Aura Minerals Inc (AUGO) 2025 Q4 法說會逐字稿

(Operator Instructions)

(操作員指示)

Good morning, ladies and gentlemen. Welcome to fourth quarter 2025 earnings call. This conference is being recorded, and the replay will be available at the company's website at Auraminerals.com/invisidoris.

各位女士、先生，早安。歡迎參加 2025 年第四季財報電話會議。本次會議將被錄音，重播將於公司網站 Auraminerals.com/invisidoris 提供。

The presentation will also be available for download. This call is also available in Portuguese. To access, you can press the globe icon on the lower right side of your Zoom screen. And then choose to enter the Portuguese room.

簡報也將提供下載。本次電話會議亦提供葡萄牙語版本。如需使用，您可按下 Zoom 螢幕右下角的地球圖示。然後選擇進入葡萄牙語房間。

After that, select mute original audio.

之後，請選擇將原始音訊靜音。

Para cesarnos conference in Portuguese cliquino iquenidu globu alado inferior gireitu dasua tela zum is leon obso Portuguese room awa cesara nova sala certificigimut tar wau original.

Para cesarnos conference in Portuguese cliquino iquenidu globu alado inferior gireitu dasua tela zum is leon obso Portuguese room awa cesara nova sala certificigimut tar wau original.

We would like to inform that all attendees will only be listening to the conference during the presentation.

我們在此告知，於簡報期間所有與會者將僅能收聽會議內容。

And then we will start the question-and-answer section when further instructions will be provided.

接著我們將開始問答環節，屆時會提供進一步指示。

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, 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.

在繼續之前，我們想澄清：本次電話會議中可能提及之任何關於公司業務前景、營運與財務預測及目標，或 Aura 管理團隊之信念與假設，均係基於公司目前可得之資訊。此等陳述可能涉及與未來事件相關之風險與不確定性，因此取決於可能發生或不發生之情況。

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 Cardozo, CFO. Now, I will turn the conference over to Rodrigo Barbosa. You may begin the conference.

投資人應留意與總體經濟情勢、產業及其他因素相關之事件，這些因素可能導致實際結果與各項前瞻性陳述所表達者出現重大差異。出席本次會議者包括總裁暨執行長 Rodrigo Barbosa，以及財務長 Kleber Cardozo。現在我將把會議交給 Rodrigo Barbosa。您可以開始會議。

Thank you and good morning, all. I'm super proud to be here sharing a few information’s, not only the results, but all the strategic advancements that Aura is pursuing. If I remind, all the investors here and analysts, about our strategy, we are very much executing right on track on our strategy. The strategy is.

謝謝，各位早安。我非常自豪能在此分享一些資訊，不僅是業績結果，也包括 Aura 正在推進的所有策略性進展。若我提醒在座所有投資人與分析師關於我們的策略，我們正非常確實地按計畫執行。該策略是。

one, to increase production through development of greenfield projects.

第一，透過開發綠地（greenfield）專案來提高產量。

two, to increase resource and reserves as we see significant potential in our current depositors to increase the reserves. And three, continue to grow through M&As and address our Daily trading volume are multiple that is still discounted compared to our peers and doing all these three while we continue to pay significant dividends to our shareholders and I'm glad today that we will, I will be able to walk you through that we've been executed in all of those three, areas while we pay dividends. So, number one, 1st going to the results and I ask.

第二，增加資源量與儲量，因為我們看到目前礦床具有顯著潛力可提升儲量。第三，持續透過併購（M&A）成長，並處理我們的日均交易量倍數仍相較同業存在折價的問題；同時在推進這三項策略的過程中，我們也持續向股東支付可觀股利。我很高興今天能帶各位了解：我們如何在支付股利的同時，於這三個面向皆有執行成果。因此，第一部分先看業績，我請。

To put on the first page.

請切到第一頁。

In terms of executing the green field projects and also improving the results, we see again, the company going on record high production on a quarterly basis and also on a yearly basis. On a quarterly basis, which we have already disclosed to the market, we produce 82,000 ounces, gold equivalent ounces, 11% up compared to Q3 25 and 23.

就綠地專案的執行以及業績改善而言，我們再次看到公司在季度與年度層面皆創下歷史新高產量。以季度來看，我們已向市場揭露，本季產量為 82,000 盎司黃金當量，較 2025 年第三季增加 11%，並較去年第四季增加 23%。

Percent compared to Q4 last year. On annual production, to 280,000 ounces of production, 9% up at constant price, and at guidance prices, excluding MSG acquisition that was not on the budget and was not on the guidance, we were very much in line with the middle and actually slightly above the middle of the guidance, with the market. The combination of a higher production, cost under control, and higher gold prices.

較去年第四季增加 23%。以年度產量來看，達到 280,000 盎司，按固定價格計算年增 9%；以指引價格計算，且排除未納入預算與指引的 MSG 併購案，我們的表現非常符合指引區間中位數，甚至略高於中位數，與市場預期一致。更高的產量、受控的成本以及更高的金價之組合。

Drove us to hit $208 million on the quarter with the gold price of $4090 while MSG only one month and Borborema is still on the final phase achieving a nominal capacity. When we look to the year, we reach $548 million of EBITDA with the gold price $3400. If I remind the investors since 23 we've been doubling the EBITDA coming from $135 million to $270 million dollars, now $540 million and if you take into account the last EBITDA of $20,080 million with the gold and put the new gold price and then put a higher production we'll see that we'll be able to do it this year perhaps maintaining this gold price double again or EBITDA if the current gold prices continue to be as strong as it is today.

推動我們本季 EBITDA 達到 2.08 億美元，當時金價為 4,090 美元；而 MSG 僅併表一個月，Borborema 仍處於達成名目產能的最後階段。就全年而言，在金價 3,400 美元下，我們達成 5.48 億美元 EBITDA。提醒投資人，自 2023 年以來我們的 EBITDA 已翻倍，從 1.35 億美元到 2.70 億美元，現在到 5.40 億美元；若將最新季度 EBITDA 2.08 億美元以新的金價假設並加入更高產量來看，若目前金價維持如今日般強勁，我們今年或許能再次翻倍 EBITDA。

On the all in sustaining cash cost, we are glad also to disclose to the market that we have not only reached the guidance, but we are slightly below the low end of the guidance, and I will, we'll talk more through this, during the presentation.

在全維持成本（AISC）方面，我們也很高興向市場揭露：我們不僅達成指引，且略低於指引區間下緣；我們將在簡報中進一步說明。

Higher gold price, cost under control. We have a very also strong recurring free cash flow of close to $100 million on last quarter. Understanding that we are also investing in inventories, investing in, developing the mines which put some low grade into the inventory. So, some working capital is allocated as an inventory as low grades of the plant would leave the low grades of the, the mines that are entering production to, the further years why we now focus on higher grades. And I will talk more about this, also during the presentation.

金價更高、成本受控。我們在上一季也有非常強勁且可持續的經常性自由現金流，接近 1 億美元。同時也要理解，我們也在投資存貨、投資礦山開發，這會使部分低品位礦進入存貨。因此，部分營運資金會以存貨形式配置：把低品位礦石留到未來年度處理，而我們目前聚焦於較高品位。我也會在簡報中進一步說明。

Combination of strong cash flows and although we acquired MSG we continue to be in a very and paid dividends we continue to be at the at the low leverage ratio lab is going to walk you through that R being able to grow without even leveraging our cash flows that coming from the operations being more than enough to fund our acquisitions and our greenfield projects while we. Also count with the leverage to fund those projects freeing more cash to be distributed to our shareholders. Good news, it's a net loss of $20 million. That means that gold price continues to appreciate.

強勁現金流的組合，加上即使我們收購了 MSG 並支付股利，我們仍維持在很低的槓桿比率；Kleber 會帶各位了解：我們如何在不提高槓桿的情況下成長，因為營運產生的現金流已足以支應我們的收購與綠地專案，同時我們。也可運用槓桿來為這些專案提供資金，釋放更多現金以分配給股東。好消息是，淨損為 2,000 萬美元。這表示金價持續上漲。

And if you take out this non-cash. Nonrecurring losses, we'll see that during the year the adjusted net income was $206 million, and Clive is going to walk you through all the details how to, how, to achieve this, $200 million. For the year 2026, we have, a strong, continue to have a strong, production coming from, our operations and some increase on are we sustaining cash costs, some increase in also in Capex due to positive news. We are now expanding Almas. We are coming from, Almas. We built a 1.3 million tons plant with last year we finished. Above 2 million tons, we are now upgrading to 3 million tons to the plant. That means that we have to develop the mine that needs to raise the tailings dam. We are also advancing in Era Dorada. We just announced Era Dorada early works. We also acquired MSG for $76 million. MSG has structurally a higher sustaining Capex and a higher Capex during the year of the turnaround and structurally will be higher than our average. However, the price that we paid for MSS more than justified. This is higher, caps, sustaining caps, and also higher, sustaining cash cost, which we will walk you through also during the presentation.

若排除這些非現金。非經常性損失，我們會看到全年調整後淨利為 2.06 億美元；Clive 將帶各位了解所有細節，說明如何達成這 2 億美元。展望 2026 年，我們仍將維持強勁的產量，來自我們的營運；同時全維持現金成本將略有上升，資本支出（Capex）也將增加，原因是一些正面消息。我們正在擴建 Almas。我們從 Almas 開始。我們建置了一座 130 萬噸的選礦廠，去年完工。處理量已超過 200 萬噸，我們現在正將選礦廠升級至 300 萬噸。這代表我們必須開發礦山並需要加高尾礦壩。我們也在推進 Era Dorada。我們剛宣布 Era Dorada 的前期工程（early works）。我們也以 7,600 萬美元收購了 MSG。MSG 在結構上具有較高的維持性資本支出，且在整頓年度的資本支出也較高，長期而言也將高於我們的平均水準。然而，我們為 MSS 支付的價格非常合理且更具正當性。這些較高的資本支出、維持性資本支出，以及較高的全維持現金成本，我們也會在簡報中帶各位逐一說明。

Very important additional events. Again, we close MSG.

非常重要的額外事件。再次，我們關閉MSG。

We got the license for early works in Aradorada, which we already started the early works. We are now finishing all the analysis, all the studies to be able to go, and approve in the board of full construction.

我們已取得Aradorada前期工程的許可，而我們也已經開始前期工程。我們目前正在完成所有分析與研究，以便提交董事會審議並核准全面施工。

Yesterday we also announced a major milestone for Borborema which we obtained the license to move the road, reaching now 1.5 million ounces just with the relocation of the road, freeing additional 670,000 ounces of reserves into the project while we continue to analyse during the next few weeks. For the AIF or 20f to be released by the end of March, we are updating our resources and reserves based on a higher gold price, which means lower cutoff that will free more reserves into all across our operations.

昨天我們也宣布了Borborema的一項重大里程碑：我們取得了道路改線的許可；僅透過道路改線，就使資源量提升至150萬盎司，並在我們於未來幾週持續分析的同時，為該專案釋放額外67萬盎司的儲量納入專案中。針對將於3月底發布的AIF或20-F，我們正以更高的金價更新資源與儲量，這意味著更低的截止品位（cutoff），將在我們所有營運據點釋放更多儲量。

Major milestones that we conquered. Also, it's after listing the Nasdaq and after the new issues in $200 million Aura came from in one year, $1 million or $2 million being traded per day now reaching $100 million per day addressing the low trading volume that we had now being attractive for major investors to invest in the company and finally, not least.

我們達成的重大里程碑。此外，在納斯達克上市之後，以及在2億美元的新發行之後，Aura在一年內，日成交額從原本每天約100萬或200萬美元，提升到如今每天達到1億美元，解決了我們先前的低成交量問題，使公司對大型投資人更具吸引力；最後但同樣重要的是。

Announcing again a very strong dividends of 0.66 per share on the quarterly basis, which gives a yield on the last 12 months at 6.2% for our shareholders while we made acquisition, why do we, ramped up Borbore.

再次宣布每季每股0.66的強勁股利，讓股東在過去12個月的殖利率達到6.2%；同時我們也進行了收購，並推進Borbore的產能爬坡。

And why we're doing all these growth projects, so in summary we can see that we are very much delivering on the long-term strategy. Number one, we are increasing production and developing the greenfield projects. Bor Borema last year again on time, on budget, commercial production in September.

