Sigma Lithium Corp (SGML) 2022 Q4 法說會逐字稿

And we are starting. Well, good morning, everyone. I am Ana Cabral-Gardner. I'm the Co-Chairperson and CEO of Sigma Lithium. It is my pleasure to welcome all of you to our 2022 much-awaited earnings result call.

我們正在開始。嗯，大家早上好。我是安娜·卡布拉爾-加德納。我是 Sigma Lithium 的聯合董事長兼首席執行官。我很高興歡迎大家參加我們期待已久的 2022 年收益電話會議。

I have fantastic developments to share with you. I'm here on site actually for the remainder of this week, but I want to just highlight a few disclaimers. I'm going to make quite a number of forward-looking statements in this presentation to give you a bit of a glimpse of the year to come. So please kindly read the disclaimers and take my comments in light of the disclaimer.

我有一些出色的進展可以與大家分享。實際上，本週剩下的時間我都在現場，但我只想強調一些免責聲明。我將在本次演講中做出相當多的前瞻性陳述，讓您對未來的一年有一個大致的了解。因此，請閱讀免責聲明，並根據免責聲明接受我的評論。

So it's a delight to have this earnings call as a producer. It's our first earnings call as a producer. So this marks a huge milestone for all of us. And then some of us have been here for almost 10 years working for this moment. And there are quite a number of fantastic developments to come as we go from here to becoming an even more relevant player in the global lithium industry.

因此，作為製片人參加這次財報電話會議我感到很高興。這是我們作為製片人的第一次財報電話會議。所以這對我們所有人來說都是一個巨大的里程碑。我們中的一些人為了這一刻已經在這里工作了近十年。當我們從現在開始成為全球鋰行業中更重要的參與者時，將會出現許多奇妙的發展。

So firstly, I want to start with guidance for 2023. So we produced the first green lithium concentrate on schedule in April, and we have been prudently ramping up ever since and the goal is to get to what we call nameplate capacity by July, early August. And why prudently? Because please bear in mind that we are actually running the first environmental circuit for dry stacking in the industry. So we do not want to overload the circuit. We want to make sure that the DMS runs at the pace with which we're comfortable with running that circuit. So it's been all going very well.

首先，我想從 2023 年的指導開始。因此，我們在 4 月份按計劃生產了第一批綠色鋰精礦，從那時起我們一直在謹慎地提高產量，目標是在 7 月份早些時候達到我們所說的銘牌產能。八月。為什麼要謹慎？因為請記住，我們實際上正在運行業內第一個用於乾堆的環境電路。所以我們不想讓電路過載。我們希望確保 DMS 以我們適合運行該線路的速度運行。所以一切都很順利。

The guidance for Phase 1 is 130,000 tonnes for 2023. So that will be up until December. By then, we're going to move into annual (inaudible) to 272,000 tonnes of concentrate, which is the nameplate capacity. As we discussed, we're producing a premiumized high-purity battery-grade lithium. This was validated in our first sales, which is essentially the culmination of years of work that started with our pilot plant. We achieved 9% lithium hydroxide premium pricing. More importantly, that sale was done in tandem with a 3-year offtake on tailings, crowning the 0 tailing strategy, which is the first for the industry. So we are delighted to formally validate the premiumization of our lithium.

第一階段的指導值為 2023 年 13 萬噸。因此，這一目標將持續到 12 月。到那時，我們的精礦年產量（聽不清）將達到 272,000 噸，這是銘牌產能。正如我們所討論的，我們正在生產優質的高純度電池級鋰。這在我們的第一次銷售中得到了驗證，這基本上是我們從試點工廠開始的多年工作的結晶。我們實現了 9% 的氫氧化鋰溢價。更重要的是，此次出售與為期 3 年的尾礦承購同時進行，實現了行業首創的零尾礦戰略。因此，我們很高興正式驗證我們的鋰的高端化。

It is high-purity granular coarse 0.5 to 6.5 millimeters and therefore, it performs better. It brings the efficiency (inaudible), measurable efficiency to do 20% to 30%, and that translates into a premium. We do not yet have a carbon green premium, but we believe that in decades to come, that might happen as well. More importantly, given that all has gone very well at the start, we are very confident to expand the production, which just means building more throughput. So we are tripling the output, building 2 more line trains in our industrial zone here in Vale do Jequitinhonha.

它是高純度的顆粒，粗0.5至6.5毫米，因此，它的性能更好。它帶來了效率（聽不清），可測量的效率提高了 20% 到 30%，這轉化為溢價。我們還沒有碳綠色溢價，但我們相信在未來幾十年裡，這也可能發生。更重要的是，鑑於一開始一切進展順利，我們非常有信心擴大生產，這意味著建立更多的吞吐量。因此，我們將產量增加兩倍，在 Vale do Jequitinhonha 的工業區再建造 2 列線路列車。

The detailed engineering is ongoing is being conducted by DRA, which is a very well-known global construction company. We're partnering with the same team that built this block for us. We are fully funded, again, between the debt that we acquired in December and the cash flows, we feel very comfortable with the pace of disbursements. And again, we would triple production to 766,000 tonnes of green lithium once it's done. We'll talk a bit more about the expected ramp going forward.

詳細工程正在進行中，DRA 是一家非常知名的全球建築公司。我們正在與為我們構建此塊的同一團隊合作。我們再次獲得了充足的資金，在 12 月份獲得的債務和現金流之間，我們對支付速度感到非常滿意。再次強調，一旦完成，我們的綠色鋰產量將增加兩倍，達到 766,000 噸。我們將更多地討論未來的預期增長。

We also believe that once that is done, we will be further derisk towards the $15 billion net present value we put forth when we presented the prefeasibility studies in December for Phase 2 and 3. So another step in derisking towards achieving those (inaudible). And again, another important development is around Phase 4. We are expecting, as we gave guidance, no change at least 15 million tonnes. We already got that. Now the conversation around Phase 4 is where does it go? Does it go in the back of the Phase 1 production, maybe 8 years from now? Or do we bring fourth as a fourth line train perhaps beginning construction next year.

我們還相信，一旦完成，我們將進一步降低實現 150 億美元淨現值的風險，我們在 12 月份提交第 2 和第 3 階段的預可行性研究時提出了這一目標。因此，這是實現這些目標（聽不清）的降低風險的又一步。同樣，另一個重要進展是圍繞第四階段進行的。正如我們所給出的指導，我們預計至少 1500 萬噸不會發生變化。我們已經知道了。現在圍繞第四階段的討論是：它會走向何方？它會在第一階段製作的後面進行嗎，也許是 8 年後？或者我們是否將第四列作為第四條線列車，也許明年開始建設。

So that's the current conversation given that this excess returns in lithium probably will prevail for 3 to 5 years, and we're going to take advantage of extracting as much material from the ground and transforming it within that period to maximize value for our shareholders. Talking a bit more about Phase 1, this is the picture of the site we're in. You can see the picture from the ROM pad down towards the plant plus the crusher, then the silo to store material and then DMS.

這就是當前的討論，因為鋰的超額回報可能會持續 3 到 5 年，我們將利用從地下開採盡可能多的材料並在這段時間內對其進行改造，為我們的股東實現價值最大化。進一步討論第一階段，這是我們所在站點的圖片。您可以看到從 ROM 墊向下到工廠加上破碎機、然後是存儲材料的筒倉，然後是 DMS 的圖片。

The next picture shows our beautiful material. You can see the particles. It's green lithium, its coarse, it's premiumized, it's stunning material, like beautiful. Here is a picture of our North pit looking down to the South pit, you can see again the preserved seasonal (inaudible), which is a symbol of environmental preservation and sustainability as a company. And again, we are very proud of it. In the middle, you can see the white that's the run of the pegmatite, the ore body where the lithium is.

下一張圖片展示了我們美麗的材料。你可以看到顆粒。它是綠色鋰，它很粗糙，它是優質的，它是令人驚嘆的材料，就像美麗的一樣。這是我們的北坑俯視南坑的照片，您可以再次看到保留的季節性（聽不清），這是環境保護和公司可持續發展的象徵。我們再次為此感到非常自豪。在中間，您可以看到白色的是偉晶岩，即鋰所在的礦體。

So we delivered on every front. I mean for the last 6 years, we have been talking to you about where we were going. We've been very consistent. We never stopped investing. We never stopped working even during the bear cycle. So the result is that every single milestone that we discussed has been achieved as planned, commissioned the crusher, initiating commission in December, commission completed in February, commissioned the water pump which is a major work of engineering as it goes all the way from the river to the plant 6 kilometers, as it preserve the nearby creek. We obtained the operating license in March, initiated production in April, commissioned the dense media separation plant, commissioned the first dry stacking tailing circuit in the world.

所以我們在各個方面都做到了。我的意思是，在過去的六年裡，我們一直在與你們討論我們的發展方向。我們一直非常一致。我們從未停止過投資。即使在熊市週期中，我們也從未停止過工作。因此，結果是我們討論的每一個里程碑都已按計劃實現，調試了破碎機，12 月開始調試，2 月完成調試，調試了水泵，這是一項主要的工程工作，因為它從河流距工廠 6 公里，因為它保護了附近的小溪。我們於3月獲得了運營許可證，於4月開始生產，投產了重介質分離裝置，投產了世界上第一條幹堆尾礦迴路。

Now we're ramping up the dry stacking tailing circuit with the pumps to the belt filters testing capacity. Then we delivered on zero tailings. I mean we [sold] (inaudible) the dry stack material into a 3-year [update]. The material is very, very well received by client is high of purity. After all, it's slightly granular as well even though it's technically ultra fine. We affected our first (inaudible) of the green lithium. We crystallized the premium, the 9% value ramp to the price of lithium hydroxide chemical. So we established how much value we own in the supply chain. That's a premium meant for us.

現在，我們正在通過泵提高幹堆尾礦迴路的帶式過濾器測試能力。然後我們實現了零尾礦。我的意思是我們將乾堆材料[出售]（聽不清）為三年[更新]。該材料純度高，深受客戶好評。畢竟，儘管它在技術上非常精細，但它還是有點顆粒化。我們影響了我們的第一個（聽不清）綠色鋰。我們明確了溢價，即氫氧化鋰化學品價格的 9% 價值上漲。因此我們確定了我們在供應鏈中擁有多少價值。這對我們來說是一筆溢價。

And then we started the stockpiling of material at port to effect for shipment, which will be 30,000 tonnes, 15,000 of tailings and 15,000 of concentrates. And then we're going to be gradually ramping up nameplate capacity throughout the North American summer.

然後我們開始在港口儲存30,000噸材料，其中尾礦15,000噸，精礦15,000噸。然後我們將在整個北美夏季逐步提高銘牌產能。

(inaudible) Next page shows a bit more detail on the, again, (inaudible) putting the milestones into time lines, the commissioning of the crushing circuit, the DMS circuit commissioning and then the initial production in April, the ramp-up to nameplate capacity that's happening as we speak. First shipment here in the middle, and then we're going to start producing nameplate capacity initiating in August. So all of that within a context, we have a beautiful picture taken from the thickeners of all of our dry stacked circuits here at the left bottom corner of it, right?

（聽不清）下一頁再次顯示了更多詳細信息（聽不清）將里程碑納入時間線、破碎迴路調試、DMS 迴路調試以及 4 月份的初始生產、銘牌上的產能提升我們說話時正在發生的容量。中間第一次發貨，然後我們將從八月份開始生產銘牌產能。因此，所有這些都在一個上下文中，我們在其左下角的所有乾堆疊電路的增稠器中拍攝了一張美麗的圖片，對吧？

Here is in more context, the ramp-up and the ability that we have -- the demonstratable ability we have to scale up production. In other words, how do we manage to get here? And where are we going from here? So we're giving initial guidance to the year-end as a pitstop of 130,000 tonnes of lithium concentrate until December 2023. And then we'll continue to deliver by then a nameplate capacity. And then we get to 277,000 tonnes of material on a run rate, annualized.

在更多的背景下，我們擁有的產能和能力——我們必須展示的擴大生產規模的能力。換句話說，我們如何到達這裡？我們接下來要去哪裡？因此，我們對年底的初步指導是在 2023 年 12 月之前生產 13 萬噸鋰精礦。然後我們將繼續提供銘牌產能。按年化運行速度計算，我們的材料產量為 277,000 噸。

And again, then if all goes well, if the construction final investment decision is made by our [board] this summer, we will be embarking on a construction. It's a lot simpler because it's just 2 line trains on an industrial park that exists. So it's an expansion of the production capacity of the existing industrial park. And that will lead us towards the 766,000 tonnes annualized nameplate capacity. By December 2024, you could actually infer guidance, if we manage to stay on the same timetable we achieve here as similar. We will be at 277 plus 260, which is 2 line trains at 130. So you will be roughly 530,000 tonnes of product expected if all goes well.

