Nexgen Energy Ltd (NXE) 2023 Q2 法說會逐字稿

Good morning, and welcome to the NexGen Q2 Quarterly Conference Call.

早上好，歡迎參加 NexGen 第二季度季度電話會議。

(Operator Instructions) I will now hand the call over to Leigh Curyer. You may begin your conference.

（接線員指示）我現在將呼叫轉交給 Leigh Curyer。您可以開始您的會議了。

Thank you, and good morning, everyone. Ladies and gentlemen, my name is Leigh Curyer, Chief Executive Officer of NexGen Energy. Thank you for joining our second quarter 2023 company update and financial results call. I'll speak for about 10 minutes, and then we will move on to the Q&A.

謝謝大家，大家早上好。女士們、先生們，我叫 Leigh Curyer，NexGen Energy 首席執行官。感謝您參加我們的 2023 年第二季度公司更新和財務業績電話會議。我會講大約10分鐘，然後我們將進入問答環節。

Joining me on the call today are Travis McPherson, Chief Commercial Officer; and Benjamin Salter, Vice President of Finance, Acting Chief Financial Officer.

今天和我一起參加電話會議的是首席商務官特拉維斯·麥克弗森 (Travis McPherson)；財務副總裁兼代理首席財務官 Benjamin Salter。

Throughout the call, we will be making forward-looking statements, so please visit our website for our full disclaimers on such statements.

在整個通話過程中，我們將做出前瞻性聲明，因此請訪問我們的網站以獲取我們對此類聲明的完整免責聲明。

This summer, we are seeing record temperatures globally. In July, Phoenix recorded 30 consecutive days over 43.3 degrees Celsius. There were forest fires across continents and warmer ocean temperatures. We cannot stay on the same path. Global governments have set goals to reach net 0 by 2050 with some ambitiously targeting 2030 for the first milestones. Many countries are acting now to bring more Zero emissions nuclear power online. And as the cleanest and most cost-effective form of power generation, nuclear energy is the linchpin to the global energy transition.

今年夏天，我們看到全球創紀錄的氣溫。 7月，鳳凰城連續30天氣溫超過43.3攝氏度。各大洲發生森林火災，海洋溫度升高。我們不能一直走在同一條道路上。全球各國政府都制定了到 2050 年實現淨零排放的目標，其中一些國家雄心勃勃地將 2030 年作為第一個里程碑。許多國家現在正在採取行動，讓更多的零排放核電上線。作為最清潔、最具成本效益的發電形式，核能是全球能源轉型的關鍵。

Nuclear provides reliable, carbon-free around-the-clock power, and it is a reliable complement to the expansion of renewables like wind and solar as part of a clean energy mix. Currently, there are 436 nuclear reactors worldwide in operation, providing 10% of the world's electrical needs. Last month, we saw the U.S. commissioned in its first -- the U.S. commissioned its first commercial reactor in many years, off the back of several license extensions issued over the last 12 months. And Japan brought its first nuclear reactor online in nearly a decade.

核能提供可靠、無碳的全天候電力，作為清潔能源組合的一部分，它是風能和太陽能等可再生能源擴張的可靠補充。目前，全球有436座核反應堆在運行，提供全球10%的電力需求。上個月，我們看到美國第一座商業反應堆投入運行——在過去 12 個月內多次頒發許可證延期後，美國投入運行了多年來的第一座商業反應堆。日本近十年來第一座核反應堆投入運行。

Additionally, the Nuclear Energy Institute is anticipating that 300 SMRs will come online before 2050. And as reported by TradeTech, these 300 SMRs alone would increase uranium demand by 100 million pounds, which is approximately 50% of current annual demand. We continue to see notable global support for nuclear energy.

此外，核能研究所預計 2050 年之前將有 300 個 SMR 投入使用。據 TradeTech 報導，僅這 300 個 SMR 就會使鈾需求增加 1 億磅，大約是目前年需求的 50%。我們繼續看到全球對核能的顯著支持。

The Chief Executive at [Rolls Royce] recently said Europe will not reach its net 0 targets by 2050, unless it embraces nuclear. An American entrepreneur, Sam Altman stated, that nuclear is a way better deal than anything else out there in the provision of clean, reliable energy, reinforcing the cost effectiveness of nuclear and the need for a stable power grid. Additionally, Parnassus Investments, an investment firm known for its strong and focused ESG leadership with rigorous fundamental environmental, social and governance criteria, they shifted and approved investments in nuclear. The company believes nuclear energy will be an essential fuel source in the transition to a low-carbon economy.

[勞斯萊斯]首席執行官最近表示，除非歐洲擁抱核能，否則到 2050 年歐洲將無法實現淨零排放目標。美國企業家薩姆·奧爾特曼表示，在提供清潔、可靠的能源、增強核能的成本效益和穩定電網的需求方面，核能比其他任何能源都更好。此外，Parnassus Investments 是一家以其強大而專注的 ESG 領導力以及嚴格的基本環境、社會和治理標準而聞名的投資公司，他們轉移並批准了核電投資。該公司相信核能將成為向低碳經濟轉型的重要燃料來源。

Over the past quarter, we continue to see additional policy momentum that supports a clean energy future with nuclear at the center. European lawmakers agreed to endorse all nuclear power as a green technology for Europe's industrial revival under the proposed Net Zero Industry Act, granting access to preferential funding. Despite a decision 40 years ago to phase out nuclear power, Sweden's government recently embraced nuclear energy as an essential way to increase electrical production and provide a stable energy system. Just this week, the government announced its plan to build 10 new conventional reactors. This is in addition to 2 SMRs previously announced and the commitment to extend the lifetime of existing reactors establishing generous loan guarantees for the additional reactors.

在過去的季度中，我們繼續看到支持以核能為中心的清潔能源未來的額外政策動力。歐洲立法者同意根據擬議的淨零工業法案認可所有核電作為歐洲工業復興的綠色技術，並提供優惠資金。儘管瑞典政府在 40 年前就決定逐步淘汰核電，但最近仍將核能視為增加電力生產和提供穩定能源系統的重要途徑。就在本週，政府宣布計劃建造 10 座新的常規反應堆。除此之外，此前還宣布了 2 個小型反應堆，並承諾延長現有反應堆的使用壽命，為額外的反應堆提供慷慨的貸款擔保。

The reality is being realized renewables, wind and solar alone cannot support a modern economy and population. This is the reality, and the consequence of that reality is that nuclear is the direction countries are adopting to meet the energy demands and you are undoubtedly aware of the significant U.S. investments in nuclear energy in the U.S. through the Inflation Reduction Act, Bipartisan Infrastructure Law and the CHIPS and Science Act on top of the ADVANCE Act focused on boosting the development of nuclear technologies.

現實是，僅可再生能源、風能和太陽能無法支撐現代經濟和人口。這就是現實，而這一現實的後果是，核能是各國為滿足能源需求而採取的方向，毫無疑問，您知道美國通過《減少通貨膨脹法案》、《兩黨基礎設施​​法》對核能進行了大量投資《先進法案》之上的《芯片和科學法案》側重於促進核技術的發展。

Adding to this momentum is the growth of the SMR market that I mentioned earlier. Ontario recently announced it was building 3 SMRs to power the province. The U.K. is launching an SMR competition to fund projects, and France and India are launching a cooperation program around SMRs and advanced modular reactors.

