Lightbridge Corporation (LTBR) Cotización

LANL researchers complete HALEU criticality experiment
Friday, 29 November 2024

The Deimos experiment at Los Alamos National Laboratory is the first criticality experiment using high assay low-enriched uranium fuel to be carried out in the USA in more than 20 years, and will help to develop public data and criticality benchmarks for the material.


A graphite fuel 'cup' containing fuel pellets ready for insertion into a Deimos graphite monolith (Image: DOE)

Criticality benchmarks are essential to nuclear design and safety evaluations required by the industry and regulatory bodies, but there are very few benchmarks that use high assay low-enriched uranium (HALEU). The US Department of Energy (DOE) and Nuclear Regulatory Commission are collaborating on the development of criticality data for HALEU: in August, the DOE awarded USD17 million of funding to 16 projects to help develop public data and criticality benchmarks related to the use, storage, and transportation of HALEU fuels.

The Deimos criticality demonstration, funded by Los Alamos National Laboratory’s Laboratory Directed Research and Development programme, took place at the National Criticality Experiments Research Center at the Nevada National Security Site. The centre has four critical experiment machines and is the only general-purpose critical experiments facility in the USA equipped to conduct experiments on fissionable material at or near criticality.

One of the critical assembly machines at the centre was modified to accommodate a new graphite core and 'cups' to hold HALEU-based fuel pellets containing TRISO (tri-structural isotropic) fuel particles. After demonstrating criticality of the system, the experiment was then measured at room temperature and heated to more than 200° Fahrenheit (93.3° Celsius) to generate new criticality safety data on HALEU fuel.


Assembling the Deimos experiment (Image: Department of Energy (DOE)

"The Deimos experiment is an important step towards deploying HALEU-fuelled nuclear reactors," said Los Alamos National Laboratory (LANL) Programme Manager for Nuclear Energy Chris Stanek said. "We are excited and proud to make use of unique LANL capabilities to advance the nation's advanced reactor goals, and we look forward to future experiments that Deimos enables."

Many advanced reactors will require HALEU to achieve smaller designs, longer operating cycles, and increased efficiencies over existing nuclear technologies. Data developed from the projects funded through the DOE and Nuclear Regulatory Commission's Criticality Benchmarking solicitation will be made publicly available to enable efficient future design and safety reviews and help the nuclear industry develop new and novel solutions to address data gaps.

A New Reckoning for Nuclear Energy

The U.S. is softening towards the idea of building a new fleet of nuclear reactors.

By Matteo Wong



December 2, 2024

This spring kicked off the best stretch for America’s nuclear industry in decades. It started in April, when, for the first time since 1990, the United States added nuclear capacity for the second year in a row. In June, Congress passed a major law to accelerate nuclear-energy development. The Republican Party’s national platform trumpeted nuclear power, as did Kamala Harris in describing her economic agenda; this fall, three of the world’s largest companies—Amazon, Google, and Microsoft—announced substantial investments in nuclear-energy facilities. In November, the U.S. issued official goals to massively expand its nuclear capacity. “We have ambitious targets for the next 10 years,” Michael Goff, the acting assistant secretary of the Department of Energy’s Office of Nuclear Energy, told me, as well as for the decade after. The DOE aims to add roughly 60 times more nuclear power in a quarter century than the country built in the previous one.

As recently as 15 years ago, or perhaps even five, imagining all of this would have been a stretch. For decades, the industry was stagnant and vehemently opposed by environmentalists. But nuclear energy—a potential source of abundant, reliable, emissions-free electricity—is a powerful tool to fight climate change, and now the federal government, major companies, and a growing number of climate advocates are supporting a series of nuclear-energy projects that could transform America’s grid. This is at least the country’s third attempt to do so—the original push to install a nationwide fleet of reactors ground to a spectacular halt in the 1980s, and a so-called nuclear “renaissance” in the late 2000s, which included dozens of proposed reactors, also failed to materialize. This round, “the industry itself has really got to deliver,” Goff said. The next few years might be the country’s last chance to get nuclear right.

America’s opposition to nuclear power runs deep. Some of the oldest and most influential environmental groups, including Greenpeace, the Sierra Club, and the Natural Resources Defense Council, have long opposed the fallout from nuclear-weapons testing and, as an extension, the environmental risk of nuclear-power plants. Broader public attitudes turned against nuclear power when Pennsylvania’s Three Mile Island facility suffered a meltdown in 1979. The Democratic Party officially opposed new nuclear plants the following year, and after the Chernobyl accident in 1986, nearly three-quarters of Americans said they were against the building of a nuclear plant within five miles of their home.

Economic factors might have doomed nuclear build-out anyway. Energy companies did build many nuclear-power plants in the 1970s—and those plants still provide about one-fifth of the United States’ electricity today—but skyrocketing costs and interminable construction delays, combined with plateauing electricity demand, eventually made new facilities unattractive investments. The emergence of cheap natural gas in the 2000s has helped doom any nuclear growth since, Jessica Lovering, an expert on nuclear economics and the executive director of the Good Energy Collective, told me. (The Great Recession also helped squelch plans for new facilities, she said.)

The result has been that, from 1979 to 1988, 67 reactors were canceled; for more than three decades, the nation has added barely any new nuclear capacity. The reactors that did open were years behind schedule. Beginning in the 1960s, the number of nuclear-engineering degrees granted each year steadily climbed, to a peak of roughly 1,500 in 1978, then plummeted to fewer than 400 by 2000.

But then, slowly, Americans started studying nuclear engineering again. When Kathryn Huff, who led the U.S. Office for Nuclear Energy for two years prior to Goff, finished her Ph.D. in 2013, more than 1,000 nuclear-engineering degrees were being issued annually, a number that has remained roughly steady since. Huff now teaches nuclear engineering at the University of Illinois at Urbana-Champaign, and she told me that the motivation of her own cohort and her students is clear: “The reason people are in nuclear now is the environment.”

Beginning in the 2000s, greenhouse-gas emissions and all their consequences for the planet were becoming a pressing concern for growing numbers of scientists, government officials, and even corporations. The link between commercial nuclear power and the Cold War and nuclear radiation had faded; more people learned that the technology was safer than fossil fuels, or even wind power, measured by deaths per unit of energy produced. As more places in the U.S. started building more renewable energy, experts found that a decarbonized grid running purely on solar panels and wind turbines might be impossible, or prohibitively expensive. The Department of Energy estimates, for instance, that each unit of energy from a renewable grid with nuclear power will cost 37 percent less than from a grid without. Huff told me her students “understand how much carbon-free power we need, and that’s what’s driving them into nuclear energy—and that’s also what’s happening in the Democratic Party.”

