Nexgen Energy Ltd (NXE) 2025 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the NexGen Energy first-quarter 2025 results conference call. As a reminder, all participants are in listen-only mode and the conference is being recorded. (Operator Instructions)

感謝您的支持。我是會議主持人。歡迎參加 NexGen Energy 2025 年第一季業績電話會議。提醒一下，所有參與者都處於只聽模式，會議正在錄音。（操作員指示）

I would now like to turn the conference over to Mr. Leigh Curyer, Chief Executive Officer and Director with NexGen Energy Limited. Please go ahead, sir.

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

Much appreciated, Kaitlyn. Thank you all for joining us today for NexGen's Q1 2025 financial results conference call. I am Leigh Curyer, Chief Executive Officer of NexGen Energy. And I'm joined today by my colleagues Travis McPherson, Chief Commercial Officer; and Benjamin Salter, Chief Financial Officer.

非常感謝，凱特琳。感謝大家今天參加 NexGen 2025 年第一季財務業績電話會議。我是 NexGen Energy 執行長 Leigh Curyer。今天和我一起出席的還有我的同事、首席商務官特拉維斯·麥克弗森 (Travis McPherson)；以及首席財務官本傑明·索爾特 (Benjamin Salter)。

Over the course of today's call, I will provide a brief update on the global uranium market landscape which has seen a continuation of historically unprecedented demand combined with sustained fragility of supply. Further, liquidity returning to the spot market in the latter part of the quarter, elevating spot at 11%.

在今天的電話會議中，我將簡要介紹全球鈾市場的情況，該市場持續出現歷史上前所未有的需求，但供應卻持續脆弱。此外，本季後半段流動性回歸現貨市場，現貨價格上漲 11%。

I'll also provide an overview of our key accomplishments during the first quarter of 2025. This includes our continued advancement through the regulatory process for our Rook I project as we prepare for the upcoming Canadian Safety Commission hearings later this year. In addition, an update on our exciting 2025 drilling program at Patterson Corridor East.

我還將概述我們在 2025 年第一季取得的主要成就。這包括我們繼續推進 Rook I 專案的監管流程，為今年稍後即將舉行的加拿大安全委員會聽證會做準備。此外，我們還將更新我們在帕特森走廊東部令人興奮的 2025 年鑽探計劃。

The early results from our drilling program are simply excellent, including what is now recognized as the best ever discovery phase intercept in RK-25-232 on our land package as reported on March 24, 2025. It all adds up to NexGen's Rook I project on the cusp of final federal permitting and on completion, then immediately entering into construction. Followed by production at the time, the market for uranium is going to be intense for low-risk, stable production sources from sound jurisdictions.

我們的鑽探計劃的早期結果非常出色，包括 2025 年 3 月 24 日報告的目前公認的我們土地包中 RK-25-232 有史以來最好的發現階段攔截。所有這些意味著 NexGen 的 Rook I 項目即將獲得聯邦政府的最終許可，一旦完工，將立即進入施工階段。隨著產量的增加，鈾市場對來自健全管轄區的低風險、穩定生產來源的需求將會十分激烈。

NexGen's Rook I project will return Canada back to being the world leader in the production of uranium, incorporating the most elite environmental, social and governance practices. In parallel, throughout all of this, further drilling at PCE, defining mineralization, which is exhibiting all the famous and unique high-grade solid technical setting attributes of its neighbor, Arrow, 3.5 kilometers to the west.

NexGen 的 Rook I 計畫將使加拿大重新成為鈾生產領域的世界領導者，並融入最優秀的環境、社會和治理實踐。同時，在這一切過程中，PCE 進行了進一步鑽探，確定了礦化作用，它展現出其鄰居 Arrow（位於西邊 3.5 公里處）所有著名且獨特的高品位固體技術環境屬性。

At the conclusion of this presentation, we'll move to the Q&A to give you the opportunity to ask Travis, Ben and myself any questions you'd like to ask. Throughout the course of today's call, we will be making forward-looking statements. I invite you to visit our website for all the relevant disclaimers.

本次演講結束後，我們將進入問答環節，讓您有機會向崔維斯、班和我提出任何您想問的問題。在今天的電話會議中，我們將做出前瞻性的陳述。我邀請您訪問我們的網站以了解所有相關的免責聲明。

As we begin, it's important to acknowledge the pivotal inflection point we're at. The uranium investment thesis has evolved from promise to reality with the key focus turning to execution and scarcity. What we have experienced in uranium equity since the start of the year is a real disconnect from the fundamentals. It's fair to say the noise around tariffs have reflected attention of key uranium market fundamentals materializing.

在我們開始時，重要的是要認識到我們正處於關鍵的轉折點。鈾投資理論已從承諾變為現實，重點轉向執行和稀缺性。自今年年初以來，我們在鈾股票方面所經歷的與基本面的真正脫節。公平地說，圍繞關稅的喧囂已經反映了人們對鈾市場關鍵基本面正在實現的關注。

With over 30 countries committed to tripling their nuclear energy capacity by 2050 and more than 60 reactors currently under construction globally. So robustness and the sustainability of demand is at unprecedented levels for nuclear power. Canada has a leading role to play, particularly considering its Southern neighbor, the United States of America is realizing its security of supply for this key fuel requires substantial investment and projects required to come online now.

超過 30 個國家承諾在 2050 年將核能容量增加兩倍，目前全球正在建造 60 多座反應器。因此，核電需求的穩健性和可持續性達到了前所未有的水平。加拿大應發揮主導作用，特別是考慮到其南部鄰國美國正在意識到，確保這項關鍵燃料的供應安全需要大量投資和上線專案。

The International Atomic Energy Agency's high case scenario predicts cumulative uranium requirements of approximately 7 billion pounds through 2025. The vast majority of these requirements are currently undiscovered and unknown. A project like NexGen's Rook I is unprecedented in terms of the volume capability, the technical, environmental, social and economic performance. Yet our industry would need at least 10 of them over the next 25 years to meet the demand. The sheer scale of the structural deficit underscores the critical nature of the supply challenges facing the world and the scarce and strategic nature of NexGen's role.

