Uranium Energy Corp. (UEC) 2026 Q3 法說會逐字稿

Good day, and welcome to the Uranium Energy Corp.'s third quarter earnings conference call. (Operator Instructions) Please note this event is being recorded.

各位好，歡迎參加 Uranium Energy Corp. 第三季財報電話會議。(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Amir Adnani, Uranium Energy Corp.'s Founder and CEO. Please go ahead.

現在我想把會議交給 Uranium Energy Corp. 創辦人兼執行長 Amir Adnani。請開始。

Thank you, operator, and good morning, everyone. A presentation accompanying today's call is available on our website. Some of the commentary today will include forward-looking statements, and I would encourage everyone to review the cautionary language on Slide 2 of the presentation. With that, let's begin with highlights from the quarter. This quarter was marked by several defining milestones along the continued execution of our long-term strategy to become America's first and only vertically-integrated uranium company from mining and processing through refining and conversion.

謝謝你，接線員，各位早安。本次電話會議搭配的簡報已上傳至我們的網站。今天部分評論將包含前瞻性陳述，我鼓勵各位查閱簡報第 2 頁的警示性用語。那麼，我們先從本季重點開始。本季在持續執行我們長期策略、致力成為美國第一且唯一一家從採礦與處理一路延伸至精煉與轉化的垂直整合鈾公司之路上，達成了數個具指標性的里程碑。

We are also pleased to provide an update on our critical mineral portfolio. The commencement of production at Burke Hollow is a significant achievement for UEC and an important milestone for domestic uranium production in the United States.

我們也很高興就我們的關鍵礦物投資組合提供最新進展。Burke Hollow 開始投產是 UEC 的重大成就，也是美國國內鈾生產的重要里程碑。

It is the largest greenfield ISR uranium project to come into production in more than a decade. It has been incredible to see our team develop the project from a grassroots discovery in 2012 to production in 2026. Let that sink in for a moment. It took 14 years to bring a new uranium mine online. That time line highlights the scarcity and strategic value of fully permitted and operating uranium mines, not only in the United States but globally. It also underscores a significant competitive advantage for UEC, which today controls permitted uranium projects in the US.

這是十多年來投產的最大綠地（greenfield）原地浸出（ISR）鈾專案。看到我們的團隊將該專案從 2012 年的草根勘探發現一路推進到 2026 年投產，令人難以置信。請各位花點時間消化一下。讓一座新的鈾礦正式上線花了 14 年。這條時間軸凸顯了已取得完整許可並正在營運的鈾礦之稀缺性與策略價值，不僅在美國，在全球亦然。同時也凸顯 UEC 的重大競爭優勢：我們目前掌控美國境內已獲許可的鈾專案。

We are very proud of our team's efforts and accomplishments over the past 14 years to advance Burke Hollow. In addition, we would like to thank our landowner and stakeholders for their support. Building on the scale of our asset base, we are now operating two of our three US hub-and-spoke ISR production platforms. We control the largest uranium resource base in the United States, which provides the foundation for decades of staged production growth.

我們對團隊過去 14 年推進 Burke Hollow 的努力與成果深感自豪。此外，我們也要感謝土地所有者與利害關係人對我們的支持。在我們資產基礎規模的支撐下，我們目前已在美國三個「樞紐—輻射」（hub-and-spoke）ISR 生產平台中，營運其中兩個。我們掌控美國最大的鈾資源基礎，為未來數十年的分階段產量成長奠定根基。

Our strong balance sheet and inventory position with no debt provides us with the opportunity to pursue our 100% unhedged strategy, selling opportunistically and capturing industry-leading realized pricing, generating meaningful returns for shareholders.

我們強健的資產負債表與無負債的庫存部位，使我們得以採行 100% 不避險策略，伺機銷售並取得業界領先的已實現價格，為股東創造具意義的報酬。

Through our wholly-owned subsidiary, United States Uranium Refining and Conversion Corp., we have created maximum alignment with the renewed bipartisan focus on energy independence and national security in the US. This opportunity positions UEC as the only American vertically-integrated nuclear fuel supplier from mining through conversion as nuclear power expands and fuel sourcing ships back onshore. With policy momentum building and long-term uranium supply gaps growing, we are strategically placed at the convergence of market demand and government priorities.

透過我們全資子公司 United States Uranium Refining and Conversion Corp.，我們已與美國兩黨重新聚焦能源獨立與國家安全的方向達到最大程度的一致。隨著核能擴張、燃料採購回流本土，這項機會使 UEC 成為唯一一家美國的垂直整合核燃料供應商，涵蓋從採礦到轉化的全流程。在政策動能持續累積、長期鈾供應缺口擴大的背景下，我們策略性地站在市場需求與政府優先事項的交會點。

With that overview, let's turn to operational highlights. In the third quarter, our focus remained on expanding production capacity while maintaining a low-cost production profile. As I highlighted, commencing production at Burke Hollow was a significant achievement. Burke Hollow is an important part of UEC's growth strategy, allowing us to initiate production at our second hub-and-spoke platform anchored by the Hobson central processing plant. At Christenson Ranch, we received regulatory approval for expanded production, adding an additional three header houses at the end of March.

有了上述概覽，接著我們來看營運重點。第三季我們的重點仍是擴大產能，同時維持低成本的生產結構。如我所強調，Burke Hollow 開始投產是一項重大成就。Burke Hollow 是 UEC 成長策略的重要一環，使我們得以啟動第二個「樞紐—輻射」平台的生產，該平台以 Hobson 中央處理廠為核心。在 Christenson Ranch，我們取得擴大生產的監管核准，並於 3 月底新增三座集管站（header house）。

With these approvals now in hand, we anticipate increased production rates in the fourth fiscal quarter.

在取得這些核准後，我們預期在第四個財政季度提高產量。

We have an additional five header houses under construction and one additional Header House has been completed and is on standby for regulatory approval. During the quarter, 32,000 pounds of uranium concentrate were produced at a total cost of pound of $54.61, including a cash cost per pound of $46.69.

我們另有五座集管站正在建造中，並且還有一座集管站已完工，正待監管核准後啟用。本季共生產 32,000 磅鈾精礦，總成本為每磅 54.61 美元，其中現金成本為每磅 46.69 美元。

Cost per pound did increase during the quarter, but we view this as a temporary and largely a timing-related event. Regulatory approvals delayed production from new header houses, while costs associated with bringing those production areas online were incurred before the associated uranium production was fully reflected in quarterly volumes. Given the sensitivity of unit cost to production rates during this stage of the ramp-up, together with higher state taxes, these factors increased cost per pound during the quarter as production rates increase from the newly commissioned header houses, we expect cost per pound to improve.

本季每磅成本確有上升，但我們認為這是暫時性、且主要與時點相關的情況。監管核准延後了新集管站的產量釋出，而為使這些生產區域上線所產生的成本，已在相關鈾產量尚未充分反映於季度產量之前先行發生。鑑於在此爬坡階段單位成本對產量變動相當敏感，再加上州稅提高，這些因素推升了本季每磅成本；隨著新投運集管站帶動產量提升，我們預期每磅成本將改善。

Since commissioning, UEC's total cost per pound remains a leader in the domestic industry at $39.30 including a cash cost per pound of $32.40 across 276,000 pounds produced. At Ludeman, our next planned ISR uranium operation in Wyoming, we completed a 240 hole delineation drilling program at Sweetwater, our stored hub-and-spoke production platform anchored by the Sweetwater mill. We completed a 200 hole delineation drilling program in the first two planned well fields at Roughrider, our development stage conventional asset located in the Athabasca Basin in Northern Saskatchewan, core drilling is over 80% complete to support our planned prefeasibility study.

