MAC Copper Ltd (MTAL) 2025 Q1 法說會逐字稿

Thank you very much, and thanks, everyone, for joining us on what is a busy reporting schedule given the shortened holiday period in Australia. I'm Michael McMullen, the CEO. I'll run through the presentation. I'm joined by our CFO, Morne Engelbrecht, who will talk about some of the slides on the financials. This deck has been released on the ISX along with our quarterly report this morning.

非常感謝，也感謝大家加入我們，因為澳洲的假期縮短了，所以報道日程很繁忙。我是執行長麥可·麥克馬倫。我將完成整個演示。我們的財務長 Morne Engelbrecht 將和我一起討論一些有關財務的幻燈片。該演示文稿已於今天上午與我們的季度報告一起在 ISX 上發布。

And as usual, we've got the disclaimer and everything at the front that you can all read at your leisure. So, look, MAC Copper at a glance, we got an enterprise value of around USD940 million. We're sort of planning to get over 50,000 tonnes of copper in the not-too-distant future on an annual basis. Very strong balance sheet. Obviously, we've announced the refinancing of the debt that we did during the quarter.

像往常一樣，我們在前面放了免責聲明和所有內容，您可以隨時閱讀。因此，乍一看，MAC Copper 的企業價值約為 9.4 億美元。我們計劃在不久的將來每年獲得超過 50,000 噸銅。資產負債表非常強勁。顯然，我們已經宣布了本季所做的債務再融資。

Morne will run through that. And just so everyone is clear, to make sure the market understands how many shares we're going to issue, 82.5 million shares in issue, about 3.18 million warrants at a strike of USD12.50 a share.

莫恩將會完成這一切。為了讓每個人都清楚，確保市場了解我們將發行多少股，發行股數為 8,250 萬股，約有 318 萬份認股權證，行使價為每股 12.50 美元。

The gearing is under 20%, which is within our range of where we target. And we've got two key growth projects underway, the ventilation work, which we'll talk about in later slides. Then the really exciting news actually is the Merrin mine that we started rolling out in the marketplace during the last quarter, and we've made some really good progress on that. And so we've got quite a few slides on that, as we are quite excited about that thing.

負債比率低於 20%，這在我們的目標範圍內。我們正在進行兩個關鍵的成長項目，即通風工程，我們將在後面的幻燈片中討論。那麼真正令人興奮的消息實際上是我們在上個季度開始在市場上推出 Merrin 礦，並且我們在這方面取得了一些非常好的進展。因此，我們製作了相當多有關該主題的幻燈片，因為我們對這個事情感到非常興奮。

So, going forward, the first quarter is always our softest quarter. If you recall, the fourth quarter last year was a very strong quarter. And then obviously, we have to come through the January period where we pushed very hard in the back six weeks of last year. And we typically see a little bit of seasonal variation in weather as well, with summer storms. It really is a function of where we are in the stope sequence.

因此，展望未來，第一季始終是我們最疲軟的一個季度。如果你還記得的話，去年第四季是一個非常強勁的季度。顯然，我們必須度過一月份的時期，去年下半年我們在這段時期付出了巨大的努力。我們通常也會看到天氣略有季節性變化，例如夏季風暴。它實際上取決於我們在採場序列中所處的位置。

We can see the stope sequence we have ahead of us right now. We've got a lot of large tonnage, very high-grade stopes that have been coming online over the last few weeks.

我們現在可以看到我們面前的採場序列。過去幾週，我們已有大量大噸位、高品位的礦場投入使用。

Therefore, we're not changing our guidance based on what we can see coming out of the ground ahead of us. C1 was still pretty decent at USD1.91 a pound, total cash cost of about $2.47 a pound, and a realized price of USD4.04 a pound for the quarter. If you read that little footnote there, we've had some questions from people about the impact of the hedges on the received price. And so we are now showing the received price net of hedges.

因此，我們不會根據未來可能出現的情況來改變我們的指導。C1 的價格仍然相當不錯，為每磅 1.91 美元，總現金成本約為每磅 2.47 美元，本季的實際價格為每磅 4.04 美元。如果您閱讀那裡的小腳註，您會發現我們收到了一些關於對沖對收到的價格的影響的問題。因此，我們現在顯示的是扣除對沖後的收到的價格。

I'll let Morne really go through all the balance sheet and the financials, and liquidity. But for this year, 43,000 to 48,000 tonnes of copper is where the guidance sits. Copper grade is somewhere between 3.8% and 4%. And obviously, we had a very strong grade profile during Q1 and growth CapEx of somewhere in the order of USD20 million to USD25 million and sustaining of USD40 million to USD50 million.

我會讓莫恩真正審查一下所有的資產負債表、財務狀況和流動性。但就今年而言，銅產量預期為 43,000 至 48,000 噸。銅品位在3.8%至4%之間。顯然，我們在第一季的業績表現非常強勁，成長資本支出約為 2,000 萬至 2,500 萬美元，維持資本支出約 4,000 萬至 5,000 萬美元。

Overall, we have seen some good tailwinds coming into this year from both the exchange rate and TCRCs. Actually, for those of you who follow the market, we've seen actually spot copper treatment charges at negative $40 a tonne, which should indicate a pretty good annual benchmark settlement for next year, possibly even lower than where we currently sit.

總體而言，我們看到今年匯率和 TCRC 都出現了一些利多。實際上，對於那些關注市場的人來說，我們已經看到現貨銅加工費實際上為每噸負 40 美元，這表明明年的年度基準結算價格相當不錯，甚至可能低於目前的水平。

So that's been quite a good positive thing, which I guess has obviously helped our C1 despite the lower volume during the quarter. Safety, we like to talk about. I would say I've said on calls in the past that our TRIFR has been okay, but probably a little sticky, I suppose. But now we're starting to see the benefit of all the hard work that the team at the site has done, with the TRIFR starting to trend down quite nicely. And I think by the end of April, we'll end up at around a TRIFR of around seven actually, for the last 12 months.

所以這是一件非常好的積極的事情，我想這顯然對我們的 C1 有幫助，儘管本季的交易量較低。安全，我們喜歡談論。我想說，我過去在電話中說過，我們的 TRIFR 還可以，但可能有點棘手，我想。但現在我們開始看到現場團隊所做的所有辛勤工作的成果，TRIFR 開始呈現相當不錯的下降趨勢。我認為，到 4 月底，過去 12 個月的 TRIFR 實際上將達到 7 左右。

So that's great. One of our big sustaining capital projects that we're doing is our tailings storage facility, so the Stage 10 embankment. That's on track for completion in the fourth quarter of this year. Again, just for the Australians, we're an annual financial year, so in the December quarter. And that will provide us with capacity out until about 2030.

這太棒了。我們正在進行的大型持續資本項目之一是尾礦儲存設施，即第 10 階段堤防。該項目預計將於今年第四季完成。再說一次，對澳洲人來說，我們的財政年度是一年，也就是 12 月季度。這將為我們提供直到 2030 年左右的產能。

And so we are actually building all of that now. So we're well on track. We've had no reportable environmental incidents during the quarter. So from an ESG point of view, actually, we've had a pretty good improvement on where we had been tracking before.

我們現在實際上正在建立這一切。所以我們的進展很順利。本季我們沒有發生任何需要報告的環境事件。因此，從 ESG 的角度來看，實際上，我們在先前的追蹤上已經有了相當大的進步。

Production. Look, obviously, we saw production trend down. As I said, it was a combination of pushing very hard during the fourth quarter. You can see there that the December quarter numbers were very strong. And probably 1.5 days of production lost in February due to some summer storms, which, again, if you think back to last year, was exactly what we had that period. The grade was good. So head grade of a bit over 4% copper.

