Cameco Corp (CCJ) 2022 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Cameco Corporation First Quarter 2022 Conference Call. (Operator Instructions)

謝謝你的支持。這是會議接線員。歡迎來到 Cameco Corporation 2022 年第一季度電話會議。 （操作員說明）

I would now like to turn the conference over to Rachelle Girard, VP, Investor Relations, Treasury and Tax. Please go ahead.

我現在想將會議轉交給投資者關係、財政和稅務副總裁 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 on Treaty 6 Territory in the homeland of the Métis. Today's call will focus on the trends we are seeing in the market and our strategy. As always, our goal is to be open and transparent with our communications. Therefore, if you have detailed questions about our quarterly financial results or should your questions not be addressed on this call, we will be happy to follow up with you after the call. There are few ways to contact us. You can reach out to the contacts provided in our news release. You can submit a question through the contact tab on our website or you can use the Ask a Question form at the bottom of the webcast screen, and we will be happy to follow-up after this call.

謝謝接線員，大家早上好。歡迎來到 Cameco 的第一季度電話會議。我想承認，我們在梅蒂斯人的家鄉的第 6 條條約領土上。今天的電話會議將重點關注我們在市場中看到的趨勢和我們的戰略。與往常一樣，我們的目標是公開透明地進行溝通。因此，如果您對我們的季度財務業績有詳細的疑問，或者您的問題未在本次電話會議中得到解決，我們將很樂意在電話會議後與您聯繫。聯繫我們的方式很少。您可以聯繫我們新聞稿中提供的聯繫人。您可以通過我們網站上的聯繫選項卡提交問題，也可以使用網絡廣播屏幕底部的“提問”表格，我們很樂意在此電話之後跟進。

With us today on the call are Tim Gitzel, President and CEO; Grant Isaac, Senior Vice President and CFO; and Brian Reilly, Senior Vice President and Chief Operating Officer; Alice Wong, Senior Vice President and Chief Corporate Officer; and Sean Quinn, Senior Vice President, Chief Legal Officer and Corporate Secretary.

今天與我們通話的是總裁兼首席執行官蒂姆·吉策爾（Tim Gitzel）； Grant Isaac，高級副總裁兼首席財務官；和高級副總裁兼首席運營官 Brian Reilly； Alice Wong，高級副總裁兼首席企業官；高級副總裁、首席法務官兼公司秘書 Sean Quinn。

I'm going to hand it over to Tim to talk about the long-term fundamentals for our industry, the current market dynamics, and about Cameco's strategy to add long-term value. After, we will open it up for your questions. If you 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.

我將把它交給 Tim 來談談我們行業的長期基本面、當前的市場動態以及 Cameco 增加長期價值的戰略。之後，我們將為您的問題打開它。如果您通過我們的網站活動頁面加入電話會議，有可用的幻燈片，將在電話會議期間顯示。此外，供您參考，我們的季度投資者講義可在我們的網站 cameco.com 上以 PDF 文件的形式下載。

Today's conference call is open to all members of the investment community, including the media. During the Q&A session, please limit yourself to 2 questions and then return to the queue. Please note that this conference call will include forward-looking information, which is based on a number of assumptions, and actual results could differ materially. Please refer to our annual information form and MD&A for more information about the factors that could cause these different results and the assumptions we have made.

今天的電話會議向投資界的所有成員開放，包括媒體。在問答環節，請限制自己回答 2 個問題，然後返回隊列。請注意，本次電話會議將包含基於多項假設的前瞻性信息，實際結果可能存在重大差異。請參閱我們的年度信息表和 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假設的更多信息。

With that, I will turn it over to Tim.

有了這個，我會把它交給蒂姆。

Well, thank you, Rachelle, and good morning, everyone. We appreciate you joining us on our call today. I want to start today by expressing our shock and sadness with the events taking place in Ukraine and our solidarity and support for the Ukrainian people. I had the opportunities to have a video conference yesterday with our Ukrainian customers in Kiev, at which time I thank them for the courage and resilience they've shown over the past several months. We can only hope and pray for a speedy resolution of this unnecessary conflict.

好吧，謝謝你，Rachelle，大家早上好。感謝您今天加入我們的電話會議。今天，我想首先表達我們對烏克蘭發生的事件的震驚和悲傷，以及我們對烏克蘭人民的聲援和支持。昨天我有機會在基輔與我們的烏克蘭客戶進行了視頻會議，當時我感謝他們在過去幾個月中表現出的勇氣和韌性。我們只能希望並祈禱這種不必要的衝突能迅速得到解決。

Last quarter, we indicated that we believed we were in the early innings of a security of supply-driven market transition, demonstrated by our contracting success, a growing pipeline of discussions with our customers and rising uranium prices. A transition supported by the fundamentals. Fundamentals characterized by durable full cycle demand against the backdrop of an uncertain supply picture. Stemming from these fundamentals and our contracting success, we had the confidence to proceed with the next phase of our supply discipline, which is now well underway. I'll provide some details on that a bit later.

上個季度，我們表示我們相信我們正處於供應驅動的市場轉型的早期階段，我們的成功簽約、與客戶的討論渠道不斷增加以及鈾價上漲證明了這一點。基本面支持的過渡。在供應情況不確定的背景下，以持久的全週期需求為特徵的基本面。基於這些基本面和我們的合同成功，我們有信心繼續我們的供應紀律的下一階段，該階段目前正在進行中。我稍後會提供一些細節。

What we didn't know when we made our decision to proceed with the next phase of our supply discipline was the pace of change that would occur in our industry because of geopolitical events that are further amplifying security of supply concerns. It's still early days, but we are seeing what we believe is an unprecedented geopolitical realignment occurring in the nuclear fuel cycle. And thanks to the strategic and deliberate decisions Cameco has made over the past decade, the company is extraordinarily well-positioned in this rapidly changing market. But as always, we will take a balanced and disciplined approach. Let's look at the changes in our market in more detail, starting with demand.

當我們決定繼續下一階段的供應紀律時，我們不知道的是，由於地緣政治事件進一步加劇了供應安全問題，我們行業將發生的變化速度。現在仍處於早期階段，但我們正在看到我們認為在核燃料循環中發生的前所未有的地緣政治調整。由於 Cameco 在過去十年中做出的戰略性和深思熟慮的決策，該公司在這個瞬息萬變的市場中處於非常有利的地位。但與往常一樣，我們將採取平衡和有紀律的方法。讓我們從需求開始，更詳細地了解我們市場的變化。

We've talked before about how the benefits of nuclear energy have come clearly into focus with the durability that we believe has not previously been seen. A durability that is being driven by the accountability for achieving the net-zero carbon targets being set by countries and companies around the world.

我們之前已經討論過核能的好處如何清晰地體現在我們認為以前從未見過的耐用性上。持久性是由實現世界各國和公司設定的淨零碳目標的責任推動的。

I saw a figure just the other day that 90% of the world's economy is now covered by net-zero targets. Net-zero targets that are turning attention to a triple challenge; first is to lift 1/3 of the global population out of energy poverty by expanding the availability of clean and reliable baseload electricity. Second is to replace 85% of the current global electricity grids that run on carbon-emitting thermal power with a clean, reliable alternative.

就在前幾天，我看到一個數字，世界經濟的 90% 現在已被淨零目標覆蓋。將注意力轉向三重挑戰的淨零目標；首先是通過擴大清潔可靠的基荷電力供應，使全球 1/3 的人口擺脫能源貧困。其次是用清潔、可靠的替代方案取代目前全球 85% 的使用排放碳的火力發電的電網。

And finally, the challenge is to grow global power grids by switching industries to electricity, such as private and commercial transportation, home and industrial heating, which today are largely powered with carbon-emitting thermal energy. If that wasn't challenging enough, we can add to the list solving the energy crisis experienced in some parts of the world while pivoting away from alliance on Russian energy without jeopardizing those net-zero commitments.

最後，挑戰是通過將行業轉換為電力來發展全球電網，例如私人和商業運輸、家庭和工業供暖，這些目前主要由排放碳的熱能提供動力。如果這還不夠具有挑戰性，我們可以將解決世界某些地區經歷的能源危機的清單添加到解決方案中，同時擺脫俄羅斯能源聯盟，而不會危及這些淨零承諾。

Therefore, not surprising that concerns about energy security are amplified and at the top of the list for many countries, creating further pressure for governments to reexamine their energy policy decisions. Policymakers around the world are recognizing that in their drive for a clean energy profile. They have forgotten to balance their other objectives like providing an affordable levelized cost profile providing a reliable and secure base load profile. Too much focus on intermittent weather-dependent renewable energy has left some jurisdictions struggling with power shortages and spiking energy prices or a dependence on Russian energy supplies. The good news for us is that in their quest to restore balance or pivot away from Russia, many are turning now to nuclear.

因此，對能源安全的擔憂被放大並成為許多國家的頭等大事也就不足為奇了，這給政府重新審查其能源政策決定帶來了進一步的壓力。世界各地的政策制定者在推動清潔能源形象的過程中都認識到這一點。他們忘記了平衡其他目標，例如提供負擔得起的平準化成本配置文件，提供可靠和安全的基本負載配置文件。對間歇性依賴天氣的可再生能源的過度關注導致一些司法管轄區在電力短缺和能源價格飆升或對俄羅斯能源供應的依賴中苦苦掙扎。對我們來說，好消息是，在尋求恢復平衡或遠離俄羅斯的過程中，許多人現在正在轉向核能。

Nuclear power fits nicely at the center of that policy triangle, providing safe, affordable carbon-free baseload electricity that has a clean emissions profile, but also being reliable and secure, which is why in the U.S., the Biden administration just announced a $6 billion effort to secure nuclear power plants at risk of closing. And something I never thought possible just a few years ago, the Governor of California announced that he will seek funding under this plant to prevent the closure of Diablo Canyon. It's why in the British energy security strategy released in early April. The United Kingdom outlined its plans to reduce dependence on Russian oil and natural gas by building 8 new nuclear plants, one new plant a year as we heard the British Prime Minister say this week. It's why recently reelected President Emmanuel Macron of France committed to 14 new reactors and life extensions for its existing fleet.

核電非常適合該政策三角的中心，提供安全、負擔得起的無碳基荷電力，具有清潔排放特徵，而且可靠和安全，這就是為什麼在美國，拜登政府剛剛宣布了 60 億美元努力確保有關閉風險的核電站。就在幾年前，我從未想過可能發生的事情，加利福尼亞州州長宣布他將在該工廠下尋求資金，以防止暗黑破壞神峽谷關閉。這就是為什麼在4月初發布的英國能源安全戰略中。英國概述了其通過建造 8 座新核電站來減少對俄羅斯石油和天然氣依賴的計劃，正如我們聽到英國首相本週所說的那樣，每年新建一座核電站。這就是為什麼最近連任的法國總統埃馬紐埃爾·馬克龍承諾為其現有船隊建造 14 座新反應堆並延長其壽命的原因。

Also why the European Commission accepted Nuclear Energy in its green energy taxonomy; it's why recently elected President Union of South Korea plans to reverse the nuclear phaseout policy of the previous government and stated that nuclear energy should be the baseload electricity source in South Korea for the next 60 years and that South Korea should export its technology outside of its borders. While we've seen Belgium announced plants for 10-year life extensions for its 2 newest reactors. And that Germany, yes, even Germany, in fact, could reconsider its own nuclear phaseout plants. The growth in demand is not just long term in the form of new builds, it is full cycle demand. There's near-term growth as early reactor retirements are prevented and there's medium-term demand in the form of reactor life extensions.

還有為什麼歐盟委員會在其綠色能源分類中接受核能；這就是為什麼最近當選的韓國總統聯盟計劃扭轉上屆政府的核淘汰政策，並表示核能應成為韓國未來 60 年的基荷電力來源，韓國應將其技術出口到本國之外。邊界。雖然我們已經看到比利時宣布其 2 座最新反應堆的使用壽命延長 10 年。而且德國，是的，甚至德國，事實上，可以重新考慮自己的核淘汰工廠。需求的增長不僅僅是新建築形式的長期需求，而是全週期需求。由於防止了早期的反應堆退役以及以反應堆壽命延長的形式存在中期需求，因此短期內會出現增長。

There's also momentum building for non-traditional commercial uses of nuclear power around the world, such as development of small modular reactors and advanced reactors with numerous companies and countries pursuing projects. So things are moving very quickly in our industry, and we're seeing countries and companies turn to nuclear with an appetite that I'm not sure I've ever seen in my 4 decades in this business. Therefore, it's easy to conclude that the demand outlook is durable and very bright.

世界各地核電的非傳統商業用途也有發展勢頭，例如開發小型模塊化反應堆和先進反應堆，許多公司和國家都在尋求項目。因此，我們行業的發展非常迅速，我們看到國家和公司懷著一種我不確定我在這個行業的 4 年中是否見過的胃口轉向核能。因此，很容易得出結論，需求前景是持久且非常光明的。

But supply is quite a different picture. For some time now, we've said that we believe the uranium market was as vulnerable to a supply shock as it has ever been due to persistently low prices. Low prices that have led to planned supply curtailments of existing productive capacity, development risk due to lack of investment in new productive capacity, the end of reserve life for some mines, the deepening geopolitical and origin risk driven by the increasing concentration of supply, and the trend towards regionalization to ensure the availability of critical minerals. And unlike in the past, we don't have the same stock of secondary supplies to fill the gap.

