On this page of StockholderLetter.com we present the latest annual shareholder letter from LIGHTBRIDGE Corp — ticker symbol LTBR. Reading current and past LTBR letters to shareholders can bring important insights into the investment thesis.
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3/24/2025 Letter Continued (Full PDF)
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More "Specialty Chemicals" Category Stockholder Letters
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LTBR Benford's Law Stock Score = 55
3/24/2025 Letter Continued (Full PDF)
•
More "Specialty Chemicals" Category Stockholder Letters•
LTBR Benford's Law Stock Score = 55LTBR Shareholder/Stockholder Letter Transcript:
2024 Annual Report to Stockholders Directors and Officers Board of Directors Executive Officers SETH GRAE SETH GRAE Chairman and Chief Executive Officer Chairman of the American Nuclear Society s International Council President and Chief Executive Officer LARRY GOLDMAN, C.P.A. Chief Financial Officer & Corporate Secretary SWETA CHAKRABORTY, PH.D. ANDREY MUSHAKOV, PH.D. Chief Executive Officer We Don t Have Time U.S. Executive Vice President Nuclear Operations JESSE FUNCHES Former Chief Financial Officer U.S. Nuclear Regulatory Commission SHERRI GOODMAN Vice-Chair U.S. State Department International Security Advisory Board DANIEL B. MAGRAW Senior Fellow and Professorial Lecturer, Foreign Policy Institute at the Johns Hopkins School of Advanced International Studies MARK TOBIN Chief Financial Officer Camp Construction Services Corporate Information CORPORATE HEADQUARTERS Lightbridge Corporation 11710 Plaza America Drive Suite 2000 Reston, Virginia 20190 USA INVESTOR RELATIONS Copies of Lightbridge s 2024 Annual Report on Form 10-K are available at no charge. Please direct requests and other investor relations questions to: Lightbridge Corporation Attn: Investor Relations 11710 Plaza America Drive Suite 2000 Reston, Virginia 20190 US +1 347-947-2093 IR@ltbridge.com TRANSFER AGENT AND REGISTRAR Computershare Trust Company 350 Indiana Street Golden, Colorado 80401 USA +1 800-962-4284 AUDITORS BDO USA, LLP Philadelphia, Pennsylvania OUTSIDE LEGAL COUNSEL Hogan Lovells U.S. LLP Washington. D.C. STOCK EXCHANGE LISTING Nasdaq Capital Market Symbol: LTBR 2024 ANNUAL MEETING Thursday, May 8, 2025 11:00 a.m. ET Online Access: www.virtualshareholdermeeting. com/LTBR2025 About Lightbridge 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 loadfollowing 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 (DOE) operating contractor for Idaho National Laboratory (INL), the United States' lead nuclear energy research and development laboratory. DOE's Gateway for Accelerated Innovation in Nuclear (GAIN) 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. Lightbridge Corporation Lightbridge surrogate rods used for a thermal-hydraulic flow experiment CEO Letter to Stockholders To our Valued Shareholders, As we reflect on Lightbridge's achievements in 2024, I am pleased to report significant progress in our mission to revolutionize nuclear fuel technology during this unprecedented period of public and private sector support and growing recognition of nuclear power's essential role in our clean energy future, which has created an extraordinary opportunity for Lightbridge. Strategic Developments and Technical Progress I am particularly excited about our memorandum of understanding with Oklo, signed in January 2025. This collaboration explores co-locating our commercialscale fuel fabrication facilities and presents promising opportunities for advanced fuel recycling. Given Oklo's focus on uranium-zirconium fuel using high assay low enriched uranium (HALEU), we anticipate potential synergies in fuel fabrication and spent fuel reprocessing. At Idaho National Laboratory (INL), we achieved a crucial manufacturing milestone with the successful demonstration of our proprietary co-extrusion process. Our team produced an eight-foot-long fuel sample combining a uranium-zirconium fuel mixture with an outer zirconium alloy cladding. INL is currently conducting a detailed characterization of this sample, Oklo CEO Jacob Dewitte and Lightbridge and we plan to proceed with enriched CEO Seth Grae interviewed by Liz Claman uranium and zirconium alloy extrusions for irradiation testing in the Advanced Test on The Claman Countdown Reactor. Independent Validation and Research The TopFuel 2024 conference in Grenoble, France featured three significant technical papers about Lightbridge Fuel. Independent simulation studies from MIT and Structural Integrity Associates (SIA), supported by U.S. Department of Energy grants, confirmed our fuel's expected enhanced safety and performance characteristics. The MIT study highlighted our fuel's increased heat transfer area, lower operating temperature, and higher critical heat flux margin in NuScale's VOYGR small modular reactor. The SIA study confirmed expected superior performance of Lightbridge Fuel under accident conditions in Pressurized Water Reactors. Lightbridge Corporation An engineering study by RATEN ICN also demonstrated that our fuel, using enrichment below 5% uranium-235, can provide approximately double the discharge burnup of current CANDU reactor fuel. This finding opens exciting possibilities for future applications. Future Steps Toward Fuel Development and Commercialization We have established clear development milestones for Lightbridge Fuel over the next two to three years. At Idaho National Laboratory, we plan to produce samples, coupons, and rodlets necessary for testing under our agreements, culminating in the casting and extrusion of enriched uranium fuel material samples for irradiation testing in Idaho National Laboratory s test reactors. We are advancing our modeling capabilities through the development and validation of Lightbridge-specific methods and modifications to existing codes. This work is essential for accurately predicting our fuel's performance across all operating conditions for which it will be licensed. Simultaneously, we are developing a comprehensive Fuel Qualification Plan to support licensing of our fuel rods, assemblies, and components in relevant operational scenarios. Lightbridge and INL teams at Idaho National Laboratory Heated-up billet assembly being loaded into the extrusion press prior to co-extrusion Our regulatory strategy includes preparing and submitting to the U.S. Nuclear Regulatory Commission (NRC) an Engagement Plan outlining our approach to interfacing with the NRC regarding license applications and supporting documentation. On the manufacturing front, we continue to refine our co-extrusion process for cladded rodlets and are progressing with site selection for our Lightbridge Pilot Fuel Fabrication Facility. This facility will be crucial for producing fuel samples, coupons, rodlets, and full-length fuel rods for lead test assemblies. The recently signed MOU with Oklo will explore co-location opportunities for a Lightbridge Commercial Scale Fuel Fabrication Facility on Oklo s proposed site which could support manufacturing full-length fuel rods at batch reload quantities. Critical to our development pathway is a series of planned thermal-hydraulic experiments. These tests will confirm pressure drop, critical heat flux performance, and other essential parameters of Lightbridge Fuel under various operating conditions across different reactor types. Lightbridge Corporation