MAC Copper Ltd (MTAL) 2025 Q2 法說會逐字稿

Thank you very much, and thank you, everyone, for joining us. I'm joined on the call by our CFO, Morne Engelbrecht. I'll run through the slides, and these will be released as well so that everyone can refer to them at your leisure. So this is our second quarter 2025 quarterly presentation. Obviously, there's the usual disclaimer at the front that people can read at their leisure.

非常感謝，也感謝大家加入我們。我們的財務長 Morne Engelbrecht 也參加了此次電話會議。我會瀏覽這些投影片，這些幻燈片也會被發佈出來，以便大家可以隨時參考。這是我們 2025 年第二季的季報。顯然，前面有通常的免責聲明，人們可以隨意閱讀。

And if I go to slide 4, in summary, look, MAC Copper at a glance, it's a well-capitalized, low-cost high-grade copper mine in a Tier 1 jurisdiction, and we're trending towards greater than 50,000 tonnes of copper by 2026. Obviously, during the quarter, we announced the transaction with Harmony to sell the company in the absence of a superior proposal at USD12.25 a share, all cash, and there's been various announcements made about that.

如果我轉到投影片 4，總而言之，乍一看，MAC Copper 是一家資本充足、低成本、高品位的銅礦，位於一級管轄區，我們預計到 2026 年銅產量將超過 50,000 噸。顯然，在本季度，我們宣布與 Harmony 達成交易，在沒有更優厚報價的情況下以每股 12.25 美元的價格全現金出售該公司，並且已經發布了多份有關此事的公告。

We are on our growth pathway. We have a very strong balance sheet. At the end of June 30, we had a about USD196 million of liquidity, and Morne will run through the components of that here shortly. We have been advancing our key growth projects, which are the ventilation project and the Merrin Mine, and we did the refinancing and we sort of said that we wanted to have less than 20% net gearing, which is where we are. And again, there were separate announcements about that.

我們正處於成長的道路上。我們的資產負債表非常強勁。截至 6 月 30 日，我們的流動資金約為 1.96 億美元，Morne 很快就會介紹其各個組成部分。我們一直在推進我們的關鍵成長項目，即通風項目和梅林礦，我們進行了再融資，我們說過我們希望淨負債比率低於 20%，而我們現在的情況就是這樣。再次，關於此事有單獨的公告。

But that has reduced our interest costs by around about USD14 million per annum. It's reduced our interest rate to floating rate just under 7% right now. And we had USD102 million of actual cash on the balance sheet at the end of the second quarter. So overall, we ended Q2 in a really good position.

但這使得我們的利息成本每年減少了約 1400 萬美元。目前，我們的利率已降至略低於 7% 的浮動利率。截至第二季末，我們的資產負債表上的實際現金為 1.02 億美元。所以總體而言，我們以非常好的成績結束了第二季。

Moving into the next slide. That position is always underpinned by operations. We've got a slide on safety here. And very importantly, we've seen a significant improvement in our safety record. We produced just under 10,600 tonnes of copper, which was a 23% increase quarter-on-quarter. And like we've said before, with CSA, we can produce anywhere from 2,000 tonnes of copper in a month to 5,500 in the month of July, potentially 6,000 tonnes really comes down to where we are in the stope sequencing.

進入下一張投影片。這一立場始終以行動為基礎。我們這裡有一張有關安全的幻燈片。非常重要的是，我們的安全記錄有了顯著改善。我們生產了近 10,600 噸銅，環比增長 23%。正如我們之前所說，透過 CSA，我們可以在一個月內生產 2,000 噸銅，在七月份可以生產 5,500 噸，甚至可能達到 6,000 噸，這實際上取決於我們在採場排序中所處的位置。

And also, I think, in the full form quarterly, we've made some commentary in there about how disruptive it is when you have a transaction like we announced, and that was certainly the case here during the first quarter and April as well, which if you look at how much we produced in April versus June, there was a significant difference there.

