Ur-Energy Inc (URG) 2025 Q4 法說會逐字稿

Thank you for joining UR-Energy's year-end 2025 results conference call. (Operator Instructions) Please note this conference is being recorded. I will now turn the call over to Alex Ritchie, General Counsel and Corporate Secretary of Ur-Energy.

感謝您參加 UR-Energy 2025 年年終業績電話會議。(接線員指示) 請注意，本次會議將被錄音。現在我將把電話交給 Ur-Energy 的總法律顧問兼公司秘書 Alex Ritchie。

Thank you. Today's discussion includes forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are based on management's current expectations and assumptions, and involve known and unknown risks and uncertainties that could cause actual results to differ materially.

謝謝。今天的討論包含符合適用證券法所定義的前瞻性陳述。前瞻性陳述係基於管理層目前的預期與假設，並涉及已知與未知的風險與不確定性，可能導致實際結果與所述內容出現重大差異。

We don't undertake to update or revise any forward-looking statements, except as required by law. Slide 2 contains disclaimers that relate to forward-looking statements, risk factors and projections and cautionary notes to investors. Please consider these carefully, along with the risk factors in our annual report on Form 10-K that was filed on March 10, 2026. I'll now turn the call over to our CEO and President, Matt Gili.

除法律要求外，我們不承諾更新或修訂任何前瞻性陳述。投影片 2 包含與前瞻性陳述、風險因素與預測以及對投資人的警示說明相關的免責聲明。請您仔細閱讀這些內容，並一併參考我們於 2026 年 3 月 10 日提交的 Form 10-K 年度報告中的風險因素。現在我將把電話交給我們的執行長兼總裁 Matt Gili。

Thank you, Alex, and thank you, everyone, for joining us today. Slide 1. As many of you know, I joined Ur-Energy midway through 2025. From my perspective, it was a year of strong execution and meaningful progress. Across our operations, development pipeline and financial position, we delivered tangible improvements that position the company for production growth in 2026. Slide 2, disclaimer. As Alex mentioned, we will likely make forward-looking statements today. Please read the disclaimer at your leisure.

謝謝你，Alex，也謝謝各位今天加入我們。投影片 1。如各位所知，我在 2025 年年中加入 Ur-Energy。以我的觀點來看，那是一年執行力強、且取得有意義進展的一年。在我們的營運、開發管線與財務狀況方面，我們交出具體改善成果，使公司在 2026 年具備產量成長的良好定位。投影片 2，免責聲明。如 Alex 所提，我們今天很可能會做出前瞻性陳述。請您在方便時閱讀免責聲明。

On to Lost Creek, Slide 3. At Lost Creek, our focus on operational execution translated into significant year-over-year gains. We ended the year with 406,000 pounds of product in inventory, an increase of 21% over 2024. We increased pounds drummed in 2025 by 65% over 2024.

接著談 Lost Creek，投影片 3。在 Lost Creek，我們對營運執行的專注轉化為顯著的年增成果。我們在年底時庫存有 406,000 磅產品，較 2024 年增加 21%。我們在 2025 年的裝桶磅數較 2024 年增加 65%。

We also improved wellfield flow rates, increased pounds captured by 40%, and increased our profit per pound sold by more than $12. Our average cash cost per pound sold, including severance and ad valorem taxes was $42.89. These results reflect stronger wellfield performance improved plant throughput and disciplined operating focus.

我們也改善了井場流量，提高捕獲磅數 40%，並將每磅銷售毛利提高超過 12 美元。我們每磅銷售的平均現金成本（包含資遣費與從價稅）為 42.89 美元。這些成果反映了更強的井場表現、改善的工廠處理量，以及嚴謹的營運管理重點。

Slide 4. Ongoing drilling at Lost Creek continues to create value. As detailed in our updated SK 1300 technical report, the measured, and indicated resource is now estimated at 11.9 million pounds, and the inferred resource is at 10.4 million pounds.

投影片 4。Lost Creek 持續進行的鑽探仍在創造價值。如我們更新的 SK 1300 技術報告所述，探明與控制資源量目前估計為 1,190 萬磅，推定資源量為 1,040 萬磅。

The estimated mine life at Lost Creek was extended by nearly three years, and the post-tax net cash flow increased to $442 million, roughly 45% more than the previous estimate. The NPV with an 8% discount rate is now estimated at $244 million with an internal rate of return of almost 66%.

Lost Creek 的估計礦山壽命延長了近三年，稅後淨現金流增加至 4.42 億美元，約較先前估計高出 45%。以 8% 折現率計算的 NPV 目前估計為 2.44 億美元，內部報酬率接近 66%。

On Slide 5. We still only drilled a portion of the more than 35,000 contiguous acres at the Lost Creek property. As our Chief Operating Officer, Mr. Steve Hatten, said in yesterday's press release, every time we drill Lost Creek, we've been fortunate to increase the resource base. This underscores Lost Creek's scale, longevity and long-term growth potential.

投影片 5。我們在 Lost Creek 礦區超過 35,000 英畝的連續土地中，仍只鑽探了其中一部分。正如我們營運長 Steve Hatten 先生在昨日新聞稿中所說，每次我們在 Lost Creek 鑽探，都很幸運能增加資源基礎。這凸顯了 Lost Creek 的規模、壽命以及長期成長潛力。

On to Slide 6, on Shirley Basin. At our Shirley Basin project, we made substantial progress towards bringing our second ISR production facility online. The initial processing plant construction is nearing completion with all ion exchange columns installed and key tanks in place. To support start-up of operation, we've drilled 469 injection and production wells.

接著看投影片 6，Shirley Basin。在 Shirley Basin 專案方面，我們在推進第二座 ISR 生產設施上線方面取得重大進展。初期處理廠建設已接近完工，所有離子交換柱均已安裝，關鍵槽體也已就位。為支援營運啟動，我們已鑽設 469 口注入井與生產井。

In Mine Unit 1, Header House One is ready to begin initial injection and recovery from the wellfield pending approval from the State Environmental Department. They began their preoperational inspections in late February and are looking at our wellfield data package.

在礦區單元 1（Mine Unit 1），一號集管站（Header House One）已準備好在取得州環境部門核准後，開始對井場進行初始注入與回收。他們在 2 月下旬開始進行投運前檢查，並正在審查我們的井場資料包。

So that process is underway. The March 2024 technical report for Shirley Basin estimated at a nine-year mine life and 8.8 million pounds of resource, in the measured and indicated categories. The estimated post-tax net cash flow is $119 million. The NPV with an 8% discount rate is $83 million with an internal rate of return of 69%. The estimated all-in cost is $50 per pound.

因此該流程正在進行中。Shirley Basin 於 2024 年 3 月的技術報告估計礦山壽命為 9 年，探明與控制類別資源量為 880 萬磅。估計稅後淨現金流為 1.19 億美元。以 8% 折現率計算的 NPV 為 8,300 萬美元，內部報酬率為 69%。估計全包成本為每磅 50 美元。

During 2025, we grew our Ur-Energy workforce by 55% and welcomed 56 new team members. The majority of those were added to support Shirley Basin, but we also strengthened our operational, technical and corporate teams across the company. We are proud of the team we're building.

在 2025 年期間，我們將 Ur-Energy 的員工人數增加了 55%，並迎來 56 位新成員。其中大多數是為支援 Shirley Basin 而增聘，但我們也在全公司範圍內強化了營運、技術與公司團隊。我們為正在打造的團隊感到自豪。

Slide 7. From a financial perspective, we ended the year with $123.9 million in cash, driven largely by the successful closing of our 4.75% convertible senior notes. Our cash position as of March 4, 2026, was $115.3 million. That doesn't include $18.5 million that we will receive this month for 24.7 million warrants that were exercised last month for about 12.3 million of our common shares.