生產。顯然，我們看到生產趨勢下降。正如我所說，這是第四節全力進攻的結果。您可以看到 12 月季度的數據非常強勁。2 月份，由於夏季風暴，大概有 1.5 天的生產損失，如果你回想一下去年，就會發現那段時期我們遭遇的正是這種情況。成績不錯。因此銅的品位略高於 4%。

We expect to see the Q2 grade to be as strong, if not a bit stronger. And again, really, the increase in C1 was driven by volume. We've always sort of said that fixed costs are sort of circa 70% of our volume, but we did have a bit of a win on the TCRCs. In the word version of the quarterly that we put out, if you look at our production and cost in the month of March, obviously, as we did a lot of catch-up work in January after the very strong December quarter, if you look at the month of March, we produced just under 4,000 tonnes of copper and our C1 was around about USD1.45 a pound. So that gives you an indication of where we think the business should be and can be.

我們預期 Q2 的業績將會同樣強勁，甚至略強一些。再次強調，C1 的成長實際上是由銷售量推動的。我們總是說固定成本約占我們業務量的 70%，但我們在 TCRC 上確實取得了一些勝利。在我們發布的季度報告的 Word 版本中，如果您查看我們 3 月份的產量和成本，顯然，由於在 12 月季度表現非常強勁之後，我們在 1 月份做了很多追趕工作，如果您查看 3 月份，我們生產了近 4,000 噸銅，我們的 C1 約為每磅 1.45 美元。這樣您就可以了解我們認為業務應該處於什麼位置以及可以處於什麼位置。

And again, it's really making sure that we have, as a minimum, two or three months really strong in a quarter. Actually, this Merrin mine has the ability to smooth out some of those ups and downs in the production cycle. So overall, it was an okay quarter. We do expect always the March quarter to be our softest quarter, and that pattern has been maintained.

再次強調，這確實是為了確保我們在一個季度內至少有兩三個月表現強勁。實際上，這座梅林礦有能力平滑生產週期中的一些起伏。總體而言，這是一個不錯的季度。我們確實預計三月季度將是我們最疲軟的季度，而且這種模式一直保持著。

Lots going on, on this slide here. I guess we've again had some questions from people around total CapEx and what's in growth and exploration, and sustaining.

這張投影片上有很多內容。我想我們又收到了一些關於總資本支出以及成長、探索和維持的問題。

And Morne has done a great job on the graph on the left, they're trying to outline what we've spent the money on. You will note that sustaining CapEx has dropped down a fair bit, actually. We had a very strong spend on the Stage 10 capital expenditure during the December quarter. And so we're ahead of the game there. Also, some of the timing of rebuilds has basically resulted in us needing to spend less capital.

莫恩在左邊的圖表上做得很好，他們試圖概述我們把錢花在了什麼地方。你會注意到，維持資本支出其實已經下降了不少。在 12 月季度，我們在第 10 階段的資本支出上投入龐大。因此我們在這方面處於領先地位。此外，一些重建時機基本上導致我們需要花費更少的資金。

You can see there the growth CapEx was pretty constant, around about that $4 million, and what's in the growth CapEx. So we don't put tailings dams into growth. That's in sustaining, but we do put our Merrin mine expenditure and the capital Vent project sits in there, and we spent about just over $1 million on exploration. Development meters. So again, we're starting to give a little bit more detail for people here as to where the development meters are going or coming from.

您可以看到，成長資本支出相當穩定，大約為 400 萬美元，這就是成長資本支出。所以我們不會把尾礦壩納入成長計畫。這是維持性的，但我們確實把 Merrin 礦山支出和資本 Vent 項目都投入其中，我們在勘探上花費了大約 100 多萬美元。發展計量表。因此，我們再次開始為這裡的人們提供更多細節，說明開發儀表的去向和來源。

And you can see here that that blue bar on the graph on the right is the Capital Vent project, which we've spoken about as being very important for the future of the mine. You can see we're starting to ramp up the development meters there. Again, for those of you who followed us for a while, as we turn off from the existing workings and head out to these things, the development rates are quite slow because we're interacting with the existing mine, and that's Merrin mine, and the Capital Vent project have both been the same. But as we get a bit further out, we can start not interacting with the mine, and we can really start ramping up those meters. And so that's really what you're seeing in that graph on the right.

您可以看到，右側圖表上的藍色條是 Capital Vent 項目，我們曾說過該項目對於礦山的未來非常重要。您可以看到我們正在開始增加那裡的開發。再說一次，對於那些關注我們一段時間的人來說，當我們離開現有的工作並轉向這些事情時，開發速度相當緩慢，因為我們正在與現有的礦山進行互動，那就是 Merrin 礦山，而 Capital Vent 項目都是相同的。但隨著我們走得更遠，我們可以開始不與礦井互動，我們就可以真正開始增加這些儀表。這就是您在右側圖表中看到的內容。

In addition to that, we did an extra 227 meters of capital development up in the Merrin mine. So if you think about total development for the business, we are actually starting to ramp up capital development quite a bit here. You will see why in the Merrin mine, that's actually where we've been able to do a lot of development meters with not a lot of equipment, and for a pretty cheap cost.

除此之外，我們還在梅林礦場進行了額外 227 公尺的資本開發。因此，如果您考慮業務的整體發展，我們實際上已經開始大幅增加資本發展。您將會看到為什麼在梅林礦，我們實際上能夠用很少的設備完成大量的開發測量，而且成本相當低廉。

So look, our goals are still the same. It's really been consistent, safe, low-cost copper production. We do want to advance that ventilation project.

所以看，我們的目標還是一樣的。這確實是穩定、安全、低成本的銅生產。我們確實希望推進那個通風項目。

We want to get the Merrin Mine online and obviously, the balance sheet. So this bridge gives you a bit of an idea of where we see the production coming from. So for next year, 2026, the midpoint of guidance is around 50,000 tonnes of copper. We see the Merrin Mine being additive to that, and we're getting quite excited about the Merrin Mine, as you're going to see in the next few slides here.

我們希望讓 Merrin 礦場上線，顯然還有資產負債表。所以這座橋讓你稍微了解我們所看到的產品的來源。因此，對於明年（2026 年）而言，預期中點銅產量約為 50,000 噸。我們看到梅林礦對此有所補充，我們對梅林礦感到非常興奮，正如您將在接下來的幾張幻燈片中看到的那樣。

So, targeting production from the fourth quarter, which is the December quarter this year. This is everything from the surface down to about 900 meters below the surface.

因此，目標是從第四季（即今年 12 月季度）開始生產。這是從地表到地下約 900 公尺處的所有區域。

It's the Merrin Mine. It's got a whole bunch of different deposits in there, but just making life easy, we just call it that. Not all of that is in JORC or SK 1300 resources, but we have sufficient confidence in those mineralized estimates to make investment decisions. And really, that revolves around the age of some of the assay data and assay certificates, with the resource and reserve QPs and the mine planning teams have done a herculean effort here to digitize a lot of old data and to go and do check drilling and confirmation work, which has taken quite some time.

這就是梅林礦。那裡有一大堆不同的存款，但只是為了讓生活變得簡單，我們就這樣稱呼它。雖然並非所有這些資源都屬於 JORC 或 SK 1300 資源，但我們對這些礦化估算有足夠的信心來做出投資決策。實際上，這與一些分析數據和分析證書的年限有關，資源和儲量 QP 以及礦山規劃團隊在這裡做出了巨大的努力，將大量舊數據數位化，並進行檢查鑽探和確認工作，這花費了相當長的時間。

This is data that's gone back over 40 years, 50 years. But actually, we found a significant amount of mineralization that was sitting in there.

