Cameco Corp (CCJ) 2025 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Cameco Corporation second-quarter 2025 results conference call. As a reminder, all participants are in listen only mode, and the conference is being recorded. (Operator Instructions)

感謝您的支持。我是會議主持人。歡迎參加 Cameco Corporation 2025 年第二季業績電話會議。提醒一下，所有參與者都處於只聽模式，會議正在錄音。（操作員指示）

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

現在，我想將會議交給投資者關係副總裁 Cory Kos。請繼續。

Thank you, operator, and good morning, everyone. Welcome to Cameco's second quarter conference call. I would like to acknowledge that some of us are speaking from our corporate office today, which is in Saskatchewan on Treaty 6 territory, the traditional territory of the Cree People and the homeland of the Métis.

謝謝接線員，大家早安。歡迎參加 Cameco 第二季度電話會議。我想承認，我們中的一些人今天是在我們的公司辦公室發表講話的，我們的辦公室位於薩斯喀徹溫省的第 6 號條約領土上，這是克里族人的傳統領土和梅蒂人的家園。

Today, we're also dialing in from Toronto, which is on Treaty 13 territory, in the traditional territory of many nations, including the Mississaugas of the Credit, the Anishinaabe, the Chippewa, the Haudenosaunee, and the Wendat Peoples, and now home to many diverse First Nations, Inuit and Métis peoples.

今天，我們也從多倫多撥打電話，多倫多位於第 13 號條約領土內，是許多民族的傳統領土，包括克雷迪特的密西沙加人、阿尼希那比人、奇珀瓦人、豪德諾索尼人和溫達特人，現在是許多不同的第一民族、因紐特人和梅蒂人聚居的地方。

With us in Toronto are Tim Gitzel, President and CEO; and Grant Isaac, Executive VP and CFO. Joining from our Saskatoon headquarters, we have Heidi Shockey, Senior VP and Deputy CFO; and Rachelle Girard, Senior VP and Chief Corporate Officer.

與我們一起在多倫多的還有總裁兼執行長 Tim Gitzel 和執行副總裁兼財務長 Grant Isaac。來自我們薩斯卡通總部的代表有高級副總裁兼副財務長 Heidi Shockey 和高級副總裁兼首席公司長 Rachelle Girard。

I will hand it over to Tim momentarily to briefly discuss the positive momentum that continues to drive more and more interest in the nuclear markets and the excellent financial performance through the first half of the year that has kept Cameco in a solid financial position. After, we will open it up to your questions. Today's call will be approximately one hour, concluding at 9:00 AM Eastern Time.

我將暫時把時間交給蒂姆，簡要討論一下繼續推動人們對核市場越來越感興趣這一積極勢頭，以及今年上半年出色的財務業績，這使得 Cameco 保持了穩固的財務狀況。之後，我們將回答您的問題。今天的電話會議將持續約一小時，並於美國東部時間上午 9:00 結束。

While our goal is to be open and transparent with our communication, we do want to respect everyone's time and conclude the call by 9:00 AM. Therefore, should we not get to your questions during this call, or if you would like to follow up and get detailed financial modeling questions about our first half results, we'd be happy to respond to any follow-up inquiries.

雖然我們的目標是在溝通中保持開放和透明，但我們確實希望尊重每個人的時間並在上午 9:00 之前結束通話。因此，如果我們在本次通話中沒有回答您的問題，或者您想跟進並獲取有關我們上半年業績的詳細財務模型問題，我們將很樂意回答任何後續詢問。

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 send us a message link in the Invest section of 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.

您可以透過幾種方式聯絡我們以提出其他問題。您可以聯絡我們新聞稿中提供的聯絡資訊。您可以透過我們網站「投資」部分中的「向我們發送訊息」連結提交問題，也可以使用網路廣播螢幕底部的提問表，我們將很樂意在本次通話後進行跟進。

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

如果您透過我們的網站活動頁面加入電話會議，您將獲得可用的幻燈片，這些幻燈片將在通話期間顯示。此外，供您參考，我們的季度投資者手冊（PDF文件）可在我們的網站cameco.com下載。今天的電話會議對所有投資界人士開放，包括媒體。

During the Q&A session, please limit yourself to two questions and then return to the queue. Note that this conference call will include forward-looking information, which is based on a number of assumptions, and actual results could differ materially.

在問答環節，請限制自己只問兩個問題，然後回到佇列。請注意，本次電話會議將包含前瞻性訊息，這些資訊基於一系列假設，實際結果可能存在重大差異。

You should not place undue reliance on forward-looking statements. Actual results may differ materially from these forward-looking statements, and we do not undertake any obligation to update any forward-looking statements we make today, except as required by law.

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

As required by securities laws, we also need to make you aware that during today's discussion, the company will make a number of references to non-IFRS and other financial measures. Cameco believes these measures provide investors with useful perspective on underlying business trends and a full reconciliation of non-IFRS measures is available at cameco.com/invest.

根據證券法的要求，我們還需要讓您知道，在今天的討論中，公司將多次引用非國際財務報告準則和其他財務指標。Cameco 認為這些指標為投資者提供了有關潛在業務趨勢的有用視角，非國際財務報告準則指標的完整對帳可在 cameco.com/invest 上查閱。

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，以獲取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。

I will now turn it over to our President and CEO, Tim Gitzel.

現在我將把麥克風交給我們的總裁兼執行長 Tim Gitzel。

Well, thank you, Cory, and good morning, everyone. We appreciate you taking the time to join our discussion today. Hope everyone is doing well and has had the chance to enjoy some quality time with friends and family over the summer or winter, depending on where you are in the world today.

好吧，謝謝你，科里，大家早安。感謝您今天抽出時間參加我們的討論。希望每個人都過得好，並有機會在夏天或冬天與朋友和家人共度美好時光，這取決於您今天在世界的哪個地方。

Our industry is typically quieter during July and August, but with all the attention nuclear has been getting, especially in the past couple of months, we've had very little downtime. In fact, as Cory mentioned, Cory, Grant and I are calling in from Toronto today, where we are once again meeting with government representatives to talk about nuclear power.

我們的產業在七月和八月通常比較平靜，但由於核能受到廣泛關注，特別是在過去的幾個月裡，我們幾乎沒有停工時間。事實上，正如科里所提到的，科里、格蘭特和我今天從多倫多打來電話，我們在那裡再次與政府代表會面討論核電問題。

We're excited to be working not only with our local, provincial and Canadian governments, but with policymakers from the US and from around the world. These types of discussions and the actions that they generate are critical to expanding nuclear energy in Canada and abroad and ensuring the industry is supported by a secure nuclear fuel cycle.

我們很高興不僅能與當地、省和加拿大政府合作，還能與美國和世界各地的政策制定者合作。這些類型的討論及其產生的行動對於擴大加拿大和國外的核能以及確保該行業得到安全的核燃料循環的支持至關重要。

Canada's significant uranium resources and nuclear service infrastructure not only makes our country a key player in the global nuclear fuel supply chain, but it also positions Canada as a leader in enhancing global energy security and supporting clean energy solutions.

加拿大豐富的鈾資源和核子服務基礎設施不僅使我國成為全球核燃料供應鏈的關鍵參與者，也使加拿大成為增強全球能源安全和支持清潔能源解決方案的領導者。

With our operations across the fuel and reactor life cycles, we believe Cameco is positioned as a central pillar supporting the wave of new nuclear plans announced in recent months. Here in Ontario, OPG has received full approval to begin construction of the first of four planned SMR units, representing what could be the first commercial grid-scale SMRs in North America.

憑藉我們在燃料和反應器生命週期內的運營，我們相信 Cameco 將成為支撐近幾個月宣布的一系列新核計劃的核心支柱。在安大略省，OPG 已獲得全面批准，開始建造計劃中的四個 SMR 機組中的第一個，這可能是北美第一個商業電網規模的 SMR。

In the US, the resurgence of interest in nuclear has resulted in plans to build 10 new reactors across various states, creating opportunities for Westinghouse and its AP1000 reactor technology. Those North American announcements are in addition to a number of others from across the globe, including three reactors in Poland, two reactors in the Czech Republic that are now approved to break ground, additional interest from the UK and consideration of new nuclear in Sweden and Finland, to name just a few.

在美國，人們對核能興趣的復甦促使各州計劃建造 10 座新反應爐，這為西屋電氣及其 AP1000 反應器技術創造了機會。除北美宣布的這些消息外，全球各地還宣布了一些其他消息，其中包括波蘭的三座反應器、捷克共和國的兩座現已獲準動工的反應器、英國的額外興趣以及瑞典和芬蘭正在考慮的新核電站，等等。

The advancing dialogue to build safe, secure and clean nuclear plants is coming amid the supportive shifts in government policies alongside broadly favorable developments such as the World Bank lifting its long-standing ban on nuclear financing.

在政府政策支持性轉變和世界銀行解除長期以來對核能融資的禁令等普遍利好因素的推動下，建設安全、可靠和清潔核電站的對話正在不斷推進。

With the continually improving demand picture and a growing number of new build announcements, clean electrons have remained on the critical path to addressing global energy security concerns. And if nuclear energy is on the critical path to those clean electrons, then Cameco, with our tier 1 assets in stable jurisdictions and strategic investments across the entire nuclear fuel cycle, is a key component on the critical path to global energy security as well. It's exciting to see the market beginning to realize the value of Cameco and the potential for our investment in Westinghouse.

隨著需求情勢的不斷改善和新建項目數量的不斷增加，清潔電子仍然是解決全球能源安全問題的關鍵途徑。如果說核能是通往清潔電子的關鍵路徑，那麼 Cameco 憑藉其在穩定管轄區內的一級資產和在整個核燃料循環中的戰略投資，也是全球能源安全關鍵路徑上的關鍵組成部分。看到市場開始認識到 Cameco 的價值以及我們對西屋電氣的投資潛力，我們感到非常興奮。

As we get started today, I want to highlight, as we always do in this industry, the importance of maintaining a long-term view. Geopolitical and trade-related developments may continue to introduce short-term uncertainty, but our strategy has consistently demonstrated resilience in navigating those types of challenges. The alignment of our marketing, operational and financial decisions has proven to be a real strength as the nuclear fuel market shifts its focus towards security of supply.

