Cameco (CCJ) 10 Feb 212020 Q4 Earnings call transcript

Welcome to the Cameco Corporation Fourth Quarter 2020 Conference Call.

As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will an opportunity to ask questions. [Operator Instructions] I would now like to turn the conference over to Rachelle Girard, Vice President, Investor Relations, Treasury and Tax. Please go ahead.

good and operator, you, morning, everyone. Thank Cameco’s to annual and call. conference quarter fourth Welcome focus we the the the call on Today’s will trends quarterly results. on strategy, our market our are not of on details financial and in seeing both investors. There’s the the there significant Company recognize sources limited for interest been we going in and of and lot is a on, industry, information for

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everyone wish not We New Well, thank join the time all you, to hope welcome you I today. you too appreciate to late a of it’s on Rachelle, taking call and Happy to the us. Year.

As are for we industry the executed And to a discipline about conservative for I of XXXX, into traditional our about power. net-zero and through excited you, on Company includes nontraditional and balance have tell both, we excited Tier support to uses as the future ability management. we head economy X our our discipline, transition to strategy and sheet marketing that carbon nuclear our production we’re

three if main So, anything for optimism. remember there really drivers you that call, our this what’s remember this, driving our are Well, from optimism?

First, demand fundamentals certain becoming power improve. more the for is as nuclear

some Second, as of uranium led have secondary mines, of lack issues. investment, low reserve lesser supply planned production and to the is years supplies of life becoming persistently policy trade curtailments, prices end for shrinking

value. long-term us positions strategy long-term our that very to remember well Finally, sustainably deliver

that electrification recognize are electrification are announced out country current sources reducing those and climate be those baseload from about scientist Country before a replacement carbon toolbox to installing a to fleet, million of energy. Many our a fixated China, the by occurring Around electrification more XXXX, a predicted is XXXX. currently comes vehicles in things the achieve this globe, will recently mega have China while where the the country carbon in intensive demand on Let’s XXXX. are clear increase seeing precisely are electricity carbon electric of XXX reasons. new decarbonization. a their many into the companies while world looking is increasing for for focus is the objective needed that that follow-on world double phasing increasing nuclear from that carbon-neutral focused largest power like on fuel finally, in follow. each a goal increased both, mega emerge. for in an That nuclear around expected of there’s bit estimated from on would these of on who which country in for power, for for after XX% be electrification, achieve deeper. of reactors we’re has sources, dig XXX% U.S. that world. and to net-zero various that and have The A alone, to factors That footprint. electrification is the which trend of fossil trend become targets still XX study countries capacity for drive is The and XX%, goal sustainably sources, reliable require transportation. road stated its will clean The the are example, to There

increased has committed that uses, then, do nuclear targets. reactors. global along Nuclear new will the used reactors modular traditional the will to heat can small its is only produce achieve the leader Paris to nuclear source and recommitted nuclear also be expressed building as commercial produce And of hydrogen non-traditional COVID and In spending Furthermore, broader we’re under commercial low-carbon there’s reestablish for support well freshwater. in a day Administration advanced technologies. construction we position goals power infrastructure where uses U.S., recovery support the seeing also office, and of low-carbon first to where global the addition, as Biden government power in of Agreement the It that, development maintaining momentum development of expect policy its the is carbon the net-zero President clean advanced with can for nuclear reactors. fleet such its plans to United States the domestic and its

targets. we’re Investors announce company-after-company their They there beginning countries, on carbon decisions. increasing net-zero scrutiny seeing environmental to capital is into risk are allocation addition In climate-related to performance. price their recognize

As a opportunities occurring that those will companies economy. significant capital with of a reallocation who create result, there’s to assist for low-carbon a transition the can

this nuclear positive to will improved make Agency published is Agency Energy are International companies for you other So, of a OECD and Energy levelized will Investors only on XXXX, Nuclear profitably provide look the positioned to by energy cost the dispatchable decisions nuclear not and report way demonstrate that that is sound cost to the will are effective that can based in And, investment. do those low-carbon another those countries, have attract XXxX performance. low-carbon to very companies in They when development. companies invest environmental most it Unlike to to sustainably. look economically at joint electricity. compared sources, look

gas I will think, in book, his nearly the of XXXX talks Michael for renewables it investment all last would by of support half trucks have it point and and to light Shellenberger would trillion and natural of in be electricity only and $X.X Never. zero-carbon XX cars Germany’s power generating XXX% as that in from as Apocalypse zero-emission over investment be this electricity, mean sufficient electricity The well solar would it coal about provide its years, nuclear German to its about reliant wind illustrates will continue a and on well. backup. He how same sources, its

of growing which for uranium, means a pounds rising only five reactors, us estimates with brings to locked years, UxC led wedge consumed uncovered pounds under up the growing and So, of Increasing second the on XXX bright. contracts. that precisely pounds have increasing Demand last optimism. that the end demand requirements. show the in data, long-term have uncovered been long-term for in I driving about supply demand largest contracts. they billion uranium Based outlook the This our is approximately and UXOX for has been nuclear is are nuclear factor requirements UxC requirements time over equivalent We for that not Asia. is XXX certain. is very have global the of annually uranium cumulative the million under to to utilities replacing less XXXX been at consume about uncovered what X.X uranium million that same becoming know U.S. said

to estimates estimates million base years. supply in million about uncovered, particularly supply about are some a pounds our and to our about XX in the in pounds both XXX requirements XX expanding about by which there in kept supply from the And UxC XX% pounds market, pounds timeframe, XXX to dropping growing about taken XXXX. replace pounds contrast, they XXXX. when million of activities million case, purchasing million Rivers XXXX. of more off projects XXXX the In XXX-million-pound million XXXX. XXX question Cigar will price world place shortfall for to to decrease from secondary contrast, than course, late one marks has sales in unplanned, total. XX pounds commitments it the come it will annual left the by in contracts. supply pounds XXX That’s at a time a big producer. XX%, XXXX, the high annual lot by off annual are pounds by XX world’s these a the about to XXX million material about that’s annual signals, total uranium at the planned that in XX fill about curtailments be in from to primary production million the That million and X in and And go million will that them about to alone, XXXX. ground about XXXX, will two-thirds million fuel XXXX spot market XXXX, pounds uncovered Cameco’s almost are nuclear of from pounds, not from almost demand uncovered means the lot same lifting. of pounds into will where fleet. its XXXX, In commission swing appropriate fundamentals hits McArthur that occurring requirements about the an of just total, uranium in pounds In That’s pounds develop, While reached long-term In or the XXXXs subject before Lakes next in utility discover, the in needed XXX number grow heavy needs and about of have are peaking XX requirements in

