Aqua Metals Inc (AQMS) 2023 Q3 法說會逐字稿

Good afternoon, and welcome to the Aqua Metals third quarter financial results conference call. (Operator Instructions) Please note this conference is being recorded, and it's now my pleasure to turn the call over to Bob Meyers of FNK IR. May begin, Bob.

下午好，歡迎參加 Aqua Metals 第三季財務業績電話會議。 （操作員說明）請注意，本次會議正在錄音，現在我很高興將電話轉給 FNK IR 的 Bob Meyers。可以開始了，鮑伯。

Thank you, operator, and thank you, everybody, for joining. Earlier today Aqua Metals issued a press release providing an operational update and discussing financial results for the third quarter ended September 30, 2023. This release is available in the Investor Relations section on the company's website at aquametals.com. Hosting the call today are Steve Cotton, President and Chief Executive Officer; And Judd Merrill, Chief Financial Officer.

謝謝運營商，也謝謝大家的加入。今天早些時候，Aqua Metals 發布了一份新聞稿，提供了截至2023 年9 月30 日的第三季度的營運更新並討論了財務業績。此新聞稿可在該公司網站aquametals.com 的投資者關係部分獲取。今天主持電話會議的是總裁兼執行長 Steve Cotton；還有財務長賈德·梅里爾。

Before we begin, I would like to remind participants that during the call, management will be making forward-looking statements. Please refer to the company's report on Form 10-K filed March 9, the Form 10-Q filed today, November 8 or a summary of the forward-looking statements and the risks, uncertainties and other factors that could cause actual results to differ materially from those forward-looking statements.

在開始之前，我想提醒與會者，在電話會議期間，管理階層將做出前瞻性陳述。請參閱該公司3月9日提交的10-K表報告、今天11月8日提交的10-Q表或前瞻性陳述以及可能導致實際結果出現重大差異的風險、不確定性和其他因素的摘要從這些前瞻性陳述。

Aqua Metals cautions investors not to place undue reliance on any forward-looking statements. Company does not undertake and specifically disclaims any obligation to update or revise such statements to reflect new circumstances or on an event anticipated events as they occur, except as required by law.

Aqua Metals 提醒投資者不要過度依賴任何前瞻性陳述。本公司不承擔並明確聲明不承擔任何更新或修改此類聲明以反映新情況或發生的事件或預期事件的義務，除非法律要求。

As a reminder, after the formal remarks, we will be taking questions. Questions will be accepted over the phone from analysts and all other investors can submit a question using the online webcast portal provided in today's and last week's press releases. We will take as many questions as we can in our available time slot. And with that, I'd like to turn the call over to Steve Cotton, CEO of Aqua Metals. Steve the call is yours.

提醒一下，正式發言後，我們將接受提問。分析師將透過電話接受提問，所有其他投資者可以使用今天和上週新聞稿中提供的線上網路廣播入口網站提交問題。我們將在可用的時間內回答盡可能多的問題。說到這裡，我想將電話轉給 Aqua Metals 執行長 Steve Cotton。史蒂夫，電話是你的。

Thank you, Bob, and thank you to everyone who joined us today. Our strategy focus is paying off as we have made significant progress in commercializing our innovative technology. This strategy honed on lessons learned as the industry has matured as based on cell sustainability and measured growth. The rechargeable battery industry is still in its early stages and is susceptible to growth in the electrification of cars, slow expansion of charging infrastructure and technological innovation and batteries themselves.

謝謝你，鮑勃，也謝謝今天加入我們的所有人。我們的策略重點正在得到回報，我們在創新技術商業化方面取得了重大進展。該策略借鑒了行業成熟過程中學到的經驗教訓，以電池可持續性和可衡量的成長為基礎。可充電電池產業仍處於早期階段，容易受到汽車電氣化成長、充電基礎設施擴張緩慢以及技術創新和電池本身的影響。

The overall trajectory, however, remains steep, but short-term fluctuations in growth rates, investments and commercialization are to be expected in contrast to others in the industry, Aqua Metals has built a strategy that could expand with multiple revenue streams at a measured pace and most importantly, does not involve a singular massive capital expenditure.

然而，整體軌跡仍然陡峭，但與業內其他公司相比，成長率、投資和商業化的短期波動是可以預料的，Aqua Metals 制定了一項策略，可以以可衡量的速度通過多種收入來源進行擴張最重要的是，不涉及單一的大規模資本支出。

Unlike others, we do not plan to build first a massive and expansive plan requiring government grants or loans to succeed. Put another way, we do not need to spend $1 billion in CapEx to make $1 billion in revenue. With our unique technology and engineering design. Our commercial plants are expected to require about half of the CapEx per ton of our closest competitor due to the inherent efficiency of our process.

與其他國家不同的是，我們並不打算先制定一項需要政府撥款或貸款才能成功的龐大而廣泛的計劃。換句話說，我們不需要花費 10 億美元的資本支出來賺取 10 億美元的收入。憑藉我們獨特的技術和工程設計。由於我們製程的固有效率，預計我們的商業工廠每噸所需的資本支出約為最接近競爭對手的一半。

And because our ability to scale at a metered pace requires half the capital cost of other technologies, we have significantly greater flexibility in our funding mechanisms. We can certainly apply for government grants and loans, and we are doing so if those avenues do not come to fruition. We can use traditional debt to finance our growth because we will be in a better position to service that debt due to our greater efficiency and the significantly smaller capital needs.

而且由於我們以計量速度擴展的能力需要其他技術一半的資本成本，因此我們的融資機制具有更大的靈活性。我們當然可以申請政府補助和貸款，如果這些途徑沒有實現，我們就會這樣做。我們可以利用傳統債務為我們的成長提供資金，因為我們將能夠更好地償還債務，因為我們的效率更高，資本需求明顯減少。

Additionally, partnerships, joint ventures and similar structures create a viable pathway to scaling. And finally, our industry involves valuable tax credits, which create additional monetization pathways that are available to us, due to our lower CapEx requirements and not to others. Simply put, we have the strategy in place supported by the right partners based on the previously announced expansion of our campus recycling facility in Tahoe, Reno, Nevada and the projects we have announced with key partners to succeed.

此外，合作夥伴關係、合資企業和類似結構創造了可行的擴展途徑。最後，我們的行業涉及寶貴的稅收抵免，這為我們創造了額外的貨幣化途徑，因為我們的資本支出要求較低，而不是其他人。簡而言之，基於先前宣布的內華達州里諾市塔霍園區回收設施的擴建以及我們與主要合作夥伴宣布的成功項目，我們制定了由合適合作夥伴支持的策略。

We are not overextending ourselves either financially or strategically and we are developing multiple pathways to near term success as we watch the challenges of others in our industry. Amidst this environment where the cost of capital is high, we increasingly believe that our strategy is the right one.

