I-80 Gold Corp (IAUX) 2025 Q2 法說會逐字稿

Hello and thank you for joining us for I-80 Gold Corp 2025 second quarter conference call and webcast. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press 0 for the operator. This call is being recorded today on Wednesday, August 13, 2025. Presenting on the call are Richard Young, President and Chief Executive Officer of IAD Gold, Paul Charon, Chief Operating Officer, and Ryan Snow, Chief Financial Officer.

您好，感謝您參加 I-80 Gold Corp 2025 年第二季電話會議和網路廣播。此時，所有線路都處於只聽模式。演講結束後，我們將進行問答環節。如果您在通話過程中的任何時間需要立即協助，請按 0 聯絡接線員。本次通話於今天（2025 年 8 月 13 日星期三）進行錄音。參加電話會議的有 IAD Gold 總裁兼執行長 Richard Young、營運長 Paul Charon 和財務長 Ryan Snow。

Before we continue, please note that some of today's comments may contain forward-looking statements which involve risks and uncertainties. Actual results could differ materially. I ask everyone to view slide 2 of the presentation, which is available on IAD Gold's website, to view the cautionary notes regarding forward-looking statements made on this call and the risk factors related to these statements. Following today's formal presentation, we will open up the call to your questions. Now, over to.

在我們繼續之前，請注意今天的一些評論可能包含涉及風險和不確定性的前瞻性陳述。實際結果可能存在重大差異。我請大家觀看簡報的第 2 張投影片（可在 IAD Gold 的網站上找到），以查看有關本次電話會議中所作前瞻性陳述的警示說明以及與這些陳述相關的風險因素。在今天的正式演講之後，我們將開始回答大家的提問。現在，轉到。

Richard. Well, thank you, Michael, and good morning and thank you for joining us today. Let's start with slide 3. The second quarter was pivotal for the company. In May we completed an equity raise that marked a major step in our recapitalization plan. Strengthening our balance sheet. Improving liquidity.

理查德。好吧，謝謝你，邁克爾，早上好，謝謝你今天加入我們。讓我們從幻燈片 3 開始。第二季度對公司來說至關重要。五月份，我們完成了股權融資，這標誌著我們的資本重組計劃邁出了重要一步。加強我們的資產負債表。提高流動性。

And positioning the company to advance the development plan we announced last November. The financing allows us to one. Advanced technical studies, including feasibility studies and the Class 3 engineering study for the Lone Tree Autoclave processing facility. 2. Move forward with underground development of Archimedes.

並定位公司以推動我們去年11月宣布的發展計畫。這筆融資使我們能夠一舉實現這一目標。高級技術研究，包括可行性研究和 Lone Tree Autoclave 處理設施的 3 級工程研究。2.推進阿基米德地下開發。

3, initiate infill drill programs, and 4, continue permitting work across ALL5 goal projects in the portfolio. Also during the second quarter, Paul Charron joined the team as our new Chief Operating Officer. Paul has decades of operating experience and deep technical knowledge, a perfect fit for the technical work ahead. In just over 3 months. Paul has taken a key role in managing various workstreams.

3、啟動加密鑽探計畫；4、繼續批准投資組合中所有 5 個目標項目的工作。此外，在第二季度，Paul Charron 加入團隊，擔任我們的新任營運長。Paul 擁有數十年的營運經驗和深厚的技術知識，非常適合未來的技術工作。僅花了3個多月的時間。保羅在管理各種工作流程中發揮了關鍵作用。

Identifying opportunities for improvement. And pinpointing areas needing additional focus and personnel as we grow. We have a lot going on across the board. The opportunities within this pipeline of assets provide a clear path to establishing IED as a Nevada-focused mid-tier gold producer.

確定改進的機會。並隨著我們的發展確定需要額外關注和人員的領域。我們在各方面都有很多事情要做。該資產管道中的機會為 IED 成為專注於內華達州的中型黃金生產商提供了一條清晰的道路。

Turning the slide 4. Slide 4 demonstrates a clear three-phase buildup in average annual target production to over 600,000 ounces of gold by the early 2030s.

轉動幻燈片4.幻燈片 4 清晰地展示了到 2030 年代初年均目標產量分三個階段增加到 600,000 盎司以上的黃金。

To get there, we are prioritizing the development of our high grade underground projects during the first phase phase, starting with Granite Creek Underground and Archimedes alongside the refurbishment of the Lone Tree Autoclave to serve as a central processing hub.

為了實現這一目標，我們在第一階段優先開發高品味地下項目，首先是 Granite Creek Underground 和 Archimedes，同時翻新 Lone Tree Autoclave，使其成為中央處理中心。

During this first phase, average annual gold production is expected to increase from less than 50,000 ounces per year to a target of 150 to 200,000 ounces by 2028.

在第一階段，預計年均黃金產量將從不到 50,000 盎司增加到 2028 年的 150 至 200,000 盎司。

Shortly thereafter, phase two, plans for the introduction of cove Underground and Granite Creek Open Pitch pit, which are expected to increase gold production to between 3 and 400,000 ounces of gold by 2030.

隨後不久，第二階段計劃引入 Cove Underground 和 Granite Creek Open Pitch 礦坑，預計到 2030 年，黃金產量將增加到 30 萬至 40 萬盎司之間。

Phase 3 marks the biggest step change when mineral Point comes online driving production beyond a target of 600,000 ounces per year by 2032.

第三階段標誌著礦產 Point 投產後最大的進步，到 2032 年，礦產產量將超過每年 60 萬盎司的目標。

Mineral Point Open Pitt is a large heap bleach project similar to a number of the large scale opering mines in Nevada. Achieving this scale of organic growth on our timeline is unique. We feel this is one of the best organic growth stories in the industry. And it's in Nevada. And now I'll turn the call over to Paul.

