Ero Copper Corp (ERO) 2024 Q2 法說會逐字稿

Thank you for standing by, this is the conference operator welcome to the Ero Copper, second quarter 2024 operating and financial results conference call and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. (Operator Instructions).

感謝您的耐心等待，這是會議運營商歡迎參加 Ero Copper 2024 年第二季度運營和財務業績電話會議，會議正在錄製中。演講結束後，將有機會提問。（操作員說明）。

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

現在我想將會議交給企業發展、投資者關係和永續發展高級副總裁 Courtney Lynn。請繼續。

Thank you, operator. Good morning and welcome to Ero Copper's second quarter 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 three and six months ended June 30, 2024. 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.

謝謝你，接線生。早安，歡迎參加 Ero Copper 第二季財報電話會議。我們的營運和財務表現於昨天下午發布，並可在我們的網站上查看，以及截至 2024 年 6 月 30 日的三個月和六個月的財務報表和 MD&A。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。

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 impact on future performance. As a reminder and unless otherwise noted, all amounts are in US dollars.

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.

謝謝你，考特尼，也謝謝大家今天加入我們。

Before we discuss our second quarter results, I want to acknowledge what a challenging week this has been for our organization. As announced earlier this week, one of our colleagues at the Caraiba Operations was fatally injured in an incident involving a light-duty pickup truck on surface and another of our colleagues remains in critical condition.

在我們討論第二季業績之前，我想承認這對我們的組織來說是充滿挑戰的一周。正如本週早些時候宣布的那樣，我們 Caraiba 營運部門的一名同事在一場涉及地面輕型皮卡車的事故中受了致命傷，另一名同事仍處於危急狀態。

We are providing our full support to the families and co-workers of the individuals involved during this incredibly difficult time. Out of respect for those affected, we do not plan to discuss the incident further.

在這個極為困難的時期，我們將向相關人員的家人和同事提供全力支持。出於對受影響者的尊重，我們不打算進一步討論這起事件。

Safety is a non-negotiable aspect of our operating philosophy and we remain unwavering in our commitment to this mission. With that said, we will now turn our focus to discussing updates from our second quarter.

安全是我們經營理念中不容談判的一個面向，我們堅定不移地致力於實現這項使命。話雖如此，我們現在將重點轉向討論第二季的更新。

During the quarter, the Tucuma Project was awarded its operational license and achieved first concentrate production at the end of June. In mid-July, we achieved production of first saleable copper concentrate at above-designed target concentrate grades.

本季度，圖庫馬專案獲得營運許可證，並於 6 月底實現首次精礦生產。7月中旬，我們實現了第一批可銷售銅精礦的生產，精礦品位高於設計目標。

While Makko will discuss our ramp-up schedule in greater detail, I can share that the Tucuma plant continues to perform well, and we remain on track to reach commercial production levels by the end of the third quarter.

雖然 Makko 將更詳細地討論我們的產能提升計劃，但我可以分享的是，圖庫馬工廠繼續表現良好，我們仍有望在第三季末達到商業生產水平。

As we advance towards doubling copper production next year, we continue to execute on our longer-term growth strategy. These efforts were highlighted by the announcement last week that we signed a definitive earning agreement with Vale Base Metals on the Furnas Copper Project in the Carajas Mineral Province.

隨著明年銅產量翻一番，我們將繼續執行長期成長策略。上週我們宣布與淡水河谷賤金屬公司就卡拉哈斯礦產省的弗納斯銅計畫簽署了最終獲利協議，這凸顯了這些努力。

This agreement aligns with the terms outlined in our previously signed in binding term sheet detailed in our press release on October 30, 2023. Earlier this year, we commenced baseline environmental studies, core relogging and validation programs at Furness in support of an inaugural NI 43-101 resource estimate, which we expect to publish later this year.

該協議與我們先前簽署的具有約束力的條款清單中概述的條款一致，詳情請參閱我們於 2023 年 10 月 30 日發布的新聞稿。今年早些時候，我們在弗內斯開始了基線環境研究、岩心重新記錄和驗證計劃，以支持首次 NI 43-101 資源估算，我們預計將在今年稍後發布。

In parallel, we have continued to compile and update the extensive work previously completed on the project by Vale, which includes significant metallurgical, geotechnical, environmental, process design and site planning studies. With the definitive agreement now in place, we expect to initiate our 1st exploration campaign later this year.

同時，我們繼續彙編和更新淡水河谷先前在該專案上完成的大量工作，其中包括重要的冶金、岩土、環境、製程設計和場地規劃研究。隨著最終協議的落實，我們預計將在今年稍後啟動第一次勘探活動。

Before I turn the call over to Makko and Wayne, I will touch briefly on our operating results at Caraiba and Xavantina, as well as financial results for the quarter. At Caraiba, we continue to see the benefit of our mill expansion completed late last year, reflected in quarterly throughputs with tons processed up 12.2% quarter-on-quarter and 17.9% compared to Q4 2023.

在將電話轉給 Makko 和 Wayne 之前，我將簡要介紹 Caraiba 和 Xavantina 的營運表現以及本季的財務表現。在 Caraiba，我們繼續看到去年底完成的工廠擴建帶來的好處，這反映在季度吞吐量上，處理噸數環比增長 12.2%，與 2023 年第四季度相比增長 17.9%。

This higher throughput volume offset slightly lower processed copper grades compared to the Q1, resulting in a 9.6% increase in copper production of 8,867 tons in concentrate.

與第一季相比，吞吐量的增加抵消了加工銅品位略有下降的影響，導致銅精礦產量增加 9.6%，達到 8,867 噸。

While we had success in catching up on development of high-grade stopes at the Pilar mine in April, May, mining from these high-grade stopes came later in the quarter than planned. And one high-grade stope, in particular, experienced higher than planned dilution.

雖然我們在 4 月和 5 月成功趕上了 Pilar 礦高品位採場的開發，但這些高品位採場的開採在本季度比計劃進行得晚。特別是一處高品位採場的貧化程度高於計畫。

When combined with lower milled grades at Vermeus due to mine sequencing and a higher proportion of mill feed from the Suriname open pit, processed copper grades averaging 1.03% for the quarter.

加上 Vermeus 由於礦山排序而導致的較低研磨品位以及來自蘇利南露天礦的研磨原料比例較高，本季加工銅品位平均為 1.03%。

With respect to our C1 costs, we are starting to see the impact of persistent tightness in the copper concentrate market, which has led to some of the most favorable treatment in refining terms we have ever seen. Over the last several months, we capitalized on these dynamics by entering into longer-term contracts with our copper concentrate customers.

就我們的 C1 成本而言，我們開始看到銅精礦市場持續緊張的影響，這導致我們在精煉方面獲得了一些我們所見過的最優惠的待遇。在過去的幾個月裡，我們利用這些動態與銅精礦客戶簽訂了長期合約。

We secured a blending treatment charge of just over $5 per ton and a $0.05 refining charge on 100% of our consolidated copper production including both Caraiba and Tucama from May through the end of the year. By comparison, our copper concentrate treatment and refining charges averaged nearly $80 per ton and $0.08 per pound from January through April of this year.

