Sigma Lithium Corp (SGML) 2024 Q3 法說會逐字稿

Good morning, everyone. My name is Rob, and I will be your operator today. Welcome to the Sigma Lithium third-quarter 2024 earnings conference call. Today's call is being recorded and is broadcast live on Sigma's website.

大家早安。我叫羅布，今天我將成為您的接線生。歡迎參加 Sigma Lithium 2024 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。

On the call today is the company's CEO, Anna Cabral; CFO, Rogerio Marchini; Company Executive Vice President, Matthew DeYoe; and Vice President, Investor Relations, Irina Axenova.

今天參加電話會議的是該公司執行長安娜·卡布拉爾 (Anna Cabral)；財務長羅傑裡奧·馬爾基尼；公司執行副總裁 Matthew DeYoe；以及投資者關係副總裁 Irina Axenova。

We will now turn the call over to the Sigma team.

我們現在將把電話轉給 Sigma 團隊。

Thank you, Rob. Good morning, everyone, and thank you for joining us on our third quarter 2024 earnings conference call. On the call with me today are company's CEO and Co-Chairperson, Ana Cabral; and CFO, Rogerio Marchini.

謝謝你，羅布。大家早安，感謝您參加我們的 2024 年第三季財報電話會議。今天與我通話的是公司執行長兼聯合主席 Ana Cabral；和財務長羅傑裡奧·馬爾基尼。

Earlier this morning, we published our 3Q press release and posted our financial results, which are available through both SEC and SEDAR.

今天早些時候，我們發布了第三季新聞稿並發布了我們的財務業績，這些結果可透過 SEC 和 SEDAR 取得。

Before we begin, I'd like to cover two items. First, during the presentation, you will hear certain forward-looking statements concerning our plans and expectations. We note that actual events or results could differ materially from changes in market conditions 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，實際事件或結果可能與我們營運中的市場條件變化有重大差異。

And additionally, earnings referenced in this presentation may exclude certain non-core and non-recurring items. Reconciliations to the most comparable IFRS 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《國際財務報告準則》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？

Hi. Good morning, everyone. Well, this quarter, we achieved a production in low industry cost targets. We generated robust free cash flow, and we demonstrated our operational resilience to lithium cycles. We also benefited from a shift in our commercial strategy, which helped us navigate industry seasonality and price volatility, enabling us to secure final higher average realized prices compared to the price bulleting benchmarks.

你好。大家早安。嗯，本季度，我們實現了低產業成本的生產目標。我們產生了強勁的自由現金流，並展示了我們對鋰循環的營運彈性。我們也受益於商業策略的轉變，這幫助我們應對行業季節性和價格波動，使我們能夠確保最終平均實現價格高於價格基準。

Over the last year, you followed us on this journey, and we are very proud to have transformed Sigma from an emerging producer into this industry leader, demonstrating the operational and financial resilience of a mature producer showing dependability and consistency.

在過去的一年裡，您跟隨我們踏上了這段旅程，我們非常自豪能夠將Sigma 從新興生產商轉變為這個行業領導者，並展示了成熟生產商的營運和財務彈性，表現出可靠性和一致性。

Meanwhile, we have managed to deliver on all of our climate goals, and we reached net zero, one year in advance of our target, 27 years ahead of the industry with our Quintuple Zero Green Lithium, which became a brand. Well, we're very confident that over the lithium cycles, our capabilities to deliver on the execution of our strategy will ensure long-term value for Sigma in all of its stakeholders.

同時，我們成功實現了所有氣候目標，並透過五重零綠色鋰實現了淨零排放，比我們的目標提前一年，領先產業 27 年，該鋰電池已成為一個品牌。嗯，我們非常有信心，在鋰循環過程中，我們執行策略的能力將確保 Sigma 為其所有利害關係人帶來長期價值。

So without further ado, I will initiate this presentation going through the highlights of our quarter.

因此，言歸正傳，我將開始本次演講，回顧本季的亮點。

Well, on the operational aspect of our operations, we continue to deliver operational excellence. We first further increased the cadence of quasi monthly volumes to 22,000 tonnes sold per month. We also managed to surpass third quarter production targets set initially at 60,000 tonnes with them better than our targets.

嗯，在我們營運的營運方面，我們繼續提供卓越的營運。我們首先將準月銷量的節奏進一步提高至每月 22,000 噸。我們也成功超越了最初設定的 60,000 噸的第三季產量目標，並且好於我們的目標。

We successfully executed a shift in commercial strategy that helped us weather seasonality, meaning we achieved higher realized prices versus the industry and increase substantially our resilience to lithium cycles.

我們成功地執行了商業策略的轉變，幫助我們度過了季節性，這意味著我們實現了比行業更高的實際價格，並大大提高了我們對鋰循環的適應能力。

More importantly, we keep on working on our Greentech Plant technology, perfecting it. We successfully concluded the Plant 1 efficiency revolve we talked about in our Investor Day, which has the potential to increase production by 10% to 15% just like we said. More importantly, we continue to advance the construction of the second plant, and we're going to show you quite a lot of pictures here of our construction side.

更重要的是，我們繼續致力於我們的綠色科技工廠技術，並不斷改進它。我們成功完成了在投資者日討論的 1 號工廠效率革命，正如我們所說，它有可能將產量提高 10% 至 15%。更重要的是，我們還在繼續推進第二工廠的建設，這裡我們會為大家展示許多我們建設方面的圖片。

I think more importantly to all of us partner employees, we created this culture of ownership and operational excellence, which continue to deliver in the zero accidents with our lost time achievement. We've gone out 43 days without accidents -- without lost time to work and zero fatalities, staying at the very top of the ICMM rankings.

我認為對我們所有合作夥伴員工來說更重要的是，我們創造了這種主人翁精神和卓越營運的文化，這將繼續實現零事故和損失時間的成就。我們已經連續 43 天沒有發生任何事故，沒有耽誤工作時間，零死亡人數，在 ICMM 排名中名列前茅。

I'll pass it on now to Rogerio, our CFO,

我現在將其轉交給我們的財務長 Rogerio，

Good morning, all. So Signet delivered robust financial performance. The principal financial highlights that we have in Q3 was we signed the BNDES development loan agreement, fully funded construction of Phase 2.

大家早安。因此，Signet 實現了強勁的財務業績。第三季的主要財務亮點是我們簽署了 BNDES 開發貸款協議，為第二階段的建設提供了全額資金。

We maintained low CIF cash cost at $513 per tonne, lowest quartile in industry. $34.5 million in generic operational cash flow, $65 million cash in the bank, continue to lower interest rate of export credit rate lines something around 9%.

我們將 CIF 現金成本維持在每噸 513 美元的較低水平，為行業最低水平。一般營運現金流為 3,450 萬美元，銀行現金為 6,500 萬美元，出口信貸利率持續降低約 9%。

So we maintain [maximum] execution deliver operational performance on targets. Production volumes, 6,207 DMT. Sales volume, 57,483 DMT. Cash costs for $449 per tonne. CIF in China, $413 per ton. Sales revenue, $44.2 million. Operational cash flow, $34.5 million. Cash in the bank, $65.7 million. Provisional price adjustment, $23.3 million. This provision of price adjustments is final account settlement of sale of the invoice. And we create -- we had a cash gross margin of 38%.

因此，我們保持[最大]執行力，以實現目標的營運績效。產量為 6,207 DMT。銷量，57,483 DMT。現金成本為每噸 449 美元。中國CIF，每噸413美元。銷售收入 4,420 萬美元。營運現金流為 3,450 萬美元。銀行現金 6570 萬美元。臨時調價2330萬美元。本條規定的價格調整是銷售發票的決算結算。我們創造了——我們的現金毛利率為 38%。

I'll talk a bit about the superior industrial performance of our Greentech Industrial Plant. So on production, we delivered on very, very ambitious targets. The strong performance of the plant basically achieved results that were never before achieved in DMS.

我將談談我們綠色科技工業工廠的卓越工業績效。因此，在生產方面，我們實現了非常非常雄心勃勃的目標。該裝置的強勁表現基本上取得了DMS以前從未取得過的成果。

Basically, it's a result of our unique greentech technology. So we delivered production above our targets of 60,237 dry metric tonnes. We achieved plant DMS recoveries of 70%, which is a record for this type of technology in lithium. And we achieved global recoveries of 55%, demonstrating what we're going to say next.

基本上，這是我們獨特的綠色科技的結果。因此，我們的產量超出了 60,237 幹噸的目標。我們的工廠 DMS 回收率達到 70%，這是此類技術在鋰領域的記錄。我們實現了 55% 的全球復甦，證明了我們接下來要說的內容。

By concluding the optimization project in record time, we are going to boost global recoveries to near the levels of DMS recoveries by increasing the plant efficiency in this quarter and in all the quarters thereafter.

透過在創紀錄的時間內完成優化項目，我們將透過提高本季及其後所有季度的工廠效率，將全球回收率提高到接近 DMS 回收率的水平。

More importantly, this is going to allow us -- these changes are going to allow us to reprocess our tailings, basically upcycling the lithium oxide contained in the tailings into more lithium concentrate. Now in a clear demonstration of operational readiness, our team managed to execute the shutdown in only four days and implemented and install all the equipment necessary for this optimization project. So the team is very ready to build Plant 2.

更重要的是，這將使我們能夠對尾礦進行再加工，基本上將尾礦中所含的氧化鋰升級為更多的鋰精礦。現在，我們的團隊成功地在短短四天內完成了關閉，並實施和安裝了該優化項目所需的所有設備，這清楚地證明了營運準備就緒。因此，團隊已經做好建造 2 號工廠的準備。

Now I would highlight here something that sometimes we missed. We use a different technology than the rest of the industry. We use media separation versus flotation for many reasons. Environmentally, our technology together with the dry stacking doesn't create a tailings dam.

現在我想在這裡強調一些我們有時錯過的事情。我們使用與行業其他公司不同的技術。我們使用介質分離而不是浮選的原因有很多。在環境方面，我們的技術與乾堆結合不會形成尾礦壩。

Also importantly, for our other stakeholders, for our shareholders, these technologies will allow us in great part to achieve some of the lowest cost in the industry as a result of the more -- the simplicity of the processing of lithium that takes place in a DMS. So demonstrating that, when we saw total production cost at [Plantgate] at $395 a tonne, only $113 a tonne come from the processing DMS costs.

