Equinox Gold Corp (EQX) 2025 Q4 法說會逐字稿

Thank you for standing by. This is the conference operator, and welcome to the Equinox Gold fourth-quarter and full year 2025 results and corporate update. (Operator Instructions) And the conference call is being recorded. (Operator Instructions)

感謝您的耐心等待。這裡是會議營運商，歡迎參加 Equinox Gold 2025 年第四季及全年業績和公司最新動態發表會。（操作員指示）本次電話會議正在錄音。（操作說明）

I would now like to turn the conference over to Mr. Ryan King, EVP of Capital Markets for Equinox Gold.

現在我將把會議交給Equinox Gold資本市場執行副總裁Ryan King先生。

Please go ahead.

請繼續。

Well, thank you, operator. Well, good morning, everyone, and thank you for taking the time to join the call this morning. Before we commence, I'd like to direct everyone to our forward-looking statements on slide 2. Our remarks and answers to your questions today may contain forward-looking information about the company's future performance. Although management believes our forward-looking statements are based on fair and reasonable assumptions, actual results may turn out to be different from these forward-looking statements.

好的，謝謝接線生。大家早安，感謝各位抽出時間參加今天早上的電話會議。在正式開始之前，我想請大家注意投影片 2 上的前瞻性聲明。我們今天對您問題的回答和發言可能包含有關公司未來業績的前瞻性資訊。儘管管理階層認為我們的前瞻性陳述是基於公平合理的假設，但實際結果可能與這些前瞻性陳述有所不同。

For a complete discussion of the risks, uncertainties and factors that may lead actual operating and financial results being different from the estimates contained in our forward-looking statements, please refer to the risks identified in the section titled Risks related to the business in Equinox Gold's most recently filed annual information form, which is available on SEDAR+, on EDGAR and on our website.

有關可能導致實際經營和財務業績與前瞻性聲明中所含估計值不同的風險、不確定性和因素的完整討論，請參閱 Equinox Gold 最新提交的年度資訊表中標題為「與業務相關的風險」部分中確定的風險，該資訊表可在 SEDAR+、EDGAR 和我們的網站上查閱。

Due to the Calibre merger, asset sales and classifying Brazil as discontinuing operations, the audit is taking a bit longer. We do not expect any changes compared to the unaudited results we have released, and we will issue a news release once the final audited results are filed in the coming days.

由於 Calibre 合併、資產出售以及將巴西列為終止經營業務，審計工作需要更長時間。我們預計與已公佈的未經審計的結果相比不會有任何變化，一旦最終的審計結果在未來幾天內提交，我們將發布新聞稿。

Finally, I should mention that all figures in today's presentation are in US dollars unless otherwise stated. And with me on the call today are Darren Hall, Chief Executive Officer; Peter Hardie, Chief Financial Officer; and David Schummer, Chief Operating Officer.

最後，我需要說明的是，除非另有說明，今天簡報中的所有數字均以美元為單位。今天和我一起參加電話會議的還有執行長達倫·霍爾、財務長彼得·哈迪和營運長大衛·舒默。

Today, we will be discussing our fourth quarter and full year 2025 production and cost results, provide an update on ramp-up progress at our Greenstone and Valentine Gold Mines. Darren will also discuss the improvements of our balance sheet that allowed us to announce capital return initiatives, and then we will take questions. The slide deck we're referencing is available for download on our website at equinoxgold.com.

今天，我們將討論我們 2025 年第四季和全年的生產和成本業績，並介紹我們 Greenstone 金礦和 Valentine 金礦的產能提升進展。Darren 也將討論我們資產負債表的改善情況，正是這些改善使我們能夠宣布資本回報計劃，之後我們將回答問題。我們提到的幻燈片可在我們的網站 equinoxgold.com 上下載。

And with that, I'll turn the call over to Darren.

接下來，我將把電話交給達倫。

Turning to slide 3. And thanks, Ryan. Good morning, and thank you for joining the call today. Firstly, I would like to thank the entire Equinox Gold team, including all of our business partners across the Americas for their commitment to safety, operational excellence, and disciplined execution. There is no better demonstration of their commitment than delivering a year with no material environmental events and a 30% reduction in our all injury frequency rate. Well done, and thank you to the entire team.

翻到第三張幻燈片。謝謝你，瑞恩。早安，感謝各位參加今天的電話會議。首先，我要感謝整個 Equinox Gold 團隊，包括我們在美洲的所有業務合作夥伴，感謝他們對安全、卓越營運和嚴謹執行的承諾。沒有什麼比實現一年內沒有發生重大環境事件，並且所有傷害發生率降低了 30% 更能體現他們的承諾了。幹得好，感謝整個團隊。

2025 was a transformational year for Equinox Gold, one that not only reset the foundation of the business, but marked the beginning of a new chapter. The team delivered record gold production, streamline the portfolio and dramatically strengthened the balance sheet positioning the company to deliver meaningful value as we look to the future.

2025 年是 Equinox Gold 具有變革意義的一年，這一年不僅重塑了公司的基礎，也標誌著新篇章的開始。該團隊實現了創紀錄的黃金產量，精簡了投資組合，並大幅增強了資產負債表，使公司能夠在展望未來時創造有意義的價值。

The entire organization is aligned on creating shareholder value by consistently delivering on their commitments, which are focused on demonstrating operational excellence, maintaining strict cost discipline and advancing higher-return organic growth. We have made material progress on all fronts, including delivering 922,000 ounces in 2025 with cash and all-in -- within cash and all-in cost items. This strong finish to the year reflects continued progress at Greenstone and Valentine, alongside reliable performance from the balance of the portfolio.

整個組織的目標一致，即透過持續履行承諾來創造股東價值，這些承諾包括展現卓越的營運能力、維持嚴格的成本控制以及推動更高回報的內生成長。我們在各個方面都取得了實質進展，包括在 2025 年以現金和全部成本交付 922,000 盎司黃金——在現金和全部成本項目範圍內。今年強勁的收官表現反映了 Greenstone 和 Valentine 的持續進步，以及投資組合中其他部分可靠的表現。

Greenstone ramped steadily throughout the year, with Q4 gold production 60% higher than Q1. Valentine commissioning progressed exceeded expectations with first gold achieved in September and commercial production declared in November. The result of the team's focus and commitment to deliver is also measured in the significant transformation of our balance sheet.

