Discussion with Mark Chalmers | Energy Fuels (NYSE:UUUU)

欢迎收听史密斯每周讨论，这是我们为史密斯每周研究会员准备的特别节目。

Welcome to Smith Weekly Discussions, an occasional program for our members of Smith Weekly Research.

请注意，本节目属于私人讨论，其中所有内容仅供娱乐和教育之用。

Please note this program is a private discussion, and everything contained herein is for entertainment and educational purposes only.

那么，希望大家找个舒服的姿势，倒上喜欢的饮料，好好享受这场讨论。

With that, we hope you're in a comfortable position along with your favorite beverage to enjoy the discussion.

我们提醒听众朋友们，可以查看每期节目附带的节目笔记，以便更好地了解我们的节目运作方式。

We remind our audience to examine our show notes attached to each of our shows to better understand how our program functions.

在开始讨论之前，我们要感谢史密斯每周的听众们提出的问题，包括克雷格·S、布莱恩·B、马克·R、詹姆斯·F和安迪·J。

Before we get into our discussion, we wanna say thanks for for questions coming from our audience of Smith Weekly, including Craig s, Brian b, Mark r, James f, and Andy j.

今天再次来到史密斯每周讨论的是马克·查默斯先生。

Returning to Smith Weekly discussions today is mister Mark Chalmers.

马克是能源燃料公司的首席执行官。

Mark is the chief executive officer of Energy Fuels.

这家公司专注于通过多个传统采矿项目和稀土分离加工来生产稀土元素和铀。

The company is focused on the production of rare earth elements and uranium through various conventional mining projects and through rare earth separation processing.

Energy Fuels的生产工作主要集中在位于犹他州布兰丁的White Mesa磨坊综合体。

Energy fuels production efforts are centered around its White Mesa mill complex based in Blanding, Utah.

公司在美国、澳大利亚、马达加斯加和巴西拥有重要的项目储备，为未来产量增长提供支持。

The company holds a significant project pipeline for future growth of the production profile focused in The United States, Australia, Madagascar, and Brazil.

Energy Fuels还通过多个合作伙伴项目涉足医用同位素、钒和磁铁业务。

Energy Fuels is also exposed to the medical isotopes, vanadium, and magnet businesses through various partner ventures.

公司在纽约证券交易所上市，股票代码为UUUU，同时也在多伦多证券交易所上市，股票代码为EFR。

The company is listed on the New York Stock Exchange under the symbol u u u u and also on the Toronto Stock Exchange under the symbol e f r.

Mark，很高兴你能再次来到我们的节目。

Mark, it's good to have you back on the program.

欢迎你。

Welcome.

嘿，Andrew。

Hey, Andrew.

能上你的节目总是很棒的。

It's always great to be on your program.

我也是，马克。

Likewise, Mark.

很高兴你能来。

It's great to have you on.

能听到能源燃料的最新消息总是好的。

It's always good to get updates on energy fuels.

你们现在真是火力全开，非常活跃。

You guys are active and firing on all cylinders.

那我们就开始吧。在聊能源燃料之前，先简单说说你对当前市场情况的看法，然后我们再进入公司的最新动态。

Well, to kick things off, why don't we before we get into energy fuels, just your brief thoughts on market conditions out there, and then we'll jump into some company updates.

好的。

Okay.

嗯，我觉得，市场情况在很多方面来说，至少很长时间以来都没有这么好过。

Well, look, I think, the market conditions really, in a lot of cases, haven't looked better for at least a long period of time.

你知道，铀价有点慢慢上涨，又有点回落，但现货和长期市场还是在慢慢往上走。

You know, uranium prices kinda creep up, go back a bit, but still creeping up in terms of the spot in, the term market.

稀土价格一直在往上涨。

The rare earth prices just keep to going way up.

我是说，我上次看的时候，EDPR已经超过每公斤130美元了，而且这些都是中国以外的价格。

I mean, last time I checked, the EDPR was over a $130 a kilogram in DYTB, and these are all, outside of China prices.

我们比中国价格有大幅溢价。

We're at a material premium to China prices.

所以，你知道，我们真的很兴奋，我们做的每件事似乎都很时髦，而且，当然，确保非俄罗斯、非中国供应链的关注度从未如此之高。

So, you know, we're really excited about everything we're doing seems to be in vogue, and certainly the the focus on, you know, securing non Russia, non China supply chains has never been greater.

对。

Yeah.

这个市场真有意思。

It's an interesting market out there.

好像总有什么大宗商品在表现或受到关注，当然，不管你说的是稀土，还是铀在短期内失去了一些关注，然后转向石油、黄金，还有白银，总有事情在发生，钨，什么的。

Seems like there's always some commodity that's performing or getting attention, certainly, whether you're talking rare earths or maybe some of the attention that disappears from uranium for the short period of time over here to oil, gold, what have you, silver, there's always something happening, tungsten, whatever it is.

