Triple Flag Precious Metals Corp (TFPM) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Kathleen, and I will be your conference operator today. At this time, I would like to welcome everyone to the Triple Flag Precious Metals second quarter 2025 conference call. (Operator Instructions) And now I would like to turn the call over to Sheldon Vanderkooy, CEO. Please go ahead.

感謝您的支持。我叫凱瑟琳，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Triple Flag Precious Metals 2025 年第二季電話會議。（操作員指示）現在我想將電話轉給執行長 Sheldon Vanderkooy。請繼續。

Thank you, Kathleen. Good morning, everyone, and thank you for joining us to discuss Triple Flag's second quarter of 2025 results. Today, I'm joined by our CFO, Eban Bari. Triple Flag achieved another record quarter in Q2. Sales of nearly 29,000 GEOs drove record adjusted EBITDA of $76 million and most importantly, record operating cash flow of USD0.38 per share.

謝謝你，凱瑟琳。大家早安，感謝您加入我們討論 Triple Flag 2025 年第二季的表現。今天，我們的財務長 Eban Bari 也和我一起出席了會議。Triple Flag 在第二季再創紀錄。近 29,000 輛 GEO 的銷售推動調整後 EBITDA 達到創紀錄的 7,600 萬美元，最重要的是，每股 0.38 美元的經營現金流創下新高。

Given our strong margins that consistently exceed 90%, these record results demonstrate Triple Flag's ability to realize higher per share cash flows in today's strong gold and silver price environment. This strong performance has also positioned us well to deliver our 2025 guidance of 105,000 to 115,000 ounces over the balance of the year.

鑑於我們持續超過 90% 的強勁利潤率，這些創紀錄的業績證明了 Triple Flag 有能力在當今強勁的黃金和白銀價格環境下實現更高的每股現金流。這一強勁表現也使我們預計在今年餘下時間內實現 2025 年產量目標 105,000 至 115,000 盎司。

On the deal front, we have maintained a solid pace of accretive acquisitions during the first half of 2025. Most of these transactions have focused on tuck-in investments into near-term production starts, including the Tres Quebradas lithium mine in Argentina, the Arcata and Azuca silver mines in Peru, as well as the newly announced additional 1.5% gross revenue royalty on the Johnson Camp copper mine in Arizona. All of these three acquisitions are expected to deliver first revenue in the second half of this year.

在交易方面，我們在 2025 年上半年維持了穩健的增值收購步伐。這些交易大多集中在近期投產的補充投資上，包括阿根廷的 Tres Quebradas 鋰礦、秘魯的 Arcata 和 Azuca 銀礦，以及新宣布的亞利桑那州 Johnson Camp 銅礦額外 1.5% 的總收入特許權使用費。預計這三項收購都將在今年下半年帶來第一筆收入。

Notably, we also completed our acquisition of a 1% NSR royalty on the world-class Arthur Gold project located in Nevada, formerly known as the expanded Silicon project. Operated by AngloGold Ashanti, this project offers exceptional long-term growth potential, underpinned by a rapidly expanding resource base and significant exploration upside.

值得注意的是，我們也完成了對位於內華達州的世界級 Arthur Gold 專案（前身為擴建的矽專案） 1% NSR 特許權使用費的收購。該項目由 AngloGold Ashanti 經營，擁有卓越的長期成長潛力，其基礎是快速擴張的資源基礎和巨大的勘探潛力。

This asset represents tremendous value for our shareholders, and I would like to thank the Triple Flag and Origin teams for their hard work and dedication in completing this transaction. We are very excited about the Arthur project.

這項資產對我們的股東來說具有巨大的價值，我要感謝 Triple Flag 和 Origin 團隊為完成這項交易所付出的辛勤工作和奉獻精神。我們對 Arthur 計畫感到非常興奮。

AngloGold's CEO made quite positive statements about Arthur last week, and I think that our shareholders are really going to benefit from our exposure to this project in the future.

