Nexgen Energy Ltd (NXE) 2025 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the NexGen Energy third quarter 2025 results conference call. (Operator Instructions) The conference is being recorded.

感謝您的耐心等待。這是會議接線員。歡迎參加 NexGen Energy 2025 年第三季業績電話會議。（操作員指示）會議正在錄音。

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

現在我謹將會議交給 NextGen Energy Limited 的執行長兼董事 Leigh Curyer 先生。請繼續，先生。

Thank you, Gaileen. Good morning, and thank you for joining NexGen's Q3 2025 financial results and investor conference call. My name is Leigh Curyer, and I am Chief Executive Officer of NexGen Energy. I'm joined today by Travis McPherson, Chief Commercial Officer; and Benjamin Salter, Chief Financial Officer.

謝謝你，蓋琳。早安，感謝各位參加 NexGen 2025 年第三季財務業績及投資人電話會議。我叫 Leigh Curyer，是 NexGen Energy 的執行長。今天和我一起的有首席商務官特拉維斯·麥克弗森和首席財務官本傑明·薩爾特。

During today's Q3 update, I'll provide the latest uranium market dynamics, which is simply unfolding faster than most industry observers anticipated, driven by unprecedented huge uptake of nuclear energy across the globe and the strategic execution of NexGen's offtake marketing strategy. Further, progress as we prepare for our first of two commission hearings on the federal approval of Rook I in a 13 days from now. In addition, all the Rook I site activities and preparations updates to execute on this generational project that will set a new benchmark in the economic, environmental and social stewardship for the sector.

在今天的第三季更新中，我將提供最新的鈾市場動態，其發展速度比大多數業內觀察人士預期的要快得多，這主要得益於全球前所未有的核能大規模普及以及 NexGen 公司承購營銷策略的戰略性執行。此外，我們正在為 13 天後舉行的關於聯邦政府批准 Rook I 的兩場委員會聽證會中的第一次做準備，目前進展順利。此外，Rook I 項目的所有現場活動和準備工作也已更新，以執行這項具有劃時代意義的項目，該項目將在經濟、環境和社會管理方面為該行業樹立新的標竿。

At the conclusion of this presentation, we'll move to the Q&A portion of the call, where you are invited to ask Travis, Ben and myself any questions. Throughout the course of today's call, we will be making forward-looking statements. Please visit our website for all the relevant disclaimers.

本次演講結束後，我們將進入問答環節，歡迎大家向 Travis、Ben 和我提出任何問題。在今天的電話會議中，我們將發表一些前瞻性聲明。請造訪我們的網站查看所有相關免責聲明。

In recent months, we've seen an unprecedented alignment of policy, capital and geopolitical priorities in support of nuclear energy and a growing understanding of the constraints impacting uranium supply. As recently as last week, the Nuclear Energy Institute, NEI, held its Annual International Uranium Fuel Seminar in Charleston, South Carolina, welcoming industry executives from across the globe. The clear message from utilities was industry developments are advancing so rapidly, forecasts of electrical demand have increased over tenfold from as recently as those three years ago.

近幾個月來，我們看到政策、資本和地緣政治優先事項以前所未有的方式協調一致地支持核能，並且對影響鈾供應的限制因素有了越來越深入的了解。就在上週，核能研究所 (NEI) 在南卡羅來納州查爾斯頓舉辦了年度國際鈾燃料研討會，歡迎來自全球各地的行業高管參加。公用事業公司明確表示，產業發展日新月異，電力需求預測值比三年前成長了十倍以上。

There is crystal clear unprecedented nuclear energy uptake momentum behind restart efforts at a number of the currently idled US nuclear facilities with additional negotiations underway on the other idled sites, driven by additional layer demand by the major tech companies. The full nuclear energy chain is undergoing rapid acceleration with utilities pursuing reactor upgrades, extended life cycles subsequent license renewals, all whilst evaluating SAMR deployment with major tech partners. This very simply is forecasting uranium demand at an accelerating speed.

目前，美國一些閒置的核設施正在努力重啟，這背後有著前所未有的核能發展勢頭，而其他閒置的核設施也在進行額外的談判，這主要是由於大型科技公司提出了額外的需求。整個核能產業鏈正在快速發展，公用事業公司正在尋求反應器升級、延長使用壽命、後續許可證續期，同時也正在與主要技術合作夥伴評估 SAMR 部署。簡而言之，就是預測鈾需求將以加速成長的速度成長。

Just this last week, the US government announced an USD80 billion investment with Westinghouse to build new commercial reactors and have provided additional commitments to restart current idle reactors. But note, whilst recent mainstream headlines focus on the power generation component of this generational opportunity, in the United States, the government through the 2024 ADVANCE Act has accelerated modernization within the Nuclear Regulatory Commission and shortened key licensing time lines. While Energy Secretary, Chris Wright's call to expand the strategic uranium reserve reinforforces Washington's focus on fuel security and long-term nuclear capacity, including from allied sources such as Canada.

就在上週，美國政府宣布向西屋公司投資 800 億美元，用於建造新的商業反應堆，並承諾重啟目前閒置的反應爐。但值得注意的是，儘管最近的主流媒體頭條新聞都集中在這一世代機會的發電部分，但在美國，政府通過 2024 年的《推進法案》加快了核管理委員會的現代化進程，並縮短了關鍵許可的審批時間。能源部長克里斯·賴特呼籲擴大戰略鈾儲備，這進一步強調了華盛頓對燃料安全和長期核能能力的重視，包括來自加拿大等盟國的核能。

Adding to this momentum, the US and Australian governments recently signed a landmark critical minerals framework to strengthen cooperation across mining, processing and supply chain security. This agreement demonstrates a shared strategy among allied nations to ensure the stability and accessibility of key raw materials is necessary for geopolitical security. The only way to achieve the goals of all allied nations in this regard is cooperation, and we anticipate more announcements to follow demonstrating this approach.

為進一步推動這一勢頭，美國和澳洲政府最近簽署了一項具有里程碑意義的關鍵礦產框架協議，以加強在採礦、加工和供應鏈安全方面的合作。該協議表明盟國之間存在共同戰略，即確保關鍵原材料的穩定和可及性對於地緣政治安全至關重要。在這方面，實現所有盟國目標的唯一方法是合作，我們預計後續會有更多聲明來表明這一方針。

JPMorgan, one of the syndicated banks in our recent North American $400 million financing, which I'll discuss shortly, is the latest major institution to announce a USD1.5 trillion 10-year plan to facilitate finance and invest in industries critical to economic security and resiliency to assist companies in boosting their growth, innovation and accelerating strategic manufacturing, a move serving as a concrete signal of finance backing nuclear and uranium, the key fuel in the value chain.

摩根大通是我們最近在北美進行的 4 億美元融資的銀團銀行之一（我稍後會詳細介紹），它是最新一家宣布一項 1.5 萬億美元 10 年計劃的主要機構，該計劃旨在促進對經濟安全和韌性至關重要的行業進行融資和投資，以幫助企業促進增長、創新和加速戰略製造。此舉是金融支持核能和鈾（​​價值鏈中的關鍵燃料）的具體訊號。

Further, Morgan Stanley released its National Security Index, which included NexGen among the constituents, again reinforcing NexGen's unique role as a go-to solution provider to Allied Nations needs for uranium supply. Specifically to the uranium market over the third quarter, spot prices rose 16% to USD83.25 a pound, driven by an increase in the liquidity to the market over August and September. This highlights how fast the market prices react when demand enters the spot market.

此外，摩根士丹利發布了國家安全指數，其中將 NexGen 列為成分股之一，再次鞏固了 NexGen 作為盟國鈾供應需求首選解決方案提供商的獨特地位。具體到第三季的鈾市場，現貨價格上漲了 16%，達到每磅 83.25 美元，這主要得益於 8 月和 9 月市場流動性的增加。這凸顯了當需求進入現貨市場時，市場價格的反應速度有多快。

NexGen recognizes as demand hits the spot market, price discovery begins to emerge that efficiently signals true incentive pricing, which is in the interest of sellers and buyers. The increased liquidity in the spot market coincided with more supply disruptions over the third quarter.

NexGen 認為，當需求衝擊現貨市場時，價格發現機製便開始出現，從而有效地發出真正的激勵定價訊號，這符合買賣雙方的利益。第三季現貨市場流動性增加的同時，供應中斷的情況也更加嚴重。

We witnessed widespread production guidance cuts around the globe, including the current producers at Kazatomprom and Cameco, where production issues have persisted, simply reflecting late in-life mine challenges are present. Prior years, healthy inventories of on-hand levels are being rapidly exhausted and borrowed inventory levels are skyrocketing to meet post offtake commitments at lower than current spot prices.

我們看到全球範圍內普遍下調了產量預期，包括 Kazatomprom 和 Cameco 等現有生產商，這些生產商的生產問題一直持續存在，這僅反映了礦山後期面臨的挑戰。往年健康的現貨庫存水準正在迅速耗盡，借入庫存水準正在飆升，以滿足低於當前現貨價格的售後承諾。

These dynamics are reinforcing the need for a sustained higher price environment, a trend already materializing with the term price rising to USD86 per pound, its highest level since May 2008. The shift toward a higher for longer market is here, arriving at a pivotal time for advanced build-ready projects like NexGen's Rook I.