今天，當我們開始工作時，我想強調保持長遠眼光的重要性，就像我們在這個行業中一貫所做的那樣。地緣政治和貿易相關的發展可能會繼續帶來短期不確定性，但我們的策略在應對此類挑戰方面始終表現出韌性。隨著核燃料市場將重點轉向供應安全，我們的行銷、營運和財務決策的協調已被證明是一種真正的優勢。

First and foremost, we've maintained a disciplined and patient approach on the marketing front. We are layering in long-term contracts for both uranium and conversion services that are designed to protect us from weaker market conditions while still providing exposure to the price improvements needed to support future supply investments. And as customers commit to those contracts, it directly informs our operational planning.

首先，我們在行銷方面一直保持著嚴謹和耐心的態度。我們正在簽訂鈾和轉化服務的長期合同，旨在保護我們免受疲軟的市場環境的影響，同時仍提供支持未來供應投資所需的價格改善機會。當客戶承諾履行這些合約時，它會直接影響我們的營運計劃。

We invest in supply to ensure fuel is made available in step with demand. In the past, we've seen how unencumbered supply creates an overhang, slows down contracting, and negatively impacts prices. In fact, even the expectation that uncommitted supplies will be available, credible or not, can stall momentum. So Cameco will never front-run the market.

我們投資供應以確保燃料供應與需求同步。過去，我們已經看到，無限制供應會造成供應過剩、減緩合約簽訂速度並對價格產生負面影響。事實上，即使預期會有未承諾的供應，無論是否可信，都可能阻礙發展動能。因此 Cameco 永遠不會搶佔市場先機。

To support our marketing activities and underpin long-term operational planning, we are also dedicated to financial discipline and maintaining a strong balance sheet. That provides us with the flexibility to invest when and where needed and allows us to be patient as the contracting cycle continues to evolve.

為了支持我們的行銷活動並支撐長期營運規劃，我們也致力於財務紀律並保持強勁的資產負債表。這為我們提供了在需要的時間和地點進行投資的靈活性，並使我們能夠耐心等待合約週期的持續發展。

The bottom line is our actions are deliberate, our decisions are value-driven, and our strategy is built to deliver long-term success. And when we see that the risk to future supply far outweigh the risks to long-term demand, we're confident that we're on the right path with the right strategy.

底線是我們的行動是深思熟慮的，我們的決定是價值驅動的，我們的策略是為了實現長期成功而製定的。當我們看到未來供應的風險遠遠超過長期需求的風險時，我們相信我們正走在正確的道路上，採取正確的策略。

Even with long-term uranium prices holding near decade-long highs, we're still not seeing the level of long-term contracting needed to support both brownfield expansions and the new projects required to meet future demand.

即使鈾價長期保持在近十年來的最高水平，我們仍然沒有看到支持棕地擴張和滿足未來需求的新項目所需的長期合約水平。

Utilities still have a significant amount of uranium to secure to meet their fuel needs through 2045. And now that we're halfway through 2025, it appears likely that it could be yet another year where utilities consume more uranium than they contract in the forward market.

到2045年，公用事業單位仍需要確保大量的鈾以滿足其燃料需求。現在我們已經到了 2025 年的一半，看來今年公用事業公司消耗的鈾量又可能超過其在遠期市場上簽訂的合約量。

Both spot and long-term contracting are down in the first half of the year relative to 2024, pushing more material into a period of significant uncovered demand and even greater supply uncertainty. And we don't expect to see a move to just-in-time delivery for nuclear fuel.

與 2024 年相比，今年上半年現貨和長期合約均有所下降，導致更多材料進入大量未滿足需求和供應不確定性更大的時期。我們也不期望看到核燃料的準時交付。

Long-term contracting is essential in our market. It enables continued investment in supply, and it aligns with both the long-term economics of uranium mining and the processing time it takes to transport, convert, enrich and fabricate a nuclear fuel bundle. Looking ahead, we believe that procuring uranium will become a top priority, a shift that is not only necessary but unavoidable.

在我們的市場中長期合約至關重要。它使得供應方面的持續投資成為可能，並且符合鈾礦開採的長期經濟效益以及運輸、轉化、濃縮和製造核燃料束所需的處理時間。展望未來，我們認為採購鈾將成為重中之重，這種轉變不僅是必要的，而且是不可避免的。

Moving to briefly highlight Cameco's second quarter and the first half results. Our overall financial performance across the uranium, fuel services and Westinghouse segments was strong, and has improved our overall 2025 expectations. As we always highlight, quarterly results will vary, and it's our annual expectations that matter.

簡單介紹一下 Cameco 第二季和上半年的業績。我們的鈾、燃料服務和西屋電氣部門的整體財務表現強勁，並提高了我們對 2025 年的整體預期。正如我們一直強調的那樣，季度業績會有所不同，重要的是我們的年度預期。

Aside from a slight increase in our expected annual average realized price driven by a rise in market prices, the most notable shift was in our full year expectations from our Westinghouse investment. We now expect our 49% share of Westinghouse's adjusted EBITDA to be between USD525 million and USD580 million driven by the USD170 million increase in our share of Westinghouse's second quarter revenue. That improvement was tied to Westinghouse's participation in a construction project for two nuclear reactors at the Dukovany power plant in the Czech Republic, which I mentioned earlier.

除了受市場價格上漲推動，我們預期的年度平均實現價格略有上漲之外，最顯著的變化是我們對西屋電氣投資的全年預期。我們現在預計，我們在西屋電氣調整後 EBITDA 中所佔的 49% 份額將在 5.25 億美元至 5.8 億美元之間，這得益於我們在西屋電氣第二季度收入中所佔的份額增加了 1.7 億美元。這項進步與西屋電氣參與捷克共和國杜科瓦尼發電廠兩座核反應器的建設項目有關，我之前提到過。

While all the recent nuclear project announcements have the potential to positively impact our core uranium and fuel services business, we believe the Czech project, in particular, points to significant prospective growth opportunities that lie ahead for Westinghouse.

雖然最近宣布的所有核子計畫都有可能對我們的核心鈾和燃料服務業務產生積極影響，但我們認為捷克計畫尤其為西屋電氣未來帶來了巨大的成長機會。

As was expected at our uranium operations, this year's second quarter timing of planned maintenance at the Key Lake mill resulted in lower uranium production and a higher unit cost of sales compared to the second quarter and the first six months of last year. We continue to expect both McArthur River/Key Lake and Cigar Lake to each produce 18 million pounds this year on a 100% basis.

正如我們鈾業務所預期的那樣，今年第二季 Key Lake 廠的計畫維護時間導致鈾產量下降，單位銷售成本與去年第二季和上半年相比上升。我們繼續預計麥克阿瑟河/基湖和雪茄湖今年的產量將分別達到 1800 萬磅，達到 100%。

However, uranium mining isn't easy. And as we've highlighted at the beginning of this year, our current uranium production plan assumes that ground freezing and development in new mining areas advances as planned, that we maintain access to adequate skilled labor, and that new equipment is commissioned on time. So as we monitor those risks, we will plan accordingly to ensure we meet our commitments.

然而，鈾礦開採並不容易。正如我們在今年年初強調的那樣，我們目前的鈾生產計劃假設新礦區的地面凍結和開發按計劃進行，我們能夠獲得足夠的熟練勞動力，並且新設備能夠按時投入使用。因此，在監控這些風險的同時，我們將制定相應的計劃，以確保我們履行承諾。

In addition to the production sources we operate, JV Inkai in Kazakhstan remains on track for its target production volume of 8.3 million pounds on a 100% basis. From that volume, our purchase allocation is 3.7 million pounds this year, and shipments from JV Inkai are expected to begin in the second half of 2025.

除了我們營運的生產源之外，哈薩克的合資企業 Inkai 仍有望實現 100% 830 萬磅的目標產量。從這個數量來看，我們今年的採購配額為 370 萬磅，預計合資公司 Inkai 將於 2025 年下半年開始出貨。

Similar to our Canadian operations, no mining method or production source is ever without risk. JV Inkai's annual production target requires it to successfully manage the availability of sulfuric acid, procurement and supply chain risks, transportation challenges, construction delays and inflationary pressures on production costs.

與我們的加拿大業務類似，任何採礦方法或生產來源都不是沒有風險的。合資公司 Inkai 的年度生產目標要求其成功管理硫酸的可用性、採購和供應鏈風險、運輸挑戰、施工延誤以及生產成本的通膨壓力。

At our fuel services division, our annual production outlook, which includes UF6 conversion, UO2 conversion and heavy water reactor fuel bundles remains on track for between 13 million and 14 million kgU of combined fuel services products.

在我們的燃料服務部門，我們的年度生產預期（包括UF6轉化、UO2轉化和重水反應器燃料束）仍保持在1300萬至1400萬公斤鈾的綜合燃料服務產品水準。

Looking at our financial position, we've remained diligent in managing our liquidity and our capital structure to deliver on our strategy, to take advantage of opportunities and to self-manage risk. We're maintaining a strong balance sheet guided by our investment-grade rating and supported by strong cash flow generation.

從我們的財務狀況來看，我們一直在努力管理我們的流動性和資本結構，以實現我們的策略，利用機會並自我管理風險。在投資等級的指導下，並在強勁的現金流支持下，我們保持著強勁的資產負債表。

So from a financial perspective, we are in excellent shape with $716 million in cash and cash equivalents, $1 billion in total debt and a $1 billion undrawn revolving credit facility. These are incredibly exciting times for the nuclear industry.

因此，從財務角度來看，我們的狀況非常好，擁有 7.16 億美元的現金和現金等價物、10 億美元的總債務和 10 億美元的未提取循環信貸額度。對於核工業來說，這是一個無比令人興奮的時刻。

We're seeing a global shift in how nuclear energy is perceived with nuclear power included as a critical part of the solution to energy security and the clean energy transition. In the face of ongoing geopolitical uncertainty and increasingly complex global trade dynamics, the importance of sourcing nuclear fuel from trusted, experienced and sustainable suppliers like Cameco has never been more clear.

我們看到全球對核能的看法正在轉變，核能被視為解決能源安全和清潔能源轉型的關鍵組成部分。面對持續的地緣政治不確定性和日益複雜的全球貿易動態，從 Cameco 等值得信賴、經驗豐富且可持續發展的供應商處採購核燃料的重要性從未如此明顯。

It's about more than just fuel. It's about enabling a future energy system that is secure, reliable and carbon-free. With our world-class tier 1 fuel cycle assets and our strategic investments across the reactor life cycle, we believe Cameco is uniquely positioned to help power that future.

