Aura Minerals Inc (AUGO) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the first quarter 2025 earnings call. (Operator Instructions) (spoken in Portuguese language)

女士們、先生們，早安。歡迎參加 2025 年第一季財報電話會議。（操作員指示）（葡萄牙語）

We would like to inform that all attendees will only be listening to the conference during the presentation. And then we will start the question-and-answer section when further instructions will be provided before proceeding, we would like to clarify that any statements that may be made during this conference call regarding the company's business prospects, operational and financial projections and goals or the beliefs and assumptions of Aura executive board and the current information available to the company. These statements may involve risks and uncertainties as they relate to future events and therefore depend on circumstances that may or may not occur.

我們想通知所有與會者只能在演示期間聆聽會議。然後，我們將開始問答環節，在繼續之前將提供進一步的指示，我們想澄清的是，在這次電話會議中可能做出的任何有關公司業務前景、運營和財務預測和目標或 Aura 執行委員會的信念和假設以及公司目前掌握的信息的聲明。這些聲明可能涉及與未來事件相關的風險和不確定性，因此取決於可能發生或可能不會發生的情況。

Investors should be aware of events related to the macroeconomic scenario, the industry, and other factors that could cause results to differ materially from those expressed in their respective forward-looking statements present at this conference, we have Rodrigo Barbosa, President and CEO, and Kleber Cardoso, CFO. Now I will turn the conference over to Rodrigo Barbosa. You may begin the conference.

投資者應注意與宏觀經濟情景、行業和其他因素相關的事件，這些事件可能會導致結果與本次會議上各自前瞻性聲明中表達的結果存在重大差異，我們有總裁兼首席執行官 Rodrigo Barbosa 和首席財務官 Kleber Cardoso。現在我將會議交給羅德里戈·巴博薩。您可以開始會議了。

Well, thank you very much for all for participating in this quarter. I'm very happy, glad to be here with you. And also announcing another record high results for Aura. As we're going to go through the presentation, we will see, and we'll share with the investors that us continue to progress into our growth project.

好吧，非常感謝大家參與本季的活動。我很高興，很高興能和你們在一起。並宣布 Aura 再創業績新高。在我們進行演示的過程中，我們將看到並與投資者分享我們繼續推動成長項目的進展。

We continue to generate higher margin, we continue to pay strong dividends, and we continue to build the port of follow in order to, for the growth to achieve over 450,000 houses that we announced a couple of years ago with Bluestone, we can reach, we can go beyond this, and we continue to monitor the market as well.

我們將繼續創造更高的利潤，繼續支付豐厚的股息，並將繼續建造後續港口，以實現幾年前我們與 Bluestone 宣布的超過 450,000 套房屋的增長目標，我們可以達到，我們可以超越這個目標，並且我們也將繼續監控市場。

So, I ask Natasha to share the presentation. And as always, I'm going to give you the broad overview about the quarter results and then Kleber, our CFO is going to go more in the details about the EBITDA bridge to free cash flows and also a net income or if you want to go to the first slide, yes.

因此，我請娜塔莎分享簡報。像往常一樣，我將向您概述本季度的業績，然後我們的首席財務官 Kleber 將更詳細地介紹 EBITDA 與自由現金流之間的橋樑以及淨收入，或者如果您想看第一張幻燈片，是的。

Very well. So as we can see and we already shared with the market, the production during Q1, we achieved the 60,000 ounces of gold equivalent, production, and that, it's slightly lower than last quarter as the market knows and we'll be sharing for the last four years, mining, especially mining in gold that you have variation in grades, you have variation in the, on the mind that, so that sometimes you have changes in production from one quarter to the other quarters.

很好。因此，正如我們所看到的，我們已經與市場分享了第一季度的產量，我們實現了 60,000 盎司黃金當量的產量，而且，正如市場所知，這比上一季度略低，我們將分享過去四年的採礦情況，特別是黃金開採，其等級存在差異，因此，有時一個季度的產量與其他季度的產量會有所不同。

Last year, we finished the year very strongly and now we very much in line with our projectors, internal projectors, we produced 60,000 ounces, which is 9% below last quarter and 7% below Q1 understanding that Apoena as we shared with the market later last year, we're going to go through the next this year and next year, investment phase.

去年，我們以非常強勁的業績結束了這一年，現在我們非常符合我們的預測，內部預測，我們生產了 60,000 盎司，比上一季度低 9%，比第一季度低 7%，正如我們去年晚些時候與市場分享的那樣，Apoena 了解到，我們將經歷今年和明年的下一個投資階段。

Although we will be producing and generating positive cash flows, we consider this as an investment phase because we need to open the pit. We're going to have a lower production to achieve higher production after these two years.

儘管我們將生產並產生正現金流，但我們認為這是一個投資階段，因為我們需要打開礦坑。我們將降低產量，以便在這兩年後實現更高的產量。

Nevertheless, we're also very happy to see the gold prices continue to increase, and that helped us to achieve another record high EBITDA for the quarter with $81 million with the gold price at $2,786. Today it's close to $3400.

儘管如此，我們也很高興看到金價持續上漲，這幫助我們在本季度實現了 8,100 萬美元的另一個歷史新高的 EBITDA，當時金價為 2,786 美元。如今已接近 3400 美元。

And now, as we can see, we should progress production, we think the port of the assets that is already producing Almas, (Arazazul minosa) in Apoena, and that we will add on the top of that, during Q3. The production for commercial production for Borborema Q3 and Q4. So, we should see along the next quarter the progress within our production, while your gold price continue to evaluate and we maintain the cash cost are very stable.

現在，正如我們所看到的，我們應該推進生產，我們認為已經在阿波埃納 (Apoena) 生產的 Almas 資產的港口（Arazazul minosa）以及我們將在第三季度在此基礎上進行生產。Borborema Q3 和 Q4 的商業化生產。因此，我們應該在下個季度看到我們的生產進展，同時黃金價格繼續評估，並且我們保持現金成本非常穩定。

I would also highlight that, we, on the last 12 months, we reached an EBITDA with $295 million with the gold price only at $2500. Again, gold price today is $3400 and the top of that we have growth of production and Borborema coming in also with a lower cash cost.

我還要強調的是，在過去 12 個月中，我們的 EBITDA 達到了 2.95 億美元，而當時金價僅為 2,500 美元。再說一次，今天的黃金價格是 3,400 美元，除此之外，我們的產量還在成長，而且 Borborema 的現金成本也在降低。

That every that translated in a recurring fee crash for a $27 million. Clever is going to go more in details. Net income, we had a net loss of $72 million. I remember last year I was once asked, well, now that you are already market to market your hedges, we, can we be comfortable that we will not have any more, any loss due to the, this market. Market and my answer was, hopefully not.

這一切都導致經常性費用暴跌 2700 萬美元。Clever 將會講得更詳細。淨收入，我們淨虧損7200萬美元。我記得去年有人問我，既然你們已經按照市場對沖的方式進行交易，我們是否可以放心，我們不會再因為這個市場而遭受任何損失。市場，我的回答是，希望不會。

Hopefully we continue to have losses on our market to market, hedging because that means that the gold price is significantly increasing and we are hedging, very, it's a small portion of our total production, so we have benefited significantly from the higher gold prices, but the market to market affect the net income on the quarter that the gold price had a volatile plan is going to go more in details of that, but we are happy to see this net loss coming in because that means it came from fully, a significant increase in gold price and gladly gold price continue to appreciate since the end of our last quarter.

希望我們在市場對市場對沖上繼續虧損，因為這意味著金價大幅上漲，而我們正在對沖，這只是我們總產量的一小部分，所以我們從更高的金價中受益匪淺，但市場對市場的影響對本季度的淨收入有所影響，金價波動的計劃將會更詳細地說明，但我們很高興看到這一淨額以來的淨額出現，因為這季度完全漲價

I would also highlight, Borborema. We finished the construction of Borborema on the first quarter on time, on budget as we were disclosing to the market. We are successfully ramping up, this, the project and we continue to project the commercial production for Q3, and I would re call the disasters that Borborema will bring a significant increase of production from 82,000 to 84,000 ounces in the first year, with all sustaining cash costs below our average. So that will significantly boost our results, from the second semester and then, next year.

我還要強調 Borborema。正如我們向市場披露的那樣，我們在第一季按時、按預算完成了 Borborema 的建設。我們正在成功推進這個項目，並繼續預測第三季的商業產量，我想回顧一下 Borborema 在第一年將帶來產量從 82,000 盎司到 84,000 盎司的大幅增長，所有維持現金成本都低於我們的平均水平。因此，從第二學期開始以及明年，這將顯著提高我們的成績。

And in terms of return to our shareholders, we also announced that we renewed our program, or buyback program. We continue to do the more, the most we can, respecting the regulation of the market and also respecting the blackout period, but as we move forward that we see the cap is significantly under the value, so it's a good capo location to continue to buy shares back.

