Cameco Corp (CCJ) 2021 Q4 法說會逐字稿

Welcome to the Cameco Corporation Fourth Quarter 2021 Conference Call. (Operator Instructions)

歡迎來到 Cameco Corporation 2021 年第四季度電話會議。 （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 fourth quarter conference call. I would like to acknowledge that we are on Treaty 6 territory and the Homeland of Metis. Today's call will focus on the trends we are seeing in the market and on our strategy.

謝謝接線員，大家早上好。歡迎來到 Cameco 第四季度電話會議。我想承認我們在條約 6 的領土和梅蒂斯的故鄉。今天的電話會議將重點關注我們在市場上看到的趨勢和我們的戰略。

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.

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 VP and CFO; Brian Reilly, Senior VP and Chief Operating Officer; Alice Wong, Senior VP and Chief Corporate Officer; and Sean Quinn, Senior VP, 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； Brian Reilly，高級副總裁兼首席運營官； Alice Wong，高級副總裁兼首席企業官；以及高級副總裁、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.

我將把它交給蒂姆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，則有可用的幻燈片，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 welcome to everyone on the call today. We appreciate you taking the time to join us. Hope, it's not too late to wish all of you Happy New Year, and I hope that you and your families are doing well.

好吧，謝謝你，Rachelle，歡迎大家今天來電。感謝您抽出寶貴時間加入我們。希望，現在祝大家新年快樂還為時不晚，希望您和您的家人一切都好。

A year ago, I spoke to you about our excitement for the future of our industry, the growth occurring in traditional and non-traditional uses of nuclear power, and about our role in supporting the transition to a net zero carbon economy, and I can tell you, none of that has changed.

一年前，我與您談到了我們對行業未來的興奮、核電的傳統和非傳統用途的增長，以及我們在支持向淨零碳經濟過渡方面的作用，我可以告訴你，這一切都沒有改變。

In fact, the developments in our industry over the past year further support our belief that there is durability to demand that I'm not sure we've ever seen in our industry before. And the fundamentals are pointing to a transfer of risk from the suppliers of uranium fuel to the users. The thinning of material available in the spot market and the growing uncertainty of supply has led to the recognition that uranium prices need to rise to reflect production economics.

事實上，過去一年我們行業的發展進一步支持了我們的信念，即需求具有持久性，我不確定我們以前在我們的行業中是否見過。基本面指向風險從鈾燃料供應商轉移到用戶。現貨市場上可用材料的稀缺和供應不確定性的增加導致人們認識到鈾價格需要上漲以反映生產經濟性。

The economics that will be needed to ensure the availability of reliable and sufficient productive capacity to fuel a growing demand for carbon-free baseload nuclear electricity. We have seen a nearly 40% increase in uranium spot prices since a year ago and a 22% increase in the long-term price and that, of course, is good news for us.

確保提供可靠和充足的生產能力以推動對無碳基荷核電不斷增長的需求所需的經濟性。自一年前以來，我們看到鈾現貨價格上漲了近 40%，長期價格上漲了 22%，這當然對我們來說是個好消息。

We believe that our actions have contributed to the growing security of supply concerns in our industry. As a result of our planned and unplanned production cuts, our inventory reduction and our market purchases, we have removed more than 190 million pounds from the market since 2016.

我們相信，我們的行動有助於我們行業日益增加的供應安全問題。由於我們計劃和計劃外的減產、庫存減少和市場採購，自 2016 年以來，我們已從市場上撤出超過 1.9 億磅。

As a commercial supplier, our decisions have uniquely positioned Cameco with demonstrated Tier 1 assets, strategic Tier 2 assets and vertical integration to capitalize on the increasingly undeniable conclusion, the nuclear power must be in the central part of the clean energy transition.

作為一家商業供應商，我們的決策使 Cameco 具有獨特的定位，具有展示的一級資產、戰略二級資產和垂直整合，以利用日益不可否認的結論，即核電必須處於清潔能源轉型的核心部分。

So today, I'm pleased to tell you that with the improvements we've seen in the uranium market and the success we have had in putting 70 million pounds of new long-term contracts in place since the beginning of 2021, it is time. It's time to claim our incumbency advantage and proceed with the next phase of our supply discipline decisions in alignment with our contract portfolio and the market opportunities. And it's time to reward those who understand and have supported our strategy, which has laid the foundation to capture the value of the clean energy transition.

所以今天，我很高興地告訴你們，隨著我們在鈾市場上看到的改善以及自 2021 年初以來我們在簽訂 7000 萬磅新的長期合同方面取得的成功，現在是時候了.現在是時候展示我們的在職優勢，並根據我們的合同組合和市場機會繼續下一階段的供應紀律決策。是時候獎勵那些理解並支持我們戰略的人了，該戰略為獲取清潔能源轉型的價值奠定了基礎。

Our plan in no way represents an end to our supply discipline. What we are contemplating for our supply discipline still represents a much greater reduction in any other producer has made. In fact, we are continuing with indefinite supply discipline. Therefore, we will begin the process of getting our Northern Saskatchewan Tier 1 assets operationally ready to achieve a production plan of about 28.5 million pounds combined in 2024 on a 100% basis.

我們的計劃絕不代表我們供應紀律的終結。我們正在考慮的供應紀律仍然代表著任何其他生產商所做的更大的減少。事實上，我們正在繼續執行無限期的供應紀律。因此，我們將開始讓我們的北薩斯喀徹溫省一級資產投入運營，以在 2024 年 100% 的基礎上實現約 2850 萬磅的生產計劃。

Our plan includes both McArthur River and Cigar Lake operating at less than licensed capacity starting in 2024. When you consider our idle Tier 2 capacity, about 40% of our productive capacity will remain subject to supply discipline in 2024. In conjunction with this plan change to our operations, we are also announcing a 50% increase to our 2022 dividend, which will be paid in December this year.

我們的計劃包括從 2024 年開始以低於許可產能運營的 McArthur River 和 Cigar Lake。當您考慮到我們閒置的二級產能時，到 2024 年，我們約 40% 的產能仍將受到供應紀律的約束。結合此計劃變更對於我們的運營，我們還宣布將 2022 年的股息增加 50%，該股息將於今年 12 月支付。

So why now you may ask? With all of our market experience, we are seeing the signpost that tell us it is time to prepare our proven Tier 1 assets for operational readiness and flexibility, because a market transition is taking hold. In addition to the over 160 million pounds we have under contract in our portfolio, we see a market where the fundamentals are shifting in our favor, and we want to be ready.

那麼為什麼現在你可能會問呢？憑藉我們所有的市場經驗，我們看到的路標告訴我們，是時候準備我們經過驗證的一級資產以做好運營準備和靈活性，因為市場轉型正在發生。除了我們的投資組合中有超過 1.6 億英鎊的合同外，我們還看到市場的基本面正在向有利於我們的方向轉變，我們希望做好準備。

Let's take a look at the fundamentals that motivate our strategic decisions. The benefits of nuclear energy have come clearly into focus with the durability that we believe has not previously been seen. This durability is being driven by the accountability for achieving the net zero carbon targets being set by countries and companies around the world. These net zero carbon targets are turning attention to a triple challenge.

讓我們來看看推動我們做出戰略決策的基本原理。核能的好處已經清楚地體現在我們認為以前從未見過的耐用性上。這種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。這些淨零碳目標正在將注意力轉向三重挑戰。

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. And finally, the challenge is to grow global power grids by switching industries to electricity, such as private and commercial transportation, home heating and industrial heating, which are largely powered with carbon-emitting thermal energy today.

首先，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。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、家庭供暖和工業供暖，這些行業目前主要由排放碳的熱能提供動力。

Additionally, the energy crisis experienced in some parts of the world has amplified concerns about energy security and highlighted the role of energy policy and balancing 3 main objectives, providing a clean emission profile, providing a reliable and secure baseload profile, providing an affordable levelized cost profile. Too much focus on 1 objective has left some jurisdictions struggling with power shortages and spiking energy prices.

此外，世界某些地區經歷的能源危機加劇了對能源安全的擔憂，並突出了能源政策和平衡 3 個主要目標的作用，即提供清潔排放概況、提供可靠和安全的基本負荷概況、提供可承受的平準化成本輪廓。過分關註一個目標已使一些司法管轄區陷入電力短缺和能源價格飆升的困境。

There is increasing recognition that nuclear power, with its clean emissions profile, reliable and secure baseload characteristics and low, levelized cost has a key role to play in achieving decarbonization goals. Several nations like France, the United Kingdom and the United States are reaffirming their commitment to nuclear power by developing plans to support their existing reactor base and are reviewing their policies to encourage even more nuclear capacity. Several other European countries like the Netherlands, Czechia, Poland, Estonia, Slovenia and Serbia have emerged as candidates for new nuclear capacity.

人們越來越認識到，核電以其清潔的排放特徵、可靠和安全的基荷特性以及低廉的平準化成本在實現脫碳目標方面發揮著關鍵作用。法國、英國和美國等幾個國家正在通過制定支持其現有反應堆基地的計劃來重申其對核電的承諾，並正在審查其政策以鼓勵更多的核電容量。荷蘭、捷克、波蘭、愛沙尼亞、斯洛文尼亞和塞爾維亞等其他幾個歐洲國家已成為新核能的候選者。

With this strong support for nuclear energy, the European Union has agreed in principle to include certain nuclear energy activities under a green labeling system in its taxonomy for sustainable finance. Its inclusion will identify nuclear power as a climate-friendly investment and could result in increased investment in nuclear power plants and may also allow a broader array of ESG-focused funds to invest in other segments of the nuclear power industry, including mining.

有了對核能的大力支持，歐盟原則上同意將某些核能活動納入綠色標籤體系，納入其可持續金融分類。它將核電納入氣候友好型投資，並可能導致對核電廠的投資增加，還可能允許更廣泛的以 ESG 為重點的基金投資於核電行業的其他領域，包括採礦業。

Even in countries with phase-out policies like Germany, Belgium and Spain, there is growing debate about the role of nuclear power with public opinion polls showing growing support for nuclear. The growth in demand is not just long-term in the form of new builds, it is medium-term demand in the form of reactor life extensions and it is near term growth as early reactor retirements are prevented.

即使在德國、比利時和西班牙等實行逐步淘汰政策的國家，關於核能作用的辯論也越來越多，民意調查顯示對核能的支持越來越多。需求的增長不僅是新建造形式的長期需求，而且是反應堆壽命延長形式的中期需求，並且由於防止了反應堆提前退役，它是近期增長。

And we are seeing 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 it's easy to conclude that demand outlook is durable and very bright. However, the uranium supply side story paints a much different picture. Persistently low prices have led to planned supply curtailments of existing productive capacity, development risk due to lack of investment in new productive capacity and the end of reserve life for some mines.

我們看到世界各地核電非傳統商業用途的勢頭正在增強，例如小型模塊化反應堆和先進反應堆的開發，許多公司和國家都在尋求項目。因此很容易得出結論，需求前景是持久且非常光明的。然而，鈾供應方面的故事描繪了一幅截然不同的畫面。持續的低價格導致現有產能的計劃供應削減，由於缺乏對新產能的投資以及一些礦山的儲備壽命結束而導致的開發風險。

In the past, secondary supplies have fill the gap. But after years of drawing on these onetime sources, the secondary supply capacity is now declining significantly into the future. These fundamental facts are being amplified by unplanned supply disruptions caused by the COVID-19 pandemic and the related global supply chain and inflationary challenges that are interrupting the flow of goods and services in the uranium market. We've seen this both here in Canada and in Kazakhstan. And they're further intensified by the thinning of the spot market due to the interest in physical uranium by investors that are purchasing significant volumes of uranium and sequestering it by the increasing ESG scrutiny of suppliers to ensure utility supply chains qualified as green by the deepening geopolitical and origin risk driven by the increase in concentration of supply and the trend toward regionalization to ensure the availability of critical minerals.

過去，二次供應填補了這一空白。但經過多年利用這些一次性資源後，二級供應能力現在正在顯著下降。 COVID-19 大流行造成的計劃外供應中斷以及相關的全球供應鍊和通貨膨脹挑戰正在加劇這些基本事實，這些挑戰正在中斷鈾市場的商品和服務流動。我們在加拿大和哈薩克斯坦都看到了這一點。由於購買大量鈾的投資者對實物鈾的興趣，並通過對供應商的日益嚴格的 ESG 審查來確保公用事業供應鏈通過深化而成為綠色，因此現貨市場的萎縮進一步加劇了這種情況。地緣政治和原產地風險由供應集中度的增加和區域化趨勢驅動，以確保關鍵礦物的可用性。

Looking at where the market is today and what we are seeing, it's easy to conclude that the current uranium market is more constructive than we have seen in a very long time. Key to this improvement has been the alignment of productive capacity with the market cycle, something we, as a responsible producer, understand and have made a significant part of our strategy.

看看今天的市場狀況和我們所看到的情況，很容易得出結論，當前的鈾市場比我們在很長一段時間內看到的更具建設性。這一改進的關鍵是使生產能力與市場週期保持一致，作為負責任的生產商，我們理解這一點，並將其作為我們戰略的重要組成部分。

All was motivated by the uranium market fundamentals, our strategy of full cycle value capture has had a significant impact on the positive market dynamics we see today. We've been undertaking work to ensure we have operational flexibility and we're aligning our production decisions with the market fundamentals and our contracting portfolio and we have been financially disciplined.

所有這些都受到鈾市場基本面的推動，我們的全週期價值獲取戰略對我們今天看到的積極市場動態產生了重大影響。我們一直在努力確保我們具有運營靈活性，並且我們正在使我們的生產決策與市場基本面和我們的合同組合保持一致，並且我們在財務上一直受到紀律處分。

Indeed, I would argue the magnitude of our production cuts to well below our sales commitments and the resulting purchase activity to replace those pounds is unrivaled. The curtailment of our Tier 1 and Tier 2 assets have inventoried almost 115 million pounds of uranium in the ground since 2016, including our partner share, more than 115 million pounds of uranium that are worth much more in today's market. In addition, with our spot and term purchasing, we've taken 56 million pounds of uranium out of the market since we began curtailing production. And in 2018, we drew our inventory down by about 20 million pounds.

