Fortuna Mining Corp (FSM) 2025 Q1 法說會逐字稿

Good afternoon, everyone and welcome to the Fortuna Mining Corporation Q1 2025 Financial and operational results call. (Operator Instructions). Please note this conference is being recorded. I will now turn the conference over to your host, Carlos Baca, Vice President of Investor relations. The floor is yours.

大家下午好，歡迎參加 Fortuna Mining Corporation 2025 年第一季財務與營運績效電話會議。（操作員指令）。請注意，本次會議正在錄製。現在我將會議交給主持人、投資者關係副總裁 Carlos Baca。現在輪到你了。

Thank you, Danny. Good morning, ladies and gentlemen, and welcome to Fortuna Mining's first quarter 2025 Financial and Operational results conference call. Hosting today's call on behalf of Fortuna are Jorge Alberto Ganoza, President, Chief Executive Officer, and co-founder. Luis D. Ganoza, Chief Financial Officer, Cesar Velasco, Chief Operating Officer of Latin America. David Whittle, Chief Operating Officer of West Africa.

謝謝你，丹尼。女士們、先生們，早安，歡迎參加 Fortuna Mining 2025 年第一季財務和營運業績電話會議。代表 Fortuna 主持今天電話會議的是總裁、執行長兼聯合創始人 Jorge Alberto Ganoza。Luis D. Ganoza，財務長，Cesar Velasco，拉丁美洲營運長。西非營運長 David Whittle。

Today's turning presentation is available on our website at fortunamining.com. Before we begin, please note that statements made during this call are subject to the reader advisories included in yesterday's news release, the webcast presentation, our management discussion and analysis, and the risk factors set out in our annual information form.

今天的轉彎示範可在我們的網站 fortunamining.com 上找到。在我們開始之前，請注意，本次電話會議中所作的聲明受昨天新聞稿中的讀者建議、網絡廣播演示、我們的管理層討論和分析以及我們的年度資訊表中列出的風險因素的約束。

All financial figures discussed today are in US dollars unless otherwise stated. Technical information in the presentation has been reviewed and approved by Eric Chapman, Fortuna, Senior Vice President of Technical Services and a qualified person as defined by National Instrument 43-101. I will now turn the call over to Jorge Alberto Ganoza, President Chief Executive Officer and co-founder of Fortuna Mining.

除非另有說明，今天討論的所有財務數據均以美元為單位。簡報中的技術資訊已由技術服務資深副總裁 Eric Chapman、Fortuna 審核並批准，他是符合國家儀器 43-101 定義的合格人員。現在，我將把電話轉給 Fortuna Mining 總裁、執行長兼聯合創始人 Jorge Alberto Ganoza。

Hello to everyone and thanks for joining us today. Q1 was another great quarter for us at Fortuna. After a record set in Q4, we kept the momentum going with a second straight quarter of record free cash flow from operations. We're making the most of strong gold prices, keeping our costs under control, and continuing to grow our margins.

大家好，感謝大家今天加入我們。對於 Fortuna 來說，第一季是另一個輝煌的季度。繼第四季創下紀錄後，我們繼續保持這一勢頭，連續第二個季度創下營運自由現金流紀錄。我們正在充分利用強勁的金價，控製成本，並繼續提高利潤率。

Cash flow was a standout again this quarter. Free cash flow from ongoing operations hit a record $111 million, beating or Q4 record of $96 million. That puts our free cash flow margin at 38%, up from 31% in Q4. Net cash from operations before working capital changes was $138 million $0.45 per share. If we adjust for the San Jose mine divestment that jumps to $144 million or $0.48 per share.

本季現金流再次脫穎而出。持續經營產生的自由現金流達到創紀錄的 1.11 億美元，超過了第四季 9,600 萬美元的紀錄。這使得我們的自由現金流利潤率達到 38%，高於第四季的 31%。營運資本變動前的營業淨現金為 1.38 億美元，每股 0.45 美元。如果我們根據聖荷西礦場的撤資進行調整，該數字將躍升至 1.44 億美元或每股 0.48 美元。

Another nice setup. What's driving this simply put discipline on cost control in a strong goal price. We brought our cash cost per ounce down to $929 on a consolidated basis from $1,015 in Q4, and our consolidated only sustaining cost came in at $1,640 well below last quarter's $1,770. That kind of discipline is paying off.

另一個不錯的設定。推動這項進程的因素很簡單，就是在強勁的目標價下嚴格控製成本。我們將每盎司現金成本從第四季的 1,015 美元降至 929 美元（合併基礎），而我們的合併維持成本為 1,640 美元，遠低於上一季的 1,770 美元。這種紀律正在產生效果。

Netcom from continued operations came in at a strong $61.7 million or $0.20 per share, a big jump from $11 million or $0.04 per share in Q4. That was mainly thanks to an 8% increase in oil prices and a lower effective tax rate as a result of the appreciation of the EUR. We generated sales of $290 million and produced 103 gold equivalent ounces right in line with our plans.

網通持續經營業務利潤強勁，達到 6,170 萬美元或每股 0.20 美元，較第四季的 1,100 萬美元或每股 0.04 美元大幅成長。這主要歸因於油價上漲8%以及歐元升值導致有效稅率下降。我們的銷售額達到 2.9 億美元，並且按照計劃生產了 103 盎司黃金當量。

This includes the impact of the sale of San Jose mine, which had contributed about 11,000 gold equivalent ounces in Q4. All our mines stayed within production guidance in the quarter and Segela once again outperformed, coming in approximately 4,000 ounces above the midpoint of our guidance and previous quarter. This thanks to higher processed ore and a drawdown of gold in circuit inventory.

這包括出售聖荷西礦的影響，該礦在第四季度貢獻了約 11,000 黃金當量盎司。本季度，我們所有的礦場都保持了生產預期，而 Segela 再次表現出色，產量比我們的預期中位數和上一季高出約 4,000 盎司。這要歸功於礦石加工量的增加和黃金庫存的減少。

We continue to further improve our financial strength. Our net cash position more than doubled to $137 million and total liquidity rose to $462 million up from $381 million in the fourth quarter. That kind of financial strength gives us flexibility, whether that's for investing in growth, returning capital to shareholders, or navigating market shifts.

