Cameco Corp (CCJ) 2023 Q4 法說會逐字稿

Welcome to the Cameco Corporation Fourth Quarter 2023 Results Conference Call. (Operator Instructions) The Q&A session will conclude at 9:00 a.m. Eastern Time.

歡迎參加 Cameco Corporation 2023 年第四季業績電話會議。 （操作員說明）問答環節將於美東時間上午 9:00 結束。

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

我現在想將會議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 fourth quarter conference call. I would like to acknowledge that we are speaking from our corporate office, which is on Treaty 6 territory, the traditional territory of Cree peoples and the homeland of the Metis.

謝謝接線員，大家早安。歡迎參加 Cameco 第四季電話會議。我想承認，我們是在我們的公司辦公室發表講話的，該辦公室位於第 6 號條約領土上，是克里族人的傳統領土，也是梅蒂斯人的故鄉。

With us today are Tim Gitzel, our President and CEO; Grant Isaac, our 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; Alice Wong, Senior VP and Chief Corporate Officer; and Dominic Kieran, Global Managing Director of Cameco UK Ltd.

今天與我們在一起的有我們的總裁兼執行長 Tim Gitzel； Grant Isaac，我們的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； Alice Wong，資深副總裁暨首席企業長；以及 Cameco UK Ltd 全球董事總經理 Dominic Kieran

I'm going to hand it over to Tim in just a moment to briefly discuss the current nuclear market environment, our 2023 performance, and how it provides the basis for Cameco's plans and outlook for 2024. After, we will open it up for your questions.

稍後我將把它交給 Tim，簡要討論當前的核市場環境、我們 2023 年的業績，以及它如何為 Cameco 的計劃和 2024 年的展望提供基礎。之後，我們將向您開放。問題。

Today's call will be approximately one hour concluding at 9:00 a.m. Eastern Time. As always, our goal is to be open and transparent with our communication. However, we do want to respect everyone's time and conclude the call on time. Therefore, should we not have time for your questions during the call, or if you have detailed questions about our quarterly financial results, we will be happy to follow-up with you after the call.

今天的電話會議將持續約一小時，並於東部時間上午 9:00 結束。一如既往，我們的目標是公開透明的溝通。但是，我們確實希望尊重每個人的時間並按時結束通話。因此，如果我們在通話期間沒有時間回答您的問題，或者您對我們的季度財務業績有詳細疑問，我們將很樂意在通話後與您聯繫。

There are a few ways to contact us with additional questions. You can reach out to the contacts provided in our news release. You can submit a question through the Contact Tab on our website, or you can use the Ask a Question form at the bottom of the webcast screen and we will be happy to follow-up after this call. If you join the conference call through our website event page, there are slides available, which will be displayed during the call.

如有其他問題，可以透過多種方式與我們聯繫。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「聯絡方式」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進行跟進。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. During the Q&A session, please limit yourself to 2 questions and then return to the queue.

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。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。

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.

請注意，本次電話會議將包含前瞻性訊息，這些資訊基於一些假設，實際結果可能存在重大差異。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.

請參閱我們最新的年度資訊表和 MD&A，以了解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。

With that, I will turn it over to Tim.

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 and a belated Happy New Year.

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並祝您遲來的新年快樂。

Our fourth quarter conference calls always provide a great opportunity to discuss the past year's developments in the uranium and nuclear fuel markets. It's also a good time to touch on a few annual highlights that demonstrate how well our strategy is performing and to provide some insights into our current expectations for the year ahead.

我們第四季的電話會議始終提供了討論過去一年鈾和核燃料市場發展的絕佳機會。現在也是討論一些年度亮點的好時機，這些亮點展示了我們的策略執行情況，並為我們當前對未來一年的預期提供了一些見解。

So that's the outline I'll follow today. This past year, we've been consistently talking about the positive market momentum, so I think I can be fairly brief on that side of things. We spent a great deal of time on our calls, in our presentations, and on our webcasts talking about our optimism and positive view of the constructive market conditions we've seen throughout 2023. And we are absolutely maintaining that enthusiasm moving into 2024.

這就是我今天要遵循的大綱。在過去的一年裡，我們一直在談論積極的市場勢頭，所以我想我可以對這方面的情況進行相當簡短的介紹。我們在電話會議、簡報和網路廣播中花費了大量時間，談論我們對 2023 年全年建設性市場狀況的樂觀態度和積極看法。進入 2024 年，我們絕對會保持這種熱情。

Those listening today that tuned in for a few of our calls and presentations prior to 2020, would be very familiar with the phrase positive long-term fundamentals. I say somewhat tongue-in-cheek that we use that message more than just a few times to reinforce our optimism through the lowest points of the market cycle.

今天收聽我們 2020 年之前的一些電話會議和演示的聽眾會對“積極的長期基本面”這個詞非常熟悉。我半開玩笑地說，我們不只幾次使用這個資訊來增強我們在市場週期最低點的樂觀情緒。

Back when we initially made that statement, we certainly couldn't forecast the timing of a market transition. But we remained convinced that once the excess uncommitted primary supply and mobile inventories cleared the market, and as demand continued to grow, our industry would recover and our company, would be stronger than ever.

當我們最初發表這項聲明時，我們當然無法預測市場轉型的時間。但我們仍然相信，一旦過剩的未承諾初級供應和流動庫存清理市場，並且隨著需求持續增長，我們的行業將會復甦，我們的公司將會比以往任何時候都更強大。

So now, as we watch the uranium contracting cycle shift closer to a replacement rate level, I can say with confidence that we have entered the early part of that long-term window, we'd been talking about.

因此，現在，當我們看到鈾收縮週期接近替代率水平時，我可以自信地說，我們已經進入了我們一直在談論的長期窗口的早期部分。

And those fundamentals we were referring to, they are even more positive than we had anticipated. On the demand side, we used the term durable at every opportunity as we believe it accurately describes and effectively differentiates today's fundamental demand picture from previous cycles. The previous peaks in our market have typically lasted for weeks, while the valleys have lasted for years.

我們提到的那些基本面甚至比我們預期的更正面。在需求方面，我們每次都有機會使用「耐用」一詞，因為我們相信它準確地描述並有效地區分了今天的基本需求情況與先前的週期。我們市場之前的高峰通常持續數週，而低谷則持續數年。

That was the case when the excitement about uranium and nuclear was driven by one or 2 discrete events. A mine shaft failure, the end of the Megatons to Megawatts program, a flooded mine in development, Chinese contracting that absorbed significant supply. Those types of events all added speculative, shorter-term, momentary pressure to supply and demand.

當對鈾和核的興奮是由一兩個離散事件驅動時，情況就是如此。礦井故障、百萬噸級到兆瓦級計畫的結束、開發中的礦井淹水、中國承包吸收了大量供應。這些類型的事件都給供需增加了投機性、短期性、暫時性的壓力。

However, in today's environment, the uranium market is certainly having more than just a moment. Instead, we're seeing full-cycle growth in the near, mid, and long-term with broad interest in nuclear energy like never before. And it's being driven by global scale factors that are widely expected to persist for years to come.

然而，在當今的環境下，鈾市場的發展肯定不僅僅是一時的。相反，我們看到了近期、中期和長期的全週期成長，對核能產生了前所未有的廣泛興趣。它是由全球規模因素驅動的，人們普遍預計這些因素將在未來幾年持續存在。

Geopolitical tension is prompting governments all over the world to reevaluate energy security and enact policies to reduce risk and eliminate reliance on unstable jurisdictions. And as they do so, climate change and electron accountability remain top of mind, which truly puts nuclear in the spotlight.

地緣政治緊張局勢正促使世界各國政府重新評估能源安全，並制定政策以降低風險並消除對不穩定司法管轄區的依賴。當他們這樣做時，氣候變遷和電子責任仍然是首要考慮因素，這真正使核能成為人們關注的焦點。

There's a growing consensus that there is, no net-zero without nuclear, and 28 countries have now signed on to an international declaration that calls for a tripling of nuclear energy capacity by 2050.

人們越來越多地達成共識，即沒有核電就沒有淨零排放，目前已有 28 個國家簽署了一項國際宣言，呼籲到 2050 年將核能容量增加兩倍。

The EU, U.S., U.K., Canada, France, and Japan, are just some of the jurisdictions, where bipartisan support is translating to political action, with a few already introducing financial incentives to back nuclear development.

歐盟、美國、英國、加拿大、法國和日本只是其中一些司法管轄區，兩黨的支持正在轉化為政治行動，其中一些司法管轄區已經引入了財政激勵措施來支持核子發展。

As a result of this support, we are seeing life extensions, reactor refurbishments, and a call for new builds to provide secure, reliable, and clean base load power.

由於這種支持，我們看到了壽命的延長、反應爐的翻新以及對新建築的需求，以提供安全、可靠和清潔的基本負載電力。

And we have a technological evolution on the horizon as well, with SMRs and advanced reactors extending the use case for nuclear, beyond just electricity, further strengthening the outlook for growing demand.

我們也即將迎來一場技術變革，中小型反應器和先進反應器將核能的使用範圍擴展到電力之外，進一步增強了需求成長的前景。

So demand is durable, and growing with more support than ever. So how does that stack up, against the supply side fundamentals? Well, that's where significant uncertainty remains. The geopolitical tensions that are pushing the reevaluation of energy security are also adding negative pressure to supply, resulting impact on mining activity, fuel cycle services, supply chains, and global transportation continues to create significant challenges.

因此，需求是持久的，並且在比以往更多的支持下不斷增長。那麼，與供給面基本面相比，這又如何呢？嗯，這就是仍然存在重大不確定性的地方。地緣政治緊張局勢推動能源安全重新評估，也給供應帶來了負面壓力，對採礦活動、燃料循環服務、供應鏈和全球運輸造成的影響繼續帶來重大挑戰。

Last week we saw a tangible impact on supply, resulting from those challenges when our Kazakh partner, Kazatomprom, revised their expected 2024 production volumes down in response to limited access to acid and development delays. We're now working with Kazatomprom to determine the impact on our share of 2024 production from JV Inkai.

