Centerra Gold Inc (CGAU) 2024 Q2 法說會逐字稿

Good morning, everyone. Thank you for standing by. This is the conference operator. Welcome to the Centerra Gold second quarter 2024 conference call. As a reminder, all participants are in a listen-only mode and the conference is being recorded. (Operator Instructions)

大家早安。謝謝你的支持。這是會議操作員。歡迎參加 Centerra Gold 2024 年第二季電話會議。提醒一下，所有參與者都處於只聽模式，並且正在錄製會議。（操作員說明）

At this time, I'd like to turn the conference call over to Lisa Wilkinson, Vice President, Investor Relations and Corporate Communications with Centerra Gold. Please go ahead.

現在，我想將電話會議轉給 Centerra Gold 投資者關係和企業傳播副總裁麗莎·威爾金森 (Lisa Wilkinson)。請繼續。

Thank you, operator, and good morning, everyone. Welcome to Centerra Gold's second quarter 2024 results conference call. Joining me on the call today are Paul Tomory, President and Chief Executive Officer; Paul Chawrun, Chief Operating Officer; and Ryan Snyder, Chief Financial Officer.

謝謝接線員，大家早安。歡迎參加 Centerra Gold 2024 年第二季業績電話會議。今天和我一起參加電話會議的還有總裁兼執行長 Paul Tomory；保羅‧查倫，營運長；和瑞安·斯奈德，財務長。

Our release yesterday details our second quarter 2024 results. It should be read in conjunction with our MD&A and financial statements, both of which can be found on SEDAR, EDGAR and our websites. All figures are in US dollars unless otherwise noted. Presentation slides accompanying this webcast are available on Centerra's website. Following the prepared remarks, we will open the call for questions.

我們昨天發布了 2024 年第二季業績的詳細資訊。應結合我們的 MD&A 和財務報表來閱讀，這兩者都可以在 SEDAR、EDGAR 和我們的網站上找到。除非另有說明，所有數字均以美元為單位。此網路廣播隨附的簡報幻燈片可在 Centerra 網站上取得。在準備好的發言之後，我們將開始提問。

Before we begin, I would like to caution, everyone that certain statements made today may be forward-looking and are subject to risks, which may cause our actual results to differ from those expressed or implied.

在開始之前，我想提醒大家，今天發表的某些陳述可能具有前瞻性，並且有風險，這可能導致我們的實際結果與明示或暗示的結果有所不同。

Please refer to the cautionary statements included in the presentation as well as the risk factors set out in our annual information form. Certain measures we will discuss our non-GAAP measures. Please refer to the description of non-GAAP measures in our news release and MD&A issued yesterday.

請參閱簡報中包含的警告聲明以及我們的年度資訊表中列出的風險因素。我們將討論我們的非公認會計原則措施的某些措施。請參閱我們昨天發布的新聞稿和 MD&A 中對非 GAAP 措施的描述。

I will now turn the call over to Paul Tomory.

我現在將把電話轉給保羅·托莫里。

Thanks, Lisa, and good morning, everyone. We delivered another quarter of solid operating performance and maintained consistent quarter over quarter cash flow from operations before working capital and income taxes paid.

謝謝麗莎，大家早安。我們又一個季度實現了穩健的營運業績，並在支付營運資金和所得稅之前保持了季度與季度營運現金流的一致。

Our year-to-date production costs are in line with our guidance ranges and full year 2024 consolidated guidance for production costs and CapEx is unchanged. In the first half of the year, we've made good progress executing our strategic plan, focused on maximizing the value of each asset in our portfolio.

我們今年迄今的生產成本符合我們的指導範圍和 2024 年全年生產成本綜合指導，資本支出保持不變。今年上半年，我們在執行策略計畫方面取得了良好進展，重點在於實現投資組合中每項資產的價值最大化。

Earlier this year, we announced an additional agreement with Royal Gold, which allows us to assess Mount Milligan's potential to be a multi-decade operation. This was a first key step in our strategy to realize the full potential of this cornerstone asset located in top-tier mining jurisdictions.

今年早些時候，我們宣布與 Royal Gold 達成一項附加協議，這使我們能夠評估 Mount Milligan 的數十年營運潛力。這是我們實現這一位於頂級採礦管轄區的基石資產的全部潛力的策略的關鍵第一步。

We continue to progress work on the preliminary economic assessment to update the larger resource to include all the drilling completed to date to identify value-add initiatives to the plant and to optimize the mine plan. We expect to complete the study in the first half of 2025.

我們繼續推動初步經濟評估工作，以更新更大的資源，包括迄今為止已完成的所有鑽探，以確定工廠的增值計劃並優化採礦計劃。我們預計在 2025 年上半年完成研究。

Also at Mount Milligan, we have continued our progress on the site-wide optimization program that was initially launched last year, and Paul Chawrun will speak to later in the call. We remain focused on maximizing the value of our molybdenum business unit assets, which are comprised of the Thompson Creek Mine, the Endako Mine and the Langeloth metallurgical facility.

同樣在 Mount Milligan，我們繼續推進去年首次啟動的全站優化計劃，Paul Chawrun 將在稍後的電話會議中發言。我們仍然專注於最大化我們的鉬業務部門資產的價值，這些資產包括 Thompson Creek 礦場、Endako 礦場和 Langeloth 冶金設施。

In the second quarter, we advanced our permitting work at Thompson Creek. With strong collaboration and proactive support from our regulatory partners, we successfully obtained authorizations for additional lands at Thompson Creek mine, which will enable a proposed pit highwall layback.

第二季度，我們推進了 Thompson Creek 的授權工作。在監管合作夥伴的大力合作和積極支持下，我們成功獲得了 Thompson Creek 礦區額外土地的授權，這將使擬議的礦坑邊坡後退成為可能。

This is an important deliverable in the overall permitting process and provides for a long runway of mining activities under the current plan. We remain on track to release the Thompson Creek FS study later this year, at which time we also expect to outline our commercial optimization plan for Langeloth. We're encouraged by the value opportunity at Langeloth in the expected synergies with the Thompson Creek mine.

這是整個許可過程中的一項重要成果，並為目前計劃下的採礦活動提供了長期支援。我們仍有望在今年稍後發布 Thompson Creek FS 研究，屆時我們也希望概述 Langeloth 的商業優化計劃。我們對 Langeloth 與 Thompson Creek 礦場預期產生的綜效所帶來的價值機會感到鼓舞。

With respect to our pipeline of growth projects, we continue to progress work at the Goldfield property in Nevada. Our focus this year has been on exploration on the large land package and looking for more oxide material as well as metallurgical test work to support a lower capital flow sheet to maximize returns on the project. We expect to release an initial resource at Goldfield by the end of the year.

