Cameco Corp (CCJ) 2022 Q4 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Cameco Corporation Fourth Quarter 2022 Conference Call. (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 年第四季度電話會議。 （操作員說明）並且正在錄製會議。 （操作員說明）

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

我現在想將會議轉交給投資者關係、財政部和稅務副總裁 Rachelle Girard。請繼續。

Thank you, operator, and good morning, everyone. Welcome to Cameco's fourth 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 的第四季度電話會議。我想承認，我們是在我們的公司辦公室發言，該辦公室位於第 6 條條約的領土、克里族人的傳統領土和梅蒂斯人的家園。

With us today on the call are Tim Gitzel, President and CEO; Grant Isaac, Executive 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 in just a moment to discuss how the improving growth outlook for nuclear power is translating into an improving growth outlook for Cameco. After, we will open it up for your questions.

今天與我們通話的有總裁兼首席執行官 Tim Gitzel； Grant Isaac，執行副總裁兼首席財務官；高級副總裁兼首席運營官 Brian Reilly； Alice Wong，高級副總裁兼首席企業官； Sean Quinn，高級副總裁、首席法務官兼公司秘書。稍後我將把它交給蒂姆，討論核電增長前景的改善如何轉化為 Cameco 增長前景的改善。之後，我們將打開它來回答您的問題。

As always, our goal is to be open and transparent with our communications. 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 a Question form at the bottom of the webcast screen, and we will be happy to follow up after this call. 

一如既往，我們的目標是在我們的溝通中保持公開透明。因此，如果您對我們的季度財務業績有詳細的疑問，或者如果您的問題沒有在本次電話會議上得到解決，我們將很樂意在電話會議結束後與您聯繫。有幾種方式可以聯繫我們。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，我們很樂意在此次通話後跟進。

If you join 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，可以使用幻燈片，這些幻燈片將在通話期間顯示。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，請將自己限制在 2 個問題內，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. You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we may make today, except as required by law. Please refer to our most recent 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。您不應過分依賴前瞻性陳述。實際結果可能與這些前瞻性陳述存在重大差異，除法律要求外，我們不承擔更新我們今天可能做出的任何前瞻性陳述的任何義務。請參閱我們最近的年度信息表和 MD&A，了解有關可能導致這些不同結果的因素和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 welcome to everyone on the call today. We appreciate you taking the time to join us. I may be a bit late, but I want to wish all of you a happy new year, and I hope that you and your families are doing well. Over the holiday break, I spent some time reflecting on the past year at Cameco and of course, looking forward to the possibilities that lie ahead for 2023 and beyond. 

好吧，謝謝你，雷切爾，歡迎大家參加今天的電話會議。感謝您抽出寶貴時間加入我們。我可能來晚了一點，但我想祝大家新年快樂，我希望你和你的家人一切都好。在假期裡，我花了一些時間回顧在 Cameco 的過去一年，當然也期待著 2023 年及以後的可能性。

In terms of 2022, the one word that kept coming to mind was transformative. And as I think about 2023 and beyond the word that comes to mind is opportunity, in all my time leading Cameco and all my time in the industry, I'm not sure there has ever been a time when there has been more to be excited about. Starting at the company level. From returning to stable operations at Cigar Lake and in Port Hope after 2 long years of stops and starts due to the COVID-19 pandemic. Continuing with the acquisition of a greater share of Cigar Lake to the restart of production at McArthur River/Key Lake and the pending acquisition of a 49% interest in Westinghouse, 2022 was a busy and transformative year for Cameco.

就 2022 年而言，腦海中不斷浮現的一個詞是變革。當我想到 2023 年時，想到的是機會，在我領導 Cameco 的所有時間和我在這個行業的所有時間裡，我不確定曾經有過更多令人興奮的時刻關於。從公司層面開始。由於 COVID-19 大流行，經過長達 2 年的停工和開工後，雪茄湖和霍普港恢復穩定運營。繼續收購 Cigar Lake 的更大份額，重啟 McArthur River/Key Lake 的生產，以及即將收購西屋電氣 49% 的股權，2022 年對 Cameco 來說是忙碌和變革的一年。

Also, let's not forget the 80 million pounds of long-term uranium contracts and the 17,000 tons of conversion services contracts added to the portfolio, making it one of the biggest contracting years we've ever had with a record number of contracts. This contracting success is expected to allow us to sustainably operate our assets to generate full cycle value for Cameco and therefore, provide our customers with access to the fuel they need to operate their reactors safely, cleanly, reliably and securely. And in 2023 and beyond, we expect these transformative changes will create new opportunities for Cameco and build an even stronger foundation for growth as we continue our transition back to a Tier 1 run rate. 

此外，我們不要忘記投資組合中增加的 8000 萬磅長期鈾合同和 17,000 噸轉換服務合同，這使它成為我們有史以來最大的合同年度之一，合同數量創歷史新高。這一簽約成功預計將使我們能夠可持續地運營我們的資產，為 Cameco 創造完整的周期價值，從而為我們的客戶提供安全、清潔、可靠和安全地運營反應堆所需的燃料。在 2023 年及以後，我們預計這些變革性變化將為 Cameco 創造新的機會，並在我們繼續過渡回一級運行率時為增長奠定更堅實的基礎。

The announcement we just made about a major supply agreement with Energoatom is a great example of one of those growth opportunities. We reached an agreement on key commercial contract terms that once finalized, could see Cameco provide sufficient volumes of uranium and conversion to meet all of Ukraine's nuclear fuel needs through 2035. We are incredibly proud of the pivotal role that we at Cameco will be able to play in helping Ukraine gain its energy independence. With the potential to supply about 67 million pounds over 12 years, this contract could be the single largest supply contract in Cameco's history. 

我們剛剛宣布與 Energoatom 達成一項重要的供應協議，就是其中一個增長機會的一個很好的例子。我們就關鍵商業合同條款達成了協議，一旦最終確定，Cameco 可以提供足夠數量的鈾和轉化以滿足烏克蘭到 2035 年的所有核燃料需求。我們為 Cameco 能夠發揮的關鍵作用感到無比自豪幫助烏克蘭實現能源獨立。憑藉在 12 年內供應約 6700 萬磅的潛力，該合同可能成為 Cameco 歷史上最大的單一供應合同。

I want to thank my friend, Energoatom, President, Petro Kotin and his team for their friendship and courage and for the trust they placed in Cameco. We are proud to be your partner. This supply agreement with Ukraine is a good reminder of why we believe that Cameco remains the best way to invest in the recovery in the uranium market. I'll come back to 2023 and our plans for the year and beyond in more detail later, but first, I want to take a look back from an industry perspective. 

我要感謝我的朋友 Energoatom、總裁 Petro Kotin 和他的團隊的友誼和勇氣，以及他們對 Cameco 的信任。我們很榮幸成為您的合作夥伴。與烏克蘭的這份供應協議很好地提醒了我們為什麼認為 Cameco 仍然是投資於鈾市場復甦的最佳方式。稍後我會更詳細地回到 2023 年和我們今年及以後的計劃，但首先，我想從行業的角度回顧一下。

At the industry level, 2022 started with a couple of stark reminders of the deepening geopolitical and origin risk in our industry. In January, Kazakhstan experienced the most significant instability since it became independent, raising concerns about the security of more than 40% of global uranium supply. But sadly and undeniably, the most transformative event for both our industry and the world in 2022 from a supply and demand perspective was the Russian invasion of Ukraine at the end of February. It is set in motion what I believe is a geopolitical realignment, a realignment that is already transforming the way countries are planning for their future energy needs and that highlights the crucial role for nuclear power. More than ever, the world is looking for an energy solution that can solve 3 very significant challenges, the need to provide clean energy, the need to provide secure energy and the need to provide affordable energy. And if you still need convincing that there is no solution for tackling the global climate crisis and the energy crisis without nuclear energy, you might have dialed in to the wrong call. 

在行業層面，2022 年伊始就出現了一些明顯的跡象，提醒我們行業中不斷加深的地緣政治和原產地風險。 1 月，哈薩克斯坦經歷了獨立以來最嚴重的動盪，引發了人們對全球 40% 以上鈾供應安全的擔憂。但遺憾且不可否認的是，從供需角度來看，2022 年對我們行業和世界最具變革性的事件是 2 月底俄羅斯入侵烏克蘭。它啟動了我認為的地緣政治調整，這種調整已經改變了各國規劃其未來能源需求的方式，並突出了核能的關鍵作用。世界比以往任何時候都在尋找能夠解決 3 個非常重大挑戰的能源解決方案，即提供清潔能源的需要、提供安全能源的需要以及提供負擔得起的能源的需要。而且，如果您仍然需要說服沒有核能就無法解決全球氣候危機和能源危機，那麼您可能撥錯了電話。

As you all know, nuclear energy provides safe, reliable, affordable carbon-free baseload electricity while also offering energy security and independence. As a result, in 2022, we saw what I believe are transformative tailwinds for our industry developing, thanks to the strategic and deliberate decisions Cameco has made over the past decade and our conservative financial management, we believe the company is extraordinarily well positioned, well positioned for these tailwinds driven by the focus on clean energy, by an energy crisis and by the geopolitical realignment that is occurring. We also believe we are well protected from the current macroeconomic headwinds. 

