Sandstorm Gold Ltd (British Columbia) (SAND) 2023 Q4 法說會逐字稿

Welcome to conference call, please continue to standby. Your conference will begin in approximately two minutes.

歡迎參加電話會議，請繼續等待。您的會議將在大約兩分鐘後開始。

Good morning, my name is Anna, and I will be your conference operator today.

早安，我叫安娜，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Sandstorm Gold Royalties 2020 Annual and Fourth Quarter Results Conference Call. All lines have been placed on mute to prevent any background noise. Please be aware that some of the commentary may contain forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. After the speakers' remarks, there will be a question and answer session. If you would like to ask a question during this time, simply press star then the number one on your telephone keypad. If you would like to withdraw your question, please press the star and the number two. Thank you. Mr. Watson, you may begin your conference.

此刻，我歡迎大家參加 Sandstorm Gold Royalties 2020 年度及第四季業績電話會議。所有線路均已靜音，以防止任何背景噪音。請注意，某些評論可能包含前瞻性陳述。無法保證前瞻性陳述將被證明是準確的，因為實際結果和未來事件可能與此類陳述中的預期有重大差異。演講者發言後，將進行問答環節。如果您想在此期間提問，只需按星號，然後按電話鍵盤上的數字 1 即可。如果您想撤回您的問題，請按星號和數字二。謝謝。沃森先生，您可以開始會議了。

Thank you, Regina, and good morning, everyone, and thank you for calling into our Q4 and 2023 year end earnings call as usual in a few minutes.

謝謝你，Regina，大家早安，謝謝你像往常一樣在幾分鐘後打電話參加我們的第四季和 2023 年年終收益電話會議。

So I'll hand things over to Erfan, our CFO, to review the earnings highlights. But before I do that.

因此，我將把事情交給我們的財務長埃爾凡（Erfan）來審查收益亮點。但在我這樣做之前。

I'd like to take the time to give an update of Sandstorm's business and the things that I will specifically focus on, which I believe are important to shareholders are fivefold. The first one being our updated guidance, not only for 2020 for specifically, but also our longer than five year term guidance as part of this guidance will also be talking about the timing of our two growth projects being provided and tomorrow project Number two, our current debt levels, including our projected debt repayments as well as the non-core asset sales process that we're going to use to achieve this number three, our current share buyback plans once we have achieved certain debt repayment thresholds. Number four, what this production guidance means in terms of cash flow expectations at today's gold price.

我想花時間介紹 Sandstorm 業務的最新情況，以及我將特別關注的事情，我認為這對股東來說很重要，有五個方面。第一個是我們更新的指導，不僅針對2020 年，而且作為本指導的一部分，我們的五年以上任期指導也將討論我們提供的兩個增長項目的時間安排以及明天的第二個項目，我們的當前的債務水平，包括我們預計的債務償還以及我們將用於實現第三個目標的非核心資產出售流程，即一旦我們達到某些債務償還門檻，我們當前的股票回購計劃。第四，這項產量指引對於目前金價的現金流預期意味著什麼。

And finally, a real quick summary of the key catalysts that we believe Sandstorm shareholders can look forward to. So starting off with our updated guidance. This chart shows the updated production expectations for the next 15 years. And as you can see, over the next 15 years, we have substantial growth that we can look forward to our current expectation for 2024 production and our internal Sandstorm budget is approximately the midpoint of the range that we are giving for guidance, which is 75,000 ounces to 90,000 ounces, which is a slight pullback from our 2023 numbers. As a reminder, on our Q3 earnings call, we explained that investors should expect a slight pullback this year because in 2023, we had approximately 5,000 ounces from a one-time payment on the Mount Hamilton royalty that's nonrecurring as well as reduced deliveries on the Mercedes stream because of the restructuring of the stream to drop extra monthly deliveries. So there's a couple of other small things. So 2024 is a bit of a dip here. However, towards the end of this year, we expect Equinox to have its Greenstone mine up and running and Ivanhoe to have a spot refi line up and running. So production should increase in future years from these high-quality, long-life mines.

最後，對我們認為 Sandstorm 股東可以期待的關鍵催化劑進行了快速總結。因此，從我們更新的指南開始。此圖表顯示了未來 15 年更新的產量預期。正如您所看到的，在未來 15 年中，我們將實現大幅增長，我們可以期待當前對 2024 年產量的預期，並且我們的內部沙塵暴預算大約是我們給出的指導範圍的中點，即 75,000盎司至90,000 盎司，較2023 年的數字略有回落。提醒一下，在我們第三季的財報電話會議上，我們解釋說，投資者應該預期今年會出現小幅回調，因為到2023 年，我們從漢密爾頓山特許權使用費的一次性付款中獲得了大約5,000盎司，這是非經常性的，而且漢密爾頓山特許權使用費的交付量也減少了。梅賽德斯流由於流的重組而減少了每月額外的交付量。還有其他一些小事。所以 2024 年有點下滑。然而，到今年年底，我們預計 Equinox 的 Greenstone 礦將建成並運行，而艾芬豪將擁有現貨重熔生產線並運行。因此，未來幾年這些高品質、長壽命的礦場的產量應該會增加。

In our financial statements and press release, we gave a very wide range for 2024 production guidance, and I apologize for such a wide range. But the goal is that each quarter will take that range of 75,000 ounces to 90,000 ounces and will materially narrow it every quarter. To give more and more accurate and meaningful information. The reason for the wider range this year is primarily due to two factors that affect the ability of our gold equivalent ounce sales and our ability to predict it with those two primary factors being number one, we're having to estimate how many ounces we will get this year from the new Greenstone stream as the mine completes construction and begins ramping up into commercial production. This is a very important stream for us and for our future. And once it's fully up and running, it should be 10,000 ounces of gold equivalent production per year to Sandstorm, which will be fantastic. However, mine ramp ramp-ups are notoriously challenging to predict, and it's hard for us to predict the timing. So we're giving ourselves a greater range this year.