上週，我們看到這些挑戰對供應產生了切實的影響，我們的哈薩克合作夥伴 Kazatomprom 因酸供應有限和開發延遲而下調了 2024 年的預期產量。我們現在正在與 Kazatomprom 合作，以確定對我們 JV Inkai 2024 年產量份額的影響。

Supply chain challenges combined with ongoing mine depletion, declining and finite secondary supplies, and a decade of underinvestment in exploration and mine capacity amid low market prices has led to what is a very tight market today, something that is expected to persist into the next decade.

供應鏈挑戰，加上礦山持續枯竭、二次供應下降且有限，以及市場價格低迷十年來勘探和礦山產能投資不足，導致當今市場非常緊張，預計這種情況將持續到下一個十年。

So considering both demand and supply, I think, we can safely reiterate that strong long-term fundamentals is still a message that continues to resonate, creating the full cycle growth, we've been talking about.

因此，考慮到需求和供應，我認為我們可以放心地重申，強勁的長期基本面仍然是一個繼續引起共鳴的訊息，創造了我們一直在談論的全週期成長。

Looking back at the very difficult supply discipline decisions, we had to make and the strategy we put in place in the context of that persistent, positive long-term view, I can now say it was all to prepare us for today's market, and for the second half of this decade and beyond.

回顧我們在堅持不懈、積極的長期觀點的背景下必須做出的非常困難的供應紀律決策以及我們實施的戰略，我現在可以說，這一切都是為了讓我們為今天的市場做好準備，並為本十年後半段及以後。

We at Cameco have maintained a disciplined approach to managing the financial, contracting and operational facets of our strategy during those tough times. We did what we said we're going to do, which positioned us well to capture full cycle demand with a supply pipeline that was only going to respond to real end-user demand as it evolved.

在那些困難時期，Cameco 一直採取嚴格的方法來管理我們策略的財務、合約和營運方面。我們做了我們所說的我們要做的事情，這使我們能夠很好地利用供應管道來捕獲全週期需求，而該供應管道只會隨著其發展而響應真正的最終用戶需求。

And considering customer fuel requirements into the future, we knew that the focus had to return to the long-term market, because as always, the total volume of requirement is far greater than what is available in the near-term spot market. It evolved quickly just as we predicted it would, and our patience and our experience are paying off with positive results.

考慮到客戶未來的燃料需求，我們知道重點必須回到長期市場，因為一如既往，需求總量遠大於近期現貨市場的可用量。正如我們預測的那樣，它發展得很快，我們的耐心和經驗正在帶來積極的結果。

We saw a significant improvement in our financial performance metrics in 2023, thanks to higher sales volumes and higher realized prices in our uranium and fuel services segments. This drove improved net earnings, adjusted net earnings and cash from operations, which all more than doubled in 2023, compared to the year before, and with a significant increase in adjusted EBITDA.

由於我們的鈾和燃料服務領域的銷售增加和實現價格上漲，我們看到 2023 年的財務績效指標顯著改善。這推動了淨利潤、調整後淨利潤和營運現金的改善，與前一年相比，2023 年均增加了一倍以上，調整後 EBITDA 也大幅增加。

And our continued discipline and our tried and tested long-term contracting strategy, helped to mitigate risks related to our capital decisions and mining plans.

我們持續的紀律和久經考驗的長期承包策略有助於減輕與我們的資本決策和採礦計劃相關的風險。

Our strategy is designed to allow us to align production decisions, with our customer needs and the commitments in our contract portfolio and ensures we don't add excess supply and capacity when there's no demand in the market.

我們的策略旨在使我們能夠根據客戶需求和合約組合中的承諾調整生產決策，並確保我們在市場沒有需求時不會增加過剩的供應和產能。

We understand that to generate full cycle value, we can't be mining on spec. We must build a home for our pounds years ahead of time before we pull them out of the ground in order to avoid having to sell material into a thinly traded and discretionary spot market.

我們知道，要產生全週期價值，我們不能按規格進行挖掘。在將英鎊從地裡挖出來之前，我們必須提前數年為英鎊建造一個家園，以避免不得不將材料出售到交易稀少且可自由支配的現貨市場。

That means in today's contracting cycle, we can link the pounds that we previously left in the ground to the long-term contractual commitments that are being negotiated today. And those contracts are being executed in the context of a significantly improved market environment, generating value for Cameco as we deliver into them now and in the years to come.

這意味著在今天的合約週期中，我們可以將之前留在地下的英鎊與今天正在談判的長期合約承諾聯繫起來。這些合約是在市場環境顯著改善的背景下執行的，為我們現在和未來幾年交付的 Cameco 創造價值。

We ended 2023 with a healthy contract book and total long-term commitments of 205 million pounds of uranium with 37 customers worldwide. That total commitment level of over 200 million pounds only represents about 20% of our current reserve, and resource base, providing us with plenty of exposure, to improving demand from our customers, as they look to secure their long-term needs.

截至 2023 年，我們與全球 37 家客戶簽訂了一份健康的合同，並長期承諾總計 2.05 億磅鈾。超過 2 億英鎊的總承諾水準僅占我們目前儲備和資源基礎的 20% 左右，這為我們提供了充足的機會來改善客戶的需求，因為他們希望滿足他們的長期需求。

To deliver on those commitments, we must continue to plan for the sourcing of the uranium we need well ahead of time. In the near and mid-term, we always start with our expected production from McArthur River/Key Lake, Cigar Lake, and Inkai.

為了兌現這些承諾，我們必須繼續提前規劃我們所需的鈾的採購。在近期和中期，我們始終從 McArthur River/Key Lake、Cigar Lake 和 Inkai 的預期產量開始。

We can then draw material from our inventory and with the licensed storage facilities that we operate, we have secured the ability to borrow product under the terms of some of our storage agreements.

然後，我們可以從我們的庫存中提取材料，並透過我們經營的許可儲存設施，我們已經獲得了根據我們的一些儲存協議條款借用產品的能力。

Additionally, we have the ability to pull forward long-term purchase arrangements that we put in place in a much lower price environment.

此外，我們有能力在價格低得多的環境下推動長期採購安排。

Our marketing team can also source material, from market purchases. While those purchases would be more expensive than, our production and other available supply, our strategy and long-term portfolio positions us to benefit when there is increased near-term demand for scarce nuclear fuel supplies and services.

我們的行銷團隊也可以從市場採購中取得材料。雖然這些採購將比我們的生產和其他可用供應更昂貴，但我們的策略和長期投資組合使我們能夠在稀缺核燃料供應和服務的近期需求增加時受益。

However, when it comes to sourcing for the longer term, based on our existing contract portfolio and the contracting momentum that is building in the market, we do expect to need more than our current annual production volumes. That includes the more than 130 million Tier 1 pounds that we've left in the ground, when we shifted into supply discipline from 2016 to 2022.

然而，在長期採購方面，根據我們現有的合約組合和市場上正在形成的合約勢頭，我們預計需要的產量將超過目前的年產量。這包括我們在 2016 年至 2022 年轉向供應紀律時留下的超過 1.3 億磅的一級資金。

As a major producer, we don't often discuss our pipeline of reserves and resources. But when we consider that pipeline in the context of the more than 200 million pounds we've committed under long-term contracts that include escalated prices and escalated floors and ceilings, we have an exposure rate of about 80%. That means we have about 800 million pounds of current in-ground inventory that is not contracted or priced, representing future potential value. That's part of a very deliberate strategy.

作為主要生產國，我們並不經常討論我們的儲量和資源儲備。但當我們考慮到我們在長期合約下承諾的超過 2 億英鎊（包括不斷上漲的價格和不斷上漲的地板和天花板）的背景下，我們的暴露率約為 80%。這意味著我們目前擁有約 8 億磅的地下庫存，這些庫存尚未簽訂合約或定價，代表未來的潛在價值。這是一個非常深思熟慮的策略的一部分。

As a proven and diversified producer, Cameco is well positioned to add long-term value. And, since we are always adding to a contract portfolio that provides upside participation and downside protection, we expect development of future production from that in-ground inventory will be funded by the cash flow from product sales, not from dilutive equity raises, or significant debt leverage.

作為一家久經考驗的多元化生產商，Cameco 完全有能力增加長期價值。而且，由於我們總是增加提供上行參與和下行保護的合約投資組合，因此我們預計未來生產的發展將由來自產品銷售的現金流提供資金，而不是來自稀釋性股權融資或重大股權融資。債務槓桿。

Thanks to our discipline and our improving financial performance, we consider the next steps in our strategy and start to invest in our Tier 1 capacity. We now have an updated Cigar Lake technical report that we expect to release sometime in March, which includes the conversion of over 40 million pounds of our share of indicated resources to probable reserves, extending mine life at Cigar to 2036.

由於我們的紀律和不斷改善的財務業績，我們考慮了策略的後續步驟，並開始投資於我們的一級產能。我們現在有了一份更新的Cigar Lake 技術報告，預計將在3 月份的某個時候發布，其中包括將我們所佔的指示資源份額中超過4000 萬磅轉換為可能儲量，從而將Cigar Lake 的礦山壽命延長至2036 年。

And, we're undertaking a study to evaluate the work, timelines and investment required to expand the McArthur River mine and the Key Lake mill from 18 million pounds of annual production today, up to the licensed capacity of 25 million pounds, our share being 70%.

而且，我們正在進行一項研究，評估將麥克阿瑟河礦和基湖工廠的年產量從目前的 1800 萬磅擴大到 2500 萬磅的許可產能所需的工作、時間表和投資，我們的份額是70 %。

If we took advantage of all Tier 1 growth opportunities, our annual share of Tier 1 uranium supply, could be about 32 million pounds. But, beyond our tier 1 assets, we also continue to assess the future need and economic potential of our fully licensed and permitted Tier 2 assets.