同樣重要的是，對於我們的其他利害關係人、我們的股東來說，這些技術將在很大程度上使我們能夠實現業界最低的成本，因為鋰加工過程非常簡單。因此，當我們看到 [Plantgate] 的總生產成本為每噸 395 美元時，每噸只有 113 美元來自加工 DMS 成本。

In fact, I want to use this point here to highlight another cost savings that will take place in the next quarter. We installed mobile crushers as part of this optimization project, which are temporary costs. So $25 a tonne are going to drop from this cost in the next quarter.

事實上，我想在這裡用這一點來強調下個季度將發生的另一項成本節省。作為此最佳化專案的一部分，我們安裝了移動破碎機，這是臨時成本。因此，下一季這一成本將下降 25 美元/噸。

So in the next slide is the demonstration of that operational performance. So we were able then to resume our trajectory of increasing production levels. So the increased production performance has also translated into higher sales volumes for the company.

下一張投影片示範了該操作性能。因此，我們能夠恢復生產水準提高的軌道。因此，生產績效的提高也轉化為公司銷售的增加。

As you can see here, over the last five quarters. And when you look at the last four quarters, you have then our annualized sales volumes. We are expecting to be able to continue on this trend and sell 60,000 tonnes in the fourth quarter of this year.

正如您在這裡看到的，過去五個季度。當你查看過去四個季度時，你會看到我們的年化銷售。我們預計今年第四季能夠繼續保持這一趨勢並銷售 60,000 噸。

As we said, this culture -- the strong culture of safety and processes is what drives this operational excellence. I mean our team works motivated, knowing that we have the processes and the safety culture to allow them to return to their families safely every day.

正如我們所說，這種文化—強大的安全和流程文化是推動卓越營運的動力。我的意思是，我們的團隊工作積極主動，知道我們擁有讓他們每天都能安全返回家人身邊的流程和安全文化。

So again, we continued on our trend of zero fatalities, 443 days without lost time to accidents or injuries achieving a TRFIR, which is the index through which we calculate this of 1.24, which is the second lowest in all of the ICMM rankings among all of the global metals and mining companies, some of them much bigger than ours.

因此，我們再次繼續保持零死亡的趨勢，443 天沒有因事故或受傷而損失時間，實現了 TRFIR，我們透過該指數計算 1.24，這是所有 ICMM 排名中第二低的指數全球金屬和礦業公司的一部分，其中一些比我們的規模大得多。

So talking about BNDES. As I mentioned, we signed BNDES loan transaction. This is a very fantastic target that we got.

所以談BNDES。正如我所提到的，我們簽署了 BNDES 貸款交易。這是我們實現的一個非常美妙的目標。

The total amount is BRL487 million, that finance 99% of our CapEx, the expansion on Phase 2. The first loan disbursement is pending a bank guarantee. And this lining will reimburse CapEx spend since one quarter of 2024.

總額為 4.87 億雷亞爾，為我們第二階段擴張的資本支出提供了 99% 的資金。第一筆貸款的支付正在等待銀行擔保。這筆資金將補償自 2024 年一個季度以來的資本支出。

The terms is pretty good. The maturity is 16 years, the grace period 18 month and fixed rate is a really, really good rate, [$2.5], and there is no requirement of collateral in assets. So with BNDES, we are creating a long-term partnership for developing new funds to finance our expansions like lithium upcycling, Phase 3 lithium intermediates, and other expansions that we are planning.

條款還蠻不錯的期限為16年，寬限期為18個月，固定利率是非常非常好的利率，[2.5美元]，且沒有資產抵押要求。因此，我們正在與 BNDES 建立長期合作夥伴關係，以開發新基金，為我們的擴張提供資金，例如鋰升級回收、第三階段鋰中間體以及我們正在計劃的其他擴張。

So with that, we got confidence to continue to plow through in advance through our Plant 2 construction.

這樣，我們就有信心繼續提前推進二號工廠的建設。

So you can see the areas here, and this is kind of a different picture than what we used to show. We used to show in yellow, the plant; and then in green, the infrastructure. So now, we kind of switched over the area so that you can see the whole construction area to the left of the plant going all the way in something around 2 to 3 square kilometers a year within our already licensed environmental areas. So we're executing earthworks and engineering according to plan exactly as planned.

所以你可以在這裡看到這些區域，這與我們過去展示的有所不同。我們過去用黃色來展示植物；然後是綠色基礎設施。所以現在，我們對區域進行了切換，這樣你就可以看到工廠左邊的整個建築區域，在我們已經獲得許可的環境區域內，每年大約有2到3平方公里的面積。因此，我們正在按照計劃完全按照計劃進行土方工程和工程。

Well, moving on to cost targets. Again, we delivered on all of our cost targets as always, mainly this is because we have a very strict cost discipline here at Sigma. So we just maintained what we've always done. And therefore, we remain as one of the lowest cash costs in the whole industry.

好吧，繼續討論成本目標。再次，我們一如既往地實現了所有成本目標，這主要是因為我們在 Sigma 有非常嚴格的成本紀律。所以我們只是維持我們一直以來所做的事情。因此，我們仍然是整個行業中現金成本最低的企業之一。

So this actually -- these systems and cadence and consistency and discipline in maintaining low cost is what actually demonstrates how resilient our company is to all the lithium cycles. We are always going to be in the black.

因此，實際上，這些系統、節奏、一致性和維持低成本的紀律實際上證明了我們公司對所有鋰循環的適應能力。我們將始終保持獲利。

Now more importantly, that execution discipline of keeping a little of our cost and maintaining low-cost levels generated positive cash flow in the third quarter. So again, we are weathering the floor, which happened in the third quarter of the lithium cycles, which has been another data point.

現在更重要的是，保持少量成本和維持低成本水準的執行紀律在第三季產生了正現金流。因此，我們再次經歷了底部，這發生在鋰週期的第三季度，這是另一個數據點。

I mean, this -- a positive cash flow generation is another data point about the resilience of our business. So as you can see in these four charts, the operational cash flow generated, which was USD34.5 million. All the figures here are in US dollars. Enable us to continue on delivering these earthworks and construction for Phase 2 CapEx investments, which amounted to $5 million in the quarter.

我的意思是，正現金流的產生是關於我們業務彈性的另一個數據點。正如您在這四個圖表中看到的，產生的營運現金流為 3450 萬美元。這裡的所有數字均以美元為單位。使我們能夠繼續為第二階段的資本支出投資提供這些土方工程和施工，本季資本支出達 500 萬美元。

But more importantly, it allows us to repay some of the existing credit debit lines because given the BNDES was signed and final, we have now the confidence of not having to maintain such a large cash balance, given that we're not planning to fund this construction with trade credit lines anymore, even though those trade credit lines up kind of cheap. So we retired USD40 million in export credit debt, again, in a clear sign of cash flow generation and financial resilience.

但更重要的是，它使我們能夠償還一些現有的信貸借記額度，因為鑑於 BNDES 已簽署且最終確定，我們現在有信心不必維持如此大的現金餘額，因為我們不打算資助這種貿易信貸額度的建設不再存在，儘管這些貿易信用額度有點便宜。因此，我們再次償還了 4000 萬美元的出口信貸債務，這是現金流產生和財務彈性的明顯跡象。

All the while, though, we still managed to maintain a very healthy cash balance during the year. So just for comparison purposes, we show the cash balance in December and then the cash balance in September at the end of the third quarter.

儘管如此，我們仍然設法在這一年中保持非常健康的現金餘額。因此，出於比較目的，我們在第三季末顯示了 12 月的現金餘額和 9 月的現金餘額。

Now this page -- basically, it's a very important page because in the quarter, we managed to further adapt our commercial strategy. So we pivoted from selling to the trader as a principle to sell into the trader as a distributor. So again, another data point that enabled us to weather the lithium market seasonality significantly strengthening our commercial position.

現在這個頁面 - 基本上，這是一個非常重要的頁面，因為在本季度，我們設法進一步調整我們的商業策略。因此，我們從以向貿易商銷售為原則轉向以經銷商的身份向貿易商銷售。同樣，另一個數據點使我們能夠應對鋰市場的季節性變化，從而顯著增強了我們的商業地位。

And this is quantifiable. How so? First, graphically. Intuitively, in a chart at the bottom, the light greyed line shows the benchmark, fast market spodumene index, right? These are bulletin price index since the beginning of the year. And then in the fin bars here, you can see where we priced our votes with which each shipment.

這是可以量化的。為何如此？首先，從圖形上看。直觀地說，在底部的圖表中，淺灰色線顯示了基準、快速市場鋰輝石指數，對吧？這些是年初以來的公告價格指數。然後在此處的鰭條中，您可以看到我們對每批貨物的選票進行定價的位置。

So you can see that by June, as we switched and adapted our commercial strategy, we started to manage to price our boats above the bulletin fast market prices. And we sent we consistently continue to achieve that throughout August.

所以你可以看到，到了六月，隨著我們改變和調整我們的商業策略，我們開始設法將我們的船隻定價高於公告快速市場價格。我們在整個八月份始終如一地繼續實現這一目標。

Then we were able to push back the final resale of the product by the traders a distributed all the way to the seasonality in October, concentrating these purchases seasonally and again, managing to price our both above the benchmark price. Now in the chart above, you can see that in percentages and how these contrasts to what happened, for example, during the winter seasonality and then the pickup in prices in the spring. The change is quantifiable.

然後，我們能夠將貿易商對產品的最終轉售推遲到十月份的季節性，一次又一次地集中這些季節性採購，設法將我們的價格定在基準價格之上。現在，在上面的圖表中，您可以看到百分比以及它們與發生的情況的對比，例如，在冬季季節性期間，然後在春季價格上漲。這種變化是可以量化的。

In the weaker seasonality, we were 25% below the benchmark index because we didn't pick up that seasonality as we were basically selling to the trader and the trader was the principal. We had full discretion on the resale. Now in the summer seasonality, the situation changed completely because seasonality is typically that sort of fluctuation, 25% is 30%, right, 20% to 25%.

