Lifezone Metals Ltd (LZM) 2024 Q1 法說會逐字稿

Good morning, and welcome to our first quarterly webcast for Lifezone Metals to discuss our Q1 2024 operations and financial summary released this morning.

早安，歡迎收看 Lifezone Metals 的第一個季度網路廣播，討論我們今天早上發布的 2024 年第一季度營運情況和財務摘要。

My name is Evan Young and I'm the Senior Vice President of Investor Relations and Capital Markets at Lifezone.

我叫 Evan Young，是 Lifezone 投資人關係與資本市場部的高級副總裁。

(Event Instructions) Please feel free to contact our Investor Relations team directly for any follow-up questions that are not addressed today during the call.

（活動說明）對於今天電話會議中未解決的任何後續問題，請隨時直接聯繫我們的投資者關係團隊。

Before we begin, I'd like to remind everyone that today's events will contain forward-looking statements that involve risks and uncertainties that can cause actual results to differ materially from those in the forward-looking statements.

在開始之前，我想提醒大家，今天的事件將包含前瞻性陳述，其中涉及風險和不確定性，可能導致實際結果與前瞻性陳述中的結果有重大差異。

Details of the forward-looking statements are contained in our May 13 news release, which has been filed on Form 6-K on EDGAR and on our website at www.lifezonemetals.com.

前瞻性陳述的詳細資訊包含在我們 5 月 13 日的新聞稿中，該新聞稿已以 EDGAR 上的 6-K 表格形式以及我們的網站 www.lifezonemetals.com 上提交。

Please see additional disclaimers, which I would encourage you to read in your own time.

請參閱其他免責聲明，我鼓勵您在自己的時間閱讀這些免責聲明。

Joining me today is Lifezone's Chief Executive Officer, Chris Showalter; and Chief Financial Officer, Ingo Hofmaier.

今天加入我的是 Lifezone 執行長 Chris Showalter；和財務長 Ingo Hofmaier。

And without any further ado, I'd like to turn things over to Chris for his introduction and presentation.

言歸正傳，我想將事情交給克里斯進行介紹和演示。

Chris, please go ahead.

克里斯，請繼續。

Great.

偉大的。

Thank you, Evan, and thanks for everyone here on the call this morning for joining our inaugural Q1 update.

謝謝你，埃文，也感謝今天早上參加電話會議的所有人加入我們的首次第一季更新。

I think as we kick off here, just for some of the new potential participants on this call, just to remind everyone who Lifezone is.

我想，當我們在這裡開始時，只是為了這次電話會議的一些新的潛在參與者，只是為了提醒大家 Lifezone 是誰。

So Lifezone Metals, so we are really a technology driven company.

Lifezone Metals 是一家真正的技術驅動型公司。

And the way we like to describe ourselves is really a company that's driven by providing solutions for the industry to clean up the mineral supply chain, but also doing that in a way that is more economically driven.

我們喜歡描述自己的方式實際上是一家公司，該公司致力於為行業提供清理礦產供應鏈的解決方案，但同時也以更經濟驅動的方式做到這一點。

So we basically use our hydromet expertise to unlock new sources of metals and provide those solutions to strategic partners and operations around the world.

因此，我們基本上利用我們的水文氣象專業知識來解鎖新的金屬來源，並向世界各地的戰略合作夥伴和營運部門提供這些解決方案。

And we're quite privileged to have as one of our anchor commercialization of this process in partnership with BHP on the flagship Kabanga Nickel project in Tanzania, where we're working with them hand-in-hand to develop the Kabanga Nickel project, which is going to be one of the largest new sources of clean cobalt nickel feeding into the EV industry.

我們非常榮幸能夠與必和必拓合作，在坦尚尼亞的旗艦卡班加鎳項目上將此工藝商業化，作為我們的支柱之一，我們正在與他們攜手開發卡班加鎳項目，該項目將成為電動汽車行業最大的清潔鈷鎳新來源之一。

Another example of where we're doing this is in partnership with Glencore, where we have entered into the recycling industry to process in a clean methodology platinum, palladium, rhodium, which are three critical metals in the US.

我們這樣做的另一個例子是與嘉能可合作，我們進入了回收業，以清潔的方法加工鉑、鈀、銠，這是美國的三種關鍵金屬。

So really what we're doing is as we embark on the commercialization of our technological expertise, we're doing this with partners in the industry BHP, Glencore, which really demonstrates we have some of the largest, most important partners joining us on.

因此，我們真正正在做的是，當我們開始將我們的技術專業知識商業化時，我們正在與必和必拓、嘉能可等行業合作夥伴一起這樣做，這確實表明我們有一些最大、最重要的合作夥伴加入我們。

Okay.

好的。

Next slide.

下一張投影片。

So I think it's important to emphasize.

所以我認為有必要強調一下。

So why are we doing this and why would people partner with Lifezone Metals?

那麼我們為什麼要這樣做以及為什麼人們會與 Lifezone Metals 合作呢？

So our hydromet technology on the environmental side, we provide clean processing that really removes the smelting component of the supply chain.

因此，我們的水文氣象技術在環境方面，我們提供清潔加工，真正消除了供應鏈的冶煉部分。

That's critically important because a lot of these companies are going to meet the targeted CO2 reductions that they have.

這一點至關重要，因為許多公司都將實現他們設定的二氧化碳減排目標。

They have to remove the smelting.

他們必須去除熔煉。

And what our hydrometallurgical technology does is it removes the dirtiest part of the supply chain.