這些動態正在強化對持續高價環境的需求，這一趨勢已經顯現，金價已升至每磅 86 美元，達到 2008 年 5 月以來的最高水平。市場正朝著更高、更持久的方向發展，這對於像 NexGen 的 Rook I 這樣的先進、可立即投入建設的項目來說，是一個關鍵時刻。

The work NexGen has done over the last 12 years is aligning with all of the market dynamics. But note, Rook I cannot service this gap alone. The forecast demand supply deficit into 2030 requires multiple Rook-Is to come online, and they simply do not exist. Substantially higher prices in the future will be the consequence and all our advanced development company cohorts in Canada, the US. and Australia are incredibly well leveraged to forecasted high uranium prices of the future.

NexGen 過去 12 年所做的工作與所有市場動態都相符。但請注意，Rook 無法獨自填補這個空缺。預計到 2030 年，需求供應缺口將需要多個 Rook-I 型核電廠投入運營，而這些核電廠目前根本不存在。未來價格大幅上漲將是必然結果，我們在加拿大、美國和澳洲的所有先進開發公司都已從預測的未來高鈾價中獲得了極大的收益。

In September, the scale and speed of this structural shift taking place in our industry was the key highlight from the World Nuclear Association Symposium in London. Attendance reached a record 1,300 participants, up from 800 a year earlier, and the biannual fuel report upgraded all three global nuclear growth scenarios upward.

9 月，我們產業正在發生的這種結構性轉變的規模和速度，成為倫敦世界核能協會研討會的主要亮點。出席人數達到創紀錄的 1300 人，比一年前的 800 人有所增加，而且兩年一度的燃料報告上調了所有三個全球核能增長情景。

Over the next 15 years, the upper case projects annual uranium demand reaching 530 million pounds per year, while the base case projects 391 million pounds. Today, demand is just under 180 million pounds. In 2024, primary supply was estimated to be 150 million pounds with the deficit made up of continued inventory drawdowns, which only prolong and exacerbate the challenges facing primary uranium supply growth.

未來 15 年，上限預測鈾年需求量將達到 5.3 億磅，而基準預測為 3.91 億磅。目前的需求量略低於1.8億英鎊。2024 年，初級鈾供應量預計為 1.5 億磅，缺口由持續的庫存消耗造成，這只會延長和加劇初級鈾供應成長面臨的挑戰。

With demand far outpacing supply and global mine supply at the same level as it was 10 years ago, one can see the need for both significantly higher uranium prices as well as policy support to address regulatory time lines and their impact on capital formation.

由於需求遠遠超過供應，而全球礦產供應量與 10 年前的水平相同，因此既需要大幅提高鈾價，也需要政策支援來解決監管時間表及其對資本形成的影響。

Notably, the WNA Symposium and in their report, the rising engagement from the technology sector was observed with Microsoft formally joining the WNA, reflecting the growing nexus between AI-driven power demand and nuclear energy's key role as a clean baseload generation to reliably power this insatiable demand. As the uranium market enters its seasonally strong contracting period, we expect to see continued strength in uranium prices. And against this favorable backdrop, NexGen remains uniquely positioned with the world's most advanced, high-grade build-ready uranium project to deliver a new secure supply the world is depending on.

值得注意的是，WNA研討會及其報告中指出，科技業的參與度不斷提高，微軟正式加入WNA，這反映出人工智慧驅動的電力需求與核能作為清潔基荷發電的關鍵作用之間日益緊密的聯繫，核能能夠可靠地滿足這種永無止境的需求。隨著鈾市場進入季節性強勁的收縮期，我們預計鈾價將繼續保持強勢。在這種有利的背景下，NexGen 憑藉著世界上最先進、品質最高的即用型鈾礦項目，仍然擁有獨特的優勢，能夠提供世界所依賴的新的安全供應。

With respect to contracting, negotiations with many utilities across North America, Europe, the Middle East and Asia continue to progress. Utility activity has intensified markedly with counterparties actively seeking to secure long-term supply beginning in 2030 and beyond, a clear reflection of a tightening market fundamental and growing recognition that future supply will be challenging.

在合約方面，與北美、歐洲、中東和亞洲多家公用事業公司的談判仍在繼續。公用事業交易活動顯著加劇，交易對手積極尋求確保從 2030 年及以後的長期供應，這清楚地反映出市場基本面趨緊，以及人們越來越認識到未來的供應將面臨挑戰。

Negotiations are advancing on offtake where these forward-looking utilities are seeking to finance NexGen into production. We expect multiple agreements to be finalized in the coming quarters as utilities move to lock in future delivery schedules. A consistent theme across these discussions is the strategic emphasis on supply diversification, and this is where NexGen is truly unique.

關於承購協議的談判正在取得進展，這些具有前瞻性的公用事業公司正在尋求為 NexGen 的投產提供資金。我們預計未來幾季將有多項協議最終敲定，因為公用事業公司將著手鎖定未來的交付計畫。這些討論中反覆出現的主題是策略上對供應多元化的重視，而這正是 NexGen 真正獨特之處。

NexGen is the most material source of supply globally that truly provides material derisked diversification in terms of both technical, given its competent ground setting and sovereign being located in Canada. Utilities are increasingly looking to reduce reliance on state-sponsored producers whilst also addressing the reality that legacy mines are depleting and encountering consistent late in mine life production issues.

NexGen 是全球最重要的供應來源，它真正提供了實質的、降低風險的多樣化，這得益於其強大的基礎架構和位於加拿大的主權地位。公用事業公司越來越希望減少對國營生產商的依賴，同時也要解決老舊礦山資源枯竭、礦山壽命後期持續出現生產問題的現實。

The first -- with the first commission hearing only 13 days from now on November 19 in Ottawa and the second scheduled for a single day between February 9 to 13 in 2026, NexGen is excited to transition from advanced development to building the greatest natural resources project in recent memory immediately upon receipt of federal approval.

第一項－第一次委員會聽證會將於11月19日在渥太華舉行，距今僅13天；第二次聽證會定於2026年2月9日至13日舉行，NexGen公司非常興奮，一旦獲得聯邦政府的批准，即可立即從高級開發階段過渡到建設近年來最偉大的自然資源項目。

This milestone represents the culmination of over a decade of rigorous technical work, community indigenous engagement and regulatory process and the curated expert team we have developed are construction ready. The support we've received has been significant. All four indigenous nations located in the local priority area are legally supportive and publicly advocated of the immediate approval of the project, including the province of Saskatchewan, which continues to champion as a priority project.

這一里程碑標誌著十多年來嚴謹的技術工作、社區原住民參與和監管流程的最終成果，我們精心組建的專家團隊已做好施工準備。我們收到的支持意義重大。位於當地優先區域的所有四個原住民部落都在法律上支持並公開倡導立即批准該項目，其中包括薩斯喀徹溫省，該省一直將該項目視為優先項目。

The CNSC staff have recommended approval in their technical assessments and the Canadian government has increasingly recognized the critical role of clean, reliable nuclear energy in meeting climate and energy security objectives. That alignment across regulators, government and communities reinforces our unique and genuine approach to resource development. This is a story that Canadians are very proud of as it is redefining multiple ways how resource projects can be and are now being developed both technically, environmentally and socially.

加拿大核安委員會工作人員在其技術評估中建議批准該項目，加拿大政府也日益認識到清潔、可靠的核能在實現氣候和能源安全目標方面發揮的關鍵作用。監管機構、政府和社區之間的這種一致性，強化了我們獨特而真誠的資源發展方法。這是一個令加拿大人引以為傲的故事，因為它從技術、環境和社會等方面重新定義了資源項目的多種開發方式。

We'd like to thank our investors for their support in our highly successful global equity offering this past month. With the close of our AUD1 billion raise, NexGen has further strengthened its financial position to advance the development of the Rook I project immediately upon final federal approval. Interestingly, the vast majority of capital was raised from outside of Canada, predominantly in Australia, where our registry is reflecting an ever-increasing Australasian profile, demonstrating NexGen's unique ability to attract hundreds of millions of investment dollars into Canada, capital that will directly benefit local communities, the province of Saskatchewan and the broader Canadian economy. Proceeds will support the balance of detailed engineering, preconstruction activities and general corporate purposes, positioning the company to deliver on its next phase of execution and growth.

我們衷心感謝各位投資者在過去一個月對我們非常成功的全球股權發行給予的支持。隨著我們完成 10 億澳元的融資，NexGen 的財務狀況進一步增強，一旦獲得聯邦政府的最終批准，即可立即推進 Rook I 專案的開發。有趣的是，絕大部分資金來自加拿大以外，主要來自澳洲。我們的註冊機構反映出澳洲和紐西蘭的參與度越來越高，這表明 NexGen 具有獨特的能力，能夠吸引數億美元的投資流入加拿大，這些資金將直接惠及當地社區、薩斯喀徹溫省和更廣泛的加拿大經濟。所得款項將用於支持詳細的工程設計、施工前準備活動和一般公司用途，使公司能夠順利進入下一階段的執行和發展。

The Australian raise has also positioned NexGen to meet the market capitalization and liquidity thresholds for the ASX 200 Index eligibility, the preeminent equity index in the Australian market. Our current cash balance stands at approximately CAD1.2 billion, with funding to complete the 2025 site program and initiate development for the first 18 months post-approval engineering, procurement, training, and construction. We have purposely maintained full strategic optionality with a strong cash position and active negotiations with strategic investors and utilities, amongst others, resulting in a variety of highly accretive financing alternatives.

