Cameco Corp (CCJ) 2023 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Cameco Corporation Third Quarter 2023 Conference Call. (Operator Instructions). The conference is being recorded. (Operator Instructions) 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。這是會議操作員。歡迎參加 Cameco Corporation 2023 年第三季電話會議。 （操作員說明）。會議正在錄製中。 （操作員指示）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 third quarter conference call. With a very busy international travel schedule this quarter, our quarterly board meetings were held off site rather than at our corporate office in Saskatoon. With us today on the call are Tim Gitzel, President and CEO, joining the call from Vienna, Austria; Grant Isaac, Executive VP and CFO; Heidi Shockey, Senior VP and Deputy CFO; Brian Reilly, Senior VP and Chief Operating Officer; Sean Quinn, Senior VP, Chief Legal Officer and Corporate Secretary; and Alice Wong, Senior VP and Chief Corporate Officer.

謝謝接線員，大家早安。歡迎參加 Cameco 第三季電話會議。由於本季度國際旅行日程非常繁忙，我們的季度董事會會議在場外舉行，而不是在薩斯卡通的公司辦公室舉行。今天與我們一起參加電話會議的是總裁兼執行長 Tim Gitzel，他從奧地利維也納參加了電話會議； Grant Isaac，執行副總裁兼財務長； Heidi Shockey，資深副總裁兼副財務長； Brian Reilly，資深副總裁兼營運長； Sean Quinn，資深副總裁、首席法務官兼公司秘書；以及資深副總裁兼首席公司長 Alice Wong。

I'm going to hand it over to Tim in just a moment to discuss the current nuclear market environment, how today's market compares to previous cycles and how it provides the basis for Cameco's improving prospects. After, we will open it up for your questions. 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.

稍後我將把它交給蒂姆，討論當前的核市場環境、今天的市場與以前的周期相比如何，以及它如何為 Cameco 改善前景提供基礎。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開放和透明。因此，如果您對我們的季度財務業績有詳細疑問，或者您的問題在本次電話會議中未解決，我們將很樂意在電話會議後與您聯繫。

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 with ask a 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.

有幾種方式可以聯絡我們。您可以聯絡我們新聞稿中提供的聯絡人。您可以透過我們網站上的聯絡標籤提交問題，也可以使用網路廣播螢幕底部的提問表格，我們將很樂意在此次通話後跟進。如果您透過我們的網站活動頁面加入電話會議，可以使用投影片，這些投影片將在通話期間顯示。

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.

此外，為了供您參考，我們的季度投資者講義可在我們的網站 comeco.com 上以 PDF 文件形式下載。今天的電話會議向包括媒體在內的投資界所有成員開放。

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.

在問答環節中，請將自己的問題限制在 2 個以內，然後返回佇列。請注意，本次電話會議將包含基於多項假設的前瞻性訊息，實際結果可能存在重大差異。

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.

您不應過度依賴前瞻性陳述。實際結果可能與這些前瞻性聲明有重大差異，除非法律要求，否則我們不承擔更新我們今天所做的任何前瞻性陳述的義務。

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 will turn it over to Tim.

請參閱我們最新的年度資訊表和 MD&A，以了解有關可能導致這些不同結果的因素以及我們所做的假設的更多資訊。這樣，我就把它交給提姆。

Well, thank you, Rachelle, and good morning, everyone. We appreciate you joining us for today's call. I'm pleased to start today's call by announcing in addition to Cameco's executive team effective November 1, Dominic Kieran will be joining Cameco as Global Managing Director of our subsidiary in the United Kingdom. Dominic brings extensive international executive experience in the nuclear fuel, chemical and broader technology industries, which will enhance the skill set of our strong and experienced leadership group. His wide-ranging expertise will help facilitate Cameco's growth across the nuclear value chain.

好吧，謝謝你，雷切爾，大家早安。我們感謝您參加今天的電話會議。在今天的電話會議開始時，我很高興地宣布，除了Cameco 的執行團隊之外，多米尼克·基蘭(Dominic Kieran) 將加入Cameco，擔任我們英國子公司的全球董事總經理，自11 月1日起生效。多明尼克在核燃料、化學和更廣泛的技術產業帶來了豐富的國際管理經驗，這將增強我們強大且經驗豐富的領導團隊的技能。他廣泛的專業知識將有助於促進 Cameco 在整個核價值鏈上的發展。

Dominic brings over 20 years of leadership experience to Cameco. Most recently, he served as Chief Executive Officer with Babcock Nuclear. Previously, he was with Grenco for 15 years in increasingly senior leadership roles, including Chief Commercial Officer, and gained a wealth of experience from his diverse responsibilities. We look forward to having Dominic join our Cameco team.

Dominic 為 Cameco 帶來了 20 多年的領導經驗。最近，他擔任巴布科克核能公司執行長。此前，他在 Grenco 工作了 15 年，擔任越來越高級的領導職務，包括首席商務官，並從他的多種職責中獲得了豐富的經驗。我們期待 Dominic 加入我們的 Cameco 團隊。

As Rachelle mentioned, I'm joining us today from Vienna, Austria, where tomorrow, I'll be attending meetings of the IAEA's Standing Advisory Group on Nuclear Energy. Mr. Rafael Grossi, the IAEA's Director General, appoints group members from governments, research institutions in the nuclear industry to advise the agency on nuclear power and fuel cycle activities and provide guidance on matters concerning capacity for long-term energy security. This trip adds to what has been a very busy fall.

正如雷切爾所提到的，我今天從奧地利維也納加入我們，明天我將在那裡參加原子能總署核能常設諮詢小組的會議。國際原子能總署總幹事拉斐爾·格羅西先生任命來自各國政府和核工業研究機構的小組成員，就核電和燃料循環活動向該機構提供建議，並就有關長期能源安全能力的問題提供指導。這次旅行為這個非常忙碌的秋季增添了色彩。

Back in Canada, I met with Ukrainian President Zelensky and Primister Tudo in September, followed by a trip with a Cameco delegation in October to the head office and operations of Energo Adam in Kiev, reinforcing our commitment and support for Ukraine's energy independence. We also joined the OECD's inaugural road maps to new nuclear conference in Paris, where government and industry leaders met to build leadership in cooperation in nuclear energy.

回到加拿大後，我於9 月會見了烏克蘭總統澤連斯基和總理圖多，隨後於10 月隨Cameco 代表團訪問了位於基輔的Energo Adam 總部和營運中心，加強了我們對烏克蘭能源獨立的承諾和支持。我們也加入了經合組織在巴黎舉行的新核會議的首次路線圖，政府和產業領導人在會上舉行會議，建立核能合作的領導地位。

These are all proud moments for us at Cameco that highlight the impact our work is having around the world. Our invitation to these types of influential meetings highlights our credibility as a company and our well-respected position in the nuclear fuel market. And they provide us with unique insight and the opportunity to be in the room where important policies are discussed in support of the global nuclear industry.

對 Cameco 來說，這些都是值得我們自豪的時刻，凸顯了我們的工作在世界各地產生的影響。我們邀請參加此類有影響力的會議突顯了我們作為一家公司的信譽以及我們在核燃料市場中備受尊敬的地位。他們為我們提供了獨特的見解和參與討論支持全球核能產業的重要政策的機會。

It's an industry that is getting significant attention today, and that's being recognized for the numerous benefits and advantages it can offer to the global energy supply and to energy security. This past quarter, we saw players from all facets of the nuclear sector congregate in London for the World Nuclear Association's Annual Symposium where the atmosphere was more optimistic than it's been for over a decade, maybe ever.

這是一個當今備受關注的行業，並因其可為全球能源供應和能源安全提供的眾多好處和優勢而受到認可。上個季度，我們看到來自核能產業各個方面的參與者齊聚倫敦參加世界核能協會年度研討會，會上的氣氛比十多年來（甚至可能是有史以來）更加樂觀。

With over 40 years in this industry, I feel well qualified in saying, yes, we've seen enthusiasm in past cycles. However, at the symposium this year, there was a sense of urgency that I can't say we've experienced before.

憑藉在這個行業 40 多年的經驗，我很有資格說，是的，我們在過去的周期中看到了熱情。然而，在今年的座談會上，有著前所未有的迫切感。

Each time the market has entered a period of transition, stakeholders look back at previous cycles to highlight similarities and common threads in an attempt to predict the duration and durability of the positive momentum. If you followed the industry in Cameco through the 2000s or if you're one of the exceptional few that might have been paying attention even earlier than that, you would have heard us talking about things like potential long-term demand growth or supply pressure building on the horizon or the level of financial interest in buying physical uranium.

每次市場進入轉型期時，利害關係人都會回顧先前的周期，突顯相似性和共同點，試圖預測正向動能的持續時間和持久性。如果您在整個2000 年代一直關注Cameco 行業，或者您是少數幾個可能在此之前就已經關注這一行業的人之一，您就會聽到我們談論潛在的長期需求增長或供應壓力增大等問題購買實體鈾的前景或經濟興趣程度。

We are, of course, seeing those similarities right now, but with the added element of urgency, I think there is much more to the story this time.

當然，我們現在已經看到了這些相似之處，但隨著緊迫性的增加，我認為這次的故事還有更多內容。

So for today's call, rather than our customary approach of highlighting industry developments in the context of Cameco's strategy, I thought we would provide our view of what sets the current industry environment, apart from previous cycles, pulling the various factors together into one discussion. And in doing so, I want to emphasize how Cameco as one of the leading suppliers in the industry is also evolving to maximize value while addressing the urgent call to action.

因此，在今天的電話會議中，我認為我們不會按照慣例在Cameco 策略的背景下強調行業發展，而是會提供我們對當前行業環境（與之前週期不同）的看法，將各種因素集中到一起進行討論。在此過程中，我想強調 Cameco 作為業界領先的供應商之一如何不斷發展，以實現價值最大化，同時解決緊迫的行動呼籲。

Let's consider the durability of demand. First, in the context of climate change. Some will argue that the climate crisis isn't new as it's been part of the conversation for decades now. But what's different today is that urgency. It's no longer just a model on paper with academics running computer simulations.