我們的濕式冶金技術的作用是消除供應鏈中最髒的部分。

And we do that in a way that does not require a green premium, as you hear a lot of times in the market.

我們這樣做的方式不需要綠色溢價，正如您在市場上多次聽到的那樣。

So we're able to do this at an economically driven value alternative to smelting.

因此，我們能夠以經濟驅動的價值取代冶煉來實現這一目標。

So we bring the combined benefit of this is a cleaner process, this is a better economic process.

因此，我們帶來的綜合效益是一個更乾淨的過程，這是一個更好的經濟過程。

But then there's a third strategic advantage and that we do this locally to empower local governments, local communities.

但還有第三個戰略優勢，我們在當地進行這項工作是為了賦予地方政府和當地社區權力。

So these are the three pillars that really drive the value of partnering with Lifezone Metals in alternative to doing a dirty smelting process.

因此，這些是真正推動與 Lifezone Metals 合作的價值的三大支柱，而不是進行骯髒的冶煉過程。

So really it's -- we remove smelting and we demonstrate more competitive economics, and we're empowering local people to benefit at the source of these metals, which is a critical part of how we view our partnerships, which we'll talk a little bit more as well going forward.

事實上，我們取消了冶煉，展示了更具競爭力的經濟，我們讓當地人能夠從這些金屬的來源中受益，這是我們如何看待我們的合作夥伴關係的關鍵部分，我們將對此進行一些討論未來還有更多。

And this is something we're commercializing into not only mining but also into the recycling space.

我們不僅將其商業化，還應用於採礦業和回收領域。

So we establish other growth sectors for us as a company.

因此，我們為公司建立了其他成長部門。

So it's been a big year for us.

所以這對我們來說是重要的一年。

I mean, obviously, we debuted July of last year.

我的意思是，很明顯，我們去年七月首次亮相。

And really for us, there's been a number of key milestones that we have set for management and for the team to deliver.

事實上，對我們來說，我們為管理階層和團隊設定了許多關鍵的里程碑。

And we've been able to deliver on those milestones and one of the key things for us going forward is to continue to deliver.

我們已經能夠實現這些里程碑，我們前進的關鍵事情之一就是繼續實現。

When you look at what we've done in a very short amount of time and we've been able to successfully list on NYSE, we have updated our resource statement to enable us to go to a larger mine size.

當你看到我們在很短的時間內所做的事情並且我們已經能夠在紐約證券交易所成功上市時，我們已經更新了我們的資源聲明，使我們能夠進入更大的礦山規模。

We've brought in new strategic partners, demonstrating that the technological capability of Lifezone is applicable to other options throughout the industry.

我們引入了新的策略合作夥伴，這表明 Lifezone 的技術能力適用於整個產業的其他選擇。

And we've demonstrated our partnership with the Tanzanian government has resulted in not only our additional mining license, but also the establishment of Special Economic Zone, which is critically important.

我們已經證明，我們與坦尚尼亞政府的合作不僅使我們獲得了額外的採礦許可證，而且還建立了至關重要的經濟特區。

We've been endorsed by additional investors with a $50 million placement, which will go a little bit more detail on.

我們已經獲得了其他投資者的支持，並獲得了 5000 萬美元的配售，我們將對此進行更詳細的介紹。

And obviously with our inaugural annual report, we're on a very good track.

顯然，根據我們的首份年度報告，我們正走在非常好的軌道上。

So we continue to focus on key milestones, but we've been able to deliver on time a lot of the key initiatives that we've embarked upon that we've basically communicated that we're going to be focused on going forward.

因此，我們繼續專注於關鍵的里程碑，但我們已經能夠按時交付我們已經開始的許多關鍵舉措，我們基本上已經傳達了我們將專注於前進。

Okay.

好的。

So just quickly to emphasize where we are the Kabanga Nickel projects.

因此，請快速強調一下我們卡班加鎳礦專案的情況。

So the Kabanga Nickel project, it's important to note that we are actually two projects.

所以卡班加鎳項目，值得注意的是我們實際上是兩個項目。

So we are a mine as well as a refinery location in Tanzania, Northwest Tanzania.

因此，我們是坦尚尼亞西北部坦尚尼亞的一座礦場和一座煉油廠。

And this is really empowering East Africa to be a new mineral supply chain, and that's something that's getting a tremendous amount of support from governments around the world.

這確實使東非成為一個新的礦產供應鏈，並且得到了世界各國政府的大力支持。

This is a critical policy initiative for Tanzania.

這對坦尚尼亞來說是一項重要的政策措施。

So we are developing a project that's going to enable Tanzania to be at the forefront of the minerals supply chain in East Africa.

因此，我們正在開發一個項目，使坦尚尼亞能夠處於東非礦產供應鏈的最前線。

And this is enabled by a tremendous amount of infrastructure that's being laid down in Tanzania.

這得歸功於坦尚尼亞正在建設的大量基礎設施。

But then also when you look at the new sources of clean hydroelectric power that's come in new standard gauge rail, there's a lot of enabling infrastructure that has been committed by the government of Tanzania to support this project.

但是，當您查看新標準軌距鐵路中的新清潔水力發電來源時，您會發現坦尚尼亞政府承諾提供許多基礎設施來支持該項目。

So really a collaborative partnership that's behind this entire unlocking of this new source of clean nickel and cobalt coming out of Tanzania.

因此，真正的合作夥伴關係是坦尚尼亞清潔鎳和鈷新來源的完全釋放的背後。

Okay.