在季節性較弱的情況下，我們的價格比基準指數低 25%，因為我們沒有考慮到季節性因素，因為我們基本上是向交易商出售，而交易商是委託人。我們對轉售擁有完全的酌情權。現在到了夏季季節性，情況就完全改變了，因為季節性就是典型的那種波動，25%就是30%，對吧，20%到25%。

We inverted it. So we picked up all the above benchmark pricing seasonality. We reached 119% of the benchmark price seasonality, meaning capturing more value for our business. Now this change is quantifiable also in the mark-to-market closing of some of these previous trades that we did in this quarter. So as a result of these changes in commercial strategy, we also changed the way our commercial relationship with traders is conducted.

我們把它顛倒了。因此，我們選取了上述所有基準定價季節性因素。我們的季節性基準價格達到了 119%，這意味著我們的業務獲得了更多價值。現在，這種變化也可以在我們本季進行的一些先前交易的按市價結算時進行量化。因此，由於商業策略的這些變化，我們也改變了與貿易商建立商業關係的方式。

So essentially, we concluded this final accounting, it's a noncash settlement of sales invoices from the previous quarters. Just turning a page on a way to do business that we no longer engage in given the robustness of our position today. Now this is important to understand our financial statements because when you look at the sales revenues booked they have a provisional price adjustment, which is essentially the closeout of all of these trades.

因此，從本質上講，我們得出的最終會計結論是，它是前幾個季度銷售發票的非現金結算。鑑於我們今天的地位穩健，我們不再從事的業務方式只是翻過一頁。現在，這對於理解我們的財務報表很重要，因為當您查看預訂的銷售收入時，它們會進行臨時價格調整，這本質上是所有這些交易的平倉。

For this quarter, we just have a residual value of USD7.7 million from the trades shipped in the fourth quarter of last year and that arrived this year. And then we have $15.6 million from the trade shipped in a race this year. But now when you look at the year-to-date, that's when you see how most of the overall effect of all of these provisional prices that we've been booking and marking our sales book to market throughout the year are concentrated in the boats, the ships, the boats that was shipped in the fourth quarter of last year.

本季度，我們去年第四季出貨和今年到達的貿易僅剩餘 770 萬美元。今年我們從一場比賽中獲得了 1560 萬美元的貿易收入。但現在，當你查看今年迄今為止的情況時，你會發現我們全年預訂和標記市場銷售預訂的所有這些臨時價格的總體影響大部分集中在船隻上，這些船，去年第四季度發貨的船隻。

So it's a clear heavy function of how the fluctuations actually and how the significant decrease in lithium prices in the fourth quarter actually caused this mark-to-market of our open sales books and therefore, lead to about $20 million of the overall annual provisional price adjustment over $29 million of the total.

因此，這顯然是實際波動以及第四季度鋰價格大幅下跌如何實際導致我們公開銷售賬簿按市值計價的重要函數，從而導致年度總體臨時價格約 2000 萬美元調整總額超過2900萬美元。

So we can clearly see a concentration in the fourth quarter of 2023. But that basically concludes the way of doing business that way, as you can see in how we are managing our commercial strategy in the present and going forward.

所以我們可以清楚地看到集中在2023年第四季。但這基本上總結了以這種方式開展業務的方式，正如您可以在我們當前和未來如何管理我們的商業策略中看到的那樣。

Another data point on that is that this commercial assertiveness resulted in higher financial price higher financial prices achieved in the third quarter. So you can clearly see it and you can basically calculate this back to our financials.

另一個數據點是，這種商業自信導致第三季實現更高的金融價格。所以你可以清楚地看到它，你基本上可以將其計算回我們的財務狀況。

Then in the third quarter, because we managed to concentrate our resales through the traders and distributors in post the winter seasonality in the fall of restocking cycles we managed to achieve higher realized prices, actually. If you think about it just this week, we were managing to get pricing indications for $900 for the October shift. Had we priced that both when we shipped, it would have been $750, which was the bulleting price.

然後在第三季度，由於我們設法在冬季季節性過後的秋季補貨週期中透過貿易商和分銷商集中轉售，我們實際上實現了更高的實際價格。如果您考慮一下本週，我們設法獲得了 10 月份班次 900 美元的定價指示。如果我們在發貨時對兩者進行定價，則價格將為 750 美元，這是子彈價格。

So it's, again, bigger point that indicate that we have made the perfect pivot in our commercial strategy by increasing the control of our sales or cure. But again, this was just enabled by the cadence, the performance of our business, which drove us to obtain higher -- larger trade finance credit lines and therefore, managed to have this sort of commercial control over our trading partners.

因此，這再次是更重要的一點，表明我們透過增加對銷售或治療的控制，在我們的商業策略中實現了完美的支點。但同樣，這只是由於我們業務的節奏和績效而實現的，這促使我們獲得更高、更大的貿易融資信貸額度，因此成功地對我們的貿易夥伴進行了這種商業控制。

This slide is a bit of a more detailed, but it's important because we talked about the cash generation. So we want to dissect a bit how the cash position how the cash position floated from the beginning of the quarter to the end of the quarter. So the first element here is that the sales revenue for the quarter before the nonprovisional price adjustments basically brought a positive inflow of USD45 million.

這張投影片有點詳細，但很重要，因為我們討論了現金產生。因此，我們想剖析現金部位從季初到季末的變動情況。那麼第一個因素就是非臨時調價前的季度銷售收入基本上帶來了4,500萬美元的正流入。

Then we had a working capital increase here of $56 million. But then within that, there was a portion from the collection of account receivables from the previous quarter. So netting it out, we ended up with a 32 positive $1 million, right? An interesting item that generated quite a lot of questions in the previous quarter, but we're demonstrating here now that it was basically mark-to-market of currency.

然後我們在這裡增加了 5600 萬美元的營運資金。但其中有一部分來自上一季的應收帳款催收。算下來，我們最終得到了 32 正 100 萬美元，對嗎？這是一個有趣的項目，在上一季產生了很多問題，但我們現在在這裡演示它基本上是按市值計價的貨幣。

We just had a small foreign exchange fluctuation. And again, it results from the Brazilian real volatility given that our costs are in Brazilian reals, our revenues are in dollars. And so the small volatility. In fact, here, the currency is our allied because we have dollar revenues and we have emerging market currency denominated costs, right? And I think lastly, you can see that this robust operational cash flow generated allowed us to basically retire drawn but non-use trade credit finance debt.

我們剛剛經歷了小幅外匯波動。同樣，這是由於巴西雷亞爾波動造成的，因為我們的成本以巴西雷亞爾為單位，我們的收入以美元為單位。所以波動性很小。事實上，在這裡，貨幣是我們的盟友，因為我們有美元收入，而且我們有新興市場貨幣計價的成本，對嗎？我認為最後，你可以看到，產生的強勁營運現金流使我們基本上可以退休提取但未使用的貿易信用融資債務。

So we just repaid $40 million in trade credit finance debt. And again, going back to what Roger was saying, this is because now we have the confidence that the MDS is signed, binding done. So essentially, we will need to keep this large cash balance from drawn trade lines in order to fund our construction in the next 12 months. Again, this is another slide just to reinforce our comfortable liquidity position.

因此，我們剛剛償還了 4000 萬美元的貿易信貸融資債務。再次回到 Roger 所說的，這是因為現在我們有信心 MDS 已簽署並具有約束力。因此，從本質上講，我們需要從劃定的貿易額度中保留大量現金餘額，以便為未來 12 個月的建設提供資金。同樣，這是另一張幻燈片，只是為了加強我們舒適的流動性狀況。

So you can see our cash position at USD65.6 million. Again, all numbers in this presentation are US dollars. And then when you look at the short-term debt, it offsets of the USD59.2 million, which are current short-term trade lines, which are still in our balance sheet, and we're actually gradually lowering that number as we advance towards the first disbursement with NDS. There's $10.8 million here, which refer to the short portion of the long-term debt with synergy capital, one of our shareholders, which you can see here in the long term that portion of the slide.

所以你可以看到我們的現金狀況為 6560 萬美元。再次強調，本簡報中的所有數字均為美元。然後，當你查看短期債務時，它抵消了 5920 萬美元，這是當前的短期貿易額度，仍在我們的資產負債表中，而且隨著我們的進展，我們實際上正在逐漸降低這個數字NDS 的首次付款。這裡有 1080 萬美元，指的是我們的股東之一 Synergy Capital 的長期債務的短期部分，您可以在這裡看到幻燈片的長期部分。

More importantly, on this slide, it demonstrates that we have robust access to liquidity at improved interest rates which result from this consistent operational performance. So essentially, as for trade credit lines, our deliver and assessed and evaluated by banks based on performance risk. Performance risk is the ability of the company to produce sell, deliver the product, exporting every single month.

更重要的是，在這張投影片上，它表明我們能夠以改善的利率獲得強大的流動性，這是由於這種一致的營運表現。所以本質上，對於貿易信貸額度，我們的交付和銀行根據履約風險進行評估和評估。績效風險是指公司每個月生產、銷售、交付產品、出口的能力。

Now as you've seen, our production in sales cadence now over five quarters over a year, basically, more than the year has basically allowed us to have this robust access to export credit line facilities at much improved interest rates because of this consistent operational performance. So at the bottom here, we actually break down our interest rate cost by type of that facility.

現在，正如您所看到的，我們的銷售節奏現在超過一年五個季度，基本上超過一年，基本上使我們能夠以大大提高的利率獲得出口信貸額度便利，因為這種一致的運營表現。因此，在底部，我們實際上按該工具的類型細分了利率成本。

So you can see that our export credit lines with Banco do Brasil, Shanghai, one of our biggest export trade partners. Actually, the biggest at for trade partner is 5.5% in US dollars fixed and that's incredibly attractive. The overall trade finance in the domestic Brazilian market, it's sitting at 9%, which again is a substantial decrease from the 15% where it used to be just at the beginning of this year when we haven't yet established this one-year long operational performance cadence.

所以你可以看到我們與上海巴西銀行的出口信貸額度，這是我們最大的出口貿易夥伴之一。事實上，貿易夥伴的最高稅率是5.5%（以美元計算），這是非常有吸引力的。巴西國內市場的整體貿易融資率為 9%，與今年年初的 15% 相比大幅下降，當時我們還沒有建立這一為期一年的政策營運績效節奏。

Just to recap, the BNBS debt sits at a very comfortable 2.5% fixed in dollars. And then our current long-term debt with the synergy capital or very team shareholder since at 12.3% for that current long-term debt, which, again, is an extremely benign facility, and we're very grateful for synergy capital for having delivered as this vote of confidence in December 2022 in order to commission our front line.