此次在澳洲的融資也使 NexGen 達到了 ASX 200 指數的市值和流動性門檻，ASX 200 指數是澳洲市場最重要的股票指數。我們目前的現金餘額約為 12 億加元，資金足以完成 2025 年場地計劃，並啟動批准後前 18 個月的工程、採購、培訓和建設開發工作。我們刻意維持了充分的策略選擇權，擁有雄厚的現金實力，並積極與策略投資者和公用事業公司等進行談判，從而獲得了多種高增值融資方案。

As we always have, we will optimize the financing alternatives in maintaining our patience with respect to the market, which continues to be recognized. Our production flexibility, which combined will maximize the value of each pound of uranium we produce and sell, becoming the most leveraged company in the world to rising higher uranium prices. To our site activities. Since 2013, NexGen has successfully safely delivered Rook I site activities covering all aspects of exploration, engineering, development and supporting infrastructure totaling CAD706 million.

我們將一如既往地優化融資方案，同時保持對市場的耐心，這也得到了市場的認可。我們的生產靈活性，將最大限度地提高我們生產和銷售的每一磅鈾的價值，使我們成為世界上利用鈾價上漲槓桿最大的公司。參與我們的網站活動。自 2013 年以來，NexGen 已成功且安全地完成了 Rook I 現場活動，涵蓋勘探、工程、開發和配套基礎設施的各個方面，總金額達 7.06 億加元。

During Q3 2026, construction of the exploration, accommodation and infrastructure, including the exploration air strip, dualway access road upgrades and the expanded exploration camp facilities has been a terrific opportunity for NexGen to once again validate its planning, management and construction execution skills, incorporating NexGen's elite safety performance. This $98 million program is meeting precise design scope with an approved budgeted cost and schedule with completion for early Q2 2026, all whilst maximizing local indigenous sustainable commerce and employment. There is simply no better preparation for after federal approval construction, and the NexGen team is in place and ready to expand the same disciplined, safe on budget and schedule execution in the construction of Rook I.

2026 年第三季度，勘探、住宿和基礎設施的建設，包括勘探簡易機場、雙向道路升級和擴建勘探營地設施，為 NexGen 提供了一個絕佳的機會，使其能夠再次驗證其規劃、管理和施工執行能力，並體現 NexGen 的卓越安全表現。這項耗資 9,800 萬美元的項目在批准的預算成本和進度範圍內，嚴格按照設計範圍執行，預計將於 2026 年第二季度初完成，同時最大限度地促進當地原住民的可持續商業和就業。對於獲得聯邦政府批准後的建設而言，沒有比這更好的準備了。 NexGen 團隊已經到位，準備將同樣的嚴謹、安全、按預算和進度執行方式擴展到 Rook I 的建設中。

On the procurement front, upcoming critical path items are being secured and ready for deployment immediately following federal approval. We are also seeing exceptional interest in participation in many of our training programs and joining the NexGen team. We recently had over 1,300 applicants for only 20 open positions, a clear signal that the highly experienced team we've assembled is attracting professionals that want to be part of NexGen's unique elite standards culture. Turning to our exciting exploration program. Drilling at our basement-hosted Patterson Corridor East PCE discovery continues to deliver.

在採購方面，即將實施的關鍵路徑項目正在落實，一旦聯邦政府獲得批准，即可立即部署。我們也看到，大家對我們的許多訓練課程以及加入 NexGen 團隊表現出了極大的興趣。最近，我們只有 20 個空缺職位，卻收到了 1300 多名申請者，這清楚地表明，我們組建的經驗豐富的團隊正在吸引那些希望成為 NexGen 獨特精英標準文化一部分的專業人士。接下來，讓我們來看看我們令人興奮的探索項目。我們在帕特森走廊東部地下的PCE礦床的鑽探工作持續取得成果。

Reported results validate the continuity of our high-grade subdomains and confirm that the system remains open for expansion in multiple directions. The profile emerging at PCE is incredibly exciting and speaks to the exploration potential for additional Arrow type discoveries on our dominant land position.

報告結果證實了我們高品質子域的連續性，並確認該系統仍可在多個方向上擴展。PCE 展現的地質特徵令人無比振奮，也顯示在我們佔據優勢的土地上，存在著發現更多 Arrow 型油氣田的潛力。

Assay and Scintillation results are scheduled in coming months as they are received. This exploration, the largest reported in the Athabasca Basin for 2025 is strategic and forward-looking. With a typical discovery to production time line of 15 to 20 years, identifying and advancing high-quality and technically superior deposits today is essential to sustaining long-term production optionality alongside Arrow.

化驗和閃爍檢測結果將在未來幾個月內陸續公佈。據報道，這是阿薩巴斯卡盆地 2025 年規模最大的勘探項目，具有戰略性和前瞻性。從發現到投產通常需要 15 到 20 年的時間，因此，如今識別和推進高品質、技術先進的礦藏對於維持 Arrow 的長期生產選擇權至關重要。

This is essential to sustaining the nuclear industry and the key role NexGen will play in stabilizing energy infrastructure globally. We are undertaking to meet global demand supply deficits for the next 50 years, not just the next five years, which is NexGen's differentiator to the current uranium producers, and we are delivering it through the development of Rook I into production post approval and in parallel through the drill bit at PCE.

這對於維持核工業至關重要，也是NexGen在全球能源基礎設施穩定方面發揮的關鍵作用。我們致力於滿足未來 50 年（而不僅僅是未來 5 年）的全球需求供應缺口，這是 NexGen 與當前鈾生產商的區別所在，我們正在通過在 Rook I 獲得批准後投入生產以及同時在 PCE 進行鑽探來實現這一目標。

As we move into the next phase, our priorities are clear: receive final federal approvals and mobilize to build the most strategic and significant new mining project globally. We're approaching this in the same way as we always have with accountability, honesty, a continuous improvement mentality and the confidence to do things the right way.

隨著我們進入下一階段，我們的優先事項很明確：獲得聯邦政府的最終批准，並全力以赴建立全球最具戰略意義和最重要的全新採礦項目。我們將一如既往地秉持責任感、誠實守信、持續改進的心態以及以正確方式做事的信心來處理此事。

Our indigenous community and our partners, the environment, regulators, Canada and the world population, all our shareholders in a most efficient, highly accretive manner. Through years of dedicated effort, the NexGen team has transformed an underexplored ground into a national champion and a strategic asset of global significance. The macro backdrop has never been stronger.

以最有效、最具增值性的方式惠及我們的原住民社區和合作夥伴、環境、監管機構、加拿大和世界人口以及我們所有的股東。透過多年的不懈努力，NexGen 團隊將一片未開發的領域轉變為全國冠軍和具有全球意義的戰略資產。宏觀背景從未如此強勁。

The rise of AI, the push toward energy security and the need for economic growth through natural resource development have positioned NexGen as the epitome of the solution. The size of the prize has never been bigger. And upon final federal approval, we are approximately T minus four years to after-tax cash flows that will take us into the top 10 of global mining companies.

人工智慧的興起、對能源安全的追求以及透過自然資源開發實現經濟成長的需求，使得 NexGen 成為解決方案的典範。獎金金額從未如此之大。一旦獲得聯邦政府的最終批准，我們大約還需要四年時間才能實現稅後現金流，這將使我們躋身全球十大礦業公司之列。

The government of Canada recognizes the urgency and is taking meaningful steps forward with the passing of Bill C-5 the Building Canada Act. This act aims to prioritize projects of national interest in order to advance Canada's economic resilience and independence and leverage its unique position as the critical minerals deposit of the world.

加拿大政府認識到事態的迫切性，並通過了《建設加拿大法案》（C-5法案），採取了切實有效的措施。該法案旨在優先考慮國家利益相關的項目，以增強加拿大的經濟韌性和獨立性，並利用其作為世界重要礦產資源的獨特地位。

The success of this ethos relies on translating verbal commitments into accelerated execution, and we're focused on doing our part. Canada has the opportunity to lead the world in critical minerals exports and with the commitments made in Ottawa to support accountability and timeliness, the economic and social growth that will come will benefit Canadians for generations to come.

這種理念的成功取決於將口頭承諾轉化為快速執行，而我們正專注於做好自己的本分。加拿大有機會在關鍵礦產出口方面引領世界，渥太華方面也做出了支持問責制和及時性的承諾，隨之而來的經濟和社會增長將使加拿大子孫後代受益。

The outlook is unprecedented in terms of actioning such a positive generational opportunity for NexGen and all those advanced development companies in the sector that have been developing their projects to meet the unsatiable demand. The nuclear industry environment is changing rapidly.