再說一次，如果一切順利，如果我們的[董事會]今年夏天做出建設最終投資決定，我們將開始建設。情況要簡單得多，因為現有工業園區內只有 2 條線路列車。所以這是對現有工業園區產能的擴大。這將使我們達到 766,000 噸的年銘牌產能。到 2024 年 12 月，如果我們設法保持與此處實現的類似時間表相同，您實際上可以推斷出指導。我們將在 277 列加上 260 列，即 130 列的 2 條線路列車上。因此，如果一切順利，預計將生產大約 530,000 噸產品。

Final investment decision made, and we managed to maintain that construction on schedule, and budget, which is essentially delivering on the same playbook. So we're basically consistently marching towards what we have been aiming for, which is adding 3 line trains running. And here, where does that places us. So it's indeed a very large-scale operation. Even when you contemplate the mergers that took place in the industry recently, we're still up there with a great and more importantly, with the body of resources and reserves to drop from, to continue to grow organically as a major. So the challenge in this industry is to reap the benefits from the winner take all that happens in lithium, given that it's a concentrated industry from a client standpoint, there are very few battery makers fixed to be precise, which are large scale.

最終的投資決策已做出，我們設法按計劃和預算維持該建設，這基本上是按照相同的劇本進行的。因此，我們基本上一直在朝著我們的目標前進，即增加 3 條線路的列車運行。在這裡，我們在哪裡。所以這確實是一個非常大規模的行動。即使你考慮到最近該行業發生的合併，我們仍然處於領先地位，更重要的是，我們擁有大量的資源和儲備，可以作為一個專業公司繼續有機增長。因此，這個行業面臨的挑戰是從鋰行業的贏家通吃中獲得利益，因為從客戶的角度來看，這是一個集中的行業，只有很少的電池製造商能夠做到精確、大規模。

And therefore, we do believe that they have a concentrated set of suppliers, and we want to be 1 of those suppliers. Being geographically diverse, being in Brazil because it supports our (inaudible) derisking their supply, but also the large-scale producing ultra-high quality product, purified product and green product also ensures our place in global supply chains for pretty much every battery manufacturer. So we're in an incredible position to benefit from the growth of the industry. As the industry grow, our demand grows concomitantly throughout cycles.

因此，我們確實相信他們擁有一組集中的供應商，而我們希望成為其中之一。地理位置多樣化，位於巴西，因為它支持我們（聽不清）降低供應風險，而且大規模生產超高質量產品、純化產品和綠色產品也確保了我們在幾乎每個電池製造商的全球供應鏈中的地位。因此，我們處於一個令人難以置信的位置，可以從行業的增長中受益。隨著行業的發展，我們的需求在整個週期中也隨之增長。

In this slide, one point, it's important. You can clearly see in light gray is the current production of the existing producers. In dark gray is the planned production for 2025. And so with 100,000 tonnes LCE, we're up there with the largest players in the industry. So we're delighted to have reached this position as a producer no longer as an emerging developer.

在這張幻燈片中，有一點很重要。您可以清楚地看到淺灰色的是現有生產商的當前產量。深灰色表示 2025 年的計劃產量。因此，憑藉 10 萬噸 LCE，我們已躋身業內最大的參與者之列。因此，我們很高興能夠成為製作人，而不再是新興開發商。

Here is, again, something we're very proud of. The picture of the [thickener] (inaudible) and the dry stacking tailing circuit. You can see that's the entire appendix to the plot and it's the secret of our environmental success ultimately because we dry stacking these tailings and we're selling them. So we're very proud of this, and this is dictating the pace of commissioning the main DMS plant because we're testing this equipment for the first time in the industry. So it's a phenomenal achievement. This shouldn't be underestimated.

這又是我們非常自豪的事情。 [濃縮機]（聽不清）和乾堆尾礦迴路的圖片。您可以看到這就是該圖的整個附錄，這最終是我們在環境方面取得成功的秘密，因為我們將這些尾礦幹堆並出售。因此，我們對此感到非常自豪，這決定了主要 DMS 工廠的調試速度，因為我們是業內首次測試該設備。所以這是一個了不起的成就。這一點不應該被低估。

And here is the picture of the product. We're very proud of this product. This is the tailing. So it shows that this beautiful greenish quality, low iron oxide, slightly granular, is in place even in this ultrafine tailings. So we're very proud of this material, and that explains how [sought after] (inaudible) this material is. And that explains how we managed to achieve, again, the same premiumization formula applied to this product because it's essentially processing a flotation plant upcycle by our clients, which means it's fantastic for the environment. It's basically 2 sets of lithium production with the same 1 (inaudible). So we're very proud of this.

這是產品的圖片。我們對這個產品感到非常自豪。這就是尾隨。因此，這表明即使在這種超細尾礦中，也具有這種美麗的綠色品質、低氧化鐵、略呈顆粒狀。因此，我們對這種材料感到非常自豪，這也解釋了這種材料是如何[受追捧]（聽不清）的。這解釋了我們如何成功地再次實現應用於該產品的相同高端化公式，因為它本質上是由我們的客戶處理浮選廠的升級循環，這意味著它對環境非常有利。基本上是 2 套鋰生產與 1 套相同（聽不清）。所以我們對此感到非常自豪。

This page shows the ramp-up in quite a lot of detail, and we wanted to take our time to go through this, so that you would understand how it all comes together. So our operating teams are managing all the normal challenges and we're completely on track to get to the commercial production in the Q3. So first, we start with crusher. So the target design was -- the capacity is main there. And then we've got the April, May achieved results and then June, July, we're kind of on the way to achieving what we see here in June. So we're doing pretty well.

此頁面非常詳細地顯示了啟動過程，我們希望花點時間來了解一下，以便您了解這一切是如何結合在一起的。因此，我們的運營團隊正在應對所有正常的挑戰，我們完全有望在第三季度實現商業生產。首先，我們從破碎機開始。所以目標設計是——容量是主要的。然後我們在四月、五月取得了成果，然後是六月、七月，我們正在實現我們在六月看到的目標。所以我們做得很好。

Percentage crush and utilization, again, we see here the percentage crush utilization. The crushers stopped a few times. Again, we're working with a [test and made] (inaudible) large jaw crusher. And we had its challenges there, too, but it's now going well, we have stopped (inaudible) crush material. So that's why this never been a bottleneck nor an issue because the crusher commissioned a few months ahead of the plant, right? Then it was done for that reason because we're also testing a 1,200-millimeter jaw crusher for the first time.

壓榨百分比和利用率，我們再次在這裡看到壓榨利用率百分比。破碎機停了幾次。同樣，我們正在使用[測試並製造]（聽不清）大型顎式破碎機。我們在那裡也遇到了挑戰，但現在進展順利，我們已經停止了（聽不清）粉碎材料。這就是為什麼這從來都不是瓶頸或問題，因為破碎機比工廠提前幾個月投入使用，對嗎？然後我們就這樣做了，因為我們也是第一次測試 1,200 毫米顎式破碎機。

Then again, we go to DMS throughput. As you know, it's measuring tonnes per hour. That's the capacity of each DMS and that's how we measure that. And we've been ramping sort of conservatively towards our goal, so not to overload the back end of the circuit. This is where we're really managing the (inaudible) conservatively and slowly so that we make sure that the filter mechanism, the tail end of it responds well. And so it's a consistent march towards getting to target design -- prudent, consistent march, classic Sigma, prudent and consistent should be our tag line.

然後我們再次討論 DMS 吞吐量。如您所知，它的測量單位是每小時噸。這就是每個 DMS 的容量，這就是我們衡量它的方式。我們一直在以保守的方式實現我們的目標，因此不會使電路的後端超載。這就是我們真正保守且緩慢地管理（聽不清）的地方，以便我們確保過濾機制及其尾端響應良好。因此，這是朝著目標設計不斷前進的過程——謹慎、一致的前進，經典的西格瑪，謹慎和一致應該是我們的口號。

Then we go to DMS utilization is the mirror of the throughput. So we've been going through getting to the 85% target design. We never targeted this to be 100% utilization, so 85%. But again, a sort of prudent and consistent march to get into that level. And then the recoveries. The one interesting thing on recoveries is that we're now feeding the materials as fresh rock as opposed to the weathered rock that was at the beginning of the feed because that was the first portion of the [Susha] (inaudible) mine, the Phase 1 mine that got removed. So as we reach fresh rock, naturally, the recovery is increased as well is a natural progression of the kind of material that gets fed into the plant.

然後我們去DMS利用率是吞吐量的鏡像。所以我們一直在努力實現 85% 的目標設計。我們從未將利用率定為 100%，所以是 85%。但再次強調，要進入這一水平，需要採取謹慎而持續的步伐。然後是康復情況。關於回收率的一個有趣的事情是，我們現在以新鮮岩石的形式供給材料，而不是在供給開始時的風化岩石，因為那是[Susha]（聽不清）礦的第一部分，即階段1 個地雷已被移除。因此，當我們到達新鮮岩石時，自然地，回收率也會增加，這是進入工廠的材料類型的自然進展。

And then production. Again, we've gone very slowly, very conservatively, making sure everything works. And then once we test it, then we can hit the accelerator more confidently, which is what we're doing right now to get up to the nameplate capacity. And the prudence here was mainly related to staffing these plants on the back end of the process, right? Because again, think about the scenario. The pumps don't work, the dry stacking doesn't work. We haven't planned for tailing down, right? So we didn't have a plan. So essentially, we were hinging this success on that circuit working. So therefore, we were very prudent on making sure it worked, so that we would have our tailings dry stack the way we planned.

然後進行生產。再說一遍，我們的進展非常緩慢、非常保守，以確保一切正常。一旦我們測試了它，我們就可以更自信地踩下油門，這就是我們現在正在做的，以達到銘牌容量。這裡的謹慎主要與在流程後端為這些工廠配備人員有關，對吧？因為再次考慮一下場景。泵不工作，幹堆不工作。我們沒有計劃尾隨，對吧？所以我們沒有計劃。因此，從本質上講，我們將這一成功取決於該電路的工作。因此，我們非常謹慎地確保其發揮作用，以便我們能夠按照計劃的方式將尾礦幹堆。

So guidance that we gave you, and that's an important point here is based on a number for capacity. That's not the target design. So this plant is designed for 20,000, 22,000 tonnes a month, and we are giving guidance around 16,000 tonnes a month, which is numbers we're already hitting starting July. So by July, we're going to get to guidance, but then the design actually can get us further, and we probably will get to design throughout the year. Hence, the discrepancy between the guidance and the full annualized number. So we're going to hit guidance. Then the question is how quickly we hit the full annualized numbers and most likely will happen throughout the third quarter as well.

因此，我們為您提供的指導是基於容量數字的，這一點很重要。這不是目標設計。因此，該工廠的設計產能為每月 20,000 噸、22,000 噸，我們給出的指導值為每月 16,000 噸左右，這是我們從 7 月份開始就已經達到的數字。因此，到七月，我們將獲得指導，但設計實際上可以讓我們走得更遠，我們可能會全年進行設計。因此，指導意見與完整年化數字之間存在差異。所以我們要達到指導。那麼問題是我們要多快才能達到完整的年化數字，並且很可能也會在整個第三季度實現。

So here's a very detailed operational x-ray, so that everybody gets comfortable that we're actually going in the progress that we said prudently and consistently. Here is what it would look like for us after the first year. And I think, we selected the main numbers. What I think what we want to do is to divert your attention to the chart on the right. I mean, essentially, there's quite a lot of debate about when your markets are going, what are the prices, the prices all back up. I think the main point here is Sigma is a low-cost producer. We're probably the third lowest cost producer in the world -- the fourth lowest cost producer in the world. So what does that mean? It means we're here to stay. No matter the price environment, we are earning excess returns.

因此，這是一個非常詳細的操作 X 射線，以便每個人都感到放心，我們實際上正在謹慎而一致地取得進展。這是第一年後我們的樣子。我認為，我們選擇了主要數字。我認為我們想要做的是將您的注意力轉移到右側的圖表上。我的意思是，本質上，關於市場何時走向、價格是多少、價格都會回升，存在很多爭論。我認為這裡的要點是西格瑪是一家低成本生產商。我們可能是世界上成本第三低的生產國——世界上第四低成本的生產國。那麼這意味著什麼呢？這意味著我們要留下來。無論價格環境如何，我們都可以獲得超額回報。

So think about the recent bear Wall Street upgrade. They're saying $19,000 per tonne of hydroxide long term. Well, in that scenario, with our premium pricing, we're still earning $1,300 a tonne -- per tonne of material excess returns. I mean that cost is $550 a tonne, steady state. So bottom line, no matter what [consumer] prices, we are going to be earnings excess returns which is we're going to be generating robust after-tax earnings. So that's the cash generation foundation here. The fundamentals of it is being a low-cost producer.

所以想想最近華爾街的熊市升級。他們說，從長遠來看，每噸氫氧化物的價格為 19,000 美元。好吧，在這種情況下，按照我們的溢價，我們仍然可以賺取每噸 1,300 美元——每噸材料超額收益。我的意思是穩定狀態下成本為每噸 550 美元。因此，最重要的是，無論[消費者]價格如何，我們都將獲得超額回報，即我們將產生強勁的稅後收益。這就是這裡的現金生成基礎。它的基本原理是成為低成本生產商。

Everything else, the function of how you have your forecast around the market. And obviously, our own forecast on delivering the units, delivering the volumes, which as the previous slide highlighted is marching as planned, normal commissioning in the first 3 months of operations, right? So for example, if you look at on an average basis in total, even with steady-state prices, let's say, averaging $3,400, we would be putting for $2.8 billion of earnings. If you look at one line only and if you adjust the prices, take it 20% down, which is where they would be today on spot for our numbers. We'll still be putting out about $1 billion in earnings annualized.

