Lithium Americas (Argentina) Corp (LAAC) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

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

我叫艾比，今天我將擔任你們的會議操作員。

At this time.

此時。

I would like to welcome everyone to the Lithium Argentina third quarter 2024 earnings call.

我歡迎大家參加阿根廷鋰業 2024 年第三季財報電話會議。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

And I would now like to turn the conference over to Kelly O’Brien, Vice President, Investor Relations and ESG.

現在我想將會議轉交給投資者關係和 ESG 副總裁凱莉·奧布萊恩 (Kelly OâBrien)。

You may begin.

你可以開始了。

Thank you, Abby.

謝謝你，艾比。

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 to discuss the third quarter results is Sam Piggot, President and CEO; Alex Shulga, VP and CFO will also be available during the Q&A session.

總裁兼執行長 Sam Piggot 與我一起參加電話討論第三季業績。副總裁兼財務長 Alex Shulga 也將出席問答環節。

Before we begin, I would like to cover a few items.

在開始之前，我想先介紹一些內容。

Our third quarter earnings press release was issued last evening and the corresponding documents are available on our company website.

我們的第三季收益新聞稿已於昨晚發布，相應文件可在我們公司網站上找到。

I remind you that some of the statements made during this call including any production guidance, expected company performance, campaign strategic investment in Pastos Grandes, 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，包括任何生產指導、預期公司業績、Pastos Grandes 的策略投資、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。

Thanks Kelly.

謝謝凱莉。

Good morning everyone, and thank you for joining us today.

大家早安，感謝您今天加入我們。

We appreciate your interest in our company and your ongoing support as we progress, Caucharí-Olaroz, and navigate the evolving landscape of the lithium market.

Caucharí-Olaroz，感謝您對我們公司的關注以及您在我們不斷進步和駕馭不斷變化的鋰市場格局的過程中持續提供的支持。

We are cautiously optimistic on the future of lithium particularly as we assess market conditions, our operational capabilities and positive changes we are seeing in Argentina.

我們對鋰的未來持謹慎樂觀態度，特別是在我們評估市場狀況、我們的營運能力以及我們在阿根廷看到的積極變化時。

Last night, we published our third quarter results and we're pleased to announce that during the third quarter, Caucharí-Olaroz produced approximately 6,800 tonnes of lithium carbonate, a 21% increase from the second quarter of the year.

昨晚，我們發布了第三季度業績，我們很高興地宣布，第三季度，Caucharí-Olaroz 生產了約 6,800 噸碳酸鋰，比今年第二季度增長了 21%。

The plant is currently operating at 75% to 80% of nameplate capacity.

該工廠目前的運作率為銘牌產能的 75% 至 80%。

And while we expect this level to be maintained into 2025, we are confident that we will be able to reach 40,000 tonnes in the future.

雖然我們預計這一水準將維持到 2025 年，但我們有信心未來能夠達到 4 萬噸。

Given production year to date and targets for the fourth quarter, we are well-positioned to meet our production guidance of 20,000 tonnes to 25,000 tonnes of lithium carbonate this year.

考慮到今年迄今的產量和第四季的目標，我們完全有能力實現今年 20,000 噸至 25,000 噸碳酸鋰的生產目標。

As mentioned, in the release last night, the additional processing cost to achieve battery quality, lithium carbonate has been reduced from $2,000 to $1,500 per tonne.

如前所述，在昨晚的發布中，實現電池品質碳酸鋰的額外加工成本已從每噸 2,000 美元降至 1,500 美元。

While this change had a positive impact on margins, market prices of lithium continued to see downward pressure during the third quarter.

雖然這項變化對利潤率產生了積極影響，但第三季鋰市場價格繼續面臨下行壓力。

The most recent realized prices for Caucharí-Olaroz fell to approximately $7,000 per tonne following the decline in lithium prices.

隨著鋰價下跌，Caucharí-Olaroz 的最新實現價格跌至每噸約 7,000 美元。

Looking forward, we continue to work closely with our partner Ganfeng to determine the optimal product mix and quality to address the evolving needs of lithium battery customers and to maximize our overall operating margin.

