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Executives

Chris Sattler - Chief Executive Officer

Steve Magnuson - Executive Vice President, Chief Operating Officer

Graham du Preez - Executive Vice President, Chief Financial Officer

Scott Melbye - Executive Vice President, Marketing

Analysts

Adam Schatzker - RBC Capital Markets

Tyler Langton - JPMorgan

Oscar Cabrera - Bank of Merrill Lynch

Ralph Profiti - Crédit Suisse

Brian MacArthur - UBS

David Snow - Energy Equities Incorporated

URANIUM ONE INC (OTC:SXRZF) Q22012 Earnings Call August 14, 2012 10:00 AM ET

Operator

Good morning, my name is Laurel, and I will be your conference operator today. At this time, I would like to welcome everyone to the Uranium One Incorporated 2012 second quarter results conference call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks there will be a question and answer session. (Operator Instructions)

Mr. Chris Sattler, CEO, you may begin your conference.

Chris Sattler

Thank you, Laurel, welcome everyone to Uranium One's second quarter 2012 results conference call. Here with me today are Steve Magnuson, our Chief Operating Officer who will update you briefly on our operational results and our Chief Financial Officer, Graham du Preez, who will review our financials and Scott Melbye, our Executive Vice President of Marketing to provide some commentary on what we are seeing in the market.

Before we begin though, let me draw your attention to our cautionary statements. The upcoming discussion contains certain forward looking information with respect to Uranium One's operations and financial results. Actual future results may differ from expected results for a variety of reasons which are described in the cautionary statements regarding forward looking information in our press release.

Turning to our second quarter highlights, Q2 has proven to be another strong quarter for Uranium One, both operationally and financially. The corporation had total attributable production of 3 million pounds, an increase of 28% compared to the second quarter of last year. We had record quarterly production from five of our mines, during the second quarter with a particularly good performance at South Inkai.

Our average total cash cost per pound sold remains the lowest in the industry, and was $16 per pound during the quarter. Our average realized sales price was $52 per pound compared to an average spot price during the quarter of $51. Revenue was $97 million on 1.9 million pounds of sales and our net earnings were $29.2 million or $0.03 per share. On an adjusted net earnings basis for the quarter, we recorded $8.8 million or $0.01 per share, compared to adjusted net earnings of $27.5 million or $0.03 per share in the comparable period in 2011. Our cash position remains strong with $460 million in cash and cash equivalents at the end of June.

At its 36th Session in St. Petersburg this year, the UNESCO World Heritage Committee approved an application by the Tanzanian Government for a minor boundary adjustment to the Selous Game Reserve. This removes the Mkuju River Project and an adjacent buffer zone from the Selous Game Reserve World Heritage Site.

Also during the quarter, corporation signed a coordination agreement with our major shareholder, ARMZ which sets out a framework for enhanced cooperation and integration between the parties. As part of this agreement, the standstill provision has been extended to December 2014

We continue to work on updating our definitive feasibility study for the Mkuju River Project and anticipate its completion in the next few months. Our drilling program to increase the confidence level of some of the remaining inferred resources which lie in some of the pit shells has been completed and will be included in the study.

Uranium One continues to ramp up its production and has a steady state goal of producing between 22 million and 26 million pounds per year by the end of the decade. We expect that growth will be driven by our assets in Kazakhstan and the United States in the near term and that production form Mkuju River would drive or production growth in the second half of the decade. Throughout this ramp up, our strategy is to remain the lowest cost producer in the industry.

Looking at our forward looking guidance, our production guidance for 2012 remains unchanged at 11.6 million pounds and for 2013 our guidance remains 12.5 million pounds. During 2012, we expect our total cash operating cost per pound sold to be approximately $19 per pound. A mine by mine breakdown of this estimate is provided on page 31 of our MD&A.

We expect our cash cost to increase slightly towards the end of this year, reaching our guidance of $19 per pound due to a significant hiring program at Akbastau as our construction activity ramps up for a processing facility at that operation and due to the inclusion of relatively higher cost mines at Willow Creek which is now in commercial production and Honeymoon which we expected to be in commercial production by end of the year.

