Lightbridge Corporation filed SEC Form 8-K: Entry into a Material Definitive Agreement, Financial Statements and Exhibits
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Item 1.01 Entry into a Material Definitive Agreement.
On October 24, 2024, Lightbridge Corporation (“Lightbridge” or the “Company”) and Battelle Energy Alliance, LLC (“Battelle”), the operating contractor of Idaho National Laboratory, entered into Modification No. 3 (“Modification No. 3”) to the Project Task Statement under the Strategic Partnership Project Agreement, dated December 9, 2022, as amended on May 23, 2023 and March 26, 2024, by and between the Company and Battelle. Pursuant to the terms of Modification No. 3, the potential amounts payable by the Company to reimburse Battelle for its expenses and employee time were increased by approximately $294,416, bringing the total estimated cost for the work to be performed under the “Umbrella” Strategic Partnership Project Agreement, described below, to $2,003,048.
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. 3, cash payments from Lightbridge to Battelle under both Agreements are estimated at approximately $4.6 million (excluding project contingencies) on a cost reimbursable basis over the performance periods under the initial releases.
The foregoing summary of Modification No. 3 does not purport to be complete and is qualified in its entirety by reference to the full text of Modification No. 3, a copy of which is attached hereto as Exhibit 10.1.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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104 |
| Cover Page Interactive Data File (embedded within the Inline XBRL document) |
▲ Certain portions of this Exhibit have been redacted pursuant to Item 601(b)(10)(iv) of Regulation S-K. The Company agrees to furnish supplementally an unredacted copy of this Exhibit to the SEC upon request.
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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: October 25, 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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