Largo Inc (LGO) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to Largo's first-quarter 2024 financial results call. (Operator Instructions) I would now like to hand the conference over to your speaker today, Alex Guthrie, Senior Manager of External Relations. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Largo 2024 年第一季財務業績電話會議。（操作員指示）我現在想將會議交給今天的發言人，對外關係高級經理 Alex Guthrie。請繼續。

Thank you, operator, and thanks to all those who could attend our first-quarter 2024 the conference call today. Largo's Q1 2024 financial statements, related MD&A, and most recent AIF can be accessed on our website at LargoInc.com as well as on our SEDAR+ and EDGAR profiles.

謝謝運營商，也感謝所有今天能參加我們 2024 年第一季電話會議的人。Largo 的 2024 年第一季財務報表、相關 MD&A 以及最新的 AIF 可以在我們的網站 LargoInc.com 以及我們的 SEDAR+ 和 EDGAR 資料中存取。

Before continuing the call, I would like to remind you that some of the information you'll hear during today's discussion will consist of forward-looking statements, including without limitation, those regarding future business outlook. Please refer to the cautionary statements and the related MD&A and consolidated financial statements and AIF, which can be found on our website within the Investor Relations section. And finally, all figures are in US dollars unless otherwise stated.

在繼續通話之前，我想提醒您，您在今天的討論中將聽到的一些資訊將包含前瞻性陳述，包括但不限於有關未來業務前景的資訊。請參閱警示性聲明以及相關 MD&A 以及合併財務報表和 AIF，這些內容可以在我們網站的投資者關係部分找到。最後，除非另有說明，所有數字均以美元為單位。

On the call today is Daniel Tellechea, Largo's Interim CEO and Director; Célio Pereira, Largo Brazil's Chief Operating Officer; Ernest Cleave, Largo's Chief Financial Officer; Paul Vollant, Largo's Chief Commercial Officer; and Francesco D'Alessio, the President of Largo Clean Energy.

今天參加電話會議的是 Largo 臨時執行長兼董事 Daniel Tellechea； Célio Pereira，Largo 巴西營運長； Ernest Cleave，Largo 財務長； Paul Vollant，Largo 首席商務官；以及 Largo Clean Energy 總裁 Francesco D'Alessio。

Following delivery of the prepared remarks, we'll open the call to questions. We ask that participants restrict their questions to two and then re-queue if there are additional questions to allow the others the opportunity to participate.

在發表準備好的演講後，我們將開始提問。我們要求參與者將問題限制為兩個，然後如果還有其他問題，請重新排隊，以便其他人有機會參與。

I'll now turn the call over to Daniel. Daniel, please go ahead.

我現在將電話轉給丹尼爾。丹尼爾，請繼續。

Yes. Thank you. Good morning, everyone, and thank you for joining us today for Largo's first-quarter 2024 earnings call. As our team takes you through our first-quarter financial results and discusses our strategy moving forward, I will keep my particular remarks brief.

是的。謝謝。大家早安，感謝您今天加入我們參加 Largo 2024 年第一季財報電話會議。當我們的團隊向您介紹我們第一季的財務表現並討論我們的未來策略時，我將簡短地發表我的特別言論。

At Largo, our main focus remains on improving production efficiencies and reducing cash costs to return to profitability, especially amidst the current period of low vanadium prices. We recognize the challenges posed by the current market conditions, and our commitment to improving our performance remains top priority. With a new operating team in place, we are confident in our ability to drive productivity improvements and operational excellence going forward at our Maracás Menchen Mine.

在 Largo，我們的主要重點仍然是提高生產效率和降低現金成本以恢復獲利，特別是在當前釩價較低的時期。我們認識到當前市場狀況帶來的挑戰，並且我們對提高業績的承諾仍然是首要任務。隨著新的營運團隊就位，我們對推動 Maracás Menchen 礦生產力提高和卓越營運的能力充滿信心。

Now I would like to introduce Célio Pereira, our Chief Operating Officer from Largo Brazil, who will provide a more comprehensive view of our operational improvement plans going forward. Our productivity initiatives, along with his operational leadership, are helping us navigate through these challenges to emerge stronger in the future.