國際原子能總署預測，到 2025 年，鈾需求總量將達到約 70 億磅。其中絕大多數需求目前尚未發現或未知。NexGen 的 Rook I 等項目在容量、技術、環境、社會和經濟性能方面都是前所未有的。然而，我們的產業在未來 25 年內至少需要 10 家這樣的企業才能滿足需求。結構性赤字的規模之大凸顯了世界面臨的供應挑戰的嚴重性以及 NexGen 所扮演角色的稀缺性和策略性。

Italian market signal has emerged this quarter. Several producers have planned current pricing levels are insufficient and consequently deferred contract decisions while others have delayed final investment decisions on development projects. It is encouraging to see the new generation of uranium developers and to be producers joining NexGen and working collectively to ensure the sustainability of our industry through discipline and patience.

本季義大利市場訊號已經顯現。一些生產商計劃當前的定價水平不足，因此推遲了合約決定，而其他生產商則推遲了對開發項目的最終投資決定。看到新一代鈾開發商和生產商加入 NexGen，並透過紀律和耐心共同努力確保我們行業的可持續性，令人鼓舞。

This will lead to high uranium prices sustained in the long term, incorporating the real costs or delivering ethically sourced uranium to ensure reliable sustained supply. Pricing must strengthen significantly to incentivize the production growth across the globe, which is required to meet the current and future demand. Demand is resilient. And with the new tech players entering the space, our industry is primed for better outcomes than before, which is in the interest of all participants delivering energy to populations.

這將導致鈾價長期維持高位，納入實際成本或提供符合道德標準的鈾，以確保可靠持續的供應。必須大幅提高定價以刺激全球生產成長，以滿足當前和未來的需求。需求具有彈性。隨著新技術參與者進入該領域，我們的行業將比以前取得更好的成果，這符合所有為民眾提供能源的參與者的利益。

Spot prices currently sit at approximately USD71 a pound, having moved swiftly from the low 60s on relatively modest activity in an emerging carry trade opportunity, demonstrating the market's inherent sensitivity to even small changes in liquidity. Meanwhile, the term price has held firm, maintaining levels near USD80 a pound. This resilience in long-term pricing sends a strong signal and historically serves as the leading indicator. The demand-centric fundamentals remain exceptionally robust despite short-term volatility.

現貨價格目前約為每磅 71 美元，由於新興套利交易機會的活動相對溫和，已從 60 多美元的低點迅速上漲，表明市場對流動性的微小變化具有內在的敏感性。同時，現貨價格維持堅挺，維持在每磅80美元左右的水準。長期定價的這種彈性發出了強烈的信號，並且從歷史上看是領先指標。儘管存在短期波動，但以需求為中心的基本面依然異常強勁。

For NexGen, these developments reflect and validate our strategy. Our initial sales contracts reflect fundamental supply demand imbalance in the uranium market and importantly capture the economics in a rising price environment for our shareholders while providing unparalleled security and diversification of supply to our utility partners. NexGen remains extremely busy negotiating term deals with the industry, and this hasn't been impacted by elections, global trade tension and all the illiquidity in the spot market. It's recognition on NexGen's role in this market in the near future is well understood as evidenced by these ongoing contract negotiations.

對於 NexGen 而言，這些發展反映並驗證了我們的策略。我們的初始銷售合約反映了鈾市場的基本供需失衡，重要的是為我們的股東在價格上漲的環境中獲取經濟利益，同時為我們的公用事業合作夥伴提供無與倫比的安全性和供應多樣化。NexGen 仍然非常忙於與該行業談判定期交易，並且這並沒有受到選舉、全球貿易緊張局勢和現貨市場所有流動性不足的影響。從正在進行的合約談判可以看出，人們已經充分認識到 NexGen 在不久的將來在這個市場中的作用。

The policy landscape continues to evolve in favor of nuclear energy and secure supply chains, particularly noteworthy is the anticipated executive order from the United States to expedite nuclear project development through the Department of Defense and the Department of Energy. This initiative recognizes the convergence of National and NSG Security has been the same in today's electrified world. Baseload power attracts business investment, supports industrial growth and enables advanced technological development in critical areas like artificial intelligence.

政策格局繼續朝著有利於核能和安全供應鏈的方向發展，尤其值得注意的是美國預計將發布行政命令，透過國防部和能源部加快核子專案開發。這項措施承認，在當今電氣化世界中，國家安全和核子供應國集團安全的整合是相同的。基載電力吸引商業投資，支持工業成長，並推動人工智慧等關鍵領域的先進技術發展。

Similarly, Europe has recently announced plans to legislate the phaseout of Russian nuclear supplier from its energy ecosystem beginning 2027. This decisive shift away from Russian dependency opens substantial opportunities for Western suppliers and reinforces the premium place on ethical, environmentally responsible production from politically stable jurisdictions.

同樣，歐洲最近宣布計畫立法從2027年開始逐步淘汰俄羅斯核子供應商。這種擺脫對俄羅斯依賴的決定性轉變，為西方供應商帶來了巨大的機遇，並強化了在政治穩定的司法管轄區進行道德和環境負責生產的優先地位。

Further, only yesterday, Germany has signaled a major positive shift back towards nuclear energy. This decision has major positive implications on EU energy policy. Together with Belgium, repealing nuclear phaseout laws, opening the door to new nuclear investment, and the list goes on of additional positive major macro news involving nuclear.

此外，就在昨天，德國發出了正面訊號，將重回核能領域。這項決定對歐盟能源政策有重大正面影響。比利時廢除核能逐步淘汰法，為新的核能投資打開大門，還有許多其他與核能有關的重大宏觀利好消息。

It simply reflects the reality of power employments, not only the provision of power, but the reliable, environmentally sensibly sourced to support populations and economies. In exchange, Rook I with its industry-leading environmental profile, technical simplicity, long mine life and location in Saskatchewan, Canada will benefit tremendously from this recalibration of the global supply chain.

它只是反映了電力就業的現實，不僅提供電力，還提供可靠的、環境合理的電力來支持人口和經濟。作為交換，Rook I 憑藉其行業領先的環保狀況、技術簡單性、較長的礦山壽命以及位於加拿大薩斯喀徹溫省的地理位置，將從全球供應鏈的重新調整中受益匪淺。

Q1 2025 has seen significant company milestones. The Canadian Nuclear Safety Commission scheduling our two public hearing dates for the Rook I project set for November 19, 2025, and February 9 to 13, 2026, and we are ready today to present Canada's largest uranium development project to the world. The commission to finalize project approval for the benefit of our shareholders and indigenous nation partners, the province of Saskatchewan, Canada and the planet.