回顧一下，BNBS 的美元固定利率為 2.5%，非常舒適。然後我們目前與協同資本或團隊股東的長期債務，因為當前長期債務的利率為 12.3%，這又是一項極其良性的融資，我們非常感謝協同資本交付了作為2022 年12 月的信任投票，以便委託我們的前線。

And again, speaking of that, where we headed? We're going to continue to deliver on our strategy. I mean, again, the low cost. We're generating operational cash flow. We managed to adjust our commercial strategies to navigate lithium cycle. So we are going to deliver on a strategy to increase production capacity again.

再說一遍，我們要去哪裡？我們將繼續實施我們的策略。我的意思是，成本低。我們正在產生營運現金流。我們設法調整商業策略以適應鋰循環。因此，我們將再次實施提高產能的策略。

And so a quick recap here. We are expecting to reach 100,000 tonnes per year of LCE equivalent production capacity by the end of 2016. And here, we kind of affect and break it down in blocks, how we're going to get there. More importantly, we are going to build 20,000 tonnes equivalent of LCE, of concentration capability to fully back integrate into a potential lithium sulfur chemical plant.

在此快速回顧一下。我們預計到 2016 年底，LCE 等效產能將達到每年 10 萬噸。在這裡，我們會影響並將其分解為幾個部分，我們將如何實現這一目標。更重要的是，我們將建造 20,000 噸當量的 LCE 濃縮能力，以完全重新整合到潛在的鋰硫化工廠。

This is a key part of our strategy. If anything, because we'll be executing the metallurgical reduction of our own premium lithium concentrate. So we're going to bank on our own metallurgical premium pricing for our shareholders, which is in the order of 20% to 30%.

這是我們策略的關鍵部分。如果有的話，因為我們將對我們自己的優質鋰精礦進行冶金還原。因此，我們將依靠自己的冶金溢價為股東提供 20% 至 30% 左右的價格。

So looking at this page, so where are we? We're here entering 2025. This is where we had we are completing. We're executing the plant to construction. So that -- the capacity there in LCE equivalent is shown in 34,000 tons.

看看這個頁面，我們在哪裡？我們即將進入 2025 年。這就是我們正在完成的地方。我們正在實施工廠建設。因此，以 LCE 計算，該地區的產能為 34,000 噸。

Then we have the Phase 1, which is delivering a 37,000 tonnes equivalent. Now we continue on this construction project, and we have more pictures from the book posted online to show you that we're really clear the area to prepare for earthworks throughout.

然後是第一階段，將交付 37,000 噸當量。現在我們繼續這個建設項目，我們在網路上發布了更多來自書中的圖片，向您展示我們確實清理了該區域，為整個土方工程做準備。

So basically, we'll clear it for the Phase 3 as well, which will be essentially approximately 35,000 tonnes out of the 54,000 tonnes over here. It's important to notice that, that's not yet funded. So the blue are the portions that are not yet funded. So when we look at the overall, when you look at when you look at the full capacity increase here, we see that we're going to have 105,000 tonnes of lithium concentrate capacity.

所以基本上，我們也會在第三階段清理它，這裡的 54,000 噸中基本上大約有 35,000 噸。值得注意的是，該項目尚未獲得資助。所以藍色是尚未資助的部分。因此，當我們看整體時，當你看這裡的全部產能成長時，我們看到我們將擁有 105,000 噸鋰精礦產能。

And then we're going to -- we plan to have tonnes of integrated chemical lithium sulfate capacity by 2027. So this is sort of how we set out our strategy, and we are going to execute in the typical prudent and conservative way that we've always done. And this is what enabled us to deliver on these industrial facilities on budget and on target.

然後我們計劃在 2027 年擁有數噸綜合化學硫酸鋰產能。這就是我們制定策略的方式，我們將以一貫的典型審慎和保守的方式執行。這使得我們能夠按預算和目標交付這些工業設施。

And more importantly, with a financing structure that is conducing to the company's of cash generation and repayment capability. So that discipline is what enabled us to get here, and that discipline is what will enable us to get there.

更重要的是，具有有利於公司現金產生和還款能力的融資結構。因此，正是這種紀律使我們能夠到達這裡，而這種紀律將使我們能夠到達那裡。

So my closing comments. So over the year, we transformed signal. We're very proud of what we built because we transform Sigma, and we placed this company as a leading global legion producer. More importantly, we demonstrated that we're one of the most resilient lithium companies to all the cycles. That is the result of the operational discipline, the low cost and obviously the industrial prowess to allow us to deliver this on a large scale.

這是我的結束語。在這一年裡，我們改變了訊號。我們對我們所打造的產品感到非常自豪，因為我們改造了 Sigma，並將這家公司定位為全球領先的軍團生產商。更重要的是，我們證明了我們是所有週期中最具彈性的鋰公司之一。這是營運紀律、低成本以及工業實力的結果，使我們能夠大規模實現這一目標。

We have a phenomenal team. We got to share you here. We have math on the line. We have all of our technical general managers sitting on site. So we're very, very proud of the commitment of our team.

我們擁有一支非凡的團隊。我們必須在這裡分享你。我們有數學問題。我們所有的技術總經理都坐在現場。因此，我們對我們團隊的承諾感到非常非常自豪。

just recapping what we've done in nine months out of this year. Essentially, we achieved the financial independent. So we managed to basically adapt and strengthen our commercial strategy. We signed this transformative development bank loan with MDS, building what we believe to be a lifelong partnership of progress in the lithium industry in Brazil together with the NDS.

只是回顧一下我們今年九個月所做的事情。本質上，我們實現了財務獨立。因此，我們基本上調整並加強了我們的商業策略。我們與 MDS 簽署了這項變革性的開發銀行貸款，我們認為與 NDS 一起建立了巴西鋰行業進步的終身合作夥伴關係。

Then we managed to declare final investment decision on Phase 2 and mobilized to deliver the earthworks and the construction engineering, you can see happening.

然後我們成功宣布了第二階段的最終投資決定，並動員起來交付土方工程和建築工程，你可以看到正在發生的事情。

Also, last semester, we increased our mineral resources by 40%. So demonstrating that we got an ample reservoir of mineral resources and mineral reserves to deliver on the production capacity targets we just outlined on the previous page. Again, we began Phase 2 construction and achieved the cost guidance we set out at the beginning of the year in one of the first conferences.

另外，上學期我們的礦產資源增加了 40%。這表明我們擁有充足的礦產資源和礦產儲量，可以實現我們在上一頁概述的產能目標。我們再次開始了第二階段的建設，並實現了我們在年初的一次會議上製定的成本指導。

And we surprised the market in our ability to be disciplined and to get there given that at the time, our financials were still cluttered from the commissioning expenses. So what's next? Well, it's going to be boring now. We're going to be executing on time, on budget, and we're planning to have a Phase 2 commissioning in the third initiate commissioning in the third quarter of 2025.

鑑於當時我們的財務狀況仍然因調試費用而混亂不堪，我們的自律能力和實現目標的能力令市場感到驚訝。那麼接下來呢？好吧，現在會很無聊。我們將按預算按時執行，並計劃在 2025 年第三季的第三次啟動調試中進行第二階段調試。

And so with that, I close the presentation, and we move on to the Q&A. Matt, on to you.

就這樣，我結束了演示，然後我們進入問答環節。馬特，交給你了。

Thanks, Anna. I think Rob, we will pass it on to Q&A. I think we have a few questions on the line, if you'd like to start moving to the list.

謝謝，安娜。我想羅布，我們會將其轉入問答環節。如果您想開始轉到該列表，我想我們有幾個問題要問。

(Operator Instructions) Steve Byrne, Bank of America.

（操作員指示）Steve Byrne，美國銀行。

I have a couple of questions really directed at your commercial team. Are they perceiving any changes in interest level from your converter customers in your spodumene, is that interest level changing? Are they seeing increased interest? Is it flattish? Is it slipping?

我有幾個問題想問你們的商業團隊。他們是否察覺到您的加工商客戶對您的鋰輝石的興趣程度有任何變化，這種興趣程度是否會改變？他們的興趣是否增加了？是扁的嗎？是不是滑倒了？

And is there a change here because of any increased interest in your product because it has the processing benefits? Or is there a sense out there that supply and demand may be inflecting here. So a question on that. And then also, how far out do you book orders? Is there anything there that you can comment on for us with respect to what you think net realized pricing could go to from here in this quarter or next?

由於您的產品具有加工優勢，人們對它的興趣增加，因此此處是否會發生變化？或者是否有一種感覺，供需關係可能正在改變。所以有一個問題。另外，您的訂單距離是多遠？對於您認為本季或下季淨實現定價可能達到的水平，您有什麼可以向我們發表評論的嗎？

Is there any inflection that you're seeing?

你看到了什麼改變嗎？

No, these are two very good questions. The first question is you hit the nail in the head here. As we now have basically a year of data points or at the time we decided to make this change, we had about 6 months of data points on the performance of our material with the customers. It became clear to us that because we haven't been able to fully monetize the metallurgical premium of our product, our product would always sell.

不，這是兩個非常好的問題。第一個問題就說到這裡了。由於我們現在基本上擁有一年的數據點，或者在我們決定進行此更改時，我們與客戶一起擁有大約 6 個月的有關材料性能的數據點。我們清楚地意識到，由於我們無法將產品的冶金溢價完全貨幣化，因此我們的產品總是會暢銷。

But not only that, we would always sell and it was seen as a source of blending material where as a source of gross margin by the tolling and the downstreamers that engage in tolling arrangements because that debt metallurgical premium is actually enabling a 20% to 30% cost savings to the customers, which were not priced in the product.

但不僅如此，我們總是會出售它，並且它被視為混合材料的來源，作為來料加工和參與來料加工安排的下游商的毛利率來源，因為債務冶金溢價實際上可以實現20% 至30%為客戶節省 % 的成本，這些成本並未在產品中定價。

So we had that confidence that we would always be able to sell our entire cargo loads. With that confidence, we were able -- we decided to switch into what we call the traders distributed distributor commercial policy strategy. Why? Because that is how -- we managed to navigate the seasonality by essentially organizing with the trader to resell the product just after seasonality, which ties back to your second question.

