Cameco Corp (CCJ) 2022 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Cameco Corporation Second Quarter 2022 Conference Call. As a reminder, (Operator Instructions) and the conference is being recorded. (Operator Instructions)

謝謝你的支持。這是會議接線員。歡迎來到 Cameco Corporation 2022 年第二季度電話會議。提醒一下，（操作員說明）和會議正在錄製中。 （操作員說明）

I would now like to turn the conference over to Rachelle Girard, Vice President, Investor Relations and Treasury & Tax. Please go ahead.

我現在想將會議轉交給投資者關係和財政與稅務副總裁 Rachelle Girard。請繼續。

Thank you, operator, and good morning, everyone. Welcome to Cameco's second quarter conference call. I would like to acknowledge that we are speaking from our corporate office, which is on Treaty 6 territory, the traditional territory of Cree Peoples and the homeland of the Metis.

謝謝接線員，大家早上好。歡迎來到 Cameco 的第二季度電話會議。我要承認，我們是在公司辦公室發言，該辦公室位於條約 6 領土、克里族的傳統領土和梅蒂斯人的故鄉。

Today's call will focus on the trends we are seeing in the market and on our strategy. As always, our goal is to be open and transparent with our communication. Therefore, if you have detailed questions about our quarterly financial results, or should your questions not be addressed on this call, we will be happy to follow-up with you after the call. There are a few ways to contact us. You can reach out to the contacts provided in our news release. You can submit a question through the contact tab on our website or you can use the Ask Question form at the bottom of the webcast screen, and we'll be happy to follow-up after this call.

今天的電話會議將重點關注我們在市場上看到的趨勢和我們的戰略。與往常一樣，我們的目標是公開透明地進行溝通。因此，如果您對我們的季度財務業績有詳細的疑問，或者您的問題未在本次電話會議中得到解決，我們將很樂意在電話會議後與您聯繫。有幾種方法可以聯繫我們。您可以聯繫我們新聞稿中提供的聯繫人。您可以通過我們網站上的聯繫選項卡提交問題，也可以使用網絡廣播屏幕底部的“提問”表格，我們很樂意在此電話之後跟進。

With us today on the call are Tim Gitzel, President and CEO; Grant Isaac, Senior Vice President and CFO; Brian Reilly, Senior Vice President and Chief Operating Officer; Alice Wong, Senior Vice President and Chief Corporate Officer; and Sean Quinn, Senior Vice President, Chief Legal Officer and Corporate Secretary. I'm going to hand it over to Tim to talk about the long-term fundamentals for our industry, the current market dynamics and about Cameco's strategy to add long-term value. After, we will open it up for your questions.

今天與我們通話的是總裁兼首席執行官蒂姆·吉策爾（Tim Gitzel）； Grant Isaac，高級副總裁兼首席財務官； Brian Reilly，高級副總裁兼首席運營官； Alice Wong，高級副總裁兼首席企業官；高級副總裁、首席法務官兼公司秘書 Sean Quinn。我將把它交給蒂姆來談談我們行業的長期基本面、當前的市場動態以及 Cameco 增加長期價值的戰略。之後，我們將為您的問題打開它。

If you joined the conference call through our website event page, there are slides available, which will be displayed during the call. In addition, for your reference, our quarterly investor handout is available for download in a PDF file on our website at cameco.com. Today's conference call is open to all members of the investment community, including the media. During the Q&A session, please limit yourself to 2 questions and then return to the queue.

如果您通過我們的網站活動頁面加入電話會議，有可用的幻燈片，將在電話會議期間顯示。此外，供您參考，我們的季度投資者講義可在我們的網站 cameco.com 上以 PDF 文件的形式下載。今天的電話會議向投資界的所有成員開放，包括媒體。在問答環節，請限制自己回答 2 個問題，然後返回隊列。

Please note that this conference call will include forward-looking information, which is based on a number of assumptions, and actual results could differ materially. Please refer to our annual information form and MD&A for more information about the factors that could cause these different results and the assumptions we have made.

請注意，本次電話會議將包含基於多項假設的前瞻性信息，實際結果可能存在重大差異。請參閱我們的年度信息表和 MD&A，以獲取有關可能導致這些不同結果的因素以及我們所做假設的更多信息。

With that, I will turn it over to Tim.

有了這個，我會把它交給蒂姆。

Well, thank you, Rachelle, and good morning, everyone. We appreciate you joining us on our call today. I hope you're getting some time off to enjoy the summer. I want to start today by reflecting on a recent essay from UxC. There are 2 reasons for this. First, it drove home a number of the themes you've heard us express for some time now, but the fundamentals of the uranium market. In a world that increasingly recognizes the important role nuclear energy will play, demand for uranium fuel is going up. Inventories are going down. And in a market that is bifurcating due to geopolitical concerns, Western capacity is lagging. Those themes aren't new.

好吧，謝謝你，Rachelle，大家早上好。感謝您今天加入我們的電話會議。我希望你能抽出一些時間來享受這個夏天。我想從反思 UxC 最近的一篇文章開始今天。這有兩個原因。首先，它帶回了一些你已經聽到我們表達了一段時間的主題，但鈾市場的基本面。在一個越來越認識到核能將發揮重要作用的世界中，對鈾燃料的需求正在上升。庫存正在下降。在一個因地緣政治問題而出現分歧的市場中，西方的產能滯後。這些主題並不新鮮。

However, the second reason I raise it, is that we believe the conclusion to the essay sent the wrong message. It said this, "Let's just hope nuclear fuel supply availability does not derail nuclear energy's latest promising advance." This statement implies that the responsibility for maintaining the growing momentum for nuclear power rests with the supply side of the industry. We believe that responsibility is misplaced. The reality is there is a simple solution to the looming supply challenge. The essay should have concluded by driving home the point that the responsibility and solution for the looming supply challenge rests with the demand side.

然而，我提出它的第二個原因是，我們認為這篇文章的結論傳遞了錯誤的信息。它說，“讓我們只希望核燃料供應的可用性不會破壞核能最新的有希望的進展。”該聲明暗示，保持核電增長勢頭的責任在於該行業的供應方。我們認為責任是錯誤的。現實情況是，對於迫在眉睫的供應挑戰，有一個簡單的解決方案。這篇文章應該通過強調指出，迫在眉睫的供應挑戰的責任和解決方案在於需求方。

Utilities need to recognize its time to exercise the power of their procurement to avoid a supply crisis that could, as they stated, derail nuclear energy's latest promising advance. And this is true right across the fuel cycle from uranium production to conversion and enrichment. Those of us who have experience operating in this industry understand that a responsible producer does not invest in new capacity without line of sight to having a long-term profitable commitment that creates a permanent home in which that fuel will be used.

公用事業公司需要認識到是時候行使採購權力以避免供應危機，正如他們所說，這可能會破壞核能最新的有希望的進展。從鈾生產到轉化和濃縮的整個燃料循環都是如此。我們這些在這個行業有運營經驗的人都明白，負責任的生產商不會在沒有長期盈利承諾的情況下投資新產能，從而創造一個永久的家園來使用該燃料。

Cameco's strategic and deliberate decisions over the past decade are a great example of this. Driven by these signals, our customers have given us. We've taken a balanced and disciplined approach. Our decision to proceed with the next phase of our supply discipline, which is now well underway, is in direct response to the procurement decisions by some really forward-thinking utilities. These utilities want a line of sight to the future supply needed to fuel their reactors and ensure the continued reliability of electricity supply from nuclear power. Their contracting decisions provided us with the signals and certainty we needed to begin the process of increasing production, but more is needed.

Cameco 在過去十年中的戰略性和深思熟慮的決策就是一個很好的例子。在這些信號的驅動下，我們的客戶給了我們。我們採取了平衡和有紀律的方法。我們決定繼續我們的供應紀律的下一階段，現在正在進行中，是對一些真正具有前瞻性的公用事業公司的採購決定的直接回應。這些公用事業公司希望了解未來為其反應堆提供燃料所需的供應，並確保核電供電的持續可靠性。他們的合同決定為我們提供了開始增加產量所需的信號和確定性，但還需要更多。

Our current plans do not entail a return to our full productive capacity. As a result, the company remains in the supply discipline mode, which positions us extraordinarily well in this rapidly changing market. We will continue to make responsible supply decisions in accordance with the signals our customers are sending.

我們目前的計劃並不需要恢復我們的全部生產能力。因此，公司仍處於供應紀律模式，這使我們在這個瞬息萬變的市場中處於非常有利的地位。我們將繼續根據客戶發出的信號做出負責任的供應決策。

Let's look at the market fundamentals in a bit more detail, starting with demand. We have talked before about how the benefits of nuclear energy have come clearly into focus with the durability that is being driven by the accountability for achieving the net zero carbon targets being set by governments and companies around the world. With 90% of the world's economy now covered by net zero targets, attention is turning to the challenge of cleanly and reliably solving the problems of energy poverty, energy replacement and energy growth.

讓我們從需求開始更詳細地了解市場基本面。我們之前已經討論過核能的好處如何清楚地成為關注焦點，而耐久性是由實現世界各國政府和公司設定的淨零碳目標的責任驅動的。全球 90% 的經濟現在已被淨零目標覆蓋，人們的注意力正轉向清潔可靠地解決能源貧困、能源替代和能源增長問題的挑戰。

Adding to that challenge is solving the energy crisis experienced in some parts of the world, while pivoting away from reliance on Russian energy without jeopardizing net zero commitments. Therefore, not surprising that concerns about energy security are amplified and at the top of the list for many governments, creating further pressure to reexamine their energy policy decisions. Policymakers and business leaders around the world are recognizing that energy policy must balance the objective to achieve a clean energy profile with the need for affordability and security.

增加這一挑戰的是解決世界某些地區經歷的能源危機，同時在不損害淨零承諾的情況下擺脫對俄羅斯能源的依賴。因此，對能源安全的擔憂被放大並成為許多政府的頭等大事也就不足為奇了，這給重新審查其能源政策決策帶來了進一步的壓力。世界各地的政策制定者和商界領袖都認識到，能源政策必須在實現清潔能源形象的目標與對可負擔性和安全性的需求之間取得平衡。

Too much focus on intermittent weather-dependent renewable energy has left some jurisdictions struggling with power shortages and spiking energy prices or a dependence on Russian energy supplies. The good news for us is that in their quest to restore balance or pivot away from Russia, many are turning to nuclear. Nuclear power fits nicely at the center of the policy triangle providing safe, reliable, affordable carbon-free baseload electricity, while also offering energy security and independence, which is why, in addition to all of the developments I noted last quarter, we saw a number of supportive initiatives and announcements this quarter, which we outlined in our MD&A.

對間歇性依賴天氣的可再生能源的過度關注導致一些司法管轄區在電力短缺和能源價格飆升或對俄羅斯能源供應的依賴中苦苦掙扎。對我們來說，好消息是，在尋求恢復平衡或遠離俄羅斯的過程中，許多人正在轉向核能。核電非常適合政策三角的中心，提供安全、可靠、負擔得起的無碳基荷電力，同時還提供能源安全和獨立性，這就是為什麼除了我上個季度提到的所有發展之外，我們還看到了我們在 MD&A 中概述了本季度支持性舉措和公告的數量。

Suffice it to say, we're seeing governments and companies turn to nuclear with an appetite that I'm not sure, I've ever seen in my 4 decades in this business. Therefore, it's easy to conclude that the demand outlook is durable and very bright. But supply is quite a different picture. For some time now, we've said that we believe the uranium market was as vulnerable to a supply shock as it has ever been due to persistently low prices, so prices have led to growing supply concentration by origin and a growing supply gap. And unlike in the past, we don't have the same stock of secondary supplies to fill the gap. After years of drawing on these one-time sources, the secondary supply capacity is now declining significantly into the future and productive capacity is not poised to respond.

可以這麼說，我們看到政府和公司懷著一種我不確定的胃口轉向核能，我在這個行業的 4 年中從未見過。因此，很容易得出結論，需求前景是持久且非常光明的。但供應情況卻完全不同。一段時間以來，我們一直認為，由於價格持續低迷，鈾市場與以往一樣容易受到供應衝擊的影響，因此價格導致原產地供應集中度不斷提高，供應缺口不斷擴大。而且與過去不同，我們沒有相同的二次供應庫存來填補空白。經過多年利用這些一次性資源，二級供應能力現在正在顯著下降，未來生產能力也沒有準備好做出反應。

And taking the challenge of filling that gap to a whole new level with the continued conflict in Ukraine, there's also growing uncertainty about the ability to continue to rely on nuclear fuel supplies originating or transporting out of Russia, whether as a result of sanctions or because of conflicts with company values. Currently, the global nuclear industry relies on Russia for approximately 14% of its supply of uranium concentrates, 27% of conversion supply and 39% of enrichment capacity.

隨著烏克蘭衝突的持續，填補這一空白的挑戰達到了一個全新的水平，無論是由於製裁還是因為與公司價值觀的衝突。目前，全球核工業大約 14% 的鈾濃縮供應、27% 的轉化供應和 39% 的濃縮能力依賴俄羅斯。

Utilities are now faced with considering and planning for a variety of potential scenarios ranging from an abrupt end to Russian supply to a gradual phase out. The market was confronted with one of these scenarios in late June. Amendments to Canadian sanctions caused the owner of a Canadian shipping vessel to conclude, it would be in violation of Canadian laws if it were to load and deliver enriched uranium product, scheduled for pickup in St. Petersburg. While an exemption by the Canadian government has resolved this issue for now, it highlights the tenuous nature of reliance on Russia or Russian ports for supply. It's one of the reasons why last quarter, we decided to avoid using Russian rail lines and ports to move our share of Inkai's production to our Blind River facility.

公用事業公司現在面臨著考慮和計劃各種潛在情景，從突然停止俄羅斯供應到逐步淘汰。市場在 6 月下旬遇到了其中一種情況。加拿大製裁的修正案導致一艘加拿大船的船東得出結論，如果該船裝載和運送預定在聖彼得堡取貨的濃縮鈾產品，將違反加拿大法律。雖然加拿大政府的豁免目前已經解決了這個問題，但它凸顯了對俄羅斯或俄羅斯港口供應依賴的脆弱性。這也是上個季度我們決定避免使用俄羅斯鐵路線和港口將我們在印凱的生產份額轉移到我們的盲河工廠的原因之一。

Instead, we are delaying our deliveries from Kazakhstan, while we work with our partner to enable shipping via Trans-Caspian route. We do not have a confirmed date for when the first shipment could proceed. However, we have the ability to mitigate the risk with inventory, long-term purchase commitments and product loans if necessary. It's still early days, but we're already seeing some utilities beginning to pivot toward procurement strategies that more carefully weigh the origin risk. They're working their way through their fuel supply chains to determine where there are vulnerabilities. As a result, we have temporarily seen their focus shift from securing uranium to the more immediate need in their supply chain for enrichment and conversion services, where Russian capacity plays a much bigger role. But make no mistake, we expect uranium will follow. After all, it is the product to which all services are applied.

