Lithium Americas (Argentina) Corp (LAAC) 2024 Q1 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

My name is Kathleen, and I will be your conference operator today.

我叫凱瑟琳，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the first-quarter 2024 earnings conference call.

此時此刻，我歡迎大家參加 2024 年第一季財報電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to Kelly O'Brien, Vice President of Investor Relations and ESG.

我現在想將電話轉給投資者關係和 ESG 副總裁 Kelly O'Brien。

Please go ahead.

請繼續。

Thank you, Kathleen.

謝謝你，凱瑟琳。

I want to welcome everyone to our earnings conference call this morning.

我想歡迎大家今天早上參加我們的收益電話會議。

Joining me on the call today to discuss the first quarter result is Sam Pigott, President and CEO of Lithium Argentina.

今天與我一起參加電話會議討論第一季度業績的是阿根廷鋰業公司總裁兼首席執行官薩姆·皮戈特(Sam Pigott)。

Alex Shulga, Vice President and CFO will also be joining during the Q&A session.

副總裁兼財務長 Alex Shulga 也將參加問答環節。

Our earnings are released after the market close yesterday, and you'll find the press release, the MD&A, and the financial statements posted on our website.

我們的收益於昨天收盤後發布，您可以在我們的網站上找到新聞稿、MD&A 和財務報表。

I remind you that some of the statements made during this call, including any production guidelines, expected company performance, strategic investment, and the timing of our projects and market conditions may be considered forward-looking statements.

我提醒您，本次電話會議中所做的一些陳述，包括任何生產指南、預期公司績效、策略性投資以及我們專案的時間表和市場狀況可能被視為前瞻性陳述。

Please note the cautionary language about forward-looking statements in our MD&A and news release that was filed last night.

請注意我們昨晚提交的 MD&A 和新聞稿中有關前瞻性陳述的警告性語言。

I will now turn the call over to Sam.

我現在將把電話轉給 Sam。

Thank you, Kelly, and a warm welcome to everyone joining us today.

謝謝凱利，並熱烈歡迎今天加入我們的所有人。

It's been six weeks since our last earnings conference call, and I'm delighted to have this opportunity to provide you all with an update on our progress.

距離我們上次召開收益電話會議已經過去六週了，我很高興有這個機會向大家介紹我們的最新進展。

As we move forward into 2024, our focus remains steadfast on several key priorities.

邁入 2024 年，我們的重點仍然是幾個關鍵優先事項。

Firstly, supporting the successful ramp-up of Caucharí-Olaroz.

首先，支持 Caucharí-Olaroz 的成功擴張。

Secondly, ensuring the company remains sufficiently capitalized through the ramp-up and to support our future growth plans.

其次，確保公司在擴張過程中保持足夠的資本並支持我們未來的成長計劃。

And thirdly, the advancement the regional development plan for past those Pastos Grandes basin with Ganfeng.

第三是與贛鋒一起推動過去大帕斯托斯盆地的區域發展計畫。

In the first quarter of 2024, the Cauchar project achieved a production milestone of 4,500 tonnes of lithium carbonate, 20% increase compared to the fourth quarter of 2023.

2024年第一季度，Cauchar專案實現碳酸鋰產量4,500噸的里程碑，較2023年第四季成長20%。

As production increases and different components of the plant have been pushed to higher levels, the operation has encountered increased variability, consistent with the ramp-up.

隨著產量的增加以及工廠的不同組成部分被推向更高的水平，運作遇到了更大的變化，這與產能的增加是一致的。

I'm very proud of our team at site, including some of Ganfeng's most senior and experienced individuals and their ability to address any challenges that arise.

我為我們現場的團隊感到非常自豪，其中包括贛鋒的一些最資深和經驗豐富的人員以及他們應對出現的任何挑戰的能力。

I have confidence in their technical expertise, commitment to the project, and focus on the goal of successfully completing this ramp-up.

我對他們的技術專業知識、對專案的承諾充滿信心，並專注於成功完成此次升級的目標。

Looking ahead to the remainder of the year, our primary objective is to continue ramping up production consistently and sustainably towards our 2024 production target of 20,000 to 25,000 tonnes lithium carbonate.

