 Well, hello everyone. This is Byron King with Investor Intel coming to you from the Convention Center in Toronto at the PDAC conference 2022 I have two wonderful guests here from the uranium space The only two uranium producers in the United States John Cash from you are energy and Curtis Moore from energy fuels. Thank you, sirs for being here John real quick you you're out there in Wyoming. You've got an operation and you are Producing uranium. Is that fair to say we are you know, we've allowed market conditions to kind of dictate our production So we're kind of just skimming along at a low rate right now waiting for the market to turn around But we are producing that guys out the mind and we're turning out some talents and Curtis same question Do you tell us about your facility when the things you process sure So energy fuels has been the largest producer in the United States for the last several years This year. We're going to produce about a hundred hundred and twenty thousand pounds of you 308 Which isn't very much in the grand scheme of things, but we can quickly ramp up production and in response to the improved market conditions We see now, okay Well, I took some math courses in college and when I divide a hundred and twenty thousand pounds by two thousand I get to about like 60 tons the world annual global production of uranium is up over say fifty thousand tons and we're looking in the United States at 60 tons from you and how many how much how much from from you are please a few thousand pounds A few thousand pounds a ton or two. Yeah, so so here's the United States producing this much uranium in a world that you know You know consumes and produces this much Is this the kind of thing that can be ramped up in the United States too? Do we have that capability? Yeah, you know, we do have capability in the US We have a number of licensed and permitted mines, especially with energy fields and your energy But it does take time it takes capital and we need market signals to be able to do that Right now so much of that material is coming out of Russia and Kazakhstan It's hard to get that market signal the state-owned enterprises are really driving the market. I I don't I'm not a wet blanket I promise you but I do follow these statistics. I was looking at the Department of Energy Statistics on how many people work in the uranium business in the United States and in 2021 it was a distressingly low number under 200 people work in the whole Field of production and processing of uranium. It's a tiny number Do we have the intellectual capacity that when it do we have the the trained people there's trades people the workers? To ramp it up when you have to well, we think we do Energy fuels we have about a hundred people working for the company right now And we have been in production recently along with your energy And so yeah, there is going to likely be a challenge in trying to ramp up in terms of personnel But but but again, it's over the next couple years We should be able to train up that workforce and get us production back on the back on the global map Okay, well, it's not like flipping on a light switch and the lights come on We're talking a couple of years and along those lines just very recently There have been rumors and you have to you know, you have to you know Think what you want about rumors but that the that the US government wants to drop You know something like four billion plus billion with a b-dollars into purchasing Domestic produced uranium just because of the issue of this much in the US and that much from Russia Kazakhstan What have you is that the kind of thing that that that would that would that money go to go to you? Or is this going to go into a stock play or whatever? What's the how's that money going to get translated into you know? Yellow cake and metal that you know that we can put into a reactor Yeah, so the program you're talking about it was just announced last week by the Biden administration So it hasn't gone to Congress it hasn't gotten funding yet, right? And it's really short on details But so far what we know is they will probably be mostly focused on enrichment and conversion But the feedstock for those two processes would like to come from domestic minds So we'll have to see what the details are when it comes out and it goes through Congress now now Of course you have a plant in Utah that actually you know processes material. What's the state? What's the status of your plant? Is it is it fairly new is it old? Is it what you know tell what what should people know about it? Sure So the White Mesa Mill is the only conventional uranium ill left in the United States today The only one left there used to be quite a few but there's only one left right now So if there's conventional or in a conventional mind it had that material has to go through the White Mesa Mill Recently actually our mill has been focused on rare earth elements It has been determined that we can actually process a lot of rare earth bearing minerals at the White Mesa Mill and produce advanced rare earth products But we're actually right now getting ready to switch over to producing uranium and as these markets come back And we've actually seen markets come back a little bit Our company has been able to sign a couple of long-term contracts with some US utilities Those market signals are starting to arrive right now And it's going to allow us to ramp up production in our minds, which will provide feedstock to the mill And now out of your mill out of your mill. What is do you produce yellow cake? Or do you tell it tell the viewers or the watchers, you know How does how does this rock in the ground turn into uranium fuel that goes into a reactor somewhere? Sure Well, both of our companies produce yellow cake. Yeah, yeah, natural uranium concentrates you three weight The the the White Mesa Mill is hard rock mining So you have an open pit mine or an underground mine and you take that material to the mill and we recover the yellow cake in that manner John and your energy they have ISR. We also have ISR mines as well And that's you know, it's basically in place in place mining where you dissolve it in ISR It's insight to recovery where essentially you you literally wash the uranium out of a porous permeable rock With a very very benign solution. It's not like it's not fracking. Okay. It's not fracking Just real quickly though. Just people might be wondering where does the where does this yellow cake go from there? How does it become a how does it become a nuclear reactor fuel? Yeah, so after we mine the product make yellow cake I typically here in the u.s. The product to get shipped to on time In Metropolis, Illinois, and they do a chemical conversion process taking it from a chemical form u-308 To uranium hexafluoride so that's typically where it goes in the u.s. And then from there it would need to go to an enrichment facility either here in the u.s. Or in Europe processing Okay, well We are almost out of time I will just say that to the viewers out there that if you are interested in the uranium space and you are interested in companies that Actually produce uranium from the ground You're looking at them. You know you are energy and energy fuels company They are both up and running companies. You've got employees. They actually do real work and they produce a real product No vaporware there and with that I thank you for your time and for you know sharing your your perspective And your your knowledge with us and thank you out there audience for for for watching