Nexgen Energy Ltd (NXE) 2024 Q3 法說會逐字稿

Good morning. My name is Elvis and I will be your conference operator today. At this time, I would like to welcome everyone to NexGen Energy's Q3 2024 financial results conference call. (Operator Instructions)

早安.我叫艾維斯，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 Energy 2024 年第三季財務業績電話會議。（操作員說明）

Mr. Leigh Curyer, CEO and Director of 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, Elvis. Welcome, and thank you all for joining NexGen Energy's Q3 2024 update and financial call. I'm Leigh Curyer, Chief Executive Officer of NexGen. I'm joined on today's call by Travis McPherson, Chief Commercial Officer; and Benjamin Salter, Chief Financial Officer.

謝謝你，艾維斯。歡迎並感謝大家參加 NexGen Energy 的 2024 年第三季更新與財務電話會議。我是 Leigh Curyer，NexGen 執行長。首席商務官特拉維斯·麥克弗森 (Travis McPherson) 參加了今天的電話會議。和財務長本傑明·索爾特。

During this call, I will review our key achievements this quarter, including the latest updates from the nuclear industry, as NexGen is witnessing tremendous broad-based support on the demand side with respect to the offtake of our future production.

在本次電話會議中，我將回顧我們本季的主要成就，包括核工業的最新動態，因為 NexGen 正在見證需求方對我們未來生產承購方面的巨大廣泛支持。

Further, we will provide updates on the regulatory approval process for the Rook I Project, which is advancing well and nearing conclusion; financial highlights and our ongoing exploration success at Patterson Corridor East announced this morning.

此外，我們將提供 Rook I 專案監管審批流程的最新信息，該專案進展順利並已接近尾聲；今天早上宣布了財務亮點和我們在帕特森走廊東正在進行的勘探成功。

Additionally, I'll provide an update on our sustainability and community initiatives, which remain at the core of our operations, as well as the progress made on project development and project construction financing. Following this, we encourage questions and provide open lines for all participants on today's call. We will make forward-looking statements throughout the call, so please visit our website for the relevant disclaimers.

此外，我將提供有關我們的永續發展和社區舉措的最新資訊（這些舉措仍然是我們營運的核心），以及在專案開發和專案建設融資方面的進展。隨後，我們鼓勵大家提問，並為今天電話會議的所有參與者提供開放線路。我們將在整個通話過程中做出前瞻性聲明，因此請訪問我們的網站以獲取相關免責聲明。

This quarter marked a transformative shift in how technology leaders view nuclear energy, particularly driven by AI's unprecedented and insatiable power demands. The industry reached a pivotal moment this quarter with major tech leaders, including Microsoft, Alphabet, Amazon, Meta, and Oracle; publicly recognizing nuclear energy as critical to their future operations and initiating significant financial deals at a premium to secure long-term power supply.

本季標誌著技術領導者對核能的看法發生了革命性轉變，特別是在人工智慧前所未有且無法滿足的電力需求的推動下。本季度，該行業迎來了關鍵時刻，包括微軟、Alphabet、亞馬遜、Meta 和甲骨文在內的主要技術領導者；公開承認核能對其未來營運至關重要，並以溢價發起重大金融交易，以確保長期電力供應。

NVIDIA's CEO, Jensen Huang, whose company is at the forefront of AI development; has been especially vocal about the energy challenges ahead. He emphasize that AI workloads are now demanding power equivalent to that of small nations, creating unprecedented strain on traditional power grids and requiring nuclear energy to supply this growth. This new and exponential growth in demand is on top of the growing demand globally for baseload energy as the world electrifies more broadly.

NVIDIA 執行長黃仁勳，其公司處於人工智慧開發的最前線；對於未來的能源挑戰尤其直言不諱。他強調，人工智慧工作負載現在需要的電力相當於小國的電力，這對傳統電網造成了前所未有的壓力，並需要核能來滿足這種成長。隨著世界更廣泛的電氣化，全球對基荷能源的需求不斷增長，而這種新的指數式成長需求也隨之增加。

Further, this demand growth is in the face of tremendous fragility of existing uranium supply, which is currently exhibiting significant sovereign risk, with 70% of the world's mine supply hosted by countries or influenced by countries in military conflict.

此外，這種需求成長面臨現有鈾供應的巨大脆弱性，目前鈾供應呈現出巨大的主權風險，全球70%的礦產供應由發生軍事衝突的國家託管或受其影響。

The consequence being it is incumbent on Western world countries and their governments to immediately focus and develop multiple new mines into production, incorporating the high regulatory standards to service this demand. Otherwise, it's simple. Lights will turn off, industry and domestic power users, families will experience power shortages.

結果是，西方世界國家及其政府有責任立即集中精力開發多個新礦山投入生產，並採用高監管標準來滿足這一需求。否則，事情很簡單。燈將熄滅，工業和家庭用電用戶、家庭將遭遇電力短缺。

Reliable cost-effective power is the primary element in the standard of living, and the need for action is now for multiple new mines to be brought online this decade. The current and enlarging demand and supply gap for uranium will result well into the next decade and most likely at materially higher prices than currently marketed.

可靠且具有成本效益的電力是生活水平的主要因素，現在需要採取行動，在這十年內讓多個新礦山上線。目前不斷擴大的鈾供需缺口將在未來十年內產生影響，並且很可能導致鈾價格遠高於目前的市場價格。

The broader nuclear landscape continues to evolve favorably. Switzerland reversed its ban on new nuclear builds, Japan continued to revive its nuclear fleet, South Korea has returned to pronuclear policies, while India and China are aggressively advancing their nuclear expansion plans with a combined 41 gigawatt under construction between these two nations alone.

更廣泛的核子格局繼續朝有利的方向發展。瑞士撤銷了對新核建設的禁令，日本繼續恢復其核艦隊，韓國恢復了親核政策，而印度和中國正在積極推進其核擴張計劃，僅這兩個國家在建的核電站總數就達到了41吉瓦。

September World Nuclear Symposium saw unprecedented interest and record sold-out attendees. Discussions centered on surging demand, with utilities highlighting power grids at maximum capacity and facing exponential growth from electrification, data centers and artificial intelligence. Multiple utilities alluded to the forthcoming nuclear supply agreements, underscoring the urgency to secure their uranium suppliers and support new mines to diversify the high concentration in the two incumbents.

九月的世界核子研討會引起了空前的興趣，與會者的門票也創下歷史新高。討論的重點是需求激增，公用事業公司強調電網處於最大容量，並面臨電氣化、資料中心和人工智慧的指數級增長。多家公用事業公司都提到了即將簽署的核子供應協議，強調了確保其鈾供應商並支持新礦場以分散這兩個現有企業的高度集中度的緊迫性。

Turning to the Rook I Project, we continue to make substantial progress on all fronts of our business, which includes detailed engineering, procurement, training and development, uranium marketing, exploration and permitting.

談到 Rook I 項目，我們繼續在業務的各個方面取得實質進展，包括詳細工程、採購、培訓和開發、鈾行銷、勘探和許可。

With respect to permitting, the most critical step in unlocking the generational opportunities for all of our stakeholders, the Canadian Nuclear Safety Commission, which is the federal nuclear regulator, continues to finalize and conclude the remaining aspects.

