Nexgen Energy Ltd (NXE) 2025 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Nexgen Energy second quarter of 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 年第二季業績電話會議。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。

Thank you, Joseph. Good morning, and thank you for joining Nexgen's Q2 2025 financial results and investor conference call. My name is Leigh Curyer, and I am Chief Executive Officer. Today, I'm joined by Travis McPherson, Chief Commercial Officer; and Benjamin Salter, Chief Financial Officer.

謝謝你，約瑟夫。早安，感謝您參加 Nexgen 2025 年第二季財務表現與投資人電話會議。我叫 Leigh Curyer，是執行長。今天，與我一起參加的是首席商務官特拉維斯·麥克弗森 (Travis McPherson) 和首席財務官本傑明·索爾特 (Benjamin Salter)。

On today's call, I'll discuss our exciting company advancements, including Rook 1 Project Readiness, Patterson Corridor East results, which strongly validate another significant mineral body is unfolding 3.5 kilometers to the east alongside Arrow. Further, the PCE results clearly suggest a very significant uranium mineralizing event has occurred in the Southwest region of the Athabasca Basin, Saskatchewan, on an unprecedented well scale and that we are really only at the beginning of defining its true extent.

在今天的電話會議上，我將討論我們公司令人興奮的進展，包括 Rook 1 項目準備情況、Patterson Corridor East 的結果，這些結果有力地證實了另一個重要的礦體正在 Arrow 旁以東 3.5 公里處展開。此外，PCE 結果清楚地表明，在薩斯喀徹溫省阿薩巴斯卡盆地西南部地區發生了一次非常重要的鈾礦化事件，其規模之大前所未有，而我們實際上才剛開始確定其真實範圍。

Further, the exciting developments in the uranium market over the quarter, including yesterday's announcement of Nexgen doubling the volume in our offtake book, incorporating our key focus of market-related pricing mechanisms, ensuring Nexgen Energy deliver industry-leading leverage to future prices whilst providing utilities with confidence with respect to volumes from Rook 1's technically, environmentally and socially operation. All in all, updating the critical role Nexgen is set to play in delivering the world this vital clean energy fuel supply.

此外，本季鈾市場取得了令人興奮的發展，包括昨天宣布 Nexgen 將我們的承購量增加一倍，納入了我們與市場相關的定價機制的重點，確保 Nexgen Energy 提供行業領先的未來價格槓桿，同時讓公用事業公司對 Rook 1 的技術、環境和社會運營量充滿信心。總而言之，更新 Nexgen 在向世界提供這項重要清潔能源燃料供應方面所發揮的關鍵作用。

At the conclusion of this presentation, we'll move to the Q&A portion of the call, where you have the opportunity to ask Travis, Ben and myself your questions. Throughout the course of today's call, we will be making forward-looking statements. Please visit our website for all the relevant disclaimers. A few years ago, the idea of nuclear energy powering big tech, winning back global financing support and forming the cornerstone of national energy policy might have seemed optimistic. Today, it's happening. In just the past several weeks, we've witnessed a series of transformational developments that are reshaping global perceptions of nuclear energy. Developments that signal a clear structural shift is occurring today and forecast to extend well beyond 2050.

本次演示結束後，我們將進入問答環節，您有機會向特拉維斯、本和我提出問題。在今天的電話會議中，我們將做出前瞻性的陳述。請造訪我們的網站以了解所有相關的免責聲明。幾年前，核能為大型科技公司提供動力、贏回全球融資支持並成為國家能源政策基石的想法可能看起來很樂觀。今天，它正在發生。光是過去幾週，我們就見證了一系列正在重塑全球對核能看法的變革性發展。標誌著明顯結構性轉變正在發生的發展正在發生，並且預計這種轉變將持續到 2050 年以後。

In Q2, corporate buyers, particularly hyperscalers and AI leaders moved aggressively to secure long-duration baseload power for their required energy needs. These technology companies have committed over USD100 billion in AI data center construction, including Amazon's $20 billion spend on data centers in Pennsylvania; Meta signed a 20-year power purchase agreement with Constellation Energy to secure 1.1 gigawatts of nuclear generated electricity, which could power the equivalent of approximately 1 million homes. In addition, Constellation confirmed its nearing long-term nuclear fuel supplier deals with other hyperscalers.

在第二季度，企業買家，特別是超大規模企業和人工智慧領導者，積極採取行動，以確保獲得滿足其所需能源需求的長期基載電力。這些科技公司已承諾超過1000億美元用於AI數據中心建設，其中包括亞馬遜在賓夕法尼亞州斥資200億美元建設數據中心；Meta與Constellation Energy簽署了為期20年的購電協議，以確保1.1千兆瓦的核能發電量，相當於約100萬戶家庭的用電量。此外，Constellation 確認即將與其他超大規模企業達成長期核燃料供應協議。

Google has committed to fund the development of three advanced nuclear projects and TerraPower, and Orwell raised another combined USD1.1 billion to develop small modular reactors. The race for energy and particularly clean baseload nuclear preferred is on the growth and demand has never been more robust. These are just a few examples of the decade-long commitments to nuclear energy from the most capitalized and data-dependent companies on the planet.

谷歌已承諾資助三個先進核能項目的開發，TerraPower和Orwell又籌集了總計11億美元用於開發小型模組化反應器。能源競爭，尤其是清潔基載核能的競爭正在不斷增長，需求也從未如此強勁。這些只是全球資本最雄厚、數據依賴程度最高的公司十年來對核能做出的承諾中的幾個例子。

According to the International Energy Agency, data center demand for electricity is set to increase by 170% in China, 130% in the US, 80% in Japan and 70% in Europe over the next five years. This equates to an insatiable desire for uranium to fuel large portions of this demand through nuclear energy.

根據國際能源總署的預測，未來五年，中國資料中心的電力需求將成長 170%，美國將成長 130%，日本將成長 80%，歐洲將成長 70%。這相當於對鈾有著無盡的渴望，需要透過核能來滿足大部分需求。

The reality is that current mine supply will not keep up with the existing demand and certainly not meet the exponential demand growth unless there are higher prices. Governments, including right here in Canada under Prime Minister Mark Carney, are also moving with urgency, fast-tracking regulatory frameworks, investing in small modular reactor development and emphasizing domestic supply chains as a matter of national security. In May, President Trump signed a series of executive orders to accelerate US nuclear power development, aiming to quadruple nuclear capacity from 100 to 400 gigawatts by 2050.