以及為什麼我們要做所有這些成長專案；總結來說，我們可以看到我們正在切實落實長期策略。第一，我們正在提高產量並開發綠地（greenfield）專案。Borborema去年再次按期、按預算，並於9月達到商業化生產。

Then we also acquired MSG, this is the third, avenue is continued to grow through M&As and address daily trading volume. So, on the third avenue, we acquired MSG and we significantly increased daily trading volume, which is helping us to attract more, bigger investors although yet we are still discounted compared to our peers. And the second avenue. To increase resource and reserves again with the Bor Borema, we increased Borborema reserves by 82% of reserves, significantly increasing cash flows of this project, and I can also walk you through a little bit, the importance of this additional 670,000 ounces, which I will do, during the presentation. So very much increasing production, increasing resources and reserves, and address the multiple through daily trading volume and also new acquisitions.

接著我們也收購了MSG；第三條路徑是透過併購（M&A）持續成長，並改善每日成交量。因此，在第三條路徑上，我們收購MSG並大幅提高每日成交量，這有助於吸引更多、更大型的投資人，儘管目前相較同業我們仍有折價。而第二條路徑。再次提升資源與儲量：以Borborema為例，我們將Borborema的儲量提高了82%，顯著增加該專案的現金流；我也會在簡報中帶大家更深入了解這額外67萬盎司的重要性。因此，我們大幅提升產量、提升資源與儲量，並透過每日成交量以及新的收購來改善估值倍數。

In terms of safety.

就安全而言。

Super proud and again now this all those numbers are putting aura as a benchmark in the world in the sector.

非常自豪，而且再次強調，這些數據正使Aura成為全球同業的標竿。

Not only we had the full year without any single lost time incidents, but now we're achieving over 18 months with no lost time incidents, which put us on the benchmark in the world in terms of safety. Any well managed company will give you strong.

我們不僅全年沒有任何一次損失工時事故（lost time incidents），如今更已達成超過18個月零損失工時事故，讓我們在安全方面成為全球標竿。任何管理良好的公司都會帶來強勁的。

Levels of safety and also strong results in terms of stability of the structures. Again, we make reviews every quarter, every month through external consultants, and all our geotechnical structures are in satisfactory levels.

安全水準，以及在結構穩定性方面的強勁成果。同樣地，我們每季、每月都透過外部顧問進行審查，而我們所有岩土工程結構皆處於令人滿意的水準。

Next is light.

下一個是亮點。

So when we look on the quarterly basis on the production that we have already disclosed, now we see since Q1 20 and 25, a constant growth on production through a combination of the ramp up of Borborema and lastly still not only the same but The acquisition of MSG for the further quarters, we should see now continue to grow, in terms of production on a quarterly basis as MSG now comes a full quarter and then gradually, we should also improve our production from our other operations. When we looked, on the guidance, we see that Azazoo, the production, when you consider the same metal prices of the budget, we see that we were very much in line with the guidance in terms of production. I'll get attention for those that are not used to looking on carefully our numbers. Azazoo, we have, we sell copper and gold concentrate, and then we convert all the copper into gold. Equivalent ounces. When to do that, you get just the revenues from copper, and you divide by the gold price. The higher the gold price, the lower the conversion into the gold equivalent ounces. So, when you look at the number of Azazoo and you see the gold equivalent ounces decreasing along the last year, it's not because we are decreasing production, but it is mostly because the gold price. Is appreciated, which is positive, for our whole company and that that conversion goes to a lower gold equivalent ounces, which is also translates to higher owing sustaining cash cost because you divide by the total cost by the gold equivalent ounces gives and the gold equivalent ounces is lower, so that gives us a higher owing sustaining cash cost, but that is because of a good news of a gold appreciating poena, we've been able to develop.

因此，當我們以季度來看已披露的產量時，自2025年第一季以來，我們看到產量持續成長，這是Borborema產能爬坡的綜合效果；此外，隨著MSG的收購，在接下來的季度，我們應會看到季度產量持續成長，因為MSG將貢獻完整的一個季度，之後我們也應逐步改善其他營運據點的產量。當我們看指引（guidance）時，Azazoo的產量在以預算相同金屬價格計算下，我們在產量方面基本符合指引。我想提醒那些不習慣仔細看我們數字的人。Azazoo方面，我們銷售銅金精礦，然後把所有銅折算成黃金當量。當量盎司。做法是：取銅的營收，然後除以金價。金價越高，換算成黃金當量盎司就越低。因此，當你看到Azazoo的黃金當量盎司在去年逐步下降，並不是因為我們在減產，而主要是因為金價。上漲了，這對我們整個公司是正面的；而該換算會導致黃金當量盎司變少，這也會反映為更高的全維持成本（AISC），因為你用總成本除以黃金當量盎司；當黃金當量盎司較低時，AISC就會較高。但這是因金價上漲的好消息所致，我們也因此能夠推進開發。

High faster than where we were projecting during the year so we could also, produce above the guidance. Minos are very much in in line with the guidance. AA is also very much in line with the guidance and Borborema is where we were a little bit, below, the guidance. That's because we had.

進度比我們年初預測更快，因此我們也能夠使產量高於指引。Minos基本符合指引。AA也基本符合指引，而Borborema則略低於指引。那是因為我們有。

The project we had some minor issues with the agitators of the CIL tax that did not jeopardize the ramp up, but as this drove to a low, was driving to a lower recoveries, we decided just to put for a couple of months very low grades instead of high grades, not to lose the long-term, not to lose recoveries on that part that droves the production. Down while we preserved those that high grade golds, when we could finish the fix on the CIL tanks, which took us just a couple of months, not jeopardizing the ramp up again, not jeopardizing reaching on our capacity and not jeopardizing, the recoveries that we reached, after we changed those, parts on the CIL tanks.

該專案在CIL槽的攪拌器上出現一些小問題，並未危及產能爬坡；但由於這導致回收率偏低，我們決定在幾個月內改以非常低品位而非高品位進料，以免影響長期表現、避免在那段期間損失回收率，這使得產量。下降；同時我們保留了那些高品位金礦，待我們完成CIL槽的修復後再處理。修復只花了幾個月，再次沒有影響爬坡、沒有影響達到設計產能，也沒有影響我們在更換CIL槽相關零件後所達到的回收率。

Next, So in terms of are we sustaining cash costs?

下一個，那麼就全維持成本（AISC）而言呢？

Excluding, MSG, I'm proud to also show, to show the market that we also could not only, be within, the guidance, which is the next slide, but also slightly below the low end of the guidance, fulfilling what we promised to the markets in terms of production and also in terms of cost. If we take out the MSG or OE sustaining cash cost for Q4. Would have been 1,363 and as we know, as we acquired MSG, we know MSG had over $3000 of our sustaining cash cost, which doesn't scare us. I think that was That was the positive point on acquiring MSG was to see those high owing sustaining cash costs and project and believe that during the turnaround of this year we'll be able to drive that owing sustaining cash cost to below $2000 for the for the years ahead, not this year, but for the years ahead.

排除MSG後，我也很自豪向市場展示：我們不僅能落在指引範圍內（下一張投影片），而且還略低於指引下緣，兌現我們在產量與成本方面對市場的承諾。如果把MSG剔除，我們在第四季的AISC。將會是1,363；而我們也知道，因為收購MSG，MSG的AISC超過3,000美元，這並不會讓我們擔心。我認為收購MSG的正面之處在於：看到這麼高的AISC後，我們可以制定改善計畫並相信在今年的整頓（turnaround）期間，我們將能把AISC推動到低於2,000美元，供未來年度使用——不是今年，而是未來幾年。

Next.

下一頁。

So just to quickly go to the guidance, we, I just, I mentioned to you, in terms of production, very much in the middle, slightly above the middle of the guidance.

所以我快速回到指引部分，我剛才也跟各位提到，就產量而言，我們大致落在指引區間的中段，略高於中段。

The on the cash cost per gold equivalent ounces, I also We reached the finish of the year at $1070. The low end of the guidance was at $1,078. Owing sustaining that translates also to a lower owing sustaining cash cost, finishing $1,368 and the low end of the guide is at $1374 and also very much in line with the guidance in terms of Capex understanding that there was a year that we also built Borborema and decided to move forward with the expansion of Almas on the first phase and now we are going to the second phase of the expansion of Almas next.

至於每金當量盎司的現金成本，我們在年底達到 1,070 美元。指引的低端為 1,078 美元。由於維持性支出（AISC）也相應轉化為較低的維持性現金成本，最終為 1,368 美元，而指引低端為 1,374 美元；資本支出（Capex）方面也非常符合指引，考量到今年我們也建成了 Borborema，並決定推進 Almas 擴建的第一階段，而接下來我們將進入 Almas 擴建的第二階段。

So for the 2026, give an overview here of the guidance and then Clever can go in a little bit more details into the next slide. But in terms of production, now we project full year of Borborema, full year out of energy, although MSG still.

那麼針對 2026 年，我先在這裡概述一下指引，接著 Clever 會在下一張投影片再補充更多細節。就產量而言，我們現在預期 Borborema 將貢獻完整年度，能源也將是完整年度，雖然 MSG 仍然……

During this year on 2026 in MSG we are not focusing to produce the most at the lowest cost. We are focused on preparing that mine to be able to produce over 80,000 ounces per year and below 2000 for the next year. So, this year is a turnaround, although during this year, imagine that we should, we projected at producing 50 to 60,000 ounces of production. Even if the cost is above $3000 per year owing, we have, the price gold price of today is, $5200 so it's $2200 of free cash flow margin in a turnaround year for MSG.

在 2026 年這一年，於 MSG 我們並不是以最低成本追求最大產量。我們的重點是把該礦山準備到明年能夠年產超過 80,000 盎司，且成本低於 2,000（美元）。因此，今年屬於整頓（turnaround）的一年；即便如此，我們仍預估產量約 50,000 至 60,000 盎司。即使成本高於每盎司 3,000 美元，以今天的金價 5,200 美元計算，在 MSG 的整頓年度仍有每盎司約 2,200 美元的自由現金流利潤空間。

That price converted to $500,000 or $60,000 now, it means that the free cash flows and maybe that will be way above this is 100 $120 million 130 million dollars. And this project that we acquired for 76 in the year that we yet, we are not focused on production, we are not focused on cost. We are focused on preparing that mine to higher production along the next years.

把這個價格換算到 50,000 或 60,000 盎司的產量，代表自由現金流可能（甚至很可能）遠高於此，約為 1 億至 1.2 億、1.3 億美元。而我們以 7,600 萬（美元）收購的這個專案，在這一年我們仍不以產量為重，也不以成本為重。我們專注於為未來幾年更高的產量做好該礦山的準備。

In terms of, and that higher owing sustaining cash cost, which Clab is going to explain, is translated to or from MSG is trans it's translated to higher cash cost, in our consolidated levels, higher owing sustaining cash cost also in our consolidated levels, and Gla collabor is going to explain that 65% to 80% of this increase is explained by MSG. And then we have other factors that we will just go in more details, during the presentation. In terms of Capex, it's the same situation. It's a year that we are investing in MSG. We are expanding ALMAs. Almas, we are doing the pushback of the pit to fast access also the underground development. We are expanding the capacity. Of the plant we are already doing it in this, expansion project is not the full investment in Eradorada but yet already the first, groundwork, the first early works. So, there's a lot of, capital that's been committed for good news which we are expanding production, expanding to go at 600 or even above 600 are preparing the country goes above 600,000 ounces of gold equivalent on the upcoming years. In terms of production again, Azazoo, that decrease, it comes from mostly metal prices, although Arza Zoo is where we are. More stable and getting more lower grades, during the next years while we continue to explore opportunities to decrease, the cost of mine and the cost of plan to offset these slightly lower grades in others as well. Borborema, the range of 65,000 to 77,000 ounces. This is also accounts that we are working and, we should publish it or. A new resources and reserves, the old AIF, now the 20. By the end of March, that means that we are updating our resources and reserves and all the mine plan of the company based on the new cutoff with a higher gold price. That means with the higher gold price we reduce the cutoff. We can free and release and convert more resources into the reserves. On the other hand, the grades, average grades go down, but all in all, it builds value. It's a positive news because we are now assessing grades that was not economically viable in the past with this higher gold price. We've been able to access more. Ounces on total, although it's a lower than former grades that we were projected in the past. So that it's a positive news that has on the long-term that has minor impact on the short-term.

