Osisko Development Corp (ODV) 2021 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Osisko Development Q4 and Year 2021 Results Conference Call. (Operator Instructions) Please note that this call is being recorded today, February 25, 2022, at 9:00 a.m. Eastern Time. Today on the call, we have Mr. Sean Roosen, Chair of the Board of Directors and Chief Executive Officer; Mr. Alex Dann, Chief Financial Officer and Vice President, Finance; Mr. Chris Lodder, President; Mr. Luc Lessard, Chief Operating Officer. I would now like to turn the meeting over to your host for today's call, Mr. Sean Roosen. (foreign language)

女士們，先生們，早安，歡迎參加奧西斯科開發公司2021年第四季及全年業績電話會議。 （操作員指示）請注意，本次電話會議將於今天（2022年2月25日）上午9:00（美國東部時間）進行錄音。今天的電話會議嘉賓包括董事會主席兼首席執行官肖恩·羅森先生；首席財務官兼財務副總裁亞歷克斯·丹恩先生；總裁克里斯·洛德先生；首席營運官盧克·萊薩德先生。現在，我將會議交給今天的電話會議主持人肖恩·羅森先生。 （外語）

(foreign language) Welcome to the fourth quarter results call for Osisko Development Corporation, everybody, and thank you for taking your time out today during a busy session. We'll be looking at the fourth quarter results for the Osisko Development Corporation and some of the things that are going on, on the balance sheet. But first, I wanted to take a chance to discuss the results for 2021 from a catalyst standpoint. And we'll get into it after I read the forward-looking statements.

（外語）歡迎各位參加奧西斯科開發公司第四季業績電話會議，感謝各位在百忙之中抽空。我們將討論奧西斯科開發公司第四季的業績以及資產負債表上的一些進展。但首先，我想先從催化劑的角度討論一下2021年的表現。我讀完前瞻性聲明後，我們再深入討論。

I'd like to remind participants all amounts discussed on this call being denominated in Canadian dollars. Please also note that statements made during this call will include forward-looking information and future-oriented financial information regarding ODEV, its business and disclosure and regarding possible events, conditions or results that are based on information currently available to management, which indicate management's expectations of future growth, results of operations, business performance and business prospects and opportunities.

我想提醒各位與會者，本次電話會議中討論的所有金額均以加幣計價。另請注意，本次電話會議中的聲明將包含前瞻性信息和麵向未來的財務信息，涉及ODEV、其業務和信息披露，以及基於管理層目前掌握的信息而可能發生的事件、情況或結果，這些信息表明了管理層對未來增長、經營業績、業務表現以及業務前景和機遇的預期。

Such statements are made as of the date hereof, and the company assumes no obligation to update or revise them to reflect events, disclosures or circumstances, except as required by applicable securities laws. Such statements involve significant risks and uncertainties and are no guarantees to future performance or results as a number of these risks and uncertainties could cause results to differ materially from those results that are discussed today.

此類聲明截至本新聞稿發布之日止，本公司不承擔更新或修訂此類聲明以反映事件、揭露或情況的義務，除非適用證券法另有規定。此類聲明涉及重大風險和不確定性，並非對未來業績或結果的保證，因為其中一些風險和不確定性可能導致實際結果與今天討論的結果有重大差異。

Given the risks and uncertainties, one should not place undue reliance on these statements and information. Please refer to the risk factors, forward-looking information the future-oriented financial information sections of our public filings, including, without limitation, our recent 2021 annual financial statements, MD&A and earnings of the press release -- and earnings press release for additional information, which was filed on SEDAR.

鑑於風險和不確定性，不應過度依賴這些聲明和資訊。請參閱我們公開文件中的風險因素、前瞻性資訊和麵向未來的財務資訊部分，包括但不限於我們最近發布的2021年年度財務報表、管理層討論與分析報告 (MD&A) 和盈利新聞稿——以及已在SEDAR上提交的盈利新聞稿，以獲取更多資訊。

Yesterday, we released our 2021 annual and fourth quarter results. Before we get into the financial results, I do want to take a chance to give you an update on the shareholders' company and a quick overview on the acquisition of the Trixie project in Utah. Trixie mine project in Utah, the Tintic property is about 14,000-plus acres and it consists of 23 previous producers. What's most exciting was a new high-grade discovery that happened in 2020 developed by the operators of the project. This is a new type of mineralization that hasn't been seen. This project has been in production for over 100 years, most recently by Kennecott. And this new mineralization has been ultra-high grade and led to Trixie mine being the highest in the production line last year at 59 grams a tonne at grade mine, though albeit very small scale. We consider this to be a significant opportunity for the ODV, ODEV shareholders as we get further into it.

昨天，我們發布了2021年年度和第四季度業績。在公佈財務表現之前，我想先簡單介紹一下股東公司的情況，並簡單概述一下猶他州Trixie專案的收購情況。猶他州的Trixie礦山項目，即Tintic礦區，佔地約14,000多英畝，由23家先前的生產商組成。最令人興奮的是，該專案的營運商在2020年發現了一個新的高品位礦體。這是一種前所未見的新型礦化類型。該項目已投產超過100年，最近由Kennecott公司開採。這種新的礦化體品位極高，使得Trixie礦山去年的產量達到59克/噸，成為該品位礦山中品位最高的，儘管規模很小。我們認為，隨著我們進一步深入研究，這對ODV和ODEV的股東來說是一個重要的機會。

In terms of our growth plans on that project, we'll come back to you after the deal closing and give you further update and insight on that project as it evolves. In terms of our growth plans, we continue to add ounces along the 43-101 compliant resource development update and drilling campaign is ongoing at the Cariboo Gold Project as well as what we're doing in Mexico. The assets that we have on the go right now are all evolving through the development curve and into the production side. Going through construction here in the next 24 to 36 months for the most part.

