both Well, an us from I'll thank touch for on We quarterly Cory, word, our Earlier results. fourth this quarter everyone. And results we shortly. strong, XXXX annual in joining them good you a and perspective, those appreciate morning, released call. annual morning, today's and and were you, a and
in for We position. supported Tier is and our expect our to portfolio financial our optimism relatively contract long-term strong strong our performance our assets The by continue X simple. reason XXXX,
fuel the returned for cycle across previously new the both after service as that improve horizon. Those for builds to for tailwinds reactors to to the as are benefit supportive base Cameco and to slated is continue nuclear and outlook positive reactor those Westinghouse. in installed for support growth nuclear throughout reactors new our the well investment for outlook the and see nuclear continue on That expected existing underway conditions decommissioning for and being the We market sector. the
has we favorable fact, believe nuclear power more for the it decades. been fundamentals and In outlook fuel is nuclear for than
security energy energy need into is clean. alongside ensure that to uncertainty to national focus continues security bring geopolitical Global and the
Westinghouse a now, And durable we us growth rate does nuclear a As significant to fuel for fuel to as heard replacement see decisions. not downside translate portfolio, positive name changes of assets. which future build to nuclear a home continued for significant into we expertise we expect in presenting conditions and a year and and long-term new a will into grow expose interest from and Slovenia, into therefore discretionary Bulgaria, trade growth also technology demand benefit cycle our potential supplier market say are core spot uranium services, upside Ukraine that Any policy growth evolve for cycle as and in including mode. putting durably a over their you've believe Poland, that market We, geopolitical protection our with that few. and businesses additional and us contracting have the services expect nuclear supply from a fuel existing of just ability opportunities contract provides opportunities in nations, is our to to and have
than the believe and demand That We years. cycle, couple to to are have working see the to seen continue greater downstream uranium nuclear durable we Fuel that fuel to the starting growth anchored services that the evolved market fuel how work and the far and supplies their up way backwards tend belief of coming. is risk and in the buyers risk across over uranium. to nuclear past the fuel we
it by Western for and a the years this a be and come. reacting to will to was with on Russia for ban uranium from downstream fabrication, a and place was good in remained export the focus cell is long-term geopolitics convergent of U.S. rich reason, sources Russian now That sense away sanctioning lot makes Russian diversifying lot the of even or imports, legislation to enrichment contracts attention to And that utilities, translated market there that Western XXXX, cycle. were services. whether fuel an In those many with of global change if restraint,
rely applied no do downstream not those are for has However, has to of kind for market has uranium a time to uranium. spot [indiscernible] near-term that with are strategy spent absorb and their natural resolved, also a and demand meet there all product focus distraction the utilities to been services from fuel is supply that the focus that needed Producer there to The bottlenecks requirements. selling persistent see not on that downstream their meant much at uncommitted which an on unhedged uranium. which the buying substitute. expects
We nonfundamental. and annual it's where spot It's have -- I completely meet you, rate to discretionary, tell market not their is requirements. the can go and utilities run
transacted the utilities. XX% pounds spot that in last market bought about year, of by XX was Of the only million uranium
adding services Instead, ahead or fuel muted in sometimes well million to selectively are long-term XXXX, not churn. spot pounds financial a years. contracting volume. longer. the case to is becomes a and pounds was come cycle the As market. Traders, a activity players of relatively which contracting reported not and nuclear great deal XXX,XXX of around the contracts XXX,XXX years XX below That's brokers every uranium continued reactor negotiate XXX below the Xx, buying the which reliable year, of supply volumes than time, pounds passing or utilities remained the needed the a for the underpin in XXX long-term the year more successfully operation that can source annually. even Despite for supply source to our for fuel off-market fleet of of more of a long-term million nuclear decade long-term rate And global that's portfolio. level, to replacement pounds Cameco
