Cameco Corp (CCJ) 2023 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Cameco Corporation First Quarter 2023 Conference Call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. (Operator Instructions) Webcast participants are asked to wait until the Q&A session is over started before submitting their questions. As the information they are looking for may be provided during the presentation. I would now like to turn the conference over to Rachelle Girard, Vice President, Investor Relations. Please go ahead.

謝謝你的支持。這是會議接線員。歡迎來到 Cameco Corporation 2023 年第一季度電話會議。提醒一下，所有與會者都處於只聽模式，會議正在錄製中。演示結束後，將有機會提問。 （操作員說明）要求網絡廣播參與者等到問答環節結束後再提交問題。因為他們正在尋找的信息可能會在演示過程中提供。我現在想將會議轉交給投資者關係副總裁 Rachelle Girard。請繼續。

Thank you, operator, and good morning, everyone. Welcome to Cameco's first quarter conference call. I would like to acknowledge that you're speaking from our corporate office, which is on treaty 6 territory, the traditional territory of Cree Peoples and the homeland of MAT. With us today on the call are Tim Gitzel, President and CEO; Grant Isaac, Executive VP and CFO; Heidi Shake, Senior VP and Deputy CFO; Brian Reilly, Senior VP and Chief Operating Officer; and Sean Quinn, Senior VP, Chief Legal Officer and Corporate Secretary.

謝謝接線員，大家早上好。歡迎來到 Cameco 第一季度電話會議。我想確認您是在我們的公司辦公室發言，該辦公室位於第 6 條約領土、克里族人的傳統領土和 MAT 的故鄉。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； Heidi Shake，高級副總裁兼副首席財務官； Brian Reilly，高級副總裁兼首席運營官； Sean Quinn，高級副總裁、首席法務官兼公司秘書。

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 this, we'll open it up for your questions. 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 ASA question form at the bottom of the webcast screen, and we will be happy to follow up after this call. 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.

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。在此之後，我們將打開它來回答您的問題。一如既往，我們的目標是在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，或者您的問題不應該在本次電話會議上得到解決。我們很樂意在通話後跟進您。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 ASA 問題表，我們很樂意在此次通話後跟進。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。

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. 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 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. With that, I'll turn it over to Tim.

今天的電話會議向投資界的所有成員開放，包括媒體。在問答環節中，請將自己限制為 2 個問題，然後返回隊列。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做出的任何前瞻性陳述的任何義務。請參閱我們最新的年度信息表和 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。有了這個，我會把它交給蒂姆。

Well, thank you, Rachelle, and good morning, everyone. I hope everyone is doing well. We appreciate you joining us on our call today. Let me start today by saying how excited we are about the opportunities for growth ahead of us. with demand for clean, reliable, secure and affordable baseload electricity coming from across the globe. In fact, I'm not sure there's ever been a better time to be a pure-play investment in the growing demand for nuclear energy. And that is exactly how we have positioned Cameco. From the results we published earlier today, which are clearly beginning to demonstrate the strength and purpose of our strategic decisions to the continued support we see developing for nuclear power around the world, our optimism just continues to grow.

好吧，謝謝你，雷切爾，大家早上好。我希望每個人都做得很好。感謝您今天加入我們的電話會議。讓我今天開始說，我們對擺在我們面前的增長機會感到多麼興奮。全球對清潔、可靠、安全和負擔得起的基本負荷電力的需求。事實上，我不確定現在是對日益增長的核能需求進行純粹投資的最佳時機。這正是我們對 Cameco 的定位。從我們今天早些時候發布的結果來看，這些結果清楚地開始證明我們戰略決策的實力和目的，以及我們看到世界各地對核電發展的持續支持，我們的樂觀情緒在繼續增長。

I have to tell you about an event, I attended about a month ago, the Prime Minister Trudeau, President Joe Biden dinner, which took place in Ottawa. I think the related meetings and public statements that followed exemplify with little doubt the scale and scope of the opportunity that's in front of us. At the dinner, the 2 leaders talked about, among other things, the critical role of nuclear energy and the importance of nuclear collaboration between Canada and the U.S. It was almost hard to believe like a dream come true. Nuclear Energy would never have made top billing at a meeting between our countries even a few years ago. So it gives you a sense of just how important nuclear power and the fuel cycle to support it have become and how critical Cameco's role is to achieving this North American vision. In fact, I sat between Canadian Natural Resources Minister Jonathan Wilkinson; and U.S. Secretary of Energy Jennifer Granholm, where we continue the discussion around Cameco's role in North American Nuclear Energy Security.

我必須告訴你一個事件，大約一個月前我參加了在渥太華舉行的總理特魯多和總統喬拜登的晚宴。我認為隨後舉行的相關會議和公開聲明毫無疑問地說明了擺在我們面前的機會的規模和範圍。在晚宴上，兩位領導人談到了核能的關鍵作用以及加拿大和美國之間核合作的重要性等話題。這幾乎讓人難以置信，就像夢想成真一樣。即使在幾年前，核能也永遠不會在我們兩國的會議上佔據首位。因此，它讓您了解核電和支持它的燃料循環已經變得多麼重要，以及 Cameco 對實現這一北美願景的作用有多麼重要。事實上，我坐在加拿大自然資源部長 Jonathan Wilkinson 和他之間。和美國能源部長詹妮弗格蘭霍姆，我們繼續圍繞 Cameco 在北美核能安全中的作用進行討論。

The dinner was followed up by the joint statement between the U.S. Department of Energy and Natural Resources Canada on nuclear energy cooperation. I don't know if you've read it yet, but I can tell you it is really positive and puts nuclear power front and center. It's the kind of signal from government that our industry has been waiting for, for a long time. And while the statement was largely focused on North America, it went even further and addressed the need to work together globally as the world grapples with providing clean, reliable, affordable and secure energy.

晚宴之後，美國能源部和加拿大自然資源部就核能合作發表了聯合聲明。我不知道你是否已經讀過它，但我可以告訴你它確實是積極的，並且將核能放在首位和中心位置。這是我們行業期待已久的政府信號。雖然該聲明主要集中在北美，但它走得更遠，解決了在全球努力提供清潔、可靠、負擔得起和安全的能源時全球合作的必要性。

Furthermore, at the recent G7 meeting in Japan, 5 of the G7 nations, Canada, United States, United Kingdom, Japan and France have created an alliance to leverage their respective civil nuclear sectors. This agreement will support the stable supply of nuclear fuels as well as the nuclear fuel needs of future advanced reactors. Almost every day in the news, you will find more examples of that same sentiment being expressed, whether it's the improving public opinion for nuclear power, changing policy decisions in support of nuclear for market-based solutions being pursued, there is increasing evidence of the strong momentum for nuclear, evidence that supports full cycle demand growth for nuclear power and the uranium fuel required to run the reactors.

此外，在最近於日本舉行的 G7 會議上，G7 國家中的 5 個，即加拿大、美國、英國、日本和法國建立了一個聯盟，以利用各自的民用核能部門。該協議將支持核燃料的穩定供應以及未來先進反應堆的核燃料需求。幾乎每天在新聞中，您都會發現表達相同情緒的更多例子，無論是公眾對核電的看法有所改善，還是正在改變支持核能以尋求基於市場的解決方案的政策決定，越來越多的證據表明核能的強勁勢頭，支持核電全週期需求增長的證據以及運行反應堆所需的鈾燃料。

Though the positive fundamentals you've heard us talking about for nearly a decade, we're no longer just a long-term story, they're right in front of us, and the picture is stronger than ever. We're seeing the reversal of early reactor retirement decisions, which represents unexpected near-term demand. And as some utilities look to replace Russian fuel in their supply chains, we're seeing new markets opening up, markets where our company was previously unable to compete, such as Central and Eastern Europe. This is adding further pressure to the already tightening near-term market. In the medium term, additional demand is coming from life extensions for existing reactor fleets.

儘管近十年來您一直在談論積極的基本面，但我們不再只是一個長期的故事，它們就在我們面前，而且比以往任何時候都更強大。我們看到反應堆提前退役決定的逆轉，這代表了意想不到的近期需求。隨著一些公用事業公司希望在其供應鏈中取代俄羅斯燃料，我們看到新市場正在開放，我們公司以前無法競爭的市場，例如中歐和東歐。這給已經收緊的近期市場增加了進一步的壓力。從中期來看，額外的需求來自現有反應堆艦隊的壽命延長。

Although today's focus is on energy security and fuel diversity, governments are not losing sight of their clean air and net zero carbon targets. Those who are lucky enough to count operating and fully depreciated nuclear plants as part of their baseload generation are recognizing that those assets are more valuable than ever. And then there is growth in the long term, which is coming in the form of new builds, expansions to existing reactor programs and higher nuclear energy policy targets a construction plans for small and advanced nuclear reactors, plans that are becoming more concrete every day, all of which is pointing to what we believe are truly transformative tailwinds for our industry. Tailwinds driven by the focus on clean energy by an energy crisis and by the geopolitical realignment of energy markets.

