Goldgroup Mining Inc (GORO) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Gold Resource first-quarter earnings conference call. (Operator Instructions)

各位女士、先生，早安，歡迎參加 Gold Resource 第一季財報電話會議。(接線員指示)

I would now like to turn the conference call over to Chet Holyoak. Please go ahead.

現在我想把電話會議交給 Chet Holyoak。請開始。

Thank you, Jenny, and good morning to everyone. On behalf of the Gold Resource team, I would like to welcome you to our conference call covering our first-quarter 2026 results.

謝謝你，Jenny，也向各位道早安。我謹代表 Gold Resource 團隊，歡迎各位參加本次涵蓋我們 2026 年第一季業績的電話會議。

Before we begin the call, there are a couple of housekeeping matters I would like to address. Please note that certain statements to be made today are forward-looking in nature and as such, are subject to numerous risks and uncertainties as described in our annual report on Form 10-K and other SEC filings. Please note, all amounts referenced during the presentation are in US dollars unless otherwise stated.

在我們開始之前，我想先說明幾項例行事項。請注意，今天將發表的某些陳述屬於前瞻性陳述，因此可能受到我們於 Form 10-K 年報及其他向美國證券交易委員會（SEC）提交文件中所述之多項風險與不確定性影響。另請注意，除非另有說明，本次簡報中提及的所有金額均以美元計。

Joining me on the call today is Allen Palmiere, our President and CEO; and Armando Alexandri, our Chief Operating Officer. Following our prepared remarks, we will be available to answer questions. This conference call is being webcast and will be available for replay on our website later today.

今天與我一同參與電話會議的有：我們的總裁兼執行長 Allen Palmiere，以及營運長 Armando Alexandri。在我們的準備發言之後，我們將開放回答問題。本次電話會議將以網路直播，並將於今日稍晚在我們網站提供重播。

Yesterday -- or last week's news release that was issued following the close of the market, and the accompanying Form 10-K have been filed with the SEC on EDGAR and are also available at our website at www.goldresourcecorp.com.

昨日——或上週在收盤後發布的新聞稿，以及隨附的 Form 10-K，已透過 EDGAR 向 SEC 提交，亦可於我們網站 www.goldresourcecorp.com 查閱。

I will now turn the call over to Allen.

現在我把電話交給 Allen。

Thank you, Chet, and good morning, everyone. I would like to thank you for joining our first-quarter conference call. I'd like to address a few points first and then address operations, followed by Chet addressing the financials. Following his remarks, I will then make a few closing comments and we will take questions.

謝謝你，Chet，各位早安。感謝各位參加我們的第一季電話會議。我會先談幾點重點，接著說明營運狀況，然後由 Chet 說明財務表現。在他發言之後，我會做幾點結語，然後我們將進入問答。

I'm pleased to report this quarter continued the company's trend of improving operations, resulting in the achievement of positive net income for the quarter for the first time since 2021. This milestone represents a significant accomplishment for the company and reflects the hard work, dedication and resilience of the exceptional team we have built. Their perseverance through challenging periods assisted by strong commodity prices has been instrumental in previous to this position.

我很高興報告，本季延續公司營運持續改善的趨勢，使我們自 2021 年以來首次在單季達成正的淨利。這一里程碑對公司而言是重大成就，也反映出我們所建立的卓越團隊之辛勤付出、投入與韌性。他們在艱困時期的堅持不懈，加上強勁的商品價格支撐，對我們走到今天這一步至關重要。

Further, we have assembled a team of consultants led by SLR to complete a definitive feasibility study for our Back Forty project in the Upper Peninsula of Michigan. This study will be complete in Q1 of next year and will be followed by the submission of the necessary permit applications, upon receipt of which we plan on beginning construction.

此外，我們已組建由 SLR 領導的顧問團隊，為位於密西根州上半島的 Back Forty 專案完成最終可行性研究（Definitive Feasibility Study）。該研究將於明年第一季完成，之後我們將提交必要的許可申請；在取得許可後，我們計畫開始施工。

During the quarter, the operation recorded two lost time injury incidents, which, while minor in nature, are concerning, but do not reflect our long-standing commitment to a safe and healthy workplace. The operation is implementing the immediate containment and prevention plan supported by an external consultant in alignment with our zero-accident mindset.

本季營運發生兩起損失工時傷害事件，雖然性質輕微，但仍令人關切，且不代表我們長期以來對安全與健康職場的承諾。營運團隊正依循我們「零事故」的理念，在外部顧問支持下，推動立即的圍堵與預防計畫。

Despite the challenges, the operation maintained a stable pace and is aligned with quality and productivity standards for narrow vein mining methods to reduce dilution. To put that into context, the former mining method, which was predominantly long-hole mining, experienced dilution of up to 45%. By changing to cut and fill mining, our dilution has declined to approximately 12%, thus reducing the material delivered to the mill while maintaining the same metal credits.