但供應情況卻完全不同。一段時間以來，我們一直認為，由於價格持續走低，鈾市場像以往一樣容易受到供應衝擊的影響。低價格導致現有產能計劃供應減少，新產能投資不足導致的開發風險，一些礦山的儲備壽命結束，供應日益集中導致地緣政治和原產地風險加深，以及區域化趨勢，以確保關鍵礦產的供應。而且與過去不同，我們沒有相同的二次供應庫存來填補空白。

After years of drawing on these onetime sources, the secondary supply capacity is now declining significantly into the future and productive capacity is not poised to respond. These fundamental facts have been amplified by both unplanned supply disruptions caused by the COVID-19 pandemic and by global supply chain and inflationary challenges that are not only interrupting the flow of goods and services in the uranium market, but also increasing costs. Was that a meeting of business leaders just the other day, where it was said that if you have a feasibility study that is more than a few months old, you might as well toss it and start over.

經過多年利用這些一次性資源，二次供應能力現在正在顯著下降，未來產能也不會做出反應。 COVID-19 大流行造成的計劃外供應中斷以及全球供應鍊和通貨膨脹挑戰都放大了這些基本事實，這些挑戰不僅中斷了鈾市場的商品和服務流動，而且還增加了成本。是不是前幾天的一次商業領袖會議，據說如果你有一個超過幾個月的可行性研究，你還不如折騰它，重新開始。

Supply challenges have been further intensified by the thinning of the spot market due to the interest in physical uranium by investors. In particular, I'm referring to the Sprott Uranium Trust that are purchasing significant volumes of uranium and sequestering it by the increasing ESG scrutiny of utilities to ensure their supply chains meet the standards for all 3 factors. By the unrest in Kazakhstan in early January that raised concerns about the security of about 45% of global uranium supply. And then in February, the tragic Russian invasion of Ukraine, which sent a shiver down the spines of nuclear fuel buyers around the world.

由於投資者對實物鈾的興趣，現貨市場的變薄進一步加劇了供應挑戰。特別是，我指的是 Sprott Uranium Trust，他們購買了大量鈾，並通過對公用事業進行日益嚴格的 ESG 審查來隔離鈾，以確保其供應鏈符合所有 3 個因素的標準。 1 月初哈薩克斯坦的動亂引發了對全球約 45% 鈾供應安全的擔憂。然後在 2 月，俄羅斯對烏克蘭的悲慘入侵，讓世界各地的核燃料購買者不寒而栗。

Currently, the global nuclear industry relies on Russia for approximately 14% of its supply of uranium concentrates, 27% of conversion supply, and 39% of enrichment capacity. Many jurisdictions have imposed strict economic sanctions on Russia, including Canada, the United States, the European Union, and the United Kingdom, among others. In addition to economic sanctions, many countries, including the U.S., have sanctioned or are considering sanctioning imports of Russian energy, including oil, natural gas and coal. With the continued conflict, there is also growing uncertainty about the ability to continue to rely on nuclear fuel supplies coming out of Russia, whether as a result of sanctions or because of a conflict with company values. In fact, we've seen some utilities voluntarily pivot away from Russian fuel supplies as they recognize the incongruence with their values and ESG principles.

目前，全球核工業大約 14% 的鈾濃縮供應、27% 的轉化供應和 39% 的濃縮能力依賴俄羅斯。許多司法管轄區對俄羅斯實施了嚴格的經濟制裁，包括加拿大、美國、歐盟和英國等。除了經濟制裁之外，包括美國在內的許多國家已經制裁或正在考慮制裁進口俄羅斯能源，包括石油、天然氣和煤炭。隨著衝突的持續，繼續依賴來自俄羅斯的核燃料供應的能力也越來越不確定，無論是由於製裁還是由於與公司價值觀的衝突。事實上，我們已經看到一些公用事業公司自願放棄俄羅斯的燃料供應，因為他們認識到與他們的價值觀和 ESG 原則不符。

From our perspective, it's not a matter of if Western markets will turn their backs on Russian nuclear fuel supply, but rather when and how quickly. Of course, there's also the risk that Russia preempts any actions by Western markets imposing its own voluntary export restraints in retaliation for economic and other sanctions as we have seen them do with gas in parts of Europe. And then there is the uncertainty about the ability to ship uranium through Russian ports in the black sea, which could affect not only Russian supply, but also deliveries from Central Asia.

從我們的角度來看，西方市場是否會拒絕俄羅斯的核燃料供應不是問題，而是何時以及以多快的速度。當然，俄羅斯也有可能先發製人，阻止西方市場採取自願出口限制措施，以報復經濟和其他制裁，正如我們在歐洲部分地區看到的那樣，它們對天然氣的製裁。此外，通過俄羅斯黑海港口運輸鈾的能力也存在不確定性，這不僅會影響俄羅斯的供應，還會影響中亞的運輸。

While it is still technically possible to ship through Russia, due to insurance and other reasons, we have decided to delay a near-term delivery from Inkai in Kazakhstan, while we work with our partner to establish an alternate shipping route. This could take some time, but we have the ability to mitigate the risk with inventory, long-term purchase commitments and loans if necessary.

雖然技術上仍然可以通過俄羅斯運輸，但由於保險和其他原因，我們決定推遲從哈薩克斯坦印凱的近期交貨，同時我們與合作夥伴合作建立替代運輸路線。這可能需要一些時間，但我們有能力在必要時通過庫存、長期採購承諾和貸款來降低風險。

It's still early days, and utilities are working their way through their fuel supply chains to determine where their vulnerabilities are. But already, we're seeing some utilities begin to pivot toward procurement strategies that more carefully weigh the origin risk. Looking at where the market is today and the growing risk to supply and origin of supply, it's easy to conclude that the current nuclear fuel market is more positive than we have seen in a very long time.

現在還處於早期階段，公用事業公司正在通過他們的燃料供應鏈來確定他們的漏洞所在。但是，我們已經看到一些公用事業公司開始轉向更仔細權衡原產地風險的採購策略。看看今天的市場狀況以及供應和供應來源的風險越來越大，很容易得出結論，當前的核燃料市場比我們在很長一段時間內看到的更為積極。

So let me turn to Cameco and our response to the changes in the market. As a commercial supplier, our decisions have uniquely positioned the company to capitalize on the increasingly undeniable conclusion. The nuclear power must be an essential part of the clean energy transition and even more so in a world where origins matter, with demonstrated Tier 1 assets, strategic Tier 2 assets, and vertical integration.

因此，讓我談談 Cameco 以及我們對市場變化的反應。作為一家商業供應商，我們的決定使公司能夠利用越來越不可否認的結論。核電必須成為清潔能源轉型的重要組成部分，在一個來源很重要的世界中，核電更是如此，它具有展示的一級資產、戰略二級資產和垂直整合。

We've taken a balanced and disciplined approach to our strategy of full cycle value capture. On the contracting front, we've been balanced and disciplined in layering in volumes where it makes sense for us and building a diversified customer base. But with what we believe are the early innings of a market transition and more demand ahead of us, we will continue to be patient. We're not even close to being sold out.

我們對全週期價值獲取戰略採取了平衡且有紀律的方法。在合同方面，我們在對我們有意義的數量分層和建立多元化的客戶群方面保持平衡和自律。但隨著我們認為市場轉型的早期階段和更多需求擺在我們面前，我們將繼續保持耐心。我們甚至還沒有接近售罄。

And so we will maintain considerable leverage to the further market improvements that we expect to see. We're also taking a balanced and disciplined approach to our supply decisions. The next phase of our supply discipline, which involves not only McArthur River/Key Lake, but starting in 2024, Cigar Lake is balanced with our contract portfolio and where we think the market transition is currently at.

因此，我們將保持相當大的影響力，以應對我們期望看到的進一步市場改善。我們還對我們的供應決策採取平衡和有紀律的方法。我們供應紀律的下一階段，不僅涉及 McArthur River/Key Lake，而且從 2024 年開始，Cigar Lake 與我們的合同組合以及我們認為目前的市場轉型處於平衡狀態。

Even though we have seen considerable pricing pressure resulting from the geopolitical uncertainty, we will not change our production plans. We will not front-run demand with supply. We won't ramp up production to meet spot demand. We will ramp up once we've built the homes for those pounds in our long-term contract portfolio, and we see further improvements in the uranium market. With all the uncertainty, we are not rushing this process. And I think we've shown we can be trusted when we say we will remain disciplined.

儘管我們已經看到地緣政治不確定性導致了相當大的定價壓力，但我們不會改變我們的生產計劃。我們不會以供給搶占先機。我們不會增加產量以滿足現貨需求。一旦我們在我們的長期合同組合中為這些英鎊建造了房屋，我們將加大力度，我們將看到鈾市場的進一步改善。由於存在所有不確定性，我們並不急於這個過程。我認為當我們說我們將保持紀律時，我們已經表明我們可以被信任。

Finally, while we're talking about balance, we have shown balanced financial discipline. We will retain our conservative financial management to support our continued balanced and disciplined contracting and supply decisions. Let me take a minute to discuss where we're wrapped with the next phase of our supply discipline. As we announced last quarter, we're laying claim to our Tier 1 incumbency advantage as we further position Cameco to capture the value we expect to come from the growing demand for safe, clean, reliable, and affordable nuclear energy.

最後，當我們談論平衡時，我們已經表現出平衡的財務紀律。我們將保留我們保守的財務管理，以支持我們持續平衡和有紀律的承包和供應決策。讓我花點時間討論一下我們在下一階段的供應紀律中所處的位置。正如我們上個季度宣布的那樣，我們正在宣稱我們的一級在職優勢，因為我們進一步定位 Cameco，以捕捉我們期望從對安全、清潔、可靠和負擔得起的核能不斷增長的需求中獲得的價值。

We started the process to transition the McArthur River mine and the Key Lake mill from care and maintenance to operational readiness. We've begun the recruiting and training process. Current workforce at these sites is now approximately 600, including employees and long-term contractors with a view to achieving about 850 prior to the start of production later this year.

我們開始了將 McArthur River 礦山和 Key Lake 工廠從保養和維護過渡到運營準備的過程。我們已經開始了招聘和培訓過程。目前這些工廠的員工人數約為 600 人，包括員工和長期承包商，以期在今年晚些時候開始生產之前達到約 850 人。

Our maintenance readiness checks are underway, and we are completing the critical automation, digitization and other projects needed to begin production. With the work we're undertaking this year, we could produce up to 5 million pounds on a 100% basis. Our current plan is to achieve production of 15 million pounds per year on a 100% basis by 2024. That is 40% below the annual license capacity. Once McArthur River, Key Lake operation reaches its planned production starting in 2024, it's our intention to pull back on production at Cigar Lake.

我們正在進行維護準備檢查，我們正在完成開始生產所需的關鍵自動化、數字化和其他項目。通過我們今年正在進行的工作，我們可以在 100% 的基礎上生產高達 500 萬磅的產量。我們目前的計劃是到 2024 年在 100% 的基礎上實現每年 1500 萬磅的產量。這比年度許可產能低 40%。一旦麥克阿瑟河，基湖的運營從 2024 年開始達到其計劃生產，我們打算撤回雪茄湖的生產。

Our plan is to take production at Cigar Lake from 18 million pounds per year, down to 13.5 million pounds per year on a 100% basis or 25% below its license capacity. This year, we continue to expect to produce 15 million pounds at Cigar Lake on a 100% basis, 3 million pounds less than its license capacity. Our production outlook this year reflects the expected impact of delays in development work at Cigar Lake in 2021 and the ongoing pandemic and supply chain challenges that are impacting the availability of materials, reagents, and labor at all of our operations, including labor negotiations that could impact production. However, we're working to minimize any disruption to our operations.

我們的計劃是將雪茄湖的產量從每年 1800 萬磅降至每年 1350 萬磅（100% 或低於其許可產能的 25%）。今年，我們繼續預計雪茄湖 100% 的產量將達到 1500 萬磅，比其許可產能少 300 萬磅。我們今年的生產前景反映了 2021 年雪茄湖開發工作延遲的預期影響，以及持續的大流行和供應鏈挑戰，這些挑戰正在影響我們所有業務的材料、試劑和勞動力的可用性，包括可能發生的勞資談判影響生產。但是，我們正在努力盡量減少對我們運營的任何干擾。

So what's the result of all this? We expect that our operational decisions at McArthur River/Key Lake will have a significant and positive impact on our financial performance. As you know, the financial aspect of our strategy is to ensure we have a solid balance sheet and the ability to self-manage risk. At the end of the first quarter, we again were in a net negative debt position with $1.5 billion in cash, about $1 billion in long-term debt and a $1 billion undrawn credit facility, and this doesn't include the $778 million owed to us by the CRA. Once production at the McArthur River/Key Lake operation resumes, we expect to begin to see a significant improvement in our earnings and cash flow. As production achieves a reasonable level, we will no longer expense operational readiness costs to cost of sales, and we'll be able to source more of our committed sales from lower cost produced pounds.