展望未來，我們將繼續與合作夥伴贛鋒緊密合作，確定最佳的產品組合和質量，以滿足鋰電池客戶不斷變化的需求，並最大限度地提高我們的整體營運利潤率。

We expect to provide clarity on our 2025 production plans and product quality targets early in the new year.

我們預計在新年伊始明確 2025 年生產計畫和產品品質目標。

We are pleased with the work being done to advance Stage 2 at Caucharí-Olaroz and the regional development plan around Pastos Grandes Basin in Salta Province.

我們對推動 Caucharí-Olaroz 第二階段的工作以及薩爾塔省帕斯托斯格蘭德斯盆地周圍的區域發展計劃感到高興。

The work on the regional development plan is ongoing and should be completed in the coming months.

區域發展計劃的工作正在進行中，並應在未來幾個月內完成。

We believe that the newly passed RIGI regime will provide a number of very attractive fiscal incentives to support large scale investments in the country and will help support the development of our comprehensive growth pipeline.

我們相信，新通過的RIGI制度將提供一系列非常有吸引力的財政激勵措施，以支持該國的大規模投資，並將有助於支持我們綜合成長管道的發展。

We expect to release more information related to the regional development plan in early 2025.

我們預計將在 2025 年初發布更多與區域發展計畫相關的資訊。

In closing, we remain optimistic about our strategic positioning in the lithium market and the long-term demand driven by the ongoing energy transition.

最後，我們對我們在鋰市場的策略定位以及持續能源轉型驅動的長期需求保持樂觀。

Our operations in Argentina continue to demonstrate strong production capabilities and we are committed to enhancing our efficiency and sustainability practices.

我們在阿根廷的業務持續展現出強大的生產能力，我們致力於提高我們的效率和永續發展實踐。

As we move forward, we believe our investments in technology and partnerships will further solidify our role as a key player in the global supply chain.

隨著我們的前進，我們相信我們對技術和合作夥伴關係的投資將進一步鞏固我們作為全球供應鏈關鍵參與者的角色。

We look forward to updating you on our progress in the coming quarters.

我們期待向您通報我們未來幾季的最新進展。

And with that, we'll open the floor to questions.

接下來，我們將開始提問。

(Operator Instructions) Ben Isaacson, Scotiabank.

（操作員指示）Ben Isaacson，豐業銀行。

Good morning, everyone.

大家早安。

Thanks for taking my question.

感謝您提出我的問題。

This is Apurva on for Ben.

我是 Apurva 為 Ben 發言。

So my question is that in prior quarters, you've disclosed that Caucharí would be cash flow positive even at current spot levels.

所以我的問題是，在前幾個季度，您已經透露，即使在當前的現貨水平下，考查拉的現金流也將是正數。

You mentioned that both spot prices have come down as have some of your additional processing costs.

您提到兩種現貨價格都下降了，您的一些額外加工成本也下降了。

So is this still the case or will Caucharí still be cash flow positive ex that working capital at spot?

那麼情況仍然如此嗎？

Thanks for the question.

謝謝你的提問。

So during the third quarter, we were operating cash flow when adjusted for working capital.

因此，在第三季度，根據營運資本進行調整後，我們的營運現金流量為。

As you point out and we pointed out in our press release, prices have declined.

正如您和我們在新聞稿中指出的那樣，價格已經下降。

There was about an 18% decline from the second quarter averaged carbonate price to the third quarter.

碳酸鹽平均價格較第二季至第三季下降約 18%。

Most recent realized sales price from Exar was about $7,000.

Exar 最近實現的銷售價格約為 7,000 美元。

I would say that while the prices have declined, we've also seen costs come down as we reach higher levels of production and also aim to optimize operations.

我想說，雖然價格有所下降，但隨著我們達到更高的生產水平並且旨在優化運營，我們也看到成本下降。

So for the fourth quarter, we expect to be around break even at close to current prices.

