Good morning. My name is Joelle, and I will be your conference operator today. At this time, I would like to welcome everyone to the Energy Fuels Inc. acquires Base Resources Limited conference call. All lines have been placed on mute to prevent any background noise. After the speaker's remark, there will be a question and answer session, where you will be able to ask one question and one follow-up question should you desire. If you would like to ask a question during this time, simply press star, then the number one on your telephone keypad. If you would like to withdraw your question, please press star, then the number two. Thank you. Mr. Chalmers, you may begin your conference. Thank you, Joelle, and thank you for those joining this conference call. We're very excited to give you an update on the combination with Base Resources. Again, Mark Chalmers, I'm President, CEO of Energy Fuels, and I'm very pleased to be joined today by Tim Carstens, Managing Director of Base Resources. I'm joining this call from Zurich, and Tim is in Perth, Western Australia, so we don't have the ability to do hand signals if something goes wrong, so I'll just give you a warning in advance. We are both very excited to provide an update to all of you on what we believe is a transformational combination of both companies. Day one of the combination was actually on October 2nd, so four or five days ago, and I was down in Perth all last week, and it was an absolute pleasure to meet the entire Perth team and spend time with each and every one of them to better understand their roles and responsibilities and get a bit of information on their personal lives. Both Tim and I will go through a short presentation to explain the rationale of the combination and the extraordinary opportunities that lie ahead. Those of you that are online, just a reminder, you will be controlling the advancement of your slides, and either Tim or I will try to remind you when to move to the next slide. A conference call replay will be available, and information is on our website in this regard. As always, as Joelle mentioned, there will be time for questions at the end of the presentation. We'll go ahead and get going, and I'll have Tim tag team with me throughout the presentation. I like this first slide for a lot of reasons. It is taken near the Toliara Project site in Madagascar. Toliara is widely known to be a world-class, undeveloped titanium, zirconium, and rare earth deposit, which we believe has the potential to be a market disruptor in both the HMS world and the rare earth element sectors. Tim, any comments on that slide? Yeah, I mean, the obvious thing is the rather remarkable stand of baobabs there. It's an area called Baobab Alley. It's quite a feature of where the mine site is going to be, but unfortunately, those trees are all well and truly off the mine site. But given the nature of the environment in Toliara, there's quite a unique forest there called the spiny forest, and it's one of the significant opportunities for us as a project to enhance the environment that we're operating in, is in protecting that absolutely unique forest that doesn't exist anywhere else in the world. That's you know, something we're looking forward to playing a big role in. One of the collateral benefits of doing a project the way we do it. Thank you, Tim, so let's move to next slide, and I might be making some forward-looking statements, so those are included on this second page. Next slide. The most exciting thing about this combination with Base is that Energy Fuels is well on our way to creating a globally significant critical mineral company, with the ability to process advanced rare earth materials in the United States of America. In my opinion, the market has yet to fully recognize the significance of the moves we've been making over the past few years. Next slide. The combination with Base absolutely solidifies its position. Many of these elements are required for the rapidly advancing energy transition, and Base has become a wholly owned subsidiary of Energy Fuels, but we still plan to continue to have Base's well-known identity in the heavy mineral sand continue on. Base also has a recognized, world-recognized management group in the HMS sector and operations teams that have joined Energy Fuels, and that will allow the company to move quicker, faster, with more momentum and more expertise than I believe that people really fully appreciate. Because nowadays, to advance a project, you need to have the expertise and skill sets to go forward cost effectively and efficiently. Base also has an exceptional track record of safety, environmental stewardship, and profitability. So now Energy Fuels ends up with 100% ownership of the Toliara project, and as I mentioned previously, considered world-class by all measures. It has a massive HMS resource, and Tim will talk about that later. Robust economics and has the potential to generate significant free cash flows over time, and substantial room to grow the reserves and resources. It is a game changer, in my opinion, and the produced monazite will be processed into rare earth oxides at the White Mesa Mill in Utah. Next slide, so let's look at this diversified asset portfolio for long-term growth. It is substantial. In the blue is mainly Energy Fuels, uranium, and vanadium deposits, and our rare earth processing assets capabilities, which