現在我想介紹一下來自 Largo Brazil 的營運長 Célio Pereira，他將為我們未來的營運改善計劃提供更全面的看法。我們的生產力計劃以及他的營運領導力正在幫助我們應對這些挑戰，在未來變得更加強大。

Célio, back to you.

塞里奧，回到你身邊。

Apologies, sir. But I think his line got disconnected. Please proceed.

抱歉，先生。但我認為他的線路已斷開。請繼續。

Okay. Probably the line is busy. If that is the case, I will take over Célio's presentation. I'm going to speak in his name. It is my pleasure to speak with you today for the first time and provide insight into our operational plans moving forward at our Maracás Menchen Mine.

好的。可能線路正忙。如果是這樣的話，我將接手 Célio 的演講。我將以他的名義發言。我很高興今天第一次與您交談，並深入了解我們在 Maracás Menchen 礦場的營運計劃。

It is very important to stress that maximizing operational output and reducing costs remain our top priorities at Largo. We are working today on four key initiatives to maximize output. Number one, we are improving our grade control capabilities to reduce dilution in mining operations and increase ore grade feed in the crushing plants. These changes were concluded in April 2024 with the installation of a dedicated drilling machine and an increased number of sampling and analysis, as well as changes in operational procedures to improve grade control.

需要強調的是，最大化營運產出和降低成本仍然是 Largo 的首要任務。今天，我們正在製定四項關鍵舉措，以最大限度地提高產出。第一，我們正在提高品位控制能力，以減少採礦作業中的稀釋並提高破碎廠的礦石品位進料。這些變更於 2024 年 4 月完成，安裝了專用鑽孔機、增加了採樣和分析次數，以及改變了操作程序以改善品位控制。

Secondly, we have been increasing our crushing volume over the last quarters, and we will add an additional 22% in crushing capacity by the end of Q2 2024 through the installation of a mobile crusher as well as a dry magnetic separator. This is expected to offset the lower grades we are currently mining.

其次，過去幾季我們一直在增加破碎量，到 2024 年第二季末，我們將透過安裝移動式破碎機和乾式磁選機將破碎能力額外增加 22%。預計這將抵消我們目前開採的較低品位。

Our third initiative is in the focus of an increase in ilmenite concentrate production, and we have finished the installation of a system to pump material from non-magnetic pounds to our ilmenite concentrator to support these. This will allow us for the continuation of planned production when our milling plant is expanding as well as increased grades, recovery, and quality.

我們的第三項措施的重點是增加鈦鐵礦精礦產量，我們已經完成了系統的安裝，將材料從非磁性磅泵送到我們的鈦鐵礦選礦廠，以支持這些目標。這將使我們能夠在我們的製粉廠擴建以及提高品位、回收率和品質時繼續計劃生產。

And lastly, we will be installing these screens and wet magnetic separators in the milling plant in the third quarter of this year to improve the quality of the concentrate and by doing so improve the kiln recovery as well as reduce the sodium carbonate consumption. These initiatives are low-cost, high-return projects in order to enhance our operational efficiencies and optimize the use of cash.

最後，我們將於今年第三季在選礦廠安裝這些篩網和濕式磁選機，以提高精礦質量，從而提高窯爐回收率並減少碳酸鈉消耗。這些舉措都是低成本、高回報的項目，旨在提高我們的營運效率並優化現金的使用。

To complement this initiative, we have also implemented extensive measures to reduce production costs, including the reduction and optimization of haulage, distance, reduction in drilling and explosive consumption, cost of inputs, as well as a review of all contracts at our mine site.