如果我們利用所有一級成長機會，我們每年在一級鈾供應中的份額可能約為 3,200 萬磅。但是，除了我們的一級資產之外，我們還繼續評估我們獲得完全許可和許可的二級資產的未來需求和經濟潛力。

Those assets remain on care and maintenance today, but they provide another layer of optionality when it comes to sourcing material for long-term commitments. And remember that unlike a declared or untested asset owned by a developer making promises, our Tier 2 assets are demonstrated assets with an operational history and known costs, and they're in the hands of a proven producer, putting them in a much lower risk category.

這些資產至今仍處於維護和保養狀態，但在為長期承諾採購材料時，它們提供了另一層選擇。請記住，與作出承諾的開發商所擁有的已申報或未經測試的資產不同，我們的二級資產是具有運營歷史和已知成本的已證明資產，並且它們掌握在經過驗證的生產商手中，使它們面臨的風險要低得多類別。

As one of the world's largest producers, we don't realize any benefit from the voluntary public disclosure of our advanced project work at Millennium, Yeelirrie and Kintyre or from our ongoing exploration successes. But there too, we continue to make progress and evaluate future prospects that align with market demand and our long-term contract sourcing requirements.

作為世界上最大的生產商之一，我們沒有意識到自願公開披露我們在 Millennium、Yeelirrie 和 Kintyre 的先進項目工作或我們正在進行的勘探成功有任何好處。但我們也在繼續取得進展，並根據市場需求和我們的長期合約採購要求評估未來前景。

We've provided a bit more background on our exploration framework in our MD&A this year, because it's not widely known that we have discovered numerous Greenfield prospects and deposits over the years. And those discoveries are underlying the very attractive land position on the most prospective trends, all right in our backyard of Northern Saskatchewan, where we have well-established industrial and mine support infrastructure, and where our exploration activities continue.

我們在今年的 MD&A 中提供了有關勘探框架的更多背景信息，因為多年來我們發現了許多綠地遠景和礦床這一點並不廣為人知。這些發現奠定了在最具前景趨勢上非常有吸引力的土地地位的基礎，就在我們薩斯喀徹溫省北部的後院，我們在那裡擁有完善的工業和礦山支持基礎設施，並且我們的勘探活動仍在繼續。

Beyond uranium mining, our contracting success and financial strength is also allowing us to grow and enhance the value of our fuel cycle assets and other investments. Similar to our mining assets, we won't increase fuel services production or capacity until we see customer commitments.

除了鈾礦開採之外，我們的合約成功和財務實力也使我們能夠發展並提高燃料循環資產和其他投資的價值。與我們的採礦資產類似，在看到客戶承諾之前，我們不會增加燃料服務的產量或產能。

Thanks to that disciplined approach, we have the capacity to grow at a time when customers are avoiding Russian supplies and services, and the market has identified a significant need in the conversion and enrichment stages of the fuel cycle.

由於這種嚴格的方法，我們有能力在客戶避免俄羅斯供應和服務的情況下實現成長，而市場已經確定了燃料循環的轉換和濃縮階段的巨大需求。

To meet those growing commitments in our fuel services segment, we are increasing our 2024 UF6 production at Port Hope to 12,000 tonnes, which would represent a record production level for the facility, exceeding the record production levels we set in both 2022 and again in 2023.

為了滿足我們在燃料服務領域不斷增長的承諾，我們將把霍普港2024 年的六氟化鈾產量增加到12,000 噸，這將代表該設施的創紀錄產量水平，超過我們在2022 年和2023 年設定的創紀錄產量水準。

We've now contracted 75,000 tonnes of UF6 conversion with 33 customers worldwide, which we expect to underpin the operation of our Port Hope conversion facility for years to come.

我們現已與全球 33 家客戶簽訂了 75,000 噸六氟化鈾轉化合同，我們預計這將支撐我們霍普港轉化設施未來幾年的營運。

We also have a 49% interest in Global Laser Enrichment, which holds the exclusive license to deploy a third-generation uranium enrichment technology. Subject to its continued progress towards commercialization, if successful, GLE could have the ability to help meet the evolving enrichment needs of the industry.

我們還擁有 Global Laser Enrichment 49% 的權益，該公司擁有部署第三代鈾濃縮技術的獨家授權。隨著商業化的持續進展，如果成功，GLE 將有能力幫助滿足產業不斷變化的濃縮需求。

From re-enriching depleted uranium tails, to producing commercial low-enriched uranium for the global reactor fleet in operation today, to delivery of high-assay, low-enriched uranium for the SMRs and advanced reactors of tomorrow, GLE represents a significant opportunity for Cameco to participate in every stage of the fuel cycle.

從貧鈾尾礦的再濃縮，到為當今運作的全球反應器生產商業低濃鈾，再到為未來的中小型反應器和先進反應器提供高含量低濃鈾，GLE 代表了一個重要的機會Cameco 參與燃料循環的每個階段。

We're also excited to have added a 49% share of Westinghouse to our portfolio of investments in 2023. Westinghouse is a well-established and critical business to the nuclear power industry, which gives us more exposure to the light water side of the nuclear fuel cycle, while adding potential growth opportunities related, to their conventional and advanced reactor sales. We expect our share of adjusted EBITDA from Westinghouse in 2024, to be between $445 million and $510 million.

我們也很高興能夠在2023 年將西屋電氣公司的49% 股份添加到我們的投資組合中。西屋電氣公司是核電行業的一家成熟且至關重要的企業，這使我們能夠更多地接觸核電的輕水方面燃料循環，同時增加與其傳統和先進反應器銷售相關的潛在成長機會。我們預計 2024 年我們從西屋電氣獲得的調整後 EBITDA 份額將在 4.45 億美元至 5.1 億美元之間。

And we believe the business is well-positioned for long-term growth, driven by the expected increase in global demand for nuclear power. Over the next 5 years, we expect Westinghouse's adjusted EBITDA, to grow at a compound annual growth rate of 6% to 10%.

我們相信，在全球核電需求預期成長的推動下，該業務已做好長期成長的準備。未來5年，我們預期西屋電氣調整後的EBITDA將以6%至10%的複合年增長率成長。

But even with the significant acquisition in Westinghouse, we have maintained the capacity for further investments, should value-adding opportunities emerge.

但即使對西屋電氣進行了重大收購，如果出現增值機會，我們仍保持進一步投資的能力。

Our balance sheet remains strong, with $567 million in cash, approximately $1.8 billion in total debt, and a $1 billion undrawn credit facility.

我們的資產負債表依然強勁，擁有 5.67 億美元現金、約 18 億美元總債務以及 10 億美元未提取信貸額度。

In our uranium segment, we expect this past year's strong financial performance to continue in 2024. We will continue to transition to our Tier 1 cost structure, and deploy the capital and other expenditures we believe are necessary, to meet our commitments and position the company for continued sustainable growth.

在我們的鈾業務領域，我們預計去年的強勁財務業績將在 2024 年繼續。我們將繼續過渡到一級成本結構，並部署我們認為必要的資本和其他支出，以履行我們的承諾並為公司定位持續可持續成長。

Growth that will be pursued in the same manner that, we approach all aspects of our business - strategic, deliberate, disciplined, and with a focus on generating full-cycle value. And with a continued focus on the environmental, social, and governance side of our business as well, where we are very proud of our track record.

我們將以與業務各個方面相同的方式追求成長——策略性、深思熟慮、有紀律，並專注於創造全週期價值。我們也持續關注我們業務的環境、社會和治理方面，我們對我們在這方面的業績記錄感到非常自豪。

We integrate ESG principles and practices into every aspect of our business, from our corporate objectives and our approach to compensation to our overall corporate strategy, risk management, and day-to-day operations.

我們將 ESG 原則和實踐融入到我們業務的各個方面，從我們的企業目標和薪酬方法到我們的整體企業策略、風險管理和日常營運。

As part of our Low Carbon Transition Plan, we created tailored decarbonization pathways in 2023, for each site we operate to support the achievement of our 2030 greenhouse gas emission reduction targets.

作為低碳轉型計畫的一部分，我們在 2023 年為我們營運的每個工廠創建了量身定制的脫碳途徑，以支持實現 2030 年溫室氣體減排目標。

We also completed an analysis of climate change scenarios at our Northern Saskatchewan and Ontario operations, to better understand how changing climate conditions could impact our employees and our assets in the long-term.

我們也完成了北薩斯喀徹溫省和安大略省業務的氣候變遷情境分析，以便更好地了解不斷變化的氣候條件如何對我們的員工和資產產生長期影響。

I encourage you to read through our annual MD&A where we go beyond just performance highlights. In it, you will see a much more detailed picture of our strategy, how we operate, and importantly, insight into the uranium and nuclear fuel market, a market that is unlike any other.

我鼓勵您閱讀我們的年度 MD&A，其中我們不僅僅是業績亮點。在其中，您將更詳細地了解我們的策略、我們的營運方式，以及更重要的是，深入了解鈾和核燃料市場，這是一個與其他市場不同的市場。

So thank you for your interest today and we would be happy to take any questions.

感謝您今天的關注，我們很樂意回答任何問題。

(Operator Instructions) The first question comes from Ralph Profiti of Eight Capital.

（操作員說明） 第一個問題來自八資本的 Ralph Profiti。

Tim, in the evaluation of McArthur River up to 25 million pounds, when will this work be completed? And assuming things being taken into consideration include issues from September 2023, including your supply chains, skilled labor, as well as some of the special technical considerations. Do you see a potential scenario where Tier 2, whether it be U.S. ISR or Rabbit Lake, may be more desirable than McArthur River production? Because those production centers may not be as constrained.

