Oklo Inc. — Call Transcript 2025

Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Oklo third quarter 2025 financial results and business update call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. To ask a question, simply press star followed by the number one on your telephone keypad. To withdraw your question, press star one again. Thank you. It is now my pleasure to turn the call over to Sam Doane, Director of Investor Relations. Please go ahead. Good afternoon, and thank you, Operator. Welcome everyone to Oklo's third quarter 2025 earnings and company update call. I'm Sam Doane, Oklo's Director of Investor Relations. Joining me today are Oklo's Co-Founder and Chief Executive Officer, and Craig Bealmear, our Chief Financial Officer. Today's accompanying slide presentation is available on the investor relations section of our website. Before we begin, I'd like to remind everyone that today's discussion, including our prepared remarks and the Q&A session that follows, will include forward-looking statements. These statements reflect our current views regarding trends, assumptions, risks, uncertainties, and other factors that could cause actual results to differ materially from those discussed today. We encourage you to review the forward-looking statements disclosure included in our supplemental slides. Additional information on relevant risk factors can also be found in our most recent filings with the SEC. Please note that Oklo assumes no obligation to update any forward-looking statements as a result of new information, future events, or otherwise, except as required by law. With that, I'll now turn the call over to Jake DeWitte, Oklo's Co-Founder and Chief Executive Officer. Jake. Thanks, Sam. The first half of this year brought an incredible wave of momentum across the advanced nuclear sector, from new federal programs and executive actions to growing customer and investor interest in clean, reliable power. That momentum has continued into the third quarter and is creating a very different environment for deployment than even a year ago. We strongly believe Oklo is uniquely positioned to thrive in this environment. Our mission at Oklo continues to be focused and clear: to deliver clean, reliable, affordable energy at a global scale. We started this company with the belief that advanced nuclear power could play a transformative role in the world's energy future. That meant rethinking everything: how we design reactors, how we license and fuel them, and how we operate them and engage customers. That same vision continues to guide us today, and it remains fully aligned with where we believe policy, technology, and customer demand are headed. Our competitive advantages come from the intersection of several core strategies: our business model, our scalable design, and our proven technology. First, our build, own, operate model allows us to sell power directly to customers under long-term contracts. That creates recurring revenue and streamlines the regulatory process by keeping ownership and operational control within Oklo. Second, our small, scalable design means we can deploy assets quickly and incrementally, matching customer demand while leveraging existing industrial supply chains and factory fabrication. That reduces on-site construction risk, lowers cost, and supports faster rollout. Third, our liquid metal sodium-cooled technology is built on a foundation of more than 400 combined reactor years of operating experience worldwide, including the Experimental Breeder Reactor-II, which operated successfully for three decades in the United States. That operating record is one of the most tested, demonstrated, and validated in advanced nuclear history, and it gives us deep confidence in the performance, safety, and reliability of our design. It is also the reason we can move directly into commercialization without the need for costly, time-consuming demonstration plants. Oklo is building on that proven foundation to become the hub for metal fuel and fast reactor innovation, integrating design, licensing, fuel supply, and recycling into a unified platform. This gives us significant flexibility across fuels, fresh HALEU, recycled material, and down-blended alternatives, and positions Oklo at the center of how this next phase of advanced nuclear power will scale. Additionally, Oklo has worked across areas needed to deploy its reactors and position the company to benefit from capabilities, including products and services from fuel fabrication, recycling, and isotopes, to go along with power and heat sales from its reactors. Together, these advantages position Oklo to deploy at speed and scale, with a model built for long-term growth and leadership in advanced nuclear energy. We have continued to make meaningful progress this quarter across every part of the business, from licensing and project execution to fuel development, partnerships, and the customer pipeline. On the regulatory front, we were selected for three projects under the Department of Energy's new Reactor Pilot Program, or RPP, giving Oklo access to Department of Energy authorization pathways that accelerate deployment timelines and complement our ongoing NRC work. We submitted our Principal Design Criteria topical report to the NRC and received notice of acceptance in just 15 days, about half the time typically expected. The NRC also indicated that the draft evaluation is expected in early 2026, which would be less than half the traditional review timeline. Just before the RPP announcement, Oklo also completed a readiness assessment with the NRC for phase one of its COLA application, which found no gaps to application acceptance for review. We also broke ground on the Aurora INL, marking the start of physical construction activities. We also advanced plans for Atomic Alchemy's pilot project under the RPP. Finally, we successfully completed fuel assembly flow testing, demonstrating progress in the fabrication and handling systems that will serve many Oklo powerhouses. In fuel and recycling, we announced Oklo's Advanced Fuel Center, up to a $1.68 billion investment that anchors our long-term fuel supply chain, and were selected for the Department of Energy's Advanced Nuclear Fuel Line Pilot Program, which accelerates U.S. fuel fabrication capacity. We achieved a key regulatory milestone with the Department of Energy's approval of the Nuclear Safety Design Agreement, or NSDA, for the Aurora Fuel Fabrication Facility. The NSDA, the first approved under the DOE's Fuel Line Pilot Program, was completed in under two weeks and demonstrates a new authorization pathway that can help unlock U.S. industrial capacity, strengthen national energy security, and accelerate domestic fuel production under the executive order deploying advanced nuclear reactor technologies for national security. The approval reflects the strength of our technical submissions and proactive DOE engagement and builds on our Aurora INL groundbreaking to advance an integrated model of fuel production, plant construction, and power delivery. We also strengthened our partnership with Idaho National Laboratory through a new agreement with Battelle Energy Alliance, the lab's management and operations contractor. The collaboration focuses on advancing fuel and materials research that supports Oklo's and other companies' commercial deployments and takes advantage of Aurora INL's unique ability to generate real-world data during operation, including fast neutrons for testing and research. That data will help us characterize materials faster, characterize fuels faster, improve designs more efficiently, and continue driving innovation across the nuclear technology landscape. In other words, this partnership is about expanding the Aurora INL's mission to include fast neutron irradiation capabilities. These are capabilities that have been lacking in the U.S. for decades. We signed new international partnerships with European nuclear companies Moltex and Nucleo to advance joint technology and fuel manufacturing capabilities and demonstrate our emerging technical leadership in this space. On the customer pipeline side, we're evaluating potential power sales with the Tennessee Valley Authority as part of our Tennessee Fuel Center initiative, and we're continuing to advance discussions with both previously announced and new customers as we expand our commercial pipeline across data centers, utilities, and defense markets. We are also exploring potential fuel offtakes with the Tennessee Valley Authority as part of our Tennessee Fuel Center as well. Financially, we closed the quarter with a strong balance sheet, approximately $1.2 billion in cash and marketable securities, with cash burn tracking in line with expectations. Following the close of the third quarter, we also filed a new shelf registration to maintain flexibility and access to capital markets as we scale. Taken together, these milestones reflect the execution momentum behind Oklo's potential for near-term success: licensing, acceleration, supply chain build-out, and commercial traction all moving in parallel. This quarter marked a major milestone for Oklo with our selections under the Department of Energy's Reactor Pilot Program. The RPP was established earlier this year following new executive actions that direct the DOE to take a leading role in advancing next-generation reactor deployment as part of the broader U.S. energy renaissance. Nuclear power is a federal priority with strong bipartisan support, reflecting the shared recognition that advanced nuclear energy is essential to meeting America's energy security and economic objectives. Oklo received three of the 11 granted awards: two led by Oklo and one by our subsidiary, Atomic Alchemy. The awarded projects include Oklo's Aurora INL, our first powerhouse, Atomic Alchemy's pilot plant for radioisotope production, and Oklo's Pluto, a test reactor supporting advanced fuel and component development. Participation in the Reactor Pilot Program gives us access to a Department of Energy authorization pathway, aligning our projects with federal review and creating the potential to accelerate construction and operation timelines. Just as importantly, the RPP provides a venue for generating operating data that will help de-risk commercial licensing for future powerhouses, strengthening our overall regulatory foundation. This selection positions Oklo as one of the first advanced reactor companies moving from design to build under DOE oversight, reinforcing that the momentum behind nuclear energy in the United States is broad-based, durable, and growing. The DOE's authorization pathway represents one of the most important policy shifts we've seen for advanced reactors in decades, expanding regulatory tools without reducing safety expectations. For Oklo, it effectively provides a structured approach and process to begin constructing our first powerhouse under DOE oversight while maintaining full alignment with NRC standards. The DOE pathway enables faster demonstration of clean power while maintaining the same rigorous safety expectations and provides an opportunity for a rapid transition to an NRC license for full commercial operation. Here's what changed. In May, new executive actions established a clear DOE authorization process for first-of-a-kind nuclear plants, a process that now complements rather than replaces traditional NRC licensing. Within months, we moved to qualify our Aurora INL powerhouse under that framework. We expect to finalize our other transaction authority, or OTA, agreement and have approval of our Nuclear Safety Design Agreement, or NSDA, with the DOE by the end of the year. Here's how it works. DOE will authorize construction and initial operations under its modernized framework, which allows us to begin building while the longer commercial NRC transition proceeds in parallel. We don't need full operating approvals to finalize construction, which reduces idle time without compromising safety. Once initial data is collected, the project can then transition to NRC oversight. This approach builds on DOE's decades of experience managing nuclear facilities with an exceptional safety record, from naval propulsion to national laboratory programs. It doesn't lower the bar. It simply puts the right reviewers in the right place. From a broader perspective, this model has the potential to unlock U.S. industrial capacity, strengthen national energy security, and create a repeatable template for future advanced reactor deployment. Importantly, DOE and the NRC are complementary, not competitive. Their teams have a long history of collaboration, and we expect continued coordination throughout this process to ensure smooth handoff when conversion occurs. For investors and customers, this change hopefully means less timeline risk, better capital efficiency, and earlier validation of cost and performance. The bottom line is that DOE authorization de-risks the Aurora INL regulatory path and allows Oklo to focus on building and operating powerhouses while maintaining the same safety rigor and establishing a scalable modern pathway for the next generation of advanced reactors. As we pursue authorization under the DOE, we're maintaining steady momentum with the NRC to prepare for full commercial licensing. This is a parallel engagement strategy, not competing reviews, but coordinated progress that lets us move faster while maintaining regulatory rigor. Our work with the NRC remains focused on two priorities: first, completing ongoing pre-application reviews and topical reports for the Aurora INL and future sites, and second, leveraging data from DOE authorized operations to further inform NRC licensing for the broader commercial fleet. In practice, this means we'll finalize DOE authorization documentation and begin Aurora INL construction and operations under DOE oversight while continuing NRC pre-application work for follow-on deployments. The learnings from real-world performance data, field behavior, and operating experience will feed directly into the NRC's combined license process, which we expect could compress the timeline from the Aurora INL to fleet deployment. We expect to submit licensing actions next year to support construction for subsequent sites, and our goal is to use operating data from the Aurora INL to strengthen each subsequent submission. This strategy ensures that as DOE authorizations advance, early construction and operation, the NRC pathway continues in parallel, creating a repeatable data-supported model for commercial powerhouse deployment. We expect the result to be a clear regulatory sequence, build and operate under DOE, then transition to NRC oversight. Acting on lessons learned, we will demonstrate a replicable commercial licensing framework for the next generation of Oklo powerhouses. At Idaho National Laboratory, we've officially broken ground on our first Aurora powerhouse, marking a major milestone in Oklo's transition from design and permitting to active construction. As mentioned, we're progressing under DOE's Reactor Pilot Program, which provides federal oversight and coordination as we move from preparation to build. Kiewit has mobilized major equipment to the site, and earthworks began October 27th to be followed by controlled blasting in mid-November, targeting full excavation in early January. For Oklo, this is a defining moment. It represents the shift from planning to physical build, with the same discipline and execution framework that will carry through our future projects. This first site establishes the template for future powerhouses, demonstrating our ability to execute as we move toward operations. With construction now underway at INL, we're also making strong progress on the procurement and supply chain front, securing the long lead components and supplier commitments that keep our schedule on track. This quarter, we completed major procurements for in-vessel and ex-vessel handling machines, primary and intermediate sodium pumps, the reactor trip system, and fuel assembly nozzle fabrication. These are some of the most technically significant systems in the powerhouse, and having them under contract early locks in pricing, timelines, and fabrication slots with qualified vendors. It also demonstrates the maturity of our supply chain, a key differentiator for Oklo, showing that we can source critical components through proven industrial partners rather than relying on bespoke first-time suppliers. We are procuring these components in a dynamic and continually evolving environment amid fluctuating tariffs, supply chain pressures, and inflation. These challenges make procurement especially challenging, but our business model and the repeatability of our asset deployment plans will allow us to learn from our experience over time, even if costs are higher or there are other unexpected developments that impact our first few powerhouses. We have the opportunity to iterate and improve as we scale up our operations to ultimately build a reliable and cost-effective supply chain. It is also worth noting that the future reactor deployments may benefit from a reduction in costs compared to the Aurora INL, in part due to the required additional fuel and core testing capabilities. This progress builds real confidence in our ability to execute efficiently and scale repeatedly as we move from this first powerhouse to a broader fleet under the DOE's Reactor Pilot Program and future commercial deployments. Our wholly owned subsidiary, Atomic Alchemy, also achieved a major milestone this quarter with its selection under the Department of Energy's Reactor Pilot Program. This selection makes the Atomic Alchemy pilot facility eligible for DOE authorization, creating a faster pathway to construction and operations. The pilot facility is designed to prove isotope production, validate supply chain readiness, and de-risk the deployment of a larger commercial-scale Viper facility. In the near-term, the team is finalizing DOE authorization documentation and advancing site selection and procurement with the intent to be operational by mid-2026. Over the medium term, Atomic Alchemy will begin at a separate lab-scale facility, production and initial isotope sales, creating an early revenue stream while expanding commercial and operational experience. Longer term, the focus shifts to securing an NRC license for the full-scale Viper facility, scaling to multi-year offtake agreements and carrying forward the procedures and quality assurance systems proven in the pilot facility to streamline future deployment. What's important here is that Atomic Alchemy isn't just an adjacent business. It's a strategic extension of Oklo's technology platform. The business creates near-term production revenue potential and represents a paradigm shift in an underserved high-potential market. The Atomic Alchemy Viper reactor, or versatile isotope production reactor, is also quite a bit different than Oklo's Aurora. The Viper reactor is designed to produce isotopes and therefore produce neutrons. It is an open water-cooled pool-type reactor that is not pressurized and uses conventional 17x17 pressurized water reactor fuel bundles fueled with LEU at a shortened height. This means the reactors can be built and supplied quickly and produce a variety of isotopes that serve healthcare, defense, and industrial applications. Isotopes are, generally speaking, vastly undersupplied in the U.S. and can play a similar role to critical minerals in terms of national resilience and security. Our unique and differentiated approach to fuel brings together several complementary sources to cover near, mid, and long-term needs. Near-term, we're drawing on DOE materials like EBR-II fuel and potentially plutonium-based feedstock to fuel early units. Mid term, our partnerships with Centrus, Hexium, and others expand fresh HALEU access and reduce single vendor risk. Longer term, our Tennessee Advanced Fuel Center positions us to recycle and fabricate our own fuel domestically at scale from used fuel inventories. Taken together, this strategy reduces cost and schedule risk, strengthens U.S. energy resilience, and ensures we can keep building regardless of how the enrichment market evolves. Fuel remains one of the most important inputs for advanced nuclear power and one of the most complex to forecast right now. The reality is that the cost environment for HALEU and related materials looks very different today than it did in 2024. Tariffs, supply chain constraints, inflation, and evolving sanctions have all changed the market dynamics. The global enrichment landscape is still shifting, and so are the pricing assumptions that come with it. This is challenging work, and we're owning it. We're building the most resilient, diversified fuel strategy in the sector because we know fuel optionality will determine who scales successfully in the years ahead most quickly. We don't yet know where HALEU costs will ultimately land, but what we do know is that Oklo has more pathways and flexibility than other companies in the space. We'll continue refining our cost models and expect to share more detailed updates next year as the pricing picture becomes clearer. The takeaway today is straightforward. Fuel markets are changing, and Oklo is built to adapt, especially in the current fuel environment with additional government materials becoming available to serve as bridge fuel supplies. We think it's useful to spend a little time illuminating HALEU supply chains and how they work. The current models in the U.S. and in the world, generally speaking, involve several steps, starting with uranium mining, to then uranium milling, to then conversion, to then enrichment, to then de-conversion, and then ultimately to fuel fabrication. Next-generation models might change this significantly. This is one of the reasons why we take a multi-prong approach in partnering with HALEU providers, not just to work with those operating today in the supply chains that fit today's models, but also for next-generation technologies that have the potential to have lower capital and operating costs, that can simplify the processes and offer value chain consolidation, and operate more flexibly, which can altogether mean opportunities for lower-cost HALEU. Beyond HALEU, Oklo is also taking a multi-pronged approach for sourcing fuel both in the near-term as well as the long-term. We discussed this a little bit already, but there are several major pools of material to think about for fueling our reactors going forward. For one, there are significant government uranium reserves. Some of this material stands in highly enriched form and can be downblended into fuel for reactors. Some of it might also be in prior or previously irradiated fuel that can be recovered and then produced into fuel for reactors. That is where we're getting the first 5 tons of fuel for our first plant, 5 tons of fuel produced from EBR-II fuel that has been recovered and downblended to make fuel suitable for use in our Aurora plant. An important feature about some of that material is that it carries impurities because it spent time in a reactor. Those impurities do not necessarily make it suitable for all reactors to be able to use it, but our reactor, by being a fast reactor and by being designed to be versatile in its fuel, can use it. Additionally, the government has significant reserves of plutonium that it is now making available as a bridge source of fuel for commercial power plants. This is significant because the government recently announced up to 20 tons being made available in tranches. That could be made into about 180 metric tons of Aurora fuel. This is a massive bridge supply of fuel that can get us beyond not just our first few plants, but out into our first 10-20 plants within an opportunity to scale beyond that with commercial enrichment sourcing as well as recycling. The way this works is by taking the plutonium and blending it with unenriched uranium to make a fuel that can be used in our reactors. That negates and avoids the need for any enrichment and can accelerate time to market as well as reduce total capital investments needed to actually produce fuel for our plants. We are exploring the opportunities to use this material, given that it can be a significant bridge to future supplies. Those future supplies really comprise two main approaches as how we think about it. There are the conventional enrichers that, in many cases, are already producing LEU and are either actively or exploring expanding production into HALEU, as well as advanced enrichers that bring forward different technologies and centrifuges that have unique upside and potential, but may, in some cases, stand lower on the technology readiness development spectrum. These technologies offer opportunities for value chain consolidation, lower costs of production, lower costs of operation, and ultimately the ability to use lower-cost feedstocks. This can ultimately translate to lower-cost HALEU at scale as well. Ultimately, recycling is a key part of our fuel strategy because of how significant it is in unlocking significant reserves of fuel. I use that term duplicitously on purpose, significant, because it is hard to overstate how much material there is in the U.S. that can be made into fuel. The reason this is the case is because reactors, in general, only use a few percent of the fuel in one pass. Today's reactors, for example, only use about 5% of the fuel in a single pass through their reactor. That means the used fuel that is discharged, or often referred to as waste, actually has about 95% of its fuel remaining. With our recycling technologies, we can tap into that, pull that material out, and reuse it as fuel in our reactors. We can also recycle the fuel from our reactors as well as other advanced reactors that will likely get built. This positions Oklo well to have a long-term, very durable supply of fuel going forward. Continuing on recycling, one of our biggest advancements this quarter was the announcement of our Advanced Fuel Center in Tennessee, beginning with a fuel recycling facility located in Oak Ridge. This is the first privately funded recycling facility of its kind in the U.S., representing an investment of up to $1.68 billion and creating more than 800 permanent jobs. In addition to the fuel recycling facility, this investment is expected to include other Oklo assets, such as one or more powerhouses and a fuel fabrication facility. The facility adds another layer of vertical integration to Oklo's business, enabling us to convert used fuel into new metal fuel for our powerhouses. It strengthens U.S. capability and gives Oklo more supply chain control on our path to scale. We're tracking towards an initial production ramp-up in the early 2030s, with regulatory engagement already underway through the NRC pre-application process. We're also working with the Tennessee Valley Authority on potential collaboration around used nuclear fuel feedstock transfer as well as power generation from Aurora powerhouses. This project isn't just about fuel supply. It's about creating a durable domestic foundation for advanced nuclear power. It anchors Oklo's long-term fuel strategy and positions Tennessee as a national hub for clean energy manufacturing and innovation. In parallel, there's growing federal support for advanced fuel recycling. Just last week, the Senate Energy and Public Works Committee announced the Nuclear Refuel Act of 2025, which proposes updates to the Atomic Energy Act to provide regulatory clarity for licensing advanced fuel recycling facilities. If enacted, this legislation could further streamline the licensing process for our Tennessee facility. Building on the momentum from the Tennessee Fuel Center, we were also selected by the Department of Energy for the Advanced Nuclear Fuel Line Pilot Program. This program is designed to accelerate construction and operation of domestic fuel fabrication facilities, strengthening U.S. capability and ensuring that advanced reactors like ours have a reliable long-term supply of fuel. Under this initiative, DOE awarded three Oklo-led fuel-related projects, allowing us to build and operate facilities that directly support our powerhouse deployments and complement the work underway at our Advanced Fuel Center and Aurora INL Fuel Fabrication Facility. The Fuel Line Pilot Program mirrors the intent of the Reactor Pilot Program to create alternative pathways for advanced nuclear deployment that move faster, streamline reviews, and leverage private investment alongside federal oversight. For Oklo, it does three important things. It presents an opportunity to secure near-term fuel for early powerhouses, reducing one of the biggest bottlenecks facing the industry. It reinforces U.S. manufacturing and fuel independence, supporting the national effort to rebuild domestic nuclear capacity, and it stacks directly with our Tennessee facility, creating a vertically integrated ecosystem for recycling, fabrication, and deployment. Together, these programs, Reactor Pilot and Fuel Line Pilots, form the backbone of a modern U.S. nuclear strategy, and Oklo is one of the few companies positioned across both with the capability to deliver on near-term milestones while building the infrastructure for the long-term. With that, I'll pass it to Craig to share progress on our strategic partnerships and financials. Craig? Thanks, Jake. As Jake mentioned, Oklo is leading the advanced nuclear effort here in the U.S., but we are also experiencing growing international momentum around fast reactors and metal fuel technology. This quarter, we signed new transatlantic partnerships with Moltex and Nucleo, two European companies advancing fast reactor and fuel fabrication technologies. These collaborations strengthen our supply chain strategies, expand our technology base, and align with broader trends across both the U.S. and Europe for a renewed commitment to nuclear innovation, manufacturing, and partnership. With Moltex, we entered into a joint technology development agreement to collaborate in key areas where there's mutual benefit, such as balance of plant components, regulatory learnings, and fuel strategy. We also co-led their recent funding round, building a cross-Atlantic partnership that benefits both companies. With Nucleo, we've launched a strategic partnership to develop advanced fuel fabrication and manufacturing infrastructure in the United States under domestic oversight. Nucleo could invest up to $2 billion through an affiliated vehicle to expand U.S. capacity and support our metal fuel platform. Taken together, these collaborations represent the next step in Oklo's evolution and could help us accelerate cost reduction, leverage international capital, and extend our reach into markets where demand for advanced nuclear power is growing rapidly. Oklo is combining proven fast reactor technology with a global ecosystem of partners, suppliers, and investors who are equally focused on delivering scalable, zero-carbon baseload power. I'll now provide a summary of our financials. Oklo's third-quarter operating loss was $36.3 million, inclusive of non-cash stock-based compensation expense of $9.1 million. Oklo's loss before income taxes in the third quarter was $29.2 million, which reflects our operating loss adjusted for net interest income of $7.1 million. On a year-to-date basis, when adjusting for non-cash stock-based compensation charges, changes to working capital, and deferred income tax benefits, the cash used in operating activities equates to $48.7 million. We still expect, on a full-year basis, our cash used in operating activities to be within our guided range of $65 million-$80 million that we disclosed at the start of this year. In addition, to build on earlier discussion points in this company update, we have started to make modest capital investments in 2025, which include advancing deployment of activities at INL for our Aurora powerhouse and fuel fabrication facilities, as well as for the Reactor Pilot programs for which we have been selected. The Reactor Pilot Program not only includes work in our power and fuel businesses, but also the award received by Atomic Alchemy. This spin has been enabled by various accelerators we have seen across the business in 2025. Finally, in the third quarter, we successfully completed an at-the-market fundraising program, generating $540 million in gross proceeds, providing the company with additional cash on hand to deliver our enhanced growth agenda. As a result of the capital raise, we ended third quarter with approximately $1.2 billion in cash and marketable securities on our balance sheet. As we wrap up, I want to connect the key themes you've heard today to what makes Oklo a compelling investment opportunity. We are now executing, not theorizing, on advanced nuclear power. Our proven fast reactor technology is designed for speed, simplicity, and scalability, and our first powerhouse at INL is under construction. We've built a fully integrated fuel strategy that few others can match, from early access to fuel for the Aurora INL powerhouse to fabrication under the Department of Energy's Fuel Line Pilots to long-term recycling through our Advanced Fuel Center in Tennessee. We have based our strategy on feedstock integration and multiple long-term fuel cycle delivery pathways that should provide cost stability and supply security as we grow our fleet. Our radioisotope business has a high-margin adjacent revenue stream that leverages a similar technology base, regulatory pathway, facilities, and core competencies to further diversify our earnings potential. Our build-own-operate model creates recurring revenue through long-term power contracts, driving margin visibility and capital efficiency. Finally, our growing customer pipeline for power spans data centers, defense, utilities, and industrials, confirming strong, durable demand for what we are building. In short, Oklo is delivering on its plans, proven technology, a differentiated fuel strategy, global partnerships, and a business model designed to scale. We're executing today and positioned to lead the next era of clean, reliable energy. Operator, we are now ready to take questions. As a reminder to ask a question, simply press star one on your telephone keypad. We do respectfully ask that you limit your questions to one and one follow-up. Our first question comes from the line of Ryan Pfingst with B. Riley. Please go ahead. Hey, guys. Thanks for taking my questions. Just want to make sure I'm clear on the DOE authorization. Does the INL plant shifting to the DOE pathway change your requirement to submit a COLA with the NRC for that project, or is that something you still have to do? Has the government shutdown impacted your ability to do that at all? Thanks. Hey, Ryan. Thanks for the question. I think, yes, we no longer need to do a COLA, right? We are going through the DOE authorization process, which is inherently quite different. We do not have to do that anymore. At the end of the day, to build, at the end of the day, we will still do some kind of combined license type application to the NRC, part of it being a little bit redefined and developed based on even just this MOU signed between the NRC and DOE, which was a pretty big deal just last week or the week before. It sets the stage for how the facility would then become a commercial operating NRC license plant at some point after we get through some of the initial startup and operational kind of frame and paradigm, I should say. Yeah, now it is just through a different DOE process. What's huge about this is this is a muscle that, if you think about it, there are three major agencies that, right, to do nuclear authorization or permitting. Obviously, the NRC, then there is the Department of Energy, and then the Department of War. Those three agencies have those abilities. DOE and DOD/DOW have not really used those very much recently, but they have that history. They have used them, and they do have continued oversight of the programs, but they are using them now a lot more. This, by the way, was not just something that happened overnight. This goes back to the Nuclear Energy Innovation and Capabilities Act, NEICA, that was passed into law in 2018 that set the stage for this. It was just following the executive orders that really supercharged this effort. DOE has really leaned into it, and it has kind of empowered that ability to do these things. What's cool about it is it changes the cadence compared to what the NRC had. The NRC framework said you have to do a lot of upfront licensing work before you can build and operate the plant meaningfully. Part of why we're able to break ground and move into meaningful construction is because this DOE process gives you the flexibility to build while you're going through the different steps of basically authorization up until loading fuel and turning it on. That gives you a lot more flexibility to just move into a build mode and iterate a lot faster. Something that I think is really important and that you see in pretty much every other industry. In many ways, this has taken off a huge amount of the regulatory risk, has changed the paradigm so that we can build in parallel, and has opened the path for a different kind of approach. Mind you, the Department of Energy has a long history of doing regulatory oversight and authorization of certain fast reactors like we're developing. They were the ones that provided the regulatory authorization for EBR-II, for FFTF, and continued that oversight into operations. They know how to do this better than probably anybody. It is a really great kind of fit. We looked at this pathway as it existed before back in the past, but it was not in any way modernized. Since NECA passed and then following the EOs, it has been, which made a ton of sense then for us to move into that space, not to mention kind of the enhanced work between the NRC and DOE to obviously leverage this. The interesting thing is, right, DOE reviewers, NRC reviewers as well, they would all also use our national laboratory experts in this country, one of the key kind of things we have as a country. What is great about that is that actually means that there is going to be residual expertise and experience gained through our approaching this through DOE that will also help us in the NRC space. It is a huge kind of change in many, many positive ways that is going to let us move faster to build and turn on the plant and ultimately convert over to commercial operations and scale from there. It does not take away NRC licensing. It just changes the cadence. It kind of accelerates the ability to get something built and get into NRC licensing in a commercial space in a meaningful way, which is really, really accelerative for us. Got it. Appreciate that detail, Jake. My second question, I have asked you this one before, but curious if your thinking has changed regarding order conversion from pipeline to more of something firm, and if it is starting to make more sense to try to lock in a PPA with a customer as we get closer to 2026, 2027, and ultimately that first plant being built. Yeah. Our view has always been find and build the right partnerships and deals with customers and take the time to do that in the most constructive way possible for the company and not necessarily rush into PPA signing, but rather build better offtake structures because doing this inherently is not the same exact thing as sort of just doing a power offtake purchase from a solar project, which is what much of the, I would call it, legacy conventional PPA structure has been built for. There's a lot of room to be also more creative, and that opens the door to do a lot of things that are important for, frankly, de-risking a lot of things for us that the offtakers are also incentive-aligned to do with us. Yeah, I mean, we've continued to develop customers in the market, and we continue to do that here, and that is part of kind of our intentional cadence and strategy to do that. I think as we work towards what we're executing against, we expect to be able to kind of mature those into places that do make sense for everybody to kind of build a really constructive mutual relationship that is part of an offtake agreement that also helps de-risk some of the stuff today into that for them, for their power offtake. That's pretty powerful. That's kind of where our focus—I shouldn't say kind of—that is where our focus has been for the last over 12 months or so. We're continuing on that pace because that's what the market's quite supportive and receptive to. We expect that to continue and position us well so that going into the next year and beyond, we'll start converting those into that kind of those kinds of structures as it works. Now, each of these different offtakers and groups is going to have different knobs and levers and things to turn that work better for them respectively than maybe their peers or competitors. We got to make sure we work kind of with the right ones that can kind of lean into this in the right ways and cadence and then focus on moving that into the kind of execution phase. That's how we think about that. I think one X factor that's interesting is part of the executive order structure includes the government's ability to be—and also, as we've seen in their policy actions, and I think as we hear about policy actions that are still developing, but around the AI side of things, enhancing the ability for them to be hosts and/or even some kind of middleman or some kind of enabling structure for data center development at DOE sites. This is still developing and speculative in many ways, but there's some interesting potential based on what the EO has put into law or put into executive action that could enable sort of interesting structures to expand deployments under the DOE authorization that are providing to the government for their own use cases as they think about critical resource needs and critical capability needs, resource needs meaning AI and compute needs. It is kind of cool to see what that might look like too, which is interesting. That is probably the biggest shift that a lot of this has opened the door for. Otherwise, we have continued to work at pace of saying, "Hey, let's find the most constructive ways to work with our customers and ultimately convert them forward based on how we can work together and what we can do to sort of more or less guarantee success in this project in a beneficial way." Understood. Thanks, Jake. I'll turn it back. Our next question comes from the line of Brian Lee with Goldman Sachs. Please go ahead. Hey, guys. This is Tyler Bisset on for Brian. Thanks for taking our questions. Wanted to follow-up on a prior question and just wanted to confirm, are you guys still targeting commercial operations at INL to commence between late 2027 and early 2028, or does shifting to the DOE pathway accelerate that timeline? It sounds like full activation is targeted for early January. What are the next sort of milestones we should be watching out for that supports that timeline beyond January? Yeah. I mean, this is what's really exciting about the reactor pilot program. It opens the door for quite a bit of different ways of doing things and thinking about things in terms of cadencing these milestones. A couple of big things to pull back. We have three reactor pilot programs awarded to us. We talked about those a little bit in earnings. One is Aurora INL. The other is for the Atomic Alchemy pilot and prototype production reactor. That is on pace for that plant is specifically on pace to turn on in June, July of next year, 2026. It's incredible. It's awesome. It's really cool to see how that's progressing. That is a pretty big set of milestones alone to achieve that. Obviously, we'll continue to update the market as we hit milestones on that front as we execute into that. There is the Pluto reactor, which is basically a plutonium-fueled testing reactor that will have a continued set of milestones as well. That bridges well into serving both research and development purposes for us to serve that for the government. We announced earlier today partnering with Idaho National Laboratory and the Battelle Energy Alliance about providing fast neutron radiation capabilities. Pluto will kind of expand on that capability set. That has an incremental set of milestones that will march forward about moving towards basically plutonium-driven fuel systems and critical assemblies and system test reactors that are happening on a pretty fast timescale as well. That will continue to update the market over the course of the next three, six, nine, twelve months out. Back to part of what your question was on the Aurora INL plant. The authorization path that's important here is it allows us to move into the construction activities much more quickly so we can start building the plant. We broke ground in September. We're moving into major excavation work here coming up shortly and then moving through the full-scale procurement and activities as we speak, including stuff we've already done and stuff we're ramping forward into. That is going to be pretty important for us to be able to turn that plant on. We are still targeting in the 2027, 2028 timeline for that plant to commence operation, to turn on and go. There are some things that might be accelerative to benefit that, but some of that can also just help take out or accommodate some slack and other things in the system. It's just important that you can move fully into the build stage so that you can move through these things more iteratively. On top of that, a key thing that's enabling all of this is the ability to actually fabricate fuel to put into these reactors. That is a critical part of the supply chain that we have been focused on for a very long time, and with the reactor pilot program and then the associated fuel pilot program, it allows us to move into that. As we talked about and we announced earlier today, we achieved some pretty sizable milestones there in a really compressed time window. It illuminates objectively how clearly beneficial these things are for us. We