Renee, what about the power side. You know, I'm just curious as to what your thoughts are in terms of the ability ultimately of this country to be able to meet the needs of of as Jim said, you know, things that are going to conceivably could power millions of homes if they were used for that as opposed to just data centers. We've seen a shift for sure, David, in terms of from the previous administration to this administration now being much more uh open about using fossil fuels and natural gas, which I thin ...

Financial Data and Key Metrics Changes - Fiscal 2025 was a breakthrough year with initial low-cost production of approximately 130,000 pounds at a total cost of $36 per pound [4][5] - Revenue for the first half of fiscal 2025 was $68.8 million with a gross profit of $24.5 million from the sale of 810,000 pounds of U3O8 at an average price above $82.50 per pound [6] - As of July 31, 2025, the company maintained a robust balance sheet with $321 million in cash, inventory, and equities, and no debt [5][6] Business Line Data and Key Metrics Changes - The company achieved substantial scale through the acquisition of the Rio Tinto Sweetwater Complex, expanding licensed capacity to 12.1 million pounds annually, making it the largest U.S. uranium company by estimated resources and total licensed production capacity [5][7] - The company has 1,356,000 pounds of U3O8 held in inventory, valued at $96.6 million at a market price of $71.25 as of July 31, 2025 [6] Market Data and Key Metrics Changes - The uranium price environment is strong, driven by global demand for nuclear energy and U.S. policy support, with prices rising from around $70 to over $80 per pound [24][61] - A structural supply deficit in uranium is projected to continue and widen, reaching a cumulative deficit of 1.7 billion pounds by 2045 [14] Company Strategy and Development Direction - The company is moving towards becoming America's only vertically integrated uranium company, expanding into refining and conversion with the launch of URNC [5][8] - The company is focused on four key pillars of production growth: Eri-Gary Central Processing Plant, Hobson CPP, Sweetwater CPP, and the Roughrider Project in Canada [7][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position to capitalize on opportunities presented by favorable U.S. nuclear policy and a tightening uranium market [15][16] - The company is strategically positioned to meet the growing demand for secure domestic uranium supply, with a focus on building inventory to supply U.S. strategic uranium reserves [6][61] Other Important Information - The Sweetwater Complex was designated as a FAST 41 transparency project, expediting ISR permitting for deposits on federal lands [12] - The company is actively advancing its projects, with significant progress reported at the Christensen Ranch and Brook Hollow sites [10][11] Q&A Session Summary Question: What are the target production ranges for the next 12 months? - Management indicated that production is ramping up and could reach multi-million pounds per year, depending on market conditions and government policy [23][24] Question: Thoughts on the strategic uranium reserve and government involvement? - Management highlighted the importance of the strategic uranium reserve for energy security and national security, with ongoing lobbying efforts to support this initiative [33][34] Question: Updates on the conversion business and vertical integration? - The company is focused on creating an end-to-end capability in the nuclear fuel cycle, which has been well received by market participants [39][40] Question: How will cash costs progress as production ramps up? - Management expects cash production costs to remain stable, with ongoing upgrades aimed at increasing capacity rather than impacting costs [74][75]

Energy Sector Growth & Drivers - AI is a significant driver of growth in the electricity sector, which has seen limited growth in recent years [1][2] - Reshoring of manufacturing also contributes to electricity demand growth [2] - A substantial portion of American energy growth is attributed to exports to allies in Europe and Asia, independent of AI [2] - The industry anticipates the need for an additional 100 gigawatts of new firm capacity in the next 5 years [3] Climate Change Perspective - The perception of climate change among the public and actual climate science have diverged significantly [5] - Data aggregated over the continental US show no significant long-term trend in the most extreme weather events [7] - The IPCC has acknowledged the inability to directly link carbon dioxide to increased adverse weather events [8] - The world is becoming greener and slightly wetter, potentially making it a better place [15] Energy Transition & Future - Eventual decarbonization of the world is achievable through technology, but it is generations away [13] - Nuclear energy currently accounts for approximately 5% of global energy, down from 6.5% at the turn of the century [17] - Wind, solar, and batteries account for 2.6% of global energy and are unlikely to reach double digits [18] - Increased fossil fuel prices, driven by policies aimed at reducing domestic production, benefit the industry's top 1% but negatively impact the broader population [19]

