Nexgen Energy Ltd (NXE) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the NexGen Energy's Q2 2024 financial results conference call. (Operator Instructions). This call is being recorded on Thursday, August 8, 2024.

早安，女士們、先生們，歡迎參加 NexGen Energy 2024 年第二季財務業績電話會議。（操作員說明）。此電話錄音於 2024 年 8 月 8 日星期四進行。

I would now like to turn the conference over to Mr. Leigh Curyer, CEO and Director of NexGen Energy. Please go ahead.

現在我想將會議交給 NexGen Energy 執行長兼董事 Leigh Curyer 先生。請繼續。

Thank you, Calvin. Welcome, and thank you, all, for joining NexGen's Q2 2024 update and financial results call. I'm Leigh Curyer, Chief Executive Officer of NexGen Energy. Joining me is Travis MacPherson, Chief Commercial Officer; and Benjamin Salter, Chief Financial Officer. We will be making forward-looking statements throughout the call, so please visit our website for any relevant disclaimers.

謝謝你，卡爾文。歡迎並感謝大家參加 NexGen 的 2024 年第二季更新與財務業績電話會議。我是 Leigh Curyer，NexGen Energy 執行長。與我一起的是首席商務官特拉維斯·麥克弗森 (Travis MacPherson)；和財務長本傑明·索爾特。我們將在整個電話會議中做出前瞻性聲明，因此請訪問我們的網站以獲取任何相關的免責聲明。

Since we last spoke in May, there have been exciting developments in advancing the Rook I project closer to production and actions within our industry that further underscore the need for a diversified and sustainable uranium supply chain, one that has more production capability and longevity in western jurisdictions, where there has been a tremendous underinvestment, with the exception of the few, in all of the aspects of the uranium industry for decades.

自從我們五月上次談話以來，在推進Rook I 項目更接近生產和我們行業內的行動方面取得了令人興奮的進展，這進一步強調了對多元化和可持續的鈾供應鏈的需求，該供應鏈在西方國家具有更強的生產能力和更長的壽命。

The uranium market continues to be dynamic, with demand for stable electricity in every country worldwide increasing, whilst on the nuclear fuel supply side, current production continues to labor, with significant production challenges regarding limited supply input availability, skilled labor, and simply mine lives nearing the end of their resource life.

鈾市場仍然充滿活力，世界各國對穩定電力的需求不斷增加，而在核燃料供應方面，當前的生產仍在繼續，在有限的供應投入、熟練勞動力和簡單的礦山壽命方面面臨著巨大的生產挑戰資源壽命即將結束。

During the quarter, additional factors arose, exacerbating these already significant supply side challenges. Movements largely influenced by legislative impacts, including taxation, (inaudible) current largest producers at Kazakhstan which simply results in their in-country production costs becoming higher, and additional geopolitical impacts, such as Indonesia canceling mining leases.

本季出現了更多因素，加劇了這些本已重大的供應方挑戰。變動很大程度上受到立法影響，包括稅收、（聽不清楚）哈薩克目前最大的生產國，這只會導致其國內生產成本變得更高，以及其他地緣政治影響，例如印尼取消採礦租賃。

The focus on securing long-term supply in the face of these ongoing challenges continues to manifest amid the growing supply deficit, which is currently estimated to be approximately 60 million pounds annually and growing to over 240 million pounds by 2040.

面對這些持續的挑戰，在供應缺口不斷擴大的情況下，對確保長期供應的關注繼續顯現，目前估計每年約為 6,000 萬磅，到 2040 年將增長到超過 2.4 億磅。

Long-term prices for uranium over the quarter continued to rise as demand continues to outpace supply and investment in the sector is nowhere near the run rate to ensure long-term supply stability, particularly as governments continue to reinforce their clean energy commitments as energy security concerns grow materially with the advent of energy-hungry data centers.

本季鈾的長期價格持續上漲，因為需求持續超過供應，且該產業的投資遠未達到確保長期供應穩定的運行速度，特別是在各國政府繼續強化清潔能源承諾以保障能源安全的情況下隨著高耗能資料中心的出現，人們的擔憂日益加劇。

The sector continues to receive a steady stream of positive news, reinforcing the global resurgence in nuclear energy demand. It has never been stronger and is simply growing.

該行業繼續收到源源不絕的正面消息，強化了全球核能需求的復甦。它從未如此強大，而且還在不斷增長。

In the United States, milestones include the Vogtle 4 reactor entering commercial operation, steps to boost advanced reactors, the Department of Energy's USD3.4 billion request for proposals to stockpile low-enriched uranium to provide a backup supplier to replace Russian imports, and the bipartisan support to enhance the US and its allied partners' capacity to enrich, convert, mine uranium in order to sustain the required nuclear power generation in the US.

在美國，里程碑事件包括 Vogtle 4 號反應爐進入商業運作、推進先進反應器的步驟、能源部 34 億美元徵求建議書以儲存低濃鈾以提供替代俄羅斯進口的備用供應商，以及兩黨支持增強美國及其盟國濃縮、轉化和開採鈾的能力，以維持美國所需的核能發電。

Other notable developments include the US Senate passing the ADVANCE Act and multiple initiatives to restart and extend the life of existing nuclear plants, including welcome turn around at Three Mile Island, the Palisades, and Indian point. Additionally, Canada announced the construction of its first small modular reactor in Saskatchewan, home of the Rook I project, and continues to make further investments in small modular reactor research while developing new nuclear engineering hubs.

其他值得注意的進展包括美國參議院通過了《提前法案》以及重啟和延長現有核電廠壽命的多項舉措，包括三哩島、帕利塞茲和印第安角核電廠的歡迎轉變。此外，加拿大宣佈在 Rook I 專案所在地薩斯喀徹溫省建造首個小型模組化反應堆，並繼續對小型模組化反應器研究進行進一步投資，同時開發新的核子工程中心。

Furthermore, we've seen signs that both Australia and Italy are contemplating lifting their bans of nuclear power. And several European countries, including France, Poland, and the UK, are currently expanding their nuclear capabilities.

此外，我們看到有跡象顯示澳洲和義大利都在考慮解除核電禁令。包括法國、波蘭和英國在內的一些歐洲國家目前正在擴大其核子能力。

South Korea, Japan, and India are also ramping up their nuclear energy programs, while other nations, Turkey, Saudi Arabia, and the Philippines, are exploring new nuclear project objectives. It's a remarkable global effort in the expansion and procurement of clean baseload power, while simultaneously decarbonizing energy generation.

韓國、日本和印度也在加強其核能計劃，而土耳其、沙烏地阿拉伯和菲律賓等其他國家正在探索新的核子項目目標。這是全球在擴大和採購清潔基荷電力、同時實現能源發電脫碳所做的一項非凡努力。

We're seeing significant activity in the market, particularly from the US and European utilities, aiming to reduce reliance on Russian suppliers and the revocation of uranium mining licenses in Niger and also ERA's Jabiluka mine, increasing the uncertainty of future suppliers. These actions further highlight the critical demand for uranium source from politically stable and sustainable regions, such as Saskatchewan, the US, and Australia.

我們看到市場上的重大活動，特別是來自美國和歐洲公用事業公司的活動，旨在減少對俄羅斯供應商的依賴，以及吊銷尼日爾和ERA 賈比盧卡礦的鈾礦開採許可證，增加了未來供應商的不確定性。這些行動進一步凸顯了薩斯喀徹溫省、美國和澳洲等政治穩定和永續發展地區對鈾來源的迫切需求。

Also supporting the growing need for uranium and a stable supply of nuclear energy, representatives at Google, Microsoft, OpenAI, and Meta continue to advocate for nuclear power sources to help meet the growing demand for low-carbon energy to power AI and the data centers. Both US Democratic and Republican leaders have recently advocated the US would rely heavily on nuclear power to meet the electrical demand growth from these data centers.

為了支持對鈾不斷增長的需求和核能的穩定供應，Google、微軟、OpenAI 和 Meta 的代表繼續倡導核能源，以幫助滿足為人工智慧和資料中心提供動力的低碳能源日益增長的需求。美國民主黨和共和黨領袖最近都主張美國將嚴重依賴核電來滿足這些資料中心的電力需求成長。

As the critical need for new uranium suppliers grows, we are advancing our Rook I project optimally and are in the final stages of federal approvals, having received both the acceptance of our federal license application as well as full provincial environmental assessment approval in September and November 2023, respectively. On June 21, 2024, the Canadian Nuclear Safety Commission concluded their 30-day completeness check of our May 2021 submission, which include responses to the remaining 49 aspects.

