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    Joseph Reagor

    Managing Director and Senior Research Analyst at ROTH Capital Partners

    Joseph Reagor is a Managing Director and Senior Research Analyst at ROTH Capital Partners, specializing in equity research for the natural resources sector with a focus on metals and mining, gold and silver producers, and forest products companies. He covers major firms such as MAG Silver and Atlas Lithium, providing actionable insights and regularly updating price targets based on production results and sector trends. Recognized for his performance, he was awarded Thomson Reuters StarMine’s Metals & Mining No. 1 Top Stock Picker in 2015 and named a TipRanks Top 10 Wall Street Analyst in 2016, reflecting a strong track record of successful calls. Reagor joined ROTH Capital Partners in 2013 after previous roles at Global Hunter Securities and Very Independent Research, and he holds a B.A. in Economics and Mathematics from Monmouth University.

    Joseph Reagor's questions to Stardust Power (SDST) leadership

    Joseph Reagor's questions to Stardust Power (SDST) leadership • Q2 2025

    Question

    Joseph Reagor of Roth Capital Partners, LLC inquired about the impact of recent market shifts on brine supply availability, the status of discussions with the US government for potential financing, and the company's strategy to address its NASDAQ listing compliance issues.

    Answer

    CEO Roshan Pujari confirmed that despite market changes, ample brine supply opportunities remain as some producers now focus on concentrates. He also noted ongoing engagement with government bodies for financing support. CFO Uday Devasper addressed the NASDAQ compliance, stating the company has about a month for the initial bid price deficiency and is considering all options, including a shareholder-approved reverse stock split.

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    Joseph Reagor's questions to Coeur Mining (CDE) leadership

    Joseph Reagor's questions to Coeur Mining (CDE) leadership • Q2 2025

    Question

    Joseph Reagor of Roth Capital Partners, LLC asked about the potential to accelerate the development of the Silvertip project and inquired about the primary drivers for production growth in the interim.

    Answer

    President & CEO Mitchell Krebs stated that while the five-year timeline for a go/no-go decision on Silvertip might be slightly shortened, the company will not cut corners. Krebs and COO Michael Routledge identified brownfield exploration around existing assets and the continued optimization of the Rochester mine as the key near-term growth drivers.

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    Joseph Reagor's questions to Coeur Mining (CDE) leadership • Q1 2025

    Question

    Joseph Reagor of ROTH Capital Partners asked about the accounting for Las Chispas's inventory, specifically the timeline to work through the stockpile and the target balance sheet value. He also questioned the company's forward-looking M&A strategy.

    Answer

    CFO Thomas Whelan explained the acquired Las Chispas stockpile would be processed over the next year, impacting net income but not free cash flow, without a specific target for the final inventory value. Executive Mitchell J. Krebs stated the company's immediate focus is on execution and delivering predictable results from its current assets rather than pursuing M&A.

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    Joseph Reagor's questions to Coeur Mining (CDE) leadership • Q4 2024

    Question

    Joseph Reagor from Roth MKM inquired about the final cash and bullion amount from the Las Chispas acquisition, the drivers behind rising costs at the Kensington mine, and the specifics of the crush size issue at the Rochester mine during Q4.

    Answer

    Executive Thomas Whelan clarified that the Silvercrest cash balance was approximately $100 million at closing and noted that Q1 2025 financials would be complex due to transaction costs and tax payments. Executives Mitchell J. Krebs and Michael Routledge explained the Rochester crush size variance was due to using more direct-to-pad material to accommodate planned crusher maintenance, which temporarily impacted silver production. Regarding Kensington, Thomas Whelan and Michael Routledge attributed higher costs to increased labor, camp expenses, underground development, and the mine's sensitivity to grade, along with scheduled power plant maintenance.

