First Majestic Silver Corp (AG) 2025 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the First Majestic Silver 2025 Q3 Financial Results conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. (Operator Instructions)

感謝您的耐心等待。這是會議接線員。歡迎參加第一家 Majestic Silver 公司 2025 年第三季財務業績電話會議。提醒各位，所有與會者均處於唯讀模式，會議正在錄音。（操作說明）

I would now like to turn the conference over to Mr. Keith Neumeyer, President and Chief Executive Officer of First Majestic Silver. Keith, please go ahead.

現在我謹將會議交給第一雄銀業總裁兼執行長基斯‧紐邁爾先生。基思，請繼續。

Okay. Well, thanks operator, and welcome everyone that's all dialed in today, and we'll likely be listening to this recorded over the next few hours or next few days, but what's turned out to be what we thought was going to be a fantastic day for us, putting out record Q3 numbers. I think we used the word record 18 times in our news release.

好的。好的，謝謝接線員，歡迎今天所有撥入的聽眾，我們可能會在接下來的幾個小時或幾天裡反複收聽這段錄音，但今天原本是我們認為會非常棒的一天，我們發布了創紀錄的第三季度業績。我想我們在新聞稿中使用了18次「記錄」這個詞。

Yet, obviously, the focus today is on this tax issue that came up or has been there for years, which I'll address, a little bit, but. As the market was opening this morning, I saw a headline come out of Silver Seek was, I'm not sure who wrote that headline, but the guy is obviously an idiot.

然而，很顯然，今天的重點是這個已經存在多年的稅收問題，我將稍微談談這個問題。今天早上市場開盤時，我看到Silver Seek網站上出現了一個新聞標題，我不確定是誰寫的，但那傢伙顯然是個白痴。

I then, saw, unfortunately, TD, put out a statement as well, and, nothing against TD, TD's been a great financial partner of First Majestic for quite some time, a decade, and their analyst, unfortunately came out with the most bonehead headline that I've probably received from an analyst in my career. I'll read it to you.

然後，不幸的是，我看到TD也發表了一份聲明。我並非針對TD，TD一直是First Majestic的優秀金融合作夥伴長達十年之久。然而，他們的分析師發表了一篇標題極其愚蠢的文章，這可能是我職業生涯中見過的最愚蠢的分析師文章了。我來讀給你聽。

It says Q3 results in line, which is good, focus on ongoing tax reassessment, which is completely bullshit. Wayne, you should know better than that. Management is not focused on taxes. First Majestic is a mining company. Our job is to get silver out of the ground in an economical fashion that's following the environment and our social responsibilities on site of the different operations that we do.

它說第三季業績符合預期，這很好，重點放在正在進行的稅務重新評估上，這完全是胡說八道。韋恩，你應該更懂事些。管理層並不關注稅務問題。First Majestic是一家礦業公司。我們的工作是以經濟的方式從地下開採白銀，同時遵守環境和社會責任，並履行我們在各個作業現場的責任。

We look for ongoing efficiencies on trying to reduce our costs, and create wealth for our investors, and that's our job. The tax dispute that seemingly some people are focused on today has been with the company for 13 years. There's no change. We continually work with the Mexican government to resolve the issue.

我們不斷尋求提高效率，努力降低成本，為投資人創造財富，這就是我們的工作。今天似乎有些人關注的焦點是稅務糾紛，而這場糾紛已經困擾該公司13年了。沒有變化。我們一直與墨西哥政府合作，努力解決這個問題。

I can tell you there's at least weekly meetings that occur in discussions on this particular item. I can also tell you that the Canadian government is now involved in discussions with the Mexican government, which is quite nice to see. And I can tell you our team of experts over several law firms, and consultants, and inside staff pay a lot of attention to this, obviously, but it's not what we view as a material issue for the company.

我可以告訴你，關於這個問題，每周至少會開一次會進行討論。我也可以告訴大家，加拿大政府目前正在與墨西哥政府進行磋商，這真是令人欣慰。我可以告訴你，我們由多家律師事務所的專家、顧問和內部員工組成的團隊非常關注此事，這是顯而易見的，但我們認為這並不是公司面臨的實質問題。

Whenever the issue does get resolved, we will put out disclosure to discuss further, these items. We do disclosure, and over the last decade, or the last eight years, pardon me, we've had disclosure in our financial statements in regards to any potential liability in the business, including this tax issue. It's fully out there in the public. We do get questions from institutional investors from now, from time to time. And we answered those questions and we're completely and always very transparent.