We expect our attributable sales for 2012 to be approximately 11 million pounds and 12.5 million pounds for 2013. As I indicated on our previous conference call, the majority of our sales are weighted to the second half of this year. Attributable CapEx remains estimated, at $229 million for 2012 and our G&A and exploration expenditures are also unchanged at $39 million and $11 million, respectively.

With that, I will turn the call over to Scott Melbye, our Executive Vice President of Marketing to provide you with his views on what we are seeing in the uranium market currently.

Scott Melbye

Thank you, Chris. The spot market for uranium continues to be somewhat uneventful, trading in the range of $49 to $50 per pound of U3O8. July had marked the 12the consecutive month that uranium traded in the range of $50 to $55. The market is currently testing the high 40s on very thin volumes and seasonally weak buying interest. However it is expected that sufficient discretionary demand will be stimulated at these attractive levels to provide support on the downside.

As most actual reactor requirements are covered for 2012, buying activity for the remainder of the year will be characterized by utilities purchasing attractive buy and hold economics for 2013 onward needs, traders establishing positions in advance of what is assumed to be a strengthening market and producers backfilling their delivery commitments with spot purchases.

The medium to long term outlook remains positive and that maybe reflective in the fact that published long term indicators ticked up during Q2 to arrange a $61 to $61.50 per pound. For example, the recently released U.S. DOE Energy Information Administration report showed that U.S. utility requirements are only 50% covered in the 10-year period through 2021. These buyers will face increasing competition from the national nuclear programs who are heavily investing in production assets and uranium inventories to meet their rapidly growing needs.

Market sentiment was also given a boost during Q2 as the first two of Japan's idle reactors will return to service. While this is indeed positive news which signals the beginning of a long turnaround of the Japanese nuclear industry, we caution that this will be a very slow and pragmatic process.

Public trust is still extremely bruised and Japan's new nuclear regulator will need to instill a new operations excellence and safety culture that will restore confidence in Japan's nuclear program.

There were other positive developments during Q2, such as the Emirates Nuclear Energy Corporation's receipt of environmental and construction licenses to complete the four Barakah nuclear units by 2020.

China appears poised to resume the approvals of new units while their present construction programs continue to advance at an impressive rate, currently 26 under construction.

The Korean and Russian reactor programs continue to expand at home and abroad as strong national priorities. The latter recently evidenced by Rosatom's announced sale of a reactor to Belarus and the financing of additional units at Kudankulam in India.

Regarding India, the recent massive power outage affecting a remarkable 620 million people reinforced what the Indian government already knows that they must lift the standard of living of their people with a significantly upgraded energy infrastructure. This will only reemphasize the important role that nuclear power plays in those plans.

On the supply side, we have continued to see further uncertainty where development and expansion decisions have been deferred under the current environment. Many analysts point to developments like these and others like the end of the Russian HEU deal to support forecast of healthy market fundamentals going forward and Uranium One will continue to be positioned to take advantage of those developments.

Looking more specifically to Uranium One's sales activities, as Chris mentioned, 2012 again provides a good example that sales volumes do not accrue and lay across all four calendar quarter. With 3.7 million pounds of attributable sales, booked in the first half of 2012, U1 will realize 66% of its 11 million pound sales guidance in the second half of the year. This uneven distribution of sales can be attributed to scheduling flexibility at the discretion of customers or in some cases logistical considerations.

Consistent with Uranium One's market related pricing strategy, the corporation realized an average realized sales price of $52 per pound during Q2. The average spot price for the period was $51.

Also, and what has been an important step towards providing globally diversified supply to our customers, the first sales of production from both, the Honeymoon project and the Willow Creek operation were completed with a U.S. utility during Q2.

Also during the quarter, the coordination agreement signed between U1 and ARMZ will support the realization of a number of synergies in the area of marketing and sales that will benefit all of our shareholders and customers. A good example being the close cooperation in terms of logistical support which allows both parties to optimize their inventories and deliveries to customers.