我之前提到的 SMR 市場的增長進一步推動了這一勢頭。安大略省最近宣布正在建造 3 個小型模塊化反應堆為該省供電。英國正在啟動中小型反應堆競賽來資助項目，法國和印度正在啟動圍繞中小型反應堆和先進模塊化反應堆的合作計劃。

The demand for uranium is evident at its current price per pound, which stands just above USD 56. As the price remains steady in the mid-50s during this traditionally quiet summer period in the Northern Hemisphere, we are seeing increased interest from utilities to enter into offtake contracts. And as we head into the second half of the year with the WNA in London in early September, where we historically see higher volumes transacted, we are well positioned for a sustainable and promising long-term future for the commodity. Global nuclear capacity is currently 390 gigawatts, with the International Energy Agency estimating it will more than double by 2050. To meet this increase, uranium supply will need to nearly triple because by 2040, it would equate to a 200 million pounds deficit and growing.

目前的每磅價格略高於56 美元，對鈾的需求顯而易見。在北半球這個傳統上安靜的夏季期間，由於價格穩定在50 多美元左右，我們看到公用事業公司對進入鈾礦的興趣有所增加。納入承購合同。隨著我們進入下半年，WNA 將於 9 月初在倫敦舉行，歷史上我們看到交易量有所增加，我們已為該商品的可持續且充滿希望的長期未來做好了準備。目前全球核電裝機容量為390 吉瓦，國際能源署估計到2050 年該數字將增加一倍以上。為了滿足這一增長，鈾供應將需要增加近兩倍，因為到2040 年，這將相當於2億英鎊的赤字，而且還在不斷增加。

On the supply side, we have not seen the increase needed to meet the rising demand due to mine depletion, rising costs and geopolitical instability. And while we may be turning a corner in exploration and mining, especially when it comes to the Athabasca Basin, it still won't be enough to meet the rising demand. In addition to NexGen, there are a number of additional mining and exploration companies advancing respective projects targeting to be in production during the next decade. That means action now.

在供應方面，由於礦山枯竭、成本上升和地緣政治不穩定，我們還沒有看到滿足不斷增長的需求所需的增長。儘管我們在勘探和採礦方面可能正在扭轉局面，尤其是在阿薩巴斯卡盆地，但這仍然不足以滿足不斷增長的需求。除了 NexGen 之外，還有許多其他採礦和勘探公司正在推進各自的項目，目標是在未來十年內投產。這意味著現在就行動。

Our Rook I project will be the cornerstone to closing the gap within 4 years of permitting approval, delivering up to 29 million pounds of uranium annually. With NexGen's Rook I project located in a premier stable democracy of Saskatchewan, Canada, NexGen is committed to being a partner of choice for fuel buyers and nations actively seeking to mitigate or exclude volatile nations from their supply chains. Rook I coming online within 4 years of permitting approval is a critical as it will help accomplish 3 imperatives: one, provide the world with reliable western supply, curtailing outside influence on our energy markets; two, secure the energy transition for nations allied to energy security and targeting net zero; and three, avoid supply chain issues as we're currently seeing in the electrical vehicle market.

我們的 Rook I 項目將成為在獲得批准後 4 年內縮小差距的基石，每年交付高達 2900 萬磅鈾。 NexGen 的 Rook I 項目位於加拿大薩斯喀徹溫省首要穩定的民主國家，NexGen 致力於成為燃料買家和積極尋求緩解或將不穩定國家排除在供應鏈之外的國家的首選合作夥伴。 Rook I 在獲得批准後4 年內上線至關重要，因為它將有助於實現三個當務之急：第一，為世界提供可靠的西方供應，減少外部對我們能源市場的影響；第二，為世界提供可靠的西方供應。第二，確保致力於能源安全並以淨零為目標的國家實現能源轉型；第三，避免供應鏈問題，正如我們目前在電動汽車市場中看到的那樣。

Business leaders must be able to drive the quarter and have the experience, vision and courage to see the bigger picture. And that picture is ever expanding. Having a strategy in place that anticipates and mitigates risk for customers, investors, employees and allied nations as well as their citizens is how we approach it at NexGen, whilst being highly leveraged to terrific economic outcomes. We recently shared some of this thinking because we fundamentally believe businesses have no reason to wait on policy mandates to do the right thing. Those 4 commitments, we will only sell to nations who are allied for energy security and targeting net zero.

企業領導者必須能夠推動本季度的發展，並擁有看到更大前景的經驗、遠見和勇氣。而且這個圖景還在不斷擴大。我們 NexGen 的做法是製定一項戰略，預測並減輕客戶、投資者、員工、盟國及其公民的風險，同時充分利用槓桿來實現出色的經濟成果。我們最近分享了一些這樣的想法，因為我們從根本上認為企業沒有理由等待政策授權來做正確的事情。我們只會向能源安全和淨零結盟的國家出售這四項承諾。

We will maintain a checklist of standards for all partners in the chain of custody of our uranium. We will keep our supply chain and operations onshore in these nations to guarantee the highest levels of security, safety, labor standards and local community partnership. And we will advocate for policies that support sensibly produced uranium to set a new standard for the industry. While these commitments have been embedded in the NexGen strategy from the beginning, our supply chain diversity has become central to the discussion around decarbonization. We wanted to bring them forward, and our recent news affirms our approach.

我們將為鈾監管鏈中的所有合作夥伴保留一份標準清單。我們將把我們的供應鍊和業務留在這些國家的境內，以保證最高水平的安保、安全、勞工標準和當地社區夥伴關係。我們將倡導支持合理生產鈾的政策，為該行業樹立新標準。雖然這些承諾從一開始就融入了 NexGen 戰略，但我們的供應鏈多樣性已成為圍繞脫碳討論的核心。我們希望推動它們前進，我們最近的新聞證實了我們的做法。

The coup in Niger has put the country's uranium exports in serious question. Niger exports 6%, or produces 6% of the world's total supply and approximately 20% of the Europe's uranium. Additionally, the [East's] increasingly complicated geopolitical situation is a major risk for those operating there and for their investors. These events underscore the need to reduce the influence of governments that may not share our core values and interest. Conventional approaches to stakeholder engagement and risk management must evolve to meet present day dynamics. This applies across many industries, and mining is no different. A lot has changed since the 1970s, and we need leaders who can embrace the opportunities those changes create. This is why after decades in the sector, I founded NexGen in 2011.

尼日爾的政變使該國的鈾出口受到嚴重質疑。尼日爾的鈾出口量佔世界總供應量的 6%，即產量的 6%，約佔歐洲的 20%。此外，[東方]日益複雜的地緣政治局勢對於在那裡經營的企業及其投資者來說是一個主要風險。這些事件強調需要減少那些可能不認同我們核心價值觀和利益的政府的影響力。利益相關者參與和風險管理的傳統方法必須不斷發展，以滿足當今的動態。這適用於許多行業，採礦業也不例外。自 20 世紀 70 年代以來發生了很多變化，我們需要能夠抓住這些變化所創造的機會的領導者。這就是為什麼我在該領域工作了幾十年後，於 2011 年創立了 NexGen。

Uranium is far too essential to our future to rest on industry practices of the past. Customers require suppliers who can meet environmental, social, labor and security standards and act as reliable partners to advance their businesses. Communities deserve meaningful partnerships that create sustainable generational impact through positive social, economic and environmental outcomes that extend beyond mine-dependent opportunities. Doing things the NexGen way has led to amazing outcomes and extends to our relationships with indigenous communities in Saskatchewan. I am proud to say that during this past quarter, we signed an industry-leading impact benefit agreement with the Metis Nation of Saskatchewan, Northern Region 2 and the Metis Nation Saskatchewan, covering all phases of the Rook I project.