事實上，我認為我們的減產幅度遠低於我們的銷售承諾，以及由此產生的替代這些磅的採購活動是無與倫比的。自 2016 年以來，我們的 1 級和 2 級資產削減了近 1.15 億磅的鈾庫存，包括我們的合作夥伴份額，超過 1.15 億磅的鈾在當今市場上的價值要高得多。此外，通過我們的現貨和定期採購，自從我們開始減產以來，我們已經從市場上購買了 5600 萬磅鈾。 2018 年，我們的庫存減少了約 2000 萬磅。

Just step back for a minute and consider where the market might be today had we not taken these actions. Had Cameco not acted strategically and decisively, almost 190 million pounds would still be above ground and trying to find a home in the market. The spot market would still be significantly oversupplied. Financial and other investors would not have taken notice of uranium.

稍等片刻，想想如果我們不採取這些行動，今天的市場可能在哪裡。如果 Cameco 沒有採取戰略性和果斷的行動，近 1.9 億英鎊仍將在地面上並試圖在市場上找到歸宿。現貨市場仍將明顯供過於求。金融和其他投資者不會注意到鈾。

We've been through every market transition in our industry. And while having great assets is a necessary condition for creating long-term value, we know that it is not sufficient. We understand that the spot market is not the fundamental market in our business. It is a very thinly-traded market where small volumes can have an outsized impact on price. It is not where utilities turn to satisfy their long-term run rate requirements. It is typically where they go for one-time discretionary volumes.

我們經歷了行業中的每一次市場轉型。雖然擁有大量資產是創造長期價值的必要條件，但我們知道這還不夠。我們明白現貨市場不是我們業務的基礎市場。這是一個交易非常稀少的市場，小交易量會對價格產生巨大影響。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自由支配交易量的地方。

Our experience has taught us that a responsible producer creates real value by building a long-term contract portfolio. A portfolio that supports the operation of productive assets and generate significant cash flow through the entire commodity cycle by having leverage to greater returns as the price increases and that provides downside protection for periods of lower prices.

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。一種支持生產性資產運營並在整個商品週期中產生大量現金流的投資組合，通過在價格上漲時獲得更大回報並在價格下跌期間提供下行保護。

In our business, there is no substitute for a full-blown utility-driven long-term contracting cycle. A contracting cycle motivated by security of supply concerns drives value capture in the uranium fuel market as it did in the conversion market 2 years ago. 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.

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。供應安全問題推動的收縮週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。就像在鈾業務最糟糕的下行週期中對我們所做的那樣，當我們的平均實際價格跑贏市場並保護我們的資產負債表時，其他人在財務上失敗並不得不進行資本重組和重組，從而破壞了他們所有者的價值。

It's why we're critical of those who promote a strategy to build productive capacity fully exposed to the spot market. Having been in this business now for over 3 decades, I can tell you that strategy simply doesn't work for those who are trying to create long-term sustainable value and it demonstrates a basic lack of understanding of the structure of our market.

這就是為什麼我們批評那些提倡建立完全暴露於現貨市場的生產能力的戰略的人。現在從事這項業務已有 3 多年了，我可以告訴您，該策略根本不適用於那些試圖創造長期可持續價值的人，它表明對我們市場結構的基本缺乏了解。

The higher prices discovered during the contracting cycle drive investment in higher cost sources of production, which due to the lengthy development timelines, missed the contracting cycle and ramp up after demand has already been captured by the incumbent producers. The new uncommitted supply exposed to these small, discretionary spot market sets in motion a price off cycle and becomes value destructive.

在合同周期中發現的較高價格推動了對成本較高的生產來源的投資，由於開發時間長，這些來源錯過了合同周期，並在現有生產商已經捕捉到需求後增加。暴露於這些小型的、可自由支配的現貨市場的新的未承諾供應啟動了價格下跌週期，並成為價值破壞性的。

Finally, after more than 10 years in a trough and through the deliberate and disciplined execution of our strategy, aligning our productive capacity with market opportunities, we are seeing the cycle form. As the spot market continues to thin, utilities are beginning to shift their attention to securing material for their uncovered requirements and not just in off market negotiations.

最後，在經歷了 10 多年的低谷之後，通過深思熟慮和有紀律地執行我們的戰略，使我們的生產能力與市場機會保持一致，我們看到了周期形式。隨著現貨市場持續疲軟，公用事業公司開始將注意力轉移到為其未覆蓋的需求獲取材料上，而不僅僅是在場外談判中。

Increased interest in on market long-term contracting is emerging as well. Request for proposals we are seeing are directed at those producers who have proven and reliable productive capacity today and who have a track record of honoring commitments. The leading utilities understand that a Tier 1 asset is demonstrated, not just discovered and declared.

對市場長期合同的興趣也在增加。我們看到的徵求建議書的對像是那些如今已證明具有可靠生產能力並且有履行承諾記錄的生產商。領先的公用事業公司明白，第 1 層資產是經過展示的，而不僅僅是發現和申報的。

They have learned from history that relying on new development projects showing up on aggressive timelines and budgets promised is not a prudent strategy. They understand that banking on a resource that still faces technical, regulatory, stakeholder project and operating challenges in an inflationary supply chain challenging environment puts their future reactor operations at significant risk.

他們從歷史中了解到，依靠在激進的時間表和承諾的預算中出現的新開發項目並不是一個謹慎的策略。他們明白，在通貨膨脹的供應鏈挑戰環境中，依靠仍面臨技術、監管、利益相關者項目和運營挑戰的資源會使他們未來的反應堆運營面臨重大風險。

As an independent commercial supplier, we can provide our customers with access to proven and reliable productive capacity. The substantial Canadian productive capacity, our supply meets increasingly stringent ESG requirements, it can provide diversity from state-owned enterprises and help to derisk utilities future supply from trade policy exposure.

作為一家獨立的商業供應商，我們可以為我們的客戶提供成熟可靠的生產能力。加拿大強大的生產能力，我們的供應滿足日益嚴格的 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風險，使其免受貿易政策風險的影響。

Let's look in more detail at the plans we have for productive capacity. If you recall last quarter, I said that when the day comes to announce that the return to operating status at McArthur River/Key Lake is on the horizon, it will be undeniably positive news for Cameco and all of our stakeholders, and we believe for the market. Well, today is that day.

讓我們更詳細地了解我們的生產能力計劃。如果您還記得上個季度，我說過當宣布 McArthur River/Key Lake 恢復運營狀態即將到來的那一天，這對 Cameco 和我們所有的利益相關者來說無疑是一個好消息，我們相信市場。嗯，今天就是那一天。

[Relaying] claim to our Tier 1 incumbency advantage as we further position the company to capture the value we expect to come from the growing demand for safe, clean reliable and affordable nuclear energy. Increasing uranium prices and a growing contract portfolio are giving us line of sight to return to our Tier 1 cost structure.

[中繼] 聲稱我們的一級在職優勢，因為我們進一步定位公司以獲取我們期望從對安全、清潔可靠和負擔得起的核能的不斷增長的需求中獲得的價值。不斷上漲的鈾價格和不斷增長的合同組合使我們能夠重新回到我們的一級成本結構。

We're seeing the conditions develop that will allow us to deliver uranium from our proven assets under long-term contracts that we expect will create value and sustain a stable nuclear fuel cycle to support growing demand and we want to be ready. As a responsible producer, our production plan will remain aligned with the market. It entails a portfolio approach to our Tier 1 capacity in Northern Saskatchewan. We expect the investments we are making in digital and automation technologies will allow us to operate these assets with more flexibility.

我們看到條件的發展將使我們能夠根據長期合同從我們經過驗證的資產中提供鈾，我們預計這將創造價值並維持穩定的核燃料循環以支持不斷增長的需求，我們希望做好準備。作為負責任的生產商，我們的生產計劃將與市場保持一致。它需要對我們在薩斯喀徹溫省北部的一級產能採取組合方法。我們預計我們在數字和自動化技術方面的投資將使我們能夠更靈活地運營這些資產。

Flexibility is key to our ability to continue to align our production decisions with our contract portfolio commitments and opportunities. With about 185 million pounds added to our long-term portfolio since 2016, including 70 million added since the beginning of 2021, we have a solid base of contracts to deliver our planned production into, it is not destined for the spot market.

靈活性是我們能夠繼續使我們的生產決策與我們的合同組合承諾和機會保持一致的關鍵。自 2016 年以來，我們的長期投資組合增加了約 1.85 億英鎊，其中包括自 2021 年初以來增加的 7,000 萬英鎊，我們有堅實的合同基礎來交付我們計劃的生產，而不是用於現貨市場。

The market-related contracts in our portfolio together with the large inventory of uncommitted pounds we have left in the ground give us plenty of exposure to further improvements in the market. To get started, we will begin the process to transition the McArthur River mine and Key Lake mill from care and maintenance to operational readiness to allow us to produce 15 million pounds per year on a 100% basis by 2024. That is 40% below the annual licensed capacity.

我們投資組合中與市場相關的合約，以及我們留在地下的大量未承諾的磅數，使我們有足夠的機會接觸到市場的進一步改善。首先，我們將開始將 McArthur River 礦山和 Key Lake 工廠從保養和維護過渡到運營準備階段，以便到 2024 年以 100% 的速度每年生產 1500 萬磅。這比預期低 40%年許可容量。

Once the McArthur River/Key Lake operation reaches its planned production starting in 2024, it is our intention to pull back on production at Cigar Lake. 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 licensed capacity. It will take us some time to ramp up at McArthur River/Key Lake. We must complete some critical projects, perform maintenance readiness checks and recruit and train sufficient mine and mill personnel before we begin operations.

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。計劃將雪茄湖的產量從每年 1800 萬磅降至每年 1350 萬磅，按 100% 或比許可產能低 25% 的方式生產。我們需要一些時間才能在麥克阿瑟河/基湖加速。在開始運營之前，我們必須完成一些關鍵項目，進行維護準備檢查，並招募和培訓足夠的礦山和工廠人員。

Over the course of 2022 and 2023, we will undertake all of the activities necessary to ramp up to achieve our 2024 production plan. As a result, this year, we could produce up to 5 million pounds of uranium on 100% basis at McArthur River/Key Lake. At Cigar Lake, we expect to produce 15 million pounds on a 100% basis, 3 million pounds less than its licensed capacity.

在 2022 年和 2023 年期間，我們將開展所有必要的活動，以實現我們的 2024 年生產計劃。因此，今年我們可以在麥克阿瑟河/基湖以 100% 的基礎生產多達 500 萬磅的鈾。在雪茄湖，我們預計在 100% 的基礎上生產 1500 萬磅，比其許可產能少 300 萬磅。

Our production outlook 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. However, we will work to minimize any disruptions to our operations this year. We expect that our operational decisions at McArthur River/Key Lake will have a significant and positive impact on our financial performance.

我們的生產前景反映了 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。但是，我們將努力減少今年對我們運營的任何干擾。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。

As you know, the financial aspect of our strategy is to ensure that we have a solid balance sheet and the ability to self-manage risk. At the end of the second quarter, we were again in a negative net debt position with $1.3 billion in cash, $1 billion in long-term debt, and a $1 billion undrawn credit facility. 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.

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。在第二季度末，我們再次處於負淨債務頭寸，擁有 13 億美元的現金、10 億美元的長期債務和 10 億美元的未提取信貸額度。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。

As production ramps up to the planned level, the operational readiness costs incurred will decrease and we will be able to source more of our committed sales from lower cost produced pounds. As well, the higher prices that are being discovered in the currently improving market will flow through our existing contract portfolio.

隨著產量上升到計划水平，所產生的運營準備成本將降低，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。同樣，在當前改善的市場中發現的更高價格將流向我們現有的合同組合。

And with an inventory of unencumbered Tier 1 and Tier 2 pounds in the ground, rising prices will also create the opportunity to layer in new long-term commitments with appropriate pricing mechanisms that will underpin the long-term operation of our productive capacity. With the court process in our dispute with the CRA confirming unequivocally that Cameco consistently followed the rules and complied with both the letter and intent of the law, we still expect $295 million in cash and $482 million in letters of credit to be released to us, we just don't know when so we continue to work on that. As such, we expect to have the financial capacity to execute on our strategy and self-manage risk, including from global macroeconomic uncertainty. Therefore, we are pleased to reward those who have supported our strategy.

並且由於地下有未支配的 1 級和 2 級磅的庫存，價格上漲還將創造機會，通過適當的定價機制來實現新的長期承諾，這將支持我們生產能力的長期運營。在我們與 CRA 的爭議中，法院程序明確確認 Cameco 始終遵守規則並遵守法律的條文和意圖，我們仍然預計將向我們發放 2.95 億美元現金和 4.82 億美元信用證，我們只是不知道什麼時候，所以我們繼續努力。因此，我們希望有財務能力來執行我們的戰略和自我管理風險，包括全球宏觀經濟的不確定性。因此，我們很高興獎勵那些支持我們戰略的人。

Our Board has approved a dividend of $0.12 per share to be paid in December, up from $0.08 per share in 2021.

我們的董事會已批准在 12 月支付每股 0.12 美元的股息，高於 2021 年的每股 0.08 美元。

So what does all this mean for Cameco? Well, it means we're optimistic. We're optimistic about the growth in demand for nuclear power, both traditional and non-traditional. 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 chain and supporting the transition to a net zero carbon economy.

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 在整個燃料鏈中獲取長期價值和支持向淨零碳經濟過渡的現有機會持樂觀態度。

Therefore, we will embark on the next phase of our supply discipline strategy. We will continue to do what we said we would do. So what is it that we are doing. We're aligning our production decisions with our contract portfolio and the market fundamentals. We're being strategically patient in our marketing activities. We are conservatively managing our balance sheet to ensure we can execute on our strategy and self-manage risk. And we are rewarding those who understand and have supported our strategy.

