Lightbridge Corporation (NASDAQ:LTBR) Q4 2023 Earnings Call Transcript
Lightbridge Corporation (NASDAQ:LTBR) Q4 2023 Earnings Call Transcript October 31, 2023
Operator: Thank you for standing by and welcome to the Lightbridge Corporation Business Update and Third Quarter 2023 Conference Call. Please note that today's call is being recorded. It is now my pleasure to introduce Matthew Abenante, Director of Investor Relations for Lightbridge Corporation.
Matthew Abenante: Thank you, Carmen and thanks to all of you for joining us today. The company's earnings press release was distributed yesterday and can be viewed on the Investor Relations page of the Lightbridge website at www.ltbridge.com. Joining us on the call today is Seth Grae, Chief Executive Officer; along with Andrey Mushakov, Executive Vice President for Nuclear Operations; Larry Goldman, Chief Financial Officer; and Sherrie Holloway, Controller. I would like to remind our listeners that any statements on this call that are not historical facts are forward-looking statements. Today's presentation includes forward-looking statements about the company's competitive position and product and service offerings. During today's call, words such as expect, anticipate, believe and intend will be used in our discussion of goals or events in the future.
This presentation is based on current expectations and involve certain risks and uncertainties that may cause actual results to differ significantly from such estimates. These and other risks are set forth in more detail in Lightbridge's filings with the Securities and Exchange Commission. Lightbridge does not assume any obligation to update or revise any such forward-looking statements whether as a result of new developments or otherwise. And with that, I would like to turn the call over to our first speaker, Seth Grae, Chief Executive Officer of Lightbridge. Hello, Seth.
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Seth Grae: Well, hello, Matt and thank you and thank you all for joining us to discuss Lightbridge's third quarter results. I want to start by thanking our team for performing exceptionally well in this highly dynamic environment as we continue to make meaningful progress on our fuel development, expanding our R&D footprint and bringing Lightbridge Fuel closer to reaching its commercial potential. We are developing advanced nuclear fuel for existing reactors as well as new water-cooled small modular reactors that we believe will bring significantly improved safety, economics and nonproliferation benefits. Earlier this month, we announced an important engineering study with the Pitesti Nuclear Research Institute which is a subsidiary of RATEN.
The study will determine the compatibility of Lightbridge Fuel for using CANDU reactors. RATEN is a Romanian government Research Institute and specializes in R&D activities in the field of nuclear energy. Exploring the suitability of Lightbridge Fuel for use in CANDU reactors has many potential benefits for Lightbridge. Conventional CANDU fuel doesn't require enriched uranium. Instead, it uses natural uranium. We expect Lightbridge fuel to require uranium enriched to under 5% in CANDU reactors. We expect that this engineering study will confirm the enrichment level that is needed for Lightbridge Fuel. Additionally, CANDU rods are much shorter in length and fuel for large light water reactors, only about 2 feet long and a typical bundle of rods weighs roughly 20 to 25 kilograms, so they are easier to handle.
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