現實情況是，除非價格上漲，否則目前的礦產供應將無法滿足現有需求，當然也無法滿足指數級成長的需求。各國政府，包括加拿大總理馬克·卡尼領導下的政府，也在緊急採取行動，加快監管框架，投資小型模組化反應器的開發，並強調國內供應鍊是國家安全問題。今年5月，川普總統簽署了一系列行政命令，加速美國核電發展，目標是到2050年將核電裝置容量增加四倍，從100吉瓦增加到400吉瓦。

Immediate actions include funding 5 gigawatt of upgrades for existing plants, starting construction on 10 new large-scale reactors by 2030, restarting closed or unfinished reactors, fast-tracking permitting by reforms and constructing at least three new reactors on by 2026. US Department of Energy will also direct funding to new projects, invest in fuel cycle infrastructure, all to prioritize US energy security and supply chain independence. This is the most comprehensive nuclear policy ever seen, and it has a profound positive implications for Nexgen, Western-based, low-cost, environmentally responsible and poised ready for construction on the conclusion of the CNSC commission hearing process commencing one of two sessions only 99 days from now.

立即採取的行動包括為現有電廠提供 5 千兆瓦的升級資金，到 2030 年開工建造 10 座新的大型反應堆，重啟已關閉或未完工的反應堆，通過改革加快審批速度，到 2026 年建造至少 3 座新反應堆。美國能源部也將向新項目提供資金，投資燃料循環基礎設施，以優先考慮美國的能源安全和供應鏈獨立。這是迄今為止最全面的核能政策，對 Nexgen 公司有著深遠的正面影響。 Nexgen 公司總部位於西方，成本低廉，對環境負責，並準備在加拿大核安委員會委員會聽證程序結束後投入建設。加拿大核安委員會委員會聽證程序將於 99 天後開始，屆時將舉行兩場聽證會之一。

In Canada, the passage of Bill C5 enables the Government of Canada to fast track major projects aligned with national, economic, environmental and indigenous priorities an approach that reinforces the direction Nexgen has taken since its inception. While Rook 1 is already well advanced under the current regulatory framework, the passage of Bill C5 presents a clear opportunity for the federal government under Prime Minister Carney and Minister Hodgson's leadership to demonstrate this new legislation in action, something that is much needed in Canada in order for the country to realize its potential as a natural resources world leader. As a project that unambiguously meets the criteria of national interest, delivering economic benefit, environmental excellence and deep indigenous partnership through legally binding industry-leading benefit agreements.

在加拿大，C5法案的通過使加拿大政府能夠快速推動符合國家、經濟、環境和本土優先事項的重大項目，這一做法強化了 Nexgen 自成立以來所採取的方向。雖然 Rook 1 在現行監管框架下已經取得了很大進展，但 C5 法案的通過將為加拿大總理卡尼和部長霍奇森領導下的聯邦政府提供一個明確的機會來展示這項新立法的實際行動，這對於加拿大發揮其作為世界自然資源領袖的潛力至關重要。作為一個明確符合國家利益標準的項目，透過具有法律約束力的產業領先利益協議，提供經濟效益、環境卓越和深厚的本土夥伴關係。

In the first 10 years of forecasted production, Rook 1 is capable of providing $37 billion in economic benefit to Canada. We will support 1,400 direct jobs and be initially licensed beyond 2050. Nexgen's Rook 1 project exemplifies every aspect of the criteria that Carney government has defined for projects to be prioritized through Bill C5, and we look forward to the conclusion of the CNSC process to deliver the many stakeholder-led benefits our project exhibits.

在預測生產的前10年內，Rook 1能夠為加拿大帶來370億美元的經濟效益。我們將支持 1,400 個直接就業崗位，並在 2050 年後獲得初步許可。Nexgen 的 Rook 1 計畫體現了卡尼政府透過 C5 法案確定的優先項目標準的各個方面，我們期待加拿大核安委員會 (CNSC) 流程的完成，以實現我們的計畫所展現的眾多利益相關者主導的利益。

None of these developments are isolated. They are strategic signals from the private sector, financial institutions and government policymakers alike that nuclear energy has moved from the sidelines to the center of the global energy preference. Nuclear is not just part of the solution, it is foundational. At the core of this shift is a single truth. The world needs more electricity and it needs to be clean, reliable and affordable. It's not just about the power, it's about energy security, economic prosperity and national competitiveness, all underpinned by the requirement to supply the key ingredient, uranium.

這些發展都不是孤立的。這是來自私部門、金融機構和政府決策者的策略訊號，顯示核能已從邊緣走向全球能源偏好的中心。核能不僅是解決方案的一部分，更是基礎。這種轉變的核心是一個真理。世界需要更多的電力，而且需要清潔、可靠和價格合理的電力。這不僅關乎電力，還關乎能源安全、經濟繁榮和國家競爭力，而這一切都建立在供應關鍵原料鈾的需求之上。

All these developments and a lack of supply lay the groundwork for structurally higher uranium prices in the foreseeable future. The reality is that the industry at large, to some extent, still believes that this can all be solved with higher prices over a reasonable time frame. However, to meet the exceptional growth in demand we're seeing, you need many new Arrow-sized projects to be found, delineated, engineered, permitted, funded and built. Arrow is widely considered the most technically sound and environmentally benign deposit globally, and we are entering into the 12th year since its discovery. Our decision to relaunch exploration in 2023 at Rook 1 has paid immediate dividends, with our PCE discovery, which we will evaluate in significance as drilling and development advances. I'll speak more in a moment about PCE.

所有這些發展以及供應不足為可預見的未來鈾價結構性上漲奠定了基礎。現實情況是，整個行業在某種程度上仍然相信，所有這些都可以透過在合理的時間內提高價格來解決。然而，為了滿足我們所看到的異常增長的需求，我們需要尋找、劃定、設計、許可、資助和建造許多新的 Arrow 規模的項目。Arrow 被廣泛認為是全球技術最完善、環境最友善的礦床，自被發現以來已進入第 12 年。我們決定在 2023 年重新啟動 Rook 1 的勘探工作，這項決定立即帶來了回報，即發現了 PCE，我們將隨著鑽探和開發的進展來評估其重要性。我稍後會詳細談論 PCE。

While the global policy environment accelerates, the uranium market is also gaining ground. In Q2, uranium spot prices rose over 20%, closing at USD78.50 per pound, largely driven by the reentry of the Sprott Uranium Trust following a $200 million raise. It was a powerful reminder that the uranium market is very undersupplied and that when demand volume returns to the market, prices respond rapidly.