因此，我們將開始下一階段的供應紀律戰略。我們將繼續做我們說過我們會做的事情。那麼我們在做什麼。我們正在使我們的生產決策與我們的合同組合和市場基本面保持一致。我們在營銷活動中保持戰略性的耐心。我們正在保守地管理我們的資產負債表，以確保我們能夠執行我們的戰略和自我管理風險。我們正在獎勵那些理解並支持我們戰略的人。

This strategy has positioned us well to take advantage of the fundamentals I spoke of earlier. We have operating and idle Tier 1 assets that are licensed, permitted, long-lived and are proven operations that have expansion capacity. We have fully permitted and proven Tier 2 assets that don't make sense at today's prices, but when you think about them in the context of a looming supply gap, there is a potential pathway for them to add value for us in the future, but we will be very disciplined in our evaluation on that front.

這種策略使我們能夠很好地利用我之前談到的基本面。我們擁有運營和閒置的一級資產，這些資產已獲得許可、許可、壽命長，並且是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，但是當您在供應缺口迫在眉睫的背景下考慮它們時，它們有可能在未來為我們增加價值，但我們將在這方面的評估中非常自律。

Thanks to our disciplined contracting strategy, we've had a contract portfolio that has protected us well during the worst down cycle in our business. As the uranium market improves further, our focus is shifting to securing homes for our in ground inventory that is not yet been committed. We won't chase the market down to win business and we won't produce to dump uncommitted supply into a thinly traded spot market as we've seen some of our competitors do.

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很好地保護了我們。隨著鈾市場的進一步改善，我們的重點正在轉移到為我們尚未承諾的地下庫存提供房屋。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。

The primary driver for our contracting activity is always value. Therefore, as the market improves, we expect to continue to layer in volumes, capturing greater upside using market-related pricing mechanisms. However, we recognize there is a cyclicality to our business that is inevitable. That's why, as a responsible producer, we will also look to lock in value at higher prices to carry those higher prices through the next cycle. We also locked in significant value for our fuel services business in the recent price transition and conversion. And we're more than just mining. We're vertically integrated across the nuclear fuel cycle with refining, conversion and fuel fabrication.

我們承包活動的主要驅動力始終是價值。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。然而，我們認識到我們的業務存在不可避免的周期性。這就是為什麼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。在最近的價格轉變和轉換中，我們還為我們的燃料服務業務鎖定了重要價值。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。

Additionally, we are positioning Cameco to respond to the growing need for uranium fuel to generate safe, clean, reliable and affordable electricity by exploring opportunities to further our reach to encompass the full nuclear fuel cycle. Through our fuel manufacturing capabilities and investment in global laser enrichment, we're exploring fuel fabrication of new fuels, including high assay, low enriched uranium or HALEU.

此外，我們將 Cameco 定位為響應對鈾燃料日益增長的需求，以通過探索進一步覆蓋整個核燃料循環的機會來產生安全、清潔、可靠和負擔得起的電力。通過我們的燃料製造能力和對全球激光濃縮的投資，我們正在探索新燃料的燃料製造，包括高含量、低濃縮鈾或 HALEU。

We're also participating in the development of small modular reactors and have entered a number of non-binding arrangements to advance their commercialization and deployment in Canada and around the world. And we have an interest in the nuclear sustainability services, 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.

我們還參與了小型模塊化反應堆的開發，並達成了一些不具約束力的安排，以推進其在加拿大和世界各地的商業化和部署。我們對核能可持續性服務、燃料循環的後端感興趣，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 are deliberate. 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 are 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.

我們的決定是經過深思熟慮的。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。

We have determined that our strategy, which includes contracting discipline, operationally flexible supply discipline and financial discipline will allow us to achieve our vision of energizing a cleaner world, thereby delivering long-term value in a market where demand for safe, secure, reliable and affordable clean nuclear energy is growing.

我們已經確定，我們的戰略，包括合同紀律、運營靈活的供應紀律和財務紀律，將使我們能夠實現為更清潔的世界注入活力的願景，從而在一個對安全、可靠、可靠和負擔得起的清潔核能正在增長。

So with that, thanks for joining our call today. And operator, we would be happy to answer any questions.

因此，感謝您今天加入我們的電話會議。和接線員，我們很樂意回答任何問題。

(Operator Instructions) The first question is from Orest Wowkodaw from Scotiabank.

（操作員說明）第一個問題來自豐業銀行的 Orest Wowkodaw。

I'm curious if we could get some more details on your plans to restart McArthur River. I know in the past, you talked about needing, I guess, to pre-sell the majority of the future pounds from McArthur. I'm just curious if your philosophy there has changed or whether you're seeing enough with respect to recontracting, including, I guess, the 40 million pounds you've signed year-to-date of long-term book. But any additional color there in terms of what's prompting you to restart early relative to the contract book?

我很好奇我們能否獲得有關您重啟麥克阿瑟河計劃的更多細節。我知道在過去，你談到需要，我猜，預售麥克阿瑟未來的大部分英鎊。我只是好奇你的理念是否發生了變化，或者你是否在重新承包方面看到了足夠的東西，包括，我猜，你今年迄今簽署的 4000 萬英鎊的長期合同。但是，相對於合同書，有什麼額外的顏色促使你提前重啟？

Yes. Orest, it's Tim. Thanks for the question. No change to our strategy at all. We are doing exactly what we said we were going to do. We've been saying it for years now that we are going to prudently manage the company in the best interest of our stakeholders. We won't add to an oversupplied market. We are not going to produce for inventory. We have homes for our production.

是的。奧雷斯特，是蒂姆。謝謝你的問題。我們的戰略完全沒有改變。我們正在按照我們所說的去做。多年來，我們一直在說，為了利益相關者的最大利益，我們將謹慎地管理公司。我們不會增加供過於求的市場。我們不會為庫存而生產。我們有我們的生產基地。

And so you've seen some of the sales commitments we've taken on in the last years, but especially in 2021 have allowed us to take a look at McArthur and decide whether we're going to move to the next phase of our disciplined strategy, which is to get that going. You see by 2024, we plan to continue to exercise discipline at Cigar Lake and at McArthur. And so we have homes for our production, Orest.

因此，您已經看到了我們在過去幾年中做出的一些銷售承諾，但尤其是在 2021 年，這使我們能夠看看麥克阿瑟，並決定我們是否要進入下一階段的紀律嚴明戰略，就是要做到這一點。你看，到 2024 年，我們計劃繼續在雪茄湖和麥克阿瑟執行紀律。所以我們有我們的生產基地，Orest。

And so we -- I think every day and I'm looking at Grant, we talk about how many sales should we have now versus how much open non-commitment should we have going forward. We want to be open going forward and we get people saying, well, you don't have enough committed sales now and then you have others saying you have too many committed sales now. So that's both sides. We think we've made a -- taken a really prudent approach to that. We have homes for everything we produce, Orest.

所以我們 - 我每天都在看著格蘭特，我們談論我們現在應該有多少銷售，以及我們應該有多少公開不承諾。我們希望保持開放，我們讓人們說，嗯，你現在沒有足夠的承諾銷售，然後你有其他人說你現在有太多的承諾銷售。所以這是雙方。我們認為我們已經採取了一種非常謹慎的方法。奧雷斯特，我們生產的所有東西都有我們的家。

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

格蘭特，我不知道你是否想給那個添加任何東西。

Tim, I think it's the absolute right message, obviously, yes. If there is a takeaway on the market side from Tim's comments today and the message we want to leave in the market is that we're saying a transition is underway, a transition that is a security of supply driven transition. And it's not as bold to call as you might think, because of course, UxC and TradeTech, World Nuclear Association have been saying the same thing. But we're clearly seeing it underway. There are certainly really important indicators that suggest that's the case. We're in the early innings of that transition.

蒂姆，我認為這是絕對正確的信息，顯然，是的。如果蒂姆今天的評論對市場有啟示，我們想在市場上留下的信息是，我們正在說轉型正在進行中，這是一種供應安全驅動的轉型。打電話也沒有你想像的那麼大膽，因為當然，UxC 和 TradeTech，世界核協會一直在說同樣的話。但我們清楚地看到它正在進行中。確實有一些非常重要的指標表明情況確實如此。我們正處於這種轉變的早期階段。

So for us, it is about balance and it is about discipline. So on the contracting side, Orest, it really is a measured patient approach to contracting success with a diversified base of customers, building a best-in-class book going forward. But not being sold out, now it's not the time, you want to have a volume strategy and trying to be pushing volume. So with experience in every market transition, let me just say, we're exactly where we want to be.

所以對我們來說，這關乎平衡，關乎紀律。因此，在合同方面，Orest 確實是一種謹慎的耐心方法，可以與多元化的客戶群成功簽訂合同，並在未來建立一流的書籍。但是沒有被賣光，現在不是時候，你想要一個銷量策略並試圖推動銷量。因此，憑藉每次市場轉型的經驗，我只想說，我們正是我們想要成為的地方。

Okay. And Grant, if I could follow-up, I mean, you've disclosed that you've sold, I guess, or added 40 million pounds to your long-term contract book in the first month of this year. I mean, that's more than the 30 million pounds of all of last year. Can you maybe give us some color on what's changed as the calendars rolled forward here?

好的。格蘭特，如果我能跟進，我的意思是，你已經披露，你已經在今年第一個月賣掉了，或者在你的長期合同簿上增加了 4000 萬英鎊。我的意思是，這比去年全年的 3000 萬磅還多。你能給我們一些關於隨著日曆在這裡推出而發生的變化的顏色嗎？

Yes. Couple of things that I think are important to draw out. And first of all, the backdrop is the fundamentals. You can't escape that. The understanding that almost on a daily basis the outlook for demand is improving. And almost on a daily basis, the outlook for supply is becoming more uncertain. As we think about the risk to existing productive capacity and even greater risks to bringing on new capacity in a world where there still is a pandemic and that pandemic is creating absenteeism and productivity issues and supply chain issues and inflation and all of those other things. It's just making that supply picture even more uncertain. And so there is a gap. And I think it's just the general recognition that gap is getting bigger.

是的。有幾件事我認為很重要。首先，背景是基本面。你無法逃避這一點。對需求前景幾乎每天都在改善的理解。幾乎每天，供應前景都變得更加不確定。當我們考慮到現有生產能力面臨的風險，以及在仍然存在大流行的世界中引入新產能的更大風險時，大流行正在造成曠工和生產力問題、供應鏈問題和通貨膨脹以及所有其他問題。這只是讓供應情況變得更加不確定。所以有一個差距。我認為這只是普遍認識到差距越來越大。

And so we've been talking about for some time, our pipeline. And this is clear evidence that when we say in our pipeline between origination and execution, we've got a lot of pounds under discussion. This is clear evidence of exactly what we mean.

所以我們一直在談論我們的管道。這是明確的證據，當我們說在發起和執行之間的管道時，我們有很多英鎊正在討論中。這清楚地證明了我們的意思。

So some of this was contracting that not just measured in months or quarters, but years. I mean with these were long discussions and long negotiations and others. We're starting to see a bit of urgency and we're starting to see folks come to the market quickly and look to do a deal quickly. And I would note 3 characteristics of this market that I think are important to draw out.

因此，其中一些收縮不僅以月或季度為單位，而且以年為單位。我的意思是這些都是長時間的討論和長時間的談判等等。我們開始看到一些緊迫性，我們開始看到人們迅速進入市場並希望迅速達成交易。我會指出這個市場的 3 個我認為很重要的特徵。

#1 is, we're seeing tenors increase. Back in the days when carry trade was really defining the term price, we were seeing a lot of term business that was kind of inside that 2 to 5 year window, where utilities quite smartly wanted to make sure that there were some carry trade material in competition with produced material in that window. But now we're seeing the tenor stretch out, RFPs in the market and off-market contracts looking for more than 5 years of material, in some cases 10 years’ worth of material. So the market stretching back into that classic term space, that's super important fact.

#1 是，我們看到男高音在增加。早在套利交易真正定義期限價格的日子裡，我們看到很多期限業務都在 2 到 5 年的窗口內，公用事業公司非常聰明地希望確保存在一些套利交易材料在那個窗口中與生產的材料競爭。但現在我們看到期限延長，市場上的 RFP 和場外合同尋找超過 5 年的材料，在某些情況下，價值 10 年的材料。所以市場回溯到那個經典的術語空間，這是非常重要的事實。

#2 we're seeing volumes increase. We're seeing utilities come to the market and they're wanting to take bigger bites out of the market. So instead of several 100,000 pounds we're seeing several million pounds at a time being taken out of the market. So tenors are increasing, volumes are increasing. But probably most interesting is, we're seeing time frames increase.

#2 我們看到銷量增加。我們看到公用事業公司進入市場，他們希望從市場中獲得更大的份額。因此，我們看到的不是幾十萬磅，而是幾百萬磅一次被撤出市場。所以男高音在增加，數量在增加。但可能最有趣的是，我們看到時間框架在增加。

And by time frames, I mean, the years in which production is being called for. In Q3, I referenced that some of our negotiations actually span the 2030s, all the way through to the end of 2039. We're seeing that in the market today. We're seeing utilities looking for production out in a window win. Cigar Lake will be done out at a window win according to their own disclosures, a heck of a lot of depletion has occurred in Kazakhstan, out in a window where demand is strong and supply is really uncertain.

我所說的時間框架是指需要生產的年份。在第三季度，我提到我們的一些談判實際上跨越了 2030 年代，一直到 2039 年底。我們今天在市場上看到了這一點。我們看到公用事業公司在窗口中尋找生產。根據他們自己的披露，雪茄湖將在一個窗口期結束，哈薩克斯坦已經發生了很多枯竭，在一個需求強勁而供應確實不確定的窗口期。

So these are 3 really notable changes that I think are behind driving the completion of some of these negotiations. We're in a measured patient way we've had contracting success, building that portfolio in a diversified way, but make no mistake. The goal here is not to sell out right now, because all of the fundamental suggests there is a stronger price transition to come and we want to be part of it.

因此，我認為這些是推動完成其中一些談判的 3 個非常顯著的變化。我們以一種有節制的耐心方式取得了合同上的成功，以多元化的方式建立了投資組合，但不要犯錯。這裡的目標不是現在就賣光，因為所有的基本面都表明價格將出現更強勁的轉變，我們希望成為其中的一部分。

Next question is from Andrew Wong from RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的 Andrew Wong。

So maybe just following on a little bit from that line of discussion and maybe taking it from the other perspective, I understand you're not sold out, but then also the commentary sounds very bullish for the outlook over the next few years. Can you maybe just talk about the decision to add volumes now to your contract book, because obviously that was a lot of volumes that were added in January in Q4 versus maybe waiting a little bit longer. I understand these are contract discussions that you have over several years, and it sound as easy as just waiting. But can you just talk about the thinking around that strategy?

