Fortuna Mining Corp (FSM) 2024 Q3 法說會逐字稿

Greetings. Welcome to Fortuna Mining's Q3 2024 financial and operation results conference call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加 Fortuna Mining 2024 年第三季財務與營運績效電話會議。（操作員說明）請注意本次會議正在錄製中。

I will now turn the conference over to your host, Carlos Baca, Vice President of Investor relations. Carlos. You may begin.

現在我將會議交給東道主投資者關係副總裁 Carlos Baca。卡洛斯.你可以開始了。

Thank you, Paul. Good morning, ladies and gentlemen. I would like to welcome you to Fortuna Minings third-quarter 2024 financial and operational results conference call. Hosting the call today on behalf of the company will be Jorge Alberto Ganoza, President and Chief Executive Officer; Luis D. Ganoza, Chief Financial Officer; David Whittle, Chief Operating Officer, West Africa.

謝謝你，保羅。早安，女士們先生們。歡迎您參加 Fortuna Minings 2024 年第三季財務與營運績效電話會議。今天代表公司主持電話會議的是總裁兼執行長 Jorge Alberto Ganoza；加諾薩 (Luis D. Ganoza)，財務長； David Whittle，西非營運長。

Today's earning call presentation is available on our website as a reminder statements made during this call are subject to the reader advisories included in yesterday's news release, the earnings call webcast presentation MD&A and the risk factors in our annual information form. Financial figures contained in the presentation and discussed in today's call are presented in US dollars unless otherwise stated.

今天的財報電話會議演示可在我們的網站上查看，因為本次電話會議期間所做的提醒聲明須遵守昨天新聞稿中包含的讀者建議、財報電話會議網絡廣播演示MD&A 以及我們年度資訊表中的風險因素。除非另有說明，演示中包含的和今天電話會議中討論的財務數據均以美元表示。

Technical information in the presentation has been reviewed and approved by Eric Chapman, Fortuna's Senior Vice President of Technical Services and qualified person.

簡報中的技術資訊已過 Fortuna 技術服務資深副總裁兼合格人員 Eric Chapman 的審查和批准。

I would like now -- I would now like to turn the call over to Jorge Alberto Ganoza, President, Chief Executive Officer and Co-founder of Fortuna.

我現在想把電話轉給 Fortuna 總裁、執行長兼共同創辦人 Jorge Alberto Ganoza。

Thank you, Carlos. Q3, performance demonstrates the strength of our business. We remain focused on delivering value to our shareholders through our strategic investments, operational excellence, unlocking geologic potential of our properties and responsible mining practices. Fortuna had a record quarter on several key financial metrics starting with record sales of $275 million.

謝謝你，卡洛斯。第三季度，業績反映了我們業務的實力。我們仍然專注於透過策略性投資、卓越營運、釋放我們資產的地質潛力和負責任的採礦實踐，為股東創造價值。Fortuna 的幾個關鍵財務指標都創下了季度記錄，銷售額創紀錄的 2.75 億美元。

And we're tracking to generate sales of over $1 billion this year. We benefited from incrementally higher gold prices selling at an average realized price of $2,490 per ounce compared to $2,330 in the second quarter and $2,080 in the first quarter.

我們預計今年的銷售額將超過 10 億美元。我們受惠於黃金價格的逐步上漲，平均實現價格為每盎司 2,490 美元，而第二季為 2,330 美元，第一季為 2,080 美元。

We recorded earnings of $50.5 million and earnings per share of $0.16 well ahead of analyst consensus of $0.11. Our EBITDA was a strong $131 million, representing a 48% margin over sales, which is an increase from 43% in the second quarter and 42% in the first quarter or free cash flow from ongoing operations was a strong $56 million compared to $38 million in the second quarter.

我們的獲利為 5,050 萬美元，每股收益為 0.16 美元，遠高於分析師預期的 0.11 美元。我們的EBITDA 為1.31 億美元，比銷售利潤率高出48%，比第二季度的43% 和第一季的42% 有所增長，或來自持續營運的自由現金流為5,600 萬美元，而去年同期為3,800 萬美元在第二季。

We remain disciplined with our costs, achieving a cash cost of $1,059 per gold equivalent ounce in the quarter and $977 for the nine months. We're well aligned to meet our guidance for the year of $935 to $1,055, that's our range for guidance.

我們仍然嚴格控製成本，本季的現金成本為每盎司黃金 1,059 美元，前九個月的現金成本為 977 美元。我們非常有能力滿足今年 935 美元至 1,055 美元的指導，這是我們的指導範圍。

Throughout the mine portfolio, we're not experiencing significant inflationary pressures on labor services or consumable against our annual budget, where West African operations, Yaramoko and Seguela are driving performance and tracking on the low end of cost guidance. In Argentina, Lindero is about 10% above guidance for the year due to lagging currency evaluation against inflation.

在整個礦山投資組合中，相對於我們的年度預算，我們並未遇到勞動力服務或消費品方面的重大通膨壓力，其中西非業務、Yaramoko 和 Seguela 正在推動業績並跟踪成本指導的低端。在阿根廷，由於貨幣評估相對於通貨膨脹的滯後，Lindero 的價格比今年指導值高出約 10%。

Our capital projects are also tracking well against the guidance under the concept of sustaining capital at our mines. We have a global budget figure for the year of $130 million. For the nine months, we have executed $98 million or 75% of the annual budget.

我們的資本項目也按照我們礦山維持資本概念的指導進展順利。我們今年的全球預算數字為 1.3 億美元。在這九個月裡，我們已經執行了 9,800 萬美元，也就是年度預算的 75%。

Currently all our mines remain within the capital execution plans and are expected to finish the year within budget range with the only exception of the Yaramoko mine which is accelerating 2025 underground development in the second half of this year with an additional capital budget of $11 million.

目前，我們所有的礦山仍在資本執行計劃內，預計今年將在預算範圍內完成，唯一的例外是 Yaramoko 礦山，該礦山將於今年下半年加速 2025 年地下開發，追加資本預算為 1,100 萬美元。

This unbudgeted development is bringing new mineralized zones identified throughout 2024 into the 2025 mine plan. Additionally, our largest sustaining capital project in 2024 is the Lindero leach pad expansion with a budget of $42 million.

這項未列入預算的開發案將把 2024 年全年確定的新礦化區納入 2025 年採礦計畫。此外，我們 2024 年最大的持續資本項目是 Lindero 瀝濾場擴建，預算為 4,200 萬美元。

The project remains on time and on budget. We started placing more on the leach pad in mid-October and the project is scheduled for completion with final demobilization of contractors taking place in January and February of next year.

該項目仍然按時、按預算進行。我們從十月中旬開始在瀝濾場上放置更多的東西，該項目計劃於明年一月和二月完成承包商的最後遣散。

I remind you that in 2024 this project alone represents approximately $400 in the Lindero ASIC and $90 in our consolidated ASIC. This project once completed serves the mine for a decade. Our ASIC for the quarter and nine months were $1,695 and $1,618 respectively.

我提醒您，到 2024 年，光是這個專案就相當於 Lindero ASIC 的約 400 美元，以及我們合併的 ASIC 的 90 美元。該項目一旦完成，將為該礦服務十年。我們本季和九個月的 ASIC 分別為 1,695 美元和 1,618 美元。

ASIC is tracking on the upper end of the guidance range for the year driven by the aforementioned increase in underground development to access new resources at the Yaramoko mine and the higher costs at Lindero resulting from the lagging peso devaluation against inflation.

ASIC 正在追蹤今年指導範圍的上限，原因是上述為獲取 Yaramoko 礦新資源而進行的地下開發增加，以及比索相對於通貨膨脹的滯後貶值導致 Lindero 成本上升。

Regarding exploration, we have increased our 2024 global budget from the original $37 million to the current $44 million in order to expand our drill program at the Seguela Mines Kingfisher discovery made earlier this year and also continue extending deeper mineralization at the Sunbird deposit in support of an underground mine plan.

