Ero Copper Corp (ERO) 2023 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Ero Copper Third Quarter 2023 Financial and Operating Results Conference Call. (Operator Instructions) And the conference is being recorded. (Operator Instructions)

謝謝你的支持。這是會議操作員。歡迎參加 Ero Copper 2023 年第三季財務與營運績效電話會議。 （操作員指示）會議正在錄製中。 （操作員說明）

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

現在我想請企業發展和投資者關係高級副總裁 Courtney Lynn 致開幕詞。請繼續。

Thank you, operator. Good morning, and welcome to Ero Copper's Third Quarter 2023 Earnings Call. Our operating and financial results were released yesterday afternoon and are available on our website as are our financial statements and the MD&A for the 3 and 9 months ended September 30, 2023.

謝謝你，接線生。早安，歡迎參加 Ero Copper 的 2023 年第三季財報電話會議。我們的營運和財務表現已於昨天下午發布，可在我們的網站上查看，以及截至 2023 年 9 月 30 日的 3 個月和 9 個月的財務報表和 MD&A。

On the call with me today are David Strang, Ero's Co-Founder and Chief Executive Officer; Makko DeFilippo, President and Chief Operating Officer; 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. 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 impacts on future performance. As a reminder, and unless otherwise noted, all amounts are in U.S. dollars.

今天與我通話的是 Ero 聯合創始人兼首席執行官 David Strang； Makko DeFilippo，總裁兼營運長；和首席財務官韋恩·德里爾。我們將做出涉及風險和不確定性的前瞻性陳述，實際結果可能與實際結果有重大差異。我們建議您參閱我們網站、SEDAR 和 EDGAR 上提供的最新年度資訊表，以討論我們業務的風險因素及其對未來業績的潛在影響。謹此提醒，除非另有說明，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大衛·斯特朗。

Thank you, Courtney, and thank you, everyone, for joining us today. We are speaking to you today from our offices in São Paulo, Brazil at the end of a weeklong tour with our Board, during which we visited each of our operations. I'm happy to share that everyone is buoyed from the visit, especially seeing the great progress our team is -- in Brazil has made in each of our major growth initiatives.

謝謝你，考特尼，也謝謝大家今天加入我們。今天，我們在巴西聖保羅的辦公室與您進行了對話，結束了與董事會為期一周的旅行，在此期間我們參觀了我們的每家營運機構。我很高興與大家分享，這次訪問使每個人都受到鼓舞，特別是看到我們的團隊在巴西的每項主要成長舉措中取得的巨大進展。

Our third quarter financial results reflect our team's exceptional strategic execution and operating performance amid challenging market conditions. Despite the macroeconomic headwinds that led to weaker metal prices and a stronger Brazilian reais against the U.S. dollar, we remained focused on executing and broadening our growth strategy positioning Ero for long-term value creation as the global energy transition gains momentum.

我們第三季的財務表現反映了我們團隊在充滿挑戰的市場條件下卓越的策略執行力和經營績效。儘管宏觀經濟不利因素導致金屬價格疲軟以及巴西雷亞爾兌美元走強，但隨著全球能源轉型勢頭強勁，我們仍然專注於執行和擴大我們的成長策略，以創造長期價值為目標。

During the quarter, our near-term growth projects achieved several critical milestones. The Tucumã project, as announced last month, reached over 70% physical completion. Furthermore, a significant achievement was realized at the Xavantina operations, where we successfully initiated production from the Matinha vein, resulting in record gold production and operating margins.

在本季度，我們的近期成長項目實現了幾個關鍵的里程碑。正如上個月宣布的那樣，Tucumá 項目的實際完工率已超過 70%。此外，Xavantina 礦區也取得了重大成就，我們成功地從 Matinha 礦脈開始生產，黃金產量和營業利潤創歷史新高。

Meanwhile, at our Caraíba, we continue to advance our Pilar 3.0 initiative as we near completion of the mill expansion project and prepared to commence main sinking at the new external shaft. In parallel, we continue to bolster our medium- and longer-term growth pipeline through ongoing regional copper and nickel exploration programs at the Caraíba operations as well as through the execution of a binding term sheet to earn a 60% interest in Vale Base Metals, Furnas copper project, which we announced earlier this week.

同時，在我們的 Caraíba，我們繼續推進 Pilar 3.0 計劃，工廠擴建項目已接近完成，並準備在新的外豎井開始主鑿井工作。同時，我們繼續透過 Caraíba 業務的區域性銅和鎳勘探計劃，以及透過執行具有約束力的條款清單來獲得淡水河谷賤金屬 60% 的權益，繼續加強我們的中長期成長管道。我們本週早些時候宣布了Furnas 銅項目。

Before I hand over the call to Makko to provide more detail on the execution of our growth projects, I will summarize our third quarter operating and financial performance. At the Caraíba operations, copper production was in line with our forecast at 10,766 tonnes of copper in concentrate. While our C1 cash cost for the quarter were also in line with our forecast in BRL terms when converted to U.S. dollars at the average third quarter exchange rate of BRL 4.88 per U.S. dollar, our copper C1 cash costs in U.S. dollar terms remained elevated at $1.82 per pound of copper produced.

在我向 Makko 轉交電話以提供有關我們成長專案執行的更多詳細資訊之前，我將總結我們第三季的營運和財務表現。 Caraíba 礦場的銅精礦產量為 10,766 噸，符合我們的預測。雖然我們本季的C1 現金成本也符合我們以巴西雷亞爾計算的預測，以第三季平均匯率每美元4.88 雷亞爾計算，但我們以美元計算的銅C1 現金成本仍保持在1.82 美元的高位每生產一磅銅。

Copper production is expected to be strongest in the fourth quarter due to higher anticipated mined and processed copper grades. As a result, we are reaffirming our 2023 copper production guidance of 44,000 to 47,000 tonnes. Due to higher expected copper grades and with the current quarter-to-date exchange rate averaging over BRL 5.05 per U.S. dollar, we also expect to deliver lower C1 cash costs in the fourth quarter.

由於預期開採和加工的銅品位較高，預計第四季度銅產量將最為強勁。因此，我們重申 2023 年銅產量指引為 44,000 至 47,000 噸。由於預期銅品位較高，且目前季度至今的平均匯率為 5.05 巴西雷亞爾兌 1 美元，我們也預期第四季 C1 現金成本將降低。

For the full year, our copper C1 cash cost guidance range based on the original assumed foreign exchange rate of BRL 5.30 per U.S. dollar remains $1.40 and $1.60 per pound of copper produced. Yet given the continued strength of the BRL against the U.S. dollar, we are also providing a sensitivity range of $1.50 to $1.70 per pound of copper produced should the BRL to U.S. dollar exchange rate remain at current levels for the remainder of the year.