就成本而言，較高的維持性全成本（AISC），Kleber 會解釋，主要來自 MSG，並轉化為我們合併層面的較高現金成本，以及合併層面的較高維持性全成本；Kleber 也會說明，這次上升的 65% 到 80% 可由 MSG 解釋。另外還有其他因素，我們會在簡報中再進一步說明。資本支出（Capex）也是同樣的情況。今年我們在 MSG 進行投資。我們也在擴建 Almas。在 Almas，我們正在進行露天礦坑的推回（pushback），以便更快取得礦體，同時也推進地下開發。我們正在擴充產能。選礦廠的擴建我們已在進行；這個擴建專案尚未達到 Eradorada 的全額投資，但已經開始第一階段的前期工程、早期工程。因此，有相當多的資本已投入在好消息上：我們正在擴大產量，目標提升到 60 萬盎司甚至高於 60 萬盎司，並為未來幾年金當量產量超過 60 萬盎司做好準備。再談產量，Azazoo 的下降主要來自金屬價格，雖然 Arza Zoo 是我們……在未來幾年會更穩定但品位較低；同時我們持續尋找機會降低採礦成本與選廠成本，以抵消這些略低的品位，其他礦區亦然。Borborema 的區間為 65,000 至 77,000 盎司。這也反映我們正在進行、並且應該會發布……新的資源量與儲量，舊的 AIF，現在是 20……在 3 月底前，這表示我們正以更高的金價、依新的截止品位（cutoff）更新公司的資源量與儲量，以及所有礦山計畫。這代表在更高金價下，我們降低截止品位。我們可以釋放並把更多資源轉換為儲量。另一方面，平均品位會下降，但整體而言能創造價值。這是正面消息，因為在更高金價下，我們正在評估過去不具經濟可行性的品位。我們得以取得更多……總盎司數，雖然其品位低於我們過去預估的品位。因此這是正面消息：長期來看是利多，短期影響相對有限。

So, next slide.

所以，下一張投影片。

Kleber.

Kleber。

Yes, sure, Rodrigo. So good morning, everyone.

好的，當然，Rodrigo。各位早安。

So, let's start with understanding the main drivers, behind the impact of the increasing, forcing the owing sustaining cash costs. The expected owing sustaining cash cost, in 2026 is, expected to increase between $262 and $407 compared to 2025. And as we can see here, on the right side on the top, the main driver for an increase by far, is, MSCG, that's, bringing up our, weighted average cash cost, explains 70% to 80% of this increase.

那我們先來理解推動維持性全成本（AISC）上升的主要因素。預期 2026 年的維持性全成本將較 2025 年增加 262 至 407 美元。如右上方所示，迄今為止最大的上升驅動因素是 MSCG，它拉高了我們的加權平均現金成本，解釋了這次上升的 70% 到 80%。

Methyl price effect that Rodriguez explained, the gold equivalent conversion because gold prices on average in 26 are, if you take market projections are above the average of 25, so accelerated more than copper price, so explains another 5% in how we increase in the second, impact that we have is in AMS. Almas due to mining sequencing this year. We're doing a pushback in the mine and having higher strip ratio, so the costs, in, lower grades also due to mine sequencing, so the cost is, they increase, this year. This is not expected to be repeated, for example, in 2027, and we also have a sings and expansion this year in Yamassy. So in Almas it's mostly no recurring this effect.

Rodrigo 剛才提到的金屬價格效應：由於 2026 年的平均金價（若採市場預測）高於 2025 年平均，而金價上升幅度快於銅價，因此在金當量換算上也解釋了另外約 5% 的增幅；第二個影響因素在 AMS。Almas 因今年的採礦順序安排。我們正在進行礦坑推回，剝採比更高，因此成本上升；同時因採礦順序導致品位較低，成本也在今年提高。例如在 2027 年，預期不會重複出現這種情況；此外今年在 Yamassy 也有維持與擴建。因此 Almas 的影響多屬一次性、非經常性。

And then other factors are marginal, they, we have, Slightly minor, worse cash costs in Minosa, for example, but better cash costs in Yabuena, and so they compensate each other.

其他因素的影響相對邊際，例如 Minosa 的現金成本略為變差，但 Yabuena 的現金成本較佳，兩者大致互相抵消。

So then, on the bottom, understanding the main increases behind in the sustaining Capex is a similar story, so, 75% to 70% of the increase, we're expecting to see an increase in 26 compared to 25% between $15 million and $70 million of which, about 2/3 are, MSCG.

接著在下方，關於維持性資本支出（sustaining Capex）增加的主要原因，故事也類似：我們預期 2026 年相較 2025 年將增加 1,500 萬至 7,000 萬美元，其中約 2/3 來自 MSCG。

First, because it's an underground mine, so it has a higher sustaining cash cost, so we should not expect going forward to see sustaining, Capex for MECG comparable to the other open pit Brazilian mines, so it's going to be higher, but also, it's a turnaround here as we have been communicating, we're going to be allocating some additional capital, especially in maintenance in MSCG.

首先，因為這是一座地下礦，所以其維持性現金成本較高，因此我們不應預期未來 MECG 的維持性資本支出（Capex）會與其他巴西露天礦相當；它會更高。此外，正如我們一直在溝通的，這裡正處於扭轉階段，我們將配置一些額外資本，特別是在 MSCG 的維修維護方面。

And I was the same reason I was explaining it's another 15% to 20%.

而我剛才解釋的也是同樣原因，這又是另外 15% 到 20%。

Of the increase in the sustaining Capex for the same reason, the pushback, a portion of the waste is capitalized as sustaining Capex and explain also a portion of this increase. And finally, of course, Burboremma is going to be operating for a full year. In 25, we had just 3 years of commercial production for Burbore, 3 months, sorry, and then in 26 we have 212 months, of course, that brings a higher, sustaining Capex.

維持性資本支出增加的原因相同：推幫（pushback）作業中，有一部分廢石會資本化列為維持性資本支出，也解釋了這次增加的一部分。最後，當然，Burboremma 將會全年運轉。在 25 年，Burbore 的商業化生產只有 3 年——抱歉，是 3 個月——而在 26 年我們有 212 個月，當然，這會帶來更高的維持性資本支出。

And finally, when we look at the expansion Capex, what, is in the, our, guidance for 26, mainly is Alma's underground, developments in the plant expansion that we are investing to increase, the planting capacity to 3 million tons, until the end of the year.

最後，當我們看擴張性資本支出時，我們在 26 年的指引中主要包括 Almas 的地下開發，以及我們正在投資的選礦廠擴建，目標是在年底前把處理能力提升到 300 萬噸。

Apoena, we have the 2nd year of the NS pushback, that we are planning 25, 26 to invest in the NS phase three pits to have a higher grade from 27, so this is the second year.

Apoena 方面，我們進入 NS 推幫的第二年；我們規劃在 25、26 年投資 NS 第三階段礦坑，以便自 27 年起取得更高品位，因此這是第二年。

In Verborema, we have a filter press, expansion, so the filter press now is the current bottleneck that we have, at the plant. So, by expanding the filter press, we can go beyond the nominal installed capacity that we have today at the plant, and it also is going to help us prepare for potential expansion of the plant in the future and also, we're going to be investing. Engineering studies for potential expansion now that we were able to get the permits to move the roads.

在 Verborema，我們有壓濾機（filter press）擴建，因為目前壓濾機是選礦廠的瓶頸。因此，透過擴建壓濾機，我們可以超越目前選礦廠的名義裝置產能，並且也能協助我們為未來潛在的選礦廠擴建做準備；同時我們也將投資。在我們取得移道路徑許可後，將進行潛在擴建的工程研究。

The Aradorada as well, we're investing in the early works, and we have then, some other impacts such as Matapa and, some investment in the projects.

Aradorada 也一樣，我們正在投資前期工程，此外還有一些其他影響，例如 Matapa，以及對相關專案的一些投資。

Actually.

其實。

Thank you. So, I think one major, milestone that we also achieved, again, on your next slide is the license that we've been, discussing, with the national authorities that, we finally signed an agreement, partnerships to move that road, that is releasing 670,000 ounces of gold, on the mine sequencing. Just hypothetically, if you get the gold price as of today, 5,200, and then you imagine how are we sustaining cash cost of 1,500 to each according to our mind sequencing which is below this, we see. And then you multiply by these 670,000 ounces, you'll see that the company with this will be able to generate along the years more than $2 billion $2.5 billion pre-tax in this project. That's the size of the magnitude. That these additional assets can generate. And of course, we don't want to go from we already have 15 years old, 16 years of life of mine that we expand to above 2025. We don't want to do this that's why we made the. Plant flexible and now we are advancing on engineering studies and water axis in order to expand the capacity of the plant perhaps up to 4 million tons that will drive us to a significantly higher production after we finish and we conclude, the expansion.

謝謝。所以，我認為我們也達成了一個重要里程碑——同樣在你下一張投影片上——也就是我們一直與國家主管機關討論的那張許可；我們終於簽署了一項協議與合作夥伴來移動那條道路，這將在礦山採序中釋放 67 萬盎司黃金。假設以今天的金價 5,200 來看，再假設我們依照礦山採序的維持性現金成本為每盎司 1,500（低於此水準），我們可以看到。然後把這 67 萬盎司相乘，你會看到公司藉由此專案在多年期間可產生超過 20 億到 25 億美元的稅前現金流。這就是其量級規模。這些新增資產所能創造的價值。當然，我們不希望只是把原本已經有 15 年、16 年的礦山壽命延長到 2025 年之後。我們不想只做這件事，這就是為什麼我們做了。讓選礦廠具備彈性；現在我們正推進工程研究與取水通道（water access），以便將選礦廠產能可能擴至 400 萬噸，這將在我們完成並結束擴建後，帶來顯著更高的產量。

We are now working on engineering. We are now working on water access, and we believe during the second semester, more towards the 4th quarter, we'll be able to present a high detailed and a new feasibility study, for, this project using now a higher capacity, while we are also we're doing and we should expect for the 20th by March. This project is very sensible to cut off grades. So as gold prices going up, we are, changing the price for cutoff, which means that, we can now access, as I was mentioning, lower grades that was not economically viable in this project now becomes viable. So, we should expect further increase in reserves, by the end of March when we publish the new resource and reserves for the entire company, particularly here in Borborema.

我們目前正在進行工程作業。我們目前正在處理取水通道，我們相信在下半年、較接近第四季時，我們將能提出一份高度細化、全新的可行性研究，讓本專案採用更高的產能；同時我們也正在做，而且我們應該預期在 3 月 20 日前完成。這個專案對邊界品位（cut-off grade）非常敏感。因此，隨著金價上升，我們正在調整邊界品位的價格假設，這意味著我們現在可以開採我剛才提到的較低品位礦石——過去在此專案中不具經濟性的部分，現在變得可行。因此，當我們在 3 月底發布全公司新的資源量與儲量時，特別是在 Borborema，我們應可預期儲量將進一步增加。

Again, I mentioned that we are delivering on the greenfield projects on time, on budget. Remind Borborema, the first Almas, now Borborema. We are delivering on new acquisitions. We closed MSG in December, and we also told the market, we've been telling the market for the last many years that we had to address the daily trade environment, and here it is. The very successful results of our listing in Nasdaq moving from TSX and then listing in NASDAQ that are coming from $1.52 million per day, now reaching on average in February $100 million per day with a combination of Nasdaq plus B3A. So that will also help us address the multiple. According to the analysts, we are still traded.

再次強調，我提到我們按時、按預算交付綠地（greenfield）專案。回顧 Borborema，先是 Almas，現在是 Borborema。我們也在交付新的併購案。我們在 12 月完成 MSG 交易，而且我們也告訴市場——過去很多年一直告訴市場——我們必須改善日常交易環境，而現在做到了。我們從 TSX 轉到 NASDAQ 並在 NASDAQ 上市，取得非常成功的成果：日均成交額從 152 萬美元，提升到 2 月平均每日 1 億美元，這是 NASDAQ 加上 B3A 的組合。因此，這也將幫助我們改善估值倍數。依分析師看法，我們目前仍在交易。

With a discount compared to our peers, and we will not only change the peers coming from the production of 300,000 ounces on average last year or this year to above 600,000 ounces, and then also with the higher daily 3G volume and higher reputation as we are delivering our projects, we should address this, discounted compared to our peers and maybe even be, with a premium compared to our peers as we continue to grow.

相較同業仍有折價；而我們不僅會因產量從去年或今年平均 30 萬盎司提升到 60 萬盎司以上而改變可比同業組合，並且隨著更高的日均成交量與我們按期交付專案所建立的更高聲譽，我們應能縮小相對同業的折價，甚至在持續成長下，可能相對同業出現溢價。

So with that, I conclude here, the more high level analysis.

因此，我在此結束較高層次的分析。

Clever is going to drive and walk you through, to the details of the results, and then I come back, for questions.

Clever 將帶領各位並逐步說明業績細節，之後我會回來回答問題。

Okay, thank you.