儘管面臨挑戰，營運仍維持穩定節奏，並符合窄脈採礦方法的品質與生產力標準，以降低稀釋率。作為對照，先前以長孔採礦為主的方法，稀釋率最高可達 45%。改採切填採礦後，我們的稀釋率已降至約 12%，因此在維持相同金屬入帳量的同時，降低送入磨礦廠的物料量。

In support of our production and growth strategy, mine development is maintaining the pace to reach new productive areas and prepare drill stations. The Alta Gracia mining had a successful reopening contributing good head grades, while an intensive drilling program is underway to increase mineable resources. The operation focuses on producing high-quality concentrate by implementing improvements and rehabilitating part of the infrastructure to support and maintain production volumes and metallurgical recoveries across all metals.

為支持我們的產量與成長策略，礦山開發持續保持進度，以到達新的可採區域並準備鑽孔平台。Alta Gracia 礦區成功重新開採，帶來良好的入選品位；同時正進行密集鑽探計畫，以增加可採資源量。營運重點在於透過改善措施並整修部分基礎設施，生產高品質精礦，以支撐並維持各金屬的產量與冶金回收率。

A clear filter press, the dry stack tailing system is on site with installation plan for the next quarter. These enhancements are key to increasing productivity per cycle, enabling us to maintain steady production and increase recovery.

透明濾板壓濾機（clear filter press）乾式堆置尾礦系統已運抵現場，並規劃於下季進行安裝。這些強化措施是提升每一循環生產力的關鍵，使我們能維持穩定產量並提高回收率。

I'll now pass the presentation over to Chet to discuss the financial results.

接下來我把簡報交給 Chet，請他說明財務結果。

Thank you, Allen. As was mentioned, we are experiencing a very strong start to 2026. I'd like to take a moment to highlight a few of the key accomplishments that contributed to that performance. We continue to strengthen our cash position during the first quarter, ending the period with $31 million, reflecting our disciplined approach to cash management.

謝謝你，Allen。如先前所提，我們在 2026 年有一個非常強勁的開局。我想花點時間重點說明幾項促成該表現的關鍵成果。我們在第一季持續強化現金部位，期末現金達 3,100 萬美元，反映我們在現金管理上的紀律。

In addition to this solid balance, strong production resulted in nearly $44 million in net sales for the quarter, generating a robust mining gross profit of $19 million. Most importantly, our first-quarter performance delivered net income of $4.7 million or $0.03 per share. As Allen noted, this marks a significant milestone for the company, representing our first quarter of positive net income since 2021.

除了穩健的資產負債表外，強勁的產量使本季淨銷售額接近 4,400 萬美元，帶來 1,900 萬美元的強勁礦業毛利。最重要的是，我們第一季實現淨利 470 萬美元，或每股 0.03 美元。如 Allen 所述，這是公司一項重要里程碑，代表我們自 2021 年以來首次單季淨利轉正。

Our cash cost per gold equivalent ounce of $2,164 and all-in sustaining costs of $3,476 per gold equivalent ounce remain above our long-term targets. However, we continue to see a consistent downward trend, which indicates that the actions we have implemented are delivering the intended results.

我們每金當量盎司的現金成本為 2,164 美元、每金當量盎司的全維持成本（AISC）為 3,476 美元，仍高於我們的長期目標。然而，我們持續看到一致的下降趨勢，顯示我們已採取的措施正產生預期成效。

While there is still room for further improvement, we are closely monitoring mining activities and maintaining a disciplined focus on operating as efficiently and economically as possible. It is also important to highlight the continued strength of precious metal grades produced from the mine, particularly silver. Although metal prices have moderated somewhat, the overall price environment for both gold and silver remained very favorable and continues to support positive operating results for the business.

雖然仍有進一步改善空間，我們正密切監控採礦活動，並以紀律性方式專注於盡可能高效率、低成本地營運。同時也必須強調，礦山所產出的貴金屬品位持續強勁，尤其是白銀。儘管金屬價格略有降溫，但黃金與白銀的整體價格環境仍相當有利，並持續支撐公司正向的營運成果。

With the improvement in profitability, we have also continued to advance underground developments and exploration activities at the Don David mine. During the quarter, we invested approximately $3.8 million in underground development, more than $600,000 in infill drilling and nearly $900,000 in underground exploration development.