With that, I will turn the call over to Steve Magnuson, our Chief Operating Officer.

Steve Magnuson

Thank you, Scott. The second quarter of 2012 was a strong quarter for Uranium One operationally. Total attributable production was 3 million pounds for the quarter and total cash cost of sales remain low with an average cash cost per pound sold of $16.

Uranium production at our Kazakhstan operations was above our estimates for Q2 as uranium concentrations from new well fields at all of our mines are meeting or exceeding targets. The supply of asset has been steady and we are receiving our full allotment.

Construction of new processing equipment and facilities at Akdala, Akbastau and Zarechnoye is ongoing. At Akdala, satellite plant installation at the new Letniy area is underway. Design works and contractor selection has started for new facilities at Block 3 and 4 at Akbastau and the installation of additional (inaudible) capacity is nearing completion at Zarechnoye.

Willow Creek in the U.S. started producing commercially on May 1 and production continues to ramp up and flow rates are increasing.

At Honeymoon, work continues to bring new wells online from well field D. Uranium One and Mitsui have negotiated the terms of Mitsui's withdrawal from the Honeymoon joint venture subject to the required Australian regulatory approval, which is expected to be received in Q3 2012.

With that, I will now turn the call over to our Chief Financial Officer, Graham du Preez.

Graham du Preez

Thank you, Steve. Revenue was $96.8 million in the quarter, lower than revenue of $112.9 million in Q2 2011 and that is due to a lower average realized sales price this quarter. Operating expenses were $31 million or $16 per pound sold in Q2 2012. Depreciation for the quarter was $25.7 million or approximately $14 per pound sold compared to $22.7 million or $12 per pound sold in Q2 2011.

Earnings from mine operations was $40.1 million during Q2 2012, compared to $61.7 million for the same period in 2011. General and administrative expenses including stock option expenses of $1.9 million was $11 million in Q2 2012, compared to $11.2 million including stock option and restricted share expenses of $2.7 million in Q2 2011.

Net earnings in Q2 2012 were $29.2 million or $0.03 per share, compared to net earnings of $29.7 million or $0.03 per share for Q2 2011. Adjusted net earnings for the quarter was $8.8 million or $0.01 per share, compared to adjusted net earnings of $27.5 million or $0.03 per share for Q2 2011.

One off items added back when calculating adjusted net earnings with unrealized foreign exchange affect the Ruble Bonds on these earnings. Although Ruble cash flows on the bonds were converted into U.S. dollars for cross currency interest rate swap. The swap effectively converts the Ruble Bonds into a synthetic U.S. dollar line while fixing our principal and interest payments in U.S. dollar terms. While the swap is in place, we are not exposed to any Ruble currency risks.

For accounting purposes, however, the active rate of our certain foreign exchange gains or losses in the income statement during the term of the Ruble Bonds at each reporting period. The cumulative effect of Ruble/U.S. dollar currency movements on the income statement is expected to be zero over the full term of the Ruble Bonds and the swap. This quarter, net unrealized foreign exchange guidance of $11.2 million were recognized in the income statement.

As we speak, the cumulative foreign exchange movement on the Ruble Bonds will be zero over its term for the foreign exchange guidance of (inaudible) including the $11.2 million guide in the quarter will be added back when calculating adjusted net earnings.

Consolidated cash and cash equivalents were $460.2 at June 30, 2012, compared to $619.0 million at December 31, 2011. Working capital was $615.6 million at June 30, 2012.

I will now turn the call back to Chris.

Chris Sattler

Thank you, Graham. Operator, that completes the formal part of our conference call, at this time, we would be happy to take any questions.

Question-and-Answer Session

Operator

(Operator Instructions) Your first question comes from the line of Adam Schatzker with RBC Capital Markets. Your line is open.