關於我們的成長項目管道，我們繼續推進內華達州 Goldfield 地產的工作。我們今年的重點是對大型土地進行勘探，尋找更多的氧化物材料以及冶金測試工作，以支援較低的資本流動表，從而最大限度地提高專案回報。我們預計將在今年年底前在 Goldfield 發布初始資源。

Finally, I'd like to provide an update on our ESG initiatives. In line with our commitment to sustainable and responsible mining practices, we recently published our 2023 annual ESG report. We've made meaningful progress in our sustainability journey over the past year, marked by significant achievements across the organization, including the following.

最後，我想介紹一下我們的 ESG 舉措的最新情況。根據我們對永續和負責任採礦實踐的承諾，我們最近發布了 2023 年年度 ESG 報告。過去一年，我們在永續發展之旅中取得了有意義的進展，整個組織取得了重大成就，包括以下幾個方面。

Throughout 2023 and this year, efforts have been made to identify potential efficiencies and greenhouse gas reduction opportunities at the site level with the goal of establishing attainable targets. Second, the number of reportable incidents decreased by 17%.

在整個 2023 年和今年，我們都在努力確定現場層面的潛在效率和溫室氣體減排機會，以期制定可實現的目標。其次，可報告事件數量減少了17%。

Thirdly, we contributed over $3.2 million to community investments and donations across our operations. And finally, we achieved the 2026 gender diversity goal two years ahead of schedule with 38% female representation on the Board of Directors and 33% among officers of the company. As we look ahead, we're dedicated to continuing our efforts to drive sustainable value and positive impact.

第三，我們在整個營運過程中為社區投資和捐贈貢獻了超過 320 萬美元。最後，我們提前兩年實現了 2026 年性別多元化目標，董事會中女性比例為 38%，公司主管中女性比例為 33%。展望未來，我們致力於持續努力推動永續價值和正面影響。

And with that, I'll pass the call over to Paul, who will walk through our operational performance for the quarter.

接下來，我會將電話轉給保羅，他將介紹我們本季的營運表現。

Thanks, Paul. I'd like to start with Mount Milligan safety performance. The operating team continues to embrace the site-wide optimization program, which starts with continuous improvement to our safety performance.

謝謝，保羅。我想從米利根山的安全表現開始。營運團隊繼續實施全站點優化計劃，首先是不斷改進我們的安全績效。

Year to date, we have seen evidence of this through a significant reduction in high-potential incidents. I would also like to congratulate our Mount Milligan mine rescue team for placing first overall in the northern BC competition.

今年迄今為止，我們已經透過高潛在事件的顯著減少看到了這一點的證據。我還要祝賀我們的米利根山礦山救援隊在 BC 省北部比賽中獲得總分第一名。

On slide 5, we show operating highlights at Mount Milligan for the quarter. Mount Milligan produced over 38,000 ounces of gold and over 13 million pounds of copper in the second quarter. Gold and copper sales were down quarter over quarter, which was anticipated due to the timing of shipments.

在幻燈片 5 上，我們展示了 Mount Milligan 本季的營運亮點。Mount Milligan 在第二季度生產了超過 38,000 盎司黃金和超過 1,300 萬磅銅。黃金和銅的銷量環比下降，這是由於發貨時間而預期的。

Both gold and copper sales are expected to increase in the second half of the year, contributing approximately 60% of the annual sales. In the second quarter, all in sustaining costs on a by-product basis were $1,234 per ounce, higher quarter over quarter due to lower sales and higher sustaining CapEx.

預計下半年黃金和銅的銷量均將增加，約佔全年銷售量的60%。第二季度，由於銷售額下降和維持資本支出增加，以副產品計算的所有維持成本為每盎司 1,234 美元，環比上升。

The 2024 guidance metrics at Mount Milligan remain unchanged. During the second quarter, we continued our progress on the site-wide optimization program at Mount Milligan that was initially launched last year. This program has been focused on an holistic assessment of occupational health and safety as well as improvements in mine and plant operations.

Mount Milligan 的 2024 年指引指標維持不變。在第二季度，我們繼續推進去年首次啟動的 Mount Milligan 站點範圍的優化計劃。該計劃的重點是對職業健康和安全以及礦山和工廠運營的改進進行全面評估。

While the optimization program is still ongoing, year-to-date, we have begun to see productivity improvements in the low haul cycle at the mine as well as the plant processing costs.

雖然優化計劃仍在進行中，但今年迄今為止，我們已經開始看到礦場低運輸週期的生產力以及工廠加工成本的提高。

In the first six months of 2024, milling costs at Mount Milligan were $5.60 per tonne processed, 12% lower than the same period last year. Due to the longer-term nature of the mining optimization initiatives, we expect to see improvements in the unit mining costs in 2025.

2024 年前六個月，Mount Milligan 的銑削成本為每噸加工 5.60 美元，比去年同期下降 12%。由於採礦優化計畫的長期性，我們預計 2025 年單位採礦成本將有所改善。

Now moving on to Oksut, starting with safety performance year to date, Oksut is tracking on target on both total recordable injury frequency rate and severity rate. By embracing various safety systems and programs, including our work safe home safe initiative, we are demonstrating our commitment to continuous improvement in our journey towards zero harm.

現在轉向 Oksut，從今年迄今為止的安全績效開始，Oksut 正在追蹤總可記錄傷害頻率和嚴重程度的目標。透過採用各種安全系統和計劃，包括我們的安全工作家庭安全倡議，我們正在展示我們在實現零傷害的過程中不斷改進的承諾。

On slide 6, we show operating highlights at Oksut for the quarter. Second quarter production was over 51,000 ounces. This is less than last quarter due to the winding down of inventory built up during the operations shutdown in 2022 and 2023. Our 2024 production guidance at Oksut is unchanged with approximately 40% to 45% of the annual production weighted to the second half of the year.

在幻燈片 6 中，我們展示了 Oksut 本季的營運亮點。第二季產量超過 51,000 盎司。由於 2022 年和 2023 年營運關閉期間累積的庫存逐漸減少，這一數字低於上季。我們對 Oksut 的 2024 年產量指引保持不變，下半年產量佔年產量的約 40% 至 45%。

In the second quarter, all-in sustaining costs on a by-product basis were $943 per ounce, which is higher compared to last quarter due to lower sales and higher royalty costs resulting from higher average realized gold prices.