眾所周知，核能提供安全、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。因此，在 2022 年，我們看到了我認為是我們行業發展的變革性順風，這要歸功於 Cameco 在過去十年中做出的戰略和深思熟慮的決策以及我們保守的財務管理，我們相信該公司處於非常有利的位置，嗯由於對清潔能源的關注、能源危機和正在發生的地緣政治調整，這些順風為我們定位。我們也相信我們在當前的宏觀經濟逆風中得到了很好的保護。

We have a strong balance sheet, a growing durable contract portfolio and our customers' nuclear power plants are part of the critical infrastructure needed to guarantee the availability of 24-hour electricity to maintain essential services. But as always, we will take a balanced and disciplined approach. So as we begin 2023, we're excited about the opportunities for growth ahead of us with demand for safe, reliable, secure, affordable and carbon-free baseload electricity coming from across the globe. Today, there are 57 reactors under construction with 9 units that could reach the start of commercial operation this year. I'm not going to tour you through country by country as I suspect you've already taken that tour, and that's why you're on the call today. 

我們擁有強大的資產負債表、不斷增長的持久合同組合，我們客戶的核電站是保證 24 小時電力供應以維持基本服務所需的關鍵基礎設施的一部分。但一如既往，我們將採取平衡和有紀律的方法。因此，隨著 2023 年的開始，我們對未來的增長機會感到興奮，因為全球對安全、可靠、有保障、負擔得起和無碳的基本負荷電力的需求。目前，在建反應堆57座，其中9台機組有望在今年實現商業運行。我不會一個國家一個國家地帶你去旅行，因為我懷疑你已經參加過那個旅行，這就是你今天接聽電話的原因。

Almost every day, there's an announcement supporting the prevention of early reactor retirements, life extensions of the current reactor fleet, the expansion of existing reactor programs or new reactor programs. We have highlighted many of these developments in our MD&A. Also around the world, we're seeing momentum building for small modular reactors and advanced reactors and for nontraditional commercial uses of nuclear power, uses such as hydrogen and ammonia production, district heating and nuclear powered shipping. 

幾乎每天，都會發布一項聲明，支持防止反應堆提前退役、延長現有反應堆機組的壽命、擴展現有反應堆計劃或新反應堆計劃。我們在 MD&A 中強調了許多這些發展。同樣在世界各地，我們看到小型模塊化反應堆和先進反應堆以及核能的非傳統商業用途（例如製氫和氨生產、區域供熱和核動力航運）的勢頭正在增強。

There are numerous companies and countries pursuing projects in these areas. As a result, there is demand growth occurring for nuclear fuel supplies and services in the near, medium and long term. So it's easy to conclude that the demand outlook is durable and very bright. To meet this growing demand, we know that more supply will be needed, and therein lies the challenge. Low prices have led to growing supply concentration by origin and a growing primary supply gap. Along the way, these secondary supplies that have played such a crucial role in our industry have been drawn out of the market. And taking the challenge of filling that gap to a whole new level is a desire by utilities to reduce their reliance on Russian nuclear fuel supplies in the future. 

有許多公司和國家在這些領域開展項目。因此，核燃料供應和服務的需求在近期、中期和長期內都會出現增長。因此很容易得出需求前景持久且非常光明的結論。為了滿足這種不斷增長的需求，我們知道需要更多的供應，這就是挑戰所在。低價格導致原產地供應集中度增加，初級供應缺口不斷擴大。一路走來，這些在我們的行業中發揮如此關鍵作用的二次供應已退出市場。將填補這一差距提升到一個全新水平的挑戰是公用事業公司希望在未來減少對俄羅斯核燃料供應的依賴。

Currently, the global nuclear industry relies on Russia for the supply of approximately 14% of uranium concentrates, 27% of conversion and 39% of enrichment. Utilities are now considering and planning for a variety of potential scenarios ranging from an abrupt and to Russian supply to a gradual phase out. It's still early days and while supply uncertainty is not yet driving contracting at a replacement rate, we are getting closer. We're seeing utilities beginning to pivot toward procurement strategies that more carefully weigh the risk to supply, including the origin risk. As a result, the industry saw about 113 million pounds in long-term contracting in 2022. And we believe there is significant opportunity for Cameco to grow as we help our customers derisk their fuel supply needs. 

目前，全球核工業依賴俄羅斯提供大約 14% 的鈾精礦、27% 的轉化和 39% 的濃縮。公用事業公司現在正在考慮和規劃各種可能的情景，從突然向俄羅斯供應到逐步淘汰。現在還處於早期階段，雖然供應不確定性尚未推動以替代率收縮，但我們越來越接近了。我們看到公用事業開始轉向採購策略，更仔細地權衡供應風險，包括來源風險。因此，該行業在 2022 年簽訂了約 1.13 億磅的長期合同。我們相信，隨著我們幫助客戶降低其燃料供應需求的風險，Cameco 將有巨大的發展機會。

But what is really exciting for us is that we do not have to build new capacity to capture that growth. Our growth is expected to come from brownfield leverage, our existing suite of Tier 1 operating assets. We just need to turn up the assets we already have, a position we have not enjoyed in previous price cycles. We're also excited about our strategic partnership with Brookfield Renewable to jointly acquire Westinghouse Electric Company. Our excitement stems from being able to extend the base of our reach in the nuclear fuel cycle at a time when there's tremendous growth on the horizon for our industry. We are extending our reach with an investment in assets like ours that are strategic, that are proven, that are licensed and permitted and that are located in geopolitically attractive jurisdictions. Assets that we expect will be able to participate in the growing demand profile for nuclear energy from their existing footprint. And assets that we expect will augment the core of our business, expand our ability to compete for more business and offer more solutions to our customers across the nuclear fuel cycle. 

但真正讓我們興奮的是，我們不必建立新的能力來捕捉這種增長。我們的增長預計將來自棕地槓桿，即我們現有的一級運營資產套件。我們只需要提高我們已經擁有的資產，這是我們在之前的價格週期中沒有享受過的頭寸。我們也很高興與 Brookfield Renewable 建立戰略合作夥伴關係，共同收購西屋電氣公司。我們的興奮源於能夠在我們的行業出現巨大增長的時候擴大我們在核燃料循環領域的影響力。我們正在通過投資像我們這樣具有戰略意義、經過驗證、獲得許可和許可並且位於具有地緣政治吸引力的司法管轄區的資產來擴大我們的影響力。我們期望的資產將能夠從其現有足跡中參與對核能不斷增長的需求。我們期望的資產將增強我們的核心業務，擴大我們競爭更多業務的能力，並為整個核燃料循環的客戶提供更多解決方案。

So with the continued improvements in the market and our growing long-term contract portfolio, it's time to revisit the production plans we laid out at the start of 2022. With approximately 180 million pounds of uranium and over 55,000 tons of conversion in long-term commitments, our customers are sending us clear signals that they recognize the significant challenges the supply side of our industry faces. And that they see the value in securing access to Cameco's strategic proven Tier 1 assets that are in geopolitically attractive jurisdictions. The volume is almost 250 million pounds and over 80,000 tons of conversion if you include all potential Energoatom requirements. 

因此，隨著市場的持續改善和我們不斷增長的長期合同組合，是時候重新審視我們在 2022 年初制定的生產計劃了。我們擁有大約 1.8 億磅鈾和超過 55,000 噸的長期轉化量承諾，我們的客戶正在向我們發出明確的信號，表明他們認識到我們行業的供應方面臨的重大挑戰。他們看到了獲取 Cameco 位於具有地緣政治吸引力的司法管轄區內經過戰略驗證的一級資產的價值。如果包括所有潛在的 Energoatom 需求，該體積將近 2.5 億磅，轉換量超過 80,000 噸。

Therefore, we have decided that it no longer makes sense to target 15 million pounds of production on a 100% basis at McArthur River/Key Lake in 2024, but to plan for 18 million pounds of production. Also, we've decided not to pull back production to 13.5 million pounds on a 100% basis at Cigar Lake in 2024. We plan to continue to operate Cigar Lake at 18 million pounds per year. As a result, in 2023, we're planning for our share of production from McArthur River/Key Lake and Cigar Lake to be 20.3 million pounds with a target to increase that to 22.4 million pounds in 2024.