安格魯黃金公司的執行長上週對亞瑟發表了相當積極的評價，我認為我們的股東將來會從我們對這個項目的參與中真正受益。

Turning back to organic growth. The most powerful and value-driving aspect of the royalty and streaming model is the free carried optionality that Triple Flag has on our assets as our operators continue to search for new exploration discoveries, replace reserves, and expand their assets.

回歸有機成長。特許權使用費和串流媒體模式最強大和最有價值驅動的方面是 Triple Flag 對我們的資產擁有的免費附帶選擇權，因為我們的運營商會繼續尋找新的勘探發現、替換儲量並擴大他們的資產。

Triple Flag has 4.75% exposure to Westgold's Beta Hunt mine in Australia. In Q2, Westgold declared a maiden resource for the Fletcher zone of 2.3 million ounces. This nearly doubles the total resource base at Beta Hunt with significant exploration potential at depth and along strike.

Triple Flag 在澳洲 Westgold 的 Beta Hunt 礦場擁有 4.75% 的股份。第二季度，Westgold 宣布 Fletcher 區首次發現 230 萬盎司資源。這使得 Beta Hunt 的總資源基礎幾乎翻了一番，在深度和走向上具有巨大的勘探潛力。

Westgold's rapid progress from the announcement of the initial discovery target at the Fletcher Zone last September to the declaration of a maiden resource in June is a testament to the quality and embedded value within our portfolio. I'll touch more on the Fletcher Zone later on in the presentation.

Westgold 從去年 9 月宣佈在弗萊徹區發現首個資源目標，到今年 6 月宣布發現首個資源，其快速發展證明了我們投資組合的品質和內在價值。我稍後會在演講中更多地談論弗萊徹區。

Finally, an important pillar of our capital allocation strategy remains returns to shareholders. We are pleased to announce our fourth consecutive annual increase of our dividend since we listed in 2021.

最後，我們資本配置策略的一個重要支柱仍是股東回報。我們很高興地宣布，自 2021 年上市以來，我們的股息已連續第四年增加。

I will now ask Eban to discuss our financials for the second quarter of 2025.

現在，我將請 Eban 討論我們 2025 年第二季的財務狀況。

Thank you, Sheldon. As noted, we had a very strong second quarter with portfolio producing nearly 29,000 GEOs, resulting in a record first half of over 57,000 GEOs. This puts Triple Flag right on track to achieve our 2025 sales guidance. These strong volumes were delivered amid the backdrop of record precious metals prices as well as continuing strong margins.

謝謝你，謝爾頓。如上所述，我們在第二季度表現非常強勁，投資組合產生了近 29,000 個 GEO，從而創下了上半年超過 57,000 個 GEO 的記錄。這使得 Triple Flag 有望實現我們的 2025 年銷售目標。這些強勁的交易量是在貴金屬價格創歷史新高以及利潤率持續強勁的背景下實現的。

Accordingly, we're pleased to highlight that operating cash flow per share, the single most important metric we focus on as a company, has increased by over 50% year over year to a new quarterly record. We view a progressively growing dividend as a core part of our capital allocation strategy.

因此，我們很高興地強調，每股營運現金流（我們作為一家公司關注的最重要的指標）年增超過 50%，創下了季度新高。我們將逐步成長的股利視為我們資本配置策略的核心部分。

Our dividend has been increased to USD0.23 on an annualized basis, up 5% from prior dividend. I'm proud that we have increased our dividend every year since our IPO. Lastly, I'd like to comment on our balance sheet. We exited the quarter with zero debt.

我們的股息已增加至年度化 0.23 美元，比之前的股息增加了 5%。我很自豪，自首次公開募股以來，我們每年都會增加股利。最後，我想評論一下我們的資產負債表。本季末我們沒有任何債務。

And even with the capital deployed early in Q3 for the Arthur royalty, we expect to be in net cash position by the end of Q3 at current metal prices. Overall, a clean and strong balance sheet, robust operating cash flows, and total liquidity available of nearly $1 billion gives us the capital to continue to deploy dollars into accretive opportunities to drive future growth for the benefit of shareholders.

