Uranium Energy Corp (UEC) 2025 Q4 法說會逐字稿

Good day, everyone, and welcome to the Uranium Energy Corp.'s Fiscal 2025 fourth quarter and year-end results conference call. Today's call will be hosted by Amir Adnani, President and CEO. Also joining for the Q&A session of today's call are Josephine Man, Chief Financial Officer; Scott Melbye, Executive Vice President; and Brent Berg, Senior Vice President, US Operations. (Operator Instructions) Please also note, today's event is being recorded. Today's call will run approximately 15 minutes for prepared remarks, followed by a Q&A. (Operator Instructions)

大家好，歡迎參加鈾能源公司 2025 財年第四季和年終業績電話會議。今天的電話會議將由總裁兼執行長阿米爾·阿德納尼 (Amir Adnani) 主持。參加今天電話會議問答環節的還有財務長 Josephine Man、執行副總裁 Scott Melbye 和美國營運資深副總裁 Brent Berg。（操作員指示）另請注意，今天的活動正在被記錄。今天的電話會議將持續約 15 分鐘，用於發表準備好的發言，然後進行問答。（操作員指示）

At this time, I'd like to turn the floor over to Amir Adnani, President and CEO. Please go ahead.

現在，我想把發言權交給總裁兼執行長阿米爾‧阿德納尼 (Amir Adnani)。請繼續。

Thank you, operator. And good morning, everyone. For those not currently on the webcast, a presentation accompanying this conference call is available on the Presentations page of our website. Some of the commentary on today's call will include forward-looking statements and I would direct everyone to review slide 2 of the presentation, which includes important cautionary notes.

謝謝您，接線生。大家早安。對於目前未參加網路直播的用戶，可以在我們網站的簡報頁面上找到本次電話會議的簡報。今天電話會議中的一些評論將包括前瞻性陳述，我希望大家查看簡報的第二張投影片，其中包含重要的警告說明。

All right. Here we go. Fiscal 2025 was a breakthrough year as we delivered initial low-cost production in Wyoming, with approximately 130,000 pounds, at total cost of $36 per pound. We are now firmly in ramp-up mode with new Header Houses at Christensen Ranch online and Burke Hollow 90% complete, which will be America's next ISR mine.

好的。開始了。2025 財年是突破性的一年，我們在懷俄明州實現了初始低成本生產，產量約為 130,000 磅，總成本為每磅 36 美元。目前，我們正處於穩步推進階段，克里斯滕森牧場的新集管房已投入使用，伯克霍洛礦已完成 90%，這將是美國的下一個 ISR 礦場。

At the same time, we achieved substantial scale through the accretive acquisition of Rio Tinto's Sweetwater complex, establishing our third US hub-and-spoke platform and expanding license capacity to 12.1 million pounds annually, making UEC the largest US uranium company by estimated resources and total licensed production capacity.

同時，我們透過增值收購力拓的 Sweetwater 綜合設施實現了顯著規模，建立了我們的第三個美國樞紐輻射平台，並將許可產能擴大到每年 1210 萬磅，使 UEC 成為按估計資源量和總許可生產能力計算最大的美國鈾公司。

Our balance sheet remains strong, with $321 million in cash, inventory, and equities, and no debt. We have 100% unhedged strategy to capture upside as prices rise. And with the launch of UR&C, we are moving to become America's only vertically integrated uranium company, expanding downstream into refining and conversion.

我們的資產負債表依然強勁，擁有 3.21 億美元的現金、庫存和股票，也沒有債務。我們採用 100% 未對沖策略來捕捉價格上漲帶來的上行空間。隨著 UR&C 的成立，我們將成為美國唯一一家垂直整合的鈾公司，並向下游擴展到精煉和轉化領域。

Moving to our financial highlights on slide 4, we're encouraged by the strong position we find ourselves in today. As of July 31, 2025, UEC maintained a robust balance sheet with $321 million in cash, inventory, and equities based on market values and no debt. Our sales strategy for the first half of fiscal 2025 year resulted in $68.8 million in revenue and $24.5 million in gross profit from the sales of 810,000 pounds of U3O8 from our physical inventory at an average price above $82.50 per pound.

轉到幻燈片 4 上的財務亮點，我們對當今的強大地位感到鼓舞。截至 2025 年 7 月 31 日，UEC 保持著強勁的資產負債表，擁有 3.21 億美元的現金、庫存和基於市場價值的股票，且沒有債務。我們的 2025 財年上半年銷售策略透過以平均每磅 82.50 美元以上的價格銷售實體庫存中的 810,000 磅 U3O8 實現了 6880 萬美元的收入和 2450 萬美元的毛利。

In the second half of fiscal 2025, we have focused on building our inventory. We have 1,356,000 of U3O8 held in inventory valued at $96.6 million at the uranium market price of $71.25 as at July 31, 2025. This inventory does not include the approximately 130,000 pounds of initial Wyoming production earlier discussed.

在2025財年下半年，我們專注於建立庫存。我們持有 1,356,000 噸 U3O8 庫存，以 2025 年 7 月 31 日鈾市場價格 71.25 美元計算，價值 9,660 萬美元。該庫存不包括先前討論過的懷俄明州初始產量約 130,000 磅。

Our 100% unhedged strategy maximizes our exposure to rising uranium prices, and we're committed to building strategic inventory to supply the US strategic uranium reserve and other government programs and global market demand. Our financial flexibility, combined with our low-cost ISR operations, allows us to scale production in step with market and policy signals. The strong uranium price environment driven by global demand for nuclear energy and US policy support positions us to capitalize on these opportunities.

我們 100% 未對沖的策略最大限度地提高了我們對鈾價上漲的敞口，我們致力於建立戰略庫存，以供應美國戰略鈾儲備和其他政府計劃以及全球市場需求。我們的財務靈活性，加上低成本的 ISR 運營，使我們能夠根據市場和政策訊號擴大生產規模。全球核能需求和美國政策支持推動的強勁鈾價環境使我們能夠利用這些機會。

Now moving to slide 5 and zooming out, the last several years of over $1 billion in accretive acquisitions has built UEC into an enviable position, with global resources of over 230 million pounds in the measured and indicated categories and a further 100 million pounds in the inferred category. This does not include the Sweetwater complex. Furthermore, we boast the largest licensed production capacity in the US with 12.1 million pounds per year across our plants.

現在移到幻燈片 5 並縮小，過去幾年超過 10 億美元的增值收購使 UEC 處於令人羨慕的地位，其全球資源在測量和指示類別中超過 2.3 億英鎊，在推斷類別中還有 1 億英鎊。這還不包括 Sweetwater 綜合設施。此外，我們擁有美國最大的授權生產能力，各工廠的年產能達 1,210 萬磅。

In our portfolio, we're focused on our four key pillars of production growth: Irigaray central processing plant or CPP in Wyoming, Hobson CPP in Texas, Sweetwater CPP, and the Roughrider project in Canada. We're actively advancing each of these growth pillars, which we'll speak about in further detail shortly.

在我們的投資組合中，我們專注於生產成長的四大支柱：懷俄明州的伊里格瑞中央處理廠或 CPP、德州的霍布森 CPP、Sweetwater CPP 和加拿大的 Roughrider 專案。我們正在積極推進每一個成長支柱，稍後我們將詳細討論。

Following a string of bear market acquisitions, near cycle lows, we were able to establish UEC as the largest US uranium company. This unparalleled scale is what has allowed us to identify the market need and opportunity for a single American company with scale and vertical integration, which means further growth into refining and conversion services.

在經歷了一系列熊市收購，接近週期低點之後，我們成功將 UEC 打造為美國最大的鈾公司。這種無與倫比的規模使我們能夠識別出一家具有規模和垂直整合能力的美國公司的市場需求和機會，這意味著在煉油和轉化服務方面的進一步發展。

The launch of UR&C is designed to position UEC as the only US company moving towards end-to-end capabilities in uranium mining, processing, refining, and conversion for delivery of natural UF6 to enrichment plants for LEU and HALEU production. The timing couldn't be better, as US nuclear policy is undergoing a seismic shift.

UR&C 的成立旨在使 UEC 成為唯一一家致力於鈾礦開採、加工、精煉和轉化端到端能力的美國公司，以便將天然 UF6 輸送到濃縮廠用於 LEU 和 HALEU 的生產。現在正值美國核能政策發生重大轉變之際，這項措施的時機再好不過了。

President Trump's executive orders to quadruple nuclear energy, combined with Energy Secretary Chris Wright's call to eliminate reliance on Russian uranium supplies have created unprecedented tailwinds for restoring the US nuclear fuel cycle. The planned facility would be a centerpiece of this effort, ensuring a secure domestic supply chain for nuclear fuel. We're moving this project forward in stages, subject to contingencies, and look forward to providing updates, as it progresses.

川普總統下達的將核能增加四倍的行政命令，加上能源部長克里斯·賴特呼籲消除對俄羅斯鈾供應的依賴，為恢復美國核燃料循環創造了前所未有的順風。計畫中的設施將成為此項努力的核心，確保國內核燃料供應鏈的安全。我們正在根據意外情況分階段推進該項目，並期待在專案進展過程中提供最新進展。

Moving to slide 8, we will start with the Irigaray hub as we provide a bit more detail on the ongoing initiative at our four production pillars. A key driver of our Wyoming production growth was the commissioning of two new ISR mine units at Christensen Ranch, Header Houses 10-7 and 10-8. We've also made significant progress on wellfield development with an active well installation in Wellfield 11, delineation drilling completed in Wellfield 12, and extensions planned in wellfields 8 and 10.

轉到投影片 8，我們將從 Irigaray 中心開始，提供有關我們四大生產支柱的持續舉措的更多細節。我們懷俄明州產量成長的一個關鍵驅動力是克里斯滕森牧場的兩個新的 ISR 礦山裝置（Header Houses 10-7 和 10-8）的投入使用。我們在井場開發方面也取得了重大進展，其中 11 號井場已開始安裝井，12 號井場已完成邊界鑽探，8 號和 10 號井場計劃進行擴建。

Construction of four additional Header Houses in Wellfield 11 is underway, with power pools placed and buildings being set on their foundations. These efforts will form the backbone of our future production plans. And as a result of this ramp-up, our Wyoming workforce has grown to 73 personnel, reflecting the scale of our operations in the Powder River Basin.