投影片 7。從財務角度來看，我們在年底持有 1.239 億美元現金，主要受惠於我們成功完成 4.75% 可轉換優先票據的發行。截至 2026 年 3 月 4 日，我們的現金部位為 1.153 億美元。該數字尚未包含我們本月將收到的 1,850 萬美元，該款項來自上月行使的 2,470 萬份認股權證，約對應 1,230 萬股普通股。

All of our outstanding warrants were exercised over the last few months, except for an insignificant number that expired. The strength of our balance sheet gives us the flexibility to fund Shirley Basin commissioning, continued ramp-up at Lost Creek and disciplined resource growth.

在過去幾個月中，我們所有未到期的認股權證均已被行使，僅有極少數到期失效。我們資產負債表的強勁，使我們能靈活資助 Shirley Basin 的試車投運、Lost Creek 的持續爬坡，以及有紀律的資源成長。

And while we're not taking any victory laps just yet, it's worth pointing out that we finished the year with a positive gross profit of $74,000, a modest number, but an encouraging milestone as operations and production continues to improve.

雖然我們還不打算現在就慶功，但值得指出的是，我們在年底實現了 74,000 美元的正毛利。這是一個不大的數字，但在營運與產量持續改善之際，是一個令人鼓舞的里程碑。

On Slide 8. At our Lost Soldier project, we installed 18 aquifer test wells in late 2025 to support the evaluation of the potential for ISR development. Aquifer testing will this month followed by baseline environmental studies for permitting -- for potential permit. Lost Soldier is just 17 miles from the Lost Creek processing plant, which could mean an opportunity to develop it as a satellite operation using our existing infrastructure.

投影片 8。在 Lost Soldier 專案方面，我們於 2025 年底安裝了 18 口含水層測試井，以支援對 ISR 開發潛力的評估。本月將進行含水層測試，之後將展開用於許可申請的基線環境研究——以取得潛在許可。Lost Soldier 距離 Lost Creek 處理廠僅 17 英里，這可能意味著可利用既有基礎設施，將其開發為衛星營運的機會。

We've also started work on a technical report for the project that we expect to complete by the end of this year. At our North Hadsell project in the Great Divide Basin, drilling continues to deliver very encouraging early results. Through the end of February, we drilled 32 wide-space holes totaling 33,000 feet.

我們也已開始為該專案編製技術報告，預期在今年年底前完成。在大分水嶺盆地（Great Divide Basin）的 North Hadsell 專案，鑽探持續帶來非常令人鼓舞的早期成果。截至 2 月底，我們已鑽探 32 個大間距孔（wide-space holes），總進尺 33,000 英尺。

Seven of those intersected significant uranium mineralization, including 13 intercepts exceeding our Lost Creek cutoff grade. These results suggest multiple stacked roll front horizons with grade and thicknesses comparable to Lost Creek, supporting the potential for future ISR development.

其中有 7 個孔穿越顯著的鈾礦化帶，包括 13 段截距高於我們 Lost Creek 的截止品位。這些結果顯示可能存在多個疊置的滾動前緣（roll front）層位，其品位與厚度可與 Lost Creek 相比，支持未來進行 ISR 開發的潛力。

The results include two standout holes, about 1.5 miles apart that intersected significant stacked mineralization at similar depths, giving us some early confidence in the potential scale of the system. And North Hadsell is only 18 miles from Lost Creek. Once we wrap up the 50-hole program at North Hadsell, we'll move the rigs over to our Lost Creek SaaS project this summer.

結果包括兩個特別突出的鑽孔，彼此相距約 1.5 英里，且在相近深度穿越顯著的疊置礦化帶，使我們對該系統的潛在規模建立了一些早期信心。而 North Hadsell 距離 Lost Creek 也僅 18 英里。一旦我們完成 North Hadsell 的 50 孔計畫，今年夏天我們將把鑽機移至我們的 Lost Creek SaaS 專案。

Lost Creek is located adjacent -- Lost Creek South is located adjacent to Lost Creek, and we're planning a 120-hole drill program there this year. These exploration programs are critical to expanding our development pipeline, growing our resource base and diversifying potential future production across multiple projects.

Lost Creek 位於相鄰位置——Lost Creek South 位於 Lost Creek 旁邊，我們計劃今年在那裡進行一項 120 孔的鑽探計畫。這些勘探計畫對於擴大我們的開發管線、壯大資源基礎，並在多個專案之間分散未來潛在產量至關重要。

Slide 9, wrapping up. As we enter 2026, we continue to optimize our operations at Lost Creek, while our second ISR facility at Shirley Basin is making significant progress towards startup. Our combined estimated mineral resource totaled 21 million pounds in the measured and indicated categories, and 10.4 million pounds in the inferred category as of December 31, 2025, providing a strong resource base for our production.

第 9 張投影片，做個總結。邁入 2026 年之際，我們持續優化 Lost Creek 的營運，同時我們在 Shirley Basin 的第二座 ISR 設施正朝向啟動取得顯著進展。截至 2025 年 12 月 31 日，我們合併估計的礦產資源量在「已測定與已指示」類別合計為 2,100 萬磅，在「推斷」類別為 1,040 萬磅，為我們的生產提供了強勁的資源基礎。

We have contracted for sales of 1.3 million pounds in 2026. We plan to cover those sales with pounds in inventory and new pounds that we produced at Lost Creek and Shirley Basin. And on March 4, we had 379,000 pounds in conversion facility inventory. With our growing resource base and strong balance sheet, we believe Ur-Energy is well positioned to benefit from positive uranium market fundamentals and increased demand for secure US uranium supply. And with that, I'll turn it back to the operator and open it up for questions and answers. Thank you.

我們已簽訂 2026 年 130 萬磅的銷售合約。我們計劃以庫存中的磅數，以及我們在 Lost Creek 與 Shirley Basin 生產的新磅數來覆蓋這些銷售。此外，截至 3 月 4 日，我們在轉換設施的庫存為 379,000 磅。憑藉我們不斷擴大的資源基礎與強健的資產負債表，我們相信 Ur-Energy 已具備良好條件，可受惠於鈾市場正向的基本面以及對安全的美國鈾供應日益增加的需求。接下來我把時間交還給主持人，並開放問答。謝謝。

(Operator Instructions)

(主持人指示)

Soundarya Iyer, B. Riley Securities.

Soundarya Iyer，B. Riley Securities。

And congratulations on the quarter. I just have two questions. So starting with the $1.5 million commitments, including the $250,000 loan repayment, with current inventory levels, can you help us understand, like what gives the confidence in meeting these deliveries, and increasing utilization from the current levels to that 50%, 60% range?

恭喜本季表現。我有兩個問題。首先，關於 150 萬美元的承諾（其中包含 25 萬美元的貸款償還），在目前的庫存水位下，能否協助我們理解：是什麼讓你們有信心能完成這些交付，並將產能利用率從目前水準提升到 50%、60% 的區間？

Certainly, Soundarya. Thanks for the question. So look, when you talk about what gives us that confidence, it's what we're seeing now with the current ramp-up of operations at Lost Creek combined with the positive progress on construction at Shirley Base.