展望今年剩餘時間，我們的主要目標是繼續持續、可持續地提高產量，以實現 2024 年 20,000 至 25,000 噸碳酸鋰的產量目標。

As the project reaches near nameplate capacity and begin to see levelized production and sales volumes, we will work with our joint venture partner to enhance disclosure later this year.

隨著該專案達到接近銘牌產能並開始實現產量和銷售量的均衡，我們將與合資夥伴合作，在今年稍後加強資訊揭露。

We expect the increased disclosure to coincide with more normalized operations that are less impacted by short-term variability tied to start-up and present a clear picture of the project.

我們預計，資訊揭露的增加將與營運更加規範化一致，這些營運受到與啟動相關的短期波動的影響較小，並呈現出專案的清晰畫面。

In line with our commitment to operational efficiency, we have initiated a corporate cost reduction program.

根據我們對營運效率的承諾，我們啟動了企業成本削減計劃。

It is important to highlight that although cost reduction efforts are being made, we remain committed to the neighboring communities and provinces in which we have development projects and operations.

需要強調的是，儘管我們正在努力降低成本，但我們仍然致力於為我們擁有開發項目和業務的鄰近社區和省份提供服務。

The company is working with Ganfeng to pursue additional long-term debt options to leverage and improve lending conditions in Argentina and support future growth plans.

該公司正在與贛鋒合作尋求額外的長期債務選擇，以槓桿化和改善阿根廷的貸款條件並支持未來的成長計劃。

The Pasto Grandes transaction remains on track to be finalized around the end of Q2, providing a further $70 million to support our operations in Argentina.

Pasto Grandes 交易仍有望在第二季末左右完成，進一步提供 7,000 萬美元來支持我們在阿根廷的業務。

Additionally, the regional development plan for the Pasto Grandes basin is progressing as planned.

此外，帕斯托格蘭德斯盆地的區域開發計劃正在按計劃進行。

There has been a significant amount of work conducted by both Ganfeng and Lithium Argentina.

贛鋒鋰業和阿根廷鋰業都進行了大量工作。

In recent weeks, this information has been compiled and organized to support completing a comprehensive development plan by the end of the year.

最近幾週，我們對這些資訊進行了整理和整理，以支持在年底前完成全面的發展計劃。

In summary, despite encountering some challenges with typical ramp-up, our efforts are yielding positive results in terms of both volume and quality, and we remain on track to meet our guidance for 2024.

總而言之，儘管在典型的產能提升過程中遇到了一些挑戰，但我們的努力在數量和品質方面都取得了積極成果，並且我們仍有望實現 2024 年的指導目標。

We extend our gratitude to our dedicated teams in Argentina and abroad, and our joint venture partner, Ganfeng for their continued efforts and expertise.

我們感謝我們在阿根廷和國外的專業團隊，以及我們的合資夥伴贛鋒的持續努力和專業知識。

Looking ahead, our focus this year will remain on key priorities of ramping up production, maintaining a strong balance sheet, and advancing our regional development plan.

展望未來，我們今年的重點仍將放在提高產量、維持強勁的資產負債表和推進區域發展計畫等關鍵優先事項。

With that, I'll open it up to questions.

說到這裡，我將開放提問。

(Operator Instructions) Ben Isaacson, Scotiabank.

（操作員指示）Ben Isaacson，豐業銀行。

Good morning, everyone.

大家，早安。

This is Apurva on for Ben.

我是 Apurva 為 Ben 發言。

I've got a couple of questions.

我有幾個問題。

My first is that obviously Caucharí continues to advance through the ramp-up.

我的第一個問題是，顯然考查拉在加速過程中繼續前進。

And you noted that you're testing at higher production levels.

您注意到您正在更高的生產水平進行測試。

Can you just clarify exactly what this means, please?

您能具體解釋一下這代表什麼嗎？

Yeah.

是的。

Thanks for the question.

謝謝你的提問。

So in just under a year since production began the project, we're very happy with how the project is going.

因此，自從該專案開始生產以來不到一年的時間裡，我們對該專案的進展感到非常滿意。

It's moving in the right direction in both -- in terms of increased production volumes and consistency.

