Aura Minerals Inc (AUGO) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to second quarter 2025 earnings call. This conference is being recorded, and the replay will be available at the company's website at auraminerals.com/investidores. The presentation will also be available for download. This call is also available in Portuguese.

女士們、先生們，早安。歡迎參加 2025 年第二季財報電話會議。本次會議將被錄製，重播將在公司網站 auraminerals.com/investidores 上提供。簡報也可下載。此通話還提供葡萄牙語版本。

(Operator Instructions)

（操作員指示）

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 are 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.

在繼續之前，我們想澄清一下，本次電話會議中有關公司業務前景、營運和財務預測和目標的任何聲明均為 Aura 執行委員會的信念和假設以及公司目前掌握的資訊。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.

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，這些事件可能導致結果與各自前瞻性陳述中表達的結果有重大差異。

Present at this conference, we have Mr. Rodrigo Barbosa, President and CEO; and Mr. Kleber Cardoso, CFO. Now I will turn the conference over to Rodrigo Barbosa. You may begin the conference.

出席本次會議的有總裁兼執行長 Rodrigo Barbosa 先生和財務長 Kleber Cardoso 先生。現在我將會議交給羅德里戈·巴博薩。您可以開始會議了。

Good morning, all. Good morning, all the investors, and good morning, investors from Brazil, Canada, Europe. And also, I welcome the new investors that recently joined us, the IPO we had NASDAQ a couple of weeks ago.

大家早安。各位投資人大家早安，巴西、加拿大、歐洲的投資人大家早安。同時，我也歡迎最近加入我們的新投資者，幾週前我們在納斯達克進行了 IPO。

As we all do in the earnings call, we divided this in two separate presentations. First, myself, I will present and give an overview about the company, about the progress we made during the quarter and some of the highlights of the results. And then on the second phase, Kleber, our CFO, is going to go more in detail about our results and cash flows and also the net debt levels and dividends.

正如我們在收益電話會議上所做的那樣，我們將其分為兩個單獨的演示。首先，我自己將介紹並概述公司狀況、我們在本季的進展以及一些業績亮點。然後在第二階段，我們的財務長克萊伯將更詳細地介紹我們的業績和現金流以及淨債務水準和股息。

So this was, again, an extraordinary quarter as the fourth consecutive quarter that Aura has reaching record high results in terms of EBITDA. We started with a production of 64,000 ounces of gold equivalent ounces, which was -- it's more than we produced in the first quarter, the same as we produced a year ago, but with the constant price, it's higher than we produced also a year ago.

因此，這又是一個非凡的季度，因為這是 Aura 連續第四個季度在 EBITDA 方面創下歷史新高。我們一開始的產量是 64,000 盎司黃金當量，比我們第一季的產量還要多，與一年前的產量相同，但以不變價格計算，這比一年前產量還要高。

When -- another important factor is that not only we are growing production, our cash costs are being stable along the last quarters and higher production, stable cost and also higher gold prices, we've been able to reach a record high EBITDA at $106 million on Q2, understanding that this quarter, we had a gold price of $3,185 that also drove us our last 12 months EBITDA to $344 million with a gold price of $2,800.

另一個重要因素是，不僅我們的產量在增加，我們的現金成本在最近幾季也保持穩定，產量增加、成本穩定以及金價上漲，我們在第二季度的 EBITDA 達到了創紀錄的 1.06 億美元，本季度的金價為 3,185 美元，這也推動我們過去 12 個月的 EBITDA 達到 3.440 美元，金價為 2804 美元。

So that means that we still -- if gold continues at this price now hovering around $3,400, we continue to have room to improve our EBITDA by only gold price. On the top of that, as we will see, we should have increased production along the third quarter and then in the fourth quarter, which could push even further our last 12 EBITDA to finish the year with a very strong results.

所以這意味著我們仍然——如果金價繼續保持在目前 3,400 美元左右，我們仍然有空間僅透過金價來提高我們的 EBITDA。除此之外，正如我們將看到的，我們應該在第三季度和第四季度增加產量，這可能會進一步推動我們過去 12 年的 EBITDA 以非常強勁的業績結束今年。

As we will see, our all-in sustaining cash cost on the quarter was $1,449 very much in line with our guidance, very much in line with the performance on Q1 and very much in line with 12 months ago if we use constant prices. One thing that I would highlight is that we have a copper production, around 20% of the production comes from -- the revenues come from copper and then we convert that copper production into gold equivalent. So basically, we divide the sales, the revenues of copper through the gold price. So that would mean a gold equivalent. So we published all-in gold equivalent ounces.

正如我們將看到的，本季度我們的全部維持現金成本為 1,449 美元，與我們的指導非常一致，與第一季的表現非常一致，如果我們使用不變價格，則與 12 個月前非常一致。我想強調的一點是，我們有銅產量，大約 20% 的產量來自——收入來自銅，然後我們將銅產量轉換成黃金等價物。所以基本上，我們是透過黃金價格來劃分銅的銷售額和收入。所以這意味著黃金等價。因此我們公佈了全部黃金當量盎司。

The higher the gold prices, the lower is the conversion. So that's what we see as some of numbers being stable on the screen.

黃金價格越高，轉換率越低。這就是我們在螢幕上看到的一些穩定數字。

But as you use constant price, you see that we are increasing production and also being able to maintain the same all-in sustaining cash cost. And despite some higher gold prices that we have to adjust to market-to-market on our collars that Kleber is going to explain in details. We finished the quarter with $8 million of net profit, while the adjustment -- the net income adjusted is $37 million, and Kleber is going to go more in details about this.

但是當你使用不變價格時，你會發現我們正在增加產量，並且能夠維持相同的全部維持現金成本。儘管金價有所上漲，我們仍必須根據市場情況調整我們的項圈，Kleber 將對此進行詳細解釋。本季我們的淨利潤為 800 萬美元，而調整後的淨收入為 3,700 萬美元，Kleber 將對此進行更詳細的說明。

Very importantly, on the strategic agenda, we are also moving very strong on the growth of the company. Just a quick reminder, we started the year with the construction on the final phase of Borborema and also pending to close the acquisition of Bluestone. We closed in the first quarter the acquisition of Bluestone. We finished the construction of Borborema. We are now in the first -- on the ramp-up phase.

非常重要的是，在策略議程上，我們也大力推動公司的發展。簡單提醒一下，我們今年年初開始了 Borborema 的最後階段建設，同時也完成了對 Bluestone 的收購。我們在第一季完成了對 Bluestone 的收購。我們完成了 Borborema 的建造。我們現在正處於第一階段——加速階段。

And in this second quarter, we already produced 2,500 ounces of gold.

今年第二季度，我們已經生產了 2,500 盎司黃金。

Of course, now we are gradually increasing production, gradually increasing capacity and gradually increasing grades. So we should see on the third quarter higher production to declare commercial production expected now to September this year. And then after that, also a higher production on Q4. Also on the strategic agenda, we made the other two significant progress. One, we signed the contract to acquire MSG (spoken in foreign language) that is planning to close during Q3 this year.

當然現在我們在逐步增加產量，逐步提高產能，並逐步提高檔次。因此，我們應該看到第三季產量有所提高，預計今年 9 月將實現商業化生產。此後，第四季的產量也將更高。同樣在策略議程上，我們取得了另外兩項重大進展。一是我們簽署了收購MSG（外語）的合同，計劃在今年第三季完成收購。

We also published the PEA of Era Dorada, the former Cerro Blanco. It's a high-grade underground mine in Guatemala that can provide us additional 95,000 ounces of production per year on the first four years with a CapEx of $265 million, returns at 24% per year with the gold price $2,400, while from the PEA two the feasibility study, which we expect to finish by the end of this year or early next year.

我們也出版了 Era Dorada（前身為 Cerro Blanco）的 PEA。這是危地馬拉的一個高品位地下礦，可以在前四年每年為我們提供額外的 95,000 盎司產量，資本支出為 2.65 億美元，如果黃金價格為 2,400 美元，則年回報率為 24%，而根據 PEA 中的兩項可行性研究，我們預計將在今年年底或明年年初完成。

We see also room for improvement in terms of cost production and then returns.

我們也看到成本生產和回報方面還有改進的空間。

So we are working on that, and we should be releasing the feasibility study by the end of the year, early next year. Very importantly, also, we acquired -- we have signed the agreement to acquire MSG, published the PEA. We also very important, we did our IPO in NASDAQ. This was strategic for us once we always share with the market that on the third avenue for us to deliver value to our shareholders, we had to tackle the multiple and the multiple that we are discounted compared to our peers comes from basically two main reasons.