儘管今天的重點是能源安全和燃料多樣性，但各國政府並沒有忽視他們的清潔空氣和淨零碳目標。那些有幸將運行中的和完全折舊的核電站作為其基本負荷發電的一部分的人認識到，這些資產比以往任何時候都更有價值。然後是長期增長，以新建、擴建現有反應堆計劃和更高的核能政策目標的形式出現，即小型和先進核反應堆的建設計劃，這些計劃每天都在變得更加具體，所有這些都指向我們認為對我們行業來說真正具有變革性的順風。能源危機和能源市場的地緣政治調整推動了對清潔能源的關注。

In the past quarters, we spent a lot of time focusing on the vital aspects of supply and demand because about 95% of the questions we have been getting we're focused on the market. There seems to be a little interest in what Cameco was up to because we had almost everything shut down. However, those fundamentals characterized by durable full cycle demand growth against the backdrop of an uncertain supply picture, are now pretty well understood. Now that we are restarting some of our operations and expanding in others, we're seeing the interest shift back to understanding how we're positioning Cameco to benefit from the tailwinds that are developing. What a difference a year has made.

在過去的幾個季度中，我們花了很多時間關注供需的重要方面，因為我們收到的大約 95% 的問題都集中在市場上。人們似乎對 Cameco 的所作所為有點興趣，因為我們幾乎關閉了所有東西。然而，在供應情況不確定的背景下，那些以持久的全週期需求增長為特徵的基本面現在已經很清楚了。現在我們正在重新啟動我們的一些業務並擴展其他業務，我們看到興趣轉移回了解我們如何定位 Cameco 以從正在發展的順風中受益。一年有什麼不同。

The question on everyone's mind now seems to be how quickly can you respond with more production. However, I think we've been very clear for us, it's not about volume, it's about maximizing value. The key to our production planning and potential future growth decisions is long-term utility procurement. Contracting comes first in all segments of our business. As we've said time and time again, nuclear is a long-term market and spot activity is discretionary. That said, price and availability of uranium products and services in the near term does have an impact on the market's assessment of how much uranium is available across all time horizons. And near-term scarcity makes everyone think longer term, setting the right context for a new contracting cycle, which is now well underway. Once we have finalized contracts in hand and know when and where our material is needed, we will then make the appropriate sourcing decisions to satisfy those delivery commitments.

現在每個人都在想的問題似乎是你能以多快的速度響應更多的生產。但是，我認為我們已經非常清楚，這與數量無關，而是與價值最大化有關。我們的生產規劃和潛在的未來增長決策的關鍵是長期公用事業採購。在我們的所有業務領域，承包都是第一位的。正如我們一再說過的那樣，核能是一個長期市場，現貨活動是酌情決定的。也就是說，短期內鈾產品和服務的價格和可用性確實會影響市場對所有時間範圍內可用鈾量的評估。近期的稀缺性讓每個人都從長遠考慮，為現在正在進行的新合同周期設定了正確的背景。一旦我們敲定了手頭的合同並知道何時何地需要我們的材料，我們就會做出適當的採購決策來滿足這些交付承諾。

We have over 3 decades of experience operating in this industry. We understand that to create long-term value and provide supply reliability for our customers. We must build homes for our production under long-term contracts before we pull it out of the ground. A bit unusual for a mining company, but then again, we're more than mining and a bit unusual for commodity. But then again, uranium is unlike most other commodities. We continue to be balanced and disciplined in layering in contract volumes where it makes sense for us while building a diversified customer base. For the past couple of years, the volumes we have placed under long-term agreements have exceeded our annual delivery volumes. The most recent supply agreements we finalized in new markets in Eastern Europe are great examples of the type of contracting opportunities we're seeing. We are incredibly proud of the pivotal role that we at Cameco will be able to play in helping these countries gain energy independence.

我們在這個行業擁有超過 3 年的運營經驗。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。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生產建造家園。對於一家礦業公司來說有點不尋常，但話又說回來，我們不僅僅是採礦，而且對於大宗商品來說有點不尋常。但話又說回來，鈾不同於大多數其他商品。在建立多元化客戶群的同時，我們繼續在對我們有意義的合同量分層方面保持平衡和紀律。在過去的幾年裡，我們根據長期協議下達的數量已經超過了我們的年度交付量。我們最近在東歐新市場敲定的供應協議很好地說明了我們所看到的承包機會類型。我們為 Cameco 能夠在幫助這些國家實現能源獨立方面發揮的關鍵作用感到無比自豪。

As a result of our contracting success today, we have about 215 million pounds of uranium and more than 70,000 tons of UF6 conversion under long-term contracts. Delivery under these contracts spends more than a decade, some contracts up to 2040. The average annual delivery volume in our uranium segment over the next 5 years is 26 million pounds. And many of these contracts are market-related, providing us with exposure to an improving market. In addition, we have a large and growing pipeline of business under discussion, which we expect will help further build our long-term contract portfolio and guide our future production planning. This contracting success is expected to allow us to sustainably operate our assets and generate full cycle value for Cameco, providing our customers with access to the fuel they need to operate their reactors. However, while Cameco is enjoying replacement rate contracting, the nuclear industry overall has not yet achieved that milestone. So utilities uncovered requirements continue to grow.

由於我們今天的合同成功，我們有大約 2.15 億磅鈾和超過 70,000 噸 UF6 轉化的長期合同。這些合同下的交付時間超過十年，有些合同長達 2040 年。未來 5 年，我們鈾部門的平均年交付量為 2600 萬磅。其中許多合同與市場相關，使我們有機會接觸到不斷改善的市場。此外，我們正在討論大量且不斷增長的業務，我們預計這將有助於進一步建立我們的長期合同組合併指導我們未來的生產規劃。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並為 Cameco 創造完整的周期價值，為我們的客戶提供他們運行反應堆所需的燃料。然而，雖然 Cameco 正在享受替代率合同，但整個核工業尚未實現這一里程碑。因此，公用事業未發現的需求繼續增長。

With our experience in every commercial cycle, we believe this indicates we are still in the early stages of the market transition that is underway, and we know that additional demand must come to the market. Therefore, we are remaining patient in order to capture as much long-term value as possible. We remain very selective in committing our unencumbered Tier 1 in-ground uranium inventory and UF6 conversion capacity under long-term contracts. We want to maintain additional exposure to future improvements in the market. 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 and secure energy transition. And with heightened security of supply concerns and geopolitical uncertainties stemming from Russia's ongoing war in Ukraine, Cameco's nuclear fuel supplies are highly coveted with demonstrated Tier 1 assets, strategic Tier 2 assets and investments across the fuel cycle, we've taken a balanced and disciplined approach to our strategy of full cycle value capture.

憑藉我們在每個商業周期中的經驗，我們認為這表明我們仍處於正在進行的市場轉型的早期階段，而且我們知道必須有額外的需求進入市場。因此，我們保持耐心，以獲取盡可能多的長期價值。我們仍然非常有選擇性地根據長期合同承諾我們未受約束的一級地下鈾庫存和六氟化鈾轉化能力。我們希望保持對未來市場改善的額外敞口。作為一家商業供應商，我們的決定使公司處於獨特的地位，可以利用越來越不可否認的結論，即核能必須成為清潔和安全能源轉型的重要組成部分。隨著供應安全問題的加劇以及俄羅斯在烏克蘭的持續戰爭導致的地緣政治不確定性，Cameco 的核燃料供應非常令人垂涎，擁有已展示的一級資產、戰略二級資產和整個燃料循環的投資，我們採取了平衡和有紀律的我們的全週期價值捕獲戰略的方法。

We believe there is significant opportunity for Cameco to grow as we help new and existing customers de-risk their fuel supply needs. But what's really exciting for us is that we do not have to build new capacity to compete for this business. We have brownfield expansion capacity. We just need to turn up the best-in-class assets we already have, a position we have not enjoyed in previous price cycles. In the context of significant growth opportunities for nuclear power, 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 our reach in the nuclear fuel cycle at a time when there is tremendous growth on the horizon. Our planned investment in Westinghouse is 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 we'll be able to participate in the growing demand profile for nuclear energy and downstream services from their existing footprint. Team here is working toward closing the Westinghouse investment, which is still expected to occur in the second half of this year. Once it closes, we will be able to provide more details on the exciting prospects we see for that business.