它在產量增加和一致性方面都在朝著正確的方向發展。

As part of the ramp-up, it's not a straight line.

作為加速的一部分，它不是一條直線。

So as we test different parts of the plant at higher and higher levels, we will identify issues and address them in order for us to be able to sustainably achieve those higher run rates.

因此，當我們在越來越高的水平上測試工廠的不同部分時，我們將發現問題並解決它們，以便我們能夠可持續地實現更高的運行率。

And so when we talk about testing capacity, that's exactly what we did.

因此，當我們談論測試能力時，這正是我們所做的。

For instance, at the end of March prior to the April shutdown.

例如，在四月關閉之前的三月底。

So we test the higher capacity.

所以我們測試更高的容量。

We identify issues.

我們發現問題。

We affect and implement solutions, and we continue going on.

我們影響並實施解決方案，然後繼續前進。

It's just kind of typical ramp-up.

這只是一種典型的加速。

Understood.

明白了。

Thank you.

謝謝。

My second question is kind of alluding to that.

我的第二個問題有點暗示這一點。

As you ramp, can you quantify what production looked like in March and April and perhaps what it might look like in May just to help us understand the shape of growth as you ramp?

隨著您的成長，您能否量化 3 月和 4 月的產量情況，以及 5 月的產量情況，以幫助我們了解您的成長情況？

Sure.

當然。

I'd say we're not going to be providing monthly production figures just because we are in a ramp up and there is variability over month to month which we don't want to introduce confusion.

我想說，我們不會因為我們正處於成長階段而提供每月的產量數據，每個月都有變化，我們不想引入混亂。

I'd say just in terms of cadence of production of this, the second half is expected to be -- higher volumes than the first half.

我想說，就生產節奏而言，下半年的產量預計將高於上半年。

And as we progress towards nameplate capacity and achieve these more normalized production levels, we'll work with our partner Ganfeng to kind of enhance disclosure and provide more details.

隨著我們朝著銘牌產能邁進並實現更加規範的生產水平，我們將與我們的合作夥伴贛鋒合作，加強資訊揭露並提供更多細節。

Great.

偉大的。

Thank you.

謝謝。

I'll get back in the queue.

我會回到隊列中。

David Deckelbaum, TD Cowen.

大衛·德克爾鮑姆，TD·考恩。

Morning, guys.

早安，夥計們。

Morning,

早晨，

[Ben].

[本]。

Thanks for taking my questions today.

感謝您今天回答我的問題。

I just wanted to understand and maybe this is overly logistical in nature, but just what does plans maintenance look like at Caucharí?

我只是想了解，也許這本質上過於後勤，但 Caucharí 的計劃維護到底是什麼樣的？

I know that your remark that you took some downtime in April.

我知道您說您在四月休息了一些時間。

Can you elaborate a little bit more on this plant improvements?

能詳細說明一下該工廠的改良嗎？

And is this something that we should kind of expect every six months or so?

這是我們應該每六個月左右期待一次的事情嗎？

Or how we should think about that as you all kind of ramp towards capacity, especially once you achieve that run rate?

或者，當你們都在提高產能時，特別是在達到該運行率後，我們該如何考慮這一點？

Sure.

當然。

So through Q1, as volumes continue to ramp up, we started testing the plants at higher and higher throughputs.

因此，在第一季度，隨著產量持續增加，我們開始以越來越高的吞吐量測試工廠。

As part of that, we identified issues that needed to be addressed in order to sustain those higher and higher throughputs.

作為其中的一部分，我們確定了需要解決的問題，以維持越來越高的吞吐量。

And you saw them -- the April shutdown was planned to go in and address, particularly around reliability issues.

你看到了——四月的停工計畫是為了解決這些問題，特別是可靠性問題。

And so specifics would be we replaced piping in certain areas where we had identified leaks and cracks.

具體來說，我們在發現洩漏和裂縫的某些區域更換了管道。

We had identified certain motors where steels needed to be replaced.

我們已經確定某些馬達需要更換鋼材。

So typical stuff and that this often arises during ramp-ups as you push higher and higher throughput capacity towards nameplate design.

