LTBR - Earnings call transcript Q2 2019

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Operator

Greetings ladies and gentlemen, and welcome to Lightbridge 2019 Second Quarter Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, David Waldman, with Crescendo Communications. Mr. you, Thank Waldman.

begin. You may

David Waldman

be Doug. X anyone Quarter Good press to you, you Investor website and and is Page contact Investor of may the XXX-XXXX. questions afternoon, business update after Second Lightbridge could yesterday XXXX market company's www.ltbridge.com. after Lightbridge's on Conference the distributed Relations (XXX) If Thank at the welcome at viewed has Call. release call, Relations The the

Officer, will lead Grae, Seth Chief call. our Financial today's

answer to President available questions: are Fuel executives Jim following the President Government Jim Vice Vice addition, Chief Fornof, Goldman, Senior Development Executive for Controller. Officer; Operations; Program and your Financial for Mushakov, In Larry Nuclear Nuclear Management; President Vice Kanakry, Officer; and Malone, Andrey Chief Barbara

about and forward-looking competitive company's offerings. includes product service presentation position Today's statements and the

expectation anticipate, presentation words today's be the in results our call, During events can cause based of as is to future. and on involves used actual differ such in and will significantly or current certain goals risks and discussion uncertainties This that intend believe expect, our risks revise estimates. statements, as Exchange set not otherwise. or and a any does of Commission. other update Securities in are with forward-looking such from detail Lightbridge forth in and to obligation new developments assume any Lightbridge's filings such These or more the result whether

in You two call can today's participate ways. in

management to ir@ltbridge.com. writing for in submit questions You may

already thank submitted you've If a we question, you.

during any prepared the at can or time period. the also them submit You Q&A remarks during

telephone live questions. the In for remarks, prepared lines will addition, open be after

ahead, Seth go Seth. Lightbridge's CEO, here's Now Grae. Please

Seth Grae

everyone. David, Well, and thank you, afternoon, good

however, as major test that continue solidify program. nuclear to goals the fuel contract our and of a utility for rods collaboration expected, taking near-term understand advance the we major toward well We U.S. are progressing with production including We is than with utility. commercial-length with a materials process longer as this Lead Rod surrogate milestones,

to are updates so. soon do as provide as we will able We

of fabrication demonstration for several commercial Lead evaluating the We're also the Test Rod U.S. fuel a in for options samples reactor.

to over the Mushakov, important. the Nuclear of reasons work who I'd at Operations, like doing recently on are our will fuel, VP those we've for why Andrey and the Executive activities fabrication Enfission call Andrey? turn to review specific activities undertaken the we're

Andrey Mushakov

following Seth. We studies completed process to First, recently we in-depth you, an Thank casting This completed important to parameters the input to uranium-zirconium respect milestone initiatives: the casting with preliminary be provided specifications. fabrication specific during used process. the support

quality fuel a loaded strategy quality is rod a is we critical rod non-destructive step defects manufacturing to is utility Nondestructive ensure each that rods customer. examination fuel to for control inspection test of fuel assembly it control. and of shipped Second, before process fabricated completed examination the any free into fuel

be finalize ANSYS can we've Third, studies. fuel rod used model ANSYS our the completed The geometry. geometry rod to model relegate fuel and optimization of

Finally, to geometry. our rod using completed we the ANSYS, optimize parametric neutronics studies

X-foot rod ahead, ability This expect and commercial XX-foot rods process up the length from extrusion we is of adapter to of be year. which milestone to materials scale the large will fuel a surrogate the our a firming rods fabrication Looking to using full-length used significant our this fabrication reactors. in demonstrate the rod, metallic

to oh mimic a will in fuel introducing in the prior this stresses fuel of optimize material flow process nuclear materials to the surrogate selected uranium–zirconium non-physical order itself. The environment fuel

process rod, specifications. to a parameters fuel-length metallurgically be enclosed a the zirconium the fuel materials and [indiscernible] data us provide uranium–zirconium cladding. rod alloy inside commercial our Fabrication Back valuable surrogate about bonded sir. to you, Similar of will will

Seth Grae

Thanks, Andrey.