第二季度，以副產品計算的總維持成本為每盎司 943 美元，高於上一季度，原因是平均已實現黃金價格上漲導致銷售額下降和特許權使用費增加。

Absolute cost guidance ranges for the full year of 2024 are unchanged. However, we could be at the high end or potentially exceed the guidance range. If gold prices remain at current elevated levels, mainly driven by higher royalty rates.

2024 年全年的絕對成本指引範圍維持不變。然而，我們可能處於高端或可能超出指導範圍。如果金價維持在目前的高位，主要是由特許權使用費上漲所推動的。

I'll now pass it on to Ryan to walk through our financial highlights for the quarter.

現在我將把它交給瑞安，讓他詳細介紹我們本季的財務亮點。

Thanks, Paul. Slide 7 details our second quarter financial results. Adjusted net earnings in the second quarter were $47 million, or $0.23 per share. In the second quarter, sales were 83,258 ounces of gold and 11.7 million pounds of copper. The average realized price was $2,097 per ounce of gold and $3.79 per pound of copper, which incorporates the existing streaming arrangements at Mount Milligan.

謝謝，保羅。投影片 7 詳細介紹了我們第二季的財務表現。第二季調整後淨利為 4,700 萬美元，即每股 0.23 美元。第二季黃金銷量為83,258盎司，銅銷量為1,170萬磅。黃金的平均實現價格為每盎司 2,097 美元，銅的平均實現價格為每磅 3.79 美元，其中包括 Mount Milligan 現有的流水安排。

At the molybdenum business unit, approximately 2.7 million pounds of molybdenum was sold in the second quarter at the Langeloth facility at an average realized price of $22.10 per pound. This annualized throughput rate represents utilization of approximately 30% of the facility's capacity.

在鉬業務部門，第二季蘭格洛特工廠銷售了約 270 萬磅鉬，平均實現價格為每磅 22.10 美元。該年吞吐率代表了該設施容量的約 30% 的利用率。

More details on future plans for Langeloth are expected to be provided later this summer with the release of the Thompson Creek Mine feasibility study. Consolidated all-in sustaining costs on a by-product basis in the second quarter were $1,179 per ounce. And our full year consolidated guidance for unit cost metrics is unchanged.

有關 Langeloth 未來計劃的更多細節預計將於今年夏天晚些時候隨著 Thompson Creek 礦場可行性研究的發布而提供。第二季以副產品為基礎的綜合維持成本為每盎司 1,179 美元。我們對單位成本指標的全年綜合指導沒有變化。

Slide 8 shows our financial highlights for the quarter. In the second quarter, we generated consistent cash flow from operations before working capital and income taxes paid of $94 million. After routine statutory tax and royalty payments to the Turkish government in the second quarter, cash flow from operations on a consolidated basis for the quarter was $3 million, and we had a free cash flow deficit of $27 million.

幻燈片 8 顯示了我們本季的財務亮點。第二季度，我們在未繳納營運資金和所得稅之前的營運中產生了穩定的現金流 9,400 萬美元。在第二季向土耳其政府支付例行法定稅款和特許權使用費後，本季合併營運產生的現金流為 300 萬美元，我們的自由現金流赤字為 2,700 萬美元。

In the second quarter, Mount Milligan generated $29 million in cash from operations and $14 million in free cash flow. Due to the timing of shipments, gold and copper sales volumes are expected to be higher in the second half of the year.

第二季度，Mount Milligan 的營運現金為 2,900 萬美元，自由現金流為 1,400 萬美元。由於出貨時間安排，預計下半年黃金和銅的銷售量將會更高。

Oksut used $2 million of cash from operations and had a free cash flow deficit of $11 million in the second quarter. This was impacted by routine statutory tax and royalty payments of $105 million made to the Turkish government. We expect to generate strong cash flow from operations at Oksut in the second half of 2024.

Oksut 第二季度使用了 200 萬美元的營運現金，自由現金流赤字為 1,100 萬美元。這是受到向土耳其政府支付的 1.05 億美元常規法定稅款和特許權使用費的影響。我們預計 2024 年下半年 Oksut 的營運將產生強勁的現金流。

The molybdenum business unit as a whole used $8 million of cash from operations and had a free cash flow deficit of $13 million this quarter. It's related primarily to activities at the Thompson Creek mine as when loss operating cash flows were breakeven for the second quarter.

本季度，整個鉬業務部門使用了 800 萬美元的營運現金，自由現金流赤字為 1,300 萬美元。這主要與 Thompson Creek 礦場的活動有關，當時第二季營運現金流虧損達到了損益兩平。

Interest income was $8 million in the second quarter, which primarily includes interest on bank term deposits. We continue to generate significant interest income on our cash balance.

第二季利息收入為800萬美元，主要包括銀行定期存款利息。我們的現金餘額繼續產生可觀的利息收入。

A key focus for Centerra is returning capital to shareholders. In the second quarter, we were active on share buybacks, repurchasing 1.4 million shares for a total consideration of $10 million. Also, the Board declared a quarterly dividend of $0.07 per share.

Centerra 的一個重點是向股東返還資本。第二季度，我們積極進行股票回購，回購了 140 萬股股票，總代價為 1,000 萬美元。此外，董事會也宣布派發每股 0.07 美元的季度股息。

Returning capital to shareholders remains a key pillar in our capital allocation strategy. And we expect to remain active on the share buybacks dependent on market conditions. At the end of the second quarter, our cash balance was $592 million This provides us with total liquidity of $992 million and positions us well to execute on our strategic plan and deliver shareholder value.

向股東返還資本仍是我們資本配置策略的關鍵支柱。我們預計將根據市場狀況繼續積極進行股票回購。第二季末，我們的現金餘額為 5.92 億美元，這為我們提供了 9.92 億美元的總流動性，使我們能夠很好地執行我們的戰略計劃並創造股東價值。

I'll pass it back to Paul for some closing remarks.

我會把它傳回給保羅，讓他做一些結束語。

Thanks, Ryan. We remain committed to delivering consistent operating results each quarter and driving value for our shareholders. Looking ahead, we expect to continue to deliver on our strategic plan with the release of the Thompson Creek feasibility study and the Langeloth commercial optimization plan later this summer.

