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 [3][4] - The company maintained a robust balance sheet with $321 million in cash, inventory, and equities, and no debt [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 [5][6] - The second half of fiscal 2025 focused on building inventory, resulting in 1,356,000 pounds of U3O8 valued at $96.6 million [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 [4][7] - The Eri-Gary Central Processing Plant, Hobson CPP, Sweetwater CPP, and Roughrider Project are the four key pillars of production growth [7][8] - The Sweetwater Plant has a licensed capacity of 4.1 million pounds of U3O8 per year and is being adapted for processing loaded ion exchange resins from ISR operations [11][12] Market Data and Key Metrics Changes - The uranium price environment is strong, driven by global demand for nuclear energy and U.S. policy support [6][15] - A structural supply deficit in uranium is projected to continue and widen, reaching a cumulative deficit of 1.7 billion pounds by 2045 [15][16] - The U.S. is currently importing 100% of its nuclear fuel requirements, creating an opportunity for domestic suppliers [46][47] Company Strategy and Development Direction - The company aims to become America's only vertically integrated uranium company, expanding into refining and conversion [4][8] - The launch of URNC is designed to position the company as a leader in the U.S. nuclear fuel cycle [17][32] - The company is focused on building strategic inventory to supply the U.S. strategic uranium reserve and other government programs [6][66] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the favorable policy environment for the uranium industry, particularly regarding U.S. nuclear energy expansion [16][37] - The company is positioned to capitalize on the tightening uranium market and increasing demand for secure domestic uranium supply [17][38] - Management highlighted the importance of government support and strategic partnerships in advancing their initiatives [30][35] Other Important Information - The Sweetwater Complex was designated as a FAST 41 transparency project, expediting ISR permitting for deposits on federal lands [13] - The company has a 100% unhedged strategy to maximize exposure to rising uranium prices [6][25] Q&A Session Summary Question: Production targets 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 [22][24] Question: Strategic uranium reserve and government involvement - Management discussed the potential for government funding and partnerships in the URNC initiative, emphasizing the need for a vertically integrated approach to compete globally [30][32] Question: Upgrades at Eri-Gary and bottlenecks - Management clarified that upgrades are being made to increase capacity, but there are currently no bottlenecks in production [58][60] Question: Inventory build and future sales timing - Management stated that they are focused on pending developments from Washington and are not rushing to sell inventory despite rising prices [66][68] Question: Cash costs and total costs - Management provided details on cash and non-cash costs, indicating that cash production costs are expected to remain stable [81][82]