Lightbridge Announces 2013 Second Quarter Business Update and Financial Results

Lightbridge Announces 2013 Second Quarter Business Update and Financial

Live Conference Call and Webcast Scheduled at 11 a.m. EDT Friday, August 2 at:


MCLEAN, Va., Aug. 1, 2013 (GLOBE NEWSWIRE) -- Lightbridge Corporation
(Nasdaq:LTBR), a leading innovator of next generation nuclear fuel designs and
provider of nuclear energy consulting services to commercial and governmental
organizations, today provided a business update on the progress of its nuclear
fuel technology and consulting operations and reported financial results for
the quarter and six months ended June 30, 2013.

"As Lightbridge approaches the next critical juncture in the Company's growth,
we remain confident and well positioned to continue to advance development of
our fuel technology, secure new consulting contracts and enhance shareholder
value," said Seth Grae, President and Chief Executive Officer. "We expect to
complete the contract negotiations with fuel fabricators by year-end that are
essential to demonstrating our technology in U.S. and Russian test reactors
under prototypical power reactor operating conditions. We also intend to raise
additional capital to support fuel technology research and development."

Lightbridge is developing and commercializing next generation nuclear fuel
technology with benefits of improving safety, increasing power output of
existing and new reactors, reducing nuclear waste, and enhancing proliferation
resistance of spent fuel. Lightbridge's comprehensive advisory services are
helping existing clients with on-time and on-budget development and regulation
of nuclear power plants to expand electricity generation capabilities.

"Lightbridge technology and services can help answer the most pressing global
questions facing the commercial nuclear energy industry as the industry works
to deliver safer, long-term, efficient, base-load and carbon-free electric
power," Grae said.

2013 Second Quarter Business Update

Fuel Technology

During the second quarter, Lightbridge completed an important technical
development that enhances its fuel product offerings to currently operating
pressurized water reactors (PWRs), the largest segment of the Company's
initial target market, Grae said.

"In response to specific feedback from Lightbridge's Nuclear Utility Fuel
Advisory Board comprised of senior fuel managers from four large U.S. nuclear
utilities (Exelon, Duke, Dominion, and Southern Company), we have enhanced our
metallic fuel assembly design for existing PWRs, eliminating the outer blanket
row of oxide fuel rods and making our entire fuel assembly metallic," he
added. "As a result, nuclear utilities using our metallic fuel in existing
PWRs can realize improved safety and operating benefits (i.e., power uprate
and longer fuel cycle) without the fuel performance constraints imposed by
introducing oxide fuel rods into an assembly."

In the first half of 2013, two independent studies by Siemens Industry, Inc.
and a peer-reviewed journal article were published that validate the
proliferation resistance, safety and economic benefits of Lightbridge fuel
technology, Grae said. The fuel design's operating and economic benefits
include increased power output of up to 10% with a 24-month fuel cycle, and
reduced volumes of used fuel per kilowatt-hour.

"The safety features of Lightbridge metallic fuel are compelling and, along
with power up-rate and longer fuel cycle benefits, will improve the economics
of reactor operation and help moderate the expense of post-Fukushima safety
requirements," Grae said.

In a large break, loss-of-coolant accident (LOCA) scenario, preliminary
analytical modeling shows that the temperature of zirconium cladding on
Lightbridge metallic fuel rods remains at least 200 degrees Celsius below the
temperature at which steam begins to react with zirconium to generate hydrogen
gas and an explosion risk. Additional tests are planned to confirm these
preliminary results, Grae said. Under normal conditions, Lightbridge fuels are
designed to operate approximately 1,000 degrees Celsius lower than
conventional uranium oxide fuels.

Lightbridge also reiterated key research and development milestones for its
fuel technology.

  *Demonstrate the full-scale fabrication process for Lightbridge metallic
    fuel rods in 2014.
  *Perform in-reactor and out-of-reactor experiments in 2013-2016.
  *Develop analytical models in 2013-2016 for the Company's metallic fuel
    technology that can be used for regulatory licensing activities.
  *Begin lead test assembly (LTA) operation in a full-size commercial light
    water reactor in 2017-2018, which involves testing a limited number of the
    full-scale fuel assemblies in the core of a commercial nuclear power plant
    over three 18-month cycles.

Advisory Services

Lightbridge's comprehensive advisory services for developing safe, secure and
cost-effective nuclear power have generated more than $40 million in revenue
since 2008.

"Our pipeline of advisory services proposals continues to increase," Grae
said. "Proposals are pending before relevant government agencies in Europe,
Asia and the Middle East. While the review process for these complex,
multi-million dollar contracts can be long, we remain optimistic that in 2013
Lightbridge will obtain consulting contracts from other governments interested
in deploying nuclear power in their countries. Responses are expected in
coming quarters."

