Ero Copper Corp (ERO) 2022 Q4 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Ero Copper Fourth Quarter and Full Year 2022 Financial and Operating Results Conference Call. As a reminder, at as the conference is being recorded. (Operator Instructions)

謝謝你的支持。這是會議接線員。歡迎參加 Ero Copper 第四季度和 2022 年全年財務和經營業績電話會議。提醒一下，會議正在錄製中。 （操作員說明）

I would now like to turn the conference over to Courtney R. Lynn, Vice President, Corporate Development and Investor Relations for opening remarks. Please go ahead.

我現在想將會議轉交給公司發展和投資者關係副總裁 Courtney R. Lynn 致開幕詞。請繼續。

Thank you, Brenda. Good morning, and welcome to Ero Copper's Fourth Quarter and Full Year 2022 Earnings Call. Our operating and financial results were released yesterday afternoon, and are available on our website as are our financial statements and MD&A for the 3 and 12 months ended December 31, 2022.

謝謝你，布倫達。早上好，歡迎來到 Ero Copper 的第四季度和 2022 年全年收益電話會議。我們的運營和財務業績於昨天下午發布，可在我們的網站上查閱截至 2022 年 12 月 31 日的 3 個月和 12 個月的財務報表和 MD&A。

On the call today are David Strang, Arrow's Co-Founder and Chief Executive Officer; Makko DeFilippo, President; and Wayne Drier, Chief Financial Officer. We will be making forward-looking statements that involve risks and uncertainties from which actual results may differ materially -- and from which actual results may differ materially.

今天參加電話會議的有 Arrow 的聯合創始人兼首席執行官 David Strang； Makko DeFilippo，總裁；和首席財務官 Wayne Drier。我們將做出涉及風險和不確定性的前瞻性陳述，實際結果可能與這些風險和不確定性存在重大差異 - 並且實際結果可能存在重大差異。

We would refer you to our most recent annual information form available on our website, SEDAR and EDGAR for a discussion of the risk factors of our business and their potential impact on future performance. As a reminder, and unless otherwise noted, all amounts are in U.S. dollars.

我們建議您參閱我們網站、SEDAR 和 EDGAR 上提供的最新年度信息表，以討論我們業務的風險因素及其對未來業績的潛在影響。提醒一下，除非另有說明，否則所有金額均以美元為單位。

I will now pass the call over to David Strang.

我現在將把電話轉給 David Strang。

Thank you, Courtney, and thank you, everyone, for joining us today. 2022 proved to be another pivotal year for Ero Copper as we kicked off a major growth phase for the company. We commenced several projects that are expected to double our annual copper production to approximately 100,000 tonnes of copper per year by 2025 and increase our annual gold production to 60,000 net ounces.

謝謝你，Courtney，也謝謝大家今天加入我們。事實證明，2022 年是 Ero Copper 的又一個關鍵年，因為我們開啟了公司的主要增長階段。我們啟動了幾個項目，預計到 2025 年將我們的年銅產量翻一番，達到每年約 100,000 噸銅，並將我們的年黃金產量增加到 60,000 淨盎司。

In early 2022, in preparation for the construction of the Tucuma project, we significantly strengthened our balance sheet through the timely issuance of $400 million in senior notes. Throughout the year, we made significant progress across our portfolio of growth initiatives.

2022 年初，為籌備圖庫馬項目的建設，我們通過及時發行 4 億美元的優先票據顯著加強了資產負債表。全年，我們在增長計劃組合方面取得了重大進展。

At Caraíba, we continue to advance our Pilar 3.0 initiative. This ongoing initiative includes the mill expansion and construction of the new external shaft at the Pilar mine. Following our third quarter earnings call, we announced an updated strategic life of mine plan for our Caraíba operations, showcasing the success of Project Honey part and the notable extension of mine life to approximately 20 years.

在 Caraiba，我們繼續推進我們的 Pilar 3.0 計劃。這項正在進行的計劃包括工廠擴建和在 Pilar 礦建造新的外豎井。在我們的第三季度財報電話會議之後，我們宣布了我們 Caraíba 業務的更新戰略壽命礦山計劃，展示了 Project Honey 部分的成功以及礦山壽命顯著延長至大約 20 年。

Integration of Project Honey Pot enabled us to defer the delivery of the new external shop by approximately 9 months, improving pace of our capital spend at Caraíba while maintaining production levels and operating margins.