相反，我們推遲了從哈薩克斯坦的交貨，同時我們與我們的合作夥伴合作，通過跨里海航線進行運輸。我們沒有確認第一批貨物何時可以進行的日期。但是，如有必要，我們有能力通過庫存、長期採購承諾和產品貸款來降低風險。現在仍處於早期階段，但我們已經看到一些公用事業公司開始轉向更仔細權衡原產地風險的採購策略。他們正在通過他們的燃料供應鏈來確定存在漏洞的地方。結果，我們暫時看到他們的重點從保障鈾轉移到他們供應鏈中更緊迫的濃縮和轉化服務需求，俄羅斯的能力在其中發揮著更大的作用。但不要誤會，我們預計鈾會隨之而來。畢竟，它是應用所有服務的產品。

With more than 45 million pounds in new uranium contracts added to our portfolio since the beginning of the year, 2022 has already been a contracting success, and we continue to have a significant and growing pipeline of contract discussions underway. However, for the moment, we too are focusing our efforts on capturing the record high conversion prices under long-term contracts in our fuel services segment. And with what we expect will be more uranium demand ahead of us, we will continue to exercise strategic patience. The primary driver for our contracting activity is always value. We like to leverage our current uncommitted in-ground inventory provides us to the further market improvements we expect to see.

自今年年初以來，我們的投資組合中新增了超過 4500 萬磅的新鈾合同，2022 年已經取得了合同成功，我們繼續進行重要且不斷增長的合同討論管道。然而，就目前而言，我們也在努力捕捉燃料服務部門長期合同下創紀錄的高轉換價格。我們預計未來會有更多的鈾需求，我們將繼續保持戰略耐心。我們承包活動的主要驅動力始終是價值。我們希望利用我們當前未承諾的地下庫存為我們提供我們期望看到的進一步市場改善。

So let's talk more about Cameco and what we are up to. As a commercial supplier, our decisions have uniquely positioned the company to capitalize on the increasingly undeniable conclusion that nuclear power must be an essential part of the clean energy transition and even more so, in a world where origins matter. With demonstrated Tier 1 assets, strategic Tier 2 assets and a focus on vertical integration, we've taken a balanced and disciplined approach to our strategy of full-cycle value capture. As I just noted on the contracting front, we've been balanced and disciplined in layering in volumes where it makes sense for us, and in building a diversified customer base.

因此，讓我們更多地談談 Cameco 以及我們在做什麼。作為一家商業供應商，我們的決定使公司能夠利用越來越不可否認的結論，即核電必須成為清潔能源轉型的重要組成部分，在一個起源很重要的世界中更是如此。憑藉展示的一級資產、戰略二級資產和對垂直整合的關注，我們對我們的全週期價值獲取戰略採取了一種平衡而有紀律的方法。正如我剛剛在合同方面指出的那樣，我們在對我們有意義的數量分層以及建立多元化的客戶群方面保持平衡和自律。

We're also taking a balanced and disciplined approach to our supply decisions. The next phase of our supply discipline, which involves not only McArthur River/Key Lake, but starting in 2024, Cigar Lake is balanced with our contract portfolio and where we think the market transition is currently at. Even though, we've seen considerable pricing pressure resulting from the geopolitical uncertainty, we will not change our production plans. We will not front run demand with supply. We need good long-term contract homes in our portfolio, and we need to see further improvements in the uranium market before we make changes to our production plans. And I think we've shown we can be trusted when we say, we will remain disciplined.

我們還對我們的供應決策採取平衡和有紀律的方法。我們供應紀律的下一階段，不僅涉及 McArthur River/Key Lake，而且從 2024 年開始，Cigar Lake 與我們的合同組合以及我們認為目前的市場轉型處於平衡狀態。儘管我們已經看到地緣政治的不確定性導致了相當大的定價壓力，但我們不會改變我們的生產計劃。我們不會以供應為先。在我們的投資組合中，我們需要良好的長期合同房屋，並且在我們改變生產計劃之前，我們需要看到鈾市場的進一步改善。而且我認為，當我們說，我們將保持紀律時，我們已經表明我們可以被信任。

Finally, while we're talking about balance, we've shown balanced financial discipline. We will retain our conservative financial management to support our continued balanced and disciplined contracting and supply decisions. Having said that, we will deploy capital where it makes sense, increasing our ownership share of Cigar Lake from 50% to just over 54% made sense. And I can tell you we'll take those pounds any day. Cigar Lake is one of the world's best and most prolific Tier 1 production assets on the planet. It's a proven, permitted and fully licensed mine in a stable jurisdiction that operates with the tremendous participation and support of our neighboring indigenous partner communities. And of course, we know it very well because we operate it.

最後，當我們談論平衡時，我們已經表現出平衡的財務紀律。我們將保留我們保守的財務管理，以支持我們持續平衡和有紀律的承包和供應決策。話雖如此，我們將在有意義的地方部署資本，將我們在雪茄湖的所有權份額從 50% 增加到 54% 以上。我可以告訴你，我們隨時都會吃掉這些磅。雪茄湖是世界上最好、最多產的一級生產資產之一。這是一個經過驗證、獲得許可和完全許可的礦山，位於一個穩定的司法管轄區，在我們鄰近的土著合作夥伴社區的大力參與和支持下運營。當然，我們非常了解它，因為我們運營它。

At the McArthur River mine and Key Lake Mill, we continue the process of transitioning from care and maintenance to operational readiness. The current workforce at these sites is now approximately 670 including employees and long-term contractors with a view to achieving about 850 prior to the start of production later this year. Our operational readiness activities are transitioning from construction to early-stage commissioning of our mining and milling circuits at McArthur River and Key Lake.

在 McArthur River 礦山和 Key Lake Mill，我們繼續從保養和維護過渡到運營準備。這些工廠目前的員工人數約為 670 人，包括員工和長期承包商，以期在今年晚些時候開始生產之前達到約 850 人。我們的運營準備活動正在從建設過渡到我們在麥克阿瑟河和基湖的採礦和製粉電路的早期調試。

Critical automation and digitization projects at the Key Lake mill are being tied into existing infrastructure. In addition, asset condition assessments and subsequent repair and reassembly of all equipment is now winding down. However, we've seen some delays to our work schedule at the Key Lake mill. We have encountered some challenges with respect to the availability of critical materials, equipment and skills. In addition, after 4 years on care and maintenance, we've experienced some normal commissioning issues as we work to safely and systematically integrate the existing and new assets with updated operating systems. We've adjusted our schedule to accommodate the slower ramp-up at the mill and anticipate first production will be deferred until later in the fourth quarter this year. As a result, our revised plan is for up to 2 million pounds of production this year.

Key Lake 工廠的關鍵自動化和數字化項目與現有基礎設施相關聯。此外，資產狀況評估以及所有設備的後續維修和重新組裝現在正在逐步結束。然而，我們發現 Key Lake 工廠的工作日程出現了一些延誤。我們在關鍵材料、設備和技能的可用性方面遇到了一些挑戰。此外，經過 4 年的維護和維護，我們在努力安全、系統地將現有資產和新資產與更新的操作系統集成時遇到了一些正常的調試問題。我們已經調整了我們的時間表，以適應工廠較慢的產能提升，並預計第一批生產將推遲到今年第四季度晚些時候。因此，我們修訂後的計劃是今年的產量高達 200 萬磅。

It's yet another good reminder for the demand side of our industry about the challenges of bringing on supply in the current environment. However, the slower ramp-up at the Key Lake mill has been offset at Cigar Lake. We've been successful in catching up on development work and production at Cigar Lake, and we're expecting production of 18 million pounds on a 100% basis. Therefore, with the additional production at Cigar Lake and the risk mitigation measures we have in place, we expect to deliver on all of our commitments and therefore, we don't need to rush the process at McArthur River/Key Lake. This is just one of the advantages that being a multi-asset, multi-jurisdictional producer affords us, that makes us a stable, reliable and long-term source of supply to ensure the reliability of our customers' reactor fleets.

這對我們行業的需求方來說是另一個很好的提醒，即在當前環境下增加供應所面臨的挑戰。然而，Key Lake 工廠較慢的產能提升已在 Cigar Lake 得到抵消。我們已經成功地趕上了雪茄湖的開發工作和生產，我們預計 100% 的產量將達到 1800 萬磅。因此，隨著雪茄湖的額外生產和我們採取的風險緩解措施，我們希望兌現我們的所有承諾，因此，我們不需要在麥克阿瑟河/基湖加快進程。這只是作為多資產、多司法管轄區的生產商為我們提供的優勢之一，這使我們成為穩定、可靠和長期的供應來源，以確保客戶反應堆船隊的可靠性。

So what's the result of our disciplined actions, the solid balance sheet and the ability to self-manage risk. At the end of the second quarter, we, again, were in a negative net debt position with $1.4 billion in cash, about $1 billion in long-term debt and a $1 billion undrawn credit facility, and this doesn't include the $778 million owed to us by the CRA. Once production at the McArthur River/Key Lake operation resumes, we expect to begin to see a significant improvement in our financial performance. As production achieves a reasonable level, we will no longer expense operational readiness costs to cost of sales, and we'll be able to source more of our committed sales from lower cost produced pounds.

那麼，我們紀律嚴明的行動、穩健的資產負債表和自我管理風險的能力的結果是什麼？在第二季度末，我們再次處於負淨債務狀態，擁有 14 億美元的現金、約 10 億美元的長期債務和 10 億美元的未動用信貸額度，這還不包括 7.78 億美元CRA欠我們的。一旦 McArthur River/Key Lake 運營恢復生產，我們預計我們的財務業績將開始顯著改善。隨著生產達到合理水平，我們將不再將運營準備成本計入銷售成本，並且我們將能夠從成本較低的生產磅中獲得更多的承諾銷售額。

As we saw, again, this quarter, the higher prices in the currently improving markets are beginning to flow through our existing contract portfolio. And with an inventory of unencumbered pounds in the ground, rising prices will also create the opportunity to layer in new long-term commitments, commitments with appropriate pricing mechanisms that will underpin the long-term operation of our productive capacity. We've also continued to utilize some of our long-term purchases. We put these arrangements in place as a means of risk mitigation to balance this activity with our spot market purchases. As such, we expect to maintain the financial capacity to execute on our strategy, capturing long-term value, while self-managing risk, including from the global macroeconomic and geopolitical uncertainty we're seeing today.

正如我們在本季度再次看到的那樣，目前正在改善的市場中的較高價格開始流向我們現有的合同組合。由於地下有大量未支配的英鎊，價格上漲也將創造機會進行新的長期承諾，這些承諾具有適當的定價機制，將支撐我們生產能力的長期運作。我們還繼續利用我們的一些長期採購。我們將這些安排作為降低風險的一種手段，以平衡這一活動與我們的現貨市場採購。因此，我們希望保持財務能力來執行我們的戰略，獲取長期價值，同時自我管理風險，包括我們今天看到的全球宏觀經濟和地緣政治不確定性。

So what does all this mean for Cameco? Well, it means, we're optimistic. We're optimistic about the growth in demand for nuclear power, both traditional and non-traditional. We're optimistic about the growth in demand for uranium and for downstream fuel services, and we're optimistic about the incumbency opportunity for Cameco and capturing long-term value. Therefore, we will continue to execute on the next phase of our supply discipline strategy. And more importantly, we'll continue to do what we said we would do.

那麼這一切對 Cameco 意味著什麼呢？嗯，這意味著，我們很樂觀。我們對傳統和非傳統核電需求的增長持樂觀態度。我們對鈾和下游燃料服務需求的增長持樂觀態度，我們對 Cameco 的現有機會和獲取長期價值持樂觀態度。因此，我們將繼續執行下一階段的供應紀律戰略。更重要的是，我們將繼續按照我們所說的去做。

We have operating an idle Tier 1 assets that are licensed, permitted, long-lived, and our proven operations that have expansion capacity. We have fully permitted and proven Tier 2 assets that don't make sense at today's prices. But when you think about them in the context of looming supply and origin gap, there's a potential pathway for them to add value for us in the future. But we will continue to be very disciplined in our evaluation on that front. And just as a reminder, our interest extends beyond just mining. We're vertically integrated across the nuclear fuel cycle with refining, conversion and fuel fabrication. As utilities look to secure access to nuclear fuel supplies in jurisdictions that are stable, reliable and politically dependable, we will also look to continue to build our fuel services contract book.

我們擁有經許可、允許、長期使用的閒置 1 級資產，以及我們經過驗證的具有擴展能力的運營。我們已經完全允許和證明了以今天的價格沒有意義的第 2 層資產。但是，當您在迫在眉睫的供應和原產地缺口的背景下考慮它們時，它們有可能在未來為我們增加價值。但我們將繼續在這方面的評估中非常自律。提醒一下，我們的興趣不僅僅局限於採礦。我們垂直整合了整個核燃料循環，包括精煉、轉化和燃料製造。隨著公用事業公司尋求在穩定、可靠和政治上可靠的司法管轄區獲得核燃料供應，我們也將尋求繼續建立我們的燃料服務合同簿。

And we're looking to expand our reach. For example, through our fuel manufacturing capabilities and investment in Global Laser Enrichment, we're exploring fabrication of new fuels, including high assay, low-enriched uranium, or HALEU. And you can clearly see the benefits of Cameco being involved with ventures like this. Thanks to our reputation as a reliable fuel supplier and a long history of cooperating with the U.S. government on various projects. The technology has the opportunity to participate in the growing commercial opportunity for enrichment capacity in the U.S. It's why GLE was able to navigate the regulatory process in the U.S. and gain access to the DOE tails material. And that's why utilities like Constellation Energy and Duke Energy are willing to sign letters of intent to collaborate with GLE to help diversify the U.S. nuclear fuel supply chain, including measures to support GLE's deployment of SILEX laser enrichment technology in the U.S.

