 Hello everyone, this is Byron King with Investor Intel coming to you from Toronto from the Prospectors and Developers Association of Canada, the PDAC conference, the world's largest mining conference. It's a pleasure today to speak with Mark Chalmers of Energy Fuels, a wonderful company working in the uranium space but also in the rare earth space markets. It's a pleasure to speak with you. For those of you, for those out there who perhaps don't know what Energy Fuels is or doesn't, where are you located? What do you do? Hey, Byron. First of all, it's my pleasure to be here talking to you. Energy Fuels is a unique company like no other. We have a long history of producing uranium and vanadium and a few years ago, about three years ago, we decided to embark on looking at advancing a rare earth strategy. And so really what you get with Energy Fuels is you get a company that is like decarbonization and electrification on steroids. Well, uranium is, if you'll excuse the expression, hot lately. You have one of the very few licensed processing facilities in the United States. Won't you tell everybody about that? Yeah, we have the White Mesa Mill in Blanding, Utah, or near Blanding, Utah. It's the only offerable uranium processing facility in the United States. And so it's a very unique facility and it's our flagship for the company. And now when you say you have a mill, what goes in and what comes out of that mill? Well, historically, it would treat uranium ores, uranium and vanadium ores. And so it would produce both yellow cake and V205, vanadium. But lately, it also is producing a rare earth carbonate where we are processing monazite that we secure from Kimors in Florida and Georgia. Now, monazite, monazite mineral tends to have a radioactive component in it, low levels of uranium and thorium. And so here's where the license to process uranium and White Mesa matches the geology of this monazite. Is that a fair statement? Absolutely, and that is our unique advantage. And it is not just a unique advantage, it is a huge advantage. So you bring in monazite sand, monazite minerals, you process it there. And what comes out the other end and where does that go? OK, well, we're currently making a rare earth carbonate that is about 35% in DPR. We're removing the uranium, the thorium, and cerium and lanthanum. And we're shipping it to our good friends at Neal Performance Materials in Estonia for further separations. In addition to that, we're also advancing building our own separation plan at the White Mesa Mill, which should be operable within the next year. So you're actually pouring concrete and bolting things into the floor now? The beauty is we don't have to pour concrete, because we're putting a solvent extraction circuit in our solvent extraction building where we have solvent extraction for uranium and vanadium recovery as well. OK, so you're going to be just one end of the other soup to nuts facility that will do not just uranium, yellow cake, plus the vanadium, but rare earth as well. Correct. So think how good is that, right? How good is that? That you mentioned NDPR for anybody who didn't catch it at Neodymium, Preziodymium. Those are the magnet metals, right? Correct. And now you also have just acquired a large operation going on in Brazil. Tell us about that. Yeah, back in May, we announced that we had secured a large land position in Brazil. It's about 60 square miles. And we knew that to advance our rare earth strategy, we needed to show the investors and potential offtakers in time that we had pounds in the ground, as we call it, of these rare earth monazite molecules that can feed the mill and do core. So it's a large position. It's near surface. We're still doing sonic drilling on that site. We've purchased a sonic drill rig. It should be in Brazil in the next few months. And so we're at the early stages there, but we're going to advance it very rapidly. And what's going to happen in Brazil? Are you going to be processing and concentrating and then exporting? Or do you have other plans downstream? Our plans are to make a heavy mineral sand concentrate, which will not be class 7. So it can be shipped as a non-radioactive product. Our plans are to ship it to North America, where one of the heavy mineral sand producers can then take that, recover the heavy, the titanium elements, mainly, and the monazite. So it is the monazite is still a byproduct of that process. But it is a very good source for not only us, but for these heavy mineral sand companies interested in that project. Now the investors out there probably have seen if they're if they're in this space, they have seen lots of smaller companies that say we're in the mineral space, the rare earth mineral space, what have you. And that's nice that they're in the mineral space, but what are they going to do with it? Is what they're going to do with it perhaps sell it to you or give it to you for processing? Or how does that work in the cycle of... We're open to anything that makes sense. We are doers. I think people realize that we are advancing quicker than anybody else that I think of in the entire world and outside of China, which I think is getting people's attention. And we know that with the China monazite plan, they have a number of arrangements with other producers, and we'll have to do the same. But the difference is we're providing the ability to process these products into separated oxides and eventually separated heavy rare earths in the next year for the lights and in heavies in a few years after that. Okay, now let's get back to old fashioned uranium. The United States produces almost none of the uranium that we use in our reactors. We import pretty much everything. What is your role in, you know, redomesticating uranium production to the country? Well, we've been the largest producer of uranium for the past five or six years. I've been producing uranium all over the world for coming up on over 40 years. And yeah, the awakening is that the United States and a lot of countries have become so overly dependent on Russia and China for a lot of these critical elements. So it is emerging. We signed three new long-term contracts back in May with two nuclear utilities in the United States. We're looking for more contracts. But people have realized that they cannot be dependent on Russia for nuclear fuel products. And so that is a real awakening for a lot of people around the world. And then also in my review of your company, it appears that you have a stockpile or an inventory of uranium material, yellow cake, either under your controller in warehouses. Is that correct? Yeah, no, we have a large inventory of uranium, most of which we produce. We have purchased some uranium in the last few months. We sold some uranium to the Department of Energy, which was concluded, I think, a few weeks ago. And that was the first time the US government had procured uranium in probably 50 years. In the olden days, it was the Atomic Energy Commission and they had a call on domestic uranium production at a very handsome price, which is how the original industry expanded. Is that sort of the origins of your sector, the industry here? Yeah, well, look, the US government used to support nuclear power in the United States. They kind of lost their way there, but they're finding a way back for all the right reasons. So the US government really initiated the nuclear fuel cycle in the United States by purchasing uranium back in the 50s and the 60s, and then they ceased to do that. And over a period of number of years, the infrastructure and the ability to convert and enrich basically went away. And now they're trying to re-establish that as quickly as they can. So in a sense, energy fuels is the last of that original process, but you have to take it forward. Yeah, exactly. So I think this, again, this new awakening, this focus on reducing carbon emissions and also reducing dependency on these countries that are going to use these geopolitical forces against, particularly the United States and our allies, is just a position we don't want to be in. Why don't you tell the viewers how they can buy your shares and where are you listed? Well, we're listed on the New York exchange under U-U-U-U, so four U's. And we're also listed in Toronto as EFR. And we have a market cap of about one billion US dollars. We have in the order of a couple hundred million dollars of cash or investments. And we're zero debt. And we are really burning rubber, and we are going to get there and be a world significant producer in the next few years, I believe. We've still got a lot of work to do, very exciting space, and it's never seen anything more exciting in my entire career in the mining business. Thank you so much. We wish you well. Viewers out there, thank you for your attention. Energy fuels, U-U-U-U, Mark Chalmers, Uranium, Rare Earths. This is a go-to company. Look at the website, look at the presentation, and think hard about this one. Thank you. Thank you, Byron.