在勘探方面，我們已將2024 年全球預算從最初的3700 萬美元增加到目前的4400 萬美元，以擴大今年早些時候在Seguela Mines Kingfisher 礦區發現的鑽探計劃，並繼續擴大Sunbird 礦床的更深礦化範圍，以支持地下採礦計劃。

Our aim remains to produce an updated resource estimate for Seguela before the end of the year encompassing new mineral deposits and extensions such as Kingfisher, Boulder and Sunbird deep. With respect to the San Jose mine, after 13 years of operations, we have made a decision to initiate a progressive mine closure starting in Q1 2025.

我們的目標仍然是在今年年底之前對塞格拉進行更新的資源估算，其中包括新的礦藏和延伸區域，例如 Kingfisher、Boulder 和 Sunbird Deep。對於聖荷西礦山，經過 13 年的運營，我們決定從 2025 年第一季開始逐步關閉礦場。

Our project team is expected to deliver the final closure plan and budget in the fourth quarter of this year which considers closure and monitoring activities over an eight year period. Closure activities will be concurrent with continued mining and processing at a reduced rate of under 1,000 tons per day for approximately the initial 18 months starting next year.

我們的專案團隊預計將在今年第四季提交最終的關閉計劃和預算，其中考慮了八年期間的關閉和監測活動。從明年開始的大約 18 個月內，關閉活動將與繼續採礦和加工同時進行，產量將減少到每天 1,000 噸以下。

Management expects cash flow from continued operations during 2025 and half of 2026 will offset closure costs currently provisioned at around $15 million to $20 million, but expected to increase as a result of the updated feasibility level closure plan being developed.

管理層預計，2025 年和2026 年一半期間持續營運產生的現金流將抵消目前撥備的關閉成本約1,500 萬至2,000 萬美元，但由於正在製定更新的可行性水準關閉計劃，預計該成本將會增加。

With respect to our capital allocation priorities, first, we have achieved the set objective of putting together a fortress balance sheet after a capital intensive few years here at the company, we recorded a net cash position this quarter and reduced and restructure our credit lines providing for liquidity of about $350 million, maintaining our debt to EBITDA ratio under a low 0.2x and reducing quarter financial costs year-over-year comparison by about $3 million.

關於我們的資本配置優先事項，首先，在公司經歷了幾年的資本密集之後，我們已經實現了建立堡壘資產負債表的既定目標，本季度我們記錄了淨現金頭寸，並減少和重組了我們的信貸額度流動資金約為 3.5 億美元，將債務與 EBITDA 比率維持在 0.2 倍以下，並將季度財務成本同比減少約 300 萬美元。

Second priority, we continue investing record annual amounts to unlock the geologic potential and value of our properties. We're focused on high value opportunities in our portfolio at the Seguela mine, the Diamba Sud Project in Senegal and the Lindero mine in Argentina.

第二要務是，我們繼續投資創紀錄的年度金額，以釋放我們財產的地質潛力和價值。我們專注於 Seguela 礦、塞內加爾 Diamba Sud 專案和阿根廷 Lindero 礦的投資組合中的高價值機會。

With that, Thank you for your continued support. I'll now let David Whittle provide us with an update on West African operations.

在此，感謝您一直以來的支持。現在我將讓大衛惠特爾向我們介紹西非行動的最新情況。

Thanks, Jorge. I'm pleased to report on the strong operational performance and significant milestones achieved by our West African operations during the third quarter of 2024. Both mines exceeded their planned production targets and again reported zero lost time injuries for the quarter.

謝謝，豪爾赫。我很高興地向大家報告我們西非業務在 2024 年第三季取得的強勁營運業績和取得的重大里程碑。兩個礦山都超出了計劃生產目標，並再次報告本季損失時間工傷為零。

Seguela and Yaramoko had a successful third quarter regarding production, combining for 63,004 ounces of gold for the quarter and 189,168 ounces for the first three quarters of 2024. The power interruptions experienced by both Yaramoko and Seguela did not extend into the third quarter, which enabled both mice to surpass their production targets for the quarter.

Seguela 和 Yaramoko 在第三季的產量方面取得了成功，該季度的黃金產量合計為 63,004 盎司，2024 年前三個季度的黃金產量為 189,168 盎司。Yaramoko 和 Seguela 所經歷的電力中斷並未延續到第三季度，這使得這兩款滑鼠都超過了本季的生產目標。

In the third quarter, Seguela mine 484,000 tons of ore and an average gold grade of 2.48 grams per ton and 2.9 million tons of waste, achieving a strip ratio of [6.1 to 1].

第三季度，Seguela開採礦石48.4萬噸，平均金品位2.48克/噸，廢料290萬噸，剝離率達[6.1至1]。

The processing plant treated 418,000 tons with an average grade of 2.69 grams per ton, producing 34,998 ounces of gold for the quarter and total 102,537 ounces for the first nine months of 2024. The increased run time due to the additional power availability of the processing plant allowed for the processing of additional lower grade or when compared to previous quarters.

該加工廠處理了 418,000 噸黃金，平均品位為每噸 2.69 克，本季生產了 34,998 盎司黃金，2024 年前 9 個月的黃金產量總計 102,537 盎司。由於加工廠的額外電力可用性，運行時間增加，允許加工額外的較低品位或與前幾季相比。

Plant throughput averaged 210 tons per hour for the quarter with a peak of 216 tons per hour averaged in September. Initiatives have started in order to further optimize the processing plants performance, the increase throughput Seguela has necessitated the advancement of preparations for the next lift of the tailing storage facility.

本季工廠平均吞吐量為 210 噸/小時，9 月平均達到每小時 216 噸的峰值。為了進一步優化加工廠的性能，Seguela 已開始採取措施提高吞吐量，因此有必要為尾礦儲存設施的下一次提升做好準備。

The design for the next lift has been completed which when constructed will see sufficient tailing storage capacity until mid-2029 of the planned throughput rates. Contractor quotations have been received and construction activities are expected to commence in the fourth quarter. In the third quarter, Seguela experienced for power availability from the national grid.

下一個提昇機的設計已經完成，建成後將具有足夠的尾礦儲存容量，直到 2029 年中期達到計畫吞吐率。已收到承包商報價，預計施工活動將於第四季開始。第三季度，塞格拉國家電網的電力可用性提高。

Backup power generating capacity is now installed on site to mitigate any further power supply issues and work is scheduled to commence on the construction of the solar power plant in the fourth quarter.

目前，現場已安裝備用發電能力，以緩解進一步的電力供應問題，太陽能發電廠的建設工作計劃於第四季度開始。

Mining activities at Seguela continue to be focused on the Antenna, Ancien and Koula pits with mining at each of the three pits being in line with the mine plan. Continued exploration success combined with the processing plant optimizations providing exciting opportunities for the Seguela mine to surpass previously expected annual production targets and 2025 will see us bring forward a number of capital initiatives to exploit these opportunities.

Seguela 的採礦活動繼續集中在 Antenna、Ancien 和 Koula 礦坑，這三個礦坑的採礦均符合採礦計畫。持續的勘探成功與加工廠的優化相結合，為 Seguela 礦提供了令人興奮的機會，以超越先前預期的年度生產目標，到 2025 年，我們將提出一系列資本舉措來利用這些機會。

Extensive drilling is continuing at the Kingfisher deposit and Sunbird underground project. It is expected that a maiden resource for the Kingfisher deposit will be produced by year end. Drilling at the Sunbird underground project is producing good results and mining feasibility work is progressing well. Both deposits have the potential to be core production deposits for a number of years at Seguela.

Kingfisher 礦床和 Sunbird 地下計畫正在進行大規模鑽探。預計 Kingfisher 礦床的首個資源將在年底前產出。Sunbird地下計畫的鑽探正在取得良好成果，採礦可行性工作進展順利。這兩個礦床都有潛力成為塞格拉多年來的核心生產礦床。

In addition, an initial scoping study is currently being conducted with regards to underground mining opportunities of the Ancien pit, whilst further drilling continues within the lease on some of the many identified exploration targets. The continued strong production performance at Seguela resulted in a cash cost of $655 per ounce and an ASIC of $1,176 per ounce of gold.