那麼這一切的結果是什麼？我們預計，我們在 McArthur River/Key Lake 的運營決策將對我們的財務業績產生重大而積極的影響。如您所知，我們戰略的財務方面是確保我們擁有穩健的資產負債表和自我管理風險的能力。在第一季度末，我們再次處於淨負債務狀態，擁有 15 億美元的現金、約 10 億美元的長期債務和 10 億美元的未動用信貸額度，這還不包括欠債權人的 7.78 億美元。我們由 CRA。一旦 McArthur River/Key Lake 的運營恢復生產，我們預計我們的收益和現金流將開始顯著改善。隨著生產達到合理水平，我們將不再將運營準備成本計入銷售成本，並且我們將能夠從成本較低的生產磅中獲得更多的承諾銷售額。

As we saw this quarter, the higher prices in the currently improving market are beginning to flow through our existing contract portfolio. And with an inventory of unencumbered pounds in the ground, rising prices will also create the opportunity to layer in new long-term commitments; commitments with appropriate pricing mechanisms that will underpin the long-term operation of our productive capacity. We've also started to bring forward some of our long-term purchases. Remember that when uranium prices started with the 2 or 3, we secured almost 13 million pounds of material under long-term fixed price purchase arrangements. We have not taken delivery or paid for the majority of these pounds so they're not on our balance sheet, but they are stored at our facility. The deliveries under these arrangements are heavily weighted to the years 2025 through 2028. However, we have the ability to bring these pounds forward and earn a good margin on them today.

正如我們在本季度看到的那樣，目前正在改善的市場中的更高價格開始流向我們現有的合同組合。由於地下有大量未支配的英鎊，價格上漲也將創造機會進行新的長期承諾；具有適當定價機制的承諾，這將支撐我們生產能力的長期運作。我們也開始提前購買我們的一些長期採購。請記住，當鈾價格從 2 或 3 開始時，我們根據長期固定價格採購安排獲得了近 1300 萬磅的材料。我們尚未收貨或支付這些英鎊中的大部分，因此它們不在我們的資產負債表上，但它們存儲在我們的設施中。這些安排下的交付在 2025 年至 2028 年期間佔很大比重。但是，我們有能力將這些磅數提前並在今天賺取可觀的利潤。

We put these arrangements in place as a means of risk mitigation. With the planned production changes at McArthur River/Key Lake and Cigar Lake, our need for these pounds to mitigate risk has been reduced. We will continue to balance this activity with our spot market purchases. As such, we expect to continue to have the financial capacity to execute on our strategy and self-manage risk, including from the global macroeconomic and geopolitical uncertainty we're seeing today. Having been in this business for a long time, we have been through every market transition in our industry. We understand that while having great assets is a necessary condition for creating long-term value. It's not sufficient. We also know that the spot market in our industry is not the fundamental market in our business. It is not where utilities turn to satisfy their long-term run rate requirements. It's typically where they go for onetime discretionary volumes.

我們將這些安排作為降低風險的手段。隨著麥克阿瑟河/基湖和雪茄湖的計劃生產變化，我們對這些磅來降低風險的需求已經減少。我們將繼續平衡這一活動與我們的現貨市場採購。因此，我們預計將繼續擁有執行我們的戰略和自我管理風險的財務能力，包括我們今天看到的全球宏觀經濟和地緣政治不確定性。我們從事這項業務已有很長時間，我們經歷了行業中的每一次市場轉型。我們明白，擁有大量資產是創造長期價值的必要條件。這還不夠。我們也知道，我們行業的現貨市場並不是我們業務的基礎市場。這不是公用事業公司滿足其長期運行率要求的地方。這通常是他們購買一次性可支配交易量的地方。

Our experiences taught us that a responsible producer creates real value by building a long-term contract portfolio; portfolio that supports the operation of productive assets and generates significant cash flow through the entire commodity cycle by having leverage to greater returns as prices increase and that provides downside protection for the periods of lower prices. In our business, there is no substitute for a full-blown utility-driven long-term contracting cycle. Contracting cycle motivated by security of supply concerns, drives value capture in the uranium fuel market, just like it did in the conversion market 2 years ago and as it did for us during the worst down cycle in the uranium business when our average realized price outperformed the market and protected our balance sheet when others failed financially and had to be recapitalized and restructured destroying value for their owners.

我們的經驗告訴我們，負責任的生產商通過建立長期合同組合來創造真正的價值；投資組合支持生產性資產的運營，並通過在價格上漲時獲得更高回報的槓桿作用在整個商品週期中產生大量現金流，並在價格下跌期間提供下行保護。在我們的業務中，沒有什麼可以替代成熟的公用事業驅動的長期合同周期。受供應安全問題推動的合同周期推動了鈾燃料市場的價值捕獲，就像 2 年前在轉換市場中所做的那樣，以及在鈾業務最糟糕的下行週期中我們的平均實際價格表現優於我們所做的那樣當其他人在財務上失敗並不得不進行資本重組和重組，從而破壞了其所有者的價值時，市場並保護了我們的資產負債表。

Finally, after more than 10 years in a trough and through the deliberate and disciplined execution of our strategy; we're seeing increased interest in contracting and not just in uranium, but across the fuel cycle. With geopolitics complicating and potentially bottlenecking nuclear fuel supplies, we're seeing not just utilities, but some of the intermediaries and service providers beginning to shift their attention to securing material for their uncovered requirements and to de-risk some of their origin dependencies. The request for proposals, we are seeing are directed at those producers who have proven and reliable productive capacity in the right jurisdictions and who have a track record of honoring commitments.

最後，在經歷了 10 多年的低谷之後，經過深思熟慮和有紀律地執行我們的戰略；我們看到人們對承包的興趣越來越大，不僅在鈾方面，而且在整個燃料循環方面。隨著地緣政治的複雜化和核燃料供應的潛在瓶頸，我們不僅看到公用事業公司，而且一些中介機構和服務提供商開始將注意力轉移到確保材料以滿足其未發現的需求，並降低其某些原產地依賴性的風險。我們看到，徵求建議書的對像是那些在適當的司法管轄區具有成熟可靠的生產能力並且有履行承諾記錄的生產商。

As an independent commercial supplier, we can provide our customers with access to proven and reliable productive capacity, both uranium and fuel services, which is exactly what they want. And with substantial Canadian productive capacity, our supply meets both energy security and increasingly stringent ESG requirements that are table stakes today. And it can provide diversity from state-owned enterprises and help to de-risk utilities future supply from geopolitical risk and trade policy exposure.

作為一家獨立的商業供應商，我們可以為客戶提供成熟可靠的生產能力，包括鈾和燃料服務，這正是他們想要的。憑藉強大的加拿大生產能力，我們的供應既滿足能源安全，又滿足當今日益嚴格的 ESG 要求。它可以提供來自國有企業的多樣性，並有助於降低公用事業未來供應的地緣政治風險和貿易政策風險。

So what does all this mean for Cameco? Well, it means we are optimistic. We're optimistic about the growth in demand for nuclear power, both traditional and nontraditional. We're optimistic about the growth in demand for uranium and fuel services. And we're optimistic about the incumbency opportunity for Cameco in capturing long-term value across the fuel cycle, including some of the vertical integration investments we've made.

那麼這一切對 Cameco 意味著什麼呢？嗯，這意味著我們很樂觀。我們對傳統和非傳統核電需求的增長持樂觀態度。我們對鈾和燃料服務需求的增長持樂觀態度。我們對 Cameco 在整個燃料循環中獲取長期價值的現有機會持樂觀態度，包括我們所做的一些垂直整合投資。

Therefore, we will continue to execute on the next phase of our supply discipline strategy. And more importantly, we will continue to do what we said we would do. We have operating and idle Tier 1 assets that are licensed, permitted, long-lived, and our proven operations that have expansion capacity. We have fully permitted and proven Tier 2 assets that don't make sense at today's prices.

因此，我們將繼續執行下一階段的供應紀律戰略。更重要的是，我們將繼續按照我們所說的去做。我們擁有獲得許可、許可、長期使用的運營和閒置一級資產，以及我們經過驗證的具有擴展能力的運營。我們已經完全允許和證明了以今天的價格沒有意義的第 2 層資產。

But when you think about them in the context of a looming supply and origin gap, there's a potential pathway for them to add value for us in the future. But we will continue to be very disciplined in our evaluation on that front. Thanks to our disciplined contracting strategy, we have a contract portfolio that has protected us well during the worst down cycle in our business.

但是，當您在迫在眉睫的供應和來源缺口的背景下考慮它們時，它們有可能在未來為我們增加價值。但我們將繼續在這方面的評估中非常自律。由於我們嚴格的合同戰略，我們的合同組合在我們業務最糟糕的下行週期中為我們提供了很好的保護。

As the nuclear fuel market improves further, our focus is shifting to securing homes for our in-ground inventory and for our fuel services capacity that has not yet been committed. We are not going to chase the market down to win business, and we won't produce to dump uncommitted supply into a thinly traded spot market as we have seen some of our competitors do. The primary driver for our contracting activity is always value.

隨著核燃料市場的進一步改善，我們的重點正在轉向為我們的地下庫存和尚未承諾的燃料服務能力提供房屋。我們不會為了贏得業務而追逐市場，也不會像我們看到的一些競爭對手那樣，將未承諾的供應傾銷到交易稀少的現貨市場。我們承包活動的主要驅動力始終是價值。

Therefore, as the market improves, we expect to continue to layer in volumes, capturing greater upside using market-related pricing mechanisms. That said, we recognize there is cyclicality to our business that is inevitable. So as a responsible producer, we will also look to lock in value at higher prices to carry those higher prices through the next cycle, just like we locked in significant value for our fuel services business in the recent price transition and conversion.

因此，隨著市場的改善，我們預計將繼續增加銷量，利用與市場相關的定價機制獲得更大的上漲空間。也就是說，我們認識到我們的業務存在不可避免的周期性。因此，作為負責任的生產商，我們還將尋求以更高的價格鎖定價值，以將這些更高的價格帶入下一個週期，就像我們在最近的價格轉變和轉換中為我們的燃料服務業務鎖定了重要價值一樣。

And just a reminder, we're more than just mining. We are vertically integrated across the nuclear fuel cycle with refining, conversion, and fuel fabrication. As utilities look to secure access to nuclear fuel supplies in jurisdictions that are stable, reliable, and politically dependable, we will also look to continue to build our fuel services contract book. And we're looking to expand our reach through our fuel manufacturing capabilities with investment in global laser enrichment; we're exploring fabrication of new fuels, including High Assay Low-Enriched Uranium or HALEU.

提醒一下，我們不僅僅是採礦。我們垂直整合了整個核燃料循環，包括精煉、轉化和燃料製造。隨著公用事業公司尋求在穩定、可靠和政治上可靠的司法管轄區獲得核燃料供應，我們也將尋求繼續建立我們的燃料服務合同簿。我們希望通過投資全球激光濃縮來擴大我們的燃料製造能力；我們正在探索製造新燃料，包括高含量低濃縮鈾或 HALEU。

In a world where access to Russian enrichment is restricted, this investment becomes increasingly valuable to us. In time, it not only has potential as a U.S. source of enrichment capacity, but also to be a significant U.S. source of conversion and to produce HALEU. We're also participating in the development of small modular reactors and have entered a number of nonbinding arrangements to advance their commercialization and deployment in Canada and around the world. And we have an interest in the Nuclear Sustainability Service, the back end of the fuel cycle, including aiding in the responsible cleanup of enrichment facilities no longer in operation. These opportunities align with our commitment to manage our business responsibly and sustainably and to increase our contribution to global climate change solutions.

在一個獲得俄羅斯致富的機會受到限制的世界裡，這項投資對我們來說變得越來越有價值。隨著時間的推移，它不僅具有成為美國濃縮能力來源的潛力，而且還成為美國重要的轉化來源和生產 HALEU。我們還參與了小型模塊化反應堆的開發，並達成了多項非約束性安排，以推進其在加拿大和世界各地的商業化和部署。我們對燃料循環後端的核可持續性服務感興趣，包括幫助負責任地清理不再運行的濃縮設施。這些機會與我們以負責任和可持續的方式管理我們的業務以及增加我們對全球氣候變化解決方案的貢獻的承諾相一致。

Our decisions at Cameco are delivered. We are a responsible, commercially motivated supplier with a diversified portfolio of assets, including a Tier 1 production portfolio that is among the best in the world. We're committed to operating sustainably by protecting, engaging, and supporting the development of our people and their communities and to protecting the environment, something we've been doing for over 30 years. Our strategy, which includes contracting discipline, supply discipline, and financial discipline, will allow us to achieve our vision. A vision of "Energizing a clean-air world" and thereby delivering long-term value in a market where demand for safe, secure, reliable, and affordable clean nuclear energy is growing.