其他一切都取決於你如何對市場進行預測。顯然，我們自己對交付設備、交付數量的預測，正如上一張幻燈片強調的那樣，正在按計劃進行，在運營的前 3 個月內正常調試，對吧？舉例來說，如果你看一下平均總額，即使在穩態價格下，假設平均價格為 3,400 美元，我們也會預計收益為 28 億美元。如果你只看一條線，如果你調整價格，將其降低 20%，這就是我們今天的數據。我們仍將實現約 10 億美元的年化收益。

So these are very robust earnings numbers and cash generation numbers. So no matter what the math is here, we're ultra excess returns or we are in excess returns. Irrespectively, the margins are always above 70%, 65% earnings, which are net profit margins that are quite significant.

因此，這些都是非常強勁的盈利數據和現金生成數據。因此，無論這裡的數學是什麼，我們都是超額回報，或者我們是超額回報。不管怎樣，利潤率總是高於70%、65%的收益，這是相當可觀的淨利潤率。

And here is, again, the re-rate potential translating numbers. As we become a producer, as we continue to consistently deliver towards being a producer, we still see a disconnect if you compare to other pure play lithium producers of our scale. And again, as we're now a producer, you can see the color ball being our annualized reduction, the gray ball, the steady state in (inaudible) production with 3 line trains. And then you look at our peers, which are the same scale, the discrepancy evaluation to us.

這裡再次重新評估潛在的翻譯數字。當我們成為生產商時，當我們繼續始終如一地致力於成為生產商時，如果與我們規模的其他純鋰生產商進行比較，我們仍然會看到脫節。再說一次，由於我們現在是生產商，您可以看到彩球是我們的年化減少量，灰球是 3 條線路列車的（聽不清）生產的穩定狀態。然後你看看我們的同行，都是同樣的規模，對我們的評價有差異。

Clearly, that happens because we just became a producer. But as the months go by and as we demonstrate our ability to ramp towards main play, to deliver on the construction of Phases 2 and 3, to ship material, continue to earn operating prices, we do believe that next year, the year after next, we are going to become much closer to these peers.

顯然，發生這種情況是因為我們剛剛成為製片人。但隨著時間的推移，當我們展示出我們邁向主要業務的能力、交付第二期和第三期的建設、運送材料、繼續賺取運營價格時，我們確實相信明年、後年，我們將與這些同行更加接近。

So there's quite a significant pickup in value to be earned in a year here in this company, assuming we get to our milestones of building to more 2 more line trains and continuing to deliver production consistently, which we are demonstrating we can. So we're super confident that we're here to stay and it's pretty clear where we're going. So I think the best is yet to come really, as a shareholder of Sigma, we always think about it that way. I mean, so we're very excited about the future, and this chart is the demonstration of it.

因此，假設我們達到了建造更多 2 條生產線並繼續持續交付生產的里程碑，我們在這一年中將獲得相當大的價值提升，我們正在證明我們可以做到這一點。所以我們非常有信心我們會留下來，而且我們的去向也很明確。所以我認為最好的事情還沒有真正到來，作為 Sigma 的股東，我們總是這樣思考。我的意思是，我們對未來感到非常興奮，這張圖表就是它的演示。

That's a good segue about why are we so excited about the future because we're delivering the things that brought us here to begin with 6 years ago. I mean we delivered our zero trailing. We're actively working here on a strategy to zero all of our carbon that includes the diesel we use in the generators throughout construction, a zero (inaudible). And we've already done it, right? So we delivered this dry stacking. We're delivering zero tailings and why zero tailings because obviously, we're not selling all of our tailings. I mean when you think about the mass balance of the plant, about 700,000 tonnes of coarse gravel material is produced. So what happens to it? Well, it's becoming road covering here in Vale do Jequitinhonha Valley preparing for the wet season.

這是一個很好的延續，說明了為什麼我們對未來如此興奮，因為我們正在交付 6 年前讓我們來到這裡的東西。我的意思是我們交付了零尾隨。我們正在積極制定一項戰略，將我們所有的碳排放歸零，其中包括我們在整個施工過程中發電機中使用的柴油，為零（聽不清）。我們已經做到了，對吧？所以我們交付了這種干堆。我們正在提供零尾礦，為什麼要零尾礦，因為顯然，我們不會出售所有尾礦。我的意思是，當您考慮工廠的質量平衡時，會生產約 70 萬噸粗礫石材料。那麼它會發生什麼呢？嗯，它正在成為 Vale do Jequitinhonha 山谷的道路覆蓋物，為雨季做準備。

So we will be able to do a few hundred kilometers of road coverings throughout the month based on basically donating the coarse gravel to the community, which has little to no lithium and that gets mixed with some of the material from the waste piles, the shift that we've been crushing in a separate plant, tiny plant and that becomes this beautiful coverage that you see that's been a blessing to these communities, that couldn't reach the towns for 3, 4 months during the wet season. So we're very proud that what the tailings are becoming in the communities. And obviously, what we're monetizing for tailings as we sell 300,000 tonnes run rate expected of these ultrafine ultrahigh purity tailings with about 1.5% -- 1.3% of lithium oxide.

因此，我們將能夠在整個月內進行數百公里的道路覆蓋，基礎是向社區捐贈粗礫石，這些礫石幾乎沒有鋰，並且與廢物堆中的一些材料混合在一起，這種轉變我們一直在一個單獨的工廠，一個小工廠裡進行壓榨，然後變成了美麗的覆蓋物，你可以看到，這對這些社區來說是一件幸事，因為在雨季的三四個月裡，這些東西都無法到達城鎮。因此，我們對社區中尾礦的變化感到非常自豪。顯然，當我們以 30 萬噸的運行速度出售這些含有約 1.5% - 1.3% 氧化鋰的超細超高純度尾礦時，我們通過尾礦貨幣化。

So high content of lithium oxide, price of the premium index of 9% lithium hydroxide minus the processing costs on flotation, that's our tailings pricing. First shipment comes out with tailings will publish then and proof is in the pudding. You look at the quality, it speaks a thousand words. It's fantastic material. So we're very proud of this.

這麼高的氧化鋰含量，9%氫氧化鋰的溢價指數價格減去浮選加工成本，就是我們的尾礦定價。第一批船的尾礦將在隨後公佈，證據就在布丁中。你看質量，它勝過千言萬語。這是很棒的材料。所以我們對此感到非常自豪。

So essentially, key actions. We met our objectives. We met our target SDGs, recycling the tailings, upcycling the tailings, 100% water reuse, so closed water circuit. At that, we're using sewage grade water. It's a sad reality that the Jequitinhonha River is actually full of sewage grade water that's not even suitable for industrial use. That's the water we use. We (inaudible) in a sewage treatment plant inbound that water stays in the circuit. It doesn't go back to the environment until it evaporates, gets lost. So perfect water efficiency.

所以本質上是關鍵行動。我們實現了我們的目標。我們實現了可持續發展目標，回收尾礦，升級回收尾礦，100%水回用，實現閉路水循環。那時，我們使用的是污水級水。可悲的現實是，熱基蒂尼奧尼亞河實際上充滿了污水，甚至不適合工業用途。這就是我們使用的水。我們（聽不清）在污水處理廠內，水留在迴路中。它不會回到環境中，直到蒸發、消失。如此完美的用水效率。

We're connecting to the grid. By the time it happens, it'll be clean energy, 100% clean energy. We have a very thorough biodiversity preservation starting with the areas we thought for piles, which were a priority -- on a priority basis, areas where we -- where there were pastures with suppressed vegetation. So we avoided to every extent suppressed vegetation for dry stack tailings for tailings piles. We just suppressed around the pits where it was inevitable. And at that, we donated 2:1, 5:1, tropical forest for each cactus or each caatinga piece of vegetation we suppressed.

我們正在連接到電網。到那時，它將是清潔能源，100%的清潔能源。我們對生物多樣性進行了非常徹底的保護，從我們認為需要堆放的區域開始，這些區域是優先事項——在優先事項的基礎上，我們——那裡的牧場植被受到抑制。因此，我們在很大程度上避免了尾礦堆幹堆尾礦受到抑制的植被。我們只是在不可避免的坑周圍進行壓制。那時，我們為我們壓制的每一棵仙人掌或每一片卡廷加植被捐贈了 2:1、5:1 的熱帶森林。

More importantly, even -- is environmental sustainability, leaving no one behind. We're making a life project. It's a lifetime legacy to make sure the region benefits from all these wealth being created here for shareholders. And the way to do this is to direct these programs to economic development initiatives that globally have been proven to have maximum development impact. The World Bank has an enormous value of research (inaudible) value of research. So we chose 3 initiatives, water, hydro security, the water safety, meaning water for everybody. 3,000 water tanks for everybody because the water truck program of the government in the towns would sometimes deposit the water in collective cisterns that were far from the actual houses.

更重要的是，環境的可持續性，不讓任何人掉隊。我們正在做一個人生項目。確保該地區從這里為股東創造的所有財富中受益，這是一生的遺產。實現這一目標的方法是將這些計劃引導到全球已被證明具有最大發展影響的經濟發展舉措。世界銀行具有巨大的研究價值（聽不清）。所以我們選擇了三項舉措：水、水電安全、水安全，這意味著每個人都有水。為每個人提供3000個水箱，因為政府在城鎮的水車計劃有時會將水存放在遠離實際房屋的集體水箱中。

So we earmarked 3,000 individual cisterns for each house and this number is bound to increase. So in concentric circles around our operations. Then the zero drought. We pioneered this what we call climate mitigation initiatives of creating these basins for rainwater capture, so it's irrigation year-round for the smallholder farmer, for subsistence agriculture. So that's, again, economic development by providing year-round ability to subsistence agriculture to thrive.

因此，我們為每間房屋指定了 3,000 個單獨的水箱，而且這個數字肯定還會增加。因此，圍繞我們的運營形成同心圓。然後是零乾旱。我們開創了所謂的氣候緩解舉措，即創建這些盆地來收集雨水，這樣就可以為小農提供全年灌溉，以實現自給農業。這又是通過提供全年自給農業蓬勃發展的能力來實現經濟發展。

And then lastly, microcredit. What we're doing in microcredit is just something to make us all proud. We have 10,000 lines of microcredit earmarked. More importantly, we have initiatives of holding the hand of the entrepreneur -- of female entrepreneurs. The impact of this is equivalent to over 50% of the economically active population in the region. So we're reaching everyone. And that ensures that other businesses in other areas, nonancillary to mining will drive. So we're creating economic development in different economic sectors than the indirect jobs than the ancillary ecosystems created by metallurgy, mining, for economic activity.

最後是小額信貸。我們在小額信貸方面所做的事情讓我們所有人感到自豪。我們已指定 10,000 筆小額信貸額度。更重要的是，我們有握住企業家——女性企業家的手的倡議。其影響相當於該地區50%以上的經濟活躍人口。所以我們正在接觸每個人。這確保了其他領域的非輔助採礦業務將得到推動。因此，我們正在不同的經濟部門創造經濟發展，而不是間接就業，而不是冶金、採礦為經濟活動創造的輔助生態系統。

So it's a spread of economic welfare. First, the safety net of water safety. I mean, the population would have water insecurity. They will go thirsty once the rain stopped, right? It was that serious. Then, again, ensuring that these small farms with -- and then lastly, I mean fostering the female entrepreneur to create this mini businesses, this very small businesses, which eventually would drive and employ more people, more (inaudible).

所以這是經濟福利的傳播。一是築牢用水安全安全網。我的意思是，人們將面臨水不安全的問題。雨一停他們就會渴吧？事情就是這麼嚴重。然後，再次確保這些小農場——最後，我的意思是培養女性企業家創建這種小型企業，這種非常小的企業，最終將帶動和僱用更多的人，更多（聽不清）。

So going at production expansion here is then how we're going to continue to do what we do. We're proceeding on schedule. I think it hasn't been appreciated on the expansion that there's a tremendous amount that's been done in this first half of the year towards detailed engineering. I mean we were more forthcoming on detailed engineering when we are now producer. Now we're so busy talking about production, we neglected to tell you how detailed engineering is going for you is a very detailed time table around all the steps we've been doing towards the construction of those 2 additional line trains, which again, are very simple, given that they're just production expansions.

因此，我們將繼續擴大生產規模。我們正在按計劃進行。我認為，今年上半年在詳細工程方面所做的大量工作並未得到人們的重視。我的意思是，當我們現在擔任製作人時，我們在詳細工程方面更加願意。現在我們正忙於談論生產，我們忽略了告訴您工程的詳細程度，這是一個非常詳細的時間表，圍繞我們為建造這兩條額外線路列車所做的所有步驟，再次，考慮到它們只是生產擴張，所以非常簡單。

We've been running this since December, we hired DRA. We're continuing with the teams here of [Promo] and the construction, the Brazilian engineering companies is going to do superb job for us. We've done the trade-off studies. We confirmed the design. And now what we're doing is what we call circuit adjustments, final designs, recycling lessons learned in the start-up of the plant into the design of these 2 new line trains. There's been quite a number of lessons learned, especially in the new circuit that we're now incorporating into the detailed engineering.

