Dan Poneman: Well, I don’t really see a change, though, based on the legislative calendar or the introduction of legislation, what we have seen and actually some of this predates the Ukraine invasion, but prices overall at enrichment bottomed out around August 2018, they had been rising. They got up to in the $50 range at the time of the invasion. Since the invasion, the anxiety in the market has produced a pretty substantial rise up to $140 in terms of indicators that are published in the trade press. And so I think most of the change was, I think, internalized in that sense, not key to particular legislation being introduced, but rather to the broader secular trends in the market that are driven by Ukraine and the concern that Russia, which has been such an important supply source with, as I mentioned in my remarks, 46% of the installed production capacity of enrichment globally and the concern that, that has spawned has, I think, driven a lot.
And obviously, the other related aspect to this, since you can’t shelf uranium powder through a centrifuge machine, you got to turn that powder into a gas, then septic all conversion. And obviously, the same demand spike or the concerns that have driven the price on enrichment north have also since there’s a tight supply chain in the conversion space, you’ve seen increase in the conversion market as well. Now, there is expectation that ConverDyn is going to restart their plant Metropolis, Illinois, which should ease some of that, but that’s another trend that we see.
Joseph Reagor: Okay. And then just kind of a slight follow-up. Are you guys going to continue to look at signing contracts with utilities beyond that 2028 date that was suggested in the Senate bill or would you guys be focused more on near-term contracts, at least for now?
Dan Poneman: Well — and Philip, you may want to chime in here. We always are looking to the future. And we’re always looking for ways in which we can shift from our short-term efforts to a longer term glide path. We are very focused now on seeing if we can succeed in making the transition from brokering the material that we’re now getting from existing supply contracts to adding our own material to the supply chain and therefore to manage a segue between operating purely as a brokerage operation to one that has our own supply to add to the market. And if we do that, we will extend our glide path in terms of forward sales well into the future measured in decades. Philip?
Philip Strawbridge: Yes, Joe. I mean, first of all, we’d focus on both near-term and long-term opportunities. And that legislation, again, draft and way out in the future would only apply to one of our supply contracts. We have other supply contracts as we’ve mentioned before, so.
Joseph Reagor: Okay, fair enough. I’ll turn it over.
Operator: Thank you. There appear to be no further questions at this time. I’d like to turn the floor back over to management for closing remarks.
Dan Leistikow: Thank you, operator. This will conclude our investor call for Q1 of 2023. As always, I want to extend a thank you to our listeners online and our investors. We look forward to speaking with you again next quarter.
Operator: This concludes today’s teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.