當然可以，Soundarya。謝謝你的問題。你問到信心來源，主要是我們目前在 Lost Creek 的營運持續爬坡，再加上 Shirley Base 的建設進度正向。

So we do our mine planning, we do our analysis of risks and opportunities. As we go through this year, our plan, which is a very solid plan that we've gone through very carefully, those we were able to make our deliveries of 1.3 million contractual sales for the year from the existing inventory as well as the new production that we will be bringing on during the year.

我們會做礦山規劃，也會分析風險與機會。在今年的推進過程中，我們的計畫非常扎實，且我們已非常審慎地反覆檢視；依此計畫，我們能以現有庫存以及今年將陸續帶來的新產量，完成全年 130 萬磅的合約銷售交付。

There's a lot of different parts there. I mean, we're just -- what we're seeing is a continued ramp-up of operations at Lost Creek. We're seeing the wellfield continue to produce high-quality uranium and solution. The improvements in the plant are really taking shape. The team at the Lost Creek plant is expanding. We've got a very strong business improvement program in place there.

這裡面有很多不同的環節。我們看到的是 Lost Creek 的營運持續爬坡。我們看到井場持續產出高品質的鈾與溶液。工廠端的改善也正在逐步成形。Lost Creek 工廠的團隊正在擴編。我們在那裡也已建立一套非常強的營運改善計畫。

We brought on key individuals as well as we're going to be adding sand filters to the front of the Lost Creek plant over the next several months. So these are the parts from Lost Creek to give us the confidence. Shirley Basin is the positive construction. We're on track to be able to start moving solution through the plant this month, and we're on track for our -- to begin shipping resin deliveries in the second quarter.

我們引進了關鍵人才，並且在接下來幾個月會在 Lost Creek 工廠前端加裝砂濾設備。以上是 Lost Creek 端讓我們有信心的因素。至於 Shirley Basin，建設進展正向。我們按計畫本月就能開始讓溶液通過工廠流程，並且也按計畫在第二季開始出貨樹脂交付。

So that's all coming together nicely. We still require pending environmental approval from the State of Wyoming. Those are all on track, and they seem clear. We can't always predict when we'll get those. But everything seems on track, and we're very confident in our abilities this year.

整體進展都很順利地在整合到位。我們仍需要等待懷俄明州的環境核准。這些流程都在軌道上，看起來也很明確。我們無法總是預測何時會取得核准。但一切看來都按計畫進行，我們對今年的執行能力非常有信心。

Anthony Taglieri, Canaccord Genuity.

Anthony Taglieri，Canaccord Genuity。

Just curious on the product loans that you have outstanding. Given your cash balance, when should we expect that this might get repaid? Would it be sort of by the deadline in November? Would you settle it earlier? And then maybe on the settlement, does it have to be settled by replacing the physical? Or could it be cash settled as well?

我想了解一下你們尚未償還的產品借貸。考量你們的現金餘額，我們應該預期何時會償還？會是在 11 月的到期日之前嗎？還是會更早結清？另外，關於結清方式，是否必須以實物補回來結算？或也可以用現金結算？

All right, Anthony, good questions. So we have a 250,000 pounds loan with the trading entity that is due in November of this year. As you kind of pointed out in your question, Anthony, we have multiple options on how and when we repay this loan. We could always -- with our cash balance, we could always have the opportunity to pay back that loan by buying pounds on spot.

好的，Anthony，問題很好。我們與一家貿易實體有一筆 250,000 磅的借貸，於今年 11 月到期。如你在問題中提到的，我們在償還這筆借貸的方式與時間點上有多種選項。以我們的現金餘額而言，我們隨時都有機會透過在現貨市場買入磅數來償還該借貸。

Regarding the payment of the loan, the loan is to be repaid in physicals. That's not necessarily our physicals, but the loan is to be repaid in physically. So I'm not -- we're not going to pin down exactly how we're looking at that. What we are doing, Anthony, is we're looking at our opportunities, if we were to see a short-term decrease in spot price, that could give us an opportunity to just get that loan off of our books, so we're hearing very favorable price.

關於借貸的償付，該借貸需以實物償還。不一定要用我們自己的實物，但必須以實物償還。因此我不會——我們也不會——在此精確鎖定我們會如何處理。我們正在做的是，Anthony，我們在評估各種機會；如果我們看到現貨價格短期下跌，可能會給我們一個機會把這筆借貸從帳上結清，因為我們目前看到的價格非常有利。

Other than that, we look at other opportunities. So we haven't pinned down, and we're not projecting a certain path on that. We do know that loan is outstanding. It's due in November, and we have the contingency plans in place to fulfill that loan.

除此之外，我們也會評估其他機會。所以我們尚未定案，也不會預設某一條特定路徑。我們確實知道這筆借貸仍未償還。它在 11 月到期，而我們也已備妥應變計畫以履行該借貸。

Great. That's very clear. Maybe just as a follow-up, how should we think about the cadence of realized prices through 2026? Do you expect sort of a ramp in prices to stay fairly consistent? How should we be thinking about that?

很好。這非常清楚。再追問一下，我們應該如何看待到 2026 年的已實現價格節奏？你們預期價格會逐步上升，還是大致維持一致？我們應該怎麼思考這件事？

Well, look, we haven't given specifically a price per pound for 2026, but you can see in our 10-K, the detail there that shows we are contracted to deliver 1.3 million pounds for proceeds of up to $82 million. Those contracts are all different stages and different prices throughout the year. So there's not like a ramp-up through the year.

我們並未特別提供 2026 年每磅的具體價格，但你可以在我們的 10-K 中看到相關細節：我們已簽約交付 130 萬磅，收入最高可達 8,200 萬美元。這些合約在一年中的不同時點、不同價格水準交付。因此並不存在所謂全年逐步爬升的情況。

Those were all contracts that were signed multiple years ago for delivery in 2026. You can do the math and come out with the average price per pound. And you should think of it as an average because of the way that the contracts come in and the way that we deliver on to those contracts, it's not a ramp-up, but it is a series of different prices at different slots.

這些都是多年前簽訂、並於 2026 年交付的合約。你可以自行計算得出平均每磅價格。而你應該把它視為平均值，因為合約進入的方式以及我們履約交付的方式，使得它不是逐步爬升，而是在不同時點對應一系列不同的價格。

Jeff Grampp, Northland.

Jeff Grampp，Northland。

I was curious at Lost Creek, given we're a couple of months plus into the quarter, any commentary you can share on how production has trended thus far in Q1 relative to Q4 levels, and maybe how you're expecting that asset to ramp throughout the year?

我想請教 Lost Creek 的情況：考量本季已經過了兩個多月，你們能否分享一下第一季迄今的產量相較於第四季水準的趨勢？以及你們預期該資產在今年會如何逐步爬坡？

Yes. I'm going to -- yes, yes, good question again. I'm going to be hesitant to be too specific because I want to keep everything nice and tight as far as disclosures. Certainly, the ramp-up continues at Lost Creek. I will say, in December, we had a significant weather event of 11 days of power disruption from a windstorm that came through Wyoming with winds well over 100 miles an hour.

是的。我會——是的、是的，又是個好問題。我會避免講得太具體，因為就資訊揭露而言，我希望一切都保持得很嚴謹、很緊密。當然，Lost Creek 的產能爬坡仍在持續。我可以說，12 月我們遭遇了一次重大的天氣事件：一場穿越懷俄明州、風速遠超每小時 100 英里的風暴，造成 11 天的供電中斷。

We recovered -- the plant delivered beautifully through December, and the teams responded to that power outage and really, really did a fantastic job of stripping resin and drumming resin -- drumming uranium, pardon me. We will -- January is rough as we reloaded the resin.