對於 NexGen 以及該行業所有致力於開發項目以滿足永無止境的需求的先進開發公司而言，這是一個前所未有的積極世代機會。核工業環境正在快速變化。

Evolving market -- uranium market fundamentals are set to provide unprecedented upside. Those companies that will succeed have recognized the changing environment, have exhibited the courage to embrace it and lead it, looking to tomorrow in the next 50 years as opposed to looking backwards, relying on historical and outdoubted practices for comfort. The best way to deliver in the future is to create it.

不斷變化的市場—鈾市場基本面可望帶來前所未有的上漲空間。那些將會成功的公司已經認識到環境的變化，展現出擁抱變化並引領變化的勇氣，著眼於未來 50 年，而不是回顧過去，依靠歷史經驗和已被證明行之有效的做法來尋求安逸。實現未來目標的最佳途徑就是創造未來。

And that's exactly what NexGen has been doing since 2011 when a group of committed industry professionals went to the overlooked, never explored against popular geological invention at the time, opposite side of the Athabasca Basin and discovered what is now widely recognized as the world's best uranium project. From a geological perspective, NexGen has rewritten what is possible and still writing that story with PCE and beyond at Rook I.

自 2011 年以來，NexGen 一直致力於此。當時，一群敬業的行業專業人士前往阿薩巴斯卡盆地另一側，那裡被忽視了，從未被勘探過，這與當時流行的地質學理論相悖，他們發現瞭如今被廣泛認為是世界上最好的鈾礦項目。從地質學的角度來看，NexGen 已經改寫了可能性，並且還在 Rook I 的 PCE 及其他專案中繼續書寫這個故事。

From an environmental and social perspective, set new standards in what can be achieved through genuine innovation and consultation. And from a shareholder return perspective, is poised to deliver returns on a per dollar spent basis that sets a new watermark for the sector. Thank you to everyone on the team committed to this company. We're full of good energy.

從環境和社會角度來看，要為透過真正的創新和協商所能達成的成就樹立新的標準。從股東回報的角度來看，該公司有望實現每投入一美元的回報，這將為該行業樹立新的標竿。感謝公司所有團隊成員的努力。我們充滿活力。

Now we'll open the call to questions.

現在開始接受提問。

(Operator Instructions) Ralph Profiti, Stifel Financial.

（操作說明）拉爾夫·普羅菲蒂，斯蒂費爾金融公司。

Leigh, firstly, there's been some commentary by a competitor on the prudence of certain contracting strategies as it pertains to the ability to deliver pounds and that it's a risk being brought forward by the utility themselves at a growing rate. I'm just wondering what's been your experience in dealing with utilities and building sort of a mutual confidence in delivery of targets?

Leigh，首先，有一位競爭對手對某些合約策略的謹慎性發表了一些評論，因為這些策略與交付英鎊的能力有關，而且公用事業公司本身也正在以越來越快的速度增加這種風險。我只是想知道您在與公用事業公司打交道以及建立對實現目標的相互信任方面有哪些經驗？

Yes. Look, we -- thanks, Ralph, for the question. We are experienced in -- like we are incredibly busy on the contracting side, multiple negotiations with utilities in the US, Europe, Asia and the Middle East. And the key thing that is coming through is a diversified primary mine supply. And they see NexGen as being a real leader in meeting a more diversified supply chain fuel cycle for their needs.

是的。聽著，我們－－謝謝你，拉爾夫，提出了這個問題。我們在合約方面經驗豐富，與美國、歐洲、亞洲和中東的公用事業公司進行多次談判，非常忙碌。而關鍵在於實現初級礦產供應的多元化。他們認為 NexGen 在滿足其多樣化供應鏈燃料循環需求方面是真正的領導者。

Look, we've signed 4 contracts already. We've got another 6 under negotiation. We've accrued pricing terms that are higher than what's been reported in the market. And we're averaging 2 million pounds over the first five years. Now our breakeven is 3.5 million pounds at Arrow.

你看，我們已經簽了4份合約了。我們還有6個項目正在談判中。我們獲得的定價條件高於市場上公佈的價格。我們前五年的平均收入為 200 萬英鎊。目前我們在Arrow的損益平衡點為350萬英鎊。

And I guess that criticism that has been commented or put out there really reflects that we leverage to this changing environment, and we're acting on it.

我想，那些被評論或提出的批評確實反映出我們正在利用這種不斷變化的環境，而我們正在採取行動。

And whatever that means for them, I'll let them deal with that. But we are simply leveraging our project to the demand and in a manner that is beneficial to the stakeholders at NexGen and whilst meeting the key technical and sovereign risks for the utilities. So yes, that we're going forward on that strategy. It's very simple. It's very clear. And it's gaining a tremendous amount of traction with major utilities in the US and across the globe.

至於這對他們意味著什麼，就讓他們自己去處理吧。但我們只是在利用我們的專案來滿足需求，並以一種有利於 NexGen 利益相關者的方式進行，同時滿足公用事業公司面臨的關鍵技術和主權風險。是的，我們將繼續推進這項策略。很簡單。非常清楚。而且它在美國乃至全球各大公用事業公司中獲得了巨大的關注。

I think it's an important answer. Also, I'd like to ask a follow-up on your experience on procurement of that technically skilled labor and the experienced upper tier construction management that NexGen is going to have in-house? And are there any important hiring gaps that still concern you?

我認為這是一個重要的答案。另外，我想進一步了解您在採購NexGen公司即將擁有的技術熟練的勞動力和經驗豐富的高級施工管理人員方面的經驗？您還擔心是否有任何重要的招募缺口？

Yes. We have -- our philosophy is that there's a NexGen team member that's responsible for each key aspect of our operations, both when it comes to mining, exploration and also the nontechnical aspects, be it finance, legal, communications, any of it. We have a person within NexGen who is responsible for that. And basically, what you're seeing is like an expansion of the teams of the teams reporting to those key executives that we already have in place. We are experiencing huge demand in terms of coming to NexGen and wanting to join the team.

是的。我們的理念是，NexGen 團隊的每個關鍵營運環節都有一名成員負責，無論是採礦、勘探，還是非技術方面，例如財務、法律、溝通等等。NexGen公司內部有專人負責這項工作。基本上，你現在看到的，就像是向我們現有的那些關鍵主管報告的團隊的擴張。我們發現，很多人希望加入 NexGen 團隊。

We put out for 20 open positions in September and had over 1,300 applicants. That, coupled with our training programs up in the local project area, it is a key aspect, but one that we are ahead of.

我們在9月發布了20個招募職位，收到了超過1300份申請。這一點，再加上我們在當地專案區域開展的培訓項目，雖然是關鍵方面，但我們在這方面已經領先一步。

And I think the project itself plus the company's culture is attracting the right type of people to our organization. And we've done an enormous amount of planning around that, and we're currently ahead of it. And look, I think labor availability sometimes gets unfairly used as an excuse for a number of mining projects around the world. We've been planning this for seven years since we submitted the project description. We have a very simple project, a very simple mine and in a great location.

我認為專案本身加上公司文化，正在吸引合適的人才加入我們的組織。我們為此做了大量的規劃，目前我們進展順利。而且，我認為勞動力短缺有時被不公平地用作世界各地許多採礦項目的藉口。自從七年前提交專案說明以來，我們已經為此籌劃了七年。我們的專案非常簡單，礦井也很簡單，而且地理位置優越。

And so attracting people to this project, which is a generational project, we're not experiencing some of the same labor challenges as what other companies in the sector are. So on the risk registry, I'm very, very comfortable with our current position and our forecasted position as we progress into construction and production.

因此，在吸引人們參與這個具有時代意義的專案時，我們並沒有遇到與該行業其他公司相同的勞動力挑戰。因此，就風險登記而言，我對我們目前的狀況以及隨著我們進入建設和生產階段的預測狀況都非常有信心。

Katie Lachapelle, Canaccord Genuity.

凱蒂·拉查貝爾，Canaccord Genuity。

During the prepared remarks, you noted that you've got forward-looking utilities that are looking to finance NexGen into production. Can you expand a little bit on what you mean by that? Is that through the traditional term contract negotiations you're discussing right now or potentially prepayments for offtakes? And then as it pertains to term contracts, obviously, we've seen the base escalated price go higher over the last couple of months. So how are you seeing a change in terms under your negotiations? If you could comment on any floors or ceiling?

在事先準備好的發言中，您提到有一些前瞻性的公用事業公司正在尋求為 NexGen 投入生產提供資金。能詳細解釋一下您的意思嗎？您現在討論的是透過傳統的長期合約談判，還是透過預付款的方式來達成協議？至於定期合同，顯然，在過去的幾個月裡，我們已經看到基本價格上漲了。那麼，您認為談判中條款會有哪些改變？您能否對地板或天花板提出一些意見？

Sure. I'll just hand over to Travis for that one, Katie?

當然。凱蒂，那件事就交給崔維斯來處理吧？

Yes. Thanks, Leigh, and thanks, Katie, for the question. With respect to financing and as it relates to the utilities, yes, I would say that we're negotiating and exploring all options with respect to financing. So that includes prepayment. It includes interest in the project itself.