這不僅與燃料有關。這是為了實現一個安全、可靠且無碳的未來能源系統。憑藉我們世界一流的一級燃料循環資產和在整個反應器生命週期的策略性投資，我們相信 Cameco 擁有獨特的優勢來幫助推動這一未來。

So before we move to Q&A, I wanted to highlight a few changes to our senior management team that will go into effect on September 1, which we announced this morning. Grant Isaac will be appointed Cameco's President and Chief Operating Officer, with our current Chief Operating Officer, Brian Reilly, retiring in 2026.

因此，在我們進入問答環節之前，我想強調我們高階管理團隊的一些變動，這些變動將於 9 月 1 日生效，我們今天上午宣布了這些變動。格蘭特·艾薩克 (Grant Isaac) 將被任命為 Cameco 總裁兼首席營運官，我們現任營運長布萊恩·賴利 (Brian Reilly) 將於 2026 年退休。

In the meantime, Brian will be assuming the role of Senior Adviser, Operations in order to retain and transfer his operational experience and knowledge to the team over the coming months. Heidi Shockey, currently Senior Vice President and Deputy Chief Financial Officer, will be appointed Senior Vice President and Chief Financial Officer. Liam Mooney, currently our Vice President of Safety, Health and Environment, will be appointed Senior Vice President and Chief Legal Officer.

同時，Brian 將擔任營運高級顧問，以便在未來幾個月內保留並將其營運經驗和知識傳授給團隊。現任高級副總裁兼副財務長的 Heidi Shockey 將被任命為高級副總裁兼財務長。現任我們安全、健康和環境副總裁的 Liam Mooney 將被任命為高級副總裁兼首席法律長。

And Sean Quinn, our outgoing Chief Legal Officer, who will also be retiring in 2026, will assume the role of Senior Adviser of Special Projects, so we can capture his expertise as well. I will remain as CEO and will continue to guide this company through the most exciting times that any of us have ever experienced in this industry.

我們即將離任的首席法律官肖恩·奎因 (Sean Quinn) 也將於 2026 年退休，他將擔任特別項目高級顧問，因此我們也可以藉鑑他的專業知識。我將繼續擔任首席執行官，並將繼續帶領公司度過我們任何人在這個行業經歷過的最激動人心的時刻。

So thank you all for joining us today, both on the line and via webcast. We appreciate your continued interest, and we'll now open the floor to your questions.

非常感謝大家今天透過線上和網路直播加入我們。感謝您的持續關注，現在我們將開始回答您的提問。

(Operator Instructions) Orest Wowkodaw, Scotiabank.

（操作員指示）Orest Wowkodaw，豐業銀行。

Hi, good morning. A question about Westinghouse. Since the acquisition, obviously, the outlook for nuclear globally has improved considerably. Yet your five year CAGR guidance for the business hasn't changed at 6% to 10%.

嗨，早安。關於西屋電氣的一個問題。自收購以來，全球核能前景顯然已大大改善。然而，您對該業務的五年複合年增長率預期並沒有改變，仍為 6% 至 10%。

Can you give us some color on why that is? And is it just a function of that most of the -- is it more of a timing issue where you expect most of the upside from new business to show up after that five year mark? Or is there anything else we should think about in that?

您能解釋為什麼會這樣嗎？這是否只是大多數因素的功能——這更多的是一個時間問題，您是否預計新業務的大部分優勢將在五年後顯現出來？或者我們還應該考慮其他什麼嗎？

And I do recognize it excludes the windfall IP settlements from the Koreans. But just curious on how to think about that growth range in the context of all these positive announcements on nuclear. Thank you.

我確實認識到它不包括韓國人獲得的意外知識產權和解金。但我只是好奇在所有這些關於核能的積極聲明的背景下如何看待這一增長範圍。謝謝。

Orest, this is Tim. Thanks for the question. It's a great question. And I'm going to pass it over to Grant in a minute. Grant sits on the Board. He's one of our directors on the Westinghouse Board. So he's deep into that subject.

奧雷斯特，這是提姆。謝謝你的提問。這是一個很好的問題。我馬上就把它交給格蘭特。格蘭特是董事會成員。他是西屋電氣董事會的董事之一。所以他對這個主題很深入。

But before I do, just if you'll allow me, I just want to make a statement on -- last night, we got some news from one of the communities up north. We've been fighting forest fires up there. It seems perpetually since May. They just keep coming and coming.

但在此之前，如果您允許的話，我只想發表一個聲明——昨晚，我們從北部的一個社區得到了一些消息。我們一直在那裡撲滅森林火災。自五月以來似乎一直如此。他們只是不斷地湧來。

And there's an ongoing wildfire situation and evacuation that we heard about last night yesterday at the Northern Village of Pinehouse. Pinehouse is a community we're very close to. We had to -- unfortunately, they had to evacuate the community last night and our good friend, Mayor Mike Natomagan and everyone living up there, we're thinking of you today.

我們昨晚聽說了派恩豪斯北部村莊正在發生的野火情況和疏散情況。Pinehouse 是我們非常親近的社區。我們不得不——不幸的是，他們昨晚不得不疏散社區，我們的好朋友，市長邁克·納托馬甘和所有居住在那裡的人，我們今天都想念你們。

We -- at Cameco, we've been fortunate that our sites have remained safe during the wildfire season, though many of our employees, contractors and partners have indeed been impacted, and we're certainly always mindful of the challenges they face and continue to face.

在 Cameco，我們很幸運，我們的工地在野火季節保持安全，儘管我們的許多員工、承包商和合作夥伴確實受到了影響，但我們始終牢記他們所面臨和繼續面臨的挑戰。

And I just want to say, to our workers who are helping in those communities, thank you for the work that you're doing, and we're thinking of everyone up north. And hopefully, we get a lot of rain pretty soon. So I just want to start with that, Orest, sorry to interrupt.

我只想對那些在這些社區提供幫助的工作人員說，感謝你們所做的工作，我們心裡想著北方的每一個人。希望我們很快就會迎來大雨。所以我只想從這個開始，奧雷斯特，抱歉打擾了。

And Grant, I'm going to turn it over to you on the Westinghouse question.

格蘭特，我將把有關西屋電氣的問題交給你。

Yeah, thank you, Tim. Orest, you actually did a great job answering your own question. When you think about Westinghouse, there is no doubt that whether it's the core of the business that's responding to reactors being restarted, reactors going through subsequent license renewal and all the exciting business that is generated for Westinghouse because of that, then there's the energy systems piece and the Dukovany units, really the first indication of that strong prospect for Westinghouse's technology, either directly through the AP1000 or through the Korean offering, really playing a critical part in growing nuclear power, it's all very exciting.

是的，謝謝你，提姆。Orest，你確實很好地回答了你自己的問題。當您想到西屋電氣時，毫無疑問，無論是響應反應堆重啟的業務核心，還是反應堆隨後的許可證更新，以及因此為西屋電氣帶來的所有令人興奮的業務，然後是能源系統部分和杜科瓦尼機組，這實際上是西屋電氣技術前景光明的第一個跡象，無論是直接通過 AP1000 還是通過韓國產品，西屋電氣技術前景光明的第一個跡象，無論是直接通過 AP1000 還是通過韓國產品，西電屋電氣發展都將非常令人興奮，這一切都令人興奮。

But when you think about our forward guidance, it's done on the basis of that conservative approach that Cameco always uses. And what I mean there is a lot of projects looking at new builds in energy systems have not yet hit FID.

但是，當您考慮我們的前瞻性指引時，它是基於 Cameco 始終使用的保守方法完成的。我的意思是，許多正在考慮新建能源系統的項目尚未做出最終投資決定。

And that for us is a critical moment for starting to build it into the business plan. So whether it's the 6 reactors in Poland or the 2 in Bulgaria or Slovenia's evaluation or the 10 announced for the United States or the evaluation of gigawatt scale reactors in Canada, which could be up to as many as 14, depending on which assessment you look at, none of those have hit FID yet, and therefore, they're not in the forward plan.

對我們來說，這是一個開始將其納入商業計劃的關鍵時刻。因此，無論是波蘭的 6 座反應爐、保加利亞的 2 座反應器、斯洛維尼亞的評估、美國宣布的 10 座反應堆，還是加拿大的千兆瓦級反應器評估（可能多達 14 座），取決於你所看到的評估，這些反應器都尚未做出最終投資決定 (FID)，因此，它們不在遠期計劃中。

Once they're in the forward plan, we would start to, I would say, significantly have increases to that outlook. They're just not there yet. And even some of them, as they start to hit FID, would be outside that five year look. So there is a wall of business that's building for Westinghouse, but from a very conservative point of view, we don't include it until things are at final investment decision.

一旦他們制定了前瞻性計劃，我想說，我們就會開始大幅提高這個前景。他們只是還沒到達那裡。甚至其中一些公司，當它們開始達到 FID 時，也會超出這個五年計畫的範圍。因此，西屋電氣的業務正在不斷成長，但從非常保守的角度來看，在做出最終投資決定之前，我們不會將其納入其中。

And if we did, there would be a really silly upside growth rate that just, I think, would be irresponsible for us to do. We continue to be very happy. And in fact, maybe the final comment I would make on Westinghouse, the only part of the business that's underperforming the acquisition case is the part of the business that would have been doing decommissioning on reactors that are shutting down.

如果我們這樣做，就會出現一個非常愚蠢的成長率，我認為這對我們來說是不負責任的。我們仍然非常高興。事實上，我對西屋電氣的最後評價可能是，該公司唯一在收購案中表現不佳的業務部分是負責對正在關閉的反應器進行退役的業務部分。

So we are delighted that, that part of the business has effectively been all rolled up because nobody is even considering doing that anymore. So thank you for your question, Orest.

因此，我們很高興，這部分業務實際上已經全部完成，因為沒有人再考慮這樣做了。謝謝你的提問，奧雷斯特。

Thanks. And just as a quick follow-up, I mean, the USD170 million IP windfall this quarter, that looks to be repeatable. How should we think about that in terms of potential cadence on when we could see that come again over the next couple of years? Like, is this something we should be baking into our estimates in terms of upside additions on an annual basis now?