自投產以來，UEC 的每磅總成本仍為美國國內產業領先水準：在累計生產 276,000 磅的基礎上，每磅總成本 39.30 美元，其中現金成本每磅 32.40 美元。在 Ludeman（我們下一個規劃於懷俄明州的 ISR 鈾營運），我們於 Sweetwater 完成 240 孔的界定鑽探計畫；Sweetwater 是我們已維護待用的「樞紐—輻射」生產平台，以 Sweetwater 磨礦廠為核心。我們也在 Roughrider（位於加拿大薩斯喀徹溫省北部 Athabasca 盆地、處於開發階段的傳統礦山資產）前兩個規劃井場完成 200 孔界定鑽探計畫；為支援我們規劃中的預可行性研究，岩心鑽探已完成逾 80%。

A key component of our long-term strategy is the United States Uranium Refining & Conversion Corp., or UR&C. Uranium conversion remains an acute bottleneck in the Western nuclear fuel cycle with insufficient commercial UF6 capacity outside Russia and China. At the same time, a critical gap in the US nuclear fuel cycle is the lack of a vertically-integrated domestic supplier, spanning mining, processing, refining and conversion. That gap underscores the importance of UEC's initiative with UR&C.

我們長期策略的一個關鍵組成是 United States Uranium Refining & Conversion Corp.，簡稱 UR&C。在西方核燃料循環中，鈾轉化仍是嚴重瓶頸，因俄羅斯與中國以外的商業 UF6 產能不足。同時，美國核燃料循環的一項關鍵缺口，是缺乏一家涵蓋採礦、處理、精煉與轉化的垂直整合國內供應商。這項缺口凸顯 UEC 推動 UR&C 計畫的重要性。

During the quarter, we made important strides to advance the project. We achieved our first US Nuclear Regulatory Commission licensing milestone through receipt of a docket number.

本季我們在推進該專案方面取得重要進展。我們透過取得案號（docket number），達成美國核能管理委員會（US Nuclear Regulatory Commission）的第一個許可里程碑。

Further, ongoing discussions with the US Department of Energy regarding strategic nuclear fuel cycle infrastructure led us to add additional candidate locations to ensure coordination and alignment with federal priorities for restoring domestic uranium conversion capacity and strengthening America's nuclear fuel supply chain. We have now developed a final short list of candidate locations.

此外，與美國能源部就策略性核燃料循環基礎設施的持續討論，促使我們新增候選地點，以確保與聯邦在恢復國內鈾轉化產能、強化美國核燃料供應鏈的優先事項上協調一致。我們目前已擬定最終的候選地點短名單。

Finally, we're excited to spotlight a recent update for one of our critical mineral projects, Alto Parana in Paraguay. A recent completed independent report determined that the project represents a globally significant critical minerals platform with the potential to materially contribute to the security and diversification of US.

最後，我們很高興聚焦介紹我們在巴拉圭 Alto Parana 關鍵礦物專案的最新進展。近期完成的一份獨立報告認定，該專案代表一個具全球重要性的關鍵礦物平台，具備可實質提升美國在鈦與釩之供應鏈安全與多元化的潛力。

supply chains for titanium and vanadium. UEC's critical minerals portfolio, which includes the West Bar cobalt nickel project in Canada, has been assembled through timely acquisitions over the last decade and represents additional embedded value that we will look to unlock for shareholders through ongoing initiatives. This strategy and component of our business aligns with the urgent need of reestablishing critical mineral supplies in support of national and economic security. Now turning to our financial position. We finished the quarter with $794 million in liquid assets, including $488 million in cash, along with uranium inventory and equities and importantly, no debt.

供應鏈。UEC 的關鍵礦物投資組合（包含加拿大 West Bar 鈷鎳專案）係透過過去十年適時的收購所建立，並代表額外的內含價值；我們將透過持續推動的各項計畫，為股東釋放這些價值。此一策略與我們業務的一環，與為支持國家與經濟安全而迫切需要重建關鍵礦物供應的需求相一致。接著談我們的財務狀況。本季結束時，我們的流動資產為 7.94 億美元，其中包含 4.88 億美元現金，另有鈾庫存與股票投資，而且重要的是：零負債。

As of April 30, 2026, we held 1.4 million pounds of U308 valued at approximately $127 million at current market prices. Excluding the additional approximately 277,000 pounds of precipitated uranium and dried and drummed U308 held at the Irigaray central processing plant. USD's balance sheet, combined with our unique unhedged strategy provides the flexibility to be selective in the execution of sales as demonstrated in the third quarter where we preserved our inventory. As many are familiar, our operational platform is built around scalable hub-and-spoke ISR operations in Wyoming and South Texas, supported by longer-term development projects at Sweetwater and Roughrider.

截至2026年4月30日，按當前市場價格計算，我們持有140萬磅U3O8，價值約1.27億美元。不包括在Irigaray中央處理廠持有的額外約27.7萬磅沉澱鈾以及乾燥並裝桶的U3O8。USD的資產負債表，加上我們獨特的未對沖策略，提供了在執行銷售時保持選擇性的彈性；正如第三季我們保留庫存所展現的。眾所周知，我們的營運平台以懷俄明州與南德州可擴展的樞紐—輻射式（hub-and-spoke）ISR原地浸出作業為核心，並由Sweetwater與Roughrider的較長期開發專案提供支撐。

Starting in Wyoming. Through our ongoing construction campaigns, we continue to scale production at Christensen Ranch which operates as the first spoke to the Irigaray CPP. As of April 30, 2026, total cumulative production from Christiansen Ranch since restart was approximately GBP 277,000 of precipitated uranium and dried and drummed U308 at the Irigaray CPP at a total cost per pound of $39.30 including a cash cost per pound of $32.40. The company continued to develop new production areas at Christiansen Ranch during the quarter.

先從懷俄明州開始。透過我們持續進行的建設活動，我們持續擴大Christensen Ranch的產量；該礦場作為通往Irigaray CPP的第一個「輻射點」。截至2026年4月30日，自重啟以來Christiansen Ranch的累計總產量約為27.7萬磅沉澱鈾以及在Irigaray CPP乾燥並裝桶的U3O8，總成本為每磅39.30美元，其中現金成本為每磅32.40美元。公司於本季持續在Christiansen Ranch開發新的生產區域。

Turning to Ludeman, US's next planned ISR operation. The previously announced 240-hole delineation drilling program was completed. This work will assist wellfield pattern design currently underway. Engineering of the satellite ion exchange plant progressed with the planned layout and pad design, largely finalized and fabrication of the ion exchange vessels ahead of schedule. We continue to advance the remainder of the mechanical equipment specifications, which allows the company to begin to procurement process for longer lead time equipment.

接著談Ludeman，這是US下一個規劃中的ISR作業。先前公告的240孔圈定鑽探計畫已完成。此項工作將協助目前進行中的井場（wellfield）井網樣式設計。衛星離子交換廠的工程設計持續推進，規劃配置與基座（pad）設計大致定案，且離子交換容器的製造進度超前。我們也持續推進其餘機械設備規格制定，使公司得以開始針對交期較長的設備啟動採購流程。

Turning to South Texas. We commenced production at the Burke Hollow project on April 8, 2026, in order to initiate the uranium recovery process, oxygen and carbon dioxide were injected into the wellfield and will provide initial feed to the Ion Exchange plant. The satellite ion exchange plant was commissioned and wellfield development continues in Phase 1a.

