Uranium Energy Corp. (UEC) 2026 Q4 法說會逐字稿

Good day, and welcome to the Uranium Energy Corp.'s fiscal 2026 results conference call. (Operator Instructions) Please note this event is being recorded.

各位好，歡迎參加鈾能源公司（Uranium Energy Corp.）2026 財政年度業績電話會議。(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鈾能源公司創辦人兼執行長 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. In addition, during today's call, we will be discussing certain non-GAAP financial measures. Please refer to our presentation for additional information.

謝謝，接線員，各位早安。本次電話會議所搭配的簡報已公布於我們的網站。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 頁的警示性語言。此外，在今天的電話會議中，我們將討論若干非 GAAP 財務衡量指標。請參閱我們的簡報以取得更多資訊。

With that, let's begin with the highlights of a transformational year for UEC. 12 months ago, we produced uranium from only one mine in one state. Today, we produce from two mines in two states and are well underway in building a third at Ludeman.

接下來，讓我們從 UEC 這個具轉型意義年度的重點開始。12 個月前，我們僅在一個州的一座礦場生產鈾。今天，我們在兩個州的兩座礦場生產，並且正在 Ludeman 建設第三座礦場，進展順利。

Fiscal 2026 established UEC as a multi-mine American uranium producer. Just as important, in a single year, we demonstrated that we can grow our operating team, which now stands at more than 250 people, double our drill rig count to 40 and continue to build and commission new mines, all while executing a differentiated strategy of vertical integration from mining through refining and conversion.

2026 財政年度使 UEC 成為美國多礦場鈾生產商。同樣重要的是，在短短一年內，我們證明了能夠擴大營運團隊（目前超過 250 人）、將鑽機數量加倍至 40 台，並持續建設與試運轉新礦場，同時執行一項差異化的垂直整合策略，涵蓋從採礦到精煉與轉化。

I want to take a moment to recognize our people. Behind every number you will hear today are teams in Wyoming and Texas who hired and trained new operators, built and brought new header houses online, recommissioned the Hobson plant and started up Burke Hollow, the largest new in situ recovery uranium mine to come online in the United States in over a decade and one that began as our own discovery.

我想花點時間表揚我們的同仁。各位今天聽到的每一個數字背後，都是懷俄明州與德州的團隊：他們招募並訓練新操作人員、建造並讓新的集液站（header house）上線、重新啟用 Hobson 工廠，並啟動 Burke Hollow——這是十多年來在美國投產的最大新原地浸出（in situ recovery）鈾礦，而且最初源自我們自己的發現。

This is what rebuilding America's uranium industry looks like, skilled, well-paying jobs in the rural communities where we operate. To our team and to those communities, thank you. On our last call, we said new header houses would lift production and that the rise in cost per pound seen in the third quarter was temporary.

這就是重建美國鈾產業的樣貌：在我們營運所在的鄉村社區，創造具技能、薪資優渥的工作。對我們的團隊以及這些社區，謝謝你們。在上一次電話會議中，我們提到新的集液站將提升產量，且第三季每磅成本上升是暫時性的。

This proved true as we delivered. Fourth quarter production rose 157%. -- total cost per pound fell by 33% and our unhedged strategy resulted in what we believe is the highest realized price among publicly traded uranium producers. The foundation of our competitive advantage includes the largest uranium resource base in the United States, arguably the largest ever assembled in this country, combined with $753 million in liquid assets and no debt. Fiscal 2026 was the year we built the platform.

事實證明確實如此，我們也交出了成果。第四季產量成長 157%。-- 每磅總成本下降 33%，而我們的未避險策略使我們實現了我們認為在上市鈾生產商中最高的已實現價格。我們競爭優勢的基礎包括：美國最大的鈾資源基礎（可說是本國有史以來整合規模最大者），再加上 7.53 億美元的流動資產且無負債。2026 財政年度是我們建立平台的一年。

Fiscal 2027 is the year we start to scale it with an unparalleled combination of workforce, drill rigs, in-ground resources and balance sheet strength. Turning to operations. Combined, Christensen Ranch and Burke Hollow produced nearly 83,000 pounds of precipitated uranium and dried and drummed U3O8 in the fourth quarter, up 157% from the third quarter at a cash cost of about $30 per pound and a total cost of about $36.50 per pound.

2027 財政年度則是我們開始擴大規模的一年，憑藉無與倫比的組合：人力、鑽機、地下資源與資產負債表實力。接著談營運。Christensen Ranch 與 Burke Hollow 合計在第四季生產近 83,000 磅的沉澱鈾，以及乾燥並裝桶的 U3O8，較第三季增加 157%；現金成本約每磅 30 美元，總成本約每磅 36.50 美元。

At Christensen Ranch, production doubled to more than 65,000 pounds as the three new header houses in Wellfield 11 ran for a full quarter. Cash costs fell to about $28 per pound and total cost to about $36 per pound, a 35% reduction in total cost per pound in a single quarter as higher volumes moved through the same plant.

在 Christensen Ranch，隨著 11 號井場（Wellfield 11）的三座新集液站完整運轉一整季，產量倍增至超過 65,000 磅。現金成本降至約每磅 28 美元，總成本降至約每磅 36 美元；在單一季度內，每磅總成本降低 35%，因為更高的產量在同一座工廠中處理。

At Burke Hollow, our first full quarter delivered more than 17,000 pounds at a cash cost of about $36 per pound and a total cost of just under $40 per pound. This first phase was limited to a small section of the first production area to establish a playbook of key operating parameters ahead of expansion across the full well field. For the full fiscal year, our first full year of production, we produced more than 229,000 pounds at a cash cost of about $34 and a total cost of $39.94 per pound.

在 Burke Hollow，我們第一個完整季度交付超過 17,000 磅，現金成本約每磅 36 美元，總成本略低於每磅 40 美元。第一階段僅限於第一個生產區的一小部分，以便在擴展至整個井場之前，建立關鍵營運參數的作業手冊。就全年而言，作為我們第一個完整生產年度，我們生產超過 229,000 磅，現金成本約 34 美元，總成本為每磅 39.94 美元。

Since commissioning, we have produced about 359,000 pounds. These production numbers are precipitated uranium and dried and drummed U3O8. Beyond Christensen Ranch and Burke Hollow, our development pipeline advanced on every front, which I will cover shortly. On the financial side, our unhedged strategy has not changed.

自試運轉以來，我們已生產約 359,000 磅。這些產量數字為沉澱鈾，以及乾燥並裝桶的 U3O8。除了 Christensen Ranch 與 Burke Hollow 之外，我們的開發管線在各方面都有所推進，我稍後會說明。在財務方面，我們的未避險策略沒有改變。

In a market facing a structural supply deficit, we seek to maintain exposure to pricing upside for our shareholders rather than lock it into contracts signed at legacy prices. This year, we sold 400,000 pounds at a weighted average realized price of $93.13 per pound, which we believe is the highest among publicly traded uranium producers, generating revenue of $37.3 million and gross profit of $16.9 million. That revenue reflects a deliberate choice. We ended the year holding 1.26 million pounds of uranium in inventory worth about $109 million at current market prices, nearly 3 times this year's revenue plus the roughly 359,000 pounds produced and held at our Irigaray and Hobson plants. We could have sold far more, and we chose not to.

在一個面臨結構性供應缺口的市場中，我們希望為股東保留價格上行的曝險，而不是把它鎖定在以過往價格簽訂的合約中。今年，我們銷售 400,000 磅，加權平均已實現價格為每磅 93.13 美元；我們相信這是上市鈾生產商中最高者，帶來營收 3,730 萬美元與毛利 1,690 萬美元。該營收反映的是一項刻意的選擇。年末我們持有 126 萬磅鈾庫存，按目前市場價格約值 1.09 億美元，接近今年營收的 3 倍，另加上約 359,000 磅已生產並存放於 Irigaray 與 Hobson 工廠的庫存。我們本可以賣出更多，但我們選擇不這麼做。

Our strategy is to hold inventory into a tightening market and sell into strength for the benefit of our shareholders. Our balance sheet is what gives us the relatively unique luxury of having that choice. We have $753 million in liquid assets, including $495 million in cash and no debt. We are never a forced seller. Turning to the tightening US market.

我們的策略是在市場趨緊時持有庫存，並在價格走強時出售，以造福股東。我們的資產負債表，讓我們相對少見地擁有這種選擇的奢侈空間。我們有 7.53 億美元的流動資產，其中包括 4.95 億美元現金，且無負債。我們從來不是被迫賣方。接著談美國市場的趨緊。

Several forces are converging as we head into next year. At the end of 2027, the waivers under the US ban on Russian uranium imports expire and the ban takes full effect. The United States is now in a race to stand up domestic mining conversion and enrichment capacity and new enrichment capacity only works with a reliable supply of U3O8 and UF6 behind it.