我們在 Cameco 的決定得到了落實。我們是一家負責任的、具有商業動機的供應商，擁有多元化的資產組合，包括世界上最好的一級生產組合。我們致力於通過保護、參與和支持我們的員工及其社區的發展以及保護環境來實現可持續運營，這是我們 30 多年來一直在做的事情。我們的戰略，包括承包紀律、供應紀律和財務紀律，將使我們能夠實現我們的願景。 “為清潔空氣世界注入活力”的願景，從而在對安全、可靠、可靠和負擔得起的清潔核能的需求不斷增長的市場中提供長期價值。

So thanks to all of you for your interest today, and we're happy to take any questions you might have.

感謝大家今天的關注，我們很樂意回答您的任何問題。

(Operator Instructions) The first question is from Ralph Profiti with Eight Capital.

（操作員說明）第一個問題來自八資本的 Ralph Profiti。

Tim, getting to 600 out of 850 employees at McArthur River, it sounds like things are going very well and according to plan. I'm just wondering where you're seeing the biggest challenges when it comes to securing some of that skilled labor in what looks to be an extremely competitive market. And as you move closer to full operational status. And is that $40 million in Q1, sort of how does that compare to plan?

蒂姆，麥克阿瑟河的 850 名員工中有 600 名員工，聽起來事情進展順利，按計劃進行。我只是想知道，在競爭激烈的市場中，在確保一些熟練勞動力方面，您看到的最大挑戰在哪裡。隨著您接近全面運營狀態。第一季度的 4000 萬美元，與計劃相比如何？

Yes. Ralph, thanks for the question. Nice to talk to you this morning. So, we're ramping up. We went from less than 200 people a while ago; we're at 600 on our way to 850. It's not perfectly easy; I will say we have a competitive advantage in Northern Saskatchewan in that we have all of the northern people that have worked for us in the past. A great workforce represents 50% to 55% of our workforce that will come back to us every time. So there's your advantage right off the bat. There's a few of the trades that are a little trickier to find. There's some competition here. Obviously, you see the potash business running hard, the oil and gas picking up drilling. So yes, there's competition. But we take from others and down the line, we consider ourselves to be a pretty attractive place to work, a good employer. And so we'll be able to fill those positions. And we're not just doing it like that. We're also putting a diversity lens on it as well.

是的。拉爾夫，謝謝你的問題。很高興今天早上與您交談。所以，我們正在加速。不久前，我們從不到 200 人開始；我們在去 850 的路上是 600。這並不容易；我會說我們在薩斯喀徹溫省北部具有競爭優勢，因為我們擁有過去為我們工作過的所有北方人。優秀的員工隊伍占我們員工總數的 50% 到 55%，他們每次都會回來找我們。所以你的優勢馬上就來了。有一些交易比較難找。這裡有一些競爭。顯然，您會看到鉀肥業務運行艱難，石油和天然氣開採量增加。所以是的，有競爭。但我們從其他人那裡得到，我們認為自己是一個非常有吸引力的工作場所，一個好的雇主。因此，我們將能夠填補這些職位。我們不只是那樣做。我們也在上面放了一個多元化的鏡頭。

We're looking to get more gender diversity, which will help us a lot in the long run. It's something we've been putting a real focus on and just underrepresented groups. So we'll get there. The people will come and we'll be okay on the labor side. The costs in the quarter are about exactly where we thought they would be. So that's going well.

我們希望獲得更多的性別多樣性，從長遠來看，這將對我們有很大幫助。這是我們一直真正關注且代表性不足的群體的事情。所以我們會到達那裡。人們會來，我們在勞工方面會沒事的。本季度的成本與我們預期的差不多。所以進展順利。

Okay. That's great to hear. I want to switch gears a little bit and talk about committed versus non-committed. And I hear you loud and clear on your comments about not being even close to being sold out. And I just want to maybe take a look at the short-term horizon, maybe 5 years. And what are you telling us between committed and open non-committed on that shorter-term horizon? Are you where you want to be in that split, say just for the next 5 years?

好的。聽到這個消息我很高興。我想稍微轉換一下，談談承諾與非承諾。我聽到你大聲而清晰地評論你甚至沒有接近售罄的評論。我只是想看看短期的視野，也許是 5 年。在短期內，您在承諾和公開非承諾之間告訴我們什麼？你在那個分裂中是你想去的地方嗎，比如說在接下來的 5 年裡？

Yes. So I'll just give you the broad outline and then Grant, you might as well give a bit of an update on the market and where things are at, Ralph. But we like where we're at. I think over the next 5 years, we have about 20 million pounds per year on average on our books about where we want to be more in the first couple of years and declining. That's exactly where we want to be. We probably could put a lot more. If we just wanted to go for volume, Grant, we could put a lot more on the books. We're looking for value long term. And as we said in the comments just a few minutes ago, there's nothing like a security supply-driven market transition and signing contracts with great customers for a term, whether it's 5 or 10 years, we've been through some pretty rough patches, and we don't want to be there again. So Grant, why don't I pass it to you and you could just give a bit of an update on the market as well, so we can cover that off.

是的。所以我只是給你一個大致的輪廓，然後格蘭特，你不妨提供一些關於市場和情況的最新情況，拉爾夫。但我們喜歡我們所處的位置。我認為在接下來的 5 年中，我們的賬簿上平均每年有大約 2000 萬英鎊，關於我們希望在最初幾年達到的目標並下降。這正是我們想要的。我們可能可以放更多。如果我們只是想提高音量，格蘭特，我們可以在書本上放更多。我們正在尋找長期價值。正如我們在幾分鐘前的評論中所說的那樣，沒有什麼比安全供應驅動的市場轉型和與大客戶簽訂為期一個期限的合同更好的了，無論是 5 年還是 10 年，我們都經歷了一些相當艱難的補丁，我們不想再在那裡了。所以格蘭特，我為什麼不把它傳給你，你也可以提供一些關於市場的更新，這樣我們就可以解決這個問題。

Ralph, just let me cover a bit of ground that's already been covered. We've been through every one of these cycles that the commercial industry has seen and learned a lot of things along the way. We're looking at demand fundamentals that is very constructive for all the reasons Tim went through. That demand fundamental has been leveraged by financial interest, which has been very positive. Early this year was leveraged by quite frankly, the unrest in Kazakhstan, which then created a little more concern about the concentration of supply and then most recently leveraged by the Russian Invasion. That backdrop looks really constructive to us. And it tells us that there is a lot of demand that's still in front of Cameco. Demand, we don't have to chase.

拉爾夫，讓我覆蓋一些已經覆蓋的基礎。我們經歷了商業行業看到的每一個週期，並在此過程中學到了很多東西。由於蒂姆經歷的所有原因，我們正在研究非常有建設性的需求基本面。這種需求基本面已被金融利益所利用，這是非常積極的。坦率地說，今年早些時候，哈薩克斯坦的動亂引發了人們對供應集中度的更多擔憂，最近又受到了俄羅斯入侵的影響。這種背景對我們來說真的很有建設性。它告訴我們，Cameco 仍然有很多需求。需求，我們不必追逐。

I characterize the term market in Q4 as being one where we were seeing tenors increase. We were seeing long-term contracts go from sort of 2 to 5 year bites out of the market to 2 to 7 years, 2 to 10 years. That's very constructive. I said the time frames were increasing. We were seeing demand that was stretching into the 2030s and through the 2030s. That's very constructive. And we were seeing volumes go up, not just because tenors were going up, but bigger bites were being taken out of the market. But since February 24th, we've seen actually a new move in the term market, and that is this what we call Russian replacement demand and what that's done is it's really created focus on the shorter term.

我將第四季度的市場一詞描述為我們看到期限增加的市場。我們看到長期合同從 2 到 5 年退出市場，變為 2 到 7 年、2 到 10 年。這是非常有建設性的。我說時間框架正在增加。我們看到的需求一直延伸到 2030 年代和 2030 年代。這是非常有建設性的。而且我們看到銷量上升，不僅僅是因為男高音在上升，而且更大的份額正在被市場淘汰。但自 2 月 24 日以來，我們實際上看到了期限市場的新舉措，這就是我們所說的俄羅斯替代需求，它所做的是真正創造了對短期市場的關注。

We've seen customers look very closely at their supply chain vulnerabilities, starting with making sure their fabrication contracts are in place. Well, all that fabrication is done in the Western world for the Western customers. So that's great. So then they turn their attention to enrichment. And you can clearly see from the price discovery going on in the enrichment phase, that there is some panic. We saw a $48 jump in the SWU price. We're seeing enrichers, we able to command prices that are required to build new Western enrichment capacity. So that has been the focus right now. That's kind of taken away from the trend of looking out longer term.

我們已經看到客戶非常密切地關注他們的供應鏈漏洞，首先要確保他們的製造合同到位。好吧，所有這些製造都是在西方世界為西方客戶完成的。那太好了。因此，他們將注意力轉向充實。你可以從豐富階段的價格發現中清楚地看到，存在一些恐慌。我們看到 SWU 價格上漲了 48 美元。我們看到了濃縮者，我們能夠控制建立新的西方濃縮能力所需的價格。所以這一直是現在的重點。這有點偏離了長期關注的趨勢。

Here's the great news, Ralph. That Russian replacement demand really hasn't hit conversion or uranium yet, which is the feedstock required to meet that new enrichment capacity that's being called for. So we see the fundamentals we see the characteristics of the term market. And then we see this new push on what we call Russian replacement demand. And that all suggests to us that we have bargaining power, that we're not in a rush to put volumes under contract that we can be strategically patient. I said before, there's no Tirone of quarter end or there's no Tirone of year-end. A great contract beats a fat contract every time. So we've got a lot of negotiations going on, a lot of advanced negotiations that when they are executed, they will show up as committed sales in future periods. We're right where we want to be, given these fundamentals and leverage to what we think is a market that is improving for our sources of supply. So longer answer that you wanted, Ralph, but I just wanted to create that context for you.

這是好消息，拉爾夫。俄羅斯的替代需求確實還沒有達到轉化率或鈾，這是滿足新的濃縮能力所需的原料。所以我們看到了基本面我們看到了術語市場的特徵。然後我們看到這種對我們所謂的俄羅斯替代需求的新推動。這一切都向我們表明，我們有討價還價的能力，我們並不急於將數量置於合同之下，我們可以在戰略上保持耐心。我之前說過，沒有季末的Tirone，也沒有年終的Tirone。一份偉大的合同每次都勝過一份厚重的合同。所以我們正在進行很多談判，很多高級談判，當它們執行時，它們將顯示為未來時期的承諾銷售。鑑於這些基本面和對我們認為正在改善我們供應來源的市場的影響，我們正處於我們想要的位置。拉爾夫，你想要的答案太長了，但我只是想為你創建那個上下文。

The next question is from Andrew Wong with RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的 Andrew Wong。

Can you talk about the delay in deliveries from Inkai? Is that a chemical-specific decision just made for risk mitigation purposes or are there actual hurdles for delivery? I think your partner Kazatomprom indicated earlier this week that there's definitely a risk in the region, but the deliveries haven't been disrupted yet.

您能談談 Inkai 的交貨延遲嗎？這是為了降低風險而做出的針對特定化學品的決定，還是在交付方面存在實際障礙？我認為您的合作夥伴 Kazatomprom 本週早些時候表示該地區肯定存在風險，但交付尚未中斷。

Thanks, Andrew. Obviously, we don't love the fact that we have to ship material through Russian ports. So that's an issue in and out itself. So this is a question of risk mitigation really, we've seen cancellations of some cargo insurance. And so we thought we could cover. We want to see what the alternate routes are available. I know there's work going on in Athens. We're talking to our partner there in that regard. So we just decided to delay a shipment until we can see a little clearer picture over there.

謝謝，安德魯。顯然，我們不喜歡必須通過俄羅斯港口運送材料的事實。所以這本身就是一個問題。所以這確實是一個降低風險的問題，我們已經看到一些貨物保險被取消。所以我們認為我們可以覆蓋。我們想看看有哪些替代路線可用。我知道雅典正在開展工作。在這方面，我們正在與我們的合作夥伴進行交談。所以我們只是決定推遲發貨，直到我們能在那裡看到更清晰的畫面。

Okay. Great. And then just my second question is more around enrichment. We saw (inaudible) prices drop quite a lot in April. I'm guessing it's probably the biggest jump we've ever seen in your entrant prices. What is that signaling to us about the market? Have we yet entered into a situation where the enrichers on the Western side may have to go into an overfeed situation? And if that were to be the case, like what's the delta on uranium demand versus what we've seen in a more underfeed scenario?

好的。偉大的。然後我的第二個問題更多的是關於濃縮。我們看到（聽不清）價格在 4 月份大幅下跌。我猜這可能是我們在您的參賽者價格中見過的最大漲幅。這對我們來說市場有什麼信號？我們是否已經進入了西側的濃縮者可能不得不進入過量供給的境地？如果是這樣的話，比如鈾需求的增量與我們在供給不足的情況下看到的差異是什麼？

Yes, the signal, Andrew, is that 39% of enrichment comes out of Russia. But Grant, do you want to speak to maybe finish with end-touch conversion because it's the same movie.

