Sigma Lithium Corp (SGML) 2023 Q3 法說會逐字稿

Good day, everyone. Welcome to Sigma Lithium's Third Quarter 2023 Earnings Conference Call. Today's call is being recorded and is broadcast live on Sigma's website. (Operator Instructions) Please note, this event is being recorded.

今天是個好日子。歡迎參加 Sigma Lithium 2023 年第三季財報電話會議。今天的電話會議正在錄音，並在 Sigma 網站上直播。 （操作員說明）請注意，正在記錄此事件。

I would now like to turn the conference over to Matthew DeYoe, Executive Vice President of Corporate Affairs and Strategic Development at Sigma. Please go ahead.

我現在想將會議轉交給 Sigma 公司事務和策略發展執行副總裁 Matthew DeYoe。請繼續。

Thank you, Jason. Good morning, everyone. Thank you for joining us on our 3Q earnings call. On the call with me today is company's CEO, Ana Cabral. This morning, before the market opened, really actually last night, we posted our 3Q '23 financial results as well as SEC filings.

謝謝你，傑森。大家，早安。感謝您參加我們的第三季財報電話會議。今天與我通話的是公司執行長安娜·卡布拉爾 (Ana Cabral)。今天早上，在市場開盤之前，實際上是昨晚，我們發布了 23 年第三季的財務表現以及 SEC 文件。

Before we begin, I'd like to cover two items. First, during the presentation, you'll hear certain forward-looking statements concerning our plans and expectations. We note that actual events or results could differ materially [due to] changes in market conditions and in our operations.

在開始之前，我想先介紹兩點。首先，在演示過程中，您將聽到某些有關我們的計劃和期望的前瞻性陳述。我們注意到，由於市場條件和我們營運的變化，實際事件或結果可能存在重大差異。

And additionally, earnings referenced in this presentation may exclude certain noncore and nonrecurring items. Reconciliations to the most comparable GAAP financial measures and other associated disclosures, including descriptions of adjustments, can be found in the back of the release.

此外，本簡報中引用的收益可能不包括某些非核心和非經常性項目。與最具可比性的公認會計原則財務指標和其他相關揭露（包括調整說明）的調節可以在新聞稿的後面找到。

With that, I will pass the call over to Ana. Ana?

這樣，我會將電話轉給安娜。安娜？

Yes. Hi, everyone. Thank you, Matt. Well, first of all, it's a pleasure to be here with all of you to present our third quarter 2023 financials. We are delighted to present to our very first operational quarter, and we are profitable right at the onset.

是的。大家好。謝謝你，馬特。首先，很高興能與大家一起展示我們 2023 年第三季的財務數據。我們很高興向大家介紹我們的第一個營運季度，並且我們一開始就實現了盈利。

So with that, I'll go straight into the first page with the operational highlights. Well, we're now a large producer. We are a force for good in the lithium industry. And we basically achieved what many believed to be impossible. We are delivering zero carbon, zero tailings, lithium produced without toxic chemicals. We have basically been producing the very best product in the lithium industry as far as concentrate.

因此，我將直接進入第一頁，介紹操作要點。好吧，我們現在是一個大生產商。我們是鋰產業的一股正義力量。我們基本上實現了許多人認為不可能的目標。我們提供零碳、零尾礦、不含有毒化學物質的鋰。就精礦而言，我們基本上一直在生產鋰行業中最好的產品。

We have always managed to do that, delivering a very successful ramp-up. As you can see, our Greentech Plant has reached 90% throughput. We've been consistently shipping monthly 20,000 tonnes of the Triple Zero Green Lithium concentrate. Our [sports] shipment is expected by the end of November, which is going to be sized minimum 20,000 tonnes. It goes to Glencore.

我們一直設法做到這一點，並且取得了非常成功的提升。正如您所看到的，我們的綠色科技工廠已達到 90% 的吞吐量。我們一直每月運送 20,000 噸三零綠色鋰精礦。我們的[運動]裝運預計在 11 月底前完成，數量至少為 20,000 噸。它去了嘉能可。

In fact, on that, I just came back from almost 2 weeks in China, Chengdu, all over, where we ascertained on the ground the fantastic receptivity of our product as far as behavior [throughout] the refining. We'll talk a lot more about that.

事實上，就這一點而言，我剛從中國成都回來了近兩週，在那裡我們實地確定了我們產品在整個精煉過程中的良好接受度。我們將對此進行更多討論。

As a result, we are moving forward with the detailed engineering for the expansion. I mean there's not enough of this material to supply the demand for what we are bringing as value-added. So the selection of the design engineering comes in as connected to the strategic review conclusion. Depending on the strategic review, partner of choice or winner of choice, we are going to select an engineering company. But we're going ahead of expansion because we can basically sell every gram of this product.

因此，我們正在推進擴建的詳細工程。我的意思是，這種材料不足以滿足我們帶來的增值需求。因此，設計工程的選擇與策略審查結論相關。根據策略審查、選擇的合作夥伴或選擇的獲勝者，我們將選擇一家工程公司。但我們正在提前擴張，因為我們基本上可以銷售該產品的每一克。

And there's more. There's going to be a lot more of this lithium. We have also delivered, in this quarter, a substantial potential increase of the mineral resource. We got Phase 4 that's going to be approximately [30] million tonnes and then a Phase 5 for another approximately 20 million tonnes. So we expect Sigma's total mineral resource, all the way through Phases 1 to 5 to reach 130 million tonnes.

還有更多。鋰的含量將會更多。本季我們也實現了礦產資源的大幅潛在成長。我們的第四階段產量約為[30]百萬噸，然後是第五階段，產量約為2000萬噸。因此，我們預計 Sigma 的礦產資源總量（從第一階段到第五階段）將達到 1.3 億噸。

With that, I'll move to the next page, financial highlights. Every financial target has been delivered. We are profitable on the first operating quarter, which means that we have an incredible degree of operational efficiency and discipline.

接下來，我將進入下一頁，財務摘要。每項財務目標均已達成。我們在第一個營運季度就實現了盈利，這意味著我們擁有令人難以置信的營運效率和紀律。

We are the second lowest-cost producer of lithium concentrate globally, which means we will thrive in any price environment for lithium. And that is the key message of these financials. We're crystallizing our position as second lowest-cost producer of lithium concentrate. And that's the result of tremendous financial discipline.

我們是全球第二低成本的鋰精礦生產商，這意味著我們將在任何鋰價格環境中蓬勃發展。這就是這些財務數據的關鍵資訊。我們正在鞏固作為成本第二低的鋰精礦生產商的地位。這是嚴格財務紀律的結果。

I mean we are profitable, and we also have a superior product. I mean we do things that no one else does, such as not having a tailings dam, and we deliver a zero-carbon lithium. And despite that, we are profitable, and we are low cost.

我的意思是我們是盈利的，而且我們也有優質的產品。我的意思是，我們做了其他人沒有做過的事情，例如沒有尾礦壩，並且我們提供零碳鋰。儘管如此，我們還是獲利的，而且成本很低。

This basically demonstrates our resilience to the lithium cycles. We're going to strive in any pricing environment for the commodity. And depending on where the cycle goes, we even have the ability to capture market shares with this Triple Zero lithium. This material is the material of choice for any downstream clients all the way up to car makers, which are procuring batteries bound for the European Union. This is all in preparation for the EU battery path for 2026, no matter in the world where these batteries are produced.

這基本上證明了我們對鋰循環的適應能力。我們將在任何商品定價環境下努力。根據週期的走向，我們甚至有能力利用這種「三零」鋰來奪取市場份額。這種材料是任何下游客戶直至汽車製造商的首選材料，這些客戶正在購買運往歐盟的電池。這一切都是為了 2026 年歐盟電池路線做準備，無論這些電池是在世界上哪個地方生產的。

A bit of the highlights of the numbers. We posted a Q3 revenue of $96 million. We also produced to date 71,650 tonnes of the high-grade product. The low-grade product is 100,000 tonnes. We also have delivered an adjusted EBITDA of [$54 million]. Our unit operating cost, FOB port, is $577 per tonne. And we have a very sound net income at $36 million in the third quarter. So very profitable, with significant recurring cash generation and liquidity.

一些數字的亮點。我們公佈的第三季營收為 9,600 萬美元。迄今為止，我們還生產了 71,650 噸高檔產品。低品位產品10萬噸。我們也實現了 [5,400 萬美元] 的調整後 EBITDA。我們的單位營運成本（FOB 港口）為每噸 577 美元。第三季我們的淨利潤非常穩健，達到 3,600 萬美元。利潤非常豐厚，具有大量經常性現金產生和流動性。

The next slide shows our production highlights. We have the Triple Zero lithium as a commercial success. In other words, there's not enough of our Triple Zero Green Lithium to satisfy demand. Some of the highlights of the third quarter and production to date.

下一張幻燈片展示了我們的製作亮點。我們的三零鋰取得了商業上的成功。換句話說，我們的三零綠色鋰不足以滿足需求。第三季的一些亮點和迄今為止的生產。

We produced 38,500 tonnes of this [5.5%] Triple Zero Green Lithium. Year-to-date production is 71,650 tonnes. We have also successfully ramped up the Greentech Plant without a tailings dam, which means we have 62,000 tonnes of Triple Zero Green By-product, year-to-date 100,000 tons of Triple Zero Green By-products. In other words, the next target will be to sustain the plant recoveries at the design level, which basically shows global recoveries, including ultrafine losses of 65%.

