Energy Fuels (NYSEAM:UUUU) Q4 2025 Earnings call February 27, 2026 11:00 AM ET Company ParticipantsCurtis Moore - SVP of Marketing and Corporate DevelopmentMark Chalmers - CEOMatthew Key - VP of Equity ResearchNathan Bennett - CFONoel Parks - Managing Director, CleanTech and E&PRoss Bhappu - PresidentConference Call ParticipantsAnthony Taglieri - Equity Research AnalystBrian Lee - Equity Research AnalystHeiko Ihle - Managing Director, Senior Metals and Mining AnalystJoseph Reagor - Managing Director, Senior ...

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a 24% increase in revenue and a 58% increase in net income year-over-year [4] - Full year revenue increased by 27% to $513.2 million from $402.7 million, and net income increased by 56% to $115.6 million from $74.2 million [5] - Earnings per share rose to $2 from $1.27, marking the first time the company surpassed $500 million in revenue in 20 years and reached $2 per share in 23 years [6] Business Line Data and Key Metrics Changes - Homesite gross margins increased to 51% from 47%, while leasing gross margins rose to 57% from 54% [7] - Hospitality gross margins slightly decreased to 31% from 32%, attributed to opening expenses related to new facilities [7] Market Data and Key Metrics Changes - The company has local and state government approval for 10 Detailed Specific Area Plans (DSAPs), each with at least 1,000 acres of fully entitled mixed-use projects [10] - The residential home site pipeline had approximately 23,900 home sites in various stages of planning, an increase of 2,200 home sites compared to the end of 2024 [10] Company Strategy and Development Direction - The company aims to continue growing its recurring revenue, which is seen as a more sustainable and scalable revenue stream compared to pure transactions [38] - Plans for breaking ground on new commercial buildings and an apartment complex in 2026 were discussed, indicating ongoing development efforts [11][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the performance of the new Delta flight from New York, indicating it has been performing well and may lead to increased demand for hospitality offerings [46][47] - The company is cautiously optimistic about the progress of the FSU Health Campus, which is expected to be a significant catalyst for the region [25] Other Important Information - The company has accelerated stock repurchases, with $15.1 million spent in Q4 2025, the highest in any quarter of 2025 [5] - The company has a multifaceted capital allocation strategy, with 47% allocated for capital expenditures, 33% for dividends and stock repurchases, and 20% for debt reduction [8] Q&A Session Summary Question: Are there any new multifamily units on the horizon for 2026 or 2027? - Management confirmed plans to break ground on a new apartment complex near the FSU Health campus and is always evaluating opportunities for new hotels and acquisitions [13] Question: Any new developments coming in the near future for the Pier Park area? - Management announced plans for Pier Park East, which will include a family-oriented surf park as a second anchor alongside Topgolf [14][15] Question: Does management still view buybacks as a prudent allocation of capital given the recent share price increase? - Management affirmed that stock buybacks remain a component of their capital allocation strategy, depending on market conditions [16] Question: Can you help break down the 47% year-over-year increase in real estate revenue in Q4? - Management explained that the increase was driven by higher average sales prices and normal land sales, alongside new residuals [19] Question: What are the company's short and long-term goals for the percentage of revenue that is recurring? - Management emphasized the importance of growing recurring revenue as a key part of their business strategy [38] Question: How is AI going to be implemented into the infrastructure of operations inside of St. Joe? - Management stated that they are exploring AI as a tool to improve operational efficiency [39] Question: What is the status and current timing around Pigeon Creek? - Management indicated they are in discussions with a builder for the Pigeon Creek project and are optimistic about moving forward soon [23] Question: Any updates on the Lake amenity or Pigeon Creek neighborhood? - Management confirmed they are in the planning phase for the Lake amenity and are progressing with discussions for Pigeon Creek [22] Question: What is the company's estimate of the average value per unused acre of land in the portfolio? - Management noted that there is no one-size-fits-all number for land value due to various factors affecting developability [40] Question: Is there any new info on West Bay Parkway, Walton segment? - Management expressed satisfaction with the progress of the road and is working closely with planning organizations for further steps [50]