再來看南德州。我們於2026年4月8日在Burke Hollow專案啟動生產；為了啟動鈾回收流程，已向井場注入氧氣與二氧化碳，並將提供離子交換廠的初始進料。衛星離子交換廠已完成試車投運（commissioned），井場開發在第1a期持續進行。

Now that it is online, we expect to see production from Bucalo accounted for in the fiscal fourth quarter of 2026. Looking further ahead towards our development stage assets, Sweetwater is earmarked to be a major future production center, and we are working expeditiously towards this operation as both a conventional mill and a central plant for processing ISR production.

目前既已上線，我們預期Bucalo的產量將在2026財政年度第四季入帳。展望更長期的開發階段資產，Sweetwater被定位為未來主要的生產中心；我們正加速推進該作業，使其同時作為傳統磨礦廠（conventional mill）以及處理ISR產出的中央處理廠。

Further, a 200-hole delineation drilling program in the first two planned wellfields at Sweetwater commenced in March and was completed in early May. A second 200-hole delineation drilling program is scheduled to begin in July 2026 where the third ISR well field at Sweetwater is planned. Finally, the ion-exchange vessels for the Sweetwater ISR circuit are under construction. In Saskatchewan and Canada, we continued advancing the Roughrider project, one of the highest grade undeveloped uranium projects in the world. More than 80% of the planned 35,000 meter drilling program has now been completed in support of the upcoming prefeasibility study.

此外，Sweetwater前兩個規劃井場的200孔圈定鑽探計畫已於3月啟動，並於5月上旬完成。第二個200孔圈定鑽探計畫預計於2026年7月開始，地點為Sweetwater規劃中的第三個ISR井場。最後，Sweetwater ISR迴路所需的離子交換容器正在建造中。在薩斯喀徹溫省與加拿大，我們持續推進Roughrider專案——這是全球品位最高的未開發鈾專案之一。為支援即將進行的預可行性研究，規劃的35,000公尺鑽探計畫目前已完成逾80%。

Turning to UR&C. In addition to the progress we have made on Siding, we continue to accelerate engineering work led by Fluor and have advanced into a new phase with a significant expansion of engineering and technical resources supporting facility design, siding, licensing and development. Through this process, we have been engaging with the US. Department of Energy to align with key national priorities regarding restoring nuclear fuel cycle sovereignty. As a result, additional candidate locations were added to ensure coordination and alignment with such priorities.

接著談UR&C。除了我們在側線（siding）方面取得的進展外，我們也持續加速由Fluor主導的工程工作，並已進入新階段：大幅擴增支援設施設計、側線、許可（licensing）與開發的工程與技術資源。在此過程中，我們一直與美國能源部互動，以配合恢復核燃料循環主權等關鍵國家優先事項。因此，我們新增了其他候選地點，以確保與上述優先事項的協調與一致性。

Last but not least, Ulta Parana, our project in Paraguay. As mentioned, a recently completed independent report concluded that the project represents a globally significant critical minerals platform with the potential to materially contribute to the security and diversification of US supply chains for titanium and vanadium. The project's unique strategic fit includes being located in a US aligned partner country is access to clean, low-cost power and its ability to integrate into US.

最後但同樣重要的是我們在巴拉圭的Ulta Parana專案。如前所述，近期完成的獨立報告認為，該專案代表一個具全球重要性的關鍵礦物平台，具備實質貢獻於美國鈦與釩供應鏈安全與多元化的潛力。該專案獨特的策略契合點包括：位於與美國立場一致的夥伴國、可取得潔淨且低成本電力，以及其整合進入美國的能力。

and allied downstream processing supply chains. We view the project as notable because it addresses structural vulnerabilities in US critical minerals policy.

以及盟友的下游加工供應鏈。我們認為該專案值得關注，因為它回應了美國關鍵礦物政策中的結構性脆弱點。

It demonstrates our long-standing approach to identifying, acquiring and developing assets that align with US national security advanced manufacturing and resilient critical mineral supply chains. Finally, the broader policy backdrop remains robust. On April 23, 2026, the US Department of Energy through his Office of Nuclear Energy and the Defense Production Act nuclear fuel cycle consortium.

這也展現了我們長期以來識別、收購並開發與美國國家安全、先進製造以及具韌性的關鍵礦物供應鏈相一致資產的做法。最後，更廣泛的政策背景仍然強勁。2026年4月23日，美國能源部透過其核能辦公室以及《國防生產法》（DPA）核燃料循環聯盟。

Launched the nuclear dominance, 333 campaign to secure the United States' nuclear fuel supply chain and support future reactor deployment. The campaign is structured around three core objectives to be achieved by 2033, including catalyzing a secure and cost competitive domestic nuclear fuel supply chain, accelerating advanced reactor deployment and finally, leveraging the DPA framework to align workforce development, financing innovation and industry collaboration in support of the nuclear build-out.

啟動「核主導力（nuclear dominance）333」行動，以確保美國核燃料供應鏈並支援未來反應爐部署。該行動以三項核心目標為架構，預計於2033年前達成，包括：催化安全且具成本競爭力的國內核燃料供應鏈、加速先進反應爐部署，以及最後運用DPA架構，使人才培育、融資創新與產業協作對齊，以支援核能建設擴張。

Against that backdrop, let me briefly summarize the progress we made during the quarter. First, we successfully brought online the largest greenfield ISR project in the US in over a decade. Burke Hollow's progression from discovery in 2012 to production in 2026, serves as a reminder that uranium production capacity cannot simply be created overnight, reinforcing the important strategic value of UEC's operating assets and portfolio of permitted uranium projects.

在此背景下，我簡要總結我們本季取得的進展。第一，我們成功讓美國十多年來最大的綠地（greenfield）ISR專案上線。Burke Hollow自2012年發現到2026年投產的進程提醒我們，鈾產能無法一夕之間建立，並強化了UEC營運資產與已取得許可之鈾專案組合的重要策略價值。

Second, we have expanded capacity, enabling increased production rates as we move towards the end of the fiscal year. Lastly, we have advanced UR&C to a final shortlist of candidate locations and are moving towards the next phase of engineering, siding and licensing activities. All of this was accomplished while maintaining one of the strongest balance sheets in the sector with significant liquidity and no debt. With the largest uranium resource base in the United States, growing production infrastructure and a clear pathway towards expanding our role across the nuclear fuel cycle, we believe is well positioned for the next phase of growth in the uranium market.

第二，我們已擴增產能，使我們在邁向財政年度末之際能提高產量增速。最後，我們已將UR&C推進至候選地點的最終短名單，並正邁向工程、側線與許可活動的下一階段。上述成果皆是在維持本產業中最強健的資產負債表之一、具備充足流動性且零負債的情況下達成。憑藉美國最大的鈾資源基礎、持續成長的生產基礎設施，以及在核燃料循環中擴大角色的清晰路徑，我們認為公司已為鈾市場下一階段成長做好布局。

Our strategic critical mineral portfolio provides for adjacent opportunities supported by similar policy priorities. Before we open the line for questions, I'd like to 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.

我們的策略性關鍵礦物投資組合也帶來由相似政策優先事項所支持的相鄰機會。在開放提問之前，我想說明今天與我一同出席的有：財務長Josephine Man；執行副總裁Scott Melbye；以及美國營運資深副總裁Brent Berg。

With that, operator, please open the line for questions.

那麼，接線員，請開放提問。

(Operator Instructions)

（接線員指示）

Brian Lee, Goldman Sachs.

Brian Lee，高盛。

Hey guys, thanks for taking the questions. I guess I had a couple here. First on the cost side. I mean I'd be curious, I know you said it's going to normalize a bit here into fiscal Q4 and beyond and the lower volumes in fiscal Q3 and the tax has obviously pushed costs up in the quarter. Can you maybe quantify a little bit sort of what that normalization is going to look like over the next quarter or two, are you back into the 30s as quickly as fiscal Q4? Is that going to take a couple of quarters?