在全球政策環境加速的同時，鈾市場也正在崛起。第二季度，鈾現貨價格上漲超過 20%，收在每磅 78.50 美元，主要原因是 Sprott Uranium Trust 在籌集 2 億美元後重返市場。這有力地提醒我們，鈾市場供應嚴重不足，當需求量恢復到市場時，價格會迅速做出反應。

Further, yesterday, Nexgen announced a new offtake agreement with a major US-based utility, which doubles our contract book in volume. Importantly, and distinguishingly from past practices, our pricing on the 10 million pound contract book is all US utilities and is market-related at the time of delivery, providing unprecedented leverage to investors in this rising uranium pricing environment. At the same time, given our superior technical setting and environmental design, it provides confident diversification of a new Western world supply.

此外，昨天，Nexgen 宣布與美國一家大型公用事業公司達成一項新的承購協議，這使我們的合約量翻了一番。重要的是，與過去的做法不同的是，我們對 1000 萬英鎊合約的定價全部是美國公用事業，並且在交付時與市場相關，從而為鈾價上漲環境中的投資者提供了前所未有的槓桿作用。同時，憑藉我們優越的技術設置和環境設計，我們為新的西方世界供應提供了充滿信心的多樣化。

Our contract book represents approximately 3% of our total defined resources and underscores Nexgen's patient and strategic approach to building its sales book. We're in advanced discussions with utilities across North America, Europe, the Middle East, Asia and negotiations are increasingly urgent, informed and fast moving. With the commission's hearing set for September '25 and February 2026, Nexgen is preparing to transition from advanced development to construction and subsequent operations.

我們的合約帳簿約占我們總定義資源的 3%，並強調了 Nexgen 在建立其銷售帳簿方面的耐心和策略性方法。我們正在與北美、歐洲、中東和亞洲的公用事業公司進行深入討論，談判越來越緊迫、資訊越來越靈敏、進展越來越快。由於委員會的聽證會定於 2025 年 9 月和 2026 年 2 月舉行，Nexgen 正準備從高級開發過渡到建設和後續營運。

Our current cash balance stands at CAD375 million, with funding to complete the 2025 site programs and initiate development for the first 12 months of post-approval construction. We maintain full strategic optionality with a strong cash position and active engagement with global debt providers, sovereign funds and utilities, amongst others, resulting in financing interest well in excess of the full funding requirements of the build. As we always have, we will optimize the vast number of financing alternatives available for maintaining our production flexibility and ultimately maximizing the value of each pound of uranium we produce and sell.

我們目前的現金餘額為 3.75 億加元，資金可用於完成 2025 年場地計畫並啟動獲批後前 12 個月的建設開發。我們保持充分的策略選擇性，擁有強大的現金狀況，並積極與全球債務提供者、主權基金和公用事業公司等合作，導致融資利息遠遠超過建設的全部資金需求。像往常一樣，我們將優化大量可用的融資方案，以保持我們的生產靈活性，並最終最大限度地提高我們生產和銷售的每一磅鈾的價值。

At PCE during the quarter, Nexgen announced our best discovery phase assay today. We drill hole RK-25-232, returning an incredible 15 meters at 15.9% U3O8, including an exceptional peak of 0.5 meters at 68.8%. This is amongst the best exploration intercepts in the world with Arrow hosting the majority of the other top 10. Since discovery, 45 holes at PCE have been resected mineralization. Of these, 12 have produced the ultra-high-grade massive replacement mineralization of over 61,000 counts per second. We've been bold with our spacing, in some cases, over 200 meters apart and are still intersecting mineralization consistently, demonstrating the continuity of mineralization and the overall strength of the system.

在本季的 PCE 上，Nexgen 今天宣布了我們最好的發現階段分析。我們鑽孔 RK-25-232，獲得了令人難以置信的 15 公尺深的 U3O8，含量為 15.9%，其中包括 0.5 公尺的特殊峰值，含量為 68.8%。這是世界上最好的勘探攔截之一，其中 Arrow 佔據了其他前 10 名中的大部分。自發現以來，PCE 的 45 個孔洞已切除礦化。其中，12個已產生每秒超過61,000次的超高品位塊狀交代礦化。我們的間距非常大膽，在某些情況下，間距超過 200 米，並且仍然持續相交礦化，展示了礦化的連續性和系統的整體強度。

Drilling to date at PCE confirmed the start similarities to the Mighty Arrow deposit just 3.5 Ks away. It's suggesting the early signs of another Tier 1 assay. It really does speak to the vast discovery potential of potentially more deposits on the Rook 1 property in the future. We also recently announced the consolidation of our entire land package, including PCE with the purchase of Rio Tinto's 10% production carried interest. It held on 39 of our claims.

迄今為止，PCE 的鑽探證實了其起始位置與僅 3.5 Ks 遠的 Mighty Arrow 礦床相似。這表明存在另一項一級檢測的早期跡象。這確實說明了未來 Rook 1 礦區可能發現更多礦藏的巨大潛力。我們最近也宣布整合我們的全部土地組合，包括 PCE，並購買力拓 10% 的生產附帶權益。它支持我們的 39 項索賠。

Nexgen has secured a right of first refusal mechanism over this package after a third party made a bonafide offer to acquire it from Rio. Nexgen now holds 100% ownership of all its claims in the district. This speaks to the acceptance by not only Nexgen but others of the tremendous value in the Southwestern Athabasca Basin portfolio, which dominates the known and prospective trends in the district, a district which is often referred to as the future of uranium mine.

在第三方向力拓提出收購該油田的誠意要約後，Nexgen 已獲得對該油田的優先購買權機制。Nexgen 目前擁有該地區所有土地的 100% 所有權。這表明，不僅 Nexgen，而且其他公司都認可西南阿薩巴斯卡盆地投資組合的巨大價值，該投資組合主導著該地區已知和未來的趨勢，該地區通常被稱為鈾礦的未來。

In response, we have received regulatory approval to expand our exploration infrastructure, including a temporary air strip, road for dualway traffic and expanded accommodations to support a growing team on site. This program is currently underway and scheduled to be completed in Q1 2026.

作為回應，我們已獲得監管部門的批准，擴大我們的勘探基礎設施，包括臨時飛機跑道、雙向交通道路和擴大住宿條件，以支援現場不斷壯大的團隊。該計劃目前正在進行中，預計於 2026 年第一季完成。

Our elite standards on responsible development continues to guide every part of the business. In May, we released our fifth annual sustainability report aligned with Global Reporting Initiative and Task Force for Climate-related Financial Disclosure Standards, highlighting major advancement across environmental, social and governance metrics. Through our growing education and workforce development programs, over 500 participants have engaged in Nexgen-led training initiatives these past two years across a wide range of skilled trades.

