Elemental Royalty Corp (ELE) 2026 Q1 法說會逐字稿

Hello and welcome to the Elemental Royalty Corporation quarterly earnings announcement. (Operator Instructions)

各位好，歡迎參加 Elemental Royalty Corporation 季度財報（盈餘）發布會。（接線員指示）

I would now like to turn the conference over to David Cole, CEO. You may begin.

現在我想把電話會議交給執行長 David Cole。您可以開始了。

Yeah, thank you very much, and thanks to everybody for joining. Particularly pleased to be here today representing this great company. What a wonderful time to be in the mining business with these strong metal prices, but I've had a chance to reflect on that when I woke up this morning, and I was thinking about when I started my career, the mining industry was not very popular.

好的，非常感謝，也感謝各位撥冗參與。我特別高興今天能在此代表這家優秀的公司。在金屬價格強勁的情況下，現在正是投入礦業的美好時機；不過我今天早上醒來時也有機會回想，當我剛開始職涯時，礦業其實並不那麼受歡迎。

And we're in a situation today where there's been a paradigm shift, and I'm sure we've all seen this, of people recognizing the strong contribution that we make to society across the globe. And that is recognized in commodity prices, but it's also been recognized in the capital markets, where mining companies are starting to get the recognition that they deserve for their production. And more and more people are focused on understanding of strategic metals and base metals, et cetera.

而我們今天所處的情況是，產業典範已經轉移；我相信大家都看到了，人們開始認知到我們在全球各地對社會所做出的重大貢獻。這點反映在商品價格上，也同樣反映在資本市場上——礦業公司開始因其產量而獲得應有的肯定。而且越來越多人把焦點放在理解戰略金屬、基本金屬等等。

And we're in a particularly good situation to take advantage of that. Those of you that heard us speak before, you know that we understand that royalties are phenomenal financial instruments. The value of mineral rights augments over time, and the best way to be exposed to that is through royalties, and specifically the optionality that the royalty instrument affords to us as the owner of that.

而我們正處於一個特別有利的位置，可以把握這樣的趨勢。各位如果之前聽過我們的分享，就知道我們理解權利金是極佳的金融工具。礦產權益的價值會隨時間增長，而最好的參與方式就是透過權利金，尤其是作為權利金持有人所享有的選擇權特性。

And one way that we've done that and to create further portfolio effect as scale is rewarded within the royalty space, is to effect the merger between EMX Royalty Corporation and Elemental Altus Royalty. And I'm very pleased with how that merger has come to fruition and the results that we're seeing, which are producing the numbers that we have seen today in the quarterly report. Near and dear to my heart is the team, and my pleasure to introduce Frederick Bell and Stefan Wenger, a great example of the integration of the two teams coming forward with an immense amount of experience base to put us in a position where we can make the right decisions to allocate your capital moving forward. If we look at some of the highlights, we are gold focused. We remain gold focused, but I'm very pleased that we, as per announcement today, we are augmenting our silver exposure.

我們做到這一點、並在權利金領域中因規模而獲得更強的投資組合效應的方法之一，就是促成 EMX Royalty Corporation 與 Elemental Altus Royalty 的合併。我對這次合併的落實方式以及我們看到的成果感到非常滿意，這些成果也帶來了我們今天在季度報告中呈現的數字。對我而言最重要的是團隊；我很高興介紹 Frederick Bell 與 Stefan Wenger——他們是兩個團隊整合的絕佳例子，帶來極其深厚的經驗基礎，使我們能在未來做出正確決策來配置各位的資本。如果我們看一些重點，我們以黃金為核心。我們仍將以黃金為核心，但我也很高興，正如今天公告所述，我們正在增加白銀曝險。

I believe that silver is a strong commodity in the current world from an industrial demand perspective, but also from an investment perspective. To ensure that we remain precious metals focused so that we have the strong potential to be GDXJ index included and other various index funds that are focused on precious metals, we'll make sure that we stay over 50%. Right now, we're over 60%, in fact, precious metals, on a ongoing revenue basis. We have 300 mineral property assets in the world in 20-some countries, and 200 of those are royalties.