我們從 12 月起就開始運營這個項目，並聘請了 DRA。我們將繼續與這裡的[促銷]團隊和施工團隊合作，巴西工程公司將為我們做好出色的工作。我們已經完成了權衡研究。我們確認了設計。現在我們正在做的就是我們所說的線路調整、最終設計、將工廠啟動時吸取的經驗教訓回收到這兩條新線路列車的設計中。我們吸取了很多經驗教訓，特別是在我們現在正在納入詳細工程的新電路中。

So that would basically entail more trade-off studies. Then we're going to have a final process layout for a final processing chart -- a final processing flow sheet and then we're going to -- the equipment data sheet, 3D model be built as a result of that. And we will have the, what we call holy grail of prudent project management, which is the FEL3 quoted CapEx, which means that we are going to do exactly what we did on Phase 1. We're going to obtain actual quotes with suppliers and these quotes would then be acted upon for all the equipment over 150-day lead time and 120-day lead time. We call long lead item equipment.

因此，這基本上需要更多的權衡研究。然後，我們將為最終加工圖（最終加工流程圖）制定最終工藝佈局，然後我們將 - 設備數據表、由此構建的 3D 模型。我們將擁有我們所說的審慎項目管理的聖杯，即 FEL3 引用的資本支出，這意味著我們將完全按照第一階段的做法進行。我們將獲得供應商的實際報價，並且然後，這些報價將適用於 150 天和 120 天交貨時間內的所有設備。我們稱之為長周期項目設備。

So of this quote and of these conversations with suppliers and prepayment or deposit payment arrangements then we will have a PEP, which is a project execution plan, which is a very detailed document, which is, again, the center piece, this command central good project management and that is what ensures good project delivery, which shows every single month where every piece of equipment comes about. And the FEL3 quote is where we base up contract negotiations with suppliers, which means we are purchasing our timeliness, our ability to deliver this on schedule.

因此，根據這個報價以及與供應商的對話以及預付款或押金支付安排，我們將有一個 PEP，這是一個項目執行計劃，這是一個非常詳細的文件，這又是中心部分，這個命令中心好項目管理是確保良好項目交付的保證，它顯示了每個月每台設備的出現情況。 FEL3 報價是我們與供應商進行合同談判的基礎，這意味著我們購買的是我們的及時性和按時交付的能力。

And we are ensuring that there's a road map for the project. It's exactly the same playbook as Phase 1 with the benefit of the incorporation of the lessons here, that's what we're doing, right? April, May, all these lessons on the startup of the plant, equipment malfunction, this supplier, that supplier, electric place, this guy (inaudible) all are gets factored into more experience and better designs and better sourcing of equipment for Phase 2 and 3.

我們正在確保該項目有一個路線圖。這與第一階段完全相同，好處是融入了這裡的課程，這就是我們正在做的，對嗎？四月、五月，所有這些關於工廠啟動、設備故障、這個供應商、那個供應商、電力場所、這個人（聽不清）的經驗教訓都被納入第二階段和第二階段的更多經驗、更好的設計和更好的設備採購中。 3.

So every time we go at this, we're actually better. So once that happens, we're expecting the ordering to take place in July, assuming final investment decision is undertaken by our Board. And then we go straight at earthwork, a small [stats] to be prepared. And as early as October, we are hoping to start receiving equipment deliveries on site, just very much like before, 3, 4 months into this equipment deliveries, and then we are going to hopefully fall back into the same timetable as the Phase 1 where we would be commissioning the processing plant, DMS, crusher and then initial production starting in April, May.

所以每次我們這樣做時，我們實際上都做得更好。因此，一旦發生這種情況，假設最終投資決定由我們的董事會做出，我們預計訂購將在 7 月進行。然後我們直接進行土方工程，進行一些小[統計]準備。最早在 10 月份，我們希望開始在現場接收設備交付，就像以前一樣，在設備交付後 3、4 個月，然後我們將希望回到與第一階段相同的時間表，其中我們將調試加工廠、DMS、破碎機，然後在四月、五月開始初始生產。

So we're hoping to catch up on the back end differently than Phase 1, we don't need that much about -- between the crusher and the DMS, we can basically getting closer together, given that this is the second time around and essentially put this construction timetable on a similar schedule to Phase 1, hence when we provide guidance, we provide the guidance mirroring the apportionment we do of production for Phase 1.

因此，我們希望以不同於第一階段的方式趕上後端，我們不需要太多關於破碎機和 DMS 之間的信息，我們基本上可以更加接近，因為這是第二次，並且本質上，該施工時間表與第一階段的時間表類似，因此，當我們提供指導時，我們提供的指導反映了我們為第一階段所做的生產分配。

Here is a picture, again, just to validate how much simpler this is now. We've got an industrial site, it is licensed. So it's a licensing of production expansion we're doing. We're going to be leveraging on the existing Greentech Plant and Infrastructure. We don't need to build a new one. And then we have a little swap for expansion here. And probably if we do it with more line trains, we're going to go jump over and around to another area where you can see all the way here is faster. So you have like no trees if you can look at this picture here. So it's probably environmentally even better to skip over this area and go straight to the back here where there's just no suppression, like little to no suppression, which is kind of what we're looking into doing to minimize suppressing this portion here of vegetation, right?

這又是一張圖片，只是為了驗證現在有多簡單。我們有一個工業場地，它已獲得許可。所以這是我們正在進行的生產擴張許可。我們將利用現有的綠色科技工廠和基礎設施。我們不需要建造一個新的。然後我們在這裡進行一些擴展交換。如果我們用更多的線路列車來做到這一點，我們可能會跳過並繞到另一個區域，在那裡你可以看到這裡的一路速度更快。所以如果你看這張照片，你會發現這裡根本沒有樹。因此，跳過這個區域並直接進入後面，那裡沒有抑制，就像幾乎沒有抑制，這可能對環境更好，這就是我們正在考慮做的事情，以盡量減少對這部分植被的抑制，正確的？

So again, very straightforward proposition, very small area to the earthworks, and a very small area to be built. Again, where are we licensing? Why? Well, we're good, given that it is what we call a UTM license. This is called the equivalent of LI/LP when you're expanding is a UTM, which is a 3-month time line license is basically communicating to the regulator that we are expanding throughput, right? And then next year, when this is running -- we have filed for our pit 2 license in '22. Next year, it'll be '24, that license will be long gone and we'll be just awaiting LO for that industrial unit once we finish building just like now. So very straightforward, very derisked.

再次強調，這是一個非常簡單的提議，土方工程的面積非常小，需要建設的區域也非常小。再說一遍，我們在哪裡獲得許可？為什麼？嗯，我們很好，因為這就是我們所說的 UTM 許可證。當您擴展 UTM 時，這相當於 LI/LP，這是一個 3 個月的時間線許可證，基本上是向監管機構傳達我們正在擴展吞吐量，對吧？然後明年，當它運行時——我們已經在 22 年申請了 2 號礦坑許可證。明年，即 24 日，該許可證將早已失效，一旦我們像現在一樣完成建設，我們將等待該工業單元的 LO。所以非常簡單，非常危險。

Again, why we filed for the license last year? So this has been filed a while ago. So we've given ourselves 2 years for the licensing process, which, as you know, in Brazil, it doesn't take this long, it is a very streamlined process, very efficient because it rewards good projects. It's a very good system. It rewards first-class projects with low impact. It measures impact at entry. And then Phase 3 is same. We're going to file now, a year in advance. So again, very well-managed licensing process. We're always filing way in advance so that we give the regulator enough time to review our processes and award our licenses.

再說一遍，為什麼我們去年申請了許可證？所以這已經在不久前提交了。因此，我們給了自己兩年的許可流程，正如你所知，在巴西，不需要這麼長時間，這是一個非常精簡的流程，非常高效，因為它獎勵優秀的項目。這是一個非常好的系統。它獎勵影響較小的一流項目。它衡量進入時的影響。然後第三階段是一樣的。我們現在就要提前一年提交申請。再說一次，許可流程管理得很好。我們總是提前提交申請，以便給監管機構足夠的時間來審查我們的流程並授予我們許可證。

Here is one of the closing slides we just want to go back to the production profile and talk a bit about Phase 4. Why it's changed on Phase 4? We're kind of reframing our thinking given where the global lithium industry is going. In other words, lithium is a resource that's not valuable, it is valuable when you extract it, when you benefit and when you sell it. Currently, we have a lead advantage on Green lithium, and we have a lead advantage given that we actually crossed the finish line early, meaning we were fortunate to be able to be a producer at this moment in time for the lithium industry, where there's a clear symmetry and we can earn excess returns.

這是最後一張幻燈片，我們只想回到生產概況並談談第 4 階段。為什麼它在第 4 階段發生了變化？鑑於全球鋰行業的發展方向，我們正在重新構建我們的思維。換句話說，鋰是一種並不有價值的資源，當你開採它、當你受益以及當你出售它時，它才是有價值的。目前，我們在綠色鋰方面具有領先優勢，而且我們擁有領先優勢，因為我們實際上很早就衝過了終點線，這意味著我們很幸運能夠在此時及時成為鋰行業的生產商，其中有具有明顯的對稱性，我們可以獲得超額收益。

So our thinking now has been framed around phase 4 along the following lines. If detailed engineering, FEL CapEx for the expansion, validates the cost of capital, the CapEx, capital expenditure per line train as being on and around $75 million to $85 million. In the current price environment, projected for the next 3 to 5 years, the payback period of this is actually very short. In some instances, it is measured in weeks, right? So what does that mean, that we could potentially build a fourth line train starting next year. That's the thought that we are going to finesse over the months as we file our appropriate disclosures and preliminary economic analysis and feasibilities and so on and so forth.

因此，我們現在的思路是圍繞第四階段進行的，大致思路如下。如果進行詳細的工程設計，則用於擴建的 FEL 資本支出會驗證資本成本、資本支出、每條線路列車的資本支出約為 7500 萬至 8500 萬美元。在目前的價格環境下，預計未來3到5年，投資回收期實際上很短。在某些情況下，它以周為單位，對吧？那麼這意味著我們有可能從明年開始建造第四條線列車。這就是我們在幾個月內提交適當的披露信息、初步經濟分析和可行性等等時要巧妙運用的想法。

So the Phase 4 now group of resources is now being evaluated along the lines of could we actually bring it forward into this environment, so that we actually increase throughput in the current market environment, given that between 2023, 2024, '25 and 2028, there's still an uptake in demand, there may (inaudible) low cost lithium. We know there's a lot of high cost lithium. There's a bit of life in all these great things people talk about, but we all know expensive and environmentally horrendous that is. So what we're trying to do is to deliver environmentally friendly, sustainable zero tailings, perhaps 0 carbon material of incredible quality, low cost in that window as much as we can on it, right?

因此，現在正在評估第四階段的資源組，我們是否真的可以將其引入到這個環境中，以便我們實際上增加當前市場環境中的吞吐量，考慮到在 2023 年、2024 年、25 年和 2028 年之間，需求仍然增長，可能會有（聽不清）低成本鋰。我們知道有很多高成本的鋰。人們談論的所有這些偉大的事情都有一點生命力，但我們都知道這既昂貴又對環境造成可怕的影響。因此，我們正在努力做的是盡可能地提供環保、可持續的零尾礦，也許是質量令人難以置信的零碳材料，並且成本低廉，對嗎？

So that would be, I think, a fantastic way to maximize the mission of this company for the planet, for the environment, for the shareholders, for all the stakeholders, right? So that's the strategic thought process going on here at Sigma at the moment.

因此，我認為，這將是最大限度地實現公司對地球、環境、股東和所有利益相關者的使命的絕佳方式，對嗎？這就是 Sigma 目前正在進行的戰略思維過程。

So we're holding back to discuss it until we have the strategic thought process finesse. And in the meantime, we're showing what actually are we doing, right? So recapping. This is our entirety. This is our area. So in green our properties -- just to refresh everyone's memories because we haven't talked about this in ages. Sigma has 18,000 hectares of prime lithium property in valley Jequitinhonha. We're right on the strike north-south. This has been here for years. This investment was made 12 years ago when lithium wasn't fashionable, where most of what we discussed was regarded as science fiction.

因此，在我們掌握戰略思維過程技巧之前，我們不會討論這個問題。與此同時，我們正在展示我們實際上在做什麼，對吧？所以回顧一下。這就是我們的全部。這是我們的區域。因此，我們的房產綠色化——只是為了刷新每個人的記憶，因為我們已經很久沒有談論過這個了。 Sigma 在 Jequitinhonha 山谷擁有 18,000 公頃優質鋰礦。我們正處於南北罷工之中。這已經存在很多年了。這項投資是在 12 年前進行的，當時鋰還沒有流行，我們討論的大部分內容都被視為科幻小說。

So we took an enormous risk, enormous risk. And we kept on working at a pace we were comfortable risk wise. So massive property. We focus on Grota do Cirilo where in this property, there were nothing operating mines that we acquired. In Cirilo, there was the largest concentration of those. There were 6 operating mines. So we chose Grota do Cirilo because it was where the existing operating mines were huddled in. And here is the second picture and at that, you can see that (inaudible) kind of further up Phase 1, but Phase 2, 3, all of these areas are kind of a (inaudible). So what are we doing now?