我們繼續進一步增強我們的財務實力。我們的淨現金狀況增加了一倍多，達到 1.37 億美元，總流動資金從第四季的 3.81 億美元上升至 4.62 億美元。這種財務實力為我們提供了靈活性，無論是投資成長、向股東返還資本，或是因應市場變化。

On that note, we continued buying back shares in Q1. We repurchased and canceled just over 900,000 shares at an average price of $4.53. On growth, capital, and exploration, we're staying focused on high impact opportunities across the portfolio. We have budgeted [$51 million] for 2025 for exploration and new project programs.

出於這一點，我們在第一季繼續回購股票。我們以平均 4.53 美元的價格回購並註銷了 90 多萬股。在成長、資本和探索方面，我們始終專注於整個投資組合中影響深遠的機會。我們已為 2025 年的勘探和新專案計劃預算了 [5,100 萬美元]。

We're going strong. We targeted work at the Kingfisher and Saberg deposits at the Séguéla Mine, the toon North Prospect in northern Cote d'Ivoire, the Dianbao Advance project in Senegal, and the Arizaro Project at the Lindero Mine in Argentina.

我們會越來越強大。我們專注於塞蓋拉礦的 Kingfisher 和 Saberg 礦床、科特迪瓦北部的 toon North Prospect、塞內加爾的 Dianbao Advance 計畫以及阿根廷 Lindero 礦場的 Arizaro 計畫。

These are exciting projects and prospects with long term upside, and we're putting capital to work where it counts. In 2025, we're also advancing with key capital projects that will enable the Seguela mine to expand production in 2026 to approximately 180,000 ounces of annual production. Whittle, our Chief Operating Officer for West Africa, will expand on that later on the call.

這些都是令人興奮的項目和前景，具有長期的優勢，我們正在將資本投入到重要的地方。2025 年，我們還將推進關鍵資本項目，使 Seguela 礦的產量在 2026 年擴大到年產量約 18 萬盎司。我們的西非首席營運長惠特爾 (Whittle) 將在稍後的電話會議上詳細說明這一點。

During the first quarter, we continued to actively optimize our asset portfolio divesting of assets with high costs or limited life of mine. The sale of the San Jose mine in Mexico closed in April, marking a key step in streamlining our operations. San Jose had become our highest cost mine and was nearing the end of its mineral reserves. So this was a timely and strategic divestment.

一季度，我們持續積極優化資產組合，剝離成本高、礦場壽命短的資產。墨西哥聖荷西礦的出售已於四月完成，這標誌著我們精簡業務邁出了關鍵一步。聖荷西已經成為我們成本最高的礦山，其礦產儲量已接近枯竭。因此，這是一次及時且具戰略意義的撤資。

As for the Yaramoko Mine in Burkina Faso, we announced its sale on April 11. Like San Jose, Yaramoko is approaching the end of its mine life with mineral reserves expected to be depleted by early 2026. The decision to sell was driven by a compelling offer and gives us a prudent exit from a country where we are no longer investing in mineral exploration and where the business and security environment continues to present challenges.

至於布吉納法索的亞拉莫科礦，我們於4月11日宣佈出售。與聖荷西一樣，亞拉莫科金礦的開採壽命也即將結束，預計礦產儲量將在 2026 年初枯竭。出售的決定是受到極具吸引力的報價的推動，這讓我們可以謹慎地退出一個我們不再投資礦產勘探且商業和安全環境持續存在挑戰的國家。

The sale provides for cash consideration of $70 million and is subject to the payment of cash dividends by Rock Bolzano, owner of the Yaramoko mine, to Fortuna in the amount of $57.5 million prior to closing. We expect the sale to close in mid-May.

此次出售的現金對價為 7,000 萬美元，且須在交易完成前由 Yaramoko 礦的所有者 Rock Bolzano 向 Fortuna 支付 5,750 萬美元的現金股息。我們預計此次出售將於五月中旬完成。

Taken together, these two sales allow us to reallocate approximately $50 million in capital and management focus away from mine closures and towards higher value opportunities that better align with our long-term strategic objectives. On the safety front, I'm pleased to report that we had zero lost time injuries in Q1 and our total recordable injury frequency rate improves to 0.98, down from 1.33 in the fourth.

綜合起來，這兩次出售使我們能夠將約 5000 萬美元的資本和管理重點從礦山關閉轉向更符合我們長期戰略目標的更高價值的機會。在安全方面，我很高興地報告，我們在第一季沒有任何工傷損失，我們的總可記錄工傷頻率從第四季度的 1.33 下降到 0.98。

That's a strong result. I want to thank our team for their continued vigilance and dedication to save work practice. However, this progress was overshadowed by a tragic incident in February at Seguela, where a subcontractor lost his life while performing ancillary activity. This is a heartbreaking reminder that safety must remain our highest priority always. Our commitment to zero harm workplace is unwavering.

這是一個強而有力的結果。我要感謝我們的團隊為挽救工作實踐所保持的持續警惕和奉獻精神。然而，這一進展卻因 2 月在塞格拉發生的一起悲慘事件而蒙上了陰影，一名分包商在執行輔助活動時喪生。這是一個令人心碎的提醒，安全必須始終是我們的首要任務。我們對零傷害工作場所的承諾堅定不移。

In Argentina, I'd like to comment that we continue to see positive economic policy changes. The government has started easing capital exchange rate controls and introduced a managed floating exchange rate. This opens the door for us to repatriate 2025 dividends, plus about $38 million currently in the country, and we're targeting the second half of the year to begin that process.

在阿根廷，我想評論的是，我們繼續看到積極的經濟政策變化。政府已開始放鬆資本匯率管制，並實施有管理的浮動匯率。這為我們匯回 2025 年股息以及目前在該國的約 3,800 萬美元打開了大門，我們計劃在今年下半年開始這項進程。

On closing, Q1 2025 was a strong border on all fronts. We hit back to back free cash flow records, improved margins, strengthened further our balance sheet, and continued to optimize the portfolio. We're in a great position to keep delivering for shareholders or people and the communities we operate in. We'll now move on to an update from our Chief Operating Officer who will start with West Africa, David.

總而言之，2025 年第一季在各方面都表現強勁。我們連續創下自由現金流記錄，提高了利潤率，進一步增強了資產負債表，並繼續優化投資組合。我們處於有利地位，可以繼續為股東、員工和我們經營所在的社區提供服務。我們現在將聽取首席營運官戴維 (David) 的最新消息，他首先從西非開始。

Thanks, Jorge. Seguela and Yaramoko delivered a successful first quarter with strong results from a production and operational perspective. Safety remains a core priority, and we continue to advance our goal of achieving zero harm across all operations.