隨著獲利能力改善，我們也持續推進 Don David 礦的地下開發與探勘活動。本季我們在地下開發投入約 380 萬美元，補充鑽探（infill drilling）投入超過 60 萬美元，地下探勘開發投入近 90 萬美元。

These investments have continued to expand access to the Three Sisters area, and mining activities commenced from Alta Gracia during the quarter. We will continue to advance development and exploration in these areas as part of our long-term strategy to support sustainable mine growth.

這些投資持續擴大我們對 Three Sisters 區域的進入通道，且本季已自 Alta Gracia 展開採礦作業。作為支持礦山永續成長的長期策略之一，我們將持續推進這些區域的開發與探勘。

I will now pass the presentation back to Allen for his concluding remarks.

現在我把簡報交回 Allen，請他做結語。

Thank you, Chet. And thank you all once again for joining us today and for your continued support. It has been a long time since we've been able to report results as positive as these, and we're extremely proud of our entire team for their hard work and dedication in delivering this performance.

謝謝你，Chet。也再次感謝各位今天的參與以及持續的支持。我們已經很久沒有能夠報告如此正面的成果，我們也為全體團隊在交出這份成績上所展現的努力與投入感到非常自豪。

I'd now like to take a moment to discuss the proposed business combination with Goldgroup Mining Inc., which we announced in January. The transaction is structured as a reverse triangular merger through which Gold Resource Corporation will become a wholly owned subsidiary of Goldgroup.

我現在想花一點時間討論我們在一月宣布的、與 Goldgroup Mining Inc. 擬議的企業合併案。該交易架構為反向三角合併，透過此方式，Gold Resource Corporation 將成為 Goldgroup 的全資子公司。

There are several strategic reasons why we believe this combination will create meaningful value for our shareholders. First, the combined company will benefit from a greatly enhanced asset portfolio. This includes our producing Don David Gold mine and the feasibility stage Back Forty project, along with Goldgroup producing Cerro Prieto mine and the recently acquired San Francisco mine.

我們相信此合併將為股東創造具實質意義價值，背後有數項策略性原因。首先，合併後公司將受益於大幅強化的資產組合。其中包括我們正在生產的 Don David 金礦與可行性研究階段的 Back Forty 專案，以及 Goldgroup 正在生產的 Cerro Prieto 礦山與近期收購的 San Francisco 礦山。

San Francisco mine is not currently operating. Our plans are to complete a drilling program to confirm the geological data to develop our own resource estimate, our own mine plans, refurbish the infrastructure, and recommence mining early in Q1 of 2027. Together, these assets create a stronger, more diversified portfolio with pro forma production run rate of greater than 100,000 ounces of gold equivalent within 12 months.

San Francisco 礦山目前尚未營運。我們的計畫是完成一項鑽探計畫，以確認地質資料、建立我們自己的資源量估算與礦山計畫、整修基礎設施，並於 2027 年第一季初重新開始採礦。綜合而言，這些資產將形成更強大、更多元化的組合，按備考基礎計算，在 12 個月內的產量運行率可超過 100,000 盎司黃金當量。

Additionally, the exploration potential is extremely attractive, and we plan on a very active program of over 50,000 meters of drilling this year. Importantly, the transaction reduces reliance on single operation, thereby reducing the impact of any operational interruption at any one line.

此外，勘探潛力極具吸引力，我們計畫今年進行非常積極的計畫，鑽探總長超過 50,000 公尺。重要的是，該交易降低對單一營運據點的依賴，從而降低任何單一產線發生營運中斷所帶來的影響。

Second, the combined combination creates a larger and more diversified mining company with a strong geographic focus on Mexico, one of the world's premier mining jurisdictions with a long history of mineral production. The asset base is also heavily weighted towards precious metals, currently silver being dominant and next year, silver and gold, both of which currently experience strong price momentum and provides an attractive tailwind for the combined business.

第二，此一合併將打造一家規模更大、更多元化的礦業公司，並在地理上強烈聚焦墨西哥——這是全球首屈一指的礦業司法管轄區之一，且擁有悠久的礦產生產歷史。資產基礎也高度偏重貴金屬，目前以白銀為主，明年則為白銀與黃金；兩者目前皆呈現強勁的價格動能，為合併後業務提供有利的順風。

The merged company will have a strong balance sheet, no debt, and greater financial flexibility to fund growth projects, exploration initiatives and opportunistic acquisitions. Its increased scale and enhanced market profile are also anticipated to attract a broader institutional investor base, supporting long-term value creation for all shareholders.

合併後公司將擁有強健的資產負債表、零負債，並具備更高的財務彈性，以資助成長專案、勘探計畫與機會型併購。其規模擴大與市場能見度提升，也預期將吸引更廣泛的機構投資人基礎，支持為所有股東創造長期價值。

We are very excited to take advantage of a perfect storm, strong commodity prices, extensive Mexican support from the team at Goldgroup and opportunities unique to Mexico. We look forward to unlocking the value proposition that is derived from the transaction.