Greenstone全年穩定成長，第四季黃金產量比第一季成長了60%。Valentine專案的調試進展超出預期，9 月實現了首次黃金產出，11 月宣布投產。團隊的專注與投入所帶來的成果，也反映在我們資產負債表的顯著改善。

In June 2025, our net debt was approximately $1.4 billion. And at the end of January, we had reduced it to $75 million, all while completing construction and commissioning of Valentine. With a stronger balance sheet and consistent robust cash flow, we are well positioned to take the next step in returning capital to our shareholders.

截至2025年6月，我們的淨債務約為14億美元。到一月底，我們已將預算減少到 7500 萬美元，同時完成了 Valentine 的建造和調試。憑藉更強勁的資產負債表和持續穩健的現金流，我們已做好充分準備，邁出向股東返還資本的下一步。

Given the strong position, I am pleased to announce the company's inaugural quarterly cash dividend of $0.015 per share. Additionally, we are filing our notice of intent to initiate a share buyback of up to 5% of the issued and outstanding shares. Together, these actions mark the start of a disciplined capital return strategy and reinforce our commitment to delivering long-term per share value.

鑑於公司目前的強勁勢頭，我很高興地宣佈公司首次派發季度現金股息，每股0.015美元。此外，我們正在提交意向通知，計劃回購至多 5% 的已發行流通股。這些措施共同標誌著我們開始實施有紀律的資本回報策略，並鞏固了我們實現長期每股價值的承諾。

Turning to slide 4. Touching briefly on the financial results, and Pete can provide additional color as required. Equinox had a strong finish to the year with 247,000 ounces produced in Q4. We sold over 242,000 ounces at a realized price of $4,060 per ounce, generating $579 million in adjusted EBITDA and $272 million in adjusted net income or $0.35 per share.

翻到第4張投影片。簡單提及財務業績，如有需要，Pete 可以提供更多細節。Equinox 以第四季 247,000 盎司的產量為這一年畫上了圓滿的句號。我們以每盎司 4,060 美元的實際價格售出了超過 242,000 盎司，產生了 5.79 億美元的調整後 EBITDA 和 2.72 億美元的調整後淨收入，即每股 0.35 美元。

Importantly, we exited 2025 with over $400 million in cash and minimal net debt, giving us financial flexibility heading into 2026.

重要的是，到 2025 年底，我們擁有超過 4 億美元的現金和極少的淨債務，這使我們在進入 2026 年時擁有了財務靈活性。

Looking forward, we are encouraged by the strength of the gold price. However, the organization's focus is clear: cost control, disciplined capital allocation, and delivering consistent performance across the portfolio. As our cornerstone assets ramp up to nameplate, we see a clear path to expanding margins and strengthening free cash flow generation.

展望未來，我們對黃金價格的強勁趨勢感到鼓舞。然而，該組織的重點很明確：成本控制、嚴格的資本配置以及在整個投資組合中實現持續穩定的績效。隨著我們的核心資產逐步投入運營，我們看到了擴大利潤率和增強自由現金流的明確途徑。

Turning to slide 5. Greenstone finished with a strong fourth quarter, producing over 72,000 ounces, a 29% increase over Q3. We saw meaningful improvements in mining rates, mill throughputs and grade, with the plant achieving nameplate capacity for 30 consecutive days during December.

翻到第5張投影片。Greenstone第四季業績強勁，產量超過72,000盎司，較第三季成長29%。我們看到採礦速度、選礦廠處理量和品位都有了顯著提高，該廠在 12 月連續 30 天達到額定產能。

For 2026, we anticipate production of 250,000 to 300,000 ounces at all-in sustaining costs of between $1,750 and $1,850 per ounce. To support continued performance gains, we are making targeted investments in the operations including the purchase of a trommel and other mobile equipment designed to optimize mine and process plant performance.

預計 2026 年產量將達到 25 萬至 30 萬盎司，全部維持成本為每盎司 1,750 至 1,850 美元。為了支持持續的業績提升，我們正在對營運進行有針對性的投資，包括購買滾筒篩和其他移動設備，旨在優化礦山和加工廠的業績。

Our long-term objective remains clear at Greenstone, to establish life of mine production around 300,000 ounces annually. We've demonstrated that the mill can process 30,000 tonnes a day. With the team we now have in place, I'm confident that we'll continue to build on the demonstrating meaningful operational improvements.

綠石礦的長期目標仍然明確，即實現礦山生命週期內每年約 30 萬盎司的黃金產量。我們已經證明，該工廠每天可以處理 3 萬噸物料。憑藉我們現有的團隊，我相信我們將繼續在營運方面取得顯著的改進。

Consider the progress on the key metric of daily tonnes processed greater than nameplate over the last year. In H1 2025, we delivered 17% of the days greater than nameplate. In Q3, we increased to 28%, in Q4 to 36%. Looking at Q1 to date through yesterday, we're at 50%. So we're demonstrating continued and demonstrated steady ramp-up of the assets, which sets up well for the future.

考慮過去一年中，日加工噸數超過額定噸數此關鍵指標的進展。2025 年上半年，我們交付的天數比標稱值多出 17%。第三季度，我們成長到 28%，第四季成長到 36%。從第一季到昨天，我們已經完成了 50%。因此，我們正在展示資產的持續穩定成長，這為未來奠定了良好的基礎。

At Valentine, we poured over 23,000 ounces of gold in Q4, its first quarter, with the plant averaging 90% of nameplate capacity. We expect to achieve constant or consistent nameplate throughput during Q2 2026, as we anticipate Valentine to contribute 150,000 to 200,000 ounces of gold this year. We are working on the feasibility study for the Phase 2 expansion that would increase throughput to 4.5 to 5 million tonnes per year and result in production of greater than 200,000 ounces a year for more than the next decade.

在 Valentine 金礦，我們在第四季度（也是第一季）澆鑄了超過 23,000 盎司的黃金，該廠的平均產能利用率達到了額定產能的 90%。我們預計在 2026 年第二季實現穩定或持續的銘牌產量，因為我們預計 Valentine 今年將貢獻 15 萬至 20 萬盎司黃金。我們正在進行第二階段擴建的可行性研究，該擴建將使年吞吐量增加到 450 萬至 500 萬噸，並在未來十年以上實現每年 20 萬盎司以上的產量。

I anticipate completing the feasibility study over the next couple of months, which will then go to the Board for investment approval in Q2 with work anticipated to commence in the second half of the year.

我預計在未來幾個月內完成可行性研究，然後在第二季提交董事會批准投資，預計今年下半年開始施工。

Valentine continues to show strong exploration upside. Our 2025 drill results confirm consistent high-grade mineralization over broad widths at the Frank Zone, supporting the potential for a fourth open pit. In 2026, we have 25,000 meters of drilling planned to advance the Frank Zone.