謝謝，豪爾赫。Seguela 和 Yaramoko 在第一季取得了成功，從生產和營運角度來看業績強勁。安全仍然是我們的首要任務，我們將繼續推進在所有營運中實現零傷害的目標。

Yaramoko maintained an excellent safety record with no major injuries and continues to operate more than 4.5 years without a lost time incident. During the first quarter, Seguela produced 38,500 ounces of gold, representing 9% improvement compared to the previous quarter. This exceeded the mine plan and supports expectations to achieve annual production at the higher end of guidance.

亞拉莫科保持著出色的安全記錄，沒有發生過重大事故，並且已經連續運營了 4.5 年多，沒有發生過一次工時損失事故。第一季度，Seguela 生產了 38,500 盎司黃金，比上一季成長了 9%。這超出了礦山計劃，並支持實現指導上限年產量的預期。

Yaramoko also delivered strong performance, with gold production of 33,073 ounces, reflecting a 12% improvement over the prior quarter. At scale of 477,000 tons of oil were mined at an average gold rate of 2.53 gram per ton, along with 5.47 million tons of additional material, resulting in a strip ratio of 11.5 to 1. The plant processed 444,000 tons of ore and an average grade of 2.76 gram per ton of gold.

亞拉莫科 (Yaramoko) 也表現強勁，黃金產量為 33,073 盎司，較上一季成長 12%。規模開採石油 47.7 萬噸，平均金品位 2.53 克/噸，另開採材料 547 萬噸，剝離比為 11.5 比 1。該廠處理了 444,000 噸礦石，平均每噸黃金品位為 2.76 克。

Production was sourced primarily from the antenna, an, and cooler pits. The processing plant operated efficiently with an average throughput rate of 216 tons per hour, exceeding nameplate capacity by 40%. The of the tailing storage facility is on schedule for completion in the second quarter.

生產主要來自天線、和冷卻坑。該加工廠高效運行，平均吞吐率為每小時 216 噸，超出額定產能 40%。尾礦儲存設施預計將於第二季完工。

The completion of this $8.5 million project will provide tailing storage into 2029, allowing Seguela to fully capitalize on its increased throughput capacity and achieve our stated guidance of 160,000 to 180,000 ounces of gold per year from 2026 and beyond. All of the capital projects are advancing in line with schedule and budget.

這個耗資 850 萬美元的項目完成後，將為 2029 年提供尾礦儲存，使 Seguela 能夠充分利用其增加的吞吐能力，並從 2026 年起實現我們既定的每年 160,000 至 180,000 盎司黃金的指導目標。所有資本項目均依照計畫和預算推進。

Performance resulted in a cash cost of $650 and an all in sustaining cost of $1290 per ounce. Continued exploration success at the Kingfisher, Sunbird Underground, and other deposits, supports long-term production growth and strengthens the positive outlook beyond the feasibility study targets. At Yaramoko, 144,000 tons of ore were mined. It's an average grade of 7.1 gram per ton of gold.

業績導致現金成本為 650 美元，總維持成本為每盎司 1,290 美元。Kingfisher、Sunbird Underground 和其他礦床的持續勘探成功，支持了長期產量成長，並增強了可行性研究目標之外的積極前景。亞拉莫科礦場共開採了 144,000 噸礦石。平均每噸黃金品位為7.1克。

All was primarily sourced from the 55-zone underground mine with 21,000 tons from Bagay South at a grade of 8.99 gram per ton. The 109-zone open pit began contributing during the quarter with 31,000 tons at a grade of 1.1 gram per ton. The plant processed 135,000 tons and an average grade of 7.8 gram per ton gold. Y

所有礦石主要來自 55 個區域的地下礦，其中 21,000 噸礦石來自 Bagay South，品位為每噸 8.99 克。該 109 區露天礦在本季開始貢獻 31,000 噸金礦，品位為每噸 1.1 克。該工廠加工了135,000噸黃金，平均品位為每噸7.8克。是

Yaramoko recorded a cash cost of $1,059 and an all in sustaining cost of $1,411 per ounce, aligned with guidance expectations. In the first quarter, Fortuna entered into successful discussions with Soleil Resources regarding the potential sale of the Yaramoko mine and exploration assets in Burkina Faso. These discussions concluded positively, resulting in a signed agreement.

Yaramoko 的現金成本為 1,059 美元，總維持成本為每盎司 1,411 美元，與指導預期一致。第一季度，Fortuna 與 Soleil Resources 就出售布吉納法索 Yaramoko 礦山和勘探資產的潛在事宜進行了成功的談判。此次會談取得了積極成果，並簽署了協議。

Final gold fall by Fortuna occurred on April 14, with closing anticipated in early May. This transaction represents a strategic step aligned with our objectives and provides continuity for the workforce at Yaramoko. Thank you, Jorge, back to you.

Fortuna 最後一次黃金下跌發生在 4 月 14 日，預計在 5 月初結束。此次交易代表著符合我們目標的策略性舉措，並為 Yaramoko 的員工隊伍提供了連續性。謝謝你，豪爾赫，回到你身邊。

Thank you. We'll move on to Latin America. Cesar, you want to give us an update.

謝謝。我們將繼續討論拉丁美洲。塞薩爾，你想給我們最新消息嗎？

Sure, thank you, Jorge, and good afternoon to everyone. Let's begin with our Lindero mine in Argentina. Delivered strong production results this quarter. We placed 1.75 million tons of ore on the leach path with an average gold rate of 0.55 gram per ton containing approximately 30,943 ounces of gold.

當然，謝謝你，豪爾赫，大家下午好。讓我們從阿根廷的林德羅礦場開始。本季取得了強勁的生產業績。我們將 175 萬噸礦石放入浸出路徑，平均金含量為每噸 0.55 克，約含 30,943 盎司黃金。

Our mining operations extracted 1.46 million tons of ore, achieving an efficient stripping ratio of 1.8 to 1, which positively influenced our cost management. Gold production for the quarter reached 20,320 ounces. While this reflects a decrease of 24% compared to the previous quarter of 2024, primarily due to an 8% moderate reduced or grade and the timing of leach genetics.

