The meeting announced the financial results and business progress for the second quarter of 2025, emphasizing that the discussions included forward-looking statements and reminding participants to pay attention to potential risks and uncertainties. The meeting also provided detailed information on the relevant financial reports, which can be obtained on the investor relations page of the company's official website.

The dialogue emphasizes the recent federal policies' role in driving the development of advanced nuclear technology, including accelerating licensing, strengthening the fuel supply chain, and increasing energy independence. Okla Company directly benefits from its technological advantages and strategic positioning. The policies cover licensing reform, fuel recycling, accelerating safe site deployment, and strengthening loan programs, providing support for Okla's project economics and early deployment. In addition, the AI Action Plan calls for the establishment of reliable power sources, and Okla's distributed baseload power solutions meet the demand. It is expected that the policies and commercial incentives will continue to strengthen, promoting the application of advanced nuclear technology.

Oakville Corporation is committed to providing clean, reliable, and cost-effective global energy solutions through advanced nuclear technology. Its competitive advantage lies in three key strategies: building, owning, and operating power plants; utilizing small, scalable designs to respond quickly to market demands; and leveraging mature liquid metal reactor technology to commercialize directly without expensive demonstration plants. In addition, the company offers flexibility in using fresh, recycled, and low-concentration alternative fuels to accelerate deployment and achieve long-term growth.

In the past quarter, we have made significant progress in various aspects of the milestone framework, including licensing applications, project execution, on-site development, customer growth, and strategic partnerships. We completed the assessment of the NRC preparatory phase, obtained formal review of the operating license operator's subject report, and selected CWIT as the main contractor for the initial project of Aurora Powerhouse. In terms of customers, we have established commercial partnership opportunities with the Department of Defense's Liberty Energy and ISRO and Power, while maintaining financial discipline, controlling cash consumption, and maintaining a strong financial position.

The project team made significant progress on regulatory priority issues this quarter, including completing the NRC readiness assessment, advancing the Aurora INL joint license application, and obtaining NRC acceptance of operator topical reports. Additionally, the acceleration of the Tariff Power review timeline and cost reform by the NRC will benefit future licensing pathways. The team also launched a public regulatory dashboard to transparently showcase progress in the nuclear fuel and radioactive isotopes sector, ensuring all stakeholders are informed of developments.

The dialogue discussed the construction of a flexible, cost-effective, and resilient nuclear fuel strategy through diversification of fuel sources, including government stockpile utilization, commercial partnerships, and long-term recycling capabilities. This strategy not only supports immediate deployment needs, but also plans for long-term fuel self-sufficiency, achieving cost optimization and market adaptability through the combination of advanced enrichment technology and recycled nuclear materials.

Discussed strategies for effectively reducing the costs and time delays of nuclear energy projects, such as adopting liquid metal sodium cooling designs, simplifying safety systems, utilizing non-nuclear supply chains, and collaborating with international partners to achieve faster and more cost-effective deployment. Also mentioned partnerships with companies like Kiwi and Virtus to advance the development of the Aurora INL project and data center solutions, showcasing the vast potential for nuclear energy in the future of energy and technology fields.

Oakland has reached a partnership with Liberty Energy aimed at providing reliable power solutions, transitioning from existing gas-fired power generation to nuclear energy, and accelerating the clean energy transition. At the same time, Oakland has been selected as the preferred supplier for advanced nuclear deployment at US military bases, signaling the important role of nuclear energy in national security and energy resilience. Financially, Oakland achieved expected cash flow in the second quarter and completed a successful equity financing, enhancing its financial strength to support its growth strategy. Oakland's business model combines vertical integration, long-term power sales, and fuel recycling, demonstrating significant advantages in the advanced nuclear energy industry.

Discussed the policy challenges of nuclear fuel recycling under current legal restrictions, as well as how Oakla can promote nuclear energy recycling work without violating existing policies, while emphasizing the company's global service vision as an energy platform.

The opportunity to address the underutilization of nuclear fuel through advanced recycling and fast reactor technologies was discussed against the backdrop of the U.S. Department of Energy's failure to fulfill its responsibilities for nuclear waste disposal. This not only solves the fuel supply problem, but also significantly reduces waste volume and radioactive half-life, providing a wider range of disposal options and reducing pressure on communities. Through collaboration with government and private sectors, facility construction and material recovery are being accelerated to realize dual economic and environmental benefits.

The dialogue revolved around Hexam Group's Atlas project, discussing the shift in production from lithium to uranium, particularly achieving efficient uranium separation through laser isotope separation technology. This technology has shown significant advantages in cost, efficiency, and operational characteristics, with the potential to reduce fuel costs and improve the quality of medical isotopes. Meanwhile, Hexam Group is actively seeking partners to accelerate technological innovation in response to market demand for new investments and technologies, driving industry transformation.