Lightbridge We Energy, Fuel. continue governmental including see of to U.S. increased the support, for Department from DOE,

Nuclear, it's via from Framatome, in Throug program. known funding the Gateway Accelerated in a partner GENESIS the our specific Enfission, for Enfission voucher DOE. Innovation Our first grant as received recently GAIN Project from

we any not is that for DOE Announcement important disappointed not most are note to advanced priorities or provide DOE, by for that Although it did Funding grants selected the the FOA we quarter. each recent nuclear grant Opportunity were as shift department technology

reason, apply things specifics are it's may for continue on we're until In we funding the such actively power benefit something grants is providing and not this will the many DOE doing unless grant industry. remains note to to explore. grants awarded. For important also nuclear we meantime, The great that that

test to benefit United at Idaho believe industry. the the Lightbridge Advanced First, States, this Test Lab made has including largest proportionately National into user the facility we And following: available reactor DOE the Reactor in a

Reactor, world and Test our the National to unique worst-case Transient allow demonstrate Lightbridge Idaho Laboratory, at Second, the fuel which has in is DOE performed can known as accident TREAT, the reopened scenarios. in how

stockpile, And HALEU, Enriched High-Assay making starting of as produce Low technology a Lightbridge is Uranium, new third, DOE advanced to nuclear industry. the and company's to for available supplies the programs known like HALEU is

understanding we of and that announced which natural our NuScale technology, fuel circulation modular which We're a of development programs for in small entered working plan research We the strategic first May, develop initiatives memorandum to nuclear to In is order application into we as the on country's with reactor. is in design. testing Power, well-suited NuScale’s other well. explore

core unit outages a increase fuel cost or of a refueling per generated is reduced electricity cost advanced frequency offer of Our extend design reduced the and expected levelized of core performance, of reduce a electricity. generated, electricity to life,

contributing optimizing to look nuclear agreement NuScale design. advanced and to reactor a finalizing their We forward definitive Power with

become recently utility we has that the Advisory S. Nuclear Energy addition, of first In member non-U. the EDF Fuel Utility announced Board.

and at technology. media. demands July, on Bloomberg feedback a We're power guest on was for industry news I as In fuel Radio nuclear technology also was Yahoo discussing twice, our Finance TV. in issues nuclear the important on financial and awareness also as well metallic nuclear guest live positive building receiving advanced our I

at find can our website on interviews You the www.ltbridge.com.

for for gh-Assay program Uranium the Innovation executives power energy. future GAIN, and attended on President National Jim governmental Lightbridge of mentioned Nuclear, events This Accelerated This workshop Government In earlier. in from nuclear in quarter, workshop of Idaho the private a companies Enriched Gateway the nuclear June, discussion other participated Laboratory. past Low or in Fornof, Vice included industry at Program the Management mircoreactor DOE's and

In July, panel summit. on D.C. the discussion Nuclear in as a Capital I Washington New participated

the in nuclear We automation, manufacturing hybrid nuclear and fuel, discussed as innovation advanced advanced systems well as systems.

We continue central expand portfolio, to property which toward strategy advance intellectual we is to our commercialization. as our

the four-lobe related metallic territories our fuel manufacturing Russia notice In Eurasia. a include Canadian we Patent Convention, which In of related April, rod to a and a across we under for announced and fuel and design fuel rod received we innovative related that method. received June, to other allowance patent patent new metallic Eurasian assembly

can Most heavy our patents recently, rods water similar design, incorporating to the which follow fuel awarded States multi-lobe reactors, us Europe Eurasia us. and fuel use United and awarded patents and metallic for that for China do assembly

the economic United longer cycles, enables our patent benefits, will to to operating in a that inherent portfolio States We sustain existing which key believe and and help safety of addition extending fuel and global key the markets. in life internationally. the strong both In is plants, leadership establish

as or utility a rods including towards major material we with of well towards the As nuclear with uranium surrogate Lead as cladding major contract producing commercial-length full milestones, a with working working signing are Rod U.S. we program. for real instead material near-term mentioned, Test

