Jeff Grampp

Jeff Grampp asked about the company's ability to qualify critical mineral products for customers in the near term, given the flow sheet changes and timing pushback, and if this process would ramp up significantly once the pilot plant is online. He also inquired about the conditions needed to push more met coal product into the market, given potential upside to coal sales.

Answer

Michael Woloschuk, EVP of Critical Mineral Operations, confirmed that the pilot plant's objective is to produce sufficient quantities for product testing, and they are exploring ways to produce HPA and HPQ at bench scale for earlier testing. Randall Atkins, Chairman and CEO, noted that unpriced index tons could benefit from upward market movement. Jason Fannin, Chief Commercial Officer, explained that while low-vol markets are improving, high-vol remains competitive. Jeremy Sussman, CFO, added that the ability to sell almost 5 million tons is without incremental CapEx, leveraging existing inventory.

Jeff Grampp from Northland Capital Markets first asked about Ramaco's ability to qualify critical mineral products for customers in the near term, given the flow sheet changes and timing pushbacks, and if this would significantly ramp up only after the pilot plant is online. He then inquired about the conditions or market signals that would encourage Ramaco to increase met coal sales beyond current guidance, given positive macro commentary.

Answer

Michael Woloschuk, EVP of Critical Mineral Operations, confirmed the pilot plant's role in producing product for testing and mentioned exploring bench-scale production for earlier HPA and HPQ qualification. Jason Fannin, Chief Commercial Officer, noted that unpriced index tons allow for upside in improving markets. He detailed improving low-vol dynamics and anticipated high-vol market rebalancing due to supply-side discipline and competitor exits, emphasizing the potential to sell nearly 5 million tons without additional CapEx from existing inventory.

Jeff Grampp asked for a timeline to get the remainder of the mine permitted to handle the increased throughput plans, and later inquired about the type of opportunistic bolt-on acquisitions Ramaco is seeking and the overall attractiveness of the acquisition market.

Answer

Randy Atkins, Chairman and CEO, mentioned ongoing dialogue with federal and state groups, a recent five-year permit renewal, and developing mine plans for the 16,000-acre site. Chris Blanchard, EVP for Mine Planning and Development, added that the currently permitted area is large enough for initial operations, requiring minor modifications. Randy Atkins also highlighted deeper, untapped deposits potentially suitable for in-situ mining. For acquisitions, Randy Atkins described seeking accretive assets (reserves or infrastructure) in the coal space, picked up opportunistically due to market distress, and mentioned a recent small surface property acquisition near Brook Mine.

Jeff Grampp inquired about the permitting timeline for the remainder of the Brook Mine to support increased throughput plans. He also asked Chairman and CEO Randy Atkins to elaborate on the types of opportunistic bolt-on acquisitions Ramaco is seeking and his characterization of the overall attractiveness of the acquisition market.

Answer

Chairman and CEO Randy Atkins mentioned ongoing meetings with federal and state groups, noting a recent five-year renewal of the original permit. EVP for Mine Planning and Development Chris Blanchard added that the permitted area is large enough for a 30-year mine plan at the base rate, requiring only minor modifications for staging. Randy Atkins also highlighted deeper, untapped deposits that might require different permitting for in-situ mining. Regarding acquisitions, Randy Atkins described seeking opportunistic, accretive assets (reserves or infrastructure) in the coal space, often driven by market distress, and mentioned a recent small acquisition of surface property near Brook Mine for industrial planning.

Jeff Grampp asked for a sense of BWXT's potential revenue content per AP1000 project they are competing on, to understand its materiality. He also inquired about the structural progression of margins for recent government contracts (like Defense Fuels and HPDU) that start with lower margins, asking if they would see a linear or stair-step increase as milestones are reached.

Answer

CEO Rex Geveden estimated that for an AP1000, depending on components won (e.g., steam generators), revenue could be in the hundreds of millions of dollars, though this is speculative. CFO Mike Fitzgerald explained that contract margins are typically evaluated and incrementally adjusted as various milestones are met and program risk is reduced. He noted that initial lower margins are due to infrastructure build-out, with expectations for outperformance during full material processing and production ramp-up.

