Taseko Mines Ltd (TGB) 2025 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Taseko Mines 2025 second quarter earnings conference call. (Operator Instructions) As a reminder, this call is being recorded. With that, I will turn the call over to Mr. Brian Bergot. Sir, you may begin.

女士們，先生們，感謝你們的支持，歡迎參加 Taseko Mines 2025 年第二季財報電話會議。（操作員指示）提醒一下，此通話正在被錄音。說完這些，我將把電話轉給 Brian Bergot 先生。先生，您可以開始了。

Thank you, Jeannine. Welcome, everyone, and thank you for joining Taseko's second quarter 2025 conference call. The news release and regulatory filing, announcing our financial and operational results, was issued yesterday after market close and is available on our website at tasekomines.com and on SEDAR+. On the call today is Taseko's President and CEO, Stuart McDonald; Taseko's Chief Financial Officer, Bryce Hamming; and our COO, Richard Tremblay.

謝謝你，珍妮。歡迎大家，感謝您參加 Taseko 2025 年第二季電話會議。新聞稿和監管文件公佈了我們的財務和營運業績，於昨日收盤後發布，可在我們的網站 tasekomines.com 和 SEDAR+ 上查閱。今天參加電話會議的有 Taseko 總裁兼執行長 Stuart McDonald、Taseko 財務長 Bryce Hamming 和我們的營運長 Richard Tremblay。

As usual, before we get into opening remarks by management, I would like to remind our listeners that our comments and answers to your questions will contain forward-looking information, and this information, by its nature, is subject to risks and uncertainties.

像往常一樣，在管理層致開幕詞之前，我想提醒我們的聽眾，我們對您的問題的評論和回答將包含前瞻性信息，而這些信息本質上具有風險和不確定性。

As such, actual results may differ materially from the views expressed today. For further information on these risks and uncertainties, I encourage you to read the cautionary note that accompanies our second quarter MD&A and the related news release as well as the risk factors particular to our company. These documents can be found on our website and also on SEDAR+. I would also like to point out that we will use various non-GAAP measures during the call.

因此，實際結果可能與今天表達的觀點有重大差異。有關這些風險和不確定性的更多信息，我建議您閱讀我們第二季度 MD&A 和相關新聞稿附帶的警告說明以及我們公司特有的風險因素。這些文件可以在我們的網站和 SEDAR+ 上找到。我還想指出，我們將在電話會議中使用各種非公認會計準則指標。

You can find explanations and reconciliations regarding these measures in the related news release. And finally, all dollar amounts we will discuss today are in Canadian dollars unless otherwise specified. Following opening remarks, we will open the phone lines to analysts and investors for questions. I will now turn the call over to Stuart for his remarks.

您可以在相關新聞稿中找到有關這些措施的解釋和對帳。最後，除非另有說明，我們今天討論的所有金額均以加幣為單位。開幕致詞之後，我們將開放電話熱線，供分析師和投資者提問。現在我將把電話轉給斯圖爾特，請他發言。

Okay. Thank you, Brian, and welcome, everyone, to our second quarter results conference call. I'll start with an update on our operations and projects and then pass it to Bryce for a closer look at our Q2 financials. It's been a busy few months for us, and generally, I think we're making good progress across our business with a few significant milestones achieved at our projects recently.

好的。謝謝您，布萊恩，歡迎大家參加我們的第二季業績電話會議。我將首先介紹我們的營運和專案的最新情況，然後將其傳遞給布萊斯，以便他仔細查看我們第二季度的財務狀況。這幾個月對我們來說很忙碌，總的來說，我認為我們的業務取得了良好的進展，最近我們的專案取得了一些重要的里程碑。

It's also been an interesting time in the copper markets globally, and the picture for US copper tariffs is now clearer. I'll come back to that topic in a minute. But I want to start with a Gibraltar update. So as noted in our last quarter's earnings release, our mining rates at Gibraltar were impacted earlier this year by challenging conditions in the upper benches of the Connector Pit.