提姆，麥克阿瑟河的評估高達2500萬英鎊，這項工作什麼時候能完成？假設考慮的事項包括 2023 年 9 月以來的問題，包括您的供應鏈、熟練勞動力以及一些特殊的技術考慮。您是否認為第 2 級（無論是美國 ISR 還是 Rabbit Lake）可能比 McArthur River 生產更理想？因為那些生產中心可能不會受到那麼大的限制。

Yes, morning Ralph. Thanks. Nice to hear from you. We are just starting the McArthur Key evaluation work now. We are seeing a market that we think might need those pounds going forward. Those are probably the best pounds on the planet that are not in production yet. So, we are starting our work on what we need to do to de-bottleneck at the Key Lake mill. The mine is running well today and we know it can produce at that level. So, we are starting the work.

是的，早上好，拉爾夫。謝謝。很高興聽到你的消息。我們現在剛開始麥克阿瑟金鑰評估工作。我們認為未來的市場可能需要這些英鎊。這些可能是地球上尚未生產的最佳磅數。因此，我們正在開始研究如何消除基湖工廠的瓶頸。該礦目前運作良好，我們知道它可以達到那個水平的產量。所以，我們正在開始工作。

Obviously, we are not going to produce on spec. Grant has said that a 100 times. We produce in the contracts that we have. So, we will get that work going and like I say, we are going after that before we go after any Tier 2, I think, project that we still have in care and maintenance. But don't rule those out either, Ralph, because those are on our batting lineup further down the list.

顯然，我們不會按規格生產。這句話格蘭特已經說過一百遍了。我們按照我們擁有的合約進行生產。因此，我們將繼續進行這項工作，就像我說的，我們將在進行任何第二級專案之前進行這項工作，我認為，我們仍在維護和維護專案。但拉爾夫，也不要排除這些人，因為這些人在我們的打擊陣容中排名靠後。

But first, as we said in our quarter here, we are going to look at de-bottlenecking McArthur and Key. So, we can get those to 25 million pounds. And then that extension, don't underweight that extension of Cigar Lake to 2036. That is a huge move and it really sets us up well for the future.

但首先，正如我們在本季所說，我們將著眼於消除麥克阿瑟和基的瓶頸。因此，我們可以將其增至 2500 萬英鎊。然後，不要低估雪茄湖到 2036 年的延期。這是一個巨大的舉措，它確實為我們的未來奠定了良好的基礎。

I also noticed in the uranium sensitivity table that the leverage to 5% change in uranium to revenue is quite low this year. I am just wondering what is going on with the contract book versus the realized price guidance and why we are seeing that sort of diminished leverage versus previous years. And it seems like this is a function of the contract books, maybe perhaps hitting more of those ceilings, or perhaps even up flexing on the part of customer discretion?

我還在鈾敏感度表中註意到，今年鈾對收入變化 5% 的槓桿率相當低。我只是想知道合約書與已實現的價格指導相比發生了什麼，以及為什麼我們會看到槓桿率與前幾年相比有所下降。這似乎是合約書的一個功能，也許會觸及更多的上限，或者甚至可能會根據客戶的判斷力進行調整？

Yes, Ralph, Grant is our very best expert on that. So, Grant, do you want to take that?

是的，拉爾夫，格蘭特是我們這方面最好的專家。那麼，格蘭特，你想接受嗎？

Yes, I think - it is a great question, Ralph. And let us be really clear that we set a strategy that supports short-term price discovery in order to create long-term value. And what I mean by that, is it is categorically the wrong way to think about a uranium producer, as saving production for the spot market in order, to maximize near-term leverage to the spot market.

是的，我認為 - 這是一個很好的問題，拉爾夫。讓我們明確一點，我們制定了支持短期價格發現的策略，以創造長期價值。我的意思是，對於鈾生產商來說，為現貨市場節省產量，以最大限度地提高現貨市場的近期槓桿率，這絕對是錯誤的方式。

And the reason for that, we said over and over again, and people really need to understand this, the spot market is small, it is discretionary, it is non-fundamental, and it is low-quality demand. If Cameco produced and showed up and tried, to sell pounds into the spot market, it would not be discovering higher prices. The opposite would happen. The market would realize that we would be showing up with uncommitted primary production and the market would back up.

原因，我們說了一遍又一遍，人們確實需要了解這一點，現貨市場很小，是可自由支配的，是非基本面的，是低品質的需求。如果 Cameco 生產並出現並嘗試將英鎊出售到現貨市場，它就不會發現更高的價格。相反的情況將會發生。市場會意識到我們將出現未承諾的初級生產，市場將會支持。

And do not take my word for it. Look at what happened in the days when Paladin, for example, was a spot market seller or Kazatomprom was a spot market seller. That strategy has been proven to be a colossal failure over and over again. So what matters is the non-discretionary, fundamental, high-quality demand of the term market. But make no mistake, Ralph, we do not miss these market moves.

不要相信我的話。例如，看看當 Paladin 是現貨市場賣家或 Kazatomprom 是現貨市場賣家時發生的事情。這項策略已一次又一次被證明是巨大的失敗。所以重要的是術語市場的非隨意性、根本性、高品質的需求。但毫無疑問，拉爾夫，我們不會錯過這些市場趨勢。

We just capture them and build them into the forward contract book. You have heard me say over and over again, we prefer market-related contracts right now. A move like this in the spot market, which we do not sell into, because we do not want to undermine that move in the spot market, allows us to then price market-related contracts forward on a much more attractive basis than we did before the spot market move.

我們只是捕獲它們並將它們構建到遠期合約簿中。你已經聽我一遍又一遍地說，我們現在更喜歡與市場相關的合約。在現貨市場上出現這樣的走勢，我們不會賣出，因為我們不想破壞現貨市場的這種走勢，這使我們能夠以比以前更具吸引力的基礎對市場相關合約進行遠期定價現貨市場走勢。

And I will just give you an example. When Uranium pushed over $100 per pound, Cameco does not immediately go, how do we sell into the spot market? We go, how do we translate that kind of spot market quick move into forward value? So a market-related contract that we would write today and give to a utility probably has a floor tucked right up at today's long-term price, escalated, and probably has a ceiling in the 120s, escalated.

我只舉一個例子。當鈾價突破每磅 100 美元時，Cameco 不會立即走人，我們如何在現貨市場上出售？我們如何將現貨市場的快速波動轉化為遠期價值？因此，我們今天編寫並提供給公用事業公司的與市場相關的合約可能會以今天的長期價格為基礎，不斷升級，並且可能以 120 美元為上限，不斷升級。

That is how we capture the value of a spot market move. Those who want to play the spot market show up with uncommitted primary production. They put pressure on it in a thinly traded market, it goes down, and they ride it back down.

這就是我們捕捉現貨市場走勢價值的方式。那些想要參與現貨市場的人出現了未承諾的初級生產。他們在交易清淡的市場上對其施加壓力，使其下跌，然後他們又乘勢回落。

What we do is, we take those moves we build it into the contract portfolio going forward. It's a strategy that sustains near-term price discovery and helps bring that long-term price back up to a sustainable production economic level.

我們所做的是，我們將這些舉措納入未來的合約組合中。這是一種維持近期價格發現並有助於將長期價格恢復到永續生產經濟水準的策略。

So with all that context, no surprise, contracts that we entered into a number of years ago, where -- if they were at a $70 ceiling a few years ago, would have been a really attractive ceiling. We might be hitting those ceilings in a market-related today. For example, or if there was some base escalated portion. It is good news that this is occurring. It means the market is going into a security of supply contracting cycle. It means our supply discipline strategy is working. It means the forward value capture is growing.

因此，考慮到所有這些背景，毫不奇怪，我們幾年前簽訂的合約——如果幾年前的上限是 70 美元，那將是一個非常有吸引力的上限。今天我們可能會在與市場相關的市場中觸及這些上限。例如，或者是否有一些基礎升級部分。這是一個好消息，這種情況正在發生。這意味著市場正在進入供應合約安全週期。這意味著我們的供應紀律策略正在發揮作用。這意味著遠期價值捕獲正在成長。

And then, of course, I want to reference the comment Tim made, which, folks, 20% of our portfolio of reserves and resources is contracted. 80% is not. That's 800 million pounds of uranium to be priced in a much better environment now. So, we never miss these moves. We build these moves into long-term contracts, long-term cash flow and earnings. That's what's happening.

然後，當然，我想參考蒂姆的評論，朋友們，我們的儲備和資源組合中有 20% 是收縮的。 80%不是。這相當於 8 億磅鈾現在可以在更好的環境下定價。所以，我們永遠不會錯過這些舉動。我們將這些措施納入長期合約、長期現金流量和收益。這就是正在發生的事情。

The next question comes from Andrew Wong of RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的安德魯·黃。

Can you just talk about your confidence level on production returning to nameplate in 2024 and just some of the longer-term projects for Cigar and McArthur? I think previously the messaging was that, those projects may not be looked at until the volumes start getting contracted and the demand was there. So now that work is starting on those projects, does that mean that those volumes are starting to get some contracting activity?

您能否談談您對 2024 年產量恢復正常以及 Cigar 和 McArthur 的一些長期專案的信心程度？我認為之前傳達的訊息是，在數量開始收縮並且需求存在之前，可能不會考慮這些項目。那麼現在這些專案的工作已經開始，這是否意味著這些卷開始獲得一些承包活動？

Thanks, Andrew, for the question. Yes, so just how confident are we on production for this year? We put out 18 million pound forecast for each of those sites, and we're very confident that we'll make that. We have got some more operating experience at McArthur and Key every month that goes by. It gives us another view on how it's going, and I'd say the last 2 to 4 months have been very good.

謝謝安德魯提出的問題。是的，那麼我們對今年的生產有多大信心呢？我們對每個站點的預測為 1800 萬英鎊，並且我們非常有信心實現這一目標。每個月我們都會在 McArthur 和 Key 獲得更多的營運經驗。它讓我們對事情的進展有了另一種看法，我想說過去 2 到 4 個月的情況非常好。

I'm looking at Brian Reilly, our production has been very good, very steady. We're working out some of the bottlenecks or kinks that you have with a restart. So, we're really happy with the way things are going there.