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    Joseph Reagor's questions to Coeur Mining (CDE) leadership • Q3 2024

    Question

    Joseph Reagor of Roth MKM inquired about the Rochester mine's leach cycle performance against internal models, the remaining steps to close the SilverCrest acquisition, and future plans for the company's cash balance in relation to debt repayment.

    Answer

    CEO Mitchell J. Krebs and COO Michael Routledge confirmed that Rochester's leach cycle and recoveries are tracking as expected, with improvements anticipated as the crush size is optimized. Krebs outlined the remaining steps for the SilverCrest deal, including shareholder votes and Mexican regulatory approval, targeting a late Q1 2025 close. Regarding the balance sheet, Krebs and CFO Thomas Whelan explained that cash would remain stable while paying down the revolver, with cash accumulation expected to begin mid-2025.

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    Joseph Reagor's questions to HECLA MINING CO/DE/ (HL) leadership

    Joseph Reagor's questions to HECLA MINING CO/DE/ (HL) leadership • Q2 2025

    Question

    Joseph Reagor of Roth Capital Partners, LLC questioned the drivers behind the projected increase in free cash flow at Keno Hill starting around 2028. He also asked if the concentrate inventory buildup at Greens Creek from Q2 would be sold in the upcoming quarter.

    Answer

    SVP & CFO Russell Lawlar clarified that the free cash flow inflection at Keno Hill is driven by a combination of factors: the completion of major capital projects reducing CapEx and the successful ramp-up to the 440 tonnes per day throughput target later in the decade. Regarding Greens Creek, he explained that concentrate sales can be lumpy due to shipping schedules and that while the inventory will be sold, it won't necessarily all be recognized in Q3.

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    Joseph Reagor's questions to HECLA MINING CO/DE/ (HL) leadership • Q1 2025

    Question

    Joseph Reagor questioned management's confidence in Keno Hill's ability to eventually support a mining rate of 500 to 600 tons per day, given historical challenges. He also asked about the confidence level in the revised cost guidance for Casa Berardi and Lucky Friday, and whether a pullback in metal prices would lower costs due to profit-sharing components.

    Answer

    Matt Blattman, VP, Technical Services, expressed confidence in reaching the permitted 440 tons per day rate at Keno Hill, stating that the current constraint is a strategic choice to not accelerate production due to a lack of waste storage permits. Russell Lawlar, SVP & CFO, affirmed confidence in the revised cost guidance, noting that internal cost control initiatives are more impactful to the bottom line than the variable profit-sharing element.

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    Joseph Reagor's questions to HECLA MINING CO/DE/ (HL) leadership • Q4 2024

    Question

    Joseph Reagor asked about management's preferred outcome for the Casa Berardi strategic review, whether permitting was the cause for the extended production gap, what changes are needed to make Keno Hill cash flow positive, and if a temporary shutdown of Keno Hill has been considered.

    Answer

    CEO Robert Krcmarov indicated a compelling offer for an outright sale of Casa Berardi would be accepted to delever the balance sheet. CFO Russell Lawlar confirmed that permitting challenges extended the production gap. Krcmarov explained that reaching 600 tonnes per day at Keno Hill is critical for profitability due to high fixed costs and that while a temporary shutdown is an option, he is encouraged by recent government discussions.

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    Joseph Reagor's questions to HECLA MINING CO/DE/ (HL) leadership • Q3 2024

    Question

    Joseph Reagor of ROTH Capital Partners asked about the expected cost savings from the mining method change at Keno Hill, the potential risk of the asset being curtailed, and any thoughts on changes to the dividend policy or the timeline for asset sales.

    Answer

    SVP & COO Carlos Aguiar clarified that the primary driver for the mining method change at Keno Hill is safety, not cost savings, with the transition expected in 2026. SVP & CFO Russell Waller and incoming CEO Rob Krcmarov reaffirmed a long-term commitment to the Yukon. Waller defended the current silver-linked dividend policy, and Krcmarov noted a clearer timeline on portfolio rationalization would be available around Q2 of next year.

