I-80 Gold Corp (IAUX) 2025 Q3 法說會逐字稿

Hello and thank you for joining us for I-80 Gold's 2025 Third quarter conference call and webcast.

您好，感謝您參加 I-80 Gold 2025 年第三季電話會議和網路直播。

Today's company presenters include Richard Young, President and Chief Executive Officer of I-80 Gold, Paul Chawrun, COO, and Ryan Snow, CFO.

今天公司演講嘉賓包括 I-80 Gold 的總裁兼執行長 Richard Young、營運長 Paul Chawrun 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 go deeper materially.

在繼續之前，請注意，今天的一些評論可能包含前瞻性陳述，這些陳述涉及風險和不確定性。實際結果在實質層面上更為深刻。

I asked everyone to view slide two of the presentation, which is available on I-80 Gold's website to view the cautionary notes regarding the forward-looking statements made on this call and the risk factors related to these statements.

我請大家查看簡報的第二張投影片，該投影片可在 I-80 Gold 的網站上找到，以查看有關本次電話會議中作出的前瞻性聲明以及與這些聲明相關的風險因素的警示性說明。

Following today's formal presentation, we will open up the call to your questions. I will now hand the call over to Richard.

今天的正式報告結束後，我們將開放問答環節，歡迎大家提問。現在我將把電話交給理查。

(Inaudible), thank you very much and hello, everyone, and thank you for joining us today.

（聽不清楚），非常感謝，大家好，感謝各位今天收看我們的節目。

Looking at slide three.

請看第三張投影片。

The thirrd quarter marked another solid quarter of execution.

第三季又是一個執行力強勁的季度。

With visible progress toward the key milestones within our development plan that we launched one year ago today.

我們已在一年前的今天啟動的發展計劃的關鍵里程碑方面取得了明顯進展。

We continue to advance towards our goal of creating a Nevada-focused mid-tier gold producer.

我們正朝著打造一家專注於內華達州的中型黃金生產商的目標不斷邁進。

At Granite Creek Underground.

在花崗岩溪地下。

Project ramp up continues.

專案推進工作持續進行。

Mine grades and tonnages continue to reconcile well against the model.

礦山品位和噸位與模型預測結果持續吻合良好。

And groundwater is being managed with greater control thanks to the newly improved infrastructure installed in Q3.

由於第三季安裝了新的改良型基礎設施，地下水的管理得到了更好的控制。

While we make progress on a permanent disposal solution.

在我們努力尋找永久性處置方案的同時。

Which is on track for the end of Q1 2026.

預計將於 2026 年第一季末完成。

As a result, We expect to meet our 2025 consolidated guidance of 300,000 to 400,000 ounces of gold.

因此，我們預計能夠實現 2025 年黃金產量 30 萬至 40 萬盎司的綜合指導目標。

Importantly, gross profit continues to improve as we stabilize Granite Creek, moving from a loss a year ago to a small profit.

重要的是，隨著 Granite Creek 的穩定運營，毛利持續改善，從一年前的虧損轉為小幅獲利。

Still a long way to go.

路還很長。

On the development front in September, construction commenced at Archimedes as planned, which is an important milestone marking the start of our second underground mine.

在開發方面，9 月阿基米德礦場按計畫開工建設，這是一個重要的里程碑，標誌著我們第二個地下礦場的開工。

Startup activities and decline development are tracking very well.

新創企業活動和衰退發展追蹤良好。

The Lone Tree plant refurbishment study is substantially complete.

Lone Tree工廠改造研究已基本完成。

At the same time, drilling programs, technical studies.

同時，鑽探計劃、技術研究。

And permitting activities also progressed across the portfolio during the quarter.

本季度，整個投資組合的許可活動也取得了進展。

Keeping us on track towards our key project milestones.

確保我們按計劃實現關鍵專案里程碑。

The prize here is to realize the net asset valuation of the five gold projects as outlined in the most recent PAs, which indicate a total valuation of approximately $5 billion under a $3000 gold price scenario.

此次投資的目標是實現最新PA中概述的五個黃金項目的淨資產估值，在金價為3000美元的情況下，總估值約為50億美元。

Looking at slide four.

請看第四張投影片。

I believe that a company's success depends on its people and culture.

我認為，公司的成功取決於其員工和企業文化。

In this quarter we continue to strengthen both.

本季我們將繼續加強這兩方面的工作。

Beyond geology.

超越地質學。

Nevada's skilled workforce is a key reason it remains one of the best mining jurisdictions in the world.