而且，我認為，在完整的季度報告中，我們已經對像我們宣布的交易那樣的破壞性做了一些評論，第一季度和四月份的情況確實如此，如果你看看我們四月份和六月份的產量，就會發現有顯著的差異。

Grade was great, 4.4% copper grade, was an 8% increase quarter-on-quarter. We hit a few records during the quarter. So under our ownership, the most copper produced in a day was actually, I think, the June 30 was 385 tonnes. And we had quite a few days around the 300 tonne mark.

品位很高，銅品位為 4.4%，季增 8%。我們在本季創下了幾項紀錄。因此，在我們擁有的情況下，一天中銅產量最高的一天實際上是 6 月 30 日，當時產量為 385 噸。我們有好幾天的產量都接近 300 噸。

C1 for the quarter was a good USD1.48 a pound. Whenever we talk about numbers, it's always in US unless especially stated otherwise. And that's consistent with the goal of where we said we thought we could get the mine to. And really pleasingly, you can see in the month of June, we're at USD0.94 a pound C1. So overall, good operating results, everyone sort of settled down at sign after the transaction was announced, and then really delivered for us.

本季 C1 價格為每磅 1.48 美元。每當我們談論數字時，除非另有說明，否則總是以美國為單位。這與我們認為可以開採礦山的目標一致。真正令人高興的是，您可以看到，六月的價格為每磅 0.94 美元。因此總體而言，經營業績良好，交易宣布​​後，每個人都安頓下來，然後真正為我們帶來成果。

Record quarterly operating free cash flow for us of about USD42 million. And we do note here that the first Glencore Contingent Payment conditions will likely be satisfied in August of this year. And in the absence of the transaction that's proceeding right now, that would then get paid in June of next year.

我們的季度經營自由現金流創下約 4200 萬美元的紀錄。我們在此確實注意到，嘉能可的第一筆或有支付條件很可能在今年 8 月得到滿足。如果沒有目前正在進行的交易，那麼這筆款項將於明年 6 月支付。

We've had really strong production in the last few months. We're maintaining our guidance of 43,000 to 48,000 tonnes for the year. I would say we'll be in the sort of bottom half of that maybe. Grade, again, keeping the same grade, notwithstanding the fact that we have been producing well above that grade.

過去幾個月我們的產量非常強勁。我們維持今年 43,000 至 48,000 噸的指導價格。我想說我們可能處於這個水平的下半部分。等級，再次保持相同的等級，儘管我們的產量遠高於該等級。

We do sort of see the stope sequencing towards the -- just the middle to the back end of the current quarter, we'll start moving into a bit of that lower grade material. And then again, towards the back end of the year, we'll see a pretty strong run in terms of production and grade.

我們確實看到了礦場排序——從本季中期到後期，我們將開始轉向一些較低品位的材料。然後，到今年年底，我們將看到產量和等級的強勁成長。

Growth CapEx and sustaining CapEx, again, maintaining those guidance ranges we're tracking for those. Again, the Harmony transaction, we have announced here in the last day or two that the restructuring agreements that were required with both Osisko and Glencore for Harmony have been executed. Got various CPs in them still to be satisfied, including the votes in FIRB and SARB. But that has allowed us to schedule a Jersey court here in the first court hearing for July 30, which will then allow us to dispatch the circular on the August 4, and targeting a vote date of August 29 at this stage.

成長資本支出和維持資本支出，再次維持我們正在追蹤的指導範圍。再次，關於 Harmony 交易，我們在過去一兩天內宣布，Harmony 與 Osisko 和 Glencore 達成的重組協議已經執行。其中的各種 CP 仍需滿足，包括 FIRB 和 SARB 的投票。但這使我們能夠安排在 7 月 30 日在澤西島的一家法院舉行第一次聽證會，然後我們就能在 8 月 4 日發出通告，目前的目標是 8 月 29 日進行投票。

Exploration, I've got a little slide at the back. We don't really give a lot of information on exploration these days because, quite frankly, I don't think the shares trade on the back of the exploration results that we get, notwithstanding they are world class, but we've got some interesting stuff happening on exploration as well.