are building a fuel fabrication facility to make fuel for our Aurora plant in Idaho. We partnered with the government. We are using an existing building at Idaho National Laboratory to do that. That building needs to have some refurbishment and then have equipment go into it. That building going through the traditionally kind of legacy DOE, because it's a DOE facility, DOE authorization path before the executive orders, we were moving at a pace that was on the order of like two years to kind of get close to a milestone that then when we reset the process under the pilot program, starting from zero there, granted we'd had some work done so we could kind of copy-paste over that, but we moved in two weeks to hit this significant milestone that is now allowing us to actually do the construction work there, install equipment, and fabricate fuel much more quickly. There are clear benefits that we're seeing that we are going to be in pace to have things moving faster and be able to deploy and turn that plant on. I will caveat that that plant in Idaho, it is not going to be selling commercial power to the grid under DOE authorization. That's not what its intent is. It might be able to do some work selling into not just power, but radiation services to the lab complex and the Department of Energy as part of the authorization. The point is we get this built more quickly, get the initial operational experiences and everything else, and then we can take that path over to the NRC. As indicated by the expanded MOU signed for the MOU signed by DOE and the NRC just in the last week or two, they made it clear that the NRC is going to build on the DOE's work for that. We expect there's some new work obviously to do that kind of thing, but it's supportive that they're already getting in front of that. Part of why they're looking at that is to build off the success that we can do under DOE. Again, the feature DOE has compared to the NRC, the NRC has been doing a lot of work to get ready to license advanced reactors. DOE has been licensing advanced reactors for a long time. They already have those muscles internally. Now they're just using them a little bit differently externally. That's hugely beneficial because then the NRC is going to be able to build off and reference those things. It kind of keeps the same pace and cadence of operations for what we're trying to do for the Aurora plant, but opens the door for accelerated milestones on that and then additional accelerated milestones for other things going on. Awesome. Super helpful. I really appreciate the incremental details around the 20 tons of plutonium reserves potentially being made into 180 tons of Aurora fuel. Can you help me understand what underpins that conversion math or your assumptions? Because that was a lot more than what we were estimating. Is this an opportunity for your fuel recycling facility, or would processing this material require a separate NRC license facility? It sounds like that fuel source could accelerate your deployment schedule. One of the things that we got—I love that question for so many reasons. I'm sure some folks are probably going to be a little nervous that I'm going to spend the whole time getting into the technical details, which I'll try not to because on the pre-recording practice sessions, we were thinking about getting really, really deep on all this. Let me rephrase that. I was just doing that because this is one of my favorite things technically. To answer your question, yeah. The key thing about plutonium, right, is it's an incredibly useful, fissile material as a fuel source. In other words, if you think about HALEU, it's 19%-20%, less than 20% enriched in uranium-235, the balance uranium-238. In the fast reactor, pretty much all the isotopes in plutonium, but especially the stuff being made available, which is mostly plutonium-239 with some plutonium-240 and 241 in there. That material is a great bridge fuel because it can be a direct replacement for the uranium-235 without needing any enrichment, right? It already exists. You blend it in with uranium. In our case, you add some zirconium to obviously make the metallic fuel, but you just blend the plutonium with uranium to make a HALEU-equivalent type fuel form. Now, the thing about plutonium is it's an even better fuel than uranium. You need less of it to get commensurate performance. On average, and it depends by variations and flavors in the fuel, but on average, if you basically—it's about 11 or so percent equivalent. About 11 or so percent plutonium is equivalent in our reactors in behavior and performance to about 19%, just under 20% enriched uranium. That's where that conversion in mass comes from. That is why it is such a potent fuel form, so to speak. That is pretty cool. That is obviously very accelerative for a lot of things. For that facility, that is one of the things that was encompassed in the pilot program, the fuel pilot program awards, and being able to do that kind of work there at an initial stage, on initial scale. It may, at the end of the day, convert over to a larger scale, kind of commercially licensed facility, but to get through some of the initial sources of that material and initial supplies, assuming that is fully made available and we have access to—again, key thing on that—then we have the DOE fuel pilot program selections to support that. It's hard to overstate the significance of the government moving this material away from a $20 billion-plus taxpayer-funded liability to bury it, literally mix it with kitty litter and sand and bury it in the desert in New Mexico versus making it available to be a bridge fuel for the advanced reactor industry. It completely changes the paradigm where you no longer are fuel constrained because of that. It's huge. What's significant about that, obviously, is not just that you can build more reactors sooner, but that means you can scale more powerful and significant orders to the enrichment markets as well as what we're doing on the recycling side. It's incredible. It is absolutely, absolutely incredible. For me, that was one of the most exciting things to have happened this year because of what that catalyzes for building more things sooner without having to be dependent on other factors and then instead using that basically ability to build more plants to convert to more fuel orders to then help scale that fuel supply side more quickly. For a long time at Oklo, we've been working to advocate for government bridge fuel supplies as a key enabler to kickstart the commercial fuel supply chain. I think we're seeing that really take root and open the doors for that to move in a totally different way. Yeah, seriously, it's a really, really significant policy move to enabling the deployment of more nuclear power quickly, more quickly. Perfect. Thank you very much. I'll just add one little piece to that. Not all reactors and fuel fabrication approaches can benefit from plutonium the same. It has different characteristics to it. We just know it works really well in fast reactors because we spend a lot of time developing and researching it for that. That obviously is part of the benefit of fast reactors and their ability to be quite fuel-agnostic and fuel-flexible. Your next question is from the line of Becram Baghri with Citi. Please go ahead. Hi, it's Ted. Thanks for taking the question. I wanted to ask about the Pluto test reactor. It looks like it's going to be deployed after the first reactor at INL. Is this going to be the template for all the future reactors? What are the differences to Aurora? Is it only that it's going to be run on plutonium? Should we also assume a 75 MW size for it? And then just lastly, what are the main learnings that you hope to obtain from this test reactor? Yeah, it's a great set of questions. Basically, it's a little bit different. It's bespoke to enable the accelerated sort of fast neutron irradiation testing capabilities that a system like that can afford. That's important for a couple of reasons. Part of what we've talked about is at the company, right? If you think about what Oklo does, obviously the reactor part is what people focus a lot on. We sell power. We sell heat. We have these other parts of the business that we've had to build to deliver into that, like fuel fabrication, which will help us obviously make fuel for our reactors, potentially for others too, which is part of what some of the investments and partnerships we've announced this quarter touch on. Additionally, we've talked about recycling, which is great because we can make fuel for ourselves as well as potentially for others and sell various materials and isotopes as co-products from that, as well as possibly recycling services. All great. Then obviously the isotope side of the business, which is specifically focused on that. Part of the reactor part of the story, though, and also somewhat ties over to the isotope side, is we are a fast reactor. We use fast, we make fast neutrons. We will have fast neutrons to help test and characterize materials and fuels. That is not a capability that we've had in this country in 30-plus years. It is not a capability that the Western world has had in a similar timeframe, like in 20 years or so. It is an important thing that we're bringing to bear. The government set forward on building a big dedicated test reactor, but it was a government program, so it naturally had a lot of sort of challenges around it. What we're doing with the Aurora plant and our ability to do that, and therefore also offer that as a potential revenue-generating aspect of the company, which is, hey, we have fast neutrons that we can provide irradiation capabilities, not just for our own use, but for others, as well as what we're doing on the Pluto side, which expands that and gives us that cadence of experience in a plutonium-based system, is pretty accelerative to opening the door for moving into better deals and different materials and expanding the fuel performance envelope so that we can maximize what we do. We're in a good spot to be able to build and operate. That's great. There is going to be so much more we can get out of these materials with more end fuels in terms of time in the reactor and just ultimately better economic performance with more data that we can generate using this. That was part of the incipients to look at doing a Pluto test reactor. It's a smaller system. It's not producing electric power. Its primary job, I mean, as of now, its primary job is focused on making fast neutrons. It's a culmination of activity. Think of it more as a program than just a single reactor that will involve taking some plutonium critical, getting some experience doing that with our national lab partners, doing some work around the plutonium handling and management, and then moving that into obviously the full-scale Pluto reactor. The reactor will be smaller in its power production and will also be optimized to use plutonium. Since plutonium is inherently in the nuclear space, higher worth, to use that terminology, fuel means we can actually use less overall fuel if we concentrate up the plutonium a bit more, which is what, generally speaking, fast test reactors have done. That means we can kind of use a higher loading of plutonium, less total fuel mass, get more thermal power out of it, and therefore more neutrons to test things with it. It is a pretty favorable thing to do with that. The system will give us a very significant amount of repetitions about doing the actual work around plutonium fuel fabrication going forward. The fuel will look, generally speaking, very similar to the Aurora fuel if we use plutonium in it. In terms of form factor and type, it would just use a lower amount of plutonium in it because what we're designing to an Aurora plant is to be interchangeable between HALEU, plutonium-bearing fuel, and transuranic-bearing fuel. That means you kind of dilute the plutonium more compared to what Pluto will do. When you think about what Pluto is as a program, it's the cadence to build on top of the plutonium fuel fabrication piece into the plutonium reactor part. Over the course of the next year, we'll gain experience with plutonium criticality and work around that. Then we'll move that into the next steps of actually building the plant scaling forward. Those are high-level kind of perspectives on where it goes. It's a pretty significant enabler for getting those repetitions in the rebuild to then start fueling Aurora plants with plutonium-bearing fuel. Now, just to put a number on this, the thing that's really powerful about moving in this space, building out these fast neutron irradiation capabilities, yes, it opens the door to do additional things for irradiation services. Yes, it opens the door to do some additional isotope production using different material types. Yes, it's important because it helps us with ourselves as well as other companies can come to us or government programs can come to us and either rent or buy irradiation-type time or irradiation time or similar types of kind of exposure in the environment to help bring some materials that are quite mature but need a little bit more to go over the finish line that are inherently basically economically better than what we have to use based on what the experiences are today. Those are still great because we can make stuff work. But this is a platform for R&D and margin improvement is one way to think about it. Anyway, that is kind of the cadence of how we see things. Got it. That is super helpful. Thank you. I just had one follow-up. On slide nine, it mentions the breakdown of CapEx by components. I think it is listed by number of components. Are you able to share just directionally what that is in dollar terms? Yeah. I mean, I guess I will kind of hand this over for Craig if you want to kind of answer some of it and I can chime in. Yeah. I think directionally, we would expect the dollars to be similar to the components. In terms of an actual dollar breakdown, we're still refining a lot of our cost estimates now that we've got Kiewit on board and now that we're deepening some of our procurement activities. We'll probably have more to share on that going probably into 2026. Thank you. Our next question comes from the line of Jed Dorsheimer with William Blair. Please go ahead. Hi. Thanks. Thanks for taking my question here, guys. I guess first, I don't know if Jake, you want this or Craig, but just if you could talk a little bit about backlog. I think it was 14 GW. Has that changed at all? Maybe just a little bit of color on the discussions that you're having. Is it mostly utility? Is it mostly hyperscaler? Just that breakdown, if you would, and then I have a follow-up. Yeah, Jed, I can take that. I'd say the 14 GW is still predominantly made up of data center and hyperscaler customers. I think I mentioned to you last time we were on the phone, we've also got other potential customers in the mix that are not identified customers as part of that 14 GW that could maybe even cause that number to go up. I know the bigger question is, when do you convert that into a PPA? I'd say we are working on that with pace and urgency and actively exchanging term sheets. I never want to promise an exact date on when we might announce something because it takes Oklo to be on the same page with the customer. I'm really pleased with kind of how those commercial discussions are progressing, not just on the PPA pricing front, but I think we're also seeing good traction on similar to what we were able to achieve with Equinix, which was a prepayment for power. We're also progressing conversations with customers that could convert into prepayment for power or prepayment for fuel or some other asset-oriented contribution to the deal itself. Got it. That's helpful. Just along those lines, the discussions, has Atomic Alchemy and having the standing up a fuel recycling, even if that's in the future, has that kind of moved some of those discussions along from a supply chain risk? Sorry. Yeah. I would say Atomic Alchemy is probably the types of conversations we're having around feedstock for isotope production, taking customer discussions into contract conversion. The steps are the same, but it's definitely with different counterparties on both the feedstock side, the supplier-vendor side, and all of that. I think we are excited around the tremendous progress that the team is making around the Reactor Pilot Program that Atomic Alchemy was awarded. In addition, we're also making good progress on the lab scale facility that will be down the road at INL. I think, as I've said earlier, there is the possibility for the lab scale project that we could be generating revenue and gross margin. It's going to be in the single million dollars, not anything bigger than that. It won't be exactly ratable. We are excited about what we might be able to do to actually turn some of that, the lab scale facility, especially into gross margin in the first half of next year. Got it. And then just one for Jake. If I just look at using an EBR for isotope production and isolation, do we need to wait till you get the Viper up for sort of an actinide tailoring, or can that be done in between? I ask because Candu's really well-suited for cobalt and lutetium, which are being used for sort of the radioisotope or radiopharma market right now. Just curious on the EBR side, whether or not you need that tailored reactor before you can do that, or if there's an in-between. Thanks. Yeah. It's a good question. I mean, there's a couple of steps actually to parse that out. One, there are some things we can do in the near-term without a reactor in terms of isotope sort of consolidation and recovery that we are making progress. We talked about in the update towards in Idaho where you'll be able to actually have infrastructure and facility capabilities to actually do some of that work and start producing some of the isotopes from those kinds of sources. For sort of the most meaningful, and that's great because you get some practice repetitions, maybe helps accelerate revenue, which is cool. At the end of the day, it helps position us with experience to then move into the next stages, which is where the reactors really unlock significant differentials in performance. Yes, Candu's do that. They're also not in the U.S. There is a pretty important focus on these production capabilities being in the U.S., not even in our nearest neighbors, right? Candu's are pretty limited. They can do some things pretty well, but they can't do everything very well. The versatile isotope production reactor design is designed to do pretty much most everything pretty well that you can do with thermal neutrons, key caveat. The nice thing about that reactor is we'll have its prototype up running by middle of next year. It uses standard pressurized water reactor fuel bundles that are just shortened in height at commercial scale. That's awesome. It's fueled with LEU. It's part of what we were drawn to with this business was it wasn't trying to design because some of the margins and the numbers that these radioisotopes bring to you have drawn some folks in the field to look at really exotic reactors because you can pay for it because of that. You kind of build like a Formula One custom reactor to produce these isotopes when maybe all you need is like a Ford F-150 or something similar to that. It does not have to go quite as fast or be quite as exotic and therefore way cheaper and easier to build. That was one of the things that really attracted us to Atomic Alchemy as we were working with them. That is one of the features here is what that will enable. There is the other part, which is some isotopes, I would say you best produce, if not uniquely produce in a fast spectrum environment. You need fast neutrons to really do that. That is where being able to harvest some of the fast neutrons in our fast reactors will unlock those capabilities pretty attractively and then tie that in to the Atomic Alchemy kind of sales channels and productization and sales channels. That is a pretty cool feature set that we will be able to have. If you look back in the annals of history, the Fast Flux Test Facility, one of the reactors from which we derive our legacy reactor that our Chief Technology Officer spent a lot of time at, had quite a cool setup to do a bunch of fast neutron isotope production work, like a ton, and pretty attractive economics to go with it. That was in a somewhat constrained way of thinking about it. On top of that, the Russians have been significant players in the isotope markets at a global scale because they've been using their fast neutron capabilities to do that too. It is a pretty significant game changer that does diversify away from capabilities that you can't do with just thermal neutron reactors. At the end of the day, those are pretty important things. One other thing I'll just throw out that we've talked a little bit about, but it's important to kind of illuminate to go back to the Viper reactor. One of the things it's designed for is also being able to do silicon irradiation, which is, generally speaking, the or one of the gold standards for achieving silicon doping, right? If you do phosphorus-type vapor deposition or infusion, you're kind of limited in wafer thicknesses and other things like that. Neutrons permeate the material much more uniformly and will then transmute and make that phosphorus doping happen naturally. It is a pretty attractive thing. That capability used to be used when it existed, and then it went away because the ability to do that radiation kind of went away. That is one of the cool things about Viper, it could do stuff like that too, right? A lot of flexibility that you could not otherwise do without a system designed to be versatile in nature. Your next question comes from the line of Jeffrey Campbell with Seaport Research. Please go ahead. Good evening and congratulations on all the progress. I had not planned this one, but I found the last discussion pretty fascinating. Jake, let me just ask, when you get around to trying to do isotope irradiation with an Aurora, are you going to be able to do it in a way that will not interrupt your fuel cycle? You mentioned the Russian reactors. It has kind of a peculiar fuel cycle that allows it to go in periodically and do the irradiation. Of course, the Candu can do it without any interruption. Typically, reactors have to match their refueling cycle with their irradiation. I just wanted to think about that. Yeah, it is a great question. By and large, the focus of those reactors is really power production, but some of the flexibility that will be afforded to us by, for example, the Aurora at Idaho, as well as the Pluto reactors, will give us a lot more flexibility to do more work around those things. Think of it more as imagine some for normal commercial ops, if we want to harvest some of those neutrons because it makes sense, we're going to have to fit it into the power cadence because that's the primary driver. We'll have some flexibility in some other reactors that will give us more flexibility to kind of match that accordingly because we're going to be doing other testing work. It's just going to be some interesting planning and coordination like it is for other test reactors or radiation and test reactors to sort of optimize to that and do the trade-offs. Generally speaking, yeah. It's for the vast majority, the focus, if we're going to use any of their fast neutron capacity, would be largely skewed towards minimizing, if not completely avoiding, interference on the power operation schedule, while there will be a couple that will have more flexibility that we can kind of optimize to on the isotope side if it makes sense to do so. It's kind of one of those acknowledgments of, yeah, we're going to have to look at possibly parsing some of the asset's operation schedules if it makes sense to do. That's the key question, if it makes sense to do. Okay. Yeah, that makes sense. The other question I wanted to ask you is if you could give us any update on your proposed natural gas Aurora partnership with Liberty Energy. Liberty's recently spoken about it at a high level, and they seem to indicate they've been aimed towards large projects. Frankly, I've wondered if there's been any diminished appetite on Oklo's side as its progression to Aurora construction has accelerated. Yeah. I think in general, we still see it as a pretty powerful bridge. I think we've seen now several other groups be talking at a broad thematic about the gas-to-nuclear combo and bridging capabilities and features that offers. We continue to see that as a positive thing in different customer discussions. I think what we see in general, though, and this is a bit anecdotal, so take it for that, but I think some of the near-term focus and priorities at the moment is around utilizing stuff that's basically on-grid to be the nearest-term operational kind of preference, where that will be a key enabler for getting some stuff built or powering stuff that's already being built and filling in the power to either meet additionality goals or other kind of feature sets that this can do. That is in parallel happening, but just the temporal nature of the project planning is then kind of followed by the benefits of being able to bring gas in to enable power at a site for either a co-location or near location or even behind-the-meter approach that gas can enable pretty successfully. I mean, it's still a pretty powerful feature in market conversations and discussions. I think at the end of the day, and I don't think there's much diminishment on it. I think if anything, there's a lot of validation that it's valuable and it's a feature and it continues to kind of evolve and progress. One of the challenges I think we see in the commercial markets, I don't know if I'd call it a challenge, but one of the things we've observed is a lot of focus on the hyperscalers has been on the energy objectives they have over the next multi-month scale timeframes, right? Maybe that extends out to 24 months or less. That's where they're obviously really, really focusing most of their activities is making sure they're in a good position for all of what they need then. They are increasingly looking at the longer-term views just given how constrained the power markets are as a whole, realizing they need to expand those horizons. That is a thematic we continue to see evolve. Gas as an ability to bring power to a facility or site sooner is pretty powerful. I still think, I'll say that I still think that the understanding of the benefits that making government fuel availability, like with just increasing government fuel availability, like the plutonium side, which can be quite accelerative to building new nuclear plants faster and more plants faster, is still being digested in the market. That may have an ability to help show a path to bringing nuclear on even sooner. That is, I think, pretty potent. I think it's still very early innings for folks' understanding of what that means, given the nature of it's still pretty fresh. Yeah, that makes sense. At least I wasn't completely irrational in what I was saying. I appreciate the color. Your next question comes from the line of Derek Soderberg with Cantor Fitzgerald. Please go ahead. Yeah, hey, guys. Just one question for me. Is there a level of prepayments you need to make to secure some of these long lead time items in either the nuclear or non-nuclear supply chain? Wondering if you can quantify how much capital it'll require to just ensure access to those long lead time items as you scale. Thanks. I can take that one. We're currently working on progressing. I do not want to mention the vendors specifically, but some of the other supply chain partnerships we have already announced, and there might be some form of a prepayment, but it is in the 10% range. It is a number, but it is not significant. I think one of the reasons, though, that we are so glad about the success we have had around the capital raise is that we do not need to have capital be a constraint. If we find an opportunity that it makes sense in terms of the returns to do a prepayment because we can get a better price point on the asset, then we can go forth and do that. Perfect. Thanks. Your next question is from the line of Sherif Elmaghrabi with BTIG. Please go ahead. Hi. Thank you. Just a two-parter on the Fuel Line Pilot at INL. You have a target online date, and then the facility was also selected for a GEWE program, which you mentioned. I'm wondering if there's an economic opportunity there as soon as the facility comes online, or if that's also something that needs NRC approval to monetize. Yeah. Just so I understand, the Aurora plant, that is going through GEWE authorization to get built and turned on initially and get through some of the initial operational cycles. The intent is to move that over into a commercially operating space. I will flag that moving that over to an NRC license is the most likely path. It's not impossible, though, that given some of the dynamics of what's happening on the GEWE side, there might be pathways to kind of sell into the government that could exist. We're not planning that that's exactly where it is, but that is something that has been and it was in the EOs, and that might be something that does evolve. The plan is to convert that over to an NRC license after some of that experience is gained, which at the end of the day is great because you point to real data with a real plant and just move some of that stuff pretty constructively forward. The Atomic Alchemy plant in Texas, the intent we have on there is to primarily be serving where GEWE is. It's not impossible that we go convert it over to an NRC license as well. There's some optionality potentially there, but the general view is keep some of the GEWE facility, get the experience of living it, running it, doing some irradiation work, providing some support to GEWE missions, and possibly opening the door for other things. At the end of the day, that's kind of how we see that. That similarly is kind of how we think about the Pluto reactor as well. Again, it's possible that there's a feature set to convert many of these facilities or convert these to NRC license, all of them to NRC licenses. That's a possibility. The general purpose and plan is we kind of see the Aurora INL being the one that would make the most sense to do that with. The other two, not necessarily, but it depends on some factors that may evolve. Another thing I'll flag is coming out of the executive orders, one of the things that's mentioned and clearly defined in there, just to highlight, is the fact that GEWE authorization or GEWE authorized facilities can support and provide "products," right, whether that be power or heat or isotopes or whatever it is, to the Department of Energy's use cases. That can then, by how these things are defined, can be and proceed and be built. Sorry. Things that do that work can be basically authorized under GEWE authorization. That could mean, for example, we are in a position where we build more plants under GEWE authorization because they're serving GEWE. That could be something that also occurs. There's nothing firm on that, but just given that the EOs put that out there and it does open the door for the possibilities of that, that might be something else. The nice thing and the key thing here that's so important for why we felt confident and excited to move in this pathway that's accelerative is because it's clear that the NRC and GEWE are working well together and working together to, I would say, be efficient in how work done by one will be complementarily kind of informative to the other. That's an important kind of capability set. That is evidenced pretty clearly by the recent MOU between GEWE and NRC, which is supportive of the fact that getting GEWE authorization and going through the technical work to do that will be constructive in NRC either licensing conversion and/or, I should say, really and future NRC license applications for future commercial plans. Great. Thank you, Jake. Our final question comes from the line of Craig Shere with Tuohy Brothers. Please go ahead. Hi. Thanks for taking the question. What are the prospects for rounding up remaining fuel needs to maximize your maiden INL powerhouse to 75 MW? If you do not have it upfront as you commence operations, but later get NRC approval and can commence full commercial sales, at that time, could you refuel to maximum capacity? Yes. Although given the recent activities and traction around a multitude of kind of fuel policy arrangements, as well as what we're seeing in the commercial fuel supply markets, I think we feel increasingly confident that we'll be able to have the fuel needed to run that facility, if not immediately at the onset of full power, pretty close to the immediate onset of full power. Not that this is the plan because we feel, again, increasingly confident that there's going to be extra HALEU that we can use for that facility from actually a variety of sources, which is the diversity of sources is part of the confidence, the inspiration of the confidence. The other part of it is we can in that reactor, if we needed, if we were able to get, for example, access to some of that plutonium feedstock, make that into fuel that could be located and commingled with the reactor fuel there. It just means some assemblies would have plutonium-bearing fuel. Some would just be uranium-bearing fuel. You can design it to work just fine in that configuration and manner. Given that that material exists in a pretty much ready-to-fabricate form, it gives us a lot of confidence in how that can actually kind of proceed. Yeah, that's how we see that kind of playing out. Right. Last for me, to the degree you start employing, which sounds like a great opportunity, this plutonium mix to help bridge quicker plant deployments, does that have any implications on NRC regulatory process? Do they have to shift because of the new fuel mix? And having some plutonium in there, does that have any proliferation concerns of any kind? Yeah. It's a very good question, Craig. There are some inherent things that are a little different. To go back in the history of this plutonium material, kind of its legacy and policy history, the President's executive order has directed 34 tons that was slated for dilute and dispose to be made available for reactors for fueling. Before the program of dilute and dispose, which is where we're going to spend $20 billion+ of taxpayer money to just blend this stuff up with cathode and sand and bury it, the program before that was actually to fabricate it into fuel as part of a joint treaty with Russia at the time for stockpile reduction. The plan was to take that material, fabricate it into fuel for light water reactors, and then use it in light water reactors. It was called the MOX program in the facility in South Carolina to do that. That program, you could spend a long time. For time's sake, I'll keep it very simple and a little bit simplistic. That program had significant struggles because plutonium fuel in light water reactors, while very doable, is inherently something very different than what we do as a country here. The infrastructure to do all that was not necessarily in place because plutonium does behave notably differently in a slow neutron reactor than a fast reactor. It still behaves differently than uranium in a fast reactor, but the difference is more amplified and accentuated in the thermal spectrum or slow neutron reactor, especially water-cooled reactor. It was not something utilities were really wanting. Fuel markets were not constrained. It was not something that there was a market for. It was a top-down government-run approach where the facility got way out of control in cost and everything else because it was not being driven by a kind of a more, I would say, entrepreneurial or enterprising kind of dynamic. The recommended option, the best path coming out of that program, basically not being in a spot to not proceed, was to actually, the technical panelists were to say, "Okay, the best thing would be to put it in fast reactors. We do not have any fast reactors, so the next best option is just to dilute and dispose of it." Now we are going to have fast reactors, right, based on what we are doing. Our view is, "Hey, this is great because." It's not just that. There are other companies developing reactors and other things that can use this material, and there is a fuel crunch. Now we're in a different world for how they think about that. That facility that I talked about under the light water MOX program was actually going through and had gone through all of that, was set up to be under NRC purview, generally speaking. There is a lot of infrastructure in place and experience around that. There are some differences with things you need to do on the regulatory side for this, but it's generally speaking pretty well known. What is really powerful too is that GEWE expanding kind of with the Reactor Pilot Program to include the Fuel Pilot Program to help fuel these reactors under the pilot program, they also are extending their authorization capabilities, and they are the ones that already oversee from a permitting and authorization perspective plutonium work. It is great to be able to kind of tie in with that. We have been expanding our partnerships with some of the national labs who have experience doing all that work. It kind of helps us drive and build out that expertise set in partnership with the experts we have in this country and kind of accordingly be able to scale that forward. That is how this course sort of charts. It's got some things that are a little bit different than the uranium side, but nothing significantly departed and stuff that's largely noble and manageable. I mean, again, there's contours and elements to it, but generally speaking, this has a history and precedent behind it in a multitude of ways between GEWE and NRC. To your other part of the question, where there is kind of an exciting opportunity around this is the story and the conversation around proliferation. I say that because the kind of only way to permanently destroy plutonium out of this universe is to fission it. By putting it in the reactors, you're fissioning it, and you're turning it into two fission products that stars have a really hard time synthesizing through supernovas back into plutonium. That's a cheeky way of saying, "This is a pretty good way to get rid of it and generate power in doing so and solve a fuel crunch while doing so." If anything, our view pretty strongly is you obviously apply all the relevant and state-of-the-art. This is something we've leaned into because of our work in recycling and other fields, applying state-of-the-art capabilities on safeguards and security around managing this material from receipt into fabrication and then into reactors, and then in the reactors, you're destroying it. It's actually a pretty cool setup and something that, as a country, we would dare to do. There are some, I would say, critics out there, mostly just pretty clear anti-nuclear advocates who have said, "Oh, this is a non-proliferation concern." I've never understood that because destroying plutonium kind of is the best way to get rid of it. Not kind of, it's objectively the best way to get rid of it. Yeah, it's just a pretty elegant solution to actually get rid of the material. I think what it really distills to, though, is just like, "Oh, this is different," and then it's just changed. It takes a little bit of time to socialize, and people are like, "Oh, yeah, it makes a lot of sense." The other concern is like, "Well, we'll incentivize other countries to do the same," which I would also argue, "I think if we incentivize other countries to destroy their plutonium, that's also kind of a feature in the non-proliferation world, so not necessarily the worst thing on that front." I think what's important too is this is legacy material from weapons programs. As we think about the future and recycling, you're not separating out pure plutonium using state-of-the-art technologies, which again gets back to how I think at a policy level we should be thinking about leading on the world stage. If we, as a country, are what we announced in Tennessee, recycling material in a manner that does not ever produce pure separated plutonium, instead produces a uranium-trained uranic mix that is commingled, that is a good spot to kind of lead from. That is kind of how I think about the space. Great. Thank you. With no further questions, thank you. I will now hand the call back over to Jake DeWitte, CEO and Co-Founder of Oklo. Please go ahead. Thank you. Thank you all for joining in today. We appreciate it. This is the second call since the executive orders were signed, the first call since we had the reactor pilot program and fuel pilot program selections. It has significantly changed how we think about the regulatory landscape and the regulatory strategy we are employing accordingly. It's significant in its accelerative features, but also in its regulatory derisking features. This aligns pretty well with what we're also seeing in the policy landscape, driving sort of a continued focus and effort on modernization at not just the Department of Energy, but the Nuclear Regulatory Commission. Our work with the NRC has not stopped. It still continues. Now it gets the benefit and the accelerating benefit of working with the Department of Energy and the national laboratory ecosystem that supports this, that will help NRC reviews and, generally speaking, enable a world where NRC reviews will be accelerated and made more efficient and, generally speaking, improved by the experiences already done by the AEC. AEC has a tremendous track record of safely authorizing and reviewing and overseeing nuclear facilities. The NRC and AEC, don't forget, were born from the same entity, the Atomic Energy Commission. There is a lot of kind of common threads. They have worked together for a long time, and we are happy to see that is kind of continuing. In some ways, they are even getting closer again to work together. I mean that in a constructively independent way where NRC can use GEWE's best resources and information. One of the best ways you can do safety analysis and safety oversight is good understanding of what the system is you are overseeing and leveraging our nation's leadership, technically speaking, that the GEWE has and the national labs have to help support that. It is a pretty powerful combination. I like to think that we are now kind of moving into this next chapter of this new wave of nuclear that is leveraging the best features of government to its maximum abilities, and that is a benefit for all of us. Additionally, the opportunities around making more fuel sources available, for example, this plutonium material, as well as continued traction and efforts to build out and invest in and expand the uranium fuel supply chain, are pretty accelerative because the bridge fuel opportunities that plutonium gives us is a game changer in building more reactors more quickly and using that to help accelerate the investment and development of the uranium enrichment markets. Uranium enrichment is radically undersupplied in this country, radically meaning like 18%-20%. We need more of it for just our existing plants. We also need it, of course, where we're making less than 1 ton a year, but for HALEU. Things we can do to help signal more powerful optics orders and investments and therefore expansion in the HALEU side, supported by building more reactors sooner using bridge fuels, is pretty creative to realizing more fuel supplies and use, maybe a bit of a silly term, fuel leadership and fuel dominance. Back in the 1980s, we as a country had more fuel production capacity, meaning conversion, enrichment, deconversion, fabrication, than the rest of the world combined. Now we definitely do not. A big opportunity for how that is proceeding. Bridge fuels are a really important piece of that. On the reactor front, one of the great things about the pilot programs and the benefits there is an ability to move into buildings. A big thing that we have long thought from policy would be very supportive of nuclear is to move the front-loaded paperwork to be developed largely or as in parallel as possible with the actual building and facilities so that you can do the kind of learning of building while you do the regulatory work so that you know what you're building, one, two, and you know what you're licensing, but also you can have it built and then get the final authorizations before you actually load the fuel and actually run the plant. The GEWE pathways allow us to do that. We can accelerate timelines. It is bringing forward an ability to start going from greenfield and the design of a reactor to turning reactors on in what looks like it is going to be less than 12 months for at least what we are doing on the Atomic Alchemy side, as well as some other companies that are pursuing this that were selected under the program. That is, as someone said recently, kind of Manhattan Project-level speeds of being able to do these things. That is a real feature to moving all of this excitement and enthusiasm into real-world application and the iterations that come from being able to build and build more quickly. This is a bit of a dream set of scenarios that I think Carolyn and I long dreamed about when we were starting the company. It is all coming together in a very, very creative time for us, not just to be positioned to take advantage of it because of where we are as a company and the maturity we have, but also the resources we have to bring to bear to it. We are very excited that we are selected for three of those reactor pilot programs, as well as the fuel line programs and executing down that as we also scale forward with additional customer development and future sites and deployment opportunities. Thank you all. Thank you again for joining us today. This does conclude today's conference call. You may now disconnect.