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    Joseph Reagor's questions to AVINO SILVER & GOLD MINES (ASM) leadership

    Joseph Reagor's questions to AVINO SILVER & GOLD MINES (ASM) leadership • Q1 2025

    Question

    Joseph Reagor of ROTH Capital Partners inquired about Avino's strategy regarding potential hedging of gold or silver in the current price environment and whether the company is considering M&A to roll up additional assets.

    Answer

    CFO Nathan Harte stated that while considered, the company is not looking to hedge gold and silver at this time. President and CEO David Wolfin, echoed by Harte, emphasized that the company is focused on its internal organic growth plan, viewing it as the easiest, fastest, and lowest-cost approach to value creation, thereby providing certainty on the capital structure for shareholders.

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    Joseph Reagor's questions to AVINO SILVER & GOLD MINES (ASM) leadership • Q1 2025

    Question

    Joseph Reagor from ROTH Capital Partners asked about the company's stance on hedging gold or silver in the current price environment and whether they would consider M&A to acquire additional assets.

    Answer

    CFO Nathan Harte stated that while hedging is considered, there are no current plans to hedge gold or silver. President and CEO David Wolfin added that the company is focused on its internal organic growth plan, which they believe is the fastest and most disciplined approach to creating shareholder value. Mr. Harte reiterated that internal growth offers the lowest cost of capital.

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    Joseph Reagor's questions to AVINO SILVER & GOLD MINES (ASM) leadership • Q4 2024

    Question

    Joseph Reagor from ROTH Capital Partners asked about plans for a new resource update for La Preciosa, how its operations would be reported, and its long-term tonnage target.

    Answer

    VP, Technical Services, Peter Latta confirmed a resource update for La Preciosa is planned for the following year. CFO Nathan Harte stated its results will be reported as a separate operation, similar to the past treatment of San Gonzalo, and that the long-term tonnage target is approximately 1,500 tonnes per day.

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    Joseph Reagor's questions to AVINO SILVER & GOLD MINES (ASM) leadership • Q2 2024

    Question

    Joseph Reagor from ROTH Capital Partners asked if repair costs for the cone crusher would impact Q3 results and requested clarification on the sensitivity of the company's cost structure to fluctuations in the Mexican peso.

    Answer

    CFO Nathan Harte explained that crusher repair costs are minor and will be absorbed by reallocating the existing CapEx budget, with no significant impact expected. Regarding the peso, Harte noted that with ~80% of costs being peso-denominated, the recent 10-15% weakening of the currency should provide a meaningful positive impact on costs.

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    Joseph Reagor's questions to CENTRUS ENERGY (LEU) leadership

    Joseph Reagor's questions to CENTRUS ENERGY (LEU) leadership • Q1 2025

    Question

    Joseph Reagor asked for clarification on future communications regarding Russian export licenses and questioned the significant increase in inventory on the balance sheet from Q4 to Q1.

    Answer

    President and CEO Amir Vexler confirmed that future updates on Russian shipments would be general rather than providing specific license counts. CFO Kevin Harrill explained that the inventory increase was primarily driven by high-value in-transit shipments from Russia, which is often indicative of near-term customer deliveries.

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    Joseph Reagor's questions to CENTRUS ENERGY (LEU) leadership • Q1 2025

    Question

    Joseph Reagor of ROTH Capital Partners asked for clarification on the communication strategy for future Russian TENEX shipments and questioned the significant increase in inventory on the balance sheet from Q4 to Q1.

    Answer

    President and CEO Amir Vexler confirmed that future communications regarding TENEX shipments will be general rather than providing specific license counts. CFO Kevin Harrill explained the inventory increase was primarily due to high-value product in transit from Russia, which is indicative of near-term deliveries as these shipments are typically just-in-time.

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    Joseph Reagor's questions to CENTRUS ENERGY (LEU) leadership • Q1 2025

    Question

    Joseph Reagor asked for clarification on future communications regarding Russian TENEX shipment licenses and questioned the significant Q1 jump in inventory on the balance sheet.