我們的採礦作業開採了146萬噸礦石，實現了1.8比1的有效剝離比，對我們的成本管理產生了正面影響。本季黃金產量達 20,320 盎司。雖然與 2024 年上一季相比下降了 24%，但主要原因是品位下降了 8% 以及浸出遺傳學的時間安排。

It's important to note that this corruption level aligns with our planned mining sequence for the year. A major highlight at Lindero was the highly successful completion of the leach path expansion project. Expansion was delivered at a total cost of 51.8 million. And sports 10 more years of my life. I would also like to provide an update on solar plant project at Lindero.

值得注意的是，這種腐敗程度與我們今年計劃的採礦順序一致。林德羅的一大亮點是浸出路徑擴建工程的成功完成。擴建工程總成本為 5,180 萬美元。並且讓我的運動生涯再延長10年。我還想提供林德羅太陽能發電廠專案的最新進展。

As of today, the project is 97% complete, and we have begun pre-commissioning activities. The project continues to advance on schedule and well within budget, with full operation expected by the third quarter of 2025. These solar plants will represent a significant 42% reduction in diesel consumption or power generation.

截至今天，該專案已完成 97%，我們已經開始預調試活動。該項目繼續按計劃推進，且完全在預算之內，預計將於 2025 年第三季全面投入營運。這些太陽能發電廠將顯著減少柴油消耗或發電量42%。

Lindero continues capturing cost reduction from several initiatives such as the changing of the whole truck fleet from 90-ton combat trucks to 45-ton Scania trucks and optimizations on the crushing circuit, plant reagent consumption, and drilling equipment to mention a few. Turning to costs at Lindero, the cash cost per ounce of gold was $1,147 compared to $1,063 in the fourth quarter of 2024.

Lindero 繼續透過多項措施降低成本，例如將整個卡車車隊從 90 噸戰鬥卡車更換為 45 噸斯堪尼亞卡車，以及對破碎迴路、工廠試劑消耗和鑽井設備進行優化等等。談到林德羅的成本，每盎司黃金的現金成本為 1,147 美元，而 2024 年第四季為 1,063 美元。

This increase is largely attributable to the appreciation of the Argentina peso and the volume of ounces sold. The all in sustaining cash flows per gold sold was 1,911, slightly up from 1,873 in the previous quarter. This reflects the capital investment associated with the completion of the leach path expansion and the bulk of the peak of stripping taking place during the first half of 2025.

這一增長主要歸因於阿根廷比索的升值和銷售量的增加。每售出一枚黃金所產生的全部維持現金流為 1,911，略高於上一季的 1,873。這反映了與完成浸出路徑擴建以及 2025 年上半年發生的大部分剝離高峰相關的資本投資。

However, we anticipate the AISC to progressively improve in the next quarter, as we expect to gravitate towards a mine with an AISC of $1400 by the end of the year. Now let's move to our Caylloma Mine in Peru. Team there also delivered outstanding results. Silver production reached 243,000 ounces from 137,000 tons of [milk].

然而，我們預計下一季 AISC 將會逐步改善，因為我們預計到今年年底，AISC 將趨向於 1400 美元的礦場。現在讓我們轉到秘魯的 Caylloma 礦場。那裡的團隊也取得了優異的成績。白銀產量從 13.7 萬噸增加到 24.3 萬盎司[牛奶]。

Maintaining a consistent average head grade of 67 gram per ton. We also achieved significant production of lead and zinc with [GBP8.8 million and GBP13.8 million] produced respectively. The average head grades were 3.21% for lead and 5% for zinc. Production of all three metals remained consistent when compared to the fourth quarter of 2024, in line with our mine plan for the year.

保持每噸 67 克的穩定平均品位。我們也實現了鉛和鋅的大量產量，分別產量為[880萬英鎊和1380萬英鎊]。鉛的平均品位為 3.21%，鋅的平均品位為 5%。與 2024 年第四季相比，這三種金屬的產量保持穩定，符合我們今年的礦場計畫。

Regarding costs at Caylloma, which are reported on a silver equivalent basis, the cash cost for silver equivalent town sold was $12.80 compared to $16.53 in the fourth quarter of 2024. The all in sustaining cash cost per of payable silver equivalent decreased to $18.74 down from $28.10 in the previous quarter.

關於 Caylloma 的成本（以白銀當量為基礎報告），出售白銀當量城鎮的現金成本為 12.80 美元，而 2024 年第四季為 16.53 美元。每應付白銀當量的全部維持現金成本從上一季的 28.10 美元下降至 18.74 美元。

These cost adjustments reflect consistent cost savings and lower capital investments for a period offset primarily by slightly lowered silver production in the period and the benefit from the higher realized silver price on the silver equivalent calculation. In conclusion Our Latin American operations demonstrated a strong first quarter in 2025.

這些成本調整反映了一段時間內持續的成本節約和較低的資本投資，主要被該時期白銀產量的略微下降和白銀當量計算中更高的實際白銀價格帶來的好處所抵消。總結一下，我們的拉丁美洲業務在 2025 年第一季表現強勁。

We maintain a focus on excellent safety performance, achieved key production targets, and successfully completed strategic projects like the [Zindeo's] Lead expansion. We remain committed to optimizing our operational efficiency and delivering sustainable value to our stakeholders. Back to you Jorge

我們始終注重卓越的安全性能，實現了關鍵的生產目標，並成功完成了 [Zindeo] Lead 擴展等戰略項目。我們始終致力於優化營運效率並為利害關係人提供可持續的價值。回到你身邊，豪爾赫

Thank you and now over to Luis to See the full report.

謝謝，現在請路易斯查看完整報告。

Thank you. Mostly making reference to Q1 2024 as a comparison period where we have excluded San Jose for comparability purposes, as Jorge has mentioned, attributable net income from continuing operations for the quarter was $61.7 billion or $0.20 per share. This compares to $0.09 in Q1 2024.

謝謝。主要參考 2024 年第一季作為比較期，為了便於比較，我們排除了聖荷西，正如 Jorge 所提到的，本季來自持續經營的可歸屬淨收入為 617 億美元或每股 0.20 美元。相比之下，2024 年第一季為 0.09 美元。

Our strong financial performance in the quarter was a result of record high metal prices and I'm sorry, and cost per ounce aligned with our guidance for the year. Our average realized gold price in the period was $2,880 per ounce compared to $2,087 per ounce in Q1 of 2024.

