Net loss increased to $86.11 million in 2025, up from $47.84 million in 2024. Revenues decreased by $12.19 million to $65.92 million in 2025, primarily due to lower Heavy Mineral Sands (HMS) sales, partially offset by higher uranium sales volumes. Operating costs and expenses rose by $41.45 million to $167.08 million in 2025, mainly due to the acquisition of Base Resources and increased exploration and development activities. Uranium production from Pinyon Plain, La Sal, and Pandora mines totaled approximately 1,720,000 pounds of U3O8 in 2025, with the White Mesa Mill producing 1,015,000 pounds of finished U3O8. The company sold 650,000 pounds of U3O8 in 2025 for $48.23 million, at a weighted average price of $74.21 per pound. HMS sales in 2025 were 21,319 tonnes for $15.82 million, a significant decrease from 68,308 tonnes and $39.87 million in 2024, as the Kwale Project ceased mining operations. Successfully produced 29 kg of 99.9% purity Dysprosium (Dy) at pilot scale in 2025, exceeding commercial specifications. Entered into a Scheme Implementation Deed to acquire 100% of Australian Strategic Materials Limited (ASM) on January 20, 2026, with an expected closing by June 2026. Closed an upsized offering of $700.0 million in 0.75% Convertible Senior Notes due 2031 on October 3, 2025. Working capital as of December 31, 2025, was $927.44 million, including $64.74 million in cash and cash equivalents and $797.11 million in current marketable securities. Forecasts 2026 uranium production of 2.0 to 2.5 million pounds of contained U3O8 and sales of 1.5 to 2.0 million pounds.