Energy Fuels (UUUU) 1 Nov 242024 Q3 Earnings call transcript

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

our expansion And much. Thank before planned; of mines Phase is President and joining growing and FID are the Mark rare Bahia, with X, on at on earths, X mineral of today. I'm more heavy Venture separation for achieved X our than Base fronts: again, CEO you forward and Donald this confidence the of have October ever closing isotopes. momentum are call our in for X very projects top sands up, we've commercial on and you the Energy the Chalmers, of thank The uranium are say ramp moving exploration quicker we decision, And operating, Fuels. Joint advancing; that can I plant company conference and Resources absolute And production that,

an go available not more and if Fuels. conference can So website progress people Energy in will it detail for presentation, is or today are later in that do, the the refer so normally point able replays have at a they exciting to I this call attend call time. through to really on time will on shortly. The I tomorrow, this And as

to Officer; to for able I'm Accounting at also be always, Chief will I And questions. questions have and answer do time Dave said, the so. CFO Chief any that Nate Senior be and VP As end our Officer, will of Ina the Frydenlund, as available not there Legal Bennett, Interim our presentation, and

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and So what's this unusual. And extraordinary what have we is here?

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valued moving And and as Fuels always say this, company, this So a leaps are is. we that's I what bounds. in Energy is uranium-only but forward

our Next financial QX highlights. talk slide. about We

prices We of by of to had the loss result And a slide. elected sales. the mill and for more the and that That just because any XX,XXX offset and $XX But we're largely matter is quarter. uranium a to pounds to it cost, currently Next not of uranium were that We this timing, was than million was stockpiling a net sell a of it. transaction mining hauling that elected bit because lower. we really, uranium. sell

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on now being has acquisition this is had in of news combination, So think October comes Energy October momentum of other the management was were mineral a We exceptional extraordinary is on a separate the expertise gives that a regard which, Resources Base X. maker with And of that environmental safety, ago. become stewardship, conference it transaction track we the have a closing foundation our profitability. heavy a business. so And sand And subsidiary excited of call few very again, proven And we with Base Fuels. of in an about have there. and and the weeks They strategy. business these they we team big in just wholly-owned because experienced that that parts think the record company

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more bit been and to core a about our we'll for business So for which our has decades be continue talk will decades. uranium, core business

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growth opportunities. longer-term So

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

me hear guys you Can okay?

got we Heiko, you. Yes,

Congratulations very deal on done. getting this transformational

tomorrow probably time the the a month closed maybe there In of, I kinks. out negative other, Speaking negative, really or amount for a since it'll that you officially minor any really assume didn't of surprises, nothing but that teams that decent Base efficiencies be work have Resources get either you anything maybe encountered, you positive encountering that to or deal, know each process, positive expect? you're any been to

got together, companies, No, X Heiko, between together. scheduled. for We've to takes blend about back and and entities. week. time the I at down people it teams think both was the get forth it's got you've going always separate close going to a and that We've as I got some all

with so, Donald at Base and being from surprises, and I these process week example, the where that. looking all think any working recoveries Brisbane people the on design for but don't the had and we Like, made Astron and technical all workshop consultants, in from X and this FID had operability Project, their the there's experts And opportunities. there's we assumptions in a

work. So we're putting people to

proud a is how And the integration is that's what that is companies. X work thing. the That a what That's it. here think have I an But thing. people people we very is X thing and they between great we're great tell teams are main to integration. do putting I do they of

both and accomplishing significant to focused, people things on got happen, on organizations we've profitability, things. are want doer focused focused So make that

Fair Good answer. enough.

this you that $XX on on XXX,XXX this came Building in year. mentioned that up pounds, something call, you earlier I spot sold think the market Okay. said you

just longer-term any are changes to Just the following versus with utilities seeing ago? done, even utilities been with yours, months contracts have the have there where duration you're in -- general, up currently contracts but the longer-term and call necessarily been, you're getting that XX that not that, it, we pricing would on related that

Yes.

think retreat to isn't $XX. the I starting utilities $XX, that back are to going the to market understand

generally of and priced. up. was you and $XX -- after think so, And Russia back there And that ceilings was as definitely conflict, a an the and you then X I and the couple when X up has stayed increase are are you're and have time that, flurry go floors there uranium in prices a going Ukraine $XXX if month lower had as and seeing the speaking or to to like and gone contracts there, progressed done were prices those cycles of

growing, So It's they projects get hard of And industry nuclear is growing, the are it steps restarts the that the conversion they're that getting to the growing, I through industry fuel the intelligence enrichment. world about the a quickly. in nervous because that. is centers, up, it's thing to integration through artificial I utilities think get and is respond growing. around is doesn't reactors see And is bit the nuclear and hard accepting think the focus on demand uranium of cycle data the the

I forward. to yes, people prices these getting think going us creates So used also are for higher and an that contract opportunity

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

inventory. your is on thoughts question I your guess on Mark, my

give contracted pounds what's XXX,XXX year your on you sales production your timing thinking color got guess any you've year and some can current ] year, there on in the year? spot next us are where for various and through we uranium I on with Is [ the timing? next volumes ore maybe on Next constraints inventories.