此外，目前正在對 Ancien 礦坑的地下採礦機會進行初步範圍研究，同時在租約內繼續對許多已確定的勘探目標中的某些目標進行進一步鑽探。Seguela 持續強勁的生產表現導致黃金現金成本為每盎司 655 美元，ASIC 為每盎司 1,176 美元。

So Seguela remains ahead of schedule year-to-date and is on track to achieve annual production guidance of between 126,000 and 138,000 ounces. At Yaramoko, 102,000 tons were mined at an average grade of 7.75 grams per ton for 25,589 ounces of gold. The processing plant treated 124,000 tons with an average grade of 6.71 grams per ton, reducing 28,006 ounces of gold in line with the mine plan and totaling 86,631 ounces for the three quarters of 2024.

因此，Seguela 年初至今仍比原計劃提前，並有望實現 126,000 至 138,000 盎司的年產量指引。在 Yaramoko，開採了 102,000 噸黃金，平均品位為每噸 7.75 克，黃金含量為 25,589 盎司。該加工廠處理了 124,000 噸黃金，平均品位為每噸 6.71 克，按照礦山計劃減少了 28,006 盎司黃金，2024 年三季總計減少了 86,631 盎司。

Following the seismic event in the second quarter, mining schedules at the Zone 55 orebody were reassessed to mitigate the effects of future seismic events. This review and subsequent resequencing of mining activities reduced the availability of the higher grade stopes during the third quarter, leading to the slightly lower production when compared to the second quarter.

第二季地震事件發生後，重新評估了 55 區礦體的採礦計劃，以減輕未來地震事件的影響。此次審查和隨後對採礦活動的重新排序減少了第三季較高品位採場的可用性，導致產量略低於第二季。

As a result of this review, Fortuna has been able to optimize the development layout of the mine and reduce future development requirements. As such, it is now expected that development operations will cease at the Zone 55 orebody late in the fourth quarter with only scoping activities occurring in 2025 and beyond.

透過這次審查，Fortuna 能夠優化礦場的開發佈局並降低未來的開發要求。因此，目前預計 55 區礦體的開發作業將於第四季末停止，僅在 2025 年及以後進行範圍界定活動。

Mining operations at the QVP orebody continued in line with the mine plan. Recent drilling is indicating the potential for the extension of mining further along strike to the east and development will commence to test those extensions in the fourth quarter.

QVP 礦體的採礦作業繼續按照採礦計畫進行。最近的鑽探表明，採礦活動有可能進一步向東部延伸，開發案將在第四季度開始測試這些延伸。

Yaramoko strong production during the quarter resulted in a cash cost of $974 and an a seeker $1,373 per ounce of gold and remains on track to achieve its production guidance of 105,000 to [119,000] ounces of gold.

Yaramoko 本季的強勁產量導致現金成本為 974 美元，每盎司黃金的目標成本為 1,373 美元，並且仍有望實現 105,000 至 [119,000] 盎司黃金的產量指引。

But the Diamba Sud project in Senegal, drilling will recommence in the fourth quarter, now that the wet season is over. A resource update is currently being prepared based on the drilling to date. Geotechnical, hydrological, environmental and other studies are continuing in order to be able to produce a PEA in 2025.

但塞內加爾的 Diamba Sud 項目，由於雨季已經結束，鑽探將於第四季度重新開始。目前正在根據迄今為止的鑽探準備資源更新。岩土工程、水文、環境和其他研究仍在繼續，以便能夠在 2025 年制定 PEA。

Our West African operations have demonstrated resilience and strong performance. We remain focused on optimizing production, advancing our exploration opportunities, whilst maintaining our commitment to safety and operational excellence.

我們的西非業務展現了韌性和強勁的業績。我們仍專注於優化生產、推動勘探機會，同時保持對安全和卓越營運的承諾。

Back to you, Jorge.

回到你身邊，豪爾赫。

Thank you, David. Luis will now take us through the highlights of our financials report.

謝謝你，大衛。路易斯現在將向我們介紹財務報告的重點內容。

Thank you. Attributable net income to Fortuna shareholders for the quarter was $50.5 million or $0.16 per share. This compares to 13% in the prior quarter and $0.09 in Q3 of 2023. Our strong financial performance in the quarter was a result as Jorge emphasized of record high metal prices and cost per ounce aligned with our guidance for the year.

謝謝。本季 Fortuna 股東應佔淨利為 5,050 萬美元，即每股 0.16 美元。相比之下，上一季為 13%，2023 年第三季為 0.09 美元。Jorge 強調，創紀錄的高金屬價格和每盎司成本與我們今年的指導一致，是我們本季強勁財務表現的結果。

Our cash cost per gold equivalent ounce was $1,069 higher than the last two quarters, but still within our annual forecast. When compared to the same quarter in 2023 cost per ounce was higher by $244, mostly as a result of higher costs at Seguela and Yaramoko and with a lesser impact at San Jose. In the case of Seguela costs are higher due to the low cost production in Q3 of the previous year related to low stripping ratios and higher initial head rates.

我們每盎司黃金當量的現金成本比過去兩個季度高出 1,069 美元，但仍在我們的年度預測之內。與 2023 年同一季度相比，每盎司成本上漲了 244 美元，主要是由於塞格拉和亞拉莫科的成本較高，而聖荷西的影響較小。就 Seguela 而言，由於上一年第三季的低成本生產（與低剝離率和較高的初始頭率相關），成本較高。

A few comments on the income statement depreciation and depletion in the quarter was $59 million which includes $16.8 million in depletion of the purchase price related to the acquisition of Roxgold in 2021. On the general and administration line item expenses were $16 million and that's shown in the breakdown we provide in our -- in page 11 of our MD&A and in the news release, this was comprised of $9.9 million of in country G&A at our mining operations, $3.96 million of corporate G&A and $2.2 million of share-based compensation.

關於本季損益表折舊和消耗的一些評論為 5,900 萬美元，其中包括與 2021 年收購 Roxgold 相關的購買價格消耗的 1,680 萬美元。一般和行政管理費用為 1600 萬美元，這在我們的 MD&A 第 11 頁和新聞稿中提供的細目中顯示，其中包括我們採礦業務的 990 萬美元國內 G&A， 396 萬美元的公司管理費用和220 萬美元的股權薪酬。

We recorded investment gains of $3.2 million for the quarter from cross border Argentine peso denominated bond trades and $8.3 million year-to-date. This is a benefit granted to exporters by the Argentine government whereby 20% of export proceeds is allowed to be converted into pesos at a preferential exchange rate.

本季我們從跨境阿根廷比索計價債券交易中獲得了 320 萬美元的投資收益，年初至今獲得了 830 萬美元的投資收益。這是阿根廷政府給予出口商的優惠，允許20%的出口收入以優惠匯率兌換成比索。

We saw a $2 million reduction in interest and finance cost this quarter contributing to our overall cost efficiency as shown in note 21 of the financials, the actual interest expense charge was $3 million below the prior year reflecting lower debt balances and lower cost of financing year over year.

如財務報表附註21 所示，本季利息和財務成本減少了200 萬美元，這有助於提高我們的整體成本效率，實際利息費用比上一年低300 萬美元，反映出債務餘額減少和融資成本降低一年多了。

Our effective tax rate was 21% for the quarter and 22% year-to-date. The nine month period is distorted by that $12 million deferred tax recovery related to the convertible note offering closed in Q2. Excluding this effect and quarterly variability from foreign exchange at current metal prices, we expect our effective tax rate to be in the 28% to 30% range and our current tax rate to be in the 32% to 35% range.

本季我們的有效稅率為 21%，年初至今為 22%。與第二季完成的可轉換票據發行相關的 1,200 萬美元遞延稅款回收扭曲了這 9 個月的時間。排除這種影響以及以當前金屬價格計算的外匯季度波動，我們預計我們的有效稅率將在 28% 至 30% 範圍內，當前稅率將在 32% 至 35% 範圍內。

Moving on to the cash flow. We generated $92.9 million of net cash provided by operating activities which includes $26.4 million of negative changes in working capital. The bulk of this negative change is related to timing of accounts receivable as we have disclosed before. We have been experiencing challenges in the collection of the VAT at our Yaramoko operations in Burkina Faso and anticipate this might continue to be a challenge moving forward.