因此，我們有信心始終能夠出售全部貨物。有了這種信心，我們決定轉向所謂的貿易商分散式經銷商商業政策策略。為什麼？因為這就是我們如何駕馭季節性的方法，本質上是與貿易商組織在季節性過後轉售產品，這又回到了你的第二個問題。

We kept on taking orders in the order book throughout the year. And this is sort of how we get our own data points on the ground of the switch in sentiment from the other element that is there, which is a pickup in demand in China given the initial results of the stimulus in the new energy vehicle industries.

全年我們都在持續接受訂單。這就是我們如何根據其他因素的情緒轉變來獲得自己的數據點，即考慮到新能源汽車產業刺激措施的初步結果，中國的需求有所回升。

And the auto sales increase of 44% in September showed that. So by collecting orders throughout the down cycle of the low of the summer and then entering in the fall and then to out the fall, we were able to ascertain. What was the changing sentiment directed at?

9月份汽車銷量成長44%就顯示了這一點。因此，透過在夏季低谷的整個下行週期收集訂單，然後進入秋季，然後結束秋季，我們能夠確定。情緒變化的目的是什麼？

And that's very easily triangulated with the fact and therefore, execute all the trade extremely well, basically at once almost like within very few days of spacing out throughout some of those weeks in October.

這很容易與事實進行三角測量，因此，非常好地執行所有交易，基本上立即幾乎就像在 10 月的某些星期中間隔的幾天內一樣。

Now the second part of your question is also very important because as we were entering we can't time the market perfectly, obviously, but as we were just entering the period of restocking the seasonality -- the benchmark we're showing [$750], but we were able to collect orders and book trades at [$820, $800]. So a $70 per tonne difference to benchmark, which is sizable, right?

現在你問題的第二部分也非常重要，因為當我們進入時，我們顯然無法完美地把握市場時機，但由於我們剛剛進入季節性補貨時期——我們展示的基準[750美元] ，但我們能夠收集訂單並預訂交易[820 美元，800 美元]。因此，與基準價格相比每噸有 70 美元的差異，這是相當大的，對吧？

But they're more interestingly, as we held back our -- the traders distributor was able to hold back part of the resale of the October cargo now this week, we've seen data points of $920. And again, now we're learning that it is very easily triangulated with the GFC. So this ability to actually navigate the seasonality, meaning Contrast that to us selling these shipments on the water throughout the summer low cycle.

但更有趣的是，當我們本週阻止貿易分銷商阻止部分 10 月貨物轉售時，我們看到了 920 美元的數據點。現在我們再次了解到，它很容易與全球金融危機進行三角測量。因此，這種實際駕馭季節性的能力，意味著與我們在整個夏季在水上銷售這些貨物進行比較。

We probably would have a shipment price which were some of these benchmark indices showing at the time. So -- and we unfortunately experienced that rain earlier in the year because our trader was the principle. So we didn't have the ability to co-control final resale decisions that come with the relationship change into traders distributors.

我們可能會有一個出貨價格，其中包括當時顯示的一些基準指數。所以，我們很不幸地在今年早些時候經歷了那場雨，因為我們的交易員是主要的。因此，我們沒有能力共同控制隨著與貿易商和經銷商的關係轉變而產生的最終轉售決策。

So we're very proud of what we achieved. But again, it took us a month. It took us a few months of being actively in the market, having our commercial team, we have commercial people in China now to be able to gather what we believe is a pretty good reading of the market dynamics in Asia.

因此，我們對所取得的成就感到非常自豪。但我們又花了一個月的時間。我們花了幾個月的時間積極參與市場，我們的商業團隊和中國的商業人員現在能夠收集到我們認為對亞洲市場動態的很好的解讀。

And Ana, maybe just one follow-up on that. with some shuttered capacity in Australia recently, are you holding back again? Or are you perceiving any increased interest in buying from your customers?

安娜，也許只是對此的一個後續行動。最近澳洲關閉了一些產能，您是否又猶豫了？或者您發現客戶的購買興趣增加？

Well, I think there's a deeper issue behind this. And that's related to traceability, lithium source from artisanal mining, illegal lithium and all that we've been watching in the market this year. As we all know, the volume of the shop capacity wasn't meaningful to actually have a real effect in the market. Had a psychological effect in the market because it kind of demonstrated that some of the mines in higher-cost jurisdictions are not economic at current lithium prices. But that leads to the question of who is economic in current lithium prices.

嗯，我認為這背後有一個更深層的問題。這與可追溯性、手工採礦的鋰來源、非法鋰以及我們今年在市場上關注的所有內容有關。眾所周知，店鋪容量的大小並不能真正對市場產生真正的影響。對市場產生了心理影響，因為這表明，以目前的鋰價格來看，成本較高的司法管轄區的一些礦山並不經濟。但這引發了一個問題：在目前的鋰價格下，誰是經濟的。

And essentially, when you run the map, you have the two large-scale producers in Australia. They are economical because they have the scale and they're very efficient and then Latin America and in Africa. But then you examine some of the supply that comes from Africa, that's okay, it's industrial lithium, fair game, excellent, lifting to people, but some of that supply is untraceable.

本質上，當你運行地圖時，你會發現澳洲有兩個大型生產商。它們是經濟的，因為它們有規模並且非常高效，然後是拉丁美洲和非洲。但當你檢查一些來自非洲的供應時，沒關係，它是工業鋰，公平競爭，優秀，對人們有幫助，但其中一些供應是無法追蹤的。

So I think the market -- the real market dynamics we are experiencing on the ground in the industry this quarter is an increased scrutiny over the source of raw materials of that chemical. And some of the carmakers, they are very aligned to sustainability and ESG practices are actually leading that charge with their supply chain.

因此，我認為市場——本季度我們在行業中所經歷的真正市場動態是對該化學品原材料來源的嚴格審查。一些汽車製造商非常注重永續發展，而 ESG 實踐實際上在其供應鏈中發揮著領導作用。

So we've been seeing joint procurement initiatives between battery makers and carmakers are clients, right? We see quite a lot of interesting developments. So the real development here is now there's a spotlight in the industry, basically asking, well, do your employees wear helmets, are your minds traceable. Is this artisanal, are you ethically sourcing your lithium, which probably will displace a much larger quantity from some of these materials mined in complete this regard to the 21st century and the new area of valuing the individual and valuing human beings that we see taking place in the center.

所以我們已經看到電池製造商和汽車製造商之間的聯合採購計劃是客戶，對嗎？我們看到了很多有趣的發展。所以這裡真正的發展現在是行業的焦點，基本上是在問，你的員工是否戴頭盔，你的思想是否可追蹤。這是手工行為嗎？

Katie Lachapelle, Canaccord Genuity.

凱蒂·拉查貝爾，Canaccord Genuity。

Congrats on a good operational quarter. I do want to understand the provisional pricing adjustment a little bit more this quarter. It was quite a bit higher than what I was expecting. I noticed in the prepared remarks, you stated that it was related to a shipment from Q4.

恭喜季度運作良好。我確實想更多地了解本季的臨時定價調整。這比我的預期高很多。我注意到在準備好的評論中，您表示這與第四季度的發貨有關。

So I'm just trying to understand why such a significant delay, like why was this only being reported now in Q3? And then going forward, are any of these adjustments expected to continue into the fourth quarter? Or are we kind of through the worst of it now?

所以我只是想理解為什麼會有如此重大的延遲，例如為什麼現在只在第三季報告這一點？那麼展望未來，這些調整預計會持續到第四季嗎？或者我們現在已經度過了最糟糕的時期嗎？

No. I mean it's -- we closed out this open trades. And we -- this is basically an accounting out of the trades. And essentially, you can see in the year-to-date -- is this the -- yes, that's there. We can see in year to, that's why we did year-to-date.

不。我的意思是──我們平掉了未平倉交易。我們——這基本上是對交易的核算。從本質上講，您可以在今年迄今為止看到 - 這是 - 是的，就在那裡。我們可以看到今年年初至今，這就是我們這樣做的原因。

Every quarter, we've been getting these questions about this provisional price adjustments. So I'll start with a picture in year-to-date. As you can see here, basically, most of it is related to the fourth quarter of last year, right? So $20 million of the $29 million is related to the fourth quarter last year. So why the delay?

每個季度，我們都會收到有關臨時價格調整的問題。所以我將從今年迄今為止的一張照片開始。大家看到這裡，基本上大部分都跟去年第四季有關吧？因此，2,900 萬美元中的 2,000 萬美元與去年第四季有關。那為什麼會延遲呢？

Because this trade stayed open, and they will be rolling into these commercial relationships and sell with the previous with the cash -- with the unpaid portion of the previous shipments. As we change the contracts and change the commercial relationships completely, we just closed out this in our books. So essentially, what we're showing here is basically the complete closeout of all these open trades, G2, G3, G4, basically, all the trades -- the six boats all the way from the fourth quarter and the first quarter closed out completely on an accounting basis, right?

因為這項交易保持開放，他們將建立這些商業關係，並用現金與之前的貨物一起出售——以及之前發貨的未付款部分。當我們改變合約並徹底改變商業關係時，我們只是在書中結束了這一點。所以本質上，我們在這裡展示的基本上是所有這些未平倉交易的完全平倉，G2、G3、G4，基本上所有交易——從第四季度到第一季的六艘船一直完全平倉以會計為基礎，對嗎？

So interestingly enough, this closeout generated a positive cash inflow of USD7 million because that was the remain unpaid portion of those trades that actually we got to receive, and we were no longer rolling out into the subsequent boat to absorb either upward adjustment or negative cash adjustments.

有趣的是，這次平倉產生了 700 萬美元的正現金流入，因為這是我們實際收到的那些交易中尚未支付的部分，而且我們不再推出後續船隻來吸收向上調整或負現金調整。

We can go through that in quite a lot of detail with you in the call, we have a page in a posted material online that kind of shows that Matt did a very good work. we reallocate all these adjustments to each respective quarter, you can clearly see how they even each other out and show that the trades are actually accurately marked in our book.

我們可以在電話中與您詳細討論這一點，我們在網上發布的材料中有一個頁面顯示馬特做得非常好。我們將所有這些調整重新分配到每個季度，您可以清楚地看到它們如何相互平衡，並表明交易實際上在我們的書中準確標記。

And again, this was a closeout of all the open book trades, right? So mostly related to the fourth quarter. Now why the fourth quarter? Because that's when the price dropped preciptuously. We had done the markup -- it had been -- we suffered that cash hit throughout the year, but then the accounting books, given that these boats got shipped in the first quarter, we were evaluating whether those prices were actually correct because they seemed too low if compared to the benchmark in December.