我們正在尋求擴大我們的影響力。例如，通過我們的燃料製造能力和對 Global Laser Enrichment 的投資，我們正在探索新燃料的製造，包括高含量、低濃縮鈾或 HALEU。您可以清楚地看到 Cameco 參與此類企業的好處。感謝我們作為可靠燃料供應商的聲譽以及與美國政府在各種項目上的長期合作歷史。該技術有機會參與美國日益增長的濃縮能力商業機會。這就是為什麼 GLE 能夠在美國駕馭監管過程並獲得 DOE 尾部材料的原因。這就是為什麼 Constellation Energy 和 Duke Energy 等公用事業公司願意簽署與 GLE 合作的意向書，以幫助實現美國核燃料供應鏈的多樣化，包括支持 GLE 在美國部署 SILEX 激光濃縮技術的措施。

We're also participating in the development of small modular reactors and have entered a number of non-binding arrangements to advance their commercialization and deployment in Canada and around the world. And we have an interest in the nuclear sustainability services, the back end of the fuel cycle, including aiding in the responsible cleanup of enrichment facilities no longer in operation. These opportunities align with our commitment to manage our business responsibly and sustainably and to increase our contribution to global climate change solutions.

我們還參與了小型模塊化反應堆的開發，並達成了一些不具約束力的安排，以推進其在加拿大和世界各地的商業化和部署。我們對核能可持續性服務、燃料循環的後端感興趣，包括幫助負責任地清理不再運行的濃縮設施。這些機會與我們以負責任和可持續的方式管理我們的業務以及增加我們對全球氣候變化解決方案的貢獻的承諾相一致。

Our decisions at Cameco are deliberate. We're a responsible, commercially motivated supplier with a diversified portfolio of assets, including a Tier 1 production portfolio that is among the best in the world. We're committed to operating sustainably by protecting, engaging and supporting the development of our people and their communities and to protecting the environment, something we've been doing for over 30 years. Our strategy, which includes contracting discipline, supply discipline and financial discipline, will allow us to achieve our vision. The vision of "Energizing a clean-air world" and thereby delivering long-term value in a market, where demand for safe, secure, reliable and affordable clean energy is growing.

我們在 Cameco 的決定是經過深思熟慮的。我們是一家負責任、具有商業動機的供應商，擁有多元化的資產組合，包括世界上最好的一級生產組合。我們致力於通過保護、參與和支持我們的員工及其社區的發展以及保護環境來實現可持續運營，這是我們 30 多年來一直在做的事情。我們的戰略，包括合同紀律、供應紀律和財務紀律，將使我們能夠實現我們的願景。 “為清潔空氣世界注入活力”的願景，從而在對安全、可靠、可靠和負擔得起的清潔能源的需求不斷增長的市場中創造長期價值。

So thanks for your interest today, and we're happy to take any questions you might have.

因此，感謝您今天的關注，我們很樂意回答您的任何問題。

(Operator Instructions) Webcast participants are welcome to submit questions through the box at the bottom of the webcast frame. The Cameco Investor Relations team will follow up with you by e-mail after the call. (Operator Instructions) Our first question comes from Andrew Wong with RBC Capital Markets.

（操作員說明）歡迎網絡廣播參與者通過網絡廣播框架底部的框提交問題。 Cameco 投資者關係團隊將在通話後通過電子郵件與您聯繫。 （操作員說明）我們的第一個問題來自 RBC Capital Markets 的 Andrew Wong。

So the uranium market looks to be improving. And Tim, like you've said in your prepared remarks, it's the duration and the endurance of this improvement looks to be longer lasting and we have McArthur restarting. So your cash flows are set to improve pretty significantly over the next few years. Could you maybe talk about your plans on capital allocation over the next few years? Where do you expect to kind of spend some of that cash as that comes in?

因此，鈾市場看起來正在改善。蒂姆，就像你在準備好的評論中所說的那樣，這種改進的持續時間和持久性看起來更持久，我們讓麥克阿瑟重新開始。因此，您的現金流量將在未來幾年內顯著改善。您能否談談您在未來幾年的資本配置計劃？當這些現金進來時，你希望在哪里花掉一些現金？

Yes, you hit it -- you followed the script there, things are looking a lot better for us to market. Clearly, we think there's a durability there that's going to continue. We see lots of countries -- it's amazing if you read the press, watching the countries that are turning to nuclear, taking a look at nuclear, turning back to nuclear, I think, in Germany and others in Europe are really struggling with their energy situation. So, yes, we think it's there, we see 54 reactors under construction. We see lots of countries willing to build.

是的，你成功了——你按照那裡的劇本，事情看起來好多了我們的市場。顯然，我們認為那裡的持久性將繼續下去。我們看到很多國家——如果你閱讀新聞，看到正在轉向核的國家，看看核，轉向核，我認為，在德國和歐洲的其他國家真的在與他們的能源作鬥爭，這真是太棒了情況。所以，是的，我們認為它就在那裡，我們看到有 54 座反應堆正在建設中。我們看到很多國家願意建設。

We see lots of push on SMR. So yes, the demand side looks really good. Supply side looks tighter. We're certainly delighted to have some world-class Tier 1 assets, Cigar Lake, JV Inkai and now McArthur River/Key that we're just bringing back on. So we think we're in pretty good shape. Conversion is looking really, really good. So yes, we do think our financials will improve over time. And you've heard us talk about capital allocation before and just how we think about that. But Grant's sitting beside me and Grant, why don't you walk everyone through -- maybe you want to say a little bit about the market and then about our capital allocation plans.

我們看到很多對 SMR 的推動。所以，是的，需求方面看起來非常好。供應面看起來更加緊張。我們當然很高興擁有一些世界級的 1 級資產，雪茄湖、JV Inkai 以及現在我們剛剛恢復的 McArthur River/Key。所以我們認為我們的狀態非常好。轉換看起來非常非常好。所以是的，我們確實認為我們的財務狀況會隨著時間的推移而改善。你以前聽過我們談論資本配置以及我們對此的看法。但是格蘭特坐在我和格蘭特旁邊，你為什麼不帶大家過去——也許你想談談市場，然後談談我們的資本分配計劃。

Well, on the market, just to make the point that you made, we were bullish on the outlook for uranium and nuclear fuel prior to all of these incredible tailwinds that have emerged. I don't think anybody can conclude that it isn't even a stronger picture, a stronger outlook for Cameco than it was even last quarter. I mean, take Slide 3 from our investor presentation today or just look through Slide -- Pages 7 to 9 of our MD&A and just the list of headline news that has happened in our industry, all positive.

好吧，在市場上，只是為了說明你提出的觀點，在所有這些令人難以置信的順風出現之前，我們就看好鈾和核燃料的前景。我認為沒有人可以得出結論，這甚至不是比上個季度更強勁的前景，更強勁的 Cameco 前景。我的意思是，從我們今天的投資者演示文稿中取出幻燈片 3，或者只是瀏覽幻燈片——我們的 MD&A 的第 7 至 9 頁，以及我們行業中發生的頭條新聞列表，所有這些都是積極的。

So Andrew, I couldn't agree more that the recovery of our cash flow and earnings has only just begun. We positioned for these moments in the market to build these -- this long tail of sticky revenues, earnings and cash flow, and that becomes the basis of our capital allocation. So for us, it is important to remember, we are still in supply discipline. As good as the news is, we need to see it translate into those procurement decisions that call for the production that we have. And we're not there yet. Our plan is still to ramp up McArthur, but not to full capacity. Our plan at the time in 2024 is to bring Cigar back.

所以安德魯，我完全同意我們的現金流和收益的恢復才剛剛開始。我們為市場上的這些時刻進行了定位，以建立這些——粘性收入、收益和現金流的長尾，這成為我們資本配置的基礎。所以對我們來說，重要的是要記住，我們仍處於供應紀律中。與新聞一樣好，我們需要看到它轉化為那些需要我們生產的採購決策。我們還沒有。我們的計劃仍然是提高 McArthur 的產能，但不是滿負荷運轉。我們當時的計劃是在 2024 年把雪茄帶回來。

So as Tim said at the outset, we just found that UxC hit all the right points and drew absolutely the wrong conclusion. The power of the procurement of the utilities is what's going to make sure that the western capacity is there to meet the western demand in a bifurcated market. So we need to see that continue to build. We have been building it; 45 million pounds year-to-date. Cameco committed sales forward. That's over 60% of the reported long-term business in the market this year. It's an extraordinary performance for one company. That's 90 million pounds on an annualized basis. I'm not saying that, that's where we even want to be. I'm just -- I just want to emphasize to those who might say, it's only 5 million pounds in quarter 2. It's 45 million pounds year-to-date and over 60% of the long-term market so far. And so as that business builds, that will afford us the opportunity to go back and revisit our supply discipline decisions.

所以正如蒂姆一開始所說的那樣，我們只是發現 UxC 擊中了所有正確的點並得出了絕對錯誤的結論。公用事業採購的力量將確保西方的產能能夠滿足西方在分叉市場中的需求。所以我們需要看到它繼續建立。我們一直在建造它；年初至今4500萬英鎊。 Cameco 承諾向前銷售。這是今年市場上報告的長期業務的 60% 以上。對於一家公司來說，這是非凡的表現。按年計算，這是 9000 萬英鎊。我不是這麼說，那是我們甚至想成為的地方。我只是 - 我只是想向那些可能會說的人強調，第二季度只有 500 萬英鎊。今年迄今為 4500 萬英鎊，到目前為止佔長期市場的 60% 以上。因此，隨著業務的建立，這將使我們有機會回去重新審視我們的供應紀律決策。

As we revisit those, we might find ourselves making different decisions about our production plans going forward. That will then suggest that maybe our current conservative financial management, you know, time to give way to 2 things. One, are there growth opportunities required for Cameco where we can take advantage of a bifurcated market calling for more western capacity, and we will look at that. And obviously, if we can convince our owners that that makes sense, we would go forward on that or we may find ourselves in a position where the cash flows, the long-term sticky cash flows that come from building that contract book will cover any growth additions. In which case, we would have to conclude it's probably time to return some value to our owners because we don't need to hang on to the conservative financial position.

當我們重新審視這些時，我們可能會發現自己對未來的生產計劃做出了不同的決定。這將表明，也許我們目前的保守財務管理，你知道，是時候讓位於兩件事了。第一，Cameco 是否需要增長機會，我們可以利用需求更多西方產能的分叉市場，我們將對此進行研究。顯然，如果我們能夠讓我們的所有者相信這是有道理的，我們就會繼續前進，否則我們可能會發現自己處於現金流的位置，來自構建該合同簿的長期粘性現金流將涵蓋任何增長補充。在這種情況下，我們不得不得出結論，可能是時候向我們的所有者返還一些價值，因為我們不需要堅持保守的財務狀況。

All of that is predicated on this continued build which is predicated on more procurement in the market calling for patents. So at the moment, we're still supply discipline, it's the right position to be in. But I would just say we're just extraordinarily well positioned for what's going on in the market.

所有這一切都建立在這種持續建設之上，這種建設依賴於市場上更多需要專利的採購。所以目前，我們仍然遵守供應紀律，這是正確的位置。但我只想說，我們對市場上正在發生的事情處於非常有利的位置。

Okay, thanks for all that. So maybe just switching gear towards Inkai. Could you just talk about a little bit more about the decision to delay shipments from there? Is it mostly because you can't receive the material because of sanctions or restrictions or is it because of the risk mitigation and maybe just not wanting to ship through Russia for like ethical, moral or other reasons? Thanks.

好的，謝謝這一切。所以也許只是把裝備轉向印凱。你能多談談推遲從那裡發貨的決定嗎？主要是因為您因為製裁或限製而無法收到材料，還是因為降低風險，或者只是出於道德、道德或其他原因不想通過俄羅斯運送？謝謝。

Yes, Andrew it is a bit of all of that. For sure, it has to do with, we do not, at this point, want to be using Russian rail lines or ports to ship our material, that is contrary to us. For a values as a company and so we are looking at options, we are looking at that Trans-Caspian route, you have heard Grant and others talk about it. And so we haven't got any kind of final decision on whether that is going to be available to us or when. We know it has been used sometime in the past, but not available right now for our material. So I think they are working on it, Sean, I don't know Sean Quinn is here looks after Kazakhstan and transport. Sean, you have any comment?

是的，安德魯就是這樣。當然，這與我們目前不想使用俄羅斯鐵路線或港口來運送我們的材料有關，這與我們相反。對於作為一家公司的價值觀，我們正在研究選項，我們正在研究跨里海路線，你已經聽到格蘭特和其他人談論它。因此，我們還沒有任何關於是否可以使用或何時使用的最終決定。我們知道它在過去的某個時候被使用過，但現在無法用於我們的材料。所以我認為他們正在努力，肖恩，我不知道肖恩奎因在這裡照顧哈薩克斯坦和運輸。肖恩，你有什麼意見嗎？

I would say, I think what is covered in the MD&A. We are a part -- with our partner and JV Inkai -- sorry, with the support of our partner because add upon JV Inkai is working on getting a significant shipment to the Trans-Caspian route. We expect to know more about that over the next few weeks. And once the material gets here, there is no sanctions that apply to Kazakh material of any distinction. So there is no concerns on that side.

我會說，我認為 MD&A 涵蓋了哪些內容。我們是我們的合作夥伴和 JV Inkai 的一部分 - 抱歉，在我們合作夥伴的支持下，因為 JV Inkai 正在努力將大量貨物運送到跨里海航線。我們希望在接下來的幾週內了解更多相關信息。一旦材料到達這裡，就沒有任何制裁適用於哈薩克材料的任何區別。因此，這方面沒有任何顧慮。

Grant?

授予？

Yes, I would like to just jump in here as well, Tim. From a market perspective, I think we just need to frame this appropriately, which is this is just more supply discipline. Of course, this is forced supply discipline. But this is this issue should be thought of as more supply discipline in the industry, more uncertainty about the availability of primary production. If you think about it from a Cameco perspective, we have risk mitigation in place to deal with this. We have non-Kazakh production operating.