我看著布萊恩賴利，我們的製作非常好、非常穩定。我們正在解決重啟時遇到的一些瓶頸或問題。所以，我們對事情的進展感到非常滿意。

Same at Cigar. You know, well-established mine. We've been operating there for years. We moved into that new warzone. We're getting that under control. The mill had some hiccups, and they've got that under control. So yes, we're very confident in our forecast for 2024.

雪茄也一樣。你知道，我的已經很完善了。我們已經在那裡經營多年了。我們進入了那個新的戰區。我們正在控制這種情況。工廠出現了一些小問題，他們已經控制住了。所以，是的，我們對 2024 年的預測非常有信心。

And going forward, yes, as I said earlier, we won't produce on spec, but we will get those assets ready to go at McArthur Key. And once Grant and his team have contracts in front of us that call for that production, we will move those forward. We'll move the production up at McArthur Key.

展望未來，是的，正如我之前所說，我們不會按規格生產，但我們會將這些資產準備好在麥克阿瑟島投入使用。一旦格蘭特和他的團隊收到了需要該製作的合同，我們就會繼續推進。我們將把製作轉移到麥克阿瑟島。

And so, there's a timing thing and things don't just happen overnight. We want to be ready when that happens, and the contracts we sign, those long-term contracts that Grant was referencing earlier, they don't start deliveries for a number of years. So we've got time to get things ready. And just we've got dry powder, and when the time comes, we'll be ready to go. So, we really like our positioning.

因此，這是一個時間問題，事情不會在一夜之間發生。我們希望在這種情況發生時做好準備，我們簽署的合同，格蘭特之前提到的那些長期合同，他們在很多年內都不會開始交付。所以我們有時間做好準備。我們已經有了乾粉，到時候我們就可以出發了。所以，我們真的很喜歡我們的定位。

And maybe for Grant, the contracting strategy makes a lot of sense. Could you maybe just talk about how the contract book and price sensitivity table would look like, beyond the years that are in that table, and maybe into like the late 2020s and early 2030s, where you might get more of that leverage, to the rising price environment that we're seeing today?

也許對格蘭特來說，承包策略很有意義。您能否談談合約帳簿和價格敏感度表會是什麼樣子，超出該表中的年份，也許到 2020 年代末和 2030 年代初，您可能會獲得更多的槓桿作用，以應對不斷上漲的情況我們今天看到的價格環境？

Yes, absolutely designed for leverage to that rising price environment. I mean, really important to emphasize, we are still in supply discipline. We are not calling the top of the market. This is not peak demand going on in uranium yet. We're in the early stages of this contracting cycle, early stages that suggests it's the right strategy, to be very disciplined with our supply.

是的，絕對是為因應價格上漲環境而設計的。我的意思是，非常重要的是要強調，我們仍然遵守供應紀律。我們並不是說市場已見頂。這還不是鈾需求的高峰期。我們正處於合約週期的早期階段，早期階段表明對我們的供應非常嚴格是正確的策略。

We're thinking about moving the Tier 1 to full capacity like Tim talked about, but we haven't made that decision yet with respect to McArthur Key, and we haven't even started talking about the Tier 2s. And if we put that altogether and said, what would our annual capability be, that's about 38 million pounds of annual production. And you see in our guidance table, 22.4 million pounds.

我們正在考慮像蒂姆談到的那樣將第 1 層移至滿載，但我們尚未就 McArthur Key 做出決定，我們甚至還沒有開始討論第 2 層。如果我們把這些加起來說，我們的年產量是多少，大約是 3,800 萬磅的年產量。您可以在我們的指導表中看到，2240 萬英鎊。

So Cameco is not calling peak demand here, or peak price discovery in the uranium business. We're still in supply discipline. We're still in supply discipline, because we think when we look at the uncovered requirements wedge, a lot of demand, non-discretionary fundamental demand needs to come to the market, we want to be exposed to that. So it isn't about selling out the volumes.

因此，Cameco 在此並不稱其為需求峰值，也不是鈾業務中的峰值價格發現。我們仍然遵守供應紀律。我們仍然遵守供應紀律，因為我們認為，當我們看到未涵蓋的需求楔子時，大量需求、非自由裁量的基本需求需要進入市場，我們希望能夠接觸到這一點。所以這不是為了賣完銷量。

It's about placing volumes under terms and conditions that make sense to us today. So that is that market related exposure that I talked about. That is really dramatically improving floors and ceilings that are both escalated by the way. And of course, a long-term price that's now USD 72 per pound. And that itself is base escalated if you agree to any of those contracts.

這是關於將交易量置於對我們今天有意義的條款和條件下。這就是我談到的與市場相關的風險。這確實極大地改善了地板和天花板，順便說一下，它們都升級了。當然，長期價格目前為每磅 72 美元。如果您同意其中任何共同，那麼這本身就會升級。

So as you see going forward, we would look to move beyond that contract table, which only accounts for about 20% of our volume. In fact, that committed sales table is less than that. It's only about 13% of our volumes, because it's just the next 5 years. So we have 80% of those volumes that aren't yet sold yet. It's a good thing. Prices are going up. We want that exposure to future prices.

因此，正如您所看到的，未來我們將尋求超越該合約表，該合約表僅占我們交易量的 20% 左右。事實上，承諾的銷售表比這個少。這僅占我們銷量的 13% 左右，因為這只是未來 5 年的時間。所以我們還有 80% 的銷售量尚未售出。這是一件好事。價格正在上漲。我們希望了解未來價格。

And when you think about our reserves and resources that aren't yet priced, that have that pure exposure to the uranium price, those are reserves and resources that are in the hands of a proven producer. And many of those reserves and resources are adjacent to existing infrastructure, and you can take advantage of all those incumbencies.

當你考慮到我們尚未定價的儲量和資源時，這些儲量和資源完全受到鈾價格的影響，這些儲量和資源掌握在經過驗證的生產商手中。其中許多儲備和資源都毗鄰現有基礎設施，您可以利用所有這些現有設施。

So this is exactly where a responsible uranium producer wants to be, should be in a market that is entering a security of supply contracting cycle. So absolutely, we love our position. We love that exposure going forward. It would be foolish to say, well, we should just be trying to jam all of our material through $103 spot market, because the spot market wouldn't be $103 if we tried to do that. That would be a really silly strategy. So that exposure going forward, nobody has a better position than we do.

因此，這正是負責任的鈾生產商想要的，應該在進入供應合約安全週期的市場中。所以絕對，我們熱愛我們的立場。我們喜歡未來的曝光。說「好吧，我們應該試圖透過 103 美元的現貨市場堵塞我們所有的材料」是愚蠢的，因為如果我們試圖這樣做，現貨市場就不會是 103 美元。這將會是一個非常愚蠢的策略。因此，在未來的曝光度上，沒有人比我們處於更好的位置。

The next question comes from Orest Wowkodaw of Scotiabank.

下一個問題來自豐業銀行的 Orest Wowkodaw。

A couple of questions on my end, if I could. First of all, can you give us an idea of what kind of capital was required to bring McArthur up to 25 million pounds and to extend Cigar?

如果可以的話，我想問幾個問題。首先，您能否告訴我們需要什麼樣的資金才能使麥克阿瑟達到 2500 萬英鎊並擴大雪茄業務？

So Brian, do you want to take that one?

布萊恩，你想買那個嗎？

Yes, sure. Great question. Certainly Cigar Lake extension. We are well advanced. We completed a pre-feasibility study that verified the economic feasibility of the extension. We've converted resources to reserve, so we're well down the track there. We'll produce a technical report next month, as Tim mentioned, with all the details.

是的，當然。很好的問題。當然是雪茄湖的延伸。我們已經很先進了。我們完成了預可行性研究，並驗證了擴建的經濟可行性。我們已經將資源轉為儲備，因此我們正在順利進行中。正如蒂姆所提到的，我們將在下個月製作一份技術報告，其中包含所有細節。

But what we have now in terms of our share for capital at Cigar Lake extension, somewhere in the $250 million, $300 million range, to extend it up to 2036. So Cigar Lake extension is in good shape, and we'll produce a technical report with all the details.

但我們現在在雪茄湖擴建項目上的資本份額在 2.5 億美元到 3 億美元之間，可以將其延長到 2036 年。因此，雪茄湖擴建項目狀況良好，我們將製定一個技術方案報告所有詳細信息。

McArthur/Key expansion, early days, very early days. As Tim mentioned, we've just commenced the assessment in terms of what's required at the mine and an end-to-end study at the mill. So, I would suggest just hang in there, we'll be better positioned later in the year. But still early days for McArthur Key Expansion.

麥克阿瑟/基擴展，早期，非常早期。正如蒂姆所提到的，我們剛開始評估礦場的需求以及工廠的端到端研究。所以，我建議堅持下去，今年晚些時候我們會處於更好的位置。但麥克阿瑟密鑰擴展仍處於早期階段。

Okay. But would it be fair to say it's less than $1 billion, like we're talking in the hundreds of millions?

好的。但說它不到 10 億美元（就像我們所說的數億美元一樣）是否公平？

Oh goodness, yes.

噢，天哪，是的。

Perfect. And then a quick question for Grant, if I could. Just on the committed purchases, I guess you've got 4.7 million pounds committed to acquire this year. Can you give us any kind of idea of how the pricing mechanism works on those contracts? Like does it move with market pricing? Is it fixed? How should we think about that?

完美的。如果可以的話，然後問格蘭特一個簡短的問題。僅就已承諾的採購而言，我猜您今年已承諾購買 470 萬英鎊。您能為我們介紹一下這些合約的定價機制如何運作嗎？它會隨著市場定價而改變嗎？固定了嗎？我們該如何思考這個問題？

Yes, thanks, Orest. So on Page 51 of the MD&A for folks that are looking, we do have a bit of new disclosure actually on our purchase commitments. In previous markets where the spot was oversupplied and we were in extreme supply discipline. And wanted to be heavily over-contracted. We would put a big purchase number out there, because we wanted the market to know that demand was coming and start cleaning up the front end of the market and discovering better prices.

