Summary of Peninsula Energy Ltd (PEN) Conference Call - August 26, 2025 Company Overview - **Company**: Peninsula Energy Ltd (PEN) - **Industry**: Uranium Mining - **Location**: Wyoming, USA Key Points and Arguments Operational Updates - **Production Delays**: The company faced delays in the construction and commissioning of the Central Processing Plant (CPP), originally targeting dried yellowcake production by March 31, which has now been pushed back by six months [4][5][6] - **Wellfield Development**: Limited on-site resin storage capacity led to a slowdown in wellfield development, impacting production timelines [4][5] - **Mine Unit 3 Challenges**: Issues with the design and flow rates in Mine Unit 3 have extended the acidification process to nine months and recovery to over three years [5][10] Financial Position - **Contract Book**: The company had GBP 5,740,000 locked in over nine years on a take-or-pay basis, with GBP 470,000 for 2025 and GBP 900,000 for 2026. A significant reset of the contract book was necessary, terminating GBP 5,140,000 in contracts with no commitments for 2026 and 2027 [5][11][36] - **Capital Raise**: A capital raise of $70,000,000 was announced, with funds allocated for infrastructure, wellfields, and header houses [51][53][55] Production Outlook - **Horizon Plans**: - **Horizon One**: Expected production of up to 50,000 pounds in 2025, with the first dried yellowcake anticipated in September [23][57] - **Horizon Two**: Projected production of 400,000 to 600,000 pounds per annum in 2026 and 2027, with 60% from Mine Unit 4 [24][29] - **Horizon Three**: Focus on increasing production capacity and efficiency, with potential funding from the U.S. government [28][29] Market Position - **Uranium Demand**: The U.S. consumes approximately 50,000,000 pounds of uranium annually, with a significant gap between consumption and domestic production [18][50] - **Regulatory Environment**: Positive relationships with regulators have facilitated approvals for production and operational activities [17][32] Management Changes - **Board Restructuring**: A refreshed board and management team have been implemented, including the appointment of a new CFO and Non-Executive Chairman [12][13][33] Strategic Initiatives - **Cost Management**: The company is working on initiatives to improve cost efficiency, including potential partnerships for acid production and optimizing drilling processes [16][45][46] - **Exploration Upside**: Significant resources at the Lance project and exploration potential at Kendrick and Dagger projects, with Dagger being twice the grade of Lance [14][49] Risk Management - **Operational Risks**: Key concerns include the performance of the ore body, grade recovery curves, and flow rates, which are critical for production success [64] Additional Important Information - **Production Capacity**: The CPP has a capacity of 2,000,000 pounds, with plans to expand to 3,000,000 pounds pending additional infrastructure [32][43] - **Market Sentiment**: The company aims to regain investor confidence and is focused on delivering on promises made during the reset plan [58][80] This summary encapsulates the critical aspects of Peninsula Energy's current operational status, financial outlook, and strategic direction as discussed in the conference call.

智通财经APP获悉，中银国际发布研报称，维持中广核矿业(01164)的买入评级。如果其上半年的亏损只 是由于季节性因素，相信投资者情绪可以得到恢复。该行仍视其为天然铀价格上行周期的关键收益标 的。公司预计会于明天收盘后公告中期业绩。哈原工于上周五公布中期业绩。其运营情况的更新对天然 铀供需基本面和中广核矿业中期业绩都有影响和启示。 中银国际主要观点如下： 产量指引 2026年产能指引的下调，与哈原工在生产基础设施方面取得的进展形成对比。一方面，合资企业 KATCO已投产一个产能为2,000吨铀的新处理厂。另一方面，新的硫酸厂已开始建设，预计于2027年第 二季度投产。公司认为硫酸短缺问题已基本解决，未来的挑战更可能是硫酸的价格问题而非供应量。 销售量呈现季节性波动 尽管总产量同比增长13%，但由于客户交付时间安排，哈原工2025年上半年的天然铀销售量同比下降 2%至7,625吨铀。虽然哈原工未提供合资公司及子公司层面的销售量细分，但该行认为销售的季节性因 素可能也是中广核矿业2025年上半年发布盈利预警的其中一个原因。鉴于哈原工维持全年销售量指引 17,500-18,500吨铀不变，该行预计销售量将在2025 ...