2025 年第一季度，公司取得了重大里程碑。加拿大核安委員會安排了 Rook I 計畫的兩場公開聽證會，分別於 2025 年 11 月 19 日和 2026 年 2 月 9 日至 13 日舉行，今天我們準備向世界展示加拿大最大的鈾開發案。該委員會將最終批准該項目，以造福我們的股東和原住民民族合作夥伴、薩斯喀徹溫省、加拿大和地球。

These hearing dates provide clarity on the time line and allow us to strategically optimize our construction schedule, advanced procurement initiatives and detailed engineering work and implement our construction hiring plan with precision, positioning us to maximize efficiency once we transition from permitting to construction execution.

這些聽證日期明確了時間表，使我們能夠從戰略上優化施工進度表、先進的採購計劃和詳細的工程工作，並精確實施我們的施工招聘計劃，使我們能夠在從許可過渡到施工執行時最大限度地提高效率。

We're almost done monitoring Canada's evolving regulatory landscape with its increased focus on streamlining approvals for projects of national significance, and that had provincial approval. That is NexGen. Newly elected Canadian Prime Minister, Mark Carney has stated, one and done, which is extremely positive and recognize the opportunity Canada has but also his willingness to sensibly streamline the rigorous approval process to actually deliver Canada's economic trade and energy security interests.

我們幾乎完成了對加拿大不斷變化的監管環境的監控，加拿大更加重視簡化具有國家意義的項目的審批，並且已經獲得了省級批准。這就是 NexGen。新當選的加拿大總理馬克·卡尼表示，這是非常積極的，他承認加拿大擁有的機遇，同時也願意合理簡化嚴格的審批程序，以真正實現加拿大的經濟貿易和能源安全利益。

Turning to Patterson Corridor East, a region that continues to exceed and indeed, redefine our expectations. In 2025, we launched our most extensive drill program at PCE to date, a 43,000 meter exploration campaign, one of the largest in the Athabasca Basin in this year. The goal is clear, to follow up on the exceptional mineralization encountered to date and better understand the scale and continuity of what is shaping up to be a significant discovery, which exhibits all of those unique attributes of the mighty Arrow deposit.

轉向帕特森走廊東部，這個地區不斷超越甚至重新定義了我們的期望。2025 年，我們在 PCE 啟動了迄今為止最廣泛的鑽探計劃，這是一項 43,000 公尺的勘探活動，也是今年阿薩巴斯卡盆地最大的勘探活動之一。目標很明確，即跟進迄今為止發現的特殊礦化現象，並更好地了解即將成為重大發現的規模和連續性，該發現展現了強大的 Arrow 礦床的所有獨特屬性。

On March 24, 2025, we reported what is now the best ever discovery phase intercept across any NexGen property. Drill hole RK-25-232 intersected 3.9 meters of off scale greater than 61,000 counts per second, uranium mineralization within a broader 13.8 meter zone. For additional holes, all at least 50 meters apart from this intercept, return the same intense ultra-high-grade mineralization.

2025 年 3 月 24 日，我們報告了迄今為止 NexGen 地產中最好的發現階段攔截。鑽孔 RK-25-232 在 13.8 公尺寬的區域內與超標量超過 61,000 次/秒的鈾礦化相交 3.9 公尺。對於額外的孔洞，所有距離此截距至少 50 公尺的孔洞都會傳回同樣強烈的超高品位礦化。

The high-grade zones have now doubled in size since our last update, measuring 210 meters along strike and 335 meters vertically, and it remains open in all directions. These are extraordinary results, particularly given that PCE is still in its discovery phase. For comparison, intercepts of this caliber at Arrow didn't emerge until much later during the targeted resource definition phase.

自上次更新以來，高品位區域的面積已經擴大了一倍，沿走向長 210 米，垂直長 335 米，並且所有方向都保持開放。這些都是非凡的成果，特別是考慮到 PCE 仍處於探索階段。相較之下，Arrow 的這種口徑的攔截直到目標資源定義階段的後期才出現。

I'd like to remind everyone that NexGen holds the most significant land position, over 190 hectares in Saskatchewan Southwest Athabasca Basin, which is widely considered to be the future of uranium production in the West. PCE is located just 3.5 km east of the world-class Arrow deposit which positions us to significantly expand our resource base in the coming years and positively impact the communities where we operate for many generations to come.

我想提醒大家的是，NexGen 擁有最重要的土地，位於薩斯喀徹溫省西南阿薩巴斯卡盆地超過 190 公頃的土地，被廣泛認為是西方鈾礦生產的未來。PCE 位於世界級 Arrow 礦床以東僅 3.5 公里處，這使我們能夠在未來幾年大幅擴大資源基礎，並對我們營運所在地的社區在未來幾代人產生積極影響。

NexGen is exceptionally well capitalized. We hold approximately CAD435 million in cash, enough to fund the start of construction activities for the next 12 to 18 months. In addition, we have over USD1.6 billion in expressions of interest from leading banks and export credit agencies to form the base of our project funding. Like any Tier 1 project, we are navigating many financial options to optimize the funding of this project.

NexGen 的資本非常雄厚。我們持有約 4.35 億加元現金，足以資助未來 12 至 18 個月的建設活動。此外，我們還獲得了來自主要銀行和出口信貸機構超過 16 億美元的意向書，作為我們專案融資的基礎。與任何一級項目一樣，我們正在探索多種財務方案來優化該項目的資金。

In terms of timing, we remain focused on year-end of this -- for year-end 2025 for determining the best financing page that provides certainty of capital, enables us to maintain our marketing strategy and maximizing exposure to the prevailing prices in the future and enables us to maintain our production output flexibility.

就時間表而言，我們仍然專注於年底——即 2025 年底，以確定最佳融資頁面，以提供確定性的資本，使我們能夠保持行銷策略並最大限度地利用未來的現行價格，並使我們能夠保持生產產出的靈活性。

At the same time, demand for our future production has never been stronger. Offtake negotiations are continuous with a diverse group of counterparties all over the world. We expect to announce additional agreements this year, further bolstering our market position as we move into construction and production. With federal approval approaching, the integrated project team are in place.

同時，對我們未來生產的需求也從未如此強烈。我們與世界各地不同的交易對手持續進行承購談判。我們預計今年將宣布更多協議，在進軍建築和生產領域時進一步鞏固我們的市場地位。隨著聯邦政府批准的臨近，綜合項目團隊已經到位。

All procurement and detailed engineering is in place, ready to commence construction with a robust balance sheet. We are ready and exceptionally well positioned to advance into the next phase of development.