全年銅 C1 現金成本指引範圍基於最初假設的每美元 5.30 雷亞爾的匯率，仍為每磅生產銅 1.40 美元和 1.60 美元。然而，鑑於雷亞爾兌美元持續走強，如果雷亞爾兌美元匯率在今年剩餘時間內保持在當前水平，我們還將提供每磅銅 1.50 至 1.70 美元的敏感度範圍。

At our Xavantina operations, as I mentioned earlier, we successfully initiated production from the Matinha vein during the quarter, which contributed to a quarter-on-quarter increase of over 40% in both processed gold grades and gold production. As a result, we produced a record 17,579 ounces of gold at C1 cash costs of $371 per ounce. Due to our strong year-to-date operating performance at the Xavantina operations, we are increasing our 2023 gold production guidance range from 50,000 to 53,000 ounces to 55,000 to 59,000 ounces.

正如我之前提到的，在我們的 Xavantina 業務中，我們在本季度成功啟動了 Matinha 礦脈的生產，這使得加工黃金品位和黃金產量環比增長了 40% 以上。結果，我們以每盎司 371 美元的 C1 現金成本生產了創紀錄的 17,579 盎司黃金。由於 Xavantina 業務今年迄今表現強勁，我們將 2023 年黃金產量指引範圍從 50,000 至 53,000 盎司提高至 55,000 至 59,000 盎司。

We are also reducing our full year C1 cash cost guidance from $475 to $575; to $375 to $475 per ounce of gold produced and lowering our all-in sustaining cost guidance range from $1,000 to $1,100; to $900 to $1,000 per ounce of gold produced.

我們還將全年 C1 現金成本指引從 475 美元降低至 575 美元；將每盎司黃金產量下調至 375 美元至 475 美元，並將我們的整體維持成本指引範圍從 1,000 美元下調至 1,100 美元；每盎司黃金的價格為 900 至 1,000 美元。

Our financial results for the period reflect a combination of our strong continued operating performance as well as the metal price weakness in BRL strength that I mentioned earlier. As a result, adjusted EBITDA for the third quarter was $42.9 million and adjusted net income attributable to the owners of the company was $17.3 million or $0.18 per share on diluted basis.

我們這段時期的財務表現反映了我們強勁的持續經營業績以及我之前提到的金屬價格疲軟（巴西雷亞爾走強）的綜合影響。因此，第三季調整後 EBITDA 為 4,290 萬美元，調整後歸屬於公司所有者的淨利潤為 1,730 萬美元，攤薄後每股收益 0.18 美元。

As planned, our capital expenditures remained elevated at just over $120 million during the third quarter, largely due to the strong progress being made at our Tucumã project. In an effort to maintain the momentum we have carried forward from the second and third quarters, we have elected to accelerate select work streams originally slated for the first quarter of 2024 to the fourth quarter of this year.

按照計劃，第三季我們的資本支出仍保持在略高於 1.2 億美元的水平，這主要是由於我們的圖庫姆項目取得了強勁進展。為了保持我們從第二季和第三季延續下來的勢頭，我們選擇將原定於 2024 年第一季進行的部分工作流程加速到今年第四季。

As a result, we have adjusted 2023 capital expenditure guidance for the Tucumã project to include estimated increase of approximately $15 million to $20 million due to the expected shift in timing of associated payments. We have also provided foreign exchange rate sensitivities across our capital expenditures to guidance ranges to reflect the potential impact of the BRL to U.S. dollar exchange rate remaining at current levels through the end of the year.

因此，我們調整了圖庫瑪專案 2023 年資本支出指導，由於相關付款時間的預期變化，預計將增加約 1500 萬至 2000 萬美元。我們也提供了整個資本支出的外匯敏感度指導範圍，以反映雷亞爾兌美元匯率到年底保持在當前水準的潛在影響。

I will now pass the call to Makko to discuss the highlights around our third quarter project execution after which Wayne will discuss our financial results for the quarter.

我現在將打電話給 Makko，討論我們第三季專案執行的重點，之後韋恩將討論我們本季的財務表現。

Thank you, Dave, and good morning, everyone. With respect to progress on our strategic initiatives, I am incredibly proud of our operational teams and we're able to continue execution through the third quarter after an excellent first half of the year. Before discussing each of our projects in detail, I would like to congratulate all of our employees and contractors at the Tucumã project, currently totaling over 1,700 people on site on achieving over 2 million hours without the lost time injuries.

謝謝戴夫，大家早安。關於我們策略計畫的進展，我為我們的營運團隊感到無比自豪，在經歷了上半年的出色表現後，我們能夠在第三季度繼續執行。在詳細討論我們的每個項目之前，我要祝賀 Tucumá 項目的所有員工和承包商，目前現場共有 1,700 多人，完成了超過 200 萬小時的無工傷事故。

In terms of the progress at Tucumã, we achieved a major construction milestone of over 70% physical completion, as you would have seen in our project update from October. Noteworthy achievements on site include the completion of earthworks, completion of all major civil concrete pours, major advancements in steel fabrication and erection as well as installation of several key pieces of process equipment, including our primary crusher, ball mill and tertiary crushers.

就圖庫姆的進展而言，我們實現了物理完工率超過 70% 的重要建設里程碑，正如您在 10 月的專案更新中看到的那樣。現場值得注意的成就包括土方工程的完成、所有主要土建混凝土澆築的完成、鋼結構製造和安裝的重大進展以及幾項關鍵工藝設備的安裝，包括我們的初級破碎機、球磨機和三級破碎機。

As evidenced in our updated site photos, we are making excellent progress in flotation cell installation and site-wide plate work and piping. In parallel, our main substation and power line installations are both tracking ahead of schedule and we expect to tie into the national grid at the end of this month. As a result, mechanical completion testing and the first commissioning phases of installed equipment are expected to commence prior to year-end.

正如我們更新的現場照片所證明的那樣，我們在浮選機安裝以及全場板工作和管道方面取得了巨大進展。同時，我們的主要變電站和電力線路安裝都提前完成，預計本月底併入國家電網。因此，機械完工測試和已安裝設備的第一階段調試預計將在年底前開始。

With the progress made on procurement, manufacturing, equipment deliveries and construction to date, our primary focus on the project has transitioned to piping, cabling instrumentation installations as well as our operational readiness planning all of which is progressing on schedule.

隨著迄今為止在採購、製造、設備交付和施工方面取得的進展，我們對該專案的主要關注點已轉向管道、佈線儀表安裝以及我們的營運準備計劃，所有這些都正在按計劃進行。

As Dave mentioned, given the excellent performance and momentum we have been able to achieve this year, in particular, on the pre-stripping and electrical power installation front, we expect to accelerate select work streams related to both mining and plant commissioning from the first quarter of 2024 to the fourth quarter of this year, which has been reflected in our updated guidance.

正如戴夫所提到的，鑑於我們今年取得的出色業績和勢頭，特別是在預剝離和電力安裝方面，我們預計從一開始就加快與採礦和工廠調試相關的選定工作流程2024 年第四季度到今年第四季度，這已反映在我們更新的指導下。

While our expected project delivery date remains unchanged, we believe the acceleration of these work streams will continue to derisk our overall commissioning and ramp-up schedule. Our total direct project capital estimate for the completion of the Tucumã project remains unchanged at approximately $305 million. It is worth noting that a Q2 redesign of our haulage route combined with decreased emotion costs, below budget earthworks tailings, and waste on construction costs and reductions in duties on imported equipment versus our budget have largely offset the impacts of a stronger-than-anticipated foreign exchange rate and increases in forecast electromechanical erection costs through project completion.

