Nexgen Energy Ltd (NXE) 2024 Q1 法說會逐字稿

Good morning. My name is Julie, and I will be your conference operator today. At this time, I would like to welcome everyone to the NexGen's Energy Q1 2024 financial results conference call.

早安.我叫朱莉，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 NexGen 能源 2024 年第一季財務業績電話會議。

All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session at the end. (Operator instructions).

所有線路均已靜音，以防止任何背景噪音。演講者發言結束後，最後將進行問答環節。（操作員說明）。

Before we begin, please note that the following caution respecting forward-looking statements, which is made on behalf of NexGen Energy and all of its representatives on this call. The statements made on this call will contain forward-looking information that involves risks and uncertainties.

在我們開始之前，請注意以下有關前瞻性陳述的警告，這些陳述是代表 NexGen Energy 及其所有代表在本次電話會議上發表的。本次電話會議中發表的聲明將包含涉及風險和不確定性的前瞻性資訊。

Actual results could differ materially from a conclusion, forecast or projection in the forward looking-information. Certain material factors or assumptions [were] applied in producing forecasts and projections are detailed in the forward-looking information. Additional information about those material factors and assumptions are contained in NexGen Energy's filings and they are available on SEDAR+ website at www.sedarplus.ca.

實際結果可能與前瞻性資訊中的結論、預測或預測有重大差異。前瞻性資訊中詳細介紹了在做出預測和預測時應用的某些重大因素或假設。有關這些重要因素和假設的更多資訊包含在 NexGen Energy 的文件中，並且可在 SEDAR+ 網站 www.sedarplus.ca 上取得。

Mr. Leigh Curyer, CEO and Director for NexGen Energy, you may begin your conference.

NexGen Energy 執行長兼董事 Leigh Curyer 先生，您可以開始會議了。

Thank you, Julie. Welcome and thank you to all our shareholders and stakeholders around the world for joining NexGen's Q1 2024 update and financial results call. I'm Leigh Curyer, Founder and Chief Executive Officer of NexGen Energy. Joining me on the call today is Travis McPherson, Chief Commercial Officer, and Ben Salter, Chief Financial Officer.

謝謝你，朱莉。歡迎並感謝世界各地的所有股東和利害關係人參加 NexGen 的 2024 年第一季更新和財務業績電話會議。我是 Leigh Curyer，NexGen Energy 的創辦人兼執行長。今天與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) 和首席財務官本·索爾特 (Ben Salter)。

From a company and industry perspective, it's been a great first quarter to 2024 and I'll commence by providing an update on the industry landscape and uranium market, which is entering into an unprecedented phase with last night President of the United States, Joe Biden, signing into law legislation that bans the import of Russian uranium and unlocking $2.7 billion in spending to support the build-up of US domestic uranium supplies.

從公司和產業的角度來看，2024 年第一季的表現非常出色，我將首先介紹產業格局和鈾市場的最新情況，昨晚美國總統喬·拜登(JoeBiden) 宣布，鈾市場正進入前所未有的階段簽署禁止進口俄羅斯鈾的法律，並釋放 27 億美元的支出來支持美國國內鈾供應的增加。

This purely reflects the particularly high risk surrounding a large percentage of current mine sources and available supplies. We'll provide a progress in advancing the Rook I project, specifically federal permitting, which is in the final stages with the CNSC project development, with respect to front-end engineering design and detailed engineering progress; exploration, which includes the early stage discovery of new mineralization in the first drill hole at the target on an entirely new conductor corridor 3.5 kilometres from the one that hosts the mighty Arrow deposit. And financing, including discussion related to two transactions in the last fortnight, the AUD250 million CDIs raised exclusively on the ASX, which closed this morning pre-market and the strategic purchase of 2.7 million pounds of U3O8, which, given last night's ban being passed into law, is ultimately very, very timely.

這純粹反映了當前大部分礦產資源和可用供應面臨的特別高的風險。我們將在推進 Rook I 專案方面提供進展，特別是聯邦許可，該專案與 CNSC 專案開發一起處於最後階段，涉及前端工程設計和詳細工程進展；勘探，其中包括在距離強大的 Arrow 礦床 3.5 公里的全新導體走廊目標處的第一個鑽孔中發現新礦化。融資方面，包括與過去兩週內兩筆交易相關的討論、在澳大利亞證券交易所獨家籌集的2.5 億澳元CDI（今天上午盤前結束）以及戰略性購買270 萬英鎊U3O8（考慮到昨晚的禁令已通過）成為法律，最終是非常非常及時的。

NexGen, on closing, now has cash and liquid assets of approximately CAD930 million in preparation for construction of the Rook I project. After this discussion, I'll then move into a Q&A portion on the call, where I invite you all to ask questions.

交易完成後，NexGen 目前擁有約 9.3 億加元的現金和流動資產，為 Rook I 項目的建設做準備。討論結束後，我將進入電話問答部分，邀請大家提問。

In the last six months, we're highly encouraged to see governments worldwide adopt energy policies and strategies that are aligning strongly with NexGen's recognition back in 2011 of the role sustainable and cost-effective nuclear energy will play in the 2020 decade and beyond. Increasingly, nuclear is being recognized as the critical component of the global energy mix, addressing the need for clean, efficient and secure energy sources.

在過去的六個月裡，我們非常高興地看到世界各國政府採取了能源政策和策略，這些政策和策略與NexGen 在2011 年認識到可持續和具有成本效益的核能將在2020 年及以後發揮的作用密切相關。核能越來越被認為是全球能源結構的重要組成部分，滿足了對清潔、高效和安全能源的需求。

The world is on an aggressive path to bring more nuclear power online, tripling by 2050, both in the form of new builds in places like China, India, the UAE, UK and France, as well as restarts and extensions in large and key nuclear markets such as Western Europe, Japan, South Korea and the United States. This expansion is increasingly critical as the electrification of our world accelerates, notably through the expanding adoption of artificial intelligence and electric vehicles.

世界正積極推動更多核電併網發電，到 2050 年將增加兩倍，包括在中國、印度、阿聯酋、英國和法國等地新建核電，以及大型和關鍵核電項目的重啟和擴建。韓國、美國等市場。隨著世界電氣化的加速，特別是透過人工智慧和電動車的廣泛採用，這種擴張變得越來越重要。

Both need a reliable and baseload power source, leading to a paradigm shift in the energy market. We've seen this urgent need for a nuclear renaissance to continue, expressed by many thought leaders, including tech giants such as Microsoft and Amazon, as well as the likes of Sam Altman, OpenAI and Brad Gerstner, legendary venture investor. Demand is robust, sustainable and growing significantly faster than anyone forecast, causing the focus to shift to the ability of the industry to supply this key energy fuel.

兩者都需要可靠的基本負載電源，從而導致能源市場的範式轉移。我們已經看到，許多思想領袖都表達了繼續核復興的迫切需要，其中包括微軟和亞馬遜等科技巨頭，以及薩姆·奧爾特曼、OpenAI 和傳奇風險投資人布拉德·格斯特納等人。需求強勁、可持續，且成長速度明顯快於任何人的預測，導致人們的焦點轉向該行業供應這種關鍵能源燃料的能力。

Supply; however, tells a different story, a narrative of fragility and decline. The confluence of over a decade of extreme underinvestment, supply disruptions, dwindling inventories with the overlay of significant geopolitical risk is precipitating a new market reality; one in need of more dependable uranium sources and has led to uranium spot during this past quarter, reaching new 15-year highs at USD107 a pound.

供應;然而，它講述了一個不同的故事，一個關於脆弱和衰落的故事。十多年來的極端投資不足、供應中斷、庫存減少與重大地緣政治風險的疊加，正催生新的市場現實；需要更可靠的鈾來源，並導致鈾現貨在上個季度達到每磅​​ 107 美元的 15 年來新高。

In the face of supply challenges, new sources must be found through the purposeful exploration efforts and then developed, which take time, even for those companies doing their good work like ourselves and our Canadian development company colleagues, Denison, Fission, UEC and IsoEnergy in Canada. It's not simple, convenient or quick to find and develop any mineral project. It's at least a minimum of 15 years before new, undiscovered sources come online. It's more important than ever to advance the Rook I project into production this decade, and the NexGen team is delivering on that objective.

面對供應挑戰，必須透過有目的的勘探努力找到新的資源，然後進行開發，這需要時間，即使對於像我們和我們加拿大開發公司同事（Denison、Fission、UEC 和IsoEnergy）這樣出色工作的公司來說也是如此。尋找和開發任何礦產項目都不是簡單、方便、快速的。至少需要 15 年時間，新的、未被發現的資源才會出現。在這十年裡，將 Rook I 專案投入生產比以往任何時候都更加重要，NexGen 團隊正在實現這一目標。

In Canada, the federal government has recognized this importance and strongly emphasizes commitment to expanding the nuclear sector, both domestically and globally. This includes efforts to expedite the approval process for nuclear projects in Canada and increased funding availability, as highlighted in the most recent federal budget. NexGen, its Rook I project, and all its shareholders and stakeholders are extremely well positioned for this Canadian Government commitment.

在加拿大，聯邦政府已經認識到這一重要性，並大力強調在國內和全球擴大核能產業的承諾。正如最近的聯邦預算所強調的那樣，這包括努力加快加拿大核子計畫的審批程序和增加資金的可用性。NexGen、其 Rook I 計畫及其所有股東和利益相關者都為加拿大政府的這項承諾做好了充分準備。

The importance and reality for the need of allied supply chains was bluntly reflected last night with the signing prohibiting Russian Uranium Imports Act. This is set to take effect 90 days, banning US imports of Russian uranium in a phased manner through 2028. This legislation begins a new, unprecedented era in the uranium market and is expected to tighten the market considerably, leading to significant and long term upward pressure on uranium prices. Consequently, for all these reasons, utilities are seeking to diversify their highly concentrated nuclear fuel supply chains in allied jurisdictions.

昨晚簽署禁止俄羅斯鈾進口法案，直白地反映了盟軍供應鏈需求的重要性和現實性。該禁令將於 90 天後生效，到 2028 年將分階段禁止美國進口俄羅斯鈾。這項立法開啟了鈾市場一個前所未有的新時代，預計將大幅收緊市場，導致鈾價面臨巨大的長期上行壓力。因此，出於所有這些原因，公用事業公司正在尋求使其在聯盟管轄區高度集中的核燃料供應鏈多樣化。

The Rook I project stands out as the world's largest and lowest cost future producer for an exceptionally sound technical and environmental setting, evident by its vertically stacked ore body that is large, high grade and located in our ideal hard rock conditions with clean ore, making it truly unparalleled in the global uranium landscape.

Rook I 專案因其極其完善的技術和環境設置而成為世界上最大、成本最低的未來生產商，這一點從其垂直堆積的礦體規模大、品位高且位於我們理想的硬岩條件和清潔礦石中可見一斑，使得它在全球鈾礦領域確實是無與倫比的。

We're encouraged to know that our valued government partners and local communities acknowledge the importance of Rook I's generational profile and recognize that Rook I will cement Canada as a global leader in the delivery of uranium as part of the green energy solution.