隨著對新鈾供應商的迫切需求不斷增長，我們正在以最佳方式推進Rook I 項目，並已於9 月和11 月收到聯邦許可證申請的接受以及省級環境評估的全面批准，目前正處於聯邦批准的最後階段分別為2023年。2024 年 6 月 21 日，加拿大核安委員會結束了對我們 2021 年 5 月提交的資料進行的為期 30 天的完整性檢查，其中包括對其餘 49 個方面的答复。

Technical review of this submission is now nearing completion. And we look forward to the CNSC confirming that all aspects are accepted, the EIS being deemed final, and the CNSC promptly setting the date for the federal commission hearing, the commission hearing date, and subsequent commission decision, representing the final stages of full approvals.

本次提交的技術審查現已接近完成。我們期待 CNSC 確認所有方面均被接受，EIS 被視為最終版本，CNSC 及時確定聯邦委員會聽證會的日期、委員會聽證會的日期以及隨後的委員會決定，這代表著全面批准的最後階段。

The project is strongly supported by indigenous nation partners, who have advocated many times publicly and directly for this project to be approved immediately. The project squarely fits with all of the government of Canada's targets with respect to critical minerals, indigenous engagement, and decarbonization, and will be instrumental to building Canada's place as the leading supplier of the cleanest baseload fuel source known to mankind.

該計畫得到了原住民合作夥伴的大力支持，他們多次公開直接呼籲該計畫立即獲得批准。該計畫完全符合加拿大政府在關鍵礦產、本土參與和脫碳方面的所有目標，並將有助於建立加拿大作為人類已知的最清潔基荷燃料來源的領先供應商的地位。

We are ready to commence wholesale construction activities immediately upon receipt of those federal -- or final federal approvals. And we'll be in production of approximately 40 months, 4-0 months, thereafter, bring online what is capable of being the world's largest uranium mine and one capable of generating in excess of CAD2 billion annually in free cash flow at current uranium prices.

我們準備在收到聯邦或最終聯邦批准後立即開始批發建設活動。我們將生產約 40 個月，此後 4-0 個月，將成為世界上最大的鈾礦並以當前鈾價每年產生超過 20 億加元的自由現金流。

We've made significant progress with the Rook I project this year. Procurement of critical path items are tracking well, including the temporary freeze plant which are now complete, in storage, and ready for shipment to site. Both the shaft infrastructure partner and hoist partner have been identified. And with final contractual terms being concluded, the team is ready to mobilize as soon as final permits are received.

今年我們的 Rook I 計畫取得了重大進展。關鍵路徑物品的採購進展順利，包括臨時冷凍工廠，該工廠現已完工，已入庫並準備運往現場。豎井基礎設施合作夥伴和提昇機合作夥伴均已確定。隨著最終合約條款的簽訂，團隊已準備好在收到最終許可後立即採取行動。

The remaining procurement plan for 2024 is consistent with previous communications and is predicated on optimizing the time of -- timing of financial commitments based on a combination of risk reduction, optimization of the projects' critical path, and capital spend efficiency to maintain a ready state to commence construction upon receipt of requisite final federal approvals. We've completed enhanced site infrastructure on and around the site in preparation for full construction to commence upon final federal approval.

2024 年剩餘採購計畫與先前的溝通一致，並且基於降低風險、優化專案關鍵路徑和資本支出效率的組合，優化財務承諾的時間，以保持就緒狀態在收到必要的最終聯邦批准後開始施工。我們已經完成了現場及其周圍增強的現場基礎設施​​，為在聯邦政府最終批准後開始全面施工做好準備。

Last week, we provided updated feasibility study economic estimates for the Rook I project. The updated estimates place Rook I as one of the world's elite resource projects economically, whilst delivering elite environmental performance throughout its life cycle and on closure, alongside industry-leading local community aspects and outcomes, incorporating USD95 a pound.

上週，我們提供了 Rook I 計畫最新的可行性研究經濟估算。更新後的估算將 Rook I 列為世界經濟上的精英資源項目之一，同時在整個生命週期和關閉時提供精英的環境績效，以及行業領先的當地社區方面和成果，每磅 95 美元。

The NPV of the project increased to CAD6.3 billion. And the payback period remained consistent at approximately 12 months, whilst incorporating CapEx adjustments to CAD2.2 billion or USD1.58 billion and an OpEx increase to USD998 per pound, related to inflation and enhanced environmental performance. This is supported by advancing from 18% as per the feasibility study to 45% through the completion of front-end and engineering design.

該項目的淨現值增至63億加元。投資回收期維持在約 12 個月，同時將資本支出調整為 22 億加元或 15.8 億美元，營運支出增加至每磅 998 美元，這與通貨膨脹和環境績效的提高有關。透過完成前端和工程設計，這一比例從可行性研究的 18% 提高到 45%。

As guided, this increase includes approximately CAD320 million due to inflation and approximately CAD590 million for design enhancements, improving the efficiency, operating flexibility, and operability of the mine. The mine life from a production profile are entirely consistent with the 2021 feasibility study. Importantly and uniquely, included in the cost for the project, are reclamation liabilities being incurred throughout the mine life.

根據指導，這一增長包括因通貨膨脹而增加的約 3.2 億加元，以及因設計改進、提高礦山效率、營運靈活性和可操作性而增加的約 5.9 億加元。生產概況中的礦山壽命與 2021 年可行性研究完全一致。重要且獨特的是，在工程成本中包含了整個礦山生命週期中產生的複墾負債。

This total is approximately CAD900 million and will lead the project with the full estimate on closure of CAD70 million, which is a fraction of that of other projects in Canada, where liability is significant and at the time, multiple decades taken to reclamate, such was the case at Cluff Lake. This aspect is one of the many elite design and industry innovative approaches the company is committed to investigate and subsequently, materialize.

該總額約為9 億加元，預計該項目的竣工費用為7,000 萬加元，這只是加拿大其他項目的一小部分，因為加拿大的責任重大，而且當時需要數十年的時間進行填海造地，例如克拉夫湖的案件。這是該公司致力於研究並隨後實現的眾多精英設計和行業創新方法之一。

This approach will be applied throughout its operational phase with further advancements in technology and innovation, with the objective of having as few persons underground as achievable through the use of remote sensing and operation technology, which delivers optimal operation and safety performance. NexGen is going further in mining safety and production efficiency than has ever been seen before.

隨著技術和創新的進一步進步，這種方法將應用於整個營運階段，目標是透過使用遙感和操作技術，盡可能減少地下人員數量，從而實現最佳的操作和安全性能。NexGen 在採礦安全和生產效率方面取得了前所未有的進步。

Further, this updated cost reflects the advanced stage of the project with the site enhancements over the first half of 2024, incorporating a doubling of the accommodation, support for exploration and development activities, and road maintenance in readiness for heavy-haulage transportation on the successful receipt of federal approvals.

此外，更新後的成本反映了該項目已進入後期階段，2024 年上半年進行了現場改進，包括住宿加倍、支持勘探和開發活動以及為重型運輸運輸做好準備的道路維護。

This has been achieved side by side with our local community partners, who are currently contributing in the direct-to-own partnership to 82% of Rook I site services and commerce. Rook I is ready to begin major construction upon receipt of final approvals, with identification engagement of the industry experts in shaft sinking, infrastructure, underground development in place.

這是我們與當地社區合作夥伴共同實現的，他們目前正在直接合作夥伴關係中為 82% 的 Rook I 網站服務和商業做出貢獻。Rook I 已準備好在收到最終批准後開始重大建設，並聘請了鑿井、基礎設施、地下開發方面的行業專家進行鑑定。

Early-stage construction aspects are fully engineered and designed. The team continues to work towards further optimization, such as enhanced recoveries, energy initiatives through kinetic heat recovery, and increased automation of material handling and processes.

早期施工方面已經過全面工程和設計。該團隊繼續致力於進一步優化，例如提高回收率、透過動熱回收實現能源計劃以及提高材料處理和流程的自動化程度。

To exploration. In March, we announced a new greenfield discovery on Patterson Corridor East, PCE, 3.5 kilometers east of Arrow on our 100%-owned SW2 Rook I property. We continue to build on these positive results with this morning announcing very exciting preliminary summer drilling results.

去探索。3 月份，我們宣佈在 PCE 帕特森走廊東 (Patterson Corridor East) 發現新的綠地，位於 Arrow 以東 3.5 公里處，位於我們 100% 擁有的 SW2 Rook I 礦區。我們繼續以這些積極成果為基礎，今天早上宣布了非常令人興奮的夏季初步鑽探結果。

To date, 8 of 12 summer drill holes intersected mineralization, which is indicating a large mineralized footprint with remarkable continuity. Referencing figures one and two in this morning's news release, the footprint of PCE is currently larger than Arrow's at the same stage of meters drilled, with the geological setting indicating a tremendously prospective basement-hosted system with many geological similarities to Arrow.

