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    Mike Heim

    Senior Vice President and Senior Equity Research Analyst at Noble Financial Markets

    Michael Heim is a Senior Vice President and Senior Equity Research Analyst at Noble Capital Markets, specializing in energy, industrials, and shipping sectors. He covers companies such as Genco Shipping & Trading, Energy Fuels, Indonesia Energy Corporation, AZZ Inc., Kandi Technologies, Seanergy Maritime Holdings, and Flotek Industries, maintaining a notable 55.56% success rate and an average return of 84.88% across his published ratings. Heim began his career as an equity analyst and CFA, joining Noble Capital Markets in a senior research role and has authored numerous in-depth reports on various public companies. He holds the Chartered Financial Analyst (CFA) designation and operates under FINRA-regulated broker-dealer licenses.

    Mike Heim's questions to ENERGY FUELS (UUUU) leadership

    Mike Heim's questions to ENERGY FUELS (UUUU) leadership • Q3 2023

    Question

    Asked about potential upgrade costs for the 2024 mill campaign, the reason for the drop in rare earth carbonate costs and its future sustainability, and the strategic focus of M&A activities.

    Answer

    The company stated the main capital cost is ~$25 million for the rare earth separation circuit, with no other major capital needed for restarting uranium production. The current rare earth carbonate cost is not a good forward indicator due to low production volumes; costs are expected to improve with scale. M&A for rare earths is focused on securing monazite resources ('tonnes in the ground'), while uranium M&A seeks operational synergies.

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