Speaker 2: Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Oklo third quarter 2025 financial results and business update call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. To ask a question, simply press star followed by the number one on your telephone keypad. To withdraw your question, press star one again. Thank you. It is now my pleasure to turn the call over to Sam Doane, Director of Investor Relations. Please go ahead. Thank you for standing by. thank you for standing by My name is Tina, and I will be your conference operator today. my name is tina and i will be your conference operator today At this time, I would like to welcome everyone to the Oklo third quarter 2025 financial results and business update call. at this time i would like to welcome everyone to the oklo third quarter 2025 financial results and business update call All lines have been placed on mute to prevent any background noise. all lines have been placed on mute to prevent any background noise After the speaker's remarks, there will be a question-and-answer session. after the speaker's remarks there will be a question-and-answer session To ask a question, simply press star followed by the number one on your telephone keypad. to ask a question simply press star followed by the number one on your telephone keypad To withdraw your question, press star one again. to withdraw your question press star one again Thank you. thank you It is now my pleasure to turn the call over to Sam Doane, Director of Investor Relations. it is now my pleasure to turn the call over to sam doane director of investor relations Please go ahead. please go ahead

Speaker 5: Good afternoon, and thank you, Operator. Welcome everyone to Oklo's third quarter 2025 earnings and company update call. I'm Sam Doane, Oklo's Director of Investor Relations. Joining me today are Oklo's Co-Founder and Chief Executive Officer, and Craig Bealmear, our Chief Financial Officer. Today's accompanying slide presentation is available on the investor relations section of our website. Before we begin, I'd like to remind everyone that today's discussion, including our prepared remarks and the Q&A session that follows, will include forward-looking statements. These statements reflect our current views regarding trends, assumptions, risks, uncertainties, and other factors that could cause actual results to differ materially from those discussed today. We encourage you to review the forward-looking statements disclosure included in our supplemental slides. Additional information on relevant risk factors can also be found in our most recent filings with the SEC. Good afternoon, and thank you, Operator. good afternoon and thank you operator Welcome everyone to Oklo's third quarter 2025 earnings and company update call. welcome everyone to oklo's third quarter 2025 earnings and company update call I'm Sam Doane, Oklo's Director of Investor Relations. i'm sam doane oklo's director of investor relations Joining me today are Oklo's Co-Founder and Chief Executive Officer, and Craig Bealmear, our Chief Financial Officer. joining me today are oklo's co-founder and chief executive officer and craig bealmear our chief financial officer Today's accompanying slide presentation is available on the investor relations section of our website. today's accompanying slide presentation is available on the investor relations section of our website Before we begin, I'd like to remind everyone that today's discussion, including our prepared remarks and the Q&A session that follows, will include forward-looking statements. before we begin i'd like to remind everyone that today's discussion including our prepared remarks and the q&a session that follows will include forward-looking statements These statements reflect our current views regarding trends, assumptions, risks, uncertainties, and other factors that could cause actual results to differ materially from those discussed today. these statements reflect our current views regarding trends assumptions risks uncertainties and other factors that could cause actual results to differ materially from those discussed today We encourage you to review the forward-looking statements disclosure included in our supplemental slides. we encourage you to review the forward-looking statements disclosure included in our supplemental slides Additional information on relevant risk factors can also be found in our most recent filings with the SEC. additional information on relevant risk factors can also be found in our most recent filings with the sec Please note that Oklo assumes no obligation to update any forward-looking statements as a result of new information, future events, or otherwise, except as required by law. With that, I'll now turn the call over to Jake DeWitte, Oklo's Co-Founder and Chief Executive Officer. Jake. Please note that Oklo assumes no obligation to update any forward-looking statements as a result of new information, future events, or otherwise, except as required by law. please note that oklo assumes no obligation to update any forward-looking statements as a result of new information future events or otherwise except as required by law With that, I'll now turn the call over to Jake DeWitte, Oklo's Co-Founder and Chief Executive Officer. with that i'll now turn the call over to jake dewitte oklo's co-founder and chief executive officer Jake. jake