關於許可，這是為我們所有利益相關者釋放世代機會的最關鍵步驟，作為聯邦核監管機構的加拿大核安全委員會將繼續敲定並得出其餘方面的結論。

We are very confident based on our submissions, which have been 100% formalized support from our projects, local indigenous communities and leaders; the Environmental Impact Statement will be deemed final and the scheduling of the commission hearing and subsequent license decision immediately thereafter.

根據我們提交的資料，我們非常有信心，這些資料得到了我們的計畫、當地原住民社區和領導人 100% 的正式支持；環境影響報告書將被視為最終決定，委員會聽證會的安排和隨後的許可決定將立即生效。

Our indigenous nation partners are eagerly awaiting the finalization of the federal EIS and the commission hearing as this enables the project to advance through construction, which will unlock game-changing opportunities for our local communities.

我們的原住民合作夥伴熱切等待聯邦環境影響報告書和委員會聽證會的最終確定，因為這將使該項目能夠透過建設取得進展，這將為我們當地社區帶來改變遊戲規則的機會。

Project development activities continued to advance, with strategic focus on critical path items. The mine hoist has been ordered and commencement of fabrication. The shaft award is progressing and the advancement of detailed engineering and procurement. This ensures optimization of the project's critical path and capital spend efficiency to maintain a ready state for construction on receipt of the final CNSC approvals.

專案開發活動持續推進，策略重點放在關鍵路徑專案。礦井提昇機已訂購並開始製造。軸授予工作正在取得進展，詳細工程和採購也在取得進展。這確保了專案關鍵路徑和資本支出效率的最佳化，以在收到 CNSC 最終批准後保持施工準備。

This quarter saw the installation and commissioning of a solar power plant at our existing camp, demonstrating one of our commitments to sustainable operations. The summer site activity, including our gravel-crushing program, has been extended, and we've completed the majority of our 2024 geotechnical field verification program in support of continued detailed engineering activities.

本季我們在現有營地安裝並調試了一座太陽能發電廠，這體現了我們對永續營運的承諾之一。包括礫石破碎計劃在內的夏季現場活動已延長，我們已經完成了 2024 年岩土現場驗證計劃的大部分內容，以支持持續的詳細工程活動。

As reported this morning, our PCE drilling, Patterson Corridor East, has delivered exceptional results again with the completion of our 2024 drilling campaign of more than 34,000 meters across the total of 46 holes. Upon initial discovery of the intense mineralization at PCE as reported on March 11 of 2024, we redirected all drilling activity to focus exclusively on PCE, whereby 19 of 30 holes have now intersected mineralization.

根據今天早上報道，我們的 PCE 鑽探（Patterson Corridor East）再次取得了非凡的成果，完成了 2024 年鑽探活動，總長度超過 34,000 米，共 46 個孔。正如 2024 年 3 月 11 日報的那樣，在 PCE 處初步發現強烈礦化後，我們將所有鑽探活動重新調整為僅關注 PCE，其中 30 個孔中有 19 個現已與礦化區相交。

Bold and systematic spacing of drill holes intercepts have quickly grown the discovery from a single hole to a broad and continuous new uranium discovery. Real-time evaluation of results throughout the drilling -- throughout the duration of the program focus on determining the overall out extent of the ore body and in parallel, precisely targeting high-grade subdomains.

大膽而係統的鑽孔截距間距使這一發現迅速從單個孔發展為廣泛且連續的新鈾發現。在整個鑽探過程中對結果進行即時評估——在整個計劃期間，重點確定礦體的總體範圍，同時精確定位高品位子域。

As detailed earlier today, a high-grade portion has now presented itself within the overall mineralized zone of 600 meters strike length and 600 meters of depth extent, with upgraded intensity mineralization in the now best hole to date RK-242022 -- sorry, RK-24-222, a 17-meter wide vein with multiple occurrences of off scale greater than 61,000 counts per second mineralization.

正如今天早些時候所詳述的，高品位部分現已出現在600 米走向長度和600 米深度範圍的整個礦化帶內，並且在迄今為止最好的孔RK-242022 中礦化強度升級-抱歉，RK -24-222，一條 17 公尺寬的礦脈，多次出現每秒超過 61,000 次計數的超標礦化。

In addition, RK 24-220 and -223 intersected strong mineralization of up to 41,000 CPS and 40,000 CPS, respectively, including multiple intercepts of greater than 10,000 CPS.

此外，RK 24-220和-223分別與高達41,000 CPS和40,000 CPS的強礦化相交，包括大於10,000 CPS的多個截距。

System strength is confirmed by these zones, characterized by semi-massive to massive replacement by uraninite. The high-grade subdomain of the mineralized footprint now covers 100 meters of strike extent and 170 meters of depth extent, with potential growth in all directions. The high-grade intersection in RK-24-222 represents the fifth drill hole at PCE to return off scale of greater than 61,000 counts per second during previous significant intersections in -183, -197, -202 and -207 .

這些區域證實了系統強度，其特徵是被鈾礦進行半大量到大量的替代方案。礦化足跡的高品位子域現已涵蓋走向範圍100米、深度範圍170米，並且具有各個方向的潛在增長。RK-24-222 中的高品位交叉點是PCE 上的第五個鑽孔，在先前的-183、-197、-202 和-207 中的重要交叉點中，每秒返回的計數超過61,000 次。

Sustainability, a cornerstone of our operations, is reflected in our transparent engagement platforms, which continue to elevate and set a new standard within Saskatchewan and the broader community, recognized by both regulatory agencies and peer companies.

永續發展是我們營運的基石，它體現在我們透明的參與平台上，該平台不斷在薩斯喀徹溫省和更廣泛的社區內提升和設定新標準，並得到監管機構和同行公司的認可。

Over the past quarter, we significantly expanded our community mentorship and education programs. This included engaging more summer students than ever before, after receiving the highest number of applicants in history of our Summer Student Program. Our training and certification programs also expanded, with more than 365 community participants this year alone.

在過去的季度中，我們顯著擴大了社區指導和教育計劃。這包括在我們的暑期學生計劃歷史上收到最多申請者之後，吸引了比以往更多的暑期學生。我們的培訓和認證計劃也有所擴大，光是今年就有超過 365 名社區參與者。

Notably, we launched our Pathways to your Future Career in Mining Program, developed and led by the NexGen team to equip community members with the knowledge and skills to explore career paths and thrive in the uranium mining industry, which is resonating across all ages within the community.

值得注意的是，我們推出了「未來採礦職業之路」計劃，該計劃由NexGen 團隊開發和領導，旨在為社區成員提供知識和技能，以探索職業道路並在鈾礦開採行業中蓬勃發展，該行業在各個年齡層的人中引起共鳴社區。

Our continued investment in the community has been further validated with our nomination of several community and industry recognition awards, including being the recipient of the prestigious 2024 ABEX Community Involvement Award from the Saskatchewan Chamber of Commerce, celebrating a business that actively contributes to the betterment of their communities and demonstrates a genuine dedication to making a positive impact in areas that extend beyond the core business function.