a demonstrate adjacent Test see. will mechanical commercial Commission, important NRC, reactor structure grid to fuel with properties initial and need the relating the that in is Nuclear plan the rods and U.S. characteristics a to the the interface Rod will other assembly that fuel standard Lead Our and Regulatory utilities

reactor. we effort, this Low test nuclear assemblies with plant, a by while research High work Low plan High fuel HALEU, parallel Uranium, In in Enriched followed X power Assay continuing to and least with Rods Lead finally, will Test This reactors. be Uranium in samples or research at and HALEU, Assay Enriched in demonstrate commercial lead

commercial and test of commercial to operation United We and safety in assemblies sample fuel reactors. approvals reactors the believe data utilities. require and lead commercial will combination will utilities similar and reactors for a of the we frame, the produce in assemblies Test demonstration testing expect HALEU them NRC to Rod and begin fuel and States technical to selling Lead In provide with that research Enfission receive a start operating to time

Now the I'll Chief you Financial our select Larry quarter. from over call over Officer, second with financial go information Goldman, to to turn the

Lawrence Goldman

Seth, and you, Thank afternoon, good everyone.

our For information refer earnings release regarding close to we our updated that please of filed at the second quarter financial XXXX results, yesterday. market

Form We today. will quarter filing second market of XX-Q be after our the close

with June Our XXXX, $XX.X working $XX million million. ended capital XXXX million million to equivalents and and December XX, cash quarter $XX.X equivalent. this cash compared cash in in decrease a cash surplus at $X.X at We XX, was

including our activities was XXXX, X And cost $X.X Cash our and filing Enfission was ended million. used investing operating in for our equity XX, in the cash JV months our approximately $X.X million. investment in used activities June approximately patent our

the proceeds We cash cash This $X.X research the expenses XX, administrative and ended outflow from June during million of XXXX. sale general months development for and net our quarter common and partially the X expenses. stock fund use our of was offset to by approximately

spend R&D raised quarter, the stock equity JV, of for approximately share of under the for accounting, total of primarily million for The of reported common $X.X R&D from method proceeds loss the $X.X our operating expenses. $X.X pay out quarter for were totaled Our the of of our Enfission quarter million recorded sale our was the R&D total million. the our which to expenses including our from

to As bring reactors, water including exploring that in relating to new Seth mentioned, other fuel of we're about reactors funding these we opportunities large support. types may for in of reactors. for government increased type us, Opportunities addition interest future our pressurized are seeing

which future XX capital and estimated development million. R&D next research approximately operating as to administrative the expenses $XX budget is well for general includes as and months, and expenditures XX budgeted Our

change our in venture XXXX Framatome. is activities This R&D finalize as Enfission partner, plans estimated to with and around currently budget subject XXXX we the joint

by our commercialization sources, to future to order the our plan fuel. to obtain of support cost funding others R&D respect from with strategic long-term leading we help to in additional our and contributions and development, create of alliances fund milestones, business financing sharing fuel future plan receiving our In

note. One final

NASDAQ received split from everything and in NASDAQ we its have closely and including have regarding received this company working a a We necessary. from do possible with investors full listing. stock NASDAQ like if that listing, back we notice questions executing will are The listing to we I'd NASDAQ confidence will note values our reverse to delisting maintain maintain that May.

desire in reflected minimum we have bid we to the are hopeful future requirement it we that in As $X no be certain which enable split. milestones, us do our to reach for said have stock future reverse NASDAQ share price, a past, may we the if And meet will listing.

financial P&L quarter I'll now over for Kanakry, our call Barbara the XXXX. to who select second will the go some information Controller, turn over of

Barbara Kanakry

you, expenses and June Enfission development million Research research not and Total including research months overhead expenses, and Larry. to benefits from XX, R&D Thank for XXXX. our consists and related were French and the XXXX development expenses $X.X development allocable costs venture, ended fuel. our of related the and of primarily employee compensation joint X

General decrease approximately in professional and million. XXXX $X.X compared administrative to second quarter the quarter of operating income million provided development venture $X.X the for of million There million, XXXX, Other from consisted million second our were fees and Enfission of joint second and of the equity of loss our million. consisting quarter expenses the primarily a expenses, of $X.X $X.X by offset which XXXX. research Enfission expenses for of were for support to $X.X from the and development we research was $X

million. were of million, from the support and loss $X.X income and which Enfission XXXX, we for of offset joint the from of operating research primarily the by the research development of quarter to Enfission $X.X consisting of million Other and $X.X expenses, development equity expenses provided consisted second venture our

Now over to you, Seth.