Valentine公司持續展現出強勁的勘探潛力。我們 2025 年的鑽探結果證實，弗蘭克礦區在大範圍內存在持續的高品位礦化，這為第四個露天礦場的開發提供了可能。2026年，我們計劃鑽探25,000米，以推進弗蘭克礦區的勘探。

We also announced a new discovery, the Minotaur Zone located 8 kilometers north of the mill with a 20,000-meter drill program set to begin this spring, the zone remains open for expansion. Importantly, the Minotaur discovery confirms that significant gold mineralization exists well outside of the main Valentine Lake Shear Zone, opening the broader property and reinforcing the long-term growth potential of the Valentine District beyond the current mine plan.

我們還宣布了一項新發現，位於選礦廠以北 8 公里的米諾陶礦帶，一項 20,000 公尺的鑽探計劃將於今年春天開始，該礦帶仍有擴展的可能。重要的是，米諾陶的發現證實了瓦倫丁湖主剪切帶之外存在大量的金礦化，這不僅拓展了更廣闊的礦區，也強化了瓦倫丁礦區在當前礦山計劃之外的長期增長潛力。

Turning to slide 6. As we close, I want to underscore the momentum across the business. We have the key ingredients in place to deliver top quartile valuation, new high-quality, long-life assets in Tier 1 jurisdictions, and organic growth pipeline a team focused on delivering into expectations, which deliver strong free cash flow and return capital to shareholders.

翻到第6張投影片。最後，我想強調一下公司整體的發展動能。我們擁有實現前四分之一估值、在頂級司法管轄區擁有高品質、長壽命的新資產以及有機成長管道的關鍵要素，我們的團隊專注於實現預期目標，從而為股東帶來強勁的自由現金流和資本回報。

In 2026, our priorities are clear. Ramp up Greenstone and Valentine to nameplate capacity, allocate capital in a disciplined and balanced manner across the portfolio, sustaining investment and shareholder returns while maintaining a strong balance sheet. Our inaugural dividend and application for a share buyback are key steps in this strategy. Consistent with our focus on disciplined growth, we are investing in the long-term value creation. This year, we will advance Phase 2 at Valentine, refresh Castle Mountain studies and progress Los Filos both technically and socially.

2026年，我們的工作重點很明確。將 Greenstone 和 Valentine 的產能提升至標稱產能，以嚴謹平衡的方式在整個投資組合中分配資本，在維持強勁資產負債表的同時，維持投資和股東回報。我們首次發放股利和申請股份回購是此策略的關鍵步驟。秉持穩健成長的理念，我們正在投資長期價值創造。今年，我們將推進 Valentine 的第二階段工程，更新 Castle Mountain 的研究，並在技術和社會方面推進 Los Filos 的發展。

At Los Filos, I'm encouraged by the continued engagement with our host communities and support from the state and national governments as we remain focused on realizing the assets full potential and unlocking significant long-term value for all stakeholders.

在洛斯菲洛斯，我們與當地社區的持續互動以及州政府和國家政府的支持令我倍感鼓舞，我們將繼續專注於充分發揮資產的潛力，並為所有利益相關者釋放巨大的長期價值。

With a stronger portfolio, solid cash flow and clear execution priorities, we are entering into 2026 from a position of strength. Our focus remains on disciplined growth, operational delivery and creating long-term value responsibly and consistently for our shareholders and all stakeholders.

憑藉更強大的投資組合、穩健的現金流和明確的執行重點，我們以強勁的勢頭進入 2026 年。我們將繼續專注於穩健成長、高效運營，並以負責任和持續的方式為股東和所有利害關係人創造長期價值。

With that, we'll turn it over to the operator for any questions.

接下來，我們將把電話轉交給接線員，解答任何疑問。

(Operator Instructions) Francesco Costanzo, Scotiabank.

（操作說明）弗朗西斯科·科斯坦佐，加拿大豐業銀行。

I'll start with my first one here. It's great to see the announcement of an inaugural dividend alongside NCIB and with production and free cash flow growth on the horizon. Can you speak to the potential for this dividend to grow in the future and maybe your approach to fixed versus variable dividends? And then on the buyback program, can you explain your strategy for how you plan to deploy those funds?

我先從我的第一個開始。很高興看到公司宣布派發首筆股息，同時也推出了正常市場發行計畫 (NCIB)，而且生產和自由現金流成長也指日可待。您能否談談這項股息未來成長的潛力，以及您在固定股息和浮動股息方面採取的策略？那麼關於股票回購計劃，您能否解釋一下您計劃如何部署這些資金的策略？

Yes. Francesco, thanks for the comments. And I'll pass it across to Pete to talk about some capital allocation and specifically address the questions in around dividends and buybacks.

是的。Francesco，謝謝你的評論。我會把這個主題轉給皮特，讓他談談資本配置，特別是關於股利和股票回購的問題。

Yes. Thanks, Darren. Yes, we're really excited to be in a position to announce the inaugural dividend. It's been a long-term goal for the company, something we have talked about it over the past years. So we're really pleased to be able to do that now. And it underscores the confidence we have in our forward production profile and in our forward cash flow.

是的。謝謝你，達倫。是的，我們非常高興能夠宣布首次派發股息。這一直是公司的長期目標，也是我們過去幾年一直在討論的事情。所以我們現在能夠做到這一點，真的非常高興。這凸顯了我們對未來生產計畫和未來現金流的信心。

We started small with our inaugural dividend. We started with a fixed dividend. You can expect it to stay there for the coming future, probably the next 12, 24 months. As we firm up the development pipeline, the peer-leading development pipeline that we have, starting with our Valentine Phase 2 that Darren already mentioned and then looking forward to Castle Mountain heading into 2027.

我們最初發放的首筆股利規模較小。我們最初採用的是固定股利制。預計它將在未來一段時間內保持這種狀態，可能持續12到24個月。隨著我們不斷完善開發流程，我們擁有領先同行的開發流程，首先是 Darren 已經提到的 Valentine 二期項目，然後期待 2027 年的 Castle Mountain 項目。

So with that development in front of us, you can expect we'll stay on a fixed dividend, and we will be looking to increase that over time. And that will be a bit of a stay-tuned story with respect to those plans. But again, we're just really excited to have been able to announce the inaugural dividend.

