Nexgen Energy Ltd (NXE) 2024 Q4 法說會逐字稿

Good morning. My name is Constantine, and I will be your conference operator for today. At this time, I would like to welcome everyone to the NexGen Energy year-end and fourth-quarter 2024 financial results conference call. (Operator Instructions)

早安.我叫康斯坦丁，今天我將擔任您的會議接線生。現在，我歡迎大家參加 NexGen Energy 2024 年年末和第四季財務業績電話會議。（操作員指示）

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

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

Thank you, Constantine. Thank you all for joining us today for NexGen's year-end and Q4 2024 financial results conference call. I'm Leigh Curyer, Founder and Chief Executive Officer of NexGen Energy, and I'm joined today by Travis McPherson, Chief Commercial Officer; and Benjamin Salter, Chief Financial Officer.

謝謝你，康斯坦丁。感謝大家今天參加 NexGen 的 2024 年年終和第四季財務業績電話會議。我是 NexGen Energy 的創辦人兼執行長 Leigh Curyer，今天與我一起參加會議的還有首席商務長 Travis McPherson；以及財務長 Benjamin Salter。

Over the course of this call, I will provide NexGen's insights into the global uranium markets and also highlight the significant progress and recent key accomplishments at NexGen, including the completion of the final Federal technical review for Rook I and CNSC's acceptance of our Federal Environmental Impact Statement as final, as well as our first uranium sales contract with leading US utilities and the commencement of the largest exploration program in the Athabasca Basin focused on our new 2024 discovery at Patterson Corridor East, PCE.

在本次電話會議中，我將提供 NexGen 對全球鈾市場的見解，並強調 NexGen 的重大進展和近期關鍵成就，包括完成 Rook I 的最終聯邦技術審查和加拿大核安全委員會接受我們的聯邦環境影響聲明作為最終版本，以及我們與美國領先公用事業公司簽訂的第一份帕特森銷售合同和在阿薩鈾卡盆地啟動新的 PCE 盆地計劃，重點是我們在

At the conclusion of the presentation, we will move to the Q&A portion of the call, which will provide you the opportunity to ask any questions. We will make forward-looking statements throughout today's call, and I invite you to visit our website for all the relevant disclosures.

演示結束後，我們將進入電話會議的問答環節，這將為您提供任何問題的機會。我們將在今天的電話會議中做出前瞻性陳述，我邀請您訪問我們的網站以獲取所有相關披露。

Before we begin, it's worth noting the exceptional scarcity of successful greenfield projects in our industry. Only 1% of exploration projects progress past the permitting stage. We are nearing that stage. And a mere 0.01% ultimately become profitable mines. Our steady advancements and multiple milestones emphasize that NexGen is firmly on the path to joining that elite category.

在我們開始之前，值得注意的是，我們產業中成功的綠地計畫極為稀缺。只有 1% 的勘探項目能夠通過許可階段。我們即將到達那個階段。最終只有 0.01% 的礦場能夠獲利。我們的穩定進步和多個里程碑表明 NexGen 正堅定地走在加入精英行列的道路上。

The barriers to entry are high. And considering the necessity of new supply for the uranium market to fuel strongly the growing nuclear demand, our Patterson Corridor East project is that much more important than it was yesterday, as are all the current uranium developers.

進入門檻很高。考慮到鈾市場需要新的供應來強力滿足日益增長的核需求，我們的帕特森走廊東項目比昨天更加重要，所有目前的鈾開發商也是如此。

The uranium market remains dynamic, shaped by growing new demand for nuclear energy on top of robust existing global nuclear fleets with geopolitical uncertainties and supply chain constraints, all underscoring the critical importance of security of uranium supply. Legislative actions have amplified concerns over supply and emphasize the need for stable Western-based uranium sources to diversify what has become a highly concentrated uranium industry.

鈾市場仍然充滿活力，除了全球現有的強大核電廠外，核能的新需求也在不斷增長，地緣政治的不確定性和供應鏈的限制也影響著鈾市場，所有這些都凸顯了鈾供應安全的重要性。立法行動加劇了人們對供應的擔憂，並強調需要穩定的西方鈾源來實現鈾工業高度集中的多元化。

Short-term market fluctuations based on market liquidity constraints have not changed the fundamental market reality. There simply isn't enough supply to meet demand, and that is forecast to persist well past the 2040s. The only solution is a substantially higher and sustained price to incentivize greater investment in uranium exploration and mining, leading to new discoveries and project development. Without materially higher sustained prices, the deficits will only grow wider.

基於市場流動性限制的短期市場波動並沒有改變根本的市場現實。供應根本無法滿足需求，而且預計這種情況將持續到 2040 年代以後。唯一的解決方案是大幅提高並維持價格，以激勵對鈾礦勘探和開採的更多投資，從而帶來新的發現和專案開發。如果價格無法持續大幅上漲，赤字只會越來越大。

To put the demand for uranium, particularly Western supply into perspective, let's focus on the US market for a moment. The US consumes nearly 50 million pounds of uranium annually but produces less than 1 million pounds domestically. Canada currently accounts for 25% of its supply, with the rest of primary supply coming from Kazakhstan, Russia and Uzbekistan. This available supply is also shrinking. Russia will be legislatively banned from the US market in totality by 2027. And the majority of Kazatomprom's future production is already committed to the East.

為了正確認識鈾的需求，特別是西方的供應，讓我們暫時關注美國市場。美國每年消耗近5,000萬磅鈾，但國內產量不足100萬磅。目前，加拿大佔其供應量的25%，其餘主要供應來自哈薩克、俄羅斯和烏茲別克。可用供應量也在減少。到2027年，俄羅斯將被立法全面禁止進入美國市場。哈薩克國家原子能工業公司未來大部分的產量已經轉向東方。

Kazakhstan and Uzbekistan's uranium is increasingly being diverted to China and Russia. The West is unleashing unprecedented support for nuclear, yet is falling behind on securing the uranium supply it critically needs. All other components of the nuclear fuel cycle are at or near all-time highs, yet the necessary input for the whole cycle, uranium, has yet to perform the same way. But attention towards new sources of primary mine supply has commenced, evidenced by our initial US utility contracts being executed in December of last year.