Seth Grae

to I'd open call questions. your Thank you, the like to Barbara.

pause will e-mail. immediately the procedure we'll while operator, then sent We by questions. reviews asking into been the Doug, move in live questions And for have that

Operator

[Operator Instructions] Thank you.

Seth Grae

David? we're that Waldman, who will is Crescendo handles for by Relations, David our e-mail. which we Investor proceed questions, with While Communications, received wait questions with live

David Waldman

Great. you, Seth. Thank

force regarding nuclear for plants occasionally challenges which temperatures, First been of can power question handling in temporary There that water recent we and the nuclear articles off-lining power received. affect have output rising plants. power intake efficiencies

a the is temperature, positive a operating regulated. can Fuel, least Or for also there discharge Then at in be accrue secondary nuclear Lightbridge corresponding the with NRC increase that temperatures possible it thermal which water problem water discharge those lower of and processes in Is temperature the significantly separate with power plants? unrelated? are reduction could

Seth Grae

take that to ask Malone one. Jim Okay. I'll

James Malone

It's actually to topical. been question. Yes. This the very It's we've to In not reactor. experienced at cool question the temperatures the important in the the is water the news is water hot in It condenser bit across is cool system. does plant. increased note here cools that interesting the a the country. the condenser It a with power very quite intended weather It

the it's whether to that reactors water from existing the or with our the the fuel goes from heat The same, is fuel.

operates at or heat the arriving water because amount of lower the more the but you fuel is the same power. Our same a temperature, generated in

So you you to be have careful of that. think when

ecology question a also reference in I a I plants XX% haven't back cooling to power that. The experience power system. to XX%, have the or acceptable plant even to local at order temperatures. several has XX%, experienced included keep to water shutting temperature times down the a off-lining the really condenser to where power,

-- protecting cool supply. flow. can the ability to and that adversely the marine driving affect the is in be the a the status keep it force Things of life what's That's reduction driving water would

for Tennessee plants example, Watts back the power. in not the river, use when And a to unusual to it's those the For Bar River's to of have Sequoyah flow cool reduction they down have and plants.

period. temperatures excessive It's So Though a can the problem to the the country, at remain not but of they challenge get every weather, power for power. the recently some but it's challenges to of full cold the in are there summer. reduce hot, have a plants the across duration heat as they when

Seth Grae

And thanks, Jim. David?

David Waldman

Yes.

rod? coming And Our is the is full-length on a we are question time how current what producing line? next

Seth Grae

So We're polishing. the materials scope a ago, fabricated. using include cleaning, a to commercial surrogate minutes work length as year. track machining, co-extruded currently calendar produce of we few on The necessary said this rod straightening, has we're to in finalizing been tooling

will using to manufacturing that rods techniques uranium–zirconium Lightbridge Fuel We this necessary surrogate generate expect co-extrusion the produce alloy.

producing we as this with mention, demonstrate. which method our invented you will co-extrusion And patents know, it only we've just the this I'll of but that, invented not fuel, too,

David Waldman

contract? you. Thank utility how are Great. we the The And we question next when far update? an can is from finalizing expect

Seth Grae

okay? it's if Jim,

James Malone

Yes. I'll this any we Lead obligations finalized are to the utility provide this utility take our bound expect ongoing Test I contract our At Seth. one, We details be additional discussions with year. U.S. that later by. that Rod due time, with still the about nondisclosure cannot to

can. further provide soon will as as We updates we

Seth Grae

Okay.

David Waldman

sorry… And our next question -- oh I'm

Seth Grae

see ask, live if to wanted I questions do at you or? this want time to any

David Waldman

take the could - can we live next we take a Doug, please? Certainly. if caller,

Operator

Certainly.