Mineral Point Open Pitt 是一個大型堆漂白項目，與內華達州的許多大型礦山類似。在我們的時間表上實現這種規模的有機成長是獨一無二的。我們認為這是業內最好的有機成長故事之一。它位於內華達州。現在我將把電話轉給保羅。

Thank you, Richard, and hello to everybody. So turning to slide 5. During my 1st 3 months with IED, I've had the chance to evaluate our operations and development projects. To determine their technical status, additional work required, and to identify opportunities to optimize execution, ramp up of personnel, and potentially accelerate timelines. Some initial observations stand out.

謝謝你，理查德，大家好。現在翻到投影片 5。在 IED 工作的前三個月，我有機會評估我們的營運和開發專案。確定他們的技術狀態、所需的額外工作，並找出優化執行、增加人員和可能加快時間表的機會。一些初步觀察結果引人注目。

We have a solid geological understanding of our assets underpinned by high grade resources with meaningful growth upside. The supporting technical work required is relatively low risk, positioning as well to advance our projects with confidence.

我們對我們的資產有著深入的地質了解，這些資產以高品位資源為基礎，具有顯著的成長潛力。所需的支援技術工作風險相對較低，並且可以讓我們滿懷信心地推進專案。

We have a significant resource base with $6.5 million ounces of measured and indicated gold resources. And $7.5 million ounces of inferred resources following prior years of extensive drilling. And as well approximately $100 million ounces of silver in each of the two categories.

我們擁有重要的資源基礎，其中已測量和指示的黃金資源價值達 650 萬盎司。經過前幾年的大規模鑽探，推論資源量達 750 萬盎司。且兩個類別中各含有約 1 億盎司的白銀。

The 2025 drill program is progressing well with a focus on infill drilling to advanced technical studies. Next, we have access to a deep bench of experienced operating and technical mining talent.

2025 年鑽探計畫進展順利，重點在於加密鑽探和高級技術研究。其次，我們可以獲得大量經驗豐富的營運和技術採礦人才。

Our team brings decades of technical and operating experience from other major mining operations in Nevada. Recently, we have hired additional personnel in Reno and at the operations to execute on our growth plan. Next we have industry leading environmental health and safety systems and controls.

我們的團隊擁有內華達州其他主要採礦業務數十年的技術和營運經驗。最近，我們在裡諾和營運部門僱用了更多人員來執行我們的成長計劃。其次，我們擁有業界領先的環境健康和安全系統和控制。

And lastly, IAD has an established presence in the local community and trusting relationships with regulatory agencies, creating pride and commitment within our workforce. Moving to slide 6 for a look at Granite Creek Underground. Mining volumes during the second quarter were ahead of the prior year period.

最後，IAD 在當地社區建立了穩固的影響力，並與監管機構建立了信任關係，為我們的員工贏得了自豪感和承諾。移至幻燈片 6 查看 Granite Creek Underground。第二季的採礦量高於去年同期。

We mined approximately 24,000 tons of oxide mineralized material at a gold grade of 11.4 g per ton. And approximately 11,200 tons of sulfide material at a gold grade of 7.4 g per ton. Plus an additional 16,000 tons of incremental low grade oxide material at a gold grade of 3 g per ton.

我們開採了約 24,000 噸氧化礦化物，金品位為每噸 11.4 克。以及約11,200噸硫化物，金品位為每噸7.4公克。另外還有 16,000 噸增量低品位氧化材料，金品位為每噸 3 克。

For the quarter, just under 6,000 ounces of gold were sold, of which approximately 25% of the os were leeched and sold from the Lone Tree Heap leach facility. Approximately 28,000 tons or 7,000 ounces of sulfide mineralized material were stockpiled for processing at a third party facility.

本季度，共售出近 6,000 盎司黃金，其中約 25% 的黃金是從 Lone Tree Heap 浸出設施提取並出售的。約有 28,000 噸或 7,000 盎司硫化礦化材料儲存起來，等待第三方設施進行加工。

We are encountering higher than expected levels of oxide mineralized material at Granite Creek underground compared to our March 2025 PEA. On the dewatering program, the team has shifted to a more proactive long-term approach and continues to upgrade the infrastructure.

與 2025 年 3 月的 PEA 相比，我們在 Granite Creek 地下發現的氧化礦物質含量高於預期。在脫水計劃方面，該團隊已轉向更積極主動的長期方法，並繼續升級基礎設施。

These upgrades include the planned installation of two additional surface dewatering wells, which is one more than initially planned at the beginning of the year, based on the new predictive groundwater model. It includes expansion of the water treatment facility and upgrades to the existing underground water management infrastructure.

這些升級包括計劃安裝兩個額外的地面脫水井，比年初基於新的預測地下水模型最初計劃的多一個。其中包括擴大水處理設施和升級現有的地下水管理基礎設施。

We expect groundwater inflows to remain at or near the current ingress rates for the foreseeable future. However, by installing these mitigation measures, water inflows are not expected to impede our development planning for the long term.

我們預計在可預見的未來地下水流入量將保持在當前流入率或接近當前流入率。然而，透過採取這些緩解措施，預計水流入不會阻礙我們的長期發展規劃。

With the proper dewatering infrastructure in place, continued drilling, further technical work over the next 6 to 12 months, Granite Creek has the potential to be an excellent asset for us. At Lone Tree and Ruby Hill we continue recovering gold from the existing leech pads with approximately 2,400 gold ounces recovered and sold in the second quarter.

透過適當的脫水基礎設施、持續的鑽探和未來 6 到 12 個月的進一步技術工作，Granite Creek 有可能成為我們的寶貴資產。在 Lone Tree 和 Ruby Hill，我們繼續從現有的吸水墊中回收黃金，第二季回收並出售了約 2,400 盎司黃金。

Company-wide, we expect to extract between 30,000 to 40,000 ounces of gold in 2025 in line with guidance. This includes 200 to 30,000 ounces of gold from Granite Creek and approximately 10,000 ounces from the heat bleach pads. At Granite Creek Underground, we completed the underground exploration drift, providing access for infill drilling in the prospective South Pacific zone.