我們恢復了——工廠在 12 月的表現非常出色，團隊也對那次停電做出回應，確實、確實做得非常棒，把樹脂剝離並裝桶樹脂——抱歉，是把鈾裝桶。我們將——1 月比較艱難，因為我們重新裝填了樹脂。

We're back on track for February, March looks on track for very positive. So the ramp-up continues, Jeff, I'm being very coy in giving you real specifics yet, but you'll get those numbers as soon as they're available. Well, look, we're on -- we see the steady path for ramp-up at Lost Creek, and its ability with Shirley Basin to deliver into that 1.3 million pounds. That kind of our standard answer there, Jeff, and that's what we're committed to.

我們在 2 月已回到正軌，3 月看起來也將維持正軌並非常正面。所以產能爬坡仍在持續，Jeff，我現在在提供具體數字方面仍然很保守，但一旦數字可用，你就會立刻拿到。你看，我們——我們看到 Lost Creek 的爬坡有一條穩定的路徑，而它與 Shirley Basin 的能力可共同交付那 130 萬磅。這算是我們的標準回答，Jeff，而這也是我們所承諾要達成的。

Fair enough. We'll stay tuned. For my follow-up on the cost side of the equation, any thoughts on kind of where cash costs go in '26? Should we expect as Lost Creek kind of ramps up, we see some downward pressure on the cost side and how might the introduction of Shirley Basin pounds impact some of that arithmetic?

可以理解。我們會持續關注。我接著想問成本面的問題，對於 2026 年現金成本大概會走到哪裡，有什麼想法嗎？是否可以預期，隨著 Lost Creek 逐步爬坡，成本端會有一些下行壓力？另外，Shirley Basin 的磅數導入，會如何影響這個算式？

Sure. So again, we're not giving cost guidance. But I will tell you that in an ISR operation, your costs are incredibly fixed. So it's really a function of pounds drummed, or I guess, pounds sold. So more pounds you sell, the lower your cost per pound.

當然。所以再次強調，我們不提供成本指引。但我可以告訴你，在 ISR（原地浸出）作業中，你的成本非常固定。所以這其實取決於裝桶的磅數，或者我想也可以說是售出的磅數。你賣得越多，每磅成本就越低。

It really is incredibly fixed. Cost structure, the wells of the wells, the electricity, electricity. The same number of people are there regardless of how many pounds you drum, and the cost of the excipients is really just oxygen and carbon dioxide, and they're relatively minor in the big scheme of things. So it is quite a linear relationship there between pounds sold drummed sold and cost per pound.

它確實是非常固定的。成本結構、井場的井、電力、電力。不管你裝桶多少磅，人員數量都一樣；而添加劑的成本其實就是氧氣和二氧化碳，在整體中相對不大。因此，售出／裝桶的磅數與每磅成本之間，確實呈現相當線性的關係。

Joseph Reagor, ROTH Capital.

Joseph Reagor，ROTH Capital。

I guess, also want have been answered. But on the regulatory front, some of your peers have kind of noted that because there's a rush to get production up across the industry that there's been regulatory processing delays. Is that kind of what you're dealing with at Shirley Basin? And then on that note, do you guys have a time line on when you'll get regulatory approval there to get started with production?

我想我也想問的多半都已經被回答了。不過在監管方面，你們的一些同業提到，因為整個產業都急著把產量拉上來，所以監管審查流程出現延遲。你們在 Shirley Basin 也遇到類似情況嗎？另外就此而言，你們是否有一個時間表，預計何時能取得那邊的監管核准以開始生產？

Yes. Okay. Joe, thanks for the question. I'll start off with the answer, and I'm going to hand over to Ryan. He's our VP for Regulatory Affairs. I'm going to start off with the comment. I think the commentary you're hearing about the delays in the process from the increase in activity is fairly focused on Texas, but nonetheless, there is a growing amount of activity across the industry, and that does impact everyone.

是的。好的。Joe，謝謝你的問題。我先回答，然後我會交給 Ryan。他是我們的法規事務副總裁。我先做個說明。我認為你聽到的、因活動增加而導致流程延遲的評論，主要是集中在德州，但無論如何，整個產業的活動確實在增加，而這會影響到每個人。

With regards to the timing of the regulatory approvals, we certainly anticipate those to be approved in this month, but I'm going to pass this over to Ryan for some more color. Ryan, do you mind answering Joe's question?

至於監管核准的時點，我們確實預期會在本月獲得核准，但我會把這題交給 Ryan 補充一些細節。Ryan，你介意回答 Joe 的問題嗎？

Absolutely. So the one thing that I would just add is Ur-Energy, we have an excellent working relationship with our regulators in the state of Wyoming. We worked very closely with them in partnership to come to those approvals.

當然。我想補充的一點是，Ur-Energy 與懷俄明州的監管單位有非常良好的合作關係。我們與他們密切合作、以夥伴關係推進，來取得這些核准。

As Matt said, all indications are that we are under timely review for those wellfield data packages and approvals to start Shirley Basin. So there's nothing that causes us or points us to likely delays. We are working with the state, and they are.

如 Matt 所說，各項跡象顯示，我們的井場資料套件正按時程接受審查，並取得啟動 Shirley Basin 所需的核准。所以目前沒有任何因素讓我們擔心或顯示可能會延遲。我們正與州政府合作，而他們也在配合。

But a concern that you have mentioned is as there's more activity, those resources at the state do get stretched, and we are aware of those, and we monitor those, and we work with the state as we try to overcome those delays. But as far as Shirley Basin is concerned, we don't -- everything is on track. We are working closely with the regulators and anticipate receiving those approvals soon.

但你提到的一個疑慮是，隨著活動增加，州政府端的資源確實會被拉得更緊；我們也注意到這點、持續監測，並與州政府合作，努力克服這些延遲。不過就 Shirley Basin 而言，我們不——一切都在正軌上。我們與監管單位密切合作，並預期很快就能收到這些核准。

Okay. And then just as a quick follow-up. If you guys had the regulatory approval in normal course, when would have that Header House started production? I realize it's ready now, but how long ago was it ready?

好的。再快速追問一下。如果你們在正常情況下就取得監管核准，那個 Header House 會在什麼時候開始生產？我知道它現在已經準備好了，但它是多久以前就準備好的？

I'm sorry to mislead you in my commentary, Jose. We're building the plan. We're on track. So we have the well house ready for production on schedule, we have it ahead of schedule of the production plant, just because that's good planning.

Jose，很抱歉我剛才的說法可能讓你誤解了。我們正在制定計畫。我們一切按進度進行。所以我們的井屋（well house）會按時程準備好投入生產，而且我們讓它比生產廠更早準備好，因為這是良好的規劃。

We will be ready, mechanically ready for the plant to receive solution on Monday of next week. And that's when we're going to be loading the first resin tank. And then that will be when any delays passed then would be due to waiting for regulatory.

我們將在下週一讓工廠在機械上準備就緒，以接收溶液。那時我們會裝填第一個樹脂槽。而在那之後若還有任何延遲，就會是因為等待監管核准。

Mike Kozak, Cantor Fitzgerald.

Mike Kozak，Cantor Fitzgerald。

It's been a while since you guys have done an earnings call, so I appreciate it. Most of my questions have been answered already. I had one kind of housekeeping type one left, though. I noticed there was a large discrepancy between pounds drummed and pounds captured at Lost Creek in Q4, much wider than any other quarter I can recall. Could you just give some detail on what drove that in Q4, and should I just expect that to kind of mean revert in Q1?

