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    Matthew Key • B. Riley Securities

    Matthew Key's questions to Piedmont Lithium Inc (PLL) leadership

    Matthew Key's questions to Piedmont Lithium Inc (PLL) leadership • Q3 2024

    Question

    Matthew Key of B. Riley Securities inquired about the ideal financing structure and timing for the Ewoyaa project in Ghana and asked what spodumene price or market conditions would be necessary for a final investment decision (FID).

    Answer

    President and CEO Keith Phillips explained that while offtake financing was explored, the focus has shifted to securing lower-cost, joint project-level debt with its partner, potentially through the Development Finance Corporation (DFC). A key near-term catalyst is the parliamentary ratification in H1 2025, which would trigger a $28 million investment from Ghana's sovereign wealth fund. He stated that while there is no bright-line test, spodumene prices need to be 'meaningfully higher' than current levels to justify an FID on a greenfield project.

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    Matthew Key's questions to Piedmont Lithium Inc (PLL) leadership • Q2 2024

    Question

    Matthew Key of B. Riley Securities asked for more detail on the company's plans to monetize noncore assets and requested an update on the remaining permitting and rezoning steps for the Carolina Lithium project.

    Answer

    Keith Phillips, President and CEO, identified noncore assets as their shareholding in Atlantic Lithium and some non-essential land in North Carolina. He clarified that for the Carolina project, they still need an air permit and must complete a rezoning process, which will be advanced at an appropriate time, likely in 2025 or later.

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    Matthew Key's questions to Energy Fuels Inc (UUUU) leadership

    Matthew Key's questions to Energy Fuels Inc (UUUU) leadership • Q2 2024

    Question

    Matthew Key from B. Riley Securities questioned the company's perspective on M&A opportunities within the uranium sector. He also asked for the expected timeline and a potential CapEx estimate for the updated rare earth Pre-Feasibility Study (PFS) with increased capacity.

    Answer

    Executive Mark Chalmers affirmed that Energy Fuels is actively evaluating M&A opportunities in the uranium space, not just in rare earths. For the rare earth PFS, he noted the previous 3,000-ton study had a CapEx of about $350 million and speculated that an updated study for the expanded capacity could be ready in approximately six months, though he stressed this was not a firm timeline.

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    Matthew Key's questions to Ur-Energy Inc (URG) leadership

    Matthew Key's questions to Ur-Energy Inc (URG) leadership • Q1 2024

    Question

    Matthew Key asked about opportunities to expand production capacity beyond the planned 2.2 million pounds from Lost Creek and Shirley Basin, including the potential for M&A, and inquired about the target inventory level before the company would consider selling into the spot market.

    Answer

    Chairman and CEO John Cash detailed three growth avenues: disciplined M&A for quality near-term assets, developing its portfolio of exploration projects, and exploring expansions at existing facilities by overcoming technical constraints. On inventory, Mr. Cash stated the target is fluid but he would be comfortable with a minimum of 100,000 to 200,000 pounds before actively participating in the spot market.

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