是的，謝謝，奧雷斯特。因此，在 MD&A 第 51 頁上，我們確實對我們的購買承諾進行了一些新的揭露。在先前的市場中，現貨供應過剩，我們處於極端的供應紀律。並且想要嚴重過度承包。我們會放出大量的購買量，因為我們希望市場知道需求即將到來，並開始清理市場前端並發現更好的價格。

But as we're at this phase of our transition, restoring our Tier 1 cost, bringing production back, we wanted to bring a bit more granularity between what purchases are we already committed to make, and which ones might we go into the market to buy. And what you see when we cut it that way, is very small exposure to the market.

但由於我們正處於轉型的這個階段，恢復一級成本，恢復生產，我們希望在我們已經承諾進行的採購以及我們可能進入市場的採購之間提供更多的粒度。買。當我們這樣劃分時，你會看到市場敞口非常小。

We said up to 2 million pounds that we might buy in the market, but we might. We don't have to. We have other options in order to source our committed sales. Some of those other options include purchases that we make under a long-term purchase commitment. And I think that's what you're referring to.

我們說我們可能會在市場上購買最多 200 萬英鎊，但我們確實有可能。我們不必這樣做。我們還有其他選擇來獲取我們承諾的銷售。其中一些其他選擇包括我們根據長期購買承諾進行的購買。我想這就是你所指的。

Generally what happens in those long-term purchase commitments is we'll see a market where we might think the uranium price is low. And when we do, we might find a seller who's willing to fix a price for us, subject to a carry trade for delivery out into the future.

一般來說，在這些長期購買承諾中，我們會看到一個我們可能認為鈾價格較低的市場。當我們這樣做時，我們可能會找到願意為我們確定價格的賣家，並進行套利交易以在未來交付。

But for many of those contracts, we have the ability to take delivery when it makes sense for us. So, we fix the price in a lower pricing environment. We take the delivery when it makes sense to meet our committed sales volumes. It's the best trading margin in the business.

但對於其中許多合同，我們有能力在對我們有意義的時候進行交付。因此，我們在較低的定價環境下確定價格。當可以滿足我們承諾的銷售量時，我們就會進行交貨。這是業界最好的交易利潤。

So many of those long-term contracting, long-term purchase commitments were made in that $30 uranium market. They've escalated a bit, some of them in more recent years, but well, well short of today's market prices. So this is just part of how we think about sourcing material over the long run.

許多長期合約、長期購買承諾都是在 30 美元的鈾市場中做出的。他們的價格有所上漲，其中一些是最近幾年，但遠低於當今的市場價格。因此，這只是我們長期考慮採購材料的一部分。

So very small market exposure to be deployed if we want to. And then subject to the purchases that come in from Inkai, the purchases that come in from the long-term purchase program. The final thing on Inkai is always remember, we're never afraid of rising uranium prices. And Inkai is a perfect example. Yes, we'll buy the material from Inkai at a discount to the spot price. Those will be very expensive. But if those are expensive, then the dividend that comes back from Inkai is even bigger.

如果我們願意的話，我們可以部署的市場份額非常小。然後以來自 Inkai 的採購、來自長期採購計劃的採購為準。 Inkai 的最後一件事永遠記住，我們從不害怕鈾價上漲。 Inkai 就是一個完美的例子。是的，我們將以比現貨價格折扣的價格從 Inkai 購買材料。那些會非常昂貴。但如果這些價格昂貴，那麼 Inkai 帶來的股息就更大了。

So the economic value of those Tier 1 assets is always ours. And we don't fear when prices go up, we don't miss these markets. We capture that value on the long-term. So very attractive source of supply that really reduces our need to go into the market to purchase. But if we see the opportunity to purchase, we'll stick our nose in there. So if somebody decides they want to try to sell material to the spot market, we might be a buyer.

因此，這些一級資產的經濟價值始終是我們的。當價格上漲時，我們不會擔心，我們不會錯過這些市場。我們從長遠角度捕捉這價值。如此非常有吸引力的供應來源確實減少了我們進入市場購買的需求。但如果我們看到購買機會，我們就會介入。因此，如果有人決定嘗試向現貨市場出售材料，我們可能會成為買家。

So ultimately, I think if I understand your new disclosure, there's only up to 2 million pounds that you're planning to buy from the market at market pricing?

所以最終，我想，如果我理解你的新披露，你只計劃以市場價格從市場購買高達 200 萬英鎊？

Yes, that's right. We saw that some folks were completely misreading our outlook table in the past. They were taking the overall purchases and they were assuming every one of those was going to be made in the spot market and trying to drive an incorrect narrative about financial distress. And of course, we've never run the company that way. If that were the case, the outlook table would be very different.

恩，那就對了。我們發現有些人過去完全誤讀了我們的展望表。他們進行了整體採購，並假設每一件採購都將在現貨市場進行，並試圖推動有關財務困境的錯誤敘述。當然，我們從來沒有以這種方式經營公司。如果真是這樣，前景表將會非常不同。

So, we wanted to put some granularity out there, to lots of sophisticated folks understand what we do, but some don't. And so, we just wanted to make sure we had that granularity and remind folks that actually it's up to 2 million pounds.

因此，我們希望提供一些粒度，讓許多經驗豐富的人了解我們所做的事情，但有些人不明白。因此，我們只是想確保我們有這樣的粒度，並提醒人們實際上它高達 200 萬英鎊。

We could source it directly in the spot market for immediate delivery. We could draw down our inventory. We could access loans. We could access more of the long term purchases if that made sense for us. We could be engaged in a conversation with a customer to move deliveries around in a year for when production comes in. Ultimately, this is what a responsible uranium producer does.

我們可以直接在現貨市場採購並立即交貨。我們可以減少庫存。我們可以獲得貸款。如果這對我們有意義的話，我們可以獲得更多的長期採購。我們可以與客戶進行對話，以便在一年後生產時轉移交貨。最終，這就是負責任的鈾生產商所做的。

The next question comes from Greg Barnes of TD Securities.

下一個問題來自道明證券的格雷格·巴恩斯。

Just a couple of questions for me and returning back to Cigar Lake extension. Would that be at the 18 million pound per year range or would it decline into 2036? And is there an extension beyond 2036?

只是有幾個問題要問我，然後回到雪茄湖擴展。這個數字會在每年 1800 萬英鎊的範圍內，還是會在 2036 年之前下降？是否有延期到 2036 年之後？

Greg, thanks for the question. Our plan would be to remain at 18 million pounds per year to 2036. Is there an extension? We're just working on this one right now. So once we get under there, and you know, we're moving to the west on that. And so as we get out there, who knows? We'll be poking holes and holes all over down there. So, we're hopeful, but we don't have anything to report yet, Greg.

格雷格，謝謝你的提問。我們的計劃是到 2036 年保持每年 1800 萬英鎊。有延期嗎？我們現在正在研究這個。所以一旦我們到達那裡，你知道，我們就會向西移動。當我們走出去時，誰知道呢？我們會在下面到處戳洞。所以，我們充滿希望，但我們還沒有任何可報告的內容，格雷格。

Okay. Just on the Westinghouse guidance for CAGR of 6% to 10% a year. Does that only include in terms of the AP1000 sales, the ones that have been under contract or under contract currently? Or do you make a forecast of potential AP1000 sales that build into that number as well?

好的。根據西屋電氣的指導，每年複合年增長率為 6% 至 10%。這是否只包括 AP1000 的銷售量，即已經簽訂合約或目前正在簽訂合約的銷售量？或者您也對 AP1000 的潛在銷售進行預測？

Yes, Greg, here's the good news. It's just the ones that you know about, the ones that Westinghouse has announced. So more upside to come as they, we believe, might have a huge opportunity in other markets that, are evaluating that stable, proven AP1000 technology. But this is just capturing, the beginnings of the contracts required, to advance AP1000s in the markets that have already announced it.

是的，格雷格，這是個好消息。這只是您所知道的、西屋電氣已經宣布的那些。因此，我們相信，他們可能在其他正在評估穩定、經過驗證的 AP1000 技術的市場中擁有巨大的機會，因此將有更多的上升空間。但這只是捕獲、所需合約的開始，以在已經宣布的市場中推進 AP1000。

And Grant, quickly on Springfields, any decision on restarting that conversion plant yet or any support from the U.K. government to do that?

格蘭特，很快就談到斯普林菲爾德，有任何關於重啟該轉換工廠的決定嗎？或者英國政府對此有任何支持嗎？

Well, lots of interest remains in the conversion plant at Springfields for the natural conversion line. But Springfields is also a critical infrastructure, for a lot of other ambitions as well. We're continuing to work through that process. Obviously, very attractive conversion prices right now in the market that, put some wind in the sails for a restart. But it's got to be done responsibly.

嗯，人們對斯普林菲爾德天然轉化線的轉化工廠仍然很感興趣。但斯普林菲爾德也是一個重要的基礎設施，對於許多其他目標也是如此。我們正在繼續完成這個過程。顯然，目前市場上非常有吸引力的轉換價格為重啟帶來了一些動力。但這必須負責任地完成。

It's no different than the uranium market. You don't start a conversion plant, and then start knocking on people's doors and asking if they want to buy a conversion service, because you're just going to push the conversion price down. You have to do this responsibly and in a disciplined way. And we're just working through that process now.

這與鈾市場沒有什麼不同。你不會啟動一個轉換工廠，然後開始敲人們的門並詢問他們是否想要購買轉換服務，因為你只會壓低轉換價格。您必須以負責任且有紀律的方式做到這一點。我們現在正在完成這個過程。

The next question comes from Lawson Winder of Bank of America Securities.

下一個問題來自美國銀行證券公司的勞森溫德。

I just wanted to ask about Westinghouse. And it's fantastic to have the detailed disclosure in the notes. The G&A effectively, the marketing, administration and general expense is a little bit of a larger number than I thought. Would you be able to provide any detail on what goes into that, or what are some of the large numbers maybe in that or how that breaks down? And then any guidance for that going forward as well? Thank you.