我們相信，隨著我們幫助新客戶和現有客戶降低其燃料供應需求的風險，Cameco 將獲得巨大的發展機會。但真正讓我們興奮的是，我們不必建立新的能力來競爭這項業務。我們有棕地擴張能力。我們只需要打開我們已經擁有的同類最佳資產，這是我們在之前的價格週期中所沒有的地位。在核電發展機遇巨大的背景下，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。我們計劃對西屋電氣的投資是對像我們這樣的資產的投資，這些資產具有戰略意義，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。我們預計我們將能夠從現有足跡中參與對核能和下游服務不斷增長的需求的資產。這裡的團隊正在努力完成對西屋電氣的投資，預計仍將在今年下半年完成。一旦關閉，我們將能夠提供有關我們看到的該業務令人興奮的前景的更多詳細信息。

This brings us to our production decisions. Our production plans are balanced with our contract portfolio and where we think the market transition is currently at. We will not front-run demand with uncommitted supply and risk being exposed to a discretionary spot market. We've seen other companies pursue a spot market strategy many times in the past and every time it failed. It only served to transfer value from shareholders' pockets into the pockets of utilities, traders or other intermediaries. Any company that understands our industry has learned the lessons of the past. They understand that in the near term, there is very little uncovered demand. You just have to look at UXC's uncovered requirements in 2023 and 2024, they're very small.

這給我們帶來了我們的生產決策。我們的生產計劃與我們的合同組合以及我們認為市場轉型目前所處的位置保持平衡。我們不會以未承諾的供應和風險暴露於可自由支配的現貨市場來搶先需求。我們已經看到其他公司在過去多次追求現貨市場戰略，但每次都失敗了。它只是將價值從股東的口袋轉移到公用事業、貿易商或其他中介機構的口袋。任何了解我們行業的公司都吸取了過去的教訓。他們明白，在短期內，幾乎沒有未發現的需求。你只需要看看 UXC 在 2023 年和 2024 年的未覆蓋需求，它們非常小。

Contracts being signed today aren't for in-year demand. They're generally for requirements starting in 2025 and beyond when uncovered requirements start to grow. However, if you wait until then to contract, you'll miss the contracting cycle. The demand will already be covered under long-term contracts that are being signed today and your production will be exposed to a small discretionary spot market. So Cameco won't ramp up production to beat spot demand. We align our production plans with our long-term commitments. And I think we've shown we can be trusted, and we say we will maintain our discipline.

今天簽署的合同不是針對年內需求的。它們通常適用於 2025 年及以後未發現的需求開始增長時開始的需求。但是，如果你等到那時再簽約，你就會錯過簽約週期。今天簽署的長期合同已經滿足了需求，您的生產將暴露在一個小型的可自由支配的現貨市場上。因此，Cameco 不會提高產量來滿足現貨需求。我們使生產計劃與我們的長期承諾保持一致。而且我認為我們已經表明我們可以被信任，並且我們說我們將保持我們的紀律。

Let me just take a minute to discuss where we're at with the next phase of our supply discipline. As we announced last quarter, with the contracting success we have had, we've changed our production plans from a year ago. We now plan to ramp up at McArthur River, Key Lake to produce 15 million pounds this year and 18 million pounds in 2024. At Cigar Lake, we plan to produce 18 million pounds this year and to maintain production at 18 million in 2024. But that's not the extent of our Tier 1 supply growth. As we see uncovered requirements translate into additional contract commitments, we also maintain the ability to expand and extend production from our existing Tier 1 assets. If we took advantage of all of these opportunities, our annual share of Tier 1 uranium supply could be about 32 million pounds. As for our Tier 2 assets, we plan to keep those 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.

讓我花點時間討論一下我們下一階段供應紀律的進展情況。正如我們在上個季度宣布的那樣，隨著我們取得的合同成功，我們已經改變了一年前的生產計劃。我們現在計劃在基湖的麥克阿瑟河增產，今年產量為 1500 萬磅，2024 年產量為 1800 萬磅。在雪茄湖，我們計劃今年產量為 1800 萬磅，到 2024 年將產量保持在 1800 萬磅。但是這不是我們一級供應增長的程度。正如我們看到未發現的需求轉化為額外的合同承諾，我們還保持了從我們現有的一級資產擴大和擴展生產的能力。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。至於我們的二級資產，我們計劃對它們進行保養和維護，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。

In addition to our plans to increase uranium production this year and in 2024, we're also working on expanding production at our Port Hope UF6 conversion facility, satisfy our growing book of long-term business at a time when conversion prices are near historic highs, we're targeting annual production of 12,000 tons by 2024. But as is the case across all industries and jurisdictions right now, there are challenges. Inflation, the availability of personnel with the necessary skills and experience, the impact of supply chain challenges on the availability of materials and reagents and global transportation challenges all contribute to elevated risks, which we must continue to carefully manage.

除了我們今年和 2024 年增加鈾產量的計劃外，我們還致力於擴大霍普港六氟化鈾轉化設施的產量，在轉化價格接近歷史高位之際滿足我們不斷增長的長期業務需求，我們的目標是到 2024 年年產量達到 12,000 噸。但正如目前所有行業和司法管轄區的情況一樣，存在挑戰。通貨膨脹、具備必要技能和經驗的人員的可用性、供應鏈挑戰對材料和試劑可用性的影響以及全球運輸挑戰都導致風險增加，我們必須繼續謹慎管理。

With improving market fundamentals plus our growing contract portfolio for both uranium and fuel services and our plans for increased production. Our strategy has set us on a path that provides line of sight to a significant improvement in our financial performance as we return to our Tier 1 cost structure. And you can see this is starting to play out in our first quarter results as we expected it would. Our strategic decisions are translating into better earnings and cash flow as higher uranium prices flow through our existing market-related contracts and as we begin to deliver into higher-priced UF6 conversion contracts.

隨著市場基本面的改善，加上我們不斷增長的鈾和燃料服務合同組合以及我們的增產計劃。我們的戰略使我們走上了一條道路，在我們回到一級成本結構時，我們可以看到顯著改善我們的財務業績。正如我們預期的那樣，您可以看到這在我們的第一季度業績中開始發揮作用。我們的戰略決策正在轉化為更好的收益和現金流，因為更高的鈾價通過我們現有的市場相關合同流動，並且我們開始交付價格更高的 UF6 轉換合同。

We are no longer incurring care and maintenance costs or operational readiness costs at McArthur River/Key Lake. And as our production increases and our purchase volumes decrease, we're relying more on our lower cost production to meet our delivery commitments. We will retain our conservative financial management to support our continued balance and disciplined contracting and supply decisions. 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 first quarter, including the proceeds from an equity issue to support our planned acquisition of a 49% share of Westinghouse, we had $2.5 billion in cash, about $1 billion in long-term debt and a $1 billion undrawn credit facility. And this doesn't include the $79 million U.S. dividend we just received from JV Inkai or the $86 million cash refund CRA just sent us on account of its revised reassessments for the 2007 through 2013 tax years.

我們不再在 McArthur River/Key Lake 產生維護和維護成本或運營準備成本。隨著我們產量的增加和採購量的減少，我們更多地依賴低成本生產來滿足我們的交付承諾。我們將保留我們保守的財務管理，以支持我們持續的平衡和有紀律的承包和供應決策。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。第一季度末，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 25 億美元現金、約 10 億美元長期債務和 10 億美元未提取信貸額度.這還不包括我們剛剛從 JV Inkai 收到的 7900 萬美元美國股息，或者 CRA 剛剛寄給我們的 8600 萬美元現金退款，因為它對 2007 年至 2013 納稅年度進行了修訂後的重新評估。

The refund from CRE was cash we had to pay on account of taxes previously reassessed on income earned by our foreign subsidiary from the sale of non-Canadian produced uranium. Based on the information CRA provided to us, we had actually expected to receive $89 million, but nothing surprises us anymore when it comes to the CRA. They informed us that they apparently made an error in their calculations that was not in our favor. Unfortunately, this is a serious business, which is what makes it so frustrating. We still expect them to return $211 million in letters of credit. Of course, that assumes their calculations were correct, which I'm not sure is a safe assumption, but it's all we have. So while we're happy to be getting some of our cash and security back, our broader tax dispute SAG with the CRE does continue, and you can dive further into the details on that in the Q1 MD&A.

CRE 的退款是我們必須支付的現金，因為之前我們的外國子公司從銷售非加拿大生產的鈾中賺取的收入重新評估了稅款。根據 CRA 提供給我們的信息，我們實際上預計會收到 8900 萬美元，但當涉及到 CRA 時，我們再也不會感到驚訝了。他們告訴我們，他們顯然在計算中犯了一個對我們不利的錯誤。不幸的是，這是一件嚴肅的事情，這就是讓它如此令人沮喪的原因。我們仍然預計他們會返還 2.11 億美元的信用證。當然，這是假設他們的計算是正確的，我不確定這是一個安全的假設，但這就是我們所擁有的。因此，雖然我們很高興能收回部分現金和證券，但我們與 CRE 的更廣泛的稅務糾紛 SAG 仍在繼續，您可以在第一季度的 MD&A 中進一步了解細節。

Our decisions at Cameco 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. And we're more than just mining with investments across the nuclear fuel cycle. 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 now for over 30 years. Our strategy, which includes contracting discipline, supply discipline and financial discipline will allow us to achieve our vision. Our vision of energizing the Clean Air world and thereby delivering long-term value in a market where demand for safe, secure, reliable and affordable clean nuclear energy is growing. So thanks for your interest today, and we are happy to take any questions.