好的。

I will turn it over here to our CFO, Ingo Hofmaier.

我將把它交給我們的財務長 Ingo Hofmaier。

Thank you, Chris.

謝謝你，克里斯。

Good morning and good afternoon.

早安，下午好。

I'm going to provide you with an update on our Q1 highlights and recent fundraising activities, plus later in the presentation, a summary of our unaudited financial results.

我將向您提供有關我們第一季亮點和最近籌款活動的最新信息，以及稍後在演示中我們未經審計的財務業績的摘要。

With regards to Glencore, as announced in January, we closed the partnership with Glencore to undertake confirmatory pilot work and the feasibility study in our Simulus Laboratories in Perth, Australia.

至於嘉能可，正如一月份宣布的那樣，我們結束了與嘉能可的合作夥伴關係，在澳洲珀斯的 Simulus 實驗室進行驗證性試點工作和可行性研究。

To that end, we received $1.5 million subscription proceeds from Glencore for 6% stake in our US recycling subsidiary.

為此，我們從 Glencore 獲得了 150 萬美元的認購收益，認購了我們美國回收子公司 6% 的股份。

Phase 1 budget stands at $3 million, is fully funded and progressing well for an expected completion in Q3 this year.

第一階段預算為 300 萬美元，資金充足，進展順利，預計今年第三季完成。

With regards to the convertible, as announced late March, we closed a $50 million non-brokered private placement of unsecured convertible debentures to a group of North American investors leaving us with a healthy cash balance.

關於可轉換債券，正如 3 月底所宣布的那樣，我們完成了向一群北美投資者進行的 5,000 萬美元無擔保可轉換債券的非經紀私募，為我們留下了健康的現金餘額。

I will speak more about our financial results towards the end of the presentation, and Chris will speak about the Safari Link drilling.

我將在演示結束時更多地談論我們的財務業績，克里斯將談論 Safari Link 鑽探。

A key Q1 highlights providing further evidence of the attractiveness and additional potential of Kabanga as a high-grade and large ore body unmatched among the production companies.

第一季的一個關鍵亮點進一步證明了卡班加作為生產公司中無與倫比的高品位大型礦體的吸引力和額外潛力。

Next page, please.

請下一頁。

The nickel industry was flagging this structural changes in 2023 and early 2024, leading to a reduction in earnings and valuations.

鎳產業在 2023 年和 2024 年初就出現了這種結構性變化，導致收益和估值下降。

We are therefore pleased to have concluded a relatively substantial fundraising group of marquee investors.

因此，我們很高興能夠組成一個規模相對較大的大型投資者募款團體。

A four-year notes and our ability to pay interest in cash pick and shares provides us with flexibility.

四年期票據以及我們支付現金選擇和股票利息的能力為我們提供了靈活性。

The coupon stands at SOFR currently around 5.3%, payable quarterly with a SOFR floor of 3%.

目前，SOFR 息票利率約為 5.3%，按季度支付，SOFR 下限為 3%。

The first interest payment date will be June 30.

首次付息日為6月30日。

The holders of the convert can convert at $8 per share and the company can buy back the convert enforced conversion if the share price weighs 50% above the $8 exercise price.

可轉換股票的持有人可以以每股 8 美元的價格進行轉換，如果股價比 8 美元的行使價高 50%，公司可以回購可轉換的強制轉換股票。

In terms of net proceeds, we include an issue discount of 1.5% and important for the Q1 figures, we had only one trading and bank day left post closing.

就淨收益而言，我們考慮了 1.5% 的發行折扣，這對於第一季的數據很重要，因為收盤後我們只剩下一個交易日和銀行日了。

And therefore, we didn't receive all the funds.

因此，我們沒有收到全部資金。

We received the net proceeds from one investor amounting $4.9 million on April 1, and therefore not included in the Q1 cash balance.

4 月 1 日，我們從一位投資者那裡收到了 490 萬美元的淨收益，因此不包含在第一季現金餘額中。

With this, I hand back to Chris.

說完，我把話還給克里斯。

Thank you, Ingo.

謝謝你，英戈。

So one of the things that really it is of paramount importance to our team and really the company is delivering the definitive feasibility study on time and on budget.

因此，對於我們的團隊和公司來說，最重要的事情之一就是按時、按預算提供明確的可行性研究。

And so what I'm happy to convey today on this call is that we continue to be on track for end of Q3 completion date and the enormity of work that's gone into this process has resulted in, really what we've done is we've looked at a larger mine size, which we announced several months ago but that is driven by really the exceptional ore body and I'll show in the next slide.

因此，我今天很高興在這次電話會議上傳達的是，我們繼續按計劃實現第三季度末的完成日期，並且這一過程中投入的大量工作導致了，我們所做的實際上是我們'我們研究了更大的礦山規模，我們幾個月前宣布了這項計劃，但這實際上是由特殊的礦體驅動的，我將在下一張幻燈片中展示。

But currently right now, we have a two-phase development plan, 1.7 million tonne per annum Phase 1 with what we're looking at is potentially an accelerated Phase 2 ramp-up of 1.7 million.

但目前，我們有一個兩階段的開發計劃，第一階段每年 170 萬噸，我們正在考慮第二階段可能加速增加 170 萬噸。

So total combined 3.4 million tonne per annum operation.

因此，每年的總營運量為 340 萬噸。

And what I would say about the feasibility study is this is a highly collaborative process with our partners and BHP who are intimately involved in all aspects of the DFS with us as well as our independent engineering firm DRA.