為了補充這項舉措，我們還採取了廣泛的措施來降低生產成本，包括減少和優化運輸、距離、減少鑽探和炸藥消耗、投入成本，以及審查我們礦場的所有合約。

We have concluded a reduction in the number of contractors by 20% during April while improving additional efficiencies through the whole operations. This included a reduction of equipment, rental increase in synergies, and the testing and development of different inputs to explore lower-price alternatives.

我們已在 4 月將承包商數量減少了 20%，同時提高了整個營運的效率。這包括減少設備、增加租金以產生協同效應，以及測試和開發不同的投入以探索價格較低的替代方案。

For the remainder of 2024, we expect a reduction of approximately BRL40 million in operating expenditures and approximately BRL12 million in capital expenditures. When combined with our productivity initiatives, these measures are expected to assist the company in achieving these revised 2024 cost guidance and offset some of the impact of lower vanadium prices.

在 2024 年剩餘時間內，我們預計營運支出將減少約 4,000 萬雷亞爾，資本支出將減少約 1,200 萬雷亞爾。與我們的生產力計劃相結合，這些措施預計將幫助公司實現修訂後的 2024 年成本指導，並抵消釩價格下跌的部分影響。

With regards to the operational results, in Q1 2024, we conducted the planned annual maintenance at the mine, including the replacement of the kiln refractory and other maintenance actions in various sections of the plant.

從營運結果來看，2024年第一季度，我們對礦場進行了計畫的年度維護，包括更換窯爐耐火材料以及工廠各部分的其他維護行動。

As expected, this maintenance impacted production, resulting in lower V2O5 production compared to the previous year. In Q1 2024, our V2O5 production was 1,729 in tonnes within the lower range of the company's quarterly production guidance of 1,700, 2,200 tonnes for the first quarter of 2024. Global recoveries averaged 70.5% in Q1 2024. Significantly lower than the previous year, this decline was largely due to the lower grades mined during the period, impacting dry magnetic, wet magnetic, as well as field recoveries.

正如預期的那樣，此次維護影響了產量，導致 V2O5 產量低於上年。2024 年第一季度，我們的五氧化二釩產量為 1,729 噸，位於公司 2024 年第一季季度產量指引值 1,700 至 2,200 噸的較低範圍內。2024 年第一季全球平均復甦率為 70.5%。下降幅度明顯低於前一年，主要是由於該期間開採的品位較低，影響了乾磁、濕磁以及油田採收率。

On the ilmenite side, we have been focused on advancing the ramp up of this new facility and continue to make progress with these activities. In Q1 2024, the company produced 9,563 tonnes, which represented an increase of 6.6% from the fourth quarter of last year. Subsequent to Q1 2024, production was at 753 tonnes of V2O5 equivalent in April 2024 with 2,500 tonnes of ilmenite concentrate being produced during the same period.

在鈦鐵礦方面，我們一直致力於推動新工廠的產能建設，並繼續在這些活動上取得進展。2024年第一季度，該公司產量為9,563噸，較去年第四季成長6.6%。2024 年第一季之後，2024 年 4 月產量為 753 噸 V2O5 當量，同期生產了 2,500 噸鈦鐵礦精礦。

Before I hand the call over to Ernest, I would like to stress that despite the challenges facing Q1 2024, we are optimistic about achieving our operational targets going forward. With our productivity initiatives underway and commitment to operational excellence, our operational team is laser focused on not only meeting our goals but delivering better results in the future.

在將電話交給 Ernest 之前，我想強調，儘管 2024 年第一季面臨挑戰，但我們對實現未來的營運目標持樂觀態度。隨著我們正在進行的生產力計劃和對卓越營運的承諾，我們的營運團隊不僅專注於實現我們的目標，而且在未來提供更好的結果。

Now I will turn the call over to Ernest for a detailed financial overview of quarter number one.

現在我將把電話轉給歐內斯特，以了解第一季的詳細財務概況。

Thank you, Daniel. In face of the challenges such as the extended maintenance period and a significant decline in vanadium prices, our primary focus remains unchanged, which is to restore profitability at the company. Despite these challenges detailed on this call, we have been diligently working to implement strategies aimed at achieving this goal.