內華達州擁有技術嫻熟的勞動力，這是該州仍然是世界上最好的礦業管轄區之一的關鍵原因。

We've hired quality talent.

我們聘請了優秀人才。

Over the past three months in key roles from engineering, geology, construction management to permitting and community engagement that will help drive project execution from the ground up.

過去三個月，我擔任了工程、地質、施工管理、許可和社區參與等關鍵職務，這將有助於從根本上推動專案執行。

With our focus on long-term value creation.

我們專注於創造長期價值。

We continued with steps to further mature as a company.

我們繼續採取措施，使公司進一步成熟。

During the quarter, we advanced an initiative to refresh our mission, vision, and values and establish a sustainability strategy strategy with ERM.

本季度，我們推進了一項旨在更新我們的使命、願景和價值觀，並與 ERM 一起制定可持續發展策略的計劃。

One of the leading sustainability firms in the field based on our new development plan.

根據我們新的發展計劃，我們已成為該領域領先的永續發展公司之一。

In addition, we're in the process of expanding our focus on performance-based culture across the organization.

此外，我們正在努力擴大對整個組織績效導向文化的關注。

All of these initial initiatives will be rolled out shortly, and they are very important as we look to attract and retain the best people in Nevada to execute on our development plan.

所有這些初步舉措都將很快推出，它們對於我們吸引和留住內華達州最優秀的人才來執行我們的發展計劃至關重要。

As ID grows, we're building a company that reflects not only operational excellence, but the values that we stand for.

隨著 ID 的發展，我們正在打造一家不僅體現卓越運營，而且體現我們所秉持價值觀的公司。

We also continue to evaluate ways to accelerate value creation.

我們也會繼續評估加快價值創造的方法。

Such as the potential to bring forward a pre-fees or feasibility study on Mineral Point, our most valuable asset, to enable earlier permitting.

例如，有可能提前對我們最有價值的資產——礦點進行預收費或可行性研究，以便儘早獲得許可。

That leads me to the recapitalization plan.

這就引出了資本重組計劃。

We're engaged with a number of groups and remain confident that we'll secure a financing package.

我們正在與多個團體進行接洽，並且仍有信心獲得融資方案。

By mid 2026 to support phase one and phase two of our development plan, as well as the engineering and permitting efforts required for phase three, which is Mineral Point.

到 2026 年中，我們將支援開發計畫的第一階段和第二階段，以及第三階段（即礦點）所需的工程和許可工作。

I'll now turn the call over to Paul to expand on the project updates, Paul.

現在我將把電話交給保羅，讓他詳細介紹專案的最新進展。

Thank you and hello everybody.

謝謝大家，大家好。

Turning to slide five.

翻到第五張幻燈片。

Operations at Granite Creek and Archimedes have made good advances over the quarter. There are many moving parts across the portfolio, but we continue to execute and de-risk the plan with the necessary work underway.

Granite Creek 和 Archimedes 的營運在本季取得了良好進展。投資組合中有很多環節正在變化，但我們正在繼續執行計劃並降低風險，必要的各項工作也在進行中。

At Granite Creek Underground, mining activities continued to ramp up during the quarter with increased access to mineralized material from ongoing stoop development.

在 Granite Creek 地下礦，隨著礦井掘進的持續進行，礦化材料的取得管道也隨之增加，本季採礦活動持續加強。

Assisted by improvements to the dewatering infrastructure installed during the quarter, September was a particularly strong month for advancement of the main decline with record monthly development.

得益於本季安裝的排水基礎設施的改進，9 月份主斜坡道的推進速度尤為強勁，創下了月度開發量紀錄。

Total mine ounces and tons continue to reconcile well on a level by level basis when compared to the current geological model. As we continue to ramp up operations, we continue to increase the drill density to improve or control and the overall mining productivity.

與目前的地質模型相比，礦山總盎司數和總噸數在各個層面上仍然吻合良好。隨著我們不斷擴大營運規模，我們不斷提高鑽孔密度，以改善或控制並提高整體採礦生產力。

In the quarter we mined approximately 15,000 tons of oxide mineralized material at a grade of about 9.8 g per ton of gold. Note, we continue to encounter higher than anticipated high grade oxide material at depth.

本季我們開採了約 15,000 噸氧化礦化材料，黃金品位約為每噸 9.8 克。注意，我們在深處持續遇到比預期更高的高品位氧化物材料。

We also mined approximately 20,000 tons of sulfide material at a grade of about 10.7 g per ton.