Speaker 1: Thanks, Sam. The first half of this year brought an incredible wave of momentum across the advanced nuclear sector, from new federal programs and executive actions to growing customer and investor interest in clean, reliable power. That momentum has continued into the third quarter and is creating a very different environment for deployment than even a year ago. We strongly believe Oklo is uniquely positioned to thrive in this environment. Our mission at Oklo continues to be focused and clear: to deliver clean, reliable, affordable energy at a global scale. We started this company with the belief that advanced nuclear power could play a transformative role in the world's energy future. That meant rethinking everything: how we design reactors, how we license and fuel them, and how we operate them and engage customers. Thanks, Sam. thanks sam The first half of this year brought an incredible wave of momentum across the advanced nuclear sector, from new federal programs and executive actions to growing customer and investor interest in clean, reliable power. the first half of this year brought an incredible wave of momentum across the advanced nuclear sector from new federal programs and executive actions to growing customer and investor interest in clean reliable power That momentum has continued into the third quarter and is creating a very different environment for deployment than even a year ago. that momentum has continued into the third quarter and is creating a very different environment for deployment than even a year ago We strongly believe Oklo is uniquely positioned to thrive in this environment. we strongly believe oklo is uniquely positioned to thrive in this environment Our mission at Oklo continues to be focused and clear: to deliver clean, reliable, affordable energy at a global scale. our mission at oklo continues to be focused and clear to deliver clean reliable affordable energy at a global scale We started this company with the belief that advanced nuclear power could play a transformative role in the world's energy future. we started this company with the belief that advanced nuclear power could play a transformative role in the world's energy future That meant rethinking everything: how we design reactors, how we license and fuel them, and how we operate them and engage customers. that meant rethinking everything how we design reactors how we license and fuel them and how we operate them and engage customers That same vision continues to guide us today, and it remains fully aligned with where we believe policy, technology, and customer demand are headed. Our competitive advantages come from the intersection of several core strategies: our business model, our scalable design, and our proven technology. First, our build, own, operate model allows us to sell power directly to customers under long-term contracts. That creates recurring revenue and streamlines the regulatory process by keeping ownership and operational control within Oklo. Second, our small, scalable design means we can deploy assets quickly and incrementally, matching customer demand while leveraging existing industrial supply chains and factory fabrication. That reduces on-site construction risk, lowers cost, and supports faster rollout. That same vision continues to guide us today, and it remains fully aligned with where we believe policy, technology, and customer demand are headed. that same vision continues to guide us today and it remains fully aligned with where we believe policy technology and customer demand are headed Our competitive advantages come from the intersection of several core strategies: our business model, our scalable design, and our proven technology. our competitive advantages come from the intersection of several core strategies our business model our scalable design and our proven technology First, our build, own, operate model allows us to sell power directly to customers under long-term contracts. first our build own operate model allows us to sell power directly to customers under long-term contracts That creates recurring revenue and streamlines the regulatory process by keeping ownership and operational control within Oklo. that creates recurring revenue and streamlines the regulatory process by keeping ownership and operational control within oklo Second, our small, scalable design means we can deploy assets quickly and incrementally, matching customer demand while leveraging existing industrial supply chains and factory fabrication. second our small scalable design means we can deploy assets quickly and incrementally matching customer demand while leveraging existing industrial supply chains and factory fabrication That reduces on-site construction risk, lowers cost, and supports faster rollout. that reduces on-site construction risk lowers cost and supports faster rollout Third, our liquid metal sodium-cooled technology is built on a foundation of more than 400 combined reactor years of operating experience worldwide, including the Experimental Breeder Reactor-II, which operated successfully for three decades in the United States. That operating record is one of the most tested, demonstrated, and validated in advanced nuclear history, and it gives us deep confidence in the performance, safety, and reliability of our design. It is also the reason we can move directly into commercialization without the need for costly, time-consuming demonstration plants. Oklo is building on that proven foundation to become the hub for metal fuel and fast reactor innovation, integrating design, licensing, fuel supply, and recycling into a unified platform. This gives us significant flexibility across fuels, fresh HALEU, recycled material, and down-blended alternatives, and positions Oklo at the center of how this next phase of advanced nuclear power will scale. Third, our liquid metal sodium-cooled technology is built on a foundation of more than 400 combined reactor years of operating experience worldwide, including the Experimental Breeder Reactor-II, which operated successfully for three decades in the United States. third our liquid metal sodium-cooled technology is built on a foundation of more than 400 combined reactor years of operating experience worldwide including the experimental breeder reactor-ii which operated successfully for three decades in the united states That operating record is one of the most tested, demonstrated, and validated in advanced nuclear history, and it gives us deep confidence in the performance, safety, and reliability of our design. It is also the reason we can move directly into commercialization without the need for costly, time-consuming demonstration plants. that operating record is one of the most tested demonstrated and validated in advanced nuclear history and it gives us deep confidence in the performance safety and reliability of our design. it is also the reason we can move directly into commercialization without the need for costly time-consuming demonstration plants Oklo is building on that proven foundation to become the hub for metal fuel and fast reactor innovation, integrating design, licensing, fuel supply, and recycling into a unified platform. oklo is building on that proven foundation to become the hub for metal fuel and fast reactor innovation integrating design licensing fuel supply and recycling into a unified platform This gives us significant flexibility across fuels, fresh HALEU, recycled material, and down-blended alternatives, and positions Oklo at the center of how this next phase of advanced nuclear power will scale. this gives us significant flexibility across fuels fresh haleu recycled material and down-blended alternatives and positions oklo at the center of how this next phase of advanced nuclear power will scale Additionally, Oklo has worked across areas needed to deploy its reactors and position the company to benefit from capabilities, including products and services from fuel fabrication, recycling, and isotopes, to go along with power and heat sales from its reactors. Together, these advantages position Oklo to deploy at speed and scale, with a model built for long-term growth and leadership in advanced nuclear energy. We have continued to make meaningful progress this quarter across every part of the business, from licensing and project execution to fuel development, partnerships, and the customer pipeline. On the regulatory front, we were selected for three projects under the Department of Energy's new Reactor Pilot Program, or RPP, giving Oklo access to Department of Energy authorization pathways that accelerate deployment timelines and complement our ongoing NRC work. Additionally, Oklo has worked across areas needed to deploy its reactors and position the company to benefit from capabilities, including products and services from fuel fabrication, recycling, and isotopes, to go along with power and heat sales from its reactors. additionally oklo has worked across areas needed to deploy its reactors and position the company to benefit from capabilities including products and services from fuel fabrication recycling and isotopes to go along with power and heat sales from its reactors Together, these advantages position Oklo to deploy at speed and scale, with a model built for long-term growth and leadership in advanced nuclear energy. together these advantages position oklo to deploy at speed and scale with a model built for long-term growth and leadership in advanced nuclear energy We have continued to make meaningful progress this quarter across every part of the business, from licensing and project execution to fuel development, partnerships, and the customer pipeline. we have continued to make meaningful progress this quarter across every part of the business from licensing and project execution to fuel development partnerships and the customer pipeline On the regulatory front, we were selected for three projects under the Department of Energy's new Reactor Pilot Program, or RPP, giving Oklo access to Department of Energy authorization pathways that accelerate deployment timelines and complement our ongoing NRC work. on the regulatory front we were selected for three projects under the department of energy's new reactor pilot program or rpp giving oklo access to department of energy authorization pathways that accelerate deployment timelines and complement our ongoing nrc work We submitted our Principal Design Criteria topical report to the NRC and received notice of acceptance in just 15 days, about half the time typically expected. The NRC also indicated that the draft evaluation is expected in early 2026, which would be less than half the traditional review timeline. Just before the RPP announcement, Oklo also completed a readiness assessment with the NRC for phase one of its COLA application, which found no gaps to application acceptance for review. We also broke ground on the Aurora INL, marking the start of physical construction activities. We also advanced plans for Atomic Alchemy's pilot project under the RPP. Finally, we successfully completed fuel assembly flow testing, demonstrating progress in the fabrication and handling systems that will serve many Oklo powerhouses. We submitted our Principal Design Criteria topical report to the NRC and received notice of acceptance in just 15 days, about half the time typically expected. we submitted our principal design criteria topical report to the nrc and received notice of acceptance in just 15 days about half the time typically expected The NRC also indicated that the draft evaluation is expected in early 2026, which would be less than half the traditional review timeline. the nrc also indicated that the draft evaluation is expected in early 2026 which would be less than half the traditional review timeline Just before the RPP announcement, Oklo also completed a readiness assessment with the NRC for phase one of its COLA application, which found no gaps to application acceptance for review. just before the rpp announcement oklo also completed a readiness assessment with the nrc for phase one of its cola application which found no gaps to application acceptance for review We also broke ground on the Aurora INL, marking the start of physical construction activities. we also broke ground on the aurora inl marking the start of physical construction activities We also advanced plans for Atomic Alchemy's pilot project under the RPP. we also advanced plans for atomic alchemy's pilot project under the rpp Finally, we successfully completed fuel assembly flow testing, demonstrating progress in the fabrication and handling systems that will serve many Oklo powerhouses. finally we successfully completed fuel assembly flow testing demonstrating progress in the fabrication and handling systems that will serve many oklo powerhouses In fuel and recycling, we announced Oklo's Advanced Fuel Center, up to a $1.68 billion investment that anchors our long-term fuel supply chain, and were selected for the Department of Energy's Advanced Nuclear Fuel Line Pilot Program, which accelerates U.S. fuel fabrication capacity. We achieved a key regulatory milestone with the Department of Energy's approval of the Nuclear Safety Design Agreement, or NSDA, for the Aurora Fuel Fabrication Facility. The NSDA, the first approved under the DOE's Fuel Line Pilot Program, was completed in under two weeks and demonstrates a new authorization pathway that can help unlock U.S. industrial capacity, strengthen national energy security, and accelerate domestic fuel production under the executive order deploying advanced nuclear reactor technologies for national security. In fuel and recycling, we announced Oklo's Advanced Fuel Center, up to a $1.68 billion investment that anchors our long-term fuel supply chain, and were selected for the Department of Energy's Advanced Nuclear Fuel Line Pilot Program, which accelerates U.S. fuel fabrication capacity. in fuel and recycling we announced oklo's advanced fuel center up to a $1.68 billion investment that anchors our long-term fuel supply chain and were selected for the department of energy's advanced nuclear fuel line pilot program which accelerates u.s fuel fabrication capacity We achieved a key regulatory milestone with the Department of Energy's approval of the Nuclear Safety Design Agreement, or NSDA, for the Aurora Fuel Fabrication Facility. we achieved a key regulatory milestone with the department of energy's approval of the nuclear safety design agreement or nsda for the aurora fuel fabrication facility The NSDA, the first approved under the DOE's Fuel Line Pilot Program, was completed in under two weeks and demonstrates a new authorization pathway that can help unlock U.S. industrial capacity, strengthen national energy security, and accelerate domestic fuel production under the executive order deploying advanced nuclear reactor technologies for national security. the nsda the first approved under the doe's fuel line pilot program was completed in under two weeks and demonstrates a new authorization pathway that can help unlock u.s industrial capacity strengthen national energy security and accelerate domestic fuel production under the executive order deploying advanced nuclear reactor technologies for national security The approval reflects the strength of our technical submissions and proactive DOE engagement and builds on our Aurora INL groundbreaking to advance an integrated model of fuel production, plant construction, and power delivery. We also strengthened our partnership with Idaho National Laboratory through a new agreement with Battelle Energy Alliance, the lab's management and operations contractor. The collaboration focuses on advancing fuel and materials research that supports Oklo's and other companies' commercial deployments and takes advantage of Aurora INL's unique ability to generate real-world data during operation, including fast neutrons for testing and research. That data will help us characterize materials faster, characterize fuels faster, improve designs more efficiently, and continue driving innovation across the nuclear technology landscape. In other words, this partnership is about expanding the Aurora INL's mission to include fast neutron irradiation capabilities. These are capabilities that have been lacking in the U.S. for decades. The approval reflects the strength of our technical submissions and proactive DOE engagement and builds on our Aurora INL groundbreaking to advance an integrated model of fuel production, plant construction, and power delivery. the approval reflects the strength of our technical submissions and proactive doe engagement and builds on our aurora inl groundbreaking to advance an integrated model of fuel production plant construction and power delivery We also strengthened our partnership with Idaho National Laboratory through a new agreement with Battelle Energy Alliance, the lab's management and operations contractor. we also strengthened our partnership with idaho national laboratory through a new agreement with battelle energy alliance the lab's management and operations contractor The collaboration focuses on advancing fuel and materials research that supports Oklo's and other companies' commercial deployments and takes advantage of Aurora INL's unique ability to generate real-world data during operation, including fast neutrons for testing and research. the collaboration focuses on advancing fuel and materials research that supports oklo's and other companies' commercial deployments and takes advantage of aurora inl's unique ability to generate real-world data during operation including fast neutrons for testing and research That data will help us characterize materials faster, characterize fuels faster, improve designs more efficiently, and continue driving innovation across the nuclear technology landscape. that data will help us characterize materials faster characterize fuels faster improve designs more efficiently and continue driving innovation across the nuclear technology landscape In other words, this partnership is about expanding the Aurora INL's mission to include fast neutron irradiation capabilities. in other words this partnership is about expanding the aurora inl's mission to include fast neutron irradiation capabilities These are capabilities that have been lacking in the U.S. for decades. these are capabilities that have been lacking in the u.s for decades We signed new international partnerships with European nuclear companies Moltex and Nucleo to advance joint technology and fuel manufacturing capabilities and demonstrate our emerging technical leadership in this space. On the customer pipeline side, we're evaluating potential power sales with the Tennessee Valley Authority as part of our Tennessee Fuel Center initiative, and we're continuing to advance discussions with both previously announced and new customers as we expand our commercial pipeline across data centers, utilities, and defense markets. We are also exploring potential fuel offtakes with the Tennessee Valley Authority as part of our Tennessee Fuel Center as well. Financially, we closed the quarter with a strong balance sheet, approximately $1.2 billion in cash and marketable securities, with cash burn tracking in line with expectations. We signed new international partnerships with European nuclear companies Moltex and Nucleo to advance joint technology and fuel manufacturing capabilities and demonstrate our emerging technical leadership in this space. we signed new international partnerships with european nuclear companies moltex and nucleo to advance joint technology and fuel manufacturing capabilities and demonstrate our emerging technical leadership in this space On the customer pipeline side, we're evaluating potential power sales with the Tennessee Valley Authority as part of our Tennessee Fuel Center initiative, and we're continuing to advance discussions with both previously announced and new customers as we expand our commercial pipeline across data centers, utilities, and defense markets. on the customer pipeline side we're evaluating potential power sales with the tennessee valley authority as part of our tennessee fuel center initiative and we're continuing to advance discussions with both previously announced and new customers as we expand our commercial pipeline across data centers utilities and defense markets We are also exploring potential fuel offtakes with the Tennessee Valley Authority as part of our Tennessee Fuel Center as well. we are also exploring potential fuel offtakes with the tennessee valley authority as part of our tennessee fuel center as well Financially, we closed the quarter with a strong balance sheet, approximately $1.2 billion in cash and marketable securities, with cash burn tracking in line with expectations. financially we closed the quarter with a strong balance sheet approximately $1.2 billion in cash and marketable securities with cash burn tracking in line with expectations Following the close of the third quarter, we also filed a new shelf registration to maintain flexibility and access to capital markets as we scale. Taken together, these milestones reflect the execution momentum behind Oklo's potential for near-term success: licensing, acceleration, supply chain build-out, and commercial traction all moving in parallel. This quarter marked a major milestone for Oklo with our selections under the Department of Energy's Reactor Pilot Program. The RPP was established earlier this year following new executive actions that direct the DOE to take a leading role in advancing next-generation reactor deployment as part of the broader U.S. energy renaissance. Nuclear power is a federal priority with strong bipartisan support, reflecting the shared recognition that advanced nuclear energy is essential to meeting America's energy security and economic objectives. Oklo received three of the 11 granted awards: two led by Oklo and one by our subsidiary, Atomic Alchemy. Following the close of the third quarter, we also filed a new shelf registration to maintain flexibility and access to capital markets as we scale. following the close of the third quarter we also filed a new shelf registration to maintain flexibility and access to capital markets as we scale Taken together, these milestones reflect the execution momentum behind Oklo's potential for near-term success: licensing, acceleration, supply chain build-out, and commercial traction all moving in parallel. taken together these milestones reflect the execution momentum behind oklo's potential for near-term success licensing acceleration supply chain build-out and commercial traction all moving in parallel This quarter marked a major milestone for Oklo with our selections under the Department of Energy's Reactor Pilot Program. this quarter marked a major milestone for oklo with our selections under the department of energy's reactor pilot program The RPP was established earlier this year following new executive actions that direct the DOE to take a leading role in advancing next-generation reactor deployment as part of the broader U.S. energy renaissance. the rpp was established earlier this year following new executive actions that direct the doe to take a leading role in advancing next-generation reactor deployment as part of the broader u.s energy renaissance Nuclear power is a federal priority with strong bipartisan support, reflecting the shared recognition that advanced nuclear energy is essential to meeting America's energy security and economic objectives. nuclear power is a federal priority with strong bipartisan support reflecting the shared recognition that advanced nuclear energy is essential to meeting america's energy security and economic objectives Oklo received three of the 11 granted awards: two led by Oklo and one by our subsidiary, Atomic Alchemy. oklo received three of the 11 granted awards two led by oklo and one by our subsidiary atomic alchemy The awarded projects include Oklo's Aurora INL, our first powerhouse, Atomic Alchemy's pilot plant for radioisotope production, and Oklo's Pluto, a test reactor supporting advanced fuel and component development. Participation in the Reactor Pilot Program gives us access to a Department of Energy authorization pathway, aligning our projects with federal review and creating the potential to accelerate construction and operation timelines. Just as importantly, the RPP provides a venue for generating operating data that will help de-risk commercial licensing for future powerhouses, strengthening our overall regulatory foundation. This selection positions Oklo as one of the first advanced reactor companies moving from design to build under DOE oversight, reinforcing that the momentum behind nuclear energy in the United States is broad-based, durable, and growing. The DOE's authorization pathway represents one of the most important policy shifts we've seen for advanced reactors in decades, expanding regulatory tools without reducing safety expectations. The awarded projects include Oklo's Aurora INL, our first powerhouse, Atomic Alchemy's pilot plant for radioisotope production, and Oklo's Pluto, a test reactor supporting advanced fuel and component development. the awarded projects include oklo's aurora inl our first powerhouse atomic alchemy's pilot plant for radioisotope production and oklo's pluto a test reactor supporting advanced fuel and component development Participation in the Reactor Pilot Program gives us access to a Department of Energy authorization pathway, aligning our projects with federal review and creating the potential to accelerate construction and operation timelines. participation in the reactor pilot program gives us access to a department of energy authorization pathway aligning our projects with federal review and creating the potential to accelerate construction and operation timelines Just as importantly, the RPP provides a venue for generating operating data that will help de-risk commercial licensing for future powerhouses, strengthening our overall regulatory foundation. just as importantly the rpp provides a venue for generating operating data that will help de-risk commercial licensing for future powerhouses strengthening our overall regulatory foundation This selection positions Oklo as one of the first advanced reactor companies moving from design to build under DOE oversight, reinforcing that the momentum behind nuclear energy in the United States is broad-based, durable, and growing. this selection positions oklo as one of the first advanced reactor companies moving from design to build under doe oversight reinforcing that the momentum behind nuclear energy in the united states is broad-based durable and growing The DOE's authorization pathway represents one of the most important policy shifts we've seen for advanced reactors in decades, expanding regulatory tools without reducing safety expectations. the doe's authorization pathway represents one of the most important policy shifts we've seen for advanced reactors in decades expanding regulatory tools without reducing safety expectations For Oklo, it effectively provides a structured approach and process to begin constructing our first powerhouse under DOE oversight while maintaining full alignment with NRC standards. The DOE pathway enables faster demonstration of clean power while maintaining the same rigorous safety expectations and provides an opportunity for a rapid transition to an NRC license for full commercial operation. Here's what changed. In May, new executive actions established a clear DOE authorization process for first-of-a-kind nuclear plants, a process that now complements rather than replaces traditional NRC licensing. Within months, we moved to qualify our Aurora INL powerhouse under that framework. We expect to finalize our other transaction authority, or OTA, agreement and have approval of our Nuclear Safety Design Agreement, or NSDA, with the DOE by the end of the year. Here's how it works. For Oklo, it effectively provides a structured approach and process to begin constructing our first powerhouse under DOE oversight while maintaining full alignment with NRC standards. for oklo it effectively provides a structured approach and process to begin constructing our first powerhouse under doe oversight while maintaining full alignment with nrc standards The DOE pathway enables faster demonstration of clean power while maintaining the same rigorous safety expectations and provides an opportunity for a rapid transition to an NRC license for full commercial operation. the doe pathway enables faster demonstration of clean power while maintaining the same rigorous safety expectations and provides an opportunity for a rapid transition to an nrc license for full commercial operation Here's what changed. here's what changed In May, new executive actions established a clear DOE authorization process for first-of-a-kind nuclear plants, a process that now complements rather than replaces traditional NRC licensing. in may new executive actions established a clear doe authorization process for first-of-a-kind nuclear plants a process that now complements rather than replaces traditional nrc licensing Within months, we moved to qualify our Aurora INL powerhouse under that framework. within months we moved to qualify our aurora inl powerhouse under that framework We expect to finalize our other transaction authority, or OTA, agreement and have approval of our Nuclear Safety Design Agreement, or NSDA, with the DOE by the end of the year. we expect to finalize our other transaction authority or ota agreement and have approval of our nuclear safety design agreement or nsda with the doe by the end of the year Here's how it works. here's how it works DOE will authorize construction and initial operations under its modernized framework, which allows us to begin building while the longer commercial NRC transition proceeds in parallel. We don't need full operating approvals to finalize construction, which reduces idle time without compromising safety. Once initial data is collected, the project can then transition to NRC oversight. This approach builds on DOE's decades of experience managing nuclear facilities with an exceptional safety record, from naval propulsion to national laboratory programs. It doesn't lower the bar. It simply puts the right reviewers in the right place. From a broader perspective, this model has the potential to unlock U.S. industrial capacity, strengthen national energy security, and create a repeatable template for future advanced reactor deployment. Importantly, DOE and the NRC are complementary, not competitive. DOE will authorize construction and initial operations under its modernized framework, which allows us to begin building while the longer commercial NRC transition proceeds in parallel. doe will authorize construction and initial operations under its modernized framework which allows us to begin building while the longer commercial nrc transition proceeds in parallel We don't need full operating approvals to finalize construction, which reduces idle time without compromising safety. we don't need full operating approvals to finalize construction which reduces idle time without compromising safety Once initial data is collected, the project can then transition to NRC oversight. once initial data is collected the project can then transition to nrc oversight This approach builds on DOE's decades of experience managing nuclear facilities with an exceptional safety record, from naval propulsion to national laboratory programs. this approach builds on doe's decades of experience managing nuclear facilities with an exceptional safety record from naval propulsion to national laboratory programs It doesn't lower the bar. it doesn't lower the bar It simply puts the right reviewers in the right place. it simply puts the right reviewers in the right place From a broader perspective, this model has the potential to unlock U.S. industrial capacity, strengthen national energy security, and create a repeatable template for future advanced reactor deployment. from a broader perspective this model has the potential to unlock u.s industrial capacity strengthen national energy security and create a repeatable template for future advanced reactor deployment Importantly, DOE and the NRC are complementary, not competitive. importantly doe and the nrc are complementary not competitive Their teams have a long history of collaboration, and we expect continued coordination throughout this process to ensure smooth handoff when conversion occurs. For investors and customers, this change hopefully means less timeline risk, better capital efficiency, and earlier validation of cost and performance. The bottom line is that DOE authorization de-risks the Aurora INL regulatory path and allows Oklo to focus on building and operating powerhouses while maintaining the same safety rigor and establishing a scalable modern pathway for the next generation of advanced reactors. As we pursue authorization under the DOE, we're maintaining steady momentum with the NRC to prepare for full commercial licensing. This is a parallel engagement strategy, not competing reviews, but coordinated progress that lets us move faster while maintaining regulatory rigor. Their teams have a long history of collaboration, and we expect continued coordination throughout this process to ensure smooth handoff when conversion occurs. their teams have a long history of collaboration and we expect continued coordination throughout this process to ensure smooth handoff when conversion occurs For investors and customers, this change hopefully means less timeline risk, better capital efficiency, and earlier validation of cost and performance. for investors and customers this change hopefully means less timeline risk better capital efficiency and earlier validation of cost and performance The bottom line is that DOE authorization de-risks the Aurora INL regulatory path and allows Oklo to focus on building and operating powerhouses while maintaining the same safety rigor and establishing a scalable modern pathway for the next generation of advanced reactors. the bottom line is that doe authorization de-risks the aurora inl regulatory path and allows oklo to focus on building and operating powerhouses while maintaining the same safety rigor and establishing a scalable modern pathway for the next generation of advanced reactors As we pursue authorization under the DOE, we're maintaining steady momentum with the NRC to prepare for full commercial licensing. as we pursue authorization under the doe we're maintaining steady momentum with the nrc to prepare for full commercial licensing This is a parallel engagement strategy, not competing reviews, but coordinated progress that lets us move faster while maintaining regulatory rigor. this is a parallel engagement strategy not competing reviews but coordinated progress that lets us move faster while maintaining regulatory rigor Our work with the NRC remains focused on two priorities: first, completing ongoing pre-application reviews and topical reports for the Aurora INL and future sites, and second, leveraging data from DOE authorized operations to further inform NRC licensing for the broader commercial fleet. In practice, this means we'll finalize DOE authorization documentation and begin Aurora INL construction and operations under DOE oversight while continuing NRC pre-application work for follow-on deployments. The learnings from real-world performance data, field behavior, and operating experience will feed directly into the NRC's combined license process, which we expect could compress the timeline from the Aurora INL to fleet deployment. We expect to submit licensing actions next year to support construction for subsequent sites, and our goal is to use operating data from the Aurora INL to strengthen each subsequent submission. Our work with the NRC remains focused on two priorities: first, completing ongoing pre-application reviews and topical reports for the Aurora INL and future sites, and second, leveraging data from DOE authorized operations to further inform NRC licensing for the broader commercial fleet. our work with the nrc remains focused on two priorities first completing ongoing pre-application reviews and topical reports for the aurora inl and future sites and second leveraging data from doe authorized operations to further inform nrc licensing for the broader commercial fleet In practice, this means we'll finalize DOE authorization documentation and begin Aurora INL construction and operations under DOE oversight while continuing NRC pre-application work for follow-on deployments. in practice this means we'll finalize doe authorization documentation and begin aurora inl construction and operations under doe oversight while continuing nrc pre-application work for follow-on deployments The learnings from real-world performance data, field behavior, and operating experience will feed directly into the NRC's combined license process, which we expect could compress the timeline from the Aurora INL to fleet deployment. the learnings from real-world performance data field behavior and operating experience will feed directly into the nrc's combined license process which we expect could compress the timeline from the aurora inl to fleet deployment We expect to submit licensing actions next year to support construction for subsequent sites, and our goal is to use operating data from the Aurora INL to strengthen each subsequent submission. we expect to submit licensing actions next year to support construction for subsequent sites and our goal is to use operating data from the aurora inl to strengthen each subsequent submission This strategy ensures that as DOE authorizations advance, early construction and operation, the NRC pathway continues in parallel, creating a repeatable data-supported model for commercial powerhouse deployment. We expect the result to be a clear regulatory sequence, build and operate under DOE, then transition to NRC oversight. Acting on lessons learned, we will demonstrate a replicable commercial licensing framework for the next generation of Oklo powerhouses. At Idaho National Laboratory, we've officially broken ground on our first Aurora powerhouse, marking a major milestone in Oklo's transition from design and permitting to active construction. As mentioned, we're progressing under DOE's Reactor Pilot Program, which provides federal oversight and coordination as we move from preparation to build. Kiewit has mobilized major equipment to the site, and earthworks began October 27th to be followed by controlled blasting in mid-November, targeting full excavation in early January. For Oklo, this is a defining moment. This strategy ensures that as DOE authorizations advance, early construction and operation, the NRC pathway continues in parallel, creating a repeatable data-supported model for commercial powerhouse deployment. this strategy ensures that as doe authorizations advance early construction and operation the nrc pathway continues in parallel creating a repeatable data-supported model for commercial powerhouse deployment We expect the result to be a clear regulatory sequence, build and operate under DOE, then transition to NRC oversight. we expect the result to be a clear regulatory sequence build and operate under doe then transition to nrc oversight Acting on lessons learned, we will demonstrate a replicable commercial licensing framework for the next generation of Oklo powerhouses. acting on lessons learned we will demonstrate a replicable commercial licensing framework for the next generation of oklo powerhouses At Idaho National Laboratory, we've officially broken ground on our first Aurora powerhouse, marking a major milestone in Oklo's transition from design and permitting to active construction. at idaho national laboratory we've officially broken ground on our first aurora powerhouse marking a major milestone in oklo's transition from design and permitting to active construction As mentioned, we're progressing under DOE's Reactor Pilot Program, which provides federal oversight and coordination as we move from preparation to build. as mentioned we're progressing under doe's reactor pilot program which provides federal oversight and coordination as we move from preparation to build Kiewit has mobilized major equipment to the site, and earthworks began October 27th to be followed by controlled blasting in mid-November, targeting full excavation in early January. kiewit has mobilized major equipment to the site and earthworks began october 27th to be followed by controlled blasting in mid-november targeting full excavation in early january For Oklo, this is a defining moment. for oklo this is a defining moment It represents the shift from planning to physical build, with the same discipline and execution framework that will carry through our future projects. This first site establishes the template for future powerhouses, demonstrating our ability to execute as we move toward operations. With construction now underway at INL, we're also making strong progress on the procurement and supply chain front, securing the long lead components and supplier commitments that keep our schedule on track. This quarter, we completed major procurements for in-vessel and ex-vessel handling machines, primary and intermediate sodium pumps, the reactor trip system, and fuel assembly nozzle fabrication. These are some of the most technically significant systems in the powerhouse, and having them under contract early locks in pricing, timelines, and fabrication slots with qualified vendors. It represents the shift from planning to physical build, with the same discipline and execution framework that will carry through our future projects. it represents the shift from planning to physical build with the same discipline and execution framework that will carry through our future projects This first site establishes the template for future powerhouses, demonstrating our ability to execute as we move toward operations. this first site establishes the template for future powerhouses demonstrating our ability to execute as we move toward operations With construction now underway at INL, we're also making strong progress on the procurement and supply chain front, securing the long lead components and supplier commitments that keep our schedule on track. with construction now underway at inl we're also making strong progress on the procurement and supply chain front securing the long lead components and supplier commitments that keep our schedule on track This quarter, we completed major procurements for in-vessel and ex-vessel handling machines, primary and intermediate sodium pumps, the reactor trip system, and fuel assembly nozzle fabrication. this quarter we completed major procurements for in-vessel and ex-vessel handling machines primary and intermediate sodium pumps the reactor trip system and fuel assembly nozzle fabrication These are some of the most technically significant systems in the powerhouse, and having them under contract early locks in pricing, timelines, and fabrication slots with qualified vendors. these are some of the most technically significant systems in the powerhouse and having them under contract early locks in pricing timelines and fabrication slots with qualified vendors It also demonstrates the maturity of our supply chain, a key differentiator for Oklo, showing that we can source critical components through proven industrial partners rather than relying on bespoke first-time suppliers. We are procuring these components in a dynamic and continually evolving environment amid fluctuating tariffs, supply chain pressures, and inflation. These challenges make procurement especially challenging, but our business model and the repeatability of our asset deployment plans will allow us to learn from our experience over time, even if costs are higher or there are other unexpected developments that impact our first few powerhouses. We have the opportunity to iterate and improve as we scale up our operations to ultimately build a reliable and cost-effective supply chain. It also demonstrates the maturity of our supply chain, a key differentiator for Oklo, showing that we can source critical components through proven industrial partners rather than relying on bespoke first-time suppliers. it also demonstrates the maturity of our supply chain a key differentiator for oklo showing that we can source critical components through proven industrial partners rather than relying on bespoke first-time suppliers We are procuring these components in a dynamic and continually evolving environment amid fluctuating tariffs, supply chain pressures, and inflation. we are procuring these components in a dynamic and continually evolving environment amid fluctuating tariffs supply chain pressures and inflation These challenges make procurement especially challenging, but our business model and the repeatability of our asset deployment plans will allow us to learn from our experience over time, even if costs are higher or there are other unexpected developments that impact our first few powerhouses. these challenges make procurement especially challenging but our business model and the repeatability of our asset deployment plans will allow us to learn from our experience over time even if costs are higher or there are other unexpected developments that impact our first few powerhouses We have the opportunity to iterate and improve as we scale up our operations to ultimately build a reliable and cost-effective supply chain. we have the opportunity to iterate and improve as we scale up our operations to ultimately build a reliable and cost-effective supply chain It is also worth noting that the future reactor deployments may benefit from a reduction in costs compared to the Aurora INL, in part due to the required additional fuel and core testing capabilities. This progress builds real confidence in our ability to execute efficiently and scale repeatedly as we move from this first powerhouse to a broader fleet under the DOE's Reactor Pilot Program and future commercial deployments. Our wholly owned subsidiary, Atomic Alchemy, also achieved a major milestone this quarter with its selection under the Department of Energy's Reactor Pilot Program. This selection makes the Atomic Alchemy pilot facility eligible for DOE authorization, creating a faster pathway to construction and operations. The pilot facility is designed to prove isotope production, validate supply chain readiness, and de-risk the deployment of a larger commercial-scale Viper facility. It is also worth noting that the future reactor deployments may benefit from a reduction in costs compared to the Aurora INL, in part due to the required additional fuel and core testing capabilities. it is also worth noting that the future reactor deployments may benefit from a reduction in costs compared to the aurora inl in part due to the required additional fuel and core testing capabilities This progress builds real confidence in our ability to execute efficiently and scale repeatedly as we move from this first powerhouse to a broader fleet under the DOE's Reactor Pilot Program and future commercial deployments. this progress builds real confidence in our ability to execute efficiently and scale repeatedly as we move from this first powerhouse to a broader fleet under the doe's reactor pilot program and future commercial deployments Our wholly owned subsidiary, Atomic Alchemy, also achieved a major milestone this quarter with its selection under the Department of Energy's Reactor Pilot Program. our wholly owned subsidiary atomic alchemy also achieved a major milestone this quarter with its selection under the department of energy's reactor pilot program This selection makes the Atomic Alchemy pilot facility eligible for DOE authorization, creating a faster pathway to construction and operations. this selection makes the atomic alchemy pilot facility eligible for doe authorization creating a faster pathway to construction and operations The pilot facility is designed to prove isotope production, validate supply chain readiness, and de-risk the deployment of a larger commercial-scale Viper facility. the pilot facility is designed to prove isotope production validate supply chain readiness and de-risk the deployment of a larger commercial-scale viper facility In the near-term, the team is finalizing DOE authorization documentation and advancing site selection and procurement with the intent to be operational by mid-2026. Over the medium term, Atomic Alchemy will begin at a separate lab-scale facility, production and initial isotope sales, creating an early revenue stream while expanding commercial and operational experience. Longer term, the focus shifts to securing an NRC license for the full-scale Viper facility, scaling to multi-year offtake agreements and carrying forward the procedures and quality assurance systems proven in the pilot facility to streamline future deployment. What's important here is that Atomic Alchemy isn't just an adjacent business. It's a strategic extension of Oklo's technology platform. The business creates near-term production revenue potential and represents a paradigm shift in an underserved high-potential market. The Atomic Alchemy Viper reactor, or versatile isotope production reactor, is also quite a bit different than Oklo's Aurora. In the near-term, the team is finalizing DOE authorization documentation and advancing site selection and procurement with the intent to be operational by mid-2026. in the near-term the team is finalizing doe authorization documentation and advancing site selection and procurement with the intent to be operational by mid-2026 Over the medium term, Atomic Alchemy will begin at a separate lab-scale facility, production and initial isotope sales, creating an early revenue stream while expanding commercial and operational experience. over the medium term atomic alchemy will begin at a separate lab-scale facility production and initial isotope sales creating an early revenue stream while expanding commercial and operational experience Longer term, the focus shifts to securing an NRC license for the full-scale Viper facility, scaling to multi-year offtake agreements and carrying forward the procedures and quality assurance systems proven in the pilot facility to streamline future deployment. longer term the focus shifts to securing an nrc license for the full-scale viper facility scaling to multi-year offtake agreements and carrying forward the procedures and quality assurance systems proven in the pilot facility to streamline future deployment What's important here is that Atomic Alchemy isn't just an adjacent business. what's important here is that atomic alchemy isn't just an adjacent business It's a strategic extension of Oklo's technology platform. it's a strategic extension of oklo's technology platform The business creates near-term production revenue potential and represents a paradigm shift in an underserved high-potential market. the business creates near-term production revenue potential and represents a paradigm shift in an underserved high-potential market The Atomic Alchemy Viper reactor, or versatile isotope production reactor, is also quite a bit different than Oklo's Aurora. the atomic alchemy viper reactor or versatile isotope production reactor is also quite a bit different than oklo's aurora The Viper reactor is designed to produce isotopes and therefore produce neutrons. It is an open water-cooled pool-type reactor that is not pressurized and uses conventional 17x17 pressurized water reactor fuel bundles fueled with LEU at a shortened height. This means the reactors can be built and supplied quickly and produce a variety of isotopes that serve healthcare, defense, and industrial applications. Isotopes are, generally speaking, vastly undersupplied in the U.S. and can play a similar role to critical minerals in terms of national resilience and security. Our unique and differentiated approach to fuel brings together several complementary sources to cover near, mid, and long-term needs. Near-term, we're drawing on DOE materials like EBR-II fuel and potentially plutonium-based feedstock to fuel early units. Mid term, our partnerships with Centrus, Hexium, and others expand fresh HALEU access and reduce single vendor risk. The Viper reactor is designed to produce isotopes and therefore produce neutrons. the viper reactor is designed to produce isotopes and therefore produce neutrons It is an open water-cooled pool-type reactor that is not pressurized and uses conventional 17x17 pressurized water reactor fuel bundles fueled with LEU at a shortened height. it is an open water-cooled pool-type reactor that is not pressurized and uses conventional 17x17 pressurized water reactor fuel bundles fueled with leu at a shortened height This means the reactors can be built and supplied quickly and produce a variety of isotopes that serve healthcare, defense, and industrial applications. this means the reactors can be built and supplied quickly and produce a variety of isotopes that serve healthcare defense and industrial applications Isotopes are, generally speaking, vastly undersupplied in the U.S. and can play a similar role to critical minerals in terms of national resilience and security. isotopes are generally speaking vastly undersupplied in the u.s and can play a similar role to critical minerals in terms of national resilience and security Our unique and differentiated approach to fuel brings together several complementary sources to cover near, mid, and long-term needs. our unique and differentiated approach to fuel brings together several complementary sources to cover near mid and long-term needs Near-term, we're drawing on DOE materials like EBR-II fuel and potentially plutonium-based feedstock to fuel early units. near-term we're drawing on doe materials like ebr-ii fuel and potentially plutonium-based feedstock to fuel early units Mid term, our partnerships with Centrus, Hexium, and others expand fresh HALEU access and reduce single vendor risk. mid term our partnerships with centrus hexium and others expand fresh haleu access and reduce single vendor risk Longer term, our Tennessee Advanced Fuel Center positions us to recycle and fabricate our own fuel domestically at scale from used fuel inventories. Taken together, this strategy reduces cost and schedule risk, strengthens U.S. energy resilience, and ensures we can keep building regardless of how the enrichment market evolves. Fuel remains one of the most important inputs for advanced nuclear power and one of the most complex to forecast right now. The reality is that the cost environment for HALEU and related materials looks very different today than it did in 2024. Tariffs, supply chain constraints, inflation, and evolving sanctions have all changed the market dynamics. The global enrichment landscape is still shifting, and so are the pricing assumptions that come with it. This is challenging work, and we're owning it. Longer term, our Tennessee Advanced Fuel Center positions us to recycle and fabricate our own fuel domestically at scale from used fuel inventories. longer term our tennessee advanced fuel center positions us to recycle and fabricate our own fuel domestically at scale from used fuel inventories Taken together, this strategy reduces cost and schedule risk, strengthens U.S. energy resilience, and ensures we can keep building regardless of how the enrichment market evolves. taken together this strategy reduces cost and schedule risk strengthens u.s energy resilience and ensures we can keep building regardless of how the enrichment market evolves Fuel remains one of the most important inputs for advanced nuclear power and one of the most complex to forecast right now. fuel remains one of the most important inputs for advanced nuclear power and one of the most complex to forecast right now The reality is that the cost environment for HALEU and related materials looks very different today than it did in 2024. the reality is that the cost environment for haleu and related materials looks very different today than it did in 2024 Tariffs, supply chain constraints, inflation, and evolving sanctions have all changed the market dynamics. tariffs supply chain constraints inflation and evolving sanctions have all changed the market dynamics The global enrichment landscape is still shifting, and so are the pricing assumptions that come with it. the global enrichment landscape is still shifting and so are the pricing assumptions that come with it This is challenging work, and we're owning it. this is challenging work and we're owning it We're building the most resilient, diversified fuel strategy in the sector because we know fuel optionality will determine who scales successfully in the years ahead most quickly. We don't yet know where HALEU costs will ultimately land, but what we do know is that Oklo has more pathways and flexibility than other companies in the space. We'll continue refining our cost models and expect to share more detailed updates next year as the pricing picture becomes clearer. The takeaway today is straightforward. Fuel markets are changing, and Oklo is built to adapt, especially in the current fuel environment with additional government materials becoming available to serve as bridge fuel supplies. We think it's useful to spend a little time illuminating HALEU supply chains and how they work. The current models in the U.S. We're building the most resilient, diversified fuel strategy in the sector because we know fuel optionality will determine who scales successfully in the years ahead most quickly. we're building the most resilient diversified fuel strategy in the sector because we know fuel optionality will determine who scales successfully in the years ahead most quickly We don't yet know where HALEU costs will ultimately land, but what we do know is that Oklo has more pathways and flexibility than other companies in the space. we don't yet know where haleu costs will ultimately land but what we do know is that oklo has more pathways and flexibility than other companies in the space We'll continue refining our cost models and expect to share more detailed updates next year as the pricing picture becomes clearer. we'll continue refining our cost models and expect to share more detailed updates next year as the pricing picture becomes clearer The takeaway today is straightforward. the takeaway today is straightforward Fuel markets are changing, and Oklo is built to adapt, especially in the current fuel environment with additional government materials becoming available to serve as bridge fuel supplies. fuel markets are changing and oklo is built to adapt especially in the current fuel environment with additional government materials becoming available to serve as bridge fuel supplies We think it's useful to spend a little time illuminating HALEU supply chains and how they work. we think it's useful to spend a little time illuminating haleu supply chains and how they work The current models in the U.S. the current models in the u.s and in the world, generally speaking, involve several steps, starting with uranium mining, to then uranium milling, to then conversion, to then enrichment, to then de-conversion, and then ultimately to fuel fabrication. Next-generation models might change this significantly. This is one of the reasons why we take a multi-prong approach in partnering with HALEU providers, not just to work with those operating today in the supply chains that fit today's models, but also for next-generation technologies that have the potential to have lower capital and operating costs, that can simplify the processes and offer value chain consolidation, and operate more flexibly, which can altogether mean opportunities for lower-cost HALEU. Beyond HALEU, Oklo is also taking a multi-pronged approach for sourcing fuel both in the near-term as well as the long-term. and in the world, generally speaking, involve several steps, starting with uranium mining, to then uranium milling, to then conversion, to then enrichment, to then de-conversion, and then ultimately to fuel fabrication. and in the world generally speaking involve several steps starting with uranium mining to then uranium milling to then conversion to then enrichment to then de-conversion and then ultimately to fuel fabrication Next-generation models might change this significantly. next-generation models might change this significantly This is one of the reasons why we take a multi-prong approach in partnering with HALEU providers, not just to work with those operating today in the supply chains that fit today's models, but also for next-generation technologies that have the potential to have lower capital and operating costs, that can simplify the processes and offer value chain consolidation, and operate more flexibly, which can altogether mean opportunities for lower-cost HALEU. this is one of the reasons why we take a multi-prong approach in partnering with haleu providers not just to work with those operating today in the supply chains that fit today's models but also for next-generation technologies that have the potential to have lower capital and operating costs that can simplify the processes and offer value chain consolidation and operate more flexibly which can altogether mean opportunities for lower-cost haleu Beyond HALEU, Oklo is also taking a multi-pronged approach for sourcing fuel both in the near-term as well as the long-term. beyond haleu oklo is also taking a multi-pronged approach for sourcing fuel both in the near-term as well as the long-term We discussed this a little bit already, but there are several major pools of material to think about for fueling our reactors going forward. For one, there are significant government uranium reserves. Some of this material stands in highly enriched form and can be downblended into fuel for reactors. Some of it might also be in prior or previously irradiated fuel that can be recovered and then produced into fuel for reactors. That is where we're getting the first 5 tons of fuel for our first plant, 5 tons of fuel produced from EBR-II fuel that has been recovered and downblended to make fuel suitable for use in our Aurora plant. An important feature about some of that material is that it carries impurities because it spent time in a reactor. We discussed this a little bit already, but there are several major pools of material to think about for fueling our reactors going forward. we discussed this a little bit already but there are several major pools of material to think about for fueling our reactors going forward For one, there are significant government uranium reserves. for one there are significant government uranium reserves Some of this material stands in highly enriched form and can be downblended into fuel for reactors. some of this material stands in highly enriched form and can be downblended into fuel for reactors Some of it might also be in prior or previously irradiated fuel that can be recovered and then produced into fuel for reactors. some of it might also be in prior or previously irradiated fuel that can be recovered and then produced into fuel for reactors That is where we're getting the first 5 tons of fuel for our first plant, 5 tons of fuel produced from EBR-II fuel that has been recovered and downblended to make fuel suitable for use in our Aurora plant. that is where we're getting the first 5 tons of fuel for our first plant 5 tons of fuel produced from ebr-ii fuel that has been recovered and downblended to make fuel suitable for use in our aurora plant An important feature about some of that material is that it carries impurities because it spent time in a reactor. an important feature about some of that material is that it carries impurities because it spent time in a reactor Those impurities do not necessarily make it suitable for all reactors to be able to use it, but our reactor, by being a fast reactor and by being designed to be versatile in its fuel, can use it. Additionally, the government has significant reserves of plutonium that it is now making available as a bridge source of fuel for commercial power plants. This is significant because the government recently announced up to 20 tons being made available in tranches. That could be made into about 180 metric tons of Aurora fuel. This is a massive bridge supply of fuel that can get us beyond not just our first few plants, but out into our first 10-20 plants within an opportunity to scale beyond that with commercial enrichment sourcing as well as recycling. Those impurities do not necessarily make it suitable for all reactors to be able to use it, but our reactor, by being a fast reactor and by being designed to be versatile in its fuel, can use it. those impurities do not necessarily make it suitable for all reactors to be able to use it but our reactor by being a fast reactor and by being designed to be versatile in its fuel can use it Additionally, the government has significant reserves of plutonium that it is now making available as a bridge source of fuel for commercial power plants. additionally the government has significant reserves of plutonium that it is now making available as a bridge source of fuel for commercial power plants This is significant because the government recently announced up to 20 tons being made available in tranches. this is significant because the government recently announced up to 20 tons being made available in tranches That could be made into about 180 metric tons of Aurora fuel. that could be made into about 180 metric tons of aurora fuel This is a massive bridge supply of fuel that can get us beyond not just our first few plants, but out into our first 10-20 plants within an opportunity to scale beyond that with commercial enrichment sourcing as well as recycling. this is a massive bridge supply of fuel that can get us beyond not just our first few plants but out into our first 10-20 plants within an opportunity to scale beyond that with commercial enrichment sourcing as well as recycling The way this works is by taking the plutonium and blending it with unenriched uranium to make a fuel that can be used in our reactors. That negates and avoids the need for any enrichment and can accelerate time to market as well as reduce total capital investments needed to actually produce fuel for our plants. We are exploring the opportunities to use this material, given that it can be a significant bridge to future supplies. Those future supplies really comprise two main approaches as how we think about it. There are the conventional enrichers that, in many cases, are already producing LEU and are either actively or exploring expanding production into HALEU, as well as advanced enrichers that bring forward different technologies and centrifuges that have unique upside and potential, but may, in some cases, stand lower on the technology readiness development spectrum. The way this works is by taking the plutonium and blending it with unenriched uranium to make a fuel that can be used in our reactors. the way this works is by taking the plutonium and blending it with unenriched uranium to make a fuel that can be used in our reactors That negates and avoids the need for any enrichment and can accelerate time to market as well as reduce total capital investments needed to actually produce fuel for our plants. that negates and avoids the need for any enrichment and can accelerate time to market as well as reduce total capital investments needed to actually produce fuel for our plants We are exploring the opportunities to use this material, given that it can be a significant bridge to future supplies. we are exploring the opportunities to use this material given that it can be a significant bridge to future supplies Those future supplies really comprise two main approaches as how we think about it. those future supplies really comprise two main approaches as how we think about it There are the conventional enrichers that, in many cases, are already producing LEU and are either actively or exploring expanding production into HALEU, as well as advanced enrichers that bring forward different technologies and centrifuges that have unique upside and potential, but may, in some cases, stand lower on the technology readiness development spectrum. there are the conventional enrichers that in many cases are already producing leu and are either actively or exploring expanding production into haleu as well as advanced enrichers that bring forward different technologies and centrifuges that have unique upside and potential but may in some cases stand lower on the technology readiness development spectrum These technologies offer opportunities for value chain consolidation, lower costs of production, lower costs of operation, and ultimately the ability to use lower-cost feedstocks. This can ultimately translate to lower-cost HALEU at scale as well. Ultimately, recycling is a key part of our fuel strategy because of how significant it is in unlocking significant reserves of fuel. I use that term duplicitously on purpose, significant, because it is hard to overstate how much material there is in the U.S. that can be made into fuel. The reason this is the case is because reactors, in general, only use a few percent of the fuel in one pass. Today's reactors, for example, only use about 5% of the fuel in a single pass through their reactor. That means the used fuel that is discharged, or often referred to as waste, actually has about 95% of its fuel remaining. These technologies offer opportunities for value chain consolidation, lower costs of production, lower costs of operation, and ultimately the ability to use lower-cost feedstocks. these technologies offer opportunities for value chain consolidation lower costs of production lower costs of operation and ultimately the ability to use lower-cost feedstocks This can ultimately translate to lower-cost HALEU at scale as well. this can ultimately translate to lower-cost haleu at scale as well Ultimately, recycling is a key part of our fuel strategy because of how significant it is in unlocking significant reserves of fuel. ultimately recycling is a key part of our fuel strategy because of how significant it is in unlocking significant reserves of fuel I use that term duplicitously on purpose, significant, because it is hard to overstate how much material there is in the U.S. that can be made into fuel. i use that term duplicitously on purpose significant because it is hard to overstate how much material there is in the u.s that can be made into fuel The reason this is the case is because reactors, in general, only use a few percent of the fuel in one pass. the reason this is the case is because reactors in general only use a few percent of the fuel in one pass Today's reactors, for example, only use about 5% of the fuel in a single pass through their reactor. today's reactors for example only use about 5% of the fuel in a single pass through their reactor That means the used fuel that is discharged, or often referred to as waste, actually has about 95% of its fuel remaining. that means the used fuel that is discharged or often referred to as waste actually has about 95% of its fuel remaining With our recycling technologies, we can tap into that, pull that material out, and reuse it as fuel in our reactors. We can also recycle the fuel from our reactors as well as other advanced reactors that will likely get built. This positions Oklo well to have a long-term, very durable supply of fuel going forward. Continuing on recycling, one of our biggest advancements this quarter was the announcement of our Advanced Fuel Center in Tennessee, beginning with a fuel recycling facility located in Oak Ridge. This is the first privately funded recycling facility of its kind in the U.S., representing an investment of up to $1.68 billion and creating more than 800 permanent jobs. In addition to the fuel recycling facility, this investment is expected to include other Oklo assets, such as one or more powerhouses and a fuel fabrication facility. With our recycling technologies, we can tap into that, pull that material out, and reuse it as fuel in our reactors. with our recycling technologies we can tap into that pull that material out and reuse it as fuel in our reactors We can also recycle the fuel from our reactors as well as other advanced reactors that will likely get built. we can also recycle the fuel from our reactors as well as other advanced reactors that will likely get built This positions Oklo well to have a long-term, very durable supply of fuel going forward. this positions oklo well to have a long-term very durable supply of fuel going forward Continuing on recycling, one of our biggest advancements this quarter was the announcement of our Advanced Fuel Center in Tennessee, beginning with a fuel recycling facility located in Oak Ridge. continuing on recycling one of our biggest advancements this quarter was the announcement of our advanced fuel center in tennessee beginning with a fuel recycling facility located in oak ridge This is the first privately funded recycling facility of its kind in the U.S., representing an investment of up to $1.68 billion and creating more than 800 permanent jobs. this is the first privately funded recycling facility of its kind in the u.s representing an investment of up to $1.68 billion and creating more than 800 permanent jobs In addition to the fuel recycling facility, this investment is expected to include other Oklo assets, such as one or more powerhouses and a fuel fabrication facility. in addition to the fuel recycling facility this investment is expected to include other oklo assets such as one or more powerhouses and a fuel fabrication facility The facility adds another layer of vertical integration to Oklo's business, enabling us to convert used fuel into new metal fuel for our powerhouses. It strengthens U.S. capability and gives Oklo more supply chain control on our path to scale. We're tracking towards an initial production ramp-up in the early 2030s, with regulatory engagement already underway through the NRC pre-application process. We're also working with the Tennessee Valley Authority on potential collaboration around used nuclear fuel feedstock transfer as well as power generation from Aurora powerhouses. This project isn't just about fuel supply. It's about creating a durable domestic foundation for advanced nuclear power. It anchors Oklo's long-term fuel strategy and positions Tennessee as a national hub for clean energy manufacturing and innovation. In parallel, there's growing federal support for advanced fuel recycling. The facility adds another layer of vertical integration to Oklo's business, enabling us to convert used fuel into new metal fuel for our powerhouses. the facility adds another layer of vertical integration to oklo's business enabling us to convert used fuel into new metal fuel for our powerhouses It strengthens U.S. capability and gives Oklo more supply chain control on our path to scale. it strengthens u.s capability and gives oklo more supply chain control on our path to scale We're tracking towards an initial production ramp-up in the early 2030s, with regulatory engagement already underway through the NRC pre-application process. we're tracking towards an initial production ramp-up in the early 2030s with regulatory engagement already underway through the nrc pre-application process We're also working with the Tennessee Valley Authority on potential collaboration around used nuclear fuel feedstock transfer as well as power generation from Aurora powerhouses. we're also working with the tennessee valley authority on potential collaboration around used nuclear fuel feedstock transfer as well as power generation from aurora powerhouses This project isn't just about fuel supply. this project isn't just about fuel supply It's about creating a durable domestic foundation for advanced nuclear power. it's about creating a durable domestic foundation for advanced nuclear power It anchors Oklo's long-term fuel strategy and positions Tennessee as a national hub for clean energy manufacturing and innovation. it anchors oklo's long-term fuel strategy and positions tennessee as a national hub for clean energy manufacturing and innovation In parallel, there's growing federal support for advanced fuel recycling. in parallel there's growing federal support for advanced fuel recycling Just last week, the Senate Energy and Public Works Committee announced the Nuclear Refuel Act of 2025, which proposes updates to the Atomic Energy Act to provide regulatory clarity for licensing advanced fuel recycling facilities. If enacted, this legislation could further streamline the licensing process for our Tennessee facility. Building on the momentum from the Tennessee Fuel Center, we were also selected by the Department of Energy for the Advanced Nuclear Fuel Line Pilot Program. This program is designed to accelerate construction and operation of domestic fuel fabrication facilities, strengthening U.S. capability and ensuring that advanced reactors like ours have a reliable long-term supply of fuel. Under this initiative, DOE awarded three Oklo-led fuel-related projects, allowing us to build and operate facilities that directly support our powerhouse deployments and complement the work underway at our Advanced Fuel Center and Aurora INL Fuel Fabrication Facility. Just last week, the Senate Energy and Public Works Committee announced the Nuclear Refuel Act of 2025, which proposes updates to the Atomic Energy Act to provide regulatory clarity for licensing advanced fuel recycling facilities. just last week the senate energy and public works committee announced the nuclear refuel act of 2025 which proposes updates to the atomic energy act to provide regulatory clarity for licensing advanced fuel recycling facilities If enacted, this legislation could further streamline the licensing process for our Tennessee facility. if enacted this legislation could further streamline the licensing process for our tennessee facility Building on the momentum from the Tennessee Fuel Center, we were also selected by the Department of Energy for the Advanced Nuclear Fuel Line Pilot Program. building on the momentum from the tennessee fuel center we were also selected by the department of energy for the advanced nuclear fuel line pilot program This program is designed to accelerate construction and operation of domestic fuel fabrication facilities, strengthening U.S. capability and ensuring that advanced reactors like ours have a reliable long-term supply of fuel. this program is designed to accelerate construction and operation of domestic fuel fabrication facilities strengthening u.s capability and ensuring that advanced reactors like ours have a reliable long-term supply of fuel Under this initiative, DOE awarded three Oklo-led fuel-related projects, allowing us to build and operate facilities that directly support our powerhouse deployments and complement the work underway at our Advanced Fuel Center and Aurora INL Fuel Fabrication Facility. under this initiative doe awarded three oklo-led fuel-related projects allowing us to build and operate facilities that directly support our powerhouse deployments and complement the work underway at our advanced fuel center and aurora inl fuel fabrication facility The Fuel Line Pilot Program mirrors the intent of the Reactor Pilot Program to create alternative pathways for advanced nuclear deployment that move faster, streamline reviews, and leverage private investment alongside federal oversight. For Oklo, it does three important things. It presents an opportunity to secure near-term fuel for early powerhouses, reducing one of the biggest bottlenecks facing the industry. It reinforces U.S. manufacturing and fuel independence, supporting the national effort to rebuild domestic nuclear capacity, and it stacks directly with our Tennessee facility, creating a vertically integrated ecosystem for recycling, fabrication, and deployment. Together, these programs, Reactor Pilot and Fuel Line Pilots, form the backbone of a modern U.S. nuclear strategy, and Oklo is one of the few companies positioned across both with the capability to deliver on near-term milestones while building the infrastructure for the long-term. The Fuel Line Pilot Program mirrors the intent of the Reactor Pilot Program to create alternative pathways for advanced nuclear deployment that move faster, streamline reviews, and leverage private investment alongside federal oversight. the fuel line pilot program mirrors the intent of the reactor pilot program to create alternative pathways for advanced nuclear deployment that move faster streamline reviews and leverage private investment alongside federal oversight For Oklo, it does three important things. for oklo it does three important things It presents an opportunity to secure near-term fuel for early powerhouses, reducing one of the biggest bottlenecks facing the industry. it presents an opportunity to secure near-term fuel for early powerhouses reducing one of the biggest bottlenecks facing the industry It reinforces U.S. manufacturing and fuel independence, supporting the national effort to rebuild domestic nuclear capacity, and it stacks directly with our Tennessee facility, creating a vertically integrated ecosystem for recycling, fabrication, and deployment. it reinforces u.s manufacturing and fuel independence supporting the national effort to rebuild domestic nuclear capacity and it stacks directly with our tennessee facility creating a vertically integrated ecosystem for recycling fabrication and deployment Together, these programs, Reactor Pilot and Fuel Line Pilots, form the backbone of a modern U.S. nuclear strategy, and Oklo is one of the few companies positioned across both with the capability to deliver on near-term milestones while building the infrastructure for the long-term. together these programs reactor pilot and fuel line pilots form the backbone of a modern u.s nuclear strategy and oklo is one of the few companies positioned across both with the capability to deliver on near-term milestones while building the infrastructure for the long-term With that, I'll pass it to Craig to share progress on our strategic partnerships and financials. Craig? With that, I'll pass it to Craig to share progress on our strategic partnerships and financials. with that i'll pass it to craig to share progress on our strategic partnerships and financials Craig? craig

