Cameco Corp (CCJ) 2024 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Cameco Corporation First Quarter 2024 Results Conference Call. (Operator Instructions) The conference is being recorded.

謝謝你的支持。這是會議操作員。歡迎參加 Cameco Corporation 2024 年第一季業績電話會議。 （操作員指示）會議正在錄音。

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 First 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. With us today are Tim Gitzel, President and CEO, joining the call today from Washington D.C.; 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 Dominic Kieran, Global Managing Director of Cameco UK Ltd.

謝謝你，接線生。大家早安。歡迎參加 Cameco 第一季電話會議。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。今天與我們在一起的還有總裁兼執行長 Tim Gitzel，他今天從華盛頓特區參加了電話會議； 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；多明尼克‧基蘭 (Dominic Kieran)，Cameco 英國有限公司全球董事總經理

I'm going to hand it over to Tim in just a moment to briefly discuss the momentum that continues to build behind nuclear energy, and how the continued execution of our strategy and transition back to our Tier 1 cost structure has positioned us to benefit from the tailwinds. After, we will open it up for your questions. Today's call will be approximately 1 hour, concluding at 9:00 a.m. Eastern Time. As always, our goal is to be open and transparent with our communications. However, we do want to respect everyone's time and conclude the call on time. Therefore, should we not have time to get to your questions during this call or if you have detailed questions about our quarterly financial results, we will be happy to follow up with you after the call. There are a few ways you can 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.

稍後我將把它交給蒂姆，簡要討論核能背後繼續發展的勢頭，以及我們戰略的持續執行和向一級成本結構的過渡如何使我們能夠從核能中受益。之後，我們將打開它來回答您的問題。今天的電話會議持續約 1 小時，並於東部時間上午 9:00 結束。一如既往，我們的目標是在溝通中保持開放和透明。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，如果我們在本次電話會議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，我們將很樂意在電話會議後與您聯繫。如果您有其他問題，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標籤提交問題，也可以使用網路廣播螢幕底部的「提問」表單，我們將很樂意在此次通話後進行跟進。

If you've joined the conference call through our website event page, there are slides available, which will be displayed during the call. In addition, for your reference, our quarterly investor handout is available for download in a PDF file on our website at cameco.com. Today's conference call is open to all members of the investment community, including the media.

如果您透過我們的網站活動頁面加入電話會議，則可以使用投影片，這些投影片將在通話期間顯示。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 上下載 PDF 檔案。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 that actual results could differ materially. You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today, except as required by law. Please refer to our most recent annual information form and MD&A for more information about the factors that could cause these different results and the assumptions we have made.

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前瞻性訊息，這些資訊基於多種假設，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。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。

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 taking the time to join today's call. As Rachelle mentioned, I'm joining the call remotely from Washington, D.C., where this afternoon, I'll be attending the Energy Transition Metals Summit hosted by the Northern Miner. In the days to come, we will also be meeting with some of the key policymakers here at D.C. to discuss current and future industry fundamentals. And importantly, we'll talk about how we're going to translate to significant government and public support for the expansion of nuclear power generation into meaningful actions that generate tangible results to the benefit of the entire planet.

好吧，謝謝你，雷切爾，大家早安。我們感謝您抽出時間參加今天的電話會議。正如雷切爾所提到的，我將從華盛頓特區遠端參加電話會議，今天下午我將參加由北方礦業公司主辦的能源過渡金屬高峰會。在未來的日子裡，我們還將在華盛頓與一些主要政策制定者會面，討論當前和未來的行業基本面。重要的是，我們將討論如何將政府和公眾對擴大核能發電的大力支持轉化為有意義的行動，從而產生實際的成果，造福整個地球。

As Cameco and as an industry, we are ready to respond to the global need for carbon-free, reliable and secure nuclear energy for decades to come. We've said it several times over the years and it's worth repeating. Our invitation to symposiums and high-level discussions now taking place around the world is a testament to Cameco's deep understanding of how the nuclear fuel market works and acknowledgment of the strong relationships we've established over several decades of experience.

作為 Cameco 和整個行業，我們已準備好應對未來幾十年全球對無碳、可靠和安全核能的需求。這些年來我們已經說過好幾次了，值得重複一次。我們邀請參加目前在世界各地舉行的研討會和高層討論，證明了 Cameco 對核燃料市場運作方式的深刻理解，以及對我們在數十年經驗中建立的牢固關係的認可。

Let me tie together a few key themes today before we get to your questions. First, nuclear is being recognized by governments, power suppliers and industrial power consumers as a carbon-free energy source that is key to Net Zero and energy security. On that basis, Cameco, along with our investments in Westinghouse and Global Laser Enrichment is key to the nuclear industry and therefore key to the path to Net Zero. And within that broad positive demand context and in the face of uncertain supply, our strategy and experience provides us with unmatched leverage to add significant long-term value while ensuring strong downside protection. And our results so far in 2024 remain on track for delivering that value and establishing that protection.

今天在回答你們的問題之前，先來整理幾個關鍵主題。首先，核能被政府、電力供應商和工業電力消費者視為一種無碳能源，是淨零排放和能源安全的關鍵。在此基礎上，Cameco 以及我們對西屋電氣和 Global Laser Enrichment 的投資是核能產業的關鍵，因此也是實現淨零排放之路的關鍵。在廣泛的積極需求背景下，面對不確定的供應，我們的策略和經驗為我們提供了無與倫比的槓桿作用，可以增加顯著的長期價值，同時確保強有力的下行保護。到目前為止，我們在 2024 年所取得的成果仍有望實現這項價值並建立這種保護。

So thinking back to this time last year, we were highlighting 18 months of growing momentum and interest in the nuclear space and in Cameco. And I can absolutely say that now, 12 months later, the interest and positive outlook have only improved. I would even qualify that further and say it has improved significantly. First, it's improved based on the impact of the global emphasis on clean energy. We believe nuclear power is essential for the ongoing clean energy transition. If the world is going to meet its Net Zero targets, we need carbon-free, baseload and dispatchable power that can be located where it's needed and is always available and consistently reliable.

因此，回想去年的這個時候，我們強調了 18 個月來人們對核領域和 Cameco 不斷增長的勢頭和興趣。我絕對可以說，12 個月後的現在，人們的興趣和積極的前景只增不減。我甚至會進一步限定這一點，並說它已經有了顯著改善。首先，它是根據全球重視清潔能源的影響而改進的。我們相信核電對於持續的清潔能源轉型至關重要。如果世界要實現淨零目標，我們需要無碳、基本負載和可調度的電力，這些電力可以位於需要的地方，並且始終可用且始終可靠。

I don't need to tell you that nuclear is one of, if not the only energy source that meets all of those requirements. And we don't just need a bit of it, we need a lot of it. From a sustainability and scientific perspective, both the international community and large power consuming industries are calling for a tripling of nuclear energy from where it is today. And if we are to follow that path, it means a very significant increase in the number of new builds on the horizon, translating into significant value across the fuel cycle and reactor life cycle.

我不需要告訴你，核能是滿足所有這些要求的能源之一，甚至是唯一的能源。我們不僅需要一點，我們還需要很多。從永續發展和科學的角度來看，國際社會和大型電力消耗產業都呼籲將核能發展到目前的三倍。如果我們要走這條路，這意味著即將到來的新建築數量將大幅增加，轉化為整個燃料循環和反應器生命週期的巨大價值。

Next, the outlook has improved based on today's focus on secure energy. Nations must ensure that their critical energy infrastructure and fuel supplies are not excessively reliant on risky jurisdictions, unreliable partners and unstable actors. And again, nuclear checks those boxes. Fuel supplies and services for nuclear energy are sourced from multiple safe jurisdictions and suppliers in the Western world, and the nature of the fuel itself allows for long-term inventories and storage. So not only can you keep years of reloads behind a reactor, but that reactor can provide carbon-free and reliable energy for months without refueling, giving governments and utilities a runway to adapt should circumstances change.

接下來，基於今天對安全能源的關注，前景有所改善。各國必須確保其關鍵的能源基礎設施和燃料供應不會過度依賴有風險的司法管轄區、不可靠的合作夥伴和不穩定的參與者。核再次檢查了這些方框。核能燃料供應和服務來自西方世界的多個安全管轄區和供應商，燃料本身的性質允許長期庫存和儲存。因此，您不僅可以在反應器後面進行數年的重新裝載，而且該反應器可以在數月內提供無碳且可靠的能源而無需補充燃料，從而為政府和公用事業公司提供了適應情況變化的跑道。

And finally, keeping both clean energy and energy security in mind, the outlook is more positive in the context of the current debate around AI, data centers and the considerable energy needs that are coming with the rapid evolution of technology.

最後，考慮到清潔能源和能源安全，在當前圍繞人工智慧、資料中心以及技術快速發展帶來的巨大能源需求的爭論背景下，前景更加樂觀。

I recently read that using generative AI to provide search results in the same way we use Google requires a tenfold increase in power requirements, 10 times. And gone are the days of rolling out new technology without worrying about future potential runway environmental impacts. Companies driving the technology forward are doing so while keeping carbon footprint and 24/7 reliability top of mind. And again, nuclear is the clear winner. You don't even have to take my word for it. We're seeing both industrial power users and tech sector experts voicing support for nuclear energy. With some now taking action and signing agreements to ensure their facilities can access Zero Carbon and reliable nuclear energy now and into the future. Clean and secure electrons are on the critical path for the generative AI development, putting nuclear and chemical on the critical path to the digital revolution and strategic reindustrialization.

我最近讀到，使用生成式 AI 來提供搜尋結果就像我們使用 Google 一樣，所需的電力需求增加十倍，即 10 倍。推出新技術而不擔心未來潛在的跑道環境影響的日子已經一去不復返了。推動技術進步的公司正在這樣做，同時將碳足跡和 24/7 可靠性放在首位。核能再次成為明顯的贏家。你甚至不必相信我的話。我們看到工業電力用戶和科技行業專家都表達了對核能的支持。一些公司現在採取行動並簽署協議，以確保其設施現在和未來都能獲得零碳和可靠的核能。清潔、安全的電子是產生式人工智慧發展的關鍵路徑，使核能和化學工業成為數位革命和戰略再工業化的關鍵路徑。

So grouping all that together, it is clear that we need to deploy Zero Carbon global and secure energy production to move the world forward and the world is now acknowledging the benefits of nuclear.