因此，我們正在努力，並將在今年年底或明年年初發布可行性研究報告。同樣非常重要的是，我們已經簽署了收購 MSG 的協議，並發布了 PEA。我們也非常重視在納斯達克進行首次公開發行。這對我們來說具有戰略意義，因為我們總是與市場分享，在我們為股東創造價值的第三條途徑上，我們必須解決倍數問題，而與同行相比，我們的折扣倍數主要來自兩個主要原因。

Number one, we need to continue to increase and be in the higher production. And second, we had to address also our daily trading volume. So moving to the United States and NASDAQ, we could increase the float of the company and tackle a market that can provide a better liquidity to our shares, and we should continue to see this improvement along the year.

首先，我們需要繼續增加產量並提高產量。其次，我們也必須解決每日交易量的問題。因此，轉向美國納斯達克，我們可以增加公司的流通股，並進入一個可以為我們的股票提供更好流動性的市場，我們應該會在今年繼續看到這種改善。

Recently, we also announced the decision to start the process to delist from TSX so that we can focus and concentrate all our daily trading volume in NASDAQ from now on. We also -- we made progress on the three avenues. Most of our investors and analysts know that we have three avenues to deliver value to our shareholders. Number one is to deliver the greenfield projects to build them on time on budget. Borborema is there, almost we built on time on budget.

最近，我們也宣布了啟動從多倫多證券交易所退市程序的決定，以便從現在開始我們可以將所有日常交易量集中在納斯達克。我們還在這三個方面取得了進展。我們的大多數投資者和分析師都知道，我們有三種途徑為股東創造價值。首要任務是按時按預算交付綠地專案。Borborema 已經建成，我們幾乎按時按預算完成了建設。

That's why we fully production. Borborema is now in ramp-up -- final ramp-up phase.

這就是我們全力生產的原因。Borborema 目前正處於最後的加速階段。

We made acquisition of Bluestone. We made acquisition of MSG. We also increased our investment in exploration. We released the new AIF by March of this year, increasing our resources and reserves. And then on the third avenue to continue to address our multiple we did the deal listing.

我們收購了 Bluestone。我們收購了 MSG。我們也增加了對勘探的投資。我們在今年3月發布了新的AIF，增加了我們的資源和儲備。然後在第三條大道上繼續解決我們的多重問題，我們做了交易清單。

So we are moving very diligently in the three avenues that we disclosed to the market since 2020.

因此，自 2020 年以來，我們一直在非常努力地推動三個向市場揭露的途徑。

And on the top of that, why we would be able to pay dividends. So if you see the track record in terms of paying dividends, we are among the top dividend yield in the world in the gold sector. And this dividend that we announced today of $0.33 per share put us on the last 12 months of a dividend yield of 7.4% when you add also the share buybacks, guaranteeing us also a top dividend player in the world without jeopardizing our growth story.

最重要的是，我們為什麼能夠支付股息。因此，如果您查看支付股息方面的記錄，您會發現我們的股息殖利率在黃金產業中位居全球前列。我們今天宣布的每股 0.33 美元的股息使我們過去 12 個月的股息收益率達到 7.4%（如果加上股票回購），這保證了我們成為全球頂級股息公司，同時又不會危及我們的成長前景。

Next slide. So on this slide, we always like to share our safety records. We are very glad also that we are now over 2.5 years with only one single lost time incident that happened in Apoena slightly over a year ago and also finishing the construction of Borborema without any lost time incident.

下一張投影片。因此，在這張投影片上，我們總是喜歡分享我們的安全記錄。我們也非常高興，兩年半以來，我們只發生過一次工時損失事故，這起事故發生在一年多前的阿波埃納 (Apoena)，而且博爾博雷瑪 (Borborema) 的建設也順利完成，沒有發生任何工時損失事故。

We now are over 1,000 days in Borborema, building the project and now ramping up without having a lost time incident, which is underscores our focus to guarantee safety standards to our employees. And also on the geotechnical structure, we also monitor them with external parties and audited them on a constant basis and recently did a new auditing.

我們現在已經在 Borborema 工作了 1,000 多天，一直在建造這個項目，並且正在加緊努力，沒有發生任何工時損失事故，這凸顯了我們對保證員工安全標準的重視。對於岩土結構，我們也與外部機構一起進行監控，並定期進行審計，最近也進行了新的審計。

So all the geotechnical structures are in satisfactory levels. So we have no issues with any of them. So guarantee that the safe operation for everybody. So in terms of production, as we can see on the bars on the left side of the slide, we are the quarter production on the top of the line, we have the last 12 months of production. We see that in Q2, we produced 64,000 ounces compared to 60,000 ounces on Q1.

因此，所有岩土結構均處於令人滿意的水平。因此我們對它們都沒有異議。因此保證每個人的安全操作。因此，就生產而言，正如我們在幻燈片左側的條形圖上看到的，我們是線頂部的季度產量，我們有過去 12 個月的產量。我們發現，第二季我們的產量為 64,000 盎司，而第一季的產量為 60,000 盎司。

When you compare to Q2 to '24, as I was mentioned, it seems the same, but there is a negative effect of production because of the higher gold prices, the lower conversion of copper into gold equivalent. If we were not by this, we would be over close to 10% higher and outperforming the 260,000 ounces of gold equivalent production in the last 12 months, understanding that now we should see an increase in production due to Borborema and some better production also in the second half in some of our operations.

正如我所提到的，當你將 2024 年第二季與 2025 年第二季進行比較時，情況似乎相同，但由於金價上漲，銅轉化為黃金的轉換率降低，對生產產生了負面影響。如果不是這樣，我們的產量將高出近 10%，超過過去 12 個月的 260,000 盎司黃金當量產量，現在我們應該會看到由於 Borborema 而導致的產量增加，而且下半年我們的一些業務的產量也會有所提高。

In Q1 and Q2, when compared to operations, you see Almas very much the same and very much also in line with our projections. Minosa, same, very much in line with the projections as well, internal projections. Apoena, slightly below the Q1, but yet slightly even above our expectations during the quarter. And, Aranzazu an increase compared to Q1 despite a negative effect of a higher gold price -- on constant price, that increase would have been even higher.

在第一季和第二季度，與營運情況相比，您會發現 Almas 的情況非常相似，也與我們的預測非常一致。米諾薩，同樣，也非常符合預測，內部預測。Apoena 略低於第一季度，但仍略高於我們本季的預期。儘管受到金價上漲的負面影響，但與第一季相比，Aranzazu 仍實現了成長——以不變價格計算，這一增幅甚至會更高。

So with that, we're also now adding a small part here, which we are very proud to show to the market at 3,000 ounces from Borborema during Q2. And of course, now we are progressing on the ramp-up, we should see an incremental production during Q3 and then also in Q4.

因此，我們現在也在這裡添加了一小部分，我們非常自豪地在第二季度向市場展示來自 Borborema 的 3,000 盎司產品。當然，現在我們正在逐步提高產量，我們應該會在第三季和第四季看到產量的增量。

In terms of all-in sustaining cash cost, also as I was mentioned in the beginning, very strong management concern and focus on containing any kind of inflation and any kind of price pressure. As we can see in Q2, we reached $1,449, very much in line to Q1. And then also when you compare to Q2 last year and you use constant prices, we will see that we are also in the same level of all-in sustaining cash cost of last year, understanding that this year, we also -- we have a pressure up on all-in sustaining cash cost because of the investment phase that we are going through Apoena, pushing back the pit, creating a super pit so that we can resume higher productions after 2026.

就全部維持現金成本而言，正如我在開始時提到的那樣，管理層非常關注並專注於控制任何形式的通貨膨脹和任何形式的價格壓力。正如我們在第二季度看到的那樣，我們達到了 1,449 美元，與第一季非常一致。然後，當您與去年第二季度進行比較並使用不變價格時，我們會發現我們的總維持現金成本也與去年處於同一水平，並且今年，我們也面臨著總維持現金成本的壓力，因為我們正在經歷 Apoena 的投資階段，推遲礦坑建設，創建一個超級礦坑，以便我們可以在 2026 年後恢復更高的產量。

So with that, we can also see our all-in sustaining cash cost going down. And then we now have Borborema coming online that have below our average all-in sustaining cash cost, of course, almost the same as we've been able to show the market.