我們並沒有在財務或策略上過度擴張，在觀察產業中其他公司面臨的挑戰的同時，我們正在開發多種途徑來實現短期成功。在這種資本成本高昂的環境下，我們越來越相信我們的策略是正確的。

Let me speak to the expansion of our partner ecosystem. Expanding our relationships with partners is a critical part of our commercialization strategy, and we have made significant progress in this area as an IP company. Our strategy involves Aqua Metals positioned as an owner operator and also licensing our proven technology to partners. Licensing represents a highly capital-efficient way to grow revenue and profitability.

讓我談談我們合作夥伴生態系統的擴展。擴大與合作夥伴的關係是我們商業化策略的重要組成部分，作為一家智慧財產權公司，我們在這一領域取得了重大進展。我們的策略是將 Aqua Metals 定位為業主營運商，並將我們成熟的技術授權給合作夥伴。授權是增加收入和獲利能力的一種高度資本效率的方式。

During the third quarter, Dragonfly Energy announced it had successfully used high-purity lithium hydroxide recovered by Aqua Metals from recycled lithium ion batteries, to manufacture a lithium based battery cell using Dragonfly patented dry battery electrode coating technology. This is a major milestone for Aqua Metals and its partners proving that we can deliver a closed lithium loop right here in Nevada, sourcing, manufacturing and recycling, key lithium battery materials all within the state.

第三季度，蜻蜓能源宣布成功利用Aqua Metals從回收鋰離子電池回收的高純度氫氧化鋰，利用蜻蜓專利乾電池電極塗層技術製造鋰基電池。對於 Aqua Metals 及其合作夥伴來說，這是一個重要的里程碑，證明我們可以在內華達州提供閉環鋰循環，採購、製造和回收關鍵的鋰電池材料都在該州境內。

We also secured a strategic investment and partnership with South Korea based Yulho and there Yulho materials division. This partnership is intended to expand our geographic footprint through licensing of our lithium occurifying technology in Yulho's plant in South Korea. This is a large project, and we are working closely with Yulho. Giving them sufficient time to complete their buildout of their first black mass processing facility and ramp operations.

我們也與韓國的 Yulho 及其 Yulho 材料部門建立了策略投資和合作夥伴關係。此次合作旨在透過在韓國 Yulho 工廠獲得鋰發生技術許可來擴大我們的地理足跡。這是一個大項目，我們正在與 Yulho 密切合作。給他們足夠的時間來完成他們的第一個黑色大規模處理設施和坡道運營的建設。

We are targeting to complete a licensing agreement with Yulho in the first part of 2024. Recently, we advanced our previously advanced plans with 6K energy and subsequently signed a multipart memorandum of understanding that enhanced the scope of our collaboration. The grieving outlines a future joint venture to co-locate a lithium battery recycling facility with 6K, in the Eastern United States to be engineered and operated by Aqua Metals.

我們的目標是在 2024 年上半年完成與 Yulho 的許可協議。最近，我們與 6K energy 推進了先前的計劃，隨後簽署了一份多部分諒解備忘錄，擴大了我們的合作範圍。這份悲傷的計畫概述了未來與 6K 成立一家合資企業，在美國東部共同設立一家鋰電池回收設施，由 Aqua Metals 設計和營運的情況。

The plant will support 6K energy's proprietary unit melt, sustainable can manufacturing process that significantly reduces carbon pollution and waste stemming from the battery supply chain. This is another prime example of the value proposition that Aqua Metals provides to our potential partners and customers. We expect to finalize the formal supply agreement with 6K by the end of this year.

該工廠將支援 6K energy 專有的單元熔化、可持續罐頭製造工藝，可顯著減少電池供應鏈產生的碳污染和廢物。這是 Aqua Metals 為我們的潛在合作夥伴和客戶提供價值主張的另一個主要例子。我們預計將在今年年底前與 6K 敲定正式供貨協議。

We believe that these partnerships, strategic investments and achievements serve as powerful validation for our technology, our strategy and our position in the marketplace. And as a result of our partner ecosystem. We have agreements in place to receive black mass as we expand capacity at our own commercial campus.

我們相信，這些合作夥伴關係、策略性投資和成就是對我們的技術、策略和市場地位的有力驗證。這是我們合作夥伴生態系統的結果。當我們擴大我們自己的商業園區的容量時，我們已經簽訂了接收黑人彌撒的協議。

We have multiple partners to purchase our recycle component. So buyers for our output is not likely to be a challenge. Effectively we have created a closed loop, significantly de risking our business model. We are squarely focused on building a circular supply chain that is sustainable with everything we produce, aligning with battery manufacturer qualifications for steadily increasing our IRA incentives.

我們有多個合作夥伴購買我們的回收組件。因此，買家對我們的產品不太可能構成挑戰。我們有效地創建了一個閉環，顯著降低了我們業務模式的風險。我們專注於建立一個我們生產的所有產品都可持續的循環供應鏈，與電池製造商的資格保持一致，以穩步增加我們的 IRA 激勵措施。

These incentives, as I mentioned earlier, can serve as another tailwind for our core strategy. In the third quarter, we generated modest revenue from the sale of some inventory. We also generated modest revenues from our NRE or nonrecurring engineering fees associated with our lithium aqua refining program.

正如我之前提到的，這些激勵措施可以成為我們核心策略的另一個動力。第三季度，我們透過銷售部分庫存獲得了適度的收入。我們也從與鋰水精煉專案相關的 NRE 或一次性工程費中獲得了適度的收入。

However, our primary focus is on scaling our lithium-ion battery recycling business, enabling us to reach salable truckload quantities of materials while retaining samples to provide to partners like 6K and Dragonfly so they can develop and execute their own testing programs.

然而，我們的主要重點是擴大我們的鋰離子電池回收業務，使我們能夠達到可銷售的卡車數量的材料，同時保留樣品提供給6K 和Dragonfly 等合作夥伴，以便他們能夠開發和執行自己的測試計劃。

A truckload of materials is approximately 20 tons. We expect to begin producing salable quantities of materials from our Seirra ARC in the second half of 2024 and expect significant and consistent growth in revenues from recycled materials beginning in 2025.

一卡車的材料大約有20噸。我們預計將於 2024 年下半年開始使用 Seirra ARC 生產可銷售的材料，並預計從 2025 年開始，回收材料的收入將出現顯著且持續的成長。

The build-out of our Seirra ARC in Tahoe Reno is progressing as planned. We have black mass input material and funding to begin the commissioning for this expansion. And we are pursuing nondilutive financing options for the remaining amounts our primary strategy for this is in the form of our already submitted USDA loan guarantee application that includes strong third party validation in the form of a feasibility study of our overall business and strong third party validation by a global engineering firm, ICF in the form of a detailed technical lifecycle analysis and validation of our novel processes.