在回報股東方面，我們也宣布更新我們的計劃，或者說回購計劃。我們將繼續盡我們所能，尊重市場監管，也尊重禁售期，但隨著我們的前進，我們發現上限明顯低於價值，因此這是一個繼續回購股票的好機會。

On the top of that, we also announced a dividend, $30 million for the quarter as a dividend that if you put that in perspective, it's at 11% of dividend yield in the last 12 months. Very few companies can provide those kinds of levels of dividends together with the level of growth that we are presenting to the market and then we'll continue to grow, and we will continue to pay dividends in this dividend.

除此之外，我們也宣布了本季派發 3,000 萬美元股息，從這個角度來看，這相當於過去 12 個月股息殖利率的 11%。很少有公司能夠提供如此水平的股息以及我們向市場呈現的成長水平，然後我們將繼續成長，並將繼續支付股息。

As we shared also, we are using the rule of 20% of EBITDA minus recuring CapEx as we also received the extra cash from the Sega Serote that was paining upon A and selling this to, the buyer, we received an outstanding debt that they had with us at 13.5% million dollars we included that to pay dividends.

正如我們所分享的，我們使用 EBITDA 的 20% 減去經常性資本支出的規則，因為我們還從 Sega Serote 獲得了額外的現金，這筆現金對 A 來說是痛苦的，並將其出售給買家，我們收到了他們欠我們的 13.5% 的未償債務，我們將其包括進來以支付股息。

So, our consistency and our commitment to the shareholders that we want to remunerate shareholder through the share's appreciation, which grow over 200% in the last 12 months and also dividend yield and share buys back. So that sets or as one of the highest dividend, if not the highest dividend yield in the gold sector, in the world.

因此，我們始終如一地對股東做出承諾，我們希望透過股票升值來回報股東，股票在過去 12 個月中增長了 200% 以上，同時還有股息收益率和股票回購。因此，這使其成為世界上黃金行業中股息收益率最高的公司之一，即使不是最高的公司。

We also, during the quarter, we updated our 43,101 re-reports. So, all the technical reports are now we released by the end of March. We also could replenish resources, so we are moving forward and extending the life of mine as we are also increasing production.

我們也在本季更新了 43,101 份重新報告。因此，所有技術報告都將在三月底發布。我們還可以補充資源，因此我們正在向前發展並延長礦山的壽命，同時我們也在提高產量。

And lastly, as we also disclosed, and we, and as we've been sharing with the market during last year, one of our, points that we needed to address is daily trading volume, our daily trading volume in the last year was $1 million $1.5 million per day.

最後，正如我們所披露的，而我們去年一直與市場分享的那樣，我們需要解決的一個問題是每日交易量，去年我們的每日交易量為 100 萬美元至 150 萬美元。

That is very low if you want to bring significant investors and our objective is to significant increase of day trading volume and the US market, we believe can bring us the opportunity to increase our daily trading volume. So we filed, this with SAC, and now our, we will wait for them to react and as we are clear, then we will move forward to the next phase.

如果想要吸引重要的投資者，這個數字非常低，我們的目標是大幅增加每日交易量，我們相信美國市場可以為我們帶來增加每日交易量的機會。因此，我們向 SAC 提交了此文件，現在，我們將等待他們的反應，等我們清楚了之後，我們才會進入下一階段。

In terms of safety, again, super proud that Aura is setting new benchmarks in the world on mining industry with one single lost time incident and it was a very light incident during over two years where we were finishing construction of ALMAS where we built the Borborema and where we also are doing a lot of work.

在安全方面，我們再次感到非常自豪，Aura 在全球採礦業中設立了新的標桿，僅發生過一次工時損失事故，而且這是在兩年多的時間裡發生的非常輕微的事故，在此期間，我們完成了 ALMAS 的建設，建造了 Borborema，我們還做了很多工作。

Work within our operations. So, one single last time incident during these two years with all that's happening with Aura is something that we that work with Aura are very proud of and you as a shareholder should also be super proud of our benchmark setting benchmark in the world, for our safety standards.

在我們的營運範圍內工作。因此，在 Aura 這兩年發生的所有事情中，最後一次發生的事件是我們與 Aura 合作的人感到非常自豪的事情，而作為股東，您也應該為我們在安全標準方面在世界上設定的基準感到非常自豪。

And on the geotechnical structures, again, we continue to monitor, we have third party, we have consultants, independent, that the make reports and all our geotechnical structures are under satisfactory stability conditions.

對於岩土結構，我們再次繼續監測，我們有第三方，有獨立的顧問，他們會出具報告，並且我們所有的岩土結構都處於令人滿意的穩定性條件下。

Well, as you, we can see, there are changes in quarter to quarter in terms of production. That change from Q4 to Q1 was absolutely expected as you could see in the last three years or a start. With a weaker Q1 and Q2 and then could increase production Q3 and Q4 and we expected this, the same kind of movement during this year and on the top of that, we will also increase production through Borboremo. Next slides.

嗯，正如您所看到的，產量每個季度都在變化。正如您在過去三年或一開始就看到的那樣，從第四季度到第一季的變化是絕對可以預料到的。由於第一季和第二季的產量較弱，第三季和第四季的產量可能會增加，我們預計今年也會出現同樣的情況，除此之外，我們還將透過 Borboremo 增加產量。下一張投影片。

In terms of how we sustaining cash cost, I would invite the investors also to take a look on this difference from Q4 to Q1, '25, Q4 '24. You'll see this increase, but again, as I mentioned to you, and in (Apo) now, we will go through an investment phase.

關於我們如何維持現金成本，我還想邀請投資者看看 2025 年第四季與 2024 年第一季、2024 年第四季之間的差異。您將看到這種成長，但正如我向您所提到的，現在我們將經歷一個投資階段。

We have to account to this all sustaining cash cost, including the high cash cost cause all the investment that we are doing in Apoena to expand the pit and to be able to increase production should be also accounted, and we think they're all sustaining cash cost. So, we increased this at the 1,461, but that does not mean that our all in sustaining cash costs increases just because of Apoena is under investment fee.

我們必須將所有維持現金成本都計入其中，包括我們在阿波埃納 (Apoena) 進行的所有投資（包括擴大礦坑和提高產量）所導致的高額現金成本，這些都應計入其中，我們認為它們都是維持現金成本。因此，我們將其增加到 1,461，但這並不意味著我們維持現金成本的全部增加只是因為 Apoena 處於投資費用之下。

If you take out the Apoena and higher all sustaining cash cost, we will be very stable compared to last year and this is was very much in line with our projections and we keep and we maintain the all sustaining cash cost guidance also for the year.

如果扣除 Apoena 和更高的所有維持現金成本，與去年相比，我們的業績將非常穩定，這非常符合我們的預測，我們將維持今年的所有維持現金成本指引。

As I mentioned, we are, we built, Borborema on time, on budget, and without any single lost time incidents. And we are now in the process of ramping up, of course, all the ramp up has problems here. And there, that's why it's called the ramp up.

正如我所提到的，我們按時、按預算建造了 Borborema，並且沒有發生任何工時損失事件。我們現在正處於提升的過程中，當然，所有的提升都存在問題。這就是它被稱為“上升”的原因。

The team is very keen to adjust and fix everything that is showing. We can, we are very glad and a success. We should continue to successfully ramping up to declare commercial production on Q3 this year. So, with that Kleber, I'll pass it on the floor to you.

團隊非常熱衷於調整和修復所顯示的所有內容。我們能夠做到，我們非常高興並且成功了。我們應該繼續成功提高速度，並在今年第三季宣布商業化生產。那麼，克萊伯，我將把它傳給你。

Thanks Rodrigo. Good morning, everyone. We start with a summary of the main financial KPIs, for the reporting part, the last few quarters and, in the line here, we have accumulated for the last 12 months.

謝謝羅德里戈。大家早安。我們首先總結主要財務 KPI，對於報告部分，包括最近幾個季度，以及這裡我們累積的過去 12 個月的數據。

Starting with net revenues, so we are reporting $162 million in revenues on this quarter, a 6% reduction compared to the previous quarter. Which is explained as Rodrigo was explaining by a lower production due to the minus sequencing, but partially offset by higher gold prices.

從淨收入開始，我們報告本季的收入為 1.62 億美元，與上一季相比減少了 6%。正如羅德里戈所解釋的那樣，這是因為排序不當導致產量較低，但金價上漲部分抵消了這種影響。

When we see the last 12 months, we reached a new record high with net revenues accumulated at $624 million. When we moved to adjust EBITDA, another two record highs, as Rodrigo, already mentioned, for the third quarter in a row, we have a record high EBITDA of $81 million.