如此典型的東西，當您將越來越高的吞吐量推向銘牌設計時，這種情況經常會在加速過程中出現。

So its downtime to enable us to achieve on a sustainable basis, these higher production rates.

因此，它的停機使我們能夠在可持續的基礎上實現更高的生產力。

And so when I mentioned in the previous answer to the question that ramp-ups aren't straight line.

因此，當我在之前回答這個問題時提到，成長並不是直線的。

There are periods of time where there will be downtime to address issues and they unlock our ability to operate at higher sustaining rates.

在某些時候，我們會需要停機來解決問題，這會釋放我們以更高的維持率運作的能力。

Perfect, thanks.

很好，謝謝。

And then I was just curious for Pastos Grandes, I know it's a bit early and you guys are going to confirm some of those details around development.

然後我只是對 Pastos Grandes 感到好奇，我知道現在還為時過早，你們將確認一些有關開發的細節。

But there has been mention of the use of DLE.

但有人提到了 DLE 的使用。

Can you talk about some of the motivations for that?

您能談談這樣做的一些動機嗎？

Is it specific to just the geology around Pastos Grandes and Sal de la Puna?

它僅針對帕斯托斯格蘭德斯和薩爾德拉普納周圍的地質嗎？

Or is this sort of a commercial endeavor that's looking to build out either an internal technology with Ganfeng or relying on a third party?

還是這是一種商業活動，旨在與贛鋒建立內部技術或依賴第三方？

I mean, Ganfeng spent a lot of time investigating different process technologies.

我的意思是，贛鋒花了很多時間研究不同的工藝技術。

And I think since their involvement in Caucharí, there's been a lot of advancement in DLE just generally in the industry, but also specific to what Ganfeng's been working on.

我認為自從他們參與 Caucharà 以來，DLE 在整個行業中取得了很大的進步，但也具體到贛鋒一直在做的事情。

And so I think when they look at Pastos Grandes, there is a slightly lower lithium concentration, which doesn't obviously rule out conventional.

所以我認為，當他們觀察帕斯托斯格蘭德斯時，鋰濃度略低，這並不明顯排除傳統的鋰濃度。

But does make it appropriate to investigate new technologies and Ganfeng is a world-class company in terms of processing technologies, and they've made great strides in terms of advancing their proprietary DLE technology.

但確實適合研究新技術，而且贛鋒在加工技術方面是世界一流的公司，他們在推進其專有的 DLE 技術方面取得了長足的進步。

Joel Jackson, BMO Capital Markets.

喬爾傑克森 (Joel Jackson)，BMO 資本市場。

Hi.

你好。

Morning Sam and team.

早安，山姆和團隊。

Can you give us an update at Caucharí-Olaroz, what inventories relate at the end of the quarter or now, of carbonate?

您能否向我們介紹 Caucharí-Olaroz 的最新情況，季度末或現在的碳酸鹽庫存情況如何？

And then could you tell me what is the kind of price-quality relationship -- what kind of price discounts is the product getting versus different grades, please?

那麼您能告訴我什麼樣的價格與品質關係嗎？

Thanks.

謝謝。

Sure.

當然。

So we did we did have some meaningful inventory build, particularly at the end of end of Q1.

所以我們確實建立了一些有意義的庫存，特別是在第一季末。

I'm not going to disclose exactly what it is, but it's substantial.

我不會透露具體內容，但它很重要。

And that's just the function of improving our regular shipment plans, and it's all kind of part and parcel with the ramp-up.

這只是改進我們的常規出貨計畫的功能，而且它是產能提升的重要組成部分。

In terms of the second question.

就第二個問題而言。

So in terms of quality, quality and price are obviously very linked.

所以就品質而言，品質和價格顯然是有很大的關聯。

The pricing we receive starts with a reference price of battery quality product for carbonate, and then makes adjustments for quality and processing costs in order to get it to battery quality.

我們收到的定價是從碳酸鹽電池品質產品的參考價格開始的，然後對品質和加工成本進行調整，以使其達到電池品質。

And I can say there was a meaningful improvement in quality between Q4 of 2023 and Q1 of 2024.