你們有一段時間沒開財報電話會議了，所以我很感謝。我的大多數問題都已經被回答了。我還有一個偏行政／例行性的問題。我注意到第四季 Lost Creek 的裝桶磅數與捕獲磅數之間有很大的落差，比我記得的任何一季都大。你們能否說明一下第四季是什麼原因造成的？以及我是否可以預期第一季會回到比較正常的水準（均值回歸）？

Mike, good question. Mr. Steve Hatten, this is a COO question.

Mike，好問題。Steve Hatten 先生，這是 COO 的問題。

Sure. I was going by. This is Steve Hatten. The biggest difference is you had heard Matt talk about the issues we had with not environmental, but with the environment where we had some power down. And at these facilities, we run the plant on generator power and the wellfield is all online power. So if we have a major power outage that can affect the production that we see coming in versus the -- versus what we can do in the plant.

好的。我來回答。我是 Steve Hatten。最大的差異在於，你聽到 Matt 談到我們遇到的問題——不是環境法規問題，而是外在環境因素，因為我們有一段時間停電。在這些設施中，我們用發電機供電來運轉工廠，而井場則完全依賴市電。所以如果發生重大停電，就會影響我們看到從井場進來的產量，相對於——相對於工廠端能處理的量。

So any variance, for instance, if you see production lagging coming in from the wellfield that gives the plant a chance to distill process material and vice versa, if the plant is doing maintenance for whatever reason, you'll see the wellfield captured come up versus the plant go down.

因此任何差異，例如如果你看到井場進料的產量落後，工廠就有機會把製程物料蒸餾處理；反過來，如果工廠因任何原因進行維修保養，你會看到井場的捕獲量上升，而工廠端的量下降。

(Operator Instructions)

(操作員指示)

Justin Chan, SCP Finance.

Justin Chan，SCP Finance。

My first one is just on maybe getting a sense of milestones through the year. In terms of ramping up towards that 1.3 million pounds delivered, and let's leave aside moving the loan around for a sec. What would you like to see at each operation, I guess, when we speak at this time next quarter at Lost Creek maybe to get a bit more granular in terms of mine units and Header Houses. And at Shirley Creek, if you could provide some more detail, that would be really helpful.

我的第一個問題是，想大概了解一下今年各項里程碑的節奏。就朝著交付130萬磅的目標逐步爬坡而言，先暫時不談把貸款移來移去這件事。我想問的是，在Lost Creek這邊，如果我們下個季度同一時間再通話，您希望在每個營運環節看到哪些進展？也就是說，能否在礦區單元（mine units）與集管站（Header Houses）方面提供更細的拆解。另外在Shirley Creek，如果您能提供更多細節，會非常有幫助。

All right. So let's -- thank you, Justin. Thank you for the question. The first thing I'm going to do, I'm going to answer you say, look, I'm going to answer general, and I'm going to turn it over to Steve to give you some more color on the number of Header Houses in very granular details there, Justin.

好的。那我們——謝謝你，Justin。謝謝你的問題。我先用較概括的方式回答，然後我會把問題交給Steve，讓他就集管站（Header Houses）的數量等非常細的層面補充更多資訊，Justin。

So when we talk about milestones for the year, but we're looking at for the continuing ramp-up of Lost Creek and fairly linear for the entire -- the Lost Creek ramp-up for this year is fairly linear. The Shirley Basin, what the milestones there you're seeing that we're looking for is the delivery of solution into the plant in March, and then the loading of resin and the shipping of resin to initiate in the second quarter to Lost Creek facility.

所以談到今年的里程碑，我們看的是Lost Creek持續爬坡的進度，而且——今年Lost Creek的爬坡相當線性、整體相當平順。至於Shirley Basin，我們在那邊要看到的里程碑是：3月把溶液輸送進廠，接著在第二季裝填樹脂並出貨樹脂，以啟動運往Lost Creek設施。

So the mine unit at Lost Creek, the ramp-up is fairly linear. The plant itself is going to have a lot more loaded resin delivered to it, and so we're anticipating the plant at Lost Creek to have a ramp-up that's not linear, but that really peaks in the second -- pardon me, in the third quarter. So we get some initial deliveries coming in, in the second quarter, and then you see a large jump in the third and fourth quarters for the amount of pounds that are drummed in the Lost Creek facility. Steve, do you want to give any clarity on Header Houses?

因此，Lost Creek的礦區單元（mine unit）爬坡是相當線性的。但就工廠端而言，會有更多已裝載的樹脂送達，因此我們預期Lost Creek的工廠爬坡不會是線性的，而是會在第二——抱歉，是在第三季達到高峰。也就是說，第二季會有一些初期交付進來，然後你會在第三、第四季看到Lost Creek設施裝桶（drummed）的磅數出現大幅跳升。Steve，你要不要就集管站（Header Houses）再補充說明一下？

Sure. One of the big things is -- and as you are very aware, this is a stepwise production at any ISR facility. So you've got to get the drilling ahead first, and then that focuses on so much of ore determination and pattern layouts, and then we get those patterns installed, then they go into surface construction, and then that turns into flow into the plant.

當然。其中一個重點是——而且你也非常清楚，任何ISR設施的產量都是階梯式（stepwise）的。所以你必須先把鑽探進度往前推，接著就會聚焦在礦體判定與井網（pattern）佈局，然後把這些井網安裝完成，再進入地表建設，最後才轉化為流體進入工廠。

So one of the things is that we have really stretched ourselves out on over the last year or so is to develop those new areas. So we are out actively developing Mine Unit 5, getting that monitor ring going there, so we can get it tested and be in production later this year on that.

所以其中一件事是，過去一年左右我們確實把戰線拉得很長，去開發那些新區域。因此我們正積極開發第5礦區單元（Mine Unit 5），把那邊的監測井環（monitor ring）建起來，這樣我們就能進行測試，並在今年稍晚投入生產。

But Mine Unit 1 Phase II is -- has been very productive from a construction standpoint. The rigs spent a lot of last year and are focused heavily this year on getting that done. So we have already seen Header House 14 come on. Header House 15 is in reserve mode to bring grade up, and 16 is in the pipeline next, and that continues on throughout the course of this year, as Matt said, in a linear fashion to bring up both production, flow and grade, okay?

但第1礦區單元第二期（Mine Unit 1 Phase II）——從施工角度來看一直非常有成效。鑽機去年花了很多時間，今年也高度聚焦把這部分完成。所以我們已經看到第14號集管站（Header House 14）上線。第15號集管站（Header House 15）目前處於備用模式，用來拉升品位，而第16號接著在管線中，之後今年會持續推進；如Matt所說，以線性的方式同時拉升產量、流量與品位，好嗎？

The two components that make up production. So all of those are the main components for the Header Houses. And I think Matt hit it spot on, on Shirley. We have our targets for initial excipient movement in the wellfield in the month of March, and then we expect in the second quarter to bring that into realized capture -- true significant capture on resin. That means shipping over to Lost Creek and getting that turned into drum production. Does that help?

也就是構成產量的兩個要素。所以以上這些就是集管站（Header Houses）的主要構成要點。我認為Matt對Shirley的描述非常到位。我們的目標是在3月於井場（wellfield）開始初期的浸出液（excipient）移動，並預期在第二季把它轉化為可實現的捕集——也就是真正顯著的樹脂捕集。這代表把樹脂運到Lost Creek，並把它轉化為裝桶產量。這樣有幫助嗎？

Yes, that's really helpful. And maybe just for each operation, what is a good deployment rate of bringing new Header Houses or mine units online through this year? Like maybe on a monthly basis or quarterly basis?