我認為白銀在當前世界中，無論從工業需求角度或投資角度來看，都是強勢商品。為了確保我們仍以貴金屬為主，使我們有很高機會被納入 GDXJ 指數以及其他聚焦貴金屬的各類指數基金，我們會確保貴金屬占比維持在 50% 以上。目前以持續性營收計算，我們的貴金屬占比超過 60%。我們在全球 20 多個國家擁有 300 項礦業資產，其中 200 項是權利金。

This is a portfolio that has an immense amount of over $100 million a year in exploratory drilling ongoing, creating that discovery optionality, which is the real reason why you wanna own royalties and royalty portfolios long term. We have crossed an important boundary, from my perspective, in the last quarter where we have reached the point where we feel very comfortable paying a dividend, and our inaugural dividend gives our shareholders the option to take that dividend with an in-kind instrument with the XAUT Tether Gold stablecoin. We're the first company to do this. I wouldn't be surprised if this ends up becoming popular within the business.

這是一個具備巨大潛力的投資組合，每年有超過 1 億美元的持續勘探鑽探投入，創造出發現的選擇權價值——這正是你長期持有權利金及權利金投資組合的真正原因。從我的角度來看，我們在上一季跨越了一個重要門檻：我們已達到一個讓我們非常有信心開始發放股利的階段；而我們的首次股利，讓股東可以選擇以實物交付形式的工具——XAUT Tether Gold 穩定幣——來領取。我們是第一家這麼做的公司。如果這在業界變得流行，我一點也不意外。

It's a nice option for our shareholders to have to be able to take the dividend in cash or in XAUT, which is fully convertible into physical metal on demand. I'll point out that our dividend payout ratio is modest, and that is because we're confident that we can continue to allocate capital within the space to augment our portfolio and do exactly what you want us to do.

這對股東而言是一個很好的選項，可以選擇以現金或以 XAUT 領取股利；XAUT 可在需要時完全兌換為實體金屬。我也要指出，我們的股利支付率相對保守，因為我們有信心能持續在這個領域配置資本、擴充我們的投資組合，並做到各位希望我們做到的事。

We've also increased our revolving credit facility to $200 million, and this is a good example of how the gaining of scale through the merger has increased our capital availability and decreased our cost of capital, enabling us to further our business transactions, and today's a great example with the deal that we have announced today. We've also uplisted now onto the TSX Big Board from the TSX Venture Exchange.

我們也將循環信用額度提高到 2 億美元；這是合併帶來規模效益的良好例證——提升了我們的資金可得性並降低資金成本，使我們能進一步推動業務交易，而今天我們宣布的這筆交易就是很好的例子。我們也已從 TSX Venture Exchange 轉板升級至多倫多證交所（TSX）主板。

I'll point out that the augmentation of our liquidity, trading liquidity on Nasdaq, which has done fantastically well, in addition to now on the Big Board on the TSX, our trading liquidity is multiples ahead of where the two companies were combined pre-merger. We're very pleased to see that. Once again, that is very likely adding to the probability of us being included in a number of index funds in the near future, which is a salient point. There's a whole host of smaller deal flows that are ongoing within the company. I'm pleased that even though we're in a competitive environment, we don't bemoan that competition.

我也要指出，我們在納斯達克的交易流動性提升——表現非常出色——再加上現在也在 TSX 主板上市，使得我們的交易流動性相較於合併前兩家公司合計的水準，已是數倍之多。我們對此非常高興。再一次，這很可能提高我們在不久的將來被納入多檔指數基金的機率，這是一個關鍵重點。公司內部也有一系列較小型的交易案源正在進行。我很高興，即使身處競爭環境，我們也不會抱怨競爭。

We're confident that we have the alpha to be able to outperform our competitors, that's exemplified by the deals that we continue to do, both base hit, small individual deals that we're doing, in addition to M&A such as the one that was announced today. I will point out that there will be a call specifically for this transaction with Vizsla, after this call, later in an hour after this call, in fact. We will focus on that. This call is to highlight the quarterly results. With those quarterly results, I want to introduce the very capable Stefan Wenger, who will walk us through the record-breaking numbers that we have today.

我們有信心具備超額報酬（alpha）來跑贏競爭對手；這從我們持續完成的交易可見一斑——既包括我們所做的「基本盤」小型單筆交易，也包括像今天宣布這樣的併購交易。我也要指出，針對與 Vizsla 的這筆交易，將在本次電話會議結束後另行舉辦專場電話會議；事實上，就在本次會議後約一小時。我們將在那場會議聚焦該交易。本次會議的重點是季度業績。談到季度業績，我想介紹能力非常出色的 Stefan Wenger，他將帶領我們回顧今天創紀錄的數字。

It's a little bit funny that these fantastic financial results are gonna get overshadowed by a really fantastic deal we announced this morning. As the CFO, I'll take that any day, and excited to share with you. Q1 of 2026 that we reported last night is really the first quarter of our combined results as the new combined Elemental following the EMX merger. I'm really pleased to report that the results are tracking even better than we anticipated when we did the deal. Today we're reporting record quarterly revenue, record EBITDA and cash flow, and we're well on track to meet our 2026 guidance.