我們很高興知道我們尊貴的政府合作夥伴和當地社區承認 Rook I 世代形象的重要性，並認識到 Rook I 將鞏固加拿大作為綠色能源解決方案一部分的鈾供應的全球領導者的地位。

Looking ahead, NexGen is energized to progress the Rook I project into construction and production through our innovative culture, deep expertise, operational excellence and our collective commitment to being a key contributor to the essential, global, clean energy transition.

展望未來，NexGen 充滿活力，透過我們的創新文化、深厚的專業知識、卓越的營運以及成為重要的全球清潔能源轉型關鍵貢獻者的集體承諾，將 Rook I 專案推進建設和生產。

Over the first quarter, we continued to execute our strategy to permit Rook I for construction. After receiving Saskatchewan Provincial Environmental Approval of the Rook I project on November 8, 2023, which was the first greenfield uranium mine and mill project in Canada to receive provincial EA approval in over 20 years, we immediately submitted responses to the CNSC technical comments.

在第一季度，我們繼續執行我們的策略，允許 Rook I 建造。Rook I 計畫於2023 年11 月8 日獲得薩斯喀徹溫省環境批准，這是加拿大20 多年來第一個獲得省級EA 批准的綠地鈾礦和工廠項目，我們立即提交了對CNSC 技術意見的答覆。

On February 12, 2024, at conclusion of the prescribed 90 days following that submission, NexGen received only 49 comments remaining to address and once done so successfully, will have concluded the federal environmental impact study. We're extremely pleased with this CNSC review and have been finalizing our subsequent responses to these remaining 49 comments, which we will be submitting imminently this week or early next and will be reflected in a news release at that time. This is all in the backdrop of full support from our local indigenous community partners, who have all signed impact benefit agreements with NexGen on the full lifecycle of the Rook I project.

2024 年 2 月 12 日，在提交後規定的 90 天結束時，NexGen 僅收到了 49 條需要解決的評論，一旦成功完成，聯邦環境影響研究將結束。我們對 CNSC 的這次審查感到非常滿意，並已完成對剩餘 49 條評論的後續回复，我們將在本週或下個月初立即提交這些評論，並將在屆時的新聞稿中反映出來。這一切都是在我們當地原住民社區合作夥伴的全力支持的背景下實現的，他們都與 NexGen 就 Rook I 計畫的整個生命週期簽署了影響效益協議。

On project development, the 2023 site confirmation program is informing and validating the final detailed design of the production exhaust shafts, water treatment, underground tailings management facility, mill and surface infrastructure. This work is estimated to be completed at or around the end of Q2, where we will then provide an updated cost summary on CapEx, OpEx and project economics.

在專案開發方面，2023 年場地確認計畫正在通知和驗證生產排氣井、水處理、地下尾礦管理設施、磨坊和地面基礎設施的最終詳細設計。這項工作預計將在第二季末或前後完成，屆時我們將提供有關資本支出、營運支出和專案經濟學的最新成本摘要。

Regarding procurement, we are finalizing details of the shaft sinking contract award and advancing the procurement of the mine hoist system, which will be awarded in the near future. Additionally, we are awarding various ancillary site contracts, including the LNG power plant during the second half of this year.

在採購方面，我們正在敲定鑿井合約授予的細節，並推進礦井提升系統的採購，該系統將在不久的將來授予。此外，我們還將在今年下半年授予各種輔助場地合同，包括液化天然氣發電廠。

As we shared earlier this year, our 2024 Winter Exploration program has returned successful results at a brand-new discovery on the Patterson Corridor East, which lies 3.5 kilometres east of Arrow on a separate conductor package.

正如我們今年早些時候分享的那樣，我們的 2024 年冬季勘探計劃在帕特森走廊東的一個全新發現中取得了成功，該走廊位於 Arrow 以東 3.5 公里處，位於一個單獨的導體包上。

The intense mineralization discovered in RK-14-183 meant that we focused the balance of winter exploration solely in this area to first understand the extent of the system. The geological similarities between Patterson Corridor East and Arrow are stark and have dictated the summer program will focus on this area for a considerable period of time.

在 RK-14-183 中發現的強烈礦化意味著我們將冬季勘探的平衡重點僅集中在該地區，以首先了解系統的範圍。帕特森走廊東和阿羅之間的地質相似性非常明顯，這決定了夏季計畫將在相當長的時間內集中在該地區。

The early exploration holes at Arrow in early 2014 were hitting the top of the strong and large mineralization below. This discovery and the holes drilled to date suggest a similar setting of an extensive mineralizing event in the vicinity. Results of the remaining 2023 program are imminently pending and the 2024 summer drilling program will be commencing late May and will be an expanded program from winter and all on this new discovery.

2014 年初，Arrow 的早期勘探孔正觸及下方堅固且大型礦化體的頂部。這項發現和迄今為止鑽出的孔表明附近存在廣泛的礦化事件的類似環境。2023 年剩餘計畫的結果即將出爐，2024 年夏季鑽探計畫將於 5 月下旬開始，並將是冬季的擴展計劃，一切都圍繞著這項新發現。

All discoveries have their own unique nature and this will be no different but note the execution of this drilling program is incorporating the same industry-leading technical approach and discipline as deployed at Arrow on discovery and in a manner, which was the most time and cost efficient per meter drilled in the discovery of a plus 100 million pounds deposit in the world.

所有發現都有其獨特的性質，這也不會有什麼不同，但請注意，該鑽探計劃的執行採用了與Arrow 在發現時部署的相同的行業領先的技術方法和紀律，並且以一種方式，這是最多的時間和成本在世界上發現了超過 1 億英鎊的礦床時，每米鑽探效率都很高。

Regarding contracting, our discussions continue-to advance well with respected nuclear power utilities. We have been recognized as a significant producer in the future with a strong understanding of NexGen's key positioning in any utility's future supply portfolio. As evidenced in industry market commentary, contract negotiations for 2028 and beyond are occurring now.

關於合同，我們與受人尊敬的核電公用事業公司的討論繼續順利推進。我們被公認為未來的重要生產商，對 NexGen 在任何公用事業未來供應組合中的關鍵定位有深入的了解。正如行業市場評論所證明的那樣，2028 年及以後的合約談判正在進行中。

Last week, NexGen announced the purchase of 2.7 million pounds of physical uranium at USD92.50 per pound via the issuance of a USD250 million convertible debenture at a 30% premium to our five-day VWAP share price. This debenture is on the same terms of which we have successfully executed in the past with CEF, Li Ka-shing in 2016 and '17; Queens Road Capital; and more recently, Soul Pattinson in Australia, which all incorporate an Investor Rights Agreement that contains shareholder voting alignment, standstill, sale and transfer restriction covenants and anti-hedging through short selling options, swaps or derivatives.

上週，NexGen 宣布透過發行 2.5 億美元可轉換債券，以每磅 92.50 美元的價格購買 270 萬磅實體鈾，價格較我們的五天 VWAP 股價溢價 30%。該債券的條款與我們過去在 2016 年和 17 年與 CEF、李嘉誠成功執行的條款相同；皇后大道資本；最近，澳洲的 Soul Pattinson 都納入了投資者權利協議，其中包含股東投票調整、停頓、銷售和轉讓限制契約以及透過賣空選擇權、掉期或衍生性商品進行的反對沖。

The rationale to procure uranium now is logical, given our stage of development in approaching final permitting, then construction and more so the contracting cycle for delivery from 2028 and beyond is occurring now. That's right, right now. Last night's signing of the Russian uranium ban, fully enforced by 2028, means the importance of procurement for this time and beyond has even more significantly elevated in the last 24 hours.

考慮到我們目前的發展階段，即接近最終許可、然後是建設，以及從 2028 年及以後開始交付的合約週期，現在採購鈾的理由是合乎邏輯的。沒錯，就是現在。昨晚簽署的俄羅斯鈾禁令將於 2028 年全面執行，這意味著當前及以後採購的重要性在過去 24 小時內更加顯著提升。

Nuclear fuel is unique, in the sense it's a highly specialized input of production for power utilities that takes many years to procure and not commonly available if caught short. The producers and spot market is no longer flush with inventory levels to accommodate any unexpected shortfalls.

核燃料是獨一無二的，從某種意義上說，它是電力公司高度專業化的生產投入，需要多年的時間才能採購，如果出現短缺，通常無法獲得。生產商和現貨市場的庫存水準不再足以應對任何意外的短缺。

Given the supply side dynamics of fragility, utilities are rightfully focused on security of supply now. This purchase shows utilities NexGen has their back and is a responsible, reliable supplier, reflecting respect and understanding of their risks and requirements for successful operation. With respect to the price of USD92.50 per pound based on recent spot market purchases over the last six months, 100,000 pounds has been resulting in greater than $1.50 upward price movement. We are confident we have purchased extremely diligently and at the same time is enhancing our contracting and debt financing approach.

鑑於供應方面的脆弱性，公用事業公司現在理所當然地專注於供應安全。此次收購顯示公用事業公司 NexGen 是一家負責任、可靠的供應商，體現了對其風險和成功營運要求的尊重和理解。相對於過去六個月現貨市場採購的每磅 92.50 美元的價格，100,000 磅導致價格上漲超過 1.50 美元。我們相信，我們已經非常勤奮地進行了採購，同時正在加強我們的承包和債務融資方法。

With respect to the debt package, which we will continue to advance through due diligence and schedule concluding shortly after federal approval, this includes many different potential avenues and significant capacity is being evaluated with maintaining leverage to future uranium prices, evidenced by expressions of interest from lenders which now totals approximately USD1.4 billion, which provides substantial, excessive capacity to fund and execute the project.

關於債務一攬子計劃，我們將繼續透過盡職調查和在聯邦政府批准後不久完成的時間表來推進，其中包括許多不同的潛在途徑，並且正在評估重要的產能，並保持對未來鈾價的槓桿作用，這一點可以從來自目前貸款總額約為 14 億美元，為資助和執行該專案提供了大量的超額能力。

We continue to experience strong institutional and retail shareholder support from Australia and the broader Asia Pacific region, who exhibit strong demand for unhedged uranium development opportunities. Our listing and subsequent inclusion in the ASX 300 index on March 18 marked a significant milestone, reflecting our company's continual commitment to finding new shareholder markets, exposure and in the process, leveraging optimal outcomes for our shareholders and stakeholders.

我們繼續得到來自澳洲和更廣泛的亞太地區的機構和散戶股東的大力支持，他們對無對沖的鈾開發機會表現出強烈的需求。我們於3 月18 日上市並隨後納入ASX 300 指數，這是一個重要的里程碑，反映了我們公司不斷致力於尋找新的股東市場、風險敞口，並在此過程中為我們的股東和利益相關者創造最佳結果。

In line with this objective, two weeks ago, NexGen issued a CAD224 million placement to ASX investors, which together with the issuance of the CAD250 million convertible, takes our cash and liquid assets to approximately CAD930 million and that is excluding our investment in IsoEnergy.

為了實現這一目標，兩週前，NexGen 向ASX 投資者發行了2.24 億加元的配股，再加上發行2.5 億加元的可轉換債券，使我們的現金和流動資產達到約9.3 億加元，這還不包括我們對IsoEnergy 的投資。

We have significantly addressed the equity component of funding construction of Rook I, providing the market with clear visibility of our objective of taking Rook I immediately into construction on receiving federal approval with the value of that milestone unencumbered.