当然，从价值创造的角度来看，能源燃料公司的特定驱动因素是最重要的，显然你们在过去几年里一直在努力，甚至更久，而且未来很多年还有很多工作要完成。

Of course, the company specific drivers at energy fuels are the most important here from a perspective of value creation, which obviously you guys have been working on really hard over the last few years and even well beyond that and many years into the future here as far as all the other work that you have to complete.

那我们直接进入公司的最新情况吧？

Well, why don't we jump into company updates here?

二月底，公司公布了2025年的业绩，也给出了2026年的预期。

In late February, the company announced 2025 results and also expectations for 2026.

马克，你帮我们梳理一下这些业绩里你想重点强调的关键点吧。

Mark, cover those off for us as far as key items that you'd like to highlight from those results.

我觉得关键点在于，第一，2025年我们所有类别的业绩都超出了预期。

I think the key items are is it, one, we beat guidance in really all categories in 2025.

然后，我们为2026年重新设定了新的目标。

You know, we reestablish new guidance for '26.

我们的资产负债表非常稳健。

You know, we got a strong balance sheet.

当然，我们和高盛做的可转债交易让我们处于一个非常有利的位置，资产负债表非常强劲。

Certainly, the convertible that we did with Goldman Sachs put us in a really great position with very strong balance sheet.

铀产量正在逐步提升。

Uranium production ramping up.

我们开采了大约170万磅的新开采铀。

We mined about 1,700,000 pounds of newly mined uranium.

我们生产了大约一百万磅，所以这只是开采和生产之间的时间差。

We produced about a million pounds, so that's just a lead lag between when we mine versus when we produce it.

但是，安德鲁，你知道，当我们说要做某件事时，我们就会做到。

But, you know, Andrew, as you know, when we say we're gonna do something, we do it.

而且，我们对此感到非常自豪。

And, and we're very proud about that.

随着我们在Pinyon Plain开采更多，我们的铀成本会大幅下降。

And as we, mine more at Pinon Plain, our cost of uranium goes down materially.

所以我们仍然预计Pinyon Plain的成本在每磅23到30美元之间。

So we're still looking at the cost of Pinyon Plain being between about 23 to $30 per pound.

因此，进入2026年，我们确实处于一个很好的位置，铀业务的收入在增长，同时我们在稀土领域的多个项目也在推进。

And so we're really in a great position going in to 2026 with revenue increasing from the uranium business and advancing our multiple initiatives in the rare earth sector.

感谢你的概述，2025年的业绩看起来很棒，预计2026年会有更好的表现。

Appreciate that overview and the results 2025 looking great and expecting even better results here in 2026.

另外，关于公司动态，谈到并购活动，公司宣布收购澳大利亚战略材料公司，交易价值约2.99亿美元，预计大约在六月底完成。

Also, just on company updates, talking m and a activity, the company announced the takeover of Australian Strategic Materials in a deal valued at about 299,000,000 US dollars with closing expected by the end of June roughly.

马克，谈谈这笔交易的重要性，以及公司引入的关键资产。

Talk about the importance of this transaction, Mark, and the key assets being brought into the company.

是的。

Yeah.

你看。

Look.

这笔交易在投资者、潜在承购方以及多位政府官员中反响很好，因为它真正加速了我们在稀土业务中通过合金实现的整合战略。

It's, that's gone down really well with investors, with potential offtakers, and various government officials, because what it really does is it it accelerates our integration strategy in the rare earth business through alloys.

所以，你知道，通过这次收购，我们已经具备了从采矿、加工、到氧化物、再到金属和合金的能力，而且我们还需要完成交割。

So, you know, we have put together the ability to to mine, to process, go to oxides through metals and alloys with the acquisition, and we still have to close it.

正如我所说，今年六月的某个时候，我们看不到任何阻碍。

And as I said, sometime in June of this year, we we we don't see anything getting in the way with that.

但这确实巩固了从采矿到合金的一体化布局。

But it really solidifies this as an integrated play from mining all the way through alloys.

而且我觉得这也带来了很多其他机会，不过我们还附带了一个双重项目，这提供了另一个原料来源，我们认为我们能比别人更好地利用这一点，因为我们可能能制造出一种中间产品，可以在白梅萨工厂进行加工。

And I think it also opens up a number of opportunities for another, but we have the double project that comes with it, which provides another source of feed, which we think we can benefit from better than others because, we may be able to make an intermediate, product that, that can be processed at the White Mesa Mill.

所以这个消息也为我们打开了更多上下游的机会。

So it is also opening up a number of opportunities further upstream and downstream with that news.