我們位於太浩裡諾的 Seirra ARC 的建設正在按計劃進行。我們擁有大量黑色投入材料和資金來開始這次擴建的調試。我們正在為剩餘金額尋求非稀釋性融資選擇，我們的主要策略是我們已經提交的美國農業部貸款擔保申請，其中包括對我們整體業務的可行性研究和強大的第三方驗證形式的強大第三方驗證由全球工程公司ICF 以詳細的技術生命週期分析和對我們的新穎流程進行驗證的形式進行。

This package also includes detailed line by line hard quotes for the entire Phase one build-out already underway of this year, are which gives us great confidence in the overall costs. In the event the USDA loan guarantee does not work out for us. We have solid alternative debt based backup plans in the works. I'd add that the government grants we are pursuing are for new lines of business, not for the core business with the ARC, and we are not dependent on securing those particular grants to move forward with the ARC is successful, those grants will accelerate our overall expansion efforts.

套餐還包括今年已經開始的整個第一階段擴建的詳細逐行硬報價，這讓我們對整體成本充滿信心。如果美國農業部的貸款擔保對我們不起作用。我們正在製定可靠的替代債務備份計劃。我想補充一點，我們正在尋求的政府撥款是用於新業務，而不是用於 ARC 的核心業務，而且我們並不依賴獲得這些特定撥款來推進 ARC 的成功，這些撥款將加速我們的整體擴張努力。

We raised capital in the third quarter and successfully strengthened our balance sheet to carry us through market fluctuations that can be expected with our flexible business model and funding options that are not solely reliant on government entities. We believe we are well positioned to execute. In summary we said that 2023 was the year that we said, we would transition from pilot phase to commercialization, and that initiative is well underway and accelerating.

我們在第三季籌集了資金，並成功強化了我們的資產負債表，以幫助我們應對市場波動，而我們靈活的業務模式和不僅僅依賴政府實體的融資選擇可以幫助我們應對市場波動。我們相信我們有能力執行。總而言之，我們說 2023 年是我們所說的從試點階段過渡到商業化的一年，而該措施正在順利進行並加速。

We have successfully proven our technology at pilot scale and have leveraged that success to numerous announced and developing partnerships. We have secured input and offtake partners with more coming. We are scaling operations in a measured and phased way to minimize capital expenditures and limit risk we have a healthy balance sheet and a growing number of options to secure the remaining growth capital.

我們已經在試點規模上成功證明了我們的技術，並利用這一成功建立了許多已宣布和正在發展的合作夥伴關係。我們已經確定了投入和承購合作夥伴，未來還會有更多合作夥伴。我們正在以謹慎和分階段的方式擴大營運規模，以最大限度地減少資本支出並限制風險，我們擁有健康的資產負債表和越來越多的選擇來確保剩餘的成長資本。

Our strategy is rapidly coming together, and we believe that 2024 will be a watershed year for Aqua Metals. I look forward to sharing further updates with you all soon. And now I'm going to turn it over to Judd Merrill, our Chief Financial Officer to discuss the results for the third quarter.

我們的策略正在迅速整合，我們相信 2024 年將是 Aqua Metals 的分水嶺。我期待盡快與大家分享更多最新消息。現在我將把它交給我們的財務長賈德·梅里爾討論第三季的業績。

Thanks, Steve. And let me start my comments with our balance sheet. As of September 30, 2023, we had total assets of $42 million and working capital of $23.1 million. We ended the quarter with total cash of approximately $25.6 million during the quarter, we completed a public offering of approximately $18 million shares resulted in $20 million of gross proceeds.

謝謝，史蒂夫。讓我從我們的資產負債表開始我的評論。截至2023年9月30日，我們的總資產為4,200萬美元，營運資金為2,310萬美元。本季結束時，我們的現金總額約為 2,560 萬美元，我們完成了約 1,800 萬美元股票的公開發行，總收益為 2,000 萬美元。

In addition, we entered into an agreement to execute a license agreement with Yulho which included Yulho investing $5 million into Aqua Metals. This capital supports our plan for Phase one of our 10,000 ton per year campus facility. So, there are no other significant changes on the balance sheet since our last quarterly report.

此外，我們還與 Yulho 簽署了一項授權協議，其中包括 Yulho 向 Aqua Metals 投資 500 萬美元。這筆資金支持我們年產 10,000 噸園區設施第一期的計畫。因此，自上一季報告以來，資產負債表沒有其他重大變化。

So I'll move to the income statement. In Q3, we were focused on advancing and executing our operations at our pilot facility, the costs related to operating facility were approximately $1.8 million for the quarter. We generated a small amount of revenue, as Steve mentioned, primarily related to the self-led inventory. We also recorded modest service fees from our development agreement with 6K. Those fees are recorded in other income.

那我將轉向損益表。在第三季度，我們專注於推進和執行試點設施的運營，該季度與營運設施相關的成本約為 180 萬美元。正如史蒂夫所提到的，我們產生了少量收入，主要與自營庫存有關。我們還根據與 6K 的開發協議記錄了適度的服務費。這些費用記錄在其他收入中。

Research and development costs decreased approximately 21% compared to the quarter ended September 30, 2022. Included in R&D expenses are costs related to our agreement with 6K. General and administrative expenses increased approximately 7.8% for the quarter ended September 30, 2023 compared to the quarter ended September 30, 2022, in line with expectations and guidance.

與截至 2022 年 9 月 30 日的季度相比，研發成本下降了約 21%。研發費用包含與我們與 6K 協議相關的成本。與截至2022年9月30日的季度相比，截至2023年9月30日的季度的一般及管理費用增加約7.8%，符合預期和指引。

For the third quarter 2023, we had an operating loss of $4.9 million compared to an operating loss of $3.9 million for the same period in 2022. Our net loss for the quarter was $4.5 million or negative $0.04 per basic and diluted share compared to a net loss of $3.9 million or a negative $0.05 per basic and diluted share for the same period in 2022.

2023 年第三季度，我們的營運虧損為490 萬美元，而2022 年同期的營運虧損為390 萬美元。該季度的淨虧損為450 萬美元，每股基本股和稀釋股與淨虧損相比為負 0.04 美元。2022 年同期虧損 390 萬美元，即每股基本股和稀釋股虧損 0.05 美元。

Moving to the cash flow statement. Cash provided by operating activities for the quarter ended September 30, 2023 was $2.2 million and consisted primarily of cash received from the sale of our old lead recycling facility. Net cash used in investing activities for the quarter was $6.3 million. This consisted mainly of $4.3 million utilized towards the purchase of our campus property and $1.8 million of equipment primarily related to the build-out of our first commercial demonstration facility.