    Answer

    President and CEO Amir Vexler confirmed they would use general terms for shipment updates rather than specific numbers. CFO Kevin Harrill explained the inventory increase was primarily due to high-value in-transit shipments, which are reflected as an offset in liabilities ('inventories owed to customers and suppliers') and often indicate near-term deliveries.

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    Joseph Reagor's questions to CENTRUS ENERGY (LEU) leadership • Q1 2025

    Question

    Joseph Reagor asked for clarification on future communications regarding Russian export licenses and questioned the significant quarter-over-quarter increase in inventory on the balance sheet.

    Answer

    President and CEO Amir Vexler confirmed future communications on Russian shipments would remain general. CFO Kevin Harrill explained the inventory increase was primarily driven by high-value in-transit shipments, which is reflected as an offsetting liability and is often indicative of near-term customer deliveries.

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    Joseph Reagor's questions to CENTRUS ENERGY (LEU) leadership • Q4 2024

    Question

    Joseph Reagor asked for the order of magnitude of the three specific export licenses received from Russian supplier Tenex, questioned if high Q4 sales were driven by uranium inventory sales, and sought clarification on the investment tax credit and the 42-month production timeline.

    Answer

    CFO Kevin Harrill explained they couldn't detail the Tenex licenses but noted 'positive traction' on a case-by-case basis. He confirmed the strong Q4 sales were an opportunistic spot sale due to historically high UF6 prices. Regarding the 42-month timeline, President and CEO Amir Vexler and CFO Kevin Harrill clarified that the initial $60M investment starts the process and de-risks the supply chain, but tangible government task orders would be needed within 6-12 months to maintain that trajectory.

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    Joseph Reagor's questions to CENTRUS ENERGY (LEU) leadership • Q3 2024

    Question

    Joseph Reagor from ROTH Capital Partners asked about the potential contract structure for the new HALEU awards, the reasons for lower LEU segment margins, and the renewal status of the current cost-plus HALEU contract.

    Answer

    CFO Kevin Harrill stated that while the new HALEU awards could take several forms, a fixed-price or cost-reimbursable structure is most likely. He confirmed that recent lower LEU margins reflect deliveries from contracts signed when market prices were low, but noted the significant backlog contains contracts signed at higher prices. President and CEO Amir Vexler added that the current HALEU contract expires at year-end, and the company is working with the DOE to extend it.

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    Joseph Reagor's questions to CENTRUS ENERGY (LEU) leadership • Q2 2024

    Question

    Joseph Reagor followed up on SWU sales, asking if strong year-to-date performance changed the full-year outlook. He also questioned the significant year-over-year decline in LEU segment gross margin, asking if it was due to contract timing or a sign of weakening margins.

    Answer

    An executive, likely CFO Kevin Harrill, clarified that full-year expectations remain unchanged, with strong Q2 results reflecting pricing and the cyclical nature of utility delivery schedules (18-24 months). He explained the margin difference was primarily due to the timing of a specific high-margin customer delivery that occurred in the prior year but not in the current one, and that those favorable margins are expected to replicate when that customer takes future delivery.

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    Joseph Reagor's questions to PLL leadership

    Joseph Reagor's questions to PLL leadership • Q4 2024

    Question

    Joseph Reagor of ROTH Capital Partners asked for an updated timeline on the completion of the Sayona Mining merger and for commentary on recent media speculation regarding the Ewoyaa project in Ghana.

    Answer

    President and CEO Keith Phillips projected a mid-2025 completion for the merger, noting the timeline is primarily dependent on the SEC review process. Regarding Ghana, Phillips downplayed media speculation as conference chatter, stating that the Atlantic Lithium team is advancing the process effectively and that the new government is perceived as friendly to mining. He reiterated that any final investment decision for the Ewoyaa project remains subject to market conditions.