因此，我們也可以看到我們全部的維持現金成本正在下降。現在，我們已經上線了 Borborema，其維持現金成本低於我們的平均水平，當然，幾乎與我們向市場展示的相同。

And then we have Matupa and Era Dorada, both also has below the average that we have all-in sustaining cash costs, while MSG -- MSG, should start with a higher than our average all-in sustaining cash cost, but we believe that we can gradually decrease the all-in sustaining cash costs from MSG after we close the transaction.

然後我們有 Matupa 和 Era Dorada，兩者的全維持現金成本也都低於我們的平均水平，而 MSG - MSG 的起始全維持現金成本應該高於我們的平均水平，但我們相信，在交易結束後，我們可以逐步降低 MSG 的全維持現金成本。

As we are moving very much in line with expectations, we have no changes in our guidance to the market since we released early this year. Production in the first half of 124 when you compare to 266, 300 seems that we are behind, but of course, on the second semester now enters in commercial -- higher production, commercial production for Borborema, so that will put we are very keen to achieve and be between the guidance that we gave to the market.

由於我們的行動與預期基本一致，自今年年初發布以來，我們對市場的指導沒有改變。上半年的產量為 124 輛，與 266,300 輛相比，我們似乎落後了，但當然，第二季度我們進入了商業化階段——產量更高，Borborema 的商業化生產，因此我們非常渴望實現這一目標，並達到我們給予市場的指導。

In terms of cash costs, on the other hand, you'll see that we are very much close to the low level of our guidance. And a second semester, we expect to have a better production in some of our operations and also Borborema coming online. So we should be very much in line with the guidance, if not slightly below the guidance either on the cash cost, but also on the all-in sustaining cash cost. And as also, we performed and we finish the construction of Borborema, we think the budget, we also maintaining the same guidance for the market in terms of CapEx for sustaining exploration and also new projects.

另一方面，就現金成本而言，您會發現我們非常接近指導的低水準。在第二學期，我們預計部分業務的產量會更高，並且 Borborema 也會上線。因此，無論是現金成本還是總維持現金成本，我們都應該非常符合指導方針，甚至略低於指導方針。而且，我們完成了 Borborema 的建設，我們認為預算，我們還在資本支出方面保持了與市場相同的指導，以維持勘探和新項目。

I've highlighted that we believe it's important to share with the market is the successful ramp-up of Borborema, we're still, of course, two months, 1.5 months before we can declare commercial production. That's very in structural things we think the mine has been proving, has been successful. Number one, the mine is conciliating very well. The grades are there. The grades are consistent. We're also utilizing very strong capacity from the crusher, very strong capacity also from the mill. We used also the CIL.

我強調過，我們認為與市場分享 Borborema 的成功成長非常重要，當然，我們還需要兩個月、一個半月的時間才能宣布商業化生產。我們認為，從結構上看，該礦已經證明這一點，並且取得了成功。第一，礦井調解得很好。成績就在那裡。成績一致。我們也利用了破碎機和磨機的強大產能。我們也使用了 CIL。

The recovery has been very much also in line without we projected. CIL has been -- this is where we've been lower performance than we projected since the beginning. So we are now going more lower grade than expected. But at the same time, all the adjustments at the CIL has been already done, four CIL tanks already adjusted and a few other more to adjust in the next couple of weeks, so -- and the performance are going up as we continue to have expected commercial production to the September.

復甦也與我們預測的非常一致。CIL 的表現一直低於我們一開始所預期的水平。因此，我們現在的成績比預期的要低。但與此同時，CIL 的所有調整都已完成，四個 CIL 儲罐已經調整完畢，另外幾個儲罐將在接下來的幾週內進行調整，因此 - 而且性能正在上升，因為我們預計到 9 月份商業生產將繼續進行。

Also, the future is working very well. So the humidity of the tail has been very much a 16%, 18%, very much in line with the project. So all the process of the gold or the way the gold performs around the plant has been well proven, checked. And now we just need some adjustments at the plant so that we can continue to increase capacity and declare commercial production by September.

而且，未來發展前景非常好。因此，尾部的濕度一直保持在 16%、18% 左右，與項目非常一致。因此，黃金的所有流程或黃金在工廠周圍的表現方式都已經得到充分的證明和檢查。現在我們只需要對工廠進行一些調整，以便我們能夠繼續提高產能並在 9 月宣布商業化生產。

Just a quick, there was the slide of Era Dorado can go back on slide as we released the PA, the information is a wide available for our shareholders. This is a very important project that we are now adjusting the PA. We released the PA without reviewing all the mine sequencing that what we are doing right now and also detailing all the engineering and the mine sequence so that we can have the feasibility study.

簡單來說，當我們發布 PA 時，Era Dorado 的幻燈片可以重新回到幻燈片上，這些資訊可供我們的股東廣泛獲取。這是一個非常重要的項目，我們現在正在調整 PA。我們在沒有審查我們目前正在進行的所有礦井排序的情況下發布了 PA，也沒有詳細說明所有工程和礦井排序，以便我們進行可行性研究。

Nevertheless, these projects are already generating $0.5 billion of NPV discount at 5% with the gold price of 2,400 without any improvement with 24% internal rate of return at 2,400 gold price why we believe we can also improve those results to the feasibility study that we expect to release by the end of this year, early next year.

儘管如此，這些項目在金價為 2,400 時已經產生了 5 億美元的 NPV 折扣（5%），而沒有任何改善，在金價為 2,400 時內部收益率為 24%，因此我們相信我們還可以將這些結果改進到我們預計將於今年年底、明年初發布的可行性研究報告中。

And the CapEx, approximately $264 million. That's one important thing about Aura that we've been able to increase our capacity and to have right returns through a project that has contained in a very -- not that large NPV, which means a higher risk. So almost we built for $80 million. Now we built a volume of $188 million now and Era Dorado, we expect to be at $260 million. That continued to move our production up without compromising a lot of CapEx. That's what also allow us to continue to pay dividends.

資本支出約為 2.64 億美元。關於 Aura 的一個重要的事情是，我們能夠透過一個包含非常大 NPV 的專案來提高我們的產能並獲得正確的回報——不是那麼大的 NPV，這意味著更高的風險。因此我們的建造成本幾乎達到 8000 萬美元。現在我們的交易額已達 1.88 億美元，而 Era Dorado 的交易額預計將達到 2.6 億美元。這使得我們的產量不斷提高，同時又不影響大量的資本支出。這也使我們能夠繼續支付股息。

Okay. Thanks, Rodrigo. So good morning, everyone. Now we're going to jump a little bit more in details on the summary of the main financial results for the second quarter. So we start with a page that brings a summary of the main financial KPIs for the second quarter, the less fewer quarters and accumulated last 12 months of this financial KPIs at the end of each reporting period.

好的。謝謝，羅德里戈。大家早安。現在我們將更詳細地介紹第二季主要財務業績的摘要。因此，我們從一個頁面開始，該頁面匯總了第二季度的主要財務 KPI、較少的季度以及每個報告期末過去 12 個月的累積財務 KPI。

We start on the top left with the net revenues. We see a significant increase in the net revenues in the second quarter of 2025. Net revenues achieving $190 million on this quarter, benefiting from the increase in production compared to the previous quarter and the increasing in gold prices. And we see a very positive trends in the last few quarters, our correlated last 12-month of revenues increasing quarter after quarter.

我們從左上角的淨收入開始。我們預計 2025 年第二季的淨收入將大幅增加。本季淨收入達 1.9 億美元，受惠於產量較上一季增加以及金價上漲。我們看到過去幾季的趨勢非常積極，過去 12 個月的相關收入逐季成長。

Moving to the right side to the adjusted EBITDA, a significant improvement in adjusted EBITDA, new record high as well, as Rodrigo pointed out. our adjusted EBITDA increasing by close to 30% compared to the previous quarter as a combination of increasing production as we saw additional 4,000 ounces. Second, we saw a slight decrease also in the all-in sustaining cash costs. And third, of course, the increase in gold prices.

轉到右側的調整後 EBITDA，正如 Rodrigo 指出的那樣，調整後的 EBITDA 有了顯著改善，也創下了新高。由於產量增加（增加了 4,000 盎司），我們的調整後 EBITDA 與上一季相比增加了近 30％。其次，我們也看到總維持現金成本略有下降。第三，當然是金價上漲。

Now our last 12 months adjusted EBITDA, also we see a similar trend of increasing quarter after quarter, achieving $344 million at the end of the second quarter with an average gold price of about $2,800 the market price for these last 12 months, which means that only considering gold prices, we should see a similar trend going forward, not putting on top of that, expect increasing production from the new projects.