有點有趣的是，我們這些非常亮眼的財務成果，可能會被我們今天早上宣布的一筆非常出色的交易所掩蓋。作為財務長，我隨時都樂於接受這種情況，也很期待與各位分享。我們昨晚公布的 2026 年第一季，是 EMX 合併完成後、新的合併後 Elemental 的第一個合併財報季度。我非常高興地報告，這些結果的表現甚至比我們在交易完成時的預期還要更好。今天我們公布創紀錄的季度營收、創紀錄的 EBITDA 與現金流，而且我們正穩步朝達成 2026 年指引邁進。

On this slide, you can see that our revenue of $24.3 million is an 83% increase over the prior year for Elemental. If you annualize that number, we're pushing up towards that $100 million run rate for revenue, which is advanced beyond our guidance on a revenue basis. From a GEO perspective, just about 5,000 GEOs sold during the quarter, which is right slightly just under our guidance for the full year. We're on track to meet that and demonstrating, we're what we're going to be at that 20,000 GEO a year level solidly. From a cash flow perspective, nearly $18 million in adjusted EBITDA. I'll discuss our cost side on the next slide.

在這張投影片上，您可以看到 Elemental 的營收為 2,430 萬美元，較前一年成長 83%。若將該數字年化，我們的營收年化運行率正逼近 1 億美元，從營收角度來看已超前我們的指引。從 GEO 的角度來看，本季售出約 5,000 GEO，略低於我們對全年指引的水準。我們正按計畫達成該目標，並展現我們將穩健維持在每年 20,000 GEO 的水準。從現金流角度來看，調整後 EBITDA 接近 1,800 萬美元。我會在下一張投影片討論我們的成本端。

That EBITDA, I see strengthening even more because this quarter we had quite a higher cost number than our anticipated annual run rate, just as you can imagine from all of the closing deal costs, the uplist on the TSX and the Nasdaq, our inaugural dividend, upsizing the credit facility. We had quite a busy quarter, and that doesn't even speak to the fact that we are spending and quite active with respect to new royalty acquisitions, which we also expensed during the quarter for most of those costs. Really excited about the $18 million adjusted EBITDA, 55% increase over the prior year. Operating cash flow of nearly $15 million, a substantial increase. As David mentioned, we upsized our credit facility during the quarter as well.

我認為 EBITDA 會進一步走強，因為本季我們的成本數字明顯高於我們預期的年度年化運行率，這正如各位所能想像，主要來自各項交易結案成本、在 TSX 與 Nasdaq 的升板上市、我們的首次股利，以及擴大信貸額度等。我們本季相當忙碌，而這還未包含我們在新權利金收購方面的投入與高度活躍；其中多數相關成本也在本季認列為費用。我們對 1,800 萬美元的調整後 EBITDA 感到非常振奮，較前一年成長 55%。營運現金流接近 1,500 萬美元，增幅顯著。如 David 所提到的，我們也在本季擴大了信貸額度。

We have a $150 million draw, undrawn credit facility with a $50 million accordion feature, so $200 million potential available. Add that to $70 million on the balance sheet. Even after the cash component of the Vizsla transaction we announced this morning, we'll be cash net cash positive and fully ready to continue to transact in our space. As we look a little deeper into the financials, just to follow up on my comment on a couple of the items. Revenue continues to be strong. Our G&A expenses at $5.5 million are above our annualized run rate that I would expect. I would expect us to be closer to a $16 million annualized run rate on the G&A.

我們有一筆 1.5 億美元的可動用、尚未動用的循環信貸額度，並附帶 5,000 萬美元的增額（accordion）機制，因此合計可用額度最高可達 2 億美元。再加上資產負債表上的 7,000 萬美元現金。即使扣除我們今天早上宣布的 Vizsla 交易中的現金支付部分，我們仍將維持淨現金為正，並已完全準備好持續在我們的領域進行交易。當我們更深入檢視財務數字時，延續我對其中幾個項目的評論。營收持續強勁。我們的 G&A（一般及行政）費用為 550 萬美元，高於我預期的年化運行率。我預期我們的 G&A 年化運行率應更接近 1,600 萬美元。

Royalty generation expenses are right on budget and on track for a full year expectation there. We continue to generate strong cash flow. There were two non-cash items in the net income, including a mark-to-market on some warrants that are outstanding, and taxes and others. We continue to generate strong results on a cash flow basis.