謝謝。順便問一下，本季 1.7 億美元的 IP 意外之財看起來是可以重複的。我們該如何看待這現像在未來幾年內再次出現的潛在節奏？例如，我們現在是否應該將其納入年度上行增量的估算中？

That particular mechanism applies to markets that the Koreans are leading the development in. So when the Koreans are pursuing new build opportunities, those new build opportunities bring with them Westinghouse's participation through these kind of upfront arrangements, through a scope of work that Westinghouse would be delivering alongside the Koreans, and then obviously, through the growth of the core of the business as a fuel fabrication and reactor contract for 80 years kicks in after the new build is done.

這種特殊機制適用於韓國引領發展的市場。因此，當韓國人尋求新建核電機會時，這些新建核電機也會帶來西屋電氣的參與，透過這種前期安排，透過西屋電氣將與韓國人一起完成的工作範圍，然後顯然，透過業務核心的成長，即在新建核電完成後，為期 80 年的燃料製造和反應器合約開始生效。

The first Korean project is the Dukovany site. But remember what the Koreans actually captured was a four reactor plant in the Czech Republic, two at Dukovany, two at Temelin. So in fact, we are expecting more news just to come out of the Czechia new build project alone over the next couple of years and then watch any other market that the Koreans are continuing to develop because it would be a very similar structure.

第一個韓國計畫是杜科瓦尼 (Dukovany) 站。但請記住，韓國人實際上佔領的是捷克共和國的一座擁有四座反應爐的核電站，其中兩座於杜科瓦尼，兩座於泰梅林。因此，事實上，我們期待未來幾年內有關捷克新建項目的更多消息，然後觀察韓國人繼續開發的其他市場，因為它們的結構非常相似。

Perfect. Thank you for the color.

完美的。謝謝你的顏色。

Thanks Orest.

謝謝奧雷斯特。

Brian Lee, Goldman Sachs.

高盛的 Brian Lee。

Hey guys, good morning. Thanks for taking the questions and kudos on the nice execution. Maybe a real quick question on the model to start. Noticed the quite significant upside and strong results on the EBITDA performance for the uranium segment.

大家好，早安。感謝您回答問題，並對出色的執行表示讚賞。也許首先要問一個關於模型的簡單問題。注意到鈾部門的 EBITDA 表現具有相當顯著的上升空間和強勁的業績。

I think part of that was the low-cost inventory. Can you kind of walk us through the mechanics in the quarter of that drawdown, and what maybe the trend line could look like for that part of the segment into the second half of the year?

我認為部分原因是低成本庫存。您能否向我們介紹一下該季度的下降機制，以及該部分業務在下半年的趨勢線可能是什麼樣的？

Grant?

授予？

Yeah, Brian, I'm going to ask Heidi to jump in there. But before Heidi jumps in, really, you need to think about that uranium segment performance as this enormous incumbent advantage that Cameco has. I will remind folks that we responded to a weak market condition that we saw in the past by leaving inventory in the ground, by going into supply discipline. And I would also remind folks, we're still in supply discipline in that we don't even have our tier 1 assets running at full production. And the reason for that is really simple.

是的，布萊恩，我要讓海蒂也加入進來。但在海蒂加入討論之前，你真的需要考慮一下鈾礦領域的表現，因為這是 Cameco 所擁有的巨大的現有優勢。我要提醒大家，過去我們面對疲軟的市場狀況時，採取的應對措施是將庫存留在地下，實施供應紀律。我還要提醒大家，我們仍然遵守供應紀律，因為我們的一級資產甚至還沒有滿載生產。原因其實很簡單。

It's that the demand on the uranium side hasn't showed up yet in order to justify that. So all of that means, as we capture more and more demand and we have the opportunities to really develop that tier 1 production base, it's just going to continue to improve our cost structure, more produced material from lower cost sources flowing into our financials in the uranium segment.

這是因為鈾方面的需求尚未出現，以證明這一點。因此，所有這一切意味著，隨著我們滿足越來越多的需求，並且我們有機會真正開發一級生產基地，它將繼續改善我們的成本結構，更多來自低成本來源生產的材料將流入我們鈾部門的財務狀況。

This is the very positive consequence of having as much standby capacity as we do, which was deliberate and strategic and responsive to the market. So just wanted to provide that strategic context, but Heidi, if you want to speak to the dynamics.

這是我們擁有如此多備用容量所帶來的非常積極的結果，這是經過深思熟慮的、具有戰略意義的並且能夠響應市場需求的。所以只是想提供戰略背景，但是海蒂，如果你想談談動態。

Sure, thanks, Grant. And thanks for the question. I guess I would just point out, first of all, that our inventory will vary. So as much as our inventory is a little lower this quarter, it's just a matter of kind of the timing of when production falls and also when our supply of other purchase commitments fall. In terms of the cost overall, I guess I would point a little bit to our purchased pounds.

當然，謝謝，格蘭特。感謝您的提問。我想我首先要指出的是，我們的庫存會有所不同。因此，儘管本季我們的庫存略低，但這只是產量下降以及其他採購承諾供應下降的時間問題。就整體成本而言，我想我會稍微指出我們購買的英鎊。

So in our outlook, we're guiding to about 11 million or 12 million pounds to be purchased this year. And year-to-date, we've only purchased about 2 million. So a lot of purchasing yet to come. We are seeing the benefit in the first half of the low-cost production, as Grant pointed out.

因此，我們預計今年的購買量約為 1,100 萬或 1,200 萬英鎊。今年到目前為止，我們只購買了大約 200 萬輛。因此還有很多採購尚未完成。正如格蘭特所指出的，我們在上半年看到了低成本生產的好處。

Some of that will balance out through the remainder of the year. And so if you look at our outlook of where our unit cost of sales is expected to land, that might be helpful if you're looking at your model.

其中一部分將在今年剩餘時間內平衡。因此，如果您看一下我們對單位銷售成本預計下降的展望，這可能會對您查看模型有所幫助。

No, that's super helpful. Appreciate that, Heidi. And then just second question, and I'll pass it on, is there's clearly a lot of activity in the new nuclear development space. You talked through a number of them geographically. And I think it's well appreciated, you guys don't want to sort of front-run and put it into your numbers without seeing dirt being moved and FID and so forth and so on.

不，這非常有幫助。非常感謝，海蒂。然後是第二個問題，我會傳達的，新核開發領域顯然有很多活動。您從地理角度討論了其中的許多問題。我認為這很值得讚賞，你們不想在沒有看到污垢被移動和 FID 等的情況下搶先將其放入數字中。

Can you give us a sense, though, of whether it's region by region or specific areas where there's been more advanced development, kind of what the gating factors are to some of this activity materializing into projects that you would consider putting into your official guidance?

不過，您能否讓我們了解一下，是各個地區還是特定領域中發展更為先進的領域，這些活動實現為您會考慮納入官方指導的項目的限制因素是什麼？

And maybe I think in the past, you've talked a little bit around timing for some of the potential ones in Poland, Bulgaria. I think another one was talked about in Slovakia just recently, but maybe a little bit more color around kind of the cadence and what developments you're expecting here in terms of those getting to the finish line. Thanks guys.

也許我認為，過去您曾談論過波蘭、保加利亞等一些潛在項目的時機問題。我認為最近在斯洛伐克也談到了另一個問題，但也許可以更詳細地介紹一下節奏以及您對最終結果的期望。謝謝大家。

Yeah, Brian, it's Tim. It's almost overwhelming to some extent, the number of different countries and companies and industries that are today talking about nuclear. And I think we're drawn in many different directions as we try to get to those countries and companies.

是的，布萊恩，我是提姆。如今，談論核能的不同國家、公司和行業的數量之多，在某種程度上幾乎令人難以承受。我認為，當我們試圖進入這些國家和公司時，我們會朝著許多不同的方向發展。

I mean, just generally, and I'll let Grant speak about what Westinghouse is looking at because that's a different movie, but I mean the UK, France, Hungary, Czech, China, India, Canada, big player, US, we were just down, Grant and I, were down two weeks ago in Pittsburgh with the President of the United States and the Secretary of Energy and talking about new nuclear.

我的意思是，一般來說，我會讓格蘭特談談威斯汀豪斯所關注的事情，因為那是一部不同的電影，但我的意思是英國、法國、匈牙利、捷克、中國、印度、加拿大、大國、美國，我們剛剛，格蘭特和我，兩週前在匹茲堡與美國總統和能源部長一起談論新核能。

He signed four executive orders calling for a quadrupling of nuclear power in the United States, 400 units by 2050. He wants 10 AP1000s started by 2030, a bit of a monumental task that we're going to try and undertake.

他簽署了四項行政命令，要求將美國的核電數量增加四倍，到2050年達到400台。他希望在 2030 年啟動 10 台 AP1000 核電機組，這是我們要努力完成的艱鉅任務。

And then you can go Egypt, Turkey and the countries, the three you mentioned, I think of companies, Google, Amazon, Microsoft, Meta, AWS, it's a load, for sure. So lots of interest in nuclear, lots of projects moving forward and Westinghouse is right in the thick of it.

然後你可以去埃及、土耳其和你提到的三個國家，我想到的公司有Google、亞馬遜、微軟、Meta、AWS，這肯定很多。人們對核能的興趣十分濃厚，許多項目正在推進，而西屋電氣正處於其中。

Grant, I don't know if you want to add anything.

格蘭特，我不知道您是否想補充一些內容。

Yeah. Brian, I think you were right in identifying that some markets just feel more traditional, and they seem to have a bit of an advantage. So for example, what's going on in Central and Eastern Europe, this is a part of the world that has actually always been very familiar with nuclear.

是的。布萊恩，我認為你說得對，有些市場感覺更傳統，而且它們似乎有一點優勢。舉例來說，中歐和東歐正在發生的事情，這個地區其實一直對核能非常熟悉。

It's a part of the world that never stopped building nuclear. It's just they were building Russian reactors and now are looking for an alternative to the Russian reactors. But that means that there's almost a bit of an advantage for those markets because you've got state-owned utilities with strong state support, and that's the classic model for building nuclear.

這是世界上從未停止核能建設的地區。他們只是在建造俄羅斯反應堆，現在正在尋找俄羅斯反應爐的替代品。但這意味著這些市場幾乎有一點優勢，因為你們擁有政府大力支持的國有公用事業，這是建造核電的經典模式。

So watch Poland. I think Bulgaria is really eager, too. They had the second announcement, but I think they're really eager to get to FID before Poland. So watch that space closely. And watch Slovenia. They just have that inherent advantage of that strong state orientation and strong state focus on supporting the grid.

