Energy Fuels Inc.

Thank you for standing by. My name is Eric, and I will be your conference operator today. At this time, I would like to welcome everyone to the Energy Fuels Q3 2025 conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you would like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Mark Chalmers, CEO and Director. Please go ahead.

Thank you, Eric. And again, Mark Chalmers, CEO of Energy Fuels. I want to thank everybody for joining our Q3 conference call today. And I can say with absolute confidence the entire team continued to deliver on our promises this quarter. which is rather unusual in today's world when it comes to getting projects restarted in advance. Namely, we had increased sales, increased revenues. We continued our buildup of low cost and increased our uranium production. So we're lowering our costs as we increase our uranium production. And we're setting the stage for increased gross margins in 2026. And the timing could not be better. We're making remarkable progress on our rare earth segment, including heavy rare earth piloting and plans for commercial production. We've received a qualification for our NDPR production, which is going into major automobiles manufacturers as we speak. We've received all government approvals for the development of our Donald joint venture project in Australia. which has significant heavies as well as NDPR. We received a conditional letter of support from Export Finance Australia, more commonly known as EFA, for up to $80 million Australian, and that's with respect to our senior debt project financing for the project. We also completed an upsized offering of a $700 million convertible note on very favorable terms. And post-quarter, we had a working capital balance approaching $1 billion US. As many of you understand, these accomplishments are not the norm for many in our sector because it is tough. It is tough to produce uranium. It is tough to produce heavy metal sands. And it's tough to produce rare earths. And we are a company that is playing the long game. We've been doing that for a long period of time. We deliver on our promises. We have the right team with the right skills. And we have put the company in a unique position of all things critical minerals, including uranium, by design. Not an accident. We're capitalizing on our advantages. which are skills, infrastructure, permits, and capacity globally in all three of those sectors. So just a reminder, there will be conference call replays or a replay, which will be on the website later today. And as always, as Eric mentioned, there will be time for questions at the end of the presentation. New for today's call, And for the presentation, I will have Ross LePoux, our president, and Nate Bennett, our CFO, to discuss overall company finances. And Ross will be talking about the convert. And in addition to that, at the end of the presentation, both Nate, Ross, Dave Friedland, our executive VP and chief legal officer, as well as Nathan Longenecker, our senior VP and general counsel, will be available to answer any questions I am unable to answer. So let's get going. Again, I always say this. I love this slide because we're building a globally significant critical mineral company in the US. And this picture is taken not far from the White Mesa Mill. Next slide. I may be making some forward-looking statements. Those are included on page two of this presentation.

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