各位好，謝謝讓我提問。我這邊大概有兩個問題。首先是成本方面。我想了解一下，我知道你們說在2026財年第四季及之後成本會稍微回歸正常，而2026財年第三季的較低出貨量以及稅負顯然推升了本季成本。你們能否稍微量化一下，未來一到兩季這種「正常化」大概會是什麼樣子？你們會在2026財年第四季就很快回到每磅30多美元的水準嗎？還是需要再花幾季？

And then maybe give us some of the moving pieces beyond volume? Are there other cost drivers beyond just higher production volumes.

然後也許能否再跟我們談談，除了產量之外，還有哪些變動因素？除了更高的生產量之外，是否還有其他成本驅動因素。

Hi, Brian, thank you for the question. And as you've seen in the press release in the remarks earlier that I made, we did highlight sort of the key drivers here and really to expand on it on your question. As you know, a large portion of our operating costs are fixed. So again, when production volumes are temporarily lower due to the timing of these well field approvals, unit costs are impacted. We would definitely sort of draw attention to the total cost per pound over the course of the 276,000 pounds produced, which comes in, as you know, within a cash cost per pound of roughly $32.40.

嗨，Brian，謝謝你的提問。正如你在新聞稿以及我先前的發言中所看到的，我們確實強調了這裡的一些關鍵驅動因素；針對你的問題再進一步說明。如你所知，我們營運成本中有很大一部分是固定成本。因此，當因為這些井場核准時程而使生產量在短期內偏低時，單位成本就會受到影響。我們也特別希望大家關注在本期生產的276,000磅期間的每磅總成本；如你所知，其每磅現金成本約為32.40美元。

This remains industry competitive and a leading number in the domestic industry in the US As we mentioned in the press release and the material, Brian, we do expect that the trend on production going into fiscal Q4 and beyond is higher.

這個水準仍具產業競爭力，並且在美國國內產業中屬於領先的數字。

So again, in an environment where this is the biggest sensitivity for us and the economies of scale do matter. I definitely think that we should be improving on the numbers that you saw in this quarter. Let me just pause and hand it over to our CFO, Josephine Man, for just any additional color or commentary on that.

因此，在這樣的環境下，這是我們最大的敏感因子，而規模經濟確實很重要。我確實認為，我們應該能在你本季看到的數字基礎上有所改善。我先暫停一下，把時間交給我們的財務長Josephine Man，請她補充一些背景或評論。

Thanks, Amir. This is Josephine. Yes, I think Amir is correct. As we are expecting to increase our production in the coming quarters, definitely, we will see the total cost of pound and cash cost per pound to be comparatively lower than this quarter. As Amir mentioned that a big portion of our operating costs are fixed.

謝謝，Amir。我是Josephine。是的，我認為Amir說得沒錯。由於我們預期未來幾季將提高產量，我們肯定會看到每磅總成本與每磅現金成本相較本季更低。如Amir所提到，我們營運成本中有很大一部分是固定的。

So when the production volumes are temporarily low during this quarter, it definitely drives the total cost per pack increase as compared to Q2. But with the new wellfields in Christensen Ranch and Burke Hollow coming to production in fourth quarter this fiscal year, we are expecting to have a lower cost per pound in the coming quarters. Back to Amir.

因此，當本季生產量暫時偏低時，確實會推升每磅總成本，相較於第二季更高。但隨著Christensen Ranch與Burke Hollow的新井場在本財年第四季投產，我們預期未來幾季每磅成本會更低。交回給Amir。

Thank you, Josephine. Brian, did you have a follow-up on that?

謝謝你，Josephine。Brian，你對這部分還有追問嗎？

Yes, No, that's helpful. Maybe just as we think about those production volumes with the 3 header houses on in Christianson Ranch and Burke Hollow, producing in Q4, sort of what's the step function? It seems like there should be a step function increase in volumes. Is it pretty linear where we can kind of take the header houses in Christensen Ranch and look at the volume from Q3?

有的，不，這很有幫助。也許就我們在思考第四季Christianson Ranch和Burke Hollow啟用3座集管站（header houses）後的產量時，增量的「階梯式變化」會是怎樣？看起來產量應該會有一個階梯式上升。它會是相當線性的嗎？也就是我們可以把Christensen Ranch的集管站，拿來對照第三季的產量？

And sort of triple that? Or what's sort of the ramp-up cadence, if you will, at least in the near term? And then maybe last question, if I could squeeze it in. Just thoughts around URC and the timing of key milestones as we think about the second half of the calendar year here?

然後大概乘以三？或者說，至少在短期內，爬坡（ramp-up）的節奏大概會是怎樣？最後一個問題，如果我可以再塞進來的話。關於URC，以及我們在看今年下半年時，關鍵里程碑的時間點有什麼想法？

Thank you, Brian, and you certainly squeezed the lot in there, but okay, we'll unpack all of that. We've been really ramping up when it comes to our construction capability and campaigns to build additional header houses, which is basically production capacity. And yes, there is a linear relationship there. And again, for context, if we step back, this is after our industry really collectively was dormant for about 15 years. And the last couple of years, we're coming back into this area and this time of incredible progress and activity.

謝謝你，Brian，你確實一次塞了很多問題，不過沒問題，我們逐一拆解。在建置更多集管站（基本上就是產能）方面，我們一直在大幅提升施工能力與建置節奏。是的，兩者之間確實存在線性關係。再補充一些背景：在我們這個產業集體沉寂了大約15年之後，才走到今天。而過去幾年，我們重新回到這個領域，進入一段進展與活動都非常驚人的時期。

I'm going to hand it to Brent Berg to speak a bit about the growth we've had year-over-year in terms of our personnel workforce capacity and the ability to keep expanding and constructing this production capability. Brent, over to you.

我把時間交給Brent Berg，請他談談我們在人力與作業能力方面的年增成長，以及持續擴張並建置這些產能的能力。Brent，交給你。

Go ahead. You were muted, Brent, but just start from starting then.

請開始。Brent，你剛剛是靜音，不過你就從頭開始說就好。

Okay. Very good. Brian, I was just saying that a year ago, we had 103 employees in Wyoming and Texas. Today, we've grown our operations team to 185 personnel so in 2025, the UEC team was heavily dependent on external contractors or construction and continued mine development. Today, much of that work is being done in-house by our own team, and we continue to build the team that can rapidly deploy other projects in UEC's portfolio.

好的。很好。Brian，我剛剛是說，一年前我們在懷俄明州與德州共有103名員工。今天，我們已將營運團隊擴增到185人；因此在2025年，UEC團隊在施工與持續的礦山開發上高度依賴外部承包商。而今天，其中許多工作已由我們自有團隊內部完成；我們也持續擴編團隊，以便能快速部署UEC投資組合中的其他專案。

And maybe just 1 other note with respect to production and normalizing. So during the quarter, the bulk of that production came from wellfield 8 and 10 with 8 active header houses and production predominantly came from new wells that were installed in 2025 with header houses 10, 7 and 10, 8 accounting for the bulk of the production during the fiscal quarter. Of course, we started up well field 11, 3 new header houses at the end of the quarter, and it's -- we really won't see that production until this fourth quarter, but anticipate that to move up substantially. Thank you. Back to you, Amir.