Financial Results and Guidance

For the quarter ended June 30, 2013, Lightbridge's net loss was $1.0 million,
or a loss of $0.08 per share, on revenue of $0.7 million, compared to a net
loss $1.3 million, or a loss of $0.11 per share, on revenue of $1.0 million in
the second quarter of 2012. For the six months ended June 30, 2013, the
Company's net loss was $2.3 million, or a loss of $0.18 per share, on revenue
of $1.2 million. In the same period of 2012, the net loss was $2.1 million, or
a loss of $0.17 per share, on revenue of $2.2 million. Lightbridge revenues
are derived from consulting and strategic advisory services for foreign
governments planning to create or expand electricity generation capabilities
using nuclear power plants, and are used to help fund the continuing
development of the Company's nuclear fuel technologies.

Lightbridge reiterated that nuclear fuel research and development expenses
over the next 12 to 15 months are expected to be in the range of $3 million to
$4 million, contingent on execution of R&D agreements with outside
contractors. "We spent approximately $0.6 million and $0.5 million for
research and development during the three months ended June 30, 2013 and 2012,
respectively," Grae said. "For the six months ended June 30, 2013 and 2012,
R&D expenses were $1.3 million and $1.0 million, respectively."

Balance Sheet Overview

At June 30, 2013, the Company had approximately $2.2 million in cash and cash
equivalents, restricted cash and marketable securities, and approximately $3.0
million of working capital, with no long-term debt. Stockholders' equity was
approximately $3.7 million at June 30, 2013 compared with $5.8 million on
December 31, 2012. Common shares outstanding at June 30, 2013 totaled

"We will seek new financing or additional sources of capital in 2013 to
support ongoing R&D activities required to continue to advance Lightbridge
fuel products to a commercial stage," Grae reiterated. "Potential sources of
cash available to us include equity investments from institutional or retail
investors; strategic investment through alliances with major fuel vendors,
fuel fabricators and/or other strategic parties during the next three years;
and new consulting contracts. Over the next two to three years, our R&D
activities are expected to increase with continued tests and demonstrations of
our metallic fuel technology for Western pressurized water reactors. These
activities are necessary to prepare for full-scale demonstration of our fuel
technology in an operating commercial PWR."

2013 Second Quarter Conference Call

Lightbridge will hold a conference call on Friday, August 2, at 11 a.m. EDT to
discuss the Company's 2013 second quarter results and provide an update on
recent corporate developments. Seth Grae, President and Chief Executive
Officer, will lead the call and additional members of the senior management
team will be available to answer questions. Questions may be asked live, using
the telephone lines below. Questions also may be submitted in writing before
or during the conference call to All written questions will
be read and answered during the call.

Lightbridge Corporation Conference Call - Business Update and 2013 Q2
Financial Results
Date:               Friday, August 2, 2013
Time:               11 a.m. EDT
Domestic Call-In:   877-440-7569
International       253-237-1189
Live Webcast:
Replay:             Available for one year at the URL above.

About Lightbridge Corporation

Lightbridge is a US nuclear energy company based in McLean, Virginia with
operations in Abu Dhabi, Moscow and London. The Company develops proprietary,
proliferation resistant, next generation nuclear fuel technologies for current
and future nuclear reactor systems. The Company also provides comprehensive
advisory services for established and emerging nuclear programs based on a
philosophy of transparency, non-proliferation, safety and operational
excellence. Lightbridge's breakthrough fuel technology is establishing new
global standards for safe and clean nuclear power and leading the way to a
sustainable energy future. Lightbridge consultants provide integrated
strategic advice and expertise across a range of disciplines including
regulatory affairs, nuclear reactor procurement and deployment, reactor and
fuel technology and international relations. The Company leverages those broad
and integrated capabilities by offering its services to commercial entities
and governments with a need to establish or expand nuclear industry
capabilities and infrastructure.

Lightbridge is on Twitter. Sign up to follow @LightbridgeCorp at

Forward Looking Statements

This news release contains statements that are forward-looking in nature,
including statements regarding the Company's competitive position and product
and service offerings. These statements are based on current expectations on
the date of this news release and involve a number of risks and uncertainties
that may cause actual results to differ significantly from such estimates. The
risks include, but are not limited to, the degree of market adoption of the
Company's product and service offerings; market competition; dependence on
strategic partners; and the Company's ability to manage its business
effectively in a rapidly evolving market. Certain of these and other risks are
set forth in more detail in Lightbridge's filings with the Securities and
Exchange Commission. Lightbridge does not assume any obligation to update or
revise any such forward-looking statements, whether as the result of new
developments or otherwise.

