Core Viewpoint - The addition of uranium to the U.S. Geological Survey's Critical Minerals List is a significant move to revitalize U.S. uranium mining and enhance the domestic nuclear fuel supply chain [1][2]. Group 1: Government Actions and Industry Response - The U.S. Government's decision to include uranium in the Critical Minerals List is seen as a step towards restoring U.S. leadership in critical minerals and achieving energy dominance [2]. - The Department of Energy recommended uranium's inclusion, highlighting its strategic importance for energy production and national security [2][3]. Group 2: Economic and Security Implications - Critical minerals are essential for national security, economic stability, and supply chain resilience, underpinning key industries and technological innovation [3]. - The U.S. is heavily reliant on imports for certain minerals, which poses risks to national security and economic prosperity [3]. Group 3: Company Overview and Operations - Uranium Energy Corp is the largest and fastest-growing supplier of uranium in the U.S., focusing on environmentally friendly ISR mining projects and high-grade conventional projects in Canada [4]. - The company operates three ISR hub-and-spoke platforms in Texas and Wyoming, with plans to expand its uranium refining and conversion capabilities [4].

Core Insights - Apollo Silver Corp. is advancing the Calico Silver Project, which is recognized as the second largest primary silver deposit in the US, following the US Department of the Interior's inclusion of silver in the 2025 List of Critical Minerals [1][2]. Industry Developments - The US government has added silver to the USGS List of Critical Minerals, highlighting its growing importance for economic and national security, which may lead to enhanced government support for domestic silver mining [1][2]. - The designation of silver as a critical mineral emphasizes its strategic value, especially as the US imported 64% of its silver consumption in 2024, indicating a reliance on foreign sources [2]. Company Updates - Apollo Silver's Calico Project has an updated Mineral Resource Estimate (MRE) of 55 million tonnes at a grade of 71 grams per tonne, totaling 125 million ounces of silver, with an inferred resource of 17.6 million tonnes at the same grade for an additional 58 million ounces [2]. - The inclusion of silver on the Critical Minerals List strengthens the case for the Calico Project under the Fast-41 program, which aims to streamline permitting processes for critical projects [2]. Company Overview - Apollo Silver is focused on developing the Calico Project, which contains significant barite and zinc credits, recognized as critical minerals essential to various sectors in the US [5]. - The company also holds an option on the Cinco de Mayo Project in Mexico, which features a high-grade carbonate replacement deposit [5].

Company Development - Redwood Materials has opened a new $3.5 billion facility [1] Industry Focus - The facility aims to extract critical minerals from batteries [1]

Core Insights - Tivan has identified ultra high-grade fluorite mineralisation at the Molyhil tungsten-molybdenum project in Northern Territory, confirming three outcropping fluorite reefs over a strike length of 2.5 kilometers [1][3] - Assays from 13 rock chip samples revealed grades of up to 85.9% calcium fluoride, with four samples exceeding 50% [2] - The fluorite mineralisation is hosted in the Jinka Granite on the western side of the Eula Range sedimentary package, adding to surface mineralisation from the Sandover project [3] Exploration Plans - Tivan plans further field work at Molyhil to define the extent of fluorite mineralisation and establish drilling targets for the upcoming year [4] - Additional rock chip sampling will be conducted to enhance understanding of Molyhil's vein systems [4] Strategic Opportunities - The sampling results provide Tivan with an opportunity to extend exploration planning for fluorite deposits across Molyhil and Sandover, aiming to develop a high-value critical minerals precinct in central Australia in collaboration with Sumitomo Corporation [5] - The team is transitioning from the Speewah project to Sandover, with drilling expected to commence later this month [6]

