Thank you for standing by, this is the conference operator. Welcome to the Uranium Resources Third Quarter 2016 Results Conference Call. [Operator Instructions] I would now like to turn the conference over to Christopher Jones President and CEO. Please go ahead.

Welcome everyone to Uranium Resources third quarter 2016 financial results and a business update conference call. And I'm Chris Jones, Chief Executive Officer for Uranium Resources. You'll find our company listed as URRE on the NASDAQ and URI on the ASX. This call is being webcast on our website at www.uraniumresources.com where we posted slides to accompany our remarks. Telephonic replay of the call will be available from our website for three weeks followings today's call. We will be discussing some forward-looking information today and we caution our audience that such statements involve risk and uncertainties that could actual results to differ materially from our projections. Please review our cautionary statements and notes about foreign reserves on Slide 2 to 4. In addition, there are risk factors including some that are specific to our industry, described in our latest annual and quarterly financial reports filed with the U.S. SEC and the ASX. We have a brief presentation before the question-and-answer portion of today's call. And I'm joined here in our Colorado headquarters by Jeff Vigil, Chief Financial Officer and Vice President of Finance; and we also have on the phone, Ted Wilton, Chief Geologist and Vice President. Let's turn to Slide 5; over the past year our stock has been impacted by the uranium spot price drifting to 12 year lows, currently, at about $18.75 per pound, a drop from the $30 level at year-end 2015. Inventories of uranium and the supply chain have risen putting downward pressure on the price. We believe these prices are unsustainably low and with the worldwide increase in new reactor builds and plants for new nuclear power plants, as well as the low economic incentive for new uranium production capacity, prices are expected to recover at some point in the future. We have restructured…

Thanks, Chris, and good morning everyone. On Slide 6, at the recent share price of $1.14 and was approximately $15.4 million shares outstanding, our market capitalization is $15.3 million. Our NASDAQ listed stock continues to show robust trading liquidity an average daily volume of 879,000 shares for the trailing three months. As Chris mentioned, our current cash position as of November 9 was $3.4 million which is expected to fund critical operations through year-end and into early 2017. We are continuing with our efforts to resolve the outstanding $8 million secured convertible loan, some cheers on December 31, 2016, and which is held by our major shareholder resource capital funds. We are in discussions with RCF and other parties and anticipate laps in our plans in the coming weeks. Giving to financial summary on Slide 7, and before getting into the details we will summarize by stating that we have improved our financial position at year-end 2015, we've continued to cut costs, we've paid down accounts payable, and we've increased cash-on-hand. The larger net losses for the quarter and nine months this year compared to last year we're primarily impacted by recording of a significant gain from the sale of the Roca Honda assets in 2015. Let's look at the table now. Cash used in operations was $9.9 million for the nine months ended September 30, 2016 compared with $8.5 million for the corresponding period in 2015. During the nine months of 2016 the company paid $2.1 million to reduce accounts payable which was offset by aggregate decreases in cash expenditures, mainly lower G&A and minimum property expenses of $1.2 million. Minimal property expenses over $1 million in the third quarter 2016 were approximately $100,000 higher than third quarter 2015 due to property acquisition costs associated with our new lithium…

Thanks, Jeff. On Slide 8, we'll take a look at the supply and demand fundamentals for lithium which reflect a positive future for URI. ERU estimates the global lithium demand shown as lithium carbonate equivalent will rise at a compounded annual growth rate of 6.3% over the next nine years. This growth is driven by rapidly increasing demand for transportation batteries which currently account for 35% of demand and are expected to expand over 60% of total demand by 2025. The rising transportation battery demand is in part the result of dramatically falling lithium battery costs from $900 to $225 per kilowatt; it has technological improvement still have a greater energy storage and efficiency. Present supplies are inadequate to serve this demand growth. Tesla's expansion is a part of the story. In addition, China has exceeded the United States in electric vehicle sales this year. China has commented to a target of 3 million electrical cars on the road by 2025 with green car subsidies for the transportation sector. To take advantage of this increase in demand for lithium batteries, the strategy we have chosen is consistent with our plan to capitalize on our existing base of expertise developing a low cost lithium brine deposit. As such the mining and processing cost of lithium from brine are in the lower cash cost quartile ranging from $2,500 to $3,000 per metric ton. This is a sweet spot we want to be in with our Columbus Basin and Sal Rica lithium brine deposits. Slide 9 shows our Columbus Basin Project which located 27 miles from Albemarle Corporation's Clayton Valley Silver Peak operations, the only U.S. lithium brine producer. The project is also 137 miles southeast of Tesla Gigafactory. Since our initial announcement in August, we've expanded our land holdings to nearly 11,200…

The first question comes from will now begin the question-and-answer session. [Operator Instructions] The first questions come from Joseph Reagor with ROTH Capital Partners. Please go ahead.