我們生產了 38,500 噸這種 [5.5%] 三零綠鋰。年初至今產量為 71,650 噸。我們也成功提高了沒有尾礦壩的綠色科技工廠的產量，這意味著我們擁有 62,000 噸三零綠色副產品，今年迄今擁有 10 萬噸三零綠色副產品。換句話說，下一個目標將是將工廠回收率維持在設計水平，基本上顯示了全球回收率，包括65%的超細損失。

We have 3 shipments at sales. We have a fourth shipment on the way, sailing at the end of November. Scale will be approximately 20,000 tonnes to 22,000 tonnes on that shipment, which means we're maintaining guidance because amongst all of our products, we're going to hit 130,000 tonnes in equivalent revenues of Triple Zero Green Lithium and By-products.

我們有 3 批貨物在銷售。我們的第四批貨物正在路上，將於 11 月底啟航。該批貨物的規模約為 20,000 噸至 22,000 噸，這意味著我們將維持指導，因為在我們的所有產品中，我們將達到 130,000 噸三零綠鋰和副產品的同等收入。

So for a company that just became a producer, getting there, having successfully ramped up, if you multiplied 22,500 by 12, it means we got there. You get to 270,000 tonnes a year. So the plant work, the dry stacking work, tailings of by-products have been successfully commercially sold. There's spectacular demand for that product, given its purity. And in the picture on the right of this slide, you can see the third module, which is something that only Sigma Lithium has managed to achieve. Dry stacking at ultrafines at 12%. So here we are delivering on our promise to make this supply chain a whole lot more sustainable and paving the way for the zero-carbon battery.

因此，對於一家剛成為生產商的公司來說，達到目標並成功擴大規模，如果將 22,500 乘以 12，就意味著我們達到了目標。每年產量可達 27 萬噸。因此，工廠工作、乾堆工作、副產品尾礦已成功商業化銷售。鑑於其純度，對該產品的需求量龐大。在這張幻燈片的右側圖片中，您可以看到第三個模組，這是只有 Sigma Lithium 才能實現的。以 12% 的超細度乾堆。因此，我們在這裡兌現我們的承諾，使這個供應鏈更加永續，並為零碳電池鋪平道路。

The next slide shows the resilience. It shows that Sigma can generate cash at the bear of the cycle, at the bare -- at the bottom of the lithium cycle. In other words, we have low cost, and therefore, we have been delivering consistent revenues in large volumes, both in by-products and also in the main concentrate.

下一張投影片顯示了彈性。它表明西格瑪可以在週期的熊市、在鋰週期的底部產生現金。換句話說，我們的成本較低，因此我們一直在副產品和主要精礦中提供大量的穩定收入。

More importantly, as we have one of the lowest costs in the industry, we are able to essentially maintain this operational resilience and generate cash flow, no matter what. So we have in front of you with simulation, hypothetically showing the lithium prices for concentrates reaching 1,500. But because of our low cost, we are able to get to a significant cash generation, both for Phase 1 and also with the expansion.

更重要的是，由於我們是業內成本最低的公司之一，因此無論如何我們都能夠基本上保持這種營運彈性並產生現金流。因此，我們在您面前進行了模擬，假設顯示精礦的鋰價格達到 1,500。但由於成本低廉，我們能夠在第一階段和擴建過程中獲得大量現金。

And then you have the by-product credit, which we're keeping separate just for the sake of transparency and clarity. Now why do we have such low cost? Well, basically, because of decisions we made early during the development, we chose the dense media separation, the DMS. And at that, we powered with very, very inexpensive renewable power.

然後你就有了副產品信用，為了透明度和清晰度，我們將其分開。為什麼我們的成本這麼低？嗯，基本上，由於我們在開發早期做出的決定，我們選擇了密集介質分離，即 DMS。那時，我們使用非常非常便宜的再生能源供電。

So the combination of a simpler processing flow sheet and low-cost renewable power leads us to this spectacular results right out of the gate in our first quarter with financials. So we are clearly extremely proud of what we've achieved here.

因此，更簡單的處理流程和低成本的可再生能源的結合使我們在第一季的財務方面立即取得了驚人的成果。因此，我們顯然對我們在這裡所取得的成就感到非常自豪。

Another interesting point on the second -- on the next slide, we'll show you why. I mean -- the product is actually better. So despite us selecting dense media separation, which back in the day seemed like a very unique, riskier selection. We actually made it mainstream again because it preserved the integrity of the mineralization of the product, and it allowed us to deliver this incredible superior quality. It's visual.

第二張投影片上的另一個有趣的點是，在下一張投影片上，我們將向您展示原因。我的意思是——產品實際上更好。因此，儘管我們選擇了密集的介質分離，但這在當時似乎是一個非常獨特、風險更大的選擇。實際上，我們再次使其成為主流，因為它保留了產品礦化的完整性，並且使我們能夠提供令人難以置信的卓越品質。這是視覺的。

When you look at the slide, the next slide, with the quality, we have a unique high-grade, high-purity and coarse-grained products. So you don't even need a laboratory analysis to ascertain that the coarse product is different than the ultrafine that is produced by our peers.

當你看投影片、下投影片時，憑藉著品質，我們擁有獨特的高品味、高純度和粗粒度的產品。因此，您甚至不需要進行實驗室分析即可確定粗產品與我們同行生產的超細產品不同。

And then, it's a much -- in the light green color, so purity, so our purity matches [Thales] and green [bushes]. Then you look at the bottom, you have products of inferior quality, which are the powdered product with -- loaded with iron oxide and other impurities, sometimes even mica. So it's a picture that says a thousand words. And this product drives cost savings to clients of up to [30%].

然後，它是淺綠色，所以純度，所以我們的純度與[泰勒斯]和綠色[灌木叢]相匹配。然後你看底部，你會看到品質低劣的產品，這些產品是粉狀產品，含有氧化鐵和其他雜質，有時甚至是雲母。所以這是一張圖說一千個字。本產品可為客戶節省高達 [30%] 的成本。

The next page is a bit more on quality, on low cost and on this tremendous competitive advantage, which translates into commercial success and also on low cost and cycle -- lithium cycle resilience as far as generating free cash flow.

下一頁更多地介紹了品質、低成本和巨大的競爭優勢，這些競爭優勢轉化為商業上的成功，也介紹了低成本和循環——鋰循環彈性，直至產生自由現金流。

Essentially, the chemistry of the high purity, the Triple Zero, plus low alkaline, you see low iron oxide, low mica and then low alkaline here, which are low potassium oxide and low [sodium] oxide. So the product is better, and it's also environmentally competitive, which is an advantage for the European Union-bound batteries.

本質上，高純度、三零的化學成分加上低鹼性，你會看到低氧化鐵、低雲母，然後是低鹼性，即低氧化鉀和低氧化鈉。所以產品更好，而且也具有環保競爭力，這對歐盟電池來說是一個優勢。

And again, we'll get to it, batteries are produced all over Asia, the cells, and they're shipped to the European Union packing factories. We have a tremendous advantage when supplying to these cell makers in South Korea, Japan, China, everywhere with this product.

我們再說一遍，電池在亞洲各地生產，電池被運往歐盟包裝工廠。當向韓國、日本、中國等各地的電池製造商供該產品時，我們擁有巨大的優勢。

Why is that? The next slide shows the cost-saving math to clients. We bring significant cost saving to downstream clients. It matters a lot, especially in a tight market, where the downstream is trying to squeeze cost out of the supply chain, specifically on the refiners.

這是為什麼？下一張投影片向客戶展示了節省成本的數學方法。我們為下游客戶帶來顯著的成本節約。這很重要，特別是在市場緊張的情況下，下游正試圖從供應鏈中擠出成本，特別是煉油廠的成本。

So when you look at the slide here, you can see that there's a potential of up to $6,000 per tonne of hydroxide for the downstream, for the refiner, which is part of a downstream supply chain, which is perhaps tolling, which represents a 26% higher margin for that refiner or battery maker that's tolling through the refiner. And that is Sigma. And we've been working with Glencore and their customers to premiumize that product in the market.

因此，當您查看此處的幻燈片時，您可以看到對於下游煉油廠來說，每噸氫氧化物有高達6,000 美元的潛力，煉油廠是下游供應鏈的一部分，可能是來料加工的，這代表了26對於透過煉油廠收費的煉油廠或電池製造商來說，利潤率更高。這就是西格瑪。我們一直與嘉能可及其客戶合作，在市場上提升該產品的品質。

So even a 9% price of lithium hydroxide, our premium lithium concentrate can drive measurable savings to converters, to downstream in the current market, which is a tremendous competitive advantage on quality, on value in use.

因此，即使氫氧化鋰的價格為 9%，我們的優質鋰精礦也可以為當前市場的下游加工商帶來可觀的節約，這在品質和使用價值方面具有巨大的競爭優勢。

I'm stressing that point just to demonstrate how our product comes first because we have a chemical, physical, technical, measurable cost savings and we're delivering the best or the most sustainable Triple Zero lithium product, and we're not charging for it. The environmental zero carbon, zero tailings, low chemicals is for free, right? So it's a fantastic attribute for clients delivering their sales up into the European Union.