因此，將所有這些放在一起，很明顯，我們需要在全球範圍內部署零碳並確保能源生產，以推動世界前進，而世界現在正在認識到核能的好處。

I attended the inaugural Nuclear Energy Summit a couple of months ago, which took place in Brussels with presidents and prime ministers from 32 countries. The goal was to join forces to back supportive measures in areas, including financing, regulatory cooperation, technological innovation and workforce training, enabling the expansion of nuclear power to help boost energy security, address climate change and meet our collective Net Zero targets. Because, as I said, without nuclear, there is no Net Zero. Without nuclear, there is no global and secure energy. And without nuclear, the next generation of energy-intensive technologies could result in increasingly detrimental environmental impact. Nuclear is key to addressing those challenges, and that's where Cameco comes in, playing a key role in current and future power generation.

幾個月前，我參加了在布魯塞爾舉行的首屆核能高峰會，來自 32 個國家的總統和總理出席了會議。目標是齊心協力支持融資、監管合作、技術創新和勞動力培訓等領域的支持性措施，推動核電擴張，以幫助提高能源安全、應對氣候變遷並實現我們的集體淨零目標。因為，正如我所說，沒有核，就沒有淨零。沒有核，就沒有全球性的安全能源。如果沒有核能，下一代能源密集技術可能會對環境造成越來越有害的影響。核能是應對這些挑戰的關鍵，而這正是 Cameco 發揮作用的地方，它在當前和未來的發電中發揮關鍵作用。

We believe that at Cameco, we have the right strategy, the right people and the right assets to deliver long-term value along with our investments in Westinghouse and Global Laser Enrichment, we expect to benefit significantly from the tailwinds. From the front end of the fuel cycle and through the reactor life cycle, from fuel supply to plant services to new build and advanced reactors, we've never been in a better position with licensed and permitted brownfield assets in safe sovereign jurisdictions and the capacity to grow to meet our commitments. So the future looks bright.

我們相信，在 Cameco，我們擁有正確的策略、正確的人員和正確的資產來提供長期價值，再加上我們對西屋電氣和 Global Laser Enrichment 的投資，我們預計將從順風中大幅受益。從燃料循環的前端到反應爐的生命週期，從燃料供應到工廠服務，再到新建和先進的反應堆，我們在安全的主權司法管轄區擁有獲得許可和許可的棕地資產以及產能，處於前所未有的有利地位。所以未來看起來是光明的。

Turning briefly to the quarter. Our first quarter performance was as expected, highlighting the benefits of aligning our operational, marketing and financially focused strategy in a market where we are seeing that persistent, positive momentum for nuclear energy like never before. The run rate at our operations is on pace to meet our annual production guidance. Operationally, our production results in the first quarter were strong and on track with our 2024 plans with production rates and total production costs in our uranium segment continuing to reflect the transition back to our Tier 1 cost structure.

簡單地轉向本季。我們第一季的業績符合預期，突顯了在我們看到核能前所未有的持續、積極勢頭的市場中調整我們的營運、行銷和財務重點策略的好處。我們營運的運作率正在滿足我們的年度生產指引。在營運方面，我們第一季的生產業績強勁，符合我們的 2024 年計劃，鈾業務的生產力和總生產成本繼續反映出我們向一級成本結構的過渡。

In fact, we didn't change our 2024 operational or financial guidance metrics in any of our business segments after the first quarter. However, we can't overlook the geopolitical events that have been amplifying global supply chain and transportation risks. Those risks have continued to have a significant impact on nuclear fuel procurement strategies and the fuel cycle, especially in terms of transportation, which is not getting any easier. It's an elevated risk that we have a team focused on each and every day. And as it evolves, our stakeholders can be confident that, as always, Cameco will be transparent with our related disclosure.

事實上，第一季之後，我們並沒有改變任何業務部門的 2024 年營運或財務指導指標。然而，我們不能忽視正在放大全球供應鏈和運輸風險的地緣政治事件。這些風險持續對核燃料採購策略和燃料循環產生重大影響，特別是在運輸方面，這並沒有變得更加容易。我們有一個團隊專注於每一天，這是一個很高的風險。隨著它的發展，我們的利益相關者可以相信，Cameco 將一如既往地對我們的相關揭露保持透明。

In the market, we continue to be selective in committing our unencumbered Tier 1 in-ground uranium inventory and UF6 conversion capacity. We don't focus on the small irrelevant spot market. But on high-quality term demand where the majority of uranium fuel and services are secured. In Q1, we successfully layered in additional long-term contracts, increasing our annual commitments to an average of about 28 million pounds per year from 2024 through 2028. Every contract we have reflects the sentiment and dynamics in the market at the time it is negotiated. So in today's market, that allows us to take those price peaks and carry them into the future, creating value for years to come while maintaining significant downside protection for when the cycle turns.

在市場上，我們繼續選擇性地投入我們未受限制的一級地下鈾庫存和六氟化鈾轉換能力。我們不關注無關緊要的小現貨市場。但在高品質的期限需求下，大部分鈾燃料和服務都有保障。第一季度，我們成功簽訂了額外的長期合同，從 2024 年到 2028 年，我們的年度承諾增加到平均每年約 2800 萬英鎊。因此，在當今的市場中，這使我們能夠抓住這些價格高峰並將其帶入未來，在未來幾年創造價值，同時在週期轉變時保持顯著的下行保護。

From a risk-managed financial perspective, our strong balance sheet and the expectation of strong cash flow generation tied to our contracting strategy guides our conservative capital allocation priorities. In 2024, that includes focused debt reduction and prudent refinancing plans. As for our Westinghouse segment, results for the first quarter were as we expected and as guided in Q4. And we continue to expect our share of adjusted EBITDA from Westinghouse this year to be between $445 million and $510 million. It was and is a great investment where the prospects continue to improve and where we still anticipate EBITDA growth at a compound annual growth rate of 6% to 10% over the next 5 years.

從風險管理的財務角度來看，我們強勁的資產負債表以及與我們的承包策略相關的強勁現金流產生的預期指導著我們保守的資本配置優先事項。 2024 年，其中包括重點削減債務和審慎的再融資計劃。至於我們的西屋電氣部門，第一季的業績符合我們的預期和第四季的指導。我們仍預計今年西屋電氣調整後的 EBITDA 份額將在 4.45 億美元至 5.1 億美元之間。無論過去或現在，這都是一項偉大的投資，前景將繼續改善，我們仍預計未來 5 年內 EBITDA 的複合年增長率為 6% 至 10%。

So I'll stop there. Thank you for your interest today, and we are happy to take your questions.

所以我就到此為止。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 Neil Mehta of Goldman Sachs.

（操作員指示）我們的第一個問題來自高盛的 Neil Mehta。

Yes. And thanks for the time and the big picture thoughts. I had a couple of specific questions. One on Westinghouse. You reiterated the annual guide, but the adjusted EBITDA did look a little softer in the quarter. A lot of that was on March. And so -- can you just walk us through the seasonality of that business, what gives you conviction on the full year? And any color you can provide on that segment?

是的。感謝您的時間和大局想法。我有幾個具體問題。西屋電氣的一處。您重申了年度指引，但本季​​度調整後的 EBITDA 看起來確實有點疲軟。其中很多都是在三月發生的。那麼，您能否向我們介紹一下該業務的季節性，是什麼讓您對全年充滿信心？您可以在該部分提供任何顏色嗎？

Yes. Thanks, Neil, and thanks to you for your participation now in Cameco. We appreciate it. Listen, I'm going to turn this over to Heidi Shockey, I think just to talk about the EBITDA in the quarter and for the year, and it was a kind of a special quarter in that regard with kind of the purchase price allocation work that had to go on there. So I'd just say, in general, I can tell you we're delighted with the whole Westinghouse piece. It's even better than we thought when we bought it, the potential there in all elements of their business is really good. And so, yes, there's some accounting pieces that came up in the quarter. So Heidi, can I just push it over to you just to give us a little bit of an overview of Westinghouse on the quarter and the EBITDA and our guidance for the year there?

是的。謝謝 Neil，也感謝您現在參與 Cameco。我們很感激。聽著，我要把這個問題交給 Heidi Shockey，我想談談本季和全年的 EBITDA，就購買價格分配工作而言，這是一個特殊的季度那必須繼續下去。所以我只想說，總的來說，我可以告訴你我們對西屋電氣的整個作品感到滿意。它甚至比我們購買時想像的還要好，他們業務的各個方面的潛力都非常好。所以，是的，本季出現了一些會計數據。海蒂，我可以把它交給你，讓我們簡單介紹一下西屋電氣本季的情況、息稅折舊攤銷前利潤 (EBITDA) 以及我們今年的指導嗎？

Sure, Tim. Thanks. Yes, there was a few accounting pieces that impacted our results this quarter for Westinghouse, the first of which, it's really to do with the purchase accounting. So we had to fair value our assets and our inventory when we had the acquisition. And so generally, we're going to see higher amortization on the asset balances and the intangible assets. On the inventory side, all the inventory that they held on the date of acquisition, would have been fair valued. And so as they sell that off, you won't see any accounting margin on that. We still get the cash flow, of course, but the margin in terms of results is very low.

當然，提姆。謝謝。是的，有一些會計問題影響了西屋公司本季的業績，其中第一個，它確實與採購會計有關。因此，我們在收購時必須對我們的資產和庫存進行公允價值評估。一般來說，我們會看到資產餘額和無形資產的攤銷更高。在庫存方面，他們在收購之​​日持有的所有庫存都將被公允價值。因此，當他們賣掉它時，你不會看到任何會計利潤。當然，我們仍然可以獲得現金流，但就結果而言，利潤率非常低。

A lot of that inventory will be sold off here in Q1, Q2, so you'll see that diminish over time. And then, of course, we had some acquisition-related transition costs that also hit the quarter. And those were also kind of -- will come off over the course of the year. But in terms of their operations, there's also seasonality to their operations. So the outage season is in the year, typically near the end of the year, you'll see higher results just really tied to that outage season where they do a lot of work for the utilities.

大量庫存將在第一季、第二季出售，因此您會發現庫存會隨著時間的推移而減少。當然，我們還有一些與收購相關的過渡成本也影響了本季。這些也將在今年內消失。但就其營運而言，其營運也存在季節性。因此，停電季節是在一年中，通常是在年底附近，您會看到更高的結果，這與停電季節真正相關，他們為公用事業公司做了很多工作。

And Tim, the follow-up, big picture question, just on long-term price we've been tracking on your website, the term price kind of grinding here from $68 at the end of last year up to $77.50. And just your perspective on conversations you're having with nuclear buyers and do you still see upward pressure on term price in your conversations?