我們對社區的持續投資得到了多項社區和行業認可獎項的提名，進一步得到了驗證，其中包括獲得薩斯喀徹溫省商會頒發的著名的2024 年ABEX 社區參與獎，以表彰一家為改善社區環境做出積極貢獻的企業他們的社區，並表現出真正致力於在核心業務職能之外的領域產生積極影響。

This award is reflective of NexGen's innovative and genuine community programs that are contributing to building generational change benefits.

該獎項反映了 NexGen 的創新和真正的社區計劃，這些計劃正在為建立代際變革利益做出貢獻。

Financially, NexGen maintains a strong position with approximately CAD540 million in cash and another CAD314 million in strategic uranium inventory. Interest from the financial sector has intensified following Climate Week in New York, with 14 global financial institutions signing on to the declaration to triple nuclear energy, which was originally launched at COP28 last year.

在財務上，NexGen 保持著強大的地位，擁有約 5.4 億加元的現金和另外 3.14 億加元的戰略鈾庫存。紐約氣候週之後，金融部門的興趣有所增強，14 家全球金融機構簽署了將核能增加三倍的宣言，該宣言最初是在去年的 COP28 上推出的。

Since that announcement, NexGen has seen even more interest in lending discussions on what will be one of the world's elite mining projects. We are evaluating the many options we have to finance the construction capital, and we'll determine the optimal capital stack on conclusion of the final federal approvals.

自從公告發布以來，NexGen 對世界精英採礦項目之一的貸款討論產生了更大的興趣。我們正在評估為建設資本提供資金的多種選擇，我們將在最終聯邦批准結束後確定最佳資本堆疊。

NexGen has significant funding options at hand to ultimately construct and operate Rook I whilst maintaining low risk and high leverage to the future prices of uranium.

NexGen 手頭上有重要的融資選擇來最終建造和運營 Rook I，同時保持低風險和對未來鈾價格的高槓桿作用。

Development of Rook I for the quarter and 2024 full year focuses on advanced engineering, note, all initial-stage construction programs are fully engineered; procurement of long lead time items, project development, exploration, permitting, community programs and corporate development, whilst maintaining NexGen's industry-leading ratio G&A spend relative to project spending.

Rook I 本季和 2024 年全年的開發重點是先進工程，請注意，所有初始階段的建設計劃均經過全面設計；長交付週期專案的採購、專案開發、勘探、許可、社區計劃和企業發展，同時保持 NexGen 相對於專案支出的行業領先的一般管理支出比率。

No uranium mineral resource of greater than 300 million pounds worldwide has been discovered and defined through to feasibility level and provincial environmental approval as officially in terms of time and cost on a per pound basis, a direct reflection of NexGen's Board, executive and team culture of elite standards in every aspect of the business.

全球範圍內還沒有發現和確定任何超過3 億磅的鈾礦資源，並通過可行性級別和省級環境審批，正式按照每磅的時間和成本計算，這直接反映了NexGen 的董事會、高管和團隊文化。

On the contracting front, following our strategic uranium purchase in May 2024, utility interest and activity increased materially with numerous utility site visits to Rook I over the summer of 2024. We are advancing multiple offtake contract negotiations with various global utilities to demonstrate a very strong demand for NexGen's future production. These discussions are specifically focused on their need for Western world production and diversification. A focus and long-term uranium procurement is intensifying.

在合約方面，繼我們於 2024 年 5 月策略性地購買鈾之後，隨著 2024 年夏季對 Rook I 進行了大量公用事業現場考察，公用事業公司的興趣和活動大幅增加。我們正在推進與全球多家公用事業公司的多項承購合約談判，以表明對 NexGen 未來生產的強勁需求。這些討論特別關注他們對西方世界生產和多樣化的需求。集中和長期的鈾採購正在加強。

Furthermore, we have established an exclusive relationship with WMC, a highly experienced and successfully uranium marketing firm, who is now exclusively marketing only for NexGen. WMC's alignment on NexGen's unique industry positioning and correlated marketing approach will further enhance NexGen's key role in the energy transition.

此外，我們還與 WMC 建立了獨家合作關係，WMC 是一家經驗豐富且成功的鈾行銷公司，目前僅為 NexGen 進行獨家行銷。WMC 與 NexGen 獨特的產業定位和相關行銷方法的結合將進一步增強 NexGen 在能源轉型中的關鍵作用。

In order to meet demand, the market needs new discoveries. The projects known being restarted and expanded would not be enough. In fact, multiple new Rook I site projects must be discovered, permitted, financed and constructed in the coming years.

為了滿足需求，市場需要新的發現。已知正在重啟和擴展的項目還不夠。事實上，未來幾年必須發現、批准、融資和建造多個新的 Rook I 站點項目。

There are currently less than a handful of projects globally in Tier 1 jurisdictions capable of reaching any level of production within the next decade. This scarcity of new projects makes our recent exploration success at Patterson Corridor East all the more significant, with the Southwestern section of Athabasca Basin presenting itself as the epicenter of future Western world mined uranium.

目前，全球一級管轄區中能夠在未來十年內達到任何生產水準的項目屈指可數。新項目的稀缺使得我們最近在帕特森走廊東部的勘探成功變得更加重要，阿薩巴斯卡盆地的西南部分將成為未來西方世界開採鈾的中心。

Looking ahead, we have several exciting and highly material catalysts on the horizon, including the financial -- the finalization of the Federal Environmental Assessment technical review and the commission hearing. NexGen is exceptionally well positioned to lead the nuclear energy resurgence, with Rook I representing the largest and highest-quality environmentally sensible uranium project globally in the Tier 1 jurisdiction.

展望未來，我們將面臨幾個令人興奮且高度實質的催化劑，包括財務方面——聯邦環境評估技術審查的最終確定和委員會聽證會。NexGen 處於引領核能復興的絕佳位置，Rook I 代表了全球一級管轄範圍內最大、最高品質的環境敏感鈾計畫。

Our unique position at Canada's Athabasca Basin is the attracting utilities seeking to diversify supply chains and reduce geographical concentration risk, a crucial advantage in today's geopolitical climate. Our commitment to excellence in all aspects of development, coupled with our robust financial position and unwavering focus on sustainability, including our people, will continue to set us apart as we work to deliver this generational project.

我們在加拿大阿薩巴斯卡盆地的獨特地位吸引了尋求供應鏈多元化和降低地理集中風險的公用事業公司，這在當今地緣政治氣候下是一個至關重要的優勢。我們在發展的各個方面追求卓越的承諾，加上我們穩健的財務狀況和對可持續發展（包括我們的員工）堅定不移的關注，將繼續使我們在努力實現這一代人項目的過程中脫穎而出。

I now hand over to the operator to answer any questions.

我現在交給接線員來回答任何問題。

(Operator Instructions) Alex Pearce, BMO UK.

（操作員說明）Alex Pearce，BMO UK。

Great morning, Leigh. I was just hoping you could give us a little bit more detail on which areas within the review process is still under scrutiny. And then let's say, assuming the EIS is approved on the 19th, which, I think, is the next deadline; what's your current estimate when you could get shovels in the ground for the main domain project? Thanks.