威爾菲爾德 11 號的另外四座 Header House 正在建設中，其中電力池已安裝完畢，建築物也正在其地基上建造。這些努力將成為我們未來生產計畫的支柱。隨著產能的擴大，我們在懷俄明州的員工人數已增至 73 人，這反映了我們在 Powder River Basin 的業務規模。

Turning to South Texas, our Burke Hollow project is on track to become America's next ISR mine. Construction is 90% complete, with a target completion date of November 2025. We're positioning for operational startup in December. This project represents a critical component of our South Texas hub-and-spoke production platform, which leverages our Hobson CPP.

轉向南德克薩斯州，我們的伯克霍洛計畫有望成為美國下一個 ISR 礦場。工程已完成 90%，預計完工日期為 2025 年 11 月。我們計劃於 12 月開始營運。該計畫是我們南德克薩斯州樞紐輻射生產平台的一個重要組成部分，該平台利用了我們的 Hobson CPP。

At Burke Hollow, we've made significant progress on the ion exchange facility and the first production area known as PAA-1. Key milestones, including the completion of injection and recovery wells, the installation and loading of ion exchange columns with resin, and the drilling of a deep disposal well.

在伯克霍洛，我們在離子交換設施和第一個生產區 PAA-1 方面取得了重大進展。關鍵里程碑包括注入井和回收井的完工、離子交換柱的安裝和樹脂的裝載、以及深層處置井的鑽探。

The high-density polyethylene trunk line connecting the satellite facility to PAA-1 has been fused, pressure tested, and connected to the plant. Concurrently, three-phase power is being advanced to the site and equipment installation continues on schedule. With these advancements, our South Texas workforce has grown to 56 personnel, supporting our broader regional operations.

連接衛星設施和 PAA-1 的高密度聚乙烯幹線已經熔接、壓力測試並連接到工廠。同時，三相電源正在推進至現場，設備安裝也按計畫進行。隨著這些進步，我們在南德克薩斯州的員工隊伍已增至 56 人，為我們更廣泛的區域業務提供支援。

Moving back to Wyoming to focus on our newest asset, Sweetwater, as I mentioned previously, one of the most transformative events of fiscal 2025 was our $175 million acquisition of Rio Tinto's Sweetwater plant and Wyoming uranium assets, which established UEC's third US hub-and-spoke production platform.

回到懷俄明州，重點關注我們的最新資產 Sweetwater，正如我之前提到的，2025 財年最具變革性的事件之一是我們以 1.75 億美元收購了力拓的 Sweetwater 工廠和懷俄明州鈾資產，從而建立了 UEC 在美國的第三個樞紐輻射式生產平台。

This transaction added the Sweetwater plant, a conventional mill, one of only three in the US with the project having approximately 175 million pounds of historic resources. The Sweetwater plant, with a license capacity of 4.1 million pounds of U3O8 per year, is a 3,000-tonne-per-day mill that we plan to adapt for processing-loaded ion exchange resins from ISR operations, unlocking significant synergies with our existing Wyoming assets.

這筆交易增加了 Sweetwater 工廠，這是一家傳統工廠，也是美國僅有的三家工廠之一，該項目擁有約 1.75 億磅的歷史資源。Sweetwater 工廠的許可產能為每年 410 萬磅 U3O8，是一個日產量為 3,000 噸的工廠，我們計劃對其進行改造，以處理來自 ISR 運營的離子交換樹脂，從而與我們現有的懷俄明州資產產生顯著的協同效應。

On August 1, 2025, the Sweetwater uranium complex was designated as a FAST 41 transparency project by the US Federal Permitting Improvement Steering Council, following President Trump's executive order to increase American mineral production. This designation expedites ISR permitting for deposits on federal lands. Coming alongside the federal government, the Wyoming State government has agreed to match the permitting timelines enabled through the FAST 41 program.

2025 年 8 月 1 日，在川普總統發布增加美國礦產產量的行政命令後，Sweetwater 鈾礦綜合體被美國聯邦許可改善指導委員會指定為 FAST 41 透明度計畫。這項指定加快了聯邦土地上礦藏的 ISR 許可。懷俄明州政府與聯邦政府一道，同意遵循 FAST 41 計畫規定的許可時間表。

With regards to project advancement at Sweetwater, we've initiated a new drilling program to define future ISR wellfield areas, and we subsequently aim to publish a technical report summary to incorporate these results, ensuring a comprehensive resource estimate.

關於 Sweetwater 專案的進展，我們已經啟動了一項新的鑽探計劃，以確定未來的 ISR 井場區域，隨後我們計劃發布一份技術報告摘要以納入這些結果，確保全面的資源估算。

Now moving to slide 11 to discuss Roughrider in more detail. In 2024, we drilled metallurgical holes across the west, east and far east zones, collecting core to confirm metallurgical testing. Since January 2025, we have conducted bulk solvent extraction, yellowcake precipitation, tailings neutralization, and effluent treatment tests. These results will assist in completing our planned prefeasibility study for which we've issued requests for proposals to engage qualified firms. The PFS will be a critical step in advancing Roughrider toward development.

現在前往投影片 11 更詳細地討論 Roughrider。2024年，我們在西部、東部和遠東地區鑽探了冶金孔，收集岩心以確認冶金測試。自2025年1月以來，我們進行了大量溶劑萃取、黃餅沉澱物、尾礦中和和廢水處理試驗。這些結果將有助於完成我們計劃的預可行性研究，為此我們發出了徵求合格公司的提案請求。PFS 將是推動 Roughrider 發展的關鍵一步。

Before I close out on our 2025 fiscal year results, I wanted to provide a brief overview of the current uranium market backdrop. As many of you know, we are entering into a supply squeeze where we have seen significant underinvestment into uranium mines over the last decade. Growing demand, coupled with this under investment, has led to a structural supply deficit that is projected to continue and widen, reaching a cumulative deficit of 1.7 billion pounds by 2045.

在結束我們 2025 財年的業績之前，我想先簡單概述一下目前的鈾市場背景。正如你們許多人所知，我們正陷入供應緊縮的境地，過去十年來，鈾礦投資嚴重不足。不斷增長的需求加上投資不足，導致結構性供應缺口，預計這種缺口將持續擴大，到 2045 年累積缺口將達到 17 億英鎊。

In the US, we have seen unprecedented and bipartisan support for nuclear energy to combat this supply squeeze. Under the Trump administration, US policy has shifted decisively toward restoring and expanding the domestic nuclear fuel cycle as part of the broader strategy to bolster energy independence, resilience, dominance, and national security. A key goal is to avoid reliance on foreign uranium, conversion, and enrichment services, while supporting critical infrastructure, including artificial intelligence and military needs.

在美國，我們看到兩黨對核能的空前支持，以應對供應緊縮。在川普政府的領導下，美國政策已果斷轉向恢復和擴大國內核燃料循環，作為加強能源獨立、彈性、主導地位和國家安全的更廣泛戰略的一部分。一個關鍵目標是避免依賴外國鈾、轉化和濃縮服務，同時支援關鍵基礎設施，包括人工智慧和軍事需求。

President Trump has set an ambitious target to quadruple US nuclear energy capacity by 2050, surpassing the World Nuclear Association's tripling goal and to advance roughly 10 new large-scale reactors by 2030. To strengthen the fuel cycle, the US administration is invoking the Defense Production Act to enter voluntary agreements with domestic companies for enriched uranium and is considering federal offtake commitments to create secure markets for newly expanded or built facilities.

川普總統設定了一個雄心勃勃的目標，到 2050 年將美國核能容量增加三倍，超過世界核能協會增加兩倍的目標，並在 2030 年建成約 10 座新的大型反應爐。為了加強燃料循環，美國政府援引《國防生產法》，與國內企業簽訂濃縮鈾自願協議，並考慮聯邦政府承購承諾，為新擴建或新建的設施創造安全的市場。

At the same time, regulatory and institutional reforms aim to accelerate licensing, fast-track projects, enable advanced reactor deployment, and reduce dependence on foreign nuclear fuel sources. In summary, we have never seen a more positive policy environment for our industry. Amid this favorable policy backdrop, major technology companies are increasingly turning to nuclear energy as a reliable carbon-free power source to meet the soaring electricity demands of AI and large-scale data centers. This growing interest underscores nuclear's emerging role as a cornerstone of the US digital infrastructure strategy.

同時，監管和體制改革旨在加速許可、快速推進項目、實現先進反應器的部署並減少對外國核燃料來源的依賴。總而言之，我們從未見過對我們行業如此積極的政策環境。在這種有利的政策背景下，各大科技公司越來越多地將核能視為可靠的無碳能源，以滿足人工智慧和大型資料中心不斷增長的電力需求。這種日益增長的興趣凸顯了核能作為美國數位基礎設施戰略基石的新興角色。

This includes major investments into nuclear energy from every hyperscaler, the latest being NVIDIA's investment into TerraPower in Wyoming to support the Natrium reactor. We're now witnessing an unprecedented flow of private capital into nuclear projects, from hyperscaler power purchase agreements to advanced reactor investments, reinforcing the critical need for US-origin uranium and conversion capacity.

這包括每個超大規模企業對核能的重大投資，最新投資是 NVIDIA 對懷俄明州 TerraPower 的投資，以支持 Natrium 反應器。我們現在看到私人資本空前地湧入核子項目，從超大規模電力購買協議到先進的反應器投資，這加強了對美國鈾和轉化能力的迫切需求。

To wrap up, fiscal 2025 was a year of execution and transformation for UEC. We achieved initial production in Wyoming, advanced Burke Hollow to near completion, and expanded our US platform through the Sweetwater acquisition. The launch of UR&C is designed to position us as a leader in the US nuclear fuel cycle, and our strong balance sheet provides the flexibility to execute on our growth strategy.

總而言之，2025財年是UEC執行與轉型的一年。我們在懷俄明州實現了初步生產，將 Burke Hollow 項目推進至接近完工，並透過收購 Sweetwater 擴大了我們的美國平台。UR&C 的推出旨在使我們成為美國核燃料循環的領導者，而我們強大的資產負債表為我們執行成長策略提供了靈活性。

With unprecedented policy support and a tightening uranium market, we feel UEC is uniquely positioned to meet the growing demand for secure domestic uranium supply. We're excited about the opportunities ahead and look forward to delivering further value to our shareholders.

我們認為，憑藉前所未有的政策支持和日益緊縮的鈾市場，UEC 擁有獨特的優勢，能夠滿足日益增長的國內鈾供應安全需求。我們對未來的機會感到興奮，並期待為股東創造更多價值。

Before I turn it back to the operator, a couple of points. First of all, today's call is scheduled to end around noon Eastern time. If we don't get to your question, please don't hesitate to reach out to our Investor Relations team, and we'll be happy to follow up directly.