權利金產生相關費用符合預算，並符合我們對全年水準的預期。我們持續產生強勁的現金流。淨利中有兩項非現金項目，包括對部分未到期權證的按市價評價（mark-to-market），以及稅項與其他項目。就現金流基礎而言，我們持續交出強勁成果。

You also see the first full quarter of full Caserones reflected in our revenue line item as a royalty instead of as an investment. On a comparative basis, we continue to show sort of that revenue plus a attributable share of Caserones, all of Caserones is baked into our revenue line for this quarter. We're quite pleased to have Caserones, along with Timok, Bonikro, and Carlin really driving these results from our cornerstone assets.

您也會看到 Caserones 首次完整季度的貢獻，已在我們的營收項下反映為權利金，而非投資。在可比基礎上，我們過去會呈現「營收加上 Caserones 的應占份額」；而在本季，Caserones 的全部貢獻已完整納入我們的營收項下。我們很高興 Caserones 與 Timok、Bonikro 以及 Carlin 一同推動我們核心資產帶來的這些成果。

Caserones with copper at $6.20 a pound right now, we're not going to argue with that either. Just moving forward to the cash flow bridge. We really had tremendous cash flow during the period and, you know, driven by collection of royalties primarily from our December quarter. Some transaction costs related to the credit facility and some deal costs that came out of it. We also had quite a positive impact from stock option exercises for some options that were expiring during the quarter. A very clean, very targeted growth in our cash flow that we're quite pleased with. I'm not going to spend a lot more time. It was a fantastic quarter, really driven by our assets.

目前銅價為每磅 6.20 美元，Caserones 的表現我們當然也不會有意見。接著看現金流橋接表。我們在本期間的現金流非常可觀，主要由我們 12 月季度的權利金收款所帶動。也有一些與信貸額度相關的交易成本，以及由此產生的部分交易費用。此外，本季有部分即將到期的選擇權被行使，對我們帶來相當正面的影響。我們的現金流成長非常乾淨、非常聚焦，對此我們相當滿意。我不會再花太多時間。這是一個非常出色的季度，主要由我們的資產所驅動。

I'd like to ask Frederick Bell to go ahead and give you an update on the portfolio. Again, invite you all to join us for the conference call on the transaction, in about 45 minutes' time.

我想請 Frederick Bell 接著為各位更新投資組合的情況。再次邀請各位在大約 45 分鐘後加入我們就該交易所舉行的電話會議。

Focus of these quarterly presentations when we go, when we go through the financials there. The real focus of our presentation here is on the producing assets, and we touch on a few of the development assets that are really progressing. I think that one thing that often gets underappreciated is that greater portfolio of, call it, 200 royalties at various stages, and we are seeing record investment and record exploration dollars going into those projects by our counterparties around the world. I think for that it doesn't always make the front page of the news, but that is a really important level of optionality that is inherent in our portfolio that I think stands out versus a lot of other companies our size and scale.

我們在進行財務回顧時，這些季度簡報的重點在於此。我們這次簡報的真正重點是已投產資產，同時也會提及幾項正在取得實質進展的開發中資產。我認為常被低估的一點是：我們更廣泛的投資組合——可稱約 200 項、處於不同階段的權利金——我們正看到全球各地的交易對手在這些專案上投入創紀錄的投資與勘探資金。我認為這些內容不一定總是登上新聞頭版，但這是我們投資組合內含的一個非常重要的選擇權價值，我認為相較於許多與我們規模相近的公司，這點特別突出。

We'll talk through on the next slide then just to a couple of the key assets here. We had record revenues this quarter from Karlawinda, from Leeville, from Bonikro, and from Timok. You can see with Caserones that it was a near record quarter as well from that. On the Karlawinda front, one of the important developments there that has been progressing over the last year has been this mine expansion that they are looking to do 150,000 ounces per annum from H2 onwards. As of their last results, that is on track for commissioning in Q3 of this year. I think they're looking to complete the build-out around the middle of the year.