這是 40 多年前、50 多年前的數據。但實際上，我們發現那裡有大量的礦化物。

Most of it sitting very close to existing development. I try and break it down into the simplest form by saying there's really 4 separate components to this mine. There's a quite high-grade, narrow 3, 4 meters wide at 10% to 20% copper in that QTSS South A, which is that little blob sitting right up on the top left of that page of that image. That's what we're driving out to now. Then there's a reasonably high-grade sort of 8% to 10% zinc with a little bit of lead and a high-grade zinc zone, which our plan is to mine that and truck that up to Polymetals to the Endeavour mill for treatment.

其中大部分都位於現有開發案附近。我嘗試將其分解為最簡單的形式，即這個礦井實際上有 4 個獨立的組件。在 QTSS 南 A 區，有一個相當高品位的窄礦體，寬 3、4 米，銅含量為 10% 到 20%，也就是那張圖頁左上角的那個小斑點。這就是我們現在要做的事。然後還有一種相當高品位的鋅，含少量鉛，品位較高，位於高品位鋅區，我們的計劃是開採這些鋅，然後用卡車運到 Polymetals 的 Endeavour 工廠進行處理。

We then have what we call a medium-grade copper ore body, which actually, in terms of tonnage, is the largest part, quite substantial, around about 2.5% copper.

然後，我們就得到了所謂的中等品位銅礦體，實際上，從噸位來看，它是最大的部分，相當可觀，銅含量約為 2.5%。

And then last is the mix, which is a mixed copper-zinc material, which actually is starting to become reasonably sizable as well. The beauty of this thing is that it is completely separate from the rest of the mine. We access it through the decline. It's 150 to 200 meters below the surface. It's fantastic ground.

最後是混合物，即混合銅鋅材料，實際上它也開始變得相當可觀。這個東西的美妙之處在於它與礦井的其他部分完全分開。我們透過衰退來獲得它。它位於地表以下150至200公尺處。這是一片奇妙的土地。

The team that's up there is running as a separate operation and is doing development at a much faster rate than we currently can do at the bottom of the mine. We really have no great constraints apart from equipment and people.

上面的團隊正在獨立運作，並且開發速度比我們目前在礦井底部進行得快得多。除了設備和人員之外，我們確實沒有什麼大的限制。

We've been spending a lot of time at the site with the corporate team over the last 6 weeks, actually adding resources to this. We've doubled the number of jumbos that are going in there and increased the number of trucks, increasing the people because, quite frankly, this is a lever we can pull very cheaply. Our cost per meter to develop is roughly 1/3 of what it is at the bottom of the mine. And as we've said often, the more you look, the more you find at CSA, and I'll run through some of the things that we found.

過去六週，我們與公司團隊在現場花費了大量時間，實際上為此增加了資源。我們將進入該地的大型客車數量增加了一倍，增加了卡車數量，也增加了人員數量，因為坦白說，這是我們可以非常便宜地實現這一目標的手段。我們每公尺的開發成本大約是礦井底部的 1/3。正如我們經常說的那樣，你看得越多，在 CSA 上發現的就越多，我將介紹我們發現的一些事情。

So again, we're on track for some production for copper out of this during the fourth quarter. And we're actually quite excited about this.

因此，我們預計在第四季度實現一定程度的銅產量。我們對此確實感到非常興奮。

So the view on the left is a surface plan. All that light gray-looking stuff is the surface projection of the existing underground workings. QTSS South Upper is heading off to the left side of the page. Pink Panther is another deposit we've been drilling out from the surface, and that is the surface expression of the Merrin Mine.

所以左邊的視圖是一個表面平面圖。所有這些淺灰色的東西都是現有地下工程的表面投影。QTSS 南上段位於頁面左側。粉紅豹是我們從地表鑽探出來的另一個礦床，它是梅林礦的地表表現。

As we have developed the drive out towards QTSS South Upper, we have discovered quite a bit of massive sulfide, both copper, and you can see in that actually, that's the tagboard cutting for independent firing there, but that's about 2.5 meters of high-grade massive sulfide for copper, which was not in any of the models at all.

隨著我們向 QTSS 南上段推進，我們發現了相當多的塊狀硫化物，其中既有銅，實際上你可以在其中看到，那是在那裡進行獨立燒製的標籤板切割，但那是約 2.5 米的高品位塊狀硫化物，其中含有銅，而這在任何模型中都沒有。

We've also developed through some quite high-grade zinc and lead mineralization as well on the way out there. So we think there are a lot of opportunities to expand this. And as I've said, there's no real constraints in terms of going faster or doing more, apart from people and equipment. So we now have independent ventilation that's been established there. So again, as you start developing out from the existing drives, it's slow, you're interacting with the rest of the mine.

我們在途中也開發了一些相當高品位的鋅和鉛礦。因此我們認為有很多機會可以擴大這一點。正如我所說的，除了人員和設備之外，在速度和工作效率方面沒有任何真正的限制。因此我們現在在那裡建立了獨立的通風系統。因此，當你開始從現有驅動器進行開發時，速度會很慢，因為你正在與礦井的其餘部分互動。

The team has managed to tap into an existing vent shaft out there that's not connected to the bottom of the mine. And during the month of April, we've established independent ventilation and therefore, independent firing, and now we can really ramp up development rates.

該團隊已成功利用了現有的未與礦井底部相連的通風井。在四月份，我們建立了獨立通風系統，因此也建立了獨立點火系統，現在我們可以真正提高開發率。

Having said that, one jumbo up here has been getting about the same amount of meters more or less as 3 jumbos at the bottom of the mine, and consequently, very cheap on a unit rate basis. So we're pretty excited about this area. You can see here, this is the drive going out to QTSS South Upper. And again, the more you look, the more you find.

話雖如此，但這裡的一台掘進機所掘進的米數與礦井底部的三台掘進機所掘進的米數大致相同，因此，按單位費率計算，非常便宜。所以我們對這個領域感到非常興奮。您可以在這裡看到，這是前往 QTSS 南上段的路。再說一次，你看得越多，發現的就越多。

We actually drilled that vertical hole on the right is a geotech hole for where the vent rise was going, and it hit the typical 3 to 4 meters at 10% to 20% copper mineralization. So all of a sudden, we decided to go and drill some more holes up there. And guess what, we've extended that ore body vertically about 70 meters now. So we knew enough to make the investment decision to go out there, but we knew everything was still open. As we go out there, we're finding more and more stuff.

實際上，我們在右側鑽的垂直孔是一個地質技術孔，用於指示通風口上升的方向，當銅礦化率為 10% 至 20% 時，它的深度通常為 3 至 4 公尺。因此，我們突然決定去那裡再鑽一些洞。你猜怎麼著，我們現在已經將礦體垂直延伸了約 70 公尺。因此，我們知道有足夠的資訊來做出投資決定，但我們知道一切仍處於開放狀態。當我們去到那裡時，我們發現了越來越多的東西。

So we're pretty happy with the way that's all going.

所以我們對目前的一切進展非常滿意。

It really will be a separate mine from the rest of the mine. So again, the existing mine is being accessed to the ore comes out through the haulage shaft. This is coming out through the decline. It's about a 6-minute drive from the ore body to the ROM pad and very low unit rates relative to what it currently costs us to mine, and quite good grade as well, actually. And so we've been asked, well, how big could this thing be?