哈薩克和烏茲別克的鈾正越來越多地被轉移到中國和俄羅斯。西方國家正在對核能給予前所未有的支持，但在確保其急需的鈾供應方面卻落後了。核燃料循環的所有其他組成部分都達到或接近歷史最高水平，但整個循環所需的輸入鈾尚未達到相同的水平。但人們已經開始關注新的原生礦供應來源，這從我們去年 12 月簽署的首份美國公用事業合約就可以看出。

2024 was a transformative year for NexGen, marked by significant milestones. We secured our first utility contracts, which are entirely in line with our strategy of maximizing the exposure to future uranium prices and optimizing the return on every pound produced. This has coincided with completing the Federal technical review and finalization of our Federal EIS, materially advanced the project execution, surpassed regional procurement and training objectives, all while advancing the Athabasca Basin's largest targeted exploration drill program that yielded a brand-new material discovery named PCE, just 3.5 kilometers from our [Metis] Arrow deposit. Our progress has been driven by an incredibly dedicated team and our steadfast mission to establish NexGen as a world leader in clean energy fuel solutions.

2024 年是 NexGen 轉型的一年，標誌著重要的里程碑。我們獲得了第一份公用事業合同，這完全符合我們的策略，即最大限度地利用未來鈾價格並優化每磅鈾的回報。這與完成聯邦技術審查和最終確定我們的聯邦環境影響報告書相吻合，實質性地推進了項目實施，超越了區域採購和培訓目標，同時推進了阿薩巴斯卡盆地最大的定向勘探鑽探計劃，發現了名為 PCE 的全新材料，距離我們的 [Metis] Arrow 礦床僅 3.5 公里。我們的進步得益於一支極其敬業的團隊和堅定的使命，即把 NexGen 打造為清潔能源燃料解決方案的全球領導者。

As we continue advancing our disciplined development of our 100% owned Rook I project, we are now nearing completion of the most material phase, permitting. The site, our team and our balance sheet are ready to commence construction immediately following conclusion of the Commission hearing, which we, the Province of Saskatchewan and our indigenous community partners are all eagerly awaiting.

隨著我們繼續推進我們全資擁有的 Rook I 專案的規範開發，如果允許的話，我們現在已經接近完成最重要的階段。委員會聽證會結束後，場地、我們的團隊和資產負債表已準備好立即開始施工，我們、薩斯喀徹溫省和我們的原住民社區合作夥伴都熱切期待著這一結果。

With the full support via fully-executed and legally-binding benefit agreements and strong advocacy from all four indigenous communities in our project area, Clearwater River Dene Nation, Metis Nation-Saskatchewan Northern Region II, Birch Narrows Dene Nation, Buffalo River Dene Nation, the project is optimally positioned for completion of the final approval process.

在我們計畫區域內所有四個原住民社區（Clearwater River Dene Nation、Metis Nation-Saskatchewan Northern Region II、Birch Narrows Dene Nation、Buffalo River Dene Nation）的全力支持下，通過全面執行且具有法律約束力的利益協議和強有力的倡導，該項目已為完成最終審批程序做好了最佳準備。

NexGen has made significant advancements in construction readiness. Procurement of critical items is well advanced. Vendors are secured for key critical path activities. And the team, which has been strategically compiled for optimal performance, is in place and ready to execute.

NexGen 在施工準備方面取得了重大進展。關鍵物品的採購工作進展順利。確保供應商能夠參與關鍵路徑活動。並且，為實現最佳績效而精心組建的團隊已經到位並準備執行。

This disciplined planning and execution to date positions us to mobilize on day one of approval once final permits are secured, with existing cash on hand supporting a minimum of 18 months of post-approval construction activity. In parallel, we continue to attract top-tier talent and expand our local training programs to ensure industry-leading percentages of the on-site labor and commerce is domiciled directly from nearby local communities. Our focus on sustainable development remains at the core of our operations, while delivering lasting value to our shareholders, partners and the communities in which we operate.

到目前為止，這種嚴謹的規劃和執行使我們能夠在獲得最終許可的第一天就開始動員，現有現金可以支持批准後至少 18 個月的施工活動。同時，我們繼續吸引頂尖人才，擴大本地培訓項目，以確保行業領先比例的現場勞動力和商業直接來自附近的當地社區。我們對永續發展的關注仍然是我們營運的核心，同時為我們的股東、合作夥伴和我們營運所在的社區提供持久的價值。

Additionally, our updated capital estimate reaffirmed Rook I's industry-leading economics, featuring rapid payback of approximately 12 months based on UXC's long-term price and an exceptionally low operating cost of under USD10 a pound at USD9.98. These low operating costs, combined with the ideal geological setting, provide NexGen with significant production flexibility and strategic leverage on contracting, enabling us to maximize the value of every pound produced.

此外，我們更新的資本估算再次證實了 Rook I 行業領先的經濟效益，根據 UXC 的長期價格，其回報週期約為 12 個月，且營運成本極低，每磅不到 10 美元，為 9.98 美元。低營運成本加上理想的地質環境，為 NexGen 提供了顯著的生產靈活性和承包策略槓桿，使我們能夠最大限度地提高每磅產量的價值。

NexGen's strategic uranium inventory, which was purchased in early 2024, has played a key role in our contracting position, enabling us to secure customers aligned with us in terms of future market dynamics and ensuring we maintain maximum exposure to future uranium prices.

NexGen 於 2024 年初購買的戰略鈾庫存在我們的承包地位中發揮了關鍵作用，使我們能夠確保客戶在未來市場動態方面與我們保持一致，並確保我們最大限度地把握未來的鈾價格。

As evidenced in December, this proactive approach led to the award of our first uranium sales agreements with multiple leading US utilities, securing 5 million pounds of deliveries over the first five years. Building on these first few contracts, interest from global utilities continues to increase for NexGen to bring a new material source of uranium supply to the market and in order to assist nuclear operators diversify their current supply concentration. Discussions are advancing across the US, Europe, Asia and the Middle East.

正如 12 月所證明的那樣，這種積極主動的方法使我們與多家美國領先的公用事業公司簽訂了第一份鈾銷售協議，確保在前五年交付 500 萬磅鈾。基於最初幾份合同，全球公用事業公司對 NexGen 的興趣日益濃厚，希望該公司能為市場帶來新的鈾供應來源，並幫助核能運營商實現其當前供應集中度的多樣化。美國、歐洲、亞洲和中東地區的討論正在進行中。

As market fundamentals tighten, we anticipate further contract signings in the near term as utilities move to secure long-term supply and NexGen prepares for production. NexGen remains well positioned to capitalize on this growing demand, and while maintaining a disciplined approach to our contracting strategy, ensuring we optimize value of every pound committed and produced.