Speaker 8: Thanks, Jake. As Jake mentioned, Oklo is leading the advanced nuclear effort here in the U.S., but we are also experiencing growing international momentum around fast reactors and metal fuel technology. This quarter, we signed new transatlantic partnerships with Moltex and Nucleo, two European companies advancing fast reactor and fuel fabrication technologies. These collaborations strengthen our supply chain strategies, expand our technology base, and align with broader trends across both the U.S. and Europe for a renewed commitment to nuclear innovation, manufacturing, and partnership. With Moltex, we entered into a joint technology development agreement to collaborate in key areas where there's mutual benefit, such as balance of plant components, regulatory learnings, and fuel strategy. We also co-led their recent funding round, building a cross-Atlantic partnership that benefits both companies. Thanks, Jake. thanks jake As Jake mentioned, Oklo is leading the advanced nuclear effort here in the U.S., but we are also experiencing growing international momentum around fast reactors and metal fuel technology. as jake mentioned oklo is leading the advanced nuclear effort here in the u.s but we are also experiencing growing international momentum around fast reactors and metal fuel technology This quarter, we signed new transatlantic partnerships with Moltex and Nucleo, two European companies advancing fast reactor and fuel fabrication technologies. this quarter we signed new transatlantic partnerships with moltex and nucleo two european companies advancing fast reactor and fuel fabrication technologies These collaborations strengthen our supply chain strategies, expand our technology base, and align with broader trends across both the U.S. and Europe for a renewed commitment to nuclear innovation, manufacturing, and partnership. these collaborations strengthen our supply chain strategies expand our technology base and align with broader trends across both the u.s and europe for a renewed commitment to nuclear innovation manufacturing and partnership With Moltex, we entered into a joint technology development agreement to collaborate in key areas where there's mutual benefit, such as balance of plant components, regulatory learnings, and fuel strategy. with moltex we entered into a joint technology development agreement to collaborate in key areas where there's mutual benefit such as balance of plant components regulatory learnings and fuel strategy We also co-led their recent funding round, building a cross-Atlantic partnership that benefits both companies. we also co-led their recent funding round building a cross-atlantic partnership that benefits both companies With Nucleo, we've launched a strategic partnership to develop advanced fuel fabrication and manufacturing infrastructure in the United States under domestic oversight. Nucleo could invest up to $2 billion through an affiliated vehicle to expand U.S. capacity and support our metal fuel platform. Taken together, these collaborations represent the next step in Oklo's evolution and could help us accelerate cost reduction, leverage international capital, and extend our reach into markets where demand for advanced nuclear power is growing rapidly. Oklo is combining proven fast reactor technology with a global ecosystem of partners, suppliers, and investors who are equally focused on delivering scalable, zero-carbon baseload power. I'll now provide a summary of our financials. Oklo's third-quarter operating loss was $36.3 million, inclusive of non-cash stock-based compensation expense of $9.1 million. With Nucleo, we've launched a strategic partnership to develop advanced fuel fabrication and manufacturing infrastructure in the United States under domestic oversight. with nucleo we've launched a strategic partnership to develop advanced fuel fabrication and manufacturing infrastructure in the united states under domestic oversight Nucleo could invest up to $2 billion through an affiliated vehicle to expand U.S. capacity and support our metal fuel platform. nucleo could invest up to $2 billion through an affiliated vehicle to expand u.s capacity and support our metal fuel platform Taken together, these collaborations represent the next step in Oklo's evolution and could help us accelerate cost reduction, leverage international capital, and extend our reach into markets where demand for advanced nuclear power is growing rapidly. taken together these collaborations represent the next step in oklo's evolution and could help us accelerate cost reduction leverage international capital and extend our reach into markets where demand for advanced nuclear power is growing rapidly Oklo is combining proven fast reactor technology with a global ecosystem of partners, suppliers, and investors who are equally focused on delivering scalable, zero-carbon baseload power. oklo is combining proven fast reactor technology with a global ecosystem of partners suppliers and investors who are equally focused on delivering scalable zero-carbon baseload power I'll now provide a summary of our financials. i'll now provide a summary of our financials Oklo's third-quarter operating loss was $36.3 million, inclusive of non-cash stock-based compensation expense of $9.1 million. oklo's third-quarter operating loss was $36.3 million inclusive of non-cash stock-based compensation expense of $9.1 million Oklo's loss before income taxes in the third quarter was $29.2 million, which reflects our operating loss adjusted for net interest income of $7.1 million. On a year-to-date basis, when adjusting for non-cash stock-based compensation charges, changes to working capital, and deferred income tax benefits, the cash used in operating activities equates to $48.7 million. We still expect, on a full-year basis, our cash used in operating activities to be within our guided range of $65 million-$80 million that we disclosed at the start of this year. In addition, to build on earlier discussion points in this company update, we have started to make modest capital investments in 2025, which include advancing deployment of activities at INL for our Aurora powerhouse and fuel fabrication facilities, as well as for the Reactor Pilot programs for which we have been selected. Oklo's loss before income taxes in the third quarter was $29.2 million, which reflects our operating loss adjusted for net interest income of $7.1 million. oklo's loss before income taxes in the third quarter was $29.2 million which reflects our operating loss adjusted for net interest income of $7.1 million On a year-to-date basis, when adjusting for non-cash stock-based compensation charges, changes to working capital, and deferred income tax benefits, the cash used in operating activities equates to $48.7 million. on a year-to-date basis when adjusting for non-cash stock-based compensation charges changes to working capital and deferred income tax benefits the cash used in operating activities equates to $48.7 million We still expect, on a full-year basis, our cash used in operating activities to be within our guided range of $65 million-$80 million that we disclosed at the start of this year. we still expect on a full-year basis our cash used in operating activities to be within our guided range of $65 million-$80 million that we disclosed at the start of this year In addition, to build on earlier discussion points in this company update, we have started to make modest capital investments in 2025, which include advancing deployment of activities at INL for our Aurora powerhouse and fuel fabrication facilities, as well as for the Reactor Pilot programs for which we have been selected. in addition to build on earlier discussion points in this company update we have started to make modest capital investments in 2025 which include advancing deployment of activities at inl for our aurora powerhouse and fuel fabrication facilities as well as for the reactor pilot programs for which we have been selected The Reactor Pilot Program not only includes work in our power and fuel businesses, but also the award received by Atomic Alchemy. This spin has been enabled by various accelerators we have seen across the business in 2025. Finally, in the third quarter, we successfully completed an at-the-market fundraising program, generating $540 million in gross proceeds, providing the company with additional cash on hand to deliver our enhanced growth agenda. As a result of the capital raise, we ended third quarter with approximately $1.2 billion in cash and marketable securities on our balance sheet. As we wrap up, I want to connect the key themes you've heard today to what makes Oklo a compelling investment opportunity. We are now executing, not theorizing, on advanced nuclear power. Our proven fast reactor technology is designed for speed, simplicity, and scalability, and our first powerhouse at INL is under construction. The Reactor Pilot Program not only includes work in our power and fuel businesses, but also the award received by Atomic Alchemy. the reactor pilot program not only includes work in our power and fuel businesses but also the award received by atomic alchemy This spin has been enabled by various accelerators we have seen across the business in 2025. this spin has been enabled by various accelerators we have seen across the business in 2025 Finally, in the third quarter, we successfully completed an at-the-market fundraising program, generating $540 million in gross proceeds, providing the company with additional cash on hand to deliver our enhanced growth agenda. finally in the third quarter we successfully completed an at-the-market fundraising program generating $540 million in gross proceeds providing the company with additional cash on hand to deliver our enhanced growth agenda As a result of the capital raise, we ended third quarter with approximately $1.2 billion in cash and marketable securities on our balance sheet. as a result of the capital raise we ended third quarter with approximately $1.2 billion in cash and marketable securities on our balance sheet As we wrap up, I want to connect the key themes you've heard today to what makes Oklo a compelling investment opportunity. as we wrap up i want to connect the key themes you've heard today to what makes oklo a compelling investment opportunity We are now executing, not theorizing, on advanced nuclear power. we are now executing not theorizing on advanced nuclear power Our proven fast reactor technology is designed for speed, simplicity, and scalability, and our first powerhouse at INL is under construction. our proven fast reactor technology is designed for speed simplicity and scalability and our first powerhouse at inl is under construction We've built a fully integrated fuel strategy that few others can match, from early access to fuel for the Aurora INL powerhouse to fabrication under the Department of Energy's Fuel Line Pilots to long-term recycling through our Advanced Fuel Center in Tennessee. We have based our strategy on feedstock integration and multiple long-term fuel cycle delivery pathways that should provide cost stability and supply security as we grow our fleet. Our radioisotope business has a high-margin adjacent revenue stream that leverages a similar technology base, regulatory pathway, facilities, and core competencies to further diversify our earnings potential. Our build-own-operate model creates recurring revenue through long-term power contracts, driving margin visibility and capital efficiency. Finally, our growing customer pipeline for power spans data centers, defense, utilities, and industrials, confirming strong, durable demand for what we are building. We've built a fully integrated fuel strategy that few others can match, from early access to fuel for the Aurora INL powerhouse to fabrication under the Department of Energy's Fuel Line Pilots to long-term recycling through our Advanced Fuel Center in Tennessee. we've built a fully integrated fuel strategy that few others can match from early access to fuel for the aurora inl powerhouse to fabrication under the department of energy's fuel line pilots to long-term recycling through our advanced fuel center in tennessee We have based our strategy on feedstock integration and multiple long-term fuel cycle delivery pathways that should provide cost stability and supply security as we grow our fleet. we have based our strategy on feedstock integration and multiple long-term fuel cycle delivery pathways that should provide cost stability and supply security as we grow our fleet Our radioisotope business has a high-margin adjacent revenue stream that leverages a similar technology base, regulatory pathway, facilities, and core competencies to further diversify our earnings potential. our radioisotope business has a high-margin adjacent revenue stream that leverages a similar technology base regulatory pathway facilities and core competencies to further diversify our earnings potential Our build-own-operate model creates recurring revenue through long-term power contracts, driving margin visibility and capital efficiency. our build-own-operate model creates recurring revenue through long-term power contracts driving margin visibility and capital efficiency Finally, our growing customer pipeline for power spans data centers, defense, utilities, and industrials, confirming strong, durable demand for what we are building. finally our growing customer pipeline for power spans data centers defense utilities and industrials confirming strong durable demand for what we are building In short, Oklo is delivering on its plans, proven technology, a differentiated fuel strategy, global partnerships, and a business model designed to scale. We're executing today and positioned to lead the next era of clean, reliable energy. Operator, we are now ready to take questions. In short, Oklo is delivering on its plans, proven technology, a differentiated fuel strategy, global partnerships, and a business model designed to scale. in short oklo is delivering on its plans proven technology a differentiated fuel strategy global partnerships and a business model designed to scale We're executing today and positioned to lead the next era of clean, reliable energy. we're executing today and positioned to lead the next era of clean reliable energy Operator, we are now ready to take questions. operator we are now ready to take questions

Speaker 2: As a reminder to ask a question, simply press star one on your telephone keypad. We do respectfully ask that you limit your questions to one and one follow-up. Our first question comes from the line of Ryan Pfingst with B. Riley. Please go ahead. As a reminder to ask a question, simply press star one on your telephone keypad. as a reminder to ask a question simply press star one on your telephone keypad We do respectfully ask that you limit your questions to one and one follow-up. we do respectfully ask that you limit your questions to one and one follow-up Our first question comes from the line of Ryan Pfingst with B. our first question comes from the line of ryan pfingst with b Riley. riley Please go ahead. please go ahead

Speaker 10: Hey, guys. Thanks for taking my questions. Just want to make sure I'm clear on the DOE authorization. Does the INL plant shifting to the DOE pathway change your requirement to submit a COLA with the NRC for that project, or is that something you still have to do? Hey, guys. hey guys Thanks for taking my questions. thanks for taking my questions Just want to make sure I'm clear on the DOE authorization. just want to make sure i'm clear on the doe authorization Does the INL plant shifting to the DOE pathway change your requirement to submit a COLA with the NRC for that project, or is that something you still have to do? does the inl plant shifting to the doe pathway change your requirement to submit a cola with the nrc for that project or is that something you still have to do Has the government shutdown impacted your ability to do that at all? Thanks. Has the government shutdown impacted your ability to do that at all? has the government shutdown impacted your ability to do that at all Thanks. thanks

Speaker 1: Hey, Ryan. Thanks for the question. I think, yes, we no longer need to do a COLA, right? We are going through the DOE authorization process, which is inherently quite different. We do not have to do that anymore. At the end of the day, to build, at the end of the day, we will still do some kind of combined license type application to the NRC, part of it being a little bit redefined and developed based on even just this MOU signed between the NRC and DOE, which was a pretty big deal just last week or the week before. Hey, Ryan. hey ryan Thanks for the question. thanks for the question I think, yes, we no longer need to do a COLA, right? i think yes we no longer need to do a cola right We are going through the DOE authorization process, which is inherently quite different. we are going through the doe authorization process which is inherently quite different We do not have to do that anymore. we do not have to do that anymore At the end of the day, to build, at the end of the day, we will still do some kind of combined license type application to the NRC, part of it being a little bit redefined and developed based on even just this MOU signed between the NRC and DOE, which was a pretty big deal just last week or the week before. at the end of the day to build at the end of the day, we will still do some kind of combined license type application to the nrc part of it being a little bit redefined and developed based on even just this mou signed between the nrc and doe which was a pretty big deal just last week or the week before It sets the stage for how the facility would then become a commercial operating NRC license plant at some point after we get through some of the initial startup and operational kind of frame and paradigm, I should say. Yeah, now it is just through a different DOE process. What's huge about this is this is a muscle that, if you think about it, there are three major agencies that, right, to do nuclear authorization or permitting. Obviously, the NRC, then there is the Department of Energy, and then the Department of War. Those three agencies have those abilities. DOE and DOD/DOW have not really used those very much recently, but they have that history. They have used them, and they do have continued oversight of the programs, but they are using them now a lot more. This, by the way, was not just something that happened overnight. It sets the stage for how the facility would then become a commercial operating NRC license plant at some point after we get through some of the initial startup and operational kind of frame and paradigm, I should say. it sets the stage for how the facility would then become a commercial operating nrc license plant at some point after we get through some of the initial startup and operational kind of frame and paradigm i should say Yeah, now it is just through a different DOE process. yeah now it is just through a different doe process What's huge about this is this is a muscle that, if you think about it, there are three major agencies that, right, to do nuclear authorization or permitting. what's huge about this is this is a muscle that if you think about it, there are three major agencies that right to do nuclear authorization or permitting Obviously, the NRC, then there is the Department of Energy, and then the Department of War. obviously the nrc then there is the department of energy and then the department of war Those three agencies have those abilities. those three agencies have those abilities DOE and DOD/DOW have not really used those very much recently, but they have that history. doe and dod/dow have not really used those very much recently but they have that history They have used them, and they do have continued oversight of the programs, but they are using them now a lot more. they have used them and they do have continued oversight of the programs but they are using them now a lot more This, by the way, was not just something that happened overnight. this by the way was not just something that happened overnight This goes back to the Nuclear Energy Innovation and Capabilities Act, NEICA, that was passed into law in 2018 that set the stage for this. It was just following the executive orders that really supercharged this effort. DOE has really leaned into it, and it has kind of empowered that ability to do these things. What's cool about it is it changes the cadence compared to what the NRC had. The NRC framework said you have to do a lot of upfront licensing work before you can build and operate the plant meaningfully. Part of why we're able to break ground and move into meaningful construction is because this DOE process gives you the flexibility to build while you're going through the different steps of basically authorization up until loading fuel and turning it on. This goes back to the Nuclear Energy Innovation and Capabilities Act, NEICA, that was passed into law in 2018 that set the stage for this. this goes back to the nuclear energy innovation and capabilities act neica that was passed into law in 2018 that set the stage for this It was just following the executive orders that really supercharged this effort. it was just following the executive orders that really supercharged this effort DOE has really leaned into it, and it has kind of empowered that ability to do these things. doe has really leaned into it and it has kind of empowered that ability to do these things What's cool about it is it changes the cadence compared to what the NRC had. what's cool about it is it changes the cadence compared to what the nrc had The NRC framework said you have to do a lot of upfront licensing work before you can build and operate the plant meaningfully. the nrc framework said you have to do a lot of upfront licensing work before you can build and operate the plant meaningfully Part of why we're able to break ground and move into meaningful construction is because this DOE process gives you the flexibility to build while you're going through the different steps of basically authorization up until loading fuel and turning it on. part of why we're able to break ground and move into meaningful construction is because this doe process gives you the flexibility to build while you're going through the different steps of basically authorization up until loading fuel and turning it on That gives you a lot more flexibility to just move into a build mode and iterate a lot faster. Something that I think is really important and that you see in pretty much every other industry. In many ways, this has taken off a huge amount of the regulatory risk, has changed the paradigm so that we can build in parallel, and has opened the path for a different kind of approach. Mind you, the Department of Energy has a long history of doing regulatory oversight and authorization of certain fast reactors like we're developing. They were the ones that provided the regulatory authorization for EBR-II, for FFTF, and continued that oversight into operations. They know how to do this better than probably anybody. It is a really great kind of fit. That gives you a lot more flexibility to just move into a build mode and iterate a lot faster. that gives you a lot more flexibility to just move into a build mode and iterate a lot faster Something that I think is really important and that you see in pretty much every other industry. something that i think is really important and that you see in pretty much every other industry In many ways, this has taken off a huge amount of the regulatory risk, has changed the paradigm so that we can build in parallel, and has opened the path for a different kind of approach. in many ways this has taken off a huge amount of the regulatory risk has changed the paradigm so that we can build in parallel and has opened the path for a different kind of approach Mind you, the Department of Energy has a long history of doing regulatory oversight and authorization of certain fast reactors like we're developing. mind you the department of energy has a long history of doing regulatory oversight and authorization of certain fast reactors like we're developing They were the ones that provided the regulatory authorization for EBR-II, for FFTF, and continued that oversight into operations. they were the ones that provided the regulatory authorization for ebr-ii for fftf and continued that oversight into operations They know how to do this better than probably anybody. they know how to do this better than probably anybody It is a really great kind of fit. it is a really great kind of fit We looked at this pathway as it existed before back in the past, but it was not in any way modernized. Since NECA passed and then following the EOs, it has been, which made a ton of sense then for us to move into that space, not to mention kind of the enhanced work between the NRC and DOE to obviously leverage this. The interesting thing is, right, DOE reviewers, NRC reviewers as well, they would all also use our national laboratory experts in this country, one of the key kind of things we have as a country. What is great about that is that actually means that there is going to be residual expertise and experience gained through our approaching this through DOE that will also help us in the NRC space. We looked at this pathway as it existed before back in the past, but it was not in any way modernized. we looked at this pathway as it existed before back in the past but it was not in any way modernized Since NECA passed and then following the EOs, it has been, which made a ton of sense then for us to move into that space, not to mention kind of the enhanced work between the NRC and DOE to obviously leverage this. since neca passed and then following the eos it has been which made a ton of sense then for us to move into that space not to mention kind of the enhanced work between the nrc and doe to obviously leverage this The interesting thing is, right, DOE reviewers, NRC reviewers as well, they would all also use our national laboratory experts in this country, one of the key kind of things we have as a country. the interesting thing is right doe reviewers nrc reviewers as well they would all also use our national laboratory experts in this country one of the key kind of things we have as a country What is great about that is that actually means that there is going to be residual expertise and experience gained through our approaching this through DOE that will also help us in the NRC space. what is great about that is that actually means that there is going to be residual expertise and experience gained through our approaching this through doe that will also help us in the nrc space It is a huge kind of change in many, many positive ways that is going to let us move faster to build and turn on the plant and ultimately convert over to commercial operations and scale from there. It does not take away NRC licensing. It just changes the cadence. It kind of accelerates the ability to get something built and get into NRC licensing in a commercial space in a meaningful way, which is really, really accelerative for us. It is a huge kind of change in many, many positive ways that is going to let us move faster to build and turn on the plant and ultimately convert over to commercial operations and scale from there. it is a huge kind of change in many many positive ways that is going to let us move faster to build and turn on the plant and ultimately convert over to commercial operations and scale from there It does not take away NRC licensing. it does not take away nrc licensing It just changes the cadence. it just changes the cadence It kind of accelerates the ability to get something built and get into NRC licensing in a commercial space in a meaningful way, which is really, really accelerative for us. it kind of accelerates the ability to get something built and get into nrc licensing in a commercial space in a meaningful way which is really really accelerative for us

Speaker 10: Got it. Appreciate that detail, Jake. My second question, I have asked you this one before, but curious if your thinking has changed regarding order conversion from pipeline to more of something firm, and if it is starting to make more sense to try to lock in a PPA with a customer as we get closer to 2026, 2027, and ultimately that first plant being built. Got it. got it Appreciate that detail, Jake. appreciate that detail jake My second question, I have asked you this one before, but curious if your thinking has changed regarding order conversion from pipeline to more of something firm, and if it is starting to make more sense to try to lock in a PPA with a customer as we get closer to 2026, 2027, and ultimately that first plant being built. my second question i have asked you this one before but curious if your thinking has changed regarding order conversion from pipeline to more of something firm and if it is starting to make more sense to try to lock in a ppa with a customer as we get closer to 2026 2027 and ultimately that first plant being built

Speaker 1: Yeah. Our view has always been find and build the right partnerships and deals with customers and take the time to do that in the most constructive way possible for the company and not necessarily rush into PPA signing, but rather build better offtake structures because doing this inherently is not the same exact thing as sort of just doing a power offtake purchase from a solar project, which is what much of the, I would call it, legacy conventional PPA structure has been built for. There's a lot of room to be also more creative, and that opens the door to do a lot of things that are important for, frankly, de-risking a lot of things for us that the offtakers are also incentive-aligned to do with us. Yeah. yeah Our view has always been find and build the right partnerships and deals with customers and take the time to do that in the most constructive way possible for the company and not necessarily rush into PPA signing, but rather build better offtake structures because doing this inherently is not the same exact thing as sort of just doing a power offtake purchase from a solar project, which is what much of the, I would call it, legacy conventional PPA structure has been built for. our view has always been find and build the right partnerships and deals with customers and take the time to do that in the most constructive way possible for the company and not necessarily rush into ppa signing but rather build better offtake structures because doing this inherently is not the same exact thing as sort of just doing a power offtake purchase from a solar project which is what much of the i would call it legacy conventional ppa structure has been built for There's a lot of room to be also more creative, and that opens the door to do a lot of things that are important for, frankly, de-risking a lot of things for us that the offtakers are also incentive-aligned to do with us. there's a lot of room to be also more creative and that opens the door to do a lot of things that are important for frankly de-risking a lot of things for us that the offtakers are also incentive-aligned to do with us Yeah, I mean, we've continued to develop customers in the market, and we continue to do that here, and that is part of kind of our intentional cadence and strategy to do that. I think as we work towards what we're executing against, we expect to be able to kind of mature those into places that do make sense for everybody to kind of build a really constructive mutual relationship that is part of an offtake agreement that also helps de-risk some of the stuff today into that for them, for their power offtake. That's pretty powerful. That's kind of where our focus—I shouldn't say kind of—that is where our focus has been for the last over 12 months or so. We're continuing on that pace because that's what the market's quite supportive and receptive to. Yeah, I mean, we've continued to develop customers in the market, and we continue to do that here, and that is part of kind of our intentional cadence and strategy to do that. yeah i mean we've continued to develop customers in the market and we continue to do that here and that is part of kind of our intentional cadence and strategy to do that I think as we work towards what we're executing against, we expect to be able to kind of mature those into places that do make sense for everybody to kind of build a really constructive mutual relationship that is part of an offtake agreement that also helps de-risk some of the stuff today into that for them, for their power offtake. i think as we work towards what we're executing against we expect to be able to kind of mature those into places that do make sense for everybody to kind of build a really constructive mutual relationship that is part of an offtake agreement that also helps de-risk some of the stuff today into that for them for their power offtake That's pretty powerful. that's pretty powerful That's kind of where our focus—I shouldn't say kind of—that is where our focus has been for the last over 12 months or so. that's kind of where our focus—i shouldn't say kind of—that is where our focus has been for the last over 12 months or so We're continuing on that pace because that's what the market's quite supportive and receptive to. we're continuing on that pace because that's what the market's quite supportive and receptive to We expect that to continue and position us well so that going into the next year and beyond, we'll start converting those into that kind of those kinds of structures as it works. Now, each of these different offtakers and groups is going to have different knobs and levers and things to turn that work better for them respectively than maybe their peers or competitors. We got to make sure we work kind of with the right ones that can kind of lean into this in the right ways and cadence and then focus on moving that into the kind of execution phase. That's how we think about that. We expect that to continue and position us well so that going into the next year and beyond, we'll start converting those into that kind of those kinds of structures as it works. we expect that to continue and position us well so that going into the next year and beyond we'll start converting those into that kind of those kinds of structures as it works Now, each of these different offtakers and groups is going to have different knobs and levers and things to turn that work better for them respectively than maybe their peers or competitors. now each of these different offtakers and groups is going to have different knobs and levers and things to turn that work better for them respectively than maybe their peers or competitors We got to make sure we work kind of with the right ones that can kind of lean into this in the right ways and cadence and then focus on moving that into the kind of execution phase. we got to make sure we work kind of with the right ones that can kind of lean into this in the right ways and cadence and then focus on moving that into the kind of execution phase That's how we think about that. that's how we think about that I think one X factor that's interesting is part of the executive order structure includes the government's ability to be—and also, as we've seen in their policy actions, and I think as we hear about policy actions that are still developing, but around the AI side of things, enhancing the ability for them to be hosts and/or even some kind of middleman or some kind of enabling structure for data center development at DOE sites. This is still developing and speculative in many ways, but there's some interesting potential based on what the EO has put into law or put into executive action that could enable sort of interesting structures to expand deployments under the DOE authorization that are providing to the government for their own use cases as they think about critical resource needs and critical capability needs, resource needs meaning AI and compute needs. I think one X factor that's interesting is part of the executive order structure includes the government's ability to be—and also, as we've seen in their policy actions, and I think as we hear about policy actions that are still developing, but around the AI side of things, enhancing the ability for them to be hosts and/or even some kind of middleman or some kind of enabling structure for data center development at DOE sites. i think one x factor that's interesting is part of the executive order structure includes the government's ability to be—and also as we've seen in their policy actions and i think as we hear about policy actions that are still developing but around the ai side of things enhancing the ability for them to be hosts and/or even some kind of middleman or some kind of enabling structure for data center development at doe sites This is still developing and speculative in many ways, but there's some interesting potential based on what the EO has put into law or put into executive action that could enable sort of interesting structures to expand deployments under the DOE authorization that are providing to the government for their own use cases as they think about critical resource needs and critical capability needs, resource needs meaning AI and compute needs. this is still developing and speculative in many ways but there's some interesting potential based on what the eo has put into law or put into executive action that could enable sort of interesting structures to expand deployments under the doe authorization that are providing to the government for their own use cases as they think about critical resource needs and critical capability needs resource needs meaning ai and compute needs It is kind of cool to see what that might look like too, which is interesting. That is probably the biggest shift that a lot of this has opened the door for. Otherwise, we have continued to work at pace of saying, "Hey, let's find the most constructive ways to work with our customers and ultimately convert them forward based on how we can work together and what we can do to sort of more or less guarantee success in this project in a beneficial way." It is kind of cool to see what that might look like too, which is interesting. it is kind of cool to see what that might look like too which is interesting That is probably the biggest shift that a lot of this has opened the door for. that is probably the biggest shift that a lot of this has opened the door for Otherwise, we have continued to work at pace of saying, "Hey, let's find the most constructive ways to work with our customers and ultimately convert them forward based on how we can work together and what we can do to sort of more or less guarantee success in this project in a beneficial way." otherwise, we have continued to work at pace of saying "hey let's find the most constructive ways to work with our customers and ultimately convert them forward based on how we can work together and what we can do to sort of more or less guarantee success in this project in a beneficial way."

Speaker 10: Understood. Thanks, Jake. I'll turn it back. Understood. understood Thanks, Jake. thanks jake I'll turn it back. i'll turn it back

Speaker 2: Our next question comes from the line of Brian Lee with Goldman Sachs. Please go ahead. Our next question comes from the line of Brian Lee with Goldman Sachs. our next question comes from the line of brian lee with goldman sachs Please go ahead. please go ahead

Speaker 3: Hey, guys. This is Tyler Bisset on for Brian. Thanks for taking our questions. Hey, guys. hey guys This is Tyler Bisset on for Brian. this is tyler bisset on for brian Thanks for taking our questions. thanks for taking our questions Wanted to follow-up on a prior question and just wanted to confirm, are you guys still targeting commercial operations at INL to commence between late 2027 and early 2028, or does shifting to the DOE pathway accelerate that timeline? It sounds like full activation is targeted for early January. What are the next sort of milestones we should be watching out for that supports that timeline beyond January? Wanted to follow- up on a prior question and just wanted to confirm, are you guys still targeting commercial operations at INL to commence between late 2027 and early 2028, or does shifting to the DOE pathway accelerate that timeline? wanted to follow- up on a prior question and just wanted to confirm are you guys still targeting commercial operations at inl to commence between late 2027 and early 2028 or does shifting to the doe pathway accelerate that timeline It sounds like full activation is targeted for early January. it sounds like full activation is targeted for early january What are the next sort of milestones we should be watching out for that supports that timeline beyond January? what are the next sort of milestones we should be watching out for that supports that timeline beyond january