Mackey, comes investor. first Our live private a caller from question. with the line of your John proceed Please

Unidentified Analyst

Thanks Hello. call. taking for my

to You with is Award, goals stated process you some and fine solidify continued which achievement. collaboration your GAIN advanced a Voucher in reference

they for back GAIN taking had and your contracts Might longer with second government line commercial after to XXXX, your expected. the plants However, than application these delays? XXXX, to time are sites rejected and Award. will DOE move and the the the reasons testing be your What why related and scribbled

reconcile my defense, but is put to want don't intention unless creative delays See, how I worries but around the these surely to more your you details to am of with quibble, us your commercialize provide fuel. that mean, details. produce I advancements And not obstacles I to work facing a confidentiality kind insurmountable talents of clauses and person and you're can your give to ease

Seth Grae

you for the thank Well, question.

program testing of, research and the and our filings closed. said in we've that in call loop original experiments had previous calls, in call, let's series a and this As included reactors

Research of So decided to the licensing, reactor. Canada were reactor do testing the at we all do decided to We in the close with to at the had and we to the to political Canada, and along in the government reasons some planned RIAR had And companies. conduct Dimitrovgrad nNational that Universal export Institute Russia. at unable other reactor and due testing American at of MIR

do or the meantime, We In and planned testing reactors. close have program. anything tremendous with of we the decided in had these in the all. with to did at do make of to to the Norway Norway, Lightbridge decisions reactor progress Fuel the the None Lightbridge Halden government

the data production we're lean we and provide need commercial reactors and program, described, then it in going our to license will the test of which fuel. in of sale believe testing we've as the reloads assemblies commercial NRC the And for with forward batch utilities

Laboratory, of Test it's And Rod the Oak at reactor, now utility. at which National available is has National with reactors. High Idaho for industry Laboratory made government combination the the So Lead a the a government we advanced basically, our excellent by HFIR is a for available mentioned, Ridge commercial reactor in program is this reactor by and program. research also is as in which And use, test combination been the step an Flux U.S.

the to be the really loop replaces step or in Canada. so that's what that And Norway or Russia called we're experiments going

like a do regroup, the the were And city these combined closure Test powering whole first in first plant had in a by solve to Lead how We to we industry particular utilities. say to with So the reactors. did. with reactors on commercial that's program testing Rod this do could a research one getting you in of we'll all our deal

of first not National is because it's U.S. Lab, at Voucher, mentioned whole the it. that's the money, Gain government lot of by the you good approval $XXX,XXX And the about the while by Idaho which it's for program very a DOE,

I And that the first the most think, with important. step always government is,

but track testings, and Laboratories. that Lead utility very U.S. we come, Rod and reactor National to now, announce the on with to much more Test So research we're agreement expect at particularly

by please? phone, question next Doug, So

Operator

comes with line from Peter [ph] Dawsons next Rageer question Our of Certainly, the

Unidentified Analyst

Seth? you are How

Seth Grae

Hello, Peter.

Unidentified Analyst

But U.S. and utilities, delayed. I the is that and utility, to money anybody little what X of they of type gets year, everything to will are, if I on you if a hard you happens, if probably in? mean, go know it's X whoever and that. tell Everybody frustrated this delayed delayed because

trying mean pushed see next the get year coming because going I We're But And get I stock pretty quickly. just want don't an reverse year. going is in I'm you this if to problems the to listing something up this got to idea split. do

Seth Grae

Yes. Neither do we And we. to. don't expect

Unidentified Analyst

about... So what

Seth Grae

Go ahead.

Unidentified Analyst

No. Yes.

would So coverage guys? [ph] for right to now. Because you ATM of any what staples I know take your What put someone type on got about coverage? it

Seth Grae

you're pay-for-play. Okay. do with, anyone independent. to I'll All banks, do won't that in say be like a something on people have is with. never We Well, coverage be don't the your deal really not coverage thanks, investment would for have that doesn't rely Lightbridge, the it on. bills coverage we one questions. like or The really research could We

are paying we think, call us, have attention have listening who are are do some coverage. analysts, to who an us some, to online extent or later will recording listen following I who on So not including this the or initiated to

with Some or companies with utilities may of or analysts their working that work cover who we're soon. other

so independently research near-term, those that full have the with that commercial-length Enriched I a demonstrate I data, be of milestones have the -- trigger And High Assay and get Uranium obviously. utility, we'll But help think reactor demonstrating employers, will once very in contract so research production Low a once that using their the get will very and fuel we rods, customer decided into good by would and materials coverage. a that those our analysts contract we be that will think surrogate

question? Doug, next And

Operator

Certainly.