雖然我們的預期專案交付日期保持不變，但我們相信這些工作流程的加速將繼續降低我們整體調試和產能提升計劃的風險。我們對完成 Tucumá 項目的直接項目資本總額估計保持在約 3.05 億美元不變。值得注意的是，第二季度我們對運輸路線進行了重新設計，加上情感成本的下降、土方尾礦的預算低於預算、建築成本的浪費以及進口設備關稅相對於我們預算的減少，在很大程度上抵消了強於預期的影響。外匯匯率以及預計在工程完成後機電安裝成本的增加。

At our Caraíba operations, we continue to advance the new external shaft of the Pilar mine and the expansion of our Caraíba mill, both part of our Pilar 3.0 initiative. During the third quarter, we finalized the installation of the head frame for the new external shaft, concluded installations and are currently commissioning both the stage and personnel winders. We remain fully on track to commence main sinking activities prior to year-end.

在我們的 Caraíba 業務中，我們繼續推進 Pilar 礦場的新外豎井和 Caraíba 工廠的擴建，這都是我們 Pilar 3.0 計劃的一部分。在第三季度，我們完成了新外軸頂架的安裝，完成了安裝，目前正在調試舞台和人員卷揚機。我們仍完全預計在年底前開始主要的下沉活動。

With respect to supporting infrastructure underground at the Pilar mine, we are in the final commissioning stages on our underground batch plant, reaming the waste and ore silos for our ore flow system and are preparing for the second phase excavation of our crusher chamber. I'm pleased to report that all of our underground development requirements remain on schedule for shaft handover to operations in Q4 of 2026.

關於皮拉爾礦地下基礎設施的支持，我們的地下批量工廠正處於最後調試階段，正在為我們的礦石流系統擴孔廢物和礦石筒倉，並正在為破碎機室的第二階段挖掘做準備。我很高興地報告，我們的所有地下開發要求均按計劃於 2026 年第四季度交付營運。

Back on surface at the Caraíba mill. Installation of our new ball mill, Jameson cell and associated electrical installations were nearly completed during the third quarter. We anticipate an on-schedule physical completion of the expansion project prior to year-end.

回到卡拉巴工廠的地面。我們的新球磨機、詹姆森槽和相關電氣裝置的安裝在第三季已接近完成。我們預計擴建工程將在年底前按計劃實際完成。

Last, but certainly not least, at Xavantina, we successfully developed into and commenced mining of the Matinha vein during the quarter, a fundamental component of our NX60 initiative. During the quarter, we mined ore from 3 different production levels within the Matinha vein. Our record production results this quarter and revised full year guidance ranges for the Xavantina operations speak to the positive impact from this initiative. As Dave noted, we are expecting a strong fourth quarter at each of our operations and continued execution across our project portfolio.

最後但並非最不重要的一點是，在 Xavantina，我們在本季度成功開發並開始了 Matinha 礦脈的開採，這是我們 NX60 計劃的基本組成部分。本季度，我們在 Matinha 礦脈內的 3 個不同生產等級開採礦石。我們本季創紀錄的生產業績和修訂後的 Xavantina 業務全年指引範圍說明了這項舉措的正面影響。正如戴夫指出的那樣，我們預計第四季度的每項業務都會表現強勁，並將繼續執行我們的專案組合。

I will now turn the call over to Wayne to discuss our financial results.

我現在將把電話轉給韋恩，討論我們的財務表現。

Thank you, Makko. As Dave mentioned earlier, our third quarter financial performance reflected record gold production and operating margins, which partially offset a decrease in copper production as well as continued copper price weakness and a stronger BRL, which averaged BRL 4.88 against the U.S. dollar for the period. This drove operating cash flows of $41.9 million that helped to fund capital expenditures of $121.4 million, which were primarily directed towards the ongoing execution of our organic growth initiatives.

謝謝你，馬可。正如戴夫之前提到的，我們第三季的財務業績反映了創紀錄的黃金產量和營業利潤率，這部分抵消了銅產量的下降以及銅價持續疲軟和雷亞爾走強（同期雷亞爾兌美元匯率平均為4.88 雷亞爾）的影響。這推動了 4,190 萬美元的營運現金流，為 1.214 億美元的資本支出提供了資金，這些資本支出主要用於持續執行我們的有機成長計畫。

We ended the quarter with a strong liquidity position of approximately $238 million. This includes cash and cash equivalents of $45 million, short-term investments of $43 million and $150 million of undrawn availability under our senior secured revolving credit facility.

本季末，我們的流動性狀況強勁，約 2.38 億美元。其中包括 4,500 萬美元的現金和現金等價物、4,300 萬美元的短期投資以及我們優先擔保循環信貸額度下未提取的 1.5 億美元。

Regarding our BRL to U.S. dollar exchange rate hedge program, we reported realized gains of $3.5 million for the quarter. Consistent with our conservative strategy and in response to a favorable move in exchange rates towards the end of the quarter that extended into October, we opportunistically expanded our foreign exchange rate hedge program to cover the majority of projected operating costs and capital expenditures through the end of 2024. These hedges have a weighted average floor and ceiling of BRL 5.04 and BRL 5.43 per U.S. dollar, and includes approximately $145 million designated for major project capital expenditures with a weighted average floor and ceiling of BRL 5.10 and BRL 5.23 per U.S. dollar, respectively.

關於我們的雷亞爾兌美元匯率對沖計劃，我們報告本季已實現收益 350 萬美元。根據我們的保守策略，並為了應對持續到 10 月份的季度末匯率的有利走勢，我們機會主義地擴大了我們的外匯對沖計劃，以涵蓋截至 2019 年末的大部分預計運營成本和資本支出。2024 年。這些對沖的加權平均下限和上限分別為每美元5.04雷亞爾和5.43雷亞爾，其中包括指定用於重大項目資本支出的約1.45億美元，加權平均下限和上限分別為每美元5.10雷亞爾和5.23雷亞爾。 。

It's also worth noting that we remain hedged on approximately 75% of our copper production for the remainder of the year through the 0 cost collar hedge program we initiated in January. This copper hedge contracts provide a floor price of $3.50 per pound on 3,000 tonnes of copper per month through the end of December 2023.

另外值得注意的是，透過我們 1 月啟動的零成本避險計劃，我們在今年剩餘時間內仍對約 75% 的銅產量進行對沖。該銅對沖合約規定，截至 2023 年 12 月底，每月 3,000 噸銅的底價為每磅 3.50 美元。

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

現在，我將把電話轉回給大衛，以分享一些最後的評論。

Thank you, Wayne, and thank you again to everybody who's been on the call. I think the theme for the quarter has been us operating extremely well, as a team, both operationally and on the capital projects in a dynamic macro environment, dealing with exchange rate and metal price volatility on the copper side of things. I cannot thank our team enough both in Vancouver and here in Brazil for the strong efforts they have done in terms of continuing to move our projects forward and continue to operate our operations. And while we don't want to single out any particular operation versus others, the exceptional performance of our team at the Xavantina operations.