隨著市場基本面收緊，我們預計短期內將簽署更多合同，因為公用事業公司將採取措施確保長期供應，而 NexGen 將為生產做好準備。NexGen 仍處於有利地位，可以利用這一不斷增長的需求，同時保持嚴謹的承包策略，確保我們優化承諾和生產的每一英鎊的價值。

So, as we navigate this evolving landscape, NexGen remains focused on delivering long-term value, leveraging our strategic position in a market with unprecedented and undeniable growth potential, combined with our structural supply constraints.

因此，在我們應對這一不斷變化的情況時，NexGen 始終專注於提供長期價值，利用我們在具有前所未有且不可否認的成長潛力的市場中的戰略地位，並結合我們的結構性供應限制。

Sustainability is a cornerstone of NexGen's culture and business practices. In 2024, local indigenous communities continued their vocal support for the immediate approval of the Rook I project, given their deep participation and understanding of the environmental assessment process, as well as the trust, which is clearly evident between NexGen and the communities.

永續性是 NexGen 文化和商業實踐的基石。2024年，當地原住民社區繼續大力支持立即批准Rook I項目，因為他們深入參與並了解環境評估過程，而NexGen與社區之間建立了明顯的信任。

Our benefit agreements continue to deliver tangible community programs, workforce training and economic partnerships, reinforcing our long-term commitment to responsible resource development. Programs such as our Pathways to Your Future for careers in mining at the Rook I project, coupled with our unique sports partnerships that deliver impactful mentorship for youth through leadership development are creating long-lasting growth opportunities for the next generation of leaders across our region.

我們的福利協議繼續提供實際的社區計畫、勞動力培訓和經濟夥伴關係，加強我們對負責任的資源開發的長期承諾。我們在 Rook I 計畫中為採礦業職業提供的「通往未來之路」等計劃，加上我們獨特的體育合作夥伴關係，透過領導力發展為年輕人提供有影響力的指導，為我們地區的下一代領導者創造了持久的成長機會。

We are also proud to announce that in line with NexGen's commitment to support and advance local indigenous communities and businesses, 96% of the procurement for the Rook I site was made through our community partners during 2024. That is industry leading, the number one position in the industry, and reflects the genuine nature of our commitment to local communities, which will expand exponentially once the project clears the commission hearing process.

我們也很自豪地宣布，根據 NexGen 支持和推動當地原住民社區和企業的承諾，2024 年 Rook I 站點 96% 的採購都是透過我們的社區合作夥伴進行的。這是業界領先的，也是業界的第一名，反映了我們對當地社區的真誠承諾，一旦專案通過委員會聽證程序，這種承諾將成倍擴大。

Beyond Rook I, our 2024 exploration program was NexGen's most successful since the discovery of Arrow in 2024, a major uranium discovery at Patterson Corridor East, just 3.5 kilometers from Arrow. It has all the same characteristics of Arrow. And in terms of size and the existence of the ultra-high-grade mineralization, it exceeds that of Arrow at the same stage of drilling. The discovery at PCE represents a transformational development, unlocking new resource potential and refining the truly district scale of NexGen's lands position.

除了 Rook I 之外，我們的 2024 年勘探計劃是 NexGen 自 2024 年發現 Arrow 以來最成功的計劃，Arrow 是位於帕特森走廊東部的一個大型鈾礦發現，距離 Arrow 僅 3.5 公里。它具有 Arrow 的所有相同特性。並且從規模和超高品位礦化的存在性來看，它超過了同一階段鑽探的Arrow。PCE 的發現代表著一種變革性的發展，釋放了新的資源潛力並改善了 NexGen 土地地位的真正區域規模。

We just commenced our 2025 -- sorry, our 2025 exploration program, one of the largest and boldest drill programs in the Athabasca Basin with a 43,000-meter drill program, focused on two key objectives; define the scale of mineralization at PCE and unlock the full potential of this high-grade system.

我們剛開始我們的 2025——抱歉，是我們的 2025 勘探計劃，這是阿薩巴斯卡盆地規模最大、最大膽的鑽探計劃之一，鑽探計劃深度為 43,000 米，重點關注兩個關鍵目標；確定 PCE 的礦化規模並釋放該高品位系統的全部潛力。

Financially, NexGen maintains a strong position with approximately CAD477 million in cash at year-end, which covers the construction spend for the first 18 months of the post-approval activities. Further, the expressions of interest from lenders has increased to approximately USD1.7 billion, which is more capacity than is required and highlights just the incredible financeable nature of this world-class project.

從財務角度來看，NexGen 保持著強勁的地位，年底現金約為 4.77 億加元，涵蓋了批准後前 18 個月的建設支出。此外，貸款方的意願已增至約 17 億美元，這筆金額超過了實際需求，凸顯了這項世界級專案令人難以置信的融資能力。

We continue to advance discussions across multiple financing streams, rigorously evaluating options amid strong interest from around the world and from various industries. We will continue to advance all financing alternatives throughout the remainder of this year, leveraging our ability to optimize the capital stack with patience, given our strong balance sheet.

我們持續推動多種融資管道的討論，在來自世界各地和各行業的濃厚興趣下嚴格評估各種選擇。鑑於我們強勁的資產負債表，我們將在今年剩餘時間內繼續推進所有融資方案，並耐心利用我們優化資本結構的能力。

As we look ahead to 2025, we do so with tremendous confidence, momentum and focus on our strategic objectives. Our focus is on securing full federal approvals, including the upcoming commission hearing, and while doing so, advancing engineering, procurement and training to further enhance the execution phase.

展望 2025 年，我們充滿信心、有動力，並專注於我們的策略目標。我們的重點是獲得聯邦政府的全面批准，包括即將舉行的委員會聽證會，同時推進工程、採購和培訓，以進一步加強執行階段。

NexGen is incredibly proud to be at the forefront of one of the most significant times in the global energy markets, where a confluence of factors, including energy security, the energy transition and geopolitics continue to play favorably into our zone.

NexGen 非常自豪能夠站在全球能源市場最重要的時期之一的前沿，能源安全、能源轉型和地緣政治等多種因素繼續對我們的區域產生有利影響。

As demand for clean, reliable and secure energy intensifies, we are ready to meet this challenge head on. We have the right strategy in place with a highly talented and dedicated team, supported by values and a commitment to all stakeholders.

隨著對清潔、可靠和安全能源的需求日益增加，我們已準備好迎接這項挑戰。我們擁有正確的策略，擁有一支才華橫溢、敬業奉獻的團隊，並以價值觀和對所有利害關係人的承諾為支撐。

Thank you, and I look forward to updating you on our progress through what promises to be a transformative year. I'd now like to open the floor for questions.

謝謝大家，我期待著向大家通報我們在這個充滿改變的一年中所取得的進展。現在我想開始回答大家的提問。

Ladies and gentlemen, we will now begin the question-and-answer session.