回顧過去的 12 個月，我們的淨收入達到了新的最高紀錄，累計達到 6.24 億美元。當我們調整 EBITDA 時，正如 Rodrigo 已經提到的那樣，連續第三個季度創下了另外兩個歷史新高，EBITDA 達到了創紀錄的 8100 萬美元。

So again, despite the lower production for this quarter, the gold prices helped, and then, we exceeded the previous quarter EBITDA. In our accumulated last 12 months such EBITDA is reaching close now to $300 million we closed the quarter we've accumulated $295 million.

因此，儘管本季產量較低，但金價起到了推動作用，使我們的 EBITDA 超過了上一季。在過去 12 個月中，我們的累積 EBITDA 已接近 3 億美元，本季結束時我們已累積達到 2.95 億美元。

When it comes to net income, we are reporting a net loss of $73 million. Basically, for the same reason we had losses in some quarters last year because of a sharp increase in gold prices throughout the quarter and then the increase in the market-to-market liability and no cash losses related to the gold hedges.

說到淨收入，我們報告的淨虧損為 7,300 萬美元。基本上，出於同樣的原因，去年某些季度我們出現了虧損，因為整個季度金價大幅上漲，隨後市場對市場負債增加，並且沒有與黃金對沖相關的現金損失。

I'm going to go later in a few pages with more detail about that, but excluding that in fact, we see that our adjusted net income was positive $27 million for the quarter.

我將在後面的幾頁中對此進行更詳細的介紹，但事實上，除此以外，我們發現本季調整後的淨收入為正 2700 萬美元。

And then moving to cash and net debt, so we closed the cash position at $198 million at the end of the quarter. Our net debt increased to $272 million in the quarter as expected, as in this first quarter, we invested close to $40 million in the final phase of construction of Borborema.

然後轉向現金和淨債務，因此我們在本季末的現金狀況為 1.98 億美元。正如預期的那樣，本季度我們的淨債務增加到 2.72 億美元，因為在第一季度，我們在 Borborema 建設的最後階段投資了近 4000 萬美元。

We acquired Bluestone in which we paid close to $20 million in cash and received about $20 million in that and, later I'm going to show you more details. We had some higher income tax payments on the first quarter, that's related most to the 2024 results.

我們收購了 Bluestone，支付了近 2000 萬美元現金，並收到了約 2000 萬美元，稍後我將向您展示更多詳細資訊。我們第一季的所得稅支付額較高，這與 2024 年的業績最為相關。

Despite those impacts, we'd like to highlight that we have been able to keep our net debt over EBITDA below one time throughout all this period the debt shown here, despite the fact that we build Borborema in this period, acquired Bluestone, and kept paying dividends and doing buybacks throughout all the periods.

儘管有這些影響，我們仍想強調的是，儘管我們在此期間建立了 Borborema、收購了 Bluestone，並在所有期間持續支付股息和進行回購，但我們仍能將淨債務與 EBITDA 之比保持在低於此處所示債務的一倍。

Now understanding the main items between adjusting EBITDA and net income for the quarter, when we look in the adjusted EBITDA by business units, we see was another strong quarter at Minosa runs the zones, all of them are reporting over $22 million in EBITDA in a quarter.

現在了解了調整後 EBITDA 和本季度淨收入之間的主要項目，當我們查看按業務部門調整後的 EBITDA 時，我們發現 Minosa 運營的區域又表現強勁，所有區域均報告本季度 EBITDA 超過 2200 萬美元。

Even Apoena that we, as Rodrigo said, we knew and planned because it was going to be a more difficult year with lower production and higher costs, reported decent EBITDA at $13.5 million. Amortization depletion expenses came in as we expect and in align with what we report usually.

甚至連 Apoena 公司（正如 Rodrigo 所說）也報告稱其 EBITDA 為 1,350 萬美元，這對我們來說是比較困難的一年，因為產量會下降，成本會上升。攤銷損耗費用如我們預期的那樣，與我們通常報告的內容一致。

Then the main item, the financial expenses in $122 million and the quarter of which, as I mentioned, the main item by far was the no realized losses and no cash losses for the quarter with the gold derivatives, that was $100 million.

然後是主要項目，即 1.22 億美元的財務費用，其中，正如我所提到的，迄今為止的主要項目是本季度黃金衍生品沒有實現損失和沒有現金損失，即 1 億美元。

And then when we did have some hedges that expires and were settled during the first quarter. But that's, impacted our P&L in only $6 million as we indicated here as well. Income tax expenses of $21 million that's pretty much related to the strong results of the operating business units, bringing them to a net loss of $73 million.

然後，我們確實有一些對沖到期並在第一季得到結算。但正如我們在此指出的，這僅對我們的損益產生了 600 萬美元的影響。2,100 萬美元的所得稅費用與經營業務部門的強勁業績密切相關，導致其淨虧損達到 7,300 萬美元。

But, as we always present when we exclude the items that have no cash impact, we come to a positive adjust net income of $27 million.

但是，正如我們在排除沒有現金影響的項目時所呈現的那樣，我們得出的調整後淨收入為 2700 萬美元。

Now I'm going to go over quickly over two pages with some more detailed analysis on the impacts of the gold derivatives. The first one is understanding the accounting impact, in the MTM losses that's, again, it's more provision that impact cash, and then, in the other page, I'm going to show an analysis more economic perspective, what to expect in terms of cash impacts of this golden derivatives. If you can go on the previous page.

現在我將快速瀏覽兩頁內容，對黃金衍生性商品的影響進行更詳細的分析。第一個是了解會計影響，在 MTM 損失中，再次強調，這是影響現金的更多準備金，然後，在另一頁中，我將從更具經濟角度的分析來展示這種黃金衍生品對現金的影響的預期。如果你可以繼續上一頁。

Yeah. So here, what we show on the left side is a table with the closing gold prices for each of these reporting periods. As you can see, gold has been increasing almost every quarter, since the third quarter of 2023.

是的。因此，我們在左側顯示的是每個報告期間的黃金收盤價表。正如你所看到的，自 2023 年第三季以來，黃金價格幾乎每季都在上漲。

And then on the right side, we can see that there is a strong correlation between increasing gold prices and the increasing the market-to-market liabilities. When golden prices increase faster, the liability increases faster.

然後在右側，我們可以看到金價上漲和市場對市場負債增加之間有強烈的相關性。當黃金價格上漲較快時，負債也增加較快。

In one instance when gold price decrease towards the end of the year, the liability reduces and fortunately in this quarter, the good prices increased the most over $500 which then explained why increasing provision was the biggest for the spirits.

有一次，當年底金價下跌時，負債減少了，幸運的是，在這個季度，商品價格漲幅最大，超過 500 美元，這就解釋了為什麼烈酒的撥備增加幅度最大。

But then, looking from what you expect from a cash flow perspective, here we demonstrate all outstanding gold colors that we have, for the next few years. We see, all our gold colors, they expire between Q2 2025 and the fiscal year of 2028. They are spread throughout this period and we bring here two references.

但是，從現金流的角度來看，我們在這裡展示了未來幾年我們擁有的所有出色的金色。我們看到，我們所有的金色都將在 2025 年第二季至 2028 財年之間到期。它們遍佈於這段時期，我們在此提供兩個參考。

The first reference is our Production guidance for 2025, which does not include the Borborema producing fool for a full year and does not include any of the new projects. And then we have a second reference which is our long term guidance to achieve 450,000 ounces of good equivalent in terms of production.

第一個參考是我們對 2025 年的生產指導，其中不包括 Borborema 全年的生產活動，也不包括任何新項目。然後我們還有第二個參考，那就是我們的長期指導，在產量方面實現 450,000 盎司的優質當量。

Then when we analyze the outstanding calls per year and these references, we can see clearly that both our current and future production that is hedgets, it's just a small portion of our current or projected production, which means that we do expect most of our production to be exposed to a spot prices both this year and the next couple of years.

然後，當我們分析每年未償還的看漲期權和這些參考資料時，我們可以清楚地看到，我們當前和未來的生產都是對沖，這只是我們當前或預計生產的一小部分，這意味著我們確實預計我們的大部分生產都會在今年和未來幾年受到現貨價格的影響。

And then, moving out to understand that the changes in the cash position throughout the quarter, here in the far-left side of the page in red, which showed the initial cash position of $270 million. In this left side of the page that we call which is free cash flow to firm is the cash flow to firm that is generated by the four mines in production, not including what we invest in, to grow the company.

然後，我們來了解整個季度的現金狀況變化，這裡在頁面最左側以紅色表示，顯示的初始現金狀況為 2.7 億美元。在頁面左側，我們所說的「公司自由現金流」是指公司在生產過程中產生的四個礦山的現金流，不包括我們為公司發展而投資的現金流。

We see that portion of the business generates $28 million despite the fact that we had some no recurring throughout the year or temporary impacts such as the income tax payments that I mentioned that we usually most of them we pay in the first quarter related to the 2024 results which should not be repeating the same proportion for the next few quarters. And changes in working capital that also should partially be offsets in the next quarters.