我們非常期待把握這場「完美風暴」：強勁的大宗商品價格、Goldgroup 團隊在墨西哥的深厚支援，以及墨西哥獨有的機會。我們期待釋放此交易所帶來的價值主張。

With that, I'll turn the call over to the operator for questions. Thank you.

接下來，我把電話交給接線員進行提問。謝謝。

(Operator Instructions) Stuart McDougall, Research Capital.

(接線員指示) Stuart McDougall，Research Capital。

Thanks, operator. Hi, Allen. I'm still getting up to speed on the story, but I'd like to, just off the bat, know, if you -- you're just switching to the cut and fill, and grades have obviously gone up, do you expect it to continue to go higher over the course of the year?

謝謝，接線員。嗨，Allen。我還在熟悉整個故事，但我想一開始就先問：你們剛轉換到切填法（cut and fill），品位顯然已經上升了，你預期在今年接下來的時間裡還會繼續走高嗎？

And secondly, if you could just confirm that I heard correctly, it's -- you planned 50,000 meters of drilling in 2026. That is corporate-wide or just for San Fran? And secondly, I wanted to make sure I heard correctly, the 100,000-ounce target, that's corporate as well.

第二，請你確認我是否聽對了：你們計畫在 2026 年鑽探 50,000 公尺。這是全公司層級，還是只針對 San Fran（San Francisco）？另外，我也想確認我是否聽對了：100,000 盎司的目標也是公司整體的目標。

Thanks, Stuart. Cut and fill, we began the transition from long-hole to cut and fill in July of last year. And at this point, we're pushing 70% of our production from the Don David mine coming from cut and fill stopes. That is going to continue.

謝謝你，Stuart。關於切填法，我們在去年七月開始從長孔採礦（long-hole）轉換到切填法。目前，我們 Don David 礦山約 70% 的產量來自切填採場（cut and fill stopes）。這個比例還會持續提高。

What it does do is deliver a higher head grade to the mill because of the decrease in the dilution. And it really is a much more effective mining method for the narrow veins that we're working in. The numbers I referred to 70,000 meters could be split, basically, 50,000 for export -- there's 50,000 for exploration, and then there's an incremental 20,000 free definition drilling at Don David.

這樣做的效果是，由於稀釋降低，能向選礦廠提供更高的入磨品位（head grade）。對於我們正在開採的狹窄礦脈而言，這確實是一種更有效的採礦方法。我提到的 70,000 公尺可以拆分：基本上 50,000 公尺用於勘探——其中有 50,000 公尺是勘探鑽探，另外還有額外 20,000 公尺是在 Don David 進行的資源界定鑽探。

If I split it out further, we've got about 24,000 at the exploration at Cerro Prieto. We've got a similar amount at San Francisco, which is part exploration, part confirmatory drilling. And then the balance is going to be in and around the Don David mine.

如果再進一步拆分，我們在 Cerro Prieto 的勘探約 24,000 公尺。San Francisco 也有相近的量，部分屬於勘探、部分屬於確認性鑽探。其餘的則會在 Don David 礦山內部及周邊進行。

I think the 100,000 ounce plus is for production corporately. Ball parking it, our current run rate for Don David in today's price environment is roughly 50,000 ounces a year. San Francisco, a PEA that was done in 2020 forecast about 50,000 ounces a year. And Goldgroup management is predicting between 20,000 and 30,000 ounces per year from Cerro Prieto. And that's where the numbers come from.

我認為 100,000 盎司以上是公司整體的產量目標。粗略估算，在目前價格環境下，Don David 的現行運行率約為每年 50,000 盎司。San Francisco 方面，2020 年完成的一份初步經濟評估（PEA）預測約每年 50,000 盎司。而 Goldgroup 管理層預估 Cerro Prieto 每年可產出 20,000 到 30,000 盎司。這些就是數字的來源。

(Operator Instructions) [Rex Rogesh].

(接線員指示) [Rex Rogesh]。

Good morning, and thank you for your time. I'm a small investor compared to you guys. But I do some -- red flags are going up for me. I understand in the first, second and third quarter of '25 why the AISC would be so high.

早安，謝謝你撥冗。相較於你們，我是一個小投資人。但我這邊有些——我看到一些警訊。我能理解為什麼在 25 年的第一、第二與第三季，AISC 會那麼高。

Fourth quarter with a silver medium at $52 an ounce, you guys killed it. You paid off your emergency debt. You got the 0 debt now. You made a meager profit.