一旦問題解決，我們將發佈公告進一步討論這些事項。我們確實會進行資訊揭露，在過去的十年，或者更準確地說，在過去八年裡，我們在財務報表中揭露了企業可能存在的任何負債，包括這個稅務問題。這件事已經完全公開了。我們現在時不時會收到機構投資者的提問。我們已經回答了這些問題，我們始終保持完全透明。

We did update our language and our financial statements, our MD&A, and we put out some language in our news release today, just to bring shareholders up to date, or investors up to date, and that's where we are. We'll continually work with the Mexican government and to further resolve the issue at hand. But timing, who knows, it could be another one year, it could be another two years, we have no idea. It's been going on for 13 years.

我們更新了我們的措辭和財務報表、管理層討論與分析，並在今天的新聞稿中發布了一些措辭，只是為了讓股東或投資者了解最新情況，這就是我們目前的狀況。我們將繼續與墨西哥政府合作，進一步解決當前問題。但具體時間誰也說不準，可能還要一年，也可能還要兩年，我們完全不知道。這件事已經持續了13年。

So, there's obviously some focus on this, but going back to my earlier comment, I can tell you it's definitely not a focus of management because we don't look at this tax issue as material to the business in any way. And interestingly enough, for those who actually want to dig a little bit deeper, the President of Mexico actually had a news conference on Friday, one of our regular news conferences.

所以，顯然有人關注這個問題，但回到我之前的評論，我可以告訴你，這絕對不是管理層的關注點，因為我們並不認為這個稅務問題對業務有任何實質影響。有趣的是，對於那些想要深入了解的人來說，墨西哥總統實際上在周五舉行了一場新聞發布會，這是我們例行的新聞發布會之一。

And one of the reporters asked her about this particular issue because as you can tell by some of the press, you've got this in these sensational headlines showing up. They're trying to sell newspapers or whatever the heck they're trying to do, that have completely misrepresented, the situation.

其中一位記者就這個問題問了她，因為正如你從一些媒體的報導中看到的那樣，這件事已經出現在了聳人聽聞的標題中。他們試圖賣報紙或做其他什麼亂七八糟的事情，這些都完全扭曲了事實。

The President of Mexico has said that the issue still remains outstanding, and negotiations are still underway, and I think that's probably the most accurate statement that's been made public from the Mexican government. Unfortunately, the press didn't pick that up, but nevertheless, that's the facts. And also being in Mexico for 22 years, I think we're probably one of the most well positioned companies in Mexico to handle such issues.

墨西哥總統表示，該問題仍懸而未決，談判仍在進行中，我認為這可能是墨西哥政府迄今為止公開發表的最準確的聲明。遺憾的是，媒體沒有報導這一點，但無論如何，這就是事實。此外，我們在墨西哥已有 22 年的歷史，我認為我們可能是墨西哥最有能力處理此類問題的公司之一。

So, we need to focus on getting the answers out of the ground, and that's what we do, and we came out with one of the best quarterlies, well, actually the best quarterly financial saving we've ever had in the company's history, and the analysts are focusing on completely the wrong thing.

所以，我們需要專注於從實際工作中尋找答案，而我們也正是這樣做的，我們取得了公司歷史上最好的季度業績之一，實際上是最好的季度財務節省，而分析師們卻完全關注錯了方向。

I should have introduced the people that are on this line with me. As you can probably tell, I'm slightly irritated, but we do have Steven Holmes, our Chief Operating Officer, online. We've also got David Soares , our CFO online. We also do have Samir Patel, our Corporate Counsel there; and Mani Alkhafaji, with many of you probably know, our VP Corporate Development.

我應該介紹一下和我一起在線上的各位。你可能已經看出來了，我有點惱火，不過我們的首席營運官史蒂文·霍姆斯現在在線。我們的財務長大衛·蘇亞雷斯也在線。我們還有公司法律顧問 Samir Patel；以及公司發展副總裁 Mani Alkhafaji，你們中的許多人可能都認識他。

Darrell Rae, Manager of Investor relations, is also online. If questions do come up that I will -- that I'd elect to pass on to them. I may elect to do that, but we will not be taking questions on the tax issue because I don't think it's appropriate in a call like this to have those types of discussions. There's several moving parts and things going on behind the scenes that are constantly occurring and have been occurring over the last 8 years, and our disclosure is our disclosure.