鈾對我們的未來至關重要，不能依賴於過去的行業實踐。客戶需要能夠滿足環境、社會、勞工和安全標準的供應商，並成為推動其業務發展的可靠合作夥伴。社區應該建立有意義的伙伴關係，通過超越依賴地雷的機會的積極社會、經濟和環境成果，創造可持續的代際影響。以 NexGen 的方式做事已經取得了驚人的成果，並延伸到了我們與薩斯喀徹溫省土著社區的關係。我很自豪地說，在上個季度，我們與薩斯喀徹溫省Metis Nation、北部地區2 和Metis Nation 薩斯喀徹溫省簽署了行業領先的影響效益協議，涵蓋Rook I 項目的所有階段。

The IBA defines their environmental cultural, economic, employment and other benefits to be provided to the Metis Nation of Saskatchewan NR2 by NexGen in respect to the project, and to confirm community consent and support for the project throughout its complete life cycle. This agreement follows the signing of benefit agreements with each of the Clearwater River Dene Nation, the Birch Narrows Dene Nation and the Buffalo River Dene Nation. That's 100% support from all our local indigenous communities. This is a historical milestone for a Canadian mining company and a critical step to advancing the Rook I project. We are proud to share that the communities have joined us in advocating for regulatory approvals to realize the opportunity ahead for all of us.

IBA 定義了 NexGen 為薩斯喀徹溫省 NR2 梅蒂斯民族提供的與該項目相關的環境文化、經濟、就業和其他利益，並確認社區對該項目在整個生命週期的同意和支持。該協議是在與 Clearwater River Dene Nation、Birch Narrows Dene Nation 和 Buffalo River Dene Nation 分別簽署福利協議之後簽署的。這是我們所有當地土著社區 100% 的支持。對於加拿大礦業公司來說，這是一個歷史性的里程碑，也是推進 Rook I 項目的關鍵一步。我們很自豪地告訴大家，社區已與我們一起倡導監管批准，以實現我們所有人未來的機會。

NexGen has reached a significant milestone in advancing the regulatory approvals for the 100% owned Rook I project by submitting the final provincial environmental assessment and federal license application during the quarter. We have also received provincial approval for the commencement of the 2023 site infrastructure and confirmation project -- program at Rook I. This program includes comprehensive field work focused on infrastructure upgrades, which will support the increased activity at site with the freeze holes on the critical path. The program is going smoothly and is expected to be executed on time and budget.

NexGen 在本季度提交了最終的省級環境評估和聯邦許可證申請，在推進 100% 擁有的 Rook I 項目的監管審批方面達到了一個重要的里程碑。我們還獲得了省級批准，開始 2023 年場地基礎設施和確認項目——Rook I 計劃。該計劃包括側重於基礎設施升級的全面現場工作，這將支持在關鍵凍洞處增加現場活動。小路。該計劃進展順利，預計將按時、按預算執行。

Before we get into the financial update, I wanted to reflect on some exploration drill programs on our Rook I property regionally and the SW1 property in the Southwest of the Athabasca Basin. Our drilling will continue to test high priority targets on both those properties, and we'll provide a further update on this program once it's complete. Total meters to be drilled during 2023 has increased to 22,500 meters.

在我們進入財務更新之前，我想回顧一下我們的 Rook I 礦區和阿薩巴斯卡盆地西南部的 SW1 礦區的一些勘探鑽探計劃。我們的鑽探將繼續測試這兩個資產的高優先級目標，一旦完成，我們將提供該計劃的進一步更新。 2023 年鑽探總米數增至 22,500 米。

Now for an overview of our financial position ending on the 30th of June 2023. NexGen had a working capital of $89 million as of June 30, 2023. To the end of the quarter, NexGen has deployed approximately $39.4 million in the successful permitting, exploration and development of the Rook I project. On the financing side, last quarter, we shared that we've received strong expressions of interest totaling over USD 1 billion in debt. We've recently heard from additional parties also expressing their interest on that news becoming public. This engagement is a testament to the economic and ESG profile of Rook I and the strong investor support eager to bring the Rook I project online.

現在概述我們截至2023 年6 月30 日的財務狀況。截至2023 年6 月30 日，NexGen 的營運資金為8900 萬美元。截至本季度末，NexGen 已在成功的許可、勘探中部署了約3940 萬美元。以及 Rook I 項目的開發。在融資方面，上個季度，我們收到了強烈的意向書，債務總額超過 10 億美元。我們最近聽到其他各方也表達了對該消息公開的興趣。此次合作證明了 Rook I 的經濟和 ESG 狀況，以及渴望將 Rook I 項目上線的投資者的強大支持。

As we look forward to the rest of 2023 and into 2024, we are scheduled to meet critical milestones to advance through Rook I project. These include the acceptance and approval of the final provincial environmental assessment; two, the submission and acceptance of the final federal environmental assessment; and three, completion of the final licensing and securing a commission hearing date for the conclusion of the permitting process.

展望 2023 年剩餘時間和 2024 年，我們計劃實現關鍵里程碑，以推進 Rook I 項目。其中包括最終省環評的受理和批准；二、最終聯邦環境評估的提交和接受；第三，完成最終許可並確保委員會聽證會日期以結束許可程序。

While the Rook I site program progresses on time and within budget, I'm proud of the work of the NexGen team. As a leader in the energy transition, we will continue to share our commitments with the world and bring to bear a generational project that will benefit all shareholders and local communities, while holding industry-leading economic, social, labor and environmental standards.

雖然 Rook I 站點計劃按時且在預算範圍內取得進展，但我對 NexGen 團隊的工作感到自豪。作為能源轉型的領導者，我們將繼續與世界分享我們的承諾，實施一個造福所有股東和當地社區的世代項目，同時保持行業領先的經濟、社會、勞工和環境標準。

Now let's transition to the Q&A, and we encourage questions from all of you. I'll hand it over to the moderator to commence.

現在讓我們進入問答環節，我們鼓勵大家提問。我將把它交給主持人開始。

(Operator Instructions) Your first question is from Andrew Wong from RBC.

（操作員說明）您的第一個問題來自 RBC 的 Andrew Wong。

So I'm just kind of curious, I wanted to ask about your strategy to focus on selling to nations who are allied for energy security and just wondering like how do you make that distinction, which countries would that include or exclude today? And yes, I just wanted to hear more about that.

所以我只是有點好奇，我想問一下你們的戰略，即專注於向能源安全結盟的國家出售產品，只是想知道你們如何做出這種區分，今天會包括或排除哪些國家？是的，我只是想听聽更多相關信息。

Well, I think the recent events that we're seeing around the world in some countries where nations that are focused on the sensible provision of power to their populations is the key definition of that. Obviously, Canada, U.S. and many countries in Europe fall into that category. When we're talking about such an important global objective, it requires leadership. And unfortunately, not all players on the planet at time behave in the interest of all. So we are very openly stating what our values are and the direction in which we will head. So it's basically open for any country to behave sensibly and act as a good world neighbor. And they will be the countries that we will sell our offtake to.

嗯，我認為我們最近在世界各地一些國家看到的事件是關鍵的定義，這些國家專注於向其人民提供合理的權力。顯然，加拿大、美國和歐洲許多國家都屬於這一類。當我們談論如此重要的全球目標時，它需要領導力。不幸的是，並非地球上所有參與者的行為都符合所有人的利益。因此，我們非常公開地闡述我們的價值觀以及我們前進的方向。因此，任何國家都可以明智地行事並充當世界的好鄰居。他們將是我們將向其出售產品的國家。

Okay. Maybe just switching gears here a little bit. Obviously, a lot of geopolitical challenges in the uranium market, definitely a lot of interest now in nuclear, and we're seeing a renaissance in the nuclear industry. So clearly, a need for more uranium and Canada can play a critical role and so can NexGen. Does that help with your approvals process? And is there any update on the time line for federal permitting?