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    Joseph Reagor's questions to PLL leadership • Q3 2024

    Question

    Joseph Reagor of Roth MKM inquired about the likelihood of a Q4 spodumene shipment being deferred into Q1 2025 and whether Piedmont Lithium is actively pursuing M&A or if the commentary was a general industry observation.

    Answer

    President and CEO Keith Phillips stated that the shipment is leaning toward deferral to January to achieve significant transportation cost savings of approximately $1.3 to $1.4 million by co-mingling with a joint venture shipment. He clarified that his M&A commentary was a high-level observation on a positive industry trend of consolidation, not an indication of Piedmont's specific near-term plans.

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    Joseph Reagor's questions to SILVERCORP METALS (SVM) leadership

    Joseph Reagor's questions to SILVERCORP METALS (SVM) leadership • Q3 2025

    Question

    Joseph Reagor from ROTH Capital Partners inquired about the appropriate pricing basis to use for modeling the El Domo project's concentrates and requested an estimate for the additional ore tonnage processed at the Ying Mine during the Chinese New Year.

    Answer

    Executive Lon Shaver advised using a standard LME pricing basis for the El Domo project, in line with typical Western market terms. For the Ying Mine, he stated that the company would process the bulk of its 145,000-tonne ore stockpile through the end of the quarter, including during the Chinese New Year, to return to more typical inventory levels by the end of March.

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    Joseph Reagor's questions to SILVERCORP METALS (SVM) leadership • Q3 2025

    Question

    Joseph Reagor asked for clarification on the appropriate pricing basis (LME vs. SME) to use for modeling the El Domo project and sought an estimate for the additional ore tonnage to be processed at the Ying Mine during the Chinese New Year.

    Answer

    Lon Shaver, President, advised that a standard LME pricing basis and typical concentrate pricing model would be appropriate for the El Domo project, as its offtake agreement is based on market terms. He also confirmed that the company planned to process the bulk of its 145,000-tonne ore stockpile by the end of March, returning to more typical inventory levels thereafter.

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    Joseph Reagor's questions to SILVERCORP METALS (SVM) leadership • Q1 2025

    Question

    Joseph Reagor of Roth MKM inquired about the expected news flow and timeline for the recently closed Adventus acquisition, as well as details on the forthcoming Ying technical report, including its scope on mill utilization and the mill's completion date.

    Answer

    Lon Shaver, an executive at Silvercorp, stated that an update on the Adventus project's go-forward plan, focusing on detailed engineering and early development, would be provided soon. He advised waiting for the imminent Ying technical report for full details but confirmed it would incorporate the mill expansion, which is scheduled for completion in November. Shaver emphasized that the mill expansion is one component of a broader growth program that also includes shifting mining methods and renewing permits.

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    Joseph Reagor's questions to SILVERCORP METALS (SVM) leadership • Q1 2025

    Question

    Joseph Reagor of Roth MKM asked for a timeline on news flow for the recently closed Adventus acquisition and inquired if the upcoming Ying technical report will show full utilization of the expanded mill, which is expected to be completed in November.

    Answer

    Lon Shaver, Executive, stated that an update on the go-forward plan for the El Domo project is forthcoming, focusing on detailed engineering and early development items. Regarding the Ying report, Shaver advised waiting for its imminent release but confirmed it will factor in the mill expansion, which is one part of a larger program including new mining methods and permit extensions.

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    Joseph Reagor's questions to SILVERCORP METALS (SVM) leadership • Q4 2024

    Question

    Joseph Reagor of Roth MKM inquired about the repatriation tax on cash from China, the proportion of the company's cash balance held within China, and potential risks arising from Canadian-Chinese government relations.

    Answer

    Lon Shaver, an executive at Silvercorp, clarified that the 10% withholding tax on dividends from China is a standard procedure. He stated that the company's cash is split roughly 50/50 between China and international accounts. Shaver also expressed confidence that Silvercorp is not at risk from government tensions, as it is a Canadian company without Chinese government ownership or influence, and thus does not meet the criteria for a review.