Project Honey Pot 的集成使我們能夠將新外部商店的交付時間推遲大約 9 個月，從而加快我們在 Caraíba 的資本支出步伐，同時保持生產水平和營業利潤率。

On the exploration front, we launched a dedicated nickel exploration initiative in early 2022, and commenced drilling on the first target in April. Just 5 months later, we were thrilled to announce the discovery of a new nickel sulfide system in the Curaçá Valley located less than 20 kilometers from our Caraíba mill.

在勘探方面，我們於 2022 年初啟動了專門的鎳勘探計劃，並於 4 月開始對第一個目標進行鑽探。僅僅 5 個月後，我們很高興地宣佈在距離我們的 Caraíba 工廠不到 20 公里的庫拉薩河谷發現了一個新的硫化鎳系統。

Based on the success of the 2022 program, we have made nickel exploration a core component of our exploration focus for 2023. Turning to our Tucuma project. The road upgrades and drainage infrastructure completed during the third quarter 2022 were instrumental in allowing us to build momentum during the fourth quarter's rainy season.

基於 2022 年計劃的成功，我們將鎳勘探作為我們 2023 年勘探重點的核心組成部分。談談我們的 Tucuma 項目。 2022 年第三季度完成的道路升級和排水基礎設施有助於我們在第四季度的雨季建立勢頭。

As a result, we achieved our 20% physical completion by year-end and have made substantial progress on pre-stripping activity, which remain ahead of schedule. Subsequent to year-end, we completed the on-site concrete batch plant and mobilized our Civil works contractor who began pouring concrete for the client Foundation last month.

因此，我們在年底前實現了 20% 的實際完工，並且在預剝離活動方面取得了實質性進展，仍然提前完成。年底之後，我們完成了現場混凝土配料廠，並動員了我們的土木工程承包商，他們於上個月開始為客戶基金會澆築混凝土。

It's worth mentioning that our current project capital estimate of approximately $305 million remains unchanged from the third quarter, demonstrating our team's diligent efforts to deliver this project as close to budget as possible.

值得一提的是，我們目前的項目資本估算約為 3.05 億美元，與第三季度相比保持不變，這表明我們的團隊努力在盡可能接近預算的情況下交付該項目。

We are also proud to have partnered with a national service for industrial training, a highly regarded nonprofit organization focused on improving the competitiveness of Brazil's manufacturing sector through vocational education. Together, we have launched comprehensive training programs in the city of Tucuma and surrounding communities to enhance the skills of the local workforce, which will in turn support the development and operation of the Tucuma project.

我們也很自豪能與國家工業培訓服務機構合作，這是一家備受推崇的非營利組織，致力於通過職業教育提高巴西製造業的競爭力。我們共同在圖庫馬市及周邊社區開展了全面的培訓計劃，以提高當地勞動力的技能，從而支持圖庫馬項目的開發和運營。

In addition to the strategic advances made in 2022, our team in Brazil delivered record operating results, including copper production of nearly 46,400 tonnes and gold production of just under 42,700 ounces.

除了在 2022 年取得的戰略進展外，我們在巴西的團隊還取得了創紀錄的經營業績，包括近 46,400 噸的銅產量和略低於 42,700 盎司的黃金產量。

In our Caraíba operations, we proceeded -- processed nearly 2.9 million tonnes of ore, representing a year-over-year increase in mill throughput of approximately 500,000 tons. On average, process copper grade for the year of 1.76% exceeded our budgeted grade of 1.6%, largely due to the addition of high-grade honey pulp stopes to the production plan beginning in the second quarter. As a result, we exceeded our full year copper production guidance of 43,000 to 46,000 tonnes.

在我們的 Caraíba 業務中，我們處理了近 290 萬噸礦石，這意味著工廠產量同比增長了約 500,000 噸。平均而言，全年加工銅品位 1.76% 超過了我們 1.6% 的預算品位，這主要是由於從第二季度開始的生產計劃中增加了高品位蜜漿採場。因此，我們超過了 43,000 至 46,000 噸的全年銅產量指導。

At our Xavantina operations, we delivered both record fourth quarter and full year production and surpassed 2022's gold production guidance of 39,000 to 42,000 ounces. The average process grade during the fourth quarter was approximately 10.2 grams per tonne, representing an increase of nearly 20% in process grade compared to the third quarter. For the full year, higher-than-planned mill throughput of approximately 190,000 tonnes drove a year-on-year increase in gold production of 13%.