探索，我在後面有一個小幻燈片。我們目前並沒有提供太多有關勘探的信息，因為坦率地說，我認為股票交易並不是基於我們獲得的勘探結果，儘管這些結果是世界一流的，但我們在勘探方面也有一些有趣的事情發生。

So look, our key goals for this year are really consistent, safe and low-cost high-grade production, which we are delivering on. Progress the Harmony transaction to close in the absence of a superior proposal, advance our ventilation project through, get first ore out of the new Merrin Mine in Q4 of this year and maintain balance sheet strength. And I think based on Q2, we are absolutely delivering on all of those things.

所以，我們今年的主要目標是實現真正一致、安全和低成本的高品質生產，我們正在實現這一目標。在沒有更優厚的提案的情況下推進 Harmony 交易的完成，推進我們的通風項目，在今年第四季度從新的 Merrin 礦中開採出第一批礦石，並保持資產負債表的強勁。我認為，根據第二季的情況，我們絕對會實現所有這些目標。

Safety and TSF. Safety had -- our TRIFR had been a bit sticky for about the first year, but you can see a very sustained reduction there which, again, against the backdrop of all the sort of corporate goings on with site visits and uncertainty around a transaction has been very pleasing. The team have worked really diligently to drive that incident rate down. Again, no reportable incidents for last year and none this year either. The Stage 10 TSF embankment works are progressing well.

安全性和TSF。安全性——我們的 TRIFR 在第一年左右有點粘滯，但你可以看到那裡有一個非常持續的下降，再次，在所有類型的公司活動、現場訪問和交易不確定性的背景下，這是非常令人高興的。團隊一直非常努力地降低事故發生率。同樣，去年沒有發生可通報的事件，今年也沒有。第 10 階段 TSF 堤岸工程進展順利。

They're on track for completion in the fourth quarter of this year, which is one of our, I guess, our three main capital projects for the year. And pleasingly, we worked -- or our team work with the regulator to get a reduction of AUD4 million in our environmental bond, the RCE. So that was good.

它們預計將於今年第四季完工，我想這是我們今年的三個主要資本項目之一。令人高興的是，我們——或者說我們的團隊與監管機構合作，將我們的環境債券 RCE 減少了 400 萬澳元。這很好。

We also donated AUD100,000 to the local Cobar Shire Council's museum effort, which is really important in terms of selling Cobar as a destination and why mining is so important out there. And as we've always said, we're quite happy to put money into the local community because that's basically where we operate.

我們還向當地科巴郡議會的博物館計畫捐贈了 10 萬澳元，這對於宣傳科巴作為旅遊目的地以及採礦業在那裡的重要性至關重要。正如我們一直所說的那樣，我們非常樂意向當地社區投入資金，因為那基本上就是我們開展業務的地方。

On the recommended transaction with Harmony. Obviously, a lot of work has gone into both getting to announcement, but also then the restructuring agreements and both Osisko and Glencore have worked with us and with Harmony to get those things papered up. And again, the timetable is being published there, but we are working towards a vote date on the August 29. We will also hold our Annual General Meeting on the same day as well.

關於與 Harmony 的推薦交易。顯然，我們不僅為發佈公告做了大量工作，還為達成重組協議做了大量工作，Osisko 和 Glencore 都與我們以及 Harmony 合作，將這些事情記錄下來。再次重申，時間表已經在那裡公佈，但我們正在努力爭取在 8 月 29 日進行投票。我們也將在同一天召開年度股東大會。

And the circular, as I say, we'll have a pretty fulsome description of the transaction, we'll have a pretty fulsome background of the transaction, and that is planned to be sent around on the August 4 at this stage. Record date is the July 29. So unlike in Australia, relatively long period between record date and vote date. But everyone has plenty of notice, I think, at this point.

正如我所說，我們將在通告中對該交易進行非常詳盡的描述，我們將對該交易進行非常詳盡的背景介紹，目前計劃於 8 月 4 日發出。記錄日期為7月29日。因此與澳洲不同，記錄日期和投票日期之間的時間間隔相對較長。但我認為，此時每個人都已經充分注意到了這一點。

So production, as you can see, a big jump on the previous quarter, which had been a bit of a slow start to the year. Really, a lot of that came in from the back part of May. Certainly in June, you can see the impact of a 6% copper grade in the month of June, lots of copper coming out, very low C1 obviously, and grade has been in excess of 8% for much of the last couple of weeks of June and extending into July.