是的，我也想跳到這裡，蒂姆。從市場的角度來看，我認為我們只需要適當地構建這個框架，這只是更多的供應紀律。當然，這是強制的供應紀律。但這就是這個問題應該被認為是行業中更多的供應紀律，更多關於初級生產可用性的不確定性。如果您從 Cameco 的角度考慮，我們有風險緩解措施來解決這個問題。我們有非哈薩克生產經營。

It is as supply disciplined rates, of course, plus we have idled assets, but we have other assets outside that jurisdiction. We have an inventory for moments just like this, that inventory is located in Western markets. We have access to long-term purchase commitments that we have entered into that we could bring forward today in order to access material. We have licensed facilities that would allow us to borrow pounds if needed. So for Cameco, it is a very easy risk for us to manage. It is not for the entire industry, the entire industry is incredibly reliant upon a lot of material coming out of Central Asia and arriving at Western facilities in 2022. So it is just yet another supply risk, and should be thought of in the frame of more supply discipline, this sort of forced by logistical, transportation set of issues, but should be thought of in the same context that we all think about supply discipline.

當然，這是作為供應紀律利率，加上我們有閒置資產，但我們在該管轄範圍之外還有其他資產。我們有這樣一個時刻的庫存，該庫存位於西方市場。我們可以獲得我們已經達成的長期採購承諾，我們今天可以提出這些承諾以獲取材料。我們有許可的設施，允許我們在需要時藉用英鎊。因此，對於 Cameco 來說，這是一個非常容易管理的風險。不是針對整個行業，整個行業非常依賴大量來自中亞並在 2022 年運抵西方設施的材料。所以這只是另一個供應風險，應該考慮到更多的供應紀律，這種由後勤、運輸等一系列問題所迫使的，但應該在我們都考慮供應紀律的同一背景下考慮。

The next question is from Gordon Johnson with GLJ Research.

下一個問題來自 GLJ Research 的 Gordon Johnson。

And I guess the first one I had was answered. I guess with respect to the contracts, the contract pricing has been rather robust. I'm just talking about UxC contract pricing has moved up from $42.50 in February to about $50.50 in June. On the first quarter conference call you guys highlighted UxC said there was about 60 million worth of contracting, 40 million of which is yours. Now they are saying there is roughly 72 million of contracting. First question, can you tell us how much of that contracting is yours and if you have benefited from this rise in contracted pricing? And then I have a few follow ups?

我想我得到的第一個答案。我想就合同而言，合同定價相當穩健。我只是在談論 UxC 合同定價已從 2 月份的 42.50 美元上漲到 6 月份的 50.50 美元左右。在第一季度電話會議上，你們強調 UxC 說有大約 6000 萬價值的合同，其中 4000 萬是你的。現在他們說大約有 7200 萬份合同。第一個問題，你能告訴我們有多少合同是你的，你是否從合同價格的上漲中受益？然後我有幾個跟進？

Yes. Thanks, Gordon. I think Grant touched on that in the first question, but we go ahead.

是的。謝謝，戈登。我認為格蘭特在第一個問題中提到了這一點，但我們繼續。

Yes, when we look at the reported term activity by say UxC it is 72 million pounds year-to-date, and we are 45 of that. So we are over 60% of the reported term business, which is, of course a really strong performance for us. What that is proof of is, what we have been saying all along that we enjoy some incumbent advantages here. We are a proven, reliable producer, multi-asset, integrated supplier with by the way, a real ESG performance, that we can point to that is important for procurement decisions today and we can take advantage of a market that is increasingly bifurcating. We also would observe that the terms and conditions that we are able to, I would say, obtain in this market are outperforming the prices that are reported, which suggests to us that, while we are joining incumbent advantages, maybe there are some more forced sellers in the market who are willing to discount their material in order to lock up the volumes.

是的，當我們查看 UxC 報告的術語活動時，年初至今為 7200 萬英鎊，我們是其中的 45 個。因此，我們佔報告的期限業務的 60% 以上，這對我們來說當然是非常強勁的表現。這證明了，我們一直在說，我們在這裡享有一些現有的優勢。我們是一家久經考驗、可靠的生產商、多資產、綜合供應商，順便說一句，我們可以指出這對當今的採購決策很重要，而且我們可以利用日益分化的市場。我們還會觀察到，我們能夠在這個市場上獲得的條款和條件優於報告的價格，這向我們表明，在我們加入現有優勢的同時，也許還有一些更被迫的市場上願意打折他們的材料以鎖定數量的賣家。

But that is okay. I mean that would be expected in a bifurcated market. All I know is that, our origins are pretty coveted and we are going to be very disciplined in placing them in contracts that make sense to us. We now have about 170 million pounds under long-term contract commitments, looking ahead. Our average is about 22 million pounds per year for the next 5 years. This is that long tail of revenues, cash flow and earnings that we have talked about. So, we create this incredible benefit for folks. They get to play the upside that only comes in the commodity and resource space, but we get to lock it in for a period of time that is more akin to kind of the infrastructure returns. So, it is the best of both worlds for an investor.

但這沒關係。我的意思是，在一個分叉的市場中，這是可以預料的。我所知道的是，我們的出身非常令人垂涎，我們將非常自律地將它們放入對我們有意義的合同中。我們現在有大約 1.7 億英鎊的長期合同承諾，展望未來。在接下來的 5 年中，我們的平均每年約為 2200 萬磅。這就是我們所說的收入、現金流和收益的長尾。因此，我們為人們創造了這個令人難以置信的好處。他們可以發揮僅在商品和資源空間中的優勢，但我們可以將其鎖定一段時間，這更類似於基礎設施的回報。因此，對於投資者來說，這是兩全其美的選擇。

Okay. And then just a quick follow-up. I'm looking at enrichment SWU prices and conversion prices that have kind of went significantly higher. If just looking at the chart over the past year. Yet spot U3O8 prices haven't necessarily followed. So specifically, Grant, can you tell me when you expect or if you expect spot prices to follow, and also if you guys expect to sign additional contracts, as those spot prices potentially move higher? Thanks for the questions. Congrats on the results.

好的。然後只是快速跟進。我正在查看已顯著提高的濃縮 SWU 價格和轉換價格。如果只看過去一年的圖表。然而，U3O8 現貨價格未必跟隨。所以具體來說，格蘭特，你能告訴我你預計什麼時候，或者你是否預計現貨價格會跟隨，以及你們是否希望簽署額外的合同，因為這些現貨價格可能會走高？感謝您的提問。祝賀結果。

Thanks, Gordon. Let me just back up a little bit and remind everybody on the call that, while uranium often gets treated through a commodity lens, it would be wrong to conclude that you simply back up a dump truck of uranium oxide and dump it into a reactor core. And it is not the coal model. Once you have the U3O8, it actually begins a very long journey, through a number of really important services to arrive at often a very bespoke fuel bundle to meet the particular needs. And in fact, the particular location within any one nuclear power plant.

謝謝，戈登。讓我稍微備份一下，並在電話會議上提醒大家，雖然鈾經常通過商品鏡頭進行處理，但得出的結論是，你只是備份一輛氧化鈾自卸卡車並將其倒入反應堆堆芯，這是錯誤的.它不是煤炭模型。一旦您擁有 U3O8，它實際上就開始了一段很長的旅程，通過許多非常重要的服務來獲得一個非常定制的燃料包，以滿足特定的需求。事實上，任何一個核電站內的特定位置。

And we often have forgotten about that because the service side of the industry, especially enrichment and conversion, had been so well supplied for many years. Prices were low as a result. And I would say, fuel buyers were very comfortable about the services they had procured, that all changed, on February 24th when Russia invaded Ukraine. It had thrust the spotlight back onto those services, Russia's 40% of the global supply of enrichment, and they are nearly 30% of the global supply of conversion. And for utilities that meant moving from a very comfortable view of their forward service commitments to suddenly reevaluating, where they were getting those services from. So, we have seen a lot of attention pivot away from uranium downstream to enrichment and conversion.

我們經常忘記這一點，因為行業的服務方面，特別是濃縮和轉換，多年來一直供應良好。結果價格很低。我想說的是，燃料購買者對他們獲得的服務感到非常滿意，這一切都在 2 月 24 日俄羅斯入侵烏克蘭時發生了變化。它把焦點重新推到了這些服務上，俄羅斯佔全球濃縮供應量的 40%，它們佔全球轉化供應量的近 30%。對於公用事業公司來說，這意味著從對他們的前瞻性服務承諾的非常舒適的看法轉變為突然重新評估他們從哪裡獲得這些服務。因此，我們看到很多注意力從鈾下游轉向濃縮和轉化。

So no surprise, we have seen effectively a doubling of the enrichment price, we have seen more than a doubling of the conversion price. In fact, conversion is sitting at historic levels. We have never seen conversion prices this high before. And that is representing this focus on new areas of service that are exclusionary of Russia and that is a big challenge. But eventually, you need the product, these are just services and they need to be applied to the product, the product is uranium and there is no substitute. We have never seen a D link cycle for the reason that you eventually need the uranium. Just like in 2021, in the beginning of 2022, there was a lot of focus on uranium, it is now shifted downstream, but it has to come back because you need the uranium to plug into those services you have procured. So we expect to see that.

所以毫不奇怪，我們已經看到濃縮價格有效地翻了一番，我們看到了轉換價格翻了不止一倍。事實上，轉化率處於歷史水平。我們以前從未見過如此高的轉換價格。這代表了對俄羅斯排除在外的新服務領域的關注，這是一個巨大的挑戰。但最終，你需要產品，這些只是服務，它們需要應用於產品，產品是鈾，沒有替代品。由於您最終需要鈾，我們從未見過 D 鏈接循環。就像在 2021 年一樣，在 2022 年初，人們對鈾的關注很多，現在它已經轉移到下游，但它必須回來，因為你需要鈾來插入你採購的那些服務。所以我們希望看到這一點。

But sort of a shock on the uranium side, it could take a bit longer for utilities to put in place all of that replacement service business. We are seeing obviously the benefits on the conversion side. We can be strategically patient on the uranium side and the leverage for when that demand comes into the market. So to your final question, absolutely. We expect to be leveraged to a uranium market that starts to price in the cost required for Western capacity to meet Western demand.

但在鈾方面有點令人震驚，公用事業公司可能需要更長的時間才能實施所有替代服務業務。我們顯然看到了轉換方面的好處。我們可以在鈾方面保持戰略耐心，並在需求進入市場時發揮槓桿作用。所以對於你的最後一個問題，絕對是。我們預計將利用鈾市場開始定價西方產能以滿足西方需求所需的成本。

The next question is from Orest Wowkodaw with Scotiabank.

下一個問題來自加拿大豐業銀行的 Orest Wowkodaw。

Hope everyone is well and by the way thank you very much for releasing your results earlier than normal 30 minutes or so, it is very welcome, thank you.

希望每個人都很好，順便非常感謝您比正常情況提前 30 分鐘左右發布您的結果，非常歡迎，謝謝。

Thank you.

謝謝你。

My question really has to do with where things are at in the market. Last quarter you talked about utilities refocusing their procurement efforts on enrichment and conversion. And then we saw no incremental pounds added to your book. So 3 months have gone by and you have obviously added another 5 million pounds to the book. But can you give us a sense of where that process is at, in terms of utilities like? Are you starting to see utilities coming back to procure uranium or are we still at kind of early days of figuring out conversion enrichment?

我的問題確實與市場上的情況有關。上個季度，您談到了公用事業公司將採購工作重新集中在濃縮和轉換上。然後我們看到你的書沒有增加磅數。 3 個月過去了，你顯然又增加了 500 萬英鎊。但是你能告訴我們這個過程在哪裡，比如公用事業嗎？您是否開始看到公用事業公司重新採購鈾，還是我們仍處於研究轉化濃縮的早期階段？

Thanks for the question, Orest, and the acknowledgement. Stephanie was happy to get up at 3:30 this morning, I think, to let the results. Grant, over to you to say on the market some questions.

感謝 Orest 的提問和認可。斯蒂芬妮很高興今天早上 3:30 起床，我想，讓結果。格蘭特，交給你在市場上說一些問題。

Yes. Orest I would say your observation is correct and that utilities are by and large trying to replace our reliance upon Russian supplies of enrichment and conversion with non-Russian sources. And that is a very big focus in the market right now, which is what has driven such strong price improvement in those 2 services. That is what has driven incredible attention to the global laser enrichment project that we are a part of, for example. So that downstream activity is quite strong. And that is, I would say delaying some inevitable pure uranium demand. Normally, utilities do this. They sort of start at the reactor level, count the fuel bundles they have, then they turn to the fabricators and assess the in-process material they have and then they turn to the enrichers, turn to conversion and then focus on the uranium to plug into that chain.

是的。奧雷斯特我想說你的觀察是正確的，公用事業公司總體上正試圖用非俄羅斯來源取代我們對俄羅斯濃縮和轉化供應的依賴。這是目前市場的一個非常重要的焦點，這就是推動這兩項服務價格如此強勁上漲的原因。例如，這就是促使人們對我們參與的全球激光濃縮項目產生難以置信的關注的原因。因此下游活動相當強勁。也就是說，我會說推遲一些不可避免的純鈾需求。通常，實用程序會執行此操作。他們從反應堆級別開始，計算他們擁有的燃料束，然後轉向製造商並評估他們擁有的在製品材料，然後轉向濃縮器，轉向轉化，然後專注於要堵塞的鈾進入那個鏈條。

So it is correct to say that the market has lost some of the focus on uranium that we saw through 2021 and into early 2022, spurred, obviously by some of the events in Kazakhstan early in the year, but this is just delayed. The demand will come back and it is more likely to come back in a lumpier fashion. So there is no doubt that the focus is a little more downstream at the moment, but it will come back upstream, it has to. The product needs to eventually be bought to plug into that service chain. But I don't want to leave the impression, nobody's looking for uranium.

因此，可以說市場已經失去了我們在 2021 年和 2022 年初看到的對鈾的一些關注，這顯然是受到年初哈薩克斯坦的一些事件的刺激，但這只是被推遲了。需求會回升，而且更有可能以更大的方式回升。因此，毫無疑問，目前的重點在下游一點，但它會回到上游，它必須這樣做。最終需要購買產品才能插入該服務鏈。但我不想留下印象，沒有人在尋找鈾。

We are not at 45 million pounds year-to-date because there is no demand in uranium. So there is quite substantial demand in uranium relative to the last couple of years. Relative to replacement rate, no, we are not there yet. That is why we are still in supply discipline mode. It makes sense for us to be signaling that the procurement on the uranium side is just not sufficient yet. But let me give you another leading indicator that we have talked about. We often talk about our pipeline. And to give you a bit of a sense of how much activity is in there and it's a fact that from origination through to execution, we have more pounds under discussion than we had since the Fukushima window.