即使在第三季初為亞瑟特許權使用費部署了資本，我們預計按照目前的金屬價格，到第三季末仍將處於淨現金狀況。總體而言，清晰強勁的資產負債表、強勁的營運現金流以及近 10 億美元的總流動資金為我們提供了資本，可以繼續將資金投入增值機會，從而推動未來成長，造福股東。

Moving ahead, we highlight three key aspects of our investment thesis that remain unchanged, namely top-tier assets, precious metals focus, and a portfolio which is predominantly centered in Australia and the Americas.

展望未來，我們強調投資理念中保持不變的三個關鍵方面，即頂級資產、貴金屬重點以及主要集中在澳洲和美洲的投資組合。

Northparkes and Cerro Lindo continue to be the two largest contributors to revenues. Northparkes had a record quarter due to processing of higher open pit grades from stockpiled ore, while Cerro Lindo received a strong benefit from the rapid rise in silver prices towards the end of the quarter.

諾斯帕克斯 (Northparkes) 和塞羅林多 (Cerro Lindo) 繼續成為收入的最大貢獻者。由於露天礦場儲存礦石的加工程度提高，北帕克斯 (Northparkes) 本季度產量創歷史新高，而塞羅林多 (Cerro Lindo) 則因本季度末白銀價格的快速上漲而獲得了豐厚的收益。

Overall, revenues derived 100% from precious metals with roughly two-thirds from gold. This pure-play exposure ranks amongst the highest in the sector and offers investors exposure to the many favorable tailwinds for both gold and silver.

整體而言，收入 100% 來自貴金屬，其中約三分之二來自黃金。這種純粹的投資風險敞口在該行業中名列前茅，並為投資者提供了黃金和白銀的許多有利因素。

Finally, our portfolio is predominantly located in mining-friendly jurisdiction. A key criteria, we look to expand our portfolio through acquisitions. In Q2, 90% of our revenue was derived from assets in Australia and the Americas.

最後，我們的投資組合主要位於採礦友善的司法管轄區。一個關鍵標準是，我們希望透過收購來擴大我們的投資組合。第二季度，我們 90% 的收入來自澳洲和美洲的資產。

I will now turn it over to Sheldon to discuss Beta Hunt and the new maiden resource at the Fletcher Zone.

現在我將把話題交給謝爾頓，討論 Beta Hunt 和弗萊徹區的新處女資源。

Thank you, Eban. Beta Hunt is an underground gold mine located in Western Australia and operated by Westgold. We have several gold royalty interests on the asset, including a 3.25% on gross revenue and a 1.5% NSR.

謝謝你，埃班。Beta Hunt 是位於西澳大利亞的一座地下金礦，由 Westgold 營運。我們對該資產擁有多項黃金特許權使用費權益，包括總收入的 3.25% 和 NSR 的 1.5%。

These royalties were acquired through our acquisition of Maverix Metals in early 2023 and last quarter represented our third largest source of revenue. The positive news flow from this asset has been meaningful over the past year.

這些特許權使用費是我們在 2023 年初透過收購 Maverix Metals 獲得的，上個季度成為我們的第三大收入來源。過去一年來，來自該資產的正面消息流意義重大。

In addition to exploration success currently anchored by the Fletcher Zone maiden resource, Westgold is advancing an expansion project for the asset to achieve consistent mine throughput of 2 million tonnes per annum.

除了目前以弗萊徹區首個資源為基礎的勘探成功之外，Westgold 還在推進該資產的擴建項目，以實現每年 200 萬噸的穩定礦山吞吐量。

With the declaration of a maiden resource of 2.3 million ounces at Fletcher Zone that nearly doubles the previous resource base at Beta Hunt, there is also now scope for further expansion potential above 2 million tonnes per annum.

