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    Justin Chan • SCP Resource Finance

    Justin Chan's questions to Energy Fuels Inc (UUUU) leadership

    Justin Chan's questions to Energy Fuels Inc (UUUU) leadership • Q1 2025

    Question

    Justin Chan of SCP Resource Finance sought more detail on the potential for a rare earth processing campaign in 2026 and the key drivers for that decision. He also requested an update on progress at the Toliara project in Madagascar and the timeline for its updated economic study.

    Answer

    CEO Mark Chalmers explained that building up uranium inventory provides the strategic flexibility to switch the White Mesa Mill to rare earth processing in 2026, a decision that could be influenced by signals from the U.S. government. Executive Tim Carstens added that Toliara is progressing well with finalizing fiscal terms and community engagement, remaining on track for a Final Investment Decision (FID) in H1 2026. Carstens also confirmed a full updated DFS with new CapEx figures is expected in June or July 2025.

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    Justin Chan's questions to Energy Fuels Inc (UUUU) leadership • Q3 2024

    Question

    Justin Chan of SCP Resource Finance asked about the company's strategy for its uranium inventory and production outlook for the next year, including the timing of contracted sales and potential mill constraints. He also sought more detail on the potential scale of the Bahia project.

    Answer

    President and CEO Mark Chalmers stated that formal guidance for next year is pending, but the primary focus will be uranium production, with current contracts scheduled for late in the year, allowing flexibility for spot sales. He clarified that large-scale monazite processing is targeted for around 2027. For the Bahia project, Chalmers confirmed its potential and detailed the ongoing sonic drilling and permitting efforts, characterizing it as an earlier-stage asset compared to the Donald and Toliara projects.

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    Justin Chan's questions to Energy Fuels Inc (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 I-80 Gold Corp (IAUX) leadership

    Justin Chan's questions to I-80 Gold Corp (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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