因此，正如您所看到的，產量較上一季有了大幅增長，而上一季的開局相對緩慢。事實上，很多都是在五月底發生的。當然，在六月，你可以看到 6% 銅品位的影響，大量的銅出來，顯然 C1 非常低，並且在 6 月最後幾週的大部分時間里以及延續到 7 月，品位一直超過 8%。

As of yesterday, we produced 4,500 tonnes of copper in July. We expect this month to be somewhere in the order of 5,900 to 6,200 tonnes of copper at an average grade of around about 7%. And you can see some of that super high-grade ore coming from the bottom of the mine. That is CSA. We've spoken about this many times before publicly. We have a small number of very high-grade reasonably bulk tonnage stopes that drive our annual production. And as we explained after Q1, we just didn't have those online.

截至昨天，我們7月生產了4,500噸銅。我們預計本月銅產量將在 5,900 至 6,200 噸左右，平均品位約為 7%。你可以看到一些超高品位礦石來自礦井底部。這就是 CSA。我們之前已經公開談論過這個問題很多次了。我們擁有少量品位極高、噸位合理的礦場，推動著我們的年產量。正如我們在第一季之後所解釋的那樣，我們只是沒有在線提供這些。

We had them in Q4 last year, didn't have them really in Q1, and then we got into them in Q2, and now that's extended into Q3. So I guess, that is CSA for you, right? Like it is in a Porphyry where we've got the same grade, plus or minus a couple of percent for the full year. We have a small number of big high-grade stopes that drive our production, right? And that's why we get a bit of volatility in our quarter-on-quarter production.

我們去年第四季就有了它們，但第一季並沒有，然後我們在第二季就開始使用了，現在又延續到了第三季。所以我猜，這對你來說就是 CSA，對嗎？就像斑岩一樣，我們得到的是相同的等級，全年的等級只有正負幾個百分點。我們擁有少量大型高品位礦場來推動我們的生產，對嗎？這就是為什麼我們的季度產量會出現一些波動。

You can see there, we had a fair bit of concentrate laying around, and that is -- that pile has only grown. Great results on costs, obviously, all-in costs continuing to trend down, notwithstanding obviously just a small amount of general cost escalation.

您可以看到，我們周圍有相當多的濃縮物，而且──這一堆濃縮物還在增加。成本方面取得了很好的成果，顯然，儘管總體成本明顯略有上升，但總成本仍呈下降趨勢。

The plan, again, has continued to demonstrate it can produce at far in excess of what we currently can mine. But that's why we're developing some other ore sources. And again, as I said, for the rest of the -- well, the back half, I suppose, of the Q3, we do expect grade to moderate a bit reasonable bulk tonnage stopes with grade to moderate a bit.

該計劃再次證明，其產量可以遠遠超過我們目前的開採能力。但這就是我們開發其他礦石資源的原因。正如我所說，對於剩下的部分 - 嗯，我想是第三季度的後半部分，我們確實預計等級會稍微緩和一些，合理的大噸位礦場等級會稍微緩和一些。

And we do have a planned change out of some of the concentrate filter plates in August. But even so, we expect Q3 should be a reasonably strong quarter, particularly in this instance, we've actually started off with our best month in the quarter with July as opposed to being -- having to come home with a wet sale, which has been the case in a few of the other quarters.

我們確實計劃在八月更換一些濃縮過濾板。但即便如此，我們預計第三季度應該是一個相當強勁的季度，特別是在這種情況下，我們實際上已經從 7 月份開始了本季度最好的月份，而不是——不得不帶著濕銷回家，這在其他幾個季度都是這種情況。

So in general, we're pretty happy with the way sites settled down. They're operating really well. The team is all going well. We've made a few changes as well, just to sort of get people enthused and add some extra resources. We've been bringing in some extra equipment. Now that we can probably utilize that, we might also put that extra equipment into the mine.