在我把話題轉回給操作員之前，我想說幾點。首先，今天的電話會議預計在美國東部時間中午左右結束。如果我們沒有回答您的問題，請隨時聯繫我們的投資者關係團隊，我們將很樂意直接跟進。

Second, please note that I'm joined today by Josephine Man, our Chief Financial Officer; Scott Melbye, our Executive Vice President; and Brent Berg, our Senior Vice President of US Operations. Together, the four of us are backed by a UEC team with more than 900 years of combined experience in the uranium industry. That depth of experience is what drives our daily execution across operations, finance, and strategy.

其次，請注意，今天與我一起出席的還有我們的財務長 Josephine Man、我們的執行副總裁 Scott Melbye 和我們的美國營運高級副總裁 Brent Berg。我們四人共同得到了 UEC 團隊的支持，該團隊在鈾行業擁有總計 900 多年的經驗。豐富的經驗推動著我們在營運、財務和策略方面的日常執行。

With that, we'll open the call to questions. Operator, please go ahead.

接下來，我們將開始提問。接線員，請繼續。

(Operator Instructions) Brian Lee, Goldman Sachs.

（操作員指示）高盛的 Brian Lee。

Hey, everyone. Thanks for taking the questions, and thanks for hosting this call. I know there's a lot of focus around your ramp-up efforts here and moving from kind of asset status to producer status, so helpful to kind of start to see the early milestones and what's happening from a production standpoint.

嘿，大家好。感謝您回答問題，也感謝您主持這次電話會議。我知道大家非常關注你們在這裡的提升努力以及從資產狀態到生產者狀態的轉變，因此從生產的角度開始了解早期的里程碑和正在發生的事情很有幫助。

So kind of really my first question, kudos on the production and the cost realization here in fiscal '25. I know you might not be ready to give full guidance metrics, Amir, but can you at least give us some sense of what target ranges are potentially reasonable outcomes as you think about the next 12 months? You're going from 130,000 pounds to Christensen Ranch. Sounds like it's accelerating. You have a lot of early stage successful milestones, it sounds like, at Hobson and Sweetwater.

所以，我的第一個問題其實是對 25 財年的生產和成本實現表示讚賞。阿米爾，我知道你可能還沒準備好給出完整的指導指標，但你能否至少讓我們了解一下，在你考慮未來 12 個月時，哪些目標範圍可能是合理的結果？你要從 130,000 磅的重量前往克里斯滕森牧場。聽起來好像在加速。聽起來，霍布森和 Sweetwater 已經取得了許多早期的成功里程碑。

So is it fair to say we're going to still be in the hundreds of thousands of pounds of production in '26? Or could we be thinking about even 1 million pounds plus? What are kind of the low and high-end outcomes that you could consider just based on how the next 12 months goes, both from a production standpoint, but also from a market price and demand standpoint?

那麼，我們可以說我們在 26 年的產量仍將達到數十萬磅嗎？或者我們可以考慮 100 萬英鎊以上？僅從生產角度以及市場價格和需求角度來看，您可以考慮哪些低端和高端結果？

Hey, Brian, thanks for that question. And just again, operator, making sure you can hear me okay?

嘿，布萊恩，謝謝你提出這個問題。再說一遍，接線員，請確認您能聽到我說話，好嗎？

Yes. Coming through loud and clear.

是的。聲音響亮清晰。

Okay. Perfect. Brian, thank you again for that question. And something to touch on, when you look at these results and when you look at the ramp up, the bulk of production that we're reporting here came from mine units or Header Houses 10-7 and 10-8, which, as we disclosed, really only came on in the last few months, 10-7 in April and 10-8 in June. So you can already see and appreciate that new Header Houses that are providing fresh new output and production are definitely putting us obviously on an uptrend.

好的。完美的。布萊恩，再次感謝您的提問。需要提及的是，當您查看這些結果並查看產量增長時，我們在此報告的大部分產量來自礦山單位或集管廠 10-7 和 10-8，正如我們所披露的，這些產量實際上只是在過去幾個月才開始增長，4 月份為 10-7，6 月份為 10-8。因此，您已經可以看到並欣賞到，提供全新產出和生產能力的全新 Header Houses 無疑使我們處於上升趨勢。

Burke Hollow is going to be another source of production growth. And clearly, that's going to, as we indicated, be completed around, in terms of construction completion, by November and the operational startup in December. So any way you look at this, Brian, production is ramping up and is going to continue to ramp up.

伯克霍洛 (Burke Hollow) 將成為另一個產量成長的來源。顯然，正如我們所指出的，該項目將在 11 月左右完成建設，並在 12 月開始運作。所以，布萊恩，無論你怎麼看，產量都在增加，而且還會繼續增加。

And for context, Christensen Ranch and Burke Hollow are only two of seven fully permitted projects in terms of satellite projects that we have in the pipeline that can support ongoing production growth. And that does not include the Sweetwater complex, which, with this fast-tracking news and development, hopefully, we could get the permit amendments necessary to conduct ISR at Sweetwater and be able to develop that project, bring that online as well.

就背景而言，克里斯滕森牧場和伯克霍洛只是我們正在籌備的七個完全獲得許可的衛星項目中的兩個，這些項目可以支持持續的生產增長。這還不包括 Sweetwater 綜合設施，隨著這一快速發展的新聞和進展，希望我們可以獲得在 Sweetwater 進行 ISR 所需的許可證修正案，並能夠開發該項目，使其上線。

When you look at our total license capacity of 12 million pounds or over 12 million pounds per year and when you look at our significant resources that I've already spoken to, you can see that this company's goal and ambitions are certainly to build a multi-million-pound-per-year uranium producer. And obviously, that's a plan and objective that we'll look to achieve over the coming years, but very much in lockstep with market conditions, market pricing, and government policy and particularly the developments we're seeing in the US around the strategic uranium reserve.

當您看到我們的總許可產能為每年 1200 萬磅或超過 1200 萬磅，當您看到我們已經談過的我們的重要資源時，您就會明白，這家公司的目標和抱負肯定是建立一個每年數百萬磅的鈾生產商。顯然，這是我們希望在未來幾年實現的計劃和目標，但很大程度上與市場條件、市場定價和政府政策，特別是我們在美國看到的戰略鈾儲備方面的發展保持同步。

This fiscal year, we did not see the strongest uranium prices. In fact, we ended July 31 around $70 per pound. That was a signal to us that it was a great time to build and scale operations, but not to necessarily be making sales. And you saw that we intentionally held back production exactly for that reason and then you saw overnight the uranium prices are actually over $80 per pound.

本財年，我們沒有看到最強勁的鈾價。事實上，7 月 31 日結束時價格約為每磅 70 美元。這向我們發出了一個信號：現在是建立和擴大業務的好時機，但不一定要進行銷售。你們看到，正是因為這個原因，我們才故意抑制產量，然後你們看到，一夜之間鈾價實際上超過了每磅 80 美元。

So just to come back and to finish the answer to your question there, Brian. This is our first call of many calls to come in terms of earning calls. As we have more of these calls, we look forward to more interactions to demonstrate and show how the production ramp up is progressing. I think you could say that in 12 months, we've delivered on two or three key takeaways. Number one, low cost. We've achieved low cost coming out of the gate at a time where we've seen struggling operational restarts out there.

所以，布萊恩，我回來並完成你問題的答案。這是我們未來多次召開獲利電話會議中的第一次。隨著我們接到更多這樣的電話，我們期待更多的互動來展示和表明生產提升的進展。我想你可以說，在 12 個月內，我們已經達成了兩三個關鍵目標。第一，成本低。在我們看到外部營運重啟陷入困境的時候，我們卻實現了低成本。

UEC and these operations and our team demonstrate that we've got the efficiency and the personnel and the team and asset base to deliver low-cost production. These numbers we've reported today are amongst the lowest cost reported by any company over the last one or two years using US ISR or ISR in general.

UEC 和這些營運以及我們的團隊證明，我們擁有實現低成本生產的效率、人員、團隊和資產基礎。我們今天報告的這些數字是過去一兩年內所有使用美國 ISR 或一般 ISR 的公司報告的最低成本之一。

Volumes will increase as we build additional Header Houses, as we build additional satellite projects in quarters and years to come. And we have fully permitted projects to do that with. We're not limited by the long, long delays that are associated with permitting. So we're in the driver's seat with what we're doing.

隨著我們在未來幾個季度和幾年內建造更多的總站房和更多的衛星項目，產量將會增加。我們已經完全允許項目這樣做。我們不會受到與許可相關的漫長延遲的限制。因此，對於我們所做的事情，我們處於主導地位。

Super helpful. I appreciate the comprehensive answer. Maybe just one more and I'll pass it on. You alluded to government policy. There's been a lot of headline developments. I know you yourself, Amir, spent a lot of time in DC. So I wanted to touch upon a couple of things there. So any thoughts you can share on state of the state with respect to -- there's been talk about a strategic uranium reserve in the US. Anything you can share on what you're expecting, timing, impact wise from potential Section 232 as it relates to uranium?

超有幫助。我很欣賞這個全面的答案。也許再多一個我就會傳承下去。您提到了政府政策。已經出現了許多引人注目的進展。阿米爾，我知道你在華盛頓待過很久。所以我想談談那裡的一些事情。因此，您能否分享一下關於美國戰略鈾儲備的現狀的任何想法？您能否分享一下您對第 232 條與鈾有關的預期、時間安排和影響？

And then thirdly, on this UR&C, I know it's still early stage, but -- and then there's probably multiple potential outcomes for how you move forward. What's your thought process in structuring that venture to include some sort of either government funding investment, offtake? What are the different government involvement exercises that potentially could play into that? I know a lot of investors are focused on what happened with MP and I think just overnight with Lithium Americas. So how does UR&C and UEC potentially fit into that? And how are you trying to, if you have your choice, structure that with government involvement? Thank you.

第三，關於這個 UR&C，我知道它還處於早期階段，但是 - 然後可能會有多種潛在的結果來決定你如何前進。在建立該合資企業以包括某種形式的政府資助投資或承購時，您的想法是怎樣的？有哪些不同的政府參與活動可能扮演這種角色？我知道很多投資人都在關注 MP 的動態，我認為 Lithium Americas 的動態也只是一夕之間發生的。那麼 UR&C 和 UEC 如何適應這種情況呢？如果您可以選擇的話，您會如何嘗試在政府參與的情況下建立這套系統？謝謝。

Thank you, Brian, and I'll tackle that question in two ways. Let me just comment first with respect to the UR&C. That's our US Uranium Refining and Conversion Corp. initiative. And then I'm going to hand it over to my colleague, Scott Melbye, to speak on some of the government policies that we're seeing developing in DC and on the Hill.