女士們、先生們，我們現在開始問答環節。

(Operator Instructions)

（操作員指示）

Katie Lachapelle, Canaccord Genuity.

凱蒂·拉查貝爾，Canaccord Genuity。

Hey guys, thank you for taking my question and congrats on the recent acceptance of the final EIS. One of your peers recently announced notice of its Commission hearing date. How has that announcement informed your thinking around the timeline for the hearing date? And then, maybe as a follow-up to that as well, are you still expecting it to be a one-part hearing? Or is a two-part hearing a possibility? And then, does that decision ultimately lie with you? Or is it with the CNSC? Thank you.

嘿，大家好，感謝你們回答我的問題，並祝賀你們最近獲得了最終的 EIS 錄取。您的一位同行最近宣布了其委員會聽證會日期的通知。該公告如何影響您對聽證會日期時間表的思考？然後，也許作為後續問題，您是否仍然希望這是一個單一部分的聽證會？或者有可能進行兩部分的聽證會嗎？那麼，最終的決定權在你手上嗎？還是與加拿大核安委員會有關？謝謝。

Sure. Thanks, Katie. Yeah, look, it's great news. Denison has received their Commission hearing date. I think everyone can take note of that and obviously is positive for when we expect to hear ours, the scheduling of that. We have been informed by the CNSC that it will be only a one part, and we are eagerly awaiting the announcement of that date. So clearly, the CNSC only has so much resources.

當然。謝謝，凱蒂。是的，看，這是個好消息。丹尼森已收到委員會的聽證日期。我認為每個人都可以注意到這一點，並且顯然對於我們何時聽到自己的消息以及時間安排都有積極的影響。加拿大核安委員會已告知我們，這只是其中的一部分，我們正熱切地等待該日期的宣布。顯然，加拿大核安委員會的資源是有限的。

And so, we're working with them to schedule that commission hearing date as early as possible. And the advocacy from all four local communities to the CNSC to ensure that, that happens as immediately as possible is extremely strong. So, that is what we know, Katie, as we speak. And we have got everything filed and ready and ready to do that Commission hearing, even if it was scheduled for tomorrow.

因此，我們正在與他們合作，儘早安排委員會聽證會日期。所有四個地方社區都強烈呼籲加拿大核安委員會確保這項措施盡快實現。所以，凱蒂，這就是我們剛才所說的情況。我們已經把所有文件都準備好了，準備參加委員會的聽證會，即使聽證會安排在明天。

And then, on the subsequent conclusion of that Commission hearing process and approval, we'll literally be starting construction the following week. So yes, we are very much looking forward to the Commission responding and setting a date.

然後，在委員會聽證程序結束並獲得批准後，我們將在下週開始施工。所以是的，我們非常期待委員會回應並確定日期。

Awesome. And then, maybe an unrelated follow-up. You emphasized the Patterson Corridor East discovery a lot in your opening remarks, and I think the market continues to undervalue that. When are you expecting to release more results from the program at PCE? And then, perhaps any thoughts around the timing of potentially a maiden resource there?

驚人的。然後，也許是一個不相關的後續行動。您在開場白中多次強調了帕特森走廊東部的發現，但我認為市場仍然低估了這一點。您預計何時發布 PCE 專案的更多成果？然後，也許您對那裡可能首次出現資源的時間有什麼想法？

Yeah. So our approach is to release results in batches along the way in order to always give some context. Now, the only thing that would change that philosophy is if we hit a hole which changes the entire direction of PCE. And that was the experience at Arrow. We defined mineralization. We tagged into some high-grade veinlets.

是的。因此，我們的方法是分批發布結果，以便始終提供一些背景資訊。現在，唯一能改變這個理念的事情就是我們遇到一個漏洞，從而改變整個 PCE 的方向。這就是我在 Arrow 的經歷。我們定義了礦化。我們標記了一些高品味的細脈。

And then, it was hole 30 which completely unlocked the size, potential and scope of Arrow. We are drilling those holes in terms of defining the extent of mineralization, but also looking to unlock PCE. And that could be the next hole. It could be in 100 holes. We don't know. So our focus on that and given materiality assessment is that we will release those results in batches of drilling in order to always provide context. But yes, as I said, if a barn burner occurs, we would announce that as soon as possible.

然後，第 30 洞徹底揭示了 Arrow 的大小、潛力和範圍。我們鑽這些孔是為了確定礦化範圍，同時也是為了解鎖 PCE。這可能就是下一個洞。它可能存在 100 個洞中。我們不知道。因此，我們將重點放在這一點，並根據重要性評估，分批發布鑽探結果，以便始終提供背景資訊。但是的，正如我所說的，如果發生穀倉焚燒事件，我們會盡快宣布。

Got it. Thanks so much, guys.

知道了。非常感謝大家。

Regan Burrows, Bell Potter Securities.

雷根‧伯羅斯 (Regan Burrows)，貝爾波特證券公司 (Bell Potter Securities)。

Yeah, good morning, Lee and Travis. Thanks for taking my questions. Just a follow-up on Katie's question before on PCE assay results. Has there been sort of a delay in getting those results back? Or I guess, sort of further elaborating on what you said there, are we sort of to interpret that the strategy has shifted because of something within those results?

是的，早上好，李和崔維斯。感謝您回答我的問題。這只是對凱蒂之前關於 PCE 檢測結果的問題的後續問題。傳回這些結果是否存在某種延遲？或者我想，進一步闡述您所說的內容，我們是否可以認為由於這些結果中的某些因素，策略已經發生了轉變？

No. Look, we've already put out the scintillometer results from the 2024 program. And at this stage, the assays are less material. It's about discovering the extent of mineralization and looking for the high-grade hearts within that area of mineralization. Once we get into project delineation, where we're working towards establishing a resource, the assays then become very, very material. But it's just simply batching the results, sending them to the lab and getting them back.

不。你看，我們已經公佈了 2024 年計畫的閃爍儀結果。而在現階段，檢測結果還不夠具體。它是關於發現礦化的程度並在礦化區域內尋找高品位中心。一旦我們進入專案描述階段，致力於建立資源，分析就會變得非常非常重要。但它只是簡單地對結果進行分批處理，將其發送到實驗室並返回。

And those assays from 2024 will be released in the near future, and most likely along with the first phase of 2025 scintillometer results from PCE. So, yes, no need to look into the length of that. Yes, the lab does get backed up. But the priorities and that core in -- was just in the normal course. And those assays will be coming. But as I said, at this stage, focusing on the scintillometer results and the extent of mineralization, looking for those high-grade hearts is the focus.

