Lightbridge Corp. (NASDAQ:LTBR) Q1 2020 Earnings Conference Call - Final Transcript
May 14, 2020 • 04:00 pm ET
Greetings, and welcome to the Lightbridge Corporation Business Update and First Quarter 2020 Conference Call and Webcast. [Operator Instructions]. A brief question-ans-answer session will follow the former presentation. [Operator Instructions].
As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Matthew Abenante, Investor Relations for Lightbridge Corporation. Thank you, sir. You may begin.
Thank you, Michelle, and thanks to all of you for joining us today. Company's earnings press release was distributed after the market closed yesterday and can be viewed on the Investor Relations page of the Lightbridge website at www.ltbridge.com.
Joining us on the call today is Seth Grae, Chief Executive Officer; along with Larry Goldman, Chief Financial Officer; Andrey Mushakov, Executive Vice President for Nuclear Operations; Jim Fornof, Vice President for Program Management; and Sherrie Holloway, Senior Staff Accountant.
I would like to remind our listeners that any statements on this call that are not historical facts are forward-looking statements. Today's presentation includes forward-looking statements about the company's competitive position and product and service offering. During today's call, words such as expect, anticipate, believe and intend will be used in our discussion of goals or events in the future. This presentation is based on current expectations and involves certain risks and uncertainties that may cause actual results to differ significantly from such estimates.
These and other risks are set forth in more detail in Lightbridge's filings with the Securities and Exchange Commission. Lightbridge does not assume any obligation to update or revise any such forward-looking statements, whether as a result of new developments or otherwise.
With that, I would like to turn the call over to our first speaker, Seth Grae, Chief Executive Officer of Lightbridge. Hello, Seth.
Hello, Matt, and thank you. Thank you all for joining us today. I sincerely hope that each of you and your families are healthy and safe.
We ended fiscal year 2019 on a high note, winning the GAIN voucher, our first US Department of Energy funding award for the project, which helps position the company for the next phase of fuel development. We were delighted to announce the Cooperative Research and Development Agreement, CRADA, with Battelle Energy Alliance, LLC, the operating contractor of Idaho National Laboratory with DOE, in mid-April, which was the major milestone for Lightbridge.
The CRADA is for $845,000 with three-quarters of this amount paid by DOE, or $633,000, for the scope performed by INL, with the remainder comprising in kind or non-cash contributions from Lightbridge for its scope of work in support of this project. In terms of the size of the GAIN voucher, the DOE states that it only allocates awards over $500,000, "In cases with a clear need and involving a truly exceptional technology or innovation."
We are now a government contractor in developing our metallic fuel. The scope of the project, which is 12 months in duration, includes experiments designed for irradiation of metallic fuel material samples in the Advanced Test Reactor at INL. We