謝謝你，丹尼爾。面對檢修週期延長、釩價大幅下跌等挑戰，我們的首要任務沒有改變，就是恢復公司獲利能力。儘管本次電話會議詳細介紹了這些挑戰，但我們一直在努力實施旨在實現這一目標的策略。

I'll now provide a very brief summary of the financial results we reported yesterday evening on our first quarter. Our revenues for Q1 2024 totaled $42.2 million, down from $57.4 million in Q1 2023, with the decrease being primarily attributable to a decrease in vanadium prices with our realized vanadium prices dropping from $9.14 per pound in Q1 2023 to $6.91 per pound in Q1 2024.

現在，我將提供我們昨天晚上報告的第一季財務業績的非常簡短的摘要。我們2024 年第一季的營收總額為4,220 萬美元，低於2023 年第一季的5,740 萬美元，下降的主要原因是釩價格下跌，我們實現的釩價格從2023 年第一季的每磅9.14美元下降到2024 年第一季的每磅6.91 美元。

Operating costs for Q1 2024 were $49.7 million, and that's up from $45.9 million in Q1 2023. Our cash operating costs, excluding royalties, stood at $6.12 per pound of V2O5 equivalents sold in Q1 2024. And that compares with $5.15 per pound in Q1 2023. This increase can largely be attributed to the extended maintenance period as previously mentioned, and it also includes a $4.5 million write-down of produced vanadium products.

2024 年第一季的營運成本為 4,970 萬美元，高於 2023 年第一季的 4,590 萬美元。2024 年第一季度，我們的現金營運成本（不含特許權使用費）為每磅 V2O5 等價物 6.12 美元。相比之下，2023 年第一季的價格為每磅 5.15 美元。這一增長主要歸因於前面提到的維護期延長，此外還包括生產釩產品 450 萬美元的減記。

We recorded a net loss of $13 million in Q1 2024 and that's inclusive of $4.4 million in non-recurring items compared with a net loss of $1.2 million in Q1 2023, which included $100,000 in non-recurring items. Basic loss per share for Q1 was $0.20 compared to $0.02 in Q1 2023. We exited the quarter with a cash balance of $45.7 million, a net working capital surplus of $70.8 million, debt of $75 million exiting Q1 2024.

我們在2024 年第一季的淨虧損為1,300 萬美元，其中包括440 萬美元的非經常性項目，而2023 年第一季的淨虧損為120 萬美元，其中包括10 萬美元的非經常性項目。第一季每股基本虧損為 0.20 美元，而 2023 年第一季為 0.02 美元。2024 年第一季結束時，我們的現金餘額為 4,570 萬美元，淨營運資本盈餘為 7,080 萬美元，債務為 7,500 萬美元。

Despite the challenges faced, we've been actively implementing measures to reduce cost and enhance productivity as previously pointed out on this call. While we anticipate elevated costs in the first half of the year, we expect improvements in the second half as the full effects of our productivity initiatives materialize.

儘管面臨挑戰，我們一直在積極實施措施來降低成本並提高生產力，正如先前在本次電話會議中指出的那樣。雖然我們預計上半年成本會上升，但隨著生產力計畫的全面效果顯現，我們預計下半年會有所改善。

Now I'll pass it on to Paul to discuss sales in the vanadium market.

現在我將其轉交給保羅，討論釩市場的銷售情況。

Thanks, Ernest. Our sales results for Q1 2024 were in the upper end of our quarterly guidance. We achieved V205 equivalent sales of 2,765 tonnes, inclusive of 156 tons of purchased material. However, this represented a small decrease compared to the 2,849 tonnes that we sold in Q1 2023.

謝謝，歐內斯特。我們 2024 年第一季的銷售業績處於季度指引的上限。我們實現 V205 當量銷量 2,765 噸，其中包括 156 噸外購材料。然而，與我們 2023 年第一季銷售的 2,849 噸相比，這略有下降。

Subsequently, we sold 730 tonnes of V2O5 equivalents in April. Speaking of prices, we sold at an average price of $6.94 per pound of V205, a 7.8% premium to the V2O5 European average of $6.44 per pound of V205.