是的，安德魯，信號是 39% 的濃縮來自俄羅斯。但是格蘭特，你想談談結束觸摸轉換，因為它是同一部電影。

Yes. We're talking about unprecedented geopolitical realignment. And what that's code for is just the Western markets trying to exclude Russia. And just a reminder that Tim talked about it earlier, 39% of global enrichment capacity; 27% of global conversion capacity is Russian, 14% of uranium capacity is Russian. But here's an interesting one that a lot of people don't think about half of the so-called secondary supplies are also Russian. And that's a piece of the story that also needs attention to. So there's an enormous amount of supply that folks have been counting on over the years that steps were being taken to exclude.

是的。我們談論的是前所未有的地緣政治調整。而這只是西方市場試圖排除俄羅斯的代碼。只是提醒一下蒂姆早些時候談到過，全球濃縮能力的 39%；全球 27% 的轉化能力是俄羅斯的，14% 的鈾產能是俄羅斯的。但這裡有一個有趣的問題，很多人沒有想到，所謂的二次供應有一半也是俄羅斯的。這也是一個需要關注的故事。因此，多年來人們一直指望著大量的供應被採取措施排除。

When we see these types of security of supply-driven moments, it is very typical for the fuel buyers to work their way back upstream to start by asking questions about the in-process material they have at fabricators and then turn their attention to enrichment. And then after that, once their enrichment services are contracted, then make sure they got the conversion services contracted and then turn their attention to uranium. So what we're seeing since February 24th is a real focus on this replacement and the main pinch point at the moment is enrichment. And so you're seeing the Western enrichers, being able to command a price that actually is required to grow Western enrichment capacity. So what that suggests, is that we're probably close or at capacity limits already among Western enrichers.

當我們看到供應驅動的這些類型的安全性時，燃料購買者通常會回到上游，首先詢問他們在製造商處擁有的過程中材料的問題，然後將注意力轉向濃縮。然後在那之後，一旦他們的濃縮服務簽訂了合同，那麼確保他們簽訂了轉換服務合同，然後將注意力轉向鈾。因此，自 2 月 24 日以來，我們看到的是真正關注這一替代品，而目前的主要瓶頸是充實。所以你看到西方的濃縮者，能夠控制一個實際上需要增加西方濃縮能力的價格。所以這表明，我們可能已經接近西方富人的能力或已經處於能力極限。

The fact that they can command prices that are required for new capacity to come online in the future suggests to me that those capacity limits are probably hit. What that means is that excess capacity that had been used for underfeed is probably now gone. And as a result, a plant that's completely full, the only way to get more enrichment out of it is to move to what you call overfeed. And overfeed is just code for you need more uranium that's converted into UF6 coming into the enrichment space.

他們可以控制未來新容量上線所需的價格，這一事實向我表明，這些容量限制可能已經達到。這意味著曾經用於供給不足的過剩產能現在可能已經消失了。因此，一個完全飽滿的植物，從中獲得更多營養的唯一方法就是轉向你所說的過度餵食。過量進料只是代碼，因為您需要更多的鈾轉化為 UF6 進入濃縮空間。

And the great news is this Russian replacement demand; we've seen the push now in enrichment. We haven't yet seen it fully in conversion, let alone uranium. So I think it's a very, very positive signal. It's a very positive signal that contributes to why we can step back and take a bit more strategic patience in our contracting for our conversion services and importantly, our uranium and command the terms and conditions that we want given the fundamentals and the backdrop. So I think you're right and focusing on it, and I think it is an important signal and a very positive one.

好消息是俄羅斯的替代需求；我們已經看到了現在在濃縮方面的推動。我們還沒有看到它完全轉化，更不用說鈾了。所以我認為這是一個非常非常積極的信號。這是一個非常積極的信號，有助於我們退後一步，在我們的轉換服務合同中採取更多戰略耐心，重要的是，我們的鈾，並在基本面和背景下掌握我們想要的條款和條件。所以我認為你是對的並專注於它，我認為這是一個重要的信號，也是一個非常積極的信號。

The next question is from Gordon Johnson with GLJ Research.

下一個問題來自 GLJ Research 的 Gordon Johnson。

I guess the first question is, you guys used to target a 40% fixed price and 60% spot ratio. And I just wanted to know if that's still kind of the reference point you guys are looking at in the new contracts you're signing?

我想第一個問題是，你們過去的目標是 40% 的固定價格和 60% 的現貨比率。我只是想知道這是否仍然是你們正在簽署的新合同中的參考點？

Grant?

授予？

We've had that disclosure in the past, and we've actually kind of stepped back a little bit because we discovered it was being interpreted as every contract we sign, we want to have a 60:40 balance or in any one year, we want to have a 60:40 balance. So, think about it as a full cycle, over the highs and lows of a full uranium cycle, we've discovered that we can add and sustain very significant value by having a portion that's market-related and a portion that's fixed. But in any moment in any cycle, that's not necessarily our governing parameters.

我們過去已經披露過，實際上我們有點退後了，因為我們發現它被解釋為我們簽署的每份合同，我們希望在任何一年內達到 60:40 的餘額，我們希望有一個 60:40 的平衡。因此，將其視為一個完整的循環，在整個鈾循環的高點和低點上，我們發現我們可以通過擁有與市場相關的部分和固定的部分來增加和維持非常重要的價值。但在任何週期的任何時刻，這不一定是我們的管理參數。

So right now, where are we sitting? We're sitting in a market where the demand outlook is strengthening and is durable and the supply outlook is uncertain. And that supply outlook is leveraged by challenges with the concentration of supply with this geopolitical realignment with the inability of primary production to respond quickly or the inability of greenfield to come on fast in a world where supply chains are broken and inflation is a very important factor; that all suggests to us that right now, we have a very strong bias towards market-related as opposed to the 40% that's fixed.

所以現在，我們坐在哪裡？我們所處的市場需求前景正在增強且持久，而供應前景不確定。在供應鏈斷裂且通貨膨脹是一個非常重要的因素的世界中，這種地緣政治調整導致初級生產無法快速做出反應，或者綠地無法快速啟動，供應集中帶來了挑戰，這種供應前景受到了影響。 ;這一切都向我們表明，現在，我們對市場相關的偏見非常強烈，而不是固定的 40%。

So think about that balance full cycle, but it may not be representative of where we are at any moment in the cycle where we're sitting right now. We have a very high preference for market related. We see a suite of factors that suggest to us that prices are incurring. We don't want to lock in those prices today because we want leverage to an improving price environment. But overall, full cycle at some point, we'll see prices that we think we're prepared for, of course, some fixed pricing or base escalated, and that will lock us when the market responds. I mean, we know in commodities, hyper-prices bring hyper-supply, and we'd want to be protected from that side of the cycle. So where we are in any one cycle really determines what our interest is. At the moment, we're highly market-related focused.

因此，請考慮整個週期的平衡，但它可能不能代表我們現在所處的周期中的任何時刻。我們對市場相關的偏好非常高。我們看到一系列因素向我們表明價格正在發生。我們今天不想鎖定這些價格，因為我們希望利用槓桿來改善價格環境。但總的來說，在整個週期的某個時刻，我們會看到我們認為已經準備好的價格，當然，一些固定定價或基數會升級，這將在市場反應時鎖定我們。我的意思是，我們知道在大宗商品中，超高價格會帶來超高供應，我們希望在周期的那一側得到保護。因此，我們在任何一個週期中所處的位置確實決定了我們的興趣所在。目前，我們高度關注市場相關性。

Okay. That's helpful. One last one for me. When I think about what we're looking at in this market, I mean we've seen record spikes in U308 prices, we've seen Biden launched the $6 billion civil nuclear program, Gavin Newsom saying he's going to reconsider the closure of Diablo Canyon. There's just been a lot of positive data points out there. Have you guys ever calculated if you were more spot versus fixed contract with the impact or maybe the sensitivity to your cash flows and earnings be?

好的。這很有幫助。最後一個給我。當我想到我們在這個市場上看到的東西時，我的意思是我們已經看到 U308 價格創紀錄的飆升，我們已經看到拜登啟動了 60 億美元的民用核計劃，加文紐森說他將重新考慮關閉暗黑破壞神峽谷。那裡有很多積極的數據點。你們有沒有計算過，如果你是現貨與固定合同相比，影響更大，或者對你的現金流和收益的敏感性更高？

So a big difference between what we would think of as sort of spot exposure and term exposure. The reality for the uranium market, whether global demand is 180 million pounds a year or GBP 300 million pounds a year, the spot market will still not be the fundamental market. It will be a discretionary market used by fuel buyers for things like reloads or inventory adjustments, but it won't be where they cover their run rate requirements, which means the spot market will never be capable of absorbing the kind of volumes that we produce. And when Cameco or Kazatomprom or a big producer shows up with primary production in the spot market, that's the day the spot market starts to go down. And we don't have to look any further than 2 weeks ago to see a $10 drop in the spot price to see actually how thinly traded it is.

因此，我們認為的現貨曝光和期限曝光之間存在很大差異。鈾市場的現實情況，無論全球需求是每年 1.8 億英鎊還是每年 3 億英鎊，現貨市場仍將不是基本市場。這將是燃料買家用於重新裝載或庫存調整等事情的自由裁量市場，但不會滿足他們的運行率要求，這意味著現貨市場將永遠無法吸收我們生產的那種數量.當 Cameco 或 Kazatomprom 或大型生產商出現在現貨市場的初級生產時，就是現貨市場開始下跌的那一天。而且我們只需在 2 週前就可以看到現貨價格下跌 10 美元，從而了解它的實際交易量。

You don't want a primary producer targeting the spot market. What you want is a primary producer who builds homes for their production, plans their production according to those homes, but then has the right combination of market-related and base-escalated terms to drive multiyear value. So not capturing the short-term spike of a spot market, but locking that spot market price pressure into multi-year contracts that capture that value and create those cash flows and earnings for a sustained period of time. So on balance, we want enough market-related exposure to capture the upside, and we want value to be locked in to protect from the downside for windows moments where undisciplined supply is hitting the spot market. So very different way of thinking about it than spot exposure being the spot market, I mean, you want market-related exposure, but not through the spot market, you want it through term contracts that are market related.

您不希望初級生產商瞄準現貨市場。你想要的是一個初級生產者，他們為他們的生產建造房屋，根據這些房屋計劃他們的生產，然後將與市場相關的條款和基礎升級條款進行正確組合，以推動多年價值。因此，不要捕捉現貨市場的短期飆升，而是將現貨市場價格壓力鎖定在多年期合約中，以捕捉該價值並在一段持續時間內創造這些現金流和收益。因此，總的來說，我們希望有足夠的與市場相關的風險敞口來捕捉上行空間，並且我們希望價值被鎖定，以防止在不受紀律的供應衝擊現貨市場的窗口時刻出現下行風險。因此，與現貨市場的現貨風險敞口有很大不同的思考方式，我的意思是，你想要與市場相關的敞口，但不是通過現貨市場，你想要通過與市場相關的定期合同。

The next question is from Orest Wowkodaw with Scotiabank.

下一個問題來自加拿大豐業銀行的 Orest Wowkodaw。

Grant, I just wanted to clarify something you said earlier with respect to the state of your negotiations, I guess, for new contracts. I think we're all a bit surprised that the company didn't add any more to the 40 million pounds that were announced, I guess, in mid-February. And it sounds like your comments are more related to the fact that utilities are focusing on the enrichment side first with respect to the recent developments on the geopolitical risk front. But I'm just wondering, given your strength in bargaining power, is it also an issue where the bid-ask spread has changed in the sense of you are now in a much stronger position, so you can be commanding much higher pricing than you could have a few months ago?

格蘭特，我只是想澄清一下你之前所說的關於新合同談判狀態的內容。我想我們都對公司沒有再增加 2 月中旬宣布的 4000 萬英鎊感到驚訝。聽起來您的評論與公用事業公司首先關注地緣政治風險方面的最新發展這一事實更相關。但我只是想知道，鑑於您的議價能力，買賣價差是否也發生了變化，因為您現在處於更強大的位置，因此您可以獲得比您更高的定價可能有幾個月前？

Your characterization is absolutely spot on ours. So it's a combination of the Russian replacement demand as a result of the February 24th invasion, has really taken attention to the enrichment space away from uranium and conversion at the moment. So that's actually slowed down probably some of the origination that we would have seen on uranium and conversion. But the stuff that was already under negotiation; yes, we do feel like we can be strategically patient that we have the asset mix, that we have the services with our conversion facility, the only one operating in North America that now is the time to be strategically patient within negotiations to capture that maximum value for our owners. So it is exactly the combination of those 2 things, which is exactly what you want us to be doing because the goal is to capture full-cycle maximum value, not just volume.