提姆，後續的大局問題，關於我們一直在你們網站上追蹤的長期價格，術語價格從去年年底的 68 美元上漲到 77.50 美元。您對與核子買家的對話有何看法？

Yes. Neil, I'm going to turn it over to Grant who looks after the marketing shop and sales. But I can tell you, we are seeing it bump along. Well, it's gotten more in bump along. If you go back a year or 2, we weren't anywhere near the kind of $75, $80, average $77.50 on the term price and -- we're just -- as Grant has said many, many times, I think, in the early innings of this game, you just see overall the -- I mean, these conferences where you're talking tripling nuclear power over the next 25 years. And you see some would say, well, that's never going to happen. Okay, well, it doubled and you say, well, then we need all the uranium that we've got now and doubling it again. And so the pressure is going to be there on the price. We haven't hit a price, I think, an incentive price for new production, we're not seeing a whole lot. We're seeing a little bit coming out. So yes, the pressure is going to be there for, I think, a long time to come. But Grant, let me turn it over to you, you're the better expert on the market.

是的。尼爾，我要把它交給格蘭特，他負責行銷部門和銷售。但我可以告訴你，我們正在看到它的進展。嗯，它變得更加顛簸。如果你回顧一兩年，我們的期限價格遠沒有接近 75 美元、80 美元、平均 77.50 美元，而且——我們只是——正如格蘭特多次說過的那樣，我想，在這場比賽的前幾局，你會看到總體上——我的意思是，這些會議上你正在談論未來25 年核電將增加兩倍。你看，有些人會說，好吧，這永遠不會發生。好吧，好吧，它翻倍了，你說，好吧，那麼我們需要現在擁有的所有鈾，然後再翻倍。因此，價格壓力將會存在。我認為，我們還沒有達到新產品的激勵價格，我們沒有看到很多。我們看到有一點出來了。所以，是的，我認為壓力將在未來很長一段時間內持續存在。但是格蘭特，讓我把它交給你，你是市場上更好的專家。

Thanks, Tim. Neil, great question, and thank you for focusing on kind of that term market because that really is what to watch in order to figure out where this market is going. The term price remains in a constructive build. And that is very simply because we are seeing this continual pivot to more security of supply contracting. The contracting where utilities become increasingly concerned about the availability of future supply, that concern is reflected in some important contracting characteristics. You've heard me talk about them before. Number 1 is tenors go out. So utilities come to the market, and they're looking for more material over a longer period of time. And then you start to see volumes going up, not just because more years are being added, but utilities are taking bigger bites out of each year. And then, of course, we're seeing time frames be extended, utilities looking for material well into the mid-2030s now.

謝謝，蒂姆。尼爾，很好的問題，感謝您關注這個術語市場，因為這確實是為了弄清楚這個市場的走向而需要觀察的內容。術語價格仍處於建設性建構中。這非常簡單，因為我們看到這種持續的轉向更安全的供應合約。在簽訂合約時，公用事業公司越來越關注未來供應的可用性，這種擔憂反映在一些重要的合約特徵中。你以前聽過我談論過它們。第一是男高音退場。因此，公用事業公司進入市場，他們正在尋找在更長時間內更多的材料。然後你開始看到數量在增加，不僅是因為增加了更多的年數，而且公用事業公司每年都在增加份額。當然，我們會看到時間框架被延長，公用事業公司正在尋找材料，直到 2030 年代中期。

That is all reflective of this underlying security of supply pivot that's occurring, it's occurring because of the multifurcation of the market that's going on. It's occurring because of some of the production challenges you're seeing with some uranium production. We continue to believe we're in the early innings of it because if you add up the amount of contracting that's in the market, it's not even at replacement rate yet. So we just find it to be very, very constructive because to have an average term price of $77.50 when we're not even at replacement rate yet, that's a pretty good place for us to be and a great place for an incumbent producer with Tier 1 assets and brownfield leverage, a great opportunity for us to take advantage of that value capture. So we're feeling very, very constructive of that underlying market fundamental.

這一切都反映了正在發生的供應樞軸的潛在安全性，它的發生是因為市場正在發生多方面的分化。發生這種情況是因為您在某些鈾生產中遇到了一些生產挑戰。我們仍然相信我們正處於早期階段，因為如果你把市場上的合約數量加起來，它甚至還沒有達到替代率。所以我們發現它非常非常有建設性，因為當我們甚至還沒有達到替代率時，平均期限價格為77.50 美元，這對我們來說是一個非常好的地方，對於擁有Tier 的現有生產商來說也是一個很好的地方1 資產和棕地槓桿，對我們來說是利用這種價值獲取的絕佳機會。因此，我們對潛在的市場基本面感到非常非常有建設性。

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。

Tim or Grant, Inkai guidance of 8.3 million pounds, this is currently a tentative target, right, and under discussions. Can you talk a little bit about progress on securing sulfuric acid supply? And maybe one step further, is there any range of production volumes that you could potentially see that's at risk in that guidance number? And just thinking about sulfuric acid shortages only, perhaps leaving out even more unpredictable logistical challenges. Any context around volume at risk would be helpful.

提姆或格蘭特，Inkai指導830萬英鎊，這是目前的暫定目標，對吧，正在討論中。能否介紹一下硫酸供應保障的進展？也許更進一步，您可能會發現該指導數字中存在風險的任何產量範圍？只考慮硫酸短缺，也許會忽略更難以預測的後勤挑戰。任何有關風險量的背景都會有所幫助。

Yes. Ralph, it's Tim. I'll start because they just -- Sean Quinn and I just came back from there, we were over there last week, had obviously meetings with the Kazakhs and joint venture partners. And obviously, sulfuric acid, it is an issue. It's short, it's tight. There's other industries that are keeping the supplies they have and using them. They're having trouble accessing their regular channels, sulfuric acid from the Russians and others because the Russians are sanctioned and not -- it will produce like they were.

是的。拉爾夫，我是提姆。我首先要開始，因為肖恩·奎恩和我剛從那裡回來，我們上週在那裡，顯然與哈薩克人和合資夥伴進行了會議。顯然，硫酸是一個問題。它很短，很緊。還有其他行業保留並使用現有的供應品。他們在進入常規管道、來自俄羅斯和其他國家的硫酸方面遇到了困難，因為俄羅斯受到了製裁，而不是——它會像他們一樣生產。

So you know their plan is to bring the Italians and to bring -- to build a new plant. I'm not sure that's even started. Yes. So I think we're into this pickle for a couple years until that new plant gets built. So I know Sean had direct conversations with the CEO of JV Inkai, Kazatomprom. So Sean, do you have anything to add on? 8.3 million pounds was the best information we had when we put out our information, obviously. Sean, do you want to add anything to add to that?

所以你知道他們的計劃是引進義大利人並建造一座新工廠。我不確定這是否已經開始。是的。所以我認為我們已經投入這個泡菜幾年了，直到新工廠建成。所以我知道 Sean 與 JV Inkai Kazatomprom 的執行長進行了直接對話。肖恩，你還有什麼要補充的嗎？顯然，830 萬英鎊是我們發布資訊時所掌握的最佳資訊。肖恩，你想補充什麼嗎？

Not a lot other than in our conversations with Kazatomprom, they're getting more comfortable that 8.3 million is achievable this year. They're obviously working hard on the sulfuric acid, both the supply and the logistics challenges that you mentioned. But really not much more detail than that other than just some increasing comfort that, that will be achievable.

除了我們與 Kazatomprom 的對話之外，他們對今年可以實現 830 萬個目標感到更加放心。他們顯然正在努力解決硫酸問題，包括您提到的供應和物流挑戰。但除了增加一些可以實現的舒適度之外，實際上沒有更多的細節。

Okay. Got it. And as a follow-up, I'd like to come back to something that Grant talked about, which is the supply pivot and how characteristics of these contracts are changing in terms of tenor, volume and time frames. And it sounds like that's becoming perhaps more important than the actual volumes secured in the term market, which so far at 26 million pounds or so year-to-date is kind of sort of underwhelming when we look at what is replacement rate. And what we did actually last year. Would that be a fair comment?

好的。知道了。作為後續行動，我想回到格蘭特談到的事情，即供應樞軸以及這些合約的特徵在期限、數量和時間框架方面如何變化。聽起來這可能比定期市場上獲得的實際交易量更重要，當我們考慮替代率時，今年迄今為止的實際交易量約為 2600 萬英鎊，有點令人印象深刻。以及我們去年實際做了什麼。這是一個公平的評論嗎？

Grant?

授予？

Yes. Sorry, Tim. Ralph, I might characterize it by just saying more to come. When we evaluate the types of conversations that we're involved in, in our pipeline, it is indicating a lot of security of supply interest, and we're presuming it's a leading indicator for what you might see in the term market. So we are expecting strong contracting volumes through 2024. And if there are any delays, it might be reflective of perhaps 2 things. One is a bit of uncertainty around where some of these legislative efforts are going with respect to things like Russian supply. We're very close to seeing legislation in the U.S. That legislation, I think, has been well planned from a utility supply point of view, unless, of course, the Russians retaliate to that legislation by restricting supply in the immediate term. The market is not priced in that risk.

是的。對不起，提姆。拉爾夫，我可能會通過接下來說更多來描述它。當我們評估我們在管道中參與的對話類型時，它表明供應利益有很大的保障，並且我們假設它是您可能在術語市場中看到的領先指標。因此，我們預計到 2024 年合約量將會強勁。其中之一是一些立法工作在俄羅斯供應等方面的進展存在一些不確定性。我們非常接近看到美國的立法。市場並未反映這種風險。

But that's maybe causing a bit of a pause or maybe a slowdown, I would say, in final negotiations for turn material out past that 2028 phaseout window. And the second thing is, don't forget, we have a bunch of new customers as a result of this bifurcation, multifurcation in the market, customers in Central and Eastern Europe who were traditionally captive to Russian supply and not accustomed actually to buying components in a big way receiving instead of fabricated fuel bundle from the Russians. And there is a learning curve to go up as -- for this demand to kind of learn how to buy the uranium and the conversion and the enrichment and the fabrication services as well as the outage services. So it's kind of the learning effects of new customers combined with maybe this overhang of legislative of challenges or opportunities in the market maybe causing a bit of pause, but the underlying security of supply sentiment is growing stronger and stronger, Ralph.

但我想說，這可能會導致在 2028 年逐步淘汰窗口之後交付材料的最終談判中出現一些暫停或放緩。第二件事是，不要忘記，由於市場的分化，我們擁有了一批新客戶，中歐和東歐的客戶傳統上受制於俄羅斯供應，實際上並不習慣購買零件在很大程度上從俄羅斯人那裡接收而不是製造燃料包。對於這種需求，有一個學習曲線需要學習如何購買鈾、轉換、濃縮、製造服務以及停電服務。因此，新客戶的學習效應，加上市場上挑戰或機會的立法懸而未決，可能會導致一些停頓，但供應情緒的潛在安全性正在變得越來越強，拉爾夫。

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。

So just 2 questions. First, you guys talked about this just now with respect to the potential Biden ban of product coming in from Russia. But can you talk a little bit more about the actual impact here? Because it seems like it's an executive order, it doesn't take effect until 2028. So it seems like the real impact will be muted unless, like you guys said, the Russians react, but I just want to make sure I have that correct. If you could provide your insights and then a follow-up.