謝謝，瑞安。我們仍然致力於每季提供一致的經營業績並為股東創造價值。展望未來，我們預計將在今年夏天晚些時候發布 Thompson Creek 可行性研究和 Langeloth 商業優化計劃，繼續實施我們的策略計劃。

And with that, operator, we'll open the call to questions please.

接線員，我們將開始電話提問。

Anita Soni, CIBC World Markets.

安妮塔·索尼 (Anita Soni)，CIBC 全球市場。

Good morning, Paul, thanks for taking my questions. First one is with regards to Oksut and the hits sequencing, I think I was expecting a little bit more stripping to be done this quarter. And I'm just wondering if some of that was pushed out into the back half of the year or are you done with this stripping campaign that you had -- that I think that's happening in the first half of the year.

早安，保羅，謝謝你回答我的問題。第一個是關於 Oksut 和點擊排序，我想我預計本季會進行更多的剝離。我只是想知道其中一些是否被推遲到今年下半年，或者您是否已經完成了這場剝離活動 - 我認為這將在今年上半年發生。

Thanks, Anita. It's Paul here. We're continuing with our waste stripping through the year, that's relatively even. I mean, its approximately 16 million tonne. So we're on track for that. We did have a little bit of change in our ore sequencing.

謝謝，安妮塔。保羅在這裡。我們全年都在繼續進行廢物清除，相對均勻。我的意思是，大約有 1600 萬噸。所以我們正在朝著這個目標邁進。我們確實對礦石排序做了一些改變。

And that was really just to blend our (inaudible) pit, which is higher grade, has a little bit higher clay. And so we needed to adjust our mine or sequencing. And then we did have, as we noted in the MD&A, we did have a little bit of dilution due to the rainy season.

這實際上只是為了混合我們的（聽不清楚）坑，它的品味更高，黏土含量更高一些。所以我們需要調整我們的礦井或排序。然後，正如我們在 MD&A 中指出的那樣，由於雨季，我們確實有一點稀釋。

Okay. So you're saying that this quarter you were in a higher grade or conceptually lower quarter over quarter? I'm not -- I'm a little confused about that.

好的。那麼您是說本季您的成績比上季更高或概念上更低？我不是——我對此有點困惑。

No, no. We needed to change the or sequencing timing in larger pit, the (inaudible) pit because we needed to blend some of the higher grade. And when you take the overall the grade was lower. And then of course, we were winding down the inventory that was built up during the shutdown.

不，不。我們需要改變較大礦坑（聽不清楚）的排序時間，因為我們需要混合一些較高等級的礦坑。當你綜合考慮時，成績會更低。當然，我們正在逐步減少停工期間累積的庫存。

And then just a bigger broader question for Paul Tomory. As you think about -- do have some significant free cash flow coming into the back half of the year. As you think about where gold prices sit and where molybdenum sits, does that change your thinking at all and in terms of what gets prioritized in terms of use of cash?

接下來是保羅·托莫里的一個更大更廣泛的問題。正如你所想，今年下半年確實會有一些大量的自由現金流。當您思考黃金價格和鉬價格時，這是否會改變您的想法以及現金使用的優先順序？

In terms of use of cash, the first thing coming down or pipe is the Thompson Creek feasibility study so that that's coming here at the end of the summer. We're happy with where things are at on molybdenum price, but more importantly, we've done a lot of work internally over the last six, eight months on understanding the value potential of the integration between Thompson Creek and Langeloth. And that will be shown when we put out the study results.

在現金使用方面，首先要進行的就是湯普森溪可行性研究，該研究將在夏末到來。我們對鉬價的現狀感到滿意，但更重要的是，在過去的六、八個月裡，我們在內部做了很多工作，以了解 Thompson Creek 和 Langeloth 之間整合的價值潛力。當我們公佈研究結果時就會顯示這一點。

So we really like what we're seeing on the Thompson Creek, Langeloth combination, and you'll see that when we put out our results and our intended path forward. So that remains an area where we will prioritize capital allocation.

因此，我們真的很喜歡我們在 Thompson Creek 和 Langeloth 組合中所看到的情況，當我們公佈結果和預期的前進道路時，您會看到這一點。因此，這仍然是我們優先考慮資本配置的領域。

The other -- we're always looking at opportunities externally to add specifically on the gold side. But as you know, things are pretty fully valued out there. And a lot of the assets that come up for sale are not always -- they will have various issues technically or locationally or for another matters. So we're very disciplined in the way we look at M&A.

另一方面，我們一直在尋找外部機會，專門增加黃金方面的資金。但如你所知，那裡的東西已經被充分估價了。許多待售資產並不總是如此——它們會在技術、位置或其他方面存在各種問題。因此，我們對待併購的方式非常嚴格。

So another example is this past quarter, we made a investment in a junior and we think there's good value to be had very early in the chain, partnering with a junior explorers and that forms another key part of our capital allocation.

另一個例子是上個季度，我們對初級探險家進行了投資，我們認為在價值鏈的早期階段與初級探險家合作具有良好的價值，這構成了我們資本配置的另一個關鍵部分。

So yes, molybdenum will remain something I'm going to talk about in the near term here, we continue to look for opportunities in gold, and that remains a major strategic focus. And by the drill bit as well, we're going to continue drilling. And we're also going to provide updates on our resource models for Goldfield and Mount Milligan by the end of the year. And we're pretty encouraged by what we're seeing, particularly at Mount Milligan.

所以，是的，鉬仍然是我近期要討論的話題，我們繼續尋找黃金的機會，這仍然是一個主要的戰略重點。我們還要用鑽頭繼續鑽探。我們也將在今年年底前提供 Goldfield 和 Mount Milligan 資源模型的更新。我們對所看到的一切感到非常鼓舞，尤其是在米利根山。

Raj Ray, BMO.

拉吉·雷，BMO。

Thank you, operator. Good morning, Paul and team. My first question is on Mount Milligan. Q2 to grades were lower. You did mention it was mine sequencing, but was it more than what you had expected or it was as per what do your mine plan suggested?

謝謝你，接線生。早上好，保羅和團隊。我的第一個問題是關於米利根山的。Q2 成績較低。您確實提到這是我的測序，但它超出了您的預期還是按照您的採礦計劃建議的？

And then looking at the second half of the year, how should we look at grades for Q3 and Q4? And then also on recovery for gold, slightly lower. Should we expect second half recoveries to pick up again like Q1? Or do you expect recoveries to hover around these levels. So that's first on Mount Milligan.