我可以說，從 2023 年第四季到 2024 年第一季度，品質有了顯著的提升。

Right now, we are meeting most technical and battery specifications, I'd say the outlier in large part is potassium.

目前，我們滿足了大多數技術和電池規格，我想說，異常值很大程度上是鉀。

So this is this is a function of getting the KCL trainings up and running on a consistent, reliable basis.

因此，這是讓 KCL 培訓在一致、可靠的基礎上啟動和運行的功能。

So as product improves, the price that we receive improves.

因此，隨著產品的改進，我們收到的價格也會提高。

And there's been a dramatic change over the last few months in terms of product quality and the reflected pricing.

過去幾個月，產品品質和反映的定價發生了巨大變化。

And given this time and this this improved pricing will be reflected in Q2.

鑑於這個時間和這個，這種改進的定價將在第二季度反映出來。

Okay.

好的。

And then, Sam, what are your kind of updated thoughts?

然後，Sam，你有什麼最新的想法嗎？

I know early in the year -- there's some trade-offs, obviously, as you now trying to trade up utilization operating rates so you -- versus quality and what you can produce battery grade at site, which of course is the preferred outcome.

我知道在今年早些時候 - 顯然存在一些權衡，因為你現在試圖提高利用率，因此你 - 與品質和現場可以生產的電池等級相比，這當然是首選結果。

But as you had -- are you taking under plan enabled and more about it.

但正如您所做的那樣，您是否正在考慮啟用計劃以及更多相關內容。

What are your thoughts on what is a more likely path going forward when you're fully ramped battery grade, not battery grade, something in the middle, different operating rates?

當您完全提升電池等級（而不是電池等級）、處於中間水平、不同的運行率時，您對更可能的前進道路有何看法？

What is your updated thoughts for the last few months now?

過去幾個月你的最新想法是什麼？

I think it's consistent with what it was six weeks ago, which is the priority is getting volumes up.

我認為這與六週前的情況一致，即首要任務是提高銷售量。

This is a plant that operates best as it moves towards nameplate capacity and is operating sustainably and reliably.

這是一家在接近銘牌產能時運作最佳的工廠，並且持續可靠地運作。

And as volumes increase, what we've noticed is product quality increases.

隨著產量的增加，我們注意到產品品質也在提高。

I guess it's not a big surprise that, you know, it was designed to produce at a certain rate.

我想這並不奇怪，你知道，它被設計成以一定的速度生產。

And as we move closer and closer to that rate, the product quality is tracking along with it.

隨著我們越來越接近這個速度，產品品質也隨之提升。

Okay.

好的。

And just more on the -- we took some downtime in April to learn more about the plan and to look at the piping and look at different things, look at reliability.

更重要的是——我們在四月份花了一些時間來了解更多有關該計劃的信息，查看管道，查看不同的東西，查看可靠性。

What was sort of the biggest surprise that maybe you learned?

您了解到的最大的驚喜是什麼？

Or something that you're going to work on or -- yeah.

或者你要做的事情或——是的。

What was sort of the biggest lesson that you're now trying to figure out?

您現在想弄清楚的最大的教訓是什麼？

I mean, I think that the downtime was to address things that were identified weeks ago.

我的意思是，我認為停機是為了解決幾週前確定的問題。

So it was planned downtime.

所以計劃停機。

The piping is one area, so they went in and they replaced the majority of piping that was giving them some issues.

管道是一個區域，所以他們進去並更換了大部分給他們帶來一些問題的管道。

I think aside from that, it's just ensuring that we are able to identify challenges as they arise, implement changes, limit downtime.

我認為除此之外，這只是確保我們能夠識別出現的挑戰、實施變更、限制停機時間。

And I think what surprised us was how effective I think our team has been.

我認為令我們驚訝的是我們團隊的效率。

I mean, ramp-ups are going to encounter issues.

我的意思是，升級會遇到問題。

Doesn't matter the project listing projects in particular have a spotty track record.

沒關係，列出的項目尤其是有不穩定的記錄。

But what gives me great confidence is just seeing how the team went in, managed to obviously identify these issues, affect the changes, limit downtime.

