Core Viewpoint - New Earth Resources Corp. supports the U.S. Department of Energy's initiative to establish Nuclear Lifecycle Innovation Campuses, which aims to modernize the nuclear fuel cycle and enhance U.S. leadership in nuclear energy [1][2]. Industry Developments - The DOE's Request for Information (RFI) seeks to form federal-state partnerships to support advanced nuclear energy deployment and activities across the nuclear fuel lifecycle, including fuel fabrication, enrichment, reprocessing, and waste disposition [2][3]. - The RFI invites states to express interest and provide feedback on the structure of the Innovation Campuses, focusing on workforce development, infrastructure investment, and technology leadership [3][4]. Company Developments - New Earth Resources Corp. has engaged Investor Insights Systems Inc. for a three-month term starting February 2, 2026, to provide digital marketing services for a fee of USD 250,000 (approximately CAD 337,000) [6][7]. - The company has the option to extend the engagement and increase the budget by an additional USD 250,000 if funding allows [7]. - New Earth Resources Corp. is a mineral exploration company focused on uranium and rare earth elements, with its flagship project being the Lucky Boy Uranium Property in Arizona, USA [8][10].

Core Viewpoint - Snow Lake Resources Ltd. has received FIRB approval for the acquisition of 100% of Global Uranium and Enrichment Limited and a 21.9% interest in Ubaryon Pty Ltd, marking a significant step in expanding its capabilities in the nuclear fuel cycle [1][3][6]. Acquisition Details - The acquisition of Global Uranium and Enrichment Limited (GUE) was initially announced on October 6, 2025, and is expected to be completed in early 2026 [1][4]. - Snow Lake became a cornerstone 19.9% investor in GUE in March 2025 and is a joint venture partner to acquire 100% of the Pine Ridge Uranium Project in Wyoming [4][6]. Strategic Partnerships - Urenco has also received FIRB approval for a A$5 million investment in Ubaryon for a 13% interest, which is expected to assist in the commercialization of Ubaryon's technology [3][8]. - Ubaryon is developing a unique uranium enrichment technology that simplifies the enrichment process by eliminating the need for conversion and deconversion of uranium [9]. Industry Alignment - The development of U.S. focused capabilities across the nuclear fuel cycle aligns with U.S. Administration policies aimed at enhancing national, economic, and energy security [4]. - Snow Lake's investments in uranium assets and next-generation enrichment technology position the company strategically within the nuclear fuel supply chain [10].

Business Updates - ASP Isotopes secured its largest Silicon-28 contract to date with a new U S based customer for delivery during 2026[10] - The company expects to receive large quantities of feedstock suitable for Carbon-14 production during January 2026, with the first shipment of enriched Carbon-14 during 1H 2026[22] - Quantum Leap Energy (QLE) acquired a Nuclear Waste Processing Company and signed a Memorandum of Understanding (MOU) with Fermi America for uranium isotope enrichment[30] - QLE acquired "One30Seven" accelerated beta-decay technology and is developing cesium-137 to barium-137 Creber Units[33] Renergen Acquisition - Renergen shareholder approved the merger on July 10, 2025, with over 99% voting in favor[15] - The company is awaiting final regulatory approval for the Renergen merger, expected imminently[15] - The company listed ASP Isotopes on the Johannesburg Stock Exchange (JSE) on August 27, 2025[15] Financial Highlights - ASP Isotopes had a cash balance of $113.9 million as of September 30, 2025[66] - The company raised $41.7 million of gross proceeds to facilitate acquisitions and business growth[43] - The company received net proceeds of $199.7 million in October 2025 from the issuance of ASP Isotopes common stock[68] - Property and Equipment grew from $22.8 million as of December 31, 2024, to $33.0 million as of September 30, 2025, with approximately 70% for plant construction[68]

Core Viewpoint - Snow Lake Resources Ltd. has entered into a definitive agreement to acquire Global Uranium and Enrichment Limited, aiming to create a U.S. focused nuclear fuel cycle company, enhancing its position in the uranium market and related technologies [1][5][11]. Transaction Highlights - The transaction will consolidate Snow Lake's existing 50/50 joint venture in the Pine Ridge uranium project with GUE, creating one of the largest U.S. focused uranium exploration and development companies [5][6]. - The combined group will benefit from U.S. Administration policies aimed at accelerating nuclear energy development, ensuring national and energy security [5][15]. Strategic Rationale for the Transaction - The merger will enhance exposure to the broader nuclear fuel cycle, including uranium mining, enrichment technology through Ubaryon, and a partnership with Exodys Energy for small modular reactors [3][5][12]. - The combined group will have a diversified portfolio of uranium projects across Wyoming, Colorado, Utah, Canada, and Namibia, along with critical minerals projects in North America [7][8][13]. Financial Aspects of the Transaction - GUE shareholders will receive A$0.0968 in Snow Lake shares for each GUE share held, representing a 40.3% premium to GUE's last closing price and a 54.8% premium to the 30-day VWAP [17][21]. - The combined group is expected to have a market capitalization of approximately US$76.7 million and will be well-funded with around US$18.5 million in cash post-transaction [19][20]. Completion Timeline - The completion of the schemes is targeted for Q1 2026, subject to various customary closing conditions, including shareholder approvals and court approval [24][25].