好的，謝謝。

So, we start with, summary of the, main financial KPIs, that we're reporting for the quarter, for the year and also comparing with the, previous quarters.

我們先從主要財務 KPI 的摘要開始，這些是我們本季、全年所報告的數據，並且也與前幾季做比較。

As we, Rodrigo mentioned and we see the results here, a combination of higher gold prices in the fourth quarter, and increasing production, in the fourth quarter as well. There was a substantial increase in our net revenues, closing the quarter with $322 million and bringing our annual revenues, beyond $920 million in 2025.

正如 Rodrigo 提到的，我們在此看到的結果是第四季金價較高與第四季產量增加的組合。我們的淨營收大幅增加，本季收在 3.22 億美元，並使我們 2025 年全年營收超過 9.2 億美元。

The adjusted EBITDA, it's, the sixth, quarter in a row that we, deliver a record high, adjusted EBITDA at $208 million considering Q4 average good prices close to $4000 per ounce and bringing our annual EBITDA to $547 million as well, and also the last 12 months, also the six, in a row that we see increasing.

調整後 EBITDA 方面，這是我們連續第六個季度創下調整後 EBITDA 的新高，達 2.08 億美元（考量第四季平均金價接近每盎司 4,000 美元），並使我們全年 EBITDA 也達到 5.47 億美元；同時，過去 12 個月也同樣是連續第六次呈現成長。

When we, moved to net income, we're reporting a net loss of $20 million basically, for the same reason that we reported losses in some of the previous quarters due to the, sharp increase in gold prices during the quarter, which is good news, but it brings, no cash losses, related to our outstanding gold derivatives.

當我們轉到淨利時，基本上我們報告了2,000萬美元的淨虧損，原因與我們在前幾個季度報告虧損相同：本季度金價大幅上漲，這是好消息，但也帶來了與我們未平倉黃金衍生品相關的非現金損失。

Excluding, those, non cash losses which amount to about $82 million in the quarter.

剔除這些非現金損失，本季度約為8,200萬美元。

In certain order no cash items, we see that, we had also an improvement in the adjusted net income, reaching $73 million in the quarter.

在調整若干非現金項目後，我們看到調整後淨利也有所改善，本季度達到7,300萬美元。

And then in terms of cash and then debt, we see we continue in a very comfortable, position in terms of balance sheet. There was, some increase in our net debt in the quarter, but that's basically because, in Q4 we paid for the acquisition of MSCG, and, unlike, many other cases, many other companies when we make acquisitions that are maybe some reductions in dividends, we did not reduce the dividends. Until far we kept paying dividends above our minimal dividend policy because our balance sheet allows for it. So, and then we can see, as a result, we closed the year, also we have a low, very low net debt over EBITDA in the last 12 months, below 0.3 times.

接著就現金與負債而言，我們看到資產負債表仍維持在非常舒適的狀態。本季度我們的淨負債有所增加，但主要是因為在第四季我們支付了收購MSCG的款項，而且不同於許多其他公司在進行收購時可能會削減股利，我們並未降低股利。截至目前，我們仍支付高於最低股利政策的股利，因為我們的資產負債表允許這麼做。因此我們可以看到，年末我們的淨負債／EBITDA（過去12個月）也維持在很低水準，低於0.3倍。

Now moving to understand the main items between the adjusted EBITDA and that income for the quarter, if we see a breakdown of the EBITDA of $208 million Almas and Borbodema were the top performers, about $50 million in the quarter each. We highlight, of course, Berbodema considering it was only the first quarter of commercial production, and it is almost our highest CBIDA, so it shows all the potential.

現在來看本季度調整後EBITDA與淨利之間的主要項目。若拆解2.08億美元的EBITDA，Almas與Borbodema是表現最佳者，本季度各約5,000萬美元。我們當然特別強調Berbodema，因為這只是商業化生產的第一個季度，但它幾乎已是我們最高的CBIDA，顯示其潛力十足。

That we have in this mine. Ninosa and Aranzazul also coming very strong at $48.41 million dollars respectively. A uea delivering EBITDA of $22 million in the MECG. $10 million. MSCG also, I'd like to highlight, for a couple of reasons. First it was just one month and, one month that, we didn't see yet any impact of, any turnaround in terms of production and in terms of cost. And, we already, and with gold prices at a much lower levels that we have today and we already generated $10 million in a month for an investment, for an acquisition that we paid $73 million so it shows the type of returns that we should expect for this acquisition.

這座礦山的潛力。Ninosa與Aranzazul也表現強勁，分別為4,800萬與4,100萬美元。A uea在MECG貢獻2,200萬美元的EBITDA。MSCG為1,000萬美元。我也想強調MSCG，原因有幾點。第一，這只涵蓋一個月，而且在這一個月中，我們尚未看到任何在產量與成本方面的改善（turnaround）影響。此外，在金價遠低於今天的水準下，我們一個月就已產生1,000萬美元；而我們為這項投資、這筆收購支付了7,300萬美元，這顯示我們對這項收購應可期待的報酬型態。

When, then moving to financial expenses, I mentioned already, we had $82 million known cash losses related to the gold, outstanding gold hedges, and, we also had a $22 million realized the losses, related to derivatives that expired during the quarter.

接著談到財務費用，我先前已提到，我們有8,200萬美元的非現金損失，與未平倉的黃金避險相關；此外，我們也有2,200萬美元的已實現損失，與本季度到期的衍生品相關。

Income tax expenses, increased, compared to the previous quarters, basically, because the our results from the operations are also increased, so it's in the same proportion.

所得稅費用相較前幾個季度增加，主要是因為我們營運成果也提升，因此大致呈同比例變動。

On this quarter, we had, no recurring, other expenses, that's mostly related to provisions that we did on your end, related to, potential partial no recoverability of, certain VAT credits that we have mostly in Honduras and also in Brazil.

本季度我們沒有經常性（non-recurring）的其他費用；這主要與我們在年末提列的準備有關，涉及部分增值稅（VAT）抵扣額可能無法回收的風險，主要在宏都拉斯以及巴西。

Then with that, we see our net income of, $20 million but then bringing back the non-cash items.

因此，我們看到淨利為虧損2,000萬美元，但接著把非現金項目加回。

Mostly the realized losses with the derivatives, we come to a net just the net income of $73 million.

主要是衍生品的已實現損失，加回後，我們得到調整後淨利為7,300萬美元。

Now moving to understand, the, in detail, the changes in the cash position, during the last quarter. We see on the left side of the page; we started the quarter with about $350 million. In cash, here on this more left side page, we can see what's the cash flow recurring for cash flow, which is the cash flow generated by the now the six miners in production.

現在更詳細地說明上一季度現金部位的變動。我們在頁面左側看到：季度初我們約有3.5億美元現金。在更左側這一欄，我們可以看到經常性現金流，也就是目前六座投產礦山所產生的現金流。

And not including investment to expand our business. We see we generated, $94 million already deducting the realized losses with the gold derivatives. That cash was almost enough to pay for all, the capital allocated to growth the business in the last quarter. We invested $103 million mainly the NSCG acquisition and also expansion of Capex, the first steps, in Amas, mainly here for the underground mine development and plant expansion. And to the right side, more the financial items highlighting, as I indicated before as well, $40 million dividend payments.

且不包含用於擴張業務的投資。我們產生了9,400萬美元的現金流，已扣除黃金衍生品的已實現損失。這筆現金幾乎足以支付上一季度所有用於業務成長的資本配置。我們投資了1.03億美元，主要是NSCG收購，以及擴張性資本支出（Capex）的投入；其中第一步主要在Amas，用於地下礦開發與選廠擴建。在右側則是較偏財務項目，重點如我先前提到的4,000萬美元股利支付。

Next page, yeah. And then when we moved to the year, the cash flow by the mine is in production generated over $250 million in cash, which was more than enough to pay for all the investment in growth in 2025 was one year that we invested significantly in growth, so we invested to Berborema Construction, the 2nd year of Berborema Construction, the acquisition of MSCG, acquisition of Geraldora, the acquisition of Altamira shares, investment in exploration to increase our mineral reserve, reserves and resources that was, funded, entirely funded by the cash flow, recurring cash flow from the operations.

下一頁，對。接著看全年，投產礦山的現金流合計產生超過2.5億美元現金，足以支付2025年所有成長投資；2025年是我們大幅投資成長的一年，我們投入了Berborema建設（第二年）、收購MSCG、收購Geraldora、收購Altamira股份，以及勘探投資以增加我們的礦產儲量、儲量與資源；這些全部由營運所產生的經常性現金流完全支應。

And, to the right side of the more, financially items, we highlight the cash we're returning to our shareholders, mainly through dividends, $116 million and the net proceeds we received from the Nasdaq IPO to $100 million and that brings our cash position closer to $90 million at the end of the year.

在右側較偏財務項目方面，我們強調回饋股東的現金，主要透過股利，為1.16億美元；以及我們從納斯達克IPO收到的淨募資款1億美元，這使得我們年末現金部位接近9,000萬美元。

This is the last slide and then we open to questions.

這是最後一張投影片，接著我們開放提問。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

We're going to start the question-and-answer session.

我們將開始問答環節。

For investors and analysts, if you wish to ask a question, please press the raise hand button.

投資人與分析師如欲提問，請按下舉手按鈕。

If your question has already been answered, you can leave the queue by clicking on put hand down.

若您的問題已獲回答，您可點選放下手以離開隊列。

Please hold while we poll for questions.

請稍候，我們正在收集問題。

Our first question comes from Enrique Marquez with Goldman Sachs.

我們的第一個問題來自高盛（Goldman Sachs）的Enrique Marquez。

Hey, everyone. Thanks so much for taking my question. So, quickly on guidance, I mean, there's still a lot to be made during 2026, so I just wanted to make sure here what is already implied in this guidance because there are technical report updates coming up which should impact reserves and eventually, grades which might weigh on production, but at the same time, you have some Processing capacity expansion expected for this year. So, I just wanted to confirm exactly and TRY to better understand what is already implied in this 2026 guidance that you guys just released. And also on a second topic, a lot of things going on, I think that's great, but it would be also Great if you guys can just help us map everything that is going on. So just any update on timing for Era Dorado or Matopa to be taken to the board, to eventually increase the processing capacity for Almas is what is the timing for that and It, just to confirm, is Alma's expansion already board approved the processing capacity?

嗨，各位。非常感謝讓我提問。先快速問一下指引（guidance）：我的意思是，2026年仍有很多事情會發生，所以我想確認一下，這份指引中已經隱含了哪些內容，因為接下來會有技術報告更新，應會影響儲量，最終也會影響品位，可能會對產量造成壓力；但同時，你們今年也預期會有一些處理能力擴張。所以我想確認並嘗試更清楚理解，你們剛發布的2026年指引究竟已經包含了哪些假設。另外第二個主題，事情很多，我覺得這很好，但如果你們能協助我們把目前進行中的事項做個對照梳理會更好。因此，想請問Era Dorado或Matopa何時會提交董事會（board）審議、以便最終提升Almas的處理能力？這方面的時程是什麼？另外再確認一下：Almas的擴產（處理能力）是否已獲董事會核准？

And lastly, just any timing for aura to join the GDX index, is there any prerequisite missing for that? That's it.

最後，Aura 何時會加入 GDX 指數？是否還缺少任何先決條件？就這樣。

Thank you so much.

非常感謝。

Thank you for the question, Nihiki. And, yes, as you mentioned, a lot going on in OA and again, another year that we continue to prepare the company to reach over 600,000 ounces of production. So, we're going step by step, what we should expect and then first question is, for the budget of this year, we are not considering old gold price. We're already using new gold price based in new cutoffs, that we will update the market. So, there's this lag a little bit on what we forecast on the budget and what we will publish now on by March. So we are already reducing the average grade of some of the mines based on the high on lower cutoff and higher gold price, which is a good news because we're going to free.

