UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
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Item 1.01 Entry into a Material Definitive Agreement.
On March 26, 2024, Lightbridge Corporation (“Lightbridge” or the “Company”) and Battelle Energy Alliance, LLC (“Battelle”), the operating contractor of Idaho National Laboratory, entered into Modification No. 2 (“Modification No. 2”) to the Project Task Statement under the Strategic Partnership Project Agreement, dated December 9, 2022, as amended on May 23, 2023, by and between the Company and Battelle. Pursuant to the terms of Modification No. 2, the potential amounts payable by the Company to reimburse Battelle for its expenses and employee time were increased by approximately $635,000, bringing the total estimated cost for the work to be performed under the “Umbrella” Strategic Partnership Project Agreement, described below, to $1,708,623.
As previously disclosed, on December 9, 2022, the Company entered into initial releases with Battelle in collaboration with the U.S. Department of Energy (“DOE”), which releases set forth the initial scopes of work and funding commitments under an “Umbrella” Strategic Partnership Project Agreement and an “Umbrella” Cooperative Research and Development Agreement (together, the “Agreements”), each dated September 27, 2022, between the Company and Battelle. Under the Agreements, the Company is responsible for most expenses and will reimburse Battelle for its expenses and employee time, and Battelle and DOE will contribute feedstock materials for the fabrication of ingots and extrusion of billets. Battelle will also fabricate irradiation capsule hardware and assemble the experiment with fuel coupons and irradiate the experiment in the Advanced Test Reactor (“ATR”). Each Agreement has an initial term of seven years from the effective date.
Pursuant to the initial releases, the Company is working with Battelle at Idaho National Laboratory to fabricate a delta-phase enriched uranium/zirconium alloy ingot that is suitable for extruding fuel coupon specimens in accordance with Lightbridge Fuel™ specifications, and irradiate the extruded fuel coupon specimens in the ATR at Idaho National Laboratory. After accounting for Modification No. 2, cash payments from Lightbridge to Battelle under both Agreements are estimated at approximately $4.3 million (excluding project contingencies) on a cost reimbursable basis over the performance periods under the initial releases.
The foregoing summary of Modification No. 2 does not purport to be complete and is qualified in its entirety by reference to the full text of Modification No. 2, a copy of which will be attached as an exhibit to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ending March 31, 2024.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| LIGHTBRIDGE CORPORATION |
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Dated: March 29, 2024 | By: | /s/ Seth Grae |
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| Name: | Seth Grae |
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| Title: | President and Chief Executive Officer |
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Cover |
Mar. 26, 2024 |
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| Cover [Abstract] | |
| Entity Registrant Name | LIGHTBRIDGE CORPORATION |
| Entity Central Index Key | 0001084554 |
| Document Type | 8-K |
| Amendment Flag | false |
| Entity Emerging Growth Company | false |
| Document Period End Date | Mar. 26, 2024 |
| Entity File Number | 001-34487 |
| Entity Incorporation State Country Code | NV |
| Entity Tax Identification Number | 91-1975651 |
| Entity Address Address Line 1 | 11710 Plaza America Drive |
| Entity Address Address Line 2 | Suite 2000 |
| Entity Address City Or Town | Reston |
| Entity Address State Or Province | VA |
| Entity Address Postal Zip Code | 20190 |
| City Area Code | 571 |
| Local Phone Number | 730-1200 |
| Security 12b Title | Common Stock, $0.001 par value |
| Trading Symbol | LTBR |
| Security Exchange Name | NASDAQ |
| Written Communications | false |
| Soliciting Material | false |
| Pre Commencement Tender Offer | false |
| Pre Commencement Issuer Tender Offer | false |