隨後，我們在 4 月銷售了 730 噸 V2O5 當量。說到價格，我們以每磅 6.94 美元的 V205 平均價格出售，比 V2O5 歐洲平均價格每磅 6.44 美元的 V205 溢價 7.8%。

The average benchmark price expands a 0.3% decline from $6.46 per pound of V2O5 on average in Q4 2023. The average benchmark price per kilogram of ferrovanadium in Europe increased to $27.96 in Q1 2024 from $26.61 in Q4 2023, reflecting a 5% improvement over the period.

2023 年第四季度，平均基準價格比每磅 V2O5 平均 6.46 美元下降了 0.3%。歐洲每公斤釩鐵平均基準價格從 2023 年第四季的 26.61 美元升至 2024 年第一季的 27.96 美元，同期上漲了 5%。

The most recent average benchmark price per pound of V2O5 in Europe, as of May 10, was $5.87. The softness in spot demand persisted in Q1, primarily driven by adverse conditions in the Chinese steel sector. However, spot market is now starting to show signs of improvement in May.

截至 5 月 10 日，歐洲每磅 V2O5 的最新平均基準價格為 5.87 美元。第一季現貨需求持續疲軟，主要是因為中國鋼鐵業的不利狀況。然而，5月現貨市場現在開始出現好轉跡象。

Looking ahead, the fast growth in demand for battery applications in China and its potential to support the energy transition in the rest of the world gives us hope for future quarters. Also, we are observing continued strength in the high-purity sector, which represents promising opportunity for Largo's products.

展望未來，中國電池應用需求的快速成長及其支持世界其他地區能源轉型的潛力讓我們對未來幾季充滿希望。此外，我們觀察到高純度領域的持續強勁，這對 Largo 的產品來說是一個充滿希望的機會。

Shifting focus to ilmenite, our sales were 513 tonnes in Q1. This is well below our guidance as we experienced initial operational and administrative delays. Nonetheless, we're continuously improving and sold over 9,000 tonnes in April. We anticipate sales to rebound in the coming months and maintain our production and sales guidance for 2024.

將重點轉向鈦鐵礦，第一季我們的銷售量為 513 噸。這遠低於我們的指導，因為我們經歷了最初的營運和管理延誤。儘管如此，我們仍在不斷改進，4 月份的銷量超過 9,000 噸。我們預計未來幾個月銷售將反彈，並維持 2024 年的生產和銷售指引。

Now, I'll hand it over to Francesco for a brief update on our clean energy business.

現在，我將把它交給弗朗西斯科，簡要介紹我們清潔能源業務的最新情況。

Thank you, Paul. And welcome, everybody, to the call today. Since our last update, our primary focus has been advancing negotiations concerning the strategic evaluation of our clean energy business, particularly regarding our proposed joint venture with Stryten Energy as previously announced. Negotiations remain ongoing and are a crucial step forward for us as we look to enhance the value of our clean energy business and energy storage product offering.

謝謝你，保羅。歡迎大家今天來電。自上次更新以來，我們的主要重點一直是推進有關我們清潔能源業務策略評估的談判，特別是關於我們先前宣布的與 Stryten Energy 擬議的合資企業的談判。談判仍在繼續，對我們而言，這是向前邁出的關鍵一步，因為我們希望提高清潔能源業務和儲能產品的價值。

In addition to this, I'm also pleased to share that we have made considerable progress toward the completion of the second phase of our commissioning for our ERP deployment in Spain for [VRFB] power. The completion of this phase will take place following the replacement of the inverters and the transformer.

除此之外，我還很高興地告訴大家，我們在西班牙 [VRFB] 電力 ERP 部署的第二階段調試工作的完成方面取得了相當大的進展。此階段將在更換逆變器和變壓器後完成。

I'll now hand it over back to Daniel.