另外再補充一點，關於生產與常態化。本季大部分產量來自8號與10號井場，當時有8座運作中的集管站；而產量主要來自2025年新裝設的井，且10-7與10-8號集管站貢獻了本財季的大部分產量。當然，我們在季末啟動了11號井場、3座新的集管站；但我們真正看到那部分產量要到第四季，不過預期屆時會大幅上升。謝謝。交回給你，Amir。

Okay. And Brian, I think you were asking about UR&C. And specifically, as we mentioned in the release, we're really ramping up into the next phase here of engineering work siding, permitting with an expansion of the engineering team and the work that's being provided by Fluor as well. Our own team increased in size and scope over this period. The siding work has been coordinated as we mentioned in the press release with some of the initiatives that are taking place at the Department of Energy, making sure we have maximum alignment there.

好的。Brian，我想你是在問UR&C。具體而言，如我們在新聞稿中提到的，我們正加速進入下一階段的工程選址與許可工作，同時擴編工程團隊，也包括Fluor所提供的工作。在這段期間，我們自有團隊的規模與職能範圍也有所提升。如我們在新聞稿中所提到，選址工作已與能源部正在推動的一些倡議進行協調，以確保我們在那方面達到最大程度的一致性。

We've always believed that the project and really the need to build a new conversion facility was and has maximum alignment with priorities in the US right now around creating a more resilient nuclear fuel cycle and to really repatriate the nuclear fuel cycle with the Russian ban kicking in by end of 2027, really that's around the corner.

我們一直相信，這個專案、以及建置新的轉換設施的需求，與美國目前「打造更具韌性的核燃料循環」以及將核燃料循環回流本土的優先事項高度一致；隨著對俄羅斯的禁令將在2027年底生效，這其實已近在眼前。

The current key bottleneck in our mind and in the market really remains a shortage of sufficient domestic conversion. So that work is advancing and really has kicked into next year from a standpoint of the engineering siting and licensing, as we mentioned. Thank you, Ryan.

就我們的看法以及市場而言，目前的關鍵瓶頸仍然是國內足夠的轉換產能不足。因此，這項工作正在推進；如我們所提到的，從工程選址與取照（licensing）的角度來看，時程確實已延伸到明年。謝謝你，Ryan。

Heiko Ihle, H.C. Wainright

Heiko Ihle，H.C. Wainright

Hello, Amir and team. Thanks for taking my questions. I just want to point out, the stock is still up 68% year-over-year. So some thing's gone, right? That said, how much in this quarter, would you say was a continuation of regulatory delays that we've seen in the last quarter? I mean it looks like you're working past all of that. But maybe just give a bit of color.

你好，Amir和團隊。謝謝讓我提問。我只想指出，這檔股票年增仍上漲68%。所以，某些事情確實已經發生了，對吧？話雖如此，你們會說本季有多少是延續了我們在上一季看到的監管延遲？我的意思是，看起來你們正在把那些問題逐步克服。但也許可以再多提供一些背景說明。

I mean, it's now almost mid-June, some color on the current quarter and maybe even the remainder of calendar 2026.

我的意思是，現在已經快到六月中旬了，想請你就本季提供一些說明，甚至也談談 2026 年曆年剩餘期間的情況。

Thank you, Heiko, and I appreciate the context that your question provides. And if we step back and if you've been following the company, you know that we talked about these regulatory delays extensively in our last quarter. And so really, this is a continuation of that and it's a continuation of a broader theme of industry growing pains that we're experiencing just as the industry and ourselves are ramping up.

謝謝你，Heiko，也感謝你的問題所提供的背景脈絡。如果我們退一步看，而且如果你一直在關注公司，你會知道我們在上一季已經相當深入地談過這些監管延宕。所以這其實是那件事的延續，也是我們在產業與公司自身加速擴張之際所經歷的、更廣泛的產業成長陣痛的一部分。

Brent spoke about the fact that the sheer size of our workforce has gone from just over 100 people to almost 200 people year-over-year, imagine that kind of growth, well, the regulators are going through similar type of staffing and other bandwidth capacity that they need to have. And so these regulatory delays that we experience, which impacted lower production in this quarter were discussed and really described in the last quarter, and we're making good progress.

Brent 提到，我們的員工規模在一年之內從略高於 100 人增加到接近 200 人；想像這樣的成長幅度，監管單位也同樣需要面對類似的人力配置與其他產能／量能（bandwidth）需求。因此，我們所經歷的這些監管延宕，確實在本季造成較低的產量；這在上一季已經討論並且詳細說明過，而我們也正在取得良好進展。

Those approvals did come in, except that they came in near the end of this quarter. And so hence, it was a delay, but these are delays that have been resolved. And so that's important to highlight as well. So things are progressing, and that's why it gives us the confidence as well to be able to speak to a better outlook and improved numbers going into the fourth fiscal year of the -- for the company and beyond that. So for sure, I think to your point, if we step back, there should be no surprises here.

那些核准確實下來了，只是是在本季接近尾聲才下來。因此，這就是延遲；但這些延遲已經獲得解決。所以這點也很重要，需要特別強調。因此事情正在推進，這也是為什麼我們有信心去談更好的展望，以及在公司第四個會計年度以及之後的改善數字。所以我想，確實如你所說，如果我們退一步看，這裡不應該有任何意外。

But at the same time, when you look at even the numbers for this quarter from a production cost point of view, you zoom out and look at it over to 276,000 pounds produced, the company is still delivering on the lowest cost production in the United States and in the domestic industry.

但同時，即便你從本季的生產成本角度來看，把視角拉遠、以 276,000 磅的產量來看，公司仍然在美國、在國內產業中交付最低成本的生產。

So we've got a lot of capacity in front of us coming online, the additional header houses at Christensen Ranch, the construction that's going to be taking place at Ludeman, that will be our third ISR operation in Wyoming and not to mention Burke Hollow that did start operations this quarter and will be contributing to production moving forward. We're very proud of the work at Burke Hollow. As you know, that's a project that's 14 years in the making. I talked about it earlier in my remarks. And so can't lose sight of all the construction development and deliverables that we have here as well.

所以我們前方還有大量產能即將上線：Christensen Ranch 的額外集管站（header houses）、Ludeman 即將展開的建設——那將是我們在懷俄明州的第三個 ISR（原地浸出）作業——更不用說 Burke Hollow 已在本季開始營運，未來也將對產量做出貢獻。我們對 Burke Hollow 的工作感到非常自豪。如你所知，那是一個歷時 14 年打造的專案。我在先前的發言中也提到過。因此，我們也不能忽視這裡所有的建設開發與交付成果。

Fair enough. Completely different things. Let's talk about your equity book a little bit. I mean, it's obviously has been creating a decent amount of volatility over the past few quarters. Is there a way to more normalize this going forward, just for stability and more predictability for the analyst community?

了解。完全不同的事情。我們來談談你們的股權投資組合（equity book）。我的意思是，過去幾季它顯然帶來了相當程度的波動。未來是否有方法讓它更常態化，以便讓分析師社群在穩定性與可預測性方面更好掌握？

Yeah, that's a fair question, Heiko. And as you know, our equity book is strategically positioned in some names that we have exposure to in the sector. It does cause this quarterly mark-to-market volatility. This quarter, as you also know, given some weakness and kind of flat movement we saw in the uranium prices we selected to continue to maintain our inventory position. So there were no sales this quarter.

是的，這是個合理的問題，Heiko。如你所知，我們的股權投資組合在策略上配置於一些我們在該產業板塊中有曝險的標的。它確實會造成每季按市價評價（mark-to-market）的波動。本季你也知道，鑑於鈾價出現一些疲弱、走勢偏平，我們選擇繼續維持我們的庫存部位。所以本季沒有出售。

And again, that was intentional, and that's a function of our unhedged strategy. But moving forward, as we achieve more of a regular quarterly cadence of sales and reporting around that equity book, I think, can probably move towards more of a -- on an adjusted basis where we can maybe pulled that out and not have it impact the reported numbers. And Josephine, if you want to comment on that as well. But I think that's part of the progression of we're hopefully heading. Josephine, if you want to add to that?