在邁向明年之際，有幾股力量正在匯聚。到 2027 年底，美國禁止進口俄羅斯鈾的豁免將到期，禁令將全面生效。美國如今正競速建立國內的採礦、轉化與濃縮產能，而新的濃縮產能只有在背後有可靠的 U3O8 與 UF6 供應時才能運作。

At the same time, the US government's own requirements are growing. The US Department of Energy through the National Nuclear Security Administration issued a request for information on domestic capability to supply unobligated US origin uranium and conversion services through the 2040s. 4 million pounds of U3O8 and 1,500 metric tons of uranium as UF6 each year, with deliveries starting as soon as 2030. And in August, the US Army selected five developers to build nuclear microreactors at military installations with more than 20 expected under its Janus Program, all requiring unobligated US origin uranium and conversion services.

同時，美國政府自身的需求也在成長。美國能源部透過國家核安全局（National Nuclear Security Administration）發布資訊徵詢（RFI），詢問國內供應「不受義務限制（unobligated）」的美國來源鈾與轉化服務之能力，涵蓋至 2040 年代：每年 400 萬磅 U3O8，以及 1,500 公噸以 UF6 形式的鈾，交付最早可自 2030 年開始。此外在 8 月，美國陸軍選定五家開發商在軍事設施建置核微型反應爐，其 Janus 計畫預計超過 20 座，皆需要不受義務限制的美國來源鈾與轉化服務。

Those needs cannot be met from allied nations. Unobligated supply can only come from US sources, US mines, US technology and US conversion. And conversion is arguably the biggest bottleneck in the entire nuclear fuel supply chain. In our response to the National Nuclear Security Administration, we made it clear that UEC is positioned to fully support its uranium requirements as our production in Texas and Wyoming ramps up and through our refining and conversion subsidiary to provide the conversion services it needs.

這些需求無法由盟國滿足。不受義務限制的供應只能來自美國來源：美國礦山、美國技術與美國轉化。而轉化可說是整個核燃料供應鏈中最大的瓶頸。在我們對國家核安全局的回覆中，我們明確表示：隨著我們在德州與懷俄明州的產量提升，以及透過我們的精煉與轉化子公司提供其所需的轉化服務，UEC 已具備充分條件全面支持其鈾需求。

No other company in the United States is building a solution from the mine through conversion. These demand signals confirm why we are building United States Uranium Refining & Conversion Corp, extending UEC beyond mining into the next stage of the fuel cycle. This year, working with our engineering partner, Fluor, UR&C finalized its regulatory engagement strategy and began preparing its license application to the Nuclear Regulatory Commission. We are advancing toward a Class 4 cost estimate, which we expect to be ready in mid-2027. Site selection continues to move forward.

美國沒有任何其他公司正在打造一套從礦山一路延伸到轉化的解決方案。這些需求訊號印證了我們為何要成立 United States Uranium Refining & Conversion Corp（美國鈾精煉與轉化公司），將 UEC 的業務從採礦延伸至燃料循環的下一階段。今年，我們與工程合作夥伴 Fluor 合作，UR&C 完成了其法規溝通策略，並開始準備向美國核能管理委員會（Nuclear Regulatory Commission）提交執照申請。我們正推進至第 4 級成本估算（Class 4 cost estimate），預期將於 2027 年年中完成。選址工作持續推進。

Behind this progress is a team that has grown to 63 individuals in less than a year, comprised of process engineers, chemists, nuclear fuel specialists, construction professionals and other subject matter experts. There is currently only one operating conversion facility in the United States. It was built in the 1950s. Building the next one is a once-in-a-generation project, and you can feel the passion our team brings to it. UR&C will be US technology so that its output can qualify as unobligated US origin supply for the US government. To protect that, UR&C has put a technology control plan in place for export-controlled information, and our team has completed comprehensive training in this regard.

支撐這項進展的是一支在不到一年內成長至 63 人的團隊，成員包括製程工程師、化學家、核燃料專家、施工專業人員及其他領域專家。目前美國僅有一座仍在運轉的轉化設施。它建於 1950 年代。建造下一座是一項一代人才會遇到一次的工程，你能感受到我們團隊投入其中的熱情。UR&C 將採用美國技術，使其產出可符合美國政府所需的「無義務（unobligated）」美國原產供應資格。為了保護這一點，UR&C 已就受出口管制資訊建立技術管制計畫，我們的團隊也已完成相關的全面訓練。

Turning to our uranium assets. Our current operating platform is built on two production hubs in Wyoming and South Texas, each with a central processing plant fed by satellite mines. This is supported by two major development projects we are advancing, the Sweetwater Hub in Wyoming and Roughrider in Saskatchewan. At Christensen Ranch, the Wellfield 11 header houses performed as expected.

接著談談我們的鈾資產。我們目前的營運平台建立在懷俄明州與南德州兩個生產樞紐之上，各自以一座中央處理廠為核心，並由衛星礦場供料。此外，我們也在推進兩個重大開發專案：懷俄明州的 Sweetwater Hub，以及薩斯喀徹溫省的 Roughrider。在 Christensen Ranch，Wellfield 11 的集管站（header houses）表現符合預期。

As previously reported, three new header houses in Wellfield 11 began production late in the third fiscal quarter. Four additional header houses were constructed and tested as of the end of the fourth fiscal quarter, bringing the total to five that were awaiting regulatory approval for start-up at such time.

如先前所報告，Wellfield 11 的三座新集管站於第三財季末開始投產。截至第四財季末，另有四座集管站已完成建造並通過測試，使得總計有五座正等待監管核准，以便在適當時點啟動。

Just yesterday afternoon, we received final approval for four of these. Our team expects to start production at these header houses in the coming weeks. At Ludeman, our next mine feeding Irigaray, wells for the first well field are being installed and tested for mechanical integrity. Engineering for the satellite ion exchange plant is advancing.

就在昨天下午，我們已收到其中四座的最終核准。我們團隊預期將在未來幾週內讓這些集管站開始生產。在 Ludeman（我們下一座為 Irigaray 供料的礦場），第一個井田的井正在安裝並進行機械完整性測試。衛星離子交換廠的工程設計正在推進。

We have ordered long lead time equipment, completed the plant pad engineering and selected our construction contractor. The power line route is set with surveys expected to be completed in the first quarter of fiscal 2027. In South Texas, the first shipment of uranium loaded resin from Burke Hollow arrived at our Hobson plant in mid-May.

我們已訂購長交期設備，完成廠區基座（plant pad）工程設計，並選定施工承包商。電力線路路徑已確定，預計於 2027 財年第一季完成測量。在南德州，來自 Burke Hollow 的首批載鈾樹脂（uranium loaded resin）於 5 月中旬抵達我們的 Hobson 工廠。

Every step at Hobson from elution through precipitation, drying and packaging is now commissioned, and Hobson is once again an operating central processing plant. At the wellfield, 126 injection and recovery wells were brought online. We're utilizing the small section to establish our best operating parameters from lixiviant chemistry and pump sizing to well field patterns. Those parameters will guide the next phase as we expand mining in the first production area. Sweetwater will be our third production hub with a mill that gives us the flexibility to process both conventional ore and in situ recovery production.

Hobson 從洗脫（elution）到沉澱、乾燥與包裝的每一道流程現已完成試車（commissioned），Hobson 再度成為運轉中的中央處理廠。在井田方面，已有 126 口注入井與回收井上線。我們正利用這一小區塊來建立最佳操作參數，涵蓋浸出液（lixiviant）化學配方、泵浦選型到井田佈局模式。這些參數將指引下一階段，當我們在第一個生產區擴大採礦時使用。Sweetwater 將成為我們第三個生產樞紐，並配備一座磨礦/選礦廠（mill），使我們能彈性處理傳統礦石與原地回收（in situ recovery）產出。

Federal permitting continues to advance. The FAST-41 permitting dashboard targets completion of the environmental assessment in March 2027 and approval of the plan of operations in May 2027, and our environmental baseline studies are largely complete. Drilling at Sweetwater North has been very encouraging with results confirming mineralization trends that support continued delineation.

聯邦許可程序持續推進。FAST-41 許可儀表板的目標為：於 2027 年 3 月完成環境評估，並於 2027 年 5 月核准作業計畫（plan of operations）；我們的環境基線研究也大致完成。Sweetwater North 的鑽探結果令人振奮，結果確認了礦化趨勢，支持我們持續進行圈定工作。

Based on this success, we're planning additional drilling in the first quarter of fiscal 2027 to further extend the mineralization identified in the initial program and to advance well field design for our first two production areas. With our partner, Wood Group, work continues on installing the ion exchange and elution systems for in situ recovery operations. In Saskatchewan's Athabasca Basin, home to the highest-grade conventional uranium mines in the world, Roughrider continues to advance. We completed a 36,000-meter drill program to upgrade our resources in support of our planned pre-feasibility study. In August, we signed a definition study agreement with Saskatchewan Power Corporation for a high-voltage transmission line to the mine, a key step in derisking our project.