我們在 Cameco 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。我們不僅僅是在整個核燃料循環中投資採礦。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。我們的戰略包括合同紀律、供應紀律和財務紀律，這將使我們能夠實現我們的願景。我們的願景是為清潔空氣世界注入活力，從而在對安全、可靠和負擔得起的清潔核能需求不斷增長的市場中提供長期價值。感謝您今天的關注，我們很樂意回答任何問題。

Thank you. We'll now begin the question and after session. In the interest of time, we will ask you to limit your questions to 1 and 1 supplemental. If you have additional questions, you are welcome to rejoin the queue. (Operator Instructions) You have here a ton acknowledging your request. If you're using a speaker phone, please hang up your handset before pressing any key. (Operator Instructions) Webcast participants are welcome to submit questions through the box at the bottom of the webcast frame. The Chemical Investor Relations team will follow up with you by e-mail after the call. (Operator Instructions) Our first question is from Greg Barnes with TD Securities. Please go ahead.

謝謝。我們現在開始提問並在會議結束後。為了節省時間，我們會要求您將問題限制為 1 和 1 補充。如果您還有其他問題，歡迎您重新加入隊列。 （操作員說明）您已在此確認您的請求。如果您使用免提電話，請在按任何鍵之前掛斷您的聽筒。 （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。電話會議結束後，化學投資者關係團隊將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道明證券的格雷格巴恩斯。請繼續。

Tim and on the phone. I'm just trying to understand the jump from the GBP 180 million you had the long-term contract that you reported with the Q4 results to the GBP 215 million reporting today. Does that include the Ukraine contract and the Bulgarian contract? Or what is the composition of that jumped from EUR 180 million to EUR 215 million.

蒂姆和電話。我只是想了解從您與第四季度結果一起報告的長期合同的 1.8 億英鎊到今天報告的 2.15 億英鎊的躍升。這包括烏克蘭合同和保加利亞合同嗎？或者從 1.8 億歐元躍升至 2.15 億歐元的構成是什麼？

Pardon me. this is the conference operator. I made in there with the -- just muted the presenters by mistake. We join you now. Pardon me, please go ahead.

對不起。這是會議接線員。我在那兒做了 -- 只是錯誤地使演示者靜音了。我們現在加入你。對不起，請繼續。

Greg are you there? Can you hear us?

格雷格你在嗎？你可以聽見我們嗎？

Yes, we can hear you now.

是的，我們現在可以聽到你的聲音了。

Thank you. Sorry about that. Greg, we got your question, and I'm going to ask the market expert Grant to answer that on our sales portfolio.

謝謝。對於那個很抱歉。格雷格，我們收到了你的問題，我將請市場專家格蘭特就我們的銷售組合來回答這個問題。

Yes. Thanks, Greg. Great question. So we have added in those contracts. Ukraine at the lower volumes without the Daperithia unit and the Bulgaria volumes into those volume limits. But going forward, we're going to go back to what we've done in the past, which is wait until they're executed contracts and then it lines up with our disclosure, for example, in our price sensitivity table. So that's what's been added to it. It just continues to emphasize the incumbent position that we're in, in this market as security of supply contracting is coming back, and there's an interest in contracting with proven Tier 1 producers with proven Tier 1 assets.

是的。謝謝，格雷格。很好的問題。所以我們添加了這些合同。沒有 Daperithia 裝置的烏克蘭產量較低，而保加利亞產量低於這些產量限制。但展望未來，我們將回到過去所做的事情，即等待他們執行合同，然後與我們的披露保持一致，例如，在我們的價格敏感度表中。這就是添加到其中的內容。它只是繼續強調我們在這個市場中的現有地位，因為供應合同的安全性正在回歸，並且有興趣與具有經過驗證的一級資產的經過驗證的一級生產商簽訂合同。

Greg did you catch that?

格雷格，你明白了嗎？

One moment. Let me share with us if his line is open.

一瞬間。如果他的線路是開放的，讓我與我們分享。

Thank you.

謝謝。

Mr. Barnes, I apologize. Your line is now open again.

巴恩斯先生，我道歉。您的線路現在又開通了。

Okay. I think the sort out. So Grant, the GBP 180 million didn't include Ukraine and Bulgaria, but combine those 2, that adds up to about GBP 41 million and the jump is only $35 million. So just trying to understand the.

好的。我認為解決。所以格蘭特，1.8 億英鎊不包括烏克蘭和保加利亞，但將這兩個國家加起來，加起來約為 4100 萬英鎊，增幅僅為 3500 萬美元。所以只是想了解一下。

Rightly put off what we've delivered to date.

正確地推遲我們迄今為止交付的內容。

Okay. Just as a follow-on, can you give us an idea on the approval that you've actually received on Westinghouse to date and what's required from this point forward?

好的。作為後續，您能否告訴我們您迄今為止在西屋公司實際獲得的批准以及從現在開始需要什麼？

Yes. We sure can. And Sean Quinn has been following this file meticulously. Obviously, it's a top priority for us. So Sean, can you give Greg an update on that?

是的。我們當然可以。而肖恩·奎恩一直在一絲不苟地關注著這份文件。顯然，這是我們的首要任務。肖恩，你能給格雷格更新一下嗎？

Sure, Greg. There's over 30 approvals required in total. They're in 3 different buckets, regulatory approvals associated with the nuclear industry, competition law approvals and then foreign direct investment approvals. All of them are moving along nicely. We have received a number of the nuclear regulatory approvals including some of the lead U.S. approvals, we're working on the competition law approvals and the foreign direct investment approval. I don't have a schedule of the expected recovery receipt dates for each of those in front of me, but they're all on time at this -- they're all on schedule at this point, and we're not anticipating any huge difficulties, and we're on track for closing in the second half of this year still.

當然，格雷格。總共需要 30 多個批准。它們分為 3 個不同的類別，與核工業相關的監管批准、競爭法批准，然後是外國直接投資批准。他們都進展順利。我們已經獲得了多項核監管批准，包括美國的一些主要批准，我們正在努力獲得競爭法批准和外國直接投資批准。我沒有我面前的每個人的預期恢復收據日期的時間表，但他們都準時了——他們在這一點上都在按計劃進行，我們不期待任何巨大的困難，我們仍有望在今年下半年結束。

Okay. Good. Thank you.

好的。好的。謝謝。

Thanks, Greg.

謝謝，格雷格。

The next question is from Gordon Lawson with Paradigm Capital. Please go ahead.

下一個問題來自 Paradigm Capital 的 Gordon Lawson。請繼續。

Good morning, everyone. I just have a generic question here. So you've got your 2 keystone assets now running at or near your targeted rates and the outlook is looking significantly more promising. So what would be the required catalyst for you start talking about quarterly financial results and providing a preview call similar to -- for the downturn.

大家，早安。我這裡只有一個一般性問題。因此，您的 2 項基石資產現在以或接近您的目標利率運行，而且前景看起來更有希望。那麼，什麼是你開始談論季度財務業績並提供類似於 - 經濟低迷的預覽電話所需的催化劑。

Yes. Not sure I understood the question. Let me just take the first part of it. Obviously, you've seen our supply discipline. We've maintained that all the way through. We're now from McArthur, ramping up to 15 million pounds this year on our way to $18 million and $24 million cigars staying at 18% in both of those years. And we'll see what happens going forward. I think we've been very clear that we're not going to front run any demand. We will wait until we have a contract portfolio that calls for more pounds, and then we'll look at our assets to see which ones will move forward. So I'm not sure I get the part on the quarterly reporting.

是的。不確定我是否理解這個問題。讓我只講它的第一部分。顯然，您已經看到了我們的供應紀律。我們一直堅持這一點。我們現在來自 McArthur，今年增加了 1500 萬磅，我們的雪茄產量分別為 1800 萬美元和 2400 萬美元，這兩年的銷售量都保持在 18%。我們將看看未來會發生什麼。我認為我們已經非常清楚，我們不會提前滿足任何需求。我們將等到我們有一個需要更多英鎊的合約投資組合，然後我們將查看我們的資產，看看哪些資產會向前發展。所以我不確定我是否參與了季度報告。

It's just -- we're currently not -- we're not supposed they're not allowed to talk about, say, your EBITDA results for the quarter. But were things now running much more smoothly and much better position than they were a few years ago. I'm just wondering when you expect or what would be a key catalyst for us to start getting back into that.

只是——我們目前不是——我們不應該不允許他們談論，比如說，你本季度的 EBITDA 結果。但與幾年前相比，現在的事情進展順利得多，狀況也好得多。我只是想知道您期望什麼時候或什麼是我們開始重新投入的關鍵催化劑。

Yes, Gordon, I don't think that we've ever really done that. We've always maintained that we don't think about this business on a quarterly basis, it's not how our business operates. And so our focus is really on sort of our performance. for the year, not just on a quarterly basis. And that's why if you've got detailed questions on the quarter, we're happy to address those. We just feel that this isn't the right forum for that because we just don't think about our business on a quarterly basis.