全球銅市場也經歷了一段有趣的時期，美國銅關稅的前景現在更加明朗。我馬上就會回到這個話題。但我想從直布羅陀的更新開始。因此，正如我們上一季的收益報告中所指出的，今年早些時候，我們在直布羅陀的採礦率受到了連接坑上層礦床惡劣條件的影響。

In the second quarter, mining advanced into better ground and mine tonnages increased dramatically to a total of 30 million tons for the quarter. That's 31% higher than Q1, and in fact, the best mining quarter in the last four years.

第二季度，採礦業進入更好的階段，礦山產量大幅增加，本季總量達到 3,000 萬噸。這比第一季高出 31%，事實上，這是過去四年來採礦業表現最好的季度。

As a result, we continue to expect a strong rebound in production in Q3 and then even better production in the fourth quarter, continuing into 2026. In June and July, production was more than 35% higher than in April and May, as we started to access this higher-grade ore in the Connector Pit. Second quarter copper production was 20 million pounds, which was the same as the prior quarter and in line with plan.

因此，我們繼續預計第三季產量將強勁反彈，第四季產量將進一步提高，並持續到 2026 年。由於我們開始在連接器礦坑中開採這種高品位礦石，因此 6 月和 7 月的產量比 4 月和 5 月高出 35% 以上。第二季銅產量為2,000萬磅，與上一季持平，符合計畫。

Copper grades were 0.20%, and recoveries were 63%. We're through the worst of a low-quality ore and steadily transitioning into better grades with less oxidation, which will also result in higher recoveries. Moly grades and recoveries are also expected to improve significantly in the second half.

銅品位為0.20%，回收率為63%。我們已經度過了低品質礦石的最糟糕階段，並穩步過渡到氧化程度較低的更高品位礦石，這也將帶來更高的回收率。預計下半年鉬品位和回收率也將大幅提高。

Total cash costs, or C1, reported at $3.14 per pound in the second quarter, will also decline in the second half as production levels rise. We reported copper cathode production at Gibraltar in the second quarter as well, as leaching operations commenced on one of the two leach pads, and the Gibraltar SX/EW plant was restarted in late May.

總現金成本（C1）在第二季報告為每磅 3.14 美元，隨著產量水準的上升，下半年也將下降。我們還報告了直布羅陀第二季度的陰極銅產量，因為兩個浸出墊中的一個開始進行浸出作業，並且直布羅陀 SX/EW 工廠於 5 月底重新啟動。

After a quick ramp-up, the plant operated at steady state for most of June and July up until a couple of days ago, when a transformer issue took the plant down. That issue has just been diagnosed yesterday afternoon, and we expect six to eight weeks of downtime for that plant. It's a short-term issue with less than 1 million pounds of production impact.

經過快速提升後，該工廠在六月和七月的大部分時間都保持穩定運行，直到幾天前，由於變壓器問題導致工廠停工。該問題昨天下午才被診斷出來，我們預計工廠將停工六到八週。這是一個短期問題，對生產的影響不到 100 萬磅。

On the plus side, we've continued to see positive ore reconciliations in the Connector Pit to more oxide ore than expected. And we're now thinking that SX/EW plant could run for at least 15 years and possibly longer.

從好的方面來看，我們繼續看到連接坑中的礦石比預期的更加豐富，氧化礦石也更多。我們現在認為 SX/EW 工廠至少可以運作 15 年，甚至更長。

Turning over to Florence now. As we highlighted with our recent construction update, the project continues to advance smoothly on schedule and with costs continuing to track in line with our previous guidance. Really happy with the work that's being done by our Capital Projects team and the key contractors on site.

現在轉到佛羅倫薩。正如我們在最近的施工更新中所強調的那樣，該項目繼續按計劃順利推進，成本繼續按照我們先前的指導進行。對我們的資本項目團隊和現場主要承包商所做的工作感到非常滿意。

With the overall project completion over 90%, activities will soon be shifting to commissioning. Key systems such as the electrical substation, which was completed last month, are now starting to be released from the construction team and placed under the control of our growing operations team.