那么再次恭喜你们，你们能够找到这些利基公司，把它们整合起来，把公司发展成现在这样，真的很了不起。

Then congratulations once again, your guys' ability to go out there and find these niche companies that are out there, put this together, and grow this company the way you guys have.

再说一次，回顾过去几年的这些交易，你们确实执行得很好。

Once again, just the transactions looking back over the last few years, you guys really have executed.

在铀矿领域，能做到这样的不多。

There's not too many in the uranium sector.

在稀土领域，也许我们可以讨论一些交易，但马克，你们确实比很多同行执行得更好。

The rare earth sector, perhaps, we could maybe have a few discussions on some of the transactions out there, but, you guys really have been executing well compared to many of your peers, Mark.

所以我真的想在这里向听众们指出这一点。

So I really wanna point that out to the audience here.

所以在这方面做得很好，期待看到这笔交易完成，也期待你们继续推进那些项目和设施。

So good work on that front and looking forward to seeing that close and you guys continuing to move forward that pipeline of projects and facilities.

年初的时候，你们发布了两份经济研究报告，一份是白梅萨二期稀土回路扩建的可融资可行性研究，另一份是马达加斯加托利亚拉稀土和重矿物砂项目的可行性研究。

To start the year, you guys released two economic studies, the bankable feasibility study for the phase two rare earth circuit expansion at White Mesa and also the feasibility study for the Tolyara rare earth and heavy mineral sands project in Madagascar.

我们稍后再谈托利亚拉，先说说白梅萨二期扩建的结果、研究中的关键内容，以及许可和扩建的时间安排。

We'll come back to Tolyara, but cover off the results for the phase two White Mesa expansion and the key items from that study as well as timing on permitting and expansion.

你知道，白梅萨的可行性研究表明，资本成本略高于4亿美元，这个数字非常低，而且还能同时处理轻稀土和重稀土。

You know, the feasibility study for White Mesa, you know, indicating that we could the capital cost would be just a little north of $400,000,000, which is exceptionally low with the ability to do lights and heavies.

所以我们对此非常兴奋。

So we're really excited about that.

你知道，该设施的净现值在15亿到20亿美元之间。

You know, net present value was, you know, between $1.5.02, billion dollars for that facility.

另外，如果只看托利亚拉项目，一旦投产，生产一公斤钕镨的成本大约是30美元。

Also, the cost of producing a kilogram of NDPR, if you look at Tolyara only, if we get that up and running, it was about $30 a kilogram.

但如果把所有潜在来源都算上，钕镨当量的平均成本大约在每公斤60美元左右。

But if you look at all sources that we have potentially, it was an average of around $60 a kilogram for NDPR equivalent.

所以这真的是一个很棒的结果，因为当你看到二期资本成本，以Alignis的规模，同时处理轻稀土和重稀土，4亿美元在稀土行业里几乎不算什么。

So it's really a great outcome in the fact that when you look at the capital cost of phase two, at the scale of Alignis with both lights and heavies, $400,000,000 is virtually nothing in the rare earth business.

大多数其他公司要建这样的设施，可能得花15亿到20亿美元，甚至更多。

Most other companies would be looking at, you know, 1.5, $2,000,000,000 or greater to build a facility like that.

所以说，这真的是个很好的结果。

Again, it's a great outcome.

而且再加上它位于犹他州，那里电力、水资源成本低，劳动力很强，基础设施也很完善，所以对能源燃料公司和我们的股东来说，这真的是个非常好的结果。

And when you combine that with the fact that it's in Utah where the cost of power, water, you know, very strong workforce and a lot of infrastructure already in place, you you look at a really great outcome for energy fuels and our shareholders.

马克，我刚才简单提了一下你那边看到的进度安排。

Mark, I just talked just a little bit about what you're seeing there just on forward schedule.

我知道这只是大概的估计，但就监管审批的时间，以及你们预计什么时候能首次投产，能说说吗？

I know this is approximate and rough, but, just as far as when you would expect regulatory to come in there and then also you guys seeing, why don't we just call it first production out of the facility?

我们进度安排里有趣的一点是，一期设施已经建好了，可以处理轻稀土和重稀土精矿。

The interesting part about our our schedule is we already have the phase one facility that's built, okay, that can do the lights and also a heavy concentrate.

所以说到二期，大家可以去我们官网看最新的演示文稿，我们预计二期大概在2029年左右启动。

So when you look at phase two, I mean and and people can go on our website and get the most updated, presentation, but we're really looking at, phase two kicking in, sometime in, say, 2029.

但与此同时，我们能用一期设施处理稀土，而且我们还在建一个重稀土分离回路，也就是MREC回路，这样从明年到2029年之间我们就能有这个能力了。

But in the meantime, we have the ability to process for earth with our phase one, and we also are building a heavy separation circuit, an MREC circuit on our phase one so that we have that between next year and 02/29.