因此，我們預計第四季將在接近當前價格的情況下實現收支平衡。

We're working with Ganfeng on our production plan for next year as well as additional disclosures on cost and we'll have that available for investors early in the new year.

我們正在與趙鋒合作制定明年的生產計劃以及額外的成本揭露，我們將在新年伊始向投資者提供這些資訊。

Understood.

明白了。

Thank you.

謝謝。

And my kind of follow up question at what point in 2025 are you folks expecting production levels to increase meaningfully?

我的後續問題是，你們預計 2025 年產量水準會在什麼時候出現有意義的成長？

I know you mentioned you're still kind of having those conversations with Ganfeng.

我知道你提到你仍然在與贛鋒進行這些對話。

But are there challenges still in sustaining that quality at the higher production levels right now?

但目前在較高的生產水準上維持這種品質是否仍存在挑戰？

No, I think we're genuinely pleased with how volumes have progressed throughout this year.

不，我認為我們對今年銷量的成長感到非常滿意。

So currently at 75% to 80%, you know what we've said is that we expect to exit the year around those run rates and into early 2025.

因此，目前的運行率是 75% 到 80%，你知道我們說過的是，我們預計今年將圍繞這些運行率退出，並持續到 2025 年初。

Again, we are working with Ganfeng on the production plan for next year and we'll have that available to all small investors early in the new year.

同樣，我們正在與贛鋒合作制定明年的生產計劃，我們將在新年伊始向所有小投資者提供該計劃。

Corinne Blanchard, Deutsche Bank.

科琳‧布蘭查德，德意志銀行。

Hey, good morning, Sam and team.

嘿，早上好，山姆和團隊。

Just maybe the first question on pricing.

也許只是關於定價的第一個問題。

So you got about $8000 per tonne for this quarter and then you mentioned $7,000, I suppose that's what you saw you saw in October.

所以這個季度你得到了每噸大約 8000 美元，然後你提到了 7000 美元，我想這就是你在 10 月看到的情況。

Can you just give a little bit more detail because I think the average price in China was about [10,005] since early October?

您能否提供更多細節，因為我認為自 10 月初以來中國的平均價格約為 [10,005]？

Is that the price that you are referencing minus the VAT and minus the $1,500 for the [interim] or how should we think about that?

您所參考的價格是減去增值稅並減去[臨時] 1,500 美元，還是我們應該如何考慮？

No, that's correct.

不，這是正確的。

So the China price, the reference price that most people see in China is inclusive of VAT.

所以中國價格，大多數人在中國看到的參考價格是含增值稅的。

So that needs to be stripped out as well as the additional processing fee.

因此，需要剔除額外的處理費。

Okay.

好的。

And then on the process fee like, do you think -- like should we model out further like [$1,500] or is there like a good trend that maybe, you know, you drop to below the [$1,000] through 2025.

然後關於流程費用，您認為我們應該進一步模型化為 [1,500 美元]，還是有一個好的趨勢，您知道，到 2025 年，您可能會降至 [1,000 美元] 以下。

I mean, I think it's something that we're evaluating just in terms of how the qualities progress.

我的意思是，我認為我們只是根據品質的進步來評估這一點。

Like, obviously, this year, the focus has very much been on volumes and there I think we've certainly achieved our expectations.

顯然，今年的重點主要集中在銷量上，我認為我們確實達到了我們的預期。

And so as quality becomes more focus next year, certainly we'll kind of continue to update the market and investors on what that means in terms of our realized pricing.

因此，隨著明年品質變得更加受關注，我們當然會繼續向市場和投資者通報這對我們的已實現定價意味著什麼。

I think carrying on through the rest of the year using $1,500 is probably the right number to use.

我認為使用 1,500 美元來度過今年剩餘時間可能是正確的數字。

But going into next year when we come out with our production guidance on volumes, we're also going to come out with guidance on product mix.

但進入明年，當我們推出產量指南時，我們也將推出產品組合指南。

Okay.

好的。

That makes sense.

這是有道理的。

Maybe just as a follow up, so can you talk about the [convert], you know what you're thinking about doing with them.

