Ur-Energy Inc (URG) 2024 Q2 法說會逐字稿

Greetings. Welcome to your Ur-Energy's 2024 second-quarter earnings conference call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. (Operator Instructions)

問候。歡迎參加 Ur-Energy 2024 年第二季財報電話會議。此時，所有參與者都處於只聽模式。正式演講結束後將進行問答環節。（操作員指示）

Please note this conference is being recorded. I will now turn the conference over to Penne Goplerud, Ur-Energy's General Counsel. You may begin.

請注意，本次會議正在錄製。現在我將會議交給 Ur-Energy 的總法律顧問 Penne Goplerud。你可以開始了。

Thank you. Thank you all for joining us for our teleconference and webcast this morning. We are required to draw the attention of all of our participants to the legal disclaimers contained in this morning's slide presentation, which apply equally to our oral presentation today. At slide 2, you will find legal disclaimers with regard to forward-looking statements, risk factors and projections as well as other cautionary notes to investors. We ask that you read and consider these disclaimers carefully before investing in our shares.

謝謝。感謝大家參加我們今天早上的電話會議和網路廣播。我們需要提請所有參與者註意今天早上幻燈片演示中包含的法律免責聲明，這些免責聲明同樣適用於我們今天的口頭演示。在第 2 張投影片中，您將看到有關前瞻性陳述、風險因素和預測的法律免責聲明以及對投資者的其他警告。我們要求您在投資我們的股票之前仔細閱讀並考慮這些免責聲明。

As well, risk factors inherent in forward-looking statements and projections are set forth and discussed in the company's annual report on Form 10-K filed on March 6, 2024, with the US Securities and Exchange on EDGAR and with the securities regulatory authorities in Canada on SEDAR+. I would now like to introduce and turn the webcast presentation over to our Chairman and CEO, John Cash.

此外，前瞻性聲明和預測中固有的風險因素已在公司 2024 年 3 月 6 日向美國證券交易委員會 EDGAR 和加拿大證券監管機構 SEDAR+ 提交的 10-K 表年度報告中列出和討論。現在，我想介紹並將網路直播演示交給我們的董事長兼首席執行官約翰·卡什 (John Cash)。

Thank you, Penne, appreciate that. And good morning, everyone. It's a beautiful day here in Casper, Wyoming, where we're presenting from, and it's been a very busy second quarter. So we're excited to be reporting on the results of the company and what's going on at Lost Creek and at Shirley Basin.

謝謝你，Penne，我很感激。大家早安。今天是我們演講的所在地——懷俄明州卡斯珀，天氣很好，第二季度非常繁忙。因此，我們很高興能夠報告公司的業績以及 Lost Creek 和 Shirley Basin 的進展。

Also a lot going on in the nuclear energy space. It seems like the tailwinds continue to be behind us and just a lots to report there and to discuss on. So in the presentation today, we'll cover off on just a few things. So we'll talk about the status of our projects, including our recent equity raise and catalyst towards the market.

核能領域也發生了很多事情。看起來順風繼續在我們身後，並且有很多事情需要報告和討論。因此，在今天的演講中，我們將只討論幾件事。因此，我們將討論我們專案的狀況，包括我們最近的股權融資和市場催化劑。

But before we jump into all that, I'm going to turn it over to Roger Smith, our CFO, and he'll hit the highlights really on the earnings that we reported out in second quarter. So, Roger, if you'll pick that up, and then I'll take back over and go through the slide presentation.

但在我們深入討論這一切之前，我將把時間交給我們的財務長羅傑史密斯 (Roger Smith)，他將重點介紹我們在第二季報告的收益。所以，羅傑，如果你能接聽，那麼我會接過麥克風並進行幻燈片演示。

Very good, John. Thank you. Good morning, everyone, and thank you for being with us. I'll start with some discussion about production and inventory. During the quarter, we drummed 64,170 pounds as compared to 39,229 pounds in Q1. This represents an increase of about 64%. We delivered two shipments in the quarter, which totaled 70,390 pounds as compared to one shipment in Q1 of 35,445 pounds.

非常好，約翰。謝謝。大家早安，感謝大家的來訪。我將從討論生產和庫存開始。本季度，我們的產量為 64,170 磅，而第一季為 39,229 磅。這意味著增長了約 64%。我們在本季度交付了兩批貨物，總計 70,390 磅，而第一季度交付了一批貨物，總計 35,445 磅。

After sales of 75,000 pounds during the quarter, our ending inventory at conversion facility was 74,625 pounds on June 30. As expected, the cost per pound at the conversion facility increased during the first six months of the year, going from $28 at the end of 2023 to $39 at the end of Q1 and then to $48 at the end of Q2. Keep in mind that the beginning $28 per pound inventory was established years ago from production in 2019 and earlier. Those pounds were held in inventory and used to cover our 2023 sales deliveries.

在本季銷售了 75,000 磅之後，6 月 30 日我們在轉化設施的期末庫存為 74,625 磅。正如預期的那樣，今年前六個月，轉換設施每磅的成本有所增加，從 2023 年底的 28 美元增加到第一季末的 39 美元，然後又增加到第二季末的 48 美元。請記住，每磅 28 美元的初始庫存是多年前從 2019 年及之前的生產開始建立的。這些磅被存放在庫存中，用於滿足我們 2023 年的銷售交付。

We did not have any shipments to the conversion facility in 2023 because the cost per pound sold in 2023 was $28 per pound. You'll recall that our first ramp-up shipment to the conversion facility was in February of this year and not unexpectedly, it came into the conversion facility at a higher cost per pound shipped of about $53 per pound, which increased the average cost per pound at the conversion facility to $39 at the end of Q1. Our Q2 deliveries came into the conversion facility at about $51 per pound, which increased the average cost per pound at the conversion facility to $48. I'm pleased to note that the cost per pound shipped to the conversion facility did decrease from $53 in Q1 to $51 in Q2.

2023 年我們沒有向轉換設施運送任何貨物，因為 2023 年每磅的銷售成本為 28 美元。您會記得，我們第一次向轉換設施運送大批貨物是在今年 2 月，不出所料，它進入轉換設施的每磅運輸成本較高，約為每磅 53 美元，這使得轉換設施的每磅平均成本在第一季末增加到 39 美元。我們第二季的交貨價格約為每磅 51 美元，進入轉換設施的價格使轉換設施每磅的平均成本增加到 48 美元。我很高興地註意到，運送到轉換設施的每磅成本確實從第一季的 53 美元下降到第二季的 51 美元。

Although the decrease was small, I believe we turned a corner during the quarter. And as plant production continues to increase, we expect the cost per pound shipped to the conversion facility to decrease further. For an indication of our expected costs of production at full capacity, I encourage you to refer to tables 2, 3 and 9 in the March 4, 2024, Lost Creek technical report summary, which can be found on our website. I'll talk a little bit about cash now. We ended the first six months of 2024 was $61.3 million, which was up $1.6 million from December.

儘管降幅很小，但我相信我們在本季已經扭轉了局面。隨著植物產量的不斷增加，我們預計運送到轉換設施的每磅成本將進一步下降。為了了解我們滿載生產的預期成本，我建議您參考 2024 年 3 月 4 日 Lost Creek 技術報告摘要中的表 2、3 和 9，這些摘要可以在我們的網站上找到。我現在就來談談現金。2024 年前六個月的營業額為 6,130 萬美元，比 12 月增加了 160 萬美元。

During the first six months of 2024, we received $4.6 million in sales proceeds and $1.1 million of interest income. We also received $37.2 million from the exercise of warrants and stock options and proceeds from ATM sales. We used $5.7 million of the funds for the first quarter loan payment in January and the loan payoff in March. We also used $1.9 million for capital expenditures and $2.0 million for a reclamation bond increase.

2024 年上半年，我們獲得了 460 萬美元的銷售收益和 110 萬美元的利息收入。我們還從認股權證和股票選擇權的行使以及 ATM 銷售收益中獲得了 3720 萬美元。我們在一月份使用了 570 萬美元的資金來支付第一季的貸款，並在三月償還了貸款。我們還使用了 190 萬美元作為資本支出，並使用 200 萬美元作為復墾債券增加。

We spent about $5.8 million on production costs. As I've noted before, production activities include wellfield operations, plant operations, site administration and product distribution. In other words, the cost to capture, drum and ship uranium to the conversion facility are included in our production costs. Our total cash cost per pound drummed, including ad valorem and severance taxes decreased in each of the last two quarters, going from $69 per pound in Q1 to $48 per pound in Q2.

我們的製作成本約為 580 萬美元。正如我之前提到的，生產活動包括油田作業、工廠作業、現場管理和產品分銷。換句話說，捕獲、包裝和運送鈾到轉換設施的成本都包含在我們的生產成本中。我們每磅鼓的總現金成本（包括從價稅和分離稅）在過去兩個季度中均有所下降，從第一季的每磅 69 美元下降到第二季的每磅 48 美元。

This brings our year-to-date average cash cost per pound drummed down to about $56 per pound. As I mentioned before, as our production increases, we expect our production cost per pound to continue to decrease. We spent $26 million on operating costs during the quarter. Operating costs include exploration, evaluation, development and corporate overhead costs.

這使得我們今年迄今每磅的平均現金成本降至每磅約 56 美元。正如我之前提到的，隨著產量的增加，我們預計每磅的生產成本將繼續下降。本季我們的營運成本為 2600 萬美元。營運成本包括勘探、評估、開發和公司管理費用。

Development costs accounted for about $21 million of the $26 million in operating costs. Approximately $4 million was related to the completion of a deep disposal well that was largely completed in Q1. About $16 million was for the development of the wellfield at Lost Creek. Wellfield development includes all of the costs in advance of wellfield operations, such as drilling and drill-related costs, header house construction costs and infrastructure costs.