讓我們考慮一下需求的持久性。首先，在氣候變遷的背景下。有些人會說，氣候危機並不新鮮，因為幾十年來它一直是人們討論的一部分。但今天不同的是這種迫切性。它不再只是學術界運行電腦模擬的紙上模型。

Increasing average global temperatures and the fires and floods that are becoming more and more frequent can't be ignored. The evidence continues to point to our carbon-based energy systems as a key contributor to the problem. This has led to electron accountability and proposals by countries and companies for achieving net zero targets taking center stage. And today, it's clear, achieving those targets does not happen without nuclear power. That itself is a notable difference, but it goes even deeper.

全球平均氣溫上升以及越來越頻繁的火災和洪水不容忽視。證據繼續表明我們的碳基能源系統是造成這個問題的關鍵因素。這導致電子問責制以及各國和公司為實現淨零目標而提出的建議成為焦點。如今，很明顯，如果沒有核電，這些目標就無法實現。這本身就是一個顯著的差異，但還有更深層的差異。

This time, policymakers are not shying away from proposing nuclear as a key part of their energy mix, some even reversing their previously antinuclear stats. The WNA sessions in London that I mentioned opened with U.S. member of Congress Chuck Fleishman and the U.K. under Secretary of State and Minister for Nuclear and Metrics, Andrew Boe on a panel where they discuss today's bipartisan support in government. That certainly differs from what we've seen in the past, and it forms what might be considered a solid base of support for demand growth using clean, reliable, secure and well-established nuclear technology.

這一次，政策制定者並不迴避提議將核能作為其能源結構的關鍵組成部分，有些政策制定者甚至扭轉了先前的反核統計。我提到的WNA 倫敦會議由美國國會議員查克·弗萊什曼(Chuck Fleishman) 和英國國務卿兼核與計量部長安德魯·博(Andrew Boe) 在一個小組會議上開幕，他們在小組討論了當今兩黨對政府的支持。這當然不同於我們過去所看到的情況，它構成了使用清潔、可靠、安全和完善的核子技術支援需求成長的堅實基礎。

It's growth that is starting to move beyond Asia, which has been the key component of the industry growth story since the late 2000s. Asia's nuclear expansion obviously remains very important today, but the broader interest and level of potential growth has expanded and is now much more global.

它的成長開始超越亞洲，自 2000 年代末以來，亞洲一直是產業成長故事的關鍵組成部分。今天，亞洲的核擴張顯然仍然非常重要，但潛在成長的更廣泛利益和水平已經擴大，並且現在更加全球化。

Beyond that base of demand growth and other emerging difference in today's demand profile is the potential deployment of new nuclear reactor designs with a number of small modular reactors and small advanced micro reactors in development. These represent a clean energy source that would be more accessible in terms of output that better matches small or modest local demand. They're expected to have better cost and schedule control by way of factory production. And they can also address needs beyond electricity such as applications for industrial heat, desalinization or hydrogen production.

除了需求成長的基礎和當今需求狀況中其他新出現的差異之外，還有可能部署新的核反應器設計，其中包括正在開發的許多小型模組化反應器和小型先進微型反應器。這些代表了一種清潔能源，其產出更容易取得，更能滿足當地小型或適度的需求。他們希望透過工廠生產來更好地控製成本和進度。它們還可以滿足電力以外的需求，例如工業供熱、海水淡化或氫氣生產的應用。

Big industrial energy consumers are not waiting for those government decisions and policies I just mentioned, they are moving much more quickly. The number of private companies are taking action and announcing their own plans to support the expansion of clean nuclear energy in the years to come using those promising new technologies.

大型工業能源消費者並沒有等待我剛才提到的政府決策和政策，他們的行動速度要快得多。許多私人公司正在採取行動並宣布自己的計劃，以支持在未來幾年利用這些有前途的新技術擴大清潔核能。

Another big difference that won't be news to anyone is on the geopolitical front. The tension and uncertainty are increasing daily. Events like Russia's invasion of Ukraine and a coup in Niger leaves countries reevaluating their energy security and who they want to rely upon to supply fuels, avoiding dependencies such as Russian gas. That evaluation of security is being done in the context of their carbon footprint and electron accountability, which leads to consideration of nuclear to a degree we have not seen for nearly a half century.

另一個對任何人來說都不是新聞的重大差異是在地緣政治方面。緊張和不確定性每天都在增加。俄羅斯入侵烏克蘭和尼日爾政變等事件讓各國重新評估其能源安全以及他們希望依賴誰來供應燃料，避免依賴俄羅斯天然氣等。對安全的評估是在碳足跡和電子責任的背景下進行的，這導致人們對核的考慮達到了近半個世紀以來從未見過的程度。

And while countries need secure and dependable energy supply, they also want it to be clean. Political views and policies generally represent the will of the people and it's clear that public opinion is changing as well.

儘管各國需要安全可靠的能源供應，但也希望能源是乾淨的。政治觀點和政策通常代表人民的意願，顯然公眾輿論也在改變。

We're seeing a social shift happening like never before. Nuclear energy is an undeniable part of the social conversation. There's vocal support from diverse and sometimes unexpected sources, sources like social media influencers, Hollywood personalities and even long-time nuclear protesters like Bono, who just last month admitted that although he has campaigned against nuclear energy for a long time, his view has flipped to support nuclear amid the climate crisis.

我們看到社會正在發生前所未有的轉變。核能是社會話題中不可否認的一部分。各種來源的聲音支持，有時甚至是意想不到的來源，如社交媒體影響者、好萊塢名人，甚至像波諾這樣的長期核抗議者，波諾上個月承認，儘管他長期以來一直反對核能，但他的觀點已經轉變在氣候危機中支持核能。

Taken all together, the overarching differences we're seeing this cycle contribute to that full cycle demand growth you've heard us talk about. Previous bullish cycles were typically underpinned by demand that was more or less out in the future and in the longer-term segment of the forward demand curve. This time, we are really seeing that durable demand growth across the full cycle.

總而言之，我們在這個週期中看到的整體差異有助於您聽到我們談論的全週期需求成長。之前的看漲週期通常受到未來需求以及遠期需求曲線長期部分或多或少的需求的支撐。這一次，我們確實看到了整個週期的持久需求成長。

In the near term, we have financial interest buying physical uranium in a way that is much different than in the past. Financial participants are not acting as a marginal buyer and seller purchasing today and selling tomorrow when the price rises by a few cents. Instead, they are providing better transparency by buying material at the market and with limited redemption capabilities, providing a better sense for the intrinsic value of uranium in the near term.

短期內，我們有經濟利益以與過去截然不同的方式購買實體鈾。金融參與者並不是充當邊際買家和賣家，今天購買，明天價格上漲幾美分時出售。相反，他們透過在市場上購買材料和有限的贖回能力來提供更好的透明度，從而更好地了解鈾在短期內的內在價值。

Additionally, we have some real end-user near and midterm demand. That demand is coming from several fully depreciated, safe, operable reactors. Reactors that were slated for decommissioning due to the economics of broken electricity markets are now being saved for their significant low carbon and secure energy benefits. And it's coming from reactor life extensions, again, thanks to the security and low carbon advantages and recognition that there is no equivalent clean baseload alternative.

此外，我們還有一些真正的最終用戶近期和中期需求。這項需求來自幾個完全折舊、安全、可運作的反應器。由於電力市場經濟崩潰而原定退役的反應爐現在因其顯著的低碳和安全能源效益而保存。這同樣來自於反應器壽命的延長，這要歸功於安全性和低碳優勢，以及人們認識到沒有同等的清潔基荷替代品。

In the long-term portion of the cycle, demand growth is coming from more traditional new builds as well as the emergence of the advanced reactors, SMRs and micro reactors, which have the potential to add significant demand in the coming decades.

在周期的長期部分，需求成長來自更傳統的新建項目以及先進反應器、中小型反應器和微型反應器的出現，它們有可能在未來幾十年內大幅增加需求。

In the WNA's updated fuel cycle report released in September, demand is looking more robust than ever, averaging growth of 3.6% annually compared to 2.6% in the previous 2021 report. And that only includes a very light and conservative estimate for demand to fuel those SMRs and nuclear designs.

在 WNA 9 月發布的更新燃料循環報告中，需求看起來比以往任何時候都更加強勁，年均成長率為 3.6%，而上一份 2021 年報告中的成長率為 2.6%。這僅包括對小型模組化反應器和核子設計的燃料需求的非常簡單和保守的估計。

Geopolitical tensions and energy security concerns are also changing the demand picture. The number of new markets seeking fuel from reliable suppliers in safe jurisdictions have opened up to create full cycle contracting opportunities, especially in Eastern Europe. So those are some significant differences in the context of demand. But what about supply?

地緣政治緊張局勢和能源安全疑慮也正在改變需求狀況。許多在安全管轄範圍內尋求可靠供應商提供燃料的新市場已經開放，創造了全週期承包機會，特別是在東歐。這些是需求背景下的一些顯著差異。但供應情況如何？

Well, the uranium market has had its share of supply challenges in past cycles, but the difference today is that the supply picture is more uncertain than ever. First and foremost is primary supply. As demand grows and the mines are depleted, there is no Kazakhstan equivalent source of supply, waiting on the sidelines somewhere to meet that growing demand into the 2030s. Even the existing uranium coming out of Kazakhstan is not going to be splashing around in the market as it has in the past. Because Adem Prom has stated that under their value strategy, production now has a home in their long-term contract book.