我們已經大幅解決了 Rook I 建設資金的股權部分，讓市場清楚地了解我們的目標，即在獲得聯邦批准後立即將 Rook I 投入建設，並且該里程碑的價值不受阻礙。

In September of 2023, NexGen has raised approximately CAD540 million with a discount to market being an industry leading 1.5% to 4% discount while still [mining] sector-leading share price performance. Further, the this has been during a period CES have liquidated their shareholding. This represented approximately 18% at the beginning of last September to only yesterday being advised is now holding less than 0.1%.

截至 2023 年 9 月，NexGen 已籌集約 5.4 億加元，折價為業界領先的 1.5% 至 4%，同時仍[挖掘]業界領先的股價表現。此外，這正值 CES 清算其股權期間。去年 9 月初這一比例約為 18%，到昨天才獲悉，目前這一比例還不到 0.1%。

We are very proud of this investment return to CEF since 2017 of over 500% and equally excited it has been replaced with new, predominantly large Australian based shareholders with an affinity for a new world mining company delivering exceptional returns. By the end of Q1 2024, we will have invested approximately $459 million in the successful exploration and development of the Rook I project, and this has resulted in a current market capitalization of CAD5.4 billion.

我們對自2017 年以來CEF 超過500% 的投資回報率感到非常自豪，同樣感到興奮的是，它已被新的、主要是澳大利亞大股東所取代，這些股東對一家能夠提供卓越回報的新世界礦業公司有親和力。到 2024 年第一季末，我們將投資約 4.59 億美元來成功勘探和開發 Rook I 項目，目前市值達到 54 億加元。

The day prior to the announcement of the uranium purchase la1st week, NexGen hit a new all-time high market capitalization at CAD12.14 per share and led all year-to-date one year rolling tables relative to its peers. The 2.7 million pound purchase of uranium represented approximately 4% dilution to that market cap and is placed NexGen in a far stronger position than what it was prior to announcement.

在上周宣布購買鈾的前一天，NexGen 的市值創下了每股 12.14 加元的歷史新高，並在所有年初至今的一年滾動表中領先於同行。斥資 270 萬英鎊購買鈾相當於對該市值的稀釋約 4%，並使 NexGen 的地位比宣布之前要強得多。

Before we turn to the Q&A, I'd like to mention Susannah Pierce's nomination for election to our board of directors at our upcoming AGM in June and this is referenced in the NexGen management information circular issued last week. Susannah currently presides as President and Country Chair of Shell Canada. Her expertise and experience in the global energy industry and genuine engagement with local indigenous communities and government stakeholders makes her a natural fit for our organization.

在我們進行問答之前，我想提一下蘇珊娜·皮爾斯 (Susannah Pierce) 在即將舉行的 6 月份年度股東大會上提名選舉我們的董事會成員，上週發布的 NexGen 管理信息通告中提到了這一點。蘇珊娜目前擔任殼牌加拿大公司總裁兼國家主席。她在全球能源行業的專業知識和經驗以及與當地原住民社區和政府利益相關者的真誠接觸使她自然適合我們的組織。

I encourage everyone to read the NexGen management information circular, which details all aspects of our approach, governance and diligence in delivering the world's largest, environmentally, socially and elite economic uranium development project.

我鼓勵大家閱讀 NexGen 管理資訊通告，其中詳細介紹了我們在交付世界上最大的環境、社會和精英經濟鈾開發專案方面的方法、治理和努力的各個方面。

Our team's strength lies in its diverse composition, enriched by top tier talent from a variety of backgrounds, reflecting a wide-reaching perspective that enhances our approach. In 2023, total employees by gender statistics were 66% male and 34% female, compared to a Canadian average of females in mining measuring 16%, more than double.

我們團隊的優勢在於其多元化的組成，由來自不同背景的頂級人才豐富，反映了廣泛的視角，增強了我們的方法。2023 年，以性別統計的員工總數中，男性佔 66%，女性佔 34%，而加拿大採礦業女性平均比例為 16%，增加了一倍以上。

Proudly, 80% of Rook I signed employee were from the local priority area. Over [44] million has been spent on the local priority area supplies in 2023, which stimulates economic development within local communities and builds long lasting and self-sustaining community resilience. As we move forward with the project, we continue to add to our high performance team, building and investing in skilled talent pool is central to our continued success and local economy's success.

值得驕傲的是，Rook I 簽約員工中 80% 來自當地優先領域。到 2023 年，當地優先地區的供應已花費超過 [44] 百萬美元，這將刺激當地社區的經濟發展，並建立持久和自我維持的社區復原力。隨著專案的推進，我們不斷擴充我們的高績效團隊，建立和投資技術人才庫是我們持續成功和當地經濟成功的核心。

In summary, we are moving forward with the support of our valued indigenous partners, our shareholders, the regulatory and governmental authorities of our dedicated team. As we look toward the rest of 2024, our focus is on advancing the Rook I project. We are at a pivotal and exciting time for our company, and as always, it's a privilege to share our continued growth with you as we work together to secure the energy transition.

總之，在我們尊貴的本土合作夥伴、股東、監管機構和政府機構以及我們專業團隊的支持下，我們正在繼續前進。展望 2024 年剩餘時間，我們的重點是推進 Rook I 專案。我們公司正處於一個關鍵且令人興奮的時刻，與往常一樣，我們很榮幸能夠與您分享我們的持續成長，共同努力確保能源轉型。

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

現在，讓我們進入問答環節，我們鼓勵大家提問。我會把它交給主持人。

(Operator instructions) Andrew Wong, RBC.

（操作員指示）Andrew Wong，RBC。

So it's great to hear you're about to resubmit the EIS soon. Just kind of -- just wanted some clarity around the timeline. So after you submit, what are the specific steps and timeline that needs to happen before a public hearing can be scheduled and what actually happens during the public hearing?

因此，很高興聽到您即將重新提交 EIS。只是想澄清一下時間表。那麼，在您提交後，在安排公開聽證會之前需要執行哪些具體步驟和時間表，以及公開聽證會期間實際發生了什麼？

Could there be some public commentary that comes out that needs to be addressed during that process and then after that like, what's the timeline before the -- from the public hearing until you get a final decision from the Minister?

在此過程中是否會出現一些需要解決的公眾評論，然後，從公開聽證會到部長做出最終決定之前的時間表是什麼？

Yeah. Thanks, Andrew. Yeah, look, so we're very pleased with the response that we received from the CNSC. Like, to have 277 questions in the first place according to our consultants was unprecedented for this stage of a project. We're down to 49 and they really -- whilst every aspect is very, very important and we're respectful of that, we are submitting imminently, either late this week or early next.

是的。謝謝，安德魯。是的，我們對 CNSC 的回覆感到非常滿意。例如，根據我們的顧問的說法，一開始就提出 277 個問題對於專案的這個階段來說是史無前例的。我們已經減少到 49 個了，雖然每個方面都非常非常重要，我們對此表示尊重，但我們將立即提交，要么在本週晚些時候，要么在下週初。

Now, as prescribed by the rules and regulations, the CNSC is entitled to another 90 days to review and close out those remaining 49 aspects. On closing those 49 aspects out, the EIS will be deemed final. At that point, it will then establish a commission hearing date.

現在，依照規章制度的規定，國家核安委員會有權再用90天的時間對剩餘的49個面向進行審查和結案。在完成這 49 個方面後，EIS 將被視為最終版本。屆時，它將確定委員會聽證會的日期。

Now every project that has gone to a commission hearing has been approved within 60 days. I think whilst all aspects are very, very important and material, it's very, very significant with respect to concluding the EIS and we are very much looking forward at the conclusion of this next 90-day period, which I think is at the end of July off the top of my head, and very much look forward to those 90 days. That's for sure.

現在，每個提交委員會聽證會的項目都已在 60 天內獲得批准。我認為，雖然所有方面都非常非常重要和實質性，但對於完成 EIS 來說非常非常重要，我們非常期待下一個 90 天期限的結束，我認為這是在 90 天結束時。的腦海中浮現出來，我非常期待那90 天。這是肯定的。

Now, with respect to other public comments that can arise, well, the federal government has already ran its 120-day public comment period back in 2022. And those questions that we've already addressed were directed at those public and technical comments. So from our perspective, it's very, very well -- has been very rigorous, has incorporated all stakeholders, and this is on the overlay of having 100% community support from the communities in the local project area who have all reviewed and signed off on the EIS as we have presented to the CNSC.

現在，對於可能出現的其他公眾意見，聯邦政府早在 2022 年就已經結束了為期 120 天的公眾意見徵詢期。我們已經解決的這些問題是針對那些公眾和技術評論的。因此，從我們的角度來看，它非常非常好——非常嚴格，已經納入了所有利益相關者，這是在獲得當地計畫區域社區100% 的社區支持的基礎上，這些社區都已審核並簽署了我們向 CNSC 提交的 EIS。

Okay, that's great. And then just talking about the Rook I project itself, you've been pretty clear on, I think, your intentions to bring it into production. It sounds like there could potentially be a construction start within the next 6 months to 12 months. So can you just talk about the technical team that you have in place already? What's the size of that team right now, and how much more do you need to build it out? How quickly can you hire the labor force that needs to build the project?

好的，太好了。然後只是談論 Rook I 項目本身，我認為您已經非常清楚將其投入生產的意圖。聽起來可能會在未來 6 個月到 12 個月內開始施工。那麼您能談談你們已經擁有的技術團隊嗎？目前該團隊的規模有多大？您能多快僱用到建設工程所需的勞動力？

Yeah, sure. So we are -- on receiving federal approval, we'll be in a position to start immediately the following week. We have done 100% engineering of a lot of the site infrastructure aspects, the preliminary works in order to commence construction in earnest and all the early-stage items are 100% engineered. The remaining engineered items around the specifics in the mill, to put that into perspective, around the wiring and so we're ready, subject to federal approval to immediately start.

好，當然。因此，在獲得聯邦政府批准後，我們將能夠在下週立即開始。我們已經對許多現場基礎設施​​方面進行了100%工程設計，為認真開工做好了前期工作，所有前期項目均已100%工程設計。剩下的工程項目圍繞著工廠的具體細節，為了正確地看待這一點，圍繞著佈線，所以我們已經準備好了，需要得到聯邦政府的批准才能立即開始。

And with respect to the team, we have currently about 76 people in our Saskatoon head technical office and at NexGen, our culture is absolute responsibility. And so we have a dedicated NexGen person for every aspect of our operations. That's not just the construction of the project that exhibits in geology, the financial side, commercial side, everything.

就團隊而言，我們薩斯卡通總部技術辦公室目前約有 76 名員工，在 NexGen，我們的文化是絕對的責任。因此，我們有專門的 NexGen 人員負責我們營運的各個方面。這不僅是展示地質、金融、商業等各方面的專案建設。

So we have been very, very strategic and well planned in acquiring the personnel and the technical expertise that we want ever since 2017. We knew at that stage we had a project, and we're taking it forward into production. That's elevating as we speak. And to give you one example, like on the safety side of things, we're now breaking that out into very specific areas of safety at surface, underground radiation experts.