轉到現金流量表。截至 2023 年 9 月 30 日的季度經營活動提供的現金為 220 萬美元，主要包括出售舊鉛回收設施收到的現金。本季投資活動所使用的現金淨額為 630 萬美元。這主要包括用於購買我們校園財產的 430 萬美元和主要用於建造我們第一個商業示範設施的 180 萬美元設備。

Net cash provided from financing activities was $22.6 million for the quarter. This consisted of $3.8 million in net proceeds from the sale of Aqua Metals shares. Pursuant to that, the market offering $2.9 million of proceeds from the loan agreement secured with some investments and $18.3 million in net proceeds from our July 23, 2023 public offering and $4.6 million in net proceeds from Yulho transaction.

本季融資活動提供的淨現金為 2,260 萬美元。其中包括出售 Aqua Metals 股票的 380 萬美元淨收益。據此，市場將透過一些投資擔保的貸款協議籌集290 萬美元的收益，並從我們2023 年7 月23 日的公開發行中獲得1830 萬美元的淨收益，以及從Yulho 交易中獲得的460 萬美元的淨收益。

These inflow were offset mainly by the $6 million used to pay off the note payable as reported in note 11 of our 10-Q reports, we have bolstered our balance sheet and are managing our cash wisely by actively reviewing and considering every dollar spent. One of the positives of higher interest rates is that we are earning a nice return on the cash balance we currently have in the bank. We believe that 2024 is an important year as we finish construction and begin production at our first commercial demonstration plant.

這些流入主要被我們10-Q 報告附註11 中報告的用於償還應付票據的600 萬美元所抵消，我們加強了我們的資產負債表，並通過積極審查和考慮每一美元的支出來明智地管理我們的現金。高利率的好處之一是我們目前在銀行的現金餘額獲得了不錯的回報。我們相信 2024 年是重要的一年，我們的第一個商業示範工廠將完成並開始生產。

It is an important milestone as we believe that the plant will generate positive cash flows for the company. As we noted in our 10-Q report, we believe that we will need additional capital to fund our proposed business plan beyond the next 12 months, including the completion of the Phase one build-out of our recycling campus metric. And the start of our full-scale commercial operation, we are actively pursuing nondilutive options such as the USBA government guaranteed loan for $25 million.

這是一個重要的里程碑，因為我們相信該工廠將為公司帶來正現金流。正如我們在 10 季報告中指出的那樣，我們認為我們將需要額外的資金來為未來 12 個月後擬議的業務計劃提供資金，包括完成回收園區指標的第一階段建設。在我們全面商業運營的開始時，我們正在積極尋求非稀釋性選擇，例如 USBA 政府擔保貸款 2500 萬美元。

However, we are not reliant on the USBA loan as we have been working on securing funds from other sources such as from conventional, DOE, strategic partners and possible dilutive options. Our abscess to cash is key to ensure our funding success and bridge us to positive cash generation. As we expect from our first commercial demonstration plant, we are confident in our financial strength and our ability to execute on our business strategy. And with that, that concludes my remarks on the financials. I will now turn it back over to the moderator for Q&A.

然而，我們並不依賴 USBA 貸款，因為我們一直在努力從其他來源獲取資金，例如傳統來源、能源部、戰略合作夥伴和可能的稀釋選擇。我們對現金的依賴是確保我們融資成功並為我們積極創造現金的橋樑。正如我們對第一個商業示範工廠的期望，我們對我們的財務實力和執行業務策略的能力充滿信心。至此，我對財務狀況的評論就結束了。我現在將其轉回給主持人進行問答。

(Operator Instructions) Sameer Joshi, H.C. Wainwright.

（操作員說明） Sameer Joshi, H.C.溫賴特。

Yes. Thanks for taking my question. Can you remind us what CapEx has already been spent on it? And what is the remaining amount to be spent on this?

是的。感謝您提出我的問題。您能提醒我們已經在這方面花了多少資本支出嗎？剩下的金額是多少？

The total CapEx for this project is just about $30 million. And so I think in this quarter, we spent about $1.8 million towards that and that or that's the third quarter and fourth quarter, we'll see that our spend ticked up quite a bit with the goal of getting that thing built by early mid Q2 of next year and that will be the Phase one with around 3,000 tons per year capacity, is that correct? It's 3,000 tons of black mass process per year that's the capacity for us of that Capacity process.

該項目的總資本支出約為 3000 萬美元。因此，我認為在本季度，我們為此花費了約 180 萬美元，或者說是第三季度和第四季度，我們會看到我們的支出大幅增加，目標是在第二季度初中期建成該項目明年的第一期產能約為3000噸/年，對嗎？我們的產能流程每年可處理 3,000 噸黑色物料。

Okay, got it. So just looking at the next 12 to 18, months watch, what are the milestones that we should be looking at and also in the next six months between now and the facility coming online, what can investors expect to see should we see more relationships like 6k. Dragonfly or some other arm milestones?

好，知道了。因此，只要看看接下來的12 到18 個月，我們應該關注哪些里程碑，以及從現在到該設施上線的未來6 個月內，如果我們看到更多的關係，投資者可以期望看到什麼，例如6k。 Dragonfly 還是其他一些手臂里程碑？

Yes. So lots of milestones to come for a 6K and Dragonfly will, of course, be progressing those relationships. And we believe that we'll be announcing new relationships and partnerships, both from the feedstock and offtake part of the ecosystem.

是的。因此，6K 和 Dragonfly 即將迎來的許多里程碑當然會推動這些關係的發展。我們相信，我們將宣布新的關係和夥伴關係，包括生態系統的原料和承購部分。

Still, there will be those commercial developments that are continuing to work through the cycle of engaging with these other parties. And really the tool that we're using to do that, of course, is not only our own organizational capability, but leveraging that people can come and witness our pilot operating and producing these materials and see it for themselves.

儘管如此，在與其他各方接觸的周期中，仍會有一些商業發展繼續發揮作用。當然，我們用來做到這一點的工具不僅僅是我們自己的組織能力，而是利用人們可以來見證我們的試點操作和生產這些材料並親眼目睹。

And those commercial partnerships will continue to progress. But of course, we'll also see the pilot progress into the zero mark facility, which is just about 1.8 miles down the road from the pilot operation, as John was mentioning earlier, and that is expected to start coming online like mass material into it in Q2 of next year, which really isn't that far away. It's only a matter of a few months until we begin to start commissioning and then ultimately producing tonnage of materials from that facility. So we'll see that type of progress.