is really the hydrometallurgy in the Northern Hemisphere. Excuse me. The red is Base Resources, Southern Hemisphere, mainly HMS and monazite recovery, focus on physical processing. Not hydrometallurgy, but physical processing in, as I said, the lower hemisphere. But now includes the Bahia Project and the Donald Project joint venture in this portfolio with them. This portfolio is world significant and positions Energy Fuels for long-term growth and value creation. I want to note that Energy Fuels secured these projects in the red, and the recent downturn of the rare earth market and the HMS sectors. Next slide. I have to give credit to Tim and his team because this is a slide they produced. It illustrates how the uranium, rare earths, and mineral sands sectors fit together in our strategy. Tim, as it is your slide, I will ask you to explain it. All right. I mean, this, this slide really explains what we saw in the combination. In that, yeah, a lot of companies are trying to get into the rare earth space, and it's quite a challenging space to get into if you are relying on being a pure play rare earth player and either becoming a rare earth miner or a processor. Because of the manipulation of sectors or pricing, sorry, the manipulation of pricing in different components of the value chain, it can be quite difficult. But if you are going to produce rare earth supply sources such as monazite as a byproduct of what you're going to do anyway, so our projects are all justified on the basis of the mineral sand value, but then are able to produce significant amounts of monazite. You've taken away the reliance on whatever rare earth pricing is happening to do at that point in time. The project is going to proceed. And it's a similar story with the processing, and why we initially started discussions with Energy Fuels, was that with the uranium processing capability at the White Mesa facility and the demonstrated ability to process monazite for rare earths, for them, it's a sideways step as well. It's, you're not relying on the development of new expertise, new permitting, new anything. And when you plug those two together, you've got a much lower risk way of entering the rare earth oxide production space. The other thing that this combination does is open up all manner of opportunities for further supply to feed that rare earth supply chain, because there are, you know, a number of mineral sand projects around the world, in fact, many of them, that to differing degrees, have monazite content. And so having an ability to monetize or operate those sorts of assets and monetize the mineral sands through, in our case, having a very well-developed set of customers, just de-risks that whole expansion of the supply chain. And so when you bring those two businesses together, you're producing, you know, effectively the best part of nine of the 50 critical minerals on the U.S. Critical Minerals List, in a way that's just utilizing complementary sideways steps in our existing businesses. All right. Yeah, and I have to say that we had another graphic and I like the Base's graphic better than ours, so we adopted it in the deck. So another example of synergy. So next slide. So this slide is really... I've shown this a number of times. It really shows how we're focusing on integration of the rare earth supply chain and, you know, the various steps on the left there, from mining, beneficiation, crack leach, separation. All of those three we currently can do today, but we're also focused on continuing to move down that chain into metals, alloys, and further down in due course. And we see that as important because the more steps that you have, the fewer inflection points you have to be manipulated by, particularly the Chinese market. So we're very focused on going for full integration in time, but it does take time. And so yeah, the next step is this, metals and alloys. Many of you will be aware that we hired Deb Bennethum. She's the former Global Procurement Team Leader for Critical Minerals Procurement at GM, General Motors, and she joined Energy Fuels a couple months ago, and it's just a great pleasure to have Deb with us. And her main focus is kind of the metals and alloys, but also on the oxides and potentially looking at magnets and time. And she also has substantial global network in all of these steps and is recognized around the world through her past work with General Motors. So we're very excited to have her on the team. And, so that just gives a, you know, kind of a snapshot of how we're moving towards integration. Next slide. And I hand this over to Tim. Yeah. Thanks, Mark. Obviously, Base Resources, you know, we cut our teeth with the development of the Kwale Project in Kenya. That's been an extremely successful mineral sand development. And so we've got a really good understanding of the universe of mineral sand projects. And after we had Kwale up and running, the way we wanted it to, we're looking for the next project to bring into the portfolio. And having looked at absolutely everything around the world, we'd identified Toliara as just an absolute standout. And it took us the best part of three years to finally land the acquisition for a whole raft of different reasons. And we finally closed that acquisition in January 2018. And at the time we acquired it, it was very much just a mineral sand project. It-- we knew it had