In the past decade or so, more scientists and advocacy organizations began to mobilize around nuclear power. The Clean Air Task Force, for instance, concluded that nuclear energy was the “most advanced and proven” source of carbon-free, weather-independent power, the group’s executive director, Armond Cohen—who was a staunch anti-nuclear activist in the 1980s—told me. In 2015, four of the world’s most influential climate scientists wrote an editorial in The Guardian that called nuclear energy “the only viable path forward on climate change.” A 2018 United Nations special report found that limiting global warming to 1.5 degrees Celsius above preindustrial levels would require “unprecedented changes”—including in the world’s energy systems, which made nuclear, as a scalable source of copious and clean electricity, still more appealing.

The support for nuclear power in the U.S.—particularly among climate advocates—is far from unequivocal, but relative to a couple of decades ago, it represents an epochal shift, Ted Nordhaus, an early nuclear-energy advocate and the executive director of the Breakthrough Institute, an environmental research center that promotes nuclear energy, told me. In 2020, the Democratic Party’s platform endorsed nuclear energy for the first time since 1972. Bernie Sanders is a long-standing opponent of nuclear energy, but the Biden-Sanders Unity Taskforce—a group formed to unify the party’s more moderate and radical wings in 2020—listed nuclear as a key technology for combatting climate change. Federal efforts to build nuclear energy have run through the Bush, Obama, Trump, and Biden presidencies. Republicans have long supported nuclear as a matter of energy security and reliability; President Joe Biden’s Inflation Reduction Act includes substantial incentives for nuclear projects. Billions of dollars in corporate investment have gone to nuclear facilities and start-ups. Similar support exists across states as politically varied as Texas, California, Pennsylvania, and New York.

One more factor has propelled the nuclear industry. After decades of relatively flat power use nationwide, AI and data-center growth are sending projections for electricity demand soaring upward, Goff said. Because many of the companies operating large data centers have made substantial climate commitments, they need abundant sources of carbon-free electricity, and see nuclear as the quickest and most reliable way of generating it. These giant tech firms appear willing to pay above-market rates to get those new nuclear-power sources up and running. “I just can’t think of any precedent for it,” Matt Bowen, a nuclear-energy researcher at Columbia, told me.

Still, to speak of a nuclear “revival” might be premature—it’s more accurate to say that the industry is approaching an inflection point. To meet its ambitious nuclear targets, Goff said, the U.S. will likely need a mixture of existing and more experimental reactors. The next several years will be crucial for demonstrating that America can build a large nuclear fleet. Two recently completed reactors at a Georgia power plant—the project that made 2023 and 2024 the first consecutive years of added nuclear capacity in decades—have made that facility the nation’s largest single source of clean energy, but both were years behind schedule.

Meanwhile, the “advanced nuclear” projects drawing attention from the federal government and tech companies will need to prove their case. These technologies, Lovering said, are smaller and simpler than the behemoth facilities of old, which should reduce costs and construction times. But more advanced nuclear technologies have been the industry’s promised future for decades now, and yet have never made the leap to regular deployment in the U.S. And the first commercial deployments will be expensive (efficiency gains and savings will likely accompany later iterations). Experts I spoke with had mixed opinions about whether a Republican-controlled government will continue the generous loans and tax incentives the initial projects depend on.

Perhaps the greatest risk is that expectations are too high—that politicians and tech companies hope to be awash in abundant, cheap, nuclear-generated electricity within five years, instead of 10 or 20. An industry with so many decades of setbacks and failures cannot afford many more; if nuclear power really is so vital to decarbonization, then neither can the climate. The door is open for nuclear power, Cohen told me. “The question is whether we can have an industry that can walk through.”

Nuclear sector’s views on second Trump administration mixed as Rogan interview raises questions

Donald Trump enacted pro-nuclear policies during his first term and supported an “all-of-the-above” energy policy during the campaign, but some advocates fear a “divide between words and actions.”

Published Nov. 8, 2024



Dive Brief:
President-elect Donald Trump in August vowed to “approve new drilling, new pipelines, new refineries, new power plants [and] new reactors” on “day one” of his administration...

https://www.utilitydive.com/news/nuclear-energy-sector-mixed-views-second-trump-administration-joe-rogan/732407/

US plans to triple nuclear power by 2050


Shannon Stapleton/File Photo/Reuters

The News

US President Joe Biden’s outgoing administration released its roadmap for tripling nuclear energy capacity by 2050, citing the ”critical role? nuclear power is poised to play in the green transition.

The net new capacity gains would come from multiple sources, the roadmap said, including new plants and restarted and upgraded reactors.

The US’ northern neighbor also has nuclear ambitions: Canada hopes to become a ”one-stop shop? for nuclear material, the BBC reported, making it a uranium “superpower.”



Trump may back nuclear energy, but subsidy cuts could harm expansion

President-elect Donald Trump is expected to try to undo many of his predecessor’s efforts to slash greenhouse gas emissions, but nuclear energy might be the exception, as it enjoys bipartisan support and backing from tech firms that want to use it to power their data centers, The Verge reported. However, Trump has himself flip-flopped on the issue, telling podcaster Joe Rogan in October that nuclear energy is too expensive and carries “dangers.” Trump’s ally Robert F. Kennedy has also opposed federal nuclear energy subsidies, and the incoming administration’s likely focus on spending cuts is “a concern for a lot of potential customers” of advanced nuclear energy, the executive director of a pro-nuclear advocacy group told Utility Dive.

Nuclear energy isn’t a panacea to the climate crisis

Tech companies need round-the-clock nuclear energy to power their data centers, and advanced nuclear reactors require substantial upfront capital investment, which tech heavyweights are well-placed to provide, experts argued for the Atlantic Council. But even if nuclear energy meets the needs of tech companies, some argue that it doesn’t meet the needs of the green transition: Cheaper options provide more emissions reductions per dollar, and the time it takes to build a nuclear plant is “incompatible with the urgent demands of climate science,” the author of a book on the subject told the University of British Columbia. Still, nuclear energy remains one of many important levers at our disposal, the director general of the International Atomic Energy Agency argued for the World Economic Forum.

US Unveils Plan to Triple Nuclear Power By 2050 as Demand Soars

(Bloomberg) — President Joe Biden’s administration is setting out plans for the US to triple nuclear power capacity by 2050, with demand climbing for the technology as a round-the-clock source of carbon-free power...

https://financialpost.com/pmn/business-pmn/us-unveils-plan-to-triple-nuclear-power-by-2050-as-demand-soars?fbclid=IwY2xjawGgmnhleHRuA2FlbQIxMQABHToCcZEq_-Yt75B2_IdBtOKIwBXHPy5FylNONmhbRPIDPKA-ndbBK0ynLQ_aem_XbEnWt0nLKF7WihyaAEPdA

OKLO could easily be 3 to 5 years away from getting regulatory authorization to build their first plant.

But that process might speed up under the Trump administration.

It could depend on how bad the coming energy crunch is going to be. And that might depend on how fast A.I. goes mainstream in the business world. And of course don't forget about Bitcoin Mining which is historically a very large consumer of energy now.