在我們的 Xavantina 業務中，我們實現了創紀錄的第四季度和全年產量，並超過了 2022 年 39,000 至 42,000 盎司的黃金產量指導。第四季度的平均加工品位約為每噸 10.2 克，與第三季度相比，加工品位增加了近 20%。全年，高於計劃的約 190,000 噸軋機吞吐量推動黃金產量同比增長 13%。

Despite our strong operating performance, our 2022 financial results, including unit operating costs were impacted by inflationary pressures experienced across the broader mining industry. At our Caraíba operations, obstacles, allow domestic smelter necessitated a higher allocation of copper concentrate sales to the export market, resulting in reduced tax benefits during the year.

儘管我們的經營業績強勁，但我們 2022 年的財務業績（包括單位運營成本）受到整個採礦業經歷的通脹壓力的影響。在我們的 Caraíba 業務中，障礙使國內冶煉廠不得不將更多的銅精礦銷售分配給出口市場，導致年內稅收優惠減少。

And full year C1 cash costs of approximately $1.36 per pound of copper produced.

每生產一磅銅，全年 C1 現金成本約為 1.36 美元。

At our Xavantina operations, the impact of inflation was partially offset by higher processed gold grades during the year, resulting in full year C1 cash costs and all-in sustaining cost of $560 and $1,124, respectively, per ounce of gold produced.

在我們的 Xavantina 業務中，通貨膨脹的影響被年內更高的加工黃金等級部分抵消，導致全年 C1 現金成本和總維持成本分別為每盎司黃金生產 560 美元和 1,124 美元。

While our 2023 Copper C1 cash cost guidance of $1.40 to $1.60 per pound assume 100% of our copper concentrate is sold to the export market, we resumed domestic sales on a limited basis subsequent to year-end. However, lower planned copper grades in the first quarter are expected to result in a C1 copper C1 cash cost range for the period that are slightly above the full year guidance range.

雖然我們的 2023 年銅 C1 現金成本指引為每磅 1.40 美元至 1.60 美元，但假設我們的銅精礦 100% 銷往出口市場，我們在年底後有限地恢復了國內銷售。然而，第一季度較低的計劃銅品位預計將導致該期間的 C1 銅 C1 現金成本範圍略高於全年指導範圍。

We anticipate that production levels at both of our operations will be higher in the second half of 2023 as we continue to execute on our [Pilar] 3.0 and Annex 60 growth initiatives. At Caraiba stope sequencing, reflecting the incorporation of Project Honey part as well as the anticipated completion of the Caraiba middle expansion in the fourth quarter are expected to give us a strong end to the year.

我們預計，隨著我們繼續執行 [Pilar] 3.0 和 Annex 60 增長計劃，我們兩個業務的生產水平將在 2023 年下半年更高。在 Caraiba 採場排序中，反映了 Project Honey 部分的合併以及 Caraiba 中部擴建預計將在第四季度完成，預計將為我們今年畫上一個圓滿的句號。

At our Xavantina operations, the commencement of mining from the Matinha vein in the second half of the year is expected to drive higher mill throughput levels. The timing of our growth initiatives is becoming increasingly favorable due to the scarcity of new company development projects around the world and the expected surge in demand from global decarbonization efforts. These tailwinds are providing greater support to copper prices, which have been performing well since the beginning of the year. As a result, we are witnessing stronger-than-expected operating margins as we enter 2023, and remain well positioned to execute on our growth strategy.

在我們的 Xavantina 業務中，Matinha 礦脈將於今年下半年開始開採，預計將推動更高的磨機產量水平。由於全球新公司開發項目的稀缺以及全球脫碳努力的預期需求激增，我們的增長計劃的時機變得越來越有利。這些有利因素為銅價提供了更大的支撐，銅價自年初以來一直表現良好。因此，進入 2023 年，我們的營業利潤率將高於預期，並且在執行我們的增長戰略方面仍處於有利地位。

With that, I will now turn the call over to Wayne to review our fourth quarter and full year financial results.

有了這個，我現在將把電話轉給韋恩來審查我們的第四季度和全年財務業績。

Thank you, David, and good morning, everyone. As we noted, our fourth quarter and full year financial results reflect a combination of record operating performance and strong project execution, as well as the impact of a challenging macroeconomic environment impacting the broader mining industry.

謝謝你，大衛，大家早上好。正如我們所指出的，我們的第四季度和全年財務業績反映了創紀錄的經營業績和強勁的項目執行，以及具有挑戰性的宏觀經濟環境對更廣泛採礦業的影響。

We faced some unique obstacles related to our domestic smelter PMA, which required us to allocate more concentrate sales to the export market. Resulting in reduced tax benefits and increased C1 cash costs at our Caraiba operations during the year. We also entered into an agreement with PMA prior to its financial restructuring announcement in late November to convert outstanding amounts receivable of $23.9 million into a note receivable.