基於這項成功，我們計畫在 2027 財年第一季進行額外鑽探，以進一步延伸初始計畫所識別的礦化範圍，並推進前兩個生產區的井田設計。與我們的合作夥伴 Wood Group 一起，原地回收作業所需的離子交換與洗脫系統安裝工作持續進行。在薩斯喀徹溫省的阿薩巴斯卡盆地（Athabasca Basin）——全球品位最高的傳統鈾礦所在地——Roughrider 專案持續推進。我們完成了一項 36,000 公尺的鑽探計畫，以升級資源量，支援我們規劃中的預可行性研究。8 月，我們與 Saskatchewan Power Corporation 簽署了定義研究協議，規劃一條通往礦區的高壓輸電線，這是降低專案風險的關鍵一步。

UEC is committed to become America's national champion for the front end of the fuel cycle. Our competitive advantage is one that cannot be copied, the largest uranium resource base in the country with multiple mines and production platforms. The fuel cycle starts with uranium, and that is where we also begin in our development and growth strategy aimed at establishing America's only vertically integrated uranium company.

UEC 致力於成為美國燃料循環前端的國家級領軍企業。我們的競爭優勢無法被複製：我們擁有全美最大的鈾資源基礎，並具備多座礦山與多個生產平台。燃料循環始於鈾，而這也正是我們發展與成長策略的起點，目標是建立美國唯一一家垂直整合的鈾公司。

With that foundation, our team of professionals and a clear path from mining through conversion, UEC has never been better positioned. Before we turn to questions, I would 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. Operator, please open the line for questions.

憑藉這樣的基礎、我們的專業團隊，以及從採礦一路延伸到轉化的清晰路徑，UEC 從未像現在這樣具備更佳的定位。在進入提問之前，我想說明今天與我一同出席的還有：我們的財務長 Josephine Man、執行副總裁 Scott Melbye，以及美國營運資深副總裁 Brent Berg。接線員，請開放提問。

(Operator Instructions) Brian Lee, Goldman Sachs.

(接線員指示) Brian Lee，高盛。

I guess first one, just be curious, fiscal 2026 was pretty eventful for you guys, but we're heading into kind of a new pricing environment, I suppose, if you look at the strength in U3O8, and I think that's indicative of you having two quarters of sales this fiscal year. So maybe just on that front, fair to assume more sales in fiscal Q1 with U3O8 prices hovering around $90 a pound?

我想先問第一個問題：2026 財年對你們來說相當多事，但我們正進入一個新的定價環境；如果看 U3O8 的強勢表現，我想這也反映你們本財年會有兩個季度的銷售。所以在這方面，是否可以合理假設在財年第一季會有更多銷售，因為 U3O8 價格徘徊在每磅 90 美元左右？

And then maybe just zooming out a little bit, just the extent to which you're seeing customer engagement at these levels of uranium pricing and then the potential for UEC specifically to be engaged in more sustained and consistent sales in fiscal 2027.

另外把視角拉遠一點，在目前這樣的鈾價水準下，你們看到客戶互動的程度如何？以及 UEC 在 2027 財年是否有可能參與更持續、更穩定一致的銷售？

Brian, thank you for the question and being here. I'll take this in kind of two ways. Let me just provide some comments on it myself, and then I'd like to get Scott Melbye to come into with his thoughts on it. But Brian, again, as you have seen with our announcements and particularly kind of focusing on this growing US government demand for unobligated US origin uranium. You've known kind of all along as to why we've stayed unhedged.

Brian，謝謝你的提問，也謝謝你今天參與。我會從兩個角度來回答。我先提供一些我的看法，接著我也想請 Scott Melbye 補充他的觀點。不過 Brian，如你從我們的公告中所見，特別是聚焦於美國政府對「無義務」美國原產鈾日益增加的需求。你也一直都知道我們為何維持未避險（unhedged）。

It was partly because of the tightness we see in the market, the supply-demand fundamentals that to us clearly shows a supply deficit, a structural one. But we always felt that we had a differentiated product, uranium mined in the US is simply different than what could be mined in Canada or elsewhere because of the unobligated needs of the US government.

部分原因是我們看到市場的緊俏，以及供需基本面在我們看來清楚顯示供給缺口，而且是結構性的缺口。但我們一直認為我們擁有差異化產品：在美國開採的鈾，與在加拿大或其他地方可開採的鈾就是不同，因為美國政府有其「無義務」需求。

Until recently, those needs were not explicitly expressed in numbers with delivery dates and the specifics that we now have from the National Nuclear Security Administration with the recent awards that the Army provided. And so now you're starting to see more clear demand signals from the US government for that US origin unobligated uranium.

直到最近，這些需求並未以明確數字呈現，也沒有交付日期與我們現在從國家核安局（National Nuclear Security Administration）以及陸軍近期授標所取得的那些具體細節。因此，你現在開始看到美國政府對美國原產、無義務鈾更清晰的需求訊號。

And so this shapes our strategy for sales going into fiscal 2027, where we want to certainly be there as a reliable supplier to the US government. We've made sales to the Department of Energy in the past as a US supplier. And so those lines are in place. But we've also noticed anecdotally increased utility interest and RFP activity, especially from US utilities going into the World Nuclear Symposium week.

因此，這也形塑了我們在邁向2027財年的銷售策略：我們希望確實能以可靠供應商的身分，服務美國政府。過去我們曾以美國供應商身分向能源部（Department of Energy）銷售。因此，這些管道都已就位。但我們也從一些實務觀察中注意到，公用事業公司的興趣與RFP活動有所增加，尤其是在世界核能研討會週期間，來自美國公用事業公司的動能更為明顯。

And generally speaking, you can see not only the price firm up and grind higher, north of $90 or just around $90 per pound, but the utility demand is there as well. And we look to capitalize on that where appropriate as well, Brian. But let me hand it off to Scott to elaborate and add to those points. Go ahead, Scott.

整體而言，你不僅可以看到價格走勢轉強並緩步上行，每磅站上90美元以上或約在90美元附近，而且公用事業端的需求也同樣存在。我們也會在適當時機把握並加以運用這樣的機會，Brian。不過我先把話題交給Scott，請他進一步說明並補充這些重點。Scott，請。

Yes, thanks, Amir. And Brian, we indeed, as everyone, the utility contracting levels. And I would say the first half of this year, we've seen less than replacement rate of contracting by utilities. But as Amir has said, we've seen a real increase in off-market discussions with utilities and public RFQs, RFPs, soliciting long-term proposals.

好的，謝謝你，Amir。Brian，確實，我們也和大家一樣在關注公用事業公司的簽約水準。我會說，今年上半年我們看到公用事業公司的簽約量低於補庫（replacement rate）的水準。但如Amir所說，我們看到與公用事業公司之間的場外（off-market）討論，以及公開RFQ、RFP徵詢長期提案的活動，確實大幅增加。

And I think what's encouraging is the supply deficit that I think all analysts agree is present and in fact even increasing to as much as maybe 2 billion pounds over the next 20 years. It's beginning to manifest itself in what sort of offers the utilities are seeing in the long-term market. They're not seeing the breadth and depth of offers that I think they'd like to see.

我認為令人鼓舞的是，所有分析師都同意供應缺口確實存在，而且甚至正在擴大，未來20年累計可能高達約20億磅。這個缺口開始反映在公用事業公司在長期市場上所看到的報價型態。他們看到的報價廣度與深度，並沒有達到我認為他們希望看到的程度。

Producers with production available are able to increase terms and conditions where that means higher base prices, maybe now approaching $100 per pound or above, or even the terms in market-related contracts, whether those are floors and ceilings increasing or what's relevant to us, we're beginning to see traction on proposals that have no price caps in terms of ceilings, certainly no discounts off market or flexibility. So I wouldn't rule out that we'll be successful in the coming months, signing some long-term contracts with utilities give us the certainty of the long-term contract without giving up our upside.

有可用產能的生產商，能夠提高交易條款與條件——這可能意味著更高的基準價格，現在也許接近每磅100美元或更高；或者是在與市場連動的合約條款上，不論是底價與上限（floors and ceilings）提高，或是對我們更相關的部分：我們開始看到一些提案在價格上限（ceiling）方面不設封頂，當然也不再有低於市價的折扣或彈性。因此，我不會排除在未來幾個月，我們有機會成功與公用事業公司簽下一些長期合約，在不放棄上行空間的前提下，取得長約帶來的確定性。

That's a super helpful color there. Maybe just a follow-up on that. At the onset, you mentioned the NNSA US-origin unobligated RFP. It sounds like you guys have filed for that. What are next steps, milestones on that process, and how should we think about when you get clarity around potential volume and pricing terms if you're awarded something through that RFP?

這些補充非常有幫助。我想就此追問一下。一開始你提到NNSA針對美國原產、未承諾（unobligated）的RFP。聽起來你們已經提出申請。接下來這個流程的下一步與里程碑是什麼？如果你們透過該RFP獲得標案，我們應該如何看待你們何時能對潛在供應量與定價條款有更清楚的掌握？

Yeah, well, this is very, yeah, the RFI that was issued by the NNSA is very significant. I'll say in my experience through the Uranium Producers of America, we've advocated on behalf of replenishing the stockpile for our defense purposes, and we've done so with the last five presidential administrations. Administrations, Republican and Democrat, they all agreed that that's important and it should be a priority. But it wasn't until this administration that they've committed to do something about it.