2024 年的這些分析結果將在不久的將來發布，並且很可能與 2025 年 PCE 第一階段的閃爍儀結果一起發布。所以，是的，不需要考慮它的長度。是的，實驗室確實得到了支持。但優先事項和核心內容只是在正常範圍內。這些檢測即將進行。但如我所說，在現階段，重點在於閃爍儀的結果和礦化程度，尋找那些高品位的礦心才是重點。

And just sort of elaborating on that a bit further for the '25 program, are most of these holes just stepping out from the initial holes? Is that the way you're sort of approaching that? I What kind of spacing are you looking to do on a hole-by-hole basis?

再進一步詳細說明 25 計劃，這些洞是不是大部分都是從最初的洞中出來的？這就是你處理這個問題的方式嗎？我 您希望在每個洞的基礎上實現什麼樣的間距？

Yeah, that's an excellent question. And as we did with Arrow, we basically use a grid based on 50-meter spacing when we're trying to define the area of mineralization, and that's what we're doing. So it's not drill holes, stepping out side by side from one another 20 meters, and so effectively doing it on a 50-meter grid.

是的，這是一個很好的問題。正如我們對 Arrow 所做的那樣，當我們試圖定義礦化區域時，我們基本上使用基於 50 公尺間距的網格，而這就是我們正在做的事情。因此，它不是鑽孔，而是彼此並排向外延伸 20 米，然後有效地在 50 米的網格上進行。

And then, if we tag into a high-grade heart, well, it would require some more concentrated drilling at that time. But when you consider you can miss these deposits by as little as a meter or less, and we're doing it on a 50-meter grid, and we're hitting mineralization at the rate that we are in those holes at PCE, it tells you that we are onto something incredibly significant.

然後，如果我們標記到高品位心臟，那麼，那時就需要進行更集中的鑽探。但是，當你考慮到你可能會錯過這些礦床一米或更少，而我們是在一個 50 米的網格上進行的，並且我們在 PCE 的這些孔中的礦化速度達到礦化程度時，它告訴你，我們正在做一些非常重要的事情。

And I've always said it, Arrow was discovered on the very first drill hole within a 4.5-kilometer radius of the initial hole, which discovered mineralization. Now, that is an unprecedented success with respect to exploration and when you consider just how confined these deposits are. For us to be doing a wide grid and hitting mineralization like we are, this PCE justifies the largest drilling program in the Athabasca this year.

我一直這麼說，Arrow 是在第一個鑽孔中發現的，該鑽孔位於第一個鑽孔 4.5 公里半徑範圍內，並且發現了礦化。現在，就勘探而言，這是一個前所未有的成功，當你考慮到這些礦藏有多有限時。對於我們這樣進行廣泛網格並發現礦化作用的人來說，這個 PCE 證明了今年阿薩巴斯卡最大的鑽探計劃是合理的。

And so, the geology team and all of us are incredibly excited. And to think that we may be onto a mineralization of the caliber of Arrow, it's an absolute game changer as we are progressing through the final stages of permitting and are about to start construction on Arrow to have another one bubbling away here in parallel, like unprecedented with respect to what that will mean for the company.

因此，地質團隊和我們所有人都非常興奮。想想看，我們可能正在開發與 Arrow 同等級別的礦化產品，這絕對會改變遊戲規則，因為我們正在經歷許可的最後階段，並即將開始在 Arrow 上進行建設，同時還有另一個礦化產品在這裡湧現，這對於公司來說意義非凡。

Appreciate the color. Thanks Leigh. I'll pass it on.

欣賞色彩。謝謝 Leigh。我會傳達的。

Thanks.

謝謝。

Craig Hutchison, TD Cowen.

克雷格·哈奇森（Craig Hutchison），TD Cowen。

Hey, good morning guys. One of your objectives this year is to do optic negotiations. Just curious, what type of volumes you're looking to contract ahead of a potential approval next year?

嘿，大家早安。你今年的目標之一是進行光學談判。只是好奇，在明年可能獲得批准之前，您希望簽訂多少類型的合約？

Yeah. Thanks, Craig. It's Travis here. I wouldn't say we have a set volume that we're targeting in any given year, frankly. We're in the stage of building relationships and remaining patient with our strategy and making sure that we, at the end of the day, maximize the value of every pound we produce. So that's the stage we're in. There's significant demand for our product, as evidenced by the premium pricing we indicated in December.

是的。謝謝，克雷格。我是崔維斯。坦白說，我不會說我們在任何一年都有既定的目標數量。我們正處於建立關係和對我們的策略保持耐心的階段，並確保我們最終能夠最大限度地提高我們生產的每一英鎊的價值。這就是我們所處的階段。我們的產品需求量很大，這從我們 12 月提出的高價就可以看出。

That makes sense, given the premium and scarce nature of our product. So those discussions are ongoing and will continue throughout the year. I would expect to see some more contracts get announced this year for sure. But we're definitely not targeting X number of pounds in 2025 and X number of pounds in 2026. We will see how the market develops, how the negotiations go and remain patient, while we continue to build relationships along the way.

考慮到我們產品的優質和稀缺性，這是有道理的。因此，這些討論仍在進行中，並將持續全年。我預計今年肯定會看到更多合約公佈。但我們的目標絕對不是 2025 年達到 X 磅，2026 年也達到 X 磅。我們將觀察市場如何發展、談判如何進行並保持耐心，同時繼續建立關係。

Has the tariffs in the US had any impact on your discussions with utilities?

美國的關稅對您與公用事業公司的談判有影響嗎？

Yeah, we get that question a lot, and the short direct answer is, no, we don't get -- it's not even a topic, frankly, of any discussions really. Uranium is very long term and global in nature. And so, these types of things or these types of considerations anyways are pretty normal in these discussions within various jurisdictions. And we also have in our contracts that the tariffs are borne and worn by the purchaser of the uranium.

是的，我們經常被問到這個問題，簡短直接的回答是，不，我們不明白——坦白說，這甚至不是一個值得討論的話題。鈾的性質非常長期且全球性。因此，無論如何，這些類型的事情或這些類型的考慮在各個司法管轄區的討論中都是相當正常的。我們的合約中也規定關稅由鈾的購買者承擔。

Yeah, great. I'd just add on -- sorry, Craig, I'd just add like a lot of people are looking to get a gauge on the uranium price and where it's heading. There is substantial activity on the offtake arrangements in the background. And look, I've been in this sector since 2002. There's been periods where the spot market is illiquid, which we're at, at the moment, but also periods where it becomes highly liquid when utilities don't secure enough of the pounds through the offtaking process.