在我們的財務報表和新聞稿中，我們對 2024 年的生產指引給出了非常廣泛的範圍，對於如此廣泛的範圍，我深表歉意。但我們的目標是每季都會採取 75,000 盎司至 90,000 盎司的範圍，每季都會大幅縮小這一範圍。提供更多、更準確、更有意義的資訊。今年範圍擴大的原因主要是由於兩個因素影響我們的黃金當量盎司銷售能力以及我們的預測能力，這兩個主要因素是第一，我們必須估計我們將銷售多少盎司隨著礦山建設完成並開始投入商業生產，今年將從新的綠岩礦流中獲得收益。這對我們和我們的未來來說都是非常重要的。一旦完全啟動並運行，Sandstorm 每年的產量應該達到 10,000 盎司黃金當量，這將是非常棒的。然而，礦山產能的增加是出了名的難以預測，我們也很難預測時間。因此，今年我們為自己設定了更大的範圍。

Second issue is that our guidance is gold equivalent, and this means that we have to take our silver and our copper revenue and turn it into gold equivalent. And the economy is in a dynamic phase right now. And commodity prices are changing rapidly. And I'm very, very bullish on the price of gold over the next year. The irony is the gold price goes up. We make more money, and that's great for Sandstorm. But that means that the silver and the copper turning to less ounces of gold equivalent. So overall, right now, if the gold prices go up, it's great for us based on what has to missed the bottom end of our guidance because of it. So again, it's a lighter sales range and we'll tighten that guidance range every quarter in future years. It will be easier for us to predict our current gold equivalent ounces because every single major asset that we have in construction are going into construction soon as a gold stream or royalty. And soon over 80% of our revenue will be from gold. So there will be less fluctuations in our calculations due to fluctuations in gold price going forward.

第二個問題是，我們的指導是黃金等值的，這意味著我們必須將白銀和銅的收入轉化為黃金等值。目前經濟正處於充滿活力的階段。大宗商品價格正在快速變動。我非常非常看好明年的金價。諷刺的是，金價卻上漲了。我們賺了更多的錢，這對 Sandstorm 來說是件好事。但這意味著白銀和銅的黃金等量會減少。因此，總的來說，現在如果金價上漲，這對我們來說是件好事，因為金價因此而錯過了我們指導的底部。因此，這是一個較小的銷售範圍，我們將在未來幾年的每個季度收緊該指導範圍。我們將更容易預測當前的黃金當量盎司，因為我們在建設中的每項主要資產都將作為黃金流或特許權使用費很快投入建設。很快我們 80% 以上的收入將來自黃金。因此，由於未來金價的波動，我們的計算波動將會較小。

From this chart, you can see that one-time mode and Maria have been built our gold equivalent production to go to over 140,000 ounces per year. For now, it's very important to note that our official guidance of 125,000 ounces per year within the next five years includes Hod Maden, but it excludes market being built just until we have more definitive timing from Glencore on the Maria project, if Maria is built and hot money is delayed, there would be closer to 110,000 ounces per year and then ramping up from there if Hod Maden is bell tomorrow is delayed, then it would be 125,000 ounces per year. That's in our current guidance. And again, at both mines are built that puts us over 140,000 ounces a year. There are many possible permutations. However, it's worth noting that despite what happened, the SSR this week, the HUD money mine, which is fully permitted in the slated for full construction this year can be delayed for up to an entire year, and we would still hit this guidance. So there's plenty of time for delays and for our current guidance to still be achieved.

從這張圖表中，您可以看到一次性模式和 Maria 已將我們的黃金當量產量提高到每年超過 140,000 盎司。目前，非常重要的是要注意，我們未來五年內每年125,000 盎司的官方指導包括Hod Maden，但它排除了正在建設的市場，直到我們從嘉能可獲得關於Maria 項目的更明確的時間安排（如果Maria 建成）如果熱錢推遲，每年將接近 110,000 盎司，然後從那裡開始增加，如果明天霍德馬登鐘推遲，那麼每年將達到 125,000 盎司。這是我們目前的指導方針。同樣，這兩個礦山的年產量超過 140,000 盎司。有許多可能的排列。然而，值得注意的是，儘管發生了這些事情，本週的 SSR、計劃於今年全面建設的 HUD 錢礦可能會被推遲長達一年，而我們仍然會達到這一指導。因此，還有足夠的時間進行延遲，並且仍然可以實現我們當前的指導。

Speaking of SSR, I think it's worth addressing this, and I've been getting a number of questions about it. For those of you who have not been following their situation, SSR, who's the project operator of hot-button has had a sad and unfortunate slip of the heap leach pad at an entirely different My name circular at the moment. Our only contact with them has been to express our sincere condolences for what has happened. As a result, we don't have any more information than the public has about this event. And as the mine has nothing to do with Sandstorm or any of our investments other than the fact that SSR owns 10% and has the right to earn into 40% of Baden-Baden. And the market is worried that these challenges may mean that money gets delayed a bit until issues get worked out again, I don't have better information in the public and therefore, I won't be taking any questions on this call about circular or attempt to guess what happened at Terpel or what will happen with SSR. But what I can say, and we'll address and answer questions on is that even if there is a full delay, we would still hit our guidance and we can talk about timing related to that. It's worth noting that the two mining technical issues at Terpel are being heap-leach slip and possibly cyanide has nothing to do with Hikma. And there is no heap-leach, if I might. And the mine was specifically designed to have no cyanide, so would be environmentally friendly. So if there is some reverberation in the mining industry for this incident. These technical issues are not applicable to Hikma on the day, the circular event was announced transfer of stock price dropped 10%, and I think quite candidly, it's a crazy overreaction by people who don't understand cancer was already trading at a discount to inherent value because of like one, our Martin is only 12% of our now and it isn't our only growth asset as we have the MarkWest starting to come into the picture. And wire will eventually be a much bigger part of our.

說到 SSR，我認為值得解決這個問題，並且我收到了很多關於它的問題。對於那些沒有關注自己情況的人來說，SSR（hot-button 的專案運營商）目前在完全不同的「我的名字」通告中發生了一次令人悲傷且不幸的堆浸墊滑倒事件。我們與他們的唯一聯繫是對所發生的事情表示誠摯的哀悼。因此，我們沒有比公眾更多的關於此事件的資訊。由於該礦與 Sandstorm 或我們的任何投資無關，除了 SSR 擁有巴登巴登 10% 的股份並有權獲得巴登巴登 40% 的股份之外。市場擔心這些挑戰可能意味著資金會被推遲一點，直到問題再次得到解決，我在公眾中沒有更好的信息，因此，我不會在這次電話會議上回答有關通函或嘗試猜測Terpel 發生了什麼或SSR 會發生什麼。但我能說的是，我們將解決和回答問題的是，即使完全延遲，我們仍然會達到我們的指導，我們可以討論與此相關的時間安排。值得注意的是，Terpel 的兩個採礦技術問題是堆浸滑移，氰化物可能與 Hikma 無關。如果可以的話，沒有堆浸。而且該礦經過專門設計，不含氰化物，因此對環境友善。那麼這次事件是否在礦業界引起一些迴響。這些技術問題不適用於當天的 Hikma，通報事件宣布轉讓，股價下跌 10%，我認為坦白地說，這是那些不了解癌症的人的瘋狂過度反應，因為癌症已經以折扣價進行交易內在價值，因為像這樣的一個，我們的Martin 現在只占我們的12%，而且它不是我們唯一的成長資產，因為我們已經有了MarkWest 開始出現。電線最終將成為我們的重要組成部分。

Now that have Antoine because it has a 30-year mine life already. So I believe the market reaction was to take the entire value of Hod Maden that over market cap. Again, even though it was already mostly out of our value, doing some simple math. The worst case for Sandstorm is that the project is delayed. Maybe it goes on time, maybe it's delayed six months, maybe it's delayed a year or two, but it will go into production one way or another operator or another. It's worth 12% of our now assuming it goes into construction this year in a two year delay only reduces our companies now by 1.3% from the loss of the time value of money. So a 10% drop in share prices happening because what and where people are thinking about this. Critically, fortunately, for us, our balance sheet continues to strengthen and soon we will be buying back our own shares.