中国作为全球最大的能源消费国，核能在未来的能源布局中扮演着越来越重要的角色。 过去，我们铀资源稀缺，几乎完全依赖进口，能源安全风险巨大。 但过去十年，局面发生了翻天覆地的变化！ 通过精准的地质勘探和技术突破，中国成功发现了大量铀矿床，成功从"贫铀国"跃升为铀矿大国。 这一突破，不仅让中国在全球铀资源格局中占据了重要位置，还为核电的未来发展奠定了坚实基础。 中国是如何从"贫铀国"一跃成为铀矿大国的呢？ 新中国成立初期，铀作为核工业的核心原料，几乎没有已知储量，国内核能的发展也处于"空白"状态。 由于核电技术对铀资源的依赖性极强，铀矿的开采和资源保障，成为了中国核工业发展的一大难题。 1950年代，国家启动了大规模铀矿普查，并依照当时国际上的普遍经验，借鉴了澳大利亚的勘探方式，认为铀矿主要藏在花岗岩层中。 现实却并未如预期那般顺利。直到1957年，湖南郴州金银寨的花岗岩下才发现了中国的第一个铀矿床——711矿。 随着时间的推移，尽管中国在南方和西北的一些地区加大了铀矿的勘探力度，但新增的铀资源储量，仍然赶不上核电装机容量增长的速度，铀矿资源的瓶颈 问题逐渐显现。 到了2009年，国际原子能机构的数据显示，中国的铀 ...

Investment Rating - The report recommends a "Buy" rating for the industry, predicting that the industry index will outperform the Shanghai Composite Index by 10% or more during the specified period [6]. Core Insights - The company produced 180,000 pounds of U3O8 in Q2 2025 and expects a total production of approximately 1 million pounds of finished U3O8 for the year [1][9]. - The average uranium grade at the Pinyon Plain mine is reported to be 2.23%, making it one of the highest-grade uranium mines in U.S. history [1]. - The company anticipates a decrease in production costs starting from Q4 2025, with expected sales costs dropping to between $30 and $40 per pound by Q1 2026 [7][8]. Production and Sales - In Q2 2025, the company sold 50,000 pounds of U3O8 at an average price of $77.00 per pound, generating total revenue of $3.85 million with a gross margin of 31% [2]. - The company holds a total inventory of 1.875 million pounds of U3O8 as of June 30, 2025, which includes 725,000 pounds of finished U3O8 [4][10]. - The company has adjusted its sales guidance for 2025 from 220,000 pounds to 350,000 pounds of U3O8, reflecting increased demand from utility customers [12]. Cost Structure - The weighted average cost of finished U3O8 inventory as of June 30, 2025, is approximately $53.00 per pound [8]. - The company expects to achieve a total weighted average sales cost of $23 to $30 per pound of U3O8, positioning it among the lowest production costs globally [7]. Project Development - The company is actively developing its Pinyon Plain mine and has reported excellent drilling results, indicating the potential for increased uranium resources [13]. - The Donald rare earth project in Australia has received final regulatory approval, with a final investment decision expected by Q4 2025 [16]. Financial Performance - In Q2 2025, the company reported total revenues of $4.212 million, a decrease of 52% year-over-year and a 75% decrease quarter-over-quarter [23]. - The net loss for Q2 2025 was $21.812 million, with total operating funds of $253.23 million, including $71.49 million in cash and cash equivalents [24].