所以只有兩個問題。首先，你們剛才談到了拜登可能禁止來自俄羅斯的產品。但您能多談談這裡的實際影響嗎？因為這看起來像是一項行政命令，要到2028 年才會生效。是正確的。如果你能提供你的見解，然後跟進。

Well, Gordon, I'll start and then Grant could chip in. But part of the reason I'm down here is to have those meetings, first to see where that legislation is at, we'll be going to the different secretariats to talk to the people in-charge and just see where that's at. I mean that has already had a chilling effect. It's going to have even more of a chill when it gets passed. And so we talk about 2028 to all of you, you can still buy until then. If you're looking at the market now, there's not a whole lot of material available until then and most utilities are looking in that window. So Grant, I'll pass it over to you to give your view on that.

好吧，戈登，我先開始，然後格蘭特可以插話。在哪裡。我的意思是，這已經產生了寒蟬效應。當它過去的時候，會更加寒冷。所以我們和大家談論 2028 年，在那之前你們仍然可以購買。如果您現在關注市場，那麼在那之前並沒有大量可用材料，並且大多數公用事業公司都在該窗口中尋找。格蘭特，我會將其轉交給您，以表達您對此的看法。

Yes, very close to seeing a legislative ban. In fact, I believe if it wasn't for one Senator, we would have seen a ban in place by now on the legislative side. Absent a legislative opportunity, Gordon, our strong sense is there might be an administrative action, as you mentioned, either at the Secretary level or even at the executive order level in order to codify the intent to shut out Russian supply by 2028.

是的，非常接近立法禁令。事實上，我相信如果不是參議員，我們現在就會在立法方面看到一項禁令。戈登，如果沒有立法機會，我們強烈認為，正如您所提到的，可能會採取行政行動，無論是在部長級別，還是在行政命令級別，以便將到 2028 年關閉俄羅斯供應的意圖編成法典。

So let's first talk about the potential impacts there. As we've mentioned a number of times, utilities have been largely, I would call itself sanctioning because of the underlying Russian Suspension Agreement, which was already sunsetting in 2028. So a lot of that forward contracting was already looking to avoid Russian supply. But meanwhile, contracts that have been signed in the past were being delivered into. So there's kind of 2 elements to a ban from a U.S. point of view. The number one is, when is the ban effective? Is it going to be effective sooner than 2028 or is that the date certain?

因此，讓我們先談談那裡的潛在影響。正如我們多次提到的，公用事業公司在很大程度上受到了製裁，因為俄羅斯暫停協議已於 2028 年生效。但與此同時，過去簽署的合約正在交付。因此，從美國的角度來看，禁令有兩個要素。第一個問題是，禁令何時生效？它會在 2028 年之前生效還是這個日期是確定的？

And number two, what is the strength of the waivers that might be granted to utilities to take in supplies between now and 2028, for example. So if you have a strong ban but weak waivers, it might not have much of an effect. But if you have a strong ban and strong waivers, meaning that utilities really have to demonstrate that there is no other alternative for them to fuel their reactors. And it's really in the national security interest and only then will they get a waiver for importing the Russian material. Then that will really be a strong signal to focus on sovereign safe jurisdictions for supply.

第二，例如，從現在到 2028 年，公用事業公司可能獲得的供應豁免的強度有多大。因此，如果你有很強的禁令但很弱的豁免，它可能不會產生太大的影響。但如果有強有力的禁令和強有力的豁免，這意味著公用事業公司確實必須證明他們沒有其他替代品來為反應器提供燃料。這確實符合國家安全利益，只有這樣他們才能獲得進口俄羅斯材料的豁免。那麼這確實是一個強烈的信號，要求關注主權安全管轄區的供應。

Now the final piece, and I already mentioned it, but it's worth mentioning again is, all of this presumes it's up to the west to decide when the Russian material is done. And what we forget about is there's the other side to that coin and that is the risk that if a ban comes in place and a ban would say strong waivers come in place, that the Russians don't react by simply saying, "Oh, you don't want our material come 2028. I'll tell you what you can't have it now." That kind of voluntary export restraint on the part of the Russians has absolutely not been priced into the market and has not been anticipated in terms of future supply. And I would say you would have to go back and look at an analog like the Cigar Lake flood event to see that kind of shock that it would create. So that piece really isn't well thought through in the market. But the ban itself come 2028, the [cell] sanctioning. It has been kind of well planned, subject to strong waivers and subject to a Russian retaliation.

現在是最後一部分，我已經提到過，但值得再次提及的是，所有這一切都假設由西方來決定俄羅斯材料何時完成。我們忘記的是硬幣還有另一面，那就是風險，如果一項禁令實施，並且一項禁令會說實行強有力的豁免，那麼俄羅斯人不會簡單地做出反應，“哦，你不希望我們的材料在2028 年到來。俄羅斯的這種自願出口限制絕對沒有被市場消化，也沒有在未來的供應方面得到預期。我想說，你必須回去看看像雪茄湖洪水事件這樣的類比，才能看到它會產生什麼樣的衝擊。所以這件作品在市場上確實沒有經​​過深思熟慮。但禁令本身會在 2028 年到來，並由[細胞]批准。這是精心策劃的，受到強有力的豁免並受到俄羅斯的報復。

Yes, that's very helpful. That was the biggest that I saw. The Russian retaliation was really what will cause prices to move in. I agree that's not price in. One quick follow-up, if I can. There seems to be a constituency of people out there who are saying, Cameco (inaudible) sold a lot of their pounds at $70, and thus, they're not going to benefit from this increase in prices. Yet when I go through your financials, and just correct me if I'm wrong, it looks like to me, you guys have only committed 20% of your reserves. So that leaves about 800 million pounds for future contracts. And from what I'm hearing in the market, those contracts are being signed at floor prices of $80 with selling at $135. Is that accurate? Can you comment on that?

是的，這非常有幫助。那是我見過的最大的。俄羅斯的報復確實會導致價格上漲。似乎有一群人說，Cameco（聽不清楚）以 70 美元的價格出售了很多英鎊，因此，他們不會從價格上漲中受益。然而，當我查看你們的財務狀況並糾正我的錯誤時，在我看來，你們只投入了 20% 的準備金。這樣一來，未來的合約就剩下約 8 億英鎊。根據我在市場上聽到的消息，這些合約的簽訂底價為 80 美元，售價為 135 美元。準確嗎？你能對此發表評論嗎？

Yes. Gordon, thanks for that question. You're singing our song there because you're accurate with what you said. I think we have sold about 20% of our total reserve resource base and more to come. We've got lots to go. So Grant, do you want to answer that again?

是的。戈登，謝謝你提出這個問題。你在那裡唱我們的歌是因為你說的話很準確。我認為我們已經出售了大約 20% 的儲備資源總量，並且未來將出售更多。我們還有很多事要做。格蘭特，你想再回答一下這個問題嗎？

Yes. Gordon, thanks for that question. And it is something that we occasionally hear. And let's just go through that in a little bit of detail. And sorry for folks that are very familiar with this explanation. But for those who aren't, I think it bears a little bit of time. There is a notion out there that a producer in the uranium space should produce uranium and sell it into the spot market. And I think if that debate isn't clearly over for folks, it's just because they're not paying attention.

是的。戈登，謝謝你提出這個問題。這是我們偶爾會聽到的。讓我們稍微詳細地討論一下。對於那些非常熟悉這個解釋的人來說很抱歉。但對於那些沒有的人來說，我認為這需要一點時間。有一種觀點認為，鈾領域的生產商應該生產鈾並將其出售到現貨市場。我認為，如果人們的爭論還沒有明顯結束，那隻是因為他們沒有註意。

We saw significant downward price action in the spot market in March on the back of a couple hundred thousand pounds dangled over the spot market. So you're talking about an industry consuming about 180 million pounds a year and a couple of hundred thousand pounds being aggressively moved into the spot market had a $6, $7 effect over the course of a couple of days. And why is that? It's because of a very simple fact. And that is there is not a reactor anywhere on the planet that is loading a fuel bundle in 2024 that needs uranium in 2024. The uranium that's in that fuel bundle was bought years ago, at least in 2021, and probably even years before that. So there is never high-quality fundamental in-year demand for uranium. Utilities instead are looking for their material out into the future. That's the high-quality fundamental term market. And that is the market that matters to a uranium producer.

在現貨市場上徘徊數十萬英鎊的情況下，我們看到 3 月現貨市場價格大幅下跌。所以你說的是一個行業每年消耗約 1.8 億英鎊，而數十萬英鎊被積極轉移到現貨市場，在幾天內產生了 6 至 7 美元的影響。為什麼是這樣？這是因為一個非常簡單的事實。也就是說，地球上任何地方都沒有一座反應爐在 2024 年裝載需要 2024 年鈾的燃料束。因此，年內對鈾的需求從來不存在高品質的基本需求。相反，公用事業公司正在尋找未來的材料。這就是高品質的基本面市場。這就是對鈾生產商來說很重要的市場。

And when you look at that market, here's a really important fact. Cameco never sells below the market. So if the market is the term market, what's being negotiated today, Cameco is always able to capture leading prices in the market. We are able to take advantage of our incumbent production, our brownfield leverage, our reputation as a reliable supplier and discover the best pricing in the market in terms of floors and ceilings and market-related contracts or the base escalated portion, the fixed portion in the term market. We don't miss that market at all. In fact, in many cases, we're helping in lead the discovery of prices in that market because of all the advantages we bring to the table relative to somebody who might be producing from a jurisdiction that's not considered sovereign safe or somebody who doesn't have the reputation of reliable supply like we do or doesn't have multiple sources of supply like we do.

當你觀察這個市場時，你會發現一個非常重要的事實。 Cameco 的售價絕對不會低於市價。因此，如果市場是術語市場，那麼今天正在談判的內容，Cameco 始終能夠捕捉市場中的領先價格。我們能夠利用我們現有的生產、我們的棕地槓桿、我們作為可靠供應商的聲譽，並在地板和天花板以及市場相關合約或基本升級部分、固定部分方面發現市場上的最佳定價。詞。我們根本不會錯過那個市場。事實上，在許多情況下，我們正在幫助引導該市場的價格發現，因為相對於那些可能在不被認為主權安全的司法管轄區生產的人或不被認為是主權安全的司法管轄區的人來說，我們帶來了所有優勢。

So those incumbent advantages create this opportunity for us to capture leading value going forward. So where the market is today is exactly where Cameco is. We never miss that market. And the inverse is not true. If we had if we had preserved 5 million pounds to sell through the spot market when it hit $106. First of all, the market would never hit $106 because it would see that material sitting there. And the second, we showed up with 100,000 pounds of fresh production, the market would back up. And you don't even have to take my word for it. Look at what happened to Kazatomprom, during their volume strategy days, when they were selling material through the spot market in big volumes or look at what happened to Paladin in their spot exposure dates.