謝謝你，韋恩，並再次感謝所有參與電話會議的人。我認為本季的主題是我們作為一個團隊在動態宏觀環境中的營運和資本項目方面運作得非常好，處理銅方面的匯率和金屬價格波動。我非常感謝我們在溫哥華和巴西的團隊在繼續推進我們的專案和繼續經營我們的業務方面所做的巨大努力。雖然我們不想將任何特定的行動與其他行動區分開來，但我們團隊在 Xavantina 行動中的出色表現。

And with that, operator, I will turn it over to you for question period.

接線員，我會將其轉交給您提問。

(Operator Instructions) The first question comes from Dalton Baretto of Canaccord.

（操作員說明）第一個問題來自 Canaccord 的 Dalton Baretto。

Dave, I actually wanted to kick off by talking about this new Furnas project that you didn't actually mention on the call. And I'm wondering, can you talk a little bit about the project itself, the rationale for the deal? Maybe why Vale didn't run with it and how this thing will compete for dollars versus your existing portfolio?

戴夫，我實際上想通過談論這個新的 Furnas 項目來開始，但你在電話中實際上並沒有提到。我想知道，您能談談該項目本身以及該交易的理由嗎？也許為什麼淡水河谷沒有使用它，以及這個東西將如何與你現有的投資組合競爭美元？

Thanks, Dalton. I think we did mention it at the beginning of the call. But with respect to Furnas, I think there's a couple of things we like to be able to point out. Number one, we've always said that we always want to continue to grow our business here in Brazil. And when we look on the longer-term basis of the future of this company, when the opportunity came to us with respect to Furnas and Vale's approach to us if we would be interested in looking at it, it was something that, for us, is extremely dynamic.

謝謝，道爾頓。我想我們在通話開始時確實提到了這一點。但關於弗納斯，我認為有幾件事我們希望能夠指出。第一，我們一直說我們一直希望繼續發展我們在巴西的業務。當我們從長遠來看這家公司的未來時，當我們有機會了解 Furnas 和 Vale 與我們接觸的機會時（如果我們有興趣的話），對我們來說，非常動態。

And I'm being somewhat hesitant here because with respect to the rules under 43-101 and what we can and cannot say with respect to the project. But what I can say with regards to it is, as you know, Mike and the team and from the geology side of things, have a great understanding with regards to a lot of projects here in Brazil. The work that Vale has put into this project, drilling over 90,000 meters and over 240 drill holes. The opportunity to be able to work with Vale, and this is a bigger relationship that's starting to be established.

我在這裡有點猶豫，因為根據 43-101 的規則以及我們對專案可以說什麼和不能說什麼。但我可以說的是，正如你所知，麥克和他的團隊從地質方面來說，對巴西的許多項目都有很好的了解。淡水河谷已在該項目中投入工作，鑽探超過 90,000 米，鑽孔超過 240 個。有機會與淡水河谷合作，這是一種正在開始建立的更大的關係。

The context between ourselves and Vale were based upon Vale's viewpoint of a partnership that could help look at something that they've looked at historically from let's say, an open pit perspective, and our opportunities in terms of how we operate underground in Brazil.

我們和淡水河谷之間的背景是基於淡水河谷的合作夥伴關係觀點，這可以幫助我們從露天礦的角度看待他們歷史上看到的東西，以及我們在巴西地下運作方式方面的機會。

Our strong focus on ESG was something that gave Vale comfort that this -- we are a company that they feel comfortable that they would enter a relationship like this. That's the general realities I can say right now. As we continue to move forward, as we continue to work on the project. So I think it will become a lot more self-evident to the world with respect to the opportunity that's available to us with respect to Furnas.

我們對 ESG 的強烈關注讓淡水河谷感到欣慰——我們是一家讓他們對建立這樣的關係感到放心的公司。這就是我現在可以說的一般現實。隨著我們繼續前進，隨著我們繼續致力於該專案。因此，我認為對於我們為 Furnas 提供的機會而言，這對世界來說將變得更加不言而喻。

Furnas is a long-term growth opportunity for Ero Copper. We will be working on it, as I said, ideally, we'd like to be able to accelerate faster than the program that we have but it will be -- we're working on that project for the next 5 years. Within that, the competition for exploration dollars does not exist between what we're doing in the Curaçá Valley and our nickel projects there and what is happening around Furnas. We have -- and are extremely comfortable with the budgets that Mike and the team have put together with regards to the work we need to do at Furnas. And remember, with over 240 holes already drilled on the project, the work that Mike and the team there are doing is a lot of compliance-related work with regards to 43-101 and bringing that project into the ability to discuss the resource with the marketplace under 43-101.

Furnas 對 Ero Copper 來說是一個長期成長機會。正如我所說，我們將致力於這個項目，理想情況下，我們希望能夠比現有計劃更快地加速，但事實確實如此——我們將在未來 5 年內致力於該項目。其中，我們在庫拉薩河谷所做的事情和我們在那裡的鎳項目以及在弗納斯周圍發生的事情之間不存在勘探資金的競爭。我們對麥克和團隊為我們需要在弗納斯開展的工作所製定的預算非常滿意。請記住，該專案已經鑽了 240 多個漏洞，Mike 和團隊正在做的工作是與 43-101 相關的大量合規性相關工作，並使該專案能夠與43-101 下的市場。

So it is a great, great growth initiative for this company. Yes, we will be talking a lot more about it over the course of the next 12 to 18 months. And I think in the fruit of time, I think the market will come to understand the great opportunity we have here and also the great relationship that we're starting to develop with one of the biggest mining companies in the world and working with them. And I think that should be taken into consideration as well with regards to this.

因此，這對這家公司來說是一項非常非常偉大的成長舉措。是的，我們將在接下來的 12 到 18 個月內對此進行更多討論。我認為隨著時間的推移，市場將會了解我們在這裡擁有的巨大機會，以及我們開始與世界上最大的礦業公司之一發展並與他們合作的良好關係。我認為在這方面也應該考慮到這一點。

Brazil and Vale being synonymous and the opportunity to work with the biggest mining company here in Brazil is a great opportunity for Ero Copper in the future.

巴西和淡水河谷是同義詞，與巴西最大的礦業公司合作的機會對 Ero Copper 來說是未來的絕佳機會。

Great. And then maybe switching gears to Tucumã. So you're still guiding to first production in H2 2024, but the mine is almost into the sell-sides, you're going to kick up plant commissioning by year-end. Is there any upside to your guidance? And what are some of the key risks between now and then?