monazite in it, but that was more going to be a challenge we were going to need to manage. And we're actually planning on disposing of the monazite as a waste stream back into the pit. But where we are today, the mineral sand component of the project had an NPV10 of $1 billion. And then now that we've added in the monazite, you know, with a you know, relatively small CapEx required to open that opportunity up, about $70 million, it's now an NPV of $2 billion. So it's an extremely valuable project. Great IRR. CapEx is just short of $600 million, and very significant free cash flow over a 38-year mine life, but one of the most important things is when you look at mineral sands mining projects, you typically look at them in comparing them on the basis of revenue to cash cost ratio or the cost ratio. A really good mineral sands project, and Kwale sat at our Kwale Project in Kenya, sat at the top of the pile for a very long time at 3.2 to one. Toliara is sitting up at 4.3, and certainly over the first 10 years when we're in a higher grade zone, it's considerably higher than that. So it's an extremely robust project that is underpinned by mineral sands, or it can be underpinned by the rare earth component. But with those two sectors not really moving in the same, you know, direction, the you know, mineral sands tends to be not particularly demand-driven, it's more supply coming on that affects price, whereas obviously, rare earths are completely different. They don't move in the same way. So the, I guess, the hedging benefit, if you like, of those two different revenue streams is really significant. So it's a very, very robust project. If you jump across to the next slide, what underpins it all is this, the resource, the Ranobe resource. At the moment, it's 2.6 billion tons. But if you look at that stylized diagram there, that doesn't include any of what we call the Lower Sandy Unit, which we've got to get in and do a whole lot more drilling on. But on the basis of that 2.6 billion tons and a current reserve subset of 900 million, and it's only 900 million because that's the drilling that's been done. We didn't need to make it any bigger because that's enough for 38 years. But you can see there is just dramatic ability to expand both the resource and the reserve, therefore mine life, but also scale of the operation itself when it's up and running. Because of where it is, once we've built the access road and the bridge and the port facility, scaling this up is a relatively simple exercise, just involving, you know, more frequent truck movements and more frequent use of the port. But the capacity is not limited by the sort of scale we're looking to start off at, which would see about 1.2 million tons of ilmenite a year and about 70-odd thousand tons of zircon and around 26,000 tons of monazite. So that's the starting scale or the scale we're looking to kick it off at, and there's opportunity to step that up over time. Key issue obviously, go to the next slide. Key issue is obviously the process of locking down fiscal terms with the government in Madagascar. It's been quite a process. You know, we from 2019, when the government put a suspension in place on the project, to really bring us to the table to discuss fiscal terms, over and above what was in the mining code, it's been quite a process. In part, COVID didn't help, where the country was shut down for two years, but also we needed the government to get some sensible advice from the World Bank and the IMF on what sense you know what realistic fiscal terms look like. They've now got that. That's now been built into their new mining code, which was promulgated earlier this year. And we've got to the point now of having in principle agreement on the fiscal terms. We're just now trying to work our way through, I guess, an MOU around that, an investment agreement, that needs to be ratified by Parliament and the lifting of the suspension. We're expecting that to happen over the coming month or two. Once that happens, we've got about 14 months of work to do to reach a final investment decision. That would see us with an FID around January of 2026, 29 months of construction, and we should be seeing our first ilmenite shipment leaving in around March 2028, and the first monazite shipment around August of 2028. We've not been sitting on our hands while the suspension's been in place. We've done an awful lot of the work required to make sure that we've got a really robust project, really clear execution plan, and we're ready to go as soon as we get that suspension lifted. Back to you, Mark. All right. Next slide. Yeah, no, thanks for that, Tim. A great, great roll-up of those three slides there. So yeah, let's, let's talk a bit about this rare earth production in the United States and the processing of monazite, which is a byproduct of heavy mineral sands. I mean, first of all, monazite is a superior product when it comes to the magnetic rare earths, mainly NdPr, Dy, and Tb. It contains high concentrations of uranium, roughly the same as our uranium ores, and we're the only one, I think, out there in the world that says the more uranium, the better, because we can monetize it. Energy Fuels is the only facility in the USA and one of the few facilities in the world, really outside of China, that can process monazite and wants to process monazite, and has 40 years of experience processing