Piedmont Lithium Inc (PLL) 2024 Q4 法說會逐字稿

Thank you for standing by. My name is Kathleen, and I will be your conference operator today. At this time, I would like to welcome everyone to the Q4 and full year 2024 Piedmont lithium earnings call. (Operator Instructions). And now I will turn the call back over to John Koslow investor relations at Piedmont with you. Please go ahead.

感謝您的支持。我叫凱瑟琳，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Piedmont 鋰業 2024 年第四季和全年財報電話會議。（操作員指令）。現在我將把電話轉回給 Piedmont 投資者關係部門的 John Koslow。請繼續。

Thank you and good morning. Welcome to Piedmont Lithium's 4th quarter and full year 2024 earnings call. Joining us today from Piedmont Lithium are Keith Phillips, President and Chief Executive Officer, and Michael White, Chief Financial Officer. Keith will provide an introduction and review key updates from the quarter, and Michael will then review our financial results. Keith will provide closing commentary before we transition to a live Q&A session.

謝謝你，早安。歡迎參加 Piedmont Lithium 2024 年第四季和全年財報電話會議。今天與我們一起參加活動的有 Piedmont Lithium 總裁兼執行長 Keith Phillips 和財務長 Michael White。基思 (Keith) 將進行介紹並回顧本季度的關鍵更新，然後邁克爾 (Michael) 將回顧我們的財務結果。在我們進入現場問答環節之前，Keith 將作結束語。

As a reminder, today's discussion will contain forward-looking statements related to future events and expectations that are subject to various assumptions and caveats.

提醒一下，今天的討論將包含與未來事件和預期相關的前瞻性陳述，這些陳述受各種假設和警告的影響。

Factors that may cause the company's actual results to differ materially from these statements are included in today's presentation, earnings release, and in our SEC filings. In addition, we have included non-gap financial metrics in this presentation and reconciliation to the most directly comparable GAAP financial measures can be found in today's earnings release and the appendix to today's slide presentation.

今天的簡報、收益報告和我們提交給美國證券交易委員會的文件中都包含了可能導致公司實際結果與這些聲明有重大差異的因素。此外，我們在本簡報中加入了非差距財務指標，與最直接可比較的 GAAP 財務指標的對帳可以在今天的收益報告和今天的幻燈片簡報的附錄中找到。

Any references to Ibida mean adjusted Ibida. References to shipments or shipments of spogerm mean concentrate and tons or dry metric tons. Copies of our earnings release and presentation in addition to a replay of this call will be available on our website at Piedmont lithium.com. With that, I'll turn the call over to Keith Phillips.

任何對 Ibida 的引用均指調整後的 Ibida。提到裝運量或種子發芽量時，是指濃縮物和噸或乾公噸。我們的收益報告和簡報的副本以及本次電話會議的重播將在我們的網站 Piedmont lithium.com 上提供。說完這些，我會把電話轉給 Keith Phillips。

Thanks, John, and thank you all for joining us today. In summary, Q4 was a good quarter for Piedmont. Operations at North American Lithium performed well with another quarter of strong production and impressive operating metrics. For Piedmont, the strong operational performance allowed us to make record deliveries in the 4th quarter. Our commercial strategy of delivering under our long term offtakes selectively hedging against the contangle in the lithium futures market and making larger combined shipments resulted in another quarter of strong price realizations and improved profitability.

謝謝，約翰，也謝謝大家今天的到來。總而言之，第四季對於 Piedmont 來說是一個不錯的季度。北美鋰業公司業務表現良好，又一個季度產量強勁，營運指標令人印象深刻。對於 Piedmont 而言，強勁的營運業績使我們在第四季度實現了創紀錄的交付量。我們的商業策略是，根據長期承購情況進行交付，有選擇地對沖鋰期貨市場的風險，並進行更大規模的綜合出貨，這使得我們又一個季度實現了強勁的價格實現和盈利能力的提高。

On the corporate side of the business, we successfully reduced our corporate expenses as part of our 2024 cost savings plan and announced a merger with our joint venture partner at NALiona Mining. We'll cover each of these topics in more detail later in the call. Now let's move on to slide 4.

在公司業務方面，我們成功削減了公司開支，這是我們 2024 年成本節約計劃的一部分，並宣布與 NALiona Mining 的合資夥伴合併。我們將在稍後的通話中更詳細地討論每個主題。現在我們來看投影片 4。

NAL achieved another strong quarter with nearly 51,000 tons produced in Q424 and over 190,000 tons produced in the full year 2024. Following the restart of production in March of 2023, operations have shown continual improvement with strong lithium recoveries and increasing mill utilization. You can see in the chart the uptick in mi utilization beginning in Q2 24, a direct result of the capital invested in the crushed ore storage dome earlier in the year.

NAL 又取得了一個強勁的季度業績，2024 年第四季產量接近 51,000 噸，2024 年全年產量超過 19 萬噸。2023 年 3 月恢復生產後，營運狀況持續改善，鋰回收率強勁，工廠利用率不斷提高。您可以在圖表中看到，從 24 年第二季開始，MI 使用率有所上升，這是今年早些時候對碎礦儲存穹頂進行資本投資的直接結果。

Increased production has led to improved operating costs, with unit costs per ton declining sequentially and a total decline of nearly 20% from the start of the year.

產量增加導致營運成本改善，每噸單位成本較上月下降，較年初總計下降近20%。

Importantly, when excluding the impact of inventory movements, cash operating costs at NAL were $709 to 424, a new low. Further improvement is targeted through continued process improvement and with the ultimate move through the old underground workings in the mine, which has led to temporarily elevated mining costs.

重要的是，當排除庫存變動的影響時，NAL 的現金營運成本為 709 美元至 424 美元，創下新低。進一步改進的目標是透過持續的流程改進，以及最終改變礦井中舊的地下作業方式，這會導致採礦成本暫時上升。

In January, Sayan announced some outstanding results from the large exploration program that was undertaken at NAL in 2024, and I will speak more about the implications of these results later in the presentation.

今年 1 月，Sayan 宣布了 2024 年在 NAL 進行的大型勘探計畫的一些出色成果，我將在後面的演講中詳細介紹這些成果的影響。

The performance validates the strategy we undertook when purchasing NAL in 2021, namely bringing a brownfield asset in a premier location back into production in an expeditious manner at a significantly lower cost than developing a greenfield project. NAL is North America's largest lithium operation, and it offers direct leverage to an ultimate recovery in lithium prices.