因此，鑑於目前的發展形勢，您可以預期我們將維持固定股息，並且我們會尋求隨著時間的推移提高股息。至於這些計劃，我們還需要繼續關注。不過，我們再次強調，我們非常高興能夠宣布首次分紅。

With respect to the share buyback, we still feel there's a lot of opportunity in our stock price, and at these levels, again, being conservative in our approach. We want to be in a position to when we felt like we -- the shares were not trading as we think they should to be able to buy some of those back and also return capital to shareholders in that manner.

關於股票回購，我們仍然認為我們的股價還有很多機會，而且在目前的價位上，我們仍然會採取保守的做法。我們希望在我們認為股票交易沒有達到預期水準時，能夠回購部分股票，並以此方式將資本回饋給股東。

And you can expect us to continue to do that. But again, with the peer-leading pipe development pipeline we have in the dollars, we're going to devote to that over the coming years for it to remain somewhat conservative.

您可以期待我們繼續這樣做。但是，鑑於我們擁有業內領先的管道開發資金，我們將在未來幾年專注於此，以保持相對保守的局面。

Yes. Thanks, Pete. And just kind of layer there Francesco is that we will take a somewhat conservative view. But as we work through 2026, and we have a fulsome understanding about our capital requirements in '27 in lighter Valentine Phase 2, importantly, Castle Mountain with a record decision anticipated at the end of the year, and the positivity we see in and around the dialogue in Mexico, we will have some demands in 2027.

是的。謝謝你，皮特。弗朗西斯科，我在這裡想補充一點，那就是我們將採取一種較為保守的觀點。但隨著我們推進 2026 年的工作，並且我們對 2027 年在較輕的 Valentine Phase 2 項目中的資金需求有了充分的了解，更重要的是，Castle Mountain 項目預計將在年底做出創紀錄的決定，以及我們在墨西哥的對話中看到的積極態勢，我們將在 2027 年有一些需求。

We feel very comfortable in being able to fund those organically, but we want to make sure we don't put ourselves in a position where we overcommit to a return on capital through dividends and find ourselves compromised to fund the organic growth, which we don't anticipate, but I think that we've got an outstandingly positive look forward on our organic growth. So thanks for the question.

我們完全有能力透過自身努力為這些成長提供資金，但我們希望確保不會因為過度追求股息回報而導致自身資金不足，進而影響到我們預期不會出現的自身成長。但我認為，我們對自身成長的前景非常樂觀。謝謝你的提問。

Yes, great. Maybe just one more, switching gears here. The sale of the Brazilian assets definitely simplified the portfolio and accelerated deleveraging with the transaction closing in late January and the $900 million check already cleared. Although post close, there was a bit of news out of a certain Brazilian regulator. So I'm just wondering, Darren, if you can just explain the situation from your side of the table and tell us if there's anything to be concerned about here?

是的，太好了。或許就再來一個，換個話題吧。出售巴西資產無疑簡化了投資組合，加快了去槓桿化進程，交易於 1 月下旬完成，9 億美元的支票已經兌現。雖然是在收盤之後，但來自某個巴西監管機構的消息還是傳了出來。所以，達倫，我想問你，你能不能從你的角度解釋一下情況，告訴我們這裡有什麼需要擔心的地方？

Yes. No. Thanks, Francesco. No, it's an interesting situation there. I mean we're confident the sale of the Brazilian operations fully comply with all laws and contractual obligations. And I'll provide a little context and bear with me as I do. And in Brazil, mineral resources are constitutionally owned by the federal government, and mining titles are granted and administrated by the National Mining Agency.

是的。不。謝謝你，弗朗西斯科。不，那裡的情況很有意思。我的意思是，我們有信心巴西業務的出售完全符合所有法律和合約義務。我會先提供一些背景信息，請大家耐心聽我解釋。在巴西，礦產資源的所有權歸聯邦政府所有，採礦權由國家礦業局授予和管理。

Mining titles such as those for Aurizona, Bahia, and RDM are administered through the federal framework. At group Bahia, CBPM has made claim that there was required regarding the sale of the Santa Luz operation. However, the transaction took effect through the sale of the outstanding shares of two non-Brazilian wholly-owned subsidiaries that then indirectly own all of the Brazilian operations.

Aurizona、Bahia 和 RDM 等地的採礦權均透過聯邦框架進行管理。巴伊亞集團 (CBPM) 聲稱，出售聖盧茲業務需要進行一些必要的手續。然而，該交易是透過出售兩家非巴西全資子公司的流通股來實現的，這兩家子公司隨後間接擁有巴西的所有業務。

So we're kind of arm’s length away from that claim. But again, we, as Equinox and the pads on the other side of the transaction are confident that the sale of the Brazilian operations fully complied with the Brazilian law and all contractual obligations were met, and we remain committed to constructive dialogue with any party who wants to raise an issue.

所以，我們離那種說法還有一段距離。但是，作為 Equinox 和交易另一方的合作夥伴，我們再次確信，巴西業務的出售完全符合巴西法律，所有合約義務都已履行，我們將繼續致力於與任何想要提出問題的各方進行建設性對話。

And as you mentioned, as a sale closed on January 23, we deployed proceeds towards debt reduction, strengthening the balance sheet. And along with cash flow from operations, resulted in ending cash with net debt of around $75 million, which has positioned the company to commence the capital return programs, which we just discussed.

正如您所提到的，由於 1 月 23 日完成的出售，我們將所得款項用於減少債務，從而加強了資產負債表。加上經營活動產生的現金流，公司最終現金餘額為淨債務約 7,500 萬美元，這使得公司能夠啟動我們剛才討論過的資本回報計劃。

Jeremy Hoy, Canaccord Genuity.

Jeremy Hoy，Canaccord Genuity。

I'd just like to revisit something that was asked about a month ago when some of the team was through Toronto. And that's with -- if there was to be a positive development at low CLOs, it seems like the timing of that could go inside with Castle Mountain. Could you give us an update and a refresh on your thinking about how you would approach the development of both of those opportunities if it were both available at the same time?

我想重新討論一下一個月前我們球隊部分隊員在多倫多時被問到的一個問題。而且——如果低 CLO 出現積極進展，那麼時機似乎可能會與 Castle Mountain 的進展相吻合。能否請您簡單介紹一下，如果這兩個機會同時出現，您會如何著手開發這兩個專案？

Yes. Jeremy, I mean to be great to be in that Sophie's Choice first world sort of situation. But we are encouraged by the dialogue we're having in Mexico. We've got still a lot of work to do to establish robust 20 year land access agreement, which sets us up for most reliable production over the long term. But fuels is a significant asset. If we think about 16 million ounces in ore resource category. The opportunity that sits there is significant.