Yes.

haven't guidance formal We yet, year for given Justin. next

pounds between up work-in-progress, showing the at said, X in ores mill we've and about I every million As finished day. got

we're material my we get a and process as bringing equilibrium to in close more point an order of in we you where an this get in, try in due to going. equilibrium equilibrium. If mind flywheel should to You pounds, course in X the or get reach we the to million

towards Our around year, I are as and total. XXX,XXX of year end the said, that the pounds next have contracts we

there. it pretty up year, open. But $XXX we're it, up always we're course. try of the I north So end guidance $XXX we're give to X. But due yet, be But -- going ramping contracts X following year. looking we like don't spot, contracts, we somewhere sold to X the to at we're of we by prices, to But, be maximize I we the to doing 'XX-ish, But did focusing pounds the where start be year, million believe, But said to the want to that pushing X spot, wide 'XX-ish, market the following years, what uranium we'll or on we're back and year ramping Justin. per X, yes, be in going in should to probably contract. one under this well going get

maybe year just thinking And mill activities a of for it. bit as a more you're on as up next follow

early between rare a uranium? maybe you have a in then of Will uranium sense I sense year. think campaign? uranium? and calendar you get of to have that rare guidance. the be the year? monazite realize to how I'm to And earth earth run just a thinking. just you So your of processing get any Will year trying don't will it most trying more about start Do switch the

production. here this now. year this from that's coming up. going the got Yes, on uranium got monazite different the We're get just monazite We've from only we've monazite. showing then stockpiling Chemours unique that got and got is and it. feed, have next focus At is is we mines, is be the big to alternate ores right facility. thing monazite Chemours, we've moment, different And uranium we from We've

have on what any back change we We So current into go focus depending could plans That be will on secure. uranium. the don't the monazite. processing to

we on there ore XXXX, monazite we scale, so, versus between run have to process. but to And be at much much like go be thinking process a larger you look of when in into we have towards a processing depending at monazite when how back kind a could uranium how

question ROTH Joseph from Partners. next the Thank And Capital Reagor line comes our from of you.

items. the an think Nations. One, quick point alternative most but touched consider already things X Navajo with would ongoing I on At the solution more guys the of on, you just negotiations what here? were shipping

Really, existing the to shipping that and going whatnot. we highways there we're think get with

part has comfortable. making So encouraged discussions yes, these very them going. how now, it Big of education, been are with we're right

I get we to something is groups. me. at we're looking there. going And which said, for think so, exciting both at the cleanup, as looking We're for And we're holistic. win-win really That's a

But good because outcome. deal these cleanup been I I for think didn't has -- and a is to negotiations we the It's the they have with it'd And, an really, Navajo a think on them. to It'd powerful reservation which happen a the a be little way cleanup. interesting, to is able tie useextraordinary on outcome. Nation, outlet very great a too, very just And give lot. and really what's between there's extraordinary stuff use an those. be again, we

but there. people don't we're there room do really not that get people be get want to space, this watch in trying that So the I fearful to because I to going think are talking

in housekeeping you And thing, how get the then shareholders, to a item. just dividend Base last did acquisition? much special Resource guys the cash Post the

Let Nate me what we got? ask

as far as goes, continue wrap Mine, end operate will Kwale XXXX. up and that'll cash So Base here of at to the the

So cash the plus fourth they're going the in to using the to which $XX that around have in revenue $XX sell million the they're should million that quarter. they quarter, fourth be

and the use cash from in going production up fourth to reclamation to in that the obligations of it's mine. then to operations wrap Kwale the the all quarter So perform also

operations cash finish and the Base, they liability. the to within that stays had, up reclamation that all So

that actually hope So any any we transfer question. we move clarifies or cash your cash. And didn't

Okay.

Just quick that. follow-up to

that So transaction statement book during income your quarter? will revenue since you on the closed then the guys

is That correct.

file Base So the fourth Energy statements quarter quarter. the our that'll include you into Fuels in from that fourth year will that financial you'll see the include at we'll Base see revenue end. and that And fourth quarter just Resources consolidated of

our you. Parks Brothers Noel Tuohy question comes line from Thank And from next Investment Research. the of

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the Your Mike next question of from [Operator comes Fitzgerald. Kozak from Instructions] line Cantor

price pound, appreciate quarter did you Just it round exact get if That signed if ceilings per want U.S. you to one and don't the you for to I could can't Maybe to I'd give you I on the contract understand. in me. question that the that print nearest it. the trouble. the me where new the dollar, $X floors contract? utility, in with And

