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DATE

Thursday, Aug. 6, 2026 at 4 p.m. ET

CALL PARTICIPANTS

• Investor Relations - Matthew Abenante
• Chief Executive Officer - Seth Grae
• Executive Vice President and Chief Operating Officer - Andrey Mushakov
• Senior Vice President and Chief Technology Officer - Scott Holcombe
• Chief Financial Officer - Lawrence Goldman
• Controller - Lesli Mills
• Investor Relations - Matthew Abenante

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TAKEAWAYS

• Cash and Cash Equivalents -- $237.5 million as of June 30, 2026, compared to $201.9 million at the end of 2025.
• Working Capital -- $236.4 million as of June 30, 2026, compared to $201.7 million on Dec. 31, 2025.
• Net Loss (Quarterly) -- $5.8 million for the three months ended June 30, 2026, compared to a loss of $3.5 million for the three months ended June 30, 2025.
• Net Loss (Six-Month) -- $12.1 million for the first half of 2026, reflecting increased spending on fuel development and team expansion.
• Net Loss Per Share -- $0.38 for the first half of 2026, compared to a loss of $0.40 per share in the first half of 2025.
• Research and Development Expenses -- $7.3 million for the first half of 2026, a $4 million increase versus the first half of 2025.
• General and Administrative Expenses -- $8 million for the first half of 2026, rising from $6 million in the prior-year period.
• Financing Cash Flow -- $43.9 million in net cash generated in the first half of 2026, primarily from the company's at-the-market (ATM) facility.
• ATM Facility Proceeds -- $44.4 million in net proceeds from the issuance of approximately 3.8 million shares of common stock.
• Other Income -- $3.2 million in the first half of 2026, driven by interest earned on higher average cash balances.
• Employee Compensation (R&D) -- $2.4 million increase in the first half of 2026, reflecting new hires, bonuses, and performance stock awards.
• Employee Compensation (G&A) -- $1.5 million increase in the first half of 2026, attributed to new staff and stock-based compensation.
• IT Expenses -- $0.7 million increase in the first half of 2026, for computer hardware and software related to high-performance computing.
• R&D Project Costs -- $0.4 million increase in the first half of 2026, focused on cladding, critical heat flux testing, and feasibility studies.
• HALEU Supply Potential -- 18 metric tons annually from Centrus Energy's planned Vanguard facility, the subject of a nonbinding memorandum of understanding.
• Operating Cash Use -- $8.3 million for the first half of 2026, an increase from $5.6 million used in the same period of 2025.
• Total Assets -- $240.6 million as of June 30, 2026, compared to $203.8 million at the end of 2025.
• Shares Outstanding -- 37.4 million shares issued and outstanding as of June 30, 2026.
• Stock-Based Compensation -- $3.9 million total for the first half of 2026, an increase from $2.1 million in the first half of 2025.
• Performance Award Reversal -- $0.7 million reversal of previously recognized stock-based compensation after certain performance conditions were deemed improbable.

SUMMARY

Management at Lightbridge Corporation (LTBR -1.88%) reported the achievement of a primary technical milestone with the removal of fuel material samples from the Advanced Test Reactor at Idaho National Laboratory. The company stated that these samples are currently cooling in preparation for post-irradiation examination scheduled for later this year. To support commercialization, the company entered into a technical partnership to integrate its fuel designs into existing utility software and signed a memorandum of understanding for future domestic fuel material supply. Management indicated that its current cash position is sufficient to fund operations for an extended period while it continues to expand its technical team and computational infrastructure.

• CEO Grae noted that the company's fuel is being designed to provide power uprates for the existing pressurized water reactor fleet, stating, "The fastest and least expensive nuclear-generated megawatts this country can add to the grid are the ones we will draw from reactors that are already operating."
• The company partnered with Studsvik Scanpower to develop a software extension for the CMS5 core management suite, which Grae stated "puts our fuel inside that ecosystem rather than asking the industry to adopt something bespoke."
• Management reported being added to the Solactive Global Uranium & Nuclear Components Total Return Index, which is the benchmark for the Global X Uranium ETF.
• CTO Holcombe stated that post-irradiation examination data will collect material properties at various burn-up levels to "validate and verify our fuel performance models."
• The company launched a reconstituted nuclear utility fuel advisory board in June to gather direct input from utility representatives on operational requirements and deployment strategies.
• Lightbridge issued a task order to Momentum Technology to develop a conceptual design for a stand-alone fuel fabrication facility capable of manufacturing fuel assemblies at commercial scale.
• The company signed a memorandum of understanding with Centrus Energy to establish a framework for the long-term supply of High-Assay Low-Enriched Uranium (HALEU) from the planned Vanguard facility.