再說一遍，這是所有未平倉交易的平倉，對嗎？所以主要與第四季有關。現在為什麼是第四季？因為那時價格急劇下跌。我們已經進行了加價——確實如此——我們全年都遭受了現金打擊，但考慮到這些船是在第一季度發貨的，會計賬簿上我們正在評估這些價格是否真的正確，因為它們似乎與12 月的基準相比太低了。

But as we all know, the price actually fell lower than the benchmark capture throughout the fourth quarter. So it was what it was. So it took us a while because we were closely examining each one of the deliveries to be absolutely sure that, that was the actual correct realized price.

但眾所周知，整個第四季的價格實際上都低於基準價格。事情就是這樣。因此，我們花了一段時間，因為我們仔細檢查了每一份交貨，以絕對確定這是實際正確的實現價格。

Got it. Maybe a follow-up question. I just want to pivot a bit to Phase 3 and 4. You are talking about those expansions more. I know it's still early days, but how are you thinking about maybe the capital cost for both of those or how you're thinking about funding those? Because we are sitting almost in 2025 to 2026 and 2027 is pretty soon.

知道了。也許是一個後續問題。我只想稍微轉向第三階段和第四階段。您更多地談論了這些擴展。我知道現在還為時過早，但是您如何考慮這兩者的資本成本，或者您如何考慮為這些項目提供資金？因為我們差不多在 2025 年到 2026 年，而且 2027 年也很快了。

No, I mean, we have obviously quite a competitive advantage in now this development bank relationship with the NDS. What you see in front of you is what we presented the NDS with as our complete industrial development plant, industrial development plan for processing lithium and for aggregating even more value to let in Brazil, delivering the lithium chemical.

不，我的意思是，我們現在在開發銀行與 NDS 的關係中顯然擁有相當大的競爭優勢。您面前所看到的是我們向 NDS 展示的完整工業開發工廠、鋰加工工業發展計劃以及在巴西聚合更多價值以提供鋰化學品的工業發展計劃。

So they've been an incredible partner for Sigma. And so essentially, the way we see the funding -- well, first, the amount of funding. As you recall, and we posted that slide again online, it's more of the same.

因此，他們一直是 Sigma 令人難以置信的合作夥伴。因此，從本質上講，我們看待資金的方式——首先是資金數額。正如您所記得的，我們再次將這張投影片發佈到網路上，內容基本上相同。

We're going to build a third plant exactly like the second, which is exactly like the first mine was the infrastructure. So looking at the final CapEx for this second plant is going to cost us around USD98 million, USD95 million depending on the BRL rate, which works to our favor. Because about 70% of the equipment is actually nationalize is Brazilian, right? So that's Plant 2. Plant 3 will be the same.

我們將建造第三座工廠，與第二座工廠一模一樣，這與第一個礦井的基礎設施完全相同。因此，從第二座工廠的最終資本支出來看，我們將花費約 9,800 萬美元，9,500 萬美元取決於雷亞爾匯率，這對我們有利。因為大約70%的設備實際上是巴西國有化的，對吧？這就是 2 號工廠。3 號工廠也將是相同的。

Our typical DMS Greentech plan costs about that much, $100 million. Now the current infrastructure supports three lines. And this is why we highlight 105,000 LCEs, right? That's what's built in infrastructure on site.

我們典型的 DMS Greentech 計劃的成本約為 1 億美元。現在目前的基礎設施支援三條線路。這就是我們強調 105,000 個 LCE 的原因，對嗎？這就是現場建造的基礎設施。

Well, in order to build a fourth concentrator there, what else do we need to do? Well, we need to add capacity in the water treatment area and in the substation, adding more transformers to power the fourth line.

那麼，為了在那裡建造第四個集中器，我們還需要做些什麼呢？嗯，我們需要增加水處理區和變電站的容量，增加更多的變壓器來為第四條線路供電。

That is not a whole more infrastructure. That should be around up USD15 million to USD20 million in infrastructure versus the USD50 million in infrastructure that we spent to put it all there. Why? Because the industrial site is prepared, the pipeline that brings the water, the sewage water from the Jacona River to site is already there.

這並不是一個完整的基礎設施。基礎建設費用應該在 1500 萬美元到 2000 萬美元左右，而我們為此花費的基礎建設費用為 5000 萬美元。為什麼？由於工業場地已經準備好，將水、污水從哈科納河輸送到場地的管道已經在那裡。

It's a 6-kilometer pipeline. All of it is there, and that takes care of four units. But operationally, we need more water treatment capacity and we need more power. Now the intermediate lithium chemical, we haven't concluded the studies. So we will be talking about the CapEx there once we conclude the studies.

這是一條6公里長的管道。所有這些都在那裡，並且負責四個單元。但在操作上，我們需要更多的水處理能力和更多的電力。現在中間體鋰化學品，我們還沒有完成研究。因此，一旦我們完成研究，我們將討論資本支出。

But again, I will advance that we will do -- we'll do this the Sigma way, which is the China way. We've demonstrated that we built it quite cheaply in Brazil. In fact, we are looking to partner with the larger producer of cause rotating kill equipment in China, which is used by Albern Caroline is used by everyone around the world in order to deliver this unit. It's a quite simple unit. I mean it's a rotating kill and an acid leach unit, so for acid leach unit.

但我再次強調，我們將採取西格瑪方式，即中國方式。我們已經證明我們在巴西建造它的成本相當低。事實上，我們正​​在尋求與中國較大的旋轉殺傷設備生產商合作，Albern Caroline 使用的設備被世界各地的每個人使用，以便交付該設備。這是一個非常簡單的單元。我的意思是它是一個旋轉殺滅裝置和一個酸浸出裝置，所以對於酸浸出裝置來說。

So better spodumene attach lithium selling. So it's not all the way down to specialty chemicals. Now with that, we plan to become the limb spin of a global chemical-to-chemical supply chain. And perhaps making life easier throughout the Northern Hemisphere for all of our potential customers that would want to set up specialty chemicals in their own territories. We'll be shipping chemicals.

因此鋰輝石附鋰銷售較好。因此，這並不僅僅涉及特種化學品。現在，我們計劃成為全球化學品到化學品供應鏈的支柱。也許還能讓整個北半球所有希望在自己的領土上建立特種化學品的潛在客戶的生活變得更加輕鬆。我們將運送化學品。

We will be up cycling the waste here in our cement industries in Brazil, so zero waste. And therefore, we assume a clean chemical material and they don't have to deal with the waste generated in this reduction process, which is quite large. It's 12 tonnes of waste per tonne of chemicals.

我們將在巴西的水泥工業中對廢棄物進行升級循環，以實現零廢棄物。因此，我們假設是一種清潔的化學材料，他們不必處理這個還原過程中產生的相當大的廢物。每噸化學品產生 12 噸廢棄物。

Not to belabor this because again, we will release more details in the study. But I think just to add, right, the goal is to not compete against China in the carbonate or hydroxide markets, given what we see as a highly subsidized business there and pretty competitive margins. Our goal is to still sell into that market and bank what we think is the value and use we have domestically as well as the local economics. Sorry, Ana for chiming in.

不再贅述，因為我們將在研究中發布更多細節。但我想補充一點，我們的目標是不在碳酸鹽或氫氧化物市場與中國競爭，因為我們認為那裡的業務補貼很高，而且利潤率相當有競爭力。我們的目標是仍然向該市場銷售產品，並將我們認為在國內以及當地經濟中具有的價值和用途存入銀行。抱歉，安娜插話了。

Yes. We will supply China. In fact, the litmus test for this strategic decision was that we received significant interest from our clients in China because I think the cherry on top is that we can deliver negative carbon lithium sulfide. -- to China. So perhaps you could even enable 0 carbon lithium carbonate chemicals in China and help decarbonize the entire lithium supply chain.

是的。我們將供應中國。事實上，這項策略決策的試金石是我們得到了中國客戶的極大興趣，因為我認為最重要的是我們可以提供負碳硫化鋰。 ——到中國。因此，也許您甚至可以在中國啟用零碳碳酸鋰化學品，並幫助整個鋰供應鏈脫碳。

So again, interest from everywhere, we're here to deliver a product that's going to be globally competitive half the market is China, half the market is the rest of the world. So competitive all over. It isn't something we're doing just for part of the market.

再次強調，來自世界各地的興趣，我們在這裡提供一個具有全球競爭力的產品，一半市場在中國，一半市場在世界其他地區。到處都是那麼有競爭力。我們所做的不僅僅是為了部分市場。

It is, again, like our lithium oxide concentrate is a globally competitive product. And at that, we gave the development bank financing because their mindset is to finance what we call the industrial champion, the Brazilian winning companies that actually are gaining market share and positioning Brazil globally in key export industries.

這再次表明，我們的氧化鋰濃縮物是具有全球競爭力的產品。當時，我們向開發銀行提供融資，因為他們的想法是為我們所謂的工業冠軍企業提供資金，這些企業實際上正在獲得市場份額，並將巴西定位於全球關鍵出口產業。

In this case, critical minerals lithium.

在這種情況下，關鍵礦物是鋰。

Joel Jackson, BMO.

喬爾傑克遜，BMO。

I'm going to ask a few questions one by one, if that's okay. Just maybe following up on Katy's question. So if we think of the Q4, should pricing be similar to Q3 can I think about you've given production? So can I think about grade and cost being similar? And you said you've closed out some of the Glencore stuff. But again, for pricing, can we think about it being similar to Q3, better worse so far.

我會一一問幾個問題，如果可以的話。也許只是跟進凱蒂的問題。因此，如果我們考慮第四季度，定價是否應該與第三季度類似，我可以考慮一下你們已經生產的產品嗎？那我可以認為等級和成本是相似的嗎？你說你已經關閉了嘉能可的一些東西。但同樣，對於定價，我們是否可以認為它與第三季度類似，到目前為止更好更差。

This is basically third quarter. You can see on the screen. So we actually booked final trades at 8 20. We will hover -- the market oscillated because it became very volatile for a while in October, but it's here. Can you see this?