它確實將是一個與其他礦井分開的礦井。因此，再次，現有礦井正在被接入，礦石通過運輸井出來。這是透過衰退體現出來的。從礦體到 ROM 礦區大約需要 6 分鐘車程，相對於我們目前的開採成本而言，單價非常低，而且品位實際上也相當好。因此我們被問到，這個東西到底有多大？

Not all of it's in reserve, very little of it's in reserve, in fact, not all of it is actually in JORC or SK 1300 resource. I think it's pretty topical right now, but this would be a woodlawnsized mine, but mostly copper with a bit of zinc as opposed to the other way. That's probably the most analogous thing I can give to people right now, just for the Merrin Mine, is that this would be around about a woodlawnsized operation.

並非所有的資源都是儲備，只有極少的資源是儲備，事實上，並非所有的資源都是 JORC 或 SK 1300 資源。我認為現在這個話題非常熱門，但這將是一個樹林大小的礦場，但主要是銅，還有一點鋅，而不是其他。這可能是我現在可以給大家提供的最類似的東西，僅對於梅林礦來說，這將是一個大約有樹林草坪大小的作業區域。

So you can tell why we're quite excited about it and why we're throwing more resources at it as quickly as we can. Ventilation project. So again, chugging along, you could see from that graph earlier that the development meters are really starting to ramp up in that thing, still on track for Q3, the September quarter next year, after completion.

所以你可以知道為什麼我們對此感到非常興奮以及為什麼我們會盡快投入更多資源。通風工程。因此，再一次，繼續前進，您可以從之前的圖表中看到，開發計量器確實開始加速，在完成後，仍將在第三季度（明年 9 月季度）按計劃進行。

This is really important for unlocking the bottom of the mine, allowing us really for the bottom of the mine to get additional vent. And so in the immediate term, we're developing this Merrin Mine, which will have a reasonably long life. But also, we haven't taken our eye off the ball for this thing because this is actually really important for unlocking the bottom of the mine. With that, I'm going to hand over to Morne, and he can talk to people about the financial side of things.

這對於解鎖礦井底部確實非常重要，讓我們能夠真正為礦井底部獲得額外的通風口。因此，從短期來看，我們正在開發這座梅林礦，它的壽命將相當長。但同時，我們也沒有忽略這一點，因為這對解鎖礦井底部確實非常重要。說完這些，我將把權力交給莫恩，他可以和大家討論財務方面的問題。

All right. Thanks, Mick. Good evening, morning, everybody. Going to Slide 15 now. We announced during March 2025, the very exciting news that we completed the refinance, as Mick said, of our debt structure with the recut of the senior debt facilities, including the early repayment of the Mezzanine facility.

好的。謝謝，米克。大家晚上好，早安。現在轉到第 15 張投影片。我們在 2025 年 3 月宣布了一個非常令人興奮的消息，正如 Mick 所說，我們完成了債務結構的再融資，包括重新削減優先債務融資，以及提前償還夾層融資。

Overall, we have significantly delevered and simplified our balance sheet over the last year, reducing our net gearing by more than 50% to just under 20%, as Mick said, at the end of March 2025.

總體而言，我們在過去一年中大幅降低了槓桿率並簡化了資產負債表，正如 Mick 所說，到 2025 年 3 月底，我們的淨負債比率將降低 50% 以上，降至略低於 20%。

Just to recap what has changed with the refinance. So, as you would remember, we had the old facilities, which were made up of the USD159 million term loan facility. There was a $25 million revolving credit facility, an AUD145 million Mezzanine debt facility, and then an AUD45 million environmental bond that was provided by Glencore. The new facilities are made up of a $159 million term loan facility, an AUD125 million revolving credit facility, and a AUD45 million environmental bond now provided by 3 new Australian banks.

只是回顧一下再融資帶來的改變。所以，正如你們所記得的，我們有舊的貸款額度，包括 1.59 億美元的定期貸款額度。其中包括一筆 2,500 萬美元的循環信貸額度、一筆 1.45 億澳元的夾層債務額度，以及一筆由嘉能可提供的 4,500 萬澳元的環境債券。新貸款包括 1.59 億澳元定期貸款、1.25 億澳元循環信貸和 4,500 萬澳元環境債券，由 3 家新的澳洲銀行提供。

Some of the key highlights of the refinance. We've now fully repaid the mezzanine debt facility.

再融資的一些主要亮點。我們現在已經全部償還了夾層債務。

So that's the $160 million that we repaid on that facility, which included the 4% premium and the interest to June. We did extend the maturity of the old facilities as well, so both the term and the revolving facilities to March 2028. We increased the revolving credit facility by USD100 million to USD125 million, providing even greater flexibility and available liquidity. The refinance provides for a repayment holiday to 30 September '25. And then also, we've got a new repayment profile, which reduces our repayments by $123 million by December '26, when comparing the old versus the new repayment profile.

因此，我們為該筆貸款償還了 1.6 億美元，其中包括 4% 的溢價和截至 6 月的利息。我們也延長了舊貸款的期限，因此定期貸款和循環貸款的期限均延長至 2028 年 3 月。我們將循環信貸額度增加了 1 億美元，達到 1.25 億美元，從而提供了更大的靈活性和可用的流動性。再融資規定還款期限為2025年9月30日。此外，我們也制定了新的還款方案，與舊的還款方案相比，到 2026 年 12 月，我們的還款額將減少 1.23 億美元。

Importantly, we also reduced the average weighted cost of debt by more than 30%. So that's sitting at the end of March is around that 6.84% on the senior debt we've got outstanding at the moment. That saving equates to about USD14 million per annum in cash interest savings. And then finally, on the continuous copper payments to Glencore, we have maintained a contractual position that the contingent payments will not be payable before June '26. Even if triggered other than from free cash flow after satisfaction of all of our operating costs, royalty, debt repayments, and stream servicing costs.

重要的是，我們也將平均加權債務成本降低了30%以上。因此，截至 3 月底，我們目前未償還的優先債務利率約為 6.84%。這筆節省相當於每年節省約 1400 萬美元的現金利息。最後，關於持續向嘉能可 (Glencore) 支付銅款，我們一直堅持合約立場，即在 2026 年 6 月之前不會支付或有款項。即使在滿足了我們所有的營運成本、特許權使用費、債務償還和流量服務成本之後，自由現金流以外的因素也會觸發。

So overall, we are extremely pleased with the refinance position of the balance sheet and obviously very thankful for the great support that's been provided by our lenders in that regard. Moving to Slide 16 and the all-important cash flow waterfall. Just to go through a few key elements there. So firstly, again, we had a very healthy free cash flow from operations there after sustaining CapEx of around $30 million for the quarter. Secondly, we paid that, as I said, the $160 million to extinguish the mezzanine debt facility, which included that 4% premium and then also the interest paid of around $9 million from 1 January to 16 June '25, which is included in that $160 million.

因此，總體而言，我們對資產負債表的再融資狀況感到非常滿意，並且顯然非常感謝我們的貸方在這方面提供的大力支持。轉到幻燈片 16 和最重要的現金流瀑布。只需介紹一下其中的幾個關鍵要素。首先，在本季度維持約 3000 萬美元的資本支出後，我們在那裡的營運獲得了非常健康的自由現金流。其次，正如我所說，我們支付了 1.6 億美元來償還夾層債務，其中包括 4% 的溢價，以及 2025 年 1 月 1 日至 6 月 16 日支付的約 900 萬美元的利息，這些都包含在 1.6 億美元中。

You will note the interest there that we have from the senior facility of $3 million. And as I said before, with the repayment of that net debt, we're now saving around USD14 million per annum on interest on that. We also sold some concentrate at the port of just over 1,500 tonnes at the end of March. So that was just to align the production and sales from a cash point of view, albeit we couldn't recognize it as revenue because it wasn't loaded on the ship by the end of March, but that happened in early April. So in summary, our senior facility is now sitting at $159 million.