是的。傑瑞米，我的意思是，能身處那種「蘇菲的選擇」式的第一世界境地，真是太好了。但我們對目前在墨西哥進行的對話感到鼓舞。我們仍有許多工作要做，才能建立起穩固的 20 年土地使用權協議，這將為我們長期可靠的生產奠定基礎。但燃料是一項重要的資產。如果我們考慮礦石資源類別中的1600萬盎司。那裡蘊藏著巨大的機會。

So our focus this year is really about understanding scope and scale and the early works that were done there in -- back in '21, 2022 with the feasibility study, we're all conceived at a $1,350 gold price in terms of the designs and around the open pits and the underground, not suggesting we would plan around $4,500 metal price. But if we consider something at $2,000 to $3,000 an ounce, the scope and scale of that asset changes materially. And so we'll work diligently through that this year. which will allow us to be in a much more intelligent position at the end of the year to make a decision if we're presented with the opportunities to develop.

因此，我們今年的重點是了解範圍和規模，以及在 2021 年和 2022 年進行的早期工作——包括可行性研究，我們所有的設計都是基於每盎司 1350 美元的金價，圍繞露天礦坑和地下礦坑進行的，這並不意味著我們會計劃在每盎司 4500 美元的金價下進行。但如果我們考慮每盎司 2000 至 3000 美元的黃金，那麼該資產的範圍和規模就會發生實質性的變化。因此，今年我們將努力完成這項工作。這將使我們在年底時能夠更明智地做出決定，以便在出現發展機會時能夠果斷應對。

But we are comfortable in. We see great opportunity in and to my earlier comments in and around the rate at which we increase dividends and buybacks will be somewhat foreshadowed by the rate at which we see these organic growth opportunities presented. But to make a decision between those two properties, we're a long way from that right now. We're confident in what we're seeing at Los Filos Filos.

但我們感覺很舒適。我們看到了巨大的機遇，正如我之前所說，我們提高股息和股票回購的速度將在一定程度上由我們看到這些內生成長機會的速度所預示。但要在這兩項房產之間做出選擇，我們目前還遠遠沒有達到那個階段。我們對在洛斯菲洛斯菲洛斯所看到的一切充滿信心。

But we do have a guaranteed record of decision at Castle Mountain here in December of this year. So that is a known entity. We are working on that feasibility be able to firm up those estimates. So we're well positioned to be able to make a commitment decision in there in H1 in 2027. So let's see how the year progresses. But yes, spoiled for choices is kind of the way I would characterize it and fund it as well for whatever choices we make, which will be great.

但我們有保證，今年 12 月在城堡山將做出裁決。所以這是一個已知實體。我們正在進行可行性研究，以便能夠確定這些估算結果。因此，我們有能力在 2027 年上半年做出相關承諾決定。讓我們看看今年會如何發展。但沒錯，選擇太多正是我會用來形容這種情況的，而且無論我們做出什麼選擇，我都會為此提供資金，這將會很棒。

Yes. We'll watch for developments at Los Filos and Castle eagerly. You did mention that we're going to see a refreshed study for Castle Mountain. Also, we would see the same for Los Filos if positive developments come there. Are you planning to release anything on Greenstone as we've spoken often about expectations for that operation be somewhat different from what was presented in the last feasibility study. Just wondering what we might see in terms of an updated like mine plan, will it come in the form of a study, what the timing might be, et cetera?

是的。我們將密切關注洛斯菲洛斯和卡斯爾的最新進展。您確實提到我們將看到一份關於城堡山的最新研究報告。如果洛斯菲洛斯出現積極進展，我們也會看到同樣的情況。您是否計劃發布有關 Greenstone 的任何消息？我們曾多次討論過，該專案的預期與上次可行性研究中提出的情況有所不同。我想知道我們可能會看到類似礦山規劃的更新版本，它會以研究報告的形式發布嗎？發佈時間會是什麼時候？等等。

Yes. Absolutely, Jeremy. To remove any ambiguity, we will provide updated technical reports for both Greenstone and Valentine right around the end of this quarter associated with our annual filings. So we get everything current nice enticed tied with the AIF and the AIF will also include a refresh and clarity on our reserves and resources as at December 31 as well. So that's the time for those properties for Castle.

是的。當然，傑里米。為消除任何歧義，我們將在本季結束時與年度申報同時發布 Greenstone 和 Valentine 的最新技術報告。因此，我們將所有當前有利的因素與 AIF 聯繫起來，AIF 還將包括截至 12 月 31 日我們儲備和資源的更新和明確。所以，現在正是購買Castle房產的時候了。

We're continuing to work in the background on the feasibility study and no surprises from what we've articulated over the last six months. We're just going through crossing tea starting eyes firming things up so that we have a high level of confidence in and around the scope of work so we can go out there and have constructive discussions with EPCM contractors and the like in the back half of this year.

我們正在幕後繼續進行可行性研究，結果與我們過去六個月所闡述的內容並無出入。我們現在只是在進行初步溝通，確定各項細節，以便我們對工作範圍有高度的信心，這樣我們就可以在今年下半年與 EPCM 承包商等進行建設性的討論。

Filos is a little earlier in the process. We're in the process of kind of doing an order of magnitude study to understand scope and scale associated with that property, and I anticipate that, that will probably lead into a, I'll call it, a pre-fees, if you will, early in Q2 as we have a bit of an appreciation for scope and scale.

菲洛斯在這個過程中稍微早一點。我們正在進行一項數量級研究，以了解該物業的範圍和規模，我預計，隨著我們對範圍和規模有了一些了解，這可能會在第二季度初帶來一個，我稱之為預付費用。

Hopefully, we're in a situation where we've debottleneck some of the land access agreements, which allow us then to actively explore across all portions of the deposit and then allow us to appropriately scope and scale. So a little bit of what might sound like confusion there in Los Filos, but it's actually very positive.

希望我們已經解決了一些土地使用權協議的瓶頸問題，這樣我們就可以積極勘探礦藏的各個部分，並進行適當的勘探範圍和規模確定。所以，洛斯菲洛斯的情況聽起來可能有點混亂，但實際上是非常積極的。

And again, we see -- again, I think the stat is probably somewhere in the fourth or fifth largest not operating gold assets in the Americas right now. So the talk there is significant. The opportunity is real, and we're definitely seeing a change in narrative out of Mexico, which is great.