偉大的。然後也許會切換到圖庫姆。因此，您仍在指導 2024 年下半年首次生產，但礦場幾乎已進入賣方，您將在年底前啟動工廠調試。您的指導有什麼好處嗎？從現在到那時，主要風險有哪些？

Yes, this is Makko. Great question, Dalton. Yes. Look, I think we're -- obviously, things are going really well. We've continue to go on the momentum from the first half of the year. Obviously, we've seen a big jump in fiscal completion relative to last quarter. I think in terms of starting the first commissioning phases and having a power site early, obviously, is going to help us derisk our commissioning ramp-up schedule.

是的，這是馬可。好問題，道爾頓。是的。聽著，我認為我們——顯然，事情進展得非常順利。我們繼續保持上半年的勢頭。顯然，與上季相比，我們看到財政完成度大幅躍升。我認為，就開始第一個調試階段並儘早建立發電站而言，顯然將幫助我們降低調試進度計劃的風險。

With respect to project completion, the -- we're working as hard and fast as possible to get ahead. I think the risk is always the same, and that's the rainy season and how much progress we can make. We've planned for that in our current start-up schedule. And I think that's part of the reason that we're moving capital from Q1 next year into Q4 and also continuing to maintain our current plan, which is second half of the next year. So while there is some opportunity there, I think given the uncertainties involved, we're going to stick to our second half guidance for now.

關於專案完成，我們正在盡可能努力、快速地工作以取得進展。我認為風險總是一樣的，那就是雨季以及我們能取得多少進展。我們已經在目前的啟動計劃中對此進行了規劃。我認為這就是我們將資本從明年第一季轉移到第四季度並繼續維持當前計劃（明年下半年）的部分原因。因此，儘管存在一些機會，但我認為考慮到所涉及的不確定性，我們目前將堅持下半年的指導。

Yes. Dalton, just to reaffirm that we're taking a conservative approach with regards to what we're doing. Yes, the project is moving forward very, very well, but we are not in a position nor do we feel comfortable right now to change any guidance with regards to win commissioning and commercial production comes into play.

是的。道爾頓，只是為了重申我們對正在做的事情採取保守的態度。是的，該專案進展得非常非常好，但我們現在無法也不願意改變任何有關贏得調試和商業生產發揮作用的指導。

Maybe we have a conversation with the marketplace in the first half of next year with regards to that, but we're not changing guidance right now.

也許我們會在明年上半年與市場就此進行對話，但我們現在不會改變指引。

I'll jump back in queue.

我會插回隊列。

The next question comes from Orest Wowkodaw with Scotiabank.

下一個問題來自豐業銀行的 Orest Wowkodaw。

Makko, did I hear you say earlier that the impacts of the FX have been largely offset by savings elsewhere on Tucumã and that's why the total project CapEx of $305 million is unchanged?

Makko，我是否聽說您之前說過，外匯的影響在很大程度上被圖庫姆其他地方的節省所抵消，這就是為什麼 3.05 億美元的項目資本支出總額保持不變？

Yes, that's exactly right, Orest. So obviously, there was an impact stronger this quarter or in Q3 relative to route, if you look at the big offsets there, it's going to be on the redesign of the mine haulage route, so both in terms of pre-strip and also when we're starting to get into building our run-of-mine stockpiles, Q2 redesign was able to shorten that haul route fairly significantly. We've also seen savings on motion costs and then primarily in some of the -- as well as import duties on some of the equipment that's arriving on site, that's all flowing through our forecast.

是的，完全正確，奧雷斯特。顯然，本季或第三季相對於路線的影響更大，如果你看看那裡的大偏移，這將是對礦山運輸路線的重新設計，因此無論是在預剝離方面還是在何時我們開始建立我們的原礦庫存，第二季的重新設計能夠相當顯著地縮短運輸路線。我們還看到了運動成本的節省，然後主要是一些抵達現場的設備以及進口關稅的節省，這些都在我們的預測中。

Obviously, as we look ahead, we're seeing a couple of things moving in the opposite direction, including increased electromechanical, erection costs for completion. So I think as we continue to build this project out, both in Q4 and through the first half of next year to project handover, we're going to continue to see positive adjustments and negative adjustments. Fortunately, to date, those have largely offset each other. And we're continuing to anticipate cost of completion of $305 million. But again, those are -- that's our best estimate, things are going up and down on a regular basis.

顯然，當我們展望未來時，我們看到一些事情正在朝相反的方向發展，包括完成時機電和安裝成本的增加。因此，我認為，隨著我們在第四季度和明年上半年繼續建造該專案直至專案移交，我們將繼續看到積極的調整和消極的調整。幸運的是，迄今為止，這些因素在很大程度上相互抵消了。我們繼續預計完工成本為 3.05 億美元。但同樣，這是我們的最佳估計，情況會定期上下波動。

Okay. And just as a follow-up, I mean, given there's a lot of moving parts here, you're bringing forward some CapEx, you've got some currency changes. And now you're also introducing some spending for Furnas. What does CapEx look like for 2024 on it, we think company-wide?

好的。我的意思是，作為後續行動，考慮到這裡有很多變化的部分，你要提前一些資本支出，你會得到一些貨幣變化。現在您也介紹了弗納斯的一些支出。我們認為全公司範圍內 2024 年的資本支出是什麼樣的呢？

Yes. Look, we're -- as I think all companies are from discussions I had with my counterparts at various companies, we're all in the process of budget season right now. So I think it would be premature to talk about company-wide capital in advance of our budget. With respect to Tucumã, I can say is that we're anticipating the cost of completion of that project to be at the time of handover to be USD 305 million, subject to the variations we talked about. In terms of company-wide CapEx, we're in that process right now.

是的。看，我們——我認為所有公司都是來自我與不同公司的同行的討論，我們現在都處於預算季節。因此，我認為在我們的預算之前談論公司範圍的資本還為時過早。關於圖庫姆，我可以說的是，我們預計移交時該專案的完成成本為 3.05 億美元，具體取決於我們討論的變更。就公司範圍內的資本支出而言，我們現在正處於這個過程中。

Next question comes from Stefan Ioannou of Cormark Securities.

下一個問題來自 Cormark 證券公司的 Stefan Ioannou。

Just wondering, is there -- can you provide any more color just on the exploration at Caraíba, whether copper or nickel even?

只是想知道，您能否提供有關卡拉巴勘探的更多信息，無論是銅還是鎳？

Yes, Stefan. The program remains ongoing. We would have liked to had a -- and I had spoken in previous quarters of having a more fruitful discussion with the marketplace with respect to our advancement of the nickel opportunities. Unfortunately, the A&M, which is the government organization that manages the management of mineral licenses and exploration licenses in Brazil went on strike in the middle part of the year. And that strike now ended has had an effect with respect to our ability to both close some transactions that we have been working on, as well as some auctions that the government was going to run.