在 2,600 萬美元的營運成本中，開發成本約佔 2,100 萬美元。約 400 萬美元與深層處置井的完工有關，該井已於第一季基本完工。約有 1600 萬美元用於開發 Lost Creek 的油田。井場開發包括井場作業前的所有成本，例如鑽井和鑽井相關成本、集管建築成本和基礎設施成本。

These costs are incurred in advance of production and are expensed as incurred. Just over $1 million was for the development of the Shirley Basin mine. We are now beginning to incur costs related to the development and construction of the Shirley Basin mine. Construction and purchase costs related to the assets of the mine to be capitalized. But like Lost Creek, wellfield development costs incurred in advance of production will be expensed when incurred.

這些成本是在生產之前發生的，並在發生時計入費用。其中略高於 100 萬美元用於開發 Shirley Basin 礦場。我們現在開始承擔與雪莉盆地礦場的開發和建設相關的費用。與礦山資產相關的建造和購置成本予以資本化。但與 Lost Creek 一樣，在生產之前發生的油田開發成本將在發生時計入費用。

Turning to sales, I'll close with a few comments. Sales are projected to be 570,000 pounds in 2024. Our first 2024 sale was in April for 75,000 pounds, and we had our second sale of 100,000 pounds on August 8. The remaining 2024 sales will take place later this year. We expect to realize revenues of $33.1 million at a price of about $58 per pound sold.

談到銷售，我想最後談幾點看法。預計 2024 年銷售額將達到 57 萬英鎊。我們的 2024 年首次銷售是在 4 月份，價值 75,000 英鎊，第二次銷售是在 8 月 8 日，價值 100,000 英鎊。剩餘的 2024 輛汽車銷售將於今年稍後進行。我們預計以每磅約 58 美元的價格實現 3,310 萬美元的收入。

The 2024 sales deliveries are into base escalated contracts that were negotiated in 2022 when the long-term price was between $43 and $52 per pound. These contracts enabled us to make the decision to ramp up operations at Lost Creek. Together with the additional contracts we've put into place, the contracts enabled us to also make the decision to construct and develop our second mine at Shirley Basin. Next year, we currently expect to deliver 730,000 pounds into these contracts. And thank you, everyone, and now back to you, John.

2024 年的銷售交付是基於 2022 年談判達成的升級合同，當時的長期價格在每磅 43 美元至 52 美元之間。這些合約使我們能夠決定擴大 Lost Creek 的營運。加上我們簽訂的其他合同，這些合約使我們能夠決定在雪莉盆地建造和開發我們的第二座礦場。明年，我們目前預計將向這些合約交付 73 萬英鎊。謝謝大家，現在輪到你了，約翰。

Thank you, Roger. I appreciate you going over the numbers. I know our analysts really appreciate that, and I will answer a lot of the questions that they have, so taking a look at the slide deck. Again, just a few things we want to cover off on and keep our shareholders apprised of. First off, as Penne indicated, we like to go through the disclaimer and point out that we do encourage you guys to take a look at the risks involved with uranium mining and with the company, with the industry before you make an investing decision and, of course, be familiar with the disclaimer here as well as in our other public filings.

謝謝你，羅傑。感謝您仔細查看這些數字。我知道我們的分析師非常感激這一點，我會回答他們提出的許多問題，所以請看一下幻燈片。再次強調，我們只想介紹幾件事，並讓股東了解狀況。首先，正如佩恩所指出的，我們想仔細閱讀免責聲明，並指出我們確實鼓勵你們在做出投資決定之前了解鈾礦開採、公司和行業所涉及的風險，當然，也要熟悉這裡的免責聲明以及我們其他公開文件中的免責聲明。

So for those of you familiar with Ur-Energy, you know that we have two flagship properties, Lost Creek, which has been in production since 2013, and Shirley Basin, which is fully permitted and for which we expect to have construction completed in late 2025. I'm not going to go through this slide in detail. Many of you are already familiar with it, but it provides a great summary of existing and near-term production. If you're unfamiliar with Ur-Energy, I encourage you to check out our corporate presentation on our website at urenergy.com.

對於熟悉 Ur-Energy 的人來說，你們知道我們有兩個旗艦資產，Lost Creek，自 2013 年以來一直投入生產，Shirley Basin，已獲得完全許可，我們預計將於 2025 年底完工。我不會詳細介紹這張投影片。你們中的許多人已經熟悉它，但它對現有和近期的生產提供了很好的總結。如果您不熟悉 Ur-Energy，我建議您查看我們網站 urenergy.com 上的公司介紹。

Our website also contains a page with our most recent technical reports for Lost Creek and Shirley Basin that were filed with the SEC in March of this year. We plan on adding a sustainability cap to our website in the near future as well to increase the visibility of our governance and sustainability practices. Our drill rig count continues to grow. I believe we are at the beginning of the end of the drill rig supply crunch.

我們的網站還包含一個頁面，其中包含我們今年 3 月向美國證券交易委員會提交的 Lost Creek 和 Shirley Basin 的最新技術報告。我們計劃在不久的將來在我們的網站上添加可持續性上限，以提高我們的治理和可持續性實踐的知名度。我們的鑽機數量持續增加。我相信我們正處於鑽機供應緊縮的結束階段。

I will speak more about this in a subsequent slide, but now we have 15 drill rigs working company-wide and expect to bring on additional rigs soon. Now turning to Lost Creek, we continue to bring new header houses on in Mine Unit 2, and we are now consistently bringing a new header house on about every 30 days. As we maintain the schedule, flow rates will continue to increase. We are able to keep the schedule due to the spacing we are maintaining between drilling and construction, which is being aided by the growing number of drill rigs at the site.

我將在後續幻燈片中詳細討論這一點，目前我們公司範圍內共有 15 台鑽機在運行，預計很快還會引入更多鑽機。現在轉向 Lost Creek，我們繼續在 2 號礦區安裝新的集管房，現在我們大約每 30 天就會安裝一棟新的集管房。只要我們維持原定計劃，流量就會持續增加。由於我們在鑽井和施工之間保持了間隔，因此我們能夠保持進度，而現場鑽機數量的增加也為我們提供了幫助。

Up until a couple of months ago, our construction and drilling crews were getting in each other's way due to limited spacing. As I mentioned previously, we now have 15 drill rigs running company wide. 13 of the rigs are at Lost Creek and two are at Shirley Basin. Once the rigs complete the monitor well at Shirley Basin in September, they will redeploy back to Lost Creek.

直到幾個月前，我們的施工隊和鑽井隊還因為間距有限而互相妨礙。正如我之前提到的，我們公司目前共有 15 台鑽孔機在運作。其中 13 台位於 Lost Creek，2 台位於 Shirley Basin。一旦鑽孔機在九月完成雪莉盆地的監測井，它們將重新部署回失落溪。

We are also in advanced contracting discussions for four additional rigs. The head grade continues to be excellent at Lost Creek, averaging 73.5 milligrams per liter in July, and is exceeding the average we assumed in our technical report summary. Our focus is turning more to the processing plant to ensure we capture all the pounds being brought in from the wellfield. We are focused on training and maintenance to improve efficiency.

我們也正在就另外四座鑽孔機進行預先承包談判。Lost Creek 的原礦品位繼續保持優良，7 月份平均為每公升 73.5 毫克，超過了我們在技術報告摘要中假設的平均值。我們的重點更多地轉向加工廠，以確保捕獲從油田運來的所有原油。我們注重培訓和維護以提高效率。

In our Q2 disclosure, we guided to the lower end of our 550,000 to 650,000 pounds of production for 2024, and we will continue to review production status. We inserted a photo of monitor well installations, so you can see the terrain at Shirley Basin. This photo is looking north toward the Laramie range, which is the source of the settlement that the ore body or the mineralization is hosted in. It's a beautiful site.

在我們的第二季揭露中，我們預計 2024 年的產量將保持在 550,000 至 650,000 磅的下限，並且我們將繼續審查生產狀況。我們插入了監測井安裝的照片，以便您可以看到雪莉盆地的地形。這張照片向北看向拉勒米山脈，該山脈是礦體或礦化體所在的定居點的源頭。這是一個美麗的地方。

Shirley Basin already has electric power, and we have installed a short spur between the existing substation and the location for the satellite plant. The substation will require substantial upgrades due to its age. The existing southern access route was graveled, an improvement made to the drainage so we can access the site year-round. We expect to begin construction of the satellite plant in the spring of 2025 and to be finished by late 2025.

雪莉盆地已經通電，我們在現有變電站和衛星工廠位置之間安裝了一條短支線。由於年久失修，此變電站需要進行大規模升級。現有的南部通道是碎石鋪成的，排水系統得到改善，因此我們可以全年進入該地點。我們預計將於 2025 年春季開始建造衛星工廠，並於 2025 年底完工。

While installing the monitor wells, we have continued to encounter very good uranium grade consistent with those described in the Shirley Basin technical report summary. In fact, we have encountered several mineralized zones with grades in excess of 0.3 weight percent and GT is greater than 2.5. The average grade of the measured and indicated resource is 0.23 weight percent. There are no inferred resources at Shirley Basin due to the high density of drilling.

在安裝監測井的過程中，我們不斷遇到與雪莉盆地技術報告摘要中描述的一致的非常好的鈾品位。事實上，我們已發現數個礦化帶，其品位超過0.3重量%，GT大於2.5。已測定和指示的資源平均品位為0.23重量%。由於鑽探密度高，雪莉盆地沒有推論資源。

So at this point, we have 120 monitor wells drilled and cased, and we expect to finish completion of those later this year. We'll follow that up with aquifer testing as well as baseline chemistry. And as I mentioned earlier, we plan to commence construction early 2025, probably Q2, and finish construction by the end of next year. In July, we completed an underwritten public offering that grossed approximately $69 million before underwriting discounts, commissions and other expenses.