現在，我們過去 12 個月的調整後 EBITDA 也呈現出類似的逐季成長趨勢，第二季末達到 3.44 億美元，而過去 12 個月的平均黃金價格約為 2,800 美元，這意味著僅考慮黃金價格，我們應該會看到類似的趨勢，在此基礎上，預計新項目的產量將會增加。

Then moving to the net income on the bottom left of the page, as some of you who follow the company in longer time you might remember, we have seen no cash impacts in the last few quarters in our P&L related noncash losses related to the gold hedges derivatives, which we have into account for market to market at the end of each accounting period.

然後轉到頁面左下角的淨收入，一些長期關注該公司的人可能還記得，在過去幾個季度中，我們沒有看到與黃金對沖衍生品相關的損益相關非現金損失產生現金影響，我們在每個會計期末都將其計入市場對市場。

On this quarter, we also -- we're going to show later in more detail, we -- fortunately gold prices continue increasing, which is very positive. We are going to see also a nonrealized loss with the gold derivatives despite of that, in this quarter, the operation -- the operating results more than offset those losses, and we are reporting a profit of $8 million on this quarter.

在本季度，我們還將更詳細地展示，幸運的是，金價繼續上漲，這是非常積極的。儘管如此，我們還將看到黃金衍生性商品的未實現損失，在本季度，營運結果足以抵消這些損失，我們報告本季的利潤為 800 萬美元。

And when we look here at the bottom to the adjusted net income, we see a similar trend. Our net income also making progress this quarter reaching $37 million. And then moving to cash, net debt and financial leverage of the company. In the bars, we see our net debt remained almost stable in the quarter. We closed the quarter with $280 million in net debt, which means that cash flows from operating activities were enough to pay for both the expansion of CapEx that we're going to see in more detail.

當我們查看調整後的淨收入底部時，我們看到了類似的趨勢。本季我們的淨收入也取得了進展，達到 3,700 萬美元。然後轉向公司的現金、淨債務和財務槓桿。從長條圖中我們可以看出，本季我們的淨債務幾乎保持穩定。本季末我們的淨債務為 2.8 億美元，這意味著經營活動產生的現金流足以支付資本支出的擴張，我們將對此進行更詳細的了解。

Some annual income tax payments that were significantly mostly in Honduras and dividends that we paid in the second quarter as well. As a combination of mostly stable net debt and an increase in the last 12 months adjusted EBITDA, we see that our net debt over the last 12 months adjusted EBITDA ratio reduced from 0.9% to 0.8x and not including yet the proceeds from the NASDAQ IPO, which was in July. So as we -- when we factor in the proceeds of the IPO, of course, all these KPIs improved, our cash increases, net debt reduces and also the financial leverage also reduces.

一些年度所得稅支付主要集中在宏都拉斯，此外我們還在第二季支付了股息。由於淨債務基本上穩定，加上過去 12 個月調整後 EBITDA 有所增加，我們發現過去 12 個月淨債務與調整後 EBITDA 的比率從 0.9% 降至 0.8 倍，且還不包括 7 月納斯達克 IPO 的收益。因此，當我們將 IPO 的收益考慮在內時，所有這些 KPI 當然都得到了改善，我們的現金增加了，淨債務減少了，而且財務槓桿也減少了。

Now moving to understand in more detail the main items between the adjusted EBITDA and the adjusted net income for the quarter. Starting with the adjusted EBITDA going in more detail how was the contribution by each business units. We see Aranzazu and Minosa with very strong results, about $36 million and $34 million, each contributing to our adjusted EBITDA in the quarter, almost a strong quarter as well, $25 million.

現在來更詳細地了解本季調整後的 EBITDA 和調整後的淨收入之間的主要項目。從調整後的 EBITDA 開始更詳細地了解每個業務部門的貢獻如何。我們看到 Aranzazu 和 Minosa 的業績非常強勁，分別約為 3600 萬美元和 3400 萬美元，它們各自為本季度的調整後 EBITDA 做出了貢獻，幾乎也是一個強勁的季度，為 2500 萬美元。

Apoena despite being in an investment phase, contributed with $16 million adjusted EBITDA in a quarter, pretty decent number. Borborema, of course, a small number as we have just shipped one shipment in the quarter, but also a positive, and it's -- we are proud of already reporting EBITDA from Borborema.

儘管 Apoena 處於投資階段，但其本季的調整後 EBITDA 貢獻為 1,600 萬美元，這是一個相當不錯的數字。當然，Borborema 的數量很少，因為我們本季只運送了一批貨物，但這也是一件好事，而且 - 我們為已經報告 Borborema 的 EBITDA 而感到自豪。

Amortization and depletion of $50 million came consistent with what we are seeing in the last few quarters, no surprise on that in terms of financial expenses of $60 million is most explained by the losses with our outstanding derivative gold collars that we generated an expense in the quarter of about $35 million, of which $24 million are unrealized, which are, as I mentioned before, the market-to-market recognition we have to do in our balance sheet for outstanding old collars that expires between 2025 and 2028.

5000 萬美元的攤銷和損耗與我們在過去幾個季度看到的情況一致，毫不奇怪，6000 萬美元的財務支出主要是由於我們未償還的衍生金領造成的損失，我們在本季度產生了約 3500 萬美元的支出，其中 2400 萬美元未實現，正如我之前提到的負債，這是我們在負債表年到期的未償還舊領子進行的市場對市場確認。

In $11.7 million were realized losses that did impact our cash mostly related to the final outstanding collars of the Almas hedging program. Then income tax expenses of $23 million, that's most explained by the strong results from the operations, bringing our net income to $8 million. And then here to the right side, we bring back to build the adjusted net income, certain items that have no cash impact.

已實現的損失為 1170 萬美元，這確實影響了我們的現金，主要與 Almas 對沖計劃的最終未償還領圈有關。然後是 2,300 萬美元的所得稅費用，這主要是因為營運業績強勁，使我們的淨收入達到 800 萬美元。然後在右側，我們帶回建造調整後的淨收入，其中某些項目對現金沒有影響。

First is the nonrealized losses within the gold derivatives, $24 million. FX was a smaller number this quarter, $2 million. FX impacts in Brazil, Honduras and Mexico also have no cash impact in our deferred tax assets and liabilities. On this quarter's the FX fluctuations, they benefited our deferred tax assets in $7 million. So here, we excluded this impact. And finally, this quarter, we had a onetime item loss in our P&L. That was this loss on settlement of liability with equity instruments.

首先是黃金衍生性商品的未實現損失，2,400萬美元。外匯本季的數字較小，為 200 萬美元。 FX巴西、宏都拉斯和墨西哥的影響也不會對我們的遞延所得稅資產和負債產生現金影響。本季的外匯波動使我們的遞延稅務資產受益 700 萬美元。所以這裡我們排除了這種影響。最後，本季我們的損益表中出現了一次性項目損失。這就是以權益工具結算負債的損失。

This is basically the company when we acquired Bluestone. We received a Bluestone with a debt of $20 million outstanding debt with the Lundin family and that $20 million was mostly settled. We paid $15 million out of those $20 million in the second quarter with the shares of our minerals. And then this $90 million is the appreciation of our shares between the date we signed the agreement and with the date we closed the agreement. Then excluding these items, then our adjusted net income achieved $37 million in the second quarter.

這基本上就是我們收購 Bluestone 時的公司。我們收到了 Bluestone 公司欠 Lundin 家族的 2,000 萬美元未償債務，其中大部分已結清。我們在第二季以礦產股份支付了這 2000 萬美元中的 1500 萬美元。這 9000 萬美元是我們簽署協議之日和達成協議之日之間的股票增值。除去這些項目，我們第二季的調整後淨收入達到了 3,700 萬美元。

And then finally, here, we bring a detailed analysis on the change in the cash and cash equivalents of the company throughout the second quarter. We start here on the left side of the page, the cash position at the beginning of the quarter. Then on this half left side, it's the free cash flow that's generated by the mine is in commercial production not including the investments we are doing to grow the business. So it's basically only the investments to keep the current level of production of those mines, we can see was a strong quarter in terms of free cash flows. That part of the business generated $60 million in cash.

最後，我們在這裡對公司第二季現金及現金等價物的變化進行詳細分析。我們從頁面左側開始，這是本季初的現金狀況。然後在這左邊的一半，是礦山在商業生產中產生的自由現金流，不包括我們為發展業務而進行的投資。因此，基本上只有投資才能保持這些礦山的當前生產水平，我們可以看到，就自由現金流而言，這是一個強勁的季度。該部分業務產生了 6000 萬美元的現金。

Despite, as I anticipated before, $23 million in income taxes paid in most annual income taxes paid in Honduras, which should be, of course, a lower number in Q3 and Q4, in already deducting $12 million, the realized losses with the gold derivatives. So that $6 million was used mostly to fund the investment for growth in dividends in the quarter.