您會注意到，我們從 300 萬美元的高級信貸設施中獲得了利息。正如我之前所說，透過償還淨債務，我們現在每年可節省約 1,400 萬美元的利息。3月底我們還在港口銷售了1500多噸精礦。因此，這只是為了從現金的角度協調生產和銷售，儘管我們不能將其確認為收入，因為它在 3 月底還沒有裝上船，但那發生在 4 月初。總而言之，我們的優先信貸額度目前為 1.59 億美元。

We drew down on about $66 million on the revolving facility, and then we had USD75 million of cash in the bank at the end of March as well. So that gives us that net debt figure of USD150 million. All in all, we also had a very healthy liquidity of $153 million, so almost AUD245 million liquidity available to us at the end of March, and that consisted of that undrawn revolving facility of $60 million. We also had outstanding QP receipts of $8 million, unsold concentrate of about $8.2 million, and that investment in Polymetals, which has done really well for us at around USD3 million as well, contributed to that liquidity. So overall, very strong and healthy balance sheet position, and with the completion of the refinance and obviously, the repayment of the mezzanine debt facility there, which will drive some significant cash interest savings for us going forward.

我們從循環信貸額度中提取了約 6,600 萬美元，到 3 月底，銀行裡也有 7,500 萬美元的現金。因此，我們的淨債務數字為 1.5 億美元。總而言之，我們還擁有 1.53 億美元的非常健康的流動資金，因此截至 3 月底，我們可用的流動資金接近 2.45 億澳元，其中包括 6000 萬美元的未提取循環信貸額度。我們還有 800 萬美元的未付 QP 收據、約 820 萬美元的未售出精礦，並且對 Polymetals 的投資（約 300 萬美元）也為我們帶來了豐厚的回報，為流動性做出了貢獻。因此，總體而言，資產負債表狀況非常強勁和健康，隨著再融資的完成以及顯然夾層債務融資的償還，這將為我們未來的現金利息節省帶來一些好處。

Going to Slide 17. This slide we've shown before, just showing our targets around production, cash cost, and gearing. Mick has already covered off on how we are targeting significant growth through the execution of those two key projects in terms of the Merrin mine and the ventilation capital project, which will deliver at the end of this year and then Q3 next year, respectively, and that will drive that targeted annual copper production above 50,000 tonnes. On the cost side of things, again, we've been chipping away at the cash cost there, and C1 has reduced significantly, around 30% to $1.91 from the March quarter compared to June '23. And then, as Mick has mentioned as well, the C1 in March, with the production that roughly 4,000 tonnes in March dropped to about USD1.49 per pound.

轉到投影片 17。我們之前展示過的這張投影片只是展示了我們在生產、現金成本和槓桿方面的目標。米克已經介紹了我們如何透過實施梅林礦和通風資本項目這兩個關鍵項目來實現顯著增長，這兩個項目將分別在今年年底和明年第三季度交付，並將推動年銅產量目標超過 50,000 噸。在成本方面，我們一直在削減現金成本，與 23 年 6 月相比，C1 從 3 月季度大幅下降了約 30%，至 1.91 美元。然後，正如 Mick 所提到的，3 月 C1 的產量約為 4,000 噸，跌至每磅約 1.49 美元。

So that's very pleasing to see and already demonstrates that we're getting to that target of $1.50 that we have for 2025. Then with the refinance, as we've walked through, that's reduced significantly from where we started out, and that's within our target range of just below 20%. So very pleasing and pleasing to see that all those metrics are going the right way, and pleasing to see the progress there. And over back to you, Mick.

看到這一點我們非常高興，這已經表明我們正在實現 2025 年 1.50 美元的目標。然後，隨著再融資的進行，正如我們所經歷的，這一比例與開始時相比已大幅降低，並且處於我們略低於 20% 的目標範圍內。非常高興和高興地看到所有這些指標都朝著正確的方向發展，並且很高興看到那裡的進展。現在回到你這裡，米克。

Sure. Thanks for that. So, look, I think in summary, we're executing on the plan, the base plan, maintaining guidance. We expect to have a pretty strong second quarter based on the production profile we have ahead of us. Our investment in Polymetals has done really well.

當然。謝謝。所以，總的來說，我們正在執行計劃，基本計劃，保持指導。根據我們未來的生產狀況，我們預計第二季將會表現相當強勁。我們對 Polymetals 的投資表現非常出色。

They look to be progressing well towards ramp-up. I guess we actually have some high-grade zinc material in the Merrin mine that we could mine quite quickly. We're just waiting to see how they ramp up. But again, we would like to think that by the fourth quarter of this year, we will be shipping them some zinc mineralization for treatment. We have signed the tolling agreement with Polymetals.

看起來他們在提升業績方面進展順利。我想我們實際上在梅林礦中有一些高品位的鋅材料，我們可以很快地開採出來。我們只是在等著看他們如何進步。但我們再次相信，到今年第四季度，我們將向他們運送一些鋅礦化物進行處理。我們已經與Polymetals簽署了加工協議。

But that's subsequent to the end of the quarter, I think on the first or 2nd of April, we invested another AUD2.5 million into Polymetals at $0.35 and now trading at 90-ish. So that's been a good return for shareholders. And overall, as I said, we're liking Merrin mine more and more, the more we look at it, the easier with which we can get stuff done. Now, mining is never easy. But on a relative basis, it is quite easy up there.

但那是在本季末之後，我想是在 4 月 1 日或 2 日，我們以 0.35 美元的價格向 Polymetals 投資了另外 250 萬澳元，現在交易價為 90 左右。因此，這對股東來說是一筆豐厚的回報。總的來說，正如我所說，我們越來越喜歡 Merrin，我們對它了解得越多，就越能輕鬆地完成工作。現在，採礦從來都不是一件容易的事。但相對而言，那裡還是比較容易的。

It's very shallow, fantastic ground, really quick to develop stuff. And we are finding more and more material up there that can go through either our plant or the Polymetals plant. Again, it is a woodlawn-sized mine, but predominantly copper. And we'll try and, as we're moving drill rigs out of the bottom of the mine, that will give us more ventilation down there for production. We've got a 12-year reserve life at the bottom of the mine anyway, but we want to pull those rigs up and put them up in the top part of the mine in that Merrin mine so that we can start drilling that material out and getting it into reserves so that we can actually start talking about it in a bit more of SK 1300 type manner.

它非常淺，是極好的土地，可以很快開發出東西。我們發現那裡有越來越多的材料，既可以通過我們的工廠，也可以通過 Polymetals 工廠。同樣，這是一個林地大小的礦場，但主要產銅。我們會嘗試將鑽孔機移出礦井底部，這樣可以為生產提供更多的通風。無論如何，我們在礦井底部擁有 12 年的儲備壽命，但我們希望將這些鑽機拉上來並將它們放置在 Merrin 礦井的頂部，以便我們能夠開始鑽出這些材料並將其放入儲備中，以便我們實際上可以開始以更類似 SK 1300 類型的方式談論它。

So overall, look, I think our employees have done a pretty good job. We obviously had a really strong December quarter. And then we had a bit of catch-up work that we had to do during January and into February. But it is pleasing to see that turnover has stabilized. We've seen, I think, March is probably, if not the lowest, certainly one of the lowest turnover months we've had since we've owned the mine.

所以總的來說，我認為我們的員工做得相當不錯。顯然，我們的 12 月季度表現非常強勁。然後，我們必須在一月和二月做一些追趕工作。但令人高興的是，營業額已經穩定下來。我認為，我們已經看到，三月可能是我們擁有礦以來營業額最低的月份之一，即使不是最低的月份，也肯定是其中之一。

Again, the safety has improved quite markedly. So with that, I'm going to hand it over for questions, and happy to take questions from anyone who would like to ask some.