有，這非常有幫助。另外也許想問一下，對於每個營運點而言，今年把新的集管站（Header Houses）或礦區單元上線的合理部署速度大概是多少？例如按月或按季來看？

I'm going to continue answering, and then Matt can stop me if he wants to. What we like to see at Lost Creek you're typically at a 1 million pounds a year production rate, you're looking about 8 to 10 Header Houses a year for construction, drilling construction readiness. And at Shirley, as you have seen in our previous press releases, we are anticipating much higher flow rates there.

我繼續回答，如果Matt想打斷我也可以。在Lost Creek，我們希望看到的是：在典型年產100萬磅的產量水準下，每年大約需要建設8到10座集管站（Header Houses），以達到鑽探、施工與投產準備的節奏。而在Shirley，正如你在我們先前的新聞稿中看到的，我們預期那邊的流量會高得多。

And so we will determine how that plays out during the first year of operations. So we're going to go pretty heavy there initially and try and get six to eight Header Houses on this year. And then depending on how that production grade curve goes and the flow comes in from each area, then we -- I think you're going to see us possibly, that's one of those forward-looking statements, but possibly scaling back to six, maybe eight Header Houses here over there.

因此，我們會在第一年營運期間觀察實際情況如何展開。所以一開始我們會比較積極，力求今年先上線6到8座集管站（Header Houses）。然後視產量品位曲線的走勢，以及各區域的流量導入情況而定，接著——我想你會看到我們可能（這屬於前瞻性陳述）把節奏放緩到6座、也許8座集管站，在那邊。

What we have seen over there initially from our first drilling is, it's been very, very good for us. We've been very happy with the pounds that are showing up under pattern there, but that's still early on.

我們從那邊第一批鑽探初期看到的結果是，對我們來說非常、非常好。我們對井網（pattern）下方顯示出的磅數非常滿意，但目前仍屬於早期階段。

Justin, does that give you the color you're looking for?

Justin，這樣的補充資訊是你想要的嗎？

Yes. That was fantastic. Matt and Steve, maybe just one last one. I led the witness a little bit on the question. But I guess, to hit your targets, maybe more holistically, is it a case of deployment of wellfield development in Header Houses? Or is it also on the plant side of things, are there improvements you'd like to see there in order to hit those numbers? I guess, what are the keys to hitting those targets this year?

是的。這太棒了。Matt和Steve，最後可能再問一個。我在提問時其實有點引導答案。但我想更全面地問：要達成你們的目標，關鍵主要是井場開發與集管站（Header Houses）的部署嗎？還是工廠端也需要看到一些改善，才能達到那些數字？也就是說，今年達標的關鍵是什麼？

The key business improvement initiatives right now are focused on the plant. The Lost Creek wellfield just delivers, and we're well ahead on the drilling there. We've deployed a lot of drills at Lost Creek over the last two years, and we're well advanced on the drilling of Header Houses and patterns at Lost Creek. Shirley Basin is in the same mode. The wellfield there is well developed, and it's on track.

目前關鍵的營運改善措施主要聚焦在工廠端。Lost Creek的井場（wellfield）供給一直很穩定，而且我們在那邊的鑽探進度已經大幅超前。過去兩年我們在Lost Creek投入了大量鑽機，對於集管站（Header Houses）與井網（patterns）的鑽探也已相當超前。Shirley Basin也是同樣的狀態。那邊的井場開發得很完善，且進度符合規劃。

It's on schedule and that's going well. So the key business improvements for this year are focused on plants. And if you then drive down into a subset of that, it's on fines management and what we're doing there to improve -- to remove fines coming into the plant so that it reduces just the complications that fines in the plant caused with the resin tanks.

一切按計畫進行，進展良好。所以今年關鍵的營運改善重點在工廠。如果再往下拆解，其中一項是細料（fines）管理，以及我們為改善所採取的措施——也就是移除進入工廠的細料，從而降低細料在工廠內對樹脂槽造成的各種複雜問題。

And that's where the key focus is on right now. You'll see in our 10-K that we are dedicating some fairly significant capital towards upgrading the water treatment at Lost Creek, and that is both on the front end with the fines and sand filters in front of the plant as well as on the back end with the reverse osmosis and water treatment for delivery of the water back into the shallow aquifer and surface discharge.

這就是目前的核心聚焦。你會在我們的10-K中看到，我們正投入相當可觀的資本支出，用於升級Lost Creek的水處理系統；這包括前端在工廠前方加裝細料與砂濾設備，也包括後端的逆滲透與水處理，以便把水回注至淺層含水層並進行地表排放。

And is that more of an IX issue going into the IX plant or just to clarify?

那這比較像是進入 IX 廠的 IX 端問題，還是只是想再釐清一下？

The fines in the IX columns just caused inefficiencies, right? So it's about keeping the fines out of the resin columns. The resin columns act as a sand filter. They're essentially a sand filter. If you put fines into them, then you create a fines layer on top of the resin, and it just makes it inefficient. You have to clean that up. And so that's what we're working on is improving that part of the system.

IX 柱裡的細粉只是造成效率不彰，對吧？所以重點是要讓細粉不要進入樹脂柱。樹脂柱的作用就像砂濾器。它們基本上就是砂濾器。如果把細粉帶進去，就會在樹脂上方形成一層細粉層，結果就變得沒效率。你必須把它清理掉。所以我們正在做的，就是改善系統的這一部分。

Understood clearly. So it's essentially fine to clog it up.

了解得很清楚。所以本質上就是細粉會把它堵住。

Yes, fines are bad. No, it's a good -- it's a great fines are actually -- they're kind of actually good for us in that a significant portion of our uranium is in the fine. So fines are making uranium, but you have about this removing fines from the solution before it enters the plant, that's the real business.

是的，細粉不好。不過，這其實是個好——細粉其實——某種程度上對我們反而是有利的，因為我們相當一部分的鈾是在細粉裡。所以細粉確實帶來鈾，但你要做的是在溶液進入工廠之前把細粉從溶液中去除，這才是關鍵。

Matthew Key, Texas Capital Securities.

Matthew Key，Texas Capital Securities。

I want to ask a little bit about future sales commitments and whether you guys are working on, or if it's possible to fold in some incremental commitments in '27, 2028, or are talks at this point mostly for 2029 and out at this point?

我想問一下未來銷售承諾的情況，你們是否正在進行、或是否有可能在 2027、2028 年增加一些額外承諾？還是說目前的洽談大多集中在 2029 年及之後？

Matthew, thanks for the question. Our talks right now are mostly for 2029 and beyond. That's really where we're focusing. We're comfortable with our sales book right now. As many of our peers have done, we're not looking -- we don't see the necessity to have our book completely committed several years in advance.

Matthew，謝謝你的問題。我們目前的洽談大多是針對 2029 年及之後。那才是我們真正聚焦的地方。我們對目前的銷售合約組合感到滿意。和許多同業一樣，我們不打算——我們不認為有必要在好幾年前就把合約量全部承諾完。

We're looking for opportunity -- and of course, we are. We're a uranium miner, but we're very optimistic and bullish on the uranium price. And we like the idea of having some pounds in inventory that we can in place opportunistically when the time is right.