早安，利。我只是希望您能為我們提供更多有關審核過程中哪些領域仍在接受審查的細節。然後假設 EIS 在 19 日獲得批准，我認為這是下一個截止日期；您目前預計什麼時候可以為主要領域專案鏟土？謝謝。

Yeah, sure. So, and hello, Alex, good morning. We had an update as recently as late last week. There are no issues presented to us, as we are currently made aware. We understand also that there's very few aspects left to conclude and that the CNSC is working very diligently on the conclusion of those aspects.

是的，當然。那麼，你好，亞歷克斯，早安。上週晚些時候我們收到了最新消息。據我們目前所知，沒有向我們提出任何問題。我們也了解到，還有很少的方面需要得出結論，而 CNSC 正在非常努力地得出這些方面的結論。

Now as I've often stated, we are incredibly respectful of the process. And it's one of the reasons why we chose Canada because it's highly regulated and -- as uranium mining should be. But we are nearing the final conclusion of that. The 49 aspects that they required additional information on, has been publicly released by the CNSC. But we are very, very confident, based on that meeting last week, that the process is nearing conclusion.

正如我經常所說，我們非常尊重這個過程。這也是我們選擇加拿大的原因之一，因為它受到嚴格監管，而且鈾礦開採也應該如此。但我們即將得出最終結論。他們要求提供補充資訊的49個方面已由CNSC公開發布。但根據上週的會議，我們非常非常有信心，這一進程即將結束。

And they'll be the first to notify the company when that occurs.

當這種情況發生時，他們將第一個通知公司。

From there, a commission hearing date will be set. And then the process is that it's 60 days for final signing by the Federal Minister, at which point, after that, shovels will be able to go on the ground.

從那時起，將確定委員會聽證會的日期。然後這個過程就是聯邦部長最終簽署的60天，到那時，鏟子就可以落地了。

Okay. Thanks, Leigh. And then maybe I can ask a second question, which is you flagged in your remarks, obviously, your discussions with utilities are ongoing about future offtakes. We're seeing, at least from some of the reporting agencies, there's been a bit of a slowdown since, let's say, the WNA. I just wondered whether you can just talk about how you've seen discussions changed over the last month. Are you also seeing a slowdown in terms of a need for future contracts?

好的。謝謝，利。然後也許我可以問第二個問題，這是您在演講中標記的，顯然，您與公用事業公司正在就未來的承購事宜進行討論。我們看到，至少從一些報告機構來看，自 WNA 以來，情況有所放緩。我只是想知道您是否可以談談您在過去一個月中看到的討論發生了怎樣的變化。您是否也發現未來合約的需求有所放緩？

Yeah. Look, Alex, I can only speak to what we're experiencing. It's been quite the opposite. We're actively engaged on a number of offtake agreements with multiple utilities globally. So no, we personally haven't experienced that at all.

是的。聽著，亞歷克斯，我只能談談我們正在經歷的事情。事實恰恰相反。我們正積極與全球多家公用事業公司簽訂多項承購協議。所以不，我們個人根本沒有經歷過這種情況。

Great. Thanks, Leigh.

偉大的。謝謝，利。

Thanks, Alex.

謝謝，亞歷克斯。

Orest Wowkodaw, Scotiabank Toronto Canada.

Orest Wowkodaw，加拿大多倫多豐業銀行。

Hi. Good morning. My questions are more of the same as Alex's. Leigh, of the 49 outstanding questions that were -- that you mentioned earlier, how many of those are still outstanding as of today?

你好。早安.我的問題與亞歷克斯的問題大致相同。Leigh，您之前提到的 49 個懸而未決的問題中，有多少至今仍懸而未決？

As of today? Well, I can't tell you simply which ones are outstanding, except to say that the CNSC have indicated that they're nearing conclusion of the process. And we have not been notified of any outstanding issues or seeking additional information, as I speak. So look, it's a process where the CNSC and the company will share information and look to conclude and close out certain aspects.

從今天開始？好吧，我不能簡單地告訴你哪些是傑出的，只能說 CNSC 已經表示他們即將完成這個過程。正如我所說，我們尚未收到任何未決問題的通知或尋求更多資訊。所以看，這是一個 CNSC 和公司將共享資訊並尋求得出結論並結束某些方面的過程。

What I can say overall is that it's been indicated to us that the process is nearing conclusion. And we're very confident, based on the responses that we have given, that it will be concluded in the very near future.

總的來說，我可以說的是，我們已經得知這個過程已接近結束。根據我們給出的答复，我們非常有信心，它將在不久的將來得出結論。

So I can't give a date and -- or a specific number of where that process is, out of respect to the CNSC in conducting their process. But I take it on face value that the process is very close to conclusion in terms of those 49 aspects being closed out. And we very much look forward to that and then the commission hearing date being set.

因此，出於對 CNSC 執行流程的尊重，我無法給出該流程的日期和具體數字。但我從表面上看，就已結束的 49 個方面而言，該過程已非常接近結論。我們非常期待這一點以及委員會聽證會日期的確定。

Look, the community in the project area are obviously closely involved in the whole process and the meaning of that for them as a community. And it was conveyed to me by one of the community chiefs late last week that they are very interested in having this process concluded in the very near future.

看，計畫區的社區顯然密切參與了整個過程，以及這對他們作為一個社區的意義。上週晚些時候，一位社區負責人向我表示，他們非常有興趣在不久的將來完成這個過程。

So there's a number of stakeholders, including the province of Saskatchewan, who are of the same view. But ultimately, all of us is very respectful of the federal CNSC process concluding in the appropriate manner, and we understand that to be in the very near future.

因此，包括薩斯喀徹溫省在內的許多利害關係人持有相同的觀點。但最終，我們所有人都非常尊重聯邦 CNSC 程序以適當的方式結束，我們知道這將在不久的將來。

And, Leigh, just on the timing, like assuming you do get the final sign-off on the EIS, say, at the end of the year, are we talking like 60 to 90 days to set a hearing date and then 60 days post that hearing date? Like is that -- are we talking more like mid-'25 now for realistic timing of construction ready?

Leigh，就時間而言，假設您確實在年底獲得了 EIS 的最終簽署，我們是否會在 60 到 90 天的時間內確定聽證會日期，然後在 60 天后進行那個聽證會日期？就像這樣——我們現在是否更像是在談論 25 年中期的實際施工時間？

Well, it's totally at the discretion of the CNSC, and I respect that. I don't have a timeline on it, I understand everyone's and our own. We would like it to be as soon as it can be, respecting everything that needs to occur prior to that commission hearing date. We're not looking for a shortcut or anything in that respect.

嗯，這完全由 CNSC 自行決定，我尊重這一點。我沒有時間表，我了解每個人和我們自己的。我們希望盡快完成，並尊重委員會聽證會日期之前需要發生的一切。我們並不是在尋找捷徑或任何這方面的東西。

So we respect the CNSC's discretion in setting that date. I think the CNSC is well aware of all the stakeholders desire to have that as soon as it practically can be respecting the CNSC's processes. And we are ready for it as a company, as a community, as a province to have that commission hearing and then have it finalized in order to commence construction.