因此，我們決定不再以 2024 年麥克阿瑟河/基湖 100% 的產量為目標 1500 萬磅的產量，而是計劃 1800 萬磅的產量。此外，我們決定 2024 年 Cigar Lake 的產量不會在 100% 的基礎上降至 1350 萬磅。我們計劃繼續以每年 1800 萬磅的速度運營 Cigar Lake。因此，到 2023 年，我們計劃將麥克阿瑟河/基湖和雪茄湖的產量份額提高到 2030 萬磅，目標是到 2024 年將其增加到 2240 萬磅。

But that's not the extent of our Tier 1 supply growth. We also maintain the ability to expand and extend production from our existing Tier 1 assets. With planned production of 18 million pounds per year and annual license capacity of 25 million pounds at McArthur River/Key Lake, there's an opportunity for further Tier 1 production growth. And we know there is additional uranium at Cigar Lake, but there is some work to do to determine the economics required to extend the mine life beyond its current reserve base. As well until the end of 2023, Inkai is expected to operate at 20% below its annual licensed production rate. However, its license allows for production at 20% above that rate or 12.5 million pounds a year, which would bring our share of its production to about 5 million pounds per year. 

但這不是我們一級供應增長的程度。我們還保持擴大和擴展現有一級資產生產的能力。 McArthur River/Key Lake 的計劃年產量為 1800 萬磅，年許可產能為 2500 萬磅，一級產量有進一步增長的機會。我們知道 Cigar Lake 有額外的鈾，但還有一些工作要做，以確定將礦山壽命延長到超過其當前儲量基礎所需的經濟效益。直到 2023 年底，Inkai 預計將以低於其年度許可生產率 20% 的速度運營。然而，它的許可證允許以比該速度高 20% 或每年 1250 萬磅的速度生產，這將使我們在其產量中的份額達到每年約 500 萬磅。

So if we took advantage of all these opportunities, our annual share of Tier 1 uranium supply could be about 32 million pounds. And we have our Tier 2 assets, which we plan to keep on care and maintenance, unless we can secure long-term contracts that provide returns similar to what we can currently achieve on our Tier 1 assets. In addition to our plans to expand uranium production, we're also working on expanding production at our Port Hope UF6 conversion facility. To satisfy our growing book of long-term business at a time when conversion prices are at historic highs, we're targeting annual production of 12,000 tons by 2024. 

因此，如果我們利用所有這些機會，我們每年在一級鈾供應中的份額可能約為 3200 萬磅。我們擁有我們的二級資產，我們計劃繼續對其進行維護和維護，除非我們能夠獲得長期合同，提供類似於我們目前在一級資產上可以獲得的回報。除了我們擴大鈾生產的計劃外，我們還致力於擴大霍普港六氟化鈾轉化設施的生產。為了在轉換價格處於歷史高位時滿足我們不斷增長的長期業務，我們的目標是到 2024 年年產量達到 12,000 噸。

The improving market fundamentals are growing contract portfolio for both uranium and fuel services and our plans for increased production set us on a path that provides line of sight to a significant improvement in our financial performance. Key to our ability to continue to align our production decisions with our portfolio of contract commitments and opportunities are the investments we have and will continue to make in digital and automation technologies. We expect these investments will allow us to operate our assets more safely, more efficiently and with more flexibility. We also expect they will help support the 30% reduction in greenhouse gas emissions we are targeting for 2030 compared to a 2015 baseline. 

不斷改善的市場基本面正在增加鈾和燃料服務的合同組合，我們的增產計劃使我們走上了一條為顯著改善財務業績提供視線的道路。我們能夠繼續使我們的生產決策與我們的合同承諾和機會組合保持一致的關鍵是我們已經並將繼續在數字和自動化技術方面進行的投資。我們預計這些投資將使我們能夠更安全、更高效、更靈活地運營我們的資產。我們還預計，與 2015 年的基線相比，它們將有助於支持我們設定的到 2030 年溫室氣體排放量減少 30% 的目標。

With our experience operating in this industry, we understand that to create long-term value and provide supplier reliability for our customers. We must build a home for our production under a long-term contract before we pull it out of the ground. So we will continue to make strategic supply decisions in all segments of our business and in accordance with our customers' requirements. As an independent commercial supplier, we can provide our customers with access to proven and reliable productive capacity. With substantial Canadian productive capacity, our supply meets increasingly stringent ESG requirements. It can provide diversity from state-owned enterprises and help to alleviate utilities' future supply from origin and trade policy risk. 

憑藉我們在該行業的運營經驗，我們明白要為我們的客戶創造長期價值並提供可靠的供應商。在我們把它從地下拔出來之前，我們必鬚根據長期合同為我們的產品建造一個家。因此，我們將繼續根據客戶的要求，在我們業務的所有領域做出戰略供應決策。作為一家獨立的商業供應商，我們可以為我們的客戶提供經過驗證和可靠的生產能力。憑藉強大的加拿大生產能力，我們的供應滿足日益嚴格的 ESG 要求。它可以提供來自國有企業的多樣性，並有助於從源頭和貿易政策風險中緩解公用事業的未來供應。

As you know, the financial aspect of our strategy is to ensure we have a solid balance sheet and the ability to self-manage risk. At the end of the year, including the proceeds from an equity issue to support our planned acquisition of a 49% share of Westinghouse, we had $2.3 billion in cash, $1 billion in long-term debt and $1 billion in an undrawn credit facility. And we expect to begin to see a significant improvement in our cash flow, thanks to the planned ramp-up in production at McArthur River/Key Lake and at the Port Hope UF6 conversion facility. As well, the higher prices that are being discovered in our currently improving market are expected to flow through our existing contract portfolio and further contribute to an improving financial performance. 

如您所知，我們戰略的財務方面是確保我們擁有穩健的資產負債表和自我管理風險的能力。年底時，包括用於支持我們計劃收購西屋電氣 49% 股份的股權發行收益，我們擁有 23 億美元現金、10 億美元長期債務和 10 億美元未動用信貸額度。由於計劃在 McArthur River/Key Lake 和 Port Hope UF6 轉換設施提高產量，我們預計我們的現金流將開始顯著改善。同樣，在我們目前正在改善的市場中發現的更高價格預計將流經我們現有的合同組合，並進一步有助於改善財務業績。

And with an inventory of unencumbered Tier 1 and Tier 2 pounds in the ground, rising prices will also create the opportunity to negotiate new long-term commitments with appropriate pricing mechanisms. Commitments that will underpin the long-term operation of our productive capacity. So we're optimistic about the growth in demand for nuclear power, both traditional and nontraditional. We're optimistic about the growth in demand for nuclear fuel products and services. And we're optimistic about the opportunity for Cameco and capturing long-term value across the nuclear fuel value chain and supporting the transition to a net 0 carbon economy. 

由於地面上有未支配的 1 級和 2 級石油庫存，價格上漲也將創造機會通過適當的定價機制談判新的長期承諾。承諾將鞏固我們生產能力的長期運作。因此，我們對傳統和非傳統核電需求的增長持樂觀態度。我們對核燃料產品和服務需求的增長持樂觀態度。我們對 Cameco 的機會持樂觀態度，並在整個核燃料價值鏈中獲取長期價值，並支持向淨零碳經濟過渡。

We will continue to do what we said we would do. Let me just remind you what we said we would do. We're aligning our production decisions with our contract portfolio and the market fundamentals. We're being strategically patient in our marketing activities, and we are conservatively managing our balance sheet to ensure that we can execute on our strategy and self-manage risk. This strategy has positioned us well to take advantage of the fundamentals I spoke of earlier. We have operating Tier 1 assets that are licensed, permitted, long-lived and our proven operations that have expansion capacity. We have fully permanent and proven Tier 2 assets that don't make sense at today's prices, but when you think about them in the context of a looming supply gap, there's a potential pathway for them to add value for us in the future, but we'll continue to be very disciplined in our evaluation on that front. Thanks to our disciplined contracting strategy, we have had a contract portfolio that has protected us well during the worst down cycle in our business. 

我們將繼續做我們說過的事情。讓我提醒你我們說過我們會做什麼。我們正在根據我們的合同組合和市場基本面調整我們的生產決策。我們在營銷活動中保持戰略耐心，並保守地管理我們的資產負債表，以確保我們能夠執行我們的戰略並自我管理風險。這一戰略使我們能夠很好地利用我之前談到的基本面。我們擁有獲得許可、允許、長期存在的一級資產，以及我們經過驗證的具有擴展能力的業務。我們擁有完全永久且經過驗證的二級資產，這些資產在今天的價格下沒有意義，但是當您在迫在眉睫的供應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，但是在這方面的評估中，我們將繼續嚴格遵守紀律。由於我們嚴格的承包策略，我們擁有一個合同組合，在我們業務最糟糕的下行週期中為我們提供了很好的保護。

And as the uranium market improves further, we will continue to secure homes for our in-ground inventory that has not yet been committed. And we're more than just mining. Something we don't talk about much or even, in fact, to get much credit for is our advanced uranium projects and our exploration portfolio. We believe our portfolio of resources rivals any particularly when you consider the proximity of those resources to existing infrastructure. We expect these resources will add value well beyond the current price cycle. Then we have our investments across the nuclear fuel cycle in refining, in conversion and in can do fuel fabrication for heavy water reactors, where we are focused on continuing to lock in significant value for this segment of our business. 