我強調這一點只是為了展示我們的產品如何成為第一位，因為我們擁有化學、物理、技術、可衡量的成本節約，並且我們正在提供最好或最可持續的三零鋰產品，而且我們不收取任何費用它。環保零碳、零尾礦、低化學物質是免費的吧？因此，對於將銷售產品銷往歐盟的客戶來說，這是一個極好的屬性。

On this slide here is actually a fascinating exercise that we've produced. In other words, our product will always have demand at premium prices because of the chemical attributes. This chart compares the margins our clients would achieve the efficiencies vis-a-vis buying the competitor's product on spot market.

這張投影片其實是我們製作的一個有趣的練習。換句話說，由於化學特性，我們的產品總是會以高價獲得需求。這張圖表比較了我們的客戶與在現貨市場上購買競爭對手的產品相比可以獲得的效率利潤。

You can clearly see the [gains]. The spot margin in light green is lower, and Sigma's customer margin, even at 9%, is actually higher. Why? Because the 9% premiumization doesn't capture the full cost savings that the client has. So it's a win-win situation. That's why the demand and acceptance of the product has been so spectacular.

你可以清楚地看到【收益】。淺綠色的現貨利潤率較低，而Sigma的客戶利潤率即使為9%，實際上也更高。為什麼？因為 9% 的高端化並不能反映客戶節省的全部成本。所以這是一個雙贏的局面。這就是為什麼該產品的需求和接受度如此之高。

I mean, I was in China for almost 2 weeks. I brought my whole (technical difficulty).

我的意思是，我在中國待了將近兩週。我帶來了我的全部（技術難度）。

Pardon me, everyone. It looks like the speaker line has disconnected. Please stand by while we reconnect. Thank you for your patience.

請原諒我，大家。看來揚聲器線已斷線。我們重新連線時請稍候。感謝您的耐心等待。

Thank you for your patience. We have reconnected with the speakers. Ana, you may please proceed.

感謝您的耐心等待。我們已與發言者重新取得聯繫。安娜，你可以繼續了。

Yes. So I got disconnected accidentally. So I was talking through the slides where we have the chart with the demonstrated efficiencies driving demand for Sigma product in any market. And I think basically, wrapping up that slide with that chart, comparing the premium product driving measurable efficiencies for the client, you can clearly see why the clients with the spot -- the client today has two choices: Buy the competitor's product at spot market and buying Sigma's product at a premium value.

是的。所以一不小心就斷線了。因此，我透過幻燈片進行了討論，其中我們有圖表，其中顯示了在任何市場中推動 Sigma 產品需求的效率。我認為基本上，用該圖表總結幻燈片，比較為客戶帶來可衡量效率的優質產品，您可以清楚地看到為什麼客戶擁有現貨- 今天的客戶有兩種選擇： 在現貨市場購買競爭對手的產品以高價購買 Sigma 的產品。

That's the chart you all see on the screen now. And we showed you on a graph that our clients achieve higher margins, no matter what happens. In other words, by purchasing Sigma's product, he's always better off. So essentially, that drives the commercial success that we've been achieving in this industry.

這就是你們現在在螢幕上看到的圖表。我們在圖表中向您展示了無論發生什麼情況，我們的客戶都能獲得更高的利潤。換句話說，透過購買 Sigma 的產品，他的境況總是會更好。從本質上講，這推動了我們在這個行業的商業成功。

And our commercial team is still camped in China, basically working with our partners for the low grade, ultrafine and with Glencore for the high-grade Triple Zero concentrate, and the response has been spectacular from carmakers, battery makers [than the solars] or refiners themselves.

我們的商業團隊仍然駐紮在中國，基本上與我們的合作夥伴合作生產低品位、超細產品，並與嘉能可合作生產高品位三零精礦，汽車製造商、電池製造商（而不是太陽能）或煉油廠本身。

So we're very proud of what we've built. We're very proud to have been able to deliver a product that's not only the leader or the reference environmentally, [commodities] like zero carbon, no one does that, zero tailings dam, and we don't use hazardous chemicals. But also, we actually have physical and chemical properties that deliver value [needs] for the customers.

因此，我們對我們所建造的產品感到非常自豪。我們非常自豪能夠提供一種產品，它不僅是環保領域的領導者或參考產品，例如零碳，沒有人這樣做，零尾礦壩，而且我們不使用危險化學物質。而且，我們實際上擁有可以為客戶提供價值[需求]的物理和化學特性。

So this is -- I've been going through this point repeatedly to make it clear that we don't have a demand problem because we, Sigma, will place every gram at our price, given all these competitive advantages and values in use.

所以這就是——我已經反覆討論這一點，以明確我們不存在需求問題，因為考慮到所有這些競爭優勢和使用價值，西格瑪將按照我們的價格定價每一克。

The next page shows then the summary of all that I've been saying, where does it all lead us? Well, it leads us into a tremendous competitive advantage when it comes to cell making up -- bound for batteries to be packed in Europe or bound of cars that are going to be sold in Europe.

下一頁顯示了我所說的所有內容的摘要，這一切將我們引向何方？嗯，它使我們在電池製造方面獲得了巨大的競爭優勢——用於在歐洲包裝的電池或用於在歐洲銷售的汽車。

As you know, their battery cell factories are located all over the world, in China, in Japan and in South Korea. And for now, they ship the cells to battery packers that have their European factories. So this packing taking place in Europe then is directed to the carmakers located in Europe.

如你所知，他們的電池工廠遍布世界各地，在中國、日本和韓國。目前，他們將電池運送到在歐洲設有工廠的電池包裝商。因此，在歐洲進行的包裝將針對位於歐洲的汽車製造商。

So the sourcing of those cells, the tracking of those cells within the battery maker is actually happening as we speak. And Sigma, our Triple Zero Green Lithium is a recognizable brand. Clients ask for it. They want to have our material. They ask their downstreamers for our materials. So that makes us very proud.

因此，就在我們說話的時候，這些電池的採購、電池製造商內部對這些電池的追蹤實際上正在發生。西格瑪，我們的三零綠色鋰是一個知名品牌。客戶要求它。他們想要我們的材料。他們向下游客戶索取我們的材料。這讓我們非常自豪。

And then when you look at the European auto market this year in our production this year, that's where you can clearly see that there's not enough of our product just to satisfy the European demand, which is fantastic. I mean remember, again, CATL, LG, SK, Panasonic, they're all based elsewhere, but they are making the cells that will be adopted in the European cars. And that is the battery path for 2026, and the supply chains are getting ready as we speak.

然後，當你看看今年歐洲汽車市場我們今年的產量時，你可以清楚地看到我們的產品不足以滿足歐洲的需求，這太棒了。我的意思是，再次記住，寧德時代、LG、SK、松下，他們的總部都在其他地方，但他們正在生產將在歐洲汽車中採用的電池。這就是 2026 年的電池發展路徑，就在我們說話的時候，供應鏈已經準備好了。

So the next page, a bit of the Triple Zero Green Lithium. This has been our purpose, our incentive as investors, as operators, as executives, as partners here. This is what we set out to do. Meaning, enabling best-in-class carbon intensity for batteries and eventually enabling the holy grail of the zero-carbon battery as far as lithium is concerned.

下一頁是一些三零綠鋰。這一直是我們的目的，也是我們作為投資者、營運商、高階主管和合作夥伴的激勵因素。這就是我們打算做的事情。這意味著，實現電池的一流碳強度，並最終實現鋰電池的零碳電池的聖杯。

In other words, the lithium hydroxide chemical producer in China today, if it's best-in-class, meaning using natural gas and using renewable power, he can actually have a total carbon footprint of just 2.5 tonnes of carbon per tonne of lithium hydroxide. In other words, that's very easy to tackle with carbon credits because this best-in-class has done the homework as far as replacing coal gas for natural gas and replacing coal power for renewable power.

換句話說，當今中國的氫氧化鋰化學品生產商，如果是一流的，即使用天然氣和再生能源，那麼實際上每噸氫氧化鋰的總碳足跡僅為 2.5 噸碳。換句話說，用碳信用很容易解決這個問題，因為這個一流的公司已經做好了用天然氣代替煤氣、用再生能源取代煤氣的功課。

So with our material, which is zero, you eventually end up in a fantastic position as far as abating -- the final abating of the carbon loads with carbon credits. So again, we enabled the-zero carbon battery for lithium as far as the lithium material is concerned.

因此，使用我們的材料（為零），您最終會在減少方面達到一個絕佳的位置 - 通過碳信用額最終減少碳負荷。因此，就鋰材料而言，我們再次實現了鋰的零碳電池。

The next slide, I'll go quickly through it because you are very familiar with that. The Triple Zero, zero carbon, zero chemical and zero tailings. The key elements are tailings recycling, dry stacking. We have zero-residue mining because we get rid of all the tailings. We sell the by-products for a price that's 10% of the main products, that's an important point.

下一張投影片，我將快速瀏覽一遍，因為您對此非常熟悉。三零，零碳、零化學品和零尾礦。關鍵要素是尾礦回收、乾堆。我們進行零殘留採礦，因為我們清除了所有尾礦。我們以主產品 10% 的價格出售副產品，這是很重要的一點。

The water, we basically reuse all the water. We source the water with [sewage]. So this is sewage-grade water that comes in, gets treated in our water treatment station, inbound to make it suitable for the Greentech Plant, and we end up with a close system of fully reused water.

