Standard Lithium Ltd. (SLI) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to Standard Lithium's first-quarter 2026 conference call. (Operator Instructions)

各位女士、先生，感謝您稍候並歡迎參加 Standard Lithium 2026 會計年度第一季電話會議。(接線員指示)

It is now my pleasure to turn today's call over to Daniel Rosen, VP of Investor Relations and Strategy for Standard Lithium. Please go ahead.

現在我很榮幸將今天的電話會議交給 Standard Lithium 投資人關係與策略副總裁 Daniel Rosen。請開始。

Thank you, and welcome, everyone. I'm joined today by David Park, our CEO and Director; Andy Robinson, President, COO and Director; Salah Gamoudi, Chief Financial Officer; and Mike Barman, Chief Development Officer.

謝謝，並歡迎各位。今天與我一同出席的有：我們的執行長兼董事 David Park；總裁、營運長兼董事 Andy Robinson；財務長 Salah Gamoudi；以及開發長 Mike Barman。

Before we begin, I would like to start with a reminder that some of the statements made during our call today, including any related to company performance, expectations, and timing of projects, may constitute forward-looking statements. Please note the cautionary language about forward-looking statements contained in our press release, which also applies to this call.

在開始之前，我想先提醒各位，我們今天電話會議中所作的部分陳述（包括任何與公司表現、預期以及專案時程相關者）可能構成前瞻性陳述。請留意我們新聞稿中關於前瞻性陳述的警示性用語，同樣適用於本次電話會議。

I will now turn the call over to David.

我現在把電話交給 David。

Thanks, Dan, and I appreciate everyone joining us today. We've had an active first quarter and year-to-date as we continue to advance important milestones and deliverables of the company. We achieved major operational milestones at our demonstration plant in Arkansas, including the processing of over 1 million barrels of live smack-over brine going back over the last six years.

謝謝，Dan，也感謝大家今天加入我們。第一季以及今年迄今我們都相當積極，持續推進公司重要的里程碑與交付項目。我們在阿肯色州的示範工廠達成了重大的營運里程碑，包括在過去六年中累計處理超過 100 萬桶即時抽取的 Smackover 鹵水。

Our large-scale demo plant is the first of its kind and is critical to everything we've been able to accomplish at Standard Lithium. It's provided a robust data set to support the scalability and de-risking of our selected process technology and flow sheet. It has also strengthened our first mover advantage within the Smackover formation, where we have the only shovel-ready project that's preparing to take a final investment decision, our Southwest Arkansas project. We've also been working diligently to advance the remaining work streams required prior to a final investment decision. And we've made meaningful progress on all fronts.

我們的大型示範工廠為同類首創，對於 Standard Lithium 能夠達成的一切至關重要。它提供了強健的資料集，用以支持我們所選製程技術與流程圖的可擴展性並降低風險。它也強化了我們在 Smackover 地層中的先行者優勢；在該地層中，我們擁有唯一可立即動工、正準備做出最終投資決策的專案——阿肯色州西南部（Southwest Arkansas）專案。我們也一直努力推進在最終投資決策之前所需完成的其餘工作流。而且我們在各方面都取得了實質進展。

In the first quarter, we announced our first binding commercial off-take agreement with Trafigura, a global commodities leader with an established presence across battery metals, including lithium. Smackover Lithium will supply Trafigura with 8,000 metric tons per year of battery-quality lithium carbonate over a 10-year period, beginning at the start of commercial production. We'll address the status of each of the remaining work streams and how it supports our overall plan, which remains to take FID at the Southwest Arkansas project and begin construction in 2026.

在第一季，我們宣布與 Trafigura 簽署首份具約束力的商業承購（offtake）協議；Trafigura 是全球大宗商品領導者，並在包括鋰在內的電池金屬領域具備既有布局。Smackover Lithium 將在 10 年期間內每年向 Trafigura 供應 8,000 公噸電池級碳酸鋰，自商業化生產開始時起算。我們將說明其餘各項工作流的進度，以及它們如何支持我們的整體計畫；該計畫仍是於阿肯色州西南部專案做出 FID，並於 2026 年開始施工。

And with that, I'll pass it over to Andy.

接下來我把電話交給 Andy。

Thanks, David. We're pleased to announce the achievement of several meaningful operational milestones at our demo plant in El Dorado, Arkansas, which operates a full brined lithium carbonate flow sheet. We've now processed over 1 million barrels of real brine pumped in real time from the Smackover formation. This was completed over 15,000 direct lithium extraction, or DLE cycles, and met the fundamental performance targets for the core process technology that's going to be used at the SWA project.

謝謝，David。我們很高興宣布，我們位於阿肯色州 El Dorado 的示範工廠達成多項具意義的營運里程碑；該工廠運行完整的鹵水至碳酸鋰流程圖。我們目前已處理超過 100 萬桶從 Smackover 地層即時抽取的真實鹵水。這是透過超過 15,000 次直接鋰萃取（Direct Lithium Extraction，DLE）循環完成，並達成將用於 SWA 專案之核心製程技術的基本性能目標。

This includes 95%-plus lithium recovery and 99%-plus rejection of key contaminants as consistent with the performance guarantees in place on our licensing agreement with Aquatech. And it was done with roughly 340,000 man hours over six years of operating with zero incidents, underscoring Standard Lithium's strong commitment to operational safety and best practices. The demo plan will continue to serve as a critical platform for process flowsheet optimization, operational data collection, engineering design input, and training of our core team of 38 engineers and operators to prepare them for the commissioning and operation of our first commercial facility of the SWA project.

其中包括鋰回收率達 95% 以上，以及對關鍵污染物的去除（拒收）率達 99% 以上，與我們與 Aquatech 的授權協議中所規定的性能保證一致。此外，在六年運轉期間累計約 34 萬工時且零事故完成，凸顯 Standard Lithium 對營運安全與最佳實務的高度承諾。該示範工廠將持續作為關鍵平台，用於製程流程圖最佳化、營運數據蒐集、工程設計輸入，以及訓練我們由 38 名工程師與操作人員組成的核心團隊，為 SWA 專案首座商業設施的試車與營運做好準備。

At the beginning of the year, we laid out four primary deliverables to be completed prior to taking FID, mainly contract execution with the key construction vendors. Receiving the need for approval from federal regulators, finalizing customer offtake agreements, and closing the project financing. For the vendor contracts, we're pursuing an engineering, procurement, construction, commissioning, or EPCC model for the downstream portion of the project, which contains the central processing facility and includes the direct lithium extraction and battery quality lithium carbonate conversion process.