繼續討論現金流。我們透過經營活動產生了 9,290 萬美元的淨現金，其中包括 2,640 萬美元的營運資本負變動。正如我們先前所揭露的，這種負面變化大部分與應收帳款的時間安排有關。我們在布吉納法索的 Yaramoko 業務部門在徵收增值稅方面遇到了挑戰，並預計這可能繼續成為未來的挑戰。

VAT receivables at Yaramoko increased $2.6 million in Q3 and $12 million year to date. In the investing section of a casual statement, we recorded $50.2 million under additions to property plan and equipment consisting of approximately $38 million of sustaining capital including brownfields exploration and $12 million of non-sustaining capital expenses.

Yaramoko 的增值稅應收帳款第三季增加了 260 萬美元，今年迄今增加了 1,200 萬美元。在臨時聲明的投資部分，我們記錄了 5,020 萬美元的財產計劃和設備增加，其中包括約 3,800 萬美元的持續資本（包括棕地勘探）和 1,200 萬美元的非持續資本支出。

Year-to-date, we have recorded additions to property plan and equipment of $141.9 million consisting of $103 million of sustaining capital and around $39 million of non-sustaining capital.

年初至今，我們已記錄增加了 1.419 億美元的財產計畫和設備，其中包括 1.03 億美元的持續資本和約 3,900 萬美元的非持續資本。

This includes $19 million in exploration, $11.4 million in Diamba Sud and the $6.5 million repurchase of the Seguela NSR back at the beginning of the year. For Q4, we expect to see similar levels of CapEx as in Q3 mostly related to the conclusion of the leach pad expansion at Lindero.

其中包括 1,900 萬美元的勘探費用、1,140 萬美元的 Diamba Sud 費用以及年初 650 萬美元的 Seguela NSR 回購費用。對於第四季度，我們預期資本支出水準與第三季度相似，主要與 Lindero 浸濾池擴建的結束有關。

Our free cash flow from ongoing operations was $56.6 million. This is after corporate expenses, interest and all sustaining capital expenditures. Our net free cash flow after all capital expenditures was $44 million.

我們持續經營業務產生的自由現金流為 5,660 萬美元。這是扣除公司費用、利息和所有持續資本支出之後的結果。扣除所有資本支出後，我們的淨自由現金流為 4,400 萬美元。

Moving on to the balance sheet. We closed the quarter with a cash position of $181 million and total liquidity of $431 million including the full and run amount of our $250 million revolving credit facility. Subsequent to the end of the quarter, we have amended the credit facility to reflect a stronger balance sheet position coming out of the convertible note offering in the second quarter.

繼續看資產負債表。本季結束時，我們的現金部位為 1.81 億美元，流動資金總額為 4.31 億美元，其中包括 2.5 億美元循環信貸額度的全額和營運金額。本季末後，我們修改了信貸安排，以反映第二季可轉換票據發行帶來的更強勁的資產負債表狀況。

The amendment includes a resizing of the facility from $250 million to $150 million. Additionally, the prior facility carried an according feature of $50 million which has been increased to $75 million. We have also achieved improvements in the pricing REIT and covenant terms. In summary, this has allowed us to reduce our cost of capital and provided us with added financial flexibility.

該修正案包括將該設施的規模從 2.5 億美元調整為 1.5 億美元。此外，先前設施的相應費用為 5,000 萬美元，現已增加至 7,500 萬美元。我們也改善了房地產投資信託的定價和契約條款。總之，這使我們能夠降低資本成本，並為我們提供更大的財務靈活性。

Back to you, Jorge.

回到你身邊，豪爾赫。

Thank you. Carlos?

謝謝。卡洛斯？

I would like -- sorry we would now like to open the call to any questions that you may have. Please Paul, if you can prompt the audience.

我想——抱歉，我們現在想回答您可能提出的任何問題。請保羅，如果你能提示觀眾的話。

Certainly. at this time, we will be conducting a question-and-answer session. (Operator Instructions)

當然。此時，我們將進行問答環節。（操作員說明）

Don DeMarco, National Bank Financial.

唐‧德馬科 (Don DeMarco)，國家銀行金融部門。

Thank you operator. And good morning Jorge and team. Congratulations on the strong quarter. So first question Jorge, I'm just reading in the MD&A that at Landero, the company may be required to temporarily repatriate US dollars into Argentina and convert them from Argenti -- convert them into Argentine pesos. Can you just give us a sense of what maybe quantify the financial implications of this?

謝謝運營商。豪爾赫和他的團隊早安。恭喜季度表現強勁。所以第一個問題，Jorge，我剛剛在 MD&A 中讀到，在 Landero，該公司可能需要暫時將美元匯回阿根廷，並將其從 Argenti 轉換為阿根廷比索。您能否讓我們了解如何量化這個問題的財務影響？

So what we were disclosing is that in the next few quarters, what we expect to see in Argentina is a shift from what we have been seeing up to now where we have been able to repatriate cash surpluses from Lindero through the intercompany financing arrangement we had in place that has been exhausted by now.

因此，我們所披露的是，在接下來的幾個季度中，我們預計在阿根廷看到的情況將發生轉變，我們已經能夠透過我們的公司間融資安排從 Lindero 匯回現金盈餘已經用盡的地方。

And we will find ourselves in the situation most exporters are in today, any cash surpluses, we will have to be either kept in country or we'll be looking into different alternatives as to how to manage that exposure. All cash surpluses are kept in local currency in pesos in country, right.

我們將發現自己處於大多數出口商目前所處的境地，任何現金盈餘，我們都必須要么留在國內，要么我們將尋找不同的替代方案來管理這種風險。所有現金盈餘都以該國當地貨幣比索保存，對吧。

So we are going to only start accumulating cash locally towards year end. It will build up our current prices over the course of 2025. And we're looking into different alternatives as to manage that exposure. That's the best we can say at this stage.

因此，我們只會在年底開始在當地累積現金。它將在 2025 年期間提高我們目前的價格。我們正在尋找不同的替代方案來管理這種風險。這是現階段我們能說的最好的。

And this is subject of course to the current FX restrictions in country. The government has consistently been signaling a lifting of those restrictions but have not provided a date. As we know, Mr. Miele is a very pro-market President trying to promote investment into the country and the removal of those FX controls is central to that now.

當然，這取決於該國當前的外匯限制。政府一直表示將取消這些限制，但沒有提供具體日期。眾所周知，米勒先生是一位非常親市場的總統，試圖促進對該國的投資，而取消這些外匯管制是目前的核心。

So I mean, he indicates his priority lifting those FX controls is a priority but he has not provided a date for that. We believe the country is tracking in the right direction, but we still need to see that those some of those milestones, there's some positive signs there. The GAAP between the official rate and the parallel rate in the street has significantly narrowed.

所以我的意思是，他表示他的首要任務是取消這些外匯管制，但他沒有提供具體日期。我們相信該國正在朝著正確的方向前進，但我們仍然需要看到其中一些里程碑，那裡有一些積極的跡象。官方匯率與街頭平行匯率之間的公認會計原則已大幅縮小。

Country risk is coming down. But again, the positive signs, but we're not, we are still subject in the country is still subject to those FX restrictions, right.

國家風險正在下降。但同樣，積極的跡象，但我們沒有，我們仍然受制於該國仍然受到那些外匯限制，對吧。

Okay. And do you have any opportunities to invest either at Lindero or in Argentina?

好的。你們有在 Lindero 或阿根廷投資的機會嗎？

Yes, absolutely. We, well, one, we've been expanding our leach pad for the next decade that has been a $42 million project. And that sets the mind as I said, for a very long time for the life of reserves, we currently have and we have other opportunities in the Arizaro porphyry, in other properties in South, if that were to be the case.

是的，絕對是。我們，嗯，一，我們一直在未來十年擴建我們的瀝濾場，這是一個耗資 4200 萬美元的項目。正如我所說，在很長一段時間內，在保護區的使用壽命內，我們目前在阿里扎羅斑岩以及南部的其他礦區擁有其他機會，如果情況確實如此的話。

But we're looking at options. I think it's still very, very dynamic. We are in a different situation than about a year ago now, and with respect to the government, now. The previous government, removal of those effects controls was not a matter of discussion for this government, it is a priority. So, now when it happens, it's something we're all looking and watching carefully right, anxiously.