現在有了 Antoine，因為它的礦場壽命已經有 30 年了。因此，我認為市場的反應是讓 Hod Maden 的全部價值超過市值。再次，儘管它已經基本上超出了我們的價值，但還是做了一些簡單的數學計算。對Sandstorm來說，最糟糕的情況就是專案被延後。也許它會按時進行，也許會推遲六個月，也許會推遲一兩年，但它會以某種方式或另一個運營商或另一種方式投入生產。假設它今年投入建設，延遲兩年，它現在的價值是我們現在的 12%，現在我們公司的資金時間價值損失只減少了 1.3%。因此，股價下跌 10% 是因為人們在思考這個問題以及在哪裡思考這個問題。重要的是，幸運的是，對我們來說，我們的資產負債表繼續增強，很快我們將回購自己的股票。

And this brings me to my next point, which is the progress that we're making on our debt repayment and how close we are to beginning to repurchase our own shares whether we're very close to being able to do that at December 31st, our balance sheet showed that we had our debt down to $436 million, but we've been aggressively paying it off. And we have recently sold another $7 million worth of other mining companies equity from our portfolio, which combined with cash flow from operations, we now have debt down to $419 million as of this morning, and we remain on target to get our debt down to below $350 million by the end of the year. We have stated that as part of this objective, we'll sell a minimum of $40 million of noncore assets to help with this debt repayment and hopefully higher. And we have now completed #17 million with another $23 million plus to go, and we're now well into that process and we have good visibility on where that additional money is going to be coming from. So we're confident in hitting that debt reduction target by the end of the year.

這讓我想到了下一點，那就是我們在償還債務方面取得的進展，以及我們距離開始回購自己的股票還有多遠，無論我們是否非常接近能夠在 12 月 31 日做到這一點，我們的資產負債表顯示，我們的債務已降至4.36 億美元，但我們一直在積極償還債務。我們最近從我們的投資組合中又出售了價值700 萬美元的其他礦業公司股權，加上營運產生的現金流，截至今天上午，我們的債務已降至4.19 億美元，我們仍然致力於將債務降至年底將低於 3.5 億美元。我們已經表示，作為這一目標的一部分，我們將出售至少 4,000 萬美元的非核心資產，以幫助償還債務，並希望出售更多。我們現在已經完成了#1700萬美元，還有另外2300萬美元以上的資金，我們現在已經很好地進入了這個過程，並且我們對額外資金的來源有很好的了解。因此，我們有信心在今年年底前實現債務削減目標。

Why is this so significant for those who haven't heard me say this before we have chosen $350 million a figure that we believe the debt is so comfortably low at, we can then begin dividing future cash flows between debt repayments and share repurchases. We believe this will happen right at a time when the Fed is in full pivot mode. Interest rates are coming down. We'll have the wind at our back from a monetary policy perspective, right? When our Greenstone mine and flat rate streams are coming online, our debt lower and with share repurchases, I believe our share price will trade up materially, and I look forward to a greatly. In the past month, I've talked to a number of institutional investors of Sandstorm that represent approximately 30% of our investor base and 100%. Every single one of them are signed up to this plan and approve this plan, and they're looking forward to this inflection point where Sandstorm's balance sheet will be at a place where we can continue to reduce debt and buy back our own shares real quickly.

為什麼這對於那些在我們選擇3.5 億美元之前沒有聽我說過這一點的人來說如此重要，我們認為債務處於如此低的水平，然後我們可以開始將未來現金流劃分為債務償還和股票回購。我們相信，這將在聯準會全面轉向模式時發生。利率正在下降。從貨幣政策的角度來看，我們會順風順水，對嗎？當我們的綠石礦和統一費率流上線時，我們的債務會降低，隨著股票回購，我相信我們的股價將會大幅上漲，我對此充滿期待。在過去的一個月裡，我與 Sandstorm 的一些機構投資者進行了交談，他們分別占我們投資者基礎的 30% 和 100%。他們每個人都簽署了這個計劃並批准了這個計劃，他們期待著這個拐點，沙暴的資產負債表將處於我們可以繼續減少債務并快速回購我們自己股票的位置。

And speaking of cash flow, this brings me to my next point about record cash flow sensor portfolio is expected to continue to generate substantial cash flow. And this number is only going to grow is Greenstone flatly, Robertson, Turquoise Hill hot-button mid-March, all start producing for us over time.

說到現金流，這讓我想到了下一個觀點，即創紀錄的現金流感測器組合預計將繼續產生大量現金流。這個數字只會在三月中旬的 Greenstone、Robertson、Turquoise Hill 熱點地區平穩增長，隨著時間的推移，它們都開始為我們生產。

At spot gold prices, we see a portfolio generating cash flow of up to $140 million per year, growing to over $200 million per year, five years from now. And lastly, I think it's worth summarizing transference catalysts going forward, very quickly. Those things being again, as I mentioned, getting debt to below $350 million by the end of the year, beginning to repurchase our own shares. First, production from Greenstone implied reef, Hod Maden, commercial construction, beginning even if it's a bit delayed. Its value has been entirely taken out of our market cap. So any clarity on timing or any progress will be a catalyst from here forward?

以現貨黃金價格計算，我們看到投資組合每年產生的現金流高達 1.4 億美元，五年後將成長至每年超過 2 億美元。最後，我認為值得快速總結未來的移情催化劑。正如我所提到的，這些事情再次發生，到年底將債務降至 3.5 億美元以下，並開始回購我們自己的股票。首先，綠石的生產意味著珊瑚礁、霍德馬登、商業建設即將開始，即使有點延遲。它的價值已完全從我們的市值中扣除。那麼，任何時間上的明確性或任何進展都將成為未來的催化劑嗎？

A new feasibility coming out on Mauro from Glencore and in timing. Clarity from that, our fundamentals are strong. Our balance sheet is now strong and getting stronger. Our cash flow is strong and are growing and our debt is dropping and share buybacks are around the corner.

嘉能可 (Glencore) 及時推出了關於毛羅 (Mauro) 的新可行性研究。由此可見，我們的基本面很強。我們的資產負債表現在很強勁，而且還在不斷增強。我們的現金流強勁並且正在成長，我們的債務正在下降，股票回購即將到來。

So with that, I'm going to hand it over to Erfan to discuss the specific results.