目前，專案整體完成度已超過90%，即將進入調試階段。上個月竣工的變電站等關鍵系統現在開始從施工團隊中分離出來，並交由我們不斷成長的營運團隊負責。

All of the wellfield drilling that was planned for the construction phase is now complete, and electrical and pumping equipment is being installed into the wells. The next key milestone will be the initial injection of solutions, which we're targeting to achieve in September. And this would allow enough time to acidify the wellfield and produce first copper cathode before the end of the year.

建設階段計劃的所有井場鑽探現已完成，電氣和泵送設備正在安裝到井中。下一個關鍵里程碑將是解決方案的初步注入，我們的目標是在 9 月實現。這將為酸化井場並在年底之前生產第一批陰極銅提供足夠的時間。

Through the first 18 months, construction CapEx is tracking in line with updated guidance we issued last year. At the end of the quarter, USD239 million has been incurred, leaving only about 10% of the total capital outstanding.

在前 18 個月中，建築資本支出與我們去年發布的最新指南一致。截至本季末，已發生2.39億美元，僅剩下未償還總資本的約10%。

The team is now working on the detailed operating plans for the ramp-up next year, which will require additional wells to be drilled to get us up to the design capacity for the plant of 85 million pounds per year.

該團隊目前正在製定明年產能提升的詳細營運計劃，這將需要鑽探更多的油井，以達到該工廠每年 8,500 萬磅的設計產能。

So all this to say, America's next new copper mine is advancing smoothly and nearing completion. We're not there yet, still a lot of work to be done, and we're entering a critical phase here over the next few months to get the startup.

總而言之，美國的下一座新銅礦正在順利推進並接近完工。我們還沒有到達那裡，還有很多工作要做，未來幾個月我們將進入啟動的關鍵階段。

Obviously, the recent copper tariff news has driven a lot of volatility in the COMEX copper price with metal traders and other financial speculators trading into the COMEX market and then rapidly exiting as the COMEX premium disappeared with the tariff announcement last week.

顯然，最近的銅關稅消息導致 COMEX 銅價出現很大波動，金屬交易商和其他金融投機者進入 COMEX 市場，然後隨著 COMEX 溢價隨著上週關稅公告的發布而消失，他們迅速退出。

Despite all the headlines, the LME copper price, which is the global benchmark, has remained stable and strong. For the US copper market, the current administration is clearly incentivizing US-based manufacturing of finished copper products. This is a very positive development for Florence, which will soon become one of the few US-based suppliers of refined copper.

儘管有各種頭條新聞，但作為全球基準的倫敦金屬交易所銅價仍然保持穩定和強勁。對美國銅市場而言，現任政府顯然正在鼓勵美國境內的銅成品製造。這對佛羅倫薩來說是一個非常積極的發展，它很快就會成為美國少數幾家精煉銅供應商之一。

The US will remain a net importer of cathode in the coming years, and our Arizona-based operation will have a significant geographic advantage in delivering refined metal to the growing US manufacturing base. And just a reminder that at a copper price of USD3.75 per pound, that's the price used in our last technical report, Florence has an after-tax NPV of USD930 million.

未來幾年，美國仍將是陰極金屬的淨進口國，而我們位於亞利桑那州的業務將在向不斷增長的美國製造業基地提供精煉金屬方面擁有顯著的地理優勢。需要提醒的是，銅價為每磅 3.75 美元（這是我們上一份技術報告中使用的價格），佛羅倫薩的稅後淨現值為 9.3 億美元。

At today's price of around USD4.40 per pound, the NPV is closer to USD1.2 billion to USD1.3 billion. That's not yet reflected in Taseko's equity, but we're working hard to unlock that value over the next year.