我們會尋找機會——當然會。我們是鈾礦商，而且我們對鈾價非常樂觀、偏多。我們也喜歡保留一些磅數在庫存裡，等時機成熟時再伺機投放。

Got it. That makes sense. And just a broad one for me. Most of my questions were asked. But just how are you thinking about M&A in the current environment? Any targets out there that could potentially be compelling? Or do you see the need for mergers in this space right now?

了解。這很合理。另外我問一個比較宏觀的問題。我大部分的問題都已經有人問過了。但你們如何看待目前環境下的併購（M&A）？有沒有任何標的可能具有吸引力？或者你們覺得這個產業現在有需要進行合併嗎？

When you say the need for M&A, we don't necessarily say there's a need for M&A. What we do say is that adding more resource base to Ur-Energy will have a very valuable contribution to the company. We recognize that more resource is going to help this company a lot, and it's going to provide us with what we need to continue to advance. How we get those extra pounds?

你說到併購的「需要」，我們不一定認為有併購的必要。但我們確實認為，為 Ur-Energy 增加更多資源基礎，將對公司帶來非常有價值的貢獻。我們知道更多資源會大幅幫助公司，並提供我們持續推進所需的條件。至於要如何取得那些額外的磅數？

You've heard us talk this morning, we're very focused on exploration, both in the Great Divide Basin in general as well as immediately adjacent to Lost Creek. Lost Creek has a lot of open -- on almost all sites, it's open for expansion and exploration. So we're not going to -- when it comes to M&A specifically, we're going to always answer like every corporation answer -- at answers when they're asked that question.

你今天早上也聽到我們提到，我們非常專注於勘探，不論是在 Great Divide Basin 整體，或是緊鄰 Lost Creek 的區域。Lost Creek 在幾乎所有方向都有很大的開放空間——可供擴張與勘探。所以我們不會——至於特別談到 M&A，我們的回答一向會像所有公司一樣——被問到這題時就那樣回答。

What I can also say is that part of the catalyst for the convert issue at the end of last year, was so that we would have funding available such that an opportunity were to arise, we could act on that opportunity. And so that was part of the catalyst and why we went for that convert raise and that those funds are available for our use in a very prudent and disciplined manner.

我也可以補充的是，去年年底發行可轉債的其中一個催化因素，是為了讓我們保有可用資金，以便一旦出現機會，我們就能採取行動。因此那是其中一個原因，也是我們進行那次可轉債募資的原因，而這些資金可供我們以非常審慎且有紀律的方式運用。

Heiko Ihle, HC Wainwright.

Heiko Ihle，HC Wainwright。

Just following up on Matt Key's question a little bit there. Can you just walk me through what you're seeing with the demand for longer-term pricing as opposed to spot? How desperate are the buyers? And just maybe a bit of are they pushing towards longer-term contracts and what kind of pricing structures they're guiding towards?

我想延續一下 Matt Key 的問題。你能否說明一下，你們看到長期定價需求相對於現貨的情況如何？買方有多急迫？以及他們是否在推動更長期的合約、並傾向採用什麼樣的定價結構？

All right. Heiko, thanks for the question. I was wondering who was going to ask that question, desperate. Look, I'm not going to use the adjective desperate, but I am going to say that the interest in securing uranium supplies for use in the nuclear industry is growing and is vibrant. So we get a lot of requests for proposals.

好的。Heiko，謝謝你的問題。我一直在想會是誰來問這個問題——「急迫」。我不會用「急迫」這個形容詞，但我會說，為核能產業用途而確保鈾供應的興趣正在升溫，而且非常活躍。所以我們收到很多投標邀請（RFP）。

We are careful in what we look at. And again, we kind of touched on before, we're not interested in over-obligating in the near term. And we kind of have a curve going in front of us of our commitments. We have a kind of a model that we've built on what we're looking for committing of our forecasted production in every year ahead of us and it peters out after six years.

我們會謹慎評估我們所看的內容。而且如同先前稍微提到的，我們不希望在短期內過度承諾。我們對未來的承諾量有一條曲線。我們建立了一個模型，用來規劃在未來每一年，對預測產量要承諾到什麼程度；而這個規劃在六年後就逐漸淡出。

And then, of course, each year, the wave moves forward. From the standpoint because -- okay, so if you're getting a lot of RFPs coming in, you know how that affects pricing. We're seeing right now is that pricing has a -- certainly has a market-related component.

然後當然，每一年這個波段都會往前推進。從這個角度來看——好，如果你有大量 RFP 進來，你也知道那會如何影響定價。我們目前看到的是，定價確實——一定有一個與市場連動的成分。

And that market-related component is becoming more meaningful, and the majority of the way that pounds are being sold going forward. I don't think I'm telling you anything unique to Ur-Energy at all. That's certainly the same commentary you're hearing from other producers, but the industry is moving more towards market-related contracts and less certainly deemphasizing term with escalation.

而且這個與市場連動的成分正變得更重要，也將成為未來出售磅數的主要方式。我想我並沒有說任何 Ur-Energy 獨有的事情。你也一定從其他生產商那裡聽到類似評論：產業正更趨向市場連動型合約，並且較少——確實是在弱化帶有遞增條款（escalation）的長約。

And what are you seeing with geopolitical demand factors as things are progressing here, especially given what happened in the last couple of weeks?

那在地緣政治需求因素方面，隨著情勢發展，尤其是考量過去幾週發生的事情，你們看到了什麼？

Yes, on the geopolitical standpoint, Heiko, from the U308 standpoint, the geopolitical doesn't come in as much as you would think. Kazakhstan is still the world's major producer and still feeds into the market. You see a lot of geopolitical coming from the enriched side. But from our standpoint, producing U308, we don't see the geopolitical as far as the world market.

是的，就地緣政治而言，Heiko，從 U3O8 的角度來看，地緣政治的影響沒有你想像的那麼大。哈薩克仍是全球主要生產國，仍然供應市場。你會看到很多地緣政治因素其實來自濃縮端。但就我們生產 U3O8 而言，我們在全球市場面向上並沒有看到太多地緣政治影響。

What we are seeing, and we've seen significant over the last couple of months is the idea of US-based production, not US legal production, but US-based production. We feel this is a very forward-looking statement, but we feel like there is growing potential for US-based production to see a meaningful premium compared to US legal production.

我們看到的——而且過去幾個月非常明顯——是「美國本土生產」的概念，不是「美國合法來源生產」，而是「美國本土生產」。我們知道這是非常前瞻性的說法，但我們認為，美國本土生產相較於美國合法來源生產，未來有愈來愈大的可能性出現具意義的溢價。

And so that's part of the reason that we're being careful with the deployment of contracts. We want to be able to keep some material available for opportunistic placements in contracts that have a premium for US based production.

因此這也是我們在合約投放上保持謹慎的原因之一。我們希望能保留一些材料，以便在具有「美國本土生產」溢價的合約中，伺機進行配置。

And there were no other questions from the phone lines at this time. I would now like to hand the call over to Valerie Kimball, IR Director at Ur-Energy for webcast questions. Valerie?

目前電話線路沒有其他問題。我現在想把電話交給 Ur-Energy 投資人關係總監 Valerie Kimball，回答網路直播的提問。Valerie？

Thank you, Paul. Our next question is regulatory in nature. How confident are you in your ability to navigate regulations that might be reinstated down the road?

謝謝你，Paul。我們下一個問題與監管相關。對於未來可能重新恢復的法規，你們有多大信心能夠因應並順利遵循？

Thank you, Valerie. Okay. But how confident are we in being regulations that may be reinstated down the road? I'm not necessarily sure. I'm going to ask Ryan, do you have an idea of the basis of that question, Ryan?