因此，我們尊重 CNSC 設定該日期的自由裁量權。我認為 CNSC 非常清楚所有利害關係人希望盡快做到這一點，只要它實際上能夠尊重 CNSC 的流程。作為一家公司、一個社區、一個省，我們已經準備好舉行委員會聽證會，然後最終確定，以便開始建造。

Okay. Thank you.

好的。謝謝。

Thank you.

謝謝。

Andrew Wong, RBC Capital Markets.

安德魯‧黃（Andrew Wong），加拿大皇家銀行資本市場部。

Good morning. Thanks for having me on the call. Just given the increased interest from utilities, I'm just wondering, does that give you more line of sight on signing an offtake contract this year? And does that process hinge on the approvals process moving forward?

早安.感謝您邀請我接聽電話。鑑於公用事業公司的興趣不斷增加，我只是想知道，這是否會讓您在今年簽署承購合約時有更多的視野？該流程是否取決於後續的審批流程？

No, it doesn't end on the --

不，事情並沒有結束--

Yes, Travis.

是的，特拉維斯。

Yes, it doesn't hinge on the permanent approvals necessarily but we are negotiating them and in final negotiations on a number of them. Obviously, it's always hard to pin down an exact timing of, you know, signing anything you're negotiating frankly, but obviously extremely motivated parties and on their side and on our side. So, and there's no issues or anything and it's very advanced. So yes, it seems completely reasonable that we will execute and announce some potentially a number of contracts before the end of the year?

是的，這不一定取決於永久批准，但我們正在就它們進行談判，並就其中一些進行最終談判。顯然，總是很難確定簽署任何坦率談判的內容的確切時間，但顯然雙方都非常積極主動，無論是在他們這邊還是在我們這邊。所以，沒有任何問題或任何事情，而且它非常先進。那麼，是的，我們在年底前執行並宣布一些可能的合約似乎是完全合理的？

Okay. And do you have enough physical uranium available to backstop those contracts? And just given that uranium prices have come down recently, do you see that as an opportunity to maybe add to your current inventory?

好的。你們有足夠的實體鈾來支持這些合約嗎？鑑於最近鈾價有所下降，您是否認為這是增加當前庫存的機會？

It's a good question, Andrew. I would say, answering your question in order, no, we're satisfied with the amount that we have. We don't see a need to buy it. Again, when we bought it originally, there wasn't -- we're not like timing the market and trying to trade the market. So uranium prices coming down, going up, frankly, doesn't really change the rationale for doing that transaction or any future transactions with that uranium.

這是個好問題，安德魯。我想說，按順序回答你的問題，不，我們對我們擁有的數量感到滿意。我們認為沒有必要購買它。再說一遍，當我們最初購買它時，並沒有——我們不喜歡把握市場時機並嘗試在市場上進行交易。因此，坦白說，鈾價的下跌或上漲並沒有真正改變進行該交易或任何未來與該鈾交易的理由。

The uranium has proven to be very useful in these discussions that we're having, particularly with a few counterparties that are as used to supporting a new mine because, frankly, there hasn't been a new mine in uranium in a couple of decades, at least one that's material. So, it's proven to be very helpful in those negotiations. And so yes, we're satisfied with how much uranium we have and aren't looking to purchase anymore.

事實證明，鈾在我們正在進行的這些討論中非常有用，特別是與一些習慣於支持新礦的交易對手，因為坦率地說，幾十年來沒有新的鈾礦。 。因此，事實證明它對這些談判非常有幫助。所以，是的，我們對我們擁有的鈾數量感到滿意，並且不再打算購買。

That's great. Thank you very much.

那太棒了。非常感謝。

Yeah. And Alex -- sorry, Andrew, I think it's two factors. One, the market and the way it's evolving, but also the recognition by the utilities of where NexGen is in the permitting process and that it is nearing finalization. So I think it's a number of factors which has increased that activity with respect to those negotiations, specifically with NexGen.

是的。亞歷克斯——對不起，安德魯，我認為這是兩個因素。一是市場及其發展方式，而且公用事業公司也認識到 NexGen 處於許可過程中，並且已接近最終確定。因此，我認為有很多因素增加了這些談判的活動，特別是與 NexGen 的談判。

Puneet Singh, Eight Capital.

普尼特·辛格，八資本。

Hi, good morning. I saw that in the US Weekly, where WMC was touting being brought on as your exclusive partner, and you had mentioned in the opening remarks as well. I know they do some work with the Sprott Trust. But maybe touch on that decision to bring them on and talk about how that could be a strategic advantage for you guys. Thanks.

嗨，早安。我在《美國周刊》上看到了這一點，WMC 宣稱將成為你們的獨家合作夥伴，你們在開場白中也提到了這一點。我知道他們與 Sprott Trust 做了一些合作。但也許可以談談讓他們加入的決定，並談談這對你們來說如何成為一個戰略優勢。謝謝。

Yeah, I might start and let Travis take over. But look, WMC are highly qualified and experienced in the uranium marketing industry worldwide. They approached us, wanted to become our exclusive marketing arm for the offtake of NexGen Rook I Project.

是的，我可能會開始並讓特拉維斯接管。但你看，WMC 在全球鈾行銷產業擁有高素質和豐富的經驗。他們聯絡我們，希望成為我們承購 NexGen Rook I 專案的獨家行銷部門。

I think that reflects a couple of things. One, they identify with our position and approach to the marketing of offtake. They have fantastic long-standing relationships with all the major utilities. And I just think that's -- it's an excellent reflection on where we are as a company and where we're heading.

我認為這反映了一些事情。第一，他們認同我們的立場和承購行銷方法。他們與所有主要公用事業公司都建立了良好的長期合作關係。我只是認為這很好地反映了我們作為一家公司的現狀和發展方向。

Also, with -- yes, they have purchased uranium for Sprott Uranium Trust. There's no relationship between NexGen or the Sprott Uranium Trust. So I just want to be clear on that. The arrangement is to exclusively market offtake on behalf of NexGen from the Rook I Project. We're very excited about it, for obvious reasons.

此外，是的，他們已經為 Sprott 鈾信託基金購買了鈾。NexGen 和 Sprott 鈾信託公司之間沒有任何關係。所以我只想澄清這一點。該安排是代表 NexGen 獨家銷售 Rook I 項目的承購量。出於顯而易見的原因，我們對此感到非常興奮。

As I said, I think it reflects our position in the market, but also about our approach to the future marketing of the uranium.

正如我所說，我認為這反映了我們在市場中的地位，也反映了我們未來鈾行銷的方法。

Okay, great. Thanks.

好的，太好了。謝謝。

Craig Hutchison, TD Cowen.

克雷格·哈奇森，TD·考恩。

Good morning, guys. Thanks for taking my question. Just one follow-up on the permitting front. Do you guys know at this point whether the hearing -- the commission hearings will be a one-part hearing or two-part hearing? Have they given you any sense on that at this stage? Or is it too early?

早安，夥計們。感謝您提出我的問題。只是在許可方面的一個後續行動。你們現在知道聽證會——委員會聽證會是一場聽證會還是兩場聽證會嗎？現階段他們有給你任何啟發嗎？還是現在還太早？

No. No. They've indicated that it will be both the permitting and the licensing concurrently.