我們負責任發展的精英標準繼續指導著業務的各個部分。今年五月，我們發布了第五份年度永續發展報告，與全球報告倡議組織和氣候相關財務揭露標準工作小組保持一致，強調了環境、社會和治理指標的重大進步。透過我們不斷發展的教育和勞動力發展計劃，過去兩年來，已有超過 500 名參與者參與了由 Nexgen 主導的、涉及廣泛技術行業的培訓計劃。

These programs developed in partnership with regional institutions and indigenous communities are designed to build capacity and create meaningful career paths aligned with the project's long-term needs. Indigenous leaders have publicly recognized Nexgen's unique and leading collaborative approach with all four of the indigenous nations in the local project area citing Nexgen as a benchmark for meaningful indigenous engagement and shared prosperity.

這些與區域機構和當地社區合作開發的計畫旨在建立能力並創建符合計畫長期需求的有意義的職業道路。原住民領導人公開認可了 Nexgen 與當地計畫區所有四個原住民族的獨特且領先的合作方式，稱 Nexgen 是原住民族有意義的參與和共同繁榮的基準。

Keeping an eye -- I advise to keep an eye out for a video on our website about Chantelle Herman, who is one of a group of talented local students who have become members of the Nexgen team, pursuing highly technical careers at Nexgen while still living in their community. Chantelle is one of these leaders in the community and Travis and I met back in 2015 at the National School Volleyball tournament and went on through our summer student program, followed by a scholarship and is now a second year geology student university whilst working as a field geology technician at Rook 1. This is one of many great outcomes from the Rook 1 project and is the foundation of delivering even greater generational advancement of the project as it goes into construction and operation.

保持關注——我建議您關注我們網站上有關 Chantelle Herman 的視頻，她是一群成為 Nexgen 團隊成員的當地才華橫溢的學生之一，在仍然住在自己的社區的同時，還在 Nexgen 從事高技術職業。Chantelle 是社區領袖之一，我和 Travis 在 2015 年全國學校排球錦標賽上相識，我們一起參加了暑期學生項目，之後獲得了獎學金，現在是一名大學二年級地質專業學生，同時在 Rook 1 擔任現場地質技術員。這是 Rook 1 計畫的眾多偉大成果之一，也是該計畫在建設和營運過程中實現更大世代進步的基礎。

Nexgen is well advanced on procurement with long lead and critical path items already ordered and in several cases, staged and secured in our warehouse. This progress reflects Nexgen's fully integrated execution strategy and proactive supply chain planning, ensuring we are ready to begin major construction immediately upon final regulatory approval. With the team, materials and partnerships in place, Group 1 is execution ready. As we enter the next phase, our focus is clear; conclude approvals, finalize funding and begin building the most important new uranium project in a generation in a manner fully consistent with how Nexgen have delivered the best results today across every aspect of the organization.

Nexgen 在採購方面非常先進，已經訂購了長週期和關鍵路徑的物品，並且在幾種情況下，它們都已在我們的倉庫中準備就緒並妥善保管。這項進展反映了 Nexgen 全面整合的執行策略和積極主動的供應鏈規劃，確保我們能夠在獲得最終監管部門批准後立即開始主要建設。有了團隊、材料和合作夥伴關係，第 1 組已準備好執行。當我們進入下一階段時，我們的重點很明確：完成審批、完成資金並開始建立這一代人中最重要的新鈾項目，其方式與 Nexgen 目前在組織各個方面取得的最佳成果完全一致。

At Nexgen, we're advancing with clarity and conviction. We're executing with deep respect for the environment, communities, Saskatchewan, Canada, the world and our shareholders. We are energized by the opportunity to lead the future of nuclear. We appreciate your continued support and look forward to delivering further progress in the second half of the year.

在 Nexgen，我們以清晰的思路和堅定的信念不斷前進。我們在執行過程中充分尊重環境、社區、薩斯喀徹溫省、加拿大、世界和我們的股東。引領核能未來的機會讓我們充滿活力。感謝您一直以來的支持，並期待在下半年取得進一步的進展。

Thank you, and we will now open the call to your questions.

謝謝，我們現在開始回答你們的提問。

(Operator Instructions)

（操作員指示）

Katie Lachapelle, Canaccord.

凱蒂·拉查佩爾（Katie Lachapelle），Canaccord。

Congrats on the new offtake. Similar to your previous agreements, you noted that it was a market-related contract. Two questions. Can you confirm if there's floors and ceilings in that new contract? And then as a follow-up, it appears that you're signing better terms relative to what some of your peer companies are announcing. Is that fair to say? And if so, what do you think is giving you that edge?

恭喜獲得新的承購。與您先前的協議類似，您指出這是一份與市場相關的合約。兩個問題。您能否確認新合約中是否有限額？然後作為後續行動，看起來你們簽署的條款相對於一些同業公司宣布的條款來說更為有利。這樣說公平嗎？如果是的話，您認為是什麼讓您擁有這樣的優勢？

I can confirm that our contracts as a blend are very substantially market-related prices at the time of delivery. There's not one contract that fits all. Contracts are very specific to the technical and sovereign profile of either the producer or the emerging producer and also that of the particular circumstances of the utility. I would make a general comment that US utilities and particularly the larger ones do prefer a surety around future pricing. And so what you'll see with those contracts is an embedded floor and ceiling. And where that is the case with Nexgen, and I want to say that we have four contracts in place, which cover all aspects, floor and ceiling, full spot and then also no floor and an extremely high ceiling.

我可以確認，我們的混合合約在交貨時基本上都是與市場相關的價格。不存在一個適合所有情況的合約。合約非常具體地針對生產商或新興生產商的技術和主權狀況以及公用事業的具體情況。我想說的是，美國公用事業公司，特別是大型公用事業公司，確實更喜歡對未來定價有保證。因此，您將在這些合約中看到嵌入的下限和上限。對於 Nexgen 來說，情況就是這樣，我想說我們已經簽訂了四份合同，涵蓋了所有方面，包括最低價和最高價、全價位、無最低價和極高的上限。

They are, based on our knowledge of the market, very strong relatively. And I think that speaks to a number of things. I think it's an overall assessment by utilities with respect to the state of the current mine supply worldwide. We're seeing some of the historical projects that have been getting back into production, not meeting expectation. And then we're also seeing significant sovereign and technical risk impact some of the current producing centers.

