The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Jeffrey Grampp - Northland Capital Markets - Analyst
: I'll start first at the U of I site. Good to hear, you guys are still on track for the permit application in Q1 of next year. Can you walk us through
kind of the time line when that gets filed? How long do you guys think that will take to get through the NRC? And is there any work you guys
can do to accelerate that time line while that's getting through the NRC process? Or is a lot of that predicated on getting that permit application
through the NRC before you can do too much site preparation infrastructure work ahead of time.
Question: Jeffrey Grampp - Northland Capital Markets - Analyst
: Great. That's super helpful, James. I appreciate that. For my follow-up, can we touch on the vertical integration strategy there? What are the
main objectives in '26 in this regard. And I'm curious in terms of internally developing capabilities versus acquiring them, do you guys have
a bias? Or does that kind of depend upon what aspect of the vertical integration we're talking about?
Question: Sameer Joshi - H C Wainwright & Co LLC (Pre-Merger) - Analyst
: Thanks for providing good color in the presentation. Just a few questions from me. You did mention progress on the Canada front with the
Nuclear Safety Commission there. Can you give us a little bit more color into what the steps are for that country and what you're planning
for there in 2026?
Question: Sameer Joshi - H C Wainwright & Co LLC (Pre-Merger) - Analyst
: And sort of staying on the government opportunity, but in the US, I guess, what is the scope of this AFWERX Direct to Phase 2 project. What
does it entail on your -- on Nano's part? And what is the potential opportunity here in coming years?
Question: Subhasish Chandra - Benchmark - Analyst
: A couple of questions from, I guess, the 10-K. One of them is, I think you mentioned in there that states can get delegated authority over
some nuclear activities by the NRC and it's something that you might be able to take advantage of. Could you elaborate on that, like sort
of what activities and if you're looking at any specific states or if that -- what you're suggesting there is Illinois?
Question: Subhasish Chandra - Benchmark - Analyst
: Okay. Got it. And could you remind us the test reactor at UIUC, what components or what's going to be the difference between that and
the commercial reactor, if any, including balance of plant?
Question: Subhasish Chandra - Benchmark - Analyst
: Got it. And I guess what I was getting at, do you think you'll be able to determine an LCOE value with this reactor?
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