但讓我充滿信心的是看到團隊如何介入，如何明顯地識別這些問題，影響變化，限制停機時間。

And now that the plant is back up and running and we're seeing significant improvements in terms of stability.

現在工廠已恢復正常運行，我們看到穩定性方面有了顯著改善。

So there wasn't anything that surprised us going in to inspect.

因此，我們進去檢查時並沒有什麼讓我們感到驚訝的事情。

I think most of the issues were well known in advance and it was really just a very focused process in terms of replacing piping, fixing sealed on pumps and those types of things.

我認為大多數問題都是事先眾所周知的，這實際上只是一個非常集中的過程，涉及更換管道、固定泵上的密封件以及諸如此類的事情。

Katie Lachapelle, Canaccord Genuity.

凱蒂·拉查貝爾，Canaccord Genuity。

Hey, guys.

大家好。

Thanks for taking my question.

感謝您提出我的問題。

I do want to focus more again on the ramp-up.

我確實想再次更多地關注加速。

Sam, as you mentioned, the potassium chloride circuit that's being integrated right now, is that, I would say, one of the largest components of what's limiting you in terms of volumes getting up or where specifically in the plant are you seeing that issue?

山姆，正如您所提到的，我想說，現在正在整合的氯化鉀迴路是限制您產量增加的最大組成部分之一，或者您在工廠的具體位置看到了這個問題？

Yeah, KCL is the focus, and it has been the focus.

是的，KCL是焦點，而且一直是焦點。

So we went in during April and we stabilized one of the plants.

所以我們在四月進去並穩定了其中一株植物。

We replaced a lot of the piping that was creating some leakages.

我們更換了許多造成洩漏的管道。

So yeah, KCL is definitely the focus of the Genfang team.

所以是的，KCL絕對是根方團隊的重點。

They're largely responsible for overseeing that operation.

他們主要負責監督行動。

We're very thankful that we have such an experienced team looking at this.

我們非常感謝我們有一支經驗豐富的團隊來關注這個問題。

So KCL was the last of the subsystems to commission.

因此 KCL 是最後一個投入運作的子系統。

It's currently in commissioning.

目前正在調試中。

We've ran both trains independently and tested them to pretty high throughputs.

我們獨立運行了這兩個列車，並對它們進行了相當高的吞吐量測試。

So it's progressing very well.

所以進展非常順利。

And yeah, there'll be more on the second quarter conference call to describe, but KCL is certainly the focus.

是的，第二季電話會議會有更多內容需要描述，但 KCL 肯定是焦點。

And maybe just a quick question.

也許只是一個簡單的問題。

Yeah.

是的。

Just a quick follow-up.

只是快速跟進。

Are the improvements that you're seeing in the product quality for Q1 relative to Q4 direct impact of some improvements in the KCL plant?

您看到的第一季產品品質相對於第四季度的改進是否是 KCL 工廠的一些改進的直接影響？

I think they're kind of spread across, but that would be the most meaningful impact, yes.

我認為它們是分散的，但這將是最有意義的影響，是的。

Noel Parks, Tuohy Brothers.

諾埃爾·帕克斯、圖伊兄弟。

Hi.

你好。

Good morning.

早安.

Just had a couple.

剛剛有一對。

I wonder if you could just maybe talk about sort of the remaining stages ahead on the road to completing the comprehensive development plan, just sort of what's still outstanding needs to be done, needs further analysis, et cetera.

我想知道您是否可以談談完成全面發展計劃的剩餘階段，還有哪些仍然懸而未決的事情需要完成，需要進一步分析等等。

Sure.

當然。

I mean, we're starting from a position of having a rich database of information on both [Pazuelos] as well as Pastos Grandes.

我的意思是，我們的出發點是擁有有關 [Pazuelos] 和 Pastos Grandes 的豐富資訊資料庫。

So a lot of work has gone into both of those.

因此，這兩個方面都投入了大量的工作。

So obviously, we're merging and consolidating these resource bases.

顯然，我們正在合併和鞏固這些資源庫。

We're sharing information on hydrogeological models.

我們正在分享有關水文地質模型的資訊。

We're conducting kind of infrastructure trade-off studies.

我們正在進行某種基礎設施權衡研究。

All of that information is readily available, so it's just about compiling it and getting the teams aligned and focused.