Jeff Grampp asked about the main risks to achieving the 2026 outlook and the potential impact of an extended government shutdown on both 2025 and 2026 guidance.

Answer

Mike Fitzgerald, Senior Vice President and CFO, stated that most sites are operational during the shutdown, but an extended shutdown into 2026 could pose a risk. For 2026, opportunities include operational performance initiatives and potential EAC write-ups not assumed in current guidance, along with strong special materials performance. Risks include timing delays in commercial nuclear orders and defense spending. Jeff Grampp also inquired about the potential acceleration of the commercial side of the business and if order backlog will accelerate in coming quarters. Rex Geveden, President and CEO, expects commercial orders to accelerate, citing recent announcements (Westinghouse, OPG SMRs, potential U.S. SMRs, Canadian large builds) and anticipates 2026 to be characterized more by commercial orders than government orders.

Jeff Grampp asked for clarification on the decision to extend the SS-6H well's soak period from the originally planned 30 days to 60 days, and later inquired if the SS-6H well results impacted the farm-out process timeline.

Answer

CEO Todd Abbott explained that the decision to extend the SS-6H soak period to 60 days was made to ensure consistency with the SS-2H well, thereby minimizing variables and improving data learning. Regarding the farm-out process, he stated that the timeline is generally unchanged, with credible parties involved, and any slight flex is due to working through agreements rather than a change in the commercial process.

Jeff Grampp from Northland Securities, Inc. asked about the factors influencing the timing and magnitude of Tamboran Resources' next drilling program following the current campaign, specifically if it's primarily dictated by the farmout process outcome. He also inquired if the completion design for upcoming wells would remain materially unchanged, and if the SS2H well's performance had prompted any new considerations for early-day production practices, such as choke management.

Answer

Dick Stoneburner, Chair & Interim CEO, confirmed that the 2026 drilling campaign is largely driven by the farmout process and the partner's desires, with an ideal start in Q2 2026 after the wet season, pending planning and permits. Regarding well practices, Stoneburner noted that while completion design wouldn't change materially, the team is leaning towards using less water (dialing back from 50 barrels per foot) due to the desiccated nature of the reservoir. He also highlighted that more deliberate choke management on the SS2H well might have contributed to its performance, indicating a continued focus on this practice.

Jeff Grampp inquired about the factors influencing the timing and magnitude of Tamboran Resources' next drilling program in 2026, particularly its dependence on the farmout process, and asked about any planned changes to completion design or production flow management, such as choke management, for upcoming wells based on SS2H performance.

Answer

Chairman and Interim CEO Dick Stoneburner confirmed that the 2026 drilling campaign is largely dictated by the farmout process and the partner's preferences, with an ideal target of bringing the rig back on location in Q2 2026. For upcoming wells, Mr. Stoneburner noted that while completion design won't materially change, the team is leaning towards using less water in the frac design due to the desiccated reservoir and maintaining a very deliberate choke management strategy, similar to the approach taken with SS2H.

Jeff Grampp from Northland Capital Markets asked about the key factors influencing the timing and magnitude of Tamboran Resources' next drilling program, specifically whether it would be largely dictated by the farmout process outcome. He also inquired if the completion design for upcoming wells would remain materially unchanged, and if the SS2H well's performance had prompted any new considerations for early-day production and choke management.

Answer

Dick Stoneburner, Chairman and Interim CEO, confirmed that the 2026 drilling campaign would be largely driven by the farmout process and the partner's desires, with an ideal start in Q2 2026 after the wet season, balancing partner input with permitting and long-lead item procurement. Regarding completion design, Stoneburner noted that while sand volumes would likely fall between previous wells' ranges (2,200-2,800), the team is leaning towards using less water due to the desiccated nature of the reservoir. He also highlighted that the more deliberate choke management on the SS2H well might have contributed to its performance, indicating a continued focus on this practice for future wells.