但我們正在考慮選擇。我認為它仍然非常非常有活力。與大約一年前相比，現在的情況有所不同，就政府而言，現在的情況也不同。對上屆政府來說，取消這些影響控制並不是本屆政府討論的問題，而是優先事項。所以，現在當它發生時，我們都在焦急地仔細觀察。

Okay. Thanks for that. Then just one more question on the mining codes in the proposed changes to mining codes in Cote and Burkina Faso. Have you been in touch with the government or have any dialogue with the government or have a sense of what the potential implications of these changes might be on either Yaramoko or Seguela or separately, the Diamba Sud?

好的。謝謝你。然後還有一個關於科特迪瓦和布吉納法索採礦法規擬議變更中的採礦法規的問題。您是否曾與政府保持聯繫或進行過任何對話，或了解這些變化可能對 Yaramoko 或 Seguela 或 Diamba Sud 產生的潛在影響？

Yes, the answer is, we are in a very close and in sometimes intense dialogue with both the government on the matter at a company level and also through the mining chambers that are quite active in both countries. And with respect to the changes recently enacted in Burkina Faso, they really do not impact us.

是的，答案是，我們正在與政府就此事在公司層面以及透過在兩國都非常活躍的採礦商會進行非常密切、有時甚至是激烈的對話。至於布吉納法索最近頒布的變化，它們確實不會影響我們。

Today, we do not see an impact to our business. And with respect to Cote d'Ivoire, there is a different process being driven. I believe the authorities are doing the right thing. There is a draft, a new mining code being circulated and properly consulted with industry. And that's what's taking place right now and we see that as positive.

今天，我們的業務沒有受到影響。就科特迪瓦而言，正在推動一個不同的進程。我相信當局正在做正確的事。目前正在分發一份新的採礦法規草案，並與業界進行適當協商。這就是現在正在發生的事情，我們認為這是積極的。

And I would say if I have to characterize it, the process in Cote d'Ivoire has been far more orderly than what we've seen in Burkina Faso. But yeah, we're very engaged and right now we don't see any dramatic change to our business in Cote d'Ivoire or Burkina Faso as an outcome of these changes.

我想說，如果非要我描述的話，科特迪瓦的進程比我們在布吉納法索看到的要有序得多。但是，是的，我們非常投入，目前我們沒有看到這些變化為我們在科特迪瓦或布吉納法索的業務帶來任何巨大變化。

Okay. Thank you for that. That's all for me. Good luck with Q4.

好的。謝謝你。這就是我的全部。祝第四季好運。

Thank you. John Pereira. John is a Private Investor. John, your line is live.

謝謝。約翰·佩雷拉.約翰是一位私人投資者。約翰，您的線路已上線。

Yeah, thank you. And Jorge yeah, congratulations on a good quarter to the team. From the last call, you reported that the leach pad and I think you just mentioned that was a $42 million project. Correct me if I'm wrong, was you were expecting to complete the CapEx spend on that during third Q3? I think I heard earlier that was going to extend into January of 2025.

是的，謝謝。豪爾赫是的，祝賀球隊取得了良好的季度表現。在上次通話中，您報告了瀝濾場，我想您剛剛提到這是一個價值 4200 萬美元的項目。如果我錯了，請糾正我，您是否期望在第三季完成資本支出？我想我早些時候聽說這將延續到 2025 年 1 月。

Can you just elaborate on what's still left to complete not the details of the project, but in terms of the spend here in Q4 and so how much more is left on that CapEx spend?

您能否詳細說明尚未完成的項目，而不是項目的細節，而是第四季度的支出以及資本支出支出還剩多少？

Okay. Thank you for the question. The leach pad has a couple of key components. One is the availability of that real estate for placing more for leaching, right? So that has been met even ahead of time in early mid-October, right? So we are the leach pad has been turned to operations and the leach pad has been turned to operations and we're placing on the leach pad, right.

好的。謝謝你的提問。浸濾墊有幾個關鍵零件。一是是否有足夠的空間來放置更多的浸出物，對吧？那麼這個要求甚至在十月中旬就已經提前實現了，對嗎？所以我們的浸出墊已投入運營，浸出墊已投入運營，我們正在放置在浸出墊上，對吧。

The second one is there are some ancillary activities that don't impact the continued operations of the expanded leach. But that will drag on until, you know, early 2025 and conclude with the mobilization activities of the contractor and whatnot in January, perhaps extending into February. But the key thing is that the leach pad is operational. With respect to the leach pad, amount that we might see still coming into 2024 (multiple speakers)

第二個是有一些輔助活動不會影響擴大浸出的持續運作。但這將持續到 2025 年初，並以 1 月承包商的動員活動等結束，也許會延續到 2 月。但關鍵是浸濾墊是否可以運作。關於瀝濾墊，我們可能會看到 2024 年仍會出現這種情況（多位發言者）

Not in an isolated manner for the leach pad. We can the -- what we can say is that part of the payments expect in Q3 associated to the leach pad have are rolling into Q4. As Jorge mentioned, the project for all material purposes is on track.

對於浸濾墊而言，並非以孤立的方式進行。我們可以說的是，預計第三季與瀝濾場相關的部分付款將滾入第四季。正如豪爾赫所提到的，該計畫的所有物質用途已步入正軌。

It's a matter of timing of payments mostly and the leach pad exclusively might be in the range of $10 million to $15 million right in Q4. The expectation that we had provided before with respect to a bit of the spend taking place in January hasn't changed for any significant purposes.

這主要是付款時間的問題，第四季的浸出墊可能在 1,000 萬至 1,500 萬美元之間。我們先前對 1 月份的部分支出所做的預期並未因任何重大目的而改變。

Yeah, it's about $10 million. What we might see coming into Q4 in the range of $10 million.

是的，大約是1000萬美元。我們可能會看到第四季度的收入在 1000 萬美元左右。

Okay. Yeah. So, if you had $38 million of sustaining capital in Q3. Are you expecting any upward surprises then in sustaining capital here in Q4. Or are you expecting then that the sustaining capital cost should start to diminish as time goes on because essentially this project is completing?

好的。是的。因此，如果您在第三季有 3800 萬美元的維持資本。您是否預期第四季在維持資本方面會出現任何上升的驚喜？或者您是否預期隨著時間的推移，持續的資本成本應該開始減少，因為該專案基本上已經完成？

Yes, that is the case. That is the case. As I said, we'll see a bit of a spill over into 2025 a few -- a couple million dollars something in the range of $4 million, $5 million and then something in the range of $8 million still, I look attached to the this final activities of the leach spread in Q4.

是的，就是這樣。情況就是如此。正如我所說，我們將看到一些溢出到 2025 年——幾百萬美元，大約 400 萬美元、500 萬美元，然後仍然是 800 萬美元，我看起來很喜歡浸出的最後活動在第四季度蔓延。

Yeah, I'm just trying to get a sense for the cash flow number, overall cash flow number and net cash flow. But anyway, just a second question to follow up on Burkina Faso, you mentioned, in terms of the government noise about the licenses, it's really not going to affect Fortuna.

是的，我只是想了解現金流量、整體現金流量和淨現金流量。但無論如何，關於布吉納法索的第二個問題，你提到，就政府有關許可證的噪音而言，這確實不會影響福爾圖納。

And, I think the understanding from the news release you put out on it was that, those were just, their impact would be just on new minds and new licenses being issued going forward. Is that kind of the sense that you're getting from the government?

而且，我認為您發布的新聞稿的理解是，這些只是，它們的影響只會對新想法和未來頒發的新許可證產生影響。這是你從政府得到的感覺嗎？

So I believe you're referring to a unfortunate statement made by the President of Burkina Faso, Captain Traore some weeks ago. Is that what you're referring to?

所以我相信你指的是布吉納法索總統特拉奧雷上尉幾週前發表的不幸聲明。你指的是這個嗎？

Yeah, yeah, that's correct.

是啊是啊，說得對。

Yes, he was misquoted really. What he was saying in that statement is that companies that do not comply with the new mining code could be subject to a cancellation of their licenses. And I think that as a general statement is something we're all subject to in many jurisdictions all the time. If you don't comply with the law, well, you're subject to cancellation of your concessions, but I believe that statement was cut by Reuters and put out there without much context.