因此，請關注波蘭。我認為保加利亞也非常渴望。他們已經發布了第二次公告，但我認為他們真的渴望在波蘭之前達成最終決定。因此請密切關注該空間。並關注斯洛維尼亞。他們只是具有強大的國家導向和強大的國家重點支持電網的固有優勢。

Other markets are really starting to evolve new models. In the United States, watch for things like multi-utility, multi-investor, multi-customer fleet models as opposed to the one utility that steps out and says, we're going to do it. We're going to build gigawatt scale. We always do it in a two pack. So it's a pretty big undertaking.

其他市場確實開始出現新的模式。在美國，要注意多公用事業、多投資者、多客戶車隊模式，而不是單一公用事業公司站出來說「我們要這麼做」。我們將建造千兆瓦規模的發電廠。我們總是以兩件為一包的方式進行。所以這是一項相當大的任務。

And we're going to do it on the back of our rate base, for example. So new models are being worked out in some of the new markets. That's taking, I would say, a little bit of time. It's not diminishing the enthusiasm in any way, but it's taking a little bit of time.

例如，我們將根據我們的利率基礎來做到這一點。因此，一些新市場正在製定新的模式。我想說，這需要一點時間。這不會以任何方式削弱熱情，但需要一點時間。

And then ultimately, when you start to add up these numbers and you get to dozens of planned gigawatt scale reactors between what Westinghouse and the Koreans can do, one of the questions that often gets asked is, can we do it?

最後，當你開始把這些數字加起來，你會發現西屋公司和韓國公司計劃建造數十座千兆瓦級反應器時，人們經常會問的一個問題是，我們能做到嗎？

And you didn't ask it, but if you had a third question, I'm pretty sure that that's where you were going to go. So I just want to preempt it a little bit just to say, yes, we can. The key to new build in the West and in the regions like Central and Eastern Europe is standardization and sequencing.

雖然你沒有問，但如果你有第三個問題，我很確定這就是你要問的。所以我只是想先說一句，是的，我們可以。西方以及中歐和東歐等地區新建建築的關鍵是標準化和順序化。

And what we see over and over again is utilities looking at what is the right sequence, looking at a reactor that's already designed, already licensed, already been built, they can go and they can look at it, they can see it operating.

我們一次又一次看到的是，公用事業公司正在研究正確的順序，研究已經設計好、已經獲得許可、已經建造好的反應堆，他們可以去查看，看到它的運作。

And this commitment to standardization and sequencing will be the key to a successful launch of gigawatt scale new build, and everybody fortunately seems to be united on capturing those two key components.

對標準化和排序的承諾將是成功啟動千兆瓦級新建專案的關鍵，幸運的是，每個人似乎都團結一致，抓住了這兩個關鍵要素。

Thanks for all that color guys. Appreciate it.

感謝所有這些色彩人。非常感謝。

Good. Thanks, Brian.

好的。謝謝，布萊恩。

Lawson Winder, Bank of America.

美國銀行的勞森·溫德（Lawson Winder）。

Thank you very much, operator, and good morning, Tim and Grant, and congratulations to everybody starting new roles with today's announcement. If I could, I would like to ask about the commentary in the release on McArthur.

非常感謝，接線員，早安，蒂姆和格蘭特，祝賀大家在今天的公告中開始新的角色。如果可以的話，我想問新聞稿中有關麥克阿瑟的評論。

So there was some commentary along the lines of some slow development in the first half of the year and potential risk to guidance. Could you maybe just elaborate on what's going on there and kind of the range of potential outcomes and bottlenecks through H2 that will ultimately determine your ability to hit that 18 million pounds guidance?

因此，有一些評論認為今年上半年發展緩慢，並且存在指導方面的潛在風險。您能否詳細說明目前的情況，以及 H2 中可能出現的各種結果和瓶頸，這些最終將決定您能否達到 1800 萬英鎊的預期目標？

Yeah, Lawson, Tim, mining not an easy venture. We've said that a million times and don't let anyone ever tell you that mining is easy because it's not. So we're going into some new areas in McArthur. We've mentioned that in our MD&A and some of our other disclosure.

是的，勞森，提姆，採礦不是一項容易的事業。我們已經說過無數次了，不要讓任何人告訴你挖礦很容易，因為它並不容易。因此，我們將進入麥克阿瑟的一些新領域。我們在管理層討論與分析以及其他一些披露中提到過這一點。

Whenever you go into a new area, there's potential new risks. And so you've seen and you know our ground freezing method. We have to make sure it's frozen tight before we get in there to start mining. So we're working on that. You heard me off the hop talk about availability of labor or at least indirectly.

每當你進入一個新領域時，都會存在潛在的新風險。所以您已經看到並了解了我們的地面凍結方法。我們必須確保它完全凍結，然後我們才能進入那裡開始採礦。所以我們正在努力。您立即聽到我談論勞動力的可用性，或至少間接地談論。

The fires this year have not been easy on us. And we've lost a little bit of electricity, got it back. We lost communications, got it back. And then unfortunately, some of the communities where our employees live like Pinehouse, when they're fighting fires, we send the employees home to help out at home. So availability of skilled labor is always a tricky part for us. And then we're just commissioning some new equipment.

今年的火災對我們來說並不容易。我們失去了一點電力，但又恢復了。我們失去了通訊，但又恢復了。不幸的是，我們的員工所居住的一些社區，例如 Pinehouse，當他們撲滅火災時，我們會派員工回家幫忙。因此，熟練勞動力的可用性對於我們來說始終是一個棘手的問題。然後我們正在調試一些新設備。

So I'm not making any excuses here. I'm just saying mining is hard. That's what we're doing. We have not changed our guidance on production for this year. Overall, things are going well, but there's just risk in mining. So I think that's what I can tell you, Lawson.

所以我在這裡不找任何藉口。我只是說採礦很難。這就是我們正在做的事情。我們沒有改變今年的生產指導。整體來說，事情進展順利，但採礦也有風險。所以我想這就是我能告訴你的，勞森。

Okay. I mean thanks for flagging it, and just walking through that detail is helpful. Just as a follow-up, I'd like to ask about GLE. You provided some disclosure in today's release that ultimately, you continue to expect first production in 2030. You've reached level 6 readiness at the test loop facility.

好的。我的意思是感謝您的舉報，並且了解這個細節很有幫助。作為後續問題，我想問一下有關 GLE 的問題。您在今天的發表會上透露，最終您仍預計在 2030 年實現首次生產。您已達到測試環路設施的第 6 級準備狀態。

What I wanted to actually ask about is GLE selection for Department of Energy funding. Could you just talk to that process and what the potential upside is and how you expect that funding to look? Like, could it be grant money? Or could it be some sort of repayment on CapEx? Any color there would be really, really helpful. Thank you.

我實際上想問的是有關 GLE 獲得能源部資助的選擇。您能否談談這個過程以及潛在的好處是什麼以及您預計資金將如何流向？例如，這可能是補助金嗎？或者這可能是某種形式的資本支出償還？任何顏色都會非常非常有用。謝謝。

Yeah. We haven't reached TRL level 6 yet, but Grant, go ahead.

是的。我們還沒有達到 TRL 6 級，但 Grant，繼續吧。

Yeah, GLE is underway on TRL6 evaluation. And just a reminder to everybody why that's important is because it's a technology that we know works. It enriches uranium. But ultimately, what you need to prove is it works at that nuclear reliability level, meaning when you turn on the machines, they are doing what they're supposed to be doing at that sort of Six Sigma level of nuclear reliability.

是的，GLE 正在進行 TRL6 評估。我只是想提醒大家，為什麼這很重要，因為我們知道這是一項有效的技術。它可以濃縮鈾。但最終，你需要證明的是它在核可靠性水平上有效，這意味著當你啟動機器時，它們正在按照六西格瑪水平的核可靠性進行它們應該做的事情。

And that becomes the basis then for really getting into serious conversations about investing in the technology and serious conversations about contingent contracts, for example, for the outputs of a new nuclear technology. So very exciting. We continue to be really committed to finding an entry point into the enrichment space as Cameco. So all of that is going well.

這成為真正嚴肅地討論投資該技術以及有關附帶合約（例如，有關新核技術產出的附帶合約）的基礎。非常令人興奮。我們將繼續致力於尋找像 Cameco 這樣的豐富領域的切入點。所以一切進展順利。

You asked about the DOE programs, and I can provide a bit of color, but I probably can't provide a lot of really strong direction on it. The DOE has not really made any decisions yet. I think the industry is getting a little bit frustrated that they haven't made those decisions. And then in terms of the mechanisms, there's a bit of industry pushback on what they might look like. And let me just give you one example.

您詢問了 DOE 計劃，我可以提供一些信息，但我可能無法提供很多真正有力的指導。美國能源部實際上尚未做出任何決定。我認為業界對於他們尚未做出這些決定感到有點沮喪。就機製而言，業界對於其具體外觀存在一些抵觸情緒。我來給你舉一個例子。

The DOE had proposed that maybe the best mechanism for them to support new Western fuel cycle technologies is to kind of stand in the breach as the buyer of last resort, meaning if industry wasn't yet prepared to support a new technology through a contingent contract, the DOE might be there to buy that material in the absence of industry demand.

美國能源部曾提出，也許他們支持西方新燃料循環技術的最佳機制就是作為最後的買家，這意味著如果工業界還沒有準備好透過附帶條件的合約來支持一項新技術，那麼在沒有工業需求的情況下，美國能源部可能會購買該材料。

And on the surface, it sounds like a great idea, Lawson, but it's something that we're just not huge fans of at Cameco because we've seen in the past what happens when the DOE has excess material. And we've seen what happens when they sell it into the market in a way that's not attuned to the commercial timing in the market. So the last thing we want to see is the DOE buildup an inventory ahead of industry demand and then live with the uncertainty of what they're going to do with it.

勞森，從表面上看，這聽起來是個好主意，但我們 Cameco 並不十分支持，因為我們過去已經看到當 DOE 擁有過剩材料時會發生什麼。我們已經看到，當他們以不符合市場商業時機的方式出售到市場時會發生什麼。因此，我們最不想看到的是，美國能源部在產業需求之前就已經建立庫存，然後不確定如何處理這些庫存。

So to your question, we and others in the industry have been pushing for more direct support. We've been saying things like, if we in the West don't want to be standing on January 1, 2028, scratching our heads and going, where is all the Western capacity that we were supposed to be investing in, then the DOE should think about deploying some of the budget monies that have been allocated to those who are prepared to put their balance sheet to work, through co-investments, the 50%, 50% cost share of the advanced reactor development program. That's a great model for something like GLE. The industry is prepared to put its balance sheet. Government is prepared to support those first movers.