也許只是作為後續行動，所以你可以談談[轉換]，你知道你正在考慮用它們做什麼。

And it's a big topic of conversation with investors.

這是與投資者談論的一個重要話題。

So I just wanted to get clarity on this.

所以我只是想弄清楚這一點。

Sure.

當然。

I mean, for us, you know, the focus is really on the Caucharí Stage 1 and refinancing the Exar short term debt.

我的意思是，對我們來說，重點實際上是 Caucharí 第一階段和 Exar 短期債務再融資。

I think that the convert that's due in January 2027 has a very attractive interest rate of 1.75%.

我認為 2027 年 1 月到期的轉換利率為 1.75%，非常有吸引力。

So we're in contact with the convert holders and we're very confident we'll be able to refinance when the time is right, but certainly closer to maturity.

因此，我們正在與轉換持有者聯繫，我們非常有信心在時機成熟時能夠進行再融資，但肯定更接近成熟。

I don't know, Alex if you have anything further to add on that point.

亞歷克斯，我不知道你在這一點上是否還有什麼要補充的。

Hey, Sam, no, I think you hit the response here.

嘿，山姆，不，我想你已經在這裡回覆了。

I think at the current interest rates, 1.75% looks very attractive.

我認為以目前的利率來看，1.75%看起來非常有吸引力。

We feel confident we'll be able to refinance this, but we don't want to jump ahead and we will deal with this when we are kind of closer to its maturity.

我們有信心能夠為其再融資，但我們不想急於求成，我們將在其接近成熟時處理這個問題。

We still have a little less than two years.

我們還有不到兩年的時間。

We'll focus on this next year.

明年我們將重點關注這一點。

Joel Jackson, BMO Capital Markets.

喬爾傑克森 (Joel Jackson)，BMO 資本市場。

Good morning everyone.

大家早安。

But look at your financials and Exar's financials looks at the end of the quarter, around

但看看你們的財務狀況，Exar 的財務狀況看起來是在季度末，大約是

[$90 million of cash, the JV around 14, you put in 65 to JV across the quarter].

[9,000 萬美元現金，合資企業約 14 美元，整個季度向合資企業投入 65 美元]。

If we're kind of break even here, can you talk about what are you thinking about your cash needs, the JV's cash needs?

如果我們在這裡達到收支平衡，您能談談您對您的現金需求、合資企業的現金需求有何看法嗎？

And if you've got to maybe think about getting some buffer or cushion in the near future.

如果你必須考慮在不久的將來獲得一些緩衝或緩衝。

So we brought down Exar's debt level to approximately $200 million.

因此，我們將 Exar 的債務水準降低至約 2 億美元。

And we are actively engaged along with Ganfeng on replacing that with longer term debt.

我們正在與贛鋒積極合作，以長期債務取代這筆債務。

So I think from the joint venture level, I think we're in a very good position.

所以我認為從合資企業的層面來看，我們處於非常有利的位置。

I'd say at the project, you know, where prices are today -- and we've kind of taken the look, there's some improved sentiment in China, but we're, we're really building this business and planning for this business based on lower for longer pricing.

我想說的是，在這個專案上，你知道，今天的價格是多少——我們已經注意到，中國的情緒有所改善，但我們確實正在建立這項業務並為此進行規劃業務基於較低的長期定價。

And what we're seeing today is this business does not draw a lot of capital to sustain operating needs.

我們今天看到的是，這項業務並沒有吸引大量資金來維持營運需求。

And I think that's going to be continually supported by what we're seeing in terms of where operating costs are headed.

我認為，我們所看到的營運成本走向將繼續支持這一點。

So I think we're in a very strong position today, not just from what we've been able to achieve, delevering the joint venture and efforts to kind of term out some of the short term debt there.

因此，我認為我們今天處於非常有利的地位，不僅僅是因為我們已經能夠實現的目標，去槓桿化合資企業以及努力償還部分短期債務。

I think lacks cash balances, you know, sustained in a healthy position today.