是的，他確實被錯誤引用了。他在聲明中表示，不遵守新採礦法規的公司可能會被吊銷許可證。我認為，作為一般性聲明，我們在許多司法管轄區始終必須遵守這項規定。如果你不遵守法律，那麼你的讓步就會被取消，但我相信路透社刪去了這份聲明，並在沒有太多背景的情況下發布了這項聲明。

We do not see as I restate any implication to our business from the mining -- new mining code or any actions that the government could take or not. I think the government of Burkina Faso in spite of all the challenges the country is going through on security, humanitarian crisis and political instability is quite receptive to the foreign mining companies in country, right.

正如我重申的那樣，我們認為採礦不會對我們的業務產生任何影響——新的採礦法規或政府可以採取或不採取的任何行動。我認為，儘管布吉納法索面臨安全、人道危機和政治不穩定等方面的挑戰，但布吉納法索政府還是很願意接受外國礦業公司的，對吧。

If we -- if I need dialogue with the Ministry of Finance, he's available with the Minister of Mines, he's available with the head of National Security, he's available. So all of that is going well.

如果我們——如果我需要與財政部對話，他可以與礦業部長、國家安全負責人聯繫，他可以。所以這一切都很順利。

Okay. Yeah. And then there was another statement that was made earlier about recovery, it was out of VAT, I didn't quite understand. And is that in Burkina Faso? what -- can you just elaborate on what that was?

好的。是的。然後之前還有一個關於恢復的聲明，它是增值稅之外的，我不太明白。那是在布吉納法索嗎？什麼——你能詳細說明一下那是什麼嗎？

Yes. Yes. All companies are struggling to get the VAT recovery in Burkina Faso. That is not an inconsequential amount of money that's building up on VAT for us towards the end of the year is a figure in the amount of $40 million to $50 million. The government of Burkina Faso I would say up to a year ago has been quite diligent in providing returns on VAT, but that has stopped.

是的。是的。所有公司都在努力爭取布吉納法索的增值稅退稅。到今年年底，我們在增值稅上累積的這筆錢並不是無關緊要的，金額為 4,000 萬至 5,000 萬美元。我想說，布吉納法索政府在一年前一直非常努力地提供增值稅回報，但這種情況已經停止了。

As I said the country is going through all sorts of crisis not only security humanitarian, financial crisis as well. So we did receive an advance on VAT within the last three, four months about $1.5 million but it's trickling down, right. It's coming slowly and it's building up right particularly at these prices.

正如我所說，該國正在經歷各種危機，不僅是安全人道危機，還有金融危機。因此，我們在過去三四個月內確實收到了約 150 萬美元的增值稅預付款，但它正在慢慢減少，對吧。它來得很慢，而且正在增加，尤其是在這些價格下。

So, when you were reporting your cash flow numbers, are you accruing for these VAT numbers that, are they included in their accrued or they are just not included in the cash flow number because you haven't recovered it yet.

因此，當您報告現金流量數字時，您是否應計這些增值稅數字，它們是否包含在應計金額中，或者只是因為您尚未收回而未包含在現金流量數字中。

It is included as a negative change in working capital, right. So when do we talk about free cash flow, it is considering the fact that we're seeing those delays in collecting the VAT.

它被列為營運資金的負變化，對吧。因此，當我們談論自由現金流時，會考慮到我們看到增值稅徵收方面的延遲。

So is that part of the $25 million in receivables that was referenced? Is that VAT and that which reduce the --

那麼這是否屬於所提及的 2500 萬美元應收帳款的一部分？是增值稅還是減少的--

That's correct.

這是正確的。

Okay. Okay. Good. All right. So it did it. So it's not -- you're not including it in your cash flow, it's affecting your cash flow. So that'll come through whenever that comes through and be built into the cash flow at that time.

好的。好的。好的。好的。所以它做到了。所以它不是——你沒有把它包括在你的現金流中，它會影響你的現金流。因此，無論何時發生，它都會發生並被納入當時的現金流中。

That is correct. Yes.

這是正確的。是的。

Okay. And then the last question, I'm sorry, it's taking up so much time. But the last question with respect to San Jose, we didn't see any further drill results on San Jose. But I guess I'm going to assume that there's nothing meaningful that would allow the company to make the decision to continue to run the mine, combination of higher silver prices and a new find.

好的。然後最後一個問題，抱歉，佔用了我很多時間。但關於聖荷西的最後一個問題，我們沒有看到聖荷西有任何進一步的演習結果。但我想我會假設，在白銀價格上漲和新發現的結合下，沒有任何有意義的事情可以讓公司做出繼續經營礦場的決定。

Has the company looked at potentially selling that mine versus, obviously sustaining the closing costs that you're going to have to absorb over the next months or years.

該公司是否考慮過出售該礦，以及顯然維持您在未來幾個月或幾年內必須承擔的關閉成本。

With respect to the first part of the question, we have stopped exploration at this stage. And as I stated during the call, we are planning to carry a mining at least for 18-months because the mine although it is exhausting the reserves we estimated a year ago still has resources, right.

關於問題的第一部分，我們現階段已經停止探索了。正如我在電話中所說，我們計劃進行至少 18 個月的開採，因為礦場雖然已經耗盡了我們一年前估計的儲量，但仍然有資源，對吧。

The discovery of the ESC vein and resources at the Victoria vein and other portions of the mine. So yes, we are updating those resources based on not only the current prices, but also the current exchange rate which has moved in our favor.

ESC 礦脈的發現以及維多利亞礦脈和礦場其他部分的資源。所以，是的，我們不僅根據當前價格，而且根據對我們有利的當前匯率來更新這些資源。

Current peso to the dollar is at around 20 when a year ago was closer to 16, right. So all of those things do have an impact. But the way we see it is just residual mining, right? We are always considering strategic options now for the asset. Yes, but independent of those that might come or not we have a base case which is the progressive closure.

目前比索兌美元匯率約為 20，而一年前則接近 16，對吧。所以所有這些事情確實都會產生影響。但我們看到的只是剩餘挖礦，對嗎？我們現在一直在考慮該資產的策略選擇。是的，但與那些可能發生或不發生的情況無關，我們有一個基本情況，那就是漸進式關閉。

Okay. So that the current stride, you're calling it a progressive closure. So you continue to mine on a reduced rate to help absorb (multiple speakers) --

好的。因此，當前的步伐，您將其稱為漸進式閉合。所以你繼續以降低的速率開採以幫助吸收（多位發言者）——

Pretty much. So we will -- we're winding down operations. We have a -- we're this year already, we executed a significant reduction in workforce and concurrent with mining activities in 2025 and into 2026 that will be taking place at a reduced rate. We will be conducting also closure activities of ancillary facilities. We have two tailings disposal facilities.

差不多了。所以我們會——我們正在結束業務。我們今年已經大幅削減了勞動力，同時 2025 年和 2026 年的採礦活動將以較低的速度進行。我們也將進行附屬設施的關閉活動。我們有兩個尾礦處置設施。

We have a dry stack facility and a conventional tailing facility. We will be starting the work to close the one of those no. So concurrent with the production at a smaller rate, there are a lot of activities that we can initiate. And at the same time as I say, we keep the strategic options open right. There are still remaining resources and exploration opportunities in a bigger property package that we have decided for strategic reasons not to pursue.

我們擁有乾堆設施和傳統尾礦設施。我們將開始關閉其中一號的工作。因此，在以較小的速度進行生產的同時，我們可以啟動許多活動。同時，正如我所說，我們保持戰略選擇的開放性。更大的房地產組合中仍然存在剩餘的資源和勘探機會，出於戰略原因，我們決定不進行開發。

Okay. Yeah. And then the last point is I think the (inaudible) I read the expectation is that the ongoing reduced mining operation will, should cover cost. So you're expecting that mine is not going to be a catch drain. It's going to continue to at least break even during that 18-month period.