我們看到，儘管我們在全年有一些非經常性或暫時性影響，例如我提到的所得稅支付，但我們通常在第一季度支付與 2024 年業績相關的大部分所得稅，這部分業務仍創造了 2800 萬美元的收入，而在接下來的幾個季度中，不應重複同樣的比例。營運資本的變動也應在下一季得到部分抵銷。

In the middle of the chart, we showed the investment for growth where was where we allocated most of our capital. We put $62 million and mostly expansion CapEx, the final phase of Borborema construction in the Bluestone acquisition, and then when we move it to the right side, the more financial items which we highlight the dividends and share. Buy backs we did until March $20 million bringing the cash to $198 dollars towards the end of the quarter. And now we end the presentation. We're open to questions.

在圖表中間，我們展示了成長投資，也就是我們分配大部分資本的地方。我們在 Bluestone 收購中投入了 6,200 萬美元，其中大部分是擴張資本支出，即 Borborema 建設的最後階段，然後，當我們將其移至右側時，我們重點關注的是股息和股份等更多的財務項目。截至 3 月份，我們已回購了 2,000 萬美元，使季度末的現金達到 1.98 億美元。現在我們結束演示。我們願意回答問題。

Thank you.

謝謝。

(Operator Instructions) Our first question comes from Guilherme Nippes with XP. You can open your microphone.

（操作員指示）我們的第一個問題來自 XP 的 Guilherme Nippes。您可以打開麥克風。

Good morning, everyone. Can you hear me?

大家早安。你聽得到我嗎？

Yes.

是的。

Good morning, Rodrigo Cla and Natasha. Thanks for the opportunity and con congratulations on another great quarter. I have two questions here on our side. So, the first one, we have always discussed about stock liquidity and now we have taken the first steps to US public offering.

早安，Rodrigo Cla 和 Natasha。感謝這次機會，並祝賀您又一個出色的季度。我這裡有兩個問題。首先，我們一直在討論股票流動性，現在我們已經踏出了美國公開發行的第一步。

So, I would like to hear more about the next steps in this process. So if you could share the expected timeline for completion. And if you could also provide additional details on the offering as well. And my second question is about Alma's, costs have been very volatile and actually we're expecting a lower cash cost considering that you had the issues with the contractor during the first half of 2024.

因此，我想了解更多有關此過程的後續步驟的資訊。所以如果您可以分享預計完成的時間表。並且您還可以提供有關該產品的更多詳細資訊。我的第二個問題是關於 Alma 的，成本一直非常不穩定，實際上，考慮到您在 2024 年上半年與承包商遇到的問題，我們預計現金成本會較低。

And as in the 4Q, you had very low cash cost. So, my question is, I would like to hear your thoughts on that. So, I remember that in Q4, the low cost was due to my sequencing and the reduction of the Strip ratio. So just wanted to make sure that we understand correctly what happened here in Q1 compared to Q4. So those are my two questions.

就像第四季一樣，您的現金成本非常低。所以，我的問題是，我想聽聽你對此的看法。所以，我記得在第四季度，低成本是由於我的排序和條帶比率的降低。因此，只是想確保我們正確理解第一季與第四季相比發生的情況。這就是我的兩個問題。

Thank you.

謝謝。

Thank you, Guillerme. So, the first question you mentioned about the offering, as we find already with SEC, I am very limited, in terms of what I can share with the market. So, there's nothing much I can add on the top of what has already been published.

謝謝你，吉列爾姆。因此，您提到的關於發行的第一個問題，正如我們在 SEC 已經發現的那樣，就我能與市場分享的內容而言，我所能做的非常有限。因此，除了已經發布的內容之外，我沒有什麼可以補充的。

On the second question, on Almas, as I mentioned earlier, gold mines, it is not, the nature is not uniform everywhere. So it varies in terms of grade, width, strip ratio, and recoveries. So, as I mentioned, last quarter with almost last quarter of 2024, it was very strong in terms of, how we sustaining cash cost and we share that the market.

關於第二個問題，關於阿爾瑪斯，正如我之前提到的，金礦並不是到處都有，其性質並不統一。因此，其品位、寬度、剝離率和回收率均有所不同。因此，正如我所提到的，上個季度，也就是 2024 年的最後一個季度，我們在維持現金成本和市場份額方面表現非常強勁。

We should not expect this to continue to happen. What I would invite you is to look on average, right, to look at the average or we sustaining cash cost that we had in 2024. And then you can understand that after changing the contractors and increasing a little bit productivity, what could be at all in sustaining cash cost for 2025 and we also set the guidance.

我們不應該期望這種情況會繼續發生。我想請你看一下平均值，對吧，看看我們在 2024 年的平均值或維持現金成本。然後你可以了解到，在更換承包商並提高一點生產力之後，2025 年的現金成本怎麼可能維持下去，我們也設定了指導方針。

I would just highlight that, this all in sustaining cash cost is very much in line with the guidance that we provided to the market. That's going to the variables, there's a few variables that are important in terms to build the only sustaining cash cost, right?

我只想強調的是，維持現金成本的一切都與我們向市場提供的指導非常一致。這就是變量，在建立唯一維持現金成本方面，有幾個變數很重要，對嗎？

The number one is grades number two is recovery, and number three is the strip ratio, right? Because of the investment that you take, how much of a (non-mral) you take out try to access the minerals. So that will vary according to the quarters. However, during a along the year, along the years, it should follow one rationale and has lower volatility. It will change from one year to another but to significantly lower volatility.

第一是等級，第二是恢復，第三是剝離率，對嗎？由於您進行的投資，您花費了多少（非礦產資源）來獲取礦物質。因此這將根據季度而有所不同。然而，在一年多的時間裡，它應該遵循一個原理，波動性較低。它會逐年變化，但波動性會顯著降低。

That was very clear, thank you.

非常清楚，謝謝。

Our next question comes from Edgard de Souza with Itau BBA.

我們的下一個問題來自 Itau BBA 的 Edgard de Souza。

Hi Rodrigo. Hi Kleber. Hi Na. Congrats for the record results for us that are following our since the IPO. We are very pleased to see the company delivering, growing, and now improving liquidity and visibility with this new listing in the US. So, congrats for these initiatives.

你好，羅德里戈。你好，克萊伯。你好，娜。恭喜我們自首次公開募股以來取得的創紀錄的業績。我們非常高興地看到該公司透過在美國上市實現了成長，並且提高了流動性和知名度。所以，祝賀這些舉措。

So my questions are related to the balance of this record gold prices and your growth projects. We are seeing gold prices reaching record high levels which might stimulate new projects. In that sense, my first question is related to Bluestone. So how are the negotiations with the government for the licensing of the project?

所以我的問題與創紀錄的金價和你們的成長項目的平衡有關。我們看到黃金價格達到歷史最高水平，這可能會刺激新的項目。從這個意義上來說，我的第一個問題與 Bluestone 有關。那麼與政府就該計畫許可的談判進度如何？

Do you see any changes in the local government positioning regarding the licensing? Maybe this higher good price could help there. And still on the growth projects regarding Matu pa, we understand that the final decision on the project will depend on your on how do you unlock Bluestone, but that said, given these record high levels for gold prices, are you evaluating maybe bringing Matu pa.

您是否看到地方政府對許可的定位有任何變化？也許更高的價格可以起到幫助作用。關於 Matu pa 的成長項目，我們理解該項目的最終決定將取決於您如何解鎖 Bluestone，但話雖如此，鑑於金價處於歷史高位，您是否在考慮引入 Matu pa。

Before Borborema and before Bluestone and starting with the projects. And then my last question regarding potential M&As, good prices has reached record high levels, but copper prices now declining a little bit.

在 Borborema 和 Bluestone 之前，從專案開始。我的最後一個問題是關於潛在的併購，好價格已經達到了歷史最高水平，但銅價現在略有下降。

I remember that we discussed a few times the lack of availability of copper products for M&A, but now with gold prices reaching these record high levels, does anything change here? Maybe are there any opportunities in copper rather than in gold for potential M&As? That's it.

我記得我們曾多次討論過併購所需的銅產品短缺問題，但現在金價達到歷史最高水平，這方面有什麼變化嗎？也許銅比黃金更具有潛在的併購機會？就是這樣。

Thank you.

謝謝。

Thank you. So going to the first question on the Bluestone.

謝謝。那我們就來回答關於 Bluestone 的第一個問題。

In Guatemala, I think, what, we've been, seeing is not a change in the mood because of the higher gold prices from the government and the communities.