在年初，我們提出在做出 FID 之前需完成的四項主要交付項目，主要是與關鍵施工供應商完成合約簽署。取得聯邦監管機關所需的核准、完成客戶承購（offtake）協議，以及完成專案融資。就供應商合約而言，我們針對專案下游部分採用工程、採購、施工、試車（commissioning），即 EPCC 模式；該部分包含中央處理設施，並涵蓋直接鋰萃取以及電池級碳酸鋰轉換製程。

We're pursuing an engineering, procurement and construction management, or EPCM model, for the upstream or well field and pipeline portion of the project. We're currently finalizing agreements with our selected partners in these two key roles and expect for both of these to be completed in the second quarter as previously indicated. Each contract contains unlimited notice to proceed provision in order to immediately progress key work items and to optimize the construction schedule prior to taking a final investment decision. A full notice to proceed will immediately follow positive FID.

我們針對專案上游（即井場與管線）部分採用工程、採購與施工管理（engineering, procurement and construction management，即 EPCM）模式。我們目前正與在這兩個關鍵角色中選定的合作夥伴敲定協議，並預期如先前所述，兩者都將在第二季完成。每份合約均包含「不限額度的開工通知」（notice to proceed）條款，以便在做出最終投資決策之前，立即推進關鍵工作項目並優化施工排程。在 FID 為正面後，將立即發出完整的開工通知。

On the regulatory front, the project is required to go through an environmental assessment on the NEPA, triggered by a $225 million grant from the Department of Energy. The DOE is leading this process, which is nearing its formal conclusion after more than a year of review and engagement, and we expect it to be completed in the second quarter as per the federal permitting dashboard.

在法規面，該專案因獲得能源部（Department of Energy）2.25 億美元補助而被觸發，必須依《國家環境政策法》（NEPA）進行環境評估。能源部正主導此流程；在超過一年的審查與溝通後，流程已接近正式結案，我們預期將依聯邦許可儀表板所示於第二季完成。

We do not expect any further mitigation measures or conditions to be imposed or any additional federal government reviews or approvals to be required in order to take a final investment decision. Overall, we've received strong government support throughout this process for our project, which received a FAST-41 transparency project designation as a priority US critical mineral project.

我們不預期在做出最終投資決策前，還會被要求採取任何進一步的緩解措施或附加條件，也不預期需要任何額外的聯邦政府審查或核准。整體而言，在此過程中我們的專案獲得政府強力支持，並被指定為 FAST-41 透明化專案，列為美國優先的關鍵礦物專案。

Turning to our dual track customer offtake and project financing processes. Smackover Lithium, alongside our experienced financial advisors, continues to make excellent progress. With our planned 22,500 tons of annual nameplate lithium carbonate capacity, we're targeting for approximately 80% of that production to be under long-term offtake contracts. Our first offtake agreement with Trafigura for our 8,000 tons represents over 40% of targeted offtake.

接著談我們雙軌並行的客戶承購與專案融資流程。Smackover Lithium 在我們經驗豐富的財務顧問協助下，持續取得極佳進展。以我們規劃的年名目產能 22,500 噸碳酸鋰計算，我們目標約 80% 的產量將由長期承購合約涵蓋。我們與 Trafigura 的首份承購協議涵蓋 8,000 噸，代表已超過目標承購量的 40%。

The partnership expects to reach agreements on all remaining advanced offtake negotiations by the third quarter. We remain focused on securing the best possible terms under these agreements in order to support our project financing efforts. All material offtake terms must be agreed upon before the final sizing and structure of the project finance package can be determined.

合資夥伴預期在第三季前，就所有其餘已進入深入階段的承購談判達成協議。我們仍專注於在這些協議下爭取最佳可能條款，以支持我們的專案融資工作。在能確定專案融資方案的最終規模與結構之前，所有重大承購條款都必須先行議定。

The joint venture remains confident in its ability to reach a positive outcome in these customer negotiations, thus allowing for FID to be taken and for construction to begin in 2026. Assuming we begin construction on this timeline, we expect to achieve first commercial production in 2029.

合資公司對於在這些客戶談判中取得正面結果仍具信心，從而使得能做出 FID，並於 2026 年開始施工。若我們依此時程開始施工，我們預期將於 2029 年達成首次商業化生產。

I just want to round out my remarks by touching on East Texas. We're continuing to improve the definition of our resource position through additional drilling and process test work at the Franklin Project and in the region more broadly. We're aiming to release a Preliminary Economic Assessment, or PEA, for the Franklin Project in the second half of 2026. And plan to follow that with a preliminary feasibility study, PFS, in early 2027.

最後我想以東德州（East Texas）作為補充說明。我們正透過在 Franklin 專案及更廣泛區域進行額外鑽探與製程測試工作，持續提升我們資源部位的界定程度。我們目標在 2026 年下半年發布 Franklin 專案的初步經濟評估（Preliminary Economic Assessment，PEA）。並計畫在 2027 年初接續完成初步可行性研究（preliminary feasibility study，PFS）。

It's important to outline the project economics of that world-class resource in order to gain further recognition for this important and underappreciated part of our asset portfolio. We'll continue to work on maiden info resource reports for our two other potential projects in the area, all while continuing to expand our leasehold footprint in East Texas.

為了讓這項世界級資源的專案經濟性獲得進一步認可，我們必須加以闡述，因為它是我們資產組合中重要但長期被低估的一部分。我們將持續推進本區域另外兩個潛在專案的首次（maiden）資訊資源報告，同時也會持續擴大我們在德州東部的租賃權版圖。

And now I'll turn it over to Salah to discuss our financial results.

接下來我把時間交給 Salah，請他說明我們的財務結果。

Thank you, Andy. For the first quarter ended March 31, 2026, we reported a net loss of $2.7 million as compared to a loss of $1.6 million for the quarter ended March 31, 2025.

謝謝你，Andy。截至 2026 年 3 月 31 日止的第一季，我們報告淨損 270 萬美元，相較於截至 2025 年 3 月 31 日止季度的淨損 160 萬美元。

In the quarter, G&A decreased slightly by $0.1 million, while demonstrated plant costs increased by $0.4 million year over year. The slight decrease in G&A demonstrates our continued commitment to cost discipline. As despite growth in employee headcount and activity in order to support the development of our portfolio of projects, we have found offsetting cost savings in certain audit, legal, and consulting expenses.

