Lightbridge (NASDAQ: LTBR) Enters Modification Agreement with Battelle Energy Alliance

On October 24, 2024, Lightbridge Corporation (NASDAQ: LTBR) announced the execution of Modification No. 3 with Battelle Energy Alliance, LLC, the operating contractor of Idaho National Laboratory, under the Strategic Partnership Project Agreement. This modification enhances the potential reimbursements payable by Lightbridge to Battelle, increasing the estimated total cost for the collaborative work to be undertaken to $2,003,048.

The agreement stems from the initial releases between the parties on December 9, 2022, in conjunction with the U.S. Department of Energy (DOE). Lightbridge, under these agreements, will be responsible for most expenses and is set to reimburse Battelle for costs incurred, with Battelle and DOE providing feedstock materials and collaborating on experimental activities.

As part of this collaboration, Lightbridge is collaborating with Battelle at Idaho National Laboratory to produce a delta-phase enriched uranium/zirconium alloy ingot for subsequent fabrication and irradiation processes. Following the adjustments made in Modification No. 3, the estimated cash payments from Lightbridge to Battelle are projected to reach approximately $4.6 million, excluding project contingencies, over the contract’s performance duration.

The specifics of Modification No. 3 can be found in the full text of the agreement, which is attached as Exhibit 10.1 to the filing submitted to the Securities and Exchange Commission.

This latest development underscores Lightbridge’s commitment to advancing its strategic partnerships and collaborative research efforts as it continues to make progress in its operational endeavors.

Please note that this news piece is a summary of the original 8-K SEC filing submitted by Lightbridge Corporation. Supplementary details and specific information can be obtained directly from the official filing.

Additionally, the mentioned financial data and projections presented herein are based on the information provided in the filing and may be subject to change based on future disclosures and company updates.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Lightbridge’s 8K filing here.

Lightbridge Company Profile

Lightbridge Corporation, together with its subsidiaries, engages in developing nuclear fuel technology. It develops and commercializes metallic nuclear fuels. The company was formerly known as Thorium Power, Ltd. and changed its name to Lightbridge Corporation in September 2009. Lightbridge Corporation is headquartered in Reston, Virginia.