Oklo Inc cleared to begin site characterisation for first-of-a-kind plant

The completion of the environmental compliance process means Oklo Inc can now begin site characterisation for its first commercial advanced fission power plant in Idaho.


Oklo's preferred site for its first Aurora powerhouse at INL (Image: Oklo)

Completion by the US Department of Energy (DOE) and Idaho National Laboratory (INL) of the process addressing DOE requirements for the site and the resulting Environmental Compliance Permit, following on from the recent finalisation of a Memorandum of Agreement with the DOE, initiates site characterisation activities, Oklo said.

"These approvals represent pivotal steps forward as we advance toward deploying the first commercial advanced fission plant," Oklo CEO and co-founder Jacob DeWitte said. "With this process complete, we can begin site characterisation."

California-based Oklo received a site use permit from the DOE in 2019 to build and operate a prototype of its Aurora reactor - which will be a commercial power plant selling power to customers - at INL: according to company information, it intends to deploy its first commercial unit before the end of the decade. It also intends to build a facility to fabricate fuel for the liquid metal-cooled fast reactor plant at the same site. The DOE approved the Conceptual Safety Design Report for the Aurora Fuel Fabrication Facility in September.

The memorandum of agreement finalised with DOE's Idaho Operations Office in September grants Oklo access to conduct site investigations at its preferred site, focusing on geotechnical assessments, environmental surveys and infrastructure planning.

The Aurora powerhouse is a fast neutron reactor that uses heat pipes to transport heat from the reactor core to a supercritical carbon dioxide power conversion system to generate electricity. It uses metallic fuel to produce about 15 MWe as well as producing usable heat, and can operate on fuel made from fresh HALEU or used nuclear fuel.

When I learned that the Three Mile Island reactor would be restarted I immediately thought that this might be an excellent opportunity for Lightbridge.
They have to get their first sale at some point. Then I ran across this report on CNBC and it looks like their is plenty of time for Lightbridge to get their first install.

"...Microsoft struck a 20-year agreement with Constellation Energy to restart a reactor at Three Mile Island in Pennsylvania, the site of the most serious nuclear meltdown in U.S. history in 1979. The reopening is planned for 2028."

https://www.cnbc.com/2024/10/23/big-tech-is-driving-a-nuclear-power-revival-energy-guru-dan-yergin-says.html

Nuclear Regulatory Affairs = United States Nuclear Regulatory Commission

https://www.nrc.gov

Then go here, and note that Lightbridge's fuel is being monitored by the NRC

https://www.nrc.gov/reactors/power/atf/technologies/longer-term.html

Longer Term Accident Tolerant Fuel Technologies

Extruded Metallic Fuel
The company Lightbridge is developing a new fuel design that incorporates an extruded metallic bar composed of a zirconium-uranium matrix within a zirconium alloy cladding.

The potential benefits of extruded metallic fuel are:

Significant increase in fuel thermal conductivity (compared to ceramics) promotes lower operating temperatures
Complete retention of fission products means no burst release of those products upon cladding failure
Supports higher power and longer fuel cycles.

The potential challenges of extruded metallic fuel that need to be overcome are:

Due to the relatively low density of uranium in the zirconium-uranium matrix compared to the uranium density in uranium dioxide fuel, a higher U-235 enrichment is necessary (up to 19.8%, much higher than the currently desired up to 10% for other ATF technologies). This enrichment has a greater criticality risk
Little data and experience exists for light water reactors
Extruded metallic fuel is undergoing research and development. The NRC staff continues to follow developments in the technology.

Been in LTBR many years noticed it runs up then sells off deeply, this time we have more near term catalyst. The samples will be put into the experimental reactor early 2025, and the work with LEU should show progress by then.
One thought passed through my mussing is possible buyout by LEU if all projected work pans out, seems a good fit. Your thoughts?

On Oct 21, 2019, LTBR did the dreaded 12:1 reverse stock split. I'm hoping LTBR is the first company I've ever seen make positive use of such a move to survive the cutthroat crucible of capiltalism. Now I'm waiting for $20 per share, when LTBR needs more shares, which will put LTBR in the company of NVIDIA. 
To Seth and the Board: reverse the Oct 21, 2019, 12:1 RS, allowing LTBR to take its rightful place in the energy future.

On deck for tomorrow Oct. 30/24:

October 30, 2024 – Mr. Grae will speak on a panel at 12:00 PM in Washington, DC, hosted by the Global America Business Institute. The panel will focus on nuclear energy at COP29, exploring the role of nuclear in international climate initiatives.

Today's State of Nuclear webinar available now:

https://www.ans.org/webinars/view-statenuclear24/

LTBR: July 31/24 Presentation

https://d1io3yog0oux5.cloudfront.net/_b96f79ad74aff135b05a9d1434d63103/ltbridge/db/776/7220/pdf/LTBR+Investor+Presentation+July+2024.pdf

LTVR $13.80 +'50% rocket fuel.. RESTON, Va., Oct. 28, 2024 (GLOBE NEWSWIRE) -- Lightbridge Corporation ("Lightbridge") (Nasdaq: LTBR), an advanced nuclear fuel technology company, today shares insightful findings from three technical papers presented at the TopFuel 2024 Conference in Grenoble, France. These papers, produced by Massachusetts Institute of Technology (MIT), Structural Integrity Associates (SIA), and Lightbridge further validate the enhanced safety and performance of Lightbridge Fuel, particularly its improved performance under extreme conditions.Click here for full release.

LTBR new 52 week high

LTBR: Press release of interest dated June 25/24:

Lightbridge Welcomes Passage of the ADVANCE Act, Landmark Legislation to Expedite Commercial Deployment of Advanced Nuclear Fuel and Other Advanced Nuclear Technologies

RESTON, Va., June 25, 2024 (GLOBE NEWSWIRE) -- Lightbridge Corporation (“Lightbridge”) (Nasdaq: LTBR), an advanced nuclear fuel technology company, applauds the passage of the ADVANCE Act, or the Accelerating Deployment of Versatile, Advanced Nuclear for Clean Energy Act, which aims to accelerate the deployment of advanced nuclear energy in the United States. Earlier this year, the U.S. House of Representatives passed the bill on a 365-36 vote, and the U.S. Senate overwhelmingly voted 88-2 to approve the legislation.

The ADVANCE Act focuses on streamlining the regulatory process at the Nuclear Regulatory Commission (NRC), supporting the development and deployment of new nuclear technologies, and strengthening the domestic nuclear supply chain.

Seth Grae, President & CEO of Lightbridge Corporation, commented, "We are thrilled to see the ADVANCE Act pass with such overwhelming support in both the House and the Senate. While the Act does not remove all hurdles facing deployment of advanced nuclear technologies, this landmark legislation marks a significant step forward for the nuclear industry and reinforces the critical role of advanced nuclear technologies in our clean energy future. By streamlining regulatory processes, supporting the development of innovative nuclear technologies, and strengthening the domestic supply chain, the ADVANCE Act paves the way for a more financially sustainable and competitive nuclear energy landscape in the United States.”