再次，安全性得到了顯著提高。因此，我將把時間交給大家提問，並很高興回答任何想提問的人的問題。

(Operator Instructions)

（操作員指示）

Daniel Morgan, Barrenjoey.

丹尼爾摩根，巴倫喬伊。

Probably the first question just for Morne. Can I just confirm that from a cash flow perspective, your production and sales are aligned? So I note that you sold officially 1,200 tonnes less copper than was produced in the quarter, but you also got the $22 million payment from Glencore. Is my interpretation correct that, basically, from a cash perspective, your production equals sales?

這可能是針對 Morne 的第一個問題。我能否確認，從現金流的角度來看，您的生產和銷售是一致的？因此我注意到，貴公司官方銷售的銅比本季生產的銅少了 1,200 噸，但貴公司也從嘉能可獲得了 2,200 萬美元的付款。我的理解是否正確？從現金角度來看，產量基本上等於銷售量？

Yes. I mean, that's typically how we try to run it on a quarterly basis. It's difficult to make all the shipments work out exactly in terms of the quarterly reporting. So in terms of the sales versus production, so if you look at what we presold, just over 1,500 tonnes, if you add that to the sales volume, you get to the production volume. So that's what I try to do on a quarterly basis, is to try and match the cash with the production, just to have that consistency in terms of every quarter matching up.

是的。我的意思是，這通常是我們按季度進行操作的方式。很難根據季度報告準確地計算出所有出貨量。因此，就銷售量與生產量而言，如果您查看我們的預售量，略高於 1,500 噸，如果將其添加到銷售量中，您就會得到生產量。所以，我每季都會嘗試將現金與產量相匹配，以確保每季的匹配一致性。

So that's the aim. We can't recognize it as sales. I can't add it to the sales figure or the sales revenue, and I can't add it to the free cash flow from operations. But until it's loaded onto the ship, I can add the cash to it. So we do that just to smooth out and make sure that we report to the market, I suppose, cash that reflects the production because obviously, we've sucked the cost into that production already.

這就是我們的目標。我們不能將其識別為銷售。我無法將其添加到銷售額或銷售收入中，也無法將其添加到營運產生的自由現金流中。但直到它裝上船之前，我才能往裡面加現金。因此，我們這樣做只是為了平穩並確保我們向市場報告反映生產的現金，因為顯然我們已經將成本投入生產。

So that's the aim really.

這才是真正的目標。

Mick, maybe going to Merrin. I think you indicate expectations of first ore at the end of 2025, Q4-ish. Will you get any development ore as you go? Is there any potential to pull a stope? Or is it barren?

米克，也許要去梅林。我認為您預計第一批礦石將在 2025 年底（第四季度左右）產出。你在前進的過程中會得到任何開發礦石嗎？是否有可能拉出採場？還是荒蕪？

I guess you found stuff as you've been developing across.

我想您在發展過程中一定發現了一些東西。

Yes. Well, actually, that massive sulfide sitting in that cut right there. Look, the short answer is we'll be able to pull development ore out. We actually already have, I don't know, a dozen truckloads or half a dozen truckloads of fairly high-grade zinc lead mineralization sitting on the surface that we mine through as part of the development. So yes, look, we're obviously going to be opportunistic and take it as quickly as we can.

是的。嗯，實際上，那塊巨大的硫化物就位於那個切口處。瞧，簡短的回答就是我們將能夠提取開發礦石。實際上，我們已經有，我不知道，十幾卡車或六卡車的相當高品位的鋅鉛礦化物位於地表，作為開發的一部分，我們將對其進行開採。所以是的，你看，我們顯然會抓住機會，盡快抓住機會。

Right now, Polymetals isn't running. So that stuff is sitting on the surface. But if we see copper mineralization that is worthwhile taking, we'll obviously get that and we'll put it through the plan.

目前，Polymetals 尚未運作。所以那些東西就浮在表面。但如果我們發現值得開採的銅礦，我們顯然會得到它並將其納入計劃。

And so I appreciate that the Merrin is still an evolving, seeing uncertainty and hard numbers, et cetera, are difficult to talk about at the moment. But what tonnage would you see as a success based on where you're sitting now for 2026, for example, I'm talking ore tonnage, and where would it come from? I mean, you identified a few different areas of mineralization, which have, I guess, different outcomes with grade and economics.

因此，我很欣賞 Merrin 仍在不斷發展，目前還很難談論不確定性和確切的數字等。但根據您現在的狀況，到 2026 年，您認為多少噸位才算是成功呢？例如我說的礦石噸位，它來自哪裡？我的意思是，您確定了幾個不同的礦化區域，我猜這些區域的品位和經濟效益會有所不同。

Yes. Actually, maybe that plan that's on that slide there would be good. So [indiscernible], I think if we do somewhere, look, I'm hoping we can mine it a bit narrower than what the current plan is, but somewhere like 150,000 tonnes at 5%, 6% copper out of that. Maybe a little bit out of the Pink Panther as well. It's a lower grade.

是的。實際上，幻燈片上的計劃也許不錯。所以 [音訊不清晰]，我想如果我們在某個地方做的話，看，我希望我們可以比現在的計劃開採得更窄一些，但可以開採出 150,000 噸左右的銅，其中銅的含量為 5% 或 6%。或許也和粉紅豹有點相似。這是一個較低的等級。

And then something like 150,000 tonnes at, call it, 9% zinc to truck up the road to Polymetals. And I would think what we call the medium-grade copper, that stuff that's about 2.5%. That's actually a bit more bulk tonnage. Just not quite sure how much of that will get out next year, but I don't know about 100,000, maybe 150,000 tonnes, that at 2.5, something like that.

然後用卡車將大約 15 萬噸（含量為 9%）的鋅運往 Polymetals。我認為我們所說的中等品位銅的含量約為 2.5%。這實際上意味著更多的散裝噸位。只是不太確定明年會生產多少，但我不知道大概是 10 萬噸，也許 15 萬噸，也就是 2.5 噸左右，諸如此類。

And just to clarify, these numbers you're providing are these run rate numbers? Or is that what you would cumulatively succeed in for 2026?

需要澄清的是，您提供的這些數字是運行率數字嗎？或者這就是你在 2026 年將要取得的累計成功？

Yes, run rate is higher than that, but we won't be because we're getting into it towards the end of this year, we won't be at full run rate on average for next year. But yes, that sort of number, I think we should be able to get out. Yes. But again, you can see why we're pretty excited about this because it has the potential to add meaningful production to us. And we've got estimates of what our mining costs will be, but we can look at what our cost per meter of development is, and it is 1/3 of what we're currently paying at the bottom of the mine.

是的，運行率確實比這個高，但不會這樣，因為我們將在今年年底進入這個階段，明年我們不會達到平均滿載運行率。但是是的，我認為我們應該能夠得到這樣的數字。是的。但是，您再次可以看到我們為何對此感到非常興奮，因為它有可能為我們增加有意義的產量。我們已經估算了採礦成本，但我們可以看看每米開發的成本是多少，它是我們目前在礦井底部支付成本的 1/3。

So 2.5%, our medium-grade stuff at only 2.5% copper, whilst not quite as exciting as 4% at the bottom of the mine, the cost per tonne for that is very low, and it's only got to cover your variable cost. Like it doesn't cost us any more overhead or through the plant or overhead through G&A, it's the same stuff, same cost. So we think we can make quite a lot of money. So the other advantage of this Merrin mine is, obviously, we've spoken about it at length. The CSA mine has these very high-grade stoping areas that, when you're in them, it's fantastic.