對於您的問題，我們和業內其他人一直在爭取更多的直接支持。我們一直在說，如果我們西方不想在 2028 年 1 月 1 日還在為我們應該投資的西方核能產能在哪里而苦惱，那麼美國能源部就應該考慮通過共同投資的方式，將部分預算資金分配給那些願意讓其資產負債表發揮作用的人，分擔先進反應堆開發計劃的 50% 成本。對於 GLE 這樣的車型來說，這是一個很棒的車型。該行業已準備好公佈其資產負債表。政府準備支持這些先行者。

So more to come on this space, but I would say it really comes down to the DOE just hasn't made decisions yet. And until then, we continue to evaluate this on its technical capability and its commercial case. And just like every other segment, we would have no intention of front-running high-quality industry term demand with supply that didn't have a home. So we remain disciplined.

關於這個領域還有更多內容，但我想說的是，這實際上歸結為能源部尚未做出決定。在此之前，我們將繼續根據其技術能力和商業案例進行評估。就像其他所有領域一樣，我們無意用沒有歸屬的供應來搶佔高品質產業長期需求。因此我們保持紀律。

Thank you very much.

非常感謝。

Thanks, Lawson.

謝謝，勞森。

Alexander Pearce, Bank of Montreal.

蒙特利爾銀行的亞歷山大·皮爾斯。

Great, thanks. Morning all. So my first question is just around inventories and obviously, you've drawn inventories down to just over 7 million pounds now. And you've highlighted, in the next quarter, I think you've got a maintenance shutdown at Cigar Lake, potential delays around McArthur and Inkai deliveries also towards the end of the year. So how comfortable are you with that level? Is that a new normal? Or should we assume more purchases in this quarter to try and kind of push that number up?

太好了，謝謝。大家早安。所以我的第一個問題是關於庫存的，顯然，你們現在的庫存已經下降到 700 萬英鎊多一點。您曾強調，我認為下個季度 Cigar Lake 將會停產維護，McArthur 和 Inkai 的交付也可能會在今年年底前出現延遲。那麼您對於這個水平感覺如何？這是新常態嗎？或者我們應該假設本季會有更多購買量，以嘗試提高這個數字？

Thanks for the question, Alex. Grant?

謝謝你的提問，亞歷克斯。授予？

Yeah. You always need to think about our sourcing into our contract portfolio. It's something we do on a much longer-term basis than even just the calendar year. The advantage of our focus on -- we do not produce unless we build a home for it, means we actually have a lot of line of sight for a long period of time on what our commitments are and when, and therefore, how we need to source it.

是的。您始終需要將我們的採購納入我們的合約組合中來考慮。我們所做的事情比日曆年要長期得多。我們專注於——除非我們為它建造一個家，否則我們不會生產，這意味著我們實際上在很長一段時間內都對我們的承諾是什麼以及何時以及因此我們需要如何採購它有著很清晰的認識。

So we always talk about sourcing from production. It's obviously our preferred method. We carry an inventory for when there's moments where there's a mismatch between delivery and production. Or if there's risk to production, we carry in inventory just for that.

因此我們總是談論從生產採購。這顯然是我們首選的方法。當交貨和生產出現不匹配的情況時，我們會保留庫存。或者如果生產有風險，我們就會為此儲備庫存。

We also make purchases in the market at times when we feel uranium is cheap, and we buy forward if somebody is willing to fix the price. We act like a very greedy utility in those circumstances. And then we always reserve the right to bring those long-term purchases forward and take possession of them if we need them for sourcing in the more immediate term.

當我們覺得鈾價便宜時，我們也會在市場上購買，如果有人願意固定價格，我們就會提前買進。在這種情況下，我們表現得像一個非常貪婪的公用事業公司。然後，如果我們需要在更短期內採購這些長期採購產品，我們始終保留提前採購這些產品並佔有它們的權利。

We can buy in the spot market for immediate delivery. That's just yet another tool we can use. We have the ability to borrow material from those who have material on account with us if we needed to. And then obviously, we could always get into a conversation with the utility.

我們可以在現貨市場購買並立即交貨。這只是我們可以使用的另一種工具。如果需要的話，我們可以向那些在我們帳戶上有資料的人借閱資料。顯然，我們總是可以與公用事業公司進行對話。

And what I mean there, Alex, is that we run the company from a risk mitigation point of view so that we're never like a clumsy buyer in the market, but we will be a very strategic buyer in the market. And we've seen some supply come in, in the face of no demand, the spot prices come off.

亞歷克斯，我的意思是，我們從降低風險的角度來經營公司，這樣我們就不會成為市場上笨拙的買家，而是成為市場上非常有策略眼光的買家。我們看到一些供應湧入，但由於沒有需求，現貨價格下跌。

And quite frankly, if people want to sell material at $70 to with all of the tailwinds facing nuclear, with the reality that today's uranium price does not yet reflect the fact that uranium is the product for which there's no substitute.

坦白說，如果人們想以 70 美元的價格出售材料，那麼在核能面臨所有順風的情況下，今天的鈾價還沒有反映出鈾是無可取代的產品。

It does not reflect the fact that the risks to supply are way greater than the risks to demand. It doesn't reflect the fact that restarts are proving to be really, really tricky in our industry. It doesn't reflect the fact that greenfield is not going to happen on the time frames and budgets that people are proposing.

它沒有反映出供應風險遠大於需求風險的事實。這並沒有反映出重啟在我們這個行業確實非常棘手的事實。它並沒有反映出綠地計畫不會按照人們提議的時間框架和預算實現的事實。

So if people want to part with uranium today, we will be a very strategic and deliberate buyer. We do have pounds, we have to buy, but we'll always pull those other sources in a way that makes the most sense for us and just be very opportunistic and continue to, I would say, run the best trading book in the uranium space as we take advantage of those who are selling when we, quite frankly, think they shouldn't be.

因此，如果人們今天想要出售鈾，我們將是一個非常有戰略眼光和深思熟慮的買家。我們確實有英鎊，我們必須購買，但我們將始終以對我們最有意義的方式吸引其他來源，並且非常抓住機會，並繼續，我想說，在鈾領域運行最好的交易賬簿，因為我們利用那些在我們坦率地認為不應該賣出時賣出的人。

Great, thanks, Grant. And then maybe if I can just build on Orest's question at the start. So in terms of that guidance range you provided for Westinghouse, the 6% to 10%, is it fair to say that the upper and lower bounds for that range is more to do with the timing of the existing pipeline that you see coming in. Obviously, there's some flex in terms of when that happens rather than a different number of reactors for the kind of upper and lower range.

太好了，謝謝，格蘭特。然後也許我可以根據 Orest 一開始提出的問題進行進一步的探討。因此，就您為西屋電氣提供的指導範圍（6% 至 10%）而言，是否可以公平地說，該範圍的上限和下限更多地與您看到的現有管道的投入時間有關。顯然，在發生這種情況的時間方面存在一些靈活性，而不是針對不同上限和下限使用不同數量的反應器。

Yeah, and I wouldn't say there's a whole lot of flex on the lower part of that range. That lower part really reflects the core of the business, picking up the fabrication reactor services because of restarts, because of subsequent license renewals.

是的，而且我不會說該範圍的下半部有很大的彈性。下部確實反映了業務的核心，由於重啟、由於後續許可證續簽而獲得了製造反應器服務。

The core actually has some potential upside to it as well, things like the conditions for bringing back the Springfields conversion service in the UK. Well, that would actually sit in the core of the business. The energy systems piece, which captures the new builds, it's got a lot more upside to it if the reactors that are being evaluated hit FID.

核心實際上也具有一些潛在的優勢，例如在英國恢復 Springfields 轉換服務的條件。嗯，這實際上是業務的核心。能源系統部分涵蓋了新建項目，如果正在評估的反應器能夠獲得最終投資決定 (FID)，那麼它的上行空間將更大。

So for us, we look at it as a floor. The ceiling is just really subject to capturing some of these stated interest in building new reactors, turning them into revealed interest through final investment decisions. We just continue to be very, very excited with where Westinghouse is going and really are grateful every day that we're part of this business.

因此對我們來說，我們將其視為底線。這個上限實際上只是取決於能否抓住一些關於建造新反應器的公開興趣，並透過最終的投資決策將其轉化為公開的興趣。我們只是繼續對西屋電氣的發展方向感到非常興奮，並且每天都感激我們能成為這項業務的一部分。

Right, thank you.

好的，謝謝。

Thanks, Alex.

謝謝，亞歷克斯。

Andrew Wong, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Andrew Wong。

Hey, good morning. Thanks for taking my questions. So just going back to like the nuclear new build opportunity, obviously, a lot of significant opportunities here for both the industry and Westinghouse. So I guess two questions here.

嘿，早安。感謝您回答我的問題。所以回到核能新建機會，顯然，對於產業和西屋電氣來說，這裡有很多重要的機會。所以我想這裡有兩個問題。

One is, does the nuclear industry have the capacity right now to meet that potential build pipeline, whether that's in labor or heavy equipment or forging?

一是，核工業目前是否有能力滿足潛在的建設需求，無論是勞動力、重型設備或鍛造？

And then just also similar for Westinghouse, there's a lot of opportunities here potentially even, if you look across all the projects, 20 plus AP1000 builds or even going into the 30s, in fact, if you include everything, is there enough capacity for Westinghouse to meet that demand?

對於西屋電氣來說也類似，這裡有很多潛在的機會，如果你看看所有的項目，20 多個 AP1000 建設，甚至進入 30 多個，事實上，如果你把所有項目都包括進去，西屋電氣是否有足夠的產能來滿足這種需求？

Yeah, Andrew, earlier, I answered what I thought might have been Brian's question to say, does the industry have the capacity to do it? And I look back through the '60s and '70s at a time when we were building 20 reactors, 25 reactors a year.

是的，安德魯，之前我回答了布萊恩提出的問題，我認為這個行業有能力做到這一點嗎？回顧 20 世紀 60 年代和 70 年代，當時我們每年建造 20 座、25 座反應爐。

It can be done, and it can be done as long as there is a really strong commitment to standardization and sequencing. And if there is, the ability to develop a long lead item platform, the ability to prepare the labor, the ability to sequence the construction programs, it means that we can deliver on all of this promise.