第四季白銀均價 52 美元/盎司時，你們表現非常好。你們償還了緊急債務。你們現在是零負債。你們也取得了些微的獲利。

What's confusing is the AISC dropped in December at $52 an ounce. But now in January, January, February, March, first quarter, the -- it almost doubled an ounce, but your AISC also increased almost to the second quarter of '25. So I'm confused at what's going on with this AISC, and is that reducing shareable profit?

讓人困惑的是，12 月在 52 美元/盎司時 AISC 下降了。但現在在一月、一月、二月、三月，第一季，金屬價格幾乎每盎司翻倍，但你們的 AISC 也上升，幾乎回到 25 年第二季的水準。所以我不明白這個 AISC 到底發生了什麼事？這是否正在降低可分配給股東的利潤？

The other thing is I'm curious about the condition of all equipment, extraction, transportation, processing at the Don David. And then is Gold Resource is going to be kind of financially responsible prior to acquisitions to helping bring up San Francisco?

另外一點，我也想了解 Don David 的所有設備狀況，包括採掘、運輸、處理（選礦/加工）。還有，在收購之前，Gold Resource 是否會在財務上承擔責任，協助把 San Francisco 拉升到可運作的狀態？

And I have more questions, but I'm going to leave it at that, and I do appreciate your time. Thank you.

我還有更多問題，但我先問到這裡，也很感謝你們的時間。謝謝。

No, I appreciate the questions. And I'm going to -- you asked a number, so I'm going to try and address them, but please come back at me if I've missed something. AISC did increase in Q1 of this year, and there's two reasons for it. We lost approximately two weeks of production, nine days in January and further five days in February.

不，我很感謝這些問題。你問了好幾點，所以我會盡量逐一回應；如果我漏掉了什麼，請再追問我。今年第一季 AISC 的確上升，原因有兩個。我們大約損失了兩週的產量：一月有九天，二月又多五天。

The January loss of production was due to a work stoppage, basically a blockade caused by two factions of our union fighting each other, and we were stuck in the middle trying to mediate the dispute, ultimately successfully. They did not have a dispute with us. The dispute was within the union.

1 月份產量下滑是因為停工所致，基本上是一場封鎖，起因於我們工會內兩個派系彼此對立，我們夾在中間試圖調解這場爭端，最終也成功解決。他們與我們之間並沒有爭議。爭議是在工會內部。

The other factor was we have a very long portal accessing the mine. And in one area of the portal, we determined that we wanted to reinstall and improve the ground support because it's a very heavily traveled area. So we actually took a five-day stoppage of mine production just to improve the ground support and maintain safety.

另一個因素是我們有一條非常長的坑道通往礦區。而在坑道的某一段，我們判定需要重新安裝並加強地層支護，因為那是一個通行非常頻繁的區域。因此我們實際上讓礦山生產停了五天，只為了改善地層支護並維持安全。

Had we not lost the two weeks out of the three months, you would have seen higher production, and you would have seen lower AISC. The other factor contributing to an increase in the all-in sustaining cost is a very, very heavy emphasis this quarter on development, both the Don David mine and the restart of another area just to the north, Alta Gracia.

如果我們沒有在三個月中損失其中兩週，你會看到更高的產量，也會看到更低的 AISC。另一個推升全維持成本（AISC）的因素，是本季在開發上的投入非常、非常重：包括 Don David 礦，以及北邊另一個區域 Alta Gracia 的重啟。

Alta Gracia is a historic -- an area that was mined historically. We went back in. We did some drilling and we mobilized a contractor in January to reopen that mine. We incurred costs doing that, without any production initially because we had to rehab the access redo ground support and then develop into the productive areas.

Alta Gracia 是一個歷史礦區——過去曾經開採過的區域。我們回到那裡。我們做了一些鑽探，並在 1 月動員承包商去重新開啟那座礦。我們為此產生成本，但一開始沒有任何產量，因為我們必須整修通道、重新做地層支護，然後再向可生產區域進行開發。

But I'm happy to tell you we're currently at a run rate, it's small, 1,500 tonnes a month. That will be up to 3,000 tonnes a month in Q3. And by year-end, we're targeting 5,000 tonnes a month.

不過我很高興告訴你，我們目前的運行速率雖然不大，是每月 1,500 噸。到第三季將提升到每月 3,000 噸。到年底，我們的目標是每月 5,000 噸。

Of what?

什麼的噸數？

I'm sorry?

不好意思？

That tonnage is of what? Of copper?

那個噸數是指什麼？是銅嗎？

No, no, it's predominantly a silver ore, minimal copper, a bit of zinc. The silver is running on about 350 grams per tonne. So you've got ballpark 10 or 11 ounces of silver per tonne of ore. In today's world, that's obviously $750 to $800 ore. So it's a nice sweetener.