謝謝你，布萊恩，我會用兩種方式來解決這個問題。我先就 UR&C 發表一下評論。這就是我們的美國鈾精煉和轉化公司的倡議。然後，我將把發言權交給我的同事 Scott Melbye，讓他談談我們在華盛頓和國會山莊看到的一些政府政策。

Look, very clearly, and as we've stated, we've identified and seen for the last 1.5 years to 2 years that there is substantial bottlenecks in uranium refining and conversion, particularly in the US, but even on a global basis, especially if we're going to see a doubling and tripling or quadrupling of nuclear energy, as President Trump is calling for. Not only is the current capacity not enough to meet current demand, but it's going to have to expand substantially from these levels.

非常清楚，正如我們所說的，在過去的 1.5 年到 2 年裡，我們已經發現並看到鈾精煉和轉化存在著巨大的瓶頸，特別是在美國，但即使在全球範圍內，特別是如果我們要看到核能增加一倍、兩倍或四倍，正如川普總統所呼籲的那樣。目前的產能不僅不足以滿足當前的需求，而且還必須在現有水準上大幅擴張。

We're looking at similar models across the world. You look at how Chinese state-owned companies and Russian state-owned companies that we compete against, how they operate in the nuclear fuel cycle. They operate in a vertically integrated way. They don't just mine uranium in isolation or convert uranium in isolation. It's done under one banner, and what we're trying to create here is really that American champion that can have end-to-end capabilities, which frankly has never existed before.

我們正在研究世界各地的類似模型。看看我們與之競爭的中國國有企業和俄羅斯國有企業在核燃料循環中是如何運作的。他們以垂直整合的方式運作。他們不只是單獨開採鈾礦或單獨轉化鈾礦。這一切都是在同一個旗幟下完成的，我們在這裡試圖創造的真正是一個擁有端到端能力的美國冠軍，坦白說，這是以前從未存在過的。

But if we have ambitions to try to compete with Russia and China and if we're going to quadruple nuclear energy, that type of business model, that kind of company is necessary that can go from mining uranium to refining it and converting it and delivering the UF6 that enrichers need to support and enable further enrichment growth. And so this is one of a kind. This has never been done before in the US, but it's being done around the world by major nuclear players.

但是，如果我們有志於與俄羅斯和中國競爭，如果我們要將核能增加四倍，那麼這種商業模式和這種公司是必要的，它可以從開採鈾礦到提煉和轉化鈾礦，並提供支持和進一步發展濃縮鈾所需的六氟化鈾。這是獨一無二的。美國以前從未這樣做過，但世界主要核國家都在這樣做。

Clearly, this has massive alignment with government policy, and we've seen this. And as you touched on, not only is government focused on these key areas of national security vulnerability with lithium, rare earths, antimony, but uranium and nuclear fuel has been identified several times, several ways by Department of Commerce, by Department of Energy as a national security issue that needs to be addressed. So we think the alignment is very much on mark. It's timely.

顯然，這與政府政策高度一致，我們已經看到了這一點。正如您所提到的，政府不僅關注鋰、稀土、銻等國家安全薄弱的關鍵領域，而且鈾和核燃料也已被商務部和能源部多次以多種方式確定為需要解決的國家安全問題。因此我們認為這種調整非常正確。很及時。

We started this initiative in terms of laying the groundwork, the engineering work, the engineering studies over 1 year, 1.5 years ago. We have that first-mover advantage, and the vertical integration is a key differentiator. We're the only company in the US really tackling this issue end to end from uranium to conversion and we've structured this to be able to address partnership from strategic involvement, whether it's government, utilities, or other strategic partners to be involved.

我們在一年到一年半前就開始了這項計劃，奠定基礎，進行工程工作和工程研究。我們擁有先發優勢，垂直整合是我們的關鍵差異化因素。我們是美國唯一一家真正從鈾到轉化端到端解決這個問題的公司，我們已經建立了這個結構，以便能夠從戰略參與的角度解決合作夥伴關係，無論是政府、公用事業公司還是其他戰略合作夥伴。

When we look at how this gets evolved and to get more detail about the funding of it, Brian, obviously, as of right now, UEC is funding this 100% and UR&C is a 100% wholly owned subsidiary of UEC. But as we have meetings and trips and discussions in the coming weeks and months, we'll have more updates and information to share in that time, and more news flow will come on this very exciting initiative and development.

當我們研究這件事如何發展並了解更多有關其資金的細節時，布萊恩，顯然，截至目前，UEC 為其提供 100% 的資金，而 UR&C 是 UEC 的 100% 全資子公司。但隨著我們在未來幾週和幾個月內舉行會議、出行和進行討論，我們將有更多的更新和資訊可供分享，並且有關這一非常令人興奮的舉措和發展的更多新聞也將陸續傳來。

We're very excited by it. We think it's very well timed. It's early days. So again, we'll have more information on it. But let me also give the floor to Scott to speak a bit more on some of the US government policy developments. Scott, over to you.

我們對此感到非常興奮。我們認為時機非常好。現在還為時過早。因此，我們將再次提供更多相關資訊。但我還要請史考特進一步談談美國政府的一些政策發展。史考特，交給你了。

Great. Thank you, Amir. Brian, with regards to the strategic uranium reserve, I think we were very encouraged to hear Secretary Wright's comments over in Vienna at the IAEA meetings, where he put forth pretty clearly in his remarks that the strategic uranium reserve is a policy that we should be pursuing to ensure energy security, national security, and build up our domestic stockpile.

偉大的。謝謝你，阿米爾。布萊恩，關於戰略鈾儲備，我認為我們非常高興聽到賴特部長在維也納國際原子能機構會議上的評論，他在講話中非常明確地提出，戰略鈾儲備是我們為確保能源安全、國家安全以及建立國內儲備而應該推行的一項政策。

So we feel that as the uranium producers of America, we've lobbied very heavily along those lines. We think the strategic uranium reserve is good policy where taxpayer dollars are transferred to assets on the balance sheet of strategic US-origin uranium reserve that can serve both utility, emergency, supply emergencies for the electric utility industry, but can also support our defense programs, the naval propulsion programs as well.

因此，我們認為，作為美國的鈾生產商，我們已經在這方面進行了大力遊說。我們認為戰略鈾儲備是一項很好的政策，納稅人的錢被轉移到美國戰略鈾儲備資產負債表上的資產上，既可以為電力行業的公用事業、緊急情況和供應緊急情況提供服務，也可以支持我們的國防計劃和海軍推進計劃。

We're also obviously looking forward to the end of the Russian imports, with the Russian uranium ban fully kicking in at the end of 2027. We're working very hard to extend that to China. We've seen some disturbing import-export data between Russia, China, and China back into the United States that would indicate that they're, at worst, violating US trade law and bringing in that Chinese uranium, which has really circumvented Russian supply, or quite simply just bad policy. So we're lobbying on that front to see -- we love global trade, but we draw the line at China and Russia in terms of strategic minerals.

我們顯然也期待俄羅斯鈾進口的結束，因為俄羅斯的鈾禁令將於 2027 年底全面生效。我們正在努力將其擴展到中國。我們看到俄羅斯、中國和中國與美國的進出口數據令人不安，這表明，在最壞的情況下，他們違反了美國貿易法，進口了中國的鈾，這實際上繞過了俄羅斯的供應，或者很簡單，這只是一個糟糕的政策。因此，我們在這方面進行遊說——我們熱愛全球貿易，但在戰略礦產方面，我們對中國和俄羅斯劃定了界限。

And then critical minerals designation, President Trump already considers uranium a critical mineral and is issuing executive orders along those lines. Really, the executive order to revitalize the industrial base to support a quadrupling of nuclear power in the United States is really focused on the fuel cycle, uranium conversion, enrichment.

然後是關鍵礦物的指定，川普總統已經將鈾視為關鍵礦物，並正在發布相關行政命令。實際上，振興工業基礎以支持美國核電成長四倍的行政命令真正專注於燃料循環、鈾轉化和濃縮。

And one of the things that we've seen, the most material thing that we've seen so far is the fast-track. Permitting, the FAST 41, the transparency dashboard. Basically, the Trump administration is saying if you have a project that the federal government, either through inaction or action has held up your project, bring it to the White House and they'll get it on the dashboard and put firm timelines for the review and issuing of permits. Uranium is a critical mineral. If we want more of it sooner, this is what it's going to take.

我們所看到的其中一件事，也是迄今為止我們看到的最實質的事情就是快速通道。允許、FAST 41、透明度儀表板。基本上，川普政府的意思是，如果你有一個項目，而聯邦政府無論是通過不作為還是作為而阻礙了你的項目，那麼就把它帶到白宮，他們會把它放在儀表板上，並為審查和頒發許可證制定明確的時間表。鈾是一種重要的礦物。如果我們想要更快地獲得更多，這就是我們需要做的。

So we're very encouraged; just across the board, the Trump administration support for nuclear power more generally and specifically supporting the uranium conversion enrichment. I think UEC, with our unhedged book and 12-million-pound capacity, and hopefully now moving into a vertical integration into conversion will also give us some very specific support coming out of this administration. But we'll see in the coming weeks. We're going to be in Washington, DC quite a bit between now and the end of the year and hope to gain some clarity on that.

因此我們感到非常鼓舞；川普政府全面支持核電，特別是支持鈾濃縮。我認為，UEC 擁有未對沖的帳簿和 1200 萬英鎊的產能，現在有望進入垂直整合轉換階段，這也將為我們提供來自本屆政府的一些非常具體的支持。但我們將在未來幾週內看到結果。從現在到年底，我們會經常去華盛頓特區，希望能對此有一些清晰的了解。

All right. Thanks, everyone. We'll pass it on. Appreciate all the answers.

好的。謝謝大家。我們會傳遞它。感謝所有答案。

Heiko Ihle, H. C. Wainwright.

Heiko Ihle、H. C. Wainwright。

Hey, that was a very comprehensive answer here before, so one of my question's already been answered. But Amir and Scott, maybe if you want to provide a bit of color on -- the conversion business has obviously been ridiculously well received. You want to provide some color on the vertical integration that should allow you guys to go more downstream with that, please?

嘿，這之前是一個非常全面的答案，所以我的一個問題已經得到了解答。但是阿米爾和斯科特，也許你們想提供一些資訊——轉換業務顯然受到了極大的歡迎。您想提供一些有關垂直整合的詳細信息，以便您能夠更深入地了解該信息嗎？

Hi, Heiko, thanks for that question. And really, again, it goes back to what we were saying here in terms of the business model around vertical integration is a very battle-tested business model. This is again how the French -- how the Chinese, how the Russians are conducting the nuclear fuel cycle for maximum resiliency.