Investment Rating - The report recommends a "Buy" rating for the industry, indicating a positive outlook for investment opportunities [5]. Core Insights - The uranium production for Q2 2025 decreased by 23% quarter-on-quarter to 4.6 million pounds, and net profit attributable to shareholders increased by 359% to 321 million CAD [1][10]. - The average realized price for uranium in Q2 2025 was 57.35 USD per pound, reflecting a 2% year-on-year increase but an 8% quarter-on-quarter decrease [8][22]. - The company expects an average realized price of approximately 87.00 CAD per pound for uranium in 2025, up from a previous estimate of 84.00 CAD [16]. Summary by Sections Uranium Business - **Production Volume**: In Q2 2025, the self-produced uranium was 4.6 million pounds (2088 tons), a 35% year-on-year decrease and a 23% quarter-on-quarter decrease [1][22]. - **Sales Volume**: The uranium sales volume reached 8.7 million pounds (3950 tons), marking a 40% year-on-year increase and a 26% quarter-on-quarter increase [3][22]. - **Unit Production Costs**: The cash production cost for self-produced uranium was 26.19 CAD per pound, up 54% year-on-year and 17% quarter-on-quarter [4][22]. - **Unit Procurement Costs**: The cash cost for externally procured uranium was 97 CAD per pound, down 11% year-on-year and 9% quarter-on-quarter [6][22]. - **Total Production and Procurement Costs**: The total cost for uranium production and procurement was 45.66 CAD per pound, up 8% year-on-year and 2% quarter-on-quarter [7][22]. Fuel Services Business - **Production Volume**: The fuel services business produced 3200 tons of uranium in Q2 2025, a 10% year-on-year increase but an 18% quarter-on-quarter decrease [9][22]. - **Sales Volume**: The sales volume for fuel services was 4400 tons of uranium, a 52% year-on-year increase and an 83% quarter-on-quarter increase [9][22]. - **Average Realized Price**: The average realized price for fuel services was 36.79 CAD/kg of uranium, down 8% year-on-year and 35% quarter-on-quarter [9][22]. Financial Performance - **Revenue**: The total revenue for Q2 2025 was 877 million CAD, a 47% year-on-year increase and an 11% quarter-on-quarter increase [10][25]. - **Gross Profit**: Gross profit for Q2 2025 was 257 million CAD, a 47% year-on-year increase but a 5% quarter-on-quarter decrease [10][25]. - **Net Earnings**: Net earnings attributable to equity holders were 321 million CAD, a significant increase of over 100% year-on-year and a 359% increase quarter-on-quarter [10][25]. - **Adjusted EBITDA**: The adjusted EBITDA for Q2 2025 was 673 million CAD, a 96% year-on-year increase [25]. Future Guidance - **Uranium Production Outlook**: The company anticipates uranium production from McArthur River/Key Lake and Cigar Lake to be 18 million pounds in 2025, with potential risks related to land freezing and skilled labor availability [16][20]. - **Fuel Services Production Target**: The annual production target for fuel services remains between 13,000 to 14,000 tons of uranium [17]. - **Westinghouse Investment**: The expected adjusted EBITDA share from Westinghouse is projected to be between 525 million to 580 million USD, influenced by ongoing projects in the Czech Republic [18].

Summary of Deep Yellow's Conference Call Company Overview - **Company**: Deep Yellow - **Industry**: Uranium Development - **Key Personnel**: - Andrew Mirko, Head of Business Development - Daryl Butcher, Head of Project Development - John Borschoff, CEO with 50 years of uranium industry experience - Chris Salisbury, Chairman with senior roles at Rossing and Ranger uranium mines - **Market Capitalization**: $1.6 billion as of late last week [5] Core Projects - **Chumas Project**: Located in Namibia, a Kalkrete hosted deposit - **Malga Rock Project**: Located in Western Australia, one of the largest undeveloped uranium mines in Australia with a resource of 105 million pounds [7] - **Alligator River Project**: Located in Northern Territory, an unconformity related deposit with significant land holdings [8] Development Strategy - **Production Target**: Aim to produce over 10 million pounds of uranium per annum within the next decade [4] - **Project Development Sequence**: Sequentially develop Tumus, then Malga Rock, followed by the next project [4] - **DFS (Definitive Feasibility Study)**: Completed for Tumus, showing robust economics with an IRR of 19% and NPV of USD $577 million [8] Market Dynamics - **Uranium Price Trends**: - Price increased to $106 per pound in early 2024, followed by a decline due to uncertainties [12] - Recent price increases attributed to U.S. executive orders and recognition of production challenges [13] - **Global Nuclear Power Shift**: Strong governmental support for nuclear energy as a carbon-free baseload source, with commitments to increase reactor fleets significantly by 2050 [15][16] Supply and Demand Outlook - **Future Demand**: Projected global uranium requirements by 2030 estimated at 185 million pounds, with existing production at 137 million pounds [17] - **Supply Challenges**: Existing supply is expected to decline, and new projects face economic and regulatory hurdles [19][20] - **Investment Bank Projections**: Consensus estimates for uranium requirements range from 185 million to 248 million pounds by 2030 [18] Project Innovations - **Tumaz Project**: Revised DFS indicates a production target of 3.6 million pounds per annum over a 30-year mine life [8] - **Malga Rock Project**: - Significant resource upgrades, including a 25% increase in uranium resources and substantial base and rare earth metals identified [25] - Innovative processing techniques to reduce costs and environmental impact, aiming for low quartile production costs [27][32] Conclusion - Deep Yellow is positioned to capitalize on the growing demand for uranium driven by a global pivot towards nuclear energy. The company’s experienced team and innovative projects, particularly in the Malga Rock and Tumus projects, are expected to enhance its production capabilities and market position in the coming years.