根據指引，我們預計到 2025 年，全公司範圍內的黃金開採量將達到 30,000 至 40,000 盎司。其中包括來自 Granite Creek 的 200 至 30,000 盎司黃金和來自熱漂白墊的約 10,000 盎司黃金。在 Granite Creek Underground，我們完成了地下勘探平巷，為潛在的南太平洋區域的加密鑽探提供了一個通道。

We currently have a total of two rigs underground and there at surface with more than 40 holes planned for a total of approximately 46,000 ft. The program is designed to upgrade the mineral resource and form the basis for the upcoming feasibility study planned to be completed for the first quarter of 2026.

我們目前共有兩台地下鑽孔機和一台地面鑽孔機，計劃鑽 40 多個孔，總深度約 46,000 英尺。該計劃旨在升級礦產資源，並為計劃於 2026 年第一季完成的可行性研究奠定基礎。

Next, let's turn to slide 7 for an update on our second plant underground mine. At Archimedes, the upper level permitting is nearly complete, which covers mining activities above the 5,100 ft level while we focus on geochemistry and technical studies to support permitting needed for the lower levels.

接下來，讓我們翻到第 7 張投影片，了解我們第二座地下礦場的最新情況。在阿基米德，上層許可證已接近完成，涵蓋 5,100 英尺以上的採礦活動，而我們則專注於地球化學和技術研究，以支持下層所需的許可。

With surface infrastructure to support the portal now complete, development of the underground exploration drift is scheduled to commence in the next several weeks.

隨著支撐入口的地面基礎設施的完工，地下勘探巷道的開發計畫將在未來幾週內開始。

Infill drilling of the upper zone is expected to start in the 4th quarter, followed by the lower zone in Ruby Deeps by the 1st quarter of 2026. In total, the program will comprise of over 175 holes and 197,000 ft, with results feeding into a feasibility study targeted for the first quarter of 2027.

預計上部區域的加密鑽探將於第四季度開始，隨後於 2026 年第一季開始 Ruby Deeps 下部區域的加密鑽探。該計劃總共將包括超過 175 個鑽孔和 197,000 英尺的面積，其結果將納入計劃於 2027 年第一季進行的可行性研究。

With Archimedes progressing well, let's turn to slide 8 for the status on cove. At Cove, we're actively advancing major permit applications in anticipation of an EIS which is planned for completion by the end of 2027.

阿基米德的進展順利，讓我們翻到幻燈片 8 來了解海灣的情況。在 Cove，我們正在積極推進主要許可證申請，以期完成計劃於 2027 年底完成的 EIS。

Following the completion of a 145,000 ft infill drilling campaign completed in the first quarter, we now plan to provide an updated mineral resource estimate this quarter, followed by a feasibility study targeted for the first quarter of 2026. It is important to note that the current mineral resource estimate for coal does not yet include drilling completed in recent years.

在第一季完成 145,000 英尺的加密鑽探活動後，我們計劃在本季度提供更新的礦產資源估算，然後在 2026 年第一季進行可行性研究。值得注意的是，目前的煤炭礦產資源估算尚未包括近年來完成的鑽探。

Results to date have been encouraging and are consistent with traditional Nevada Carlo style mineralized systems, meaning generally high conversion rates of resources to reserves. Turning to slide 9 for a look at our lone tree processing facility.

迄今為止的結果令人鼓舞，並且與傳統的內華達式礦化系統一致，這意味著資源轉化為儲量的轉換率通常很高。翻到投影片 9，看看我們的孤樹加工廠。

Lone Tree's plant and autoclave refurbishment study is expected in Q4. The refurbishment is highly achievable due to the low amount of construction hours, minimal long lead equipment, and strong local contractors available in northern Nevada.

Lone Tree 的工廠和高壓釜翻新研究預計將於第四季完成。由於施工時間短、所需長週期設備少、且內華達州北部有實力雄厚的當地承包商，因此翻新工程非常容易實現。

In addition, engineering is being completed by Hatch, an industry leader in Autolive plant technology. Recruitment of the owner's team is also underway to oversee the engineering and execution, and we are reviewing the schedule for early works opportunities to accelerate the timeline.

此外，工程由 Autolive 工廠技術行業領導者 Hatch 完成。我們也正在招募業主團隊來監督工程和執行情況，並且正在審查早期工作機會的時間表以加快進度。

Commissioning the lone tree plant provides processing capacity of refractory material fed directly from our operations.

孤樹工廠的投產提供了直接從我們的運作中獲得的耐火材料的加工能力。

It increases the payability on refractory material from a range of 55% to 66 60% up to approximately 92% recovery, which translates to a range of approximately an additional $1000 per ounce versus toll milling depending on the grades processed and the price of gold. For this reason, Lone Tree is a cornerstone of our plan and is being prioritized.

它將耐火材料的可支付性從 55% 到 66% 的範圍提高到大約 92% 的回收率，這意味著與收費銑削相比，每盎司大約可以額外增加 1000 美元，具體取決於加工的等級和黃金價格。因此，Lone Tree 是我們計劃的基石，並且優先考慮。

Now looking at slide 10. Drilling at Mineral Point Open Pit began in June with two surface core rigs completing approximately 5,800 ft to collect baseline technical data supporting initial permitting and the next phase of technical studies.

現在看投影片 10。礦點露天礦場的鑽探工作於 6 月開始，兩台地面岩心鑽機已完成約 5,800 英尺的鑽探，以收集支援初步許可和下一階段技術研究的基線技術數據。

Strategic reviews of the technical work completed to date are currently underway to determine the timing of a pre-feasibility or feasibility level study. Now, over to Ryan for a financial review.