根據我們對市場的了解，它們相對來說非常強大。我認為這說明了很多問題。我認為這是公用事業公司對當前全球礦產供應狀況的整體評估。我們看到一些歷史項目已經恢復生產，但並未達到預期。我們也看到重大的主權和技術風險對一些目前的生產中心產生了影響。

So what Nexgen represents and also the other advanced developers in Denison, particularly in Canada, is we provide an alternative or a diversified supply of this key important fuel. And I think that then ultimately gets reflected in the pricing from what has occurred in the past to what is actually about to unfold in the future. So I know that's a bit of a long-winded answer, but we are only conveying what we're experiencing, and that is what is driving our contract book.

因此，Nexgen 以及丹尼森（尤其是加拿大）的其他先進開發商所代表的是，我們提供這種關鍵重要燃料的替代品或多樣化供應。我認為這最終會反映在定價中，從過去發生的事情到未來即將發生的事情。所以我知道這個答案有點冗長，但我們只是在傳達我們所經歷的事情，這也是我們簽約的動力。

Awesome. Maybe just one quick follow-up. In the past, you've indicated, I think it was upwards of USD1.6 billion in lending interest from banks and other credit providers. Is that number around the same? Or has that changed? And now that you've got a couple of these offtake contracts in hand, do you feel like you're getting closer to finalizing an agreement on the debt side?

驚人的。也許只需一次快速跟進。正如您所說，我認為過去來自銀行和其他信貸提供者的貸款利息高達 16 億美元。這個數字差不多嗎？或者說情況已經改變了？現在您已經拿到了幾份承購合同，您是否覺得距離最終達成債務協議越來越近了？

Yeah. And I'll hand over to Travis to answer.

是的。我將把問題交給崔維斯來回答。

Yeah. Thanks, Katie. And as Leigh indicated, yes, it is growing, I would say. There's more parties getting involved seemingly every week, frankly. I think that's on the back of, obviously, all those banks signing that agreement to support the funding of this growth initiative by all these international governments. Also the bank was -- funding of nuclear projects well in excess of that and offtakes, I would say, do help the lending process, but it also opens up potentially new avenues of lending with government as an example. So -- but to be clear, the offtake contracts are being done kind of on an isolated basis based on our acceptance of those terms and everything like there -- it's not like we're conceding on anything that we want long term.

是的。謝謝，凱蒂。正如 Leigh 指出的，是的，我想說它正在增長。坦白說，似乎每週都有更多的政黨參與其中。我認為這顯然是基於所有銀行簽署協議以支持所有國際政府為這項成長計畫提供資金的支持。此外，該銀行為核電項目提供的資金遠遠超過這筆金額，而且我認為，這確實有助於貸款流程，但它也開闢了潛在的新貸款管道，例如政府貸款。所以——但要明確的是，承購合約是在我們對這些條款和所有類似內容的接受基礎上單獨簽訂的——這並不意味著我們在長期想要的任何事情上做出讓步。

So yes, it's very positive, and we're really interested to fund the full project along the time lines that we've indicated in the past, which is end of the year, into Q1 of next year ahead of the approval process. Also debt is one of the alternatives at hand. As Leigh mentioned in the earlier part of the call, we do have a number. I think it should be unsurprising the quality of the asset and which offers, but we have quite a few options at hand to fund the full project.

所以是的，這是非常積極的，我們真的有興趣按照我們過去指示的時間表為整個項目提供資金，也就是在今年年底到明年第一季的審批程序之前。債務也是現有的替代方案之一。正如 Leigh 在通話早些時候提到的那樣，我們確實有一個數字。我認為資產的品質和提供的服務應該不足為奇，但我們手頭上有相當多的選擇來資助整個計畫。

Andrew Wong, RBC Capital Markets.

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

So just maybe back on financing a little bit. With regard to that, as you're having more of these conversations with various partners and there's more and more interest, what's your sense on the most likely path here? Is having a strategic asset or sorry, a strategic partner, the most preferred path and then maybe that's supplemented by debt or equity? Can you maybe just provide a sense on that?

因此，也許只需要稍微重新融資即可。關於這一點，隨著您與各個合作夥伴進行越來越多的對話，並且興趣也越來越濃厚，您認為最有可能的途徑是什麼？擁有策略資產或策略夥伴是否是最受歡迎的途徑，然後也許可以透過債務或股權進行補充？您能否對此提供一點看法？

Yeah. Thanks. Maybe I'll start --

是的。謝謝。也許我會開始--

Go ahead, Travis. Do you want to go?

繼續吧，特拉維斯。你想去嗎？

Yeah. I would say we don't have a preferred path at this stage, like we're keeping an open mind to all of the avenues at hand. They all come with -- well, first of all, they're all at various stages. I would say all of them are advanced, but obviously, various stages of how advanced they are. And so all of them are attractive in isolation or together. So I would say we're keeping a very open mind with respect to how this ultimately gets funded, although obviously, we are keeping our focus on our ability to be flexible with respect to production volumes and maintaining our leverage to future upside in prices. That's what I would say to that. And Leigh, obviously...

是的。我想說的是，我們目前還沒有優先考慮的路徑，我們對所有可用的途徑都持開放態度。它們都伴隨著——嗯，首先，它們都處於不同的階段。我想說它們都是先進的，但顯然它們的先進程度各不相同。因此，無論單獨看還是綜合起來看，它們都是很有吸引力。因此我想說，我們對最終如何獲得資金持非常開放的態度，儘管顯然我們將重點放在我們在生產量方面的靈活性以及保持我們對未來價格上漲的槓桿作用的能力上。這就是我要說的。而 Leigh 顯然…

Yeah, exactly. Look, our principle is to finance it in a manner that optimizes the production and the return on every pound produced. And we're working both streams, both the equity stream, project equity, debt and also the potential of a prepayment on the future supply of a volume of pounds. Each one of them comes with their costs and benefits, but the overall principle that we will incorporate when we conclude the package is optimizing the exposure to future uranium prices. And whilst we can't be specific on the debt-to-equity percentage or whether it's project equity or not, that will be the guiding principle. And we will be most likely concluding that in the first half of 2026 at the -- subject to respectfully, the conclusion of the CNSC hearing process.

是的，確實如此。你看，我們的原則是以優化生產和每磅生產回報的方式為其提供資金。我們正在進行兩種業務，包括股權流、專案股權、債務以及未來一定數量英鎊供應的預付款潛力。每項措施都有其成本和收益，但我們在製定方案時要遵循的總體原則是優化未來鈾價格的曝險。雖然我們無法具體說明債務與股權的百分比，或是否是專案股權，但這將是指導原則。我們很可能會在 2026 年上半年得出結論——但前提是加拿大核安委員會的聽證程序結束。

Okay. Great. Then just maybe on the project itself in terms of construction, given that the approval might be coming sometime in the first half of next year. Can you just talk about how the project team is shaping up right now? Can you highlight any construction expertise you've hired or if there are any notable additions recently?