隨著弗萊徹區首次發現 230 萬盎司資源，幾乎是貝塔亨特先前資源基礎的兩倍，現在還有進一步擴大潛力的空間，年產量可超過 200 萬噸。

This is particularly important as the Fletcher Zone is located only 50 meters from the Western Flank system, which is currently the main source of ore at Beta Hunt. This maiden resource was achieved from only 1 kilometer of a known 2-kilometer strike, highlighting the potential for upside at Beta Hunt. The resource is also open at depth.

這一點尤其重要，因為弗萊徹區距離西側系統僅 50 米，而西側系統目前是 Beta Hunt 的主要礦石來源。這項首次資源是在已知的 2 公里礦脈中僅 1 公里處發現的，凸顯了 Beta Hunt 的上升潛力。該資源在深度上也是開放的。

Given the significant discovery, we look forward to seeing how the Fletcher Zone will ultimately be optimized within an expanded Beta Hunt operation by Westgold. Several catalysts are upcoming, which should provide a preview of the near-term future, including a three-year company-wide outlook in September and an initial reserve for the Fletcher Zone in Westgold's fiscal year 2026.

鑑於這一重大發現，我們期待看到 Westgold 如何在擴大的 Beta Hunt 作業中最終優化 Fletcher 區域。即將出現的幾個催化劑應該可以預覽近期的未來，包括 9 月的三年全公司展望和 Westgold 2026 財年弗萊徹區的初始儲備。

To close, I'd like to state that we had a strong first half in 2025 and are well positioned to achieve 2025 guidance over the remainder of the year. We saw robust growth in operating cash flow per share and delivered both tuck-in and large-scale transactions that will benefit our shareholders for decades to come.

最後，我想說，我們在 2025 年上半年表現強勁，並且已準備好在剩餘時間內實現 2025 年的預期目標。我們看到了每股經營現金流的強勁成長，並實現了小規模和大規模交易，這將使我們的股東在未來幾十年受益。

Triple Flag has a strong track record of GEO growth, and we look forward to seeing the delivery of several catalysts across our portfolio. These include the commencement of production at Johnson Camp Mine, Arcata, and Tres Quebradas as well as development progress with the E48 sublevel cave at Northparkes and at the Koné, Hope Bay, and Arthur projects. I'd also like to specifically call out some positive news announced by our operators yesterday.

Triple Flag 在 GEO 成長方面有著良好的記錄，我們期待看到我們的投資組合中出現多種催化劑。其中包括約翰遜坎普礦、阿卡塔和特雷斯克布拉達斯礦的投產，以及諾斯帕克斯 E48 分段洞穴和科內、霍普灣和亞瑟項目的開發進度。我還想特別指出我們的運營商昨天宣布的一些積極消息。

Centerra announced that it will rapidly advance its Nevada Gold Field project. Triple Flag holds a 5% royalty on the Gemfield deposit, which accounts for approximately 80% of Gold Field production. Talon Metals also announced very interesting drill results on its Minnesota Tamarack project. These results are within our royalty coverage.

Centerra宣布將快速推進其內華達金礦計畫。Triple Flag 擁有 Gemfield 礦床 5% 的使用權，該礦床約佔 Gold Field 產量的 80%。Talon Metals 也宣布了其 Minnesota Tamarack 項目的非常有趣的鑽探結果。這些結果在我們的版稅覆蓋範圍內。

Looking ahead, our transaction pipeline remains very robust, and we are excited by the significant opportunity ahead for our business to deliver further value. Kathleen, please open the floor to questions.

展望未來，我們的交易管道依然非常強勁，我們對未來我們的業務創造更多價值的重大機會感到興奮。凱瑟琳，請大家提問。

(Operator Instructions) Josh Wolfson, RBC Capital Markets.