好的。是的。最後一點是，我認為（聽不清楚）我讀到的預期是，持續減少的採礦作業將覆蓋成本。所以你期望我的不會成為下水道。在那 18 個月期間，它至少會繼續保持收支平衡。

We are doing a trade-off between a complete halt of production and just carrying the closure cost, which is a project, right? A closure is a project. So you will be carrying a project that will be intensive in the initial 24, 36 months and then goes into more of a monitoring phase, right.

我們正在完全停止生產和只承擔關閉成本之間進行權衡，這是一個項目，對吧？閉包是一個項目。因此，您將開展一個在最初 24、36 個月內密集的項目，然後進入更多的監控階段，對吧。

So we trade-off a complete health of operations versus that option where the alternative is where we can continue doing some residual mining, generate some positive cash flows that help offset some of those costs that we will be incurring anyhow, right, those project costs if you will.

因此，我們權衡運營的整體健康狀況與該選項，替代方案是我們可以繼續進行一些剩餘採礦，產生一些正現金流，有助於抵消我們無論如何都會產生的一些成本，對吧，這些項目成本如果你願意的話。

So in our estimate today, we see a benefit -- an economic benefit of continuing with that residual mining, while we concurrently do closure activities starting with ancillary facility, right.

因此，在我們今天的估計中，我們看到了一個好處——繼續進行剩餘採礦的經濟效益，同時我們同時從輔助設施開始進行關閉活動，對吧。

Okay. And then you had accrued for the mining closure costs. I think it was $90 million several quarters ago. So the effect would -- there would not be an effect on the net earnings number, just an effect on potentially effect on the cash flow number. Do you believe that what's been accrued on the balance sheet should cut, will be adequate to, at this point?

好的。然後你就應計了採礦關閉成本。我認為幾個季度前是 9000 萬美元。因此，這種影響不會對淨利潤產生影響，只會對現金流量產生潛在影響。您是否認為資產負債表上的應計項目應該被削減，並且在這一點上是否足夠？

We are updating, we are currently, as I stated during the call, updating a feasibility level closure plan. And I -- we anticipate that as an outcome of that with a bit more basic detail engineering on some of the closure activities that figure will increase, right?

我們正在更新，正如我在電話會議中所說，我們目前正在更新可行性等級的關閉計劃。我 - 我們預計，透過對一些關閉活動進行更多基本的細節工程，這個數字將會增加，對吧？

So the final study will be complete this fourth quarter, probably end of November sometime in December. We should have the final numbers, but we can anticipate that provision will likely increase, right.

因此，最終研究將在第四季度完成，可能是 11 月底或 12 月的某個時候。我們應該有最終的數字，但我們可以預期撥款可能會增加，對吧。

To be precise, the numbers in the balance sheet for direct closure costs are in the $10 million range. The provision we carry in the balance sheet plus end of last year, we took a provision, a charge for $6 million of severance costs, severance costs -- I'm sorry of which around $2.5 million have been spent that. So that is the amount that's currently in the balance sheet something in the range of $14 million.

準確地說，資產負債表中直接關閉成本的數字在 1000 萬美元左右。我們在資產負債表中的準備金加上去年年底，我們收取了一項準備金，收取 600 萬美元的遣散費，遣散費——我很抱歉，其中大約花費了 250 萬美元。目前資產負債表中的金額約為 1,400 萬美元。

Yeah. We anticipate that number will increase, right.

是的。我們預計這個數字會增加，對吧。

Okay, I have to go back and look at that. Okay. That's it for me. Thank you very much, gentlemen.

好吧，我得回去看看。好的。對我來說就是這樣。非常感謝你們，先生們。

Thank you.

謝謝。

Thank you. Adrian Day, Adrian Day Asset Management.

謝謝。阿德里安戴 (Adrian Day)，阿德里安戴資產管理公司。

Yeah, good morning. Excuse me, I had two questions if I may. Sorry, one just quick follow up if I may, I'm sorry about this on San Jose. So does the residual mining get -- do does the cost of a residual mining continue to show up as a cash cost of mining and does it get included in your all in sustaining costs?

是的，早安。對不起，如果可以的話，我有兩個問題。抱歉，如果可以的話，請快速跟進一下，我對聖何塞的此事感到抱歉。那麼，剩餘採礦的成本是否會繼續顯示為採礦的現金成本，並且它是否包含在您的所有維持成本中？

I'm obviously asking because with the lower production, those costs are going to go way up and it's going to affect your company wide costs or does it just count as a (multiple speakers) -- sorry, go on.

我顯然是在問，因為隨著產量的降低，這些成本將會大幅上升，這將影響您公司的整體成本，或者它只是算作（多個演講者）——抱歉，繼續。

No, no, that's a very good topical question for us right now and that's something we're looking into as we speak, Adrian. What would be the more adequate way to account for that income, right. The way we see it technically is we have a closure project that's generating some income. We're even considering if we should include that those ounces which are small in our guidance, right -- in our 2025 guidance.

不，不，這對我們來說是一個非常好的話題，阿德里安，我們正在討論這個問題。什麼是更充分的方式來解釋該收入，對嗎？從技術上來看，我們有一個可以產生一些收入的關閉項目。我們甚至正在考慮是否應該將那些較小的盎司納入我們的指導中，對吧——我們的 2025 年指導中。

We're giving consideration to that. We're talking with the auditors. We're talking with we're analyzing that as we speak. I wanted -- we'll have more clarity when we provide guidance next year on how all of this is going to manage.

我們正在考慮這一點。我們正在與審計員交談。我們正在談話，我們正在分析這一點。我希望——明年我們就如何管理這一切提供指導時，我們會更加清楚。

But we did we've been telling sharing with investors, with analysts that we will be taking a position with respect to the future of San Jose in the third quarter and consistent with that is that we are advancing to you all that San Jose is going into closure and that we have the opportunity to offset a significant portion of those closure costs in the initial 2 years by carrying some residual mining of resources that we have which are high grade, right.

但我們一直在與投資者和分析師分享，我們將在第三季度對聖何塞的未來採取立場，與此一致的是，我們正在向你們推進聖何塞的所有發展關閉，我們有機會通過對我們擁有的高品位資源進行一些剩餘開採來抵消最初兩年內關閉成本的很大一部分，對吧。

Some of the higher grade resources updated to current exchange rate and prices do believe -- we believe provide an economic benefit to the project right offsetting closure costs. So that is what we're advancing but we certainly have a bit more work to do. As I said we do not have final closure numbers yet. We can anticipate that it's going to be a number higher than what we currently have in the provision as discussed with the previous caller. And how we're going to manage the reporting of those ounces or not is something that we're still figuring out.

根據當前匯率和價格更新的一些較高品位資源確實相信——我們相信為該項目提供了抵消關閉成本的經濟效益。這就是我們正在推進的目標，但我們當然還有更多的工作要做。正如我所說，我們還沒有最終的關閉數字。我們可以預計，該數字將高於我們與前一個來電者討論的當前條款中的數字。我們仍在研究如何管理這些盎司的報告。

Okay. Okay. Thank you. The second question if I may is on exploration. So two parts, one is what does the proportion of your total exploration spend that is on new projects -- new exploration projects. And then do you look at new exploration projects when you're looking at the potential for a new exploration project?

好的。好的。謝謝。我可以問的第二個問題是關於探索。所以分為兩部分，一是你的總勘探支出中用於新項目的比例是多少——新勘探項目。那麼，當您考慮新勘探項目的潛力時，您是否會考慮新的勘探項目？

Is it purely opportunistic or do you -- are you favoring particular regions? And I'm just hypothetically because you'd like to rebalance a little bit more to Latin America from West Africa or are you favoring certain metals or is it purely opportunistic as to whether you take on a new project?

這純粹是機會主義還是您偏愛特定地區？我只是假設，因為你想從西非到拉丁美洲再平衡一點，或者你是否青睞某些金屬，或者你是否接受一個新項目純粹是機會主義？

I will start with the second part of your question. And then we allow Luis to provide the breakdown, but to answer the second part of your question, we have the benefit of being in different geographies and we see opportunities emerge in all of them. And what we do agent is we rank them based on their own merit -- on their own technical merit first.