不是，不是，主要是銀礦石，銅含量很少，還有一點鋅。銀品位大約是每噸 350 克。所以大概每噸礦石有 10 或 11 盎司的銀。以現在的行情，這顯然是每噸 750 到 800 美元的礦石。所以這是一個不錯的加分項。

And the 5,000 tonnes a month by year-end will have increased our production from currently 30,000 tonnes through the mill to 35,000 tonnes. So it is significant. But those are the factors that contributed to the increase in AISC.

而到年底每月 5,000 噸，將使我們目前經由磨礦廠處理的 30,000 噸提升到 35,000 噸。所以影響是顯著的。但以上就是導致 AISC 上升的因素。

Okay. So there's a trend though that without the merger that growth has always had above industry standards of AISC. I could understand the first, second and third quarter.

好的。不過有個趨勢是，即使不考慮併購，這個成長的 AISC 一直都高於產業標準。我可以理解第一、第二和第三季。

Fourth quarter had dropped, first quarter, you just explained. Is there a bringing it down into industry standards, which is usually I think 1,400 high end is 1,900 AU? So an exponential rise all the time.

第四季有下降，第一季你也剛解釋了。那有沒有把它降回產業標準的計畫？我認為通常高端大概是 1,400，到 1,900 澳元？所以一直呈現指數式上升。

I'm going to -- if you take a look at some of the biggest global mining companies in the world, they're running 2,300 and 2,400 AISC right now. And that's Barrick and Newmont because --

我想——如果你看看全球一些最大的礦業公司，他們現在的 AISC 大約在 2,300、2,400。那是 Barrick 和 Newmont，因為--

How many employees do they have? How much land mass do they have and how much equipment do they have compared to Gold Resouce.

他們有多少員工？他們有多少土地面積、多少設備，跟 Gold Resouce 相比呢？

I don't know that there's -- I'm struggling to see what -- how that is relevant. I'm talking about the cost of producing an ounce of gold, whether it's in a big mine or a small mine, bigger mines typically are more efficient. And the unit cost of operation is lower.

我不確定——我有點難以理解這跟——這有什麼相關性。我談的是生產一盎司黃金的成本，不論是在大礦還是小礦；大型礦山通常效率更高。而單位營運成本也更低。

So the only mines that are producing with an AISC of $1,500 to $1,900 in today's world are heap leach operations like San Francisco when we get it reopened. That is the range that I'm anticipating in San Francisco to operate because, number one, it's open pit. Number two, it's heap leach. And that is a very much different cost profile than an underground mine like Don David.

所以在當今環境下，能以 1,500 到 1,900 美元 AISC 生產的礦山，只有像 San Francisco 這類堆浸作業——等我們把它重新開啟之後。我預期 San Francisco 的營運會落在這個區間，因為第一，它是露天礦。第二，它是堆浸。而這與像 Don David 這種地下礦的成本結構非常不同。

The other thing I'd like to address briefly, you mentioned the equipment and the status of the equipment at Don David. You may recall that we brought in a mining contractor in Q2 of last year to develop the area that we call the Three Sisters. It's a new vein swarm that we had identified about 2.5 years ago. The contractor brought with them all of their own equipment. And approximately 50% of our production right now is coming from that area.

另外我想簡要回應一下，你提到 Don David 的設備以及設備狀況。你可能記得，我們在去年第二季引進了一家採礦承包商，來開發我們稱為 Three Sisters 的區域。那是一個我們在大約 2.5 年前辨識出的新礦脈群。承包商帶來了他們自有的全部設備。而我們目前大約 50% 的產量正是來自那個區域。

In addition to that, what we've been doing gradually over the last year is replacing or rebuilding our mining fleet. More importantly, what we've been doing is buying equipment properly sized for cut and fill mining. You probably heard that historically, this was a long-hole mine, which tended to use big equipment, such as six-yard scoops and as a result of that was bigger mining width, more dilution, higher production, but lower -- higher dilution. So the grade delivered to the mill was lower.

除此之外，我們在過去一年逐步做的事情，是汰換或翻修我們的採礦車隊。更重要的是，我們正在購置適合切填採礦（cut and fill）的適當尺寸設備。你可能聽說過，歷史上這是一座長孔採礦（long-hole）礦山，通常使用大型設備，例如 6 立方碼的鏟運機，因此採礦寬度更大、稀釋更高、產量更高，但——稀釋也更高。所以送到磨礦廠的品位較低。

What we're doing now is we're going through smaller equipment, 2.5-yard scoops and with the cut and fill mining, which is appropriate for cut and fill because you're developing and mining narrower width, so you need smaller equipment. Smaller equipment results in lower productivity, higher cost. But at the end of the day, we are delivering metal units containing metal to the mill for less than we were with long hole, delivering a lot of rock with the metal units.