不。不。他們表示，許可和許可將同時進行。

Concurrently? Okay, great. And then just on the exploration front, can you just give us a sense of what the turnaround time is on assay results? I think you guys mentioned you expect some assays in the fourth quarter and next year. And what's the plan in terms of meterage for drilling next year? Thanks.

同時？好的，太好了。然後，在探索方面，您能否讓我們了解一下檢測結果的周轉時間？我想你們提到預計第四季和明年會進行一些檢測。明年的鑽井量計畫是怎樣的？謝謝。

Yeah, sure. So look, we batch the assays. And considering that it is a -- occurring in parallel to the development activities at Rook I Arrow with the confirmation of the geotechnical setting, we have been batching the assays. So we're not sending in 1 hole to the lab after each hole, we're doing batches. And so it will be a bit lumpy with respect to the way those assays come back.

是的，當然。所以看，我們分批進行檢測。考慮到它與 Rook I Arrow 的開發活動同時進行，並確認了岩土工程環境，我們一直在分批進行分析。因此，我們不會在每個洞後將 1 個洞送到實驗室，而是分批進行。因此，這些檢測結果的回傳方式會有點不穩定。

The other aspect, too, is -- look, the scintillometer gives us a very good feel, and we're at the stage of just identifying the area of mineralization and looking for the interior high-grade domains.

另一方面，看，閃爍儀給我們帶來了非常好的感覺，我們正處於識別礦化區域並尋找內部高品位區域的階段。

Now we still haven't defined the outer limits of the mineralization, nor the high-grade subdomains within that. So the -- we want to understand that first. And then we have batched and sent the core to the lab, and those will be coming in during Q4. But yes, I just want to make the point that where it's not one hole, send the hole to the lab, we're batching them, and we'll report them in batches as they come in.

現在我們仍然沒有定義礦化的外部界限，也沒有定義其中的高品位子域。所以——我們想先了解這一點。然後我們將核心分批發送到實驗室，這些將在第四季度交付。但是，是的，我只是想指出，如果不是一個洞，請將洞送到實驗室，我們正在對它們進行分批，並且我們將在它們進來時分批報告它們。

So that's happening. I think you'll see a very similar size program. The 34,000 meters at PCE was the largest in the entire Athabasca Basin for 2024. Based on what we see today, I would say that at a minimum will be around that many meters plus probably some more, dependent on other results. But this is an incredible discovery, only 3.5 kilometers from the Arrow deposit, entirely contained within the basement rock and at the same time, exhibiting greater off scale than what we saw at Arrow.

所以事情就這樣發生了。我想您會看到一個大小非常相似的程式。PCE 的 34,000 公尺是 2024 年整個阿薩巴斯卡盆地最大的。根據我們今天看到的情況，我想說至少會在這麼多米左右，可能還會更多，這取決於其他結果。但這是一個令人難以置信的發現，距離阿羅礦床僅 3.5 公里，完全包含在基岩內，同時，其規模比我們在阿羅礦床看到的還要大。

So, we are incredibly excited about it. But when we are running -- we haven't been distracted with it in terms of we are very focused on the permitting and development of Arrow. And this running in parallel and the background is incredibly exciting for everyone involved, not just the people at the company, but also the community, the province as well. So it's an incredible development. Has presented itself only earlier this year, so we -- it's very early stages, but looking incredibly exciting.

所以，我們對此感到非常興奮。但當我們運行時，我們並沒有因此而分心，因為我們非常專注於 Arrow 的許可和開發。這種並行運行和背景對於每個參與者來說都是令人難以置信的興奮，不僅是公司的人員，還有社區、全省。所以這是一個令人難以置信的發展。今年早些時候才出現，所以我們——它還處於非常早期的階段，但看起來非常令人興奮。

Okay. Thank you.

好的。謝謝。

Katie Lachapelle, Canaccord Genuity.

凱蒂·拉查貝爾，Canaccord Genuity。

Hey. Good morning, guys. It's nice to see another positive update on the drilling. I do want to go back to the offtake negotiations that are underway and the WMC energy agreement. What has been the response that you've received from utilities on the back of that? And have you seen some of the contract negotiations, I would say, improve or evolve since bringing in WMC?

嘿。早安，夥計們。很高興看到鑽探的另一個積極進展。我確實想回到正在進行的承購談判和 WMC 能源協議。您從公用事業公司收到的回應是什麼？我想說，自從引入 WMC 以來，您是否看到一些合約談判有所改善或發展？

And then maybe one follow-up as well, I'm not sure if you can answer this. But if there were to be some change of control or something at the company level, is WMC guaranteed that agreement going forward? Or is there something in place where that could potentially fall out?

然後也許還有一個後續行動，我不確定你是否能回答這個問題。但如果控制權發生變化或公司層級發生某些變化，WMC 是否能保證協議繼續前進？或者是否有什麼地方可能會掉下來？

Yeah -- Travis, sorry, go ahead.

是的——崔維斯，抱歉，請繼續。

Yeah, I was just going to say, yes, no, everything was progressing very well prior to WMC coming on. WMC obviously has the infrastructure in place as well as expanded long-standing relationships across the whole globe, frankly, with respect to that. I would say that, yes, NexGen was progressing these offtakes on a stand-alone basis, this has added to it.

是的，我只是想說，是的，不，在 WMC 開始之前一切都進展順利。坦白說，WMC 顯然擁有適當的基礎設施，並在全球擴大了長期關係。我想說，是的，NexGen 正在獨立地推進這些業務，這已經增加了它。

So I think natural progression hard to say on these first few contracts. I don't think anything would have materially changed as a result of bringing WMC on. But for sure, as you look ahead and as we expand, the reception to us announcing bringing them on, unanimously positive, which I think speaks to both WMC's reputation in the industry as well as NexGen's and then that combination of alignment.

所以我認為在前幾份合約中很難說自然進展。我認為啟用 WMC 不會帶來任何實質改變。但可以肯定的是，當你展望未來以及我們的擴張時，我們對宣布引入它們的反應是一致積極的，我認為這既體現了WMC 在行業中的聲譽，也體現了NexGen 的聲譽，然後是這種結合。

And then with respect to the change of control provisions, I would say -- without getting those specifics, I would say they're fairly standard for this type of contract and would not necessarily live on through in perpetuity.

然後，關於控制條款的變更，我想說 - 如果沒有得到這些細節，我會說它們對於此類合約來說是相當標準的，並且不一定會永久存在。

Got it. Maybe one more question for me and pivoting. On the shaft award, you said that's still progressing. It felt like a couple of months ago, that felt like it was imminent. So I'm wondering -- I don't want to say there's a delay, but what's been leading to the awarding of the shaft taking a little bit longer than maybe previously expected?

知道了。也許對我來說還有一個問題和旋轉。關於軸獎，您說仍在進展中。感覺就像是幾個月前的事，感覺馬上就要發生了。所以我想知道——我不想說有延遲，但是什麼導致軸的授予比之前預期的時間要長一點？

Nothing -- sorry, Travis.

沒什麼——抱歉，崔維斯。

No, no, go ahead.