我將從你問題的第二部分開始。然後我們允許路易斯提供詳細信息，但為了回答你問題的第二部分，我們有處於不同地區的優勢，我們看到所有這些地區都出現了機會。我們所做的就是根據他們自己的優點對他們進行排名——首先是他們自己的技術優點。

And then depending on the nature of the opportunity, we decide if tactically it makes sense for us. Strategically, we are very comfortable for the long term being in all the jurisdictions where we are right. Now, tactically, there are places where we could commit to deploy more capital than others. Today, we clearly favor Cote d'Ivoire, Senegal ahead of Burkina Faso or for any large capital investment ahead of Argentina, right.

然後根據機會的本質，我們決定這在戰術上對我們是否有意義。從戰略上講，從長遠來看，我們非常願意在我們合適的所有司法管轄區開展業務。現在，從戰術上講，我們可以在某些地方投入比其他地方更多的資本。今天，我們顯然支持科特迪瓦、塞內加爾，而不是布吉納法索，或者在任何大型資本投資方面，我們都優先於阿根廷，對吧。

But our process to help you understand it is we first rank, we see opportunities emerging throughout, we rank each one on their technical merit and then we assess tactically if we can -- if it's an opportunity with logic potential, but correspondingly low financial risk to the company where we can be a bit more adventurous on where we move or not versus opportunities that demand high capital commitment.

但我們幫助您理解的流程是我們排名第一，我們看到貫穿始終的機會，我們根據技術優點對每個機會進行排名，然後我們從戰術上評估我們是否可以——如果這是一個具有邏輯潛力的機會，但相應的財務風險也較低對於那些需要高資本承諾的機會，我們可以在搬遷或不搬遷方面更具冒險精神的公司。

So if we do not gear or the opportunities, as always, we want to be more weighted towards Latin America now or more weighted towards silver or not. No, we rank the emerging opportunities on their own merit first.

因此，如果我們不一如既往地調整或機會，我們現在希望更多地關注拉丁美洲或更多地關注白銀。不，我們首先根據新興機會的優點對其進行排名。

Okay. That's very helpful. Thank you.

好的。這非常有幫助。謝謝。

Luis, on the breakdown?

路易斯，崩潰了嗎？

Yes. So and just to try to answer that question in most effective way possible, the only new project really where we're spending exploration dollars is Diamba. There's a bit of greenfield, $2.5 billion but the only new project really is Diamba. The bulk of our exploration budget is being spent in the areas around our existing projects, our existing mines, I should say, and mainly today, Seguela, right.

是的。因此，為了盡可能以最有效的方式回答這個問題，我們真正花費勘探資金的唯一新項目是 Diamba。雖然還有一些未開發項目，耗資 25 億美元，但唯一的新項目確實是 Diamba。我們的大部分勘探預算都花在了我們現有項目、現有礦山周圍的地區，我應該說，主要是今天的塞格拉，對吧。

Right. But what goes we have a break of sustaining versus non sustaining?

正確的。但是，我們在維持與非維持之間發生了怎樣的中斷呢？

Yes. The question is between sustaining and non-sustaining in terms of what we would call brownfields exploration expenditures, around one-thirds today is staying in sustaining and two-thirds is being classified as non-sustaining. As we the objective of those budgets is to expand resources and the exploration camps, right?

是的。問題在於我們所謂的棕地探勘支出是維持性支出還是非維持性支出，目前大約三分之一處於維持性支出，三分之二被歸類為非維持性支出。我們這些預算的目標是擴大資源和探索營地，對嗎？

Yeah, so close to $15 million allocated to sustaining the balance of sustaining, Adrian..

是的，阿德里安分配了近 1500 萬美元來維持平衡…

Okay. Okay. I was thinking of new greenfields like say the joint venture or the earning you have with Riverside on Cecilia in Mexico. Is that all very, very small?

好的。好的。我正在考慮新的綠地，例如合資企業或與墨西哥塞西莉亞河畔的收入。這一切都非常非常小嗎？

Well, yes, as described by Luis, our largest greenfields project is Diamba. We have a total budget allocated to the Diamba in 2024 in the range of $13 million total budget that includes exploration, engineering or owners cost associated with being in country managing the project. So that figure was around $13 million, probably $9 million out of that is classified as exploration.

嗯，是的，正如路易斯所描述的，我們最大的綠地項目是 Diamba。我們為 Diamba 分配的 2024 年總預算約為 1300 萬美元，其中包括與在國家/地區管理該專案相關的勘探、工程或業主成本。所以這個數字約為 1300 萬美元，其中可能有 900 萬美元被歸類為勘探。

Okay. Thank you.

好的。謝謝。

Thank you. (Operator Instructions) Peter Fried, who is a Private Investor.

謝謝。（操作員說明）Peter Fried，私人投資者。

Thank you, moderator, and congratulations on the solid quarter. My questions are regarding the normal course issuer bid, specifically the approximately $36 million that had of in funds that were to satisfy the 2019 convertible debentures.

謝謝主持人，並恭喜本季表現穩定。我的問題是關於正常發行人的出價，特別是用於滿足 2019 年可轉換債券資金的約 3,600 萬美元。

And why none of those funds were then used to repurchase the 7,184,000 shares that were converted despite several many opportunities to repurchase those shares at below $5, and then also what does this mean for the company's NCIB program going forward?

儘管有很多機會以低於 5 美元的價格回購這些股票，但為什麼這些資金都沒有用於回購已轉換的 7,184,000 股股票，這對該公司未來的 NCIB 計劃意味著什麼？

Well, in terms of execution the NCIB, we've been, as you would expect, we've been managing at the discretion of management based on the opportunities we see in the market. We have not committed publicly to any particular price.

嗯，就 NCIB 的執行而言，正如您所期望的那樣，我們一直根據我們在市場上看到的機會，由管理層自行決定管理。我們尚未公開承諾任何特定價格。

And, I think all that's relevant to say on that point is that we will continue taking those opportunities as we see them in the market, given the restrictions we typically have around certain blackouts during the year. So we, I mean, with a specific reference to $5, I don't believe we've made any commitments again to any specific share price, right?

而且，我認為與這一點相關的是，考慮到我們在今年某些停電期間通常會受到的限制，我們將繼續抓住市場上看到的這些機會。所以，我的意思是，具體參考 5 美元，我認為我們沒有再次對任何特定股價做出任何承諾，對嗎？

Our capital allocation priorities, I think are clear. We've been first giving priority to providing the strength we need in the in the balance sheet. I believe at times like these companies -- mining companies where we have no purchasing power -- the pricing power, of course, and need to work on the balance sheet and that's something we've been doing after many years of capital intensive phase, right. It's the first time we pivot into a net cash -- net positive cash position in several years.

我認為我們的資本配置優先事項是明確的。我們首先優先考慮在資產負債表中提供我們所需的實力。我相信有時像這些公司——我們沒有購買力——定價能力的礦業公司，當然，需要在資產負債表上進行工作，這是我們在經歷了多年的資本密集階段之後一直在做的事情，正確的。這是我們幾年來第一次轉向淨現金——淨正現金部位。

So with that, it's a set priority that strengthen the balance sheet and return to shareholders. Of course, for us is not a question of when or if but when and we have in place the NCIB and be sure that, we are keen to provide at the right time returns to our shareholders right via the buybacks or the institution of a dividend policy. That's something that's being analyzed and discussed at the Board level at this time.

因此，加強資產負債表和回報股東是當務之急。當然，對我們來說，這不是何時或是否的問題，而是何時以及我們已經建立了 NCIB，並確保我們熱衷於在正確的時間透過回購或股息制度向我們的股東提供回報政策。目前董事會正在分析和討論這個問題。

Okay. Well. Thank you.

好的。出色地。謝謝。

Thank you. And there were no other questions from the lines at this time. I would now like to hand the call back to Carlos Baca for closing remarks.

謝謝。而且此時台詞上也沒有其他問題了。現在我想將電話轉回給卡洛斯·巴卡（Carlos Baca）做總結發言。

Thank you, Paul. If there are no further questions, I would like to thank everyone for listening to today's earnings call. Have a great day. Bye.

謝謝你，保羅。如果沒有其他問題，我要感謝大家收聽今天的財報電話會議。祝你有美好的一天。再見。

Thank you. This does conclude today's conference. And you may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路。感謝您的參與。