因此，自 2017 年以來，我們在獲取所需的人員和技術專業知識方面一直非常非常有策略性和周詳的計劃。我們在那個階段就知道我們有一個項目，並且正在將其投入生產。當我們說話時，這令人振奮。舉一個例子，例如在安全方面，我們現在將其分解為地表、地下輻射專家的非常具體的安全領域。

And given the profile of the project and the culture that NexGen is exhibiting, we're very, very pleased with the caliber of the applicants that we're receiving, not just within Saskatoon and Saskatchewan, but also from outside of Saskatchewan. And so Saskatchewan is going to be experiencing an inflow of skilled labor as a consequence.

考慮到該計畫的概況和NexGen 所展示的文化，我們對我們收到的申請人的素質非常非常滿意，不僅在薩斯卡通和薩斯喀徹溫省，而且還有來自薩斯喀徹溫省以外的申請人。因此，薩斯喀徹溫省將迎來熟練勞動力的流入。

With respect to the labor force on the ground, well, our community team led by Adam Engdahl and Dylan Smart in Saskatoon have already been running training programs with the various government technical colleges in Saskatchewan. And the take up of those training programs has been absolutely phenomenal and so we are well prepared on both fronts, and it exhibits our commitment to making as many of the jobs as local as achievable. And so you're going to also be seeing an inflow of population into the local community area on the commencement of construction of the project.

至於當地的勞動力，我們由 Adam Engdahl 和 Dylan Smart 領導的薩斯卡通社區團隊已經與薩斯喀徹溫省的各個政府技術學院一起開展培訓計畫。這些培訓計畫的接受度絕對是驚人的，因此我們在這兩方面都做好了充分的準備，這體現了我們致力於讓盡可能多的工作在當地實現。因此，在專案建設開始時，您還將看到人口流入當地社區地區。

Puneet Singh, Eight Capital.

普尼特·辛格，八資本。

Just a couple questions on the convertible. Just regarding strategy, the way the uranium price has traded, why not do this a couple of years ago? And what specifically were you seeing in the market that made you pull the trigger now?

關於敞篷車只有幾個問題。僅就策略而言，就鈾價格的交易方式而言，為什麼不在幾年前這樣做呢？您在市場上看到的具體是什麼讓您現在扣動扳機？

Yeah, look, you're quite right. We've always been confident that the price of uranium is going higher, even five years ago, and it's going to go higher. But the decision to purchase pounds of uranium now is completely in line with our stage of development. We're about to -- we are in the final stages of federal approval.

是的，你看，你說得很對。我們一直堅信鈾的價格會走高，即使是五年前，而且還會走高。但現在購買磅鈾的決定完全符合我們的發展階段。我們即將發生—我們正處於聯邦批准的最後階段。

We'll immediately, on receiving approval, start construction. And the contracting cycle for 2028 and beyond is now. And so that predicated, given the fragility around current production and available supplies, like the producers have had a significant drawdown of inventory on hand over the last two years and then also the spot market is incredibly tight.

獲得批准後，我們將立即開始施工。2028 年及以後的簽約週期就是現在。因此，考慮到當前生產和可用供應的脆弱性，生產商在過去兩年中大幅減少了現有庫存，而且現貨市場也非常緊張。

And dealing with the nuclear fuel, the utilities want a surety of delivery. So us acquiring 2.7 million pounds is very significant in our contract negotiations with utility and recognizes the utilities risks around security of supply. And so the timing of that is evident today, and I would say, the Russian ban introduced last night has elevated that significantly into a new era that is unprecedented, frankly.

對於核燃料，公用事業公司希望確保交付。因此，我們收購 270 萬英鎊對於我們與公用事業公司的合約談判非常重要，並且認識到公用事業公司圍繞供應安全的風險。因此，這一時機在今天是顯而易見的，我想說，坦白說，昨晚推出的俄羅斯禁令已將其顯著提升到一個前所未有的新時代。

Yeah. Hey, Puneet, it's Travis here. I would also just add that, yeah, with respect to the timing like, three, four, two years ago even, we weren't at the point of these negotiations with the utilities. We're there now and to Leigh's point, the world that the utilities live in is -- it's 2028 tomorrow. And so that's where the decision in terms of the exact timing, it's not a -- while we're extremely bullish on the uranium price obviously for all the reasons and more that Leigh has outlined in the opening remarks, it wasn't purchased on the basis that we're speculating on the uranium price. It's really tied to the development of the Arrow project as it relates to contracting, which obviously feeds into the debt financing discussions that we're having as well.

是的。嘿，普尼特，我是崔維斯。我還想補充一點，是的，就時間而言，甚至三年、四年、兩年前，我們還沒有與公用事業公司進行談判。我們現在就到了 Leigh 的觀點，公用事業公司所處的世界是──明天就是 2028 年。因此，這就是就確切時間做出的決定，這不是——雖然我們非常看好鈾價，顯然是出於利在開場白中概述的所有原因和更多原因，但它並不是在我們推測鈾價格的基礎。它確實與 Arrow 項目的開發密切相關，因為它與合約有關，這顯然也融入了我們正在進行的債務融資討論。

Okay, got it. And then just building on that then. If it's tied to the utilities, would we -- should we expect more purchases from you guys or how should we look at that in terms of a strategy, contracts versus physical inventory?

好，知道了。然後就以此為基礎。如果它與公用事業掛鉤，我們是否應該期望你們進行更多購買，或者我們應該如何從策略、合約與實體庫存的角度看待這個問題？

Yeah. Look, you're not going to see us like materially fill. Obviously, the production volumes that are coming out of Arrow and those contracts that we do sign will be filled predominantly by Arrow's production, like vast, vast majority of it.

是的。聽著，你不會看到我們物質上充實的。顯然，Arrow 的產量以及我們簽署的合約將主要由 Arrow 的生產來滿足，就像絕大多數一樣。

But this, again, to Leigh's point, these 2.7 million pounds and whether it grows from here or not, to be determined. I think we're very happy with 2.7 million pounds that we got because it does just provide a bit of an insurance policy to the utilities and again, really, I think demonstrates that the understanding of the supply challenges, meaning the available insurance that exists out in the market, is very limited.

但同樣，就 Leigh 的觀點而言，這 270 萬英鎊以及它是否從這裡增長，還有待確定。我認為我們對獲得的 270 萬英鎊感到非常滿意，因為它確實為公用事業公司提供了一點保險政策，而且我認為這再次證明了對供應挑戰的理解，這意味著現有的可用保險市場上，非常有限。

And while it is very, very unique to the nuclear fuel market in respect to mining, it is a necessity of a start-up operation. But it's not unique when you would have seen other developers do a similar thing as they approach production. Boss Energy have done it, Denison have done it as well. So it's not unique in that sense and it does reflect, though, the aspect of commencing a uranium mine.

雖然它在採礦方面對於核燃料市場來說非常非常獨特，但它是新創企業的必需品。但當您看到其他開發人員在接近生產時做類似的事情時，這並不獨特。Boss Energy 做到了，Denison 也做到了。因此，從這個意義上來說，它並不是獨一無二的，但它確實反映了啟動鈾礦的一個面向。

Okay. Got it. Thanks for the clarity.

好的。知道了。感謝您的澄清。

It really does reflect. We are taking this project into production.

它確實反映了。我們正在將該項目投入生產。

Katie Lachapelle, Canaccord Genuity.

凱蒂·拉查貝爾，Canaccord Genuity。

Thanks for taking my question. I have two, but I just want to quickly follow up on Puneet's question. With respect to the contract negotiations that you're having right now, what sort of volumes or tenure would you be looking to lock down when you are looking to sign contracts?

感謝您提出我的問題。我有兩個，但我只想快速跟進普尼特的問題。就您目前正在進行的合約談判而言，當您希望簽署合約時，您希望鎖定什麼樣的數量或期限？

Well, I'll start with the question and hand over to Travis. We are -- our current negotiations with four main utilities at the moment, all varying degrees. We've been very, very clear that we are looking for three year off-take arrangements that are tied specifically to market prices at the time of delivery.

好吧，我將從問題開始並交給特拉維斯。我們目前正在與四家主要公用事業公司進行不同程度的談判。我們非常非常明確地表示，我們正在尋求與交付時的市場價格專門掛鉤的三年承購安排。

Volume levels at the moment are commercially sensitive but given the supply and demand gap that all market commentators are seeing, 2028 and beyond, and I see this morning that an Australian bank came out with $150 uranium price forecast for the year end 2025. I've got no doubt that we're going to be filling contracts to the tune of what Arrow's capable of producing annually.

目前的交易量水準具有商業敏感性，但考慮到所有市場評論員都看到的 2028 年及以後的供需缺口，我今天早上看到一家澳洲銀行對 2025 年底的鈾價預測為 150 美元。我毫不懷疑我們將根據 Arrow 每年的生產能力來履行合約。

Yeah. And I might just add -- yeah, there's no urgency. We need to sign some contracts or it's optimal to sign some contracts in this kind of timeframe that we're in now. In terms of the specific volumes, say, day one when we look out for the foreseeable, say, three to five years of Arrow's production, to the extent we take on and finance it with the debt which we're again going down that path right now, there'll be a minimum level.

是的。我可能會補充一點——是的，沒有什麼緊迫性。我們需要簽署一些合同，或者在我們現在所處的這種時間範圍內簽署一些合同是最佳的。就具體產量而言，例如，第一天，我們專注於可預見的，例如三到五年的 Arrow 生產，達到我們承擔並用債務融資的程度，我們將再次走上這條道路現在，將會有一個最低水平。

I think, in order of magnitude, it's minimal in the context of Arrow's overall production to shore up the cash flows necessary to make those debt service payments and make it comfortable for utilities or the lenders. And then as we progress from today onwards, I think you'll just see contracts and off-take negotiations and deals get done progressively as we march from today through to ultimate start-up of production.

我認為，從數量上來看，在 Arrow 的整體生產背景下，支撐償還債務所需的現金流並讓公用事業公司或貸方感到舒適是微不足道的。然後，隨著我們從今天開始的進展，我認為您將看到合約、承購談判和交易逐步完成，因為我們從今天開始一直到最終啟動生產。

Got it. That's super helpful. Maybe just one other question, in the prepared remarks, you mentioned that you guys are going to provide updated capital as well as operating costs around the end of this quarter or early Q3, can you provide any detail on where you guys are seeing some of the largest impacts on the cost side?

知道了。這非常有幫助。也許只是另一個問題，在準備好的評論中，你們提到你們將在本季度末或第三季度初提供更新的資本和運營成本，你們能否提供有關你們在哪裡看到的一些細節？成本方面影響最大？

Yeah, I'll start and again hand over to Travis. But on the cost side, and as I explained in an earlier call, the inflationary impact on the CAD1.3 billion as estimated in the 2021 feasibility study to date is at around CAD320 million. Labor wages has been probably the biggest one out of everything on a weighted basis, but we're also experiencing some decreases in raw materials as well.