Summary of the Conference Call Company and Industry Overview - The conference call focuses on a technology company that is enhancing its product offerings through an agentic enterprise architecture, which integrates AI-driven systems to improve customer engagement and operational efficiency [1][3][5]. Core Points and Arguments Agentic Enterprise Definition - The company defines an agentic enterprise as one where humans and AI agents collaborate to drive customer success, leading to improved productivity, higher revenue, and operational efficiency [3][4]. Challenges with AI Implementation - A significant challenge is that 95% of enterprise AI pilots fail due to the inability of large language models (LLMs) to operate autonomously and their lack of business context [4][5]. Four-System Architecture - The company emphasizes a four-system architecture: 1. **System of Context**: Provides business context by integrating structured and unstructured data [6][8]. 2. **System of Work**: Where business operations are executed, including marketing, sales, and service [5][6]. 3. **System of Agency**: Utilizes AI to orchestrate workflows based on the context [5][7]. 4. **System of Engagement**: Facilitates communication with customers through various channels [5][7]. Performance Metrics - The introduction of a new metric, **Agentic Work Unit (AWU)**, measures the actual work done by agents on the platform, moving beyond traditional metrics like token usage [14][16][75]. Growth and Adoption - The company reports an $800 million annual run rate for its Agentforce product, with customer growth from 3,000 to over 23,000 in 15 months [11][70]. - The company sees significant potential for upselling and cross-selling within its existing customer base, with expectations of 2-4x growth in overall spend [66][70]. Customer Use Cases - Various customers are utilizing Agentforce for diverse applications, including: - **Agibank**: Customer-facing agents for loan inquiries [17]. - **Bouygues**: Internal agents assisting employees with complex tasks [18]. - **ADP**: HR workflow automation using internal agents [18]. - **General Motors**: Task-based automation for employee productivity [19]. Future Outlook - The company anticipates the emergence of "super agents" that can coordinate tasks across different systems, enhancing the customer experience [50][51]. - The integration of Slack as a key engagement tool is highlighted, with Slackbot already proving essential for many customers [51]. Important but Overlooked Content - The company emphasizes the importance of data quality and context in ensuring the reliability of AI agents, as poor data can jeopardize business reputation [9][10]. - The call discusses the need for a unified approach to integrating various technologies and data sources, ensuring that customers can leverage their existing systems without extensive reconfiguration [44][45]. - The company is committed to continuous optimization and evaluation of its AI capabilities to ensure they meet customer needs and drive business outcomes [20][60]. Conclusion - The conference call illustrates the company's strategic focus on integrating AI into business processes through a comprehensive architecture, highlighting significant growth in customer adoption and the introduction of innovative metrics to measure success. The emphasis on collaboration between human and AI agents positions the company as a leader in the evolving landscape of enterprise technology.

Financial Data and Key Metrics Changes - TransAlta reported Adjusted EBITDA of CAD 1.1 billion and Free Cash Flow of CAD 450 million, or CAD 1.73 per share, with an average fleet availability of 92.3% [4][18] - The company experienced lower power pricing in Alberta, which impacted its operating environment, leading to Adjusted EBITDA being at the lower end of expectations [4][18] - The total recordable injury frequency rate improved to 0.12 from 0.56 in 2024, surpassing the target of 0.37 [5] Business Line Data and Key Metrics Changes - The hydro segment generated Adjusted EBITDA of CAD 285 million, driven by lower spot and ancillary power prices [16] - The wind and solar segment delivered Adjusted EBITDA of CAD 338 million, a 7% increase compared to 2024, due to higher wind resources and contributions from Oklahoma wind assets [16] - The gas segment's Adjusted EBITDA decreased to CAD 438 million, primarily due to lower power prices in Alberta and higher operating costs [17] - The energy transition segment delivered CAD 100 million of Adjusted EBITDA, increasing year-over-year due to lower purchased power costs [17] Market Data and Key Metrics Changes - The average spot price in Alberta was CAD 44 per megawatt hour in 2025, down from CAD 63 per megawatt hour in 2024 [18] - The gas fleet captured an average price of CAD 66 per megawatt hour, a 50% premium to the average spot price [19] - The hydro fleet achieved an average realized price of CAD 58 per megawatt hour, a 32% premium to the average spot price [19] Company Strategy and Development Direction - TransAlta aims to advance its data center opportunity at Keephills, establishing a framework for phased development with CPP Investments and Brookfield [9][10] - The company is focused on maximizing the value of its legacy thermal sites while pursuing strategic M&A opportunities [27][28] - The board approved an 8% increase in the common share dividend, affirming the commitment to returning value to