那麼下半年，我們該如何看待Q3和Q4的成績呢？然後黃金的復甦也略有下降。我們是否應該預期下半年復甦會像第一季一樣再次回升？或者您預計復甦將徘徊在這些水平附近。首先是米利根山。

And then secondly, with respect to the Moly study that's coming up, I understand that once the feasibility study is out, you will decide on what capital to spend, but should we anticipate any spend in Q4? Or is this more a 2025 if and when you decide to spend any capital there?

其次，關於即將進行的 Moly 研究，我知道一旦可行性研究結束，您將決定花費哪些資本，但我們是否應該預期第四季度的任何支出？或者，如果您決定在那裡投入任何資金，這更像是 2025 年嗎？

Paul, to the Mount Milligan, and I'll take over on --

保羅，去米利根山，我會接手--

Okay. So Mount Milligan, there was a number of questions there. So in Q2, yeah, we had standard mine sequencing, and that's why you saw the grades somewhat lower. That being said, in terms of recovery, our gold recovery, we can expect that to go up a little bit. And that's just some of the initiatives that we're doing on our optimization program. We're calling that M plus.

好的。所以米利根山那裡有很多問題。所以在第二季度，是的，我們有標準的礦山排序，這就是為什麼你看到等級有些低的原因。話雖這麼說，就復甦而言，我們的黃金復甦，我們可以預期會上升。這只是我們在優化計劃中採取的一些舉措。我們稱之為 M plus。

So we can expect to see somewhat higher gold recovery for a number of different reasons. And then in terms of the grade going forward to the remainder of the year, I think the best thing to do is just take a look at our guidance, we're on track for that and then that will pan out. We are good, but we will expect a little bit higher grades for the remainder of the year, not exceptionally higher. And I think that was the bulk of your questions on Mount Milligan.

因此，由於多種不同的原因，我們可以預期黃金的復甦會有所提高。然後就今年剩餘時間的成績而言，我認為最好的辦法就是看看我們的指導，我們正在朝著這個方向前進，然後就會成功。我們很好，但我們預計今年剩餘時間的成績會更高一些，而不是特別高。我想這就是你們關於米利根山的大部分問題。

All right. So on molybdenum, Ryan would have mentioned in his prepared remarks that there was some spending in the quarter at Thompson Creek related to early works activities. We continue to do that. So in anticipation of the projects that are coming in a few weeks here, we continue to prepare the site for potential go decision on the project.

好的。因此，在鉬方面，瑞安會在他準備好的演講中提到，湯普森溪本季有一些與早期工程活動相關的支出。我們將繼續這樣做。因此，考慮到幾週後即將到來的項目，我們將繼續為該項目的潛在決策做好準備。

And so, there has been some spending and there will continue to be spending here through August and into September as we prepare for decision there. If you want more details, Ryan could speak to that, but perhaps that answers your question.

因此，已經有一些支出，並且在我們準備在那裡做出決定時，整個 8 月和 9 月都會有支出。如果你想了解更多細節，瑞安可以談談，但這也許可以回答你的問題。

No. That's good.

不。那挺好的。

I think, we will guide the spending for the remainder of the year as part of that release. So if we do go forward, we'll be spending -- there is spending now there is early works, as Paul says, it will provide an update for the remainder 2024.

我認為，作為該版本的一部分，我們將指導今年剩餘時間的支出。因此，如果我們繼續前進，我們將進行支出——現在有支出，有早期工作，正如保羅所說，它將為 2024 年剩餘時間提供更新。

John Sclodnick, Desjardins.

約翰·斯洛德尼克，加鼎。

Thanks for taking my questions. I guess looking at gold fields. It looks like, I guess most of the planned drilling is done. I'm just wondering if you can give any indication on what you're seeing there maybe cut-off date for the resource estimate. If you're thinking about using the same resource gold price of $1,800 or if you might take that up and how those [column leach tests] have been going?

感謝您回答我的問題。我猜想是在看金礦。看來，我想大部分的計劃鑽探已經完成了。我只是想知道您是否可以說明您所看到的情況，可能是資源估算的截止日期。如果您正在考慮使用 1,800 美元的相同資源黃金價格，或者您可能接受該價格，以及這些[柱浸出測試]進展如何？

As a reminder, because we did that pivot on gold field where we're looking for here is a principally run-of-mine oxide resource. So we had to prove to ourselves two or three key things. One is that we have sufficient oxide material having temporarily put the sulfides on the shelf. We continue to drill and we are adding to our internal view on quantity there.

提醒一下，因為我們的重點是金礦，所以我們在這裡尋找的主要是原礦氧化物資源。所以我們必須向自己證明兩三個關鍵的事情。一是我們有足夠的氧化物材料，暫時將硫化物擱置起來。我們繼續鑽探，並增加了我們對那裡數量的內部看法。

And the column leach tests are going extremely well. We're getting recoveries in line with what I would have expected for a run of mine Nevada oxide. So those are going very well.

柱浸出測試進展得非常順利。我們的回收率與我對內華達氧化礦的預期一致。所以這些進展順利。

In terms of drilling, we continue -- we will do more drilling this year, and we will incorporate the remainder of that drilling into our resource estimate. With that resource estimate, we'll also put out what the recoveries look like, a high-level view on a flowsheet and then a path forward on engineering and potential path execution.

在鑽探方面，我們今年將繼續進行更多鑽探，並將剩餘的鑽探納入我們的資源估算中。透過資源估算，我們還將展示回收情況、流程圖的高階視圖，以及工程和潛在路徑執行的前進路徑。

Your second question there is would we use a higher gold price for the resource at Goldfield? Potentially. I mean, it's a relatively low risk in Nevada, fairly easily digestible project. We haven't made that decision yet. But certainly, I think what you're asking is a good question. We're going to sing logic as well.

您的第二個問題是，我們是否會對 Goldfield 的資源使用更高的黃金價格？有潛力。我的意思是，在內華達州這是一個相對較低的風險，相當容易消化的項目。我們還沒有做出這個決定。但當然，我認為你問的是一個好問題。我們也將唱邏輯。

Okay. I appreciate that color and looking forward to the update there. I guess one other one for me, just kind of a modeling one, but the depreciation has been trending a bit below guidance and just wondering if that's going to pick up in the second half or if you're going to be targeting the low end of that depreciation guidance range?

