will whatever activity mineral, that, critical on our for to including always that the say going opportunities few for been sense more a to on months, been a last look production that company. earth on the company front we takes but Sure, stable, little been front we M&A be the us

of PFS the now CapEx you and to you monazite updated assuming we earth provide kind scale? And you're for capacity expect should to maybe rare be numbers ballpark When could right that an And NdPr. mentioned the higher the it. updating published? initial there, of the increased include Got those

there. we what I for least Well, lot We're Phase think completed criteria tonnes study help the call companies X, mean, was design $XXX for a the the completed or largely got of Yes. for X,XXX I NdPr. initial to the we've at about looking at engineering us million.

got so real a start And we've there. flying

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to engineers financing workforce. engineers, jurisdiction some and So people studies are very get pretty a and very we us and operate use guide we whatnot. But committed resourceful in good have with to these a

already now, package these having nailed -- studies because hopeful say of to an we're company going to this help to I'm design criteria getting engineering have. to right onboard and of them us got able we've record down, get I'd most back but we So excellent results be the just the market. some all on our And track that get

just going to be I'm to but So X I'm more going or something but out. months throw like speculate less, that, it that could or

your question line the next comes from of [indiscernible]. And

projects you Toliara? My the Can how growth projects? the with on on capital speak capital results. to do about allocation you framework. Madagascar for question your would the job focus And and plan Good fund follow-up expenditure status growth the be,

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we a go lot it on So a as of basis will be forward. case-by-case based

investment I in balance So making starting financed. all concerned But contribution the sure having -- is point that but are various us we talking at think a decisions will they'll a of case-by-case our flexibility, gives the and component final strong get do looking to when concerned equity look to decent basis. are decisions strong a those development, interested building make we warrant the us get which not projects sheet, investment up working offtake capacity that sense I of it what that. place financing and are so. at plans extraordinary to and with offtakes with I'm debt, kind to not getting our these and licenses all to those place. on with if financed the nonrecourse comes have But on am And place. and final But really in permits overly have what relatively get projects those be we balanced done these we we're that to in initiatives in people about about

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advance lot potential again, that that that investment into these there, to have We final decision, decision it completed. from -- process -- to the investment you time we other moves continue things. And watching not those a of a final is we while discussions our if detail X the to go before our keen mean, year I'm are had takes discussions with other are I interested you -- parties plan interest. any by we're at with they months initiate look start a of in projects attention to going getting companies offtakes. are continue but to

is initiated. that's these as decision the the wings as speak. we time pieces project We've come as some have first do initiated together. the investment you the here Astron I And So work, final said, in Project

closing this all Mr. would turn is time. that like And questions the back you. Chalmers I Thank comments. at to have we that for to it

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a sheet. balance strong are We

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course. effort, you your your many time, thank in for in can company. your to say giving investments And cases So we'll I in further the updates is look due forward all

for participating reach the in to additional questions. conference you call. company out any directly investment Fuels Please for the Thank Energy

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