Energy Demand & Supply Concerns - The US existing grid may not have enough power to support the massive scale of data centers, leading to concerns about fulfilling energy demand [1][2] - AI data centers are increasing electricity prices due to their growing power needs [2][3] - Bottlenecks exist in bringing natural gas online, hindering the ability to meet the power demands of data centers [5][6] - Fulfilling data center companies' ambitions will require 5-10 years to bring online energy sources like solar power and batteries [6] Nuclear Energy & Regulatory Landscape - The US has taken a pullback on nuclear energy due to environmental and safety concerns, while China is pressing forward with nuclear reactor construction [4] - The average construction time for a nuclear reactor in China is 57 years, raising questions about the US's ability to meet power demands [4] - Both the Trump and Biden administrations have attempted to ease regulatory bottlenecks for bringing new reactors online, but it still takes a long time [8][9][10] - Nuclear companies anticipate new reactors may not be operational until the end of the decade or into the 2030s [8] Cost Considerations & Investment Outlook - The cost to build a US reactor is significantly higher compared to China, potentially creating a log jam [10][11] - Small modular reactors (SMRs) promise to bring scale and reduce costs, but this is currently theoretical [11][12][13] - For investors with long-term horizons, nuclear power investments may be wise, but near-term volatility should be expected [14] - Investment opportunities exist in bridge power solutions, such as companies like Fluence and Amoresco that are deploying batteries and solar on the grid [6][15]

Core Insights - The company, Uranium Energy Corp (UEC), has transitioned from a developer to a producer in fiscal 2025, marking a significant breakthrough year with initial uranium production and advancements in its projects [7][9][10]. Operational Highlights - UEC achieved initial production of approximately 130,000 pounds of uranium concentrate by July 31, 2025, with a total cost per pound of $36.41, including cash costs of $27.63 and non-cash costs of $8.78 [5][10]. - The company has initiated upgrades at the Irigaray Central Processing Plant to support higher production rates and has constructed two new in-situ recovery (ISR) mine units at Christensen Ranch [5][11]. - The Burke Hollow ISR mine project is 90% complete, with operational start-up targeted for December 2025 [5][15]. Financial Highlights - As of July 31, 2025, UEC reported $321 million in cash, inventory, and equities, with no debt [8][9]. - The company generated $66.8 million in revenue and $24.5 million in gross profit from the sale of 810,000 pounds of uranium in the first half of fiscal 2025, with an average sale price of $82.52 per pound [8][9]. - UEC's inventory as of July 31, 2025, included 1,356,000 pounds of uranium valued at $96.6 million, with plans to increase inventory by an additional 300,000 pounds through purchase contracts [5][8]. Policy and Market Context - U.S. nuclear policy is gaining momentum, with President Trump's executive orders aimed at quadrupling nuclear energy and calls for expanding domestic uranium production [4][9]. - The surge in demand for nuclear energy, driven by AI and data center needs, is creating unprecedented support for U.S.-origin uranium and refining capabilities [6][9]. Strategic Initiatives - UEC launched the United States Uranium Refining & Conversion Corp to establish itself as the only vertically integrated U.S. uranium company, covering mining, processing, and planned refining [9][24]. - The acquisition of Rio Tinto's Sweetwater Complex for $175 million added approximately 175 million pounds of historic resources and established UEC's third U.S. production platform [5][18]. - The Roughrider project in Saskatchewan is advancing towards a pre-feasibility study, with significant metallurgical test work completed [5][20].

Group 1 - Oklo Inc. (NYSE:OKLO) has seen a significant stock rally, increasing by 29% in a single day and up 100% since being recommended for purchase due to government support for nuclear energy [1][2] - The company focuses on developing advanced fission power plants and commercializing nuclear fuel recycling technology, which converts waste into usable reactor fuel [2] - The current energy landscape in the U.S. indicates a shortage of power, highlighting the necessity for diverse energy sources, including nuclear, which positions Oklo favorably in the market [2] Group 2 - While Oklo presents potential as an investment, there are AI stocks that may offer greater upside potential and lower downside risk, suggesting a competitive investment landscape [2]

Climate Change Stance - Senator Bernie Sanders criticized President Trump's dismissal of climate change, labeling it as a "con job" and an existential threat to the planet [1][2] - Trump's comments at the United Nations General Assembly shocked global leaders, as he referred to climate change as "the greatest con job ever perpetrated on the world" [2] Renewable Energy Developments - The Trump administration halted approvals for new solar and wind power projects, negatively impacting clean energy ETFs such as Clean Energy ETF ICLN and First Trust NASDAQ Clean Edge Green Energy Index Fund QCLN [3] - Bill Gates acknowledged the changing dynamics under the Trump administration but expressed optimism about future cooperation in renewable energy [4] Nuclear Energy Initiatives - President Trump is advocating for the expansion of U.S. nuclear energy, aiming to quadruple capacity to 400 GW by 2050 [5] - The Department of Energy launched a pilot program to accelerate new nuclear fuel production to address domestic fuel shortages [5] - Trump's push for nuclear energy has positively affected stocks in the sector, with Constellation Energy Corp. (CEG) gaining 38.77%, Oklo, Inc. (OKLO) increasing by 552.86%, and Energy Fuels Inc. (UUUU) rising by 193.49% year-to-date [6]