以目前每磅約 4.40 美元的價格計算，淨現值接近 12 億美元至 13 億美元。這還沒有反映在塔斯科的股權中，但我們正在努力在明年釋放這一價值。

In the longer term, Taseko has other growth assets in our portfolio, and we've had some significant developments on those projects in recent months, which I'll touch on now. The New Prosperity Agreement announced in June was a very important milestone for the company.

從長遠來看，塔斯科在我們的投資組合中還有其他成長資產，近幾個月來我們在這些項目上取得了一些重大進展，我現在就來談談。6月宣布的《新繁榮協議》對該公司來說是一個非常重要的里程碑。

And I think it came as a surprise to the market even though we've been making good progress towards an agreement over the previous year. The dialogue actually started about five years earlier. So it was certainly a lengthy process, and I want to recognize the commitment and perseverance of both the Province of BC and the Tŝilhqot'in National Government to complete that deal in June.

儘管我們在過去的一年裡在達成協議方面取得了良好的進展，但我認為這對市場來說是一個驚喜。對話實際上大約五年前就開始了。所以這無疑是一個漫長的過程，我要承認不列顛哥倫比亞省和泰爾科廷國家政府的承諾和毅力，他們在 6 月完成了這項協議。

The agreement allows all three parties to turn the page on a historical conflict and move forward in a constructive way. It ends years of litigation while providing certainty as to how the significant copper-gold deposit at New Prosperity could be developed in the future.

該協議使三方能夠結束歷史衝突並以建設性的方式向前邁進。它結束了多年的訴訟，同時也為未來如何開發新繁榮的重要銅金礦床提供了確定性。

Taseko has received a $75 million cash payment from BC in exchange for a 22.5% equity interest in the project, which has been placed into a trust for the Tŝilhqot'in Nation. The trust will only transfer this interest if the Tŝilhqot'in consent to pursue mineral development on the property.

塔塞科已從 BC 獲得 7500 萬美元的現金支付，以換取該項目 22.5% 的股權，該股權已被放入 TÅilhqot'in 民族的信託中。只有當 TÅilhqot'in 同意在該財產上進行礦產開發時，信託才會轉讓此權益。

BC and the Tŝilhqot'in will now enter into a land use planning process, and so the door remains open to future mine development, but only with the consent of the nation. Taseko retains 77.5% ownership of the New Prosperity mineral rights, and we can divest some or all of that interest at any time.

BC 省和 TÅilhqot'in 省現在將進入土地使用規劃流程，因此未來礦場開發的大門仍然敞開，但必須得到國家的同意。Taseko 保留 New Prosperity 礦產權 77.5% 的所有權，我們可以隨時剝離部分或全部權益。

I believe if we're patient, there will be a further opportunity down the road to realize significant value from this world-class asset. For our Yellowhead project, we recently announced the results of an updated technical study with significantly improved economics as well as the formal commencement of the environmental assessment process for the project.

我相信，只要我們有耐心，未來就有機會從這世界級資產中實現巨大的價值。對於我們的 Yellowhead 項目，我們最近宣布了最新技術研究的結果，其經濟效益顯著改善，並且該項目的環境評估流程也正式開始。

The new technical report includes updated CapEx, operating costs and long-term metal price assumptions and describes a mine that would produce 178 million pounds of copper annually over a 25-year mine life at a cash cost of around $1.90 per pound average.

新技術報告包括更新的資本支出、營運成本和長期金屬價格假設，並描述了一座礦山，該礦山在 25 年的礦山壽命內每年將生產 1.78 億磅銅，平均現金成本約為每磅 1.90 美元。

At $4.25 copper, the project has an NPV of CAD2 billion and an after-tax IRR of 21%. That's not bad for a project that we acquired for only $16 million just a few years ago. When you consider the production profile, the mine life and the project economics, Yellowhead stacks up very well against all the other North American copper development projects, and we will continue to de-risk the project as it moves through the permitting process.

