Energy Fuels (NYSE: UUUU) – Uranium Investors Looking to Critical Minerals Hub (Transcript)

Energy Fuels Inc
  • Shares Outstanding: 115M
  • Share price US$1.78 (01.05.2020)
  • Market Cap: US$205M

Interview with Mark Chalmers, President & CEO of Energy Fuels (NYSE: UUUU)

Energy Fuels is America’s leading producer of uranium and vanadium and is venturing into the rare earths space. All critical and strategic minerals in the US. So who owns the only processing plant in the US?

We caught up with Chalmers to get the latest on how he is re-shaping Energy Fuels into a tantalising value proposition by building a critical and strategic minerals hub at their wholly owned White Mesa Plant. There have apparently been plenty of catalyst moments within the uranium space over the last few months, predominantly surrounding the destruction of inventories and tightening of supply caused by COVID-19. But nothing has touched the sides. The US House of Appropriations Committee recent decision to block the funding of a US uranium reserve appears to be another minor setback for uranium bulls, but Chalmers doesn’t see it as a definitive “no.” He experts the topic will be revisited one the DoE can provide a little more clarity on how exactly the reserve would be implemented, at some point in the next 180-days.

Courtesy of its strengthened balance sheet, Energy Fuels has been able to redeem half of its C$20.86M convertible debenture loan, with the rest of it due at the end of this year. The company will avoid approximately US$350,000 in interest payments in 2020 as a consequence. Uranium juniors across the land are currently running up big debts to fund exploration programmes for assets that are as yet not proven economical. Energy Fuels seems keen to set itself apart as a logical option for new uranium speculators.

Their real key differentiator is their White Mesa Mill in Utah. The only remaining fully-operational conventional uranium mill in the US is coveted by many, but some investors have not yet recognised the full extent of its capabilities. It is able to process uranium, obviously, but it is also able to process vanadium and Rare Earths. Which, Chalmers argues will be crucial as America might see REEs as strategic commodities and is attempting to build a new global REE hub to rival the status quo of Chinese dominance. 5 companies have recently told us they will be using White Mesa Mill to process their uranium, but Chalmers says he has had no discussions and has signed no agreements with anyone. In fact, he has blunt message to uranium companies claiming that they will be tolling at White Mesa: STOP. Energy Fuels is likely to enjoy a monopoly over Northern American uranium juniors who face the choice to pay a toll fee to Energy Fuels’, or ship ore more expensively to South America. The competitive tension is palpable.

With consolidation in the industry becoming more likely, especially to make the utilities take producers more seriously, Energy Fuels could well be looking at M&A in the future. We challenge Chalmers on what exactly he could be looking for.

We Discuss:

  1. 3:50 – Opinions on the US House of Appropriations News
  2. 6:17 – In Control: What Have They Been Doing?
  3. 7:53 – Relationships with the Government: Agendas and Capitalization
  4. 12:12 – RSA Deadline: News and Views
  5. 16:22 – “Cheaper for Longer”: Utilities, Producers and Timings
  6. 22:37 – Paying Down Debts: Why Pay Early and What Happens at the End of the Year?
  7. 24:30 – Possibilities of Selling Inventory
  8. 26:30 – Get in Line for the Mill! Companies Allegedly Partnering with Energy Fuels
  9. 28:10 – ASX Junior M&A in the USA: Why Didn’t US Companies Pick Those Assets?
  10. 31:02 – Viewer’s Question: Any Plans to Buy Uranium?
  11. 34:47 – Rare Earth Possibilities: Discussions with Constantine Karayannopoulos

CLICK HERE to watch the full interview.

Matthew Gordon: Mark Chalmers, how are you doing, sir?

Mark Chalmers: Very good, Matt, how are you?

Matthew Gordon: I’m excellent. I haven’t spoken to you since we were at AUSIMM online virtual conference together. How did that go?

Mark Chalmers: It went really well, Matt, and I’ve mentioned to you that that’s an event that I’ve chaired for 15 consecutive years, and I was very pleased that we got it up this year. 15th year in a virtual format, and we had a very good attendance and some really excellent speakers.

Matthew Gordon: And that’s tough, going from an actual, in-person type conference to doing something virtual. But you had some amazing people on there. We have been watching back some of these sessions. It was a good session. So thank you for putting that on, first of all,

Mark Chalmers: My pleasure. And we tried to broaden it out a bit more this year with things like the small modular reactors. And that was popular, broadening that out a bit.