這是可以做到的，只要我們真正堅定地致力於標準化和排序，就可以做到。如果有能力開發長週期專案平台、有能力準備勞動力、有能力安排施工計劃，就意味著我們可以兌現所有這些承諾。

And I would just say, for those of you that are in Ontario, look no further than the refurbishments of the CANDU reactors. They are demonstrating, OPG and Bruce Power, what happens when you standardize and sequence and the achievement that can be made in the West. So we can do it.

我想說的是，對於你們這些在安大略省的人來說，只要看看 CANDU 反應器的翻新就知道了。OPG 和 Bruce Power 正在證明，當你標準化和排序時會發生什麼，以及在西方可以取得什麼成就。所以我們可以做到。

It really is just about getting started and getting started in a smart, standardized and sequenced way. And as I said to Brian, the great news about all of this talk of nuclear new build is everyone understands, standardizing to a common design and sequencing properly is the key. And as long as we stick to that, I don't know what the upside case is, but it's tremendous.

這實際上只是開始，並以一種智能、標準化和有序的方式開始。正如我對布萊恩所說的那樣，關於核電站新建的所有討論的好消息是每個人都明白，標準化的通用設計和正確的排序是關鍵。只要我們堅持這一點，我不知道好處是什麼，但好處是巨大的。

Okay, great. Thanks for the additional color, and then maybe just turning to the uranium markets. Can you just provide some more insights into your contracting discussions today? Are we still seeing floors and ceilings at that $70 to $130 level?

好的，太好了。感謝您提供的補充信息，然後也許我們就可以轉向鈾市場了。您能否就今天的合約討論提供一些更多見解？我們是否仍看到 70 至 130 美元水平的下限和上限？

And then just on just the contracting activity in general, understandably, volumes are low in H1 because of the macro uncertainty. And that's calmed a bit, but I think macro uncertainty is probably the environment that we'll be in for quite a while here. So what do we need to see happen for that contracting activity to pick up?

然後，就整體承包活動而言，可以理解的是，由於宏觀不確定性，上半年的承包量較低。現在情況有所緩和，但我認為宏觀不確定性可能是我們未來相當長一段時間內將面臨的環境。那麼，我們需要看到什麼才能讓承包活動回升呢？

Yeah, Andrew, I'm amazed we're 49 minutes into our call, and this is the first question about the uranium market. So thank you for that. Guess what, I'm prepared to answer it. The uranium market, I said a little bit earlier, and I just want to reiterate it, that when you're looking at how things are setting up, some folks are inclined to say, well, the term contracting is pretty low year-to-date and even the spot market is pretty low year-to-date, and look at that as bad news. And I actually look at it through a very different lens.

是的，安德魯，我很驚訝我們已經通話 49 分鐘了，這是關於鈾市場的第一個問題。謝謝你。你猜怎麼著，我準備好回答了。關於鈾市場，我之前提到過，現在我只想重申一下，當你觀察事情的進展時，有些人傾向於說，今年迄今為止的定期合約量相當低，甚至現貨市場也相當低，並把這看作是壞消息。事實上，我從一個非常不同的角度來看這個問題。

It just simply means that demand is being delayed, it's being deferred. It's accumulating into a future window where there are even greater risks to supply. And therefore, that means or suggests that pricing power is going up, not going down.

這只是意味著需求被延遲、被延後。它正在累積到未來的一個時期，屆時供應的風險甚至會更大。因此，這意味著或表明定價能力正在上升，而不是下降。

When I look at the reasons for the uranium market to be a little bit slow, they still point to the geopolitical bifurcation or multi-furcation of the market. There's more attention being paid downstream right now than there is upstream.

當我審視鈾市場略顯低迷的原因時，它們仍然指向地緣政治的分歧或市場的多重分歧。目前，人們對下游的關注度比上游更高。

There remains more concern about where the critical services are coming from relative to uranium. And I think some in the uranium segment are actually harming themselves. I mean we do continue to see new entrants or restarts that are being hyper promoted.

人們更擔心的是，相對於鈾，關鍵服務的來源究竟在哪裡。我認為鈾領域的一些人實際上是在傷害自己。我的意思是，我們確實不斷看到新進入者或重新開始者受到大力推廣。

And of course, I'm not criticizing anybody, I understand why they do it. But if you're a fuel buyer there and you know that enrichment is really short. And every time you turn around, you're being told, the US is going to start producing massive amounts of uranium, or these new projects are going to come on in the next two years.

當然，我並不是批評任何人，我理解他們為什麼要這樣做。但如果你是那裡的燃料買家，你就會知道濃縮過程真的很短暫。每次你轉身，你都會被告知，美國將開始生產大量鈾，或者這些新計畫將在未來兩年內啟動。

You're inclined to go, okay, maybe I shouldn't worry about uranium quite yet. I would worry, but we haven't seen that fully transpire in uranium. So we remain patient, and we remain actually really optimistic that when the demand starts to come and utilities realize that the volumes they're looking for aren't there or they realize that the duration or the tenor of the available material isn't what they thought, we're going to find ourselves in a very similar situation that we went through in conversion.

你可能會想，好吧，也許我現在還不該擔心鈾。我會擔心，但我們還沒有看到這種情況在鈾中完全發生。因此，我們保持耐心，並且實際上保持樂觀，當需求開始出現並且公用事業公司意識到他們所尋找的數量並不存在，或者他們意識到可用材料的持續時間或期限與他們想像的不一樣時，我們會發現自己處於與我們在轉換中經歷的非常相似的境地。

So that, to me, is the really good analogue. So all of that means is we remain patient. We remain disciplined. The market knows what we want for market-related callers. We want those floors that start with $70s. We want those ceilings in $130 escalated.

所以，對我來說，這確實是一個很好的類比。所以這一切意味著我們要保持耐心。我們保持紀律。市場知道我們對與市場相關的呼叫者的需求。我們想要那些起價 70 美元的地板。我們希望將 130 美元的上限提高。

When there's been such little term demand in the market, it means that others are willing to be more aggressive, but that doesn't include us. We build a contract portfolio to protect us from these kind of softer market moments, and we hold out to capture the value of our incumbent advantages, we're more bullish on where this is going than we were at this time last year.

當市場上的長期需求如此之少時，這意味著其他人願意採取更積極的行動，但這並不包括我們。我們建立了一個合約組合來保護我們免受這種較弱的市場時刻的影響，並且我們堅持抓住我們現有優勢的價值，我們對未來的發展比去年這個時候更加樂觀。

The longer the contracting is delayed, the more demand that's going to come into the market all at once, and we love those moments from a uranium contracting point of view.

簽約拖延的時間越長，市場上出現的需求就會越多，從鈾簽約的角度來看，我們喜歡這樣的時刻。

Great. Thank you very much.

偉大的。非常感謝。

Thanks for your question, Andrew.

謝謝你的提問，安德魯。

Mohammed Sidibé, National Bank Financial.

穆罕默德·西迪貝，國家金融銀行。

Morning, Tim and Grant. Thanks for taking my question. So my question mainly relates to the Inkai deliveries that are expected in the second half of the year. Could you maybe talk about some of your confidence level in receiving your portion of that production in the second half and maybe as it specifically relates to the transportation risk in the region? Thank you.

早上好，提姆和格蘭特。感謝您回答我的問題。所以我的問題主要涉及預計下半年的 Inkai 交付。您能否談談您對下半年收到那部分產量的信心水平，以及它與該地區的運輸風險的具體關係？謝謝。

Yeah. Over the last number of years, we had been flagging that while the Trans-Caspian corridor was working, it really lacked predictability and certainty, and we just were never sure. But I would say our partner, Kazatomprom, has just become better and better at utilizing that channel.

是的。在過去幾年裡，我們一直在強調，雖然跨里海走廊正在運行，但它確實缺乏可預測性和確定性，我們也從來都不確定。但我想說，我們的合作夥伴哈薩克國家原子能工業公司 (Kazatomprom) 在利用該管道方面做得越來越好。

That's given us the confidence to suggest that our deliveries for the 2025 production as well as the remaining 2024 production will start to flow in the second half of the year. We obviously will update in Q3 if that's not the case.

這使我們有信心相信，2025 年生產的車輛以及 2024 年剩餘車輛的交付將在下半年開始。如果不是這種情況，我們顯然會在第三季進行更新。

It goes back to our sourcing conversation. We have multiple ways to deal with making our commitments. And so when there are delays coming out of that part of the world, we'll just use alternative sources, and then we'll capture the full economic value of that material.

這又回到了我們的採購對話。我們有多種方式來履行我們的承諾。因此，當該地區出現延誤時，我們就會使用替代來源，然後我們就能獲得該材料的全部經濟價值。

But in general, the Trans-Caspian route is becoming a little more certain, a little more predictable, but nothing like producing from Cigar Lake and moving it out of Northern Saskatchewan, which is probably the highest-reliability uranium on the planet.

但總體而言，跨里海路線正變得更加確定、更加可預測，但與從雪茄湖生產鈾礦並將其運出薩斯喀徹溫省北部相比，這仍然沒有什麼不同，那裡可能是地球上可靠性最高的鈾礦。

Thanks for that answer. And then if I could maybe follow up on specifically the core business in Springfields and just as it relates to the entire geopolitical situation there, have you seen enough development within the European market that could potentially get you thinking about restarting Springfields or going towards that direction?

謝謝你的回答。然後，如果我可以具體跟進斯普林菲爾德的核心業務，以及它與那裡的整個地緣政治局勢的關係，您是否看到歐洲市場有了足夠的發展，這可能會讓您考慮重啟斯普林菲爾德或朝這個方向發展？

Certainly, a very constructive conversion space and certainly a lot of interest in additional Western conversion to come to the market. Generally, what we need to see is a closing of the bid-and-ask spread on new conversion capacity.

毫無疑問，這是一個非常有建設性的轉換空間，而且肯定會有很多人對更多西方轉換進入市場感興趣。一般來說，我們需要看到的是新轉換容量的買賣價差的收盤。

And what I mean there is not necessarily the price. There are, I would say, a lot of utilities that are willing to pay today's conversion price, today's long-term conversion price, and maybe even a slight premium in order to lock in new capacity. But utilities are smart. They're saying, we're prepared to do this for three years. Well, we actually need a much longer contract than three years in order to do this.

