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    Justin Chan

    Research Analyst at SCP Resource Finance

    Justin Chan is Head of Research at SCP Resource Finance, specializing in equity research with a strong focus on the mining and natural resources sector. He covers a diverse set of publicly traded companies, including Turaco Gold, Sanu Gold, Aurum Resources, Awalé Resources, Many Peaks, Kobo Resources, African Gold, Greatland Gold, and Pasco Resources, and is known for actionable insights into West African exploration and development plays. Chan began his career in 2012 and has held key analyst roles at RBC Capital Markets and GMP Securities in London before joining Numis Securities and subsequently taking on senior research leadership at SCP Resource Finance in August 2020. He holds an Honours BCom in Finance from the University of British Columbia, and is recognized for shaping investor perspectives on emerging mining projects in EMEA and Australia.

    Justin Chan's questions to ENERGY FUELS (UUUU) leadership

    Justin Chan's questions to ENERGY FUELS (UUUU) leadership • Q1 2025

    Question

    Justin Chan asked for more color on the strategy to potentially run a rare earth processing campaign in 2026 by building up uranium inventory now. He also requested an update on the Toliara project's progress in Madagascar and its timeline to a Final Investment Decision (FID).

    Answer

    CEO Mark Chalmers confirmed that building uranium inventory creates flexibility to switch the mill to rare earths in 2026, noting that a signal from the U.S. government would be a key determinant. Executive Tim Carstens added that the Toliara project is on track for an FID in H1 2026, with an updated DFS expected in June/July 2025, and that work is progressing on fiscal agreements and community engagement.

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    Justin Chan's questions to ENERGY FUELS (UUUU) leadership • Q3 2024

    Question

    Justin Chan of SCP Resource Finance inquired about the company's strategy for its uranium inventory and production plans for the upcoming year, the planned activity mix at the White Mesa Mill, and the development progress at the Bahia project.

    Answer

    President and CEO Mark Chalmers stated that while formal 2025 guidance is pending, the company has flexibility with ~1 million pounds of uranium in inventory and minimal near-term contract commitments. He clarified the mill's focus next year will be uranium production, with rare earth campaigns to resume at scale around 2027. For the Bahia project, he noted it is an earlier-stage asset where the company is actively drilling and targeting a resource definition in 2025.

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    Justin Chan's questions to ENERGY FUELS (UUUU) leadership • Q3 2024

    Question

    Inquired about the 2025 production and sales strategy for uranium inventory, the planned mill activities between uranium and rare earth processing, and the progress and scale of the Bahia rare earths project in Brazil.

    Answer

    The company has not issued formal 2025 guidance but plans to focus the mill primarily on uranium production, stockpiling incoming monazite. Contracted sales for 2025 are minimal and scheduled for late in the year, providing flexibility. A larger-scale rare earth campaign is envisioned for around 2027. The Bahia project is in an early exploration stage, with a team on the ground working towards defining a resource in 2025.

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    Justin Chan's questions to ENERGY FUELS (UUUU) leadership • Q2 2024

    Question

    Asked for a development update on mining assets beyond Pinyon Plain, when stoping is expected to begin, and how stockpile levels are expected to change by year-end given the ramp-up in mining and processing.

    Answer

    Pinyon Plain development is well underway and can be mined now, ramping up soon. La Sal and Pandora are currently mining. Whirlwind is being prepared for dewatering and mining. Nichols Ranch is undergoing delineation drilling. The combination of these mines, potential ore purchases, and alternate feed processing gives them flexibility. Stockpile levels are dynamic, managed by balancing mining rates against mill processing campaigns, with the mill having a much larger capacity than the current mining rate.

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    Justin Chan's questions to ENERGY FUELS (UUUU) leadership • Q2 2024

    Question

    Justin Chan of SCP Resource Finance requested an update on the mine development status for assets beyond Pinyon Plain and asked when stoping is expected to commence. He also inquired about the projected ore stockpile levels by year-end, considering the ramp-up in both mining and processing.

    Answer

    Executive Mark Chalmers detailed that the La Sal Complex is currently mining, the Whirlwind project is being dewatered for restart, and Nichols Ranch is undergoing delineation drilling. He stated that mining (stoping) can occur at Pinyon Plain now, with a ramp-up planned for later this year. Regarding stockpiles, he described the situation as dynamic, with the goal of aggressively mining to replenish processed material.