接著我們在下一張投影片會談到這裡幾項關鍵資產。本季我們來自 Karlawinda、Leeville、Bonikro 與 Timok 的營收皆創下新高。您也可以看到 Caserones 本季同樣接近歷史新高。在 Karlawinda 方面，過去一年持續推進的一項重要進展，是他們計畫自下半年（H2）起將產能擴張至每年 150,000 盎司。依其最新公布的成果，該擴建計畫仍按進度，預計於今年第三季（Q3）進行試車投產（commissioning）。我認為他們目標是在年中左右完成建置。

That is going to add 30%, 30,000 GEOs in terms of what they're doing. 30,000 ounces of production there attributable to us on the royalty going forwards. At Caserones, we have broken it out here between the EMX and the Elemental portions historically so that you can see it on a like-for-like basis, but you can see both Q4 and Q1 there as being historically high contributions from that asset. It's great to see alongside the gold price. It's great to see strong copper prices, of course, after gold, copper is the second most material commodity for us and where we get our exposure.

這將帶來 30% 的增量，也就是約 30,000 GEO；就他們的產量而言，未來在權利金項下可歸屬於我們的產量約增加 30,000 盎司。在 Caserones，我們在此將歷史上的 EMX 與 Elemental 部分拆分呈現，讓您能以同口徑進行比較；您可以看到第四季（Q4）與第一季（Q1）皆為該資產歷史上相當高的貢獻。在金價走強的同時看到這樣的表現非常好。當然，看到強勁的銅價也非常好；在黃金之後，銅是對我們而言第二重要的商品，也是我們取得曝險的主要來源之一。

Going on to the next slide, we talk here to Timok, and that was a record quarter for Timok and again, really important for, I think, people to appreciate that this is just from the upper zone. They have been over, Zijin have over the past year, two years, they have been increasingly in development in the lower zone, and we're looking forward to a site visit shortly to the mine and getting an update there on progress and development. As we have previously spoken to that lower zone at Timok is going to be an order of magnitude larger than what they are currently doing at the upper zone and will be operating in parallel with the upper zone and is all subject to our royalty.

接著到下一張投影片，我們在這裡談到 Timok，而這是 Timok 的創紀錄季度；同樣地，我認為讓大家理解這一點非常重要：這些表現僅來自上部礦帶。在過去一年、兩年裡，紫金一直在下部礦帶加大開發力度；我們也期待不久後能到礦場進行現地參訪，並取得關於進度與開發的最新資訊。如我們先前所提到，Timok 的下部礦帶規模將比目前上部礦帶的作業大一個數量級，並將與上部礦帶平行運作，而這一切都將納入我們的權利金範圍。

As well as hitting record revenue, from the upper zone where they completed the expansion in December last year, they are also going forwards, getting into that lower zone. A really important asset for us there. We had record revenue at Bonikro. As the market is aware, that is Allied Gold currently being acquired by Zijin and that has been, I believe, approved by shareholders and subject to getting that closed shortly. Leeville, where we were fortunate to get an update from the operator there on the plans going forwards. I think we remain really positive on the exploration upside in that royalty coverage area. It was also a record quarter in terms of absolute revenue for us from what they are currently mining.

除了創下營收新高之外，在他們於去年 12 月完成上部礦帶擴建後，也正持續推進、進入下部礦帶。那裡對我們而言是一項非常重要的資產。我們在 Bonikro 也創下了營收新高。如市場所知，Bonikro 的 Allied Gold 目前正被紫金收購；我相信該交易已獲股東批准，並預計將在近期完成交割。至於 Leeville，我們很幸運從當地營運方取得了關於未來計畫的最新說明。我認為我們對該權利金覆蓋區域的勘探上行空間仍然非常正面。就他們目前的開採而言，這一季對我們來說在絕對營收上同樣是創紀錄的一季。

On the next slide here, we do just pull out a few of the assets here that are, I think experiencing key catalysts from that wider portfolio. Laverton have said that they're updating their five-year plan, and they will have that out around the middle of the year in Q3. We expect that to show for the first time some of the focused Laverton ground where we have our royalty, 2% to 4% royalty, to have that coming into the mine plan as part of that. I think there is one deposit in particular, Beasley Creek, where we have 4% royalty coverage that they have highlighted as being a key resource, approximately double the grade of what they're existing mining, that they would like to get into that mine plan straight away.