所以我們冒了巨大的風險，巨大的風險。我們繼續以我們可以承受風險的速度工作。如此龐大的財產。我們專注於 Grota do Cirilo，在該地產中，我們沒有收購任何正在運營的礦山。在西里洛，這些人最集中。有6個正在運營的礦山。所以我們選擇了 Grota do Cirilo，因為它是現有正在運營的礦山聚集的地方。這是第二張圖片，在那兒，你可以看到（聽不清）有點像第一階段，但第二階段、第三階段，所有這些區域是一種（聽不清）。那麼我們現在在做什麼呢？

We're working to strike. In other words, we started (inaudible). These 2 deposits -- these 2 areas are validating. They are currently in our resource reserve statement. What we're doing is drilling fresh rock to achieve, hopefully similar results to what we achieved on Phase 3, which is an increased grade of lithium oxide. And we did that. That's what's going on. When you hit fresh rock, the grades go up significantly, 1.5, 1.6, intersections are great. So to the right, you see the plant.

我們正在努力罷工。換句話說，我們開始了（聽不清）。這 2 筆存款——這 2 個區域正在驗證。它們目前在我們的資源儲備表中。我們正在做的是鑽探新鮮岩石，希望能獲得與第三階段類似的結果，即提高氧化鋰的品位。我們做到了。這就是正在發生的事情。當你碰到新鮮的岩石時，等級會顯著上升，1.5、1.6，交叉點很棒。所以在右邊，你可以看到植物。

So what we're going to do is connect these 2. So just by adding up what we got today in (inaudible) you can see to see where this is going. So that's why we're so confidently put forth at this is 15 million tonnes as what I'm allowed to say. But clearly, there's enormous potential. And there's a third area, which is called (inaudible) which is another -- it wasn't officially a mine because it (inaudible), but that's all connected. So this, this and this, it's all connected. So we're just trying to uncover that block model that connectivity, and we'll talk about this in the context of bringing it all force into a fourth line train potentially to be built if all goes well as early as the summer of next year. Because, again, the lithium valley is enough (inaudible) more lithium and that's what we're set out to do more low-cost, environmentally sustainable lithium. That is a challenge, right?

所以我們要做的就是連接這兩個。因此，只需將我們今天得到的內容（聽不清）相加，您就可以看到它的發展方向。這就是為什麼我們如此自信地提出我可以說的 1500 萬噸。但顯然，潛力巨大。還有第三個區域，被稱為（聽不清），這是另一個區域 - 它不是正式的礦井，因為它（聽不清），但這都是相互關聯的。所以這個，這個，這個，都是有聯繫的。因此，我們只是試圖揭示連接的塊模型，我們將在將其全部力量引入第四線列車的背景下討論這一點，如果一切順利的話，最早將於明年夏天建造第四條線列車。因為，鋰谷有足夠（聽不清）更多的鋰，這就是我們打算生產更多低成本、環境可持續的鋰。這是一個挑戰，對吧？

So now I move on to Q&A. So I'll stop sharing and I'll go on to Q&A, and I'll get the questions.

現在我開始問答。所以我將停止分享，我將繼續進行問答，我會回答問題。

Okay, so first, on earnings, right? So the market wants to derive earnings from the production guidance. If we can provide price cost assumptions or EBITDA guidance and more specific guidance.

好吧，首先是收入，對吧？因此市場希望從生產指導中獲得收益。我們是否可以提供價格成本假設或 EBITDA 指導以及更具體的指導。

This will be done in a further quarter. I mean, again, remember, this is the year-end earnings call. We're bringing it forth on subsequent events. But ultimately, not even -- we just started production on second quarter. So we are -- a few quarters ahead of it, we're planning to give people a much more, let's say, precise indication of what we call cost factor guidance in the next earnings call. Why?

這將在下一個季度完成。我的意思是，再次記住，這是年終財報電話會議。我們將在後續活動中提出它。但最終，甚至不是 - 我們剛剛在第二季度開始生產。因此，提前幾個季度，我們計劃在下一次財報電話會議上為人們提供更多的，比如說，我們所說的成本因素指導的精確指示。為什麼？

Because right now, when you look at cost, it is a combination of what we call commissioning costs and an actual run rate variable cost. So the cost number is disturbed by the commissioning period. So we're going to start having undisturbed costs, meaning clear cash costs going into periods when we are actually producing. When we post revenues, we're going to be able to isolate disturbance and then actually show audited cost numbers. That's the goal for probably 1 quarter or 2 quarters down. By August 15, we're hoping to be publishing second quarter results.

因為現在，當你考慮成本時，它是我們所說的調試成本和實際運行率可變成本的組合。因此，成本數字受到調試週期的干擾。因此，我們將開始擁有不受干擾的成本，這意味著我們實際生產期間的明確現金成本。當我們發布收入時，我們將能夠隔離干擾，然後實際顯示經過審計的成本數字。這是可能下降 1 個季度或 2 個季度的目標。我們希望在 8 月 15 日之前發布第二季度業績。

So this is coming. And by the time we give this guidance, it's going to be as always as precise as possible. So for now, all of we are allowed from a regulatory perspective to publish is what we call the feasibility data for cost until we replace that with audited financial numbers for costs, right? So I answered that live.

所以這就要來了。當我們提供此指導時，它將盡可能精確。因此，目前，從監管角度來看，我們所有人都可以發布我們所說的成本可行性數據，直到我們用經過審計的成本財務數據取代它，對嗎？所以我現場回答了。

So then the next question we got is around reserves. So do you think Sigma has enough lithium reserves to grow beyond Phase 3 capacity or reserve acquisitions and enable to be considered to leverage the production capacity?

那麼我們遇到的下一個問題是關於儲備的。那麼，您認為 Sigma 是否擁有足夠的鋰儲量來超越第三階段產能或儲量收購，並能夠考慮利用產能？

Well, as we said, I mean, we got an enormous resource body here, right? We're barely starting. We started with the easy areas, which were the form of producing mines. We got 9 mines on our properties. Phase 1, Phase 2, Phase 3. We got still 6 mines to go. So what we're doing with phase 4, we join them. We're just taking 2 and then perhaps a third just to make sure it's one, right? I mean, that's the goal here is to try to basically bring it all forth to this decade to this market where we earn excess returns. So the answer is resounding yes. I mean these companies -- there are over 200 ore bodies here pegmatite out of which we classify 33 super targets.

嗯，正如我們所說，我的意思是，我們這裡有一個巨大的資源機構，對嗎？我們才剛剛開始。我們從簡單的區域開始，這是生產礦山的形式。我們的土地上有 9 個地雷。第一階段、第二階段、第三階段。我們還有 6 個地雷需要開採。所以我們在第四階段所做的就是加入他們。我們只取 2 個，然後可能取第 3 個，以確保它是一個，對吧？我的意思是，這裡的目標是嘗試在這十年中基本上將這一切帶入這個我們賺取超額回報的市場。所以答案是肯定的。我指的是這些公司——這裡有 200 多個偉晶岩礦體，我們從中劃分出 33 個超級目標。

When we made the investment, the fact that we had 33 super targets basically (inaudible). It's all great give us a shorter target list, which is more, let's say, derisked and he narrowed between 11, 9 of which were former mines, 11 were joining (inaudible) and when bear market came, it said, you know what, just 1 because it's a bear market. We'll continue to invest. We're going to take this 1 to cash flow. And here it is. So it takes time, but now that the world has understood the importance of lithium, capital, hopefully, will never see flow into the sector. And we are a massive cash flow producer anyway. So we are going to accelerate and accelerate, we will essentially, because we want to unlock all of this into production in this decade. That's the goal.

當我們進行投資時，我們基本上有 33 個超級目標（聽不清）。給我們一個更短的目標清單，這一切都很好，可以說，這是更多的，可以說，降低了風險，他將範圍縮小到 11 個，其中 9 個是以前的礦山，11 個正在加入（聽不清），當熊市來臨時，它說，你知道嗎，只有 1，因為這是熊市。我們將繼續投資。我們將把這個 1 轉化為現金流量。就是這樣。所以這需要時間，但現在世界已經了解了鋰的重要性，希望資本永遠不會流入該行業。無論如何，我們是一個巨大的現金流生產者。因此，我們將不斷加速，我們本質上會加速，因為我們希望在這十年內將所有這些投入生產。這就是目標。

The next question, yes, I'll answer that. With such a price base asset, why do we 10 -- when we exit it now? Why not continue to operate for the next 2, 3 years to get the valuation over $10 billion, then exit through capital markets, if not strategic.

下一個問題，是的，我會回答。有了這樣的價格基礎資產，為什麼我們現在退出時要 10 -- 呢？為什麼不繼續運營未來2、3年，讓估值超過100億美元，然後通過資本市場退出（如果不是戰略性的）。

Well, look, again, I do what I can control, which is bring this asset into production and deliver on environmental and social sustainability for real, right, for real. So why? Because that's what the world needs, environmentally sustainable lithium that shows the road map to lift communities together with it, so that we unlock the antagonism that typically existed between this industry historically in communities. We're still a way forward to an entire industry, a way of conversation, the way of engagement, where communities come with us. It's not perfect, but it's as good as you get. So let's put it that way. And we're creating massive value.

好吧，再說一遍，我做了我能控制的事情，即將這項資產投入生產，並真正、正確、真正地實現環境和社會的可持續發展。所以為什麼？因為這就是世界所需要的，環境可持續的鋰，它展示了與它一起提升社區的路線圖，以便我們消除社區中該行業歷史上通常存在的對抗。我們仍然是整個行業的前進之路，一種對話方式，一種參與方式，社區與我們同行。它並不完美，但已經是你能得到的最好的了。那麼讓我們這樣說吧。我們正在創造巨大的價值。

So if we stay an extra year, could I do more value, yes, and another, and another, but again, I'm a financial investor. I'm a financial sponsor. We've been here for now going to the seventh year. It's a very long term. And again, you have to think about value as it has to be good for every one. There's got to be value left for the next guy. So it's a broader conversation.

因此，如果我們再多呆一年，我可以做更多的價值嗎？是的，再多一點，再多一點，但再說一次，我是一名金融投資者。我是財務贊助商。我們來到這裡已經是第七個年頭了。這是一個非常長期的過程。再說一次，你必須考慮價值，因為它必須對每個人都有好處。必須為下一個人留下價值。所以這是一個更廣泛的對話。

In the meantime, clearly, as we discussed earlier, where we were not engaging is because there was what we call low-hanging fruit value to be unlocked. That's what we've been doing consistently. If you look at when some of these rumors started, how much low-hanging fruit value we unlock. We're going to continue to do that. And again, I don't control what other companies think of Sigma. I can show what I can deliver at Sigma and delivery we are. So everything we stay, we mean what we say, we say what we mean. So we're continuing to deliver exactly as we say it here. So that's what's under my control as Chief Executive. So that's the only way I can answer this. I can show what I can show and yes, we are on the way to those double-digit levels of valuation because of its progression.

與此同時，顯然，正如我們之前討論的，我們沒有參與的地方是因為有我們所說的唾手可得的果實價值需要釋放。這就是我們一直在做的事情。如果你看看這些謠言是什麼時候開始的，我們就能釋放多少容易實現的成果。我們將繼續這樣做。再說一遍，我無法控制其他公司對 Sigma 的看法。我可以展示我可以在 Sigma 交付什麼以及我們的交付能力。所以我們留下的一切，都是我們所說的，我們所說的。因此，我們將繼續按照我們在這裡所說的那樣提供服務。這就是我作為首席執行官的控制範圍。所以這是我能回答這個問題的唯一方式。我可以展示我能展示的東西，是的，由於其進展，我們正在達到兩位數的估值水平。

Now the question is what will happen in the meantime. I don't know. I don't control that. What I control is making sure that the foundation and the steps and the KPIs are key so that we can get to the valuation. So next terms there will be double digits of value for sure. That's my job. If I'm not here great, the next guy will achieve quite a lot of value. So these are the things that are outside of my control. That's why we tend not to engage with some of these rumors, right?

現在的問題是在此期間會發生什麼。我不知道。我無法控制這一點。我所控制的是確保基礎、步驟和 KPI 是關鍵，以便我們能夠進行估值。因此，下學期的價值肯定會達到兩位數。這就是我的工作。如果我在這裡表現不佳，下一個人將會實現相當大的價值。所以這些都是我無法控制的事情。這就是為什麼我們傾向於不參與其中一些謠言，對嗎？

Next question, are any other junior greenfield project that Sigma eyeing in Brazil?