因此，也許只是從那條討論線中進行一點點，也許從另一個角度來看，我知道你並沒有被賣光，但是評論聽起來對未來幾年的前景非常樂觀。您能否談談現在將交易量添加到您的合同簿中的決定，因為顯然這是在第四季度的 1 月份添加的大量交易量，而不是等待更長的時間。我知道這些是您多年來進行的合同討論，聽起來就像等待一樣簡單。但是你能談談圍繞該策略的思考嗎？

Yes. Let me get our market expert Grant answer that. Go ahead.

是的。讓我讓我們的市場專家格蘭特回答這個問題。前進。

Yes. And I actually appreciate the pivot to that question, Andrew. Because it really highlights the boundary questions that we get. There are those who ask us, why contract anything at all? Why don't you just hold out, get all your production ready, how even produce some of it in inventory and wait till the market is at $100 a pound and then sell it all? Well, that's not how the uranium market works.

是的。我真的很欣賞這個問題的關鍵，安德魯。因為它確實突出了我們得到的邊界問題。有人問我們，為什麼要簽約？你為什麼不堅持下去，準備好所有的產品，甚至在庫存中生產一些，等到市場價格達到每磅 100 美元，然後全部出售？嗯，這不是鈾市場的運作方式。

Just by virtue of that strategy, the market would never achieve those prices. And then we get the other question, which is why don't you sell more? Why don't you have more under contract. And so those are the kind of boundary conditions. So to those who say, why contract anything right now, we say, well, this is how the uranium market works. It is not a spot market. It is not a market where you have an opportunity on an annual basis to capture full global demand, because it recharges every 12 months. That's not how the uranium market works.

僅僅憑藉這種策略，市場永遠不會達到這些價格。然後我們得到另一個問題，那就是你為什麼不賣更多？為什麼你沒有更多的合同。這些就是邊界條件。所以對於那些說，為什麼現在要簽約的人，我們說，嗯，這就是鈾市場的運作方式。它不是現貨市場。它不是一個每年都有機會捕捉全球全部需求的市場，因為它每 12 個月充電一次。鈾市場不是這樣運作的。

Uranium market works, where utilities come typically in ways and they look to layer in volumes and they push enough contracting that we hit not only replacement rate, but above replacement rate. And then when they covered a lot of their demand going forward, they step out of the market and we enter those complacency period. So for us, it's about responding to the actual market and industrial structure of the uranium space, not to some mythical spot market assumption for creating value in uranium, because that's been a failed strategy over and over again.

鈾市場運作正常，公用事業通常以多種方式出現，他們希望增加數量，並推動足夠的合同，我們不僅達到了替代率，而且超過了替代率。然後當他們滿足了他們未來的很多需求時，他們就退出了市場，我們進入了自滿期。所以對我們來說，這是關於對鈾空間的實際市場和產業結構做出反應，而不是對在鈾中創造價值的一些神話般的現貨市場假設，因為那是一次又一次失敗的策略。

So for us, it's about building that balanced portfolio, we talk about it at great length in our MD&A Page 20 just to flag it, please read it. Talking about this balanced portfolio. We build this best-in-class portfolio with a diversified customer base. This permits our supply decisions. So we build the homes, then we plan the supply. This also permits support for the long-term value of our assets and it support significant financial performance. So that's why we do it now.

所以對我們來說，這是關於建立平衡的投資組合，我們在我們的 MD&A Page 20 中詳細討論了它，只是為了標記它，請閱讀它。談論這個平衡的投資組合。我們以多元化的客戶群建立了這一一流的投資組合。這允許我們做出供應決定。所以我們建造房屋，然後我們計劃供應。這也為我們資產的長期價值提供支持，並支持顯著的財務業績。所以這就是我們現在這樣做的原因。

To the question, why not be sold out? Well, now is the wrong time to be sold out. We are in the early innings of a market recovery. The uncommitted requirements 1.4 billion pounds of uranium to be bought over the next 12, 13 years according to UxC, of course, when you're looking for the uranium component of it, you've got less time to buy. That's a lot of demand, that's got to come to the market, a lot of that demand is going to come our way.

問題來了，為什麼不賣光？好吧，現在是賣光的錯誤時機。我們正處於市場復甦的早期階段。根據 UxC 的數據，未來 12 到 13 年將購買 14 億磅鈾，當然，當您在尋找其中的鈾成分時，您購買的時間就更少了。這是一個很大的需求，必須進入市場，很多需求都會以我們的方式出現。

A security of supply transition underway. I talked about tenors, volumes and timeframes increasing. Those are great indicators that suggest to us, there is more value. So we want to be deliberately and strategically leveraged. And so this then morphs over into our balanced contracting discipline is matched by our balanced supply discipline.

供應安全過渡正在進行中。我談到了男高音、數量和時間框架的增加。這些都是很好的指標，向我們表明，還有更多的價值。因此，我們希望受到有意和戰略性的利用。因此，這會演變為我們平衡的承包紀律，並與我們的平衡供應紀律相匹配。

So the main message to takeaway here is, yes, McArthur/Key are moving to operational readiness. But the main message is that supply discipline is continuing indefinitely. Supply discipline is now including Cigar Lake. Supply discipline on a planned basis is 40% or more of our productive capacity will remain in a disciplined position. And it requires further improvements in the market in order to see us move to increase that production.

所以這裡要傳達的主要信息是，是的，McArthur/Key 正在轉向運營準備。但主要信息是供應紀律將無限期地持續下去。供應紀律現在包括雪茄湖。有計劃的供應紀律是我們 40% 或更多的生產能力將保持在有紀律的位置。它需要進一步改善市場，才能看到我們採取行動增加產量。

And along the way, as this transition happens, we remain over contracted. We have more sales than we have sources of supply. So we are still going to be a presence in the market purchasing. So for us, it's about balance and it's about discipline and our experience with every cycle tells us this is exactly where we want to be.

在此過程中，隨著這種轉變的發生，我們仍然過度收縮。我們的銷售額多於供應來源。因此，我們仍將在市場採購中佔有一席之地。所以對我們來說，這關乎平衡，關乎紀律，我們每個週期的經驗告訴我們，這正是我們想要的。

Great. That's very helpful commentary. And then just a follow-up on the production costs in 2024, when Cigar and McArthur are up and running. I think Cameco has been doing some work to kind of improve the efficiencies there, so it allows you to do partial ramp ups. But obviously that you might not get some of the economies of scale benefit. So can you just talk about the costs in 2024 versus what we have seen historically?

偉大的。這是非常有用的評論。然後只是對 2024 年生產成本的跟進，那時雪茄和麥克阿瑟已經啟動並運行。我認為 Cameco 一直在做一些工作來提高那裡的效率，因此它允許您進行部分提升。但很明顯，您可能無法獲得一些規模經濟收益。那麼你能談談 2024 年的成本與我們歷史上看到的成本嗎？

Well, we obviously don't have guidance on 2024 operating cost out there. But what I can tell you is our Chief Operating Officer and his excellent team are looking at the life of mine technical report costs, and saying, here is our marker. And so if I just remind everybody on the call that the technical reports that we have outstanding for McArthur, Cigar and Inkai on a Canadian dollar basis have operating costs at CAD14.75 pound per at McArthur, CAD15.98, so CAD16 per pound at Cigar, and less than CAD7 per pound at Inkai.

好吧，我們顯然沒有關於 2024 年運營成本的指導。但我可以告訴你的是，我們的首席運營官和他的優秀團隊正在研究我的技術報告成本的生命週期，並說，這是我們的標記。因此，如果我在電話會議上提醒大家，我們以加元計算的 McArthur、Cigar 和 Inkai 技術報告的運營成本為每麥克阿瑟 14.75 加元、15.98 加元，因此每磅 16 加元雪茄，在印凱每磅不到 7 加元。

So but if you think about McArthur and Cigar, those are the targets that we're working towards at or better in an inflationary environment, in an environment of difficult supply chain. Those are the targets that we are striving for and you can imagine that we have laser focus on the economic performance of those incredible assets.

所以，但如果你想想麥克阿瑟和雪茄，這些是我們在通脹環境中，在供應鏈困難的環境中努力達到或更好的目標。這些是我們正在努力實現的目標，您可以想像我們非常關注這些令人難以置信的資產的經濟表現。

The next question is from Alexander Pearce from BMO.

下一個問題來自 BMO 的 Alexander Pearce。

Great. Great to see those contract volumes come through in the last couple of months. I've got a kind of 2 part question to those contracts. Obviously, you've got a -- you've stated your target previously, I think it's 40-60 kind of fixed market related pricing portfolio. I just wanted to -- maybe you could just comment on how that fits utilities kind of current preferences at the minute and what you've seen? Are they both aligned? And then also maybe given the volume you could just kind of comment on what we haven't seen much volatility in the term price yet.

偉大的。很高興看到這些合同量在過去幾個月中出現。我對這些合同有一個兩部分的問題。顯然，你有一個 - 你之前已經說過你的目標，我認為這是 40-60 種與固定市場相關的定價組合。我只是想 - 也許你可以評論一下這如何符合公用事業當前的偏好以及你所看到的？他們都對齊了嗎？然後也許考慮到交易量，您可以對我們尚未看到長期價格波動的情況發表評論。

Well, to your first question about our portfolio, yes, we have talked about this 60-40 balance and I'm glad you raised it because it does, I think there is often confusion about what we mean there. We don't mean -- we want a balance between market related and base escalated in any single contract or any single year. What we mean is that over the lifetime of the portfolio and full cycle, when our market has gone through one of those security of supply driven contracting cycles, but also when our market has lived through those moments where fuel buyers cover a lot of their run rate requirements, and then they step back and we see those periods of complacency, which is just a natural function of the long-term nature of our market.

好吧，關於你關於我們投資組合的第一個問題，是的，我們已經討論了這個 60-40 的平衡，我很高興你提出它，因為它確實如此，我認為我們的意思經常令人困惑。我們並不是說——我們希望在任何單一合同或任何單一年度中與市場相關和基數升級之間取得平衡。我們的意思是，在投資組合和整個週期的整個生命週期中，當我們的市場經歷了供應驅動的收縮週期之一的安全性時，而且當我們的市場經歷了燃料購買者承擔大部分運行的那些時刻時利率要求，然後他們退後一步，我們看到了那些自滿的時期，這只是我們市場長期性質的自然功能。

That's where we say, we want to be balanced. So what we need to think about in today's context is our preference on our pricing mechanism relative to where we are in a cycle. And today, our preference is market related. We see a cycle that's starting to form some very important notable indicators, tenor, volume and timeframes that I talked about, the wedge of uncovered requirements, the supply uncertainty all suggests that there is still price formation ahead of us, we want to be leverage to that.

這就是我們所說的，我們想要平衡。因此，在今天的背景下，我們需要考慮的是，相對於我們所處的周期，我們對定價機制的偏好。而今天，我們的偏好與市場相關。我們看到一個週期開始形成一些非常重要的顯著指標、期限、交易量和我談到的時間框架、未覆蓋需求的楔形、供應不確定性都表明我們面前仍有價格形成，我們希望成為槓桿到那個。

So our preference right now is very strongly market related as opposed to fixing in today's price. But I would say, we're misaligned with a general fuel buyer on that idea. Because I think the fuel buyers around the nuclear space also recognize that the outlook for demand is improving and the outlook for supply is uncertain. And I can almost kind of prove this by just the approach to the market.

因此，我們現在的偏好與市場密切相關，而不是固定在今天的價格上。但我想說，在這個想法上，我們與一般燃料購買者不一致。因為我認為核領域的燃料購買者也認識到需求前景正在改善，而供應前景不確定。我幾乎可以通過進入市場的方法來證明這一點。

If we see fuel buyers wanting to lock in prices today because they know the price is going to go up or if you think about it alternatively, we have a market related preference at Cameco. And if the fuel buyers believe the price was never going to go up or that it was at some sort of peak right now, and it was only going to go down, we would have 0 problems, signing market-related contracts. Because the fuel buyer would say, "Oh, look, I know the prices is at or above its peak, it's only going to come down. So you idiots are taken all of the risk here in the market. So sure, we'll sign in a market-related contract and over to you."

如果我們看到燃料購買者今天想要鎖定價格，因為他們知道價格會上漲，或者如果您換一種方式考慮，我們在 Cameco 有與市場相關的偏好。如果燃料購買者認為價格永遠不會上漲，或者現在處於某種高峰，而且只會下跌，那麼我們將遇到 0 個問題，簽訂與市場相關的合同。因為燃料購買者會說，“哦，看，我知道價格已經達到或高於峰值，它只會下降。所以你們這些白痴承擔了市場上的所有風險。所以當然，我們會簽一份與市場相關的合同，然後交給你。”

But that's not the situation. They look at the fundamentals the same way we do. They see price pressure and they're looking to lock it in. And what we find is that the on-market competitive RFPs are greeted by some of the suppliers who are still willing to lock in that value. It's not us, but others are. So where we are having success is in these off-market pipeline discussions that we talk about, where there is an understanding that we need this market-related exposure in order to part with our material out into the future.

但情況並非如此。他們以與我們相同的方式看待基本面。他們看到了價格壓力，並希望將其鎖定。我們發現，市場上具有競爭力的 RFP 受到了一些仍願意鎖定該價值的供應商的歡迎。不是我們，而是其他人。因此，我們在我們談論的這些場外管道討論中取得了成功，我們了解到我們需要這種與市場相關的曝光，以便將我們的材料分配到未來。

So we are not fully aligned in the market. We are not at one of those full security of supply contracting cycles yet. We are in the early innings of one which is great news. But we are not fully there yet. And we see that in the data 75 million pounds of term contracting according to UxC, that's less than half of replacement rate contracting. So a lot of upside, a lot of demand and that demand is going to bring with it price formation and we want to be leveraged to that price formation. So that's sort of how we look at that balance. It's the pricing mechanism -- our preference on the pricing mechanism is a function of where we are in the market today. Second part of your question was?