should prices, be the Given we sense. zero but it at today’s takes, investing timelines now, makes that

can addition, trade-dependent particularly a for In uranium government-driven market. commodity, disruptive as be policies highly the

supply unplanned of shrinking mines, have secondary supply some due life As supplies the persistently we’ve investment, amplified said for trade more recently the been to end by issues, curtailments, lack planned prices, low and earlier, disruptions which I seen of reserve policy to pandemic. COVID-XX due

have a in nearly no XX% from of primary has It result, little XX% producers and little about with concentrated in concentrated. primary And to supply with highly top uranium, geographically is the countries no XX% countries supply the hands consumption five that and of the occurring it’s concentrated of become of coming state-owned production primary by entities. As primary production. to producer XX% about that of consume about hands in

this risks the optimism, we’ve baseload we in produce times So, greater us to committed why risks we the current said would doing that our up uranium final to the far clean, of strategy, uranium said than to the what needed carbon-free, get me supplier pure-play that we a uranium then fundamentals driving many These factor electricity, and we demand. fuel to in we the are market the why and supply believe, do. remain are to our which brings before morning and remain

what said remind do. you we me that we is Let it would

their focused all and First us, health and workers, where we is of the communities. and our this families foremost, their and safety on are protecting it starts for

suspend December we to make and through the is companies at our mine, in have production and Blind remains at watched Hope health we plant the to and decisions we and the That’s Cigar was the best unacceptable manage safety, some support Lake it’s to why We’re how pandemic. day Cigar protect production measures Lake production our targets ahead again the refinery. workforce UFX of doing conversion so. do. precautionary And at recently about why spring as that currently and took River It every operations suspended last Port put once

will and a the with to prevent virus they always their wanted comes could to cost, employees pandemic, their or workforce within the of it we families communities. of spread that priority. our and Although Pandemic home it the our the health significant safety our be risk and no take

from which and we operational, financial. the marketing our wavered not execution of executing fronts on Second, our we’ve three are strategy. strategy, There are

commitments. implemented below the planned of the operational assets our U.S. side, operation. cutting production well curtailment course, Lake, our at production and includes River/Key the delivery of our supply discipline, Rabbit we’ve On at Lake McArthur This

these lot said I of have left in actions the pounds them off As the kept and earlier, have a ground market.

As on to our a material the meet consequence, purchasing deliveries. committed spot been we’ve market

strategically We’ve successfully larger And to business And seeing In our portfolio X than addition, we’ve our a to provide shown XX.X sticking return don’t committing added our our we’re to patient, seen pounds long-term XXXX. low-price under sales pipeline negotiation We Tier been pounds environment. value long-term discipline, contracts them strategy. not exhausting and in not an appropriate of during that uranium we’ve since patients the our pay million off. continues be under contract year.

and we long-term continue contracting. a broader demand indicator been it leading see fact, historically, growing, interest has In for off-market of to

gained We’re fundamentals. access not prices record. some recognize long-lived capacity opposed first-mover of production commercial X biggest and future. And, They the understand best our security Tier that customers to Tier their proven advantages. advantage They a future do X pounds suppliers the have access we want These from economics. from a securing reflect as productive the from They our supply perspective, today today’s with customers. in having operating conversations track who competitive to to recognize have long-term

demand idled in that among is meet that have to significant growing first and fully Tier market. be the We pounds capacity the fully permitted licensed will the X

pandemic, commitment is inclusion a injustice an In And, number on change. diversity, are as requires saw off eye these ESG substantial policy companies. the coordinated trade performance of disruption, other and can all despite supplier great us. supply and supply certainly derisk emerging and well we which With and state-owned magnifying a like threat of lens commercial provide news effort. customers our global XXXX, social enterprises. racial didn’t Canadian matters, help future governance and COVID-XX productive diversity with its capacity, a Tackling climate independent on We for concerted we from is and the the their exposure. environmental, focus a from significant directly issues, as placed of the world issues the many take And

we to what always our of our we As before At because serve companies, all it’s interests we of in of the all heart have and adds. the Cameco, the purpose to recognize we do, the value serving it our how at interests a the there stakeholders. long significant has right focus been evaluate do, issues, thing stakeholders was on ESG business

our us in communities, Board long-term manage Company and contractors, shareholders expect suppliers, and a customers, this employees, Our to sustainable fashion. governments

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our So, are we well-positioned needs. customers’ to meet

impact decisions. waves, price market in led take business However, to has past come prices contracting our has time to which in spikes. demand Historically,

or well of chunky negotiate. big time an that Many above see agreements contracts replacement these to we rarely below. contracting take consumption industry, annual typically As well rate annual are

contract about our there disruptions. business below pounds long-term added and million Let’s the it portfolio. significant successfully XXXX look XXXX, and conversion to UFX we prices contracts, In due familiar? of curtailments economics, kilograms UFX unplanned supply to production to some our the transition we after then in prices were Conversion began another under delivered example. for at sound replaced Does XX.X

expect the consistently of and services us to support We to will long-term allow needs fuel our contracts profitably customers. continue operate these

side, on agreements sheet. the And in been worth All our time, reward shoring up wait. very the financial was took of finally, we’ve these balance the but deliberate

our You COVID-XX and the in result challenges by XXXX with business our a the unprecedented balance and to see incurred facility. of $XXX affords in cash the pandemic, resiliency we the as strategy $X the million us global undrawn our significant costs can Despite caused credit disruptions we finished year the sheet. about billion a

strategic risk maintain the self-manage have we such, our As to and financial capacity resolve.

happy well I’m say to we’re So, on strategic three performing all fronts.

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taking us suspended flexibility in assets our steps costs the expect we costs today economics to with rate to allow benefit life-of-mine they restart to care is the Tier production We’re maintenance and provide. eliminate and the will from X the the very-favorable while Tier production more X our incurring and incurred

project we operation. One were of Lake is those at McArthur the working on River/Key steps our

We have investment implementation designing be There and digitization advanced improve criteria in have works, mill our XX who with assembled internal meet application a and those projects XXXX. implementing will assessing, experts opportunities been that to are to in team automation, tasked the and mine optimization. efficiency of of through and

values this higher that prices. We’re period confident leverage and to vision, And, long-term deliver value. in our right provide to have the ability and that concluded capture we’ve will we sustainable through transition demand to strategy

role that emissions reductions economy. play achieve the a gas to a to is we important carbon resilient, energize recognizes in which enabling net-zero vast clean-air required greenhouse world, vision, in Our have to an

supporting on they and a we skilled, guided the same. exists on a environment, and we changed. others not our and behaving safety on it on diverse and example, pursuing a integrity that vision, flexible, and eliminate to priority wherever They’ve racism values. on reflects Those place committed leading and promoting our our manner achieve by in the equality to As building have that always with we are do do workforce, to it values actions, to stable seek all acting and in and excellence inspiring doing

are Our decisions deliberate.