在瓜地馬拉，我認為，我們看到的並不是因為金價上漲而導致政府和社區情緒的改變。

They don't really understand and see that, but, on the other hand, the whole new administration, the US and the exportation expropriate, and then the seas of immigration from those countries. To the United States, for example, numbers that either Honduras, Guatemala, [60, 70], sometimes 70% of the total export the reserves come from people working in the US sending money to the country and that is significantly reducing since the Trump administration should expect to continue to reduce along the next year.

他們並不真正理解和看到這一點，但另一方面，整個新政府、美國和出口徵用，以及來自這些國家的移民浪潮。以美國為例，宏都拉斯、瓜地馬拉[60, 70]有時總出口額的 70% 都來自於在美國工作的人們向該國匯款，而這一數字正在大幅減少，因為川普政府預計明年這一數字還將繼續減少。

So now we see a switch, slightly switched on the minds of governments trying to find solutions within the country to create more jobs and to generate the export revenues to bring extra dollars and compensate also this this non-immigration to the United States process.

所以現在我們看到了轉變，各國政府的思想略有轉變，試圖在國內尋找解決方案，創造更多的就業機會，增加出口收入，帶來額外的美元，同時也彌補這一非移民進入美國的進程。

We also see some community members that was leaving the United States coming back to the area where we have the project, trying to find for new opportunities for jobs. So, we have, we understand that all that changes is giving us more tailwinds in order to expedite the licensing of this project.

我們也看到一些離開美國的社區成員回到我們開展計畫的地區，試圖尋找新的就業機會。因此，我們明白，所有這些變化都為我們提供了更多的順風，以加快該專案的許可。

I would highlight that this project as an underground is fully licensed already in terms of environmental and also with the government. But we understand that before making any kind of decisions, we need to socialize either with the central government and also with the communities, which we are doing as we speak.

我想強調的是，該項目作為地下項目已經獲得了環境和政府的充分許可。但我們明白，在做出任何決定之前，我們都需要與中央政府以及社區溝通，我們現在正在這樣做。

And in the meanwhile, we are also updating, the feasibility study. We are updating the investment, designs, the new mind sections and so on. So, as we have more information to share the market, we will update as you can, I suppose, since it was published, there was inflation, but in the other that might affect the CapEx, on the other hand, the gold prices is coming from 1800, 2000 to 3,400, so that can boost significantly also the returns of the project.

同時，我們也在更新可行性研究。我們正在更新投資、設計、新思維部分等等。因此，當我們有更多資訊與市場分享時，我們會盡快更新，我想，自發布以來，就存在通貨膨脹，但另一方面，這可能會影響資本支出，另一方面，黃金價格從 1800、2000 到 3,400，因此這也可以顯著提高專案的回報。

And that would also address the situation with Matu pa is this again, we believe we will be more mature to make any decision.

這也將解決 Matu pa 的情況，我們相信我們將更成熟地做出任何決定。

Between end of second quarter, early third quarter, or within the third quarter to really decide which way to go. We are putting, we are delaying a little bit the matter part because the magnitude of the results, and the magnitude of the production and EBITDA that we believe. The Selaco Bluestone can generate a significant higher, although Matu pa is a very strong project, the Sela is it could be more meaningful. So if we believe that we can start the construction of a Bluestone.

在第二季末、第三季初或第三季內真正決定走哪條路。我們正在推遲討論這個問題，因為我們相信結果的規模、生產規模和 EBITDA 的規模。Selaco Bluestone 可以產生顯著的更高效果，儘管 Matu pa 是一個非常強大的項目，但 Sela 可能更有意義。所以如果我們相信的話，我們就可以開始建造藍石。

Late this year or early last year or early next year, we would probably make that decision and prioritize Bluestone and then push Matupa to build the by mid construction of Bluestone or by the end of construction. Well, the construction of the Bluestone, it will be more technical.

今年年底、去年年初或明年年初，我們可能會做出這個決定，優先考慮 Bluestone，然後推動 Matupa 在 Bluestone 建設中期或建設結束時進行建設。那麼，青石的建造，就比較有技術含量了。

It's in a country that, we don't have operations. It's a country that doesn't have all the expertise of mining, such as Brazil. So we will be more careful in the construction of Bluestone and we don't want to do a lot of things at the same time. But we will analyze, right, if we believe that we can delay one year and we can mix by the end, we will try to do so that we can push more production from Matupa and speed up of growth.

我們在這個國家還沒有開展業務。這個國家並不具備所有採礦專業知識，例如巴西。所以我們在建造Bluestone的時候會更加謹慎，不想同時做很多事情。但是我們會進行分析，對吧，如果我們相信我們可以推遲一年並且我們可以在年底前混合，我們就會嘗試這樣做，以便我們可以推動 Matupa 的更多生產並加快增長。

And then you had the second question was.

然後你的第二個問題是。

Was regarding the M&A's yes. (multiple speakers)

關於併購，是的。（多位發言者）

It's interesting that we saw this run gold prices and I would invite the investors to take a look. The major companies has been appreciated, according to the gold price. Medium-sized companies such as us has appreciated but yet has not followed the right appreciation that we should have gone with this higher gold price and the market is not at all pricing in gold price or even 3,000, the market's pricing are lower than this in our shares.

有趣的是，我們看到了金價的這種上漲，我邀請投資者來看看。各大公司紛紛升值，黃金價格也隨之上漲。像我們這樣的中型公司已經升值了，但還沒有跟隨我們應該跟隨的正確升值，而市場根本沒有將金價甚至 3,000 美元納入定價，市場對我們股票的定價低於這個水平。

And not pricing the growth. So, and for the junior mining, it's even worse. Google price is reaching record high. We don't see us, we saw some appreciation in junior mining but not significant because those companies doesn't have the cash generation, cannot, doesn't have the fund, capacity for those projects and that they will go through a lot of dilutions in order to fund the project.

並且沒有對成長進行定價。因此，對於初級礦業公司來說，情況就更糟了。谷歌股價正在創下歷史新高。我們沒有看到，我們看到初級礦業有一些升值，但並不顯著，因為這些公司沒有現金產生能力，不能，沒有資金，沒有能力進行這些項目，而且為了資助該項目，他們將經歷大量的稀釋。

So, we continue to monitor, of course that significant, increase, can affect because expectations sometimes change from sellers and buyers.

因此，我們會繼續監測，當然，這種顯著的成長可能會產生影響，因為賣家和買家的預期有時會改變。

And it creates a little bit of challenge. The best case for M&A is when gold price is more stable, but that doesn't mean that it doesn't have, there's no opportunities, so we continue to monitor, gold mines. The gold industry is very segmented, very fragmented.

這帶來了一點挑戰。併購的最佳情況是金價更穩定，但這並不意味著沒有機會，所以我們會繼續監測金礦。黃金產業非常分散，非常碎片化。

So, there are a lot of producers that is not on the radar of many other investors or many other companies that we can access, and we do, such as we did with Borborema, nobody really knew about those pro that project and we could acquire an increasing even also a Bluestone.

因此，有很多生產商不在其他投資者或我們可以接觸到的其他公司的關注範圍內，而我們確實這樣做了，例如我們對 Borborema 所做的那樣，沒有人真正了解那些專業人士，我們可以收購越來越多的 Bluestone。

On copper, yes, and we continue to monitor, we like both, right? We are growing on gold, so we would like to have copper also growing to at least maintain the percentage of 30%, 35%. That's one of the reasons that we are (investingeja destrela), but that is more, a medium to long shot.

是的，就銅而言，我們會繼續監測，我們都喜歡，對嗎？我們在黃金上不斷成長，因此我們希望銅也能成長，至少保持 30% 至 35% 的比例。這就是我們（投資失敗）的原因之一，但這更多的是一個中長期目標。

We are continuing to monitor all the opportunities in copper, but we'll see, it's more, it has much less. Projects incorporate available for any kind of M&A and normally they are bigger than gold, but we are growing and we are we will continue to monitor.

我們將繼續監測銅的所有機會，但我們會發現，機會多多，機會也少多。項目包括可用於任何類型的併購，通常它們比黃金還大，但我們正在成長，我們將繼續監控。

Thank you.

謝謝。

Our next question comes from Ricardo Monegaglia with SAFRA. You can open your microphone.

下一個問題來自 SAFRA 的 Ricardo Monegaglia。您可以打開麥克風。

Good morning, everyone. Thank you for taking my questions and congrats on the results and the first steps on the US listing.

大家早安。感謝您回答我的問題，並祝賀您在美國上市所取得的成果和邁出的第一步。

There are obvious benefits of listing the US, but not necessarily related to that. I wonder if you have specific liquidity and unlocked assets under management metrics or targets that you could share with us. Maybe a liquidity based on free flow would be interesting to hear from you guys.

