LIGHTBRIDGE Corp Q4 FY2024 earnings call

• Nuclear energy is experiencing a renaissance with industry support and tech giants like Microsoft and Amazon pursuing nuclear for data centers.
• Collaboration with Oklo signed, focusing on fuel fabrication synergies and advanced fuel recycling.
• Achieved a manufacturing milestone with coextrusion demonstration at Idaho National Laboratory using depleted uranium-zirconium alloy.
• Engineering study on Lightbridge fuel for CANDU reactors completed, showing potential for double discharge burnup with <5% uranium-235.
• Technical papers presented at conferences, including MIT and SIA studies validating enhanced safety and performance of Lightbridge fuel.
• Industry trends include existing nuclear asset renaissance, geopolitical impacts on energy security, and tripling of nuclear capacity goals by 2050.

No distinct product segments with financial performance or revenue contribution provided in the transcript.

• Plan to continue seeking government funding, strategic alliances, and additional funding for R&D.
• Anticipate investing approximately $17 million in 2025 for R&D of nuclear fuel, including capital and operating expenditures.

No specific risk discussions detailed in the transcript beyond general forward-looking statement disclaimers regarding potential differences between estimates and actual results.

Q: Is Lightbridge Fuel suitable for use in SMRs? And if yes, which company or companies do you intend to supply?

A: Andrey Mushakov stated Lightbridge Fuel is suitable for water-cooled small modular reactors (SMRs), usable in most water-cooled reactors including those from NuScale (Voyager SMR), with studies from MIT and Texas A&M involving Lightbridge fuel in SMRs.

Q: What is the feedstock for Lightbridge Fuel? Where does Lightbridge source its uranium? And can you comment on the economics of Lightbridge fuel and what effect, if any, tariffs will have on sourcing uranium and future profit?

A: Feedstock is uranium and zirconium; DOE provides uranium for testing, utilities source commercially. Tariffs on imported uranium could increase costs of nuclear fuel, including Lightbridge Fuel, while domestically sourced uranium is not subject to tariffs.

Q: What is the significance of recent coextrusion demonstrations? And what are the next steps?

A: Recent coextrusion at Idaho National Laboratory completed casting/extrusion efforts for depleted uranium-zirconium alloy, establishing techniques for high-quality rods. Next steps include using enriched uranium for radiation testing in the advanced test reactor at Idaho National Laboratory in early 2026.

Q: What would be the total addressable market for Lightbridge Fuel?

A: Global commercial nuclear fuel market is ~$16.7 billion, with ~$4 billion in the US, and with countries pledging to triple nuclear capacity by 2050, there is a significant addressable market.

Q: In an interview, it was mentioned that Lightbridge Fuel is non-weaponizable. What is the significance of this, and could it open up new markets worldwide to nuclear development?

A: Non-weaponizable nature enhances safety and nonproliferation, making it suitable for remote locations and new reactor types like small modular reactors, potentially opening new markets.

Q: With possible uranium shortages in the future, along with China and Russia having better geopolitical relationships with large-scale uranium producers like Kazakhstan, can Lightbridge Fuel help fill the uranium disadvantaged gap for the US and play a role in national security?

A: Lightbridge Fuel helps national security by providing reliable 24/7 clean power, which is crucial for critical infrastructure. Domestic uranium mining can reduce US reliance on imported uranium, aiding national security objectives.