我認為缺乏現金餘額，你知道，目前維持在健康的狀態。

And in terms of what we see needing to support this business under a lower for longer scenario, we have no immediate needs to create a buffer.

就我們認為需要在較低、較長的情況下支援這項業務而言，我們沒有立即需要建立緩衝區。

Okay.

好的。

And then can you help us Sam with sensitivity around cost?

那麼你能幫助我們 Sam 提高對成本的敏感度嗎？

So if the JV can do 25,000 tonnes, 30,000 tonnes, 35,000 tonnes, 40,000 tonnes over time, how my cost scales down, is it just simply linear, is it better than linear, can you give us a bit of mile markers and granularity and how to think about it?

因此，如果合資企業隨著時間的推移可以生產25,000 噸、30,000 噸、35,000 噸、40,000 噸，我的成本如何降低，是否只是簡單的線性，是否比線性更好，您能給我們一些里程標記和粒度嗎？

I mean, certainly volumes help.

我的意思是，數量當然有幫助。

They don't tell the entire story.

他們沒有講述整個故事。

As we carried on advancing this operation, hitting higher production levels, once we reach a more steady state of production, there are going to be ways to optimize our cost structure in Argentina.

隨著我們繼續推動這項業務，達到更高的生產水平，一旦我們達到更穩定的生產狀態，就會有辦法優化我們在阿根廷的成本結構。

And so you can take two obvious buckets of cost, one kind of reagents, so price and specific consumption, so price, times, volume.

因此，您可以考慮兩個明顯的成本桶，一種試劑，即價格和具體消耗量，即價格、次數、數量。

And I think, you know, as we better understand the plan that's operating more consistently, I think we'll be able to improve certainly in terms of the specific consumption and then the other bucket of cost is labor and certainly there will be areas to improve our cost structure there.

我認為，你知道，隨著我們更好地了解運行更加一致的計劃，我認為我們將能夠在具體消耗方面肯定有所改善，然後另一桶成本是勞動力，當然會有一些領域需要改進。我們的成本結構。

And it's really just a function of getting into the steady state operation.

它實際上只是進入穩態運算的函數。

So it's a combination of both.

所以它是兩者的結合。

David Deckelbaum, TD Cowen.

大衛·德克爾鮑姆，TD·考恩。

Thanks for taking my question and Sam for the update today.

感謝您提出我的問題並感謝 Sam 今天的更新。

I'm hoping that maybe as you look into next year, given in the context that we're expecting this just regional development plan update, what should investors expect to learn from that update?

我希望，也許當你展望明年時，考慮到我們期待這次區域發展計劃更新，投資者應該期望從該更新中學到什麼？

And I guess, put it in the context of what, how are you thinking about Lithium Argentina's capital needs for next year?

我想，您如何看待阿根廷鋰業明年的資本需求？

Once you're at the point now [HRA] Phase 1 is relatively ramping towards capacity, but how much incremental capital costs will there be for next year?

現在，[HRA] 第一階段產能相對增加，但明年會有多少增加資本成本？

I mean, I think we understand very well that the market conditions today are putting a lot of focus on company's balance sheet.

我的意思是，我認為我們非常了解當今的市場狀況將人們的注意力集中在公司的資產負債表上。

Our approach from the beginning has been to advance our two attractive growth plans, the regional development plan, as well as doing some preparation work around a potential expansion without spending much money.

我們從一開始的做法就是推進兩個有吸引力的成長計劃，即區域發展計劃，以及圍繞潛在的擴張做一些準備工作，而無需花費太多資金。

And so the regional development plan really benefits from a tremendous amount of work money and resources that went into both feasibility study on Pastos Grandes, and then obviously, Ganfeng has spent a lot of time and money developing as well as these assets will all be put into a regional development plan.

所以這個區域發展計畫確實受益於Pastos Grandes的可行性研究中投入了大量的工作資金和資源，而且很明顯，贛鋒花費了大量的時間和金錢進行開發，這些資產都將投入使用納入區域發展規劃。

We certainly are cognizant of being able to advance these project only when there is a rationale that benefits our shareholders.