水，我們基本上都是重複利用的。我們的水源是[污水]。因此，這是污水等級的水，進入我們的水處理站，進行處理，使其適合綠色科技工廠，最終我們得到了一個完全回用的封閉系統。

And more importantly, we power the plant with clean energy. Clean energy in Brazil is $0.02 of $1 per kilowatt hour. I mean, it's the cheapest, the lowest cost in the world. Except for the [milling], we're subsidized. So we're in a fantastic position here as far as renewable power, lower than anywhere. It's actually [half] the price of Canada.

更重要的是，我們使用清潔能源為工廠提供動力。巴西的清潔能源價格為每千瓦時 1 美元 0.02 美元。我的意思是，這是世界上最便宜、成本最低的。除了[銑削]之外，我們還有補貼。因此，就再生能源而言，我們在這裡處於非常有利的位置，比任何地方都低。它實際上是加拿大價格的[一半]。

So with that, I'll move into operational. Operational and resource expansion update, that's the next page, moving to the next section. So the next slide is successful commissioning of dry stacking. Here, we show that we basically successfully commissioned on dry stacking. And when you see this chart, we saw recoveries.

就這樣，我將開始運作。營運和資源擴展更新，這是下一頁，移至下一部分。下一張投影片是乾堆的成功調試。在這裡，我們表明我們基本上成功地進行了乾堆調試。當你看到這張圖表時，我們看到了復甦。

We segregated in the chart the portion of the period when we actually nailed the dry stacking commissioning by delivering the ultrafine downstack -- dry stacking at 12% moisture, which meant we could then accelerate the production from the dense media separation. So you can clearly see us reaching stability on recoveries and again, reaching the yield levels that we have been striving to do.

我們在圖表中分離了我們透過提供超細下堆（濕度為 12% 的乾堆）實際完成乾堆調試的時間段，這意味著我們可以透過緻密介質分離來加速生產。因此，您可以清楚地看到我們的回收率達到了穩定，並再次達到了我們一直在努力達到的產量水平。

So that explaining to everyone, yield is how much of every tonne of ore that gets into this process, [Module 1] crushing, becomes final product, becomes Triple Zero lithium concentrate, main product. Recoveries dictate how much lithia we actually recovered from the materials, so we got our productivity, right?

所以向大家解釋一下，產量是指每噸礦石中有多少進入這個過程，[模組1]破碎，成為最終產品，成為三零鋰精礦，主要產品。回收率決定了我們實際從材料中回收了多少鋰，因此我們獲得了生產力，對吧？

In other words, as we calibrate the plant to achieve target production volume, the recovery of the lithia is the link to volume. So here at Sigma, we actually have a very high-class problem because we need to strive to adjust down the lithium concentrate grade to 5.5%.

換句話說，當我們校準工廠以實現目標產量時，鋰的回收率與產量有關。所以在Sigma這裡，我們實際上遇到了一個非常進階的問題，因為我們需要努力將鋰精礦​​品位調整到5.5%。

As you might recall, our first shipment was north of 6%, which is an operational ideal calibration. And that's because we start with exceptional quality feedstock entering the processing plant.

您可能還記得，我們​​的第一批出貨量超過了 6%，這是一個理想的操作校準。這是因為我們從進入加工廠的優質原料開始。

So as we achieve that calibration down to get to the market standard grade of 5.5% lithium oxide, we basically achieve yields and recoveries that increase substantially, as you can see on this slide. So again, very, very, very proud of what our operational team on site, our 2 general managers running mining plants have achieved.

因此，當我們實現校準以達到 5.5% 氧化鋰的市場標準品位時，我們基本上實現了產量和回收率的大幅提高，正如您在這張幻燈片中看到的那樣。因此，我們再次對我們的現場營運團隊、營運採礦廠的兩位總經理所取得的成就感到非常、非常、非常自豪。

And we keep on improving. We are now installing a magnetic separator on the ultrafine circuit, which is going to give us a boost on the recoveries. But the work is there. We've already gotten it. At 22,500 a month, multiplied by 12, we're already annualizing the [line] capacity of 270,000 tonnes.

我們不斷改進。我們現在正在超細迴路上安裝磁力分離器，這將提高我們的回收率。但工作就在那裡。我們已經得到了。以每月 22,500 噸計算，乘以 12，我們的[生產線]年產能已達 270,000 噸。

The next page, maintaining head grades through successful operational integration. The next page is basically showing that there are no tricks here, right?

下一頁，透過成功的營運整合來維持領導階層。下一頁基本上表明這裡沒有任何技巧，對嗎？

As we said, our focus has been to lower the grade to 5.5 -- you can see that the grade has been clearly above 5.5. We don't get properly paid for delivering more grade as the industry is delivering 5.5 and below. So the challenge is to bring it down to 5.5, which is, again, a very high-class product, a testament to the quality of our feedstock.

正如我們所說，我們的重點是將成績降低到 5.5——您可以看到成績明顯高於 5.5。由於行業提供的分數為 5.5 及以下，我們無法因提供更高的分數而獲得適當的報酬。因此，挑戰是將其降低至 5.5，這又是一種非常優質的產品，證明了我們原料的品質。

So another important point on the slide is that we're not doing something typically known as [high] grading, meaning going to rich areas of the ore body just to achieve a successful ramp-up in recovery and then suffering that in year 2. No, we're not doing that. If you look at the [axis] on the right, you can see that the head grade has been constant at 1.4% -- 1.46%. That is the diluted feed we showed on the feasibility study.

因此，幻燈片上的另一個重要點是，我們沒有做通常被稱為[高]品位的事情，這意味著進入礦體富集區域只是為了實現成功的回收率提升，然後在第二年遭受這種痛苦。不，我們不會那樣做。如果你看右邊的[軸]，你可以看到頭部等級一直恆定在1.4% - 1.46%。這就是我們在可行性研究中所展示的稀釋飼料。

So incredible consistency on the feed, which shows that the challenge is to keep the grade down, basically down from 6%, down from 6.5%, so that we are able to deliver grades that are in line with the market as opposed to going above market and not get properly compensated for it.

飼料的一致性令人難以置信，這表明挑戰在於降低品級，基本上從 6% 降至 6.5%，以便我們能夠提供與市場一致的品級，而不是高於市場的品級市場，卻沒有得到適當的補償。

The next slide, Slide 18, shows that we're going to expand. The FEL-3 [BTL Engineering] is going into this last phase. We're doing the final quoting. As we're going through a strategic review, the selection of the contractor of engineering, it's going to be a function of the winner, the next guardian of Sigma.

下一張投影片（投影片 18）顯示我們將進行擴充。 FEL-3 [BTL 工程] 即將進入最後階段。我們正在做最後的報價。當我們進行策略審查時，工程承包商的選擇將取決於獲勝者，即西格瑪的下一個守護者。

Each one of them has their own views, it could be going to an Eastern construction company, which actually has been building transmission lines and [life] scale generation -- power generation structure in Brazil for -- very successfully, very low cost. We're going to be funding it via debt and via our operational cash flow. And the plan is to triple production by next year.

他們每個人都有自己的看法，可能會去一家東部建築公司，該公司實際上一直在建設輸電線路和[生命]規模發電——巴西的發電結構——非常成功，成本非常低。我們將透過債務和營運現金流為其提供資金。計劃到明年將產量增加兩倍。

Why? There's a market for every gram of this product. There's just not enough of it to satisfy demand, and that's just solely if we consider European Union-bound cells. There's blockchain in through now, there's tracing throughout the supply chain, and we bode really well for that trading.

為什麼？這種產品的每一克都有一個市場。其數量不足以滿足需求，而且這只是我們考慮歐盟電池的情況。現在已經有區塊鏈了，整個供應鏈都有追踪，我們對這種交易來說是個好兆頭。

As I said earlier, our product has become a brand. And you can clearly see here on the map how easy it would be to expand, given that most of the infrastructure preparation of industrial site has already been made.

正如我之前所說，我們的產品已經成為一個品牌。您可以在地圖上清楚地看到，鑑於工業場地的大部分基礎設施準備工作已經完成，擴展是多麼容易。

The next slide will show our ability to scale up production organically. How big can we get? We just unveiled that our mineral resource, Phase 4, Phase 5, goes up to 130 million tonnes. So there's another 50 million tonnes floating over on Phase 4 and 5. So we can easily think through another line. And that line to be potentially integrated, again, it will depend on the winner of the strategic review.

下一張投影片將展示我們有機擴大生產的能力。我們能做到多大？我們剛剛公佈，我們的第四期、第五期礦產資源量將達到1.3億噸。因此，第四期和第五期還有另外 5000 萬噸浮在上面。因此我們可以輕鬆地考慮另一條線路。這條線是否有可能被整合，同樣，這將取決於策略審查的獲勝者。

And going back to the engineering point, I want to make it clear. Promon will be there, driving the actual construction in Brazil. What we're talking about is the engineering sort of brain management pairing with Sigma's robust [owner's] team now because we've already built one.

回到工程點，我想澄清一下。 Promon 將在那裡推動巴西的實際建設。我們現在談論的是與 Sigma 強大的[所有者]團隊配對的工程類大腦管理，因為我們已經建立了一個。

In the -- all the engineers that built it are now working with us in an owner's team. So it will be -- who would be the foreign engineering company that we would pair with Promon to support our in-house owners team, right? And again, what we are trying to do is to achieve optimal construction and achieve optimal cost effectiveness of the expansion of the plant.

