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    Matthew Key

    Research Analyst at B. Riley Securities

    Matthew Key is an Equity Research Analyst specializing in battery materials and industrial metals at B. Riley Securities, where he has covered companies such as Lithium Americas, Piedmont Lithium, Uranium Royalty, enCore Energy, Energy Fuels, and Nouveau Monde Graphite. He has issued 13 stock ratings with a success rate of 15.38% and an average return of 0.11 stars, ranking #4,650 among analysts tracked on platforms like StockAnalysis. Since joining B. Riley Securities in 2017, Key previously served as a Principal at Rhumbline Advisers Corp from 2015 to 2017 and holds an undergraduate degree from Wake Forest University. His professional credentials are registered with FINRA, reflecting compliance with securities industry standards.

    Matthew Key's questions to PLL leadership

    Matthew Key's questions to 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 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 5E Advanced Materials (FEAM) leadership

    Matthew Key's questions to 5E Advanced Materials (FEAM) leadership • Q4 2024

    Question

    Matthew Key of B. Riley Securities requested details on the evaluation of lithium recovery methods, the timeline for a customer-ready lithium product, and the potential funding amounts from pending applications with the Department of Defense and Department of Energy.

    Answer

    CEO Paul Weibel stated that while lithium is present at 40-60 ppm and can be concentrated further, the company is still evaluating the most cost-effective recovery technology and has not set a firm timeline. CSO Jason Starzecki detailed that government funding efforts include a $285 million loan guarantee application to the EXIM Bank, a $20 million appropriations request, and a DPA Title III request for up to $35 million, all of which would be highly impactful for Phase 1 CapEx.

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    Matthew Key's questions to 5E Advanced Materials (FEAM) leadership • Q4 2023

    Question

    Asked for details on the timing and potential amount of government financing, particularly from the DPA Title III program, and requested guidance on the company's quarterly cash burn rate for fiscal 2024.

    Answer

    The company explained that Department of Defense (DOD) funding via DPA Title III is a near-term path, while the Department of Energy (DOE) Loan Program Office offers a larger pool of capital over a longer timeline (approx. 12+ months). The target for pure G&A cash burn is about $1.5 million per month, though this may increase as they approach production.

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    Matthew Key's questions to 5E Advanced Materials (FEAM) leadership • Q4 2023

    Question

    Asked for details on the potential timing and amount of government financing, particularly from the DPA Title III program, and for guidance on the expected quarterly cash burn for fiscal year 2024.

    Answer

    The company outlined two government funding paths: a near-term route via the DOD's DPA Title III and a longer-term but larger funding opportunity through the DOE's Loan Program Office. The company is targeting a G&A cash burn of approximately $1.5 million per month, which can be adjusted as they get closer to production.

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    Matthew Key's questions to ENERGY FUELS (UUUU) leadership

    Matthew Key's questions to ENERGY FUELS (UUUU) leadership • Q2 2024

    Question

    Asked about the company's view on M&A in the uranium space and the timeline and potential CapEx for the updated rare earth Pre-Feasibility Study (PFS).

    Answer

    The company is open to M&A in the uranium space and is actively looking at opportunities that make sense for its multi-element strategy. The updated rare earth PFS is a high priority, and while an exact timeline isn't set, it could be around 6 months. The previous study for 3,000 tonnes had a CapEx of $350 million, but the company is resourceful and hopes for excellent results on the new studies, leveraging their experience from the successful Phase 1 build-out.

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    Matthew Key's questions to ENERGY FUELS (UUUU) leadership • Q2 2024

    Question

    Matthew Key from B. Riley Securities asked about the company's perspective on M&A in the uranium sector and inquired about the timing and potential CapEx for the updated rare earth Pre-Feasibility Study (PFS).

    Answer

    Executive Mark Chalmers affirmed that Energy Fuels continues to evaluate M&A opportunities in the uranium space, not just in rare earths. Regarding the rare earth PFS, he speculated an updated study for the expanded capacity could be available in approximately six months, noting that while a previous smaller-scale study estimated $350M in CapEx, the company has a track record of completing projects under budget.

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    Matthew Key's questions to ENERGY FUELS (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 (URG) leadership

    Matthew Key's questions to UR-ENERGY (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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    Matthew Key's questions to UR-ENERGY (URG) leadership • Q1 2024

    Question

    Matthew Key of B. Riley Securities asked about potential growth avenues beyond the Shirley Basin expansion, including M&A, and inquired about the target inventory level Ur-Energy wants to achieve before engaging in spot market sales.

    Answer

    CEO John Cash outlined three primary growth paths: disciplined M&A for quality, near-term properties; developing existing exploration projects; and potentially expanding capacity at current facilities by addressing technical constraints. Regarding inventory, Cash stated a preference for building a stockpile, noting he would be more comfortable with a minimum of 100,000 to 200,000 pounds before considering spot sales.

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    Matthew Key's questions to UR-ENERGY (URG) leadership • Q1 2024

    Question

    Inquired about opportunities for production growth beyond the Shirley Basin expansion, including M&A, and asked for the target inventory level before the company would consider selling into the spot market.

    Answer

    The company is exploring three avenues for growth: disciplined M&A, developing its existing exploration projects, and potentially expanding capacity at current facilities, though technical challenges exist. Regarding inventory, the company would feel more comfortable with a minimum of 100,000 to 200,000 pounds before actively selling on the spot market.

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