那麼具體的結果我就交給二帆來討論吧。

Thank you. Nolan despite a challenging market in 2023, I'm happy to report the Sandstorm's financial results set several new records for the Company and reflect the strength of an outstanding cash flowing royalty portfolio. In 2023, Sandstorm had sales royalties and income from other interests of over $190 million, of which nearly $180 million was from the sales and royalty revenue. The delta between these two numbers primarily reflects a one-time contractual payment associated with the Company's now Hamilton royalty that was received in the first quarter of 2023 centered on set a new record in terms of production as well, selling over 97,000 attributable gold equivalent ounces during the year. This is an 18% increase in ounces sold year over year.

謝謝。 Nolan 表示，儘管 2023 年市場充滿挑戰，但我很高興地向大家報告，Sandstorm 的財務業績為公司創造了多項新記錄，並反映了出色的現金流特許權使用費組合的實力。2023年，Sandstorm的銷售特許權使用費和其他權益收入超過1.9億美元，其中近1.8億美元來自銷售和特許權使用費收入。這兩個數字之間的差異主要反映了與該公司現在的漢密爾頓特許權使用費相關的一次性合約付款，該付款是在2023 年第一季收到的，主要是在產量方面也創下了新紀錄，銷售了超過97,000 盎司的權益黃金年內。銷量較去年同期成長 18%。

Looking at the annual financial results in a bit more detail, this table shows the breakdown of total revenue, including $107 million attributable to sales from our stream assets and $73 million from royalty revenues compared to 2022. The average realized gold price from the Company's gold streams was approximately 7% higher in 2023, while the average cash cost per tubular ounce was slightly lower at $223 per ounce. This calculates to cash operating margins of over $1,700 per ounce, nearly 90% profit margins on each ounce sold by the company. In total cash flows from operating activities, excluding changes in noncash working capital were just over $150 million. As Nolan discussed, we've been concentrating on deleveraging the company's balance sheet following a number of growth acquisitions in 2022, using the Company's strong cash flows to pay down bank debt as quickly as possible. With each passing quarter, Centillium's financial position continues to strengthen and we currently have over $200 million in capital available to us.

更詳細地查看年度財務業績，該表顯示了總收入的明細，其中與 2022 年相比，包括來自我們的串流媒體資產銷售的 1.07 億美元和來自特許權使用費收入的 7,300 萬美元。2023 年，該公司黃金流的平均已實現黃金價格上漲約 7%，而每管盎司的平均現金成本略低，為每盎司 223 美元。以此計算，現金營業利潤超過每盎司 1,700 美元，即公司每盎司銷售的利潤率接近 90%。經營活動產生的現金流量總額（不包括非現金營運資金的變動）略高於 1.5 億美元。正如諾蘭所討論的，在 2022 年進行了一系列增長性收購之後，我們一直致力於去槓桿化公司的資產負債表，利用公司強勁的現金流盡快償還銀行債務。每個季度，Centillium 的財務狀況都在不斷增強，目前我們擁有超過 2 億美元的可用資本。

Net income for the year ended 2023 was $42.7 million compared to $78.5 million in 2022. The decrease in net income is due to a combination of factors, including certain gains recognized in 2022 that did not occur in 2023, namely $37 million in gains resulting from the sale of the Company's hot, moderate interest and equity interest and Andre resources to Horizon copper and $25.8 million in gains on the disposal of certain assets, primarily related to the sale of a portfolio of royalties to and SANbox royalties all occurring in 2022. In 2023, there was a $22.2 million increase in finance expense, primarily related to interest paid on the company's revolving facility, which was drawn down in the third quarter of 2020 to finance our acquisitions. We anticipate that these interest payments will decline as we continue to pay down debt. The decrease in net income was partially offset by a $30.9 million increase in revenue of $13.9 million increase in the gain recognized on the revaluation of the company's investments, $11.8 million gain in revenue recognized primarily related to the Company's mount Hamilton royalty under total sales, royalties and other contractual income amounts and a $4 million gain on the disposal of the Company's Blackwater and El Pilar royalties December royalties drilling down to the fourth quarter financial results, the Company sold 23,250 gold-equivalent ounces, resulting in revenue of $44.5 million for the quarter, an increase of 7% and 16% respectively when compared to the fourth quarter and 2022. Cash operating margins per ounce for the quarter were nearly 90% in line with the average for the fiscal year, resulting cash flow from operating activities, excluding changes in noncash working capital of $36.5 million, an increase of 22% compared to the same period in the prior year.

截至 2023 年的淨利為 4,270 萬美元，而 2022 年為 7,850 萬美元。淨利潤下降是由多種因素造成的，其中包括2022年確認但2023年未發生的某些收益，即因將公司熱門、適度的利息和股權以及Andre資源出售給Horizo​​​​n而產生的3700萬美元收益銅以及處置某些資產的 2,580 萬美元收益，主要與出售 2022 年發生的特許權使用費和 SANbox 特許權使用費組合有關。2023 年，財務費用增加了 2,220 萬美元，主要與公司循環貸款支付的利息有關，該利息於 2020 年第三季提取，用於為我們的收購提供資金。我們預計，隨著我們繼續償還債務，這些利息支付將會減少。淨收入的下降被收入增加3090 萬美元部分抵消，公司投資重估所確認的收益增加了1390 萬美元，收入增加了1180 萬美元，主要與公司總銷售額、特許權使用費下的漢密爾頓特許權使用費有關和其他合約收入金額以及處置公司Blackwater 和El Pilar 特許權使用費獲得的400 萬美元收益12 月特許權使用費深入到第四季度財務業績，公司出售了23,250 黃金當量盎司，該季度收入為4,450 萬美元與第四季和 2022 年相比分別成長 7% 和 16%。本季每盎司現金營運利潤率與本財年平均接近 90%，扣除非現金營運資金變動後，營運活動產生的現金流為 3,650 萬美元，較上年同期成長 22%。前一年。

Net income for the fourth quarter was $24.5 million compared to a loss of $2.1 million during the same period of 2022. The increase in net income was due to a number of factors, including gains recognized on the company's investments, mostly due to an increase in the fair value of the Company's Sandbox and Horizon corporate debentures and increase in revenue for the quarter and a decrease in senior management compensation in terms of where gold equivalent production came from 2023. This chart shows a breakdown by assets Cerro Moro with the top producing asset with over 13,500 attributable ounces sold from Mercedes. The Company sold 12,800 gold equivalent ounces in January 2020 for Centrum closed its previously announced transaction to amend its existing gold and silver stream agreements on the Mercedes mine with Bear Creek Mining. The amended stream terms are effective Jan first, 2024. In June 2023, Sandstorm completed the final part of this transaction with Verizon copper where Verizon acquired a portion of the Antamina 1.66% MPI. royalty Sandstorm received a 1.66% silver stream reference to silver production. Antamina and retained a portion of the residual royalty during 2023, over 7,700 gold equivalent ounces were attributable to the Antamina assets. We were also thrilled to see news coming out this morning where the mine had received approval of modified EIA., which extends the mine life another decade to 2036, highlighting the truly world-class nature of the asset. We look forward to further updates and extensions.