關於該專案的成長計劃，我們將在交易結束後與您聯繫，並隨著專案的進展提供進一步的更新和見解。就我們的成長計畫而言，我們將繼續按照符合43-101標準的資源開發更新方案增加產量，卡里布金礦計畫的鑽探活動以及我們在墨西哥的鑽探活動正在進行中。我們目前正在進行的資產都正沿著開發曲線發展，進入生產階段。大部分資產的建設將在未來24到36個月內完成。

Projects -- the Cariboo project in particular. Permitting is underway for 4,750-tonne per day operation. That permitting cycle is in good shape, and we expect [to see] acceptability in the second half of 2022 with a feasibility study in the first half of 2022 this year or so by June. And that project has also experienced a significant amount of drilling last year with 158,000 meters drilling completed in 2022 to infill and set the table for the Phase 1 mine plan of that project, which we expect to announce with the feasibility study as well.

項目——尤其是卡里布項目。目前，該項目的日產量為4,750噸，其許可審批工作正在進行中。目前審批週期良好，我們預計該專案將在2022年下半年獲得批准，並在今年6月左右於2022年上半年完成可行性研究。該項目去年也進行了大量的鑽探，2022年已完成15.8萬米的鑽探，用於填充礦區並為該項目一期採礦計劃奠定基礎，我們預計該計劃也將與可行性研究報告一同公佈。

Currently, production is ongoing at the BL2 project, which is part of the Cariboo but larger project, we expect to see north of 20,000 ounces plus we're operating the QR mill and obviously, 2020 and '21 were challenging years due to the COVID impact on operations there. So we're happy to see and thank the team for all the hard work to get us to where we are and pouring gold there, a significant weight here as we speak today.

目前，BL2專案仍在生產中，該專案是Cariboo專案的一部分，但規模更大，我們預計產量將超過2萬盎司。此外，我們也正在營運QR工廠。顯然，由於新冠疫情對那裡的營運造成了影響，2020年和2021年是充滿挑戰的一年。因此，我們很高興看到並感謝團隊的辛勤工作，使我們取得了今天的成就，並在那裡取得了豐碩的成果，這對我們今天發言來說意義重大。

The San Antonio heap leach project in Mexico. There's 1 million tonne stockpile that we're currently putting on the leach pad. We're hoping up that rate of load onto the pad to between 4,000 and 6,000 tonnes by the end of this quarter. And we should see first gold process here in Q1, early Q2 next quarter on that project as we process that stockpile, set the stage for the larger project. We believe that we'll be -- we should receive a permit for that sometime in the second half of the year, and we'll decide that how we want to scale that project as we're looking at some leach kinetics coming in now.

墨西哥聖安東尼奧堆浸計畫。我們目前正在將100萬噸的庫存堆放在浸出平台上。我們希望在本季末將裝載量提高到4000至6000噸之間。隨著我們處理這些庫存，該項目預計將在第一季、第二季初進行首次金礦提煉，為更大的項目奠定基礎。我們相信，我們應該會在下半年某個時候獲得該專案的許可，屆時我們將根據目前掌握的浸出動力學數據來決定如何擴大該專案的規模。

Suffice it to say the drill results that we put out on San Antonio have met our expectations and then some as of recent, and we continue to see good growth on that asset as we go on with it. So quite an exciting year, and I would say that in the gold business, high-grade assets and shallow and good jurisdictions are like waterfront on the Riviera and the addition of Tintic gives us the -- development shareholders a waterfront a lot of high grade with a large project at Cariboo in the background and a low-cost CapEx project in Mexico. I think we have a very good mix of assets in the company for future growth and then we set the stage to be a mid-tier producer. As we said that we would within the 5-year window that we had allotted as we came out with this company in 2021.

可以肯定地說，我們在聖安東尼奧公佈的鑽探結果不僅符合我們的預期，而且近期還略有改善，而且隨著我們繼續推進，該資產將繼續保持良好的成長勢頭。所以，這是令人興奮的一年。我想說，在黃金產業，高品位資產和淺層優質礦區就像裡維埃拉的海濱。 Tintic 的加入為我們——開發股東——帶來了海濱黃金，以及大量高品位的資源，背後還有卡里布的大型項目和墨西哥的低成本資本支出項目。我認為，我們公司擁有非常良好的資產組合，有利於未來的成長，並且我們為成為中型生產商奠定了基礎。正如我們在2021年成立這家公司時所說的那樣，我們將在設定的5年期限內實現這一目標。

I will now pass the mic over to Alex Dann, our CFO, to give you an overview of 2021 Q4 financials. Alex, over to you.

現在，我將把麥克風交給我們的財務長 Alex Dann，他將為您概述 2021 年第四季的財務狀況。 Alex，輪到你了。

Thank you, Sean, and bonjour. Good morning, everyone. Gross revenue was approximately $3 million for the fourth quarter from the sale of 1,236 ounces of gold at an average realized gold price of USD 1,766 per ounce. For the 12 months ending December 31, the company sold 3,175 ounces, generating $7.7 million of revenues and realizing a USD 1,802 per ounce gold price. In the fourth quarter, the company incurred a net loss of approximately $56.4 million or $0.42 per share.

謝謝肖恩，大家早安。第四季度，公司總收入約300萬美元，銷售黃金1,236盎司，平均實現金價為每盎司1,766美元。截至12月31日的12個月內，公司銷售黃金3,175盎司，營收770萬美元，實現金價1,802美元/盎司。第四季度，公司淨虧損約5,640萬美元，合每股0.42美元。

The main driver for the loss is the recording of noncash impairments totaling $47.8 million, which is comprised of 2 amounts: an amount of $42 million related to the exploration and evaluation assets, held in Northern Quebec and the South of Mexico. With the company's resources focused on its current active projects and the addition of the Tintic project in the company's portfolio, management being prudent to impair these properties. The second noncash amount of $5.8 million is related to the reevaluation of the stockpile at Sapuchi, due to an increase in the estimated processing costs.