是的。謝謝Leigh，也謝謝Katie的提問。關於融資以及與公用事業相關的方面，是的，我會說我們正在就融資方面的所有方案進行談判和探索。所以這包括預付款。這包括對項目本身的興趣。

And I think importantly, to Leigh's earlier point, it reflects this growing understanding of where the market is going and the supply gap that exists today and that come 2030 becomes very, very challenging for them. So there's a clear understanding from our perspective that you can't sit there and wait around. You need to be proactive, and they are being proactive with us.

而且我認為，正如 Leigh 之前所說，更重要的是，這反映了人們對市場走向和當前存在的供應缺口的日益加深的理解，而到 2030 年，這些缺口對他們來說將變得非常非常具有挑戰性。所以從我們的角度來看，很明顯你不能坐在那裡幹等著。你需要積極主動，而他們也對我們非常積極主動。

And then with respect to offtake contract terms and discussions, obviously, confidential in nature. But what I can say is that, again, all of our contracting is on the basis of where the market is going to be in 2030 and beyond when it's relevant for us, not what the price is today or tomorrow. And so when we're having discussions with the utility, it's on that basis. And so the pricing and all the other terms reflect that world. And again, very much getting significant buy-in from around the world from our counterparties that we're discussing this with.

至於承購合約條款和討論，顯然屬於保密性質。但我可以肯定的是，我們所有的合約都是基於 2030 年及以後市場的發展趨勢（這對我們來說很重要的時候），而不是基於今天或明天的價格。因此，當我們與電力公司進行討論時，就是以此為基礎的。因此，定價和所有其他條款都反映了這種世界觀。再次強調，我們正在與世界各地的合作夥伴進行討論，並獲得了他們的大力支持。

And so it is -- again, we're extremely busy on this front. And I would say that there is this growing understanding of where the market is actually going and these utilities want to get in front of it and want that diversification and want to secure new supply.

確實如此——我們在這方面非常忙碌。我認為，人們對市場實際走向的理解正在不斷加深，這些公用事業公司希望搶佔先機，實現多元化，並確保新的供應。

Understood. And then maybe just one quick follow-up. You mentioned a breakeven amount of 3.5 million pounds in the prepared remarks. Do you guys have a targeted amount of contracts or targeted percentage of coverage that you would like to have before making a final construction decision? Or do you feel comfortable commencing construction and then during the build layering additional contracts?

明白了。然後或許只需要一個簡短的後續問題。你在事先準備好的演講稿中提到損益平衡點為 350 萬英鎊。你們在做出最終施工決定之前，是否有預定的合約數量或預定的承保比例？或者您覺得可以先開始施工，然後在施工過程中逐步增加合約？

Categorically, 100%, we are very comfortable with starting construction with just the contracts that we have in place today. As I said, we're almost at breakeven. And then we -- on top of that, we have another 26.5 million pounds fully exposed to the future price of uranium. Now there will be contracts that we sign offtake negotiations or contracts that we signed that will be very heavily tied to the market price at the time of delivery. But we're not -- that is the key principle driving our contracting strategy.

可以肯定地說，我們百分之百有信心僅憑目前已有的合約就開始施工。正如我所說，我們幾乎已經達到損益平衡點了。此外，我們還有 2,650 萬英鎊的資金完全暴露於未來鈾價的波動中。現在，我們將簽訂一些承購協議或合同，這些合約將與交貨時的市場價格密切相關。但我們並非如此——這是我們承包策略的關鍵原則。

We don't have a fixed component with respect to that. We are merely taking advantage of our extremely low cost per pound and the technical certainty around our production volumes. We can ramp production up to 30 million pounds from 3.5 million pounds breakeven very simply without additional sunk CapEx. So our contracting strategy merely reflects the technical and sovereign profile of the mine, which all companies' contracting strategies should reflect. We just happen to have a project that has incredibly strong technical competency and very high economics.

我們沒有關於這方面的固定分量。我們只是利用了我們極低的每磅成本和生產規模方面的技術確定性。我們無需額外投入資本支出，就能輕鬆地將產量從損益平衡點的 350 萬磅提高到 3,000 萬磅。因此，我們的承包策略只是反映了礦山的技術和主權特徵，而所有公司的承包策略都應該反映這一點。我們恰好有一個項目，它擁有極強的技術實力和非常高的經濟效益。

Andrew Wong, RBC Capital Markets.

Andrew Wong，加拿大皇家銀行資本市場。

So just maybe on the longer-term implications on contracting again. the Rook I project, obviously, is large and has implications for that longer-term S&D outlook. And given that the approvals are getting there, but not quite approved yet, are the utilities waiting to see how Rook 1 timing plays out before they make decisions on contracting? Like just in general, like how does that potential timing of the project -- how do you see that affecting the utility behavior overall?

所以，或許應該關心一下長期的合約簽訂問題。顯然，Rook I 專案規模龐大，會對長期的供應和分銷前景產生影響。鑑於審批工作正在推進，但尚未完全批准，公用事業公司是否在等待 Rook 1 的時間安排如何，然後再決定是否簽訂合約？總的來說，您認為該專案的潛在時間表會對公用事業的整體行為產生怎樣的影響？

Yes. Travis, go ahead.

是的。崔維斯，你繼續。

Yes. Thanks, Andrew. No, the timing, I wouldn't say is in terms of permit approvals and stuff isn't relevant for the discussions that we're having with the utilities because all of our contracts are based on the commencement of commercial production in the contract. So it is subject to starting with an understanding that there is, I would say, increasingly less uncertainty around the precise time line of producing uranium given the advanced stage of the permitting process. But an understanding that, yes, we're developing a new mine.

是的。謝謝你，安德魯。不，就時間安排而言，我不會說許可證審批之類的事情與我們和公用事業公司進行的討論有關，因為我們所有的合約都是以合約中規定的商業生產的開始為依據的。因此，首先要理解的是，鑑於許可流程已進入後期階段，鈾生產的確切時間表的不確定性越來越小。但我們需要明白，是的，我們正在開發一座新礦。

And so it is -- delivery is subject to the commencement of commercial production. And again, that just speaks to the fact that utilities are understanding of where the market is going and wanting to secure uranium from this new mine.

因此，交貨取決於商業生產的開始。這再次表明，公用事業公司了解市場走向，並希望從這座新礦中獲得鈾礦。

We'll probably experience an uptick from some utilities that we're not currently in negotiations with. That's certainly possible, Andrew. But to Travis' point, that hasn't been a determinative factor in the offtakes that we've signed to date or the ones that we have under negotiation.

我們可能會遇到一些公用事業公司帳單上漲的情況，儘管我們目前並未與他們進行談判。安德魯，這當然有可能。但正如特拉維斯所說，這並非我們迄今為止簽署的或正在談判的合約的決定性因素。

Okay. Understood. And then just on the TCE results, they continue to look pretty promising. So if after resource is reported and maybe doesn't get fully reflected in the shares, would you consider some sort of spin out?

好的。明白了。僅就 TCE 的結果而言，它們看起來仍然相當有希望。如果資源報告發布後，資源可能無法完全反映在股份中，您會考慮某種形式的分拆嗎？

Yes. Look, it's possible, very much so. And if we feel that it's not getting its fair value, that would be something that we would definitely consider. But time will tell. I think the way PCE is progressing, where there's still so much more drilling to do before we truly understand its nature.

是的。你看，這完全有可能。如果我們認為它沒有得到應有的價值，那絕對是我們會考慮的事情。但時間會證明一切。我認為 PCE 的發展方向是，在真正了解其性質之前，還有很多鑽探工作要做。

And once we do understand its nature, I think that could be a possibility if we don't feel that it's truly getting valued as it should be. So yes, that's something -- yes, to answer your question, Andrew, that is something that is possible. But if that was the case, we would ensure that PCE has a right subject to additional approval to be extracted through the production -- proposed production exhaust Shafts at NexGen and any corporate structure would not inhibit the optimization of the exploitation of that deposit.

一旦我們了解了它的本質，如果我們覺得它沒有得到應有的重視，我認為這或許是一種可能性。所以，是的，這是有可能的——是的，回答你的問題，安德魯，這是可能的。但如果情況真是如此，我們將確保 PCE 有權在獲得額外批准後通過 NexGen 的擬議生產排氣豎井進行開採，並且任何公司結構都不會妨礙該礦藏的優化開發。

Craig Hutchison, TD Cowen.

Craig Hutchison，TD Cowen。

You mentioned in your opening remarks Bill C-5 and the potential benefits to NexGen. And I just was kind of wondering, given the time lines, your permits are pretty well defined here, how could Bill C-5 actually benefit NexGen? And maybe more broadly, have you had direct discussions with the federal government? And how do you see them benefiting you guys and helping you guys in the future?

您在開場白中提到了 C-5 法案及其對下一代能源的潛在益處。我只是有點想知道，考慮到時間安排，你們的許可在這裡已經非常明確了，C-5 法案究竟如何才能真正使 NexGen 受益？更廣泛地說，您是否與聯邦政府進行過直接討論？你覺得它們將來會為你們帶來哪些好處和幫助？

To clarify my point with respect to Bill C-5, Craig, was that it reflects the Canadian government's commitment to nuclear energy and expediting key projects. I agree with you. I think our project is so advanced through the existing regulatory process that any Bill C-5 will have minimal impact on Rook 1 itself. But what is exciting for our cohort of advanced development uranium companies is that I think the intent of Bill C-5 is extremely encouraging for them.

