Anthony Tagliaferri

Anthony Taglieri inquired about the repayment strategy for Ur-Energy's outstanding product loans, specifically the 250,000-lb loan due in November, asking about early settlement options and whether repayment must be in physicals or could be cash-settled. He also asked about the expected cadence of realized prices through 2026.

Answer

President and CEO Matt Gili confirmed the 250,000-lb loan is due in November and must be repaid in physicals, noting the flexibility to repay earlier by buying pounds on the spot market if favorable prices arise. Regarding 2026 prices, Mr. Gili referred to the 10-K, which details 1.3 million lbs contracted for up to $82 million, clarifying that these are average prices from contracts signed years ago, not a ramp-up throughout the year.

Anthony Taglieri inquired about the expected repayment timeline for Ur-Energy's outstanding product loans, specifically the 250,000-pound loan due in November, and whether settlement must be physical or could be cash-settled. He also asked about the anticipated cadence of realized prices through 2026.

Answer

President and CEO Matt Gili confirmed the 250,000-pound loan is due in November and must be repaid in physicals, though Ur-Energy has options, including buying pounds on the spot market. He noted the company is looking for opportunistic repayment, potentially during a short-term decrease in spot price. Regarding 2026 realized prices, Mr. Gili referred to the 10-K, indicating 1.3 million pounds contracted for up to $82 million, with contracts signed at different prices over multiple years, resulting in an average price rather than a linear ramp-up.

Anthony Tagliaferri from Canaccord Genuity asked about the factors that would drive Energy Fuels to the high end of its 1.5 million to 2.5 million pounds uranium production guidance for White Mesa, and whether a 10-month processing run in 2026 would push back the mill's switch back to uranium in Q1 2027. He also questioned the company's strategy for spot sales given current uranium prices and the potential for a strategic uranium reserve.

Answer

CEO Mark Chalmers explained that the high end of uranium production depends on the mill's runtime and mining rates, emphasizing the efficiency of continuous operations. He noted the flexibility to shift the mill to rare earth runs if needed. Mark Chalmers and President Ross Bhappu stated the company aims to time spot sales for optimal prices, but will sell with a material margin to grow revenue and profitability, while remaining bullish on long-term uranium fundamentals.

Anthony Taglieri from Canaccord Genuity asked about the factors influencing the high end of Energy Fuels' 2026 uranium production guidance (1.5M-2.5M pounds) at the White Mesa Mill, and whether a longer processing run would delay the switch to rare earth production in Q1 2027. He also inquired about the company's strategy for spot uranium sales given current prices and if sales decisions are linked to a potential strategic uranium reserve like Project Vault.

Answer

CEO Mark Chalmers explained that the high end of uranium production depends on mill runtime and mining rates, emphasizing the efficiency of continuous operations. He noted the mill's flexibility to switch to rare earth production (Phase 1B/1C) by 2027. Regarding spot sales, Mr. Chalmers stated the company avoids selling significant volumes at low prices but aims for profitability and revenue growth, targeting higher prices while leveraging existing contracts. President Ross Bhappu added that the company maintains optionality between spot and term contracts due to bullish long-term uranium fundamentals.