我只是想問西屋電氣。筆記中的詳細披露真是太棒了。實際上，一般管理費用、行銷、管理和一般費用比我想像的要多一些。您能否提供有關其中內容的任何詳細信息，或者其中可能有哪些大數字，或者如何分解？那麼未來還有什麼指導嗎？謝謝。

Okay. Grant will answer that.

好的。格蘭特將會回答這個問題。

Yes. There are elements of the Westinghouse business that are pretty high touch. When we think about the core of the business, which we define as nuclear fuel and operating plant systems, as well as the new build, there are a lot of offices, a lot of engagement and a pretty high touch that goes on advancing those kind of contracts.

是的。西屋電氣的業務中有一些非常具有高觸感的元素。當我們考慮業務的核心時，我們將其定義為核燃料和運營工廠系統，以及新的建設，有很多辦公室，大量的參與和相當高的接觸，不斷推進這些類型合約。

And so, right now when they're at the stage of developing new markets like they are for VVER fuel or developing new markets like expanding into BWR fuel or examining LEU+ fuel. And even the question that Greg asked earlier about Springfields, you know, this is all captured in increased activity running through that line. And of course, the support required to advance new builds, whether that's AP1000s, AP300s or eVinci.

因此，目前他們正處於開發新市場（例如 VVER 燃料）或開發新市場（例如擴展到 BWR 燃料或研究 LEU+ 燃料）的階段。甚至格雷格之前提出的有關斯普林菲爾德的問題，你知道，這一切都體現在該線路上不斷增加的活動中。當然，還有推進新版本所需的支持，無論是 AP1000、AP300 還是 eVinci。

So, a bit of a higher touch business than what Cameco is accustomed to, but totally appropriate given the position that Westinghouse is in and their ability to capture the tailwinds in the nuclear industry as well.

因此，這比 Cameco 所習慣的業務更具觸感，但考慮到西屋電氣所處的地位以及他們在核工業中抓住順風車的能力，這是完全合適的。

And then just going forward, is that 2023 level that, well, at least for the proportion of '23 that you guys have reported, is that a fair level going forward for '24, '25?

然後，展望未來，2023 年的水平是不是，至少對於你們報告的 23 年的比例而言，對於 24 年、25 年來說，這是一個公平的水平嗎？

Yes, it's Heidi here. I would say that they're a pretty stable business. And maybe I would just add to what Grant said in terms of the other pieces that that's really recognizing the fixed costs. Like that is all the costs that, aren't directly related to operations. So, it's maybe broader than just kind of G&A.

是的，這裡是海蒂。我想說他們是一個相當穩定的企業。也許我只想補充格蘭特在其他方面所說的話，那就是真正認識到固定成本。這就是與營運不直接相關的所有成本。所以，它可能比一般管理費用更廣泛。

Now for my follow-up question, I had actually wanted to ask about the conversion market as well. And Grant, you had expressed some review in the investor call in December during the Investor Day that perhaps prices were sort of getting near a top. But I mean, prices have continued to rise since then. I mean, have you changed your view at all? Do you think prices can continue to rise higher, or are in fact we getting to a level where prices are sort of as high as they might go?

現在，對於我的後續問題，我實際上也想問一下轉換市場。格蘭特，您在 12 月投資者日的投資者電話會議上表達了一些評論，認為價格可能已接近頂部。但我的意思是，從那時起價格就持續上漲。我的意思是，你的觀點完全改變了嗎？您認為價格會繼續上漲，還是實際上我們已經達到了價格可能達到的最高水準？

Yes, well, my comment earlier, Lawson, about Cameco's not calling peak demand, or peak pricing, I was referring to uranium, but perhaps in conversion as well. I mean, this market has not really reckoned yet with a couple of big risks. And one of them is obviously the risk that not only does the legislative efforts to restrict Russian supplies in Western markets, become codified into law, but the risk that there's a Russian retaliation.

是的，勞森，我之前的評論，關於 Cameco 沒有稱為峰值需求或峰值定價，我指的是鈾，但也許也在轉換中。我的意思是，這個市場還沒有真正考慮到一些重大風險。其中之一顯然是風險，不僅限制俄羅斯在西方市場供應的立法努力被編入法律，而且還存在俄羅斯報復的風險。

That would be a very constructive environment for conversion, because remember that Russian enrichment service shows up attached to something. It shows up in a cylinder that already has the uranium, already has the conversion. So that will continue to add pressure, to the conversion side of the business.

這將是一個非常有建設性的轉換環境，因為請記住，俄羅斯濃縮服務似乎依附於某些東西。它出現在一個已經有鈾的圓柱體中，已經進行了轉換。因此，這將繼續為業務的轉換方面增加壓力。

And then, of course, this market, I don't think really appreciates at how difficult restarting production can be, whether it's a uranium asset, whether it's a conversion asset. I think a lot of folks are just assuming these things are easy and they build in a perfection scenario.

當然，我認為這個市場並沒有真正意識到重新開始生產有多麼困難，無論是鈾資產還是轉換資產。我認為很多人只是假設這些事情很容易並且它們構建在完美的場景中。

So between those 2 really big risks that, there's a ban on Russian material that the Russians actually react to by saying, okay, well, you can't have it today, as well as the reality that's going to set in, and all these big promises about new supply, whether it's on the uranium side or the conversion side, are just going to take longer. That's further price formation in the industry that needs to come.

因此，在這兩個非常大的風險之間，有一個對俄羅斯材料的禁令，俄羅斯人實際上的反應是，好吧，好吧，你今天不能擁有它，以及即將到來的現實，以及所有這些關於新供應的重大承諾，無論是鈾方面還是轉化方面，都將需要更長的時間。這是該行業需要進一步形成的價格。

It's why we don't want to call a top. It's why we don't want to rush and secure all the contracts for conversion that would sell out Port Hope or encourage Westinghouse to do that for Springfield. There's more to come to this market. We've seen this story before. Now's the time to remain patient and let that price discovery unfold.

這就是為什麼我們不想打電話給高層。這就是為什麼我們不想急於獲得所有將出售霍普港或鼓勵西屋電氣出售斯普林菲爾德的轉換合約。這個市場還有更多的東西。我們以前看過這個故事。現在是保持耐心並讓價格發現展開的時候了。

(Operator Instructions) The next question comes from Alexander Pearce of BMO.

（操作員說明）下一個問題來自 BMO 的 Alexander Pearce。

So I just wondered if you could build on some of the market commentary you've made and in particular just the changes that you've seen so far this year and particularly what's changed in terms of your discussions with utilities since you updated them because that's been from last week.

因此，我只是想知道您是否可以根據您所做的一些市場評論，特別是您今年迄今為止所看到的變化，特別是自從您更新它們以來，您與公用事業公司的討論發生了哪些變化，因為這是從上週開始。

Grant?

授予？

Yes, we've seen a market that has behaved exactly like we told you it was going to, Alex. When the market begins to enter a security of supply cycle, actually the importance of the spot market goes down and the importance of the term market goes up. And look at the data. The spot market was smaller in 2023 than it was in 2022. So utilities focus less on the spot market. They focus more on the term market.

是的，我們看到了一個市場的表現與我們告訴你的一模一樣，亞歷克斯。當市場開始進入供應安全週期時，實際上現貨市場的重要性下降，而期限市場的重要性上升。看看數據。 2023 年的現貨市場比 2022 年還要小。因此公用事業公司對現貨市場的關注較少。他們更關注術語市場。

Goes back to my earlier point about why we don't try to sell stuff into the spot market. It's thinly traded. It's non-fundamental discretionary demand. So as utilities are shifting over, we're seeing a market that hit about 160 million pounds of term contracting.

回到我之前關於為什麼我們不嘗試在現貨市場出售東西的觀點。成交清淡。這是非基本的可自由支配的需求。因此，隨著公用事業公司的轉型，我們看到市場的定期合約達到了約 1.6 億英鎊。

It might be easy to conclude we're at replacement rate, Alex, but I would just say we're not quite there yet because there were 2 very, very big contracts that went through the market. One that Cameco had with Ukraine and one that Kazatomprom had with the Chinese.

亞歷克斯，可能很容易得出我們處於替代率的結論，但我只想說我們還沒有完全達到這個水平，因為市場上有兩份非常非常大的合約。一份是 Cameco 與烏克蘭簽訂的，另一份是 Kazatomprom 與中國簽訂的。

If you back those out and ask on a distributed basis across all markets, are we at replacement rate? The answer is no. And so the good news is we're in the early innings of a security of supply contracting cycle. We haven't yet hit a distributed replacement rate and we've never been at this stage of the cycle at these prices before, which is why we want to continue to have that exposure going forward.

如果你放棄這些並在所有市場上分散式詢問，我們是否處於替代率？答案是不行。因此，好消息是我們正處於供應合約安全週期的早期階段。我們還沒有達到分散式替代率，而且我們之前從未以這些價格進入周期的這個階段，這就是為什麼我們希望繼續保持這種敞口。

But some of the common characteristics, tenors continue to go up. Utilities coming to the market for security of supply are looking for requirements covered on a longer term basis. Tenors are going out. Volumes are going up, not just because more years are being added, but because utilities are taking a bigger bite out of each of their requirements contracts.

但一些共同特點是，期限持續上升。為了確保供應安全而進入市場的公用事業公司正在尋求長期滿足的要求。男高音要出去了。數量正在增加，不僅是因為增加了更多的年份，還因為公用事業公司正在從他們的每份需求合約中獲得更大的份額。

And then, of course, time frames are going out. There are utilities who, Alex, are really well covered for the rest of this decade. They're now worried about the next decade and they're starting to look to contract into that window as well. So all of that very constructive for a view that the long term demand is building, not peaking, but building. And that what we want to remain is very disciplined to capture as much of that price discovery as we can.