你的描述絕對是我們的。因此，這是俄羅斯因 2 月 24 日入侵造成的替代需求的結合，目前確實關注了遠離鈾的濃縮空間和轉化。所以這實際上放慢了我們在鈾和轉化方面看到的一些起源。但是已經在談判中的東西；是的，我們確實覺得我們可以在戰略上保持耐心，我們擁有資產組合，我們擁有轉換設施的服務，這是北美唯一一家現在是在談判中保持戰略耐心以獲取最大收益的時候了為我們的業主創造價值。所以這正是這兩件事的結合，這正是您希望我們做的，因為目標是捕獲全週期最大值，而不僅僅是交易量。

Yes, I totally agree. I think we've got a pretty good picture on your, call it, uranium capacity. But can you maybe give us some insight on the conversion side specifically? Like I don't really have a good sense of how much additional volume you still have to sell there over the medium term?

是的，我完全同意。我認為我們對你的鈾容量有很好的了解。但是您能否具體給我們一些關於轉換方面的見解？就像我真的不知道在中期內你還需要在那裡賣出多少額外的銷量？

Yes. Well, I can tell you, conversion is about as hot as we've seen it ever. I don't think we've ever seen it. It started a couple of years ago when a lot of the supply was taken off. And then this convergence of events over a couple of years all of a sudden conversion went from $5 (inaudible) to 20 and it's in the 20s today. Now you take off the 27% from Russia, and it's really tight. So what I can say about our plant in Port Hope is we're running it pretty hard. We're looking at whether we can increase capacity over time. Of course, we won't do that just on spec. We would have to have some good reason to do that. We don't have that at the moment. We know a lot of countries and companies are scrambling for conversion to lock up conversion going forward. So our book looks really good, I would say, for the next number of years. And we're looking to see if we can just squeeze a little bit more the juice out of the orange there.

是的。好吧，我可以告訴你，轉換是我們所見過的最熱的。我想我們從來沒有見過它。它始於幾年前，當時大量供應被取消。然後這幾年的事件匯合突然轉換從 5 美元（聽不清）到 20 美元，今天是 20 多歲。現在你從俄羅斯拿走 27%，真的很緊。所以關於我們在希望港的工廠，我可以說的是，我們正在非常努力地運行它。我們正在研究是否可以隨著時間的推移增加容量。當然，我們不會只按規格這樣做。我們必須有充分的理由這樣做。我們目前沒有。我們知道很多國家和公司都在爭先恐後地進行轉換以鎖定未來的轉換。所以我們的書看起來真的很好，我想說，在接下來的幾年裡。我們正在尋找是否可以從那裡的橙子中擠出更多的汁液。

Can you give us a bit more color, though? Like are you effectively locked in or sold out for the next couple of years? Or do you still have the capacity to add conversion with higher pricing in the near term. I'm just wondering if we should think about sort of this opportunity more medium to long term or whether there's actually upside short term?

不過，你能給我們更多的顏色嗎？就像你在接下來的幾年裡被有效鎖定或售罄？或者您是否仍有能力在短期內以更高的價格增加轉化率。我只是想知道我們是否應該考慮更多中長期的這種機會，或者是否真的有短期上行空間？

Yes, I'd say we're pretty heavily committed for the next number of years for sure. It's like our kind of like our uranium portfolio, where we're heavily committed in the next few years and things start to open up. So we're talking conversion with lots of customers, but out a few years.

是的，我會說我們肯定會在接下來的幾年裡非常投入。就像我們的鈾投資組合一樣，我們將在未來幾年大力投入，事情開始開放。因此，我們正在與很多客戶討論轉換，但需要幾年時間。

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

下一個問題來自美國銀行證券公司的 Lawson Winder。

I also like to ask about conversion and just get a sense for the discussions you're having right now. So obviously, I mean, the price indicator there has jumped quite a bit. And my understanding is that utilities are willing to pay in the $27 per pound plus range. Is that what you're seeing? And then can you give us an idea of what your current capacity utilization is on the conversion? And then what would it take in terms of both cost and time to get to 100% utilization?

我還想詢問有關轉換的問題，並了解您現在正在進行的討論。所以很明顯，我的意思是，那裡的價格指標已經跳了很多。我的理解是，公用事業公司願意支付每磅 27 美元以上的費用。這就是你所看到的嗎？然後你能告訴我們你當前的產能利用率是多少嗎？那麼，要達到 100% 的利用率，在成本和時間方面需要什麼？

I'll just say what our license capacity is, and that's about 12,500 tons at the plant. And as I say, we're pushing it as hard as we can. Expanding that, that's a whole different movie. We would have to really think hard about that and how to do that. So we just want to try and get as close as we can to the capacity that we have and then we'll see after that. But Grant, do you want to talk about the contracting in conversion and just give us much detail as you can on that.

我只想說我們的許可能力是多少，工廠大約有 12,500 噸。正如我所說，我們正在盡我們所能推動它。擴展它，那是一部完全不同的電影。我們必須認真考慮這一點以及如何做到這一點。所以我們只是想盡可能地接近我們擁有的能力，然後我們會看到。但是格蘭特，你想談談轉換合同嗎，並儘可能詳細地告訴我們。

Yes. The pressure that we're seeing build in enrichment is only a matter of time before you see it flow through more visibly into conversion because that's what's required in order to feed that enrichment capacity. Let's just think about it in broad global terms. Tim referenced 27% of the global conversion capacity is Russian. That basically means the Western world is missing conversion capacity, the size of another part of 12,500 tons of conversion capacity. That's a pretty big hole to fill. Along the way, we're going to see a plant come back in the U.S., the Condradine plant; obviously, a new plant in France, Orano's Philippe Coste plant going from 7,500 tons to maybe 15,000 tons of conversion. So Western capacity will respond, but the key to making it respond is the power of utility procurement that's what's going to create the conditions to make the decisions to plan for higher levels of conversion, utilities start to contract. So where are we seeing it?

是的。我們在濃縮中看到的壓力只是時間問題，您會看到它更明顯地流向轉化，因為這是提高濃縮能力所必需的。讓我們從廣義的全球角度來考慮它。 Tim 提到全球 27% 的轉換能力是俄羅斯的。這基本上意味著西方世界缺少轉換能力，另一部分轉換能力為 12,500 噸。這是一個相當大的漏洞需要填補。一路上，我們將看到一家工廠回到美國，康達丹工廠；顯然，法國的一家新工廠，Orano 的 Philippe Coste 工廠將從 7,500 噸轉換為 15,000 噸。所以西方的產能會做出反應，但讓它做出反應的關鍵是公用事業採購的力量，這將為做出決定以計劃更高水平的轉換創造條件，公用事業開始收縮。那麼我們在哪裡看到它呢？

Well, we're seeing those who have been very dependent on Russian EUP. So that's material that shows up that's already enriched already converted. We're seeing those first come to the market, and that's kind of near-term demands filling up that book, like Tim talked about. You're seeing conversion pricing in the mid-20s, even term pricing that really is reflecting the fact that additional capacity has to come online. But here's the good news, we haven't yet seen the replacement rate type of demand in the conversion, let alone the uranium space. That's still before us. So conversion is the next pitch point after enrichment. We saw the pressure build in enrichment very visibly with the SWU price going up. We do expect more strengthening in the conversion market as a result.

好吧，我們看到了那些非常依賴俄羅斯 EUP 的人。因此，顯示的材料已經豐富並且已經轉換。我們看到那些首先進入市場，就像蒂姆所說的那樣，這是填補那本書的近期需求。您會看到 20 年代中期的轉換定價，甚至是真正反映額外容量必須上線這一事實的長期定價。但好消息是，我們還沒有看到轉換中需求的替代率類型，更不用說鈾空間了。這仍然擺在我們面前。所以轉化是濃縮之後的下一個節點。隨著 SWU 價格的上漲，我們非常明顯地看到了濃縮的壓力。因此，我們確實預計轉換市場會進一步走強。

Also the current collective bargaining agreement with the unionized employees that Port Hope at the conversion facility that expires this year; is there any risk to your production that we should be maybe thinking about there? Any comments you're able to make on that at this point?

還有目前與工會員工的集體談判協議，希望港口在今年到期的轉換設施；您的生產是否存在我們應該考慮的風險？在這一點上，您可以對此發表任何評論嗎？

I'd never say there's no risk, but we certainly have a good relationship with our employees. And hopefully, both sides we able to sit down and iron something out and give us some clarity for the next couple of years. So we'll see.

我永遠不會說沒有風險，但我們與員工的關係當然很好。希望雙方都能坐下來解決問題，讓我們在接下來的幾年裡更加清晰。所以我們拭目以待。

The next question is from Greg Barnes with TD Securities.

下一個問題來自道明證券的 Greg Barnes。

Grant and Tim, are you seeing your customer base broaden out if this global realignment occurs? It may be early days yet, but are you getting to talk to people that you might not have talked to people in the past.

格蘭特和蒂姆，如果發生這種全球重組，您是否看到您的客戶群擴大了？現在可能還為時過早，但是您是否可以與過去可能沒有與人交談過的人交談。

Certainly, we are, Greg. It's actually quite exciting because it looks like as the lines are being redrawn, that Eastern European market is actually breaking west. And that Eastern European market, as a perfect example, has been a captive market of Russia since the beginning. Those are Russian reactors. And typically, the Russians would just provide fabricated fuel bundles to those utilities. Over the last couple of years, predating the Russian invasion of Ukraine, we began to make inroads into some of those important Eastern European markets from Ukraine all the way down to Slovenia. And then, of course, this invasion has just accelerated it. And now we're in full-blown conversations with customers there who are looking for all the components.

當然，我們是，格雷格。這實際上非常令人興奮，因為看起來在重新繪製線條時，東歐市場實際上正在向西突破。而那個東歐市場，作為一個完美的例子，從一開始就是俄羅斯的專屬市場。這些是俄羅斯的反應堆。通常，俄羅斯人只會向這些公用事業公司提供製造的燃料包。在過去的幾年裡，在俄羅斯入侵烏克蘭之前，我們開始進軍從烏克蘭一直到斯洛文尼亞的一些重要的東歐市場。然後，當然，這次入侵只是加速了它。現在，我們正在與那裡正在尋找所有組件的客戶進行全面對話。

They're looking to pivot to western suppliers that are secure and reliable and really break that control that the Russian fuel cycle had over their very important electricity infrastructure. So that's an absolute broadening of the base of our customer. And then it's a deepening. As you look at our markets where we already have good market penetration, we just expect our market share to go up in those markets as they struggle with origins and look to exclude Russia. So we're not only going to grow our market share in existing markets. We're going to broaden that customer base into markets that have historically been captive. Yet another reason why we're pretty constructive on this right now.

他們正在尋求轉向安全可靠的西方供應商，並真正打破俄羅斯燃料循環對其非常重要的電力基礎設施的控制。因此，這絕對是擴大了我們客戶的基礎。然後是深化。當您查看我們已經擁有良好市場滲透率的市場時，我們只是希望我們在這些市場中的市場份額會上升，因為它們與原產地鬥爭並希望將俄羅斯排除在外。因此，我們不僅要增加我們在現有市場的市場份額。我們將把客戶群擴大到歷史上被俘虜的市場。我們現在對此非常有建設性的另一個原因。

Just a follow-up question, Grant. Just a little curious on the Orano loan extension given you are restarting the carpet; surprised that needed to be extended.

格蘭特，只是一個後續問題。鑑於您正在重新啟動地毯，對 Orano 貸款延期有點好奇；很驚訝需要擴展。

Yes. Well, remember, we're still technically in supply discipline. We are bringing McArthur back, but we're not planning on running at that capacity. And at the same time, in 2024, we're planning with our joint venture partner to bring Cigar Lake down to 13.5 million pounds. That's our stated goal at the moment. We've seen some good contracting, but we haven't seen that kind of replacement rate contracting that power of procurement that would call for a different decision at the moment. And so as we structured what that appropriate production is, our interests, combined with their interest, we just said, look, we don't need the inflow of material in that window.

是的。好吧，請記住，從技術上講，我們仍處於供應紀律中。我們要把麥克阿瑟帶回來，但我們不打算以那個容量運行。同時，在 2024 年，我們計劃與我們的合資夥伴一起將雪茄湖的產量降至 1350 萬英鎊。這是我們目前的既定目標。我們已經看到了一些很好的合同，但我們還沒有看到那種替代率收縮了採購權力，目前需要做出不同的決定。因此，當我們構建適當的生產是什麼時，我們的興趣，結合他們的興趣，我們只是說，看，我們不需要那個窗口中的材料流入。

We're still in supply discipline mode. They weren't eager to pay it back in that window. They're still in supply discipline mode, not just in Northern Saskatchewan, but also in Kazakhstan, and also in Nigeria as they'll talk about. So just mutually, it made sense for both of us to not worry about it until later out in the cycle. Of course, added to that is the fact that through 2021 and into early 2022, we layered in another GBP 70 million pounds of contracts built the book out into the longer term. We have more appropriate homes for those inflows probably out in the future than we do at the moment. So it just makes sense for both of us. So it shouldn't come as a surprise, just kind of the normal toing and froing within a joint venture relationship.