嗯，鈾市場在過去的周期中也遇到過供應挑戰，但今天的不同之處在於，供應情況比以往任何時候都更加不確定。首先也是最重要的是初級供應。隨著需求的增長和礦山的枯竭，哈薩克斯坦沒有同等的供應來源，在某個地方等待著滿足 2030 年代不斷增長的需求。即使現有的來自哈薩克的鈾也不會像過去那樣在市場上亂竄。因為 Adem Prom 表示，根據他們的價值策略，製作現在在他們的長期合約中佔有一席之地。

A big reliable supply source is simply not going to materialize and the pockets of potential production that could be added to the supply stack carries significant greenfield risk.

一個大的、可靠的供應來源根本不會成為現實，而且可以添加到供應堆疊中的潛在生產區域會帶來巨大的綠地風險。

With no clear emerging primary supply, we have to look at the sources of secondary supply, which have been filling the gap. But the shock absorbers of the past are not what they used to be either. So far this year, industry-wide, there has been nearly GBP 144 million committed under long-term contracts, which is a level we've not seen in 10 years, indicating the market remains on track to replacement rate contracting. These signposts provide a signal that inventories in all forms have been run down, and there is certainly no megatons to megawatts program in the works to ease the pressure.

在沒有明確的新興初級供應的情況下，我們必須尋找一直在填補缺口的次級供應來源。但過去的避震器也今非昔比了。今年到目前為止，全行業已承諾簽訂長期合約近 1.44 億英鎊，這是我們 10 年來從未見過的水平，表明市場仍處於替代率合約的軌道上。這些路標提供了一個訊號，表明所有形式的庫存都已耗盡，而且肯定沒有正在實施的兆噸至兆瓦計劃來緩解壓力。

Also on secondary supply, there's an ongoing shift to replace Russian fuel supply services and create more capacity in the enrichment segment of the fuel cycle by moving from underfeeding to over feeding. I won't get into the technical aspects of underfeed, overfeed but the punchline is that it means less secondary supply going back into the market from enrichers.

同樣在二次供應方面，正在不斷轉變，以取代俄羅斯的燃料供應服務，並透過從供給不足轉向供給過剩，在燃料循環的濃縮部分創造更多的能力。我不會討論餵料不足和餵料過量的技術問題，但重點是，這意味著從濃縮機返回市場的二次供應會減少。

In fact, similar to the story of rebuilding a depleted inventory beyond run rate requirements, overfeeding has an exaggerated impact on supply tension by not only reducing secondary supply, but creating secondary demand. So primary and secondary supply of the natural uranium needed at the very start of the fuel cycle is declining.

事實上，與重建超出運行率要求的耗盡庫存的故事類似，過量供給不僅會減少二次供應，還會創造二次需求，從而誇大了供應緊張的影響。因此，燃料循環開始時所需的天然鈾的初級和次級供應正在下降。

Then there is the matter of actually moving that supply through the cycle. Nobody will say that moving Class 7 nuclear material around the globe has ever been easy, but it's clearly facing new risks and challenges as a result of geopolitics.

然後就是如何在整個週期中實際移動供應的問題。沒有人會說在全球範圍內轉移七級核材料是一件容易的事，但由於地緣政治，它顯然面臨新的風險和挑戰。

However, the uranium supply story does not end there. Stakeholders have recognized that much more than natural uranium is needed to build a nuclear fuel bundle. The services, refining, conversion, enrichment, deconversion, pelletization and fuel fabrication are getting more attention than ever and the degree to which they are interdependent complicates the typical supply-demand analysis of a commodity. And those other segments of the fuel cycle are also facing challenges.

然而，鈾供應的故事並沒有就此結束。利害關係人已經認識到，建造核燃料包需要的不僅僅是天然鈾。服務、精煉、轉化、濃縮、去轉化、造粒和燃料製造比以往任何時候都受到更多關注，它們相互依賴的程度使商品的典型供需分析變得複雜。燃料循環的其他部分也面臨挑戰。

Based on lessons learned, we are seeing a new common theme across producers and services at all stages of the cycle. Suppliers have been clear they are not going to front-run demand with uncommitted supply. If they're going to add back, expand or build new production or processing capacity, they need contracts and commitments from end users to support their investments. That has not been a central consideration in the past.

根據所學到的經驗教訓，我們在週期的各個階段的生產者和服務業中看到了一個新的共同主題。供應商已經明確表示，他們不會以未承諾的供應來搶先需求。如果他們要增加、擴大或建立新的生產或加工能力，他們需要最終用戶的合約和承諾來支持他們的投資。這在過去並不是一個核心考慮因素。

As we hold those contracting conversations with customers to lock in long-term value, it's also important to consider today's pricing environment. We've never been this early in the cycle with prices as high as they are today. That's a significant factor that some might be thinking could hamper the momentum, but it isn't. That's because of the improving electricity prices rising faster than front-end fuel prices, which has rarely if ever been the case for us in nuclear. That means customers can better tolerate the realities of sustainable fuel pricing and focus on shoring up inventories to help ensure security of supply.

當我們與客戶進行合約對話以鎖定長期價值時，考慮當今的定價環境也很重要。我們從來沒有像今天這樣處於週期的早期，價格也如此之高。有些人可能認為這是一個可能阻礙這一勢頭的重要因素，但事實並非如此。這是因為不斷改善的電價上漲速度快於前端燃料價格，這對我們的核能產業來說是很少見的。這意味著客戶可以更好地容忍可持續燃料定價的現實，並專注於增加庫存以幫助確保供應安全。

So all those differences in today's nuclear fuel cycle from both a demand and supply perspective mean that Cameco as a diversified nuclear fuel supplier has more opportunities in front of us than ever. And compared to the Cameco of previous cycles were different as well. This time, we don't have big capital-intensive greenfield mines under construction.

因此，從需求和供應的角度來看，當今核燃料循環的所有這些差異意味著，Cameco 作為一家多元化的核燃料供應商，比以往任何時候都擁有更多的機會。與先前週期的 Cameco 相比也有所不同。這次，我們沒有在建造大型資本密集型綠地礦場。

As we see demand come to the market, we have multiple Tier 1 licensed, permitted and approved assets we can bring back to capacity and expand. In fact, the Canadian Nuclear Safety Commission just awarded us 20-year license extensions at McArthur River and Key Lake, which is double the term of our previous license. And at Rabbit Lake, we received a 15-year license extension.

當我們看到市場需求時，我們擁有多個一級許可、許可和批准的資產，我們可以恢復產能並擴張。事實上，加拿大核安委員會剛剛授予我們在麥克阿瑟河和基湖的 20 年許可證延期，這是我們先前許可證期限的兩倍。在 Rabbit Lake，我們獲得了 15 年的許可證延期。

We believe that our commitment to protecting the health and safety of our people in the public and to protecting the environment is reflected in the extended duration of the licenses. And as we add contracts to our portfolio for the delivery of uranium in the years to come, we also have several already built and permitted Tier 2 assets where costs and economics are established and proven. These are all sources of proven and reliable supply from a preferred jurisdiction.

我們相信，延長許可證期限反映了我們對保護公眾健康和安全以及保護環境的承諾。隨著我們在未來幾年向我們的投資組合添加鈾交付合同，我們還擁有一些已經建成並獲得許可的二級資產，這些資產的成本和經濟性已得到確立和證明。這些都是來自首選司法管轄區的經過驗證且可靠的供應來源。

And of course, it doesn't end there. We have what we believe are some of the best advanced exploration projects and most prospective land positions in the business. Today, we are more focused on our core expertise, having divested interest in gold and power generation and as a pure-play nuclear investment, we are very well positioned to maximize value.

當然，事情並沒有就此結束。我們認為我們擁有一些最先進的勘探項目和業內最有前景的土地位置。如今，我們更加專注於我們的核心專業知識，放棄了對黃金和發電的興趣，作為一項純粹的核投資，我們完全有能力實現價值最大化。

There's improved recognition of the importance and interdependence of the entire fuel cycle beyond uranium as a core commodity. This means that our long-established and reliable fuel services division as well as our investment in Global Laser Enrichment and its next-generation enrichment technology are being highlighted for their strategic importance.

人們對除鈾作為核心商品之外的整個燃料循環的重要性和相互依賴性的認識有所提高。這意味著我們歷史悠久且可靠的燃料服務部門以及我們對 Global Laser Enrichment 及其下一代濃縮技術的投資因其戰略重要性而受到重視。

And I'm not using the word strategic in place of economic. We have been invested across the fuel cycle since inception, and I think those assets are more valuable to us today from a financial perspective than they've ever been.

我並不是用戰略這個詞來取代經濟這個詞。自成立以來，我們一直在整個燃料循環領域進行投資，我認為從財務角度來看，這些資產今天對我們來說比以往任何時候都更有價值。

Considering our uranium and fuel cycle assets together from an investment perspective, we offer exciting upside exposure to an in-demand commodity at a time when supplies have never been more uncertain. And at the same time, we offer the stability and protection of an impressive long-term contract portfolio, representing a stream of earnings and cash flow that provides exposure to rising prices and our pipeline of contract discussions continues to grow.

從投資角度考慮我們的鈾和燃料循環資產，在供應從未如此不確定的情況下，我們為這種需求大宗商品提供了令​​人興奮的上行風險。同時，我們提供令人印象深刻的長期合約組合的穩定性和保護，代表著一系列收益和現金流，為價格上漲提供了風險敞口，並且我們的合約討論管道持續增長。

And with our partner, Brookfield, we continue to work toward closing our acquisition of Westinghouse by the end of the year. That transaction is very well aligned with our pure-play nuclear strategy. With several parts of that business being more stable and less tied to the ups and downs of the commodity, it's expected to complement our high-quality Tier 1 uranium and fuel services assets.

我們與我們的合作夥伴布魯克菲爾德一起，繼續努力在今年年底前完成對西屋電氣的收購。該交易與我們的純核戰略非常吻合。由於該業務的多個部分更加穩定，並且與大宗商品的漲跌關係較小，預計它將補充我們的優質一級鈾和燃料服務資產。

Cameco's valuation should, therefore, reflect the scarcity premium. No other publicly traded uranium company offer similar exposure to that durable full cycle demand growth across the fuel cycle that's occurring in the nuclear industry. So I think it's clear. The drivers that supported the positive momentum of cycles in that past are important factors in today's environment. However, the urgency and the differences impacting demand and supply and the strategy Cameco has pursued over the past decade has made us a different company today than we've been in the past.