在下一張投影片，我們確實挑出幾項資產；我認為它們在更廣泛的投資組合中正經歷關鍵催化劑。Laverton 表示他們正在更新五年計畫，並將在年中、也就是第三季左右發布。我們預期該計畫將首次把我們擁有 2% 至 4% 權利金的 Laverton 重點礦權地納入礦山計畫之中。我認為其中有一個礦床特別值得注意：Beasley Creek，我們在該處擁有 4% 的權利金覆蓋；他們已將其列為關鍵資源，其品位約為目前既有開採品位的兩倍，並希望能立即納入礦山計畫。

I think that will be an important update from Genesis there. At Cactus, we saw Arizona Sonoran being acquired by Hudbay. They had the shareholder vote 99% approval recently. Again, like Allied Gold to Zijin, we see the operator here moving to a bigger, larger mining company, which I think will have positive read-through for the project development going forwards. We had AbraSilver's Diablillos actually putting out a resource update this week, and they have guided to a feasibility study expected this year and a construction decision alongside that. That is I think it's great to see the resource growth that we saw just in the last week, and it talks a bit to the quality of some of these underlying assets that are out there.

我認為這將是 Genesis 一項重要的更新。在 Cactus，我們看到 Arizona Sonoran 被 Hudbay 收購。他們最近的股東投票以 99% 的支持率通過。同樣地，就像 Allied Gold 被紫金收購一樣，我們看到這裡的營運方轉由更大型的礦業公司接手；我認為這將對未來的專案開發帶來正面帶動效應。AbraSilver 的 Diablillos 本週實際發布了資源量更新，並指引今年預計完成可行性研究，並在此同時做出建設決策。我認為很高興看到僅在過去一週出現的資源成長，這也在某種程度上反映了這些底層資產的品質。

Diablillos, a bit like the Panuco royalty that we're acquiring today, is one of the assets in the portfolio that gives us some silver exposure. At Mactung, this is a royalty we only acquired in the last couple of years, but they are updating the historical feasibility study, still continuing to expect that to come out in 2027. I think we've seen a surge in tungsten market interest, both in the commodity pricing and look, this is the world's largest, highest grade deposit. On a standalone basis, we expect it to be a material contributor to the West's tungsten demand in the coming decades. That will actually be a really material royalty for us going forwards, and we look forward to seeing Fireweed updates coming out later this year on it.

Diablillos 有點像我們今天正在收購的 Panuco 權利金一樣，是投資組合中能讓我們取得部分白銀曝險的資產之一。在 Mactung，這是一項我們僅在過去幾年收購的權利金，但他們正在更新歷史可行性研究，並仍預期於 2027 年發布。我認為我們已看到鎢市場的關注度大幅上升，無論是在商品價格或市場興趣方面；而且，這是全球最大、品位最高的礦床。就單一專案而言，我們預期它在未來數十年將成為西方鎢需求的重要供應來源。這將在未來成為我們一項非常具實質性的權利金來源；我們也期待今年稍晚看到 Fireweed 對此專案的更新。

On Dugbe, an asset that I think historically has really been underlooked. We have a 2% to 2.5% NSR on this. The previous feasibility was targeting 200,000 ounces plus a year of production. They are updating that feasibility study now. The majority shareholder acquired the company, consolidated their ownership. That was done this quarter, in Q2. They are now wholly owned by Mansa, which is a private operator in West Africa, and they already operate the Kouroussa mine. It's about 100,000 ounces a year. They are looking to now develop Dugbe and talking about a construction decision in H2 of this year. Look, it's now a private company, so there's limited visibility.

至於 Dugbe，我認為這是一項歷來被低估的資產。我們在此擁有 2% 至 2.5% 的 NSR（淨冶煉回收）權利金。先前的可行性研究目標為年產 20 萬盎司以上。他們目前正在更新該可行性研究。大股東收購了公司並整合其持股。這是在本季、也就是第二季完成的。他們現在由 Mansa 全資持有；Mansa 是西非的私人營運商，且已在營運 Kouroussa 礦山。該礦年產約 10 萬盎司。他們目前正尋求開發 Dugbe，並提到今年下半年（H2）將做出建設決策。不過，現在它是一家私人公司，因此能見度有限。

For us, this is an asset that if they get through to that final investment decision, and construction and fully financed, we are talking about a 2% to 2.5% uncapped royalty on 200,000 ounces a year plus of production on the last feasibility study. A potential to be a really material contributor to the portfolio going forwards. Lastly, Vizsla, where they're working on the debt financing, and they have first production targeted for 2027. Just taking those six projects alone in the portfolio, I think it contributes to our organic growth profile that we see if you go to the next slide here, and we highlighted a bit here.