Discussed whether Acqua Company could advance revenue recognition by participating in early power sales in the gas-fired power generation project. It was also mentioned that negotiations are currently ongoing with customers on specific commercial terms, but the specific information about the partners has not been disclosed yet.

Discussed the adaptability of nuclear reactor designs to different fuels, especially the advantages of being able to handle degraded fuels, as well as the strategic differences in deploying nuclear energy in the back-end (such as data centers) and front-end power markets. Emphasized the potential and challenges of back-end applications, while pointing out the high value of front-end markets in certain regions. Overall, the strategy needs to be flexible and adjusted according to region and customer demand.

The dialogue revolves around the application of small modular reactors (SMR) in the radioactive isotope market, discussing the potential of recycling long-lived isotopes and low-cost production of specific isotopes through nuclear fusion technology. It emphasizes the importance of establishing an isotope production ecosystem and how this will promote research and development, opening up new market demand.

Discussed the milestones and development process differences of nuclear energy projects in military or defense facilities, emphasizing the flexibility of the defense department in project approval, as well as the importance of nuclear energy projects in enhancing military mission capabilities. The project needs to adapt to seasonal construction windows, while utilizing the heat generated by nuclear energy not only to convert into electricity, but also directly used for heating infrastructure, demonstrating the unique advantages of nuclear energy in defense energy needs.

The conversation discussed the strategy of converting commercial customer orders, emphasizing the importance of building long-term and in-depth partnerships, as well as how to accelerate order conversion through different means, including advance payments and asset-level investments. At the same time, it mentioned the innovative model of combining natural gas and nuclear energy, and how to adjust the pace and strategy in customer discussions to better seize market opportunities.

The discussion focused on the significant acceleration of project approval and construction processes in the nuclear energy industry under policy support. It mentioned NRC's positive response to policy goals, as well as smooth progress in the pre-application phase, all of which laid a good foundation for project advancement. Additionally, it explored the possibility of faster approval processes through different authorization pathways, and the positive impact of increasing fuel supply on industry development, collectively creating an ecosystem conducive to the rapid development of the nuclear energy industry.

The conversation discussed the announcement schedule for the Idaho power plant's Ppas program, as well as whether it can ensure a 75MW fuel supply. It was mentioned that government support for plutonium fuel may accelerate the process, and it was discussed whether it is possible to announce multiple projects simultaneously after overcoming initial regulatory obstacles. The conversation pointed out that the power demand for the Idaho power plant is continuously increasing, and the project also brings other additional benefits.

The dialogue focuses on innovation and cooperation in the field of nuclear energy, emphasizing the construction of fast neutron reactors and their diverse applications, such as fast neutron radiation capabilities and thermal foundation cooling system pilot projects. Discussions were held on partnerships with governments, industries, and academia to accelerate the construction and deployment of nuclear reactors to achieve sustainable global energy supply. Additionally, the importance of nuclear fuel cycle technology was mentioned, as well as establishing efficient cooperation models to overcome industry challenges, and anticipating the key role of nuclear energy in future energy systems.

The strategy of accelerating reactor deployment by submitting reports to the nuclear management committee in advance was discussed, emphasizing the significant acceleration of subsequent deployments, as well as innovations in operator training and cross-project experience sharing, aimed at enhancing the efficiency and safety of the entire industry.

Discussed in the nuclear energy industry is the method of reducing nuclear-grade components and adopting modern manufacturing technology to optimize the supply chain and lower construction costs. Emphasized is the importance of passive safety design, and how these improvements can realize the true cost potential of nuclear energy.

Discussed the stagnant development of the nuclear energy supply chain since the 1970s, emphasizing the importance and cost-effectiveness of modern production processes, quality control, and compliance. It was proposed that by adopting more modern and efficient methods, combined with commercial-grade standards and industrial quality assurance, cost reduction could be achieved. Additionally, new ways of cooperating with traditional suppliers and leveraging the advantages of new technologies and materials, such as the application of stainless steel alloys in sodium systems, to optimize the supply chain were explored. Lastly, it was stressed that by establishing multiple partnerships and finding the best collaboration model, the economic viability and sustainable development of nuclear energy technology can be promoted.

Challenges in transitioning from light water reactors to advanced reactor technologies were discussed, particularly the advantages in materials compatibility and operating temperature offered by sodium-cooled fast reactors, providing a broader potential for development. In comparison, gas-cooled reactors face more technical obstacles in large-scale applications, such as pressure differentials and graphite usage. Sodium-cooled fast reactors are believed to have unique potential in revolutionizing the nuclear energy supply chain.

The dialogue emphasized the huge potential of the nuclear energy field under recent policy changes, reviewing a series of supportive laws and executive orders since the Obama administration, including NICA, NEMA, and the "Inflation Reduction Act", among others. It discussed how these policies create favorable conditions for the development of nuclear energy, especially in addressing key challenges such as licensing and fuel supply. An optimistic outlook was expressed towards the industry's prospects, with expectations for further development in the future.