造成虧損的主要原因是提列了總計4,780萬美元的非現金減損，該減損包含兩筆金額：一筆4,200萬美元，與位於魁北克北部和墨西哥南部的勘探和評估資產有關。由於公司資源集中在當前活躍項目，且Tintic項目已納入公司投資組合，管理層謹慎地對這些資產進行了減值。另一筆580萬美元的非現金減損與Sapuchi礦堆的重新評估有關，原因是預計加工成本增加。

For 2021, the company incurred a net loss of approximately $133.3 million or $1.01 per share. The loss for the year is mainly due to the noncash impairments of assets recorded in Q4 and prior quarters, totaling approximately $122 million. G&A for the quarter was in line with the previous quarter. General and administrative expenses for the full 2021 year totaled $21.7 million and the increase compared to last year is due to the ramp-up of activities and workforce at all the projects and the head office.

2021年，公司淨虧損約1.333億美元，合每股1.01美元。本年度虧損主要源自於第四季及之前季度記錄的非現金資產減值，總計約1.22億美元。本季的一般及行政費用與上一季持平。 2021年全年的一般及行政費用總計2,170萬美元，較去年同期有所成長，原因是所有項目和總部的活動和人員規模均有所擴大。

Other income net of other expenses in the fourth quarter was a gain of $3.8 million compared to $3.5 million in the same quarter last year. For 2021, a recorded gain of $13.5 million compared to $9.8 million in the prior year. The increase in income is mainly due to the recognition of a premium on the flow-through and charity flow-through share issuances that were completed in the first quarter of 2021.

第四季扣除其他費用後的其他收入為380萬美元，去年同期為350萬美元。 2021年，其他收入錄得1,350萬美元的收益，而去年同期為980萬美元。收益成長主要歸因於2021年第一季完成的流通股和慈善流通股發行的溢價確認。

Our cash and cash equivalents balance at the end of the year was approximately $33.4 million. The main drivers affecting cash in the quarter were as follows: cash flows used in operating activities for the full year was approximately $41.4 million compared to $6 million in the prior year. The increase is due to the ramp-up of the G&A to meet operational requirements and also a negative change in the noncash working capital.

截至年底，我們的現金及現金等價物餘額約為3,340萬美元。影響本季現金的主要因素如下：全年經營活動所用現金流約4,140萬美元，去年同期為600萬美元。現金流增加的原因是為滿足營運需求而增加的一般及行政費用，以及非現金營運資本的負向變動。

Cash flows used in the investing activities totaled approximately $157 million for the year compared to $62 million in the prior year. The increase is mostly reflected in the ramp-up of the mining interest and property plant and equipment at the Cariboo Gold Project, Bonanza Ledge II and San Antonio projects offset by the proceeds from the disposal of certain investments.

本年度投資活動所用現金流量總計約1.57億美元，而上年度為6,200萬美元。成長主要體現在卡里布金礦計畫、Bonanza Ledge II和聖安東尼奧計畫的採礦權益及物業、廠房和設備的增加，但部分投資的處置收益有所抵銷。

And finally, cash flows provided by financing activities for the full year were approximately $34.7 million, which was due to the flow-through financing, was completed in March of '21, that generated $33.6 million of gross proceeds.

最後，全年融資活動提供的現金流量約為 3,470 萬美元，這是由於 21 年 3 月完成的流通融資，產生了 3,360 萬美元的總收益。

I will now turn the call back to Sean for closing remarks.

現在我將把電話轉回給肖恩，請他作結束語。

Thank you very much, Alex. Obviously, what's going on in terms of the evolution of the company when we had transitioned this company from [ORs] balance sheet to ODV, we have taken some of these exploration projects with us with short the pending development of the company and the listing on the NOIC. We wanted to make sure that all issues regarding the balance sheet were dealt with in this quarter. So we've looked at the ability to do that. And we've also initiated 2 financings, nonbrokered, for $110 million and $90 million bought deal that was scheduled to close [tribute] proceeds of $230 million plus the existing cash balance and equity book in the company, setting available liquidity somewhere north of $300 million as we close those financings.

非常感謝，Alex。顯然，當我們將公司從[OR]資產負債表過渡到ODV時，公司的發展如何？我們帶走了一些勘探項目，包括公司即將進行的開發以及在NOIC上市。我們希望確保所有與資產負債表相關的問題都能在本季得到解決。因此，我們一直在研究是否有能力做到這一點。此外，我們還啟動了兩筆非經紀融資，分別為1.1億美元和9000萬美元的買斷融資，原計劃以2.3億美元的[收益]加上公司現有的現金餘額和股權賬面收益結束，以便在這些融資結束時，可用流動資金將達到3億美元以上。

Our current workforce is sitting at around 500 people, including contractors as we push these projects along the way. And as everybody knows in this sector, the COVID-19 and supply chain impact have to be dealt with, and that's been part of our reality throughout 2020 and 2021, but we feel like we've turned the corner, taking advantage of those moments as best we can, and we're in line to have 3 fully permitted mines in production by the end of this year.