好的。偉大的。那麼也許只是在項目本身的建設方面，因為批准可能會在明年上半年的某個時候到來。能談談專案團隊目前的進度嗎？您能否重點介紹一下您僱用過的建築專家，或者最近是否有任何值得注意的補充？

Yeah, it's a good question, Andrew, one that we don't make a lot of noise about. But behind the scenes, there's a very well-planned human resource execution that is going on. We've been adding to the team consistently since 2017 in line with the stage of development. Look, there's no doubt we've appointed some people that are ready to go and start constructing this mine. And obviously, we've -- when we've seen a quality hire, we've hired them on board. And they're very -- they're busy. They're not sitting around doing nothing, that's for sure. But -- so I would say on balance, we're probably over employed, but it is going to pay extreme dividends once we have that approval and we're into the construction phase.

是的，這是個好問題，安德魯，我們並沒有對此大驚小怪。但在幕後，正在進行精心策劃的人力資源執行。自 2017 年以來，我們一直根據發展階段不斷擴充團隊。你看，毫無疑問我們已經任命了一些準備開始建造這個礦井的人。顯然，當我們看到優秀的人才時，我們就會聘用他們。他們非常——非常忙。可以肯定的是，他們不會無所事事地坐著。但是——所以總的來說，我想說，我們可能過度就業了，但一旦我們獲得批准並進入建設階段，它將帶來極大的回報。

The benefit of a long permitting process is it gives you plenty of opportunity to plan, plan, review, plan again and review again and I can tell you the construction plan is down to a finite detail. We know exactly what we're building. It's technically a very simple mine in a mining sense. And we've attracted the best in the business on to the team. We have a combination of both direct employees and consultants, but the overall philosophy of Nexgen is that we don't delegate any decision-making. We have a person on the team that takes responsibility for their respective field and that responsibility ultimately rests with Travis and myself and the Board. And so we are very much owner constructor and operator model.

漫長的許可流程的好處是，它為您提供了充足的機會進行規劃、規劃、審查、再規劃、再審查，我可以告訴您，施工計劃的細節非常詳細。我們清楚地知道我們在建造什麼。從採礦技術角度來說，這是一個非常簡單的礦井。我們吸引了業內最優秀的人才加入我們的團隊。我們既有直接僱員，也有顧問，但 Nexgen 的整體理念是，我們不會委託任何決策。我們團隊中有一個負責各自的領域，而這個責任最終落在崔維斯、我本人和董事會身上。因此，我們基本上是業主建造者和運營商模式。

Ralph Profiti, Stifel.

拉爾夫·普羅菲蒂（Ralph Profiti），Stifel。

Leigh and Travis, I just want to delve in a little bit on these two offtake contracts being held to a 5-year term. Was there appetite on the part of the counterparties to move those contracts out to a further tenure? And is what's holding back sort of movement on the floors and the ceilings? Or is this becoming the industry standard? Or I'm just wondering if there's other factors at play, specifically with regards to the tenure?

Leigh 和 Travis，我想稍微深入探討這兩份為期 5 年的承購合約。交易對手是否願意將這些合約延長一段時間？那麼是什麼阻礙了地板和天花板的運動呢？或者這正在成為業界標準？或者我只是想知道是否還有其他因素在起作用，特別是與任期有關的因素？

We -- the contracts are very different dependent on the actual asset and the utility. There's not one contract that suits all. And that is also reflective of the utilities specific requirements. Utilities have a range of contracts with a range of suppliers and some are short term and some are long term. I would class ours as medium term in terms of length. And we are just at the beginning, we're at 3% of our total defined resources at Arrow. And we all know that the Arrow deposit is much larger and given its inferred resource, which will convert to indicated with subsequently closer space drilling.

我們——合約根據實際資產和效用而有很大差異。沒有一份合約適合所有人。這也反映了公用事業的具體要求。公用事業公司與一系列供應商簽訂了一系列合同，有些是短期的，有些是長期的。從長度上來說，我認為我們的計劃屬於中期計劃。我們才剛開始，我們的資源僅佔 Arrow 總已定義資源的 3%。我們都知道，Arrow 礦床規模更大，並且根據其推斷的資源量，隨著隨後更近距離的空間鑽探，其資源量將轉化為指示資源量。

I would say our philosophy is -- at the moment, we're negotiating a variety of between three-year, five-year and 10-year contracts. And it is really dependent on the specific circumstances of the utility. And those characteristics differ from one region to the next worldwide, like the US utilities have a different preference to the Asian utilities who have a different preference to the European utilities. So I just want to make the point that there's not one contract in this market that fits all. It is very specific to the utility and very specific to the producer. What we offer is obviously a high level of confidence in volume given the technical simplicity of our project. And that is resonating strongly with the utility customers.

我想說我們的理念是——目前，我們正在協商三年、五年和十年的各種合約。這確實取決於實用程式的具體情況。而這些特徵在世界各地有所不同，例如美國公用事業公司的偏好與亞洲公用事業公司的偏好不同，而亞洲公用事業公司的偏好又與歐洲公用事業公司的偏好不同。所以我只想指出，在這個市場上沒有一種合約可以適合所有情況。它對於實用程式和生產者來說都是非常具體的。鑑於我們專案的技術簡單性，我們顯然對產量具有高度的信心。這引起了公用事業客戶的強烈共鳴。

That's very helpful. I appreciate that. And Leigh, you mentioned the Bill C5 a couple of times in your preprepared comments. And now that we're six months from that second CNSC hearing, it does sound like there's iterations going on with detailed engineering. I'm just wondering, has there been any scope changes with regards to plant, equipment or components in the design that are directly being driven by Bill C5. And the reason I'm asking is just to kind of think about scope changes in the early preconstruction phase of the project.

這非常有幫助。我很感激。Leigh，您在預先準備好的評論中幾次提到了 C5 法案。現在距離第二次加拿大核安委員會聽證會還有六個月的時間，聽起來詳細工程設計正在進行中。我只是想知道，設計中的工廠、設備或組件方面是否有任何範圍變化直接受到 C5 法案的影響。我問這個問題的原因只是想考慮一下工程早期施工階段的範圍變化。

Yeah. Interesting question, but the answer is no. Our scope, there's been absolutely no scope changes whatsoever, full stop, and we wouldn't be contemplating scope changes as a result of Bill C5. Our approach since even prior to discovery has been to deliver an environmentally elite approach along with a socially elite approach. And we have done that. And in every respect, we have exceeded the requirements of the legislation from a technical and environmental perspective.