Speaker 1: Yeah. I mean, this is what's really exciting about the reactor pilot program. It opens the door for quite a bit of different ways of doing things and thinking about things in terms of cadencing these milestones. A couple of big things to pull back. We have three reactor pilot programs awarded to us. We talked about those a little bit in earnings. One is Aurora INL. The other is for the Atomic Alchemy pilot and prototype production reactor. Yeah. yeah I mean, this is what's really exciting about the reactor pilot program. i mean this is what's really exciting about the reactor pilot program It opens the door for quite a bit of different ways of doing things and thinking about things in terms of cadencing these milestones. it opens the door for quite a bit of different ways of doing things and thinking about things in terms of cadencing these milestones A couple of big things to pull back. a couple of big things to pull back We have three reactor pilot programs awarded to us. we have three reactor pilot programs awarded to us We talked about those a little bit in earnings. we talked about those a little bit in earnings One is Aurora INL. one is aurora inl The other is for the Atomic Alchemy pilot and prototype production reactor. the other is for the atomic alchemy pilot and prototype production reactor That is on pace for that plant is specifically on pace to turn on in June, July of next year, 2026. It's incredible. It's awesome. It's really cool to see how that's progressing. That is a pretty big set of milestones alone to achieve that. Obviously, we'll continue to update the market as we hit milestones on that front as we execute into that. There is the Pluto reactor, which is basically a plutonium-fueled testing reactor that will have a continued set of milestones as well. That bridges well into serving both research and development purposes for us to serve that for the government. We announced earlier today partnering with Idaho National Laboratory and the Battelle Energy Alliance about providing fast neutron radiation capabilities. Pluto will kind of expand on that capability set. That is on pace for that plant is specifically on pace to turn on in June, July of next year, 2026. that is on pace for that plant is specifically on pace to turn on in june july of next year 2026 It's incredible. it's incredible It's awesome. it's awesome It's really cool to see how that's progressing. it's really cool to see how that's progressing That is a pretty big set of milestones alone to achieve that. that is a pretty big set of milestones alone to achieve that Obviously, we'll continue to update the market as we hit milestones on that front as we execute into that. obviously we'll continue to update the market as we hit milestones on that front as we execute into that There is the Pluto reactor, which is basically a plutonium-fueled testing reactor that will have a continued set of milestones as well. there is the pluto reactor which is basically a plutonium-fueled testing reactor that will have a continued set of milestones as well That bridges well into serving both research and development purposes for us to serve that for the government. that bridges well into serving both research and development purposes for us to serve that for the government We announced earlier today partnering with Idaho National Laboratory and the Battelle Energy Alliance about providing fast neutron radiation capabilities. we announced earlier today partnering with idaho national laboratory and the battelle energy alliance about providing fast neutron radiation capabilities Pluto will kind of expand on that capability set. pluto will kind of expand on that capability set That has an incremental set of milestones that will march forward about moving towards basically plutonium-driven fuel systems and critical assemblies and system test reactors that are happening on a pretty fast timescale as well. That will continue to update the market over the course of the next three, six, nine, twelve months out. Back to part of what your question was on the Aurora INL plant. The authorization path that's important here is it allows us to move into the construction activities much more quickly so we can start building the plant. We broke ground in September. We're moving into major excavation work here coming up shortly and then moving through the full-scale procurement and activities as we speak, including stuff we've already done and stuff we're ramping forward into. That has an incremental set of milestones that will march forward about moving towards basically plutonium-driven fuel systems and critical assemblies and system test reactors that are happening on a pretty fast timescale as well. that has an incremental set of milestones that will march forward about moving towards basically plutonium-driven fuel systems and critical assemblies and system test reactors that are happening on a pretty fast timescale as well That will continue to update the market over the course of the next three, six, nine, twelve months out. that will continue to update the market over the course of the next three six nine twelve months out Back to part of what your question was on the Aurora INL plant. back to part of what your question was on the aurora inl plant The authorization path that's important here is it allows us to move into the construction activities much more quickly so we can start building the plant. the authorization path that's important here is it allows us to move into the construction activities much more quickly so we can start building the plant We broke ground in September. we broke ground in september We're moving into major excavation work here coming up shortly and then moving through the full-scale procurement and activities as we speak, including stuff we've already done and stuff we're ramping forward into. we're moving into major excavation work here coming up shortly and then moving through the full-scale procurement and activities as we speak including stuff we've already done and stuff we're ramping forward into That is going to be pretty important for us to be able to turn that plant on. We are still targeting in the 2027, 2028 timeline for that plant to commence operation, to turn on and go. There are some things that might be accelerative to benefit that, but some of that can also just help take out or accommodate some slack and other things in the system. It's just important that you can move fully into the build stage so that you can move through these things more iteratively. On top of that, a key thing that's enabling all of this is the ability to actually fabricate fuel to put into these reactors. That is going to be pretty important for us to be able to turn that plant on. that is going to be pretty important for us to be able to turn that plant on We are still targeting in the 2027, 2028 timeline for that plant to commence operation, to turn on and go. we are still targeting in the 2027 2028 timeline for that plant to commence operation to turn on and go There are some things that might be accelerative to benefit that, but some of that can also just help take out or accommodate some slack and other things in the system. there are some things that might be accelerative to benefit that but some of that can also just help take out or accommodate some slack and other things in the system It's just important that you can move fully into the build stage so that you can move through these things more iteratively. it's just important that you can move fully into the build stage so that you can move through these things more iteratively On top of that, a key thing that's enabling all of this is the ability to actually fabricate fuel to put into these reactors. on top of that a key thing that's enabling all of this is the ability to actually fabricate fuel to put into these reactors That is a critical part of the supply chain that we have been focused on for a very long time, and with the reactor pilot program and then the associated fuel pilot program, it allows us to move into that. As we talked about and we announced earlier today, we achieved some pretty sizable milestones there in a really compressed time window. It illuminates objectively how clearly beneficial these things are for us. We are building a fuel fabrication facility to make fuel for our Aurora plant in Idaho. We partnered with the government. We are using an existing building at Idaho National Laboratory to do that. That building needs to have some refurbishment and then have equipment go into it. That is a critical part of the supply chain that we have been focused on for a very long time, and with the reactor pilot program and then the associated fuel pilot program, it allows us to move into that. that is a critical part of the supply chain that we have been focused on for a very long time and with the reactor pilot program and then the associated fuel pilot program it allows us to move into that As we talked about and we announced earlier today, we achieved some pretty sizable milestones there in a really compressed time window. as we talked about and we announced earlier today we achieved some pretty sizable milestones there in a really compressed time window It illuminates objectively how clearly beneficial these things are for us. it illuminates objectively how clearly beneficial these things are for us We are building a fuel fabrication facility to make fuel for our Aurora plant in Idaho. we are building a fuel fabrication facility to make fuel for our aurora plant in idaho We partnered with the government. We are using an existing building at Idaho National Laboratory to do that. we partnered with the government. we are using an existing building at idaho national laboratory to do that That building needs to have some refurbishment and then have equipment go into it. that building needs to have some refurbishment and then have equipment go into it That building going through the traditionally kind of legacy DOE, because it's a DOE facility, DOE authorization path before the executive orders, we were moving at a pace that was on the order of like two years to kind of get close to a milestone that then when we reset the process under the pilot program, starting from zero there, granted we'd had some work done so we could kind of copy-paste over that, but we moved in two weeks to hit this significant milestone that is now allowing us to actually do the construction work there, install equipment, and fabricate fuel much more quickly. There are clear benefits that we're seeing that we are going to be in pace to have things moving faster and be able to deploy and turn that plant on. That building going through the traditionally kind of legacy DOE, because it's a DOE facility, DOE authorization path before the executive orders, we were moving at a pace that was on the order of like two years to kind of get close to a milestone that then when we reset the process under the pilot program, starting from zero there, granted we'd had some work done so we could kind of copy-paste over that, but we moved in two weeks to hit this significant milestone that is now allowing us to actually do the construction work there, install equipment, and fabricate fuel much more quickly. that building going through the traditionally kind of legacy doe because it's a doe facility doe authorization path before the executive orders we were moving at a pace that was on the order of like two years to kind of get close to a milestone that then when we reset the process under the pilot program starting from zero there granted we'd had some work done so we could kind of copy-paste over that but we moved in two weeks to hit this significant milestone that is now allowing us to actually do the construction work there install equipment and fabricate fuel much more quickly There are clear benefits that we're seeing that we are going to be in pace to have things moving faster and be able to deploy and turn that plant on. there are clear benefits that we're seeing that we are going to be in pace to have things moving faster and be able to deploy and turn that plant on I will caveat that that plant in Idaho, it is not going to be selling commercial power to the grid under DOE authorization. That's not what its intent is. It might be able to do some work selling into not just power, but radiation services to the lab complex and the Department of Energy as part of the authorization. The point is we get this built more quickly, get the initial operational experiences and everything else, and then we can take that path over to the NRC. As indicated by the expanded MOU signed for the MOU signed by DOE and the NRC just in the last week or two, they made it clear that the NRC is going to build on the DOE's work for that. I will caveat that that plant in Idaho, it is not going to be selling commercial power to the grid under DOE authorization. i will caveat that that plant in idaho it is not going to be selling commercial power to the grid under doe authorization That's not what its intent is. that's not what its intent is It might be able to do some work selling into not just power, but radiation services to the lab complex and the Department of Energy as part of the authorization. it might be able to do some work selling into not just power but radiation services to the lab complex and the department of energy as part of the authorization The point is we get this built more quickly, get the initial operational experiences and everything else, and then we can take that path over to the NRC. the point is we get this built more quickly get the initial operational experiences and everything else and then we can take that path over to the nrc As indicated by the expanded MOU signed for the MOU signed by DOE and the NRC just in the last week or two, they made it clear that the NRC is going to build on the DOE's work for that. as indicated by the expanded mou signed for the mou signed by doe and the nrc just in the last week or two they made it clear that the nrc is going to build on the doe's work for that We expect there's some new work obviously to do that kind of thing, but it's supportive that they're already getting in front of that. Part of why they're looking at that is to build off the success that we can do under DOE. Again, the feature DOE has compared to the NRC, the NRC has been doing a lot of work to get ready to license advanced reactors. DOE has been licensing advanced reactors for a long time. They already have those muscles internally. Now they're just using them a little bit differently externally. That's hugely beneficial because then the NRC is going to be able to build off and reference those things. We expect there's some new work obviously to do that kind of thing, but it's supportive that they're already getting in front of that. we expect there's some new work obviously to do that kind of thing but it's supportive that they're already getting in front of that Part of why they're looking at that is to build off the success that we can do under DOE. part of why they're looking at that is to build off the success that we can do under doe Again, the feature DOE has compared to the NRC, the NRC has been doing a lot of work to get ready to license advanced reactors. again the feature doe has compared to the nrc the nrc has been doing a lot of work to get ready to license advanced reactors DOE has been licensing advanced reactors for a long time. doe has been licensing advanced reactors for a long time They already have those muscles internally. they already have those muscles internally Now they're just using them a little bit differently externally. now they're just using them a little bit differently externally That's hugely beneficial because then the NRC is going to be able to build off and reference those things. that's hugely beneficial because then the nrc is going to be able to build off and reference those things It kind of keeps the same pace and cadence of operations for what we're trying to do for the Aurora plant, but opens the door for accelerated milestones on that and then additional accelerated milestones for other things going on. It kind of keeps the same pace and cadence of operations for what we're trying to do for the Aurora plant, but opens the door for accelerated milestones on that and then additional accelerated milestones for other things going on. it kind of keeps the same pace and cadence of operations for what we're trying to do for the aurora plant but opens the door for accelerated milestones on that and then additional accelerated milestones for other things going on

Speaker 3: Awesome. Super helpful. I really appreciate the incremental details around the 20 tons of plutonium reserves potentially being made into 180 tons of Aurora fuel. Can you help me understand what underpins that conversion math or your assumptions? Because that was a lot more than what we were estimating. Is this an opportunity for your fuel recycling facility, or would processing this material require a separate NRC license facility? It sounds like that fuel source could accelerate your deployment schedule. Awesome. awesome Super helpful. super helpful I really appreciate the incremental details around the 20 tons of plutonium reserves potentially being made into 180 tons of Aurora fuel. i really appreciate the incremental details around the 20 tons of plutonium reserves potentially being made into 180 tons of aurora fuel Can you help me understand what underpins that conversion math or your assumptions? can you help me understand what underpins that conversion math or your assumptions Because that was a lot more than what we were estimating. because that was a lot more than what we were estimating Is this an opportunity for your fuel recycling facility, or would processing this material require a separate NRC license facility? is this an opportunity for your fuel recycling facility or would processing this material require a separate nrc license facility It sounds like that fuel source could accelerate your deployment schedule. it sounds like that fuel source could accelerate your deployment schedule

Speaker 1: One of the things that we got—I love that question for so many reasons. One of the things that we got—I love that question for so many reasons. one of the things that we got—i love that question for so many reasons I'm sure some folks are probably going to be a little nervous that I'm going to spend the whole time getting into the technical details, which I'll try not to because on the pre-recording practice sessions, we were thinking about getting really, really deep on all this. Let me rephrase that. I was just doing that because this is one of my favorite things technically. To answer your question, yeah. The key thing about plutonium, right, is it's an incredibly useful, fissile material as a fuel source. In other words, if you think about HALEU, it's 19%-20%, less than 20% enriched in uranium-235, the balance uranium-238. In the fast reactor, pretty much all the isotopes in plutonium, but especially the stuff being made available, which is mostly plutonium-239 with some plutonium-240 and 241 in there. I'm sure some folks are probably going to be a little nervous that I'm going to spend the whole time getting into the technical details, which I'll try not to because on the pre-recording practice sessions, we were thinking about getting really, really deep on all this. i'm sure some folks are probably going to be a little nervous that i'm going to spend the whole time getting into the technical details which i'll try not to because on the pre-recording practice sessions we were thinking about getting really really deep on all this Let me rephrase that. let me rephrase that I was just doing that because this is one of my favorite things technically. i was just doing that because this is one of my favorite things technically To answer your question, yeah. to answer your question yeah The key thing about plutonium, right, is it's an incredibly useful, fissile material as a fuel source. the key thing about plutonium right is it's an incredibly useful fissile material as a fuel source In other words, if you think about HALEU, it's 19%-20%, less than 20% enriched in uranium-235, the balance uranium-238. in other words if you think about haleu it's 19%-20% less than 20% enriched in uranium-235 the balance uranium-238 In the fast reactor, pretty much all the isotopes in plutonium, but especially the stuff being made available, which is mostly plutonium-239 with some plutonium-240 and 241 in there. in the fast reactor pretty much all the isotopes in plutonium but especially the stuff being made available which is mostly plutonium-239 with some plutonium-240 and 241 in there That material is a great bridge fuel because it can be a direct replacement for the uranium-235 without needing any enrichment, right? It already exists. You blend it in with uranium. In our case, you add some zirconium to obviously make the metallic fuel, but you just blend the plutonium with uranium to make a HALEU-equivalent type fuel form. Now, the thing about plutonium is it's an even better fuel than uranium. You need less of it to get commensurate performance. On average, and it depends by variations and flavors in the fuel, but on average, if you basically—it's about 11 or so percent equivalent. About 11 or so percent plutonium is equivalent in our reactors in behavior and performance to about 19%, just under 20% enriched uranium. That's where that conversion in mass comes from. That material is a great bridge fuel because it can be a direct replacement for the uranium-235 without needing any enrichment, right? that material is a great bridge fuel because it can be a direct replacement for the uranium-235 without needing any enrichment right It already exists. it already exists You blend it in with uranium. you blend it in with uranium In our case, you add some zirconium to obviously make the metallic fuel, but you just blend the plutonium with uranium to make a HALEU-equivalent type fuel form. in our case you add some zirconium to obviously make the metallic fuel but you just blend the plutonium with uranium to make a haleu-equivalent type fuel form Now, the thing about plutonium is it's an even better fuel than uranium. now the thing about plutonium is it's an even better fuel than uranium You need less of it to get commensurate performance. you need less of it to get commensurate performance On average, and it depends by variations and flavors in the fuel, but on average, if you basically—it's about 11 or so percent equivalent. on average and it depends by variations and flavors in the fuel but on average if you basically—it's about 11 or so percent equivalent About 11 or so percent plutonium is equivalent in our reactors in behavior and performance to about 19%, just under 20% enriched uranium. about 11 or so percent plutonium is equivalent in our reactors in behavior and performance to about 19% just under 20% enriched uranium That's where that conversion in mass comes from. that's where that conversion in mass comes from That is why it is such a potent fuel form, so to speak. That is pretty cool. That is obviously very accelerative for a lot of things. For that facility, that is one of the things that was encompassed in the pilot program, the fuel pilot program awards, and being able to do that kind of work there at an initial stage, on initial scale. It may, at the end of the day, convert over to a larger scale, kind of commercially licensed facility, but to get through some of the initial sources of that material and initial supplies, assuming that is fully made available and we have access to—again, key thing on that—then we have the DOE fuel pilot program selections to support that. That is why it is such a potent fuel form, so to speak. that is why it is such a potent fuel form so to speak That is pretty cool. That is obviously very accelerative for a lot of things. that is pretty cool. that is obviously very accelerative for a lot of things For that facility, that is one of the things that was encompassed in the pilot program, the fuel pilot program awards, and being able to do that kind of work there at an initial stage, on initial scale. for that facility that is one of the things that was encompassed in the pilot program the fuel pilot program awards and being able to do that kind of work there at an initial stage on initial scale It may, at the end of the day, convert over to a larger scale, kind of commercially licensed facility, but to get through some of the initial sources of that material and initial supplies, assuming that is fully made available and we have access to—again, key thing on that—then we have the DOE fuel pilot program selections to support that. it may at the end of the day convert over to a larger scale kind of commercially licensed facility but to get through some of the initial sources of that material and initial supplies assuming that is fully made available and we have access to—again key thing on that—then we have the doe fuel pilot program selections to support that It's hard to overstate the significance of the government moving this material away from a $20 billion-plus taxpayer-funded liability to bury it, literally mix it with kitty litter and sand and bury it in the desert in New Mexico versus making it available to be a bridge fuel for the advanced reactor industry. It completely changes the paradigm where you no longer are fuel constrained because of that. It's huge. What's significant about that, obviously, is not just that you can build more reactors sooner, but that means you can scale more powerful and significant orders to the enrichment markets as well as what we're doing on the recycling side. It's incredible. It is absolutely, absolutely incredible. It's hard to overstate the significance of the government moving this material away from a $20 billion-plus taxpayer-funded liability to bury it, literally mix it with kitty litter and sand and bury it in the desert in New Mexico versus making it available to be a bridge fuel for the advanced reactor industry. it's hard to overstate the significance of the government moving this material away from a $20 billion-plus taxpayer-funded liability to bury it literally mix it with kitty litter and sand and bury it in the desert in new mexico versus making it available to be a bridge fuel for the advanced reactor industry It completely changes the paradigm where you no longer are fuel constrained because of that. it completely changes the paradigm where you no longer are fuel constrained because of that It's huge. it's huge What's significant about that, obviously, is not just that you can build more reactors sooner, but that means you can scale more powerful and significant orders to the enrichment markets as well as what we're doing on the recycling side. what's significant about that obviously is not just that you can build more reactors sooner but that means you can scale more powerful and significant orders to the enrichment markets as well as what we're doing on the recycling side It's incredible. it's incredible It is absolutely, absolutely incredible. it is absolutely absolutely incredible For me, that was one of the most exciting things to have happened this year because of what that catalyzes for building more things sooner without having to be dependent on other factors and then instead using that basically ability to build more plants to convert to more fuel orders to then help scale that fuel supply side more quickly. For a long time at Oklo, we've been working to advocate for government bridge fuel supplies as a key enabler to kickstart the commercial fuel supply chain. I think we're seeing that really take root and open the doors for that to move in a totally different way. Yeah, seriously, it's a really, really significant policy move to enabling the deployment of more nuclear power quickly, more quickly. For me, that was one of the most exciting things to have happened this year because of what that catalyzes for building more things sooner without having to be dependent on other factors and then instead using that basically ability to build more plants to convert to more fuel orders to then help scale that fuel supply side more quickly. for me that was one of the most exciting things to have happened this year because of what that catalyzes for building more things sooner without having to be dependent on other factors and then instead using that basically ability to build more plants to convert to more fuel orders to then help scale that fuel supply side more quickly For a long time at Oklo, we've been working to advocate for government bridge fuel supplies as a key enabler to kickstart the commercial fuel supply chain. for a long time at oklo we've been working to advocate for government bridge fuel supplies as a key enabler to kickstart the commercial fuel supply chain I think we're seeing that really take root and open the doors for that to move in a totally different way. i think we're seeing that really take root and open the doors for that to move in a totally different way Yeah, seriously, it's a really, really significant policy move to enabling the deployment of more nuclear power quickly, more quickly. yeah seriously it's a really really significant policy move to enabling the deployment of more nuclear power quickly more quickly

Speaker 3: Perfect. Thank you very much. Perfect. perfect Thank you very much. thank you very much

Speaker 1: I'll just add one little piece to that. Not all reactors and fuel fabrication approaches can benefit from plutonium the same. It has different characteristics to it. We just know it works really well in fast reactors because we spend a lot of time developing and researching it for that. That obviously is part of the benefit of fast reactors and their ability to be quite fuel-agnostic and fuel-flexible. I'll just add one little piece to that. i'll just add one little piece to that Not all reactors and fuel fabrication approaches can benefit from plutonium the same. not all reactors and fuel fabrication approaches can benefit from plutonium the same It has different characteristics to it. it has different characteristics to it We just know it works really well in fast reactors because we spend a lot of time developing and researching it for that. we just know it works really well in fast reactors because we spend a lot of time developing and researching it for that That obviously is part of the benefit of fast reactors and their ability to be quite fuel-agnostic and fuel-flexible. that obviously is part of the benefit of fast reactors and their ability to be quite fuel-agnostic and fuel-flexible

Speaker 2: Your next question is from the line of Becram Baghri with Citi. Please go ahead. Your next question is from the line of Becram Baghri with Citi. your next question is from the line of becram baghri with citi Please go ahead. please go ahead

Speaker 9: Hi, it's Ted. Thanks for taking the question. I wanted to ask about the Pluto test reactor. It looks like it's going to be deployed after the first reactor at INL. Is this going to be the template for all the future reactors? What are the differences to Aurora? Is it only that it's going to be run on plutonium? Should we also assume a 75 MW size for it? And then just lastly, what are the main learnings that you hope to obtain from this test reactor? Hi, it's Ted. hi it's ted Thanks for taking the question. thanks for taking the question I wanted to ask about the Pluto test reactor. i wanted to ask about the pluto test reactor It looks like it's going to be deployed after the first reactor at INL. it looks like it's going to be deployed after the first reactor at inl Is this going to be the template for all the future reactors? is this going to be the template for all the future reactors What are the differences to Aurora? what are the differences to aurora Is it only that it's going to be run on plutonium? is it only that it's going to be run on plutonium Should we also assume a 75 MW size for it? should we also assume a 75 mw size for it And then just lastly, what are the main learnings that you hope to obtain from this test reactor? and then just lastly what are the main learnings that you hope to obtain from this test reactor

Speaker 1: Yeah, it's a great set of questions. Basically, it's a little bit different. It's bespoke to enable the accelerated sort of fast neutron irradiation testing capabilities that a system like that can afford. That's important for a couple of reasons. Part of what we've talked about is at the company, right? If you think about what Oklo does, obviously the reactor part is what people focus a lot on. We sell power. We sell heat. We have these other parts of the business that we've had to build to deliver into that, like fuel fabrication, which will help us obviously make fuel for our reactors, potentially for others too, which is part of what some of the investments and partnerships we've announced this quarter touch on. Yeah, it's a great set of questions. yeah it's a great set of questions Basically, it's a little bit different. basically it's a little bit different It's bespoke to enable the accelerated sort of fast neutron irradiation testing capabilities that a system like that can afford. it's bespoke to enable the accelerated sort of fast neutron irradiation testing capabilities that a system like that can afford That's important for a couple of reasons. that's important for a couple of reasons Part of what we've talked about is at the company, right? part of what we've talked about is at the company right If you think about what Oklo does, obviously the reactor part is what people focus a lot on. if you think about what oklo does obviously the reactor part is what people focus a lot on We sell power. we sell power We sell heat. we sell heat We have these other parts of the business that we've had to build to deliver into that, like fuel fabrication, which will help us obviously make fuel for our reactors, potentially for others too, which is part of what some of the investments and partnerships we've announced this quarter touch on. we have these other parts of the business that we've had to build to deliver into that like fuel fabrication which will help us obviously make fuel for our reactors potentially for others too which is part of what some of the investments and partnerships we've announced this quarter touch on Additionally, we've talked about recycling, which is great because we can make fuel for ourselves as well as potentially for others and sell various materials and isotopes as co-products from that, as well as possibly recycling services. All great. Then obviously the isotope side of the business, which is specifically focused on that. Part of the reactor part of the story, though, and also somewhat ties over to the isotope side, is we are a fast reactor. We use fast, we make fast neutrons. We will have fast neutrons to help test and characterize materials and fuels. That is not a capability that we've had in this country in 30-plus years. It is not a capability that the Western world has had in a similar timeframe, like in 20 years or so. It is an important thing that we're bringing to bear. Additionally, we've talked about recycling, which is great because we can make fuel for ourselves as well as potentially for others and sell various materials and isotopes as co-products from that, as well as possibly recycling services. additionally we've talked about recycling which is great because we can make fuel for ourselves as well as potentially for others and sell various materials and isotopes as co-products from that as well as possibly recycling services All great. all great Then obviously the isotope side of the business, which is specifically focused on that. then obviously the isotope side of the business which is specifically focused on that Part of the reactor part of the story, though, and also somewhat ties over to the isotope side, is we are a fast reactor. part of the reactor part of the story though and also somewhat ties over to the isotope side is we are a fast reactor We use fast, we make fast neutrons. we use fast we make fast neutrons We will have fast neutrons to help test and characterize materials and fuels. we will have fast neutrons to help test and characterize materials and fuels That is not a capability that we've had in this country in 30-plus years. that is not a capability that we've had in this country in 30-plus years It is not a capability that the Western world has had in a similar timeframe, like in 20 years or so. it is not a capability that the western world has had in a similar timeframe like in 20 years or so It is an important thing that we're bringing to bear. it is an important thing that we're bringing to bear The government set forward on building a big dedicated test reactor, but it was a government program, so it naturally had a lot of sort of challenges around it. What we're doing with the Aurora plant and our ability to do that, and therefore also offer that as a potential revenue-generating aspect of the company, which is, hey, we have fast neutrons that we can provide irradiation capabilities, not just for our own use, but for others, as well as what we're doing on the Pluto side, which expands that and gives us that cadence of experience in a plutonium-based system, is pretty accelerative to opening the door for moving into better deals and different materials and expanding the fuel performance envelope so that we can maximize what we do. We're in a good spot to be able to build and operate. That's great. The government set forward on building a big dedicated test reactor, but it was a government program, so it naturally had a lot of sort of challenges around it. the government set forward on building a big dedicated test reactor but it was a government program so it naturally had a lot of sort of challenges around it What we're doing with the Aurora plant and our ability to do that, and therefore also offer that as a potential revenue-generating aspect of the company, which is, hey, we have fast neutrons that we can provide irradiation capabilities, not just for our own use, but for others, as well as what we're doing on the Pluto side, which expands that and gives us that cadence of experience in a plutonium-based system, is pretty accelerative to opening the door for moving into better deals and different materials and expanding the fuel performance envelope so that we can maximize what we do. what we're doing with the aurora plant and our ability to do that and therefore also offer that as a potential revenue-generating aspect of the company which is hey we have fast neutrons that we can provide irradiation capabilities not just for our own use but for others as well as what we're doing on the pluto side which expands that and gives us that cadence of experience in a plutonium-based system is pretty accelerative to opening the door for moving into better deals and different materials and expanding the fuel performance envelope so that we can maximize what we do We're in a good spot to be able to build and operate. we're in a good spot to be able to build and operate That's great. that's great There is going to be so much more we can get out of these materials with more end fuels in terms of time in the reactor and just ultimately better economic performance with more data that we can generate using this. That was part of the incipients to look at doing a Pluto test reactor. It's a smaller system. It's not producing electric power. Its primary job, I mean, as of now, its primary job is focused on making fast neutrons. It's a culmination of activity. Think of it more as a program than just a single reactor that will involve taking some plutonium critical, getting some experience doing that with our national lab partners, doing some work around the plutonium handling and management, and then moving that into obviously the full-scale Pluto reactor. There is going to be so much more we can get out of these materials with more end fuels in terms of time in the reactor and just ultimately better economic performance with more data that we can generate using this. there is going to be so much more we can get out of these materials with more end fuels in terms of time in the reactor and just ultimately better economic performance with more data that we can generate using this That was part of the incipients to look at doing a Pluto test reactor. that was part of the incipients to look at doing a pluto test reactor It's a smaller system. it's a smaller system It's not producing electric power. it's not producing electric power Its primary job, I mean, as of now, its primary job is focused on making fast neutrons. its primary job i mean as of now its primary job is focused on making fast neutrons It's a culmination of activity. it's a culmination of activity Think of it more as a program than just a single reactor that will involve taking some plutonium critical, getting some experience doing that with our national lab partners, doing some work around the plutonium handling and management, and then moving that into obviously the full-scale Pluto reactor. think of it more as a program than just a single reactor that will involve taking some plutonium critical getting some experience doing that with our national lab partners doing some work around the plutonium handling and management and then moving that into obviously the full-scale pluto reactor The reactor will be smaller in its power production and will also be optimized to use plutonium. Since plutonium is inherently in the nuclear space, higher worth, to use that terminology, fuel means we can actually use less overall fuel if we concentrate up the plutonium a bit more, which is what, generally speaking, fast test reactors have done. That means we can kind of use a higher loading of plutonium, less total fuel mass, get more thermal power out of it, and therefore more neutrons to test things with it. It is a pretty favorable thing to do with that. The system will give us a very significant amount of repetitions about doing the actual work around plutonium fuel fabrication going forward. The fuel will look, generally speaking, very similar to the Aurora fuel if we use plutonium in it. The reactor will be smaller in its power production and will also be optimized to use plutonium. the reactor will be smaller in its power production and will also be optimized to use plutonium Since plutonium is inherently in the nuclear space, higher worth, to use that terminology, fuel means we can actually use less overall fuel if we concentrate up the plutonium a bit more, which is what, generally speaking, fast test reactors have done. since plutonium is inherently in the nuclear space higher worth to use that terminology fuel means we can actually use less overall fuel if we concentrate up the plutonium a bit more which is what generally speaking fast test reactors have done That means we can kind of use a higher loading of plutonium, less total fuel mass, get more thermal power out of it, and therefore more neutrons to test things with it. that means we can kind of use a higher loading of plutonium less total fuel mass get more thermal power out of it and therefore more neutrons to test things with it It is a pretty favorable thing to do with that. it is a pretty favorable thing to do with that The system will give us a very significant amount of repetitions about doing the actual work around plutonium fuel fabrication going forward. the system will give us a very significant amount of repetitions about doing the actual work around plutonium fuel fabrication going forward The fuel will look, generally speaking, very similar to the Aurora fuel if we use plutonium in it. the fuel will look generally speaking very similar to the aurora fuel if we use plutonium in it In terms of form factor and type, it would just use a lower amount of plutonium in it because what we're designing to an Aurora plant is to be interchangeable between HALEU, plutonium-bearing fuel, and transuranic-bearing fuel. That means you kind of dilute the plutonium more compared to what Pluto will do. When you think about what Pluto is as a program, it's the cadence to build on top of the plutonium fuel fabrication piece into the plutonium reactor part. Over the course of the next year, we'll gain experience with plutonium criticality and work around that. Then we'll move that into the next steps of actually building the plant scaling forward. Those are high-level kind of perspectives on where it goes. It's a pretty significant enabler for getting those repetitions in the rebuild to then start fueling Aurora plants with plutonium-bearing fuel. In terms of form factor and type, it would just use a lower amount of plutonium in it because what we're designing to an Aurora plant is to be interchangeable between HALEU, plutonium-bearing fuel, and transuranic-bearing fuel. in terms of form factor and type it would just use a lower amount of plutonium in it because what we're designing to an aurora plant is to be interchangeable between haleu plutonium-bearing fuel and transuranic-bearing fuel That means you kind of dilute the plutonium more compared to what Pluto will do. that means you kind of dilute the plutonium more compared to what pluto will do When you think about what Pluto is as a program, it's the cadence to build on top of the plutonium fuel fabrication piece into the plutonium reactor part. when you think about what pluto is as a program it's the cadence to build on top of the plutonium fuel fabrication piece into the plutonium reactor part Over the course of the next year, we'll gain experience with plutonium criticality and work around that. over the course of the next year we'll gain experience with plutonium criticality and work around that Then we'll move that into the next steps of actually building the plant scaling forward. then we'll move that into the next steps of actually building the plant scaling forward Those are high-level kind of perspectives on where it goes. those are high-level kind of perspectives on where it goes It's a pretty significant enabler for getting those repetitions in the rebuild to then start fueling Aurora plants with plutonium-bearing fuel. it's a pretty significant enabler for getting those repetitions in the rebuild to then start fueling aurora plants with plutonium-bearing fuel Now, just to put a number on this, the thing that's really powerful about moving in this space, building out these fast neutron irradiation capabilities, yes, it opens the door to do additional things for irradiation services. Yes, it opens the door to do some additional isotope production using different material types. Yes, it's important because it helps us with ourselves as well as other companies can come to us or government programs can come to us and either rent or buy irradiation-type time or irradiation time or similar types of kind of exposure in the environment to help bring some materials that are quite mature but need a little bit more to go over the finish line that are inherently basically economically better than what we have to use based on what the experiences are today. Those are still great because we can make stuff work. Now, just to put a number on this, the thing that's really powerful about moving in this space, building out these fast neutron irradiation capabilities, yes, it opens the door to do additional things for irradiation services. now just to put a number on this the thing that's really powerful about moving in this space building out these fast neutron irradiation capabilities yes it opens the door to do additional things for irradiation services Yes, it opens the door to do some additional isotope production using different material types. yes it opens the door to do some additional isotope production using different material types Yes, it's important because it helps us with ourselves as well as other companies can come to us or government programs can come to us and either rent or buy irradiation-type time or irradiation time or similar types of kind of exposure in the environment to help bring some materials that are quite mature but need a little bit more to go over the finish line that are inherently basically economically better than what we have to use based on what the experiences are today. yes it's important because it helps us with ourselves as well as other companies can come to us or government programs can come to us and either rent or buy irradiation-type time or irradiation time or similar types of kind of exposure in the environment to help bring some materials that are quite mature but need a little bit more to go over the finish line that are inherently basically economically better than what we have to use based on what the experiences are today Those are still great because we can make stuff work. those are still great because we can make stuff work But this is a platform for R&D and margin improvement is one way to think about it. Anyway, that is kind of the cadence of how we see things. But this is a platform for R&D and margin improvement is one way to think about it. but this is a platform for r&d and margin improvement is one way to think about it Anyway, that is kind of the cadence of how we see things. anyway that is kind of the cadence of how we see things

Speaker 9: Got it. That is super helpful. Thank you. I just had one follow-up. On slide nine, it mentions the breakdown of CapEx by components. I think it is listed by number of components. Are you able to share just directionally what that is in dollar terms? Got it. That is super helpful. got it. that is super helpful Thank you. thank you I just had one follow-up. i just had one follow-up On slide nine, it mentions the breakdown of CapEx by components. on slide nine it mentions the breakdown of capex by components I think it is listed by number of components. i think it is listed by number of components Are you able to share just directionally what that is in dollar terms? are you able to share just directionally what that is in dollar terms

Speaker 1: Yeah. I mean, I guess I will kind of hand this over for Craig if you want to kind of answer some of it and I can chime in. Yeah. yeah I mean, I guess I will kind of hand this over for Craig if you want to kind of answer some of it and I can chime in. i mean i guess i will kind of hand this over for craig if you want to kind of answer some of it and i can chime in

Speaker 8: Yeah. I think directionally, we would expect the dollars to be similar to the components. Yeah. yeah I think directionally, we would expect the dollars to be similar to the components. i think directionally we would expect the dollars to be similar to the components In terms of an actual dollar breakdown, we're still refining a lot of our cost estimates now that we've got Kiewit on board and now that we're deepening some of our procurement activities. We'll probably have more to share on that going probably into 2026. In terms of an actual dollar breakdown, we're still refining a lot of our cost estimates now that we've got Kiewit on board and now that we're deepening some of our procurement activities. in terms of an actual dollar breakdown we're still refining a lot of our cost estimates now that we've got kiewit on board and now that we're deepening some of our procurement activities We'll probably have more to share on that going probably into 2026. we'll probably have more to share on that going probably into 2026

Speaker 9: Thank you. Thank you. thank you

Speaker 2: Our next question comes from the line of Jed Dorsheimer with William Blair. Please go ahead. Our next question comes from the line of Jed Dorsheimer with William Blair. our next question comes from the line of jed dorsheimer with william blair Please go ahead. please go ahead

Speaker 6: Hi. Thanks. Thanks for taking my question here, guys. I guess first, I don't know if Jake, you want this or Craig, but just if you could talk a little bit about backlog. I think it was 14 GW. Has that changed at all? Maybe just a little bit of color on the discussions that you're having. Is it mostly utility? Is it mostly hyperscaler? Just that breakdown, if you would, and then I have a follow-up. Hi. hi Thanks. thanks Thanks for taking my question here, guys. thanks for taking my question here guys I guess first, I don't know if Jake, you want this or Craig, but just if you could talk a little bit about backlog. i guess first i don't know if jake you want this or craig but just if you could talk a little bit about backlog I think it was 14 GW. i think it was 14 gw Has that changed at all? has that changed at all Maybe just a little bit of color on the discussions that you're having. maybe just a little bit of color on the discussions that you're having Is it mostly utility? is it mostly utility Is it mostly hyperscaler? is it mostly hyperscaler Just that breakdown, if you would, and then I have a follow-up. just that breakdown if you would and then i have a follow-up