目前，我們已經鑽探並下套管了 120 口監測井，預計將於今年稍後完成。我們將進行後續含水層測試以及基線化學研究。正如我之前提到的，我們計劃在 2025 年初（可能是第二季）開始建設，並在明年年底完成。7 月份，我們完成了承銷公開發行，扣除承銷折扣、佣金和其他費用前，總收入約為 6,900 萬美元。

The proceeds will fund continued ramp-up at Lost Creek, support development and construction at Shirley Basin and be available for possible acquisitions or other strategic transactions. Further details are provided in the filings for the offering. Since one of the stated use of funds was acquisition, I would like to take a few minutes to talk about how we perform assessments for possible acquisitions or other business ventures and our related due diligence. Our experienced production team consisting of engineers, geologists, regulatory and land specialists, attorneys and accountants performs a multifaceted exhaustive analysis of all data we can access, including environmental liabilities, environmental surety, quality of mineralization, capital cost, operating cost, permitting timelines, permitting risk, land tenure, royalties, synergies with our existing operations and many others.

所得將用於資助 Lost Creek 的持續擴張、支持 Shirley Basin 的開發和建設，並可用於可能的收購或其他策略交易。此次發行的文件中提供了更多詳細資訊。由於資金用途之一是收購，我想花幾分鐘時間談談我們如何對可能的收購或其他商業活動進行評估以及相關的盡職調查。我們的經驗豐富的生產團隊由工程師、地質學家、監管和土地專家、律師和會計師組成，對我們可以存取的所有數據進行多方面的詳盡分析，包括環境責任、環境保證、礦化品質、資本成本、營運成本、許可時間表、許可風險、土地使用權、特許權使用費、與我們現有業務的協同作用等等。

We take the cumulative data and generate NPV, IRR and ROI calculations. Based on those calculations, we determine an offer price that is commensurate with the desired profitability. If a project can't yield an acceptable ROI, we don't proceed. As I have stated many times, our objective with M&A is to bring quality projects into the Ur-Energy portfolio.

我們取得累積資料並產生 NPV、IRR 和 ROI 計算。根據這些計算，我們確定與期望獲利能力相稱的報價。如果一個專案不能產生可接受的投資報酬率，我們就不會繼續。正如我多次提到的，我們進行併購的目的是將優質專案納入 Ur-Energy 投資組合。

We are a pounds in the can story, not a pounds in the ground story. Similarly, we are prioritizing the analysis of our existing general projects. We are considering exploration at Lost Creek, LC East and other projects in the Great Divide Basin and Wyoming, including our Lost Soldier project. We have renewed analysis and geologic review of Lost Soldier and other Wyoming projects, which we expect to complete in the first half of 2025.

我們講述的是「錢在罐頭裡」的故事，而不是「錢在地裡」的故事。同樣，我們也優先分析我們現有的一般項目。我們正在考慮在 Lost Creek、LC East 以及大分水嶺盆地和懷俄明州的其他項目（包括我們的 Lost Soldier 項目）進行勘探。我們重新對 Lost Soldier 和其他懷俄明州項目進行了分析和地質審查，預計將於 2025 年上半年完成。

Although we focus our conversation on Lost Creek and Shirley Basin because they are and they will be the source of our near-term revenue, investors shouldn't forget that we hold a large land position within the prolific Great Divide Basin, including Lost Soldier, North Hadsell and the Arrow projects. We have a lot of room for exploration as each of these projects has known uranium mineralization or are in highly prospective areas. The standard market position details are provided here. Please note that as of August 6, we had $121.3 million of cash with no debt.

儘管我們將討論的重點放在 Lost Creek 和 Shirley Basin 上，因為它們是並將成為我們近期收入的來源，但投資者不應忘記，我們在多產的大分水嶺盆地內擁有大量土地，包括 Lost Soldier、North Hadsell 和 Arrow 項目。我們有很大的勘探空間，因為每個項目都已知有鈾礦化或位於極具前景的地區。這裡提供了標準市場地位的詳細資訊。請注意，截至 8 月 6 日，我們擁有 1.213 億美元現金，且無債務。

Also note in the chart that last week, there was a nice spike in our share price due to Kazatomprom's announcement that they expect a 17% decline in production in 2025 due to supply chain issues and construction delays. Turning to catalyst for the price of uranium in our share price, first, the Department of Energy has two active request for proposals, RFPs, outstanding to acquire both High Assay Low Enriched and Low Enriched Uranium, again HALEU and LEU, respectively. Both RFPs stated a preference for domestic feedstock and processing. We expect the desired quantities of enrichment will require in excess of 1.5 million pounds of U3O8 per year with uranium deliveries beginning in the late 2020s.

另外請注意，圖表顯示，上週，由於哈薩克國家原子能工業公司 (Kazatomprom) 宣布，由於供應鏈問題和施工延誤，預計 2025 年產量將下降 17%，我們的股價大幅上漲。談到我們股價中鈾價的催化劑，首先，能源部有兩份有效的提案請求（RFP），分別用於購買高濃度低濃縮鈾和低濃縮鈾，也就是HALEU和LEU。兩份 RFP 均表示優先考慮國內原料和加工。我們預計，達到所需的濃縮量將需要每年超過 150 萬磅的八氧化三鈾，鈾的交付將於 2020 年代末開始。

We have significant uncontracted capacity for those years and have let DOE and potential bidders know we stand ready to fill at least part of the necessary yellow cake to feed into the process. We expect the RFP process to be drawn out with an unknown end date, but we will keep you informed as the process evolves. Looking at the global mine supply, the picture isn't getting any better. Despite uranium prices remaining relatively high for an extended period, beyond the challenges mentioned on the slide, technical risk remains high as several companies attempt to bring mines with technical risk online.

這些年，我們擁有大量未簽約產能，並已讓能源部和潛在投標者知道，我們隨時準備提供至少一部分必要的黃餅，用於該工藝。我們預計 RFP 流程將會結束，但具體結束日期尚不清楚，但我們會隨時向大家通報流程的進度。縱觀全球礦產供應，情況並沒有任何改善。儘管鈾價在較長時期內保持相對高位，但除了幻燈片中提到的挑戰之外，由於一些公司試圖將存在技術風險的礦場投入運營，技術風險仍然很高。

Some will likely succeed and others will likely fail. We expect some will need even higher pricing than $80 per pound to maintain profitability for their mines. Keep in mind that with time and regardless of mine commodity, the quality of ore bodies is generally in decline, and this requires higher pricing and better technologies to maintain profitability. We believe the risk of a bifurcated East versus West nuclear supply chain is growing as the number of East leaning executive managers as Kazatomprom appears to be increasing and the new excise past seems to punish Western JV partners.

有些人可能會成功，而其他人可能會失敗。我們預計，一些礦山甚至需要高於每磅 80 美元的定價才能維持其礦山的盈利能力。請記住，隨著時間的推移，無論礦山商品如何，礦體的品質總體上都在下降，這需要更高的定價和更好的技術來保持獲利能力。我們認為，東西方核子供應鏈分化的風險正在加大，因為哈薩克國家原子能公司等傾向東方的高階主管人數似乎在增加，而且新的消費稅政策似乎對西方合資夥伴不利。

If bifurcation continues, ultimately, the majority of Kazakh production could go East and not West. It is unclear how the West will backfill such a supply gap if it were to occur. This is all speculative, but bears watching as the implications could be significant. We continue to see significant growth in the build-out of both conventional and small modular reactors globally.

如果分歧繼續存在，最終哈薩克的大部分產量可能會流向東方而不是西方。目前還不清楚，一旦出現供應缺口，西方將如何填補。這一切都只是推測，但值得關注，因為其影響可能很大。我們繼續看到全球常規和小型模組化反應器的建設顯著增長。

This includes life extensions for additional US reactors and serious discussions regarding the restart of others, such as Palisades and Three Mile Island. Who would have thought just two years ago, a restart of Three Mile Island would be on the table. Finally, on this slide, if you track the nuclear industry closely, you will have seen numerous news articles on the immense emerging electric demand for big data, bitcoin mining and AI, for example, and their desire to get carbon-free baseload power from nuclear utilities. Goldman Sachs has estimated that by 2030, global data center demand will grow by 160% and could account for 8% of total electricity demand in the US.

其中包括延長美國其他反應爐的使用壽命，並就重啟帕利塞茲和三哩島等其他反應器進行認真討論。僅僅兩年前，誰會想到三哩島演習會重啟呢？最後，在這張投影片上，如果你密切關注核工業，你會看到許多新聞文章，內容涉及大數據、比特幣挖礦和人工智慧等巨大的新興電力需求，以及他們希望從核電公司獲得無碳基載電力。高盛估計，到2030年，全球資料中心需求將成長160%，並可能占美國總電力需求的8%。

The use of nuclear power by big data isn't just a prediction. It's already happening in a meaningful way. For example, Talend is already selling significant power to big data, and we expect the demand to continue growing. Each of these catalysts has the potential to have long-term impacts on supply and demand fundamentals, and we expect the price of uranium to stay strong for many years.

大數據對核能的利用不僅僅是一種預測。它已經以一種有意義的方式發生了。例如，Talend 已向大數據領域出售大量電力，我們預計需求將持續成長。每種催化劑都有可能對供需基本面產生長期影響，我們預計鈾價在未來許多年內都將保持強勁。

In conclusion, we are well cashed up with strong revenue locked in for the next several years based on our contract book. We have considerable room to continue contracting, and we'll be looking for opportunities that are increasingly market related. Although the uranium trade has been slow over the summer, we expect volumes to increase after the early September WNA meeting in London. Over the coming months, we will continue to increase production at Lost Creek and build out Shirley Basin while taking steps to further reduce our operating costs and increase profitability.