本季，G&A（一般及行政費用）小幅下降 10 萬美元，而示範工廠成本年增 40 萬美元。G&A 的小幅下降顯示我們持續致力於成本紀律。儘管為了支持我們專案組合的開發而增加員工人數與活動量，我們仍在部分審計、法律與顧問費用上找到相應的成本節省以作抵銷。

The demo plant increase was driven by higher personnel and supply costs associated with R&D activities, along with maintenance and site improvement activities. As mentioned by Andy, the work that we do at the demonstration plant is and will continue to be critical and a real differentiator for us. Additionally, we incurred a non-cash foreign exchange gain of $2.2 million during the quarter.

示範工廠成本的增加，主要來自與研發活動相關的較高人員與供應成本，以及維護與場地改善活動。如 Andy 所提到，我們在示範工廠所做的工作至關重要，且將持續是我們真正的差異化優勢。此外，本季我們認列 220 萬美元的非現金外匯收益。

This foreign exchange gain was due to having significantly higher average US dollar cash balances as a result of our $130 million follow-on offering in October of last year, as well as fluctuations in exchange rates between US and Canadian dollars and the resultant non-cash accounting impact on those cash balances held by one of our Canadian dollar functional currency entities.

這項外匯收益主要是因為我們在去年 10 月完成 1.3 億美元後續發行（follow-on offering）後，美元現金平均餘額顯著提高；同時也受到美元與加幣匯率波動影響，並對其中一家以加幣為功能性貨幣的實體所持有之現金餘額，產生相應的非現金會計影響。

Below operating expenses on the income statement, we recorded a higher investment loss from joint ventures of $1.5 million for the quarter versus $1 million in the prior period. This increase reflects expanded operational activity at the Smackover Lithium partnership level in connection with commercial and financing initiatives, as well as increased corporate and administrative support as project development activities progress.

在損益表的營業費用以下，我們本季認列來自合資企業的投資損失較高，為 150 萬美元，而前期為 100 萬美元。此增幅反映 Smackover Lithium 合作層面在商業與融資倡議相關的營運活動擴大，以及隨著專案開發活動推進而增加的公司與行政支援。

We also recorded a $0.8 million loss. On the fair value of our contingent FID payments, which are to be received by Standard Lithium from our partner, Equinor, should we reach a positive FID at our SWA and/or East Texas projects by certain dates. This was primarily related to revisions to assumptions on expected milestone timing rather than a change in the overall probability of achieving FID. We also recognized $1 million in additional interest income year over year driven by our higher average cash balances.

我們也認列 80 萬美元損失。該損失來自我們或有 FID 付款的公允價值變動；若我們在 SWA 和／或德州東部專案於特定日期前達成正向 FID，我們將可自合作夥伴 Equinor 收取該等款項。這主要與對預期里程碑時點假設的修訂有關，而非對達成 FID 的整體機率有所改變。此外，受惠於較高的平均現金餘額，我們的利息收入年增 100 萬美元。

We ended the quarter with strong cash and working capital positions of $141 million and $139.5 million, respectively. Standard Lithium made JV capital contributions of $17.9 million during the first quarter, of which $9.6 million and $8.3 million went towards SWA and East Texas, respectively.

本季末，我們的現金與營運資金部位依然強勁，分別為 1.41 億美元與 1.395 億美元。Standard Lithium 在第一季對合資企業投入資本 1,790 萬美元，其中 960 萬美元與 830 萬美元分別用於 SWA 與德州東部。

For Southwest Arkansas, the contributions allow us to continue to advance key project milestones as we approach FID and enable us to continue advancing technical and engineering work streams.

就阿肯色州西南部（Southwest Arkansas）而言，這些投入使我們在接近 FID 之際得以持續推進關鍵專案里程碑，並讓我們能繼續推動技術與工程工作流。

For East Texas, the contribution is primarily for advancing our understanding of the resource, continuing to expand our leasehold footprint, and continuing along a path through a preliminary economic assessment with a preliminary feasibility study to follow.

就德州東部而言，這筆投入主要用於加深我們對資源的理解、持續擴大租賃權版圖，並沿著初步經濟評估（PEA）推進，後續將進行初步可行性研究（PFS）。

Securing an attractive and comprehensive project finance package is a critical part of the final investment decision for SWA. The approximate $1.5 billion of base project CapEx per our DFS. In addition to potential cost overrun facilities, reserve accounts or other incremental capital requirements are expected to be financed by a combination of senior secured project debt, our $225 million grant from the DOE, as well as respective funding contributions from Standard Lithium and Equinor.

為 SWA 取得具吸引力且完整的專案融資方案，是最終投資決策的關鍵一環。依我們的 DFS，基礎專案資本支出（CapEx）約為 15 億美元。除可能的超支融資安排、準備金帳戶或其他額外資本需求外，預期將由優先擔保專案債務、我們自 DOE 取得的 2.25 億美元補助，以及 Standard Lithium 與 Equinor 各自的出資共同提供資金。

The joint venture is targeting approximately $1.1 billion total in senior secured limited recourse project debt supported by three leading major export credit agencies, including the Export-Import Bank of the United States and Export Finance Norway, along with a strong syndicate of commercial banks.

合資企業目標是籌措約 11 億美元的優先擔保、有限追索權（limited recourse）專案債務，並由三家領先的大型出口信貸機構（ECA）支持，其中包括美國進出口銀行（Export-Import Bank of the United States）與挪威出口融資（Export Finance Norway），同時搭配強大的商業銀行聯貸團。

The remaining 55% pro rata equity contribution required by Standard Lithium will be supported by the proceeds from our equity raise last year. Any cost overrun facilities, contingencies, minimum working capital balances or reserve accounts over and above base project CapEx requirements remain subject to negotiation with the lenders with quantum's to be determined.

Standard Lithium 其餘按比例（pro rata）所需的 55% 股權出資，將由我們去年股權募資的資金支持。任何超支融資安排、備用金（contingencies）、最低營運資金餘額或超出基礎專案 CapEx 需求的準備金帳戶，仍需與貸方協商，其金額（quantum）尚待確定。

We have already received expressions of interest from the ECAs and commercial banks exceeding our total targeted project debt. Additionally, initial responses included indicative terms that were consistent with our expectations. And validated certain assumptions regarding the cost, term, structure and conditions that are customary for project debt facilities of this nature.

我們已收到來自出口信貸機構與商業銀行的意向表示，其規模超過我們目標的專案債務總額。此外，初步回覆所提供的指示性條款亦符合我們的預期。並驗證了若干關於此類專案債務融資安排在成本、期限、結構與條件方面的慣常假設。

While we await finalization of our remaining commercial offtake agreements, which will ultimately finalize the size and structure of the SWA project debt, we continue to progress important project financing work in the interim around due diligence, structuring and documentation, credit and other approvals, such that we are in a position to reach financial close and draw down shortly thereafter.

