Lightbridge Corporation

Thank you for standing by and welcome to the Lightbridge Corporation business update and third quarter 2023 conference call. Please note that today's call is being recorded. It is now my pleasure to introduce Matthew Abinanti, Director of Investor Relations for Lightbridge Corporation.

Thank you, Carmen, and thanks to all of you for joining us today. The company's earnings press release was distributed yesterday. and can be viewed on the investor relations page of the Lightbridge website at www.ltbridge.com. Joining us on the call today is Seth Gray, Chief Executive Officer, along with Andrei Mushikov, Executive Vice President for Nuclear Operations, Larry Goldman, Chief Financial Officer, and Sherry Holloway, Controller. I would like to remind our listeners that any statements on this call that are not historical facts are forward-looking statements. Today's presentation includes forward-looking statements about the company's competitive position and product and service offerings. During today's call, words such as expect, anticipate, believe, and intend will be used in our discussion of goals or events in the future. This presentation is based on current expectations and involves certain risks and uncertainties that may cause actual results to differ significantly from such estimates. These and other risks are set forth in more detail in Lightbridge's filings with the Securities and Exchange Commission. Lightbridge does not assume any obligation to update or revise any such forward-looking statements, whether as a result of new developments or otherwise. And with that, I would like to turn the call over to our first speaker, Seth Gray, Chief Executive Officer of Lightbridge.

Hello, Seth. Well, hello, Matt, and thank you. And thank you all for joining us to discuss Lightbridge's third quarter results. I want to start by thanking our team for performing exceptionally well in this highly dynamic environment as we continue to make meaningful progress on our fuel development, expanding our R&D footprint and bringing Lightbridge fuel closer to reaching its commercial potential. We are developing advanced nuclear fuel for existing reactors as well as new water-cooled small modular reactors. that we believe will bring significantly improved safety, economics, and nonproliferation benefits. Earlier this month, we announced an important engineering study with the Potesti Nuclear Research Institute, which is a subsidiary of RETEN. The study will determine the compatibility of light-bridge fuel for using CANDU reactors. RETEN is a Romanian government research institute and specializes in R&D activities in the field of nuclear energy. Exploring the suitability of light bridge fuel for use in CANDU reactors has many potential benefits for light bridge. Conventional CANDU fuel doesn't require enriched uranium. Instead, it uses natural uranium. We expect light bridge fuel to require uranium enriched to under 5% in CANDU reactors. We expect that this engineering study will confirm the enrichment level that is needed for light bridge fuel. Additionally, can-do rods are much shorter in length and fuel for large light water reactors, only about two feet long, and a typical bundle of rods weighs roughly 20 to 25 kilograms, so they are easier to handle. Can-do reactors can also be refueled without shutting down the reactor. This is a major advantage because the utility can replace the spent fuel bundles while keeping the reactor running, which mitigates many technical and operational risks associated with testing new fuel designs in a can-do reactor for a utility. We anticipate this engineering study will be completed by the end of 2024. In July, we announced that Texas A&M University had been awarded approximately $1 million from the U.S. Department of Energy's Nuclear Energy University Program R&D awards. The funding is being used to evaluate thermal hydraulic performance of light-rich fuel in a NuScale small modular reactor. The study, planned to be conducted over a span of three years, is designed to develop a comprehensive understanding of how light-rich fuel performs inside an SMR designed by NuScale Power. Partnering with us on this project is Structural Integrity Associates, which will perform the thermal evaluation of light-bridge fuel in the SMR using its Pegasus simulation software. This software represents a next-generation fuel evaluation and design optimization tool, which will provide us with detailed insights into the performance of our fuel under various conditions. This is one of two current DOE-funded university studies that Lightbridge is participating in, together with our ongoing study led by MIT. MIT is evaluating accident-tolerant fuels in various types of small modular reactors. The study with MIT aims to simulate the fuel and safety performance of Lightbridge fuel for a new-scale small modular reactor. and provide scope and analysis to improve the safety and economics of light water small modular reactors. In December, we announced our umbrella strategic partnership project and creative agreements with Battelle Energy Alliance, the DOE's operating contractor for Idaho National Laboratory. These agreements will enable us to conduct irradiation testing of fuel material samples in the advanced test reactor, which is America's largest research reactor. We will collect material performance data on the uranium zirconium alloy used in light-bridge fuel. We are actively examining the technical and operational aspects of light-bridge fuel in a variety of reactor types that are operating around the world. The data we collect from our initiatives in the United States and Romania will apply to regulatory licensing and confirmation of our value proposition, including safety, fuel performance, and economic benefits of our fuel for use by utilities and other stakeholders. I'll turn the call over to Andrei Mushakov, Executive VP for Nuclear Operations, to review our ongoing fuel development activities. Andrei?