隨著鈾市場的進一步改善，我們將繼續為我們尚未承諾的地下庫存尋找住所。我們不僅僅是採礦。我們沒有談論太多，甚至沒有得到太多讚譽的是我們先進的鈾項目和我們的勘探組合。我們相信我們的資源組合可以與任何競爭對手相媲美，尤其是當您考慮到這些資源與現有基礎設施的接近程度時。我們預計這些資源的增值將遠遠超過當前的價格週期。然後，我們在整個核燃料循環領域進行投資，包括煉油、轉化和罐裝重水反應堆燃料製造，我們專注於繼續為我們的這一部分業務鎖定重要價值。

Additionally, we are positioning Cameco to respond to the growing need for uranium fuel to generate safe, clean, reliable and affordable electricity by exploring new opportunities that we expect will further our participation in the nuclear fuel value chain. New opportunities like the pending acquisition of a share of Westinghouse. We expect the acquisition will augment our current suite of assets and allow us to better meet our customers' nuclear fuel cycle needs for light water reactors in areas where we have not previously participated. Through our fuel manufacturing capabilities and investment in global laser enrichment, we're exploring fuel fabrication of new fuels, including high assay, low-enriched uranium or [Halio]. We're also planning to participate in the responsible cleanup of leftover byproducts from a previous generation of enrichment facilities no longer in operation. 

此外，我們正在將 Cameco 定位為響應對鈾燃料日益增長的需求，以通過探索我們期望進一步參與核燃料價值鏈的新機會來產生安全、清潔、可靠和負擔得起的電力。新的機會，如即將收購西屋電氣的股份。我們預計此次收購將增加我們目前的資產組合，並使我們能夠更好地滿足客戶在我們之前未參與的領域對輕水反應堆的核燃料循環需求。通過我們的燃料製造能力和對全球激光濃縮的投資，我們正在探索新燃料的燃料製造，包括高含量、低濃縮鈾或 [Halio]。我們還計劃參與對不再運行的上一代濃縮設施的剩余副產品進行負責任的清理。

GLE has an agreement with the U.S. Department of Energy that would allow it to repurpose legacy waste by re-enriching depleted uranium tails into commercial source of uranium and conversion products to fuel nuclear reactors. And we are involved in developing the capability to produce commercial low-enriched uranium fuel using lasers for the world's existing and future fleet of light water reactors with what we believe will be greater efficiency and flexibility than current enrichment technologies. These opportunities align with our commitment to manage our business responsibly and sustainably and to increase our contribution to global climate change solutions. 

GLE 與美國能源部達成協議，允許它通過將貧化鈾尾礦重新濃縮成商業鈾資源和轉化產品來為核反應堆提供燃料，從而重新利用遺留廢物。我們還參與開發使用激光為世界現有和未來的輕水反應堆艦隊生產商用低濃鈾燃料的能力，我們相信其效率和靈活性將高於目前的濃縮技術。這些機會符合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。

Our decisions are deliberate. We are 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. We have determined that our strategy of operational flexibility, supply discipline and financial discipline will allow us to achieve our vision of energizing a Clean Air world. And it is a strategy that we expect will deliver long-term value in a market where demand for safe, secure, reliable and affordable clean nuclear energy is growing. 

我們的決定是深思熟慮的。我們是一家負責任的、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經營，這是我們 30 多年來一直在做的事情。我們已經確定，我們的運營靈活性、供應紀律和財務紀律戰略將使我們能夠實現為清潔空氣世界注入活力的願景。在對安全、可靠和負擔得起的清潔核能的需求不斷增長的市場中，我們預計這一戰略將帶來長期價值。

Before I conclude, I just want to recognize some changes to the executive team here at Cameco. Grant Isaac has been appointed Executive Vice President and remains our Chief Financial Officer. Joining the executive team from finance is Heidi Shockey, who will be our Senior Vice President and Deputy Chief Financial Officer. So I just want to congratulate both of them. And with that, we're happy to answer any questions you might have.

在結束之前，我只想了解 Cameco 執行團隊的一些變化。 Grant Isaac 已被任命為執行副總裁，並繼續擔任我們的首席財務官。從財務部加入執行團隊的是 Heidi Shockey，她將擔任我們的高級副總裁兼副首席財務官。所以我只想祝賀他們兩個。因此，我們很樂意回答您可能提出的任何問題。

(Operator Instructions) Our first question comes from Orest Wowkodaw of Scotiabank.

（操作員說明）我們的第一個問題來自豐業銀行的 Orest Wowkodaw。

Congratulations on the continuing momentum in the business. Curious on your portfolio approach now to the asset base. You're obviously bringing back [Cards River] quicker to full nameplate and not taking down Cigar. I'm just wondering, what would it take to push McArthur to the 25 million license capacity with respect to time line and capital?

祝賀業務的持續發展勢頭。對您現在對資產基礎的投資組合方法感到好奇。很明顯，您正在更快地將 [Cards River] 帶回完整銘牌，而不是拿下 Cigar。我只是想知道，要在時間線和資金方面將 McArthur 推向 2500 萬個許可容量需要什麼？

So yes, we -- as we announced, we are not going to continue with our strict supply discipline. We indeed said that we had the contracts in place to increase production would. So we're going to run it to 18 and 18, if you like, 18 at McArthur, 18 at Cigar. You'll remember, a few years ago, and it was a few years ago now, we were already at 20 million pounds in the car. They're over 20 million pounds in McArthur.

所以是的，我們 - 正如我們宣布的那樣，我們不會繼續嚴格的供應紀律。我們確實說過我們有增加產量的合同。所以我們將它運行到 18 和 18，如果你願意的話，18 在麥克阿瑟，18 在雪茄。你會記得，幾年前，現在也是幾年前，我們在車上已經有 2000 萬英鎊了。他們在麥克阿瑟的資產超過 2000 萬英鎊。

So that's not a big stretch for us. We have licensed capacity, let license approval is approval to go up to 25 million pounds. That would require a small bit of capital and a bit of time to get the mill ready to go to that level, but it's certainly not anything that we couldn't manage. I don't have exact cost and time line for you. But Brian, do you want to comment on that?

所以這對我們來說不是一個很大的延伸。我們有許可的能力，讓許可批准是批准高達 2500 萬英鎊。這將需要少量資金和一些時間來讓工廠準備好達到那個水平，但這肯定不是我們無法管理的。我沒有確切的成本和時間線給你。但是布賴恩，你想對此發表評論嗎？

Yes. Look, in terms of the mine, we would have to revisit the workforce and mobile equipment. So there would be additional resources required at the mine to increase capacity. The little more work, particularly on the back end of the circuits. So we've got a number of studies underway now to look at engineering design. And out of that, we'll be able to determine capital cost. But still early days, but we'll be able to report back on that sometime into the future.

是的。看，就礦山而言，我們將不得不重新審視勞動力和移動設備。因此，礦山需要額外的資源來增加產能。更多的工作，特別是在電路的後端。因此，我們現在正在進行多項研究，以了解工程設計。從中，我們將能夠確定資本成本。但仍處於早期階段，但我們將能夠在未來的某個時候對此進行報告。

Grant, do you have a comment?

格蘭特，你有什麼意見嗎？

Yes. And maybe, Orest, let me just wrap it in a bit of a strategic comment. Remember, we do not plan production until we have the homes for it. So the most important narrative here is that we need to see continued market support in the form of long-term contracts. We remain in supply discipline even with this announced production increase. 

是的。也許，Orest，讓我用一些戰略評論來總結一下。請記住，在我們擁有適合它的住所之前，我們不會計劃生產。因此，這裡最重要的敘述是，我們需要看到以長期合約形式出現的持續市場支持。即使宣布增產，我們仍然遵守供應紀律。

If you think about our Tier 1 asset base, even with what we're talking about today, we'll still be in about 75% supply discipline relative to the Tier 1 and 62% supply discipline relative to the Tier 2. So we are still in supply discipline mode because strategically, we need to see continued market improvement in the form of long-term contracts, we do not produce from these assets to dump into the spot market or to build an excess inventory, that does not create long-term value.

如果你想想我們的一級資產基礎，即使我們今天談論的是，相對於一級和 62% 的供應紀律，我們仍將處於相對於一級和 62% 的供應紀律。所以我們是仍處於供應紀律模式，因為從戰略上講，我們需要以長期合同的形式看到市場持續改善，我們不會從這些資產中生產以傾銷到現貨市場或建立過剩庫存，這不會產生長期期限值。

And just following up on that, Grant. If -- assuming continued contract momentum here, where is the next source of production likely to come from, if you want to crank that up, is it likely going higher on McArthur? Or is it somewhere else in the asset base?