Tier the with We that including assets, diversified portfolio motivated best X of a supplier the portfolio commercially in a production is responsible, world. among are a

to our we We where of and and demand, and us and than will into a growing, market of patience where are we traditional face from will decisions in in power, uranium to nontraditional strategic supply risk demand provide believe rewards resiliency unprecedented where risk strategic advantage strengthening the well-positioned a having take for challenges that with supply is the the come nuclear to result market. the is to believe low-cost both greater uranium deliver

for the we joining So, your questions. that, with And answer be thanks would operator, to happy call today.

Thank Instructions] Capital you. question of Our Markets. from Please go [Operator Andrew first comes ahead. RBC Wong

New to too. Happy you, guys, morning. Hey. Good Year

what So, bit of Could and next maybe any nontraditional there’s Thank that focus supportive you. And for, more how been the more about that potential have might a for you’ve little recently uses had changes years clean energy, expected on nuclear that? side, your outlook you of talk impact mentioned lot XX then, you the just a on say, growth? been demand versus does regulatory energy. also, nuclear there And, previously? be

Andrew. thanks, morning, Good everybody. Well,

yes, thanks question. So, that for

We’re excited.

future. excited said As the comments, we’re in my about I

even executive signing I and of the administration recent at than foreign the first years, seeing for there, more of saying U.S. Accord just in can’t he is government signs the I the I nuclear he U.S., change to is -- think think positive climate the he since the center thing the industry and XXXX, in. mean. policy and mean, that, in that I indicators but one last the an think order certainly how month change we’re comes that the to I’ve on Paris we’re Biden national center, of most at security, going don’t came seen does I today. think, said XX last is than the I many the years, more down be last What

in. is China in, is U.S. the So,

we’re And track this so, commitments. meet now, the to on Paris

said if that’s be the Biden by years, by are fuel in can I XXXX. in to going you’re that. wants get the that fossil XX electricity industry free. be it’s about going fossil roads to today, going to fuel ever go I he I tell free fuels, We’ll U.S., and signal think, I President to two-thirds fossil all it’s think there. nuclear a to have you plants, think, mean,

big its in from so, seeing XX, check one on meetings, have we world. And the all reactors. we’re numbers, we XX Every the a of and China that the driver these or stopping to now in construction, They’ll dozen biggest and to more next now, is numbers probably U.S., which country XX to pace, they’re that continues time not world, XX, in I there’s the reactors. their under think Ux and we’ve all the decade. another others nuclear pace on within be seen the XXX at get

the India two to good technology The customer in bipartisan by tolerant They’re friends And, now, nuclear. the nuclear. a passed supporting was talk, year, U.S. three building They bicameral, Biden, SMR their bills Our some accident President last talk even support ours. fuel. there before there, domestic continue friend the or for of of just build. and

the to and emergency Paris necessary, And anywhere The as more people climate near, people now if morning with it talk climate targets. an get to about I changed climate get good going And so, a has reaching see it’s warming the how that and it, was you’re we article crisis. sign. change as this to comfortable absolutely just more see language those global reading from it

move world to have fast. And to so, this is going

now, good world about positive. year. last players, We country on again. that new news. we variety came countries new I see see, -- Lots That’s countries a in think, built two of talking around and UAE new of came So, it two Belarus players reactors XX as the being on

the to pace to out. -- see question, there’s already, nuclear that never reach XXXX already, pace billion. the to XXX-plus-million of like, Andrew, to pick your of uncovered to industry, the we demand that, positive will for game the translate that SMRS, all we’ve pounds X.X to your the conservative uranium goal. their then I you mean, might that’s on requirements which get want mind -- countries think that So, very Never XXXX, a the take mind in rest we’ve say, in really if we vibes, laid

see we positive for that So, super nuclear.

enthused say, about context several role senses. And here to We’re is at supply Cameco shaky our going would forward. say we this going the play in shaky, that all in I of we’re that

We’re -- in the short term, we’ve down, keep got Cigar be we’ll down further to for it down COVID reasons, but until we don’t notice. want it and is, it

that. another BHP, decade them next for I gone. bringing I gone lots pounds. XX a production Olympic got McArthur has people. ago So, great on gone. pounds at holding gone friends social them years. competed worried Kazakh’s -- million the doubling their was with Niger dealt mine used that. see on the them we out that’s to that last of them, just years, Dam, That thrilled come on, million you, every mine we’ve with year. The for We can I It’s X Cominak market. pure X pulled and back that Both that mean, And That’s mine we was for losses. gone. Areva, there’s from with when production, of go we’ve back It’s down to about our after ERA down. a weren’t then month. month, for responsible just But looking tell go pieces I And

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of run within makes I Lake pounds, If talked timeframe that Cigar decade. million end is it at own XX it the the Our we to it about out.

fundamentals. boost, for has sure, -- And so, boost just all are of to your not say, supply-demand think, an moral if actual supply downwards. and trending I mean, that got basic I Demand, is a those

answer we’re So, gets and today, up was long and But, seeing that’s Andrew. a morning. that’s that to running question, what your every us what

near-term That’s What just the just great. Tim. that million Lake? Cigar of does at And million a XXXX purchases. assume Thank on The you, pounds to XX pounds for the operations. calls question were maybe for X guidance start-up more like

took Yes. don’t don’t honest we down with know. we we it Well, We Well, you, To be it took down. XXXX. in know.