下一個問題是，Sigma 還在巴西考慮其他初級綠地項目嗎？

Well, we're kind of busy here. So the answer is no. We're not doing inorganic M&A growth now, not at all. We're very busy even getting our own resources, reserves to market quickly, as quickly as we can. As we showed on Phase 4, the goal is to just get it all out of the ground quickly because it is this decade. It is in this market that we're going to achieve spectacular results with these shareholders. Why? We're the low-cost producer. We have a premium product. We're environmentally sustainable, we're socially sustainable. These are competitive advantages in -- they're right now and others will follow hopefully. I do not want to be the sustainable producer in the industry at all. And I received all of my competitors here to tell them how we're doing it because we want everybody to follow. So -- but now it's going to evolve, and we're banking on that advantage as you can see with the premium pricing.

嗯，我們這裡有點忙。所以答案是否定的。我們現在不進行無機併購增長，一點也不。我們非常忙，甚至盡快將自己的資源、儲備推向市場。正如我們在第四階段所展示的那樣，我們的目標是迅速將其全部付諸實踐，因為現在正是這十年。正是在這個市場上，我們將與這些股東一起取得驚人的成果。為什麼？我們是低成本生產商。我們有優質的產品。我們是環境可持續發展的，我們是社會可持續發展的。這些都是競爭優勢——它們現在就存在，其他人也有望效仿。我根本不想成為這個行業的可持續生產者。我在這裡接待了所有的競爭對手，告訴他們我們是如何做的，因為我們希望每個人都跟隨。所以，但現在它正在發展，我們依靠這一優勢，正如你在溢價中看到的那樣。

So the reason why we're moving forward internally with organic growth is the more the merrier, the more (inaudible) so we're just unlocking everything.

因此，我們在內部推進有機增長的原因是越多越好，越多（聽不清），所以我們只是解鎖一切。

Matt DeYoe, we have been hearing for weeks that full quarter earnings will be just days away. What happened is that a plan to consolidate first second quarter earnings?

馬特·德約（Matt DeYoe），幾週來我們一直聽說整個季度的財報即將發布。合併第一季度第二季度收益的計劃發生了什麼？

Yes. We try to put forward what happened. We decided to implement SAP in a year where we were thinking we were going to get an exemption from the full audit for Sarbanes-Oxley Section 404 internal controls. There's a 5-year exemption that's typically granted to the new companies. However, we were victims of our success. The increased market capitalization last year made us ineligible for the exemption. So the result was the perfect storm, where we had to be subjected to a full 404 audit when we're not even a producer using basically manual processes because SAP was in implementation. So it was painfully slow.

是的。我們嘗試提出發生的事情。我們決定在一年內實施 SAP，當時我們認為我們將獲得對《薩班斯-奧克斯利法案》第 404 條內部控制全面審計的豁免。新公司通常會獲得 5 年的豁免。然而，我們是成功的受害者。去年市值的增加使我們沒有資格獲得豁免。因此，結果是一場完美的風暴，當我們甚至不是使用基本手動流程的生產商時，我們必須接受全面的 404 審核，因為 SAP 正在實施。所以速度慢得令人痛苦。

We pulled over 4,700 pieces of documentation for KPMG manually was, because it was a full audit, the analysis was done on a 100% sampling for pretty much most of the major accounts. It wasn't done on sampling. So every major item of accounting above $300,000. That's how low our materiality. Because we are not a revenue earner. So the materiality stayed low. So low materiality, manual process, no SAP, full 404. So perfect storm, for a very, very snail-paced audits. That's what we live through here. So essentially, that's what happened.

我們手動向畢馬威 (KPMG) 提取了 4,700 多份文檔，因為這是一次全面審計，因此對幾乎大多數主要賬戶進行了 100% 抽樣分析。這不是在抽樣時完成的。因此，每一項主要會計項目都超過 300,000 美元。我們的物質性就是這麼低。因為我們不是收入來源。因此，重要性保持在較低水平。如此低的重要性，手動流程，沒有 SAP，完整的 404。如此完美的風暴，對於一個非常非常緩慢的審計。這就是我們在這裡所經歷的。本質上，這就是發生的事情。

We clearly upgraded our systems because SAP is now running. We're building up the team very rapidly. We're implementing the Chief Controls Officer role, which is essentially a backup financial department to just streamline these processes, so I think we're in a very good position now, and we're looking forward to going back on time for second quarter, which is August 15, right?

我們顯然升級了我們的系統，因為 SAP 現在正在運行。我們正在非常迅速地組建團隊。我們正在實施首席控制官的角色，它本質上是一個後備財務部門，只是為了簡化這些流程，所以我認為我們現在處於非常有利的位置，我們期待著第二季度按時恢復，這是8月15日，對嗎？

Tailing revenues, actually, no, I didn't answer that. Are tailing revenues included in our financial projections? No, not yet. We are going to include them once we earn them, which will be with the first shipment. In the (inaudible) they are not there -- they are not that large. Remember, there's a deduction for the cost but it's essentially free waste management. So it's a nice number, but it's not matter. Let's just put it that way. But it's trading to profit. It's a profit without cost, right? So it's coming up. And we probably -- we'll probably -- as we talked about financials and guidance, when you start giving financial guidance, we will include guidance for the tailing volumes, which are very healthy, I mean (inaudible) concomitant amount of tailings versus concentrate. So the same guidance for concentrate works for tailings, but tailings are a lot less pricing, right, because they need to be upgraded and reprocessed.

尾隨收入，實際上，不，我沒有回答這個問題。我們的財務預測是否包含尾礦收入？還沒有。一旦我們獲得它們，我們就會將它們包括在內，這將與第一批發貨一起提供。在（聽不清）它們不在那裡——它們沒有那麼大。請記住，雖然可以扣除成本，但本質上是免費的廢物管理。所以這是一個不錯的數字，但這並不重要。我們就這麼說吧。但它是為了盈利而交易。這是沒有成本的利潤，對嗎？所以它即將到來。我們可能——我們可能——當我們談論財務和指導時，當你開始提供財務指導時，我們將包括尾礦量的指導，這是非常健康的，我的意思是（聽不清）伴隨的尾礦量與集中。因此，同樣的精礦指南也適用於尾礦，但尾礦的定價要低得多，對吧，因為它們需要升級和再加工。

DeYoe, three of the Board members are no longer for reelection, including 1 (inaudible). What's happening in Board construction?

DeYoe 表示，三名董事會成員不再接受連任，其中包括 1 名（聽不清）。董事會建設發生了什麼？

It's a natural progression of the company. In other words, we've had a Board -- our Board has been incredible. They've been serving on the Board since when the company was private in 2017. And so it's been now 6 years of some of these Board members servicing the company. So it's quite a long time. So the same way we're entering auditor rotation in 6 years, our shareholders who are all new. I mean they're all post that period. Most of them vintage 2020, 2021, 2022 post NASDAQ wanted to see a refresh and a rotation of a Board that they perceive to be essentially our Board. So what we are seeing here is a shareholder led refresh with new names being suggested. We think shareholders gain, we gain of new expertises being brought into the Board. We have now 1 of the 4 most environmental experts in Canada joining our Board.

這是公司的自然發展。換句話說，我們有一個董事會——我們的董事會非常出色。自 2017 年公司私有化以來，他們就一直在董事會任職。其中一些董事會成員為公司服務已經 6 年了。所以這是相當長的一段時間。因此，就像我們在 6 年內進入審計師輪換一樣，我們的股東都是新的。我的意思是他們都過了那個時期。他們中的大多數人在 2020 年、2021 年、2022 年納斯達克上市後希望看到董事會的更新和輪換，他們認為這本質上是我們的董事會。因此，我們在這裡看到的是股東主導的更新，並提出了新的名稱。我們認為股東受益，我們也受益於被引入董事會的新專業知識。現在，加拿大最頂尖的 4 位環境專家中的一位加入了我們的董事會。

We have a very well renowned Chairman of Audit Committees of companies of operations in Brazil filing in the U.S. on the Board, including former Chairman of the Audit Committee of the Stock Exchange serving on our Board, which is -- so I think everyone wins. And we are eternally grateful to the current Board because they have helped us build this business, right? So essentially, it's been -- they're almost like founders if you think about that, right? But is a refresh is an upgrading to the extent that we are now becoming a shareholder led company, a shareholder-driven company.

我們的董事會中有一位非常知名的巴西運營公司的審計委員會主席，他們在美國備案，其中包括在我們董事會任職的證券交易所審計委員會前主席，所以我認為每個人都會獲勝。我們永遠感激現任董事會，因為他們幫助我們建立了這項業務，對嗎？所以從本質上講，如果你仔細想想，他們幾乎就像創始人，對嗎？但是，這是一種刷新，是一種升級，我們現在正在成為一家股東主導的公司，一家股東驅動的公司。

(inaudible) next question, but I'm happy to discuss in detail. The circular result. And then there's another question. The new -- the late entrants -- well, the late entrant is the issue about not being Canadian because we need to have 2 Canadians in our Board. And that's a more complex construct given that some of our -- most of our shareholder base is non-Canadian. So the names recommended were overwhelmingly non-Canadian, and therefore, we had to kind of compose and make a composition where we rotated the independence. We added an independent, so we have 4 new Chairs to accommodate the suggestions and the acts of shareholders. So we're actually quite happy that we got the level of engagement by shareholders in our elections.

（聽不清）下一個問題，但我很樂意詳細討論。循環結果。然後還有另一個問題。新加入者——後來加入者——嗯，後來加入者的問題是不是加拿大人，因為我們的董事會需要有兩名加拿大人。鑑於我們的一些——大部分股東基礎都是非加拿大人，這是一個更複雜的結構。因此，推薦的名字絕大多數都是非加拿大人，因此，我們必須在輪換獨立性的情況下進行組合。我們增加了一名獨立董事，因此我們有 4 位新主席來容納股東的建議和行動。因此，我們實際上很高興股東在選舉中的參與程度。

And remember, it's our first election as producer as well.

請記住，這也是我們第一次當選製片人。

Anonymous attendee. From an IRA eligibility perspective, may we have any idea on your plan for downstream integration into any free trade partners of the U.S.?

匿名與會者。從 IRA 資格的角度來看，我們對你們下游融入美國任何自由貿易夥伴的計劃有何了解？

Well, I don't control trade policy in Brazil, nor in the U.S.. What we are observing though, is that the United States being incredibly agile, I mean it's incredible how the United States has this ability to mobilize resources and agility to achieve its desired objectives, right, in order to fill the gaps of the IRA when it came to critical minerals. So there's been an avenue open around PKAN when -- PKAN is something called capital paste, where you amalgamate the elements of nickel, cobalt, manganese and lithium and produce a paste in some of these producing IRA eligible countries.

嗯，我不控制巴西的貿易政策，也不控制美國的貿易政策。不過，我們觀察到的是，美國非常敏捷，我的意思是，美國如何有能力調動資源和敏捷性來實現目標，這令人難以置信。它的預期目標是，為了填補愛爾蘭共和軍在關鍵礦物方面的空白。因此，圍繞 PKAN 開闢了一條道路——PKAN 是一種稱為資本糊劑的東西，您可以將鎳、鈷、錳和鋰元素混合在一起，並在一些符合 IRA 資格的生產國生產糊劑。

So the PKAN amalgamation is 1 of the avenues into the IRA. Argentina, which is our trade partners is now negotiating on the behalf of the block an entry into the IRA. So you may even see a direct entry of Brazil, Argentina because of the Mercosur block. But in the meantime, there are all sorts of alternative avenues for the eligibility to the subset. I'm not worried about at all because, again, it's a market for 1 conclusion.

因此，PKAN 合併是加入 IRA 的途徑之一。我們的貿易夥伴阿根廷目前正在代表該集團就加入愛爾蘭共和軍進行談判。因此，由於南方共同市場的阻隔，您甚至可能會看到巴西、阿根廷直接進入。但與此同時，還有各種替代途徑可以獲得該子集的資格。我一點也不擔心，因為這又是一個只有一個結論的市場。

America needs all is environmentally sustainable resources, all the environmentally sustainable resources it can get a hold of in order to deliver on the success of its electrification policies, which are now extremely, extremely successful given that the U.S. is the fastest-growing market, and we are very much part of that conversation.

美國需要一切環境可持續的資源，它能夠獲得的所有環境可持續的資源，以實現其電氣化政策的成功，鑑於美國是增長最快的市場，這些政策現在非常非常成功，並且我們在很大程度上參與了這場對話。

Will you be churning out cash once you start shipping? Any dividend partly?

一旦開始發貨，你會大量現金嗎？有部分股息嗎？

No, we don't lend dividends for now. We've got quite a lot of investments to do. So we're backing the heads on distributions until we are done with delivery on this vision, putting all -- just basically reducing at a nameplate capacity its conducive with the kind of the moment in -- we're observing for lithium going back to excess returns, as we talked about. And perhaps once we get there, we will look into intermediate chemical production, which is something I discussed before. And again, it goes back to the previous question of delivering to America, to Europe, to other parts of the world, this intermediate chemical that is environmentally sustainable.