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgent need for energy to support its growth [1][2][3] - A specific company is highlighted as a key player in the AI energy sector, owning critical energy infrastructure assets that are essential for meeting the increasing energy demands of AI technologies [3][7][8] Investment Landscape - Wall Street is investing hundreds of billions into AI, but there is a looming question regarding the energy supply needed to sustain this growth [2] - AI data centers consume energy equivalent to that of small cities, indicating a significant strain on global power grids [2] - The company in focus is positioned to benefit from the surge in demand for electricity driven by AI advancements [3][6] Company Profile - The company is described as a "toll booth" operator in the AI energy boom, collecting fees from energy exports and benefiting from the onshoring trend due to tariffs [5][6] - It possesses critical nuclear energy infrastructure, making it integral to America's future power strategy [7] - The company is noted for its ability to execute large-scale engineering, procurement, and construction projects across various energy sectors [7][8] Financial Position - The company is completely debt-free and has a cash reserve equivalent to nearly one-third of its market capitalization, positioning it favorably compared to other energy firms burdened with debt [8][10] - It holds a significant equity stake in another AI-related company, providing indirect exposure to multiple growth opportunities in the AI sector [9][10] Market Sentiment - There is a growing interest from hedge funds in this company, which is considered undervalued and off the radar compared to other AI and energy stocks [9][10] - The company is trading at less than 7 times earnings, indicating a potential for significant upside as the market begins to recognize its value [10][11] Future Outlook - The convergence of AI, energy infrastructure, and tariffs presents a unique investment opportunity, with the potential for substantial returns in the coming years [14][15] - The ongoing influx of talent into the AI sector is expected to drive continuous innovation and advancements, further solidifying the importance of energy infrastructure [12][13]

Group 1: AI Investment Opportunity - Artificial intelligence is identified as the greatest investment opportunity of our lifetime, with a strong emphasis on the urgency to invest now [1] - Wall Street is investing hundreds of billions into AI, but there is a critical question regarding the energy supply needed to support this technology [2] - AI data centers consume massive amounts of energy, comparable to the energy usage of small cities, leading to concerns about power grid strain and rising electricity prices [2] Group 2: Company Overview - A specific company is highlighted as a key player in the AI energy sector, owning critical energy infrastructure assets that are essential for meeting the increasing energy demands of AI [3][6] - This company is not a chipmaker or cloud platform but is positioned to benefit significantly from the anticipated surge in electricity demand driven by AI [3] - The company is involved in U.S. LNG exportation and is well-positioned to capitalize on the "America First" energy doctrine under the current administration [7] Group 3: Financial Position - The company is noted for being completely debt-free and has a substantial cash reserve, amounting to nearly one-third of its market capitalization [8] - It also holds a significant equity stake in another AI-related company, providing investors with indirect exposure to multiple growth engines in the AI sector [9] - The company is trading at less than 7 times earnings, indicating it is undervalued compared to its potential [10] Group 4: Market Trends and Future Outlook - The AI infrastructure supercycle, onshoring boom due to tariffs, and a surge in U.S. LNG exports are identified as key trends that will drive growth in the energy sector [14] - The influx of talent into the AI field is expected to lead to rapid advancements and innovative ideas, reinforcing the importance of investing in AI [12] - The company is positioned to thrive as AI continues to disrupt traditional industries, making it a compelling investment opportunity [11]

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgent need for energy to support its growth [1][2][3] - A specific company is highlighted as a key player in the AI energy sector, owning critical energy infrastructure assets that are essential for meeting the increasing energy demands of AI technologies [3][7][8] Investment Landscape - Wall Street is investing hundreds of billions into AI, but there is a looming question regarding the energy supply needed to sustain this growth [2] - AI data centers, such as those powering large language models, consume energy equivalent to that of a small city, indicating a significant strain on global power grids [2] - The company in focus is positioned to benefit from the surge in demand for electricity driven by AI, making it a unique investment opportunity [3][6] Company Profile - The company is described as a "toll booth" operator in the AI energy boom, collecting fees from energy exports and benefiting from the onshoring trend due to tariffs [5][6] - It possesses critical nuclear energy infrastructure assets, making it integral to America's future power strategy [7] - The company is noted for its capability to execute large-scale engineering, procurement, and construction projects across various energy sectors, including oil, gas, and renewables [7] Financial Position - The company is completely debt-free and has a cash reserve that is nearly one-third of its market capitalization, positioning it favorably compared to other energy firms burdened with debt [8] - It also holds a significant equity stake in another AI-related company, providing investors with indirect exposure to multiple growth engines in the AI sector [9][10] Market Sentiment - There is a growing interest from hedge funds in this company, which is considered undervalued and off-the-radar, trading at less than seven times earnings [10][11] - The company is recognized for delivering real cash flows and owning critical infrastructure, making it a compelling investment choice in the context of the AI revolution [11][12] Future Outlook - The ongoing influx of talent into the AI sector is expected to drive continuous innovation and advancements, reinforcing the importance of investing in AI-related companies [12][13] - The combination of AI infrastructure demands, energy needs, and the onshoring boom presents a unique investment landscape that the highlighted company is well-positioned to navigate [14]