迄今為止，12 個夏季鑽孔中有 8 個與礦化層相交，這表明礦化足跡較大且具有顯著的連續性。參考今天早上新聞稿中的圖一和圖二，PCE 的足跡目前比Arrow 在同一階段鑽探的米還要大，其地質環境表明這是一個極具前景的地下室託管系統，與Arrow 具有許多地質相似性。

In the first 15 holes at Arrow, mineralization was defined over 550 meters vertical extent, 500-meter strike length, and 150 meters width. PCE already exhibits broader vertical and strike lengths of 600 meters and 400 -- 600 meters and 540 meters, respectively, with the width currently of 75 meters.

在 Arrow 的前 15 個洞中，礦化範圍被定義為垂直範圍超過 550 公尺、走向長度為 500 公尺、寬度為 150 公尺。PCE 已經展示出更寬的垂直長度和走向長度，分別為 600 米和 400 - 600 米和 540 米，目前寬度為 75 米。

Further, there is the presence of intense mineralization greater than 61,000 counts per second, which is the ultra-high-grade mineralization in four holes at PCE. Whereas at Arrow at the same stage, we have not intersected that until AR-14-15, the 15 cold drilled, which then led to the vectoring in and discovery of the A2 high-grade heart, which represents approximately 180 million pounds at just under 20% of average grade.

此外，還存在每秒超過61,000次的強烈礦化，這是PCE四個孔中的超高品位礦化。而在同一階段的 Arrow，我們直到 AR-14-15（第 15 顆冷鑽）才與之相交，然後引導並發現了 A2 高級心臟，該心臟在僅低於平均成績的20%。

When you consider the combination of these broad-spaced holes at PCE and the similarities to Arrow, the growth potential here is obvious. The drilling program at PCE is now specifically targeting two aspects: continued broad space drilling to define the extent of mineralization; and two, vectoring into the ultra-high-grade zones within the area of mineralization.

當你考慮到 PCE 上這些大間距漏洞的組合以及與 Arrow 的相似之處時，這裡的成長潛力是顯而易見的。PCE 的鑽探計劃目前專門針對兩個方面：持續進行大空間鑽探以確定礦化範圍；第二，進入礦化區域內的超高品位帶。

Discoveries of the caliber of Arrow will take their own path in terms of time and extent of drilling to fully define a world-class ore body. PCE is now commencing its path, showing all the characteristics of Arrow at the same stage.

Arrow 層級的發現將在時間和鑽探範圍方面走自己的路，以完全確定世界級礦體。PCE現在開始了它的道路，在同一階段展示了Arrow的所有特徵。

PCE validates the continued prospectivity of the NexGen land package is incredibly immense and underpins the southwest section of the Athabasca Basin as the future of Canada's uranium industry's growth from the latter part of this decade and throughout the balance of this century.

PCE 證實了 NexGen 土地包的持續前景非常巨大，並支撐阿薩巴斯卡盆地西南部作為加拿大鈾工業從本十年後半葉到本世紀餘下時間增長的未來。

Our summer drilling program is likely to be extended into the winter, incorporating a short break during the change of seasons. And more information regarding this will be disseminated once approved. We look forward to answering any questions the audience may have at the conclusion of this report on these exciting results.

我們的夏季鑽探計劃可能會延長到冬季，並在季節變化期間進行短暫的休息。有關此的更多資訊將在獲得批准後發布。我們期待回答觀眾在本報告結束時對這些令人興奮的結果可能提出的任何問題。

We are also progressing negotiations with the utilities, and we'll advance this post the WNA in London this September. On the back of the uranium purchase NexGen undertook, multiple new utilities have approached NexGen seeking uranium supply from 2028 and beyond, as well as there has been a material increase in the project from a variety of financiers.

我們也正在與公用事業公司進行談判，並將於今年 9 月在倫敦召開的 WNA 會議上推進這項工作。在 NexGen 進行鈾採購之後，多家新的公用事業公司已與 NexGen 接洽，尋求 2028 年及以後的鈾供應，並且各金融家對該項目的投入也有所增加。

The current and future scarcity of uranium in the market cannot be understated and hence, why we remain steadfast in our contracting approach on maximizing leverage to future prices. We will only contract on terms that reflect the sustainable price to encourage and promote a more diversified Western world mine supply platform, this assessed price being substantially higher than the current uranium prices when considering the economics and permitting hurdles on Western world advanced development projects.

市場上當前和未來的鈾稀缺性不容低估，因此，我們仍然堅定地採取承包方式，以最大限度地提高未來價格的槓桿率。我們只會按照反映可持續價格的條款簽訂合同，以鼓勵和促進西方世界更加多元化的礦山供應平台，考慮到西方世界先進開發項目的經濟性和許可障礙，這一評估價格大大高於當前的鈾價。

I'd like to take the opportunity to highlight and remind the audience, profitable uranium projects in the Western world are straight up scarce. Those currently in production are either making raises in returns and in some cases, losses. And those proposed to face the toughest development and permitting challenges in the entire resources sector.

我想藉此機會強調並提醒觀眾，西方世界有利可圖的鈾計畫非常稀缺。目前正在生產的企業要么增加了回報，要么在某些情況下出現了虧損。以及那些提議面臨整個資源領域最嚴峻的開發和許可挑戰的國家。

NexGen, being at the conclusion of the permitting process, has the most recent and first-hand experience of what is involved. It cannot simply be assumed -- and history will support us on this -- that all stated uranium development projects will move into production as forecasted or possibly at all.

NexGen 已完成授權流程，對所涉及的內容擁有最新的第一手經驗。不能簡單地假設——歷史將支持我們這一點——所有規定的鈾開發項目都將按預測投入生產或可能根本投入生產。

A significant component of permitting success is dependent on multiple factors: economic, technical, environmental, skilled and experienced labor, stakeholder engagement, all facets which have to be met prior to a single pound being produced. There are currently less than a handful of projects located in Canada, the US, and Australia capable of reaching production within five years from now and at the current prices.

成功的一個重要組成部分取決於多種因素：經濟、技術、環境、熟練且經驗豐富的勞動力、利害關係人的參與，以及在生產一磅之前必須滿足的所有方面。目前，位於加拿大、美國和澳洲的計畫能夠在五年內以當前價格實現投產的項目屈指可數。

To the financial section. As for the financial statements and disclosures released just prior, at the end of the second quarter ending June 30, 2024, NexGen has approximately CAD570 million in cash, having raised CAD346.5 million during the first half of 2024 and CAD340 million in uranium on our balance sheet. CAD161 million is budgeted spend for the full-year 2024 covering site program, engineering, procurement of long-lead-time items, project development costs, exploration, permitting, community programs, and training.

到財務部分。至於先前發布的財務報表和披露信息，截至2024 年6 月30 日的第二季度末，NexGen 擁有約5.7 億加元現金，在2024 年上半年籌集了3.465 億加元，在2024 年上半年籌集了3.4 億加幣的鈾。2024 年全年預算支出為 1.61 億加元，涵蓋現場計劃、工程、長週期項目採購、項目開發成本、勘探、許可、社區計劃和培訓。

Cash G&A for the quarter was $11.03 million, inclusive of some of the one-off costs associated with the capital raising proceeds of $346.5 million. Full-year 2024 G&A forecast to represent less than one-fifth of those total expenditures for the year, in supporting a workforce approaching 100 persons and up to another 50 consultants and service providers engaged across all activities, totaling CAD161 million, all focused in readying that for final approval and subsequent commencement of construction and once in operation, generating over CAD2 billion free cash flow.

本季現金管理費用為 1,103 萬美元，其中包括與 3.465 億美元融資收益相關的一些一次性成本。 2024 年全年一般管理費用預計不到今年總支出的五分之一，用於支援近 100 名員工以及參與所有活動的另外 50 名顧問和服務提供商，總計 1.61 億加元，所有這些都集中在準備最終批准和隨後開工並投入營運後，將產生超過20 億加元的自由現金流。

As we work to advance the Rook I project, we maintain high standards for our sustainability practices and corporate governance. In May, we released an annual sustainability report. The report marks the fourth year NexGen has reported the company's robust environmental, social, and governance profile and is in accordance with Global Reporting Initiative, GRI.

在我們努力推進 Rook I 專案的過程中，我們保持永續發展實踐和公司治理的高標準。五月，我們發布了年度永續發展報告。該報告標誌著 NexGen 報告該公司穩健的環境、社會和治理概況的第四年，並且符合全球報告倡議組織 (GRI) 的要求。

Highlights include expanded training and education programs, launching groundbreaking unprecedented partnerships in local industry, education institutions, and communities to offer trade training and certification for the creation of a strong and thriving workforce in the local community adjacent to the Rook I project.