Core Insights - Glenstar Minerals Inc. has received a permit from the Bureau of Land Management to conduct an initial trenching program at its Wildhorse Project in Nevada, specifically targeting the Coca Cola Zone [1] - The trenching will consist of three parallel trenches, each measuring five feet wide, three feet deep, and approximately 50 feet in length, spaced 20 feet apart [1] Exploration Results - Previous exploration at the Coca Cola Zone yielded four grab samples with copper values of 1.6%, 5.3%, 2.3%, and 5.1%, along with an average silver content of 21.6 ppm [2] - The samples also showed anomalous levels of bismuth (averaging 156 ppm) and tungsten (averaging 72.5 ppm), indicating a potential copper-gold porphyry system beneath the property [2] - Geological observations suggest the presence of a complex array of narrow porphyritic dikes, supporting the hypothesis of a classic copper porphyry setting [2] Project Background - The Wildhorse Property consists of 89 mineral claims covering 1,780 acres (720 hectares) in Mineral County, Nevada, with historical workings dating back to the late 1800s and early 1900s [3] - Initial assessments indicated mineralized zones with over 1 gram per ton of gold, 1% copper, and 6,100 ppm of antimony, along with the presence of bismuth and tungsten [3] Company Overview - Glenstar Minerals Inc. focuses on the exploration of polymetallic minerals, which are critical for manufacturing advanced electronics and energy technologies [4] - The company aims to leverage its expertise to explore, acquire, and develop critical mineral properties globally [4] Trading Information - Glenstar's shares are traded on the Canadian Securities Exchange under the symbol "GSTR", on the Frankfurt Stock Exchange as "VO20", and on the OTCQB market in the U.S. as "GSTRF" [6]

Financial Data and Key Metrics Changes - The company reported increased sales and revenues, with a net loss of $16.7 million in Q3 compared to a net loss of $21.8 million in Q2 [27] - Working capital at the end of Q3 was approximately $300 million, with expectations to reach between $900 million and $1 billion by year-end [27][28] - The company completed a $700 million convertible note offering, which was oversubscribed by more than seven times, with a low coupon rate of 0.75% [25][26] Business Line Data and Key Metrics Changes - Uranium production is ramping up, with expectations to produce between 1.1 million lbs and 1.4 million lbs in Q1 2026, and a target of over 2 million lbs per year at the Pinyon Plain Mine by 2026 [9][10] - The company sold 240,000 lbs of uranium at a realized price of $72.38 per pound in Q3, with a gross margin of 26% [28] - Rare earth production is advancing, with plans for commercial production of heavy rare earths expected later in 2026 [14][15] Market Data and Key Metrics Changes - NdPr prices outside of China increased by 13% as of September 2025, with significant premiums for dysprosium and terbium in the European Union [17][18] - The company is positioned to benefit from the growing demand for critical minerals, particularly in the U.S. market [3][4] Company Strategy and Development Direction - The company aims to maintain its status as the largest uranium miner and processor in the U.S., while also expanding its rare earth and heavy mineral sands operations [30][34] - The Donald Project in Australia is shovel-ready, with a final investment decision expected as early as Q1 2026 [16][17] - The company is exploring various opportunities for acquisitions and partnerships to enhance its position in the critical minerals market [68][70] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver on its promises and capitalize on its unique position in the critical minerals sector [2][4] - The company is optimistic about improving gross margins in 2026 due to increased uranium production and lower costs [2][29] - Management is actively engaging with potential off-takers and exploring financing options for future projects [39][40] Other Important Information - The company has received all government approvals for the Donald Joint Venture project and has a conditional letter of support for project financing [3][17] - The Toliara heavy mineral sands project is considered one of the best undeveloped deposits globally, with plans for an updated feasibility study by the end of 2025 [19][20] Q&A Session Summary Question: Regarding the Donald Project and its timeline - Management indicated that the project is ready to go and is exploring options with potential off-takers to maximize value [38][39] Question: Clarification on preliminary guidance for uranium sales - The range in guidance reflects flexibility in contract elections, allowing for adjustments based on market conditions [41][42] Question: On the rare earth separation plant's economics - Management expects feasibility studies to be completed by the end of the year, providing necessary data for economic assessments [50][51] Question: Future uranium production guidance - The company is cautious in providing long-term guidance due to the dual processing of uranium and rare earths at the White Mesa Mill [54][55] Question: Long-term contracting philosophy for uranium - Management aims for a balanced approach, targeting around 50% of production capacity for term contracts while remaining flexible with spot market exposure [82]