（操作員指示）Josh Wolfson，RBC Capital Markets。

First question is just on Gunnison. The royalty additional purchase here looks to be done at a very attractive price, sub 3 times cash flow based on what the company's guidance is. I'm just wondering from the overall royalty, what should we be expecting as a steady-state production that Triple Flag is estimating?

第一個問題是關於 Gunnison 的。這裡的特許權使用費額外購買看起來是以非常有吸引力的價格進行的，根據公司的指導，其價格不到現金流的 3 倍。我只是想知道，從整體版稅來看，我們應該期待 Triple Flag 估計的穩定生產量是多少？

Thanks, Josh. Yes. So the Johnson Camp royalty, it's not a large amount in total. As you pointed out, it's a fairly small purchase price we have on that. I don't believe we're going to be giving any like asset-specific guidance on that, but it's a little bit of incremental copper exposure.

謝謝，喬希。是的。因此，約翰遜營的版稅總額並不大。正如您所指出的，我們的購買價格相當低。我認為我們不會就此給出任何針對特定資產的指導，但這對銅的敞口有一點增量。

We think it's quite attractive. And I think as you noted, in addition to this, we picked up an additional 1.5%. We already held 1.5% and the Johnson Camp mine is also subject to the stream area so we'll benefit in that way. But we're not giving asset-by-asset guidance.

我們認為它非常有吸引力。我認為正如您所說，除此之外，我們還獲得了額外的 1.5%。我們已經持有 1.5% 的股份，而且約翰遜營礦也屬於溪流區域，因此我們將從中受益。但我們不會針對每項資產提供指引。

Okay. Got it. And then on ATO and some of the additional disclosures here. I guess, first, what would be the process here for Triple Flag to enforce their security on the stream? And then as a follow-up, how does that affect the operators' credit situation and their -- I guess, their current restructuring process?

好的。知道了。然後是關於 ATO 和這裡的一些額外披露。我想，首先，Triple Flag 將透過什麼流程來加強其串流媒體安全？那麼作為後續問題，這會如何影響營運商的信用狀況以及他們目前的重組過程？

Yes. Thanks, Josh. I just want to set the context for the Steppe Gold disclosure that we had. The current amount of the arrears that Steppe owes us is circa USD8 million. So it's not a tremendous amount of money.

是的。謝謝，喬希。我只是想為我們披露的草原黃金事件設定背景。目前 Steppe 欠我們的欠款金額約 800 萬美元。所以這並不是一筆巨款。

And Steppe actually has over CAD300 million market cap. So I believe that they are able to pay. Historically, we've had a very good relationship with the Steppe Gold management team. We actually made our initial investment in Steppe in 2017.

而 Steppe 的實際市值已超過 3 億加元。所以我相信他們有能力支付。從歷史上看，我們與 Steppe Gold 管理團隊的關係一直非常好。我們實際上在 2017 年就對 Steppe 進行了初步投資。

Our initial investment was $28 million. To date, we have realized over $50 million in cash flows from that investment. So it's been really lucrative for us.

我們的初始投資是2800萬美元。到目前為止，我們已從該項投資中實現了超過 5,000 萬美元的現金流。所以這對我們來說確實有利可圖。

In '23 -- sorry, in July of '25 -- sorry, '24, I'm getting mistaken up here. Boroo acquired a controlling interest in Steppe Gold, and the relationship changed. So Boroo is a private mining company. It's based in Singapore. They're quite a successful group. They acquired the Lagunas Norte asset from Barrick in '21, and they've done very well with that.

在 23 年——抱歉，是在 25 年 7 月——抱歉，是 24 年，我記錯了。Boroo 獲得了 Steppe Gold 的控制權，雙方關係也隨之改變了。所以 Boroo 是一家私人礦業公司。其總部位於新加坡。他們是一個非常成功的團體。他們於 21 年從巴里克手中收購了拉古納斯北 (Lagunas Norte) 資產，並且取得了非常好的成績。

And they acquired Steppe in order to get access to the Phase 2 development at ATO. Boroo was well aware that the stream was in place when they acquired their interest in Steppe. Parties related to Boroo approached us and asked us about buying out our interest. We were not interested in that.