INDUSTRY GLOSSARY

• Advanced Test Reactor (ATR): A high-flux nuclear research reactor located at the Idaho National Laboratory used for testing nuclear fuels and materials.
• Burn-up: A measure of how much energy is extracted from a primary nuclear fuel source, typically expressed as the percentage of fuel atoms that have undergone fission.
• HALEU (High-Assay Low-Enriched Uranium): Nuclear fuel enriched to between 5% and 20% uranium-235, required for many advanced reactor designs.
• Post-Irradiation Examination (PIE): The study of nuclear fuel and materials after they have been removed from a reactor to determine how they performed.
• Pressurized Water Reactor (PWR): A type of light-water nuclear reactor that uses high-pressure water as a coolant and neutron moderator.
• UPRISE: The Utility Power Reactor Incremental Scaling Effort, a U.S. Department of Energy initiative to increase the capacity of currently operating nuclear reactors.

Full Conference Call Transcript

Operator: Thank you for standing by, and welcome to the Lightbridge Corporation business update and second quarter 2020 conference call. Please note that today's call is being recorded. It is now my pleasure to introduce Matthew Abenante, of Investor Relations for Lightbridge Corporation.

Matthew Abenante: Thank you, Grace, and thank you all for joining us today. Our earnings press release was distributed yesterday and is available 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 and chief operating officer. Scott Holcombe, senior vice president and chief technology officer Lawrence Goldman, chief financial officer and Lesli Mills, controller. I want 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 offer.

During today's call, words such as expect, anticipate, believe, intend, will be used in our discussion of future goals and events. This presentation is based on current expectations and involves certain risks and uncertainties that may cause actual results to differ significantly from such. These and other risks are set forth in more detail in Lifebridge's filings with the Securities and Exchange Commission. Lightbridge does not assume any obligation to update or revise any such forward looking statement. 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.

Operator: Hello, Seth. Please stand by. Thank you for standing by. 1 moment till we resume our call. Oh, no. They are going to call you. I am going to call you. Just stand by. Bye. Thank you for standing by. 1 moment as we resume.

Seth Grae: Hello?

Operator: Yeah.

Seth Grae: Hello?

Operator: Hi.

Seth Grae: This is Seth.

Operator: We hear you. This is Grace, the host. You can please proceed.

Seth Grae: I am sorry. We never had a problem like this before. These calls are live. So thank you for holding on through technical difficulties here. I appreciate it. And I will just start again. I will say thank you, Matthew. Thank you all for joining us to discuss Lightbridge's second quarter and first half 2020 business update. In May, the initial batch of our fuel material samples was removed from the advanced test reactor at Idaho National Laboratory. Those samples are cooling now, and we expect post irradiation examination to begin later this year. The examination will give us our first measured material property data under initial burn up conditions.

Data generated from our own fuel samples, in the world's most powerful test reactor. That data will feed directly into the fuel performance models and the licensing documentation we will submit to the US Nuclear Regulatory Commission, Alongside that milestone, we advanced in other key areas in the first half of 2020. We integrated the Lightbridge fuel design into the commercial core management software that many utilities already use through a partnership with Studzvik Scan Power. And we took additional steps towards securing a domestic supply of enriched fuel material for commercial deployment through a memorandum of understanding with Centrus Energy.

I will now turn the call over to Andrey Mushakov, Executive Vice President And as of today, congratulations chief operating officer. To walk through the program highlights in detail.

Andrey Mushakov: Thank you, Seth. As Seth mentioned, we continue to make progress across fuel development and qualification activities. I want to update you on our fuel fabrication planning activities. In the second quarter of this year, we issued a task order to Momentum Technology, under our master services agreement to conduct feasibility and site selection studies and develop a conceptual design for a stand alone Lightbridge expandable fuel facility. That would have the capability to manufacture Lightbridge fuel assemblies at commercial scale. And separately, evaluating the establishment of a pilot scale fuel fabrication capability to support the future manufacture of lead test assemblies. Separately, we continue to build the organization at Lightbridge.