謝謝你的提問，Nihiki。是的，如你所提到的，OA 有很多事情在進行中，而且我們又迎來新的一年，持續為公司達到超過 60 萬盎司的產量做準備。所以，我們會一步一步來，說明你可以期待什麼。首先，關於今年的預算，我們沒有採用舊的金價。我們已經在新的截止品位基礎上，使用新的金價，並會向市場更新。因此，我們在預算中所預測的內容，與我們現在到 3 月將要發布的內容之間，會有一點時間差。所以，基於較高金價與較低截止品位，我們已經在降低部分礦山的平均品位；這是好消息，因為我們將能釋放出來。

Also in terms of reserves for the long-term and for overall, it generates NPV, for the company, although in some cases might, slightly be, drive to a lower production. So that's a part of the questions that you made, that I could answer. Then there are a few things that's going on. In order, so you also asked about ALMAs. It's already included on the budget. It's already included on Capex for us to expand the capacity and also do to raise the thalis dam to prepare the Tiley dam for this new capacity up to 3 million tons of the plant already preparing this to receive higher grade. Material as an underground while underground is not totally developed, we'll put average and low and medium grade that's already on the stockpile because the mine is working faster than the plant and we have some important stockpile that to use on the higher capacity of the plant while. We don't want to finish that. We go, we should finish the year or early next year at 3 million tons, per year at the plant, but we have projects to go up to 4 million tons, but that will depend on some more positive geological information that we are investing, in the project. So, we should expect these 3 million tons already hired, approved, and should be implemented by early, should be already, in full production by early next year or by the end of this year. While we have projects and we have ideas and we have discussions to go up to 4 million tons, but that will depend on more exploration results that we are conducting as we speak right now.

另外，就長期與整體的儲量而言，這會為公司帶來淨現值（NPV），儘管在某些情況下可能會略微導致產量下降。這就是你提出的問題中，我能回答的一部分。接著還有幾件事情正在進行。你也問到了 ALMAs。這已經納入預算。也已經納入我們的資本支出（Capex），用於擴充產能，同時抬高 thalis 壩並為 Tiley 壩做準備，以支援這個新產能，把選礦廠提升到每年 300 萬噸，並且已在準備接收更高品位的物料；在地下礦尚未完全開發之前，我們會把已在堆場的平均、低與中品位礦投入，因為礦山的開採速度快於選礦廠，我們有相當重要的堆場存量，可在選礦廠提高產能時使用，同時我們不希望把那個用完。我們應該在今年底或明年初把選礦廠達到每年 300 萬噸，但我們也有把產能提升到 400 萬噸的專案；不過這將取決於更正面的地質資訊，我們正在對該專案進行投資。因此，這 300 萬噸的產能已經完成招標、獲得核准，並應在明年初前實施到位，或在今年底前就已經在明年初或今年底前達到滿產。

On this, I also.

關於這點，我也。

On this, for this year, Borborema, we are, as Claer mentioned, we're increasing capacity of the, of the, filters that will give us a possibility to go beyond the nominal capacity that we should reach along the second semester while again we are also preparing this, doing engineering that's already approved on the board and doing now, studies for water assessments to double the capacity. And we would like to be able to approve this in the board by the end of this year, for the new, capacity for Borborema. On MSG is the year of turnaround. We are, although we are generating positive cash flows, we are not focusing on production and we're not focusing on short-term gains. We are focused on building the right. Planning the right structure, so that we can finish the year with a very good view that for the next two years we'll be able to produce above 80,000 ounces with the below $2000 of our sustaining cash cost. So that means that we are preparing the mine, we are doing on the ground developing and advancing again, if I remind the investors, one of the reasons that, MSG lost productivity and lost production and the plant become idle is that they are doing. The mine six is they lost productivity doing underground development and they start doing top bottom that increased dilution that reduced the speed, so that creates a lot of complexity.

關於這點，今年在 Borborema，如 Claer 所提到的，我們正在提高過濾設備的產能，這將使我們有可能超過名義產能；我們應該在下半年達到，同時我們也在為此做準備，進行已獲董事會核准的工程工作，並且正在進行水資源評估研究，以將產能加倍。我們希望能在今年底前提交董事會核准 Borborema 的新產能。至於 MSG，今年是扭轉的一年。雖然我們正在產生正向現金流，但我們不把重點放在產量，也不把重點放在短期收益。我們專注於建立正確的規劃與正確的架構，讓我們在年底能有非常好的能見度：在接下來兩年，我們將能在維持性現金成本低於 2,000 美元的情況下，產量超過 80,000 盎司。這意味著我們正在為礦山做準備，進行地底開發並再次推進；如果我提醒投資人，MSG 之所以失去生產力、失去產量、而選礦廠變得閒置，其中一個原因是他們在做地下開發時生產力下降，並開始採用自上而下的方式，導致貧化增加、速度下降，從而造成很多複雜性。

So now we need to do all the proper underground development in order to do from bottom to up. That means one year of a lot of underground development and preparing this so that we can do the right methodology. Underground and then fulfil, the capacity of the plant that will drive us to produce extra ounces and significantly reduce dilution, significant dilute, reduce also, the owe, sustaining cash cost.

所以現在我們需要完成所有適當的地下開發，才能改為自下而上的方式。這代表需要一整年大量的地下開發與準備，讓我們能採用正確的方法。在地下作業，並且充分利用選礦廠的產能，這將推動我們產出更多盎司，並大幅降低貧化，也顯著降低維持性現金成本。

So, and the final question you made was.

所以，你最後一個問題是。

It was regarding the index, the GDX.

是關於指數，也就是 GDX。

GDX index.

GDX 指數。

Yeah, just if there's a prerequisite missing.

對，就是是否還缺少任何先決條件。

No, I think we are reaching, but we need to reach for two consecutive quarters and each quarter you need to. Proof that, your daily trading volume was higher on the last two. So we believe we'll be eligible for GDX, although there's some, it's not 100% sure because there is some, analysis that the team do, but we believe that we'll be eligible to GDX by the second semester between 3rd to 4th quarter of this year.

不，我認為我們正在達標，但需要連續兩個季度達到，而且每個季度你都需要證明你的日均成交量在最近兩個季度都更高。所以我們相信我們將符合納入 GDX 的資格，雖然也不是 100% 確定，因為團隊還會做一些分析，但我們相信我們會在今年下半年、介於第三到第四季之間具備納入 GDX 的資格。

Great.

很好。

Thank you so much.

非常感謝。

(Operator Instructions)

(接線員指示)

Our next question comes from Edgar de Souza with Itaú BBA.

下一個問題來自 Itaú BBA 的 Edgar de Souza。

Hi Rodrigo. Hi Kleber, Natasha, thank you for the question. So, my first question regarding the still on the guidance, prediction expectations came in slightly softer than what we were expecting, particular at Borborema.

嗨 Rodrigo。嗨 Kleber、Natasha，謝謝讓我提問。我的第一個問題仍然是關於指引：你們的預測與市場預期相比略偏弱，特別是在 Borborema。

I wanted to understand, I don't know if Glauber is connected here, but maybe if not, for sure you can help me, Rodrigo. How much of this lower production profile in Borborema is a direct consequence of incorporating material that was previously above the cutoff.

我想了解一下，我不確定 Glauber 是否在線，但如果沒有的話，Rodrigo 你肯定也能幫我。Borborema 較低的產量曲線，有多少是因為納入了先前高於截止品位的物料所直接造成的？

And at a broader portfolio level, how are you approaching cutoff optimization in the current gold price environment? To what extent are you trading near-term grade and free cash flow for a longer life of mine and higher total value extraction, let's put it this way. Then my second question, moving to the main positive news from the release is regarding the expansion at Borborema and the road relocation. So, I wanted to understand the next steps from here. What is the expected timeline for the physical allocation of the road? You mentioned that the capacity could reach around 4 million tons. How much of this incremental processing capacity could be gradually added in a brownfield scenario similar to what you did in Yammas. How much of the expansion would require a more significant Capex, maybe a new bone mill, and how should we think about water availability as a constraint, until which lab. Levels can you produce with the current water availability that that you have and for which levels this would require a more significant investments for water availability there. Those are my questions.

以及在更廣泛的資產組合層面，在目前金價環境下，你們如何進行截止品位的最佳化？你們在多大程度上，是以近期品位與自由現金流，去交換更長的礦山壽命與更高的總價值回收——我們可以這樣說。第二個問題，轉到本次公告中的主要正面消息：Borborema 的擴建與道路改線。我想了解接下來的步驟。道路實體改線的預期時程是什麼？你提到產能可能達到約 400 萬噸。在類似你們在 Yammas 所做的棕地情境下，這部分新增的處理產能有多少可以逐步加入？擴建中有多少需要更顯著的資本支出（Capex），例如新增一座球磨機？以及在水資源可用性方面，我們應如何把它視為限制因素：以你們目前的供水條件，最高可以支撐到哪個產量水準？而哪些水準會需要在水資源可用性上投入更顯著的投資？以上是我的問題。

Thank you, guys.

謝謝各位。

Okay, I will start and then I think Glauber is here with us. He can, finish, but on the production for Borborema mostly. Of the reduction in production comes from a lower grade that comes from a lower cutoff, right? And then, we always, we don't, and that's one thing that we do in our and that actually it's this mind that drove us to be here today with a successful story. We don't take decisions to Favor only short-term. We think the company as a whole what builds the best value, although sometimes hurts the short-term. And there's an example of Berborem is a very good example because we know that we have a lower production, but overall, as we should see during the publications of the 20F, we'll see an increase in resources and reserves. So that means we are in.

好的，我先開始，然後我想 Glauber 也在現場和我們一起。他可以補充收尾，但主要會談 Borborema 的產量。產量下降主要來自於較低品位，而這是因為採用較低的截止品位（cutoff），對吧？然後，我們一直——我們不會——而這也是我們在公司裡所做的一件事，事實上正是這種思維驅動我們今天能以成功案例站在這裡。我們不會做只偏向短期的決策。我們從公司整體出發，思考什麼能創造最佳價值，儘管有時會傷害短期表現。Borborema 就是一個很好的例子，因為我們知道產量會較低，但整體而言，正如我們在 20F 發布期間將看到的，我們會看到資源量與儲量增加。所以這表示我們正在……

Significantly increase NAV of the company, although that on the yearly, on this yearly basis means slightly lower grades which is translated to a lower production on the Capex, I'll let Glauber, explain, but I'll give an overview of the plant. It takes probably two years, in terms of construction. To relocate the road, which is the same time that we will do an ex-plant expansion, and the plat plant expansion will require a Capex. So, the plant is not at 4 million tons. The plant was built for 2 million tons, flexible and prepared to receive new investments, and then go to 4 million tons. But I'll let Glauber, walk you through more and what we are thinking about, on this, expansion.

大幅提升公司的 NAV（淨資產價值），儘管以年度、以今年度來看，這意味著品位略低，進而反映為產量較低。至於資本支出（Capex），我讓 Glauber 來說明，但我先概述一下選礦廠。就建設而言，大概需要兩年。要遷移道路，時間大致相同；同時我們也會進行選礦廠擴建，而選礦廠擴建將需要資本支出。所以，目前選礦廠不是 400 萬噸。選礦廠原本是按 200 萬噸建造的，具備彈性並已為後續投資做好準備，之後可提升到 400 萬噸。但我讓 Glauber 帶大家更詳細了解，以及我們對這次擴建的想法。

Is Glauber here otherwise or the mic is off?

Glauber 在嗎？不然是麥克風關掉了？

Okay, sorry. Yeah, good morning, everyone. So yeah, as Rodrigo comments, so we That this drop on grade is a positive thing. In fact, it's much more or becoming economical right now with this new price, and what we are doing right now can bring some impact in the short-term, but it is a big benefit in the long-term. So, we, in fact, we are preparing the mining for higher capacity or higher production that we are doing the engineering the plant. In the Capex, answer your question, so it's basically built a new parallel plant.

好的，抱歉。是的，各位早安。所以如 Rodrigo 所說，我們認為品位下降其實是正面的。事實上，在目前這個新價格水準下，這樣做更具經濟性；我們現在做的事情可能在短期帶來一些影響，但長期效益很大。因此，我們確實正在為更高產能或更高產量做採礦準備，同時也在進行選礦廠的工程設計。關於資本支出（Capex）來回答你的問題：基本上就是建一座新的平行選礦廠。

So now we are, what we are doing is, the bottleneck, the filter area is the constraint that we have right now to increase capacity, but we already approved it, we already hire all the service and construction, and we will build the, or we will implement the new filters, in this year, we expect to be done in the beginning of the next semester of this year. In parallel, all the engineer to expand the plant. We don't have the total Capex right now, but we need to expand the CIL circuit, the new circuit, and the crusher circuit. It also, it means that everything it's prepared to expand because we just need to connect without impact the actual production, but it's something that require Capex to be done.