Good morning guys and thanks for taking the questions. So couple of things first one kind of the biggest question I think right now on the RCF loan is any additional information you guy can give us or color as to the options you have available to you in order either refinance that or repay it or convert it to stock. What are your options that you are considering?

Joe as you would expect we are in talks with our CF and other about those options and we are not at liberty to talk about them really in any detail at all but I think over the coming weeks we will of course be releasing information on how that debt will be resolved and we ask you to wait, if that's ok.

Okay, understandable. A couple of other minor things, I noticed you guys are planning to do a JORC compliant resource for lithium; is there any reason you would like to go with JORC complaint than our 43-101 given you also have to dual listing in Canada?

Actually, Joe we are only listed on the NASDAQ here in the U.S. and on the ASX, so we are obligated to do a JORC compliant resource in any case.

Okay, so essentially because the Australian listing you are going with JORC compliances, that's good. And then the $7.4 million you raised this quarter via - I guess the aspire agreement you can you give us any color on what the average price was for that?

It would have been around - on the aspire deal; it's typically 95% of the market price for the day. So I don't have the numbers right inform of me to be able to give you a specific number but if you use that 95%, I believe that we ended up fairly close to that. Another thing I'd say is that we did utilize our ATM, that wasn't all aspire, and we have two financing vehicles where we utilized in that third quarter.

I'd add a little editorial Joe, both of those are pretty low cost financing vehicles for us when compared to normal assurances of stock we are three and 10% or so percent depending on which vehicle we are using in terms of discount.

Okay. One final one if I could, just - the overall uranium market and how you view the future of the company when it comes to Temrezli. Would you still consider it your number project or given the uranium market and a bit of week out at least for like the next year or so. Do you think one of these lithium assets could get developed before Temrezli?

Joe it's a great question and I'd answer really in this way so far over the past couple of years the uranium price increase projects have been inaccurate and what we've chosen to do is not bet the whole farm on the uranium price you had to come. So in parallel we can hold Temrezli at relatively low cost until prices dictates its further development and construction. Remember that every day we are around two years away from production at Temrezli on a good solid critical pass. At $18.75 even Temrezli at full cost would struggle to get financing at the same time we see life in the lithium market that deserves our attention right now and we are devoting relatively modest amounts of money $1.6 million to explore those properties and bring them up to a standard for which we can decide what development curve we are going to have.

Okay, that's very helpful. Thanks, I'll turn it over.

Thanks, Joe.

The next question comes from Rob Chang with Cantor Fitzgerald. Please go ahead.

Hello guy's thanks for the opportunity to ask a few questions. First of all, you mentioned the spending of 1.6 on lithium side. What's the year plan budget for the uranium side for next year?

Our holding cost budget for instance for Temrezli tends to be at around $600,000 a year at low cost and both costs that you've seen historically for holding in Texas and New Mexico are going to continue through the year.

Okay. So parking will be total cash out wait for next year expected to be around…

Total cash out wait for holding costs or total cash out for the business?

For the business.

You should be thinking of our business and including our new lithium business at around $10 million to $10.7 million a year estimated.

$10 million to $10.7 million, all right, great. And the lithium acquisition was certainly interesting and does expand where you are going is there anything on additional acquisitions or even other commodities or are you going to stand by what you have right now.

Rob, you're familiar with us; over this past three few years we haven't stood pad on acquisitions at all and you should [indiscernible].

Fair enough, that's the reason why I had the question. Yes, that's it from me then. Thank you.

You bet. Thank you.

The next question comes from William [ph] with Midtown Partners. Please go ahead.

I was just wondering if the recent election, what do you think obviously a little early in the game but will be the focus on green energy and so on given some changes in the strategic thinking that the new groups has compared to the old?

Thanks for the question William now that we are about 72 hours or 36 hours to reflect we can offer I think a couple of thoughts from a macro standpoint we regard the results as good for business; lower taxes and more favorable business climate with all [indiscernible] Congress and the executive branch in Republican hands. So from that standpoint, business in general is a good thing. With regard to green energy and lithium - and the uranium space, we regard it as good for both. More green energy means more lithium consumed. It's a simple math problem that way but we also regard uranium as the fuel - the low carbon fuel for the future and for the world we still see the same rate of nuclear expansion that we have in the past and then with these low prices we see the economic incentive for many companies reducing to in order to form new productive capacity so we regard that as a good thing for the uranium market. Additionally, this morning in the wall street journal it reports that article where the president of turkey has already reached out to president elect trump to enhance the relationship we already have with turkey for URI we regard that as a good thing as well.

Okay, all right. Good, thank you.

Thank you.

This concludes the question-and-answer session. I would like to turn the conference back over to Christopher Jones for any closing remarks.

Ladies and gentlemen, I want to sincerely thank you for participating on the call with us today and allowing us to provide you with an update on our business. Thanks and have a great day.

This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.