關於可行性研究，我想說的是，這是一個與我們的合作夥伴和必和必拓高度協作的過程，他們與我們以及我們的獨立工程公司 DRA 密切參與了 DFS 的各個方面。

So really the amount of teamwork going into this project is exceptional.

因此，這個專案的團隊合作確實非常出色。

So congrats to everyone who's been involved in this keeping this on time and look forward to a very positive conclusion.

因此，祝賀所有參與此項工作的人按時完成這項工作，並期待一個非常積極的結論。

And we've been very, very encouraged by the results to date, which we'll be announcing, obviously at the conclusion end of Q3.

迄今為止的結果讓我們非常非常鼓舞，我們將在第三季末宣布這一結果。

Next, as part of our focus really sustainability has been a driving factor.

接下來，作為我們重點關注的一部分，永續性確實是一個驅動因素。

And I've been -- I have to say I've been unbelievably impressed at not only the standard we've committed to, but also the standards that BHP has supported us and applying to the project really across all aspects of the operations in the ground.

我不得不說，我不僅對我們所承諾的標準印象深刻，而且對必和必拓支持我們的標準印象深刻，這些標準真正應用於該項目的運營的各個方面。

And this has really driven us to lead in with a sustainability driven philosophy and an enormous amount of work has gone into supporting the local community, communicating having a very collaborative approach and the benefits that will accrue to the local population.

這確實促使我們以永續發展為主導的理念，並投入了大量的工作來支持當地社區，以高度協作的方式進行溝通，並為當地居民帶來好處。

It's been really rewarding being part of this project, seeing the excitement, the support both from the local communities all the way up through to senior government.

成為這個計畫的一部分真的很值得，看到當地社區一直到高級政府的興奮和支持。

And it's something that it will continue to be a driving initiative for us going forward.

這將繼續成為我們前進的推動力。

Okay, next.

好的，接下來。

We mentioned a little bit earlier, one of the things we focused on was increasing some of the infill drilling.

我們之前提到過，我們關注的事情之一是增加一些加密鑽孔。

And with Kabanga, this is really a multi-generational project.

對卡班加來說，這確實是一個多代的計畫。

We have two very defined resource bodies in North and Tempo that will be driving the initial production for the operation.

我們在 North 和 Tempo 有兩個非常明確的資源機構，它們將推動該營運的初始生產。

But what we've done over the past year has demonstrated some of the upside potential.

但我們過去一年所做的事情已經證明了一些上行潛力。

So the Safari zone in the right, what we've done is we've done some initial drilling to establish this as a continuation of the Tempo zone, but also what we have identified as well as several potential target sites within our SML.

因此，對於右側的 Safari 區域，我們所做的就是進行一些初步鑽探，以將其建立為 Tempo 區域的延續，同時也是我們已經確定的區域以及 SML 內的幾個潛在目標網站。

So not only is this an incredibly well established ore body that can match the [3.4 million] target production rate.

因此，這不僅是一個非常完善的礦體，可以滿足 [340 萬] 的目標生產率。

There are other additional ore bodies on just the special mining license that will feed into a much longer life mine we anticipate in the future.

僅在特殊採礦許可證上還有其他額外的礦體，這些礦體將成為我們預計未來壽命更長的礦場。

Okay, next.

好的，接下來。

So we have here some visual representations of some of the engineering design work that's come out.

我們這裡有一些已經完成的工程設計工作的視覺表現。

And I think what I'd like to do is congratulate the technical teams that have been working on this.

我想我想做的是祝賀一直致力於此的技術團隊。

I think having been to Perth over the past month, seeing the integration of stimulus engineers who we acquired last year and seeing that team fully integrated with our team at Lifezone.

我認為過去一個月去過珀斯，看到了我們去年收購的刺激工程師的整合，並看到該團隊與我們在 Lifezone 的團隊完全整合。

I think that really demonstrates the power of what we've been able to put together in terms of some of the best, brightest people in the industry and the hydrometallurgical side.

我認為這確實展示了我們將行業和濕式冶金方面最優秀、最聰明的人才聚集在一起的力量。

And so seeing the delivery and the recoveries we've had, even on some of the initial press release distractions, we've had 98.5% for nickel.

因此，從我們的交付量和回收率來看，即使在最初的新聞稿中出現一些幹擾因素，我們也已經獲得了 98.5% 的鎳。

We announced also some initial test results and even 98.9% for cobalt.

我們也公佈了一些初步測試結果，甚至鈷的測試結果為 98.9%。

So really hitting on all the key milestones in the study.

所以真正實現了研究中的所有關鍵里程碑。

And I think this is a result of pulling together some of the teams that we had into one collaborative effort is really demonstrating an amazing amount of productivity.

我認為這是我們將一些團隊聚集在一起進行協作的結果，這確實展示了驚人的生產力。

Okay, next.

好的，接下來。

And I will absolutely always emphasize the sincere partnership we have with Tanzanian government.

我絕對會始終強調我們與坦尚尼亞政府的真誠夥伴關係。

They continue to deliver on their side of the project.

他們繼續為項目提供自己的支持。

I was in Tanzania last month receiving our refiner relations.

上個月我在坦尚尼亞接待了我們的煉油商關係。

They have gazetted the special economic zone, they have pulled the regional power line into camps.

他們在憲報上公佈了經濟特區，他們把地區電力線拉進了營地。

So really so to bring that 33 kilowatt power line into the campsite is something that they endeavored to do and have done on their on their own.