重點包括擴大培訓和教育計劃，在當地工業、教育機構和社區建立開創性的前所未有的合作夥伴關係，提供貿易培訓和認證，以便在Rook I 項目附近的當地社區建立一支強大而蓬勃發展的勞動力隊伍。

These programs resulted in more than 300 students and community members participating throughout 2023, of which 39% were female and 99% indigenous. We anticipate approximately 400 participants for our 2024 programs and expect 100% of the participants to be indigenous.

2023 年，共有 300 多名學生和社區成員參與了這些計劃，其中 39% 是女性，99% 是原住民。我們預計 2024 年的計畫將有大約 400 名參與者，並且 100% 的參與者都是原住民。

Diverse top-tier talent. We've fostered a diverse, safe work environment, where everyone is treated with respect. Our commitment to community development training is exemplified by 80% of site employees in 2023 being local community members residing in the local priority area.

多元化的頂尖人才。我們創造了一個多元化、安全的工作環境，每個人都受到尊重。我們對社區發展培訓的承諾體現在，到 2023 年，80% 的現場員工是居住在當地優先區域的當地社區成員。

Furthermore, in comparison to industry standards, let's say, 16% female employees, 34% of NexGen personnel were female in 2023. And with Susannah Pierce joining our Board, women now represent 30% of our directors.

此外，與業界標準相比，假設 2023 年，女性員工比例為 16%，NexGen 員工中女性比例為 34%。隨著 Susannah Pierce 加入我們的董事會，女性董事現在佔了 30%。

Local careers and procurement through the four benefit agreements with our nation partners, mechanisms are in place to ensure procurement opportunities are communicated transparently and well in advance to allow for maximum local supply chain participation, with the result being 82% of procurement for Rook I site going through our nation partners. The key to this positive outcome is the continuation and growth of training initiatives for local priority area community members. And that is something the company is incredibly proud of.

透過與我們國家合作夥伴簽訂的四項福利協議，建立本地職業和採購機制，確保採購機會提前透明溝通，以實現最大程度的本地供應鏈參與，從而實現 Rook I 基地 82% 的採購通過我們的國家合作夥伴。這項積極成果的關鍵是對當地優先地區社區成員的培訓活動的持續和發展。這是該公司感到無比自豪的事。

Our dedicated team, along with our valued indigenous partners, shareholders, government and regulatory partners should all be credited with how we are working collectively through the approvals, all in the service of bringing the largest single-source uranium deposit to production this decade.

我們的敬業團隊以及我們尊貴的本土合作夥伴、股東、政府和監管合作夥伴都應該對我們如何通過批准進行集體工作表示感謝，所有這些都是為了將本十年最大的單一來源鈾礦投入生產。

As we look forward -- as we look to the second half of 2024, our focus is on finalizing the federal permitting process to advance the Rook I project that is poised to have a positive impact on both the economy, the environment, local communities, and generating generational benefits.

展望 2024 年下半年，我們的重點是完成聯邦許可程序，以推進 Rook I 項目，該項目預計將對經濟、環境、當地社區、並產生代際效益。

With current mine supplier having never been more fragile and the growing deficit, we're acquiring more than five Rook I site projects to be found, permitted, financed, and constructed over the next 20 years. We'll continue to lead the industry with our innovative approach and steadfast dedication to excellence in all aspects of mine development.

由於目前的礦場供應商從未如此脆弱且赤字不斷增加，我們將收購五個以上的 Rook I 場地項目，以便在未來 20 年內尋找、批准、融資和建設。我們將繼續以我們的創新方法和在礦山開發各個方面追求卓越的堅定奉獻來引領行業。

Now let's transition into the Q&A, and I look forward to all the questions that the audience may have. Over to you, moderator.

現在我們進入問答環節，期待觀眾提出的所有問題。交給你了，主持人。

(Operator Instructions) Andrew Wong, RBC Dominion Securities.

（操作員指示）Andrew Wong，RBC Dominion 證券。

Hey, good morning. Thanks for taking my question. So Leigh, I was curious, like, what are your thoughts on how the Patterson Lake area should be developed in the future? I mean, it's pretty clear that there's a lot of uranium in the area. It's very high prospective.

嘿，早安。感謝您提出我的問題。Leigh，我很好奇，你對帕特森湖地區未來應該如何開發有什麼想法？我的意思是，很明顯該地區蘊藏大量鈾。前景非常高。

You have the PLS project just come across the lake from Rook I. So does it make sense to develop these areas separately? Or could they be developed together to share infrastructure and capital to maybe be more efficient?

PLS 專案剛剛與 Rook I 隔湖相望。或者它們可以一起開發以共享基礎設施和資本，從而提高效率嗎？

Yeah. That's a good question. And look, with respect -- I can only really answer for ourselves. We are very focused, as you know, having discovered this project in February of 2014. And it clearly looks like we're on to another magnificent discovery. This area is going to be the future growth of Canada's uranium industry.

是的。這是個好問題。恕我直言，我只能為自己回答。如您所知，我們在 2014 年 2 月發現了這個項目，因此非常專注。顯然，我們即將迎來另一個偉大的發現。該領域將成為加拿大鈾工業未來的成長點。

Look, we are obviously clearly advanced in our project. We are looking forward to the federal approvals. And we've built this or rather designed this project to service ore from nearby deposits as well, obviously, clearly subject to subsequent approval, federal permitting and provincial permitting aspects.

看，我們的專案顯然已經取得了進展。我們期待聯邦政府的批准。我們已經建造了這個項目，或者更確切地說，設計了這個項目，以便為附近礦床的礦石提供服務，顯然，這顯然需要隨後的批准、聯邦許可和省許可方面。

How it's optimally done or accessing ore from other projects coming into our mine site, remains to be seen. There's clearly some synergies for those other deposits to access the Rook I mill. And at the appropriate time, those discussions will be had, and if concluded, we'll go through that.

如何以最佳方式完成或如何從其他項目獲取進入我們礦場的礦石，還有待觀察。顯然，這些其他礦床進入 Rook I 工廠會產生一些協同效應。在適當的時候，我們將進行這些討論，如果結束，我們將進行討論。

But we're focused on our Arrow deposit first. Obviously, mineralization is in and around Arrow. And everyone is aware that Arrow is open at depth as well on the basis that PCE shapes into something similar to Arrow. Well, we're going to be very busy for many, many decades, just focus on our own work.

但我們首先關注的是 Arrow 存款。顯然，礦化作用位於阿羅及其周圍。大家都知道Arrow在深度上也是開放的，在PCE塑造成類似Arrow的基礎上。嗯，我們會很忙很多很多年，只專注於自己的工作。

So yeah, it's a good question, Andrew. We -- as I said, I can only really answer it from our perspective based on what we have in the company's portfolio as we speak.

是的，這是一個很好的問題，安德魯。正如我所說，我們只能根據我們在發言時公司投資組合中所擁有的內容，從我們的角度真正回答這個問題。

Okay. That's all fair. Maybe just switching a little bit on the strategy around selling and marketing uranium. I think you've been pretty clear that you have plans to sell through contracts that may be a shorter duration and give you 100% market-related pricing.

好的。這很公平。也許只是稍微改變一下銷售和行銷鈾的策略。我認為您已經非常清楚地表明，您計劃透過期限可能較短的合約進行銷售，並為您提供 100% 與市場相關的定價。

And I'm just curious, as you have more conversations with potential utility customers and others in the industry, has that evolved over time, and if there's anything that's changed? Thanks.

我只是很好奇，隨著您與潛在的公用事業客戶和業內其他人進行更多的對話，這種情況是否隨著時間的推移而發生了變化，是否有任何變化？謝謝。

Yeah. Just to clarify that -- sorry, Travis.

是的。只是為了澄清這一點——對不起，崔維斯。

Go ahead, Leigh.

繼續吧，利。

Yeah. I might start and then hand over to Travis. But what would be -- just to clarify what we have said and is on public record, we will sell under contract with pricing mechanisms to be heavily weighted to market prices at the time of delivery.

是的。我可能會開始，然後交給特拉維斯。但是，為了澄清我們所說的和公開記錄的內容，我們將根據合約進行銷售，定價機制將在交付時嚴重考慮市場價格。

And that is what we are pursuing, and that will be a transition over a period of time. And I can say the number of inbound calls that we have as a company from utilities looking to undertake offtake agreements with us from 2028 and beyond, while we've had our busiest year yet.