of comes proceed Adibi from line question Realty. Aref question. Adibi with next your with Our the Please

us mute? you on Do live. have is line Your

Aref Adibi

me, sorry that. about Excuse

there Richland to to year. an test the a I versatile to wanted have be person be just And that view extruded Does announced recently are Lightbridge build plants quickly. need going opportunity this rods DOE be reactor. the also, to site. a hear really VTR? a glad at to So Will rods in to for any question ask full-length the I'm

Seth Grae

surrogate available We We allow good to cladding -- video Yes. just the do we when questions. Those can't And to expect the are real fuel with people of that yet. material. basically, rods. expect see the rods to the produced and say make using these access and are materials

can we what who we to the are definitely we to interested the we But extent seeing to those can. that as and sites do in are the open to expect do public, doing

Some sites of to these will. the that are but can, we don't control, we extent we

test say For and government U.S. the glad I'm the reactor. that see to test I'll to build fast neutron versatile reactor, go ahead plans

I think the good in that's very technology nuclear United advanced for States.

well most And if I want opens. anything will further to completed that you reactor underway likely on and think that? we testing have our Jim, say before

James Malone

it. Yes. we I It concept. changes currently neutron agree fast you. a burnup able The conductivity to get hopes and supported are The it's a -- quicker features versus to. nice source, thermal which like with industry than has is

going right not completed and caution -- up be have we largely However, to be program. that it's going you're to likely not running before to it's our

Seth Grae

questions? Yes. live Doug, Yes. And any more

Operator

queue There time. at this are no in other live questions the

Seth Grae

Great.

So more by David, any e-mail?

David Waldman

do. We

the nuclear like So our next on you been heating question it seeing investment up. private Can advanced you're in seems market? what has in comment

Seth Grae

only plants XX% I States power you the as as guiding have power about my just United large reactors about from closed, nuclear generation XX. gone give can electricity nuclear own of to we've say impressions. current stay reactors XXX even the to at that level I'd in successfully of has industries large-scale been

well that long XX%, XXs percentage It the the that power, of not plant the the believe, ago. funny. they And capacity by the which factor, to I used ins increasing the be United the at efficiencies over across very squeezing full out they've done of time States, now is plants everywhere outside all and can, the on that operating core

tapped get the really doing and we're actually changed come fuel to technologies, fuel core they cycles in what do of where they to the can a in. power the advanced of do that's operate But material out longer that, can what reactor

the large around for an for what advanced truly ones existing investor of we're modular be that technology small the terms water, as the space reactors -- well in from and is would the unique as light we're that light generally advanced new seeing technology built, reactors really standpoint, in reactors water for And nuclear the world. I'll the say a

reactors. new tend technology advance be other The to of types companies

new of very firms. range are what's advanced, and in generation billionaires different from Gates and including high called kinds investors private some to profiles the of of worth some four types institutions other net hedge those And funds And reactors. the or Bill equity individuals called like

what in DOE in Energy funding. have put of they're the XX% I And private with the the they is R&D, funding But all company to think from will their Department leveraging in to common investment of down XX/XX. U.S. XX%

the and the So investors, only XX% a DOE XX% funding, somewhere are sense, in R&D putting putting in in is to of XX%. between XX to

leverage almost that investment, ratio on a with have don't debt And the you it's where like equity having debt.

is instead. kinds those You advanced government grants nuclear of have companies. The from equity coming investors into

DOE. And for it's for lot that, figure especially received to when companies, could they've and of least coming down the add I more look from what's line. and coming at X at you these sums another or looks some, it a And digit

to customer a a enriched the contracts material have with prototype, in scale reactor, uranium I quite about close yet. the where full being really have have we're think the used demonstrate when to of started we a of look that able the with And to size at first only crossing product; are kind about getting not boy, that, close, Lightbridge they there to for demonstration line; with contract commercial research compared to But when to to utility; used. I we they and about were time,