從 5 月到年底，我們對 100% 的綜合銅產量（包括 Caraiba 和 Tucama）收取了每噸略高於 5 美元的混合處理費和 0.05 美元的精煉費。相比之下，今年 1 月至 4 月，我們的銅精礦處理和精煉費用平均接近每噸 80 美元和每磅 0.08 美元。

The significant reduction in our treatment charges, as well as the strengthening of the dollar against the Brazilian Reais contributed to lower copper C1 cash costs of $2.16 per pound of copper produced during the second quarter.

我們的處理費用大幅降低，以及美元兌巴西雷亞爾走強，導致第二季生產的銅 C1 現金成本降低至每磅 2.16 美元。

This decrease in unit operating costs coupled with copper prices that hit all-time highs during the period drove increased gross profit margins at Caraiba compared to the Q1.

單位營運成本的下降加上銅價在此期間創下歷史新高，推動 Caraiba 的毛利率較第一季提高。

Our Xavantina operations also saw another exceptional quarter with an expansion in gross profit margins during the Q2, reflecting a continuation of elevated grades and record gold prices, which have rallied even higher in the Q3.

我們的 Xavantina 業務也迎來了又一個出色的季度，第二季度毛利率有所擴大，反映出品級持續上升和金價創紀錄，而第三季度金價甚至上漲得更高。

Gold production at Xavantina was 16,555 ounces with tons processed up 6.9% quarter-on-quarter and gold grades continuing to trend above long-term block model grades.

Xavantina 的黃金產量為 16,555 盎司，加工噸數較上季成長 6.9%，黃金品位持續高於長期區塊模式品位。

As a result, unit operating costs remain below budget with C1 cash costs and all in sustaining costs coming in at $428 and $842 respectively per ounce of gold produced.

因此，單位營運成本仍然低於預算，C1 現金成本和所有維持成本分別為每盎司黃金 428 美元和 842 美元。

The combination of solid production across our operations and strong market tailwinds resulted in second quarter operating cash flow of $14.7 million and adjusted EBITDA of $51.5 million.

我們業務的穩健生產和強勁的市場順風相結合，導致第二季度營運現金流達 1,470 萬美元，調整後 EBITDA 達 5,150 萬美元。

As we look to the second half of the year, we expect consolidated copper production to increase sequentially each quarter, driven largely by the ramp-up at Tucumã. We also expect higher mined and processed grades at Carajás to result in higher production and contribute to lower unit operating costs in the second half of the year.

展望今年下半年，我們預計綜合銅產量將每季持續成長，這主要是由圖庫姆產量增加所推動的。我們也預期卡拉吉斯更高的開採和加工品位將帶來更高的產量，並有助於降低今年下半年的單位營運成本。

While we are reaffirming all of our copper production and cash cost guidance ranges, we are now guiding to the lower end of our copper production guidance range for Carajás. At Xavantina, we expect mined and processed gold grades to remain above budget in the second half of the year based on channel sampling from development drives.

在我們重申所有銅產量和現金成本指導範圍的同時，我們現在將卡拉加斯銅產量指導範圍的下限作為指導範圍。在 Xavantina，根據開發活動的管道抽樣，我們預計下半年開採和加工的黃金品位將保持在預算之上。

While grades should remain elevated, they are projected to decrease relative to the second quarter, leading to slightly lower production and higher unit costs in the second half compared to the first half of 2024.

雖然品級應保持在較高水平，但預計相對於第二季將有所下降，導致下半年產量與 2024 年上半年相比略有下降，單位成本更高。

However, due to strong year-to-date operating cost performance, full-year unit operating costs are now projected to be lower than we had originally budgeted, and we are reducing our full-year gold C1 cash cost guidance by $100 to a range of $450 to $550 per ounce of gold produced. We are also lowering our all-in sustaining cost guidance by $150 to a range of $900 to $1,000 per ounce of gold produced.

然而，由於年初至今的營運成本表現強勁，預計全年單位營運成本將低於我們最初的預算，我們將全年黃金 C1 現金成本指引降低 100 美元至一定範圍每盎司黃金產量為 450 至 550 美元。我們還將生產每盎司黃金的整體維持成本指引降低 150 美元，至 900 至 1,000 美元之間。

I will now pass the call to Makko, after which Wayne will provide more detail on our financial results.

我現在將把電話轉給 Makko，之後韋恩將提供有關我們財務表現的更多詳細資訊。

Thank you, and good morning, everyone. As David mentioned, the ramp-up of Tucuma is advancing well we successfully produced first concentrate in late June, and by mid-July, in line with our internal target date, achieved a pivotal milestone of producing first saleable copper concentrate.

謝謝大家，大家早安。正如David 所提到的，Tucuma 的產能提升進展順利，我們在6 月下旬成功生產了第一批精礦，到7 月中旬，根據我們的內部目標日期，實現了生產第一批可銷售銅精礦的關鍵里程碑。

Our primary focus during this first phase of ramp-up was to stabilize material flow rates throughout the process plant and produce a quality concentrate at near-design recoveries. While early in our ramp-up, we have been extremely pleased with the performance of the plant thus far.

在第一階段的產能提升中，我們的主要重點是穩定整個加工廠的材料流量，並以接近設計的回收率生產優質濃縮物。在我們啟動初期，我們對工廠迄今的表現感到非常滿意。

As noted previously, we have been able to achieve above-design concentrate grades while maintaining recoveries. Transitioning into August, our primary priority will shift to steadily increasing throughput volumes while maintaining concentrate quality and recovery rates.

如前所述，我們能夠在保持回收率的同時達到高於設計的精礦品位。進入八月，我們的首要任務將轉向穩定增加吞吐量，同時保持精礦品質和回收率。

Based on our performance to date, we are on the right track to achieve commercial production levels, which we define as 80% of design mill capacity and 80% of design recovery rates by the end of the third quarter.

根據我們迄今為止的表現，我們正走在實現商業生產水準的正確軌道上，我們將其定義為到第三季末達到設計工廠產能的 80% 和設計回收率的 80%。

On the mining side, we continue to make strong progress during the quarter, completing the mine's pre-strip phase in April well ahead of schedule. By the end of June, we had approximately 460,000 tons of ore sitting on our run-of-mine stockpile and another 44,000 tons grading above 2% copper blasted in the mine available for transport.

在採礦方面，我們在本季繼續取得強勁進展，提前於 4 月完成了礦場的預剝離階段。截至 6 月底，我們的原礦庫存中約有 46 萬噸礦石，另有 44,000 噸品位高於 2% 的銅在礦井中噴砂可供運輸。

Given the strong pace we've been able to maintain on mining rates, as well as the early completion of pre-stripping and the build of run-of-mine and crushed ore stockpiles, we've increased our capitalized ramp-up expenditures guidance for Tucuma to reflect the additional two and a half months of mining and ciliary costs associated with the early run rates of our crushing conveyance and screening systems, as well as costs associated with the now fully operational laboratory on site.