我們仍處於供應紀律模式。他們並不急於在那個窗口償還。他們仍處於供應紀律模式，不僅在薩斯喀徹溫省北部，而且在哈薩克斯坦，還有他們將談到的尼日利亞。所以只是相互來說，我們倆在周期的後期才擔心它是有道理的。當然，除此之外，到 2021 年到 2022 年初，我們又簽訂了 7000 萬英鎊的合同，使這本書更長期。對於未來可能流出的資金，我們有比現在更合適的住所。所以這對我們雙方都有意義。因此，這不應該讓人感到意外，這只是合資關係中的一種正常來回走動。

Our next question is from [Paul Rubenstein,] a Private Investor.

我們的下一個問題來自私人投資者 [Paul Rubenstein]。

Happy Cameco De Mayo.

快樂的 Cameco De Mayo。

That's right.

這是正確的。

Yes. Some people are calling it Cameco De Mayo. I'm very happy to hear this conference call today.

是的。有些人稱它為 Cameco De Mayo。我很高興今天聽到這個電話會議。

We're just getting some surveys sent in Paul.

我們剛剛收到一些來自保羅的調查。

Yes. What I'd like to ask you about is global laser enrichment, if you could go into some detail about that and about whether that's being ramped up to increase production for all this new demand that's going on.

是的。我想問你的是全球激光濃縮，如果你能詳細介紹一下，以及是否正在增加產量以應對所有這些正在發生的新需求。

Yes, that's a great question, Paul. And it's something; I'm going to pass it over to Sean in a minute just to give an update on where we're at, but its super exciting for us. It's something that we see now as kind of a triple threat for us with the discussion we're having this morning where you take 40% of the world's enrichment kind of tuck it away and say it's not available to the Western markets, all of a sudden, everybody is looking for enrichment. And so as we said in our comments, people are looking for just pure SWUs for HALEU. They're also looking for HALEU, the High Assay Low-Enriched Uranium that's going to feed the SMRs going forward.

是的，這是一個很好的問題，保羅。這是一些東西；我將在一分鐘內將它傳遞給肖恩，只是為了提供有關我們所處位置的最新信息，但這對我們來說非常令人興奮。在今天上午的討論中，我們現在認為這對我們來說是一種三重威脅突然之間，每個人都在尋找充實。正如我們在評論中所說，人們正在為 HALEU 尋找純粹的 SWU。他們還在尋找 HALEU，這是一種高含量低濃縮鈾，它將為 SMR 提供未來。

Everybody thought the Russians were going to supply that for the first 10 years or so until somebody could build a HALEU plants. So now that's on the front burner. And then, of course, just those tails, the DOE tails, we see as a potential new mine in the United States. You re-enrich those tails, not only you get the uranium component, but you've got dormant conversion, if you like, sitting in there. And so when you re-enriching it you have 6 and switch is a hot demand today. So we're really, why our excitement level has gone up a few actives on that one. But let me turn it to Sean just to give you an update as to where we're at and we stood up the company and just some of the progress we've made in the last months.

每個人都認為俄羅斯人會在前 10 年左右提供這種產品，直到有人可以建造 HALEU 工廠。所以現在這是最重要的。然後，當然，只是那些尾巴，美國能源部的尾巴，我們將其視為美國潛在的新礦山。你重新富集了那些尾巴，不僅你得到了鈾成分，而且如果你願意的話，你還有休眠的轉化，坐在那裡。因此，當您重新豐富它時，您有 6 個，並且 switch 是當今的熱門需求。所以我們真的，為什麼我們的興奮程度在那個時候上升了一些。但是，讓我把它交給肖恩，只是為了向您介紹我們的最新情況，我們支持公司，以及我們在過去幾個月取得的一些進展。

Sure. Thanks, Kim. I will add to what you said that the underpinning of GLA remains the tail disposition agreement that we have a deal, but we are actively will be considering whether there is a plan to accelerate development to take advantage of the openings we see in the market, particularly for enrichment and conversion. And whether there's some way to get some assistance from that in the various initiatives that are being undertaken by the U.S. government mostly led by the DOE to see if we can advance deployment and perhaps change the focus of the first facility that we're considering in Paducah. So that it would provide more commercial through HALEU and tap the conversion opportunity even more. So more to come on that over the next few months.

當然。謝謝，金。我將補充您所說的，GLA 的基礎仍然是我們已達成協議的尾部處置協議，但我們正在積極考慮是否有計劃加速開發以利用我們在市場上看到的空缺，特別是對於濃縮和轉化。在美國政府正在採取的各種舉措中，是否有某種方式可以從中獲得一些幫助，這些舉措主要由美國能源部牽頭，看看我們是否可以推進部署，並可能改變我們正在考慮的第一個設施的重點帕迪尤卡。這樣它就可以通過HALEU提供更多的商業機會，並更多地挖掘轉換機會。所以在接下來的幾個月裡會有更多的事情發生。

Okay. Great. I just wondering, I understand that you guys have an option to increase your share, I think, to 70% or 75% from the current 49%. Is that something that you're considering?

好的。偉大的。我只是想知道，我知道你們可以選擇將你們的份額從目前的 49% 增加到 70% 或 75%。這是你在考慮的事情嗎？

We do, and we are, yes, absolutely.

我們這樣做，而且我們是，是的，絕對是。

The next question is from Brian MacArthur with Raymond James.

下一個問題來自 Brian MacArthur 和 Raymond James。

The first question, just going back to conversion in a little more detail, if you were to expand Port Hope, do you actually have to expand Blind River as well? And the second question, just related on conversion. Just the 12,500 capacity, when you have UO2 there and at one time, you could flip things back and forth. You just sold out on UO2 as well? Or is there any capability to flex that at all?

第一個問題，回到更詳細的轉換，如果你要擴展希望港，你真的必須擴展盲河嗎？第二個問題，與轉換有關。僅 12,500 容量，當你有 UO2 並且一次，你可以來回翻轉東西。你也剛剛在 UO2 上賣光了？或者有沒有任何能力來改變它？

Well, let me back up a little bit. So expanding from the 12,500, we'd like to get to 12,500. We haven't run at that level. As you know, we've been running half speed for decades. And so now, Brian, we're ramping it up and trying to get it up the side as we can. To expand it further into the future, that's a big question, Mac. That's a plant that would need a lot of work. And if we did, we would have to increase that Blind River Refinery as well. We'd have to move up our production there as well.

好吧，讓我稍微備份一下。因此，從 12,500 擴展，我們希望達到 12,500。我們還沒有達到那個水平。如您所知，幾十年來我們一直在半速運行。所以現在，布賴恩，我們正在加大力度，並儘可能地把它放在一邊。要將其進一步擴展到未來，這是一個大問題，Mac。這是一個需要大量工作的工廠。如果我們這樣做了，我們也必須增加盲河煉油廠。我們也必須在那裡提高我們的產量。

So on the UO2 side, I think we're good. We're supplying the contracts that we've got. We've got some great relationships with the Candu owners to supply them fuel for a long time to come. So Yes, I don't know, if this is all pretty new for us. And even to talk about expanding production at the portal. We didn't even talk about that 65 days ago, and now it's on the radar screen. So just looking at Brian Reilly and who's looking after it. Right now, our goal is to get production up to capacity as high as we can. So Brian, do you have any comments on that?

所以在 UO2 方面，我認為我們很好。我們正在提供我們已經獲得的合同。我們與 Candu 車主建立了良好的關係，可以在很長一段時間內為他們提供燃料。所以是的，我不知道，這對我們來說是不是很新鮮。甚至在門戶網站上談論擴大生產。 65 天前我們甚至沒有談論過這個，現在它出現在雷達屏幕上。所以只要看看 Brian Reilly 和誰在照顧它。目前，我們的目標是盡可能提高產能。那麼布萊恩，你對此有什麼意見嗎？

Yes. Look, you have 6 plants running well. That's the good news. But it's an old plant. So we have a number of capital projects underway to keep running at current rates and looking at the opportunity for expansion. But as Tim stated clearly, 12,500 tons, we've not achieved that rate before, and that would be a significant milestone to do so. But the plant is running well, and we want to keep it running well, and we'll look at opportunities in achieving 12,500 tons.

是的。看，你有 6 個工廠運行良好。這就是好消息。但它是一種古老的植物。因此，我們正在進行許多資本項目，以保持目前的速度運行並尋找擴張的機會。但正如蒂姆明確指出的那樣，12,500 噸，我們以前沒有達到這個速度，這將是一個重要的里程碑。但工廠運行良好，我們希望保持良好運行，我們將尋找實現 12,500 噸的機會。

So can I just ask, I know you report combined, but you've sort of shown 4,000 (inaudible) a quarter, that's at a higher rate. I guess you're just heavily weighted on certain quarters on UO2 or whatever, which is why that doesn't look like you're running at 12.5%. Is that right? Because I mean, if you look at some quarters, you do report production at a higher run rate than that, I would say, even if you put them together? Or is that not right?

所以我可以問一下，我知道你報告合併，但你已經顯示了 4,000（聽不清）一個季度，這是更高的比率。我猜你只是在 UO2 或其他方面的某些方面過於重視，這就是為什麼你看起來不像是在 12.5% 運行的原因。是對的嗎？因為我的意思是，如果你看一些季度，你會以更高的運行速度報告生產，我會說，即使你把它們放在一起？還是不對？

Yes. You're right. It's a combined number. But I can say we're right on budget. And in fact, UF6 production a little bit over budget at the moment. But the disclosed production, it is a combined number right across the Field Services division.

是的。你是對的。是一個合併的數字。但我可以說我們的預算是對的。事實上，目前 UF6 的產量有點超出預算。但披露的產量是整個現場服務部門的總和。

And Brian. Sorry, it's Grant. I'll just jump in here. The 12,500 tons of license capacity that Tim referenced is the conversion plant only. It's not conversion plus UO2, so that might be where the confusion is coming from.

還有布賴恩。對不起，是格蘭特。我就跳到這裡。 Tim 提到的 12,500 噸許可產能只是轉換工廠。這不是轉換加上 UO2，所以這可能是混亂的來源。

Right. Okay. I think it's just that you said it's consolidated because if you put them together, you're sort of 15, whatever, and you're running a little higher than that. So I'm just trying to figure, you're obviously running you have 6 plants pretty hard right now, which makes sense. The second question back to Grant, just on that Orano thing, you talked about I think if I remember the original deal was 5.4 million pounds, and now you can do an additional 1.2 million of U308, but you sort of say there's 4.6 million on it right now. Should I just add the 5.4 million plus the 102 is 6.6 minus 4.6, so they have capacity to draw 2 more? Is that kind of the way it works at the moment?

對。好的。我認為只是你說它是合併的，因為如果你把它們放在一起，你大概是 15 歲，不管怎樣，你跑得比這高一點。所以我只是想弄清楚，你顯然正在運行你現在有 6 株植物，這是有道理的。回到格蘭特的第二個問題，就關於 Orano 的事情，我想如果我記得最初的交易是 540 萬英鎊，現在你可以額外購買 120 萬 U308，但你有點說有 460 萬現在就可以了。我應該加上 540 萬加上 102 是 6.6 減去 4.6，所以他們有能力再畫 2 個嗎？目前是這樣運作的嗎？

Yes, that is kind of the way it works at the moment with the other characterization, Brian, that they're looking for UF6, so they're looking for that conversion component. So let's call that what it is. That's another pretty important signal because let's face it. Our partner is one of the major conversion suppliers in the world looking for conversion in other places. So that's a pretty strong signal about the pinch point in the conversion market.

是的，這就是它目前與其他特徵的工作方式，Brian，他們正在尋找 UF6，所以他們正在尋找那個轉換組件。所以讓我們稱之為它是什麼。這是另一個非常重要的信號，因為讓我們面對它。我們的合作夥伴是世界上主要的轉換供應商之一，在其他地方尋找轉換。所以這是關於轉換市場的關鍵點的一個非常強烈的信號。

We're just going to be, sorry, my next question and then I'll get off because you sort of draw on the 300 million of the 1.2 billion. How do you come up with the numbers? Is it based on your book? I mean they probably want it more, I would guess, so I'd actually determine that.

我們只是，抱歉，我的下一個問題，然後我會下車，因為你在某種程度上利用了 12 億中的 3 億。你是怎麼得出這些數字的？是根據你的書嗎？我的意思是他們可能更想要它，我猜，所以我實際上會確定這一點。

Yes, you know how these negotiations go. They probably wanted more, and we wanted to give them and this was the sort of the middle ground that was a mutual interest to both of us in terms of product flow and timing and when we needed it and when they needed it. So like any negotiation, it is probably exactly in the middle, where they weren't happy, and we weren't happy. So it was probably the perfect negotiation. It's really.

是的，你知道這些談判是如何進行的。他們可能想要更多，我們想給他們，這是一種中間立場，就產品流程和時間安排以及我們何時需要它以及他們何時需要它而言，這對我們雙方都有利。所以就像任何談判一樣，它可能正好在中間，他們不高興，我們也不高興。所以這可能是一次完美的談判。是真的。

The next question is from [Patrick Tajak,] a Private Investor.