我們當然認識到，只有在有利於我們股東的理由時才能推進這些項目。

And so today, really the focus is getting this plan advanced finalized, delivering it to the market.

因此，今天的重點是提前確定該計劃並將其推向市場。

I think what it will show is a new way to think about how to incorporate new technologies that enhance recoveries and improve the environmental impact in terms of the financing strategy.

我認為它將展示一種新的方式來思考如何將新技術融入融資策略中，以提高回收率並改善對環境的影響。

Listen, I think we're very aligned with shareholders here.

聽著，我認為我們與這裡的股東非常一致。

We obviously don't want to overexpose ourselves to capital commitments that the current market wouldn't support.

我們顯然不想讓自己過度承擔當前市場不支持的資本承諾。

I appreciate that and helpful color.

我很欣賞這種有用的顏色。

And then just as a follow-up just on the clarification on next year and sort of thinking about running it at 80% of capacity, you know, as we go to '25, you talk about product makes elections with your partner Ganfeng, how do we think about that evolving over time?

然後，作為對明年的澄清的後續行動，並考慮以 80% 的產能運行，你知道，當我們進入 25 年時，你會與你的合作夥伴贛鋒談論產品的選舉，如何我們是否考慮過隨著時間的推移而演變？

I mean, are you seeing that there is a greater desire to kind of produce a technical grade longer term versus the original plan for the sake of efficiency or is it more a case of is there more desire on Ganfeng's part for you to be producing technical quantities for a longer period of time?

我的意思是，您是否發現，與原計劃相比，為了提高效率，人們更希望生產出更長期的技術級產品，或者更多的是趙鋒方面是否更希望您生產技術級產品？可以維持較長時間？

I think it's in part just a reflection of how dynamic the market is, you know, specifications for certain segments of the battery market have tightened considerably, I would say.

我認為這在某種程度上反映了市場的活力，我想說，電池市場某些部分的規格已經大大收緊。

And so it's just looking at our operations and trying to optimize them to maximize the operating margins.

因此，我們只是專注於我們的營運並嘗試優化它們以最大化營運利潤。

So that is potentially producing a product at a lower cost, better efficiencies, and really just a trade-off calculation.

因此，這可能會以更低的成本、更高的效率生產產品，實際上只是一種權衡計算。

Caucharí-Olaroz was designed to produce a battery grade spec that will continue to be a potential target.

Caucharà-Olaroz 旨在生產電池級規格，該規格將繼續成為潛在目標。

But we're really working with Ganfeng to just ensure that we're optimizing the margin of the project.

但我們確實正在與贛鋒合作，以確保我們正在優化專案的利潤。

And so I'd say one further comment is both shareholders are very much aligned in maximizing margin.

因此，我想說的另一點是，雙方股東在利潤最大化方面非常一致。

I don't think this is not a scenario where Ganfeng is telling us to produce a certain product and we're going ahead with it.

我不認為這不是趙鋒告訴我們要生產某種產品，我們就繼續生產的場景。

Ultimately, this is a project that we will produce a product that can either be sold into China or outside of China.

最終，這個計畫我們將生產一種可以銷往中國或中國境外的產品。

And so that's the long-term view and we'll have more to disclose around product mix with the production plan and guidance for 2025 early in the next year.

這是長期觀點，我們將在明年初披露更多有關產品組合的信息，以及 2025 年的生產計劃和指導。

Seth Goldstein, Morningstar.

賽斯‧戈德斯坦，《晨星》。

Good morning.

早安.

Thanks for taking my questions.

感謝您回答我的問題。

I wanted to follow up on an earlier question and ask about Caucharí Phase 2.

我想跟進之前的一個問題，詢問有關 Caucharí 第 2 階段的問題。

What price makes sense to move forward?

什麼價格才有意義？

You said it could be a pretty low incremental investment.

你說這可能是一個相當低的增量投資。

But how are you thinking about that in relation to prices?