是的，戈登，我認為我們從未真正做到過。我們一直堅持認為我們不會按季度考慮這項業務，這不是我們業務的運作方式。因此，我們的重點實際上是我們的表現。一年，而不僅僅是一個季度。這就是為什麼如果您對本季度有詳細的問題，我們很樂意解決這些問題。我們只是覺得這不是合適的論壇，因為我們只是不按季度考慮我們的業務。

Okay. Thank you.

好的。謝謝。

Our next question is from Orest Wowkodaw with Scotiabank.

我們的下一個問題來自豐業銀行的 Orest Wowkodaw。

Hey, good morning. I wanted to ask another question about your contract book. I was sort of pleased but surprised to see the jump in your average sales delivery over the next 5 years going up from GBP 26 million pounds versus 21 at year-end. Does that suggest that the majority of the volume you've added to the book is all front-end loaded, if it's showing up in that 5-year guidance?

嗨，早上好。我想再問一個關於你的合同書的問題。看到你們未來 5 年的平均銷售交付量從 2600 萬英鎊上升到年末的 21 英鎊，我感到有點高興但也感到驚訝。這是否表明您添加到書中的大部分內容都是前端加載的，如果它出現在 5 年指南中？

That 5-year guidance is an average and you can always think about it as being more front-end loaded. So think about our leverage to the market coming from 2 distinct dimensions. The first is what we call our portfolio. So that is -- we've got planned sales this year, 29 million to 31 million pounds over an average of 26 million per year over 5 years. So you know it declined over that 5-year window. Those committed sales, many of them are market related in the uranium segment. So we get what we call portfolio leverage. Then the second piece is actually pipeline leverage, and that's the pounds or that we haven't sold yet. So as you point out, in the outer years of that 5-year average, we wouldn't be at the same level of sales as we are today. It's exactly where we want to be. We see a market where uncovered requirements are growing. We think we're in the early innings of the contracting cycle. We're far from sold out of our Tier 1 production. We're not even planning or running out of Tier 1 production at full capacity at the moment as we're still in supply discipline. So you're thinking about it the right way because we want to retain that leverage to improving markets. It comes from both our existing portfolio as well as our pipeline, the pounds we haven't sold yet.

5 年的指導是一個平均值，您總是可以將其視為更多的前端負載。因此，從兩個不同的方面考慮我們對市場的影響力。第一個是我們所說的投資組合。這就是 - 我們今年的銷售計劃是 2900 萬至 3100 萬磅，超過 5 年平均每年 2600 萬磅。所以你知道它在那個 5 年的窗口中下降了。那些承諾的銷售，其中許多與鈾領域的市場相關。所以我們得到了我們所說的投資組合槓桿。然後第二塊實際上是管道槓桿，也就是英鎊或者我們還沒有賣掉的。因此，正如您指出的那樣，在 5 年平均水平的外部年份，我們的銷售水平不會與今天相同。這正是我們想要的地方。我們看到一個市場，其中未發現的需求正在增長。我們認為我們正處於合同周期的早期階段。我們的一級產品遠未售罄。由於我們仍在遵守供應紀律，目前我們甚至沒有計劃或用盡全部產能的一級生產。所以你正在以正確的方式考慮它，因為我們希望保留這種影響力來改善市場。它來自我們現有的投資組合以及我們的管道，我們尚未出售的英鎊。

Great. I don't know if I've ever seen a 5-million-pound average by year jump in your book ever. Just the magnitude of that move is pretty impressive.

偉大的。我不知道我是否曾經在你的書中看到過 500 萬英鎊的平均年增長率。僅這一舉措的幅度就令人印象深刻。

Yes. It reflects what we've been talking about, which is the transition in the market to security of supply-driven contracting. So for us, there's a couple of dimensions to think about. One, obviously, is that fundamental story. I always want to point people to the growing uncovered requirements and then reference the fact that the market is not yet even replacing what it consumes on an annual basis. Then we add to that new market opportunities we haven't seen before. You've seen our press releases about Central and Eastern Europe, a market, a region, if you will, looking to pivot away from historic sources, historic dependence on Russia.

是的。它反映了我們一直在談論的內容，即市場向供應驅動型合同安全的過渡。所以對我們來說，有幾個方面需要考慮。顯然，其中之一就是那個基本故事。我總是想向人們指出不斷增長的未被發現的需求，然後指出市場甚至還沒有每年更換它所消耗的東西這一事實。然後我們增加了我們以前從未見過的新市場機會。你已經看到了我們關於中歐和東歐、一個市場、一個地區的新聞稿，如果你願意的話，希望擺脫對俄羅斯的歷史來源和歷史依賴。

Cameco is in an incredible position in order to satisfy the USVI demand in that market. So tie that to our vertical integration. It's our conversion space that allows us to generate that kind of uranium business as well. That's very advantageous for us. And so we're just seeing that incumbent advantage play out. The good news is, like I said, we're not even at replacement rate yet. So if you look at it from historical terms, we've never been at this stage of a contracting cycle at this high of a uranium price before. We've seen the enrichment price recover. We've seen the conversion historic levels. We haven't seen that kind of demand that's gone through those 2 parts of the fuel cycle, fully hit the uranium side yet. And so we're obviously pretty excited about it, tie that back to my earlier comment. It's why we want to remain leveraged in both our portfolio and our pipeline.

為了滿足 USVI 在該市場的需求，Cameco 處於令人難以置信的位置。因此，將其與我們的垂直整合聯繫起來。我們的轉換空間也使我們能夠產生這種鈾業務。這對我們來說非常有利。因此，我們只是看到了現有優勢的發揮。好消息是，就像我說的，我們甚至還沒有達到替代率。因此，如果您從歷史角度來看，我們以前從未以如此高的鈾價處於合同周期的這個階段。我們已經看到濃縮價格回升。我們已經看到了轉換歷史水平。我們還沒有看到燃料循環的這兩個部分已經完全達到鈾方面的那種需求。因此，我們顯然對此感到非常興奮，這與我之前的評論有關。這就是為什麼我們希望在我們的投資組合和管道中保持槓桿作用。

Thanks Grant. And just as a quick follow-up, can you give us a flavor of contracting behavior right now with respect to how the floors and ceilings in these market-related contracts are developing, like I assume they're both moving up with the market pricing.

謝謝格蘭特。作為快速跟進，您能否就這些與市場相關的合同中的下限和上限如何發展，讓我們了解一下現在的合同行為，就像我假設它們都隨著市場定價而上漲一樣.

Yes. No question. Our preference right now at this point in the cycle is to be market related because of the demand that we can see that has to come to the market and because we know that the market isn't even at replacement rate contracting yet. Market-related contracts are very often called utilities will often, for example, ask for a ceiling. They live through price bikes before. And if they do, we will want to insert a floor. It's the coloring that has improved markedly on the market-related contracts over the last year. Not uncommon to see $45, $50 escalated floors, $75, $80 escalated ceiling. So inflation length callers that gives you a lot of upside participation, incredible downside protection as well, that is very much an improving scenario.

是的。沒有問題。我們現在在周期的這個點上的偏好是與市場相關，因為我們可以看到必須進入市場的需求，因為我們知道市場甚至還沒有處於替代率收縮狀態。與市場相關的合同通常被稱為公用事業，例如，通常會要求上限。他們以前經歷過價格自行車。如果他們這樣做，我們將要插入一個地板。去年市場相關合約的顏色明顯改善。看到 45 美元、50 美元的升級樓層、75 美元、80 美元的升級天花板並不少見。因此，通貨膨脹長度呼叫者給你很多上行參與，以及令人難以置信的下行保護，這是一個非常改善的情況。

I just want to tie it back to the term price because what we see often is a misunderstanding where people don't sort of remember that the term price that's posted is only influenced by base escalated prices in the market. So actually, as we sign market-related contracts, we're having less price formation influence than, say, another producer willing to base escalate their contracts. So what we obviously want to see over time is perhaps improvement to the price reporting in our industry, whereby the price reporters we'll look at their own price forecast and maybe even take their own base price forecast and say, if you sign a market-related contract, you're really pricing it at these levels, bring that forward to today, what does that mean for the term price. So think of that term price at 53-ish today really has the bottom of the market, the absolute floor from which the leverage is possible on top of that. Again, pretty exciting position to be in given the growing uncovered requirements and the fact we haven't even hit replacement rate contracting. That's a pretty good level to be at this stage of the cycle in.