所以總的來說，我們對網站的穩定方式非常滿意。他們運作得非常好。球隊一切進展順利。我們也做了一些改變，只是為了激發人們的熱情並增加一些額外的資源。我們一直在引進一些額外的設備。既然我們可能可以利用它，我們也可能會把這些額外的設備放入礦井中。

With that, I might hand over to Morne, our CFO. He can talk to the next couple of slides in terms of the financials.

這樣，我可能會將權力移交給我們的財務長 Morne。他可以在接下來的幾張投影片中談論財務方面的問題。

Thank you, Mick. Good evening and morning, everybody. Going to slide 11 now. This is covering the overall capital expenditure and development leaders where we had another record on the MAC ownership and development meters for the quarter.

謝謝你，米克。大家晚上好，早安。現在轉到第 11 張投影片。這涵蓋了整體資本支出和開發領導者，其中我們在本季度對 MAC 所有權和開發指標進行了另一項記錄。

So overall capital expenditure, as you can see, they increased by around 85% quarter-on-quarter. So this is mostly driven by, obviously, the increased activity around the vent project and the Merrin Mine, which I think we'll go through next -- with the development meters overall increasing to that record-breaking 1,196 meters for the quarter.

因此，如您所見，總體資本支出環比增長了約 85%。因此，這顯然主要是由於通風口項目和梅林礦周圍的活動增加所致，我想我們接下來會討論這些活動——本季度總體開發米數將增加到創紀錄的 1,196 米。

That's obviously on the MAC ownership. With the Merrin Mine development need is increasing by around 65% to 530 meters. And the vent project increasing by 125% to 564 meters. So this translated into growth capital expenditure for the quarter, increasing by 139%, and this is mainly driven by those two key projects for us in terms of the vent project, which is around USD7.3 million spent for the quarter. And the Merrin Mine, which is around USD3.5 million for the quarter.

這顯然與 MAC 所有權有關。隨著梅林礦場的開發，需求增加了約 65%，達到 530 公尺。其中通風口工程增加125%，達564公尺。因此，這轉化為本季資本支出的成長，成長了 139%，這主要得益於通風口項目的兩個關鍵項目，本季支出約為 730 萬美元。梅林礦（Merrin Mine）本季價值約 350 萬美元。

Obviously, very pleasing to see those key projects being executed really well by the team at site. And obviously to plan with the Merrin Mine coming online in Q4 this year. On the sustaining CapEx side, that mainly consists of the Stage 10 TSF, which has stepped up a gear and progressing to plan, and that's sort of earmarked for completion in Q4 of this year as well.

顯然，看到這些關鍵項目由現場團隊出色地執行，我感到非常高興。顯然，這是按照計劃，Merrin 礦場將於今年第四季投產。在持續資本支出方面，主要包括第 10 階段 TSF，該項目已加快步伐並按計劃進行，預計將於今年第四季完成。

Moving to slide 12 now and the all-important cash flow waterfall, where there's a number of key drivers to keep in mind that impacted the cash flow over the June quarter. Firstly, we had another record for the quarter on the MAC ownership, as Mick mentioned, relating to free cash flow from operations. And that's obviously after sustaining CapEx, which amounted to around USD42 million for the quarter.

現在轉到第 12 張投影片，這是最重要的現金流瀑布圖，其中有許多影響 6 月季度現金流的關鍵驅動因素需要牢記。首先，正如 Mick 所提到的，我們在本季度還有另一項關於 MAC 所有權的記錄，與經營活動產生的自由現金流有關。這顯然是在維持資本支出之後實現的，本季資本支出約為 4,200 萬美元。

This was mainly driven by that 23% increase in production. The 8% increase in grade obviously made a big difference as well. And then there's a 3% increase in realized copper price over the quarter that added to that number.

這主要是由於產量增加了 23%。8%的等級提升顯然也帶來了很大的改變。然後，本季實際銅價上漲了 3%，這也增加了這個數字。

Secondly, as you can see, our interest costs have significantly reduced over the quarter, and that's after the refinancing was completed at the end of March, where we are starting to see the benefits of reducing that average weighted interest cost by more than 30% through that refinancing, and we're definitely well on our way to realize that USD14 million of interest savings per annum.