我們也開採了約 20,000 噸硫化物材料，品位約為每噸 10.7 克。

Plus an additional 15,000 tons of incremental low grade oxide material of just under 3 g per ton of gold.

此外，還有 15,000 噸增量低品位氧化物，每噸含金量略低於 3 克。

Gold sold totaled 7,400 ounces and 16,400 ounces for the quarter and nine month period respectively.

本季和前九個月的黃金銷量分別為 7,400 盎司和 16,400 盎司。

The stockpile of sulfide material, which is processed by a third-party autoclave was normalized by quarter end.

由第三方高壓釜處理的硫化物料庫存已於季末完成標準化。

Regarding the dewatering program, we've made significant progress and are now able to remove this from the underground workings as needed.

關於排水計劃，我們已經取得了重大進展，現在可以根據需要將其從地下作業中清除。

A more reliable pumping system was commissioned during the quarter, enhancing operational efficiency and enabling more effective water management in the active mining areas.

本季度啟用了一套更可靠的抽水系統，提高了營運效率，並實現了活躍礦區更有效的水資源管理。

Of the two additional surface groundwater wells planned, one is now complete, and we are currently drilling the second.

計劃增鑽兩口地表地下水井，其中一口已經完工，我們正在鑽第二口。

To support long-term groundwater management and future operating stability, installation of a second larger water treatment plant remains on track for completion at approximately the end of the first quarter of 2026.

為了支持長期地下水管理和未來的營運穩定性，第二座更大的水處理廠的安裝工作仍按計劃進行，預計將於 2026 年第一季末完成。

This plant is designed to enable the ultimate discharge of water to prevent it from reentering into the underground workings.

該工廠的設計目的是徹底排放污水，並防止污水重新滲入地下管道。

At Lone Tree and Ruby Hill we continue recovering gold from the existing leech pads with a total of approximately 2000 ounces recovered and sold in the third quarter.

在 Lone Tree 和 Ruby Hill，我們繼續從現有的浸出墊中回收黃金，第三季共回收並售出約 2000 盎司黃金。

Moving to slide six.

切換到第六張投影片。

Drilling of the South Pacific zone continues to progress while at Granite Creek Underground. Just under 10,000 m of core drilling was completed by the end of the quarter from 20 of the 40 planned holes. As of today, we have completed 35 holes but have added an additional seven holes to the program.

在 Granite Creek 地下，南太平洋區域的鑽探工作仍在持續進行中。到本季末，已完成 40 個計畫鑽孔中的 20 個鑽孔，鑽探深度略低於 10,000 公尺。截至今日，我們已經完成了 35 個洞，但又在專案中增加了 7 個洞。

As outlined in a press release in September, initial assay results from the first six holes confirm robust, high grade mineralization throughout the South Pacific zone, with several strong intercepts that confirm continuity and the potential for expansion to the north and at depth.

正如 9 月的新聞稿所述，前六個鑽孔的初步分析結果證實，整個南太平洋地區存在強勁的高品位礦化，其中幾個強有力的截獲證實了礦化的連續性以及向北和向深處擴展的潛力。

The deepest and furthest step out hole intersected primary fault structures where expected and returned standout grades including 33.6 g per ton over 2.9 m and 29.7 g per ton over 3.6 m and overall this intercept was over 21 m at just over 10 g per ton.

最深、最遠的鑽孔與預期的主要斷層構造相交，並獲得了突出的品位，包括 2.9 米厚的礦石中每噸含金 33.6 克，以及 3.6 米厚的礦石中每噸含金 29.7 克，總截距超過 21 米，品位略高於每噸 10 克。

A summary of the assay results are outlined in the September 10th press release available on our website.

檢測結果摘要已在 9 月 10 日發布的新聞稿中概述，該新聞稿可在我們的網站上查閱。

Encouraged by these results, drilling advanced beyond the current structural boundary, opening a new untested area to potentially expand the known mineralized areas.

受這些結果的鼓舞，鑽探工作推進到目前構造邊界之外，開闢了一個新的未測試區域，有可能擴大已知的礦化區域。

The program remains on track for completion in December of this year, supporting a feasibility study with an updated mine plan targeted for completion late in the first quarter of 2026.

該計劃仍按計劃於今年 12 月完成，並將支持一項可行性研究，該研究將製定更新的礦山計劃，目標是在 2026 年第一季末完成。

Overall, we're very excited with the turnaround progress and longer-term potential at Granite Creek.