總而言之，根據我們的合同，我們擁有充足的現金，並能在未來幾年鎖定豐厚的收入。我們有相當大的繼續簽約空間，我們將尋找與市場日益相關的機會。儘管今年夏天鈾貿易一直比較緩慢，但我們預計 9 月初倫敦 WNA 會議之後鈾貿易量將會增加。在接下來的幾個月裡，我們將繼續提高 Lost Creek 的產量並建造 Shirley Basin，同時採取措施進一步降低營運成本並提高獲利能力。

We have our staff and drill rigs and are looking forward to a productive second half of 2024. With that, that concludes the slide presentation. But just like to put up our contact information, if during the Q&A session I don't get to your question, please feel free to reach out to me, be glad to pick that up with anybody at any time we possibly can. We have had a lot of questions come in that have been submitted electronically.

我們擁有自己的員工和鑽孔機，並期待 2024 年下半年取得豐碩成果。幻燈片簡報到此結束。但就像提供我們的聯絡資訊一樣，如果在問答環節中我沒有回答您的問題，請隨時與我聯繫，我們很樂意在任何可能的時間與任何人討論這個問題。我們收到了很多以電子方式提交的問題。

So give me just half a second, I'll jump to those and begin going through those. And please be aware that you can still submit questions, and we'll try to get to those as time allows.

所以請給我半秒鐘，我會跳到這些並開始瀏覽它們。請注意，您仍然可以提交問題，我們會在時間允許的情況下盡力解答您的問題。

So, leading off, the first question is actually from one of our analysts. States production through the first half of the year has totaled 109,000 pounds, indicating that you will need to see a pretty steep the ramp-up to hit the low end of full year guidance. If you can, provide some color on how this is going so far in Q3, flow rates grades, drying capacity, et cetera? I appreciate the question.

首先，第一個問題其實來自我們的一位分析師。美國上半年的產量總計為 109,000 磅，這表明需要看到相當大幅度的增長才能達到全年指導的低端。如果可以的話，請提供一些關於第三季度進展情況的詳細信息，包括流量等級、乾燥能力等？我很感謝你提出這個問題。

And during the presentation, we attempted to answer this question at least in part. The wellfield is running very well. Head grades, I would say, are exceptional, so that is going very well. As we've added drill rigs, that's given us more spacing between our construction crew and our drilling crew.

在演示過程中，我們嘗試至少部分回答這個問題。井場運作狀況良好。我想說的是，頭部成績非常出色，所以一切都很順利。由於我們增加了鑽孔機，我們的施工隊和鑽井隊之間的間距就更大了。

Before that, they were kind of tripping over each other, in each other's way. Imagine trying to drill out a mine area while putting in lateral lines around pits, around header houses, it just got too congested. So with the increase in the number of rigs that's allowed us to separate those two crews out, so we have good spacing, and we can work much more effectively, but that's leading itself to us being able to put a new header house on about every 30 to 35 days in that order of magnitude. So that's helping a lot with our flow. And again, head grade is exceptional.

在此之前，他們總是互相絆倒，互相妨礙。想像一下，在礦井周圍和集管站周圍鋪設側線的同時，試圖鑽出一個礦區，這會變得太擁擠了。因此，隨著鑽機數量的增加，我們能夠將這兩個工作隊分開，這樣我們就有了很好的間距，我們可以更有效地工作，但這也使得我們能夠大約每 30 到 35 天安裝一個新的集管房。這對我們的流程有很大幫助。再次強調，頭部品質非常優異。

We are turning our attention now more and more to the plan to improve efficiencies there through maintenance and through training of our crew. We do, by and large, have our staff hired now. And so things are definitely moving in the right direction. Not without hiccups. We still have hiccups here and there, but we are making some good strides moving forward.

我們現在越來越多地將注意力轉向透過維護和對船員的培訓來提高效率的計劃。整體來說，我們現在已經僱用了部分員工。所以事情肯定正在朝著正確的方向發展。並非一帆風順。我們雖然仍會遇到一些小問題，但我們正在向前邁進。

One of the things that many of you have heard me say and I'll continue to say is we're not seeing any technical issues in the ground of any consequence. Any of the challenges we face are on surface and are typically related simply to getting our manpower trained up and finding efficiencies. Lost Creek over the years has proven that it can produce at least 750,000 to 800,000 pounds a year. We're very confident we can get there, return to that. Those are numbers from 2015 and exceed that, especially with the head grade that we've been seeing.

你們很多人都聽我說過，而且我還會繼續說的一件事是，我們沒有發現任何嚴重的技術問題。我們面臨的任何挑戰都是表面的，通常僅與培訓人力和提高效率有關。多年來，Lost Creek 已證明其每年可生產至少 75 萬至 80 萬磅。我們非常有信心我們能夠到達那裡並重返那裡。這些是 2015 年的數據，並且超過了這個數字，尤其是我們看到的頭部等級。

So hopefully, that answers that question. The second question is, in the discussion provided as part of your recent equity raise, you indicated that URG is currently bidding on an acquisition opportunity on a significant asset in the US. And the question goes on to ask about the timing of that. So we really can't comment much on M&A. We felt like we needed to indicate that as a possible use of funds during the equity raise.

希望這能回答這個問題。第二個問題是，在您最近的股權融資討論中，您表示 URG 目前正在競標美國一項重要資產的收購機會。問題繼續詢問這件事發生的時間。所以我們真的無法對併購發表太多評論。我們覺得我們需要指出這是股權籌資期間資金的可能用途。

But beyond that, we really can't comment on it. Other than to say that when we have something definitive to report, we'll report it. And right now, there is nothing definitive to report. So I can't really speak to that at this point. Sorry about that, but that's just simply the nature of M&A.

但除此之外，我們真的無法發表評論。只是說，當我們有確定的事情需要報告時，我們就會報告。目前，尚無任何確切消息可供報道。所以我現在還不能談論這個。很抱歉，但這只是併購的本質。

Next question is from an investor. It says given the current sales outlook and available cash, will Ur-Energy need additional public offerings in the foreseeable future? And the answer to that is no. We believe we've got the cash we need moving forward. However, if there is opportunity in the M&A front, depending on its nature, that may require additional funding.

下一個問題來自一位投資者。報告稱，鑑於目前的銷售前景和可用現金，Ur-Energy 在可預見的未來是否需要額外的公開發行？答案是否定的。我們相信我們已經擁有了未來發展所需的現金。然而，如果併購方面存在機會，則根據其性質，可能需要額外的資金。

But hopefully, during the presentation, I made it very clear that if we embark on an acquisition, it will only be something that's truly accretive and something that adds to the Ur-Energy story through a quality asset, not something that we just have to hold and spend money on and talk about that we only make acquisition if it's something we believe we can put into production. M&A, we don't see a need for any additional equity raises in the foreseeable future. And I believe that answers the second part of the question as well as to what would cause Ur-Energy to do an equity raise?

但希望在演示過程中，我已經非常清楚地表明，如果我們進行收購，那將只是真正具有增值作用的資產，並且可以透過優質資產為 Ur-Energy 的故事增添光彩，而不是我們只需要持有和花錢購買的東西，並且只有當我們相信可以投入生產時，我們才會進行收購。併購方面，我們認為在可預見的未來不需要任何額外的股權融資。我相信這回答了問題的第二部分，也回答了什麼原因導致 Ur-Energy 進行股權融資？

Again, that would be in the near term that would have to be related to M&A. So we have a couple of questions next that are very similar to each other, asking about volatility in the market, why our share price is doing, what it's doing? A number of factors, obviously. I mean, I talked about some of the catalysts. I think all of you have seen recently, just a few days ago, the announcement that Kazatomprom made about how their production next year will be about 17% lower, and that caused equities to improve across the board, not just ours, but everyone.

再次強調，這將是短期內與併購相關的。因此，接下來我們有幾個非常相似的問題，詢問市場波動性，為什麼我們的股價會這樣，它在做什麼？顯然，有很多因素。我的意思是，我談到了一些催化劑。我想大家最近都看到了，就在幾天前，哈薩克國家原子能公司宣布他們明年的產量將下降約 17%，這導致股票全面上漲，不僅僅是我們的，而是所有人的。

So that introduced some volatility. Similarly, you see press releases from other global miners like Cameco that have affected equities across the board. So when one of the larger producers puts out a press release, the market watches, and typically across the board, there is a reaction, either positive or negative. And of course, I can't ignore the equity raise we did, that affects share price as well.

因此這引入了一些波動。同樣，你會看到 Cameco 等其他全球礦業公司的新聞稿也對整體股市產生了影響。因此，當一家較大的生產商發布新聞稿時，市場就會關注，並且通常會出現全面的反應，無論是積極的還是消極的。當然，我不能忽視我們所做的股權融資，這也會影響股價。

We bounced back somewhat from that, but we do have a little ways to go on that. I would say as well that, obviously, uranium price affects the equities and Ur-Energy's share price. And we've seen some volatility in the uranium price. The spot market, in particular, has been very, very poorly traded over the summer. That's not unusual. It's pretty common to have what we refer to as the summer doldrums in the spot market, and that's led to some weakness.

我們從那時起有所恢復，但我們還有很長的路要走。我還想說，鈾價顯然會影響股票和 Ur-Energy 的股價。我們發現鈾價出現了一些波動。尤其是現貨市場，整個夏季的交易情況非常非常糟糕。這並不罕見。我們所說的現貨市場夏季低迷是很常見的，這導致了一些疲軟。

Again, not unusual, but I think what we'll see as we go into the fall, we get past the WNA meeting in London in early September. I think we'll begin to see the market find a bottom and strengthen, both in the spot and in the long-term. That meeting in London, a lot of the fuel buyers from the utilities, they go there, they talk with a lot of people, the miners, they talk with other utilities, they get a better sense of where the market is and where people think it's going. And then after that meeting then, they make decisions on fuel buying.

再說一次，這並不罕見，但我認為，當我們進入秋季時，我們會看到，我們將在 9 月初在倫敦舉行的 WNA 會議之後看到這一點。我認為我們將開始看到市場找到底部並走強，無論是現貨還是長期。在倫敦舉行的會議上，許多來自公用事業公司的燃料買家都前往參加，他們與許多人、礦工、其他公用事業公司進行了交談，他們更了解了市場的現狀以及人們認為市場的發展方向。會議結束後，他們會做出燃料購買的決定。

So we do expect to see additional activity after the WNA meeting in London that's coming up soon. We will be there. We've got a full slate of meetings. We're meeting with most utilities from the US and a number of European utilities. That's a great time to get together, very cost effectively with everyone since everyone is there, so that's always a great meeting to attend.