因此，Cameco 的估值應該反映稀缺性溢價。沒有其他上市鈾公司能夠像核工業中燃料循環中的持久全循環需求成長那樣提供類似的機會。所以我認為很清楚了。過去支持週期正向動能的驅動因素是當今環境中的重要因素。然而，影響需求和供應的緊迫性和差異以及 Cameco 在過去十年中奉行的策略使我們今天成為與過去不同的公司。

Combined, these factors set up this cycle to be more exciting than ever. The improving market conditions, coupled with our strategic decisions are also benefiting our financial performance. We're seeing improvements in our earnings, gross profit and cash flow, which was evident again this quarter. And we expect our financial performance to improve further as we continue our transition back to a Tier 1 run rate.

這些因素結合起來，使這個週期比以往任何時候都更加令人興奮。不斷改善的市場狀況以及我們的策略決策也有利於我們的財務表現。我們看到我們的收入、毛利和現金流都有所改善，這一點在本季再次顯現出來。我們預計，隨著我們繼續向一級運作率過渡，我們的財務表現將進一步改善。

Cameco's strategy of contracting discipline, production discipline and risk-managed financial discipline is set within the context of the transitioning market environment we're currently in.

Cameco 的合約紀律、生產紀律和風險管理財務紀律策略是在我們目前所處的轉型市場環境的背景下制定的。

With $2.7 billion in cash, $1 billion in total debt and a $1 billion undrawn credit facility, our balance sheet remains strong. We will retain our conservative financial management to support our balanced and disciplined contracting and supply decisions, providing us with the ability to self-manage risks and retain the capacity to pursue value-adding investments like Westinghouse.

我們擁有 27 億美元現金、10 億美元總債務和 10 億美元未動用信貸額度，資產負債表依然強勁。我們將保留保守的財務管理，以支持我們平衡且嚴格的承包和供應決策，使我們能夠自我管理風險，並保留像西屋電氣那樣追求增值投資的能力。

Before moving into our Q&A session today, it is with an enormously heavy heart that I acknowledge and remember Ian Bruce. A dear friend valued colleague in Cameco's long-time Board Chair, who tragically passed away at his cottage in Ontario on October 16. I've worked with Ian since he joined our Board more than a decade ago, and on behalf of the entire Cameco family, I extend our deepest condolences to Ian's wife, Darlene, and his family and many friends and loved ones.

在進入今天的問答環節之前，我懷著無比沉重的心情感謝並記住伊恩布魯斯。 Cameco 長期擔任董事會主席的一位親愛的朋友和重要同事於 10 月 16 日在安大略省的小屋不幸去世。自從 Ian 十多年前加入我們的董事會以來，我一直與他一起工作，並代表整個 Cameco我向伊恩的妻子達琳、他的家人以及許多朋友和親人致以最深切的哀悼。

His business acumen, personal and professional advice, overall leadership and most importantly, friendship, we're absolutely invaluable to Cameco and his absence during yesterday's Board discussions was notable.

他的商業頭腦、個人和專業建議、整體領導力以及最重要的友誼，對 Cameco 來說絕對是無價的，他缺席昨天的董事會討論是值得注意的。

Ian was excited about nuclear energy and the company's future, and he was extremely proud to be part of the Cameco team. He will be profoundly missed. So thank you for your interest today, and we are happy to take your questions.

Ian 對核能和公司的未來感到興奮，他為成為 Cameco 團隊的一員感到非常自豪。我們將深深懷念他。感謝您今天的關注，我們很樂意回答您的問題。

(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。

Grant, I was hoping we could get some color on what's happening with contracting. Obviously, the uranium price has moved up a lot even in the last 3 months. And I'm wondering if you're seeing what kind of behavior you're seeing from your customers, whether there -- the higher price movement is actually engaging them to sign more contracts or whether you're seeing them pulling back? And alternatively, how is Cameco approaching this behavior? And are you continuing to pull back in terms of signing contracts in hopes of better terms with respect to higher floors and ceilings down the road? Just wondering sort of what that engagement looks like right now.

格蘭特，我希望我們能夠對承包方面的情況有一些了解。顯然，即使在過去的三個月裡，鈾價也上漲了很多。我想知道您是否從客戶那裡看到了什麼樣的行為，較高的價格變動是否實際上促使他們簽署了更多合同，或者您是否看到他們撤回了？或者，Cameco 如何處理這種行為？您是否會繼續推遲簽署合同，以期在未來更高的樓層和天花板方面獲得更好的條款？只是想知道現在的訂婚是什麼樣的。

Yes. Orest, great question. Great place to start. There have been a lot of opportunities to be with customers in the last couple of months, the WNA symposium that Cameco or that Tim referred to as well as the recent NEI conference in Charlotte.

是的。奧雷斯特，好問題。很好的起點。在過去的幾個月裡，我們有很多與客戶交流的機會，例如 Cameco 或 Tim 提到的 WNA 研討會以及最近在夏洛特舉行的 NEI 會議。

There still is a very pervasive urgency in the market. That urgency is reflected in improving contracting rates. We now are looking at year-to-date across the industry about GBP 145 million contracted. That is much higher than it had been in each of the last 10 years, starting to approach that durable replacement rate contracting.

市場上仍然存在非常普遍的緊迫性。這種迫切性體現在提高簽約率。我們現在正在關註今年迄今為止整個行業的合約金額約為 1.45 億英鎊。這比過去十年的每年都要高得多，開始接近持久替代率收縮。

I would say, in general, it is a broad-based demand recovery. It reflects demand from those who might have thought they had been shutting down a reactor early coming to the market, those who are now pursuing life extensions for reactors that might have been retired after their initial license extension. And then, of course, it's demand for those who are building new.

我想說，總的來說，這是基礎廣泛的需求復甦。它反映了那些可能認為自己已經關閉了早期進入市場的反應爐的人的需求，以及那些現在正在尋求延長在最初的許可證延期後可能已經退役的反應爐的壽命的人。當然，這也是對那些正在建造新建築的人的需求。

It also is -- has a very important regional focus, and that is the emergence of Central and Eastern European customers into the Western supply piece, which is a demand that is new and is quite frankly, competitive with the demand that we used to see from Western Europe from North America, Canada, the U.S. as well as parts of Asia. So it is broadly based.

它還有一個非常重要的區域重點，那就是中歐和東歐客戶進入西方供應領域，這是一種新的需求，坦白說，與我們過去看到的需求具有競爭力來自西歐、北美、加拿大、美國以及亞洲部分地區。所以它的基礎很廣泛。

I would say that there are some utilities that have been more aggressive than others, ensuring up their longer-term supply. Probably no surprise, those who are on the front end of rising electricity prices and energy security have moved quicker. I would say that is characteristic of Western European utilities as well as Central and Eastern European utilities.

我想說，有些公用事業公司比其他公用事業公司更積極，以確保長期供應。也許並不奇怪，那些處於電價上漲和能源安全前沿的人們行動得更快。我想說這是西歐公用事業以及中歐和東歐公用事業的特色。

The good news Orest is that some have yet to come to the market. And so when Tim refers to the situation where we're in the early innings of a contracting cycle, it is because we know there are pockets of demand, bigger utility customers yet to come.

好消息是 Orest 中的一些尚未進入市場。因此，當蒂姆提到我們正處於合約週期初期的情況時，這是因為我們知道還有一些需求，更大的公用事業客戶尚未到來。

All of this suggests to us we are absolutely in the right position as Cameco, to be strategically positioning our contract portfolio for higher prices being biased towards market-related long-term contracting that will reference prices at time of delivery out into the future.

所有這些都表明，我們作為 Cameco 絕對處於正確的位置，可以戰略性地定位我們的合同組合，以應對更高的價格，偏向與市場相關的長期合同，這些合同將在未來交付時參考價格。

We have been more selective in ensuring that we're getting that exposure to a rising price environment, we lead the market with respect to the construction of floors and the construction of ceilings. This is for us exactly where we want to be. Sorry for the long answer. I just wanted to cover it in its full dimensions.

我們更有選擇性地確保我們能夠承受價格上漲的環境，我們在地板建造和天花板建造方面領先市場。這正是我們想要達到的目標。抱歉回答太長。我只是想完整地介紹它。

Okay. And just as a follow-up, your -- the Kazatomprom announced a pretty aggressive 2025 production target a few weeks ago, going to GBP 80 million from somewhere in the GBP GBP 55 million to GBP 60 million. Should we anticipate -- like how does Cameco think about that strategy? I mean you obviously have a lot of curtailed capacity both in terms of still Tier 1 expansion potential, but also with respect to your Tier 2. What do you need to see to further increase your production plan?

好的。作為後續行動，Kazatomprom 幾週前宣布了相當激進的 2025 年生產目標，從 5,500 萬英鎊增至 6,000 萬英鎊，達到 8,000 萬英鎊。我們是否應該預測——例如 Cameco 如何考慮該戰略？我的意思是，無論是在一級擴張潛力方面，還是在二級方面，您的產能顯然都受到了很大的削減。您需要看到什麼才能進一步增加生產計劃？

Yes. Let me just make a comment on the Kazatomprom announcement because I think across the industry, certainly on the uranium supply side, not a lot of surprise. I think just a general expectation that as Kazatomprom has pivoted to a strategy that's very similar to Cameco, which is you build the homes under long-term contract, and then you call for more production. They've been successful in building long-term contract homes.