我現在將其交還給丹尼爾。

To close out, I want to reiterate our commitment to continue enhancing production efficiency and reducing cost of Largo. As we have navigated through the challenges posed by the current market conditions, I am confident in the capabilities of our dedicated team and the efficiency measures that we are undertaking.

最後，我想重申我們對持續提高 Largo 生產效率和降低成本的承諾。當我們克服當前市場狀況帶來的挑戰時，我對我們專業團隊的能力和我們正在採取的效率措施充滿信心。

The comprehensive initiative we have implemented, which includes operational enhancement, the cost reduction in measurements, and productivity initiatives are expected to optimize our operations and achieve profitability in the future. We thank you all for your continued support, and we look forward to updating you in our progress in the quarters ahead.

我們實施的綜合舉措包括營運增強、測量成本降低和生產力舉措，預計將優化我們的營運並在未來實現盈利。我們感謝大家的持續支持，並期待向您通報我們未來幾季的最新進展。

Now I will hand it back -- the call back to our operator for our question-and-answer session. Thank you.

現在我將把它交還給我們的接線生以進行問答環節。謝謝。

(Operator Instructions) Andrew Wong, RBC.

（操作員說明）Andrew Wong，RBC。

Good morning. Thanks for taking my questions. So your realized prices performed quite well this quarter relative to market prices. Can you just talk about what's contributing to that? Was it high-purity sales or maybe your contract prices going into the year? And how do you expect your realized prices to perform for the rest of the year?

早安.感謝您回答我的問題。因此，相對於市場價格，本季您的已實現價格表現相當不錯。您能談談是什麼促成了這一點嗎？是高純度銷售還是您今年的合約價格？您預計今年剩餘時間的實際價格表現如何？

Paul, can you take that question?

保羅，你能回答這個問題嗎？

Yes. Sure, Daniel. Hi, Andrew. Yes, we overperformed the market this quarter. That's mainly due to two main factors. One is our high-purity sales, which is sold at a premium to market price. And two is the fact that most of our contracts are trailing the index, right? So we usually deliver material in amounts quoted based on the previous month's price.

是的。當然，丹尼爾。嗨，安德魯。是的，我們本季的表現優於市場。這主要是由於兩個主要因素。一是我們的高純度銷售，以高於市價的價格出售。第二個事實是我們的大部分合約都落後於指數，對嗎？因此，我們通常會根據上個月的價格報價來交付材料。

So in a downward market like today, we'd structurally -- we're supposed to perform a bit better than the market. That's the two main reasons that justified overperformance.

因此，在像今天這樣的下行市場中，從結構上講，我們的表現應該比市場好一點。這是證明業績超前的兩個主要原因。

And for the rest of this year?

那麼今年剩下的時間呢？

Yes, sorry. For the rest of this year, it really depends on the market trend if -- and also a share in high purity. That's a number we're going to provide regularly now to each quarter for this call. So yes, we expect to be around market price, probably overperforming a bit.

是的，抱歉。今年剩下的時間，這實際上取決於市場趨勢，以及高純度的份額。我們現在將在每個季度定期為這次電話會議提供這個數字。所以，是的，我們預期價格將維持在市場價格附近，可能會表現得稍微好一點。

Okay. Thank you. And then just on the operations side, the grades have come down a bit relative to your historical levels. Is there an expectation for the grade to come back? Or is the expectation for the grades to kind of stay at these levels, given that you've installed equipment to handle more for? And then going into 2025, would your second-half outlook be a good guide for costs into next year?

好的。謝謝。然後就營運方面而言，相對於歷史水平，成績有所下降。成績有回來的預期嗎？或者考慮到您已經安裝了處理更多任務的設備，您對成績的期望是否會保持在這些水平？然後進入 2025 年，您的下半年展望能否為明年的成本提供良好的指導？

Basically, our -- as I mentioned before, Andrew, our grade has been affected right now because of the presence of the pegmatite, which appears on the center of the ore body. That is the main reason why while we mine and reduce and eliminate the pegmatite from our mining operations, the grade will continue to be around for 0.75, 0.80 V205.