目前正在進行對迄今已完成的技術工作的策略性審查，以確定預可行性或可行性水準研究的時間。現在，請 Ryan 進行財務審查。

Thank you, Paul, and good morning everyone. Starting my review with slide 11, gold sales totaled approximately 8,400 ounces for the quarter, which was an increase over the prior year period.

謝謝你，保羅，大家早安。從第 11 張投影片開始，本季黃金銷售總量約為 8,400 盎司，比去年同期增加。

Total revenue from gold sales increased to approximately $28 million for the quarter, driven by higher ounces sold, and a higher average realized gold price of $3,301 per ounce. We concluded the quarter in a net loss position of $0.05 per share, primarily due to the ramp up and development stage of our operations.

本季黃金銷售總收入增至約 2,800 萬美元，這得益於黃金銷量增加以及黃金平均實現價格上漲至每盎司 3,301 美元。本季我們的淨虧損為每股 0.05 美元，主要原因是我們的業務處於提升和發展階段。

Our cash position was approximately $134 million at the end of the second quarter, a significant increase from the previous quarter due to the net proceeds received from the bought deal public offering in private placement, partially offset by settling the gold and silver deliveries under the pre-paid instruments for approximately $42 million.

截至第二季末，我們的現金狀況約為 1.34 億美元，較上一季度大幅增加，這得益於私募買斷式公開發行獲得的淨收益，但部分抵消了根據預付工具結算黃金和白銀交割約 4,200 萬美元的收益。

Moving to slide 12, we continue to execute on our recapitalization strategy focused on strengthening the balance sheet and funding our development plan. In May, we raised gross proceeds of $186 million through thebo deal offering in private placement to align our balance sheet with the scale of asset development ahead.

轉到第 12 張投影片，我們繼續執行資本重組策略，重點是加強資產負債表和為我們的發展計劃提供資金。5 月份，我們透過私募方式籌集了 1.86 億美元的總收益，以使我們的資產負債表與未來的資產開發規模保持一致。

If fully exercised, the warrants associated with this offering could provide the company up to approximately $130 million in additional proceeds.

若全部行使，本次發行相關的認股權證可為公司帶來高達約 1.3 億美元的額外收益。

For 2025, we continue to target $40 million to $50 million in growth spend across three priorities permitting, feasibility studies, and the development of Archimedes Underground. Through mid 2026, we expect to allocate just over $90 million to fund our 12 to 15 month growth plans across all five gold projects and our lone tree processing facility.

到 2025 年，我們將繼續在三個優先事項上投入 4,000 萬至 5,000 萬美元的成長支出，即許可、可行性研究和阿基米德地下計畫的開發。到 2026 年中期，我們預計將撥款略高於 9,000 萬美元，用於資助所有五個金礦項目和孤樹加工廠的 12 至 15 個月的增長計劃。

By that time, we expect to have a new senior debt facility in place in the range of $350 to $400 million to move forward with our development plans beyond 2026.

到那時，我們預計將獲得 3.5 億至 4 億美元的新優先債務融資，以推進我們 2026 年以後的發展計畫。

We also continue pursuing the sale of our non-core fad project and a potential royalty sale on Mineral Point.

我們也將繼續尋求出售我們的非核心時尚項目以及 Mineral Point 的潛在特許權使用費銷售。

I'm pleased to report that our current discussions with debt providers have been encouraging.

我很高興地報告，我們目前與債務提供者的討論令人鼓舞。

With that, I'll now turn the call back over to.

好了，我現在把電話轉回給您。

Richard.

理查德。

Well, thank you, Ryan. Now slide turning to slide 13, which outlines several key catalysts on the horizon.

好吧，謝謝你，瑞安。現在翻到第 13 張幻燈片，其中概述了即將出現的幾個關鍵催化劑。

On the project development front, we anticipate achieving steady state production at our first mine.

在項目開發方面，我們預計我們的第一個礦山將實現穩定生產。

Commencing construction at our second plan mine.

我們的第二個計劃礦井開始建造。

Completing the feasibility study for the lone tree refurbishment.

完成孤樹整修的可行性研究。

And advancing infill drill programs to support 5 upcoming feasibility studies.

並推進加密鑽探計畫以支持即將進行的 5 項可行性研究。

These efforts will run in parallel with the continued execution of our recapitalization plan.

這些努力將與我們的資本重組計劃的持續執行同時進行。

Overall, we expect the next 12 to 18 months to be transformative for the company.

總體而言，我們預計未來 12 至 18 個月將是公司轉型的關鍵時期。

I think it's going to be a game changer for our shareholders.

我認為這將會改變我們的股東的命運。

And Michael, with that will now open up the call for questions.

邁克爾，現在開始提問。

Thank you very much [Operator Instructions] We will now take our first question from Justin Chan with SCP. You may now begin.

非常感謝 [操作員指示] 我們現在將回答 SCP 的 Justin Chan 提出的第一個問題。現在你可以開始了。

Hi, Richard, Paul and team. Thanks so much for hosting the call and That's on the progress. Definitely, some notable progress at Granite Creek. I'm curious.

嗨，理查德、保羅和團隊。非常感謝您主持這次電話會議，這就是進展。毫無疑問，Granite Creek 取得了一些顯著的進展。我很好奇。

For the rest of the year, are you expecting, I guess, tons and grades to continue to trend upward?

對於今年剩餘的時間，我猜您是否預計噸位和等級將繼續呈上升趨勢？

That's 1 and 2, I noticed that you commenced production of, or processing of some sulfide or is that, can I ask if that schedule is, up to you, or is that kind of dependent on the timings of your whole processor and, what if any guidance can you give us for the second half on that?