我們目前約有500名員工，包括承包商，我們正在推動這些專案。眾所周知，我們必須應對新冠疫情和供應鏈的影響，這也是我們在2020年和2021年面臨的現實問題。但我們感覺已經渡過了難關，並盡力抓住了這些機遇，預計到今年年底，我們將有3個完全獲得許可的礦山投入生產。

They'll be in small scale and then scaling up to larger production as these projects continue to take their natural evolutionary course, setting the table to be one of the more exciting assets in the gold space with a Canadian large-scale project at Cariboo, an evolving asset in Utah, which could be polymetallic. We talked about the high-grade gold deposit extracted from Snap Trixie. There's also a silver led zinc mine called Burgin there. And a significant exploration target on a copper porphyry that we believe is important as well on that property. So quite a bit to do this year and a very exciting times. And I think that we have a lot of catalysts for the ODEV shareholders this year.

這些項目將先進行小規模開發，然後逐步擴大生產規模，隨著這些項目繼續自然發展，最終成為黃金領域最令人興奮的資產之一。加拿大卡里布的大型計畫是猶他州正在開發的資產，可能為多金屬礦。我們討論了從Snap Trixie開採的高品位金礦床。那裡還有一個名為Burgin的銀鋅礦。此外，我們認為銅斑岩礦也具有重要的勘探目標，我們認為這對該礦產也至關重要。所以，今年有很多事情要做，這是一個非常令人興奮的時刻。我認為，今年我們為ODEV股東帶來了許多催化劑。

Operator, I'll open up for questions now. Thanks, everybody, for listening, and we will be presenting at the BMO conference in Florida this week on Wednesday morning at 9:45. If not, if you happen to be here in Florida for the conference, we're also available to book. Just first let us know, we'll find the time slot. On that, operator, please we'll take our first question.

接線員，現在開始提問。感謝大家的聆聽，我們將於本週三上午 9:45 在佛羅裡達州的 BMO 會議上進行演講。如果您沒有時間，或者恰好在佛羅裡達州參加會議，我們也接受預訂。請先告訴我們，我們會找到合適的時間段。接線員，接下來我們將開始回答第一個問題。

(Operator Instructions) And your first question comes from John Tumazos from John Tumazos Very Independent Research.

（操作員指示）您的第一個問題來自 John Tumazos Very Independent Research 的 John Tumazos。

Could you just refresh us with the feasibility study and permitting schedule? When you think the first gold from the full Cariboo mine will be produced and what the annual production rate will be in the first several years?

能否簡單介紹可行性研究和授權審批時間表？您認為卡里布礦什麼時候能產出第一批黃金？頭幾年的年產量是多少？

Thank you, John. The Cariboo project is online for the acceptable -- EIA acceptability to be completed in the fourth quarter of this year. It was scheduled for third, but we're assuming that some COVID lag on the permitting. And the development will start in earnest near the end of the year or in early 2023 with the underground portal at Cariboo -- sorry, at Cow Mountain, and we'll be in construction throughout 2023 and 2024. All that assumes that project financing and the greenlighting and the permitting is in place for the early works.

謝謝你，約翰。卡里布計畫正在等待環境影響評估（EIA）的驗收，預計今年第四季完成。該項目原定於第三季完成，但我們假設新冠疫情會造成許可審批的延遲。該計畫將於今年年底或2023年初正式啟動，地下入口位於卡里布——抱歉，是在牛山（Cow Mountain），我們將在2023年和2024年全年進行施工。所有這些都假設專案融資、審批和許可已經到位，用於早期工程。

So we will be looking to be a staggered production increase. We would increase -- we would start to feed the QR mill in the ores order at lower tonnages as we develop that mine where we'd be looking to by the end of 2024, be in and around that 20 -- that 2,750 tonnes a day development and the construction of the flotation concentrator at the well site would be complete by then on the current schedule.

因此，我們將逐步提高產量。隨著礦場的開發，我們將開始以較低的噸位向QR選礦廠供礦，預計到2024年底，日產量將達到2750噸左右。依照目前的計劃，屆時井場浮選選礦廠的建設也將完工。

So that would set the stage for production in the north of 180,000 ounces a year, and we would be targeting somewhere between 200,000 ounces and 250,000 ounces a year from where we sit today. However the feasibility study is not complete. So we will put that feasibility out here by the end of the second quarter.

這樣一來，北部地區每年的產量將達到18萬盎司，而我們的目標是在目前的基礎上，每年產量達到20萬盎司到25萬盎司之間。然而，可行性研究尚未完成。因此，我們將在第二季末公佈可行性研究報告。

I just want to make sure I'm understanding clearly, Sean. So I'm going to try to take baby steps. So there's going to be some noncommercial production possibly in '23 and '24 from development muck? [For granted], it's not indicative of the commercial mine.

肖恩，我只是想確保我理解清楚了。所以我會嘗試循序漸進。所以，2023年和2024年可能會有一些非商業性的開採活動，用的是開發用礦渣？ （當然）這並不代表礦場一定是商業性的。

That's correct. We will be drifting into the Cow Mountain and doing a bulk sample this year from the low heap side and that will set the stage for the first Cow Mountain style mineralization to be processed with the ores order. And then we would continue to try and develop that once we've got the EIA to continue to operate the QR mill that reduce tonnages while we get that larger concentrator up and running. So that will come out in the feasibility study, but we would hope that through the bulk sample and as that permitting goals that we can keep smaller-scale production a 1,000 to 2,000 tonnes a day ongoing while we complete the construction of the larger projects.

沒錯。今年我們將在牛山礦區進行漂移，並從低位礦石堆一側進行批量取樣，這將為首次按照礦石順序處理牛山式礦化奠定基礎。之後，一旦獲得環境影響評估報告，我們將繼續嘗試開發QR選礦廠，以便在大型選礦廠投入營運的同時，繼續營運減少產量的QR選礦廠。這將在可行性研究中得到證實，但我們希望透過批量取樣，並在允許的情況下，在完成大型專案建設的同時，能夠保持每天1000至2000噸的小規模生產。

And then for 2025, should we be expecting 180,000 or 250,000? I wasn't sure what you said.