所有採購和詳細工程均已到位，準備以穩健的資產負債表開始施工。我們已經做好準備，並已做好充分準備進入下一階段的發展。

With that, I would now like to open the floor to questions.

現在，我想開始回答大家的提問。

Ladies and gentlemen, we'll now begin the question-and-answer session. (Operator Instructions)

女士們、先生們，我們現在開始問答環節。（操作員指示）

Ralph Profiti, Stifel

拉爾夫·普羅菲蒂（Ralph Profiti），Stifel

Good day. Thanks, operator. Leigh, I'd like to ask a question on more detailed progress towards procurement of equipment and long lead items. Are you happy with where you are in the queue? And are your suppliers talking about general inflationary pressures or delivery schedules that may be at risk? Or are these conversations in line with expectations?

再會。謝謝，接線生。Leigh，我想問一個有關設備和長週期物品採購的更詳細進展的問題。您對排隊中的位置滿意嗎？您的供應商是否談論可能有風險的整體通膨壓力或交貨時間表？或者這些對話是否符合預期？

Thanks, Ralph. Look, we have a very detailed construction execution plan, which is down to the day once we have approval. And so one of the benefits of -- round about benefit of the commission hearing date being set for November 2025 and February 2026 is that it does allow us to plan exceptionally well that procurement process with respect to the key inputs, particularly around the first 12 to 18 months of construction.

謝謝，拉爾夫。你看，我們有一個非常詳細的施工實施計劃，該計劃精確到獲得批准的那一天。因此，將委員會聽證會日期定於 2025 年 11 月和 2026 年 2 月的好處之一是，它確實使我們能夠針對關鍵投入非常好地規劃採購流程，特別是在建設的前 12 到 18 個月。

As I speak, that is well in hand. And it is a significant focus of the executive team's time is on that execution plan. And as I speak, I'm very comfortable where that's heading. In terms of pricing, look, the industry broadly is always under pricing pressure. We're not excluded from that. But we are maintaining what we expect things to cost as we've previously forecasted. And that's also been supported by due diligence by a number of the debt and equity providers that have been running a process on our project.

正如我所說，一切進展順利。執行團隊將大量時間集中在該執行計劃上。當我講話的時候，我對事情的發展方向感到非常滿意。從定價方面來看，整個產業總體上始終面臨定價壓力。我們也不例外。但我們仍維持先前預測的物價水準。並且，許多對我們的專案進行流程管理的債務和股權提供者的盡職調查也支持了這一點。

The good thing about the Rook I Arrow project is that the economics are extraordinarily robust. So if there is CPI pressure, it won't be as material as you would see in a marginal project. Further, with the payback period being so short, approximately 13 months at current prices, the impact of any CPI increase on the financeability of the project will also be immaterial.

Rook I Arrow 計畫的優點在於其經濟效益極為強勁。因此，如果存在 CPI 壓力，它不會像邊際專案那樣重要。此外，由於回收期如此之短，以當前價格計算約為 13 個月，因此任何 CPI 上漲對專案融資能力的影響也將不大。

So, it's something you're quite right, Ralph. It is an aspect we place a lot of attention on and planning. And it's -- as we speak, we're in shape, and I continue to be -- I wouldn't see any changes in that either going forward, considering the amount of detailed planning that's gone into the construction execution schedule.

所以，拉爾夫，你說得很對。這是我們非常關注和規劃的一個面向。正如我們所說，我們的工程已準備就緒，而且我將繼續保持這種狀態，考慮到施工執行計劃中已經包含的詳細規劃數量，我認為未來也不會發生任何變化。

Great. Thanks for that answer, Leigh. And a separate question, as greater attention turns to exploration, just wondering how you're balancing the desire to turn around the mineral resource estimate inaugural one for PCE and basically what the drills are telling you, which is the longer you take, the more potential is, just wondering how you're balancing those two aspects of potential versus delivering an MRE?

偉大的。謝謝你的回答，Leigh。另外一個問題是，隨著人們的注意力轉向勘探，我只是想知道您如何平衡扭轉 PCE 礦產資源估算的願望，基本上鑽探告訴您的是，您花費的時間越長，潛力就越大，我只是想知道您如何平衡潛力的這兩個方面與提供 MRE？

Yeah, sure. So firstly, it's the exploration group. And so this doesn't, at any way, dilute the attention on the final federal permitting or the execution schedule. But with respect to the exploration group, I must stress, PCE is still in a definition like what are we dealing with stage. I don't see us turning to delineation, resource definition and drilling activities.

是的，當然。首先，是探索小組。因此，這絲毫不會削弱人們對最終聯邦許可或執行時間表的關注。但對於探索小組，我必須強調，PCE 仍處於定義「我們正在處理什麼」的階段。我不認為我們會轉向劃定、定義資源和鑽探活動。

As we speak at the earliest, that would be 2026. They're still -- it's still open in every direction. It's looking better than what Arrow did at the same stage of drilling. And as we all know, Arrow expanded considerably once we take into the high-grade sub-domain. So it's very, very early in the stages. We're under no -- we don't see if there's pressure.

我們最早也要到 2026 年。它們仍然——各個方向仍然開放。它看起來比 Arrow 在同一鑽探階段的表現要好。眾所周知，一旦進入高級子領域，Arrow 就會大幅擴張。所以現在還處於非常非常早期的階段。我們沒有——我們沒有看到是否有壓力。

We have a very well-thought-out exploration approach where we look to define what is the area of mineralization first, where we tag into a high-grade sub-domain, we then focus a little more weighting of the drill bits towards that because the consequence of intersecting that high-grade intense mineralization does have an extremely material impact on the resource definition.

我們有一個非常深思熟慮的勘探方法，我們首先要確定礦化區域，然後我們將其標記為高品位子域，然後將鑽頭的權重更多地集中到該區域，因為與高品位強烈礦化相交的後果確實對資源定義有極其重大的影響。

Once we get a sense that we've got both of those understood, that's when we'll then shift that attention to that -- like a measurement in terms of volume and grade, but not beforehand. And I don't see us being anywhere near that stage at that as we speak. And look, that's exciting news for everyone. It's way too early to determine just exactly what we're dealing with that PCE because it's exhibiting just incredible similar characteristics to what Arrow is.

