Lightbridge Provides Business Update and Announces Second Quarter 2021 Financial Results

About this update from Lightbridge Corporation

[{"type":"text","content":"Conference Call on Monday, August 9, 2021, at 4pm ET\nRESTON, Va., Aug. 09, 2021 (GLOBE NEWSWIRE) -- Lightbridge Corporation (NASDAQ: LTBR), an advanced nuclear fuel technology company, announced financial results for the second quarter ended June 30, 2021, and provided an update on the Company's continued progress. Seth Grae, President & Chief Executive Officer of Lightbridge Corporation, commented, “We are pleased with the strong progress of our fuel development activities thus far in 2021, including the successful demonstration of our proprietary coextrusion manufacturing process. We produced rods of a length designed for small modular reactors, using nuclear-grade zirconium alloy cladding material and a displacer produced from nuclear-grade zirconium, and surrogate materials that mimic the relevant properties of uranium.” “Lightbridge achieved this manufacturing milestone shortly after the U.S. Department of Energy (DOE) awarded Lightbridge our second Gateway for Accelerated Innovation in Nuclear (GAIN) voucher in March, with Pacific Northwest National Laboratory (PNNL). This new GAIN voucher is to demonstrate Lightbridge’s nuclear fuel casting process using depleted uranium, a key step in the manufacture of our nuclear fuel. Last month, we executed a Cooperative Research and Development Agreement (CRADA) for approximately $663,000, with three-quarters of this amount funded by DOE for the scope performed by PNNL, to begin work on this important project. Securing these funding awards from DOE further validates our patented fuel and patented manufacturing process within the federal government and the nuclear power industry.” “We continue to make progress under our first GAIN voucher, with Idaho National Laboratory. We are designing an experiment to irradiate our fuel using coupon samples that will contain high-assay low-enriched uranium (HALEU) in the Advanced Test Reactor. We are close to completing the experiment’s conceptual design and are moving into the detailed design phase, which we expect to complete later this year.” “Last week, we were pleased to announce that Jesse Funches has joined Lightbridge’s Board of Directors. Jesse was the Chief Financial Officer of the U.S. Nuclear Regulatory Commission (NRC). He possesses comprehensive knowledge of nuclear regulatory policies and processes and has extensive experience work...

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