Speaker 8: Yeah, Jed, I can take that. Yeah, Jed, I can take that. yeah jed i can take that I'd say the 14 GW is still predominantly made up of data center and hyperscaler customers. I think I mentioned to you last time we were on the phone, we've also got other potential customers in the mix that are not identified customers as part of that 14 GW that could maybe even cause that number to go up. I know the bigger question is, when do you convert that into a PPA? I'd say we are working on that with pace and urgency and actively exchanging term sheets. I never want to promise an exact date on when we might announce something because it takes Oklo to be on the same page with the customer. I'd say the 14 GW is still predominantly made up of data center and hyperscaler customers. i'd say the 14 gw is still predominantly made up of data center and hyperscaler customers I think I mentioned to you last time we were on the phone, we've also got other potential customers in the mix that are not identified customers as part of that 14 GW that could maybe even cause that number to go up. i think i mentioned to you last time we were on the phone we've also got other potential customers in the mix that are not identified customers as part of that 14 gw that could maybe even cause that number to go up I know the bigger question is, when do you convert that into a PPA? i know the bigger question is when do you convert that into a ppa I'd say we are working on that with pace and urgency and actively exchanging term sheets. i'd say we are working on that with pace and urgency and actively exchanging term sheets I never want to promise an exact date on when we might announce something because it takes Oklo to be on the same page with the customer. i never want to promise an exact date on when we might announce something because it takes oklo to be on the same page with the customer I'm really pleased with kind of how those commercial discussions are progressing, not just on the PPA pricing front, but I think we're also seeing good traction on similar to what we were able to achieve with Equinix, which was a prepayment for power. We're also progressing conversations with customers that could convert into prepayment for power or prepayment for fuel or some other asset-oriented contribution to the deal itself. I'm really pleased with kind of how those commercial discussions are progressing, not just on the PPA pricing front, but I think we're also seeing good traction on similar to what we were able to achieve with Equinix, which was a prepayment for power. i'm really pleased with kind of how those commercial discussions are progressing not just on the ppa pricing front but i think we're also seeing good traction on similar to what we were able to achieve with equinix which was a prepayment for power We're also progressing conversations with customers that could convert into prepayment for power or prepayment for fuel or some other asset-oriented contribution to the deal itself. we're also progressing conversations with customers that could convert into prepayment for power or prepayment for fuel or some other asset-oriented contribution to the deal itself

Speaker 6: Got it. That's helpful. Just along those lines, the discussions, has Atomic Alchemy and having the standing up a fuel recycling, even if that's in the future, has that kind of moved some of those discussions along from a supply chain risk? Sorry. Got it. got it That's helpful. that's helpful Just along those lines, the discussions, has Atomic Alchemy and having the standing up a fuel recycling, even if that's in the future, has that kind of moved some of those discussions along from a supply chain risk? just along those lines the discussions has atomic alchemy and having the standing up a fuel recycling even if that's in the future has that kind of moved some of those discussions along from a supply chain risk Sorry. sorry

Speaker 8: Yeah. I would say Atomic Alchemy is probably the types of conversations we're having around feedstock for isotope production, taking customer discussions into contract conversion. Yeah. yeah I would say Atomic Alchemy is probably the types of conversations we're having around feedstock for isotope production, taking customer discussions into contract conversion. i would say atomic alchemy is probably the types of conversations we're having around feedstock for isotope production taking customer discussions into contract conversion The steps are the same, but it's definitely with different counterparties on both the feedstock side, the supplier-vendor side, and all of that. I think we are excited around the tremendous progress that the team is making around the Reactor Pilot Program that Atomic Alchemy was awarded. In addition, we're also making good progress on the lab scale facility that will be down the road at INL. I think, as I've said earlier, there is the possibility for the lab scale project that we could be generating revenue and gross margin. It's going to be in the single million dollars, not anything bigger than that. It won't be exactly ratable. We are excited about what we might be able to do to actually turn some of that, the lab scale facility, especially into gross margin in the first half of next year. The steps are the same, but it's definitely with different counterparties on both the feedstock side, the supplier-vendor side, and all of that. the steps are the same but it's definitely with different counterparties on both the feedstock side the supplier-vendor side and all of that I think we are excited around the tremendous progress that the team is making around the Reactor Pilot Program that Atomic Alchemy was awarded. i think we are excited around the tremendous progress that the team is making around the reactor pilot program that atomic alchemy was awarded In addition, we're also making good progress on the lab scale facility that will be down the road at INL. in addition we're also making good progress on the lab scale facility that will be down the road at inl I think, as I've said earlier, there is the possibility for the lab scale project that we could be generating revenue and gross margin. i think as i've said earlier there is the possibility for the lab scale project that we could be generating revenue and gross margin It's going to be in the single million dollars, not anything bigger than that. it's going to be in the single million dollars not anything bigger than that It won't be exactly ratable. it won't be exactly ratable We are excited about what we might be able to do to actually turn some of that, the lab scale facility, especially into gross margin in the first half of next year. we are excited about what we might be able to do to actually turn some of that the lab scale facility especially into gross margin in the first half of next year

Speaker 6: Got it. And then just one for Jake. If I just look at using an EBR for isotope production and isolation, do we need to wait till you get the Viper up for sort of an actinide tailoring, or can that be done in between? I ask because Candu's really well-suited for cobalt and lutetium, which are being used for sort of the radioisotope or radiopharma market right now. Just curious on the EBR side, whether or not you need that tailored reactor before you can do that, or if there's an in-between. Thanks. Got it. got it And then just one for Jake. and then just one for jake If I just look at using an EBR for isotope production and isolation, do we need to wait till you get the Viper up for sort of an actinide tailoring, or can that be done in between? if i just look at using an ebr for isotope production and isolation do we need to wait till you get the viper up for sort of an actinide tailoring or can that be done in between I ask because Candu's really well-suited for cobalt and lutetium, which are being used for sort of the radioisotope or radiopharma market right now. i ask because candu's really well-suited for cobalt and lutetium which are being used for sort of the radioisotope or radiopharma market right now Just curious on the EBR side, whether or not you need that tailored reactor before you can do that, or if there's an in-between. just curious on the ebr side whether or not you need that tailored reactor before you can do that or if there's an in-between Thanks. thanks

Speaker 1: Yeah. It's a good question. I mean, there's a couple of steps actually to parse that out. One, there are some things we can do in the near-term without a reactor in terms of isotope sort of consolidation and recovery that we are making progress. Yeah. yeah It's a good question. it's a good question I mean, there's a couple of steps actually to parse that out. i mean there's a couple of steps actually to parse that out One, there are some things we can do in the near-term without a reactor in terms of isotope sort of consolidation and recovery that we are making progress. one there are some things we can do in the near-term without a reactor in terms of isotope sort of consolidation and recovery that we are making progress We talked about in the update towards in Idaho where you'll be able to actually have infrastructure and facility capabilities to actually do some of that work and start producing some of the isotopes from those kinds of sources. For sort of the most meaningful, and that's great because you get some practice repetitions, maybe helps accelerate revenue, which is cool. At the end of the day, it helps position us with experience to then move into the next stages, which is where the reactors really unlock significant differentials in performance. Yes, Candu's do that. They're also not in the U.S. There is a pretty important focus on these production capabilities being in the U.S., not even in our nearest neighbors, right? Candu's are pretty limited. They can do some things pretty well, but they can't do everything very well. We talked about in the update towards in Idaho where you'll be able to actually have infrastructure and facility capabilities to actually do some of that work and start producing some of the isotopes from those kinds of sources. we talked about in the update towards in idaho where you'll be able to actually have infrastructure and facility capabilities to actually do some of that work and start producing some of the isotopes from those kinds of sources For sort of the most meaningful, and that's great because you get some practice repetitions, maybe helps accelerate revenue, which is cool. for sort of the most meaningful and that's great because you get some practice repetitions maybe helps accelerate revenue which is cool At the end of the day, it helps position us with experience to then move into the next stages, which is where the reactors really unlock significant differentials in performance. at the end of the day it helps position us with experience to then move into the next stages which is where the reactors really unlock significant differentials in performance Yes, Candu's do that. yes candu's do that They're also not in the U.S. they're also not in the u.s There is a pretty important focus on these production capabilities being in the U.S., not even in our nearest neighbors, right? there is a pretty important focus on these production capabilities being in the u.s not even in our nearest neighbors right Candu's are pretty limited. candu's are pretty limited They can do some things pretty well, but they can't do everything very well. they can do some things pretty well but they can't do everything very well The versatile isotope production reactor design is designed to do pretty much most everything pretty well that you can do with thermal neutrons, key caveat. The nice thing about that reactor is we'll have its prototype up running by middle of next year. It uses standard pressurized water reactor fuel bundles that are just shortened in height at commercial scale. That's awesome. It's fueled with LEU. It's part of what we were drawn to with this business was it wasn't trying to design because some of the margins and the numbers that these radioisotopes bring to you have drawn some folks in the field to look at really exotic reactors because you can pay for it because of that. The versatile isotope production reactor design is designed to do pretty much most everything pretty well that you can do with thermal neutrons, key caveat. the versatile isotope production reactor design is designed to do pretty much most everything pretty well that you can do with thermal neutrons key caveat The nice thing about that reactor is we'll have its prototype up running by middle of next year. the nice thing about that reactor is we'll have its prototype up running by middle of next year It uses standard pressurized water reactor fuel bundles that are just shortened in height at commercial scale. it uses standard pressurized water reactor fuel bundles that are just shortened in height at commercial scale That's awesome. that's awesome It's fueled with LEU. it's fueled with leu It's part of what we were drawn to with this business was it wasn't trying to design because some of the margins and the numbers that these radioisotopes bring to you have drawn some folks in the field to look at really exotic reactors because you can pay for it because of that. it's part of what we were drawn to with this business was it wasn't trying to design because some of the margins and the numbers that these radioisotopes bring to you have drawn some folks in the field to look at really exotic reactors because you can pay for it because of that You kind of build like a Formula One custom reactor to produce these isotopes when maybe all you need is like a Ford F-150 or something similar to that. It does not have to go quite as fast or be quite as exotic and therefore way cheaper and easier to build. That was one of the things that really attracted us to Atomic Alchemy as we were working with them. That is one of the features here is what that will enable. There is the other part, which is some isotopes, I would say you best produce, if not uniquely produce in a fast spectrum environment. You need fast neutrons to really do that. You kind of build like a Formula One custom reactor to produce these isotopes when maybe all you need is like a Ford F-150 or something similar to that. you kind of build like a formula one custom reactor to produce these isotopes when maybe all you need is like a ford f-150 or something similar to that It does not have to go quite as fast or be quite as exotic and therefore way cheaper and easier to build. it does not have to go quite as fast or be quite as exotic and therefore way cheaper and easier to build That was one of the things that really attracted us to Atomic Alchemy as we were working with them. that was one of the things that really attracted us to atomic alchemy as we were working with them That is one of the features here is what that will enable. that is one of the features here is what that will enable There is the other part, which is some isotopes, I would say you best produce, if not uniquely produce in a fast spectrum environment. there is the other part which is some isotopes i would say you best produce if not uniquely produce in a fast spectrum environment You need fast neutrons to really do that. you need fast neutrons to really do that That is where being able to harvest some of the fast neutrons in our fast reactors will unlock those capabilities pretty attractively and then tie that in to the Atomic Alchemy kind of sales channels and productization and sales channels. That is a pretty cool feature set that we will be able to have. If you look back in the annals of history, the Fast Flux Test Facility, one of the reactors from which we derive our legacy reactor that our Chief Technology Officer spent a lot of time at, had quite a cool setup to do a bunch of fast neutron isotope production work, like a ton, and pretty attractive economics to go with it. That was in a somewhat constrained way of thinking about it. That is where being able to harvest some of the fast neutrons in our fast reactors will unlock those capabilities pretty attractively and then tie that in to the Atomic Alchemy kind of sales channels and productization and sales channels. that is where being able to harvest some of the fast neutrons in our fast reactors will unlock those capabilities pretty attractively and then tie that in to the atomic alchemy kind of sales channels and productization and sales channels That is a pretty cool feature set that we will be able to have. that is a pretty cool feature set that we will be able to have If you look back in the annals of history, the Fast Flux Test Facility, one of the reactors from which we derive our legacy reactor that our Chief Technology Officer spent a lot of time at, had quite a cool setup to do a bunch of fast neutron isotope production work, like a ton, and pretty attractive economics to go with it. if you look back in the annals of history the fast flux test facility one of the reactors from which we derive our legacy reactor that our chief technology officer spent a lot of time at had quite a cool setup to do a bunch of fast neutron isotope production work like a ton and pretty attractive economics to go with it That was in a somewhat constrained way of thinking about it. that was in a somewhat constrained way of thinking about it On top of that, the Russians have been significant players in the isotope markets at a global scale because they've been using their fast neutron capabilities to do that too. It is a pretty significant game changer that does diversify away from capabilities that you can't do with just thermal neutron reactors. At the end of the day, those are pretty important things. One other thing I'll just throw out that we've talked a little bit about, but it's important to kind of illuminate to go back to the Viper reactor. One of the things it's designed for is also being able to do silicon irradiation, which is, generally speaking, the or one of the gold standards for achieving silicon doping, right? If you do phosphorus-type vapor deposition or infusion, you're kind of limited in wafer thicknesses and other things like that. On top of that, the Russians have been significant players in the isotope markets at a global scale because they've been using their fast neutron capabilities to do that too. on top of that the russians have been significant players in the isotope markets at a global scale because they've been using their fast neutron capabilities to do that too It is a pretty significant game changer that does diversify away from capabilities that you can't do with just thermal neutron reactors. it is a pretty significant game changer that does diversify away from capabilities that you can't do with just thermal neutron reactors At the end of the day, those are pretty important things. at the end of the day those are pretty important things One other thing I'll just throw out that we've talked a little bit about, but it's important to kind of illuminate to go back to the Viper reactor. one other thing i'll just throw out that we've talked a little bit about but it's important to kind of illuminate to go back to the viper reactor One of the things it's designed for is also being able to do silicon irradiation, which is, generally speaking, the or one of the gold standards for achieving silicon doping, right? one of the things it's designed for is also being able to do silicon irradiation which is generally speaking the or one of the gold standards for achieving silicon doping right If you do phosphorus-type vapor deposition or infusion, you're kind of limited in wafer thicknesses and other things like that. if you do phosphorus-type vapor deposition or infusion you're kind of limited in wafer thicknesses and other things like that Neutrons permeate the material much more uniformly and will then transmute and make that phosphorus doping happen naturally. It is a pretty attractive thing. That capability used to be used when it existed, and then it went away because the ability to do that radiation kind of went away. That is one of the cool things about Viper, it could do stuff like that too, right? A lot of flexibility that you could not otherwise do without a system designed to be versatile in nature. Neutrons permeate the material much more uniformly and will then transmute and make that phosphorus doping happen naturally. neutrons permeate the material much more uniformly and will then transmute and make that phosphorus doping happen naturally It is a pretty attractive thing. it is a pretty attractive thing That capability used to be used when it existed, and then it went away because the ability to do that radiation kind of went away. that capability used to be used when it existed and then it went away because the ability to do that radiation kind of went away That is one of the cool things about Viper, it could do stuff like that too, right? that is one of the cool things about viper it could do stuff like that too right A lot of flexibility that you could not otherwise do without a system designed to be versatile in nature. a lot of flexibility that you could not otherwise do without a system designed to be versatile in nature

Speaker 2: Your next question comes from the line of Jeffrey Campbell with Seaport Research. Please go ahead. Your next question comes from the line of Jeffrey Campbell with Seaport Research. your next question comes from the line of jeffrey campbell with seaport research Please go ahead. please go ahead

Speaker 7: Good evening and congratulations on all the progress. I had not planned this one, but I found the last discussion pretty fascinating. Good evening and congratulations on all the progress. good evening and congratulations on all the progress I had not planned this one, but I found the last discussion pretty fascinating. i had not planned this one but i found the last discussion pretty fascinating Jake, let me just ask, when you get around to trying to do isotope irradiation with an Aurora, are you going to be able to do it in a way that will not interrupt your fuel cycle? You mentioned the Russian reactors. It has kind of a peculiar fuel cycle that allows it to go in periodically and do the irradiation. Of course, the Candu can do it without any interruption. Typically, reactors have to match their refueling cycle with their irradiation. I just wanted to think about that. Jake, let me just ask, when you get around to trying to do isotope irradiation with an Aurora, are you going to be able to do it in a way that will not interrupt your fuel cycle? jake let me just ask when you get around to trying to do isotope irradiation with an aurora are you going to be able to do it in a way that will not interrupt your fuel cycle You mentioned the Russian reactors. you mentioned the russian reactors It has kind of a peculiar fuel cycle that allows it to go in periodically and do the irradiation. it has kind of a peculiar fuel cycle that allows it to go in periodically and do the irradiation Of course, the Candu can do it without any interruption. of course the candu can do it without any interruption Typically, reactors have to match their refueling cycle with their irradiation. typically reactors have to match their refueling cycle with their irradiation I just wanted to think about that. i just wanted to think about that

Speaker 1: Yeah, it is a great question. By and large, the focus of those reactors is really power production, but some of the flexibility that will be afforded to us by, for example, the Aurora at Idaho, as well as the Pluto reactors, will give us a lot more flexibility to do more work around those things. Yeah, it is a great question. yeah, it is a great question By and large, the focus of those reactors is really power production, but some of the flexibility that will be afforded to us by, for example, the Aurora at Idaho, as well as the Pluto reactors, will give us a lot more flexibility to do more work around those things. by and large the focus of those reactors is really power production but some of the flexibility that will be afforded to us by for example the aurora at idaho as well as the pluto reactors will give us a lot more flexibility to do more work around those things Think of it more as imagine some for normal commercial ops, if we want to harvest some of those neutrons because it makes sense, we're going to have to fit it into the power cadence because that's the primary driver. We'll have some flexibility in some other reactors that will give us more flexibility to kind of match that accordingly because we're going to be doing other testing work. It's just going to be some interesting planning and coordination like it is for other test reactors or radiation and test reactors to sort of optimize to that and do the trade-offs. Generally speaking, yeah. Think of it more as imagine some for normal commercial ops, if we want to harvest some of those neutrons because it makes sense, we're going to have to fit it into the power cadence because that's the primary driver. think of it more as imagine some for normal commercial ops if we want to harvest some of those neutrons because it makes sense we're going to have to fit it into the power cadence because that's the primary driver We'll have some flexibility in some other reactors that will give us more flexibility to kind of match that accordingly because we're going to be doing other testing work. we'll have some flexibility in some other reactors that will give us more flexibility to kind of match that accordingly because we're going to be doing other testing work It's just going to be some interesting planning and coordination like it is for other test reactors or radiation and test reactors to sort of optimize to that and do the trade-offs. it's just going to be some interesting planning and coordination like it is for other test reactors or radiation and test reactors to sort of optimize to that and do the trade-offs Generally speaking, yeah. generally speaking yeah It's for the vast majority, the focus, if we're going to use any of their fast neutron capacity, would be largely skewed towards minimizing, if not completely avoiding, interference on the power operation schedule, while there will be a couple that will have more flexibility that we can kind of optimize to on the isotope side if it makes sense to do so. It's kind of one of those acknowledgments of, yeah, we're going to have to look at possibly parsing some of the asset's operation schedules if it makes sense to do. That's the key question, if it makes sense to do. It's for the vast majority, the focus, if we're going to use any of their fast neutron capacity, would be largely skewed towards minimizing, if not completely avoiding, interference on the power operation schedule, while there will be a couple that will have more flexibility that we can kind of optimize to on the isotope side if it makes sense to do so. it's for the vast majority the focus if we're going to use any of their fast neutron capacity would be largely skewed towards minimizing if not completely avoiding interference on the power operation schedule while there will be a couple that will have more flexibility that we can kind of optimize to on the isotope side if it makes sense to do so It's kind of one of those acknowledgments of, yeah, we're going to have to look at possibly parsing some of the asset's operation schedules if it makes sense to do. it's kind of one of those acknowledgments of yeah we're going to have to look at possibly parsing some of the asset's operation schedules if it makes sense to do That's the key question, if it makes sense to do. that's the key question if it makes sense to do

Speaker 7: Okay. Yeah, that makes sense. The other question I wanted to ask you is if you could give us any update on your proposed natural gas Aurora partnership with Liberty Energy. Okay. okay Yeah, that makes sense. yeah that makes sense The other question I wanted to ask you is if you could give us any update on your proposed natural gas Aurora partnership with Liberty Energy. the other question i wanted to ask you is if you could give us any update on your proposed natural gas aurora partnership with liberty energy Liberty's recently spoken about it at a high level, and they seem to indicate they've been aimed towards large projects. Frankly, I've wondered if there's been any diminished appetite on Oklo's side as its progression to Aurora construction has accelerated. Liberty's recently spoken about it at a high level, and they seem to indicate they've been aimed towards large projects. liberty's recently spoken about it at a high level and they seem to indicate they've been aimed towards large projects Frankly, I've wondered if there's been any diminished appetite on Oklo's side as its progression to Aurora construction has accelerated. frankly i've wondered if there's been any diminished appetite on oklo's side as its progression to aurora construction has accelerated

Speaker 1: Yeah. I think in general, we still see it as a pretty powerful bridge. I think we've seen now several other groups be talking at a broad thematic about the gas-to-nuclear combo and bridging capabilities and features that offers. We continue to see that as a positive thing in different customer discussions. Yeah. yeah I think in general, we still see it as a pretty powerful bridge. i think in general we still see it as a pretty powerful bridge I think we've seen now several other groups be talking at a broad thematic about the gas-to-nuclear combo and bridging capabilities and features that offers. i think we've seen now several other groups be talking at a broad thematic about the gas-to-nuclear combo and bridging capabilities and features that offers We continue to see that as a positive thing in different customer discussions. we continue to see that as a positive thing in different customer discussions I think what we see in general, though, and this is a bit anecdotal, so take it for that, but I think some of the near-term focus and priorities at the moment is around utilizing stuff that's basically on-grid to be the nearest-term operational kind of preference, where that will be a key enabler for getting some stuff built or powering stuff that's already being built and filling in the power to either meet additionality goals or other kind of feature sets that this can do. That is in parallel happening, but just the temporal nature of the project planning is then kind of followed by the benefits of being able to bring gas in to enable power at a site for either a co-location or near location or even behind-the-meter approach that gas can enable pretty successfully. I think what we see in general, though, and this is a bit anecdotal, so take it for that, but I think some of the near-term focus and priorities at the moment is around utilizing stuff that's basically on-grid to be the nearest-term operational kind of preference, where that will be a key enabler for getting some stuff built or powering stuff that's already being built and filling in the power to either meet additionality goals or other kind of feature sets that this can do. i think what we see in general though and this is a bit anecdotal so take it for that but i think some of the near-term focus and priorities at the moment is around utilizing stuff that's basically on-grid to be the nearest-term operational kind of preference where that will be a key enabler for getting some stuff built or powering stuff that's already being built and filling in the power to either meet additionality goals or other kind of feature sets that this can do That is in parallel happening, but just the temporal nature of the project planning is then kind of followed by the benefits of being able to bring gas in to enable power at a site for either a co-location or near location or even behind-the-meter approach that gas can enable pretty successfully. that is in parallel happening but just the temporal nature of the project planning is then kind of followed by the benefits of being able to bring gas in to enable power at a site for either a co-location or near location or even behind-the-meter approach that gas can enable pretty successfully I mean, it's still a pretty powerful feature in market conversations and discussions. I think at the end of the day, and I don't think there's much diminishment on it. I think if anything, there's a lot of validation that it's valuable and it's a feature and it continues to kind of evolve and progress. One of the challenges I think we see in the commercial markets, I don't know if I'd call it a challenge, but one of the things we've observed is a lot of focus on the hyperscalers has been on the energy objectives they have over the next multi-month scale timeframes, right? Maybe that extends out to 24 months or less. That's where they're obviously really, really focusing most of their activities is making sure they're in a good position for all of what they need then. I mean, it's still a pretty powerful feature in market conversations and discussions. i mean it's still a pretty powerful feature in market conversations and discussions I think at the end of the day, and I don't think there's much diminishment on it. i think at the end of the day and i don't think there's much diminishment on it I think if anything, there's a lot of validation that it's valuable and it's a feature and it continues to kind of evolve and progress. i think if anything there's a lot of validation that it's valuable and it's a feature and it continues to kind of evolve and progress One of the challenges I think we see in the commercial markets, I don't know if I'd call it a challenge, but one of the things we've observed is a lot of focus on the hyperscalers has been on the energy objectives they have over the next multi-month scale timeframes, right? one of the challenges i think we see in the commercial markets i don't know if i'd call it a challenge but one of the things we've observed is a lot of focus on the hyperscalers has been on the energy objectives they have over the next multi-month scale timeframes right Maybe that extends out to 24 months or less. maybe that extends out to 24 months or less That's where they're obviously really, really focusing most of their activities is making sure they're in a good position for all of what they need then. that's where they're obviously really really focusing most of their activities is making sure they're in a good position for all of what they need then They are increasingly looking at the longer-term views just given how constrained the power markets are as a whole, realizing they need to expand those horizons. That is a thematic we continue to see evolve. Gas as an ability to bring power to a facility or site sooner is pretty powerful. I still think, I'll say that I still think that the understanding of the benefits that making government fuel availability, like with just increasing government fuel availability, like the plutonium side, which can be quite accelerative to building new nuclear plants faster and more plants faster, is still being digested in the market. That may have an ability to help show a path to bringing nuclear on even sooner. That is, I think, pretty potent. They are increasingly looking at the longer-term views just given how constrained the power markets are as a whole, realizing they need to expand those horizons. they are increasingly looking at the longer-term views just given how constrained the power markets are as a whole realizing they need to expand those horizons That is a thematic we continue to see evolve. that is a thematic we continue to see evolve Gas as an ability to bring power to a facility or site sooner is pretty powerful. gas as an ability to bring power to a facility or site sooner is pretty powerful I still think, I'll say that I still think that the understanding of the benefits that making government fuel availability, like with just increasing government fuel availability, like the plutonium side, which can be quite accelerative to building new nuclear plants faster and more plants faster, is still being digested in the market. i still think i'll say that i still think that the understanding of the benefits that making government fuel availability like with just increasing government fuel availability like the plutonium side which can be quite accelerative to building new nuclear plants faster and more plants faster is still being digested in the market That may have an ability to help show a path to bringing nuclear on even sooner. that may have an ability to help show a path to bringing nuclear on even sooner That is, I think, pretty potent. that is i think pretty potent I think it's still very early innings for folks' understanding of what that means, given the nature of it's still pretty fresh. I think it's still very early innings for folks' understanding of what that means, given the nature of it's still pretty fresh. i think it's still very early innings for folks' understanding of what that means given the nature of it's still pretty fresh

Speaker 7: Yeah, that makes sense. At least I wasn't completely irrational in what I was saying. I appreciate the color. Yeah, that makes sense. yeah that makes sense At least I wasn't completely irrational in what I was saying. at least i wasn't completely irrational in what i was saying I appreciate the color. i appreciate the color

Speaker 2: Your next question comes from the line of Derek Soderberg with Cantor Fitzgerald. Please go ahead. Your next question comes from the line of Derek Soderberg with Cantor Fitzgerald. your next question comes from the line of derek soderberg with cantor fitzgerald Please go ahead. please go ahead

Speaker 11: Yeah, hey, guys. Just one question for me. Is there a level of prepayments you need to make to secure some of these long lead time items in either the nuclear or non-nuclear supply chain? Wondering if you can quantify how much capital it'll require to just ensure access to those long lead time items as you scale. Thanks. Yeah, hey, guys. yeah hey guys Just one question for me. just one question for me Is there a level of prepayments you need to make to secure some of these long lead time items in either the nuclear or non-nuclear supply chain? is there a level of prepayments you need to make to secure some of these long lead time items in either the nuclear or non-nuclear supply chain Wondering if you can quantify how much capital it'll require to just ensure access to those long lead time items as you scale. wondering if you can quantify how much capital it'll require to just ensure access to those long lead time items as you scale Thanks. thanks

Speaker 1: I can take that one. We're currently working on progressing. I do not want to mention the vendors specifically, but some of the other supply chain partnerships we have already announced, and there might be some form of a prepayment, but it is in the 10% range. It is a number, but it is not significant. I think one of the reasons, though, that we are so glad about the success we have had around the capital raise is that we do not need to have capital be a constraint. If we find an opportunity that it makes sense in terms of the returns to do a prepayment because we can get a better price point on the asset, then we can go forth and do that. I can take that one. i can take that one We're currently working on progressing. we're currently working on progressing I do not want to mention the vendors specifically, but some of the other supply chain partnerships we have already announced, and there might be some form of a prepayment, but it is in the 10% range. i do not want to mention the vendors specifically but some of the other supply chain partnerships we have already announced and there might be some form of a prepayment but it is in the 10% range It is a number, but it is not significant. it is a number but it is not significant I think one of the reasons, though, that we are so glad about the success we have had around the capital raise is that we do not need to have capital be a constraint. i think one of the reasons though that we are so glad about the success we have had around the capital raise is that we do not need to have capital be a constraint If we find an opportunity that it makes sense in terms of the returns to do a prepayment because we can get a better price point on the asset, then we can go forth and do that. if we find an opportunity that it makes sense in terms of the returns to do a prepayment because we can get a better price point on the asset then we can go forth and do that

Speaker 11: Perfect. Thanks. Perfect. perfect Thanks. thanks

Speaker 2: Your next question is from the line of Sherif Elmaghrabi with BTIG. Please go ahead. Your next question is from the line of Sherif Elmaghrabi with BTIG. your next question is from the line of sherif elmaghrabi with btig Please go ahead. please go ahead

Speaker 4: Hi. Thank you. Just a two-parter on the Fuel Line Pilot at INL. You have a target online date, and then the facility was also selected for a GEWE program, which you mentioned. I'm wondering if there's an economic opportunity there as soon as the facility comes online, or if that's also something that needs NRC approval to monetize. Hi. hi Thank you. thank you Just a two-parter on the Fuel Line Pilot at INL. just a two-parter on the fuel line pilot at inl You have a target online date, and then the facility was also selected for a GEWE program, which you mentioned. you have a target online date and then the facility was also selected for a gewe program which you mentioned I'm wondering if there's an economic opportunity there as soon as the facility comes online, or if that's also something that needs NRC approval to monetize. i'm wondering if there's an economic opportunity there as soon as the facility comes online or if that's also something that needs nrc approval to monetize

