Render and Replace Error: "Encode operation 0 of 1 failed for file"

[Pavel Polozhentsev]

When I try to Render and Replace an audio file, I get the error "Encoding operation 0 of 1 failed for file:".
How can I fix this? The file works correctly and I can edit and play it in Premiere Pro. The project is located on an external hard drive. On which I have already mounted many projects and everything was fine.
My setup:
Premiere Pro v24.0.0 (Build 58).
OS: Windows.
CPU: Ryzen 9 3900X.
GPU: RTX 2080s.
RAM: 64.