而且，我們再次看到——我認為，這個統計數據可能在美洲目前非營運黃金資產規模排名第四或第五。所以那裡的談話意義重大。機會是真實存在的，我們確實看到墨西哥方面的說法正在發生變化，這很好。

Anita Soni, CIBC World Markets.

Anita Soni，CIBC World Markets。

Just a few on Greenstone. So I was just wondering the recovery rate declined a little bit from third quarter to fourth quarter. Can you give us some color on why that was?

格林斯通街上只有幾個。所以我想知道，從第三季度到第四季度，康復率是否略有下降。你能詳細解釋一下這是為什麼嗎？

Yes. Anita, thank you absolutely did. I think we've discussed previously that there is an association with arsenic and grade. We did see a much higher grades in the fourth quarter and a consequence saw lower recoveries associated with the arsenic lockup. So not an issue per se. It's kind of all anticipated and expected as part of the metallurgy of the deposit, so.

是的。安妮塔，非常感謝，我確實做到了。我認為我們之前討論過砷與等級之間的關聯。第四季礦石品位明顯提高，但隨之而來的是與砷礦封存相關的回收率下降。所以這本身並不是個問題。這一切都是礦床冶金過程的一部分，是可以預見和預料的。

And then just a similar question, just on the unit costs. The G&A was a little bit higher this quarter. Was there anything specific that was happening this quarter that would be alleviated in the go forward?

然後還有一個類似的問題，是關於單位成本的。本季一般及行政費用略有上升。本季是否發生了某些具體情況，需要在未來得到緩解？

Yes, there is. I'll pass it to Pete.

是的，有。我把它交給皮特。

Yes. Anita, sorry, I don't have the G&A details at hand. Can I reach out to you or one of your associates after the call? I'll pull that together. Yes.

是的。Anita，抱歉，我手邊沒有一般管理費用明細。通話結束後我可以聯絡您或您的同事嗎？我會把這些整理好。是的。

And then I had one more on just a question that I noticed for both Valentine and Greenstone. I wanted you to explain to me how are you -- how you guys are calculating the recovery rates as they come out because when I put the tonnes the grade and the output of production, I'm getting to recovery rates that are a little bit different. I've said differently, I would have got about 75,000 ounces of gold by the three numbers there, and you reported 72 and Valentine is a similar issue. So I'm just wondering, like are you calculating it as it exits the mill? Or is there a certain different point at what you're saying, this is production?

然後我還有一個問題，這個問題我注意到在 Valentine 和 Greenstone 這兩個角色中都有出現。我想請你們解釋一下，你們是如何計算回收率的，因為當我輸入噸數、品位和產量時，我得到的回收率與你們計算出的回收率略有不同。我之前說過，根據那三個數字，我應該可以算出大約 75,000 盎司黃金，而你報道的 72，Valentine 也是類似的問題。所以我想知道，你是在它離開磨機時進行計算的嗎？或者，你所說的「生產」是否另有不同意義？

No. I think we'll find that the small differences we may see there is that the numbers we quote as production are poured and bullion and some of the tonnes grade recovery will be metallurgical as well. So there will be a minor change their based on inventory changes. And to your point, I think you'll probably end up with a marginally higher recovery at Greenstone in Q4 than maybe what we reported, if you back into the metal content because we actually did see an inventory build at Greenstone in fourth quarter.

不。我認為我們會發現，我們可能會看到的細微差別在於，我們引用的產量數字是澆鑄金條和金錠，而且一些噸位的品位回收量也是冶金回收量。因此，根據庫存變化，價格會有小幅調整。正如您所說，我認為如果您考慮金屬含量，Greenstone 在第四季度的回收率可能會比我們報告的略高一些，因為我們確實看到 Greenstone 在第四季度的庫存有所增加。

But we can -- we're happy to sit down and walk through that in a model discussion, happy to do that. But I think we'll find it's kind of the metallurgical production versus the pure production differences.

但是我們可以——我們很樂意坐下來，透過模型討論來探討這個問題，我們很樂意這樣做。但我認為我們會發現，這其實是冶金生產與純生產的差異。

Mohamed Sidibe, National Bank.

穆罕默德·西迪貝，國家銀行。

Maybe staying on Greenstone. And given your comments on the throughput and the ability to achieve over the nameplate capacity. How should we think about the throughput levels in 2026? And call it, in the medium term at Greenstone, should we still be thinking about 27,000 tonnes per day of work towards increasing it towards that 30,000 tonnes per day to maybe offset some of the autopista maybe coming to the tech report.

或許會住在綠石街。鑑於您對吞吐量和實現超過銘牌容量能力的評論。我們該如何看待 2026 年的吞吐量水準？那麼，從中長期來看，格林斯通是否應該繼續考慮每天 27,000 噸的工作量，並努力將其提高到每天 30,000 噸，以抵消一些可能出現在技術報告中的高速公路項目的影響。

Yes. No, thanks, Mohamed. And I say here that have a good Ramadan, right, day one. So -- if we think about throughput, we've guided 250,000 to 300,000 ounces at Greenstone this year, and we hold firm on that. We will see opportunities over the course of the year to continue to improve throughput. Some of that is already baked into our numbers.

是的。不，謝謝你，穆罕默德。我在這裡祝大家齋月愉快，對吧，齋戒月第一天。所以——如果我們考慮產量，我們預計今年格林斯通金礦的產量將達到 25 萬至 30 萬盎司，我們堅持這一目標。今年我們將看到繼續提高生產效率的機會。其中一些因素已經反映在我們的數據中了。

We've demonstrated the ability to do more than 30,000 tonnes a day, which will be more longer term. But through this year, I think that the big round numbers are, if you think about 9.5 million tonnes of around 1.1 grams per tonne at feasibility recoveries you get into that midpoint of guidance. So I think that's a good place to hang our hat.

我們已經證明我們有能力每天處理超過 3 萬噸的物料，這將是一個更長遠的目標。但就今年而言，我認為比較大的數字是，如果你考慮到可行性回收率約為每噸 1.1 克，那麼大約 950 萬噸，就達到了指導值的中點。所以我覺得這裡是個不錯的落腳點。

So I think of recoveries average over the year in that 25,000, 26,000 tonnes a day. There will be days we do better. And as we're demonstrating as we -- when we operate the plant, as I mentioned earlier, I mean month or quarter to date, we've got 49% -- 50% of the days greater than nameplate. So -- and we are seeing sustained and improved performance on a daily basis. Our focus now is reducing downtime and getting the operations guys more time to be able to run the plant.