不，我們暫時不發放股息。我們還有很多投資要做。因此，我們支持分配的負責人，直到我們完成這一願景的交付，將所有 - 只是基本上減少銘牌容量，這對當前的情況有利 - 我們正在觀察鋰回到正如我們所討論的，超額回報。也許一旦我們到達那裡，我們就會研究中間化學品的生產，這是我之前討論過的。這又回到了之前的問題，即向美國、歐洲和世界其他地區提供這種環境可持續的中間化學品。

Waste 3, perhaps low carbon, perhaps zero carbon, which is something we have the ability to do in Brazil, because of carbon credits and a low carbon grid or cheap abundant renewables. So there's no plan for dividends in the next 3 years for sure, until we're done building all this and then we will distribute, right, maybe '23, '24, perhaps '25, but it's [TBD] with our CapEx plans.

廢物3，也許是低碳，也許是零碳，這是我們在巴西有能力做到的事情，因為有碳信用額和低碳電網或廉價豐富的可再生能源。因此，未來 3 年肯定沒有股息計劃，直到我們完成所有這些建設，然後我們將進行分配，對吧，也許是 '23、'24、也許是 '25，但這[TBD]與我們的資本支出計劃有關。

Question, there was a significant jump in stock-based compensation in the fourth quarter. What's the driver?

問題是，第四季度股票薪酬大幅上漲。司機是什麼？

No, there wasn't a jump. What was happening was that a lot of our employees, and we're going to publish the dates these awards were given. A lot of our employees have earned their stock based compensation. Some of them as early as 2020, '21. And these [vested] hasn't been delivered. (inaudible). My award compensation to reach $2 billion, which back then was an impossible target, was never issued. So what we started to do because of the asymmetry between the fully vested number and the total number of shares outstanding was to actually issue the awards that had been long gone by mostly the older long serving employees.

不，沒有跳躍。發生的事情是我們的很多員工，我們將公佈這些獎項的頒發日期。我們的許多員工都獲得了基於股票的薪酬。其中一些最早是在 2020 年，'21。而這些[既得]還沒有交付。 （聽不清）。我的獎金達到 20 億美元，這在當時是一個不可能的目標，但從未發放。因此，由於完全歸屬數量與已發行股票總數之間的不對稱，我們開始做的是實際發放大多數老員工早已放棄的獎勵。

Some people will be here for 9 years, 10 years, 6 years, and they had earned their awards, but they haven't received this. Just to recap, we are not planning to go for more awards or anything. We calculated all of this in the previous election once we asked shareholders to increase stock-based compensation from 13% to 18%. So that's all into that number, and there's a slack for retention. So we still have a slack there for retention. But again, what happened here is essentially us doing the homework of issuing people their awards, their rightfully earned awards and even I remember people who work day and night literally.

有些人在這里呆了9年、10年、6年，他們已經獲得了他們的獎項，但他們還沒有收到這個。回顧一下，我們不打算獲得更多獎項或其他任何東西。我們在上次選舉中要求股東將股票薪酬從 13% 增加到 18% 時計算了所有這些。所以這就是這個數字的全部內容，而且留存率也有所下降。因此，我們在留住人才方面仍有餘地。但同樣，這裡發生的事情本質上是我們在做功課，向人們頒發獎項，他們應得的獎項，甚至我還記得那些日夜工作的人。

And the first batch of awards was basically the first generation of senior managers, some of them are long gone. So those are gone. But then this next generation, the crowd that's been here since '18 -- '17, '18, '19, working relentlessly hasn't even received like -- and we can publish -- we're going to publish the date with these awards were actually given, right?

而且第一批獲獎的基本都是第一代高級管理人員，有的早已不在了。所以那些都消失了。但是下一代，自 18 年以來一直在這裡的人群 - '17，'18，'19，不懈地工作甚至還沒有收到 - 我們可以發布 - 我們將發布日期這些獎項是真的頒發的吧？

So next -- and there's more to come. We're going to be issuing more shares because we're -- again, no new shares. These are awards that's been granted were factored in when we ask shareholders for dilution to last year's meeting or a few -- like last year. And again, it's more of the same, but it's just us giving people what they rightfully earned by hitting their milestones.

那麼接下來——還有更多的事情要做。我們將發行更多股票，因為我們再次沒有發行新股。當我們要求股東稀釋去年的會議或一些會議（例如去年的會議）時，這些獎勵已被考慮在內。再說一遍，兩者基本相同，只是我們為人們提供了他們通過達到里程碑而應得的報酬。

I mean, just think about this, we became a $4 billion company with very little dilution to shareholders, essentially with the sheer relentless hard workers and key people here. I mean (inaudible). This is really a tech company. And we started early to say that we're going to compensate people like a Venture Capital because this isn't metallurgy. This is mining. This is materials servicing the technology industry. And we have to run at a speed of our clients. We're going to run at that speed. And speed is what made us so successful. So these individuals are extremely let's say, that they really deserve. They're very deserving (inaudible) this committed essentially.

我的意思是，想一想，我們成為了一家價值 40 億美元的公司，對股東的稀釋作用很小，主要是因為這裡有純粹的不懈努力的員工和關鍵人物。我的意思是（聽不清）。這確實是一家科技公司。我們很早就開始說，我們將像風險投資公司一樣補償人們，因為這不是冶金。這就是採礦。這是為技術行業服務的材料。我們必須以客戶的速度運行。我們要以那個速度跑。速度讓我們如此成功。所以這些人是非常值得的。他們非常值得（聽不清）做出這樣的承諾。

Oh, my favorite topic, carbon footprint. How much will it cost to offset the carbon footprint?

哦，我最喜歡的話題，碳足跡。抵消碳足跡需要多少錢？

I'll tell you, of the mine truck fleet what will do to our cost per tonne? I'll tell you what, to offset all of our carbon, I mean again, there is a progression to this, right? We need to work on how to abate. So we worked on a how to abate to the best extent possible. And then we stopped at the biofuel ramp-up, which will have to happen again, consistently and prudently, right? But we're working with smaller trucks. So we're ready for that. We're not working with 100-tonne trucks, we're working with 40-tonne trucks for a whole host of reasons. One of the reasons is social sustainability. It makes it easier to bring in workers from other areas and environmental sustainability is a lot easier to put biofuels on this regular truck. For our entire carbon footprint, it's going to cost us $800,000 a year extra to offset to 0.

我告訴你，礦用卡車車隊對我們的每噸成本有何影響？我告訴你，為了抵消我們所有的碳，我再說一遍，這是一個進步，對嗎？我們需要研究如何減少。因此，我們研究瞭如何最大程度地減少影響。然後我們在生物燃料的增加上停了下來，這必須再次發生，持續而謹慎，對吧？但我們正在與小型卡車合作。所以我們已經準備好了。我們不使用 100 噸卡車，而是使用 40 噸卡車，原因有很多。原因之一是社會可持續性。這使得從其他地區引進工人變得更容易，而且在這輛普通卡車上添加生物燃料也更容易實現環境可持續性。對於我們的整個碳足跡，每年需要額外花費 80 萬美元才能抵消到 0。

That's how low we are already. And this is the beauty. This is the reason why we're doing it, it's nothing. Nothing. So with this little commitment and more importantly, we're going to be conserving for 13 years in partnership or 1 of the best-in-class carbon companies in the country, which is partly owned by Shell -- Royal Dutch Shell, the oil company. So it's their project, their company of choice. So we're going to be joining forces in consolidation there, which, in our view, is the way to preserve the Amazon forest. I mean and now I can -- I'll talk about it in detail when we present that strategy in our next call.

這就是我們已經有多低了。這就是美麗。這就是我們這樣做的原因，沒什麼。沒有什麼。因此，有了這個小小的承諾，更重要的是，我們將與該國最好的一流碳公司之一合作 13 年，殼牌公司部分擁有該公司——荷蘭皇家殼牌石油公司。公司。所以這是他們的項目，他們選擇的公司。因此，我們將聯手進行整合，在我們看來，這是保護亞馬遜森林的方法。我的意思是，現在我可以——當我們在下次電話會議中介紹該策略時，我將詳細討論它。

So it feels a surprise that we managed to lower our carbon to this level and the last step there was tailings, so that we could actually go to 0 and to 0 we go -- and it will happen this summer. So that's 1 of my big milestones as a professional and it's one of my big lifetime achievements here in this company, we set out to do that. And we're going to show that there's a way forward for this, that is possible.

因此，令人驚訝的是，我們設法將碳排放降低到這個水平，而且最後一步還產生了尾礦，這樣我們實際上就可以達到 0，而且我們會實現 0——這將在今年夏天實現。這是我作為專業人士的重大里程碑之一，也是我在這家公司一生的重大成就之一，我們著手做到這一點。我們將證明這有一條前進的道路，這是可能的。

Once you work on abating everything you can as far as carbon, water, air and land, you left with an amount of carbon per year that's easily, easily offset with high-quality conservation projects. So yes, $800,000 a year. That's how much it costs to go to 0.

一旦你努力減少碳、水、空氣和土地等方面的一切，你每年就會留下一定量的碳，而這些碳可以很容易地通過高質量的保護項目來抵消。所以是的，每年 80 萬美元。這就是達到0的成本。

Next, anonymous attendee. So is tailing agreement finalized?

接下來是匿名與會者。那麼拖尾協議已經敲定了嗎？

Yes. So tailing agreements. We're going to ship tailings for 3 years. For now, we just signed the agreement for Phase 1 because that's where we're in production. Remember, this is a producer type agreement. There's a huge level of certainty that has to come on both signers of the agreement. These are not non-producer breed of uptake, which are subject to certain uncertainties. This is a certain uptake, meaning, we produce, they take, right? And what we have is a price adjustment mechanism. So we signed off what we have, which is Phase 1. Clearly, as we move forward with the next phase, we're going to do the same thing. Why?

是的。所以拖尾協議。我們將運送尾礦三年。目前，我們剛剛簽署了第一階段的協議，因為那是我們正在進行生產的地方。請記住，這是生產者類型的協議。協議簽署方都必須具備巨大的確定性。這些不是非生產者的吸收品種，受到某些不確定性的影響。這是一定的吸收，意思是，我們生產，他們拿走，對吧？我們有一個價格調整機制。因此，我們簽署了我們所擁有的，即第一階段。顯然，當我們推進下一階段時，我們將做同樣的事情。為什麼？

The market is there. In fact, we have 2 more customers willing to take these tailings. Because of the pictures you saw, they're super pure and very high quality. And therefore, once they go into upcycling in a flotation plant, they become ultra purity lithium concentrate. So it's more concentrate out of these tailings. They're milled. So they go straight into that plant beautifully behaved through the flotation process, and then go in and become high purity lithium concentrate, which sees up that level of efficiency for chemical production.

市場就在那裡。事實上，我們還有 2 個客戶願意接收這些尾礦。因為你看到的圖片，都是超級純淨，質量非常高的。因此，一旦它們進入浮選廠進行升級回收，就會成為超純鋰精礦。所以這些尾礦更加濃縮。它們是經過銑削的。因此，它們直接進入該工廠，通過浮選過程表現良好，然後進入並成為高純度鋰精礦，這提高了化學生產的效率水平。

So it carries with it our premiumization on efficiency, which is especially purity, right, low iron oxide, low alkaline, low mica. So those attributes are carried through the upcycling. So it's a beautiful product.

因此，它承載著我們對效率的重視，尤其是純度、正確性、低氧化鐵、低鹼性、低雲母。因此，這些屬性是通過升級改造來實現的。所以這是一個漂亮的產品。

So when we will learn about the agreement? While Phase 1 is Phase 1. We announced the agreement we talked about it, we will be shipping phases 2 and 3, we will hope to execute a similar agreement with this group of customers we got once we get there with the product, right?

那麼我們什麼時候才能得知該協議呢？雖然第一階段是第一階段。我們宣布了我們討論過的協議，我們將交付第二階段和第三階段，我們希望一旦我們的產品到達那裡，我們就會與我們獲得的這組客戶執行類似的協議，對嗎？

Another question. Given the current valuations of your competitors based on your production outlook, where do you see fair value for Sigma.

另一個問題。鑑於基於您的生產前景的競爭對手的當前估值，您認為 Sigma 的公允價值在哪裡。

The value of anything is the market is prepared to pay for it. So I went as far as showing the slide where we see us going, if we deliver on our milestones. There's no reason for us not to reach the value of other independent lithium concentrate producers in Australia. There's just no reason why. I mean it's just a matter of getting to that scale and showing we can be a bona fide producer. That's the goal. The more we -- with every quarter of delivery with every milestone reach, the more we march towards becoming an Australian bona fide type of produce. That's the goal here, right?

任何事物的價值在於市場願意為其付出代價。因此，我甚至展示了幻燈片，如果我們實現了里程碑，我們將走向何方。我們沒有理由不達到澳大利亞其他獨立鋰精礦生產商的價值。沒有理由。我的意思是，這只是達到這個規模並表明我們可以成為一個真正的生產商的問題。這就是目標。我們越多——每個季度的交付和每一個里程碑的實現，我們就越能邁向成為真正的澳大利亞產品類型。這就是這裡的目標，對吧？

Can you explain the increase in executive incentive plan?

您能解釋一下高管激勵計劃的增加嗎？

Well, we talked about that, the stock option because there wasn't an increase. It was just issuing stock that was earned. That hadn't been issued, but it was in the plan that was approved last year. So we haven't changed that -- we haven't changed that the -- we haven't increased the plan. We did that last year, factoring in essentially the new group of managers that was coming from production, the new awards we had to give for the next generation, which is to earning them into '25, '26. And more importantly, to make sure that everybody was accounted for in the old plan because it was very heavy on early founders, people from '12 to '17, right?