因此，這些現有優勢為我們創造了獲得未來領先價值的機會。因此，今天的市場正是 Cameco 所在的位置。我們永遠不會錯過那個市場。反之則不然。如果我們能在價格觸及 106 美元時保留 500 萬英鎊透過現貨市場出售就好了。首先，市場永遠不會觸及 106 美元，因為它會看到該材料就在那裡。第二，我們帶來了 100,000 磅的新鮮產品，市場將會支持。你甚至不必相信我的話。看看 Kazatomprom 在他們的銷售策略期間發生了什麼，當他們透過現貨市場大量銷售材料時，或者看看 Paladin 在他們的現貨曝光日期中發生了什麼。

So no surprise looking forward, the responsible producers of uranium have landed on a very common message, which is, you build homes for your production before you call for it. You stay off the spot market because it's not capable of absorbing those volumes because there's never any high-quality in-year demand for uranium. And that strategy is what captures the most amount of value going forward. And when you're a producer like Cameco, you're at the top of that market in finding that forward value. So you look at Cameco, our exposure is second to none. And our pipeline of reserves and resources means we have about 800 million pounds. We haven't even tried to sell yet. That is best-in-class exposure to this constructive market.

因此，展望未來，負責任的鈾生產商已經傳達了一個非常普遍的訊息，那就是，在您要求生產之前先為您的生產建造房屋，這並不奇怪。你遠離現貨市場，因為它無法吸收這些數量，因為年內從來沒有任何高品質的鈾需求。該策略能夠捕獲未來最大的價值。當您是像 Cameco 這樣的生產商時，您在尋找遠期價值方面處於市場領先地位。所以你看看 Cameco，我們的曝光度是首屈一指的。我們的儲備和資源儲備意味著我們擁有約 8 億英鎊。我們還沒有嘗試過出售。這是對這個建設性市場的最佳曝險。

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

我們的下一個問題來自加拿大皇家銀行資本市場的安德魯·黃。

So just wanted to go back to contract terms. Can you just talk about the escalators that are being built in the contracts today [were in a] more inflationary environment? Rates are higher, demand is stronger how those escalators have gone up? And maybe just talk about how those might affect pricing in the future period since we don't really hear much about the escalators?

所以只想回到合約條款。您能否談談今天合約中正在建造的自動扶梯（處於）通膨加劇的環境中？費率越高，需求越強，那些手扶梯怎麼上去的？也許只是談談這些可能如何影響未來一段時間的定價，因為我們並沒有真正聽說過自動扶梯？

Thanks, Andrew. Grant?

謝謝，安德魯。授予？

Yes. The situation for escalators on contracts has really improved dramatically for suppliers of uranium. And remember, what we're talking about here is in a term contract, there's those 2 bookends. You can have a term contract that's base-escalated. So you start at today's term price, average term price of $77.50. And then the negotiation is, how does it escalate to first deliveries and then how does it escalate through the delivery window. The other types of escalators are actually on market-related contracts because the floors and the ceilings have escalators built into them. So a floor price you get today is subject to an escalator, a ceiling price subject to an escalator. And when I say the environment for escalators has improved, what I mean is that in the post-Fukushima window when we saw a lot of material hitting the market, a lot of uncommitted material oversupply, we actually saw some producers who were willing to even discount a standard inflation indicator.

是的。對於鈾供應商來說，合約自動扶梯的情況確實得到了顯著改善。請記住，我們在這裡討論的是定期合同，有兩個書擋。您可以簽訂基本升級的定期合約。因此，您從今天的期限價格開始，平均期限價格為 77.50 美元。然後談判是如何升級到首次交付，然後如何升級到交付窗口。其他類型的自動扶梯實際上是與市場相關的合同，因為地板和天花板都內置有自動扶梯。因此，您今天獲得的底價受自動扶梯影響，上限價格受自動扶梯影響。當我說自動扶梯的環境有所改善時，我的意思是，在福島事件後的窗口期，當我們看到大量材料進入市場，大量未承諾的材料供應過剩時，我們實際上看到一些生產商甚至願意對標準通膨指標進行折現。

So you take a CPI indicator and they would offer 0.75 of the normal CPI indicator. Now what we're seeing is indicators that are capturing escalation, at least at industrial escalation and in some cases, having success building in regulatory cost or industrial cost escalators. And this is just a function of the security of supply pivot that I talked about. And it's exactly why when the market is oversupplied and prices are soft, Cameco chooses to leave pounds in the ground rather than pulling them out of the ground and trying to pound them into a market where you don't have any negotiating leverage. And now as this market has changed and security of supply is back in the market, it gives incumbent producers, incredible advantages and escalators are one of those advantages. So that environment has definitely changed.

所以你拿一個 CPI 指標，他們會提供正常 CPI 指標的 0.75。現在我們看到的是捕捉升級的指標，至少在工業升級方面，在某些情況下，在監管成本或工業成本升級方面取得了成功。這只是我談到的供應樞紐安全的一個功能。這正是為什麼當市場供應過剩、價格疲軟時，Cameco 選擇將英鎊留在地下，而不是把它們從地下拔出來，並試圖將它們打入一個沒有任何談判籌碼的市場。現在，隨著這個市場發生了變化，供應安全又回到了市場，它為現有生產商帶來了令人難以置信的優勢，而自動扶梯就是這些優勢之一。所以那個環境肯定已經改變了。

Okay. That's great. And then maybe just switching to something else here. Can you talk more about the Dawn Lake projects? Looked like drilling and exploration there hit some pretty significant mineralization last year. What's the exploration plan for that project going forward? And maybe when might we hear some of those results?

好的。那太棒了。然後也許只是在這裡切換到其他東西。您能詳細談談 Dawn Lake 專案嗎？去年，那裡的鑽探和勘探似乎發現了一些相當重要的礦化區。該計畫今後的勘探計畫是什麼？也許我們什麼時候可以聽到其中一些結果？

Yes. Thanks, Andrew. Yes, that -- we don't often talk about our exploration program, which is probably one of the best in the world, and we've got some of the best property in the world, including the Dawn Lake property, which is close to our existing infrastructure. So yes, we have had a bit of success there. Sean, do you want to say a few words about our [Q '22] or Dawn Lake project and just where that's at?

是的。謝謝，安德魯。是的，我們不經常談​​論我們的勘探計劃，這可能是世界上最好的勘探計劃之一，而且我們擁有世界上一些最好的財產，包括黎明湖財產，它很接近我們現有的基礎設施。所以，是的，我們在那裡取得了一些成功。 Sean，您想談談我們的 [Q '22] 或 Dawn Lake 專案以及該專案的具體位置嗎？

Sure. And I'll just start by noting it's across the fence line. We have IsoEnergy and their hurricane deposit. But we had a very active winter program. And we are analyzing the results, sharing them with our joint venture partner in Orano. And then we'll be moving into a summer drill program, assessing the results of that. And I think we might anticipate having some results to share with the market after the conclusion of that summer program.

當然。我首先要指出的是它已經越過了柵欄線。我們有 IsoEnergy 和他們的颶風存款。但我們有一個非常活躍的冬季計劃。我們正在分析結果，並與我們位於歐安諾的合資夥伴分享。然後我們將進入夏季訓練計劃，評估其結果。我認為我們可能預計在夏季計劃結束後會與市場分享一些結果。

Our next question comes from Alexander Pearce of Bank of Montreal.

我們的下一個問題來自蒙特利爾銀行的亞歷山大·皮爾斯。

So just turning back to contracting again. It looks like you may have added a few million pounds to your near to midterm contracting book. I think you flagged this 28 million pounds per year now for the next 5 years. In the previous quarter, you provided a total number of contracts, so it's under contract. So I wondered if you could provide an updated number for us there?

所以只是再次回到合約上。看起來你可能已經在你的近中期合約帳上增加了幾百萬英鎊。我認為您現在已經標記了未來 5 年每年 2800 萬英鎊的支出。在上一季度，您提供了合約總數，因此處於合約期間。所以我想知道您能否為我們提供最新的電話號碼？

Thanks, Alex. We...

謝謝，亞歷克斯。我們...

Sorry, Tim.

對不起，提姆。

Go ahead. Go ahead, Grant. Yes.

前進。繼續吧，格蘭特。是的。

Yes. Sorry. We moved away from kind of giving those quarterly updates, Alex, on where we were at with contracting. We did it for a period of time because we were seeing the market recovery before others were seeing it. And we thought we were there to play a pretty important role in convincing folks that contracting was underway, and we were seeing the return of term contracting, but now the data are pretty clear. So what we want to do, obviously, is kind of go back to our maximum negotiating position, which is on an individual basis, not revealing what's committed at any time in the market when we're negotiating with customers. And that's just a position we want to be in because we just don't think we have to convince anybody that term contracting cycle is underway.

是的。對不起。亞歷克斯，我們不再按季度更新我們的合約狀況。我們這樣做了一段時間，因為我們在其他人看到之前就看到了市場的復甦。我們認為我們在讓人們相信合約正在進行中發揮著非常重要的作用，並且我們看到了定期合約的回歸，但現在數據非常清楚。因此，顯然，我們想做的是回到我們最大的談判立場，這是基於個人的，而不是在我們與客戶談判時透露市場上任何時候的承諾。這正是我們想要的立場，因為我們認為我們不必讓任何人相信定期合約週期正在進行中。

Now to your question about adding some near-term demand, what I want to emphasize there is, you often hear us talking, Alex, about staying off the spot market. So I don't want anybody to interpret us adding near-term commitments as well, you're saying one thing and doing the other. Occasionally, we'll be in a term contract negotiation with the utility. And we'll be talking about a classic term window, starting 2 years from now going out for 7 to 10 years. But that utility might say to us, but we'd really like you to find some material in the near term. So it is fundamental end user demand. It's not material. We're putting to a trader to then churn through the spot market.