Jeff Grampp asked about key milestones or roadblocks that would tangibly de-risk the initial enrichment capacity timeline and how Centrus plans to communicate progress towards de-risking this timeline publicly.

Answer

Amir Vexler, President and CEO, highlighted internal control over cycle times, supplier lead times, and supply chain configuration as areas of focus for efficiency. Todd Tonelli, CFO, SVP, and Treasurer, added that a well-capitalized balance sheet and meeting national security supply chain requirements are critical for accelerating the timeline. They committed to transparency on future announcements.

Jeff Grampp asked about key milestones or roadblocks that would tangibly de-risk Centrus Energy's initial enrichment capacity timeline and how the company plans to publicly communicate progress towards de-risking that timeline.

Answer

Amir Vexler, President and CEO, explained that lead times are influenced by internal cycle times, supplier commitments, and supply chain configuration, all of which are actively being optimized. He anticipates uncovering efficiencies and making further announcements as progress matures. Todd Tonelli, CFO, SVP, and Treasurer, added that a well-capitalized balance sheet is critical for deploying capital without slowing the timeline, and meeting national security supply chain requirements is a careful, prudent step that will allow for quicker movement once achieved.

Jeff Grampp inquired about the main objectives for NANO Nuclear Energy's vertical integration strategy in 2026 and the company's preference between internal development and acquisitions for these capabilities.

Answer

CEO James Walker explained that for reactor components, NANO plans a centralized core manufacturing facility for internal production of certain parts, while specialist components like nuclear-grade graphite or N-Stamp reactor vessels will likely require external partners. On the fuel side, the strategy focuses on de-risking the supply chain, including enrichment through LIS Technologies and developing conversion capabilities for uranium hexafluoride, with anticipated developments in the next year. Walker highlighted the conversion facility as a critical bottleneck and a business opportunity independent of reactor deployment.

Jeff Grampp of Northland Securities, Inc. inquired about Nanonuclear's progress and timeline for re-engaging in the Canadian licensing process for its Cronos microreactor, and also asked for details on the commercialization strategy for its ALIP pump technology.

Answer

CEO James Walker detailed a three-part strategy for Canada, involving finalizing legal control of the project entity, securing land at Chalk River with Canadian Nuclear Laboratories (CNL), and engaging with the Canadian government's Strategic Innovation Fund (SIFF). For the ALIP technology, he explained the goal is to complete the SBIR Phase 3 process to become a default government contractor, with commercial opportunities in both advanced fission and fusion reactors. Founder, Executive Chairman & President Jay Jiang Yu added that a Canadian presence establishes Nanonuclear as a key North American provider.

Jeff Grampp inquired if Mirion anticipates any material difference in the margin profile should these larger, one-time orders become a more significant portion of future revenue.

Answer

Brian Schopfer, EVP, CFO, and Medical Group President, Mirion, reiterated the company's commitment to its 30% adjusted EBITDA margin target. He acknowledged that new build projects typically come with lower margins than installed base work but affirmed that the 30% adjusted EBITDA commitment remains unchanged.

Jeff Grampp inquired if Mirion expects any material difference in the margin profile should these larger one-time orders become a more significant portion of the revenue mix going forward.

Answer

Brian Schopfer, EVP, CFO, and Medical Group President, reiterated Mirion's commitment to its 30% adjusted EBITDA margin target. He acknowledged that new build projects typically come with lower margins compared to installed base work but affirmed that the company is not moving off its 30% adjusted EBITDA commitment.

Jeff Grampp from Northland Capital Markets asked for an update on the potential terms for a large-scale PPA, questioning if the terms have improved given the strengthening market dynamics. He also inquired about the company's strategy and current activity level regarding the acquisition of additional generation assets.