目前我們正在做的是：瓶頸在過濾區（filter area），這是我們現在提升產能的限制，但我們已經核准了，也已經聘請所有服務與施工單位，我們會在今年建置／導入新的過濾設備，預期在今年下半年初完成。同時，所有擴建選礦廠的工程設計也在並行進行。我們目前還沒有完整的 Capex 總額，但我們需要擴建 CIL（炭浸）迴路、新的迴路，以及破碎迴路。這也意味著所有設施都已為擴建做好準備，因為我們只需要做連接就能完成，而且不會影響現有產量，但這仍需要資本支出才能完成。

And in the meanwhile, we are doing all the water assessment, that, that's ideas, that there's, a project also to do to increase the capacity to treat, gray water, from the city or receive gray water from other cities. So, there are few discussions going on right now and, it takes time, but we don't believe it's going to be the issue.

同時，我們也在做整體用水評估；另外也有一個專案構想，是提升處理灰水（gray water）的能力，從城市處理灰水，或從其他城市接收灰水。所以目前有幾項討論正在進行中，確實需要時間，但我們不認為這會成為問題。

Great. Thank You.

很好。謝謝。

(Operator Instructions)

(接線員指示)

Our next question comes from Guillermi Npes with XP.

下一個問題來自 XP 的 Guillermi Npes。

Hi guys, good morning. Can you hear me?

各位好，早安。聽得到我嗎？

Yes.

聽得到。

Okay, so I have two questions here on our side as well. My first one is on the reserves report.

好的，那我這邊也有兩個問題。第一個是關於儲量報告。

So could you guys share any key shifts, any takeaways from the reserve report and also if you have any shifts on geological interpretation and also on long-term, assumption for gold prices as well, and if you could guys share also news on the underground mining for Almas Boborema plan expansion and the increased reserves at Matupa. So, any news on the updated reserves reports and my second question is on capital allocation. Of course, you guys have a lot of projects going on, but we still see, balance sheet room for, as gold prices are holding higher as well, we still see room for the acquisitions, so we like to understand what the priorities are now and if you guys are also looking for. Acquiring all the assets here in Brazil as well and in Latin America as well.

你們能否分享儲量報告中的任何關鍵變化與重點結論？以及地質解釋是否有任何調整？另外，長期金價假設是否有變動？同時也請分享 Almas、Borborema 的地下採礦／擴建計畫，以及 Matupa 儲量增加的最新進展。也就是說，關於更新後的資源與儲量報告有什麼消息？第二個問題是資本配置。當然你們有很多專案在推進，但我們仍看到資產負債表有空間；在金價也維持較高的情況下，我們仍認為有進行併購的空間，因此想了解目前的優先順序是什麼，以及你們是否也在尋找……在巴西以及拉丁美洲收購資產的機會。

Thank you.

謝謝。

Okay, no, thank you for the question. Unfortunately, we cannot disclose, what will be on the AIF yet. That will be published on the, by the end of March. But as you mentioned, we are working on the new cutoff for the current mines that we have that can affect some of the mines and cannot affecting other mines depending on the distribution of the grades. In that mind, Borborem, as I mentioned, has some sensitivity to this, so, it can be affected by a lower cutoff, than increase which is already translated on the budget. So, I will see, the already the grades, going down as you mentioned, we are working on Matu pa. We're doing analysis on Sajinas, doing analysis also, in those that that were pet zone that we acquired and, perhaps some of those already be able to incorporate, into the X1, so we should expect, also, the new report including part of the resource and reserves of the X1 and also, persons or Pente, then underground we continue to do underground, development and also, reaching the right level, then we could, we continue to do intensify exploration. That, although we've been having a very important and interesting interception that confirms the underground mine, that takes more time. So, we should expect more towards the end of the year that we can consolidate all the information. But we don't want to waste time. That's why we're already doing, all the underground development because we believe that this will become a man, and we don't want to waste time doing all the studies while, we develop, the underground. So, in terms of M&A, as you mentioned, the companies.

好的，謝謝你的提問。很遺憾，我們目前還不能披露 AIF 會包含哪些內容。AIF 將在 3 月底發布。但如你所提到的，我們正在針對現有礦山採用新的截止品位（cutoff）進行工作，這可能會影響某些礦山，而對其他礦山則可能不影響，取決於品位分布。在這個思路下，正如我提到的，Borborema 對此有一定敏感度，因此可能會受到較低 cutoff 的影響；這已經反映在預算中。因此你會看到品位如你所說有所下降；我們也在 Matupa 推進工作。我們正在對 Sajinas 進行分析，也在對我們收購的那些（pet zone）區域做分析；也許其中一些已能納入 X1，因此我們也應該預期新報告會納入 X1 的部分資源與儲量，以及 Persons 或 Pente。至於地下礦，我們持續進行地下開發，並且到達合適的水平後，我們會持續加強勘探。雖然我們已取得非常重要且有意思的見礦（interception），確認地下礦的潛力，但這需要更多時間。因此，我們預期要到今年年底左右，才能把所有資訊整合定案。但我們不想浪費時間。這就是為什麼我們已經在進行所有地下開發，因為我們相信這會成為一座礦山，而我們不想在做所有研究的同時浪費時間；我們會一邊開發地下工程。至於併購（M&A），如你所提到的，公司……

It's a significantly increasing EBITDA and cash flows again. If you take it back in the last, two years we doubled every year we doubled EBITDA 2,336, then 24, 270, 25 and now $540 with the last quarter of $210 million with the gold price $4000 and MSG only one month or you can already imply that we are significantly right on the running rate, above, the last year and that of course, although we can. Although we've been able to, if you look what has happened to us in the last four years, we are the highest dividend yield in the world, of our gold price. We acquired Borborema, we built Almas, we built Borborema, we acquired MSG, and yet we have a low leverage, and that was with the gold price of 2,530,000. Now we are with the gold price at 5,550, 200 with higher production. So, we should expect for the upcoming years more than we've done in the last years. In terms of we'll be able to generate higher cash, pay more dividends, now we have more cash also to do more acquisition. We want to continue to do acquisitions. We know very much how to get to beyond 600,000 ounces that we published last year, but that by itself is going to generate a lot of value to us. But we know that the right multiple starts when you get closer to a million ounces. So, we want to continue to pursue growth through M&As. We are America players. We don't feel. We have the knowledge and expertise, for the other continents, but in the Americas, we like gold and we also like copper, so we should expect, from our acquisitions either in gold and also in copper.

EBITDA 與現金流再次大幅成長。如果回頭看過去兩年，我們每年都翻倍，我們的 EBITDA 從 2,336，接著到 24、270、25，而現在到 540；上一季在金價 4,000、美金且 MSG 只貢獻一個月的情況下就有 2.10 億美元，你已經可以推論我們的運行水準顯著地在年化基礎上高於去年，當然，雖然我們可以。雖然我們能夠做到——如果你看過去四年發生在我們身上的事——以我們的金價水準來看，我們是全球股息殖利率最高的公司。我們收購了 Borborema、建成了 Almas、建成了 Borborema、收購了 MSG，但我們的槓桿仍然很低，而那是在金價 2,530,000 的情況下。現在我們的金價在 5,550, 200，且產量更高。因此，未來幾年我們應該期待比過去幾年做得更多。就我們將能夠產生更高現金、支付更多股利而言，現在我們也有更多現金可以做更多收購。我們希望持續進行收購。我們非常清楚如何達到我們去年公布的 600,000 盎司以上，但光是這件事就會為我們創造很大的價值。但我們知道，當你更接近 100 萬盎司時，才會開始有合適的估值倍數。因此，我們希望持續透過併購來追求成長。我們是美洲的玩家。我們不覺得。我們對其他大陸也有知識與專業，但在美洲，我們喜歡黃金，也喜歡銅，所以我們的收購應該會同時涵蓋黃金以及銅。

Also in countries that we feel that has democracy, some Institutional, strong institutional, entities so that give us the minimum security to invest.

也會是在我們認為具備民主制度、一些制度面、強健的制度性機構的國家，讓我們至少有最低限度的投資安全性。

We'll also like, project that has, well, it's well developed in terms of geology, maybe needs further exploration, but just to convert resources into reserves and then implement our projects that are ready as we saw. Brownfields that we believe that's not perhaps the core of other companies that they might sell. So, if we see an angle to buy them and reduce and generate values, that's what we'll see. Basically what you should see for our for the upcoming years is what we've done in the last years with now higher production and higher gold price, higher cash flow, so more intensified.

我們也偏好那種專案——在地質方面已相當成熟，可能還需要進一步探勘，但主要是把資源量轉為儲量，然後導入我們已準備就緒、如同我們所見的專案執行能力。我們相信有些棕地（Brownfields）可能不是其他公司的核心資產，他們可能會出售。因此，如果我們看到一個角度可以買下來、降低成本並創造價值，這就是我們會看的方向。基本上，未來幾年你應該看到的是：我們會延續過去幾年的作法，但在更高產量與更高金價、更高現金流之下，力度會更強。

That's very clear.

非常清楚。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

Our next question comes from Marcelo Arazi with BTG .

下一個問題來自 BTG 的 Marcelo Arazi。

Hi guys, good morning. A few questions on my side as well. We can see that we are seeing a slightly wide range of production guidance than what we were used to. Can we say that is this related to a more conservative approach or, and a large number of assets, or it can be read as a sign of a more challenging or harder to predict conditions. And a second one on Capex. Is this level of sustaining Capex the new reality for the company, or the full year 2026 print is inflated by the turnaround project in MSG? Can this eventually impact the dividend distribution given your policy of 20% of the EBITDA minus the sustaining Capex? And just a final one if I can.

各位好，早安。我這邊也有幾個問題。我們看到產量指引的區間比我們以往習慣的稍微更寬。我們可以說這是因為採取更保守的作法，或是因為資產數量較多；還是可以解讀為營運環境更具挑戰、或更難以預測的訊號？第二個問題是關於資本支出（Capex）。這個維持性資本支出（sustaining Capex）的水準是否會成為公司的新常態？還是 2026 全年的數字因 MSG 的整頓（turnaround）專案而被墊高？考量你們的政策是「EBITDA 的 20% 減去維持性資本支出」來配息，這是否可能影響股利分配？最後如果我可以再問一個。

On the Guatemala Capex, the guidance is already accounting for the early-stage investments, but with the eventual project approval, can we expect some Capex revision, for this year?

關於瓜地馬拉的資本支出，指引已經把早期階段投資納入考量；但如果專案最終獲得核准，我們是否可以預期今年的資本支出會再修正？

Thank you guys.

謝謝各位。

Echo Marcello, for the questions, and, I think, for this higher how we are training cash costs and higher Capex, this is neither more challenging, neither more conservative. Actually, it's good news. It's good news that the company is being able to buy MSG for $76 million in only one month without the, as Cleber mentions, we have $10 million AVA. MSG structurally has. A lower ow we are sustaining cash cost. MSG structurally has a high, higher owing sustaining cash cost and higher also sustaining Capex, but that's how we generate returns. We put this asset into our consolidated basis. It affects negatively but doesn't mean that it's a challenge. That actually we see this more as an opportunity.

Marcello，呼應你的問題，我想關於我們目前較高的現金成本趨勢以及較高的資本支出，這既不是更具挑戰，也不是更保守。其實這是好消息。好消息在於，公司能在僅一個月內以 7,600 萬美元買下 MSG，而且如 Cleber 提到的，我們有 1,000 萬美元 AVA。MSG 在結構上具有。較低的我們維持性現金成本。MSG 在結構上具有較高的全維持性現金成本（AISC）以及較高的維持性資本支出，但這正是我們創造報酬的方式。我們把這個資產納入合併基礎。它在數字上會帶來負面影響，但不代表這是一個挑戰。我們其實更把這視為一個機會。

Because during this year, we'll be able to do the proper work and we are very confident that for the upcoming years, we'll see that we'll be able to reach above 80,000 ounces and below $2000 of, owing sustaining cash costs. Nevertheless, in a single month we generate $10 million without any new, any turnaround. So, and the other. Increase that we have comes from positive news. Also, again, we've seen a very strong opportunity to increase capacity so that increase also our Capex, not that that another factor that increased the Capex. I era rada because we felt then we got the license that would this the former company could not get for several years so we already started early works and then going to the final questions that you made. We are, it is not on the Capex, the full construction of Aero Dorada. So, as we go to the board and as we approve the full construction of Eradorada, this is when we then, we add a new Capex, for the project as we published already. Last year the updated feasibility study, the Capex of this project is close to $380 million. Of course it doesn't happen in the full year. Actually, most of the Capex goes towards, the end of the investments. So, but if we approve the board, then we will have, we incorporate on our guidance this year. So again, the higher Capex that you see in this year is way more as an opportunity rather than a challenge.