是的，我會開始並再次移交給特拉維斯。但在成本方面，正如我在之前的一次電話會議中所解釋的那樣，根據 2021 年可行性研究迄今為止估計的 13 億加元的通膨影響約為 3.2 億加元。以加權計算，勞動力工資可能是所有工資中最大的一個，但我們也經歷了原材料的一些下降。

The biggest cost component of the construction is the two shafts, and we'll be entering into a contract, which limits subsequent inflationary pressure on the construction of both the production and exhaust shafts. But to answer your question, Katie, it's predominantly around labor.

施工中最大的成本組成部分是兩個豎井，我們將簽訂合同，這限制了生產豎井和排氣豎井建設隨後的通貨膨脹壓力。但凱蒂，要回答你的問題，主要是圍繞著勞動力。

Yeah. And I think, just on the inflationary thing, I think it's important as well that that is not some kind of -- that is not calculated based on some kind of market indices. Like we went unit cost by unit cost comparison from the feasibility study to today to make sure that we understand exactly what that is and then the remaining aspects over and above the inflationary impacts are being finalized now through some ongoing test work and finalization there.

是的。我認為，就通膨問題而言，我認為同樣重要的是，這不是基於某種市場指數計算的。就像我們從可行性研究到今天進行單位成本比較，以確保我們準確地理解那是什麼，然後通過一些正在進行的測試工作和最終確定，現在正在最終確定通貨膨脹影響之外的其餘方面。

With respect to -- we got under just shy of CAD1 billion in the treasury now. And with the debt process over expressions of interest, over USD1.4 billion, we have got more than enough capacity with respect to even taking into account the impact of inflation on to the feasibility study. We are very, very well financed in order to execute this project with our current cash and liquid assets, including the debt expression of interest.

就我們而言，我們現在的國庫資金不到 10 億加元。由於利息表達的債務流程超過14億美元，即使考慮到通貨膨脹對可行性研究的影響，我們也有足夠的能力。我們的資金非常非常充足，可以用我們現有的現金和流動資產（包括債務利息表達）來執行這個專案。

Craig Hutchison, TD Cowen.

克雷格·哈奇森，TD·考恩。

Good morning, guys. Just a follow up question regarding the timing of the purchases that you did like, from my perspective, I thought your tier one asset, tier one jurisdiction that you guys would be in the driver's seat with regards to off-take discussions and that you would not have to enter into purchase agreements now.

早上好傢伙。只是一個關於您確實喜歡的購買時間的後續問題，從我的角度來看，我認為你們的一級資產、一級司法管轄區你們將在承購討論方面處於主導地位，並且你們會現在不必簽訂購買協議。

Can you just talk to those discussions? Are you seeing the utility is not that rushed right now to enter into contracts? Are they not short material? Just some sense on that because I think in previous discussions you guys have talked about potential to do even like a forward sale of uranium. Thanks.

您能談談這些討論嗎？您是否發現公用事業公司現在並不急於簽訂合約？難道他們不缺材料嗎？這只是一些意義，因為我認為在之前的討論中，你們已經談到了甚至像鈾遠期銷售這樣的潛力。謝謝。

Yeah. Look, so Craig -- and good morning. In terms of the description box seat, well, we're working with the utilities to get contracts in place and arrangements in place which meet win-wins. So it's not like we're going to flex our muscles and have a win-loss situation. We are developing relationships with these key utilities for the long term and that uranium purchase reflected us and understanding their sensitivities around a start-up operation, which exists for any start-up operation. And as we've seen, Dennison and Boss, etcetera have done a similar thing, which is very, very astute and reflects their understanding of the contracting process.

是的。聽著，克雷格——早安。就描述而言，我們正在與公用事業公司合作，以達成雙贏的合約和安排。所以我們不會大展拳腳，出現輸贏局面。我們正在與這些主要公用事業公司建立長期關係，鈾採購反映了我們並了解他們對新創公司的敏感性，這對於任何新創公司都存在。正如我們所看到的，丹尼森和博斯等人也做了類似的事情，這是非常非常精明的，反映了他們對承包過程的理解。

There's no doubt that the focus on the security supply is now significantly elevated and elevating week by week with these market developments. We are entering into an unprecedented stage. Yeah, there is a possibility of a forward sale of a contract, but that may not necessarily be with a utility. We are receiving expressions of interest from not just utilities, but also financial players with respect to that possibility.

毫無疑問，隨著這些市場的發展，對安全供應的關注現在顯著提高，並且每週都在提高。我們正在進入一個前所未有的階段。是的，有可能遠期出售合同，但這不一定是針對公用事業公司的。我們不僅收到了公用事業公司的意向書，還收到了金融機構對這種可能性的意向書。

So our approach is one that is understanding the utilities' specific requirements and one which is about a win-win for both the producer and the utility, taking into account the risks around producing nuclear energy.

因此，我們的方法是一種了解公用事業公司的特定要求的方法，也是一種使生產商和公用事業公司實現雙贏的方法，同時考慮到生產核能的風險。

Yeah, I might just add, Craig, that this is really about optimization and our view of how to do that best. We can get contracts without necessarily having purchased uranium. That's obviously been done before. But this is around -- really I think the best way of thinking about it is we're trying to maximize the value of the plus 350 million pounds we have in the ground and buying some uranium now like 2.7 million pounds to help us potentially optimize what those contracts look for the sale price of that plus 350 million pounds is a really good and astute move.

是的，我可能只是補充一點，克雷格，這實際上是關於優化以及我們對如何做到最好的看法。我們不必購買鈾就能獲得合約。這顯然是以前做過的。但事實上，我認為最好的思考方式是，我們正在努力最大化我們地下擁有的 3.5 億英鎊的價值，併購買一些鈾，例如 270 萬英鎊，以幫助我們潛在地優化這些合約的售價加上3.5億英鎊是一個非常好的和精明的舉動。

So yeah, it's not -- look, you're right and we're all right. This asset is what it is and it represents what it represents in the uranium market, which is unique and of scale and quality. But this is around optimizing that. We're not just sitting back and saying well, we have the best, so take it or leave it. This is about working with the utilities and evolving the market over time.

所以是的，這不是——看，你是對的，我們也很好。該資產就是它的本質，它代表了它在鈾市場中的代表，它是獨一無二的，具有規模和品質。但這是圍繞著優化的。我們不會只是坐下來說好，我們擁有最好的，所以要嘛接受要嘛放棄。這是關於與公用事業公司合作並隨著時間的推移不斷發展市場。

Okay. Thanks for that, guys. Maybe just follow up. Just given the expressions of interest you've had on debt and the finances you guys have done in the last couple of weeks here, you had talked previously about potential due project equity with a non-mining partner. Is that still on the table or is that sort of off the table, just given the recent financings?

好的。謝謝你們，夥計們。也許只是跟進。考慮到你們對債務的興趣表達以及過去幾週你們在這裡所做的財務工作，你們之前曾與非礦業合作夥伴討論過潛在的到期專案股權。考慮到最近的融資情況，這個問題仍然在討論中還是已經不在討論範圍內了？

No, it's still a possibility. But I would say, maybe less so, given the recent [finance]. And look, and I get the commentary about, well, why would you do it now when you've got such a significant milestone coming up with federal permitting. But similar to the uranium purchase of 2.7 million pounds, having the treasury in place prior to an approval is a necessity to give the CNSC and the Federal Government of Canada knowledge that we have the funds in place. It's a very important aspect.

不，這仍然是一種可能性。但我想說，考慮到最近的情況，情況也許不那麼嚴重[金融]。聽著，我得到了這樣的評論，好吧，當你已經獲得聯邦許可的如此重要的里程碑時，你為什麼現在就這樣做呢？但與購買 270 萬英鎊的鈾類似，在批准之前準備好國庫是讓 CNSC 和加拿大聯邦政府知道我們已經準備好資金的必要條件。這是一個非常重要的面向。

And so doing it prior to that federal approval news coming through and obviously subject to concluding the process respectfully, we now have that in place and on receiving that approval, well financed in order to construct the Rook I project. So I think that's very, very clear. And we appreciate the opportunity to really provide the color behind that because on face value, as I said, we get -- well, it's less dilutionary post a milestone.

因此，在聯邦批准消息傳出之前，顯然要恭敬地完成這一過程，我們現在已經就位並在收到批准後，獲得充足的資金來建造 Rook I 項目。所以我認為這非常非常清楚。我們很高興有機會真正提供背後的色彩，因為從表面上看，正如我所說，我們得到——嗯，在一個里程碑之後，它的稀釋作用就不那麼大了。

But this way, we've got it in front of it and it reflects the practicality of building a mine with regulators but also gives that significant milestone that the company's going to deliver on federal approval. Absolutely clear air for it to be reflected in the value of the organization at that time. So it's very, very exciting for all shareholders and stakeholders.

但透過這種方式，我們已經把它擺在了面前，它反映了與監管機構一起建造礦山的實用性，但也給出了該公司將在聯邦批准後實現的重要里程碑。絕對清晰的空氣讓它體現在當時組織的價值上。因此，這對所有股東和利害關係人來說都非常非常令人興奮。

Yeah. And Craig, just with respect to the joint venture you referenced, and it's true for the debt and everything else. I think all these things are negotiations (technical difficulty) things like being in a negotiation, demonstrating that you have other options is really important. So by having a really robust balance sheet today, helps optimize, again, the debt discussions that we're having because we're not -- it's not a -- we're not in a weak position there. Like, we have other options. Similar with the joint venture discussion. Like, we can then work to actually optimize those. We show we have other paths and other opportunities to fund it and we do. It's true. We have lots. It shouldn't be surprising anyone. There's lots of ways to fund this project under our stewardship.

是的。克雷格，就你提到的合資企業而言，債務和其他一切都是如此。我認為所有這些都是談判（技術難度）的事情，例如在談判中，證明你有其他選擇非常重要。因此，今天擁有一個非常強勁的資產負債表，有助於優化我們正在進行的債務討論，因為我們不是——這不是——我們在那裡並不處於弱勢地位。就像，我們還有其他選擇。與合資討論類似。就像，我們然後可以努力實際優化它們。我們表明我們還有其他途徑和其他機會來為其提供資金，而我們確實這樣做了。這是真的。我們有很多。任何人都不應該感到驚訝。在我們的管理下，有很多方法可以為這個專案提供資金。

Okay, thanks for that, guys. Maybe just a real quick question. Just on the early works, I think your budget, you spent about [46 million] to the end of last year. Could you just give us an update, kind of where that's at? And then I think on the last conference call, you said your budget for this year was around [170 million], excluding expiration, and is that still the case? Thanks.

好的，謝謝你們。也許只是一個真正的快速問題。就早期作品而言，我想你的預算，到去年年底你花了大約[4600萬]。可以給我們更新一下嗎？然後我想在上次電話會議上，您說今年的預算約為[1.7億]，不包括到期時間，現在仍然如此嗎？謝謝。

Yeah, it's subject to the timing of the federal permit. Yeah, it's -- the deployment on capital will increase significantly on immediately receiving that federal approval. So we're well under budget, frankly, for 2024 and incredibly well financed through into 2027, frankly, based on the cash we have on hand at just under CAD1 billion as we see.