以銅價 4.25 美元計算，該項目的淨現值為 20 億加元，稅後內部收益率為 21%。對於我們幾年前僅以 1600 萬美元獲得的項目來說，這已經很不錯了。從生產概況、礦山壽命和專案經濟效益來看，Yellowhead 與所有其他北美銅開發專案相比都具有非常顯著的優勢，而且我們將在該專案審批過程中繼續降低其風險。

In early July, the initial project description was accepted by the BC Environmental Assessment Office and the Impact Assessment Agency of Canada. Project is also advancing through the early stages of the Simpcw First Nation's assessment process, and we continue to have an active and ongoing dialogue with them.

7月初，初步計畫描述已獲得BC省環境評估辦公室和加拿大影響評估機構的認可。該計畫也正在通過 Simpcw First Nation 評估過程的早期階段，我們將繼續與他們進行積極和持續的對話。

We've also held a number of well-attended open houses in local communities with more planned as part of the EA process. We have a few years of permitting and engineering work ahead of us at Yellowhead, and we'll continue to maintain a disciplined approach to project spending during that period.

我們也在當地社區舉辦了多場參與人數眾多的開放日活動，並計劃在 EA 流程中舉辦更多活動。在 Yellowhead 我們還有幾年的許可和工程工作要做，在此期間我們將繼續保持嚴謹的專案支出方式。

So we've got lots on the go and exciting times ahead for our North American copper business. I'll wrap it up there. I want to thank all of our shareholders for their ongoing support. And I'll now pass the call over to Bryce for a financial update, and we can then open up the line for questions following that. Over to you, Bryce.

因此，我們的北美銅業務有很多進展，前景令人興奮。我就到此為止吧。我要感謝所有股東的持續支持。現在我將把電話轉給布萊斯，讓他報告一下財務最新情況，然後我們就可以開始回答問題了。交給你了，布萊斯。

Thank you, Stuart. I'll provide some additional details on the financial aspects of the second quarter. Sales in the second quarter totaled 19 million pounds at an average realized price of $4.32 per pound, generating revenue of $116 million for Taseko. Lower sales and a stronger Canadian dollar contributed to the lower quarter-over-quarter revenue.

謝謝你，斯圖爾特。我將提供有關第二季度財務方面的一些更多細節。第二季銷售總量為 1,900 萬磅，平均實現價格為每磅 4.32 美元，為塔斯科創造了 1.16 億美元的收入。銷售額下降和加幣走強導致季度收入下降。

Net income for the quarter was $22 million or $0.07 per share, and that's mainly driven by unrealized foreign exchange gain on our US dollar-denominated debt with the strengthening Canadian dollar at quarter end. On an adjusted earnings basis, we posted a net loss of $13 million or $0.04 loss per share.

本季淨收入為 2,200 萬美元，即每股 0.07 美元，這主要是由於季度末加元走強導致我們以美元計價的債務產生了未實現的外匯收益。以調整後的收益計算，我們的淨虧損為 1,300 萬美元，即每股虧損 0.04 美元。

As Stuart mentioned, mining rates at Gibraltar in the second quarter were significantly higher than the first quarter. This increased total site cost to $117 million. Despite the increase in mining rates, strip ratio was lower as a result of a larger portion of the mine tons being oxide ore, and that oxide ore was placed on the heap leach pad.

正如史都華所提到的，直布羅陀第二季的採礦率明顯高於第一季。這使得場地總成本增加至 1.17 億美元。儘管採礦率有所提高，但由於礦山開採量中氧化礦石佔比較大，且氧化礦石被放置在堆浸墊上，因此剝離率較低。

Stuart mentioned the positive ore reconciliations we've been seeing. Capitalized strip for the quarter was slightly lower. It was $31 million, and it remained elevated as waste tons as the sulfide ore tons were above the average strip ratio for the Connector Pit. We expect that strip ratio to decline significantly in the second half of the year now that we have opened up access to the ore in Connector.