Matthew Gordon: Yes, definitely.  it’s quite good, we try to do it as well, which is trying to help educate people about Uranium. Because what we’re seeing now is a lot more well, new investors coming into the world of investing, but also generalist investors who perhaps haven’t considering Uranium before. All of them are asking questions, which it’s easy for people like yourself, or certainly even us to forget that people are coming into this new. All of this is good, good information. But we are not here to talk about AUSIMM. We are here to talk about Energy Fuels. I want to start specifically with the recent announcement by the US House of Appropriations to say no to the funding of the Uranium reserve. How do you feel about that?

Mark Chalmers: Well, look, it was something that we didn’t want to have him say no to, but it’s not like no-no. They zeroed it and they basically said they didn’t have enough information from the Department of Energy on how the program would be implemented. And the belief that DOE is trying to answer those questions as we speak. The DOE is also looking for other sources of funding the reserve. Secretary Brouillette has been out publicly saying that he has very strong support for the Uranium reserve. The Senate is behind it, or at least the Republicans in the Senate are behind it. So, it is a setback, but it really reflects on the differences between the Republican party in the United States and the Democrats. But we are making progress with the government bipartisan-wise, because of the dependency on Russia for Uranium products and in China. There is progress being made it just isn’t every day that you make a step forward, but we are making steps forward, more steps forward than backwards.

Matthew Gordon: Are you saying that the House turned that down purely on political reasons or did someone not do their homework and provide the information that had been requested?

Mark Chalmers: Yes, it is a combination of those things. We are certainly doing everything we can you to get it back into the House bill and ‘unzero’ it. But, these appropriations are like trading exercises between the both parties and different people’s interests, but we have very strong support in the Senate and the DOE and this increasing threat of Russia and China, particularly Russia for nuclear fuel products. So a lot of, or a number of Democrats are recognising that, but some of the Democrats are opposing it for other reasons and that’s politics

Matthew Gordon: That’s politics. So, talk to me about, so that’s not in your control, it was never in your control. It was something that you highlighted, but you have got to focus on things that are in your control. What are you doing that you can manage?

Mark Chalmers: Well, let’s look at a lot of the work we have done through the Section 232 process of the Nuclear Fuel Working Group, in the strong policy statement that the nuclear working group report that came out of the working group, that is still helping us on a lot of fronts, not just in appropriations, but also in some of the negotiations on the Russian Suspension Agreement. Basically, the Working Group said that it is a national security issue, receiving so much of our Uranium from imports and particularly from Russia, so that is helping us in other areas. And, we’re still pushing on all fronts: appropriations and our participation in the negotiation of the Russian suspension agreement. But we are managing the company on the company basis alone, not dependent on government support. We have seen some increases in Uranium prices over the last couple of months. They have flattened out lately. You’ve got to multitask in this business, if you don’t multitask you will not survive, but we are in very good position amongst our peers, and we are very excited about the future.

Matthew Gordon: Sticking with the government components, if we may, you have, over the past couple of years, been talking to people in DC, up on the Hill, as the phrase goes. Have you made relationships, or have you made useful relationships? And at what point do you start cashing in on those? Because at the moment they’re not giving you what you want.

Mark Chalmers: Yes. The cashing in is the difficult part. We certainly have the strong relationships in the push of the administration. There there’s some indirects here that we are cashing in on, and the Nuclear Fuel Working Group is one of them. Take the Russian Suspension agreement; that expires at the end of this year. And there are active negotiations on that front. But for example, one of the key issues with the Russian Suspension is that the Nuclear Fuel Working Group says that we’re overly dependent on Russia and state-owned enterprises. So that’s a very strong policy document, basically prepared by about half of the president’s cabinet. And, that’s something very powerful to use in those negotiations. It is not always completely clear to particularly, some of our investors, but we are punching above our weight in DC on a lot of these fronts. It is frustrating because it has taken a lot of time and we haven’t seen the money in hand yet, but it is getting through people’s minds that we are overly dependent on critical minerals, particularly Uranium, Vanadium and Rare Earths in the United States right now.

Matthew Gordon: The strategic minerals, the critical minerals component is really interesting to me. There are relationships that are being formed or have been formed, they are recognising this. But my view on this is, politicians – they always want something from you. They aren’t necessarily going to give you anything back. You’re making them, you’re giving them a topic that they can promote themselves and their own agendas on, but do you seriously think that Energy Fuels is going to be able to capitalise on this? For instance, you have been talking about Rare Earths recently, are you hearing things which make you think we need to lean a little bit towards Rare Earths, because those are the sorts of noises coming from the Hill?