所以我們在市場上並不完全一致。我們還沒有處於供應合同周期的完全安全狀態之一。我們正處於一個好消息的早期階段。但我們還沒有完全做到。我們在數據中看到，根據 UxC 的 7500 萬磅定期合同，這還不到替代率合同的一半。所以很多上行空間，大量需求，這種需求將帶來價格形成，我們希望利用這種價格形成。這就是我們看待這種平衡的方式。這是定價機制——我們對定價機制的偏好是我們今天在市場上所處位置的函數。你問題的第二部分是？

It was about why we haven't seen much of a move in the term price like we have what's in…

這是關於為什麼我們沒有看到術語價格有太大變化，就像我們有什麼……

Yes, yes. The term market obviously saw a very significant structural move in the fall as the -- as we saw a lot of spot market buying, especially with the presence of financials and in particular, the Sprott Physical Uranium Trust, we saw lot of material coming out of the spot market that was pushing up the spot price, but more importantly, it was drying up the carry trade. It was drying up those uncommitted volumes that didn't have a home that were splashing through the spot market and became a source of utilities to say, "hey, I don't have to go into the term market, I'll go into the spot market and find somebody to carry those pounds on an interest rate -- a low interest rate carry" those pounds began to dry up. So we saw RFPs in the market that were really targeting producers and we saw producers I think sufficiently disciplined to see the term price push up into the force.

是的是的。期限市場顯然在秋季出現了非常顯著的結構性變動，因為我們看到大量現貨市場購買，特別是在金融股，特別是 Sprott 實物鈾信託基金的存在下，我們看到大量材料流出現貨市場推高了現貨價格，但更重要的是，它正在乾涸套利交易。它正在枯竭那些沒有房屋的未承諾交易量，這些交易量在現貨市場上四處飛濺，並成為公用事業公司的來源，他們說：“嘿，我不必進入期限市場，我會進入在現貨市場上，找人以某種利率套利這些英鎊——低利率套利”，這些英鎊開始枯竭。因此，我們在市場上看到了真正針對生產商的 RFP，而且我們看到生產商我認為他們有足夠的紀律性，可以看到價格推高這個詞。

Since then, I think the RFPs have been greeted with a little bit more aggression than we would take in this market, but it does reflect I think a couple of things. I think that a few of the producers in the market probably don't have the same value focus we do and are a little more interested in volume. But also, I think that some of the participants on the sell-side of the market don't have experience with every contracting cycle like we do.

從那時起，我認為 RFP 受到的攻擊比我們在這個市場上所接受的要多一些，但它確實反映了我認為的幾件事。我認為市場上的一些生產商可能沒有我們所做的相同的價值關注，並且對數量更感興趣。而且，我認為市場賣方的一些參與者不像我們那樣對每個合同周期都有經驗。

And I think the third issue is they don't enjoy the off-market pipeline negotiations that we do. So I think all of those things are a bit of a combination where the initial push, the response was, uranium needs to be priced with a 4 and we got there very quickly in the term market. And then we have seen some competition on the on-market RFPs to win that business, Cameco has not been very successful at all in any of that business, but others have been. And we just have to work through this. We just have to work through a few of these volume targets. But here is the good news, 1.4 billion pounds of uncovered requirements, that's a heck of a lot of demand that still has to come into the market.

我認為第三個問題是他們不喜歡我們進行的場外管道談判。所以我認為所有這些事情都是一個組合，最初的推動，反應是，鈾需要以 4 定價，我們在期限市場上很快就到達了那裡。然後我們看到市場上的 RFP 競爭以贏得該業務，Cameco 在任何業務中都不是很成功，但其他人已經成功了。我們只需要解決這個問題。我們只需要完成其中一些數量目標。但好消息是，有 14 億磅未覆蓋的需求，這仍然是必須進入市場的大量需求。

The next question is from Greg Barnes from TD Securities.

下一個問題來自道明證券的 Greg Barnes。

With all that being said, Grant, do you think you are capturing market share given the events of Kazakhstan and security supply being front and center too I think?

說了這麼多，格蘭特，鑑於哈薩克斯坦的事件和安全供應也是我認為的前沿和中心，你認為你是否正在佔領市場份額？

Yes, this has been a trend for us. When you and others have asked over the years about this pipeline that we keep referring to, which of course, we are today here is the evidence of it. So trust us when I say that our pipeline continues to be very robust going forward.

是的，這對我們來說是一種趨勢。多年來，當您和其他人詢問我們一直提到的這條管道時，當然，我們今天在這裡就是它的證據。因此，當我說我們的管道在未來繼續非常強勁時，請相信我們。

But when you have asked in the past, well, why would utilities be interested in that? The answer is a variety of reasons. I think over the years, we have seen a shift to focus on origins, because of trade policy concerns. I think that just the globalization trend in the nuclear fuel cycle is under a little bit of pressure, because of trade policy concerns, because of geopolitical concerns and that has been a factor.

但是，當您過去問過，為什麼公用事業公司會對此感興趣？答案是多種原因。我認為多年來，由於貿易政策問題，我們已經看到了對原產地的關注。我認為只是核燃料循環的全球化趨勢受到了一點壓力，因為貿易政策的擔憂，因為地緣政治的擔憂，這是一個因素。

So we've seen the pursuit of certain origins and more diversity there. I think that for some of the customer base that we have dealt with off-market, it's a function of bringing balance back into their portfolio. They may have used low prices as an opportunity to fill up on other origins and on other suppliers. And of course, we were very resistant to do any contracting through that window. And so I think Cameco's share of some of those utilities fell and then they needed us back in their portfolio.

因此，我們已經看到了對某些起源和更多多樣性的追求。我認為對於我們在場外處理的一些客戶群來說，這是將平衡帶回他們的投資組合的功能。他們可能利用低價作為填補其他來源和其他供應商的機會。當然，我們非常抵制通過那個窗口進行任何合同。所以我認為 Cameco 在其中一些公用事業中的份額下降了，然後他們需要我們回到他們的投資組合中。

And then I think this ESGP, let's not underestimate that one of the things that many of our customers are targeting is the type of financing cost savings that come from green financing. But when you put yourself forward to achieve some of that green financing, you are being judged according to a set of ES&G criteria for which Cameco is super competitive.

然後我認為這個 ESGP，讓我們不要低估我們的許多客戶所針對的目標之一是來自綠色融資的融資成本節約類型。但是，當您提出自己要實現一些綠色融資時，您將根據一套 ES&G 標准進行評判，而 Cameco 在這些標準方面具有超強競爭力。

On those criteria, I think we enjoy competitive advantages over others. And that's also a factor. So there are a number of things coming together. And I think the geopolitical like you referenced this one, but it's a number of factors that are coming together to drive this, this ability for us to at a measured and patient rate bring in some contracting success, but still retain the leverage to more of it that we see in the market.

根據這些標準，我認為我們比其他人享有競爭優勢。這也是一個因素。因此，有很多事情結合在一起。而且我認為像您這樣的地緣政治參考了這一點，但有許多因素共同推動了這一點，這種能力使我們能夠以可衡量和耐心的速度帶來一些合同成功，但仍然保留了更多的影響力我們在市場上看到的。

That's great. Just back to Andrew's question about the cost, it just seems odd to bring Cigar down, which obviously would be more economic to run at the full capacity and bring the costs around where at a lower rate it wouldn't be as lower cost. So just how is that balance being worked out?

那太棒了。回到安德魯關於成本的問題，把雪茄降下來似乎很奇怪，這顯然會更經濟地以滿負荷運行，並且以較低的速度將成本帶到不會降低成本的地方。那麼，這種平衡是如何實現的呢？

Yes, I would think about that, that balance is a portfolio approach. I mean, obviously having one Tier 1 asset running and the other at 0 is a very difficult economic proposition. So for us as we had success in building homes and as we retain leverage to that future demand that's coming, it just makes sense to step back and say, okay, having McArthur at 0 doesn't make economic sense, but we can't be done supply disciplined yet. So we still have to be disciplined. So it's the balance between the 2.

是的，我會考慮這一點，這種平衡是一種投資組合方法。我的意思是，顯然讓一個一級資產運行而另一個處於 0 級是一個非常困難的經濟命題。所以對我們來說，因為我們在建造房屋方面取得了成功，並且我們保留了對即將到來的未來需求的影響力，所以退後一步說，好吧，讓麥克阿瑟為 0 在經濟上沒有意義，但我們不能做供應有紀律呢。所以我們還是要遵守紀律。所以這是2之間的平衡。

It's looking at the Northern Saskatchewan production as a cluster, if you will and balancing it with what the Kazakhs are doing in Kazatomprom. So for us, this is actually a very attractive scenario to have both assets included.

如果你願意的話，它將薩斯喀徹溫省北部的生產視為一個集群，並與哈薩克人在 Kazatomprom 所做的事情相平衡。所以對我們來說，這實際上是一個非常有吸引力的場景，同時包含這兩種資產。

An additional advantage with Cigar Lake, of course, is now the extension of what we have referred to as Phase I. So Cigar Lake joint venture is now looking at an opportunity to extend the life of that asset, not be forced into a decision about what to do with Phase II in a market that's in the early innings of a transition, which of course is a good place to be and reserve some of those pounds for what we think is a better price scenario anyway. So for us on balance, think of it as a portfolio decision, a portfolio decision that allows us to begin to restore our Tier 1 cost structure, get out from under those care and maintenance costs at McArthur, but then run both in a very disciplined fashion balanced with the opportunities we are seeing in the market.

當然，雪茄湖的另一個優勢是現在我們所說的第一階段的擴展。所以雪茄湖合資企業現在正在尋找一個機會來延長該資產的壽命，而不是被迫做出關於在處於轉型初期的市場中如何處理第二階段，這當然是一個好地方，並為我們認為更好的價格情景保留一些英鎊。因此，對我們而言，總的來說，將其視為一個投資組合決策，一個投資組合決策，使我們能夠開始恢復我們的一級成本結構，擺脫麥克阿瑟的那些護理和維護成本，然後以非常有紀律的方式運行兩者時尚與我們在市場上看到的機會相平衡。

The next question is from Lawson Winder from BofA Securities.

下一個問題來自美國銀行證券的 Lawson Winder。

Two questions for me. So first off, I think it would be really helpful to understand the nature of some of the contracting you have done beyond your realized conversion pricing table so beyond 2026. So clearly, in that table, there are a series of price caps. And that's why at $140 you expect around $74 pricing, but when we look out beyond 2026, should we think of the blue sky in similar terms or are -- is there more market-related further out? And then along with that if you can provide any commentary in terms of the 70 million pounds of new contracting how that looks geographically as well as in light of sort of the type of contracting in terms of market versus fixed would be very helpful?

我有兩個問題。因此，首先，我認為了解您在 2026 年之後的實際轉換定價表之外所做的一些合同的性質會非常有幫助。很明顯，在該表中，有一系列價格上限。這就是為什麼您預計 140 美元的價格約為 74 美元的原因，但是當我們展望 2026 年以後，我們是否應該以類似的方式考慮藍天，或者是否有更多與市場相關的更遠的地方？此外，如果您能就 7000 萬英鎊的新合同提供任何評論，從地理上看，以及根據市場與固定合同的類型，這將是非常有幫助的嗎？

Grant, on the contracting role, why don't you keep going?

格蘭特，關於承包角色，你為什麼不繼續？

Yes, absolutely. So great questions and thanks for recognizing that how our cable is constructed. And I want to spend a bit of time on that, because I think it's really important and I think it's a source of confusion for a few folks that find themselves commenting on Cameco inappropriately at times.

是的，一點沒錯。非常好的問題，感謝您認識到我們的電纜是如何構造的。我想花一點時間在這方面，因為我認為這真的很重要，而且我認為這對於一些發現自己有時不恰當地評論 Cameco 的人來說是一個困惑的根源。

So the contracting nature, I said that the pricing mechanisms that we are pursuing, we have a preference for market-related right now. So no surprise, what we are really interested in is that market exposure out into the future. So that's 1 source of leverage.

所以合同性質，我說我們追求的定價機制，我們現在偏向於市場相關。所以毫不奇怪，我們真正感興趣的是未來的市場敞口。這就是槓桿的來源之一。

The second source of leverage is, of course, the pounds that we haven't sold yet. And so remember that our table is constructed in a very specific way and it's different than others in our industry. So our table only shows our current commitments over the next 5 years sort of that lower wedge of what we are going to deliver each year over the next 5 years that is known to us.

第二個槓桿來源當然是我們還沒有賣出的英鎊。所以請記住，我們的表格是以非常特定的方式構建的，它與我們行業中的其他表格不同。因此，我們的表格僅顯示了我們在未來 5 年內當前的承諾，即我們所知道的未來 5 年內每年要交付的較低楔形。

It does not reflect -- the sensitivity in that table does not reflect the unsold pounds in any of those years. And so we see others in our market that will construct their price sensitivity table by assuming a top line sales number, for example. And so the lower wedge is what they know they are going to sell. And then they just assume that every pound that's not currently committed in those subsequent years is sold in spot. And that's an easy way to construct a table.

它沒有反映——該表中的敏感度沒有反映任何這些年份的未售出英鎊。因此，我們看到我們市場上的其他人會通過假設頂線銷售數字來構建他們的價格敏感度表。因此，較低的楔形是他們知道他們將要出售的東西。然後他們只是假設在隨後的幾年中當前未承諾的每一磅都是現貨出售的。這是構建表格的簡單方法。

But we believe it's pretty misleading. It's pretty misleading, because as we constantly say, the spot is not the market. If you had a primary producer, who in years 4 and 5 were planning on selling over 70% of their production in some cases, as in the spot market, you would never achieve the higher prices that the table is supposed to be showing sensitivity to. So we don't construct our table that way. So that's an really important thing to note.