一旦我們感覺到我們已經理解了這兩點，我們就會將注意力轉移到那一點上——就像在體積和等級方面的測量，但不是事先的。而我認為，就我們目前所說的情況而言，我們還遠遠沒有達到那個階段。瞧，這對每個人來說都是令人興奮的消息。現在判斷 PCE 到底是什麼還為時過早，因為它所表現出的特性與 Arrow 極為相似。

Thanks very much, Leigh. I appreciate those answers.

非常感謝，Leigh。我很感謝這些答案。

Thanks, Ralph.

謝謝，拉爾夫。

Julio Mondragon, BMO Capital Markets.

Julio Mondragon，BMO 資本市場。

Hi, good morning, Leigh. Julio here. So just the first question is related to your plans for Rook I development for this year. So, the budget on potential activities, well, as you await the hearing date later this year and early 2026.

嗨，早安，Leigh。我是胡里歐。所以第一個問題與您今年的 Rook I 開發計劃有關。因此，潛在活動的預算，嗯，請等待今年晚些時候和 2026 年初的聽證會日期。

Yeah. If I've understood the question, Julio, yeah, the hearing date, we're ready right now, as we speak. If we had approvals as we speak, we would be already in construction. We've had a very clear definition around what we're building and how we're going to build it since 2017, and we've been refining it ever since. So, this project has had an extraordinary amount of time and focus on executing it well.

是的。如果我理解正確的話，胡里奧，是的，聽證會日期，我們現在就準備好了，正如我們所說的。如果我們目前已經獲得批准，那麼我們就會開始施工了。自 2017 年以來，我們對要建造什麼以及如何建造它有了非常明確的定義，並且從那時起我們一直在完善它。因此，我們投入了大量的時間和精力來確保這個專案的順利執行。

When you add into that, the fact that it's very simple technically relative to other mines around the world, it's an extremely confident basement rock. It's actually a very small physical footprint and a very small mine. We'll be removing about 1.5 double deck of buses of ore a day. That is tiny for a mine.

再加上與世界各地的其他礦場相比，它在技術上非常簡單，因此它是一種非常可靠的基岩。事實上，它的物理佔地面積非常小，而且礦井也非常小。我們每天將運走大約 1.5 輛雙層巴士的礦石。對於一個礦井來說，這個數字是很小的。

And then we have the very clean metallurgy, so the processing plant itself in a relative sense is a more straightforward, simplified version of what we've seen in other parts of the world. That all bodes well for once we have the approval to execute well. And from a company perspective and mindset, and as everyone knows, we're very, very diligent on risk analysis.

而且我們擁有非常乾淨的冶金技術，因此從相對意義上來說，加工廠本身比我們在世界其他地方看到的更直接、更簡化。一旦獲得批准，我們就能順利執行，這一切都是好兆頭。從公司的角度和思考方式來看，眾所周知，我們非常非常認真地進行風險分析。

We are looking forward to construction because of the amount of time and energy that we've put into it over the last -- it's almost eight years. And we have the team in place, and we have the execution schedule down to the day. So, we can't wait to be in that position, and we expect so in early 2026 at the conclusion of the federal permitting process with the CNSC.

我們對施工充滿期待，因為過去近八年我們為此投入了大量的時間和精力。我們已經組建了團隊，並制定了精確到天的執行計劃。因此，我們迫不及待地想要達到這個目標，我們預計在 2026 年初與加拿大核安委員會完成聯邦許可程序後就能實現這一目標。

Thank you. So just to understand a little bit more in the near-term, what will be your development activities for 2025 and what will be the budget -- potential budget for these activities if I may ask?

謝謝。因此，為了在短期內更了解情況，您 2025 年的發展活動是什麼，以及這些活動的預算（潛在預算）是多少？

Yeah. So, look, we're all focused on exploration in 2026 and -- sorry, in 2025 and we maintain that site on an exploration basis to support the regional drilling activities and maintaining that in an environmentally elite manner. So once we have CAD435 million in the treasury as we speak, we have also liquid assets of around another CAD300 million on top of that.

是的。所以，你看，我們都專注於 2026 年和——抱歉，是 2025 年的勘探，我們將以勘探為基礎維護該地點，以支持區域鑽探活動，並以環保的方式維護該地點。因此，當我們在國庫中擁有 4.35 億加元時，我們還擁有另外約 3 億加元的流動資產。

Once we're in construction, that's when you'll see an acceleration of the budget. But as we speak, we are well funded well into the back end of 2026 to meet all of our general and administrative expenses, maintaining the site in readiness for construction as well and supporting exploration activities.

一旦我們開始建設，你就會看到預算加速增加。但正如我們所說，到 2026 年底，我們的資金將非常充足，足以滿足我們所有的一般和行政費用，維護場地的施工準備以及支持勘探活動。

Perfect. Thank you very much. So, if I may ask one more question, how are your contracting discussions with utilities going at the moment? If we can have more detail on that? Thank you.

完美的。非常感謝。那麼，如果我可以再問一個問題的話，您目前與公用事業公司的合約談判進度如何？我們是否可以了解更多詳細資訊？謝謝。

Sure. I might just hand over to Travis on that one.

當然。我可能只會把這個交給特拉維斯。

Yeah, perfect. Travis here, and thanks for the question. Yeah, as Leigh alluded to in his remarks at the beginning here, contracting discussions have been very, very robust, ongoing lots of them, and you can expect to see more contracts get signed and announced shortly and throughout the year. I think general context and color around it, is definitely a growing awareness of the acute nature of the supply deficit and particularly later this decade and into the 2030s when Arrow is going to be producing.

是的，完美。我是崔維斯，謝謝你的提問。是的，正如 Leigh 在一開始的演講中提到的那樣，合約談判一直非常非常激烈，正在進行中，您可以期待在短期內以及全年看到更多合約的簽署和宣布。我認為，圍繞這一問題的整體背景和特點肯定是人們越來越意識到供應短缺的嚴重性，特別是本世紀後期以及 Arrow 即將開始生產的 2030 年代。

People are very -- utilities, in particular, are very, very concerned about that period of time and rightfully so. So that obviously positions NexGen well and very uniquely. And the utilities are also understanding that not all uranium is created equal and buying uranium from us represents a different value proposition to them than buying uranium from an incumbent producer because it's not -- an incumbent producer isn't offering them net new diversification and new supply sources, whereas support for our mine and all the other emerging developers offers them that.