好的。也許只是在這裡稍微切換一下。顯然，鈾市場面臨很多地緣政治挑戰，現在對核能的興趣肯定很大，而且我們看到核工業的複興。顯然，對更多鈾的需求和加拿大可以發揮關鍵作用，NexGen 也可以發揮關鍵作用。這對您的審批流程有幫助嗎？聯邦許可的時間表有任何更新嗎？

Yes. I think it is actually really just blowing the wind stronger into our backs. We've heard many statements from the Environment Minister, Wilkinson and also Chrystia Freeland regarding the acceleration of projects involved in clean energy meadows and the provision of energy in order to export to those good neighbor countries. And look, we were already very advanced on the permitting front. There's no doubt about that and making significant progress. But yes, it's always nice to hear from a federal and provincial political level, the support for your business initiatives. Saskatchewan, earlier in the year, launched their critical minerals strategy, and they used our offers in Saskatoon to launch that strategy, where they openly stated a doubling of uranium production by 2030. Yes, that's our project, Denison's project, no doubt.

是的。我認為這實際上只是把風吹到我們的背上。我們聽到了環境部長威爾金森和克里斯蒂亞·弗里蘭關於加快涉及清潔能源草地和提供能源以向這些友好鄰國出口的項目的許多聲明。看，我們在許可方面已經非常先進了。毫無疑問，這一點正在取得重大進展。但是，是的，很高興聽到聯邦和省政治層面對您的業務計劃的支持。薩斯喀徹溫省在今年早些時候推出了他們的關鍵礦產戰略，他們利用我們在薩斯卡通的報價來啟動該戰略，他們公開表示到2030 年將鈾產量翻一番。是的，這就是我們的項目，毫無疑問是丹尼森的項目。

So yes, incredibly positive tailwinds by both provincial and federal governments in Canada. And again, I've said it in the past, Canada is an outstanding country for the development of resources projects, particularly uranium projects, and it's very rigorous and that rigor is in the interest of the long-term success of the project. And as I mentioned, when dealing with such a key component of energy transition, and sensible energy policy is the key ingredient to a higher standard of living for the entire world population. It rightly has a very rigorous approach. And we absolutely adopt that and appreciate that.

所以，是的，加拿大省政府和聯邦政府都帶來了令人難以置信的積極推動力。我過去也說過，加拿大是資源項目特別是鈾項目開發的傑出國家，而且非常嚴格，這種嚴格有利於項目的長期成功。正如我所提到的，在處理能源轉型的這一關鍵組成部分時，明智的能源政策是提高全世界人口生活水平的關鍵因素。它確實有一個非常嚴格的方法。我們絕對採納並讚賞這一點。

Your next question is from Alex Pearce from BMO.

您的下一個問題來自 BMO 的 Alex Pearce。

So Leigh, you touched on this already. Given that additional uncertainty you mentioned in Niger, can you provide a little bit more commentary on how your conversations with utilities have changed in the last few months? And do you think we're getting closer to the point where utilities may be willing -- more willing to sign kind of mutually acceptable contracting terms or prepayments, et cetera, that could help finance the project when the time comes?

Leigh，你已經談到了這一點。鑑於您在尼日爾提到的額外不確定性，您能否對過去幾個月您與公用事業公司的對話發生的變化提供更多評論？您認為我們是否已經接近公用事業公司可能願意的地步——更願意簽署某種雙方都能接受的合同條款或預付款等，以便在時機成熟時為該項目提供資金？

Yes. Alex, yes, that -- look, I think the Niger thing has been on the back or in addition to what was already occurring. It's -- we're seeing more RFPs been issued in the sector, which I think is highlighting that utilities are really starting to focus on their supply chains and the -- and actually, the materialization of that sovereign risk that was already around over 70% of mine production worldwide has always been there, but now it's materializing in the form of, yes, we see the actions of Russia at the moment and now the coup in Niger. And it really is highlighting that sovereign risk that's always been there.

是的。亞歷克斯，是的，那 - 看，我認為尼日爾的事情已經發生了，或者是除了已經發生的事情之外。我們看到該行業發布了更多的 RFP，我認為這突顯了公用事業公司確實開始關注其供應鏈，而且實際上，已經超過 70 % 的主權風險已經成為現實。全球礦山產量的百分比一直存在，但現在它正在以，是的，我們看到俄羅斯目前的行動以及現在尼日爾的政變的形式實現。這確實凸顯了一直存在的主權風險。

So naturally, a lot of the Western world and European and Middle Eastern and Asian countries are looking at that supply chain. And some countries are more vulnerable than others given their past reliance on some of those sovereign locations that are now in question. And so I think you will see over time a change in the way some of the elements around contracting. What utilities want to see, though, is strong sovereign jurisdiction, that's reliable and also strong technical delivery and certainty around production volumes. And being in Saskatchewan, meets the first box and the second box, where everyone is well aware of the technical strength of our project with the high levels of certainty around production volumes and moving into the latter part of this decade and into the following decades, our profile certainly meets those 2 ingredients that utilities are seeking.

很自然，許多西方世界以及歐洲、中東和亞洲國家都在關注這條供應鏈。鑑於一些國家過去對某些主權地點的依賴，而現在這些國家卻受到質疑，因此它們比其他國家更容易受到影響。因此，我認為隨著時間的推移，您會看到圍繞合同的一些要素的方式發生變化。然而，公用事業公司希望看到的是強大的主權管轄權，這是可靠的，也是強大的技術交付和產量的確定性。在薩斯喀徹溫省，遇到了第一個盒子和第二個盒子，每個人都清楚我們項目的技術實力，產量具有高度確定性，並進入本十年後半段和接下來的幾十年，我們的概況當然符合公用事業公司正在尋求的這兩個要素。

Your next question is from Winston Miles from Eight Capital.

您的下一個問題來自八首都的溫斯頓·邁爾斯。

Leigh, how is it going? Just wanted to wish you congrats on all the success this year and progress at the Rook I project so far in 2023. There's been a lot of talk by other companies, especially in the sector around your contracting strategy. I guess my question is, are they accurate with their assertions you could kind of "dump" all your production into spot? And then part 2 of that question would be, how is your contracting strategy impacted the debt process you've undertaken?

李，怎麼樣？只是想祝賀你們今年取得的所有成功以及 2023 年迄今為止 Rook I 項目的進展。其他公司已經進行了很多討論，尤其是在圍繞你們的承包策略的領域。我想我的問題是，他們的斷言是否準確，您可以將所有產品“轉儲”到現場？然後該問題的第二部分是，您的承包策略如何影響您所採取的債務流程？

Yes. Sure. I'll answer the first part of that question, Winston, and then hand over to Travis on the debt side, who's running that process. Look, we've been very, very clear, irrespective of how it's been commentated by others, that we are simply taking an approach, which reflects the technical and sovereign nature of our project. And so we are going to contract on that basis. And basically, what we are going to do is really be heavily levered to prices at the time of delivery. And we -- our position is that the uranium price needs to go considerably higher in order to encourage production from a number of these development projects that are nearing permitting approval and even nearing production, such as the Denison's, Boss Energy's, Paladin are out there as well.