"We are particularly encouraged by the expedited NRC licensing process for advanced nuclear fuel technologies. The Act directs the NRC to establish an initiative to enhance preparedness and coordination with respect to qualification and licensing of advanced nuclear fuel. The Act also specifically calls for government agency coordination relating to enabling the testing and demonstration of accident tolerant fuels for existing commercial nuclear reactors and also directs the NRC to assess the preparedness of the NRC to review and qualify use of accident tolerant fuel and high-assay low-enriched uranium fuels. The NRC’s inclusion of Lightbridge Fuel™ on its website under Longer Term Accident Tolerant Fuel Technologies (https://www.nrc.gov/reactors/power/atf/technologies/longer-term.html) is a testament to the innovative potential of our fuel technology. We expect this accelerated pathway will lead to expediting licensing of Lightbridge Fuel for commercial use when it is in the NRC licensing process," concluded Mr. Grae.

About?Lightbridge Corporation
Lightbridge Corporation (NASDAQ: LTBR) is focused on developing advanced nuclear fuel technology essential for delivering abundant, zero-emission, clean energy and providing energy security to the world. The Company is developing Lightbridge Fuel™, a proprietary next-generation nuclear fuel technology for existing light water reactors and pressurized heavy water reactors, significantly enhancing reactor safety, economics, and proliferation resistance. The Company is also developing Lightbridge Fuel for new small modular reactors (SMRs) to bring the same benefits plus load-following with renewables on a zero-carbon electric grid.

Lightbridge has entered into two long-term framework agreements with Battelle Energy Alliance LLC, the United States Department of Energy’s operating contractor for Idaho National Laboratory, the United States' lead nuclear energy research and development laboratory. DOE’s Gateway for Accelerated Innovation in Nuclear program has twice awarded Lightbridge to support the development of Lightbridge Fuel over the past several years. Lightbridge is participating in two university-led studies through the DOE Nuclear Energy University Program at Massachusetts Institute of Technology and Texas A&M University. An extensive worldwide patent portfolio backs Lightbridge’s innovative fuel technology. Lightbridge is included in the Russell Microcap® Index. For more information, please visit www.ltbridge.com.

On deck for Tuesday October 29/24:

https://www.ltbridge.com/news-media/press-releases/detail/423/lightbridge-announces-participation-in-upcoming-industry

Upcoming Events:

October 29, 2024 – Mr. Grae will participate in an American Nuclear Society (ANS) State of Nuclear webinar at 3:00 PM ET, discussing the latest trends in nuclear energy. A link to the webinar will be provided closer to the event date.

https://www.ans.org/webinars/view-statenuclear24/

LTBR: Lightbridge Surges 28% as New Study Highlights Safety Gains Over Traditional Nuclear Fuel

https://prismmarketview.com/lightbridge-surges-28-as-new-study-highlights-safety-gains-over-traditional-nuclear-fuel/

October 28, 2024 at 12:40 pm - by Ashlee Vogenthaler

Lightbridge Corporation (Nasdaq: LTBR) announced compelling new research at the TopFuel 2024 Conference, presenting independent MIT and SIA studies that showcase the safety and performance benefits of its advanced Lightbridge Fuel™ in nuclear reactors.

Key Findings:

MIT Study: Simulations within NuScale’s Small Modular Reactor reveal that Lightbridge Fuel operates at notably lower temperatures than conventional nuclear fuel, enhancing safety margins and enabling potential power increases.
SIA Study: Under DOE’s GAIN grant, SIA analysis indicates Lightbridge Fuel maintains reduced cladding temperatures and oxidation under accident scenarios, positioning it as a safer alternative to standard uranium dioxide fuel.
Lightbridge Testing: Experimental trials confirmed Lightbridge Fuel could endure over 24 hours without water flow while retaining its structural integrity—an endurance conventional fuel lacks under such conditions.
Next Steps:
Lightbridge is advancing its plans for in-reactor testing at Idaho National Laboratory’s Advanced Test Reactor, a strategic move toward regulatory approval and broader commercial deployment.

LTBR: Independent Modeling Studies from MIT and SIA and Results from Previous Testing Presented at TopFuel 2024 Conference Further Validate that Lightbridge Fuel™ has Safety Advantages Over Current Nuclear Fuel

https://www.ltbridge.com/news-media/press-releases/detail/424/independent-modeling-studies-from-mit-and-sia-and-results

Centrus Energy ( LTBR partner)

https://www.centrusenergy.com/what-we-do/nuclear-fuel/high-assay-low-enriched-uranium/

LEU - Centrus Energy

https://ih.advfn.com/stock-market/AMEX/centrus-energy-LEU/stock-price

HALEU: A Fuel for the Future

https://www.thirdway.org/blog/haleu-a-fuel-for-the-future

LTBR: World Nuclear News

https://www.world-nuclear-news.org/articles/pilot-plant-for-lightbridge-fuel-mooted-for-ohio

https://www.world-nuclear-news.org/articles/extrusion-demo-is-milestone-for-lightbridge-fuel-f

More articles here:

https://www.world-nuclear-news.org/search?search=lightbridge

LTBR: Article of interest Oct.26/24

https://finance.yahoo.com/news/3-nuclear-power-stocks-could-084500238.html

LTBR: Lightbridge Announces Participation in Upcoming Industry Events

https://finance.yahoo.com/news/lightbridge-announces-participation-upcoming-industry-120000787.html

LTBR
+23.95%
RESTON, Va., Oct. 22, 2024 (GLOBE NEWSWIRE) -- Lightbridge Corporation (“Lightbridge”) (Nasdaq: LTBR), an advanced nuclear fuel technology company, today announced its participation in several upcoming key industry panels and provided an update on recent events.

Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, "We are at an exciting point in the nuclear industry, as recent investments from tech giants and surging interest in clean, reliable energy continue to shape the future of power generation. At Lightbridge, we’re proud to be at the forefront of these developments, contributing to the advancement of nuclear fuel technology that will play a critical role in powering tomorrow's data centers and meeting global energy demands. I look forward to sharing insights at these key industry events in the coming weeks and continuing to showcase how Lightbridge Fuel™ can drive innovation in the nuclear sector.”


Upcoming Events:

October 29, 2024 – Mr. Grae will participate in an American Nuclear Society (ANS) State of Nuclear webinar at 3:00 PM ET, discussing the latest trends in nuclear energy. A link to the webinar will be provided closer to the event date.

October 30, 2024 – Mr. Grae will speak on a panel at 12:00 PM in Washington, DC, hosted by the Global America Business Institute. The panel will focus on nuclear energy at COP29, exploring the role of nuclear in international climate initiatives.

November 5-6, 2024 – Lightbridge will participate in the World Economic Forum Advanced Energy Solutions CEO Meeting in Geneva, Switzerland, before Mr. Grae heads to COP29 in Baku, Azerbaijan. The meeting will discuss advanced energy solutions and will be a closed-door event with no public access.