But be And think, there order always to of in to I Voucher, And as I hardest, will sign. guarantee the the is Gain this follow. first a what has then no that DOE be very to good said tends have earlier, certainly, project more. of a first approval

reaching a like advanced when companies with I that that of we're kind they those support. attract matched DOE So to be started to were think soon, kind to lot of the investment, in a of going milestones kind be position expect able reactor very we to with of

they like be. on see wants been that's speculating So done, need we what we And what position to to just our not what We're hard in of DOE to working other have to very and people do. companies know we've company these DOE what well. we and what certainly

David Waldman

Great. Thank you.

be question testing national mini-fuel next labs. the will Lightbridge accelerated Our is in participating at

Seth Grae

It's ask do This yes, new. like This and is of scale this recently. I'm had I thing. what these to very news to the Lightbridge in wants the is answer. long the more interesting But anything never give -- big used a I'll rods to very Malone before. assembles. including been fuel Jim seeing seen the detailed

pictures do, are there showing these see samples DOE the the to next the the is of to could you people sample what of now And $X.XX. against allowing these where barely $X.XX edge

so They're the are into guess can But small. properties by you getting reactors. there

originally, on not had at so you stab And we like a certainly to we're our at anything it's screen radar this And looking take but now. Jim, would one?

James Fornof

program Sure. Lightbridge's tests. test irradiation fuel involves several

of fuel by multiple development samples. We are including approaches radiation pursuing accelerate the to those to program, approaches for developed national laboratories reduce time the

Oakbridge the is using And under of flux National Laboratory isotope the high one at approaches many the consideration. fuel reactor approach

test discussions the Oak approach, this a of from with had mini-fuel constraints advantages have regarding but the We at we and Ridge haven't committed mini-fuel preliminary to the time.

advanced with approach methodology test testing regarding to discussions This Steady-state reactor program. Falls. using accelerate development may Idaho our the the We are also National in INL's in Testing opportunities Fission fuel at Accelerated and provide Idaho Laboratory

Seth Grae

Any further questions, David?

David Waldman

In -- with Lightbridge HALEU? line Yes. time discussed. next micro May, this for chain INL fuel their meeting HALEU attended our their workshop was question, in where solidify the and acquiring Lightbridge help a reactor testing Did supply at

Seth Grae

And to Jim attended for Well, Fornof that next me. right sitting he's Lightbridge.

that Jim, question? take would like So to

James Fornof

Seth. Certainly,

XX workshop in the did June as at XX. well comments, the access prepared as microreactor presentation was the plant it far solicitation to in attend mentioned both As for to regarding the Lightbridge INL HALEU And material.

headquarters yesterday in Nuclear Additionally, Institute the day the Lightbridge participated Energy on in D.C. August HALEU at industry X. just Washington

events with the the of made to program. gain as by to us allowed and the quality contractual quantities understanding well the associated being Both of better material of requirements a as INL available the

Lightbridge continue programs. other our feasibility development in work And venture the the potential will joint partner using HALEU assess of with INL to our to Framatome and collaborators

Seth Grae

David? Thanks. Okay.

David Waldman

Yes.

at occur PIRT, National the After We the Idaho computer have analysis, another voucher, included test in reactor question. will lab?

Seth Grae

Jim?

James Malone

I'll Yes. again. that one take

GAIN the and in subject a analysis, Just phenomena to and a is ranking those matter and rather gathering a method not of recent subject case, computer experts, the group consequences identification clarify, the PIRT, technique information from is of the this failures. of modes failure Voucher potential a of on

PIRT the not irradiation testing. for requirement exercise is So a

be to completed prior of it the However, start testing. actual may

Ridge, the used test as Idaho, or at become extent So reactors a the of the conducted and the available These other as on they the us be Oak experiments to inform fuel basis. may reactor development commercial to results will feasible, ongoing discussed, experiment program at designs. PIRT Jim to be may just

Seth Grae

Lightbridge (LTBR) 10 Aug 192019 Q2 Earnings call transcript