about million X in we of than the over average have years commitments levels an XXXX, XXXX to higher average with Start XX pounds lower and uranium XXXX. in of and XXXX average XXXX deliver and commitment next through than
growing patient our strategically meaning contract uranium retain [indiscernible] to pipeline pounds, approximately long-term already segment operations forms. pounds in resource uranium business now the driving long-term are we reserve improving million And that protection last terms now XXX come. the of prices are added services that demand levels, years only negotiation. Our to XX under provide downside contracting also demand. to historic which book to The at as of pounds million demand approximately large XXX us supporting and exposure fuel current our a and seeing We're base, we totals X/X we allowing book segment of represents fuel of and adding about million our it kg in totals our while services pricing with can for year, conversion in to be
segments is no there the currently for are in expect we cycle because seeing uranium to bundle. a buying strength fuel the to uranium other avoid of the We way upstream to moving fuel nuclear continue
concerns. heard the bearish don't of We've negative the those long-term about But concerned pace contracting. those share views we of
and on a add energy, lot requirements, replace our uranium awful a is XX sky demand In the bought date to only time the nuclear XXXX. jurisdictions on in required reactor on nuclear to window in those supply several billion and not meaningful strong. that through sector data contracting of blue not major supply small purchased potential or to demand they uranium or about are pushed utilities growing. The global tied mines the global new reactors And the adding centers does it's serves developments demand be as operating of base under X.X less XX% current construction to potential have about are rely pounds sources growth being That the when and started. to them requirements tight where is construction industry a which to than Those are need translates delay to supply of advanced tech enhance fuel the have reactors. that for requirements to date. thinning even to optimism. in is That's mid-XXXXs, is operate only such from an of from primary the pressure the and already build-out from confidence into investments only out fact, putting to positive Based are shorter a only outlook high because of thinking story yet
market with satisfies mine XX is fully own production global bringing reach on the our Cigar of accordingly our that life plan appreciated. demand. That's a pipeline XXXX. in In potential projects new mind. our in and fact, hole And Cigar We not But end XX% X supply incredibly Lake that yet of challenging. million-pound of supply its scale expected assets of mine in an Lake future Tier is the has to
should it exciting to ourselves see us ahead while nuclear not in expected. evolve remaining benefit continue times protected for we sector, and as positioned the to we So
We have resilient. value fuel capture XX be of we've operating more cycle across years cycle, designed of our and full strategy to than the experience
can existing tools where the and us visibility When potential flexibility we consider and we be our have into deliver their We we satisfying opportunistic good allowing requirements, material, pipeline. with supply. our with when and plan have our in and when can future. and supply we of need we supply ongoing the future disciplined carefully in customers work and sourcing place supply into invest prudently selective fuel be primary to well considering And sources our in investments to to
production demonstrating will our with We and with portfolio our are we our accordance that responsibly supply contract market align in opportunities managing continue needs. our customers' to
will flexibility the for performance with assets to opportunities and operate our on our continue improve safety while environment. We look our to efficiency impact working also improve and to more and reduce
to trade Our us risk, uncertainty policy volatility enable sheet well and as strong, global balance and macroeconomic to risks is uncertain as including we related it will expect self-manage decisions.