Answer

President, CEO & Chairman, Brent Bilsland responded that while the energy price curve has softened slightly, capacity markets have become much stronger. He highlighted that utilities are now significantly more aggressive and willing to commit to longer-term deals than a year ago. Regarding acquisitions, Bilsland confirmed that Hallador is actively engaged in conversations and is positioning itself to acquire additional assets, particularly coal-fired plants, which they see as a niche where they can create significant shareholder value.

Jeff Grampp from Northland Capital Markets asked for an update on the potential terms for a large-scale PPA, questioning if the strengthening market has improved the outlook. He also inquired about the company's current activity and strategy regarding potential acquisitions.

Answer

President & CEO Brent Bilsland confirmed that while the power curve has softened slightly, capacity markets are much stronger, and interest from utilities has become more aggressive. Regarding M&A, he stated Hallador is actively having conversations and positioning itself to acquire coal-fired assets, which it views as a core niche for creating shareholder value.

Jeff Grampp from Northland Capital Markets asked if the terms for a large-scale PPA have become more favorable given strengthening market dynamics. He also inquired about the company's acquisition strategy, specifically asking how actively they are pursuing deals for additional generation assets.

Answer

President and CEO Brent Bilsland responded that while the energy price curve has slightly dropped, capacity markets have become much stronger. He noted that utilities are now more aggressive and willing to enter longer-term deals. Regarding acquisitions, Bilsland confirmed Hallador is in active conversations and is being more communicative to attract potential sellers, as they see significant value in acquiring coal-fired assets.

Jeff Grampp inquired about the potential terms for a large-scale PPA, asking for the company's conviction level on achieving favorable terms given market changes. He also asked about the company's M&A strategy and the current stage of their acquisition activities.

Answer

President and CEO Brent Bilsland responded that while the energy curve has softened, capacity markets have strengthened significantly, and utilities are now more aggressive and willing to sign longer-term deals. Regarding M&A, Bilsland confirmed they are in active conversations and have increased their communication on the topic to attract potential sellers, as they see value in acquiring additional coal-fired assets.

Jeff Grampp of Northland Securities, Inc. inquired about the progress of contracting new PowerTech units to third-party customers, the customer and geographic traction for the custody transfer business, and the sustainability of the high gross margins seen in the PowerTech assets.

Answer

CEO Ryan Ezell confirmed solid traction with five new pilot customers for PowerTech and noted the first smart filtration skid would be deployed in Q3 2025. For custody transfer, he stated nine locations are now commercial with a major E&P partner across all major US basins, with more converting soon. CFO Bond Clement addressed margins, stating that while the initial 90% was for a partial quarter, an 80-90% range is a reasonable forward-looking assumption.

Jeff Grampp of Northland Capital Markets inquired about Vitesse's production outlook for the second half of 2025, noting the strong Q2 performance against maintained full-year guidance. He also asked for an update on the acquisition pipeline for both smaller 'ground game' deals and larger asset transactions.

Answer

President Brian Cree explained that while Q2 production was strong due to some wells coming online earlier than expected and AFE activity is encouraging, the company is maintaining its full-year guidance based on current visibility. CFO Jimmy Henderson added that while the deal pipeline is robust, potential near-term development deals have not met their strict return hurdles. He confirmed Vitesse continues to scrutinize larger deals and is cautiously optimistic one will reach the finish line.

Jeff Grampp from Northland Securities, Inc. inquired about Vitesse's production outlook for the second half of 2025, noting that the maintained full-year guidance implies a decline after a strong Q2. He also asked for an update on the acquisition pipeline for both smaller 'ground game' deals and larger asset transactions.

Answer

President Brian Cree explained that while Q2 production was strong due to some wells coming online earlier than expected and encouraging AFE activity, the company is maintaining its full-year guidance based on current visibility. CFO James Henderson added that on the acquisitions front, while deal flow is robust, potential near-term development deals have not met the company's strict return hurdles. He confirmed Vitesse continues to scrutinize larger deals and is cautiously optimistic one will reach the finish line.