其次，如您所見，我們的利息成本在本季度大幅降低，這是在 3 月底完成再融資之後，我們開始看到透過再融資將平均加權利息成本降低 30% 以上的好處，而且我們肯定有望實現每年 1,400 萬美元的利息節省。

Then moving to growth capital which incorporates the vent project in Merrin Mine, as I said before, and then exploration as well. This ramped up for the quarter, a total cash spend of USD30 million, which drove that development which was driven by that record development meters done in the quarter as well.

然後轉向成長資本，其中包括梅林礦的通風口項目，正如我之前所說，然後是勘探。本季度，現金支出總額達到 3000 萬美元，這推動了這一發展，而這一發展也受到本季創紀錄的開發量所推動。

Our senior facility still sits at USD159 million, and we maintained a drawdown on the revolving facility of USD66 million as well with USD102 million bank -- cash bank at the end of June, which leaves us with that net debt figure of USD123 million. And as Mick said, that's way under 20%. So we're just over 17% at the moment in terms of that net gearing ratio.

我們的優先信貸額度仍為 1.59 億美元，我們在 6 月底維持了 6,600 萬美元的循環信貸額度以及 1.02 億美元的銀行現金銀行，這使我們的淨債務數字達到 1.23 億美元。正如米克所說，這個比例遠低於 20%。因此，就淨負債比率而言，我們目前的水準剛好超過 17%。

We also had a very healthy USD196 million in liquidity, that's almost AUD300 million available to us at the end of the quarter, and that consisted of that undrawn revolving facility of USD59 million. Outstanding QP receipts of USD11 million, unsold concentrate at June 30, of USD18.5 million. And then that investment in Polymetals of around USD5.5 million that's still doing great for us.

我們還擁有非常健康的 1.96 億美元流動資金，到本季末我們可用的流動資金接近 3 億澳元，其中包括 5,900 萬美元的未提取循環信貸額度。未繳QP收據1,100萬美元，截至6月30日未售出精礦為1,850萬美元。然後，對 Polymetals 的投資約為 550 萬美元，這對我們來說仍然很有意義。

Finally, on the contingent copper payments to Glencore, we currently anticipate that based on the average daily LME closing price over the last 18-month period leading up to June, that the condition of the payment -- for the first contingent payment will be met around that August of this year, as Mick has previously mentioned.

最後，關於向嘉能可支付的或有銅款，我們目前預計，根據截至 6 月份的過去 18 個月期間倫敦金屬交易所的平均每日收盤價，第一筆或有付款的條件將在今年 8 月左右得到滿足，正如 Mick 之前提到的那樣。

So under the terms of the Share Sale Agreement with Glencore and Intercreditor Deed, that obligation to make that payment is deferred until the earlier of the payment being permitted by the current debt arrangements and the three-year anniversary of when MAC actually acquired the CSA Copper Mine. So we, therefore, expect that the first contingent payment, as Mick has mentioned, will become payable on the June 17, 2026.

因此，根據與嘉能可簽訂的股份出售協議和債權人契約的條款，支付該款項的義務將推遲到當前債務安排允許的付款日期和 MAC 實際收購 CSA 銅礦三週年紀念日（以較早者為準）。因此，我們預計，正如 Mick 所提到的，第一筆或有付款將於 2026 年 6 月 17 日支付。

Given MAC's current liquidity position, the company expects to be able to fully cash settle this obligation when it becomes payable. So overall, a very strong and healthy balance sheet position at the end of the quarter with that circa USD102 million of cash at bank and USD196 million of liquidity available to us.

鑑於 MAC 目前的流動性狀況，該公司預計在債務到期時能夠全額以現金償還該債務。因此，總體而言，本季末的資產負債表狀況非常強勁和健康，銀行現金約為 1.02 億美元，流動資金約為 1.96 億美元。

And with that, I'll hand back to Mick.

說完這些，我就把麥克風交還給米克。

Thanks, Morne. And yes, as I sort of showed on that photo, we had even more concentrate last week sitting at the mine. And so we have a significant amount of liquidity over and above what's actually that USD196 million as well.