而且再次強調，這是刻意為之，這也反映了我們未避險（unhedged）的策略。但往前看，當我們在該股權投資組合的出售與相關揭露上，能達到更規律的季度節奏時，我認為我們可能可以朝向以較「調整後」（adjusted）的方式呈現，把這部分拉出來，讓它不影響已報告的數字。Josephine，如果你也想補充的話。但我想這是我們希望前進的方向之一。Josephine，你要補充嗎？

Yes, thanks, Amir. I think that's right. The volatility in the market creates a little bit of unknown to the income statement, as you can see in our quarterly results about $19 million was attributed to that change in fanmarket, value of our equity securities. So moving forward, the reconciliation of disclose of adjusted EBITDA, I think would help the community and stakeholders to understand our result of operations better.

好的，謝謝，Amir。我認為你說得沒錯。市場波動會讓損益表出現一些不確定性；如你在我們季度結果中所見，約有 1,900 萬美元歸因於我們股權證券公允市價（fair market value）變動所帶來的影響。因此往前看，我認為揭露調整後 EBITDA 的調節表（reconciliation）將有助於社群與利害關係人更好地理解我們的營運成果。

Back to you, Amir.

交回給你，Amir。

All right. Thank you. Thank you, Heiko.

好的。謝謝。謝謝你，Heiko。

Alexander Pearce, BMO.

Alexander Pearce，BMO。

Great. So I mean, Amir, well, this may be a question for Brent. Just building on the question you had before about production in the quarter. If we took the delayed new head of houses aside from it, production was down quarter-on-quarter. So maybe you can just talk about what you're seeing in the older head of houses.

很好。所以 Amir，我的意思是，這可能是要問 Brent 的問題。延續你剛才關於本季產量的問題。如果我們把延後的新集管站（header houses）先撇開不談，產量是季對季下滑的。所以也許你可以談談你在較舊的集管站看到的情況。

And what was the sort of function of tie-ins or flow rates or what -- that's the first part of the question.

以及這主要是接管連接（tie-ins）或流量（flow rates）之類的因素，或是什麼——這是問題的第一部分。

Hi, Alex. Yeah, Thank you for that good to have you on the call. Yes, I'll hand it over to Brent here shortly, but definitely, I would say, again, most of what you would normally see Alex in terms of how an operation like this would really multiple header houses would be able to manage some of the near-term natural decline curves that are going to be inevitable in some of the producing wellfields with much fewer numbers online right now, there's bound to be some greater volatility in kind of the quarter-over-quarter numbers.

嗨，Alex。是的，謝謝你，很高興你加入這通電話。是的，我很快會把問題交給 Brent，不過我會說，Alex，一般來說，像這樣有多個集管站的作業，通常能夠管理一些短期內不可避免的自然遞減曲線（decline curves），這會出現在某些正在生產的井場（wellfields）。而在目前上線的井數相對較少的情況下，季對季數字出現較大的波動是難免的。

But certainly, as that bandwidth increases in terms of number of wells well fields and header houses, we should be able to smooth the numbers out and better manage that natural decline curve that exists and institute recovery and hand it over to Brent now. Go ahead, Brent.

但當然，隨著井數、井場與集管站的數量增加、量能提升，我們應該能夠把數字平滑化，更好地管理既有的自然遞減曲線，並推動回收（recovery）。現在我把問題交給 Brent。Brent，請。

Yeah, thanks, Amir. Alex, maybe just a little color on that. So the production at Christensen Ranch came predominantly from wellfields 8 and 10 with 8 active header houses operating and that production came predominantly from new wells that were installed in 2025. So Header House is 10,7 and 10,8 accounted for over 50% of that production in the fiscal Q3.

好的，謝謝，Amir。Alex，我補充一些背景。Christensen Ranch 的產量主要來自井場 8 與 10，當時有 8 座運轉中的集管站在運作，而該產量主要來自 2025 年新安裝的井。因此，集管站 10,7 與 10,8 在本財年第三季（fiscal Q3）合計貢獻了超過 50% 的產量。

and 87% of overall production came from new wellfield patterns that we installed in the same year. So with that, we've really focused our production ramp-up with ongoing mine development, and that development continued in both wellfield 12 and 10 extension, where we have 5 header houses under construction, 2 of those in wellfield 10 are nearing completion with another 2 under construction and 1 header house in wellfield 12 is nearing completion of construction.

而整體產量的 87% 來自我們在同一年所安裝的新井場井型（wellfield patterns）。因此，我們在持續的礦場開發（mine development）下，確實把重點放在產能爬坡（production ramp-up），而這些開發在井場 12 與井場 10 延伸區（10 extension）都持續進行；目前有 5 座集管站在建，其中井場 10 的 2 座接近完工，另有 2 座正在施工，井場 12 的 1 座也接近完工。

So in total, 4 header houses are planned in wellfield 12 for future production. We -- the monitor wells have been completed, the pump test is planned with respect to well installation, all drilling is completed for Header House 12,1. And in that wellfield 10 extension drilling at Headerhousens 10, 9, 10, 10 and 10,11 is complete. -- and drilling started for header house 10, 12. So we've been really focused on development.

因此合計而言，井場 12 規劃未來將有 4 座集管站投入生產。我們——監測井（monitor wells）已完成，並規劃進行抽水測試（pump test）；就井的安裝而言，集管站 12,1 的所有鑽井作業已完成。而在井場 10 延伸區，集管站 10,9、10,10 與 10,11 的鑽井已完成——並且已開始集管站 10,12 的鑽井。所以我們一直非常專注在開發上。

And of course, collaboration with our regulators is important. But really, I think the best way we can ensure that new production comes online quickly is by steadily advancing new infrastructure on the ground. Amir back to you.

當然，與我們的監管機構合作也很重要。但我認為，確保新產能能夠快速上線的最佳方式，是真正穩步推進地面上的新基礎設施建設。Amir，交回給你。

All right. Thank you, Brent. Alex, back to you.

好的。謝謝你，Brent。Alex，交回給你。

Okay. Maybe the second part of the question then, obviously, you've mentioned the new wellfields coming on with the new regulatory approvals. But have you seen any streamlining of the process for getting the regulatory approval so that going forward, maybe you can manage better and avoid some of the delays that you saw for this round?

好的。那麼也許談問題的第二部分，顯然你已提到在新的監管核准下，新井場將陸續投產。但你是否看到取得監管核准的流程有任何精簡？以便未來你們也許能更好地管理，並避免這一輪所看到的一些延誤？

Go ahead, Brent.

Brent，你先說。

Yes, I would say the state regulatory agencies have demonstrated a very high level of collaboration and are -- they're actively working to address some of those longer lead time challenges that naturally arise during periods of increased industry activity. I would -- UEC, of course, has remained active and has an ongoing dialogue with the agencies continuing to advance well field development in parallel. And I'd say this coordinated approach allows us to progress and maintain both regulatory and operational fronts. The timing for the review ultimately rests with the agencies themselves.

是的，我會說州級監管機構展現了非常高程度的合作，而且他們也正在積極處理在產業活動增加期間自然會出現的一些較長前置期挑戰。我想——UEC 當然一直保持積極，並與各機構維持持續對話，同步推進井場開發。我會說，這種協調方式讓我們能在監管與營運兩個面向都持續推進並維持進度。最終審查時程仍取決於各機構本身。

However, I can confirm that the infrastructure development and related activities continue to move forward. And we'll certainly provide more updates to key operational milestones are achieved.