鑑於我們能夠保持採礦率的強勁步伐，以及提前完成預剝離以及原礦和碎礦石庫存的建設，我們增加了資本化的增長支出指導圖庫馬反映了與我們破碎輸送和篩選系統的早期運行率相關的額外兩個半月的採礦和纖毛成本，以及與目前全面運作的現場實驗室相關的成本。

It is worth noting that Tucuma's growth CapEx guidance range update reflects a revised tax position, resulting in approximately $12 million of capitalized taxes that have been deemed to be nonrecoverable. With the Tucuma construction complete and ramp up underway, we will be shifting the focus of our Tucuma engineering and project execution team to the Furnas project.

值得注意的是，Tucuma 的成長資本支出指導範圍更新反映了修訂後的稅收狀況，導致約 1,200 萬美元的資本化稅收被視為不可收回。隨著 Tucuma 建設的完成和啟動，我們將把 Tucuma 工程和專案執行團隊的重點轉移到 Furnas 專案。

Over the last few months, working closely with the Vale base metals team, we've transferred approximately half of the 90,000 meters of historic drill core to our core logging facility in Parapuevas and commenced re logging, resampling and validation work programs.

在過去的幾個月裡，我們與淡水河谷賤金屬團隊密切合作，將90,000 公尺歷史鑽探岩心的大約一半轉移到我們位於帕拉普埃瓦斯的岩心測井設施，並開始重新測井、重新採樣和驗證工作計劃。

As David mentioned, we expect to publish a maiden resource estimate on the project incorporating this work later this year as well as kick off our Phase 1 drill program. At Caraiba, shaft sinking is progressing on schedule to achieve our target depth of 600 meters by year end.

正如大衛所提到的，我們預計將在今年稍後發布包含這項工作的項目的首次資源估算，並啟動我們的第一階段鑽探計劃。Caraiba 的豎井鑿井工作正在按計劃進行，以期在年底前實現 600 公尺深度的目標。

During the quarter, we successfully connected the main shaft with the interface between the first and second raised bore legs and civil works for the third raised bore leg of the shaft commenced on schedule. Raised boring of the third leg is underway, and we expect to continue through year end.

本季度，我們成功將主軸與第一、第二突孔支架之間的介面連接起來，第三突孔支架的土木工程如期開始。第三段的天井鑽孔正在進行中，我們預計將持續到年底。

In parallel, we have continued to advance underground infrastructure in support of the deepening project, including development and underground support related to the shafts ore handling and conveyance systems as well as the underground crusher chamber. The project continues to remain on track for shaft handover to operations in Q4 of 2026.

同時，我們繼續推進地下基礎設施建設，以支持深化項目，包括與豎井礦石裝卸和運輸系統以及地下破碎機室相關的開發和地下支援。該項目繼續按計劃於 2026 年第四季將井筒移交營運。

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

我現在將打電話給韋恩討論我們的財務業績

Thank you, Makko. As Dave highlighted, our quarterly financial results reflect a combination of solid operating results and favorable market dynamics that drove an increase in gross profit margins across our operations. This resulted in higher adjusted EBITDA of $51.5 million and adjusted net income attributable to the owners of the company of $18.6 million or $0.18 per share on a diluted basis when compared to the Q1 of 2024.

謝謝你，馬科。正如戴夫所強調的那樣，我們的季度財務表現反映了穩健的經營業績和有利的市場動態的結合，推動了我們整個業務毛利率的成長。與 2024 年第一季相比，調整後 EBITDA 增加至 5,150 萬美元，調整後歸屬於公司所有者的淨利潤增加至 1,860 萬美元，即攤薄後每股收益 0.18 美元。

The favorable market conditions we experienced during the second quarter included a strengthening of the USDollar against the Real, causing the exchange rate to increase from 5.01 on March 31 to 5.55 on June 30. While this move has benefited our operating costs and capital expenditures, it resulted in non-cash unrealized foreign exchange losses, primarily related to the translation of USdollar-denominated intercompany debt in Brazil, for which the functional currency is the Real.

我們在第二季經歷的有利市場條件包括美元兌雷亞爾走強，導致匯率從 3 月 31 日的 5.01 升至 6 月 30 日的 5.55。雖然此舉有利於我們的營運成本和資本支出，但它導致了非現金未實現外匯損失，主要與巴西以美元計價的公司間債務換算有關，其功能貨幣是雷亞爾。

With respect to the cash settlement of foreign exchange derivatives, we recognized a loss of $1 million for the quarter, but a net gain of $1.1 million for the first half of the year. Our liquidity position at the end of the quarter remained strong at approximately $170 million. With construction of the Tucuma project now complete and production ramping up, our cash flow profile and liquidity position are expected to strengthen significantly through the second half of the year.

對於外匯衍生性商品的現金結算，我們確認本季虧損 100 萬美元，但上半年淨收益 110 萬美元。本季末我們的流動性部位仍然強勁，約為 1.7 億美元。隨著圖庫馬計畫的建設現已完成和產量的增加，我們的現金流狀況和流動性狀況預計將在今年下半年顯著加強。

With that, I'll pass the call back to David to share some closing thoughts.

接下來，我會將電話轉給 David，分享一些結束語。

Thank you, Wayne, and everyone who joined the call today. Before we proceed to the Q&A session, I want to extend my deepest gratitude to our teams in Brazil and Canada for their continued commitment and hard work in executing on both our operating plan and our organic growth strategy.

謝謝韋恩和今天加入電話會議的所有人。在我們進行問答環節之前，我想對我們在巴西和加拿大的團隊表示最深切的感謝，感謝他們在執行我們的營運計劃和有機增長戰略方面的持續承諾和辛勤工作。

In particular, I would like to thank Makko for his outstanding leadership on the senior management team in terms of moving the Company forward in terms of getting Tucuma to where it is today.

我特別要感謝 Makko 在高階管理團隊中的出色領導，推動公司向前發展，讓 Tucuma 取得今天的成就。

It's always a team effort and I certainly don't want to pick out one individual in particular, but I think at this point that is warranted. We are well-positioned to achieve both record copper and gold production this year and look forward to continuing this growth journey over the coming quarters.

這始終是團隊的努力，我當然不想特別挑選一個人，但我認為在這一點上這是有道理的。我們有能力在今年實現創紀錄的銅和黃金產量，並期待在未來幾季繼續這一成長之旅。

Now I will hand the call back to the operator to open the line for questions. Operator?

現在我會將電話轉交給接線員以開啟提問線路。操作員？

We will now begin the question-and-answer session. (Operator Instructions).

我們現在開始問答環節。（操作員說明）。

Orest Wowkodaw with Scotiabank.