在我們等待完成其餘商業承購（offtake）協議之際（這些協議最終將確定 SWA 專案債務的規模與結構），我們仍在過渡期間持續推進重要的專案融資工作，包括盡職調查、架構設計與文件作業、授信及其他核准流程，使我們能在適當時點達成融資交割（financial close），並在其後不久完成提款。

In other words, the off-take process is not holding up advancement of the project financing workstreams as we remain on our targeted timelines. I will now turn it back over to David for closing remarks.

換言之，承購流程並未延宕專案融資工作流的推進，我們仍按既定時程前進。接下來我把時間交回 David 作結語。

Thanks, Salah. We understand how important 2026 is for Standard Lithium as we approach a final investment decision for the initial phase of our Southwest Arkansas project. We'll provide timely updates as we conclude all remaining work in the coming months and progress against our plan, which remains to approve FID and begin construction in 2026.

謝謝你，Salah。我們了解 2026 年對 Standard Lithium 的重要性，因為我們正接近阿肯色州西南部專案第一期的最終投資決策。在未來幾個月完成所有剩餘工作並依計畫推進時，我們將提供即時更新；我們的計畫仍是在 2026 年核准 FID 並開始施工。

Standard Lithium continues to be extremely well positioned, poised for growth with a portfolio of high-quality and scalable assets, including in East Texas, and to be a leading domestic critical minerals producer in the United States. Thanks again for joining us today.

Standard Lithium 仍處於極佳位置，憑藉一系列高品質且可擴展的資產組合（包括德州東部）蓄勢成長，並有望成為美國本土領先的關鍵礦物生產商。再次感謝各位今天與會。

Operator, I'll turn it back to you.

接線員，我把時間交回給你。

(Operator Instructions) Max Yerill, BMO Capital Markets.

（接線員指示）Max Yerill，BMO 資本市場。

Hey, guys. Thanks for taking my question. As you work through the vendor contracting process, I was just wondering how the cost of these are tracking towards maybe what you expected from the get-go. Thanks.

嗨，各位。謝謝讓我提問。在你們推進供應商簽約流程的同時，我想請教這些成本的走勢，與你們一開始的預期相比如何。謝謝。

Thanks a lot, Max. Andy, why don't I turn that one to you if you're closer?

非常感謝你，Max。Andy，如果你比較貼近這部分，我把這題交給你回答，好嗎？

Yeah, sure. Sounds good. Thanks, Max. Yeah, I mean, obviously the DFS is still pretty current and the fee study that underpinned that DFS. So a lot of the original vendor buildup that went into that is still pretty fresh.

好的，當然。聽起來不錯。謝謝你，Max。是的，我的意思是，顯然 DFS 仍相當新，而支撐該 DFS 的可行性研究也仍然很近期。因此，當初納入其中的許多原始供應商建置（vendor buildup）資料仍相當新鮮。

Obviously, we are going to be releasing the two principal contracting entities on a limited notice to proceed in the very near future. And at that point, they're going to be refreshing through vendor outreach, some of the expected costs. We have not seen pricing change significantly where we've been tracking pricing to date, but in the contracting vendor engagement process, we've made allowances for escalation and tariffs to be there in our pricing model right now.

顯然，我們將在不久的將來，向兩家主要承包實體發出有限度的開工通知（limited notice to proceed）。屆時，他們將透過供應商接洽更新部分預期成本。就我們迄今追蹤的價格而言，尚未看到顯著變化；但在承包商與供應商接洽的簽約流程中，我們已在目前的定價模型中預留了價格上漲（escalation）與關稅（tariffs）的空間。

So we've been keeping an eye on it, and that will get formalized as we go through that LNTP process prior to taking the final investment decision. Hopefully, that answers your question, Max.

所以我們一直在密切關注此事，並且在作出最終投資決策之前，隨著我們推進該 LNTP 流程，這將會被正式化。希望這回答了你的問題，Max。

Thank you. And then maybe one more from where we were when you guys set off on the offtake pricing. In the off-take discussions, we've seen a huge rally in the lithium prices. I think goalpost changings on potential floors or ceilings from when you started the offtake discussions. Any color you can share there would be very helpful.

謝謝。然後也許再問一個，回到你們開始著手承購定價時的情況。在承購討論中，我們看到鋰價大幅上漲。我想從你們開始承購討論以來，對於可能的底價或上限的設定可能已經改變。你們能分享一些看法會非常有幫助。

Yes, thanks a lot, Max. Good question. Lithium carbonate pricing has improved materially over the last year. You're well aware of that.

是的，非常感謝你，Max。問得好。過去一年碳酸鋰價格已顯著改善。你很清楚這一點。

As a result of that, starting in about the fourth quarter and then the first quarter of this year. We had more counterparties come back to the table that were able to present us with pricing mechanisms that worked for us and supported our financing than we had last year. So I would say probably the best way of thinking of it is there is more depth to our discussions and we are running a competitive process to finalize our offtake agreements.

因此，大約從第四季開始，接著到今年第一季。回到談判桌的對手方更多了，他們能提出對我們可行、並且支持我們融資的定價機制；相較去年要多得多。所以我會說，最好的理解方式是：我們的討論更有深度，而且我們正在進行一個具競爭性的流程，以敲定我們的承購協議。

We have our first agreement in place with Trafigura, as you're as you're well aware, for 8,000 tons. And now we are working with multiple counterparties to finalize agreements. We think we know who those counterparties are going to be. We have a good feel for the volumes, the duration and the pricing mechanisms and feel much better about it than I would have last fall.

我們已與 Trafigura 簽下第一份協議，你也很清楚，是 8,000 噸。現在我們正與多個對手方合作，以敲定協議。我們認為我們大致知道這些對手方會是誰。我們對數量、期限與定價機制都有相當好的掌握，且相較於去年秋天，我們現在的信心大得多。

That's great. Thank you, guys. I'll turn it back to the queue.

太好了。謝謝各位。我把時間交回給提問隊列。

Anthony Taglieri, Canaccord Genuity.

Anthony Taglieri，Canaccord Genuity。

Good afternoon, guys. Thanks for taking my questions. Maybe just on CapEx at the project level for this year, what would be sort of a reasonable expectation for spend there, just given that, construction is probably going to be starting towards the end of the year?