所以这是一个逐步推进的过程，安德鲁。

So it's a it's a stair step type thing, Andrew.

但关键是能够以可扩展的速度商业化生产这些稀土元素、氧化物、轻稀土和重稀土，并逐步向金属和合金方向发展。

And, but, again, the the key here is to be able to commercially produce, you know, a number of these rare earth elements, oxides, lights, heavies moving towards metals and alloys, in kind of a scalable rate.

对吧？

Right?

所以一切都是可扩展的，并且逐步提升，到2029年、2030年，我们相信我们将成为全球最重要的稀土关键矿物生产商之一。

So it's all scalable, and it ramps up so that by 2029, 2030, we believe we're gonna be one of the most significant rare earth critical mineral producers in the entire world.

马克，期待看到你们推进这个项目，完成这个扩建电路，投入生产，当然，也期待看到你们继续发展壮大，与稀土同行竞争时产生的现金流。

Mark, looking forward to seeing you guys progress that and get this expansion circuit done and, see get under production and, of course, seeing the cash flows there as you guys continue to grow this out and, definitely compete with some of your rare earth peers out there.

这里的显著增长，我想我们可以在管道中看到。

The notable growth here, I think we can see that in the pipeline.

所以谢谢你。

So thank you for that.

简单谈谈Toliaora，你对那项可行性研究结果的看法。

Just talking, Toliaora briefly here, your comments on that feasibility study results.

给大家重点介绍一下。

Highlight that for the audience.

可能有些听众还没看过那个结果，但你可以重点说说那些结果的主要亮点。

There's probably some audience that probably haven't looked into that result yet, but maybe you can highlight the key features of those results.

在我看来，这些数字非常亮眼。

Very good numbers in my opinion looking at this.

然后，关于开工时间，你有什么想法？

And then with that, just your idea on timing to see construction underway.

是的。

Yeah.

可行性研究显示，净现值为18亿美元，按10%的折现率计算。

The feasibility, had an NPV of about 1,800,000,000 was a net present value at 10%.

矿山寿命长，超过38年。

Long life, thirty eight years plus.

我们认为实际可能远不止这个数。

We think it could be substantially greater than that.

每年能产生大约5亿美元的EBITDA，所以现金流非常非常可观。

And driving off EBITDA of around 500,000,000 per year, So very, very substantial cash flow.

我们现在还在进行一些最终投资决定的相关工作。

What we're doing now is we're still, working on, some of the FID work.

我们还在和马达加斯加政府沟通，争取获得最终批准。

We're still working with the Madagascar government in terms of getting the final approvals.

马达加斯加政府有一些变动，但我们得到了他们非常好的支持。

There's been some changes of government, in Madagascar, but we're getting really good support with the Madagascar government.

而且，你知道，我们仍在考虑在2027年左右做出最终投资决定。

And, you know, we're still looking at a final investment decision sometime, in 2027.

资本成本大约8亿美元，但我认为这是全球成本最低的未开发重矿砂和稀土矿床。

The capital costs are around $800,000,000, but it is what I believe the lowest cost undeveloped heavy mineral sand in rare earth deposit in the entire world.

我觉得它比芒廷帕斯还要好。

And I think it's better than Mountain Pass.

比西澳大利亚的芒特韦尔德还要好。

It's better than Mount Weld in Western Australia.

所以这是我们未来项目管线中一个非常非常庞大的项目，但我们还有巴伊亚，你知道的，还有唐纳德项目，那已经万事俱备了。

So it is a huge, huge project, in our pipeline, for the future, but we also have Bahia, as you know, and, the Donald project, which is shovel ready.

完全同意，马克。

Absolutely, Mark.

我知道这还在规划中，但当然，随着你们推进唐纳德项目，现金流持续增长，这些现金流将部分用于资助这个项目未来的发展。

And I know this is down the pipeline here, but certainly, as you guys bring on Donald and those cash flows continue to ramp up that those, cash flows will be used in part to finance this project going down the road here.

所以一直很感激看到所有这些进展。

So always appreciate seeing all of this progress.

当然，一切似乎都在按部就班地进行，无论是获得监管批准还是安排好所有步骤。

And, of course, everything seems to be lining up with respect to getting those regulatory approvals and getting everything sequenced out.

所以感谢你们的努力，期待在适当的时候看到更多关于图利亚拉的消息。

So appreciate your efforts on that and looking forward to seeing more on Tullyara as, in due course here.

在铀方面，我想我们最好花点时间谈谈铀。

On the uranium side, I suppose we better touch on uranium for a moment.

请给我们介绍一下采矿作业的最新情况，以及您预计今年产量会达到什么水平。

Just, give us an update on mining operations and where you expect to see production coming in for the year mark.