因此，我們確實希望在即將舉行的倫敦 WNA 會議之後看到更多活動。我們會在那裡。我們的會議安排得滿滿的。我們正在與美國大多數公用事業公司和一些歐洲公用事業公司會面。這是一次很好的聚會，因為大家都在場，所以對每個人來說都非常划算，所以這總是值得參加的精彩會議。

Let's see. Okay, a few other questions that we've had come in. This is an interesting question. I fielded this question numerous times in the last two months. But essentially, the question is which presidential candidate would be better for the US nuclear industry? And that's not an easy one to answer.

讓我們來看看。好的，我們也收到了一些其他問題。這是一個有趣的問題。過去兩個月我曾多次回答這個問題。但本質上，問題是哪位總統候選人對美國核能產業更有利？這個問題不太容易回答。

I can kind of maybe cover off on what the Biden-Harris administration has done to impact the nuclear industry and counter that with what the Trump administration did for the nuclear industry. But really, a lot's been done here in the last two or three years by Congress in sometimes unanimous manner between Democrats and Republicans to support the industry, and those bills have been passed by the Biden-Harris administration. So things like the Inflation Reduction Act, which was a tremendous boon to the nuclear utilities. The ADVANCE Act and the ban on Russian material have all been passed in place and been passed with great numbers and great support. So all of that was done under the Biden-Harris administration.

我可以大致介紹拜登-哈里斯政府對核能工業的影響，以及川普政府對核工業的舉措。但實際上，過去兩三年來，國會已經做了很多工作，有時民主黨和共和黨會一致通過法案來支持該行業，這些法案也得到了拜登-哈里斯政府的通過。因此，《通貨膨脹削減法案》等法案對核電企業來說是個巨大的福音。《ADVANCE法案》和對俄羅斯材料的禁令均已獲得通過，並且得到了大量支持。所有這些都是在拜登-哈里斯政府的領導下完成的。

So I think you would continue to see strong support if Harris wins the election. Likewise, we saw good support from Trump when he was President for the nuclear industry as well. And he did a Blue-Ribbon Commission on imports of uranium and he was very supportive of us. Taking a look not so much at energy generation, but if we look at the front-end of the fuel cycle at mining, there are some differences there that are probably notable, specifically the Biden-Harris administration.

因此我認為，如果哈里斯贏得選舉，你將繼續看到強大的支持。同樣，我們也看到川普擔任總統期間對核工業給予了大力支持。他還成立了藍絲帶委員會負責鈾進口，並給予我們很大的支持。我們不過度關注能源生產，但如果我們關注採礦業燃料循環的前端，我們會發現一些值得注意的差異，特別是拜登-哈里斯政府。

They did take uranium off of the critical minerals list. The Trump administration had put uranium on the critical minerals list. So I think we've probably seen stronger support from the Trump administration for the mining industry, not just uranium, but for the mining industry as a whole. But do I think there's going to be a remarkable difference between the two? I don't.

他們確實將鈾從關鍵礦產名單中剔除。川普政府已將鈾列入關鍵礦產名單。因此，我認為我們可能看到川普政府對採礦業更強大的支持，不僅僅是鈾，而是整個採礦業。但我認為兩者之間會有顯著的差異嗎？我不知道。

I think the differences are probably around the edge. I love talking politics. And I probably don't want to pick winners and losers here on this call. But if any of our shareholders want to pick up the phone and give me a call, I'd be glad to talk about that in further detail and provide some additional thoughts on that and talk about the pros and cons.

我認為差異可能就在邊緣。我喜歡談論政治。我可能不想在這次通話中挑選贏家和輸家。但是如果我們的任何股東願意拿起電話給我打電話，我很樂意進一步詳細討論這個問題，並提供一些額外的想法，並討論其利弊。

Next question is, how do you plan to grow the company over the next few years? A great question. Definitely something that we ponder on a daily basis, how we grow the company. We've talked at great length today already about M&A. So I won't focus on that too much right now other than to say it is important to us. We are constantly looking for the right opportunities with M&A.

下一個問題是，您計劃如何在未來幾年內發展公司？一個很好的問題。我們每天都在思考如何讓公司發展。我們今天已經詳細討論了併購問題。因此，我現在不會太在意這一點，只想說這對我們很重要。我們一直在尋找合適的併購機會。

We will continue to be disciplined, though, when it comes to M&A. Let me turn to exploration. We have been thinking more and more about exploration. As we indicated in the presentation, we are now taking a very hard look at some of our other projects such as Lost Soldier. We may also do some exploration at North Hadsell, at Arrow, a couple of other projects that we hold.

不過，在併購方面，我們將持續保持紀律。讓我來談談探索。我們對探索的思考越來越多。正如我們在演示中所指出的，我們現在正在認真審視我們的其他一些項目，例如《迷失的士兵》。我們也可能在 North Hadsell、Arrow 以及我們持有的其他幾個項目上進行一些勘探。

We also have tremendous opportunity at Lost Creek and at LC East. A lot of the historic drilling that occurred on those properties and Lost Soldier as well was targeting conventional mining, so open pit or underground mining. And in Wyoming, when you consider where the water table is, it gets pretty difficult to get below about 350 feet, 400 feet with conventional mining techniques because you just have too much water inflow and it becomes difficult to manage. So although the old-time geologists knew that there were deeper resources, they were really just never explored for because they thought we're looking for conventional assets, we're not going to go that deep.

我們在 Lost Creek 和 LC East 也擁有巨大的機會。歷史上，在這些土地和 Lost Soldier 上進行的許多鑽探都針對常規採礦，即露天採礦或地下採礦。在懷俄明州，考慮到地下水位的位置，使用傳統的採礦技術很難開採到地下 350 英尺或 400 英尺以下，因為流入的水量太大，難以管理。因此，儘管老一輩的地質學家知道地下還有更深的資源，但他們從未真正探索過這些資源，因為他們認為我們正在尋找常規資產，不會挖得那麼深。

So as a result, those deeper roll fronts are very poorly explored. And so we believe we've got a lot of opportunity at a number of those projects in the Great Divide Basin to explore roll fronts that we know are there that are maybe 400 feet to 1,100 feet in depth and would encourage you, if you're interested to know more about that, to take a look at our tech reports that we put out as attachments to our annual report in March of this year. They include tremendous information. One of my favorite maps in that report, I can't remember the number, maybe a figure 12, but it shows our roll fronts.

因此，這些較深的滾動前沿很少被探索。因此，我們相信，在大分水嶺盆地的許多項目中，我們有很多機會探索我們知道的深度可能在 400 英尺到 1,100 英尺的滾動前沿，如果您有興趣了解更多信息，我們鼓勵您查看我們在今年 3 月作為年度報告附件發布的技術報告。它們包含大量資訊。這是該報告中我最喜歡的地圖之一，我不記得編號了，也許是數字 12，但它顯示了我們的滾動前沿。

And you can see that a lot of those roll fronts are open ended. They've not been drilled out. So that is a really interesting map if you guys are interested in opportunity there. But getting back to the question, how do we grow the company? It's through greenfield exploration, it's through brownfield exploration and it's through M&A.

您可以看到，許多捲軸前端都是開放式的。它們還沒有被鑽出來。如果你們對那裡的機會感興趣的話，這是一張非常有趣的地圖。但回到這個問題，我們要如何發展公司？這是透過綠地探索、棕地探索和併購來實現的。

Okay, next question deals with supply chain issues. And I suspect this question was precipitated because of the issues that Kazatomprom is having with sulfuric acid that the investor wanted to know about that. What issues are we facing?

好的，下一個問題涉及供應鏈問題。我懷疑這個問題的出現是因為哈薩克國家原子能工業公司在硫酸方面有問題，投資人想了解相關情況。我們面臨什麼問題？

So we are largely overcoming supply chain issues. We have not encountered anything that is slowing production or is getting in the way, in particular at Lost Creek. I would say, though, that we are still having to order between 12 and 18 months in advance to stay ahead of things. We are seeing some of the issues soften and get back to more normal.

因此，我們正在大力克服供應鏈問題。我們沒有遇到任何減緩生產或妨礙生產的情況，特別是在 Lost Creek。不過，我想說的是，我們仍然需要提前 12 到 18 個月訂購，才能保持領先。我們看到一些問題正在逐漸緩解並恢復正常。

Other issues have not resolved themselves. And in particular, industrial instrumentation, things like flow meters, pressure meters, things like that, they still have a very long lead and anything dealing with electrical equipment, so motor control centers and transformers. So again, at Lost Creek, we're doing great there. We're well ahead of things. Switching gears to Shirley Basin. We are not seeing any challenges there yet, a great concern.

其他問題尚未自行解決。特別是工業儀器儀表，例如流量計、壓力計等，它們仍然需要很長的引線，以及與電氣設備有關的任何東西，例如電機控制中心和變壓器。所以，在 Lost Creek，我們做得非常好。我們已經領先很多了。轉向雪莉盆地。我們尚未看到任何挑戰，這是一個很大的擔憂。

But we are going to have to be well ahead of the game in ordering, especially our onetime capital purchases for the build-out of the infrastructure at the satellite plant. So any electrical equipment for the substation that we need to upgrade motor control centers that would serve the satellite plant, we need to be well ahead of the curve on that. Our engineering team is aware, and we're very deep into the design on that, and so we'll have to keep an eye on it. But I would say on supply chain, if there's anything that keeps me awake at night, it's on electrical equipment.