他們收購了 Steppe，以獲得 ATO 第二階段開發的權利。當 Boroo 獲得 Steppe 的權益時，他們很清楚這條溪流已經存在。與 Boroo 相關的各方與我們聯繫並詢問我們是否可以買斷我們的權益。我們對此不感興趣。

And the Phase 1 oxides at ATR are coming to an end, and Steppe is targeting Phase 2 production in 2026 and 2027, and that's based on their public disclosure. We didn't agree to the delivery halt. We do have a parent guarantee from Steppe Gold. They are a producing gold company.

ATR 的第一階段氧化物生產即將結束，而 Steppe 的目標是在 2026 年和 2027 年開始第二階段的生產，這是基於他們的公開披露。我們不同意停止交貨。我們確實有來自 Steppe Gold 的家長擔保。他們是一家生產黃金的公司。

According to their public disclosure, they've called for over 74,000 ounces of production in 2025. And there's value in the Phase 2 project. To me, it's very clear there's value in Phase 2. The price of gold has increased significantly since Boroo acquired its interest in Steppe.

根據他們的公開披露，他們預計 2025 年的產量將超過 74,000 盎司。第二階段項目具有價值。對我來說，第二階段的價值非常明顯。自從 Boroo 收購 Steppe 的權益以來，黃金價格大幅上漲。

So I don't want to talk about the specifics of how things might be enforced. I feel very comfortable with our position. We are in dialogue with Steppe. They understand our position very clearly, and I really can't say anymore as it's a legal dispute.

所以我不想談具體如何執行。我對我們的地位感到非常滿意。我們正在與 Steppe 進行對話。他們非常清楚我們的立場，我真的不能再說什麼了，因為這是一場法律糾紛。

Got it. And then maybe one last question on that. Is there any ability to quantify, I guess, what Triple Flag's assumed production from this asset is maybe in 2025 within the current guidance?

知道了。關於這一點，也許還有最後一個問題。我猜，是否有能力量化 Triple Flag 在當前指導範圍內預計 2025 年該資產的產量？

Yes. Again, I don't give asset-by-asset guidance, but I guess I'll say this, I feel very comfortable with our guidance for 2025. And even if we don't get a single ounce from ATO, I'm still comfortable with our guidance for 2025.

是的。再次重申，我不會給予逐項資產的指導，但我想我會這樣說，我對我們 2025 年的指導感到非常滿意。即使我們從 ATO 得不到一盎司，我仍然對我們 2025 年的指導感到滿意。

Fahad Tariq, Jefferies.

法哈德·塔里克，傑富瑞。

Maybe just looking ahead to 2026, it looks like production is declining mainly due to Northparkes, the high-grade stockpiles deplete by the end of this year from E31. And then you also have a step down in the stream rate at Cerro Lindo.

也許只是展望 2026 年，看起來產量下降主要是由於 Northparkes，E31 的高品位庫存將在今年年底耗盡。然後，Cerro Lindo 的水流速率也會逐漸降低。

Can you just maybe walk through -- I know you don't want to do asset-by-asset guidance, but maybe just at a high level, where could potential offsets come from to get to offset some of the lower production at Northparkes and Cerro Lindo?

您能否簡單介紹一下——我知道您不想對每項資產進行指導，但也許只是從高層次上講，潛在的抵消額來自哪裡，以抵消 Northparkes 和 Cerro Lindo 的部分產量下降？

Yes. Fahad, as you noted, like we'll get a better picture on where Northparkes is coming in as the year goes on. Evolution Mining has a June 30 year-end. And so we will solidify what we're seeing from 2026 as we get further into this year. And as you point out, Cerro Lindo does have a step down coming, which is really a testament to the success of that investment and it's still going to be quite a successful asset for us going forward.