是的，這個——NNSA發布的RFI確實非常重要。以我在「美國鈾生產商協會」（Uranium Producers of America）的經驗來說，我們一直主張為國防目的補充戰略庫存，而且在過去五屆總統政府期間都持續倡議。不論共和黨或民主黨政府，他們都同意這很重要，應該列為優先事項。但直到本屆政府，他們才承諾要真正採取行動。

And so the RFI in government procurement terms is that first step prior to issuing formal requests for proposals. So the fact that they're moving forward with purchases as early as 2030 at the 4 million pounds a year rate in the form of concentrates and UF6 conversion services, frankly, will be an incredible stimulus for the US uranium industry, and certainly UEC will respond.

因此，在政府採購的術語中，RFI是發出正式提案徵求（RFP）之前的第一步。所以，他們推進採購、最早在2030年以每年400萬磅的規模採購（以精礦以及UF6轉換服務的形式），坦白說，將會對美國鈾產業帶來極大的刺激，而UEC當然也會做出回應。

To that demand signal. And Brian, just to add to that, I mean, I think it would be fair to say that there really wasn't a number previously, and Scott, you can confirm this as well, but up until this RFI, there wasn't a number that someone can point to and say, the NNSA demand is X million pounds per year. And so now you've got a number, 4 million pounds per year, starting in 2030.

回應這個需求訊號。Brian，另外補充一下，我認為可以公平地說，以前其實沒有一個明確數字——Scott你也可以確認——但在這份RFI之前，沒有人能指著一個數字說：NNSA的需求是每年X百萬磅。而現在你有了一個數字：自2030年起，每年400萬磅。

It's quite specific. It's quite large, in some ways larger than maybe people would have been anticipating. And last month's award by the Army for the micro-reactors to power military bases is on top of that and to be further determined. So you look at that in the context of the growing production that UEC has and volumes going into 2030, this could be just an excellent fit for us and not to mention the conversion on top of that.

這非常具體。規模也相當大，在某些方面甚至比大家原先預期的還要大。此外，上個月陸軍針對為軍事基地供電的微型反應爐所做的授標也疊加在其上，後續規模仍有待進一步確定。因此，若把這些放在UEC到2030年前產量成長與供應量的脈絡下來看，這對我們可能是非常契合的機會，更不用說還包含轉換（conversion）業務。

And look, the reality is this, now I think hopefully drives home the point as to why we've remained unhedged as well, to have this added flexibility to be able to be a supplier, be aligned with those US government needs that we've said for many quarters now were coming. And so there would have been zero point to be sitting here talking about these new demand points had we already contracted all of our production to utility demand.

而且，現實是：我希望這也能更清楚地說明，為什麼我們一直維持未避險（unhedged）——以保有額外的彈性，能夠成為供應商，並與我們過去好幾季一直說將會到來的美國政府需求保持一致。因此，如果我們早已把所有產量都簽約供應給公用事業需求，那我們今天坐在這裡談這些新的需求點就毫無意義了。

So the fact that again, this is emerging, the numbers are bigger than had been anticipated or expected. And the delivery dates are around the corner. This is in addition to the Russian ban kicking in December 2027. This creates one of the tightest environments we have ever seen in the US for US-origin and very specific unobligated needs that exist and that there's a market around.

所以，現在這些需求正在浮現，數字比原先預期或想像的更大。而交付時間也近在眼前。再加上俄羅斯禁令將於2027年12月生效。這使得美國市場在「美國原產」以及非常特定的「未承諾」需求方面，形成我們所見過最緊俏的環境之一，而且圍繞這些需求確實存在一個市場。

That's great. My last one and I'll pass it on. Just on conversion, Amir, we'd love to hear your thoughts. You mentioned this is a once in a generation sort of build out that the country needs on conversion UF6 capacity. Give us an update on sort of where you are in terms of off-take, financing discussions, and then also siting.

很好。我最後一個問題，問完我就交給下一位。關於轉換（conversion），Amir，我們很想聽聽你的看法。你提到，國家在UF6轉換產能方面需要的是「一代一次」的擴建。請你更新一下你們在承購（off-take）、融資討論，以及選址（siting）方面的進展。

And then just your big picture thoughts on competition. It's a once in a generation opportunity. There's an incumbent, as you mentioned. There seems to be a few startups. Our understanding is there's probably only room for one more factory, not four of them. So how does UEC position to be the one, and is there any way to kind of pull forward your plans, given kind of the competitive landscape might be heating up here? Thank you.

另外也想聽你對競爭格局的宏觀看法。這是一個一代一次的機會。如你所說，市場上有既有業者。看起來也有幾家新創。我們的理解是，市場大概只容得下再多一家工廠，而不是四家。那麼UEC要如何定位自己成為那一家？在競爭態勢可能升溫的情況下，有沒有辦法把你們的計畫時程往前拉？謝謝。

Hey, Brian, I think our competitive advantage and differentiation on this couldn't be more clear, and it can't be copied, as I mentioned. And it really starts with the resource base that we've assembled, the largest resource base in the US for uranium.

Brian，我認為我們在這件事上的競爭優勢與差異化再清楚不過，而且如我提到的，這是無法被複製的。而這一切的起點，在於我們所整合的資源基礎——我們擁有美國最大的鈾資源基礎。

And so what we are offering is the ability to be vertically integrated and to be able to offer uranium, U3O8, and UF6. That does not exist today. That has never existed in the US before. This can't be an alternative that French, Canadian, Chinese, Russian technology provides.

因此，我們所提供的是垂直整合的能力，能夠同時提供鈾、U3O8以及UF6。這在今天並不存在。在美國過去也從未存在過。這不可能是法國、加拿大、中國、俄羅斯技術所能提供的替代方案。

As I mentioned, it has to be mined in the US, US technology, US infrastructure, and all of it has to be here. And the existing conversion facility that we mentioned that's been in operation since the 50s is conversion only. It's not vertically integrated into mining operations, nor are any of the other, let's say, potential early-stage startups that you may have heard about there. So we've got, again, the ability to talk about the vertical integration as being essential, because we have this problem in enrichment. The biggest risk to enrichment, Brian, isn't the shortage of capital. It's the availability of UF6.

如我先前提到的，它必須在美國開採、採用美國技術、使用美國基礎設施，而且所有環節都必須在這裡完成。而我們提到的那座自 1950 年代起就一直在運轉的既有轉換設施，只做轉換。它並未與採礦作業做垂直整合，其他你可能聽過的、所謂潛在的早期新創也都沒有。因此我們再次強調，垂直整合至關重要，因為我們在濃縮端確實存在這個問題。布萊恩，濃縮最大的風險不是資本短缺。而是 UF6 的可取得性。

And similarly, that's the biggest risk to conversion is the availability of U3O8. The feedstock that allows the fuel cycle to exist is uranium. And so without that, we don't have a healthy and robust fuel cycle in the country. So I think we're going about it the right way. I think for years, the focus, frankly, has been backwards start at enrichment and then hope everything else shows up at the doorsteps. You can't enrich air. And so to start with uranium, add conversion, and to be the only company that offers that supply chain solution, we think really stands out.

同樣地，轉換最大的風險是 U3O8 的可取得性。讓燃料循環得以存在的原料就是鈾。因此沒有它，我們國內就不會有健康且具韌性的燃料循環。所以我認為我們的做法是對的。坦白說，多年來焦點其實是倒過來的——先從濃縮開始，然後希望其他一切都會自己送上門。你不可能把空氣拿去濃縮。因此從鈾開始，再加上轉換，並成為唯一提供該供應鏈解決方案的公司，我們認為這點確實非常突出。

And I hope that answers your question, Brian.

希望這回答了你的問題，布萊恩。

Heiko Ihle, H.C. Wainwright & Co.

Heiko Ihle，H.C. Wainwright & Co.。

Hey there, Amir and team. Thanks very much for taking my questions here. There's been some stories in the news recently about the supply crisis as the Department of Defense has requested another 4 million pounds of domestically sourced uranium. Obviously, this is much, much in excess of what we domestically produce. So something needs to give and I want to see maybe a little bit what are you seeing with the demand from the Navy and then building on all of that I assume the Army is going to have some requirements as well. What are you seeing in the market and what are your conversations like with counterparties?

嗨，Amir 和團隊。非常感謝讓我在這裡提問。最近新聞有一些報導談到供應危機，因為國防部要求再增加 400 萬磅的國內來源鈾。顯然這遠遠超過我們國內的產量。所以一定得有些改變；我想了解你們看到海軍端的需求情況如何，並在此基礎上，我猜陸軍也會有一些需求。你們在市場上看到了什麼？以及你們與交易對手的對話大概是什麼樣子？

Thanks, Heiko, for that question. And Scott, why don't you go ahead and take that? Hey Heiko, I'll go ahead and take that. I think that maybe there's a glitch. It is on mute.