人們非常——尤其是公用事業，非常非常關注那段時期，這是理所當然的。因此，這顯然使 NexGen 處於非常有利和獨特的地位。公用事業公司也明白，並非所有鈾都是一樣的，從我們這裡購買鈾與從現有生產商那裡購買鈾對他們來說代表著不同的價值主張，因為現有生產商不會為他們提供新的多樣化和新的供應來源，而對我們的礦山和所有其他新興開發商的支持則為他們提供了這些。

And so there's a recognition of that, which is very supportive to ours, and I'm sure other developers’ initiatives. So yeah, very, very good and robust and more to come on that front.

因此，人們認識到了這一點，這對我們以及其他開發商的舉措非常有幫助。是的，非常非常好，而且功能強大，在這方面還有更多發展。

Perfect. Thank you very much, Travis and Leigh. Thanks.

完美的。非常感謝，崔維斯和利。謝謝。

Andrew Wong, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Andrew Wong。

Hi, thanks for taking my questions. Maybe just on contracting again, can you just talk a little bit terms of the contracts that are being discussed? For NexGen, my understanding, you guys would prefer more spot-related market exposure? Is that where we can expect to see your upcoming contract settlements? Are the utilities agreeing to that? Just any sense on if there are any floors or ceilings that are being discussed, what's those levels are today?

你好，謝謝你回答我的問題。也許只是再次簽訂合同，您能否稍微談談正在討論的合約條款？對於 NexGen，我的理解是，你們更喜歡現貨相關的市場曝光？我們能在那裡看到您即將進行的合約結算嗎？公用事業單位同意嗎？只是有沒有想過，如果正在討論任何底線或上限，那麼今天的水平是多少？

Yeah. Thanks, Andrew. It's Travis again. We obviously can't talk about specific terms. What I would say is that what we disclosed in December for those initial 5 million pounds of contracts where we outlined kind of what the sensitivities look like and stuff that's in line with what we're assessing going forward and our focus on maximizing the exposure to the future prevailing price of uranium.

是的。謝謝，安德魯。又是特拉維斯。我們顯然不能談論具體術語。我想說的是，我們在 12 月披露了最初的 500 萬英鎊合同，其中概述了敏感度以及與我們未來評估一致的東西，以及我們對最大限度地利用未來鈾價的關注。

Spot price of uranium at the time we deliver uranium is -- it remains consistent and definitely willingness of utilities and our standing of utilities, generally speaking, to our desire for that and how it benefits both us and them actually in the sense that our philosophy overall is not just one where it only benefits us, it benefits utilities and that you don't get into a post-Fukushima world again, where producers are oversupplying a market to way, way too long because they have floor prices that incentivize them to breakeven and contractually obligate them to continue to produce.

我們交付鈾時的鈾現貨價格是 - 它保持一致，並且肯定符合公用事業的意願和我們對公用事業的立場，一般來說，符合我們的願望，以及它如何使我們和他們受益，實際上，我們的總體理念不僅僅是讓我們受益，也讓公用事業受益，而且你不會再次進入後福島時代，生產商長期供應過剩義務，因為他們有底價激勵交易，而且你不會再次進入後福島時代，生產商長期供應過剩

Our philosophy and our strategy around marketing eliminates that because we shorten the duration of the contracts and tie them to the price at the time. And therefore, if something changes in the future, the industry can adjust or at least we can in these contracts. So that understanding is there, and yes, they're open to that as we demonstrated in December with the disclosure.

我們的行銷理念和策略消除了這種情況，因為我們縮短了合約期限並將其與當時的價格掛鉤。因此，如果未來發生變化，行業可以進行調整，或者至少我們可以在這些合約中進行調整。所以這種理解是存在的，是的，他們對此持開放態度，正如我們 12 月所揭露的那樣。

Yeah. And, Andrew, I'll just add to the fact that, yes, utilities don't do the same contract with -- to Travis' earlier point, utilities don't do the same contract for all producers or advanced developers. The contracts do reflect the unique nature of our respective projects. Now, our strategy merely reflects the technical aspects, economic aspects and environmental aspects of our project. We're in confident basement rock. We can ramp production up, we can ramp production down, given market conditions.

是的。安德魯，我只想補充一點，是的，公用事業公司不會與特拉維斯之前提到的所有生產商或高級開發商簽訂相同的合約。這些合約確實反映了我們各自項目的獨特性。現在，我們的策略只是反映了我們專案的技術面、經濟面和環境面。我們處於充滿信心的基岩之中。根據市場情況，我們可以提高產量，也可以降低產量。

And that is to the benefit of the producers, but also the utilities who are procuring the offtake. So I know there's a bit of commentary out there that it only works this way, and that's the way it's always worked. But this mine -- there's never been a mine like this in terms of technical certainty, economics and environmental performance. And our contracting strategy merely reflects those attributes. And that is what has been appreciated by the utilities that we have already contracted with and we'll contract with in the near-term.

這不僅有利於生產商，也有利於採購承購產品的公用事業公司。所以我知道外面有種評論說它只能以這種方式起作用，而且它一直都是以這種方式起作用的。但從技術確定性、經濟性和環境性能來看，從來沒有一個礦井像這樣。我們的承包策略僅僅反映了這些屬性。我們已經簽約的公用事業公司和近期將簽約的公用事業公司對此表示讚賞。

That’s a lot of great color. Thank you. With the federal election, I'm curious how has that impacted your discussions with the governmental on approvals? Have you had any discussions with the new government since the election? And is there any flex around those public hearing dates?

色彩非常漂亮。謝謝。由於聯邦選舉，我很好奇這對您與政府就審批進行的討論有何影響？自選舉以來，您與新政府進行過任何討論嗎？這些公開聽證會的日期有什麼彈性嗎？

Look, the good thing about those dates that are now bookends, and we know and they're in place. Look, I've been incredibly encouraged by Mark Carney's comments with respect to one and done for major energy projects in Canada. And if that transpires into a more efficient regulatory process where a project that has provincial approval won't require a subsequent federal approval, I think that's in the interest of all current but also future uranium projects that are going into production.

你看，這些日期的好處是現在已經成為書擋，我們知道它們已經到位。聽著，馬克卡尼關於加拿大重大能源計畫的一勞永逸的評論讓我感到非常鼓舞。如果這能夠形成一個更有效的監管流程，即獲得省級批准的項目不需要隨後獲得聯邦政府的批准，我認為這符合所有當前以及未來投入生產的鈾項目的利益。

Look, there is aspects of having two regulatory both the provincial and federal. There is overlap and between the two, that's not in anyone's interest. And so look, I've been very impressed with Mark Carney's commitment to streamlining the process. And Canada playing to its strengths and getting these energy projects up and running now.