儘管如我之前所預料的，洪都拉斯每年繳納的所得稅中，大部分為 2300 萬美元，當然，第三季度和第四季度的數額應該較低，但已經扣除了 1200 萬美元的黃金衍生品實際損失。因此，這 600 萬美元主要用於資助本季股息成長的投資。

We see investment for growth consuming $38 million. Of which most of that was Borborema, which includes both some outstandable payables related to the construction and capitalization of some costs of the ramp-up phase. As a ramp-up is expected to complete now in September, this number also the expansion with Borborema is expected to reduce from Q3, Q4 onwards.

我們看到成長投資消耗了 3800 萬美元。其中大部分是 Borborema，包括一些與建設相關的未償應付款項以及一些產能提升階段成本的資本化。由於預計 9 月產能提升將完成，因此預計從第三季、第四季開始，Borborema 的擴張量和產量都將減少。

And then here to the right side, how much of the cash was used in financial items, highlighting mainly the dividends we paid in the second quarter, $30 million. Bring you the cash at the end of the quarter to $168 million and again, not including the proceeds from the NASDAQ IPO. Then with this, we end the presentation and open to your questions. Thank you.

然後在右側，有多少現金用於金融項目，主要強調我們在第二季支付的股息，3000 萬美元。到本季末，現金將達到 1.68 億美元，這還不包括納斯達克 IPO 的收益。至此，我們的示範就結束了，開始回答大家的提問。謝謝。

(Operator Instructions) Edgard de Souz, Itau BBA.

（操作員說明）Edgard de Souz，Itau BBA。

Hi Rodrigo. Congrats on the solid quarter results and all the best luck in this new phase following the NASDAQ listing. So Rodrigo, I understand that the highlights of the first half of the year was the strong M&A activity and also the delivery of Borborema. But moving forward, now that you have even a stronger balance sheet position, all as of the investors will be on the development of your growth projects. So I need to start discussing a little bit about Borborema -- sorry, Guatemala and Matupa.

你好，羅德里戈。恭喜您本季的穩健業績，並祝福公司在納斯達克上市後的新階段一切順利。所以羅德里戈，我知道上半年的亮點是強勁的併購活動以及 Borborema 的交付。但展望未來，既然您的資產負債表狀況更加強勁，所有投資者都將專注於您的成長項目的開發。所以我需要開始討論一下 Borborema——抱歉，是瓜地馬拉和 Matupa。

You have been mentioning that the final investment decision between Matupa and Guatemala would be made by year-end, probably if you are able to move with the licensing, the social licensing in Guatemala, you will bring Guatemala forward.

您曾提到，馬圖帕和危地馬拉之間的最終投資決定將在年底前做出，如果您能夠獲得危地馬拉的許可、社會許可，那麼您就可以推動危地馬拉的發展。

But I wanted to hear from you, which is the time line or the best time line that you expect in terms of having this final decision and when starting building one of the projects. When will be the deadline, for example, if you're not able to get all the social licenses in Guatemala that you will decide to move with Matupa maybe before. So I want to hear about you how are you seeing the time line for those two growth projects?

但我想聽聽您的意見，在做出最終決定並開始建立其中一個項目時，您期望的時間表或最佳時間表是什麼。截止日期是什麼時候？例如，如果您無法獲得危地馬拉的所有社會許可證，那麼您可能會決定提前與 Matupa 一起搬家。所以我想聽聽您對這兩個成長項目的時間表有何看法？

And then the second question on MSG, we understand that the asset is running at very low efficient rates. I don't know if Glauber is connected, but I know that Glauber has worked there before, so maybe he could help answering this question. But I want to understand which were your first impressions from the site visit you had? What are the low-hanging fruits? You mentioned that there is need for equipment upgrades, CapEx that you could put there to improve efficiency rates.

然後是關於 MSG 的第二個問題，我們了解到該資產的運作效率非常低。我不知道格勞伯是否與此有關，但我知道格勞伯以前在那裡工作過，所以也許他可以幫忙回答這個問題。但我想了解您對此次現場訪問的第一印像是什麼？唾手可得的成果有哪些？您提到需要升級設備，可以投入資本支出來提高效率。

When do we expect to deploy that CapEx, how long it might take to improve the plant utilization and also on the cost side, which the company is running at very high cost? What are the opportunities in SG&A, sustaining CapEx optimization and so on and so forth. So those would be my questions. Thank you.

我們預計何時部署該資本支出，需要多長時間才能提高工廠利用率，以及在成本方面，公司的營運成本非常高嗎？銷售、一般及行政費用 (SG&A)、持續資本支出優化等方面有哪些機會？這就是我的問題。謝謝。

Thank you, Edgard. So first question about Guatemala or Matupa. I think we are progressing understanding, assess -- making interesting assessments at the communities starting conversation also with the federal authorities. Things are progressing well yet. We need a few more time to make sure that once we push the button to start, we will guarantee that we will be able to operate in a very smooth way.

謝謝你，埃德加德。第一個問題是關於危地馬拉或馬圖帕。我認為我們正在不斷加深理解和評估——對社區做出有趣的評估，並開始與聯邦當局進行對話。事情目前進展順利。我們需要更多的時間來確保一旦按下啟動按鈕，我們就能保證以非常順利的方式運作。

So yet we are still up toward the end of the year, maybe a little bit sooner. There's no exact date. It's just about information that we get from the local team and from the local assessment that we have, right? So I would expect something by the end of the year or slightly earlier than that. But that's not a super scientifical with a lot of sensibility that we need to gather at a local level.

所以我們仍接近年底，也許會早一點。沒有確切日期。這只是我們從當地團隊和當地評估中獲得的訊息，對嗎？因此我預計今年年底或稍早一些會有一些結果。但這並不是我們需要在地方層級收集的具有高度敏感性的超級科學。

But I think for your projections, and I would say that we would like to make a decision until the end of the year. The second on MSG, we cannot yet go in details. Of course, after we close, we will share with the market our plan. We will have to include the guidance of the production for the year. We will talk about our plan for 2026.

但我認為對於您的預測，我想說我們希望在今年年底之前做出決定。第二個問題是關於味精，我們還不能詳細討論。當然，交易完成後，我們會與市場分享我們的計劃。我們必須納入全年的生產指引。我們將討論 2026 年的計劃。

What I can say at this moment that we did our analysis based on the 2024 numbers, where Anglo, Serra Grande produced 80,000 ounces at close to $2,000 per ounce following sustaining cash costs.

我現在可以說的是，我們根據 2024 年的數據進行了分析，其中 Anglo, Serra Grande 在維持現金成本後以接近每盎司 2,000 美元的價格生產了 80,000 盎司黃金。

And from that numbers, we see room to increase production, increase productivity and, of course, decrease our all-in sustaining cash costs. And it comes from a few variables. Number one, and perhaps we even slow a little bit the production in the first month that we are there so that we can focus on underground development. We need to advance a lot of underground development to start mining from bottom to up, not top to down.

從這些數字來看，我們看到了增加產量、提高生產力的空間，當然，還有降低我們全部維持現金成本的空間。它來自幾個變數。首先，我們或許甚至會在那裡的第一個月稍微放慢生產速度，以便我們能夠專注於地下開發。我們需要大力推動地下開發，從下往上開採，而不是從上往下。

That will increase productivity, but that takes six months to one year for us to be exactly what we need in terms to have the right productivity. There's also of course, other assessment that we are doing to increase availability of the equipments, increased maintenance.

這將提高生產力，但我們需要六個月到一年的時間才能達到我們所需的正確生產力。當然，我們也正在進行其他評估，以提高設備的可用性，加強維護。

And all of that combined, we believe we'll be able to reduce the all-in sustaining cash cost, perhaps between what it was last year and what is all at the moment. We don't believe yet that we'll be able to bring all-in sustaining cash cost to the current level that we perform in the other mines. But if we can have in between with increased production, I think that will be a very good outcome for the mine.

綜合所有這些因素，我們相信我們將能夠降低全部維持現金成本，或許可以降低到去年和目前的水平之間。我們尚不相信我們能夠將所有維持現金成本降至我們在其他礦場的當前水準。但如果我們能夠提高產量，我認為這對礦山來說將是一個非常好的結果。

But of course, more details will disclose after we close the transaction.