那麼到2025年，我們該預期18萬還是25萬呢？我不確定你的意思。

Well, the PEA study that [said] had us at 185,000 ounces a year coming out and then we haven't published a feasibility study yet. So we'll put that number out as I say here, but the public information that right now is that PEA study from 2020 -- 2019.

嗯，初步經濟評估（PEA）的研究表明，我們的產量為每年18.5萬盎司，但我們還沒有發布可行性研究報告。正如我之前所說，我們會公佈這個數字，但目前公開的資訊是2020年至2019年的初步經濟評估研究。

So there's a chance that the grade or the tons or the recovery could be better in the feas. than the PEA.

因此，FEA 中的品位、噸位或回收率有可能比 PEA 更好。

Yes. As the goal was to increase the tonnage and also to simplify the mining plan. And to bring our mining costs down by utilizing the ores order. So the optimization right now will be -- a lot of the information will be gathered this year from the bulk sample that got fully permitted in Q4 of last year. And we'll be able to give you better guidance on what kind of grade we're able to mine and what the optimum sweet point of what grade we mined versus what grade we treat with the ores order and what grade goes in the QR in the interim and then what grade we are producing from the [condo] and the flotation concentrator that will be built in 2023.

是的。我們的目標是增加產量，同時簡化採礦計劃，並透過利用礦石訂單來降低採礦成本。因此，目前的優化工作是——今年將從去年第四季獲得完全許可的批量樣品中收集大量資訊。這樣，我們將能夠更好地指導您，了解我們能夠開採的礦石品位、我們開採的礦石品位與按礦石訂單處理的礦石品位的最佳最佳開採點、哪些品位會暫時進入快速反應器 (QR)，以及我們將從[公寓]和將於2023年建成的浮選礦廠生產的礦石礦廠生產的礦石。

In terms of the Northern Quebec exploration properties written down, would these be things that dated from what Andrea was operating Virginia mines like Coulon and other things in Northern Quebec?

就已記入帳目的北魁北克勘探資產而言，這些資產是否與安德烈亞在弗吉尼亞州經營庫隆等礦山以及北魁北克的其他礦山時的情況有關？

That's correct, John. We inherited those -- that investment during the acquisition of Virginia back in 2015, and they were passed through at Osisko royalties as part of the portfolio that we put into Osisko Development last year. As we haven't been active on those lands and on the Coulon project, we deemed it prudent to take the write-down right now as we're transitioning the company and setting the stage for an NYSE listing.

沒錯，約翰。我們在2015年收購維吉尼亞時繼承了這些投資，這些投資作為我們去年投資奧西斯科開發公司投資組合的一部分，在奧西斯科特許權使用費中進行了轉讓。由於我們先前在這些土地和庫隆項目上沒有積極行動，我們認為現在進行減記是明智之舉，因為我們正在進行公司轉型，並為在紐約證券交易所上市做準備。

In terms of the Carrera District large lands, those have not been written down. Those are just waiting for a better time to evaluate portfolio, I guess?

至於卡雷拉區大片土地，目前還沒有正式販售。我猜，它們只是在等待更好的時機來評估投資組合吧？

Yes. We've looked at various joint ventures there. And as you know, that region is evolving with quite a bit of activity in that gold belt, we still believe that the Guerrero belt is probably the most significant gold belt that remains -- with the remaining upside within Mexico. So we're looking for the right partner on that asset, but we think that we have to bear down and focus on the assets in hand right now, and we'll try and find the right partner for that asset base.

是的。我們已經考察過那裡的各種合資項目。如你所知，該地區正在發展，金礦帶的活動相當活躍，我們仍然認為格雷羅金礦帶可能是現存最重要的金礦帶——剩餘的上行潛力在墨西哥境內。因此，我們正在尋找該資產的合適合作夥伴，但我們認為我們必須專注於目前手頭上的資產，我們會努力為該資產基礎找到合適的合作夥伴。

The gold in the ground never goes anywhere, so you can be patient. In terms of the Tintic district, I might have recollections of different companies active in the neighborhood. Could you just repeat the name of the company you bought out?

地下的黃金永遠不會流失，所以你可以耐心等待。說到Tintic區，我可能還記得附近活躍著幾家公司。你能不能再說說你收購的那家公司的名字？

It's Chief Consolidated Resources and Tintic, IG Tintic are the companies that are the current owners. That we're in final stages of acquisition with.

它的現任所有者是 Chief Consolidated Resources 和 Tintic，IG Tintic 是其中之一。我們目前正處於收購的最後階段。

My recollection is that maybe 5 to 10 years ago, [Tom Pattons] company, (inaudible) was working in that district and had a JV with Freeport.

我記得大概 5 到 10 年前，[Tom Pattons] 公司（聽不清楚）在那個地區開展業務，並與 Freeport 建立了合資企業。

Yes. It's been a very active area, and it remains a very active area...

是的。這是一個非常活躍的領域，而且現在仍然非常活躍…

Are you [buying that] ground, too? Or was -- is that...

你也買下那塊地了嗎？或者說…

No. The acquisition the only acquisition that we're focused on right now is the Chief and Tintic, IG Tintic ground, which is about 14,200 acres plus the JV ground around it. But we are limited to that footprint at this point in time. We feel that that's more than adequate amount of opportunity for us at this time.

不。我們目前唯一關注的收購是Chief和Tintic，IG Tintic的土地，佔地約14,200英畝，加上周圍的合資土地。但目前我們的業務範圍僅限於此。我們認為，目前這對我們來說已經足夠了。

And you've identified both high-grade gold and porphyry copper targets, at least 2 different -- it's like your big game hunting for Tigers and Lions at the same time?