uranium, and so really our expertise is unparalleled and our ability and knowledge of SX. I talked about the Phase 1 separation facility that we built and commissioned earlier this year. Now we're flipping the mill over to uranium. We produced about 35 tons of on-spec separated NdPr, and we have bags of NdPr are ready to go for basically qualification at some of these metal and alloy makers and even magnet makers, so we're really excited about that. We don't have beakers. We have bulky bags to send to people. We're in the process of designing, taking our PFS up to a DFS, up to 6,000 tons of NdPr per year. To put it into scale, the companies like General Motors, Ford, talking about a couple million EVs per year. Now, one thing that I hear a lot of is people say, "Oh, the EV market isn't advancing as quickly as it should, and maybe people don't like EVs." Well, first of all, the targets were a bit overaggressive, but I also want to mention that a plug-in hybrid requires the same amount of rare earths as a 100% EV. And so we see the outlook for demand to continue to grow, and if people don't like EVs, you're seeing a lot of hybrids out there, and so we don't see any real slowdown for this energy transition over time. And so by securing these HMS mines globally, we basically decouple ourselves from China to have our own sources of monazite at scale. You know, when you look at the projects that we've secured, joint venture on Donald, and the relationship that we have with Chemours and others potentially to come, I think that our successes will just create other successes in the future because of what we're doing and how we're doing it. It does not diminish our ability to produce uranium, and actually, we recover uranium as we process the monazite. Next slide. This slide, I think, tells a very significant story on the rare earth development timeline. You know, I mentioned we've been doing this over the last few years. Haven't gotten much or any recognition, maybe negative recognition. So when you look at, you know, the commissioning of the Phase 1 in 2024, we're now flipping that over to go into uranium production, and it is our goal to continue uranium production straight on through and have the Phase 2, Phase 3 plants ready to go into production in due course, that are completely separate from the mill. So we have two separate standalone processing plants, a rare earth processing plant and a uranium plant operating independently. But when you look at the scale here of what we've done, I mean, it puts us well on the path for this 6,000 tons of NdPr per year, which is equivalent to what Lynas is doing right now. Lynas has a market cap of $4.5 billion, and I have to say that our strategy with securing these HMS projects, with the potential, in some cases, for monazite for free, puts us, what I believe, in an enviable position on how we're going forward. And as I said, without taking away our ability to produce uranium. So let's next slide. Let's talk a little bit about the preliminary economics, and I talked about Phase 1, and again, we built that for around $16 million in our existing SX building, where we have now, I think, the only facility in the world that could recover uranium, vanadium, and NdPr and samarium plus carbonate in one building, and we did it for $16 million. I hear people talking about pilot plants. I mean, I'm not talking, and that's a commercial plant. That's a commercial plant the size of a Silmet or Neo Silmet plant, $16 million, and it functions, and it produces on-spec material. We had a pre-feasibility study done a while back, which was looking at around 30,000 tons a year of monazite, which is 3,000 tons of NdPr per year. The initial PFS indicated capital costs around $350 million, and a cost of producing NdPr around $30 per kg. Now, if you're getting monazite for free or at lower costs than, say, the China plant, you can bolt on to that $30 and come up with something that looks very attractive in a market that's around $60 now, and that's still a low price. You know, we think in some cases we may be in that $30 range, $30-$40, and we see that as an enviable position. Now, again, I'm probably making a forward-looking statement there, but we're very excited about that. So we're updating that PFS to a DFS to the 6,000 tons of NdPr per year. Now, that'll probably be, 5,000 out of the new Phase 2 plant, including the ability to use the Phase 1 plant as well to come up with 6,000 tons. So we're very excited about that, and we're also started our piloting of recovery of Dy and Tb at the mill. So this next slide, and again, you know, we've all seen this one, those that have been on these calls in the past, a diversified critical mineral strategy and company largely focused on the energy transition. We've seen how brutal single commodity companies can be. The uranium price dropped 25%, and a lot of the uraniums dropped 50%. We've seen it with lithium, graphite, cobalt. We are focused on this diversified strategy. We've been the largest producer of uranium over the last several years, about 2/3 since 2017. We're ramping up our uranium production to being about between 1 million lbs- 1.5 million lbs per year by the end of this year, but, but also increasing that up to two million lbs per year. We have proven that. We have proven that. There's a lot of people talk about uranium production but have never