這些商業夥伴關係將繼續取得進展。但當然，我們還將看到試點進展到零標記設施，正如約翰之前提到的，該設施距試點操作僅約 1.8 英里，預計將開始像大量材料一樣上線明年第二季度就會實現，距離真的不遠了。只需幾個月的時間，我們就可以開始調試並最終從該設施生產大量材料。所以我們會看到這種進展。

And then further with our existing relationships, I mentioned 6K. and Dragonfly, but also our licensing partner and investor. Yulho material South Korea We anticipate that we'll be able to work out the details of the licensing agreement tied to some due diligence that both parties are completing inclusive of ours on business and tactical trip that we'll be making to South Korea soon.

然後，根據我們現有的關係，我提到了 6K。和 Dragonfly，也是我們的授權合作夥伴和投資者。 Yulho 資料 韓國 我們預計我們將能夠制定與雙方正在完成的一些盡職調查相關的許可協議的細節，其中包括我們即將前往韓國的商務和戰術旅行。

And we'll be able to announce some news there on the financial development side and continuing to keep that balance sheet strong. Jud mentioned on where we are with the USDA loan application, which we're very confident and but we also have alternatives to debt that don't have quite as nice terms as you were saying as for the loan guarantee program, but we will see continued strength of the balance sheet as we progress through the year as our as our planned set of milestones.

我們將能夠在金融發展方面宣布一些消息，並繼續保持強勁的資產負債表。賈德提到了美國農業部貸款申請的進展情況，我們對此非常有信心，但我們也有債務替代方案，這些方案的條款不如您所說的貸款擔保計劃那麼好，但我們會看到隨著我們在這一年中取得進展，資產負債表持續強勁，成為我們計劃的一系列里程碑。

I am just, I know you mentioned this, but just wanted to clarify the additional funding that you're seeking is not required for the completion of the Phase one Seirra ARC is that correct?

我只是，我知道您提到過這一點，但只是想澄清一下，您所尋求的額外資金並不是完成第一階段 Seirra ARC 所必需的，對嗎？

So and Sameer, but if I got the question right on you're talking about the funding for Phase one CapEx, is that right?

那麼 Sameer，但如果我的問題正確的話，您所說的是第一階段資本支出的資金，是嗎？

Yes, yes.

是的是的。

Yeah, we do need -- we do require it's either the USDA or some type of debt instruments. And to complete that project. We ended the quarter with just almost $26 million in cash, but the bigger cash outlays for the CapEx or are coming in the next few months. And so that's what we've been working towards to make sure that we it's sure that we have the funding to do that. And the intent is to do that with that and with the debt financed.

是的，我們確實需要——我們確實要求它是美國農業部或某種類型的債務工具。並完成該項目。本季結束時，我們的現金僅有近 2,600 萬美元，但資本支出的更大現金支出或將在未來幾個月內出現。這就是我們一直在努力的方向，以確保我們有足夠的資金來做到這一點。目的是透過債務融資來做到這一點。

Okay. So are there any long-lead items that need to be purchased now so that you can have the facility up and running mid-next year.

好的。那麼，是否有任何需要現在購買的長期項目，以便您可以在明年年中讓該設施投入運作。

We already did a purchase of really long lead items last year, which is the switch gear and there's a global supply chain challenge with getting the switch gear. That's the equipment that takes the main power from a power, got to a facility and distributes that power throughout the facility.

去年我們已經購買了非常長的交貨期產品，即開關設備，而獲得開關設備面臨全球供應鏈的挑戰。這些設備從電源獲取主要電力，到達設施並將該電力分配到整個設施。

So we've secured delivery dates of that of early next year. So that long lead time has already been taken care of as well as the electrical on supply itself. And other long lead time parts and materials have been ordered already, and that's what Judd was talking about in terms of our CapEx expenditures ramping as we go through the quarter, Judd you may have to add.

所以我們已經確定了明年初的交貨日期。因此，較長的交貨時間以及供電本身已經解決。其他長交貨期的零件和材料已經訂購，這就是賈德所說的隨著我們整個季度資本支出的增加，賈德你可能需要補充一下。

Yeah, I mean, a lot of the what we've spent so far is putting deposits down on the long lead time equipment. Once we've gone through the process of selecting the vendor and meeting with them. And we spent quite a bit of time ensuring that we understand the sources and embedding them out, make sure that they fed our needs and then turn deposits down. So now we're moving into bringing things on site and start the installation process. And so a lot of foundational work has been done. Now we're going to be very rapid on installation.

是的，我的意思是，到目前為止，我們花的很多錢都花在了長交貨期設備上。一旦我們完成了選擇供應商並與他們會面的過程。我們花了相當多的時間來確保我們了解來源並將其嵌入，確保它們滿足我們的需求，然後拒絕存款。因此，現在我們將把東西搬到現場並開始安裝過程。許多基礎工作已經完成。現在我們的安裝速度將會非常快。

Understood. And just one more clarification on the revenues of roughly $25,000 these are formal lead metal held over from previous or may be, I did not hear it right?

明白了。再澄清一下大約 25,000 美元的收入，這些是以前保留的正式鉛金屬，或者可能是，我沒聽錯吧？

Yeah, there's a few sources of some cash coming out of it and the raise that we did. But there is about $25000 at lead inventory that we sold in the quarter and there was some other income mainly related to our partnership with 6K and the work we're doing with them. And those kind of the big pieces of those amounts that came in during the quarter.

是的，有一些現金來源以及我們所做的融資。但我們在本季銷售的主要庫存約為 25,000 美元，還有一些其他收入主要與我們與 6K 的合作夥伴關係以及我們與他們所做的工作有關。這些是本季度收到的金額中的很大一部分。

Okay. Thanks for taking my questions, good luck.

好的。感謝您回答我的問題，祝您好運。

Thanks Sameer.

謝謝薩米爾。

Thank you.

謝謝。

Bod Mayers, FNKIR.

博德·梅耶斯，FNKIR。

Thank you operator. That first question in your sector, there are companies announcing delays cost overruns and layoffs. Can you tell us how Aqua Metals is able to navigate some of the recent market fluctuations and the ones we can probably anticipate?

謝謝運營商。您所在行業的第一個問題是，有些公司宣布延期、成本超支和裁員。您能否告訴我們 Aqua Metals 如何應對近期的一些市場波動以及我們可能預期的市場波動？

Sure, Bob, and thanks for whoever asked the question. So yes, as we've seen the EV sector and even energy transition is showing, unlike any other nascent and rapidly growing industry, not to have a linear growth. But if you look at the year over year, shipments of EV models announced and energy storage systems, are now being deployed.