我們本季強勁的財務表現得益於創紀錄的金屬價格，每盎司成本與今年的預期一致。該期間我們的平均實現黃金價格為每盎司 2,880 美元，而 2024 年第一季為每盎司 2,087 美元。

Our cash cost per gold equivalent ounce was $929 and all the saving cost was $1640 per ounce. Again, both aligned with management expectations. A few comments on the financials depreciation and depletion in the quarter was $61 million which we'd like to remind includes $18.5 million in depletion of the purchase price related to the acquisition of rock sold in 2021.

我們每盎司黃金當量的現金成本為 929 美元，所有節省成本為每盎司 1640 美元。再次，兩者都符合管理層的期望。關於本季財務折舊和損耗的一些評論為 6,100 萬美元，我們想提醒的是，其中包括與 2021 年收購出售的岩石相關的購買價格損耗 1,850 萬美元。

General and administration expenses were $25.3 million an increase of $8.5 million year over year as shown in the breakdown, we provide in page 10 of our MD&A. The increase comes mainly from stock-based compensation associated with a 42% rise in our share price during the quarter.

一般及行政開支為 2,530 萬美元，較上年同期增加 850 萬美元，詳情請參閱 MD&A 第 10 頁的細目。這一成長主要來自於與本季我們股價上漲 42% 相關的股票薪酬。

Our effective tax rate was 25% for the quarter compared to 34% in 2024. The decrease is a function of the appreciation of the EUR versus the US dollar in the quarter. 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 25%，而 2024 年為 34%。這一下降是由於本季歐元兌美元升值所致。以當前金屬價格計算，我們預計有效稅率在 28% 至 30% 之間，當前稅率在 32% 至 35% 之間。

Moving on to the cash flow statement, we reported $111.3 million of free cash flow from ongoing operations, which excludes new development projects and growth initially. We should note that we expect to pay over $60 million of taxes in 2024, of which the bulk will be paid in Q2 and Q3 as a result of this timing effect and everything else being equal, we should expect somewhat lower free cash flow in the next two quarters.

繼續查看現金流量表，我們報告了來自持續經營的 1.113 億美元的自由現金流，其中最初不包括新開發項目和成長。我們應該注意到，我們預計 2024 年將繳納超過 6000 萬美元的稅款，其中大部分將在第二季度和第三季度繳納，由於這種時間效應，在其他條件相同的情況下，我們預計未來兩個季度的自由現金流會有所下降。

In the investing section of the cash flow statement, we recorded $39.5 million and additions to property plan and equipment consisting of approximately $33.3 million of mine site capital. Includes $6 million of brownfields exploration and $6.2 million related to the Diamba Sud project and green fields exploration.

在現金流量表的投資部分，我們記錄了 3,950 萬美元以及財產計畫和設備的增加，其中包括約 3,330 萬美元的礦場資本。其中包括 600 萬美元的棕地勘探費用和 620 萬美元的 Diamba Sud 項目和綠地勘探費用。

Moving on to the balance sheet, we closed the quarter with a cash position of $309 million and the net cash position after financial debt of $137 million. The total liquidity was $459 million including the full handrawn amount of our $150 million dollar revolving credit facility.

從資產負債表來看，本季末我們的現金狀況為 3.09 億美元，扣除金融債務後的淨現金狀況為 1.37 億美元。總流動資金為 4.59 億美元，其中包括已提取的 1.5 億美元循環信貸額度。

Thank you, back to you, Jorge.

謝謝你，豪爾赫。

Carlos questions

卡洛斯的問題

We would now like to open the call to any questions that you may have. Jenny, please go ahead.

現在我們願意回答大家可能提出的任何問題。珍妮，請繼續。

Thank you very much. We will now be conducting our question-and-answer session. (Operator Instructions). Your first question is coming from Mohammad Siddique of National Bank Financial. Mohammed, your line is live.

非常感謝。我們現在將進行問答環節。（操作員指令）。您的第一個問題來自國家銀行金融公司的 Mohammad Siddique。穆罕默德，您的線路已通電。

Thank you, operator. Hi Jorge and team, I just had a question on capital allocation priorities following the sale of the San Jose mine and, Yaramoko mine that is expected to close and specifically as it relates to potentially inorganic opportunities that you may be looking at, what are some of the criteria that you know you're looking at in terms of size, jurisdiction, stage of assets, thank you.

謝謝您，接線生。你好，Jorge 和團隊，我只是想問一下在出售聖何塞礦和預計將關閉的亞拉莫科礦之後，資本配置的優先事項，特別是因為它與你可能正在考慮的潛在無機機會有關，你知道你在考慮哪些標準，包括規模、管轄權、資產階段，謝謝。

Yeah, first. Let me stress before I speak about inorganic growth, we believe we have, strong opportunities to fuel growth organically. Which are high impact. One is the expansion or reiterate the expansion of the Seguela mine, which today is our lowest cost mine. On this first approach towards an expansion, we're moving from about 140,000 ounces of annual gold delivery to a range of 160,000 to 180,000 ounces with opportunities for more.

是的，首先。在談論無機成長之前，我要強調一下，我們相信我們擁有強大的機會來推動有機成長。其影響力巨大。一是擴建或重申擴建塞格拉礦，這是我們目前成本最低的礦場。在首次擴張的過程中，我們將每年的黃金交付量從約 140,000 盎司提高到 160,000 至 180,000 盎司的範圍，並且還有進一步增加的機會。

We continue to see a lot of continued exploration success there, as evidenced by the discoveries of the sunbird deposit, the kingfisher deposit. The extension of San Ber deep for underground mining. So we're very encouraged by that and the continued opportunities for growth at our lowest cost operation.

我們繼續看到那裡不斷取得探勘成功，太陽鳥礦床、翠鳥礦床的發現就是明證。聖貝爾深井的延伸，用於地下採礦。因此，我們對此感到非常鼓舞，並且我們以最低的成本運作繼續獲得成長的機會。

Second is the Seguela, the Diamba Sud project in Senegal. Diamba Sud is an advanced stage, exploration, late stage exploration, advanced stage development, that's how I would rate it. We have a well funded program in 2025, where we're advancing exploration concurrent with permitting environmental studies.

第二個是Seguela，塞內加爾的Diamba Sud計畫。Diamba Sud 處於高級階段，探索，後期探索，高級開發階段，這就是我對它的評價。我們有一個資金充足的 2025 年計劃，我們將在推進勘探的同時進行環境研究。

And engineering studies as well. So we continue to approach the advance of Segela, sorry, of the Diamba Sud on a fast-track approach. That's organic. Then when we think of opportunities outside the farm. We are very focused on the two regions where we are already established, where we have established management teams, strong local expertise. So you will see us active in West Africa and, general region in Latin America.