你好，Heiko，謝謝你的提問。事實上，這又回到了我們剛才所說的，圍繞垂直整合的商業模式是一種久經考驗的商業模式。這又是法國人、中國人和俄羅斯人進行核燃料循環以達到最大彈性的方法。

The conversion business and downstream activities from uranium mining do also really help improve and expand on margins and we do generally see a different type of industrial-type margin downstream from uranium mining than mining itself. So really, when you kind of look at the business model of combining the ability to control the uranium mining and processing assets and infrastructure that UEC has put together -- and as I mentioned at the beginning, the sheer size advantage, right?

鈾礦開採的轉換業務和下游活動也確實有助於提高和擴大利潤率，而且我們通常看到鈾礦開採下游的工業利潤率與採礦本身不同。所以，實際上，當你看一下將控制鈾礦開採和加工資產以及 UEC 所建立的基礎設施的能力相結合的商業模式時——正如我在一開始提到的那樣，它具有絕對的規模優勢，對吧？

We're not talking about building conversion on top of a mediocre-sized mining operation. We're talking about the largest resource base and licensed production capacity ever assembled in the US by one company as the foundation of what we're building the conversion on top of. And that sheer size, combined with going downstream, we just think is the perfect one-two punch.

我們並不是談論在中等規模的採礦作業之上進行建築改造。我們正在談論的是美國有史以來由一家公司組成的最大的資源基礎和許可生產能力，這是我們進行轉換的基礎。我們認為，如此龐大的規模加上順流而下，堪稱完美的組合拳。

And again, it speaks to the market opportunity. The bottlenecking conversion is real and that bottlenecking conversion, in fact, has arguably, maybe to some extent, hurt the uranium price in terms of not allowing to uranium price to reach the all-time highs that we all believe it should get to. Conversion enrichment prices, conversely, are near their respective all-time highs.

這再次顯示了市場機會。瓶頸轉換是真實存在的，事實上，瓶頸轉換可以說在某種程度上損害了鈾價，因為它不允許鈾價達到我們都認為應該達到的歷史最高點。相反，轉化濃縮價格則接近各自的歷史最高水準。

So this is really about providing diverse sources of revenue to the company as it develops multiple ways of delivering nuclear fuel supply and it's really about that entirety of the supply chain for the nuclear fuel that one company can control that makes that company more strategically valuable. And I think that's why this has been well received, Heiko, since we announced it, not just from a market point of view, but from conversations and feedback that we've received directly from the end users and the actual nuclear fuel market participants as well.

因此，這實際上是為了在公司開發多種核燃料供應方式的同時為其提供多樣化的收入來源，而且一家公司能夠控制整個核燃料供應鏈，從而使該公司更具戰略價值。Heiko，我認為這就是為什麼自從我們宣布這一消息以來，它就受到了廣泛好評，不僅從市場角度來看，而且從我們直接從最終用戶和實際核燃料市場參與者那裡收到的對話和反饋來看也是如此。

Fair enough. And then obviously, you guys have an insane amount of experience in the uranium space. Building on some of your comments from earlier, do you want to just maybe walk us through a bit where you see geopolitical factors go for the industry? I mean, obviously, demand for North American and especially for your product from South Texas is through the roof. But do you want to just maybe provide the audience with a bit of color on where you see that going and key factors that may be underappreciated or not so much seen by the market yet?

很公平。顯然，你們在鈾領域擁有豐富的經驗。基於您之前的一些評論，您是否想向我們簡單介紹一下您認為地緣政治因素對產業的影響？我的意思是，顯然，北美產品的需求，尤其是來自南德克薩斯州的產品的需求正在急劇增加。但是，您是否想向觀眾提供一些關於您認為未來發展方向的信息，以及哪些關鍵因素可能被低估或尚未被市場所關注？

Yes. And again, we'll do it in two parts. I'll go first, and then I'll let Scott speak to that too, especially within his role as the President of the Uranium Producers of America. That's our industry association. But as recent as yesterday, as recent as the last year, we have seen a premium on uranium that can be delivered to a buyer in the US, warehoused in the US, compared to other locations.

是的。再次強調，我們將分兩部分進行。我先講，然後我也讓史考特談談這個問題，特別是他身為美國鈾生產商協會主席的角色。這就是我們的行業協會。但就在昨天，就在去年，我們發現，與其他地方相比，在美國倉庫交付給美國買家的鈾價格出現了溢價。

When the Department of Energy purchased an initial round of uranium for the strategic uranium reserve to stand that up over 1.5 years ago, it paid an over 20% premium because of the way it's qualified. The US reserve can only be filled through US companies with US production or US inventory. And so we have certainly seen that this dependence on foreign uranium and nuclear fuel, where the US is effectively importing 100% of its nuclear fuel requirements, does create an opportunity to be a domestic supplier.

一年半前，當美國能源部購買首批鈾作為戰略鈾儲備時，由於鈾的合格方式，它支付了超過 20% 的溢價。美國儲備只能透過美國公司、美國生產或美國庫存來填補。因此，我們確實看到，美國對外國鈾和核燃料的依賴（美國實際上 100% 的核燃料需求依賴進口）確實為成為國內供應商創造了機會。

But at the same time, that domestic supply initially carries a premium with it because of the scarcity factor. Over time, of course, as domestic supply expands production, conversion, and enrichment, market pricing should be more aligned with global market prices. But there is a pinch point right now, and the most acute undersupplied market when it comes to nuclear fuel is the biggest market in the world.

但同時，由於稀缺因素，國內供應最初會帶有溢價。當然，隨著時間的推移，隨著國內供應擴大生產、轉化和濃縮，市場定價應該與全球市場價格更加一致。但目前存在一個關鍵點，核燃料供應短缺最嚴重的市場是世界上最大的市場。

The biggest market in the world is the US for nuclear fuel consumption. Over 90 reactors operating makes this the largest market anywhere. And yet, again, there's this almost 100% dependency on foreign imports. Let's not forget, we have the Russian uranium ban that has already passed and is law, and it kicks in December 2027, which is really around the corner.

全球最大的核燃料消費市場是美國。超過 90 座反應爐正在運行，這使其成為全球最大的市場。然而，中國仍幾乎 100% 依賴外國進口。別忘了，我們已經通過了俄羅斯鈾禁令，該禁令已成為法律，將於 2027 年 12 月生效，這真的指日可待。

When you think about the fact that uranium mining, conversion, enrichment doesn't happen overnight, it takes years to permit, develop, and build these operations. So that's part of the reason we have commenced our initiatives now. It's to really be in a position to be there and be that domestic source of supply, especially as the Russian ban takes full effect in late 2027. But between now and then, I think we can expect to see a premium on US sources of mining and conversion. Scott, would you like to add to that?

考慮到鈾礦開採、轉化和濃縮並非一朝一夕就能完成，許可、開發和建造這些作業需要花費數年時間。這就是我們現在開始採取這些措施的原因之一。它確實有能力在那裡成為國內供應來源，特別是在俄羅斯禁令於 2027 年底全面生效的情況下。但從現在到那時，我認為我們可以預期看到美國採礦和轉換資源的溢價。史考特，你想補充一下嗎？

Yes. Heiko, I think the market structural deficit that we face globally today, if we look over the next two years, the world is consuming about 50 million pounds more than it's producing with the global mines. And that structural deficit is only going to get bigger as we're now -- I left the World Nuclear Association meetings in London a week before last, where the base case for nuclear growth outlook through 2045 is a doubling of nuclear power. And that's just the start if we go to the aspirational goal of tripling nuclear power at the World Nuclear Association set out for President Trump's quadrupling.

是的。海科，我認為，我們今天在全球範圍內面臨的市場結構性赤字，如果我們展望未來兩年，全球消費的黃金將比全球礦山的產量多出約 5000 萬磅。而且這種結構性赤字只會越來越大，因為我們現在——我上個星期前剛離開倫敦的世界核協會會議，該會議對 2045 年核能增長前景的基本預測是核能發電量翻倍。如果我們要實現世界核協會為川普總統設定的將核能發電量增加三倍的宏偉目標，那麼這只是一個開始。

So we need a lot, not just a little. In terms of new production, we need a lot. And it's also important to note that the world's largest producer today -- it was the United States in 1980. It then was Canada on the strength of Saskatchewan. But today is Kazakhstan, producing over 40% of global production. They share two very big important borders with Russia and China, who have very fast, big growing programs of their own. And they recognize the strategic value of Kazakhstan, not only their uranium, but their oil and gas.

所以我們需要很多，而不是一點點。就新產品而言，我們需要很多。值得注意的是，當今世界上最大的生產國是 1980 年的美國。當時加拿大依靠薩斯喀徹溫省的力量。但如今哈薩克的產量佔全球產量的 40% 以上。他們與俄羅斯和中國有著兩條非常重要的邊界，而這兩國都有著發展非常迅速、龐大的計畫。他們認識到哈薩克的戰略價值，不僅是鈾，還有石油和天然氣。

So I think going forward, I think we shouldn't expect -- I think already today, 80% of Kazakh uranium goes to Russia or China. So we need to be developing uranium resources in stable western jurisdictions, and the United States clearly has been underdeveloped in recent years, not for lack of resources.

因此我認為展望未來，我們不應該期望——我認為今天，80% 的哈薩克鈾都流向了俄羅斯或中國。因此，我們需要在穩定的西方管轄區開發鈾資源，而美國近年來顯然一直不夠發達，這並不是因為缺乏資源。

The United States Geological Survey estimates that there's over 1 billion pounds of known and likely resources of uranium in the Western United States. So we're excited about this revitalization. We're happy to be at the forefront of it. But it really is a time where we're going to see US uranium production really on a revitalization path, and it really is an attractive premium product today.

美國地質調查局估計，美國西部已知和可能的鈾資源量超過 10 億磅。因此，我們對這次復興感到非常興奮。我們很高興能站在這一領域的最前線。但現在我們確實會看到美國鈾生產走上復興之路，而且它確實是一種極具吸引力的優質產品。

Perfect. I'll get back in queue. And Scott, I know we spoke yesterday. Happy belated birthday again.

完美的。我會回到隊列中。史考特，我知道我們昨天談過了。再次祝你生日快樂（雖然有點晚了）。

Thank you.

謝謝。

Alexander Pearce, BMO.

亞歷山大·皮爾斯，BMO。

Good morning, Amit, Scott, and team. So you flagged in the release earlier, you're working on upgrades for increasing the pace of drawing and drumming the uranium. Is it fair to say this is currently the bottleneck for the project, the drumming side? You mentioned you're bringing on new wellfields, and that seems to be going very well. But can you give us a bit more update, more detail on the changes you're making within those upgrades and how much do you expect to spend? And then maybe when you expect to complete those upgrades, so we can expect the uptick in drummed outlook? Thanks.