但我們認為這是相當具有誤導性的。這很有誤導性，因為正如我們經常說的那樣，現貨不是市場。如果你有一個初級生產商，他在第 4 年和第 5 年計劃在某些情況下銷售超過 70% 的產品，例如在現貨市場上，你永遠不會達到表格應該顯示出的敏感度的更高價格.所以我們不會那樣構建我們的表。所以這是一件非常重要的事情。

Secondly, of the contracting that we are having success with, a lot of it is falling outside that table. And that goes back to my comment about tenors and timeframes increasing. So we are seeing demand out beyond that 5-year window. So of course that's not included in there as information.

其次，在我們取得成功的合同中，很多都落在了那張桌子之外。這可以追溯到我關於期限和時間框架增加的評論。因此，我們看到需求超出了 5 年窗口期。當然，這不作為信息包含在其中。

So our table at any one point in time is like trying to take a snapshot of a moving train. And in this case, I would say a bullet train that's going very fast. And we are kind of just trying to freeze it in time and give you an idea what that performance of the table looks like. So we have a market-related preference, and we want the market-related portion of our committed sales to capture higher prices. But really, it's also a story of the pounds we haven't sold, which will be sold in we think a market that's a stronger transition.

所以我們的桌子在任何一個時間點都像是試圖拍攝一輛正在行駛的火車的快照。在這種情況下，我會說一列開得非常快的子彈頭列車。我們只是想及時凍結它，讓你知道桌子的性能是什麼樣的。所以我們有一個與市場相關的偏好，我們希望我們承諾的銷售中與市場相關的部分能夠獲得更高的價格。但實際上，這也是我們尚未售出的磅數的故事，我們認為將在一個更強勁的過渡市場中售出。

So those 2 things together is actually how you measure our true sensitivity rather than assuming that table applies for all the pounds out in the future, even the ones that aren't committed. So that contracting table is, we think it's the right way to construct it, takes a bit of work to understand it. But we appreciate when those folks make that investment and take the time. And it really does capture where that leverage point is going to be.

所以這兩件事實際上是你衡量我們真正敏感度的方式，而不是假設該表適用於未來所有的磅數，即使是那些沒有承諾的磅數。因此，該合同表是，我們認為它是構建它的正確方法，需要一些工作才能理解它。但我們很感激這些人做出投資並花時間。它確實捕捉到了槓桿點的位置。

On the 70 million pounds of contracting, just in terms of characterizing it, again, we build a balanced portfolio. So you think about a number of things, pricing mechanism matters to us, not necessarily the price today, but the mechanism by which we're going to price those pounds. We have a preference for market-related. So our interest is not to price the pounds right now. It's to price them in the market in which they're going to be delivered. And I would say, we've been very clear about that, and we've had success in making sure that there is that market-related exposure for those pounds out into the future. But in a market like we're in today, you almost think about a breakpoint, where over the next couple of years, if we saw demand right now in sort of 2023, 2024, 2025, you'll still have a bit of competition from some carry trade. And so you do see a bit of pricing in today's markets in the early part of some of the contracting structures that have been successful in the market. And then you see a reversion to production economics afterwards or more market-related indicators afterwards. That's just how the uranium market works.

在 7000 萬英鎊的合同中，僅就其特徵而言，我們再次建立了一個平衡的投資組合。所以你想想很多事情，定價機制對我們很重要，不一定是今天的價格，而是我們為這些英鎊定價的機制。我們偏好與市場相關。所以我們的興趣不是現在給英鎊定價。這是在它們將要交付的市場上對它們進行定價。我想說，我們對此非常清楚，並且我們已經成功確保這些英鎊在未來存在與市場相關的風險敞口。但是在像我們今天這樣的市場中，你幾乎會想到一個斷點，在接下來的幾年裡，如果我們現在看到 2023、2024、2025 年的需求，你仍然會有一些競爭來自一些套利交易。因此，在一些在市場上取得成功的承包結構的早期，你確實看到了當今市場的一些定價。然後你會看到之後的生產經濟學或更多與市場相關的指標的回歸。這就是鈾市場的運作方式。

You could hold your breath underwater and say, "Well, we're just not going to participate in this market, but then you run the risk that you're going to let other important aspects of your balanced portfolio walk by regional diversification, customer diversification, product diversification." What you never want to be in the uranium market is overweight one region or one customer or one product form. You want to construct with the market as demand comes, but you want to retain the leverage that reflects your view of where the fundamentals are at. That's how you build full cycle value from balanced contracting discipline and then that informs your supply decisions. Now you plan your supply to meet where you've built homes. That's how value is created.

你可以在水下屏住呼吸說，“好吧，我們只是不打算參與這個市場，但是你冒著風險，你會讓你平衡投資組合的其他重要方面通過區域多元化，客戶多元化，產品多元化。”你永遠不想在鈾市場上加碼一個地區或一個客戶或一種產品形式。您想隨著需求的到來與市場一起構建，但您想保留反映您對基本面所在位置的看法的槓桿作用。這就是您如何從平衡的合同紀律中建立全週期價值，然後為您的供應決策提供信息。現在您計劃您的供應以滿足您建造房屋的地方。這就是創造價值的方式。

I'd also like to get an idea for what the bullet train might look like in 2022 in terms of contracting. So speaking to industry sources that we have, indications are that contracting is expected to continue to be very strong for the remainder of 2022. And what would your expectation be? Or what kind of guidance can you provide us in terms of additional contracting that could be possible in 2022?

我還想了解一下 2022 年子彈頭列車在合同方面可能會是什麼樣子。因此，與我們所擁有的行業消息來源交談，有跡象表明，預計 2022 年剩餘時間合同將繼續非常強勁。您的預期是什麼？或者您可以在 2022 年可能的額外合同方面為我們提供什麼樣的指導？

You're probably picking up significant optimism in our comments. And you would be right in interpreting us as being optimistic on where the market is at. We know that in the uranium space, contracting begets contracting. When there's very little contracting going on, it sort of confirms the view of some that they don't have to worry about where their uranium supply is coming from in the future. But when you start to see contracting success and when you start to see the future production, not yet pulled out of the ground already being claimed, that tends to then motivate others to say, "Hey, I need to lay a claim to some of those pounds too." So you don't have to look any further back than -- in the uranium space than in 2010 when we saw the big new entrant to the market, the Chinese step into the term market for the first time. It wasn't that the rest of the utilities were short material in 2011, 2012, 2013, 2014, it was that China stepped in to start contracting material largely 2014 to 2024, when the rest of them hadn't kind of paid much attention to that window. And then that triggered real contracting cycle to lock in volumes.

您可能會在我們的評論中獲得顯著的樂觀情緒。您將我們解釋為對市場狀況持樂觀態度是正確的。我們知道，在鈾空間中，承包產生了承包。當合同很少進行時，這在某種程度上證實了一些人的觀點，即他們不必擔心未來鈾供應的來源。但是，當你開始看到承包成功，當你開始看到未來的生產，還沒有從已經被要求的地方撤出時，這往往會促使其他人說，“嘿，我需要對一些那些磅也是。”因此，您不必再往前看——在鈾領域，比 2010 年我們看到市場的新進入者大，中國人第一次進入期限市場。不是其他公用事業在 2011 年、2012 年、2013 年、2014 年都是空頭，而是中國在 2014 年至 2024 年期間介入並開始承包材料，當時其他公用事業還沒有引起太多關注到那個窗口。然後觸發了真正的合約週期以鎖定交易量。

So I see nothing today that suggests that the current cycle is any different. So we know contracting begets contracting, as we have success, and I would note that Kazatomprom in a recent disclosure talked about the success they're having in contracting. These are all future pounds that are being claimed in a window where there's a lot of uncertainty about supply and the demand outlook is improving. So we are quite optimistic on what the prospects for contracting are in 2022. We know that our own pipeline continues to be robust. And hopefully, with the results you see today, people trust us when we say that. So we're optimistic, Lawson.

所以我今天沒有看到任何跡象表明當前的周期有任何不同。因此，我們知道合同會產生合同，因為我們取得了成功，我注意到 Kazatomprom 在最近的一次披露中談到了他們在合同方面取得的成功。這些都是未來的英鎊，在一個供應存在很多不確定性且需求前景正在改善的窗口中。因此，我們對 2022 年的合同前景非常樂觀。我們知道我們自己的管道繼續強勁。希望您今天看到的結果，當我們這麼說時，人們會信任我們。所以我們很樂觀，勞森。

The next question is from Brian MacArthur from Raymond James.

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

So my first question is, and I applaud for sure, the price over volume strategy. But how do you -- it's probably taken maybe a little longer than you first thought, for the care and maintenance costs build up every year. How do you think about that when you go to customers now? So for instance, say, I thought originally, I wanted $45 a pound and now it's taking me 2 years longer, so I've absorbed another $200 million in standby cost. Do I tie and then sell that same pound at $48 now a pound versus $45 to balance out shareholders getting an additional return for the longer wait, do you -- is that how you sort of think about it in the context of the market as well?

所以我的第一個問題是，我肯定贊成價格超過數量的策略。但是你怎麼 - 可能比你最初想像的要長一點，因為每年都會增加護理和維護成本。當你現在去拜訪客戶時，你是怎麼想的？例如，我最初認為我想要每磅 45 美元，但現在我需要多花 2 年的時間，所以我又吸收了 2 億美元的備用成本。我是否以現在每磅 48 美元與 45 美元的價格捆綁銷售同一磅，以平衡股東在更長時間的等待中獲得額外回報，你是不是 - 在市場背景下你也是這麼想的?

And the second part of that is, with that in place spending roughly $60 million for your Tier 2 assets, and I get it, there's some diversification was sourced, Grant, which you talked about. How do you think about how long you're willing to do that? Because, obviously, those pounds won't be quite as profitable coming forward.

第二部分是，在您的二級資產花費大約 6000 萬美元的情況下，我明白了，格蘭特，您談到了一些多元化。你怎麼想你願意這樣做多久？因為，很明顯，這些英鎊未來不會那麼有利可圖。

Yes. Great questions, as always, Brian. Let me start with the first question on how we think about the sunk costs of care and maintenance versus price discovery in the market. And I would just say, we look at our strategy as an investment. Our supply discipline strategy was an investment in the future value of our assets. On a top line basis, the 114 million, 115 million pounds that we've left in the ground since we started our extreme supply discipline, you would have priced it at, what, $18 a pound in the spot market at the time of making those decisions. And today, you're going to price it in the mid-40s. That's a very significant value capture. So ours has been a very smart investment to leave those pounds in the ground and wait for a window where they're going to be priced higher. So that's kind of how we think about the care and maintenance cost as an investment on the future value of our production.

是的。好問題，一如既往，布賴恩。讓我從第一個問題開始，即我們如何看待市場上護理和維護的沉沒成本與價格發現之間的關係。我只想說，我們將我們的戰略視為一項投資。我們的供應紀律戰略是對我們資產未來價值的投資。在頂線的基礎上，自從我們開始我們的極端供應紀律以來，我們在地下留下的 1.14 億、1.15 億磅，你在製造時的現貨市場上的定價是 18 美元/磅那些決定。而今天，您將在 40 年代中期定價。這是一個非常重要的價值捕獲。因此，我們的投資是一項非常明智的投資，可以將這些英鎊留在地下，等待它們定價更高的窗口。這就是我們將保養和維護成本視為對我們生產的未來價值的投資的一種方式。

But in terms of pricing it, we have a market-related preference as opposed to a fixed price preference at the moment. So we could engage customers on the basis of, "Well, here's where the fixed price would need to be in order to cover those sunk costs." But I would just say, we're probably a little greedier than that. We look at a market that needs a lot of new production to come. That new production needs a higher price signal. It needs a price signal that's going to support greenfield investment. We would actually love to achieve a lot more greenfield investment pricing for brownfield Tier 1 assets because we love the margin prospect there. So less about kind of covering our costs and more about maintaining exposure to a market that we think prices need to rise to pay for the productive capacity that needs to be there, and we're happy to take those prices for proven permitted assets. And that's kind of the way we look at the first part of the question.

但在定價方面，我們目前有與市場相關的偏好，而不是固定價格偏好。因此，我們可以根據“嗯，這裡需要固定價格來支付這些沉沒成本”來吸引客戶。但我只想說，我們可能比這更貪婪。我們著眼於一個需要大量新產品的市場。新產品需要更高的價格信號。它需要一個支持綠地投資的價格信號。實際上，我們希望為棕地一級資產實現更多的綠地投資定價，因為我們喜歡那裡的利潤率前景。因此，更少涉及支付我們的成本，更多的是保持對我們認為價格需要上漲以支付需要存在的生產能力的市場的敞口，我們很高興將這些價格用於已證明的許可資產。這就是我們看待問題第一部分的方式。

In terms of the Tier 2, obviously, we think about -- there's the Super Bowl coming up. And the team that wins has got to have both a good offense and a good defense. And we think about those Tier 2 assets in a very similar way. Their optionality. We've seen in the past during security of supply contracting cycles. Remember, Brian, Rabbit Lake has been down before. And during the contracting cycle, utilities were willing to pay prices that brought Rabbit back before taking the chance on greenfield projects, that all of the technical, all of the regulatory, all of the capital, all of the operating commissioning risks still were ahead of those projects. During the security of supply contracting cycle, we see utilities actually supporting proven permitted assets first. And so there's optionality there. But also, we've had the opportunity over the years probably to part with these assets. But if we parted with these assets, and they were in the hands of somebody who didn't have a value strategy and who just turned them on and jammed that material into the spot market, "Well, that would be the wrong move, too." So they factor into kind of that overall investment that we're making in the future value of the portfolio. So there's offensive optionality. There's defensive protection when we think about those assets.