這項業績驗證了我們在 2021 年收購 NAL 時採取的策略，即以比開發綠地專案低得多的成本，迅速地將位於優越位置的棕地資產重新投入生產。NAL 是北美最大的鋰業公司，它為鋰價的最終復甦提供了直接槓桿。

Now let's turn to the slide 5 for an update on our development projects. There has been much focus on the energy transition following November's election as investors grapple with possible changes to domestic policy. While many have assumed the Trump administration would be a negative for the industry, we have always had a different view.

現在讓我們翻到投影片 5，了解我們開發專案的最新進展。由於投資人努力應對國內政策可能出現的變化，十一月大選後能源轉型成為關注的焦點。儘管許多人認為川普政府將對產業產生負面影響，但我們一直持有不同的看法。

On January 20th, his first day in office, President Trump signed an executive order declaring a national energy emergency. Central to this EO is the reinforcement of the President's earlier commentary on the importance of domestic critical minerals production to avoid overreliance on China, and indeed, to quote the President, national energy dominance. National energy dominance cannot be achieved without domestic sources of lithium like Carolina lithium.

1月20日，川普總統上任第一天，簽署行政命令，宣布國家能源緊急狀態。這份行政命令的核心是重申總統先前的評論，即國內關鍵礦產生產的重要性，以避免過度依賴中國，事實上，用總統的話來說，就是避免國家能源主導地位。如果沒有卡羅萊納鋰業這樣的本土鋰資源，就不可能實現國家能源主導地位。

Our focus in North Carolina remains on advancing through the permitting process. We received our state mining permit in 2024, and a petition to challenge that permit was voluntarily withdrawn by petitioners earlier this month.

我們在北卡羅來納州的重點仍然是推進許可程序。我們於 2024 年獲得了國家採礦許可證，本月初，請願者自願撤回了對該許可證提出質疑的請願。

We are optimistic that air and water permits will be achieved during this calendar year, and we continue to assess the timeline for rezoning of our land package with the Gaston County Board of Commissioners. We will, of course, need their approval to proceed, and we look forward to entering that process in due course. For our joint venture Aoya lithium project, we were pleased to receive a mine operating permit from the Minerals Commission of Ghana in October.

我們樂觀地認為，空氣和水許可證將在今年內獲得，我們將繼續與加斯頓縣委員會一起評估我們的土地重新劃分的時間表。當然，我們需要他們的批准才能繼續進行，我們期待在適當的時候進入這一進程。對於我們的合資奧亞鋰項目，我們很高興在十月獲得了加納礦產委員會頒發的礦山經營許可證。

The war's mining lease remains subject to parliamentary ratification. This process was paused around Ghana's election in Q4, but we anticipate a positive outcome during 2025. Ratification is the final step in the approvals process, but any final investment decision will be subject to market conditions and the completion of funding.

戰爭時期的採礦租約仍需得到議會的批准。這一進程在第四季度加納大選期間暫停，但我們預計 2025 年將取得積極成果。批准是審批程序的最後一步，但任何最終的投資決定都將取決於市場條件和融資完成情況。

At Piedmont, we are obviously focused on developing our projects at a measured pace given current market conditions. Now I'll turn the call over to Michael to discuss our financial results.

在 Piedmont，考慮到當前的市場狀況，我們顯然專注於以穩健的速度開發我們的專案。現在我將把電話轉給邁克爾討論我們的財務結果。

Thanks, Keith, and good morning. We shipped approximately 55,700 trimetric tons for the quarter, which is a quarterly record for Piedmont, and approximately 117,000 dry metric tons in 2024, also a record. For the quarter, we recognized $45.6 million in revenue compared to $27.7 million in the previous quarter. The increase in revenue was due to increased volume.

謝謝，基思，早安。本季我們出貨量約為 55,700 乾公噸，這是皮埃蒙特的季度最高紀錄，2024 年我們出貨量約為 117,000 幹公噸，也創下了最高紀錄。本季度，我們實現營收 4,560 萬美元，而上一季為 2,770 萬美元。收入增加是由於銷售增加。

Our realized price per metric ton was $818 for the quarter. On an SC6 equivalent basis, our realized price per metric ton equated to $909. We are pleased to achieve these price realizations given current market conditions, and our commercial strategy led to a 2nd consecutive quarter of industry-leading price realizations.

本季我們的每公噸實際價格為 818 美元。以 SC6 當量計算，我們每公噸的實際價格為 909 美元。在當前市場條件下，我們很高興實現這些價格，我們的商業策略使我們連續第二季實現業界領先的價格。

Our fourth quarter GAAP net loss was $11.1 million for a loss of $0.55 per share, and adjusted net loss of $3.6 million for a loss of $0.17 on an adjusted per share basis.

我們第四季的 GAAP 淨虧損為 1,110 萬美元，每股虧損 0.55 美元，調整後淨虧損為 360 萬美元，調整後每股虧損 0.17 美元。

Included in our GAAP results were 5.5 million of transaction costs related to our proposed merger with Sya Mining, $3.2 million and restructuring charges associated with our 2024 cost savings plan, and other items including realized and unrealized gains on equity security holdings. We ended the year with $87.8 million in cash compared to $64.4 million in cash at the end of September 2024 and $71.7 million at the start of 2024.

我們的 GAAP 結果包括與我們與 Sya Mining 擬議合併相關的 550 萬美元交易成本、與我們的 2024 年成本節約計劃相關的 320 萬美元重組費用，以及包括股權證券持有的已實現和未實現收益在內的其他項目。我們今年底的現金餘額為 8,780 萬美元，而 2024 年 9 月底的現金餘額為 6,440 萬美元，2024 年初的現金餘額為 7,170 萬美元。

Now moving to slide 8 to discuss our sources and uses of cash. Operating cash flows for the fourth quarter and full year were $6 million and negative $43 million respectively. Included in the full year amount were payments totaling $21 million in the first half of 2024 to settle prior year spot sales where the final price settlement in 2024 was less than the provisional payments we received in 2023.

現在轉到幻燈片 8 來討論我們的現金來源和用途。第四季和全年營運現金流分別為 600 萬美元和負 4,300 萬美元。全年金額包括 2024 年上半年支付的總計 2,100 萬美元，用於結算前一年現貨銷售，其中 2024 年的最終價格結算低於我們在 2023 年收到的臨時付款。

Separately, we achieved a $14 million reduction in annual run rate cost savings, which I'll detail more shortly. We're pleased to report that cash outflows for our joint ventures as well as capital expenditures were less than $1 million in the fourth quarter and favorable in terms of outperforming our guidance. I'll stress that we are laser focused on cost containment and overall cash management, especially during this lithium down cycle.