第四季淨利為 2,450 萬美元，而 2022 年同期虧損 210 萬美元。淨利潤的成長歸因於多種因素，包括公司投資確認的收益，主要是由於公司 Sandbox 和 Horizo​​​​n 公司債公允價值的增加以及本季度收入的增加和高級債務的減少管理層薪酬以2023年黃金當量產量計算。此圖表顯示了 Cerro Moro 資產的詳細情況，其中生產量最高的資產是從 Mercedes 出售的超過 13,500 盎司的資產。該公司於 2020 年 1 月向 Centrum 出售了 12,800 盎司黃金當量，完成了先前宣布的交易，以修改其與 Bear Creek Mining 就 Mercedes 礦場現有的金銀流協議。修訂後的流條款將於 2024 年 1 月 1 日生效。2023 年 6 月，Sandstorm 完成了與 Verizon Copper 交易的最後部分，Verizon 收購了 Antamina 1.66% MPI 的一部分。 Sandstorm 收到了 1.66% 的銀流參考銀產量。Antamina 並在 2023 年保留了部分剩餘特許權使用費，超過 7,700 盎司黃金等值歸屬於 Antamina 資產。我們也很高興看到今天早上傳出的消息，該礦山已獲得修改後的環境影響評估(EIA) 批准，該礦山壽命將再延長十年至2036 年，凸顯了該資產真正的世界級性質。我們期待進一步的更新和擴展。

Fourth largest contributor to production was Lundin Mining's Japara project in 2023, Lundin completed additional drilling at the swap deposit, which is located within Sandstorm stream London reporting 25% growth in measured and indicated copper mineral resources at Schwab. Lundin is continuing to evaluate options for future processing, which might include, among other options integrating the material into Japara's processing facility.

第四大產量貢獻者是 Lundin Mining 的 Japara 項目，2023 年，Lundin 完成了互換礦床的額外鑽探，該礦床位於倫敦沙暴流內，報告稱 Schwab 的測量和指示銅礦資源增長了 25%。Lundin 正在繼續評估未來加工的選擇，其中可能包括將材料整合到 Japara 加工設施中的其他選擇。

Looking at annual production.

從年產量來看。

In terms of regional metal breakdown, production from assets in North America contributed nearly 40% to gold equivalent ounces sold and 47% from South American mines. Precious metals continued to be Sandstorm's focus in 2023. Over 70% of production came from gold and silver. While 19% of gold equivalent production came from copper assets with several key gold projects in development, we expect 80% of revenues to come from gold and silver by 2028 for 2024, based on the Company's existing streams and royalties, attributable gold equivalent ounces are forecasted to be 75,000 ounces and 90,000 ounces. The Company's production forecasts expect to reach approximately 125,000 attributable gold equivalent ounces within the next five years.

就區域金屬細分而言，北美資產的產量佔黃金當量盎司銷售的近 40%，南美礦場的產量佔 47%。2023年，貴金屬仍然是Sandstorm的關注重點。超過 70% 的產量來自黃金和白銀。雖然19% 的黃金當量產量來自銅資產，並且有幾個正在開發的關鍵黃金項目，但我們預計到2028 年和2024 年，80% 的收入將來自黃金和白銀，根據公司現有的流量和特許權使用費，可歸屬的黃金當量盎司為預計產量為 75,000 盎司和 90,000 盎司。該公司預計未來五年內權益黃金產量將達到約 125,000 盎司。

And with that, I'll pass it over to Dave to discuss some of our assets in a few highlights dates for a.

至此，我將把它交給戴夫，讓他在幾個重要日期中討論我們的一些資產。

Thanks, Stefan, and good morning, everyone. Today I'm focusing on a couple of assets that are rarely touched upon, but before diving into that, let's discuss the updated guidance from Fruta del Norte. Brazil Norte continues to shine brighter with each passing update. Since construction began, management has consistently exceeded market expectations and the full year of 2023 was no exception with Lundin Gold overseen production of over 481,000 ounces of gold. Good news continues as Lundin Gold guidance for up to 500,000 ounces of production in 2024 and up to 520,000 ounces of production of both 2025 and 2026. This increase is attributed to ongoing investments in plant throughput in aiming for a nameplate of about 5,000 tonnes per day and upgrades to concentrators to enhance metallurgical recovery. In addition to mill upgrades, Lundin Gold intends to release new reserves based on their resource conversion program in 2023. They also plan to continue an aggressive near-mine exploration program that performed exceptionally well in 2023. 2024 program is expected to cost $30 million with intended drilling of 46,000 meters from both surface and underground platforms, including successful targets from 2023, such as FDNS. and Bonanza sewer. Furthermore, Lundin Gold will continue exploration on regional targets in the Suarez basin with an additional 10,000 meters of drilling.

謝謝斯特凡，大家早安。今天，我將重點放在一些很少涉及的資產，但在深入探討之前，讓我們先討論一下 Fruta del Norte 的更新指南。巴西北部在每次更新中都繼續閃耀光芒。自施工開始以來，管理層一直超越市場預期，2023 年全年也不例外，Lundin Gold 監管的黃金產量超過 481,000 盎司。好消息不斷，Lundin Gold 預計 2024 年產量將達到 50 萬盎司，2025 年和 2026 年產量將達到 52 萬盎司。這一增長歸因於對工廠產量的持續投資，目標是達到每天約 5,000 噸的目標，以及對選礦廠進行升級以提高冶金回收率。除了工廠升級之外，Lundin Gold 還計劃在 2023 年根據其資源轉換計劃釋放新的儲量。他們還計劃繼續實施積極的近礦勘探計劃，該計劃在 2023 年表現異常出色。2024該計劃預計耗資 3000 萬美元，計劃從地面和地下平台鑽探 46,000 米，包括 2023 年成功的目標，例如 FDNS。和富礦下水道。此外，Lundin Gold 將繼續勘探蘇亞雷斯盆地的區域目標，並額外鑽探 10,000 公尺。

Moving on to Horne, five operated by Falco Resources. The project has undergone a significant transition following the recent announcement of the operating license and indemnity agreement with Glencore. This marks a major milestone, allowing the project to move into a focused permitting phase and preparation for construction. As a reminder, the horn mine located just outside of historical mining center within Noranda is a past producer and the Horne five deposit is a polymetallic extension of the original mine designed to be one of the low lowest cost underground gold producers in the world based on the 2021 feasibility study with over 11 million ounces of gold and over 1.1 million tonnes of copper produced historically, the project currently boasts over 80 million tons of reserves with a grade of 2.24 grams per tonne gold equivalent and a further 24 million tonnes of inferred resources at 2.22 grams per tonne gold equivalent. Now that the importance of OLIA. agreement is in place with Glencore 2024, we'll focus on pushing forward permitting and exploring project financing options. The Funko team has worked tirelessly to reach this point and we eagerly await the next catalysts in the assets development. Our 2% NSR on this massive deposit has it has the potential to cash flow for a generation or more, but has yet to be worked into our future production guidance. However, with the recent development, it gets closer and closer to a definitive time line.