對我們而言，若他們能推進到最終投資決策，並完成建設且取得全額融資，依據上一版可行性研究，我們談的是對年產 20 萬盎司以上適用的 2% 至 2.5% 無上限權利金。這在未來有潛力成為投資組合中非常具實質性的貢獻來源。最後是 Vizsla，他們正在進行債務融資，並將首次投產目標定在 2027 年。僅就投資組合中的這六個專案而言，我認為它們支撐了我們的內生成長輪廓；如果你看下一張投影片，我們在那裡也做了一些重點說明。

If we're looking in the years ahead, we're seeing order of magnitude, I think 50% organic growth to 2029 just from our existing portfolio before the addition of Panuco and Vizsla. And with that coming in, we are seeing the growth going up 75% in terms of organic growth from where we are today. That is one of the strongest, if not the strongest absolute growth profile in the industry in the royalty space in the coming years. The great position that we're in today is that even after closing this acquisition, we will be in a net cash position. We will have an undrawn credit facility. We have a very supportive shareholder base that would like to see us continue to grow the company.

展望未來幾年，我們看到在 2029 年之前，僅憑現有投資組合（在納入 Panuco 與 Vizsla 之前）就有一個數量級的成長，我認為約為 50% 的內生成長。而在把它們納入之後，我們看到內生成長將從目前水準提升至 75%。這將是未來幾年權利金產業中最強之一，甚至可能是最強的絕對成長輪廓。我們目前所處的優勢在於，即使完成這筆收購交割後，我們仍將維持淨現金部位。我們也將擁有未動用的信用額度。我們有非常支持我們的股東基礎，他們希望看到我們持續推動公司成長。

With that, I'll, I think hand over to the next slide and let David take it from here.

那麼，我想把時間交給下一張投影片，接下來由 David 從這裡開始。

Thank you very much. I'd like to point out that in a conversation I had with Michael Pettingell, the CEO of Vizsla Silver, we were negotiating and talking about the merits of a potential merger. I started talking about this portfolio that we have. Michael interrupted me. He says, David, we're familiar with the portfolio. We know how great it is. You don't need to convince me. That was music to my ears. It's always good to see recognition of the portfolio that we have from outside sources. It's producing the results that we're seeing in the numbers today and enabling us to be able to attract such strong merger candidates as Vizsla Silver.

非常感謝。我想指出，在我與 Vizsla Silver 執行長 Michael Pettingell 的一次對話中，我們正在協商並討論潛在合併的優點。我開始談到我們擁有的這個投資組合。Michael 打斷了我。他說，David，我們很熟悉這個投資組合。我們知道它有多棒。你不需要說服我。那對我來說簡直是天籟。能看到外部來源對我們投資組合的認可，總是件好事。它正在產出我們今天在數字上看到的成果，並使我們能夠吸引像 Vizsla Silver 這樣強勁的合併候選方。

That's going to enable us to do exactly what Frederick Bell just said, and that is further this portfolio even beyond what the numbers from the existing portfolio suggest. Just continuing to march forward with our management team. I would like to point out specifically that a real catalyst for our advancement has been the investment from Tether. As a significant shareholder and highly supportive shareholder, and specifically Juan Sartori as a passionate Chairman of the Board who believes in this business model even more than we do. It's just a delight to work with Juan Sartori and to have the support of one of the most profitable private companies in the world, Tether.

這將使我們能夠做到 Frederick Bell 剛才所說的，也就是在現有投資組合數字所顯示的基礎上，進一步推進這個投資組合。我們的管理團隊將持續穩步向前。我想特別指出，我們進展的一個真正催化劑是來自 Tether 的投資。作為重要且高度支持的股東，尤其是董事會主席 Juan Sartori，他對這個商業模式的信念甚至比我們更強烈。能與 Juan Sartori 共事令人愉快，也很高興能獲得全球最賺錢的私人公司之一 Tether 的支持。

We'd be happy to take questions, Matt.

Matt，我們很樂意回答問題。

Brian MacArthur, Raymond James.

Raymond James 的 Brian MacArthur。

Good morning. Thank you for taking my questions. I'll keep them away from the transaction until the next call. Just on two assets, you mentioned Bonikro did very, very well. That, if I remember that royalty doesn't cover everything and it moves around a fair bit. Was the outperformance gold price only, or were you just on a better part of royalty land, and how does that look for the rest of this year?