格蘭特就此跟進。如果 - 假設這裡的合同勢頭持續，下一個生產來源可能來自哪裡，如果你想提高它，麥克阿瑟的價格可能會更高嗎？還是資產庫中的其他地方？

Of course, we push our Tier 1 asset. So McArthur would be our first stop, obviously, you saw in our disclosure that we've got Inkai to move that forward as well. So those would be our first 2 stops. And we've got, as we say, a nice suite of Tier 2 projects that if someone is willing to look at those, Rabbit Lake, ready to go and others. So -- but we would definitely go with our Tier 1 assets.

當然，我們推動我們的一級資產。所以 McArthur 將是我們的第一站，顯然，你在我們的披露中看到我們也讓 Inkai 推動了這一點。所以那些將是我們的前 2 站。正如我們所說，我們有一套不錯的二級項目，如果有人願意看那些，兔子湖，準備好去和其他人。所以——但我們肯定會選擇我們的一級資產。

And from a value point of view, Orest, it really is critical to emphasize to everybody that we're talking about a base of assets already licensed, already permitted, already constructed. They will attract some sustaining capital, some replacement capital, a little bit of growth capital, but we are not talking about greenfield. So this truly is an extraordinary amount of brownfield leverage at a turn in the market.

從價值的角度來看，Orest，向每個人強調我們正在談論的資產基礎已經獲得許可、已經允許、已經構建，這一點真的很重要。他們將吸引一些維持資本、一些替代資本、一點增長資本，但我們不是在談論綠地。因此，這確實是市場轉折時期的大量棕地槓桿。

Our next question comes from Ralph Profiti of Eight Capital.

我們的下一個問題來自 Eight Capital 的 Ralph Profiti。

Two of them, if I may. First one is just on the Ukrainian contract with Energoatom. Can you discuss a little bit because you said in your commentary that this has the potential to be the single largest supply contract. What percentage of the contract book does that represent now? And how fast can we think about the amount of excess contracting that is available to Cameco over, say, the next 10 to 12 years. Are you sort of 50% occupied in terms of your production capability of that 32 million pounds?

其中兩個，如果可以的話。第一個是關於與 Energoatom 的烏克蘭合同。你能稍微討論一下嗎，因為你在評論中說這有可能成為最大的單一供應合同。那現在佔合同書的百分比是多少？我們可以多快考慮 Cameco 在未來 10 到 12 年內可以獲得的超額合同數量。就您那 3200 萬磅的生產能力而言，您是否佔用了 50%？

So I'll pass it over to Grant to talk about that. I'll tell you the cover is getting a little bit skinny for sure on our sales going forward. But I just want to say on that Energoatom Ukraine contract, that's a big deal for us. Big deal, obviously, in the delivery sense, financial sense, all of that stuff, but it's bigger than that. We've been working with them for, I think we went over there in 2018 and then 2020. And we met with them in -- I remember in December 2021 and talk to them. We're getting close. And then, of course, the events of 2022 February happened. And so it's more for us. It's almost more than just a financial or a supply transaction. 

所以我會把它交給格蘭特來談談。我會告訴你，在我們未來的銷售中，封面肯定會變得有點瘦。但我只想說，關於 Energoatom 烏克蘭合同，這對我們來說意義重大。很明顯，在交付意義上，財務意義上，所有這些東西都是大問題，但它比這更重要。我們一直在與他們合作，我想我們在 2018 年和 2020 年去了那裡。我們在 - 我記得在 2021 年 12 月與他們會面並與他們交談。我們越來越近了。然後，當然，發生了 2022 年 2 月的事件。所以它更適合我們。它幾乎不僅僅是金融或供應交易。

We're standing shoulder to shoulder with them as they try to diversify their energy supply and their fuel sources and move away from the Russian so -- this is a big ticket for us. You saw it's kind of 2 parts. The 9 reactors that they're operating now. We'll supply those over a 12-year period to 2035. And (inaudible) units, we'll see what happens with those. I know the IAE is in there and working on that. So I just wanted to make that commentary. It's -- this is a big piece for us. Grant, do you want to talk about what percentage it might work out to, I think you could do the math.

我們與他們肩並肩，因為他們試圖使他們的能源供應和燃料來源多樣化，並遠離俄羅斯——這對我們來說是一張大票。你看到它有兩部分。他們現在正在運行的 9 個反應堆。我們將在 12 年到 2035 年期間提供這些設備。並且（聽不清）設備，我們將看看這些設備會發生什麼。我知道 IAE 在那裡並正在努力。所以我只想發表評論。這是 - 這對我們來說是一件大事。格蘭特，你想談談它可能達到多少百分比，我想你可以算一下。

Yes, a couple of comments from a market point of view on the Energoatom contract as well. It's indicative of several things. It's indicative of what we've been saying. There's a security of supply trend going through the market. This is a security of supply contract at its very core. It's indicative of our pipeline. When we tell folks that our pipeline is robust, you really have to believe us, and this is evidence of it. It's indicative of our competitive advantages as a proven, reliable, independent and integrated commercial supplier of nuclear fuel. This is possible because we're also a converter. 

是的，從市場的角度也對 Energoatom 合約發表了一些評論。這表明了幾件事。這表明我們一直在說什麼。市場上存在供應趨勢的安全性。這是其核心的供應合同安全。這表明我們的管道。當我們告訴人們我們的管道很強大時，您真的必須相信我們，這就是證據。這表明我們作為久經考驗、可靠、獨立和綜合的核燃料商業供應商的競爭優勢。這是可能的，因為我們也是一個轉換器。

Being just a uranium company wouldn't have afforded us the full fleet opportunity that we're enjoying here. It's indicative of the improving tenors, volumes and time frames that we've been talking about through 2022. So it's indicative of that. And it's indicative of the type of price exposure that we look for at this point in the cycle. When we see a security of supply cycle underway, we want price exposure from both our portfolio, committed sales that are market related. And then what you're referring to, which is the pipeline, the pounds we haven't sold yet. 

僅僅是一家鈾公司不會為我們提供我們在這裡享受的完整艦隊機會。這表明我們一直在談論到 2022 年的期限、數量和時間框架的改善。所以它表明了這一點。它表明了我們在周期的這一點上尋找的價格風險類型。當我們看到供應週期的安全性正在進行時，我們希望我們的投資組合和與市場相關的承諾銷售中的價格敞口。然後你指的是管道，我們還沒有賣掉的磅數。

So what I can say is we are far from sold out. If you look at our price sensitivity table, we have, on average, 21 million pounds per year over the next 5 years, more heavily weighted to the near term, of course, our guidance, 29 million to 31 million pounds of sales in 2023, so sales going back up. And just a reminder to folks, those are committed sales. Those are not sales we have to yet make in 2023. These are non discretionary requirement sales that we will deliver into in 2023. And as the years go out, obviously, less exposure. So really, for us, it will be less than 10% of the overall portfolio as the sales number grows as more customers come into long-term contracting. And yet as we look out, we have a lot of price exposure to come from pounds that are still in the ground that we have not yet committed.

所以我能說的是我們還遠未售罄。如果你看一下我們的價格敏感度表，我們在未來 5 年內平均每年有 2100 萬英鎊，當然，我們的指導方針是近期的權重更大，2023 年的銷售額為 2900 萬至 3100 萬英鎊，因此銷售額回升。只是提醒人們，這些都是承諾的銷售。這些不是我們必須在 2023 年進行的銷售。這些是我們將在 2023 年交付的非酌情要求銷售。隨著時間的推移，顯然，風險會減少。所以，對我們來說，隨著越來越多的客戶簽訂長期合同，銷售數量會增加，這將不到整體投資組合的 10%。然而，正如我們所看到的，我們有很多價格風險來自我們尚未承諾的仍在地面上的英鎊。

Okay. Yes, that's helpful. I appreciate the context. As a follow-up, as the market has gradually gotten stronger and chemical continues to maintain this disciplined approach, what's the risk that other players that are not as disciplined in holding back supply actually starts to impact the market. Are we insulated from those types of trends? Or is there still risks in the market that whether in existing entrants or new entrants can sort of suppress or elongate the time at which we actually have a price recovery in the term market.

好的。是的，這很有幫助。我很欣賞上下文。作為後續行動，隨著市場逐漸走強，化工繼續保持這種有紀律的做法，其他在抑制供應方面不那麼自律的參與者實際上開始影響市場的風險是什麼。我們是否不受這些趨勢的影響？或者市場上是否仍然存在風險，即無論是現有進入者還是新進入者都可以抑製或延長我們在術語市場中實際價格回升的時間。

Yes, that's a terrific question, Ralph. The way we look at it is, of course, we build a portfolio that we think offers the best of all worlds to investors. We take quick moves that can happen in so-called commodity spaces. But we turn those into a long-tail cash flows and revenues through long-term contracts. We don't just ride up a tight spot dynamic and then ride it back down like we've seen other uranium producers do. And probably the best way to illustrate this is a lot of people these days are looking at that uncovered requirements which. 