總的來說，我們對 Granite Creek 的扭虧為盈進展和長期潛力感到非常興奮。

Turning to slide seven.

翻到第七張幻燈片。

Things are off to a great start at Archimedes Underground in early September. We received permits to the mine to mine the upper level above the 5,100 ft elevation to initiate construction. Underground development is advancing above expectations, reaching approximately 300 ft at the end of the third quarter and over 1,000 ft of drift advance as of early November. Work is underway on the geochemistry and hydrogeological technical studies required to secure permits below the 5,100 ft elevation.

阿基米德地下城在九月初迎來了一個好的開始。我們已獲得礦山開採許可證，可以開採海拔 5,100 英尺以上的上層礦藏，開始建造。地下開發進展超出預期，第三季末已推進約 300 英尺，截至 11 月初已推進超過 1000 英尺。目前正在進行地球化學和水文地質技術研究，以獲得海拔 5,100 英尺以下區域的許可證。

Beyond permitting and development, infill drilling commenced in the upper 426 zone the first week of November as planned. Initiation of drilling in the Lower Ruby Deep zone is scheduled for the second quarter of 2026.

除了許可和開發之外，按計劃，11 月第一周在 426 號地層上部開始了加密鑽探。計劃於 2026 年第二季開始在下紅寶石深層區域進行鑽探。

In total, the program comprises of over 175 holes and 55,000 m of core, forming the basis of a feasibility study targeted for the first quarter of 2027.

該計劃總共包括 175 個鑽孔和 55,000 公尺岩芯，為計劃於 2027 年第一季開展的可行性研究奠定了基礎。

Next, let's turn to slide eight to discuss the progress at the remaining projects at cove. Over 40,000 m of infill drilling was completed on a 30 m spacing across the GAAP and Helen zones.

接下來，讓我們翻到第八張投影片，討論一下科夫剩餘計畫的進度。在 GAAP 和 Helen 區域，以 30 公尺的間距完成了超過 40,000 公尺的加密鑽探。

The results of this work delivered meaningful advances for the cove project which significantly strengthened our geological understanding to improve confidence and continuity and grade, improved understanding of the metallurgical response to optimize feed and gold recovery in the autoclave, and positions code for a strong resource conversion from inferred resources to higher confidence categories.

這項工作的成果為海灣計畫帶來了有意義的進展，顯著增強了我們對地質的理解，提高了信心、連續性和品位，加深了對冶金響應的理解，從而優化了高壓釜中的進料和黃金回收率，並為從推斷資源到更高置信度類別的強勁資源轉換奠定了基礎。

The feasibility study is progressing as planned, with completion expected in the first quarter of 2026. Major permit applications are also underway in anticipation of an EIS process.

可行性研究正按計劃進行，預計將於 2026 年第一季完成。為迎接環境影響評估（EIS）流程，多項重要許可證申請也正在進行中。

Moving to slide nine.

進入第九張投影片。

At mineral point, engineering work continues to progress to support permitting and define the timing of a pre-feasibility or feasibility level study. Given the project's strong economics and potential valuation uplift, a review of the completed technical work is underway to assess opportunities to accelerate drilling and the timing of studies subject to available capital.

在礦點，工程工作繼續推進，以支持許可申請並確定預可行性研究或可行性研究的時間表。鑑於該專案的經濟效益強勁且具有潛在的估值提升空間，目前正在對已完成的技術工作進行審查，以評估加快鑽探的機會以及在可用資金允許的情況下進行研究的時間表。

Moving to slide 10.

切換到第10張投影片。

At Granite Creek Open pit, the technical baseline work to advance the project towards pre-feasibility or feasibility study continues. An initial project narrative was provided to the regulatory authorities in the quarter to initiate field studies, and we anticipate an EIS process will be required.

在 Granite Creek 露天礦，推進計畫進入預可行性研究或可行性研究的技術基線工作仍在繼續。本季度已向監管機構提交了初步項目說明，以啟動實地研究，我們預計需要進行環境影響評估流程。

Geotechnical drilling and other field studies have been deferred into next year due to ongoing updates to the Granite Creek underground operating permits, which are a priority.

由於 Granite Creek 地下作業許可證的更新工作仍在進行中，這是當務之急，因此岩土鑽探和其他現場研究已被推遲到明年。

As a result, we are currently reviewing new timing for study completion with a lens to optimize future growth plans. Granite Creek open pit remains a phase 2 opportunity with the potential to contribute to company-wide production towards the end of the decade.