所以我認為全年平均回收量為每天 25,000 至 26,000 噸。總會有我們做得更好的時候。正如我們之前提到的，當我們運作工廠時，也就是到目前為止的這個月或這個季度，我們已經有 49% 到 50% 的天數超過了額定值。所以——我們每天都能看到持續且不斷提升的業績。我們現在的重點是減少停機時間，讓營運人員有更多的時間來運作工廠。

And that's our focus. And it's going to be a journey through this year, and there will be dips and waves along the way. The grades will be higher and lower, depending on where we're mining. The recoveries as a need of for shadow will be different based on different metallurgical types. So there will be some peaks and valleys through the year, but the trends on a quarter-by-quarter basis will remain positive.

這就是我們的重點。今年將會是一段旅程，一路上會有起伏。根據採礦地點不同，礦石品位也會有所差異。根據不同的冶金類型，陰影部分的回收率也會有所不同。因此，全年會出現一些高峰和低谷，但從季度來看，趨勢將保持積極。

And I would like us to see us coming out of 2027, looking to be talking more intelligently to those 30,000 tonne a day rates going forward. As we -- the HPGRs and store capacity are probably mid-30,000, 34,000, 35,000 tonnes a day, but we've got to get the reliable performance through the plant before we can start to talk about those sort of numbers openly and public given I am now, but to be able to commit to those is we've got some work to do this year.

我希望到 2027 年，我們能夠更理性地討論未來每天 3 萬噸的運價。就我們而言，高壓軋機和儲存能力可能在每天 3 萬、3.4 萬、3.5 萬噸左右，但我們必須先確保工廠的可靠運行，才能開始公開談論這些數字。鑑於我現在的情況，要實現這些目標，我們今年還有一些工作要做。

Maybe if I could switch quickly to Valentine. And given the asset is in ramp-up phase, can you give us some color on the cadence in terms of quarter-over-quarter production should we expect higher production in the second half? And what magnitude should we be modeling for 2026?

也許我可以迅速換成瓦倫丁。鑑於該資產正處於增產階段，您能否就季度環比產量方面給我們一些資訊？我們是否可以預期下半年產量會更高？那麼，我們該模擬2026年的震級是多少呢？

Yes. No, absolutely. I mean, we're in the second quarter of ramp-up. And Newfoundland through some surprises that is in January. Full disclosure. We think about -- we had 90% throughput in a percentage of nameplate in Q4. And we think about January and January was 70%, right? It got cold, it got better. There were some learnings associated with the winter and we've worked through those.

是的。不，絕對的。我的意思是，我們正處於啟動階段的第二季。紐芬蘭在1月帶來了一些意想不到的結果。完全坦誠。讓我們考慮一下——我們在第四季實現了90%的產能利用率。我們想想一月的情況，一月的佔比是 70%，對吧？天氣變冷了，後來又暖和了。冬天為我們帶來了一些經驗教訓，我們已經克服了這些問題。

I mean -- in February, we're now at 110% of nameplate. So there's peaks and troughs and valleys as we work through. But the team are systematically addressing those things, we will continue to see quarter-on-quarter improvement in reliability in the plant, which will lead to higher tonnes, which will lead to improved confidence in feeding higher-grade material. So we'll say that grades will be manifested that way as well.

我的意思是——2月份，我們的產量已經達到了額定產量的110%。所以，我們在這個過程中會遇到高峰、低谷和困難。但團隊正在有條不紊地解決這些問題，我們將繼續看到工廠的可靠性逐季提高，這將帶來更高的產量，從而提高我們對輸送更高等級材料的信心。所以我們可以說，成績也會以這種方式體現出來。

So we're still comfortable with our guidance of 150,000 to 200,000 ounces, but it's definitely H2 weighted as a function of throughput and also greater making progress in developing the very pit. So -- but we're happy to sit down and walk through a model and fill in some blanks for you as well quarter-on-quarter, not fill in, but -- that's just with that math.

因此，我們仍然對 15 萬至 20 萬盎司的產量預期感到滿意，但這肯定與下半年產量有關，因為產量較高，而且礦坑開發也取得了更大的進展。所以——但是我們很樂意坐下來，一步步地為你分析模型，並逐季度地填補一些空白，不是填補空白，而是——這只是數學方面的問題。

John Tumazos, John Tumazos Very Independent Research.

John Tumazos，John Tumazos 非常獨立的研究。

Looking at the big picture, the current gold price is $5,000 neighborhood and say $800 million of CapEx. You generate something like $600 million more cash paying off all the debt. It looks like your -- you had a couple of extra dollars buying around. Are you planning the business on $400 gold plus success at all five locations where all the capital calls come in because you've got more gold produced as opposed to building a war chest for acquisitions.

從大局來看，目前的黃金價格在 5,000 美元左右，資本支出約為 8 億美元。償還所有債務後，大約可以再產生 6 億美元的現金。看起來你好像——你買東西的時候手頭寬裕了點。你的商業計劃是基於每盎司 400 美元的黃金，再加上五個地點的所有投資都成功，因為你生產的黃金更多，而不是為了收購而積累資金。

Yes, John. No, it's a first-world predict we're in, I guess, is that our focus is given the opportunities we see with organic growth is ensuring that we exit this year well-funded to be able to do that organic growth. M&A is not on our radar. If something passes our screen that makes sense, we will do something. But I can assure you, as of today, we do not have a CA signed with anyone.

是的，約翰。不，我想，我們目前所處的這種局面屬於已開發國家的預測範疇，也就是說，鑑於我們看到的有機成長機遇，我們的重點是確保我們今年結束時擁有充足的資金，以便能夠實現有機成長。併購不在我們的考慮範圍內。如果螢幕上出現有意義的訊息，我們會採取行動。但我可以向你保證，截至目前，我們還沒有與任何人簽署合作協議。

So our focus is absolutely optimizing what we've got. We spent a lot of time and effort putting all of these assets together over the last six or seven years and now is our time to be able to start to realize that from that growth.

所以我們現在的重點絕對是優化我們現有的資源。在過去六、七年裡，我們投入了大量的時間和精力來整合這些資產，現在是時候開始從這些成長中實現回報了。

With 400,000 to 500,000 ounces of organic growth in our portfolio that we can see over the next five years, I mean, that's where our focus is. So -- there's been a positive confusion in our story right now as we've significantly delevered from $1.5 billion worth of net debt to zero. We're generating cash. We see the opportunities that present in 2027 and beyond.