您是否已經確定了至少兩種不同的高品位金礦和斑岩銅礦目標——這就像同時獵捕老虎和獅子一樣？

Yes. I think this has got -- we've got a carbonate replacement zone that's in the Burgin mine. Let's say previously this property was mostly known for silver led zinc production. And most recently, it was in production and shipping flux to the Kennecott smelter up at Bingham Canyon, which is only 40 miles north. And Chris is on the line, we were going to have a geological talk afterwards, John. But the age group and the mineralization at Tintic and this region is pretty much bang on with the same mineralization of Bingham Canyon, which is North America's premium copper porphyry system.

是的。我認為這裡有一個碳酸鹽交代帶，位於伯金礦。假設以前這片礦區主要以銀為主的鋅礦生產而聞名。最近，它正在生產，並將熔劑運送到賓厄姆峽谷的肯尼科特冶煉廠，而賓厄姆峽谷就在北邊40英里的地方。克里斯正在通話中，約翰，我們之後要進行一次地質討論。但是，廷蒂克和該地區的礦化年齡和礦化程度與賓厄姆峽谷的礦化程度幾乎完全一致，而賓厄姆峽谷是北美優質的銅斑岩系統。

So we're quite excited by that, and we're doing a lot of science on the ground, and we'll be targeting that deeper porphyry system as we get further into the year, and Chris and the entire geological team, we're pretty excited to get the targeting completed and have a go at that. We also -- there's a PEA study from 2011 on the Burgin mine, which outlined about a $250 million NPV project in a PEA study there. So we'll be looking to update that on the silver led zinc side.

我們對此感到非常興奮，我們正在實地進行大量科學研究，並將在今年稍後瞄準更深的斑岩系統。克里斯和整個地質團隊都非常期待完成目標並開始行動。此外，我們還有一份關於伯金礦的2011年初步經濟評估研究報告，其中概述了一個約2.5億美元的淨現值項目。因此，我們將在銀鋅礦方面更新這項進展。

And then historically, the production in the [7585] zone was courts rich 7 to 10-gram gold deposits that were being shipped directly to the smelter for flux. So there are several targets there. And then the newest one and the one that I think has gun in and rightfully so a significant amount of excitement is this new style of mineralization that we've seen, with telluride gold system in it and that's behind the traditional zone and had never been mined historically. So that's the new discovery that starts everything in motion and the rest of it, we will continue to work on.

從歷史上看，[7585] 區域的金礦產量非常豐富，通常為 7 到 10 克，這些金礦會直接運送到冶煉廠作為熔劑。所以那裡有幾個目標。最新的發現，也是我認為最有潛力、最令人興奮、最有希望發現的發現，是我們觀察到的這種新型礦化類型，其中含有碲化物金礦系統，它位於傳統區域的後面，歷史上從未開採過。所以，這是一個開啟一切的新發現，其餘部分，我們將繼續努力。

(Operator Instructions) And your next question comes from Phil Ker from PI Financial.

（操作員指示）您的下一個問題來自 PI Financial 的 Phil Ker。

Congrats on all the recent success. Just a first question here on Cariboo. Could you just clarify what's happening right now underground with -- in terms of the bulk sample. And could you outline what sort of budget we're looking at for this year?

恭喜您最近的所有成功。關於Cariboo，我首先想問您一個問題。您能否解釋一下目前地下礦井的大規模採樣情況？您能否概述一下我們今年的預算是多少？

So what's going on underground on the BL2 is the continued mining. We have about -- we're expecting about 20,000-plus ounces this year out of BL2. That mining is ongoing, and reporting gold on a weekly basis. And have seen some good results at the QR mill as of late, with recoveries in the plus-80% range, even in those graphite rich zones of BL2, and that's -- hats off to our operators there, they've gone through a tough winter in BC and been able to achieve significant operating progress on that front.

所以，BL2地下礦井的開採仍在持續。我們預計今年BL2礦井的黃金產量將超過2萬盎司。開採仍在進行中，每週都會報告黃金產量。最近，QR礦場的開採也取得了一些不錯的成果，即使在BL2礦井石墨富集區，採收率也達到了80%以上。我們向那裡的作業人員致敬，他們在BC省度過了一個艱難的冬天，並取得了顯著的營運進展。

The portal for the bulk sample has been set. The road header is in there and we'll be looking to greenlight that underground development sometime at the end of March. And then we've got about 7 to 8 months of drifting -- of ramp to get to the target zone for the bulk sample. And the ores order is on site. So we would look to commission the ores order and do the optimization work on the 10,000 tons of bulk sample that is currently permitted and look to see what else we can do while we're in there based on permitting and the evolution of the permit on Cow Mountain.

大宗樣本採集入口已經設定完畢。掘進機也已安裝完畢，我們計劃在3月底某個時候批准地下開採。之後，我們還需要大約7到8個月的時間進行巷道掘進，才能到達大宗樣本採集的目標區域。礦石訂單也已到位。因此，我們將著手進行礦石訂單的調試，並對目前已獲準採集的1萬噸大宗樣品進行優化工作，同時，我們還會根據牛山礦區的許可審批情況和許可證的進展情況，看看我們還能做些什麼。

So if you look at the pictures on the deck right now, you can see the road headers parked in the portal. And we're just waiting for weather to lighten up, and then we'll have a go with that. So budget for that, it's about $17 million.

如果你現在看甲板上的照片，你可以看到掘進機停在入口處。我們正在等天氣轉晴，然後我們再開始施工。預算大約是1700萬美元。

Okay. So development is suspended as of right now. And then with another 7 to 8 months of progress to get to the bulk -- targeted bulk sample zone. We're really not looking to begin processing that material until kind of later in Q3, early Q4 then.