當然，鮑勃，感謝提出問題的人。所以，是的，正如我們所看到的，電動車產業甚至能源轉型與任何其他新興且快速成長的產業不同，並不是線性成長。但如果你逐年觀察，你會發現已宣布的電動車車型的出貨量和正在部署的儲能係統。

It is still growing and it's growing at a very rapid pace, but there is going to be some unusual relation to that market others in the EV battery recycling space, specifically on do continue to pursue what we view as very capital intensive boom shot types of approaches. And we believe could potentially run into some continued challenges as you relate that to the undulations of the market. And so that's why we set our strategy.

它仍在增長，而且增長速度非常快，但與電動車電池回收領域的其他市場將會有一些不尋常的關係，特別是繼續追求我們認為資本密集型的​​繁榮景象接近。我們認為，當您將其與市場波動聯繫起來時，可能會遇到一些持續的挑戰。這就是我們制定戰略的原因。

And that really is a phased expansion plan and having a flexible business model. So we're not building a gigantic initial facility, but one facility that will carry the company and be able to grow in 2,000 to 3,000 tons to do that and get to the 10,000 tons with our first facility the flexible business model, allows us to have an opportunity to license our technology because we have the IP, the underlying IP that we've prosecuted to make sure that we could be in the business of even partnering and licensing our technology, as evidenced by our relationship with Yulho and expected other licensees.

這確實是一個分階段的擴張計劃和靈活的商業模式。因此，我們並不是要建造一個巨大的初始設施，而是一個能夠承載公司並能夠成長 2,000 至 3,000 噸的設施，並透過我們的第一個設施達到 10,000 噸，靈活的商業模式使我們能夠有機會獲得我們的技術許可，因為我們擁有知識產權，我們已經起訴了基礎知識產權，以確保我們甚至可以開展合作和許可我們的技術的業務，正如我們與Yulho 和預期其他被許可方的關係所證明的那樣。

We have lower capital requirements on we think about a half of what some of the others because we don't have to have on sodium sulfate crystallization equipment that cost millions of dollars per facility. And on many of the things that handle those waste streams are just not part of our process and so we can build for less and less capital we can scale rationally, particularly with our approach of modular building blocks.

我們的資本要求較低，大約是其他一些公司的一半，因為我們不需要每台設施花費數百萬美元的硫酸鈉結晶設備。在許多處理這些廢物流的事情上，我們並不屬於我們流程的一部分，因此我們可以用越來越少的資本進行建設，我們可以合理地擴展規模，特別是透過我們的模組化構建塊方法。

And we're also -- we've designed the business to be done, not reliant on government grants or loans, but have that as being an upside to our core business plan by design and so that I think that really separates Aqua Metals from many of the other parties that are out there in the market is that we, view all those types of programs upside to our business, but not core to our business.

我們也——我們設計了要完成的業務，不依賴政府補助或貸款，而是將其作為我們設計的核心業務計劃的一個優勢，所以我認為這確實將 Aqua Metals 與其他公司區分開來。市場上的許多其他方面是，我們認為所有這些類型的計劃對我們的業務都有好處，但不是我們業務的核心。

And then the high purity products that we produce. Can we get many buyers because we go to metals before we go to the salts and pre cathode active materials that we will be working with, of course, with6K energy to produce the cathode active materials. We can also sell those metals on into the global metals markets. And there's plenty of people that are quite interested in buying high-purity cobalt and nickel, so that hopefully provides a general answer to the overall sector question.

然後是我們生產的高純度產品。我們能吸引很多買家嗎？因為我們先接觸金屬，然後再接觸鹽和預陰極活性材料，當然，我們會使用 6K 能量來生產陰極活性材料。我們也可以將這些金屬出售到全球金屬市場。有很多人對購買高純度鈷和鎳非常感興趣，因此希望能為整個行業問題提供一個普遍的答案。

Great. Thank you. On the next question, during the call, you mentioned your CapEx could be about half of that of other companies in the industry. Are you able to expand on that?

偉大的。謝謝。關於下一個問題，在電話會議中，您提到您的資本支出可能約為業內其他公司的一半。您能對此進行擴充嗎？

Yeah. Thanks for the question. We look at kind of the public estimates out there for the competing hydro technologies. We've said that our initial plant takes about 30 million in CapEx, but the build-out for campus is about 100 million in total, including that $30 million CapEx. And that's processing 10,000 tons of black mass per year. And based on what we're seeing in work, that's about half of what on the other hydro processes are quoting in public.

是的。謝謝你的提問。我們研究了公眾對競爭性水力技術的估計。我們說過，我們最初的工廠需要大約 3000 萬美元的資本支出，但園區的建設總共大約需要 1 億美元，其中包括 3000 萬美元的資本支出。這相當於每年處理 10,000 噸黑色物質。根據我們在工作中看到的情況，這大約是公開引用的其他水力工藝的一半。

And that's part of the deal, Steve was talking about we don't use the same amount of chemicals. So we save on all the storage space and we have less equipment. We have minimal waste and we don't have big polluting furnaces and we're not using one-time use chemicals. So that's what drives that significant reduction in CapEx that we're seeing on our end.

這是協議的一部分，史蒂夫說我們不使用相同數量的化學物質。因此，我們節省了所有儲存空間，並且設備也更少。我們的廢棄物最少，沒有大型污染爐，也不使用一次性化學品。這就是我們所看到的資本支出大幅減少的原因。

Great. Thank you. The next question has several parts. So I'll try address them one at a time. Many of the partnerships you have announced to date have been seemingly overlooked by the market. Can you perhaps provide some more granularity on economics like agreements will require CapEx? What kind of royalty rate should we expect on? And congratulations on the success so far?

偉大的。謝謝。下一個問題有幾個部分。所以我會嘗試一次只解決一個問題。您迄今為止宣布的許多合作夥伴關係似乎都被市場忽視了。您能否提供一些更詳細的經濟學信息，例如協議需要資本支出？我們應該期望什麼樣的特許權使用費率？祝賀到目前為止所取得的成功？

Yes, good question. So in terms of the partnerships that we've announced to date, I could kind of take everybody through them one by one of what that means for the economics ultimately money for what that means for Aqua Metals.

是的，好問題。因此，就我們迄今為止宣布的合作夥伴關係而言，我可以向大家一一介紹這對經濟最終意味著什麼，以及對 Aqua Metals 意味著什麼。

So let's start with on 6K energy. As an example, we've already announced an MOU to develop a co-located facility to supply 6K energy enough material to have a significant dent in their supply chain for their 13,000 ton per year facility called Plus CAM that starts in Jackson, Tennessee.

那麼就讓我們從 6K 能量開始吧。例如，我們已經宣布簽署一份諒解備忘錄，開發一個位於田納西州傑克遜市的位於同一地點的設施，以提供足夠的6K 能源材料，從而顯著削弱其年產13,000 噸設施的供應鏈，該設施名為Plus CAM。

We'll begin supplying that out of our facility right here in Tahoe-Reno when the Sierra ARC is beginning to produce tons of materials. We're already supplying 6K energy with quite a bit of the materials that we produce for samples that they're putting in the hands of EV manufacturers, cell manufacturers by taking the samples that we provide the connector technology that we did, the nonrecurring engineering and deal with them to add ultimately be able to do that.