謝謝你，Valerie。好。那麼，對於未來可能重新恢復的法規，我們有多大信心？我不一定確定。我想問 Ryan，你對這個問題的出發點有概念嗎，Ryan？

So what I would say, I don't know if I entirely have a basis, but I would say we are actively monitoring all rulemakings, and we are actively participating in those purposes. So as part of our management of our business, we are aware of those, and we keep pretty good track of any changes to regulations or policies and are responding and working with regulators appropriately to minimize risk to our operations.

我會這麼說，我不確定我是否完全掌握其出發點，但我會說我們正積極監控所有規則制定（rulemakings），也正積極參與相關工作。因此，作為我們業務管理的一部分，我們了解這些動態，並且相當密切追蹤任何法規或政策的變更，並適當地與監管機關溝通合作，以將我們營運的風險降到最低。

Sure. Yes. Thanks, Ryan. I mean, I know -- do you think that question might be pointed towards some work that's being done on the ISR mining regulations? And Ryan, you just want to summarize your involvement and you as a representative for Ur-Energy in that rulemaking?

當然。是的。謝謝，Ryan。我的意思是，我知道——你覺得這個問題是否可能是指向正在進行的 ISR 採礦法規相關工作？Ryan，你能否概述一下你在該項規則制定中的參與情況，以及你作為 Ur-Energy 代表所扮演的角色？

Absolutely. So as you know, there is major changes to the Nuclear Regulatory Commission, much of which was directed by Executive Order 14300. In response to that, the NRC will be issuing draft rules in the coming months on ISR. We are very much involved in that process.

當然可以。如你所知，美國核能管理委員會（Nuclear Regulatory Commission, NRC）正在進行重大變革，其中很大一部分是由第 14300 號行政命令所指示。作為回應，NRC 將在未來幾個月就 ISR 發布規則草案。我們非常積極地參與這個流程。

We have been involved with NRC Commissioners, National Groups, National Mining Association, Wyoming Mining Association, Nuclear Energy Institute, a number of different groups that are all watching that, and we are all participating as much as we can to ensure we understand how that will affect our business and ensure that is appropriate for the business that's been established over the last 50 years or so. I could go in more detail on why the ISR rulemaking is needed. But at this point, I'll just leave it at that, Matt, unless you want me to expand further.

我們一直與 NRC 委員、全國性團體、全國礦業協會（National Mining Association）、懷俄明礦業協會（Wyoming Mining Association）、核能研究院（Nuclear Energy Institute）以及多個不同團體合作；大家都在關注此事，我們也盡可能參與，以確保我們了解這將如何影響我們的業務，並確保其適用於過去約 50 年所建立的產業運作模式。我可以更詳細說明為何需要 ISR 規則制定。但目前我就先說到這裡，Matt，除非你希望我再進一步補充。

I think that's a great summary. Thank you very much, Ryan. Valerie, do you feel like the question is answered?

我認為這個總結非常到位。非常感謝你，Ryan。Valerie，你覺得這個問題已經回答了嗎？

Yes. Our next question concerns new technology. Do you have any plans to work with new technologies of uranium productivity, for example, Lightbridge fuel or some other company looking to up the efficiency of uranium power?

是的。我們下一個問題與新技術有關。你們是否有計畫與提升鈾產能的新技術合作，例如 Lightbridge 燃料，或其他希望提高核電用鈾效率的公司？

All right. So thanks, Valerie, for that question. I'm going to -- look, I'm relying heavily on Ryan today in this call. Ryan, so we -- as Ur-Energy, we are quite active, and I'm very proud of this. We are very active in the advancements in the uranium industry. First, I'm going to ask Ryan to give a quick summary on what we're doing with the DOE labs for initiatives in advancing uranium.

好的。Valerie，謝謝這個問題。我今天在這通電話會議上——坦白說——非常倚重 Ryan。Ryan，我們——作為 Ur-Energy——相當積極，我對此非常自豪。我們非常積極投入鈾產業的進步發展。首先，我想請 Ryan 簡要說明我們與 DOE（美國能源部）實驗室在推動鈾相關先進計畫方面所做的工作。

For sure. So I think overall, in our culture as a company, we are always looking to advance and to increase efficiencies and look at new technologies. That is something that we have always participated in and to give a flavor of what Matt was talking about, we have partnered with National Laboratories to look at a number of different issues. We, in essence, partnered with those laboratories to say, here are some struggles that we may have or that could use some efficiencies, and they are working very closely with us. It's exciting to see.

當然。我認為整體而言，作為一家公司的文化，我們一直在尋求進步、提升效率並探索新技術。這是我們一向參與的方向；為了讓大家更了解 Matt 剛才提到的內容，我們已與國家實驗室合作，研究多項不同議題。基本上，我們與這些實驗室合作並提出：這裡有一些我們可能遇到的挑戰或可提升效率之處，而他們正與我們非常密切地合作。看到這些進展令人振奮。

And these are national labs across the United States. It's not just a single national lab, but this is all with the Department of Energy. So we have some exciting things that we're looking at. But as far as your question as far as fuel and new fuels and things of that nature, while yes, we may be a provider of the source material for those fuels, we are not actively engaging in those fuel fabrications like you mentioned, Lightbridge. Does that make sense, Matt?

而且這些是遍布全美的國家實驗室。不只是單一一間國家實驗室，而是都在美國能源部（Department of Energy）體系下。因此我們正在評估一些令人興奮的事項。但就你提到的燃料與新型燃料等問題而言，雖然是的，我們可能會作為這些燃料的源材料供應商，但我們並未像你提到的 Lightbridge 那樣，積極投入燃料製造（fuel fabrication）。這樣說清楚嗎，Matt？

Yes, that makes sense. I will also stress that the recent commitment of over $2 billion towards the advancement of the enrichment capacity of the US We are involved -- we're in discussions involved with all of those parties with regards to the potential to supply them with U308 as they're doing their testing and as they're doing their ramp-up of their facilities, and we can build those out.

是的，這樣很清楚。我也要強調，近期已承諾投入超過 20 億美元，用於推進美國的濃縮產能。我們也有參與——我們正與所有相關方進行討論，探討在他們進行測試以及擴建其設施產能（ramp-up）時，我們供應 U3O8 的可能性，而我們也能配合擴產。

So we're very much involved. I mean if -- look, we're a major US producer. If you're involved in nuclear industry in the United States, you're involved with us. Okay, Valerie.

所以我們確實深度參與。我的意思是——你看，我們是美國主要的生產商。如果你在美國核能產業裡，你就會與我們有往來。好的，Valerie。

Okay. There are no more questions. I'll hand it back over to you for closing remarks.

好的。沒有更多問題了。我把時間交回給你做結語。

All right. Well, thanks, everybody. I was thrilled with the interaction, the number of questions, the interest in Ur-Energy. I'm thrilled to be here. I couldn't be more proud of the operations and our teams. Thanks, everybody, for being in this call. This was a great restart of the quarterly earnings calls, and I'm very excited about being able to talk to you in the next three months. Thank you.

好的。那麼，謝謝各位。我很高興看到這次互動、問題的數量，以及大家對 Ur-Energy 的興趣。我很高興能在這裡。我對我們的營運與團隊感到無比自豪。謝謝各位參與這通電話會議。這是季度財報電話會議很棒的一次重啟，我也非常期待在接下來三個月能再與各位交流。謝謝。

This does conclude today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，您現在可以掛斷電話。感謝您的參與。