是的。讓我對 Kazatomprom 的公告發表評論，因為我認為整個產業，尤其是鈾供應方面，並沒有太多意外。我認為這只是一種普遍的期望，因為 Kazatomprom 已轉向與 Cameco 非常相似的策略，即根據長期合約建造房屋，然後要求增加產量。他們在建造長期合約房屋方面取得了成功。

But I think a lot of people had noted some of the volumes that they had committed to to go into China, for example. So it's pretty clear they need those pounds as part of commitments they've already entered into. So that is a very big departure from the Kazatomprom of the past, which had produced a lot of material held as uncommitted primary production and then was required to sell it through a spot market not capable of absorbing those volumes.

但我認為很多人都注意到了他們承諾進入中國的一些數量。因此很明顯，他們需要這些英鎊作為他們已經做出的承諾的一部分。因此，這與過去的哈薩克國家原子能工業公司有很大不同，後者生產了大量未承諾初級生產的材料，然後被要求透過無法吸收這些產量的現貨市場出售。

So not a lot of surprise that those announcements were made. And of course, the backdrop for achieving those increased production numbers is performance on the operating side and you see a lot of risks being raised by is Kazatomprom with respect to challenges in their supply chain, the types of things, asset supply, for example, drilling, availability, the types of things that make achieving those production targets difficult.

因此，這些公告的發布並不令人感到意外。當然，實現產量增加的背景是營運方面的表現，你會看到 Kazatomprom 帶來了很多風險，涉及供應鏈、事物類型、資產供應方面的挑戰，例如，鑽探、可用性以及使實現這些生產目標變得困難的因素類型。

So I hope folks weren't surprised by that announcement or weren't surprised to the negative because I mean it's very consistent with the commercial strategy because Kazatomprom has been following.

因此，我希望人們不會對該公告感到驚訝，也不會對其負面消息感到驚訝，因為我的意思是，它與商業策略非常一致，因為 Kazatomprom 一直在關注。

With respect to Cameco, we remain in supply discipline. We have seen these markets before. We believe these are the early innings of a robust contracting cycle. We've never been at this stage of a contracting cycle at these prices. It suggests that we want to be leveraged with our in-ground production, our in-ground inventory to higher prices. So what we need to see is an urgency of supply translate into an urgency of demand. We just need to see more demand in the market that, that demand in the market is going to restore true production economic pricing, the type of pricing required to be considering in a meaningful way the restart of Tier 2 production, for example. And then after that, of course, real investment in greenfield.

對於 Cameco，我們仍然遵守供應紀律。我們以前見過這些市場。我們認為，這是強勁合約週期的早期階段。我們從來沒有以這樣的價格處於合約週期的這個階段。這表明我們希望利用我們的地下生產、地下庫存來提高價格。因此，我們需要看到供應的緊迫性轉化為需求的迫切性。我們只需要看到市場上有更多的需求，市場上的需求將恢復真正的生產經濟定價，例如，以有意義的方式考慮重新啟動二級生產所需的定價類型。當然，在那之後，就是對綠地的真正投資。

Because we've seen these markets before, we can be strategically patient. We are not in a rush to produce material that doesn't have a home requiring us to either build an inventory or sell it into the spot market, neither of which have been supportive of value for our owners, and we just won't do that.

因為我們以前見過這些市場，所以我們可以在策略上保持耐心。我們並不急於生產沒有家的材料，這要求我們要么建立庫存，要么將其出售到現貨市場，這兩者都沒有為我們的所有者提供價值支持，我們只是不會這樣做。

Our next question comes from Ralph Profiti of Eight Capital.

我們的下一個問題來自八資本的拉爾夫·普羅菲蒂。

Thanks, operator. Tim and Grant, -- is there a specific window of time where you can refer us to with respect to your comments about sort of future demand being more near term, right? Is this equal across all tenors or is there a specific window, say, within 2 to 3 years or sort of 3 to 5 years, that may be a particular interest to highlight for us?

謝謝，接線生。提姆和格蘭特，——是否有一個具體的時間窗口，您可以向我們推薦您對近期需求的評論，對嗎？這在所有期限內都是平等的，還是有一個特定的窗口，例如 2 到 3 年或 3 到 5 年內，這可能是我們特別需要強調的？

Grant, why don't you carry on with the marketing piece in the market.

格蘭特，你為什麼不在市場上繼續進行行銷呢？

Yes. When you think about that near-term demand, we're often referring to those who are running reactors may have been planning to shut them down early, but then the policy condition changes for them to be saved. And so if you just think in the recent past, some examples would be the Ablo Canyon units in California or perhaps the buyer and in Dresden units in Illinois.

是的。當您考慮近期需求時，我們通常指的是那些正在運行反應器的人可能計劃提前關閉它們，但隨後政策條件發生變化，使它們得以保存。因此，如果你想想最近的過去，一些例子就是加州的阿布洛峽谷單位，或者可能是買家以及伊利諾伊州德累斯頓的單位。

And why we call this near-term demand is because the reality for the utility that's been operating those units is not only have they not been procuring run rate material, they've probably been drawing down their inventory that was assigned to those units. And so when those units are extended, we often see 2 very distinct types of near-term demand.

我們之所以稱其為近期需求，是因為營運這些設備的公用事業公司的現實情況是，他們不僅沒有採購運行率材料，而且可能已經減少了分配給這些設備的庫存。因此，當這些單位延長時，我們經常看到兩種截然不同類型的近期需求。

And the first is those utilities stepping into the market and looking for run rate requirements now for the next 3 years, now for the next 5 years, and they put that demand in the market looking for term material. And then oftentimes, you'll see that demand also show -- some demand show up in the spot market in the form of restoring some inventory targets that had been drawn down.

第一個是那些進入市場並尋找未來 3 年、現在 5 年運行率要求的公用事業公司，他們將這種需求放入市場尋找長期材料。通常，您會看到需求也出現了——一些需求以恢復一些已減少的庫存目標的形式出現在現貨市場上。

Now that is a kind of in the next 5-year window Ralph. And so that is a really helpful demand with respect to price formation because what it effectively does when you see those announcements is those who might have, say, uncommitted primary production or an offtake agreement with perhaps a state-owned enterprise that is continuing to produce without a home. Those types of folks might step back from selling material in the spot market in anticipation of that demand to show up. So it tends to be very constructive.

現在，這就是拉爾夫在未來 5 年窗口期的一種表現。因此，這對於價格形成來說是一個非常有用的要求，因為當你看到這些公告時，它實際上會做的是那些可能擁有未承諾的初級生產或與可能繼續生產的國有企業簽訂承購協議的人沒有家。這些類型的人可能會因預期需求的出現而不再在現貨市場上銷售材料。所以它往往非常有建設性。

That's a little distinct, I would say, from that medium-term demand that Tim referred to, which is really around life extensions. The U.S. fleet pioneered life extensions, but now with a clean energy and energy security crisis going on, a lot of jurisdictions are considering running their reactors for a lot longer. And then that starts to extend the tenor of the term contracting. And so for example, we are now seeing term contracting push through the end of this decade and into the early part of the 2030s in a fairly significant way. So we often think of that near and the midterm demand quite distinctly.

我想說，這與蒂姆提到的中期需求有點不同，後者實際上是關於延長壽命的。美國艦隊率先延長了壽命，但現在隨著清潔能源和能源安全危機的持續，許多司法管轄區正在考慮延長反應器的運作時間。然後合約期限就開始延長。例如，我們現在看到定期合約以相當大的方式持續到本十年末並進入 2030 年代初。因此，我們經常非常清楚地考慮近期和中期需求。

Got you. Yes. Very helpful. In the production update in September, your team cited equipment reliability issues, availability of skilled labor and supply chain challenges. Just wondering, are you seeing these as temporary and transitory and how you're tackling how you're tackling these issues?

明白你了。是的。很有幫助。在 9 月的生產更新中，您的團隊提到了設備可靠性問題、熟練勞動力的可用性和供應鏈挑戰。只是想知道，您是否認為這些是暫時的和暫時的以及您如何解決這些問題？

Yes. Ralph, we're working through those issues. When you're down for 4 or 5 years like we were at McArthur and Key nothing is that simple. And we put in a lot of automation and robotics that we have to fine-tune. So I think we're coming around now. I've seen some numbers in the last little while, and our production is running nicely, and we hope to get it just at a steady state. So we're working through those issues that we mentioned. I think it was in early September, 30 of September. And at both McArthur Key and cigar. And so we want to get back to steady state. Our plan is to get back up to GBP 18 million a year at both of those sites next year, and that's what we're going to do.

是的。拉爾夫，我們正在解決這些問題。當你像我們在 McArthur 和 Key 那樣經歷了 4 或 5 年的低迷時，沒有什麼是那麼簡單的。我們投入了大量的自動化和機器人技術，我們必須對其進行微調。所以我想我們現在已經回過來了。過去一段時間我看到了一些數字，我們的生產運作良好，我們希望能夠保持穩定狀態。因此，我們正在解決我們提到的這些問題。我想那是在9月初，9月30日。還有麥克阿瑟鑰匙和雪茄。所以我們希望回到穩定狀態。我們的計劃是明年將這兩個站點的年收入恢復到 1800 萬英鎊，這就是我們要做的。

Our next question comes from Lawson Winder of Bank of America.

我們的下一個問題來自美國銀行的勞森溫德。

Yes. Thank you, operator, and good morning, Tim, Grant, and Rachelle as well. Nice to hear from you all. Thank you for the update. I would like to ask about Westinghouse. And first of all, I just ask if you could confirm that the U.K. is the final remaining competition authority approval that is needed? And maybe if you could please comment on why the process has taken a little longer than expected?

是的。謝謝接線員，提姆、格蘭特和瑞秋也早安。很高興收到大家的來信。謝謝你的更新。我想問一下西屋電氣的情況。首先，我想問你是否可以確認英國是最後一個需要獲得競爭管​​理機構批准的國家？也許您可以評論為什麼這個過程比預期的時間要長一些？

Yes. So it's Tim. I think we've worked our way through about 40 or 40-plus approvals so far. We do have the U.K. left to go. And so we're still expecting to close the deal by the end of the year. So I think everything is on track for that. Nothing too new there. We're super excited about closing the deal when that day comes. We think we've got the right partner, the right target and the right timing. So more to come on that as soon as we get all the approvals in place.