We not it We kind able with we’re our March to September. the jackpot the come many down back of and being from up till had we got restrictions to then so up think, flights fired same north. August, I into workers of end the again, on site.

was Our Lloyd shifts. for to the struggling qualified workers good GM Rowson find up there,

to but had shut go safety we one. health December. to We down. again to, don’t of want in that We like We down then to our be always and start want don’t to again with so, And place have want didn’t up it and that. will number employees it yo-yo

is We’re, stumbling like the vaccine the this bit only bit everyone vaccination. rollout, a catch in block. is for see of Canada, we the a waiting a rollout have here plan to else in which But world especially government was and or of a don’t any vaccine,

for waiting that. we’re So,

be those in the the chiefs management. health authorities, of site the will leaders public with communities population of contact health things with and of north our close with All and

we our tell will it’s of safety and can’t coming health So, when you I up, protect the but workers. back always

Okay, thanks.

much. very you Thank

of Wowkodaw go Please next Scotiabank. Orest from comes Our ahead. question

Good morning. Hi.

that’s utilities Can since starting bid-ask it can still, kind why just or why contracting spread earlier yet? not -- Like, what that seeing mentioned recontracting guess wide, more of a some in or added too highest I we’re the terms levels, on a you contracts color of in color with your to the pipeline bit that on discussions of we’re You give since seeing at Fukushima. us of still not terms issue is on give the portfolio? is you

for focused and you signing can going, a right I it trying start started you’re going to buyer XXXX, I And and multi-year on safe. long-term mean, then same talked you people that in because customers pass Yes. it. Officer their through maybe wasn’t on last And year. contracting a Grant, we normal the it to and that just operations talked Long-term touch the -- a for the them and mean, was say, fuel the we while big I’m going their color same keeping question. know utilities plant Grant. safe. was the plants Thanks, their to of well, I babbling is market it. list, it they’re at for our the XXXX went contract over we’re all little would open all and priority really of year. But a keep deals and it COVID. And mean, we keeping We our was I Orest, give call, focused their I’ll their at And on wasn’t should everyone, go them, say. us, whole CNO, through know the and the for to of we on top to I the on the focus with COVID March and to and people do COVID, we Chief on to thing while Nuclear Cameco, probably was that

you, we’re the just on, that So, in. talked full and discussions we’re ones to full can got holding still I tell of weighed our, on other I are a still couple of working think customers. we’ve customers I big pipeline week, with that of this our contracts from and a earlier to our countries, good

be say, just I’d a So, patient. bit

patient that. on a being bit are We

seeing he So, expert Grant, what intervening just there. call, that? the give But, you so in sure Grant not our I don’t to just on if stop words we’re from or you on before want a on a if bit update of the few a market. market, want hear little Grant, us to asked bit, I’ll you sorry, mind an gives do resident the

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seen utilities what figuring so, conversion. is -- pick in it picking We’ve contracting They a occur already that up tells out. up see it we And in in enrichment. full is it transition you are

we are just with to as big and say, it as about We off distinction a seeing for I We’ve kind But, of this delay continue making our none about this for that it. dropped uranium, on-market our sure. that been start to of doubt market. no has off-market a our out say pipeline. continues while. good There’s into redouble versus important this XXXX. deal of And is is, customers news negotiate in efforts It’s

it. the when from million year has amount Term think levels the only do million with a seeing negotiations a with we XXXX in it of see stuff. RFPs of is underperform. lot bilateral COVID volumes The continue discussion. not down variety XXX where the asking to requirements on-market to of continuing our bids under were a to competitive a robust needs uncovered look that’s and be, for XX continues at We be to exclusive volumes before. pounds tiny a where nearly hitting That competitive customer pipeline, suppliers, That’s and contracted. But, something uranium customers from going out you our are pounds comes to forward, a is

haven’t In seen low since Fukushima. this fact, we after immediately levels

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period the are the there then, forward they XXs. and of the the find going in it. trade then the we trying risk going already material some this which appear I just volumes and market. on say, complacency to went has fuel it been X for term here’s doesn’t sort market. unplanned It became home market there’s isn’t production, of is of simply level the that having market, it that news market good the no pressure, today many the back have a home And traders dynamic. of the with where price the was mean, creating the and put bit There it kind XXX,XXX the to the the was obviously. market, illusion, it the some spot And gets downward times, a It put have of intermediaries a they X of always ground don’t material, just to produced. pricing the really the have Term effect that’s This to purchasing of committed after or for and production. where plus up it spot was XXish discipline, would And spot price ended have a portfolio. once the carry economic of for And sales the be the situation. say required about a Fukushima was see uncommitted the little little were creating churn of been particular the producers collapsing the be yet spot went into amount of in it’s through in shutdowns. now, then enough XXX,XXX through the the Our it uncommitted left into to home, But, market. through then, right available future production lows the it’s hands And supply isn’t or out that or because how or market. spot who spot weren’t time Tim bit XXX,XXX operating spot take done breaking still pounds after the still the producers who sustainable buyers fallen in the the demand like for in because you been primary planned to they in of the primary case. what and in didn’t if the ground through spot because and pounds talked have to of started just simply worry about the market was pounds corrected. think And the it the have market. through look at volumes in should got it XXs of term leaving it price a discount a produced, didn’t was it, I one the had material have, production kind was they attached XXXX, into producers in it COVID of it completely course, coming And, market. It -- price

churn available the that is away. really, getting just around picked material market So, to

up, demand production be will term forced picks through homes, market. the As and term contract find market it primary won’t spot

the we Ranger good future intermediary capacity. that group. you expected up not Olympic have They’re expansion. is production might of spot Dam ultimately, Some productive examples, going have market away. expected backed the by in that Cominak, were And then,

dry required if sources these wedge ultimately, going. price, demand economics production up, churn. where uncovered the back to reflecting the term And the will so that start transition the meet So, to market is the relative does to to

you So, the uranium longer just on of broader activity spot. what set I seeing the conversion Orest, our and way context kind market than answer and a we’re on term wanted, the side of wanted in on to but

can guidance for just And it’s as years. It the I Thanks, some ‘XX? driving us we’ve appreciate that? a separately, you like follow-up, what color. the seen on in give the What’s significantly from couple last looks Grant. of CapEx up color

little we couple think just really Yes. are bit a investments work doing McArthur Key. Tim talked of we’re about prudent Orest, at a that the right now. and

and planet now. digitization can. embrace we the determination to we right the now the on the time not complex is many running opportunities idle workers as the they’re of that made mill that mine have we facility optimization, sitting best -- just there, And the while qualified these While possibly automation,

than So, them extraordinary when we they back assets come back, these even they come were brought in when better down. XXXX

is big that’s countercyclical, -- but It’s a So, do right now investment. to it. it’s time just the

other how robustness going up of look a kind on a with going of which our course, make project of modernization investments conversion of some able we’re have that services right project, well. Cigar now, which And been number. the and sense on Vision have We then, in underground in do, some think does forward cleanup is business the we’ll Lake restart, contracting of group, sense the we’ve modernization the we again, especially that much to as because market to group, in our makes much do, fuel development and again, Motion which go effort that to as how CapEx be to begin there’ll shows conversion once

countercyclical Lake once up and some the normal plus that So, investments we Cigar is investments, would back running. make