我們現在做的是改用較小的設備，2.5 立方碼的鏟運機，並採用切填採礦；這對切填法是合適的，因為你是在開發並開採較窄的寬度，所以需要較小的設備。較小的設備會導致生產力較低、成本較高。但最終，我們送到磨礦廠的金屬單位成本，比以前用長孔法時更低；長孔法會把很多岩石連同金屬單位一起送進去。

The other thing that we've done is we have purchased a third filter for our filtered tailings plant. Why that's relevant is we currently only have two operating and by the -- in Q3, we'll be installing a third. The two operating allow us to operate at a rate of 1,500 tonnes a day. But if one of them goes down, we've got a major problem on our hands. Installing the third one will allow us to run two filters and keep one on standby to maintain our own productivity.

我們做的另一件事是，為我們的濾餅尾礦（filtered tailings）廠購置了第三台濾機。其相關性在於，我們目前只有兩台在運轉，而在第三季我們將安裝第三台。兩台運轉可讓我們以每日 1,500 噸的速率運行。但如果其中一台停機，我們就會面臨很大的問題。安裝第三台將使我們能兩台運轉、一台備用，以維持我們自身的生產力。

We've also ordered and purchased a couple of critical spares for the mill ball rings for the mills notably, because they're critical spares, and we didn't have those before. We're also in the process of refurbing a lot of the flotation tanks that over time were a bit worn and we're rebuilding them in real time as we go. I think I covered your questions.

我們也已經下單並採購了幾項關鍵備品，特別是磨機用的球環（ball rings），因為它們屬於關鍵備品，而我們以前沒有這些。我們也正在翻修許多浮選槽，這些設備隨著時間推移有些磨損，我們一邊運行一邊即時重建。我想我已經回答了你的問題。

Yes, you did. And thank you very much, and I didn't mean to take up everybody's time with such a long-winded question. I appreciate your replies.

是的，你有。非常感謝，而且我不是故意用這麼冗長的問題占用大家的時間。我很感謝你的回覆。

No, I thank you for the questions because if you had them, others had them as well. So I do appreciate them.

不，我反而要謝謝你的問題，因為如果你有這些疑問，其他人也同樣會有。所以我很感謝。

Yes. I think Friday kind of floored a lot of the small investors kind of a shock. And we may have in expectations without knowledge or there's knowledge and a lot of people did a dump sell.

是的。我覺得週五的情況讓很多小投資人有點被打懵了，算是一個震撼。而且我們可能在沒有充分了解的情況下就形成了預期；或者其實有人掌握資訊，很多人就拋售了。

Well, I am -- I'll be honest with you, I was shocked by it as well. It makes no sense to me. The best operating quarter that we've had in now five years and people assume that's a sell signal, which is -- look, I'm not a market expert. I don't make forecasts in the market, but it floored me as well.

嗯，我會——老實跟你說，我也很震驚。我覺得這完全說不通。這是我們近五年來表現最好的一個營運季度，結果大家卻把它當成賣出訊號，這——你看，我不是市場專家。我不做市場預測，但這也讓我很意外。

Well, you guys pulled it out of the red. So congratulations, good job. And I hope Goldgroup doesn't dilute us into dust.

嗯，你們把公司從虧損拉回來了。所以恭喜，做得好。也希望 Goldgroup 不要把我們稀釋到一文不值。

Well, I'm going to tell you that Goldgroup will provide us with directionally 70,000 ounces, 80,000 ounces of gold a year at an AISC of under $2,000 by this time next year. And that will generate very significant round numbers, if it's $2,000, assume $4,000 gold, you've got a $2,000 margin on even 60,000 ounces. That's $120 million a year in operating cash flow. Goldgroup is going to contribute significantly to our future.

嗯，我要告訴你的是，到明年這個時候，Goldgroup 將為我們提供大約每年 70,000 盎司、80,000 盎司的黃金產量，且 AISC 低於 2,000 美元。這將帶來非常可觀的收益，粗略算一下，如果 AISC 是 2,000 美元，假設金價 4,000 美元，那麼即使只有 60,000 盎司，每盎司也有 2,000 美元的利潤空間。那就是每年 1.2 億美元的營運現金流。Goldgroup 將對我們的未來做出重大貢獻。

Yes. The cautionary point on that, though, is just like Don David experienced with an internal riff between union. The two gold mining that Goldgroup has are in the middle of cartel war zones and cartel war zones have been shut down on their drug trafficking because of the US military.

是的。不過要提醒的一點是，就像 Don David 曾經因為工會內部的分歧而受影響一樣。Goldgroup 的兩座金礦位於販毒集團（cartel）交戰區的中心，而這些交戰區的毒品走私因美軍介入而被切斷。

So now they're going to be looking at other revenue sources. So I'm a little concerned that those gold mines are in the middle of the cartel war zone.