因此，我們目前正在重新評估完成研究的時間表，以優化未來的成長計劃。Granite Creek 露天礦場仍然是一個二期項目，有可能在本十年末為公司整體產量做出貢獻。

Turning to slide 11 for an update on the refurbishment of our lone tree plant.

請翻到第 11 張投影片，了解我們唯一一棵樹苗的翻新情況。

Early works progress is on track and the updated Class three engineering study is substantially complete. The study updates an internal feasibility study that was completed in 2023 with design optimization and value engineering initiatives, includes a filter tail system, updates cost estimates with significant detail, as there are approximately 14,000 lines for the project controls. And a detailed execution plan completed jointly with our owner's team leadership.

前期工程進展順利，更新後的三級工程研究已基本完成。該研究更新了 2023 年完成的內部可行性研究，其中包含設計優化和價值工程舉措，包括一個過濾尾部系統，並以大量細節更新了成本估算，因為項目控制大約有 14,000 行。並與業主團隊領導者共同製定了詳細的執行計劃。

Overall, the results are largely in line with our expectations, and once finalized, we expect to share these results in the coming weeks.

總體而言，結果基本上符合我們的預期，一旦最終確定，我們預計將在未來幾週內分享這些結果。

In the meantime, the board approved a limited notice to proceed in the third quarter, allowing detailed engineering to begin and enabled the procurement of long lead equipment which is progressing this quarter.

同時，董事會批准了第三季有限的開工通知，允許開始詳細的工程設計，並採購了本季正在推進的長週期設備。

The plant is permitted for the existing operational components in use. However, new and revised operating permits will be needed updating for the air, water, a new mercury abatement system, and a revised closure plan that incorporates dry stack tails. The necessary environmental permit applications are underway for the initiation of construction.

該工廠已獲得許可，可使用現有運作組件。但是，需要更新空氣、水、新的汞減排系統以及包含乾煙囪尾料的修訂後的關閉計劃，並需要新的和修訂的營運許可證。為啟動建設，必要的環境許可申請工作正在進行中。

A construction decision is anticipated in the second quarter of 2026, and a plant commissioning is targeting in the 1st gold pour for the end of 2027. Restarting the Lone Tree Autoclave is a cornerstone investment for the company, providing increased processing capacity and higher anticipated margins for the high grade material feed from our underground operations.

預計將於 2026 年第二季做出建設決定，工廠調試目標是在 2027 年底進行首次黃金澆鑄。重啟 Lone Tree 高壓釜是公司的基石投資，它能提高處理能力，並為我們地下作業產生的高品位原料帶來更高的預期利潤。

And with that, I'll now pass it over to Ryan for a financial overview.

接下來，我會把發言權交給瑞恩，讓他做個財務概覽。

Thank you, Paul. Starting my review with slide 12, third quarter gold sales nearly doubled over the prior year period to approximately 9,400 ounces.

謝謝你，保羅。從第 12 張投影片開始我的回顧，第三季黃金銷量比去年同期幾乎翻了一番，達到約 9,400 盎司。

In addition, the company had approximately 3,400 ounces of gold in finished goods inventory at quarter end due to the timing of sales.

此外，由於銷售時間的原因，該公司在季度末的成品庫存中約有 3,400 盎司黃金。

Total revenue from gold sales increased to approximately $32 million for the quarter, driven by higher ounces sold and a higher average realized gold price of $3,412 per ounce.

本季黃金銷售總收入增至約 3,200 萬美元，主要得益於黃金銷售量增加以及平均實現價格上漲至每盎司 3,412 美元。

Cost of sales for the quarter rose over the comparative prior year period, mainly due to higher processing fees from increased toll milling of sulfide material.

本季銷售成本較上年同期上升，主要原因是硫化物材料代加工量增加導致加工費上漲。

As Richard highlighted, we have seen a swing in our year-to-date gross profit from a loss in 2024 to a gain in 2025, a roughly $24 million increase.

正如理查德所強調的那樣，我們已經看到，我們今年迄今的毛利從 2024 年的虧損轉變為 2025 年的盈利，增加了約 2400 萬美元。

And Q3 marks our fourth consecutive quarter of gross profit.

第三季是我們連續第四個季度實現毛利。

For the quarter, the company reported a net loss of approximately 42 million, or $0.05 per share, which is similar to the prior year period.

該季度，該公司報告淨虧損約 4,200 萬美元，即每股虧損 0.05 美元，與去年同期情況類似。

This net loss reflects the development stage of the company and our current period of strategic investment.