Financial Data and Key Metrics Changes - The company reported increased sales and revenues, with a net loss of $16.7 million in Q3 compared to a net loss of $21.8 million in Q2 [28] - Working capital at the end of Q3 was approximately $300 million, with expectations to reach between $900 million to $1 billion by year-end [30] - The company completed a $700 million convertible note offering, which was oversubscribed by more than seven times, with a low coupon rate of 0.75% [26][27] Business Line Data and Key Metrics Changes - Uranium production is ramping up, with expectations to produce between 1.1-1.4 million pounds in Q1 2026, and over 2 million pounds per year at the Pinyon Plain Mine in 2026 [9][10] - The company sold 240,000 pounds of uranium at a realized price of $72.38 per pound in Q3, with a gross margin of 26% [30] - The rare earth segment is progressing, with nearly 30 kilograms of DY oxide produced and plans for commercial production of heavies expected in 2026 [14][15] Market Data and Key Metrics Changes - The prices for rare earth oxides outside of China have increased, with NdPr prices rising 13% over September 2025 [17] - The company is positioned to benefit from increasing demand for non-China sourced materials, particularly in the U.S. market [80] Company Strategy and Development Direction - The company aims to retain its status as the largest uranium miner and processor in the U.S., while also expanding its rare earth and heavy mineral sands operations [32] - The Donald project in Australia is shovel-ready, with a final investment decision expected in Q1 2026, and is seen as a significant source of heavy rare earth oxides [16][17] - The company is exploring various opportunities for acquisitions and partnerships to enhance its position in the critical minerals market [72][73] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver on its promises and capitalize on its advantages in critical minerals [2][4] - The company is optimistic about the future of uranium prices and production margins, expecting to improve gross margins to approximately 50% or above [31][34] - Management is actively engaging with potential off-takers for the Donald project and is assessing market conditions for strategic decisions [42][43] Other Important Information - The company has received all government approvals for the Donald Joint Venture project and has secured conditional support for project financing [3][17] - The Toliara project in Madagascar is considered a company maker, with plans for an updated feasibility study by the end of 2025 [19][20] Q&A Session Summary Question: Why is the company not moving forward with the Donald project despite having the necessary approvals and funding? - Management is exploring options with potential off-takers and assessing market conditions to make the best informed decision [41][42] Question: What is the reason for the range in long-term uranium sales contracts guidance? - The range reflects the flexibility in contract elections, allowing for adjustments based on market conditions [44][48] Question: When will the company provide IRR or NPV numbers for the rare earth separation plant? - Feasibility studies are expected to be completed by the end of the year, providing necessary financial metrics [54][55] Question: What is the company's long-term contracting philosophy for uranium? - The company aims for a balanced approach, targeting around 50% of production for long-term contracts while remaining cautious about spot market exposure [84]

Core Viewpoint - VanadiumCorp Resource Inc. is planning a non-brokered private placement financing to raise up to C $1.4 million, subject to approval from the TSX Venture Exchange, with the financing expected to close by November 30, 2025 [1][2]. Financing Details - The company intends to issue up to 2,333,333 flow-through units at C $0.30 and 2,800,000 non-flow-through units at C $0.25, aiming for total gross proceeds of C $1.4 million [2]. - Each non-flow-through unit will consist of one common share and one share purchase warrant, allowing the purchase of an additional common share at C $0.45 for 18 months [3]. - Each flow-through unit will include one flow-through common share and half a share purchase warrant, with each full warrant also allowing the purchase of a common share at C $0.45 for 18 months [4]. Use of Proceeds - Net proceeds from the financing will be allocated for critical mineral exploration, metallurgical testing on the company's mineral properties, and general corporate purposes [5]. - The gross proceeds from the sale of flow-through shares will be used to incur Canadian exploration expenses qualifying as flow-through mining expenditures, to be incurred by December 31, 2026, and renounced to initial purchasers by December 31, 2025 [5]. Additional Information - The company may pay finders' fees in cash and warrants with terms similar to the unit warrants, and all shares issued will be subject to a four-month hold from the closing date [6]. - VanadiumCorp announced the resignation of Gilles Dupuis as Chief Operating Officer and Director, acknowledging his contributions to the company [7]. - The company remains focused on advancing its critical mineral projects, with a strong investment case for North American vanadium production [8]. Company Overview - VanadiumCorp Resource Inc. is a Canadian critical mineral exploration company concentrating on developing vanadium-rich assets in Quebec, particularly the Lac Doré Vanadium Project, which offers high-purity vanadium suitable for energy storage applications [9]. - The company has established an electrolyte pilot plant in Val-des-Sources, Québec, aimed at testing extracted vanadium materials and initiating future commercial production of vanadium electrolyte for vanadium redox flow batteries (VRFBs) [9].