Mark Chalmers: You’ve heard me say it many times that we are first and foremost a Uranium production company, but we do think that the Rare Earths sector fits very nicely in what we do, our core business, because we can recover the Uranium from a lot of these Rare Earths. A lot of our political supporters on the Uranium reserve and the nuclear fuel cycle are also the exact same supporters for reducing our dependency on China for Rare Earths. It all fits nicely together. And there is no company out there in the United States. None. Not one that has got the optionality, when you deal with these critical materials as Energy Fuels, with the mill and the Vanadium and the potential for us to be, we believe, commercially producing Rare Earth concentrate in the quite near term.

It’s a lot of these indirects. But that a lot of the people that have been supporting the Nuclear Working Group and the production of nuclear products in the United States, when they see that White Mesa Mill could have multiple uses in the critical area they’re delighted. They’re actually delighted to know that.

Matthew Gordon: For people who are new to this, you’re talking about the White Mesa Mill, which you control. And it’s the only mill in the district which actually can cope with Uranium, Vanadium and Rare Earths.

And before we skip away from the RSA, the Russian Suspension Agreement, the date is 31st of December, end of this year. A decision needs to be announced. or any time between now. Have you heard anything about what is being discussed? Are they going to come up with a decision anytime soon or are they going to leave it to the last minute? And if so, what type of deal do you think we are going to see as a result?

Mark Chalmers That’s the big question. Look, there is, and I can’t go into details because a number of people that are participating can only go into so much detail, but I can say this: there is a push by the government to reduce quantities of Uranium coming into the United States, where there is a push by the Russians and the utilities to increase the quantities of a Uranium coming into the United States. So those are completely, oppositely opposed. Okay. And that is a rub. And as I said earlier, the Nuclear Fuel Working Group report says that we shouldn’t be increasing or dependency on Russia. There was a preliminary administrative review that was completed a month or so ago by the Department of Commerce, and they basically said that the conclusion of this agreement, what has largely been  gained by some of these people that want more Uranium coming into the United States, and  that shook up the utilities and it should shake up the utilities and the Russians.

It is moving forward.  it is a high priority for the government.  it’s a high priority for all the stakeholders in those renegotiations and negotiations. But I will say: watch this space, because it is probably, well, without a doubt, getting the most attention, in my opinion right now in the, in the Uranium space globally. And  that the preliminary administrative review that said that even though the agreement that’s in place right now was, people were abiding by it, the fact that it was expiring and that a number of utilities and the Russians were over-contracting greater than the 20%, is creating some ripples in the water right now.

Matthew Gordon: You say watch this space. Do you mean watch this space in terms of timing? Do you think it’s imminent? Or watch this space because you think the terms will change.

Mark Chalmers: Well, look, the deadline is the end of this year, 31st of December, 2020, but the administrative review process is ongoing and it was supposed to, I believe, terminate in early August, and now that’s been extended by another couple months. It’s just very much in the works right now. And, the outcomes are not certain, but it is getting a lot of attention. And, there’s really 2 camps:  to reduce the quantities coming into the United States or increasing the quantities, and the Nuclear Fuel Working Group is basically saying it shouldn’t be increased. It should be extended or decreased. These are the kinds of things that indirectly are pieces to the puzzle, that we were very much drivers of, as Energy Fuels, and it is helping us right now on other fronts that are less transparent because of the nature of the negotiations.

Matthew Gordon: But it is now also apparent the battle you are fighting, because you’ve got an argument of national security; critical minerals to the US, being self-sufficient, which is one position. And the other position, where one of the parties in all of this was not aligned and that’s the utilities, taking a commercial decision, and you would argue short-sightedly, because they wanted the cheapest possible product. They want more of this, more and cheaper, for longer. So that was the battle that you were fighting. And these guys had big, deep pockets in terms of their lobbyists. That seems to me a big part of what was going on and all of this.

Mark Chalmers: We have very good relationships with many of the utilities and I’ve delivered Uranium to many of them for decades. But yes, the utilities are looking at cost and they are trying to manage their businesses as they have to. So, that for a small company like Energy Fuels, and the Uranium industry, because it’s not just Energy Fuels fighting this battle, but mainly Energy Fuels has taken the biggest position, in pushing it forward. We have, as I’ve always used that phrase of, we punched above our weight. These utilities are very significant organisations with multiples and multiples of billions of revenue per year. So that’s why I said, we’re going to keep pushing on all those fronts. We’re not going to give up. We are not going to give up. But at the same time, we’re going to manage our business based on the market fundamentals.