今年迄今為止，我們還沒有達到 4500 萬磅，因為對鈾沒有需求。因此，與過去幾年相比，對鈾的需求相當可觀。相對於替代率，不，我們還沒有。這就是我們仍處於供應紀律模式的原因。對我們來說，發出鈾方面的採購還不夠充分的信號是有道理的。但讓我給你另一個我們已經討論過的領先指標。我們經常談論我們的管道。為了讓您了解其中有多少活動，事實上，從發起到執行，我們正在討論的英鎊比福島窗口以來更多。

So as a bit of a leading indicator, I would say there is demand. It is not yet replacement rates, but it is there. And once we see the services replaced, and confidence of the utilities, that they have got their enrichment lined up and excluding Russia, and they have got their conversion, we could actually see demand in the uranium side come in a far more concentrated fashion than would have been the case prior to February 24th. So that is the way we look at it. We are leveraged to that move and we think it is the absolute right space for us to be.

所以作為一個領先指標，我會說有需求。它還沒有更換率，但它就在那裡。一旦我們看到服務被取代，公用事業公司有信心，他們已經排好鈾濃縮並排除俄羅斯，他們已經轉換，我們實際上可以看到鈾方面的需求比在 2 月 24 日之前應該是這樣。這就是我們看待它的方式。我們利用這一舉措，我們認為這對我們來說是絕對正確的空間。

And just as a separate follow-up, how are you currently thinking about Inkai from an asset perspective? We have seen obviously a number of Western companies exit Russian assets. How do you currently think about Kazakhstan and Inkai specifically from a risk perspective?

作為一個單獨的後續，您目前從資產的角度如何看待印凱？我們顯然已經看到許多西方公司退出俄羅斯資產。您目前如何具體從風險角度看待哈薩克斯坦和印凱？

Orest, obviously, we watch it very close. In fact, I was over there a month ago and had a visit to in the country. Obviously, it is an important asset for us, Inkai, and we are watching the political situation there. But right now it is remains a good jurisdiction for us to operate in and we are happy with our partnership and our joint venture and it is working well. We are a bit concerned with the transportation issue and getting our material out of there. So we just continue to keep a very, very close eye on that investment and right now we are happy to be there.

奧雷斯特，顯然，我們非常仔細地觀察它。事實上，我一個月前去過那裡，並在該國訪問過。顯然，這對我們印海來說是一項重要資產，我們正在關注那裡的政治局勢。但現在它仍然是我們經營的良好司法管轄區，我們對我們的合作夥伴關係和合資企業感到滿意，而且運作良好。我們有點擔心運輸問題以及將我們的材料運出那裡。所以我們只是繼續非常非常密切地關注這項投資，現在我們很高興在那裡。

The next question is from Lawson Winder with Bank of America Securities.

下一個問題來自美國銀行證券公司的 Lawson Winder。

I wanted to ask about the conversion business and try to get a better idea for what the potential upside is here, even just keeping sort of volumes flat. So with your disclosures, not really evidence, sort of what the size of the contract book is, also not entirely evident, just looking at conversion, sort of what the average price is in your current contract book. And perhaps you could give us kind of those levels? So, we can square that with spot that is now above $30 per kilogram. And maybe help us to think about the potential to increase the EBITDA contribution from conversion.

我想詢問轉換業務，並嘗試更好地了解這裡的潛在優勢，即使只是保持銷量持平。因此，根據您的披露，不是真正的證據，合同簿的大小，也不完全明顯，只是看轉換，您當前合同簿中的平均價格是多少。也許你可以給我們那種水平？因此，我們可以將其與現在每公斤 30 美元以上的現貨平方。也許可以幫助我們思考增加轉換對 EBITDA 貢獻的潛力。

Grant, do you want to talk about the conversion market now?

格蘭特，你現在想談談轉換市場嗎？

Lawson, as you know, and thanks for the question. As you know, not a segment we have been particularly drawing attention to for a long time. It was a forgotten part of the industry. And one where, we were warning folks that as inventories were drawn down, one of the realities of the inventory draw down is that it often showed up as UF6, so already converted material. As those inventories have been drawn down, the need to replace it requires fresh conversion. We saw the fundamental start to improve and then of course, also exacerbated by the Russian invasion of Ukraine. So a lot more attention on the conversion space than we are accustomed to, which is great. But our disclosures, you are right, we bundle our fuel services division into one segment and we don't draw out specifically what is going on in conversion.

勞森，如您所知，感謝您的提問。如您所知，這不是我們長期以來一直特別關注的細分市場。這是該行業被遺忘的一部分。還有一個地方，我們警告人們，隨著庫存的減少，庫存減少的現實之一是它經常顯示為 UF6，因此已經轉換了材料。由於這些庫存已經減少，更換它需要重新轉換。我們看到基本面開始改善，當然，俄羅斯入侵烏克蘭也加劇了這種情況。因此，對轉換空間的關注比我們習慣的要多得多，這很棒。但是我們的披露，你是對的，我們將我們的燃料服務部門捆綁到一個部分中，我們沒有具體說明轉換過程中發生了什麼。

But I would remind you that, on an annual basis we tell you what our book looks like. We have got 49 million kilograms of conversion sold under long-term contract. Again, like uranium that is got long tail of revenue, cash flow and earnings that underpins the entire fuel services group. Conversion is almost exclusively sold on fixed price basis. So in a world where conversion prices have hit historic levels, but let's remember conversion has more ability, more idle productive capacity that can come back to the market than I would say uranium or enrichment enjoy. So, we need to be mindful of that.

但我要提醒你，我們每年都會告訴你我們的書是什麼樣子的。根據長期合同，我們已售出 4900 萬公斤的轉換。同樣，就像鈾一樣，它是整個燃料服務集團的收入、現金流和收益的長尾。轉換幾乎完全以固定價格出售。因此，在一個轉換價格已經達到歷史水平的世界裡，讓我們記住轉換比我說的鈾或濃縮享受更多的能力、更多的閒置生產能力可以重返市場。所以，我們需要注意這一點。

What I'm talking about there is the conversion business in the U.S. plans to restart at the ConverDyn plant. The French facility is still ramping up. There is an idle facility in the UK. All that suggests to us, these are great prices and it is time to lock those in. So, expect the performance of the fuel services division, just to continue to be very robust on the back of that historic pricing as we layer in more and more conversion. But we are just always going to be challenged with the disclosure doesn't reach down to the full conversion level.

我所說的是美國的轉換業務計劃在 ConverDyn 工廠重新啟動。法國工廠仍在擴建中。英國有一個閒置設施。所有這一切都向我們表明，這些都是很好的價格，是時候鎖定這些價格了。因此，期待燃料服務部門的表現，隨著我們增加更多和更多的轉換。但我們總是會面臨披露沒有達到完全轉換水平的挑戰。

But I would say, the historic proportion where fuel services was between 15% and 20% of our EBITDA and uranium was the rest, that proportion is probably going to rebalance significantly with these historic prices. So we just expect to lock in really strong performance for a multi-year basis. Take these strong spot moves and lock them in for the long-term. So, we have high hopes for the conversion business and it is just absolutely critical to the nuclear fuel cycle and Western capacity, meaning Western demand.

但我想說的是，燃料服務占我們 EBITDA 的 15% 到 20% 的歷史比例是其餘部分，這個比例可能會隨著這些歷史價格顯著重新平衡。因此，我們只希望在多年的基礎上鎖定非常強勁的表現。採取這些強有力的現貨走勢並長期鎖定它們。因此，我們對轉換業務寄予厚望，這對核燃料循環和西方產能至關重要，這意味著西方的需求。

Maybe just a quick follow-up on that, and your comments on the nature of the contract being mostly fixed price. Do you see, or do you have a desire to perhaps shift to a bit more of an index price basis for that business? And then the follow-up question that I really wanted to get to was just on labor at McArthur and McClean Lake. And maybe just understand if the expiring collective bargaining agreement in McArthur has anything to do with the slower-than-expected ramp up. And then, as you think about renegotiating that contract, which expires at year end, what would be a reasonable expectation in the current inflationary environment for sort of like pay increases based on your knowledge of past inflationary environment?

也許只是對此的快速跟進，您對合同性質的評論主要是固定價格。您是否看到，或者您是否希望為該業務轉向更多的指數價格基礎？然後我真正想解決的後續問題只是關於麥克阿瑟和麥克林湖的勞動。也許只是了解麥克阿瑟即將到期的集體談判協議是否與慢於預期的增長有關。然後，當你考慮重新談判這份於年底到期的合同時，根據你對過去通脹環境的了解，在當前的通脹環境下，對類似加薪的合理預期是什麼？

Lawson, I will just take the second part of that and then I will pass it to Grant on the fixed versus variable pricing. But certainly we have an outstanding workforce in McArthur River. We are bringing them back, we were down to it a minimal number for the last couple of years, they have come back and we have been blessed with a competitive advantage of having over 50% of our employees being from the north, around their mindsets that many who have come back, many new ones. And so they are busy getting that asset ready to go. McArthur is ready to go, it's putting some final touches on it, a bit of a delay at Key Lake. But normal bargaining process, I'm not going to preempt that or forecast what is going to happen.

勞森，我將只考慮其中的第二部分，然後將其傳遞給格蘭特，確定固定定價與可變定價。但可以肯定的是，我們在麥克阿瑟河擁有出色的勞動力。我們正在把他們帶回來，在過去的幾年裡，我們的人數很少，他們回來了，我們有幸擁有超過 50% 的員工來自北方，圍繞他們的思維方式，我們擁有競爭優勢很多人回來了，很多新人。因此，他們正忙於準備好使用該資產。麥克阿瑟準備好了，它正在做一些最後的潤色，在基湖有點延遲。但是正常的討價還價過程，我不會搶占先機或預測會發生什麼。

We will go both sides in good faith, and we have had a great relationship with our union up there. So that expires at the end of the year and they will watch and see how that plays out. So Grant, do you want to talk about conversion pricing term versus spot?

我們將真誠地走到雙方，我們與那裡的工會建立了良好的關係。所以這將在今年年底到期，他們將觀察並看看結果如何。所以格蘭特，你想談談轉換定價術語與現貨嗎？

Yes. Similar to the way we look at uranium and I would say the enrichers look at the enrichment space and the way we will certainly look at the enrichment space when we are in it. It is a function of where capacity is at. And because conversion does have line of sight to additional Western capacity to come back in the next few years, actually, this is a good time to be capturing those prices on a fixed basis before that capacity comes back. So I would say right now, this is the type of pricing environment that is very favorable for locking in that value.

是的。類似於我們看待鈾的方式，我想說濃縮者看待濃縮空間的方式，當我們身處其中時，我們肯定會看待濃縮空間的方式。它是容量所在位置的函數。而且由於轉換確實可以看到在未來幾年內恢復額外的西方產能，實際上，這是在產能恢復之前在固定基礎上捕捉這些價格的好時機。所以我現在要說，這是一種非常有利於鎖定該價值的定價環境。

And as ConverDyn comes back ramps up as the French facility is expected to ramp up as decisions are made about the Springfields facility in the UK. Now is not the time we would want to be indexed to those production, that production coming back. So we are quite happy with the move in the conversion market. We are quite happy to be the only operating conversion plant in North America right now and full cycle value capture means we are leveraged for moments just like this.

隨著 ConverDyn 的回歸，隨著對英國 Springfields 工廠的決定做出決定，預計法國工廠將會增加。現在不是我們希望被索引到那些生產的時候，那個生產回來了。因此，我們對轉換市場的舉動感到非常滿意。我們很高興成為目前北美唯一一家運營的轉換工廠，全週期價值捕獲意味著我們在這樣的時刻受到了影響。

The next question is from Alexander Pearce with BMO.

下一個問題來自 BMO 的 Alexander Pearce。

I just wanted to turn back to the potential Trans-Caspian route for your Inkai material. Could you be a little bit more specific on what and where the current hurdles are? Is it more of a case of getting the right agreements in place in Kazakhstan for to rerouting that material or is it more about getting those in place through the Azerbaijan et cetera into Canada?

我只是想回到你的印凱材料的潛在跨里海路線。您能否更具體地說明當前的障礙是什麼以及在哪裡？更多的是在哈薩克斯坦達成正確的協議以重新路由該材料，還是更多的是通過阿塞拜疆等進入加拿大？

Yes. Thanks, Alex. I will ask Sean Quinn to speak to that.

是的。謝謝，亞歷克斯。我會請 Sean Quinn 談談這件事。

Sure. JV Inkai is working on that with Kazatomprom and there are lots of logistics issues. The actual flow would be up to the Port of Aktau on rail, and then over to Baku and Azerbaijan by rail through to the Port of Poti on the Black Sea there to be loaded on a boat, and then putting all those segments together. So there is just a lot of logistics supply work there.

當然。 JV Inkai 正在與 Kazatomprom 合作，有很多物流問題。實際流量將通過鐵路到達阿克套港，然後通過鐵路到達巴庫和阿塞拜疆，然後通過黑海的波蒂港裝載到船上，然後將所有這些部分放在一起。所以那裡有很多物流供應工作。

And then there are also regulatory hurdles that need to be accomplished in connection with the necessary approvals from the various governments along the way and in particular, they need to get approval to transit to Azerbaijan, and they have approval for a certain quantity this year that will cover a shipment to us and they are just putting it all together. And it will take, I think a few more weeks of work to do that and we hope to learn more as we move into the month of August.

此外，還需要完成與沿途各國政府的必要批准相關的監管障礙，特別是，他們需要獲得批准才能過境到阿塞拜疆，並且他們今年已經批准了一定數量的將支付給我們的貨物，他們只是把它們放在一起。我認為這需要幾週的工作才能做到這一點，我們希望在進入 8 月份時能學到更多。

So just to kind of condense that, I mean it sounds like a it is not a question of - it does sound more like a win issue?

所以只是為了濃縮這一點，我的意思是聽起來這不是一個問題 - 它聽起來更像是一個勝利問題？

I think, I would still say it's a bit of if and when in my mind, it will be happy when we actually see the shipments get loaded on a boat in the Port of Poti.

我想，我仍然會說，如果在我的腦海中，當我們真正看到貨物在波蒂港裝上一艘船時，我會很高興。

The next question is from Greg Barnes with TD Securities.

下一個問題來自道明證券的 Greg Barnes。

Grant, is there a particular trigger that allows you to take your interest in GLE up to 75% from where you are currently?

格蘭特，是否有一個特定的觸發因素可以讓您對 GLE 的興趣從目前的位置提高 75%？

Well, Sean, can speak to that too, because he is -- thanks, Greg. Nice to talk to you. Sean, go ahead you are the GLE trigger guy.