瞧，存在省級和聯邦兩個監管機構。兩者之間存在重疊，這不符合任何人的利益。所以，馬克·卡尼致力於簡化流程的決心給我留下了深刻的印象。加拿大正在發揮其優勢，啟動並運行這些能源項目。

So if it does transpire into that, I'll be very, very pleased to present that. Certainly, the Premier of Saskatchewan, Scott Moe has been very public with the receptor, what he would like to see with respect to the federal government's approach to projects such as ours. Yeah, let's wait and see. Look, November will be just around the corner. No doubt about that. And we are in the final stages as we speak.

因此，如果事情真的發生了，我會非常非常高興地提出這一點。當然，薩斯喀徹溫省省長斯科特·莫伊已經公開向接受者表明了他希望看到聯邦政府如何對待我們這樣的項目。是的，讓我們拭目以待。瞧，十一月即將來臨。毫無疑問。我們現在正處於最後階段。

Great. Thank you very much.

偉大的。非常感謝。

(Operator Instructions)

（操作員指示）

Craig Hutchison, TD Cowen.

克雷格·哈奇森（Craig Hutchison），TD Cowen。

Hi, good morning, guys. Thanks for taking my question. Just a question. You mentioned at the onset that you're looking to find out the best financing package by year end. Are you guys still entertaining a strategic investor at the asset level at this point?

大家好，早安。感謝您回答我的問題。只是一個問題。您一開始就提到，您希望在年底前找到最佳融資方案。你們現在還在考慮資產層面的策略投資者嗎？

Yeah. I’ll -- Travis, he can answer that.

是的。我——崔維斯，他可以回答這個問題。

Yeah. Thanks, Leigh. Yeah, Craig, short answer, yes, we are. As we have talked about in the past, it's very targeted select group that we have been engaging with some over the last two years, some in detail over the last year. And yeah, it still remains one of the many options that we have at hand. In terms of timing, everyone involved on that process, on the prepayment process, on the debt process are all lining up for the timing around year-end of this year as we noticed.

是的。謝謝，Leigh。是的，克雷格，簡短的回答，是的，我們是。正如我們過去所討論的，這是一個非常有針對性的精選群體，我們在過去兩年中一直與他們進行接觸，有些則在過去一年中進行過詳細的接觸。是的，它仍然是我們手頭上的眾多選擇之一。就時間表而言，我們注意到，參與該流程、預付款流程和債務流程的每個人都在等待今年年底左右的時間。

Okay. So that would come before the permits probably?

好的。那麼這可能在許可證發放之前發生嗎？

Yeah. potentially. But obviously, the permits are very dependent on including that financing aspect.

是的。潛在的。但顯然，許可證很大程度上依賴融資方面。

And just on the contracting, I mean, do you guys have a sort of set volume or rough volume that you want to have contracted before you make the final investment decision?

就簽約而言，我的意思是，在做出最終投資決定之前，你們是否有一個固定的交易量或粗略的交易量想要簽訂合約？

Yeah, Craig. No, we don't have that. Some of the options will require some level of offtake being in place, but it won't be in place to commence construction. If the debt is, an example, there's a portion of it that requires some volumes to be demonstrated, then as we talked about before, they don't need price hedging, in that sense they don't use -- the lenders don't care what pricing mechanism is utilized. But there'll need to be some volumes there, but those are needed until the first part of those won't be needed to tell you to actually start to draw down the debt, which won't be until early in 2027 at a minimum.

是的，克雷格。不，我們沒有。有些方案需要一定程度的承購到位，但還不能開始施工。例如，如果債務中有一部分需要證明一定數量，那麼正如我們之前所討論的，他們不需要價格對沖，從這個意義上說，他們不使用——貸方不關心使用什麼定價機制。但那裡需要有一些數量，但這些都是必要的，直到第一部分才需要告訴你真正開始減少債務，這至少要到 2027 年初。

So -- and then others, it's not part of the discussion. So, there is no volume that we need to get to start construction. As we've said, we're ready to go. If we got approval tomorrow, we're in construction immediately. So yeah, in a good position there. And then even longer term, we don't really have the -- because we get asked this sometimes like what's the split of term contracts or whatever. Long term, we don't have a set percentage that we want.

所以 — — 以及其他一些問題，這不是討論的一部分。因此，我們不需要達到開始施工所需的數量。正如我們所說的，我們已經準備好出發了。如果我們明天獲得批准，我們就會立即開始施工。是的，我處於一個很好的位置。甚至從更長遠的角度來看，我們實際上沒有——因為我們有時會被問到這個問題，例如定期合約的分割方式等等。從長遠來看，我們沒有設定一個我們想要的百分比。

We've always maintained our ability to leverage the production output flexibility that the mine has, and then the biggest determinant really is just the alignment between ourselves and the counterparty that we're dealing with. Our counterparties that we're dealing with, with respect to what the future of the uranium supply and demand looks like. And if there's alignment then we can get there on a contract. If there's no alignment, then that's when we're patient. And we've been patient the whole time, and that's clearly benefited us materially to do that, and we'll continue to do that.

我們始終保持著利用礦場生產產出彈性的能力，而最大的決定因素其實就是我們與交易對手之間的一致性。我們正在與之打交道的交易對手，就鈾的供應和需求的未來前景進行討論。如果雙方同意，我們就可以簽訂合約。如果沒有一致，那麼我們就要耐心等待。我們一直都很有耐心，這顯然為我們帶來了物質利益，我們將繼續這樣做。

Okay, great. Maybe one last question for me. Just back to PCE. I think the expectation was assays were released in April. Would it take a bit longer than expected? Or are you guys just waiting to batch those results with some new ones?

好的，太好了。這也許對我來說是最後一個問題。回到 PCE。我認為預計檢測結果將於四月發布。會不會比預期的時間更長？或者你們只是在等待將這些結果與一些新的結果進行批次處理？

No. The lab has been very, very busy with given the volume of what's gone through, they will -- we're expecting them, imminently, Craig. And when we release, we always provide materiality context around it. So yeah, there's no doubt, 232 will have its own news release, given its materiality which will most likely be separate from the assay results from the drilling that occurred in 2024. I just would emphasize again, like, we are still in the very early stages of getting a grasp on the scope of PCE, but it's looking extremely strong if you provide relativity to Arrow at the same level of drilling.