早安，阿米特、史考特和團隊。因此，您在先前的發布中提到，您正在致力於升級，以加快提取和開採鈾的速度。是否可以說這是目前該專案（鼓樂方面）的瓶頸？您提到您正在開採新的油田，而且看起來進展非常順利。但是您能否向我們提供更多更新信息，更詳細地介紹您在這些升級中所做的更改以及您預計花費多少？那麼也許當您預計完成這些升級時，我們可以預期鼓聲前景會上升？謝謝。

Hey, Alex, thank you for that. And I'll take that up first, and then I'm going to invite Brent Berg to speak to that as well. But really, the way we saw this, Alex, was more to do with the fact that during fiscal Q4, with the intentional strategy we had on holding back inventory and the fact that we were not in any way required to make deliveries of the finished good, the dry drummed uranium, we really took advantage of that opportunity and moment in time to make further upgrades to the equipment that is on the processing side, the packaging side of the plant, so that we can make sure when we did basically go into even further ramp-up mode and when sales and deliveries became more mission-critical, that we were able to support 24/7 operations with two shifts basically.

嘿，亞歷克斯，謝謝你。我將首先討論這個問題，然後我將邀請布倫特伯格也來談談這個問題。但實際上，亞歷克斯，我們對此的看法更多的是與以下事實有關：在財政第四季度，我們採取了有意抑制庫存的策略，而且我們根本不需要交付成品，即乾法桶裝鈾，我們真正利用了這個機會和時機，對工廠加工方面和包裝方面的設備進行了進一步的升級，這樣我們就可以確保當我們基本上進入進一步的關鍵模式，當銷售和提升

And so it was really more to do with taking advantage of that window to give ourselves even more capacity for downstream or later in time. And so to that end, I mean, as you know, keeping the uranium in precipitated form is every bit as good as whether it's dried and drummed. There's very nominal cost associated from going from precipitated to dried and drummed. And that's why we also presented some of the dried and drummed material to make sure that we were able to deliver and show what the initial production cost numbers are, which we're very pleased with.

因此，這實際上更多的是利用這個視窗為我們自己提供更多的下游或後期容量。因此，我的意思是，如你所知，將鈾以沉澱形式保存與將其乾燥並裝入桶中一樣好。從沉澱到乾燥和轉鼓的過程所涉及的成本非常低廉。這就是為什麼我們還提供了一些乾燥和鼓裝材料，以確保我們能夠交付並展示初始生產成本數字，我們對此非常滿意。

But I'll let Brent also speak a bit more in terms of the details of what we're doing with the thickeners and calciners. And Alex, to be clear, this is not a bottleneck right now. We could be drying and drumming uranium right now. We're simply increasing the capacity. And again, because we didn't have any deliveries to make, it gave us the time to do that work without putting the team under the pressure of doing both the upgrade and drying and drumming at the same time. But Brent, go ahead if you'd like to add to that.

但我也會讓布倫特再多講一些關於我們對增稠劑和煅燒爐所做工作的細節。亞歷克斯，需要明確的是，這現在還不是一個瓶頸。我們現在可能正在乾燥和開採鈾。我們只是增加了容量。而且，由於我們沒有任何交付，所以我們有時間完成這項工作，而不必讓團隊承受同時升級、乾燥和鼓化的壓力。但是布倫特，如果你想補充的話，請繼續。

Yes. Thanks, Amir. And Alex, I would add that refurbishment activities were undertaken earlier in the fiscal year at the Christensen Ranch satellite ion exchange plant. We rebuilt the ion exchange columns in the main plant. And that work led to continuous 24/7 operation and the ability to operate the plant at design capacity. So as Amir mentioned, in a similar manner, with no need for uranium sales, it was clearly an opportune time to upgrade the Irigaray central processing plant.

是的。謝謝，阿米爾。亞歷克斯，我想補充一下，克里斯滕森牧場衛星離子交換工廠在本財政年度早些時候進行了翻新活動。我們重建了主工廠的離子交換柱。這項工作使得工廠能夠全天候連續運行，並能夠按照設計產能運作。因此，正如阿米爾所提到的，同樣地，由於不需要鈾銷售，這顯然是升級伊利格瑞中央處理廠的絕佳時機。

At this stage, we're rebuilding one of two thickeners. It's a storage vessel for precipitated yellowcake prior to drying and packaging. And the refurbishment includes the replacement of internal components with new parts. Additionally, we will do some refurbishment to the calciner that we used to dry our product to increase throughput of dried yellowcake. And again, updates will include components as recommended by the manufacturer to really increase our operational efficiency moving forward. And these are upgrades that are happening now and in the coming weeks.

目前，我們正在重建兩台增稠劑中的一台。它是乾燥和包裝之前沉澱的黃餅的儲存容器。翻新包括用新零件更換內部組件。此外，我們將對用於乾燥產品的煅燒爐進行一些翻新，以增加乾黃餅的產量。再次強調，更新將包括製造商推薦的組件，以真正提高我們未來的營運效率。這些升級正在發生並且將在未來幾週內發生。

Great. Thank you.

偉大的。謝謝。

Katie Lachapelle, Canaccord Genuity.

凱蒂·拉查貝爾，Canaccord Genuity。

Hi, Amir and team. Thanks, guys, for taking my question. Most of my questions have actually already been answered, but maybe just one more on the inventory side. You ended the year with quite a considerable amount of inventory, having deliberately held back some material in the second half. As you said, the decision to not sell was due to low prices, but we've since seen small prices rise, about 15%, since the end of your last quarter.

嗨，阿米爾和他的團隊。謝謝大家回答我的問題。我的大部分問題實際上已經得到解答，但可能還剩一個關於庫存方面的問題。由於下半年有意保留了一些庫存，所以到年底你們的庫存量相當可觀。正如您所說，不出售的決定是因為價格太低，但自上個季度末以來，我們看到價格小幅上漲，約 15%。

So how are you guys thinking about inventory build going forward and the timing of future sales? Is there a particular price point, say, north of $80, north of $85, that you would look to monetize some of this existing inventory? Or is the plan to continue to build inventory and hope for even higher prices?

那麼你們如何考慮未來的庫存建設和未來銷售的時間？是否存在一個特定的價格點，例如 80 美元以上、85 美元以上，您希望透過這個價格點將部分現有庫存貨幣化？或計劃繼續增加庫存並希望價格更高？

Hey, Katie, thank you for that question. The two things go hand in hand. So you're right about the inventory, but you also got to take note of the balance sheet. And the balance sheet with over $320 million of available liquidity and no debt is part of what allows us to have the ability to make calls like what we did here, right, where we thought $70 was just kind of a ridiculous price and it didn't make sense to make sales there and be able to be in a financial position to make that decision to intentionally hold back.

嘿，凱蒂，謝謝你提出這個問題。這兩件事是相輔相成的。所以你關於庫存的說法是正確的，但你也必須注意資產負債表。資產負債表上有超過 3.2 億美元的可用流動資金，而且沒有債務，這讓我們有能力做出像我們在這裡所做的那樣的決定，對吧，我們認為 70 美元只是一個荒謬的價格，在那裡銷售是沒有意義的，並且能夠處於財務狀況以做出故意抑制的決定。

And similarly, today, as you pointed out correctly, we've seen an interesting pop in the uranium price overnight. We're back over $80 this morning. And one of the other sequesters out there this morning is raising more money to buy physical uranium. But Katie, I would say, as of right now, we have our kind of focus squarely on pending developments coming out of Washington.

同樣，今天，正如您正確指出的那樣，我們看到鈾價在一夜之間出現了有趣的上漲。今天早上我們又賺了 80 多美元。今天早上的另一項自動減赤措施是籌集更多資金來購買實體鈾。但是凱蒂，我想說，截至目前，我們的注意力主要集中在華盛頓即將發生的事件上。

I think with the comments that Scott Melbye made already about Secretary Chris Wright's comments about boosting the strategic uranium reserve and some of the potential news that might come around what that reserve and the timing of US government purchases will look like, along with the fact that there's a Section 232 investigation on critical minerals and uranium that the results of which or recommendations by Department of Commerce are expected soon to be also sent to the White House, all of this really kind of creates an environment where we love the idea of sitting on as much US warehouse uranium inventory as possible, with these developments and actions taking place, particularly again, in the US.

我認為，斯科特·梅爾比已經對克里斯·賴特部長關於增加戰略鈾儲備的評論以及可能出現的有關該儲備和美國政府採購時間的一些潛在新聞發表了評論，再加上對關鍵礦物和鈾的第 232 條調查，其結果或商務部的建議預計很快也將送交美國鈾，所有這些都確實創造了一種環境，我們喜歡盡可能多地持有美國鈾倉庫。

So there isn't a price that we have in mind right this day. Just because uranium is at $80 doesn't mean we're rushing out and selling uranium at $80. We think there could be more interesting developments in the market, again, coming out of Washington that we want to be ready for. And I'll let Scott add to this point as well. Scott, go ahead.

所以今天我們還沒有確定價格。僅僅因為鈾的價格為 80 美元並不意味著我們會急於以 80 美元的價格出售鈾。我們認為，市場上可能會出現更多有趣的發展，同樣，華盛頓的消息也讓我們做好準備。我也會讓斯科特補充這一點。斯科特，說吧。

Yes. Katie, it's just we love the flexibility, and we have the luxury of being able to hold again. As Amir said, we could have signed contracts over the last three, four years that would have pressured us to produce faster, pressured us to sell into contracts that would be well below where the current spot and long-term prices are today. So we've never felt more comfortable being uncommitted and unhedged going into the market that we're seeing develop right now.

是的。凱蒂，我們只是喜歡這種靈活性，而且我們有能力再次擁有這種奢侈。正如阿米爾所說，我們本可以在過去三四年內簽署合同，迫使我們加快生產速度，迫使我們以遠低於當前現貨和長期價格的價格出售合約。因此，我們從未像現在這樣安心地以無承諾、無對沖的方式進入目前正在發展的市場。

Great, guys. Thank you. And once again, congrats on the first quarter of production and solid costs.

太棒了，夥計們。謝謝。再次恭喜第一季的生產和穩健的成本。

Joseph Reagor, ROTH Capital Partners.

