Uranium hexafluoride

And some of the customers will be, one of our biggest customers is going to be the utilities.

Because with the 11 or so funding stream or revenue streams we will have generated from Kirpton 85 to uranium UF6 for fuel.

The UF6 is probably the largest revenue stream or one of the largest revenue streams of R11.

And that would come from the sale of that uranium as recycled uranium for new fuel going into the nuclear reactors.

Thus, the nuclear reactors are owned by utilities.

So really, that nuclear waste fund is the utilities customers who say, hey, Go talk to the people that have the money that's supposed to pay for what you're offering now.

But nonetheless, the waste volume reduction as a result of taking that fuel into our facility, that will be a revenue stream too.

So you have UF6, the uranium, a major revenue stream.

It's U308 for the chemists out there.

You then take it to the next phase, which is called conversion, which simply put is you convert that powder into a gas, and that's UF6.

is the typical gas.

You need to do that so that when it goes to the enrichment phase, the centrifuges, think of our amusement parks.

And that gives us enough certainty that we will expand our capacity.

And actually, I won't name the companies, but that one, Enricher, was like, we can expand.

If we have more UF6 converted uranium, we can actually ramp up production to fill the gap.

So again, gets to the conversion bottleneck.

And how soon do you have your prototype working? All right, we are On the eve of loading uranium exoflora into our system, we spent the last two years doing the systems engineering integration and testing of all the hardware.

And we are literally weeks away from loading UF6 and showing that we can do this enrichment ourselves.

We're going to spend the next six months optimizing all the parameters.

And we're just going through the last few hurdles or hoops, safety and security and training and standard operating plans or procedures.

We just need people to get out of our way and let us do our business.

And the bottlenecks in the industry really are converting it to a UF6 gas and then enriching it to the 5% or 6% now in some cases for reactor use and ultimately to close to 20% for the HALU, for the SMRs that we're seeing come on.

You mentioned Dewey Burdock.

That's one of your growth projects in South Dakota, and it's a very large project, 20 million pounds.

We're at record all-time high price for SWU, which is enrichment.

We're a couple bucks off all-time high price for conversion in UF6.

The entire fuel cycle is at or near record pricing.

Of course, the spot price has a long ways to go, especially if you inflation adjust, because that peaked out at 140-something in 2007, which is 200 bucks a pound in today's dollars.

So kind of a drop in the ocean.

Russia is a net buyer of both uranium and UF6.

The UF6 part is important as well.

They are the second largest converter in the world behind China.

China's conversion, of course, is feeding their domestic reactors.

We're open to having a response from someone saying, we're gonna sell you the uranium and the enrichment.

And obviously that would include the conversion as well.

So uranium in the form of UF6 or converted uranium.