還有工程研究。因此，我們繼續以快速的方式接近 Segela 的進展，對不起，是 Diamba Sud 的進展。這是有機的。然後我們想到農場以外的機會。我們非常關注已經建立業務的兩個地區，我們在這兩個地區建立了管理團隊，並擁有強大的本地專業知識。因此，您會看到我們活躍於西非和拉丁美洲的廣大地區。

We favor primarily countries where we already have operations within these two regions, of course, but we will move within the regions and, Projects that come into the pipeline or preferred, although we will see, if we are, we're more than chasing answers, we'll be chasing value, we're chasing value. So you will see us keep discipline.

當然，我們主要青睞已經在這兩個地區開展業務的國家，但我們也會在這兩個地區內開展業務，並且進入籌備階段或優先考慮的項目，儘管我們會看到，如果我們這樣做，我們不僅僅是在追求答案，我們還會追求價值，我們追求價值。所以你會看到我們遵守紀律。

If we see, we'll look at the full spectrum of opportunities from, earlier stage to post-discovery, pre-development. We see a lot of opportunity there. We still see and identify value in some of the opportunities that we track. What are we looking for? Projects that can deliver over a decade in the loans and at costs that sit up or opportunities to go below the average cost curve.

如果我們看到，我們將會看到從早期階段到發現後、開發前的全部機會。我們在那裡看到了很多機會。我們仍然看到並識別出我們所追蹤的一些機會的價值。我們在尋找什麼？可以在貸款期間內十年以上交付的項目，其成本可以達到或低於平均成本曲線。

And meaningful production that for us means anything north of 120,000, 150,000 ounces of coal production. We believe that we have a clear path. To support production in the range of 400,000 to 500,000 ounces between what we have in the portfolio and opportunities that we see out there.

對我們來說，有意義的產量意味著煤炭產量超過 120,000 到 150,000 盎司。我們相信，我們的道路是清晰的。支持我們投資組合中的產量和我們看到的機會之間的 400,000 至 500,000 盎司範圍內的產量。

Thanks a lot for that. And then if I could just maybe follow up on that, as you look at your current portfolio right now, should we expect maybe any potential rationalization? I'm just looking in things that go like it's very clear you have a ton of excitement and opportunities in there you have some opportunities as well, but Caylloma maybe like how do you think about that asset and how do you think about your current portfolio?

非常感謝。然後，如果我可以繼續跟進的話，當您查看您當前的投資組合時，我們是否應該期待任何潛在的合理化？我只是在觀察一些事情，很明顯你有很多興奮和機會，你也有一些機會，但 Caylloma 可能會問你如何看待這項資產以及你如何看待你目前的投資組合？

Yeah, Caylloma is certainly the smallest mine in the portfolio. It was our first mine, and I always say there is no headache-free mine, but if there is one mine that gets close to that, it's Caylloma. The team there does an excellent job.

是的，Caylloma 無疑是投資組合中最小的礦場。這是我們的第一座礦山，我總是說沒有一座礦山是沒有麻煩的，但如果有一座礦山可以與之相比，那就是 Caylloma。那裡的團隊做得非常出色。

Today, if you account for resources and reserves, we can see a mine operating for close to a decade. It's a mine that every year generates free cash flow for us. So it gives us a strong presence in a, in a exciting mining jurisdiction with a deep-rooted mining tradition like Peru so, we see Caylloma, as a fit in our portfolio today.

今天，如果算上資源量和儲量，一座礦場的開採時間可以達到近十年。這是一個每年都能為我們產生自由現金流的礦場。因此，它使我們在秘魯這樣一個擁有根深蒂固的採礦傳統的令人興奮的採礦管轄區中佔據了強大的地位，因此，我們認為 Caylloma 適合我們今天的投資組合。

Great, thank you. Thanks for taking my question.

太好了，謝謝。感謝您回答我的問題。

Thank you very much. Your next question is coming from David Siney, who's a private investor. David, your line is live.

非常感謝。您的下一個問題來自私人投資者大衛·西尼 (David Siney)。大衛，你的線路已通電。

Yes, my question is, with an excellent quarter result, hitting $0.20. Profit per share. I just want to know how is it that financial analysts can have such influence over the stock price, which is presently trading down just shy of 12%. And You miss their expectations by a penny a share and it's created a 12% deficit for today. I just don't understand.

是的，我的問題是，季度業績非常出色，達到了 0.20 美元。每股獲利。我只是想知道金融分析師如何對股價產生如此大的影響，目前股價已下跌近 12%。而你的每股盈餘比他們的預期低了一美分，這導致了今天的 12% 的虧損。我就是不懂。

Perhaps that's a question for the analysts. But I, we focus on what we control. We believe, as I stressed in the call, that this is a record quarter. We're delivering where it matters the most in free cash flow. We, we're controlling our cost and we're fully capturing the benefit of higher prices. I believe that Fortuna is put together a rock-solid balance sheet. It's generating a very strong free cash flow.

這或許是分析師要問的問題。但我，我們關注的是我們所控制的事情。正如我在電話會議中所強調的那樣，我們相信這是一個創紀錄的季度。我們正在為自由現金流最重要的部分提供服務。我們正在控製成本並充分享受更高價格的好處。我相信 Fortuna 擁有堅如磐石的資產負債表。它正在產生非常強勁的自由現金流。

It's managing the operations, controlling the risks. And we are set to continue benefiting from this price environment. Precious metals price swings in the stock, difficult to comment on. We're looking at it and we also have to admit, scratch your head a bit, but markets come and go, prices go up and come down. The important thing is the fundamentals of the business and Fortuna has never been as strong as it is today.

它管理營運、控制風險。我們將繼續受益於這種價格環境。貴金屬價格在股票中劇烈波動，難以評論。我們正在研究這個問題，我們也必須承認，這有點令人困惑，但市場來來去去，價格漲來跌去。重要的是業務的基本面，而 Fortuna 從未像今天這樣強大。

The balance sheet, the property portfolio, the cost management, the execution, operational excellence. So, again, I have never seen in 20 years Fortuna as strong as it is today with the capabilities to continue delivering for shareholders, right?