謝謝，莫恩。是的，正如我在那張照片上所展示的，上週我們在礦井裡更加專注。因此，除了 1.96 億美元之外，我們還擁有大量流動資金。

So again, we've shown this before. Really, there's -- we're sort of on track to moving towards that 50,000 tonne mark or greater than those key projects, obviously, the capital vent project and the Merrin Mine, that's where our growth capital comes in. And you can see, clearly, we're doing a lot more meters of development. We're buying more equipment for those projects. And therefore, that's why the capital spend is going up in those. And again, that's consistent with what our guidance is.

再次強調，我們之前已經展示過這一點。確實，我們正朝著 50,000 噸的目標邁進，甚至超過那些關鍵項目，顯然，資本通風項目和梅林礦，這就是我們的成長資本的來源。您可以清楚地看到，我們正在進行更多的開發。我們正在為這些項目購買更多設備。因此，這就是資本支出增加的原因。這與我們的指導意見一致。

So we are delivering on those things. And then the Merrin Mine, we are moving fairly quickly on development out there now. The exploration team have also -- have continued to sort of close out the drilling out of QTS South Upper that we're, I guess, about halfway across a bit more than halfway across. And they've drilled at Pink Panther, which has got some other material that is potential to be mined as well, lower grade than QTS South Upper, but still -- but is still there.

所以我們正在實現這些目標。然後是梅林礦，我們現在正在相當快速地開發那裡。勘探團隊也繼續對 QTS 南上段進行鑽探，我猜我們已經鑽探了一半多一點。他們在 Pink Panther 進行了鑽探，那裡還有一些其他具有開採潛力的礦產，雖然品位低於 QTS South Upper，但仍然存在——但仍然存在。

And this area of the mine has independent firing. So the development rates in this, as you can see from the previous graphs are materially faster than what we get at the bottom of the mine, just basic is so much easier, and it's -- we can fire independently from the rest of the mine.

且該礦區有獨立點火裝置。因此，正如您從前面的圖表中看到的那樣，這裡的開發速度比我們在礦井底部獲得的速度要快得多，基礎操作要容易得多，而且——我們可以獨立於礦井的其他部分進行點火。

So it's progressing quite rapidly there now. You can see that little schematic there where we are, and you can see the sort of the ore body just on the very left of that thing there. So additional ventilation is going in. We are well on track for this. Again, we sort of said it's very slow to get started on it because you're interacting with the existing mine up until you get to independent firing. And now that we've got that, now we can go much, much faster. So that seems to be going pretty well up there.

所以現在那裡的進展相當迅速。您可以看到我們所在位置的小示意圖，並且可以看到位於該物體最左側的礦體。因此需要進行額外的通風。我們在這方面進展順利。再說一次，我們說這個啟動過程非常緩慢，因為在進行獨立射擊之前，你一直在與現有的地雷進行互動。現在我們已經擁有了它，我們可以走得更快、更快。看來一切進展順利。

And not only do we have that sort of QTS South Upper stuff that we're developing out to, but there's a series of zinc stopes that are being planned and some copper areas there that are not currently in resource, and we're sort of in the process of drilling that stuff out and sort of getting a plan around going to mine that stuff.

我們不僅擁有正在開發的 QTS 南上部資源，而且還有一系列正在規劃的鋅礦區和一些目前尚未開採的銅礦區，我們正在對這些資源進行鑽探，並製定開採這些資源的計劃。

So during the quarter, you'd have noticed Polymetals has announced they've recommissioned their concentrator during the month so that sort of -- that is up and running to provide the processing route for the zinc ore. We still think it will be towards the end of the year before we would be ready to send some material to them, but we are certainly making plans to do so.

因此，在本季度，您會注意到 Polymetals 宣布他們已在本月重新啟用了他們的選礦廠，以便為鋅礦石提供加工路線。我們仍然認為要到年底我們才能準備好向他們發送一些材料，但我們肯定正在製定計劃。

Ventilation project. Again, we are starting to spend a fair bit more money on this thing of part of your capital budget. If you want to get your project done, you need to spend your money. And we're not that far away from starting the vertical raise boring works on that as well, which will be the next sort of key phase of that project.