好吧，肖恩，也可以談談，因為他是——謝謝，格雷格。很高興和你聊天。肖恩，繼續吧，你是 GLE 觸發者。

Yes. Hi, Greg, could you just -- you are a bit muffled there.

是的。嗨，格雷格，你能不能——你有點悶悶不樂。

Is there a trigger to increase our percentage in GLE?

是否有觸發因素來增加我們在 GLE 中的百分比？

Okay. Yes, sure. There is a time trigger, we have an option that is effective after roughly the end of this year. And then it's just a question of us exercising the option.

好的。是的，當然。有一個時間觸發，我們有一個選項，大約在今年年底之後生效。然後這只是我們行使選擇權的問題。

Okay. And just going back to conversion. Grant, from your discussion on the last quarterly call, it sounded like you are not going to have more capacity at Port Hope. And you are pretty heavily contracted. So taking advantage of these higher prices is going to be more of a longer-term issue for you? When would these higher prices kick in, in your contract? If you are able to nail it down?

好的。只是回到轉換。格蘭特，從你上一個季度電話會議的討論來看，聽起來你在希望港不會有更多的能力。而且你的合同很重。因此，利用這些更高的價格對您來說將是一個更長期的問題？這些更高的價格何時會在您的合同中生效？如果你能把它釘下來？

Well, it is already starting to happen. The conversion move has been underway for a couple of years, as you know. And our goal is never to, like, in a more of a classic commodity sense, you see a strong spot price. You then increased production to take advantage of that strong spot price. That is not our incentive at Cameco, we see strong spot prices and we actually move away from them. We don't aim to target the spot market. We want to see that tightness persist long enough for us to lock that in multi-year value.

好吧，它已經開始發生了。如您所知，轉換行動已經進行了幾年。我們的目標是永遠不會像在更經典的商品意義上看到強勁的現貨價格。然後，您增加了產量以利用強勁的現貨價格。這不是我們在 Cameco 的動機，我們看到強勁的現貨價格，我們實際上遠離它們。我們的目標不是現貨市場。我們希望看到緊縮持續足夠長的時間，以便我們將其鎖定在多年價值中。

And that's what we are doing. So we are just continually layering in, as this conversion market moves up, recognizing that these prices are going to attract idle production to come back to the market. So rather than getting carried away with our own production plans, the goal is to maximize the margin on our current productive capacity. While it is really the only game in town in North America, and then lock those in on a multi-term basis.

這就是我們正在做的事情。所以我們只是不斷地分層，隨著這個轉換市場的上升，認識到這些價格將吸引閒置的生產回到市場。因此，與其為我們自己的生產計劃而忘乎所以，我們的目標是最大化我們當前生產能力的利潤。雖然它確實是北美唯一的遊戲，然後將它們鎖定在多期限的基礎上。

So you are already seeing that pick up and it will just continue to build is that classic following capture that we have in our contract portfolio to not just a couple of weeks at the top of a spike, but to lock it in on a multi-year basis. So that segment is expected to perform for a long time and then actually have a stickiness to it, even if productive capacity does come back in other locations will have locked in that value on a much longer-term basis.

因此，您已經看到了這種回升，並且它將繼續建立是我們在我們的合約組合中擁有的經典後續捕獲，不僅是在峰值頂部的幾週內，而是將其鎖定在多年為基礎。因此，該細分市場預計將持續很長時間，然後實際上對其具有粘性，即使其他地區的生產能力確實恢復了，也會在更長期的基礎上鎖定該價值。

The next question is from Brian MacArthur with Raymond James.

下一個問題來自 Brian MacArthur 和 Raymond James。

Just following up on conversion. At one time, you did have an agreement if I remember with Springfield. Do you have any option to legacy, saying like you often have backup plans for security of supply, because you only do really have one facility and conversion. Do you have anything less there than say bring that back that you have options on alternative supply there or anything into this whole conversion market?

只是跟進轉換。有一次，如果我記得和斯普林菲爾德的話，你確實有過協議。您是否有任何遺留選項，例如您經常有供應安全的備用計劃，因為您實際上只有一個設施和轉換。你有什麼比說帶回來你可以選擇那裡的替代供應或任何東西進入整個轉換市場？

Not at this point, Brian. We don't. I think we exited. Sean, what year was it?

不是在這一點上，布賴恩。我們沒有。我想我們退出了。肖恩，那是哪一年？

2014.

2014 年。

2014, yes. And we left it completely, Brian. So at this time, we don't have any optionality there and I'm not sure that plant could even go if you wanted it to. So -- but the answer is no, we don't.

2014 年，是的。我們完全離開了它，布賴恩。所以目前，我們在那裡沒有任何選擇餘地，我不確定如果你願意的話，工廠甚至可以去。所以——但答案是否定的，我們沒有。

Okay. And secondly, like most of the industry at the moment, everybody is facing inflation. It's tougher to get things -- restart are tougher. Everybody talks about incentive price. And if we are going to have an bifurcate of market and it's part of your marketing strategy and you make comments about -- the utilities aren't there and it's not economic right now.

好的。其次，就像目前大多數行業一樣，每個人都面臨著通貨膨脹。得到東西更難——重啟更難。每個人都在談論激勵價格。如果我們將有一個市場分叉，它是您營銷策略的一部分並且您發表評論 - 公用事業不存在並且現在不經濟。

How much do you think that price has gone up since when you started this strategy? I mean, the old days people talked about $45 or $50 was maybe where it made sense. But it's not easy to restart things. It's not easy to put Greenfield into production. In the Western world nothing is getting cheaper. I mean, how much do you think that inflationary impact has affected the industry? And how does that fits into your strategy about actually even doing contracts right now? Because one could argue the price might have to go on off a lot higher going forward, especially as you point out it continues to get delayed as utilities focus on near-term problems and enrichment.

自您開始實施此策略以來，您認為價格上漲了多少？我的意思是，過去人們談論 45 美元或 50 美元可能是有道理的。但重新開始並不容易。將 Greenfield 投入生產並不容易。在西方世界，沒有什麼東西會變得更便宜。我的意思是，您認為通脹影響對該行業的影響有多大？這與您現在甚至實際簽訂合同的策略有什麼關係？因為有人可能會爭辯說，未來價格可能不得不走得更高，尤其是當你指出，隨著公用事業公司專注於近期問題和濃縮，價格繼續被推遲。

Yes, Brian. We are certainly seeing from your reports and many others on other companies, the effective inflation on CapEx, it is a bit of an epidemic and then supply chain continues to affect everyone. Labor, as I said, we are a bit blessed here. We have got some homegrown labor that comes back to us. But Grant, do you want to talk to the inflationary effect?

是的，布賴恩。我們當然從您的報告和其他公司的許多其他報告中看到，資本支出的有效通脹，有點像流行病，然後供應鏈繼續影響每個人。工黨，正如我所說，我們在這裡有點幸運。我們有一些本土勞動力回來了。但是格蘭特，你想談談通貨膨脹效應嗎？

Yes, I do. Brian, you are raising a good point, but I want re-frame it a little bit, because I put it in a different context. I would just simply say that as the world is bifurcating and origins are mattering more, when we speak about a Western cost curve and we are saying that, in order for a Western capacity to meet Western demand, we're going to have to see investment. And it's a fact that the Western cost curve on the uranium side is more expensive.

是的，我願意。布賴恩，你提出了一個很好的觀點，但我想稍微重新構建一下，因為我把它放在不同的背景下。我只想簡單地說，隨著世界的分叉和起源越來越重要，當我們談到西方的成本曲線時，我們是說，為了讓西方有能力滿足西方的需求，我們將不得不看到投資。事實上，鈾方面的西方成本曲線更昂貴。

We're inclusive of things like inflation and regulatory hurdles and ESG requirements in the Western. So we bake all of that in, when we say the incentive price on the Western cost curve versus a global cost curve that's excluding Russia and making other origins more difficult to obtain. It's already factoring that in. So, we agree with you that, one of the kind of exciting pieces for us is that, that strike price for the last marginal pound of Western supply is probably higher.

我們包含了西方的通貨膨脹和監管障礙以及 ESG 要求等問題。因此，當我們說西方成本曲線上的激勵價格與不包括俄羅斯並使其他來源更難獲得的全球成本曲線相比時，我們將所有這些都考慮在內。它已經考慮到了這一點。所以，我們同意你的觀點，對我們來說令人興奮的事情之一是，西方供應的最後一磅邊際供應的執行價格可能更高。

Now, it's not our supply, because we don't need to invest in Greenfield to get it. I mean, we are still in supply discipline mode. We've got more production from our Brownfield. We've got more Brownfield expansion capabilities long before we have to think about that last Western Greenfield pound that needs to come to the market. Brian, we're slightly greedy enough to wait for that price as well. We are not looking to be sold out, so, to your point. And we often hear this. Well, there are some that say, well, why haven't you done more contracting? And then there is some that say, why are you doing any? And we think, we're sort of right in between, right where we're exactly where we need to be.

現在，這不是我們的供應，因為我們不需要投資 Greenfield 來獲得它。我的意思是，我們仍處於供應紀律模式。我們從棕地獲得了更多的產量。在我們不得不考慮需要進入市場的最後一磅西部綠地磅之前，我們已經擁有了更多的棕地擴張能力。布賴恩，我們也有點貪婪地等待那個價格。我們不希望被賣光，所以，就你而言。我們經常聽到這個。好吧，有些人說，好吧，你為什麼不做更多的合同？然後有人說，你為什麼要這樣做？我們認為，我們介於兩者之間，就在我們需要的地方。

We're not looking to be sold out right now. We're not looking to just land volumes to bring back all of our supply at name plate production, because, we think prices have to adjust and reflect the need for Western supply, the need for Western supply in an inflationary market, the need for Western supply that has proven ESG performance. And we're patient to wait for those prices. So we agree with you, we just bake it in to a different view of where that Western cost curve is going.

我們現在不打算賣光。我們不希望僅僅通過土地數量來恢復我們在銘牌生產中的所有供應，因為我們認為價格必須調整併反映對西方供應的需求，在通脹市場中對西方供應的需求，對西方供應的需求已證明 ESG 表現的西方供應。我們有耐心等待這些價格。所以我們同意你的觀點，我們只是將其納入西方成本曲線走向的不同觀點。

So would it be 25%, when you start it 2 years, 3 years ago with a strategy 50% higher in your mind?

那麼，當您在 2 年、3 年前開始時，您腦海中的戰略要高出 50% 時，它會是 25% 嗎？

Well, Brian, we wouldn't quarrel with those in the industry that say that the Western supply is probably -- if the global is the last marginal town from a cost curve basis, prior to a bifurcated market was somewhere in the mid-70s. We wouldn't quarrel with those who have said that the price probably needs to be $20 a pound higher than that. We see that analysis being done by some and we wouldn't disagree with it. It makes sense, when you factor in.

好吧，布賴恩，我們不會與業內人士爭辯說西方供應可能是 - 如果全球是成本曲線基礎上的最後一個邊際城鎮，那麼在分叉市場出現在 70 年代中期的某個地方之前.我們不會與那些說價格可能需要比這高出每磅 20 美元的人爭吵。我們看到一些人正在做這種分析，我們不會不同意。當您考慮在內時，這是有道理的。

I would turn to TradeTech, and the work that those folks are doing, they're on the production cost indicator, mindful that they're talking about sort of the next 5 years, but extend that rationale and thinking out over the next 10 years, which is really a more appropriate timeframe. And you can quickly find yourself in that range. And we wouldn't quarrel without analysis. Now, the good news for us is, we can get there and we can grow into that with Brownfield leverage. We don't have to put a capital program for Greenfield to get there and be exposed to it. But we think that those are good markers to think about.

我會求助於 TradeTech，那些人正在做的工作，他們在生產成本指標上，注意他們正在談論未來 5 年，但在未來 10 年擴展這個理由和思考，這確實是一個更合適的時間範圍。你可以很快找到自己在那個範圍內。如果沒有分析，我們不會吵架。現在，對我們來說，好消息是，我們可以到達那裡，並且可以利用棕地槓桿發展到那裡。我們不必為 Greenfield 制定資本計劃就可以到達那裡並接觸到它。但我們認為這些都是值得思考的好標記。

And maybe we can slip one more in, just on GLE now. Obviously, it's very strategic, but is the biggest impediment to moving. I mean, you've got the constellation, everybody is interested. To move this forward faster, is it now technical, regulatory, financial, what is the real -- what would you say is the real bottleneck at the moment?

也許我們可以再加入一個，現在就在 GLE 上。顯然，這是非常具有戰略意義的，但卻是移動的最大障礙。我的意思是，你有星座，每個人都有興趣。為了更快地推動這一進程，現在是技術、監管、金融，什麼是真實的——你會說什麼是目前真正的瓶頸？

The answer is probably yes to that. But, Sean, go ahead.

答案可能是肯定的。但是，肖恩，繼續。

I would -- I think we're about a developing degree of confidence on the technical side. And the big hurdles I would put in the financial camp, basically, the procurement -- going back to the procurement team that Grant and Tim mentioned at the beginning. When the market is ready, and there is a real call for production -- for enrichment services, we will look at -- and natural uranium, which is the first output for the facility. We will be able to advance that project.

我會 - 我認為我們在技術方面的信心正在發展。我會在財務陣營中設置的主要障礙，基本上是採購——回到格蘭特和蒂姆一開始提到的採購團隊。當市場準備好，並且真正需要生產——濃縮服務，我們將關注——以及天然鈾，這是該設施的第一個產出。我們將能夠推進該項目。

That is the beauty of it, Brian, you have heard us say that before the triple threat to that we can use it to re-enrich those DOE tails which we have an agreement with the DOE. One, we can use it just for pure enrichment which the world sorely -- the Western world sorely needs these days. And then of course, everybody is on the HALEU scramble these days with the Russians -- everyone was expecting the Russians to provide the first 10 years of HALEU and that is out the window. And so, there are certainly drivers now for the technology, lots of interest, government and private. And so we are pretty excited about the future for GLE.

這就是它的美妙之處，Brian，你聽我們說過，在對它的三重威脅之前，我們可以用它來重新豐富我們與 DOE 達成協議的那些 DOE 尾巴。第一，我們可以將其僅用於世界迫切需要的純粹致富——西方世界如今迫切需要。然後當然，這些天每個人都在與俄羅斯人爭奪 HALEU——每個人都期待俄羅斯人提供 HALEU 的前 10 年，但那是不可能的。因此，現在肯定有技術的驅動力，很多興趣，政府和私人。所以我們對 GLE 的未來感到非常興奮。

The next question is from [Paul Rubenstein], a private investor.