羅仕證券資本合夥公司的約瑟夫·里格。

Hey, Amir and team. Thanks for taking the questions. So I guess, first thing, just kind of a point of clarity. On the 130,000 pounds you produced at Christensen Ranch, you guys referred to it as dried and drummed. Is it not considered part of your inventory because there's like one final finishing step? Or is it like some companies where they separate their inventory from the inventory that's at a converter, compared to the inventory that's onsite at a project?

嘿，阿米爾和他的團隊。感謝您回答這些問題。所以我想，首先，這只是一個澄清點。你們在克里斯滕森牧場生產的 13 萬磅牛肉被稱為「乾牛肉和桶裝牛肉」。它是否不被視為庫存的一部分，因為還有最後的收尾步驟？或者像一些公司一樣，他們將自己的庫存與轉換器的庫存分開，與專案現場的庫存進行比較？

Hey, Joe, thanks for that question. It's the latter. We just wanted to clearly -- given that UEC had an inventory position that was previously purchased at market lows, we wanted to be very clear in making the distinction around that inventory and what is now, obviously, as we have transitioned into production, is a production-related inventory. But Josephine, did you want to add to that point as well?

嘿，喬，謝謝你提問。是後者。我們只是想清楚地說明——鑑於 UEC 擁有之前以市場低點購買的庫存，我們希望非常清楚地區分這些庫存和現在顯然已經轉向生產的與生產相關的庫存。但是約瑟芬，你也想補充這一點嗎？

Yes. Thanks, Amir. This is Josephine Man. So the finish -- the uranium concentrate that we mentioned about is included as part of the inventory on the balance sheet. So you can see that in the breakdown of the inventory, so that is part of the uranium concentrate from extraction.

是的。謝謝，阿米爾。我是約瑟芬·曼。我們提到的鈾精礦，已作為庫存的一部分計入資產負債表。因此，您可以在庫存明細中看到，這是從提取過程中獲得的鈾精礦的一部分。

Okay. I just want to make sure I was understanding it correctly. And then on UR&C, Amir, can you walk us through kind of how you see potential news flow as you advance that over, call it, the next 12 months? What can we as investors look for as far as updates from you guys?

好的。我只是想確保我理解正確。然後關於 UR&C，阿米爾，您能否向我們介紹一下，在未來 12 個月內，您如何看待潛在的新聞流？作為投資者，我們可以從你們那裡得到哪些更新？

Yes. Joe, in no particular order, I would say, there are several tracks that we're running simultaneously. So one track involves the work that we're continuing to do with Fluor, and that's building on the past year's work of engineering, analysis, and reports and studies and details and tech work that had already been completed that got us here. So one track will be engineering-related work by Fluor that will continue to do. And as updates become available there, that would be one source of news flow.

是的。喬，我想說，我們同時在運行幾個軌道，沒有特定的順序。因此，其中一條軌道涉及我們與 Fluor 繼續合作的工作，這是在去年已經完成的工程、分析、報告、研究、細節和技術工作的基礎上進行的，這些工作使我們取得了今天的成就。因此，福陸公司將繼續進行與工程相關的工作。隨著更新的發布，這將成為新聞流的一個來源。

Second track is we are in team-building mode to also continue to develop the dedicated team around the refining, conversion initiatives. So there will be information to share on that front. There are numerous discussions underway from government-level discussions to off-takers, utilities, strategic partnerships, and investments and investors, et cetera, all of which could be potential sources of updates as there's developments there.

第二條軌道是我們處於團隊建立模式，繼續圍繞精煉、轉換計畫發展專門的團隊。因此，我們將在這方面分享一些資訊。目前正在進行大量討論，從政府層級到承購商、公用事業、戰略合作夥伴關係、投資和投資者等等，所有這些都可能成為潛在的更新來源，因為那裡正在發生事態發展。

So again, multiple tracks and everything is happening on parallel tracks. And in no particular order, as we have developments and news from these various tracks, we could maybe be and hopefully be in a position to provide more updates. At least that's the goal, Joe, and how we're looking to push this forward. But we're pushing and really are pushing to move expeditiously. This is a very timely opportunity, and the feedback we're getting from various groups that we're in discussions with is that this is something we need to move very quickly on because it's very necessary.

所以，再說一次，多條軌道和一切都在平行軌道上發生。並且沒有特定的順序，由於我們掌握了來自各個領域的進展和新聞，我們也許能夠並且希望能夠提供更多更新。至少這是我們的目標，喬，也是我們希望推動這個目標向前發展的方式。但我們正在努力，確實在努力加快步伐。這是一個非常及時的機會，我們從正在討論的各個團體中得到的回饋是，我們需要迅速採取行動，因為這是非常必要的。

Okay. Thanks. That's very helpful. The rest of my questions were already answered, so I'll turn it over.

好的。謝謝。這非常有幫助。我其餘的問題已經得到解答，所以我會把它翻過來。

Thank you.

謝謝。

Kristian Koschany, National Bank Capital Markets.

科斯查尼 (Kristian Koschany)，國家銀行資本市場。

Hey there. Thanks for taking my call, Amir and everyone. I'm asking on behalf of Mohamed, who is on a site visit right now. I was just wondering if you could provide a bit more color on the cash costs and total costs, specifically what's included in the non-cash costs and how we might expect the cash costs to progress as the Christensen ranch continues, and how the full rebuild of the yellowcake thickener and improvements to calciner might improve things or change things in the future? Thanks.

嘿。謝謝阿米爾和大家接聽我的電話。我代表正在現場視察的穆罕默德詢問。我只是想知道您是否可以提供更多關於現金成本和總成本的信息，特別是非現金成本中包含哪些內容，以及隨著克里斯滕森牧場的繼續發展，我們預計現金成本將如何增長，以及黃餅增稠器的全面重建和煅燒爐的改進將如何改善或改變未來的情況？謝謝。

Yes. Thank you for that question. So again -- and I'll let Josephine go a bit deeper. But again, at a high level, as you've seen with our numbers that we've reported so far, this low-cost production that we've achieved in such early innings of the production ramp up is very noteworthy. It's industry-leading in terms of where it's come in. It really speaks to the efficiencies and the asset base and team that's operating here.

是的。謝謝你的提問。所以再說一次——我會讓約瑟芬更深入地談談。但是，從高層次來看，正如您從我們迄今為止報告的數據中看到的那樣，我們在產量提升的早期階段就實現了低成本生產，這是非常值得注意的。就其應用領域而言，它處於行業領先地位。這確實體現了這裡的效率、資產基礎和營運團隊。

Total cost per pound of $36.41, and I'll let Josephine break down the cash component of that and the non-cash. But to address your other question, the work that's almost complete on the thickener and calciner upgrades, that should not have any impact on future production cost numbers. And if anything, like we said, it's meant to give us expanded capacity at the Irigaray plant. Josephine?

每磅總成本為 36.41 美元，我將讓約瑟芬分解其中的現金部分和非現金部分。但要回答您的另一個問題，增稠器和煅燒爐升級工作已接近完成，這應該不會對未來的生產成本數字產生任何影響。正如我們所說，這是為了擴大伊利格瑞工廠的產能。約瑟芬？

Yes. Thanks, Amir. So generally speaking, the total cash, cost per pound is comprised of, obviously, labor cost, chemical and utility costs that we incur at Christensen Ranch and also the Irigaray processing plants. And in terms of the non-cash production cost, that mainly is coming from the depreciation of the mineral property acquisition costs from the time that we acquired Christensen Ranch from U1A, so we allocate part of the allocation cost to the Christensen Ranch mine that we are producing at right now.

是的。謝謝，阿米爾。一般來說，每磅的現金總成本顯然包括我們在克里斯滕森牧場和伊利加雷加工廠產生的勞動力成本、化學品和公用事業成本。就非現金生產成本而言，主要來自於我們從 U1A 收購 Christensen Ranch 以來礦產資產收購成本的折舊，因此我們將部分分配成本分配給我們目前正在生產的 Christensen Ranch 礦場。

Thanks very much. So would we expect that these costs that we saw in this quarter to be roughly what we would -- should be looking at going forward or?

非常感謝。那麼，我們是否預期本季看到的成本大致相當於我們未來應該考慮的成本？

Yes. Go ahead, Josephine.

是的。繼續吧，約瑟芬。

Okay. Yes, so the non-cash portion of the production cost is quite steady because we amortized on a straight-line basis in terms of the acquisition cost. In terms of the cash production costs, we are foreseeing that it will be quite stable as compared to the Q4 of the fiscal 2025. That's also impacted by the production volume that we are expecting to have in the coming quarters.

好的。是的，因此生產成本的非現金部分相當穩定，因為我們根據收購成本按直線法攤銷。就現金生產成本而言，我們預計與 2025 財年第四季相比，它將相當穩定。這也受到我們預計未來幾季產量的影響。

Great. Thanks very much. That's all for me.

偉大的。非常感謝。對我來說就這些了。

Justin Chan, SCP Resource Finance.

Justin Chan，SCP Resource Finance。

Hi, Amir, Scott, and Brent. I want to thank you, Brent, for your time last week. Really appreciate it, and Derek and the team as well. Just a lot has been asked, but given your market-driven strategy, which has really played out really well so far, you haven't had contracts yet to deliver into -- or buy pounds on market. I was just curious how you plan the Header House ramp-up and just your operational ramp-up given that you do have to manage volumes, but you also have -- your balance sheet gives you the luxury of being able to, let's say, set up off for the long run instead of rush production.

嗨，阿米爾、史考特和布倫特。布倫特，我想感謝你上週抽出時間。真的很感謝你，也感謝 Derek 和團隊。問題確實很多，但考慮到你們的市場驅動策略，到目前為止效果確實很好，你們還沒有簽訂合約來交付——或者在市場上購買英鎊。我只是好奇，鑑於您確實需要管理產量，您如何規劃 Header House 的產能提升和運營提升，但您也有——您的資產負債表讓您能夠進行長期生產而不是緊急生產。

I'm just curious how you guys are looking at the next year with Texas coming on and Wyoming, and at the current prices and also the direction things are trending? I guess, similar to the first question I asked, I don't need an exact production range, but I'm just curious how you see things and how much focus there is on ramping up quickly versus seeing where the market goes.

我只是好奇，隨著德州和懷俄明州的到來，你們對明年的情況有何看法，以及目前的價格和發展趨勢如何？我想，與我問的第一個問題類似，我不需要一個確切的生產範圍，但我只是好奇您如何看待事物，以及在多大程度上關注快速提升而不是觀察市場走向。

Hey, Justin, thank you for that. And thank you for taking the time to tour our Wyoming operations last week. We appreciate that. I'll go first and then hand it over to Brent. I think there's kind of a few different sets of elements here to consider. So one is obviously the uranium price. And our view remains that just as we've seen conversion, enrichment prices near their respective all-time highs, we should see uranium prices at some point based on, again, the current supply-demand fundamentals.