當然，交易完成後我們會透露更多細節。

Marcelo Arazi, BTG.

馬塞洛·阿拉齊，BTG。

Hey guys, two questions on my side as well. So the first one, given that the company should improve the cash position with the recent US listing process, I would like to understand if there is any space for additional M&As. We know that you guys are always looking for potential acquisitions. But given that you are already focused on two major projects on the short term, I would like to hear about if there is any space for you guys should do another one, eventually developing more than one project at a time.

嘿夥計們，我也有兩個問題。因此，第一個問題，鑑於公司最近的美國上市流程應該會改善現金狀況，我想了解是否還有額外併購的空間。我們知道你們一直在尋找潛在的收購對象。但考慮到你們短期內已經專注於兩個主要項目，我想聽聽你們是否還有空間可以再做另一個項目，最終同時開發多個項目。

And just an additional point here, if you guys are also looking for copper projects, we saw some developments in Serra da Estrela, but I do believe that this is something for a while. And how are you thinking about potential corporate acquisitions?

這裡再補充一點，如果你們也在尋找銅礦項目，我們在埃斯特雷拉山脈看到了一些進展，但我相信這只是暫時的。您如何看待潛在的企業收購？

And finally, if I can make another one, just a quick one on Borborema, you guys mentioned the potential road relocation I'd like to hear you guys about how are you guys feeling if the outcome will be positive, if you have any timing on this announcement as well. So I think these are my questions. Thank you guys.

最後，如果我可以再問一個問題，就 Borborema 簡單問一下，你們提到了潛在的道路遷移，我想聽聽你們對結果的看法，如果結果是積極的，你們對此公告有什麼時間安排。所以我想這些都是我的問題。謝謝你們。

Hello. I think I lost.

你好。我想我輸了。

No, we are hearing you, Rodrigo.

不，我們聽到了你的聲音，羅德里戈。

Okay. All right. So the first question that you said M&A, of course, now we have a stronger position, but the strategy continues the same. Very clear ways to build value to our shareholders. Number one, build the project greenfield on time on budget.

好的。好的。所以第一個問題，您說的併購，當然，現在我們的地位更加穩固，但策略保持不變。為股東創造價值的方法非常明確。第一，按時、按預算完成工程綠地建設。

That's what we've been doing, and now we have two more to build, right? The Guatemala and also Matupa.

這就是我們一直在做的事情，現在我們還要建造另外兩個，對嗎？危地馬拉和馬圖帕。

Second, continue to do exploration investments so that we can increase our resource and reserves. And we've been able to do that along the last few years and then we want to continue to build more resource and reserves while we are also increasing production. Number three is to continue to grow through M&As, right?

第二，繼續進行勘探投資，增加資源量和儲量。過去幾年我們已經做到了這一點，我們希望在提高產量的同時繼續累積更多的資源和儲備。第三是透過併購繼續成長，對嗎？

We disclosed to the market that without Eradorada and without the acquisition of MSG, we would reach 450,000 ounces of production. Eradorada now adds on a yearly basis in the first four years, additional 95,000 ounces and MSG last year produced 80,000 ounces, so that already put us on the higher level of production. But we believe we want to continue to grow through new M&As.

我們向市場透露，即使沒有 Eradorada，沒有收購 MSG，我們的產量也將達到 45 萬盎司。Eradorada 在前四年每年都額外增加 95,000 盎司，而去年 MSG 的產量為 80,000 盎司，因此這已經使我們的產量達到了更高的水平。但我們相信，我們希望透過新的併購繼續實現成長。

Of course, we have to understand how complex we are getting so that we have -- we do M&As that are creative that we understand that we can build value through that. That's one of the reasons that the acquisition of MSG. Now we gave a priority to MSG because we have two greenfield projects to build, either we're going to be on the next year, Eradorada or Matupa and MSG is not a new construction. It's a different team. It's a turnaround team that we will go there to implement efficiency, so there are two different teams that we won't compete for attention so that we can do both.

當然，我們必須了解情況變得多麼複雜，這樣我們才能進行創意的併購，我們明白我們可以透過這種方式創造價值。這也是收購MSG的原因之一。現在我們優先考慮 MSG，因為我們有兩個綠地項目要建設，要么在明年建設 Eradorada，要么在 Matupa，而 MSG 並不是一個新建築。這是一支不同的球隊。這是一個扭轉乾坤的團隊，我們將去那裡實現效率，因此有兩個不同的團隊，我們不會爭奪注意力，以便我們可以同時完成兩項工作。

But we continue to monitor the market either in copper, as you mentioned, but also in gold. We want to continue to grow though M&As. We always look alternatives. I don't expect anything in the short term, but we will continue to monitor. We will continue to engage.

但我們會繼續監測銅市場（如您所說），也會監測黃金市場。我們希望透過併購繼續發展。我們總是在尋找替代方案。我並不期待短期內會發生什麼，但我們會繼續關注。我們將繼續參與。

We will continue to participate and monitor and see if we can do something perhaps next year or in 2027. While -- we -- as you mentioned, we will continue also to advance on the exploration. For Serra da Estrela, we do like copper. We participated in other potential acquisitions in copper. Copper in the end has -- it's a bigger project and has fewer alternatives to grow.

我們將繼續參與和監測，看看明年或 2027 年是否可以做些什麼。同時——正如您所說，我們也將繼續推進探索。對於埃什特雷拉山脈，我們確實喜歡銅。我們參與了其他潛在的銅收購。銅最終是一個更大的項目，而且可供選擇的增長方式更少。

And also, the prices are higher compared to what you can find in gold. Normally in gold, we've been able to receive more attractive returns and more attractive NPVs and there's more alternatives for M&A, but that doesn't mean that we will not pursue M&A also in copper.

而且，與黃金相比，其價格更高。通常在黃金領域，我們能夠獲得更有吸引力的回報和更有吸引力的淨現值，並且有更多的併購選擇，但這並不意味著我們不會追求銅領域的併購。

But at the same time, as I was mentioning, that's one of the reasons it's competitive more for the copper asset. This is the only one asset that we entered in a more earlier stage is Serra da Estrela is copper, so we just finished the acquisition and made the final -- exercise the final option. So we acquired -- With additional $3 million, we acquired now fully the exploration rights for Serra da Estrela. We plan additional 10,000 meters of exploration during the second semester.

但同時，如我所提到的，這也是銅資產更具競爭力的原因之一。這是我們在較早階段進入的唯一一項資產，即 Serra da Estrela 銅礦，因此我們剛剛完成收購並做出了最後的選擇。因此，我們額外投入了 300 萬美元，現在我們完全獲得了 Serra da Estrela 的勘探權。我們計劃在第二學期再進行10,000公尺的探索。

The informations have been very encouraging for us. It takes time, right? This is an earlier stage. So that's not a mine that will be able to build in the next two or three years. But with more exploration that are coming perhaps in three or four years, we can get to a closer PEA in the feasibility study so that we can build a mine from that.

這些訊息對我們來說非常鼓舞人心。這需要時間，對吧？這是一個早期階段。所以這不是一個能夠在未來兩三年內建成的礦場。但隨著三、四年內更多的勘探工作開展，我們可以在可行性研究中得到更接近的初步經濟評估，以便我們可以在此基礎上建造礦山。

And also the whole area of Carajas has a very interesting potential for copper, and we will continue to monitor and see what would be the alternatives also increase from Carajas our resource base.

卡拉哈斯整個地區都蘊藏著非常可觀的銅礦潛力，我們將繼續監測並尋找其他替代方案，以擴大卡拉哈斯的資源基礎。

Thank you, Rodrigo.

謝謝你，羅德里戈。

And then Borborema -- Borborema, things are progressing with the national authority for transportation. It's a bit slower than expected. We were expecting to have these discussions approved already by Q2 this year, however, it's not halted, right? The basic design has been approved and now we are working on more detailed design and back and forth so that they feel comfortable and then approved. And then from that, we already have the plan to expand capacity of Borborema and then also do all the road movement.

然後是 Borborema——Borborema，事情正在與國家交通部門取得進展。比想像中慢了一點。我們原本預計這些討論將在今年第二季獲得批准，但是它並沒有停止，對嗎？基本設計已經獲得批准，現在我們正在進行更詳細的設計，並反覆進行，以便他們感到滿意，然後獲得批准。從那時起，我們就有計劃擴大 Borborema 的容量，然後進行所有道路運輸。

Thank you, Jorigo, very clear.