這是 1 和 2，我注意到您開始生產或加工某些硫化物，或者，我可以問一下這個時間表是否由您決定，或者是否取決於整個處理器的時間安排，以及，您能否為我們提供關於下半年的任何指導？

Well, thanks. I'll start with Granite Creek production. So our ore tons have not been affected by the water. It's really about development for 2026 and beyond.

嗯，謝謝。我將從 Granite Creek 的生產開始。所以我們的礦石噸位沒有受到水的影響。這實際上關係到2026年及以後的發展。

We're getting ahead of the issues at the water. It will take us a bit of time to get going on that. And then by that point we'll then accelerate the underground waste development and then get back on track to increasing the ore tons. But there's nothing affecting that in the shorter term through to the rest of the year. I hope that answers your question.

我們正在解決水上問題。我們需要一些時間才能開始做這件事。到那時，我們將加速地下廢棄物開發，然後回到增加礦石噸位的軌道上。但從短期到今年剩餘時間，這不會受到任何影響。我希望這能回答你的問題。

Because they're not going to hand it over to Ryan to answer the sulfide question.

因為他們不會把硫化物問題交給瑞安來回答。

Well, maybe just, while you're on the line on that. So, I guess when do you expect to be where you want to be on dewatering and then progressing to, I would say.

好吧，也許只是，當你在線上談論這件事的時候。所以，我想問一下，您預計什麼時候能夠達到脫水的預期效果，然後取得進展。

Yeah, it's all about getting ahead of it, so we're able to manage the water now. We're getting better at developing a more long term infrastructure to be able to manage the contact water, but it'll have meaningful progress once we get the dewatering wells in place and once we get the water treatment facility. And so that's more towards the end of the year. But we are continually improving that and getting a better handle on actually dealing with it on a day to day operations.

是的，一切都是為了提前做好準備，這樣我們現在才能管理好水。我們正在更好地開發更長期的基礎設施來管理接觸水，但一旦我們建造好脫水井並獲得水處理設施，它將取得有意義的進展。因此，到年底時情況會更加如此。但我們正在不斷改進這一點，並在日常營運中更好地處理這個問題。

Gotcha. And actually, before you hand it over, I was just curious, sorry sorry to interrupt on.

明白了。實際上，在您把它交接之前，我只是好奇，抱歉打擾了。

You mentioned again about more oxides. Are those oxides occurring where you've modeled the sulfides or are they just incremental to the model altogether? Can you give us a bit of color on what you're seeing?

您再次提到了更多的氧化物。這些氧化物是否出現在您模擬的硫化物中，或者它們只是模型的增量？您能給我們稍微描述一下您所看到的情況嗎？

Yeah, so what's happening is the model itself didn't take into account as much as could be on the fault structures. And so when we're intercepting those, and that's where a lot of the mineralization occurs, we get more of an oxide than what was originally modeled. That's all that is, but we're getting the grades and in fact the oxide ore is beneficial.

是的，所以現在的情況是模型本身沒有盡可能考慮斷層結構。因此，當我們攔截這些物質時，就會出現大量的礦化現象，我們會得到比最初模擬的更多的氧化物。僅此而已，但我們得到了等級，事實上氧化礦石是有益的。

So just before we turn over to Ryan, so our guidance for the year was put out before the predictive model was finalized, and so with the predictive water model now being finalized, as Paul mentioned, there's a second.

因此，在我們交給瑞安 (Ryan) 之前，我們的年度指導是在預測模型最終確定之前提出的，因此，正如保羅 (Paul) 提到的那樣，隨著預測水模型最終確定，還有第二個。

The watering well required that wasn't planned originally in the budget, and we are also advancing a much larger water treatment plant, to allow us to properly deal with the water. So I think, Paul, correct me if I'm wrong, once the infrastructure, as well as the underground infrastructure in place, water won't be an issue.

所需的水井最初不在預算的計劃中，而且我們還在推進一個更大的水處理廠，以便我們能夠妥善處理水。所以我認為，保羅，如果我錯了請糾正我，一旦基礎設施以及地下基礎設施到位，水就不再是問題。

It won't be an issue, and it wouldn't have been had this been known ahead of time and it will take us. To deal with the long term issue, it will take us about 6 to 12 months to get to get this infrastructure in place, but in the shorter term, we have, we're developing new infrastructure to deal with the contact water that we're presently seeing underground. Yeah.

這不會是一個問題，如果我們事先知道這一點，就不會出現這個問題了。為了解決長期問題，我們需要大約 6 到 12 個月的時間來建立這些基礎設施，但在短期內，我們正在開發新的基礎設施來處理我們目前在地下看到的接觸水。是的。

And so just on the question on the oxides, we have been since we started mining outperforming the model and we're hopeful that as we now move into the South Pacific zone, we're going to see better grades. More latitude longitude in terms of widths of the ore body that should assist with the mining.

因此，就氧化物問題而言，自從我們開始採礦以來，我們的表現一直優於模型，我們希望，隨著我們進入南太平洋地區，我們將看到更好的品味。礦體寬度的經緯度越大，越有利於採礦。

And I'll turn over to Ryan to answer the question on the toll milling.

我將請瑞安來回答有關收費銑削的問題。

Well, hi, Justin. On the sulfide processing agreement, the terms of the new agreement give our partner up to 120 days from when they received the material to process it.

嗨，賈斯汀。關於硫化物加工協議，新協議的條款規定我們的合作夥伴從收到材料之日起最多有 120 天的時間來加工它。

We've seen faster turnaround times than that thus far. We're planning on approximately 90 days of of time between when the material is received at their facility until when it's processed.

到目前為止，我們已經看到了比這更快的周轉時間。我們計劃從材料到達他們的工廠到材料被加工完成大約需要 90 天的時間。

Gotcha. Thanks. And I guess given that they have material now sit like with them already, I guess just for modeling quarter after quarter, do you expect now pretty An ongoing volume for sulfide or processed for Q3 and Q4.