是的，很棒。我只是想補充一點——抱歉，克雷格，我只是想補充一點，很多人都在想了解鈾價及其走向。在幕後，承購安排方面有大量活動。我從 2002 年起就一直從事這個行業。現貨市場有時會流動性不足，就像我們現在所處的情況一樣，但當公用事業公司無法透過承購流程獲得足夠的英鎊時，現貨市場也會變得流動性很強。

And that's happened throughout the history of this uranium market. I've never personally seen the demand so high for a new source of mine supply. And that will materialize. But there will be a point where the utilities need to try and extract the pounds wherever they can. And we saw that before in the 2000s where the price of uranium went from $7 a pound to $136 very, very quickly. That illiquid spot market became highly liquid in an instant when that threshold broke. And I think the situation today is even more tightly wound than what it was back in those early 2000s.

鈾市場的整個歷史都發生過這樣的事情。我從未親眼見過新礦產供應源的需求如此之高。這將會實現。但到了一定時候，公用事業公司就需要盡其所能地賺取利潤。我們在 21 世紀初就看到過這種情況，鈾的價格從每磅 7 美元迅速上漲到 136 美元。當這個門檻被突破時，原本缺乏流動性的現貨市場瞬間變得高度流動。我認為今天的情況比 21 世紀初更加緊張。

Okay. Great. Just maybe one last question for me. Just in terms of budgets, can you give us a sense of what you plan to spend on exploration this year? And then, what you plan to spend on Arrow, obviously, excluding a potential final investment decision this year as well?

好的。偉大的。這也許只是我的最後一個問題。就預算而言，您能否告訴我們您今年計劃在勘探上花費多少錢？那麼，您計劃在 Arrow 上花費多少錢，顯然不包括今年可能做出的最終投資決定？

Well, with respect to the exploration program, 43,000 meters, it's CAD15 million. With respect, if we had final approval from the Commission hearing, the first 12 months is $209 million with respect to the capital spend on the project. Like we know the cost down to the screwdrivers and the shovels that will be used.

嗯，關於勘探計劃，43,000 米，費用為 1500 萬加元。就此而言，如果我們獲得委員會聽證會的最終批准，那麼前 12 個月該項目的資本支出將為 2.09 億美元。就像我們知道將要使用的螺絲起子和鏟子的成本一樣。

Perfect, thanks.

非常好，謝謝。

[Ben Finegold].

[本法因戈爾德]。

Congrats again on the recent (inaudible) development. So two questions from me. First, you mentioned the domestic deficit in the US in particular and the fact that these initial contracts have been with US utilities. So I was wondering how these contracts have changed at all since the new administration? And do you get the feeling from US utilities that despite tariffs that Canadian uranium is kind of put in the same bucket as domestic pounds?

再次恭喜最近的（聽不清楚）發展。我有兩個問題。首先，您特別提到了美國的國內赤字，以及這些初始合約是與美國公用事業公司簽訂的。所以我想知道自新政府上台以來這些合約發生了哪些變化？您是否從美國公用事業公司感覺到，儘管徵收了關稅，但加拿大鈾還是與國內英鎊屬於同一類別？

The second question is around pricing. The recent (inaudible) spoke about floors at $70 a pound. Is this, I guess, the same to you guys in your conversations at the moment?

第二個問題是關於定價。最近（聽不清楚）談到了每磅 70 美元的地板價格。我想，這與你們現在的談話是一樣的嗎？

Yeah. Thanks for the question, Ben. With respect to the US demand changing or anything, no. I think the biggest changes have come in previous years, frankly, when it became obvious that the supply risk to them, not out of Canada, but out of the Eastern countries, was becoming a big problem. The reality is, the US utilities don't have a lot of alternatives.

是的。謝謝你的提問，本。至於美國需求的改變或其他任何事情，答案是否定的。坦白說，我認為最大的變化發生在前幾年，當時很明顯，他們面臨的供應風險不是來自加拿大，而是來自東方國家，這正成為一個大問題。現實情況是，美國公用事業公司沒有太多選擇。

And particularly, when you look ahead to when we're going to be in production or could be in production at the latter part of this decade and into the 2030s and beyond, it's acute. And so, that deficit that Leigh mentioned can't be solved domestically in any material capacity at all. And so, there is an understanding that they have to rely on Canada, frankly.

特別是，當你展望我們何時投入生產，或者可能在本世紀後期以及 2030 年代及以後投入生產時，這一點就顯得尤為重要。因此，Leigh 提到的赤字根本無法透過國內任何物質手段解決。因此，坦白說，他們必須依賴加拿大。

And I think, again, no impact in the discussions whatsoever. And we'll see what happens with tariffs and everything else, but the reality remains the same, which is that we're the northern neighbor and have supplied material uranium into that market for a very long time reliably. And with Arrow coming online, frankly, it's a huge help to reducing reliance on other jurisdictions.

我認為，這對討論不會產生任何影響。我們將拭目以待關稅和其他方面會發生什麼，但現實情況是不變的，那就是我們是北方鄰國，並且長期以來一直可靠地向該市場供應鈾原料。坦白說，隨著 Arrow 的上線，它對減少對其他司法管轄區的依賴有很大幫助。

And with respect to our -- the pricing that we're receiving in our contracts, well, it's industry-leading, and its substantially industry-leading in terms of leverage to the future price of uranium. So we are purely reflecting the mine's flexibility and very, very low cost to having maximum exposure to the return on every pound produced. And utilities are recognizing that. And the outlook is absolutely terrific for NexGen on that front, and we'll continue to keep that industry-leading exposure to the future price of uranium.

就我們的合約定價而言，它是業界領先的，並且在對鈾未來價格的槓桿作用方面也處於行業領先地位。因此，我們純粹反映了礦山的靈活性和非常低的成本，以最大限度地獲得每磅生產的回報。公用事業公司也意識到了這一點。NexGen 在這方面的前景絕對非常好，我們將繼續保持業界領先的鈾未來價格預測能力。

Graham Tanaka, Tanaka Capital Management.

格雷厄姆·田中（Graham Tanaka），田中資本管理公司（Tanaka Capital Management）。

Yes, hi guys, can you hear me?

是的，大家好，聽得到我說話嗎？

Loud and clear, Graham.

大聲而清晰，格雷厄姆。

Okay, thank you. I just was wondering to what extent the announcements on Denison and their approval process might delay the NexGen process? Or could your approval process and review process be started in parallel? Just wondering about timing. Thank you.