不，不，繼續吧。

Yeah. Look, nothing other than it's taken time. Look, it's a massive contract. And we -- taking many review hours, et cetera. And that's just a function of how material that contract is to the overall construction schedule.

是的。你看，除了花時間之外，沒有別的事了。瞧，這是一份龐大的合約。我們花了很多時間進行審閱，等等。這只是合約對整個施工進度的重要程度的函數。

The other aspect, too, is that we are awaiting final approval. So we can't really launch into any major construction until final approvals and ministerial sign-off. So yes, nothing, other than that.

另一方面，我們正在等待最終批准。因此，在最終批准和部長簽署之前，我們無法真正啟動任何重大建設。所以是的，除此之外什麼都沒有。

And I'll just say also, just add to the thing about WMC, we are very focused on executing this project. And by virtue of the volume of inbound calls we were getting, it just made sense to work with WMC to do that in a manner in which it deserves. And as Travis said, they've got exposure across the entire globe. And we are incredibly pleased to be working with them.

我還要說的是，補充一下關於 WMC 的事情，我們非常專注於執行這個專案。鑑於我們收到的來電數量，與 WMC 合作以應有的方式做到這一點是有意義的。正如特拉維斯所說，他們的知名度遍布全球。我們非常高興與他們合作。

And Katie, I might just add on the shaft side of it as well. Like -- these large contracts like this, there would be like phases. And so we have advanced through a limited notice to proceed on those critical path, detailed engineering and procurement phase of that contract. So notwithstanding the fact that the whole contract is not executed, you do advance under the early phases of what will become those contracts. So everything on the critical path with respect to the shafts is maintained, despite this contract not being fully executed as of yet.

凱蒂，我也可能會在它的軸側添加​​。就像這樣的大型合同，會有類似的階段。因此，我們透過有限的通知提前推進該合約的關鍵路徑、詳細工程和採購階段。因此，儘管整個合約並未執行，但您確實在這些合約的早期階段進行了推進。因此，儘管該合約尚未完全執行，但與軸相關的關鍵路徑上的所有內容都得到了維護。

Okay, got it. Awesome. Thank you, guys.

好的，明白了。驚人的。謝謝你們，夥計們。

Mohamed Sidibe, National Bank of Canada.

穆罕默德·西迪貝，加拿大國家銀行。

Thanks for taking my question. So just on the uptake on -- I think you mentioned interest from utilities globally, but I just wanted to understand, given various announcement of maybe contracting being slower than expected this year, are you seeing particular interest from a specific jurisdiction? And from your point of view, are you really more focused on supplying a specific jurisdiction like North America or really open to uptakes from anywhere in the world? Thank you.

感謝您提出我的問題。因此，就吸收而言，我認為您提到了全球公用事業公司的興趣，但我只是想了解，考慮到今年可能簽約速度慢於預期的各種公告，您是否看到特定司法管轄區特別感興趣？從您的角度來看，您真的更專注於向北美等特定司法管轄區提供服務，還是真正對世界任何地方的吸收持開放態度？謝謝。

Yeah, thanks. Thanks, Mohammed. I would say there's three primary jurisdictions that have been the early focus anyways, which has been North America, so Canada and the US, and then as well as Western Europe and Japan. We are speaking to effectively everyone around the world, but I would say that those are the most advanced. And so we're just going with that.

是的，謝謝。謝謝，穆罕默德。我想說的是，無論如何，三個主要司法管轄區一直是早期的焦點，即北美、加拿大和美國，然後是西歐和日本。我們實際上正在與世界各地的每個人交談，但我想說的是，這些都是最先進的。所以我們就這樣吧。

I think yes -- well, from a -- if we could choose how it gets split up in terms of -- yeah, I think, obviously, times wise and where the asset is, of course, North America should and likely will have a heavy focus. But yes, we'll sell to anyone that's aligned with us and we're legally allowed to sell to. But those would be the primary three jurisdictions that have shown tremendous interest over the last couple of years.

我認為是的 - 嗯，從 - 如果我們可以選擇如何將其分割為 - 是的，我認為，顯然，時間明智，資產在哪裡，當然，北美應該而且很可能會有一個沉重的焦點。但是，是的，我們會向任何與我們結盟並且法律允許我們出售的人出售。但這些將是過去幾年表現出極大興趣的主要三個司法管轄區。

Thank you. And just my second and final question here, just on the financing portion and the express of interest that you had and maybe timing, I think last time we chatted, you said that it would be post permitting approval that we could see an announcement on the financing front. Is that still the case? Or could we see something prior to maybe a commission hearing date being finalized? Thank you.

謝謝。這是我的第二個也是最後一個問題，只是關於融資部分和您表達的興趣，也許還有時間安排，我想上次我們聊天時，您說過，在獲得許可後，我們可以看到關於融資方面。現在還是這樣嗎？或者我們可以在委員會聽證會日期最終確定之前看到一些事情嗎？謝謝。

Yeah, we could -- we're targeting -- obviously, it's a bit of a moving target because we don't know exactly when the commission hearing day will be. Obviously, a lot has been spoken to about that. But we don't know exactly where that is. Obviously, every focus and energy is on making sure that that's as expedient as it can possibly be. But we don't know when that is.

是的，我們可以——我們的目標——顯然，這是一個不斷變化的目標，因為我們不知道委員會聽證會的確切日期。顯然，關於這一點已經談了很多。但我們不知道它到底在哪裡。顯然，所有的注意力和精力都集中在確保這盡可能地方便。但我們不知道那是什麼時候。

So we're advancing this debt and overall project financing options, of which there are many, altogether.

因此，我們正在推動債務和整體專案融資方案，總共有許多方案。

And so, yes, there's a chance that, that can get finalized ahead of that. But again, it just depends on when that commission hearing date exactly is relative to how these things progress in advance. But we want to be at a decision point, for sure, around the point of that commission hearing with our own internal estimates of potentially when that hearing could be.

所以，是的，這有可能提前敲定。但同樣，這僅取決於委員會聽證會的確切日期與這些事情的進展有關。但我們希望在委員會聽證會前後做出決定，並根據我們自己對聽證會何時舉行的內部估計。

Yeah. Obviously, the conclusion of the federal permitting process is the main gate to be offtake bit, construction financing finalized, all of these things are getting run in parallel, but are effectively dependent on that final federal approval process concluding.

是的。顯然，聯邦許可程序的結束是承購位、建設融資最終確定的主要大門，所有這些事情都在並行運行，但實際上取決於最終的聯邦批准程序的結束。

The fact that we haven't concluded the debt to date, even though we have been in a position to, has resulted in more avenues of financing. And as this market continues to evolve, we are ensuring that we will take the most optimal package available that maintains leverage to the future prices of uranium.

儘管我們有能力償還債務，但迄今為止我們尚未償還債務，這一事實導致了更多的融資管道。隨著這個市場的不斷發展，我們確保我們將採取最優化的方案，以保持對未來鈾價格的影響力。

We have a very, very simple story. We have a very large, very high-grade project in the best jurisdiction to develop and operate a uranium mine in Saskatchewan, Canada, right next door to the biggest nuclear fuel market in the world in the US. And we're incorporating elite environmental standards and community participation and engagement.