另外，我們實現了年度運行成本節約 1,400 萬美元，稍後我將詳細介紹。我們很高興地報告，第四季度我們合資企業的現金流出和資本支出均不到 100 萬美元，並且超出了我們的預期。我要強調的是，我們專注於成本控制和整體現金管理，特別是在鋰電池衰退週期內。

For the full year we contributed $26 million to advance our joint venture projects and $11 million in capital expenditures as compared to $43 million in joint venture spending and $57 million in capital expenditures in 2023. Contributing to the year over year decline in joint venture spending was the completion of Restart CapEx at NAL in the first half of 2024.

全年我們投入了 2,600 萬美元推進合資項目，資本支出為 1,100 萬美元，而 2023 年的合資支出為 4,300 萬美元，資本支出為 5,700 萬美元。合資支出較去年同期下降的原因是 NAL 在 2024 年上半年完成重啟資本支出。

Overall, we planned and successfully executed our cost reduction plan, leading to the significant reductions in our investing cash outflows on a year over year basis. As part of our proposed merger, we raised net proceeds of $25 million through the issuance of new ASX listed chest depository interests and drew an additional $7 million in borrowings from our working capital credit facility.

總體而言，我們制定並成功執行了成本削減計劃，導致我們的投資現金流出同比大幅減少。作為我們擬議合併的一部分，我們透過發行新的 ASX 上市存管權益籌集了 2,500 萬美元的淨收益，並從我們的營運資金信貸工具中額外借入 700 萬美元。

Now let's turn to slide 9. We introduced our 2024 cost savings plan in February 2024 with an initial target to reduce annual run rate spending by approximately $10 million. We took immediate action to control our operating expenses and reduce CapEx and joint venture spending early in the year as the lithium market retreated. These actions were difficult but prudent as we positioned the company for the long term.

現在我們翻到第 9 張投影片。我們於 2024 年 2 月推出了 2024 年成本節約計劃，最初目標是將年度營運費用支出減少約 1,000 萬美元。由於鋰市場衰退，我們在年初立即採取行動控制營運費用並減少資本支出和合資支出。由於我們為公司做好了長期定位，所以這些措施雖然困難，但卻是審慎的。

Based on prevailing market conditions, we further expanded our cost savings plan in October 2024 and achieved $14 million in total annual cost savings for the year.

根據現行的市場狀況，我們於 2024 年 10 月進一步擴大了成本節約計劃，全年實現了 1,400 萬美元的年度總成本節約。

As a result of our cost savings plan, we recorded $10 million in restructuring and impairment charges in 2024, of which $3 million was recorded in the fourth quarter.

由於我們的成本節約計劃，我們在 2024 年記錄了 1000 萬美元的重組和減值費用，其中第四季度記錄了 300 萬美元。

Included in our full year restructuring and impairment charges were cash charges of $4 million primarily related to severance and employee benefit costs and non-cash charges of $6 million which includes $4 million of impairment charges related to the conversion capacity of Tennessee lithium to Carolina lithium and $2 million related to accelerated stock compensation as part of our reduction in workforce. We continue to maintain our cost and investment discipline in 2025 through detailed expense management.

我們全年的重組和減損費用包括 400 萬美元的現金費用，主要與遣散費和員工福利成本有關，以及 600 萬美元的非現金費用，其中包括與田納西州鋰轉化為卡羅來納州鋰的產能相關的 400 萬美元的減值費用和與我們裁員的一部分加速股票薪酬相關的 200 萬美元。我們將在 2025 年透過詳細的費用管理繼續保持成本和投資紀律。

Let's move to slide 10, where we provide our 2025 outlook for shipments, CapEx, and investments in and advances to affiliates. We expect to ship 25,000 to 30,000 dry metric tons in the first quarter of 2025. This does not include tons which were sold as part of an ex-work sale at the port in December but shipped earlier this year.

讓我們轉到第 10 張投影片，我們在此提供 2025 年出貨量、資本支出以及對附屬公司的投資和預付款的展望。我們預計 2025 年第一季將運送 25,000 至 30,000 乾公噸。這還不包括 12 月在港口作為出廠價銷售但今年稍早發貨的貨物。

For the full year, we anticipate making shipments to customers totaling 113,000 to 130,000 dry metric tons with full year shipments, including tons, which were shifted to 2025 as a result of a customer request to move a shipment from the fourth quarter into 2025.

我們預計全年向客戶出貨總量將達到 113,000 至 130,000 乾公噸，其中包括因客戶要求將第四季度的出貨時間推遲到 2025 年而推遲到 2025 年的噸。

As always, certain factors including shipping constraints and customer requirements may impact the timing of future shipments.

與往常一樣，某些因素（包括運輸限制和客戶要求）可能會影響未來的出貨時間。

For our CapEx and investment outlook, we continue to reduce our project-related expenditures. We expect less than $2 million in CapEx in the first quarter and $6 to $9 million in CapEx for the full year. Joint venture investments and advances are also expected to be less than $2 million in the first quarter and approximately 7 to $13 million for the full year 2025.

對於我們的資本支出和投資前景，我們將繼續減少與專案相關的支出。我們預計第一季的資本支出將少於 200 萬美元，全年的資本支出將達到 600 萬至 900 萬美元。預計第一季合資企業投資和預付款將少於 200 萬美元，2025 年全年將約為 700 萬至 1,300 萬美元。

This compares to $26 million in 2024. Our outlook is subject to changes in market conditions and may vary materially. With that, I'll turn the presentation back over to Keith.

相較之下，2024 年這一數字為 2,600 萬美元。我們的展望受市場條件變化的影響，可能會發生重大變化。說完這些，我會把演講交還給 Keith。

Thank you, Michael. Turning to slide 12, I'd like to share some thoughts on the lithium market. We are pleased to report another quarter of strong price realizations against the backdrop of the soft lithium market. Our realized price at $909 on an SE6 equivalent basis once again led the industry. During the quarter, we saw a benefit from contractual lags embedded in our customer contracts in the contango and the lithium futures market.

謝謝你，麥可。轉到第 12 張投影片，我想分享一些關於鋰市場的想法。我們很高興地報告，在鋰市場疲軟的背景下，本季的價格再次強勁成長。我們以 SE6 同等價格實現的 909 美元價格再次領先業界。在本季度，我們看到了正價差和鋰期貨市場客戶合約中存在的合約滯後帶來的好處。

While our commercial strategy has been highly successful, the narrowing can tango in the forward markets and the pricing lags in our longer term contracts means that our comparatively strong price realizations may not always be achievable on a go forward basis.