是的。當然。溫斯頓，我將回答這個問題的第一部分，然後將債務方面的工作交給負責該流程的特拉維斯。看，我們一直非常非常明確，無論其他人如何評論，我們只是採取一種方法，這反映了我們項目的技術和主權性質。所以我們將在此基礎上簽訂合同。基本上，我們要做的就是在交貨時對價格施加很大的槓桿作用。我們的立場是，鈾價需要大幅上漲，以鼓勵許多即將獲得許可甚至即將投產的開發項目的生產，例如 Denison、Boss Energy、Paladin 等。以及。

And because of the supply gap being so great, we need a diversified uranium mines, uranium supply, particularly in countries that don't exhibit the sovereign risk of other countries as we speak, that produce a large portion of the world's uranium. So we are purely going to leverage our sovereign aspect and our highly confident technical nature, which provides very high certainty around production volumes. And so we'll be entering most likely into shorter-term contracts over shorter periods from that fact, which basically keeps our company exposed to future uranium prices in a sensible manner.

由於供應缺口如此之大，我們需要多元化的鈾礦和鈾供應，特別是在我們所說的那些不存在其他國家主權風險的國家，這些國家生產世界上很大一部分鈾。因此，我們純粹是要利用我們的主權和高度自信的技術性質，這為產量提供了非常高的確定性。因此，我們很可能會在較短的時間內簽訂短期合同，這基本上使我們的公司以合理的方式承受未來的鈾價格。

We will be contracting portions of our production. There's no doubt about that, but they will be tied to market prices at the time of delivery. And it's very, very clear. I think the contracts are going to be moving more weighted to market prices at the time of delivery as we move forward. And we are incredibly levered to that development.

我們將承包部分生產。毫無疑問，但它們將與交貨時的市場價格掛鉤。這非常非常清楚。我認為，隨著我們的前進，合同在交付時將更加註重市場價格。我們對這種發展有著難以置信的槓桿作用。

On the second part.

關於第二部分。

Yes. Yes. Winston. So on the debt side, I would say the lenders that we're speaking to and there are more the table, as Leigh mentioned earlier, wholeheartedly agree with our strategy, frankly. They see the opportunity to maintaining -- they know the position of this asset in the uranium market, and taking advantage of production flexibility is important to optimizing the economic outcomes, which obviously benefits these lenders. So from a debt side, one thing we flushed out very early with them is this isn't a typical mine, whether it's uranium or another commodity. So price hedging and the requirement for that is not required. And as Leigh pointed out, it is not required for one reason, which is the technical profile of the mine and the consequential cost profile.

是的。是的。溫斯頓。因此，在債務方面，我想說，正如 Leigh 之前提到的，坦率地說，我們正在交談的貸方以及更多的貸方都全心全意地同意我們的策略。他們看到了維持這一資產在鈾市場中的地位的機會，並且利用生產靈活性對於優化經濟成果非常重要，這顯然有利於這些貸款人。因此，從債務方面來看，我們很早就與他們清算的一件事是，這不是一個典型的礦山，無論是鈾還是其他商品。因此，價格對沖及其要求不是必需的。正如 Leigh 指出的那樣，不需要這樣做的原因只有一個，那就是礦山的技術概況和相應的成本概況。

But also philosophically with respect to this opportunity at hand to flex up and down the mine according to market demands to make sure that the uranium price stays stable and can bring online more stability of production, particularly in the west. So from a debt side, we will be signing a minor portion of production under volume-based contracts, noticing mechanisms required, meaning full spot exposure at the time of delivery is fully accepted and agreed to by the lenders.

但從哲學上講，也有機會根據市場需求上下調整礦山，以確保鈾價保持穩定，並可以使生產更加穩定，特別是在西方。因此，從債務方面來看，我們將根據基於數量的合同簽署一小部分生產，注意到所需的機制，這意味著交付時的全部現貨敞口已得到貸方的完全接受和同意。

Your next question is from Chris Thompson from PI Financial.

您的下一個問題來自 PI Financial 的 Chris Thompson。

Thanks for the intro there, Leigh, good discussion, good recap, I guess, on what's happening with the uranium market, wholeheartedly agree. Just a couple of quick questions. I hope you don't mind. I just want to unpack some of the details that relate, I guess, on the permitting side. My understanding is we're waiting for the conclusion of the final, I guess, provincial EIS approval permitting sometime this month. Is that correct?

謝謝你的介紹，Leigh，很好的討論，很好的回顧，我想，關於鈾市場正在發生的事情，我完全同意。只是幾個簡單的問題。我希望你不介意。我只是想解開一些與許可方面相關的細節。我的理解是，我們正在等待本月某個時候省級 EIS 批准許可的最終結論。那是對的嗎？

Yes. It's imminent. How -- exactly how far away that is, we'll see. And -- but it's fully with the Environment Department of the province of Saskatchewan, where we were referring to the provincial environmental approval here. On a daily basis, we have done everything that we are able to do. And so latest feedback is that we can expect it imminently. That will then commence a 30-day public record period. And then at the conclusion of that, well, the Minister -- the Environment Minister will be in a position to grant approval. We have recently four in mining with a project in Saskatchewan received approval within 14 days following the conclusion of that 30-day public record period.

是的。迫在眉睫了。到底有多遠，我們拭目以待。而且——但這完全由薩斯喀徹溫省環境部負責，我們在這裡指的是省級環境審批。每天，我們已經做了我們能做的一切。最新的反饋是我們可以期待它即將到來。然後將開始為期 30 天的公共記錄期。最後，部長——環境部長將能夠批准。最近，我們有四個採礦項目，其中薩斯喀徹溫省的一個項目在 30 天的公共記錄期結束後 14 天內獲得了批准。

So Chris, it's imminent. I can tell you the whole team here at NexGen, there's not a day that on a daily basis, we ensure that we have done everything we possibly can. So it's imminent. And in parallel to that, we've got the engineering proceeding really, really well and site construction preparation being undertaken at site as we speak.

所以克里斯，這已經迫在眉睫了。我可以告訴你 NexGen 的整個團隊，沒有一天我們每天都能確保我們已經做了我們能做的一切。所以它迫在眉睫。與此同時，我們的工程進展非常非常順利，現場施工準備工作也在現場進行。

Great. And then I guess the federal EIS side of things, when do you anticipate? I mean, I'm asking your questions, you probably don't know answer to, but I wanted you to just provide just a little bit of color on the sort of lag, I guess, between provincial approval and federal.

偉大的。然後我猜聯邦 EIS 方面的事情，你預計什麼時候發生？我的意思是，我在問你的問題，你可能不知道答案，但我希望你只是提供一點關於省級批准和聯邦批准之間的滯後的信息。

Well, look, Chris, it's a good question because it's a very detailed and rigorous process. The provincial one is incredibly material, and the federal one will always come after the provincial one. We ran the process in tandem. And we've already completed a 120-day public comment period in 2022 on the federal basis. We know all the questions that came in. The large majority of those questions were clarifications and referencing certain paragraphs in the EIS, which, as you are aware, is a very large document.

好吧，克里斯，這是一個很好的問題，因為這是一個非常詳細和嚴格的過程。省級的資料非常重要，而聯邦級的資料總是排在省級資料之後。我們同時進行了這個過程。我們已經在 2022 年完成了為期 120 天的聯邦公眾意見徵詢期。我們知道收到的所有問題。這些問題中的絕大多數是澄清和引用 EIS 中的某些段落，正如您所知，EIS 是一份非常大的文件。

And we've also, at the same time, have very -- letters of support from each of the 4 communities in the project area expressing their support for immediate regulatory approval. So on receiving the provincial environmental assessment, we already have with the signing of that fourth agreement during the quarter, 100% community support. And that's been expressed both provincially and federally. And so I suspect the federal process will be within a reasonable time frame following the provincial approval.