這就是我們所追求的，這將是一段時間內的過渡。我可以說，作為一家公司，我們接到了來自公用事業公司的大量來電，希望從 2028 年及以後與我們簽訂承購協議，儘管我們已經度過了迄今為止最繁忙的一年。

And what is very pleasing to us is that it's new utilities over and above that we've had conversations with in the past. So our strategy is on track, and we're getting a very good sound board from the utilities with respect to that strategy. Travis?

令我們非常高興的是，這是我們過去與之交談過的新公用事業公司。因此，我們的策略正在步入正軌，並且我們從公用事業公司那裡得到了關於該策略的非常好的意見。崔維斯？

Yeah. I might just add that the discussions with the utilities are progressing well. Lots and lots of interest, I would say, growing interest globally.

是的。我想補充一點，與公用事業公司的討論進展順利。我想說，很多很多的興趣，全球範圍內不斷增長的興趣。

As Leigh mentioned earlier, it will be focused on the second half of the year post the WNA kind of after the summer break, although we are busy in the summer actually on this front, which is a bit unique in our experience. The summer tends to be a slower time but continues to progress on NexGen front with these utilities.

正如Leigh之前提到的，它將集中在WNA之後的下半年，也就是暑假之後，儘管我們在夏天實際上在這方面很忙，這在我們的經歷中有點獨特。夏季往往會比較緩慢，但這些公用事業在 NexGen 方面繼續取得進展。

And as we mentioned, we're not seeing any material concerns or anything. It's part of a transition part of negotiations that I think are -- and then all the macro tailwinds that Leigh talked about, they're all playing in favor of this -- of us being able to optimize every pound that we produce dependent on how many pounds we produce. And I think that is being recognized.

正如我們所提到的，我們沒有看到任何實質問題或任何問題。我認為這是談判過渡部分的一部分——然後利談到的所有宏觀順風，它們都在支持這一點——我們能夠根據如何優化我們生產的每一磅產品。我認為這一點正在得到認可。

Okay, that's great. Thank you for all that.

好的，太好了。謝謝你所做的一切。

Katie Lachapelle, Canaccord Genuity Group.

凱蒂·拉查佩爾 (Katie Lachapelle)，Canaccord Genuity 集團。

Hi, guys. Thanks for taking my question, and congrats again on today's exploration update. I was just wondering if you could comment further on M&A. Clearly, you're in a position now where you could push forward and build Arrow yourself.

嗨，大家好。感謝您提出我的問題，並再次祝賀今天的探索更新。我只是想知道您是否可以對併購進一步發表評論。顯然，您現在可以自己推動並建立 Arrow。

But you are nearing the end of the federal approval process. And that does seem like a key trigger for a potential acquisition if someone did have interest in Arrow. So I know you're probably restricted what you can say, but any further color in terms of any interest that you are seeing in Arrow specifically?

但聯邦審批程序已接近尾聲。如果有人確實對 Arrow 感興趣，這似乎確實是潛在收購的關鍵觸發因素。所以我知道你可能會限制你能說的話，但是就你在《綠箭俠》中看到的任何興趣而言，還有什麼進一步的顏色嗎？

Yeah. Thanks, Katie. Yeah, I mentioned on -- during the transcript that we've had increased interest from various sources of -- financiers. Look, the -- given the nature of the project, it's clearly on the radar of anyone who's in the production of energy fuel and clearly on the radar of anyone who's in mining.

是的。謝謝，凱蒂。是的，我在記錄中提到，我們對各種來源的金融家的興趣增加。看，考慮到該項目的性質，它顯然引起了任何能源燃料生產者和採礦者的注意。

The big majors out there have all been very open about transitioning their portfolios towards heavier weighting to clean energy metals with strong ESG profiles in politically stable jurisdictions. NexGen ticks all of those boxes very, very strongly.

各大巨頭都非常開放地將其投資組合轉向在政治穩定的司法管轄區具有較強 ESG 特徵的清潔能源金屬。NexGen 非常非常強烈地滿足了所有這些要求。

The permit, though, we got the first provincial permit in over 20 years. Subsequently, there hadn't been one in over 20 years federally. So it's a very big gate for NexGen to walk through, and it's approaching quickly. So I think it's fair to say that the interest or their preparedness to act may elevate post-federal approval.

不過，我們獲得了 20 多年來的第一份省級許可證。隨後，聯邦20多年來沒有再出現過這樣的情況。所以對於 NexGen 來說，這是一個非常大的大門，而且它正在快速接近。因此，我認為可以公平地說，他們的興趣或採取行動的準備可能會提高聯邦政府批准後的支持率。

But as I've always said, we always approach this project on the basis that -- and you've seen that in the feasibility study. We will be the ones closing the mine down; well, that is if we are still alive. But -- and so we continue on that process on a daily approach of optimizing this project in every aspect, and we'll continue to do so.

但正如我一直在說的，我們總是基於這一點來處理這個專案——你已經在可行性研究中看到了這一點。我們將是關閉礦井的人；好吧，那就是如果我們還活著的話。但是——所以我們繼續以日常方法在各個方面優化這個項目，我們將繼續這樣做。

But to answer your question, yes, there is an increase in interest. But how that eventuates, we will see.

但要回答你的問題，是的，興趣增加。但這最終會如何，我們拭目以待。

Awesome. That's all from me, guys. Thank you.

驚人的。這就是我的全部內容，夥計們。謝謝。

Craig Hutchison, TD Securities.

克雷格‧哈奇森 (Craig Hutchison)，道明證券。

Hi, good morning, guys. Just on the CapEx increase for Arrow, CAD2.2 billion, does that include any early works, or is that separate? And I think you mentioned in your opening remarks about CAD161 million budget for this year. Just any kind of context in terms of whether that includes early works.

嗨，早上好，夥計們。僅就 Arrow 的資本支出增加而言，即 22 億加元，這是否包括任何早期工作，還是單獨的？我想您在開場白中提到了今年 1.61 億加元的預算。任何類型的背景，無論是否包括早期作品。

And then maybe just as a follow-up, the CAD590 million of increased CapEx and enhancements, can you just provide some more color in terms of what those enhancements are? Thanks.

然後，也許作為後續行動，增加 5.9 億加元的資本支出和增強功能，您能否提供更多有關這些增強功能的資訊？謝謝。

Yeah. I'll start the first part of that, Craig. The CAD161 million only includes items that we're permitted to do currently. So it's -- and then on top of that, there's things such as long-lead-time items that we've ordered and paid deposits on, that we have yet to take delivery of and won't take delivery until the final federal approvals.

是的。我將開始第一部分，克雷格。1.61 億加元僅包括我們目前獲準從事的項目。所以，最重要的是，我們已經訂購並支付了定金的長期交貨期物品，我們尚未提貨，並且在聯邦最終批准之前不會提貨。

Yeah. And then with respect to what makes up that in CAD590 million increase, I would say it's certainly spread across a number of things. It's not like we saw big chunky things go up by a lot. Actually, the shaft sinking, as an example, which is clearly a critical path and very vital for the project's success, didn't actually see a material increase in cost at all.

是的。至於 5.9 億加元的成長是由什麼組成的，我想說它肯定分佈在很多方面。我們並沒有看到大而粗的東西漲了很多。事實上，以鑿井為例，這顯然是一條關鍵路徑，對專案的成功至關重要，但實際上根本沒有看到成本的實質增加。

So it was really spread out over things like increasing, as Leigh said -- I would kind of categorize them as flexibility options and then contractibility operability improvements. So with respect to flexibility, increasing the size of the skip from 15 to 20 tonnes, helps with reliability, obviously, but also flexibility, similarly with the power plant size up to give us that increased flexibility.

因此，正如 Leigh 所說，它實際上分散在諸如增加之類的事情上——我將它們歸類為靈活性選項，然後是可收縮性可操作性改進。因此，就靈活性而言，將料斗的尺寸從 15 噸增加到 20 噸，顯然有助於提高可靠性，但也有助於提高靈活性，與發電廠規模的擴大類似，可以提高靈活性。

Things that relate to the reliability and operability would be increasing the processing equipment size, which improves the plant availability and other things like that. But it's really spread out across a number of things, which really, I would say, is a result of taking the project from 18% up to over 45% and going through that whole process as well as, I think, being sincere, the whole time of actually being the ones that are going to construct and operate it. When you have that mindset, I think you pay attention to all of these little details to make sure that you get it right. So --

與可靠性和可操作性相關的事情是增加加工設備的尺寸，從而提高工廠的可用性和其他類似的事情。但它確實分散在很多方面，我想說，這實際上是將該項目從 18% 提高到 45% 以上並經歷整個過程的結果，而且我認為，真誠的是，整個時間都是實際建造和運營它的人。當你有這種心態時，我認為你會注意所有這些小細節，以確保你做對了。所以--

Okay. So if and when you guys get the permit, I guess, there will be some additional early work still to be done, I guess, that's outside that CAD161 million budget?