謝謝你，Heiko，這個問題。Scott，要不你來回答？嗨 Heiko，我來回答。我想可能有點狀況。目前是靜音。

Oh, yes, maybe he's on mute. Maybe he's disconnected. Hey, Heiko, yes, this is, he may have been disconnected for a connection issue. He's overseas right now. But just to get into that question, you, I think you're absolutely right that this is something that we've been waiting for and the industry has been waiting for a long time frankly some of this demand, again, was difficult to pinpoint and put exact figures around.

喔，是的，可能他在靜音。也可能他斷線了。嗨 Heiko，是的，他可能因為連線問題而中斷。他現在人在海外。不過回到你的問題，我想你說得完全正確：這是我們一直在等、產業也等了很久的事情；坦白說，其中一些需求一直很難精準界定並量化出確切數字。

And so when you kind of consider just to maintain the existing fleet of reactors in the nuclear Navy to kind of pinpoint that number around 4 million pounds per year starting in 2030 before any further development or expansion of the fleet takes place.

因此，若你把重點放在僅維持核動力海軍現有反應爐艦隊運作，從 2030 年起每年大約需要 400 萬磅——這還不包含艦隊進一步發展或擴編。

And again, the additional micro-reactors being deployed with the expansion and the Janus program that the Army has. This is again never seen before numbers. I think it creates a real race in the US to stand up the domestic industry, because even though these demand signals are effective for 2030 and beyond, the Russian uranium ban takes full effect December 2027. So we're about a year away from the market here really starting to feel tight.

再者，隨著擴編以及陸軍的 Janus 計畫，還會部署額外的微型反應爐。這些數字可說是前所未見。我認為這會在美國形成一場建立國內產業的真正競賽，因為即使這些需求訊號是從 2030 年及之後才生效，俄羅斯鈾禁令會在 2027 年 12 月全面生效。所以距離市場真正開始感到吃緊，大約只剩一年。

And the squeeze on the availability of these domestic supply sources become quite real. You've seen announcements and more focus on enrichment, but like we said, you need the entire supply chain. We just think this is a really important positive development and it's something that, again, we've been waiting for years.

而對這些國內供應來源可取得性的擠壓會變得相當真實。你已經看到一些公告以及對濃縮的更多關注，但如同我們所說，你需要的是整條供應鏈。我們認為這是一個非常重要的正向發展，而且也是我們多年來一直在等待的事情。

You heard Scott talk about how so many different presidents and administrations were, there was advocacy towards this issue to pay greater attention to it. I think now that's happening finally and there's this very strong bipartisan support for these initiatives to stand up and build a domestic industry. And frankly, with that type of durable policy support, you can really then do the scaling and the development initiatives that we have underway, multiple mines, multiple projects across the various projects that you've heard us provide updates on.

你也聽到 Scott 提到，過去有這麼多位總統與政府都曾倡議要更重視這個議題。我想現在終於正在發生，而且對於建立並打造國內產業的這些倡議，兩黨都有非常強的支持。坦白說，有了這種具持久性的政策支持，你就真的能推動我們正在進行的擴產與開發計畫——多座礦山、多個專案，涵蓋你們聽到我們更新的各個專案。

That's a fair answer. And then just maybe a little more 30,000 foot view wise. I mean the world is a very changed place from a year ago, five years ago, but frankly even since the last time we had a conference call here. What are you seeing in relation to the willingness to face geopolitical risk factors from your utilities? I mean, is there buying at any price? Is there more concern about long-term viability of supply? What are you seeing in your conversations? If you maybe want to give a bit of color there.

這回答很合理。再從更宏觀、三萬英尺的角度問一下。世界相較於一年前、五年前，甚至坦白說自從我們上次在這裡開電話會議以來，都已經大不相同。你們看到公用事業公司在面對地緣政治風險因素時的意願有什麼變化？我的意思是，是否出現不計價格的採購？或是對長期供應可行性有更多擔憂？你們在對話中看到了什麼？如果你願意的話，能否補充一些細節。

Scott..

Scott..

Can take that if you want --

如果你願意，我可以回答--

Yeah, go for it.

好，你來。

Yes, Heiko, it's interesting because the utilities are coming back to the long-term market and not seeing that breadth of offers coming back to them is causing them to do a bit of soul searching and maybe go down into the second and third tier type suppliers and some and that might even mean taking on some geopolitical risk. So I think it's always as it always has been we'll come back to suppliers that have geopolitical stability, stable operations.

是的，Heiko，這很有意思，因為公用事業公司正在回到長期市場，但他們沒有看到那麼廣泛的報價回到他們面前，這讓他們開始反思，並可能轉向第二、第三梯隊的供應商，而這甚至可能意味著要承擔一些地緣政治風險。所以我認為一如既往，最終他們還是會回到具備地緣政治穩定性、營運穩定的供應商。

Operations are going to really see a premium in this market. And I think already the utilities, I think we're going into a market where the utilities are going to be less concerned about fighting over $0.50 or $1 in terms, actually getting a claim on a bona fide producer's production capacity. And that can come through long-term contracting. I don't think we're far off from utilities and other fuel cycle companies taking equity stakes in uranium companies to get that certainty of supply because we're really we're going into that kind of again. We've seen it in the past. Feels like early stages of that happening again.

在這個市場中，穩定營運將會真正享有溢價。而且我認為公用事業公司正進入一個市場：他們會更不在意在條款上為了 0.50 美元或 1 美元去爭執，而是更在意能否真正取得可信生產商的產能配額。這可以透過長期合約來達成。我認為我們距離公用事業公司與其他燃料循環公司入股鈾公司、以取得供應確定性，已經不遠了，因為我們正再次走向那種情況。我們過去見過。感覺像是這種情況再次發生的早期階段。

Fair enough. I agree with you that at the end of the day, it's an irrelevant sum of money to your counterparty. I'll get back to you. Thank you guys very much.

了解。我同意你說的，歸根結底，對你的交易對手而言那是一筆無關緊要的金額。我再回頭找你。非常謝謝各位。

Katie Lachapelle, Canaccord.

Katie Lachapelle，Canaccord。

Hi, Amir and team. Thanks for taking my question. I'm just wondering about production expectation into Fiscal Year 2027. I know that you mentioned that Burke Hollow produced from only a small section of the first production area. So what are you expecting to open up additional areas for production?

嗨，Amir 和團隊。謝謝讓我提問。我想請教 2027 財政年度的產量預期。我知道你提到 Burke Hollow 只在第一個生產區的一小部分進行生產。那麼你們預期何時會開放更多區域來進行生產？

And then as it pertains to Christensen Ranch, there are additional header houses coming online. So how are you expecting that to impact the next year?

接著談到 Christensen Ranch，那裡還有額外的集液站（header house）即將投運。那麼您預期這會如何影響明年？

Hey, Katie, thanks for that and good to have you on. You heard already, we were quite delighted and excited that yesterday afternoon, just as we were putting on the final preparations to get everything queued up and filed for today, we got approvals for four header houses at Christensen Ranch just yesterday afternoon, which allows our team to now start to move those projects in the coming weeks into operation.

嗨，Katie，謝謝你的提問，也很高興你加入。你也已經聽到了，我們昨天午後非常高興也很振奮：就在我們做最後準備、把今天要提交的所有資料排程並完成申報時，我們在昨天午後剛剛拿到了 Christensen Ranch 四座集液站的核准，這讓我們的團隊能在接下來幾週開始推進這些專案並投入運作。

So despite the fact that we are continuing to deal with these industry growing pains with the regulatory delays that have occurred over the course of this year, there's definitely progress being made, and I think you see that. At this point, as you know, we don't have formal guidance, and I'll be direct about that as we've been before. We still have a variable in our ramp up, which is the timing of these regulatory approvals.

因此，儘管我們仍在應對今年發生的監管延宕所帶來的產業成長陣痛，但確實正在取得進展，我想你也看得到。目前如你所知，我們沒有正式的指引（guidance），我也會像之前一樣直說。我們在產能爬坡（ramp up）上仍有一個變數，也就是這些監管核准的時點。

Despite yesterday's good news, we still have much of that work in progress in front of us and that's outside of our control, Katie. It's not unique to UEC. The regulators are handling far more uranium permitting than in prior years. This is after a long period, the industry was largely idle. The growing pains of an industry coming back, frankly, is a good problem.

儘管昨天有好消息，但我們前面仍有許多工作正在進行中，而那部分不在我們控制範圍內，Katie。這也不是 UEC 獨有的情況。監管單位正在處理的鈾礦許可案件量遠高於往年。這是在產業長期幾乎停擺之後的情況。坦白說，一個產業重新啟動所帶來的成長陣痛，其實是個「好問題」。

We're making progress. We're working side by side with the regulators in Wyoming and Texas. Approval timelines are improving. And every approval makes the next one more predictable. So the capital capacity is ready. As you heard me talk about, the workforce has doubled. The drill rigs have doubled in size.