所有建造它的工程師現在都在業主團隊中與我們合作。那麼，我們將與 Promon 合作支持我們內部業主團隊的外國工程公司是誰，對嗎？再說一次，我們正在努力做的是實現優化建設並實現工廠擴建的最佳成本效益。

So lastly, on this ability to scale up production organically, this slide shows that both ramp up, this is what we're going to look like. So if you look at the slide on Page 19, you can clearly see that. In other words, we have Phase 1, then we're going to have a [tripling], which is 2 phases built at once, 2 line trains built at once, that will lead us to 766,000 tonnes; and then potentially a fourth line. That's the obvious strategic choice. I mean it's just the obvious strategic choice.

最後，關於有機擴大生產的能力，這張幻燈片顯示兩者都在增加，這就是我們將要看到的樣子。因此，如果您查看第 19 頁的投影片，您可以清楚地看到這一點。換句話說，我們有第一階段，然後我們將有一個[三倍]，即同時建造兩個階段，同時建造2條線路列車，這將使我們達到766,000噸；然後可能是第四行。這是顯而易見的策略選擇。我的意思是，這只是顯而易見的策略選擇。

In other words, ramping up, we're going to be big. We are a force for good in the industry. We are one of the lithium's next majors, potentially going above 100,000 tonnes a year, depending on how the fourth line is going to be strategically directed to, perhaps, intermediate chemical integration, which leads me to the next slide.

換句話說，只要不斷壯大，我們就會變得更大。我們是產業中一股向善的力量。我們是鋰的下一個主要企業之一，年產量可能超過 10 萬噸，具體取決於第四條生產線的戰略方向，也許是中間化學品整合，這讓我看到了下一張投影片。

The slide -- the next slide shows that all the finalists in the strategic review. I mean, the strategic review has now moved to final. The groups have bundled in consortium, which is very healthy because there's efficiency, and every consortium has expressed their wish to produce intermediate chemicals in Brazil.

幻燈片－下一張幻燈片顯示了戰略審查中的所有入圍者。我的意思是，戰略審查現已進入最終階段。這些集團捆綁在一起組成財團，這是非常健康的，因為有效率，每個財團都表達了在巴西生產中間化學品的願望。

Why? It's quite straightforward. If the industry is going to leave China partially, it has to go to a geography attached to a company that can actually deliver competitive products. I mean, even when you think China, which is what we've been doing for the last 2 weeks, they are the sole producers of lithium chemicals globally, as we all know.

為什麼？這非常簡單。如果該產業要部分離開中國，它必須轉移到一個能夠真正提供有競爭力產品的公司所在的地區。我的意思是，即使你想到中國，正如我們過去兩週一直在做的那樣，眾所周知，他們也是全球鋰化學品的唯一生產商。

So when you think supply chain with them, we actually gained quite a lot of [insights] because it's on their interest, too, to build intermediate chemicals we call Double Zero, meaning zero carbon, zero waste. They do a fantastic job on waste in China. And the location of this country to deliver intermediate chemicals has to be a country like Brazil.

因此，當你思考與他們的供應鏈時，我們實際上獲得了相當多的[見解]，因為這也符合他們的利益，建造我們稱之為“雙零”的中間化學品，意味著零碳、零浪費。他們在中國的垃圾處理方面做得非常出色。而這個國家提供中間化學品的地點必須是像巴西這樣的國家。

Why? We have cheap, abundant renewable power at $0.02 a kilowatt hour. We have abundant natural gas at a competitive price. We have a very large domestic market that can clearly digest, that's the word they use, all the by-products. And those are very key characteristics because the by-products go into a cement-based construction industry and into cleaning products, detergent, of domestic industry. And Brazil has both. So Brazil can actually deliver zero waste just like China can, and we can also deliver zero carbon.

為什麼？我們擁有廉價、豐富的可再生能源，每千瓦時 0.02 美元。我們擁有豐富的天然氣，價格具競爭力。我們有一個非常大的國內市場，可以清楚地消化所有的副產品，這是他們用的詞。這些都是非常關鍵的特徵，因為副產品進入水泥基建築業，並進入家庭工業的清潔產品、清潔劑。巴西兩者兼而有之。因此，巴西實際上可以像中國一樣實現零廢棄物，我們也可以實現零碳。

That is why we can coexist with what is still a China-centered chemical supply chain by delivering less volume of an extremely sustainable product that would tee up, as we showed in the previous slide, the lowest problem and here, zero-carbon lithium hydroxide chemicals. So we can actually enable the development of the lithium hydroxide chemical industry globally by delivering chemicals to chemical, intermediate Double Zero, zero waste, zero carbon, in Brazil into anywhere in the world.

這就是為什麼我們可以透過提供少量的極其可持續的產品，與仍然以中國為中心的化學品供應鏈共存，正如我們在上一張幻燈片中所示，這是最低的問題，這裡是零碳氫氧化鋰化學品。因此，我們實際上可以透過向巴西的化學品、中間體雙零、零廢棄物、零碳供應化學品到世界任何地方，促進全球氫氧化鋰化學工業的發展。

Another interesting point in Brazil, we also had skilled labor for chemistry. Brazil never [deindustrialized]. So we have quite a large chemical industrial park in Brazil. And for basic chemicals, the level of specialization isn't the kind of specialization required to be an alchemist, as we call our Chinese friends. I mean they are the alchemists with the crystallizers with their abilities to do this at an incredibly low cost. We would just be doing intermediate chemistry, which is basic chemistry. And for that, we do have the human capital in the country.

巴西的另一個有趣的地方是，我們也有化學方面的熟練勞動力。巴西從未[去工業化]。所以我們在巴西有一個相當大的化工園區。而對於基礎化學品來說，專業化程度並不是我們中國朋友所說的煉金術士所需的專業化程度。我的意思是他們是擁有結晶器的煉金術士，他們有能力以極低的成本做到這一點。我們只會做中間化學，這是基礎化學。為此，我們在國內確實擁有人力資本。

So now, I'm changing tack and talking about how big, how relevant, how strategically relevant is Sigma. So moving on to Phase 4 and Phase 5, that's the next slide. On Phase 4 and Phase 5, what we have here is a substantial additional growth in the scale of the mineral resources. It's what we've been telling all along. On Page 22, what we have is just a recap of how big we are.

所以現在，我要改變策略，談談 Sigma 有多大、有多相關、有多策略相關。接下來進入第四階段和第五階段，這是下一張投影片。四期、五期，礦產資源規模進一步大幅成長。這是我們一直以來一直在說的。在第 22 頁，我們所擁有的只是對我們規模的回顧。

We have 4 properties. And we've been focusing our drilling in the middle property called Grota do Cirilo because that property concentrated most of the previous artisanal mines that we're operating when we purchased this -- when we started Sigma in 2012. So it's sufficient to compensate it here. So Phases 1, 2, 3, 4 and 5 are all here. And these phases us alone deliver 130 million tonnes for Sigma's mineral resource potentially, to be confirmed by the 43-101.

我們有 4 處房產。我們一直將鑽探重點放在名為 Grota do Cirilo 的中間礦區，因為該礦區集中了我們在 2012 年創建 Sigma 時購買該礦區時運營的大部分手工礦山。因此，這足以對其進行補償這裡。所以第 1、2、3、4 和 5 階段都在這裡。僅我們這些階段就可能為 Sigma 的礦產資源提供 1.3 億噸，這一點將由 43-101 確認。

And therefore, it just gives us the reservoir, let's put it that way, the scale of resources that would allow us to keep growing, to keep on increasing scale, to think about integration you want on the line to basically be the foundation to our growth, large-scale plan to be the next lithium major because this is the kind of scale of mineral resources required for a company that plans to be the next lithium major.

因此，它只是為我們提供了水庫，讓我們這樣說，資源規模使我們能夠不斷增長，不斷擴大規模，思考你想要的整合，這基本上是我們的基礎增長，大規模計劃成為下一個鋰巨頭，因為這是計劃成為下一個鋰巨頭的公司所需的礦產資源規模。

On the right, you see the map that we put forth with the exploration update announcement for Phase 4. That was just an exploration update. We were just trying to give investors a flavor of what's coming. We're going to put out a 43-101 with Phases 4 and 5, so increasing it upwards of 50 million tonnes.

在右側，您可以看到我們隨第四階段探索更新公告一起發布的地圖。這只是一個探索更新。我們只是想讓投資者了解即將發生的事情。我們將推出 43-101 的第 4 期和第 5 期，因此將其產量增加到 5,000 萬噸以上。

The next slide is the closing comments. I think, how do we wrap it all up? What does it all mean? What is -- what does it mean all that I have been saying here as far as our share price, creation of shareholder value and what's going on in the industry?

下一張投影片是結束語。我想，我們該如何總結這一切呢？這是什麼意思呢？就我們的股價、股東價值的創造以及產業正在發生的事情而言，我在這裡所說的一切意味著什麼？

Well, we have not yet been re-rated as a producer. That full re-rating is yet to occur. And the screen makes the obvious. There are producers which are delivering a tiny scale. And proportionately, they're getting a valuation per production that's way higher than ours, right? And they're developers, they're getting a valuation to 5-year forward production that is way higher than now.