不。實驗室一直非常非常忙碌，考慮到所經歷的工作量，他們——我們期待他們，克雷格。當我們發佈時，我們總是提供圍繞它的實質背景。所以，毫無疑問，232 將會有自己的新聞稿，因為其重要性很可能與 2024 年鑽探的分析結果無關。我只是想再次強調，我們仍然處於掌握 PCE 範圍的早期階段，但如果你在相同的鑽探水平上為 Arrow 提供相關性，它看起來非常強大。

Okay, great. Good luck, guys. Thanks.

好的，太好了。祝大家好運。謝謝。

Brian MacArthur, Raymond James.

布萊恩麥克阿瑟、雷蒙詹姆斯。

Good morning, and thank you for taking my question. A little bit back to what Ralph was talking about. When you get approval, let's just say we get it February next year, I mean, are you going to be able to do anything to move the whole construction timeframe up? If you can maybe just go through how you see it developing going forward on the timeline and where the critical path is to production once you do get your permits.

早上好，感謝您回答我的問題。稍微回顧一下拉爾夫所談論的內容。當您獲得批准時，假設我們明年二月獲得批准，我的意思是，您能做些什麼來提前整個施工時間嗎？您能否簡單介紹一下您認為它在時間線上的未來發展情況，以及一旦您獲得許可證，生產的關鍵路徑在哪裡。

Yeah. Thanks, Brian. Look, the shaft is, effectively, the longest lead time item. Requires the greatest amount of preparation as well. As for the feasibility study that we updated in August of 2024, it is a four-year construction process. It's preferable to start either as you're coming out of the winter, which is around the time that we expect the conclusion of this CNSC hearing process.

是的。謝謝，布萊恩。瞧，軸其實是交貨時間最長的物品。也需要大量的準備。至於我們在2024年8月更新的可行性研究，這是一個為期四年的建造過程。最好是在冬季即將結束的時候開始，我們預計此時加拿大核安全委員會的聽證程序也將結束。

So I think everyone should adjust that from the commencement construction, which is subject to CNSC finalizing the process, it is a 48-month process from that date. So I don't want to -- there's not -- in terms of accelerating that 48 months, there's nothing really material. It's going to be 48 months.

因此，我認為每個人都應該調整一下，從開始建造開始，這取決於加拿大核安委員會最終確定的流程，這是一個為期 48 個月的過程。所以我不想——沒有——就加速這 48 個月而言，沒有什麼真正實質的東西。這將是48個月。

Great. Thanks. I think that’s how I understood it too. On the converse, just to be sure, there's nothing because it's delayed back to Ralph's question that you've lost stuff in the queues, is there anything that would make it longer than 48 months that you can see right now just because of the timing of the way things have worked out.

偉大的。謝謝。我想我也是這樣理解的。相反，可以肯定的是，沒有什麼是因為它被推遲了，回到拉爾夫的問題，你在隊列中丟失了東西，有什麼事情會讓它比你現在看到的 48 個月更長，只是因為事情進展的時間安排。

No, it's actually the opposite, this -- the delay in the hearings allows us to really refine the execution schedule for key imports even further out than what we otherwise would have. So, everyone -- that's a reduction in execution risk once we start construction due to this delay in the hearings to November of '25 and February of 2026. So, it's actually from the execution perspective, when you do commence, it's actually a little positive.

不，事實恰恰相反，聽證會的延遲使我們能夠真正完善關鍵進口產品的執行計劃，甚至比我們原本的計劃更加完善。因此，各位－由於聽證會推遲到 2025 年 11 月和 2026 年 2 月，一旦我們開始施工，執行風險就會降低。因此，實際上從執行的角度來看，當你開始時，它實際上是有點積極的。

Great. Thanks. And maybe just one more thing to make sure I fully understand this. My understanding was a lot of the sourcing was in Canada for what you need as well. Is that right? So really, there's not a whole lot of risk in the supply chain going forward? Is that a fair comment?

偉大的。謝謝。也許還有一件事可以確保我完全理解這一點。我的理解是，你們所需的許多採購也都在加拿大。是嗎？那麼，實際上，未來的供應鏈中並沒有太多風險？這是一個公正的評論嗎？

That's fair. And we will prioritize and optimize the opportunities for Canada first and foremost. There is some specialization of certain items of equipment with respect to the shaft and the mill, but nothing really material in that sense that Canada will be prioritized. And I will say that, that prioritization does, as everyone knows, with respect to our focus on local communities, it will start in the local communities and expand out from there.

這很公平。我們將優先考慮並優化加拿大的機會。對於軸和磨機而言，某些設備有一些專業化，但從優先考慮加拿大的角度來看，這並不重要。我想說的是，正如大家所知，就我們對當地社區的關注而言，優先排序將從當地社區開始，然後從那裡擴展。

Great, thanks very much, Leigh, that's very clear.

太好了，非常感謝，Leigh，說得非常清楚。

Thanks, Brian.

謝謝，布萊恩。

This concludes the question-and-answer session. I'd like to turn the conference back over to Mr. Curyer for any closing remarks.

問答環節到此結束。我想將會議交還給 Curyer 先生，請他做最後發言。

Thank you, Kaitlyn. Yes, as always, we really appreciate everyone's ongoing interest and support for NexGen. As I alluded to in the earlier part of the call, we are on the cusp of final federal permitting approval. The market and the fundamentals for nuclear energy are improving almost on a daily basis with all of the news that is coming out.

謝謝你，凱特琳。是的，一如既往，我們非常感謝大家對 NexGen 的持續關注和支持。正如我在通話早些時候提到的那樣，我們即將獲得聯邦許可的最終批准。隨著各種新聞的不斷傳出，核能市場和基本面幾乎每天都在改善。

And NexGen is ready to deliver its role in returning Canada to being the number one producer of this incredibly important fuel that powers the economies and the population's homes right around the world. With that, I thank everyone for their time and attention. And as always, if any additional questions arise, please don't hesitate to reach out to Monica, Stacey, Travis or myself. Thank you.

NexGen 已準備好發揮其作用，使加拿大重新成為這種極其重要的燃料的第一大生產國，為世界各地的經濟和人民的家庭提供動力。最後，我感謝大家的時間和關注。像往常一樣，如果有任何其他問題，請隨時聯繫 Monica、Stacey、Travis 或我本人。謝謝。

This brings to a close today's conference call. We may disconnect your lines. Thank you for participating and have a pleasant day.

今天的電話會議到此結束。我們可能會斷開您的線路。感謝您的參與並祝您有個愉快的一天。