謝謝你，Jorigo，非常清楚。

Ricardo Monegaglia, Safra.

里卡多·莫內加利亞，薩夫拉。

Good morning everyone. Thank you for taking my questions. First, congrats on the IPO. I have three questions. So on Borborema, the first one. There was a small but positive EBITDA contribution in the second quarter with less than 2,000 ounces being sold. So could you discuss the target plant utilization or sales levels expected for this mine in Q3 and Q4 since you have the production guidance?

大家早安。感謝您回答我的問題。首先，恭喜公司首次公開募股（IPO）。我有三個問題。第一個是 Borborema。第二季度，EBITDA 貢獻雖小但為正，銷售量不到 2,000 盎司。那麼，既然您有生產指導，您能否討論一下該礦在第三季度和第四季度的目標工廠利用率或預期銷售水平？

My second question in Era Dorada, just so you can confirm with the PEA out you expect the feasibility study to be published by the end of this year? And are there any pending licenses or discussions with local government or communities? And my third question to Kleber. So Kleber, could you give us a sense of the cash impact from gold hedges in the coming quarters? Thank you.

我的第二個問題是，您是否可以透過 PEA 確認，您是否預計可行性研究將在今年年底前發布？是否有任何待審批的許可證或與地方政府或社區的討論？我的第三個問題是問克萊伯。那麼克萊伯，您能否向我們介紹一下未來幾季黃金對沖對現金的影響？謝謝。

So I forgot the question is the expected production of Borborema, then pending license Guatemala and -- the more financial, right? So at Borborema, we already produced this 2,000, of course, we'll see gradual, we expect to reach around constantly over also 80% by September, which means commercial production. And then on the fourth quarter, continue to increase to reach 100% by the end of the year, early next year, but already at commercial production stable from September.

所以我忘了問題是 Borborema 的預期產量，然後等待危地馬拉的許可證——更多的資金，對嗎？因此，在 Borborema，我們已經生產了這 2,000 輛，當然，我們會逐步實現，我們預計到 9 月產量將持續達到 80% 左右，這意味著商業化生產。然後在第四季度，繼續增加，到今年年底、明年年初達到100%，但從9月開始商業生產已經穩定。

The production is what we have on the guidance as we are now running more lower grade that we expected due to this adjustment that we are doing the CIL tanks, we would expect to be more towards the lower end of the guidance on Borborema while other operations is at the high end or even above the high end. So on average, we are very much in line to add a guidance on the company.

生產是我們在指導中所擁有的，因為我們現在運行的品位比我們預期的要低，這是由於我們正在對 CIL 罐進行調整，我們預計 Borborema 的產量將更接近指導的低端，而其他操作則處於高端甚至高於高端。因此，平均而言，我們非常願意為該公司增加指導。

And then you asked also Guatemala. Guatemala, we have all the license to start the construction during the second semester. There needs a final approvement from local authority but all the license is already being granted. This is more, as we say, it's a social license because we want to make sure the project is being well socialized with all the communities well socialized with the government and we feel we have the support to start the construction of this project. But there's no pending license that we need to obtain for the underground mine, right, for the open pit, then although it's already fully licensed, the license for the open pit is being questioned, that's why we are also considering the underground.

然後你又問了危地馬拉。危地馬拉，我們擁有第二學期開始施工的所有許可。需要獲得當地政府的最終批准，但所有許可證均已授予。正如我們所說，這更像是一種社會許可，因為我們希望確保該計畫能夠與所有社區以及政府進行良好的社會化，並且我們覺得我們得到了支持來啟動該計畫的建設。但是我們不需要為地下礦獲得任何待決許可證，對吧，對於露天礦，雖然已經獲得了完全許可，但露天礦的許可證受到質疑，這就是我們也在考慮地下礦的原因。

And on the gold hedges, Ricardo it varies according -- depending on the quarter, the amount of outstanding gold derivatives. But in any case, we have between second quarter of 2025 and first -- second semester of 2025 and first semester of 2028, roughly 80% of the estimated production from Borborema, hedged that can give you a good indication. In the second semester, it should be a little bit higher, not materially higher because of in July, we had a final about 4,000 ounces in the Almas program, was the last month.

對於黃金對沖，里卡多表示，它會根據季度、未償還黃金衍生品的數量而變化。但無論如何，在 2025 年第二季和 2025 年第二季至 2028 年第一季之間，Borborema 的預計產量約為 80%，經過對沖，這可以給你一個很好的指示。在第二學期，它應該會稍微高一點，但不會大幅高出，因為 7 月份，我們在 Almas 計劃中最後完成了約 4,000 盎司，這是最後一個月。

And we have about 4,500 between the second semester for the 1,000 ounces for the Apoena program. But mostly materially is this hedging program going forward regarding to Borborema, so it's 80% of the project. The production varies -- again varies quarter-by-quarter. In our MD&A and the last earnings call presentation, we show like for the second semester of this year, '26, '27, '28, so you can get the precise numbers of the outstanding gold collars. The strike price is 2,400.

在第二學期，我們為 Apoena 專案準備了大約 4,500 盎司的 1,000 盎司。但最實質的是針對 Borborema 的對沖計劃，所以它佔了該項目的 80%。產量各不相同——每個季度都有所不同。在我們的 MD&A 和上次收益電話會議上，我們展示了今年第二學期、26 年、27 年、28 年的情況，因此您可以獲得未償還金領的準確數字。執行價格為 2,400。

So it's then it's just doing the math of the difference.

所以這只是計算差異而已。

Sounds good. Thank you guys.

聽起來不錯。謝謝你們。

Guilherme Nippes, XP.

Guilherme Nippes，XP。

Good morning guys, can you hear me?

大家早安，聽得到我說話嗎？

Yes.

是的。

Good morning, Rodrile and Natasha. Thanks for the opportunity and congratulations on another great quarter and for all the achievements during the quarter as well. My first question is regarding the current assets. So could you share more details on your ongoing exploration areas like the drilling campaign in -- Matupa, the underground mining in Almas and the studies in Carajas as well?

早安，羅德里格斯和娜塔莎。感謝這次機會，並祝賀您又一個出色的季度以及本季度取得的所有成就。我的第一個問題是關於流動資產。那麼，您能否分享更多關於您正在進行的勘探區域的細節，例如馬圖帕的鑽探活動、阿爾馬斯的地下採礦以及卡拉加斯的研究？

And my second question is on Almas. We actually were expecting more -- slightly higher production and lower costs, but we would like to hear your thoughts on when you expect production costs returning to the levels we saw last year, perhaps returning to 15 ounces production and cash costs close to 1,000 ounces for Almas. Those are my two questions.

我的第二個問題是關於 Almas 的。我們實際上期望更多——產量略高且成本更低，但我們想聽聽您的想法，您預計生產成本何時會恢復到去年的水平，也許 Almas 的產量將恢復到 15 盎司，現金成本將接近 1,000 盎司。這是我的兩個問題。

Okay. Thank you. Just to remind me that first question the line cut off a little bit. It was...

好的。謝謝。只是為了提醒我，第一個問題那句話有點中斷了。那是…

Yes. It's regarding the current assets, details on the exploration areas.

是的。這是關於當前資產和勘探區域的詳細資訊。

On exploration. Yes, those exploration, of course, we released when we have important information to disclose them. What we can say is that we've been drilling those as those targets, the results that's why we finished the acquisition of Pezão, Pé Quente and then also Serra da Estrela because we had a very positive information and perceptions, confirming in Pezão and Pé Quente what we expected and also in Serra da Estrela, confirmed the trend, confirmed the grades.

正在探索。是的，這些探索，當然，當我們有重要資訊要揭露時，我們就會發布。我們可以說的是，我們一直將這些作為目標進行鑽探，這就是我們完成對 Pezão、Pé Quente 以及 Serra da Estrela 的收購的原因，因為我們有非常積極的信息和看法，證實了 Pezão 和 Pé Quente 的預期，也證實了 Serra da Estrela 的趨勢，證實了等級。

But yet, it's not mature enough for us to disclose this information to the market. We are now working on consolidating more information from Matupa, including those other targets to release a technical report early next year and also for Carajas may be something by the end of this year. But things are progressing, progressing well with a very interesting information, but not yet enough for us to do and publish a press release. It takes time, those kind of investments.