將美國列入名單有明顯的好處，但不一定與此相關。我想知道您是否有可以與我們分享的特定流動性和未鎖定資產的管理指標或目標。也許聽聽你們對基於自由流動的流動性的看法會很有趣。

And how did you go?

你去得怎麼樣？

A lot has been mentioned on gold prices. We have a lot of volatility in the past couple of years, so, should say, if I may say, but I wonder if you could share your view on gold prices today and going forward. So do you see structural drivers that are different from recent past, maybe on demand, investor behavior, central bank activity that could sustain gold prices above 3,000 or even more, maybe 4,000 do you think it's a reality that we may see in the coming months or maybe years.

關於黃金價格已經討論了很多。過去幾年我們經歷了很多波動，所以，如果可以的話，應該說，但我想知道您是否可以分享您對當前和未來黃金價格的看法。那麼，您是否看到了與近期不同的結構性驅動因素，也許是需求、投資者行為、央行活動，這些因素可能會將金價維持在 3,000 甚至更高，也許是 4,000，您認為這是我們可能在未來幾個月或幾年內看到的現實嗎？

Thank you.

謝謝。

Thank you. So the first one in terms of the liquidity metrics, what is important for the investors is shares available to buy and the price of the shares. That's it. They, the investors are concerned about daily trading volume.

謝謝。因此，就流動性指標而言，第一個對投資者來說重要的是可購買的股票和股票價格。就是這樣。他們，投資者，關心的是每日交易量。

How much, how fast can I invest $50 million? How fast can I divest $50 million in the market? That is independent of the percentage of the free flow is totally dependent on the shares available for trade, which is the free flow, right? But not as a percentage, but as a nominal and the share price.

我可以投資 5000 萬美元多少、多快？我多快才能在市場上撤資 5000 萬美元？這與自由流動的百分比無關，完全取決於可供交易的股票，即自由流動，對嗎？但不是以百分比，而是以名義和股價。

So, the value in dollars that is available to be traded, per day is the most important variable for the investors to make a decision either to invest and also to divest, right? And that's the main, the main, variable that we would like to address.

因此，每天可供交易的美元價值是投資者決定投資還是撤資的最重要變量，對嗎？這就是我們想要解決的主要變數。

In terms of gold prices as I gave an interview to start to Sao Paulo this morning. I think, it has, we have a structural tauonic movement that is happening and moving the gold price up and I would invite the investors to take a look on those movements. If you believe that those are movements are reversible, then maybe gold price can decrease.

關於黃金價格，我今天早上開始去聖保羅接受訪問。我認為，我們正在發生結構性的牛頓運動，並推動金價上漲，我邀請投資者關注這些運動。如果您相信這些運動是可逆的，那麼金價可能會下跌。

But if those movements are not reversible, then we should continue to see the gold price to appreciate. Number one is the United States weaponized the US dollars after the war, Russia and Ukraine. The world confiscated and blocked over $300 billion of reserves in US dollars from Russia, and that is the message for any other country that perhaps doesn't feel aligned with the United States.

但如果這些走勢不可逆轉，那麼我們應該會看到金價繼續升值。第一是美國戰後把美元武器化，俄羅斯和烏克蘭。全世界沒收並凍結了俄羅斯超過 3000 億美元的美元儲備，這對任何其他可能與美國不結盟的國家來說都是一個警示。

They do not want any more to be invested in US dollars, so. Take a look on China, that has historically over decades invested in treasuries with a surplus of exports minus exports and has a significant investment in US dollars. They do, they are not investing in dollars anymore. They are divesting and they are looking for other alternatives to invest the surplus and gold is one strong alternative for them.

他們不想再用美元進行投資，所以。看看中國，幾十年來，中國一直投資於國債，出口盈餘減免出口，並且對美元進行了大量投資。是的，他們不再投資美元了。他們正在撤資並尋找其他替代方案來投資盈餘，而黃金就是他們的一個強有力的替代方案。

Number two the second variable will be limited to only these two but have many others is, structurally also United States is running a significant deficit over already a high debt to GDP. The country is running $2 trillion last year.

第二，第二個變數將僅限於這兩個，但還有許多其他變量，從結構上講，美國的赤字已經很高，而 GDP 的債務比率也很高。該國去年支出達2兆美元。

Some analysts say that perhaps this year with the increased interest rates is going to be 2.5% if not $3 trillion and that's absolutely unsustainable for the medium to long term. There are some initiatives like the Dodge with Elon Musk and to try to reduce, but yeah. This is not yet meaningful for the United States to address these deficits and to fund the debts that needs to issue more debt or to print money and that has an impact on the value of the dollar and that can also push the gold price up.

一些分析師表示，今年利率可能會上升至 2.5%，甚至達到 3 兆美元，這在中長期絕對是不可持續的。有一些舉措，例如與伊隆馬斯克合作的道奇，試圖減少排放，但是的。這對美國解決這些赤字和償還債務還沒有任何意義，它需要發行更多債券或印製鈔票，而這將對美元的價值產生影響，並且還會推高金價。

And today I also read with (Octaviotavi) Costa that also participate in all day, and he's also seen some signs that perhaps even the United States, it's increasing the gold reserves, of course, Un disclosure. That's his thought that Russia is buying gold. China is buying gold, Turkey is buying gold, and perhaps even the United States is buying gold so to restore confidence in the coin in the US dollar.

今天我還和 Octaviotavi Costa 一起讀了一整天的文章，他也看到了一些跡象，也許美國也在增加黃金儲備，當然，這是不公開的。他認為俄羅斯正在購買黃金。中國正在購買黃金，土耳其正在購買黃金，甚至美國也在購買黃金，以恢復人們對美元硬幣的信心。

So, in my view, I don't see any reversal of that trend. Some investors think or questioned that while all these gold prices because of the tariff fights and once they settle, the gold price is going to go down. I don't think that the gold price increase, in my view, is not related to the tariff fight.

所以，在我看來，我認為這種趨勢不會逆轉。一些投資者認為或質疑，所有這些金價都是因為關稅之爭而上漲的，一旦關稅之爭解決，金價就會下跌。我認為，黃金價格上漲與關稅鬥爭無關。

The tariff fight is just crystallizing what has been happening along the last year. So, The world will find a solution. This terror fight the terror war is going to settle down. The world also is going to settle down with the war, hopefully with Ukraine and Russia, but the fiscal debt is not being addressed with a meaningful way and the weaponize of the dollars cannot be reversed. We don't see China, selling gold and buy US dollars.

關稅之爭只是去年發生的事情的具體表現。因此，世界將會找到解決方案。這場反恐戰爭即將平息。世界也將隨著戰爭而平靜下來，希望與烏克蘭和俄羅斯的戰爭能夠結束，但財政債務問題並沒有得到有效的解決，美元武器化的趨勢無法逆轉。我們沒有看到中國拋售黃金、買入美元。

That's clear. So, is there a sweet spot that we can expect on traded volume in dollars that we could envision in the future after all goes in the right direction?

這很清楚。那麼，當一切朝著正確的方向發展時，我們是否可以預期未來美元交易量會出現一個最佳點呢？

There's not much I can say right now.

我現在能說的不多。

Oh, that's okay. Thank you, hold you.

噢，沒關係。謝謝你，抱抱你。

Our next question comes from Habi Nizomi with National Bank of Canada Financial Markets.

下一個問題來自加拿大國家銀行金融市場部的哈比‧尼佐米 (Habi Nizomi)。

Robbie, I think you might be with the microphone, not open. Thank.

羅比，我想你可能拿著麥克風，沒有打開。感謝。

You for taking my call and congratulations. Great to see you just hitting larger and larger numbers every year and all-time high right now. So, just a couple of questions for you, maybe something's going to address already, with (Azazoo).

您接聽了我的電話，恭喜您。很高興看到你的數字每年都在不斷增長，現在達到了歷史最高水平。所以，我只想問你幾個問題，也許有些事情已經解答了，（阿札祖）。

There has been some lower, throughput and processing, recoveries lately. So what kind of measures are you taking to, offset that and what kind of timeline are you looking at for improvement? I know you mentioned molybdenum molybdenum circuit in the past. Do you have anything, new to discuss on that?

最近，吞吐量和處理能力的恢復有所降低。那麼，您正在採取什麼樣的措施來抵消這種影響，您期望什麼樣的改進時間表？我知道您以前提到過鉬鉬電路。您對此還有什麼新內容要討論嗎？

No, that's a (zoo). You, is this, you finished the question or have others?

不，這是一個（動物園）。你，這是你答完的題目還是有別人的題目？

I have other questions. You want me to ask them all right now?