投資者關係經理達雷爾·雷也在線。如果確實有人提出問題，我會選擇將問題轉交給他們。我可能會選擇這樣做，但我們不會回答有關稅務問題的問題，因為我認為在這樣的通話中進行這類討論是不合適的。在過去 8 年裡，幕後有很多環節和事情一直在進行，而且一直在發生，而我們的揭露就是我們的揭露。

And we're not willing to go beyond the disclosure that we currently have in our financial statements, our MD&A and our and our news release. So, let's talk about some positive stuff, the stuff that we've really been doing as a company, that investors should really be caring about. And I've got a presentation in front of me, and I'm on slide 2 of the presentation.

我們不願揭露超出我們目前在財務報表、管理層討論與分析以及新聞稿中已揭露的資訊。那麼，讓我們來談談一些積極的事情，一些我們公司一直在做的事情，一些投資者真正應該關注的事情。我面前有一個演示文稿，現在正在看第二張幻燈片。

And we had a record silver quarter, silver producing quarter, 3.9 million ounces, 11.3 year-to-date. The revenues in the quarter were another record quarter, as I said, we set record 18 times in our news release. So, there's just record after record after record. Cash flows record $140 million, we've got record cash position, we've got over $560 million in the bank. Our mint is -- had a record quarter as well.

我們迎來了創紀錄的白銀季度，白銀產量達到 390 萬盎司，今年迄今達到 1,130 萬盎司。正如我在新聞稿中所說，本季的收入再次創下紀錄，我們總共創下了 18 項紀錄。所以，紀錄一個接一個，沒完沒了。現金流達到創紀錄的 1.4 億美元，我們的現金儲備也創下新高，銀行存款超過 5.6 億美元。我們的造幣廠也鑄造了創紀錄的25美分硬幣。

So, the money is coming in and the business is doing extremely well. There's always, we're dealing with mining, of course, but it just -- it's hard to knock the third quarter. And I'm very positive that we're going to end 2025 on a very positive note, having a very good Q4 as well.

所以，資金源源不絕地流入，公司經營狀況非常好。當然，我們從事的是採礦業，但是──很難批評第三季。我非常樂觀地認為，我們將以非常積極的姿態結束 2025 年，並​​且第四季度也會取得非常好的成績。

So, without getting into details and reading everything on the slide presentation that I've got in front of me is on the company's website. And for those interested parties, feel free to have a look at it. And if you do have additional questions, feel free to call the company and we can get into further details. But going on to slide 3.

所以，我就不贅述細節，也不細讀我面前的幻燈片簡報上的所有內容了，這些資訊都可以在公司網站上找到。有興趣的朋友可以去看一下。如果您還有其他疑問，歡迎致電公司，我們可以詳細解答。接下來請看第三張投影片。

You see the growth in silver ounces, as I said already, our record silver production, our costs have come down, which is fantastic. You're seeing a lot of cost creep, within the mining sector, which I've noticed, through other companies putting their financials out for, so for our cost to come down. It was really nice to see. Jumping to slide 4.

正如我之前所說，您可以看到白銀盎司數量的增長，我們的白銀產量創下歷史新高，而且我們的成本也下降了，這真是太棒了。我看到採礦業的成本正在不斷攀升，我從其他公司公佈的財務數據中也看到了這一點，所以我們的成本也需要降低。看到這一幕真令人高興。跳轉至第4張投影片。

We're hitting all the metrics in our guidance. We're three quarters of the way in or he says, September 30. We're three quarters of the way into the year, and we're right on track with all the metrics that we put out in our guidance, that we put released in July of this year. So, we're on track to meet all of our guidance, north of 30 million silver equivalent ounces, and, I think all of you probably know the breakdown, 55% silver, 35% gold and, 10% in the form of lead and zinc.

我們達到了預期目標中的所有指標。他說，到9月30日，我們已經完成了四分之三的路程。今年已經過了四分之三，我們各項指標都按計畫進行，與我們在今年7月發布的業績指引相符。所以，我們正按計劃實現所有目標，白銀當量超過 3000 萬盎司，而且，我想你們可能都知道具體構成，55% 為白銀，35% 為黃金，10% 為鉛和鋅。

So, our purity is there and we remain, the purest silver company in the space of the silver players that all of you are very familiar with. So, jumping along to slide 5, Los Gatos was a big acquisition for us, that closed in January, bringing all the systems in place, bringing the First Majestic way of doing business, took some time, but, SAP and other systems that, we brought over from corporate, from First Majestic have now all been implemented now. It’s nice to see.