November 12-15, 2024 – Mr. Grae will attend COP29 in Baku, Azerbaijan, as part of Week 1 of the climate summit, where he will engage with global leaders on the role of nuclear energy in addressing climate challenges. He will have a Blue Zone pass provided by the American Nuclear Society to access the diplomatic area where negotiations among the parties will take place.


November 18, 2024 – Mr. Grae will speak at the ANS Winter Meeting in Orlando, Florida, as part of the State of Nuclear panel at 1:00 PM ET. The panel will cover the impact of COP29 on the nuclear industry, with Mr. Grae sharing insights from his participation in the COP29 climate summit. https://www.ans.org/meetings/wc2024/session/view-2907/

Recent Events and Media Coverage:

On October 21, 2024, Mr. Grae was featured in a live interview on BNN Bloomberg’s “The Close”, hosted by Andrew Bell. The interview covered the growing demand for nuclear energy from major tech companies, seeking clean, 24/7 power sources to support their AI facilities and data centers, which has driven a surge in nuclear energy-related stocks. The full interview can be viewed on Lightbridge’s official YouTube channel at .

Lightbridge was mentioned in an article in the Financial Times on October 20, 2024, titled “Nuclear Energy Stocks Hit Record Highs on Surging Demand from AI,” highlighting the growing momentum behind nuclear energy, particularly with the surge in demand from tech giants like Amazon and Google, which have made significant investments in small modular reactors. https://www.ft.com/content/33eeadbe-edf4-40b5-b973-e76c570d0681

On October 18, 2024, Mr. Grae was featured in a live interview from the floor of the New York Stock Exchange on Schwab Network’s “Trading 360”, hosted by Diane King Hall. The interview covered important developments in the nuclear industry, including recent nuclear investments by tech giants such as Microsoft, Amazon, and Google. Discussions focused on how the growing demand for clean, reliable energy to power data centers positions nuclear power as a critical component of the energy mix. Mr. Grae also discussed the surge in nuclear stock prices, which have reached record highs due to increased investment from the tech sector, and how these trends drive the development of advanced nuclear technologies, such as Lightbridge Fuel™. The full interview can be viewed on Lightbridge’s official YouTube channel at .

Additionally, Lightbridge was mentioned in a Barron’s article on October 18, 2024, titled “Nuclear Energy Is Making a Comeback. A New Batch of Stocks to Play the Trend,” highlighting the resurgence of nuclear energy investments and identifying Lightbridge as a key player in the nuclear fuel development space. https://www.barrons.com/articles/nuclear-power-energy-stocks-db8ffb2f?mod=Searchresults

On October 15, 2024, Mr. Grae moderated the “Super Panel” at the inaugural World Nuclear Forum at Tennessee Tech University. This premier annual event brought together global leaders, innovators, and experts to promote excellence in nuclear energy through collaboration and shared knowledge. https://www.tntech.edu/research/world-nuclear-forum.php

About Lightbridge Corporation
Lightbridge Corporation (NASDAQ: LTBR) is focused on developing advanced nuclear fuel technology essential for delivering abundant, zero-emission, clean energy and providing energy security to the world. The Company is developing Lightbridge Fuel™, a proprietary next-generation nuclear fuel technology for existing light water reactors and pressurized heavy water reactors, significantly enhancing reactor safety, economics, and proliferation resistance. The Company is also developing Lightbridge Fuel for new small modular reactors (SMRs) to bring the same benefits plus load-following with renewables on a zero-carbon electric grid.

Lightbridge has entered into two long-term framework agreements with Battelle Energy Alliance LLC, the United States Department of Energy’s operating contractor for Idaho National Laboratory, the United States' lead nuclear energy research and development laboratory. DOE’s Gateway for Accelerated Innovation in Nuclear program has twice awarded Lightbridge to support the development of Lightbridge Fuel over the past several years. Lightbridge is participating in two university-led studies through the DOE Nuclear Energy University Program at Massachusetts Institute of Technology and Texas A&M University. An extensive worldwide patent portfolio backs Lightbridge’s innovative fuel technology. Lightbridge is included in the Russell Microcap® Index. For more information, please visit www.ltbridge.com.

LTBR: October 24/24

https://app.quotemedia.com/data/downloadFiling?webmasterId=90423&ref=318665859&type=PDF&symbol=LTBR&cdn=8eb5b2017cde2b90c5b976d3d33ae2a4&companyName=Lightbridge+Corporation&formType=8-K&formDescription=Current+report+pursuant+to+Section+13+or+15%28d%29&dateFiled=2024-10-25

LTBR: From the 10Q - 08/01/2024

https://www.nasdaq.com/market-activity/stocks/ltbr/sec-filings

Project Task Statements - INL Project
On March 26, 2024, the Company and BEA entered into Modification No. 2 (Modification No. 2) to the project task statement (PTS) under the Strategic
Partnership Project Agreement (SPPA), dated December 9, 2022, as amended on May 23, 2023, by and between the Company and BEA. Pursuant to the
terms of Modification No. 2, the potential amounts payable by the Company to reimburse BEA for its expenses and employee time were increased by
approximately $0.6 million, bringing the total estimated cost for the work to be performed under the “umbrella” SPPA to $1.7 million.
After Modification No. 2, total cash payments from the Company to BEA under both Agreements were estimated at approximately $4.3 million (excluding
project contingencies) on a cost reimbursable basis over the performance periods under the initial releases.
As of June 30, 2024, the Company had approximately $2.8 million in outstanding PTSs to BEA relating to the R&D work being conducted under the SPPA
and “umbrella” Cooperative Research and Development Agreement (CRADA) at INL. Performance of work under these agreements may be terminated at
any time by either party, without any liability, after the effective date of termination, upon giving a thirty-day written notice under the SPPA and a sixty-day
written notice under the CRADA, to the other party. In the event of termination, the Company shall be responsible for BEA’s costs (including the closeout
costs), through the effective date of termination, but in no event shall the Company’s cost responsibility exceed the total estimated cost stated in each PTS
and any subsequent modification to the PTS.
Romania Feasibility Study of Lightbridge Fuel™ for use in CANDU reactors
On October 16, 2023, the Company engaged Institutul de Cercetari Nucleare Pite?ti, a subsidiary of Regia Autonoma Tehnologii pentru Energia Nucleara
(RATEN ICN) in Romania to perform an engineering study to assess the compatibility and suitability of Lightbridge Fuel™ for use in CANDU reactors.
On July 2, 2024, the Company and RATEN ICN agreed to a change order modifying the remaining scope, schedule, and total fee for the engineering study.
The revised total fee is now $0.2 million. As of June 30, 2024, the Company had approximately $0.1 million in remaining outstanding project
commitments to RATEN ICN, payable upon the acceptance of the final engineering study report by the Company.
FEED Study with Centrus Energy for a Lightbridge Pilot Fuel Fabrication Facility
On December 5, 2023, the Company entered into an agreement with Centrus Energy Corp. (Centrus Energy) to conduct a front-end engineering and design
(FEED) study to construct a Lightbridge Pilot Fuel Fabrication Facility (LPFFF) to manufacture Lightbridge Fuel™ using high-assay low-enriched
uranium (HALEU) at the American Centrifuge Plant in Piketon. In the second quarter of 2024, Centrus completed Phase 1 of the FEED Study and issued a
report.
On June 27, 2024, the Company and Centrus Energy agreed to a Change Order modifying the remaining scope, schedule, and total fee for the FEED study.
The revised total fee is now $0.3 million with $0.1 million as the remaining amount due to Centrus Energy, upon the acceptance of the final FEED study
report by the Company.