但我們必須在訂購方面保持領先，尤其是為衛星工廠基礎設施建設進行的一次性資本採購。因此，我們需要升級為衛星工廠服務的電機控制中心的變電站的任何電氣設備，我們都需要在這方面走在前面。我們的工程團隊意識到了這一點，並且我們對此進行了深入的設計，因此我們必須密切關注它。但我想說，在供應鏈方面，如果有什麼事情讓我夜不能寐，那就是電氣設備。

The same question here from the investor asked about manpower and specifically about Shirley Basin. We've been very open about the struggles with manpower at Lost Creek, although I believe we've largely overcome those. Shirley Basin is a bit of a different beast compared to Lost Creek. Lost Creek is more remote. It's further from a large population and the road access is not as good. So when we look to hire at Shirley Basin, it's a lot closer to Casper, Wyoming, which is by many of your terms, it's a relatively small area.

投資者也提出了同樣的問題，關於人力，特別是雪莉盆地的情況。我們一直非常坦誠地談論 Lost Creek 在人力方面的困難，但我相信我們基本上已經克服了這些問題。與 Lost Creek 相比，Shirley Basin 略有不同。迷失溪 (Lost Creek) 較為偏遠。這裡距離人口密集區較遠，道路交通較不順暢。因此，當我們考慮在雪莉盆地招募時，它離懷俄明州的卡斯珀更近，按照你們許多人的說法，這是一個相對較小的地區。

We've only got about 55,000 or 60,000 people in Casper, but it's a much larger workforce here than what we are drawing from for Lost Creek. I would also say that it's closer to town, it's a one-hour drive from Casper. And as importantly, the quality of the road, we are on a paved highway, almost all the way to Shirley Basin. And now we have a good all-season road installed all the way into the in-situ projects. So I think all of those things, when they're added together, is going to make hiring at Shirley Basin much, much easier.

卡斯珀只有大約 55,000 或 60,000 名員工，但這裡的勞動力數量比 Lost Creek 的員工數量多得多。我還想說它離城鎮更近，距離卡斯珀僅一小時車程。同樣重要的是道路的質量，我們走的是一條鋪好的高速公路，幾乎一路延伸到雪莉盆地。現在我們已經在現場工程中鋪設了一條良好的全天候道路。所以我認為，所有這些因素加在一起，將使 Shirley Basin 的招募變得更加容易。

And finally, I would say Shirley Basin is a very well-known entity. A lot of people have worked there over the years, probably nearly 1,000 people worked at the mines that were the conventional mines when they were up and running. So as people have learned that we're bringing Shirley Basin back into production, I get a lot of inbounds, a lot of excitement about that. So I think that's going to help with hiring as well. So going to the next one, Ur-Energy hasn't announced any new sales contracts recently. Are utilities issuing RFPs and is Ur-Energy responding?

最後，我想說的是，雪莉盆地是一個非常知名的實體。多年來，很多人在那裡工作過，大概有近 1,000 人在這些礦井工作，這些礦井在投入運作時都是傳統礦井。因此，當人們得知我們將重新投入生產雪莉盆地時，我收到了許多消息，對此感到非常興奮。所以我認為這也有助於招募。接下來，Ur-Energy 最近沒有宣布任何新的銷售合約。公用事業公司是否發布了 RFP，Ur-Energy 是否回應了？

Yes, utilities are still issuing RFPs. Maybe a little bit at a reduced rate compared to maybe late last year or early this year. Again, we're kind of in the summer doldrums right now. But yeah, we are still receiving RFPs. We selectively respond to those based on the quantities they're asking for and the timing. We keep all of that in mind as well as diversity of the contract book.

是的，公用事業公司仍在發布 RFP。與去年年底或今年年初相比，增速可能會略有下降。再說一次，我們現在正處於夏季低迷時期。但是的，我們仍在接收 RFP。我們根據他們要求的數量和時間有選擇地回應他們。我們牢記所有這些以及合約書的多樣性。

We don't want to put all of our eggs in one basket, for example. So we are responding. As I indicated in the presentation though, we've changed tactic just a bit. We are looking for increasing our exposure to market-related contracts with floors and ceilings. Those are certainly available out there. And so we'll continue to respond to RFPs.

例如，我們不想把所有的雞蛋放在一個籃子裡。因此我們正在做出回應。正如我在演示中所指出的，我們稍微改變了策略。我們正在尋求增加對具有下限和上限的市場相關合約的接觸。這些肯定都可以買到。因此我們將繼續響應 RFP。

But again, we're trying to get more and more market exposure, so we have exposure to that blue sky. Next question. You commented about current rig count in the presentation. Are the rigs you have and are planning to bring online adequate for the development needs at Shirley Basin? We're getting a good ways into that.

但同樣，我們正在努力獲得越來越多的市場曝光，以便我們能夠接觸到那片藍天。下一個問題。您在演示中評論了當前的鑽機數量。您現有的和計畫投入使用的鑽孔機是否足以滿足雪莉盆地的開發需求？我們正在朝著這個方向努力。

So I can't say yes, we've got enough rigs to handle everything, but we are a long ways into it now. I would say going forward, and Steve can jump in and correct me if he wants to. But I would say we're getting close to the total we would need for both projects. But timing is important here. Most of the rigs for Shirley Basin, we won't need until probably the second quarter of next year.

所以我不能說是的，我們有足夠的鑽孔機來處理所有事情，但我們現在已經走了很長的路了。我想說的是，如果史蒂夫願意的話，他可以繼續前進並糾正我。但我想說我們已經接近兩個項目所需的總數了。但時機在這裡很重要。我們可能要等到明年第二季才需要雪莉盆地的大多數鑽井平台。

So those additional roughly four, five, six rigs we would want to bring on, we don't really need those for another quite a few months. And I think we've got some good line of sight on that. So we are seeing that issue soften for us. And it's because our current drillers, they're bringing on more rigs, they're getting new drillers trained up, bringing more steel out to the site, there's growing confidence in the uranium industry.

因此，我們原本想要額外引進的大約四、五、六台鑽機，在未來相當長的幾個月內我們其實並不需要它們。我認為我們對此已經有了很好的認識。因此，我們看到這個問題對我們來說正在逐漸緩解。因為我們現有的鑽井工人帶來了更多的鑽機，培訓了新的鑽井工人，將更多的鋼材運送到現場，人們對鈾行業的信心日益增強。

So I don't want to say we're at the end of the issue there with supply chain on drill rigs, but I believe we are beginning to see the end of that. I'm hopeful that by middle of next year, this issue will be in our rearview mirror, not just for us, but for all of the producers here in the Mountain West. So, Steve, I don't know if you want to comment any further on that give you an opportunity to jump in and I can take a quick drink.

因此，我不想說我們已經解決了鑽機供應鏈問題，但我相信我們正開始看到這個問題的結束。我希望到明年年中，這個問題將會成為過去，不僅對我們而言，而且對山區西部的所有生產商都是如此。所以，史蒂夫，我不知道你是否想進一步發表評論，以便你有機會插話，我可以快速喝一杯。

Yeah. John, I'll give you a chance to get a drink of water. We are certainly pleased with how the market has responded for drilling equipment. It has been a slow road, but I think it's gained a lot of momentum, and we're seeing all that iron that's been sitting around for a while and a new version of drillers coming back to the market for us. We are preparing.

是的。約翰，我給你機會喝點水。我們對鑽井設備市場的反應感到非常滿意。這是一條緩慢的道路，但我認為它已經獲得了很大的發展勢頭，我們看到所有閒置了一段時間的鐵和新版本的鑽機都回到了市場。我們正在準備。

We have had our couple of rigs out at Shirley and we'll finish that up mid-September, so we can start doing hydrologic testing. And we really plan in the early spring to start our production drilling in earnest at Shirley Basin. And we have significant interest for the rig count that we have there. Whatever we do get on contract earlier, we'll try and put to use for, as John said, any other opportunities that may present themselves. So back to you, John. Hopefully, you got a chance to get a drink.

我們已經在雪莉部署了幾台鑽機，並將於 9 月中旬完成，以便我們能夠開始進行水文測試。我們確實計劃在早春開始在雪莉盆地認真進行生產鑽探。我們對那裡的鑽井數量非常感興趣。正如約翰所說，無論我們之前簽訂了什麼合同，我們都會盡力利用可能出現的任何其他機會。那麼回到你這裡，約翰。希望您有機會喝一杯。

Yeah. I did. Thanks, Steve. I appreciate that little break. But yeah, Steve, is spot on. There is no shortage of opportunities. So we are not worried about bringing on too many rigs because we have so many opportunities for us, both in greenfield and brownfield exploration, so we can deploy rigs to that at any moment.

是的。我做到了。謝謝，史蒂夫。我很感激那短暫的休息。但是，史蒂夫，他說得對。機會不缺乏。因此，我們並不擔心投入過多的鑽孔機，因為我們在綠地和棕地勘探方面都有很多機會，因此我們可以隨時部署鑽機。

The next question is somewhat of a repeat of a previous one, but it's a little bit more specific with regard to supply chain and ramp-up of production at Shirley Basin are asking if we're seeing any issues that will delay the schedule to bring Shirley into production? And at this point, the answer is no. We're not seeing any supply chain issues that would infringe on our schedule of being complete with construction late in 2025 and bringing it on production very shortly thereafter.

下一個問題在某種程度上是上一個問題的重複，但它更具體地涉及雪莉盆地的供應鏈和產量提升，我們是否看到任何會延遲雪莉投入生產計劃的問題？就目前而言，答案是否定的。我們沒有發現任何供應鏈問題，這些問題會影響我們在 2025 年底完成建造並在之後不久投入生產的計劃。

Just would comment, we are regulated at Shirley Basin like at Lost Creek by the Uranium Recovery Program. Once construction is completed at a new facility, the Uranium Recovery Program requires you to go through a preoperational inspection before they allow the facility to be turned on. Our experience is that, that inspection will typically take about a week, maybe a little over a week to complete. That is an on-site inspection. That includes quizzing of our employees and a review of equipment.