下一個問題來自私人投資者 [Paul Rubenstein]。

Yes, I was actually going to ask you about GLE, so as I have been kind of beat to the punch there. But maybe if you could go into a little bit more detail about what's actually going on in Paducah and in Wilmington? And are we still waiting on the DOE? And if the DOE doesn't come through, what are your plans to move forward? And is there some kind of timeline? Are we looking at a year from now, 5 years, 10 years, where do things look? And one last thing, is the Silex technology proven at this point, or is that still kind of experimental?

是的，我實際上是想問你關於 GLE 的事情，所以我在那裡有點被打敗了。但也許你能更詳細地了解帕迪尤卡和威爾明頓實際發生的事情？我們還在等待 DOE 嗎？如果 DOE 沒有通過，你有什麼前進的計劃？是否有某種時間表？我們是在看從現在開始的一年、5 年、10 年，情況會怎樣？最後一件事，Silex 技術在這一點上是否得到了驗證，還是仍處於實驗階段？

Thanks, Paul, for the question on GLE. Sean Quinn, please.

謝謝，保羅，關於 GLE 的問題。肖恩·奎恩，請。

Sure. I will start with the back end there. We're well past the experimental stage with the technology. Technology scale up and development continues. Split between the Silex site and Lucas sites Australia, are just outside Sydney, where they're continuing to refine the laser side of the technology. And the other end of the process, the separator systems which are being further developed in Wilmington, we'll be looking at bringing all that back together over the course of the next number of months. So on the technology front, we continue to develop it.

當然。我將從那裡的後端開始。我們已經遠遠超過了這項技術的實驗階段。技術規模不斷擴大，發展仍在繼續。 Silex 站點和澳大利亞盧卡斯站點之間的分裂就在悉尼郊外，他們正在繼續改進該技術的激光方面。而該過程的另一端，正在威爾明頓進一步開發的分離器系統，我們將考慮在接下來的幾個月內將所有這些重新組合在一起。所以在技術方面，我們繼續開發它。

And on the commercial side, we are anxious to see what comes out of the numerous U.S. government initiatives to look at dealing with the bifurcation of the market and the current reliance on Russian enrichment and conversion services, and the need to develop a supply of HALEU to support the advanced SMR industry as a whole. There are, as I mentioned, a number of legislative initiatives being considered that would provide financial support, so we're pursuing those. So it's really then back to the procurement demand that we are waiting to see develop, coupled with that U.S. government support that will determine the pace of commercialization.

在商業方面，我們急切地想看看美國政府為應對市場分化、目前對俄羅斯濃縮和轉化服務的依賴以及開發 HALEU 供應的需求而採取的眾多舉措的結果支持整個先進的 SMR 行業。正如我所提到的，正在考慮的一些立法舉措將提供財政支持，因此我們正在尋求這些舉措。因此，真正回到我們正在等待發展的採購需求，再加上將決定商業化步伐的美國政府支持。

And I would mention -- sorry, I would add just to that, that we are on track to supply the 2, we are on track to keep our commitments to the Department of Energy under the [KOs] reprocessing agreement that Tim mentioned a bit earlier. I should note that too.

我要提一下——對不起，我要補充一點，我們正在按計劃供應 2，我們正在按照蒂姆提到的 [KOs] 後處理協議履行對能源部的承諾早些時候。我也應該注意這一點。

How many pounds of U3O8 would that be kind of equivalent to?

這相當於多少磅的 U3O8？

Yes, the Paducah -- once the Paducah facility is up and running, I think the U3O8 equivalent production per year is around 5 million if my memory is correct. And that is a 45 year life that we're looking at there. For the sales, yes, just to be very clear on that.

是的，帕迪尤卡——一旦帕迪尤卡設施啟動並運行，如果我沒記錯的話，我認為每年的 U3O8 等效產量約為 500 萬。這就是我們正在研究的 45 年的生命。對於銷售，是的，只是要非常清楚這一點。

As far as long-term strategy, it looks like you guys are moving towards a strategy of a package deal. As far as contracting goes where rather than contracting just for you U3O8, or just for conversion, or just for enrichment that you would, utilities would come in and just do the whole thing together, and I'm not speaking very well.

就長期戰略而言，你們似乎正在朝著一攬子交易的戰略邁進。至於承包去哪裡，而不是僅僅為你 U3O8 承包，或者只是為了轉換，或者只是為了你想要的豐富，公用事業公司會進來，一起做整個事情，我說得不太好。

Yes, we get it. I will get our Chief Salesman to respond to that. Packaging of component parts. We get the question.

是的，我們明白了。我會讓我們的首席銷售員對此作出回應。組件的包裝。我們得到了這個問題。

Yes, Paul, good question. I wouldn't say moving towards. We've always been in that camp. So don't forget. So, with Bruce Power, we provide fabricated fuel bundles, to Bruce Power. So we do everything right across the chain, and we've always been vertically integrated. We'll always be vertically integrated. And we have ambitions for more vertical integration, if it makes sense.

是的，保羅，好問題。我不會說走向。我們一直在那個營地。所以不要忘記。因此，我們通過 Bruce Power 向 Bruce Power 提供製造的燃料包。所以我們在整個鏈條上做所有事情，而且我們一直是垂直整合的。我們將永遠是垂直整合的。如果有意義的話，我們有更多的垂直整合的雄心。

Now, what we're up against is, a utility desire that's long entrenched in a lot of our customers to buy on a components basis. And the reason they've wanted to do that is, so that they have line of site to what's going on in each of the components versus say, buying just a fuel bundle that you can think of as a battery to put in their kettle to boil water, turn turbines and produce carbon free electricity. But, there are some markets where they are accustomed to buying just a fuel bundle.

現在，我們面臨的問題是，長期以來，我們的許多客戶都根深蒂固地希望以組件為基礎購買。他們想要這樣做的原因是，這樣他們就可以了解每個組件中發生的情況，而不是只購買一個燃料包，您可以將其視為電池放入他們的水壺中燒水、轉動渦輪機並產生無碳電力。但是，有些市場他們習慣於只購買燃料包。

Think about that Eastern European Crescent that has been heavily reliant upon Russia, that's looking to break away. They've got no experience with buying components. What they want is that final fuel bundle, and so right now, you can expect to see greater partnering between the Camecos of the world, the URENCOs of the world, the Westinghouses of the world, in order to offer that Western supply directly to the utility.

想想那些嚴重依賴俄羅斯的東歐新月組織，它正在尋求脫離。他們沒有購買組件的經驗。他們想要的是最終的燃料包，所以現在，你可以期待看到世界上的 Camecos、世界上的 URENCO、世界上的 Westinghouses 之間更大的合作夥伴關係，以便將西方供應直接提供給效用。

So for us, if it makes sense and we can drive value across those components, we would bundle and have integrated sales. If we can capture more value by selling on a component basis, because maybe one component is higher in price, conversion at historical levels, we will do that too. So we've always been vertically integrated. We always will be, but our focus is on value and packaging it up or componentizing it to drive value. We'll make those decisions on a case-by-case basis.

所以對我們來說，如果它有意義並且我們可以在這些組件中推動價值，我們將捆綁並整合銷售。如果我們可以通過基於組件的銷售來獲得更多價值，因為也許一個組件的價格更高，轉換率達到歷史水平，我們也會這樣做。所以我們一直是垂直整合的。我們將永遠如此，但我們的重點是價值並將其打包或組件化以推動價值。我們將根據具體情況做出這些決定。

The next question is from [Kit King] with S&P Global.

下一個問題來自 S&P Global 的 [Kit King]。

I wonder if you could go back to the delay at Key Lake. I think, earlier this year you were expecting 5 million pounds and now up to 2 million now. I'm wondering what the key driver there in terms of the delay is. You mentioned critical materials and some other things. Can you expand on that?

我想知道你是否可以回到 Key Lake 的延遲。我想，今年早些時候你預計會達到 500 萬英鎊，現在達到 200 萬英鎊。我想知道延遲方面的關鍵驅動因素是什麼。你提到了關鍵材料和其他一些東西。你能擴展一下嗎？

I'm going to ask our Chief Operating Officer, Brian Reilly, to speak to that, please.

我要請我們的首席運營官 Brian Reilly 談談這個問題。

Sure. Thanks, Tim. And look, several key drivers. Let me just step back to the extent that our operational readiness program is in transition. So we are in transition from a construction phase to early stage commissioning, and I want to separate the mill from the mine, which is important as well.

當然。謝謝，蒂姆。看，幾個關鍵驅動因素。讓我回到我們的作戰準備計劃正在過渡的程度。所以我們正在從建設階段過渡到早期調試階段，我想將工廠與礦山分開，這也很重要。

So we have completed the first circuit at Key Lake mill in terms of early stage commissioning, and we've had to make adjustments. And the adjustments are really based on 2 drivers. One, this is a Brownfield site. It's a Brownfield site that's been in care and maintenance for the past 4 years. So we're up against some mechanical issues, but nothing that we can't resolve. We've had to make some adjustments.

因此，在早期調試方面，我們已經完成了 Key Lake 工廠的第一條賽道，我們不得不進行調整。調整實際上是基於 2 個驅動程序。一，這是一個棕地網站。這是一個在過去 4 年中一直在維護和維護的棕地站點。所以我們遇到了一些機械問題，但沒有什麼是我們無法解決的。我們不得不做出一些調整。

The second driver is focused around the changes we've made, and we have made significant changes. We've installed a number of automation and digitization projects that really have changed the way we operate the mill, and we've upgraded the operating system. So, those are the key drivers and until one actually completes the commissioning phase, it's difficult to understand what those issues are. So, we've had to make some adjustments at the mill, and hence we've had to re-forecast.

第二個驅動力集中在我們所做的改變上，我們已經做出了重大改變。我們安裝了許多自動化和數字化項目，這些項目真正改變了我們運營工廠的方式，並且我們升級了操作系統。因此，這些是關鍵驅動因素，在真正完成調試階段之前，很難理解這些問題是什麼。因此，我們不得不在工廠進行一些調整，因此我們不得不重新預測。

I also want to, while I've got access to the microphone here speak to the mine. Because, it's a different trajectory at the mine. We're in good shape. We are on track. We have 2 sources of ore that we will supply to the mill, when required, we've got 4 million pounds of inventory sitting at the base of the mine. So we're in the process of commissioning the underground processing circuits.

我也想在我可以使用這裡的麥克風的同時對我的人說話。因為，這是在礦山不同的軌跡。我們的狀態很好。我們走上了正軌。我們有 2 個礦石來源將供應給工廠，當需要時，我們在礦山底部有 400 萬磅的庫存。所以我們正在調試地下處理電路。

We also have about 30 million pounds of frozen inventory, which we can access from 10 different production areas and that will provide the ore supply for the next 2 years. And -- so the mine is in good shape, the mill, we've made some adjustments, we've disclosed those adjustments, but the objective hasn't changed all through the process. We'll commission the...

我們還有大約 3000 萬磅的冷凍庫存，我們可以從 10 個不同的生產區域獲取這些庫存，這將為未來 2 年提供礦石供應。而且 - 所以礦山狀況良好，工廠，我們已經進行了一些調整，我們已經披露了這些調整，但目標並沒有在整個過程中改變。我們將委託...

To add to what Brian said, because I will hear about it, if I don't from our Cigar Lake team that things are going very well there. And there, we had to forecast production of 15 million pounds. And now we've changed that to 18. They've caught up on some development. And so being a multi-facility, multi-mine company has benefits and we're seeing it in this instance.

補充一下布賴恩所說的話，因為我會聽到的，如果我不是來自雪茄湖團隊的話，那裡的事情進展得很好。在那裡，我們不得不預測 1500 萬磅的產量。現在我們將其更改為 18。他們已經趕上了一些發展。因此，作為一家擁有多設施、多礦山的公司是有好處的，我們在這種情況下就看到了這一點。

And then last question, somewhat related, say market conditions improve and spur you to expand production next year or the year after that or whenever conditions may warrant. Can you remind me roughly how quickly or how difficult -- or what the timeline would be for expanding your production capacity, Cigar Lake or McArthur and the Key Lake mill? Just give me a sense of kind of what kind of lead time is involved there.

然後最後一個問題，有點相關，說市場條件改善並刺激你在明年或之後的一年或條件允許的情況下擴大生產。你能大致提醒我多快或多困難 - 或者擴大你的生產能力的時間表，雪茄湖或麥克阿瑟和基湖工廠？只是讓我了解其中涉及什麼樣的交貨時間。

Yes. Well, Kit, as Grant said, we are in supply discipline at the moment. So we're actually planning to bring Cigar Lake down in 2024 to 15 million pounds. So obviously, we can vary between 15 and 18, not without much difficulty. In McArthur, we have license approval to go to 25 million pounds. Our plan in '24 is to be at 13 million pounds, sorry, 15 million, I believe you have got it backwards. And so we -- our ability to increase production in McArthur, we'd have to do a little bit of work. I don't think there is much CapEx at all, and so we can move up. So we've got that flexibility at our 2 sites. And as Grant said, we'll watch, we'll wait for the market. We see the signals that -- from the market that we need to increase our production, if we have the view to sales going forward, we'll adjust our production, but for now, we're in supply discipline, we're going to stay there until further notice.

是的。好吧，Kit，正如格蘭特所說，我們目前處於供應紀律中。所以我們實際上計劃在 2024 年將雪茄湖減少到 1500 萬磅。所以很明顯，我們可以在 15 到 18 之間變化，並不是沒有太大的困難。在麥克阿瑟，我們獲得了達到 2500 萬英鎊的許可。我們在 24 年的計劃是 1300 萬英鎊，對不起，1500 萬英鎊，我相信你已經搞砸了。所以我們——我們提高麥克阿瑟產量的能力，我們必須做一些工作。我認為根本沒有多少資本支出，所以我們可以向上移動。因此，我們的 2 個站點具有這種靈活性。正如格蘭特所說，我們會觀察，我們會等待市場。我們從市場上看到了我們需要增加產量的信號，如果我們對未來的銷售有看法，我們將調整我們的產量，但就目前而言，我們處於供應紀律，我們將繼續留在那裡，直到另行通知。

The next question is from Justin Huhn with Uranium Empire (sic) [Insider].