嘿，賈斯汀，謝謝你。感謝您上週抽出時間參觀我們的懷俄明州業務。我們對此表示感謝。我先走，然後交給布倫特。我認為這裡有幾組不同的元素要考慮。因此，一個顯然是鈾價。我們的觀點仍然是，正如我們看到的轉換率、濃縮價格接近各自的歷史最高水準一樣，我們應該看到鈾價格在某個時候再次基於當前的供需基本面。

And given the supply deficit we see globally, not just in the US but everywhere, on uranium supply-demand studies, we really do believe that uranium prices need to -- similarly to conversion, enrichment, probably reached their previous highs. And as that happens, we would look to obviously take a fuller sort of advantage of our permitted and existing capacity that we have of facilities, the processing plant, the resources, et cetera.

鑑於我們看到的全球供應短缺，不僅在美國，而是在世界各地，根據鈾供需研究，我們確實相信鈾價格需要——類似於轉化、濃縮，可能達到先前的高點。當這種情況發生時，我們顯然會更充分利用我們允許的和現有的設施、加工廠、資源等產能。

Having said that, there's also a human resource limitation. So as we go through this update, you notice that we kind of proudly and importantly highlight the number of personnel that we have in our Wyoming and Texas workforce. And this is an industry globally that has been quiet and somewhat dormant for the last decade. So today, the entire industry is really facing human resource challenges as it ramps up.

話雖如此，人力資源也有限制。因此，當我們進行此更新時，您會注意到，我們自豪且重要地強調了我們在懷俄明州和德克薩斯州的勞動力數量。過去十年來，全球範圍內的這個產業一直處於沉寂甚至停滯狀態。因此，今天整個產業在發展過程中確實面臨人力資源的挑戰。

This is an area that we're very focused on, we're investing in, and we continue to, again, demonstrate that the size of the team is growing to support those future ambitions of increasing production. And as you, as a company, tackle and build new projects, I think there's a tremendous competitive advantage you're building and know-how around new construction.

這是我們非常關注的領域，我們正在對其進行投資，我們將繼續證明團隊規模正在不斷擴大，以支持未來提高產量的雄心。我認為，當你們作為一家公司著手並建造新項目時，你們將擁有巨大的競爭優勢和圍繞新建築的專業知識。

Look at the fact that -- and I'll let Brent speak to this. But I mean, you got to come and visit what we're doing at Burke Hollow. That is the newest uranium project anywhere in the world. That is the only new greenfield anywhere in the world that has been built from scratch. And it's 90% complete and, as we mentioned, should be operational by December.

看看這個事實——我會讓布倫特來談論這個。但我的意思是，你必須來參觀我們在伯克霍洛所做的事情。這是世界上最新的鈾項目。這是世界上唯一一個從零開始建造的新綠地。目前工程已完成 90%，正如我們所提到的，預計 12 月投入營運。

The team that we have that has been directly involved with that project from, by the way, day one, going back to 2012, to now, by the end of completing this, we'll have a tremendous understanding around building new projects and commissioning new operations. And that becomes a lasting advantage for UEC as we go to additional satellite projects and increasing production. Brent, I'll let you take it over from there.

順便說一下，我們的團隊從 2012 年第一天起就直接參與了這個項目，到現在，在項目完成後，我們將對建設新項目和調試新運營有深刻的理解。隨著我們開展更多衛星項目並提高產量，這將成為 UEC 的持久優勢。布倫特，我讓你接手那裡。

Sure. Thanks, Amir. And Justin, thanks for taking the time to visit our Wyoming operations. So as you know, UEC is continuing with our production ramp up. Mine development continues in Wellfield 11 at Christensen Ranch where four Header Houses are currently under construction, case well installations nearing completion, and surface construction is on schedule for startup of additional fresh production in the coming year. Additionally, we've been doing delineation drilling in Wellfield 12 as well as extensions to Wellfields 8 and 10, and that will form the base of production at Christensen Ranch for the coming years.

當然。謝謝，阿米爾。賈斯汀，感謝您抽出時間來參觀我們的懷俄明州業務。如您所知，UEC 正在繼續提高產量。克里斯滕森牧場 11 號井場的礦山開發工作仍在繼續，目前礦場正在建造四個集管室，套管井安裝即將完成，地面施工正在按計劃進行，以便在來年開始額外的新鮮生產。此外，我們一直在 12 號井區進行邊界鑽探，並對 8 號和 10 號井區進行擴展，這將成為 Christensen Ranch 未來幾年的生產基礎。

Down in Burke Hollow, as Amir mentioned, the project is 90% complete. The initial wellfield is now set up with pumps downhole and the team testing operation of those. The trunk line from the wellfield to the satellite being fused, pressure tested and hooked up to the satellite, and final touches going on there. In terms of the team, I just got to say I'm blessed to have some really skilled people working on our team in both Wyoming and Texas. And I look forward to continuing to grow the team and ramp up production in both states. Thank you.

正如阿米爾所提到的，在伯克霍洛，該項目已完成 90%。初始井場現已設置好井下泵，團隊正在測試泵浦的運作。從油井場到衛星的主幹線正在進行熔接、壓力測試和連接到衛星，最後進行最後的修整。就團隊而言，我只想說，我很幸運在懷俄明州和德克薩斯州都有一些真正技術嫻熟的人才在我們的團隊中工作。我期待繼續擴大團隊並提高兩個州的產量。謝謝。

Thanks a lot, guys. That was very comprehensive. And yes, maybe just one follow up. If prices do kind of ramp up much faster here or perhaps there's some action from the administration that creates a US-specific price or et cetera, I guess what would change from your operational plan, say, if uranium was $120 right now? How would that next year look different?

非常感謝大家。這非常全面。是的，也許只需要跟進一次。如果價格確實在這裡快速上漲，或者政府採取一些行動制定特定於美國的價格等等，我想您的營運計劃會發生什麼變化，比如說，如果鈾價現在是 120 美元？明年會有什麼不同？

Just simple, Justin, just rate, the rate of change on development and acceleration of wellfield delineation, rigs operating and construction activity on whether it's Wellfields or Header Houses. So really, it's about also having that flexibility and optionality to adjust the rate accordingly to both market pricing and conditions.

很簡單，賈斯汀，只是評估一下油田劃定、鑽機操作和施工活動的開發變化率和加速度，無論是油田還是集管站。因此，實際上，這也意味著要具有靈活性和選擇性，以便根據市場價格和條件調整利率。

Got you. And just given the constraints, for example, on the HR side, do you have a sense of how much faster you could do things?

明白了。考慮到人力資源方面的限制，您是否知道您可以以多快的速度完成工作？

Yes, we do. I mean, I think, again, the benefit of being in a position where you're operating and you're ramping up, and the market can see that and the labor market can see that, frankly, we've really benefited from incoming inquiries from folks who are working in the industry or used to work in the industry and left the industry and are really attracted to the opportunity to come to UEC.

是的，我們有。我的意思是，我認為，再次強調，處於營運和擴張階段的好處是，市場可以看到這一點，勞動力市場可以看到這一點，坦率地說，我們確實受益於來自在該行業工作或曾經在該行業工作但離開該行業的人的詢問，他們真的對加入 UEC 的機會很感興趣。

They see the platform that we put together. They see the scale that we have. And there's an opportunity to see a real longevity when it comes to a career here. So everything we're doing in a way has become a self-fulfilling prophecy in terms of being acting as a real magnet for us for being able to continue to attract the talent. And again, as we see there's a need to accelerate, then we can also accelerate the uptake and intake of that HR sort of source and force that's coming to us.

他們看到了我們搭建的平台。他們看到了我們的規模。在這裡，你有機會見證職涯的真正長久。因此，我們所做的一切在某種程度上都成為了一種自我實現的預言，就像一塊真正的磁鐵，讓我們能夠繼續吸引人才。再次，當我們看到需要加速時，我們也可以加速吸收和吸收我們面臨的人力資源來源和力量。

Got you. So for example, do you think doubling your rollout rate would be conceivable within the year if prices were there? Or I'm just trying to get a sense of quantum.

明白了。那麼，舉例來說，如果價格合適，您是否認為在一年內將您的推出率提高一倍是可行的？或者我只是想了解量子。

Look, our goals and ambitions are very much that. And we, again, we hope that the market conditions support that. We were somewhat frustrated by the way prices were subdued basically through to July 31 when we -- when our fiscal ended, and we just thought the $70 uranium price made no sense. But sometimes the market can be that way and before it starts to really reflect the supply/demand fundamentals.

瞧，我們的目標和抱負就是這樣。我們再次希望市場條件能夠支持這一點。我們對價格一直低迷到 7 月 31 日（我們的財政年度結束時）感到有些沮喪，我們認為 70 美元的鈾價毫無意義。但有時市場可能會如此，然後才開始真正反映供需基本面。

But luckily, we're seeing some sort of noticeable improvements here, as we've talked about with respect to price. And again, we have to see how it all plays out, but we wouldn't be surprised if we saw further improvements in price, and that, again, giving us the backdrop with which we can continue to progress and ramp up our efforts.

但幸運的是，正如我們在價格方面所討論的那樣，我們看到了一些明顯的改善。再次強調，我們必須觀察這一切將如何發展，但如果價格進一步上漲，我們不會感到驚訝，這再次為我們提供了繼續進步和加大努力的背景。

And ladies and gentlemen, with that, we will conclude today's question-and-answer session. I'd like to turn the floor back over to management for any closing remarks.

女士們、先生們，今天的問答環節就到此結束。我想將發言權交還給管理階層，請他們發表最後的演講。

Thank you. Again, thank you, everyone, for joining us today. Fiscal 2025 was truly a landmark year for UEC. We're just getting started. With our operational achievements, strategic acquisitions, and the launch of UR&C, we envision a platform to lead America's nuclear fuel cycle. We look forward to updating you on our progress in the quarters ahead. Thank you and have a great day.

謝謝。再次感謝大家今天的參加。2025財年對UEC來說確實是具有里程碑意義的一年。我們才剛開始。憑藉我們的營運成就、策略性收購以及 UR&C 的推出，我們設想建立一個引領美國核燃料循環的平台。我們期待在未來幾季向您通報我們的進展。謝謝您，祝您有愉快的一天。

And ladies and gentlemen, that will conclude today's conference call and presentation. We do thank you for joining. You may now disconnect your lines.

女士們、先生們，今天的電話會議和演講到此結束。我們非常感謝您的加入。現在您可以斷開線路了。