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questions earth quick couple rare A on side. the

down clarify that monazite or procurement? whether procurement the mentioned low-cost I just be kilogram monazite per further will NdPr you driven by $XX.XX to by processing driven low-cost was wanted that So that it costs.

at that have EBITDA if generates it it No, monazite, study $XXX any of for monazite. XX per if process credit the the itself without something for Toliara and like any million credit you of Their -- monazite you is, project take feasibility or is a tonne it's said without kilogram. over cost around cash. X supports years What just $XX point mill, that's around the of that

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those Phase X also you Nd will X scale NdPr timelines separation separated from just then just NdPr of goes how building the other? the those if due between earths could million versus down to the plants that compared And produce on the out wondering $XX delta separated X? like plants, and just for to then Is X the provide together? to wondering Phase and separating and Pr And into for Phase looking type X versus each take of decision price rare just what much economics the any X

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are messaging people in the NdPr Our as we speak on question.

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Singh of you. the your And Puneet line from Thank from next question Eight comes Capital.

U.S. Ranch a been ISR. struggling but with ISR, Mark, prepping just know question some of ISR. versus conventional the on had for I have you're peers the Nichols

advantages perspective, technique each know you're of the conventional first. from because disadvantages assets about us the pushing to Just an talk and I operational

site. for to understand each just the how production people able something about about to then at a for how strategic to talked U.S. been advantage needed could the labor that's of well. want fill Just that you. be talk us know mentioned I always some that's And as you've asset, for because Maybe you

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You get the conventional done. miners, that's all they've

are I've So done both. both, to and there advantages

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start So of you or you're really for pound X And to uranium stop. years. can't committing XX

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and can I what do a on walk different kind getting, at to and ore, ISR, recoveries the I each I consumptions reagent be can can it in sense, heat I If how mine a I'm my plant are, literally tell underground very the with animals. And need, it what and uranium of everything. time retention what through step they're process tonne variable So then conventional surface. the lastly, depending of solubilizes comes

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the had just So ask to question.

to is selected. only and is Conventional a good, a And But there not mine methodology way are real the ISR there going advantages, is which Pinyon also it's depending ISR to Plain. people say and you're methodology. in to be And Pinyon environment in lot what proven that are on method cases, And wrong. selected it's only Plain, a like of used. our the cases, is

conventionally. You're Cameco Dam And going Olympic to it is is mine conventional. conventional. And

Yes, exactly.

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

-- still. from case, world perman in going But so called involved huge Oh news, NanoPowders about away you this We great. REE a God, about I years questions. you with In technology break Kind when lot to to acid you're been I would has got the develop were in you And involved that scientists looking Corp., you're left, associated if China into atoms of is of it, out X trying United of actually any and competitive be How been came I But Lynas, want getting millions because like when were conventional a of issues And for because like and you news take what's get here need of down before mother concentrate the and it's not, to production what It's sounded kind it money. you your jellybeans step. relying because up trying monazite, that's people with so can got from out your breaking and company us it's other permanent, possibly a of it, States release down ago it doing involved to said, important It magnets. ent monazite. Boy, leach a to X not of more it's the to you're and might particular give NdPr their investor I advantage. for and so was there? your Cabot they you for of that a like contribution that. I even Malaysia Bahia, with can of has their to got let's sounds years, on nature it. face extracting like it, at I you really an would sell something a my from out around gave And getting at started stuff technology control like the sugar. all

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

I'm second here. Mark, with breaking hopefully, too not rules the the question badly

tonnes think said the you've X,XXX kind there's how I more XX,XXX on could lot the some to Just you on the like the tonnes work which commentary work I was saw in what of of a project scoping give what and sounds quarterly, Bahia, of to shaping you've done it I is the wondering define up? the like. looks project starting done -- us and color if monazite,

about I'm so say here. just going tonnes, up X,XXX in back tonnes we said We wanted to did Bahia, talk is X,XXX X. Well, to what okay, X,XXX said I me had -- Bahia we Yes. you and well, Phase and see tonnes then to Donald then?

Yes.

be kind Just of -- time wrong, think scale put seen it the I was could numbers around I've I but I mean, first there.

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Donald it's Project. but permitted. the have pace, significant feasibility Project Project more Toliara permits. a earlier effectively than They the stages study, at work, more forward moving more it's data, Donald So more and like is

different X And animals. yes, there are so,

it at leave that. Let's

back any Chalmers further I this remarks. will closing Mark at time. No for the now hand call questions Mr. to

kind a than my comments Yes. of are, doing that's doing. different Thank questions, get that Happy closing we're to What interest we're you. and lot of good. Yes, in was what that is others.

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forward our to look to look appreciate I that current which and on look updates. forward forward giving of updates -- I'm we're got we've focused a doing. Thank our keep really And future and just I very due in looking going shareholders. to to new and So to you more course, to do, I much. work I forward shareholders. excited lot

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

may now disconnect. You