嗯，我們還沒有被重新評為生產商。全面的重新評級尚未發生。螢幕上的內容顯而易見。有些生產商的生產規模很小。以比例來說，他們的每件作品的估值比我們高得多，對吧？他們是開發商，他們對 5 年遠期產量的估值比現在高得多。

So this is the work that my partner here at A10, the (inaudible) of Sigma, while we don't conclude the strategic review, Matthew DeYoe will come to lead. I think there was a bit of confusion about what's Matt doing at Sigma. Well, he's joined A10. He's our partner at A10, and he came to help the principals of A10 (inaudible) Sigma, namely [Marcelo] and I and all of us to basically be the [manufacture] interface in order to communicate all that we've been doing to hopefully bridge that gap.

因此，這是我在 A10 的合作夥伴，即 Sigma（聽不清楚）的工作，雖然我們尚未完成策略審查，但 Matthew DeYoe 將領導這項工作。我認為人們對於 Matt 在 Sigma 所做的事情感到有些困惑。嗯，他加入了A10。他是我們在A10 的合作夥伴，他來幫助A10（聽不清楚）Sigma 的負責人，即[Marcelo] 和我以及我們所有人基本上成為[製造] 接口，以便將我們一直在做的所有事情傳達給希望能夠彌補這一差距。

The gap is tremendous. We're basically 1/3 of our producer peers, non-majors. And we do plan to close this disconnect on fundamental value alone. And our costs are so competitive. But as far as profit, which we just delivered straight out of our maiden financial quarter and cash flow generation that this company could be valued at anything as 3x forward EBITDA, which is a very attractive value proposition, right?

差距是巨大的。我們基本上是 1/3 的生產商同行，非專業人士。我們確實計劃僅在基本價值上消除這種脫節。而且我們的成本非常有競爭力。但就利潤而言，我們剛從我們的第一個財務季度直接交付，並且現金流生成，這家公司的估值可以達到3 倍遠期EBITDA，這是一個非常有吸引力的價值主張，對吧？

The next slide shows why are we going to be the next lithium major. We are already one of the world's largest producers at 270,000 tonnes per annum. Where we are now, if you take our monthly production shipment, that's going on at the cadence multiplied by 12, that's what we get. So we got here.

下一張幻燈片展示了為什麼我們將成為下一個鋰巨頭。我們已經成為世界上最大的生產商之一，年產量達 27 萬噸。在我們現在的情況下，如果你看我們每個月的生產出貨量，那就是按頻率乘以 12 進行，這就是我們得到的結果。所以我們到了這裡。

We are becoming one of the lithium majors because then with the expansion at 760,000 tonnes per lithium -- of concentrate per year, I mean we get to the super club of companies that can produce an equivalent of 100,000 tonnes LCE per year.

我們正在成為鋰巨頭之一，因為隨著每年鋰精礦產能的擴張，我們將進入每年可生產相當於 10 萬噸 LCE 的公司超級俱樂部。

So we have a special product, high-purity coarse lithium. We have a very low cost, and we have the Triple Zero, carbon neutral, dry stack, no tailings dam, which we fully sell these by-products, ultrafines. So it's a very unique competitive position.

所以我們有一個特殊的產品，高純度粗鋰。我們的成本非常低，我們有三零、碳中和、乾堆、無尾礦壩，我們完全出售這些副產品、超細粉。所以這是一個非常獨特的競爭地位。

And then I want to close this call and thank you because you've been believing in us since the beginning. And the least we could do to all of our investors is what we've been doing. We're delivering like clockwork on every front, and now we delivered cost. We just crystallized our position as second lowest-cost producer in the world.

然後我想結束這通通話並感謝你們，因為你們從一開始就一直相信我們。我們至少能為所有投資者做的就是我們一直在做的事情。我們在各個方面都在精確地交付，現在我們交付了成本。我們剛剛確立了世界第二低成本生產商的地位。

Again, when you do by-product math on our cost, you get to a number that's literally on top of -- that's literally matching the all-in sustaining cost we put out at the [DSS], which is a testament to our obsession with operational efficiency.

再說一次，當你對我們的成本進行副產品數學計算時，你會得到一個字面上的數字——它實際上與我們在[DSS]中提出的全部維持成本相匹配，這證明了我們的痴迷與營運效率。

So every front, consistency-focused relentless. I mean, in fact, I want to leave you with that thought. When I was in China, I received probably one of the biggest complements there's ever been there when they told me, "Wow, you actually outwork us. You burn the 3 a.m. oil." And I said, "Well, that's what needs to happen in the century where Asia is driving the work ethic, right?"

所以每一條戰線上，堅持不懈地註重一致性。我的意思是，事實上，我想讓你留下這個想法。當我在中國時，我收到的可能是有史以來最大的讚美之一，他們告訴我：“哇，你實際上比我們工作得更好。你凌晨 3 點都在耗油。”我說：“好吧，這就是亞洲正在推動職業道德的世紀所需要發生的事情，對吧？”

So we're literally out working and working as hard as our competition. And that's what we want to leave you with on this earnings call. And I really want to thank you for staying with us, trusting on us even in this price environment, where lithium enters a down cycle. We're here to stay because we thrive in an environment of down cycle, given that we can produce free cash flow and earnings, no matter what.

因此，我們確實在努力工作，並且與我們的競爭對手一樣努力。這就是我們想在本次財報電話會議上告訴您的內容。我真的要感謝您留在我們身邊，即使在鋰進入下行週期的價格環境下也信任我們。我們之所以會留下來，是因為我們在下行週期的環境中蓬勃發展，無論如何我們都可以產生自由現金流和收益。

So with that, I'll pass on to Q&A. And I want to thank you very much for listening to this call.

因此，我將繼續進行問答。我非常感謝您收聽這次電話會議。

We will now begin the question-answer session. (Operator Instructions) Our first question comes from Joel Jackson from BMO Capital Markets.

我們現在開始問答環節。 （操作員說明）我們的第一個問題來自 BMO 資本市場的 Joel Jackson。

Ana, I think I read in your disclosure that you still expect 500,000 tonnes of spodumene production or sales next year, That will be about double what 20 -- what your run rate is now, means -- can you talk about the milestone you've got to hit? Because you haven't put the feasibility study out yet for Phase 2, 3. So what do you have to hit? What needs to be in production? How do you have to ramp? How have lessons learned that you can get to 500,000 tonnes of production for next year (technical difficulty).

安娜，我想我在你的披露中讀到，你仍然預計明年的鋰輝石產量或銷量將達到50 萬噸，這將是20 噸（你現在的運行率）的兩倍，你能談談你的里程碑嗎？必須打嗎？因為你們還沒有把第二、三期的可行性研究拿出來。那你們要達成什麼目標呢？生產中需要什麼？你必須如何斜坡？如何吸取經驗教訓，明年的產量可達 50 萬噸（技術難度）。

Pardon me, everyone. It appears the speaker line has again dropped. Please stand by while we reconnect. We thank you for your patience.

請原諒我，大家。看來揚聲器線路又斷線了。我們重新連線時請稍候。我們感謝您的耐心等待。

We have reconnected with the speakers. Ana, you need to proceed.

我們已與發言者重新取得聯繫。安娜，你需要繼續。

Do you want me to repeat the question again?

你想讓我再重複一次這個問題嗎？

Yes. Can you please repeat the question cause I...

是的。你能重複一下這個問題嗎，因為我...

Sure. I would love to. In your disclosure, you talked about 500,000 tonnes of spodumene production in 2024 to next year. We're there about double the run rate right now. So what has to happen -- you haven't put the feasibility study out yet for the expansion. What has to happen for you to ramp up, get in production and get to 500,000 tonnes next year? Maybe you could talk about lessons learned from Phase 1.

當然。我喜歡。在您的披露中，您談到了 2024 年至明年的鋰輝石產量為 50 萬噸。我們現在的運行率大約是原來的兩倍。那麼接下來會發生什麼事——你們還沒有進行擴建的可行性研究。明年要如何擴大產量並達到 50 萬噸？也許你可以談談第一階段的經驗教訓。

Absolutely. Well, we learned quite a lot, as you all know, specifically when it comes to the [dry stacking] of the tailings, which significantly delayed us reaching nameplate capacity of the production. So we refined that circuit, we learned a lot on flatulation in chemicals that we could use in order to make that circuit very efficient.

絕對地。嗯，眾所周知，我們學到了很多東西，特別是在尾礦的[幹堆]方面，這大大延遲了我們達到銘牌生產能力的時間。因此，我們改進了該電路，我們學到了很多關於化學物質脹氣的知識，我們可以使用這些化學物質來使該電路非常有效率。

Again, it's the first circuit in the world, is an innovation, we've pioneered it. But we get it down to a [stream] now, it's dry stacking beautifully. So that was factored into the new engineering. So I think this was actually a very important learning because all the learnings from actually commissioning this plant and enhancements to the flow sheet, we're going to be -- or were factored already on the design.

再說一遍，這是世界上第一條賽道，是一項創新，我們是它的先驅。但我們現在把它放到[溪流]中，它的乾燥堆放效果非常好。因此，這被納入新工程中。所以我認為這實際上是一個非常重要的學習，因為從實際調試該工廠和改進流程圖中獲得的所有知識，我們都將 - 或者已經在設計中考慮在內。

And so we think we are very confident that what we have now is a fantastic flow sheet because it comes battle tested by all the pain and all the lessons we've been through in the commissioning.