Orest Wowkodaw 與豐業銀行。

Good morning, everybody. Congratulations on getting to come up to the finish line. I was wondering if we can get some a little bit more color in terms of how the ramp-ups going from Morocco, specifically like what you're seeing in terms of recoveries and throughput in these early days?

大家早安。恭喜您到達終點。我想知道我們是否可以就摩洛哥的增長情況獲得更多信息，特別是像您在早期看到的恢復率和吞吐量方面的情況？

Thanks, Orest. Yes, look, I think it's probably a bit too early to talk specific details on recovery and concentrate grade. I guess at a general level, given we're sort of a couple weeks since we achieved saleable concentrate.

謝謝，奧雷斯特。是的，聽著，我認為現在談論有關回收率和精礦品位的具體細節可能有點為時過早。我想在一般水平上，考慮到我們距離達到可銷售的濃縮液還有幾週的時間。

What I can tell you is that based on the fee grades that we're seeing, which as you can imagine during this first couple weeks of ramp-up here are low. Obviously, we want to save some of that extremely high-grade material for when things are, our recoveries have improved and throughput rates are higher.

我可以告訴你的是，根據我們所看到的費用等級，正如你可以想像的那樣，在這幾週的增長過程中，費用等級很低。顯然，我們希望節省一些極其優質的材料，以便我們的回收率得到改善並且生產率更高。

But based on the grades that we've seen so far, I can say that our concentrate grades are quite a bit above what we were expecting if you look at the expectations in the feasibility curve and our recovery rates are near design targets, so just slightly below given the grades that we're feeding at. In terms of throughput volumes, we've been able to steadily increase so far to about 40% to 50% of the design throughput capacity, which given the performance we're seeing on recovery and concentrate grades is a good sign. To put that into context, we're about halfway through to our 80% commercial production level in terms of mill throughput.

但根據我們迄今為止看到的品位，我可以說，如果您查看可行性曲線中的預期，我們的精礦品位遠遠高於我們的預期，並且我們的回收率接近設計目標，所以只是考慮到我們正在餵食的等級，略低於。就吞吐量而言，到目前為止，我們已經能夠穩步增加至設計吞吐量的 40% 至 50% 左右，考慮到我們在回收率和精礦品位上看到的表現，這是一個好兆頭。結合實際情況來看，就工廠吞吐量而言，我們已達到 80% 商業生產水準的一半左右。

That's impressive to hear. Just a question for Wayne around this on the accounting side. Should we expect no financials related to Tucuma until you reach that commercial production or should we be modeling effectively since the start of Q3? I'm just wondering how the third quarter is going to shape up from an accounting perspective.

聽到這真是令人印象深刻。關於會計方面的問題，請教韋恩。在達到商業生產之前，我們是否應該期望沒有與 Tucuma 相關的財務數據，或者我們應該從第三季開始就有效建模？我只是想知道從會計角度來看第三季將如何發展。

Sure. So, in the third quarter, because we're now generating or expect to generate revenue with our first sales, we will be expensing some of the costs. That's the requirement under the new accounting guidelines that came in a few years ago. But until we hit commercial production, it's only a portion of those costs that ultimately get expensed. And that's a direct ratio.

當然。因此，在第三季度，因為我們現在正在產生或預計透過我們的第一筆銷售產生收入，所以我們將支出一些成本。這是幾年前推出的新會計準則的要求。但在我們實現商業化生產之前，最終支出的只是其中一部分成本。這是一個正比。

So, until we reach the 80% throughput and recovery, a portion of the costs will be expensed and a portion of the costs will be capitalized. And as it relates to the mining costs specifically, all costs will go into inventory. All waste costs will be capitalized until we declare commercial production.

因此，在我們達到 80% 的吞吐量和回收率之前，一部分成本將被費用化，一部分成本將被資本化。由於它與採礦成本特別相關，因此所有成本都將計入庫存。在我們宣布商業生產之前，所有廢棄物成本都將資本化。

So, in essence, you will see some expenses against Tucuma in Q3, assuming we make obviously sales, which is our expectation, but it will be significantly less than obviously the steady state, which we would expect to see in Q4.

因此，本質上，您將在第三季度看到 Tucuma 的一些費用，假設我們有明顯的銷售，這是我們的預期，但它將明顯低於我們預計在第四季度看到的穩定狀態。

Okay. And then one quick one, if I could, just on the big picture. So, with Tucuma now ramping up, your free cash flow is going to significantly improve. Is the focus the focus for 2025, is that gonna be on deleveraging the balance sheet or should we expect expenditures to ramp up for exploration around Furnas and other endeavors?

好的。如果可以的話，然後快速介紹一下大局。因此，隨著 Tucuma 現在的發展，您的自由現金流將顯著改善。2025 年的重點是去槓桿化資產負債表，還是我們應該預期弗納斯和其他項目周圍的勘探支出會增加？

Thanks, Horace. With regards to the second part of your question, with our commitments to Furnas, we don't expect our overall exploration budget to materially change from what it currently is. There may be some reallocation of some exploration from some of the other projects that we have been working on to Furnas. So, we don't expect a big material change in exploration expenses with regards to that. But the focus is obviously to delever the balance sheet and that is going to be the prime focus of Wayne and his team as we move into '25.

謝謝，霍拉斯。關於你問題的第二部分，根據我們對 Furnas 的承諾，我們預計我們的整體勘探預算不會與目前相比發生重大變化。我們一直在進行的一些其他項目的一些勘探可能會重新分配給弗納斯。因此，我們預計勘探費用不會有重大變化。但重點顯然是去槓桿化資產負債表，這將是韋恩和他的團隊在進入 25 年時的主要關注點。

Perfect. Thank you.

完美的。謝謝。

Bryce Adams with CIBC Capital Markets.

布萊斯亞當斯 (Bryce Adams) 與 CIBC 資本市場部。

Thanks, David and team. Appreciate the update here today. And first question, can you confirm that there was a seismic event at Caribbean late last week, a small earthquake in the region. And then I don't want to I'm not trying to link it to the fatality, but were those two events. I think we separate from each other?

謝謝大衛和團隊。感謝今天的更新。第一個問題，你能否證實上週晚些時候加勒比地區發生了地震，該地區發生了小地震。然後我不想我不想把它與死亡聯繫起來，而是那兩個事件。我想我們會分開嗎？

Thanks, Bryce. This is Makko. Yes, look, the curve operations like most active mining operations that are operating deep underground has seismic events. We have a micro-seismic monitoring system that has been in place since we started the company in 2017 the two events are completely unrelated look forward to our initial assessment goes.

謝謝，布萊斯。這是馬可。是的，看，像大多數活躍的地下深處採礦作業一樣，曲線作業也會發生地震事件。自 2017 年公司成立以來，我們就已經建立了微震監測系統，這兩個事件完全無關，期待我們的初步評估。

Okay. Can you and so the seismic event, was it bigger than typical one or are there any impacts on-site from that?