Core Viewpoint - Rise Gold Corp. has initiated a review of historical data suggesting that its Idaho-Maryland mine may contain significant tungsten deposits, which are critical for U.S. defense applications [1][4]. Company Overview - Rise Gold Corp. is an exploration-stage mining company based in Nevada, USA, with its principal asset being the historic Idaho-Maryland Gold Mine located in California [8]. Historical Context - The Idaho-Maryland mine operated from 1862 to 1957, producing approximately 2.4 million ounces of gold at an average grade of 0.50 ounces per ton [2]. - In 1954, the mine began exploring for tungsten, leading to the production of tungsten trioxide concentrate until operations were suspended in 1957 due to a significant drop in tungsten prices [3]. Tungsten Significance - Tungsten is classified as a critical mineral by the U.S. government, essential for various defense applications, and the U.S. has not had a domestic supply since 2015 [4]. - China currently dominates global tungsten production, accounting for 84% of the supply, and has recently imposed restrictions on tungsten exports [4]. Exploration and Development Plans - The company has engaged experts to review historical tungsten data and generate recommendations for further exploration, which may include re-assaying existing drill cores [7]. - The historical association of the Idaho-Maryland mine with tungsten has made it a candidate for federal sponsorship as the U.S. seeks to reshore its critical defense industries [5].

Core Insights - Energy Fuels Inc. reported increased uranium sales and strong low-cost uranium mining, with production expected to exceed guidance for 2025 [2][3][4] - The company successfully produced 29 kilograms of dysprosium oxide and is preparing for the production of terbium oxide [4][15] - A recent upsized offering of $700 million in convertible senior notes has bolstered the company's working capital to nearly $1 billion [4][6] Financial Highlights - As of September 30, 2025, the company had $298.5 million in working capital, including $94 million in cash and cash equivalents, and no debt [6][28] - The company reported a net loss of $16.7 million for Q3-2025, an improvement from a net loss of $21.8 million in Q2-2025 [6][10] - Total revenues for Q3-2025 were $17.7 million, with uranium concentrate revenues at $17.4 million [28] Uranium Production and Sales - The company sold 240,000 pounds of U3O8 at a weighted average price of $72.38 per pound during Q3-2025 [10] - The Pinyon Plain mine had an average grade of 1.27% U3O8, one of the highest in U.S. history [9] - Expected uranium production for 2025 is between 700,000 and 1 million pounds of finished U3O8, with a strong position to meet or exceed this guidance [10][11] Rare Earth Elements (REE) Developments - The REE market has seen significant improvements, with NdPr prices increasing by approximately 25% from June to September 2025 [16] - The company is advancing its Donald Project in Australia, which is expected to produce significant quantities of rare earth oxides starting in 2027 [16][20] - Energy Fuels is collaborating with Vulcan Elements to create a domestic supply chain for rare earth permanent magnets [20] Market Conditions and Future Guidance - The spot price of U3O8 was $82.50 per pound as of October 31, 2025, indicating a favorable market for uranium sales [16] - The company expects to sell 160,000 pounds of U3O8 in Q4-2025 under existing long-term contracts [10] - Preliminary guidance for 2026 includes expected sales of 620,000 to 880,000 pounds of U3O8 [10]