Has not had a dollar of revenue in years. There is no product. This is a tulip stock

LTBR HERE COMES 10.00...3 DOLLA NET PROFIT

No revenues, millions in losses year after year, running out of cash, pump and dump du jour

LTBR...TOOK A FEW SHARES HERE...NUC BOOM STILL IN PLAY

Thanks for sharing

Excellent short overview of the situation.

IMO, Lightbridge's main advantage at this time is that their rods can be retrofitted into the current US reactor fleet of about 95 sites.

However, there are other newer competing forms of nuclear fuel that are promising. For example, the fuel inside of ceramic "pebbles" deployed in a fuel bed. In my opinion, those newer design fuel configurations are in part a market response to the incredible number of worldwide patents that Lightbridge owns. And these other fuel designs are dependent on the deployment of the new design SMR installations. And right now there are just a tiny few worldwide, all experimental. SMR will not be commonly available until about 2030 when they are finally generating power to the grid and generating revenue.

In the meantime, the Lightbridge fuel rods are the ONLY new tech design that can be deployed immediately. And from what I understand they produce about 30% more power at a lower temperature which makes them safer. And they last up to 30% longer which means more profit for the power company, and maybe cheaper cost to the consumer..

All Lightbridge needs is just one installation. This is why the restarting of Three Mile Island is such a great opportunity. And this is happening to service the power needs of Microsoft. And I am sure they always strive for excellence and efficiency, which are factors that Lightbridge can deliver.

All just my opinion...

Yes, the potential is there. Be aware, the Framatome/Enfission collaboration evaporated years ago.

Of course they can’t supply anything YET!

Even ChatGPT knows what’s up.

Lightbridge Corporation and NuScale Power have engaged in several collaborative efforts to enhance nuclear fuel technology for small modular reactors (SMRs):

• Memorandum of Understanding (MOU): In May 2019, NuScale Power and Enfission—a joint venture between Lightbridge Corporation and Framatome—signed an MOU to explore the use of next-generation nuclear fuel technology in NuScale’s SMRs. This collaboration aims to improve core design, performance, and reduce the levelized cost of electricity (LT Bridge).
• U.S. Department of Energy (DOE) Awards: The DOE has funded studies to assess the performance of Lightbridge Fuel in NuScale’s SMRs. In June 2022, the Massachusetts Institute of Technology (MIT) received approximately $800,000 to simulate the fuel and safety performance of Lightbridge Fuel within a NuScale SMR. Similarly, in July 2023, Texas A&M University was awarded about $1,000,000 to conduct a comprehensive characterization of Lightbridge Fuel’s performance in NuScale’s SMR design (LT Bridge, LT Bridge).
• Fuel Fabrication Demonstration: Lightbridge and Enfission have successfully demonstrated the manufacturing process and fabrication of Lightbridge Fuel surrogate rods compatible with NuScale’s SMRs. These 6-foot rods were produced using a patented coextrusion process, resulting in a bonded cladding surrounding the surrogate fuel material core (LT Bridge).

These collaborations reflect a concerted effort to advance nuclear fuel technology, potentially enhancing the efficiency and safety of future SMRs.

As I thought. There is no supply agreement. LTBR has been in perpetual development stage mode for quite some time and as such has nothing yet to supply,

Page 19 too.

I’ll check their website for more, but I’m out and about now

Page 18 bottom left is one reference.

Sorry, still not seeing it...

https://d1io3yog0oux5.cloudfront.net/_f71e128f31fa75c189e2936ae4ed31f2/ltbridge/db/776/7220/pdf/LTBR+Investor+Presentation+July+2024.pdf

It’s in the investor presentation

Please reference said agreement. I wasn't aware.

$LTBR $NNE $SMR

Ltbr has an agreement to supply SMR with all the fuel rod.

I can see the market cap increasing to a minimum of $300-500m. If they actually produce, the 🇺🇸 market with current reactors is $4b a year. If they get 50% of the orders for 🇺🇸 that’s $2b in revenue. In the next 10 years, there will be double the reactors there are now.
That’s not even touching the world market. I believe nato will step in to make this the gold standard, because the biggest fear is spent plutonium and uranium can be sold on the black market or stolen. But with these fuel cells, they are completely useless for weapon grade…the presentation even says so lol.

They also note no dilution because they have no debt for at least 2 years. Government funds, partners, etc are also piling in money.

$LTBR $NNE $SMR

Ltbr has an agreement to supply SMR with all the fuel rod.

All the board is worthless, the company is not….

$LTBR about $75m MC
$SMR is near $5b! MC
$NNE is about $650m MC

Ltbr is the only one with insiders buying consistently.

Way undervalued from the rest by tens of dollars per share.

Just read the investor presentation. No dilution for 2 years. Lot of grants and pending non-dilutive funding. However, they are still in testing phase. No income. The USA market is $4b a year. That should be a lock for a USA company getting government support to be the main supplier. The low overhead, low manufacturing cost, high margin product screams dividend king. But that is 3 years + down the road

Worthless board. I found my answers

How does this compare/compete to SMR and NNE.

Google turns to nuclear to power AI data centres

Google signed a deal to power its artificial intelligence data centers using small nuclear reactors.

Kairos Power will provide the first reactor before 2030



Google has signed a deal to use small nuclear reactors to generate the vast amounts of energy needed to power its artificial intelligence (AI) data centres.

The company says the agreement with Kairos Power will see it start using the first reactor this decade and bring more online by 2035.

The companies did not give any details about how much the deal is worth or where the plants will be built.

Technology firms are increasingly turning to nuclear sources of energy to supply the electricity used by the huge data centres that drive AI.

"The grid needs new electricity sources to support AI technologies," said Michael Terrell, senior director for energy and climate at Google.

"This agreement helps accelerate a new technology to meet energy needs cleanly and reliably, and unlock the full potential of AI for everyone."

The deal with Google "is important to accelerate the commercialisation of advanced nuclear energy by demonstrating the technical and market viability of a solution critical to decarbonising power grids,” said Kairos executive Jeff Olson.

The plans still have to be approved by the US Nuclear Regulatory Commission as well as local agencies before they are allowed to proceed.