接下來是霍恩 (Horne)，其中有 5 座由 Falco Resources 營運。在最近宣布與嘉能可簽署營運許可證和賠償協議後，該專案經歷了重大轉變。這標誌著一個重要的里程碑，使該專案進入了重點許可階段和施工準備階段。提醒一下，位於諾蘭達(Noranda) 歷史採礦中心外的霍恩(Horn) 礦是一個過去的生產商，而霍恩(Horne) 五號礦床是原礦的多金屬延伸，旨在成為世界上成本最低的地下黃金生產商之一，基於2021年可行性研究，歷史上生產了超過1100萬盎司黃金和超過110萬噸銅，該項目目前擁有超過8000萬噸儲量，品位為2.24克/噸黃金當量，另有2,400萬噸推斷資源量每噸黃金當量為 2.22 公克。現在就知道OLIA的重要性了。與 Glencore 2024 達成協議後，我們將專注於推進許可和探索專案融資方案。Funko 團隊孜孜不倦地努力達到這一目標，我們熱切地等待資產開發的下一個催化劑。我們對這筆巨額存款的 2% NSR 有可能為一代或更多人帶來現金流，但尚未納入我們未來的生產指導。然而，隨著最近的事態發展，它越來越接近確定的時間表。

Lastly, let's discuss buying Hounde Westinghouse on our involvement in this asset. Two thoughts come to mind. Sandstorm has been around longer than I realize and the royalty company model is truly powerful. We first invested in buying Hounde and are deemed Resource Corp. after just the first few drill holes were completed on this asset and or Dean was considered an early stage. It's floor with a good first mover advantage in Mongolia today, the project both a $1 billion partner in the Mongolian Mining Corporation and as well into its construction just eight years after discovery fully financed to production. The project is expected to operate as one of the highest grade open pit gold projects in the world within the next 18 months for Sandstorm, we hold a 1% NSR in this asset, along with an additional 1% NSR on their exciting exploration project, Dalton. As the company develops this mine and realize this expansion potential expansion, we may see this as a sustainable long-term resource source of revenue from one of the more well-established companies in a prolific mineral jurisdiction. Although the last eight years have not been easy to draw lines there, Dan has done a remarkable job of moving the project forward, and we're delighted to see a project moves so quickly from discovery to production.

最後，讓我們討論一下收購 Hounde Westinghouse 時我們參與這項資產的情況。我想到了兩個想法。沙塵暴存在的時間比我想像的還要長，而且特許權使用費公司模式確實很強大。我們首先投資購買了 Hounde，並在該資產上完成了最初的幾個鑽孔後被視為 Resource Corp.，或者 Dean 被認為是早期階段。如今，該計畫在蒙古具有良好的先發優勢，該計畫既是蒙古礦業公司價值 10 億美元的合作夥伴，也是在發現後僅八年就投入全部資金投入生產的。該項目預計將在 Sandstorm 未來 18 個月內作為世界上最高品位的露天金礦項目之一運營，我們持有該資產 1% 的 NSR，以及他們令人興奮的勘探項目的額外 1% NSR，道爾頓。隨著該公司開發該礦場並實現這一擴張潛力，我們可能會將其視為來自多產礦產管轄區中一家較為成熟的公司的可持續長期資源收入來源。儘管過去八年的劃分並不容易，但 Dan 在推動該專案向前發展方面做得非常出色，我們很高興看到一個專案從發現到生產的速度如此之快。

So with that, I'll hand over the call to Aena the operator for Q&A session. Please, please feel free to ask questions about the royalties and streams and protect. Thank you.

因此，我會將電話轉交給接線生 Aena 進行問答環節。請隨時詢問有關版稅和串流媒體和保護的問題。謝謝。

Thank you. Ladies and gentlemen, we will now begin the question and answer session. Should you have a question, please press the star followed by one on your telephone keypad. You will hear a three-toned prompt. Acknowledging your request. Questions will be taken in the order received. Should you wish to cancel your request, please press the star fault with the two. If you're using a speakerphone, please lift the handset before pressing any keys. One moment please, for your first question. Your first question comes from the line of Michael Mueller from HC. Wainwright. Please go ahead.

謝謝。女士們、先生們，我們現在開始問答環節。如果您有疑問，請按下電話鍵盤上的星號，然後再按一個。您將聽到三聲提示音。確認您的請求。問題將按照收到的順序進行。如果您想取消請求，請按兩個星號錯誤。如果您使用免持電話，請在按任何按鍵之前拿起聽筒。請稍等一下，回答你的第一個問題。你的第一個問題來自 HC 的 Michael Mueller。溫賴特。請繼續。

Hello, everybody. Good morning and thanks for taking my questions. I'll pre-phase the whole thing. The SSR thing most of my questions were sort of going into that direction. But as per your request, I'll hold off. So I got a few other ones as well when it comes to the monetization of the $40 million to $100 million of non-core assets. Are there any that stand out in regards to market interest? And can you maybe provide some color on the discount rates that you're seeing buyers apply or that for that matter you apply to things? And in general, just how are the offers coming in in regards to cash versus stock, please?

大家好。早安，感謝您提出我的問題。我會預先安排好整件事情。SSR 的事情我的大多數問題都屬於這個方向。但按照你的要求，我會延後。因此，當涉及到 4000 萬至 1 億美元的非核心資產的貨幣化時，我還得到了一些其他的建議。有哪些在市場興趣上表現突出的產品？您能否提供一些關於您看到的買家適用的折扣率或就此而言您適用於事物的折扣率的資訊？總的來說，請問現金與股票的報價如何？

Good questions. So I would say starting off, yes, we put out sort of a tender to have a bunch of companies look at a number of different royalties, but they're certainly ones that do stand out within that package just because it's in a competitive process right now. And I want to specifically point those out, we're trying to keep our cards close to our chest perspective, people that we're negotiating with right now. But what I can say from what we see is that it's a robust process. We see we're going to get to them and over the potentially higher and there may or may not be some things that take it well, look well over that number and we're working on that right now.