我們有一個非常非常簡單的故事。我們在加拿大薩斯喀徹溫省的最佳管轄區擁有一個非常大、非常高品位的項目，用於開發和運營鈾礦，毗鄰世界上最大的核燃料市場美國。我們正在納入精英環境標準和社區參與。

So we have a very simple story. And hence, we're attracting a lot of interest, be it from offtake or debt or financing providers. And the big gate to that is concluding this federal permitting process. And we are confident that, that is imminent, whilst respecting the CNSC process to conclude.

所以我們有一個非常簡單的故事。因此，我們吸引了許多興趣，無論是來自承購、債務或融資提供者。實現這一目標的重要途徑是完成聯邦許可程序。我們相信，這即將到來，同時尊重 CNSC 的結論進程。

Thank you.

謝謝。

[Erin Chang].

[張艾琳].

Hi. Thank you. Thank you for this comprehensive summary of all the recent transformative uses across all aspects really of NexGen. With these exciting prospects of future projects in development and what sounds like really limitless potential and demand, there are a lot of questions I'd actually love to explore in more depth. But I'm going to hone in on a pretty functional logistics.

你好。謝謝。感謝您對 NexGen 各個方面最近所有變革性用途的全面總結。有了這些令人興奮的未來專案開發前景，以及聽起來確實無限的潛力和需求，我實際上很想更深入地探索很多問題。但我將專注於一個非常實用的物流。

Given the unprecedented pioneering nature of your projects, I wonder about the workforce driving the execution of these projects, the adequate supply of skilled labor workforce, does that present a risk to project progress and timeline? Is there a real obstacle?

鑑於你們的專案具有前所未有的開創性，我想知道推動這些專案執行的勞動力、熟練勞動力的充足供應，這是否會對專案進度和時間表構成風險？有真正的障礙嗎？

I've seen how it is in other significant projects in the energy sector. And considering the complexity and scope of projects and end-to-end timelines from shovels in the ground to product in the marketplace, how robust is this skilled workforce pipeline?

我在能源領域的其他重大項目中看到過這種情況。考慮到專案的複雜性和範圍以及從鏟子到市場上的產品的端到端時間表，這個熟練的勞動力管道有多強大？

And the other challenge I hear a lot about in project execution in the energy sector is in supply chain delay for parts and components related to the engineering and infrastructure projects. So I'm really just wondering about these logistics. And to what extent are these projects are exposed to those risks as well?

我在能源領域的專案執行中經常聽到的另一個挑戰是與工程和基礎設施專案相關的零件的供應鏈延遲。所以我真的只是想知道這些物流。這些項目在多大程度上也面臨這些風險？

And that's an incredibly relevant question. Those two aspects, you've got to look at two things. One, the technical nature of the asset. We have a very, very -- in a mining sense, very simple mine. We're in competent basement rock.

這是一個非常相關的問題。這兩個方面，你必須看兩件事。一、資產的技術性質。我們有一個非常非常——從採礦意義上來說，非常簡單的礦井。我們位於合格的基岩中。

It's shallow. And we'll be moving ore of 1,300 tonnes a day. It's actually one of the world's tiniest hard rock underground mines. So we're in a very technical -- simple technical setting and environmental setting.

很淺。我們每天將運輸 1,300 噸礦石。它實際上是世界上最小的硬岩地下礦山之一。所以我們處於一個非常技術性的——簡單的技術設定和環境設定中。

The other aspect with respect to labor forces and delays is the way the company manages the execution of the project. Now we have been a lead in our project execution since inception.

關於勞動力和延誤的另一個方面是公司管理專案執行的方式。現在，自從專案啟動以來，我們一直處於領先地位。

And when it comes to the labor, we have a community 150 kilometers from the project of 4,500 people. We've been there since 2011. And we have run a number of programs starting back in 2022 with a very enthusiastic community and working with the various technical colleges in Saskatchewan, in a number of job skill programs to ensure that, that community has the access to the jobs at Rook I and appropriately qualified.

說到勞動力，我們有一個距離計畫 150 公里的社區，有 4,500 人。我們自 2011 年以來一直在那裡。從2022 年開始，我們已經在一個非常熱情的社區中開展了許多項目，並與薩斯喀徹溫省的各個技術學院合作，開展了許多工作技能項目，以確保該社區能夠獲得Rook I 和Rook I 的工作機會。

Now, a lot of those people who have gone through our programs, are now currently working in other parts of Canada, but can't wait to come back once the project is approved and construction commences.

現在，許多參加過我們專案的人目前正在加拿大其他地區工作，但一旦專案獲得批准並開始施工，他們就迫不及待地想回來。

So we've recognized this many years out, and we've been working towards it since we made the decision to go to develop this mine back in 2017. And so as we speak, we're very, very pleased with where we are with respect to that training and the availability of the appropriately qualified labor, which will -- which does exist in the local community.

所以我們很多年前就認識到了這一點，自從我們在 2017 年決定開發這個礦場以來，我們一直在努力實現這一目標。因此，正如我們所說，我們對我們在培訓和合格勞動力方面的進展感到非常非常滿意，這些勞動力確實存在於當地社區。

And as a philosophy, our company, we want our workers living as close to the project in the local community as possible. And it's going to be another example of successful partnership, collaboration between the company and community and the successful execution of the resources project.

作為一種理念，我們公司希望我們的員工生活在當地社區盡可能靠近專案的地方。這將是公司和社區之間成功的夥伴關係、協作以及資源專案成功執行的另一個例子。

So your question is incredibly valid, one which we have been aware of and planning for since 2017. And the success of those programs, which I touched on earlier in our call, are having an excellent impact, as we speak.

所以你的問題非常有效，我們自 2017 年以來就已經意識到併計劃了這個問題。我在電話會議早些時候談到的這些計劃的成功正在產生巨大的影響。

So, on top of that, the nature of the project and the culture of the company has been attracting elite talent from around the world. We have a very strong perspective on this line -- on this mine being the most environmentally well-managed mine globally, and that's a function of its natural technical setting, but also the design aspects that we've chosen to incorporate. The underground tailings management facility is one of them.

因此，最重要的是，該計畫的性質和公司文化一直吸引著來自世界各地的精英人才。我們對這條線有著非常強烈的看法——這個礦山是全球環境管理最完善的礦山，這是其自然技術設置的一個功能，也是我們選擇納入的設計方面的一個功能。地下尾礦管理設施就是其中之一。

And so we're really pleased with where we stand currently for our level of activity, and we're prepared for the next stages, once they are approved, to move forward in a sustainable and sensible manner.

因此，我們對目前的活動水平感到非常滿意，並且我們已為下一階段做好準備，一旦獲得批准，就會以可持續和合理的方式向前推進。

Thank you for that. And you also touched on my second question, which was going to be about that initiative that you're already implementing in the community. So thank you for segueing naturally into that.

謝謝你。您還談到了我的第二個問題，該問題與您已經在社區中實施的舉措有關。所以謝謝你自然而然地進入了這個主題。

Pleasure.

樂趣。

There are no further questions at this time. Ladies and gentlemen, this concludes the conference call for today. We thank you for participating and ask that you please disconnect your lines.

目前沒有其他問題。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。