UR Energy's Second Quarter 2026 Earnings and Operations Conference call. At this time, all participants are on a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. Please note this conference is being recorded. I'll now turn the conference over to UR Energy's General Counsel and Corporate Secretary, Alex Ritchie. You may begin.

Thank you. Today's discussion includes forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are based on management's current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results to differ materially. We do not undertake to update or revise any forward- looking statements, except as required by law. Today's presentation includes disclaimers related to forward-looking statements, risk factors, and projections, along with cautionary notes to investors. Please review these carefully. Together with the risk factors described in our Form 10-K, our Form 10-Q, and other public filings with the SEC and Canadian Securities Regulators. I will now turn the call over to our CEO and President, Matt Gilley.

Thank you, Alex. Thank you, everyone, for joining us today. In addition to Alex, joining me on the call today are Roger Smith, CFO, Steve Hatton, COO, Ryan Shearman, VP of Regulatory Affairs, and Jay Wally, VP Finance. We continue to believe the Iranian market is supported by durable, long-term fundamentals. More and more, nuclear energy is recognized as an essential source of reliable base load generation. Global capacity is projected to nearly double by 2040. Governments, including the U.S. government, are prioritizing secure domestic fuel supplies. And initiatives in Washington, D.C. are expected to put a premium on U.S. produced uranium. At the same time, there is a structural gap in the industry between expected demand for uranium and primary mine supply. We are positioned right in the center of that gap because we are one of the very few companies that produce U.S. uranium, and we are poised to produce a lot more. We are doing this by building America's first district-scale ISR uranium operation to disciplined, capital-efficient growth. Now let's talk about our operations. In the second quarter, we drummed 141,000 pounds of yellow cake at Lost Creek. That is 47% more than we drummed in the first quarter of this year and 26% more than the second quarter of last year. We shipped 150,000 pounds. Again, that is 44% more than the first quarter and 42% more than the second quarter of last year. In other words, we are executing on our production strategy. We met our delivery commitments, selling 215,000 pounds under our contracts, which brought in $14.4 million in sales revenue. We maintained our low-cost production profile, another reason why UR Energy is positioned as a leading U.S. ISR producer. Our cash cost per pound sold, including ad valorem and severance taxes, stayed low at $40.20 per pound. With $95.3 million in unrestricted cash, we ended the quarter with significant liquidity. This means we have the financial flexibility to continue advancing our production growth strategy. And we still had a healthy 348,000 pounds of finished inventory at the conversion facility for contracted deliveries. We also proactively deferred 300,000 pounds of 2026 deliveries to 2027 and 2029 to decrease ramp-up risk and increase flexibility relating to our remaining 2026 delivery commitments.