當 Sierra ARC 開始生產大量材料時，我們將開始從太浩-裡諾這裡的工廠供應這些材料。我們已經為6K 能源提供了相當多的材料，這些材料是我們為樣品生產的，他們將這些樣品交給電動車製造商、電池製造商，透過我們提供的連接器技術、非經常性工程提供的樣品並與他們打交道以最終能夠做到這一點。

And then the supply of that facility should generate [initially tens of millions and then ultimately hundreds of millions of dollars] of revenue for Aqua Metals. And so that's a very exciting supply agreement in not only in the sense that we can work with them to supply and the materials that come off of our own facility here in Seirra ARC, but also off at the facility that we jointly build, not will operate for them in the on the East Coast for their Plus CAM facility.

然後，該設施的供應將為 Aqua Metals 帶來[最初數千萬美元，然後最終數億美元]的收入。因此，這是一項非常令人興奮的供應協議，不僅因為我們可以與他們合作，供應來自我們位於 Seirra ARC 自己的工廠的材料，而且還可以在我們共同建造的工廠中提供材料，而不是為他們在東海岸的Plus CAM 設施運營。

So lots of opportunity on that to shed some light on that relationship. And we've already received revenue effectively from s6K with the other non-recurring engineering of fees that we've been charging to develop the connecting technology to get the metals into the material form that they can make their cathode material.

有很多機會可以闡明這種關係。我們已經從 s6K 獲得了有效的收入，以及我們一直收取的其他非經常性工程費用，這些費用是為了開發連接技術，使金屬變成可以製造陰極材料的材料形式。

I'll move on now to Dragonfly Energy, who is a local right here within the Tahoe Reno area and is obviously quite interested in getting lithium from Aqua Metals and as previously announced, has already taken lithium from Aqua Metals and built and cycled by lithium cell and prove that lithium sustainably that we provided to them is a great material for them to use to produce new battery cells.

我現在將轉向 Dragonfly Energy，該公司是太浩裡諾地區的當地人，顯然對從 Aqua Metals 獲取鋰非常感興趣，並且正如之前宣布的那樣，它已經從 Aqua Metals 獲取鋰並用鋰建造和循環電池並證明我們以可持續方式向他們提供的鋰是他們用來生產新電池的絕佳材料。

So as they begin to scale their pilot line, which is a significant pilot, I always joke with them -- the last time I checked 100 megawatt hour facility -- battery facility is not really as much of a pilot may have been more like a commercial demonstration plant, and that is going to be revenue generating for them and for Aqua Metals and the supply of lithium for them and to a significant degree.

因此，當他們開始擴大他們的試驗線（這是一個重要的試驗）時，我總是和他們開玩笑——上次我檢查100 兆瓦時設施時——電池設施實際上並不像試驗那樣，可能更像是一個商業示範工廠，這將為他們和 Aqua Metals 帶來收入，並在很大程度上為他們提供鋰供應。

Then if we move on to Yulho materials, in South Korea. They're working on completion of their initial 8,000 ton per year facility in South Korea. that will take feedstock from the major battery makers on in Korea's production scrap feedstock and then build basically the twin of initially phase of our Phase one facility in Seirra ARC and ultimately scaling back to their 8,000 tons.

然後，我們轉向韓國的 Yulho 材料。他們正在努力完成位於韓國的首個年產 8,000 噸的工廠。該工廠將以韓國生產廢料中的主要電池製造商的原料為原料，然後基本上建造我們位於 Seirra ARC 的一期工廠第一階段的雙胞胎，並最終縮減至 8,000 噸。

And that can generate a lot of [tens of millions of dollars] of revenue for them plus on a significant percentage of that revenue coming back to Aqua Metals in the form of licensing and running royalty fees, and they plan to expand that to a size of 24,000 tons per year black mass production. And if we scale the equivalent of the Seirra ARC ultimately with them to that size facility. That's about $0.25 billion, give or take, depending again on metals prices and things like that.

這可以為他們帶來大量（數千萬美元）收入，而且其中很大一部分收入以許可和特許權使用費的形式返回 Aqua Metals，他們計劃將其規模擴大到一定規模。每年黑色量產24,000噸。如果我們最終將 Seirra ARC 的同等設施規模擴大到這個規模。這大約是 2.5 億美元，無論多少，這又取決於金屬價格和類似的因素。

That we could collect and a significant percentage of in the form of very high margin licensing and running royalty fees. I mean that's just really the beginning. There's many other parties that we're working with out there. They're also considering licensing our technology and we're taking all the right steps to mutually get through those due diligence process discussions to make sure that those are good fit.

我們可以以非常高利潤的許可和運行特許權使用費的形式收取很大一部分費用。我的意思是，這只是真正的開始。我們正在與許多其他各方合作。他們也正在考慮授權我們的技術，我們正在採取所有正確的步驟來共同完成這些盡職調查流程的討論，以確保這些都是合適的。

As well as other opportunities for us to potentially deploy additional on Aqua Metals owned and run facilities like we're doing with 6K energy. So I hope that shed some light on what the economics for these deals looks like. And I'll just conclude that on answer with and that's a testament to the diversity of our business model to build own and operate and to license the technology and anything kind of in between years. It's also known as a joint venture co-location.

我們還有其他機會可以在 Aqua Metals 擁有和營運的設施上部署額外的設施，就像我們對 6K 能源所做的那樣。因此，我希望這能讓人們了解這些交易的經濟效益。我的結論是，在回答時，這證明了我們的商業模式的多樣性，可以在幾年之間建立自己的、經營的、授權技術和任何類型的商業模式。它也被稱為合資企業託管。

Great. Thank you. Next question, have you seen any decrease from commercial interest from potential partners given the recent and likely near term downdraft in prices for some of the battery metals?

偉大的。謝謝。下一個問題是，鑑於某些電池金屬的價格近期可能出現近期下跌，您是否發現潛在合作夥伴的商業興趣下降？

No, in short. So there might be a downturn that, like I was mentioning earlier, undulations in the rapid growth of the space, but EV penetration is not a fad, it's happening and it's happening and it's about the speed of the growth rate and all the cell manufacturers leading manufacturers working very hard to make sure that they can secure on the tax benefited domestically sourced mineral production for which we're one of the only companies in North America already is producing lithium, as an example, as well as the other battery metals like nickel and the cobalt and so on.