所有這些資訊都很容易獲得，因此只需對其進行編譯並讓團隊協調一致並集中註意力即可。

So there'll be more, obviously, there'll be a much bigger update towards the end of the year, but that kind of gives you a flavor of what we're doing.

因此，顯然，到今年年底，將會有更多、更大的更新，但這會讓您了解我們正在做的事情。

Great.

偉大的。

Thanks.

謝謝。

And I was just wondering, as you look at future design phases and implementation phases, I'm just wondering, is the experience of Caucharí-Olaroz so far going to be like a pretty meaningful template sort of for standardization of process and equipment for subsequent projects?

我只是想知道，當你看到未來的設計階段和實施階段時，我只是想知道，迄今為止 Caucharí-Olaroz 的經驗是否會像一個非常有意義的模板，用於後續流程和設備的標準化項目？

Or you mentioned, for example, Ganfeng and it's made improvements in its own technology in recent years, or is it sort of like a -- essentially, a fresh look, more starting from scratch than sort of following in, sort of the model that came together five, six, seven, eight years ago for Caucharí-Olaroz?

或者你提到的，例如，贛鋒，近年來它在自己的技術上進行了改進，或者它有點像——本質上是一種全新的面貌，更多的是從頭開始，而不是跟隨，有點像是五、六、七、八年前為 Caucharí-Olaroz 聚集在一起？

Yeah, that's a good question.

是的，這是一個好問題。

I think we're very pleased with what we're doing at Caucharí-Olaroz at the moment.

我認為我們對目前在 Caucharí-Olaroz 所做的事情感到非常滿意。

Obviously, for Pastos Grandes and Pazuelos, there are other factors, not necessarily mitigating factors, that would prevent us from pursuing a similar design, but things like recharge rate has a direct impact on how much you can pump.

顯然，對於 Pastos Grandes 和 Pazuelos 來說，還有其他因素（不一定是緩解因素）會阻止我們追求類似的設計，但充電率等因素會直接影響您可以泵送的量。

There are studies around how much pond capacity you could have and where we'd be on the solar, whether it needs to be on the berm and associated additional CapEx with that.

有一些研究涉及您可以擁有多少池塘容量以及我們將在太陽能上的位置，是否需要在護堤上以及與之相關的額外資本支出。

So all of those things are kind of being factored into the trade-off studies around technology and some of the infrastructure.

因此，所有這些因素都被納入圍繞技術和某些基礎設施的權衡研究中。

So we're certainly using it as one of the potential development scenarios, but for the reasons I described in the variability of the different solars.Also the grade, the recharge rate, the pond capacity on solar, those things are all being taken into account in these trade-off studies that will obviously guide the regional development plan.

因此，我們當然將其用作潛在的開發方案之一，但由於我在不同太陽能的可變性中描述的原因。研究中的考慮顯然將指導區域發展計劃。

Mac Whale, Cormark Securities.

麥克鯨，科馬克證券。

Hi.

你好。

Good morning.

早安.

Sam, you noted that as you ramp, the volumes, the quality is improving.

山姆，你注意到隨著你的增加，數量和品質都在提高。

When it comes to the major operating cost items, such as, say, reagent use intensity, like per ton output, is that also improving as you ramp?

當談到主要營運成本項目時，例如試劑使用強度，例如每噸產量，隨著產量的增加，這是否也會有所改善？

Yeah.

是的。

As we ramp and get to more normalized, more sustainable, higher levels, it allows us to kind of focus in on things like specific consumption.

隨著我們的發展並達到更規範、更永續、更高的水平，它使我們能夠專注於特定消費等事情。

And so like everything during a ramp, it's testing out and optimizing.

就像斜坡期間的所有事情一樣，它正在測試和優化。

And so there certainly will be opportunities to hone in on those things, like soda ash specific consumption,, lime specific consumption, these are material cost drivers.

因此，肯定會有機會在這些方面進行磨練，例如純鹼的具體消耗量、石灰的具體消耗量，這些都是材料成本的驅動因素。

I'd say costs so far during the ramp are tracking to our plan.