因此，我們認為我們非常有信心，我們現在擁有的是一個出色的流程圖，因為它經過了我們在調試過程中經歷的所有痛苦和所有教訓的考驗。

So what milestones you have to hit? Like would you have to be commissioned -- you would have to be commissioned by this state to hit 500,000 tonnes next year? What's the milestone? Maybe walk through that.

那麼您必須達到哪些里程碑？就像你必須接受委託一樣——明年你必須接受這個州的委託才能達到 50 萬噸嗎？里程碑是什麼？也許走過那一步。

We basically -- it's interesting because we use the same [slash] and cut that we applied to Phase 1, even though we don't foresee waiting like April, May, June, July to get to the stride, I mean, because with the dry stacking circuit that works from the get go, we can actually unleash and turn on plant 2, which is the dense media separation, immediately because now we know what is the right flow sheet for actually getting to the 12% moisture, which is the ideal moisture to be maintained in the case that goes into the main brains of the dry-stacking filter and hence, go into the conveyor belt into the dry stack. So that was actually the one black box we had to solve.

我們基本上——這很有趣，因為我們使用了與第一階段相同的[斜杠]和削減，儘管我們預計不會像四月、五月、六月、七月那樣等待大步前進，我的意思是，因為從一開始就起作用的干堆積電路，我們實際上可以立即釋放並打開工廠 2，即緻密介質分離，因為現在我們知道實際達到 12% 水分的正確流程是什麼，即進入乾式堆疊過濾器的主要大腦並因此進入傳送帶進入乾式堆疊的情況下要保持的理想濕度。所以這實際上是我們必須解決的一個黑盒子。

Again, it's innovation, right? And this is why we've been here as financial sponsors and investors for 6 years. We promised that to our stakeholders in Brazil, and we delivered it. So we're not going to have that weight anymore. So that cut commissioning significantly. I mean, 4 months is quite a lot.

再說一遍，這就是創新，對吧？這就是我們六年來一直是財務贊助商和投資者的原因。我們向巴西的利害關係人承諾了這一點，並且我們也兌現了這項承諾。所以我們不會再有那樣的重量了。這樣就大大減少了調試。我的意思是，4個月相當長了。

And then more importantly -- yes, more importantly, we also know what the issue is with the water. When we first started this, we didn't realize that the water was actually sewage grade and we had to build a sewage treatment station to actually get the water from the river and remove the solid [pico] residues and make it suitable for the plant.

更重要的是──是的，更重要的是，我們也知道水的問題是什麼。當我們剛開始這項工作時，我們並沒有意識到水實際上是污水等級，我們必須建造一個污水處理站，以實際從河中獲取水並去除固體[微微]殘留物，使其適合工廠。

So there is a [myriad] of (inaudible) here that factor -- that we actually incorporated into the design of these 2 new plants. And therefore, we see a construction time line, giving a lot more streamlined way more than the first construction timeline to be a lot more streamlined, way more than the first construction timetable.

因此，這裡有一個[無數]（聽不清楚）的因素——我們實際上將其納入了這兩個新工廠的設計中。因此，我們看到了一個施工時間線，比第一個施工時間表更加精簡。

And then I think on the bigger picture, when you look at that page, and I can go back to that slide, that is like -- if the moderator could please go back to the slide, which is Page 18, visually, you can see that we have to do a lot less industrial site preparation than we had to do for Phase 1, because we built Phase 1 from scratch.

然後我認為從更大的角度來看，當你查看該頁面時，我可以返回到該幻燈片，就像 - 如果主持人可以返回到幻燈片，即第 18 頁，從視覺上看，你可以看到我們需要做的工業場地準備比第一階段要少得多，因為我們從頭開始建造第一階段。

So we had to prepare 1 square kilometers of industrial area, which we don't anymore, given that the fixed Greentech and infrastructure are already here, the piping of 6 kilometers that brings this water, the sewage water from the river into the treatment stations already here. So a whole lot of what we call industrial site infrastructure here were licensed.

因此，我們必須準備 1 平方公里的工業區，但現在我們不再這樣做了，因為固定的綠色科技和基礎設施已經在這裡，6 公里長的管道將這些水，即河流中的污水引入處理站已經在這裡了。因此，這裡的許多我們所說的工業場地基礎設施都獲得了許可。

As you can see in the expansion, a little square of that slide -- again, moderator could go to slide -- sorry, Slide 18. That will be very helpful.

正如您在擴充功能中看到的那樣，該幻燈片的一個小方塊 - 再次，主持人可以轉到幻燈片 - 抱歉，幻燈片 18。這將非常有幫助。

We're actually tackling the earthworks on faster areas, which, again, to shorten earthworks by 4 months because we don't have to do any more capture, we don't have to do what we call vegetation classification. There's a whole lot of steps that are skipped because we're going into what we call [unprophesized] vegetation area. So a lot of savings, a lot more streamlining.

我們實際上是在更快的區域處理土方工程，這再次將土方工程縮短了 4 個月，因為我們不必再進行任何捕獲，我們不必進行所謂的植被分類。有很多步驟被跳過，因為我們要進入所謂的[未預言的]植被區域。因此可以節省很多，並且更加精簡。

So what is the key piece of the puzzle now that we get all the work teed up, who is going to drive engineering? Because, obviously, each strategic partner, buyer, potential M&A counterparty here has a preference, and we don't want to impose our preferences to them. And given that we're now a [little] in the last leg of it, there's no point in gun jumping with an engineering company.

那麼，既然我們已經準備好所有工作，那麼難題的關鍵部分是什麼？誰來推動工程？因為，顯然，這裡的每個策略夥伴、買家、潛在的併購對手都有自己的偏好，我們不想把我們的偏好強加給他們。考慮到我們現在還處於最後階段，與工程公司合作是沒有意義的。

Promon will be there. That's the Brazilian company that's done a marvelous job, marvelous job in managing over 1,000 people we had on site during construction. So they're the experts of executing on the ground. And then we'll pair them up with an engineering company, which will drive equipment procurement. I mean equipment procurement can be basically concentrated in different parts of the world, depending on the strategic potential acquirer, counterparty of Sigma.

普羅蒙將會在那裡。這家巴西公司做得非常出色，在施工期間管理了我們現場的 1,000 多名員工。所以他們是實地執行的專家。然後我們會將他們與一家工程公司配對，這將推動設備採購。我的意思是設備採購基本上可以集中在世界不同地區，這取決於戰略潛在收購方，西格瑪的交易對手。

And we'll do this together. We'll be here helping the next guardian of Sigma to succeed. That's what we want. The success of the next guardian is the success of Brazil.

我們將一起做這件事。我們將在這裡幫助西格瑪的下一個守護者取得成功。這就是我們想要的。下一個守護者的成功就是巴西的成功。

Just following up on that, and then I'll pass over the baton. But as you talk about the strategic review and you're talking about words like guardian, counterparty, a lot of broad different terms there, how -- maybe you can give us a sense of sort of how has the process gone, the range of bids, the range of kind of plans or proposals?

只是跟進這一點，然後我會傳遞接力棒。但是當你談論戰略審查時，你談論的是監護人、交易對手等詞，還有很多廣泛的不同術語，也許你可以讓我們了解這個過程是如何進行的，範圍是怎樣的？投標、計劃或建議的範圍？

And how are you managing this in an environment of, "Okay, yes, lower lithium prices, but it's a commodity, things go up and down, people can now handle that?" How do you manage it in a time of clearly lower lithium multiples in the industry across the year?

在「好吧，是的，鋰價格較低，但它是一種商品，事情會起起落落，人們現在可以處理這個問題」的環境中，你如何管理這個問題？在全年業界鋰倍數明顯較低的情況下，您如何應對？

Look, this screen is not a benchmark for a strategic buyer. I mean it's sort of they don't think quarters, you don't build a resilient business on a quarter-to-quarter basis. I'll give you an example. When it gets to 2028, it isn't like someone is going to appear 2 quarters earlier and say, "Oh, now I need to figure this out." I mean these discussions are happening now.

你看，這塊螢幕並不是戰略買家的標竿。我的意思是，他們不會考慮季度，你不會在每個季度的基礎上建立一個有彈性的業務。我給你舉個例子。到了 2028 年，不會有人提前兩個季度出現並說：“哦，現在我需要解決這個問題。”我的意思是這些討論現在正在進行。

Battery test for Euro 2026 is a reality, and it affects battery makers all over the world. Batteries made in China -- cells made in China, cells made in Japan, cells made in South Korea, cells made everywhere are affected by it. So there's going to be a lot of lithium needed into the materialization of the plan of some of these giga factories that have been announced and are being built all over or are operating right now.

2026 年歐洲電池測試已成為現實，它影響著世界各地的電池製造商。中國製造的電池——中國製造的電池、日本製造的電池、韓國製造的電池、世界各地製造的電池都受到影響。因此，一些已經宣布、正在建造或正在運營的巨型工廠的計劃的實現將需要大量的鋰。

I mean, so ultimately, it's 2024, practically speaking. So the plans for the remainder of this decade, which is a decade of lithium, are happening as we speak. And I mean, I'll give you an example.