XXXX Orest, from And is of as too, add, well. CapEx that I would is deferred some just

ahead. question Our Gordon of Capital. comes go Paradigm next from Please Lawson

steadily It’s term availability contract utility the over China increasing X.X Could billion Hello. comment around past market have what means years. been now and you in several spot Uranium on for estimated be to the inventories pressure? this pounds.

been actually and XX or they so closely. started us. really and have ago Yes. we’ve watching Thanks, good a years that been their inventory, question, Gordon. It’s They building with

they to have five-year have very but construction. an I their pounds but XX you to XXXX inventory keep was build and bought inventory, one XX XXX the long quickly when of to XX June bought X, and million market from they so XX mean, whatever to the by consume They going and above. XX, so, going really pounds reactors year game. build in now, gear, need Kazakhs XX came think, to they the to their it -- play the while kicked only XX at X-year just from they in adding. XXth and X, they they time they’d market, at inventory, because have I plan is that month, XX a said keep from under the And now million continue and they us, policy into they which million Areva

for I the plans number moment, the something you, assure They’re -- seems but for they’re big themselves. it’s it not forward. keeping So, their at keeping going it

now. have We strategy, pretty haven’t to seen it Namibia a own some. buy They come market. back much uranium, produce They the on

And so, they domestically, some Namibia of use other and which some very produce producing they’re they and reasons. out of, little pounds have for

we’re But, about. inventory. if have something to the anything you add know So, Grant, not don’t Chinese I on concerned it’s

and inventory, relative number be. size now necessarily, Tim Yes, could the essentially earlier, which And inventory of nuclear where they forward, reactors. you’re XXXX of Chinese they the is in XXX if pounds had of you of going that if that of they quite requiring the a million it. a to uranium not XXX because target number, of kind referenced That’s four strategic talking fleet. rule at small net-zero look actually to fleet And unusual year, view wouldn’t be that if five-year thumb, a consumption about achieve one then,

we will those million growing And uncovered year. a supply, a that million strategic Namibian window. XX to million off decade, be to XX When have But some that be look There’ll some I pounds Chinese talked XX tied then -- supply, and you kind in XX original probably XXXX, year to after XXXX uranium got in those in of middle a you’re alone to close into the going be XX pounds pounds going somewhere objective contracts is really there. year. nation that you’ve that. up So, there’ll consuming roll Kazakh window, that’s pounds off, pounds think, that Tim we And in nation, probably be see about, ahead it of of that the year. probably once fall a million million a a that

contracting, what in that So, stepped term I probably term there mean an off-market think, contracting China are happened keeping reflected does say, dynamic. those for the And when time, remembering it our are themselves. last into door came you this entrant what It market forward eye commitments in at up tied the market kind as production of utilities the a time. same a lot and through big forced market, new signed the of and and all future big into other the they on

activity the is the be think I want So, to time. I’d utility behind planning saying, better off-market that don’t this procurement I advance. start my in

the their here. significant other not India So, with a program both a about to commitment is, today’s has plus water light vendors. reactor reactor along outlook heavy just water what’s interesting take made very on it’s And nuclear, role program it China, a does their way,

so, not China new the as space the looking entrant coming material. just and And it’s for into big

well. India an You’ve eye got on keep to as

patient remaining And strategically is so, the do to moment. that a bit shaping and the dynamic right I thing think, too, here, that’s at the convincing us little up

from of ahead. comes question TD go next Our Greg Barnes Securities. Please

And, that is your largely Just will market in in or discussions? contracting XXXX is just discretionary. discussions COVID that in slow contracting something you’re commentary? again digging restrictions, to into remain the there you commentary because about XXXX Do anticipating else MD&A the or anticipating that of on remain the off-market mean that

to Yes, expecting to Greg. What RFPs that of expect and on-market that. the robust. couple to RFP see where weeks weren’t we more term, don’t on quite just least be is on-market for of we obviously, on you we’re about big expect shocks in That once that every that’s for the part to do our by push them them past, not continue. expectation, saying that are expect discussions going our is that We that not we focused mean supply we’re the at of triggered first example. rush kind is the year those. near half big not we seen an for say a see of But, We to clear piece, Thanks Yes. question, do the a we’ve pipeline continue.

Now, a demand that supply of for unplanned shock. of absent further is comment course, or example, disruption,

we’re the or not it pipeline. whether into be now, That game stands in China change a as steps But, big the market moment. way, it the it be whether anticipated the right our piece, completely. on-market not at really India talking about Somebody just that’s could

range. are the I In pounds question. looks going Okay. the and guidance, you XX million XX pounds, more fundamental in say And sales on XX this to year just try be XX it the MD&A, to million the read When million pounds. chart Page a like more off

or rationalize the to is? bottom of get to Just difference what the trying

Greg, an I XX error. catching to Yes. XX guidance. you’re is think, the

Thank Okay. That’s you. fine.

reading. Thank you for closely. Thank reading you for so

Please Our next question BMO. ahead. comes of from Alex go Pearce

any Grant, has the you’ve Metropolis impacted announced your could whether on conversion it wider touched how market you ago. recently the provide of an outlook I impact the think you a chain? uranium there, does on on wondered have moment just update and restart maybe really,

decision ConverDyn not I’m facility that restart Metropolis Good a the the sure huge was to surprise. questions.

that of around restart. course, in. plan capital is In been required know, to contracts out them some talk there contingent landing quite about the going and contingent as of go utilities, had XXXX, And, fact, bit is with to a you restart successfully a upon

I before committed of likely to agree think, restart. a already. So, to road go there That a productive was bit they condition probably on a a that’s Honeywell a having capacity. still of it down bunch But,

well, to it, So, years for going going example. utilities. are a remain for bit will I focus us, be of anybody for looking for because two a tight not of that’s next conversion the a spot source be material, think, then, to And still

there’s opportunities some still additional for think, term contracting. I

as a that for and shift uranium. where to bit heard what example, worry as one can production now to a attention more say, question. there’s particular the well, means to that maybe of an have about in that much future, Now, to perspective, going the a conversion little utility, is I’ve open certainty for uranium, now is about don’t be

result uranium we more on a focus conversion And less actually see might as forward. going on focus so, and

in I a concern too space was really perspective was into think, the find that conversion an -- years the last space Well, some of its thought make I that way concern was it’s it the early to at got interesting to that But, capacity push the in call. really about at. point. where uranium couple has

be we’ll closely. So, watching that

ahead. Capital. Our next of question Ralph Profiti Eight from Please go comes

Hi, everyone. please. Two Good morning. questions from me,

First one demand. is, supply Tim about you and talked

under more do think Would Just agree you years? of wondering more the a in with nuclear have of sort of say, and role likely positive of less of liquidation-related, one or rising And, Biden, the of for sentiment financial sort seems in role hedge statement? funds their this strategy to played that next be will the two players buying-related to sort you terms in XXXX.