因為在今年之內，我們將能完成必要的工作，而且我們非常有信心在未來幾年，我們能把產量提升到 80,000 盎司以上，並把全維持性現金成本（AISC）降到 2,000 美元以下。儘管如此，僅僅一個月我們就在沒有任何新的、任何整頓（turnaround）的情況下產生了 1,000 萬美元。所以，另外。我們看到的其他增加其實來自正面消息。同樣地，我們看到一個非常強的機會去提升產能，因此也會推升我們的資本支出；並不是說還有其他因素推高 Capex。I era rada 因為我們覺得，接著我們拿到了許可——這是前一家公司多年都拿不到的——所以我們已經開始早期工程，然後回到你最後的問題。我們目前的 Capex 並不包含 Aero Dorada 的完整建設。因此，當我們提交董事會並核准 Eradorada 的完整建設時，我們才會把該專案新增的 Capex 納入，如同我們已經公布的。去年更新的可行性研究顯示，該專案的 Capex 接近 3.8 億美元。當然不會在單一年度全部發生。實際上，大部分 Capex 會落在投資期的後段。所以，如果董事會核准，那麼我們就會把它納入今年的指引。因此再次強調，你今年看到的較高 Capex 更像是一個機會，而不是一個挑戰。

Thank you, Rodrigo and just a quick follow-up, could this impact the dividend distribution given your policy?

謝謝你，Rodrigo。我再快速追問一下：考量你們的政策，這會影響股利分配嗎？

No, we've been able to do, everything. So, our policy is 20% of the EBITDA minus recurring Capex. Actually, we've been able to pay 50, 60% above the policy, and then we see no reason that we affect this, for the upcoming years, except that there's some major acquisition that we believe that is a super high return, super high value-added, then perhaps we go to the policy, but, we should expect this, the policy or above the policy for the upcoming quarters.

不會，我們一直都能把所有事情都做到。所以，我們的政策是 EBITDA 的 20% 減去經常性資本支出（recurring Capex）。實際上，我們支付的股利一直比政策高出 50%、60%，因此我們看不出未來幾年有理由會受到影響；除非出現某個我們認為報酬極高、附加價值極高的重大收購，那麼我們或許會回到政策水準，但未來幾季你應該預期會是依政策或高於政策。

Thank you.

謝謝。

(Operator Instructions)

(接線員指示)

Our next question comes from Lawson Winder with Bank of America.

我們的下一個問題來自美國銀行（Bank of America）的 Lawson Winder。

Okay, thank you very much, operator, and hello, Rodrigo and team. Good morning and thank you for the update.

好的，非常感謝，接線員，也向 Rodrigo 及團隊問好。早安，謝謝你們的最新說明。

Could I, actually start by asking maybe a bit of an expanded question on the index inclusion, so that there is US indices for which aura would technically qualify like some of the Russells, and are even much more widely followed than the gold indices. I mean, is there any discussion of potential inclusion or potential inclusion in the Russells, on the horizon?

我可以先從指數納入（index inclusion）這個議題問一個更延伸的問題嗎？因為在美國有一些指數，Aura 從技術上來說是符合資格的，例如部分 Russell 系列，而且這些指數的追蹤程度甚至比黃金指數更廣。我的意思是，未來是否有討論可能被納入 Russell 系列指數？近期是否有這方面的可能性？

We are monitoring and we have a plan this year to be included in all the indices that we can fulfil. So we already we're included about 30 different indexes but as you mentioned, I think we have way more opportunity to reach those major index funds that can not only helps with the pricing on the multiple, but we also increase significantly our daily trading volume.

我們正在持續監測，而且今年我們有計畫要納入所有我們能符合條件的指數。目前我們已經被納入大約 30 個不同的指數，但如你所提，我們還有更多機會觸及那些主要的指數基金；這不僅有助於估值倍數的定價，也能顯著提升我們的日均成交量。

So definitely is in our agenda.

所以這絕對在我們的議程上。

Okay, fantastic. On Barbarama, it could you just, confirm that, the recoveries in Q126 to date are now hitting design capacities and if not, what's left and sort of in what quarter should we think about that hitting the design recovery rates?

好的，太棒了。關於 Barbarama，你能否確認一下：截至目前，Q1/26 的回收率是否已達到設計產能？如果還沒有，還差哪些部分？大概在哪一季我們可以預期達到設計回收率？

Global, we want to answer this, but we are at the designer end. But.

Global，我們想回答這個問題，但我們已經在設計端了。但是。

Yeah, we are at, we are at the design, so it's not an issue. In fact, to run the plant in the capacity that was designed is, it isn’t an issue for us. So, it's, the difference in production is mainly related to the grades that we are feeding due to this strategy to expand a bit with these new reserves and new cutoffs.

是的，我們在——我們已經達到設計值，所以這不是問題。事實上，讓工廠以設計產能運轉，對我們來說不是問題。所以，產量的差異主要與我們因應這個策略（透過新增儲量與新的品位下限 cutoffs 來稍微擴張）而投入的入料品位（grades）有關。

So just doing a continuity, the answer Lawson, that was a good question.

所以延續一下回答，Lawson，這是個好問題。

The mill is running super well actually. We see room the mill to run even above capacity. CIL tanks the same. That's why Kleber mentioned that what we have now, although we are already at a minimal capacity. The filters are the bottleneck. Once we do this investment, the filters, then we can go beyond nominal capacity, because everything else is, running super well.

磨礦廠（mill）其實運轉得非常好。我們看到磨礦廠甚至有空間可以超過設計產能運轉。CIL 槽也是一樣。這也是為什麼 Kleber 提到，我們目前雖然已經在最低（名目）產能水準。瓶頸在過濾設備（filters）。一旦我們完成這筆對過濾設備的投資，我們就能超越名目產能，因為其他部分都運轉得非常好。

Okay, if I could ask about Matupa from both the point of view of capex and annual production. So, one, you guys have been investing a fair bit in exploration into Matupa. Does that have any implications for what your anticipated annual production rates will be like, I mean, at least, for example, at the investor that you highlighted 55,000 ounces a year from that asset. And then conversely, I mean if that's the case, what are we looking at in terms of a magnitude of potential increase in upfront cap backs for.

好的，我想從資本支出（capex）與年產量兩個角度問 Matupa。第一，你們在 Matupa 的探勘投入不少。這是否會影響你們對年產量的預期？例如，你們在投資人簡報中提到該資產年產 55,000 盎司。相對地，如果是這樣，那麼在前期資本支出方面，我們應該預期會增加到什麼幅度？

Matupa?

Matupa？

Matupa, I think we continue to have this view of 55,000 ounces. We are not changing the nominal capacity of the plant. What we are doing now is invest in exploration to expand the resource and reserves. This product has a resource of 400,000 ounces slightly below in terms of reserves, but we sat here and, we also, based on we see a significant room to expand the resource and reserves, which then, we'll feel, that's the right time to start the construction. And as we did with Almas, we prefer to build this project. Prepared the plant to be flexible and expand because we know that we will even continue to expand resources and reserves beyond what we have today, beyond what we will publish. In the AIF, so that we can then increase the plant and understanding that if you changed too much of the design of the plant as of today, even though we might see an opportunity, it's a whole different new environmental license process. So, we prefer to respect what is in the license of environmental, and then during the years talk to the agents and see opportunities to do amendments and then increase, gradually, the plant.

Matupa，我想我們仍維持年產 55,000 盎司的看法。我們不會改變工廠的名目產能。我們現在做的是投資探勘，以擴大資源量與儲量。這個專案的資源量約 40 萬盎司，儲量略低一些；但我們認為資源量與儲量仍有很大的擴張空間，等到我們覺得時機成熟，就會開始建設。而且如同我們在 Almas 的做法，我們偏好建造這個專案時，讓工廠具備彈性並可擴充，因為我們知道資源量與儲量會持續擴張，超過我們今天擁有的、也超過我們將在 AIF 中公布的數字。

Okay, fantastic. And if I could ask one more question just on Apaenna, I mean that mine, continues to impress, you guys are, planning to mine much higher grades than we had modelled at that asset in 2026. Are these higher grades now sustainable into, 2027?

好的，太棒了。如果我可以再問一個關於 Apaenna 的問題：那座礦持續令人印象深刻，你們計畫在 2026 年開採的品位將顯著高於我們對該資產的模型預估。這些較高品位是否能延續到 2027 年？

I think yes, we should reach higher grades by the second semester and then we'll last towards a couple of years so that we, it will be maintained. I think we believe that we can put this mine into 50,000 to 60,000 ounces of production on the running rate after the second semester of this year, if not go beyond depending on some of other exploration that we are doing at the mine. It's a difficult mine but full of potential.

我想可以。我們應該會在下半年達到更高品位，並且可維持好幾年，也就是說會保持在那個水準。我們相信在今年下半年之後，該礦的運轉產能（run rate）可達到 50,000 到 60,000 盎司的產量；若視我們在礦區進行的其他探勘結果，甚至可能更高。這是一座不容易的礦，但潛力十足。

Yeah, and you guys have done a great job operating it. So, well done.

是的，而且你們在營運方面做得非常好。做得好。

Thank you very much for taking the Questions.

非常感謝讓我提問。

Thank you.

謝謝。

(Operator Instructions)

(接線員指示)

Our next question comes from Matteos Moreira with Bradesco.

我們的下一個問題來自 Bradesco 的 Matteos Moreira。

Hi, Rodrigo, Clever, Natasha, thank you for taking my questions. My first question on Almas. I would like to better understand the rationale behind the production guidance for the mine. I mean, considering the ongoing let expansion and the fact that the mine is already operating at an analyse one rate above the published guidance, the numbers appear somewhat conservative to us. Or there may be any operational bottlenecks or specific factors that you have already identified.

嗨，Rodrigo、Clever、Natasha，謝謝你們回答我的問題。我的第一個問題關於 Almas。我想更了解你們對該礦產量指引（production guidance）背後的邏輯。我的意思是，考量到正在進行的擴建，以及該礦目前的運轉年化水準已高於已公布的指引，你們的數字看起來對我們而言有些保守。或者是否存在任何營運瓶頸或你們已經辨識出的特定因素？

That could justify this more cautious approach. So that's my first question. And my second question on M&As, I would like to hear, to explore a little bit more on this topic, within Aura's capital allocation framework, and considering that the company is now operating at a different level of cash generation and in the past, what type of assets in terms of size, makes sense for the company today? And if possible, could you comment on geographic preferences? You've already touched on this a little bit earlier. But in the past, you mentioned that potential expansion into North America. Does that still make sense strategically?

這些因素可以解釋為何採取較審慎的做法。這是我的第一個問題。第二個問題關於併購（M&A）：我想在 Aura 的資本配置框架下，進一步探討這個主題。考量到公司現在的現金創造能力已不同於過去，對公司而言，什麼規模（size）的資產在今天是合理的？

Thank you.

謝謝。

Thank you. So, in Alma's.

謝謝。所以，在 Almas 的……

We are operating at 2 million tons, but we will go through expansion and reach 3 million tons by the end of the year. So, this is a process that, is going to happen during the year. So today we are still yet to below, what we expect to be until the end of the year. So that is also reflected on the production. ALMA's also, first year started with a higher grade, so there is a lower grade coming in now. During this year, we will. Add the higher grades again when we have the underground coming in. So, we should expect for the next year after underground then continue to increase production. Together with the higher capacity and if we have positive results on the exploration, then we can even expand further to 4 million tons and then we'll see another step up in exploration. So, Almas, I think you should, you should see that some conservative scenario during this year, but gradually continue to grow, while we continue to expand capacity and then access higher grades when the underground, mine come online. In terms of.

我們目前的營運規模是每年 200 萬噸，但我們將進行擴產，並在年底前達到 300 萬噸。因此，這是一個會在今年內發生的過程。所以就今天而言，我們仍低於我們預期到年底應達到的水準。因此，這也反映在產量上。ALMA 的第一年也是以較高品位起步，所以現在進來的是較低品位。在今年期間，我們會。當地下礦投入後，我們會再把較高品位加回來。因此，我們應該預期在地下礦投產後的下一年，產量會持續增加。再加上更高的產能，如果勘探結果正面，我們甚至可以進一步擴張到 400 萬噸，然後在勘探方面會看到另一個台階式提升。所以我認為 Almas 在今年你應該會看到一個較為保守的情境，但會在我們持續擴充產能、並在地下礦投產後取得更高品位的同時，逐步持續成長。就……而言。

Projects, I think we want to build a way to reach, to a million now. I think that's where companies start to become.