我們正在取得進展。我們與懷俄明州與德州的監管單位並肩合作。核准時程正在改善。而且每一次核准都會讓下一次更可預測。因此資本與產能已經就緒。如你聽我提到的，人力已經加倍。鑽機規模也加倍。

Our capacity for header houses increased just as recent as yesterday afternoon. We've got the progress and the development that's taking place at Ludeman and Sweetwater. So the approval cadence is, as it becomes more predictable and as we get a larger critical mass of operations rolling, I think we'll be able to provide the guidance and be more specific about it. Until then, I think the best measure of what we deliver each quarter is really the way to go by. And this quarter you saw production was up 157%. And so with the growing with that capacity and with additional header houses coming, we're quite confident about a strong Fiscal '27 ahead.

我們的集液站產能就在昨天午後又提升了。我們在 Ludeman 與 Sweetwater 的進度與開發也在推進。因此，隨著核准節奏變得更可預測、且我們有更大規模的營運逐步運轉起來，我認為我們將能提供指引並更具體說明。在那之前，我認為衡量我們每季交付成果的最佳方式，仍是看我們實際每季的表現。而本季你看到產量成長了 157%。因此，隨著產能擴張以及更多集液站即將上線，我們對 2027 財年（Fiscal '27）前景強勁非常有信心。

Understood. And then maybe just a follow-up question to Brian's question on conversion earlier. How close are you to selecting a technology or are you still assessing multiple flow sheets? And then to that end, are you planning to disclose the class 4 estimate that's currently underway?

了解。接著可能追問一下先前 Brian 關於轉化（conversion）的問題。你們距離選定技術有多近？還是在評估多種流程（flow sheet）？另外，就此而言，你們是否計畫揭露目前正在進行的第 4 級（class 4）估算？

The current plan, Katie, is to disclose or to provide that information in mid-2027 when it's available. And that's. And that's something that we disclosed and are working towards at this point. As you also mentioned, as you also see us mentioned, the team and the progress we're making has really advanced quite significantly, growing to roughly 63 individuals on the team. On the team.

目前的計畫是，Katie，在 2027 年年中可取得時揭露或提供該資訊。而這……而這是我們已經揭露並正朝此方向推進的事項。如你也提到、也如你看到我們所說的，團隊與我們取得的進展其實已大幅向前推進，團隊規模成長到約 63 人。在團隊方面。

Maybe I can let Brent speak a bit to the progress on the conversion project with UR&C. Brent, over to you. Thank you.

也許我可以請 Brent 談談與 UR&C 的轉化專案進展。Brent，交給你。謝謝。

Yeah, thanks, Amir. Katie, I would just add that we're moving very quickly with Uranium Refining & Conversion as we advance the next phase of engineering, siting, and licensing. Of course, secure domestic fuel cycle infrastructure is a top priority for the Department of Energy, and we have a collaborative relationship with them to keep our conversion initiative aligned with government objectives.

好的，謝謝，Amir。Katie，我補充一下：我們正與 Uranium Refining & Conversion 非常快速地推進，並推動下一階段的工程設計、選址與取照（licensing）。當然，建立安全的國內燃料循環基礎設施是能源部（Department of Energy）的首要任務，我們與他們保持合作關係，以確保我們的轉化計畫與政府目標一致。

Our next milestone as Amir alluded to is really that class 4 cost estimate with Fluor. And we expect to complete that by mid-2027. And that estimate will really set out the cost, the timeline for the project and we would not expect the final investment decision until that's complete. But things are progressing very well. And that estimate is the milestone for the current stage. And it'll lead to more detailed estimates to support a final investment decision. Amir, back to you.

我們下一個里程碑，如 Amir 所提到的，確實是與 Fluor 進行的第 4 級成本估算（class 4 cost estimate）。我們預期在 2027 年年中完成。該估算將明確列出成本與專案時程，而在完成之前，我們不預期會做出最終投資決策（final investment decision）。不過進展非常順利。而這份估算就是目前階段的里程碑。它也將引導更細部的估算，以支援最終投資決策。Amir，交回給你。

Thanks, Brent.

謝謝，Brent。

That's good on my end, guys. Thank you.

我這邊沒有其他問題了，各位。謝謝。

Thank you, Katie.

謝謝你，Katie。

Justin Chan, SCP Resource Finance.

Justin Chan，SCP Resource Finance。

Hi Amir, Brent and team. As a follow-up to Katie's question on the header houses, I think you had kind of four or five the past quarter. I know you can't control approvals, but from, I guess, a build out perspective, is that kind of the rate you see yourselves progressing with next year, assuming approval?

嗨 Amir、Brent 以及團隊。延續 Katie 關於集液站的問題，我想你們上一季大概有四到五座。我知道你們無法控制核准，但從建置（build out）的角度來看，假設核准順利，這是否就是你們預期明年的推進速度？

Go ahead, Brent.

Brent，你先請。

Yes, thanks, Justin. I would just say the progress is clear, so that Christensen Ranch. We doubled production in the fourth quarter with three new header houses and well field running for the full period. As Amir mentioned, we had four header houses that were just approved yesterday.

好的，謝謝，Justin。我想說進展很明確，就 Christensen Ranch 而言。我們在第四季透過三座新的集液站，以及井場在整個期間的運轉，使產量翻倍。如 Amir 提到的，我們昨天剛核准了四座集液站。

Currently, there are three additional header houses under construction with another awaiting approval. And of course, each adds capacity as we advance. Maybe a little further color on future header house construction. We're installing the monitor wells in what's called Well Field 8 extension, and that's approximately 50% complete.

目前還有另外三座集液站正在施工，另有一座在等待核准。當然，隨著我們推進，每一座都會增加產能。再補充一些未來集液站建置的細節。我們正在所謂的「井場 8 延伸區」（Well Field 8 extension）安裝監測井（monitor wells），目前約完成 50%。

And at Ludeman, all wells for the Well Field 8 extension are Header House 1-1, which is the first one, had been drilled and cased and under-reaming underway. And well installation for Header House 1-2 has been initiated with monitor wells for the first well field at Ludeman and nearing completion. So as you can see, we're focused on not just Christensen Ranch, but Ludeman to keep that construction tempo, consistent with what you would have seen in the past. Back to you, Amir.

在 Ludeman，井場 8 延伸區的所有井，針對集液站 1-1（也就是第一座），已完成鑽井與下套管（cased），並正在進行擴孔（under-reaming）。而集液站 1-2 的井安裝已啟動；Ludeman 第一個井場的監測井也接近完工。因此如你所見，我們不只聚焦 Christensen Ranch，也同樣推進 Ludeman，以維持施工節奏，與你過去看到的水準一致。交回給你，Amir。

Justin, did you have a follow up there?

Justin，你還有追問嗎？

Yes, yeah. Thanks, Brent. That was a great answer. Yes, as a follow-up, so I noted the construction timeline. Some info was given for Ludeman's IX plant. Just curious what your timelines are for Ludeman and getting that IX plant up and running, and when might we see loaded resins from that starting the production profile at FY27?

有的，有。謝謝，Brent。回答得很完整。追問一下：我注意到施工時程。你們也提供了一些 Ludeman 的 IX 廠資訊。想請教你們對 Ludeman、以及讓該 IX 廠投運的時程規劃是什麼？以及我們何時可能看到那裡的載鈾樹脂（loaded resins）開始在 2027 財年（FY27）的產量曲線中反映出來？

Hey, Justin, that's a great question and, if you look at let's say our development timeline at, for example Burke Hollow, we were able to build and execute within 12-to-15-month timeline. And as you know, there hasn't really been any other greenfield ISR projects built in the US in a very long time. And so UEC is very quickly developing the protocol, the team, the workforce, the formula to be able to deliver these projects with great predictability. Precision as we move forward. And so we're, as of today, not putting a very specific timeline on when Ludeman will come online.

嗨，Justin，這是個很好的問題。若你看我們在例如 Burke Hollow 的開發時程，我們能在 12 到 15 個月內完成建置與執行。而如你所知，美國已經很久沒有其他綠地（greenfield）的 ISR 專案建成了。因此 UEC 正非常快速地建立流程、團隊、人力與方法論，以便能以高度可預測性來交付這些專案。並在我們往前推進時保持精準。因此，截至今天，我們尚未對 Ludeman 何時上線給出非常具體的時程。

I think by the time we report fiscal Q1, we might be in a better position to do that, Justin. But suffice to say, this is a very experience from Burke Hollow and that type of, let's say, timeline there, puts us in a position to maybe think about sort of where Ludeman could be and the kind of expectation we have from where it can be coming online from today. We're moving very aggressively on it. It's a more accessible project. I remember when you visited, did you, you didn't visit Ludeman. You just visited the Christensen Ranch, right?