好的。所以開發目前暫停。之後還需要7到8個月的時間才能進入大量生產——也就是目標批量樣品區。我們預計要到第三季末或第四季初才會開始處理這些材料。

Correct.

正確的。

All right. And then what about underground drilling, we'd be setting up underground drill stations along the way? Or is that sort of kind of on an ad hoc basis depending on progress on...

好的。那麼地下鑽探呢？我們會沿途設立地下鑽探站嗎？還是說，取決於進展情況，需要臨時安排…

We have about $3.9 million of flow-through left right now. We're just doing an optimization on the resource, and we'll probably do some surface drilling on low heap to infill that zone in the near term. And that will help us with our plans as we get further into the bulk sample as well as we will want to drill some of those areas from underground as we're on our way down there.

我們目前還有大約390萬美元的剩餘流通量。我們正在對資源進行最佳化，近期可能會在低堆層進行一些地面鑽探，以填充該區域。這將有助於我們進一步深入大塊樣本的計劃，我們也希望在深入地下的過程中對其中一些區域進行鑽探。

Perfect. Okay. And then in terms of San Antonio, I think the news said -- it referred to some permits you were waiting for. Is that for actual mine permits of new zones there? And can we anticipate just the mining for 2022 to be fully from the 1 million tonne stockpile.

太好了。好的。然後關於聖安東尼奧，我記得新聞裡說了——它指的是你一直在等待的一些許可證。這是指那裡新區域的實際採礦許可證嗎？我們能預期2022年的採礦量將完全來自100萬噸的庫存嗎？

Right now, we're fully permitted for that 1 million tonne stockpile. We have about 16,000 ounces contained that we're looking to recover there in the short term. The permitting aspects or the actual Sapuchi larger project is underway. We have our own equipment that we bought 15,000-ton-a-day plant that we bought and shipped to Mexico and we'll be looking to over the course of the summer, decide how big we want to set up for on Sapuchi.

目前，我們已獲得100萬噸庫存的全部許可。我們目前約有1.6萬盎司的庫存，計劃短期內恢復。 Sapuchi大型專案的許可審批工作正在進行中。我們購買了自有設備，每日處理能力1.5萬噸，並已運往墨西哥。我們將在今年夏天決定在Sapuchi計畫上建造多大規模的設施。

And then once we have that permit, we'll decide to greenlight it, but we're taking advantage of the time window to engineer that plant and to make sure that we take some of the exploration results that we received and get those things moving as they evolve, and we should have some more drill results coming out over the next week or 2. (inaudible) on what we're seeing there, but we put 27,000 meters of drilling in there, mostly line, the (inaudible) the oxide zones, but we've had a few discoveries on potential other oxide zones on the property as well. So we're continuing to follow that up.

一旦獲得許可證，我們就會決定是否批准。我們會利用這段時間來設計工廠，確保我們能利用一些勘探成果，並隨著進展推動這些工作。我們應該會在接下來的一兩週內公佈更多鑽探結果。 （聽不清楚）目前我們在那裡看到了什麼，我們已經在那裡進行了2.7萬米的鑽探，大部分是沿著（聽不清楚）氧化帶的線路，但我們也在該礦區發現了一些其他潛在的氧化帶。所以我們會繼續跟進。

And so would you be using the same leach pad? Would you need to expand a leach pad once mining Sapuchi? And what sort of capital outlays would we anticipate upon receipt of that permit later this year?

那麼，你們會使用相同的浸出墊嗎？開採薩普奇金礦後，你們需要擴建浸出墊嗎？今年稍後獲得許可證後，我們預計需要多少資本支出？

Yes, we would be looking to optimize the leach pad that we've already constructed and there is some of that you can see pictures of it on the website. So we'll take advantage of everything that we have now. But the Sapuchi mine was always envisioned to have its own separate leach pad and the civil engineering work for that is underway as we speak in terms of engineering design and optimization. So it would be a separate leach pad build. And depending on how many tonnes a day that we decided to commission that be somewhere between USD 10 million and USD 25 million CapEx where we envision at present. And then the question will be how much is owner operator versus contracting?

是的，我們正在優化已經建成的浸出場，您可以在網站上看到一些圖片。所以我們會充分利用現有的一切資源。但薩普奇礦一直設想擁有獨立的浸出場，目前，該礦的土木工程正在進行工程設計和優化。所以，這將會是一個獨立的浸出場。根據我們決定投入使用的日產量，目前的資本支出預計在1,000萬美元到2,500萬美元之間。接下來的問題是，業主營運方和承包商各佔多少比例？

All right. When would you be able to make a decision on that? Like is it dependent on receipt of that permit? Or could you get started on that construction sort of mid-year?

好的。您什麼時候能做出決定？這取決於許可證的發放嗎？或者您能在年中開始動工嗎？

I think we need to see the permit first and then make a decision -- best allocation of capital at the time. Focus right now in the interim will be the closing of the Tintic acquisition development of the ramp at Tintic with our partners there, to continue the evolution of the fermenting process in Cariboo and then be in a strike position to take advantage of that permit in Mexico soon as it does come up.

我認為我們需要先看看許可證，然後再做決定——屆時最佳的資本配置方案。目前，我們的重點是與合作夥伴完成Tintic的收購，開發Tintic的坡道，繼續改進卡里布的發酵工藝，並在墨西哥許可證發放後做好準備，盡快利用好。

Your next question comes from Ralph Profiti from Eight Capital.

您的下一個問題來自 Eight Capital 的 Ralph Profiti。

Sean, two of them. Firstly, at Cariboo, can you bring us up to date on the EIA process. This is relatively new for the BC government. I'm just wondering in the public consultation, what's the feedback been? And has there been any surprises?