下一個問題來自私人投資者 [Patrick Tajak]。

So you guys seem to have the business under control with the cash balance now ballooning and perhaps some expiration from the oil and gas sector, are there any discussions beyond raising the dividend to manage the share price more directly such as buybacks? And then my second unrelated question is on the Canada (inaudible) your docket is ready to be scheduled because you were for hearing. So I'm just wondering if there's any time (inaudible).

所以你們似乎已經控制了業務，現在現金餘額正在膨脹，石油和天然氣部門可能會到期，除了提高股息以更直接地管理股價之外，是否還有任何討論，例如回購？然後我的第二個不相關的問題是關於加拿大的（聽不清），您的案卷已準備好安排，因為您要參加聽證會。所以我只是想知道是否有時間（聽不清）。

So Patrick, thanks for the question. I would say hopefully, we've had things under control at all times here, but I'm going to turn it to Grant to talk about capital allocation, just our principles around capital allocation. Then I'll say a word about the CRA and pass it to Sean for an update on that.

所以帕特里克，謝謝你的問題。我會說希望，我們在這裡的任何時候都在控制之中，但我將把它轉向格蘭特來談論資本分配，只是我們關於資本分配的原則。然後我會談談 CRA 並將其傳遞給 Sean 以獲取最新信息。

Yes. In terms of capital allocation, we are still in the mode of matching risk with reward. Ours is a market where you're hearing us, I think, talk very optimistically about the demand that's ahead of us. But keep in mind; it's still ahead of us. There's still a lot of value we need to capture through our contracting. We haven't done as much as we'd want to yet. That's why we're still technically in a supply discipline mode. And as we're in a supply discipline mode, we're technically over contracted. We have more commitments than we have production coming in the door, which means we're going to make some purchases along the way or access some of the long-term purchases that we've done. All of that suggests to me that we're still in that self-managed risk mode as the market evolves. I'm pretty optimistic about how it evolves, of course.

是的。在資金配置方面，我們仍處於風險與回報相匹配的模式。我認為，我們是一個市場，您聽到我們非常樂觀地談論我們面前的需求。但請記住；它仍然在我們前面。我們仍然需要通過合同來獲取很多價值。我們還沒有做我們想做的那麼多。這就是為什麼我們在技術上仍處於供應紀律模式。由於我們處於供應紀律模式，我們在技術上已經過度承包。我們的承諾多於即將到來的生產，這意味著我們將在此過程中進行一些購買或訪問我們已經完成的一些長期購買。所有這些都向我表明，隨著市場的發展，我們仍處於這種自我管理的風險模式中。當然，我對它的發展方式非常樂觀。

And at the same time, we're seeing opportunities that, as Tim mentioned, with respect to global laser enrichment, opportunities that just really have been thrust to the forefront just in the last 60 days as a result of this effort to exclude Russia. So from a capital allocation point of view, between balancing the risk and looking at the reward opportunities, we're right where we want to be in terms of the balance sheet.

與此同時，正如蒂姆所提到的，我們看到了在全球激光濃縮方面的機會，這些機會在過去 60 天裡由於排除俄羅斯的努力而真正被推到了最前沿。因此，從資本配置的角度來看，在平衡風險和尋找回報機會之間，我們在資產負債表方面是正確的。

The trigger for us thinking about different moves, of course, is shoring up building those homes for that production, getting our plant production back to capacity, getting out from under care and maintenance costs, matching our commitments with Tier 1 production, which when you look at our financials as they're starting to improve already, this is just the beginning.

當然，我們考慮不同舉措的觸發因素是支持為該生產建造這些房屋，使我們的工廠生產恢復到產能，擺脫護理和維護成本，使我們的承諾與一級生產相匹配，當您看看我們的財務狀況，因為它們已經開始改善，這僅僅是個開始。

I mean we still have care and maintenance costs in there that are going to go away as McArthur ramps up. And so we're just in that mode where we still think it's prudent to be cautious and let this market evolve. And that's what gives us the ability to be strategically patient and not have to chase contracts in this market, but let them evolve so we can capture the terms and contracts that we want.

我的意思是，隨著麥克阿瑟的崛起，我們仍然需要支付護理和維護費用。所以我們只是處於那種我們仍然認為謹慎並讓這個市場發展的模式。這就是讓我們有能力在戰略上保持耐心，不必在這個市場上追逐合同，而是讓它們發展，這樣我們就可以捕捉到我們想要的條款和合同。

When we achieve those kind of principles, then it will be time to review the cash balance versus the run rate cash flow coming in from that contract portfolio as it's rebuilt, and then we'll be examining all of those questions. Do we have an opportunity to create the kind of returns our investors would expect by investing? And we don't have anything we can point to, then what's the best way to return that money to our owners because they're far better off with it than we are.

當我們實現這些原則時，將是時候審查現金餘額與該合同組合在重建時產生的運行率現金流量，然後我們將檢查所有這些問題。我們是否有機會創造投資者期望通過投資獲得的回報？而且我們沒有任何可以指出的東西，那麼將這筆錢返還給我們的所有者的最佳方式是什麼，因為他們的情況比我們好得多。

And under that analysis, all options would be on the table. So those principles haven't changed. They really are rooted in the rebuilding of the contract portfolio and ensuring up that run rate business. We're well on our way there. But I would just say cautiously, we're not there yet, still in supply discipline mode.

根據該分析，所有選項都將擺在桌面上。所以這些原則沒有改變。它們確實植根於合同組合的重建和確保運行率業務。我們正在路上。但我只想謹慎地說，我們還沒有，仍處於供應紀律模式。

And Patrick, to your second question, of course, it wouldn't be Cameco quarterly conference call without talking about the CRA at some point, we thought we were done with that in February of 2021 when we got a Supreme Court decision in our favor. But we're still talking about it, just to be clear, the sweetheart deal that was made with somebody, it wasn't us this week. So just to be clear on that, we spent about 15 years going through multiple levels of court to get unequivocal rulings in our favor. And so the CRA is holding about $778 million of our cash and balance sheet space, which we'd like to add to the cash deposit we have now. So, we're still working on it. Sean, do you want to give an update on where we're at with the CRA litigation.

帕特里克，對於你的第二個問題，當然，如果不討論 CRA，就不會是 Cameco 季度電話會議，我們認為我們在 2021 年 2 月得到了對我們有利的最高法院裁決.但我們仍在談論它，只是為了明確一點，與某人達成的甜心交易，這週不是我們。因此，為了明確這一點，我們花了大約 15 年的時間通過多個級別的法院，以獲得對我們有利的明確裁決。因此，CRA 持有我們大約 7.78 億美元的現金和資產負債表空間，我們希望將其添加到我們現在擁有的現金存款中。所以，我們仍在努力。肖恩，你想更新一下我們在 CRA 訴訟中的進展嗎？

Yes. Sure. I'd be pleased to. So as Tim has already mentioned, the initial period dispute is '03 to '06 fully resolved in our favor. There is nothing left there. We took the decision, it was ultimately ratified by the Supreme Court of Canada back and said based on this, all subsequent years should be similarly treated and resolved, and our cash amount is of credit released. That position wasn't resin by the CRA. So we put the years '07 through '13 back into the litigation process. That litigation process is still, I would call say, in the early innings. We filed what's called a notice of appeal the CRA to the DOJ, the Department of Justice. It provided us with in line. So there's a long way to go as we will with caring in the meantime in terms of the math of adding up for tax part adjusting.

是的。當然。我很樂意。因此，正如蒂姆已經提到的，最初的爭議在 03 年至 06 年完全有利於我們解決。那裡什麼都沒有了。我們做出了這個決定，最終得到了加拿大最高法院的批准，並表示基於此，以後的所有年份都應該同樣對待和解決，我們的現金金額是信用釋放的。這個職位不是 CRA 的樹脂。因此，我們將 07 年至 13 年重新納入訴訟程序。我認為，訴訟程序仍處於早期階段。我們向美國司法部（DOJ）提交了 CRA 所謂的上訴通知。它為我們提供了排隊。因此，我們還有很長的路要走，與此同時，我們還要關心稅收部分調整的數學計算。

We have a follow-up question from Greg Barnes with TD Securities.

我們收到了道明證券的 Greg Barnes 的後續問題。

Can you talk a little bit about the ultimate routes for the Inkai material out of Kazakhstan as we go through China and through that Caspian Sea? What ways you're looking at?

當我們穿過中國和里海時，你能談談從哈薩克斯坦運出印凱材料的最終路線嗎？你在看什麼方法？

Yes, Greg, that's a great question. That is the route across the Caspian over to the Black Sea and then down into the Mediterranean at some point and we understand they've tested that route. And so we're working with them on that. That would be, I think, the other alternative. I don't think going east is an option through China, at least for our material. And so that you've got it right, Greg, that is the option.

是的，格雷格，這是一個很好的問題。那是穿越里海到黑海然後在某個時候進入地中海的路線，我們知道他們已經測試了這條路線。所以我們正在與他們合作。我認為那將是另一種選擇。我不認為通過中國向東走是一種選擇，至少對於我們的材料而言。格雷格，這樣你就做對了，這是一個選擇。

And how much volume can you put down that route? Is it like a one-off thing or could kind of extend get all of that uranium out to that route, do you know?

你能在這條路線上放多少音量？它是一次性的還是可以將所有的鈾延伸到那條路線上，你知道嗎？

Yes. I guess, Greg, we don't know that yet. I think they're still using St. Petersburg to some extent. So we'll have to figure that out. This is pretty recent for us, Greg. And so we'll have to figure that out in the next couple of weeks and months.

是的。我想，格雷格，我們還不知道。我認為他們在某種程度上仍在使用聖彼得堡。所以我們必須弄清楚這一點。格雷格，這對我們來說是最近的事。所以我們必須在接下來的幾周和幾個月內解決這個問題。

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

問答環節到此結束。我想把會議轉回給 Tim Gitzel 做閉幕詞。

Well, thank you, operator. And with that, I just want to say thank you to everybody who joined us on the call today. We, as always, appreciate your interest and your support. Just a couple of words, our world today is facing some pretty significant challenges, including decarbonization, electrification, while ensuring energy affordability and security without jeopardizing the ambitious net-zero targets that have been set around the world. There's a lot of uncertainty in the world, energy landscape and a lot of countries are having to take a hard look and where they should get their fuel. More than ever, the world is looking for a stable, reliable, and politically dependable fuel supply.

好的，謝謝你，接線員。有了這個，我只想對今天加入我們電話會議的每個人表示感謝。我們一如既往地感謝您的關注和支持。簡而言之，我們今天的世界正面臨著一些相當重大的挑戰，包括脫碳、電氣化，同時確保能源的可負擔性和安全性，同時又不損害世界各地設定的雄心勃勃的淨零排放目標。世界、能源格局存在很多不確定性，許多國家不得不認真審視他們應該從哪裡獲得燃料。世界比以往任何時候都更需要穩定、可靠和政治上可靠的燃料供應。

I believe we're witnessing a fundamental change that will alter the way countries approach their energy needs going forward. And I think anyone who look seriously at the global issues we're facing, would say that there's no solution without nuclear. So we see a lot of opportunity ahead of us with demand for safe, reliable, affordable and carbon-free baseload electricity coming from across the globe.

我相信我們正在目睹一場根本性的變化，它將改變各國未來滿足其能源需求的方式。我認為任何認真看待我們面臨的全球問題的人都會說，沒有核就沒有解決方案。因此，隨著全球對安全、可靠、負擔得起和無碳的基荷電力的需求，我們看到了很多機會。

As a responsible commercial supplier with a strong balance sheet, long-lived Tier 1 assets and a proven operating track record and line of sight to return to our Tier 1 cost structure, we at Cameco believe we are extraordinarily well positioned to respond to changing market dynamics. We are excited about the future we're seeing for nuclear power generation. We are excited about the fundamentals for nuclear fuel supplies, and we're excited about the prospects for our company. We will continue to do what we said we would do, executing on our strategy. And consistent with our values, we will do so in a manner we believe will make our business sustainable over the long term. And we will continue to make the health and safety of our workers, their families, and their communities are a priority.

作為一家負責任的商業供應商，擁有強大的資產負債表、長期的一級資產和經過驗證的運營記錄以及恢復一級成本結構的視線，我們在 Cameco 相信我們在應對不斷變化的市場方面處於非常有利的地位動力學。我們對核能發電的未來感到興奮。我們對核燃料供應的基本面感到興奮，我們對公司的前景感到興奮。我們將繼續按照我們所說的去做，執行我們的戰略。並且與我們的價值觀一致，我們將以我們相信將使我們的業務長期可持續發展的方式這樣做。我們將繼續將我們的員工、他們的家人和他們的社區的健康和安全放在首位。

So thanks again, everybody. Stay safe and healthy, and talk to you again soon. Thank you.

所以再次感謝大家。保持安全和健康，很快就會再次與您交談。謝謝你。

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

今天的電話會議到此結束。你可以斷開你的線路。感謝您的參與，祝您有愉快的一天。