好的。您能否介紹一下這次地震事件，它比典型的地震事件大嗎？

Yes, Bryce, look we did have a seismic event. I'd say that in terms of its magnitude, it was in line with our expectations and what we've seen historically. We did as a matter of protocol evacuate the mine temporarily so that our geotechnical team could do a full assessment of all operating levels and we've returned to operations.

是的，布萊斯，看我們確實發生了地震事件。我想說，就其規模而言，它符合我們的期望和我們歷史上所看到的情況。按照協議，我們暫時撤離了礦井，以便我們的岩土工程團隊能夠對所有作業級別進行全面評估，並且我們已經恢復作業。

Okay, thanks. Sticking with Caraiba, you mentioned the high grade started to come through in late in Q2. What are your grade expectations for the second half of the year? What's in that mine plan? And then how confident are you in that plan?

好的，謝謝。堅持 Caraiba，您提到高等級在第二季度末開始出現。你對下半年的成績有何期望？那個採礦計畫裡面有什麼？那麼你對這個計畫有多大信心？

So, Bryce, you mean Tucuma, correct? You said Caraiba?

那麼，布萊斯，你的意思是圖庫瑪，對嗎？你說卡萊巴？

Yes, I meant Caraiba actually. Like the grades have been lower in the first half. I thought you mentioned there was some high grade very late in Q2?

是的，我實際上指的是 Caraiba。就像上半年成績較低。我記得你提到第二季度很晚有一些高分？

Yes, there was high grade. So, as we mentioned in the first quarter call, we mine a combination of low and high-grade stopes. The high-grade stopes typically are 30% to 40% of our total stopes that we mine. And so, when we get those, it's always about trying to make sure that we mine them as efficiently as possible and as carefully as possible. We ran into dilution in one of these super high-grade stopes with some over break on one of those, so we didn't get the same grades as we were expecting.

是的，等級很高。因此，正如我們在第一季電話會議中提到的，我們開採低品位和高品位採場的組合。高品位採場通常占我們開採的採場總數的 30% 至 40%。因此，當我們獲得這些資源時，我們總是必須努力確保我們盡可能有效率、盡可能仔細地開採它們。我們在其中一個超高品位採場中遇到了稀釋問題，其中一個採場出現了一些超斷，因此我們沒有獲得與預期相同的品位。

Typically, these high-grade stopes can run anywhere between 3% and 5% on average grade, and we have them scattered amongst our production for the rest of the year. Our expectation with respect to the rest of the year is that proportion of high-grade stopes to low-grade stopes leans more to the high-grade stopes, and hence the reason the expectation of higher grades will be coming through.

通常，這些高品位採場的平均品位可以在 3% 到 5% 之間，我們將它們分散在今年剩餘時間的生產中。我們對今年剩餘時間的預期是，高品位採場與低品位採場的比例更傾向於高品位採場，因此更高品位的預期將會實現。

All right. I appreciate that. That's all for me. Many thanks.

好的。我很欣賞這一點。這就是我的全部。非常感謝。

Dalton Baretto from Canaccord.

Canaccord 的 Dalton Baretto。

Thanks, Dalton. Thanks for taking away our happy moment and enjoying starting the mine-up. Yes, we're already on top of that. We actually, as you may or may not remember, for those of you who don't know the story as well, going back longer term, we do have an underground resource at Tucuma.

謝謝，道爾頓。感謝您帶走我們的快樂時光並享受開始採礦的樂趣。是的，我們已經做到了這一點。事實上，你可能記得也可能不記得，對於那些也不了解這個故事的人來說，從長遠來看，我們在圖庫馬確實有一個地下資源。

It is contained in terms of a portion of that is contained in our resource estimates that you can find in our 43-101 report for the project. We have now mobilized the drill rigs to come back in. We're now, I believe in September, the rigs will be turning, and we're now in the process of continuing to drill and continue the drilling of the underground resource.

它包含在我們的資源估算中，您可以在我們的 43-101 專案報告中找到其中的一部分。我們現在已經調動鑽孔機返回。現在，我相信在九月份，鑽孔機將開始運轉，我們現在正在繼續鑽探地下資源。

Ideally, what we would be in a situation would be is by 2027, we want to reasonably aggressively drill the underground resource, is be in a position to start supplementing or replacing some of the lower-grade material in the open pit with some higher-grade material from the underground mine that we hope that will be able to be developed over that time period.

理想情況下，我們的情況是，到 2027 年，我們希望合理積極地鑽探地下資源，能夠開始用一些更高品位的材料來補充或替換露天礦坑中的一些低品位材料。時間內開發來自地下礦場的品位材料。

It's early days with regards to that process, so I wouldn't be adjusting any models, but you did ask and so this is the plan that we want to do in terms of the work here is start to work towards that development plan. So that's the best I can tell you right now. Probably in the fourth quarter, end of the year, we'll be in a better position to start discussing how the results of the drill program are going.

這個過程還處於早期階段，所以我不會調整任何模型，但你確實問過，所以這就是我們想要做的計劃，即開始努力實現該開發計劃。這就是我現在能告訴你的最好的訊息。可能在今年第四季度，我們將能夠更好地開始討論鑽探計劃的結果。

Thanks, David. And then just sticking with drill rigs here, I wonder if we can get an update on exploration in the Carajás Camp and if there's any change in strategy following some new personnel additions you've just made.

謝謝，大衛。然後就繼續在這裡使用鑽機，我想知道我們是否可以獲得卡拉加斯營地勘探的最新信息，以及在您剛剛增加了一些新人員後戰略上是否有任何變化。

Well, that was cryptic. For those who don't know, a gentleman named Mike Hocking has joined our team, to join Mike's team. For those who know Mike, he needs no introduction. For anybody who doesn't know Mike, Mike Hocking is one of the great up-and-coming GEOs in our business, and we're really, really happy that Mike has joined our team.

嗯，這很神秘。對於那些不知道的人來說，一位名叫麥克霍金的紳士已經加入了我們的團隊，加入了麥克的團隊。對於認識麥克的人來說，他不需要介紹。對於不認識 Mike 的人來說，Mike Hocking 是我們行業中最有前途的 GEO 之一，我們真的很高興 Mike 加入我們的團隊。

Michael and the two Mikes are working with our team with regards to the exploration programs in and around Carajás. We are working primarily in and around, continue to develop material in the Pilar mine in and around the project Honeypot.

麥可和兩位麥克正在與我們的團隊合作卡拉加斯及其周邊地區的勘探計畫。我們主要在蜜罐計畫及其周邊地區開展工作，並繼續在皮拉爾礦及其周邊地區開發材料。

We continue to do work up in the Vermelhos area with regards to continue to look at what we call the UG4 deposit type, which is a deposit that has been identified between Vermelhos and Siriema. And then, of course, we continue to do work, albeit at a lower rate than previous on nickel in the general district.