We have added in house staff during the second quarter. Across our core technical disciplines. And we view team expansion as an ongoing effort through the balance of this year and into 2027, and 2028. Approach remains disciplined, and aligned with our program needs. So that we attract top talent and build a world class team while maintaining capital efficiency. With that, I will turn the call over to Scott.

Scott Holcombe: Thank you, Andrey. I will start with the sample removal at the advanced test reactor which is the milestone Seth opened with. On May 6th, the first batch of our fuel material samples was removed from the ATR. 24 Lightbridge personnel were on-site for it, including our full time fuel engineering team senior management. The following day, I met with the Idaho National Laboratory personnel leading the project. Including laboratory director John Wagner and associate laboratory director Jess Gehin to review progress and the path forward across the multiple Lightbridge projects underway at the laboratory.

These samples were irradiated under the fission accelerated steady state testing method or FAST, an accelerated irradiation technique that uses highly enriched uranium to reach high burn up conditions faster than conventional test methods. AST was conceived and developed at Idaho National Laboratory and Boone Beausoleil, our director of materials, played a key role on the INL team that originated the concept and developed the underlying methodology during his prior tenure there. The samples are now cooling down, a process that takes several months, and post radiation examination is expected to begin later this year. The examination will collect data on fundamental material properties at various burn up levels.

Practically, this is what is required to validate and verify our fuel performance models. The framework Kyle Perrin presented at TMS26 earlier this year was built on measured data from our own coupon samples. Post radiation examination data extends that framework into the burn up regime that matters for commercial fuel cycle and becomes part of the basis of our licensing work. The second item I want to cover is our partnership with Studsvik Scanpower. Announced in May. Together, we are developing an extension of the Studsvik CMS5 core management suite to model the Lightbridge fuel design. The significance here is practical. Utilities plan their cores, load their fuel, and manage their fuel cycles using established software.

Studsvik has over 75 years of experience in 540 people across 7 countries, and its core monitoring and fuel optimization software is already adopted by customers worldwide. A utility evaluating Lightbridge fuel needs to be able to model it in the tools its engineers already operate. Its regulator needs to see results from codes with an established pedigree. This partnership puts our fuel inside that ecosystem rather than asking the industry to adopt something bespoke. And it supports our licensing work in parallel. Back to you, Seth.

Seth Grae: Oh, thank you very much, Scott, and congratulations to Scott for as of today. Being senior vice president and chief technology officer. In June, I represented Lightbridge at the White House. For the launch of UPRISE, the utility power reactor incremental scaling effort. At the Eisenhower Executive Office Building. UPRISE is a US Department of Energy initiative targeting approximately 5 gigawatts of additional nuclear capacity from reactors that are already operating. And it advances the executive orders the president issued in May of last year. Directing the department to facilitate upgrades across the existing fleet that initiative recognizes something straightforward. The fastest and least expensive nuclear generated megawatts this country can add the grid.

Are the ones we will draw from reactors that are already operating. Lightbridge Fuel is being designed to deliver among the largest power upgrades available to the operating pressurized water reactor fleet. The federal government has now put an explicit target on the commercial pathway we have been building toward for years. To make sure we are building toward what utilities actually need, we launched a reconstituted nuclear utility fuel advisory board in June. The board provides us with direct input from utility industry representatives on fuel development priorities licensing considerations, deployment strategies, operational requirements, and commercialization planning.

I want to be clear that the board serves in an advisory capacity only and does not constitute a commitment by any participant to purchase, license, or deploy our fuel. What it does is put experts from companies that operate nuclear power plants in the room while decisions are still being made. Rather than after decisions are made. Commercial deployment also requires fuel material. And that supply must be arranged for years in advance. In July, we took steps in that by signing a memorandum of understanding with Centrus Energy (QNI), to establish a framework for collaboration on the long term supply of high assay low enriched uranium, or HALEU.

Under the MOU, we will engage in discussions regarding potential supply and long-term offtake of HALEU produced at QNI's planned Vanguard facility at Idaho National Laboratory. Which is designed to produce up to 18 metric tons of HALO annually when it reaches full capacity. The companies intend to collaborate on fuel supply planning, technical interface requirements, commercial structuring, regulatory coordination, and logistics. The MOU is nonbinding, and does not establish pricing, quantity, or exclusivity commitments and any binding terms would be subject to a definitive agreement. It is the beginning of that work and beginning it now--beginning it now--is the point. We continue to believe the prospects for growth in nuclear power are the strongest they have ever been.