好的。因此，如果你們獲得許可，我想，還有一些額外的早期工作需要完成，我想，這超出了 1.61 億加元的預算？

We will get the permit, Craig. So in terms of when, that is the question. But we will get the permit.

我們會得到許可的，克雷格。因此，就何時而言，這就是問題。但我們會得到許可。

Yeah. And just in terms of the early works, basically, we're ready to start the shaft sinking process the minute we get our permits. That is where we're at. We've got -- yeah, the site is ready to start that once -- at the requisite final federal approvals to do so.

是的。就早期工作而言，基本上，我們一獲得許可就準備好開始鑿井過程。這就是我們現在的情況。我們已經——是的，該網站已經準備好啟動一次——獲得必要的最終聯邦批准。

Got you. Thanks. And then just on the contracting, you guys said, you obviously ramp up the discussions here around WNA. Is there a certain percentage of contracts that you'd like to have in place before you guys get your permits, or are you kind of flexible in that front?

明白你了。謝謝。然後就合約而言，你們說，你們顯然加強了圍繞 WNA 的討論。在你們獲得許可之前，你們是否希望簽訂一定比例的合同，或者你們在這方面是否靈活？

Yeah, obviously --

是的，顯然--

We have --

我們有--

Sorry, Travis.

對不起，崔維斯。

Sorry, go ahead, Leigh.

抱歉，繼續吧，利。

Yeah. Obviously, that's a function of the project financing and the debt component, et cetera. We won't be looking to contract all of the production, clearly not. And that will evolve as we get closer to that first year's production. You'll see an increase in the percentage of volume contracted as we get closer and closer to the start date and that first year of production.

是的。顯然，這是專案融資和債務組成等的函數。我們不會尋求承包所有的生產，顯然不會。隨著我們接近第一年的生產，這種情況將會改變。隨著我們越來越接近開始日期和第一年的生產，您會看到合約數量的百分比增加。

Yeah. And Craig, from a financing perspective, there's no kind of timeline related to the receipt of permits or anything. There will be some tied to first drawdown and then project completion. But those are obviously far and far in the future from now.

是的。克雷格，從融資的角度來看，沒有與獲得許可證或其他任何東西相關的時間表。其中一些與首次縮減和項目完成有關。但這些顯然距離現在還很遙遠。

So we do have time, as Leigh mentioned, to optimize -- let the market develop for one thing, which has definitely played in our favor over the last few years in terms of waiting to sign contracts and then being able to get that balance right in the structuring of the --

因此，正如 Leigh 所提到的，我們確實有時間進行優化——讓市場發展為一件事，這在過去幾年里肯定對我們有利，因為我們等待簽署合同，然後能夠取得正確的平衡。的--

Okay. Great. Maybe one last question for me guys, just on the financing. Just any updates in terms of the expresses of interest, kind of the dollar amount you guys are hearing now, obviously, given the increase in the CapEx for Arrow. Thanks.

好的。偉大的。也許對我來說最後一個問題是關於融資的。只是關於興趣表達方面的任何更新，顯然，考慮到 Arrow 資本支出的增加，你們現在聽到的美元金額。謝謝。

Yeah, Craig, no issues on capacity. That's certainly the case. There's obviously been some challenges in the mining industry. But in fact, those have actually played into our favor because it's really highlighted to these lenders. And this has been communicated directly to us, just how rare an opportunity to lend and put money to work on a project of this quality in this jurisdiction, et cetera.

是的，克雷格，容量沒有問題。確實如此。採礦業顯然面臨一些挑戰。但事實上，這些實際上對我們有利，因為這些貸方確實強調了這一點。我們已經直接向我們傳達了這一點，在這個司法管轄區等地提供貸款和投入資金用於此類品質項目的機會是多麼難得。

So yeah, the interest is very, very robust, very strong, and growing, growing both in terms of new parties' levels of interest, but also existing parties increasing their level of interest. So yeah, we're not concerned on the capacity and availability of capital for this project at all.

所以，是的，人們的興趣非常、非常強烈、非常強烈，而且不斷增長，無論是新各方的興趣水平都在增長，而且現有各方的興趣水平也在不斷提高。所以，是的，我們根本不關心這個項目的能力和資金的可用性。

Thanks, guys.

謝謝，夥計們。

Gordon Lawson, Paradigm Capital.

戈登·勞森，範式資本。

Hi. Good morning, everyone. On the drill results, so my understanding of this [10 kilometers] is that -- or reading of 10,000 roughly equates to a 1% grade uranium, and this tapers off. Just a reading of around 60,000 gets you a range of between 30% and 40%. Is that in line with your estimates?

你好。大家早安。根據鑽探結果，我對這個 [10 公里] 的理解是——或者讀數 10,000 大致相當於 1% 品位的鈾，並且這個值逐漸減少。只需讀取 60,000 左右的讀數即可得出 30% 到 40% 之間的範圍。這符合你的估計嗎？

It varies depending on the deposit. But if -- yeah, it's a reasonable assertion or assumption if you -- or correlation, if you'd like to make it. We always release the assays subsequently. And so that correlation factor gets more accurate over time, and every deposit is different.

根據存款的不同而有所不同。但是如果——是的，如果你——或者相關性，如果你願意的話，這是一個合理的斷言或假設。我們總是隨後發布檢測結果。隨著時間的推移，相關係數會變得更加準確，而且每筆存款都是不同的。

Yeah, fair enough. Next question is on the remaining permitting and construction process. I mean, it can be a volatile timeline; I understand that. But what's your best estimate for timing of the first production and duration of ramp-up at this point?

是的，很公平。下一個問題是關於剩餘的許可和施工過程。我的意思是，這可能是一個不穩定的時間表；我明白這一點。但是，您對目前首次生產的時間和啟動持續時間的最佳估計是多少？

It would be 40 months, 4-0, post the federal approval. And we are expecting end of this month, early next, a reply from the CNSC with respect to those 49 aspects. They will then determine the timing of those final approvals. And from there, it will be 40 months' construction.

聯邦政府批准後，需要 40 個月，4-0。我們預期國家安全委員會將在本月底下月初就這49個面向作出答覆。然後他們將確定最終批准的時間。從那時起，它將需要 40 個月的建造時間。

So I'm respecting the CNSC's timeline. We have fulfilled all of the answers for those remaining 49 aspects. We look forward to their reply at the end of this month, early next, and its conclusion. So I'll allow you to determine how quickly they may reciprocate and add 40 months to that.

所以我尊重 CNSC 的時間表。剩下的49個面向我們已經全部解答了。我們期待他們在本月底、下月初的答覆及其結論。因此，我將允許您確定他們回報的速度，並在此基礎上增加 40 個月。

Okay, fair enough. Thank you very much. That's it for now.

好吧，很公平。非常感謝。現在就這樣。

Alex Terentiew, Ventum Financial.

Alex Terentiew，Ventum Financial。

Hello, guys. And exciting times ahead, definitely, for NexGen here. So I just wanted to touch base again just on the permits there, I mean -- and the timings. Leigh made it very clear, obviously, that you do expect that permit.

哈嘍，夥計們。毫無疑問，對於 NexGen 來說，激動人心的時刻即將到來。所以我只是想再次談談那裡的許可，我的意思是——以及時間安排。顯然，李說得很清楚，你確實希望獲得許可。

So can you just clarify for me -- I mean, based on your best understanding of the process, can you kind of lay out for me here the timings of approvals and effectively, when you expect that the first shovel to kind of break ground? As you said, that technical review should finish this month, and then there's other processes that have to happen afterwards. But I just want to get a better understanding of what those are and how long they could take so that -- when that shovel breaks ground?

那麼，您能否為我澄清一下——我的意思是，根據您對流程的最佳理解，您能否在這裡為我列出批准的時間以及您預計第一批鏟子何時破土動工的時間？正如你所說，技術審查應該在本月完成，然後還有其他流程必須進行。但我只是想更了解這些是什麼以及它們需要多長時間才能——鏟子什麼時候破土動工？

And the second point to that is, how do your financing plans factor into this? I mean, obviously, once that permit is in hand, then I expect some sort of financing to be announced or -- anyway, I just wanted to see how you're financing expectations factor into the approval process.

第二點是，您的融資計畫如何影響這一點？我的意思是，顯然，一旦獲得許可證，我預計就會宣布某種融資，或者——無論如何，我只是想看看你們如何將融資預期因素納入審批過程。

Yes. So we are waiting on the federal government, the CNSC, to come back to us with their views on our responses to the 49 aspects that were remaining. And we submitted that back on May 21. We are expecting a response at the end of this month, early next. With respect to those 49 aspects, we're very, very confident with what we have submitted.