所以，我們的純度始終如一，我們還是白銀行業中最純淨的白銀公司，相信大家都很熟悉這些白銀公司。跳到第 5 張幻燈片，洛斯加托斯對我們來說是一項重大收購，於 1 月完成。將所有系統到位，引入 First Majestic 的業務方式，這花了一些時間，但是，我們從 First Majestic 公司引進的 SAP 和其他系統現在都已全部實施完畢。很高興看到這一點。

And we have a plan to get throughput up to 4,000 tons a day, and that plan is being put together now. Look for our guidance in January 2026, and you'll see more color on our budgeting to achieve this, but, Los Gatos has been a great asset for us, and a super great addition to our portfolio.

我們有一個計劃，將每日處理量提高到 4000 噸，目前正在製定中。請關注我們 2026 年 1 月發布的指導意見，屆時您將看到更多關於我們為實現這一目標而製定的預算的詳細信息，但洛斯加托斯一直是我們的一筆寶貴資產，也是我們投資組合中一個非常棒的補充。

So, jumping to Santa Elena, everyone knows, I'm sure most of you who are listening today have watched our news releases, great exploration results, two major discoveries in the last 12 months, which is pretty unusual. You don't normally see two discoveries that close to back, but, the Navidad and the Santa Elena discoveries are huge and will add multiple years, to the life of mine of this operation.

那麼，讓我們跳到聖埃倫娜，大家都知道，我相信今天在座的大多數人都已經關注了我們的新聞稿，勘探取得了巨大的成果，在過去的 12 個月裡有兩項重大發現，這非常不尋常。通常不會看到兩個如此接近的發現，但是，納維達德和聖埃倫娜的發現意義重大，將使礦場的開採壽命延長數年。

Look again, look for guidance in January on some costs that we're going to be implementing over the next couple of years to get into those areas of the property to bring that ore into the mill, and maintain or potentially even increase production at Santa Elena over the next, three, four or five years. So, that's pretty exciting.

再看看，1 月我們會發布一些指導意見，說明未來幾年我們將要實施的一些成本，以便進入礦區，將礦石運進選礦廠，並在未來三到五年內維持甚至有可能提高聖埃琳娜礦的產量。那真是太令人興奮了。

At San Dimas, it goes without saying that we've seen some pretty substantial improvements, quarter over quarter there. Costs are now coming down; production is going up. It's, now, within budget after, challenging, previously a couple of years, which have all those issues are now behind us. So it's really nice to see San Dimas, back on track.

聖迪馬斯的情況毋庸置疑，我們已經看到那裡每季都有相當大的進步。成本正在下降；產量正在上升。經過前幾年充滿挑戰的時期，現在所有的問題都已過去，專案已在預算之內。很高興看到聖迪馬斯重回正軌。

Now, we've got some plans there to continually expand that operation and look for further guidance in the quarters to come. And, you look [attata], our smallest mine, which is, less important of the top three, but we're, changing the mining operation there to self-haulage and it's pretty interesting and it's going to reduce costs and help that operation out quite a lot and that's being implemented now, and we'll be fully up and running by Q1 of 2026.

目前，我們已製定計劃，將持續擴大該業務，並期待在未來幾季獲得進一步的指導。而且，你看，[attata]是我們最小的礦，雖然它不如前三大礦重要，但我們正在將那裡的採礦作業改為自運，這很有意思，這將降低成本，並對該礦的運營有很大的幫助，現在正在實施，我們將在2026年第一季度全面投入運營。

So, look for improvements in the cantata in 2026. So, jumping to slide 6, I've already covered the revenue, record revenue. We did -- I saw one of the analysts come out and say there was a miss on revenue, which is, I'm not sure what analyst that said, but anyways, it's a -- if this 758,000 ounces of silver, that we kept in inventory in the 3,900 or almost 4,000 ounces of gold, now, that's $50 million in revenue that we held over the quarter.