好的。我很欣賞這種顏色並期待那裡的更新。我想對我來說還有另外一個，只是一種模型，但貶值趨勢一直略低於指導，只是想知道下半年是否會回升，或者您是否會瞄準低端市場折舊指導範圍是多少？

Yeah. I mean, I think it's probably heading towards the lower end of it -- Mount Milligan with the increase in reserves at the end of last year brings down that depreciation a little bit. It will pick up a bit in the second half of the year as we sell more material at Mount Milligan. But I think we're heading towards the lower end of the range.

是的。我的意思是，我認為它可能正在走向它的低端——米利根山隨著去年底儲備的增加，稍微降低了貶值。隨著我們在米利根山出售更多材料，下半年價格將會回升。但我認為我們正在走向該範圍的下限。

Mike Parkin, National Bank.

麥克·帕金，國家銀行。

Hey, guys. A couple of questions from me. Could you first start off, there's quite a few forest fires in BC. Are you seeing any impact at site or you're at risk of being able to move material in or out?

嘿，夥計們。我有幾個問題。首先，BC省發生了不少森林火災。您是否發現現場受到任何影響，或者您是否面臨無法將材料移入或移出的風險？

Thanks for the question. We pay very close attention to that, of course. At this moment in time, we're actually category two, which is fairly low risk. It's not the lowest category one would be. There was a period of time earlier in the quarter, where we're at Category three. There were a number of fires.

謝謝你的提問。當然，我們非常密切關注這一點。目前，我們實際上屬於第二類，風險相當低。這不是最低的一類。在本季度早些時候的一段時間內，我們處於第三類。發生了多起火災。

We had the fire at Jasper and some of the other locations. But no, that's not an issue in our local at Mount Milligan and back in April, we had a fire relatively close to Endako and we were on alert for evacuation there, but that didn't need to happen.

我們在賈斯珀和其他一些地方發生了火災。但不，這在我們當地的米利根山不是問題，早在四月份，我們在距離恩達科較近的地方發生了一場火災，我們在那裡做好了疏散的準備，但這並不需要發生。

And can you just remind us in terms of the forest fire seasonality? Is that something that generally kind of continues through Q3? And then as you get into like, probably I'm guessing kind of late Q3, it dives down and in Q4, it's like a nonissue, it's like snowfall?

您能否提醒我們森林火災的季節性？這種情況通常會持續到第三季嗎？然後當你進入類似的情況時，我猜可能是在第三季度末，它下降了，在第四季度，這就像一個不存在的問題，就像降雪一樣？

Well, definitely Q4, it's a nonissue. Best way to answer that is we're in a bit of a different climate change. It's always been out in Western Canada that you had May, June was the high-risk period, right after the fresh. But that being said, we've seen risks right early in April, right on through to August and September in the past. So we're on alert right through.

嗯，肯定是第四季度，這不是問題。回答這個問題的最佳方法是，我們正處於一種不同的氣候變遷之中。在加拿大西部，五月、六月一直是高風險期，就在新鮮之後。但話雖這麼說，我們從四月初一直到八月和九月都已經看到了風險。所以我們始終保持警惕。

Okay. (multiple speakers) yeah, BC was worse. But it's also very worrying to see.

好的。 （多個發言者）是的，BC 更糟。但看到這一點也非常令人擔憂。

At this moment in time, it's not as high risk as it has been in the past, through in the past of this summer.

目前，風險並不像過去那麼高，直到今年夏天為止。

Okay. Just circling back, like you mentioned some pretty impressive cost improvement success at Mount Milligan. Certainly, you guys were highlighting is some low hanging fruit on the site tour last year. With respect to the mining cost improvement, can you give us a bit more color on what are the initiatives like focused that is that, like I know tire, like -- I think, something standing water on roads improvement that seems like some kind of low hanging fruit from sites. Or can you just give us some high level like where you're focused in the near term and where you expect to kind of realize those savings?

好的。剛剛回過頭來，就像您提到的在 Mount Milligan 取得的一些相當令人印象深刻的成本改進成功。當然，你們在去年的現場巡迴中強調了一些容易實現的成果。關於採礦成本的改善，您能否給我們更多關於重點舉措的信息，就像我知道輪胎一樣，我認為，道路改善方面的積水似乎是某種網站上唾手可得的成果。或者您能否向我們提供一些高層信息，例如您近期的重點以及您期望在哪些方面實現這些節省？

Yeah. So there is always some opportunity on consumables like tires and diesel, perhaps a little bit on powder factor, although we want to be very careful on fragmentation since estimate goal, but the bulk of the gain is going to come from improving the load haul cycle production and productivity. And that's actually already been happening at site.

是的。因此，輪胎和柴油等消耗品總是有一些機會，也許在粉末因素上有一點機會，儘管我們自估計目標以來希望非常小心地處理碎片，但大部分收益將來自改善負載運輸週期生產和生產力。這實際上已經在現場發生了。

Why we're not seeing in the unit operating costs for the quarter is because we did have some residual costs on equipment, some major component change outs. So it doesn't reflect in the operating costs. And so going forward, it's really going to come from the lower haul cycle itself and I'm improving on all the various components there.

為什麼我們沒有看到本季的單位運作成本，是因為我們確實有一些設備剩餘成本，以及一些主要零件的更換。所以它沒有反映在營運成本中。因此，展望未來，它實際上將來自較低的運輸週期本身，我正在改進那裡的所有各種組件。

That's where the biggest ticket is. And then, of course, some of the other items like the consumables, as you pointed out.

這就是最大的門票所在。當然，正如您所指出的，還有其他一些物品，例如消耗品。

It looks like the efficiency of making the pit bigger. Does that -- I remember from site -- I think it would -- the way I would kind of summarize it was if you guys were expecting equipment, you wouldn't have necessarily picked the equipment that's there now it would seem kind of the wrong size for the operation.

看起來就是把坑弄大的效率。是嗎——我從網站上記得——我想會的——我總結的方式是，如果你們期待裝備，你們不一定會選擇現在那裡的裝備，這似乎是一種操作尺寸錯誤。

Does that shape with this expansion you're talking about in Pit sizes, is that you make use of that under-utilized scale of the fleet? Or are you still looking to like as assets mature in terms of rolling stock, do you look to optimize scale going forward?

您所談論的坑洞尺寸擴張是否會形成這種形狀，您是否利用了未充分利用的艦隊規模？或者您仍然希望隨著機車車輛方面的資產成熟，您是否希望優化未來的規模？

Yeah. That's a great question. So if you were to start fresh, you might look at a different fleet, of course, probably the biggest one that I would change right away would be the loaders. The use of the loaders to 994s in the pit, but that's what we're working with. So going forward, we'll optimize those.