There are approximately 440 operating power reactors worldwide today. To triple nuclear power globally and quadruple it in The United States by 2050 the world will need more power from reactors already operating not only from those still to be built. Lightbridge Fuel is designed to deliver exactly that. Within the same sized cores of new reactors and plants that exist today with even greater efficiency. 1 final note to our shareholders Earlier this week, Lightbridge was added to the Select Global Uranium and Nuclear Components Total Return Index, the benchmark tracked by the GlobalX uranium ETF, broadening the investor base with exposure to the nuclear supply chain.

I will now turn the call over to Lawrence Goldman, chief financial officer, for a summary of the company's results.

Lawrence Goldman: Larry? Thank you, Seth, and good afternoon, everyone. I would like to remind listeners that our detailed financial results are included in our earnings release issued yesterday after market close and in our Form 10 Q that will be filed with the Securities and Exchange Commission this week. Those materials are available on the Investor Relations section of the Lightbridge Corporation website and on the US Security and Exchange Commission website. I encourage everyone to review those documents for a full discussion of our financial statements risk factors and related disclosures. As of 06/30/2026, we held approximately $237.5 million in cash and cash equivalents. Compared to approximately $201.9 million at December 31, 2025.

This positions us with substantial financial resources sufficient to fund our operations for an extended period of time. Looking at our cash flows for the first half of 2020, we used approximately $8.3 million in operations, reflecting the continued investment in our fuel development program and expanded team. On the financing side, we generated approximately $43.9 million in net cash, a decrease of $19.6 million from the $63.5 million we raised from financing activities in the same period last year. This year's financing activities were driven by $44.4 million in net proceeds from the issuance of approximately 3.8 million shares of common stock under our at the market or ATM facility.

Partially offset by $0.5 million of tax withholding payments on the vesting of equity awards. We continue to evaluate funding opportunities to support our long term fuel development activities These include potential strategic partnerships, government grants, and contracts. And as appropriate, additional capital market transactions. Our capital allocation strategy remains disciplined. And milestone driven. We direct resources toward the activities that advance our fuel towards regulatory licensing and commercialization. Expansion of our in house team radiation testing, post irradiation examination, computational infrastructure, and safety analysis development. While maintaining a strong balance sheet that gives us flexibility to pursue opportunities as they arise.

I will now turn the call over to Lesli Mills, our Controller, who will review our P&L for the first half of 2020.

Lesli Mills: Thank you, Larry. Net loss was $12.1 million for the first half of 2020 compared to $8.3 million for the first half of 2020. Total R&D expenses amounted to $7.3 million for the 6 months ended June 30, 2026, compared to $3.3 million for the 6 months ended June 30, 2025, an increase of $4 million The increase was primarily due to a $2.4 million increase in employee compensation and stock based compensation. Reflecting an increase in new hires, increased employee bonuses, and several new stock based awards including performance stock awards. A $0.7 million increase in IT expenses which included additional computer hardware, software, and operating expenses related to the company's high performance computer.

A $0.4 million increase in R&D project development costs related to cladding, critical heat flux testing, safety analysis, and feasibility studies. And a $0.2 million increase in INL project labor cost. As we entered into additional agreement modifications and new PICS. Total stock based compensation included in research and development expenses was $1.1 million and $0.4 million for the 6 months ended June 30, 2026 and 2025, respectively. Total G&A expenses were $8 million for the 6 months ended June 30, 2026, compared to $6 million for the 6 months ended June 30, 2025. The $2 million increase was primarily due to a $1.5 million increase in employee compensation and stock based compensation for employees, contractors, and directors.

Reflecting new hires, increased bonuses, and several new stock based awards, including performance stock awards. Total stock based compensation included in G&A expenses was $2.8 million and $1.6 million for the 6 months ended 06/30/2026 and 06/30/2025, respectively. Total other income was $3.2 million for the 6 months ended June 30, 2026, compared to $1 million for the 6 months ended June 30, 2025. Other income consisted of interest income earned from treasury bills and our bank savings account. Driven by higher average cash balances. Back to you, Seth.

Seth Grae: Thank you, Lesli. No questions have been submitted for the call. I want to thank everyone for participating in today's call, and standing by during our bit of technical difficulties with the phone. We appreciate the continued support of our shareholders and the dedication of our growing team and partners. We look forward to updating you on our progress in the coming quarters. In the meantime, you can reach us at [email protected]. Stay safe and well. Goodbye.

Operator: Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.