good questions. Yes. Those are

what sure happen. will first not I funds less played have role. one, think, of on Under hedge the I’m Biden, the a

little bit a yet. it’s think, I early

are a good what I lot biggest the there’s mistake the make of be, year in of sector. electricity down there’s We think mean, Exelon’s out tests to I another scheduled hearing to they’re is four another want that U.S. could units get U.S., to on in could do. We’re go to fuel language down. them, be that path of action and of units see first going in one this going Ohio there. got they’re two And the go I zero-fossil any got and if some to the the two company would to that that’s think

watch we’ll those. So,

the don’t So, they… thought Grant, know on have and I financial do sector a you how

kind that a need as saw XXs was willing with loaded. of And material to some special there, Ralph, supply negative, price two of earlier, XXs. And a signal because XXXX. the or I rather might role just quiet suddenly, uranium in sends the what the course, that’s positive. financial I material a were the talked I negative a distinction that disruptions, And players, XXXX about you vehicles, some the are mean well, purpose It part the then, either that the respond funds from you’re sold that, from of funds the bias with they going to right, year, a is all return. of was not for funds oh, uranium unplanned make the space, And loaned the towards throughout

are a someday. the to for And narrative proof it funds it. is so, said as just me buyer that, well, that’s holding material And into going fuel the available of be this

place. space So, their in interest carefully. And them hands going of going committed Hopefully, the types is And effect up the is into a have to watch going find is this material more way they of see space in price a that we’re times going of loan is that the fundamentals, say, hurt Going to because obviously, do the see then we not coming? first then see market, when turn are the opposed well, to if physical to in forward which in you of these off, nuclear sort much resolve you brought to uranium. which the this though, that funds probably the to shape, NAV. we just hold traders, the a going the which as end sell

So, than of XXXX could much point different look view. XXXX much different. a fund from XXXX could look

there will far or Okay. is at congruency odds the and a out sort there something respect these flexibility like-mindedness Tim, structurally needed. is and saying, discussions? Is terms terms, there go, and your contract with in contracts pricing And, of discussions how I’m to nature with these patience more the and you Yes. a discussions, -- contracting a is of the talked about

And deal quick can not And not to long-term Yes. don’t and I They’re rely year times, ago. example market signed in of you, on the year big XX we’ve their uranium. there. uranium market, on is the any chunky Power into going and what big not deal to fleet. missed never XXXX, they’re a Ralph, they Company, they’re like mentioned years coming spot every use, know was many these pick mean, or we small run big, are they eight them They XXXX, because the be on just metrics, XXXX, that farther brings. didn’t our market’s year to discussions amount up Grant’s that they them uncertainty. enough there, just spot the going that said, the to a have playing the countries certainty They’ve utilities got refurbing, from. said, to they’re where of they And fact the honest to and history more -- that fool we delivery we especially a a material we’re with off-market don’t they Signed cover hope always a with couple the around, like want XXXXs. be XXXXs, uranium going game. get XXXX, of every uncertainty we with out, that as have, in units just with to the hitters not for as the uranium Bruce you ESG a contracts XXXX,

covers for. gives a deal us with really what were incongruent able with we upside, so, the that’s we great but And them that’s to that negotiate And look And not downside. more customers into prices today’s our they out if rest what decade. of looking love lock the for they’ll look could, they’d pricing are today, fixed say, to for. I’d in the

looking think higher market-related, we go here. to the only more from at We’re because price has

it’s back But, uranium, have everything. we and need having, discussions we obviously so, -- And, Ralph. on of And forth those mean, there’s type I that we’re they it.

they their us. want. have for I certainty want the in Cameco and it’s have they And to the portfolio, same think, need We perhaps and

ahead. comes Our Securities. of next America go Bank of question Please Lawson from Winder

the maybe on first Just contracts.

And million are then, XX.X years? conversion back to what years and do both out the all, leveraging mean, what million conversion in uranium something I So, of how uranium far spoken sort million first XX.X pounds looking, what XX those in for range we result contracts being to secondly, contracting past, cover? and in you’ve the the the of contracts? to pounds pounds of extent of the has of

interesting. it read units pass your just talking U.S. market Yes. just I I’ll those has that that might report Lawson, Harbor Grant. Exelon that I’m on mean and very, But, found and the and going to interest to very market, over going the about forward. great we with say, what Energy to

So, I’ll pass Grant, sorry, it to you.

Yes. bit provides interest of the where Thank is. you. on wedge The of uncovered kind requirements a guidance

both well from the the uranium it the conversion the -- as with So, service and as uranium goes for XXXX well. as

sort the in to tenor decade price decade. where market price looking amount out. most the end the of the weighted more a of XXXX, our of is pushes kind to of That window. middle of heavily placing a we’re transition business, the stronger the transition in Usually that We’re or the XXXX

in longer But, of we’re at time. now. that’s right that lock can for You periods looking window the

just inconsistent are fixed the competitive on completely seeing us. not uranium that’s attractive on not with base or RFPs. and of going with to some a It’s the on-market those we’re side escalated largely basis, So, what

drive So, window uncovered our that’s the the do way. we’re business looking really the requirements for, where

second extent space the contracting my to uranium leverage in contracts? to what you in order the then, question the the add of able conversion part were was to just, And

power doubt in no utilities you kind essentially remember working it’s see no their the there’s that with not up of commercial available, about But, When in through Certainly, bit of helps. chain. it. end industry, our to market. that Yes. conversion uncommon way the a bargaining little backwards There’s

once has lined picking got And it. and and hit rate, homes conversion in almost service you’ve we’ve seems you have already it’s enrichment though contracting conversion above. you when and up go fact, be for to So, now you replacement your up, uranium, contract your for that contracting service, your as enrichment

uranium out and back concerned up okay, into bit as you that, start question you’re maybe So, future, that about says, now coming argument another is into. plug we’re seeing to conversion a bit a and the much And the finding step can and capacity not too. I earlier take final that that’s the homes then if the well, that of mentioned have ConverDyn to