Nuclear Energy Development - US aims to rebuild the entire nuclear supply chain, including reactor technologies, uranium enrichment, and fuel fabrication [2] - The goal is to reduce reliance on foreign nuclear fuel sources, including Russia [3] - The US Department of Energy is providing grants and working with partner companies to establish a domestic nuclear fuel cycle [2] - The construction of new nuclear reactors and increased nuclear power generation are expected to drive down electricity prices and support the AI race and re-industrialization [7] - Surplus plutonium may be used as fuel in next-generation reactors [6] Timeline and Investment - Bringing the nuclear capacity online is expected to take two to three years [3] - Billions of dollars in venture capital are being invested in fusion energy [9] Government and State Support - The Trump administration and the Department of Energy are making a rapid pivot towards nuclear energy [4] - The Department of Energy will support New York and other states in developing new nuclear capacity [10] - Increased use of natural gas in the short term can lower electricity prices and home heating costs, while nuclear energy offers a medium-term solution [11]

Company Overview - Cameco Corporation is the largest Western producer of uranium, highlighting its significant position in the nuclear fuel market [2]. Industry Insights - The nuclear fuel cycle is experiencing a durable demand setup, which is favorable for incumbent producers like Cameco [4]. - Current uncertainties surrounding the supply side of uranium have reached unprecedented levels, creating a beneficial environment for established companies in the industry [4].

Financial Data and Key Metrics Changes - The company reported a 24% increase in revenue, a 44% increase in gross profit, a 52% increase in adjusted net earnings, and a 5% increase in adjusted EBITDA for Q1 2025 compared to the previous year [21][22][27] - The average realized price for uranium increased year over year, despite a 30% decline in the average uranium spot price [21][22] Business Line Data and Key Metrics Changes - The uranium segment produced 6 million pounds in Q1 2025, slightly up from 5.8 million pounds in Q1 2024, with an expected total production of 18 million pounds for the year [23][24] - The Westinghouse segment reported a net loss in Q1 2025, with an expected annual net loss between $20 million and $70 million, but a 19% improvement in adjusted EBITDA compared to the previous year [22][23] Market Data and Key Metrics Changes - Long-term contracting activity is expected to gain momentum, with the long-term price increasing from $68 per pound in January 2024 to around $80 per pound [26] - There remains a significant uncovered demand for uranium, with approximately £3.2 billion of needs through 2045 still uncontracted [20][56] Company Strategy and Development Direction - The company emphasizes a long-term strategy focused on operational, marketing, and financial discipline, while remaining cautious due to the current supply discipline in the uranium market [21][34] - The company is exploring growth opportunities in uranium production, conversion, and enrichment, while also considering capital returns to shareholders in the future [31][36] Management's Comments on Operating Environment and Future Outlook - Management highlighted the positive long-term demand outlook for nuclear energy, despite current geopolitical and trade policy distractions [10][16] - The company is prepared to adapt to ongoing risks in the supply chain and is focused on maintaining a strong balance sheet amid geopolitical challenges [28][34] Other Important Information - The company has made significant repayments on its term loan used for the Westinghouse acquisition, indicating a strong financial position [27][28] - The company is actively managing its capital resources to ensure flexibility in delivering long-term value [27][28] Q&A Session Summary Question: What are the priorities for capital allocation moving forward? - The company remains in supply discipline and is focused on financial conservatism, with potential capital returns to shareholders being considered in the future [31][34] Question: What are the implications of the recent IP legal settlement with Korea for Westinghouse? - The settlement allows Westinghouse to collaborate with Korea, expanding its market opportunities for new builds [39][40] Question: What industry markers indicate a transition to normal buying prioritization? - The company noted that there is a significant uncovered demand for uranium, and utilities will eventually need to come to the market [49][52] Question: What is the outlook for the Kazakhstan business and sulfuric acid procurement? - Relations with Kazatomprom have stabilized, and production targets are being adjusted, but risks remain regarding sulfuric acid availability [60][62] Question: How is the fuel services business performing in terms of pricing? - The company is seeing strong pricing due to the rolling on of new contracts, with more upside expected as the market improves [110][113]