不過，我可以確認基礎設施開發及相關活動仍在持續推進。而且當關鍵營運里程碑達成時，我們一定會提供更多更新。

I would say the regulator much, much like us when we restarted operations is, of course, growing and responding to increased regulatory submissions that come across their desks, and we are seeing some progress and some improvement. Back to you, Amir.

我會說，監管機構就像我們重啟營運時一樣，當然也在成長並回應桌面上增加的監管申請案，我們確實看到一些進展與改善。交回給你，Amir。

All right. Thank you. Thank you, Alex.

好的。謝謝。謝謝你，Alex。

Thank you.

謝謝。

Justin Chan, CPR Financial.

Justin Chan，CPR Financial。

It's SCP, but I'll figure them that. I was probably bumbled there. and Brent, maybe just a follow-up on Alex's question on -- maybe first to clarify, I guess you would have 5 header houses now producing at Christiansen Ranch, like 5 plus or 2 plus 3. And then maybe just as a bigger kind of my main question on this direction is what level of header houses and maybe rollouts per month do you think you would need to get to that 1 million or 2 million pounds a year level given some of the wells will be declining, you'll need new ones to come on. I guess what do you see as a steady state in that regard?

是 SCP，不過我會搞清楚的。我剛剛可能講得有點結巴。Brent，或許就 Alex 的問題追問一下——先澄清一下，我想你們現在在 Christensen Ranch 應該有 5 座集管站（header house）在生產，像是 5（或 2 加 3）這樣。然後更大、也是我主要的問題是：考量有些井會遞減、你們需要新的井接續上線，要達到每年 100 萬或 200 萬磅的水準，你認為每月需要多少集管站、以及大概每月需要多少次的擴建/投放（rollouts）？你覺得在這方面的穩態（steady state）會是什麼樣子？

Hey, Justin, thanks for the question. And there's no doubt, and this is what you're building on that there is a linear relationship between this construction activity, building new header houses and well fields and the increase in production that we're expecting and building out -- we're right now, as you know, reporting and kind of providing updates on this activity in our quarterly reports.

嗨，Justin，謝謝你的問題。毫無疑問——也正如你所延伸的——這些建設活動（新建集管站與井場）與我們預期的產量提升之間存在線性關係；而我們目前也正如你所知，在季度報告中揭露並更新這些活動的進展。

And by the time I think you see us report to fiscal year-end, where we've had a chance to bring several more of the header houses online and some actually in operation. There will be a better ability to kind of forecast and see the contribution from each header house towards a segment of production.

我想等到你看到我們在財政年度結束時的報告，屆時我們將有機會讓更多集管站上線，且其中一些實際投入運轉。那時就能更好地進行預測，並看出每一座集管站對某一段產量的貢獻。

Bottom line is that not every header house is the same size or created equal. So while there is a linear relationship, I think some of that ability to kind of just extrapolate that forward may not be as simple as kind of this many header houses to get to that end result. And as you know, we're really looking to get to those higher production output. We have the largest resource base in the US. We've got 12 million pounds of combined license capacity.

重點是，不是每一座集管站的規模都相同，也不是完全一致。所以雖然存在線性關係，但要把它直接外推，可能不像「多少座集管站就能達到某個結果」那麼簡單。而且如你所知，我們確實希望達到更高的產量輸出。我們擁有美國最大的資源基礎。我們合計的許可產能為 1,200 萬磅。

But to really increase production, we need to be able to continue to deliver on some new projects and new header houses, all of which is moving forward and advancing Burke Hollow being a notable one. And so we'll have more information on all of that. But Brent, if you want to just comment on that too, additionally for Justin's question.

但要真正提高產量，我們需要能持續交付一些新專案與新的集管站；這些都在推進中，其中 Burke Hollow 是一個值得注意的例子。因此我們會有更多相關資訊。不過 Brent，如果你也想就 Justin 的問題再補充評論一下。

Yeah, absolutely, Justin. As you noted, we had 2 header houses constructed and installed in 2025. Those are header houses in wellfield 10 expansion, 10,7 and 10,8. Of course, we recently added 3 into production in wellfield 11. So that's 11, 1, 3 and 4.

好的，當然可以，Justin。如你所提到的，我們在 2025 年建造並安裝了 2 座集管站。那是井場 10 擴建區的集管站，10,7 與 10,8。當然，我們最近在井場 11 又新增 3 座投入生產。也就是 11, 1, 3 和 4。

And we've got 5 under construction now. The other thing I would note, Justin, is we've significantly increased our drilling capacity to install wells that, of course, drug drive production as well, and we've got a threefold increase from when we started the operation at Christensen Ranch today. So we're really ramping up our construction capacity and zeroing in on increasing our production profile as we move forward. And Amir, back to you.

而我們目前還有 5 座正在施工中。另外我也要指出，Justin，我們已大幅提升鑽井能力以安裝井——這當然也會驅動產量——相較於我們在 Christensen Ranch 啟動營運之初，現在的能力已提升到三倍。因此我們確實正在加速提升建設產能，並聚焦於在未來提高我們的產量曲線。Amir，交回給你。

All right. Thank you for that. Thank you, Justin.

好的。謝謝你的說明。謝謝你，Justin。

Joseph Reagor, ROTH Capital Partners.

Joseph Reagor，ROTH Capital Partners。

Hey, Amir and team. Thanks for taking the questions. A lot of what I wanted to ask was already touched on, but just kind of a few things that I guess, you guys are good at Jobo explaining why production declines over time. But as you look back at Christensen Ranch's performance to date compared to what was, let's say, the model ahead of time. Has it performed in line with expectations, slightly better, slightly worse, obviously, the regulatory stuff out of your control. But how is the mine performing compared to the model?

嗨，Amir 和團隊。謝謝你們回答問題。我想問的很多內容其實已經提到過了，但還有幾點：我想你們很擅長解釋為什麼產量會隨時間下降。但當你回頭看 Christensen Ranch 迄今的表現，與事前模型相比。它的表現是否符合預期、略好、或略差？當然監管方面有些不在你們控制之內。但這座礦場相較於模型的表現如何？

Hey, Joe, I mean, thank you for that. And we couldn't be any more clear about the performance. I mean the ultimate performance of any mine is the cost and the output and the efficiencies there. And for a project that on this call, in particular, we've spent a lot of airtime given to regulatory delays that are outside of our control. We can lose sight of the fact that we're 277,000 pounds in across really a modest number of header houses, and we have industry-leading production cost.

嗨，Joe，謝謝你。我們對於表現的說法再清楚不過。任何礦場的最終表現取決於成本、產出以及相關效率。而就這通電話而言，我們花了很多時間談論一些不在我們控制之內的監管延誤。但我們也可能忽略一個事實：在集管站數量其實相當有限的情況下，我們已累計生產 277,000 磅，而且我們的生產成本在業界領先。

That's really a testament to the efficiency of the operation, the quality of our team and the work that's being done to really deliver these industry-leading numbers.

這確實證明了營運效率、我們團隊的素質，以及為了交付這些業界領先數字所做的工作。

So I would argue, and I think you would -- you and I have talked about this, that the cost numbers out of Christianson Ranch, in fact, have come in better than expected and better than expectations that folks said in terms of how the project can do. So there's no doubt that as we continue to expand the project, our confidence is built on the foundation that this could be a very efficient low-cost operation and it really is about making sure we can install and construct and build that additional output and capacity which header houses afford and provide.