当然，我们知道不是所有产量都会卖掉，但这样的话，你能不能大概说一下，你手头或者今年内会有的库存，大概有多少要卖出去？

Of course, we know not all of that production will be sold, but with that, maybe just your approximate amount of inventory to be sold off, that you do have on hand or will have on hand throughout the year.

铀的指导目标是2026年开采200万到250万磅的铀。

The guidance on uranium is to mine between two to two and a half million pounds of uranium, in '26.

我们非常有信心能达到这个范围。

Very confident we can we can be in that wheelhouse.

我们在2025年开采了170万磅，所以大家可以看到开采率在持续提高。

We did 1.7 in '25, so people can see that the mining rate is continuing to increase.

我们计划在2026年处理150万到250万磅。

We're looking at processing, between one and a half and two and a half million pounds in 2026.

之所以范围这么宽，是因为我们基本上可以在六个月内处理大约150万磅。

And and the reason for that wide range is that, we can basically, process about one and a half million pounds in six months.

而且我们给自己留了一些余地，如果我们决定要么生产额外的稀土，要么进行一些资本工程，就是我们所说的B阶段和C阶段，也就是分离重稀土以及生产MREC。

And, we're leaving ourselves some wiggle room if we decide we wanna either produce additional rare earths or and or some of the, capital works that we're looking at on this phase, what we call phase b and c, which is the separation of heavies and also producing the MREC.

所以进展非常顺利。

So that's going really well.

我的意思是，我们给出的销售指引是每年150万到200万磅。

I mean, we're we're saying guidance for sales between one and a half to 2,000,000 pounds per year.

而且我认为这个指引确实进一步巩固了我们作为美国最大、成本最低的铀生产商的地位，我们说到做到。

And and I think that that guidance definitely continues to cement us as the largest producer of uranium in The United States and the lowest cost, and we do what we say we're gonna do.

你知道，当我们说要发布指引时，我们对能够实现这个指引很有把握，不会让市场失望，但我们还在逐步提升产能。

You know, when we say we're gonna give out our guidance, we've got a really good handle that we're gonna make that guidance and not disappoint the market, but we're still still ramping up.

所以，你知道，我告诉人们，就假设我们大概在200万磅的水平。

So, you know, I I tell people that just sort of assume that we're at about the 2,000,000 rate.

我过去几年一直这么说。

I've been saying that for the last couple years.

你知道，随着市场持续改善，我们有可能利用现有资产，用有限的资本，把产量提高到250万磅左右。

You know, we can, potentially with existing assets with limited capital, we can go up to say £2,500,000, you know, as this market continues to improve.

我在这里补充几点。

A few comments to add there.

首先，要肯定你们管理库存的能力，能够抓住现货市场的机会灵活出售铀，同时履行长期合同。

I think first, do credit on the ability for you guys to manage the inventory to be able to opportunistically sell uranium in the spot market as those opportunities present fulfillment of long term contracts.

我们一会儿再回到这个话题。

Come back to that in just a moment.

而且，你们还保持了库存。

And, also, you guys maintaining that inventory on hand.

马克，我觉得在你领导公司的整个任期内，这始终是一个非常明智的做法。

I think that has always been a very smart move, Mark, over your entire tenure there as the leader of the company to be able to do that.

然后，当然，这再次凸显了你们的设施和你们在灵活性方面的能力。

And then, of course, that just, again, highlights the facility and highlights what you guys are able to do in that flexibility.

还有采矿的增产，再次恭喜。

And then the ramp up on mining, once again, congratulations.

马克，现在市场上像这样纯粹的公司真的不多。

There's just not that many pure companies out there, Mark.

也许你能给我们指一家，或者半家，说这些家伙真的做到了他们承诺的事情，因为这在当前市场上相当罕见。

Maybe you can point us to one at this point or half of one to say that these guys have actually been able to do what they said they're going to do because that's pretty rare in this market at this point.

所以，再次恭喜你们能够提供指导，实现指导，总是秉持着少承诺、多交付的理念，再次恭喜你们做到了这一点。

And so that that again, congratulations on you guys being able to provide guidance, meet that guidance, always come with the view of under promise, over deliver, which, once again, congratulations on that.

我觉得这一直是你们努力在做的重要部分，而且我认为人们刚刚开始在一定程度上通过股价来认可这一点。

I think that's been a big part of what you guys have always tried to do, and I think people are just starting to obviously respect that in the share price to some extent.

所以这方面的信息非常好。

So very good information on that.

我想接着问一个关于未来公用事业合同的问题。

I wanna follow with this question on potential future utility contracts.

有观众要求你们只签每磅200美元保底价的新长期合同。

We had an audience request to have you only sign new long term contracts with 200 per pound floors.

对此你怎么看？

What do you say about that?

嗯，我真的很希望看到每磅200美元保底价的机会。

Well, I I I would really like to see that that opportunity with $200 a pound floors.