Summary of Paladin Energy (PALA.F) 2025 Conference Call Company Overview - **Company**: Paladin Energy - **Industry**: Uranium Production - **Key Speaker**: Paul Hebrough, Chief Operating Officer Core Points and Arguments - **Growth Opportunities**: Paladin Energy is positioned for growth with significant projects like Patterson Lake South and Langer Heinrich Mine, which is nearing full operational capacity by 2026 [3][4][5] - **Market Outlook**: The uranium market is expected to grow due to increasing demand for nuclear energy, driven by clean energy initiatives and a structural supply-demand deficit [4][5][6] - **Production Achievements**: In the last financial year, Paladin produced over 3 million pounds of uranium at an average realized price of $65.70 per pound and a production cost of $40.20 per pound [7] - **Operational Improvements**: The company has achieved record crusher throughput and sustainable recovery rates, indicating successful debottlenecking and refurbishment of processing plants [8][9] - **Contract Book**: Paladin's contract book includes 13 tier-one counterparties, with 43% of contracts having base escalated pricing and 50% market-related pricing, providing downside protection and upside exposure [10] Key Projects - **Langer Heinrich Mine**: - Expected to complete operational ramp-up by the end of the financial year - Significant production increase with a transition from medium-grade stockpile to prime mined ore [7][8] - **Patterson Lake South (PLS)**: - Located in the Athabasca Basin, known for high-grade uranium deposits - Contains 93.4 million pounds of probable reserves with a grade of 14,100 ppm, significantly higher than Langer Heinrich [11][12] - Capable of producing 9 million pounds per annum with conventional underground mining methods [12] Regulatory and Environmental Engagement - **Regulatory Approvals**: Paladin has made progress in obtaining necessary regulatory approvals, including an exemption from the NROP and acceptance of the final EIS by Environment Saskatchewan [12][13] - **Community Engagement**: Ongoing negotiations with First Nations groups to ensure community support and collaboration [12][13] Exploration and Future Plans - **Exploration Focus**: Continued exploration at PLS and Langer Heinrich to extend resource life and discover new opportunities, including the Saloon East trend [14][15] - **Strategic Goals**: The strategy emphasizes maximizing production from existing mines while driving development at PLS and maintaining a disciplined approach to exploration [15] Additional Insights - **Infrastructure Readiness**: On-site infrastructure is fully prepared for production, including power supply and water management systems [9] - **Market Dynamics**: There is a significant disconnect between uranium supply and demand, particularly in major consuming countries like the USA, China, and France [6]