肖恩，有兩個問題。首先，關於卡里布，您能否向我們介紹一下環境影響評估（EIA）流程的最新情況？這對不列顛哥倫比亞省政府來說相對較新。我想知道，在公眾諮詢中，回饋如何？有沒有什麼意外狀況？

The public consultation had over 2,000 responses, which is relatively light for BC. And it's been very good, and we have closed out the public consultation period for Phase 1. There will be another period over the course of the summer. We are nearing completion of response to all of those. Nothing very surprising are the normal concerns about footprint and light noise, water and then effect on community job creation and that sort of thing. And that's -- we've taken a lot of effort to do a lot of engagement, and we've been -- enjoyed good support from our partners Lhtako Dené, who stepped up and been part of the process and well involved in making sure that the project meets their expectations and criteria.

公眾諮詢收到了超過2000份回复，對於不列顛哥倫比亞省來說，這個數字相對較小。目前進展順利，第一階段的公眾諮詢期已經結束。夏季還會有另一輪諮詢。我們即將完成所有回應。對於環境足跡、光噪音、水資源以及對社區就業創造的影響等問題的常見擔憂並不令人意外。我們付出了很多努力進行廣泛的參與，並得到了合作夥伴Lhtako Dené的大力支持，他們積極參與整個過程，並積極參與確保專案符合他們的期望和標準。

And we continue to make steady progress on that. As you say, we are the first one through the new BC EIA process. So we've enjoyed pretty good support from BC government in terms of them allocating resources to their regulators to help get this project moving along. And we don't see any delays at this point.

我們在這方面持續穩步推進。正如您所說，我們是第一個透過新的BC省環境影響評估流程的計畫。因此，我們得到了BC省政府的大力支持，他們向其監管機構分配資源，以幫助推進這個計畫。目前我們沒有看到任何延誤。

Even with COVID-19, we've been able to hold the line in terms of the progress there. That's a large count to our team on the ground, led by Chris Lodder and François Vézina and the team in terms of responding to that. And -- we continue to make progress each and every day on that front. So I think we're in pretty good shape.

即使新冠疫情肆虐，我們仍能維持疫情防治的進展。這對我們由克里斯·洛德（Chris Lodder）和弗朗索瓦·韋齊納（François Vézina）領導的實地團隊以及應對疫情的團隊來說意義重大。而且——我們在這方面每天都在持續取得進展。所以我認為我們目前的狀態相當不錯。

Okay. Yes. Sounds good. At Tintic, Sean, should we expect exploration catalysts as part of the story in 2022? As you drill out those 15,000 meters into the year-end 43-101 or is this more of like a bulk analysis approach?

好的。是的，聽起來不錯。肖恩，在Tintic，我們是否應該期待勘探催化劑成為2022年故事的一部分？當你在年底鑽探到43-101的15,000公尺時，還是這更像是一種批量分析的方法？

Well, we definitely see the merit and the success that the team on the ground has had with this sort of jackleg and scope or underground development and being able to follow the mineralization. It's so much better than the drill hole to be able to walk through the ore body and see this high-grade mineralization and understand it that we'll continue on. That will be the bulk of the exploration will be from the underground development. We will be setting up to drill some larger diameter core because of the way that the -- fairly near surface here, and there's a lot of oxidation in the rock. We'll be wanting to do largely eminent [HQ] core with possibly a mud program to get that proper recovery. So there'll be optimization right now. It's too tight to have too much down there.

嗯，我們確實看到了地面團隊在這種地下開發和追蹤礦化方面的成果和成功。能夠穿過礦體，看到並了解這種高品位礦化，這比鑽孔要好得多，所以我們會繼續下去。勘探的大部分將來自地下開發。我們將準備鑽一些更大直徑的岩芯，因為這裡相當接近地表，而且岩石中有很多氧化作用。我們希望主要進行顯著的[HQ]岩芯鑽探，並可能使用泥漿程序來獲得適當的採收率。所以現在需要進行最佳化。那裡空間太狹窄，不能放太多東西。

So we need to continue to develop the underground space. And once we have access from the ramp, we will be bringing to bear a larger more intense drill program from underground and it's relatively shallow, present with about 600 feet, 625 foot level, down to 900. We need to drill, but we would like to prefer to drill it from the underground and from within mineralization.

所以我們需要繼續開發地下空間。一旦我們能夠從斜坡進入地下，我們將實施更大規模、更密集的鑽探計劃。地下相對較淺，目前大約在600英尺、625英尺的深度，一直到900英尺。我們需要鑽探，但我們更傾向於從地下、從礦化層內部鑽探。

And there are no further questions at this time. I will turn the call back over to the presenters for closing remarks.

現在沒有其他問題了。我將把電話轉回給主持人，請他們做結束語。

Thank you, everybody. I think we've set the stage for an exciting evolution for ODEV this year and certainly look forward to getting a few of you on the site visits as the year evolves. I want to thank everybody, and especially the shareholders for their support throughout 2021, and we are working hard for the shareholders this year to make sure that we get these development assets across the line. And I think it's -- the market is just right for these development-style assets to come to fruition.

謝謝大家。我認為我們已經為ODEV今年令人興奮的發展奠定了基礎，也期待著在新的一年裡邀請各位來實地考察。我要感謝大家，尤其是股東們，感謝他們在2021年全年的支持。今年我們將為股東們努力工作，確保這些開發資產順利完成。我認為，市場環境正適合這些開發型資產的實現。

And thank you, everybody. Wish you luck with your investments and your work.

謝謝大家！祝大家投資和工作順利！

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您可以掛斷電話了。