Adam Schatzker - RBC Capital Markets

Quick question for you. There was some news yesterday, and sorry if I missed the early part of the conference call, regarding Tanzania. I understand you guys are still of course deep in discussions and negotiations with the government and maybe this comment from one minister is taken out of context, but I just want your view of what he said and with respect to, if you can, how your negotiations are proceeding and whether that's been an issue?

Secondly, just remind us again of the process whereby this asset or set of assets will end up in Uranium One?

Chris Sattler

Well, the agreement that we have with ARMZ which owns 86% of Mantra at the moment is, that Uranium One has an option to buy the remaining 86% interest from ARMZ subject to minority shareholder approval. So the independent directors will make the decision about when we take it to our shareholders.

That remains unchanged. The press and some of the articles that you see, as you noted, yes, we are in discussions with the Tanzanian government on permits. Those are live discussions. You may see noise in the media, from time to time, but I think the best way to approach this is that once you see the final permits negotiated and announced you will have certainty on the tax regime and the free carried interest that the Tanzanian government will have in our project.

So, at the moment, you are right, negotiations are ongoing. You may see news and comments made in the press some times taken out of context, I would say, and at the end of the day, we just have to wait until the work is done before we can give you the definitive details.

Adam Schatzker - RBC Capital Markets

Then just to clarify, what this minister seems to be saying was they wanted a 20% profit tax on the sale from Mantra to ARMZ. Is that correct?

Chris Sattler

That is what the article said. Our view is that that tax is not applicable and so we are proceeding on that basis. We have precedent in our favor as well. We don’t believe its going to be applicable.

Operator

Next question comes from the line of Tyler Langton with JPMorgan. Your line is open.

Tyler Langton - JPMorgan

Just a question on financing point of view. Do you have any updated thoughts on preferred forms or whether your competitor selling a stake? Just if you could give a little color on that, that would be great.

Chris Sattler

We area looking at all of our alternatives. We will continue to look at project finance which could finance a portion of the construction capital. We look at all of our usual alternatives that we have been watching over the past year and half. Ruble Bond market, we keep an eye on, the high yield debt markets, we keep an eye on, convertible debenture markets we keep an eye on.

At different points in time windows, we will be open for different alternatives but at the moment we don’t have a need for financing. So we will just watch the markets and see how things develop but we think we have enough alternatives available to us, in addition to cash flow from Kazakhstan that we don’t foresee an issue.

Tyler Langton - JPMorgan

Got it. Then just with the sales volumes are weighted towards the second half. Is there any risk that customers could defer shipments, into 2013?

Scott Melbye

Tyler, its Scott Melbye. At this point, in the delivery year, our sales to customers are generally fixed. So it would not be likely that you would have deferrals out of the quarter.

Operator

Your next question comes from the line of Oscar Cabrera with Bank of Merrill Lynch. Your line is open.

Oscar Cabrera - Bank of Merrill Lynch

Chris, just looking at your attributable production on slide six, could you just remind me what your expectations are for Mkuju River in terms of startup and when do you think that will be ramped up as well as your U.S. operations?

Chris Sattler

For Mkuju River, we expect that we would be looking at about a two year construction period, once the construction decision is made. So I think if you take into account the time line to secure permits, et cetera, I am looking at the end of 2015 as a reasonable target for startup there.

In the United States, we have started commercial production at Willow Creek. May 1 was the commercial production date. We expect to continue to ramp up in our U.S. production assets going forward as we bring in additional satellite deposits.

So, at the moment, we are producing from the first deposit which is an asset called Christensen Ranch and we believe we can ramp that up to about 1 million pounds a year production at full rates. So to get us to our 2 million per year goal for the Powder River Basin, we will have to bring in additional satellites and that work is ongoing in the permitting process and in the drilling phases.

Oscar Cabrera - Bank of Merrill Lynch

But just on the last part, that you are seeing any issues or difficulties with permits after Fukushima or you are still expecting this to come on stream within the next couple of years? This mine?

Chris Sattler

No, we don’t foresee any issues with the WDQ or the NRC granting us permits for production of uranium. We have a fully permitted facility and we have a project that is permitted already and on standby but going forward, the permitting work that we are doing, the NRC has been cooperative in working with us. So I don’t see any delays in permitting for uranium production assets.