是的，這取決於聯邦許可的時間。是的，一旦獲得聯邦批准，資本部署將大幅增加。因此，坦白說，我們 2024 年的預算遠低於預算，坦白說，根據我們手頭上的現金略低於 10 億加元，我們的資金狀況非常充足，直到 2027 年。

Orest Wowkodaw, Scotiabank.

奧雷斯特‧沃科多 (Orest Wowkodaw)，豐業銀行。

Good morning. Two questions, if I could. The first one, Leigh, your comments about having financing in place in order to show the government or give the government confidence in your ability to build the project, does that suggest that you plan to confirm all of the debt financing as well prior to permitting?

早安.如果可以的話，有兩個問題。第一個，Leigh，您關於融資到位的評論是為了向政府展示或讓政府對您建設項目的能力充滿信心，這是否表明您計劃在批准之前確認所有債務融資？

Yeah, prior or just after federal permitting, the debt -- the way it works is that equity has to be spent first. So it's not a given that we will arrange that prior to federal permitting or just after. We're working on it now, but the debt is obviously subject to federal permitting approval and getting into construction and after you've spent the equity. So I wouldn't say it's contingent on it, but it's a function of it.

是的，在聯邦批准之前或之後，債務的運作方式是必須先花費股本。因此，我們不一定會在聯邦許可之前或之後進行安排。我們現在正在努力解決這個問題，但債務顯然需要聯邦許可批准並進入建設階段，並且在你花掉股權之後。所以我不會說這取決於它，但它是它的函數。

Okay. And then alternatively, just on the inventory and the purchase of physical, I think that surprized pretty much all of us in terms of that transaction. Your comments about you could add more, is there -- like, when I look at what Cameco carries from an inventory perspective of 10 million pounds to 12 million pounds, that's about a third of their annual sales. Is that ultimately where you think you might have to get to in terms of volume on hand in terms of being able to sign off-take agreements down the road?

好的。另一方面，就庫存和實體購買而言，我認為就該交易而言，我們幾乎所有人都感到驚訝。你對你的評論可以補充更多，是嗎——就像，當我從 1000 萬英鎊到 1200 萬英鎊的庫存角度來看 Cameco 的庫存時，這大約是他們年銷售額的三分之一。您認為最終您可能必須達到現有數量才能簽署承購協議嗎？

No, look, they're completely different operations with completely different technical risks. So as you're aware, Cameco's mines are in the sandstone, requires freezing in order to keep the cavities open. We're in the hard rock. We drill a cavity into the hard rock, and it'll be open for 1,000 years.

不，看，它們是完全不同的操作，具有完全不同的技術風險。如您所知，Cameco 的礦場位於砂岩中，需要冷凍才能保持礦洞暢通。我們正處於堅硬的岩石之中。我們在堅硬的岩石上鑽一個洞，它會開放一千年。

So we have the flexibility to ramp production up and ramp production relative to market conditions at that time. We can afford having a far lower level of inventory on hand at any particular time, but during commissioning, having 2.7 million pounds on hand is very, very astute.

因此，我們可以靈活地提高產量，並根據當時的市場條件提高產量。我們可以承受在任何特定時間擁有低得多的庫存水平，但在調試期間，擁有 270 萬英鎊的庫存是非常非常精明的。

So it is a quantity which we have targeted and have acquired with a very sound technical and economic basis behind it to help launch the company into production at that time. So Cameco's inventory up until a couple of years ago was always over 30 million pounds representing entire year's production.

因此，我們已經確定了這一數量，並且已經獲得了背後非常完善的技術和經濟基礎，以幫助公司當時投入生產。因此，直到幾年前，Cameco 的庫存始終超過 3000 萬磅，相當於全年的產量。

I think that just goes to show the availability of supplies and fragility of supply is of -- mine supply is very, very high at the moment. And so I think whilst it may have surprized people, it is a function of a company going into production. I think in light of the market circumstances, which we have read very, very accurately since 2011, the astute nature and timing of that purchase will materialize in the near future.

我認為這只是表明供應的可用性和供應的脆弱性——目前我的供應非常非常高。因此，我認為雖然這可能會讓人們感到驚訝，但這是一家公司投入生產的功能。我認為，鑑於我們自 2011 年以來非常非常準確地了解的市場情況，這次購買的精明本質和時機將在不久的將來實現。

Yeah. And Orest, it's not -- so two things. I definitely wouldn't read any parallels or correlations between the percent of anyone else's production profile and how much inventory they hold and draw a correlation to therefore how much we need to hold or anything. As I said, we don't need to have any pounds to get a contract. It's not like there -- it's a requirement to get a contract. It's about optimizing what those contracts look like and we feel very comfortable with, again, this insurance policy, the amount that we have now to provide that to therefore optimize and maximize the value that those contracts that we do sign now represent, again, all the pounds that we have in the ground.

是的。奧雷斯特，這不是——所以有兩件事。我絕對不會閱讀其他人的生產概況百分比與他們持有的庫存量之間的任何相似之處或相關性，並與我們需要持有多少庫存或任何東西建立相關性。正如我所說，我們不需要任何英鎊來獲得合約。情況並非如此——這是獲得合約的要求。這是關於優化這些合約的外觀，我們對這份保險政策感到非常滿意，我們現在提供的金額是為了優化和最大化我們現在簽署的那些合約所代表的價值，再次，所有我們在地下的磅數。

But I guess, does 2.7 million pounds really make a difference at the end of the day given it's, call it, 10% of your annual sales? Like is that sufficient to actually move the needle with respect to giving utilities confidence?

但我猜想，考慮到 270 萬英鎊佔您年銷售額的 10%，最終真的會產生影響嗎？這是否足以真正改變公用事業公司的信心？

Yeah.

是的。

Yeah. Because the concern is not around once you're ramped up -- look, we're very confident in our ability to ramp up our mine. This isn't about our view on production, start-up risks or anything, this is just a perception that utilities could have or have around any new mine starting up that there are risks associated with that.

是的。因為一旦你的產能增加，這種擔憂就不再存在了——看，我們對我們提升礦山產能的能力非常有信心。這與我們對生產、啟動風險或其他任何事情的看法無關，這只是一種看法，即公用事業公司可能或周圍任何新礦啟動時都存在與此相關的風險。

And so having 2.7 million pounds, just again, it's an insurance policy. Like, if you get an insurance policy, you don't buy that and cover all the value of whatever you're insuring. This is about just that small window of time, say, three to six months when the mines ramping up for the first bit and just providing a bit of insurance around that to therefore, again, optimize the value of these contracts.

因此，擁有 270 萬英鎊，這又是一份保險單。就像，如果您獲得了一份保險單，您就不會購買該保險並承擔您所投保的所有價值。這大約只是一個很小的時間窗口，比如說三到六個月，當礦山開始第一階段生產時，只是提供一些保險，從而再次優化這些合約的價值。

Graham Tanaka, Tanaka Capital Management.

葛理翰‧田中 (Graham Tanaka)，田中資本管理公司。

So just wanted to understand, so trying to tie this all together, the establishing of inventory, I understand, is to help you stage create an inventory in hand and allow you to negotiate on stronger terms with utilities with greater confidence with inventory in hand even as you're starting up the mines.

所以只是想了解，所以試圖將這一切聯繫在一起，我理解庫存的建立是為了幫助您分階段創建現有庫存，並允許您與公用事業公司就更有利的條款進行談判，甚至對現有庫存更有信心當你開始開採礦山時。

So trying to understand what your timing was on purchasing at current prices and financing it with quasi equity, with a convertible? What were your alternatives? You could have waited. You could still wait and do this a year from now, or you could have done it a year ago? I'm just curious about your timing and what the current price and your outlook for prices in the future had to do with your timing? Thank you.

那麼，想了解一下您以當前價格購買並透過可轉換的準股權融資的時機是什麼？你有什麼選擇？你本來可以等待。你仍然可以等待一年後這樣做，或者你可以在一年前就這樣做？我只是好奇你的時機以及當前的價格和你對未來價格的展望與你的時機有什麼關係？謝謝。

Sure. Thanks, Graham. As in the call, it specifically relates to the fact that the contracting cycle for 2028 and beyond is now. That is what the utilities are focused on. And so when you're having those discussions for off-take in 2028 and beyond, it's relevant to buy the pounds now.

當然。謝謝，格雷厄姆。正如電話會議中所說，它特別涉及到 2028 年及以後的合約週期是現在這一事實。這就是公用事業公司關注的重點。因此，當您討論 2028 年及以後的承購問題時，現在就應該買入英鎊。

So yeah, we could have bought it earlier if we were just making a trade, because we're always very confident. The uranium price was going a lot higher and we think it's going to go significantly higher in the future at $92.50. It was, at the time we bought it, $93.85 on the spot market. 100,000-pound purchases over the last six months has resulted in, at times, greater than $1.50 increase in the spot price.

所以，是的，如果我們只是進行交易，我們本來可以更早購買它，因為我們總是非常有信心。鈾價大幅上漲，我們認為未來將大幅上漲至 92.50 美元。我們購買時，現貨市場價格為 93.85 美元。過去六個月購買 100,000 磅有時會導致現貨價格上漲超過 1.50 美元。

So if we'd bought those 2.7 million pounds on the spot market, the price probably would have got driven up to over USD120 a pound US based on those past transactions over the last six months. So we've bought them extremely astutely. With respect to the financing of it, in issuing a convertible debenture, it was at a 30% premium to our five-day VWAP, CAD14.80.

因此，如果我們在現貨市場上購買這 270 萬英鎊，根據過去六個月的交易情況，價格可能會上漲至每磅 120 美元以上。所以我們非常精明地購買了它們。在融資方面，發行可轉換債券比我們的五天成交量加權平均價格（14.80 加幣）溢價 30%。

So incredibly good use of an instrument which is on the identical terms to the one we've done with CEF, very successfully, QRC, very successfully and more recently with Soul Pattinson out of Australia. We're very -- it's not like your typical convertible, it's a bit of a hybrid that we developed with Warren Gilman, and it works very, very well for us and has worked very, very well in the past. And when it comes with voting alignment and it's with one party, we know exactly what we're dealing with, and it wasn't a drain on the current cash balance.

對一種樂器的使用非常好，與我們與 CEF 所做的相同，非常成功，QRC，非常成功，最近與澳大利亞的 Soul Pattinson 合作。我們非常——它不像典型的敞篷車，它有點像我們與沃倫·吉爾曼（Warren Gilman）開發的混合動力車，它對我們來說非常非常好，而且在過去也非常非常好。當涉及到投票一致性並且涉及某一黨派時，我們確切地知道我們正在處理什麼，並且這不會消耗當前的現金餘額。

So the other aspect too, like we're very, very cost conscious. We avoided the broker fee of USD10 billion in implementing that convertible as well. So it's a very successful transaction and it's actually -- whilst it was a 30-day -- a 30% premium to our five-day VWAP at the time, it was also a 33% premium to the raise we did in Australia only seven days beforehand. So that speaks for itself in terms of the strength of that financing.