但目前我們還不夠成熟，無法向市場揭露這些資訊。我們目前正在整合更多來自 Matupa 的信息，包括其他目標，以便在明年年初發布技術報告，而對於 Carajas 來說，可能在今年年底前發布一些報告。但事情正在取得進展，進展順利，訊息非常有趣，但還不足以讓我們採取行動並發布新聞稿。這些投資需要時間。

And then you asked about Almas, right? Almas, Well, Almas, we should see a second semester stronger than the first semester that will also translate into better cash cost and all-in sustaining cash costs. But yet, we -- the all-in sustaining cash cost we had by the fourth quarter last year was a combination of a higher grade and low strip ratio. We don't think that the mine will perform on average with that all-in sustaining cash cost, I believe this -- the average of this year and some improvements until we do new investments on the underground and our expansion should be what we will perform in the next year.

然後你問到了阿爾瑪斯，對嗎？阿爾馬斯，嗯，阿爾馬斯，我們應該看到第二學期比第一學期表現更好，這也將轉化為更好的現金成本和全額維持現金成本。但是，我們—去年第四季的全部維持現金成本是高品位和低剝離率的結合。我們認為，在維持全部現金成本的情況下，礦井的表現不會達到平均水平，我相信，今年的平均水平以及在我們對地下進行新的投資和擴張之前的一些改進應該是我們明年的表現。

But there are two things that happened in Almas, as you pointed out, we are drilling and getting more information about underground confirming the veins, confirmed good grades. We already actually -- so we are now consolidating information to have a technical report. But at the same time, we are so encouraged by this, and we know that this is going to turn to be an underground mine that we already started developing the ramp to start doing the underground development and from that, do more drillings and then you also use into the mine plan.

但正如您所指出的，在阿爾瑪斯發生了兩件事，我們正在進行鑽探並獲取有關地下礦脈的更多信息，並確認了良好的品位。我們實際上已經——所以我們現在正在整合資訊以形成一份技術報告。但同時，我們對此感到非常鼓舞，我們知道這將變成一個地下礦，我們已經開始開發斜坡，開始進行地下開發，並從此進行更多的鑽探，然後你也可以將其用於礦山計劃。

So if everything goes according to our plan and the speed that we believe we can reach, we're still 1.5 years or maybe two years until we can have an underground, maybe two years underground production but yet, things are progressing well. Of course, once you have this production from underground is higher grade than perhaps that will also increase, production at the plant that can decrease all-in sustaining cash cost.

因此，如果一切按照我們的計劃和我們認為可以達到的速度進行，我們仍然需要 1.5 年或兩年的時間才能實現地下生產，也許需要兩年的地下生產，但目前為止，事情進展順利。當然，一旦地下產量高於這個水平，工廠的產量可能也會增加，從而可以降低總維持現金成本。

That is also a plan we already increasing capacity. We started this plant from 1.2 million tonnes. We are now operating close to 2 million tonnes. So there are some scenarios that we would like to reach a 2.5 and perhaps even more with minor investments capacity. That also will increase our production that can also decrease all-in sustaining cash cost.

這也是我們已經制定的增加產能的計畫。我們以 120 萬噸的產量啟動了工廠。我們目前的產量接近200萬噸。因此，在某些情況下，我們希望透過較少的投資能力達到 2.5 甚至更高的水平。這也將提高我們的產量，並降低總維持現金成本。

So I would say with the current capacity, the current mine plan, all-in sustaining cash cost, maybe this year is going to be the average of the next year. But yet, so many upsides that we can take from Almas either to increase production that also to reduce our all-in sustaining cash cost because we are just in the beginning of that mine exploration potential around the mine is very significant. So we believe this is a mine that not only we will significantly increase the life of mine, but also we'll be able to significantly increase capacity, increase production and keep all-in sustaining cash cost at a lower level.

所以我想說，以目前的產能、目前的礦場計畫、全部維持現金成本，也許今年的水準將是明年的平均水準。但是，我們可以從 Almas 獲得很多好處，既可以提高產量，又可以降低我們的全部維持現金成本，因為我們才剛開始探索該礦，礦山周圍的勘探潛力非常巨大。因此，我們相信，這座礦山不僅能顯著延長礦山壽命，還能顯著提高產能、增加產量，並將總維持現金成本保持在較低水平。

Very good. Thank you.

非常好。謝謝。

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

（操作員指示）問答環節結束。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。

So again, thank you all for participating. And we are super proud to be delivering on what we promised to the market. Since 2020, there's new investors now jumping in with the IPO in NASDAQ, the story and the strategy that we share with them is exactly the same story that we disclosed when we issued the BDRs in Brazil 2020 is to grow through these three pathways. Number one, deliver the greenfield project on time, on budget. Number two, increase exploration, increase resources and reserves.

再次感謝大家的參與。我們非常自豪能夠兌現對市場的承諾。自 2020 年以來，有新的投資者加入納斯達克的 IPO，我們與他們分享的故事和策略與我們在 2020 年在巴西發行 BDR 時披露的故事完全相同，即透過這三條途徑實現成長。第一，按時、按預算交付綠地專案。第二，加大勘探力度，增加資源和儲量。

And number three, we continue to increase production through M&As and also address the daily trading form so that we can improve our multiple or multiple per NAV.

第三，我們繼續透過併購來提高產量，並解決日常交易形式，以便我們能夠提高我們的倍數或每單位資產淨值的倍數。

And while doing the three, why we would be able to pay significant dividends. The track record is strong, I don't need to go all the way down to the 2020. But what you see in order what is happening is that we built Amazon time on budget. We acquired the Borborema, we updated the feasibility of Borborema. We raised the capital of Borborema, We built.

在做到這三點的同時，我們為什麼能夠獲得豐厚的回報。過去的記錄很強勁，我不需要一直走到 2020 年。但您看到的是，我們在預算內建立了亞馬遜時間。我們收購了 Borborema，並更新了 Borborema 的可行性。我們建立了首都博爾博雷馬，我們進行了建造。

We are now ramping up and now close to commercial production. We also increased investment exploration. We could increase our resource and reserves during the next four to five years. We made acquisitions recently, we did this IPO in NASDAQ also to address the daily trade environment on the top of enhance our balance sheet so that we can continue to grow.

我們現在正在加大生產力度，即將實現商業化生產。加大投資探索力度。我們可以在未來四到五年內增加我們的資源和儲備。我們最近進行了收購，我們在納斯達克進行了首次公開募股，也是為了解決日常貿易環境問題，增強我們的資產負債表，以便我們能夠繼續成長。

So we are -- and in the meantime, we paid -- we have the top dividend yield in a world that we paid in 2021, 13% in 2022 and 2023, each year individually plus the share buyback, 6% in '24, plus 9% and now on average, 7.4% with this new dividend yield, so we expect to continue. And we should expect Aura to continue to perform on these three. We will continue to increase production. We have now Borborema coming online. September, we have the closing from MSG.

因此，與此同時，我們支付了——我們擁有全球最高的股息收益率，我們在 2021 年支付了 13%，2022 年和 2023 年每年分別支付了 13%，加上股票回購，24 年支付了 6%，再加上 9%，現在平均而言，新的股息收益率為 7.4%，因此我們預計將繼續保持。我們應該期待 Aura 在這三方面繼續表現出色。我們將繼續提高產量。現在 Borborema 已經上線。9 月，MSG 結束了。

Then we have the construction of Era Dorada or Matupa, but both will be built along the next years. We will continue to increase investment in exploration to increase resources and reserves. And our daily or multiple also now gradually being addressed. We are still discounted compared to our peers.

然後我們建造了 Era Dorada 或 Matupa，但兩者都將在未來幾年內建成。繼續加大勘探投入，增加資源儲量。而我們的日常或多重現在也逐漸被解決。與同行相比，我們仍然有折扣。

We believe now we did NASDAQ and with the results we are presented, we might be at least be on average of peers, but we are -- want to change the peers as we want to continue to grow through M&As, and we know that the sector trades price per NAV and all the multiples are also responded to the size of the company. Of course, it needs to be a very cautious growth, a very cautious acquisitions, but the size is important for us to continue to increase and then increase our daily trading volume. So thank you all.

我們相信，現在我們已經在納斯達克上市，並且根據我們所呈現的結果，我們可能至少處於同行的平均水平，但我們希望改變同行，因為我們希望通過併購繼續增長，並且我們知道該行業的交易價格是按資產淨值計算的，所有倍數也都對公司規模做出了反應。當然，這需要非常謹慎的成長，非常謹慎的收購，但規模對於我們繼續成長並增加我們的每日交易量非常重要。謝謝大家。

Out conference is now closed. We thank you for your participation and wish you a nice day.

我們的會議現已結束。我們感謝您的參與並祝您有個愉快的一天。