And we a it, rate of seen for -- us, have some bit uranium contracting obviously, we and certainly, leverage have of So, replacement erodes the whenever our we that on leverage, not yet. it. we course, little just that But, side. take uranium

ask just question, second my Silex I wanted so, about to then, deal. And the

what of expenses you that going, sort that? And of with the are like terms of timeline? all, business in specifically see Thanks. ongoing associated where First then, do

to a ago, big studied is our But has the companies the going able through now. course, we’re just GLE for Well, good with a in XX will agreement a Look, been Silex decades. of think, technology our the to moment. That it’s on that seen as have to pace the countries as it’s access market it we’ve Yes. not We is really It’s along, U.S. for deal. it see We additional we market obviously. tails the at along enormous. those we’re for pretty reenrich project. mean, with driver, to working DOE share, that. the an big I we at January, the we’re in move picked start there big and partners to you us, with we have different We’ll evolve. expense But, pick got potential. excited remember I us tails spot. up years That’s about DOE been now think and up, it depleted potential

need doesn’t goes. low-enriched be Combined use that and talk HALEU in uranium. enrichment I LEU mine. simple you’ll is fuel, SMRs, making This that. know, the technology, the special now, just market then, we that next with another services as With a GLE We’ll could type make And so, high-assay possibility. technology knowledge course, see could of for play called that game. or facilities fuel it the our about say, the how PWRs uranium could and And but SMRs all of that technology,

possibilities there. in over years. now XX the of lots for So, game been We’ve

develop grow advance. the I and watching think, and we’ve been technology involved

excited move, pretty but morning, we’re quick we’re our But, moves in not tomorrow a industry, quick. So, positioned. think well we particularly about it. for nothing not Maybe it’s

be to happy We’re in GLE.

go from Please Philip of Energy ahead. comes question next Intelligence. Tracy Our

I a question. my taking for just Thanks quick had question. Hi. really

on the [indiscernible] from any two Metropolis both, conversion in reaction have of announcement UFX Honeywell about you markets? UFX envision the next years? and plant sort And you yesterday what If this to from restarting impact

of by rumors many Phil. we been there’s surprised say, Thanks, it for I’d weren’t mean, I years. it.

about been of their And two six that. down strongly presentation for people they’ve saw think, toward hinting I was weeks I one that years. about ago a that made

I think, production the slide that said XXXX. I saw could be in

a And think years couple rolling. of capital million-plus in $XXX to I had things So, get now. put to of they from

wish with market. but with the on the the that. much near moving Grant thought would us. I surprise effects bit not didn’t spoke it could be it -- yes, price in little he them certainly There’s the what So, over time, term, we did, certainly way a well the conversion about

up contracts. wrapped a they’ve few I think,

on their that, and some was they Phil. contingent restart have having business think, I

to the in having So, forward them look back yes, we business. conversion

Our next of question comes GLJ Research. Johnson Gordon from

two world? nuclear guys. letting Number energy have hear source? renewable-based started the Thanks question. prospects to from guess, around guys more poke about Have as the I I started me Hey, of to seeing nuclear, for questions I investors ask you have. and one, of they the guess ESG the

with we that seen to real investor Because meeting every it’s or I it’s stay. And to anything advantage we’re think here I such with seen every almost start we tell Gordon, here It’s the too with about ESG. with talk to can tidal ESG. like a for happy run. we’ve competitive a haven’t like -- wave talk analyst us. long you, it. we for only And come

said I comments, in business. earlier, at always has little a said been we heart of the sustainability As our my

world. Our to energize air vision is a clean

up any So, that year is which use our COX. closest into Ontario produce does product COX example, on home the part, the going And always our of about tons the million X uranium not we per E year. to avoids

that’s either. it’s take that. think not the it’s don’t we G S And the but a advantage, lightly -- So, we and only real

for have the leader at On side, operations. indigenous our hiring social years on a people XX we been

our which indigenous We’ve Our are majority A north contractors, northern operations, are indigenous XX% the northern people Northern our spending owned. employees from goes in these of people to policies. got huge Saskatchewan.

seen I’d in governance of Anne matters. being side, Minister talk might Canada. stack week, governance former Deputy Prime well. and We of top her have is McLellan, you, Mail hear of say in and of Board The meetings comments Globe But, came you me our And finally, Governance shelf. weekend. Chair all you’ll the out us very hear on on And Cameco is safety up You I the this driving this she we employees health and our Committee the just here of can tell about forward

our of proud very we’re so, And there. record

about, And head. on So, the we the meeting is stack audience expert topic in you has nail well. the an to. we we every we That that go think that and hit talk up now ESG the

about cloud of comments guys with aware associated separately, talked this nuclear, have of That’s dynamic. officials dark clearly, Have And known, probably fears. pushing of guys energy think that are Do Any this, -- I the to power then, you in export heard nuclear But, cost the and be dynamic but and government it producing about this Okay. about from I snowfall a widely Germany seems having in energy. gas natural need nuclear cetera, et this, global, this starting local, like up would isn’t today to or guys they are around And you solar and aware and you you’re helpful. very officials, helpful. there’s them the the that to some there’s not government and there mean, you kind nuclear. of was believe out say this to that? increasingly respect prospects of there that issues because report governments, that import on the with panels rather

carbon of or clearly, to our and Yes, sit said own words no Minister, the is World there path nuclear going on not in or the plant, O’Regan, by path else the like Seamus drive Canada a without get mimic -- very NEI Energy the absolutely. we’re CNEA, doesn’t there repeat play. no to anywhere are today the -- on governments who We nuclear nuclear. role Directors. neutrality that that And of -- will I of Nuclear the We I all Board recognizing sit the Association

people -- can more, you any oil gas, so, fuel. And apparently and fossil don’t like

reality -- that the some world, of with replace that like with America out the that you. realities in for wind. on down with that fraught I deal XX%, to the energy physics is made efficient. how got try mean, mills Physics wind they them I The It’s out and to have in the went comes temperatures when XX%. this asked XX% Japanese Wind, these on you solar, winter put got That’s at had the had everything. out. and damming something. of river forth, snowpack. I to you you’ve at $XX mean import $XX up can LNG XX% That and think, controversy. North they a you’ve turning that -- I yes, or Hydro, XX-some weren’t to So, days. solar works there’s panels look mean, the XX% so, MMBTU. percent but