好的，謝謝。我只是想知道有關 Denison 及其審批流程的公告會在多大程度上延遲 NexGen 流程？或者您的核准流程和審核流程可以同時啟動嗎？只是想知道時間。謝謝。

Yes. (inaudible) Graham, and good to speak with you. For everyone's knowledge, Graham has been a shareholder from just post listing back in 2013. Graham, I think the announcement of Denison's Commission hearing is more positive for NexGen. And again, congratulations to David and the team at Denison for meeting that milestone.

是的。（聽不清楚）格雷厄姆，很高興與您交談。眾所周知，葛拉漢自 2013 年上市以來一直是股東。格雷厄姆，我認為丹尼森委員會聽證會的公告對 NexGen 來說更為有利。再次恭喜 David 和 Denison 團隊實現這一里程碑。

Look, I can only convey what has been communicated to us from the CNSC that our file is a top priority. And I'm also aware there's been communications to the local communities that the setting of that date is imminent. Now, I'm aware the local communities have all requested the Commission hearing to be very early in 2025.

聽著，我只能傳達加拿大核安委員會傳達給我們的訊息，即我們的文件是重中之重。我還知道我們已經與當地社區進行了溝通，告知他們這個日期即將確定。現在，我知道當地社區都要求委員會聽證會在 2025 年初舉行。

Clearly, the CNSC has their own resourcing aspects, and we're respectful of that. So in summary, I would take the announcement of Denison's Commission hearing as an absolute positive that ours is imminent as well. When that is actually scheduled for which date, I don't know. We are waiting from the CNSC because I have no control over their resourcing.

顯然，加拿大核安委員會有自己的資源配置方面，我們對此表示尊重。總而言之，我認為丹尼森委員會聽證會的公告絕對是一個利好消息，我們的聽證會也即將舉行。我不知道具體安排在什麼時候。我們正在等待加拿大核安委員會的答复，因為我無法控制他們的資源。

Right. Okay. And just to review again, I know you've been accelerating your procurement process. If you were to hear, for example, your hearing date is, say, I don't know, if you can pick a month, that might be the earliest, how many months and years would it take to stage important milestones in the construction process?

正確的。好的。再次回顧一下，我知道您一直在加快採購流程。例如，如果您聽到，您的聽證日期是，說，我不知道，如果您可以選擇一個月，那可能是最早的，那麼在施工過程中需要多少個月和多少年才能實現重要的里程碑？

Yeah. And another excellent question. And look, even if the Commission hearing was to be in the latter part of this year, if you want to take Denison as an analog, it actually won't materially affect the timeline initially. There's a lot we're doing with respect to project execution that can occur in parallel to that Commission hearing.

是的。還有一個很好的問題。而且，即使委員會聽證會要在今年下半年舉行，如果你想以丹尼森為例，它實際上最初不會對時間表產生實質影響。我們在專案執行方面有很多工作要做，這些工作可以與委員會聽證會同時進行。

And so, we would like this Commission hearing to be as soon as it can be, but there's a lot of work that can still be ran in parallel and not materially affect the overall timeline through to production. But in a very simple sense, on approval, it will be 42 months through to construction.

因此，我們希望委員會的聽證會能夠盡快舉行，但仍有許多工作可以同時進行，並且不會對整個生產的時間表產生實質影響。但簡單來說，從批准到開工需要 42 個月。

And as we have been with everything, we'll be super transparent with those construction milestones and the tracking of progress against those milestones, milestones being both in terms of the construction of various items, the cost and the time in which to execute. But overall, 42 months from the moment the shovels hit the ground, which, as I said earlier, would be literally the following week of receiving the conclusion of the Commission hearing process.

正如我們一直以來所做的那樣，我們將對這些建設里程碑和這些里程碑的進度追蹤保持高度透明，這些里程碑包括各種專案的建造、成本和執行時間。但總體而言，從動工到開工一共花了 42 個月的時間，正如我之前所說，動工時間實際上是在收到委員會聽證程序結論後的下一周。

Okay. Great. Thank you. And on the staging of Patterson Corridor East, if it does turn out to be a major discovery and if we sort of look at the macro side and assume, on the one hand, a very, very strong demand environment emerging in the next few years, how quickly could you bring on Patterson Corridor East? And would you overlay that any production onto the later years of production at Arrow? Or would you do it sequentially? Thank you.

好的。偉大的。謝謝。關於帕特森走廊東部的建設，如果它確實是一個重大發現，如果我們從宏觀角度來看，一方面假設未來幾年將出現非常強勁的需求環境，那麼您能多快啟動帕特森走廊東部？您會將這些作品與 Arrow 後期的作品整合嗎？或者你會按順序做嗎？謝謝。

Well, that -- I think the possibility, once up and running at Arrow, et cetera, and look, I'll say now every evidence suggests that it's the same mineralizing event as though something has burst in the region and mineralization falling out in multiple areas. I think there's enough evidence today to be very, very clear on that fact.

嗯，我認為，一旦 Arrow 等設施投入運行，就有可能出現這種情況，現在我可以說，所有證據都表明，這是同一次礦化事件，就好像該地區有什麼東西爆裂，多個區域的礦化作用脫落一樣。我認為今天有足夠的證據來非常清楚地證明這一事實。

Same mineralizing event, same mineralization, same metallurgy in a similar setting. It wouldn't be like you're permitting like from brand-new. There would obviously be a lot of aspects that could be applied from the permitting of Arrow to this new discovery, but obviously subject to the regulatory process. And from an economic operational sense, yes, there's opportunities to double production. Arrow's 30 million pounds per annum won't even meet the number of pounds that are coming offline from mine supply between now and 2030.

相似的環境下有相同的礦化事件、相同的礦化作用、相同的冶金術。這不像您允許從全新開始。顯然，從 Arrow 的許可到這項新發現，有很多方面可以應用，但顯然要受監管程序的約束。從經濟營運的角度來看，確實有機會使產量翻倍。Arrow 每年 3000 萬磅的產量甚至無法滿足從現在到 2030 年期間礦山供應減少的產量。

So -- and then, that's on the back of a demand and supply gap of approximately 80 million pounds already occurring every year. The world needs more than 1 Arrow. It needs 2 to 3 Arrows and preferably up and running by 2030. That is not going to happen. But with PCE, in the event that it was to be Arrow-like or perhaps even better, it's good to know that we'll have that optionality in that event. So everything is possible, Graham. The great news is that we have those levers to pull in the scenario that warrants it.