不，簡而言之。因此，正如我之前提到的，該領域的快速增長可能會出現低迷，但電動車的普及並不是一種時尚，它正在發生，而且正在發生，這與增長速度和所有電池製造商有關領先的製造商非常努力地工作，以確保他們能夠獲得享受稅收優惠的國內礦物生產，我們是北美唯一已經生產鋰的公司之一，例如，以及其他電池金屬，例如鎳、鈷等。

So we have seen no decline in activity and in fact, probably, if anything, a little bit more interest because some of the earlier movers have run into some challenges. And so people are shopping around a little bit for who else they can work with to secure long-term supplies because those EV manufacturers and cell manufacturers if anything else are committed to continue to grow and develop this industry.

因此，我們沒有看到活動下降，事實上，如果有的話，可能是興趣增加了一點，因為一些早期推動者遇到了一些挑戰。因此，人們正在四處尋找可以與誰合作來確保長期供應，因為這些電動車製造商和電池製造商（如果有其他的話）致力於繼續發展和發展這個行業。

Perfect, thank you. A couple on commercialization. I'm trying to combine them. When do you see enough revenue to break even? And then when do you see sustainable revenue stream?

完美，謝謝。一對關於商業化的夫婦。我正在嘗試將它們結合起來。什麼時候看到足夠的收入來達到收支平衡？那麼什麼時候才能看到可持續的收入來源呢？

Yes. So in my comments at the beginning of the call, I mentioned that our first commercial demonstration plant that we're building. Now, the 3,000 ton is a milestone for us because that will generate positive cash flows. So that break, even concept that we were all looking forward to. That's where our models are predicting that, first plant so that that's a positive milestone that we are constructing. That's what we're working towards, so that's good.

是的。因此，在電話會議開始時的評論中，我提到了我們正在建造的第一個商業示範工廠。現在，3000噸對我們來說是一個里程碑，因為這將產生正現金流。所以我們都期待著這種打破甚至平衡的概念。這就是我們的模型預測的地方，第一座工廠，這是我們正在建造的一個積極的里程碑。這就是我們正在努力的方向，所以這很好。

And once that gets set up and running, we believe that will have sustainable revenues from that. There's a lot of interest in our materials already, even though it just only produces some of the pilot operations. And so once that first phase gets going, we believe we'll have sustainable revenue just from that first phase. And then we'll work to construct the second phases of that campus facility and be able to enjoy the revenues from that as well.

一旦建立並運行，我們相信將從中獲得可持續的收入。儘管我們的材料僅產生了一些試點操作，但人們已經對我們的材料產生了極大的興趣。因此，一旦第一階段開始，我們相信我們將從第一階段獲得可持續的收入。然後我們將致力於建造該校園設施的第二階段，並能夠享受從中獲得的收入。

Great. Thank you. And then I'm on the partnerships. Just a little clarification, are you able to offer a little bit more on the timeframes around 6K in Yulho?

偉大的。謝謝。然後我就談合作關係了。請稍微澄清一下，您能否提供更多關於 Yulho 6K 左右的時間範圍？

So, time frames in terms of agreements, we've said that we would be announcing we intend to announce by around the end of this year what the go-forward plan is with 6K based upon that already announced MOU, and that will provide the details of what the future looks like, but it will be -- likely what I was saying before, which is the co-location and the opportunity for us to generate tens if not hundreds of billions of dollars a year as we get into year two and beyond without with 6K energy and supply agreement with them alone. And that's not cumulative, that's per year. So that hopefully gives you some insight on to the timing on that.

因此，就協議的時間框架而言，我們已經說過，我們打算在今年年底左右宣布基於已經宣布的諒解備忘錄的 6K 前進計劃，這將提供未來會是什麼樣子的細節，但它將會是— —就像我之前所說的那樣，即同地辦公，以及進入第二年時我們每年創造數百億甚至數千億美元的機會甚至更遠，無需單獨與他們簽訂 6K 能源和供應協議。這不是累積的，而是每年的。希望這能讓您對時間安排有所了解。

And then on the Yulho side of the equation, we do have a business -- series of business meetings just in a matter of few weeks in South Korea for further discussions on the licensing agreement and due diligence on our part at a business level on their facility that they are just about ready to begin commissioning on their own.

然後，在等式的 Yulho 方面，我們確實有一項業務——幾週內在韓國舉行的一系列業務會議，以進一步討論許可協議以及我們在業務層面上對他們的盡職調查。他們即將準備好開始自行偵錯.

And then there's, a further series of technical meetings that will be taking place in Q1 and we expect that we'll be able to announce together what the go-forward plan is on the licensing arrangements with Yulho on a more formal level at the conclusion of those due diligence and final meetings that we'll be having. And we're really excited to be out there with them and see the facility as they begin to really bring it online to see as we get into Q1 of next year. So coming soon.

然後，將在第一季舉行一系列技術會議，我們預計我們將能夠在結束時在更正式的層面上共同宣布與 Yulho 的許可安排的後續計劃我們將舉行的盡職調查和最終會議。我們非常高興能夠與他們一起參觀該設施，因為他們開始真正將其上線，以便我們在明年第一季看到。所以很快就會到來。

Thank you. We have reached the end of our question-and-answer session, and I'd like to turn the floor back over to management for any further or closing comments.

謝謝。我們的問答環節已經結束，我想將發言權交還給管理階層，以徵求進一步的意見或結束意見。

All right. Well, thank you. And I'll just conclude by thanking everybody for your interest and support and attention today. And I'll just add that we believe as a management team that we've got the right technology that is environmentally correct technology, a strong balance sheet that we secured already, and we have a very rational and methodical approach to our business plan and our growth plan.

好的。嗯，謝謝。最後，我要感謝大家今天的興趣、支持和關注。我只想補充一點，我們相信，作為一個管理團隊，我們擁有正確的技術，即環保技術，我們已經獲得了強大的資產負債表，並且我們對我們的業務計劃採取了非常合理和有條理的方法，我們的成長計劃。

And we feel that our multifaceted business model can really differentiate us in the industry to be able to really work with anyone that rather than compete. And we see that as a really strong asset for Aqua Metals that we can continue to leverage, as evidenced by what we've already done with 6K energy and Yulho and Dragonfly energy. We really appreciate everyone's time and look forward to impending updates and see you all next time soon.

我們認為，我們的多方面業務模式可以真正使我們在行業中脫穎而出，能夠真正與任何人合作而不是競爭。我們認為這是 Aqua Metals 真正強大的資產，我們可以繼續利用，我們已經在 6K 能源以及 Yulho 和 Dragonfly 能源方面所做的工作就證明了這一點。我們非常感謝大家的寶貴時間，並期待即將到來的更新，並很快與大家下次見面。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網路廣播到此結束。此時您可以斷開線路並度過美好的一天。我們感謝您今天的參與。