Energy Fuels Inc.

Good morning. My name is Janie, and I will be your conference operator today. At this time, I would like to welcome everyone to the Energy Fuels second quarter 2025 conference call. All lines have been placed on you to prevent any background noise. After the speaker's remarks, there will be a question and answer session where you will be able to ask one question and one follow-up question, should you desire. If you would like to ask a question during this time, simply press star, then the number one on your telephone keypad. If you would like to withdraw your question, please press star 1 again. Thank you. Mr. Chalmers, you may begin your conference.

Thank you, Jeanne, and thank you for that introduction. Again, Mark Chalmers, CEO of Energy Fuels, and thank you for joining our Q2 conference call today. And I can say with absolute confidence that we had a big quarter with regard to momentum on many fronts, and I don't believe our timing could be any better. Namely, rapidly advancement of our uranium production with very high grades being mined, dropping unit cost, increasing production rates as we ramp up to 2 million pounds per year, and we expect the pinyon plane costs looking forward to be around $23 to $30 per pound of finished goods of uranium, which are exceptional, and Q1 cost. We're also rapidly advancing our rare earth separations with the expansion of the White Mesa Mill Phase II and significantly improved rare earth pricing, particularly ex-China, where the prices Ex-China for DY and TB are approximately 350% higher than China prices. And at the same time, NDPR prices are up about 20% in the mid-70s in the last month. Our heavy mineral sands portfolio is also rapidly advancing. So there's no shortage of things to do with energy fuels. We received our final regulatory approvals on the Donnell project, which is rich in heavies. We're also advancing our feasibility study and nearing the completion of our feasibility study on Toliara and the other agreements with the Madagascar government and the permits and drilling at Bahia. We have improving financial results and we've strengthened balance sheet as compared to Q1. 25, our costs and margins of uranium production are improving materially as pinyon plane ore is planned to be processed starting in Q4. No pinyon plane ore has been processed as of this date. As I typically do, I'm going to be making a short presentation to update listeners on the overall strategy of the company and the state of play of the company. I believe that you're going to be controlling the slides, is that correct?

I will be controlling the slides, yes.