Lightbridge Corporation
Condensed Consolidated Balance Sheets
                                                    June 30,     December 31,
                                                    2013         2012
ASSETS                                               (Unaudited)  
Current Assets                                                   
Cash and cash equivalents                           $ 586,016    $ 2,197,555
Marketable securities                               1,085,039    1,598,209
Restricted cash                                     554,452      553,682
Accounts receivable - project revenue and           663,229      601,803
reimbursable project costs
Prepaid expenses & other current assets             521,745      574,590
Total Current Assets                                3,410,481    5,525,839
Property Plant and Equipment –net                    4,831        17,221
Other Assets                                                     
Patent costs – net                                  673,950      600,596
Total Assets                                         $ 4,089,262  $ 6,143,656
LIABILITIES AND STOCKHOLDERS' EQUITY                             
Current Liabilities                                              
Accounts payable and accrued liabilities            $ 422,942    $ 385,223
Total Current Liabilities                           422,942      385,223
Commitments and contingencies –Note 6                            
Stockholders' Equity                                             
Preferred stock, $0.001 par value, 50,000,000        --           --
authorized shares, no shares issued and outstanding
Common stock, $0.001 par value, 500,000,000
authorized, 12,556,400 shares and 12,526,240 shares  12,556       12,526
outstanding at June 30, 2013 and December 31, 2012,
Additional paid in capital - stock and stock         72,169,379   71,955,631
Deficit                                              (68,515,615) (66,212,849)
Common stock reserved for issuance, 2,264 shares at  0            3,125
December 31, 2012
Total Stockholders' Equity                           3,666,320    5,758,433
Total Liabilities and Stockholders' Equity           $ 4,089,262  $ 6,143,656

Lightbridge Corporation
Unaudited Condensed Consolidated Statements of Operations
                      Three Months Ended          Six Months Ended
                      June 30,                    June 30,
                      2013          2012          2013          2012
Consulting Revenue     $ 658,859     $ 981,016     $ 1,174,809   $ 2,238,537
Cost of Consulting     365,704       607,780       650,041       1,377,465
Services Provided
Gross Margin           293,155       373,236       524,768       861,072
Operating Expenses                                            
General and            672,084       1,246,233     1,553,862     2,191,595
Research and           615,281       518,360       1,258,554     1,015,068
development expenses
Total Operating        1,287,365     1,764,593     2,812,416     3,206,663
Operating Loss         (994,210)     (1,391,357)   (2,287,648)   (2,345,591)
Other Income and                                              
Investment income      (27,309)      81,510        (11,753)      233,068
Other income           (2,325)       (5,089)       (3,365)       1,053
Total Other Income and (29,634)      76,421        (15,118)      234,121
Net loss before income (1,023,844)   (1,314,936)   (2,302,766)   (2,111,470)
Income taxes           0             0             0             0
Net loss               $ (1,023,844) $ (1,314,936) $ (2,302,766) $ (2,111,470)
Net Loss Per Common
Share, Basic and       $ (0.08)      $ (0.11)      $ (0.18)      $ (0.17)
Weighted Average
Number of shares       12,555,156   12,491,750   12,542,174   12,462,182

Lightbridge Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
                                                  Six Months Ended
                                                  June 30, 2013
                                                  2013          2012
Operating Activities:                                           
Net Loss                                           $ (2,302,766) $ (2,111,470)
Adjustments to reconcile net loss from operations               
to net cash used in operating activities:
Stock based compensation                           210,653       628,445
Depreciation and amortization                      12,390        14,517
Unrealized and realized (gains) and losses on      46,001        (109,757)
marketable securities
Changes in non-cash operating working capital                   
Accounts receivable - fees and reimbursable        (61,426)      (387,179)
project costs
Prepaid expenses and otherassets                  52,845        (244,885)
Accounts payable, accrued liabilities and other    37,719        (750,108)
current liabilities
Net Cash Used In Operating Activities              (2,004,584)   (2,960,437)
Investing Activities:                                           
Proceeds from the sale of marketable securities    500,000       397,926
Purchase of marketable securities                  (32,831)      (121,173)
Patent costs                                       (73,354)      (38,956)
Property and equipment                             0             (19,738)
Net Cash Provided By Investing Activities          393,815       218,059
Financing Activities:                                           
Proceeds from the issuance of common stock         0             1,733
Restricted cash                                    (770)         (967)
Net Cash Provided By (Used In) Financing           (770)         766
Net Decrease In Cash and Cash Equivalents          (1,611,539)   (2,741,612)
Cash and Cash Equivalents, Beginning of Period     2,197,555     3,569,098
Cash and Cash Equivalents, End of Period           $ 586,016     $ 827,486
Supplemental Disclosure of Cash Flow Information:               
Cash paid during the year:                                      
Interest paid                                      $ 0           $ 0
Income taxes paid                                  $ 0           $ 0

CONTACT: Gary Sharpe
         Investor Relations and Corporate Communications
         Lightbridge Corporation

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