是的，斯特凡。該計劃仍在進行中。我們本來希望與市場就我們推進鎳礦機會進行更有成效的討論，而且我在前幾個季度也曾說過。不幸的是，巴西負責礦產許可證和勘探許可證管理的政府組織A&M在今年中期發生了罷工。現在結束的罷工對我們完成我們一直在進行的一些交易以及政府將要進行的一些拍賣的能力產生了影響。

That has resulted in us having to delay the discussion with the marketplace with regards to what we are starting to uncover with respect to the nickel exploration. However, Mike and the team are continuing to explore on the areas that we have been able to explore. We have expanded the exploration program into 2 to 3 other areas. And the fact that Mike and the team have still got drill rigs turning. It's the best I can tell you with regards to the success rate that we're having there right now.

這導致我們不得不推遲與市場討論我們開始發現的有關鎳勘探的內容。然而，麥克和他的團隊正在繼續探索我們已經能夠探索的領域。我們已將勘探計劃擴展到其他 2 至 3 個區域。事實上，麥克和他的團隊仍然讓鑽機運轉。關於我們目前的成功率，這是我能告訴你的最好的資訊。

But it is our hope that sometime we've got to be super careful about giving a time line with regards to when we can talk more fruitfully about our nickel program. I would love it to be the first quarter of next year. I doubt it will be probably be somewhere in the second quarter that we can have a more fruitful discussion. However, as the exploration program continues and we have anything material that we feel we would like to discuss with the market on nickel results, we will do so in a timely manner.

但我們希望，有時我們必須非常小心地給出一個時間表，以確定何時我們可以更有效地討論我們的鎳計劃。我希望是明年第一季。我懷疑我們可能會在第二季的某個時候進行更有成效的討論。然而，隨著勘探計劃的繼續，並且我們有任何我們認為願意與市場討論鎳結果的材料，我們將及時這樣做。

Okay. Great. That's very helpful. So I guess timing aside, obviously, a lot is going on, so just stay tuned then.

好的。偉大的。這非常有幫助。所以我想撇開時間不談，顯然，很多事情正在發生，所以請繼續關注。

Yes. Yes. I mean, like everything else, we'd love to put out the quarterly exploration results. I mean we're having success in some programs that we're doing both in the Pilar mine itself, again, we've had success in some work that we've been doing at Vermelhos, in terms of some exploration there and some extension work there. We have done some work on some copper in the Vermelhos district, some very deliberately interesting results there.

是的。是的。我的意思是，就像其他事情一樣，我們很樂意公佈季度勘探結果。我的意思是，我們在 Pilar 礦山本身所做的一些項目中取得了成功，我們在 Vermelhos 所做的一些工作也取得了成功，包括在那裡的一些勘探和一些擴展在那裡工作。我們在 Vermelhos 地區的一些銅礦上做了一些工作，在那裡取得了一些非常有趣的結果。

Our exploration program at Xavantina, has gone incredibly well, and the team have done a lot of great work there, particularly around extensions to the San Antonio vein system. So lots of good work that the team are doing and then a number of different areas within our exploration program. And we hope to be able to continue, as I said, to be able to talk more fruitfully about things in the new year.

我們在 Xavantina 的勘探計劃進展得非常順利，團隊在那裡做了很多出色的工作，特別是在聖安東尼奧靜脈系統的擴展方面。團隊正在做很多出色的工作，然後是我們探索計劃中的許多不同領域。正如我所說，我們希望能夠在新的一年裡繼續進行更豐富的討論。

Okay. Great. That's very helpful. And then just one other question, just with shifting back to sort of the Tucumã area and I guess, Furnas. There was -- previously, there were sort of high-level sort of talking of -- thinking about Tucumã in sort of in the greater context of a hub and spoke model. Furnas is kind of in the same area, but maybe a bit too far away to be hub and spoke, if I read between the lines. Is there still other opportunities that you're seeing there as well to feed into that strategy over time? Or is Furnas kind of the next step for, call it, the Carajás and Ero Copper?

好的。偉大的。這非常有幫助。然後還有一個問題，就是回到圖庫瑪地區，我猜是弗納斯。以前，有過某種高層討論——在中心輻射模型的更大背景下思考圖庫梅。弗納斯（Furnas）位於同一區域，但如果我從字裡行間看出，可能距離中心和輻射有點太遠了。隨著時間的推移，您是否也看到其他機會可以融入該策略？或者，Furnas 是 Carajás 和 Ero Copper 的下一步嗎？

Well, no. I think whether Furnas was in the Carajás or whether the Furnas was somewhere else in Brazil, Furnas, in and of itself, is a great opportunity for our company. With regards to Tucumã, it is a foundational asset in the Western Carajás. And as such, we and Mike and the team are broadening their work on regional exploration in and around Tucumã and the area there. There are some opportunities potentially that other people have looked at. We are evaluating these. They were a little bit earlier stage. But we certainly feel we're starting to get our feet wet in terms of the foundation that we have built in the Western Carajás and the opportunities to potentially grow our business there. I think it's very much a stay tuned thing right now to what's happening in the Western Carajás.

嗯，不。我認為無論弗納斯是在卡拉加斯還是在巴西的其他地方，弗納斯本身對我們公司來說都是一個很好的機會。就圖庫姆而言，它是西卡拉吉斯的基礎資產。因此，我們和麥克以及團隊正在擴大圖庫姆及其周邊地區和該地區的區域勘探工作。其他人已經關注過一些潛在的機會。我們正在評估這些。他們處於更早的階段。但我們確實感到，我們已經開始涉足在西卡拉吉斯建立的基礎以及在那裡發展業務的潛在機會。我認為現在需要密切關注西卡拉吉斯正在發生的事情。

The next question comes from Craig Hutchison of TD Securities.

下一個問題來自道明證券 (TD Securities) 的克雷格·哈奇森 (Craig Hutchison)。

Just with regards to Tucumã the $305 million, can you just provide some clarity in terms of how much that $305 million is left to spend, just the kind of cash component?

就圖庫姆的 3.05 億美元而言，您能否澄清一下這 3.05 億美元還剩下多少可用於支出，即現金部分？

Yes. Yes. Sure, Craig. So right, this is Makko again. So right now, physical completion last at the end of September, physical completion reached 70%, as you know. Our physical spend is tracking just behind that. So we're about 60% complete on direct project expenditures through the end of September.

是的。是的。當然，克雷格。沒錯，這又是 Makko。所以現在，最後一次物理完成是在九月底，物理完成率達到了70%，如你所知。我們的實際支出緊隨其後。因此，到 9 月底，我們的直接專案支出已完成約 60%。

Okay. Great. And then just in terms of liquidity, I recognize you guys have a fairly strong liquidity position now, but if copper prices sort of languish here for the next few quarters. Are you concerned at all about your liquidity position? And any kind of thoughts in terms of bolstering that through an upsized your credit facility or some other non-dilutive needs between now and get sort of mid next year when the project is complete?

好的。偉大的。然後就流動性而言，我認識到你們現在擁有相當強勁的流動性頭寸，但如果銅價在接下來的幾個季度中表現疲軟的話。您是否擔心自己的流動性狀況？從現在到明年中期專案完成時，有什麼想法可以透過擴大信貸額度或其他一些非稀釋性需求來支持這一點嗎？

Yes. Thanks for that, Craig. Like any company that has got major capital programs, we are constantly working with respect to scenario analysis on various metal prices with regards to -- as we've seen exchange rates and anything we can do with regards to mitigating that.