是的。這是一個很好的問題。因此，如果你要重新開始，你可能會考慮不同的車隊，當然，我會立即改變的最大的車隊可能是裝載機。在坑中使用 994 的裝載機，但這就是我們正在研究的。因此，展望未來，我們將優化這些。

In terms of the change out of the fleet proper, we need to do the decision to capital allocation decision based on what we have and for the long-term expansion, of course, there's a number of different options. We can take a look at extending the current fleet, we can take a look at a larger truck size.

在機隊本身的改變方面，我們需要根據我們現有的情況和長期的擴張來做出資本配置的決定，當然，有很多不同的選擇。我們可以考慮擴大目前的車隊，我們可以考慮更大的卡車尺寸。

But then, of course, the larger truck size, you then have to take a look at what the overall productivity is and where you're coming from the different face advanced, and you have a little bit less optionality on that.

但是，當然，卡車尺寸越大，您就必須看看整體生產力是多少，以及您來自不同的先進領域，而您在這方面的選擇餘地會少一些。

So we're looking at all these options, but I think the overarching component of our current stock and going forward, what would make the most sense, you need to take a look at what we have today and use it in your capital allocation, that's far and away the most important variable.

因此，我們正在考慮所有這些選擇，但我認為我們當前庫存的首要組成部分以及未來最有意義的是什麼，您需要看看我們今天擁有的東西並將其用於您的資本配置，這無疑是最重要的變數。

Brian MacArthur, Raymond James.

布萊恩麥克阿瑟，雷蒙德詹姆斯。

Good morning, and thank you for taking my question. It relates back to the Moly operations and again, the study. You've talked a lot about the potential at Langeloth, and that's only working at some 30% of capacity. When you come out with the details, I assume we're going to get at Thompson Creek study, which is sort of apples to apples to what we did before.

早安，感謝您提出我的問題。它既與 Moly 的運作有關，也與研究有關。您已經談論了很多 Langeloth 的潛力，但這種潛力只發揮了 30% 左右的能力。當你公佈細節時，我想我們將進行湯普森溪研究，這與我們之前所做的類似。

But the second part of it at Langeloth in that analysis, are you just going to assume the integration of Thompson Creek? Or given I think there's even more excess capacity does the fact that you can actually put the Thompson Creek stuff in allow you to go out and get more third-party materials?

但蘭格洛思分析的第二部分是，您是否會假設湯普森溪的整合？或者考慮到我認為還有更多的過剩產能，事實上你可以把 Thompson Creek 的東西放進去，這樣你就可以出去獲取更多的第三方材料嗎？

So we'll not only get the benefit of the Thompson Creek material over fixed costs over larger volumes and things like that, but there'll be another uptick. Is that what we're getting on the Langeloth loss study or to the extent you can comment on that would be helpful.

因此，我們不僅會從湯普森溪材料中獲得相對於大批量和類似的固定成本的好處，而且還會有另一個上升。這就是我們在 Langeloth 損失研究中得到的結果，或者您對此發表評論會有所幫助。

Yeah. I think you've described the strategy well. One of -- I'd say that the most important component of our thinking on the molybdenum business unit, meaning the integrated Thompson Creek Langeloth operation is that line Langeloth is the principle value drivers, not the only value driver, but it's the principal value driver.

是的。我認為您已經很好地描述了該策略。其中之一——我想說的是，我們對鉬業務部門的思考中最重要的組成部分，這意味著湯普森溪朗格洛思一體化營運是蘭格洛思生產線是主要價值驅動因素，不是唯一的價值驅動因素，但它是主要價值司機。

And by utilizing that fixed cost leverage and increasing utilization of the capacity there, we not only create a strong EBITDA business, but we also to a large degree insulate ourselves from fluctuations in molybdenum price because of the way we would purchase concentrate up from a third party and then sell it onwards to the steel makers.

透過利用固定成本槓桿和提高產能利用率，我們不僅創造了強大的 EBITDA 業務，而且在很大程度上使自己免受鉬價格波動的影響，因為我們從第三方購買精礦然後將其出售給鋼鐵製造商。

So the strategy here is use Thompson Creek as a significant component of filling the capacity at Langeloth. So as you pointed out, we're roughly running at one-third capacity in broad-brush terms. Thompson Creek would fill the second third, which would then allow us to fill the final third with third party material and particularly dirtier or higher copper content cons where we can charge a bigger spread, a bigger TC/RC because we have the very clean con coming from Thompson Creek.

因此，這裡的策略是使用 Thompson Creek 作為填補 Langeloth 容量的重要組成部分。正如您所指出的，從粗略的角度來看，我們的運行能力大約是三分之一。Thompson Creek 將填充第二個三分之一，這將使我們能夠用第三方材料填充最後三分之一，特別是更髒或銅含量更高的缺點，我們可以收取更大的價差，更大的TC/RC，因為我們有非常乾淨的缺點來自湯普森溪。

When you look at the world of molybdenum, interestingly, the two cleanest compounds out there are actually Thompson Creek and Endako. So the Thompson Creek feed con from there will allow us significant flexibility in blending in order to fill that final third.

有趣的是，當你觀察鉬的世界時，最乾淨的兩個化合物實際上是 Thompson Creek 和 Endako。因此，湯普森溪飼料工廠將使我們能夠在混合方面具有極大的靈活性，以填補最後三分之一的空間。

So yes, the answer to your question, which you kind of previewed there is that study will be a stand-alone mine feasibility study with its accompanying NI43101, but we will have an entire other section showing the economics of the integrated whole Thompson Creek and Langeloth and you will see that the value is generated in significant part by an optimal use of the roasting facility.

所以，是的，你的問題的答案，你在那裡預覽的是，該研究將是一項獨立的礦山可行性研究及其隨附的NI43101，但我們將有一個完整的其他部分顯示整個Thompson Creek的經濟性和Langeloth 和您將會發現，價值很大程度上是透過烘焙設施的最佳使用而產生的。

Right. But just so I'm clear, would that study assumes 66% utilization of Langeloth or how you --

正確的。但我很清楚，該研究假設 Langeloth 的利用率為 66%，或者您如何--

Much Higher.

高得多。

So you'll be able to do [100%]. So you make assumptions about what you can do on the other side, we'll get to see all that.