克雷格，關於 C-5 法案，我想澄清一下我的觀點，它體現了加拿大政府對核能的承諾以及加快關鍵項目的推進。我同意你的看法。我認為我們的專案已經通過了現有的監管程序，進展非常順利，任何 C-5 法案對 Rook 1 本身的影響都將微乎其微。但令我們這批先進的鈾礦開發公司感到興奮的是，我認為 C-5 法案的意圖對他們來說是極其鼓舞人心的。

So anyone with a project in an advanced development project in Canada, I think that is very exciting in terms of the Canadian government really recognizing the need to expedite approvals. And we are in parallel, very strong advocates of that. We think congratulations goes to the federal Canadian government for recognizing it and immediately taking action. He's only been in office since May. He has Prime Minister, Carney, but he's already on to it.

因此，對於任何在加拿大擁有高級開發項目的人來說，我認為這非常令人振奮，因為加拿大政府真正認識到需要加快審批。同時，我們也是這理念的堅定擁護者。我們認為應該祝賀加拿大聯邦政府認識到這一點並立即採取行動。他五月才上任。他有首相卡尼，但他已經開始行動了。

So whilst not specifically impacting NexGen, I think it's a very clear signal for not just only uranium mining, but also the development of small modular reactors in Canada and more broader nuclear programs. So it's a general comment that it's great for nuclear, which NexGen is a part of that value chain.

因此，雖然這不會對 NexGen 產生直接影響，但我認為這不僅對鈾礦開採，而且對加拿大小型模組化反應器的發展以及更廣泛的核能計劃來說，都是一個非常明確的信號。所以總的來說，這對核能來說非常棒，而 NexGen 正是這條價值鏈的一部分。

Okay. Great. Maybe just a follow-up. On your last call, you guys said you're pretty well advanced on long lead critical path items, procurement, et cetera. Can you just give us a sense of where you're at -- where you're at now and whether there's any more to go there a of your permits next year?

好的。偉大的。或許只是個後續問題。上次通話中，你們說在長週期關鍵路徑專案、採購等方面進展相當順利。您能否簡要介紹一下您目前的進度－您現在的情況如何，以及明年是否還有許可證需要辦理？

Yes. So we have a very detailed execution schedule, obviously, dependent on receiving final federal approval. And where it's possible, we've put our orders in for the long lead time procurement items such as the freeze plant for the temporary shaft sinking for the first 100 meters. That's in a warehouse currently already to be shipped up to site on final approval. Other aspects with respect to the hoist house, et cetera.

是的。因此，我們制定了一個非常詳細的執行計劃，當然，這取決於能否獲得聯邦政府的最終批准。並且，在條件允許的情況下，我們已經訂購了交貨週期較長的採購項目，例如用於臨時豎井開挖前 100 公尺的冷凍設備。目前該零件已存放在倉庫中，待最終批准後即可運送至現場。關於起重房等其他方面。

Look, we know what we'll be doing every single day of the construction period, and we have interrogated it multiple times. The benefit of a long permitting process, it gives you an enormous amount of time to plan, revise and prepare. And that's what we have done. So we've got also an additional $1 billion in our treasury. So that process will continue and will exist right throughout the entire construction execution period, but we're well ahead of that as we speak.

你看，我們知道施工期間每天要做什麼，而且我們已經反覆討論過很多次了。漫長的審批流程的好處在於，它能給你大量的時間來規劃、修改和準備。而我們也正是這樣做的。因此，我們的國庫裡還多了10億美元。因此，這個過程將會持續下去，並將貫穿整個施工執行期，但就目前而言，我們已經遠遠領先於此過程。

Mohamed Sidibé, National Bank Capital Markets.

Mohamed Sidibé，國家銀行資本市場。

Could you please give us some color on where detailed engineering is currently sitting for the project and where you expect to be by the time you FID?

能否請您簡要介紹一下目前專案的詳細工程設計進度，以及您預計在最終投資決定（FID）時能夠達到的進度？

Yes. So detailed engineering is progressing. The -- I would say, detailed engineering on the -- well, in summary, detailed engineering on the first items for the first 18 months of construction is complete and detailed engineering will continue throughout the next 18 months and is moving into more of the surface infrastructure and the mill. So yes, it depends on what aspect of the construction that you're speaking about. But the first 18 months and all those items is fully engineered.

是的。因此，詳細的工程設計工作正在推進中。——我想說的是，關於——總而言之，前 18 個月施工期間第一批項目的詳細工程設計已經完成，詳細工程設計將在接下來的 18 個月內繼續進行，並擴展到更多的地面基礎設施和工廠。所以，這取決於你指的是建築的哪個方面。但前 18 個月以及所有這些項目都是完全精心設計的。

I want to be clear, we have already made our final investment decision. We made that back in 2017 when undoubtedly, we knew we had a world-class project on our hands, and it was approved subject to financing and regulatory approval. So there's not going to be a pause or anything post the final federal approval whilst we make a final investment decision that has already been made.

我想明確一點，我們已經做出了最終的投資決定。我們在 2017 年就做出了這個決定，當時我們無疑知道我們手頭上有一個世界級的項目，該項目已獲批准，但需獲得融資和監管部門的批准。因此，在獲得聯邦政府最終批准後，不會出現任何暫停或其他情況，因為我們最終的投資決定已經做出。

So as it relates to the, I guess, shaft sinking process, that detailed engineering process is already completed, if I understand correctly.

所以，就豎井掘進過程而言，如果我理解正確的話，詳細的工程設計過程已經完成了。

That is correct. Yes.

沒錯。是的。

Great. And given the --

偉大的。鑑於--

And note though, just to be clear, actual -- if your definition of shaft sinking, our definition is from the moment we prepare the foundations, have all the hoists in place, et cetera, and commence underground shaft sinking, there's quite a bit of work prior to the actual boring of the shafts. So -- but for all intents and purposes, the first 18 months of construction items is fully engineered.

不過要說明的是，為了明確起見，實際——如果你對豎井開挖的定義是，我們的定義是從我們準備好地基、安裝好所有起重機等等，並開始地下豎井開挖的那一刻起，在實際鑽探豎井之前還有很多工作要做。所以——但實際上，前 18 個月的施工項目都已完全設計好。

And so just moving on to your balance sheet. Given the strengthening of the balance sheet post quarter there, can you maybe remind us of the financing mix you expect for the remainder of the funds to bring the project forward? I think Travis mentioned everything is on the table in terms of potential interest at the project level or debt or any of the mix. So any color on that would be appreciated.

接下來我們來看資產負債表。鑑於上一季資產負債表的改善，您能否提醒我們一下，您預計剩餘資金的融資組合將如何，以推進該專案？我認為特拉維斯提到過，無論是專案層面的潛在利益、債務，或是任何組合方案，一切皆有可能。所以，任何意見或建議都將不勝感激。

Sure. Travis?

當然。崔維斯？

Yes. Thanks, Lee. Yes, I mean, everything is on the table, and we have tremendous interest -- and it should be unsurprising. I mean it is a world-class project, a world-class company. So we have tremendous interest from around the world in a number of forms.

是的。謝謝你，李。是的，我的意思是，一切皆有可能，我們對此表現出了極大的興趣——這不足為奇。我的意思是，這是一個世界級的項目，一家世界級的公司。因此，我們收到了來自世界各地各種形式的極大興趣。

We've spoken about them before, but everything from strategic project level interest, strategic equity, project finance, converts, prepayments, et cetera. And the positive thing is that, that interest continues to grow. Those discussions are really in kind of like advanced negotiation stages as we speak. And what the $1 billion did is enable us to be under any time pressure with respect to determining the optimal mix with all of these great options at hand.

我們以前也討論過這些，包括策略專案層面的利益、策略股權、專案融資、可轉換債券、預付款等等。而正面的一面是，這種興趣還在持續增長。目前這些討論其實已經進入了類似高階談判的階段。這 10 億美元的作用在於，使我們能夠在眾多優秀選項中，不受任何時間壓力地確定最佳組合。

So we're in a very privileged position to have so much interest from around the world in so many great forms. And now our job over the next six to eight months is to systematically evaluate and finalize that mix in line with the things that are most important to us, which are really around maintaining our leverage to future uranium prices and our ability to leverage our unique production flexibility optionality. So yes, we would target finalizing that sometime next year and probably in the -- around the midyear point of time.

因此，我們非常榮幸能夠以如此豐富多彩的形式獲得來自世界各地如此濃厚的興趣。接下來六到八個月，我們的工作是系統地評估並最終確定這種組合，以符合我們最重視的事情，這些事情實際上圍繞著保持我們對未來鈾價的影響力以及我們利用我們獨特的生產靈活性選擇的能力。所以，是的，我們的目標是在明年某個時候完成這項工作，可能是在年中左右。

Grace Symes, Energy Intelligence.

格蕾絲·西姆斯，能量智能。

The 30 million pounds per year production target, you've noted it's quite flexible. I'm just curious if there's any plan to raise and lower that production to match uranium prices or match contracting or like to store produced pounds dependent on prices so as not to flood the spot market?