現在，關於增加一些近期需求的問題，我想強調的是，亞歷克斯，你經常聽到我們談論遠離現貨市場。因此，我不希望任何人將我們解讀為增加近期承諾，你是在說一套，做另一套。有時，我們會與公用事業公司進行定期合約談判。我們將討論一個經典的任期窗口，從現在起 2 年後開始，持續 7 到 10 年。但該實用程式可能會對我們說，但我們真的希望您在短期內找到一些材料。因此，這是最終用戶的基本需求。這不是物質的。我們正在向交易商投放資金，然後在現貨市場上進行交易。

And it's also demand that we can deploy when we want to deploy it. So we have it in our back pocket. It's like our up to 2 million pounds of potential market purchases. We can deploy it when it makes sense for maximum value creation for us. So it's a good strategy for us to follow when it works, but there are other times where we simply say we can't find you any material in the near term. So sometimes we will add those commitments, but it's never commitments to a trader for material that gets churned through the market because that is not value creating.

而且還要求我們想部署的時候就可以部署。所以我們把它放在後口袋裡。就像我們高達200萬英鎊的潛在市場採購。當它對我們創造最大價值有意義時，我們可以部署它。因此，當它起作用時，這是我們遵循的一個很好的策略，但有時我們只是說我們在短期內找不到任何材料。因此，有時我們會添加這些承諾，但絕不是向交易者承諾在市場上攪動的材料，因為這不會創造價值。

Okay. Fair enough. Maybe I can ask the second question then. Just in terms of where you stand on the McArthur River expansion. Obviously, the last update you're investigating what it could cost?

好的。很公平。也許我可以問第二個問題。就你在麥克阿瑟河擴建區的位置而言。顯然，您正在調查的最後一次更新可能會花費多少錢？

Same probably as last quarter, Alex, we are investigating where we've got a team looking at whether we can expand and what it will take to expand. Obviously, as we've said over and over, kind of ad nauseam, we'll let the market call for those pounds. And then we'll move ahead and bring up the production. So we're just doing the background work that we need to do now to look at the different circuits in the mill and in the mine. We know we can get there. We're just kind of evaluating what it will take to get there. So we'll have more news on that as the year goes on, but we're progressing. Yes. Thanks, Alex.

亞歷克斯，可能與上個季度相同，我們正在調查我們是否有一個團隊來考慮我們是否可以擴展以及擴展需要什麼。顯然，正如我們一遍又一遍地說的那樣，有點令人作嘔，我們會讓市場呼籲這些英鎊。然後我們將繼續進行製作。因此，我們只是做現在需要做的背景工作，以查看工廠和礦井中的不同電路。我們知道我們能到達那裡。我們只是在評估如何才能實現這一目標。因此，隨著時間的推移，我們將收到更多相關消息，但我們正在取得進展。是的。謝謝，亞歷克斯。

(Operator Instructions) Our next question comes from Orest Wowkodaw, Scotiabank.

（操作員說明）我們的下一個問題來自豐業銀行的 Orest Wowkodaw。

Curious about the contracting strategy relative to your production base. We saw your 5-year average book, I guess, creep up to 28 million pounds from 27 million pounds. Is the idea there that we should expect that to continue to move higher, almost at the point where it could be above -- like well above your production range? And then we see effectively the McCarthy River expansion, I would assume, approved. At what level do we start thinking about bringing Tier 2 capacity back?

對與您的生產基地相關的承包策略感到好奇。我猜，我們看到你的 5 年平均圖書價值從 2700 萬英鎊攀升至 2800 萬英鎊。我們是否應該預期價格會繼續走高，幾乎達到可能高於的水平——例如遠高於你們的生產範圍？然後我們就看到麥卡錫河擴建計畫得到了批准。我們在什麼級別開始考慮恢復二級容量？

Grant, do you want to take that?

格蘭特，你想接受這個嗎？

Yes, happy to do that. So Orest, great question because it gives us an opportunity to remind folks that we are still transitioning as Cameco to our full Tier 1 run rate. Our plan this year, McArthur, at 18 million pounds on a 100% basis, Cigar at 18 million pounds on a 100% basis. Inkai, and Sean's already talked about it, is really the return of that Tier 1 cost structure. And we're not there yet, but you're seeing the benefit in our cash cost -- unit cash costs, which were down substantially. So great operating performance there. But it is a reminder that we are actually not in full production mode yet. We have not made the decision, as Tim just talked about around McArthur River, Key Lake expansion to 25 million pounds on a 100% basis. We're doing that evaluation right now.

是的，很高興這樣做。 Orest，這是一個很好的問題，因為它讓我們有機會提醒人們，我們仍在以 Cameco 的身份過渡到我們的完整 1 級運行率。我們今年的計劃，麥克阿瑟，100%基礎上1800萬英鎊，雪茄100%基礎上1800萬英鎊。 Inkai，肖恩已經談過，實際上是一級成本結構的回歸。我們還沒有做到這一點，但你已經看到了我們現金成本的好處——單位現金成本大幅下降。那裡的營運績效非常好。但這提醒我們其實還沒有進入全面生產模式。我們還沒有做出決定，因為提姆剛剛談到圍繞麥克阿瑟河、基湖擴建到 100% 的 2500 萬英鎊。我們現在正在進行評估。

And then there's the Tier 2. So between what's possible at our Tier 1 up flex, that's another 15% of production, potentially 30%, if we brought back our Tier 2s. So what gets us there is actually we need to see more demand in the market. It's tied to my earlier point that we don't front-run demand with supply. We wait for that demand, security of supply-driven demand, to come to the market, we capture that demand, and then we call for higher level of production. So as we're in this transition, we do have a bigger over contracted gap than we have typically had as a run rate over contracted gap in the back -- in the past. But much, much smaller than it was when we had McArthur River, Key Lake in care and maintenance, for example. So as we're transitioning through this, it's about capturing appropriate demand at the right price indicators for us than calling for that production.

然後是第 2 層。因此，讓我們實現這一目標的實際上是我們需要看到市場上更多的需求。這與我先前的觀點有關，即我們不會以供應搶先需求。我們等待這種需求，即供應驅動的需求的安全，進入市場，我們抓住這種需求，然後我們要求提高生產水準。因此，當我們處於這種轉變時，我們確實有一個比過去通常在後面的運行率超過合約差距更大的合約差距。但比我們對麥克阿瑟河、基湖進行護理和維護時的情況要小得多。因此，當我們正在經歷這一轉變時，關鍵是要以正確的價格指標捕捉適當的需求，而不是要求生產。

In terms of where we -- how we get to Tier 2, think about that more like Tier 2 is competing with greenfield pricing. This market absolutely needs new uranium production. There's no doubt about that. The good news for Cameco is we can grow with this market without greenfield dollars for a very long time. But a key point of that is bringing back Tier 2s. And the way we look at those Tier 2s is we say when the market discovers greenfield pricing, and we're going to know that because we're going to see capital being deployed, like meaningful capital being deployed, for folks to advance a greenfield mine and a greenfield mill. And of course, that hasn't occurred yet, and that's pretty obvious to see.

就我們在哪裡以及如何達到第 2 級而言，更像是第 2 級正在與綠地定價競爭。這個市場絕對需要新的鈾生產。毫無疑問。對於 Cameco 來說，好消息是我們可以在很長一段時間內在沒有綠地資金的情況下與這個市場一起成長。但其中的一個關鍵點是恢復二級。我們看待這些二級市場的方式是，當市場發現綠地定價時，我們就會知道這一點，因為我們將看到資本被部署，例如有意義的資本被部署，以供人們推進綠地開發我和一個綠地工廠。當然，這種情況還沒有發生，而且這是顯而易見的。

But when those prices are being signaled, we will offer utilities a very simple alternative. We'll say, you can take the risk with a greenfield project and all of the challenges with a greenfield, the mine development, the licensing, the permitting, the supply chain, the productivity factors, you can take all those chances with a greenfield may be in the hands of someone who's never done it before or for that same greenfield pricing, we could bring back already existing, already licensed, already permitted Tier 2 capacity that is proven. It's operated in the past, the supply chain is there and the skilled labor is there.

但當這些價格被公佈時，我們將為公用事業公司提供一個非常簡單的替代方案。我們會說，您可以承擔綠地項目的風險以及綠地的所有挑戰，礦山開發，許可，許可，供應鏈，生產力因素，您可以通過綠地抓住所有這些機會可能是在以前從未做過的人手中，或以相同的綠地定價，我們可以帶回已經存在的、已經獲得許可的、已經經過驗證的二級產能。它是過去運營的，供應鏈在那裡，熟練勞動力也在那裡。

But for us, it's about waiting for that demand to form and not getting in front of it and front-running it because we've seen how others have destroyed shareholder value by doing that in the past. That is not the game we play. So think about those Tier 2s as being an alternative to high-risk greenfield.

但對我們來說，關鍵是等待這種需求的形成，而不是搶在它前面並搶在它前面，因為我們已經看到其他人過去是如何透過這樣做來破壞股東價值的。那不是我們玩的遊戲。因此，請將這些二級項目視為高風險綠地的替代方案。

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

我們的下一個問題來自美國銀行證券公司的勞森溫德。

Grant, nice to hear from you all. I just wanted to ask about the sales, and you had provided guidance in your annual report just through a chart that indicated that sales in Q1 would be around 8.5 million pounds for uranium. They came in at 7.3, which -- it looks like a pretty substantial difference. Can you just speak to some of the reasons that might have driven that and just generally in the business, some of the factors that drive that seasonality in sales?

格蘭特，很高興收到你們的來信。我只是想問一下銷售情況，您在年度報告中僅通過一張圖表提供了指導，表明第一季的鈾銷售量約為 850 萬磅。他們的得分為 7.3，這看起來是一個相當大的差異。您能否談談可能推動這一趨勢的一些原因，以及在整個行業中，推動銷售季節性的一些因素？

Grant?

授予？

Yes. Thanks for noticing that. Obviously, we put out that table as part of our Q4 every February that gives you directionally what the quarters are going to look like in terms of uranium volumes. That table is derived by the collection of non-binding delivery notices that we get from the utilities, usually 6 months prior to that table being constructed. So we received non-binding delivery notices that helps us build a schedule. Later on, those are converted to binding delivery notices and there can be sometimes slippage between 1 quarter or another. And whenever you see that, it's always important to then step back and look at our broader outlook table and see if we've changed our committed sales for the year.

是的。感謝您注意到這一點。顯然，我們每年二月都會將該表作為第四季度的一部分發布，該表可以為您提供各個季度鈾產量的方向性資訊。該表是透過收集我們從公用事業公司獲得的不具約束力的交付通知而得出的，通常是在該表構建之前 6 個月。因此，我們收到了不具約束力的交貨通知，這有助於我們制定時間表。隨後，這些將轉換為具有約束力的交貨通知，有時可能會在一個季度或另一個季度之間出現滑點。每當你看到這種情況時，退一步看看我們更廣泛的展望表，看看我們是否改變了今年的承諾銷售，這一點總是很重要的。

And obviously, you see we haven't done that. So that's a pretty -- that's the evidence that really this is about just volumes shifting from Q1 into Q2 into Q3 as opposed to being lost or sales that commitments that somehow went away. So a little bit lower than what we thought when we constructed those delivery patterns last fall. But ultimately, the calendar year, we're still holding that same guidance for sales.