是的。因此，我們正在等待聯邦政府 CNSC 向我們反饋他們對我們對剩餘 49 個方面的回應的看法。我們於 5 月 21 日提交了該資訊。我們預計本月底下月初會得到答覆。對於這49個方面，我們對我們提交的內容非常非常有信心。

And on the basis that they are all accepted, the EIS will be then deemed final and complete by the federal government. You've got to remember, we've already received our provincial permit, and it's the same EIS. And we have all four communities formerly have endorsed and support the project.

在全部接受的基礎上，EIS 將被聯邦政府視為最終且完整的。您必須記住，我們已經獲得了省級許可證，而且是同一個 EIS。我們所有四個社區以前都認可並支持該計畫。

The federal government will then set a commission hearing date. Now that is at their discretion. And -- but there is -- given the circumstances and the strong support from all key stakeholders and the importance of this project, as they've stated to their critical minerals strategy, I would expect that commission hearing date to be issued very shortly after the EIS being deemed final.

聯邦政府隨後將設定委員會聽證會日期。現在這由他們自行決定。而且 - 但確實如此 - 考慮到所有主要利益相關者的情況和大力支持以及該項目的重要性，正如他們在其關鍵礦產戰略中所說的那樣，我預計委員會聽證會日期將在不久後發布EIS被視為最終結果。

The earliest EIS can be deemed final, I estimate, end of September. But it will be subject on satisfactory resolution of those remaining 49 aspects. On the commission hearing date, it's legislated that a project be approved within 60 business days following that commission hearing date. Now a couple of aspects. Historically, every project that's been deemed final, their EIS final, has gone to a commission hearing date and has been approved.

我估計，最早的 EIS 可以在 9 月底完成。但這取決於剩下的49個面向能否圓滿解決。在委員會聽證會日期，法律規定項目必須在委員會聽證會日期後 60 個工作天內獲得批准。現在有幾個方面。從歷史上看，每個被視為最終的項目（即 EIS 最終項目）都已到了委員會聽證會日期並已獲得批准。

From that final approval, it will be 40 months. But I'm not going to -- with respect to the CNSC, I'm going to respect them coming back to us once they are satisfied. And that will be determined by the CNSC. So I wish I could be more quantitative for you in that respect. But I think I've given you broad parameters enough to know that we expect the project to be in production prior to the end of this decade, with all things being equal and assessed objectively.

從最終批准之日起，將有 40 個月的時間。但我不會——就 CNSC 而言，一旦他們感到滿意，我會尊重他們回到我們身邊。這將由 CNSC 決定。所以我希望在這方面我能為你提供更多的定量資訊。但我想我已經給了你們足夠廣泛的參數，讓你們知道我們預計該項目將在本十年結束之前投入生產，所有事情都是平等的並進行客觀評估。

With respect to the financing, like within the debt one that we -- or the debt process that we're running, it's still subject to receipt of federal approval. And you'll spend the equity first in any event. So you will see the complete financing package most likely post federal approval, with respect to the timing of that being secured.

關於融資，就像我們正在運作的債務融資一樣，它仍然需要聯邦政府的批准。無論如何，你都會先花掉股權。因此，就獲得融資的時間而言，您將看到完整的融資方案很可能在聯邦批准後完成。

Okay. All right. Then that sounds good. And just -- if I just kind of do some simple math here, end of September, approvals, commission hearing date; then max 60 business days after that to get -- to have that set. So I mean, realistically, I guess, Q1 2025, some point in that quarter, we could see construction officially start. Does that roughly make sense?

好的。好的。那麼聽起來不錯。只是 - 如果我在這裡做一些簡單的數學計算，九月底，批准，委員會聽證會日期；然後最多 60 個工作天後才能獲得該集合。所以我的意思是，實際上，我想，到 2025 年第一季度，在該季度的某個時刻，我們可以看到施工正式開始。這大概有道理嗎？

I'll refer to you as you interpret what I said.

當你解釋我所說的話時，我會參考你。

Okay. That's all. Thank you.

好的。就這樣。謝謝。

Thank you.

謝謝。

Brian MacArthur, Raymond James.

布萊恩麥克阿瑟，雷蒙德詹姆斯。

Good morning, and thank you for taking my question. Sorry, can we just go back to the CAD161 million you talked about spending this year? I have two questions.

早安，感謝您提出我的問題。抱歉，我們可以回到您談到的今年支出 1.61 億加元嗎？我有兩個問題。

One, is any of all of that included in the new CAD2.2 billion capital estimate? And two, you've spent CAD58 million as I look at the financial SOFR. Can I assume that the rest of that CAD100 million is spent in the last six months of the year? Or is part of that, as you said, subject to permits and things like that? If you can just go over that again, I'm just trying to figure out the exact cash flows here, please.

第一，所有這些是否都包含在新的 22 億加元資本估算中？第二，當我查看財務 SOFR 時，您已經花費了 5800 萬加元。我是否可以假設這 1 億加元的其餘部分是在今年的最後六個月花費的？或者正如您所說，其中一部分需要獲得許可之類的東西？如果您能再講一遍，我只是想弄清楚這裡的確切現金流量。

Yeah. You're right, Brian, on both fronts. So some of that CAD161 million is for the full year. We have already spent CAD50 million-odd of that in the first six months.

是的。布萊恩，你在這兩方面都是對的。因此，這 1.61 億加元中的一部分是全年的。前六個月我們已經花了超過 5000 萬加元。

And some of those items are to plant and equipment, deposits on plant equipment, like the freeze plant, et cetera, and deposits on hoists, et cetera, that we won't take delivery of until we have approval. So the only activity that you're seeing at site are fully approved activities. But of that CAD161 million, some are plant equipment for when we will -- which would be part of that CapEx.

其中一些物品是工廠和設備、工廠設備上的押金（例如冷凍設備等）以及起重機上的押金等，在獲得批准之前我們不會接收這些物品。因此，您在現場看到的唯一活動是完全批准的活動。但在這 1.61 億加元中，有些是我們需要時使用的工廠設備——這將成為資本支出的一部分。

Okay. That's clear. Second question, you talked about the NPV of over CAD6 billion at USD95 uranium. Can I -- as I understand it, there's going to be no updated filings for all these new economics.

好的。很清楚。第二個問題，您提到95美元的鈾的淨現值超過60億加幣。據我了解，所有這些新經濟學不會有更新的文件。

But did you sort of assume in that that value was a T minus 3 like we did before, i.e. that value, you'd assume sort of three years of construction. Again, I just want to make sure because, obviously, this generates so much cash that time value a year here or there makes a big difference. Is that correct when you did that calculation?

但你是否像我們之前那樣假設該值是 T 減 3，即該值，你會假設需要三年的建設時間。再說一次，我只是想確定一下，因為顯然，這會產生如此多的現金，以至於一年在這裡或那裡的時間價值會產生很大的差異。您計算時正確嗎？

That's correct.

這是正確的。

Thanks.

謝謝。

Yeah, on the same basis like-for-like as the FS.

是的，和FS一樣。

Okay. Great. Just to be clear. And then the third question, obviously, very interesting exploration results. Technically, the way you worded at this now is you can produce up to 30 million pound under the new economic study.

好的。偉大的。只是要明確一點。然後第三個問題，顯然是非常有趣的探索結果。從技術上講，您現在的措辭是，根據新的經濟研究，您最多可以生產 3000 萬英鎊。

But just to be clear, in the permitting, is your cap at 30 million pounds, or is it a cap per tonne per day? I guess, where I'm going with this is, obviously, before you -- if you start to be very successful in PCE, you can extend the mine life a lot. And therefore, you may even -- we have a strong market. Maybe you want to produce more than 30 million pounds in the early years.

但要先明確的是，在允許的情況下，你們的上限是 3000 萬英鎊，還是每噸每天的上限？我想，顯然，我要說的就是在您面前 - 如果您在 PCE 方面開始非常成功，您可以大大延長礦山壽命。因此，你甚至可能——我們有一個強大的市場。也許你想早年產量超過3000萬英鎊。

Would you be able to do that technically under the permit, or are you actually capped at 30 million pounds? Because, obviously, if you can extend the mine life a lot with PCE, it changes maybe what you want to do in a strong market.

在技​​術上你能在許可證下做到這一點嗎？因為，顯然，如果您可以使用 PCE 大大延長礦山壽命，那麼它可能會改變您在強勁市場中想要做的事情。

Yeah. I think, Brian, you need to look at that on the -- obviously, there's permitting battery limits. There is flex in that in the design of what we've put forward, but I wouldn't say it's material flex.