我想等到我們公布財年第一季時，Justin，我們可能會更有條件做到那一點。但簡單來說，這是來自 Burke Hollow 的一個非常重要的經驗，而那類型的、姑且說的時程，讓我們能夠去思考 Ludeman 可能會處於什麼位置，以及從今天起它上線時我們對它的預期會是什麼。我們正在非常積極地推進。這是一個更容易到達的專案。我記得你來訪時，你有去 Ludeman 嗎？你只是去了 Christensen Ranch，對吧？

Yes. Yes.

是的。是的。

So relative to like what it took to get to Christensen Ranch, which if you recall is, but, but an hour and maybe 15-minute drive from Casper or so, Ludeman is more accessible, is closer by, and it's a project that kind of enjoys more straightforward topography. And so we don't see challenging aspects to developing Ludeman, and we see a good quality, strong project that will benefit from the experience that UEC has with the greater workforce and construction team and crews that we have in place. As I mentioned, by the time of the next quarter, hopefully we'll have more specific update on that timeline at Ludeman, but it's very much part of our production plans for 2027, 2028 and beyond.

所以相較於把 Christensen Ranch 做到那個程度所花的工夫——如果你還記得的話——那裡大概是從 Casper 開車一小時又十五分鐘左右，Ludeman 更容易到達、距離更近，而且它的地形條件也比較直接。因此我們不認為開發 Ludeman 會有具挑戰性的面向；我們看到的是一個品質良好、很強的專案，並且將受益於 UEC 的經驗，以及我們現有更大的勞動力、施工團隊與作業班組。如我提到的，希望到下一季時，我們能就 Ludeman 的時程提供更具體的更新；但它確實是我們 2027、2028 以及之後生產計畫中非常重要的一部分。

Okay, thanks. And maybe just one last one is a similar question on Texas, just I guess relative to the ramp up we saw at Wyoming, how prescriptive is that for how you see kind of well-field and header house deployment in Texas, or should we expect something quite different?

好的，謝謝。也許最後再問一個關於德州的類似問題：相對於我們在懷俄明看到的爬坡進度，那對你們在德州的井場（well-field）與集管站（header house）部署方式有多大的指導性？還是我們應該預期會有相當不同的做法？

The only thing I'll say at a high level and then hand it to Brent to go deeper is the one difference here between Christensen Ranch and Burke Hollow is the brownfield, greenfield nature of those two projects, Justin. So at Christensen Ranch, we restarted a mine that had a prior 10-year operation operating history with in situ recovery and a team and operating parameters that were well known and were being leveraged to move quickly.

我先在高層次說一點，然後交給 Brent 更深入說明：Justin，Christensen Ranch 和 Burke Hollow 之間的一個差異，在於兩個專案分別屬於棕地（brownfield）與綠地（greenfield）的性質。在 Christensen Ranch，我們是重啟一座先前有 10 年營運歷史、採用原地回收（in situ recovery）的礦場；其團隊與營運參數都很清楚，因此能夠加以利用以快速推進。

In the case of Burke Hollow, it's a greenfield project, as you've heard us say and as you know. And so what that means is that, and as we've disclosed, we've looked to set those ideal operating parameters and train the workforce in the early innings here as part of our ramp up. And so at a high level, those are the distinctions between the two projects. And I'll let Brent go a bit deeper there. Go ahead, Brent.

至於 Burke Hollow，正如你聽我們說過、也如你所知，它是一個綠地專案。這代表——也如我們已揭露——在這個爬坡的早期階段，我們著眼於建立理想的營運參數，並訓練勞動力。所以在高層次上，這就是兩個專案之間的差異。我讓 Brent 再深入一點說明。Brent，請。

Thanks, Amir. Justin, I'd just add that what Burke Hollow, we're really using that initial section of the first production area to establish those key operating parameters that Amir mentioned. So things such as lixiviant chemistry and pump sizing and assessing different well pattern configurations and spacings that we installed. And that work's ongoing and we'll report more in subsequent quarters. But really it's important because as those parameters are confirmed, we'll use that information to expand across the full well field at Burke Hollow.

謝謝，Amir。Justin，我補充一下：在 Burke Hollow，我們確實是利用第一個生產區的初始區段，來建立 Amir 提到的那些關鍵營運參數。例如浸出液（lixiviant）化學配方、泵浦尺寸，以及評估我們所安裝的不同井型配置與井距。這些工作仍在進行中，我們會在後續季度再做更多報告。但這非常重要，因為一旦這些參數被確認，我們就會用這些資訊把 Burke Hollow 的井場擴展到整個範圍。

Amir, back to you.

Amir，交回給你。

All right. Thank you.

好的。謝謝。

Joseph Reagor, ROTH Capital Partners.

Joseph Reagor，ROTH Capital Partners。

Hey, Amir and team. Thanks for taking the questions. This is something I want to touch on was already asked, but it's kind of maybe as you think about Christensen Ranch and Burke Hollow that are already now producing. When would you like to see these things be at a point where they're steady state production? How many quarters forward from here each? And then kind of do you guys have a number now that you would like to see each of these producing on an annual basis now that you've had some time to work on them?

嗨，Amir 和團隊。謝謝讓我提問。我想談的這點之前已有人問過，但我想從 Christensen Ranch 與 Burke Hollow（現在都已在生產）的角度再問一次。你們希望這些資產在什麼時點達到穩態（steady state）產量？從現在起各自大概還要幾個季度？另外，既然你們已經有一段時間在運作它們，你們現在是否有一個希望它們各自年度產量能達到的數字？

Hey, Joe, excellent questions. And you heard me mention this earlier with respect to just still being in that. Again, for context, right? We step back and what are we reporting today? We're reporting the first full year of production results, right? That's how early we are in the innings for this multi-year production ramp and growth we have in front of us.

嗨，Joe，問題很棒。你也聽到我先前提到，我們仍然處在那個階段。再提供一些背景脈絡，對吧？我們退一步看：我們今天在報告的是什麼？我們報告的是第一個完整年度的生產成果，對吧？這顯示在我們面前這個多年期的產量爬坡與成長中，我們還在非常早期的階段。

First full year of production under our belt. We've gone from one mine to two mines. We're building the third one. We still have regulatory approvals in front of us that we don't control. So as I mentioned earlier, for that reason, it's just too early today to talk about the prediction of reaching those levels that, you're asking about, but I think the direction that we're going could not be more clear and frankly positive, and I'm sure you would agree.

我們剛完成第一個完整年度的生產。我們已從一座礦擴展到兩座礦。我們正在建第三座。我們前面仍有一些我們無法控制的監管核准要取得。因此如我先前所說，基於這個原因，現在要談你所問的、達到那些水準的預測還太早；但我認為我們前進的方向再清楚不過，而且坦白說是正面的，我相信你也會同意。

You look at the production cost numbers and the cash cost numbers that we've delivered today, these are very strong, these are arguably from available public information the strongest in the US and globally competitive. If this is what it looks like to build it, you can see UEC is delivering on solid results and now we need to scale it. And you can see we're scaling it as well with very aggressive construction and development plans that are in fact underway. The dynamics around our growth that's outside of our control with the Wyoming and Texas regulators, it will get better. And as I mentioned, with every approval, the next one becomes more predictable. We just got the four approvals yesterday afternoon.

你看看我們今天交出的生產成本與現金成本數字，這些都非常強；就可得的公開資訊而言，這些可能是美國最強、且在全球也具競爭力的。如果建置階段看起來是這樣，你可以看到 UEC 正在交出扎實的成果，接下來我們需要把規模做大。你也可以看到我們正在擴大規模，因為非常積極的施工與開發計畫其實已經在進行中。至於我們成長中那些不在我們控制範圍內、與懷俄明與德州監管機關相關的動態，情況會改善。而且如我提到的，每取得一次核准，下一次就會更可預測。我們昨天下午剛拿到四項核准。

We're really excited about that. And so you can see that progress and I'm looking forward to hopefully very soon, Joe, being in a position where some of that uncertainty has become more clear and we can speak more concretely to that those timeline expectations, but I think ultimately kind of the guidance question that you're asking about.

我們對此非常興奮。所以你可以看到這樣的進展；我也期待在不久的將來，Joe，我們能處於一個位置：部分不確定性已變得更清楚，我們就能更具體地談那些時程預期——也就是你最終在問的那種指引（guidance）問題。

But just to reiterate, the resource base that UEC sits on, the largest in the US, is really what allows us to have this multi-phase growth and the development pipeline that we have and our license capacity. Between the three processing plants, we have 12 million pounds of license capacity in the US between Sweetwater, Irigaray, and Hobson. And so, again, there's a sheer size to what the portfolio is that we're advancing that doesn't exist anywhere else.