各位下午好。謝謝回答我的問題。想請教一下今年專案層級的資本支出（CapEx），考量到施工可能會在年底左右開始，對於今年在這方面的支出，有沒有一個合理的預期？

Some thoughts there would be helpful. Thanks.

如果能分享一些想法會很有幫助。謝謝。

Andy, do you want to take that one, or should we turn that to Salah?

Andy，你想回答這題，還是我們交給 Salah？

I haven't let Salah. Salah handle that one.

我讓 Salah。Salah 來回答這題。

That would be useful.

那會很有幫助。

Yeah.

是的。

Sure, happy to. So, what I would say is that from a go-forward perspective, as Andy mentioned, we'll be releasing the EPC contractors on a limited notice to proceed basis, and that's where you're going to eventually find whatever the final CapEx print is. Once those procurement activities have been kicked off. You've gotten sort of live real vendor quotes, that's when we'll be able to define a specific number.

當然，很樂意。所以我會說，從後續推進的角度來看，如 Andy 提到的，我們將以有限開工通知（limited notice to proceed）的方式釋出 EPC 承包商，而你最終會在那個階段看到最終的 CapEx 數字。一旦採購活動啟動。你拿到即時、真實的供應商報價時，我們就能界定一個具體數字。

But what I would say is in general, we don't expect there to be a huge variation, as Andy mentioned, because our feed study that the DFS was based on was done fairly recently and involved a lot of direct contact with vendors and quotes collected and things like that.

但總體而言，我會說我們不預期會有很大的變動，如 Andy 提到的，因為 DFS 所依據的給料研究是在相當近期完成的，且包含與供應商大量直接接觸、蒐集報價等工作。

So as we're moving forward, however, we do have to account for other things that can come up in regards to capital requirements. And so there are contingencies that may be required as part of our debt financing process. As Max mentioned earlier on the call, cost overrun facilities, debt service reserve accounts, minimum working capital balances and things like that can increase your capital requirements above and beyond the base CapEx.

不過在我們往前推進時，確實也必須納入其他可能出現、與資本需求相關的事項。因此，在我們的債務融資流程中，可能需要一些備抵（contingencies）。如 Max 先前在電話會議中提到的，成本超支融資安排（cost overrun facilities）、債務償付準備金帳戶（debt service reserve accounts）、最低營運資金餘額等，都可能使你的資本需求高於基礎 CapEx。

To actually build the facility. And so we'll be working to define that as we go forward on both the ETC contracting side, but also on the side of our negotiations and discussions with the project lenders.

也就是實際建造該設施所需的資金。因此，我們將在後續推進中加以界定：一方面在 EPC 簽約端，另一方面也在與專案貸款方的談判與討論端。

Okay, great. Thank you. Maybe just on East Texas, any early views or high-level framing you guys could give us just relative to SWA in terms of economics? Like, how should we be thinking about, modeling this project moving forward, I guess, pre-PEA, obviously.

好的，很棒。謝謝。再問一下東德州（East Texas），你們是否有任何初步看法或高層次的框架，可讓我們相對於 SWA 在經濟性方面做比較？也就是說，在 PEA 出來之前，當然是前提下，我們應該如何思考、如何建模這個專案？

Andy, why don't you start with that one?

Andy，你先回答這題如何？

Yeah, for sure. I mean, Anthony, it's, obviously, we have not released any economics assessment of the Franklin project or any of our land holdings in East Texas to date. I think one of the things that I would say. Is that in our experience over the last many years, the grade of lithium is extremely important in the economics of DLE-based projects. And so as we move from Southwest Arkansas project, where, kind of our average grade is in the 400s to 500s milligrams per liter lithium, and we go into East Texas, where we're typically seeing 500-plus into the sixes and sevens and even into the eights here in East Texas.

好的，當然。我是說，Anthony，很明顯地，我們迄今尚未發布 Franklin 專案或我們在東德州任何土地持有的經濟性評估。我想我會說的一點是：依我們過去多年的經驗，鋰品位對於以 DLE 為基礎的專案經濟性極其重要。因此，當我們從阿肯色州西南部（Southwest Arkansas）專案（我們的平均品位大約在每公升 400 多到 500 多毫克鋰）轉到東德州時，我們通常看到的是 500 以上，甚至到 600、700，乃至 800 多（毫克/公升）的水平。

We expect that to be working very much in our favor. And so I think that's going to be, interesting and positive in the future. As I said, we're going to be working, we're just selecting a vendor to complete the PEA right now. We expect to get it out, as soon as we can. It's going to be in the second half of this calendar year.

我們預期這將非常有利於我們。所以我認為未來這會是很有趣且正面的因素。如我所說，我們目前正在選定供應商來完成 PEA。我們希望盡快發布。時間會在本曆年下半年。

We expect the economics to look favorable, frankly. These are world-class resources. The assets are quite incredible in terms of just the size and quality of the assets. So these are very high-quality assets that are highly amenable to DLE processes and extensions of the flow sheet that we're going to be building at SWA Phase 1. So, we're looking to carry across all of that huge amount of learning from the demo plan, from the engineering and feed studies for SWA Phase 1, translating that into higher-grade assets in East Texas. We think that's going to be a good story.

坦白說，我們預期經濟性看起來會相當有利。這些是世界級資源。就資產的規模與品質而言，這些資產相當驚人。因此，這些是非常高品質的資產，非常適合 DLE 流程，以及我們將在 SWA 第一期建置之流程圖（flow sheet）的延伸。所以，我們希望把示範工廠、以及 SWA 第一期的工程與給料研究所累積的大量學習成果，轉化並應用到東德州更高品位的資產上。我們認為這會是一個很好的故事。

That's great. Thank you. And then maybe just one more, if I might.

太好了。謝謝。然後如果可以的話，我再問最後一個。

Have off-taker started asking you questions about East Texas, like maybe when you might think, that project could be in production? Like, how does that start factoring into these discussions? Like, I imagine, obviously the focus is SWA right now, but, I imagine as an off-taker they'd be looking at, longer dated production timelines and where you might get to eventually.

承購方是否已開始就東德州向你們提問，例如你們認為該專案何時可能投產？這會如何開始納入這些討論之中？我想，顯然目前焦點在 SWA，但我想作為承購方，他們也會看更長期的產量時程，以及你們最終可能達到的規模。

Yeah, I'll take that. I would just say the off-takers we're talking to are people that want to be partners for us, with us for a long time. So the specific negotiations are very Southwest Arkansas focused, but their interest in entering into long-term partnership with Standard Lithium is driven beyond Southwest Arkansas, and it's, they're very attracted by the potential we have in East Texas so we can continue to grow together.