正如您所指出的，每年 3000 萬英鎊的生產目標具有相當大的靈活性。我只是好奇是否有任何計劃來根據鈾價或合約情況來提高或降低產量，或者根據價格儲存已生產的鈾，以避免流入現貨市場？

Yes. Firstly, the mine has incredible flexibility, a breakeven point of 3.5 million pounds and a capability to seamlessly reach 30 million pounds per annum nameplate production. We will produce in line with the market conditions at the time and optimize the return on every single pound produced. The fact is the most simplest mine plan and removing the least amount of dirt from underground, given the deposit results in a 30 million pound per annum output from moving just a mere 1,300 tonnes per day.

是的。首先，該礦具有極大的靈活性，盈虧平衡點為 350 萬英鎊，並且能夠無縫達到每年 3000 萬英鎊的額定產量。我們將根據當時的市場情況進行生產，並力求實現每一磅產品的收益最大化。事實上，在礦藏條件下，最簡單的採礦方案和從地下移除最少泥土的方案，每天只需移動 1300 噸泥土，就能實現每年 3000 萬英鎊的產量。

Having said that, I see no scenario where we won't be at maximum production levels from 2030 onwards given the clear current demand, and that's just current demand, little only it increasing, which is going to and also the very fragile mine supply amongst the current producers. We're looking at a forecast for 2025 of around 135 million pounds for the year and consumption is at a touch over 200 million pounds.

話雖如此，鑑於目前的需求如此明確，我認為從 2030 年起，我們的產量肯定會達到最大值。而且這只是目前的需求，需求只會略有成長，而且還會持續成長，再加上現有生產商的礦產供應非常脆弱。我們預計 2025 年的年收入約為 1.35 億英鎊，而消費量略高於 2 億英鎊。

And historical inventory levels have been drawn down rapidly, and you're seeing producers even borrowing pounds to meet current contract commitments. So I personally don't see a scenario where we are not at maximum capacity from 2030 onwards. So -- but we have the flexibility to go right down to 3.5 million pounds and still make money. So we're just leveraging that technical and economic profile of the mine.

歷史庫存水準迅速下降，甚至有生產商為了履行當前的合約義務而藉貸。因此，我個人認為，從 2030 年起，我們不可能不達到產能極限。所以——但我們有能力將投資額降至 350 萬英鎊，仍然能夠獲利。所以，我們只是利用了該礦的技術和經濟優勢。

And then just one follow-up. There's been some speculation in the uranium market next hoping for a buyout before enters production. I'm just wondering if you can comment on that at all.

然後只有一次後續跟進。鈾市場出現了一些猜測，希望在投產前再收購。我只是想問您是否對此有任何看法。

Well, with respect, those comments in the market are absurd. This project is stewarded by a team of committed individuals that have been in place for over 10 years now. Permitting -- when you look back even when in production, permitting was always going to be the largest risk because of the number of diverse interest groups that are involved. We have, over the last 10 years, brought all of those interest groups together.

恕我直言，市場上的那些評論簡直荒謬。這個專案由一支兢兢業的團隊負責管理，該團隊已經成立超過 10 年了。許可審批－回顧生產過程，由於涉及眾多不同的利益集團，許可審批始終是最大的風險。在過去的十年裡，我們已經將所有這些利益團體聚集到了一起。

The advocacy for the project from all those groups is incredibly strong, in fact, at an absolute level. And we can't wait to get into construction because then everything is in our hands. And that's what we like at NexGen. And these projects, this is a generational project. They don't come along very often.

事實上，所有這些團體對該計畫的支持都非常大，達到了絕對的程度。我們迫不及待地想要進入建築業，因為那樣一切都掌握在我們自己手中了。而這正是NexGen所欣賞的。這些項目，這是一個世代項目。這種機會並不常有。

We have the expertise in-house. We have the financing capability, and we are taking a very technically simple mine in a mining context into construction and production. And everything we've done to date, we have set a new standard in the sector, that is going to be maintained through construction and production. And I don't think there's a group that has demonstrated a more efficient use of capital along the development path and has not wasted a day.

我們公司內部就具備這方面的專業技術。我們擁有融資能力，我們正在將一個技術上非常簡單的礦場（就採礦而言）推進到建設和生產階段。我們迄今為止所做的一切，都為該行業樹立了新的標準，這一標準將透過建設和生產得以維持。我認為，在發展過程中，沒有一個組織能比他們更有效地利用資金，並且沒有浪費一天時間。

Under NexGen stewardship, this project will be in production the soonest, meeting preplanned scope. and doing it in a manner which genuinely incorporates the various stakeholder engagement. So yes, there's absolutely no intention from the NexGen Board or the executive or the team. We'll be bored, frankly, within the space of about two days if we sold this company.

在 NexGen 的領導下，該專案將盡快投入生產，達到預定的範圍，並以真正納入各利益相關者參與的方式進行。所以，是的，NexGen 董事會、管理階層或團隊絕對沒有任何這樣的意圖。坦白說，如果我們賣掉這家公司，大概兩天之內我們就會感到無聊。

So we're the best for it for our shareholders, really to make the most with respect to their investment, that is very clearly keep it independent within NexGen and enjoying full leverage to the future price of uranium as opposed to getting locked in to historical offtake practices.

因此，為了股東的利益，我們這樣做是最好的，真正是為了最大限度地利用他們的投資，這非常清楚地表明，我們要讓它在 NexGen 內部保持獨立，並充分利用未來鈾價的槓桿作用，而不是被鎖定在歷史承購慣例中。

Graham Tanaka, Tanaka Capital Management.

Graham Tanaka，田中資本管理公司。

Congratulations with your progress so far. I'm curious about your plans on exploring the many of the -- I think I believe it's seven quarters additional acreage and whether you might be -- what you might need to accelerate exploration development of a second -- basically a second or third or fourth one. What are the dynamics of what will make you accelerate or keep the current pace of exploration? And if you could also just touch a little bit on how you're doing on the Patterson Quarter East.

恭喜你目前的進展。我很好奇你們計劃勘探的眾多土地——我認為應該是七英畝的額外土地——以及你們是否需要——你們可能需要什麼來加快第二個、第三個或第四個土地的勘探開發。哪些因素會促使你加快探索步伐或維持目前的探索速度？如果您還能稍微談談帕特森東區計畫的進展就更好了。

Yes. Thanks, Graham, and also for your very long support from right from the beginning. As I mentioned, we are exploring to solve this challenge for the globe for the next 50 years, not for just the next five. As you're aware, we found Arrow with the very first -- or the 21st drill hole, but the very first drill hole within a 4.5-kilometer radius of its location and PCE is 3.5 kilometers from Arrow. A very significant mineralizing event has occurred in the area and not just on our project at Arrow and PCE, but we have multiple occurrences along the Patterson Corridor.

是的。謝謝格雷厄姆，也謝謝你從一開始就給予的長期支持。正如我之前提到的，我們正在探索如何解決未來 50 年（而不僅僅是未來 5 年）全球面臨的這項挑戰。如您所知，我們透過第一個鑽孔（或第 21 個鑽孔）發現了 Arrow，但這是在 Arrow 位置 4.5 公里半徑內的第一個鑽孔，而 PCE 距離 Arrow 3.5 公里。該地區發生了非常重要的礦化事件，不僅在我們位於 Arrow 和 PCE 的項目上，而且在 Patterson 走廊沿線也有多處礦化點。

And we still -- as you pointed out, we still have another seven corridors yet to explore. We haven't even finished exploring on the Patterson Corridor where Arrow and PCE is even though PCE is on a separate conductor, it is still recognized as being in the Patterson Corridor.

正如你所指出的，我們還有七條走廊尚未探索。我們甚至還沒有探索完帕特森走廊，儘管PCE鐵路公司使用單獨的軌道，但它仍然被認為是帕特森走廊的一部分，而Arrow鐵路公司和PCE鐵路公司都位於該走廊內。

So we've got an enormous amount of drilling yet still to do. And as a base case, though, we have Arrow, which will be around 23% of global mine supply. It's quite incredible when you think in context, nuclear fuel is becoming the go-to energy source amongst the developed nations and emerging nations. And you've got Saudi Arabia, who's the world's most dominant oil producer at 9% of oil supply. So people have referred like whether Saudi Arabia of uranium out of the Rook I project.

所以我們還有大量的鑽探工作要做。但作為基準情況，我們有 Arrow 公司，該公司將佔全球礦產供應量的 23% 左右。從實際情況來看，這相當不可思議，核燃料正成為已開發國家和新興國家的首選能源。還有沙烏地阿拉伯，它是世界最大的石油生產國，佔全球石油供應量的 9%。所以人們開始討論沙烏地阿拉伯是否從 Rook I 計畫中開採鈾礦。

And I think the mineralization is suggesting we've got an enormous amount yet to discover. I don't think we were that good that we found the very best deposit on the very first drill hole within a 4.5-kilometer radius or the 21st drill hole on the property altogether.