是的。法哈德，正如你所說，隨著時間的推移，我們將對 Northparkes 的發展有更清晰的了解。Evolution Mining 的年度結算日為 6 月 30 日。因此，隨著今年的進一步推進，我們將鞏固我們對 2026 年的預測。正如您所指出的，塞羅林多 (Cerro Lindo) 確實即將下降，這確實證明了這項投資的成功，而且它對我們未來的發展來說仍將是一筆相當成功的資產。

In terms of offsets, I mean, it's quite a robust portfolio profile going forward. I mean one of the things I'd point to is the Arcata mine should be coming on stream later this year. We also have the Johnson Camp mine coming online this year. We'll see some production from that existing portfolio, we are also seeing step-ups in production at a few other sources as well.

就抵消而言，我的意思是，這是一個相當強大的未來投資組合。我的意思是，我想指出的一件事是阿卡塔礦山應該會在今年稍後投產。我們的 Johnson Camp 礦場今年也將投入營運。我們將看到現有產品組合的一些產量，我們也看到其他一些來源的產量也在增加。

But as you kind of correctly pointed out and I said before, I don't want to get into any asset-by-asset specific guidance too much.

但正如您正確指出的，而且我之前也說過，我不想過多地涉及任何針對具體資產的指導。

Okay. I appreciate that. And then maybe just second question and last one for me. On kind of deal flow and kind of what's in the pipe -- what you're seeing out there effectively, it looks like there's -- you've done a couple of smaller deals on non-precious metals. There was the Arthur Gold that was a bit larger.

好的。我很感激。那麼也許對我來說只是第二個問題和最後一個問題。關於交易流程和管道中的情況 - 您所看到的實際情況是 - 您已經完成了幾筆非貴金屬的小額交易。還有稍微大一點的亞瑟‧戈爾德 (Arthur Gold)。

Maybe talk through what you're seeing in the deal pipeline and just thoughts philosophically on even corporate M&A.

也許可以談談您在交易過程中看到的情況，以及對企業併購的哲學思考。

Yes. I'm going to give you an answer, I think, which is pretty similar to what everyone else is saying, which is it's a really full pipeline. We continue to be active looking at many opportunities. It's a real mix of larger and smaller opportunities. I think our sweet spot remains in the $100 million to $300 million range, and we're definitely looking some that fall even at the higher end of that range.

是的。我想我會給你一個答案，這與其他人所說的非常相似，那就是它是一個非常完整的管道。我們將繼續積極尋找各種機會。這是真正大機會和小機會的結合。我認為我們的最佳價位仍然在 1 億到 3 億美元的範圍內，而且我們肯定會尋找一些處於該範圍高端的價位。

We are looking at some opportunities that are below that range as well. If we see a chance to add value, we'll certainly take advantage of that. The pipeline right now is really focused on good jurisdictions that I think our shareholders would really like. I don't know what color I can give you really beyond that. You did ask about like corporate consolidation.

我們也在尋找一些低於該範圍的機會。如果我們看到增加價值的機會，我們肯定會利用它。目前的管道真正集中在良好的司法管轄區，我認為我們的股東會非常喜歡。我不知道除此之外我還能給你什麼顏色。您確實詢問過有關企業合併的問題。

In theory, I think, in general, I'm quite in favor of consolidation and corporate M&A opportunities. We had a very successful experience with the Maverix Metals acquisition. I talked about Beta Hunt on the presentation. That was a Maverix asset. Hope Bay has done really well. Kensington has done well. Koné has done really well out of that. So I think there's tremendous opportunity for value there.

從理論上講，我認為，總的來說，我非常贊成合併和企業併購機會。我們在收購 Maverix Metals 方面取得了非常成功的經驗。我在演示中談到了 Beta Hunt。那是 Maverix 的資產。希望灣 (Hope Bay) 的表現確實很好。肯辛頓做得很好。Koné 在這方面做得非常好。所以我認為這裡存在著巨大的價值機會。

So in general, we think that there is attractive opportunities.