我只是想把它與術語價格聯繫起來，因為我們經常看到的是一種誤解，人們不記得發布的術語價格僅受市場上基本上漲價格的影響。因此，實際上，當我們簽署與市場相關的合同時，我們對價格形成的影響比其他願意升級合同的生產商要小。因此，隨著時間的推移，我們顯然希望看到的可能是改進我們行業的價格報告，我們將通過價格報告者查看他們自己的價格預測，甚至可能採用他們自己的基本價格預測，然後說，如果你簽署市場-相關合同，你真的在這些水平上定價，把它帶到今天，這對術語價格意味著什麼。因此，想想今天 53 左右的那個術語價格確實是市場的底部，在其之上可以利用槓桿的絕對底線。再次，考慮到不斷增長的未發現需求以及我們甚至沒有達到替代率合同的事實，這是非常令人興奮的位置。在周期的這個階段，這是一個相當不錯的水平。

Thanks Grant. I appreciate the color.

謝謝格蘭特。我很欣賞這種顏色。

Thanks for your question, us.

謝謝你的問題，我們。

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。

Thank you, operator, and in Grand today. Just a couple of questions for me. I wanted to ask if you could help us think about the contract with Ukraine and Bulgaria and how that sets up in terms of your targeted 60-40 split market versus fixed price contracting. And generally, directionally, where the pricing -- if there's any fixed price component where that pricing sits for that contract? Thank you very much.

謝謝接線員，今天在盛大。只問我幾個問題。我想問你是否可以幫助我們考慮與烏克蘭和保加利亞的合同，以及如何根據你的目標 60-40 分割市場與固定價格合同建立合同。一般來說，定向定價在哪裡——如果該合同的定價有任何固定價格組成部分？非常感謝。

Yes. Thanks, Lawson, for the question. First, I'd just say we're delighted on both those fronts, both with the Ukraine. We've been working hard with them. We saw all the details of our contract with them. It's a big ticket item for them and for us. And it, of course, carries a bit of risk with it, but risk that we were prepared to take. There's more than just the commercial side to that one, we wanted to stand with Ukraine and their efforts on turning away from the Russians. And so that was an important one. Bulgaria was just there last week and signed that up. That's another new market for us. I've never been there before, never dealt with them before. And there's more of those countries to come for us. So Grant, do you want to talk about how those 2 contracts fit into our portfolio.

是的。謝謝勞森提出的問題。首先，我只想說我們對這兩個方面都感到高興，都與烏克蘭有關。我們一直在努力與他們合作。我們看到了與他們簽訂的合同的所有細節。這對他們和我們來說都是一件大事。當然，它會帶來一些風險，但我們已經準備好承擔風險。這不僅僅是商業方面，我們想與烏克蘭站在一起，支持他們遠離俄羅斯的努力。所以這是一個重要的問題。保加利亞上週就在那裡並簽署了協議。這對我們來說是另一個新市場。我以前從未去過那裡，以前從未與他們打過交道。還有更多這樣的國家來找我們。那麼格蘭特，你想談談這兩個合同如何融入我們的投資組合嗎？

You referenced, Lawson, our 60-40 market-related, base-escalated balance. And I just would remind everybody that, that is not a target per contract. It's not a target per year. It's something we think about full cycle. So you think about an entire commercial cycle of uranium prices. There are times where we want actually a lot more market-related exposure, and we would want less space escalating. That time is right now. And the reason we would want more market-related exposure right now is because, again, uncovered requirements wedge is growing. That's demand that has to come to the market. That's demand that utilities can defer and they can delay, but they ultimately cannot avoid. And that wedge is growing. It's growing because utilities have not even been contracting at a replacement rate yet. They've not even been coming to the market to buy forward what they consume in a given year. So for us, that suggests this market still has upward price momentum and we want to be market exposed to that.

勞森，你提到了我們 60-40 市場相關的基礎升級餘額。我只是想提醒大家，這不是每份合同的目標。這不是每年的目標。這是我們考慮完整週期的事情。所以你想想鈾價格的整個商業周期。有時我們實際上想要更多與市場相關的風險敞口，並且我們希望升級的空間更少。那個時候就是現在。我們現在想要更多與市場相關的曝光的原因是，再次，未發現的需求楔子正在增長。這是必須進入市場的需求。這是公用事業可以推遲的要求，他們可以推遲，但他們最終無法避免。而且這個楔子正在增長。它正在增長，因為公用事業甚至還沒有以替代率簽訂合同。他們甚至沒有到市場上購買他們在特定年份消費的東西。因此，對我們而言，這表明該市場仍有價格上漲勢頭，我們希望市場能夠受到這種影響。

Now there are times where our market hits replacement rate and goes above. And when we start to get into that to, we are inclined to think more about the base escalated prices in order to lock those moments in for a long tail of cash flow and earnings. But that's not where we are today. So don't think about 60-40 with respect to any one contract or any one year. So right now, we want to be market related. So I would just say on a framework level, no surprise, those contracts are very consistent with the type of preference we have in this market today, which is market-related references for the uranium portion of those USVI contracts. For the conversion portion of those contracts will conversions at historic pricing. So we are happy to see some of that locked in and escalated over the life of the deliveries. Again, taking those moments where you have unique demand points that are pushing one part of our segment above replacement rate and capturing that. But never think about 60-40 is pertaining to any one single contract or even 1 single year.

現在我們的市場有時會達到替代率並超過。當我們開始考慮這一點時，我們傾向於更多地考慮基本上漲的價格，以便鎖定這些時刻以獲得現金流和收益的長尾。但這不是我們今天的處境。所以不要考慮任何一份合同或任何一年的 60-40。所以現在，我們想要與市場相關。所以我只想說，在框架層面上，這些合同與我們今天在這個市場上的偏好類型非常一致，這是對那些 USVI 合同中鈾部分的市場相關參考。對於這些合同的轉換部分，將以歷史價格進行轉換。因此，我們很高興看到其中一些問題在交付期間被鎖定併升級。同樣，抓住那些你有獨特需求點的時刻，這些需求點將我們細分市場的一部分推高到替代率以上並捕獲它。但永遠不要認為 60-40 與任何一份合同甚至一年有關。

Okay. Thanks for those comments. Can I maybe ask one follow-up then? Just with the market purchasing that you've guided to of GBP 9 million to GBP 11 million. Can you kind of help us think about how active chemical might be in the spot market this year. First of all, have you been active in the spot market and to what extent year-to-date 2023? And then what proportion of that GBP 9 million to 11 million pounds would be pre-contracted purchase commitments from yourselves? And obviously, what proportion do you expect will be that a problem? sorry.

好的。感謝您的評論。那我可以問一個後續行動嗎？僅使用您指導的 900 萬至 1100 萬英鎊的市場採購。你能幫我們想想今年現貨市場上的化學物質有多活躍嗎？首先，您是否活躍於現貨市場？2023 年至今的活躍程度如何？那麼在這 900 萬到 1100 萬英鎊中，有多少比例是你們自己的預購承諾？很明顯，你認為有多大比例會成為問題？對不起。

Yes. So great set of questions. Let me just unpack it a little bit. So GBP 9 million to 11 million is what we guided for purchases in here in 2023. Remember, our planned production or our share from JV Inkai is 4.2%. So that means we need somewhere between nearly 5 million and nearly 7 million pounds of purchasing. Remember, our purchasing comes from a couple of different sources. We can buy in the spot market today for delivery right away. We could do that. That's at our discretion. We've also entered into contracts to buy in the past when the price was a lot lower. We like to operate like a utility when we see a low price of uranium, if somebody wants to fix that price we're willing to enter into a long-term commitment. We have some of those available that we could bring forward at today's -- in today's market to source from.

是的。這麼多問題。讓我稍微打開一下包裝。因此，900 萬至 1100 萬英鎊是我們指導的 2023 年採購量。請記住，我們的計劃產量或我們從 JV Inkai 獲得的份額為 4.2%。所以這意味著我們需要大約 500 萬到 700 萬英鎊的採購量。請記住，我們的採購來自幾個不同的來源。我們今天可以在現貨市場購買，立即交貨。我們可以做到。這由我們自行決定。過去，當價格低很多時，我們也簽訂了購買合同。當我們看到鈾價低時，我們喜歡像公用事業公司一樣運作，如果有人想固定價格，我們願意做出長期承諾。我們有一些可用的，我們可以在今天 - 在今天的市場上進行採購。

And then we always put our purchase requirements against our inventory and against material that, for example, we could borrow. So in other words, we have a bunch of different factors that go into those sourcing decisions. But make no mistake, we're still in supply discipline. We still have a requirement to purchase. We will be buying in the market. To date, we've only bought about 400,000 pounds. You can see that in our quarterly uranium table. So we do have a need to buy. And we're watching really closely as we see additional interest in physical funds build as we see some utility step into the spot market to support it even in the absence of the very familiar spot vehicle that everybody keeps an eye on that really hasn't done a lot in the last couple of weeks a little bit over a month. There's been a real resistance to the uranium price. So for us, we're just going to be very opportunistic. We don't telegraph what our purchases are or when we're going to make them, but we will be a buyer in the market for sure.