合同谈判的情况在持续改善。

The contracting situation continues to improve.

你知道吗？

You know?

另外，我们做的一件事是，我们不像很多公司那样激进，只签约了大约一半的产量，另一半则面向公开市场。

And the other thing that we've done is we've been less aggressive than many by contracting around half of our production, to be open, market on the other half.

不过，你知道，我们看到长期合同的价格在改善，现货价格也在慢慢回升。

But, you know, we do see the term prices improving, and we see the spot kinda creeping back up.

最近有点波动。

It's been a little volatile lately.

但我相信，一磅铀的真实重置成本必须继续上升，因为我认为它得涨到几百美元，可能每磅在1.25到1.50美元之间，才能覆盖开采、许可、资本成本、运营成本和最终的复垦成本。

But I do believe that the true replacement cost for a pound of uranium, has to keep going up because I think it has to be well into the hundreds and maybe between $1.25 and $1.50 a pound to include the expiration, the permitting, the capital cost, the operating cost, reclamation cost in due course.

所以这也是我们只签约了大约50%的另一个原因。

So that's another reason that we we are just about 50% contracted.

现在，有些人会说，我们不打算签约。

Now, you know, some people say, well, we're not gonna contract.

但作为生产商，你只能在现货市场上投放那么多铀，如果完全依赖现货市场，你会压低现货价格。

Well, you can only put so much uranium on the spot market, and you can depress the spot market if you're completely dependent on the spot market, as a producer.

所以你需要一定数量的长期合同，才能把材料有序地投放到市场，而不是全部堆到现货上。

So you do need a, a certain level of long term contracts to be able to manage that material into the market without putting it all on the spot.

而且我以前也为一些公司工作过，有些情况下他们是完全依赖现货市场的。

So and I've also worked for companies that in the past, in some cases, were open market.

如果出现任何——我不想用‘黑天鹅’这个词——那就会让他们破产。

And if there was any and I hate to use the word black swan, it put them into bankruptcy.

所以我们采取的是中间路线，签订既有下限又有上限的长期合同，而且合同公式会随着价格上涨而相应上调。

So, you know, we're we're we take that middle road approach to have long term contracts that have both floors and ceilings, but with a formula that as the price rating goes up, they also escalate.

是的。

Yeah.

我觉得这些评论很好，马克。

I think those are good comments, Mark.

而且你们能够建立起一套合理的长期合同组合，这非常明智，相比之下，同行们做得并不好。

And you guys have been able to put together a term contract book that's made sense, and it's been very smart compared to, once again, to peers, which haven't done a great job.

虽然还有一些公司坚持不签合同，但他们在这方面还有很多工作要做。

There's a few holdouts up there, but there's the holdouts also have a lot of work yet to do on that.

虽然我们理解那些坚持不签合同的公司，但他们的处境现在比那些在铀价40到50美元时签了合同的公司要好。

And while we can appreciate some of the holdouts out there, those folks are in better positions now than the folks who signed contracts at 40 and $50 uranium.

而且我觉得，现货市场的管理在这里真的很关键，因为在合适的市场条件下，现货市场如果长期被压制，也可能会推迟一段时间市场的变化。

With that too, I think that the spot market management's real key feature here because in the right market conditions, spot market being suppressed for a long period of time can also delay for a period of time some of that market movement.

我觉得过去十一年我们基本上处于牛市周期，但伴随着严重的回调，我们已经看到了这种情况。

I think we've seen that over the last eleven years of this essentially bull cycle with severe corrections as we've seen over the last eleven years.

再说一次，我觉得你的经验，无论是回顾之前的周期，还是了解那些肯定会发生、将来还会再次发生的黑天鹅事件，都很重要。

Once again, I think your experience going back to previous cycles as well as knowing about those black swan events that can certainly occur and will occur yet again in the future.

你经历过这些，也了解这些，我觉得这真的能让你们在能源燃料公司做出更好的决策。

Knowing of those and going through those in your experience, I think, is really set up for you guys to make better decisions at energy fuel.

所以再次感谢你。

So once again, thank you for that.

好的，马克，我们接下来简单谈谈资本结构，然后我们就结束几个话题。

Well, other things here, Mark, wanna move to the capital structure for just a moment, and then we'll wrap up on a few things.

现在债券发行完成了，给我们更新一下现金余额和资产负债表的情况吧。

Just give us an update where things stand with the cash on hand balance sheet now that we've got this bond issuance completed.

简单说说这个，还有当前的流通股和主要股东的情况。

Just talk a little bit about that as well as current shares outstanding and the key shareholders.

对。

Yeah.

嗯，你看，我们有大约9亿多美元的可动用资金，其中大约6.25亿是利率为0.75%的可转换债券。

Well, look, we have about 900,000,000 plus of deployable capital, around 625,000,000 of that is in the convertible bond at three quarters percent interest.