我的意思不一定是價格。我想說，有很多公用事業公司願意支付今天的轉換價格、今天的長期轉換價格，甚至可能支付少量溢價，以鎖定新產能。但公用事業是智慧的。他們說，我們準備這樣做三年。嗯，為了做到這一點，我們實際上需要一份比三年更長的合約。

We've seen this game before. Utilities love to contract with new entrants, whether it's the uranium space or conversion. And they love to sort of entice them with what look like premium contracts for a very short duration because then once that capacity is in the market, it's going to bid the price down. And we just simply aren't going to fall for it. If we're bringing this capacity back, the capacity has to come back under a pricing and under a tenor that makes sense and captures full value.

我們以前見過這個遊戲。公用事業公司喜歡與新進業者簽訂合同，無論是鈾領域還是轉化領域。他們喜歡用看似短期的優質合約來吸引客戶，因為一旦這種產能進入市場，價格就會下降。我們根本就不會上當。如果我們要恢復這種產能，那麼產能的恢復必須以合理的定價和期限進行，並且能夠實現全部價值。

So the bid-ask is not so much on the price side, it's what is the long-term commitment to that supply source and therefore, the strongest underwriting condition for new supply. And then don't forget the longer Springfields stays down, the more value accrues directly to Port Hope. So we're in a pretty good position here in the conversion space.

因此，買賣價差並不主要取決於價格方面，而是對供應源的長期承諾，因此也是新供應最強的承保條件。而且不要忘記，斯普林菲爾德停產的時間越長，霍普港直接獲得的價值就越大。因此，我們在轉換領域處於相當有利的地位。

Great, thank you.

太好了，謝謝。

Thanks, Mohammed.

謝謝，穆罕默德。

Anita Soni, CIBC.

加拿大帝國商業銀行 (CIBC) 的安妮塔·索尼 (Anita Soni)。

Oh, I got -- glad I got squeezed in there last night.

哦，我很高興昨晚被擠在那裡。

We wouldn't leave.

我們不會離開。

I was like -- I'm going to have to dial in an hour early for this thing. And I've got competing conference calls this morning. So, firstly, congratulations to Grant and Heidi on their promotions and great to see you, Tim, continuing on in your role.

我當時想──我得提早一個小時撥電話才能接聽這通電話。今天早上我參加了多個競爭對手的電話會議。首先，恭喜格蘭特和海蒂晉升，很高興看到你，提姆，繼續擔任你的職位。

Secondly, a lot of the questions have been asked and answered, great answers. The only nuance that I wanted to ask about was the wildfire situation. And is that having an impact? Is that contributing to that cautionary language that you had around the production at Cigar Lake and at McArthur River?

其次，很多問題都已經提出並得到解答，答案非常好。我唯一想問的就是野火的狀況。這會產生影響嗎？這是否與您在雪茄湖和麥克阿瑟河生產過程中發出的警告語言有關？

Or is that just completely separate? I'm just trying to understand like how temporary or long term sort of that caution that you have is in terms of should we be thinking about it for 2026 as well as 2025?

或者說，這完全是兩碼事？我只是想知道，就我們是否應該考慮 2026 年和 2025 年而言，您所持的謹慎態度是暫時的還是長期的？

Yeah, Anita, the fires are not really the principal cause. It's those other factors I mentioned. We're breaking into new mining areas, the ground freezing has to take. The labor issues, that's a bit related to fires, that they come and go because they're looking after their own places.

是的，安妮塔，火災並不是主要原因。這就是我提到的其他因素。我們正在開拓新的採礦區，必須採取地面凍結措施。勞工問題與火災有點相關，他們來來去去，因為他們要照顧自己的住處。

We're commissioning new equipment. So those things are in play right now. The fires are peripheral, I'd say to that. We'll get through that. Like I said, we haven't changed our guidance. And certainly for next year, it has no effect on that.

我們正在調試新設備。所以這些事情現在正在發生。我想說，火災都是外圍的。我們會克服這個困難的。正如我所說，我們沒有改變我們的指導。當然，對於明年來說，這不會有任何影響。

So we're just working through some of those issues right now this summer. And if there's any news, we'll bring it to you, but we're going to carry on as we have in the past. So hopefully, that helps.

因此，今年夏天我們正在解決其中的一些問題。如果有任何消息，我們會告訴您，但我們會像過去一樣繼續下去。希望這能有所幫助。

Okay, thank you. That's my question.

好的，謝謝。這就是我的問題。

Thanks.

謝謝。

Brian MacArthur, Raymond James.

布萊恩麥克阿瑟、雷蒙詹姆斯。

Hi, good morning and thanks for taking my question. So I'll be quick because I know we're at the end. Mine goes back to Lawson's questions. Just on GLE, Grant and Tim, you've talked about how tough it is to do things. How confident would you be to get GLE in by 2030?

大家好，早安，感謝您回答我的問題。所以我會很快說完，因為我知道我們已經到了最後。我又回到勞森的問題。就在 GLE、格蘭特和提姆身上，你們談到了做事有多難。您對於 2030 年之前推出 GLE 有多大信心？

And the second part of that is, is the thought process still you're going to treat some secondary material first? Or has that all changed as we go forward? Any color would be great. Thanks.

第二部分是，你的思考過程是否仍是先處理一些次要材料？或者隨著我們不斷前進，這一切都改變了？任何顏色都很好。謝謝。

Yeah, Brian, glad you got in right at the end here. With respect to GLE, we continue to work on a path that is the fundamental agreement with the Department of Energy. By 2030, subject to obviously further discussions with the DOE around timing, we would be in a position to re-enrich the depleted UF6 tails that are a legacy liability, quite frankly, of the old gaseous diffusion plants, but once re-enriched are an important source of US uranium, both uranium and conversion. That would be our intention, and that would be our focus right now because that is the primary obligation of GLE.

是的，布萊恩，很高興你最後能來到這裡。關於 GLE，我們將繼續努力與能源部達成基本協議。到 2030 年，顯然還要與美國能源部就時間安排進行進一步討論，我們將能夠重新濃縮貧化的 UF6 尾料。坦白說，這些尾料是舊氣體擴散工廠的遺留問題，但一旦重新濃縮，它們將成為美國鈾（包括鈾和轉化鈾）的重要來源。這是我們的目的，也是我們現在的重點，因為這是 GLE 的主要義務。

GLE could do straight down the fairway LEU to replace the Russians. GLE could do higher assay enrichments in order to provide fuel for some of the advanced reactor designs that require a high level of enrichment. But in those other two cases, we would need to see the demand for that service.

GLE 可以直接沿著航道 LEU 行駛，以取代俄羅斯的 LEU。GLE 可以進行更高濃度的分析濃縮，以便為一些需要高濃度濃縮的先進反應器設計提供燃料。但在另外兩種情況下，我們需要了解對該服務的需求。

We would need to see the appropriate contracting, the appropriate pricing in order to underwrite the investments required to do those two additional services, whereas the DOE tails arrangement is an agreement we have with the DOE to produce two products we know really, really well, uranium and conversion, and that remains our focus, that's the path we continue to be on, subject to obviously verifying TRL6 and then subject to putting in a strong investment case because the uranium and UF6 market is there for that product.

我們需要看到適當的合約和適當的定價，以便承保這兩項額外服務所需的投資，而 DOE 尾料安排是我們與 DOE 達成的一項協議，旨在生產我們非常了解的兩種產品，即鈾和轉化，這仍然是我們的重點，也是我們繼續走的道路，顯然要驗證 TRL6，然後要提出強有力的投資案例，因為鈾和 UF6 市場需要該產品。

Right. So the capacity at first would be just for the tails and then you'd add additional capacity like it's scalable to do the other stuff if you wanted to.

正確的。因此，最初的容量只是為了尾部，然後您可以添加額外的容量，就像它是可擴展的，可以做其他的事情（如果您願意的話）。

Yeah. I mean the only thing that could change that, Brian, and it kind of goes back to the question that was asked earlier about what the DOE is up to, if the DOE realizes that it really wants LEU instead of re-enriched tails, then the DOE has the ability to support that through some funding decisions. We would obviously encourage that, and we would respond accordingly. But at the moment, the primary focus is the tails re-enrichment.

是的。布萊恩，我的意思是，唯一能改變這種狀況的，有點回到之前提出的問題，即美國能源部在做什麼，如果美國能源部意識到它真正想要的是低濃縮鈾而不是再濃縮尾料，那麼美國能源部有能力通過一些資金決策來支持這一點。我們顯然會鼓勵這種做法，並且會做出相應的回應。但目前，主要重點是尾部的再濃縮。

Great, thanks very much for taking my question at the end.

太好了，非常感謝您最後回答我的問題。

Yeah, thanks, Brian, nice to talk to you.

是的，謝謝，布萊恩，很高興與您交談。

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

我們的問答環節到此結束。我想將會議交還給 Tim Gitzel 做最後發言。

Okay. Well, thank you, operator, and thanks to everybody that was with us today. As Cory noted at the start, if you have any detailed follow-up questions related to our second quarter results or any questions at all that we didn't have a chance to answer, please just send those into us, and we'll be happy to answer them.

好的。好的，謝謝接線員，也感謝今天與我們在一起的每個人。正如 Cory 在開始時指出的那樣，如果您對我們的第二季度業績有任何詳細的後續問題，或者有任何我們沒有機會回答的問題，請將這些問題發送給我們，我們將很樂意為您解答。

We believe that the evolution of supportive government policies, the tangible actions of energy-intensive industries and positive public conversations are all pointing to the same conclusion, nuclear energy is a critical solution for providing clean, constant, secure and reliable power to electrify global economies.

我們相信，政府支持政策的演變、能源密集產業的實際行動以及積極的公眾對話都指向同一個結論：核能是提供清潔、穩定、安全和可靠的電力以推動全球經濟的關鍵解決方案。

As a proven reliable supplier with decades of experience, Cameco, along with Westinghouse, is uniquely positioned to power that safe, secure energy future. So thanks again, everybody, for joining us today. Stay safe and healthy, and have a great day. Thank you.

作為一家擁有數十年經驗的可靠供應商，Cameco 與 Westinghouse 一起，在為安全、有保障的能源未來提供動力方面具有獨特的優勢。再次感謝大家今天的參與。保持安全和健康，祝您有美好的一天。謝謝。

This brings an end to today's conference call. You may now disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。現在您可以斷開線路了。感謝您的參與，祝您有個愉快的一天。