所以 — — 這是基於每年已經出現的約 8000 萬英鎊的供需缺口。世界需要的不只一支箭。它需要 2 到 3 支箭，最好在 2030 年之前投入運行。這是不會發生的。但對於 PCE 來說，如果它與 Arrow 類似甚至更好，我們很高興知道在這種情況下我們將擁有這種選擇權。所以一切皆有可能，格雷厄姆。好消息是，我們擁有這些槓桿，可以在需要的情況下發揮作用。

So just to clarify, if demand indeed does significantly exceed net new production in 2030 and beyond, you could accelerate production at Patterson Corridor East, in other words, increase total pounds coming out of NexGen beyond just Arrow's kind of peak level?

因此，需要澄清的是，如果 2030 年及以後的需求確實大大超過淨新產量，那麼您可以加速 Patterson Corridor East 的生產，換句話說，將 NexGen 的總產量提高到 Arrow 的峰值水平以上？

Yes, it's absolutely possible, subject to the regulatory process.

是的，絕對有可能，但要遵守監管程序。

Right. Okay. And given what you've seen so far by people like Denison and others that are trying to bring on mines that have been partly developed and other parts of the world actually where there's exploration going on in Australia, et cetera, do you have a very rough approximation of how many millions of pounds could be brought on at what price levels in, say, the 2030 and beyond time frame, at what price levels?

正確的。好的。鑑於您目前看到丹尼森等人試圖開採已部分開發的礦山以及世界其他地區（例如澳大利亞等）的勘探活動，您是否可以粗略估計一下，在 2030 年及以後的時間範圍內，在什麼價格水平下可以帶來多少百萬英鎊的收入？

Yes, we have a very clear understanding of that at NexGen, of every project around the world, its stated production capacity and their cost of production and their economics. It's -- the example of early -- a lot of these projects were in existence during the early 2000s when the price of uranium went to USD136 a pound. A lot of these projects still did not get into production or even turn the first sort of soil in order to construct.

是的，我們 NexGen 對世界各地的每個項目、其宣稱的生產能力、生產成本和經濟效益都有非常清晰的了解。這是早期的例子——許多此類項目在 21 世紀初期就已存在，當時鈾的價格達到每磅 136 美元。許多此類項目至今仍未投入生產，甚至還沒有把第一種土壤變成可以建造的土壤。

That USD136 a pound back then is the equivalent of about USD210 a pound today. The aspect is like this investment thesis is incredible. And I think we're already seeing some of the projects that have -- are trying to get up and running are not producing as much as they would like. There's one or two exceptions, of course, down in Australia, but not producing as much as they would like and at a far higher cost.

當時每磅 136 美元的價格相當於今天每磅 210 美元。這個投資論文的方面令人難以置信。我認為我們已經看到一些正在努力啟動和運行的項目並沒有達到預期的產量。當然，澳洲也有一、兩個例外，但產量沒有達到他們的期望，而且成本高得多。

And so, I think that outlook for uranium price is incredibly bullish going forward. Even in the best-case scenario, as I said, the world needs 2 to 3 Arrows up and running by 2030 to fulfill the gap. It's not going to happen. Even the barriers to entry are so significant for any material production to come online. And well done to the uranium developers out there. And I'll pump up our own tires for a bit.

因此，我認為未來鈾價前景極為看好。正如我所說，即使在最好的情況下，到 2030 年，世界也需要 2 到 3 支「箭」式火箭投入運作才能填補這一缺口。這不會發生。甚至任何物質生產的進入門檻都如此之高。向鈾開發商表示祝賀。我會給我們自己的輪胎打點一口氣。

But NexGen, getting incorporated in 2011, doing the work over the last 1.5 decades and along with the Denisons and the Bosses and the Energy Fuels and the UECs to get these projects up and running. Iso doing a magnificent job acquiring projects in the US, but probably at the front of the queue in terms of getting them into production as well, subject to price. There's a lot of people doing a lot of work in the background and -- but the challenges are significant.

但 NexGen 於 2011 年成立，在過去的 15 年裡致力於與 Denisons、Bosses、Energy Fuels 和 UEC 合作，使這些專案得以啟動和運行。Iso 在收購美國專案方面做得非常出色，但在將專案投入生產方面可能也處於領先地位，但這取決於價格。有很多人在幕後做著大量工作——但挑戰也十分巨大。

Great. And not a lot of incremental pounds. So not to give you a hard time, but if the world will not be able to provide 2 or 3 more Arrows, implying, what, 60 million to 90 million pounds a year shortfall, why contract any uranium at current prices at the current time?

偉大的。而且體重增加的幅度並不大。所以，並不是要為難你，但是，如果世界無法再提供 2 到 3 枚“箭”，這意味著每年 6000 萬到 9000 萬磅的缺口，那麼為什麼要以當前價格簽訂鈾合約呢？

Yes. We're not contracting at current prices, Graham. We're contracting at future prices at the time of delivering the pounds. So you're dead -- you're bang on, on a key point there. We are not contracting at current prices. We are contracting at future prices at the time of delivery. And that's a real differentiator between NexGen and, I would say, also the other emerging producer's comparative to the current producers.

是的。格雷厄姆，我們不會按照當前價格簽訂合約。我們在交付英鎊時按照未來價格簽訂合約。所以你死了——你完全正確，在一個關鍵點上。我們不會以當前價格簽約。我們在交貨時按照未來價格簽訂合約。我想說，這是 NexGen 與其他新興生產商與現有生產商之間的真正區別。

Great. Well, congratulations on your progress so far, and good luck on your timing.

偉大的。好吧，祝賀你迄今為止的進步，並祝你好運。

Thank you for your support, Graham.

謝謝你的支持，葛拉漢。

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

（操作員指示）目前沒有其他問題。我想將電話轉給 Leigh Curyer 做最後發言。先生，請繼續。

Thanks, Constantine, and thank you, everyone, for dialing in today. And we -- yes, NexGen is ready. And this market has never been shaping up better, and we are ready to execute on this project and look forward to doing so, whilst running our exploration program, PCE, in parallel. Incredibly exciting time at NexGen. And I thank everyone for their support and buy into this incredible company. Thank you.

謝謝康斯坦丁，也謝謝大家今天的來電。是的，NexGen 已經準備好了。這個市場從未如此好過，我們已準備好執行這個項目，並期待這樣做，同時並行運行我們的勘探計劃 PCE。NexGen 的時光令人興奮不已。我感謝大家對這家出色的公司的支持和信任。謝謝。

This concludes today's conference call. Thank you very much for your participation. You may now disconnect.

今天的電話會議到此結束。非常感謝您的參與。您現在可以斷開連線。