所以總的來說，我們認為存在著有吸引力的機會。

Tanya Jakusconek, Scotiabank.

加拿大豐業銀行的 Tanya Jakusconek。

Some have been already asked so I'll just refine a few other points I need a clarification on. Just on your pipeline, the $100 million to $300 million range, I'm assuming it's all precious metals that lithium one was just an offset. Would that be correct?

有些問題已經被問過了，所以我只需要完善一些我需要澄清的其他要點。就您的管道而言，價值在 1 億到 3 億美元之間，我假設它們都是貴金屬，而鋰電池只是一種補償。這樣做對嗎？

Yes. Tanya, yes, predominantly, the pipeline is full of precious metals opportunity. And you're right, lithium was very much an opportunistic investments where we thought we had a very attractive opportunity. So we're not focused on lithium or battery metals.

是的。塔尼婭，是的，主要是，管道充滿了貴金屬機會。你說得對，鋰是一個非常有機會的投資，我們認為這是一個非常有吸引力的機會。因此，我們的重點並不在於鋰或電池金屬。

Okay. And would you say your $100 million to $300 million, is that mainly development? Or are you looking at more nearer stage production portfolio, let's say?

好的。您認為您的 1 億到 3 億美元主要用於開發嗎？或者說，您正在考慮更近階段的製作組合？

Again, it's a mix. There's actually probably a good number of actual producing opportunities in there.

再次強調，這是一種混合。實際上，那裡可能存在大量實際生產機會。

Okay. And would I assume also that the -- any streams that you're looking at would also involve equity investments and/or debt participation as well?

好的。我是否還會假設—您正在關注的任何流也涉及股權投資和/或債務參與？

No, I wouldn't assume that at all. I think that's really specific opportunity by opportunity sort of thing. We've been quite clear. We prefer to focus our investment dollars on streams and royalties. I think that's what our investors are looking for.

不，我根本不會這麼認為。我認為這確實是一個具體的機會。我們已經說得很清楚了。我們更願意將投資資金集中在串流媒體和特許權使用費上。我認為這正是我們的投資者所尋求的。

We are open to it kind of in fairly small proportions on an as-needed basis, but that's certainly not our focus.

我們願意根據需要以相當小的比例接受它，但這肯定不是我們的重點。

Okay. And then my last question on this is the safe jurisdictions that you've talked about. Some of the other opportunities we've seen lately have been in Africa. Is it safe to assume that you're still focusing on the Americas and Australia?

好的。我的最後一個問題是您談到的安全管轄區。我們最近看到的其他一些機會都在非洲。是否可以安全地假設您仍然關注美洲和澳大利亞？

Yes. Definitely, the focus is Americas and Australia. Africa, I think you have to distinguish between different jurisdictions, but the bulk of the pipeline is actually Americas and Australia.

是的。毫無疑問，重點是美洲和澳洲。非洲，我認為你必須區分不同的司法管轄區，但管道的主要部分實際上是美洲和澳洲。

(Operator Instructions) And there are no further questions at this time. I will now turn the conference back over to Sheldon Vanderkooy for closing remarks.

（操作員指示）目前沒有其他問題。現在我將會議交還給 Sheldon Vanderkooy 並請他致閉幕詞。

Yes. Thank you, Kathleen, and thank you, everyone, for joining us. We feel like we had a really great quarter, and we're looking forward for the balance of the year. Thank you all. Bye.

是的。謝謝你，凱瑟琳，也謝謝大家加入我們。我們覺得我們度過了一個非常棒的季度，並且期待今年的剩餘時間。謝謝大家。再見。

Ladies and gentlemen, that concludes today's call. Thank you, everyone, for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。謝謝大家的參與。您現在可以斷開連線。