Note 3. Prepaid Project Costs and Other Long-Term Assets

In 2022, the Company entered into two agreements with INL, in collaboration with the Department of Energy (DOE), to support the development of Lightbridge Fuel™. At the time of signing, the Company made advance payments for future project work totaling $0.4 million to Battelle Energy Alliance, LLC (BEA), the DOE’s operating contractor for INL. In May 2023, the Company and INL modified the agreements to extend the contract term to May 2029, aligning it with the duration of the irradiation testing, and increasing the advance payments by $0.1 million to $0.5 million. During the six months ended June 30, 2025, the Company made additional advance payments of $0.6 million which subsequently offset $0.6 million in project costs. As of June 30, 2025, and December 31, 2024, the Company’s prepaid project costs were $0.5 million.