資產負債表、資產組合、成本管理、執行、卓越營運。所以，再說一次，20 年來我從未見過 Fortuna 像今天一樣強大，有能力繼續為股東帶來收益，對嗎？

Oh, thank you. I appreciate that. I don't disagree with you. I just don't understand how they're able to do that, but thank you very much.

噢，謝謝。我很感激。我並不反對你的看法。我只是不明白他們是如何做到這一點的，但我還是非常感謝。

Thank you.

謝謝。

Thank you very much. Your next question is coming from Adrian Day of Adrian Day Asset Management. Adrian, your line is live.

非常感謝。您的下一個問題來自 Adrian Day Asset Management 的 Adrian Day。阿德里安，您的線路已通電。

Yeah, thank you. Just had a quick question, Mohammad earlier as part of the question, but I was also wondering how, Greenfield's exploration fits into your picture, both solo green fields and also partnerships.

是的，謝謝。剛才穆罕默德提出了一個簡單的問題，作為問題的一部分，但我還想知道，格林菲爾德的探索如何融入您的想像，包括單獨的綠地和合作夥伴關係。

I did not quite get the very beginning of the question. It's about I'm sorry.

我不太明白這個問題的開頭。這是關於“我很抱歉”。

Yeah, greenfields exploration. How does that fit into the way you look at growth?

是的，綠地探索。這與你看待成長的方式有什麼關係？

Yes. Let me first, give you a refresher on our growth initiatives. This year we have increased our exploration and new projects budget to [40] $51 million up from $41 million in 2024. So, we're expanding our exploration initiatives.

是的。首先，請容許我向您介紹我們的成長計劃。今年，我們將勘探和新項目預算從 2024 年的 4,100 萬美元增加到 5,100 萬美元。因此，我們正在擴大我們的探索計劃。

Adrian, we're quite active with exploration in our key projects, key properties, and to the point of your question, Greenfield, sometimes we don't speak about or speak enough about our early-stage exploration initiatives and let me go into some of them. Right now we have an active drill program in northern Cote d’Ivoire. It's the Toon project. We have a 5,000, sorry, a 10,000-meter drill program ongoing there.

阿德里安，我們非常積極地探索我們的關鍵項目、關鍵資產，關於你的問題，格林菲爾德，有時我們沒有談論或充分談論我們早期的探索計劃，讓我來談談其中的一些。目前我們在科特迪瓦北部有一個活躍的鑽探計劃。這是 Toon 項目。我們在那裡正在進行一項 5,000 米，對不起，是 10,000 米的鑽探計劃。

It's a large land package north of the Barrick's Tongon mine in northern Cote d'Ivoire and it's early-stage exploration on the right rocks, on the right structures. With strong geochemical signatures on surface from auger and soil work. So we are excited about that program. It's advancing. We are, I would say we're third advanced with the drilling there.

這是位於科特迪瓦北部巴里克金礦 Tongon 北部的一大片土地，目前正對正確的岩石和結構進行早期勘探。螺旋鑽和土壤作業在表面留下了強烈的地球化學特徵。所以我們對這個計劃感到非常興奮。它正在進步。我想說，我們在那裡的鑽探工作已經是第三先進的了。

And we look forward to report on that in the coming weeks. Start reporting on Tongon and being able to talk more about Tongon in the coming weeks. In Mexico, we have currently three, we're entering, or looking to enter into three joint venture opportunities, option agreements for joint venture opportunities. So we continue to seek opportunities in Mexico.

我們期待在未來幾週內對此進行報導。開始報道 Tongon，並能夠在接下來的幾週內更多地談論 Tongon。在墨西哥，我們目前有三個合資企業，我們正在進入或尋求進入三個合資企業機會，合資企業機會的期權協議。因此我們繼續在墨西哥尋找機會。

Those are green fields initiatives, early stage type projects. In Peru, even though our work centers mainly in the Caylloma mine and the vein system around the Caylloma mine, we have within our property package. I would say. Different type projects for disseminated. The targets are disseminated silver or disseminated gold are the [Antaoyo] and Santa Rosa projects.

這些都是綠地計劃，是早期階段的項目。在秘魯，儘管我們的工作主要集中在 Caylloma 礦場和 Caylloma 礦場周圍的礦脈系統，但我們的財產範圍之內。我想說。不同類型的項目可供傳播。目標是分散型銀或分散型金，即 [Antaoyo] 和 Santa Rosa 計畫。

So even though they are within the Caylloma land package, which is quite extensive, these are projects that would be new, would not. Necessarily feed the Caylloma plant. These are disseminated, gold and silver type targets. So we are gearing to start drilling and testing those targets towards mid-year, second half of the year.

因此，儘管它們屬於 Caylloma 土地計劃的一部分（該計劃範圍相當廣泛），但這些項目仍將是新的，不是嗎？必須給 Caylloma 植物施肥。這些是分散的、金和銀類型的目標。因此，我們準備在年中或下半年開始鑽探和測試這些目標。

And we also have initiatives in Argentina and in Senegal, going back to West Africa, we talk about the Diamba Sud and we speak of the Diamba Sud as a project, but we have a very large land package in around Seguela and we are also, our work has focused initially at the project level at the Diamba Sud, but now we're starting to move out into the peripheries and boundaries of our concession packages.

我們在阿根廷和塞內加爾也開展了相關舉措，回到西非，我們談到了 Diamba Sud，我們將 Diamba Sud 作為一個項目來討論，但我們在塞格拉周圍擁有大量土地，而且我們的工作最初也集中在 Diamba Sud 的項目層面，但現在我們開始向特許經營範圍的邊緣和邊界擴展。

So, all in all, my message is we're very active across the jurisdictions on, or green fields initiatives and Sometimes we don't speak a lot about them, but as work progresses and those mature, some of them will mature, we will start communicating more, right?

所以，總而言之，我的意思是，我們在各個司法管轄區都非常積極地開展綠地計劃，有時我們不會談論太多，但隨著工作的進展和成熟，其中一些會成熟，我們會開始進行更多溝通，對嗎？

Okay, no, that's excellent. That's a lot of projects. Thank you.

好的，不，那太好了。有很多項目。謝謝。

(Operator Instructions). Oh, apologies. We do have a question just come in. If you'd like to take it, it's from David Kranzler of the Mining Stock Journal. David, your line is life.