顯然，你看我們還沒有這樣做。所以這是一個很好的證據，證明這實際上只是銷量從第一季轉移到第二季度再到第三季度，而不是損失或銷售承諾以某種方式消失。所以比我們去年秋天建造這些交付模式時的想法要低一些。但最終，在這一年中，我們仍然堅持同樣的銷售指導方針。

And if I could just follow up on that, any guidance as to what Q2 might look like at this point, given where we are in the quarter. And then also, if I could, wanted to ask about your contracting conversations and where the discussions are around caps and floors. Later last year, yourselves and your competitor -- one of your competitors had indicated sort of $90 floors and $120 caps. Is that still kind of the range that we're talking about? That’s it from me.

如果我能跟進這一點，考慮到我們在本季度的情況，關於第二季度可能會是什麼樣子的任何指導。然後，如果可以的話，我想詢問一下你們的合約對話以及討論的上限和下限。去年晚些時候，您自己和您的競爭對手（其中一位競爭對手）表示了 90 美元的下限和 120 美元的上限。這仍然是我們正在討論的範圍嗎？這就是我說的。

Yes. Thanks a lot, Lawson. Grant?

是的。非常感謝，勞森。授予？

The Q2 deliveries, yeah, we don't -- I don't have an updated disclosure for that, Lawson. So sorry, that's probably not a satisfactory answer. But just continue to look at that annual number. It hasn't changed. So we're going to deliver those volumes, they are committed and the utilities will take deliveries. I don't know what others are doing in the market, and I don't know exactly what they say. But ultimately, if you look at the trade press, if you look at where TradeTech and UXC are at, you're seeing that floors in the market on a market-related contract are constructing up to be kind of just under the long-term price, and ceilings are stretching out into the hundreds, $120, $130. And that's just really a function of the fact that while the spot market is not a place to sell uncommitted volumes, the spot market sentiment helps drive the callers around market-related contracting.

第二季的交付，是的，我們沒有——勞森，我沒有更新的揭露資訊。很抱歉，這可能不是一個令人滿意的答案。但請繼續關注這個年度數字。它沒有改變。因此，我們將交付這些數量，它們已承諾，公用事業公司將接收交付。我不知道市場上其他人在做什麼，也不知道他們具體說了什麼。但最終，如果你看看貿易媒體，如果你看看 TradeTech 和 UXC 的情況，你會發現與市場相關的合約的市場底線正在形成，略低於長期水平。美元、130 美元。這實際上是一個事實的函數，雖然現貨市場不是出售未承諾數量的地方，但現貨市場情緒有助於推動市場相關合約的買家。

I think when others say things like $90 floors, they're doing the escalation for you Lawson. They're not actually telling you the price today, they're saying, but by the time we're done delivering it, they'll have escalated till 90. Now that might be technically accurate, but I find it a bit misleading in the market when folks do that. But ultimately, let's say, we're talking about floor prices and market related contracts that start with a seven escalated in U.S. dollar terms. This is a pretty constructive market for an incumbent producer.

我認為當其他人說諸如 90 美元樓層之類的事情時，他們正在為你升級，勞森。他們說，他們今天實際上並沒有告訴你價格，但當我們完成交付時，他們會升級到 90。 。但最終，我們談論的是底價和市場相關合同，以美元計算，以 7 開頭。對於現有生產商來說，這是一個相當有建設性的市場。

It's early in the contracting cycle, haven't seen prices this early at this stage of the contracting cycle. And we know prices need to still incent greenfield and they just haven't done that yet. So it's feeling pretty good to us.

現在正處於合約週期的早期，在合約週期的這個階段還沒有看到這麼早的價格。我們知道價格仍然需要刺激綠地開發，但他們只是還沒有這樣做。所以我們感覺很好。

Thanks, Lawson.

謝謝，勞森。

Our next question comes from Greg Barnes of TD Securities.

我們的下一個問題來自道明證券的格雷格·巴恩斯。

Just a couple of questions around Westinghouse. One, any commentary around the order backlog on AP1000s and how discussions are going with additional utilities outside of what's already signed? And secondarily, any commentary around the potential restart of Springfield?

關於西屋電氣的幾個問題。第一，關於 AP1000 訂單積壓的任何評論以及與已簽署的項目之外的其他公用事業公司的討論如何進行？其次，關於斯普林菲爾德可能重新啟動的任何評論嗎？

So Greg, I would just say on the AP1000s, lots of interest, like lots, around nothing that we're going to announce and walk through. But you probably saw just over the last couple of weeks in Ukraine that Khmelnytskyi 5 and 6, they're looking at AP1000s there. I think they poured the first concrete for some of those. So that's kind of -- that's moving ahead. And Ukraine, I think, is committed to up to 9 nuances. Now of course, it's all subject to what's going on there, Greg, as you know. But good order there. Bulgaria, Kozloduy, I think, 7 and 8. They've chosen the AP1000. I think the feed contracts inside for those.

因此，Greg，我只想說，對於 AP1000，人們有很多興趣，就像很多興趣一樣，圍繞著我們要宣布和討論的任何內容。但你可能在過去幾週在烏克蘭看到了 Khmelnytskyi 5 和 6，他們正在那裡尋找 AP1000。我認為他們為其中一些澆築了第一批混凝土。所以這就是——這正在向前推進。我認為烏克蘭承諾了多達 9 個細微差別。當然，現在一切都取決於那裡發生的事情，格雷格，正如你所知。但那裡秩序良好。保加利亞，Kozloduy，我想是 7 和 8。我認為裡面的飼料合約是針對這些的。

And of course, those are all using Westinghouse fuel as well as a fuel component with those. I can tell you there's a lot more conversations going on. I just talked to the leadership there at Westinghouse a couple of days ago in North America, in Europe and in Asia. So lots going on, on that front. Anybody who -- Grant or did you have anything? Or Dominic, anything to add? And maybe, Dominic, you could say a word about Springfield? I'd like Dominic come in the conversation. So anything on the new builds and/or Springfields, Dominic?

當然，這些都使用西屋公司的燃料以及其中的燃料成分。我可以告訴你還有很多對話正在進行中。幾天前，我剛在北美、歐洲和亞洲與西屋電氣的領導層進行了交談。在這方面發生了很多事情。任何人——格蘭特或你有什麼嗎？或是多明尼克，有什麼要補充的嗎？也許，多明尼克，你可以談談斯普林菲爾德嗎？我希望多明尼克也能加入我們的對話。多明尼克，關於新建築和/或斯普林菲爾德的事情有什麼嗎？

Yes, of course, Greg, maybe a couple of words of my side on Springfield. So yes, thanks for the question. So we kind of view Springfield as quite a strategic asset, not just for the U.K., but for the sort of the global fuel market. And alongside our partner, Brookfield, we are indeed supporting Westinghouse who are looking at options for that site and how we can use Springfield, obviously, to support that market. And clearly, you mentioned the restart of conversion. We have an active project looking at could a restart could actually be new build of a conversion facility. As Grant alluded, the fuel market is strong. So we think there is absolutely sort of customer demand for that. And we are just supporting Westinghouse who are looking at options at the moment. So yes, thanks for the question.

是的，當然，格雷格，也許我可以談談我對斯普林菲爾德的看法。所以是的，謝謝你的提問。因此，我們認為斯普林菲爾德是一項相當戰略性的資產，不僅對英國如此，對全球燃料市場也是如此。與我們的合作夥伴布魯克菲爾德一起，我們確實支持西屋電氣，他們正在尋找該網站的選項，以及我們如何利用斯普林菲爾德顯然來支持該市場。顯然，您提到了重新啟動轉換。我們有一個正在進行的項目，正在研究重新啟動實際上是否可以新建一個轉換設施。正如格蘭特所提到的，燃料市場強勁。所以我們認為客戶對此絕對有需求。我們只是支持西屋電氣目前正在考慮的選擇。所以是的，謝謝你的提問。

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。

It kind of follows on to Greg. But can I ask it this way. You made a comment a number of times that Westinghouse looks a lot better than when you first bought it. Is that because of, a, the AP1000 outlook? Is it a fabrication outlook? Is it helps your uranium business more? Is it better margins on contracts on the servicing. Any color or maybe it's all of the above. I don't know. I'd just be curious if you could expand on what you've seen that's different and better within Westinghouse since the deal was done?

這有點像格雷格。但我可以這樣問嗎？您多次評論說西屋電氣看起來比您第一次購買時好多了。這是因為 AP1000 的前景嗎？這是捏造的前景嗎？這對你們的鈾業務更有幫助嗎？服務合約的利潤是否更高？任何顏色，或可能是以上所有顏色。我不知道。我只是好奇您是否可以詳細介紹自交易完成以來您在西屋電氣內部看到的不同和更好的方面？

Yes, Brian, thanks for the question. I'd say it's probably all of the above. I mean -- and then I'll turn to Grant in a minute because when we were valuing and did the work, the due diligence on Westinghouse, we put value on certain things and not on others. And AP1000, we didn't put a whole lot of value on any new build, and now we're seeing that move ahead. So that's good. The AP300, you'll remember the SMR didn't exist or it wasn't planned for, I should say, when we went out for Westinghouse, that's there now, and we're getting a lot of interest in that.

是的，布萊恩，謝謝你的提問。我想說的可能就是以上這些。我的意思是——然後我會在一分鐘內轉向格蘭特，因為當我們對西屋電氣進行評估和盡職調查時，我們重視某些事物而不是其他事物。對於 AP1000，我們並沒有對任何新版本給予太多的重視，但現在我們看到了這一進展。所以這樣很好。 AP300，你會記得 SMR 不存在或沒有計劃，我應該說，當我們去西屋時，它現在就在那裡，我們對此非常感興趣。

Obviously, the eVinci is there. We're picking up a whole bunch of those Eastern Europe fuel supply, the VVERs that are running, there's 35 of them in Eastern Europe. I think we're getting most of the fuel for all of them. And so just things like that, Brian, that we hadn't really calculated that, obviously, the Russian move into Ukraine has sped things along for us and for Westinghouse. So Grant, do you have anything you want to add to that?

顯然，eVinci 就在那裡。我們正在接收大量東歐燃料供應，正在運行的 VVER，其中東歐有 35 個。我認為我們正在為他們提供大部分燃料。布萊恩，我們沒有真正計算過類似的事情，顯然，俄羅斯進入烏克蘭已經加快了我們和西屋電氣的發展速度。格蘭特，您還有什麼要補充的嗎？

Yes, of course, I do too. I just can't resist. Brian, it was...