是的。有趣的問題，但答案是否定的。我們的範圍絕對沒有任何變化，句號，我們也不會考慮由於 C5 法案而改變範圍。早在發現之前，我們的做法就是同時提供環境菁英方法和社會菁英方法。我們已經做到了。並且在各方面，我們從技術和環境角度都超越了立法的要求。

And also from a social perspective, it's well documented that we've been incredibly proactive in engaging and consulting with indigenous communities and implemented programs where there is incredibly strong collaboration between Nexgen and the communities. And that actually even extends beyond those that are defined as impacted. So I think Bill C5 is a reflection of Prime Minister Mark Carney's government recognizing that there are elements of duplication to permit a resources project, not just specific to uranium, but major energy and national infrastructure projects.

而且從社會角度來看，有充分的證據表明，我們一直非常積極地與當地社區接觸和協商，並實施了 Nexgen 與社區之間密切合作的計畫。事實上，這甚至超出了那些被定義為受影響的範圍。因此，我認為 C5 法案反映了首相馬克卡尼政府認識到在批准資源項目時存在重複因素，不僅限於鈾資源項目，還包括重大能源和國家基礎設施項目。

And I absolutely applaud them for recognizing that and introducing legislation that aims to make the whole process more efficient whilst maintaining incredibly high environmental and social standards that Canada leads the world in. So that's why we are in Canada. That absolutely is aligned with our values as an organization, and we are very proud to deliver this project to Canada in line with the very high environmental and social standards that Canadians expect.

我非常讚賞他們認識到這一點，並提出立法，旨在使整個過程更加高效，同時保持加拿大在世界領先的極高的環境和社會標準。這就是我們在加拿大的原因。這絕對符合我們作為一個組織的價值觀，我們非常自豪能夠按照加拿大人期望的非常高的環境和社會標準將這個計畫帶到加拿大。

George Ross, Argonaut.

喬治‧羅斯，《阿爾戈英雄》。

It's Sam. Just in regards to the production carried interest, when is the market going to be informed a little bit more on the cost, et cetera, attached to that?

是薩姆。僅就生產附帶權益而言，市場何時才能更了解與此相關的成本等資訊？

Well, it's confidential as per the agreement of the clause that triggered it. And so, yes, we are unable to disclose what it means or what the cost was specifically in relation to that acquisition. I will say we are very pleased to have acquired it. We had approached Rio Tinto on it. And then, yeah, bonafiding bid was received by an external party, which we do not even know the identity of. And so we triggered our right of first refusal. And whoever that party was, thank you for expediting the process.

嗯，根據觸發該條款的協議，它是保密的。所以，是的，我們無法透露這意味著什麼，或者與此次收購有關的具體成本是多少。我想說我們很高興能夠獲得它。我們已經就此事與力拓集團進行了接洽。然後，是的，一個外部方收到了真實的投標，我們甚至不知道其身份。因此我們行使了優先購買權。無論當事人是誰，感謝您加快了這一進程。

Fair enough. Okay. And just in regards to the Patterson trend, any plans to sort of test along strike at this point, Leigh? Or it's very much just going to be focused on sort of defining the higher grades there at PCE?

很公平。好的。關於帕特森的趨勢，目前有任何計劃進行沿線測試嗎，利？或者它只是將重點放在定義 PCE 的高等級上？

Yeah. Our initial focus is to define and extend what we have at PCE. But look, we also have seen the results at Patterson, which is basically an extension of the trend, the Patterson Corridor East trend of our property, and they've hit mineralization as well. And what that says is that the whole conductor is very highly prospective for additional mineralization. As I speak, we've probably explored less than 1% of that actual Patterson Corridor East conductor trend. Similarly, with Arrow, we've explored less than 10% of that particular conductor corridor.

是的。我們最初的重點是定義和擴展我們在 PCE 所擁有的內容。但是你看，我們也看到了帕特森的結果，這基本上是趨勢的延伸，我們的財產的帕特森走廊東趨勢，它們也達到了礦化程度。這就說明整個導體極有可能出現額外的礦化。正如我所說，我們可能只探索了帕特森走廊東線實際導體趨勢的不到 1%。同樣，透過 Arrow，我們探索了該特定導體走廊的不到 10%。

And as everyone knows, you've got RRR that's along the Patterson Corridor conductor of our project. So the area is extremely well mineralized, and we are on the cusp or just at the very, very beginning of truly defining its true extent. We have 8 conductor corridors going through the Rook 1 project alone. There's no doubt there's been a significant mineralizing event in the region. And yes, we've put in an exploration camp to facilitate extensive exploration of that region of which we host 320,000 hectares. So it's incredibly exciting. It really is a geological phenom. And we are -- yes, there's a lot of drilling to be done before we can truly hold our hand on our hearts and say, you know what, this is the extent of it.

眾所周知，我們的計畫沿著帕特森走廊建造了 RRR。因此，該地區的礦化程度極高，我們正處於真正確定其真實範圍的關鍵時刻，或者說才剛開始。光是 Rook 1 工程就有 8 條導線走廊。毫無疑問，該地區發生過重大的礦化事件。是的，我們已經建立了一個勘探營地，以便對佔地 320,000 公頃的地區進行廣泛勘探。這真是令人興奮不已。這確實是一個地質現象。是的，我們還有很多工作要做，然後我們才能真正捫心自問，說，你知道嗎，這就是事情的程度。

[Fred Pollard], a Private Investor.

[Fred Pollard]，一位私人投資者。

You mentioned Rook 1 is execution ready, and you've been held back, in my view, for some time now awaiting the federal approval process. You mentioned C5, and I have a couple of questions along that theme. So has C5 triggered some conversations with the government on advancing mine approval? And secondly, might there be some movement on the government schedule that you also mentioned earlier in the call? And I ask that because of the principles of fast tracking that are associated with Bill C5.

您提到 Rook 1 已準備好執行，但我認為，您已經被拖延了一段時間，等待聯邦政府的批准程序。您提到了 C5，我針對這個主題有幾個問題。那麼，C5 是否已經引發了與政府就推動礦場審批的一些對話？其次，您先前在電話會議中提到的政府日程安排是否會有一些變動？我之所以提出這項要求，是因為 C5 法案與快速追蹤原則有關。

Thank you for the question. And it's a very topical question. Look, I would say that the introduction of Bill C5 from Prime Minister Carney is absolute recognition that there are some efficiencies that can be gained at the federal level, particularly after provincial approval and the indigenous community approval in the region of a specific project. And he's been very, very clear about that. And as a consequence, he's also going to resource a new project's office to help fast track the federal process. I absolutely applaud Prime Minister Carney and his ministers for that endeavor.