我們面臨著與國內冶煉廠 PMA 相關的一些獨特障礙，這要求我們將更多的精礦銷售分配給出口市場。導致年內我們 Caraiba 業務的稅收優惠減少和 C1 現金成本增加。在 PMA 於 11 月下旬宣布財務重組之前，我們還與 PMA 達成了一項協議，將 2390 萬美元的未償應收款項轉換為應收票據。

This note is guaranteed by certain assets belonging to PMA and is payable in monthly installments over a 24-month period beginning in February 2023. As a result of this arrangement, we recognized a credit loss provision of $3.3 million in other finance expense during the quarter. Which reduced our fourth quarter and full year adjusted net income attributable to owners of the company by approximately $0.04 per diluted share to $0.24 at $0.91, respectively.

該票據由屬於 PMA 的某些資產擔保，從 2023 年 2 月開始，在 24 個月內按月分期付款。由於這種安排，我們在本季度的其他財務費用中確認了 330 萬美元的信用損失準備金.這使我們的第四季度和全年調整後歸屬於公司所有者的淨收入分別減少約 0.04 美元至 0.24 美元至 0.91 美元。

I'm pleased to report that subsequent to year-end, we resumed domestic sales on a limited and prepaid basis to PMA and we'll continue to review our sales channel allocations as they progress through their financial restructuring process.

我很高興地報告，在年底之後，我們恢復了對 PMA 的有限和預付的國內銷售，我們將繼續審查我們的銷售渠道分配，因為他們正在通過他們的財務重組過程取得進展。

Our fourth quarter and full year financial results were also highlighted by adjusted EBITDA of $58.2 million and $208.6 million, respectively, as well as cash flow from operations of $34 million and $143.4 million, respectively.

調整後的 EBITDA 分別為 5820 萬美元和 2.086 億美元，運營現金流分別為 3400 萬美元和 1.434 億美元，這也突顯了我們第四季度和全年的財務業績。

Our capital expenditures were nearly $90 million in the fourth quarter as construction activity related to the company's strategic growth initiatives ramped up. Full year capital expenditures, including deposits on contracts were just under $300 million, below 2022 capital expenditure guidance of between $308 million and $354 million. This is primarily due to the success of Project Honey Pot and the subsequent deferral of the new external shaft.

由於與公司戰略增長計劃相關的建設活動增加，第四季度我們的資本支出接近 9000 萬美元。包括合同押金在內的全年資本支出略低於 3 億美元，低於 2022 年 3.08 億美元至 3.54 億美元的資本支出指導值。這主要是由於 Project Honey Pot 的成功以及新外軸的後續延期。

As we execute on our transformational growth projects, we also continue to protect and strengthen our balance sheet. Subsequent to year-end, we entered into a zero cost collar program on 3,000 tonnes of copper per month for February through December of 2023. The collars established a floor price at $3.50 per pound of copper on total hedge volumes of 33,000 tonnes of copper, representing approximately 75% of full year production volume in 2023.

在我們執行轉型增長項目時，我們還繼續保護和加強我們的資產負債表。年底之後，我們在 2023 年 2 月至 12 月期間實施了每月 3,000 噸銅的零成本項圈計劃。項圈將底價定為每磅銅 3.50 美元，總對沖量為 33,000 噸銅，約佔 2023 年全年產量的 75%。

The program protects a meaningful portion of the company's revenue at our budgeted copper price of $3.50 per pound, which was used for capital, cash flow and liquidity planning purposes. At the same time, we have maintained exposure to the upside with a cap of $4.76 per pound, which is within 5% of the all-time high copper price. The hedge contracts are financially settled on a monthly basis.

該計劃以我們每磅 3.50 美元的預算銅價保護了公司收入的很大一部分，用於資本、現金流和流動性規劃。與此同時，我們維持上行敞口，上限為每磅 4.76 美元，距離歷史最高銅價不到 5%。對沖合約按月進行財務結算。

In January of this year, we also closed our amended senior secured revolving credit facility, increasing its capacity from $75 million to $150 million and extending the maturity from March 2025 to December 2026. We also achieved improved terms on this facility, including a 25 basis point reduction to the applicable margin on drawn funds and reduced standby fees on undrawn commitments.