雖然我們的商業策略非常成功，但遠期市場的供需收窄以及長期合約的定價滯後意味著，我們相對強勁的價格實現可能並不總是能夠在未來實現。

As for the lithium market, slide 13 shows that end market demand for lithium continues to grow very strongly. 2024 was another record year for EV sales, with approximately 17 million EVs sold globally. While demand growth in the US and Europe was modest last year, the dominant Chinese market grew by 3.1 million units in 2024, the largest year over year growth on record and roughly equivalent to the total number of these sold globally in 2020.

至於鋰市場，第 13 頁顯示，終端市場對鋰的需求持續強勁成長。 2024 年是電動車銷售的另一個創紀錄的一年，全球電動車銷量約為 1,700 萬輛。儘管去年美國和歐洲的需求增長溫和，但占主導地位的中國市場在 2024 年增長了 310 萬輛，這是有史以​​來的最大同比增長，大致相當於 2020 年全球售出的總數量。

And there are new avenues of demand growth for lithium within the stationary storage market. Energy storage systems are growing rapidly to help modernize power grids, manage intermittency and power generation from renewable sources, and evolve to meet growing power demand from sources like data centers. As a matter of fact, CHTL, the world's leading lithium-ion battery producer, is expecting ESS demand to represent 34% of total lithium demand by 2030, a massively positive outlook for our markets.

固定式儲能市場對鋰的需求也出現了新的成長途徑。能源儲存系統正在迅速發展，以幫助實現電網現代化、管理間歇性和再生能源發電，並不斷發展以滿足資料中心等來源日益增長的電力需求。事實上，全球領先的鋰離子電池生產商 CHTL 預計，到 2030 年，ESS 需求將佔鋰總需求的 34%，這對我們的市場來說是一個非常積極的前景。

I'd like to conclude this morning's call with some brief comments on our planned merger with Siona Mining.

我想以對我們與 Siona Mining 的合併計劃的一些簡短評論來結束今天上午的電話會議。

On November 18th last year, Piedmont and Sayan announced the intention to merge in an all-stock transaction with an ownership split of roughly 50/50 on a fully diluted basis. The merger brings together two complementary businesses to create a bigger, stronger, simpler company, which will be the largest current lithium producer in North America with an exciting development pipeline in the United States, Canada, and Ghana.

去年 11 月 18 日，Piedmont 和 Sayan 宣布有意以全股票交易的方式合併，在完全稀釋的基礎上，雙方的所有權比例約為 50/50。此次合併將使兩家互補的企業強強聯合，創建一家更大、更強、更簡單的公司，並將成為北美目前最大的鋰生產商，且在美國、加拿大和加納擁有令人興奮的發展管道。

Under our current operational structure, NAL's potential growth is limited by competing priorities between owners. Piedmont receives the benefit of its unique optic agreement while Sayana is the operator and majority partner.

在我們目前的營運結構下，NAL 的潛在成長受到所有者之間優先權競爭的限制。Piedmont 因獨特的光學協議而獲益，而 Sayana 則是營運商和大股東。

By joining forces, the combined company is positioned to evaluate expansion opportunities resulting from the impressive drill results earlier this year at North American Lithium. We think NAL is the best located lithium project in Canada, and the opportunity for a brown field expansion with possible low cap expert ton and improvement to operating costs per ton is one of the key reasons we are so excited about the merger.

透過聯合，合併後的公司將能夠評估今年稍早北美鋰業公司令人印象深刻的鑽探結果所帶來的擴張機會。我們認為 NAL 是加拿大地理位置最佳的鋰項目，而棕地擴建的機會、可能降低專家噸上限以及改善每噸營運成本是我們對此次合併如此興奮的主要原因之一。

Mergco is also able to share technical and operating experience across in a large portfolio of growth projects in Aoya, Carolina lithium, and Moland. For those less familiar with Moland, this is a high grade project located in Quebec that boasts one of the largest booming resource bases in North America. The project is in the James Bay region, and the 2024 definitive feasibility study demonstrated a post-tax internal rate of return of 34% for 300,000 tons per year boomy concentrate and a low strip ratio of 2.3 to 1.

Mergco 還可以在 Aoya、Carolina lithium 和 Moland 等大量成長專案中分享技術和營運經驗。對於那些不太熟悉 Moland 的人來說，這是一個位於魁北克的高品位項目，擁有北美最大的蓬勃發展的資源基地之一。該項目位於詹姆斯灣地區，2024 年最終可行性研究表明，每年 30 萬噸金紅石精礦的稅後內部收益率為 34%，剝離比為 2.3 比 1。

On the corporate side, Mergeco expects to realize synergies of $15 to $20 million annually through a combination of consolidated corporate functions and improved logistics.

在企業方面，Mergeco 預計透過整合企業職能和改善物流，每年實現 1,500 萬至 2,000 萬美元的綜效。

The merger secured the backing of resource capital funds, the mining industry's leading private equity source, with RCF committed to funding approximately $45 million into the merged entity upon completion of the deal. This capital on top of the financing is completed at the time of the merger announcement, would provide important capital to enable Mergeco to advance projects toward development during the current down market.

此次合併獲得了採礦業領先的私募股權來源資源資本基金的支持，RCF 承諾在交易完成後向合併後的實體注資約 4,500 萬美元。此筆資本加上合併公告發佈時已完成的融資，將為 Mergeco 在當前市場低迷時期推進專案開發提供重要資本。

Slide 16 shows the planned North Americans pojamine production of Piedmont and Syana versus several pre-production peers.

投影片 16 展示了北美計劃生產的 Piedmont 和 Syana 以及幾家預生產同行的磷礦產量。

NAL is the largest current producer of spojay concentrate in North America, and Mergco has the potential to maintain its leadership position as other assets are developed. Importantly, this chart is purely focused on North American peers and ignores the significant potential for production at Aoya.

NAL 是北美目前最大的 spojay 精礦生產商，隨著其他資產的開發，Mergco 有潛力保持其領導地位。重要的是，該圖表純粹關注北美同行，而忽略了 Aoya 的巨大生產潛力。

Scale is crucial in this business. Increasing scale can make a business more relevant to customers, can reduce unit operating costs, and improve downstream optionality, all while appealing to a broader investor community. With that, we can turn the call over to Q&A.