所以說，將33千瓦的電力線引入營地是他們努力做的事情，而自己已經做到了。

And that's a tremendous demonstration.

這是一個巨大的示範。

It's a small thing, but I can tell you in the -- a project of this magnitude, having connected power on site, the support that's provided to us from the government is a dramatic statement for the partnership.

這是一件小事，但我可以告訴你，在如此規模的項目中，在現場連接電源，政府向我們提供的支持是對合作夥伴關係的戲劇性聲明。

So I'll turn it back over to Ingo to talk here.

所以我會把它轉回給 Ingo 在這裡討論。

Thank you, Chris.

謝謝你，克里斯。

At the outset, I would like to mention that as a foreign private issuer, we are not required by the SEC to provide quarterly financial reports.

首先，我想指出的是，作為一家外國私人發行人，美國證券交易委員會並未要求我們提供季度財務報告。

Our next set of financials will be unaudited half year statements as of June 30.

我們的下一組財務數據將是截至 6 月 30 日未經審計的半年報表。

Nonetheless, we want to continue with this practice of operational and financial summary results and webinars on a quarterly basis.

儘管如此，我們希望繼續每季舉辦一次營運和財務摘要結果以及網路研討會的做法。

So that means for the June and for the September before we get to the year end at December 31.

這意味著在 12 月 31 日年底之前的 6 月和 9 月。

At the end of Q1, Lifezone Metals had a cash balance of $79.6 million, up $30.2 million.

截至第一季末，Lifezone Metals 的現金餘額為 7,960 萬美元，增加了 3,020 萬美元。

As I mentioned before, that reflects the proceeds of $44.3 million out of the $50 million convertible debentures plus the $1.5 million from Glencore.

正如我之前提到的，這反映了 5,000 萬美元可轉換債券中的 4,430 萬美元收益加上嘉能可的 150 萬美元收益。

We are funding the other part, the other 50% to the $3 million budget.

我們為另一部分提供資金，即 300 萬美元預算中的另外 50%。

In terms of spending for operational and investing cash flows, our more conservative approach that the cash outflows of $15.4 million with $11.7 million gone to Kabanga, where really our focus is.

在營運和投資現金流支出方面，我們採取更保守的做法，即 1,540 萬美元的現金流出，其中 1,170 萬美元流向了卡班加，這是我們真正關注的重點。

We completed a group-wide program of rightsizing, which regrettably included a reduction of 29% of our workforce, including contractors and in-housing of critical work streams earlier done by consultants.

我們完成了整個集團範圍的規模調整計劃，遺憾的是，其中包括減少 29% 的員工隊伍，其中包括承包商以及先前由顧問完成的關鍵工作流程的內部管理。

Ensuring the effective allocation of capital to the most critical work streams meant that we stopped exploration drilling and deferred various CapEx items like, for instance, the construction of the [estimate] at Kabanga which is fully permitted.

確保將資本有效分配到最關鍵的工作流程意味著我們停止勘探鑽探並推遲各種資本支出項目，例如完全允許的卡班加[估計]建設。

The focus at the moment of the cash outflows and this will continue until Q3 is of course the delivery of the feasibility study.

目前現金流出的焦點（並將持續到第三季）當然是可行性研究的交付。

We had a net loss of $4 million, basic and diluted loss being the same, because it was a loss of $0.05 with a comparison of $0.10 the quarter the year before.

我們的淨虧損為 400 萬美元，基本虧損和攤薄虧損相同，因為去年同期虧損 0.05 美元，而去年同期虧損 0.10 美元。

For more information, please go to our 6-K we have and the summary of the P&L (inaudible) G&A expenses and the cash flow statement.

欲了解更多信息，請參閱我們的 6-K 以及損益表（聽不清）一般行政費用和現金流量表的摘要。

Thank you.

謝謝。

That's it from my side, back over to Chris.

這就是我這邊的情況，回到克里斯那裡。

Thanks, Ingo.

謝謝，英戈。

So just to conclude, so really on where we are as management, we are absolutely focused on our key milestones.

總而言之，作為管理層，我們絕對專注於我們的關鍵里程碑。

And so really that is the number one.

這確實是第一。

We are fully engaged in a process that we announced publicly where we are looking to negotiate an offtake agreement that is still expected mid-2024.

我們正在全力參與我們公開宣布的進程，希望就承購協議進行談判，預計仍將在 2024 年中期完成。

So we're on target.

所以我們已經達到目標了。

We are in final negotiations with a shortlist.

我們正在與入圍名單進行最後的談判。

And so that is on track and that is a process we're very excited and we will be announcing in the near term.

因此，一切都步入正軌，我們對此感到非常興奮，我們將在短期內宣布這一進程。

Number two, the DFS, as we articulated on time to be concluded by end of Q3 2024.

第二個是 DFS，我們表示將在 2024 年第三季末按時完成。

This is the absolute focus of our teams, in collaboration with BHP and DRA.

這是我們團隊與 BHP 和 DRA 合作的絕對重點。

And so that is the really the trigger to start the process with BHP and their ability to come in on their additional investment option process.

因此，這確實是必和必拓啟動此流程的觸發因素，也是他們參與額外投資選擇流程的能力。

So that's really coming to a head towards into Q3.

因此，第三季的情況確實即將到來。

And then in parallel to that, the teams are busy on the PGM recycling project with Glencore, which is also expected to come into FID around Q3 2024.

同時，團隊正忙於與 Glencore 合作的 PGM 回收項目，預計該項目也將於 2024 年第三季左右進入 FID。

So really these two core projects are getting the bulk of the team's time and focus as well as management.