Speaker 1: Yeah. Just so I understand, the Aurora plant, that is going through GEWE authorization to get built and turned on initially and get through some of the initial operational cycles. The intent is to move that over into a commercially operating space. I will flag that moving that over to an NRC license is the most likely path. It's not impossible, though, that given some of the dynamics of what's happening on the GEWE side, there might be pathways to kind of sell into the government that could exist. Yeah. yeah Just so I understand, the Aurora plant, that is going through GEWE authorization to get built and turned on initially and get through some of the initial operational cycles. just so i understand the aurora plant that is going through gewe authorization to get built and turned on initially and get through some of the initial operational cycles The intent is to move that over into a commercially operating space. the intent is to move that over into a commercially operating space I will flag that moving that over to an NRC license is the most likely path. i will flag that moving that over to an nrc license is the most likely path It's not impossible, though, that given some of the dynamics of what's happening on the GEWE side, there might be pathways to kind of sell into the government that could exist. it's not impossible though that given some of the dynamics of what's happening on the gewe side there might be pathways to kind of sell into the government that could exist We're not planning that that's exactly where it is, but that is something that has been and it was in the EOs, and that might be something that does evolve. The plan is to convert that over to an NRC license after some of that experience is gained, which at the end of the day is great because you point to real data with a real plant and just move some of that stuff pretty constructively forward. The Atomic Alchemy plant in Texas, the intent we have on there is to primarily be serving where GEWE is. It's not impossible that we go convert it over to an NRC license as well. We're not planning that that's exactly where it is, but that is something that has been and it was in the EOs, and that might be something that does evolve. we're not planning that that's exactly where it is but that is something that has been and it was in the eos and that might be something that does evolve The plan is to convert that over to an NRC license after some of that experience is gained, which at the end of the day is great because you point to real data with a real plant and just move some of that stuff pretty constructively forward. the plan is to convert that over to an nrc license after some of that experience is gained which at the end of the day is great because you point to real data with a real plant and just move some of that stuff pretty constructively forward The Atomic Alchemy plant in Texas, the intent we have on there is to primarily be serving where GEWE is. the atomic alchemy plant in texas the intent we have on there is to primarily be serving where gewe is It's not impossible that we go convert it over to an NRC license as well. it's not impossible that we go convert it over to an nrc license as well There's some optionality potentially there, but the general view is keep some of the GEWE facility, get the experience of living it, running it, doing some irradiation work, providing some support to GEWE missions, and possibly opening the door for other things. At the end of the day, that's kind of how we see that. That similarly is kind of how we think about the Pluto reactor as well. Again, it's possible that there's a feature set to convert many of these facilities or convert these to NRC license, all of them to NRC licenses. That's a possibility. The general purpose and plan is we kind of see the Aurora INL being the one that would make the most sense to do that with. The other two, not necessarily, but it depends on some factors that may evolve. There's some optionality potentially there, but the general view is keep some of the GEWE facility, get the experience of living it, running it, doing some irradiation work, providing some support to GEWE missions, and possibly opening the door for other things. there's some optionality potentially there but the general view is keep some of the gewe facility get the experience of living it running it doing some irradiation work providing some support to gewe missions and possibly opening the door for other things At the end of the day, that's kind of how we see that. at the end of the day that's kind of how we see that That similarly is kind of how we think about the Pluto reactor as well. that similarly is kind of how we think about the pluto reactor as well Again, it's possible that there's a feature set to convert many of these facilities or convert these to NRC license, all of them to NRC licenses. again it's possible that there's a feature set to convert many of these facilities or convert these to nrc license all of them to nrc licenses That's a possibility. that's a possibility The general purpose and plan is we kind of see the Aurora INL being the one that would make the most sense to do that with. the general purpose and plan is we kind of see the aurora inl being the one that would make the most sense to do that with The other two, not necessarily, but it depends on some factors that may evolve. the other two not necessarily but it depends on some factors that may evolve Another thing I'll flag is coming out of the executive orders, one of the things that's mentioned and clearly defined in there, just to highlight, is the fact that GEWE authorization or GEWE authorized facilities can support and provide "products," right, whether that be power or heat or isotopes or whatever it is, to the Department of Energy's use cases. That can then, by how these things are defined, can be and proceed and be built. Sorry. Things that do that work can be basically authorized under GEWE authorization. That could mean, for example, we are in a position where we build more plants under GEWE authorization because they're serving GEWE. That could be something that also occurs. Another thing I'll flag is coming out of the executive orders, one of the things that's mentioned and clearly defined in there, just to highlight, is the fact that GEWE authorization or GEWE authorized facilities can support and provide "products," right, whether that be power or heat or isotopes or whatever it is, to the Department of Energy's use cases. another thing i'll flag is coming out of the executive orders one of the things that's mentioned and clearly defined in there just to highlight is the fact that gewe authorization or gewe authorized facilities can support and provide "products," right whether that be power or heat or isotopes or whatever it is to the department of energy's use cases That can then, by how these things are defined, can be and proceed and be built. that can then by how these things are defined can be and proceed and be built Sorry. sorry Things that do that work can be basically authorized under GEWE authorization. things that do that work can be basically authorized under gewe authorization That could mean, for example, we are in a position where we build more plants under GEWE authorization because they're serving GEWE. that could mean for example we are in a position where we build more plants under gewe authorization because they're serving gewe That could be something that also occurs. that could be something that also occurs There's nothing firm on that, but just given that the EOs put that out there and it does open the door for the possibilities of that, that might be something else. The nice thing and the key thing here that's so important for why we felt confident and excited to move in this pathway that's accelerative is because it's clear that the NRC and GEWE are working well together and working together to, I would say, be efficient in how work done by one will be complementarily kind of informative to the other. That's an important kind of capability set. There's nothing firm on that, but just given that the EOs put that out there and it does open the door for the possibilities of that, that might be something else. there's nothing firm on that but just given that the eos put that out there and it does open the door for the possibilities of that that might be something else The nice thing and the key thing here that's so important for why we felt confident and excited to move in this pathway that's accelerative is because it's clear that the NRC and GEWE are working well together and working together to, I would say, be efficient in how work done by one will be complementarily kind of informative to the other. the nice thing and the key thing here that's so important for why we felt confident and excited to move in this pathway that's accelerative is because it's clear that the nrc and gewe are working well together and working together to i would say be efficient in how work done by one will be complementarily kind of informative to the other That's an important kind of capability set. that's an important kind of capability set That is evidenced pretty clearly by the recent MOU between GEWE and NRC, which is supportive of the fact that getting GEWE authorization and going through the technical work to do that will be constructive in NRC either licensing conversion and/or, I should say, really and future NRC license applications for future commercial plans. That is evidenced pretty clearly by the recent MOU between GEWE and NRC, which is supportive of the fact that getting GEWE authorization and going through the technical work to do that will be constructive in NRC either licensing conversion and/or, I should say, really and future NRC license applications for future commercial plans. that is evidenced pretty clearly by the recent mou between gewe and nrc which is supportive of the fact that getting gewe authorization and going through the technical work to do that will be constructive in nrc either licensing conversion and/or i should say really and future nrc license applications for future commercial plans

Speaker 4: Great. Thank you, Jake. Great. great Thank you, Jake. thank you jake

Speaker 2: Our final question comes from the line of Craig Shere with Tuohy Brothers. Please go ahead. Our final question comes from the line of Craig Shere with Tuohy Brothers. our final question comes from the line of craig shere with tuohy brothers Please go ahead. please go ahead

Speaker 12: Hi. Thanks for taking the question. What are the prospects for rounding up remaining fuel needs to maximize your maiden INL powerhouse to 75 MW? If you do not have it upfront as you commence operations, but later get NRC approval and can commence full commercial sales, at that time, could you refuel to maximum capacity? Hi. hi Thanks for taking the question. thanks for taking the question What are the prospects for rounding up remaining fuel needs to maximize your maiden INL powerhouse to 75 MW? what are the prospects for rounding up remaining fuel needs to maximize your maiden inl powerhouse to 75 mw If you do not have it upfront as you commence operations, but later get NRC approval and can commence full commercial sales, at that time, could you refuel to maximum capacity? if you do not have it upfront as you commence operations but later get nrc approval and can commence full commercial sales at that time could you refuel to maximum capacity

Speaker 1: Yes. Although given the recent activities and traction around a multitude of kind of fuel policy arrangements, as well as what we're seeing in the commercial fuel supply markets, I think we feel increasingly confident that we'll be able to have the fuel needed to run that facility, if not immediately at the onset of full power, pretty close to the immediate onset of full power. Not that this is the plan because we feel, again, increasingly confident that there's going to be extra HALEU that we can use for that facility from actually a variety of sources, which is the diversity of sources is part of the confidence, the inspiration of the confidence. Yes. yes Although given the recent activities and traction around a multitude of kind of fuel policy arrangements, as well as what we're seeing in the commercial fuel supply markets, I think we feel increasingly confident that we'll be able to have the fuel needed to run that facility, if not immediately at the onset of full power, pretty close to the immediate onset of full power. although given the recent activities and traction around a multitude of kind of fuel policy arrangements as well as what we're seeing in the commercial fuel supply markets i think we feel increasingly confident that we'll be able to have the fuel needed to run that facility if not immediately at the onset of full power pretty close to the immediate onset of full power Not that this is the plan because we feel, again, increasingly confident that there's going to be extra HALEU that we can use for that facility from actually a variety of sources, which is the diversity of sources is part of the confidence, the inspiration of the confidence. not that this is the plan because we feel again increasingly confident that there's going to be extra haleu that we can use for that facility from actually a variety of sources which is the diversity of sources is part of the confidence the inspiration of the confidence The other part of it is we can in that reactor, if we needed, if we were able to get, for example, access to some of that plutonium feedstock, make that into fuel that could be located and commingled with the reactor fuel there. It just means some assemblies would have plutonium-bearing fuel. Some would just be uranium-bearing fuel. You can design it to work just fine in that configuration and manner. Given that that material exists in a pretty much ready-to-fabricate form, it gives us a lot of confidence in how that can actually kind of proceed. Yeah, that's how we see that kind of playing out. The other part of it is we can in that reactor, if we needed, if we were able to get, for example, access to some of that plutonium feedstock, make that into fuel that could be located and commingled with the reactor fuel there. the other part of it is we can in that reactor if we needed if we were able to get for example access to some of that plutonium feedstock make that into fuel that could be located and commingled with the reactor fuel there It just means some assemblies would have plutonium-bearing fuel. it just means some assemblies would have plutonium-bearing fuel Some would just be uranium-bearing fuel. some would just be uranium-bearing fuel You can design it to work just fine in that configuration and manner. you can design it to work just fine in that configuration and manner Given that that material exists in a pretty much ready-to-fabricate form, it gives us a lot of confidence in how that can actually kind of proceed. given that that material exists in a pretty much ready-to-fabricate form it gives us a lot of confidence in how that can actually kind of proceed Yeah, that's how we see that kind of playing out. yeah that's how we see that kind of playing out

Speaker 12: Right. Last for me, to the degree you start employing, which sounds like a great opportunity, this plutonium mix to help bridge quicker plant deployments, does that have any implications on NRC regulatory process? Do they have to shift because of the new fuel mix? And having some plutonium in there, does that have any proliferation concerns of any kind? Right. right Last for me, to the degree you start employing, which sounds like a great opportunity, this plutonium mix to help bridge quicker plant deployments, does that have any implications on NRC regulatory process? last for me to the degree you start employing which sounds like a great opportunity this plutonium mix to help bridge quicker plant deployments does that have any implications on nrc regulatory process Do they have to shift because of the new fuel mix? do they have to shift because of the new fuel mix And having some plutonium in there, does that have any proliferation concerns of any kind? and having some plutonium in there does that have any proliferation concerns of any kind

Speaker 1: Yeah. It's a very good question, Craig. There are some inherent things that are a little different. To go back in the history of this plutonium material, kind of its legacy and policy history, the President's executive order has directed 34 tons that was slated for dilute and dispose to be made available for reactors for fueling. Before the program of dilute and dispose, which is where we're going to spend $20 billion+ of taxpayer money to just blend this stuff up with cathode and sand and bury it, the program before that was actually to fabricate it into fuel as part of a joint treaty with Russia at the time for stockpile reduction. Yeah. yeah It's a very good question, Craig. it's a very good question craig There are some inherent things that are a little different. there are some inherent things that are a little different To go back in the history of this plutonium material, kind of its legacy and policy history, the President's executive order has directed 34 tons that was slated for dilute and dispose to be made available for reactors for fueling. to go back in the history of this plutonium material kind of its legacy and policy history the president's executive order has directed 34 tons that was slated for dilute and dispose to be made available for reactors for fueling Before the program of dilute and dispose, which is where we're going to spend $20 billion+ of taxpayer money to just blend this stuff up with cathode and sand and bury it, the program before that was actually to fabricate it into fuel as part of a joint treaty with Russia at the time for stockpile reduction. before the program of dilute and dispose which is where we're going to spend $20 billion+ of taxpayer money to just blend this stuff up with cathode and sand and bury it the program before that was actually to fabricate it into fuel as part of a joint treaty with russia at the time for stockpile reduction The plan was to take that material, fabricate it into fuel for light water reactors, and then use it in light water reactors. It was called the MOX program in the facility in South Carolina to do that. That program, you could spend a long time. For time's sake, I'll keep it very simple and a little bit simplistic. That program had significant struggles because plutonium fuel in light water reactors, while very doable, is inherently something very different than what we do as a country here. The infrastructure to do all that was not necessarily in place because plutonium does behave notably differently in a slow neutron reactor than a fast reactor. It still behaves differently than uranium in a fast reactor, but the difference is more amplified and accentuated in the thermal spectrum or slow neutron reactor, especially water-cooled reactor. The plan was to take that material, fabricate it into fuel for light water reactors, and then use it in light water reactors. the plan was to take that material fabricate it into fuel for light water reactors and then use it in light water reactors It was called the MOX program in the facility in South Carolina to do that. it was called the mox program in the facility in south carolina to do that That program, you could spend a long time. that program you could spend a long time For time's sake, I'll keep it very simple and a little bit simplistic. for time's sake i'll keep it very simple and a little bit simplistic That program had significant struggles because plutonium fuel in light water reactors, while very doable, is inherently something very different than what we do as a country here. that program had significant struggles because plutonium fuel in light water reactors while very doable is inherently something very different than what we do as a country here The infrastructure to do all that was not necessarily in place because plutonium does behave notably differently in a slow neutron reactor than a fast reactor. the infrastructure to do all that was not necessarily in place because plutonium does behave notably differently in a slow neutron reactor than a fast reactor It still behaves differently than uranium in a fast reactor, but the difference is more amplified and accentuated in the thermal spectrum or slow neutron reactor, especially water-cooled reactor. it still behaves differently than uranium in a fast reactor but the difference is more amplified and accentuated in the thermal spectrum or slow neutron reactor especially water-cooled reactor It was not something utilities were really wanting. Fuel markets were not constrained. It was not something that there was a market for. It was a top-down government-run approach where the facility got way out of control in cost and everything else because it was not being driven by a kind of a more, I would say, entrepreneurial or enterprising kind of dynamic. The recommended option, the best path coming out of that program, basically not being in a spot to not proceed, was to actually, the technical panelists were to say, "Okay, the best thing would be to put it in fast reactors. We do not have any fast reactors, so the next best option is just to dilute and dispose of it." Now we are going to have fast reactors, right, based on what we are doing. It was not something utilities were really wanting. it was not something utilities were really wanting Fuel markets were not constrained. fuel markets were not constrained It was not something that there was a market for. it was not something that there was a market for It was a top-down government-run approach where the facility got way out of control in cost and everything else because it was not being driven by a kind of a more, I would say, entrepreneurial or enterprising kind of dynamic. it was a top-down government-run approach where the facility got way out of control in cost and everything else because it was not being driven by a kind of a more i would say entrepreneurial or enterprising kind of dynamic The recommended option, the best path coming out of that program, basically not being in a spot to not proceed, was to actually, the technical panelists were to say, "Okay, the best thing would be to put it in fast reactors. the recommended option the best path coming out of that program basically not being in a spot to not proceed was to actually the technical panelists were to say "okay the best thing would be to put it in fast reactors We do not have any fast reactors, so the next best option is just to dilute and dispose of it." Now we are going to have fast reactors, right, based on what we are doing. we do not have any fast reactors so the next best option is just to dilute and dispose of it." now we are going to have fast reactors right based on what we are doing Our view is, "Hey, this is great because." It's not just that. There are other companies developing reactors and other things that can use this material, and there is a fuel crunch. Now we're in a different world for how they think about that. That facility that I talked about under the light water MOX program was actually going through and had gone through all of that, was set up to be under NRC purview, generally speaking. There is a lot of infrastructure in place and experience around that. There are some differences with things you need to do on the regulatory side for this, but it's generally speaking pretty well known. Our view is, "Hey, this is great because." It's not just that. our view is "hey this is great because." it's not just that There are other companies developing reactors and other things that can use this material, and there is a fuel crunch. there are other companies developing reactors and other things that can use this material and there is a fuel crunch Now we're in a different world for how they think about that. now we're in a different world for how they think about that That facility that I talked about under the light water MOX program was actually going through and had gone through all of that, was set up to be under NRC purview, generally speaking. that facility that i talked about under the light water mox program was actually going through and had gone through all of that was set up to be under nrc purview generally speaking There is a lot of infrastructure in place and experience around that. there is a lot of infrastructure in place and experience around that There are some differences with things you need to do on the regulatory side for this, but it's generally speaking pretty well known. there are some differences with things you need to do on the regulatory side for this but it's generally speaking pretty well known What is really powerful too is that GEWE expanding kind of with the Reactor Pilot Program to include the Fuel Pilot Program to help fuel these reactors under the pilot program, they also are extending their authorization capabilities, and they are the ones that already oversee from a permitting and authorization perspective plutonium work. It is great to be able to kind of tie in with that. We have been expanding our partnerships with some of the national labs who have experience doing all that work. It kind of helps us drive and build out that expertise set in partnership with the experts we have in this country and kind of accordingly be able to scale that forward. That is how this course sort of charts. What is really powerful too is that GEWE expanding kind of with the Reactor Pilot Program to include the Fuel Pilot Program to help fuel these reactors under the pilot program, they also are extending their authorization capabilities, and they are the ones that already oversee from a permitting and authorization perspective plutonium work. what is really powerful too is that gewe expanding kind of with the reactor pilot program to include the fuel pilot program to help fuel these reactors under the pilot program they also are extending their authorization capabilities and they are the ones that already oversee from a permitting and authorization perspective plutonium work It is great to be able to kind of tie in with that. it is great to be able to kind of tie in with that We have been expanding our partnerships with some of the national labs who have experience doing all that work. we have been expanding our partnerships with some of the national labs who have experience doing all that work It kind of helps us drive and build out that expertise set in partnership with the experts we have in this country and kind of accordingly be able to scale that forward. it kind of helps us drive and build out that expertise set in partnership with the experts we have in this country and kind of accordingly be able to scale that forward That is how this course sort of charts. that is how this course sort of charts It's got some things that are a little bit different than the uranium side, but nothing significantly departed and stuff that's largely noble and manageable. I mean, again, there's contours and elements to it, but generally speaking, this has a history and precedent behind it in a multitude of ways between GEWE and NRC. To your other part of the question, where there is kind of an exciting opportunity around this is the story and the conversation around proliferation. I say that because the kind of only way to permanently destroy plutonium out of this universe is to fission it. By putting it in the reactors, you're fissioning it, and you're turning it into two fission products that stars have a really hard time synthesizing through supernovas back into plutonium. It's got some things that are a little bit different than the uranium side, but nothing significantly departed and stuff that's largely noble and manageable. it's got some things that are a little bit different than the uranium side but nothing significantly departed and stuff that's largely noble and manageable I mean, again, there's contours and elements to it, but generally speaking, this has a history and precedent behind it in a multitude of ways between GEWE and NRC. i mean again there's contours and elements to it but generally speaking this has a history and precedent behind it in a multitude of ways between gewe and nrc To your other part of the question, where there is kind of an exciting opportunity around this is the story and the conversation around proliferation. to your other part of the question where there is kind of an exciting opportunity around this is the story and the conversation around proliferation I say that because the kind of only way to permanently destroy plutonium out of this universe is to fission it. i say that because the kind of only way to permanently destroy plutonium out of this universe is to fission it By putting it in the reactors, you're fissioning it, and you're turning it into two fission products that stars have a really hard time synthesizing through supernovas back into plutonium. by putting it in the reactors you're fissioning it and you're turning it into two fission products that stars have a really hard time synthesizing through supernovas back into plutonium That's a cheeky way of saying, "This is a pretty good way to get rid of it and generate power in doing so and solve a fuel crunch while doing so." If anything, our view pretty strongly is you obviously apply all the relevant and state-of-the-art. This is something we've leaned into because of our work in recycling and other fields, applying state-of-the-art capabilities on safeguards and security around managing this material from receipt into fabrication and then into reactors, and then in the reactors, you're destroying it. It's actually a pretty cool setup and something that, as a country, we would dare to do. That's a cheeky way of saying, "This is a pretty good way to get rid of it and generate power in doing so and solve a fuel crunch while doing so." If anything, our view pretty strongly is you obviously apply all the relevant and state-of-the-art. that's a cheeky way of saying "this is a pretty good way to get rid of it and generate power in doing so and solve a fuel crunch while doing so." if anything our view pretty strongly is you obviously apply all the relevant and state-of-the-art This is something we've leaned into because of our work in recycling and other fields, applying state-of-the-art capabilities on safeguards and security around managing this material from receipt into fabrication and then into reactors, and then in the reactors, you're destroying it. this is something we've leaned into because of our work in recycling and other fields applying state-of-the-art capabilities on safeguards and security around managing this material from receipt into fabrication and then into reactors and then in the reactors you're destroying it It's actually a pretty cool setup and something that, as a country, we would dare to do. it's actually a pretty cool setup and something that as a country we would dare to do There are some, I would say, critics out there, mostly just pretty clear anti-nuclear advocates who have said, "Oh, this is a non-proliferation concern." I've never understood that because destroying plutonium kind of is the best way to get rid of it. Not kind of, it's objectively the best way to get rid of it. Yeah, it's just a pretty elegant solution to actually get rid of the material. I think what it really distills to, though, is just like, "Oh, this is different," and then it's just changed. There are some, I would say, critics out there, mostly just pretty clear anti-nuclear advocates who have said, "Oh, this is a non-proliferation concern." I've never understood that because destroying plutonium kind of is the best way to get rid of it. there are some i would say critics out there mostly just pretty clear anti-nuclear advocates who have said "oh this is a non-proliferation concern." i've never understood that because destroying plutonium kind of is the best way to get rid of it Not kind of, it's objectively the best way to get rid of it. not kind of it's objectively the best way to get rid of it Yeah, it's just a pretty elegant solution to actually get rid of the material. yeah it's just a pretty elegant solution to actually get rid of the material I think what it really distills to, though, is just like, "Oh, this is different," and then it's just changed. i think what it really distills to though is just like "oh this is different," and then it's just changed It takes a little bit of time to socialize, and people are like, "Oh, yeah, it makes a lot of sense." The other concern is like, "Well, we'll incentivize other countries to do the same," which I would also argue, "I think if we incentivize other countries to destroy their plutonium, that's also kind of a feature in the non-proliferation world, so not necessarily the worst thing on that front." I think what's important too is this is legacy material from weapons programs. As we think about the future and recycling, you're not separating out pure plutonium using state-of-the-art technologies, which again gets back to how I think at a policy level we should be thinking about leading on the world stage. It takes a little bit of time to socialize, and people are like, "Oh, yeah, it makes a lot of sense." The other concern is like, "Well, we'll incentivize other countries to do the same," which I would also argue, "I think if we incentivize other countries to destroy their plutonium, that's also kind of a feature in the non-proliferation world, so not necessarily the worst thing on that front." I think what's important too is this is legacy material from weapons programs. it takes a little bit of time to socialize and people are like "oh yeah it makes a lot of sense." the other concern is like "well we'll incentivize other countries to do the same," which i would also argue "i think if we incentivize other countries to destroy their plutonium that's also kind of a feature in the non-proliferation world so not necessarily the worst thing on that front." i think what's important too is this is legacy material from weapons programs As we think about the future and recycling, you're not separating out pure plutonium using state-of-the-art technologies, which again gets back to how I think at a policy level we should be thinking about leading on the world stage. as we think about the future and recycling you're not separating out pure plutonium using state-of-the-art technologies which again gets back to how i think at a policy level we should be thinking about leading on the world stage If we, as a country, are what we announced in Tennessee, recycling material in a manner that does not ever produce pure separated plutonium, instead produces a uranium-trained uranic mix that is commingled, that is a good spot to kind of lead from. That is kind of how I think about the space. If we, as a country, are what we announced in Tennessee, recycling material in a manner that does not ever produce pure separated plutonium, instead produces a uranium-trained uranic mix that is commingled, that is a good spot to kind of lead from. if we as a country are what we announced in tennessee recycling material in a manner that does not ever produce pure separated plutonium instead produces a uranium-trained uranic mix that is commingled, that is a good spot to kind of lead from That is kind of how I think about the space. that is kind of how i think about the space

Speaker 12: Great. Thank you. Great. great Thank you. thank you

Speaker 2: With no further questions, thank you. I will now hand the call back over to Jake DeWitte, CEO and Co-Founder of Oklo. Please go ahead. With no further questions, thank you. with no further questions thank you I will now hand the call back over to Jake DeWitte, CEO and Co-Founder of Oklo. i will now hand the call back over to jake dewitte ceo and co-founder of oklo Please go ahead. please go ahead

Speaker 1: Thank you. Thank you all for joining in today. We appreciate it. This is the second call since the executive orders were signed, the first call since we had the reactor pilot program and fuel pilot program selections. It has significantly changed how we think about the regulatory landscape and the regulatory strategy we are employing accordingly. Thank you. thank you Thank you all for joining in today. thank you all for joining in today We appreciate it. we appreciate it This is the second call since the executive orders were signed, the first call since we had the reactor pilot program and fuel pilot program selections. this is the second call since the executive orders were signed the first call since we had the reactor pilot program and fuel pilot program selections It has significantly changed how we think about the regulatory landscape and the regulatory strategy we are employing accordingly. it has significantly changed how we think about the regulatory landscape and the regulatory strategy we are employing accordingly It's significant in its accelerative features, but also in its regulatory derisking features. This aligns pretty well with what we're also seeing in the policy landscape, driving sort of a continued focus and effort on modernization at not just the Department of Energy, but the Nuclear Regulatory Commission. Our work with the NRC has not stopped. It still continues. Now it gets the benefit and the accelerating benefit of working with the Department of Energy and the national laboratory ecosystem that supports this, that will help NRC reviews and, generally speaking, enable a world where NRC reviews will be accelerated and made more efficient and, generally speaking, improved by the experiences already done by the AEC. AEC has a tremendous track record of safely authorizing and reviewing and overseeing nuclear facilities. The NRC and AEC, don't forget, were born from the same entity, the Atomic Energy Commission. It's significant in its accelerative features, but also in its regulatory derisking features. it's significant in its accelerative features but also in its regulatory derisking features This aligns pretty well with what we're also seeing in the policy landscape, driving sort of a continued focus and effort on modernization at not just the Department of Energy, but the Nuclear Regulatory Commission. this aligns pretty well with what we're also seeing in the policy landscape driving sort of a continued focus and effort on modernization at not just the department of energy but the nuclear regulatory commission Our work with the NRC has not stopped. our work with the nrc has not stopped It still continues. it still continues Now it gets the benefit and the accelerating benefit of working with the Department of Energy and the national laboratory ecosystem that supports this, that will help NRC reviews and, generally speaking, enable a world where NRC reviews will be accelerated and made more efficient and, generally speaking, improved by the experiences already done by the AEC. now it gets the benefit and the accelerating benefit of working with the department of energy and the national laboratory ecosystem that supports this that will help nrc reviews and generally speaking enable a world where nrc reviews will be accelerated and made more efficient and generally speaking improved by the experiences already done by the aec AEC has a tremendous track record of safely authorizing and reviewing and overseeing nuclear facilities. aec has a tremendous track record of safely authorizing and reviewing and overseeing nuclear facilities The NRC and AEC, don't forget, were born from the same entity, the Atomic Energy Commission. the nrc and aec don't forget were born from the same entity the atomic energy commission There is a lot of kind of common threads. They have worked together for a long time, and we are happy to see that is kind of continuing. In some ways, they are even getting closer again to work together. I mean that in a constructively independent way where NRC can use GEWE's best resources and information. One of the best ways you can do safety analysis and safety oversight is good understanding of what the system is you are overseeing and leveraging our nation's leadership, technically speaking, that the GEWE has and the national labs have to help support that. It is a pretty powerful combination. I like to think that we are now kind of moving into this next chapter of this new wave of nuclear that is leveraging the best features of government to its maximum abilities, and that is a benefit for all of us. There is a lot of kind of common threads. They have worked together for a long time, and we are happy to see that is kind of continuing. there is a lot of kind of common threads. they have worked together for a long time and we are happy to see that is kind of continuing In some ways, they are even getting closer again to work together. in some ways they are even getting closer again to work together I mean that in a constructively independent way where NRC can use GEWE's best resources and information. i mean that in a constructively independent way where nrc can use gewe's best resources and information One of the best ways you can do safety analysis and safety oversight is good understanding of what the system is you are overseeing and leveraging our nation's leadership, technically speaking, that the GEWE has and the national labs have to help support that. It is a pretty powerful combination. one of the best ways you can do safety analysis and safety oversight is good understanding of what the system is you are overseeing and leveraging our nation's leadership technically speaking that the gewe has and the national labs have to help support that. it is a pretty powerful combination I like to think that we are now kind of moving into this next chapter of this new wave of nuclear that is leveraging the best features of government to its maximum abilities, and that is a benefit for all of us. i like to think that we are now kind of moving into this next chapter of this new wave of nuclear that is leveraging the best features of government to its maximum abilities and that is a benefit for all of us Additionally, the opportunities around making more fuel sources available, for example, this plutonium material, as well as continued traction and efforts to build out and invest in and expand the uranium fuel supply chain, are pretty accelerative because the bridge fuel opportunities that plutonium gives us is a game changer in building more reactors more quickly and using that to help accelerate the investment and development of the uranium enrichment markets. Uranium enrichment is radically undersupplied in this country, radically meaning like 18%-20%. We need more of it for just our existing plants. We also need it, of course, where we're making less than 1 ton a year, but for HALEU. Additionally, the opportunities around making more fuel sources available, for example, this plutonium material, as well as continued traction and efforts to build out and invest in and expand the uranium fuel supply chain, are pretty accelerative because the bridge fuel opportunities that plutonium gives us is a game changer in building more reactors more quickly and using that to help accelerate the investment and development of the uranium enrichment markets. additionally the opportunities around making more fuel sources available for example this plutonium material as well as continued traction and efforts to build out and invest in and expand the uranium fuel supply chain are pretty accelerative because the bridge fuel opportunities that plutonium gives us is a game changer in building more reactors more quickly and using that to help accelerate the investment and development of the uranium enrichment markets Uranium enrichment is radically undersupplied in this country, radically meaning like 18%-20%. uranium enrichment is radically undersupplied in this country radically meaning like 18%-20% We need more of it for just our existing plants. we need more of it for just our existing plants We also need it, of course, where we're making less than 1 ton a year, but for HALEU. we also need it of course where we're making less than 1 ton a year but for haleu Things we can do to help signal more powerful optics orders and investments and therefore expansion in the HALEU side, supported by building more reactors sooner using bridge fuels, is pretty creative to realizing more fuel supplies and use, maybe a bit of a silly term, fuel leadership and fuel dominance. Back in the 1980s, we as a country had more fuel production capacity, meaning conversion, enrichment, deconversion, fabrication, than the rest of the world combined. Now we definitely do not. A big opportunity for how that is proceeding. Bridge fuels are a really important piece of that. On the reactor front, one of the great things about the pilot programs and the benefits there is an ability to move into buildings. Things we can do to help signal more powerful optics orders and investments and therefore expansion in the HALEU side, supported by building more reactors sooner using bridge fuels, is pretty creative to realizing more fuel supplies and use, maybe a bit of a silly term, fuel leadership and fuel dominance. things we can do to help signal more powerful optics orders and investments and therefore expansion in the haleu side supported by building more reactors sooner using bridge fuels is pretty creative to realizing more fuel supplies and use maybe a bit of a silly term fuel leadership and fuel dominance Back in the 1980s, we as a country had more fuel production capacity, meaning conversion, enrichment, deconversion, fabrication, than the rest of the world combined. back in the 1980s we as a country had more fuel production capacity meaning conversion enrichment deconversion fabrication than the rest of the world combined Now we definitely do not. now we definitely do not A big opportunity for how that is proceeding. a big opportunity for how that is proceeding Bridge fuels are a really important piece of that. bridge fuels are a really important piece of that On the reactor front, one of the great things about the pilot programs and the benefits there is an ability to move into buildings. on the reactor front one of the great things about the pilot programs and the benefits there is an ability to move into buildings A big thing that we have long thought from policy would be very supportive of nuclear is to move the front-loaded paperwork to be developed largely or as in parallel as possible with the actual building and facilities so that you can do the kind of learning of building while you do the regulatory work so that you know what you're building, one, two, and you know what you're licensing, but also you can have it built and then get the final authorizations before you actually load the fuel and actually run the plant. The GEWE pathways allow us to do that. We can accelerate timelines. A big thing that we have long thought from policy would be very supportive of nuclear is to move the front-loaded paperwork to be developed largely or as in parallel as possible with the actual building and facilities so that you can do the kind of learning of building while you do the regulatory work so that you know what you're building, one, two, and you know what you're licensing, but also you can have it built and then get the final authorizations before you actually load the fuel and actually run the plant. a big thing that we have long thought from policy would be very supportive of nuclear is to move the front-loaded paperwork to be developed largely or as in parallel as possible with the actual building and facilities so that you can do the kind of learning of building while you do the regulatory work so that you know what you're building one two and you know what you're licensing but also you can have it built and then get the final authorizations before you actually load the fuel and actually run the plant The GEWE pathways allow us to do that. the gewe pathways allow us to do that We can accelerate timelines. we can accelerate timelines It is bringing forward an ability to start going from greenfield and the design of a reactor to turning reactors on in what looks like it is going to be less than 12 months for at least what we are doing on the Atomic Alchemy side, as well as some other companies that are pursuing this that were selected under the program. That is, as someone said recently, kind of Manhattan Project-level speeds of being able to do these things. That is a real feature to moving all of this excitement and enthusiasm into real-world application and the iterations that come from being able to build and build more quickly. This is a bit of a dream set of scenarios that I think Carolyn and I long dreamed about when we were starting the company. It is bringing forward an ability to start going from greenfield and the design of a reactor to turning reactors on in what looks like it is going to be less than 12 months for at least what we are doing on the Atomic Alchemy side, as well as some other companies that are pursuing this that were selected under the program. That is, as someone said recently, kind of Manhattan Project-level speeds of being able to do these things. it is bringing forward an ability to start going from greenfield and the design of a reactor to turning reactors on in what looks like it is going to be less than 12 months for at least what we are doing on the atomic alchemy side as well as some other companies that are pursuing this that were selected under the program. that is as someone said recently kind of manhattan project-level speeds of being able to do these things That is a real feature to moving all of this excitement and enthusiasm into real-world application and the iterations that come from being able to build and build more quickly. that is a real feature to moving all of this excitement and enthusiasm into real-world application and the iterations that come from being able to build and build more quickly This is a bit of a dream set of scenarios that I think Carolyn and I long dreamed about when we were starting the company. this is a bit of a dream set of scenarios that i think carolyn and i long dreamed about when we were starting the company It is all coming together in a very, very creative time for us, not just to be positioned to take advantage of it because of where we are as a company and the maturity we have, but also the resources we have to bring to bear to it. We are very excited that we are selected for three of those reactor pilot programs, as well as the fuel line programs and executing down that as we also scale forward with additional customer development and future sites and deployment opportunities. Thank you all. It is all coming together in a very, very creative time for us, not just to be positioned to take advantage of it because of where we are as a company and the maturity we have, but also the resources we have to bring to bear to it. it is all coming together in a very very creative time for us not just to be positioned to take advantage of it because of where we are as a company and the maturity we have but also the resources we have to bring to bear to it We are very excited that we are selected for three of those reactor pilot programs, as well as the fuel line programs and executing down that as we also scale forward with additional customer development and future sites and deployment opportunities. we are very excited that we are selected for three of those reactor pilot programs as well as the fuel line programs and executing down that as we also scale forward with additional customer development and future sites and deployment opportunities Thank you all. thank you all

Speaker 2: Thank you again for joining us today. This does conclude today's conference call. You may now disconnect. Thank you again for joining us today. thank you again for joining us today This does conclude today's conference call. this does conclude today's conference call You may now disconnect. you may now disconnect