是的，這是一個了不起的問題，拉爾夫。當然，我們看待它的方式是，我們建立了一個我們認為可以為投資者提供世界上最好的投資組合。我們採取可能在所謂的商品空間中發生的快速行動。但我們通過長期合同將這些轉化為長尾現金流和收入。我們不會像我們看到其他鈾生產商所做的那樣，只是抓住一個緊要關頭的動態，然後將其拉回原位。也許最好的方式來說明這一點，現在很多人都在關注那些未發現的需求。

And I think it's Slide 9 to accompany Tim's comments. And what we see is it gets misinterpreted often in 2 ways. First of all, some people look at the uncovered requirements wedge. And if you look at it for '23, 2024 and 2025, utilities have very little discretionary demand. And some people incorrectly conclude that that means there's not going to be a lot of demand coming to the market. Well, that's not right. Utilities will, by definition, be very well covered in year and next year. But that doesn't mean demand 2025, 2026 and beyond can't create price pressure today. So that curve will always look that way. 

我認為這是幻燈片 9 來配合 Tim 的評論。我們看到的是它經常以兩種方式被誤解。首先，有些人會查看未發現的需求楔子。如果你看看 23 年、2024 年和 2025 年，公用事業的可自由支配需求很少。有些人錯誤地認為這意味著不會有很多需求進入市場。好吧，那是不對的。根據定義，公用事業將在明年和明年得到很好的覆蓋。但這並不意味著 2025 年、2026 年及以後的需求不會在今天造成價格壓力。所以那條曲線總是那樣的。

So to your point, when you -- when we're in 2030, for example, there are some folks out there that are advocating that they're going to bring production into uranium, and they say, "We don't have to worry about a contract portfolio today" because look, demand is going to be 200 million pounds in 2030. Well, demand will be 200 million pounds, could even be more by 2030. But that wedge will look exactly the same. The uncovered portion will be very, very small in 2030, 2031.

所以就你的觀點而言，當你——例如，當我們在 2030 年時，有些人主張他們將生產鈾，他們說，“我們不必擔心今天的合同組合”，因為看，到 2030 年需求將達到 2 億英鎊。好吧，需求將達到 2 億英鎊，到 2030 年甚至可能更多。但那個楔子看起來完全一樣。 2030年、2031年未覆蓋的部分會非常非常小。

And let me just put it into perspective because I know a lot of people like to look at the spot market. In 2022, utilities bought 8 million pounds in the spot market. So term contracting is going up. Spot market purchasing actually went down. They were 13% of the spot market. In weekly terms, utilities were putting 150 million pounds of demand – 150,000 pounds of uranium demand in the market per week. So if somebody comes along and says, well, I'm going to build a 5 million pound mine and sell it into the spot market, they got to sell 100,000 pounds per week in the spot market. That's foolish.

讓我從一個角度來看，因為我知道很多人喜歡看現貨市場。 2022 年，公用事業公司在現貨市場購買了 800 萬英鎊。因此，定期合同正在上升。現貨市場採購實際上下降了。它們佔現貨市場的 13%。按週計算，公用事業公司每周向市場投放 1.5 億磅鈾需求 - 150,000 磅鈾需求。因此，如果有人過來說，好吧，我要建造一個 500 萬磅的礦山並將其出售到現貨市場，他們每週必須在現貨市場上出售 100,000 磅。那是愚蠢的。

If someone comes along and says, well, I'm going to build a 25 million pound mine -- and I'm going to be spot exposed because I want to take advantage of all this price yet to come. They're going to be pushing 500,000 pounds through the spot market in a year where there's no requirements. So for us, it is about giving investors exposure under long-term contracts to rising price environment and protecting them from that kind of behavior in the market. And if you want to see the performance of our contract portfolio, just look at it post Fukushima. We outperformed the market in those years with our contract portfolio because we gave you upside participation and protected you from downside if we saw that kind of behavior. 

如果有人過來說，好吧，我要建造一個 2500 萬英鎊的礦山——我將被曝光，因為我想利用所有這些尚未到來的價格。他們將在沒有要求的一年內通過現貨市場銷售 500,000 英鎊。因此，對我們來說，這是讓投資者根據長期合同接觸價格上漲環境，並保護他們免受市場上這種行為的影響。如果您想了解我們合同組合的表現，只需查看福島事故後的情況即可。在那些年裡，我們的合約投資組合跑贏了市場，因為我們為您提供了上行參與，並在我們看到這種行為時保護您免受下行影響。

So could we see it again? Hopefully not. Hopefully, investors understand the market structure, and they're not prepared to finance a project that has a silly spot market strategy to it. But if they do, Cameco's investors are protected from that.

那我們還能再看一次嗎？希望不會。希望投資者了解市場結構，並且他們不准備為具有愚蠢的現貨市場策略的項目提供資金。但如果他們這樣做，Cameco 的投資者就不會受到影響。

Appreciate the color, Tim and Grant, and congratulations on the appointment. Thank you.

欣賞顏色，蒂姆和格蘭特，並祝賀任命。謝謝。

Our next question comes from Greg Barnes of TD Securities.

我們的下一個問題來自道明證券的格雷格巴恩斯。

Grant and Tim, you've said in the past that contracting begets contracting. So I know the forecast from some of the forecasters were 100 million pounds again of contracting in 2023. But with this Ukraine contracts, I think that's off to a huge start. Do you think this is going to encourage more utilities coming to the market perhaps faster than they previously anticipated?

Grant 和 Tim，你們過去說過，承包會導致承包。所以我知道一些預測員的預測是 2023 年再次收縮 1 億英鎊。但是有了這份烏克蘭合同，我認為這是一個巨大的開端。您是否認為這會鼓勵更多的公用事業公司進入市場，也許比他們之前預期的更快？

Greg, thanks for the question and Grant's on a roll here, so I'll let him keep going on the market.

格雷格，謝謝你提出這個問題，格蘭特在這裡很受歡迎，所以我會讓他繼續上市。

Well, yes, Greg, we -- it kind of goes back to that that pipeline conversation we keep having, we were amused here at Cameco just a couple of weeks ago when one of the trade reporters kind of characterized the market activity as being slow. And we've got a marketing team who just kind of sat around and looked at each other and said, which market is slow, like we are not seeing it at all. So perhaps we just have more of a view and a better view into the market than some of the trade reporters do. 

嗯，是的，格雷格，我們 - 這有點回到我們一直在進行的管道對話，幾週前我們在 Cameco 被逗樂了，當時一位貿易記者將市場活動描述為緩慢.我們有一個營銷團隊，他們只是圍坐在一起看著對方說，哪個市場發展緩慢，就好像我們根本沒有看到一樣。所以也許我們只是比一些貿易記者對市場有更多的看法和更好的看法。

I think people could forgive me for saying it might start feeling like the summer of 2010 again, a big new entrant stepping into the market, tying up Western capacity, while others have not moved to fill those requirements. It could feel like that kind of catalyst when the Chinese stepped into the market for the first time in the term market for the first time in a big way in the summer of 2010. So it's off to a great start. And I would say that that the type of contracting volumes will be noticed by others who have needs out in the exact same window for both uranium and for conversion.

我想人們可以原諒我說這可能又開始感覺像 2010 年夏天，一個新的大公司進入市場，佔用西方產能，而其他人還沒有採取行動來滿足這些需求。當中國人在 2010 年夏天首次大規模進入術語市場時，感覺就像是那種催化劑。所以這是一個良好的開端。我想說的是，其他需要鈾和轉換的人會注意到合同數量的類型。

Yes. And just a follow-up. On Cigar Lake, part of the rationale for curtailing production there was to give you more time to assess Phase 2 at Cigar Lake. So the fact that you're going to continue to run at 18 million pounds, I assume it means you're accelerating Phase 2 forward to some extent, given the limited life you have left of Phase 1.

是的。只是一個跟進。在 Cigar Lake，減產的部分原因是讓您有更多時間評估 Cigar Lake 的第 2 階段。所以你將繼續以 1800 萬磅的速度運行這一事實，我認為這意味著你在某種程度上加速了第二階段的前進，因為第一階段的壽命有限。

Yes, Greg. So you're right. We are working hard on that now. We're pretty excited. We've seen some of the potential there for the extension to Phase 1, as we now call it. So yes, we're working on that, and we think Cigar is going to continue to produce, hopefully, seamlessly into the 2030s.

是的，格雷格。所以你是對的。我們現在正在為此努力。我們很興奮。我們已經看到了擴展到我們現在所說的第一階段的一些潛力。所以是的，我們正在努力，我們認為 Cigar 將繼續生產，希望無縫地進入 2030 年代。

(Operator Instructions) Our next question comes from Lawson Winder of Bank of America Securities.