但您如何看待與價格的關係呢？

Yeah, I just say on Caucharí, obviously, the focus is Stage 1, we do have a separate team there working on Phase 2 planning.

是的，我只是說，關於考查拉，顯然，重點是第一階段，我們確實有一個單獨的團隊負責第二階段的規劃。

I think part of that is obviously evaluating some advances that that particularly Ganfeng has made around processing technology that can build off what we've been able to demonstrate around Stage 1 in terms of enhancing recoveries, lowering the environmental impact.

我認為其中一部分顯然是評估贛鋒在加工技術方面取得的一些進步，這些進步可以建立在我們在第一階段所展示的提高回收率、降低環境影響的基礎上。

In terms of like pushing the go button and advancing that plan, first, we have, we have to finalize the plan.

就按下執行按鈕並推進該計劃而言，首先，我們必須最終確定該計劃。

Second, I think, we have to be able to assess where we are in the market, look at what the existing cash flow from Caucharí is, evaluate our financing options that would be available to support that growth and then ensure obviously it integrates well into the RIGI program in Argentina.

其次，我認為，我們必須能夠評估我們在市場中的地位，看看考查拉現有的現金流是多少，評估我們可用於支持成長的融資方案，然後確保它能夠很好地融入阿根廷的RIGI計劃。

So I think that's all we have to answer that for now.

所以我認為這就是我們現在要回答的全部。

Okay, fair enough.

好吧，很公平。

And then in order to take this $1,500 extra processing fee down significantly to [1,000, 500, or even eventually in euro], would you need to make a material additional investment to improve the quality or is that -- would it be not as much incremental CapEx?

然後，為了將這 1,500 美元的額外處理費大幅降低到 [1,000、500，甚至最終歐元]，您是否需要進行實質性的額外投資來提高質量，或者是 - 不會那麼多增量資本支出？

I mean, at this point, we have not identified the need for material incremental CapEx.

我的意思是，目前我們尚未確定是否需要實質增量資本支出。

Partly it's a function of getting to more steady state production that will deliver two things.

部分原因是實現更穩定的生產狀態，這將帶來兩件事。

One allow us to hone in on those the impurities that are currently outside of the acceptable spec sheet.

其中之一使我們能夠專注於目前可接受的規格表之外的雜質。

The other big part of course, is maintaining more steady state production is the variability within those impurities will be much easier to manage.

當然，另一個重要部分是保持更穩定的生產狀態，因為這些雜質的變化將更容易管理。

So it's something that we're evaluating.

所以這是我們正在評估的事情。

Obviously this year, the focus very much on production volumes.

顯然，今年的重點非常在於產量。

And at the same time, we have seen improvements that's been reflected in this lower, lower reprocessing or additional processing cost in China.

同時，我們也看到了中國的後處理或額外處理成本越來越低所反映出來的改進。

And so it's really something that we continue to monitor and going into next year, the focus will, as we've said before pivot towards, towards quality.

因此，這確實是我們繼續監控並進入明年的事情，正如我們之前所說，重點將轉向品質。

But at this point, we don't see material investment associated with quality improvements.

但目前，我們還沒有看到與品質改進相關的物質投資。

Mohammed Sidibe, National Bank Financial.

穆罕默德·西迪貝，國家銀行金融部。

Good morning guys, and thanks for taking my question.

早上好，夥計們，感謝您提出我的問題。

First question would be just on the quarter record increase introduction.

第一個問題是關於季度創紀錄增長的介紹。

Could you give us maybe some color on what drove that increase?

您能否告訴我們一些推動這項成長的原因？

Was it well availability, was it on grade, was it on recovery?

可用性是否良好、等級是否良好、恢復是否良好？

Any color would be appreciated.

任何顏色都會受到讚賞。

I mean, I think it's a function of the team knowing how to operate the plant better, improving uptime reliability.

我的意思是，我認為這是團隊的一項功能，了解如何更好地運作工廠，並提高正常運作時間的可靠性。

It's a large plant, somewhat complex, a lot of moving pieces.