明白了。謝謝。我想，鑑於他們現在已經有了材料，我想只是為了逐個季度地進行建模，您是否預計第三季和第四季硫化物或加工物的產量會持續相當。

We do, I would expect Q3 to be a little bit higher than Q4 as we work through some of the stockpile that we had as we were negotiating this new agreement, but we will see continuous sulfide processing going forward.

我們確實如此，我預計第三季的產量會比第四季略高一些，因為我們正在處理我們在談判這項新協議時所擁有的一些庫存，但我們將看到硫化物加工持續進行。

Okay great thanks thanks very much. I'll I'll stay up the line for now and.

好的，非常感謝。我現在會留在線上。

Rejoin.

重新加入。

Okay, Justin, maybe just one more question because I know you're focused on the modeling, so we had guided at the outset of 58% payability and that's really where this whole milling agreement was designed, but in actuality what you'll see moving forward. We'll get the recoveries through the autoclave which are roughly 92%, and then a higher cost structure to net us back to that 55% to 60% net payability depending on the grade of the material that we send across.

好的，賈斯汀，也許還有一個問題，因為我知道你專注於建模，所以我們一開始就指導了 58% 的支付能力，這實際上是整個銑削協議的設計，但實際上你會看到它向前發展。我們將透過高壓釜獲得大約 92% 的回收率，然後採用更高的成本結構，根據我們發送的材料的等級，使我們的淨支付率回到 55% 到 60%。

Gotcha, thanks. Yeah, I, how about this, I'll free up the line for now and then rejoin, at this time.

明白了，謝謝。是的，我，這樣怎麼樣，我先釋放一下線路，然後在這個時候重新加入。

All right, thanks, Justin. There's always time.

好的，謝謝，賈斯汀。總是有時間的。

Thanks. Thank you very much. Our next question comes from Don DeMarco with National Bank. You may not be good.

謝謝。非常感謝。我們的下一個問題來自國家銀行的唐‧德馬科 (Don DeMarco)。你可能不太好。

Thank you, operator, and good morning, Richard and team. Thank you for taking my questions. First off, congratulations on progressing through your liabilities and seeing revenue increase significantly quarter over quarter.

謝謝接線員，早安，理查德和團隊。感謝您回答我的問題。首先，恭喜您償還債務並看到收入逐季大幅增加。

My first question, so I see that you mentioned an outlook to extract 300 to 40,000 ounces in 2025, primarily from Granite Creek. Can you add color on what this implies? For Q3 and Q4 and do you expect revenue to continue? Higher into these quarters and is this output potentially a material source of supplementary liquidity at some point?

我的第一個問題，我看到您提到了 2025 年主要從 Granite Creek 開採 300 至 40,000 盎司的前景。你能進一步解釋一下這意味著什麼嗎？對於第三季和第四季度，您預計收入會持續嗎？這些季度的產量會更高嗎？這些產出是否可能在某個時候成為補充流動性的重要來源？

Right, so we're because we don't have reserves under. In the US under USA, we can't call production so but we're talking about 300 to 40,000 ounces of production for the year and we're certainly proceeding well. We're on plan. So, certainly would expect.

是的，因為我們沒有儲備。在美國，我們不能稱之為生產，但我們談論的是每年 300 到 40,000 盎司的產量，而且我們進展順利。我們正在按計劃進行。所以，一定會期待。

Total production for the year between 30 and 40,000 ounces and keep in mind that we don't anything that is an inventory as part of the total milling, we don't include as production for the year, but we feel confident that we're well on track to meeting that 300 to 40,000 ounces of gold sales and revenue for the year. If that's helpful.

全年總產量在 30,000 至 40,000 盎司之間，請記住，我們沒有將任何庫存作為總銑削的一部分，我們沒有將其計入全年產量，但我們有信心，我們預計將實現 300 至 40,000 盎司的全年黃金銷售和收入。如果這有幫助的話。

It seems that it would make for a somewhat accentuated back and loaded year. I'm totaling up Q1 and Q2 production around maybe 15,000 ounces or so. So is that, am I reading that right that we should expect a step change in production?

看起來，這會讓今年的背部和背部顯得更加突出和沈重。我估計第一季和第二季的產量總計約為 15,000 盎司左右。那麼，我理解的對嗎？我們應該預期生產方面會出現階躍變化？

A bit at the margin in that as Ryan mentioned, we've got those 7,000 ounces in inventory. Sulfide inventory as well as some oxide inventory that will get processed in Q3, and that's why Ryan talked about Q3 being a little bit lumpier than.

正如 Ryan 提到的那樣，我們的庫存有 7,000 盎司。硫化物庫存以及一些氧化物庫存將在第三季度得到處理，這就是為什麼 Ryan 談到第三季的情況會比現在更加不穩定。

Q4. Excellent. Okay, so I'm reading that for my second question, you aim to complete the recapitalization by mid 2026. And Ryan, I think I heard you mention a facility for $350 to $400 million facility. With this whole recapitalization, including the facility or other options. Would it potentially provide enough liquidity to address The existing liabilities plus e.g., like fully fund the autoclave refurbishment.

問4.出色的。好的，我的第二個問題是，您計劃在 2026 年中期完成資本重組。瑞安，我想我聽到你提到一個價值 3.5 億至 4 億美元的設施。透過整個資本重組，包括設施或其他選擇。它是否有可能提供足夠的流動性來解決現有的負債，例如全額資助高壓釜的翻新。

Yeah, I mean, our intention is that with the equity we raised earlier this year and this potential debt facility of $350 to $400 million that we'd be well positioned to advance both the recapitalization of the balance sheet and taking out the existing liabilities and advancing our development plan.