目前，我们只是把它存起来，赚取利息。

Right now, we just have that tucked away, earning interest.

以现在的利率，光是放在银行里就能产生大量现金，比那0.75%的利率强多了。

It generates a lot of cash just being in the bank with these interest rates versus the three quarters percent.

那个看涨期权的行权价，我记得是每股30.70美元，期限是六年。

Strike rate on that for the cap call is, I think, $30.70 per share, and it's got a six year term on it.

所以流动资金，也就是可用的流动资金，大约是3亿美元。

So the working capital liquid working capital is about $300,000,000.

把这两部分加起来，我们就有很多弹药，而且条件非常优惠。

So when you combine those two, we've got, you know, a lot of firepower at really attractive terms.

所以，你知道，随着铀业务的回暖，我们的处境很好。

So, you know, we're in a good shape there as uranium business picks up.

你知道，如果我们以每磅25.30美元左右的价格开采铀，一旦我们在Pinon Plain和LaSalle扩大规模，你就能看到在每磅75.80美元或85美元的市场中，如果我们每年卖出150万到200万磅，就能产生大量现金。

You know, if we're mining uranium at $25.30 dollars a pound, whatever, somewhere around there, once we get the the scale up at Pinon Plain in LaSalle, you know, you can see in a market at $75.80, $85 a pound, we can generate a lot of cash if we sell one and a half to 2,000,000 pounds per year.

所以，我们真的为我们的铀业务将实现盈利而感到自豪，而这个盈利的业务可以帮助资助稀土业务和重矿物砂业务的启动和发展。

So, you know, we we're really, proud that our uranium sector is gonna be profitable, and that profitable sector can then help fund getting the rare earth sector up and going as well as the heavy mineral sands sector.

我们目前大约有2.45亿股流通股。

So we we have, around, I think, 245,000,000 shares on issue thereabouts.

你知道，我们一直在寻找方法，以最大化股东价值。

You know, we're still always looking at ways to, you know, to maximize the value to the shareholders.

我们做的每一件事，在前进的过程中，都会通过财务模型来评估，看看如何最好地融资，如何最好地实施我们的资本项目。

Everything we do when we as we go forward, we put through financial models and look at how do we best fund ourselves, how do we best do our capital projects.

你知道，我们会在适当的时候使用债务来杠杆化，但也会非常谨慎地前进。

You know, we will use debt at some level to leverage up on using debt, when it's appropriate, but we'll also be very careful in how we go forward.

但我必须说，当市场质疑我们融资约20亿美元项目的能力时，现在拥有约9亿美元的可动用资金，已经让很多人闭嘴了。

But I have to say that when the market was questioning our ability to finance this about $2,000,000,000 worth of projects to have about 900,000,000 deployable right now is is silenced a lot of those people.

对。

Yeah.

我也这么觉得，马克。

I would say so, Mark.

你们这轮债券发行创了纪录。

You guys have the record for best bond issuance this cycle.

我没看到还有谁能以那样的规模和利率做到这一点。

I don't see another one out there of that size and at that rate.

所以你们拿到的这些条款，我觉得简直太棒了。

So the terms that you have there, I think, are just fantastic.

你们已经攒下了一大笔资金，显然是为了开发项目，需要大量资金，但这给你们带来了更多的选择余地。

You guys have built quite a war chest given, obviously, the development pipeline and needing a lot of those funds for the development pipeline, but just that provides so much more optionality for you guys.

所以资产负债表现在看起来相当不错，非常感谢你们为把它搞到现在这个状态所做的努力，这真的让公司在股价价值方面建立了更多的信心，因为你们手里有近十亿美元的现金储备。

So the balance sheet to looking pretty dang good at this point, really appreciate all your efforts to get that up and running where it is today, and it really sets the company up to really build a lot more confidence out there with respect to the value of the equity price, knowing that you have, you know, nearly $1,000,000,000 in cash inventory.

如果把这些都加起来，我想已经非常接近那个数字了，而且跟公司现在的市值相比，再加上随着你们继续实现这些目标，未来必须开始计入的增长，这确实很可观。

If you add it all together, I suppose it's very close to that amount and compared really to the market cap of the company even today, plus all the growth that, will have to start to be built in here as you guys continue to execute on those goals.

从新闻上看，你们好像打算在四月份退休，罗斯会接替你的职位。

As we've seen from the news here, looks like you're looking to retire coming up soon in April, and Ross will be taking over your role.

这很可能是我们最后一次以你们为嘉宾的播客节目了。

This likely could be our final podcast episode with you as guests in this capacity.

你想对听众和正在收听的能量燃料股东们说些什么呢？

What do you wanna say to the audience and to the energy fuel shareholders who are listening in?