然後我們總是將我們的採購需求與我們的庫存和我們可以藉用的材料放在一起。所以換句話說，我們有很多不同的因素會影響這些採購決策。但別搞錯了，我們仍然遵守供應紀律。我們仍然有購買需求。我們將在市場上購買。迄今為止，我們只購買了大約 400,000 英鎊。您可以在我們的季度鈾表中看到這一點。所以我們確實有購買的需要。我們正在密切關注，因為我們看到人們對實物基金產生了額外的興趣，因為我們看到一些公用事業公司進入現貨市場以支持它，即使在沒有非常熟悉的現貨工具的情況下，每個人都在關注它，但實際上並沒有在過去的幾周里做了很多事情，也就是一個多月的時間。鈾價一直存在真正的阻力。所以對我們來說，我們只是非常機會主義。我們不會通知我們購買的是什麼或何時購買，但我們肯定會成為市場的買家。

Thank you, both very much.

非常感謝你們。

Thank you, Lawson.

謝謝你，勞森。

(Operator Instructions) Our next question is from Grace Symes with MG Intelligence. Please go ahead.

（操作員說明）我們的下一個問題來自 MG Intelligence 的 Grace Symes。請繼續。

It's Energy Intelligence. I have 2 questions. One is about the expanding investor hope. How many tonnes did portion 2022? And do any steps need to be taken or have already been taken to get to 12,000 tonnes by 2024. And then I know that at the end of 2022, there were potentially some issues with ramping up the fees mill. And I want to know there's a ceiling results by now.

這是能源情報。我有兩個問題。一是關於不斷擴大的投資者希望。 2022 年有多少噸？到 2024 年是否需要採取或已經採取任何措施以達到 12,000 噸。然後我知道，到 2022 年底，增加費用工廠可能會出現一些問題。我想知道現在有一個上限結果。

So thanks for the question. So just there's a few pieces in there. Production at Port Hope in 2022 was just over 10,000, 10,600 tonnes. And I believe, and we are in the process of ramping up to 12,000 by 2024. So that's on track. Nothing really new to report there. And then maybe I'll ask Brian Reilly, just to give an update on the Key Lake McArthur ramp-up and the work that's going on there, and we're excited about that project coming back. So Brian.

所以謝謝你的問題。所以里面只有幾塊。 2022 年，霍普港的產量剛剛超過 10,000，即 10,600 噸。我相信，到 2024 年，我們的人數將增加到 12,000 人。這一切都在正軌上。那裡沒有什麼新的報導。然後也許我會問 Brian Reilly，只是為了提供有關 Key Lake McArthur 的最新情況以及那裡正在進行的工作，我們對該項目的回歸感到興奮。所以布賴恩。

Thanks, Tim, and thanks, Grace, for the question. Look, a good quarter for McArthur River mine and Key Lake mill. And our objective was and is very clear, ramp up our production, safe, orderly fashion to achieve our production targets. So today, we have over 800 workers at the sites. That includes our comment going forward on long-term contractors. The mine is in good shape. There are over 100 million behind 3 wells available for mining, and we have 5 active headings. I would share that we commenced underground mine development and freeze drilling in the quarter as well, preparing new mining areas for future production. Specific to your question about the Key Lake mill, look, production is ramping up as planned. We made significant changes to the side, and I think you referenced that. And I can tell you, the new operating system and the various digital and automation projects are all working well. Our normal commissioning challenges, they are pure and fewer number. So we expect to achieve our target of 15 million in 2023.

謝謝蒂姆，也謝謝格蕾絲提出的問題。看，對 McArthur River 礦和 Key Lake 磨坊來說，這是一個不錯的季度。我們的目標過去和現在都非常明確，以安全、有序的方式提高我們的產量，以實現我們的生產目標。所以今天，我們有 800 多名工人在現場工作。這包括我們對長期承包商的評論。礦井狀況良好。 3口可挖井背後1億多，我們有5個活躍的標題。我要分享的是，我們也在本季度開始了地下礦山開發和冷凍鑽探，為未來的生產準備新的礦區。具體到您關於 Key Lake 工廠的問題，看，產量正在按計劃增加。我們對側面進行了重大更改，我認為您提到了這一點。我可以告訴你，新操作系統和各種數字和自動化項目都運行良好。我們正常的調試挑戰，它們是純粹的，數量較少。因此，我們希望在 2023 年實現 1500 萬的目標。

Thanks, Brian.

謝謝，布萊恩。

Thank you.

謝謝。

Our next question is from Orest Wowkodaw with Scotiabank. Please go ahead.

我們的下一個問題來自豐業銀行的 Orest Wowkodaw。請繼續。

Thanks for taking the follow up. Just curious if you continue to see good demand in terms of filling up the contract book, should we assume that the expansion of Ricardo River is likely the next source of your supply growth? I mean taking it up to the GBP 25 million license capacity. And then I was also wondering on when we could anticipate getting the market to get details on what's entailed with respect to the Cigar Lake extension project.

感謝您跟進。只是好奇，如果您在填寫合同簿方面繼續看到良好的需求，我們是否應該假設里卡多河的擴張可能是您供應增長的下一個來源？我的意思是將其提高到 2500 萬英鎊的許可容量。然後我還想知道我們什麼時候可以預期讓市場獲得有關雪茄湖擴建項目的詳細信息。

Yes. Clearly, McArthur is a Tier 1 asset that we are just delighted with our partners to have. And so our first move is to 15% this year and then to 18% next year. And then we'll see what the contract book looks like after that, we do have room to go up to 25%. We've got approval licensing approval. So yes, that would be our first and best source of additional production. I mean, it's unbelievable that we've got that capacity. Cigar, we're looking at that going forward. And Brian, do you want to give an update on Cigar.

是的。顯然，麥克阿瑟是我們很高興我們的合作夥伴擁有的一級資產。因此，我們的第一步是今年達到 15%，然後明年達到 18%。然後我們會看到合同書的樣子，我們確實有上升到 25% 的空間。我們已經獲得批准許可批准。所以是的，那將是我們第一個也是最好的額外生產來源。我的意思是，令人難以置信的是我們有這樣的能力。雪茄，我們正在展望未來。布賴恩，你想介紹雪茄的最新情況嗎？

Yes, sure. So just in terms of extension beyond the current life of mine at Cigar, we have reserves in the ground that will carry us to 2031. But look, no -- first and foremost, no decision has been made yet, but we know there are additional measured and indicated mineral resources located to the west of the existing costs. just define the port cigar rate ore body. But we would have to do some work. We would have to do surface delineation drilling. We would have to do underground geotechnical drilling, and that would be required to convert those resources to reserves. So that work has not been completed and the final investment decision hasn't been made. But that's the optionality that would extend production beyond 2031.

是的，當然。因此，就延長我在雪茄的當前壽命而言，我們在地下有儲備可以帶我們到 2031 年。但是看，不——首先也是最重要的是，還沒有做出任何決定，但我們知道有現有成本以西的額外測量和指示礦產資源。只需定義港雪茄率礦體。但我們必須做一些工作。我們將不得不進行地表輪廓鑽探。我們將不得不進行地下岩土鑽探，這將需要將這些資源轉化為儲量。所以那項工作還沒有完成，最終的投資決定還沒有做出。但這是將生產延長到 2031 年以後的可選性。

Just as a follow-up, when would that decision have to be made in order to secure sort of continuous production at Cigar?

作為後續行動，為了確保 Cigar 的連續生產，必須何時做出該決定？

Brian?

布萊恩？

Yes. Look, we've got a runway up to 2031. We have time. But given the feasibility studies required a long-lead procurement, I mean, that's a decision we would have to take sooner than later. But we have time at the moment because the runway is out until 2031.

是的。看，我們有一條到 2031 年的跑道。我們有時間。但鑑於可行性研究需要長期採購，我的意思是，這是我們必須早日做出的決定。但我們現在有時間，因為跑道要到 2031 年才可用。

It's early to jump in. I would just tie to our contracting as well because remember, the decisions on the production side follow the procurement, follow the success we have in building the contract portfolio. And just as we've said in the past, we entered into a new term contract today, well, we typically don't start delivering into that term contract for 2 years. So that actually gives us an enormous amount of time to plan the production and to line up the studies and line up the work that Brian was talking about. It's a very advantageous position for us. We don't have to try to turn on production rapidly to jam it into a spot market. We get this long lead signal so that we can very responsibly rationally develop up the production. So as you mentioned in the outset, as the procurement starts to build as we layer in more contract, we then have a runway to plan these decisions and then that obviously means lots of time to signal to you and others about where our thinking is with that. But at the moment, while there is contracting cycle underweight, it's not at a level that would justify those types of decisions. We remain in supply discipline. We remain very deliberate and strategic.