因此，這兩個核心項目實際上佔用了團隊的大部分時間、重點以及管理。

And this is really a demonstration of where we're going to be directionally going as a company.

這確實展示了我們作為一家公司的發展方向。

So demonstrating the commercialization of our capability with two of the top five mining companies in the world, there's really just to start for us.

因此，與世界前五名礦業公司中的兩家一起展示我們能力的商業化，對我們來說確實只是一個開始。

And so the pipeline of projects we have going forward in the back of this year very exciting.

因此，我們今年下半年推進的項目非常令人興奮。

Really happy to see the technical teams and their capability to produce with these two projects and it's really a sign of things to come in terms of what we're going to be delivering to the market for clean processing solutions going forward.

非常高興看到技術團隊及其透過這兩個項目進行生產的能力，這確實是我們未來將向市場提供清潔加工解決方案的一個跡象。

So with that, I'll thank everyone for their time, and I will turn it back over to Evan in case we have any Q&A to follow up with.

因此，我要感謝大家抽出寶貴的時間，如果我們有任何問答要跟進，我會將其轉回給埃文。

Thank you, Chris and Ingo.

謝謝克里斯和英戈。

(Event Instructions)

（活動須知）

First question that has been written in.

第一個問題已經寫在裡面了。

As it relates to BHP and have their challenges in Western Australia had any impact on your relationship with them?

這與必和必拓有關，他們在西澳大利亞面臨的挑戰對您與他們的關係有什麼影響嗎？

Of course, thanks for the question.

當然，謝謝你的提問。

This is a question we get quite a bit.

這是我們經常遇到的問題。

I think what we have seen from BHP is really a continuation of their public comments, which is number one, a commitment to future-facing metals of which Nickel is one.

我認為我們從必和必拓看到的實際上是他們公開評論的延續，這是第一，對面向未來的金屬（鎳就是其中之一）的承諾。

They have consistently committed to the process they're in with us and the government of Tanzania to conclude the DFS.

他們始終致力於與我們和坦尚尼亞政府共同完成 DFS 的進程。

So as far as we're concerned, nothing has changed.

所以就我們而言，一切都沒有改變。

We continue to work with BHP and an incredibly collaborative goal oriented process to get to the DFS and get that done to FAusIMM standards.

我們繼續與必和必拓合作，透過一個令人難以置信的協作目標導向流程來實現 DFS 並按照 FAusIMM 標準完成任務。

So they can commence the process of their next investment option.

這樣他們就可以開始下一個投資選擇的過程。

So really nothing has changed in terms of our relationship with BHP.

因此，我們與必和必拓的關係實際上沒有任何改變。

And what they've communicated to both us and the government of Tanzania and said publicly that this is an operational specific assessment they're going through and that really does not affect us right now in terms of the Lifezone Kabanga project.

他們向我們和坦尚尼亞政府傳達的訊息，並公開表示，這是他們正在經歷的具體營運評估，目前對於 Lifezone Kabanga 計畫來說，這確實不會影響我們。

So if anything we continue to work at a very intensely collaborative pace and that's actually increasing as we get closer to the conclusion.

因此，如果有什麼不同的話，我們將繼續以非常緊密的合作速度開展工作，而且隨著我們越來越接近結論，這種合作實際上正在增​​加。

So very happy with the relationship with BHP and we've had a tremendous chemistry with them so far.

我們對與必和必拓的關係感到非常滿意，到目前為止，我們已經與他們產生了巨大的化學反應。

Thanks, Chris.

謝謝，克里斯。

Ben Davis, Liberum.

本戴維斯，《自由》。

Can you hear me?

你聽得到我嗎？

Loud and clear.

響亮清晰。

Great.

偉大的。

Thanks guys for the presentation.

謝謝大家的介紹。

Just a couple of questions for me.

只是問我幾個問題。

Firstly, on the cash balance that you finished with, also plus the additional proceeds post quarter-end.

首先，您完成的現金餘額，加上季末後的額外收益。

What exactly -- is there any earmarked specifically for Kabanga or for PGM recycling or that can be used for general usage?

究竟是什麼——是否有專門用於 Kabanga 或 PGM 回收或可用於一般用途的物質？

Is there any way that we should be thinking about how that's carved up?

我們是否應該考慮如何劃分它？

And then secondly, given where we are in the cycle in platinum mining, where people are kind of cost cutting, do you see more opportunity on recycling side?

其次，考慮到我們在鉑金開採週期中所處的位置，人們正在削減成本，您是否認為回收方面有更多機會？

You've got obviously the relationship with Glencore or do you still think that there's chance to see a combination with a mining entity?

您顯然與嘉能可有關係，還是您仍然認為有機會看到與礦業實體的合併？

Thanks.

謝謝。

Yeah.

是的。

Thanks, Ben.

謝謝，本。

I'll take the second question, maybe I'll give Ingo a chance to answer the first one.

我會回答第二個問題，也許我會給 Ingo 一個機會來回答第一個問題。

On the recycling project with Glencore, I think, really this is something that -- this is an opportunity where we see the ability to demonstrate with Glencore that this is not just a small onetime project.

關於與嘉能可的回收項目，我認為，這確實是一個機會，我們看到有能力與嘉能可一起證明這不僅僅是一個小型的一次性項目。

I think this is a scalable opportunity for us that we see the first plant being placed in North America as being one of a number of plants that we can strategically place to capture market share in the PGM space.

