 In a world where North American governments are making a strong push to bring the critical mineral supply chain home to America, I'm joined today with Mark Chalmers, CEO of Energy Fuels, the leading US producer of uranium, rare earth elements and vanadium. Mark, welcome. It's my pleasure to be here. It's a pleasure to have you. And congratulations once again on a fantastic Q3. I'd like to jump right into that by asking you, can you highlight the key factors that contributed to Energy Fuels' robust net income of $10.47 million in Q3 2023? Yeah, it was a combination of about four different things. One is uranium cells, some rare earth carbonate cells, but there also were some non-cash adjustments, for example, on some of our investments and also the value of the note that we have with Encore. So there were some non-cash aspects of that, but if you look at the company over this year, 23, we are significantly profitable because we sold the ultimatum project in Q1 and we're still seeing the benefits of that later in the year. Yeah, fantastic. And keeping on the topic of financials, you also had a significant increase in working capital this quarter as well. How do you plan to allocate these resources for future growth? Well, I've been in the smaller end of the mining sector for a number of years and the number one thing is I keep a strong balance sheet. So right now we are fully funded for all of our uranium and rare earth activities here in the United States with the strong balance sheet we have, but we're also looking at also having additional arrows in our quiver for potential M&A in both the rare earth and the uranium front. So I can't tell you exactly how they'll be allocated other than the fact that we have a substantial capacity. Yeah, and it's great to have, especially in markets like this. But speaking of markets like this, Energy Fuels has seen profitable uranium sales this quarter as well. Could you discuss the impact of the current commodity prices on your sales strategy and profitability? And do you see this trend of Americans buying in America continuing? Yeah, I mean, our profitability in the uranium sales was largely based on the fact that we have the ability to produce uranium for what we call alternate feeds. And that allows us to take natural uranium and process it at the mill and it's very low cost. And we currently have our uranium inventories on the books for about $30 a pound. So if you sell at 60 or 70, you know, you get these really nice margins like we experienced in Q3. When you look at, you know, the United States as a whole and there's certainly paying more attention to things that are produced in either the United States with allied countries. And you know, I think it will continue for the foreseeable future. But it's not an absolute. I mean, other companies, countries, you know, governments, you know, you're not going to wean yourself of these, you know, production from either Russia or China overnight. It's going to take time, but there are there certainly people are taking steps to start the weaning process to start. Yeah, and I appreciate that. And you're just talking about production there that leads into my next question. How are the preparations for the production of uranium mines progressing? And what are the expected impacts on product production capacity and company revenue? Well, as I said in our Q3 call, we're we're readying about four different mines right now as we speak and and and we're doing them kind of in a stair step fashion. And we will respond based on our contract portfolios and other market conditions. You know, the the the margins that we posted, you know, 50 percent margin, really from $30 to say $60 a pound will continue to have strong margins there in the foreseeable future, because one of the first projects we planned to come online is our opinion plane mine that has a forecasted cost of around 35 to $40 plus we still have these large inventories at around $30 a pound. So so we're going to continue to have strong margins as the uranium business improves. Right now, we've got three long term contracts. So we're looking at signing more. So just watch the space, Brandon, but, you know, we're in a good position with our projects and momentum that we have. Yeah, and fantastic to hear. Well, I'd like to switch over to another critical mineral talking about rare earths. Can you elaborate on the company's progress in developing rare earth separation capabilities and strategic importance for energy fuels? There's been a lot of news on rare earths in the U.S. government investing in critical mineral infrastructure at home. Is the U.S. government by chance currently lined up at their door looking to speak with you on that? Well, right now, you know, most of our rare earth strategy, we've completely funded it on our own accord. Certainly, there's interest of the U.S. government to advance the ability to secure and process rare earths more in the United States than has happened for a long period of time. So, you know, we're basically just building our plan out. We secured earlier this year, we secured the Bahia Project in Brazil and we're advancing that. We still receive feed from Kimors in Florida and Georgia. And we're building out what we call our phase one separation capabilities for separate into oxides, at least the lights into oxides at White Mesa will be ready in Q1 of 24. So we're making rapid progress, but we're still looking at more molecules in terms of monazite supply feeds for the White Mesa mill. So in addition to what we're doing with Kimors and Bahia, we're looking at other sources globally, including in the United States to really build up a world material rare earth business in due course. Yeah, I appreciate that. In terms of speaking with the governments, are they actively looking to speak with companies like yourself on figuring out what is the future? Where is the supply going to be coming from and hopefully domestically? Yeah, I mean, we talk to the government and we look at things that may make sense for us. And, you know, one of the issues that we're having is we're moving very quickly right now and our plans are to build out the story and show that we actually have the capabilities of integrating a number of the steps right now on our own devices. And then we'll start looking at more potential government support or off takers from some of the, you know, tier one groups. That are looking for our products. So so I mean, right now we're trying to drive our bus as much as possible and move at the speed that we can move at, not not what others want us to move at. Fantastic. And once again, great to hear. Well, Mark, thank you so much for your time. For anyone looking to find out more information about energy fuels, you can see their website just down below there. You can click on there. There's plenty of information there to take that deeper dive. Mark, thank you so much for your time. Thank you, Brandon.