我們繼續在 Vermelhos 地區工作，繼續研究我們所說的 UG4 礦床類型，這是在 Vermelhos 和 Siriema 之間發現的礦床。然後，當然，我們會繼續開展工作，儘管一般地區的鎳工作速度低於之前。

Great. Thanks.

偉大的。謝謝。

Gordon Lawson with Paradigm Capital.

戈登·勞森（Gordon Lawson）與典範資本（Paradigm Capital）。

Good morning, everyone. Can you just provide a little color on the current mining rates at Polaris versus Vermelhos and how the grades are expected to compare through 2024?

大家早安。您能否簡單介紹一下 Polaris 與 Vermelhos 目前的採礦率以及到 2024 年預計等級的比較情況如何？

Thanks for the question. I'd say what we're our target for the second half of the year at Pilar continues to be around the levels that we've been achieving through the first half, the higher here in Q2 and Q3 as we've increased some efforts on development of this -- and we have been averaging and close to 150,000 for Pilar, and we expect those rates to increase here in Q3. We are seeing increases into Q3 and we expect those increases to continue into Q4 as well. So, I'd say that the second half in terms of money rates from Pilar are expected to increase.

謝謝你的提問。我想說的是，皮拉爾下半年的目標仍然與上半年實現的水平保持一致，第二季度和第三季度的目標更高，因為我們加大了一些努力關於這一點的發展- 我們一直在皮拉爾平均接近150,000，我們預計這些比率將在第三季增加。我們看到第三季出現成長，預計這些成長也將持續到第四季。因此，我想說下半年皮拉爾的貨幣利率預計會增加。

Vermeus will be consistent in terms of its contribution to our plan. I'd say that the mining rate is a little bit different at Vermeus. What you see in terms of mill throughput is what's transported to the plant. We are looking at ways to potentially increase those volumes in the second half of the year by adding additional transport shift given the performance that Vermeus has had to date

Vermeus 將始終如一地為我們的計劃做出貢獻。我想說 Vermeus 的採礦率有點不同。您所看到的工廠吞吐量就是運送到工廠的貨物。鑑於 Vermeus 迄今為止的表現，我們正在尋找通過增加額外的運輸班次來增加下半年的運輸量的方法

Okay, thanks. For the open pit, is it still reasonable to assume around 0.5 million tons a year?

好的，謝謝。對於露天礦，假設每年約 50 萬噸是否合理？

Are you talking about the Serbian pit?

你說的是塞爾維亞坑嗎？

Yes, that's right.

是的，沒錯。

No, we're mining about 800,000 tons a year from Serbian for the full year.

不，我們全年從塞爾維亞開採約 80 萬噸。

Okay. Thank you very much. So, switching over to Argentina, just looking at some of the veins that have been talked about in the past, how close or how far into the Mauritania and San Antonio veins are we now mining and if you can comment on any drilling progress on these fronts?

好的。非常感謝。因此，轉到阿根廷，看看過去討論過的一些礦脈，我們現在正在開採毛里塔尼亞和聖安東尼奧礦脈的距離有多近或多遠，以及您是否可以評論這些礦脈的鑽探進展戰線？

Yes, happy to. San Antonio has been the basis of operations for the last 4 years or 5 years. So, we're quite ways into it. And Mauritania, we entered the Mauritania vein last year. With respect to what we're seeing and I'll just reiterate, not sure if we went into any detail in the Q1 call. We've always known through the center of the San Antonio vein structure, particularly as it went to depth, there were significantly higher grades. The zone isn't particularly wide, it's probably 30 meters to 40 meters wide and we historically had maybe four holes or five holes of the total drill database that intersected that zone.

是的，很高興。聖安東尼奧是過去 4 年或 5 年的營運基礎。所以，我們已經很投入了。茅利塔尼亞，我們去年進入了茅利塔尼亞脈絡。關於我們所看到的情況，我只是重申一下，不確定我們是否在第一季的電話會議中討論了任何細節。我們一直都知道，透過聖安東尼奧靜脈結構的中心，特別是當它深入時，品位明顯更高。該區域不是特別寬，可能有 30 公尺到 40 公尺寬，歷史上我們的總鑽孔資料庫中可能有四個或五個孔與該區域相交。

What has come to pass as we've been mining is obviously that zone is and due to resource calculations historically, particularly using the Krieger methodology, you top cut your gold grades. And so, what we have now seen is that zone remains and has remained for the last 12 months to 18 months consistent with regards to elevated grades against the historical resource and reserve estimate.

當我們一直在開採時，顯然，由於歷史上的資源計算，特別是使用克里格方法，您會降低黃金品位。因此，我們現在看到的是，該區域在過去 12 個月至 18 個月內一直保持與歷史資源和儲量估計相比的高品位一致。

So, we now have a bit of a, some would call it a quandary, what do you do? From our perspective, we think it's not worth the time or the money to start drilling out the zone in more detail to try and upgrade the resource, but rather keep it as such and try and give as much guidance as we can from the development work that we do and then the sampling for that.

所以，我們現在有一點，有些人會稱之為進退兩難，你會怎麼做？從我們的角度來看，我們認為不值得花費時間或金錢開始更詳細地鑽探該區域以嘗試升級資源，而是保持原樣並嘗試從開發工作中提供盡可能多的指導我們這樣做，然後進行抽樣。

So, as we mentioned previously on the call today, we now have visibility through the end of the year from development drives and sampling of those development drives that we will continue to see these elevated grades at San Antonio through the end of the year.

因此，正如我們之前在今天的電話會議上提到的，我們現在可以從開發驅動器和這些開發驅動器的採樣中看到到今年年底的情況，我們將在年底繼續看到聖安東尼奧的這些提升的等級。

Exploration drilling continues, both down dip and lateral extensions of the San Antonio vein and we continue to see similar grades that we've released historically with regards to that work that we've done there

勘探鑽探仍在繼續，包括聖安東尼奧礦脈的下傾和橫向延伸，我們繼續看到我們過去發布的與我們在那裡所做的工作類似的品位

Okay. That's excellent. Thank you. Very much.

好的。那太好了。謝謝。非常。

Stefan Ioannou with Cormark Securities.

Cormark 證券公司的 Stefan Ioannou。

Yes, thanks very much. Most of my questions have been answered. Let me just, circling back on Bryce's question about the grade at Carajás, the head grade being lower sort of for the first half of the year. Can you just to clarify, was that then an issue of dilution of the higher-grade stopes or just getting into enough high-grade stopes to bring the grade up?

是的，非常感謝。我的大部分問題都得到了解答。讓我回過頭來談談布萊斯關於卡拉吉斯成績的問題，今年上半年的校長成績有點低。您能否澄清一下，這是高品位採場稀釋的問題，還是只是進入足夠多的高品位採場來提高品味？

Yes. We ran into a couple of issues that happened. In the first quarter, we got behind on some of the development. So, we mined a high proportion of lower grade stopes to higher grade stopes during the first quarter and that was the problem there.