我認為這對我們來說是一個可擴展的機會，我們認為在北美設立的第一家工廠是我們可以策略性佈局以佔領 PGM 領域市場份額的眾多工廠之一。

I think that where we are in the cycle right now with PGMs, I think it's an exceptional point for us to be getting in given the weakness and given some of the challenges in the market.

我認為，鑑於我們目前所處的鉑族金屬週期，考慮到市場的弱點和一些挑戰，我認為這是我們進入的一個特殊時刻。

So in terms of getting in kind of at the bottom of the cycle, I think for us it's the right time.

因此，就進入周期底部而言，我認為對我們來說現在是正確的時機。

So it's a demonstration of us getting into recycling, but this is just the beginning.

這是我們進入回收領域的示範，但這只是一個開始。

This is something that on the R&D side, we'll be looking at a number of other types of projects.

在研發方面，我們將研究許多其他類型的項目。

And we continue to be doing so in our labs in Perth.

我們將繼續在珀斯的實驗室中這樣做。

And I would say this is in addition to recycling the pipeline of interest we have from other mining companies is quite robust.

我想說的是，除了回收我們從其他礦業公司獲得的感興趣的管道之外，這是相當強勁的。

So we are absolutely focused on the two core priority projects being Kabanga and then the autocat at Glencore.

因此，我們絕對專注於兩個核心優先項目，即 Kabanga 和 Glencore 的 autocat。

But the amount of interest we're seeing from other mining companies wanting clean processing solutions to replace smelting is really that's going to be the future of our activity going forward.

但我們看到其他礦業公司對清潔加工解決方案取代冶煉的興趣確實將成為我們未來活動的方向。

So we continue to do initial work with a number of companies and we will continue to do so.

因此，我們繼續與多家公司進行初步工作，並將繼續這樣做。

Ingo?

英戈？

Yeah.

是的。

And I think you have also given half the answer in terms of uses of funds.

我想你在資金用途方面也給了一半的答案。

So technically there is, as it is a top core investment, it includes administrative and overhead expenses, but the focus is on our two key projects.

所以技術上是有的，因為它是頂級核心投資，它包括管理費用和管理費用，但重點是我們的兩個關鍵項目。

And within the two, of course, the lion's share of the funds close to Kabanga, but there's no restriction as such.

當然，在這兩個基金中，最大份額的基金接近卡班加，但並沒有這樣的限制。

Thank you.

謝謝。

Greg Lewis, BTIG.

格雷格·劉易斯，BTIG。

Hello.

你好。

Hi, Greg, we can hear you.

嗨，格雷格，我們可以聽到你的聲音。

You can?

你可以？

Yes sir.

是的，先生。

Okay, great.

好的，太好了。

Hey, guys, thanks for taking my call.

嘿，夥計們，感謝您接聽我的電話。

Just as we think about the opportunity with the PGM, where we are in the process, could you maybe talk a little bit about, just I guess this is I mean, we're in already in mid-Q2, this is expected, I guess, in the next few months.

正如我們思考 PGM 的機會，我們目前所處的過程，您能否談談，我想這就是我的意思，我們已經處於第二季度中期，這是預期的，我猜猜，在接下來的幾個月裡。

As we think about the growth there, how far along beyond being up and running, do we need to think about before we can start rolling this out more broadly?

當我們考慮那裡的成長時，除了啟動和運行之外，我們還需要考慮多久才能開始更廣泛地推廣這一點？

And whether that's with Glencore or others abroad?

是嘉能可還是其他國外公司？

Is this kind of like a chicken and egg where it's going to be up and running.

這就像先有雞還是先有蛋一樣，先有雞還是先有蛋，然後再跑起來。

But then there's going to be this incubation period or could we actually see this maybe grow a little bit faster, quicker?

但接下來將會有這個潛伏期，或者我們真的可以看到它可能會成長得更快一點嗎？

Yeah, thanks, Greg.

是的，謝謝，格雷格。

I think really importantly for us, in the way I think about this specifically is we are really commercializing two flagship projects, and those are going to be a catalyst for us to then go into a much more aggressive scale-up of our capability across a number of other projects.

我認為對我們來說非常重要的是，我具體考慮的方式是我們正在將兩個旗艦項目真正商業化，而這些將成為我們在整個領域更積極地擴大我們能力的催化劑。

So really, this is us getting into the game.

確實，這就是我們進入遊戲的時刻。

I think we're privileged to be doing that with the highest possible pedigree partners.

我認為我們很榮幸能夠與最優秀的合作夥伴一起做到這一點。

But I think directly to your question, I would, especially on the autocats, see us in a position to scale quite aggressively.

但我認為直接回答你的問題，我會看到我們能夠非常積極地擴大規模，特別是在自動貓方面。

These are small plants that can be on we replicated, and there's an ability for us to commission a number of plants on the back end of a successful first plant running.

這些是我們可以複製的小型工廠，我們有能力在第一個工廠成功運作的後端委託許多工廠。

That will be dictated by really discussions with our partners at Glencore, identifying additional geographic target locations and really getting in, getting that first plant operational, getting that optimized successfully delivering clean process metals from that first plant, that will really drive what I would expect would be a pretty aggressive growth of additional plants being commissioned on the back end.

這將取決於與嘉能可合作夥伴的真正討論，確定其他地理目標地點並真正進入，讓第一家工廠投入運行，進行優化，成功地從第一家工廠交付清潔工藝金屬，這將真正推動我的期望後端調試的額外工廠將出現相當積極的增長。

So I would have quite bold expectations in terms of a scale-up strategy on the back of that first plant.