是的。所以是蒂姆。我認為到目前為止我們已經獲得了大約 40 或 40 多項批准。我們確實還有英國要走。因此，我們仍然期望在今年年底前完成交易。所以我認為一切都步入正軌。那裡沒什麼新鮮的。當那一天到來時，我們對完成交易感到非常興奮。我們認為我們擁有正確的合作夥伴、正確的目標和正確的時機。一旦我們獲得所有批准，就會有更多的事情發生。

So the U.K. definitely is just the last one. Sorry, I just wanted to be totally clear on that.

所以英國肯定是最後一個。抱歉，我只是想完全清楚這一點。

Yes, that's correct.

對，那是正確的。

Okay. Yes, fantastic. That's exciting. And then the follow-up I would ask that question would just be in terms of financing the USD 2.2 billion required on closure, the MD&A spoke about a funding mix of cash debt and equity. And I just wanted to ask whether the equity proportion refers to the equity offering already completed in 2022? Or is there some consideration for an additional equity raise on close?

好的。是的，太棒了。真令人興奮。接下來我會問這個問題，即關閉時所需的 22 億美元融資，MD&A 談到了現金債務和股權的融資組合。我只是想問一下，股權比例是指2022年已經完成的增發嗎？或是否考慮在交易結束時進行額外的股權融資？

It was the one we already did, but I'll ask our CFO, maybe just to give a little bit of detail of how we're going to end up paying for our acquisition, Grant?

這是我們已經做過的，但我會問我們的財務官，也許只是提供一些細節，說明我們最終將如何支付收購費用，格蘭特？

Yes. The good news is, Lawson, it's already in place the financing. This is the action that we took last October 11. The equity that we raised is the only equity we intend to raise for this transaction. We also put in place 2 syndicated term loans, one of a 2-year tenor and one of a 3-year tenor bot $300 million. Those are in place to be drawn at time of closing. And then, of course, we would just work really quickly to pay those down.

是的。好消息是，勞森，融資已經到位。這是我們去年 10 月 11 日採取的行動。我們籌集的股權是我們打算為這筆交易籌集的唯一股權。我們也發放了兩筆銀團定期貸款，其中一筆期限為 2 年，另一筆期限為 3 年期，金額為 3 億美元。這些已到位，將在結束時繪製。然後，當然，我們很快就會工作來償還這些費用。

This is all occurring while the cash flow, as you see, is building in the uranium segment as well as the conversion segment and of course, the financial contribution of Westinghouse will be added to it. So we're in a terrific position and can absolutely confirm there's no additional equity required.

正如您所看到的，這一切都是在鈾部門和轉換部門的現金流建立的同時發生的，當然，西屋電氣的財務貢獻也將被添加進來。因此，我們處於非常有利的位置，並且絕對可以確認不需要額外的股本。

That's fantastic. I look forward to that deal closing.

這太妙了。我期待著這筆交易的完成。

Our next question comes from Gordon Johnson of GLJ Research.

我們的下一個問題來自 GLJ Research 的戈登·約翰遜。

Just 2 questions. First up, can you guys let us know what happens to, I guess, your contracts when you contract it out yet, you have capacity issues. And with respect to that question, what happens to those guys who have contracted out some of the other guys out there who have contracted out yet aren't able to produce? And is there a price that potentially could hurt demand if some of these capacities are available? And then I have a follow-up.

只有 2 個問題。首先，你們能否讓我們知道，當你們將其外包出去時，你們的合約會發生什麼，你們有能力問題。關於這個問題，那些已經將其他一些人外包出去但仍無法生產的人會發生什麼事？如果其中一些產能可用，價格是否可能會損害需求？然後我有一個後續行動。

I'm not sure I understood that question, Gordon. Are you asking if there's other producers that can't fill or contracts, what will happen?

我不確定我是否理解了這個問題，戈登。您是否想問如果還有其他生產商無法填補或簽約，會發生什麼事？

I guess, let me be very specific here. So you guys have contracted out your capacity looking forward, but there are some production issues. So is there anything in your contracts that potentially benefit and/or not benefit you guys with respect to your, I guess, contracted capacity if those production issues persist?

我想，讓我在這裡說得非常具體。所以你們已經承包了未來的產能，但存在一些生產問題。那麼，如果這些生產問題持續存在，你們的合約中是否有任何內容可能對你們的合約產能有利和/或不利？

Let me be very clear, we will fill our contracts. We have multiple ways of filling contracts. I think Grant has been pretty clear on that over time. We have production, of course, and we're ramping that up. We have inventories. We have short-term loans. We have other purchases that we've made in the past that we can draw forward. So I assure you we will fill all of our contracts that we've signed with those different levers we have to pull.

讓我非常明確地說，我們將履行合約。我們有多種填寫合約的方式。我認為隨著時間的推移，格蘭特在這一點上已經非常清楚了。當然，我們有生產，而且我們正在提高產量。我們有庫存。我們有短期貸款。我們還有過去購買的其他商品可以提取。因此，我向你們保證，我們將利用我們必須採取的不同手段來履行我們簽署的所有合約。

Okay. And then one last question, if I could. It seems like you guys have plans to buy around GBP 13 million of U308 this year. But it seems like so far, you've brought GBP 5 million. So is the plan to buy roughly GBP 8 million on the spot market. Can you just give us an update there? Congrats on the results.

好的。最後一個問題，如果可以的話。看來你們今年打算購買約1300萬英鎊的U308。但到目前為止，你似乎已經帶了 500 萬英鎊。計劃在現貨市場購買約 800 萬英鎊。您能給我們更新一下嗎？祝賀結果。

Yes. Thanks, Gordon. It is a mix. We have a mix. We certainly have a mix of purchases we make on an annual basis. Grant, you maybe want to break them down between our Inkai and long term and spot.

是的。謝謝，戈登。這是一個混合體。我們有一個混合。當然，我們每年都會進行多種採購。格蘭特，你也許想在我們的Inkai、長期和現貨之間分解它們。

Yes. Gordon, those are great questions. And in many ways, they're tied together. So as we've heard us say over and over again, we don't sell into the spot market. The spot market is not capable of absorbing uncommitted primary production certainly of the scale that we can produce. And those who have done it in the past, it's always ended in tiers for their shareholders. That is not -- it's not a wise strategy, has not been in the past. It isn't going forward.

是的。戈登，這些都是很好的問題。在很多方面，它們都是緊密相連的。因此，正如我們一遍又一遍地聽到的那樣，我們不會向現貨市場出售產品。現貨市場無法吸收我們可以生產的未承諾的初級產品。而那些過去曾經這樣做過的人，總是會為他們的股東分層次地結束。這不是——這不是一個明智的策略，過去也不是。它不會繼續前進。

So what we do is we layer in long-term contract commitments. And it is very typical for us actually to plan to produce less than we're going to deliver. The reason is we know how this market works. This market there's always somebody who's willing to sell into the front end of the spot market. And we always like to have a bit of demand to deploy to pick up that material because, quite frankly, it is very supportive of not just our portfolio of sales that are already contracted, but it's very supportive of the negotiations we currently have going on to structure new contracts. And so we like the fact that with demand in the market, there tends to be stronger pricing to achieve in both our portfolio as well as our pipeline.

因此，我們所做的就是簽訂長期合約承諾。對我們來說，實際上計劃生產的產量少於我們將要交付的產量是非常典型的。原因是我們知道這個市場是如何運作的。這個市場總是有人願意賣到現貨市場的前端。我們總是希望有一些需求來部署來獲取這些材料，因為坦白說，它不僅非常支持我們已經簽訂合約的銷售組合，而且非常支持我們目前正在進行的談判建立新合約。因此，我們喜歡這樣一個事實：隨著市場的需求，我們的投資組合和管道往往會實現更強勁的定價。

So then we always have the issue of how do we source these committed sales. Production is an important source of it. We carry an inventory to deal with any production shortfalls like we have today. We will make purchases in the near term of the spot market for immediate delivery. We will occasionally buy on the forward curve for delivery out into the future, and we can take delivery of that material sooner if we need it.

因此，我們總是面臨如何取得這些承諾銷售的問題。生產是其重要來源。我們有庫存來應對像今天這樣的任何生產短缺。我們將在近期現貨市場進行採購，以便立即交貨。我們偶爾會在遠期曲線上購買以便在未來交付，如果需要，我們可以更快地接收該材料。

We have other tools in the toolbox, including, as Tim said, folks have a lot of material parked at our facilities. And in some cases, we have the ability to borrow it. All of that to say that we think about these sourcing decisions years in advance, not just weeks in advance, but years in advance.

我們的工具箱裡還有其他工具，包括，正如提姆所說，人們在我們的設施中停放了大量材料。在某些情況下，我們有能力借用它。所有這些都表明我們提前幾年考慮這些採購決策，不僅僅是提前幾週，而是提前幾年。

So we will buy material in the market that's exactly where we want to be at this point in the cycle. We are far from sold out from an overall contract portfolio point of view. We've got a lot of pounds that can be contracted out into that window that I talked about late 20s to early 30s. We obviously want that material contracted at stronger prices. And one way to achieve that is to actually have some demand to deploy in the near term of the market.

因此，我們將在市場上購買材料，這正是我們在週期的此時點想要達到的水平。從整體合約組合的角度來看，我們還遠遠沒有售罄。我們有很多英鎊可以承包到我談到的 20 歲末到 30 歲出頭的窗口。我們顯然希望該材料以更強勁的價格成交。實現這一目標的一種方法是在市場的短期內實際部署一些需求。

So this is exactly where we want to be. Nobody should be surprised by it. It is an important part of that full cycle value capture that we talked about. So I think great question, Gordon.

所以這正是我們想要達到的目標。沒有人應該對此感到驚訝。這是我們談到的全週期價值捕獲的重要組成部分。所以我認為這是一個很好的問題，戈登。

Our next question comes from Katie Lachapelle of Canaccord Genuity.