顯然，就二級聯賽而言，我們認為——超級碗即將到來。獲勝的球隊必須有良好的進攻和良好的防守。我們以非常相似的方式考慮這些第 2 層資產。他們的選擇性。我們過去在供應合同周期的安全性中看到過。記住，Brian，Rabbit Lake 之前已經下過。在承包周期中，公用事業公司願意支付使 Rabbit 回歸的價格，然後才抓住機會進行新建項目，所有技術、所有監管、所有資本、所有運營調試風險仍然領先於那些項目。在供應合同周期的安全性中，我們看到公用事業公司實際上首先支持經過驗證的許可資產。所以那裡有可選性。而且，多年來，我們可能有機會分享這些資產。但是，如果我們將這些資產分開，而它們掌握在一個沒有價值策略的人手中，而他只是打開它們並將這些材料塞進現貨市場，“好吧，那也是錯誤的舉動。”因此，它們會考慮到我們對投資組合未來價值所做的整體投資。所以有進攻的選擇權。當我們考慮這些資產時，就有了防禦性保護。

And maybe let me just go to another comment that was made talking about -- and we've certainly seen secondary supply come down. But looking forward, I think it was said, we expect that maybe to go lower. And I'm kind of curious, maybe I misheard that. Obviously, as price goes up, there's changing and underfeeding and stuff, too, but you also have this opportunity to possibly process some pounds through the U.S. deal you have tails and stuff. Are you including that material going forward in that statement that secondary is going down? Or do you think [MOX] is going down? Or any comments on how you sort of see the secondary going to next few years in the context it was said, your opportunities with secondary?

也許讓我談談另一條評論——我們當然已經看到二級供應下降了。但展望未來，我認為有人說過，我們預計可能會走低。我有點好奇，也許我聽錯了。顯然，隨著價格上漲，也會出現變化和餵養不足等問題，但你也有機會通過美國交易處理一些磅，你有尾巴和東西。您是否在第二次下降的聲明中包括該材料？還是您認為 [MOX] 正在下降？或者關於你如何看待二級學科在接下來幾年的發展，你在二級學科的機會有什麼評論嗎？

Yes, I'm going to jump in on this one and apologies to everybody on the call for monopolizing all the time on these issues. But with secondary supplies, this is a great part of the story because remember, the price transition that occurred, go back to the Cigar Lake inflow events as a supply shock or even the demand shock of 2010 that I already talked about, the Chinese stepping in the term market for the first time, those price transitions occurred when there was a heck of a lot of secondary supply still kicking around and a heck of a lot of inventory. But we actually don't have that profile anymore, that [ADU] material is all gone. Some of those big sources of inventory have been chewed through and that makes sense because we've been consuming a lot of material off of existing contracts and not going back in, in replacement rate. So while secondary supplies have always historically filled the gap, the prospect of them playing that role going forward is greatly diminished. If you just look at the supply stack and whether it's -- and you named a few, whether it's the inventories that we see from governments that, remember, the famous DOE inventory. I mean, there's a moratorium on that right now. And besides, if they were still trying to sell material, there just isn't much left anymore. It wouldn't even be material in today's structural gap between demand and primary production.

是的，我要加入這個問題，並向所有呼籲在這些問題上一直壟斷的人道歉。但是對於二級供應，這是故事的重要組成部分，因為請記住，發生的價格轉變，回到雪茄湖流入事件作為供應衝擊，甚至是我已經談到的 2010 年的需求衝擊，中國踩第一次在期限市場中，當大量二級供應仍在流動和大量庫存時發生了這些價格轉變。但我們實際上已經沒有那個檔案了，那個 [ADU] 材料都不見了。其中一些重要的庫存來源已經被仔細研究過了，這是有道理的，因為我們一直在消耗現有合同中的大量材料，並且在更換率方面沒有返回。因此，雖然二級供應在歷史上一直填補了這一空白，但它們在未來發揮這一作用的前景卻大大減弱了。如果你只看供應堆棧，它是否——你列舉了一些，是否是我們從政府那裡看到的庫存，請記住，著名的 DOE 庫存。我的意思是，現在有一個暫停。此外，如果他們仍然試圖出售材料，那麼就已經沒有多少了。在當今需求和初級生產之間的結構性差距中，它甚至不會是實質性的。

The Western enricher underfeeding, you've heard me say for some time now this isn't an underfeed story anymore. Yes, enrichers underfeed and they use some of that underfeed uranium to sell into a term contract supportive of their enrichment contracts, but we don't see enricher underfeed in the spot market. It's not a factor there. It's not a source for it. The reprocessing material, we just see that declining over the next 10 years. We're just chewing through that material. And then, of course, that big black box of the material that comes out of Russia, and whether it's tails re-enrichment underfeeding government stockpiles, no matter what it is, just that entire supply just declines over the same window. So you've got the secondary supplies that have always filled the gap in the market, can't fill the gap in the market the way they have before.

西方濃縮廠供不應求，你已經聽我說過一段時間了，現在這不再是供不應求的故事了。是的，濃縮廠供應不足，他們使用其中一些供應不足的鈾來出售支持其濃縮合同的定期合同，但我們沒有看到現貨市場上的濃縮廠供應不足。這不是一個因素。它不是它的來源。再加工材料，我們只是看到在接下來的 10 年裡，這種情況正在下降。我們只是在咀嚼這些材料。然後，當然，來自俄羅斯的材料的大黑匣子，無論是尾部再濃縮，政府庫存不足，無論是什麼，只是整個供應量在同一窗口內下降。所以你得到了一直填補市場空白的二次供應，不能像以前那樣填補市場空白。

And so when we look at the DOE re-enrichment of the UF6, we think of that more as not secondary supply, but actually, that's a U.S. mine is, in fact, what it is, and that's probably the best model to think about it.

因此，當我們查看美國能源部對 UF6 的再濃縮時，我們更多地認為這不是二次供應，但實際上，那是美國的礦山，實際上就是這樣，這可能是最好的模式它。

And do you assume that you're going to be able to do that in the next 5 to 10 years?

您是否認為您將能夠在未來 5 到 10 年內做到這一點？

We think that is a great project. It's a project that still has some technology readiness issues in front of it that need to be worked on. But as a source of supply, as a source of potentially U.S. origin supply, it is very attractive and features well into some of the things I talked about earlier, like the regionalization of supply and geopolitical concerns. So we are supportive of that project. It has a ways to go. It's not at the front of the line ahead of McArthur and Cigar, obviously, but it is a good project.

我們認為這是一個偉大的項目。這個項目仍然存在一些需要解決的技術準備問題。但作為一種供應來源，作為潛在的美國原產供應來源，它非常有吸引力，並且很好地融入了我之前談到的一些事情，比如供應的區域化和地緣政治問題。所以我們支持這個項目。它有一段路要走。顯然，它不在 McArthur 和 Cigar 前面，但它是一個很好的項目。

The next question is from Gordon Johnson from GLJ Research.

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

So I guess, first off, from the presentation, it seems like the net addition of capacity is relatively small when you also factor in the reduction of Cigar Lake. So I just wanted to get your comments there. And then additionally, correct me if I'm wrong, but it seems like all the additional capacity you're adding is currently accounted for, meaning none of this additional capacity is going into the spot market. So if you could address those 2, and then I have a few follow-ups.

所以我想，首先，從介紹來看，當你還考慮到雪茄湖的減少時，淨增加的容量似乎相對較小。所以我只是想在那裡得到你的評論。另外，如果我錯了，請糾正我，但似乎您添加的所有額外產能目前都已計入，這意味著這些額外產能都不會進入現貨市場。因此，如果您能解決這兩個問題，那麼我將進行一些跟進。

Gordon, yes, you're absolutely right. When we bring McArthur back on, we're bringing it back on. We hope to be in 2024 at about 15 million pounds. And you'll recall, 5 or 6 years ago when we were running it, I mean, it has licensed capacity to 25 million pounds. We ran it at 20 million pounds for a while and then backed it off to 18 million pounds in 2016, and then we shut it down in 2017. So in conjunction with that, when McArthur gets up and running, that's a couple of years to get it going, we plan to bring Cigar down from its 18 million pound capacity, as Grant mentioned, to 13.5 million pound, a significant reduction. That fits with our strategy of supply discipline going forward.

戈登，是的，你完全正確。當我們重新啟用麥克阿瑟時，我們將重新啟用它。我們希望在 2024 年達到 1500 萬英鎊。你會記得，5 或 6 年前，當我們運行它時，我的意思是，它的許可容量為 2500 萬磅。我們以 2000 萬英鎊運行了一段時間，然後在 2016 年將其降低到 1800 萬英鎊，然後我們在 2017 年將其關閉。因此，當麥克阿瑟啟動並運行時，這需要幾年時間開始吧，我們計劃將雪茄的產能從格蘭特提到的 1800 萬磅降至 1350 萬磅，這是一個顯著的減少。這符合我們未來的供應紀律戰略。

And the added benefit for Cigar Lake is that, it gives us a little extra time when we're producing 13.5 million pound instead of 18 million pound to look at the future of Cigar Lake and extra resources and reserves that we can bring into the picture to keep that unit running into the 2030. So yes, we will continue, as Grant has said, with our supply discipline. Every day, we look at our sales and our production and we try to be consistent. We actually underproduce for the sales we have, which makes us [look] and buy in the market. So I can tell you we have a home for every pound we produce, and we're going to keep it that way.

雪茄湖的額外好處是，當我們生產 1350 萬磅而不是 1800 萬磅時，它給了我們一點額外的時間來看看雪茄湖的未來以及我們可以帶來的額外資源和儲備保持該單位運行到 2030 年。所以，是的，正如格蘭特所說，我們將繼續遵守我們的供應紀律。每天，我們都會審視我們的銷售和生產，並努力保持一致。實際上，我們的銷售量不足，這使我們 [查看] 並在市場上購買。所以我可以告訴你，我們生產的每一磅產品都有一個家，我們將保持這種狀態。

And correct me if I'm wrong, but it seems like -- so your contracted volumes, it seems like in 2021, 38% of your contracted volumes since 2016 were signed in 2021 alone. So this seems like -- and again, correct me if I'm wrong, this seems like a catalyst, at least my team has been waiting for, for a while. I know this question was touched on before. But in previous contracting cycles, it's typically not just 1 year of contracting. So when you consider -- it is the long ended of the question, but when you consider that Europe [dislabeled] nuclear and natural gas sustainable investments and the comments from the Energy Secretary in the U.S., do you guys expect additional contracts in 2022? And can you also address if maybe some of these Chinese nuclear facilities are starting to recontract?

如果我錯了，請糾正我，但看起來 - 所以你們的合同量，似乎在 2021 年，自 2016 年以來，你們 38% 的合同量是在 2021 年簽署的。所以這看起來像 - 再次，如果我錯了，請糾正我，這似乎是一種催化劑，至少我的團隊已經等待了一段時間。我知道這個問題之前被提到過。但在以前的承包周期中，通常不僅僅是 1 年的承包。因此，當您考慮時 - 這是問題的長期結局，但是當您考慮到歐洲 [取消標記] 核能和天然氣可持續投資以及美國能源部長的評論時，你們預計 2022 年會有更多合同嗎？如果這些中國核設施中的一些可能開始重新承包，你能否也談談？

Well, let me start and then -- Grant has covered the marketing piece, and so I'll turn it back to him. But we're certainly seeing good signs on some of the areas you mentioned. I mean, the U.S., if you look at 2021, that was really a pivotal year for nuclear and for the U.S. with the change in administration and whatever you have to say about them. The first move they made was to sign back on to the Paris Agreement and then hold an Earth Summit and sign the Infrastructure Act. They're working on the Build Back Better Act, and there's a lot of support for nuclear, like support that we haven't seen for decades in the U.S. and being a world leader, that's good news here in Canada, we're seeing support. You've got Bruce with their major component replacement, you got OPG, the same thing. OPG picking a spot for an SMR at Darlington, I mean, good news. You mentioned Europe, I mean, we've been fighting that fight through the WNA and through FORATOM on the taxonomy of nuclear, trying to have nuclear included in the green taxonomy. And guess what, first day of this year, we found out it was going to be included. So lots of good tailwinds right now for nuclear. So that -- I mean, that just bolsters and reinforces the comments we made at the start of this meeting on the demand side. We see demand growing. We don't just feel it. We can see it. We can see the numbers that WNA and IAEA and IEA put out showing a growth in nuclear demand, which is good news for our business.

好吧，讓我開始，然後——格蘭特已經報導了營銷部分，所以我會把它轉回給他。但我們肯定在你提到的一些領域看到了良好的跡象。我的意思是，美國，如果你看看 2021 年，那對於核能和美國來說確實是關鍵的一年，隨著政府的變化以及你對它們的看法。他們採取的第一步是重新簽署《巴黎協定》，然後舉行地球峰會並簽署《基礎設施法案》。他們正在製定“重建更好的法案”，並且有很多對核能的支持，比如我們在美國幾十年未見的支持，並且成為世界領導者，這在加拿大是個好消息，我們看到了支持。你有 Bruce 的主要組件更換，你有 OPG，同樣的事情。 OPG 在達靈頓為 SMR 選址，我的意思是，好消息。你提到了歐洲，我的意思是，我們一直在通過 WNA 和 FORATOM 進行核分類的鬥爭，試圖將核納入綠色分類。猜猜看，今年的第一天，我們發現它會被包括在內。核能現在有很多好的順風。所以——我的意思是，這只是支持和加強了我們在本次會議開始時就需求方發表的評論。我們看到需求在增長。我們不只是感覺到它。我們可以看到它。我們可以看到 WNA 和 IAEA 和 IEA 公佈的數字顯示核需求增長，這對我們的業務來說是個好消息。

And so the Chinese, you mentioned China, I mean, that is a great story. They have 50 reactors today. They're going to 70. So if you can even imagine that 20 new reactors in 5 years, 70 by 2025, and we've seen from some of their organizations well over 100 by 2030. And so then you start asking, where is the supply coming from at a time when supply is going down. So remember, we started 2021 with Cominak going down and Ranger going down. And so yes, the supply-demand fundamentals are really setting up nice for the industry. And then, of course, during the year, you had some spot and other juniors coming in and buy a significant quantity of uranium and put it away. And so yes, I think the market is setting up very nicely. And we -- it's in this context that we expect to add to our portfolio going forward.

所以中國人，你提到中國，我的意思是，這是一個很棒的故事。他們今天有 50 個反應堆。他們將達到 70 個。因此，如果您甚至可以想像 5 年內有 20 個新反應堆，到 2025 年將達到 70 個，而我們從他們的一些組織中看到，到 2030 年將超過 100 個。然後你開始問，在哪裡供應量下降時的供應量。所以請記住，我們從 2021 年開始，Cominak 倒閉，Ranger 倒閉。所以，是的，供需基本面確實對行業有利。然後，當然，在這一年裡，你有一些現貨和其他初級人員進來購買大量鈾並將其收起來。所以是的，我認為市場的發展非常好。我們 - 在這種情況下，我們希望在未來增加我們的投資組合。

Okay. And actually, one last one if I could. Can you guys talk about the impact to, I guess, the fundamentals? Clearly, these contracts are being signed at much higher prices. Can you go into it at all like how we should think about the effects on margins and cash flow? And also, I guess, is there any other -- not other, is there any potential headwinds you see out there? It seems like this is quite a positive call. Do you see any negatives out there that can trip you up?