所以他們現在會去尋找其他收入來源。因此我有點擔心，那些金礦位於販毒集團交戰區的中心。

Well, I will -- I understand your concern, and I think there's been -- obviously, there's been a great deal of news in the media, both cartels and et cetera. And I'm actually -- I don't know if this is a politically correct thing to say or not, but I'm actually glad the US is becoming more forceful in addressing some of the issues with the cartels. I think that bodes well for Mexico and it bodes well for the US.

嗯，我會——我理解你的擔憂，而且我想媒體上——顯然，媒體上有很多關於販毒集團等等的新聞。而且我其實——我不知道這樣說是否政治正確，但我其實很高興美國在處理販毒集團的一些問題上變得更強硬。我認為這對墨西哥有利，也對美國有利。

The area that the mines are located in Sonora is relatively close to the Nevada border -- Arizona border. But one of the things to keep in mind is it is a very, very active mining area. There's a number of big mines in the area. They've been operating there for decades. And the relationships with the cartels are well established.

礦區所在的索諾拉州（Sonora）相對靠近內華達州邊界——亞利桑那州邊界。但要記住的一點是，那裡是一個非常、非常活躍的礦業區。該區域有不少大型礦山。它們在那裡已經營運了數十年。而且與販毒集團之間的關係也早已形成並相當穩定。

There's other states in Mexico where, just based on the news, there's far more violence. But in Sonora itself, it's minimal. There hasn't been any disruption due to cartel activity in any of the mines certainly in the past number of years.

墨西哥還有其他州，從新聞來看，暴力事件要多得多。但在索諾拉州本身，情況很少。至少在過去若干年裡，販毒集團的活動並未對任何礦山造成中斷。

I'm not going to predict the future, but I'm encouraged by what's happening. And one of the things I will point out, one of the hidden assets with Goldgroup is a very, very strong Mexican team that has been together for many years, working on socials -- maintaining social license and that goes to the federal government, the state government, municipalities, indigenous communities and the cartels. And they have been dealing with these various groups for many years very successfully. So that is a very significant hidden asset that we are acquiring by putting these two companies together.

我不會去預測未來，但我對正在發生的事情感到鼓舞。另外我想指出的是，Goldgroup 的一項隱藏資產，是一支非常、非常強的墨西哥團隊，多年來一直在一起合作，處理社會面——維持社會許可（social license），這涵蓋聯邦政府、州政府、市政當局、原住民社區以及販毒集團。他們多年來一直非常成功地與這些不同群體打交道。因此，透過把兩家公司合併在一起，我們也將取得一項非常重要的隱藏資產。

Well, thank you so much I could just keep going, but I know there's other people that have questions and you guys are busy. I couldn't get the webcast on the live webcast on the Internet, so I did the call in.

嗯，非常感謝。我其實還可以繼續問下去，但我知道還有其他人有問題，而且你們也很忙。我在網路上無法收看即時網路直播，所以我就打電話進來了。

Call in works. We'll look into the webcast though. But I do thank you for your questions. I appreciate them.

打電話也可以。不過我們會去檢查一下網路直播。但我也謝謝你的提問。我很感謝。

All right. You guys stay safe, and thank you.

好。你們注意安全，謝謝。

(Operator Instructions) There are no further questions at this time. Please proceed with the closing remarks.

（接線員指示）目前沒有其他問題。請進行結語。

Thank you all for joining our call this morning. We are obviously happy with the results and look forward to continuing the progress that we have made. The other thing is it's probably apparent from my comments, but we are very excited about the transaction with Goldgroup, which is going to create a much larger, much stronger company, both in terms of people, balance sheet, production profile, and potential.

感謝各位今天早上參加我們的電話會議。我們顯然對這些結果感到滿意，並期待延續我們已取得的進展。另外，從我的評論中應該也看得出來，我們對與 Goldgroup 的交易感到非常興奮，這將打造一家規模更大、實力更強的公司，無論在人員、資產負債表、產量組合以及成長潛力方面都是如此。

Next time we talk, Bob, I would assume that the transaction will have closed and it will be a Goldgroup call, but it will be the same team talking to you on this side. Thank you again, and appreciate your time this morning.

下次我們再談時，Bob，我想這筆交易應該已經完成交割，屆時會是 Goldgroup 的電話會議，但在這一端與你對話的仍會是同一個團隊。再次感謝，也謝謝你今天早上撥冗參與。

Thank you, ladies and gentlemen. The conference has now ended. Thank you all for joining. You may now disconnect your lines.

謝謝各位女士、先生。本次電話會議到此結束。感謝各位參與。您現在可以掛斷電話。