對於這個行業來說，規模至關重要。擴大規模可以使企業與客戶更相關，可以降低單位營運成本，並改善下游可選性，同時吸引更廣泛的投資者群體。這樣，我們就可以將通話轉入問答環節。

Thank you. We will now begin the question-and-answer session. (Operator instruction)

謝謝。我們現在開始問答環節。（操作員指令）

Your first question comes from the line of Bill Peterson with JPMorgan.

您的第一個問題來自摩根大通的比爾彼得森。

Yeah, hi Keith, and, Mike, thanks for all the information. Actually, my two questions are actually more related to the industry environment. I was hoping you could touch on the potential impacts of of tariffs if they do come to fruition towards Canada, how that may impact your planned shipment profile, I guess maybe that underlying there is how much is assumed for US domestic refiners versus China and other regions.

是的，嗨，基思，還有邁克，謝謝你們提供的所有資訊。其實我的兩個問題其實更多的是跟產業環境相關的。我希望您能談談如果關稅真的對加拿大實施，將會產生什麼潛在影響，以及這會如何影響您的計劃出貨情況，我想也許這背後的原因是美國國內煉油商與中國和其他地區的煉油商相比的假設程度。

Hey Bill, thanks. Good question. Yeah, the tariffs that were announced that were supposed to take effect, I think February 1st, were deferred 30 days. We'll see if they come into effect. The headline number for tariffs was 25% for critical minerals, the number would be 10%, and the tariff would be paid by the Importer, which would be an American customer. So, we obviously have one American customer, they would be liable for those tariffs. I think in the overall scheme of things, and we've talked to them about that, in the overall scheme of things, at these price levels, a 10% tariff, may or may not impact their decision making if it were to come to pass. That's a customer of global operations who could take the material and divert it elsewhere if they wanted to avoid them. But, and we've shift to that customer.

嘿，比爾，謝謝。好問題。是的，原定於 2 月 1 日生效的關稅被推遲了 30 天。我們將看看它們是否生效。對於關鍵礦產，關稅的標價是 25%，實際數字是 10%，關稅將由進口商（即美國客戶）支付。因此，我們顯然有一個美國客戶，他們將承擔這些關稅。我認為，從總體情況來看，我們已經與他們討論過這個問題，從總體情況來看，在目前的物價水平下，10% 的關稅如果得以實施，可能會或可能不會影響他們的決策。這是全球營運的客戶，如果他們想避開這些客戶，可以將材料轉移到其他地方。但是，我們已經轉向那位客戶了。

In other locations before, so that could happen if they chose to do that. For broader joint venture shipments and for shipments we make through trading companies or to our other international customer, none of that goes to the US so the tariffs wouldn't apply.

以前在其他地方也發生過這種情況，如果他們選擇這樣做的話，就會發生這種情況。對於更廣泛的合資企業的貨物以及我們透過貿易公司或向我們的其他國際客戶運送的貨物，都不會運往美國，因此不適用關稅。

Yeah, thanks for that, Keith, and you know you and I've discussed sort of supply demand, over the past few years, and it still appears fairly challenged based off the market environment, I guess based off your own experience and take into account prior curtailments, maybe some project delays, what is your expectations around supply demand, for this year and over the next few years and. I guess underlying that too, especially from a US perspective is expectations around policy support, maybe assuming 30 the tax credits, may or may not still remain and, maybe the company also working on that behind the scenes as well.

是的，謝謝你，基思，你知道，過去幾年你和我討論過供需問題，根據市場環境來看，供需問題似乎仍然面臨相當大的挑戰，我想根據你自己的經驗，並考慮到之前的削減，也許還有一些項目的延遲，你對今年以及未來幾年的供需預期是什麼。我想這也潛在地影響著我們，特別是從美國的角度來看，對政策支持的預期，也許假設 30% 的稅收抵免，可能會或可能不會仍然存在，也許公司也在幕後致力於此。

Yeah, again, good question. I would say. We don't, our crystal balls as cloudy as other people's. I think in the near term, I don't have any particularly aggressive expectations for 2025. I do think lithium remains a very young industry. I think we're probably in the 2nd or 3rd inning of the evolution of this business over the next 20 or 30 years, and I think it'll remain volatile.

是的，這又是一個好問題。我想說。我們不知道，我們的水晶球和其他人的一樣渾濁。我認為從短期來看，我對 2025 年沒有任何特別激進的期望。我確實認為鋰仍然是一個非常年輕的行業。我認為，我們可能正處於未來二三十年這個產業發展的第二階段或第三階段，我認為它仍將保持波動。

I will say I've now been in the industry 8 years, and I joined in a bull market. We went through a difficult bear market. They had a, fantastic bull market and we're in the middle here, hopefully the tail end of a difficult bear market. Nobody really projected any of these developments. I fully expect there'll be another rip roaring bull market here at some point.

我可以說，我現在已經在這個行業工作了 8 年，我是在牛市中加入的。我們經歷了一次艱難的熊市。他們經歷了極好的牛市，而我們正處於中間階段，希望這是艱難的熊市的尾聲。沒有人真正預測過這些發展。我完全預料到，這裡某個時候會出現另一輪強勁的牛市。

And it will be, it will catch everybody by surprise, and I don't know exactly what will cause it. It might be energy storage demand like we talked about in the call, it could be other things. So I'm medium and long term bullish, but I do expect the industry to remain volatile, and we're not counting, we are, we do our internal cash flow budgeting on a spot price basis, so we're counting on, we're planning for a challenging 2025 and hoping to be pleasantly surprised. In terms of policy support, I think it's a mixed bag. I think the 30 credits. May disappear, maybe even will likely disappear. I really don't see that as that big an issue. I think the US market continues to be a relatively small EV market today. I think the solution for the EV market in the US is people continue to bring on new vehicles, that are interesting, interested in the market, which, every year new vehicles come on. We've gone from really 1 or 2 cars people might buy 5 or 6 years ago, Tesla Model S and Model 3, and now we've got multiple vehicles. I think that'll help. But, in terms of, the global, the commodities priced on a global basis, China continues to grow with a fantastic rate.