我想說，到目前為止，斜坡期間的成本正在追蹤我們的計劃。

Once we get into higher sustained levels, we'll really be able to kind of narrow down our focus onto those specific kind of -- specific consumption target rates.

一旦我們進入更高的持續水平，我們將真正能夠將我們的注意力集中到那些特定的特定消費目標率上。

Okay.

好的。

Okay.

好的。

So we talked in the past, like there's really two elements of bringing costs down.

所以我們過去討論過，降低成本其實有兩個要素。

There's one, just pure volumes, going to cover your overheads better.

有一個，只是純粹的數量，可以更好地支付您的管理費用。

But these specific usage items as well are almost -- I wouldn't call it secondary, but the first thing is get your volumes up.

但這些具體的使用項目也幾乎——我不會稱其為次要的，但第一件事是提高你的音量。

That does a huge amount of work in getting to your feasibility costs.

這需要做大量的工作來計算可行性成本。

But then the second level is really ratcheting down on the reagent specific consumption.

但第二級確實降低了試劑的具體消耗量。

Is that correct?

那是對的嗎？

That's correct.

這是正確的。

Okay.

好的。

Any reason yet to expect any meaningful difference in the levels you're aiming for versus the feasibility?

有什麼理由認為您的目標水準與可行性之間有任何有意義的差異？

I mean, in terms of the specific consumption, no.

我的意思是，就具體消費而言，沒有。

But I don't know what the reagent price deck was in the feasibility study.

但我不知道可行性研究的試劑價格是多少。

Maybe some differences there -- in terms of specific consumption now.

也許在現在的具體消費方面存在一些差異。

Okay.

好的。

And then just follow up on the inventory buildup question, your answer, was that in terms of finished product buildup or is that units of lithium in your pond inventory?

然後跟進庫存積累問題，您的答案是成品積累，還是您池塘庫存中的鋰單位？

No, no.

不，不。

Finished product.

完成的產品。

Okay.

好的。

And how is the pond inventory now when we are there?

當我們在那裡時，現在池塘庫存情況如何？

I guess in April sounded like everything was well on track into your -- through your '25 production.

我想四月聽起來好像一切都步入正軌——透過你的 25 年製作。

Is that correct?

那是對的嗎？

Yes, upon inventory, it's very healthy.

是的，從庫存來看，它非常健康。

Certainly, at this time, not the bottleneck to achieving your nameplate capacity.

當然，此時，還不是實現您的銘牌容量的瓶頸。

Okay.

好的。

And then lastly, on the power outages, are those problems behind you essentially now?

最後，關於停電，這些問題現在基本上已經過去了嗎？

Has the weather gotten back to where you sort of expect it to be?

天氣已經回到你預期的狀態了嗎？

And then can you speak to perhaps power conditioning or any changes to the power connection that you're contemplating to eliminate that issue?

然後您能否談談您正在考慮透過電源調整或對電源連接進行任何更改來消除該問題？

Yeah.

是的。

I mean, it's really a seasonal thing.

我的意思是，這確實是季節性的事情。

In February, March in the Puna, we saw like an unusual number of electrical storms.

二月、三月在普納，我們看到了異常數量的雷暴。

I mean, typical season, you're going to see a lot of it.

我的意思是，在典型的季節裡，你會看到很多這樣的情況。

And that led to power disruptions.

這導致了電力中斷。

So we're out of that season now and the mitigation plan that's been developed is being implemented.

所以我們現在已經結束了那個季節，已經制定的緩解計畫正在實施。

So we expect to address these issues.

所以我們希望解決這些問題。

That concludes our Q&A session.

我們的問答環節到此結束。

I will now turn the conference back over to Kelly O'Brien for closing remarks.

現在，我將把會議轉回凱利·奧布萊恩 (Kelly O'Brien) 致閉幕詞。

Thank you, everyone, for joining the call today.

謝謝大家今天加入電話會議。

I welcome you to reach out to me or anyone on the team between now and the next earnings conference call.

我歡迎您從現在到下一次收益電話會議期間與我或團隊中的任何人聯繫。

Thanks and have a great day.

謝謝，祝你有美好的一天。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining you.

感謝大家的加入。