是的。謝謝你，克雷格。與任何擁有重大資本計劃的公司一樣，我們不斷致力於對各種金屬價格進行情境分析，因為我們已經看到了匯率以及我們可以採取的任何措施來緩解這種情況。

At current metal price levels, we're generally pretty comfortable but you can't run a company on that basis. You have to look at risk and manage risk around that in various scenarios and doing your scenario planning with respect to that. We're in the process of doing that. We do it constantly. And we're looking at all the levers that we have with regards to making sure that the company is protected in such a way that we can deliver Tucumã on time, and be able to bring that great operation into production.

在目前的金屬價格水準上，我們通常相當舒適，但你不能在此基礎上經營一家公司。您必須在各種場景中審視風險並管理風險，並就此進行場景規劃。我們正在這樣做。我們不斷地這樣做。我們正在研究我們擁有的所有手段，以確保公司受到保護，以便我們能夠按時交付 Tucumá，並能夠將這一偉大的運營投入生產。

So all I can tell you with regards to that is we continually and constantly looking at scenario analysis with regards to that. I will tell you, we will not risk this company with regards to anything. And if we feel it's prudent to pull other levers, we will do so. But this time, we're still in works with regards to evaluating various scenarios that we have.

因此，我能告訴你的是，我們不斷地、不斷地關注與此相關的場景分析。我會告訴你，我們不會讓這家公司承擔任何風險。如果我們認為採取其他手段是明智的，我們就會這樣做。但這一次，我們仍在努力評估我們擁有的各種場景。

The next question comes from Alexander Terentiew of Stifel.

下一個問題來自 Stifel 的 Alexander Terentiew。

A couple of questions for me. First, the Xavantina mine grades in the quarter are really impressive. The Matinha vein, obviously, a good contributor to that. Were they higher than expected? And if so, any potential read through to 2024?

有幾個問題問我。首先，本季 Xavantina 礦場的品味確實令人印象深刻。顯然，Matinha 靜脈對此做出了很好的貢獻。他們的成績比預期高嗎？如果是這樣，有可能讀到 2024 年嗎？

So yes, we got into Matinha early, and we did find some areas with grade was significantly higher than what we anticipated, and that has been a positive benefit with respect to that. It's too early to say right now where we will continue to go with regards to Matinha. There's some really interesting things that we're seeing. But I don't think any of us are going to change guidance with respect to what we think and with regards to Matinha right now. It's a great start. We're pretty excited. Our team is excited about what we've encountered. It has had a positive correlation. We continue to see higher grades than we anticipated. But we're not going to change anything with regards to guidance nor thinking on it right now with respect to Matinha.

所以，是的，我們很早就進入了 Matinha，我們確實發現一些區域的等級明顯高於我們的預期，這對此來說是一個積極的好處。現在談論 Matinha 的發展方向還為時過早。我們看到了一些非常有趣的事情。但我認為我們中的任何人都不會改變我們現在的想法和 Matinha 的指導。這是一個很好的開始。我們非常興奮。我們的團隊對我們所遇到的事情感到興奮。一直呈現正相關關係。我們繼續看到比我們預期更高的成績。但我們現在不會改變任何關於 Matinha 的指導或思考。

Okay. Good. Well, it's a good start anyways. Second question, at Furnas, you said greater than 240 holes drilled so far. That's a lot of holes. So can I read into that then, I mean, do you think you have enough information available already to put a 43-101 compliant resource together? And is that something we could expect over the next few months?

好的。好的。嗯，無論如何，這是一個好的開始。第二個問題，在 Furnas，您說到目前為止已鑽了 240 多個孔。那有很多洞。那麼我可以讀一下嗎？我的意思是，您認為您已經有足夠的資訊來將 43-101 合規資源放在一起嗎？這是我們未來幾個月可以期待的事嗎？

We -- so let's talk about our work at Furnas. Over the -- we have signed a binding letter of intent. We now move into negotiating a definitive agreement, both ourselves and Vale in terms of the team, each team's work going into this letter of intent spent a lot of time. We have been in conversations with Vale for the last 18 months with regards to this.

我們——讓我們來談談我們在 Furnas 的工作。我們已經簽署了一份具有約束力的意向書。我們現在開始談判一份最終協議，我們自己和淡水河谷就團隊而言，每個團隊在這份意向書的工作上都花費了大量時間。過去 18 個月我們一直在與淡水河谷就此事進行對話。

You can read that both companies are motivated with regards to getting the definitive agreement signed. That's going to take a few months. At the same time, we are doing a baseline study and initiating a baseline study, environmental baseline study for the basis of our work that we will then be adding to the project. Thereafter, Mike and the team working with the Vale team will start our drilling programs.

您可以看到兩家公司都渴望簽署最終協議。這需要幾個月的時間。同時，我們正在做基線研究，並啟動基線研究、環境基線研究，作為我們工作的基礎，然後我們將其添加到專案中。此後，麥克和與淡水河谷團隊合作的團隊將開始我們的鑽井計畫。

We have a clear idea of what we want to do with regards to the drilling that will be supportive of the work that Vale has done in and of themselves. Vale has been working on this project a long time. Rules have changed with regards to QA/QC, and there's a certain portion of the Vale database that needs to be updated, and that work will also be done. Hence, the reasons we're taking a conservative approach with regards to discussing the project right now until such time as we can get everything, the i's dot and t's cross with regards to it being compliant with 43-101. So we will be working on this project over the course of the next 12 months with regards to getting it there. I can't tell you when the 43-101 will be completed with regards to a resource. We have to work with our partner, Vale, determine that.

我們清楚地知道我們想要在鑽探方面做什麼，這將支持淡水河谷自己所做的工作。淡水河谷長期以來一直致力於該計畫。關於 QA/QC 的規則已發生變化，Vale 資料庫的某些部分需要更新，這項工作也將完成。因此，我們現在在討論該項目時採取保守的方法，直到我們能夠獲得所有內容，即它是否符合 43-101 的要求。因此，我們將在接下來的 12 個月內致力於該項目，以實現這一目標。我無法告訴您有關資源的 43-101 何時完成。我們必須與我們的合作夥伴淡水河谷合作確定這一點。

What you have seen in the definitive agreement business, an 18-month program that will be completed initially to generate a PEA on the project. And that's what we will be working towards. If there's opportunity, and we feel, along with our partner, Vale, that there's an opportunity put out a 43-101 earlier, we will do that, but we're going to be doing and working in partnership with Vale and moving this project forward.

您在最終協議業務中看到的是為期 18 個月的計劃，最初將完成以產生專案的 PEA。這就是我們將要努力的方向。如果有機會，並且我們與我們的合作夥伴 Vale 一起認為有機會提前推出 43-101，我們會這樣做，但我們將與 Vale 合作並推動該項目向前。

Okay. That's very helpful.