謝謝你的提問。這是一個非常熱門的問題。我想說，卡尼首相提出的 C5 法案絕對承認在聯邦層級可以獲得一些效率，特別是在特定項目獲得省級批准和當地原住民社區批准之後。他對此非常非常清楚。因此，他還將為新計畫辦公室提供資源，以幫助加速聯邦進程。我絕對讚揚卡尼首相及其部長們的努力。

I think in reality, the Nexgen project is so advanced in the process that these initiatives are going to really benefit other projects that come after Nexgen. And so we are resource industry advocates clearly. And we're really excited about that because like Nexgen isn't going to fill the gap on its own. The world needs -- with respect to uranium, the world needs two to three Arrows and they need them now. So I think that's excellent news for every other advanced developer out there looking to get into construction. So specifically to our project, I think the benefit is most likely for other projects behind us, but I absolutely applaud the recognition and the importance that the federal government is placing on the expedition of major projects.

我認為，實際上，Nexgen 專案在流程上非常先進，這些舉措將真正使 Nexgen 之後的其他專案受益。因此，我們顯然是資源產業的倡導者。我們對此感到非常興奮，因為 Nexgen 無法獨自填補這一空白。世界需要——就鈾而言，世界需要兩到三支“箭”，而且現在就需要。所以我認為這對其他想要進入建築業的高級開發商來說都是個好消息。因此，具體到我們的項目，我認為最有可能受益的是後面的其他項目，但我絕對讚賞聯邦政府對重大項目建設的認可和重視。

(Operator Instructions)

（操作員指示）

Brian MacArthur, Raymond James.

布萊恩麥克阿瑟、雷蒙詹姆斯。

If I can just go back to the contracts, there's been a lot of talk about floors and ceilings. But can you confirm or deny, I guess, whether there are any volume options in those contracts? It sounds like there isn't the way you're talking about how much is committed, but I'm just trying to figure out how that part of the equation is working in all these contracts.

如果我可以回顧一下合同，我會發現有很多關於底線和上限的討論。但是我想您能否確認或否認這些合約中是否有任何數量選項？聽起來好像沒有像你所說的那樣承諾了多少，但我只是想弄清楚在所有這些合約中這個等式的一部分是如何運作的。

Yeah, Brian, there's no volume discretion in the contracts by the utility or us as the supplier. I'd make -- and that's very clear. I'd make a general statement that the form and structure and pricing of the contracts are changing from what has been done in the past. The environment is changing. And the contracts which we are doing are different and have got different elements to what has been done in the past. And I think you're just going to see that naturally evolve over time as the scarcity and the risk, be it sovereign or technically around supply increases. And so yes, my overall comment is the environment is changing. There's no doubt about it. And what we are conveying to the market is what we are experiencing, and it's different for all companies. And as I said, it's very specific to the technical and sovereign profile of your supply and also very specific to the particular utilities preferences, and they differ between the US, Asia and Europe.

是的，布萊恩，公用事業公司或我們作為供應商在合約中沒有數量自由裁量權。我會說——這非常清楚。我想概括地說，合約的形式、結構和定價與過去相比正在改變。環境正在改變。我們正在簽訂的合約與過去簽訂的合約有所不同，其中包含了不同的元素。我認為，隨著稀缺性和風險（無論是主權風險還是技術上的供應風險）的增加，你會看到這種情況隨著時間的推移而自然演變。是的，我的總體看法是環境正在改變。毫無疑問。我們向市場傳達的是我們自己正在經歷的事情，對所有公司來說都是不同的。正如我所說，它非常具體地取決於您的供應的技術和主權概況，也非常具體地取決於特定的公用事業偏好，並且它們在美國、亞洲和歐洲之間有所不同。

Great. That's very clear. Second thing, can I just confirm there's been a couple of comments about the financing and timing, whether it's year-end or H1 next year and then comments around the CNSC approval. Could you have financing in place before the CNSC approval? And would that be subject to CNSC approval? Or are they sort of dependent on each other? Any comments on that? Just to clarify, I think, would be helpful.

偉大的。這非常清楚。第二件事，我能否確認一下，是否有一些關於融資和時間安排的評論，無論是年底還是明年上半年，以及有關加拿大核安全委員會批准的評論。在加拿大核安委員會批准之前，您能獲得融資嗎？這需要得到加拿大核安委員會的批准嗎？還是它們之間是相互依賴的？對此有何評論？我認為，只要澄清一下就會有幫助。

Yeah. They're obviously related. And we -- look, if we were approved today, we would have concluded the financing. We've been well prepared for this for many years. But we can't really trigger the financing until we have approval to that extent. So as time -- as that final approval timetable unfolds, so will the financing. And terms or optionality may be better in the future given the way this environment is changing. And so we are just keeping our exposure to that in place. But I can assure you, we will conclude financing in short order post approval.

是的。他們顯然有關係。而且我們——你看，如果我們今天獲得批准，我們就會完成融資。多年來我們一直為此做好充分準備。但只有獲得批准，我們才能真正啟動融資。因此，隨著時間的推移——隨著最終批准時間表的公佈，融資也將隨之公佈。考慮到這種環境的變化方式，未來的條款或可選性可能會更好。因此，我們只是保持對此的關注。但我可以向你保證，我們將在獲得批准後儘快完成融資。

There are just different time horizons talked about. So I was just trying to clarify that. I appreciate it.

只是談論的時間範圍不同。所以我只是想澄清這一點。我很感激。

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

問答環節到此結束。我想將會議交還給 Leigh Curyer 做最後發言。

Yeah. Thank you all for listening and joining the Q2 call. Thank you for your questions. We certainly appreciate them and everyone's interest in this incredible project. And Q3 is going to be an incredible quarter ahead of us with everything that we're working on and the conclusion through the end of the year, not just what's happening at Nexgen, but driven by what is happening in a very rapidly changing market environment. And we appreciate your interest in our project, and we look forward to continuing to deliver on the milestones that we have articulated.

是的。感謝大家收聽並參加第二季電話會議。感謝您的提問。我們非常感謝他們以及大家對這個令人難以置信的項目的興趣。第三季度對我們來說將是一個令人難以置信的季度，我們正在進行的所有工作以及年底的總結，不僅僅是 Nexgen 發生的事情，還受到快速變化的市場環境的影響。我們感謝您對我們項目的關注，我們期待繼續實現我們所闡明的里程碑。

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

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。