shareholders [7] Management's Comments on Operating Environment and Future Outlook - Management noted that Alberta's spot power prices are expected to remain under pressure, impacting the merchant portfolio [25] - The company anticipates Adjusted EBITDA for 2026 to be in the range of CAD 950 million to CAD 1.1 billion, with Free Cash Flow expected between CAD 350 million and CAD 450 million [24] - Management expressed confidence in the company's ability to fund growth opportunities through existing Free Cash Flow generation and incremental debt capacity [78] Other Important Information - TransAlta fully integrated Heartland into its operations, providing additional contracted cash flows and synergies [6] - The company completed its ERP system implementation on time and on budget, enhancing operational efficiency [6] - The acquisition of Far North Power is expected to add approximately CAD 30 million of average Adjusted EBITDA per year [12] Q&A Session Summary Question: Can you share more details around the data center opportunity? - Management indicated that specifics are limited due to MOU terms but emphasized the priority of speed to power and the expectation of definitive documents being completed within the year [32][33] Question: What are the terms of risk sharing in the MOU? - Management refrained from disclosing specific terms but expressed confidence in the commercial framework established with partners [34][35] Question: Can you provide an update on the M&A market? - Management noted that the M&A market remains active, with opportunities in both renewable and thermal generation assets [51][52] Question: What is the timeline for moving from MOU to binding agreement? - Management expects definitive agreements to be completed within the year, with ongoing engagement to finalize terms [57][58] Question: How will Alberta's interties with neighboring power markets influence the outlook? - Management is optimistic about the opportunities created by interties, particularly for load growth requirements in the Pacific Northwest and beyond [102]

BlackRock TCP Capital Corp. Investor presentation Q4 2025 Experienced and tenured investment team Senior Leadership & Executive Team | Philip Tseng (27)* Chairman, Chief Executive Officer and Co-CIO | | | | | | --- | --- | --- | --- | --- | | Senior Leadership & Executive Team | | | | | | Jason Mehring (31) | | Erik Cuellar (28) | Diana Huffman (15) | | | President | | CFO | General Counsel and Secretary | | | Dan Worrell (34) * | | Patrick Wolfe (19) | Charles Park (17) | | | Co-CIO | | COO | CCO | | | Ori ...

Financial Data and Key Metrics Changes - For the full year 2025, the company reported record-adjusted earnings per share of $2.93, compared to $2.33 per share for 2024, reflecting significant earnings growth driven by new rates in Oregon and strong organic customer growth [18][19] - The company generated approximately $270 million in cash provided by operating activities, about 35% above 2024 [19] - The company invested a record $467 million in systems related to safety, reliability, and technology, with 75% allocated to Northwest Natural Gas [20] Business Line Data and Key Metrics Changes - The Northwest Natural Gas utility segment saw adjusted earnings per share improve by $0.45, primarily due to new rates in Oregon [18] - SiEnergy contributed $0.33 per share for 2025, with 18% organic customer growth and a backlog nearing 250,000 future meters, representing over a 30% increase in customer backlog [11][12] - The water segment contributed $0.35 per share, accounting for 12% of consolidated adjusted earnings per share, driven by new rates and acquisitions [14][19] Market Data and Key Metrics Changes - The company is positioned to address the growing energy demand in the Pacific Northwest, with the MX3 Gas Storage Expansion project expected to enhance regional reliability and capacity [5][9] - The Pacific Northwest Electric Grid faces a potential 9-gigawatt capacity shortfall by 2030, highlighting the importance of the company's storage capabilities [9] Company Strategy and Development Direction - The company aims to diversify into the water utility business and expand into multiple jurisdictions, including Texas, to enhance long-term growth prospects [4][5] - The transition to multi-year rate cases in Oregon and Washington is expected to create a more balanced and predictable earnings profile [7][8] - The company plans to maintain a strong balance sheet while targeting a long-term dividend payout ratio of 55%-65% [16][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strategy and execution, anticipating another record year for capital investment and earnings in 2026 [16][25] - The company expects consolidated capital expenditures of approximately $500 million-$550 million in 2026, with a long-term EPS growth rate of 4%-6% reaffirmed [21][23] Other Important Information - The MX3 Gas Storage Expansion project is estimated to cost approximately $300 million and is expected to be in service by the end of 2029 [10] - The company is committed to returning capital to shareholders, with a focus on steady dividend increases [16][24] Q&A Session Summary Question: Guidance and Growth Range - Management is comfortable with the 4%-6% long-term EPS growth guidance without MX3, expecting to increase it to 5%-7% once the project achieves notice to proceed [27] Question: Notice to Proceed Timeline - The company expects notice to proceed by the end of next year, with several milestones already achieved [28] Question: SiEnergy Growth Expectations - SiEnergy has exceeded expectations with strong growth and record additions to its backlog, despite a slowdown in the Texas housing market [29] Question: Rate Case Considerations - Management is evaluating a rate case for SiEnergy, considering customer affordability and potential benefits from the GRIP mechanism [31][32] Question: Water Business Expansion - The company is focused on both organic growth and opportunistic acquisitions in the water business, with a robust M&A pipeline [33][34] Question: Impact of Mortgage Rates on Growth - Recent reductions in mortgage rates have shown a positive impact on housing development and customer growth in Texas [36][37]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported net income of $3.7 million, or $0.27 per diluted share, on net sales of $62.6 million, reflecting a 2.2% decline in net sales compared to the previous year [11][3] - Gross margin improved by 280 basis points year-over-year to 27.7%, attributed to lower operational costs and the benefits from the Gold Tip acquisition [11][4] - Total cash flow from operations increased to $14.9 million from $12.3 million in the prior year, driven by a 10% decrease in inventory and improved profitability [12][13] Business Line Data and Key Metrics Changes - The decline in net sales was primarily driven by softer consumer demand in basketball and outdoor games, while archery and billiards experienced healthy growth due to recent acquisitions and new product introductions [3][4] - Selling, general, and administrative expenses rose by 6.8% to $11.6 million, mainly due to non-recurrent executive transition expenses [12] Market Data and Key Metrics Changes - The consumer environment remains mixed, with less affluent consumers being more price-sensitive, while affluent consumers are less affected by price changes [5] - The company is closely monitoring emerging tariff policy changes, indicating a proactive approach to market conditions [5] Company Strategy and Development Direction - The company is shifting focus from cost optimization to profitable growth, leveraging a leaner balance sheet and operational discipline established in 2025 [5][9] - M&A remains a priority for capital allocation, with recent acquisitions aimed at complementing existing product categories and strengthening market position [6][7] Management Comments on Operating Environment and Future Outlook - Management expects consumer conditions to remain mixed in 2026, influenced by moderating interest rates and persistent inflation [5] - The company is confident in its ability to meet financial commitments while investing in future growth, supported by strong free cash flow generation [9] Other Important Information - The company repaid nearly $2 million of long-term debt during the fourth quarter and increased cash levels to $11.9 million [9][13] - A new 110,000 sq ft facility was purchased to support growth in safety and fitness categories, initially intended for warehousing [8][16] Q&A Session Summary Question: Is the new facility production or distribution, and will it alleviate tariff pressure? - The facility is primarily for warehousing for fitness and safety businesses, with potential for future growth plans [16][17] Question: How does the product mix impact sales trends? - Higher value premium brands are showing favorable sales trends, while lower price point products are not performing as well [18][19] Question: What is the outlook on additional price increases due to tariffs? - The company does not foresee significant near-term price increases but remains vigilant about the dynamic tariff environment [20][21] Question: Is the potential refund of tariffs meaningful for the company? - Yes, the potential refund is meaningful, estimated in the $4 million-$5 million range [24][26]

Financial Data and Key Metrics Changes - The company reported same-store revenue growth of negative 0.1% for the fourth quarter, indicating stabilization compared to previous quarters [10] - Funds from Operations (FFO) per share was reported at $0.64 for the quarter, with a 1.9% increase in the quarterly dividend to an annualized $2.12 per share, representing a 5.3% dividend yield [11] - Leverage ended the year at 4.8x net debt to EBITDA, indicating a strong balance sheet [14] Business Line Data and Key Metrics Changes - The company experienced a positive trend in move-in rates, improving from -10% in Q4 2024 to +2.8% in Q4 2025 [5] - Same-store expenses grew by 2.9% in Q4, influenced by real estate taxes and property insurance, offset by increases in marketing and repairs [10] - Over 75% of the top 25 markets saw revenue growth accelerate from Q3 to Q4 2025 [8] Market Data and Key Metrics Changes - The occupancy gap improved to 88.7% by the end of January 2026, narrowing from year-end levels [6] - Only 19% of same-store assets are projected to face new supply impacts in 2026, the lowest percentage since 2017 [9] - The Northeast and Midwest urban markets continue to outperform, while Sun Belt and West Coast markets are beginning to show improvement [4][7] Company Strategy and Development Direction - The company is focused on capital allocation strategies, including a new joint venture with CBRE IM for $250 million to invest in high-growth markets [12] - The management team emphasizes maintaining a high-quality portfolio and is open to asset dispositions or joint ventures to enhance shareholder value [14][68] - The company aims to return to historical revenue growth levels by addressing occupancy gaps and improving pricing strategies [8][60] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about returning to growth in 2026, citing stabilized fundamentals and improved operating metrics [4] - The company anticipates gradual improvement in financial results, with expectations for FFO per share in 2026 ranging from $2.52 to $2.60 [14] - Management acknowledged the impact of external factors such as weather-related costs and inflation on operating expenses [28] Other Important Information - The company executed share repurchases during the quarter, with an expanded authorization allowing for approximately $475 million in capacity [13] - The management team is actively monitoring legislative changes affecting pricing and transparency in the self-storage market [22] Q&A Session Summary Question: Can you discuss the supply situation and its impact? - Management clarified that the 19% of stores impacted by supply in 2026 refers to those competing against new deliveries from 2024 to 2026, indicating a lessening impact compared to previous years [19][20] Question: How is the lawsuit in New York affecting operations? - The company is aware of the lawsuit and is focused on compliance and providing optimal customer experiences [22][23] Question: What is driving the higher operating expenses compared to peers? - Management noted that real estate taxes and weather-related costs are significant drivers of expense growth, alongside inflationary pressures on personnel costs [28] Question: What is the outlook for move-in rates? - Management expects steady improvement in move-in rates, with a focus on maximizing customer value rather than just volume [35][60] Question: Can you elaborate on the joint venture with CBRE? - The joint venture is aimed at investing in core plus and value-add opportunities in high-growth markets, with the potential for future collaborations [29][30] Question: How does the company view share buybacks versus acquisitions? - Management indicated that while share buybacks are attractive, they remain open to acquisitions if compelling opportunities arise [46][78] Question: What is the outlook for the New York MSA? - Management expects New York to continue being a top-performing market, benefiting from recovering supply headwinds and strong demand trends [42][43]

Financial Data and Key Metrics Changes - For Q4 2025, the company reported a net loss attributable to common stockholders of $46 million, or $0.67 per diluted share, and an AFFO per diluted share of -$0.02 [13] - For the full year 2025, the net loss attributable to common stockholders was $72.7 million, or $1.07 per diluted share, with an AFFO per diluted share of $0.28 [13] - Adjusted EBITDAre for Q4 was $28.8 million, while for the full year it was $147 million [13] - Total assets at quarter end were $1.9 billion, with $1.1 billion in loans and a blended average interest rate of 6.7% [13][14] Business Line Data and Key Metrics Changes - Comparable total revenue growth for Q4 was 1.8%, while full-year growth was 2.8% [7][8] - Comparable Hotel EBITDA for Q4 increased by 6%, and for the full year, it grew by 3.1% [8][20] - The resort portfolio reported a comparable RevPAR of $536, a 4.1% increase over the prior year, and comparable Hotel EBITDA of $32.5 million, a 6% increase [10] Market Data and Key Metrics Changes - Comparable hotel RevPAR was flat for Q4, but ADR improved by 5.4% compared to the prior year [19] - Excluding properties under renovation, RevPAR increased by 4.6% and Total RevPAR increased by 6.3% for Q4 [19] - Group room revenue for the full year increased by 7.1%, with Q4 group room revenue up 0.4% [21] Company Strategy and Development Direction - The company has initiated a sale process and engaged financial advisors to explore options for creating shareholder value [6] - Renovations and strategic repositioning of properties, such as the conversion of Cameo Beverly Hills to Hilton's LXR brand, reflect the company's commitment to enhancing guest experiences [12][27] - The company plans to continue redeeming non-traded preferred stock to deleverage its platform and improve cash flow per share [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining operating momentum and delivering strong results despite a challenging hospitality environment [20][28] - The company anticipates continued benefits from recent renovations and strategic initiatives aimed at enhancing profitability [27][28] - Management highlighted the