Matthew Gordon: Big discussion. Lots of unknowns: timing is, well we know that there is a stop date at the end of this year for the RSA, and that seems a big moment for utilities, as is the US election, and that’s another big moment. And I know that there’s a consensus that nuclear is part of the solution for both sides of the house, but the Democrats a little bit less so than the Republicans,  I’m hearing from you. So even the utilities will be wanting to understand what the outcome of that election is, but that then has an impact on timing because the dust doesn’t usually settle from a US election until February, March, and then maybe there’s a shakeup, even if the incumbents stay in. So, what does that do for timing around utilities’ decision-making, term contracts, et cetera, how do you feel about that?

Mark Chalmers: When you look at it, there’s a lot of uncertainty, and uncertainty is uncertainty. So we’re preparing ourselves for any eventuality. We did pay down half of our convertible debt and we’re looking at the other half on how to best address that. We’re increasing our inventories. But we do think that, there’s uncertainty, but that if there’s an administration change, they are talking more negatively about hydrocarbons than they are nuclear, and to a certain extent that is supportive of nuclear as being important to get to zero carbon emissions. So, I don’t want to speculate, over speculate here, Matt. But you’ve seen over time that we are a company that positions ourselves aggressively but not recklessly when it comes to the overall picture of the company and we will be the survivor or one of the survivors in this space because of the way we manage the company now and going forward.

Matthew Gordon: And so one last macro point. So you producers. You’re a producer, right? The largest in the US. The Cameco’s of this world, and even the Kazatomproms of this world; you have relationships with utilities all around the world, and you can’t bad mouth them. You’ve got relationships, professional relationships with these guys, but it’s been a deeply frustrating process for all producers for the last couple of years, has it not? To have this fight, this debate around pricing. You need a certain price to be able to get back into production and you need to be incentivised to do so. So, going back to the question, which is, what do you think the timing is for what utilities recognising that if they don’t push the button soon, you guys aren’t going to be able to get back into production and give them the pounds that they need when they want it?

Mark Chalmers: Yes, those are the trade-offs. And some of the utilities understand that and appreciate that. Some of the utilities don’t think that total dependence on the Russians is fine. Even companies like Cameco. Some think, ‘well, we’ll be totally dependent on our allies, and we have no Uranium production in Canada right now’. The production is dwindling in Australia with the shutdown of Ranger; well, it will be at the beginning of 2021. So, the Western world, that’s the clash. It really is the state-owned enterprises vs the Western world – that’s the clash. You need higher prices, substantially higher prices for the entire world, including the Western world to continue to survive in the Uranium industry. Some of the state-owned enterprises may be a little less so, even though a lot of them are not as a low-cost is people want to think. So that that’s the clash. Do you want a diverse supply chain, or do you just want to get all your products at state-owned prices? So, yes, that’s the uncertainty there.

Matthew Gordon: Let’s talk about something you just mentioned, which is, obviously you’ve partly paid down the convertible which is due at the end of this year. You paid down some USD$10.4M, USD$10.3M. You have got the same  due at the end of the year. So why did you go early on the payment and what are you going to do about the end of the year payment?

Mark Chalmers: We wanted to show the market that we were managing that convertible debt, and that was about $10M Canadian. And we thought it was a prudent step to pay half of it. We are still looking at how to best address the other half. We have the ability to convert that into shares. And it’s like a 20-days VWAP at about a 5% discount at the end of the year, if we elect to do that or pay it off in cash. But, Matt, I’ve told you; having been in this business over 40-years, I’ve seen these companies get in trouble because of debt on a number of occasions. And that is an area that is close to my heart, to not get over-leveraged on debt. And at the same time, there are a number of the Uranium guys that are taking on more convertible debt, and we’re going the opposite direction, which is a differentiator. No one else that I know of in our space has actually been paying off debt. They have been taking on more debt as they go forward. So, watch it. We will pick our moment and we will address the debt no later than the end of the year, maybe sooner. But we want to make sure that we do it on our terms

Matthew Gordon: Is selling down some of your inventory a possibility? Because looking at the numbers, if you’ve got about USD$21M to USD$23M worth of Uranium, you’ve got about USD$8M to USD$9M of Vanadium. I know the prices are low, but if needs must, would you consider selling that down?