然後，當然，時間框架就會過去。亞歷克斯，有些公用事業公司在本十年餘下的時間裡確實得到了很好的保障。他們現在擔心下一個十年，也開始考慮收縮到這個窗口。因此，所有這些都非常有建設性，認為長期需求正在增加，不是達到頂峰，而是正在增加。我們希望保持非常嚴格的紀律，以盡可能多地捕捉價格發現。

And then, Tim, you mentioned in your comments the ability to bring forward some of those purchase agreements, if required. Are you able to quantify if indeed that did happen for this year for guidance and how much you've brought forward from future years into this year in these purchases?

然後，蒂姆，您在評論中提到瞭如果需要的話可以提出其中一些購買協議。您是否能夠量化今年是否確實發生了這種情況以提供指導，以及您在這些採購中從未來幾年提前到今年的金額是多少？

It's Grant again. Our plan in the outlook table was the plan all along on that 4.7 million. So we have that as an option to exercise more of those long term purchase requirements if we want. It's why the disclosure on market purchase is up to 2 million pounds. That would be one of the levers why it's not a hard 2 million pounds because we may not buy it in the spot market. We don't have to, but if it makes sense for us, we will.

又是格蘭特。我們在展望表中的計畫就是這 470 萬人的計畫。因此，如果我們願意，我們可以選擇執行更多長期購買要求。這就是為什麼市場採購揭露金額高達200萬英鎊的原因。這將是為什麼 200 萬英鎊不那麼困難的槓桿之一，因為我們可能不會在現貨市場上購買它。我們不必這樣做，但如果這對我們有意義，我們就會這樣做。

The next question comes from Brian MacArthur of Raymond James.

下一個問題來自雷蒙德詹姆斯的布萊恩麥克阿瑟。

It goes back to the last question. So in this table, and I appreciate now you've given the breakout, 2 things. Do you assume that you get your Inkai purchases every year? Because again, you also stated right now we're not sure what we're going to get. Again, those are, as you said, profitable pounds once you do the equity component.

這又回到了最後一個問題。所以在這張表中，我現在很感激你已經給了突破，有兩件事。你認為你每年都會收到 Inkai 購買的商品嗎？因為你又說過我們現在不確定我們會得到什麼。同樣，正如您所說，一旦您進行了股權部分，這些就是有利可圖的英鎊。

If not, how do you balance for that? Because again, the question is you could be getting 4 million to 5 million profitable pounds from Inkai. And my third question on that is I can't remember, are you getting 50% or 40% of the joint venture now under that agreement?

如果沒有，你如何平衡？因為，問題是你可以從 Inkai 獲得 400 萬到 500 萬英鎊的利潤。我的第三個問題是我不記得了，根據該協議，你們現在獲得了合資企業 50% 還是 40% 的股份？

Brian, let's just start with yes, the table assumes that the volumes expected from Inkai in 2024 arrive. But of course, as we saw in 2023, there can be sometimes timing differences. We got about 2/3 of Inkai's 2023 volumes in 2023, the remainder early 2024. This is something we can deal with as Cameco because we have other sources of supply.

Brian，我們先說是的，該表假設 Inkai 預計在 2024 年達到預期產量。但當然，正如我們在 2023 年看到的那樣，有時可能會出現時間差異。我們在 2023 年獲得了 Inkai 2023 年產量的約 2/3，其餘的則在 2024 年初獲得。這是我們可以作為 Cameco 處理的事情，因為我們有其他供應來源。

We have other mines. We have our inventory. We have all of the levers we've already been talking about. This is actually a much, much bigger problem for the front end of the nuclear fuel cycle because it's close to 50% of the global production of uranium that isn't arriving when it needs to arrive at Western markets.

我們還有其他地雷。我們有庫存。我們擁有我們已經討論過的所有槓桿。對於核燃料循環的前端來說，這實際上是一個大得多的問題，因為全球近 50% 的鈾產量沒有在需要到達西方市場時到達。

So for Cameco, it's something we can plan for, something we can deal with. We eventually get those pounds and we can deal with the time issue associated with them. The overarching assumption is yes, we're going to receive them. If we don't, we'll manage.

所以對 Cameco 來說，這是我們可以計劃、我們可以處理的事情。我們最終會得到這些英鎊，並且我們可以處理與它們相關的時間問題。總體假設是肯定的，我們會收到它們。如果我們不這樣做，我們會處理的。

Grant, I'd just add to that that the sharing is 60-40 once you reach the nameplate capacity of 4,000 tons per year, which is just over 10 million pounds. We've never hit that peak yet. Over the last number of years, we've basically received as a share of production what we would get at 40% of 10 million, so around 3.2 million pound.

格蘭特，我想補充一點，一旦達到每年 4,000 噸的銘牌產能（剛超過 1000 萬磅），則份額為 60-40。我們還沒有達到那個頂峰。在過去的幾年裡，我們基本上獲得了 1000 萬英鎊的 40% 的產量份額，即約 320 萬英鎊。

Just so I can be really clear, you also, as you mentioned, got last year's shipments from Inkai. You presumably have those pounds in inventory and the other ones in the Canadian port. So would you not feel pretty comfortable that you're going to have a lot of Inkai pounds to sell this year because they've already arrived and that's embedded in those numbers?

我可以說得很清楚，正如您所提到的，您也收到了 Inkai 去年的發貨。您可能有這些英鎊的庫存，其他的則在加拿大港口。那麼，您是否會因為今年將有大量 Inkai 英鎊出售而感到非常放心，因為它們已經到達並且已包含在這些數字中？

Yes. Sorry. I hope my comments weren't viewed as being unconfident. We're very confident that that supply is going to show up. And if there are timing challenges, we deal with it within our inventory, within our other sources of supply. So extreme confidence.

是的。對不起。我希望我的評論不會被視為不自信。我們非常有信心供應將會出現。如果存在時間方面的挑戰，我們會在我們的庫存和其他供應來源中進行處理。如此極度的自信。

It's just these pounds are very profitable. So the fact is the finances depending on when they come in.

只是這些英鎊非常有利可圖。所以事實是財務狀況取決於他們進來的時間。

Indeed.

的確。

And one quick last question. CRA, I don't want to go back to this at all because I sort of figured it's hopefully dealt with. But I do see you have to put some more money aside again. So we've done 2017. Does that mean they can do '18 and '19? You might have to put money aside this year? Or a letter of credit aside?

最後一個問題。 CRA，我根本不想再討論這個問題，因為我覺得這個問題有望得到解決。但我確實看到你必須再次存一些錢。那麼我們已經完成了 2017 年。這是否意味著他們可以完成“18”和“19”？今年你可能要存錢了？還是除了信用證？

I was going to say thanks for the question, Brian. But I'm sure -- No, Brian, I'll pass it over to Sean. Sean?

我想說謝謝你提出這個問題，布萊恩。但我確信——不，布萊恩，我會把它交給肖恩。肖恩？

Sure. We did have the reassessments in 2017 and we put I think $70 million aside, which we expect we'll have to post in the form of a letter of credit. The problem does diminish. The problem with the CRA continues, but the size of the problem diminishes over 2018, 2019, 2020 as the pounds that were sold through our offshore trading structure diminished. So I don't have the exact size of the diminishment in front of me, but it does get smaller as we look forward.

當然。我們確實在 2017 年進行了重新評估，我們預留了 7000 萬美元，我們預計必須以信用證的形式發放。問題確實減少了。 CRA 的問題仍然存在，但隨著透過我們的離岸交易結構出售的英鎊減少，問題的規模在 2018 年、2019 年和 2020 年有所縮小。因此，我面前沒有確切的減少幅度，但隨著我們的展望，它確實會變小。

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, operator, and thank you to everyone who joined today. As Rachelle noted, if you have detailed follow-up questions related to the 2023 results or any questions that we didn't get to today, please send those in to us and we're happy to address them directly.

好的，謝謝你，接線員，也謝謝今天加入的所有人。正如 Rachelle 所指出的那樣，如果您有與 2023 年結果相關的詳細後續問題或我們今天沒有解決的任何問題，請將這些問題發送給我們，我們很樂意直接解決這些問題。

We continue to believe that Cameco remains the best way to invest in the recovery of the nuclear fuel cycle and positive momentum behind nuclear energy.

我們仍然相信，Cameco 仍然是投資恢復核燃料循環和核能背後積極勢頭的最佳方式。

With 35 years of experience in this market, we've built a strong reputation as a proven and reliable supplier with a diversified production portfolio, a portfolio that provides us with the flexibility to work with our customers to ensure they maintain access to our reliable supplies to satisfy their ongoing fuel requirements.

憑藉在該市場35 年的經驗，我們作為經過驗證的可靠供應商建立了良好的聲譽，擁有多元化的生產產品組合，該產品組合使我們能夠靈活地與客戶合作，確保他們能夠獲得我們可靠的供應以滿足他們持續的燃料需求。

The world has put a priority on achieving net-zero carbon emissions in the decades to come, and it's become clear that there's no net-zero without nuclear. And I would go a step further and say, in fact, there's no nuclear without Cameco and Westinghouse. So it's also becoming clear that there's no net-zero without Cameco.

世界已將在未來幾十年內實現淨零碳排放作為首要任務，而且很明顯，沒有核電就不可能實現淨零碳排放。我想更進一步說，事實上，沒有卡梅科和西屋電氣就沒有核能。因此，越來越清楚的是，如果沒有 Cameco，就不會有淨零排放。

We believe we have the right strategy to achieve our vision of energizing the clean air world and we'll do so in a manner that reflects our values.

我們相信，我們擁有正確的策略來實現為清潔空氣世界注入活力的願景，並且我們將以反映我們價值觀的方式實現這一目標。

So thanks, everyone, again, for joining us today. Stay safe and stay healthy in 2024. Thank you.

再次感謝大家今天加入我們。 2024 年請保持安全並保持健康。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。感謝您的參與並祝您有個愉快的一天。