好的，我來回答。我只想說，我們正在洽談的承購方，是希望與我們、與 Standard Lithium 成為長期合作夥伴的人。因此，具體談判非常聚焦在阿肯色州西南部，但他們對與 Standard Lithium 建立長期合作關係的興趣，不僅限於阿肯色州西南部；他們也非常看好我們在東德州的潛力，讓我們能夠一起持續成長。

Thanks very much. I will pass it on.

非常感謝。我會轉達。

Eric Boyes, Evercore ISI.

Eric Boyes，Evercore ISI。

Thanks for taking my question. For the first, we spend a lot of time talking about sensitivity to lithium price and CapEx, but can you maybe talk to the production volume variability of DOE, if any, in Southwest Arkansas?

感謝讓我提問。第一個問題，我們花了很多時間討論對鋰價與資本支出（CapEx）的敏感度，但你們能否談談在阿肯色州西南部，DOE 的產量是否存在任何波動性（如果有的話）？

Andy, do you want to hit that?

Andy，你要回答這題嗎？

Sure thing. Yeah, I mean, Eric, we've designed the facility at Southwest Arkansas. Phase 1 to be effectively constrained, if you like, by the production of lithium carbonate. So we design for how much lithium carbonate we want to produce on an annual basis. And then we then we design everything else around that in terms of the brine supply.

當然。是的，我是說，Eric，我們在阿肯色州西南部設計的設施，第一期基本上可以說是受碳酸鋰產量所約束。所以我們是依照希望每年生產多少碳酸鋰來做設計。然後再以此為核心，去設計其他所有部分，包括鹵水供應。

We have, because of the quality of the resource at Southwest Arkansas, we have, in very simple terms more brine than we need to support the operation of that facility. So what that means is, we expect to be able to run the facility at nameplate for, very long periods of time, multi-decades of operation because of the relative size of the resource that we have relative to the production facilities.

由於阿肯色州西南部資源品質的關係，用非常簡單的說法，我們擁有的鹵水量多於支撐該設施運作所需。這代表我們預期能讓設施以名目產能（nameplate）運轉非常長的時間，因為相對於生產設施而言，我們的資源規模足以支撐數十年的營運。

We will see some natural small scale fluctuations in annual capacity. But in simple terms, we have a plant that we can more than supply with resource to main a good, even production capacity at the facility. So that's sort of the general philosophy. So we would not expect to see large scale fluctuations of the plant on an annual basis. And obviously that's the basis for the long-term offtake contracts that we're also in the process of finalizing and signing.

我們會看到一些自然的、小幅度的年度產能波動。但簡單來說，我們的工廠所需資源供應綽綽有餘，能維持良好且穩定的產能。這就是整體的基本理念。因此我們不預期工廠在年度層面會出現大幅波動。而這也正是我們正在敲定並簽署的長期承購（offtake）合約的基礎。

Okay, cool. Appreciate that. And then my second is another on East Texas.

好的，很棒。感謝說明。第二個問題也是關於東德州。

How much of the Southwest Arkansas engineering package can you realistically kind of replicate down there? Maybe what parts of the design are likely or would need to change? Thanks.

阿肯色州西南部的工程設計套件，有多少能在那邊實際複製？也許哪些設計部分可能需要、或很可能必須調整？謝謝。

Any of that? Yeah, no, I'll take that one, I guess.

有人要回答嗎？好，那我來回答這題。

We're extremely fortunate, and one of the reasons why we're in the Smackover, Eric, is that the geochemistry of the brines is really, from an engineering and flow sheet design point of view, really very similar from one region that we're operating into the next. And so, in simple terms, we're able to translate directly large parts of the either of the demo plant, the Southwest Arkansas flow sheets into East Texas.

我們非常幸運，而我們之所以在 Smackover（地層）布局的原因之一是，從工程與流程設計（flow sheet design）的角度來看，鹵水的地球化學特性在我們營運的不同區域之間其實非常相似。因此，簡單來說，我們可以把示範廠或阿肯色州西南部的流程圖（flow sheets）中很大一部分，直接移植到東德州。

There are some, it's actually a little simpler in East Texas. We don't have any sour gas for the most part to deal with in our project areas. So there are certain parts of the flow sheet that can be minimized or removed when we translate from Southwest Arkansas to East Texas, so that's going to be helpful. But for the most part, we're moving with similar flow sheet. And so we definitely hope to be able to translate established vendors from Southwest Arkansas, obviously established contracting partners from Southwest Arkansas into East Texas.

東德州其實在某些方面更簡單一些。在我們的專案區域，大多數情況下不需要處理酸性氣（sour gas）。因此，當我們把阿肯色州西南部的流程移轉到東德州時，有些流程部分可以縮減或移除，這會有所幫助。但整體而言，我們會採用相似的流程。所以我們也確實希望能把在阿肯色州西南部已建立的供應商，以及已建立的承包合作夥伴，一併延伸到東德州。

So the general, very much the philosophy of why we're in the Smackover is that we can, to a large extent. Replicate our flow sheet, introduce simplicity, introduce efficiencies, maintain key vendor, supplier and contractor relationships so that we can, minimize redesign cycles, minimize shortened timelines, increase efficiencies, optimize where it makes sense, et cetera. So it really is a intending to modularize as much as we can and kind of copy paste.

所以整體上，我們之所以選擇 Smackover 的理念就是：在很大程度上，我們可以複製我們的流程，導入更簡化的設計、提升效率，並維持關鍵的供應商、供應鏈與承包商關係，從而把重新設計的週期降到最低、縮短時程、提高效率，並在合理之處進行最佳化等等。因此，我們確實打算盡可能模組化，某種程度上就是「複製貼上」。

As much as is reasonable from one project to the next to kind of get those production efficiencies both on construction and then on operation.

在合理範圍內，盡可能把一個專案的做法複製到下一個專案，以在建造與後續營運上都取得生產效率。

Thank you very much. I'll turn it back over.

非常感謝。我把時間交回去。

Joseph Reagor, Roth Capital Partners.

Joseph Reagor，Roth Capital Partners。

Hey, guys. Thanks for taking the questions. Most of the things I want to touch on are already asked, but just one kind of bigger picture question, I've been seeing a lot more talk of across multiple oilfield locations. The potential to recover other minerals, not just lithium, but from the brines and from the wastewaters and also some government support for these things that are on the critical minerals list or rare earths.