基本上，正如我之前提到的，安德魯，我們的品位現在受到了影響，因為偉晶岩的存在，它出現在礦體的中心。這就是為什麼當我們開採、減少和消除採礦作業中的偉晶岩時，品位將繼續保持在 0.75、0.80 V205 左右的主要原因。

So once we eliminate the pegmatite, and according to our mine plans, that should be around half of it next year, our grade will be going up a little bit. So for the time being, we will continue mining and going forward with this 0.75, 0.80 V205 rate in our mining operations.

因此，一旦我們消除了偉晶岩，根據我們的開採計劃，明年應該會減少一半左右，我們的品味將會上升一點。因此，目前我們將繼續挖礦，並繼續以 0.75、0.80 V205 的價格進行挖礦業務。

Also, the other thing that has been affecting us is the grade of the magnetics on the material. Remember that the Maracás Menchen Mine that we do a lot of blending between the three kinds of materials: massive, bundled, and disseminated.

此外，影響我們的另一件事是材料的磁性等級。請記住，在 Maracás Menchen 礦中，我們對三種材料進行了大量混合：塊狀、捆綁狀和散佈狀。

What is happening today, and the main reason of increasing our crushing capabilities is that they were mining much -- we're mining and processing much more disseminated ore who has a lower grade, lower magnetics.

今天發生的事情，提高我們破碎能力的主要原因是他們開採得太多——我們正在開採和加工更多的散佈礦石，這些礦石具有較低的品位、較低的磁性。

And that is the main reason where in order to produce the same amount of V2O5 at the end of the period, we are increasing our capacity of crushing and dry mine operation as I explained during the presentation. I didn't hear the second part of your question, Andrew.

這就是為了在期末生產相同數量的 V2O5，我們正在提高破碎和乾礦作業能力的主要原因，正如我在演示中所解釋的那樣。安德魯，我沒有聽到你問題的第二部分。

I can talk about it, Daniel. Andrew, so on the cost side for the remainder of -- let's talk about the second half of the year. We're going to be in the $4.50 to $5.50 excluding royalties range. Looking into the new year, it's a bit early, but with the improvements in grade, the throughput -- unitary throughput improvements, et cetera, our ambition is to be below $4 in 2025. But for now, we're maintaining a cost guidance of $4.50 to $5.50 with the ambition to go below post that sort of six-month period.

我可以談談，丹尼爾。安德魯，那麼在剩餘時間的成本方面，我們來談談今年下半年的情況。不包括版稅，我們的價格範圍是 4.50 美元到 5.50 美元。展望新的一年，現在還為時過早，但隨著品味、吞吐量的提高——單一吞吐量的提高等，我們的目標是到 2025 年價格低於 4 美元。但目前，我們將成本指導維持在 4.50 美元至 5.50 美元之間，並希望在六個月後低於該水準。

Okay, that's excellent. Thank you very much for the additional color.

好的，那太好了。非常感謝您的額外顏色。

You're welcome.

不客氣。

Thanks.

謝謝。

Thank you. This ends our question-and-answer session for the day. I'd now like to turn the call back over to Mr. Guthrie for final closing comments.

謝謝。我們今天的問答環節到此結束。我現在想將電話轉回格思裡先生以徵求最後的總結意見。

Thank you, operator, and thanks to everyone for joining us today. This concludes the Q&A session of our quarterly call. Have a great day, everyone. Thanks again. Bye.

謝謝運營商，也謝謝大家今天加入我們。我們季度電話會議的問答環節到此結束。祝大家有個美好的一天。再次感謝。再見。

Bye.

再見。

Thank you, sir. Ladies and gentlemen, that concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines. Have a lovely day. Goodbye.

謝謝你，先生。女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。祝你愉快。再見。