Mark Chalmers: Anything is possible. We like holding the inventory because we think the market is poised to reward us for having that inventory. By the end of this year, we’ll have in the order of close to 700,000lbs of inventory close. So, it’s our objective not to sell the inventory down until the prices are at higher levels. Yes, look, there’s a number of ways to address the debt, but we would really like to see the continued increases in Uranium and Vanadium prices, particularly Uranium prices to get a bigger lift out of the out of that inventory.

Matthew Gordon: Do you think it would be cheaper to refinance your debt rather than pay it off or sell off inventory? Because the upside on inventory could be more significant?

Mark Chalmers: The inventory we carry, it is the like, for Uranium, it is like USD$23/lbs, and currently price is around USD$33/lbs. That is how we carry it on our books for counting purposes. So, we’ve got about a $10/lbs lift you just on the Uranium price itself. That’s material to us. We think there is more upside for inventory than downside. You don’t get any money in your accounts, any more interest bearing on your account, so we’re pretty comfortable having this inventory that we can liquidate quite quickly if we need to when the time is right.

Matthew Gordon: But there’s some good news, Mark. I’ve solved your problem because I’ve spoken to, for cashflow, I have spoken to 5 companies who are going to be tolling through your mill, which is great news.

Mark Chalmers: Yes. That’s very interesting news because none of them have called us to ask us about that.

Matthew Gordon: Oh.

Mark Chalmers: It seems like every week I see another, press release or something that shows a picture of our mill and they didn’t even ask permission to use the picture of the mill. I need to clean this up because it is not right for people to just assume that they are going to have access to the mill, because they don’t have access to the mill. We have no milling agreements at this point in time. In the event that we do decide we’re going to give, we probably won’t give out a milling agreement, we will announce that, but for all of our investors or any investors in any of these other companies, no one has access to the mill except for Energy Fuels. So yes, it’s amazing how they all chime in and show pictures of the mill and how it’s close by, inferring that they have access to it, but they don’t.

Matthew Gordon: I just wanted to put that to you, because you’ve spoken to it least a couple of times before, you’ve been very clear with me, but we keep seeing it, and I just wanted to give you the chance to respond. And that’s the most direct you have been with us, so I do appreciate that as well. One more thing, if I may. The other thing that is happening is there is a lot of Australian ASX-listed juniors coming and picking up Uranium assets in the US, and they’re getting funded. They are raising money off the back of this. Why haven’t all of these Uranium assets in the US been picked up before?

Mark Chalmers: Well, there is a lot of Uranium assets in the United States and a lot of these properties that people are picking up, they’re not permitted. Now there may be 1 or 2 that are permitted, but a lot of them are not permitted. And over the last 20-years or so in our case, we’ve picked up… well, many of our projects are permitted, have a long-term production history and recent production histories, there’s only so much space in the market. Getting permits is very, very difficult. And there are other companies that do have some permitted assets. I don’t know. To pick up unpermitted assets, to not having access to the mill, very speculative investments. They have been raising money on it. And frankly, a lot of projects on the Colorado Plateau are of lesser risk and probably easier to get to market than a lot of these other Uranium deposits that some people are promoting outside of the United States. There’s a long production history in the US. So there’s different investment risks for different groups of investors. So, just, all I would say is people need to know what they are investing in. If they are comfortable with that, that’s fine. That’s their choice.

Matthew Gordon: It is always their choice. Why didn’t you pick them up?

Mark Chalmers: We don’t need any more assets. We have assets in about what?- 6 or 7 different States. Most of our assets are permitted. Most of them recently had been worked and the underground workings are in good shape. The mill has been operable. Nickel’s ranch has been operable. Alta Mesa. So, we don’t need to own the Western United States. It is costly and there’s a point where, it just makes absolutely no sense to have more assets.

Matthew Gordon: “Some questions sent in: wouldn’t it make sense for Energy Fuels to now step in as a buyer. They need ore at the White Mesa mill. They want Uranium, they want Vanadium. The Sunday mine complex is basically next door. This might be a fun ride going forward.” Any plans?

Mark Chalmers: I’m not going to say we are not going to buy Uranium in the future, because that’s the history of the district. But to put it in to perspective, over the last 10 or 15-years there have been times when we have had milling agreements and we have perhaps bought some ore from people, but it turned out to be just a very small percentage of the production that came out of White Mesa mill. And I don’t know the exact number, but probably in the order of maybe 10% of the production that came out of White Mesa came from other mine that were not owned by our company. So now look, that that can be variable, but the reason why we haven’t paid a lot of attention to this market is, 1) the prices are too low, and 2) historically other people may have, the aspirations of becoming producers, but very few can actually really contribute in a material way in the mill. Now, the price Uranium is USD$75/lbs or something like that, that could change to some extent, but we already have a number of mines ready to go, that we have operated within the last year. And these mines that were mined 30, 40-years ago, and nobody has mined them since; I hate to think of the condition they’re in.