另一方面，我們非常非常注重成本。在實施該可轉換債券時，我們也避免了 100 億美元的經紀費。所以這是一個非常成功的交易，實際上——雖然是 30 天——比我們當時 5 天的 VWAP 溢價 30%，也比我們在澳洲僅 7 天進行的融資溢價 33%提前幾天。因此，就融資的實力而言，這本身就說明了一切。

Well, I understand. And thank you very much for that explanation. Just curious, what the potential is for future equity raises should you deem the market attractive relative to what your needs might be on future expansion, whether it be for exploration, say, one or two of your other Patterson Corridor, or other opportunities become very ripe for development?

嗯，我明白了。非常感謝您的解釋。只是好奇，如果您認為市場相對於您未來擴張的需求而言具有吸引力，那麼未來股權融資的潛力是什麼，無論是為了探索，例如，您的其他帕特森走廊的一兩個，還是其他機會變得非常重要發展時機成熟了嗎？

I hope I'm not getting too far ahead of myself here, but what could be your additional capital requirements going forward? Or is this enough now to take you through full production as well as continuing exploration? Thank you.

我希望我沒有太過超前，但是您未來的額外資本要求可能是多少？或者現在這足以讓您完成全面製作並繼續探索嗎？謝謝。

This cash balance of just under cash and inventory, just under a CAD1 billion, plus with the debt expressions of interest, I think speaks for itself. It's far in excess of the CapEx that we need to take Rook I into production, receiving the federal permit. This new discovery would be a completely exclusive aspect which we're still in the very early days of understanding. It would be amazing, frankly, to have another Arrow on our hands. And if doing so, and if that's what eventuates, we'll navigate that financing accordingly.

我認為現金餘額略低於現金和庫存，略低於 10 億加元，加上債務利息表達，這是不言而喻的。這遠遠超出了我們將 Rook I 投入生產並獲得聯邦許可所需的資本支出。這項新發現將是一個完全獨特的方面，我們仍處於理解的早期階段。坦白說，如果我們手上有另一支箭，那就太棒了。如果這樣做，並且最終會發生這種情況，我們將相應地處理融資事宜。

I think whilst that may have shocked some investors, the close proximity of both of them, I hope today has explained the rationale behind it which reflects a company which is taking a mine into production, I'd just ask everyone to look at our history of financing along the way. We've done it in the most least dilutive manner every time at a very cost efficient manner every time in the context of the market.

我認為，雖然這可能令一些投資者感到震驚，但他們兩人的距離如此之近，我希望今天已經解釋了背後的基本原理，這反映了一家正在將礦山投入生產的公司，我只想請大家看看我們的歷史一路上的融資。在市場背景下，我們每次都以最具成本效益的方式以最少稀釋的方式做到這一點。

Very small discounts to the spot share price at the time, or at 30% premiums through the use of convertible. And whenever we do raise money, and if we do have another Arrow on our hands, it'll be the same discipline and approach that we've always exhibited. But in the short term, yeah, we are very, very well covered between what we have on hand, plus the debt that we're working on to more than adequately get Arrow into production.

與當時的現貨股價相比有非常小的折扣，或透過使用可轉換債券獲得 30% 的溢價。每當我們籌集資金時，如果我們手上確實有另一個箭頭，這將是我們一直表現出的同樣的紀律和方法。但在短期內，是的，我們已經非常非常好地涵蓋了我們現有的資源，加上我們正在努力使 Arrow 充分投入生產的債務。

Yeah. And Graham, if we (technical difficulty) which is a very exciting world, where this new discovery turns into the other Arrow, what we have in terms of the plans, the CapEx and all of that to build Arrow will stay what it is. Something new that comes along that we discover and looks like it can go into our mine and everything, that will likely come in later in the mine life.

是的。格雷厄姆，如果我們（技術難度）這是一個非常令人興奮的世界，這個新發現變成了另一個 Arrow，那麼我們在計劃、資本支出和建造 Arrow 的所有方面都將保持原樣。我們發現了一些新的東西，看起來它可以進入我們的礦場和一切，這些東西很可能會在礦場生活的後期出現。

So it's not like, say, this turns out to be another Arrow that -- I wouldn't think of it, or there's no way I'm thinking of it, where, all of a sudden the CapEx has doubled because we made a new discovery or something like that. It's really would come in later in the mine life and obviously all the infrastructure would be built to develop Arrow.

所以，這並不是說，這結果是另一個箭頭——我不會想到它，或者我根本不會想到它，資本支出突然增加了一倍，因為我們做了一個新發現或類似的東西。它確實會在礦山生活的後期出現，顯然所有基礎設施都將用於開發 Arrow。

So the timing of any future exploration in advance of even developing a second or third mine, should you be successful, would come when you are generating surplus cash flows anyway from the Rook I project. Correct?

因此，如果你成功的話，在開發第二或第三個礦井之前進行任何未來勘探的時機，都會在你從 Rook I 專案中產生剩餘現金流時進行。正確的？

Exactly, Graham. Look, I think as the geological evidence suggests, we didn't hit the big mother load on the very first drill hole back in 2014. This new discovery would suggest we've got a lot more mineralization on our hands. We've actually got significantly more mineralization at the bottom of Arrow that -- and in and around Arrow that we haven't fully defined on our balance sheet.

沒錯，葛拉漢。看，我認為正如地質證據所表明的那樣，我們在 2014 年的第一個鑽孔中並沒有達到大母負荷。這項新發現顯示我們手上有更多的礦化物。實際上，我們在阿羅底部以及阿羅內部和周圍的礦化程度明顯更高，而我們在資產負債表上尚未完全定義這些礦化程度。

But yeah, 3.5 kilometres away will come into the -- probably most likely come in during the end of the Arrow mine life, will be fully funded from the cash that's generated out of Arrow. So I think your perspective on no future equity requirements is very, very real.

但是，是的，3.5 公里之外的地方將進入——很可能在 Arrow 礦山壽命結束時進入，將完全由 Arrow 產生的現金提供資金。所以我認為你對未來沒有股權要求的看法是非常非常真實的。

That's great. Changing the subject a little bit, I just get some industry feedback that there are some more traditional suppliers in the industry that are not that confident, shall we say, that a pricing of long term contracts at market prices, quote unquote, would be acceptable to many utilities?

那太棒了。稍微改變一下話題，我只是得到一些行業反饋，業內有一些更傳統的供應商，我們可以說，他們不太有信心以市場價格（不帶報價）對長期合同進行定價是可以接受的許多公用事業公司？

So I'm just curious, in your discussions with utilities, how many utilities have you had discussions with that are leading to your being confident that you can actually sign multi-year contracts from a new mine that are going to be priced at market and what is the at-market going to be a function of? One or two or three market --- spot market entities or how are you going to set that market price? Thanks.

因此，我很好奇，在您與公用事業公司的討論中，您與多少公用事業公司進行了討論，使您有信心實際上可以從新礦山簽署多年期合同，這些合同將按市場定價，並且市場上的函數是什麼？一個或兩個或三個市場－現貨市場實體，或你將如何設定市場價格？謝謝。

Yeah. Well, Grant, just -- frankly, you've heard that from other companies in the sector, be it other companies or anonymous people on social media we are dealing with and only dealing with based on our discussions with utilities. So everyone's got an opinion.

是的。好吧，格蘭特，坦率地說，您已經從該行業的其他公司那裡聽說了這一點，無論是其他公司還是社交媒體上的匿名人士，我們正在與公用事業公司打交道，並且只是根據我們與公用事業公司的討論進行打交道。所以大家都有意見了。

It reminds me of Fortescue Metals Group back in the mid-2000s, developing a mine in between two majors. A lot of comments about, well, you can't do this, you can't do that. Analysts saying that they'll lie down on the railway tracks because there'll never be ore coming out from their mine. That happens. And I'll just encourage everyone to focus on the actual facts as we present them and we present the facts with full compliance with the rules and regulations under the securities legislation.

這讓我想起了 2000 年代中期的 Fortescue Metals Group，當時在兩個專業之間開發了一座礦山。很多評論說，嗯，你不能這樣做，你不能這樣做。分析人士稱，他們將躺在鐵軌上，因為他們的礦井永遠不會產出礦石。那個會發生。我只是鼓勵大家在我們陳述事實時專注於實際事實，並且我們陳述事實時完全遵守證券立法的規則和規定。

So that is evident. We're aware of it, but we're only going to continue to do. In fact and I'm telling you what our discussions are indicating, and that is what we're doing. But every situation is different. Our mine is completely different to whatever has existed before. It's got a far lower technical risk and hence it provides greater flexibility in terms of contracting and the contracting will be different. Every mine's contracts reflect its technical risk. Ours happens to have a lower one and so we're just leveraging that.

所以這是顯而易見的。我們知道這一點，但我們只會繼續這樣做。事實上，我告訴你們我們的討論顯示了什麼，這就是我們正在做的事情。但每種情況都不同。我們的礦井與以前存在的礦井完全不同。它的技術風險要低得多，因此在簽約方面提供了更大的靈活性，而且簽約方式也會有所不同。每個礦山的合約都反映了其技術風險。我們的恰好有一個較低的，所以我們只是利用它。

So if it's not common or hasn't been done in the past, so be it. We are about moving forward into the future and everyone's aware that the cost of pounds for a utility is such a small percentage of their overall operating cost. So the need in that sense is less weighted with ore coming from a project such as Rook I.

因此，如果它不常見或過去沒有做過，那就這樣吧。我們即將邁向未來，每個人都知道公用事業的英鎊成本只佔其整體營運成本的一小部分。因此，從這個意義上說，來自 Rook I 等項目的礦石的需求較少。

Yeah. And Graham, I think there's lots of other future suppliers which the world needs a lot more, future suppliers coming to production that are also undertaking this type of a strategy, which I think is helpful in moving the market and evolving the uranium market into something that has more transparency and liquidity. I think that's a good thing.

是的。格雷厄姆，我認為還有很多其他未來的供應商，世界需要更多，未來的供應商即將投入生產，他們也正在採取這種類型的策略，我認為這有助於推動市場並將鈾市場發展成某種東西。我認為這是一件好事。

And that, again, for us, I think we've also been clear that we're about maximizing the value of every pound that's produced. And so that's what we're about and to us, that means, yeah, understanding our technical risks, understanding our resulting cost profile, which is industry leading and low.

再說一次，對我們來說，我認為我們也很清楚，我們要最大化所生產的每一磅的價值。這就是我們的意義所在，對我們來說，這意味著，是的，了解我們的技術風險，了解我們由此產生的成本狀況，這是領先且較低的行業。

And so we're able to confidently and prudently expose ourselves, our stakeholders, our shareholders to those optimal outcomes in a rising price environment and subsequently be completely protected in a world where the uranium prices go down for whatever reason, both because of our cost structure but also because we will hold supply back then. And we have the ability to ramp production up and down very quickly because of the technical setting. So that is what we're targeting, and I think undeniably is in the best interest of all of our shareholders and stakeholders.

因此，我們能夠自信而審慎地讓我們自己、我們的利益相關者、我們的股東在價格上漲的環境中獲得最佳結果，並隨後在鈾價因任何原因下降的世界中得到完全的保護，這都是因為我們的成本結構，也因為我們屆時將控制供應。由於技術設置，我們有能力快速提高和降低產量。這就是我們的目標，我認為這無疑符合我們所有股東和利害關係人的最佳利益。

Great. Just another completely different subject, the debt financing, what do you envision roughly to be the total debt capital raise and what kind of interest rates are you assuming in your projections? We've seen a rise in the yield curve. I'm just curious, you're having discussions with the debt providers already, I'm sure. So I'm just wondering what kind of range that would be and to what extent that might have an influence on profitability going forward? Thanks.