嗨，各位。感謝讓我提問。我想談的大多數內容都已經有人問過了，但我還有一個比較宏觀的問題：我看到在多個油田地點，越來越多討論到從鹵水與廢水中回收其他礦物的可能性，不僅是鋰；同時政府也對這些被列入關鍵礦物清單或稀土的項目提供一些支持。

Any opportunity there for you guys, I guess it's probably too late with Southwest Arkansas, but maybe it would be Texas to add other potential minerals to your revenue profile?

你們是否有這方面的機會？我想阿肯色州西南部可能已經太晚了，但也許在德州可以把其他潛在礦物納入你們的營收結構？

Sure. I'll start with this and then turn it to Andy as well. First, you are correct. Southwest Arkansas is, we're solely focused on lithium for the Southwest Arkansas project. So I think you should not include that in any expectation of any revenue stream. With East Texas, we do have the opportunity to pursue other minerals.

好的。我先回答，然後也交給 Andy 補充。首先，你說得沒錯。阿肯色州西南部專案我們只專注於鋰。所以我認為你不應把它納入任何其他營收來源的預期。至於東德州，我們確實有機會開發其他礦物。

And with that, I'll turn it to Andy to flesh that one out.

接著我把這題交給 Andy 來更詳細說明。

Yeah. Hey, Joe. Yeah, I mean, we identified in the, in the Maiden inferred resource assessment, we kind of, we spoke to the potential bromine and potash resource, which is there as well, both of which are high-quality and very sizable. So, as we move forward through the PEA, I think we haven't made a decision as yet whether to include potential economics of those other resources in the PEA, but certainly we very much understand that there are some very high-quality resources there.

是的。嗨，Joe。是的，我們在 Maiden 的推斷資源量（inferred resource）評估中，提到了溴與鉀鹽（potash）的潛在資源，這兩者也都存在，而且品質高、規模也很可觀。因此，隨著我們推進到初步經濟評估（PEA），我們目前尚未決定是否要把這些其他資源的潛在經濟性納入 PEA，但我們確實非常清楚那裡存在一些高品質資源。

Those are the ones that we've identified so far, the bromine and potash, that there may well be other potential within the Smackover brines in East Texas. But I think, from a simple grade and magnitude point of view, those are probably the ones that we're going to advance and figure out a little bit more in the future.

到目前為止，我們已辨識出的就是溴與鉀鹽；在東德州的 Smackover 鹵水中，可能還有其他潛力。但我認為，從品位與規模的角度來看，這兩項大概會是我們未來要推進並進一步研究的重點。

Okay. Yeah, thanks for the color there. That's all I had.

好的。是的，謝謝你提供的補充說明。我就這些。

Theo Genzebu, Raymond James.

Theo Genzebu，Raymond James。

Yeah, great. Thanks, guys. Just one for me, I guess, left over. Just on the NEPA, I believe it was mentioned in the past that there was like a public commentary period. Can you just update us on that or like progression there? I know you're expecting the process to be completed by the end of the second quarter, so any extra light you can shed there would be great.

好的，很好。謝謝，各位。我這邊只剩一個問題。關於 NEPA，我記得之前提到過有一段公開意見徵詢期。你們能否更新一下目前狀況或進展？我知道你們預期流程會在第二季末完成，所以如果能再多提供一些資訊就太好了。

Yeah, great question. We feel very confident where we sit with respect to the NEPA process. The public comment period is closed.

是的，問得好。就 NEPA 流程而言，我們對目前所處的位置非常有信心。公開意見徵詢期已經結束。

We believe the report is finalized or near finalized. And we hope to have some good news here this quarter on that respect. So it has gone, the process has moved forward and we have not encountered any negative surprises along the way.

我們相信報告已完成定稿或接近定稿。並且我們希望在本季就此帶來一些好消息。因此流程已持續推進，而且一路走來我們沒有遇到任何負面的意外狀況。

Okay, great. Sounds constructive. First, my questions are answered, so I appreciate you guys' time today. Thanks.

好的，很好。聽起來很有建設性。首先，我的問題都已經得到解答了，所以很感謝各位今天撥冗。謝謝。

Noel Parks, Touhey Brothers Investment Research.

Noel Parks，Touhey Brothers 投資研究。

Hi, good afternoon. It was interesting just to hear about. The discussion so far about brand characteristics and brand content also across the different, your different target regions. And I just wondered from the original sort of South Arkansas demo to Southwest and then to East Texas now.

嗨，下午好。剛才聽到這些內容很有意思。到目前為止，關於品牌特性與品牌內容的討論，也涵蓋了不同的、你們不同的目標區域。我只是想知道，從最初南阿肯色州那一帶的示範區，到現在的阿肯色州西南部，然後到如今的東德州。

I'm just curious about the sort of the reservoir characteristics and whether they're actually also fairly uniform across these different Smackover regions, just things about, pressure, how they behave under a depletion or replenishment cycle. Just wondering if there's any variation on that.

我只是好奇儲層特性在這些不同的 Smackover 區域之間是否其實也相當一致，例如壓力、在枯竭或回補循環下的行為表現。想請教這方面是否存在任何差異。

Andy, that was for you.

Andy，這題是問你的。

Yeah, no worries. Hey, Noel. Yeah, look, obviously the package that the bromine facilities in Southern Arkansas, that's been operating for six decades now. So huge amount of information there on how the Smackover reservoir produces and also can be re-injected. We've been able to lean on, just an absolutely gigantic amount of data knowledge to how the formation behaves.

好的，沒問題。嗨，Noel。是這樣，顯然南阿肯色州的溴素設施已經運作六十年了。因此我們掌握了大量關於 Smackover 儲層如何產出、以及如何回注的資訊。我們得以倚賴極其龐大的資料與知識，來理解該地層的行為。

When, as we have moved through, obviously we're working with a package of leases in Lafayette and Columbia counties for the Southwest Arkansas project. We've been, I think over the years, incredibly pleasantly surprised by the producibility of that project area. And so we've got some great quality rock.

隨著我們推進，顯然我們在阿肯色州西南部專案中，於 Lafayette 與 Columbia 兩郡持有一組租約組合。多年來，我們對該專案區域的可產性一直感到非常驚喜。因此我們擁有品質很好的岩層。

And very comfortable with its ability to both produce brine and then to re-inject the tail brine, the waste brine, sped brine back into the formation to maintain pressures for multi-decadal production. As we moved into East Texas, it's fair to say, based on what we've learned in the region, working with Lancis over there, very large footprint, they've got 150,000 plus acres of leases in Union County in Arkansas, all of the work that we've done in and around southwest Arkansas. We were highly deliberate when we started the work in East Texas five years ago. We understand how to look for the best areas of porosity and permeability in the formation, whereabouts in the formation those are found, how to position projects, et cetera.