所以我會主張——而且我想你也會同意，你我也談過——Christensen Ranch 的成本數字其實優於預期，也優於外界對這個專案表現的預期。因此毫無疑問，隨著我們持續擴張專案，我們的信心建立在一個基礎之上：這可以是一個非常高效率、低成本的營運；而關鍵就在於確保我們能安裝、施工並建置額外的產出與產能，而這正是集管站所能提供與帶來的。

So certainly something that we're very pleased about. This is a project that is a brownfield and historically has prior to our restart had six, seven years of prior operating history as well. So it's certainly a notable project. Along the way, as you know, we've had not just refurbishments, but upgrades and all types of work done that we've reported in prior quarters. So we've come a long way in a very short period of time.

所以這當然是我們非常高興的一件事。這是一個棕地專案，而且在我們重啟之前，歷史上也有六、七年的既有營運紀錄。因此這確實是一個值得關注的專案。在過程中，如各位所知，我們不僅進行了翻修，還做了升級以及各類工作，這些我們在前幾季也都有報告。所以我們在很短的時間內走了很長一段路。

And it's really only been about 15, 16 months since production started. And as I mentioned in the last quarter, most of this low-cost production so far has been carried at say, six -- almost 70% of the load has been carried by two header houses. That's quite remarkable.

而且自開始生產以來其實也才大約15、16個月。如我在上一季提到的，到目前為止這些低成本產量中，大部分負荷——大概將近70%的負荷——是由兩座 header house 承擔的。這相當令人驚訝。

So certainly, it gives us the confidence to continue to invest and you've seen that in our numbers that we had increased investment in Christensen Ranch this past quarter, which was really driven by the additional construction work that we're doing and are completing and have underway.

所以這當然讓我們更有信心持續投資；你們也在我們的數字中看到了，我們在本季增加了對 Christensen Ranch 的投資，主要是因為我們正在進行、即將完成以及已在推進的額外建設工程所帶動的。

Yes. Just good to have you say it, that is the sense I got. And then the other item, as mentioned in the release that you're working on the PFS for Rogier. What's the timing goal for you guys to have that PFS like have the summer at least?

是的。很高興聽你這麼說，這也是我得到的感覺。另外一點，如新聞稿所提到，你們正在為 Rogier 進行 PFS（初步可行性研究）。你們的時間目標是什麼？至少希望在夏天完成嗎？

Joe, that's a great question. And we're -- as you noticed in the release, didn't list and time on that, and that's mainly because we're almost done with the conversion drilling. We're 80% done. We need that work to be completed. We need to make sure that all the steps with respect to getting our chemical assay results back on that drilling is in hand, and so the work can be completed with the third-party technical and engineering firms that are on board and available.

Joe，這是個很好的問題。而且我們——如你在新聞稿中注意到的——沒有列出時間點，主要是因為我們的轉換鑽探（conversion drilling）快完成了。我們已完成80%。我們需要把這項工作完成。我們也需要確保與該鑽探相關的化學品位分析（chemical assay）結果回來並掌握在手，這樣才能與已加入且可投入的第三方技術與工程公司一起完成後續工作。

If I had to sort of estimate at this point what we're looking at, Joe, I would say we're estimating towards the end of the calendar year to have that PFS ready but that's an estimate at this point and -- but something that we're definitely working towards and hopefully, we'll have it by that.

如果我現在要做一個大致估計，Joe，我會說我們估計在曆年年底左右讓該 PFS 準備就緒；但這目前仍只是估計——不過這確實是我們正在努力的方向，希望能在那之前完成。

I'll turn it over.

我把時間交回去。

Kristian Koschany, National Bank Capital Markets.

Kristian Koschany，National Bank Capital Markets。

Hi, Kristian Koschany on behalf of Mohamed. Just going back to the URC timing that we were talking about earlier. I just wanted to confirm that the conversion study should now be expected in 2027.

嗨，我是 Kristian Koschany，代表 Mohamed。回到我們先前談到的 URC 時程。我只是想確認一下，轉換研究（conversion study）現在應該預期在 2027 年。

Hey, Kristian, thanks for that question. I it should be a 2027 event. Between now and then, we will have further updates along the way as we're progressing on the work, including, again, whether it's on siding, whether it's any of our discussions with strategic partners and/or the US government and/or even potential utility offtake discussions that we're having. So there will be updates along the way.

嗨，Kristian，謝謝你的問題。我認為應該會是在 2027 年發生的事項。在那之前，隨著我們推進工作，我們會一路提供更多更新，包括——再次強調——不論是關於側線（siding）、我們與策略夥伴和／或美國政府的討論，甚至是我們正在進行的潛在公用事業承購（utility offtake）討論。所以過程中都會有更新。

But with respect to the work that will culminate and supporting what would ultimately be a Class IV cost study, which is what the next phase of study on this will be a first half of calendar 2027 event.

但就將會收斂並支撐最終 Class IV 成本研究（cost study）的相關工作而言——也就是本案下一階段研究——將會是在曆年 2027 年上半年發生的事項。

Great. And then I was wondering if you folks could provide us with some more color on the change in ad valorem taxes and/or production-based royalties in Wyoming for modeling this is?

很好。另外我想請問，你們是否可以就懷俄明州從價稅（ad valorem taxes）和／或以產量為基礎的權利金（production-based royalties）的變動，提供更多背景說明，方便我們做模型？

Yeah, I'm going to hand it over to our CFO, Josephine Man, to provide some color on that. Go ahead, Josephine.

好的，我把問題交給我們的財務長 Josephine Man，請她就此提供一些說明。Josephine，請。

Yeah, thanks, Amir. Thanks for the question. Yes. So this is normal and routine process with the Wyoming Department of revenue.

好的，謝謝，Amir。謝謝你的問題。是的。這是懷俄明州稅務局（Wyoming Department of Revenue）正常且例行的流程。

So they have been very fair to the uranium industry during the previous ups and downs in the commodity cycle. So we see that the state of Wyoming Tax, let these two separate tax on the mineral production in the state. So it's a service pack and the volume tax. The service tax is imposed on at the state level, ,while there volume taxes imposed on the country level. So right now, we see that there is an increase in the industry factors that the department of revenue used to capture the value of the uranium production to calculate both taxes.

他們在過去商品循環的起伏中，對鈾產業一直都相當公平。我們看到懷俄明州對州內礦產生產課徵兩種不同的稅。也就是服務稅（service tax）與產量稅（volume tax）。服務稅是在州層級課徵，而產量稅是在郡（county）層級課徵。目前我們看到稅務局用來反映鈾產量價值、以計算這兩項稅負的產業係數（industry factors）有所上調。

So we see -- so in this quarter, we saw there's an increase that in this industry factors -- and the increase was for a four-year cycle. So new industry practice is applied prospectively to -- from 2026 to 2029.

所以我們看到——在本季，我們看到這些產業係數有所提高——而這次調整是以四年為一個週期。因此新的產業係數將以前瞻方式適用——從 2026 年到 2029 年。

So we'll see steady industry factor that will be applied to our uranium production in the next couple of years. Back to you, Amir.

所以在接下來幾年，適用於我們鈾產量的產業係數將會維持穩定。交回給你，Amir。

Okay. Thank you, Josephine, and thank you, Kristian.

好的。謝謝你，Josephine，也謝謝你，Kristian。

This concludes our questions for the session. I would like to turn the conference back over to Amir and Nanny for any closing remarks.

本場問答到此結束。我想把電話會議交回給 Amir 和 Nanny，請他們做結語。

Yes, thank you, and thank you all for joining the call today, and we look forward to any follow-on communications that we might have with you in the coming days, and look forward to the quarter ahead. Thank you all, and have a good rest of your day.

是的，謝謝，也謝謝各位今天加入電話會議。我們期待在接下來幾天與各位進行任何後續溝通，也期待接下來的一季。謝謝各位，祝各位今天剩下的時間愉快。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

本次電話會議現在結束。感謝各位參加今天的簡報。您現在可以掛線。