偉大的。這是另一個完全不同的主題，即債務融資，您預計債務融資總額大致是多少，以及您在預測中假設的利率是多少？我們看到殖利率曲線上升。我只是很好奇，我確信你已經在與債務提供者進行討論了。所以我只是想知道這會是一個什麼樣的範圍，以及在多大程度上可能對未來的獲利能力產生影響？謝謝。

Yeah. We currently have USD1.4 billion in debt expressions of interest, the rates that we're experiencing, standard commercial rates that you're seeing, Graham. But we don't spend an extra dollar than we have to, but the interest coupon on the debt, considering it will be over such a short period of time, will not be material to the company.

是的。我們目前有 14 億美元的債務利息，我們正在經歷的利率，你看到的標準商業利率，格雷厄姆。但我們不會多花不必要的錢，但考慮到債務的利息是在如此短的時間內發生的，對公司來說並不重要。

So the debt decision is more driven by the structure, who it is with, and the -- and not having excessive penalties for early repayment. So that's our approach and our thinking around it.

因此，債務決策更多地取決於結構、債務人以及——並且不會對提前還款施加過高的處罰。這就是我們的方法和我們對此的思考。

And so, in other words, you're talking about debt terms not being long because the cash flows from the mine production will be able to pay off the debt pretty quickly. Correct?

因此，換句話說，您所說的債務期限並不長，因為來自礦山生產的現金流將能夠很快還清債務。正確的？

Incorrect.

不正確。

[Fred Berliner], Private Investor.

[Fred Berliner]，私人投資者。

Good morning. I am concerned that the whole complexion of the company has changed. You had a vast land holding of uranium and now you're going into the mining business, which is fraught with cost, fraught with unpleasant surprises, and you are now debt laden. I don't understand why at this point you would be gambling on the price of uranium when you can just sit there with a product in the ground and watch it rise. So please explain to me how you -- going into the mining business, it's just so difficult and for you to cross that divide, you have to have real expertise and experience and I don't know if you got it. So please enlighten me.

早安.我擔心公司的整體面貌改變了。你擁有大片鈾礦土地，現在你要進入採礦業，這充滿了成本，充滿了令人不快的意外，而且你現在負債累累。我不明白為什麼此時你會在鈾的價格上賭博，而你可以坐在那裡看著它上漲。所以請向我解釋一下你是如何進入採礦業的，這非常困難，要跨越這個鴻溝，你必須擁有真正的專業知識和經驗，我不知道你是否掌握了。所以請賜教。

Yeah. And good morning, Fred. Look, all valid risks of mining. Mining is not a simple endeavor, but everyone at the company has been in the business from very large mining companies to the smallest. And I would say, we've faced far greater challenges earlier on in our incorporation back in 2011 with actually just trying to find a discovery in the first place than what we have in front of us.

是的。早上好，弗雷德。看，挖礦的所有有效風險。採礦業並不是一項簡單的工作，但公司的每個人都曾從事過從大型採礦公司到最小採礦公司的業務。我想說的是，我們在 2011 年成立之初就面臨更大的挑戰，實際上我們一開始只是試圖找到比我們面前的發現更大的挑戰。

When we went out to the other side of the base and we were laughed at by some of the industry leaders saying, you'll never find economic mineralization out there, well, we have discovered the largest and most economic and environmentally elite mineralization that exists on the planet. We then got told, you'll never get a permit. Well, we got the provincial permit in the quickest time ever, and the first one in the last 20 years and the federal permit will be no different.

當我們走到基地的另一邊時，一些行業領導者嘲笑我們，說，你永遠找不到那裡的經濟礦化區，好吧，我們發現了現存最大、最經濟、最環保的礦化區在這個星球上。然後我們被告知，你永遠不會獲得許可證。好吧，我們以有史以來最快的速度獲得了省級許可證，這是過去 20 年來的第一個許可證，聯邦許可證也不會有什麼不同。

We have assembled the best of the best into the company and will continue to do so. We have partnerships with extraordinary organizations where we're going to be introducing additional innovation and optimizing efficiency and safety.

我們已經將最優秀的人才聚集到公司中，並將繼續這樣做。我們與傑出的組織建立了合作夥伴關係，我們將在這些組織中引入更多創新並優化效率和安全性。

So, yeah, you're quite right. Mining is a challenging game, no doubt about it, but our track record has demonstrated clearly that we understand exactly what we're doing, the risks and the opportunities, and we approach it in a manner which employs fact-based objectivity from all the relevant disciplines required to be successful.

所以，是的，你說得很對。毫無疑問，採礦是一項具有挑戰性的遊戲，但我們的業績記錄清楚地表明，我們準確地了解我們正在做的事情、風險和機遇，並且我們以基於事實的客觀性來處理它。所需的相關學科。

And so the permitting aspect, even when we're in production in the future, when we look back what was the biggest risk, it was always going to be around the permit because it's got the most variables and the most variable -- and the largest number of stakeholders involved. But we've already got the provincial permit and the federal permit is in the final stages and we look forward to that permit and getting just into construction.

所以在許可方面，即使我們將來在生產中，當我們回顧最大的風險時，它總是會圍繞著許可，因為它有最多的變數和最大的可變性——而且參與的利害關係人數量最多。但我們已經獲得了省級許可證，聯邦許可證正處於最後階段，我們期待獲得許可證並開始施工。

We're then narrowed down to just one aspect and we love nothing more than having everything in our control, and construction will predominantly be 100% in our control. So it's a very exciting time for investors. We're at a real inflection point, and the moment we receive that federal permit, we'll be constructing the mine and accelerating towards cash flows which will take us into a top 10 mining company worldwide.

然後我們將範圍縮小到只有一個方面，我們最喜歡的就是讓一切都在我們的控制之中，並且施工將主要 100% 在我們的控制之中。因此，對於投資者來說，這是一個非常令人興奮的時刻。我們正處於一個真正的轉折點，當我們獲得聯邦許可證時，我們將開始建造礦山並加速實現現金流，這將使我們躋身全球十大礦業公司之列。

So whilst you may not have seen NexGen as a brand constructor mine, the people within our organization has in their previous roles. And so we're very excited and energized more than ever for this next phase.

因此，雖然您可能沒有將 NexGen 視為品牌建立者，但我們組織內的人員仍擔任著先前的角色。因此，我們對下一階段比以往任何時候都更加興奮和充滿活力。

Yeah. And Fred, I might just add to, like, I think, it's important to put in context that this -- while this all sounds big, like a big mine going to produce lots of uranium, you're talking -- if this was a gold mine, you wouldn't have even heard about it in terms of the tons that were moving a day. Like, it's a very small physical mine, all conventional. And so, yeah, look, if we're developing a very complex mine, it's very large or complex, as I said, yeah, on a risk adjusted basis you got to consider those things.

是的。弗雷德，我可能會補充一點，就像，我認為，重要的是要考慮到這一點——雖然這一切聽起來很大，就像一個大礦將生產大量鈾，但你說的是— —如果這是一座金礦，就每天移動的噸數而言，你甚至不會聽說過它。就像，這是一個非常小的物理礦井，都是傳統的。所以，是的，看，如果我們正在開發一個非常複雜的礦山，它會非常大或複雜，正如我所說，是的，在風險調整的基礎上，你必須考慮這些事情。

But for us, we're building a very tiny, little conventional underground gold mine in a effectively granite hard rock setting using long-haul stoping and conventional processing at surface like -- except the difference obviously being the product that we're producing is extremely valuable and extremely strategic because it's actually an energy metal in the green energy transition. So yeah, mining is not easy, but the size of the prize here is enormous.

但對我們來說，我們正在一個非常小的傳統地下金礦，在一個有效的花崗岩硬岩環境中，使用長途採礦和地面常規加工——除了明顯的區別是我們生產的產品是極其有價值且極具戰略意義，因為它實際上是綠色能源轉型中的一種能源金屬。所以，是的，挖礦並不容易，但這裡的獎勵是巨大的。

[Reed Rubin], Private Investor.

[里德·魯賓]，私人投資者。

Good morning. On the mill, what is the budget for the completion of the mill and what will the annual capacity be and let me point out, as far as I know, there's only one mill in the lower 48.

早安.關於工廠，工廠竣工的預算是多少，年產能是多少，讓我指出，據我所知，下游 48 家工廠中只有一家。

Yeah. So as for the feasibility study of 2021 -- and hello, Reed, it's been a while since we've spoken, pre-COVID. So appreciate your support throughout here. Yeah. So, as per the feasibility study in 2021, the mill represented approximately a third of their overall CapEx. That's under -- that will need to be inflation adjusted and we'll provide those numbers at or around the end of Q2. There is one that -- yeah and we will be building a mill which has a capacity of 30 million pounds per annum output.

是的。至於 2021 年的可行性研究——你好，里德，自從我們在新冠疫情之前交談以來，已經有一段時間了。感謝您在這裡的支持。是的。因此，根據 2021 年的可行性研究，該工廠約佔其整體資本支出的三分之一。這需要進行通貨膨脹調整，我們將在第二季末或前後提供這些數字。有一個——是的，我們將建造一座年產量為 3000 萬磅的工廠。

30 mil per annum.

每年3000萬。

Yeah.

是的。

That's a fabulous mill. Thank you very much.

那是一座神奇的磨坊。非常感謝。

And there are no further questions at this time. I will turn the call back over to the CEO, Leigh, for closing remarks.

目前沒有其他問題。我會將電話轉回給執行長 Leigh，讓其致閉幕詞。

Thank you, Julie. Yeah. So I thank everyone for their time and interest and questions on today's call. We are incredibly excited about the balance of 2024 and as mentioned, this inflection point, as we look to conclude the federal permitting process with the CNSC.

謝謝你，朱莉。是的。因此，我感謝大家花時間、對今天的電話會議感興趣並提出問題。我們對 2024 年的餘下時間以及如上所述的這個拐點感到非常興奮，因為我們希望與 CNSC 完成聯邦許可程序。

Story is stronger than ever. Rook I went in production. We're going to be at the bottom of the cost curve and fully exposed to future uranium prices. The provincial permit is in place and the federal permitting is in the final stages and this uranium market is entering into a new, unprecedented era and NexGen is incredibly well-positioned, ready and leveraged to it all. So I thank you for your interest and look forward to our next call, the Q2 call for 2024. Thank you.

故事比以往任何時候都更強大。Rook 我投入生產。我們將處於成本曲線的底部，並完全受到未來鈾價格的影響。省級許可證已經到位，聯邦許可證已進入最後階段，這個鈾市場正在進入一個前所未有的新時代，而 NexGen 已做好了令人難以置信的有利定位、準備和槓桿作用。因此，我感謝您的關注，並期待我們的下一次電話會議，即 2024 年第二季電話會議。謝謝。

Ladies and gentlemen, this concludes today's conference call. You may now disconnect. Thank you.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線。謝謝。