與此同時，我們還收到了來自項目區域 4 個社區的支持信，表示支持立即獲得監管部門的批准。因此，在收到省級環境評估後，我們已經在本季度簽署了第四份協議，得到了 100% 的社區支持。省級和聯邦級都表達了這一點。因此，我懷疑聯邦程序將在獲得省級批准後在合理的時間內完成。

And that's the indications we have received federally right throughout. And I think you'll see things start to accelerate on the federal level once that provincial approval is in place. And -- but I want to be clear, once that provincial approval is in place, that federal process is going to be running in parallel to a lot of activity at site. And so the federal government and CNSC see what's happening and see the support from the local communities. And looking forward to delivering Canada's next uranium mine.

這就是我們自始至終收到的聯邦權利的跡象。我認為，一旦省級批准到位，你就會看到聯邦層面的事情開始加速。而且 - 但我想明確的是，一旦省級批准到位，聯邦程序將與現場的許多活動同時進行。因此，聯邦政府和 CNSC 看到了正在發生的事情並看到了當地社區的支持。並期待交付加拿大的下一個鈾礦。

Beautiful. And then just finally, just one quick, quick question. I'm assuming that I guess Travis did allude to a couple of minutes ago, and that is the ability of the operation to flex up, flex down production. Could you maybe expand a little bit on that? And how are you going to be communicating that to the market? Obviously, this is not a discussion now, but something that I think the market is going to want to know a little bit more detail on as you start development.

美麗的。最後，只有一個快速的問題。我假設我猜特拉維斯幾分鐘前確實提到過，這就是操作向上、向下彎曲生產的能力。您能否對此進行一些擴展？您將如何向市場傳達這一點？顯然，這不是現在的討論，但我認為市場在開始開發時會想了解更多細節。

Yes. So with the deposit being in such highly competent basement rock, we can flex production up and flex production down from 1 quarter to the next. We also have such an incredibly low cost base that the economics obviously play into that flexibility. And so we are purely and very simply leveraging the technical nature of the setting and being able to deliver that to the market. And so it is, I think, a highly advantageous element of the Rook I project, that is meeting a demand by the utility sector. So to answer your question, Chris, it is purely around the technical setting and the low economic cost of producing a pound, which facilitates that flexibility.

是的。因此，由於礦床位於如此優質的基岩中，我們可以從一個季度到下一個季度靈活地提高和降低產量。我們還擁有極其低廉的成本基礎，因此經濟因素顯然會發揮這種靈活性。因此，我們純粹且非常簡單地利用該設置的技術性質，並將其推向市場。因此，我認為，滿足公用事業部門的需求是 Rook I 項目的一個非常有利的要素。因此，克里斯，回答你的問題純粹是圍繞技術環境和生產一磅的低經濟成本，這促進了靈活性。

Yes. And to be clear Chris, -- to be clear, Chris, we are very confident on what we've outlined in terms of production volumes, like we don't see a world where we need less uranium from a mine like Arrow. But this is just to say that we have that optionality to make sure the uranium price stays at a strong sustainable price for the long term.

是的。克里斯，要明確的是，我們對我們所概述的產量非常有信心，就像我們不認為世界上需要更少的來自像阿羅這樣的礦山的鈾一樣。但這只是說我們有選擇權來確保鈾價長期保持在強勁的可持續價格。

And the feasibility study based on 1,300 tonnes a day, well, we are also putting in flexibility into that as well because we actually very strong advocates that the world needs more than 3 Arrows online by 2030, and yet they don't exist with respect to that size and scale. So Yes, that's our position.

可行性研究基於每天 1,300 噸，我們也在其中加入了靈活性，因為我們實際上非常強烈地主張，到 2030 年，世界需要超過 3 個在線箭頭，但它們的存在並不受到尊重到那個尺寸和規模。是的，這就是我們的立場。

Your next question is from Brian MacArthur from Raymond James.

您的下一個問題來自雷蒙德·詹姆斯的布萊恩·麥克阿瑟。

I just want to follow up on the potential debt. Obviously, getting a lot more interest than you had a little while ago. Do you still think you'll have stuff in place at Q4? Does it make more sense to wait longer? Or is it irrelevant because of the way you're going to sign the contract. It's just you're going to get delivered spot in the future. So there's no real value in waiting to get a higher price or better to just get money in the door upfront?

我只是想跟進潛在的債務。顯然，你比剛才更感興趣了。你仍然認為你會在第四季度做好準備嗎？等待更長時間是否更有意義？或者因為您簽署合同的方式而無關緊要。只是你將來會被送到現場。那麼，等待更高的價格或更好的方式提前賺錢並沒有真正的價值嗎？

Yes, I'd say with these other parties coming to the table, we're definitely flushing those out and seeing their level of interest. And so that may push it back a little bit from Q4 into early in the new year. But generally still tracking well and definitely not on the critical path in terms of a holdup or anything to actually start construction activities and shaft sinking the moment we get that approval to do so.

是的，我想說的是，隨著其他各方來到談判桌，我們肯定會淘汰這些各方，看看他們的興趣程度。因此，這可能會將其從第四季度推遲到新年伊始。但總體來說仍然進展順利，而且絕對不會在我們獲得批准後實際開始施工活動和豎井下沉方面發生阻礙或任何事情方面的關鍵路徑上。

And maybe just, Leigh, you talked about 4 years after permitting. Not to get technical on this, are we talking 4 years after you receive the permits or after CNSC licensing? I mean obviously, what I'm really trying to get here is when do you think first production is potentially at the mine now?

也許只是，Leigh，你在允許之後談論了四年。不談技術問題，我們是在您獲得許可證後 4 年後還是在 CNSC 許可後討論？我的意思顯然是，我真正想知道的是，您認為現在礦山何時可能進行首次生產？

Yes. So basically on the provincial permitting of the feasibility study, if we were to start from scratch, said 42 months. And so we're going off the engineering schedule with respect to that time line. But it is subject primarily to the provincial permitting approval. And in some elements, we've already got a head start because we've already got an accommodation camp there. We're expanding it. We've already cleared the pads for the sinking of the production shaft and the exhaust shaft, and we're doing the freeze hole preparations as we speak. So we are already eating into that 42-month time line from point or time 0.

是的。所以基本上在省許可的可行性研究上，如果我們從頭開始的話，說是42個月。因此，我們將按照該時間線取消工程計劃。但它主要需要經過省級許可批准。在某些方面，我們已經取得了領先優勢，因為我們已經在那裡建立了住宿營地。我們正在擴大它。我們已經清理了用於下沉生產井和排氣井的墊板，我們正在做凍孔準備工作。所以我們已經從 0 點或時間開始進入了 42 個月的時間線。

So it's those 2 components, which is influencing that and it's subject to the timing of the actual provincial approval as the primary gating item. If you -- if we receive the provincial permit this quarter or next -- or next quarter in Q4 2023, you can reasonably assume based on all those factors, it's going to be around 4 years or within 4 years following that approval based on the engineering schedule as currently defined.