好的。實際上，如果可以的話，最後一個。你們能談談對基本面的影響嗎？顯然，這些合同是以高得多的價格簽訂的。你能像我們應該如何考慮對利潤率和現金流的影響一樣深入探討嗎？而且，我想，還有其他的——不是其他的，你是否看到了任何潛在的逆風？這似乎是一個非常積極的呼籲。您是否看到任何可能使您絆倒的負面因素？

Yes. Thanks, Gordon. I'd just say and I'll turn to Grant on the financials. But this is undeniably positive for Cameco financially, both earnings and cash flow going forward. So after some tough years in the trough that our shareholders have stuck with us, we are hoping to reward our loyal shareholders going forward. So...

是的。謝謝，戈登。我只想說，我會在財務方面向格蘭特求助。但不可否認，這對 Cameco 的財務而言是積極的，無論是未來的收益還是現金流。因此，在我們的股東一直支持我們的低谷中經歷了一些艱難的歲月之後，我們希望在未來獎勵我們忠實的股東。所以...

We keep using the term, Gordon, balanced and disciplined, and we apply it to balanced contracting discipline, balanced supply discipline and balanced financial discipline. And so in keeping with that notion, the decisions to bring in some contracts really underpins that book of business going forward, the 160 million pound that we have in front of us, that supports our planned production, which, by the way, the main message there is supply discipline is continuing indefinitely, not productions all back on no matter what. We're still looking for further market improvements, and then the balanced financial discipline. Yes, we're announcing today that our owners need to share in the improved business outlook, and the improved book of business but we're still managing, in a conservative way, from a financial point of view, because we still have to support strategic patients in our contracting discipline as we wait for that demand to come and those improvements to come. And we still have to support continued supply discipline. We're not going to run McArthur at capacity. We're not going to -- we're not planning to run cigar at capacity out into the future. So again, that balance is across all 3 dimensions of our strategy, but unequivocally supportive.

我們一直使用術語 Gordon，平衡和紀律，並將其應用於平衡的合同紀律、平衡的供應紀律和平衡的財務紀律。因此，為了與這個概念保持一致，簽訂一些合同的決定確實支持了未來的業務，我們面前的 1.6 億英鎊支持我們計劃的生產，順便說一句，這是主要的消息說供應紀律將無限期地持續下去，無論如何都不會恢復生產。我們仍在尋求進一步的市場改善，然後是平衡的財務紀律。是的，我們今天宣布，我們的所有者需要分享改善後的業務前景和改善的業務賬簿，但從財務角度來看，我們仍在以保守的方式進行管理，因為我們仍然需要支持當我們等待需求的到來和改進的到來時，我們的合同學科中的戰略患者。我們仍然必須支持持續的供應紀律。我們不會讓麥克阿瑟滿負荷運轉。我們不會——我們不打算在未來滿負荷生產雪茄。同樣，這種平衡涵蓋了我們戰略的所有三個方面，但毫無疑問是支持性的。

Remember, our investment in our strategy financially had 2 big impacts. One was the care and maintenance costs of keeping pounds in the ground. And I've already referenced those pounds are worth a lot more than they were the day we made that decision. The second was purchasing material at a much higher cost than we could produce it for. So as we build homes and as we restore production, even if it's not at full capacity, we're anticipating significant improvements to cash flow and earnings. So unequivocally supportive for us, and we're going to do it in a responsible way, a disciplined way that is supportive of the market.

請記住，我們對財務戰略的投資產生了兩大影響。其中之一是將磅放在地下的護理和維護成本。我已經提到這些英鎊的價值比我們做出那個決定的那一天要高得多。第二個是以比我們生產材料高得多的成本購買材料。因此，當我們建造房屋並恢復生產時，即使它沒有滿負荷運轉，我們也預計現金流和收益會顯著改善。如此明確地支持我們，我們將以負責任的方式，一種支持市場的自律方式來做這件事。

The next question is from [Patrick Sojecki], a private investor.

下一個問題來自私人投資者 [Patrick Sojecki]。

So I have 2 questions. The first one is, I asked this in late 2020, you guys said you would release an updated Cigar Lake technical report in 2021, and you never did. So I'm wondering if there's a reason for the delay. And kind of tying it into the other analyst question about the cash costs. In 2024, like with a lot of other commodity companies having cost overruns, how do you expect those to stay the same? Are you basically saying whatever automation you've done is going to negate any increases? So that's my first question. If someone wants to [try and take this one]?

所以我有2個問題。第一個是，我在 2020 年底問過這個問題，你們說你們會在 2021 年發布更新的雪茄湖技術報告，而你們從來沒有這樣做過。所以我想知道是否有延遲的原因。並將其與其他分析師關於現金成本的問題聯繫起來。到 2024 年，與許多其他成本超支的大宗商品公司一樣，您如何期望這些公司保持不變？你基本上是說你所做的任何自動化都會否定任何增加嗎？所以這是我的第一個問題。如果有人想[試著拿這個]？

[Patrick], I'm going to answer the second one, and it seems like Brian Reilly is here. I'll just get him to update on the Cigar Lake technical report. Just -- you talked about costs in 2024, obviously, we're looking at costs. We're concerned about costs like everyone else is, you're seeing inflation, you're seeing supply chain issues across the board. This isn't just Cameco. I can tell you it's in every industry everywhere. Labor, availability of labor, all things we're watching. We think we have a competitive advantage in northern Saskatchewan in that 50% plus, and we're going to make it as plus as we can. Our employees are indigenous people from the region that live up there. We are delighted to be bringing them back. Our digitization and automation efforts, we think, will bring us benefits, cost benefits, reducing the costs of our operations, making them more flexible. And so we're pretty excited about that.

[Patrick]，我要回答第二個，Brian Reilly 似乎在這裡。我會讓他更新雪茄湖技術報告。只是 - 你談到了 2024 年的成本，顯然，我們正在考慮成本。我們像其他人一樣擔心成本，你會看到通貨膨脹，你會看到全面的供應鏈問題。這不僅僅是Cameco。我可以告訴你，它無處不在。勞動力，勞動力的可用性，我們正在關注的所有事情。我們認為我們在薩斯喀徹溫省北部擁有超過 50% 的競爭優勢，我們將盡我們所能做到這一點。我們的員工是來自該地區的原住民。我們很高興能把它們帶回來。我們認為，我們的數字化和自動化工作將為我們帶來收益、成本收益，降低我們的運營成本，使其更加靈活。所以我們對此感到非常興奮。

So we -- I was in a meeting the other day, Business Council of Canada, and they're talking about capital projects, new capital projects on brownfield and they said, if you've got a feasibility study that's more than 6 months old, [you might as well] throw it in the garbage because things have changed that fast. And so we're fortunate to be on greenfield here with experienced workforce, and we're not -- we've got an existing team that we're going to add to. And so we're quite excited about the future there.

所以我們——前幾天我在開會，加拿大商業委員會，他們在談論資本項目，棕地的新資本項目，他們說，如果你有一個超過 6 個月的可行性研究，[你不妨]把它扔進垃圾箱，因為事情變化得太快了。因此，我們很幸運能夠在這裡擁有經驗豐富的員工隊伍，但我們不是——我們有一個現有的團隊，我們將加入其中。所以我們對那裡的未來感到非常興奮。

But let me talk -- let me ask Brian to just give an update on the Cigar Lake technical reports.

但是讓我談談——讓我請布賴恩提供有關雪茄湖技術報告的最新信息。

Sure. Good question. The Cigar Lake technical report dates back to 2016. And really, nothing has changed in terms of the technical parameters, the mining methods, the financial analysis. So it might be 6 years old, but it's still valid. And quite frankly, it has a shelf life, we believe, of a few more years yet. So no plans today or even in the immediate future to update that report, it was valid then and it remains valid today.

當然。好問題。雪茄湖技術報告可以追溯到 2016 年。實際上，在技術參數、採礦方法和財務分析方面沒有任何變化。所以它可能是 6 歲，但它仍然有效。坦率地說，我們相信它還有幾年的保質期。因此，今天甚至在不久的將來都沒有計劃更新該報告，它當時有效，今天仍然有效。

And [Patrick], I might just add, in the AIF annually, we do update sort of that cost profile. So you see that annually, and that comes out in...

[Patrick]，我可能會在每年的 AIF 中添加，我們確實會更新某種成本概況。所以你每年都會看到，然後出現在...

Okay. Yes. I was more interested in like there was something like 60,000 meters to outline the resources in Phase 2 better. But I guess, you said you're kind of putting that on the back burner anyways.

好的。是的。我更感興趣的是，有 60,000 米之類的東西可以更好地勾勒出第 2 階段的資源。但我想，你說你無論如何都把它放在了次要位置。

The second question, maybe, Tim, you could speak a little bit from your experience at Nutrien as well as sort of taking some cues from energy and oil stocks with this still record level of cash? And I get you guys are financially conservative, but would you say possibly that this, I guess, token dividend increase sort of marks maybe a sustained dividend growth strategy, would you say you could commit to something like that at this point or not yet?

第二個問題，蒂姆，也許你可以談談你在 Nutrien 的經歷，以及從仍然創紀錄的現金水平的能源和石油股中獲得一些線索？我知道你們在財務上是保守的，但你會說，我猜，象徵性的股息增加可能是一種持續的股息增長戰略，你會說你現在可以承諾還是現在還沒有？

[Patrick], I haven't yet had experience with Nutrien. I do sit on the Mosaic Board, however, so they'd be happy to -- for me to make that correction, I'm sure. But listen, yes, around the block, obviously, we're sitting on a little over -- I look at Grant, I think it's $1.33 billion in cash and short terms now. That we've got -- thank goodness, nobody asked us about the CRA because my blood pressure gets going pretty good when you do that. But that's still out there. We're looking at recovering, I think it's $295 million of cash from them and about $482 million in credit or balance sheet space. And with our new strategy, or our continuing discipline strategy, we're going to be adding both earnings and cash flow.

[Patrick]，我還沒有使用 Nutrien 的經驗。不過，我確實是馬賽克委員會的成員，所以他們很樂意——我敢肯定，我會做出修正。但是聽著，是的，在街區附近，顯然，我們坐得有點過頭了——我看看格蘭特，我認為現在是 13.3 億美元的現金和短期資金。我們已經得到了——謝天謝地，沒有人問我們關於 CRA 的事情，因為當你這樣做時，我的血壓會變得非常好。但這仍然存在。我們正在考慮恢復，我認為這是來自他們的 2.95 億美元現金和大約 4.82 億美元的信貸或資產負債表空間。通過我們的新戰略，或者我們的持續紀律戰略，我們將增加收益和現金流。

So you're right, the question is a good one. The capital allocation, I can tell you, our Board has spent a lot of time thinking about this. Grant and his team are obviously responsible for it. So the decision taken this quarter was the increase, 50% increase to the dividend, clearly, sustainable for us and no new decisions from there. We'll see. We're off on a new path now. We've got a lot of work to do up in northern Saskatchewan, not easy bringing those facilities back on, but we're confident we can do it. If the future unfolds the way we think it will, we will have significant capital allocation decisions to make going forward, and we will certainly keep you and the market informed as we progress.

所以你是對的，這個問題很好。資本分配，我可以告訴你，我們的董事會已經花了很多時間思考這個問題。格蘭特和他的團隊顯然對此負有責任。因此，本季度做出的決定是增加股息，增加 50%，這對我們來說顯然是可持續的，並且沒有新的決定。走著瞧。我們現在走上了一條新的道路。我們在薩斯喀徹溫省北部有很多工作要做，恢復這些設施並不容易，但我們有信心能做到。如果未來以我們認為的方式發展，我們將在未來做出重大的資本配置決策，並且隨著我們的進步，我們一定會及時通知您和市場。

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

問答環節到此結束。我想把會議轉回給蒂姆·吉策爾（Tim Gitzel）做任何閉幕詞。

Okay. Well, thank you, operator. And with that, I just want to say thank you to everybody who has joined us on the call today. We certainly, as always, appreciate your interest and support.

好的。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。我們當然一如既往地感謝您的關注和支持。

Let me just conclude by saying, we are excited about the future that we're seeing for nuclear power generation. We're excited about the fundamentals for uranium supply and demand, and we're excited about the prospects for our company as we embark on the next phase of our market-aligned strategy. We say this every time, and we won't stop, we're 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 on our Tier 1 cost structure.

最後讓我說，我們對核能發電的未來感到興奮。我們對鈾供需的基本面感到興奮，我們對我們公司的前景感到興奮，因為我們開始了我們的市場協調戰略的下一階段。我們每次都這麼說，而且我們不會停止，我們是一家負責任的商業供應商，擁有強大的資產負債表、長期的一級資產，以及經過驗證的運營記錄和視線以回報我們的一級成本結構體。

At Cameco, we are well positioned to respond to the changing market dynamics and benefit from the long-term growth we see coming, driven by the need around the world for safe, reliable, affordable and carbon-free baseload electricity. We will continue to do what we say we will do, executing on our strategy and consistent with our values, we will do so in a manner that we believe will make our business sustainable over the long-term. And we will continue always to make the health and safety of our workers, their families and their communities our priority.

在 Cameco，我們做好了應對不斷變化的市場動態的準備，並從我們看到的長期增長中受益，這是由世界各地對安全、可靠、負擔得起和無碳基荷電力的需求所推動的。我們將繼續按照我們所說的去做，執行我們的戰略並與我們的價值觀保持一致，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工人、他們的家人和他們的社區的健康和安全作為我們的首要任務。

So with that, thanks, everybody. Stay safe and healthy and have a wonderful day. Thank you.

所以，謝謝大家。保持安全和健康，度過美好的一天。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。