好問題。所以我想說，首先，是的，我們進行了招標，讓一些公司考慮一些不同的特許權使用費，但它們肯定是那些在該方案中脫穎而出的公司，因為它處於競爭過程中現在。我想特別指出的是，我們正在努力讓我們的牌貼近我們的胸部視角，我們現在正在與之談判的人。但從我們所看到的情況來看，我可以說這是一個穩健的過程。我們看到我們將達到這些目標並超越潛在的更高水平，可能會或可能不會有一些事情可以很好地應對，仔細研究這個數字，我們現在正在努力解決這個問題。

Sorry.

對不起。

Your next question was about to the the

你的下一個問題是關於

Hardy offers cash versus stock.

Hardy 提供現金與股票。

Yes. So great question again. So all stock or all cash, we're not accepting any stock as part of this process for many companies. So everything in there as cash allocate upsets does actually interest signal phase.

是的。又是一個很好的問題。因此，對於許多公司來說，無論是全部股票還是全部現金，我們不接受任何股票作為此流程的一部分。因此，隨著現金分配的混亂，其中的一切實際上都引起了訊號階段的興趣。

I may have missed this in the past. Fair enough. And then just moving on to something more or less in the same direction for Hunter, $436 million in December $419 million as of this morning. That's what they call it said, what are your plans quarter by quarter for the remainder of the year and if you can't fully break it down, I wouldn't blame you any idea at least where you expect the debt to be at the end of the first quarter. And they just are show us how contingent all of this is based on the sale of non-core assets or how much of it is contingent on the sale of non-core assets, please?

我過去可能錯過了這一點。很公平。然後亨特就朝著大致相同的方向前進，12 月的收入為 4.36 億美元，截至今天早上為 4.19 億美元。這就是他們所說的，你今年剩餘時間裡每個季度的計劃是什麼，如果你不能完全分解它，我不會責怪你至少知道你預計債務在哪裡第一季末。他們只是向我們展示這一切有多取決於非核心資產的出售，或者其中有多少取決於非核心資產的出售，好嗎？

Thank you very much.

非常感謝。

Yes. So I think it's because some of the noncore asset processes are lumpy. And there's a couple of things in there. It's hard to predict which quarter they're going to land. And so we'll talk more on the whole year or so want to get below $350 million by December some time of this year. We only need another $20 million change in the non-core asset sale process, and we have multiple different ways to get there. And look, we'll put we'll get there. It's harder to tell quarter by quarter just because there's different swings in some payables that are one of the things that goes around is our interest expenses is constant quarter over quarter, but when we actually pay the interest versus when the interest accrues sometimes slips over quarter. So it's hard to predict an exact quarter, but were important or $19 million will obviously be lower than that in six weeks when the quarter ends. And then we'll just continue to bring it down. So we're really comfortable that we'll hit that three 50 by by December.

是的。所以我認為這是因為一些非核心資產流程是不穩定的。裡面有一些東西。很難預測他們將在哪個季度登陸。因此，我們將更多地討論全年的情況，希望在今年 12 月的某個時候達到 3.5 億美元以下。我們只需要在非核心資產出售流程中再進行 2000 萬美元的改變，並且我們有多種不同的方式來實現這一目標。看，我們會到達那裡。很難逐季判斷，因為某些應付帳款有不同的波動，其中一個原因是我們的利息支出每季都是恆定的，但我們實際支付利息的時間與利息應付時間有時會在季度內下滑。因此，很難預測確切的季度，但很重要，否則 1900 萬美元顯然會低於季度結束後六週內的水平。然後我們就會繼續把它打下來。因此，我們非常放心，我們將在 12 月之前達到 3 個 50。

Fourth. Thanks for taking my questions. I'll get back in queue.

第四。感謝您回答我的問題。我會回到隊列中。

Thank you. And your next question comes from the line of Derek Mann from TD Securities. Please go ahead.

謝謝。您的下一個問題來自道明證券 (TD Securities) 的德里克曼 (Derek Mann)。請繼續。

Good morning and thank you. Had a question on the 15 year outlook that you just posted on the presentation, it looks like there's a drop in 2027 tons of TiO2 and that 15,000 ounces that have kind of been sprinkled into the 2030s. Can you talk about what drove that changing and thinking in 2027, is that a reflection of holiday items?

早安，謝謝。關於您剛剛在簡報中發布的 15 年展望的問題，看起來 2027 噸 TiO2 有所下降，而 2030 年代則減少了 15,000 盎司。您能談談是什麼推動了 2027 年的變化和思考嗎？這是節日商品的反映嗎？

So there's a SSR has come out with guidance related specifically to pipeline in 2027 with respect to the ramp up. So that current chart is showing that guidance that came from SSR., got it, which is what it is, and which is a ramp-up, a ramp-up year with strong production, but on a full year production

因此，SSR 已經發布了專門與 2027 年管道建設相關的指導意見。因此，目前的圖表顯示了來自 SSR 的指導。明白了，這就是事實，這是一個增長期，一個產量強勁的增長年，但基於全年產量

and then Robertson, is that included in 2027 and how many annual GEOs and so we expect to get from oil and wanted to go

然後羅伯遜，這包括在 2027 年以及每年有多少個 GEO，所以我們期望從石油中獲得併想要去

Roberts is not in 2027, if memory serves me correctly or budget Roberson kicks in in 2020 in our funds

如果我沒記錯的話，羅伯茲不在 2027 年，或羅伯森的預算將在 2020 年加入我們的基金

and annual deals, the range you guys expect to get from?

以及年度優惠，你們期望得到的範圍是多少？

Allison, it's going to depend you're right. I don't have my bladder, frankly, but it's going to be a few thousand ounces a year.

艾莉森，這取決於你是對的。坦白說，我沒有膀胱，但每年會有幾千盎司。

And then finally on Mark, can you remind us on the timing of payments when you guys execute that option on LoRa? Is that a one-time payment where you pay up to $225 million? Or is it an initial payment and then spread out over construction?

最後，Mark，您能提醒我們當你們在 LoRa 上執行該選項時付款的時間嗎？這是一次性付款嗎？您最多需要支付 2.25 億美元嗎？還是先付款然後分攤到建設中？

That's a really important question, actually. So for those who aren't familiar with it. We used to order when we originally signed the option agreement with the matter is that they had to get the mine third to build and at that point in time, that would knock at our door installations where we have the option, if we say yes, and we have to pay the $225 million right away at when Glencore came in and bought out the minority interest. It came back to us and said we would like to rework that. So that shifts from can you make your election, whether you're in or out at the time that our Board is making the Board-approved decision to begin full construction. So we said, okay, we'll do that. We would like to then make the payments as you build my sense of it, but we've reworked the agreement with Glencore. So when we say yes, we then slowly start paying as they built the pipes will just do it with cash flow from operations. So we don't have to worry about getting our balance sheet to a place where we're ready to make that payment because when we say yes, we'll just start doing with Castle.