produced material quantities of uranium. We have. We know how to produce uranium. We've been doing it for 48 years. The rare earths, hopefully, this conference call gives people a bit more flavor of how we're ramping up our ability to source the monazite required to get to the scale of Lynas in due course. The heavy mineral sands, as Tim pointed out, the ability to generate significant cash on its own without any credits for the rare earths. Vanadium, we have the only vanadium processing plant in North America. Price of vanadium is low. The recycling is why the mill has stood the test of time, and we're building all this on substantial financial strength with zero debt, significant cash and inventories with around $200 million of working capital at the end of June thirtieth, 2024. We are in a very, very strong position. The last slide. Energy Fuels is three leading critical mineral companies in one, and we get valued as a uranium company only and probably on the lower end compared to other uranium companies. But we have a history of producing uranium, second to only Cameco in the United States. We have three mines that are up and running. We're looking at increasing that to five mines, and we're ramping up our production over the next few years while we get the rest of these pieces into place for the rare earth business and the heavy mineral sands business. We plan to be a global leader in rare earth production, centered in the United States, with low cost structures, with our own supply of raw materials from multiple sources around the world, including in the United States, and a leading emerging global producer of titanium and zirconium-... particularly with this combination, with a great team at Base and the projects we've accumulated over the last year or two when the market was in a down cycle. And that does not include, when we're processing uranium and monazite, that we're solubilizing radium that can potentially be used as medical isotopes, and that is an exciting thing that is emerging on the horizon, as well as being in a position to produce vanadium when the prices respond. So, Tim, is there anything else you would add to that before we go into questions? No. I think you nailed it. Okay, well, I've got a beautiful view of the Swiss Alps in the background. So now I'll just open it up for questions. I appreciate, Tim, you helping me with this call, and we're ready to go here. Thank you. Ladies and gentlemen, we will now begin the question-and-answer session. Should you have a question, please press star followed by the one on your touchtone phone. You will hear a prompt that your hand has been raised. Should you wish to decline from the polling process, please press star followed by the two. If you are using a speakerphone, please lift the handset before pressing any keys. Your first question comes from Heiko Ihle with H.C. Wainwright. Your line is now open. Hey, Mark, I assume you guys can hear me okay? Yeah, I hear you fine. Perfect. Thanks for taking my questions. It's cold and dreary here in Florida. It's nice to meet the new members of the Base Resources team. Hey, I've known you for close to a decade at this point, but, I mean, this deal is a really transformational one. Can you walk me through the different factors that may not be too obvious, looking in for this integration, and respective timelines? You know, things to really focus on that may not be quite as obvious. And speaking of that, is there anything about the ongoing integration that we should, you know, watch closer than others? Something that maybe gives you, I don't want to say a headache, but something that you guys are watching a little bit closer. Yeah, well, look, on the integration, I mean, it was just four or five days ago, you know, that the deal closed. I mean, we're looking at how the Base team can be fully utilized, best utilized with the number of these assets that we've acquired, you know, in terms of assisting with the advancement of Bahia and Donald Joint Venture. And, you know, not just on the projects, but also corporately too, you know, and where the skill sets integrate into the company. I think that, you know, some of the things that people should be watching for is, you know, the hopeful lifting of the suspension in Madagascar. Even though we are in this for the long play, we see this as a world material asset for the world and the United States in particular. I think that we're getting a lot of notice from other heavy mineral sands producers, and I think there's gonna be some opportunities that arise there, Heiko. So, I mean, a big part on the horizon here is to line up our ability to finance these projects as we go forward. So, I mean, I think it's about really, there's really three things. We're gonna be ramping up uranium production, so there should be good news flow on the uranium production. You know, the Pinyon Plain Mine is the highest grade uranium mine I know in the country, ever. But watch the steps that we make with the integration of Base, with these other assets into, you know, the rest of the company, and look for opportunities or news flow in terms of people looking to either partner with us or help us with the financing in due course. Does that answer your question, Heiko? I think that's fair. Maybe- Maybe I can just add one little bit to it. I think it's probably worth everyone understanding that this