是的，我的意思是，我們的目的是利用我們今年稍早籌集的股權和 3.5 億至 4 億美元的潛在債務融資，我們能夠很好地推進資產負債表的資本重組、消除現有負債並推進我們的發展計劃。

We are also looking at additional sources of cash or liquidity through the non-core bad asset sale and a potential royalty on point. We're advancing all of these simultaneously.

我們也正在尋找透過非核心不良資產出售和潛在的特許權使用費來獲得額外現金或流動性的來源。我們正在同時推進所有這些工作。

As well as we've got some restricted cash and some other warrants that potentially would come to that would add another $100 million. So we're looking to over raise, Don, so. We've been running roughly about $800 million to execute the plan through the end of the decade, and we're looking to raise 9 to 950 to make sure that we're in a strong position to be able to, advance and accelerate some of our activities and deliver the most value for shareholders through the balance of the decade.

此外，我們還有一些限制性現金和一些其他認股權證，這些認股權證可能會增加 1 億美元。所以我們希望超額籌集資金，唐，是這樣。到本世紀末，我們已經投入了大約 8 億美元來執行該計劃，我們希望籌集 900 到 950 億美元，以確保我們處於有利地位，能夠推進和加速我們的一些活動，並在本世紀剩餘的時間裡為股東創造最大的價值。

Okay, thank you. Thanks for that clarity. And then just as a final question then, You mentioned divesting the non-core fad property as a candidate. Mineral Point has also been mentioned now. What do you think each of these assets might garner in the event of a disposition?

好的，謝謝。謝謝你的澄清。那麼作為最後一個問題，您提到了剝離非核心時尚資產作為候選方案。現在也提到了 Mineral Point。您認為這些資產在處分時可能會獲得什麼利益？

Yeah, so the non-core fat asset sale, we envisioned somewhere between $50 million and $100 million. When it comes to the potential royalty on Mineral Point, that could be around $100 million as well, to get to the numbers that Richard mentioned.

是的，我們預計非核心資產出售金額將在 5,000 萬至 1 億美元之間。至於 Mineral Point 的潛在特許權使用費，也可能在 1 億美元左右，以達到理查德提到的數字。

Okay. Excellent. Thank you, Ryan. That's all for me. And thanks again and good luck with the rest of the quarter.

好的。出色的。謝謝你，瑞安。對我來說就這些了。再次感謝並祝本季剩餘時間一切順利。

Thank you.

謝謝。

Thank you very much. Just a reminder, if you would like to ask a question, please signal by pressing one on keypad. Our next question comes from Harrison Reynolds with RBC Capital Markets. You may now go.

非常感謝。提醒一下，如果您想提問，請按鍵盤上的 1 發出訊號。我們的下一個問題來自加拿大皇家銀行資本市場的哈里森雷諾茲。你現在可以走了。

Hey, good morning, IAD team. Great to see the ongoing progress. Just a couple of questions for me. First, with the Autoclave refurbishment, getting close to being wrapped up, do you have any updated bookends on the potential CapEx, of the refurbishment?

嘿，早上好，IAD 團隊。很高興看到不斷的進步。我只想問幾個問題。首先，高壓釜的翻新工程即將完工，您對翻新工程的潛在資本支出有什麼最新的消息嗎？

Yeah, we're in the range of 350 to 400 million and that's all in. We're going to have the final numbers in about a couple of months and we're actually getting started on some of the early works.

是的，我們的數字在 3.5 億到 4 億之間，這就是全部了。我們將在大約幾個月內獲得最終數字，並且我們實際上已經開始一些早期工作。

That's great to hear. And when you say you could potentially accelerate that timeline, are you talking about, spending that capital? Are you talking about the engineering work going better than expected, like what would be the cause of an accelerated timeline?

聽到這個消息真是太好了。當您說您可能會加速這個時間表時，您指的是花費這筆資金嗎？您說的是工程進展比預期的要好，那麼是什麼原因導致了進度的加速？

Yeah, so I mean this is somewhat similar to other major projects, but what we're looking at is a limited notice to proceed to provide the hatch.

是的，我的意思是這與其他大型項目有點相似，但我們正在考慮的是有限的通知以繼續提供艙口。

Then that would allow them to get going on assembling a team for basic engineering and as well as some of the basic engineering for the procurement items and as well there is some engineering to be done on the one we just call them normal course permits because there has been some changes in air quality and some of those standards so we need to get those done well ahead of time.

然後，他們就可以開始組建一個基礎工程團隊，進行一些採購項目的基礎工程，還有一些工程需要完成，我們稱之為正常課程許可，因為空氣品質和一些標準發生了一些變化，所以我們需要提前完成這些工作。

And then we are looking at construction strategies where we would actually do some of the demo work ourselves and work with Hatch on that and that all those things together can accelerate the timeline overall. And they're not high capital either.

然後，我們正在研究施工策略，我們實際上會自己做一些演示工作，並與 Hatch 合作，所有這些事情結合在一起可以加快整體時間表。而且它們的資本也不是很雄厚。

So Harrison, I think in the development plan we talked about commissioning beginning January 1st 28. Paul coming on board is looking to accelerate and TRY and complete that commissioning in 2017 if we can.

所以哈里森，我認為在開發計劃中我們討論過從 28 年 1 月 1 日開始調試。保羅加入後希望加快步伐，如果可以的話，爭取在 2017 年完成調試。

Great. No, that's incredible news. Great to see you and maybe just the last one for me switching gears back to Granite Creek.

偉大的。不，這是令人難以置信的消息。很高興見到你，這也許只是我回到 Granite Creek 的最後一次機會了。

You talk about, I know it's early days in the underground drilling at the South Pacific zone, but are those early results confirming kind of what you expected or are there any new interpretations you're seeing or new learnings you're seeing from from that part of the deposit?