未來五年，我們的投資組合將實現 40 萬至 50 萬盎司的有機成長，這就是我們的關注重點。所以——目前我們的故事中出現了一個積極的誤解，因為我們的淨債務已從 15 億美元大幅降至零。我們正在創造現金流。我們看到了2027年及以後所帶來的機會。

And let's make sure that we do the intelligent thing for the long term in 2026, which is to remain absolutely focused on operational performance, and don't lose sight of the fact that we produce widgets at a cost. So let's keep that business focused on that so we can maximize our margin of whatever gold price there is and then use that capture to be able to fund our organic growth.

讓我們確保在 2026 年做出明智的長期決策，那就是始終專注於營運績效，並且不要忘記我們生產小部件是有成本的。所以，讓我們繼續專注於此，以便最大限度地利用金價，從而最大限度地提高利潤率，然後利用這部分收益來資助我們的內生成長。

I don't know, Pete, anything you'd layer on that, but.

我不知道，皮特，你還能在上面疊什麼，但是。

We're -- you've highlighted, John, really well that we're in a great position to fund this future growth. And we're really focused on ensuring that we retained a very solid and build on the various solid foundation that we've laid in place here over the last several months. As Darren said, to build out these world-class assets that we are very fortunate to have in our pipeline.

約翰，你確實很好地強調了我們有能力為未來的成長提供資金。我們真正關注的是確保我們保持並鞏固過去幾個月來在這裡打下的各種堅實基礎。正如達倫所說，我們要打造這些我們非常幸運擁有的世界級資產。

I can ask one more.

我還可以再問一個問題。

Sorry, go on, John.

抱歉，約翰，你繼續吧。

No, you go ahead. You're the boss.

不，你先來。你是老闆。

No. You guys we work for you, right? So the investors, our focus is we're aligned with you, and we -- ?

不。你們，我們是為你們工作的，對吧？所以，對投資人來說，我們的重點是與你們的利益保持一致，而且我們——？

In Nicaragua, you projected $1,800 cash costs up 40% or a little more on 225,000 ounces of output. The second half came in better than that. Could you give us some color on how the costs are going up so much in Nicaragua?

在尼加拉瓜，你預計 225,000 盎司的產量將使 1,800 美元的現金成本上漲 40% 或更多。下半場比上半場好得多。能否詳細介紹一下尼加拉瓜物價上漲如此快速的原因？

Yes. No. Thanks, John. It's a bit of a first well problem. What we're seeing here is the majority of the cost increase is not cost inflation per se, but it's volume driven. As we develop some newer pits and an underground that are going to basically fund or fuel a level of production at that 200,000 to 250,000 ounces a year over the next five years, there's some increased capital that results in those higher strip ratio and reflects in a higher all-in sustaining cost.

是的。不。謝謝你，約翰。這是新手才會遇到的問題。我們看到的情況是，成本增加的大部分並非成本通膨本身，而是由銷售成長所驅動的。隨著我們開發一些新的露天礦和地下礦，這些礦將在未來五年內為每年 20 萬至 25 萬盎司的產量提供資金或動力，這將帶來一些增加的資本投入，從而導致更高的剝離比，並反映在更高的綜合維持成本上。

So that's really where that comes from. It's not a driving that kind of cost per tonne mined or a cost per tonne process. It's volume-driven as we go from arguably what I'll call smaller pitlets to larger pits, highest refracs this year, and that's manifested itself in higher all-in sustaining costs. So which lays us up well for the next five years, which is kind of our story has been over the last five years in Nicaragua is to take some assets that were headed towards closure and we produced what [1 billion -- 2 million, 3 million] ounces from those properties in the last five years, and we've taken reserves from extensively 100,000 ounces to an excess of 1 million ounces.

所以，這其實就是它的由來。這不是那種每噸開採成本或每噸加工成本的問題。這是由產量驅動的，我們從我姑且稱之為較小的礦坑發展到較大的礦坑，今年的壓​​裂次數也最高，這導致整體維持成本上升。因此，這為我們未來五年的發展奠定了良好的基礎。過去五年我們在尼加拉瓜的發展歷程大致如此：我們接管了一些即將關閉的資產，並在過去五年中從這些資產中生產了[10億至200萬、300萬]盎司黃金，並將儲量從最初的10萬盎司增加到超過100萬盎司。

So let's say, five years, [400,000] ounces a year of organic growth. Now we're starting to see track in front of the train. We're investing in that from developing these larger pits, which will continue that momentum for the next five years. So that's really what it is, John.

假設五年內，每年有機成長 40 萬盎司。現在我們開始看到火車前面的軌道了。我們正在投資開發這些更大的礦坑，這將使這一勢頭在未來五年內持續下去。原來如此，約翰。

With the cash cost, the second year out 2027 drop, say, the $1,500 in Nicaragua after this surge.

考慮到現金成本，例如，在尼加拉瓜經歷這波上漲之後，第二年（2027 年）的跌幅可能達到 1500 美元。

I mean, I think we'll see that the strip ratio go down, and that will have a positive impact on all-in sustaining costs. Yes.

我的意思是，我認為我們會看到剝離比下降，這將對整體維持成本產生積極影響。是的。

Thank you and congratulations.

謝謝，也恭喜你。

Appreciate it, John. Thanks for your support. I know you've been a shareholder for a long time and persistent through the doing. Thank you.

謝謝你，約翰。感謝您的支持。我知道您長期以來一直是股東，並且一直堅持不懈。謝謝。

This concludes our question-and-answer session. I would like to turn the conference back over to Mr. Darren Hall for any closing remarks. Please go ahead.

我們的問答環節到此結束。我謹將會議交還給達倫·霍爾先生，請他作總結發言。請繼續。

Yes. Thank you, operator. And I'd like to thank all of our shareholders for their continued support and your participation and the questions today. It is appreciated and valued. As always, Ryan, Dave, Pete and I are always available if you have any further questions, and take care, be well, and I'll pass it back to the operator.

是的。謝謝接線生。我還要感謝所有股東一直以來的支持，感謝你們今天的參與與提出的問題。它受到讚賞和重視。像往常一樣，如果您有其他問題，我和 Ryan、Dave、Pete 隨時為您服務。請多保重，祝您一切順利，我會把電話轉接給接線生。

This brings a close to today's conference call. You may now disconnect your lines. Thank you for your participation, and have a pleasant day.

今天的電話會議到此結束。現在您可以斷開線路了。感謝您的參與，祝您有個愉快的一天。