這一淨虧損反映了公司的發展階段和我們目前的策略投資期。

Also, under US GAAP, which we transitioned to last year, pre-development, evaluation, and exploration costs are expensed until we declare mineral reserves.

此外，根據我們去年過渡到的美國通用會計準則，開發前期、評估和勘探成本在宣布礦產儲量之前均計入費用。

Cash used in operating activities of approximately 15 million compared to about 24 million in the prior year as a result of higher gross profit and a higher working capital, partially offset by increased pre-development, evaluation and exploration costs that were expensed.

由於毛利和營運資金增加，經營活動所用現金約為 1500 萬，而上年約為 2400 萬，但部分被已計入費用的開發前期、評估和勘探成本的增加所抵消。

We closed the quarter with a cash balance of approximately $103 million a decrease from the previous quarter due to development spending and continued investment in drilling programs to support our technical studies and development plan.

本季末，我們的現金餘額約為 1.03 億美元，較上一季度有所減少，原因是開發支出以及為支持我們的技術研究和開發計劃而對鑽探項目進行的持續投資。

This balance is in line with expectations in our recapitalization plan.

這一平衡符​​合我們資本重組計劃的預期。

Moving to slide 13, we're actively moving our recapitalization strategy forward.

接下來是第 13 張投影片，我們正在積極推動資本重組策略。

During the first half of the year, we secured sufficient capital to fund just over $90 million in construction activities, drilling, permitting, and technical studies across all five gold projects, as well as the Lone Tree plant from May 2025 through mid 2026.

今年上半年，我們獲得了足夠的資金，為所有五個黃金項目以及 Lone Tree 工廠從 2025 年 5 月到 2026 年年中期間的建設活動、鑽探、許可和技術研究提供了超過 9000 萬美元的資金。

We continue to execute a strategy that is focused on funding phase 1 and phase two of our development plan, which could include a new senior debt facility in the range of $350 to $400 million.

我們繼續執行一項策略，該策略的重點是為我們發展計畫的第一階段和第二階段提供資金，其中可能包括一筆金額在 3.5 億美元至 4 億美元之間的新高級債務融資。

A royalty sale and the potential sale of our non-core FA project.

出售特許權使用費以及我們非核心 FA 項目的潛在出售。

The positive response from lenders and capital providers to date reinforces the strength of our assets and the significant value creation opportunities we see ahead for I80 Gold.

迄今為止，貸款方和資本提供者的正面反應鞏固了我們資產的實力，也印證了我們所看到的 I80 Gold 未來巨大的價值創造機會。

With that, I will now turn the call back to Richard.

接下來，我將把電話轉回給理查。

Well, thank you, Ryan. Looking at slide 14, you'll see a number of catalysts on the horizon.

謝謝你，瑞恩。看看第 14 張幻燈片，你會看到一些即將出現的催化劑。

We're entering a transformational period.

我們正進入一個變革時期。

With a clear line of sight to major milestones over the next 12 to 18 months.

未來 12 至 18 個月的主要里程碑目標清晰明確。

During this time, we expect to complete the recapitalization to fund phase one and phase two of our development plan.

在此期間，我們預計將完成資本重組，為我們發展計畫的第一階段和第二階段提供資金。

Complete the engineering study for the Lone Tree plant and commence the refurbishment.

完成 Lone Tree 工廠的工程研究，並開始翻新工程。

Achieve steady state production at our first mine.

我們首個礦山實現了穩定生產。

Commence production our second mine Archimedes and ramp up.

啟動我們第二座礦場阿基米德的生產並逐步提高產能。

And lastly, complete feasibility studies for our three underground mines as well as the Granite Creek open pit. And possibly a Mineral Point.

最後，對我們的三個地下礦場以及花崗岩溪露天礦場進行全面的可行性研究。也可能是一個礦物點。

These efforts will run in parallel with permitting and ongoing drill programs.

這些工作將與許可審批和正在進行的鑽探計劃同步進行。

From a valuation perspective, Iig Gold continues to trade at a deep discount to comparable developers despite.

從估值角度來看，儘管如此，Iig Gold 的交易價格仍然遠低於同類開發商。

A significant resource base.

雄厚的資源基礎。

With a growth profile that few can match.

擁有鮮有人能匹敵的成長動能。

All within one of the world's best mining jurisdictions.

這一切都發生在世界最佳礦業管轄區之一。

And at today's valuation, we think the market is only beginning to recognize the potential.