不過再重申一次，UEC 所擁有的資源基礎——美國最大——正是讓我們能夠進行多階段成長、推進我們的開發管線，以及運用我們的許可產能的關鍵。在三座處理廠之間，我們在美國的許可產能合計為 1,200 萬磅，分別是 Sweetwater、Irigaray 與 Hobson。所以再說一次，我們正在推進的投資組合規模之大，是其他任何地方都不存在的。

Fair enough. And then the other thing is on the M&A front, are you seeing any opportunities out there to bring in other ISR conventional projects into the company, specifically in the US or Canada? Or do you think that kind of like the M&A opportunities have dried up as prices have increased?

了解。另外一點是在併購（M&A）方面：你們是否看到有任何機會，把其他 ISR 或傳統（conventional）專案併入公司，特別是在美國或加拿大？或者你們認為隨著價格上升，併購機會已經變少、甚至枯竭了？

We think the best time to have been doing M&A was when uranium prices were $20 to $30 to $35 per pound, not when they're $90 per pound. And when uranium prices were in that zip code of $20 to $35 per pound, as you know very well, we were the most acquisitive kind of company in the world, I would say, for uranium assets and the consolidation we did in the US and Canada near cycle lows is what has really set us up to be in the position we're in today with the large portfolio of assets that we have. And so we've been very clear that there was a time to do M&A and then there's a time to build and scale your platform and UEC is 100% focused on that point, the point of scaling the uranium mining platform that we've put together, largest in the US, largest arguably ever assembled in the US. I don't think an extra incremental project or pound of geology is going to move the needle.

我們認為，進行併購（M&A）的最佳時機是在鈾價每磅20到30到35美元的時候，而不是在每磅90美元的時候。而當鈾價落在每磅20到35美元這個區間時，如你非常清楚的，我會說我們是全球在鈾資產方面最積極收購的公司之一；我們在美國與加拿大於景氣循環低點附近所做的整併，確實讓我們得以建立今天的定位，擁有我們目前這個龐大的資產組合。因此我們一直非常清楚：有一個時點適合做併購，接著也有一個時點是去建構並擴大你的平台，而UEC百分之百專注在這一點——擴大我們所建立的鈾礦開採平台；這是美國最大、也可說是美國史上規模最大的整合平台。我不認為再多一個增量專案或多一磅地質資源會帶來實質改變。

What's going to move the needle here is to continue to show our leadership with scaling these operations and these very attractive cost numbers, these production cost numbers that we've reported today. You can scale with these numbers and produce more volumes. That's, in our mind, the best way to create value here for shareholders moving forward.

真正能帶來實質改變的是，持續展現我們在擴大這些營運規模方面的領導力，以及我們今天所公布的這些非常具吸引力的成本數字、這些生產成本數字。你可以用這些數字來擴產並生產更大的產量。在我們看來，這是未來為股東創造價值的最佳方式。

Okay, great. I'll turn it over. Thanks for taking the questions.

好的，很棒。我把時間交回去。謝謝回答問題。

Kristian Koschany, National Bank, Canada.

Kristian Koschany，加拿大國家銀行。

Hey, Amir and everyone. Thanks for taking the call. Calling on behalf of Mohammed Sidibe. Regarding the government-driven uranium demand expected by 2030, would you be able to clarify whether the demand that UEC is targeting is primarily for Yellowcake concentrate or for UF6? And if UF6 is a significant component, should we infer that UR&C is expected to be operational by then, or is the 2030 opportunity mainly centered on UEC supplying yellowcake, while the UR&C conversion remains a separate longer-term opportunity? Thanks.

嗨，Amir以及各位。謝謝接聽這通電話。我代表Mohammed Sidibe提問。關於預期到2030年由政府驅動的鈾需求，你們能否釐清UEC鎖定的需求主要是黃餅（Yellowcake）精礦，還是UF6？如果UF6是重要組成，我們是否應推論UR&C預計在那之前投入營運？或者2030年的機會主要是UEC供應黃餅，而UR&C的轉換業務仍是另一個較長期的機會？謝謝。

Yes, thank you for that and good clarification. So there's no doubt that the 4 million pounds of U3O8 is something we can speak to and directly address and confirm we can be a supplier from our Wyoming and Texas operations. It goes without saying that UR&C currently is not in operation the way our uranium mining business is. And so UR&C, as it advances and as we de-risk it and as we stand it up eventually, we certainly think could be in a very relevant position to also supply the UF6 requirements that similarly start in that timeline.

是的，謝謝你的提問，這個釐清很重要。因此毫無疑問，400萬磅U3O8是我們可以談、也可以直接回應並確認我們能夠供應的，來源是我們在懷俄明州與德州的營運。不言而喻，UR&C目前並未像我們的鈾礦開採業務那樣在運作。因此，隨著UR&C推進、我們降低其風險並最終把它建置起來，我們確實認為它也可能在同一時間軸上，處於非常相關的位置來供應UF6需求。

So we obviously will provide more information on UR&C's progress as we advance, but suffice to say that we see a once in a lifetime opportunity for our company to stand up this conversion business and to create this vertical integration. And we are moving with all of our energy and resource and capability to make sure that the timing is as expeditious as possible and really help solve a real national security problem that exists today that is now starting to get spelled out with this RFI from the NNSA and with the Army needs yet to come on top of that.

因此，隨著我們推進，我們當然會提供更多關於UR&C進展的資訊；但簡而言之，我們看到這是公司一生一次的機會，去建立這項轉換業務並打造垂直整合。我們正以全部的能量、資源與能力推動，確保時程盡可能迅速，並真正協助解決當前存在的國家安全問題；這個問題現在正透過NNSA的這份RFI，以及後續尚待提出的陸軍需求而逐步被具體化。

Again, we couldn't be more clear and explicit about this in our press release, and I think it's being felt and recognized out there by the media that this growing US government demand for unobligated US-origin uranium is real. It's got volumes around it in U3O8 and UF6 terms, that are needed around the corner. 2030 is not a long time away in mining and natural resource related terms. And so we just think that this is an important moment to really kind of make sense of why UEC has embarked on not just the assembling of the US assets that we have, but the strategic pursuit of conversion, which started a few years ago. We formally announced it just a year ago and are now moving as fast as anyone to make sure that capability is there as well and solves the energy and national security challenges that it's meant to fix.

再次強調，我們在新聞稿中已經非常清楚且明確地說明，我也認為媒體已經感受到並認知到：美國政府對不受限制（unobligated）、美國來源鈾的需求正在成長，而且是真實存在的。這項需求在U3O8與UF6的量體上都有明確規模，而且是迫在眉睫的需求。以採礦與天然資源相關的角度來看，2030年並不遙遠。因此我們認為，這是一個重要時刻，去理解為什麼UEC不僅著手整合我們所擁有的美國資產，也策略性地追求轉換能力——這項布局是幾年前開始的。我們在一年前正式宣布，現在也正以最快速度推進，確保這項能力同樣到位，並解決其旨在修補的能源與國家安全挑戰。

Thanks, that's all from me.

謝謝，我這邊就這些。

This concludes our question-and-answer session. I would like to turn the conference back over to Amir Adnani for any closing remarks.

問答環節到此結束。我想把會議交回給Amir Adnani，請他做任何結語。

I thank you for that. And again, thank you everyone for joining us today. This was, as I mentioned at the outset, truly a transformational fiscal year for Uranium Energy. Again, being able to double the size of our business from a standpoint of our operating team, our drilling rigs, the number of mines that we now have in operations in Wyoming and Texas and on our way to build and develop so much more.

謝謝。再次感謝各位今天加入我們。正如我在一開始提到的，這對Uranium Energy而言確實是一個具轉型意義的財政年度。再次強調，從營運團隊、鑽機數量、以及我們目前在懷俄明州與德州投入營運的礦山數量等面向來看，我們得以將業務規模擴大一倍，並且正朝著建設與開發更多項目邁進。

The pieces and the strategy and what we're doing, I think, is becoming even more clear and compelling at the same time with the US government demand signals that we talked about that have come out over the last few weeks and really demonstrating why a US-based national champion on the front end of the fuel cycle should be built and should exist and that it can play a very important role and it could be a very important component. And that's what UEC is looking to do is to be and become that national champion on the front end of the fuel cycle with our vertical integration strategy from U3O8 to UF6.

我認為，我們的各個拼圖、策略以及正在做的事情，正隨著我們在過去幾週談到、且已浮現的美國政府需求訊號而變得更加清晰且更具說服力，並真正展現為何應該建立並存在一個以美國為基地、位於燃料循環前端的國家級領軍者（national champion），它能扮演非常重要的角色，也可能成為非常關鍵的組成部分。而UEC所要做的，就是透過我們從U3O8到UF6的垂直整合策略，成為並發展成燃料循環前端的那個國家級領軍者。

So appreciate all of you for following our progress. We look forward to many updates to come and to our next call with the analysts. Thank you, and have a great rest of your day.

感謝各位持續關注我們的進展。我們期待後續帶來更多更新，也期待在下一次與分析師的電話會議再與各位交流。謝謝，祝各位今天剩下的時間一切順利。

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

本次電話會議到此結束。感謝各位參加今天的簡報。您現在可以中斷連線。