is kind of not like the classic takeover integration in terms of management terms. Where these discussions started was very much us looking for an offtake partner with whom to sort of create a supply chain. And then as we explored that, it became increasingly apparent that the real opportunity here was a combination. And so the entire Base management team is coming into this with, you know, a high degree of excitement about bringing our model of operation and our expertise in mineral sands, and indeed our Toliara project into something that we're pretty excited about building. So, you know, we're not really facing a lot of those issues of trying to work out how you hang on to a team, or looking at how you downsize or change shape or whatever. So as Mark said, it's very much about how do we, how do we get best-of-breed expertise from around our now combined group to bear across the entire group. So it's a much more exciting and less risky integration in that sense. I think that's fair and encouraging to hear at the same time. Bit more of a philosophical... Now that the deal is closed... Hello? Yeah, still here. Yeah. So, like a car was going by. A bit more of a philosophical question. Now that the deal is closed, can you walk us through where you see the most potential for growth in resources? And just, you know, where your team sees the most amount of potential, Mark, please? I mean, you're talking about at, like, Toliara. I mean, there's resources in the uranium space, there's resources in the HMS space. I mean, I think getting on the ground, you know, there's certainly huge opportunity, as Tim said, at Toliara. I mean, we're drilling at Bahia, you know, with looking for a resource estimate at Bahia. I mean, in the uranium space, we are drilling at Nichols Ranch right now, and we're expanding the drilling. We're having some really good results. We've released some a few weeks back. So Heiko, we're planning to increase our resources on a number of fronts, in due course. We're actually starting to drill the Juniper Zone at the Pinyon Plain Mine, I think any day now. So, you know, the drilling part has kind of fallen to the wayside and down markets, everybody quits drilling. But we have drills turning again, and we'll have more drills turning again at these various sites, you know, when we can get on the ground and get them going again. Great! And with that, I'll get back in queue. I took up enough for your question line. Thanks a lot, and congratulations. Thanks, Heiko. Your next question comes from Joseph Reagor with Roth Capital Partners. Your line is now open. Hey, Mark and team. Thanks for taking the questions. I guess the first thing, I'm probably gonna butcher it, but Toliara. If you guys don't regain access to operate the asset by year-end, is there any risk of any, like, you know, non-cash write-downs, you know, forced by U.S. auditors versus, you know, Australian auditors? Joe, I can't. I don't have my CFO on the call, but I don't expect there is in the short run. I mean, you know, certainly the project, you know, we expect, you know, that it, the suspension will be lifted, but we don't know the exact date. But, yeah, I don't have my CFO online, but I don't expect any write-down anytime in the near term. Okay. Okay, just wanted to double-check. And then, you know, on that 14-month period to get it to FID, do you guys have a rough estimate of the total cost that you would be expended during that time? It'd be roughly $80 million, but that includes some payments for deferred consideration on a couple of milestones. There's $17 million in deferred consideration from the original acquisition that is, that's triggered, and there's about $10 million in land compensation that has to be paid to the traditional community custodians of the land. We don't have to relocate anyone, but there is still a compensation package, so it's around $80 million. Yeah, okay. So it's a pretty substantial lift, but it's also would be unlocking a, you know, $2 billion asset. So, so yeah, I mean, it's money going out, but it, but you, you know you've got a, a world-class asset ready to roll when you, when you're spending that. Sure. Okay, that is helpful for modeling as well. And then, Kwale, is there any opportunity to extend the operating life of that asset? And if not, like, what are the reclamation holding costs look like, on an annual basis? Yeah, so we've exhausted the search for extension there. There's still a lot of ore there, but it's just too low grade to make money. So we've made the decision that it's reached the end of its life. We'll be ceasing mining in late December this year. Processing will follow pretty soon thereafter. We rehabilitate as we go. By the time we get to thirty June next year, all of the disturbed areas will have been reprofiled, planted and, you know, a fair way down the track on rehabilitation. So, you know, the total rehabilitation provision at this stage sits at about $45 million, but that's sort of fully provided for in terms of cash flow coming out of Kwale's operations and the cash currently held within Base Titanium. So we're comfortable that it's fully funded right through until we hand the whole site over. Timeline until final handover, most of the area will be handed over to the government and signed off within the next three years. The tailings storage facility will take a little longer than