因此，這兩個組成部分正在影響這一點，並且它取決於作為主要門控項目的實際省級批准的時間。如果您——如果我們在本季度或下季度——或2023 年第四季度的下季度獲得省級許可，您可以根據所有這些因素合理地假設，根據批准，這將是大約4 年或4 年內。當前定義的工程進度表。

Great. And maybe if I can ask one other philosophical question. You've talked about -- you've got obviously a very unique asset, large, good jurisdiction, low-cost and you're going to be somewhat selective in who you sell to. Do you think that will allow you to get a premium price from those customers versus what's historically maybe being been quoted in the market? Will you be able to build in anything for that, do you think?

偉大的。也許我可以問另一個哲學問題。你已經談到——你顯然擁有非常獨特的資產，規模大，管轄範圍廣，成本低，而且你將在出售給誰方面有一定的選擇性。您認為這會讓您從這些客戶那裡獲得比歷史上市場報價更高的價格嗎？您認為您能夠為此構建任何東西嗎？

Yes, Brian, you're exactly right. It is a very unique asset that hasn't been in the market before. And all we are doing is leveraging it, given its characteristics, both sovereign-wise and technically and cost-wise. And I think as you see, other dynamics in the market playing out around sovereign risk around certain sources of production and technical risk and then the advent of highly focused investment funds expecting companies to have elite ESG profiles, that environment with a very tightening market with limited supply from good actors, I think it could eventuate into that, that situation. And I think -- well, I don't think all we are doing is keeping leverage to that outcome, which I think is paramount and in the interest of investors and stakeholders, community, governments, everyone associated with the project.

是的，布萊恩，你說得完全正確。這是一種非常獨特的資產，以前從未出現在市場上。鑑於其在主權方面、技術方面和成本方面的特點，我們所做的就是利用它。我認為，正如您所看到的，市場中的其他動態圍繞著某些生產來源和技術風險的主權風險，然後是高度集中的投資基金的出現，這些基金期望公司擁有精英的ESG 概況，在市場非常緊縮的環境下，好的演員的供應有限，我認為最終可能會導致這種情況。我認為——嗯，我不認為我們所做的一切就是保持對這一結果的影響力，我認為這是最重要的，並且符合投資者和利益相關者、社區、政府以及與該項目相關的每個人的利益。

Got to also take into account that the cost of the uranium going into a nuclear utility makes up such a small component of the overall cost. So utilities or the ability for them to pay substantially higher prices, whilst they don't want to pay an extra dollar than they have to, but the market is the market. And given the low cost that uranium makes up although an overall nuclear utility, terrific scope to -- for higher prices going forward.

還必須考慮到進入核電站的鈾成本僅佔總成本的一小部分。因此，公用事業公司或他們有能力支付更高的價格，雖然他們不想支付不必要的額外費用，但市場就是市場。考慮到鈾的成本較低，儘管總體上是核設施，但未來價格上漲的空間很大。

(Operator Instructions) Your next question is from Graham Tanaka from Tanaka Capital Management.

（操作員指令）您的下一個問題來自田中資本管理公司的格雷厄姆·田中。

I've got a couple of questions. One relates to sort of the macro. You talked about the need for almost 3 Arrows to come online by 2030. What is your best guess as to what the price would have to be, a clearing market price to incentivize additional mines to be able to meet that demand? What kind of price level would you need to see in U.S. dollars? And where would that come from? Are there any prospects that are closed?

我有幾個問題。其中一個與宏的種類有關。您談到到 2030 年需要有近 3 個 Arrow 上線。您對價格的最佳猜測是多少，即一個清算市場價格，以激勵更多礦山滿足這一需求？您需要什麼樣的美元價格水平？那會從哪裡來呢？是否有任何已關閉的前景？

Yes. So you need to look at what's the region, I think, regionally because obviously, the Athabasca Basin has significantly higher grades and lower cost profiles than other countries in the U.S., there's projects under development, but lower grade and hence, have a higher economic cost and then in Australia as well you've got some smaller projects, ISL going into production, which have a slightly lower cost base. So it really depends on the nature of the projects that we're talking about. Obviously, the Athabasca Basin projects require a lower U.S. price to get in production. I would say the U.S. and Australia need higher prices.

是的。所以你需要看看這個地區是什麼，我認為，從地區角度來看，因為顯然，阿薩巴斯卡盆地的品位明顯高於美國其他國家，成本也較低，有正在開發的項目，但品位較低，因此經濟水平較高成本，然後在澳大利亞也有一些較小的項目，ISL 投入生產，其成本基礎略低。所以這實際上取決於我們正在討論的項目的性質。顯然，阿薩巴斯卡盆地項目需要較低的美國價格才能投入生產。我想說美國和澳大利亞需要更高的價格。

In the past, when we saw uranium prices go to $140 a pound in the late 2000s, a lot of the U.S. projects -- development projects did not go into production. Projects in Namibia as well did not go into production with uranium prices over $100. As you're aware, I'm formerly a chartered accountant. I'm very cost-driven and data-focused and look at cost structures in terms of defining our strategy ourselves and understanding where we're placed in it.

過去，當我們看到鈾價在 2000 年代末達到每磅 140 美元時，美國的許多項目——開發項目都沒有投入生產。納米比亞的項目在鈾價超過100美元時也沒有投產。如您所知，我以前是一名註冊會計師。我非常注重成本驅動和數據關注，並從自己定義戰略和了解我們所處位置的角度來審視成本結構。

I think, overall, to answer your question simply, uranium prices are going significantly higher. We see production at the moment barely breaking even, even at current prices. So I believe the earning price is going significantly higher, and it has to go significantly higher to get additional production on board on a diversified front. It's more than just the Athabasca Basin developers. It's also we need development in the U.S. We need development projects in Australia, all coming online to meet this very important well goal of sensible energy provision.

我認為，總的來說，簡單地回答你的問題，鈾價格正在大幅上漲。即使按目前的價格計算，我們目前的產量也勉強達到收支平衡。因此，我相信盈利價格將顯著提高，並且必須顯著提高才能在多元化方面獲得額外的產量。不僅僅是阿薩巴斯卡盆地開發商。我們還需要在美國進行開發，我們需要在澳大利亞進行開發項目，所有這些項目都上線以實現合理能源供應這一非常重要的目標。

Okay. So would you hazard a guess at what kind of clearing price would be needed or a price to be seen it back over USD 100 or USD 90 or USD 80? What kind of level do you think needs to incentivize additional mine additions?

好的。那麼，您是否可以大膽猜測一下需要什麼樣的清算價格，或者需要一個價格才能使其回到 100 美元、90 美元或 80 美元以上？您認為需要什麼樣的水平才能激勵額外的礦井添加？

Sure. So in the U.S., you want to see over $100 a pound to see any material increase in uranium production. And when you consider they produce 50 million -- they consume 50 million pound per annum, yet produce less than 1, that's probably going to be one of the driving metrics in this market moving forward.

當然。因此，在美國，你希望看到每磅的價格超過 100 美元，才能看到鈾產量出現實質性增長。當你考慮到他們生產 5000 萬磅時——他們每年消耗 5000 萬磅，但產量卻不到 1，這可能將成為這個市場向前發展的驅動指標之一。

So one of the interesting things, Graham, is like it is less of a question about price because even if we had $100 uranium today and have that for the next 5 years, it's not clear at all where you get to those 3 Arrows. Like they're just -- they're not in the pipeline. We went through, post Fukushima, a very long period of time, like over a decade where there was no investor appetite, no exploration being done anywhere outside of ourselves, Denison, Fission and a couple of others globally. So you need to have elevated prices, what Leigh was mentioning in terms of those incentive prices, but it's not like you just get those incentive prices and a bunch of production comes online. It's going to take a long time to get discoveries made, developed, et cetera.