是的。我認為，布萊恩，你需要看看——顯然，有允許的電池限制。我們提出的設計具有靈活性，但我不會說這是材料的靈活性。

Any material change to the project would require a subsequent permitting amendment. So I think you should think of any new discovery as adding mine life at that 30-million-pound-per-annum capability.

該專案的任何重大變更都需要隨後進行許可修訂。因此，我認為任何新發現都應該將礦山壽命視為每年 3000 萬磅的產能。

Great, thanks. That's what I thought, but I just wanted to check. Thank you very much. I appreciate you taking my questions.

太好了，謝謝。我就是這麼想的，但我只是想檢查一下。非常感謝。感謝您回答我的問題。

Thank you, Brian.

謝謝你，布萊恩。

[Roland Vetter].

[羅蘭維特]。

Hello. Good morning. Could you please explain how you will structure contracts with utilities? For example, if you contract a specific year and there would be delays, which are possible, there could be material financial impact on you. So how do you deal this uncertainty when you precisely will produce?

你好。早安.您能否解釋一下您將如何與公用事業公司簽訂合約？例如，如果您在特定年份簽訂合同，並且可能會出現延誤，這可能會對您產生重大的財務影響。那麼，當你精確地生產時，你該如何處理這種不確定性呢？

Yeah, we're not going to sign any contracts pre-permits that would have any kind of financial impacts if there are delays because they'll actually be tied to the start of commercial production, which will have a series of tests around defining it. But that's how you mitigate that.

是的，如果出現延誤，我們不會簽署任何會產生任何財務影響的預先許可合同，因為它們實際上與商業生產的開始有關，商業生產將進行一系列圍繞定義它的測試。但這就是緩解這種情況的方法。

And the company, certainly, will not put itself in a position nor is it the expectation of utilities, frankly, at this stage to be put in that position of financial burden in the event that there's any kind of timing uncertainty, which, to Leigh's earlier point on permitting, there is some that exists right now because we aren't in total control of this final aspect of the permitting process.

坦白說，在現階段，如果存在任何時間上的不確定性，該公司肯定不會讓自己陷入財務負擔的境地，坦白說，公用事業公司也不會期望它陷入財務負擔的境地，對於Leigh 來說前面關於許可的一點，現在存在一些，因為我們無法完全控制許可過程的最後一個方面。

Okay. But if you, for example, [buying] the contracts to start of commercial operation, it could also mean the utility doesn't [precise in more deal] to get the volume. Is this correct?

好的。但是，例如，如果您[購買]合約以開始商業運營，這也可能意味著公用事業公司無法[更準確地]獲得數量。這是正確的嗎？

Yes, correct.

是的，正確。

Okay. And the second question, if I understood correctly, you said that you expect production before the end of this decade. Could you be a bit more precise? Because I think in the interview in spring, you mentioned that it could be beginning of '28.

好的。第二個問題，如果我理解正確的話，你說你預計在本世紀末之前生產。能說得更精確一點嗎？因為我想在春天的訪談中，你提到可能是28年初。

There was a press out not too long ago, which you mentioned more '29. Could you narrow a little bit down the year? When do you think that you can really produce on that scale?

不久前有一篇新聞報道，你提到了更多'29。你能把年份縮小一點嗎？您認為什麼時候才能真正實現如此規模的生產？

Yeah. Well, I can only comment to what we have said. Whether a press article suggested something else, yeah, I can't really comment.

是的。好吧，我只能對我們所說的發表評論。新聞文章是否暗示了其他內容，是的，我無法發表評論。

But I want to be very, very clear that we have given the best guidance possible with respect to timing, with all things being equal and based on our expectation and substance of our replies to the remaining 49 aspects. And I'm being very respectful of the CNSC. They're the regulator, and they will make the determination ultimately.

但我想非常非常清楚地表明，在所有條件相同的情況下，我們已經在時間安排方面給出了盡可能最好的指導，並且基於我們對其餘 49 個方面的答复的期望和實質內容。我非常尊重 CNSC。他們是監管者，他們將最終做出決定。

All things going according to plan. And as we expect, we expect the EIS will be deemed final imminently at the end of this review period, which concludes the end of this month, early next. And obviously, there will be some dialogue. And how long that takes? I don't -- I can't be more specific.

一切都按計劃進行。正如我們所預期的那樣，我們預計 EIS 將在本次審查期結束時立即被視為最終版本，該審查期將於本月底下月初結束。顯然，將會有一些對話。這需要多長時間？我不知道——我不能說得更具體了。

It will depend on the responses from the CNSC, but we're in the final stages. And all aspects are very, very important and need to be resolved. From that moment, it will be 40 months as per the feasibility study in terms of getting into production. So I'd love -- I look forward to the day we can be very, very specific. And that day is coming, but respecting the permitting process.

這將取決於 CNSC 的回應，但我們正處於最後階段。而且各方面都非常非常重要，需要解決。從那時起，根據可行性研究到投產將需要40個月的時間。所以我很樂意——我期待有一天我們能夠非常非常具體。那一天即將到來，但要尊重許可程序。

And just to add to your earlier question, as we get close -- as we get that permit, where we've got greater visibility on timing, which means the ability to enter into contracts increases. And then as we get through the construction period and about to approach that start date, you'll naturally see an increase in the amount of volume of our production that will be agreed under offtakes. So yeah, that is the approach that we're taking and the best guidance I can give you based on what I know today.

只是補充一下你之前的問題，當我們接近時 - 當我們獲得許可時，我們對時間的了解更加清晰，這意味著簽訂合約的能力增加。然後，當我們度過施工期並即將開始日期時，您自然會看到我們的生產量增加，這將在承購下達成協議。是的，這就是我們正在採取的方法，也是我根據我今天所了解的情況可以為您提供的最佳指導。

Okay. Thank you very much.

好的。非常感謝。

Thank you.

謝謝。

(Operator Instructions). There are no further questions at this time. I'd now like to turn the call back over to Leigh Curyer for final closing remarks. Please go ahead.

（操作員說明）。目前沒有其他問題。現在我想將電話轉回給 Leigh Curyer，讓其作最後的總結發言。請繼續。

Yeah. Thank you, Calvin, and thank you, everyone, for listening in today. Incredibly exciting time for the company, the dual process of being in the final stages of federal approval respecting the CNSC's process.

是的。謝謝卡爾文，也謝謝大家今天的收聽。對於該公司來說，這是令人難以置信的激動人心的時刻，這是遵守 CNSC 流程的聯邦批准的最後階段的雙重流程。

And at the same time, has lightning strike twice with respect to mineralization on the Rook I property. It's -- as everyone is aware, Arrow is a geological phenom. And we found it very, very early in our drilling on the Rook I property, the 21st drill hole. But it was actually the first drill hole within a 4.5-kilometer radius.

同時，Rook I 礦區的礦化區遭受了兩次雷擊。眾所周知，阿羅號是一種地質現象。我們在 Rook I 礦區鑽探過程中非常非常早地發現了它，即第 21 個鑽孔。但這其實是方圓4.5公里範圍內的第一個鑽孔。

We and everyone involved with that program did an amazing job. But I always -- we always felt finding the only motherload so early on the 320,000-hectare exploration portfolio. Probability was that we only found one of the number.

我們和參與計劃的每個人都做得非常出色。但我總是——我們總是覺得這麼早就在 32 萬公頃的勘探組合中找到了唯一的母船。很可能我們只找到了其中的一個。

And what we're seeing in the very early stages of PCE is incredibly exciting, and right next door to it probably is most analogous comparable. And to get the high-grade intercepts, the ultra-high grade, greater than 61,000 cps, in four of the holes over large distances, incredibly exciting. Because when you consider how to intercept those so frequently over such large distances, we have all the ingredients of another phenomenal discovery.

我們在 PCE 的早期階段所看到的情況令人難以置信地令人興奮，而與之相鄰的情況可能是最相似的。在四個洞中，在長距離內獲得超過 61,000 cps 的高等級攔截，超高等級，令人難以置信的興奮。因為當你考慮如何在如此遠的距離上如此頻繁地攔截這些粒子時，我們就擁有了另一個驚人發現的所有要素。

Time will tell and this deposit will go down in same path, but we have all the characteristics of another significant mineralized zone. And we look forward to those drill rigs turning going forward.

時間會證明一切，這個礦床將沿著同樣的路徑下降，但我們擁有另一個重要礦化帶的所有特徵。我們期待這些鑽孔機繼續前進。

So thank you, everyone, for your time and interest. And as always, myself, Travis, Monica, and Stacey, and the team are available to answer any questions that you may have. Thank you.

謝謝大家的時間和興趣。像往常一樣，我、特拉維斯、莫妮卡和史黛西以及團隊可以回答您可能提出的任何問題。謝謝。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。