所以你將能夠做到[100%]。所以你對另一邊可以做什麼做出假設，我們會看到這一切。

Precisely, yes. But the important part is that Thompson Creek enables that ramp for 66%to 100% because you now have the clean con that you can blend with higher copper percentage cons. So yeah, I mean, we will show a full ramp-up.

準確地說，是的。但重要的是，Thompson Creek 能夠實現 66% 至 100% 的提升，因為您現在擁有可以與更高銅含量的銅合金混合的清潔銅合金。所以，是的，我的意思是，我們將展示全面的提升。

Perfect. And again, just to be clear that you said the value add is in treating the dirty cons. It's not like you bring in Endako into that something because it's another clean con. So it's still a total standalone unit that you have to look at going forward if you decide to go down that route. Is that fair?

完美的。再次強調一下，您所說的增值在於處理骯髒的缺點。這並不是說你把 Endako 引入其中，因為這又是一個乾淨的騙局。因此，如果您決定走這條路，它仍然是一個完全獨立的單元，您必須考慮未來的發展。這樣公平嗎？

Yes, I think if you were to look at this very, very high level strategically, Endako has no place in the plan until Thompson is exhausted. So if you look at a perfect situation here, you run Thompson Creek and then whatever, 15, 20 years later, you then bring Endako into the mix as the next source of clean con, which you can then use. It would not be good for us to open both together.

是的，我認為如果你從戰略上來看這個非常非常高的水平，在湯普森精疲力盡之前，恩達科在計劃中沒有位置。因此，如果你在這裡看到一個完美的情況，你可以運行Thompson Creek，然後無論如何，15 年、20 年後，你可以將Endako 納入其中，作為下一個清潔騙局的來源，然後你可以使用它。兩者一起打開對我們來說並不好。

Great. That's what I thought. But I just wanted to confirm. Thanks very much.

偉大的。我就是這麼想的。但我只是想確認一下。非常感謝。

(Operator Instructions) Jeremy Hoy, Canaccord Genuity.

（操作員說明）Jeremy Hoy，Canaccord Genuity。

You guys have made some good progress with the optimization study at Mount Milligan. We saw that been your per ton processing costs this quarter?

你們在米利根山的最佳化研究取得了一些良好進展。我們看到這是你們本季每噸的加工成本嗎？

Do you expect to see continuing improvements in the processing throughout the year or have they largely been realized? Am I correct in assuming that those were not factored in when you're providing guidance at the beginning of the year for costs for the operation and that's it.

您是否期望看到全年處理流程不斷改進，或者這些改進是否已基本實現？我是否正確地假設，當您在年初提供營運成本指引時，這些因素並未被考慮在內，僅此而已。

Thanks, Jeremy. So first, no, we did not include these gains in our guidance at the beginning of the year. And so -- and then to answer your question, are we going to continue to see gains? So this is a very long-term view. And so, we had some low hanging fruit, recycling some of the steel, which was a big gain.

謝謝，傑里米。因此，首先，我們沒有將這些收益納入年初的指導中。那麼，然後回答你的問題，我們會繼續看到收益嗎？所以這是一個非常長遠的觀點。因此，我們有一些容易實現的目標，回收了一些鋼材，這是一個很大的收穫。

We're looking at optimization of our concentrate qualities so that actually improves our overall gold. And so that's why you're seeing some of the gains in the plant. And yes, we're looking at a number of different optimization programs to improve the plant overall, both on recoveries, throughput and also the mine to mill.

我們正在考慮優化我們的精礦質量，以便真正提高我們的整體黃金含量。這就是為什麼你會看到工廠取得一些成果。是的，我們正在研究許多不同的最佳化計劃，以改善工廠的整體狀況，包括回收率、吞吐量以及從礦場到工廠的各個方面。

Because if we can have a steady-state and have less disruptions in the plants that actually helps the overall cost. And then lastly, through the winter, that was a problematic area and we've done quite a lot of gains there. So yes, we can expect to see continuous improvement in the plants.

因為如果我們能夠保持穩定狀態並減少對工廠的干擾，實際上有助於降低整體成本。最後，整個冬天，這是一個有問題的領域，我們在那裡取得了巨大的進展。所以，是的，我們可以期待看到工廠的不斷改進。

But just overarching, this is a comprehensive program to put Mount Milligan into a world-class operation. And this was key for the long-range plan. And so we'll be adopting those operating metrics into the PDA and into the plant itself going forward with these demonstrable improvements.

但就總體而言，這是一項將米利根山打造成世界級營運的綜合計畫。這是長期計劃的關鍵。因此，我們將把這些營運指標應用到 PDA 和工廠本身中，以實現這些明顯的改善。

I'll use this as an opportunity to plug the PEA. What we're looking at here at Mount Milligan is a very significant potential mine life extension beyond the 2035 reserve incorporating the drilling that I mentioned earlier. We're doing a lot of drilling. We're getting very good results on that. So we're looking at a resource model update.

我將以此為契機來堵塞 PEA。我們在 Mount Milligan 看到的是，結合我之前提到的鑽探，礦山壽命將顯著延長，超過 2035 年儲量。我們正在進行大量的鑽探工作。我們在這方面取得了非常好的成果。所以我們正在考慮資源模型更新。

We're looking at -- I'll remind that we're currently capped on reserves with tailings capacity. We're looking at incremental opportunities to store tailings and that we're making good progress on that.

我們正在考慮——我要提醒大家的是，我們目前的尾礦容量儲備受到限制。我們正在尋找儲存尾礦的增量機會，我們正在這方面取得良好進展。

And lastly, as Paul said, we're incorporating these new operating metrics into the way we look at mine and plant operations for consideration in that study. So things are going well in that setting study we're hard at work on, and we still need several months to do that. But we're very encouraged by what we're seeing.

最後，正如保羅所說，我們正在將這些新的營運指標納入我們看待礦場和工廠運作的方式中，以便該研究考慮。因此，我們正在努力進行的環境研究進展順利，但我們仍然需要幾個月的時間才能做到這一點。但我們所看到的一切讓我們深受鼓舞。

And ladies and gentlemen, in showing no additional questions, we'll conclude today's question and answer session and today's conference call. You may now disconnect your lines. Thank you for participating, and have a pleasant day.

女士們、先生們，在沒有提出任何其他問題的情況下，我們將結束今天的問答環節和今天的電話會議。現在您可以斷開線路。感謝您的參與，祝您有個愉快的一天。