that. You know, could be out eight to 10 years, but the cost of doing that's relatively minor. It's mostly just monitoring. Okay. Yeah, Joe, we allow. And I don't have the exact number in front of me, but it was a few million dollars, just, you know, trailing on a, you know, for a period of time, as an allowance for some of that, you know, residual stuff. But as Tim said, the bulk of this was, you know, fully funded and provided for. And Tim, I don't remember if you have an estimate of what you think will kind of be trailing on, but it's not hugely material. ... No, it's not, and as I said, it's all effectively rolled up into the current funding, so, you know, if you just think about Kwale as being completely ring-fenced and self-funding, and not really something you need to worry about modeling, that's probably the best way to think about it. Fair enough. All right, I'll turn it over. Thanks. Your next question comes from Louis Silver with TiPMC. Your line is now open. Yeah. Yeah, hi, gentlemen. Thanks a lot for this presentation. I'll be specific. I was interested in the heavy mineral sands projects, and just wanted you to maybe give a little color about the sequencing and the reasons behind the sequencing for the three projects that you've talked about. Yeah, let me... I'm just going to the sequencing page here. I mean, well, I mean, looking at it, the first source of monazite that we have, and we're currently having delivered at the White Mesa Mill, comes from Chemours, from Florida and Georgia. And- Yes. But it's not huge quantities. So at the bottom of that slide 12, it says third-party monazite purchases, Chemours, potentially others. But we're just accumulating monazite as we speak. Donald, which we're advancing through the FID process, is effectively permitted, and we just have to go through the FID process and make sure it stacks up for all the right reasons. But that's why it's the first of the red on that page 12. With Bahia, still in the early stages, we don't have a resource yet on Bahia. We're doing a lot of the permitting at Bahia right now. And then followed by Toliara, you know, with the suspension, you know, believed to be lifted and the- Yeah ... the FID process that Tim mentioned, that's how it stacks up. That's why it's tiered as it is. I mean, one of the key factors in the differences between these projects is that Toliara is a much more complex project because we're going all the way down through mineral separation into the discrete product streams, so it's a much more complex project that involves the construction of ports and, you know, all sorts of stuff. Whereas the other two are considerably simpler in that they're really only going to the point of producing a concentrate, so it's a much simpler project from a design point of view, from an engineering point of view, from construction, but the reality is, all three projects are being progressed individually at the pace that makes sense for the project, rather than necessarily a conscious decision to sequence them. That's. No, that's very good information, so thanks for that. Thank you. Yeah. One more thing, too, is, and we haven't even talked about it materially, but we have other initiatives that we're advancing for further, you know, sources of feed over time at various stages. So, you know, as I said, this is what we've kind of got in the corral right now, that we can talk about. And we've closed on, but we're not ignoring what the future could hold with other sources of supply to the White Mesa Mill for further processing. Very good. Very good. Thank you. Ladies and gentlemen, as a reminder, should you have a question, please press star one. There are no further questions at this time. I will now turn the call over to management for closing remarks. All right. Well, first of all, thank you, everyone. For those that have listened in, either now or asked questions or will be listening in on the replays, I just think this is a extraordinary story that has lots of room to run, for all the right reasons. We talked about a three-in-one company. You know, you got one company that has three different, very significant emerging, strategies for the energy transition, critical minerals and, you know, watch this space. I know that, you know, some people, you know, have questioned that, you know, we're getting away from the uranium business, which we're not. I've been producing uranium for 48 years, and my wife would have absolutely faint if I wasn't producing uranium anymore, and I don't think she'd let me quit producing uranium. So, you know, we built our strategy around that capability. We're advancing it as we are these other areas. I believe that, you know, the next six to 12 months is gonna be extremely exciting on where we go as a company, and our goal is to be world significant, world significant, profitable, diversified. You know, basically, having and creating a vehicle that that can recover these multitude of critical minerals that the world is craving for and needs right now and looking to the future. So on that note, Tim, I don't know if you have anything else to add. If you do, I think- No, I think we've covered it. All right. Thank you, everybody. Thank you for participating. Thanks, everyone. Thank you for participating in the Energy Fuels conference call. Please reach out to the company directly for any additional investment questions.