（操作員說明）我們的下一個問題來自美國銀行證券公司的 Lawson Winder。

Thank you, operator. Tim and Grant, Nice to hear from you both. I wanted to ask about -- well, first of all, the fuel contract pricing. So the revenue guidance for '23 implies fuel contract pricing around USD 26. So with spot conversion pricing approaching $40 per kilogram in both the EU and North America. Would it be reasonable to expect that some of these higher prices would start flowing through in future years?

謝謝你，運營商。蒂姆和格蘭特，很高興收到你們的來信。我想問的是——嗯，首先，燃料合同定價。因此，'23 的收入指導意味著燃料合同定價約為 26 美元。因此，歐盟和北美的現貨轉換定價接近每公斤 40 美元。預計這些更高的價格中的一些會在未來幾年開始流通是否合理？

Yes, absolutely. You know that we have a trailing value capture approach to our on tracking. So as prices improve, -- in the spot market, we see that strengthening price, and we want to convert that into long-tail term contracts. So there is a bit of a lag effect. We don't match the spot market going up and then we don't go down with the spot market as we lock in that value over a longer period of time. So if you think about the uranium segment where more capacity is required, prices will have to go up to incent more supply. It is about price exposure.

是的，一點沒錯。你知道我們有一個跟踪價值捕獲方法來跟踪。因此，隨著價格上漲，——在現貨市場，我們看到價格走強，我們希望將其轉化為長期合同。所以有一點滯後效應。我們不會隨著現貨市場的上漲而下跌，因為我們會在更長的時間內鎖定該價值。因此，如果您考慮需要更多產能的鈾部分，價格將不得不上漲以刺激更多供應。這是關於價格風險。

In the conversion side, where you have idle capacity that's going to come back, it is about price capture at this point. And then that gets baked into our contract portfolio and creates a longer tail of financial performance.

在轉換方面，您有閒置產能將要恢復，這與此時的價格捕獲有關。然後將其納入我們的合同組合併創造更長的財務業績尾巴。

And last, maybe just remember to that price that we put in there, that's a combined price for all the products in our fuel services, not just U.S. VI.

最後，也許只記得我們在那裡設定的價格，這是我們燃料服務中所有產品的綜合價格，而不僅僅是美國 VI。

Absolutely. And then for my follow-up, I just wanted to ask about the latest expectations on the timing around the closing of the Westinghouse acquisition. And in particular, just your thoughts on the SAMR review. So the state administration for market regulation in China and whether or not you have any concerns about that particular review...

絕對地。然後對於我的後續行動，我只想問一下對西屋電氣收購完成時間的最新預期。尤其是您對 SAMR 審查的看法。那麼中國國家市場監管總局以及您是否對該特定審查有任何擔憂......

Yes. Thanks for that, Lawson. I'm going to pass it over to Sean Quinn, who is all over that question.

是的。謝謝你，勞森。我將把它交給 Sean Quinn，他一直在處理這個問題。

Sure. Thanks, Lawson. I'll start with just a general overview of the regulatory approval process. To date, we haven't seen any showstoppers. We're working on our merger control competition law approvals and various nuclear regulatory type control approvals. And just for an investment approvals, they all take time, of course, but we haven't seen any showstoppers, and we still think we're on track for the second half of this year. 

當然。謝謝，勞森。我將從監管審批流程的一般概述開始。迄今為止，我們還沒有看到任何阻礙者。我們正在致力於我們的合併控制競爭法批准和各種核監管類型控制批准。當然，僅就投資批准而言，它們都需要時間，但我們還沒有看到任何阻礙，我們仍然認為我們在今年下半年走上正軌。

In terms of China itself, we have submitted what's called a simplified application. Don't have any feedback yet, but we are quite confident at this point that we'll be fine in China, but we don't have any feedback from the actual regulatory authorities there.

就中國本身而言，我們提交了所謂的簡化申請。目前還沒有任何反饋，但我們在這一點上非常有信心我們在中國會沒事，但我們沒有從那裡實際的監管機構那裡得到任何反饋。

Probably fair to say, Sean, that with respect to China, nothing will really have changed from a competitive supply point of view. Recall Lawson, that what the Chinese have always wanted from Cameco is yellow cake. They're interested in doing all the fuel processing themselves, and that's what they would continue to get from Cameco.

肖恩，可以公平地說，就中國而言，從競爭性供應的角度來看，什麼都沒有真正改變。回想一下勞森，中國人一直想要從 Cameco 得到的是黃蛋糕。他們有興趣自己進行所有燃料加工，這就是他們將繼續從 Cameco 獲得的東西。

From Westinghouse, obviously, there were some initial reactor builds, but now China has its own version of the AP1000, which they build. And so Westinghouse's Wave 2 business is really around reactor services and some fabrication. So really, there's no change from a supply point of view. Cameco will be doing what it did before. Westinghouse will be doing what it did before. And there isn't any overlap. So we feel pretty confident about our position there.

很明顯，西屋公司建造了一些最初的反應堆，但現在中國有了自己建造的 AP1000 版本。因此西屋電氣的 Wave 2 業務實際上圍繞反應堆服務和一些製造。所以實際上，從供應的角度來看沒有變化。 Cameco 將重蹈覆轍。 Westinghouse 將重蹈覆轍。而且沒有任何重疊。所以我們對我們在那裡的位置非常有信心。

Our next question comes from Alex MacPherson of allSaskatchewan.

我們的下一個問題來自 allSaskatchewan 的 Alex MacPherson。

Hi Alex, we saw your article already in allSaskatchewan this morning, well done. Thank you.

嗨，Alex，我們今天早上已經在 allSaskatchewan 上看到了您的文章，做得好。謝謝。

Thank you. I wanted to ask about the plans to increase the ramp-up at McArthur and sort of what that means on the ground in Saskatchewan in terms of workforce and capital, both to get to 18 million pounds and then potentially to the full '25.

謝謝。我想問一下增加 McArthur 產量的計劃，以及這在勞動力和資本方面對薩斯喀徹溫省的實際意義，既要達到 1800 萬英鎊，又要達到 25 年。

Well, we're in good shape now. We started to ramp up over a year ago now. And so we're still working on a few of the kinks at the mill. But at the mine, they're in good shape. I think they've got something like 120 million or 122 million pounds behind freeze curtain, which is important for us for our mining. We've ramped up the team there. We've hired hundreds of people, as you know, over the last year. So it's really a question of first getting to 15 at McArthur and Key and then into 18 and 2024. 

嗯，我們現在狀態很好。一年多前，我們開始加速發展。因此，我們仍在努力解決工廠中的一些問題。但在礦山，他們的狀況良好。我認為他們在凍結幕後有大約 1.2 億或 1.22 億磅的東西，這對我們的採礦很重要。我們已經加強了那裡的團隊。如您所知，我們在去年僱用了數百人。所以這真的是一個問題，先在 McArthur and Key 達到 15，然後進入 18 和 2024。

And as Grant said earlier, if we see the business, if we see the contracts come, then we'll think about dialing it up a little further. And as I said earlier, there's a bit of capital that has to go in not a whole lot. And maybe a few more people here and there. But we're -- it's incremental, if you like, Alex. It's not a big push for us.

正如格蘭特早些時候所說，如果我們看到業務，如果我們看到合同來了，那麼我們會考慮進一步撥通它。正如我之前所說，需要投入的資金並不多。也許還有幾個人在這里和那裡。但是我們 - 如果你願意的話，它是漸進的，亞歷克斯。這對我們來說不是很大的推動力。

Our next question comes from Grace Symes of Energy Intelligence.

我們的下一個問題來自 Energy Intelligence 的 Grace Symes。

Nice to talk to you guys. So my question is just about Alashankou in China. And if Cameco would consider opening account there as they're trying to make into a trading hub or if they would move uranium can go move uranium to China via Alashankou?

很高興和你們交談。所以我的問題是關於中國的阿拉山口。如果 Cameco 考慮在那裡開設賬戶，因為他們正試圖成為一個貿易中心，或者他們是否會轉移鈾，可以通過阿拉山口將鈾轉移到中國？

Yes. Thanks, Grace. We appreciate your question. Obviously, we're watching what's going on at Alashankou and whether that gets set up, and we are hearing it's moving. We have no intention at the moment of setting up an account there. We have our own facilities and accounts to look after. So we're watching it with great interest. But for now, we have our intention of opening an account to Alashankou.

是的。謝謝，格蕾絲。感謝您的提問。很明顯，我們正在關注阿拉山口的情況，看它是否成立，我們正在聽它的進展。我們目前無意在那裡開設賬戶。我們有自己的設施和賬戶需要照顧。所以我們非常感興趣地看著它。但目前，我們有開戶到阿拉山口的意向。

Okay. And then a follow-up question, sorry, is just does chemical plan to continue exporting material from Kazakhstan to a [transcabian] trade route? And to what extent would that impact cost, if that's the case?