所以，敬請期待2026年清唱劇的改進。好了，直接跳到第 6 張投影片，我已經講到了收入，創紀錄的收入。確實——我看到一位分析師出來表示收入未達預期，我不確定是哪位分析師說的，但無論如何，這——如果我們把這75.8萬盎司白銀（相當於3900盎司或近4000盎司黃金的庫存）算作本季度持有的5000萬美元收入。

Our shareholders want to see that, and it's a lot of embedded revenue. Some of that revenue will show up in Q4. But, I think, the analysts that follow the company should take note of our inventory levels, because it is something that we have focus on. And as a silver gold company, I think that our input from our investors and shareholders worldwide want us to see inventory levels at these types of rates.

我們的股東希望看到這一點，而這其中蘊含著大量的收入。部分收入將在第四季體現。但我認為，關注我們公司的分析師應該注意我們的庫存水平，因為這是我們一直關注的重點。作為一家白銀黃金公司，我認為我們來自全球投資者和股東的反饋都希望我們看到庫存水準保持在這樣的水平。

So, it's very positive, and we could all, obviously, it's our choice, it's like cash. So if we do want to convert those ounces into revenue at any time. We could do it, quite easily just on a phone call. So, there's really $55 million in net earnings that wouldn't have - that would have showed up, or pardon me, though, that's, in relationship to the securities that we've been monetizing.

所以，這是非常積極的，而且顯然，這是我們自己的選擇，就像現金一樣。所以如果我們想在任何時候將這些盎司轉化為收入的話。我們完全可以透過一個電話輕鬆解決這個問題。所以，實際上有 5500 萬美元的淨收益不會——或者更準確地說，這筆收益是與我們一直在變現的證券相關的。

Another, bullet point, we do treat our portfolio, I gather maybe in a unique way. We don't put it on our balance sheet. We have a virtually our entire portfolio in other comprehensive income, and, we do monetize that and we have been monetizing that.

還有一點，我們對待投資組合的方式可能比較獨特。我們不把它列入資產負債表。我們幾乎將全部投資組合都投入到其他綜合收益中，而且我們確實將其變現，並且一直在變現。

So, if the analysts would like to look at that, maybe they want to focus on that number as well because I think it's a quite important number, and there's a lot of cash sitting in our reserves in the form of marketable securities that I don't think people take into consideration. There's a slide coming up which I'll point out again that shows that value.

所以，如果分析師想研究一下，也許他們也想關注這個數字，因為我認為這是一個非常重要的數字，而且我們的儲備中有很多現金以有價證券的形式存在，我認為人們沒有考慮到這一點。接下來我會再次指出一張投影片，它會展示這個價值。

Now, our safety performance has been very good, and our sustainability has improved as well. We're one of the best producing mining companies in the space, and recognized by the different agencies, which is obviously nice to see. So jumping along to slide 7, and this points to my previous comment of marketable securities, which is $140 million sitting there, that's as of September 30, and, the market's improved even further since then.

現在，我們的安全表現非常好，永續發展能力也有所提升。我們是業內生產能力最強的礦業公司之一，並得到了不同機構的認可，這當然令人欣慰。跳到第 7 張幻燈片，這印證了我之前關於有價證券的評論，截至 9 月 30 日，有價證券價值 1.4 億美元，而且自那以後市場情況進一步改善。

So, who knows what that number is going to be as of December 30, but, it is a significant amount of our liquidity and, so as a result of our deals we've done on the M&A front for the last couple of years, which I think is pretty helpful for the business overall.

所以，誰也不知道到 12 月 30 日這個數字會是多少，但這筆資金是我們流動資金的重要組成部分，也是我們過去幾年在併購方面所做交易的結果，我認為這對公司整體業務非常有幫助。

Going -- jumping along to slide 8, again, and another record I've already touched on, records, but, $98 million in operating cash flow, pretty, obviously pretty significant. Los Gatos was not, or what -- Los Gatos was a significant contributor to that, which is obviously fantastic. It's great to see. And going to the next slide 9.

接下來——跳到第 8 張幻燈片，又是一個我已經提到過的記錄，9800 萬美元的營運現金流，顯然相當可觀。洛斯加托斯並非如此，或者說——洛斯加托斯對此做出了重大貢獻，這顯然非常棒。真是太好了。接下來是下一張投影片，第9張。

Our EBITA, another record $128 million in EBITDA. And I'm not going to go over each of these items cause, if you -- if you're looking for further details on all the bars here, I'm not going to bother covering them, but if you do have further questions, feel free to talk to Darrell or Mani at any time you wish to.