因此，我對第一家工廠的規模擴張策略抱持相當大膽的期望。

And Greg, in addition to this, just on the very core of your question with regards to time line, Phase 1 includes a feasibility study and part of the feasibility study is, of course, to understand the input costs in the US for specific site.

格雷格，除此之外，就你關於時間線的問題的核心而言，第一階段包括可行性研究，當然，可行性研究的一部分是了解美國特定地點的投入成本。

So even though most of the activities are happening in Perth, of course, we have already in the process.

因此，儘管大部分活動都在珀斯進行，但我們當然已經在進行中了。

Chris has been visiting with some of our partners as well as with our own team sites and to find the perfect site in the US for the first autocat recycling refinery.

克里斯一直在拜訪我們的一些合作夥伴以及我們自己的團隊基地，並在美國為第一個汽車催化劑回收精煉廠尋找完美的地點。

So once we have Phase 1 done, it should include a feasibility study that is execution ready in Phase 2, which is the execution is already agreed.

因此，一旦我們完成了第一階段，就應該包括一項可行性研究，該研究已準備好在第二階段執行，即已同意執行。

How it's being funded between us and Glencore.

我們和嘉能可之間如何融資。

We still have to put the fine print in place, but the broad strokes are there.

我們還是需要把細則寫到位，但大綱已經有了。

So we will commercially advance as we advance the technical feasibility study.

因此，隨著技術可行性研究的推進，我們也會在商業上取得進展。

So ideally, we then are close to execution when the feasibility study comes out.

因此，理想情況下，當可行性研究出來時，我們就接近執行了。

So there's a really clear timeline here.

所以這裡有一個非常明確的時間表。

Yeah.

是的。

I'd say one additional comment there is we have the technical expertise to understand the processing of PGMs and being able to recover those metals, but also the market dynamics in the recycling space and then also the catalytic converter market.

我想說的另一件事是，我們擁有了解鉑族金屬加工並能夠回收這些金屬的技術專業知識，而且還了解回收領域的市場動態以及催化轉換器市場。

We've brought in [Justin Frohneman], who has an incredible amount of experience in the North American recycling market, in the PGM market.

我們引進了 [Justin Frohneman]，他在北美回收市場和 PGM 市場擁有豐富的經驗。

And so really bringing Justin in has been really that perfect complementary piece.

因此，賈斯汀的加入確實是一個完美的補充。

And so we're pretty excited to crack into the market.

因此，我們非常高興能夠進入這個市場。

And that's something we're really on the verge of doing, which is very exciting.

這正是我們即將要做的事情，這非常令人興奮。

Mike Niehuser, Roth MKM.

麥克·尼胡瑟，羅斯·MKM。

What are the use of funds with the monetization of the offtake agreement?

承購協議貨幣化的資金有何用途？

Yep.

是的。

No, I heard you, Mike.

不，我聽到你的聲音了，麥克。

So I think, so in terms of the offtake agreement, so we're as I indicated in some pretty advanced negotiations.

所以我認為，就承購協議而言，正如我在一些相當高級的談判中所指出的那樣。

Any additional funding from the monetization of an offtake agreement will give us two things.

來自承購協議貨幣化的任何額外資金都將為我們帶來兩件事。

Number one, it will give us the ability to assess any potential additional predevelopment work or pull forward any timelines in the Kabanga project that would add value to really to Lifezone in the project time line.

第一，它將使我們能夠評估任何潛在的額外預開發工作或提前 Kabanga 專案中的任何時間表，這將在專案時間表中真正為 Lifezone 增加價值。

So that's going to be something we can assess at that point in time.

因此，這將是我們當時可以評估的事情。

And specifically once we see the feasibility study get closer to a conclusion.

特別是當我們看到可行性研究接近結論時。

Secondly, this will give us additional ability to look at other pipeline projects.

其次，這將使我們有更多的能力來研究其他管道項目。

And so that's something the optionality to have that.

所以這就是擁有它的選擇權。

And do additional R&D work look at additional projects is something that, yeah, absolutely.

做額外的研發工作看看額外的項目是肯定的。

We'll have the ability to assess that point in time.

我們將有能力及時評估該時間點。

But the bulk of a lot of the funds will continue to be allocated and focused on ensuring that the Kabanga project is delivered on time and on the schedule that we're finalizing with the engineers and with BHP.

但大部分資金將繼續分配，並重點用於確保卡班加專案按時交付，並按我們與工程師和必和必拓共同敲定的時間表交付。

Okay, great.

好的，太好了。

I think we've pretty much covered all the questions today.

我想我們今天幾乎已經涵蓋了所有問題。

So we'll wrap up the webcast.

我們將結束網路廣播。

Just a quick reminder, if you do have any outstanding questions, please feel free to follow up with me directly by e-mail is evan.young@lifezonemetals.com. And I'd be happy to answer that question offline.

快速提醒一下，如果您確實有任何懸而未決的問題，請隨時透過電子郵件直接與我聯繫：evan.young@lifezonemetals.com。我很樂意在線下回答這個問題。

But this concludes the webcast.

但網路廣播到此結束。

I'd like to thank everyone for attending today's event, and we look forward to speaking with you soon on many exciting milestones coming up this year.

我要感謝大家參加今天的活動，我們期待很快與您討論今年即將到來的許多令人興奮的里程碑。

Thank you for your time.

感謝您抽出時間。

Thank you, everyone.

謝謝大家。

Thank you very much.

非常感謝。