史都華提到了我們所看到的積極的礦石調和。本季的資本化剝離率略低。該金額為 3,100 萬美元，並且由於硫化礦石噸數高於連接坑的平均剝離率，因此該金額仍然居高不下。由於我們已經開放了 Connector 的礦石開採通道，我們預計下半年剝離率將大幅下降。

Cost on a per pound basis for the quarter were $3.14 per pound. That's based on copper produced. This was higher than the previous quarter, and it was due to lower capitalized stripping and lower moly production. It is also impacted by costs associated with the oxide ore that are added to the heap leach pads, which is left inside operating costs, for which production comes in future periods. So it skews that ratio by about $0.40.

本季每磅成本為 3.14 美元。這是基於銅的產量。這一數字高於上一季度，原因是資本剝離減少和鉬產量下降。它也受到添加到堆浸墊的氧化礦石相關成本的影響，這些成本留在營運成本中，而生產將在未來期間進行。因此，該比率的偏差約為 0.40 美元。

Adjusted EBITDA in the second quarter was $17 million and was impacted by lower production and sales volumes and higher costs associated with the mid-grade stockpiles, which have a higher cost on a per pound basis.

第二季調整後的 EBITDA 為 1,700 萬美元，受到產量和銷售量下降以及中檔庫存相關成本上升的影響，中檔庫存的每磅成本較高。

At Florence, we incurred $33 million of construction costs in the second quarter as construction has now passed peak spend. To date, $239 million has been incurred on the construction of the commercial production facility, which is still tracking towards our revised estimate and guidance, which was at $232 million plus up to 15%.

在佛羅倫薩，我們在第二季度產生了 3,300 萬美元的建設成本，因為建設現在已經過了高峰支出期。迄今為止，商業生產設施的建設已花費 2.39 億美元，該金額仍在朝著我們修訂後的估計和指導目標前進，即 2.32 億美元加上高達 15% 的增幅。

So we're heading towards around $265 million for total construction costs. Quarterly operating costs have been increasing as management continues to build out the operations team and prepares for commissioning a ramp-up later this year.

因此我們的總建設成本預計約為 2.65 億美元。隨著管理層繼續組建營運團隊並準備在今年稍後進行擴充，季度營運成本一直在增加。

We ended the quarter with cash, consistent with the first quarter with a balance of $122 million, and that leaves us current liquidity of just under $200 million after factoring in the $55 million that we've drawn revolving credit facility that's with National Bank and ING.

我們在本季結束時持有現金，與第一季持平，餘額為 1.22 億美元，在計入我們從國家銀行和 ING 提取的 5500 萬美元循環信貸額度後，目前的流動資金略低於 2 億美元。

Our quarter end cash balance also includes that $75 million payment from the BC government as part of the New Prosperity Agreement that we reached in June. And just a reminder of our copper price protection in light of some of the volatility that we've seen, we still have in place the minimum price of $4 per pound, and that's protecting 54 million pounds of production for the balance of 2025.

我們的季度末現金餘額還包括不列顛哥倫比亞省政府根據我們 6 月達成的《新繁榮協議》支付的 7,500 萬美元。鑑於我們看到的一些波動，我們提醒大家注意銅價保護，我們仍然維持每磅 4 美元的最低價格，這將保護 2025 年剩餘時間的 5400 萬磅產量。

So we are actively looking to extend our price protection into 2026, and we've been watching the copper market closely, looking for opportunities to fix that at a reasonable price, and that's primarily to cover the ramp-up of Florence that we have into the first half of next year. So with that, I'll turn it over to the operator for any questions. Thank you.

因此，我們正在積極尋求將價格保護延長至 2026 年，我們一直在密切關注銅市場，尋找以合理價格修復這一問題的機會，這主要是為了覆蓋明年上半年佛羅倫薩產量的增長。因此，如果有任何問題，我將把它交給接線員。謝謝。

(Operator Instructions)

（操作員指示）

Craig Hutchison, TD Cowen.