這基本上是第三季。你可以在螢幕上看到。所以我們實際上在 8 點 20 分預訂了最終交易。我們將徘徊——市場振盪，因為它在 10 月的一段時間內變得非常不穩定，但它就在這裡。你能看到這個嗎？

Great. Yes. Yes, there you go. Yes, that is -- so you can see -- yes, we're all seeing the same spin exactly. So this is third quarter, and it's pretty close to final. In fact, 20 was a trade we booked, final. So it's -- you're going to get the same ballpark. And we're showing you the great adjustment as well. So from -- it's from 6% to 5.2%. So that's kind of the question now, right?

偉大的。是的。是的，就這樣。是的，那就是——所以你可以看到——是的，我們都看到了完全相同的旋轉。這是第三季度，非常接近最終季。事實上，20 是我們最終預訂的交易。所以，你會得到同樣的結果。我們也向您展示了巨大的調整。所以從 6% 到 5.2%。所以這就是現在的問題，對吧？

So essentially, how does great work here at Sigma? We're probably a few companies that could be delivering 6% without that much loss to volumes. But because nobody else is, and this is not appropriately priced, clearly, right? What we do, Joe, is we set our product to Australian quality. So we harnessed what was being offered by our trading peers and what kind of grade they are offering in the market.

那麼本質上，Sigma 的出色工作是如何實現的呢？我們可能是少數幾家能夠實現 6% 的成長而不造成如此大的銷售損失的公司。但因為沒有其他人是這樣的，而且這顯然定價不合適，對嗎？喬，我們所做的就是將我們的產品設定為澳洲品質。因此，我們利用了我們的貿易同行所提供的產品以及他們在市場上提供的等級。

And we adjust our plant down to that grade because it's very easy to adjust that, right? Hard is to adjust up so that we benefit from a rather exponential increase in volumes when we conduct that process or we bank that over as inventory.

我們將工廠調整到該等級，因為調整起來非常容易，對嗎？很難進行調整，以便當我們進行該流程或將其作為庫存存入銀行時，我們可以從數量的指數級增長中受益。

Okay. That's helpful. And then a couple of questions. So I wanted to ask about production of Phase 1 and then thinking about Phase 2. So I'll ask a couple of questions at once here.

好的。這很有幫助。然後是幾個問題。所以我想問第一階段的製作，然後考慮第二階段。所以我會在這裡立即問幾個問題。

So as recently as a few quarters a quarter ago, you were really talking about $22,000 a tonne production and sales run rate. Now you sell into $20,000 tonnes -- $20,000 a month. Now you seem like you've sell the 20,000 a month. So the first part of the question is, what's kind of changed between the 22 and the 20?

因此，就在幾個季度前，您實際上談論的是每噸 22,000 美元的生產和銷售運行率。現在你的銷售量是 20,000 噸——每月 20,000 美元。現在看來你每個月已經賣了 20,000 個。所以問題的第一部分是，22 和 20 之間發生了什麼變化？

And second part of the question is, I think you've maybe made a big contractor change for Phase 2. Can you talk about that? It seems like you spent very little CapEx on Phase 2 and Q3. So talk about the contractor change, how much CapEx you spent on Phase 2 so far maybe October, November. So a couple of questions there, sir.

問題的第二部分是，我認為你們可能已經對第二階段的承包商進行了重大變更。你能談談嗎？您在第二階段和第三季的資本支出似乎很少。因此，談談承包商的變更，到目前為止，您在第二階段（可能是 10 月、11 月）花費了多少資本支出。先生，有幾個問題。

Well, let me talk about the production first. 60,000 is guidance because essentially, we conducted our efficiency project this quarter. So we're hoping to guide and beat guidance again. But the cadence of 22,000 is actually a very good -- it's a great observation. We've always -- we try to achieve that cadence.

好吧，我先說一下製作。 60,000 是指導值，因為從本質上講，我們本季開展了效率專案。因此，我們希望能夠再次指引並超越指引。但 22,000 的節奏實際上是一個非常好的結果——這是一個很好的觀察。我們一直在努力實現這種節奏。

But what we the real accomplishment as we harnessed our operational capabilities here and increase the performance excellence was to shorten the space or the number of days intervals between each shipment. So as we announce in shipment, you can easily ask or thing that by looking at the announcement. They became shorter and shorter and now they're close to 30-day cadence, right? So this kind of gives you an indication where we go, meaning we're shifting 22,000 every month. So multiply by 12, that's it.

但是，當我們利用我們的營運能力並提高卓越績效時，我們真正取得的成就是縮短了每次發貨之間的空間或天數間隔。因此，當我們宣布發貨時，您可以透過查看公告輕鬆詢問或了解這一點。它們變得越來越短，現在已經接近 30 天的節奏了，對吧？因此，這可以讓您了解我們的發展方向，這意味著我們每個月都會轉移 22,000 人。所以乘以12，就是這樣。

So as we haven't done that throughout the whole year, so we're basically guiding and hoping to be guidance. But ultimately here is that frequency decrease of the same volume that is actually the real accomplishment because with that, we are increasing the total quarterly production.

由於我們一整年都沒有這樣做，所以我們基本上是在指導並希望成為指導。但最終，相同產量的頻率降低實際上是真正的成就，因為這樣我們就增加了季度總產量。

So that was your first question. Then your second question is about Phase 2. So we are planning to publish a more comprehensive update on Phase 1 shortly, and that will have the CapEx of the CapEx disbursed total for the Phase 2. But we estimate now that with the first BNDES disbursement, and that's an important point, Rogerio made that I'm going to reiterate.

這是你的第一個問題。那你的第二個問題是關於第二階段的。因此，我們計劃很快發布有關第一階段的更全面的更新，這將為第二階段支付總計的資本支出。但我們現在估計，隨著 BNDES 的第一筆撥款，這是羅傑裡奧提出的一個重要觀點，我將重申這一點。

The first is bus on the NDS spending of the bank guarantees. So when it happens, when we get the first actual cash in the banking flow, that reimburses us for all the CapEx spent in arrears since the moment BDS announced our loan which was February 9 of this year.

首先是公共汽車上的銀行擔保的NDS支出。因此，當這種情況發生時，當我們在銀行流程中獲得第一筆實際現金時，我們將償還自 BDS 今年 2 月 9 日宣布貸款以來拖欠的所有資本支出。

So everything we spent in CapEx throughout gets reimbursed at once in that first disbursement by BNDES. So it gives us sort of a boost because we've been using some of the cash generated to pay for CapEx, for instance, this quarter, it was $5 million.

因此，我們在資本支出上花費的所有費用都會在 BNDES 的第一筆付款中立即得到報銷。因此，它給我們帶來了一定的推動，因為我們一直在使用產生的部分現金來支付資本支出，例如，本季為 500 萬美元。

But then we kind of get to recoup that at once as a boost of cash inflow. We estimate now that, that sits probably close to $25 million. And again, there are fluctuations here because of the devaluation of the real currency, right? But just to give you guys a number in dollars, it should be around $20 million to $25 million, right? And again, it's mostly real expenditures.

但隨後我們可以立即透過現金流入的增加來彌補這一損失。我們現在估計，這可能接近 2500 萬美元。再說一遍，由於實際貨幣貶值，這裡存在波動，對嗎？但給你們一個美元數字，應該是2000萬到2500萬美元左右，對吧？再說一次，這主要是實際支出。

So that's the number that we have incurred on to date on the CapEx. The third question was around the contractor change in Phase 2 and what have you. It wasn't really a change. What we've done, that's a very good question, too, because we want to clarify that point.

這就是我們迄今為止在資本支出上產生的數字。第三個問題是關於第二階段承包商變更以及您有什麼。這並不是真正的改變。我們所做的，這也是一個非常好的問題，因為我們想澄清這一點。

We maintained the same engineering company, DRA, that actually worked on our filed feasibility study in SEDAR in the 43-101, which we will be updating together with the annual filing. Well, we haven't changed, and that was a significant change, but it's a natural change is the way we're going to manage that construction.

我們保留了同一家工程公司 DRA，該公司實際上在 43-101 中的 SEDAR 中進行了我們歸檔的可行性研究，我們將與年度歸檔一起更新該研究。嗯，我們沒有改變，這是一個重大的改變，但這是我們管理該建設的方式的自然變化。

Because in the Phase 1 construction, we relied on a local engineering company with for safety for local management, local engineers for basically running construction because we didn't have a construction team in-house or project management capabilities in-house or much of that.

因為在第一期建設中，我們依靠當地的工程公司來保證安全，當地的管理，當地的工程師基本上負責施工，因為我們沒有內部的施工團隊或專案管理能力，或其中的大部分。

So we were entirely reliant on our engineering contractors to actually deliver that construction. That is the change. This structure is being done in-house with at, with our personnel because we have probably one of the best project teams in the whole industry based on all the executed in the very Plant 1 throughout the last 12 months in terms of implementing operational efficiency.

因此，我們完全依賴我們的工程承包商來實際交付該施工。這就是變化。這種結構是由我們的人員在內部完成的，因為根據過去 12 個月在 1 號工廠執行的所有項目，就實施營運效率而言，我們可能擁有整個行業中最好的項目團隊之一。

So essentially, that project team has already been clearly demonstrating their incredible execution products. And this live sits in the file materials actually shows that we executed a full plant shutdown with two major pieces of equipment assembled and commission in four days. I mean -- and I even put here what the plan was and the real was -- and we were having like three daily calls with the team to kind of follow the progress of how this was being executed.

所以本質上，該專案團隊已經清楚地展示了他們令人難以置信的執行產品。文件資料中的現場直播實際上顯示，我們在四天內完成了工廠的全面停工，並組裝和調試了兩套主要設備。我的意思是——我甚至在這裡列出了計劃和實際情況——我們每天與團隊進行三次電話會議，以追蹤執行的進度。

But essentially that we call the efficiency project for the Greentech plant was -- has been executed over many months, but it was actually constructed in four days, right? We got all the equipment side. We got it already.

但本質上，我們稱之為綠色科技工廠的效率項目是——已經執行了好幾個月，但它實際上是在四天內建造的，對嗎？我們得到了所有的設備。我們已經得到了。

We shut down the plant put the equipment up, it was models to see how well-oiled machine we have in terms of our maintenance teams, project management, all of it, right? So in fact, the result of that, I'm going to reiterate, we're already partly reflected in third quarter.