首先，我永远不会退休。

Well, first of all, I'll never retire.

我的意思是，我从CEO角色转变为独家顾问咨询角色，这大概占我时间的25%到50%。

I mean, I'm shifting from a CEO role to a exclusive advisory consulting role, which which is between 25 to 50% of my time.

但我也想说的是，能量燃料的未来从未如此光明。

But I also wanna say that the future for energy fuels has never looked better.

从未如此光明。

Never looked better.

我们现在有很多事情正在进行，我相信这些将在2026年取得成果，而且我们建立的势头、收购的资产、打造的团队。

We have so many things going on right now that I believe will come to fruition in 2026, and the momentum that we've established, the assets we've acquired, the team that we've built.

你知道，罗斯从资源资本基金带来了很多经验，他曾经是那里的合伙人，我们建立了一支非凡的团队。

You know, Ross comes with a lot of experience from Resource Capital Funds where he was a partner, and we built up an extraordinary team.

我觉得我们可能已经拥有了最有经验的专业团队，来执行我们未来的战略。

I think we've probably got the the most experienced, team of of of professionals to execute our strategy going forward.

所以我想让大家知道，我不是退休，因为我永远不会退休。

So I I want people to know that I'm not retiring, because I will never retire.

我只是在转型。

I'm just shifting.

我会在澳大利亚待更多时间，但能源燃料在澳大利亚有很多资产。

I'm gonna spend more time in Australia, but energy fuels has a lot of assets in Australia.

所以其中一些资产我也会以咨询的身份参与工作。

So so some of those assets I'll be working on as well in a in a a consulting position.

所以，我真的非常感谢我们的股东。

So I I really think that thank you to our shareholders.

我们还有很长的路要走。

There's a lot of runway left.

而且我们的战略是同时拥有铀和稀土，以及多种关键元素，我相信这正在被证明是关键矿产领域的一大赢家。

And our strategy of having both uranium and rare earths in multiple critical elements, I believe, is is proving to be a a significant winner in the space of critical minerals.

说得好，再次感谢你，马克，感谢你这么多年来的努力，把公司带到了今天这个位置。

Well established, and and thank you again, Mark, for all of your efforts over all these years to put this company in the position that it is today.

而且还有很多路要走。

And there's a lot left to go.

还有很多东西要展示，你们有相当大的项目储备要推进，而且你们正在勤勉地做这件事。

And there's a lot left to demonstrate you guys have quite a huge pipeline to move forward here, and you guys are doing that diligently.

所以我对此表示感激。

So I appreciate that.

我们感谢这些年来的所有努力和友谊，我相信随着公司的发展，我们会保持联系，当然，还有你未来的顾问角色。

And we appreciate all the efforts over the years, the friendship, and I'm sure we'll be staying in touch as the company progresses and, of course, in your consultant role going forward here.

好的，马克，我们今天就先到这里吧？

Well, Mark, why don't we leave it there for now?

对于正在收听的投资人来说，公司的市值大约是48亿美元。

For potential investors who are listening in, the company has a market capitalization of about 4,800,000,000 US dollars.

现阶段，为什么能源燃料公司应该被纳入机构、家族办公室和散户投资者的投资组合中呢？

Why should energy fuels be considered within the institutional family office and retail investors portfolio at this stage?

嗯，再说一次，我相信我们的增长路径会非常惊人。

Well, again, the growth path is, I believe, gonna be extraordinary for what we're doing.

这一切都是为了给我们的股东创造价值，也给我们的员工带来稳定的就业和真正令人兴奋的未来。

It's all about creating value for our shareholders and for, you know, our employees with steady employment and really exciting future ahead of them.

马克，对于那些想联系提问的人，他们该怎么做呢？

Mark, and for folks, who wanna reach out with questions, how can they do that?

柯蒂斯·摩尔会处理我们的大部分问题，还有我们的新闻稿，或者金·凯西。

Curtis Moore takes a lot of our questions, most of our press releases, or Kim Casey.

他们的联系方式在我们新闻稿的底部。

They're again, contact details are at the bottom of our press releases.

所以，是的，我只想告诉大家，请关注我们的下一步行动，我相信大家会对这家公司的未来发展感到非常满意。

So, yeah, just just I I would tell everyone, just watch our next steps, and I think people will be really pleased with how this company is going forward.

马克，再次感谢你在能源燃料公司所做的一切工作。

Mark, once again, thank you for all of your work at Energy Fuels.

非常感谢，祝你在顾问角色和未来的事业中一切顺利。

Really appreciate it, and we're wishing you the best of luck in your consultant role and future endeavors.

好的。

Alright.

谢谢你，安德鲁。

Thank you, Andrew.

一直很愉快，我相信我们未来几年都会保持联系。

Always a pleasure, and I'm sure we'll be in touch for years to come.