以目前的估值來看，我們認為市場才剛開始意識到它的潛力。

That concludes my remarks. We'll now turn it over to Q&A.

我的發言到此結束。現在進入問答環節。

(Inaudible), please, can you open the line for questions?

（聽不清楚），請問可以開通提問頻道嗎？

Thank you very much.

非常感謝。

(Operator Instruction) (Inaudible).

（操作說明）（聽不清楚）。

Hi everyone. First of all, thanks for the update on the quarter and congrats. I had two questions around Granite Creek specifically. So the first was, where are you mining now and when do you expect to be mining from some of the longer levels in the South Pacific zone?

大家好。首先，感謝您提供的季度業績更新，並祝賀您。我有兩個關於花崗岩溪的問題。首先，你們現在在哪裡採礦？預計何時才能在南太平洋地區的一些較長礦層進行採礦？

And then maybe the follow on to that would be, it seems like you continue to be finding oxide even as you go deeper. So what is your thinking around that? Do you expect that to be same packing plans for the autoclave at all?

然後，接下來可能會說，即使挖得更深，似乎仍然會發現氧化物。你對此有什麼想法？您是否預期高壓滅菌器的包裝方案會完全相同？

Yeah, these are great questions. So first off, we're mostly in what's called the OG zone now.

是的，這些都是很好的問題。首先，我們現在基本上處於所謂的 OG 區。

We have started the upper zones South Pacific and then next year we're, probably around 60%, 6,040 South Pacific and then 40% on the OG zone. And then as time goes on, we'll be more and more in the South Pacific zone in the longer-term plans. And then regarding the oxidation, so it's primarily in the OG zone. There's a little bit of oxidation in the South Pacific, but fundamentally what's happening is you get the surface water, the meteoric water, and then it can oxidize some of the sulfide into into oxide ore and longer. Return that represents an opportunity for us, as you point out in the autoclave, but for the moment we're feeding that off to our third-party processors and we get slightly lower margins depending on the grade as the sulfide. So that's that's where we're at. And then would we stockpile, I think your question was, would we stockpile this ahead of our autoclave? Perhaps, and that's something we're evaluating.

我們已經開始了南太平洋上層區域的建設，明年我們可能會有大約 60% 的時間在南太平洋，6,040 個小時，然後 40% 的時間在 OG 區域。隨著時間的推移，在長期規劃中，我們將越來越重視南太平洋地區。至於氧化，主要發生在 OG 區。南太平洋存在一些氧化作用，但從根本上來說，地表水、大氣降水會將一些硫化物氧化成氧化物礦石等等。正如您在高壓釜中指出的那樣，這對我們來說是一個機會，但目前我們將其提供給第三方加工商，根據硫化物等級的不同，我們的利潤會略低一些。這就是我們目前的狀況。那麼，我想你的問題是，我們會不會在高壓滅菌器之前儲備這些東西呢？或許如此，這也是我們正在評估的問題。

Can you talk about the steps you're taking to put the oxide through the lone tree plant?

你能談談你正在採取哪些步驟將氧化物輸送到這棵孤樹植物上嗎？

Yes, so the autoclave can be bypassed with oxide ore, and so we're evaluating once we get close to commissioning of that plant, it's potential for us to feed that through.

是的，所以可以用氧化礦繞過高壓釜，因此我們正在評估，一旦工廠接近調試階段，我們就有可能透過這種方式輸送氧化礦。

Appreciate it.

謝謝。

Thank you for the answers. I'll free up the line.

謝謝您的解答。我會疏通線路。

(Operator Instruction) Don DeMarco, National Bank.

（操作員指令）唐·德馬科，國家銀行。

Thank you, operator, and good morning, Richard and Ryan.

謝謝接線員，早安，理查德和瑞安。

Thank you for taking my question. So, looking at the recapitalization plan, you have a number of different options to increase liquidity. One of them is the potential disposition of the non-core fat asset.

感謝您回答我的問題。因此，從資本重組計劃來看，您有很多不同的選擇來增加流動性。其中之一是處置非核心肥胖資產的可能性。

And we saw recently that the research, the high grade resource that was published, but in light of this resource, are you reconsidering maybe not divesting this asset, or has your expectations, in the event of monetizing it, has your expectations increased?

我們最近看到，已公佈的研究表明，該資源具有很高的品味。但有鑑於此，您是否正在重新考慮是否不剝離該資產？或者，如果將其變現，您的預期是否有所提高？

Don, that's a great question.