只是想評論一下，我們在雪莉盆地 (Shirley Basin) 受到鈾回收計劃的監管，就像在 Lost Creek 一樣。新設施建設完成後，鈾回收計劃要求您進行運行前檢查，然後才允許該設施投入使用。我們的經驗是，檢查通常需要大約一周，也許一周多一點才能完成。那是一次現場檢查。其中包括對我們的員工進行詢問和對設備進行審查。

It also is a review of our paperwork, administrative, standard operating procedures. The agency would also probably take a few more days to complete their desktop review out of Cheyenne. So probably about a two-week process to get through that review. If there are any concerns, they would ask us to address those. They may come back out and inspect again.

這也是對我們的文書工作、行政和標準作業程序的審查。該機構可能還需要幾天才能完成對夏延的桌面審查。因此，完成審查大概需要兩週的時間。如果有任何疑慮，他們會要求我們解決。他們可能會再回來檢查。

So two, maybe three-week timeline between completion of work on construction to get that inspection complete before we would have the opportunity to turn the facility on. So it's not as if we can just simply turn it on the day we get construction complete, we would still need that final sign-off by the Uranium Recovery Program. We have been through that process before. It's not new and novel to us, so we do have experience there getting through that process.

因此，從施工完成到檢查完成，可能需要兩週、也許三週的時間，之後我們才有機會啟動設施。因此，我們不能在施工完成的那天就簡單地將其投入使用，我們仍然需要鈾回收計劃的最終批准。我們以前經歷過這個過程。這對我們來說並不新鮮，所以我們確實有完成這一過程的經驗。

So a couple of other questions that have come in. Why have gains in U3O8 spot pricing slowed in 2024 relative to 2023? Great question. I'm not sure exactly why it has plateaued. I, again, would go back to these last few months, why has it plateaued and maybe even softened a little bit over the summer.

我還遇到了其他幾個問題。為什麼 2024 年 U3O8 現貨價格漲幅相對於 2023 年有所放緩？好問題。我不確定它為何會停滯不前。我再次回顧過去幾個月，為什麼它會在夏天趨於穩定甚至減弱。

I think it's really been a reflection that the spot market has traded very slowly. And I think that will pick back up as we go into the fall. But I would point out, though, keep in mind that these prices we are seeing right now are still dramatically higher than what we saw even 1.5 years, two years ago, three years ago when we were beginning to sign contracts, and they're well in the money for us going forward. So would we like to see the prices a little higher? Yes, absolutely, we would.

我認為這確實反映出現貨市場交易非常緩慢。我認為，隨著秋季的到來，這一趨勢將會回升。但我想指出的是，請記住，我們現在看到的價格仍然比我們一年半、兩年、三年前開始簽約時看到的價格高得多，而且對於我們未來的發展來說，這些價格是相當划算的。那我們希望價格稍微高一點嗎？是的，我們絕對會的。

And I had a slide in the presentation about catalyst. And I think we're going to continue to see upward pressure in the spot and the term market as things continue to evolve. Interestingly, I think as far as mine supply over the next six to 12 months, I think a lot of the new stories and the restarts, we're going to learn a lot about them, not just Lost Creek, but other companies as well. There's a lot of restart out there and some of them are going to work, some are not.

我在演講中有一張關於催化劑的幻燈片。我認為，隨著事態的不斷發展，現貨和定期市場將繼續面臨上行壓力。有趣的是，我認為就未來 6 到 12 個月的礦山供應而言，我認為很多新故事和重啟，我們將了解很多關於它們的信息，不僅僅是 Lost Creek，還有其他公司。有很多重啟操作，有些會起作用，有些則不會。

But I suspect that overall, we're going to see less production than what some predict, and that will put additional pressure on the market. So stay tuned. We'll see how that plays out. Next question I have is the cadence of remaining shipments in the second half of 2024. Roger earlier, he laid out the demand for the remainder of this year to fill our contract book.

但我懷疑總體而言，產量將低於一些人的預測，這將給市場帶來額外的壓力。敬請關注。我們將拭目以待事情將如何發展。我的下一個問題是 2024 年下半年剩餘出貨量的節奏。羅傑早些時候列出了今年剩餘時間填寫我們合約書的需求。

We've already made 100, and Roger or Steve, you can correct me if I'm wrong, but we've already delivered 175,000 pounds of the 570,000 pounds required this year. So if you take the delta of that, we typically ship about 35,000 pounds of U3O8 per shipment. And if you evenly space that throughout the rest of the year, that's the approximate cadence we'll be on. We do have a shipment schedule for early next month.

我們已經生產了 100 磅，羅傑或史蒂夫，如果我錯了，你們可以糾正我，但我們已經交付了今年所需的 570,000 磅中的 175,000 磅。因此，如果計算一下增量，我們通常每批運送約 35,000 磅的 U3O8。如果你在今年剩餘的時間裡均勻地分配這個時間，這就是我們大致的節奏。我們確實有下月初的出貨計畫。

Another truckload will be going out, and they should be going out routinely thereafter for the remainder of the year. So Steve or Roger, do you have any further comments on the cadence of shipments through the second half of 2024?

另一輛卡車將會出發，並且在今年剩餘的時間裡，它們應該會定期出發。那麼史蒂夫或羅傑，您對 2024 年下半年的出貨節奏還有什麼評論嗎？

No, not really, John. I think you nailed it right on the head. As you said, our refinements in plant operations really affect that as much as anything. And we have brought staff on, training continues on, but our folks are really doing well, and we are routinely sending trucks out the door, which it's great dealing with ConverDyn again and getting those folks, they are going through some of the same challenges and getting ramped back up, but we're all working towards of meeting those shipments on a routine basis for the rest of this year.

不，不是真的，約翰。我認為你說得非常正確。正如您所說，我們在工廠運作方面的改進確實對此產生了很大的影響。我們已經招募了員工，培訓也在繼續，但我們的員工做得非常好，我們經常將卡車送出門外，很高興再次與 ConverDyn 合作並讓這些員工也參與進來，他們正在經歷一些相同的挑戰並重新開始工作，但我們都在努力在今年剩餘時間內定期滿足這些發貨量。

All right. Thanks, Steve. I appreciate that. I've got one more question here that's a little bit redundant deals with deliveries for the rest of the year in RFPs. I think we've answered that. Next question I have is, what is Ur-Energy's perspective on fuel production for SMRs?

好的。謝謝，史蒂夫。我很感激。我這裡還有一個問題，有點重複，涉及今年剩餘時間在 RFP 中的交付。我想我們已經回答了這個問題。我的下一個問題是，Ur-Energy 對 SMR 燃料生產有何看法？

My understanding is that LEU is the only USA producer of HALEU for SMRs. How will that impact sales of uranium feedstock? Great question. It's been about a year ago now that the NEI did a survey of its members and asked how many SMRs they planned on building between now and then in 2050? And the number was around 300. We're continuing to see a lot of excitement around SMRs in the US and around the world.

據我了解，LEU 是美國唯一一家為 SMR 提供 HALEU 的公司。這將如何影響鈾原料的銷售？好問題。大約一年前，美國核能協會 (NEI) 對其成員進行了一項調查，詢問他們從現在到 2050 年計劃建造多少 SMR？人數約有300人。我們持續看到美國和世界各地對 SMR 的熱情高漲。

It takes a little bit of time to get them permitted, licensed, constructed and up and running, but we're seeing very meaningful movement in that direction. And that fuel for those has to be bought two or three years in advance. So we expect we're going to be seeing increasing demand for fuel by the SMRs here in the not-too-distant future, including the reactor here in Wyoming that's being built by Bill Gates' company, Terra Power. They are actively doing ground clearing now in Kemmerer, Wyoming, which is not too far from our Lost Creek site.

獲得許可、執照、建造和運行需要一點時間，但我們看到在這方面正在發生非常有意義的進展。而且這些燃料必須提前兩三年購買。因此，我們預計在不久的將來，我們將看到這裡的 SMR 燃料需求不斷增加，包括比爾蓋茲的公司 Terra Power 正在懷俄明州建造的反應爐。他們目前正在懷俄明州凱默勒積極清理地面，那裡離我們的 Lost Creek 站點不遠。

So the demand will not be huge for the first couple of three years, but we do expect it to grow to a material amount in the not-too-distant future. At this point, we don't have any enrichers in the US that are producing HALEU. So the investor is correct in his assessment here. However Urenco is ready and willing to build out the back-end of their plant to take their existing LEU, run it through additional centrifuges to produce HALEU.

因此，前兩年的需求不會很大，但我們預計在不久的將來需求會增長到相當大的數量。目前，美國還沒有任何生產 HALEU 的濃縮廠。因此，投資者的評估是正確的。然而，Urenco 已準備好並願意擴建其工廠的後端，以利用其現有的低濃縮鈾，並透過額外的離心機生產高濃縮鈾。

They have the technology. It is the exact same technology to produce LEU. You simply run it through this additional centrifuges to continue to grow that enrichment. And so they are willing to do that. And literally, I was on a call Wednesday of last week, Urenco expressed their interest in providing HALEU to US and global reactors.

他們擁有技術。這與生產低濃縮鈾的技術完全相同。您只需將其放入額外的離心機中即可繼續增加濃縮量。所以他們願意這樣做。事實上，我上週三接到一個電話，Urenco 表示有興趣向美國和全球的反應爐提供 HALEU。

So it is a bit of a bottleneck right now because that production line has not been ramped up by Urenco, but they do have the capacity to do that, and I think they are going to be moving toward that in the not-too-distant future. So hopefully, that's responsive to the question to you. Okay, question regarding company valuation says. Hi, John, ex cash of $125 million, the market is valuing Lost Creek and Shirley Basin less than $300 million, which makes URG the cheapest asset globally for produced pounds. Comment on that, please?

