Jeff Gramp

Jeff Gramp asked for more discussion on the decision to extend the SS-6H well's soak period from 30 to 60 days. He also inquired if the SS-6H well results impacted the farm-out process timeline, which shifted from a Q1 to a first-half event.

Answer

CEO Todd Abbott explained that the extended soak period for SS-6H was his decision to maintain consistency with the SS-2H well, minimizing variables for better data learning. He stated the farm-out process timeline is generally unchanged, with interested, credible parties, and any slight flex is due to working through agreements, not a change in the commercial process.

Jeff Gramp inquired about the timeline for the U of I site's construction permit application with the NRC, including the expected duration of the NRC review and potential acceleration strategies. He also asked about NANO Nuclear's vertical integration strategy, its 2026 objectives, and the company's preference for internal development versus acquisitions across different aspects of the strategy.

Answer

James Walker, CEO of NANO Nuclear Energy Inc., confirmed that drilling for geotechnical data was completed on schedule, keeping them on track for the Q1 2026 NRC construction permit application. He expects a substantially shorter NRC review than Kairos' 15-month period due to NANO's use of well-known, high-TRL components, and noted that a detailed initial application and close NRC collaboration can expedite the process. Regarding vertical integration, Mr. Walker explained that highly specialized reactor components would likely be sourced externally, while NANO aims to centralize reactor core manufacturing internally for economies of scale. He highlighted concerns about the fuel supply chain since 2022, leading to the collaboration with LIS Technologies for enrichment, and identified uranium hexafluoride conversion as a significant bottleneck, anticipating developments next year to de-risk this part of the supply chain.

Jeff Gramp from Alliance Global Partners questioned the expected timeline for a production response at the Delhi field following the resumption of CO2 purchases. He also inquired about the current M&A environment, including deal flow and seller sentiment.

Answer

COO J. Bunch and CEO Kelly Loyd explained that a production response from increased CO2 injection is typically seen relatively quickly, within about a month, and they expect to see some positive impact in the current fiscal quarter. Regarding M&A, Loyd described the market as active with many potential deals, while CFO Ryan Stash noted an increase in seller activity ahead of year-end, partly from divestitures related to large industry mergers.