因此，2.5% 即我們的中等品位礦石中銅含量僅為 2.5%，雖然不如礦底的 4% 那麼令人興奮，但每噸成本非常低，而且僅足以彌補您的變動成本。就像我們不再需要花費任何間接費用或透過工廠或透過 G&A 的間接費用，都是同樣的東西，同樣的成本。所以我們認為我們可以賺很多錢。因此，顯然我們已經詳細討論過這個梅林礦的另一個優點。CSA 礦場擁有這些非常高品位的採礦區，當你身處其中時，感覺棒極了。

When you're not in them, it's less fantastic. We can produce anywhere from 2,000 tonnes of copper in a month to 5,500 tonnes of copper in a month. And whilst we can see the stoping profile and we're comfortable from an annual basis, clearly, the market likes to see less volatility on a quarter-by-quarter basis. So, one, we think we can make a lot of money out of this Merrin mine. So that's a great idea, fantastic return for the capital deployed.

當你不在其中時，它就沒那麼美妙了。我們每月可以生產 2,000 噸到 5,500 噸銅。雖然我們可以看到停止的情況，並且從年度基礎來看我們也感到滿意，但顯然，市場希望看到逐季度的波動較小。因此，首先，我們認為我們可以從這座梅林礦中賺很多錢。所以這是一個好主意，投入的資本將會獲得豐厚的回報。

But secondly, we think it has the ability to allow us to smooth that production profile out and derisk the operation because it's coming out of a different part of the mine, different means of getting out as well. So, to me, that's actually a big advantage of this thing is it allows me to engineer out that inherent volatility that the CSA mine, like the current CSA mine, has. So two advantages. I always like to make money out of things, but the second one is smoothing that volatility up is really important.

但其次，我們認為它能夠讓我們平滑生產狀況並降低營運風險，因為它來自礦井的不同部分，也有不同的開採方式。所以，對我來說，這實際上是這個東西的一大優勢，它允許我設計出 CSA 礦場（如目前 CSA 礦場）固有的波動性。所以有兩個優點。我總是喜歡從事物中賺錢，但第二個是平滑波動性確實很重要。

Sorry, Mick, to come back. Just on the fixed cost leverage in the business. Is it fair to say that the mine is about breakeven at maybe 35,000 tonnes per annum of copper production? And then after that, that's your margin. Is that a fair way of looking at it?

抱歉，米克，我又回來了。僅涉及業務中的固定成本槓桿。是否可以說該礦每年的銅產量約為 35,000 噸，就能達到損益兩平？此後，這就是您的利潤。這是公平的看待這個問題的方式嗎？

I think it will be a lower number than that. Morne will be able to work it out for you. But I have done the exercise a while back. I would think it's high 20s, 30%, probably the number.

我認為實際數字會比這個低。莫恩將能夠幫助您解決這個問題。但我之前已經做過這個練習了。我認為這個數字可能是 20% 甚至 30%。

Ben Wood, Wilsons Advisory.

本‧伍德 (Ben Wood)，威爾森顧問公司。

Positive to see that the strong volumes coming through in March led to those meaningful cost reductions, which we were baking into our forecast. My question is that the previous copper production guidance for calendar year '26 is sitting between 48 and 53 kilotonnes. But I noticed in this release that you referenced further down that there's a pathway to greater than 50 kilotonnes of copper equivalent production. And just wondering, should we interpret this as perhaps a more conservative outlook in '26 for copper, but perhaps signaling a greater emphasis on zinc? Or how should we interpret that word?

令人欣慰的是，三月的強勁銷售帶來了顯著的成本降低，這也已納入我們的預測之中。我的問題是，26 日曆年的先前銅產量指引值是在 48 至 53 千噸之間。但我注意到，在本新聞稿中，您進一步提到，有一條途徑可以實現超過 50 千噸銅當量的產量。我只是想知道，我們是否應該將此解讀為對 26 年銅的展望可能更為保守，但也許預示著對鋅的更多重視？或者我們應該如何解釋這個詞？

Well, no real change, to be honest with you. I think, yes, obviously, when we put that guidance out originally, we weren't planning on mining any zinc. Now we are planning on mining some zinc. We've obviously got the agreement in place with Polymetal. So we've got an outlet for it.

嗯，說實話，沒有什麼真正的改變。我認為，是的，顯然，當我們最初提出該指導時，我們並沒有計劃開採任何鋅。現在我們正計劃開採一些鋅。我們顯然已經與 Polymetal 達成了協議。所以，我們找到了一個發洩管道。

I think with what we see in this Merrin mine, we're feeling pretty comfortable. There's upside risk in that forecast. But it's a bit of an evolving thing, this Merrin mine. Like, I think I'd rather get to the end of this year and then I can upgrade next year, if that makes sense.

我認為，根據我們在梅林礦場看到的情況，我們感到非常放心。該預測有上行風險。但這座梅林礦場仍在不斷發展中。例如，我想我寧願堅持到今年年底，然後明年再升級，如果這說得通的話。

Yes, no worries.

是的，不用擔心。

It developed mine by that stage, right, then I'll have a much better idea.

到了那個階段，它發展了我的思想，對吧，然後我會有更好的想法。

So just a second one as well, if I can. Previous estimates for the vent project sit at about $40 million. There's been $8 million spent on growth CapEx in the last two quarters, implying about $34 million, $35 million left for the vent project. Is that still on track?

如果可以的話，我也想再寫第二個。此前，通風口項目的預算約為 4000 萬美元。過去兩個季度，成長資本支出已達 800 萬美元，這意味著剩餘約 3,400 萬美元、3,500 萬美元用於通風口項目。這仍然在進行中嗎？

Yes, although I think it's AUD42 million versus USD, so yes, that's right.

是的，儘管我認為是 4200 萬澳元兌美元，所以是的，沒錯。

Those numbers still hold?

這些數字仍然有效嗎？

Yes. Yes. Look, again, we may not have it in the deck. I think it's in the Word version of the quarterly. As we're doing more meters, you may have the exact number, but I think we saw a reduction in the cost per meter of development come down a bit as we did more meters.

是的。是的。再說一遍，我們可能沒有把它放在甲板上。我認為它在季刊的 Word 版本中。隨著我們生產更多的儀表，您可能會得到確切的數字，但我認為，隨著我們生產更多的儀表，我們看到每米開發成本下降。

That's down to about $11,000 a meter from 12.5?

那是不是從每米 12.5 美元降到了每米 11,000 美元左右？

Yes, yes. So look, the bigger components, obviously, are when you start, we've got to do a bit more development, some somewhat sizable vent fans have got to be bought. So, there from memory, don't hold me to it, but off the top of my head, there'd be $4 million or $5 million between those two there as like a one-off lump. And then there's a raise boring work, which is the other big component.

是的，是的。所以看，顯然，當你開始時，更大的組件是我們必須做更多的開發，必須購買一些相當大的通風風扇。所以，從記憶中看，不要怪我，但我首先想到的是，這兩個人之間會有 400 萬美元或 500 萬美元，就像一次性的金額一樣。然後還有提升鑽孔工作，這是另一個重要組成部分。

David Radcliffe, Global Mining Research.

戴維·拉德克利夫，全球礦業研究公司。

My question is just coming back to that profile again, and maybe just thinking about the shaft production for the year, because it looks like you've got an average sort of north of 3,000 tonnes per day ore hoisted. The mine hasn't done that for a while. So maybe you could talk to us just about the outlook for this year and give us some more color on how that profile looks. And maybe there is some more grade upside there that gives you confidence in hitting your targets?