這是一個大型工廠，有些複雜，有很多移動部件。

And so it's natural that it takes the team some time to understand how it operates.

因此，團隊自然需要一些時間來了解其運作方式。

The user manuals are one thing, operating it in real time is another.

使用者手冊是一回事，即時操作又是另一回事。

And so I think that that's been a large, large contributor to the increase in production.

所以我認為這是產量成長的一個非常大的貢獻者。

I'd say going forward that will probably remain the case.

我想說，未來情況可能仍會如此。

It's about pushing into the higher production levels and being able to sustain them.

這是關於推動更高的生產水平並能夠維持它們。

Maintenance is a big thing, identifying preventative maintenance, being able to identify things before they break or risk creating any downtime.

維護是一件大事，識別預防性維護，能夠在事物損壞或造成停機風險之前識別出它們。

So I think that that's been kind of the most broad and significant contributor to the production levels increasing.

所以我認為這是生產水準提高的最廣泛和最重要的貢獻者。

Okay, great.

好的，太好了。

Thank you.

謝謝。

And then just a follow-up question on the cost, you mentioned that of course, as increases that would benefit cost, but as you would look to optimize cost either or reagent the labor.

然後是關於成本的後續問題，您當然提到，增加有利於成本，但您會尋求優化成本或調整勞動力。

Can you remind us of what percentage of your costs are coming from labor and reagent if possible?

您能否提醒我們，如果可能的話，您的成本中勞動力和試劑的百分比是多少？

I don't know Alex if you have rough numbers along those lines.

我不知道亞歷克斯是否有這方面的粗略數字。

So yeah, I think reagents would be the most substantial part of our cost.

所以，是的，我認為試劑將是我們成本中最重要的部分。

There is some kind of ability as the plant is kind of ramping up.

隨著工廠的發展，有某種能力。

I don't think we're ready to provide you kind of a guidance in sort of those percentages that will come out next year, we'll provide a full guidance.

我認為我們還沒有準備好為您提供有關明年將發布的百分比的指導，我們將提供完整的指導。

I just wanted to say, I guess if you refer to our technical report, they would give you an idea of those percentages.

我只是想說，我想如果你參考我們的技術報告，他們會讓你了解這些百分比。

So agents would be kind of 30%, 40% or so.

所以代理商的比例大概是 30%、40% 左右。

But again, it depends on the level of production.

但這又取決於生產水準。

I think we'll be in a better position to provide this outlook early next year with our guidance.

我認為，透過我們的指導，我們將能夠在明年初更好地提供這一前景。

Sounds good.

聽起來不錯。

Thank you.

謝謝。

And just my final question, Sam if I may, just on the GM lockup that expired in October, do you have any color on that or have you had any conversation with them in terms of their ownership?

我的最後一個問題是，Sam，如果可以的話，就 10 月到期的通用汽車禁售期而言，您對此有什麼看法嗎？

Yeah, I mean, we've maintained a dialogue with GM since the separation.

是的，我的意思是，自從分拆以來我們一直與通用汽車保持對話。

Yeah, I mean, the lockup is no longer in place.

是的，我的意思是，鎖定不再到位。

I think GM has, as you probably all know, been fairly focused on increasing their investment with Lithium Americas in Thacker Pass, but we have a good ongoing dialogue.

我認為，正如你們可能都知道的那樣，通用汽車一直相當注重增加對 Thacker Pass 的 Lithium Americas 的投資，但我們正在進行良好的持續對話。

I don't think we're in a position to speculate as to how they view their shares in Lithium Argentina from a strategic perspective, but we certainly have an ongoing and open dialogue with GM.

我認為我們無法從戰略角度推測他們如何看待阿根廷鋰業的股份，但我們確實與通用汽車進行了持續和公開的對話。

And ladies and gentlemen, that concludes our question-and-answer session and this will conclude today's call.

女士們、先生們，我們的問答環節到此結束，今天的電話會議也將結束。

We thank you for your participation and you may now disconnect.

我們感謝您的參與，您現在可以斷開連接。