我還有其他問題。你想讓我現在就問完他們所有人嗎？

Okay. So, as a (zoo), we are entering in an area of the mind that it's more difficult and has this impact on slightly lower grades. The recoveries at this quarter was mostly affected because we are installing flotation cells to recover molybdenum.

好的。因此，作為動物園，我們正在進入一個思維領域，這更困難，並且對較低年級的學生有影響。本季的回收率受到的影響最大，因為我們正在安裝浮選槽來回收鉬。

There was, there is some, we saw some molybdenum also coming in our concentrate. And the team was very keen and fast to within less than a year implement a project to install some flow additional flotation cells in order to recover molybdenum and also sell this molybdenum.

我們看到，我們的精礦中也含有一些鉬。團隊非常熱心且迅速地在不到一年的時間內實施了一個項目，安裝了一些流動的額外浮選槽，以回收鉬並出售這些鉬。

And that these lower recoveries that we had this quarter is due to the adjustment of the flotation cells in order to have molybdenum as well. So, we should stabilize this process and then improve our recoveries along the next quarter. Nevertheless, it structurally on the on (zazole), we will see a lower grade compared to what we mined in the last four years.

本季回收率較低是由於對浮選槽進行了調整以便同時獲得鉬。因此，我們應該穩定這一進程，然後在下個季度改善我們的復甦。儘管如此，從結構上看（zazole），與過去四年開採的相比，我們將看到較低的品味。

So, in terms of metal mix, how significant is the molybdenum, as a say as a fraction of revenue?

那麼，就金屬組合而言，鉬在收入中所佔比例有多大？

I didn't hear your question.

我沒有聽到你的問題。

What is the significance of molybdenum in terms of, proportion in your revenue for or?

就貴公司的收入而言，鉬佔比有多大？

It can potentially generate $6 million to $10 million of sales.

它可能產生 600 萬至 1000 萬美元的銷售額。

Got it. Thank you. Moving on to Borborema, you can, good construction is, going really well on time on budget, and you're tracking all the guidance. Could you give us a bit of resolution on, the rate of ramp up as moving Q2 and into, Q3 and Q4 and when would you expect to hit 100%, capacity of that asset?

知道了。謝謝。繼續討論 Borborema，好的施工就是按時按預算順利進行，並且遵循所有的指導。您能否向我們提供一些關於第二季、第三季和第四季的產能提升率的信息，以及您預計何時該資產的產能將達到 100%？

The wrap up is running according to our, as we projected and we should, we continue to share the market that the commercial production, which is not 100%, commercial production is something around above 80%, 85% for constant days. We should reach that, during the third quarter.

總結按照我們的計劃進行，我們應該繼續分享市場，商業生產不是 100%，商業生產在恆定天數內大約在 80% 到 85% 以上。我們應該在第三季實現這一目標。

Okay, and then, in the past, as you finished up, construction of a mass, for example, you were able to, then move on to program, just immediately and, presumably you use some of the same teams on both assets.

好的，然後，在過去，當您完成建造一個大型建築時，您可以立即進行編程，並且大概您會在兩個資產上使用一些相同的團隊。

So, do you have a view towards, keeping that team busy, pass forbarema. And maybe tie another question into that. Do you have a view on the right number of mines that you would like to have operating concurrently in your portfolio? I understand in the past that you, you've added mines, you've built minds, and you've also divested minds. So how are you thinking about the correct size of your operating mind portfolio?

那麼，您是否考慮讓該團隊保持忙碌，並傳球給巴雷馬？或許可以將另一個問題與此連結起來。您是否認為您的投資組合中可以同時運作的礦場數量合適？我了解過去你們，你們增加了礦山，你們建立了思想，你們也剝離了思想。那麼您如何考慮營運頭腦投資組合的正確規模呢？

Yes, I think, yeah, keeping the team busy. I think it's like goes in both directions. I keep them busy, and they keep me busy because they build those mines so fast that they push me towards looking for a new M&A's faster than I thought.

是的，我認為，是的，讓團隊保持忙碌。我認為這是雙向的。我讓他們忙碌，他們也讓我忙碌，因為他們建造這些礦井的速度非常快，以至於他們促使我以比我想像中更快的速度尋找新的併購機會。

But, yeah, I think you're right. They know how that we built in Almas now implementing Borborema is the same team. And the idea, this same team is already involved, already on the design and feasibility study for a Matu pa and also Guatemala.

但是，是的，我認為你是對的。他們知道我們在 Almas 建立的、現在實施 Borborema 的都是同一支團隊。這個團隊已經參與了這個想法，並且已經對 Matu pa 和危地馬拉進行了設計和可行性研究。

The team already visited both projects and then we will decide which will go first, but we'll be the same team that will build Bluestone and also Matu pa. That's why we probably don't want yet to build both at the same time because we will need, if we, May, it's easier to build, it's something that we already done in Borborema, in Almas, and we have the know-how, the suppliers, and all, the whole ecosystem is in Brazil.

團隊已經訪問了這兩個項目，然後我們將決定先進行哪個項目，但我們將是建造 Bluestone 和 Matu pa 的同一支團隊。這就是為什麼我們可能還不想同時建造這兩個項目，因為我們需要，如果我們可能的話，建造起來更容易，這是我們已經在 Borborema、Almas 做過的事情，我們擁有專業知識、供應商，而且整個生態系統都在巴西。

In Guatemala it's different, so we need to pay a lot of attention, so we will make sure that we'll play very safe building Borborema or Bluestone. Although it's a smaller plant. But, technically can have challenges that we need to address and also be 100% focused. So, we will decide by the end of Q2 or maybe during Q3, which way to go, but it'll be the same team.

危地馬拉的情況有所不同，因此我們需要多加註意，確保在建造 Borborema 或 Bluestone 時非常安全。儘管它是一種較小的植物。但是，從技術上講，我們可能會遇到一些挑戰，需要我們全力以赴去解決。因此，我們將在第二季末或第三季期間決定採取何種方式，但還是由同一支團隊來決定。

Thank you for answering my questions. That's, it's good to hear, building some expertise in-house will be a very good thing going forward. If I can just ask one more before I sign off, on Borborema, the road relocation has been, quite topical. Of course, you'll tell us when it's completed, but for now, could you tell us, once you have the permits to relocate the road, how quickly could you implement that into a plan for expanding, for Burma. And that's my last question.

感謝您回答我的問題。聽到這個消息真是太好了，在內部建立一些專業知識將是一件非常好的事情。在結束之前我還可以再問一個問題，關於 Borborema，道路遷移問題一直是個熱門話題。當然，竣工後您會告訴我們，但是現在，您能否告訴我們，一旦您獲得重新安置道路的許可，您能多快將其納入緬甸的擴張計劃中？這是我的最後一個問題。

Thank you very much.

非常感謝。

So, just wrapping up the last question that you also asked that I didn't answer about the numbers of assets that we believe we can have in our portfolio. Normally, major companies, the rule of thumb is 6 assets to 8 assets, more than that can create complexity, but structurally, and our government has designed a decentralized decision-making process empowering the minds so that corporate pays attention capital allocation and human development and of course, setting, the whole culture.

因此，總結您提出的最後一個問題，我沒有回答我們認為我們的投資組合中可以擁有的資產數量。通常，大公司的經驗法則是 6 項資產到 8 項資產，超過這個數字會產生複雜性，但在結構上，我們的政府設計了一個分散的決策流程，賦予人們權力，以便企業專注於資本配置和人力發展，當然還有整個文化的設定。

But with that culture, we believe we can go beyond 8 assets, maybe 8 to 10, but there will be a limit. Now, I believe 8 to 10, it will create the complexity for us to manage them, properly. And then after that, stop recycling, right? Start to, going towards, higher mines and bigger mines, and then also divesting from the small ones. So that's why I believe it's very important for the investors to pay attention.

但在這種文化下，我們相信我們可以超越 8 種資產，也許是 8 到 10 種，但有一個限度。現在，我相信 8 到 10 將會為我們的妥善管理帶來複雜性。然後就停止回收了，對嗎？開始朝向更高的礦井和更大的礦井發展，然後再剝離小礦井。所以我認為投資人關注這一點非常重要。

Now, we have a very fast growth and as we grow and we start to become over a million ounces produce or 1.5, that will be harder to accelerate, it will be harder to maintain this kind of growth and this kind of returns that we are having, in the smaller projects because the world is fighting too much for super big projects.

現在，我們的成長速度非常快，隨著我們的成長，我們的產量開始超過 100 萬盎司或 150 萬盎司，這將很難加速，維持這種成長和回報將變得更加困難，因為世界對超級大項目的爭奪太激烈了。

And then the road allocation, it's, we are progressing a lot of back and forth, with the National Agency for Transportation, believe that we can have the project approved in Q2, perhaps a little bit delayed to Q3. The government is overwhelmed with a lot of, projects and work and the small budgets, to address them.