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    Justin Chan's questions to ENERGY FUELS (UUUU) leadership • Q2 2024

    Question

    Justin Chan of SCP Resource Finance requested an update on the development status of mines other than Pinyon Plain, the timeline for starting active mining (stoping), and the expected ore stockpile levels by year-end.

    Answer

    Executive Mark Chalmers detailed that the La Sal and Pandora mines are currently producing ore, while the Whirlwind project is being prepared for dewatering and Nichols Ranch is undergoing drilling. He explained that stockpile levels are dynamic; the goal is to mine 1.1-1.4M lbs/year, which the mill can outpace, leading to periods of building stockpiles while the mill is paused or processing rare earths.

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    Justin Chan's questions to ENERGY FUELS (UUUU) leadership • Q3 2023

    Question

    Asked about the expected cadence of uranium mining volumes, the sufficiency of monazite inventory for the rare earth circuit ramp-up, and the timeline for declaring a resource at the Bahia project in Brazil.

    Answer

    The company plans to be able to mine at a rate of at least 1 million pounds of uranium per year in 2024, with the goal of having about 50% of production contracted. They acknowledged challenges in securing sufficient monazite feed for their rare earth capacity goals. For the Bahia project, they hope to declare a resource on some areas within the next year, but full production is still a few years away.

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    Justin Chan's questions to AAUCF leadership

    Justin Chan's questions to AAUCF leadership • Q3 2024

    Question

    Asked about the impact of this year's mining schedule shifts on next year's plan at Sadiola, the appropriate royalty rate to model for Sadiola, and the specific operational issues that prompted the change in mining contractor and other initiatives.

    Answer

    The 2025 mine plan has more flexibility and optionality between different ore sources (Korali-Sud, Sekekoto, Tambali). A royalty rate of approximately 10.5% is a reasonable assumption for modeling at $2,500 gold. The operational changes were driven by a combination of factors, including a need to tighten mine plans, improve reconciliation, and engage a better-capitalized contractor with better-aligned performance metrics.

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    Justin Chan's questions to i-80 Gold (IAUX) leadership

    Justin Chan's questions to i-80 Gold (IAUX) leadership • Q2 2024

    Question

    Asked for details on the current mining location and future mine plan for the South Pacific zone, the outlook for ore volumes and reporting in H2 2024, and the remaining steps and timeline for finalizing the Ruby Hill JV.

    Answer

    Executives detailed that they are mining the top of the South Pacific zone and expanding to deeper levels, which will increase refractory ore output reported as ounces, but declined to give specific volume guidance. For the Ruby Hill JV, they confirmed due diligence is complete and final legal/structural documents are being negotiated, with a deal expected before year-end.

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    Justin Chan's questions to i-80 Gold (IAUX) leadership • Q2 2024

    Question

    Justin Chan of SCP Resource Finance asked for details on the current mining location in the South Pacific zone, the mine plan for the remainder of the year regarding ore volumes and mix, and the key remaining milestones and timing for the Ruby Hill JV agreement.

    Answer

    CEO Ewan Downie clarified that mining is in the upper portion of the South Pacific zone, with development extending to deeper levels which should increase strike length and ore volume. While declining to give specific guidance, he expects a significant quarter-on-quarter ramp-up in refractory ore. Regarding the Ruby Hill JV, Downie stated that commercial terms are finalized and the current focus is on negotiating definitive legal documents, expressing confidence the deal would close well before the end of the year.

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    Justin Chan's questions to i-80 Gold (IAUX) leadership • Q2 2024

    Question

    Justin Chan of SCP Resource Finance asked for details on the current mining location in the South Pacific zone at Granite Creek, the mine plan for the remainder of the year, expected ore volumes for Q3 and Q4, and the key milestones and timing for the Ruby Hill JV agreement.

    Answer

    CEO Ewan Downie explained that mining is occurring at the very top of the South Pacific zone, with development extending to deeper levels which will increase strike length and ore access. He reiterated that the company does not provide formal guidance but expects refractory ore production, reported in ounces, to ramp up significantly quarter-over-quarter. Regarding the Ruby Hill JV, Mr. Downie confirmed that all commercial terms are complete and the final step is negotiating definitive legal and tax documents, expressing confidence the agreement would be finalized well before the end of the year.

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