我們的 EBITA 再次創下新紀錄，達到 1.28 億美元。我不會逐一介紹這些項目，因為如果您想了解這裡所有酒吧的更多細節，我就不贅述了，但如果您還有其他問題，歡迎隨時與 Darrell 或 Mani 聯繫。

And jumping to our next slide, the dividend policy, as all of the dividends intact and, obviously we'll be with our significant cash balances in our significant portfolio. Actually, I'd like to see that dividend increase, but we'll see how that transpires over time.

接下來我們來看下一張投影片，股利政策，所有股利都將維持不變，而且顯然，我們龐大的投資組合中將擁有大量的現金餘額。實際上，我希望看到股息增加，但我們還要看看隨著時間的推移，情況會如何發展。

So looking at slide 11, the integration it's pretty well done. There's a couple of items that we're still working on but look for increased balance sheet, and improvement in Q4. I would expect to see that as a result of our production and obviously metal prices. We are still aggressively doing exploration. We're likely not going to get a chance to talk about Jerritt Canyon today, but, we do have some interesting exploration, things happening there.

從第 11 張投影片來看，整合部分做得相當不錯。我們仍在努力解決幾個問題，但預計資產負債表將有所改善，第四季度業績也將有所提升。我認為這會受到我們產量和金屬價格的影響。我們仍在積極進行勘探工作。我們今天可能沒機會談論傑里特峽谷了，但是，那裡確實發生了一些有趣的探索和事情。

And we do hope to put out an update news release on Jerritt Canyon at the end of the year, if not end of the year, early 2026, but our objective is to hopefully have some news out on a go forward plan of Jerritt Canyon, by the end of this year, and, I don't want to talk too much about it on today's call. I know we do get a lot of questions about Jerritt Canyon, but, I'd rather wait until we do come out with some further disclosure just to talk about the whole picture.

我們希望在今年年底，如果今年年底不行，最遲在 2026 年初，發布關於傑里特峽谷的最新新聞稿。但我們的目標是，希望在今年年底前公佈傑里特峽谷的後續計劃。不過，在今天的電話會議上，我不想多談論此事。我知道我們收到了很多關於傑里特峽谷的問題，但是，我寧願等到我們公佈更多信息後再談論整個情況。

We will be updating our resource estimates at, the NIDA Project as well in March of next year, which is obviously pretty exciting. And we're, as I've touched on already, the Los Gatos input increase to 4,000 and the Santa Elena mill increase to 3,500 is all coming into our budget in 2026. So we hope to talk further about that when we come up with our guidance for 2026.

我們將在明年三月更新 NIDA 計畫的資源估算，這顯然令人非常興奮。正如我之前提到的，洛斯加托斯工廠投入增加到 4,000 台，聖埃萊娜工廠投入增加到 3,500 台，所有這些都將納入我們 2026 年的預算。所以我們希望在製定 2026 年指導方針時，能進一步討論這個問題。

So that was really the end of the presentation. I know the guys in Vancouver are watching for questions. So, I'll pass it on to Mani and the team in Vancouver.

演講到此就結束了。我知道溫哥華那邊的人都在等著提問。所以，我會把它轉交給溫哥華的馬尼和他的團隊。

Yeah, so I think Keith, you, you've probably addressed a couple of the questions on Jerritt 's. The one question that’s coming up here is, are you doing any share buyback, at these prices?

是的，基思，我想你可能已經回答了傑里特提出的幾個問題。現在還有一個問題，那就是，你們會以目前的價格進行股票回購嗎？

We did some today. We did some yesterday.

我們今天做了一些。我們昨天做了一些。

Okay, that concludes the web questions that we have.

好了，我們提出的網路問題就這些了。

Okay. Well, that's good. Okay. Well, thanks for everyone's time and, for those who are listening to this, after the fact, I encourage you to call into the office or send us an email, and, if you have further questions, we're always, happy and willing to answer any queries that come in from interested investors, and shareholders.

好的。那很好。好的。感謝大家抽出時間。對於事後收聽這段演講的各位，我鼓勵你們打電話到我們辦公室或給我們發電子郵件。如果您有任何其他問題，我們始終樂於解答有興趣的投資者和股東提出的任何問題。

This brings to a close today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。