resilience of the diversified portfolio and the effectiveness of targeted sales strategies in capturing group demand [22][23] Other Important Information - The company sold the Clancy hotel in San Francisco for $115 million, which allowed for a significant debt paydown of approximately $65 million [11] - Capital expenditures in 2025 totaled approximately $78 million, with an anticipated spending of $25 million to $35 million in 2026 [27] Q&A Session Summary Question: What is the outlook for the company's sale process? - Management indicated that there is no definitive timetable for the sale process and that it is exploring all options to create shareholder value [6] Question: How are renovations impacting performance? - Renovation activities have significantly impacted portfolio results, with hotels not under renovation showing better RevPAR growth [7][10] Question: What are the expectations for group revenue? - Group room revenue has shown strong growth, particularly at standout properties like the Four Seasons Scottsdale, which achieved significant increases in both revenue and ADR [21][22]

Financial Data and Key Metrics Changes - Energy Fuels reported a net loss of $86 million or $0.38 per share for fiscal year 2025, compared to a net loss of $47 million or $0.28 per share in fiscal 2024, reflecting higher ongoing costs due to global operations expansion [33] - The company ended the year with $1.4 billion in total assets and $927 million in working capital, including $862 million in cash and marketable securities [32] - The average month-end uranium spot prices were approximately 13.8% lower in 2025 compared to 2024, impacting revenue per pound and gross margin percentage, which was 31% in 2025 [34] Business Line Data and Key Metrics Changes - Energy Fuels mined over 1.7 million pounds of uranium and processed over 1 million pounds of finished U308 in 2025, with plans to materially increase uranium mining production and sales in 2026 [3][13] - The company sold 650,000 pounds of uranium at an average price of $74.20 per pound in 2025, an increase of 200,000 pounds year-over-year [34][16] - The White Mesa Mill produced about 1 million pounds of finished product, with production costs decreasing from $53 per pound to $43 per pound by the end of 2025 [15][34] Market Data and Key Metrics Changes - The company is positioned as the largest and lowest-cost U.S. uranium producer and is emerging as a large-scale, low-cost rare earth and critical mineral producer [5][2] - The rare earth segment made remarkable progress, with pilot production of Dysprosium and plans for Terbium oxides, and the NdPr and Dy products have been qualified for use by major automobile manufacturers [4][19] Company Strategy and Development Direction - Energy Fuels aims to build a globally significant critical materials company, leveraging its core uranium business to expand into rare earths and other critical minerals [6][2] - The company has plans for significant expansions, including the Donald joint venture project in Australia and the Vara Mada project in Madagascar, with combined net present values estimated at $3.7 billion [4][30] - The acquisition of Australian Strategic Materials (ASM) is expected to enhance margin capture and position the company to capitalize on the reshoring of U.S. manufacturing [25][24] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's financial, technical, and commercial capabilities to execute aggressive plans, highlighting a strong balance sheet and operational milestones achieved in 2025 [2][5] - The company anticipates a significant increase in uranium production and sales in 2026, with guidance for mined uranium increasing to between 2 million and 2.5 million pounds [37][38] - Management noted that the current market conditions for uranium are favorable, with expectations for stronger fundamentals and increased demand in the future [16][70] Other Important Information - The company completed a $700 million convertible note offering at a 7.75% coupon rate, providing substantial liquidity for ongoing operations and strategic projects [4][32] - The White Mesa Mill is the only operating conventional uranium mill in the U.S. and has been transformed into a critical mineral hub, capable of processing both uranium and rare earths [17][18] Q&A Session Summary Question: Timeline for heavy mineral sands projects - Management confirmed that the Donald Project is shovel-ready, with a focus on making a final investment decision soon, while progress on the Vara Mada project is ongoing with government support [49][50] Question: Government support and offtake discussions - Management indicated that the scale of the company's assets is gaining attention from government entities, and they are optimistic about future support [54][56] Question: Factors driving uranium production guidance - The production guidance is dependent on mill runtime and mining rates, with plans to build inventories of unprocessed uranium for flexibility [60][80] Question: Spot market sales strategy - The company aims to time spot sales strategically, focusing on higher prices while maintaining a balance between spot and term contracts [62][70]