我們的下一個問題來自 Canaccord Genuity 的 Katie Lachapelle。

Tim and Grant. Most of my questions have already been addressed, but maybe just one quick one. Your team just returned from the NAI conference. I'm assuming in Charlotte last week. And now we've got spot prices sustainably above $70 a pound. What was the chatter among the industry participants at the NII conference? And how, if at all, have these conversations evolved since WNA in September?

提姆和格蘭特。我的大部分問題已經解決，但也許只是一個簡單的問題。您的團隊剛從 NAI 會議回來。我假設上週在夏洛特。現在現貨價格持續維持在每磅 70 美元以上。 NII 會議上產業參與者的討論內容是什麼？自 9 月的 WNA 以來，這些對話（如果有的話）是如何演變的？

Well, Katie, I wasn't there. So what I -- the information I got was from one of the weekly publications that comes out. But Grant had a team there, and I know some of his people and I saw a report go through the Grant. Do you want to give an update on what your marketing people saw Grant.

好吧，凱蒂，我不在場。所以我得到的資訊來自一份出版的周刊。但格蘭特在那裡有一個團隊，我認識他的一些人，而且我看到了一份通過格蘭特的報告。您想更新一下您的行銷人員對格蘭特的看法嗎？

Yes. The -- that particular conference, Katie, really is dominated by U.S. utilities. So unlike, say, the WNA symposium that has a lot more of the global utility base there, that is very much a U.S. utility focused conference.

是的。凱蒂，那個特別的會議實際上是由美國公用事業公司主導的。因此，與 WNA 研討會不同的是，WNA 研討會擁有更多的全球公用事業基礎，而 WNA 研討會在很大程度上是一個以美國公用事業為重點的會議。

The U.S. utilities, I think, as a whole have been slower to respond to the energy security and the clean energy and the long-term contracting that you would want to start to put in place. And so I guess, no surprise as a consequence of the NAI conference just recently, there was a strong sense of urgency that there are many utilities who may have left it later than they should have. There's a high expectation of demand to come to the market. This is a market that is experiencing a lot of off-market activity where utilities are trying to quietly find materials. They don't want to be putting RFPs in the market and having a bunch of them all in at once, sending a very strong demand signal.

我認為，美國公用事業公司總體上對能源安全、清潔能源以及您希望開始實施的長期合約的反應較慢。因此，我想，最近 NAI 會議的結果是，人們有一種強烈的緊迫感，即許多公用事業公司可能比他們應該離開的時間晚了，這並不奇怪。市場對需求的期望很高。這個市場正在經歷大量的場外活動，公用事業公司正試圖悄悄地尋找材料。他們不想將 RFP 投入市場並一次性將大量 RFP 放入市場，從而發出非常強烈的需求訊號。

We've seen this before. This is all part of why we think we're in the early stages of a contracting cycle. So I would say if there's a takeaway word, it's urgency. It's urgency of ensuring that the fuel supply is there and all components of it, not just the uranium to fuel what is a terrific demand outlook for nuclear power in the United States.

我們以前見過這個。這就是我們認為我們處於合約週期早期階段的部分原因。所以我想說，如果有外賣詞的話，那就是緊迫性。迫切需要確保燃料供應及其所有組成部分的供應，而不僅僅是鈾來為美國核電的巨大需求前景提供燃料。

Our next question comes from Brian MacArthur of Raymond James.

我們的下一個問題來自雷蒙德詹姆斯的布萊恩麥克阿瑟。

I just want to follow up on the mix of sales. So your new guidance where you've increased your revenue forecast for this year, you also talked about 2/3 of Inkai shipments coming this year. Is 2/3 reflected in your forecast this year? Or how should we start to think about this as you mentioned, you have a large number of sources.

我只想跟進銷售情況。因此，您在新的指導下提高了今年的收入預測，也談到了今年 Inkai 出貨量的 2/3。今年的預測是否反映了 2/3？或者我們應該如何開始考慮這個問題，正如你所提到的，你有大量的來源。

Grant?

授予？

Yes. Sorry, Tim. Brian, there's obviously a bit of a lag. Remember that our production out of Inkai, we equity account for, so obviously, when we take delivery of that material this year, we will pay for it. And remember, we have the right to buy it from the joint venture at a discount to market. And so that financial commitment of purchasing it will be booked this year.

是的。對不起，提姆。布萊恩，顯然有一點滯後。請記住，我們在 Inkai 的生產是按權益核算的，所以很明顯，當我們今年接收該材料時，我們將支付費用。請記住，我們有權以市場折扣價從合資企業購買它。因此，購買它的財務承諾將在今年預訂。

But then the big reward, of course, is the dividend that gets paid out from Inkai to its owners. And of course, we're one of them, which is the difference between what you can produce for and what the material was sold for to its owners. And that will slow in next year. So there is a bit of a timing lag where we'll have dollars out the door to purchase the material, but the dividend will come usually in that April, May window of next year. And so just a bit of a timing issue, but make no mistake, the economic value of that really good Tier 1 asset is always ours.

但最大的回報當然是 Inkai 向其所有者支付的股息。當然，我們也是其中之一，這就是您可以生產的材料與材料出售給其所有者的價格之間的差異。明年這種情況將會放緩。因此，我們會有一點時間滯後，我們將有美元購買材料，但股息通常會在明年四月、五月的窗口期到來。因此，這只是一個時間問題，但請不要誤會，真正優質的一級資產的經濟價值始終屬於我們。

No. Yes. No, I get that. But just on your cost of goods sales, do you not have to make some assumption about what you're going to get?

不，是的。不，我明白了。但僅就您的商品銷售成本而言，您是否不必對您將獲得的東西做出一些假設？

Yes, absolutely. So in the cost of goods will be the purchase of the material that arrives this year. So that will be reflected in there.

是的，一點沒錯。因此，商品成本將包括今年到達的材料的採購。所以這會反映在那裡。

Right. So at the beginning of the year, it would have been 100%. Now it's 2/3. Is that fair? Is that the way you do it?

正確的。所以年初的時候，這個比例應該是100%。現在是2/3。這樣公平嗎？你就是這樣做的嗎？

It's Heidi here. So I guess, really, Inkai shows in our cost of sales as a spot purchase. And so we kind of -- whether it's a purchase that we do through our long-term purchase commitments or through the spot or it's Inkai, we have -- we work into our cost of sales, the amount that we need to purchase. So Inkai would be reflected as part of the GBP 11 million that we plan to purchase this year.

這裡是海蒂。所以我想，實際上，Inkai 在我們的銷售成本中顯示為現貨購買。因此，無論是透過長期購買承諾還是透過現貨或 Inkai 進行的購買，我們都會考慮銷售成本，也就是我們需要購買的數量。因此，Inkai 將反映為我們今年計劃購買的 1100 萬英鎊的一部分。

This was a 5% discount on the market when you got it.

當你拿到它時，這是市場上 5% 的折扣。

Yes.

是的。

Yes, correct.

是，對的。

Our next question comes from Alex MacPherson of Al Saskatchewan.

我們的下一個問題來自薩斯喀徹溫省的亞歷克斯·麥克弗森。

One of the previous callers asked about Northern Saskatchewan, but I was hoping you might be able to provide a bit more color on the specific challenges you faced in terms of the announcement in September and sort of what steps you're taking and working on to resolve those issues.

之前的一位來電者詢問了北薩斯喀徹溫省的情況，但我希望您能夠就 9 月份的公告中所面臨的具體挑戰提供更多信息，以及您正在採取和正在採取哪些步驟解決這些問題。

Yes. Thanks, Alex. Nice to hear from you. I think we detailed in previous when we -- through our press release in September that we were having some short-term issues regarding, I think, at Cigar Lake, we're moving horizon, and that's never easy. And so we just had to adapt to that.

是的。謝謝，亞歷克斯。很高興聽到你的消息。我想我們在之前詳細介紹過——透過 9 月的新聞稿，我們遇到了一些短期問題，我認為，在雪茄湖，我們正在改變視野，這絕非易事。所以我們必須適應這一點。

We're having a few issues getting some skilled labor. We're fixing that up so reliability of equipment was another piece that we had to work on. But those are -- that's our business. That's what we do. And those are things we can pick. So as I said in the last, I've been watching, obviously, we get updates from Brian every day, every week on how production is going, and I'm happy to see it's going a lot better. And so we haven't changed our guidance that we put out from September. And our goal, Alex, as you know, is to get back to a run rate of GBP 18 million per year on a 100% basis at both McArthur Key and Cigar. And then we'll see what the future brings. If there is demand for our product that shows up in the form of long-term contracts from good customers, so we'll see if we can increase our production.

我們在獲得熟練勞動力方面遇到了一些問題。我們正在解決這個問題，因此設備的可靠性是我們必須努力的另一部分。但這些是──那是我們的事。這就是我們所做的。這些都是我們可以選擇的。正如我在最後所說的，我一直在關注，顯然，我們每天、每週都會從布萊恩那裡得到有關製作進展的最新消息，我很高興看到它進展得更好。因此，我們沒有改變從 9 月開始發布的指導。如您所知，Alex，我們的目標是在 McArthur Key 和 Cigar 的 100% 基礎上恢復到每年 1800 萬英鎊的運行率。然後我們就會看到未來會發生什麼。如果優質客戶對我們的產品有需求並以長期合約的形式出現，那麼我們將看看是否可以增加產量。

Our next question comes from Grace Sims of Energy Intelligence.

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

My question is just if there are -- is there any update on efforts to build a cosigner at JV Inkai?

我的問題是，在 JV Inkai 建立聯合簽署人方面是否有任何最新進展？

I'm going to ask Sean Quinn, who looks after our Kazakh interests answer that one. Sean?