就專案而言，我想我們希望建立一條路徑，現在先達到 100 萬。我認為公司從那個規模開始才會變得。

Relevant and then also start to get a fair multiple we know very much how to get to 600,000 ounces so to go beyond this we will need a few acquisitions of course as you mentioned that we are growing and we have a larger balance sheet and we have a larger also a higher production so that, a meaningful, more meaningful acquisitions should be coming online but again. There's, the higher the production, the higher the acquisition, is the higher also, the capb. So, we will balance the internal rate of returns where this, the right size 80,000, 100,000, 150, we saw sometimes even above 150, but that will really depend on the return we see and what the angle for aa to generate the value, right? It's Americas, as I mentioned, and you asked about North America. I think it's intuitive to think that down the road or will expand into North America, but yet we feel that our multiple is too discounted. We believe that, in North America, there's always probably there's always be a higher multiple compared to the players in Latin America in general.

更具相關性，並且也開始獲得合理的估值倍數。我們非常清楚如何達到 60 萬盎司；要再往上，就需要進行幾項併購。當然，如你所提到的，我們正在成長，資產負債表更大、產量也更高，因此更具規模、也更有意義的併購應該會陸續落地，但同樣地。產量越高、併購標的越大，所需的資本支出（capb）也越高。因此，我們會在內部報酬率之間取得平衡；合適的規模可能是 80,000、100,000、150,000，我們有時甚至看到超過 150,000，但這將真正取決於我們看到的回報，以及 AA 產生價值的切入角度，對吧？如我提到的，是美洲地區，而你也問到北美。我認為直覺上會覺得我們未來會擴張到北美，但我們仍覺得我們的估值倍數被折價得太多。我們相信在北美，通常其估值倍數會高於一般拉丁美洲的同業。

However, cannot be that high GAAP. So, we need to narrow this GAAP. We have some homework to do first, to narrow this GAAP first to then be able to do a creative acquisition and not a diluted acquisition to our shareholders.

然而，不應該有那麼高的 GAAP。所以，我們需要縮小這個 GAAP。我們得先做一些功課，先把這個 GAAP 縮小，之後才能做出具增值性的併購，而不是對股東造成稀釋的併購。

But if something shows up that we believe that it's a creative choice cheholz, we will do. We'll look and we are ready, and that's part of the strategy.

但如果出現某個我們認為是具增值性的選擇（cheholz），我們就會去做。我們會評估，我們也已準備就緒，這是策略的一部分。

Perfect, Rodrigo, that's very helpful.

太好了，Rodrigo，這非常有幫助。

Thank you.

謝謝。

(Operator Instructions)

（接線員指示）

Our next question comes from Tathiane Martins Candini with JP Morgan.

我們的下一個問題來自摩根大通（JP Morgan）的 Tathiane Martins Candini。

Good morning, everyone. Thanks for thanks for my questions. I think most of them were already replied. I would just like to explore maybe a little bit more. The first one, in a, again, you already explored a little bit of this, but this is regarding the cause of MSG. So, I know that like more long-term for 2027 is to reach lower cost. I would just like to understand a little bit of the pipeline for this, what it, like, what are the plans for reach that guidance, and if there is like any type of hurdle that you imagine that you can reach. And the second one is regarding the topics of Vad Dorado, which again you already explored a little bit, but I just like to understand how the pipeline is for gather this approved, for what I understood it this year, but this is like a 22 month plan. Do you have any like deadlines if it's not approved by any type of months, this could like to have a little bit of an impact on 2028 production. Just trying to have a little bit more clarity on the months going forward.

各位早安。謝謝，也謝謝讓我提問。我想大部分問題都已經被回答了。我只是想再多探討一點。第一個問題是，再次，你們已經稍微談到一些，但這是關於 MSG 的成因。我知道比較長期、到 2027 年的目標是達到更低成本。我想更了解一下達成這個目標的管線（pipeline），也就是計畫是什麼、如何達到該指引，以及你們是否預期會遇到任何障礙。第二個問題是關於 Vad Dorado 的議題，同樣你們也稍微談過，但我想了解取得核准的流程管線如何；依我理解是今年，但這是一個 22 個月的計畫。如果在某幾個月份之前未獲核准，你們是否有任何期限（deadlines），因為這可能會對 2028 年的產量造成一些影響。我只是想對接下來幾個月的時程有更清楚的了解。

Thank you for having my questions.

謝謝讓我提問。

Okay.

好的。

So, for Eador Adam.

所以，關於 Eador Adam。

We are now finalizing our internal analysis. We did, we conducted during the last year over 1,000 hours of dialogue, with community leaders and community representatives. We brought some of the leaders also to visit our operations, so there was a very intense work on socializing.

我們目前正在完成內部分析。去年我們進行了超過 1,000 小時的對話，對象包括社區領袖與社區代表。我們也帶了一些領袖來參觀我們的營運，因此在溝通與社會化方面做了非常密集的工作。

This project we moved back to underground, which, drove attention from also national authorities that they understood that was the positive move. That's why that the result of this was the license to initiate the groundwork.

我們把這個專案改回地下開採，這也引起了國家主管機關的關注，他們理解這是一個正向的調整。因此，其結果就是核發了啟動前期地面工程的許可。

I think we feel now even more and more confident to go to full production it's our full construction. And then we should expect, our, this decision between 1st and second quarter of this year. That's how we are, thinking.

我想我們現在對於走向全面生產、也就是全面建設更有信心。然後我們應該會在今年第一季與第二季之間做出這個決定。這就是我們目前的想法。

And then, the, it's a moving part, right? It's a 20, as you mentioned, 22 months of construction and depending on the date that we started, it will affect the final production, for sure. And the first question you mentioned was, I forgot this.

然後，這是一個變動因素，對吧？如你所提到，建設期是 22 個月，取決於我們開始的日期，確實會影響最終投產時間。而你提到的第一個問題是，我忘了是什麼。

Regarding the MSG cost, just to TRY to understand like what the plan is to reach the guidance for a lower cost by 2027.

關於 MSG 成本，我只是想了解一下，計畫是什麼，才能在 2027 年前達到較低成本的指引。

Well, the plan is already under, execution. We know very much how to improve efficiency. We know very much how to decrease the cost. We are now detailing and executing, this plan as we speak, as I mentioned, we need to do a significant underground development because the mine today is connected to the plant. So, any problem at the mine means that the plant is going to receive, the ore. That's why we've been seeing the last, a few years a decrease on the plant, production. So, it's. Idle has 20% 30%, 35%, even 40% of idle capacity at the plant because the mine cannot fulfil. So, in order to accelerate the production of the mine, we need one year of underground development to proper prepare the stops, proper dual bottom-up approach. We have prepared the mine also to receive the veins are 1 1. 2 m and they'll be mining at 1.80 at 2 m. Now we want to mine. At the narrow at 1.5, prepare the mind for 1.5, which means lower dilution, higher average grade. So, all of those, strategies already be implemented, but we need time. We need up to towards the end of the year to really see that the mind will be prepared to.

嗯，這個計畫已經在執行中。我們非常清楚如何提升效率。我們也非常清楚如何降低成本。我們現在正在細化並執行這個計畫；正如我提到的，我們需要進行相當規模的地下開發，因為目前礦山與選廠是連在一起的。所以礦山端任何問題，都會導致選廠收不到礦石。這也是為什麼過去幾年我們看到選廠產量下降。所以。選廠有 20%、30%、35%，甚至 40% 的閒置產能，因為礦山無法滿足供礦。因此，為了加速礦山產量，我們需要一年的地下開發，來妥善準備採場（stops），採用適當的雙向自下而上方法。我們也已讓礦山準備好接收礦脈；礦脈寬度是 1.1、1.2 公尺，而他們會以 1.80 到 2 公尺的寬度開採。現在我們希望開採。更窄的 1.5 公尺，讓礦山為 1.5 公尺做準備，這代表更低的稀釋、更高的平均品位。所以，這些策略都已經在推行，但我們需要時間。我們需要一直到接近年底，才能真正看到礦山已準備好去。

Produce at its full capacity.

以滿載產能生產。

And the hurdle rate, as you mentioned, as we mentioned, we believe that, we can prepare this, for the medium long-term to be able to produce above 80,000 ounces per year at our sustaining cash cost of 2000 or below.

至於您提到的門檻報酬率（hurdle rate），正如我們所說，我們相信我們可以為中長期做好準備，在我們的維持性現金成本（sustaining cash cost）為2,000或以下的情況下，將年產量提升到80,000盎司以上。

Super clear. Thanks.

非常清楚。謝謝。

(Operator Instructions)

(接線員指示)

Please hold while wepo for questions.

請稍候，我們將開放提問。

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

問答環節結束。我們想把時間交還給Rodrigo Barbosa，請他做公司最後的結語。

So again, thank you for the opportunity. I'm super proud again to be diligently executing on our strategy, diligently executing on implementing green fuel projects.

再次感謝這個機會。我再次感到非常自豪，我們正勤勉地執行我們的策略，也勤勉地推動綠色燃料專案的落地。

We built Amazon time, on budget, Porborema on time on budget, and a few others now Eradorada now prepared to go and, hopefully during the 1st quarter, second quarter, approved to implement.

我們按期、按預算建成了Amazon；Borborema也按期、按預算完成；另外還有幾個專案，而現在Era Dorada也已準備就緒，並希望在第一季或第二季獲得批准後開始實施。

Also diligent execution on increasing resource and reserves, we just added 670,000 ounces of reserves, one project that's already di-risked, already invested the Capex already generating cash flows that will give not only an opportunity to increase the NAV, but we will also be able to, increase production while we continue to invest in exploration. Well, as we mentioned, on Matupa underground Almas, and also Borborema has also potential to significant increase. So gigiantly executing also increasing resources and reserves of the company. And third, also gigiantly executing on acquisitions. We just acquired MSG, now closed in December, then.

此外，我們也在勤勉地提升資源量與儲量：我們剛新增了670,000盎司的儲量；其中一個專案已完成去風險（de-risked），資本支出（Capex）也已投入，並已開始產生現金流，這不僅帶來提升淨資產價值（NAV）的機會，也讓我們能在持續投入勘探的同時提高產量。如我們所提到的，Matupa地下礦、Almas，以及Borborema也都有顯著增長的潛力。因此，我們也在持續、扎實地推進公司資源量與儲量的提升。第三，我們也在勤勉地推進併購。我們剛收購了MSG，並已於12月完成交割。

We also address the daily trading volume and now trading $100 million per day while we've been able to pay dividends and the higher Capex and the sustaining Capex we see today, as I mentioned, is not a challenge, it's an opportunity that we increase this because the company is growing. We increase this because we see opportunities to further expand the plant. We increase this because we see an opportunity. To buy one asset that has a significant potential to expand capacity in terms of, MSG in terms of production and then reduce the cost. Overall, in terms of results, again, super proud. If you take the EBITDA from 23, you double to 24, then we doubled again to 25. And if you take the EBITDA of last quarter with the gold price at 4,000, now you use 5,200 plus. Higher production program plus higher production in MSG on the full quarter, you'll see that we are already on the running rate also, lining going towards maybe perhaps even to double or even more, during this year. So very much on tracking and what we promised to the market, the living results, the living resources reserves, the living strategic agenda, and also strong dividends. So, I thank you all and hopefully, down the road that we have a new call, with the new quarter. And then again between first or second quarter this year, take a look on Era Dorada and see if you feel ready to go to the board and approve.

我們也談到了日均成交量，目前日均成交額約1億美元；同時我們仍能支付股息，而目前我們看到的較高資本支出與維持性資本支出（sustaining Capex），如我所說，這不是挑戰，而是機會——因為公司正在成長，所以我們提高投入。我們提高投入，是因為我們看到進一步擴建選礦廠的機會。我們提高投入，是因為我們看到機會。例如收購一項資產：MSG在產量面有顯著擴產潛力，並可進一步降低成本。整體而言，就業績結果來看，我再次感到非常自豪。如果你看23年的EBITDA，到了24年翻倍，25年又再翻倍。如果你看上一季的EBITDA，當時金價在4,000，現在則是5,200以上。更高的產量計畫，加上MSG在整個季度的更高產量，你會看到我們目前的運行水準（running rate）也正朝著今年可能再翻倍、甚至更多的方向前進。因此，我們非常符合進度，並兌現我們對市場的承諾：持續交出成果、持續提升資源與儲量、持續推進策略議程，同時也維持強勁的股息。所以，感謝各位，也希望未來我們能在新一季時再開一次電話會議。另外，今年第一季或第二季之間，請關注Era Dorada，看看是否已準備好提交董事會並獲得批准。

(Operator Instructions)

(接線員指示)

Thank you.

謝謝。

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

本次電話會議現已結束。感謝各位參與，祝您有美好的一天。