因此，目前存在一些瓶頸，因為鈾濃縮公司尚未提高該生產線的產量，但他們確實有能力做到這一點，而且我認為在不久的將來他們就會朝著這個方向邁進。希望這能回答您的問題。好的，關於公司估值的問題。你好，約翰，扣除 1.25 億美元現金後，市場對 Lost Creek 和 Shirley Basin 的估值不到 3 億美元，這使得 URG 成為全球產出磅數最便宜的資產。請對此作出評論？

Yeah. Thanks, Mike. I appreciate that question. You're spot on. I think we are probably undervalued right now compared to our peers. I think the market loses sight, producible pounds versus pounds in the ground, that is a matter that I'm trying constantly to address. If you look at our projects that we tout, they are producible projects, and we're bringing them in production in the near-term or in the midterm.

是的。謝謝，麥克。我很感謝你提出這個問題。你說得完全正確。我認為與同行相比，我們現在可能被低估了。我認為市場忽略了可生產的磅數與地下的磅數，這是我一直在努力解決的問題。如果你看一下我們所宣傳的項目，你會發現它們都是可生產的項目，而且我們會在短期或中期將它們投入生產。

So I think the investing community needs to recognize that. There should be less valuation given on pounds in the ground if they are not economic. And if you take a look at us, the pounds we have, the pounds we have in our tech reports, we give full-blown economic discussions of those and the market needs to appreciate that more. We've got some strong contracts in place that should add value to the company.

所以我認為投資界需要認識到這一點。如果土地不具有經濟價值，就應該降低其估價。如果你看一下我們，你會發現我們擁有的英鎊，我們在技術報告中擁有的英鎊，我們對這些進行了全面的經濟討論，市場需要更多地欣賞這一點。我們已簽訂了一些強而有力的合同，這些合同應該能為公司增加價值。

At the same time, we have tremendous remaining capacity left for production at Lost Creek and at Shirley Basin to have exposure to increasing market prices. And as I indicated earlier, we are looking for contracts that are increasingly market-related with strong floors and ceilings. We've had some good discussions with utilities about that structure, and they are willing to sign contracts of that nature. So I think as additional RFPs come out, we'll be able to round out our contract book and protect the company with great revenues and at the same time, maintain that exposure to a great uranium prices going forward.

同時，我們在 Lost Creek 和 Shirley Basin 也擁有龐大的剩餘生產能力，可以承受不斷上漲的市場價格。正如我之前所說，我們正在尋找與市場日益緊密相關、具有強大下限和上限的合約。我們已經與公用事業公司就該結構進行了一些良好的討論，他們願意簽署此類合約。因此，我認為隨著更多 RFP 的發布，我們將能夠完善我們的合同，並透過豐厚的收入保護公司，同時保持未來鈾價的穩定。

But yeah, Mike, we've got some work to do in that regard. We are undervalued. I think it's a great time to be investing in Ur-Energy as we ramp-up increasing production at Lost Creek and in the not-so-distant future at Shirley Basin. So forgive me here, I'm going to have to toggle back and forth on e-mails to get the inbounds. All right. Next one is from one of our analysts.

但是的，麥克，在這方面我們還有很多工作要做。我們被低估了。我認為現在是投資 Ur-Energy 的好時機，因為我們正在增加 Lost Creek 的產量，並且在不久的將來還會加大 Shirley Basin 的產量。所以請原諒我，我將不得不在電子郵件上來回切換才能收到郵件。好的。下一個是來自我們的一位分析師的發言。

Can you provide some color on what you're seeing with longer-term contracts with your utility customers? Yeah, I can provide a little color there. I have to be careful not to say too much for obvious reasons. Certainly, it is now a seller's market, not a buyer's market. I would say that RFPs now in contracting opportunities, we're seeing less and less flex being insisted on by the buyer, by the utilities. So we don't see that as much.

您能否詳細介紹一下您與公用事業客戶簽訂的長期合約的情況？是的，我可以提供一些顏色。出於顯而易見的原因，我必須小心，不要說太多。當然，現在是賣方市場，而不是買方市場。我想說的是，現在在招標書中，我們看到買家和公用事業公司越來越少堅持要求彈性。所以我們不太常見到這樣的情況。

We don't see as much of a request for optionality at the end of the contract. For an example, a three-year extension at the buyer's option, we don't see that so much anymore. And we're seeing less and less comments in RFPs are insistence on base price with escalation. I think most of the utilities recognize now that the mining companies, they need that exposure to the market, they insist on that, the shareholders insist on that.

我們沒有看到合約結束時有太多的選擇要求。舉個例子，買方可以選擇延長三年，但這種情況現在已經不多了。我們看到，RFP 中堅持底價上漲的評論越來越少。我認為大多數公用事業公司現在都意識到，礦業公司需要接觸市場，他們堅持這一點，股東也堅持這一點。

So they're much more willing to accept a contract that is linked into the market, spot price, sometimes with floor and ceiling. So we're moving in that direction. But in generally, it's much more a seller's market today than a buyer's market. Been a little quiet over the summer. But again, we expect that to pick up going into next year. There is a lot of unfilled demand as you get out into '28, '29, '30, and of course, it just continues to grow thereafter.

因此，他們更願意接受與市場、現貨價格掛鉤的合同，有時還設有下限和上限。所以我們正朝著這個方向前進。但整體而言，如今的市場更像是賣方市場，而不是買方市場。整個夏天都有點安靜。但我們再次預計，到明年這數字將會回升。進入 28、29、30 年，仍存在大量未滿足的需求，當然，此後這種需求將繼續增長。

But we are approaching the time right now where those utilities that don't have coverage in those years that they're coming into the market. So we do expect a lot of RFPs late this year, early next year to begin filling the book for those years. So hopefully, that's responsive. Now the related question from the same analyst. What do you see with pricing, especially as it pertains to longer-term contracts? And what are you seeing regarding premiums for lower risk origins for your material? Thanks.

但現在我們正接近那些在進入市場的那些年裡沒有涵蓋的公用事業的時代。因此，我們確實預計今年年底和明年年初會有大量 RFP 來開始填寫這些年份的 RFP 書。所以希望這是有回應的。現在來自同一位分析師的相關問題。您對定價有何看法，尤其是涉及長期合約的定價？您認為針對您的材料的低風險來源的保費如何？謝謝。

I can't get into the numbers that we're discussing with utilities, and I don't want to tip my hand there. But is there a preference for more diversity to move away from Eastern supply and begin to bring in an increasing amount of Western supply? Absolutely. We routinely hear from US utilities and from European utilities that they have an increasing desire for that diversity, and they are willing to pay a bit of a premium for those Western pounds. So companies like ourselves and Cameco, we certainly benefit from that desire to have Western diversity.

我無法透露我們與公用事業公司討論的數字，而且我也不想透露這一點。但是，人們是否更傾向於更加多樣化，從而擺脫東方供應，開始引入越來越多的西方供應？絕對地。我們經常聽到美國和歐洲公用事業公司表示，他們對這種多樣性的需求日益增加，並且願意為西方國家支付一些溢價。因此，像我們和 Cameco 這樣的公司無疑受益於對西方多元化的渴望。

We are beginning to see more and more interest in our carbon emissions. And more and more companies have goals to purchase uranium from companies that have low carbon emissions, and they're willing to pay a bit of a premium for that as well. So one of the reasons we are going to be posting a sustainability page on our website is so that we can begin to kind of show what our emissions are. As an in-situ miner, I would say, on average, our emissions are considerably lower than the conventional miners, and our numbers bear that out.

我們開始看到人們對碳排放的興趣越來越大。越來越多的公司希望從低碳排放的公司購買鈾，他們也願意為此支付一點溢價。因此，我們將在網站上發布永續發展頁面的原因之一是，這樣我們就可以開始展示我們的排放量。作為一名現場礦工，我想說，平均而言，我們的排放量比傳統礦工低得多，我們的數據證明了這一點。

So yeah, it's not just Western supply. It's increasingly what is your CO2 emission on a per pound basis of U3O8 generated. Not a big deal, but we have discovered that we are sequestering a bit of CO2 in the geologic formation as we mine with CO2 and O2, those two gases. We're not recovering all of that CO2.

是的，這不僅僅是西方的供應。它越來越成為每磅產生的 U3O8 的二氧化碳排放量是多少的問題。沒什麼大不了的，但我們發現，當我們使用二氧化碳和氧氣這兩種氣體進行開採時，我們會在地質構造中封存少量二氧化碳。我們並沒有回收所有的二氧化碳。

It's getting locked up likely within the interstitial portions of the phyllosilicate clays, and so we are actually taking a little bit of CO2 and leaving it in the ground as being captured there for the long term. So that's something that's interesting, a bit of a novelty for the Lost Creek project. So with that, let me see if I've got anything else. We are at 10 o'clock, and I believe I've answered most, if not all of the questions.

它很可能被鎖在層狀矽酸鹽粘土的間隙部分內，因此我們實際上吸收了少量的二氧化碳並將其留在地下，以便長期捕獲。所以，這對 Lost Creek 計畫來說是一件有趣的事情，也算是新奇事物。那麼，讓我看看是否還有其他資訊。現在是 10 點，我相信我已經回答了大多數（如果不是全部）問題。

If I didn't get to your question, if I've missed it somehow, we still have my contact information up there, please feel free to shoot me an e-mail. I tend to be very responsive to inquiries or I sure try to be, and be glad to pick up the conversation. So thank you all for your time. We'll return the rest of the day to you and enjoy the rest of the summer. We'll talk again in the third quarter.

如果我沒有回答您的問題，如果我以某種方式錯過了，我們仍然在那裡保留了我的聯絡資訊，請隨時給我發電子郵件。我傾向於對詢問做出積極回應，或者我肯定會盡力這樣做，並且很樂意參與對話。非常感謝大家抽空。我們將把這一天的剩餘時間歸還給您，並享受剩下的夏天。我們將在第三季再次討論。

Thank you very much. This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

非常感謝。今天的會議到此結束，大家可以斷開連線了。感謝您的參與。