Matthew Gordon: Is that a no?

Mark Chalmers: So, look, we still control the district with our White Mesa mill, 100% owned. And that’s because we have spent the money to keep it in good working order over all these years. Anyone who wants to build another mill, they can go out and get the permits and construct another mill for several hundred million dollars. That is always open to the realm of possibilities.

Matthew Gordon: So that a ‘no plans anytime soon to go and have a conversation around M&A with Western Uranium and Vanadium?’

Mark Chalmers: Well, it’s subject to change: if, for example, if the US government decided, or the price of Uranium increases to a level where it’s economic to have those discussions, I’m not saying we’re not going to have those discussions because if we can get material into the mill and that helps us, we’re not going to,why would we turn our head to that? We will not turn our head to that, but I’m just saying that right now we have no agreements with anyone. Still, no one should just assume they have access to the mill right now. They should not assume that. And, but things can change. And we are absolutely in the driver’s position with the mill. And the material from our projects will take first priority over anybody else’s material.

Matthew Gordon: Mark. Good catch up. Thank you very much for that.

Mark Chalmers: We didn’t talk much about the Rare Earths.

Matthew Gordon: Oh, yes. Sorry, you’re right. Let’s do it.

Mark Chalmers: It’s a great spot for us, Matt, and a huge differentiator. So we’re still advancing our efforts on the Rare Earths. I hope to have more news flow on that front in the coming months. It has by no means gone away. People that I know say, ‘Oh, they’ll never do anything there’. I tell them – they are full of baloney. We’re going to do things in the Rare Earths space. And, it is certainly getting a lot of attention, it certainly has by-partisan support, the Rare Earths and the dependency on China. So, all I can say is, watch this space. But we are advancing things, but we can only unveil things as we close them out. But we’re still testing material at White Mesa and we’re getting a lot of interest in it.

And so if you talk to people in the Rare Earth sector, those that know about what we are doing and our aspirations you’ll find that many of them will say that we are in a very unique spot here. Very unique spot. The market is recognising that right now.

Matthew Gordon: And I have got to ask you, only because I’m so pleased at the way I can pronounce this, which is, how our discussions with Constantine Karayannopoulos?

Mark Chalmers: Well Constantine is an advisor to us. He just recently went from non-executive chairman to CEO of Neo Performance Materials, that’s a company that he founded and developed back in what, 25-years ago? Constantine and I talk on a routine basis, and Brock O’Kelly, and so we’ve got a very good relationship with those 2 gentlemen, and both of them worked for Mountain Pass and Moly Corp. And if you saw, Mountain Pass Materials announced that they’re going to list a USD$1.5Bn Rare Earths company on the Mountain Pass deposit and operations. And that, that got some attention in the market, and that’s why that we’re not getting any differentiated value with our peers in the Uranium space, but then we have this. What I consider a very significant opportunity in the Rare Earth space and still be able to recover Uranium from those streams.

So, basically what we’re proposing to do is exactly what CNNC is doing in China right now; trading monocyte streams of material, recovering the Uranium and going through the stream of further downstream Rare Earth processing. And White Mesa is the only other facility that I know of in the world, outside of that facility that can do effectively the same thing in given some time. So, watch it, watch it. And I am extremely excited about this, and this is one of the best opportunities I’ve seen in my entire career in the Rare Earth space and how it blends in with Energy Fuels, so watch it.

Matthew Gordon: We will, we will watch it. We are excited by it. We have spoken to enough Rare Earth companies. We know the restrictions that they have around processing outside of China. So, I do get that. I’m eager to see what does happen over the next few months, this side of Christmas, hopefully, in terms of how you are moving that one forward and who you are having those conversations with. So, keep us up to date. Pick up the phone like you always do.

Mark Chalmers: We will keep you up to date. And as I have always said, yes, some exciting times ahead. It’s a tough business, but you have got to know how to navigate it. And I won’t say that I know exactly how to navigate it at all times, but after over 40-years in this business you got to be tough. You have got to be tenacious. And you have got to be aggressive, but not reckless.

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