好的。然後是一個後續問題，抱歉，化工是否計劃繼續從哈薩克斯坦向 [transcabian] 貿易路線出口材料？如果是這樣的話，這會在多大程度上影響成本？

Yes. We sure do. We were happy to get that first shipment through as we reported, and we're working on another one. And Sean, I know you've been -- you were talking about it yesterday. So why don't you just give the latest update on the spin route.

是的。我們當然會。正如我們所報告的那樣，我們很高興第一批貨物順利通過，我們正在處理另一批貨物。肖恩，我知道你已經 - 你昨天在談論它。那麼，為什麼不直接提供旋轉路線的最新更新呢？

Our second shipment relating to our 2022 purchases is through to the Port of Hope already and might even be loaded on the boat to make the trip across. And we are working towards making applications for our 23 shipments at this time through the [transcabian] route.

我們與 2022 年採購相關的第二批貨物已經運抵希望港，甚至可能裝上船進行穿越之旅。我們正在努力通過 [transcabian] 路線申請我們目前的 23 批貨件。

Our next question comes John Tumazos from John Tumazos Very Independent Research.

我們的下一個問題來自 John Tumazos Very Independent Research 的 John Tumazos。

Congratulations on all the progress. Concerning the Kazakh contract, which is so significant since it's the seventh largest nuclear power generator in the world. Would the ZapaRci tranche, claw back, your spot sales first, if that falls back into sovereign control? And then second have you planned for the contingency if the Ukrainian government can't pay you, they seem to have some funding deficits. Do you have any assurances from Ottawa that if the Ukraine don't pay the Ottawa would pick up the tab or the EU would pick up the tab given that the country appears very bankrupt.

祝賀所有的進步。關於哈薩克斯坦的合同，該合同意義重大，因為它是世界第七大核能發電國。如果 ZapaRci 重新回到主權控制之下，ZapaRci 會首先收回你的現貨銷售嗎？其次，如果烏克蘭政府無法支付給您錢，您是否已計劃應對應急措施，他們似乎存在一些資金赤字。你能從渥太華那裡得到任何保證嗎，如果烏克蘭不付錢，渥太華會買單，或者歐盟會買單，因為這個國家看起來已經非常破產了。

Thanks for the question, John. You're referring to the Ukraine contract. We -- as you saw in our disclosure, we separated the 2 sets of units, the 9 units that Ukraine is Energoatom is operating now and operating quite well. Listen, this isn't our first contract with Ukraine. We've been dealing with them for some years now, and they're one of our best customers and have paid every time there's not an issue there. 

謝謝你的問題，約翰。你指的是烏克蘭合同。我們 - 正如您在我們的披露中看到的那樣，我們將 2 套裝置分開，烏克蘭是 Energoatom 的 9 個裝置現在正在運行並且運行良好。聽著，這不是我們與烏克蘭的第一份合同。我們已經與他們打交道好幾年了，他們是我們最好的客戶之一，每次都沒有問題就付錢。

On the ZapaRcia units, yes, we're concerned about those. So as the IAEA, and they're over there with inspectors and others trying to get those under control and back under Ukraine control. And so that's why we separated the 2 tranches. We're very confident that the Ukraine will indeed return to ZapaRcia and take control of those units, but we'll wait to see. So in the meantime, we've taken all of those contingencies and risks into consideration in this contract, and it's still just an outstanding contract, and we're proud to be partners with Energoatom.

在 ZapaRcia 裝置上，是的，我們很關心這些。因此，作為國際原子能機構，他們在那裡與檢查員和其他人一起試圖讓那些處於控制之下並回到烏克蘭的控制之下。這就是我們將兩部分分開的原因。我們非常有信心烏克蘭確實會回到 ZapaRcia 並控制這些單位，但我們會拭目以待。所以與此同時，我們在這份合同中考慮了所有這些意外事件和風險，它仍然是一份優秀的合同，我們很自豪能成為 Energoatom 的合作夥伴。

So if they were to be late paying you for the uranium units, would you consider -- would you continue shipping -- or how long would you continue shipping? Or would you just roll over to the spot market or a different customer?

因此，如果他們延遲向您支付鈾裝置的費用，您會考慮——您會繼續發貨嗎——或者您會繼續發貨多久？還是您會轉向現貨市場或其他客戶？

Well, John, we don't play on the spot market. That's not where our sales go. We've been absolutely crystal clear and consistent on that. We do not sell into an oversupplied spot market anytime. So we're very comfortable with the Ukraine. As I say, we've been dealing with them for years. We've had other contracts. They've always paid not a problem. If they have some issues, we'll deal with them then. But right now, that is not an issue for us. So as I say, we're proud to work with Energoatom.

好吧，約翰，我們不在現貨市場上玩。那不是我們銷售的方向。我們對此非常清楚和一致。我們不會隨時向供過於求的現貨市場出售。所以我們對烏克蘭非常滿意。正如我所說，我們多年來一直在與他們打交道。我們還有其他合同。他們總是付錢不是問題。如果他們有一些問題，我們會處理他們。但現在，這對我們來說不是問題。正如我所說，我們很自豪能與 Energoatom 合作。

Our next question comes from Fai Lee of Odlum Brown.

我們的下一個問題來自 Odlum Brown 的 Fai Lee。

I think this question is probably for Grant. I'm just wondering if you could comment on where you see the effective tax rate in 2023 and maybe 2024, if these minimum tax rate gets passed?

我認為這個問題可能是給格蘭特的。我只是想知道如果這些最低稅率獲得通過，您是否可以評論 2023 年和 2024 年的有效稅率？

We've been guiding towards an effective tax rate that approaches more statutory rates in Canada, more production from Canada, more sales through Canada is going to result in a statutory rate. But that is an income tax expense. It's not the same as cash tax because remember, we do have a very large deferred tax asset. So from a cash tax point of view, we do expect to chew through that asset over a period of time. But in general, yes, we do expect to approach more of a statutory rate with some efficiencies capable from our global structure.

我們一直在引導有效稅率接近加拿大的更多法定稅率，更多來自加拿大的生產，更多通過加拿大的銷售將導致法定稅率。但這是所得稅費用。它與現金稅不同，因為請記住，我們確實有非常大的遞延稅資產。因此，從現金稅的角度來看，我們確實希望在一段時間內消化掉該資產。但總的來說，是的，我們確實希望通過我們的全球結構能夠提高一些效率來接近法定利率。

And Fai, I would just point out, too, just keep in mind that the earnings from the equity account you come in to our earnings on a net tax basis. So that has an impact as well when you think about that.

Fai，我也想指出，請記住，您從股票賬戶中獲得的收益是按淨稅計算的。因此，當您考慮這一點時，這也會產生影響。

Okay. And just to clarify you're getting closer. But for 2023, would it be somewhat still similar to 2022 on an effective basis for the income net cash?

好的。只是為了澄清你越來越近了。但對於 2023 年，在收入淨現金的有效基礎上，它是否仍與 2022 年有些相似？

I'll have to get back to you on that one slide. I don't have a specific number here in front of us.

我必須在那張幻燈片上回复你。我們面前沒有具體數字。

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

問答環節到此結束。我想將會議轉回給 Tim Gitzel 作閉幕詞。

Well, thanks very much, operator, and thanks to everybody who joined us on the call today. We appreciate your support. Obviously, exciting -- pretty exciting times for Cameco and the future of nuclear power. We're excited about the fundamentals in the nuclear fuel market. We're certainly excited about the prospects for our company as we continue to ramp up production to satisfy our long-term supply commitments and invest in opportunities across the fuel cycle. 

好吧，非常感謝接線員，也感謝今天加入我們電話會議的每一個人。感謝您的支持。顯然，對於 Cameco 和核能的未來來說，這是激動人心的時刻。我們對核燃料市場的基本面感到興奮。隨著我們繼續提高產量以滿足我們的長期供應承諾並投資於整個燃料循環的機會，我們當然對我們公司的前景感到興奮。

You've heard us say this before, I'll say it again, we're 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 are well positioned to respond to changing market dynamics and benefit from the long-term growth we see coming, driven by the need for safe, reliable, secure, affordable and carbon-free baseload electricity. 

你以前聽過我們說過，我再說一遍，我們是一家負責任的商業供應商，擁有強大的資產負債表、長期的一級資產和可靠的運營記錄以及重返我們一級的視線1成本結構。我們在 Cameco 處於有利地位，可以應對不斷變化的市場動態，並從我們看到的長期增長中受益，這是由對安全、可靠、可靠、負擔得起和無碳基荷電力的需求驅動的。

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 that we believe will make our business sustainable over the long term. And we will continue to make the health and safety of our workers, their families and their communities are top prior room. So thanks, everybody. Stay safe and healthy, and we'll talk to you again soon.

我們將繼續做我們說過的事情，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。我們將繼續把我們工人、他們的家人和社區的健康和安全放在首位。所以謝謝大家。保持安全和健康，我們很快會再次與您聯繫。

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。您可以斷開線路。感謝您的參與，祝您度過愉快的一天。