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    Joseph Reagor's questions to ENERGY FUELS (UUUU) leadership

    Joseph Reagor's questions to ENERGY FUELS (UUUU) leadership • Q3 2024

    Question

    Joseph Reagor of ROTH Capital Partners asked about contingency plans for ore transport if negotiations with the Navajo Nation falter and questioned the amount of cash Energy Fuels gained from the Base Resources acquisition.

    Answer

    President and CEO Mark Chalmers expressed high confidence in reaching a transport agreement, highlighting that the talks include a 'win-win' proposal to assist the Navajo Nation with legacy mine cleanup. Interim CFO and Chief Accounting Officer Nathan Bennett clarified that no cash was transferred to Energy Fuels; Base Resources' cash and Q4 revenue will be used to fund the conclusion of Kwale Mine operations and its reclamation liabilities.

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    Joseph Reagor's questions to ENERGY FUELS (UUUU) leadership • Q3 2024

    Question

    Asked about contingency plans for shipping if negotiations with the Navajo Nation fail and for the amount of cash received from the Base Resources acquisition.

    Answer

    The company is confident in reaching a shipping agreement with the Navajo Nation and is not currently considering alternatives, citing encouraging discussions and a holistic approach that includes mine cleanup. No cash was transferred from Base Resources in the acquisition; Base's funds are being used to wind down its Kwale operations and cover reclamation liabilities, with its Q4 revenue to be consolidated into Energy Fuels' financials.

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    Joseph Reagor's questions to ENERGY FUELS (UUUU) leadership • Q2 2024

    Question

    Inquired about the impact of a temporary halt in ore shipments from the Pinyon mine through a Native American reservation on guidance and costs, and asked for clarification on a uranium sale mentioned in the prepared remarks.

    Answer

    The company voluntarily paused shipments to address the Navajo Nation's concerns, which stem from legacy issues unrelated to Energy Fuels. They are in respectful dialogue to find a resolution and do not expect long-term delays or impacts on development work at the mine. Alternative routes exist but the current one is preferred. The uranium sale mentioned was a single spot sale in Q2 for 100,000 pounds at $85.90/lb, not an additional sale in July. No sales have been made in Q3 yet.

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    Joseph Reagor's questions to ENERGY FUELS (UUUU) leadership • Q2 2024

    Question

    Joseph Reagor from ROTH Capital Partners asked for clarification on the impact of a temporary halt in ore shipments from the Pinyon Plain mine and whether a mentioned July uranium sale was a new transaction.

    Answer

    Executive Mark Chalmers clarified the shipping pause was a voluntary, temporary measure to respectfully address concerns from the Navajo Nation and is not expected to cause long-term delays or impact development. He also confirmed there was only one spot sale in Q2 and no new sales had occurred in Q3 at the time of the call.

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    Joseph Reagor's questions to ENERGY FUELS (UUUU) leadership • Q2 2024

    Question

    Joseph Reagor from ROTH Capital Partners asked for details on the temporary halt of ore shipments from the Pinyon Plain Mine through a Native American reservation, including its potential impact on guidance and the availability of alternative routes. He also sought clarification on a uranium sale mentioned for July.

    Answer

    Executive Mark Chalmers explained the shipment pause was a voluntary, temporary measure to respectfully address the Navajo Nation's concerns, and he does not anticipate long-term delays. He clarified that the company believes it has the right to use the route but wants to work collaboratively. Chalmers also confirmed there was only one spot sale in Q2 (100,000 lbs at ~$86/lb) and no additional sale in July.

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    Joseph Reagor's questions to ENERGY FUELS (UUUU) leadership • Q3 2023

    Question

    Inquired about the expected all-in costs for uranium production, the timeline and conditions for restarting ISR operations, and the strategy for selling inventory versus contracted pounds in a rising price environment.