這會讓所有人措手不及，而且我不知道究竟是什麼原因造成的。這可能是我們在電話會議中談到的能源儲存需求，也可能是其他東西。因此，我對中長期持樂觀態度，但我確實預計該行業將保持波動，而且我們沒有計算，我們是根據現貨價格進行內部現金流預算，所以我們指望著，我們正在為充滿挑戰的 2025 年做計劃，並希望獲得驚喜。從政策支持方面來說，我認為情況好壞參半。我認為是30學分。可能會消失，甚至很可能會消失。我實在不認為這是一個大問題。我認為目前美國市場仍然是一個相對較小的電動車市場。我認為美國電動車市場的解決方案是人們不斷推出有趣的、對市場感興趣的新車，而且每年都會有新車問世。5,6 年前，人們可能只會購買 1、2 輛汽車（特斯拉 Model S 和 Model 3），而現在，我們擁有多輛汽車。我認為那會有幫助。但從全球來看，從全球大宗商品定價來看，中國持續以驚人的速度成長。

And again, energy storage is becoming a really important part of the story. We have some analysts projecting it'll be over 30% of total demand by 2030. That's up from maybe 2 or 3 or 4% in people's minds a few years ago. So that's a real pleasant surprise. So long term bullish, medium term, and short term, uncertain.

再一次，能源儲存正在成為故事中非常重要的一部分。一些分析師預測，到 2030 年它將佔總需求的 30% 以上。這一數字比幾年前人們心中的 2% 、 3% 或 4% 有所上升。這真是一個令人愉快的驚喜。因此，長期看漲，中期看漲，短期看漲，不確定。

I should add though on kind of policy, I think Trump will pound the table really hard on This whole kind of national energy security theme, I think that could very well include support we can't anticipate yet for projects like Carolina in particular. He's probably very focused on USA, and we think that's a good thing for us.

我應該補充一點，在政策方面，我認為川普將在整個國家能源安全主題上大力推動，我認為這很可能包括我們目前無法預料的對卡羅萊納等項目的支持。他可能非常關注美國，我們認為這對我們來說是件好事。

Your next question comes from the line of Joseph Reagor of Roth Capital.

您的下一個問題來自羅斯資本 (Roth Capital) 的約瑟夫·里格 (Joseph Reagor)。

Hey Keith and team, thanks for taking the questions.

嘿，Keith 和團隊，感謝你們回答這些問題。

Thanks, Joe.

謝謝，喬。

So, I guess first thing. Do you have like an update on timing of when you guys expect the merger to complete and what's left for hurdles to get there?

因此，我想首先是。您是否能透露一下預計合併完成的時間以及還有哪些障礙？

Yeah, and the release, I think we said mid 2025, it's really going to be SEC determinant. We should be filing, we hope to file our, and hopes to file initial SEC documents in the next, few weeks. That process is somewhat predictable, but it could be faster or slower. So if you a mid-year, do you think June July time frame, I think that's a reasonable way to think about it. The, so I'd say the biggest hurdle is always the SEC, and, their review of pro forma is their review of, I will be registering with the SEC for the first time. So just like in say an IPO there, it'll be a review of their initial, financial information.

是的，我認為我們說過 2025 年中期發布，這確實將由 SEC 決定。我們應該提交，我們希望提交，並希望在接下來的幾週內提交初始 SEC 文件。這個過程在某種程度上是可以預測的，但可能會更快或更慢。因此，如果您是年中，您認為六月七月的時間框架是什麼，我認為這是一種合理的思考方式。所以我想說，最大的障礙始終是證券交易委員會 (SEC)，他們對形式發票的審查就是他們的審查，我將首次在證券交易委員會 (SEC) 註冊。所以就像 IPO 一樣，它將對其初始財務資訊進行審查。

I think the other hurdles I think are reasonably. You would feel good about Investment Canada, which, reviews, transactions from a Canadian perspective, didn't have any comments, so we kind of passed that hurdle CIFIUS review we filed, we're optimistic this deal doesn't present any CIIAS issues. Harts Scott Rudio, I mean, the company together will be bigger, stronger, but it's still going to be a modest player in the overall market, so I don't anticipate any Hartco or antitrust issues.

我認為我認為的其他障礙都是合理的。您可能會對加拿大投資局感到滿意，因為從加拿大的角度來看，該局對交易的審查沒有任何評論，因此我們通過了提交的 CIFIUS 審查障礙，我們樂觀地認為這筆交易不會出現任何 CIIAS 問題。Harts Scott Rudio，我的意思是，合併後的公司將變得更大、更強，但在整個市場中仍將是一個不起眼的參與者，因此我預計不會出現任何 Hartco 或反壟斷問題。

So, and then we'll each need shareholder votes, which we're optimistic we'll get. I think it's a great deal for shareholders of both companies, so no reason to believe we'll have a problem with that. But, yeah, for planning purposes, I mean, ultimately the real question will be does it close in Muayana as the surviving company, does it close in their fiscal 2025, or does it close in July, as it's their fiscal 26, and we, we'll have better visibility on that in, after the first SEC comments.

所以，我們每個人都需要股東投票，我們對能夠獲得投票抱持樂觀態度。我認為這對兩家公司的股東來說都是一件好事，因此沒有理由相信我們會對此有異議。但是，是的，出於規劃目的，我的意思是，最終真正的問題是 Muayana 是否會作為倖存公司關閉，是否會在其 2025 財年關閉，還是會在 7 月關閉，因為這是他們的 26 財年，而我們，在美國證券交易委員會第一次評論之後，我們將對此有更好的了解。

Okay, thanks, that was great color. And then one other question, and you may not be able to comment on this, that there was some media speculation around the permitting and advancement of your partner in Ghana. Do you have any comment on it or can you give any additional color, more than what they did?

好的，謝謝，顏色很棒。還有一個問題，您可能無法對此發表評論，媒體對您在加納的合作夥伴的許可和晉升進行了一些猜測。您對此有何評論？

Yeah, they were, I think, they were in Daba last week or the week before, and there was just, this, it's a, it's a big conference. There's a lot of people with a lot of commentary about this and that, different projects around the world and around Africa. I don't think it's any more serious than that. I think the Atlanta team's doing a good job advancing that process. There was a federal election in Ghana in December. The party that's now in leadership is perceived by Atlantic to be even more friendly toward development of critical minerals mining. So, I think that's a positive.

是的，我想，他們上週或前週在達巴，那裡有一個大型會議。許多人對世界各地和非洲各地的各種項目發表了大量評論。我認為事情不會比這更嚴重了。我認為亞特蘭大隊在推進這一進程方面做得很好。加納 12 月舉行了聯邦選舉。大西洋月刊認為，現在的領導政黨對關鍵礦產開採的發展更為友善。所以我認為這是積極的。

So, I think we'll make, good progress this year. Obviously, we're in a market where, and this is, from a medium- and longer-term perspective, I think bullish. We're in a market where boing prices and, hydroxide and carbonate prices are at a level where it's hard to really support new investment in any project anywhere.