今年 1 月，我們還關閉了修改後的高級擔保循環信貸額度，將其容量從 7500 萬美元增加到 1.5 億美元，並將到期日從 2025 年 3 月延長至 2026 年 12 月。我們還改進了該貸款的條款，包括 25 個基數提取資金的適用保證金點數減少，未提取承諾的備用費用減少。

At December 31, 2022, available liquidity was $392 million, including cash and cash equivalents of $177.7 million, short-term investments of $139.7 million and $75 million of undrawn availability under the credit facility. With the close of the amended credit facility, pro forma year-end liquidity was $467.4 million.

截至 2022 年 12 月 31 日，可用流動資金為 3.92 億美元，包括現金和現金等價物 1.777 億美元、短期投資 1.397 億美元和信貸額度下未提取的可用資金 7500 萬美元。隨著修改後的信貸額度結束，預計年末流動資金為 4.674 億美元。

With that, I'll hand the call back to David to share some final comments.

有了這個，我會把電話轉回給大衛分享一些最後的評論。

Thank you, Wayne, and everyone who joined the call today. Before we open the call up to Q&A, I'd like to thank our Co-Founder and Chairman, Noel Dunn, who recently announced his retirement from our executive team to support his family's interest in wildlife's conservation. Noel has made tremendous contributions to our company for the past 7 years, and we'll continue to do so in his capacity as Chairman of our Board.

謝謝你，韋恩，以及今天加入電話會議的所有人。在開始問答環節之前，我要感謝我們的聯合創始人兼董事長諾埃爾·鄧恩 (Noel Dunn)，他最近宣布從我們的執行團隊退休，以支持他的家人對野生動物保護的興趣。在過去的 7 年裡，Noel 為我們公司做出了巨大貢獻，我們將繼續以他作為董事會主席的身份這樣做。

And we expect that the wildlife conservation programs that is now supporting, particularly Rhino conservation, will benefit in the same way that Ero has from his contributions and efforts. I would also like to thank our team, both here in North America and in Brazil for another quarter of fantastic operating performance and project execution.

我們希望現在支持的野生動物保護計劃，尤其是犀牛保護計劃，將像 Ero 從他的貢獻和努力中獲得的收益一樣受益。我還要感謝我們在北美和巴西的團隊在另外四分之一的出色運營業績和項目執行。

And with that, I will now turn it back to the operator to open the line for questions.

有了這個，我現在將把它轉回給接線員打開問題熱線。

(Operator Instructions) The first question comes from Orest Wowkodaw from Scotiabank.

（操作員說明）第一個問題來自豐業銀行的 Orest Wowkodaw。

Just curious if you still plan on releasing an updated 5-year outlook? And if so, what the timing of that may be?

只是好奇您是否仍計劃發布更新的 5 年展望？如果是這樣，那可能是什麼時候？

Great question, Orest. I probably should've addressed it in my comments. We are doing that. But what we are doing in the -- in order to do that, we have to finalize the [Geventina] updated resources and reserves. We're anticipating that happening over the course of this month. And I hope that we will be putting something out towards the end of this month with respect to that.

好問題，奧雷斯特。我可能應該在我的評論中解決它。我們正在這樣做。但是我們正在做的——為了做到這一點，我們必須最終確定 [Geventina] 更新的資源和儲備。我們預計這會在本月發生。我希望我們將在本月底就此推出一些東西。

Okay. Should -- that makes sense. Should we also anticipate like if you're going to update the reserves for Tucuma, will there also be some kind of mine plan update with that as well? Or would that likely come later?

好的。應該——這是有道理的。如果您要更新 Tucuma 的儲量，我們是否也應該預期，是否還會有某種礦山計劃更新？或者這可能會晚些時候發生？

I think right now, we have moved closer to finalizing the Tucuma life of mine plan in terms of its update. I think apart from what we've released previously in October, beginning of November, when we saw you, there is no material change to the life of mine plan that requires a new technical 43-101.

我認為現在，就更新而言，我們已經接近完成我的圖庫馬生活計劃。我認為除了我們之前在 10 月、11 月初發布的內容之外，當我們看到您時，我的生命計劃沒有實質性變化，需要新的技術 43-101。

But what you will be able to see within the 5-year plan, is those metric impacts and changes with respect to those first couple of years or first 3 years that we have previously highlighted where we saw this great reconciliation to the upside with respect to that. But as it stands right now, no material change to the technical report to the resources, and therefore, we don't anticipate doing a new updated 43-101 or additions to 43-101 with regards to come out at this stage.