我的問題只是再次回到該概況，也許只是考慮今年的礦井產量，因為看起來您每天平均提升 3,000 噸以上的礦石。該礦已經有一段時間沒有這樣做了。所以也許您可以和我們談談今年的前景，並讓我們更詳細地了解一下情況。也許還有更多的等級上升空間，讓您有信心達成目標？

Yes, that's right. So again, look, we've been very clear that when we bought the mine, let's dilution control and mining practices weren't best-in-class, I think, is probably the best way to put it. So the guidance for this year that we had for grade was, I think it's on the front slide there, but it was 3.8 to 4. And obviously, we're running at 4.1, 3.8 to 4. So we are seeing a little bit better grades.

是的，沒錯。所以，再說一次，我們已經非常清楚，當我們購買礦場時，我們的稀釋控制和採礦實踐並不是最好的，我想，這可能是最好的說法。因此，我們今年的成績指導是，我認為它處於領先地位，但成績是 3.8 到 4。顯然，我們的運行速度是 4.1、3.8 到 4。因此，我們看到成績稍微好一點。

So I'd always rather haul less dirt for the same metal. So what's likely to happen is around about that 4%, maybe 4.1% for the year, and haul a little bit less dirt. That's probably where it looks like it's coming out.

因此，我總是寧願用同樣的金屬來運送較少的泥土。因此，可能發生的情況是，全年的垃圾運輸量約為 4%，也許是 4.1%，而且垃圾運輸量會稍微減少一些。這可能就是它出現的地方。

(Operator Instructions)

（操作員指示）

Tim Hoff, Canaccord.

蒂姆霍夫，Canaccord。

I was just wondering about the offtake terms that you've got for any zinc production that might have been produced through the tolling arrangement. Does that go through Glencore's current arrangement?

我只是想知道對於透過來料加工安排生產的鋅產品，你們的承購條款是什麼。這是否符合嘉能可目前的安排？

Not at this stage. So it is a tolling agreement, so as opposed to an ore sale. So we will get cone back to deal. We have not, at this stage, signed off-take. And I've spoken about the copper market, it's incredibly tight for copper cone.

目前還不行。因此，這是一項收費協議，而不是礦石銷售協議。因此我們將重新開始交易。目前我們尚未簽署承購協議。我剛剛談到了銅市場，銅錐的供應極為緊張。

Actually, it's really tight for zinc corn as well. I must admit I haven't had a look for a few weeks, but zinc cone on spot will be, if not below 0, pretty close to 0. And our immediate focus has been to charge on out to get the high-grade copper out there. Quite frankly, there's high-grade zinc we could take in a very short space of time, even quicker than the copper. But we have to wait for polymetals to be up and running right, and let them get up and running and not try to force them, get them up and running.

事實上，鋅玉米也確實很緊張。我必須承認我已經有幾個星期沒有看過了，但是現場的鋅錐即使不低於 0，也會非常接近 0。我們的當務之急是全力以赴，取得高品味的銅。坦白說，我們可以在很短的時間內提取高品位的鋅，甚至比銅提取得更快。但我們必須等待多金屬能夠正常運轉，讓它們自己運作起來，而不是試圖強迫它們運作。

But we have a draft of the offtake. We will be signing something here in the not-too-distant future, I think.

但我們有承購草案。我想，不久的將來我們就會在這裡簽署一些文件。

Just to clarify that the copper is also separate from the CSA offtakes.

需要澄清的是，銅也與 CSA 的採購量分開。

Sorry, which copper?

抱歉，哪種銅？

So any copper you might produce through polymetallic or...

因此，您可能透過多金屬或...生產任何銅。

Yes, that's right. Well, if we're sending copper ore up to polymetals, we won't recover the copper because their circuits are a zinc-lead circuit. So that's why we chose the zinc lead ore up there. Anything that's got copper in it that's going to run through our plant.

是的，沒錯。好吧，如果我們將銅礦石送到多金屬礦場，我們將無法回收銅，因為它們的迴路是鋅鉛迴路。這就是我們選擇那裡的鋅鉛礦的原因。任何含有銅的東西都會經過我們的工廠。

Eric Winmill, Scotiabank.

加拿大豐業銀行的 Eric Winmill。

Sorry if I missed it earlier, the line was cutting out a bit. But just on tariffs, I mean, are you seeing any issues in the supply chain or anticipating any major impacts in terms of cost or availability of consumables, things like that?

抱歉，如果我之前錯過了，線路有點中斷。但僅就關稅而言，我的意思是，您是否看到供應鏈中存在任何問題，或者預計在成本或消耗品可用性等方面會受到任何重大影響？

It doesn't seem to be an issue for us right now. Obviously, look, it's a very unstable world. I think Morne and our General Counsel did an amazing job getting our refinancing done, notwithstanding the ups and downs in the market and everything, I sleep much easier knowing that we have all that liquidity and no near-term principal repayments to weather any storms. I think that's more of what we're going to see. We haven't seen any like consumable or critical spare issues at this stage.

對我們來說這現在似乎不是一個問題。顯然，這是一個非常不穩定的世界。我認為莫恩和我們的總法律顧問在完成我們的再融資方面做得非常出色，儘管市場和其他方面都有起伏，但我還是睡得更安穩，因為我知道我們擁有所有的流動性，而且不需要短期本金償還來渡過任何風暴。我認為這就是我們將要看到的情況。目前我們還沒有發現任何類似的消耗品或關鍵備件問題。

I can't rule them out. It's probably more of just what I would call a general market uncertainty. That's been more of an issue for us. But as I say, I do sleep much easier having that refinanced.

我不能排除這些可能性。這可能更像是我所說的普遍的市場不確定性。這對我們來說是一個更大的問題。但正如我所說，重新融資後我確實睡得更安穩了。

There are no further questions at this time. I'll now hand back to Mr. McMullen for closing remarks.

目前沒有其他問題。現在我將把發言權交還給麥克馬倫先生，請他作最後發言。

Look, I appreciate everyone. I know it's a really busy reporting period in Australia. Look, I think clearly, if you asked me at the end of last quarter, which was our strongest quarter, what I would want, more copper is always the answer. Clearly, in Q1, more copper is the answer. I'll say the same thing at the end of Q2, just given the leverage we have to our fixed costs.

瞧，我感謝大家。我知道這是澳洲非常繁忙的報告期。聽著，我清楚地想，如果您在上個季度末問我，哪個季度是我們最強勁的季度，我想要什麼，答案永遠是更多的銅。顯然，在第一季度，更多的銅是答案。考慮到我們對固定成本的槓桿作用，我會在第二季末說同樣的話。

But I think things that we've got a really good runway ahead of us now for 2025 and into '26. The major projects are all being executed. And look, the more that we get into this Merrin mine, the more we really think that thing has got the ability to really move the needle for shareholders and cap it on that. If you can see our growth CapEx for this year, in total, that Merrin is circa AUD25 million for that kind of production, it's a no-brainer for us to do it. And so we're very excited about it, but obviously not taking our eye off the ball with our capital-bent project.

但我認為，我們為 2025 年和 2026 年做好了充分的準備。重大計畫正在陸續實施。而且，我們對 Merrin 礦場了解得越多，就越覺得它有能力真正為股東帶來利益，並最終實現這一目標。如果您能看到我們今年的資本支出成長，那麼總體而言，Merrin 用於這種生產的資本支出約為 2500 萬澳元，那麼我們毫不猶豫地就會這麼做。因此，我們對此感到非常興奮，但顯然我們不會忽視這個資本傾斜的項目。

You can see those development meters, and that really starting to pick up. So thanks, everyone, and we'll talk to you after Q2.

您可以看到那些開發儀表，它們確實開始回升。謝謝大家，我們將在第二季後與大家聯繫。

That concludes our conference for today. Thank you for participating. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線。