是的。我們遇到了一些發生的問題。在第一季度，我們的一些進展落後了。因此，我們在第一季開採了較高比例的低品位採場和較高品位採場，這就是問題所在。

We subsequently worked on that with regards to accelerating our development work and are getting back on schedule with regards to that. However, as we were mining some of the higher-grade stopes in the second quarter, one in particular, which was a quite important stope for us in the second quarter, we encountered some over break, some significant over break with regards to some of the work that we did there and that resulted in dilution of the stope.

我們隨後致力於加快我們的開發工作，並正在按計劃進行。然而，由於我們在第二季度開採一些較高品味的採場，特別是一個對我們來說在第二季度非常重要的採場，我們遇到了一些超斷，一些嚴重的超斷，涉及到一些我們在那裡所做的工作導致了採場的稀釋。

Bear in mind, when we start getting into grades that are 4%, 5%, 6%, that material becomes quite friable and some of the wall rock surrounding it remains that way as well. So, when we do get into these very high areas, as much as we try to be as careful as we can be with regards to our blocking patterns, et cetera. On occasion, not all the time, on occasion, we will see over break occurring and dilution occur.

請記住，當我們開始達到 4%、5%、6% 的等級時，該材料會變得非常易碎，周圍的一些圍岩也將保持這種狀態。因此，當我們確實進入這些非常高的區域時，我們要盡可能小心我們的阻擋模式等。有時，並非總是，有時，我們會看到過度破裂和稀釋發生。

Now the interesting thing about it, the dilution was actually coming in around about 1.2% copper so it was still reasonable copper grades but our expectation on that stope was to have grades significantly higher coming into the mill than that lower grade.

有趣的是，稀釋度實際上約為 1.2% 左右，因此銅品位仍然合理，但我們對該採場的期望是，進入工廠的品位明顯高於較低品位。

So ultimately, we will recover all of that copper material. Unfortunately, it's just not going to be at the same highest grade as we expected to come out in the second quarter. As we've gone into the third quarter, we have seen some of the stopes that we've targeted in terms of higher grade come into production.

所以最終，我們將回收所有銅材料。不幸的是，它不會達到我們預期的第二季度的最高等級。當我們進入第三季時，我們已經看到一些我們瞄準的更高品位的採場已投入生產。

In general, we've had a pretty good start to the third quarter, albeit with regards to the accident last week, we did shut operations for three days as a result of the investigation but also with respect to the families and allowing our workforce to attend the funeral of our colleague. So, we've had a reasonably good start to the third quarter and we expect August and September to continue on track.

總的來說，我們第三季的開局相當不錯，儘管由於上週的事故，我們因調查而關閉了三天的運營，但也考慮到了遇難者家屬的利益，並允許我們的員工參加我們同事的葬禮。因此，我們第三季有一個相當好的開局，我們預計 8 月和 9 月將繼續步入正軌。

Okay, great. That's super helpful. And then maybe just one sort of housekeeping question and my apologies, I missed it. You mentioned the TCs are locked in kind of for the rest of the year down at like $5 a tone. What was the number you said it was prior to that you were sort of seeing?

好的，太好了。這非常有幫助。然後也許只是一種家政問題，抱歉，我錯過了。您提到，在今年剩餘時間內，TC 的價格將被鎖定為每音約 5 美元。你所說的在你看到之前的數字是多少？

80.

80.

80. Okay, great. Thanks very much guys.

80.好的，太好了。非常感謝你們。

(Operator Instructions).

（操作員說明）。

Dalton Baretto from Canaccord.

Canaccord 的 Dalton Baretto。

Thanks for taking my follow-up guys. Dave, with the earning agreement in Furnas now behind you, are you able to give us a sense in terms of broad strokes what this project looks like and then sort of timeline to first production post the resource?

感謝您接受我的跟進人員。戴夫（Dave），現在弗納斯（Furnas）的收入協議已經簽署，您能否讓我們大致了解一下這個項目的情況，以及首次發布資源的時間表？

Dalton, I'm going to allow the resource to speak for itself when we come out with it. In preparation of that and hopefully that resource comes out before next time that we will have a chat in terms of the quarterly is that we think that's a good starting off point. Vale has done a did a great job with regards to identifying and drilling out a very, very large area. And it's our job now to identify and take a slightly different approach from what they did. As you may or may not know, they took an approach of looking at from an open pit mine perspective.

道爾頓，當我們推出它時，我將讓資源自己說話。在此準備過程中，希望該資源能夠在下次我們將按季度進行討論之前發布，我們認為這是一個很好的起點。淡水河谷在識別和鑽探非常非常大的區域方面做得非常出色。現在我們的工作就是確定並採取與他們所做的略有不同的方法。您可能知道也可能不知道，他們採取了從露天礦場角度看待的方法。

We see opportunity to look at Furnas as an underground mine. That requires us to do some more infill drilling on what we see as a very high-grade zone in the center of the deposit, as well as doing work in terms of extending the deposit to depth below the valley floor.

我們看到了將弗納斯視為地下礦場的機會。這要求我們在礦床中心的一個非常高品位的區域進行更多的加密鑽探，以及將礦床延伸到谷底以下的深度。

So, with respect to that, yes, I mean, we wouldn't have done this deal if we weren't excited about it. I don't think Vale would have done the deal with us. Had they not seen that we have something to bring to the project in terms of some of our underground mining experience. And I think, the opportunity to work with Vale base is a great one for us, and we hope this is being of a greater longer-term relationship with the company.

因此，就這一點而言，是的，我的意思是，如果我們對此不感到興奮，我們就不會完成這筆交易。我認為淡水河穀不會與我們達成這筆交易。如果他們沒有看到我們可以為該專案帶來一些地下採礦經驗的話。我認為，與淡水河谷基地合作的機會對我們來說是一個很好的機會，我們希望這能與公司建立更長期的關係。

Okay, great. Thanks.

好的，太好了。謝謝。

Ralph Profiti with Eight Capital.

拉爾夫·普羅菲蒂 (Ralph Profiti) 與八資本 (Eight Capital) 合作。

Thanks, Operator. Wayne, the strategy around the Brazilian Real, from the MD&A, you capped out at around [5.38, and this morning, we're sitting at 5.7]. Just wondering if the philosophy around hedging the currency was more to do with Tucuma or Kenya at this point be maybe say financially optimistic?

謝謝，接線生。韋恩，圍繞巴西雷亞爾的策略，來自 MD&A，你的上限約為[5.38，今天早上，我們坐在 5.7]。只是想知道，在這一點上，圍繞貨幣對沖的哲學是否更多地與圖庫馬或肯亞有關，也許可以說是財務樂觀？

Yeah. Good observation. I think that the way you sort of couched it exactly that. I mean, the hedges we had in place were certainly front end weighted this year, and it really was to protect significant capital spend. I think now that we're past that we will be a little bit more opportunistic. We're obviously seeing significant weakness here in the BRL. We do take advantage of that at times. And I would say that we will look to basically give ourselves a color that gives ourselves some downside protection, but gives us as much cap as possible so that we're not paying away. But obviously at those kinds of the kind of levels we're at today, the benefit that we see through our operating costs and our local costs on the ground are very, very significant.