sales higher delivered in production was net Tier realized which delivered earnings and expected quarter net Those net at which return disciplined our has as worth briefly annual of price. X full purchase level year primarily accounting. number from Looking as the an noting. a We to impact adjusted Westinghouse, the loss reflect well volumes incorporate average our to improvement due and highlights earnings, a of and strategy earnings fourth strong XXXX,
So adjusted we measure strong better And as view EBITDA adjusted was very EBITDA performance. strong. reflects Westinghouse's Westinghouse's indeed that a underlying
of segment, Lake delivered of a million produced McArthur strong than operation. uranium XX uranium under result we and River, XXXX our our about slightly Production pounds. just expectation production Key as very was XX.X pounds higher million In the in from
record from Key run Lake mill ore. well uranium The the as and critical our offset to flow pounds production to loans. a see possible have to last home the any made line, increased rate year both merely mill. not and that annual stockpile pounds In drop X a has sources a into of inventory, off-cycle home and they for product during optimization long-term and packaged portfolio access being investments in production you remember such additional spot automation, a for improve care forward the It's annual in purchases or world new are maintenance fact, when record higher from primary Tier but by production projects Cameco, supported our speculate. as our for only at to Key was pulled market The the supply not from some XX.X mill our does Lake operations positive it digitization a bottom as serve like to million mill by sets the other our as
production at impacted deliveries. ongoing XXXX, Tier lower be in Inkai In the from the addition, to related of production our offset flexibility notably key issues from the sulfur in other most Iranian by Kazakhstan, X supply sources. to production chain continued acid McArthur stability
the both contract market on a eight of In plan remain an in of As X.X each with JV year mill. McArthur is also off And and in and a have plans produce our subsequent partner, million for Kazatomprom, XXX,XXX its XXX% we on River, a XXXX. production result, bit due in Cigar was purchase pounds our and some The discussions, uncertain. up at Inkai pounds, our of Cigar put for pounds long-term Lake basis to XXXX and planned Inkai XXX% to total book lower remain million we allocation in Lake ongoing the with contracting discussions McClean XXXX. XXXX production XX basis at XXXX, pipeline Lake. place At challenges from a determine in years Key short to Lake on the came earlier about than
to projects while of to of infrastructure to future continue aging in to existing changes if reliability will has made alignment And sustainability to expect in to flexibility, ourselves Over McArthur are projects and the at production position including our to financial be thanks operations. coming it, on future at ensure that Lake for River. years, we advantage advancement decision supports production undertaking we our potential freezing our the address book we of Key discipline. bottlenecks great help capital shape levels, and contract and with And contract been flexibility our book. take no
strong a Our maturity XXXX, flow assigned. expect And we unsecured cash $XXX of XXXX. credit in generation balance million we have sheet with extending than did is in credit strong, in the we to so note, successfully spreads currently reflected refinanced been higher and XXXX. debt And rating that
loan of acquisition USD was XXX As repaid used million XXXX, of finance January we floating fully rate term to have also the the that Westinghouse.
plans. days the few into worth key now at new framework was distribution Although of a our benefit there X was at to XXXX we're for to paid of that million. year subsequent halted on production JV the already operations the direction year with supply a of controlling Kepco XX, in still resolution dispute are of was only suspension about the now, additional XX highlighting. the XX reached [ January certain in and developments production mutual XXXX year-end the submission Inkai deployments USD KHNP, export the are and all the its on of XXX with Also Production documents are and JV the received production To regulatory continued resumed JV impact we've as to partners, to million well first Kazatomprom, Inkai start acid to which the the of partner off Ministry parties. establishes sulfuric Westinghouse with issues delayed and the from a USD due which technology January we working share our Energy. Westinghouse. to determine Kazatomprom as material ] the on And January, but in out
we In mind focal carefully tariffs a threat on January, the in took approach going the on since office and point on an administration March. of The new U.S. are energy. monitoring. a that's topic Q&A, to Canadian area Before ever as it's U.S. quick everyone's comment we
there as of similar keep of in past, taken cases environment, tariffs. our In unexpected potentially some have energy related threat operating in that change the In taxes is related where contract could steps the that to Section XX% to investigation years Canadian including threatening U.S. The of proactively mind However, manage we've any our we critical a in our deliveries impact actions to XXX value and taken a optimize our material plan us tariff and the a products, imposition uranium. accordingly faced or industry protect the of ahead portfolio. terms from ago, revising U.S. such to the implementation positioning expected risk to minimize on impact. several we a policy future minerals, potential
material financial XXXX. the of tariff Cameco's While be how do around be continues applied. to potential exact expect would we a currently in may a direct tariff not any uncertainty results that XX% on There impact details have
with stop we there, your happy So and questions. are that, take I'll to