然後是道路分配，我們正在與國家交通運輸署進行大量的反覆溝通，相信我們可以在第二季度獲得專案批准，也許會稍微推遲到第三季。政府不堪重負，專案和工作繁多，但預算卻很少，難以解決這些問題。

But they, we are progressing. And after we have the license, we can immediately update the feasibility study and declare the new reserves and after we do that, then we need to go through two things, the construction of the new road and the buying the lands or expropriating the lands and, building the new road and also expanding the capacity of Borborema and I, we believe we can do that in 2years or 2.5 years after we have the license.

但是他們，我們正在進步。獲得許可證後，我們可以立即更新可行性研究並宣布新的儲備，之後我們需要完成兩件事，建造新道路和購買土地或徵用土地，建造新道路並擴大 Borborema 的容量，我相信我們可以在獲得許可證後的 2 年或 2.5 年內完成這些。

(multiple speakers) We can actually capacity much faster than this, but the bottleneck will be the whole, process of, getting the land, buying, and expropriating and building the road.

（多位發言者）我們實際上可以以比這更快的速度實現產能，但瓶頸在於獲取土地、購買、徵用和修建道路的整個過程。

Okay, our next question comes from Marcello Arazi with BTG. You can open your microphone.

好的，我們的下一個問題來自 BTG 的 Marcello Arazi。您可以打開麥克風。

Good morning, guys. Two questions on my side as well. Can we expect dividends to remain elevated at this high levels even during more CapEx intensive cycles? And on a second question as well, we also noticed a slight increase in leverage this quarter. What levels of leverage are you comfortable with maintaining going forward? Could we see our sustaining higher leverage in order to keep dividends high?

大家早安。我也有兩個問題。即使在資本支出密集的周期中，我們是否可以預期股利仍將維持在如此高的水平？關於第二個問題，我們也注意到本季槓桿率略有上升。您願意在未來維持什麼樣的槓桿？我們是否可以看到我們持續較高的槓桿率以維持高股息？

Thank you.

謝謝。

So, dividends, we continue to share that, we would, our idea is to continue to pay the 20% of EBITDA minus recurring CapEx as we are growing and as gold price continue to appreciate as we maintain the cost at the same level reduce. So, we should see EBITDA going up and then.

因此，對於股息，我們將繼續分享，我們的想法是繼續支付 EBITDA 的 20% 減去經常性資本支出，因為我們正在增長，隨著金價繼續升值，我們將成本保持在同一水平上降低。因此，我們應該會看到 EBITDA 上升。

Proportionally, the dividends also can follow, this movement. Exception was this quarter that we paid extra due to the receivables of Serate, but then for the next quarter, the 20% of the man recurring CapEx, and we've been actually paying a little slightly above that on the next year.

按比例，股息也可以遵循這種變動。例外情況是，本季度我們因 Serate 的應收帳款而支付了額外費用，但對於下一季度，我們將支付 20% 的經常性資本支出，而我們實際上在明年支付的費用略高於這個數字。

That's what we should expect, for the company in terms of leverage we had, this, slightly increase during this quarter, mostly because of two, transactions. One, we finished the construction of Borborema, so we had all the expenses of Borborema and not yet we don't have the EBITDA, right? So, during the second semester, we'll see this the leveraging process because then we don't have invest in Borborema anymore and then we have the EBITDA.

這正是我們預期的，就公司的槓桿率而言，本季略有增加，主要是因為兩筆交易。首先，我們完成了 Borborema 的建設，所以我們已經承擔了 Borborema 的所有費用，但我們還沒有 EBITDA，對嗎？因此，在第二學期，我們將看到這個槓桿過程，因為那時我們不再投資 Borborema，然後我們就有了 EBITDA。

And the second one is the acquisition of Bluestone, either the cash we paid, but also the debt that comes, with, the project that also impact our leverage, but nothing that is, take us from the comfortable zone. In terms of leverage, we are super comfortable at 1.5 times EBITDA 2 times EBITDA that could be acceptable on the process of we finish the construction of something, and we see that the leverage.

第二個是收購 Bluestone，我們支付的是現金，但專案帶來的債務也會影響我們的槓桿率，但沒有什麼能讓我們脫離舒適圈。就槓桿率而言，我們對 1.5 倍 EBITDA 和 2 倍 EBITDA 感到非常滿意，這在我們完成某項建設的過程中是可以接受的，而且我們看到了槓桿率。

Very fast, or you do some acquisition, and you see that the leverage fast. So that's where we would like to maintain that that will be done.

非常快，或者你進行一些收購，你會看到槓桿率很快就上升。因此，我們希望堅持這一點。

Thank you. If I can ask another one, on Guatemala, is there any timing that you could share, even regarding some financial details in order for us to model the project?

謝謝。如果我可以問另一個人，關於危地馬拉，您是否可以分享一些時間安排，甚至一些財務細節，以便我們為專案建模？

Yeah, we should do, we expect to do one PEA that will not fully optimize, mind sequencing some process, by June, but at least we can provide the market what we expect to be the CapEx and the cash flow and returns, not including some optimizations.

是的，我們應該這樣做，我們預計在 6 月之前完成一項 PEA，雖然它不會完全優化，也不會對某些流程進行排序，但至少我們可以向市場提供我們預期的資本支出、現金流和回報，不包括一些優化。

And then we are doing, additional work to go to the feasibility study. By early next year, perhaps late this year, and that, full feasibility study will also include, mind sequencing optimizations, in the project that, we believe there will be, can boost even more other results.

然後我們正在做額外的工作來進行可行性研究。到明年年初，也許是今年年底，全面的可行性研究還將包括思維排序優化，我們相信，這可以推動更多其他成果。

Perfect. Thank you, Rodrigo.

完美的。謝謝你，羅德里戈。

The Q&A section is over. We would like to hand the floor back to Mr. Rodrigo Barbosa for the company's final remarks.

問答環節到此結束。我們想把發言權交還給 Rodrigo Barbosa 先生，請他發表公司的最後發言。

Well, thank you again, all, for the earning score again. We are super proud for the results and I would just give a brief overview and then for those that, doesn't follow our story and has entered recently, we are walking the talk since 2020. And when we did our VIPO and the issues of our BDRs in Brazil, we told them market that we would generate value in three variables.

好吧，再次感謝大家給予的分數。我們為所取得的成果感到非常自豪，我只想做一個簡短的概述，然後對於那些不關注我們的故事並且最近才進入的人，我們從 2020 年開始就一直在實踐這一承諾。當我們在巴西進行 VIPO 和 BDR 發行時，我們告訴市場我們將在三個變數中創造價值。

We would develop our green fuel projects we would increase our resources and reserves, and we would also continue to grow through M&As and we would do all these three while we would be able to pay significant dividends. If you look back and what where we are right now, what we done it's significant progress since then. We built AMA's on time, on budget.

我們將開發我們的綠色燃料項目，增加我們的資源和儲備，我們也將透過併購繼續發展，我們將同時完成這三項工作，同時我們將能夠支付可觀的股息。如果你回顧我們現在所處的位置，看看我們所做的一切，你會發現自那時以來我們取得了重大進展。我們按時、按預算建造了 AMA。

We acquired the Borborema, we updated the feasibility study. We built the Borborema, we acquired the Bluestone. We increased production, we increased resources and reserves, and also. We provided, one of the highest achieved the yield, in the world, in the gold sector to our shareholders.

我們收購了 Borborema，並更新了可行性研究。我們建造了 Borborema，我們收購了 Bluestone。我們增加了產量，增加了資源和儲備，而且。我們為股東提供了黃金領域全球最高收益之一。

So, we are walking the talk, we're delivering significant results, and as I mentioned, we are right in the beginning because right now we are at a closer 270. Our guidance is 260 to 300,000 ounces after we reach 500, 600,000 houses, and then we also address.

所以，我們言行一致，取得了顯著的成果，正如我所提到的，我們才剛開始，因為現在我們已經接近 270 了。我們的指導是，在達到 50 萬至 60 萬戶家庭後，產量將達到 260 至 30 萬盎司，然後我們還會解決這個問題。

This daily trading volume, we be that we believe that we can significantly provide higher returns for our shareholders. So walking the talk, we are happy to be here and all of that with a very high standards of safety in our operations. So, I thank you all and I will keep the market informed as we progress in our news and in the upcoming future.

這樣的每日交易量，讓我們相信我們能夠為股東帶來顯著更高的回報。所以，我們說到做到，很高興來到這裡，我們的營運安全標準非常高。所以，我感謝大家，我會在我們的新聞進展和未來的發展中隨時向市場通報。

Thank you. Aura's conference is now closed. We thank you for your participation and wish you a nice day.

謝謝。Aura 的會議現已結束。我們感謝您的參與並祝您有個愉快的一天。