好的。這非常有幫助。

The next question comes from Jackie Przybylowski of BMO Capital Markets.

下一個問題來自 BMO 資本市場的 Jackie Przybylowski。

A couple of questions for you and maybe one that's on a slightly different subject. Can you give us an update on the PMA smelter? And how much of your material you're selling domestically versus internationally right now?

有幾個問題想問你，也許是稍微不同的主題。您能為我們介紹一下 PMA 冶煉廠的最新情況嗎？您現在在國內銷售的材料與在國際上銷售的材料有多少？

Thanks, Jackie. With respect to PMA, we did not make any sales during the quarter to PMA. PMA have had some maintenance issues with regards to the smelter and so have been working through that. As Eduardo De Come, as you know, our CEO here in Brazil, has been working with PMA and the PMA has been very open with got working with us on potential solutions down the road. There has been interest with regards to various things. It's not our role to get involved in this towards PMA coming back on stream and a stronger, healthier position. And we remain because we are an interested party sitting on the sidelines and talking to various entities.

謝謝，傑基。至於 PMA，本季我們沒有向 PMA 進行任何銷售。 PMA 的冶煉廠存在一些維護問題，因此一直在努力解決這個問題。如您所知，我們巴西的執行長 Eduardo De Come 一直在與 PMA 合作，PMA 一直非常開放地與我們合作研究未來的潛在解決方案。人們對各種事物都產生了興趣。我們的職責不是參與 PMA 恢復生產並獲得更強大、更健康的地位。我們留下來是因為我們是一個感興趣的各方，坐在場外與各個實體進行對話。

There may be an opportunity to send some material to them this quarter, but we're not relying upon it with regards to any of our projections that we will be selling anything to them in the fourth quarter.

本季可能有機會向他們發送一些材料，但我們並不依賴它來預測我們將在第四季度向他們出售任何東西。

Okay. No, that's helpful. And that's consistent with the guidance you gave earlier. I just wanted to see if that was changed at all. I appreciate that. If I could ask 1 other question on -- I guess, it's really related to the start-up of Tucumã, but just in general for the company. As we see Tucumã moving into production, can you talk a little bit about your working capital needs and how that may add to the amount of inventory and just sort of working capital that the company is going to need in general next year?

好的。不，這很有幫助。這與您之前給予的指導是一致的。我只是想看看這是否有所改變。我很感激。如果我可以問另一個問題——我想，這確實與 Tucumá 的新創公司有關，但只是針對該公司的一般情況。當我們看到 Tucumá 投入生產時，您能否談談您的營運資金需求以及這將如何增加庫存量以及公司明年總體需要的營運資金？

Yes, Jackie, great question. So both myself and Wayne have had this discussion numerous times over the past several months. We have -- in terms of working capital draw for first production at Tucumã sales we have a number of levers that we're exploring to absorb that working capital impact. So we don't anticipate a huge change with respect to working capital drawdown given some of the levers that we're exploring at this stage.

是的，傑基，好問題。所以我和韋​​恩在過去的幾個月裡已經多次討論過這個問題。就圖庫姆銷售首次生產的營運資金提取而言，我們正在探索多種槓桿來吸收營運資金的影響。因此，考慮到我們現階段正在探索的一些槓桿，我們預期營運資本縮減不會發生巨大變化。

Yes. I mean, Jackie, it's Wayne here. Obviously, we've had initial indications on the -- the concentrate coming out of Tucumã is pretty desirable spec. We're in advanced discussions with various offtakers to enter into first year contracts around that. And obviously, there's opportunity in those to manage our working capital needs.

是的。我是說，傑基，這是韋恩。顯然，我們已經有了初步跡象——來自 Tucumá 的濃縮物是非常理想的規格。我們正在與各個承購商進行深入討論，以簽訂第一年合約。顯然，這些有機會管理我們的營運資金需求。

Sorry, Wayne, I didn't mean to cut you off.

抱歉，韋恩，我不是故意打斷你的。

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

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

My first question was just to one, so I'll roll over here. Can you clarify the key components of the 3.0 project in terms of timing? And I've got the mill ramping up to 4.2 in 2024. But what does -- what and when does the second shaft add to the mining rate?

我的第一個問題只是針對一個問題，所以我會轉到這裡。您能否從時間上闡明 3.0 項目的關鍵組成部分？我已經將磨機在 2024 年提高到 4.2。但是第二個豎井會在何時以及什麼情況下增加採礦率？

Yes, good question, Gordon. So yes, that's -- you're spot on in the mill expansion. Obviously, we're completing the installation and commissioning phase in Q4 as we outlined in our MD&A news release today.

是的，好問題，戈登。所以，是的，那就是——你在工廠擴張中處於正確的位置。顯然，正如我們今天在 MD&A 新聞稿中概述的那樣，我們將在第四季度完成安裝和調試階段。

The shaft handover to operations obviously involves -- we're -- as I like to say, we're 40 meters complete on the precinct and about 1,460 meters to go on the shaft. So we -- that progress will start here at the end of the year or in parallel with our underground infrastructure. We're forecasting an on-time delivery of the shaft project in Q4 of 2026. So it will be fully operational in 2027.

豎井移交給營運顯然涉及——我們——正如我想說的，我們已經在該區域完成了 40 米，還有大約 1,460 米的豎井尚未完成。所以我們——這一進展將在今年年底開始，或與我們的地下基礎設施同步開始。我們預計該豎井專案將在 2026 年第四季按時交付。因此它將在 2027 年全面投入營運。

Okay. And do you have an idea what that would do to the mine rate?

好的。你知道這會對挖礦率產生什麼影響嗎？

The overall mining rate from the Pilar mine will be 3 million tons. That's the objective. 2.0 terminology customer.

Pilar礦的整體開採量將為300萬噸。這就是目標。 2.0 術語客戶。

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

問答環節到此結束。我想將會議轉回大衛·斯特朗（David Strang）發表閉幕詞。

Thank you, operator, and thank you again, everybody, for coming on the call. I really appreciate the questions that we have -- that we received, and we look forward to talking to you at -- or I guess, it's going to be February with respect to the next call on the annual results. Hopefully, we get to see a lot of you in between that and continue to have discussions. We're always available to answer anybody's questions with regards to how operations are doing.

謝謝接線員，再次感謝大家撥通電話。我真的很感謝我們收到的問題，我們期待與您交談，或者我猜，下一次年度業績電話會議將在二月舉行。希望我們能在此期間見到你們並繼續進行討論。我們隨時可以回答任何人有關營運情況的問題。

And again, I just need to thank the team, our overall team for the great work they continue to do in terms of delivering both operationally and on our projects basis and getting to the goal that we're looking to achieve. So thanks to everybody, and thanks again to everybody on the call. Thank you, operator.

再次，我只需要感謝我們的團隊，我們的整個團隊，他們在營運和專案基礎上繼續所做的出色工作，並實現我們希望實現的目標。感謝大家，並再次感謝參加電話會議的所有人。謝謝你，接線生。

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

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