但是，在 5 年計劃中，您將能夠看到的是我們之前強調的前幾年或前 3 年的指標影響和變化，我們在這些方面看到了與那。但就目前而言，資源技術報告沒有實質性變化，因此，我們預計現階段不會對 43-101 進行新的更新或對 43-101 的補充。

(Operator Instructions) The next question comes from Gordon Lawson from Paragigm Capital.

（操作員說明）下一個問題來自 Paragigm Capital 的 Gordon Lawson。

Just a follow-up on that. Can you please clarify if the 2023 estimates at Caraiba include the Honeypot deposit? Or is that expected to be updated with the 5-year guidance?

只是對此的後續行動。您能否澄清 Caraiba 2023 年的估計是否包括蜜罐存款？還是預計會隨著 5 年指南的更新而更新？

No. Honeypot was incorporated into updated 43-101 that we released, I believe, in January. I will say that Honeypot is an ongoing evolution in terms of how we continue to optimize Honey pot with regards to our mine plan over the next few years. But certainly, Honeypot, as we released in November and introduced to the marketplace at that particular time, that portion of Honeypot has been integrated into our life of mine plan and so is in the public domain.

沒有。我相信，蜜罐被納入了我們在 1 月份發布的更新的 43-101。我會說 Honeypot 是一個持續的發展，就我們如何在未來幾年繼續優化 Honey pot 來製定我們的礦業計劃而言。但可以肯定的是，Honeypot，正如我們在 11 月發布並在那個特定時間引入市場的那樣，Honeypot 的那部分已經整合到我們的生命計劃中，因此在公共領域。

As I said, there are other areas in and around Honey Park, we are investigating to see whether there's additional amounts that we may be able to add to Honeypot over the course of the next 12 to 24 months, and we will add those on as on the come basis. Likewise, as we continue to get greater and greater comfort with regards to our mine plan with regards to Honeypot, which I think is reasonably conservative right now. So we may adjust the amount of material we mine in the future relative to what we've released in the public domain right now.

正如我所說，Honey Park 及其周圍還有其他區域，我們正在調查是否可以在接下來的 12 到 24 個月內向 Honeypot 添加額外的數量，我們將添加這些在來的基礎上。同樣，隨著我們對 Honeypot 的礦山計劃越來越滿意，我認為目前該計劃相當保守。所以我們可能會根據我們現在在公共領域發布的內容來調整我們未來開采的材料數量。

Okay. And switching over to Xavantina. Tax rates there have been in the 5% to 15% range for the past 2 years. Is there any guidance you can provide for next year and a little bit beyond?

好的。並切換到 Xavantina。過去兩年的稅率一直在 5% 到 15% 之間。您是否可以為明年及以後提供任何指導？

Yes. This is Makko. There's been no change to overall corporate tax rates in Brazil. But the only thing I'd add to the tax discussion as it relates to [Mato Grosso]. So is that late last year, there were some state-level legislation that passed an administrative tax for the state of Mato Grosso, that's based on a per ounce of production, it's $19 per ounce, depending on using prevailing gold prices.

是的。這是麥可。巴西的整體公司稅率沒有變化。但我唯一要添加到與[馬托格羅索州]有關的稅收討論中。去年年底也是如此，有一些州級立法通過了馬托格羅索州的行政稅，這是基於每盎司的產量，每盎司 19 美元，具體取決於使用的現行黃金價格。

And that tax is related to the state being largely responsible for administering the licensing and permitting. And so it was, again, state-level tax that was implemented, and we'll see that flowing through, but no change overall to the corporate tax rate.

該稅與主要負責管理許可和許可的州有關。因此，再次實施了州級稅收，我們會看到這種情況會發生，但公司稅率總體上沒有變化。

This concludes the question-and-answer session. I would like to turn the conference back over to management for any closing remarks.

問答環節到此結束。我想將會議轉回管理層聽取任何閉幕詞。

Thank you, operator, and thanks to everybody who's joined us today on the call. We look forward to talking to you all at the next quarterly update, which will be in May, when we'll be releasing our first quarter results. Until then, the team here, Courtney and the rest of the IR team are always available to you with regards to any additional comments or questions you might have.

謝謝接線員，也感謝今天加入我們電話會議的每一個人。我們期待在 5 月份的下一個季度更新中與大家交談，屆時我們將發布第一季度業績。在此之前，這裡的團隊、Courtney 和 IR 團隊的其他成員將隨時為您提供任何其他意見或問題。

So with that, we'll close the call, and thank you very much.

因此，我們將結束通話，非常感謝。

This concludes today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您度過愉快的一天。