You’ve got they’re to either agencies, on a through those notice options. talk we’re getting look time, more governments. from at We your lot the directly all to them getting nuclear or And up the through all warmed and file. Cameco

have…? you do Grant, So

important that add, we What’s that about. the these forward. about just Gordon, sense what’s we going I Tim when is no one the outset, absolutely nuclear coming at of that where when there’s this to emphasize, electrons topic asked, targets It’s to time, of to are at the whatever it’s exactly for look need coming different just because that net-zero driven energy line. be be They Yes. And have days. to companies, and accountable able going takers. be just them It’s held or down that just talked whether are countries is company used the to be where not. that being used achieve want time that coming too, longer accountable was talking this from. to power to the big take net-zero a this different accountability we greater and targets was this is you’re for And what having from the now, they’re get involvement, they energy

being voice so, think very And this time. it to it’s dynamic that added that demand important different we the makes

hours, for up clean fossil couple XX-hour blowing it’s it’s the in So, with fiction buying on and credits company wind and you’re shining nuclear those the involved yes, the not backed at couple we’re and perspective. being well sun by a fuels, more than yet when working fact as the saying, clean a and into conversations emissions-free look carbon their it’s of little nuclear also a maybe But, for power. have is side probably traditional is a of built hours, who credit,

where So, from. you about electrons really those coming are think should

be we’re us making join it’s So, area, dynamic our an not are and though time. see you’re demand a more not like there do point even different But, others, and right the part in of this to of Shellenberger, have voice producer, Michael example, have we who you’ll and for more but like the is that it important environmentalists, business, kind power of this loudly a shaping frequently. on the up side absolutely voices this to

those from if Okay. And those answered I me, Chinese long last But, didn’t contracts one contracts XX years. are catch I maybe in it. to one there contracts, are pretty too. then, you XX can. have guys The Typically, this,

the are think, may on guys were quarter. guys. last to re-renewed I renewed going expectations signed year. Chinese up XX roughly years some going renew the Congrats to the questions, year, with any players look this that when Do have nuclear contracts? to they Thanks expectations ago, were insights that to be you those respect some for they

Grant? Yes. Thank you.

China. bit front obviously initial it talked this were about Those earlier, of We little again. requirements quite were what I’ll in in just go but Yes. through their contracts a out

they contributed saw strategic So, happen. to that the build inventory we

net-zero the you look up And we a if earlier, we to the -- reserve, ends where context we over fleet term targets, of their being that so, build longer it is modest you strategic out inventory think with that Chinese will. strategic country wanted And when in set going. quite

foreign Tim to coming some now, Namibian that have give That million and talked consumption back hands production that. the uranium. comes then, question, alone, So, develop after that might what it of those involvement be to Well, foreign of contracts year in right pounds pounds just of And line sight to year rolled goes XX the when about announcements Chinese off. they’re do around. against recent XX raises going China. XXXX it’s being do they the China. sources They’ll then about to some initial going there. have all of But, every earlier of XXXX, and one production Kazakhstan, million in about XX into million growing to in probably assets

and are who the So, to happy be watching these to market. the term because but those with players big big those buying with in of dynamic have needs, step others want triggered be stepped of that last market, is, utilities we’re and to price Chinese watching a have when bit they’re going will programs time they some the big into remember front that of follow, you’ll the you’ll just that a utilities that run into you’ll

So, it is an important thing.

big that. that window XXXX But, when we’re that That’s for conversations suggest year to think about could contracting to from volumes be right a for of up of sense see probably XXXX when now kind they’ll today, you constructive contracts. not is Our normally within like we back you completed. renewing be would those

from is Our next Orest a Wowkodaw ahead. Please question of follow-up Scotiabank. go

you Are Orest? Orest. mute, on Hi,

Sorry some impact the you reduced now, trigger when and I start if the what it production -- have point does stay us do give a of that on Like, that. sense it that start speaks to risk MD&A, In a there’s based of delays worrying to that with or down midyear, in year, to issue longer deferrals. ‘XX? next to does suspension just your that have like was that? production stays to in to ‘XX. about will current than down your for on get follow-up. trying need it about sense for Thanks at an Lake I’m XXXX, we to mute. Yes, suspended the taking temporarily Can Lake and Cigar Cigar of

Yes. that. question, work And long away, good the down, mine up all prepare development go maybe whole can crew again a it back and could you to for kind to some guess, also the we to and you on on full start up but jetting it depend production of back Orest. right on and in crew can’t when bring bring how That’s doing come can you whether depend stages we’re will I up will a there.

down. place, think it’s we’ll much So, Right watch. nothing. now, a don’t marks question there. or looking I And lots It’s the of after care pretty maintenance we’re an and all the crew

We’re or just later going restart, start. we month two weeks to and a

can you’ll in the say, some just see phased some think I underground -- more development mine we work prepare I do as of a as approach and it.

team we when will smooth. back whole do -- So, the we that ramp-up bring can our be

we you, Orest, but have So, not specific a today. real for answer that’s the best

that Okay. too Cigar I will anticipate early? it you produce is below point we Lake next the ask would nameplate where way reached or Maybe could then. year, Have another already

can’t that, say no. can’t I I say wouldn’t that, yet. Orest, that say I

We’re -- we Lake run. want Cigar to

on put it have We and pounds we need it the We to want run. portfolio our books. to those into

come in enough workers risks around can And we the likelihood risks the and to all circuits. so, every having the weigh restart around we restart, qualified the we run day,

as so, the to want back. don’t yo-yo And said, we thing I

shape, good in have be we’re sure say we an there make effect when certainty up. bring and we’ll good to it So, would in we it’s and early XXXX. that too clarity But

you expectation the Okay. hear just for Court Thank us when case? timing give your separately, latest you. the And whether then, can could will CRA Supreme hear on the we appeal

now. at know We absolutely. it I there’s think, judges Yes, of a trio, looking

they’ll But, that’s hear give the as to quarter whether here in first the sometime now. about we leave have hoping we’re information to so, appeal. best And to

we And as so, say, still I our -- we is the and quarter another get estimate. And for every piece up watch best day. first

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

thanks everybody Yes. just to Thanks that appreciate the as with operator. interest call. support. XXXX, say much, We that’s head into on stuck excited. say us as and always, with And today your I’d I just to that, very want certainly, we we’re

role to a assets power strong proven saying said uranium Company record. is we’re fundamentals we’re a future, sheet, And As earlier, we’re the about generation and with track nuclear going about our commercial supply I and of supplier excited going end balance operating demand and the long-lived Tier the forward, we’re excited a about always by play. X excited responsible and we

going safety our XXXX our be at good We’ll always We the we’ll on do we always, So, put of for what us. our execute a top is of communities will we’re the going workers, to and families continue strategy. said And do. their we to health think year and to their list.

with that, thanks, great Stay healthy, So a just safe and have everybody. you. I’d Thank and day. say,

This today’s conference call. concludes

you You your participating. And may have pleasant for day. disconnect Thank lines. a