Investment Rating - The industry is rated as "Recommended" [6] Core Insights - In Q2 2025, the production of packaged U3O8 reached 349,188 pounds, representing an 18% increase quarter-on-quarter. The increase in production was attributed to the commissioning of the third NIMCIX tower and the operation of three wellfields during the quarter [1][3] - The sales volume of packaged U3O8 was 100,000 pounds, a decrease of 33% compared to the previous quarter, as the company decided to retain inventory based on the belief that market prices do not reflect the long-term fundamental value of uranium [1][8] - The average realized price for U3O8 was $71.15 per pound, down 15% from the previous quarter [1] Production and Cost Analysis - C1 costs for Q2 2025 were A$36 per pound (approximately $23 per pound), an increase of A$3 per pound (9%) due to rising reagent costs and a decrease in the expected tenor from PLS to IX [2] - Capital expenditures for Wellfields and Projects were both A$7 million, lower than expected, leading to a carryover of approximately A$15 million into FY26 [2] Construction and Exploration Activities - Construction activities continued with the assembly of NIMCIX columns 4-6 nearly completed, and related steel structures being installed. Commissioning is expected to begin in the next quarter [3] - Exploration efforts focused on the Lake Constance target area, located 40 kilometers southwest of the Gould Dam resource, where several radioactive intersections were recorded in the 1970s [4][5] Financial Position - As of June 30, 2025, the company had no debt and A$224 million in current assets, including cash and liquid investments, a decrease of A$5.2 million from the previous quarter [8] - The company maintained a strong balance sheet, allowing it to strategically exit the market when uranium prices do not reflect long-term value [8] - Inventory and investments increased by A$22 million during the quarter, primarily due to the rise in the value of investments in enCore Energy Corp and Laramide Resources Ltd [8][9] Cash Flow and Revenue - The company received A$10.9 million (approximately $7.1 million) in cash during the quarter from the sale of 100,000 pounds of U3O8 [10] - The Alta Mesa project produced 203,798 pounds of U3O8 in the quarter, significantly up from 98,000 pounds in the previous quarter, reflecting the company's 30% ownership stake [11][12] Strategic Developments - The company announced a modification to an existing uranium loan agreement, extending the repayment date and providing an additional cash facility [13] - The exit of First Quantum from the exploration joint venture has resulted in Boss owning 100% of the rights to the basic and precious metals on the leases [15]

Group 1 - CGN Mining is forecasted to report a net loss of approximately RMB68 million in 1H25 due to a one-off negative margin in the uranium trading business and a decrease in spot uranium prices affecting joint venture margins [1] - The earnings forecast for 2025 has been reduced by 47% to RMB260 million, reflecting the anticipated weak results in 1H25, but a recovery in margins is expected in 2H25 [1] - The new pricing mechanism for the off-take agreement with the parent company starting in 2026 is expected to significantly boost earnings growth due to a higher contract price [1] Group 2 - The fixed price for uranium in the new off-take agreement for 2026 is set at US$94.22 per pound, which is substantially higher than the US$61.78 per pound in 2023, with annual increments planned [2] - The proportion of fixed pricing in the off-take agreement will decrease from 40% to 30%, which is expected to reduce the mismatch between joint venture average selling price and off-take pricing [2] - Potential risk factors include further trading losses, a pullback in spot uranium prices, and a lack of improvement in sulphuric acid supply from Kazakhstan [2]

Group 1 - A team of experts in China has discovered the world's deepest sandstone-type industrial uranium mineralization at a depth of 1820 meters in the Tarim Basin, setting a new record for such discoveries globally, indicating China's leading position in deep sandstone uranium resource exploration [1] - This discovery fills a significant gap in uranium exploration in the largest desert-covered area of China, suggesting a breakthrough in the theoretical understanding of sandstone-type uranium mineralization [7] - The new detection technology system developed for this discovery integrates three-dimensional detection techniques suitable for desert-covered areas, enhancing China's uranium resource exploration capabilities [7] Group 2 - To support uranium resource development in the Tarim Basin, a research team was established by the China National Nuclear Corporation and the Beijing Geological Research Institute, focusing on innovative predictive models and drilling technologies [9] - The team has proposed a new "exudation-infiltration reformation regional prediction model" and developed efficient drilling techniques for complex strata in the Tarim Basin, which significantly contributed to the recent breakthrough in uranium mineralization [9]