實際上，這是一個非常重要的問題。所以對於那些不熟悉的人來說。當我們最初簽署選擇協議時，我們曾經訂購過，問題是他們必須讓第三個礦山建造，在那個時間點，這會敲響我們有選擇權的安裝大門，如果我們說是的話，當嘉能可介入並買斷少數股權時，我們必須立即支付2.25 億美元。它返回給我們並表示我們想重新設計。因此，當我們的董事會做出董事會批准的開始全面建設的決定時，無論您是在任還是退出，您是否可以進行選舉。所以我們說，好吧，我們就這麼做。我們希望在您了解我的想法後進行付款，但我們已經重新制定了與嘉能可的協議。因此，當我們說「是」時，我們就會慢慢開始付款，因為他們建造管道將僅用營運現金流來完成。因此，我們不必擔心我們的資產負債表是否已準備好付款，因為當我們同意時，我們就會開始與 Castle 合作。

Perfect. Thank you. Appreciate that.

完美的。謝謝。感謝。

Thank you. Once again, should you have a question, please press star followed by the one on your telephone keypad. Your next question comes from the line of Brian MacArthur from Raymond James. Please proceed.

謝謝。再一次，如果您有疑問，請按星號，然後按電話鍵盤上的數字。你的下一個問題來自雷蒙德詹姆斯的布萊恩麥克阿瑟。請繼續。

Good morning and thank you for taking my questions. First one I apologize. You may have said it. I think you did cut out, but just on Falko, you spent a lot of time talking about it and it could be significant. But did you say it's not in any of that guidance up to 2038? And if not on, why is that you do not feel you have some time horizon when this might come in?

早上好，感謝您回答我的問題。第一個我道歉。你可能已經說過了。我認為你確實刪除了，但就在 Falko 上，你花了很多時間談論它，這可能很重要。但你是否說過 2038 年之前的任何指南中都沒有這個內容？如果沒有，為什麼你不覺得你有一個時間範圍來實現這個目標？

Yes, you're correct. We don't have it in the guidance at this point. What we're waiting for is for them to really secure permits, secure project financing on it. That's typically we'll see some of the minimum standards that we're looking for before. We include anything into guidance. So until that gets finalized and we have more of a definitive time line, we won't include in guidance there.

是的，你是對的。目前我們的指南中還沒有它。我們正在等待的是他們真正獲得許可，獲得專案融資。通常我們會看到我們之前尋找的一些最低標準。我們將所有內容納入指導。因此，在最終確定並且我們有更明確的時間表之前，我們不會將其納入指導中。

And my second question on I'm just looking through your guidance this year of 75,000 ounces to 90,000 ounces in the footnote on the 125,000 ounces that was done at $1,800 gold, $23 silver and $390 copper to use the same numbers for the guidance this year. To normalize as you've gone through one of the challenges and that separate moment, it's all these geos with relative prices.

我的第二個問題是，我只是在瀏覽您今年的指導，即75,000 盎司至90,000 盎司，腳註中的125,000 盎司是在1,800 美元的黃金、23 美元的白銀和390 美元的銅上完成的，並使用相同的數字作為今年的指導。當你經歷了其中一個挑戰和那個單獨的時刻時，要正常化，就是所有這些具有相對價格的地理區域。

And maybe a second part, just philosophically, is that the right way we should be doing this as an industry. Any more of these geos or should we just be focusing on free cash flow?

也許第二部分，從哲學上來說，是我們作為一個產業應該採取的正確方式。還有更多這些地理區域還是我們應該只關注自由現金流？

I'll answer the latter part first. I think we should be focusing on free cash flow effect or just trying to disclose thing in an understandable industry way, which is really your free cash flow is important. And yes, we've run the numbers currently at a $300 gold, and that sort of was the midpoint of our guidance range. So if gold prices stay here or go up, there would be slightly fewer ounces than the midpoint of that range. Having said that, we have some even since we set that number. We've had some phone calls from people. We are not expecting any ounces from this year. We're going to get some smelters. So even with gold prices where they are today, I feel I still think the actual numbers are coming up in the front there.

我先回答後半部。我認為我們應該關注自由現金流的影響，或者只是嘗試以可以理解的行業方式披露事情，這確實是你的自由現金流很重要。是的，我們目前的黃金價格為 300 美元，這就是我們指導範圍的中點。因此，如果金價保持在此或上漲，盎司數量將略低於該範圍的中點。話雖如此，自從我們設定了這個數字以來，我們仍然有一些。我們接到了一些人打來的電話。我們預計今年不會有任何盎司。我們將獲得一些冶煉廠。因此，即使金價處於今天的水平，我仍然認為實際數字排在前面。

Great, thanks. That's very helpful. And my final question is just on the investments, just for why on understand where everything is because I think Keynote Sandbox goes one place in associates. But in those investments, we have all the convertible debt and you have a total of $258 million. I assume what's in there are the I want to put it this way. The Antamina Hot Maden and Bear Creek convertible to be main stuff. And then there's a little bit of share of which there was $17 million, you've sold $7 million . Is there anything else major in there that I'm missing?

萬分感謝。這非常有幫助。我的最後一個問題只是關於投資，只是為什麼要了解一切都在哪裡，因為我認為 Keynote Sandbox 在同事中佔有一席之地。但在這些投資中，我們擁有所有可轉換債務，而您總共擁有 2.58 億美元。我想裡面的內容是我想這樣說的。Antamina Hot Maden 和 Bear Creek 敞篷車是主要產品。然後還有一小部分份額，其中 1700 萬美元，你已經賣了 700 萬美元。還有什麼我遺漏的專業嗎？

Or is that based on going and the things you just listed are over 90% of it.

或者說是基於去的，你剛才列出的東西佔了90%以上。

Perfect. Thank you very much. That's very helpful.

完美的。非常感謝。這非常有幫助。

Thank you. Once again, should you have a question, please press star. I have follow-up with the one on your telephone keypad.

謝謝。再次強調，如果您有疑問，請按星號。我已透過您的電話鍵盤上的資訊進行了跟進。

There. Are no further question at this time. Please proceed for a.

那裡。目前沒有進一步的問題。請繼續進行。

Well, thank you again, everyone for joining in today's call. And like always, we'll be around and feel free to phone us at the office for further questions as they come up and hope everybody has a good day.

好的，再次感謝大家參加今天的電話會議。像往常一樣，我們將隨時為您服務，如有進一步問題，請隨時給我們辦公室打電話，並希望每個人都有美好的一天。

Thank you. Ladies and gentlemen, that does conclude our conference for today. Thank you. For participating. You may all disconnect.

謝謝。女士們、先生們，今天的會議到此結束。謝謝。為了參加。你們都可以斷開連線。