Jeff Grampp of Northland Securities, Inc. questioned Vitesse's production outlook, noting that strong Q2 results contrasted with maintained full-year guidance, which implies a second-half decline. He also requested an update on the acquisition pipeline for both smaller 'ground game' deals and larger transactions, observing that deal flow appeared slower recently.

Answer

President Brian Cree explained that while Q2 production was strong, some wells came online earlier than anticipated. He noted encouraging AFE activity but affirmed the decision to maintain guidance based on current visibility. CFO Jimmy Henderson addressed acquisitions, stating that while the pipeline is robust, potential deals have not met the company's strict return hurdles. He confirmed Vitesse continues to analyze larger opportunities but remains disciplined.

Jeff Grampp of Northland Securities, Inc. inquired about Vitesse's production outlook for the second half of 2025, noting that maintained full-year guidance implies a decline after a strong Q2. He also asked for an update on the acquisition pipeline for both smaller 'ground game' deals and larger transactions.

Answer

President Brian Cree explained that while Q2 production was strong, some of it was due to wells coming online earlier than anticipated. He noted encouraging AFE activity but confirmed the company is maintaining its full-year guidance based on current visibility. CFO Jimmy Henderson added that while the near-term development pipeline is robust, potential deals have not met the company's strict return hurdles. He affirmed that Vitesse continues to scrutinize larger deals and is cautiously optimistic about finding an opportunity.

Questioned the prevalence of completed but shut-in wells on PHX's acreage and inquired about the Q1 acquisition pace relative to expectations for the year.

Answer

Management has not seen material deferrals of completed wells on their assets, noting that the private operators they are exposed to are still bringing wells online. Regarding acquisitions, the current conservative approach of paying down debt and building liquidity is consistent with their behavior in last year's low-price environment. They are not chasing deals but will be ready to act when the market improves.

Jeff Grampp of Alliance Global Partners inquired about the company's gross margin expectations for 2024.

Answer

CFO Gavin Jones explained that for 2024, Fusion Fuel expects gross margins to be in the region of 15% for projects that include the HEVO Chain product, balance of plant equipment, and EPC services. Jones added that the company anticipates this average will increase to closer to the 20% mark in 2025, primarily as production volumes increase within their Benavente facility.

Jeff Grampp from Alliance Global Partners inquired about the company's gross margin expectations for the 2024 fiscal year.

Answer

CFO Gavin Jones stated that for 2024, Fusion Fuel expects gross margins to be around 15% for projects that include the HEVO Chain product, balance of plant equipment, and EPC services. Jones added that this average is projected to increase towards 20% in 2025, primarily due to increased production volumes at their Benavente facility.

Jeff Grampp from Alliance Global Partners inquired about the company's gross margin expectations for 2024 and the primary risks to achieving its annual revenue guidance.

Answer

CFO Gavin Jones explained that Fusion Fuel anticipates gross margins of approximately 15% in 2024 for projects including its HEVO Chain product, balance of plant equipment, and EPC services. He projects this margin will increase toward 20% in 2025 as production volumes scale. Jones identified project timing—from tender to contract execution—as the biggest risk to revenue guidance, but noted that a strong pipeline and prudent forecasting should help offset potential delays.

Jeff Grampp of Alliance Global Partners inquired about the company's gross margin expectations for 2024.

Answer

CFO Gavin Jones stated that for 2024, Fusion Fuel expects gross margins to be in the region of 15% for projects that include the HEVO Chain product, balance of plant equipment, and EPC services. He added that this average is forecasted to increase closer to the 20% mark in 2025, particularly as production volumes increase at the Benavente facility.

Asked about the potential for further gross margin expansion given equipment cost tailwinds and sought an update on the M&A environment, including whether private company valuation expectations have adjusted to current market realities.

Answer

The company believes there is still room to manage costs down but is carefully balancing high margins against competitive pricing to potentially drive volume. On M&A, they are actively pursuing deals in what they see as a favorable buyer's market with adjusted valuation expectations, and they plan to use debt for financing rather than dilutive stock issuance.