我要請負責我們哈薩克利益的肖恩·奎恩（Sean Quinn）來回答這個問題。肖恩？

Sure. Yes, the project continues great. It is moving slowly, but we're hoping to get construction completed, I would say, in the first half of next year now, we're commissioning to follow. It is -- well, it is behind schedule from a significant plan, but the project is continuing, and it's still viewed as a very important objective for our Inkai joint venture so that we can have a fully calcine product coming out of that operation.

當然。是的，這個項目繼續很棒。它進展緩慢，但我們希望能在明年上半年完成施工，我們正在調試。它——嗯，它落後於一項重要計劃的時間表，但該項目仍在繼續，並且它仍然被視為我們Inkai 合資企業的一個非常重要的目標，以便我們可以從該操作中生產出完全煅燒的產品。

Okay. And just a follow-up. Once that Calzeinder is commissioned, would Cameco plan to transform material directly from Inkai to China to fulfill some of its Chinese contracts?

好的。只是後續行動。一旦 Calzeinder 投入使用，Cameco 是否計劃將材料直接從 Inkai 轉移到中國以履行其部分中國合約？

We might, is that we're looking to complete the Calzeinder because it will create that sort of optionality for the production out of JPMC.

我們可能會希望完成 Calzeinder，因為它將為 JPMC 的生產創造這種選擇性。

Our next question comes from Richard Hatch of Berenberg.

我們的下一個問題來自貝倫貝格的理查德·哈奇。

And just a question on the purchase commitments. I've seen '24 and '25, that's increased up to GBP 117 million from GBP 102 million in the previous quarter. But, I think you kind of answered the question to an extent, I think a bit earlier, but just to kind of add a little bit more meat to the bone. Is that just a function of the fact that you're seeing more interest on those term contracts, particularly over the next sort of couple of years. And therefore, you're just covering yourself from a supply standpoint if the mines perhaps can't ramp up as quick as you want to or just to give yourself a little bit of extra flexibility because you're seeing more demand over those next couple of years?

只是關於購買承諾的問題。我看過'24和'25，從上一季的1.02億英鎊增加到1.17億英鎊。但是，我認為你在某種程度上回答了這個問題，我想有點早了，但只是為了在骨頭上添加更多的肉。這是否只是因為您看到人們對這些定期合約越來越感興趣，特別是在接下來的幾年裡。因此，如果礦山可能無法像您希望的那樣快速增加，您只是從供應的角度來保護自己，或者只是為了給自己一點額外的靈活性，因為您會看到對接下來的幾個礦山的需求會增加年？

Yes. Yes, sorry Tim. I would just -- I would maybe characterize it a little different. We don't sell into the spot market. We don't sell into sort of the trader churn that goes on in that market. But occasionally, we'll have a customer that say we're in a long-term contract discussion with who wants pounds out in a classic term window and says, "Oh, but can you find some material in the near term as well?" And occasionally, for the right customer and the right circumstance, we will do that. And so as a result, you might see our requirements to purchase material tick up in that near-term window.

是的。是的，對不起蒂姆。我只是——我可能會對它的描述有點不同。我們不向現貨市場銷售。我們不會在市場上出現交易員流失的情況下進行銷售。但有時，我們會有一位客戶說，我們正在與客戶進行長期合約討論，他們希望在經典的期限窗口內取出英鎊，然後說：“哦，但是你能在短期內找到一些材料嗎？ ”有時，對於合適的客戶和合適的情況，我們會這樣做。因此，您可能會看到我們在近期窗口內購買材料的要求增加。

But I just -- I want to go back to a comment I made to Gordon's question, which is we didn't design this market, but we know how it works. When Cameco comes to purchase those who have material to sell, hang on to it, prices strengthen. And yes, we might make a purchase at a slightly higher price. But then don't forget, we have a portfolio that reference market prices, and that improves.

但我只是——我想回到我對戈登問題的評論，即我們沒有設計這個市場，但我們知道它是如何運作的。當 Cameco 收購那些有材料可出售並保留下來的人時，價格就會上漲。是的，我們可能會以稍高的價格購買。但別忘了，我們有一個參考市場價格的投資組合，而且情況有所改善。

And more importantly, the long-term contracting that we're actively negotiating is now negotiating higher price measures. So the area under those later 2 curves is always bigger than the area under the curve of purchasing a bit of material on the front end. And that's just the way this market behaves and we didn't design it this way, but we always intend to capture full cycle value with the way it's structured.

更重要的是，我們正在積極談判的長期合約現在正在談判更高的價格措施。因此，後面兩條曲線下的面積總是大於在前端購買一點材料的曲線下的面積。這就是這個市場的行為方式，我們並沒有這樣設計，但我們始終打算透過其結構方式捕捉全週期價值。

So I don't think of that as spot sales to traders or spot sales into the churn, they are very much end user sales, but we just might have a customer with a slightly nearer demand.

因此，我不認為這是對貿易商的現貨銷售或對客戶流失的現貨銷售，它們很大程度上是最終用戶的銷售，但我們可能只是有一個需求稍微接近的客戶。

Okay. So yes, I wasn't inferring it was into the spot market, but is actually into -- so effectively, that 180 to 117 increase is really to feed your utility customers just because they're wanting a bit more material in the near term.

好的。所以，是的，我並不是推斷它進入了現貨市場，但實際上是進入了——非常有效，180 到117 的增長實際上是為了滿足你的公用事業客戶的需求，只是因為他們在短期內需要更多的材料。

Yes, great way to think about it.

是的，這是一個很好的思考方式。

Our next question comes from Kip Keen of S&P Global.

我們的下一個問題來自 S&P Global 的 Kip Keen。

Condolences for your loss of Ian Bruce. I wondered if you might talk a little bit about your cash cost expectations. I think they were 47% higher in the quarter over the same period a year ago, 34% for the year-to-date higher than 2022. Do you think those -- will the cash cost moderate in Q4 and into 2024? Or are these sort of levels where things will stay, how are you thinking about it?

對您失去伊恩布魯斯表示哀悼。我想知道您是否可以談談您的現金成本預期。我認為本季比去年同期高出 47%，今年迄今比 2022 年高出 34%。您認為現金成本會在第四季和 2024 年放緩嗎？或者說事情會停留在這些層面上，你是怎麼看待這個問題的？

Grant.

授予。

Yes. I've said a couple of times on the call, but maybe I'll just reinforce it. We are still in transition. We've seen these markets before. We are never the company that tries to front-run demand with supply. It always makes sense to let demand strengthen ahead of us making supply decisions. The consequence of that strategy, though, is that we're still in supply discipline. We're still transitioning to those Tier 1 cost structures, which is great news, by the way. It means that the financial performance of the uranium segment is still in front of us as opposed to behind us.

是的。我在電話中已經說過好幾次了，但也許我會再強調一下。我們仍處於轉型期。我們以前見過這些市場。我們從來都不是一家試圖以供應領先需求的公司。在我們做出供應決策之前讓需求增強總是有意義的。然而，這項策略的結果是我們仍然遵守供應紀律。順便說一句，我們仍在過渡到一級成本結構，這是個好消息。這意味著鈾業務的財務表現仍然領先於我們，而不是落後於我們。

So when you're thinking about kind of a longer-term trend, I'd encourage you not to look at any one particular quarter, especially a quarter where we've had an outage at Cigar Lake for a month, for example. And what I'd encourage you to do is turn to our AIF, our annual information form.

因此，當您考慮某種長期趨勢時，我建議您不要專注於任何特定季度，尤其是雪茄湖 (Cigar Lake) 停電一個月的季度。我鼓勵您查閱我們的 AIF，即我們的年度資訊表。

So on an annual basis, we are required to update the life of mine operating costs of our technical reports of our material properties. And what you'll see in our most recent one is that McArthur's HAD just over CAD 16 per pound, Cigar Lake, just over CAD 1 per pound and Inkai below CAD 8 per pound. So if you're trying to kind of get a sense of where that longer-term reversion is to, I would stay away from the quarterly numbers, which can be distorted by production outages or maintenance shutdowns. And I would just refer to back to that AIF. It's a much better marker for you, Kip.

因此，我們每年都需要更新材料特性技術報告的礦場營運成本壽命。在我們最近的一份報告中，您會看到 McArthur's 的價格略高於每磅 16 加元，Cigar Lake 的價格略高於每磅 1 加元，Inkai 的價格低於每磅 8 加元。因此，如果你想了解長期回歸的方向，我會遠離季度數據，因為生產中斷或維護停機可能會扭曲季度數據。我只想回顧一下 AIF。這對你來說是一個更好的標記，基普。

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。我想將會議轉回蒂姆·吉澤爾（Tim Gitzel）發表閉幕詞。

Well, thank you very much, operator, and thank you to everybody who joined us today on the call. As always, we appreciate your interest and your support.

嗯，非常感謝您，接線員，也感謝今天加入我們電話會議的所有人。一如既往，我們感謝您的關注與支持。

There's a number of notable differences in the market's evolution and prospectivity compared to past cycles. And I can tell you, at Cameco, we're certainly excited to see the positive momentum that's building for nuclear energy.

與過去的周期相比，市場的演變和前景存在許多顯著差異。我可以告訴您，在 Cameco，我們當然很高興看到核能正在形成的積極勢頭。

One thing that will remain consistent is our vision of energizing the Clean Air world, which keeps us focused on delivering long-term value in a market where demand for safe, secure, reliable and affordable clean nuclear energy is growing. We will continue to do what we said we would do and execute on our strategy in a manner we believe will make our business sustainable over the long term. So with that, thanks, everybody, and thank you for your kind wishes with respect to Mr. Bruce. Please stay safe and healthy. Thank you.

保持一致的一件事是我們為清潔空氣世界注入活力的願景，這使我們專注於在安全、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。我們將繼續按照我們所說的去做，並以我們相信將使我們的業務長期可持續發展的方式執行我們的策略。所以，謝謝大家，也謝謝你們對布魯斯先生的美好祝福。請保持安全和健康。謝謝。

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，祝您有個愉快的一天。