（操作員指令）。哦，抱歉。我們確實有一個問題，請進來。如果你願意的話，這是來自《礦業股票期刊》的 David Kranzler 的文章。大衛，你的路線就是生命。

Thank you. Hi, Jorge. I think I'll see you later on, Chris's podcast Arcadia Economics. I think the market right now is kind of misunderstanding. The results that you released. I just have a couple questions here. How much will Fortuna save in closure costs from the sale of Yaramoko and San Jose?

謝謝。你好，豪爾赫。我想稍後會在克里斯的播客 Arcadia Economics 中見到你。我認為現在的市場有某種誤解。您發布的結果。我只有幾個問題。出售 Yaramoko 和 San Jose 礦場將為 Fortuna 節省多少關閉成本？

Hello, Dave, and look forward to our conversation later today. $50 million on aggregate is what we would estimate is the capital that would need to be allocated to face the mine closures of both Yaramoko and San Jose. And on top of that, those are $50 million that would be invested allocated towards mine closure or over a period of years, no, four years, five years, six years, right?

你好，戴夫，期待我們今天晚些時候的談話。我們估計，總計需要撥付 5000 萬美元的資金來應對亞拉莫科和聖何塞的​​礦場關閉。除此之外，還有 5000 萬美元將用於關閉礦山，或者在未來幾年，不，四年、五年、六年內投資，對嗎？

Because it's the closure plus monitoring activities that go. So the savings I believe are significant, but equally important is those are long-term projects that need to be managed and managed well as well. So, management attention.

因為它是關閉加上監控活動。因此，我認為節省的資金是巨大的，但同樣重要的是，這些都是長期項目，需要管理，而且要管理好。因此，請管理層注意。

I believe is key here and we're not only saving on the $50 million but we're also being able to reallocate management and human capital, human resources towards those, higher value opportunities that we have in the porta polio and across the other things that we're looking at.

我相信這是關鍵，我們不僅節省了 5000 萬美元，而且還能夠重新分配管理和人力資本、人力資源，用於我們在脊髓灰質炎門診和我們正在關注的其他事情中擁有的更高價值的機會。

Okay, and then, my next question is, do you have a timeline for the advancement of Diamba Sud to a construction decision?

好的，那麼我的下一個問題是，您是否有 Diamba Sud 推進到建設決策的時間表？

Yes. We, as I explained earlier in the call, we're advancing on three tracks. We aim to migrate the exploration concession we have at the Diamba Sud into an exploitation concession by mid-year 2026. So in order to do that, we are advancing our environmental studies. For engineering studies. And concurrent with that, we continue drilling like hell.

是的。正如我之前在電話會議中所解釋的那樣，我們正在三條軌道上前進。我們的目標是到 2026 年中期將 Diamba Sud 的勘探特許權轉為開採特許權。為了實現這一目標，我們正在推進環境研究。用於工程研究。同時，我們繼續拼命鑽探。

So, the objective is that by mid 2026, we are in a position to be able to call a construction decision. Mid-2026, probably a construction decision will follow shortly after gaining the exploitation concession, towards, I would say the second half of 2026, we should be in a position to consider, a construction decision.

因此，我們的目標是到 2026 年中期能夠做出建設決策。2026 年中期，在獲得開採特許權後不久，我們可能會做出建設決定，我想說，到 2026 年下半年，我們應該能夠考慮建設決定。

Okay, and then one last question, do you have a timeline yet for incorporating, Kingfisher into the Life of Mind plant Seguela?

好的，最後一個問題，您是否有將翠鳥植物融入心靈生命植物 Seguela 的時間表？

I would expect that Kingfisher can be incorporated by end of this year, so we will be releasing our consolidated resource and reserves, mineral resource mineral reserve statements in early 2026. And you should see kingfisher in those mine plants in the reserve. So we, all of this year we are drilling aggressively this first half of the year. We've been drilling aggressively in field drilling.

我預計翠鳥公司能在今年年底前成立，因此我們將在 2026 年初發布我們的合併資源和儲量、礦產資源礦產儲量報表。您也可以在保護區內的礦場植物中看到翠鳥。因此，今年上半年我們一直在積極鑽探。我們一直在積極地進行現場鑽探。

And we continue with that program and now we are We're close to completion with the infill program and now we are also working on opportunities that we identified through the infill program to continue extending mineralization. So we're doing those two in parallel infill plus growth within the kingfisher deposit, but to go back to the basic question, you should see kingfisher in the reserves in the mine plants by year end reported early next year.

我們將繼續執行該計劃，現在我們已接近完成填充計劃，現在我們也正在努力透過填充計劃發現的機會繼續擴大礦化。因此，我們正在翠鳥礦床內同時進行填充和增長，但回到基本問題，您應該在明年年初報告的年底前看到礦山工廠的儲量中的翠鳥。

Okay, thank you, that's all I've got and I will talk to you later on the Arcadia Economics podcast.

好的，謝謝，這就是我要說的全部內容，稍後我會在 Arcadia Economics 播客上與您討論。

Thank you. I look forward to that day.

謝謝。我期待那一天的到來。

Thank you very much. Our next question is coming from Thomas Belazis, who's a private investor. Thomas, your line is life.

非常感謝。我們的下一個問題來自私人投資者托馬斯貝拉齊斯 (Thomas Belazis)。湯瑪斯，你的路線就是生命。

Yes, Jorge. I, I've been buying all the way down on the sell-off, and I really don't understand why, but My comment is I hope you're buying it with me because this is a fantastic deal as I'm concerned that's all I have to say.

是的，豪爾赫。我，我一直在拋售時買入，我真的不明白為什麼，但我的評論是，我希望你和我一起買，因為在我看來這是一筆很棒的交易，這就是我要說的全部。

Thank you for the comments and well noted.

感謝您的評論，並注意到了。

Thank you very much. Well, we appear to have reached the end of our question and answer session. I will now hand back over to the management team for any final comments.

非常感謝。好吧，我們的問答環節似乎已經結束了。現在我將把權力交還給管理團隊，聽取他們的最終意見。

If there are no further questions.I'd like to thank everyone for joining us on today's earnings call. We appreciate your continued support and interest in Fortuna mining. Have a great day.

如果沒有其他問題，我要感謝大家參加今天的財報電話會議。我們感謝您對 Fortuna 礦業的持續支持和關注。祝你有美好的一天。

Thank you very much. That does conclude today's conference call. You may disconnect your phone lines at this time and have a wonderful rest of the day. We thank you for your participation.

非常感謝。今天的電話會議到此結束。您現在可以斷開電話線並享受美好的一天剩餘時間。我們感謝您的參與。