Oscar Cabrera - Bank of Merrill Lynch

Then lastly, on Honeymoon, could you just expand a little bit on your comments you had in MD&A with respect to the parting of ways with your partners. How do you expect or when do you expect to receive the proceeds and are there any other owner issues that you are seeing in that mine (inaudible)?

Chris Sattler

So the closing of the transaction with Mitsui will take place once we get Australian FIRB approval and that application has been made and we expect to receive FIRB approval. We have gone through that process many times to get that approval this quarter, the third quarter and that would affect closing and the transfer of funds.

So the deal with Mitsui is that they will have to give us $12 million less any cash cost that we make prior to closing. So those are the financial terms.

Oscar Cabrera - Bank of Merrill Lynch

Then, just lastly, on your cash cost, you continue to write $19 a pound. You have had excellent performance in your operations. Where do you see the increases? If we were to look at this on average, where should we look for increases in cash cost in your operations to get you to the $19?

Chris Sattler

I think, as Willow Creek ramps up, there will be a higher weighting to our average cash cost on a consolidated basis from that mine. Honeymoon is not yet in commercial production but when it is, that will contribute to a higher cash cost and we still do expect that the cost will creep up at Akbastau towards the end of this year as we continue to hire people for the construction project there.

So those are the three mines to watch. The other mines we are seeing stable costs.

Operator

(Operator Instructions) Your next question comes from the line of Ralph Profiti with Crédit Suisse. Your line is open.

Ralph Profiti - Crédit Suisse

Chris, with regards to sulfuric acid, can you give us an update on where you are looking with respect to pricing in your own budgeting, now that security of supply is getting better and better?

Chris Sattler

Our SKZU project in which Uranium One has 19% stake, that sulfuric acid plant started producing during the quarter and it is currently running at about 30% capacity. So it's in the ramp up phase now. That’s a significant new source of acid supply.

At full production it would be 500,000 metric tons of acid per year. So you are right. There is new supply coming into the market. We are going through the budgeting process right now for our Kazak assets and we think that basically the increase in Uranium production from Kazakhstan is basically going to offset the new sources of sulfuric acid supply.

So I would expect flat pricing year-over-year.

Ralph Profiti - Crédit Suisse

Maybe just a follow up question for Scott. In this gentle downward trend that we are seeing in spot prices right now at $49, how much of that, say in the last three months or so, do you attribute to normal seasonality with regards to where we are in the year? How much of it, if any, are you seeing on the part of liquidation by, say, hedge funds or the trading community or even utilities?

Scott Melbye

No. I think you have picked up on the seasonal weakness that we see in the uranium market every summer. That’s certainly been the case this year and really the weakness that you are seeing that’s pushed the price below $50 has really been driven by very small lots that could be as small as 100,000 or 200,000 pounds that are seeking a home in the market and only very limited discretionary demand presently in the market.

So I really don’t see it as a fundamental shift. I think as buyers and sellers come off of this summer vacation season and move towards the world nuclear association meetings in London, which is often a number of discussions take place at those meetings, you will see that discretionary push the price back up accordingly.

Operator

Your next comes from Brian MacArthur with UBS. Your line is open.

Brian MacArthur - UBS

I just wanted to go back to Honeymoon for a minute. So you get $12 million in the door when you close. It's retroactive, I guess, to April 1. Yet, you haven’t changed your attributable guidance from Honeymoon going forward and maybe I am more interested in next year, whether when you keep your attributable production the same? Is that something else offsetting the Honeymoon or are we not just adjusted at all for Honeymoon going forward? Or how does that all work? You, Mitsui, anything going forward?

Chris Sattler

Yes, Brian, so the transaction hasn’t closed yet which is why we haven’t made any changes but upon closing 100% of the production from Honeymoon would go to us. That’s basically the answer to your question.