是的，當然，我也這樣做。我就是無法抗拒。布萊恩，那是...

I'm sure.

我敢肯定。

Brian, it's a good question. And I would echo Tim's comment on all of the above, and maybe just highlight a few things. And we like to, first of all, just talk about how strong that team is. It's a great team at Westinghouse and they are executing very well on their strategy. We like to think about them as core. So in the core of the business, you're seeing the pickup of new customers, Central and Eastern Europe. You're seeing the pickup of existing customers who are saving reactors that we thought were going to shut down and existing customers that are extending the life of reactors that we thought were probably going to retire after the end of their operating license and those are big deals.

布萊恩，這是個好問題。我會同意蒂姆對上述所有內容的評論，也許只是強調一些事情。首先，我們想談談這支球隊有多強大。西屋電氣是一支出色的團隊，他們的策略執行得非常好。我們喜歡將它們視為核心。因此，在業務的核心，你會看到中歐和東歐新客戶的增加。你會看到現有客戶的增加，這些客戶正在挽救我們認為將要關閉的反應堆，以及正在延長我們認為可能會在運營許可證結束後退役的反應堆壽命的現有客戶，這些客戶規模很大。 。

When a reactor goes through a life extension, you're adding another 20 years of operation to it. That's a substantial tail of business that really wasn't part of the model. And it's just part of just the enthusiasm for nuclear. Springfield, Greg just asked about Springfield, the conversion market is at historic pricing. The Springfield plant has a conversion line, that would be in the core. And that would just be additional opportunity within the core of the business because it's part of that nuclear fuel and nuclear fuel supply. And then, of course, all the wraparound services, reactors that are being saved, reactors that are being extended typically need more services wrapped around them. So the core is performing very well, and we're quite happy about it.

當反應爐延長壽命時，它的運作時間又增加了 20 年。這是一個重要的業務尾部，實際上並不屬於該模型的一部分。這只是對核能熱情的一部分。斯普林菲爾德，格雷格剛剛詢問了斯普林菲爾德，轉換市場處於歷史定價。斯普林菲爾德工廠有一條位於核心的轉換線。這將是核心業務的額外機會，因為它是核燃料和核燃料供應的一部分。當然，所有的環繞服務、正在保存的反應器、正在擴展的反應器通常需要更多圍繞它們的服務。所以核心表現非常好，我們對此感到非常高興。

But I just would echo Tim's comment on new build. New build is the area where I think the potential is very, very significant. Now, obviously, we wait until projects are at final investment decision stage before we count them in a meaningful way in the business plan. You get the first initial pickup of front-end engineering and design projects, but final investment decision is really what's required. But having said that, the quality of the conversation around new nuclear far exceeds our highest case assumption even 12 months ago.

但我只是同意蒂姆對新版本的評論。我認為新建是潛力非常非常巨大的領域。現在，顯然，我們會等到專案進入最終投資決策階段，然後才能在商業計劃中以有意義的方式對其進行計數。您將獲得前端工程和設計專案的第一次初步選擇，但真正需要的是最終的投資決策。但話雖如此，圍繞新核能的討論品質甚至遠遠超過了我們 12 個月前的最高情況假設。

And what I mean there is just the reality of how much power is actually required for industrial onshoring, for onshoring of manufacturing, for generative AI and the whole investment in digital technologies. When you think about all of that effort that's going on in Western countries and all of the support that's being given for that. The critical path item is electricity. That is the critical path item to seeing all of those investments succeed. And the critical path item is very well served by a technology that is secure, dispatchable, reliable 99% to time. So nuclear is getting a lot of attention.

我的意思是，工業外包、製造業外包、生成式人工智慧和數位技術的整體投資實際上需要多少電力。當你想到西方國家正在進行的所有努力以及為此提供的所有支持時。關鍵路徑項目是電力。這是所有這些投資成功的關鍵路徑。關鍵路徑專案可以透過安全、可調度、99% 可靠的技術得到很好的服務。因此核能受到了很多關注。

But if nuclear is part of the critical path item, then the nuclear fuel is part of the critical path. So it's that combination of saying, we get to participate in the uplift on nuclear fuel. We now get to participate in the new build for that reliable electricity. And then that long tail of servicing it. It's a pretty exciting outlook. You have to forgive us for being as excited as we are, but there were a lot of lean years. So this is a pretty good opportunity for Cameco, for Westinghouse, potentially our GLE investment. This is a constructive market, the likes of which we haven't seen before, Brian.

但如果核能是關鍵路徑專案的一部分，那麼核燃料也是關鍵路徑的一部分。所以這就是說，我們可以參與核燃料的提升。我們現在可以參與新的可靠電力建設。然後就是服務的長尾。這是一個非常令人興奮的前景。你必須原諒我們如此興奮，但也有很多艱難的歲月。因此，對於 Cameco 和西屋電氣來說，這都是一個很好的機會，也可能是我們 GLE 的投資。這是一個建設性的市場，我們以前從未見過這樣的市場，布萊恩。

Sorry, maybe one quick follow-up. Just on Springfield. I mean, a year ago, it sort of sounded like when you talked, this maybe excess capacity in UF6 in the market in the West. So maybe that market didn't look at positive. It sounds now that maybe you're more positive on the U.S. outlook as you look forward to Springfield. Is that fair or are you thinking of using it for something else?

抱歉，也許需要快速跟進。就在斯普林菲爾德。我的意思是，一年前，聽起來有點像當你談到西方市場的六氟化鈾產能可能過剩時。所以也許那個市場看起來並不樂觀。現在看來，當您期待斯普林菲爾德時，您可能對美國前景更加樂觀。這公平嗎？

Grant?

授予？

Sorry, Brian, I didn't catch which markets looking more positive?

抱歉，布萊恩，我沒注意到哪些市場看起來比較正面？

Sorry, a year ago, UF6, you might have been a little more cautious given there was excess capacity, but now sort of Springfield sounds a little more positive.

抱歉，一年前，UF6，考慮到產能過剩，您可能會更加謹慎，但現在斯普林菲爾德聽起來更積極一些。

Yeah. If you look at the breakdown of potential Western supply, it's very different for conversion than it is for uranium and enrichment. In the West, we need to see more investment in new uranium production, the need for greenfield like we've talked about, and we need to see more investment in Western enrichment, in order for uranium and enrichment to match Western demand. The conversion space is actually a little bit different.

是的。如果你看看西方潛在供應的細分，你會發現轉化與鈾和濃縮有很大不同。在西方，我們需要看到更多對新鈾生產的投資，需要像我們談到的那樣的綠地建設，我們需要看到更多對西方濃縮鈾的投資，以便鈾和濃縮能夠滿足西方的需求。轉換空間其實有點不同。

What we really need is the four conversion plants to be running at full capacity plus perhaps the addition of our Global Laser Enrichment project, producing a UF6 product, so it's already converted. Then you actually see a little more balance between Western demand and Western supply. And one of those four facilities is Springfield. So we're ramping up that port hope production. You're seeing ConverDyn come back in the U.S. to 7,000 tons of conversion, you've got the plant in France running at, we think about 12 or 12.5 out of a potential 15.

我們真正需要的是滿載運作的四個轉換工廠，再加上我們的全球雷射濃縮項目，生產 UF6 產品，所以它已經轉換了。然後你實際上會看到西方需求和西方供應之間更加平衡。這四個設施之一是斯普林菲爾德。因此，我們正在提高港口希望產量。你會看到 ConverDyn 在美國的轉換率達到 7,000 噸，法國工廠的運作速度是 15 噸，我們認為是 12 或 12.5 噸。

And that does require the Springfield plant to come back in order to kind of balance that Western market. So the need is definitely there, and that's reflected in the very tight front end of the UF6 market and the historic pricing. But UF6 is like uranium. You don't start a UF6 plant and then knock on people's doors and say, do you want to buy UF6? Because they don't have in your demand for UF6. It's got to be part of a committed sales portfolio built out over time [than] you call for the additional production. So for us, it's about combining that solid marketing strategy with then the right production decisions.

這確實需要斯普林菲爾德工廠回歸，以平衡西方市場。因此，需求肯定存在，這反映在 UF6 市場的前端非常緊張和歷史定價上。但六氟化鈾就像鈾。您不會啟動一家六氟化鈾工廠，然後敲人們的門並說，您想購買六氟化鈾嗎？因為他們沒有您對六氟化鈾的需求。它必須是隨著時間的推移而建立的承諾銷售組合的一部分，而不是您要求的額外生產。因此，對我們來說，關鍵在於將可靠的行銷策略與正確的生產決策結合。

Thanks, Brian.

謝謝，布萊恩。

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。

Yes. Thanks very much, Ariel, and thanks to everybody who joined us today. You can probably sense our excitement in not only the market and where it's at, how our company is positioned in that market. It's pretty exciting times for us at Cameco. So we didn't get quite through the queue today. So as Rachelle noted, if you have any detailed follow-up questions related to the first quarter results or any questions that we didn't get to today on the call. Please contact us or we'll contact you and we're happy to address them directly.

是的。非常感謝，Ariel，也感謝今天加入我們的所有人。您可能不僅可以感受到我們對市場及其所處位置的興奮，還可以感受到我們公司在該市場的定位。對我們 Cameco 來說，這是非常令人興奮的時刻。所以今天我們沒有完全排隊。正如雷切爾（Rachelle）所指出的那樣，如果您有任何與第一季業績相關的詳細後續問題，或者我們今天在電話會議上未解決的任何問題。請聯絡我們，否則我們將與您聯繫，我們很樂意直接與他們聯繫。

As always, we're a responsible commercial supplier with a strong balance sheet, long-lived Tier 1 assets and a proven operating track record, we're invested across the nuclear fuel and reactor life cycles, and we believe we have the right strategy to achieve our vision of energizing a Clean Air world, and we will do so in a manner that reflects our values. Embedded in all our decisions is a commitment to address new risks and opportunities that we believe will make our business sustainable over the long term. So thanks again very much for joining us today. Stay safe and healthy, and have a great day. Thank you.

一如既往，我們是一家負責任的商業供應商，擁有強大的資產負債表、長期的一級資產和良好的營運記錄，我們在核燃料和反應器生命週期進行投資，我們相信我們擁有正確的策略為了實現我們為清潔空氣世界注入活力的願景，我們將以反映我們價值觀的方式實現這一目標。我們所有的決策都融入了應對新風險和機會的承諾，我們相信這將使我們的業務長期可持續發展。再次非常感謝您今天加入我們。保持安全和健康，祝你有美好的一天。謝謝。

This brings an end to 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。