下一個問題來自鈾帝國（原文如此）[Insider] 的 Justin Huhn。

Could you speak briefly to the Port Hope facility in terms of historical total capacity production relative to nameplate capacity in terms of percentage-wise, let's say, over the past 3 to 5 years? Are you currently operating at full capacity you expect to be? And if we expect ConverDyn back on mid-2023 French operating relatively close to full capacity and the facility in U.K. you mentioned also idled? Are you considering increasing capacity at Port Hope for conversion?

您能否就過去 3 到 5 年相對於銘牌產能的歷史總產能產量與銘牌產能的百分比簡單地談談希望港工廠？您目前是否以預期的滿負荷運轉？如果我們預計 ConverDyn 將在 2023 年年中恢復法國的運營，其運營相對接近滿負荷，而您提到的英國工廠也處於閒置狀態？您是否正在考慮增加希望港的轉換能力？

Justin, good to speak with you. Thanks for asking the question. And again, it's a focus on conversion that we're not accustomed to. It's great to see by the way, so happy to talk about it. Port Hope has actually had the opposite challenge, not operating at full capacity, but operating well below because the conversion market was just so underpriced for so many years. It is licensed for 12,500 tons of capacity per year. We haven't run it at that rate ever -- we haven't achieved that nameplate ever. We have in the past in the last sort of price spike, ran it at a rate for several months that would have annualized out to full nameplate production. But then the conversion market just fell away for the reasons that I talked about so much supply coming to the market, already converted showing up as UF6, conversion price fell below $5 a kgU for a period of time.

賈斯汀，很高興與你交談。感謝您提出問題。再說一次，我們不習慣關注轉換。順便看看很高興，很高興談論它。霍普港實際上面臨著相反的挑戰，不是滿負荷運轉，而是遠低於產能，因為多年來轉換市場的價格一直被低估。它的年產能為 12,500 噸。我們從來沒有以這樣的速度運行它——我們從來沒有達到那個銘牌。在過去的最後一次價格飆升中，我們以這種速度運行了幾個月，這將按年計算到完整的銘牌產量。但是後來轉換市場就消失了，原因是我談到市場上有這麼多供應，已經轉換顯示為 UF6，轉換價格在一段時間內跌破每公斤 5 美元。

As a result supply discipline and conversion actually began. A few years before getting uranium, it began with the SFL, the Springfield's facility in the U.K. shutting down in 2014, when we canceled our whole converting deal there. And then of course, we began to toggle back production at Port Hope, then the ConverDyn facility went into care and maintenance. And then of course, I think there were difficulties ramping up in France. And that happened while inventories were being dragged down and conversion suddenly was required again, so conversion fundamentals were already improving. And then along comes February 24, and the need to exclude Russia from the conversion space.

結果，供應紀律和轉換實際上開始了。在獲得鈾的幾年前，它始於 SFL，斯普林菲爾德在英國的工廠於 2014 年關閉，當時我們取消了在那裡的整個轉換交易。當然，我們開始在希望港恢復生產，然後 ConverDyn 設施進入維護和保養階段。當然，我認為在法國遇到了困難。而這種情況發生在庫存被拖累並且突然再次需要轉換時，因此轉換基本面已經在改善。然後是 2 月 24 日，需要將俄羅斯排除在轉換空間之外。

But as I said earlier, right now, it's about looking at historic conversion prices, looking at maximizing margins, but being mindful that there are some facilities that are poised to come back and not front-running demand with supply. I mean, right now, ConverDyn is planning to come back, and I think at times have even talked about expanding. That French facility can run at 15,000 -- or is nameplate to 15,000 tons and has expectations to get there.

但正如我之前所說，現在，這是關於查看歷史轉換價格，著眼於最大化利潤率，但要注意有些設施準備好回來，而不是領先於供應的需求。我的意思是，現在，ConverDyn 正計劃回來，我認為有時甚至談到了擴張。那家法國工廠的產能可以達到 15,000 噸——或者銘牌上的產能為 15,000 噸，並有望實現這一目標。

So I'm talking about the facility in the U.K., Springfield as a site is very important to the U.K. nuclear infrastructure, as the UF6 production sites, I think there are some challenges. But when conversion hits historic prices, obviously it creates incentives to at least have a look at it. So we just have to be very disciplined there, and we like our position in Port Hope. But I would say the market is signaling that it needs conversion. But until we see actual procurement, we're just not going to respond to, "Oh, well, people say they want it, so let's increase production." Well, no, in our business, the way you prove it is through the power of procurement. So we'd need to see that pick up in a meaningful way to then even give any thought to further increases at Port Hope.

所以我說的是英國的設施，斯普林菲爾德作為一個場地對英國的核基礎設施非常重要，作為 UF6 生產場地，我認為存在一些挑戰。但是，當轉換達到歷史價格時，顯然它會產生至少看一看的動力。所以我們只需要在那裡非常自律，我們喜歡我們在希望港的位置。但我會說市場正在發出信號，它需要轉換。但在我們看到實際採購之前，我們不會回應，“哦，好吧，人們說他們想要它，所以讓我們增加產量吧。”好吧，不，在我們的業務中，您證明它的方式是通過採購的力量。因此，我們需要以一種有意義的方式看到這種增長，然後甚至考慮進一步增加希望港的增長。

So at the moment, conversion is tight, and the only way to loosen it up is to begin to procure more and that will lead to the production decisions that would increase it. So I think that's the way to think about those that part of the fuel cycle.

所以目前，轉換很緊，唯一放鬆的方法是開始採購更多，這將導致生產決策增加它。所以我認為這是思考燃料循環部分的方式。

And just a quick follow-up with regards to the conversion and enrichment markets. We're already hearing that some Western enrichers have made a significant jump in their tails assays. When we consider that utilities are seeking out conversion and enrichment first, which makes a lot of sense. And over the past number of years, look over the past decade really, they have been able to buy UF6 hand over fist from enrichers from underfeeding from sales or enrichment and that is at least in the West, looking to be declining, if not disappearing in terms of availability very, very quickly.

並且只是關於轉換和濃縮市場的快速跟進。我們已經聽說一些西方富集者在他們的尾部檢測中取得了顯著的進步。當我們認為公用事業公司首先尋求轉換和豐富時，這很有意義。在過去的幾年裡，實際上在過去的十年裡，他們已經能夠從銷售或濃縮不足的情況下從濃縮者手中購買 UF6，至少在西方，如果沒有消失的話，看起來正在下降在可用性方面非常非常快。

Can you guys put a little bit finer point on expected time frames in terms of utilities, wrapping their heads around available conversion enrichment capacity, let's say, out in the middle of this decade and seeking out further U3O8 procurement going forward. Is this something that you're expecting to happen in a significantly higher volume as soon as even this year?

你們能否在公用事業方面對預期時間框架進行更詳細的說明，圍繞可用的轉換濃縮能力，比方說，在這個十年的中期，並尋求進一步的 U3O8 採購。您是否預計今年會以更高的數量發生這種情況？

Yes. But let me back it up into a couple of components. So obviously, you get the first demand uplift that just comes from the fundamentals, right? It is the improving clean energy focus, the energy security focus, the energy affordability focus. And we are seeing that come as demand in the short term, reactor programs being saved; in the medium term, reactor programs getting life extensions; and in the long term, it's new build, not just the big reactors but also advanced reactors, small modular reactors. So you've got that demand uplift that's driving the need for uranium right through to fuel fabrication.

是的。但是，讓我將其備份為幾個組件。所以很明顯，你得到了來自基本面的第一個需求提升，對吧？是提高清潔能源重點、能源安全重點、能源可負擔性重點。我們看到這是短期內的需求，反應堆計劃被保存；從中期來看，反應堆計劃的壽命延長；從長遠來看，它是新建的，不僅是大型反應堆，還有先進的反應堆、小型模塊化反應堆。所以你已經得到了需求的增加，這推動了對鈾的需求，直到燃料製造。

Then you add to this the bifurcated market challenge, which I think is at the heart of your question. The only way for the Western market to bridge through the Russian replacement challenge in the short-term awaiting additional capacity installed at Western enrichers is overfeeding. So the only way to get more out of an enrichment plant that's at capacity is to throw more uranium into it. So, there is more uranium demand that's going to come from that overfeed.

然後你添加了分叉的市場挑戰，我認為這是你問題的核心。西方市場在短期內克服俄羅斯替代挑戰的唯一途徑是供過於求。因此，要從滿負荷的濃縮工廠中獲得更多收益的唯一方法就是向其中投入更多的鈾。因此，過量供給將帶來更多的鈾需求。

So that's kind of a shorter to medium-term lift on uranium demand. But I don't think people are even really paying a lot of attention, we are. But I don't think enough people are paying attention to that overfeed piece. And then don't forget there is a third uplift in demand, and that is everybody's inventory is going to go up, because of the higher commitments. So you see that our purchases are going to go up in year, because we've got more commitments. We've got more commitments, we need to carry more inventory, Cameco going to need to buy more, but that is going to happen all along the supply chain.

因此，這是對鈾需求的中短期提振。但我認為人們甚至都沒有真正關注，我們是。但我認為沒有足夠的人關注那個過度餵食的作品。然後不要忘記需求第三次增加，那就是每個人的庫存都會增加，因為更高的承諾。因此，您會看到我們的購買量將在一年中增加，因為我們有更多的承諾。我們有更多的承諾，我們需要攜帶更多的庫存，Cameco 需要購買更多，但這將在整個供應鏈中發生。

The converters, the enrichers, the fabricators, everybody's working capital is going to go up. And by the way, utilities going through a supply crisis, inventory tends to be pro-cyclical. We'll actually see demand come into -- the onetime demand for inventory at probably higher inventory targets than they were ahead of time. So I think you're absolutely right in layering in these components to say that the only way for us effectively to do this is demands going up right across the fuel cycle. But actually there's going to be some shorter-term pressures that are required in order to exclude Russia on a very rapid base, until such a time, as there is more enrichment capacity.

轉換器、濃縮器、製造商，每個人的營運資金都會增加。順便說一句，公用事業公司正在經歷供應危機，庫存往往是順週期的。我們實際上會看到需求出現——對庫存的一次性需求可能比他們提前的庫存目標更高。所以我認為你在這些組件中分層是絕對正確的，說我們有效地做到這一點的唯一方法是需求在整個燃料循環中上升。但實際上，為了在非常迅速的基礎上將俄羅斯排除在外，還需要一些短期壓力，直到此時，因為有更多的濃縮能力。

We're looking out into 2028, into that window before you've effectively expanded enrichment capacity, which says to us, there is a bulge of uranium demand just related to overfeed, that's going to have to come in order to bridge through that exclusionary process. So I think you're thinking about it the right way. I would just articulate it from that buildup. There is the fundamental demand. There is the exclusionary demand, and then there is the inventory demand, and you add that all up, and it explains why we are bullish.

我們正在展望 2028 年，在你有效地擴大濃縮能力之前進入那個窗口，這對我們說，鈾需求激增，只是與過量供給有關，為了彌合這種排他性，這將不得不到來過程。所以我認為你的想法是正確的。我只想從那個積累中闡明它。有基本需求。有排他性需求，然後是庫存需求，你把這些都加起來，這就解釋了為什麼我們看漲。

This concludes the question-and-answer session. I'd like to turn the conference back over to Tim Gitzel for any closing remarks.

問答環節到此結束。我想把會議轉回給 Tim Gitzel 做任何閉幕詞。

Well, thanks very much, operator. And with that, I just want to say thanks to everybody who joined us today. We, as always, appreciate your interest, support and the great questions we get.

嗯，非常感謝，接線員。說到這裡，我只想對今天加入我們的所有人表示感謝。我們一如既往地感謝您的關注、支持和我們收到的重要問題。

Let me leave you just with a couple of comments today. Our world today is facing some pretty significant challenges, including and we have talked about these decarbonization and electrification while ensuring energy, affordability and security without jeopardizing the ambitious net zero targets that have been set. There is a lot of uncertainty in the world energy landscape and a lot of countries are having to take a hard look at where they should get their fuel.

今天讓我給你一些評論。我們今天的世界正面臨一些相當重大的挑戰，包括我們已經討論了這些脫碳和電氣化，同時確保能源、可負擔性和安全性，同時又不損害已設定的雄心勃勃的淨零目標。世界能源格局存在很多不確定性，許多國家不得不認真考慮應該從哪裡獲得燃料。

More than ever, the world is looking for a stable, reliable and politically dependable fuel supply. I believe, we are witnessing a fundamental change that'll alter the way countries approach their energy needs going forward. And I think that anyone who looks seriously at the global issues we're facing would say, there is no solution without nuclear. So we see a lot of opportunity ahead of us with demand for safe, reliable, affordable and carbon-free baseload electricity coming from across the globe. As a responsible commercial supplier with a strong balance sheet, long-lived Tier 1 assets and a proven operating track record and line-of-sight to return to our Tier 1 cost structure, we at Cameco believe we are extraordinarily well positioned to respond to the changing market dynamics.

世界比以往任何時候都更需要穩定、可靠和政治上可靠的燃料供應。我相信，我們正在目睹一場根本性的變化，它將改變各國未來滿足其能源需求的方式。我認為任何認真看待我們面臨的全球問題的人都會說，沒有核就沒有解決方案。因此，隨著全球對安全、可靠、負擔得起和無碳的基荷電力的需求，我們看到了很多機會。作為一家負責任的商業供應商，擁有強大的資產負債表、長期的一級資產以及經過驗證的運營記錄和視線以恢復我們的一級成本結構，我們在 Cameco 相信我們非常有能力應對不斷變化的市場動態。

We're excited about the future we're seeing for nuclear power generation. We're excited about the fundamentals for nuclear fuel supplies, and we're excited about the prospects for our company. We will continue to do what we said we would do, executing on our strategy and consistent with our values. We'll do so in a manner we believe will make our business sustainable over the long-term. And we'll continue to make the health and safety of our workers, their families and their communities our priority. So thanks, everybody, stay safe and healthy and have a have a nice summer.

我們對核能發電的未來感到興奮。我們對核燃料供應的基本面感到興奮，我們對公司的前景感到興奮。我們將繼續按照我們所說的去做，執行我們的戰略並與我們的價值觀保持一致。我們將以我們相信將使我們的業務長期可持續發展的方式這樣做。我們將繼續將我們的工人、他們的家人和他們的社區的健康和安全作為我們的首要任務。所以謝謝大家，保持安全和健康，度過一個愉快的夏天。

This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。你可以斷開你的線路。感謝您的參與，祝您有愉快的一天。