Brian MacArthur - UBS

Do you get 100% of the pre-commercial stuff from April 1, retroactive on top of that $12 million, i.e., you obviously were getting whatever 51% for the last three or months to closing or is that all caught up in the cash advances?

Chris Sattler

So we get the $12 million less any cash cost that we make subsequent to April 1 and from closing we will get the additional 49% of production.

Operator

Your next question comes from the line David Snow with Energy Equities Incorporated. Your line is open.

David Snow - Energy Equities Incorporated

I believe you had indicated on prior call that, in reference to (inaudible) saying 10 to 12 Japanese reactors might start up in the second half? Your more subdued comments in this quarter's release make me ask if you have a current idea, actually, yourself as to how many restarts might occur in the second half?

Chris Sattler

David, again, the news the Japan with the Ohi units of Kansai Electric restarting, certainly was positive news and it did give some comfort to other utilities in Japan that there is a process underway where they will also restart their units. But we do caution analysts that this recovery in Japan is going to be a very slow process.

So, from the industry's perspective, perhaps the most successful result would be if that recovery occurs at a very measured pragmatic pace and the debate in Japan between public opinion and very strong opinions, pro nuclear opinions from the business community in Japan, that debate is playing out. It will also impact the energy policy as it relates to nuclear power, going forward.

So again, I would say that if you continue to have a reactor here or there come on every couple of months, that’s success. So whether its 10 by the end of the year or its five, I think it is headed in the right direction.

David Snow - Energy Equities Incorporated

Apparently Prime Minister is calling for elections. He has been pro nuclear. Does that another caution flag over the longer term for Japan?

Chris Sattler

It does. Nuclear power will be a political issue in that election, should it be called. Again, remember that the business community in Japan, as a manufacturing and export driven economy, companies like Sony and Toyota and Honda rely on reliable affordable electricity to remain competitive in a global market place. They are adamant about nuclear plants continuing to be a part of the mix in Japan.

So I think that debate has to play out between Japanese public and politicians and industry but again, I think we can count on Japan remaining nuclear going forward. It's just a question of to what degree and how growth evolves going forward.

David Snow - Energy Equities Incorporated

Okay, and then just shifting to China. Do you have any idea what the goal will end up being for 2020, gigawatts?

Chris Sattler

Well, again that’s a number we all kind of point to. I think we continue to stick by our prediction that it's somewhere between 70 and 75 gigawatts that will rally come out when the government actually resumes the approval as new construction permits. As I mentioned, the construction program of the 26 reactors currently under construction is full speed ahead.

So it's really the pace that those additional reactor approvals come but we are still expecting at least 70 gigawatts by 2020.

David Snow - Energy Equities Incorporated

Then lastly, you referred to some further slippages. Have there been additional since the last quarter's conference call?

Chris Sattler

In China?

David Snow - Energy Equities Incorporated

No, in supply side slippages of mines.

Chris Sattler

Well, we read the press articles like everyone else and there is certainly speculation about the plans for Olympic Dam. I don’t know that there has been official announcements there but there could very well be delays. In Cameco's second quarter report they also while still continuing to proceed with feasibility studies at Kintyre, the current level of market prices has them perhaps slowing the development of that project.

So these all have cumulative effects on the supply side and probably bodes well for the fundamentals going forward.

David Snow - Energy Equities Incorporated

That last comment makes me ask Scott, if you have a current or any further color on the Kazakhstan plan or expectation for the total country's production, going forward?

Scott Melbye

Hi, David, no change in Kazakhstan. Their target remains 25,000 metric tons. That’s at full ramp up and our view is that will be achieved towards the latter of this decade once mines like Kharasan, for example have reached their full production rate.

Operator

We will take no further questions at this time. We thank you for your participation. I will turn the call back over to Mr. Sattler.

Chris Sattler

Well, thank you, operator, and thank you everyone for joining us. Any additional follow up questions, please feel to give Anton or myself a call and we will talk to you in November after our third quarter results. Thank you.

Operator

And this concludes today's conference call. You may now disconnect.

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