    Answer

    The company expects all-in uranium costs to be well under $50 per pound by blending various sources. They are prioritizing conventional mines over ISR due to greater operational flexibility, waiting for strong long-term contracts before committing to ISR. Inventory provides optionality, and they plan to mine more than contracted amounts to capitalize on market conditions.

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    Joseph Reagor's questions to McEwen (MUX) leadership

    Joseph Reagor's questions to McEwen (MUX) leadership • Q3 2024

    Question

    Joseph Reagor from Roth Capital Partners asked for clarification on Q4 production expectations for Gold Bar, the current cash balance of the Los Azules subsidiary, and the planned accounting treatment for the Timberline acquisition.

    Answer

    Executive William Shaver stated that Q4 was always planned as a lower production quarter for Gold Bar due to stripping, and the company remains on track to meet annual guidance. Executive Jeff Snyder reported the Los Azules cash balance is just over $40 million. Executives Robert McEwen and William Shaver confirmed Timberline will be unitized under Gold Bar for accounting purposes, as the final gold product will be processed at the Gold Bar facility.

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    Joseph Reagor's questions to McEwen (MUX) leadership • Q3 2024

    Question

    Joseph Reagor of Roth Capital Partners asked for clarification on Gold Bar's Q4 production outlook, the current cash balance within the Los Azules subsidiary, and the planned accounting treatment for the Timberline acquisition.

    Answer

    Executive William Shaver confirmed that Q4 at Gold Bar was planned as a lower production quarter (8,000-9,000 ounces) due to stripping, keeping the company on track for annual guidance. Executive Jeff Snyder stated the Los Azules subsidiary cash balance was just over $40 million. Executives Robert McEwen and William Shaver explained that Timberline would be unitized under Gold Bar for accounting purposes, as the final gold product will be processed at the Gold Bar facility.

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    Joseph Reagor's questions to UR-ENERGY (URG) leadership

    Joseph Reagor's questions to UR-ENERGY (URG) leadership • Q1 2024

    Question

    Joseph Reagor questioned if any challenges beyond labor were hindering the ramp-up at Lost Creek. He also asked about the anticipated number of employees needed for Shirley Basin and whether the company foresaw similar hiring difficulties there.

    Answer

    Chairman and CEO John Cash clarified that while the headcount at Lost Creek is filled, the primary ongoing challenge is the inexperience of new employees, which requires extensive training and is the root cause of most ramp-up issues. For Shirley Basin, he estimated needing around 55 employees and expressed less concern about hiring due to the project's proximity to Casper, Wyoming, and its history as a mining district.

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    Joseph Reagor's questions to UR-ENERGY (URG) leadership • Q1 2024

    Question

    Joseph Reagor from ROTH MKM questioned if any challenges besides labor are hindering the Lost Creek ramp-up and asked about future staffing requirements for Shirley Basin and the potential for similar hiring issues.

    Answer

    CEO John Cash clarified that while the necessary number of employees at Lost Creek has been hired, the primary ongoing challenge is the inexperience of the new staff, which requires significant training. He stated that most issues are surficial and fixable. For Shirley Basin, he estimated a need for around 55 employees but expressed less concern about hiring due to the project's proximity to Casper, Wyoming, and its history as a mining district, which should make recruitment easier.

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    Joseph Reagor's questions to UR-ENERGY (URG) leadership • Q1 2024

    Question

    Asked about remaining ramp-up challenges at Lost Creek beyond labor, the number of employees needed for Shirley Basin, and whether hiring would be as difficult for the new project.

    Answer

    The primary remaining challenge at Lost Creek is the inexperience of new employees, which requires ongoing training. Shirley Basin will require about 55 employees, and hiring is expected to be easier due to its proximity to Casper and its history as a mining district. The root cause of most current ramp-up issues is the lack of experience, which is a temporary problem.

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