好吧，我們討論了股票期權，因為沒有增加。這只是發行股票賺取的。該計劃尚未發布，但已包含在去年批准的計劃中。所以我們沒有改變這一點——我們沒有改變這一點——我們沒有增加計劃。我們去年就這樣做了，基本上考慮到了來自生產部門的新一批經理，我們必須為下一代提供新的獎勵，即讓他們進入“25”、“26”。更重要的是，要確保舊計劃中考慮到每個人，因為它對早期創始人（12 歲到 17 歲的人）影響很大，對吧？

So '12, '17, '17 to '23 and '23 onwards, 3 different generations of Sigma employees, stock owners, committed partners of our success of you and I, all of the shareholders here.

因此，從'12、'17、'17到'23和'23，三代不同的Sigma員工、股東、你我成功的忠實合作夥伴、這裡的所有股東。

One important point, important point, a matter that we're putting up for voting is to eliminate the change of control provision on the plant because of the stock awards we're giving for retention, if for some reason, is a change of control, it doesn't mean, people leave, right? They will stay on and deliver through their targets. That's a very important point. So it's true retention and maintenance and keeping here incented and retain our current employees. This generation '23 onwards, right?

重要的一點，重要的一點，我們提出投票的一件事是消除工廠控制權變更條款，因為我們給予保留的股票獎勵，如果出於某種原因，是控制權變更，並不意味著，人們離開了，對吧？他們將繼續堅持並實現目標。這是非常重要的一點。因此，這是真正的保留和維護，激勵並留住我們現有的員工。這一代'23以後的，對吧？

IRA, well, how do I expect Brazil could be added to friendly countries to supply materials?

IRA，那麼，我如何期望巴西能夠成為供應材料的友好國家呢？

Yes, we talked about this. I'm doing what we can about Brazil. I mean we are presenting what Brazil weighs in the supply chain is, of course, for good. It is a country that delivers environmentally sustainable material. It is a friend of everybody, friendly all blocks of trade. We have our own block here, Brazil, Argentina, so we need to honor our block. Argentina is doing a phenomenal job advocating for the Mercosur block with the U.S. government. So it does the work on behalf of Brazil. And again, Brazil a friend of the U.S., is the defense partner of the U.S., is a friend of China, is a friend of Europe, is a friend of everybody. It's a poor country. We have to be friends of everyone.

是的，我們討論過這個。我正在為巴西盡我們所能。我的意思是，我們展示的巴西在供應鏈中的權重當然是永久的。這是一個提供環境可持續材料的國家。它是所有人的朋友，對所有貿易領域都友好。我們在這裡有自己的區塊，巴西、阿根廷，所以我們需要尊重我們的區塊。阿根廷在與美國政府一起倡導南方共同市場方面做得非常出色。因此它代表巴西開展這項工作。再說一遍，巴西是美國的朋友，是美國的防務夥伴，是中國的朋友，是歐洲的朋友，是所有人的朋友。這是一個貧窮的國家。我們必須成為每個人的朋友。

We cannot afford to have enemies. Let's just put it that way. So I think -- I try to be this ambassador of Brazil, the ambassador how green the [better] materials is in this country and how much greener it can even become in the country. So I'm hoping that with our establishing this industry as a force for good, we can earn our seat independently on the suppliers to the U.S., which I do believe we're earning already through the indirect avenues the U.S. is made available to Brazil and Argentina and other countries. So I think it's all good.

我們不能有敵人。我們就這麼說吧。所以我想——我努力成為巴西的大使，大使這個國家的[更好的]材料有多環保，以及它在這個國家甚至可以變得多麼環保。因此，我希望，隨著我們將這個行業打造成一股向善的力量，我們可以獨立地在美國供應商中贏得一席之地，我相信我們已經通過美國向巴西提供的間接途徑獲得了這一席位。以及阿根廷等國家。所以我認為這一切都很好。

Next question, the financials published new holes made in (inaudible), yes, we've been doing a lot of work there. So we gave an update, right? So we're going to provide an update together with the strategic plan. We'll be holding back on the update because we want to make it all set -- we want to all make sense together, but it's coming, and it will probably be along the lines of more lithium sooner versus later. That's the preview here.

下一個問題，財務報告公佈了新的漏洞（聽不清），是的，我們在那裡做了很多工作。所以我們更新了，對吧？因此，我們將提供更新以及戰略計劃。我們將推遲更新，因為我們想讓這一切都準備好——我們希望所有的事情一起變得有意義，但它即將到來，而且它可能會沿著遲早增加更多鋰的路線。這就是這裡的預覽。

Within drilling, we have to stop doing drilling, we're drilling the place like there's 6 drills there, nonstop working towards delineating those junctions, right? What are the best block models there to work with sooner rather than later?

在鑽探過程中，我們必須停止鑽探，我們正在鑽那個地方，就像那裡有 6 個鑽頭一樣，不停地努力描繪出那些交匯處，對嗎？最好的塊模型是什麼，宜早不宜遲？

As you ramp 3 or 4 trains, we have to logistically handle the product moving. Yes, we can. I mean, again, we can handle this a number of ways. Remember, these roles are duplicated, it's perfectly fine. But again, the discussions we have around intermediates as well. So as we go into the 4th train, will we actually process it here or not? And again, with that scale we should be considering processing some of it in intermediates. That's also part of that conversation, but yes. But if not, it's not an issue. I mean, if you think about these roads, some of these guys have actually trucking wood, they are trucking timber on the road. There's a railway being built and most likely the timber guys are going to offload the road in both to the railways. So there's going to be more road capacity available to us. So I don't see it's an issue at all.

當您啟動 3 或 4 列列車時，我們必須在後勤上處理產品的移動。我們可以。我的意思是，我們可以通過多種方式來處理這個問題。請記住，這些角色是重複的，這完全沒問題。但同樣，我們也圍繞中間體進行了討論。那麼當我們進入第四列火車時，我們是否真的會在這里處理它？再說一次，有了這樣的規模，我們應該考慮以中間體的形式加工其中一些。這也是談話的一部分，但是是的。但如果沒有，這也不是問題。我的意思是，如果你想想這些道路，其中一些人實際上在運輸木材，他們在路上運輸木材。正在修建一條鐵路，木材供應商很可能會將公路上的貨物卸載到鐵路上。因此，我們將有更多的道路通行能力。所以我認為這根本不是問題。

But as the lithium Valley grows, so a few discussions have been held by government, by infrastructure provider, government around -- should they accelerate the railroad, should they duplicate the road further because it's not going to be just us. They're going to be -- now there are 4 other companies here. So by the end of the decade, you might have infrastructure development, and they're already working on the railway. The railway is already a reality. So it's good news to the ports.

但隨著鋰谷的發展，政府、基礎設施提供商、各地政府進行了一些討論——他們是否應該加速鐵路建設，是否應該進一步複製公路，因為這不僅僅是我們的問題。他們將會——現在這裡還有另外 4 家公司。因此，到本世紀末，基礎設施可能會得到發展，而且他們已經在修建鐵路了。鐵路已經成為現實。所以這對港口來說是個好消息。

IRA Canada access to -- I say what Canada give us a better valuation to this acquisition target?

IRA Canada 訪問——我說加拿大給我們這個收購目標帶來了更好的估值？

Well, I mean, I'm talking about the IRA. I think we're good. Obviously, the whole world needs environmentally sustainable, high-quality lithium. So I mean you have that not going to be a problem. There's no shortage of customers, just put it that way. And the U.S. being 1 of them. And we're delighted to service everyone, right? We service literally to everyone essentially.

嗯，我的意思是，我說的是愛爾蘭共和軍。我想我們很好。顯然，全世界都需要環境可持續的高品質鋰。所以我的意思是，這不會成為問題。這麼說吧，不缺顧客。美國就是其中之一。我們很高興為每個人提供服務，對吧？我們本質上為每個人提供服務。

Offtake about -- Well, LG and -- like someone connected (inaudible). The point here is not -- and you need to think about this from a perspective of the supply chain. In other words, what do we want to do, in which supply chain we want to be, large, resilient, fast growing. So when you think about the refiners we choose, we choose best-in-class refiners because they are in these large resilient supply chains, like a shark. We want to be a little fish connected to shark then strings very fast. That way, our product is connected to a very large customer. So here's what happened here. Yahua is the third largest refiner in the world. And he services the likes of LG, Tesla, a number of other very large resilient supply chain. That's exactly where we want to be.

承接有關 - 嗯，LG 和 - 就像有人聯繫（聽不清）。這裡的重點不是——你需要從供應鏈的角度來考慮這個問題。換句話說，我們想要做什麼，我們想要在哪個供應鏈中成為大型、有彈性、快速增長的供應鏈。因此，當您考慮我們選擇的煉油廠時，我們選擇一流的煉油廠，因為它們像鯊魚一樣位於這些大型彈性供應鏈中。我們想成為一條與鯊魚相連的小魚，然後快速地串起來。這樣，我們的產品就與一個非常大的客戶建立了聯繫。這就是這裡發生的事情。雅化是世界第三大煉油廠。他為 LG、特斯拉等其他一些非常大的彈性供應鏈提供服務。這正是我們想要達到的目標。

And you see our agreements, especially as we are managing to trade more of the available capacity in spot agreements with that degree of control of end user. That's the question we ask here. Where does it go? Where is the end user? Is it a large resilience? So we're not servicing Tier 2 clients. We're servicing Tier 1 clients all around from battery maker to car makers, and we know where this goes. So I think you rest assured that this confidence we have in CapEx deployment in growth in bringing forth -- Phase 4 has a foundation on the fact that we know exactly who our customers are from an end-user perspective, and we know their projections for growth, and they are kind of mind boggling, if you ask me, for the decade, which is a result of this incredible uptake in EVs in -- continues in China and it goes in Europe and the U.S. to levels that we never thought possible 6 years ago, for instance.

您會看到我們的協議，特別是當我們設法在現貨協議中以最終用戶的控製程度來交易更多可用容量時。這就是我們在這裡問的問題。它去哪裡？最終用戶在哪裡？反彈力大嗎？因此，我們不為 2 級客戶提供服務。我們為從電池製造商到汽車製造商的各個一級客戶提供服務，我們知道這將走向何方。因此，我認為您可以放心，我們對第四階段增長的資本支出部署的信心是基於以下事實：我們從最終用戶的角度確切地了解我們的客戶是誰，並且我們知道他們的預測如果你問我，這十年來的增長是令人難以置信的，這是電動汽車令人難以置信的增長的結果——在中國繼續，在歐洲和美國達到了我們從未想過的水平以6年前為例。

Some of the conversations we have in China talk about 50% to 60% adoption levels by 2025. That's like tomorrow in mining terms. So -- hence, we keep on just thinking of new ways of trying to bring forward more products, right? The numbers in the U.S. are incredible. The U.S. went from 0, it was a very small market, to the aspiration of becoming 20% of the market by '25 as well. Europe has been growing in an accelerated pace. So the numbers are very large in terms of percentage of EVs as a percentage of new car sales. So we see what's happening towards '25 to '26, and we are trying to be part and contribute to enabling that. We're enablers. We're trying to enable that in the most environmentally sustainable manner plus (inaudible) such incredible receptivity to what we do in these large supply chains around the world, right?

我們在中國進行的一些對話談到，到 2025 年，採用率將達到 50% 至 60%。這就像採礦業的明天一樣。因此，我們一直在思考嘗試推出更多產品的新方法，對吧？美國的數字令人難以置信。美國從 0 的一個非常小的市場，到 25 年也達到了 20% 的市場份額。歐洲一直在加速增長。因此，就電動汽車佔新車銷量的百分比而言，這個數字非常大。因此，我們看到了 25 至 26 年間發生的情況，我們正在努力參與其中並為實現這一目標做出貢獻。我們是推動者。我們正在努力以最環保的方式實現這一點，加上（聽不清）我們在世界各地的大型供應鏈中所做的事情具有令人難以置信的接受度，對吧？

I think we covered all the questions. I think it was a very productive call. Thank you for the engagement. We've got a lot of questions, which I answered everyone. Again, Jamie Flag, Jamie (inaudible) teams, 2 parts of the world are here able to you to answer all your questions, schedule calls. We're always here. And again, thank you so much for your support, for your patience with this 2022 annual returns. Again, no surprises, more of the same. We were just slow.

我認為我們涵蓋了所有問題。我認為這是一次非常富有成效的通話。感謝您的參與。我們有很多問題，我都回答了​​。再次強調，Jamie Flag、Jamie（聽不清）團隊、世界 2 個地區的人員都可以在這裡回答您的所有問題、安排通話。我們一直都在這裡。再次感謝您對 2022 年周年申報表的支持和耐心。再說一次，沒有什麼驚喜，更多的是相同的。我們只是動作慢而已。

And hopefully, we will go back on track for the second quarter on the 15th of August. So thank you once again, and have a wonderful day.

希望我們能在 8 月 15 日第二季度重回正軌。再次感謝您，祝您有美好的一天。