因此，格雷厄姆，有趣的事情之一是，這不是價格問題，因為即使我們今天有 100 美元的鈾並在未來 5 年內擁有它，也根本不清楚你從哪裡得到這 3 個箭頭。就像他們只是——他們不在醞釀之中。福島核事故後，我們經歷了很長一段時間，就像十多年來，投資者沒有興趣，除了我們自己、丹尼森、裂變和全球其他一些公司之外，沒有任何地方進行勘探。因此，你需要提高價格，正如 Leigh 在這些激勵價格方面提到的那樣，但這並不是說你只要獲得這些激勵價格，就會有大量生產上線。做出發現、開發等等需要很長時間。

Okay. So this links up with my next question, which is what is the upside flexibility for NexGen to be able to increase its production, both at the future mill and the mine itself at Arrow? As I believe, if you can confirm that it's still open at depth and 2 or 3 directions. And as well, what -- can you -- what do you need to do from an exploration development point of view to bring on another Arrow in one of the other Patterson corridors, which you are exploring today?

好的。因此，這與我的下一個問題相關聯，即 NexGen 能夠增加未來工廠和 Arrow 礦山本身的產量的上行靈活性是什麼？正如我所相信的，如果你能確認它在深度和 2 或 3 個方向上仍然開放。另外，從勘探開發的角度來看，您需要做什麼才能在您今天正在探索的其他帕特森走廊之一中引入另一艘箭？

Yes. Well, we currently have a resource base of 350 million pounds. It's very, very significant. And so our proposed mine plan at 1,300 tonnes a day is very, very small, physically yet we'll produce around 30 million pounds per annum. It's clearly evident that, that could be expanded in the future. But as we speak, we are going in at that 30 million pounds per annum capability. There's undoubtedly huge exploration upside at Rook I alone, and we've got 2 other land packages as well, that along the boundary of the Athabasca Basin in the (inaudible) Southwestern region.

是的。嗯，我們目前擁有 3.5 億英鎊的資源基礎。這是非常非常重要的。因此，我們提議的每天 1,300 噸的採礦計劃在物理上非常非常小，但我們每年的產量約為 3000 萬磅。很明顯，未來可能會擴大。但正如我們所說，我們的年產能為 3000 萬英鎊。毫無疑問，僅 Rook I 就具有巨大的勘探優勢，而且我們還有另外 2 個土地包，位於（聽不清）西南地區阿薩巴斯卡盆地的邊界。

Just on the Patterson Corridor alone, we found Arrow on the very -- the Arrow Deposit on the Rook I project on the very first drill hole within a 4.5-kilometer radius, there's Fission 7 kilometers along the same corridor, with 130 million pounds. F3 have recently made a discovery up the road adjacent to our [SW1] project where we're exploring at the moment. I think you're going to see that area producing uranium for many, many, many decades.

僅在帕特森走廊上，我們就在Rook I 項目上的Arrow Deposit 項目上發現了Arrow，該沉積物位於4.5 公里半徑內的第一個鑽孔上，沿著同一條走廊7 公里處有Fission ，價值1.3 億磅。 F3 最近在我們目前正在探索的 [SW1] 項目附近的道路上發現了一個發現。我想你會看到那個地區在很多很多年的時間裡生產鈾。

And even the Patterson Corridor and the Rook I project, we've really only explored probably less than 10% of it as we speak. And we've got another 8 corridors in parallel on that project that we need to explore. So with that, but also having mineralization below Arrow, I think it's undoubtedly that there's resource expansion, very high resource expansion potential as we continue to explore.

即使是帕特森走廊和 Rook I 項目，我們實際上也只探索了其中的不到 10%。在該項目中我們還有另外 8 個平行走廊需要探索。因此，加上阿羅下方的礦化，我認為毫無疑問存在資源擴張，隨著我們繼續探索，資源擴張潛力非常高。

I just was wondering to what extent if there is really is a great shortage and the price goes, say, considerably above 100, would NexGen be incentivized to crank up production and also expand the mill operation? And how much would that cost?

我只是想知道，如果真的出現嚴重短缺並且價格遠高於 100，NexGen 是否會受到激勵來提高產量並擴大工廠運營？那要花多少錢？

Well, it's certainly possible. We haven't done that costing yet. But based on what we've already learned about our current proposed mine, I'm absolutely confident it would be both economically and technically achievable.

嗯，這當然有可能。我們還沒有進行成本核算。但根據我們對當前擬議礦山的了解，我絕對相信它在經濟和技術上都是可以實現的。

Your next question is from Andrew Wong from RBC.

您的下一個問題來自加拿大皇家銀行 (RBC) 的安德魯·黃 (Andrew Wong)。

I just wanted to ask what kind of construction works and -- just what kind of site works can you get done with the provincial permitting? And also, given that your provincial permitting could be imminent, what kind of construction do you plan to have done within the next 6 to 12 months?

我只是想問一下，什麼樣的建築工程，以及——什麼樣的工地工程，在省許可的情況下可以完成？另外，考慮到您的省級許可可能即將到來，您計劃在未來 6 到 12 個月內進行什麼樣的建設？

Yes. So we've got a lot of the early-stage items, 100% engineered at the start of the construction period. The detailed and final engineering that we're doing is focused mainly on the surface infrastructure and surrounding the mill. So we're -- on receiving permit approval, we can get into it immediately. The work will primarily revolve around the shafts to begin with. And noting that we are not actually touching any uranium during the first 3 years of construction. So it's all very benign activities, and we're currently detailing those with the province as we speak.

是的。所以我們有很多早期項目，在施工期開始時就 100% 進行了設計。我們正在進行的詳細和最終工程主要集中在地面基礎設施和工廠周圍。因此，一旦獲得許可批准，我們就可以立即投入使用。這項工作首先將主要圍繞軸展開。值得注意的是，在建設的前三年裡，我們實際上並沒有接觸任何鈾。所以這都是非常良性的活動，我們目前正在與該省詳細介紹這些活動。

There are no further questions at this time. I will now hand the call over back to Leigh Curyer. Thank you.

目前沒有其他問題。我現在將把電話轉回 Leigh Curyer。謝謝。

Thank you, host. Yes. So thank you for everyone's attention. It's a very exciting time for the company, a very significant inflection point going from pre provincial approval to post provincial approval imminently. The company is ready and the team is ready. And that with the overlying market development, both on the demand side and the supply side make an incredibly exciting time for all of our shareholders and stakeholders. And again, it's an absolute privilege to be involved, and the commitment of the team is absolute. So thank you, everyone, for your attention. If there's any additional questions that you may have, please don't hesitate to reach out to Monica, Travis or myself. And yes, we look forward to speaking with you again.

謝謝樓主。是的。所以感謝大家的關注。對於公司來說，這是一個非常激動人心的時刻，是從省級審批前到省級審批即將到來的一個非常重要的拐點。公司準備好了，團隊也準備好了。隨著市場的發展，需求方和供應方都為我們所有的股東和利益相關者帶來了令人難以置信的激動人心的時刻。再說一遍，能夠參與其中是我的絕對榮幸，團隊的承諾也是絕對的。謝謝大家的關注。如果您還有任何其他問題，請隨時聯繫 Monica、Travis 或我本人。是的，我們期待再次與您交談。

Thank you. Ladies and gentlemen, the conference has now ended. Thank you all for joining. You may all disconnect.

謝謝。女士們、先生們，會議現已結束。感謝大家的加入。你們都可以斷開連接。