您說的是，我知道南太平洋區域地下鑽探還處於早期階段，但這些早期結果是否證實了您的預期，或者您是否看到了任何新的解釋或從該部分礦床中獲得了新的認識？

I can speak to visual controls from the core. We're still very early days on receiving the assay results, though it's very consistent, and it's infill drilling, so we're comfortable, and we do hope I won't commit to it, but we do hope to have some of the very preliminary results for the Beaver Creek in early September.

我可以從核心談論視覺控制。我們仍處於接收分析結果的早期階段，儘管結果非常一致，並且是加密鑽探，所以我們很放心，我們確實希望我不會承諾，但我們確實希望在 9 月初獲得 Beaver Creek 的一些初步結果。

Great to hear. Awesome. Thanks for taking my questions, everyone, and congratulations again on the continued progress.

很高興聽到這個消息。驚人的。感謝大家回答我的問題，並再次祝賀你們不斷取得進展。

Thank you, Harrison.

謝謝你，哈里森。

Thank you. Our next question comes from Justin Chan with SCP. You may now begin.

謝謝。我們的下一個問題來自 SCP 的 Justin Chan。現在你可以開始了。

Hi guys, thanks. Just maybe one on the timelines and the recapitalization. So would it be fair to say that getting these studies done in Q4 kind of gives you solid bankable studies that you can use as part of the recap, and that's why COVID has been brought forward, or is there another reason perhaps that I, I'm reading too much into it.

大家好，謝謝。也許只是關於時間表和資本重組的一個。因此，是否可以公平地說，在第四季度完成這些研究可以為您提供可靠的研究，您可以將其用作回顧的一部分，這就是提前討論 COVID 的原因，或者是否有其他原因，也許是我對此過度解讀了。

That's a great question, so. Following a traditional bank financing, you need these feasibilities done and so the goal is to have 3 of the 5 feasibility studies by Q2 next year, as well as have a lot of work done at Archimedes, that supports a borrowing. But at the same time, the team is pursuing a variety of recapitalizing opportunities.

這是一個很好的問題。按照傳統的銀行融資，您需要完成這些可行性研究，因此目標是在明年第二季之前完成 5 項可行性研究中的 3 項，並在阿基米德完成大量支持借貸的工作。但同時，團隊也在尋求各種資本重組機會。

Justin, from those who know the group at Taranga, we were never blessed with a lot of cash on the balance sheet, so along with Ryan, we've got Dave Savoy and Katerina, our GC and our BP Finance and Lay. Strategy who have probably collectively done roughly 12 different deals, not all of them completed in the past.

賈斯汀，從了解塔蘭加集團的人那裡得知，我們的資產負債表上從來沒有很多現金，所以除了瑞安，我們還有戴夫·薩沃伊和卡特琳娜，我們的 GC 和我們的 BP Finance 和萊。策略制定者可能總共完成了大約 12 筆不同的交易，但並非所有交易都是過去完成的。

But we are actively pursuing different sources of capital. The debt markets are extremely liquid today.

但我們正在積極尋求不同的資金來源。如今債務市場流動性極強。

And there are different sources. There are different capital providers. There might be some infrastructure groups that might be available for the autoclave. So well, our target is to complete that work by the end of the second quarter next year because that's when the Orion facility matures. We are actively looking at different options.

並且有不同的來源。有不同的資本提供者。可能有一些可用於高壓滅菌器的基礎設施組。那麼，我們的目標是在明年第二季末完成這項工作，因為那時獵戶座設施就會成熟。我們正在積極尋找不同的選擇。

Today and we'll continue to do that through the balance of the year into the next year to find. The best recapitalization for the company as we move forward with the most flexibility to allow us to execute on the plan.

今天，我們將透過今年的剩餘時間以及明年繼續尋找這項方法。這是我們向前邁進的最佳資本重組，讓我們能夠以最大的靈活性執行該計劃。

Okay, thanks, Richard. That was that was very good and and a holistic. Overview. I appreciate that. That was it for me. Thanks very much, guys.

好的，謝謝，理查。那真是非常好，而且很全面。概述。我很感激。對我來說就是這樣。非常感謝，大家。

Thank you. That appears to be our last question. I'll in the conference at this time. Back to Richard Young for any additional remarks.

謝謝。這似乎是我們的最後一個問題。我現在會參加會議。如有其他意見，請回覆 Richard Young。

Thank you, Michael. And so you know a couple of things to mention. So Beaver Creek, we're planning for VPX to present at Beaver Creek on the expiration that's underway. We expect to announce the updated resource at cove. We think that will be very positive, as well as if we've got some of the assay results and can talk to what's going on at Granite Creek and talk about the plans for Archimedes.

謝謝你，麥可。所以你知道有幾件事要提一下。因此，Beaver Creek，我們計劃讓 VPX 在 Beaver Creek 展示正在進行的到期事宜。我們預計將在 cove 上公佈更新後的資源。我們認為這將是非常積極的，如果我們得到了一些分析結果，可以談論花崗岩溪的情況並談論阿基米德的計劃。

As well as Sinral Point, so that would be Beaver Creek and then for the Denver Gold Show, Paul will take the lead and give a further update on the development plan as it's progressing, so. Turning to our final slide as we look ahead. We are building a gold company with real scale.

除了 Sinral Point，那就是 Beaver Creek，然後是丹佛黃金展，保羅將帶頭並進一步更新正在進展的開發計劃。讓我們來看看最後一張幻燈片，展望未來。我們正在打造一家真正具有規模的黃金公司。

Robust project economics. And the capability to deliver sustainable growth and long-term value for shareholders. So thank you for your continued support and for joining us on the call today. Michael, that should wrap it up. Thank you.

穩健的項目經濟性。並有能力為股東帶來永續成長和長期價值。感謝您一直以來的支持以及今天參加我們的電話會議。邁克爾，事情差不多該結束了。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。