唐，你問得好。

We've always been aware that it's a high grade resource. Unfortunately, when we look at the development plan, we will not be able to get to that until probably the end of 2030s, early 2040s. And so if there is an opportunity where we can get fair value for it.

我們一直都知道它是一種優質資源。遺憾的是，從發展規劃來看，我們可能要到 2030 年代末或 2040 年代初才能實現這個目標。所以，如果有機會能以合理的價格出售它的話。

We will look at it as part of the recapitalization, but again, if we don't get A fair price. We paid $88 million for it two years ago in shares. It is a high grade resource, both, the polymetallic and the oxide at surface, so we're considerate, but we are evaluating all of our options with respect to the recapitalization, and that is one potential source of capital that minimizes dilution for shareholders.

我們會將其作為資本重組的一部分來考慮，但同樣，如果我們得不到一個公平的價格。兩年前我們以股票形式支付了 8,800 萬美元將其購入。它是一種高品位資源，無論是多金屬礦還是地表氧化物，因此我們非常謹慎，但我們正在評估所有與資本重組相關的方案，而這是一種可以最大限度減少股東權益稀釋的潛在資金來源。

Excellent. Okay, thank you for that.

出色的。好的，謝謝。

Then looking at the Lone Tree Autoclave Engineering studies pending release later this quarter, of course we're looking forward to a decision in Q2.

接下來，我們將關注 Lone Tree Autoclave Engineering 即將於本季稍後發布的研究報告，當然，我們期待在第二季得到最終決定。

So I guess for the sake of our modeling.

所以我想，這都是為了我們的建模。

How should we think about CapEx for the refurbishment and also for Archimedes development in 2026?

我們該如何考慮翻新工程的資本支出以及2026年阿基米德專案的開發？

So looking at the autoclave refurbishment of 400 million to use a round number, we believe that roughly 175 will be spent in 26.

因此，假設高壓滅菌器翻新費用為 4 億美元（取個整數），我們認為大約 1.75 億美元將在 26 年內花費。

And the balance in 27.

以及27的餘額。

And with respect to Archimedes, we would expect the development to be roughly about $40 million in line with the PEA, and then there will be some ongoing development.

至於阿基米德項目，我們預計開發成本約為 4000 萬美元，與初步經濟評估 (PEA) 相符，之後還會有一些持續的開發工作。

The way we see Archimedes today, Don is very much in line with the PA in terms of the spend.

以我們今天對阿基米德的看法來看，唐在支出上與PA非常一致。

While we did commence construction later than as disclosed in the PA, the team does appear to be making up that ground. Yeah.

雖然我們的開工時間比公告中披露的時間晚，但團隊似乎正在彌補這一差距。是的。

Yeah, so in fact if we may spend a little more in 2027 because we're advancing the development quicker, but I for your model I would use the PEA numbers we're more even though we started a bit later, we're more or less on track.

是的，所以實際上，如果我們在 2027 年的支出稍微多一些，因為我們的開發速度更快，但就你的模型而言，我會使用 PEA 數據，儘管我們起步稍晚，但我們基本上走在正軌上。

Okay, thank you very much for that. That's all for me and good luck with the rest of the quarter.

好的，非常感謝。我今天就說這麼多，祝你們本季剩下的時間一切順利。

Thank you.

謝謝。

Thanks, Don.

謝謝你，唐。

(Operator Instruction).

（操作說明）

I'd like to thank everyone. I know it's a busy morning for conference calls, but.

我要感謝大家。我知道今天早上電話會議很多，但是…

As we close out the quarter, it was another solid quarter for us, and a year ago we announced a development plan, and we've made great progress over the last 12 months, and we're very confident that we can execute on this plan.

本季即將結束，對我們來說又是一個穩健的季度。一年前我們宣布了一項發展計劃，在過去的 12 個月裡，我們取得了巨大的進展，我們非常有信心執行這項計劃。

Which will require the recapitalization, which is well underway. So we do believe that as we move into 26 and 27.

這將需要進行資本重組，目前這項工作正在順利進行中。所以我們相信，隨著我們進入26和27年。

We will be able to unlock the value of this significant resource base.

我們將能夠釋放這項重要資源庫的價值。

But thank you everyone for your time and if you've got further questions as you digest the materials that we've published yesterday. Please give us a call.

感謝大家抽出時間，如果您在消化我們昨天發布的資料時還有其他問題，歡迎隨時提問。請給我們打電話。

Thank you.

謝謝。

(Operator Instruction).

（操作說明）