所以，我認為我們今年會取得良好的進展。顯然，從中期和長期來看，我認為我們所處的市場是看漲的。我們處於這樣的市場：氫氧化物和碳酸鹽的價格不斷上漲，以至於很難真正支持任何地方任何項目的新投資。

So even in Ghana, even with the oyo, which is a great project, relatively low CapEx, relatively low OpEx, it's hard to justify, investment here right now. I mean, that will change. I have 100% certainty that'll change at some point, but it just means we're not in as big a hurry as we might otherwise have been in Ghana or in Carolina or the project or Sayana with a project like Moland. You certainly take the long lead items like permitting you advance you can check those boxes and take away those. Those obstacles, but, we're we're comfortable with timeline in Ghana.

因此，即使在加納，即使有 oyo 這個偉大的項目，其資本支出和運營支出都相對較低，但現在也很難證明在這裡投資是合理的。我的意思是，這將會改變。我百分之百地確信這種情況在某個時候會改變，但這只意味著我們並不像在加納、卡羅來納或 Sayana 的項目以及像 Moland 這樣的項目那樣著急。您當然會採取長期措施，例如允許您提前檢查那些箱子並將其拿走。儘管存在這些障礙，但是，我們對加納的時間表感到滿意。

Okay, thanks, that was very helpful. I'll turn it over.

好的，謝謝，這非常有幫助。我把它翻過來。

Excellent, thanks, Joe.

非常好，謝謝，喬。

Your next question comes from the line of Noel Parks with Tuohy Brothers.

您的下一個問題來自 Tuohy Brothers 的 Noel Parks。

Hi, good morning.

嗨，早安。

Morning Noel.

早上好，諾埃爾。

See, I was, wondering if you could, talk a little bit, from your perspective on, the, sort of the. I guess industries various projects in Quebec and it just, if you think sort of third party or regional partnerships around processing are something that could be sort of on the near horizon or in the longer term and, do you see those being a material part of the sort of business model, as Sayana, expands possibly into mobile?

瞧，我想知道您是否可以從您的角度談一談這個。我想魁北克的行業有各種各樣的項目，如果您認為圍繞處理方面的第三方或區域合作夥伴關係可能是近期或長期的事情，您是否認為這些是商業模式的重要組成部分，因為 Sayana 可能會擴展到行動領域？

That's a great question. When we were putting NAL back into production kind of over the 2022, 23-time frame, markets were very strong. People weren't particularly focused on transportation costs. In a market like today, transportation costs mean a lot. If you have a remote mine, NAL is not remote, but all other as most other assets in Quebec are, just getting material to the market is an expensive part of the process. So first you have to get to a port, whether it's Quebec City that we use, or Montreal or they can cool or somewhere else. Then you have to get to a customer. Most of the customers, as are right now in China. So it's the expensive part of the process. So that means, so a couple of things I'd highlight. Number one, there are a lot of spontane projects in Quebec, some of them have and some of them, many, good, really good companies, good people, many and some really interesting or bodies.

這是一個很好的問題。當我們在 2022 年、23 年的時間範圍內讓 NAL 重新投入生產時，市場非常強勁。人們並不特別關注運輸成本。在當今這樣的市場中，運輸成本非常重要。如果您擁有一個偏遠的礦場，NAL 並不偏遠，但與魁北克的大多數其他資產一樣，將材料推向市場是整個過程中昂貴的一部分。所以首先你必須到達一個港口，無論是我們使用的魁北克市，還是蒙特利爾，或者他們可以冷卻的地方或其他地方。然後你就得去找客戶了。大多數客戶現在都在中國。所以這是整個過程中昂貴的部分。所以這意味著我想強調幾點。首先，魁北克有許多自發性項目，其中一些項目已經有很多非常好的公司、優秀的人才，還有很多非常有趣的機構。

Many of them are very remote, in, CapEx will be high, labor costs will be high, infrastructure to get to, get to the market will be very challenging and that we think expensive. So we're very happy that we think NAL is by far the best located project in Quebec, as projecting perspective, and of the James Bay North projects, we think Moland is by far the best located. So we're very excited about that. That'll mean, and if you think about projects, we think NAL brownfield expansion is particularly exciting. The infrastructure is already there. We're 40 miles from Vorre, CapEx per ton just should be lower to expand that rather than build a greenfield project somewhere else.

其中許多國家都位於偏遠，資本支出和勞動成本都很高，進入市場的基礎建設和成本都十分高昂。因此，我們很高興地認為，從預測角度來看，NAL 是魁北克迄今為止位置最好的項目，而在詹姆斯灣北部項目中，我們認為 Moland 是迄今為止位置最好的項目。我們對此感到非常興奮。這意味著，如果你考慮項目，我們認為 NAL 棕地擴建特別令人興奮。基礎設施已經存在。我們距離沃勒 40 英里，擴建這裡的每噸資本支出應該會更低，而不是在其他地方建造綠地計畫。

So we're excited about that. Having said all that, NAL could benefit, Mobilland could benefit, the North American sponsoring market could benefit from having more conversion locally. It would mean would provide a meaningful opportunity to save on transport costs and improve margins. If you just imagine it costs, say $100 a ton to take material from Quebec to China, depending on how big the shipment is and everything else, that's a business where people are breaking even, that makes a big difference. So we're cheering for people to develop that. The only chemical plant being built in Quebec right now is the Arcadian plant at Rio Tinto will inherit in Baconcour.

我們對此感到很興奮。話雖如此，NAL 可以從中受益，Mobilland 可以從中受益，北美贊助市場也可以從本地更多的轉換中受益。這意味著將提供一個節省運輸成本和提高利潤的有意義的機會。如果你想像一下，將原材料從魁北克運到中國每噸的成本是 100 美元，這取決於運輸量的大小和其他因素，這是一個可以維持收支平衡的業務，這有很大的差別。因此，我們鼓勵人們發展這一點。目前魁北克省正在興建的唯一化工廠是力拓集團將繼承的位於巴肯庫爾的 Arcadian 工廠。

Forget the size of that. I want to say it's 32,000 tons a year, something like that. We're, Quebec's going to need a lot more capacity. I think as Sayan has said, and I think as we've said, as far as Quebec goes, our strategy is to really Ideally partner with other parties who are bigger and stronger and have the technical capability to execute on that basis, where we can be the minor and provide the spojamine and make the margin there and potentially participate in some way in the downstream of Quebec.