通風工程。再一次，我們開始在這件事上花費相當多的資金，這是你們資本預算的一部分。如果你想完成你的項目，你就需要花錢。我們距離開始垂直提升鑽孔工程也不遠了，這將是這個專案的下一個關鍵階段。

Finally, exploration. We don't really talk about exploration much anymore. No one sort of seems to give us much value for exploration. The exploration team are quite excited. They've sort of done an EM survey about 15 kilometers north of the mine.

最後，探索。我們其實不再過度談論探索了。似乎沒有人能帶給我們太多值得探索的價值。探險隊隊員們都很興奮。他們在礦井以北約 15 公里處進行了電磁勘測。

It has picked up a very strong anomaly that looks quite similar to what we have at the CSA mine. So we have very quickly moved to drill rigs onto that, and we are currently drilling that, and we shouldn't be far away from hitting the target zone on that.

它偵測到了一個非常強烈的異常現象，與我們在 CSA 礦場發現的異常現象非常相似。因此，我們很快就將鑽機轉移到該區域，目前正在進行鑽探，距離到達目標區域應該不遠了。

So we think that's quite an exciting area for us to go and try and explore if we can find a CSA style ore body, that could be pretty interesting. So we'll come back to the market if we find something material on it, certainly ahead of the vote date so that everybody has the full amount of information.

因此，我們認為，如果我們能找到 CSA 風格的礦體，那對我們來說是一個非常令人興奮的領域，值得我們去嘗試探索，這可能會非常有趣。因此，如果我們發現一些實質的信息，我們就會回到市場，當然在投票日期之前，以便每個人都能獲得全部資訊。

So closing off just in terms of our goals for this year that we've sort of been pretty consistent about. We are accelerating our work on many of these projects. I think we're having near enough to AUD300 million of liquidity on the balance sheet for a company our size. We definitely tick the box for a strong balance sheet. I think the fact that we managed to get the C1 in the quarter down to USD1.48 a pound, but clearly, June at USD0.94 was pretty good.

因此，就我們今年的目標而言，我們一直都保持著相當一致的目標。我們正在加快推進其中許多項目的進展。我認為，對於我們這樣規模的公司來說，資產負債表上的流動資金已經接近 3 億澳元。我們絕對符合強勁資產負債表的要求。我認為我們本季成功地將 C1 降至每磅 1.48 美元，但顯然 6 月的 0.94 美元已經相當不錯了。

And if we produce more copper in July, well, I guess it's going to be even better. And then there's been a large amount of documentation required for this Harmony transaction. And so we've now managed to get that out of the way. And now we're moving forward through to getting organized for the vote.

如果我們在七月生產更多的銅，那麼我想情況會更好。然後，這項 Harmony 交易需要大量檔案。我們現在已設法解決了這個問題。現在我們正在為投票做準備。

So with that, that's really the summary of the second quarter. I think overall, it was a great result from a safety point of view, good result from a production and cost point of view. And as I said, July has been quite exceptional as well. And so we think given where we started the year at the end of Q1, where obviously we're a bit behind where we needed to be. We've now caught up and gotten a bit ahead of where we need to be. And that's always a good spot to be in as you're coming into the end of the year.

這就是第二季的總結。我認為總體而言，從安全角度來看這是一個很好的結果，從生產和成本角度來看也是一個很好的結果。正如我所說，七月也是相當特別的一個月。因此，我們認為，考慮到我們在第一季末的年初情況，我們顯然有點落後於我們應該達到的水平。現在我們已經趕上並略微領先於我們應達到的水平。當你即將進入年底時，這始終是一個好時機。

So with that, I'm going to open up the floor to questions, if anyone's got some.

因此，如果有人有疑問，我將開始回答問題。

(Operator Instructions)

（操作員指示）

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

目前沒有問題。現在我將把發言權交還給米克·麥克馬倫先生，請他作最後發言。

Okay. Well, look, I appreciate everyone taking the time to dial in. Thank you very much, and we will be back to you as we progress the transaction. Bye.

好的。好吧，我感謝大家花時間撥打電話。非常感謝您，我們會在交易進度過程中回覆您。再見。