現在開始還為時過早。我也想與我們的合同聯繫起來，因為請記住，生產方面的決定遵循採購，遵循我們在構建合同組合方面取得的成功。正如我們過去所說，我們今天簽訂了一份新的定期合同，嗯，我們通常不會開始交付 2 年的定期合同。因此，這實際上給了我們大量的時間來計劃製作、安排研究和安排 Brian 所說的工作。這對我們來說是一個非常有利的位置。我們不必嘗試快速啟動生產以將其塞入現貨市場。我們得到這個長提前期信號，這樣我們就可以非常負責任地合理地開發生產。因此，正如您一開始提到的，隨著我們簽訂更多合同，採購開始建立，然後我們有一條跑道來計劃這些決策，這顯然意味著有很多時間向您和其他人發出信號，告訴您我們的想法在哪裡那。但目前，雖然合同周期減持，但其水平不足以證明這些類型的決定是合理的。我們仍然遵守供應紀律。我們仍然非常謹慎和戰略性。

Okay. And just a quick follow-up, if I could, Grant. Is there much capital required to take McArthur from 18 to 25?

好的。格蘭特，如果可以的話，只是快速跟進。將麥克阿瑟從 18 歲帶到 25 歲需要多少資本？

Yes. The really exciting part of our story is the ability to benefit from an improving market with those points of leverage that you asked about earlier. So we have leverage to rising prices. against the falling cost structure. As we bring on assets we already have licensed, already have permitted, already have built and run them at a higher unit cost, we get OpEx improvements. And then on top of that, as Tim mentioned, a lot of brownfield leverage. That brownfield leverage means what we're really talking about is replacement and maintenance capital, not greenfield capital. So we have a very steady capital profile. It's not the type of capital that you would expect to see if somebody was building a mine in the mill, especially in today's market of supply chain challenges and inflationary pressures. So I would say, no, it's not a lot of capital relative to the extra pounds because it is brownfield expansion. So you see a very steady capital profile in our forward guidance. We're very excited about that. That's margin improvement that's return for our owners.

是的。我們故事中真正令人興奮的部分是能夠利用您之前詢問的那些槓桿點從不斷改善的市場中獲益。所以我們對價格上漲有影響力。反對不斷下降的成本結構。當我們引入我們已經獲得許可、已經獲得許可、已經以更高的單位成本構建和運行它們的資產時，我們得到了運營支出的改進。然後最重要的是，正如蒂姆提到的那樣，大量的棕地槓桿作用。棕地槓桿意味著我們真正談論的是更換和維護資本，而不是綠地資本。因此，我們的資本狀況非常穩定。如果有人在工廠裡建礦，這不是您期望看到的那種資本，尤其是在當今供應鏈挑戰和通脹壓力的市場中。所以我會說，不，相對於額外的英鎊，這不是很多資本，因為它是棕地擴張。因此，您在我們的前瞻性指引中看到了非常穩定的資本狀況。我們對此感到非常興奮。這是利潤率的提高，這是我們所有者的回報。

Thank you, very much.

非常感謝。

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

下一個問題來自美國銀行證券公司的 Lawson Winder。請繼續。

Thank you, for taking the follow up. I wanted to ask about SILEX and whether Cameco is in the running for the several hundred million dollars of money from the DOE for HEU. And also ask, in your conversations with your customers when you're talking contracting on conversion and natural uranium, are they also asking for SILEX enrichment capacity? And could there be increased involvement from your customers to sort of help accelerate the rollout?

謝謝您的跟進。我想問一下 SILEX，以及 Cameco 是否在爭奪 DOE 為 HEU 提供的數億美元資金。還要問一下，在您與客戶的談話中，當您談論轉化和天然鈾合同時，他們是否也要求 SILEX 濃縮能力？您的客戶是否可以增加參與度以幫助加速推出？

Yes. Thanks, Lawson, for the question. We're obviously quite excited about the GLE project and its potential going forward. Sean is overseeing that one from our side. So Sean Quinn, to ask you to answer.

是的。謝謝勞森提出的問題。我們顯然對 GLE 項目及其未來的潛力感到非常興奮。肖恩正在我們這邊監督那個。 Sean Quinn，請你回答。

Sure. I'll take the first question about the IRA funding in the U.S., $700 million that was referenced. Yes, GLE is poised to pursue that money when if the programs formally announced on the DOE, and we're excited about the opportunities to try and capture some of that funding. We are -- have been waiting for the DOE to come out with its request the proposals, and they're still waiting, but it's imminent as we told. Then on the marketing question, what you're hearing from your customers, maybe I'll turn that over to you, Grant.

當然。我將回答有關美國 IRA 資金的第一個問題，提到的 7 億美元。是的，如果項目在 DOE 上正式宣布，GLE 準備尋求這筆資金，我們很高興有機會嘗試獲得部分資金。我們 - 一直在等待美國能源部提出其提案要求，他們仍在等待，但正如我們所說的那樣迫在眉睫。然後關於營銷問題，你從客戶那裡聽到了什麼，也許我會把它交給你，格蘭特。

Yes, absolutely. Just like in the uranium segment or the conversion segment, you don't build productive capacity and then start knocking on people's doors and saying, you want to buy it because that will be value disruptive. The support case needs to be made, just like it does for a mining investment in the uranium space. That support case for GLE would include the type of government support that Sean is talking about, but it would also include customer support. You've seen GLE have success signing some MOUs with some fairly large U.S. utilities who are excited about that as both a supplier diversification and a technology diversification to really important pillars in a world where enrichment is so scarce. We have experience as Cameco actually contingently contracting production from laser enrichment back prior to the Fukushima cycle. So we would have to build up that support case -- the best way to bring on a uranium asset, of course, is to stream it into a well-developed contract portfolio. The same would go for an enrichment asset. So we would treat it with the same strategic discipline that we would developing a new mine. But ultimately, we're very excited about that project and the supply source it can be and the solution it can be to global utilities looking for more enrichment.

是的，一點沒錯。就像在鈾領域或轉換領域一樣，你不會建立生產能力，然後開始敲人們的門說，你想買它，因為那會破壞價值。需要製定支持案例，就像在鈾空間進行採礦投資一樣。 GLE 的支持案例將包括 Sean 正在談論的政府支持類型，但它也將包括客戶支持。你已經看到 GLE 成功地與一些相當大的美國公用事業公司簽署了一些諒解備忘錄，這些公用事業公司對此感到興奮，因為在一個濃縮如此稀缺的世界中，供應商多元化和技術多元化對於真正重要的支柱來說都是如此。我們有經驗，因為 Cameco 實際上在福島循環之前偶然地承包了激光濃縮的生產。因此，我們必須建立該支持案例——引入鈾資產的最佳方式當然是將其流式傳輸到一個完善的合同組合中。濃縮資產也是如此。因此，我們將以與開發新礦山相同的戰略紀律來對待它。但最終，我們對該項目及其可能的供應來源以及它可能成為尋求更多豐富的全球公用事業的解決方案感到非常興奮。

Okay. Thank you, very much.

好的。非常感謝。

Have a great day Lawson.

勞森，祝你有美好的一天。

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。我想將會議轉回給 Tim Gitzel 作閉幕詞。

Okay. Well, thank you very much, operator. With that, I just want to say thanks to everybody who joined us on the call today. As always, we appreciate your interest and your support. Just a couple of comments. Our world today is facing some pretty significant challenges, including de-carbonization, electrification, while trying to ensure energy affordability and security without jeopardizing the ambitious net 0 targets that have been set. These are exciting times for Chemical. We're excited about the increasing recognition of the critical role nuclear power is going to play in helping address these challenges.

好的。好吧，非常感謝你，接線員。說到這裡，我只想對今天加入我們電話會議的所有人表示感謝。一如既往，我們感謝您的關注和支持。只是一些評論。我們今天的世界正面臨著一些相當重大的挑戰，包括去碳化、電氣化，同時努力確保能源的可負擔性和安全性，同時不損害已經設定的雄心勃勃的淨零目標。對於 Chemical 來說，這是激動人心的時刻。我們很高興人們越來越認識到核能將在幫助應對這些挑戰方面發揮的關鍵作用。

We're excited about the fundamentals in the nuclear fuel market. And we're excited about the prospects for Cameco as we continue to build our long-term contract portfolio, which allow us to further expand production from our brownfield capacity and to invest in opportunities across the fuel cycle. We, as you know, are 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 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 as always, we'll continue to make the health and safety of our workers, their families and their communities, our top priority. Thank you, everybody. Stay safe and stay healthy.

我們對核燃料市場的基本面感到興奮。隨著我們繼續建立長期合同組合，我們對 Cameco 的前景感到興奮，這使我們能夠進一步擴大我們棕地產能的產量，並投資於整個燃料循環的機會。如您所知，我們是一家負責任的商業供應商，擁有強大的資產負債表、長期存在的一級資產和經過驗證的運營記錄，並且有望恢復我們的一級成本結構。我們將繼續按照我們所說的去做，執行我們的戰略。並且與我們的價值觀一致，我們以一種我們相信將使我們的業務長期可持續發展的方式這樣做。一如既往，我們將繼續把我們員工、他們的家人和社區的健康和安全作為我們的首要任務。謝謝大家。保持安全並保持健康。

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

謝謝。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。