早安。謝謝你們回答我的問題。我會先不談這筆交易，留到下一次電話會議。就兩項資產而言，你們提到 Bonikro 表現非常、非常好。如果我沒記錯，那項權利金並非涵蓋所有內容，而且波動相當大。這次超預期是僅因金價，還是因為你們剛好在權利金土地中較好的區塊？今年剩下的時間看起來如何？

Fred, do you wanna take that call? That question from Brian. Good morning, Brian.

Fred，你要回答這通嗎？Brian 的這個問題。早安，Brian。

Morning.

早安。

Appreciate.

感謝。

Morning.

早安。

Appreciate the question. Look, I think it is partly related to the timing of some of the sales that fluctuate from quarter to quarter. In terms of the ore that went through, I think that was relatively consistent. I think it was partly just sales falling into the quarter, more than displacement ore coming in and out of the royalty area.

謝謝你的提問。我認為部分原因與一些銷售時點有關，這些會在各季度之間波動。就處理的礦石而言，我認為相對一致。我認為更多是銷售落在本季度，而不是因為礦石在權利金區域內外移轉所致。

Got it. Do you expect it to kind of remain the same the rest of this year?

了解。你預期今年剩下時間會大致維持相同嗎？

Look, I think we're in terms of where it is, I think we're sticking with the sort of guidance we had for the year. I think that was a strong quarter for us versus where we expect it to be. It has fluctuated sometimes quarter to quarter in terms of the timing of sales and where it is. Yeah, ahead of where we had it for the year, certainly on a quarterly basis.

我想就目前的狀況而言，我們仍維持先前對全年給出的指引。相較於我們預期的水準，這一季對我們來說是強勁的一季。它有時會因銷售時點而在季度間波動。是的，就單季來看，確實高於我們對全年的預期進度。

Great. Thanks. My other one is Korali-Sud, where you got zero, and I know it's supposed to be down. How should I think about that for the rest of the year? Are there any of those payments still left that you could get any time soon?

很好。謝謝。另一個是 Korali-Sud，你們這次是零，我知道它應該是下滑的。我該如何看待今年剩下時間的情況？是否還有任何款項可能在近期任何時間收到？

Yeah, that's a good question. Look, I think in terms of the mine planning, I think obviously there is a, with the residual coming in, there's probably gonna be a sort of refreshed mine plan alongside that deal closing. We do expect some further payments from that relating to both already mined royalty revenue and some of the milestone payments. That is something that we are working on in parallel. In terms of the mine plan, look, we don't have something that is up to date from the new operator yet. We do have certain rights under the royalty agreement.

是的，這是個好問題。就礦山規劃而言，顯然隨著剩餘部分納入，該交易完成交割時可能會同步更新一份礦山計畫。我們確實預期會收到一些進一步款項，包含與已開採的權利金收入相關的款項，以及部分里程碑款項。這也是我們同步在推進的工作。就礦山計畫而言，我們目前還沒有從新營運方取得最新的計畫。我們在權利金協議下確實擁有某些權利。

I think that given the acquisition of Allied, and the new ownership coming in, we're waiting to get an updated plan there. We do expect some residual payments either from the royalty revenue or from the milestones this year.

我認為鑑於 Allied 的收購以及新股東進入，我們正在等待那邊提供更新後的計畫。我們確實預期今年會收到一些剩餘款項，可能來自權利金收入或里程碑款項。

Great. Thanks very much. I question. Thank you.

很好。非常感謝。我提問完畢。謝謝。

There are no further questions from the phone line. I will turn it back to you.

電話線上沒有其他問題。我把時間交還給你。

With that, there are no questions on the webcast either. David Cole, would you like to close this out?

那麼，網路直播也沒有問題。David Cole，你要做結語嗎？

Well, I just invite everybody to join us on the call where we'll discuss this next M&A deal with Vizsla Silver. We're very pleased. We think it fits into the portfolio exceptionally well. We're always driven by the potential for discovery optionality because that's what drives royalty valuation long term. We think this asset is an exceptional example. Thank you for joining us.

好的，我邀請大家加入我們接下來的電話會議，我們將討論與 Vizsla Silver 的下一筆併購交易。我們非常高興。我們認為它與投資組合的契合度非常高。我們一向以發現選擇權的潛力為驅動，因為那是長期推動權利金估值的關鍵。我們認為這項資產是極佳的例子。感謝各位參與。

Thanks a lot.

非常感謝。

Thank you. This concludes today's meeting. You may disconnect at this time.

謝謝。今天的會議到此結束。您現在可以斷線。