Last year, US regulators gave California-based Kairos Power the first permit in 50 years to build a new type of nuclear reactor.

In July, the company started construction of a demonstration reactor in Tennessee.

The startup specialises in the development of smaller reactors that use molten fluoride salt as a coolant instead of water, which is used by traditional nuclear plants.

Nuclear power, which is virtually carbon free and provides electricity 24 hours a day, has become increasingly attractive to the tech industry as it attempts to cut emissions even as it uses more energy.

Global energy consumption by data centres is expected to more than double by the end of the decade, according to Wall Street banking giant Goldman Sachs.

John Moore, Industry Editor for the TechTarget website told the BBC that AI data centres need large amounts of electricity to both power them and and keep equipment cool.

"These data centres are equipped with specialised hardware... that require lots of power, that generate lots of heat".

At a United Nations Climate Change Conference last year, the US joined a group of countries that want to triple their nuclear energy capacity by 2050 as part of efforts to move away from fossil fuels.

However, critics say nuclear power is not risk-free and produces long-lasting radioactive waste.

Last month, Microsoft reached a deal to restart operations at the Three Mile Island energy plant, the site of America's worst nuclear accident in 1979.

In March, Amazon said it would buy a nuclear-powered data centre in the state of Pennsylvania.

"Google’s partnership with Kairos Power signals another major step in tech’s embrace of nuclear energy," said Somnath Kansabanik from research firm Rystad Energy.

OK. I just watched the movie. The first hour was mostly personal stories. You can easily skip that first hour and watch the last 26 minutes to understand how and why nuclear is the right choice.

The last 26 minutes tells you everything you need to know.

Have a great weekend.

Pandora's Promise

"Nuclear Now" is good.

"Pandora's Promise" is even better IMHO.


You can watch the full documentary here:

Pandora's Promise

Lightbridge Corporation (LTBR) Q2 2024 Earnings Call Transcript


Matthew Abenante

Thank you, Marvin, 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; Scott Holcombe, Vice President of Engineering; and Larry Goldman, Chief Financial Officer.

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.

Seth Grae

Hello, Matt, and thank you all for joining us to discuss Lightbridge's Second Quarter 2024 results. Lightbridge has continued to make progress on our fuel development program, and we will get into these updates shortly.

I would like to begin today with an overview of what we are building at Lightbridge. There's undeniable excitement around nuclear energy right now. At COP28, we saw an international commitment to triple nuclear capacity globally by 2050. Here in the U.S., the ADVANCE Act, which was signed into law this month, has the potential to accelerate deployment of advanced nuclear technology. This momentum around the nuclear industry is critical as we confront the challenges of climate change, energy security and producing enough electric power.

Lightbridge Fuel is truly unique. It doesn't consist of pellets in a tube. It's a complex high-tech metallic rod with multiple zones engineered for performance. We expect that the center line of our fuel rods will be about 1,000 degrees C cooler than traditional fuel rods, deliver longer fuel cycles, power uprates and higher burn up, which means more energy from the fuel source. Our fuel development spans several sites across 2 continents, including Idaho National Laboratory, the nation's leading nuclear energy research and development laboratory. It is also DOE's lead nuclear fuel testing laboratory.

Earlier this year, we celebrated a landmark achievement at INL, where we successfully demonstrated certain key aspects of the sophisticated extrusion process for Lightbridge Fuel. A video of this extrusion is on our website. We are also collaborating on 2 Department of Energy, Nuclear Energy University program studies at MIT and Texas A&M University, along with NuScale power to better understand the performance of Lightbridge Fuel in a NuScale small modular reactor. We are also working with RATEN ICN in Romania, on a comprehensive engineering study to assess Lightbridge Fuel for use in CANDU reactors. These studies can potentially expand the applications of our fuel technology paving the way for broader adoption of Lightbridge Fuel.

Our goals are ambitious to develop nuclear fuel that significantly improves economics, enhances nonproliferation and the ability to quickly adjust power output by load following to complement renewables. Many companies are developing new reactor designs, but Lightbridge is fundamentally rethinking nuclear fuel for the vast majority of reactors operating today and water-cooled reactors planned for the future.

Now I'll turn the call over to Andrey Mushakov, Executive VP for Nuclear Operations, to review our fuel development activities. Andrey?

Andrey Mushakov

Thank you, Seth. As Seth mentioned, Lightbridge achieved a critical milestone in our fuel development efforts earlier this year. Idaho National Laboratory extruded an unclad cylindrical rod sample of Lightbridge Fuel material consisting of an alloy of depleted uranium and zirconium. This work was performed under Strategic Partnership Project and Cooperative Research and Development agreements between Lightbridge and Battelle Energy Alliance LLC, the U.S. Department of Energy's operating contractor for Idaho National Laboratory. We anticipate the initial phase of work under the 2 agreements that has been released will culminate in casting and extrusion of unclad fuel material samples using enriched uranium that will subsequently be inserted for irradiation testing in the Advanced Test Reactor at Idaho National Laboratory.

Experimental data obtained during subsequent post-irradiation examination work to be released via future project test statement under our existing agreement with Idaho National Laboratory will be vital for our model development and validation efforts. In addition to our ongoing project at Idaho National Laboratory, we are working with RATEN ICN, an engineering study to assess the compatibility and suitability of Lightbridge Fuel for using CANDU reactors. We expect this initial engineering study to be completed later this year.

Now I'll ask Scott Holcombe, our Vice President of Engineering, to give us an update on other ongoing projects and initiatives. Scott?

Scott Holcombe

Thank you, Andrey. First, with ongoing progress of our fuel development work, we've expanded and strengthened our fuel development team with hiring of additional R&D personnel with expertise in computer modeling and simulation, experiment design and execution and fuel qualification and regulatory licensing activities. Their additions aim to bolster Lightbridge's capabilities in Nutronics, thermal hydraulics, fuel performance and transient analysis, all critical components to support fuel qualification, regulatory licensing and commercial deployment of Lightbridge Fuel.

The newly appointed R&D staff will support Lightbridge's ongoing collaborative projects, including our SPP and CRADA collaboration with Idaho National Laboratory in the United States, our engineering study with RATEN ICN in Romania, and 2 important projects under the Nuclear Energy University Programs with the Massachusetts Institute of Technology and Texas A&M University. These experts will lead the development of Lightbridge specific codes and methods, utilizing industry standard modeling tools to simulate Lightbridge Fuel across various types of water-cooled reactors.

As we project further into the future, our road map towards full commercial deployment encompasses a series of intricate and scientifically rigorous steps. This includes the extensive irradiation of nuclear material samples and prototype fuel rods within test reactors followed by thorough post-irradiation examinations to validate material characteristics and performance metrics.