我的意思是，實際上，最終是 2024 年。因此，就在我們說話的時候，本十年剩餘時間（即鋰十年）的計劃正在實施。我的意思是，我會給你一個例子。

CATL announced this year in the Shanghai Auto Show that they're going to deliver the zero-carbon battery. They will be zero carbon in '25, zero-carbon battery comes in 2035. That just shows that this is a global concern. It isn't something that just affects the Western because as you all know, CATL supplies the world.

CATL今年在上海車展上宣布將推出零碳電池。它們將在 25 年實現零碳，到 2035 年實現零碳電池。這正好表明這是一個全球性的問題。這不僅是影響西方國家，因為眾所周知，寧德時代為世界供應產品。

So this is a global conversation. And what is Sigma? And just -- let's leave commodity cycle aside for a moment because, again, we demonstrated that we'll thrive, no matter what, right? Sigma is a company that has a clean shareholder registry. There's not a single strategic year. It's basically financial investors with a financial sponsor, so we can deliver a transaction without the interloping that's been plaguing recent strategic movement.

所以這是一個全球性的對話。西格瑪是什麼？讓我們暫時把大宗商品週期放在一邊，因為我們再次證明，無論如何，我們都會蓬勃發展，對嗎？ Sigma 是一家擁有乾淨的股東名冊的公司。沒有一個戰略年。基本上是財務投資者和財務贊助商，因此我們可以在沒有乾擾的情況下進行交易，而乾擾最近一直困擾著策略運動。

Two, we have an encumbered, sizable thousands -- hundreds of thousands of units, which means we are easily integratable for massive top line M&A synergies. So we are almost like the perfect target.

第二，我們擁有數千甚至數十萬個單位，這意味著我們可以輕鬆整合以實現大規模的頂線併購協同效應。所以我們幾乎就是完美的目標。

And we are in a country that is extremely welcoming to mining. The population wants it. We actually managed to demonstrate that there's a new model for the industry of mining processing to be followed in terms of lifting the people and sharing prosperity and not being less profitable.

我們所處的國家非常歡迎採礦業。人們想要它。我們實際上成功地證明了採礦加工產業可以遵循一種新的模式，在提高人民生活水平、共享繁榮的同時，又不降低利潤。

I mean, come on, we posted a profit, right? So I think we represent quite a lot for the industry. So this is just a long way to say that the process is going incredibly well. And I can't say much more, given sort of the imminence of it, right? The release is very self-containing.

我的意思是，來吧，我們盈利了，對吧？所以我認為我們對這個行業來說代表了很多。所以這只是說這個過程進展得非常順利。考慮到它的迫在眉睫，我不能說更多，對嗎？該版本非常獨立。

(Operator Instructions). We have a question over the webcast from [Marcelo] at Everest Capital.

（操作員說明）。我們對珠穆朗瑪峰資本 [Marcelo] 的網路廣播有疑問。

Congratulations for the results. Does the company expect EBITDA margins and net margin to improve over the next few quarters? Does the company expect net margin to reach 75%, as reported in institutional presentations?

祝賀結果。公司預計 EBITDA 利潤率和淨利潤率在未來幾季會有所改善嗎？公司預期淨利率是否如機構報告所述達到 75%？

We do. We do. And I think it's part of the process of leaving this period of commissioning. You can tell by the bridge of EBITDA we posted on the institutional presentation on our website, the further we move, the less clouded by nonrecurring items our financials become. So we will become more streamlined and more clear the ability to deliver superior margins.

我們的確是。我們的確是。我認為這是結束這段調試期過程的一部分。您可以透過我們在網站上的機構簡報中發布的 EBITDA 橋樑看出，我們走得越遠，我們的財務狀況受到非經常性專案的影響就越少。因此，我們將變得更精簡、更清晰地提供卓越利潤的能力。

Obviously, that we need to -- we're now showing simulations against a price backdrop that has gone down, and that obviously affects our margins, right? So when you -- we were not running in so many at $1,500 per tonne of Triple Zero lithium concentrate. We are achieving right now 1,800, 1,900, this was the price for shipment calculation using the formula on spot hydroxide of 23,000.

顯然，我們需要——我們現在在價格下降的背景下進行模擬，這顯然會影響我們的利潤，對吧？因此，當您 - 我們並沒有以每噸 1,500 美元的價格運行這麼多三零鋰精礦。我們現在達到了 1,800、1,900，這是使用現貨氫氧化物 23,000 的公式計算的出貨價格。

But again, what we are trying to show is that we are profitable -- structurally profitable because our cost is so low. We're well below the marginal cost required for the industry to meet the supply expectations of demand.

但我們再次強調的是，我們是獲利的——結構性獲利，因為我們的成本非常低。我們遠低於產業滿足需求供應預期所需的邊際成本。

Even when you look at softer demand backdrop, even when you look at what we call the full bear cave, we're always going to be here. We're going to make more profit, less profit, it's a commodity after all. But we are resilient to cycles, and that's what makes Sigma very special, a fundamental asset, fundamental company here. We're here, no matter what.

即使當你看到需求疲軟的背景時，即使當你看到我們所說的全面熊市時，我們仍然會在這裡。我們要賺更多的利潤，賺更少的利潤，畢竟它是一種商品。但我們對週期有彈性，這就是西格瑪非常特別的原因，它是這裡的基本資產、基本公司。無論如何，我們都在這裡。

So we are the super major in volume that has managed to keep costs very low. And I think connects to the previous question. Going forward, as we expand, our cost will go down because the G&A is a bit of what happens to Talison. They're so big, the G&A gets diluted over. They are now at 1.4 million tonnes of concentrate. So it's a giant number, that is about 5x our size. So we're tripling.

因此，我們是銷量上的超級巨頭，並且成功地將成本保持在非常低的水平。我認為與上一個問題有關。展望未來，隨著我們的擴張，我們的成本將會下降，因為 G＆A 是 Talison 發生的事情的一部分。它們太大了，一般行政費用被稀釋了。目前精礦產量為 140 萬噸。所以這是一個巨大的數字，大約是我們的 5 倍。所以我們增加了兩倍。

So the more we increase the scale of production, the less the G&A matters because it gets diluted down. So when you look at the fundamentals of the cost, it just gets better by simply basically diluting down the fixed cost over a larger number of units, right? So essentially, this is actually the demonstration of the resilience of the business. I mean we can expand confidently because the costs actually decreased.

因此，我們生產規模越大，一般行政費用就越不重要，因為它會被稀釋。因此，當您查看成本的基本原理時，只需簡單地稀釋更多單位的固定成本，情況就會變得更好，對吧？所以本質上，這其實是企業彈性的體現。我的意思是我們可以自信地擴張，因為成本實際上下降了。

There are no more questions in the queue. This concludes our question-and-answer session. I'd like to turn the conference back over to CEO, Ana Cabral, for any closing remarks.

隊列中沒有更多問題。我們的問答環節到此結束。我想將會議轉回執行長安娜·卡布拉爾 (Ana Cabral) 發表閉幕詞。

Well, I want to really thank all of our investors that have believed in us, that have stayed with us. We have a very steady roaster of top investors that have stayed with Sigma over the cycle, almost right financial sponsors that we are.

嗯，我真的要感謝所有相信我們、一直支持我們的投資人。我們有一群非常穩定的頂級投資者，他們在整個週期中一直留在西格瑪，我們幾乎是正確的財務贊助商。

And the fundamental investors, you have seen through the value. And what we are hoping to do is to reward them beautifully with the execution, the flawless execution, the strategic vision, the execution of the strategic review.

而基本面投資者，你們已經看穿了價值。我們希望做的是用執行力、完美的執行力、策略願景、策略審查的執行力來獎勵他們。

We do see Sigma as a key instrumental player in the global lithium industry, a real force for good because we brought the conversation of zero carbon, zero tailing and environmental sustainability and social sustainability in lifting the people and achieving social goals, achieving climate goals while delivering sheer profitability on the metrics, while delivering an incredibly profitable and incredibly resilient business.

我們確實將Sigma 視為全球鋰產業的關鍵參與者，是一股真正的正義力量，因為我們帶來了零碳、零尾礦、環境永續性和社會永續性的對話，以提升人們的福祉和實現社會目標，實現氣候目標，同時在指標上提供絕對的盈利能力，同時提供令人難以置信的盈利能力和令人難以置信的彈性業務。

So it has not affected us at all to be the most sustainable lithium company in the world as far as metrics, which shows the way forward for the industry. It's a matter of will, right? It's a matter of cost discipline, operational efficiency. And then you become where we are, which is the bedrock of the zero-carbon battery.

因此，就指標而言，它完全沒有影響我們成為世界上最永續的鋰公司，這表明了該行業的前進方向。這是意志的問題，對嗎？這是成本紀律和營運效率的問題。然後你就變成了我們現在的樣子，這是零碳電池的基石。

So we're very, very proud of this quarter. We're very, very proud of being profitable in the first operating revenue quarter, and that's thanks to you all into your unwavering support over the years. So I'm very honored to have the investor base that I have. And with that, I'll close my remarks.

所以我們對這個季度感到非常非常自豪。我們非常非常自豪能夠在第一個營業收入季度實現盈利，這要感謝大家多年來的堅定支持。因此，我非常榮幸能擁有這樣的投資者基礎。我的發言到此結束。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。