是的。良好的觀察力。我認為你的表達方式正是如此。我的意思是，我們今年採取的對沖措施肯定是前端加權的，這確實是為了保護大量的資本支出。我認為現在我們已經過去了，我們會更有機會主義。我們顯然看到巴西雷亞爾顯著疲軟。我們有時確實會利用這一點。我想說的是，我們基本上會考慮給自己一種顏色，給自己一些下行保護，但給我們盡可能多的上限，這樣我們就不會付出代價。但顯然，在我們今天所處的這種水平上，我們透過營運成本和當地當地成本所看到的好處是非常非常顯著的。

So, we always look at that, we balance that out and then try and be opportunistic. So, I think certainly going forward, I don't think you're going to see us have as heavier foreign exchange derivative program, it'll be a little bit more opportunistic.

因此，我們總是關注這一點，平衡這一點，然後嘗試投機取巧。因此，我認為未來肯定不會看到我們有更重的外匯衍生性商品計劃，它會更加機會主義。

Got it. Thank you. And just a quick follow-up. What's the grade of that stockpile at Tucuma? I believe you had that crush door sort of early around the sequence to get around 440,000 tons at 2% copper. Just wondering, what is the stockpile grade similar?

知道了。謝謝。只是快速跟進。圖庫馬庫存的等級是多少？我相信您在該序列的早期就有了擠壓門，並獲得了大約 440,000 噸銅品位為 2% 的銅。只是想知道，庫存等級相似嗎？

Sorry. Just to clarify the number, it's 44,000 tons at 2% that's in the mine. The overall stockpile of 460,000 tons has been broken up into various grades. So, the average is right around 1%. We have low-grade, high-grade mixed in that 460,000 tons of stockpile that's sitting in our run-of-mine yard. Is that clear?

對不起。澄清一下這個數字，礦井裡的儲量為 44,000 噸，品位為 2%。46萬噸的總庫存已分為不同等級。因此，平均值約為 1% 左右。我們的原礦堆場中儲存著 46 萬噸庫存，其中有低品位和高品位混合。清楚了嗎？

Yes. Thank you for that clarification.

是的。謝謝你的澄清。

I appreciate it.

我很感激。

Orest Wowkodaw with Scotia Bank.

Orest Wowkodaw 與豐業銀行。

Hi. Thanks for taking just a quick follow-up. I noticed that your total CapEx guidance is pretty much unchanged, but you did increase Tucuma by about $20 million and corresponding with a decline at Carajás of $20 million. Can you maybe speak to sort of what's driving the increase at Tucuma and then what you're cutting back at Carajás?

你好。感謝您快速跟進。我注意到你們的總資本支出指引幾乎沒有變化，但你們確實將 Tucuma 增加了約 2000 萬美元，而 Carajás 則減少了 2000 萬美元。您能否談談推動圖庫馬成長的因素以及您在卡拉加斯削減的因素？

Yes. Thanks, Orest. So maybe starting first with Tucuma, I think you pointed out obviously one of the things that we've mentioned in terms of these tax, the impact on the non-recoverable taxes, the taxes that we deem non-recoverable, which is about $12 million. There's additional $4 million associated with the increase in capitalized ramp-up, particularly around mining and some of the early work.

是的。謝謝，奧雷斯特。因此，也許首先從 Tucuma 開始，我認為您顯然指出了我們在這些稅收方面提到的一件事，對不可收回稅收的影響，我們認為不可收回的稅收，約為 12 美元百萬。資本增加了 400 萬美元，特別是在採礦和一些早期工作方面。

The acceleration of mining has continued into Q2 faster than we expected. And then the ancillary costs associated with that ramp-up, which includes building, running our primary crusher, secondary crusher, tertiary crusher, and screening systems, and getting our laboratory up and running full capacity to support that increase in mining operations.

採礦業的加速持續到第二季​​度，速度比我們預期的要快。然後是與增加相關的輔助成本，其中包括建造、運行我們的初級破碎機、二級破碎機、三級破碎機和篩選系統，以及讓我們的實驗室啟動並滿載運行以支持採礦作業的增加。

So, there's a few things that go into that $4 million bucket, but that gets us to $16 million. We gave ourselves a bit of flexibility given the accounting treatment on the range that we increased, but we're feeling pretty confident with our overall capital assessment at Tucuma at this stage.

所以，有一些東西會進入 400 萬美元的桶中，但這會讓我們達到 1600 萬美元。考慮到我們增加的範圍的會計處理，我們給了自己一點靈活性，但我們對現階段 Tucuma 的整體資本評估非常有信心。

At Carajás, the largest reduction in capital came from synergies associated with some of the tailings management that we do. So, I think as you know, we use a co-disposal system where we allow tailings to be used to dry fully in our co-disposal piles, and then we move those dried tailings to a permanent storage facility.

在卡拉加斯，最大的資本減少來自與我們所做的一些尾礦管理相關的協同效應。因此，我想如您所知，我們使用共同處置系統，讓尾礦在共同處置堆中完全乾燥，然後將這些乾燥的尾礦移至永久儲存設施。

We had another project running in parallel associated with closure of our oxide heat bleach pile, and we've been able to recognize versus our budget a pretty significant savings in using that material from the dried tailings co-disposal as the base for our oxide pile closures. So that's probably the biggest. There's other items in there, of course, but the biggest single item is the synergies related to integrating those two projects, which we have worked on in the first half of the year.

我們還有另一個項目與我們的氧化物熱漂白堆的關閉相關，我們已經能夠認識到，與我們的預算相比，使用來自乾燥尾礦共同處置的材料作為我們氧化物堆的基礎可以節省相當多的費用關閉。所以這可能是最大的。當然，其中還有其他項目，但最大的單一項目是與整合這兩個項目相關的協同效應，我們在今年上半年就致力於這一點。

Thanks very much.

非常感謝。

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 thanks to everybody for attending the call today. We really appreciate the questions and the nature of them all. We look forward to seeing many of the analysts who are on the call today in September, during our analyst visit, in which we will be visiting both Tucuma as well as Caraiba.

謝謝接線員，也謝謝大家今天參加電話會議。我們非常感謝這些問題及其性質。我們期待在今天 9 月的分析師訪問期間見到許多分析師，我們將訪問 Tucuma 和 Caraiba。

And with that, we hope you all enjoy the rest of your summer and look forward to talking to you again in November on our Q3 earnings call.

至此，我們希望大家度過愉快的夏天，並期待在 11 月的第三季財報電話會議上再次與您交談。

Thanks again. Thank you, operator.

再次感謝。謝謝你，接線生。

This brings to an end 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。感謝您的參與並祝您有個愉快的一天。