忘了它的尺寸。我想說是每年 32,000 噸，類似這樣的數字。魁北克將需要更多的產能。我認為正如 Sayan 所說，也正如我們所說，就魁北克而言，我們的策略是真正理想地與更大、更強且擁有在此基礎上執行的技術能力的其他方合作，我們可以作為次要方，提供硫酸鹽並在那裡賺取利潤，並可能以某種方式參與魁北克的下游業務。

But it would be wonderful if that happened. I think I could I could definitely see. Someone like Rio Tinto, if the Arcadian plant goes well and they can sort of doubling down and really trying to gather uponamine from multiple sources in Quebec, that'd be good for Quebec, it'd be good for the industry, it'd be good for, certainly be good for us.

但如果真的發生這種情況，那就太好了。我認為我肯定能看見。像力拓這樣的公司，如果阿卡迪亞工廠進展順利，他們就可以加倍投入，真正嘗試從魁北克的多個來源收集胺基，這對魁北克有利，對整個行業有利，對我們當然也有好處。

Great, thanks a lot.

太好了，非常感謝。

Thank you. Thanks.

謝謝。謝謝。

Your next question comes from the line of Greg Jones with BMO Capital Markets.

您的下一個問題來自 BMO 資本市場部的 Greg Jones。

Hi Keith, good morning. Good morning, Michael. Just wanted to follow up on a prior question regardingoa, please. If the ratification occurs during 2025, how do you envision the project development timeline advancing from here? I heard your comments regarding the current market environment. If you were in the situation where you get the permit.

嗨，Keith，早安。早上好，麥可。我只是想跟進一下有關 oa 的先前問題。如果在 2025 年獲得批准，您預計該專案的發展時間表將如何推進？我聽到了您對當前市場環境的評論。如果您處於獲得許可證的情況。

Would you advance as quickly as possible? Would you slow it down? How do you think about moving the project forward and potential start dates?

你會盡快晉級嗎？你能把它放慢速度嗎？您如何考慮推進該專案以及可能的開始日期？

Yeah, good question, and I'll give you our perspective, and I think it's shared by Atlantic, our partner, I think it's also shared by Sayan, our merger partner, and I think by the time, but, this is a decision that ultimately will be made by what we call mergeco. We'll have a new name for the company soon enough. But, so it's something, it's a topic of conversation. I think it's fair to say everyone has a view that if Sloge means 8 or $900 a year, it's not the time to go build a new mine. If we were Rio Tinto and we're funded that way, you could take a view that you invest countercyclically and you invest at the trough, but to do so would be really highly diluted to us, to be highly diluted to Atlantic.

是的，這是個好問題，我會給你我們的觀點，我認為我們的合作夥伴 Atlantic 也持同樣的看法，我認為我們的合併夥伴 Sayan 也持同樣的看法，而且我認為到時候，這個決定最終將由我們所謂的合併公司做出。我們很快就會為公司取一個新名字。但是，這確實是一個話題。我認為可以公平地說，每個人都有這樣的看法：如果 Sloge 意味著每年 800 或 900 美元，那麼現在就不是去建造新礦的時候。如果我們是力拓，並且以這種方式獲得資金，那麼您可以採取逆週期投資的觀點並在低谷時進行投資，但這樣做會嚴重稀釋我們的股權，也會嚴重稀釋大西洋公司的股權。

We just don't think it'd be the right time to do it. We are engaging in conversations with different, debt funding sources for the project on a joint basis. Those could be, international finance organizations like the DFC in Washington or others commercial banking organizations.

我們只是認為現在不是做這件事的好時機。我們正在與不同的債務融資來源就該項目進行聯合談判。這些可能是像華盛頓的DFC這樣的國際金融組織或其他商業銀行組織。

That's a development that will take time. So I suspect 2025 will be a year where we wrap up all the, permitting ratification, and from that perspective, we're ready to go, and then we really refine the funding, and put in place that funding to minimize the equity dilution to any participant, but to put the company, put the asset on its strongest footing. And then once that's done, the question is, does the board approve.

這一發展需要時間。因此，我認為 2025 年將是我們完成所有許可批准的一年，從這個角度來看，我們已經準備好了，然後我們真正完善融資，並落實融資，以盡量減少任何參與者的股權稀釋，但要讓公司、讓資產處於最穩固的基礎上。一旦完成，問題是董事會是否批准。

Does do do any of the boards or do all the boards approve funding the project when on a spot price basis the IRRs would probably not meet your hurdle. So this is a question that everybody with a project is going to have to deal with, and I think the answer is there are going to be very few projects that I say $900 spot spon mean, pass that hurdle test from a board perspective.

當以現貨價格計算的內部報酬率 (IRR) 可能無法滿足您的要求時，是否有任何董事會或所有董事會批准為該專案提供資金？所以這是每個有專案的人都要面對的問題，我認為答案是，從董事會的角度來看，很少有專案能夠像我說的 900 美元現貨贊助那樣通過這一障礙測試。

That'll change because boing prices are going to have to go up because no one's going to be building in this environment. And there may be some brownfield expansions here or there, but, we think it's, or I say nobody, few people will be building in this environment. But, so it's too early to tell Greg, we still have these steps to go through, but my guess is we'll be waiting for a stronger market.

這種情況將會改變，因為在這種環境下沒有人會進行建設，所以波音的價格將不得不上漲。這裡或那裡可能會有一些棕地擴張，但我們認為，或者說沒有人，很少有人會在這種環境下進行建設。但是，現在告訴格雷格還為時過早，我們仍然需要完成這些步驟，但我的猜測是我們將等待更強大的市場。

Great, thank you for the cover. I'll turn it back.

太好了，謝謝你的封面。我會把它轉回去。

Okay, thanks a lot, Greg. I'll see you next week.

好的，非常感謝，格雷格。下週見。

That includes our Q&A session. I will turn the conference back over to John Koslow for closing remarks.

其中包括我們的問答環節。我將把會議交還給約翰·科斯洛，請他作最後發言。

Thank you, operator. That concludes today's call. Thank you for joining this morning as a reminder.

謝謝您，接線生。今天的電話會議到此結束。感謝您今天早上加入並給予提醒。

A copy of our earnings release, presentation, and a replay of this call are available on our website at Piedmont lithium.com.

我們的收益報告、簡報和本次電話會議重播的副本可在我們的網站 Piedmont lithium.com 上找到。

Thanks everybody.

謝謝大家。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。