Our comprehensive testing regimen will also involve advanced thermal hydraulic experiments and additional out-of-reactor tests, designed to rigorously evaluate our fuel safety and functionality. Advanced computational modeling and simulation will support the qualification process, ensuring that our fuel meet stringent industry standards. The combination of these efforts will involve the design of lead test rods and ultimately lead test assemblies and subsequent collaborations with commercial reactors and potential fuel vendor partners through the deployment of lead test rods and assemblies. Once successful operation of lead test assemblies with Lightbridge Fuel has been demonstrated in commercial reactors, we would seek regulatory approval for batch reloads of Lightbridge Fuel in those host reactors.

With that, I'll turn the call back over to Seth.

Seth Grae

Thank you, Scott. The recent passage of the ADVANCE Act was a landmark moment for the entire advanced nuclear industry. This legislation is a game changer for several reasons. The Act aims to streamline the nuclear regulatory commission review process, specifically for advanced nuclear fuels, including high-assay, low-enriched uranium fuels. We believe this is a critical step towards bringing these innovative technologies to market. It's a clear signal of government support for this sector, which we believe bodes well for future investment into nuclear power. We see evidence of this today with a growing list of nuclear publicly traded companies.

The need for clean and reliable energy has never been greater. The growth of data centers with AI, the rise of energy-intensive processes like crypto mining, and the growing electrification of transportation are all driving an unprecedented surge in demand for electric power. There's also a growing global consensus that nuclear energy is essential to meeting the Paris Agreement's goals cost effectively and equitably.

The pledge last December at COP28 to triple nuclear capacity by 2050 is a testament to this. There is a clear shift towards greater demand for nuclear power across the entire supply chain. This is evident in the extension of licenses for existing plants, new reactor construction and the restarting of previously shutdown reactors. Uranium prices, both for the commodity itself and related ETFs are nearing record highs. This potential nuclear expansion could significantly increase the potential market for Lightbridge Fuel. We expect growing demand for more efficient, safer and economically viable nuclear fuel making Lightbridge an attractive option for both existing reactors and future power plants.

Our focus remains on advancing our fuel development, strengthening collaborations with industry, government and academic partners and achieving our key milestones. Our ongoing fuel development and strong intellectual property portfolio position us well in an industry poised for global expansion.

I'll now turn the call over to Larry Goldman, Chief Financial Officer, to summarize the company's financial results. Larry?

Larry Goldman

Thank you, Seth, and good afternoon, everyone. For further information regarding our second quarter 2024 financial results and disclosures, please refer to our earnings release that we filed post-market close yesterday as well as our quarterly report on Form 10-Q that will be filed with the Securities and Exchange Commission later today.

The company's working capital position was $26.4 million, at June 30, 2024, versus $28.3 million at December 31, 2023. Total assets were $28 million and total liabilities were $0.9 million at June 30, 2024. Today, we have ample working capital and financial flexibility to support our near-term fuel development expenditures. This is very important to Lightbridge and our stockholders as well as our external stakeholders such as the federal government to ensure that we have sustained working capital as well as the ability to access capital in the future to conduct our R&D activity.

Total cash and cash equivalents was $27.1 million as compared to $26.8 million at December 31, 2023, a decrease of $1.5 million for the 6 months ended June 30, 2024. Total cash used in operating activities for the 6 months ended June 30, 2024, was $3.7 million, an increase of $0.7 million compared to $3 million for the same period ended June 30, 2023. This increase was primarily due to increased spending on R&D and general and administrative expenses and changes in working capital.

Total cash provided by financing activities for the 6 months ended June 30, 2024, was $2.2 million, a decrease of $0.1 million compared to $2.3 million for the same period ended June 30, 2023. This decrease was due to a decrease in the net proceeds from the issuance of common stock by our at-the-market or ATM facility in the first half of 2024.

In support of our long-term business and future financing requirements with respect to our fuel development, we expect to continue to see government funding in the future, along with new strategic alliances that may contain cost-sharing contributions and additional funding from others to help fund our future R&D milestones, leading to the commercialization of Lightbridge Fuel.

Now to the P&L for the second quarter of 2024. Net loss was $2.4 million for the second quarter ended June 30, 2024, compared to $1.7 million for the second quarter ended June 30, 2023. Total R&D expenses amounted to $0.9 million for the second quarter compared to $0.4 million for the 3 months ended June 30, 2023, an increase of $0.5 million. This increase primarily consisted of an increase in the INL project labor cost and outside R&D expenses of $0.2 million and an increase in allocated employee compensation and employee benefits to R&D of $0.3 million. We currently project investing approximately $8.3 million in R&D spend over the next 12 to 15 months.

Total G&A expenses amounted to $1.8 million for the second quarter compared to $1.6 million for the 3 months ended June 30, 2023. There was an increase in professional fees of $0.1 million, an increase in employee compensation and stock-based compensation of $0.1 million. Total other income was $0.3 million for the second quarter, unchanged compared to the 3 months ended June 30, 2023. The company's interest income earned from the purchase of treasury bills and from our bank savings account for the 3 months ended June 30, 2024, was consistent to the 3 months ended June 30, 2023.

Back to you, Seth.

Seth Grae

Thank you, Larry. And with that, we will go to the question-and-answer session. Thank you to everyone who has submitted questions. Matt, please go ahead with the questions.

Question-and-Answer Session

Q - Matthew Abenante

Thank you, Seth. We received the following questions from Tim Moore, Senior Analyst and Managing Director from Clear Street. The first question, can you provide an update on upcoming milestones over the next 12 to 18 months, such as fuel material samples testing in the reactor?

Seth Grae

As discussed in our most recent 10-Q filing, we anticipate fuel development milestones for Lightbridge Fuel over the next couple of years will consist of the following: first, continue to execute strategic partnering project, cooperative research and development agreement work at Idaho National Laboratory, leading to casting and extrusion of unclad fuel material samples using enriched uranium and their subsequent insertion for irradiation testing in the Advanced Test Reactor. Second, complete a feasibility study for the use of our fuel and CANDU heavy-water reactors. And third, complete a front-end engineering and design study for Lightbridge Pilot Fuel Fabrication Facility with Centrus Energy. Matt, next question, please.

Matthew Abenante

And this is our last question. Regarding the recent ADVANCE Act legislation, how much time could that save on licensing permits, red tape being held up?

Seth Grae

We were very pleased to see the ADVANCE Act passed with such overwhelming support in both the House and the Senate. We're particularly encouraged by the expedited NRC licensing process for advanced nuclear fuel technologies, the Act directs the NRC to assess its preparedness to review and qualify the use of high-assay, low-enriched uranium fuels. The NRC has successfully regulated positive changes in the nuclear industry, including license extensions for many U.S. nuclear power plants and increases in capacity factors of the plants. We believe the NRC can streamline the review process and the ADVANCE Act shows that Congress prioritizes faster licensing.

And with that, I'll just say thank you, everybody, for participating on today's call. We look forward to providing additional updates. In the meantime, we can be reached at ir@ltbridge.com. Stay safe and well. Goodbye.

https://seekingalpha.com/article/4709484-lightbridge-corporation-ltbr-q2-2024-earnings-call-transcript