我認為礦化情況表明，我們還有大量的礦藏尚未被發現。我不認為我們技術那麼好，能在方圓 4.5 公里內的第一個鑽孔，或者說整個礦區的第 21 個鑽孔就找到最好的礦藏。

We have another two land packages as well adjacent to Rook I into SW1 and SW3. That's why we built an expanded accommodation camp for exploration. We could have 20 drill rigs for 20 years and still not complete the full geological evaluation. But we know we'll be producing around 23% of the world's mine supply from Arrow post approve -- four years post approval. And we've already got a backup forming at PC.

我們還有另外兩塊地皮，分別位於 Rook I 旁邊，分別位於 SW1 和 SW3。這就是為什麼我們建造了一個擴建後的探險營地。就算我們用20台鑽機鑽探20年，也未必能完成全部地質評估。但我們知道，Arrow計畫獲得批准後（即批准四年後），我們將生產全球約 23% 的礦產供應量。我們已經在PC端建立了一個備份。

It looks very analogous to Arrow in every respect. And when you consider the mineralization outside of our -- like also at Patterson Lake South, which I think there's enough evidence to suggest it's the same mineralizing event, something incredibly significant occurred in the area with respect to uranium mineralization, and I feel that we're just scratching the surface, frankly, and our results are evident of that.

它在各方面看起來都與Arrow非常相似。當你考慮到我們地區以外的礦化情況時——比如帕特森湖南部地區，我認為有足夠的證據表明這是同一礦化事件，該地區在鈾礦化方面發生了極其重大的事情，坦白說，我覺得我們只是觸及了冰山一角，我們的研究結果也證明了這一點。

PCE, we've got some assays coming imminently, followed by more scintillometer results as the program concludes for 2025. It will be back up and running with a similar sized program in 2026. And that really does speak to -- we've got a lot of work to do before we fully just have a basic understanding of PCE as well.

PCE，我們即將進行一些檢測，隨著 2025 年專案的結束，還將有更多閃爍儀檢測結果。該項目將於 2026 年恢復運行，並恢復到類似規模。這確實說明——在我們完全了解 PCE 的基本概念之前，我們還有很多工作要做。

I'm just wondering what -- if there is a path towards deciding what will trigger an acceleration of the development of a second Arrow at PCE or elsewhere, if what kind of pricing might accelerate your development process of another Arrow?

我只是想知道——是否有辦法決定什麼會觸發 PCE 或其他地方第二款 Arrow 的加速開發，什麼樣的定價方式可能會加速你們開發另一款 Arrow 的進程？

Look, we're very focused on doing what we do well. The exploration team as we go into construction are kind of like a division within NexGen all on their own. But I feel four rigs at PCE is a decent program. It was the largest program in the Athabasca Basin for 2025. And at a base case, you'll see that continue in 2026.

你看，我們非常專注於做好我們擅長的事情。隨著我們進入建設階段，勘探團隊就像是 NexGen 內部的獨立部門。但我認為PCE擁有四台鑽孔機是個不錯的方案。這是阿薩巴斯卡盆地 2025 年規模最大的計畫。最起碼，這種情況會持續到 2026 年。

Look, as we speak, Graham, yes, you'll see a similar program to 2025 in 2026. But if results can change everything in a heartbeat, frankly. So I guess all I can say is watch that space is all I can say. We want to execute well.

聽著，格雷厄姆，沒錯，你會在 2026 年看到與 2025 年類似的計劃。但坦白說，如果結果能在一瞬間改變一切的話。所以我想我只能說，敬請期待吧。我們希望執行到位。

Yes. I just -- I'm just sort of curious if pricing and interest from utilities, et cetera, would suggest the need for another Arrow, how fast -- how early could you bring on the PCE or any other prospect? Are we talking 10 to 12 years?

是的。我只是——我只是有點好奇，如果公用事業公司等的定價和興趣表明需要另一家 Arrow 公司，那麼你們多久能引進 PCE 或其他任何潛在客戶？我們說的是10到12年嗎？

Yes. So look, PCE, look, I'll -- without preempting anything, conceptually I think there's enough evidence to suggest if you were to develop PCE, it would go -- it would come out through the same production shaft as what's proposed at Arrow. That would be subject to additional permitting. But given our permit has been done on a basis of like recognizing an area of influence, it wouldn't be starting from scratch at all. But I think first things first, we get Arrow into production, operating at the level that it is capable of.

是的。所以你看，PCE，你看，我——在不妄下斷言的情況下，從概念上講，我認為有足夠的證據表明，如果你要開發PCE，它將——它將通過與Arrow提出的相同的生產渠道推出。這還需要額外的許可。但鑑於我們的許可是基於對影響範圍的認定而頒發的，所以根本不是從零開始。但我認為當務之急是讓 Arrow 投入生產，並使其發揮出應有的水準。

And then we'll determine that will be the first step. And then we'll make decisions based on the market conditions at the time. But I concur with yourself, Graham, I actually think there's going to be enormous demand beyond 30 million pounds a year at Arrow, we can't fill the gap that currently exists on an annual basis.

然後我們將確定這將是第一步。然後我們會根據當時的市場狀況做出決定。但我同意你的看法，格雷厄姆，我確實認為Arrow每年的需求量將超過3000萬英鎊，我們無法填補目前每年存在的缺口。

So yes, maybe the C-5 will be very advantageous to NexGen when it comes to PCE to Craig Hutchison's earlier point. So yes, it's very much on the radar, but first things first, we want to execute very, very well on Arrow and Rook I and getting that into construction and subsequent production.

所以，正如 Craig Hutchison 之前所說，C-5 在個人電腦效率 (PCE) 方面或許對 NexGen 非常有利。所以，是的，我們非常重視這個項目，但首先，我們希望把《綠箭俠》和《新兵》第一部拍得非常非常出色，並順利進入建設和後續生產階段。

Alain, (inaudible).

阿蘭，（聽不清楚）

So are you hearing me?

你聽見了嗎？

Yes, I can hear you.

是的，我聽得到你說話。

Okay. Last week, we saw the creation challenge Saskatchewan approval of Denison Mine Willow River uranium project, citing inadequate consultation on Treaty 10, right? So I have two questions. Are your mine is on third territory? And secondly, do you see things like that similar thing can happen to you? And can it postpone the opening of the mine?

好的。上週，我們看到有人質疑薩斯喀徹溫省批准丹尼森礦柳河鈾礦項目，理由是第 10 號條約的諮詢不足，對吧？我有兩個問題。你的礦場位於第三方領土嗎？其次，你認為類似的事情也可能發生在你身上嗎？它能否推遲礦井的開採？

Well, I can't speak to -- out of respect for Denison. I won't comment on that particular situation because I haven't been involved with the consultation and engagement with respect to that project. With respect to our project, it's very clear that the four identified communities in the local project area identified by the federal government and also the government of Saskatchewan is very clear with respect to our four communities. We have undergone study agreements in 2019, which set the foundation for collecting all of the cultural studies and appreciations, and we took that and incorporated into the design of the project, respecting all of those cultural sensitivities.

嗯，出於對丹尼森的尊重，我無法置評。我不會對此事發表評論，因為我沒有參與該專案的諮詢和溝通工作。就我們的計畫而言，聯邦政府和薩斯喀徹溫省政府明確地確定了當地計畫區域內的四個社區，這一點非常清楚。我們在 2019 年進行了研究協議，為收集所有文化研究和鑑賞成果奠定了基礎，我們將其融入專案的設計中，同時尊重所有這些文化敏感性。

Further, we then executed legally binding impact benefit agreements with those four communities in the project area that covers the entire life of the project and closure with respect to environmental, commerce, employment and community programs. So I believe we have met and exceeded the requirements and have the full support of those communities that are identified in our project area. And so yes, I'm very, very confident with respect to our position and the conclusion of the approval process from that perspective.

此外，我們還與專案區域內的四個社區簽訂了具有法律約束力的影響效益協議，該協議涵蓋專案的整個生命週期以及專案結束，涉及環境、商業、就業和社區專案。因此，我相信我們已經達到並超越了要求，並得到了我們計畫區域內所有社區的全力支持。所以，是的，從這個角度來看，我對我們的立場和審批流程的最終結果非常有信心。

This brings to a close 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。我謹將會議交還給 Leigh Curyer，請她作總結發言。

Yes. Thank you, Gaileen. I'd like to thank everyone for their participation today and the excellent questions. It's an incredibly exciting time for the company. Well, it always is, frankly, with what is unfolding at NexGen. And I certainly welcome any additional questions that you may have.

是的。謝謝你，蓋琳。感謝大家今天的參與與提出的精彩問題。對公司而言，這是一個令人無比令人興奮的時刻。坦白說，NexGen 目前的情況一直如此。我非常歡迎您提出任何其他問題。

Please contact Monica, Paula and Stacy or Travis and myself, and we'll be more than happy to answer them. But no, we sincerely appreciate everyone's support. Very much looking forward to this fourth quarter and 2026 in what is going to be an incredibly exciting time, not only for the market, but for the company as well. So thank you, everyone.

請聯絡 Monica、Paula 和 Stacy，或 Travis 和我，我們非常樂意為您解答。不，我們衷心感謝大家的支持。非常期待第四季和 2026 年，那將是一個令人無比興奮的時期，不僅對市場而言如此，對公司而言也是如此。所以，謝謝大家。

This concludes 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。