我們關閉了工廠，把設備安裝起來，這是一個模型，可以看到我們的維修團隊、專案管理等方面的機器運作情況如何，對嗎？事實上，我要重申的是，我們的結果已經部分反映在第三季。

But it's going to be mainly reflected now in the fourth quarter, and that will be the potential increasing production of another 10% to 15%. In another picture just to show that -- and I really want to show this picture. So you see here the screens on the ground, three days later, they were up and running. This is the screen to upgrade the ultrafine circuit to improve the feed mix.

但現在主要體現在第四季度，產量可能再增加10%至15%。在另一張照片中只是為了展示這一點 - 我真的很想展示這張照片。所以你可以看到地面上的螢幕，三天后，它們就啟動並運行了。這是升級超細電路以改善飼料混合的篩網。

So essentially, it's optimization of capacity. Where is like [Mika] and what have you. So do we optimize our DMS capacity to 230 tonnes an hour to probably 240 to 250 tonnes an hour. And here, the same with magnetic separator. So you see them on the ground of literally, in three days, they were up and running, which is for all of you who know magnetic separators is an incredible accomplishment from our industrial team.

所以本質上，這是容量的最佳化。哪裡像[Mika]，你有什麼。因此，我們是否將 DMS 產能優化至每小時 230 噸，甚至每小時 240 至 250 噸。在這裡，磁力分離器也是如此。因此，您可以看到它們在三天之內就在地面上啟動並運行，這對於所有知道磁力分離器是我們工業團隊取得的令人難以置信的成就的人來說。

So again, the purpose here is to clear out, again, the iron oxide and also remove the ferrosilica and recycle the ferrosilica. we're very proud, I mean, of the commitment and the prowess of our teams, and particularly our industrial team.

因此，這裡的目的是再次清除氧化鐵，並去除矽鐵並回收矽鐵。我的意思是，我們對我們的團隊，特別是我們的工業團隊的承諾和能力感到非常自豪。

Shannon Gill, Cormark Securities.

香農·吉爾，科馬克證券。

Just following on from Joe here. Can we expect increased recoveries in Q4 with the ongoing plant optimization and in Q1 of next year as you move from using mobile crushers to a fully optimized Phase 1 plant crusher. Can we expect continued recovery increases? Can you just speak to recovery there?

跟隨喬的腳步。隨著工廠持續優化，我們可以預期第四季度的回收率會有所提高，而隨著您從使用移動式破碎機轉向全面優化的第一階段工廠破碎機，明年第一季的回收率會有所提高嗎？我們可以預期復甦持續成長嗎？您能談談那裡的康復嗎？

Absolutely. So you made two excellent questions, and I want to bring this point back again. Essentially, we are indeed going to experience increase in global recoveries. And I want to take the opportunity to clarify a sales and a misunderstanding about our plant recoveries.

絕對地。所以你提出了兩個很好的問題，我想再次回顧這一點。從本質上講，我們確實將經歷全球復甦的加速。我想藉此機會澄清有關我們工廠恢復的銷售和誤解。

I mean we're basically getting to plant recoveries in a dense media separation. There are -- that is the highest in the world. This has never ever been achieved. It's 70% of DMS recoveries. But then you look at our global recoveries, meaning total recovery, it's 55%. So that gap is up for grabs.

我的意思是，我們基本上是在緻密介質分離中實現植物回收。有——這是世界上最高的。這是從未實現過的。這是 DMS 回收率的 70%。但你看看我們的全球復甦情況，這意味著總復甦率為 55%。所以這個差距是有待爭取的。

It's opportunity for operational improvement, also by managing to reprocess and to treat a concentrate defines there are responsible ultrafines. They are responsible for this difference into that DMS Greek plant. We have two projects that we are planning to achieve that. The first one, we just executed. So absolutely yes.

這是營運改善的機會，還可以透過管理再加工和處理濃縮物來定義有責任的超細粉。他們對 DMS 希臘工廠的這種差異負責。我們計劃有兩個項目來實現這一目標。第一個，我們剛剛執行。所以絕對是的。

That's the answer. We expect these recoveries to kind of reach pretty close to 60% or perhaps more in global recoveries because what we put here was a circuit that in addition to optimizing the capacity of the GMS itself, will actually improve the recoveries of the lithium oxide in the ultra fines, one. Then mobile pressures. Mobile crushes was a different matter. What happened to mobile crushers, it was a design engineering change.

這就是答案。我們預計這些回收率在全球回收率中將達到相當接近 60% 或更高，因為我們在這裡放置的電路除了優化 GMS 本身的容量之外，實際上還將提高 GMS 中氧化鋰的回收率。罰款，一。然後是移動壓力。移動粉碎是另一回事。移動式破碎機發生了什麼，這是設計工程的改變。

In other words, we contracted mobile crushers in -- with a local Brazilian supplier. And the method through which this crusher executed their tasks instead of having the motor and the screen separate, sliding on each other, their design was one where the screens and the motor was connected and they would slide together. So any issues of screens would mean we would have to stop the crusher. We've been dealing with it most of the year.

換句話說，我們與一家巴西當地供應商簽訂了行動破碎機合約。此破碎機執行任務的方法不是將馬達和篩網分開並相互滑動，而是將篩網和馬達連接起來並一起滑動。因此，任何螢幕問題都意味著我們必須停止破碎機。我們一年中的大部分時間都在處理這個問題。

And then finally, we had enough of it, decided to put in two mobile crushers in June and July, to basically pick up the balance of our main crushers so that we would run our crusher at a lower capacity and then change the way that flow occurs. In other words, we went to the original parts manufacturer in South Africa, it's called [Vibramat] and we're getting the new circuit, where screens and motor vibrate separately so that the pressure is more resilient operationally.

最後，我們受夠了，決定在六月和七月安裝兩台移動式破碎機，基本上恢復我們主破碎機的平衡，這樣我們就能以較低的產能運行破碎機，然後改變流動方式發生。換句話說，我們去了南非的原始零件製造商，它被稱為[Vibramat]，我們得到了新的電路，其中螢幕和馬達分別振動，以便壓力在操作上更具彈性。

And therefore, we expect the crusher to be a non-hindrance. Because again, we have this incredible dense media separation green tag plant, and we're having issues with the crusher, which is kind of basic. It's the most basic part of our circuit. So think about this. We fixed the module three, the dry stacking, which doesn't even exist in the industry. That was last year.

因此，我們預期破碎機不會成為障礙。因為我們有這個令人難以置信的密集介質分離綠色標籤工廠，而且我們在破碎機方面遇到了問題，這是一個基本的問題。這是我們電路中最基本的部分。所以想想這個。我們修復了模組三，即乾堆，這在行業中甚至不存在。那是去年的事了。

Then we perfected the dense media separation to process lithium like no other in the world. So we basically evolved this technology, and we were getting stuck with lower production volumes because of the crusher. It was kind of sad, right? So, we decided to tackle it at once and essentially put mobile crushers, which are here temporarily, so they're costing an extra $25 a tonne.

然後，我們完善了緻密介質分離技術，以前所未有的方式處理鋰。所以我們基本上發展了這項技術，但由於破碎機的原因，我們陷入了產量較低的困境。有點悲傷，對吧？因此，我們決定立即解決這個問題，基本上安裝了移動式破碎機，這些破碎機是暫時停放的，因此每噸的成本要額外增加 25 美元。

But then in December, we decommissioned the first and then in February, we decommissioned the second, we build a nice stockpile to actually change that crusher flow sheet.

但後來在 12 月，我們退役了第一個，然後在 2 月，我們退役了第二個，我們建立了一個很好的庫存來實際改變破碎機流程圖。

I'd say one more thing. All of these changes comes back on Phase 2. All this investment, all this work will come not work we have to do again. So less and capitalized. Rob, if you want to -- Ana, if you want to make any closing comments or --

我還要說一件事。所有這些變化都會在第二階段回歸。所有這些投資、所有這些工作都會到來，而不是我們必須再做的工作。所以更少並且大寫。羅布（Rob），如果您想－安娜（Ana），如果您想發表任何結束語或--

No, again, I want to thank you for your trust, for your confidence, for believing in us executing through the lithium market ebbs and flows. As we demonstrated, we're one of the most resilient businesses in the industry. We're in a low-cost environment. This is now being underwritten by some of our coal patters in other parts of the world, which we're all welcoming here in Brazil.

不，我想再次感謝您的信任、信心和對我們在鋰市場起起落落中的執行力的信任。正如我們所證明的，我們是業內最具彈性的企業之一。我們處於低成本環境。現在，我們在世界其他地區的一些煤炭公司正在承保這項項目，巴西對此表示歡迎。

So again, I want to leave the quarter call with a message of what we call sober optimism because One thing for sure, we reached the floor, given that so much of the traceable compliant production of lithium is not profitable at these levels, we are, but unfortunately, most of the production of traceable material is it.

因此，我想在季度電話會議結束時傳達我們所謂的清醒樂觀的信息，因為可以肯定的是，我們已經達到了底線，考慮到如此多的可追溯合規鋰生產在這些水平上無法盈利，我們正在但不幸的是，大部分可追溯材料的生產就是它。

And the industry is clearly increasing the game, raising the game on procurement and focusing on examining traceability of the product. So we believe that with the removal of kind of a lot of untraceable material, mainly coming from Africa, we're going to see saw the floor being placed in the industry, and we're going to see a decent year in 2025.

業界顯然正在加大力度，加強採購力度，重點檢查產品的可追溯性。因此，我們相信，隨著大量無法追蹤的材料（主要來自非洲）的去除，我們將看到鋸地板進入該行業，並且我們將在 2025 年看到一個不錯的一年。

And I think from there, as you can see that in the month. The dynamics is there. China has been posting very, very robust EV growth numbers for market than large and with the penetration there large September was 44%. October is reaching 50%. EV uptake is over 50%, which is a record number China will be probably almost 60% of the global in the industry by the next quarter. So it's extremely healthy there.

我認為從那時起，正如你在本月看到的那樣。動態就在那裡。中國的電動車市場成長非常強勁，9 月的滲透率達到 44%。10月份已達50%。電動車的採用率超過 50%，這是一個創紀錄的數字，到下個季度，中國電動車產業的份額可能接近全球的 60%。所以那裡非常健康。

One of the key recipients of the stimulus, the various stimulus being directed at the economy. So again, it's a message of sober, cautious optimists entering into the fourth quarter.

刺激措施的主要接受者之一，各種刺激措施都是針對經濟的。這再次傳達了進入第四季度時清醒、謹慎的樂觀主義者的信息。

Thank you.

謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。