而且我們非常有信心，它既能產出鹵水，也能將尾鹵水、廢鹵水、用過的鹵水回注到地層中，以維持壓力並支撐數十年的生產。當我們進入東德州時，可以說，基於我們在該區域的學習、以及與那邊的 Lancis 合作，他們的版圖非常大——在阿肯色州 Union 郡擁有超過 150,000 英畝的租約——再加上我們在阿肯色州西南部周邊所做的所有工作。五年前我們開始在東德州展開工作時，是非常審慎且有意識地進行的。我們知道如何在地層中尋找最佳的孔隙度與滲透率區域、這些特性在地層中的位置、如何配置專案等。

Because we sort of had that huge first mover advantage in the Smackover, as we've expanded our footprint, I think we've been very deliberate and coherent in terms of building out lease packages and project positions to absolutely take advantage of the areas of the Smackover, which we know, sort of in simple terms work best. Because I think your point is a good one, is that the Smackover from a reservoir point of view is quite variable. There are areas with lower porosity and therefore lower permeability. There are areas with more complex geological structures where there's, a lot of faulting and discontinuity of flows.

因為我們在 Smackover 算是擁有很大的先行者優勢，隨著我們擴大版圖，我認為我們在建立租約組合與專案布局方面一直非常審慎且一致，以充分利用我們所知道、簡單說就是「效果最好」的 Smackover 區域。因為我覺得你提的觀點很好：從儲層角度來看，Smackover 的變異性其實很大。有些區域孔隙度較低，因此滲透率也較低。也有些區域地質構造更複雜，存在大量斷層與流體流動的不連續性。

And so those are areas that we've specifically avoided when we started five years ago in East Texas. So I think we've been very deliberate in terms of where we've positioned our projects in the Smackover to take advantage of the same reservoir characteristics that we've come to know working on the Lancas projects and in Southwest Arkansas. So hopefully that answered your question, Noel.

因此，這些就是我們五年前在東德州啟動時特別避開的區域。所以我認為，我們在 Smackover 中選擇專案位置時一直非常審慎，以利用我們在 Lancas 專案與阿肯色州西南部工作中所熟悉的相同儲層特性。希望這回答了你的問題，Noel。

It certainly does. And I think from that, it's fair to say that as far as sort of the competitive lead you would have against other entrants or other players that maybe aren't so active right now, it would seem to reinforce that even more. In other words, you can't just jump in and lease what's unleashed and expect great results everywhere.

確實回答到了。而且我想從這點來看，可以說你們相對於其他新進者或其他目前可能沒那麼活躍的玩家，所具備的競爭領先優勢會更被凸顯。換句話說，你不能只是跳進來，把還沒被租走的地塊租下來，就期待到處都能有很好的成果。

Yeah, I won't speak to other people's projects, but the quality of the reservoir definitely varies spatially. Both east-west and north-south, across and along the formation. And so I think, yeah, as a project developer, one needs to be very deliberate to pick the right rock that will actually support production. And that has been very much our philosophy right from the start and something we've very deliberately applied as we've expanded our footprint and the resources in the area.

我不評論別人的專案，但儲層品質確實在空間上有所差異。無論是東西向或南北向，沿著地層與橫跨地層皆然。所以我認為，是的，作為專案開發者，必須非常審慎地挑選真正能支撐生產的合適岩層。這從一開始就是我們的核心理念，而且在我們擴大版圖與區域資源時，也一直非常刻意地加以落實。

Terrific. And then on the offtake financing picture, I was just curious, in terms of the partners you're talking with, several of which I imagine are kind of the usual suspects who expect to be interested in lithium, I was just wondering if any of those parties themselves are in partnership, with other strategic or financial parties. And I guess I was thinking that, compared to a few years ago when, EV related capital was driving a lot of the interest.

太好了。另外關於承購與融資的面向，我有點好奇：就你們正在洽談的合作夥伴而言，其中有幾家我想應該算是對鋰有興趣的「常見名單」，我想問的是，這些對象本身是否也與其他策略性或金融性夥伴有合作關係。我之所以這麼問，是因為相較於幾年前，當時與電動車相關的資金推動了很多興趣。

Now that you have the AI power capital, also, thinking about energy storage, also pushing its way into the mix. I just wondered if, whereas a few years ago you were talking with a particular type of manufacturer and now it's that manufacturer and some other type of fund, for example, that is anxious to get exposure to lithium stepping up alongside them.

現在又有 AI 算力資本也在思考能源儲存，並且加入這個組合。我想知道的是：幾年前你們可能是在跟某一類型的製造商談；而現在是否變成那個製造商再加上另一類型的基金（例如）也很希望取得鋰的曝險，於是與他們一起加碼參與。

Interesting question. I'll just say on the off-take side, from day one, we've been focused on seeking out partners or customers with strong balance sheets that are exposed to various segments of the lithium market. And we are involved in discussions with players that represent all those different demand nodes for lithium at this point in time. So we're very careful not to put all our eggs in the EV basket.

很有意思的問題。我先就承購端來說，從第一天起，我們就專注於尋找資產負債表強健、且在鋰市場不同區塊都有布局的合作夥伴或客戶。目前我們正與能代表鋰在各種不同需求節點的業者進行討論。所以我們非常謹慎，不會把所有雞蛋都放在電動車這個籃子裡。

Obviously important to have exposure to that basket. It's a very large part of the market, but it's not the only part. And we're going to make sure that we are exposed to the AI and data center trade as well. So we're involved in discussions with all of those parties. But the -- and then I'll say on the project financing side, it's again, it's export credit agencies that we are talking to about providing the non or limited recourse financing for the project.

當然，曝險於那個籃子很重要。它是市場非常大的一部分，但不是唯一的一部分。我們也會確保能曝險於 AI 與資料中心這條交易主題。因此我們正與所有這些對象進行討論。不過——然後我再補充專案融資端：我們同樣在與出口信貸機構洽談，由其提供該專案的無追索權或有限追索權融資。

Okay, great. Thanks a lot.

好的，很好。非常感謝。

We have now reached the end of the Q&A session. This concludes today's call.

我們現在已到問答環節的尾聲。今天的電話會議到此結束。

Thank you for attending. You may now disconnect.

感謝各位出席。您現在可以掛線。