克雷格·哈奇森（Craig Hutchison），TD Cowen。

I was wondering if you guys could give us some commentary on what you're seeing in terms of the grades here for Q3, Gibraltar and also the recoveries.

我想知道你們是否可以就第三季、直布羅陀的評級以及復甦情況給我們一些評論。

Yeah, I guess, generally speaking, Craig, we're expecting both grade and recovery to step up meaningfully in Q3 back towards reserve grade averages or better, and then, probably better than reserve grade in Q4. So yes, that's probably as much as guidance as we'd want to give on a quarterly basis. But definitely, we're seeing now getting deeper into the pit higher quality ore and higher-grade ore. So that's a positive for the second half.

是的，我想，總體而言，克雷格，我們預計第三季度的等級和恢復率都會顯著提高，回到儲備等級的平均水平或更高，然後，可能在第四季度比儲備等級更好。是的，這可能是我們每季想要給的指引。但可以肯定的是，我們現在看到的礦坑越深，礦石的品質和品位就越高。所以這對下半年來說是一個正面的訊號。

And you should see that level, at least maybe not the Q4 level, but the second half averages kind of continue into the first few quarters of 2026 as well. So we shouldn't see any of the -- any more of the drop offs that we've had in the last couple of quarters.

您應該會看到這個水平，至少可能不是第四季度的水平，但下半年的平均值也會持續到 2026 年的前幾季。因此，我們不應該再看到過去幾季出現的任何下滑。

Is the higher oxide material you're seeing in the Connector Pit, does that create a risk for recoveries here, especially in Q3? Or do you feel like you're through that and recoveries are back up into the high-70s or low-80s?

您在連接器坑中看到的氧化物含量較高，這是否會對這裡的回收造成風險，尤其是在第三季？或者您感覺自己已經度過了這一階段，而復甦速度已經回升至 70 多度或 80 多度？

Yeah, we're seeing it. The oxide oxidation, it's not a binary thing. It's not black or white. It's definitely a transition. We're pretty confident in our projections. We've got a good database of -- good geological database, and we're seeing the higher grade -- we're seeing flashes of the higher grade, the better-quality ore now and certainly expecting much more of that in the coming weeks and months.

是的，我們看到了。氧化物的氧化並不是二元的。這不是黑色或白色。這絕對是一個過渡。我們對我們的預測非常有信心。我們擁有良好的資料庫——良好的地質資料庫，我們看到了更高品位的礦石——我們現在看到了更高品位、品質更好的礦石，並且肯定預計在未來幾週和幾個月內會出現更多這樣的礦石。

Okay. Great. And then on Florence, as you guys have mentioned on past calls, you're targeting, I think, production somewhere in the range of 40 million pounds to 55 million pounds next year, if I recall correctly. Is that still the case? Or do I have that wrong?

好的。偉大的。然後關於佛羅倫薩，正如你們在過去的電話中提到的那樣，如果我沒記錯的話，我認為你們明年的產量目標是 4000 萬英鎊到 5500 萬英鎊之間。現在還是這樣嗎？還是我錯了？

I don't know. I think the technical report -- year one of the technical report was around 40 million pounds. So that's the number that we have -- that technical report number is what we have out there so far. I think as I mentioned in my remarks, we are working through a detailed operating plan now going well by well and doing projections of how the ramp-up is going to go.

我不知道。我認為技術報告——第一年的技術報告約為 4000 萬英鎊。這就是我們目前掌握的數字——技術報告的數字。我想，正如我在演講中提到的那樣，我們正在製定詳細的營運計劃，目前進展順利，並對成長進行預測。

So I expect as we get closer to start-up in the fall, we'll have more specific guidance we can talk about 2026. But yes, what we're seeing at this point is effectively what we have in the technical report.

因此，我希望隨著秋季啟動的臨近，我們將有更具體的指導，可以談論 2026 年。但是的，我們現在看到的實際上就是技術報告中的內容。

Okay. Maybe one last question for me. What kind of pricing are you guys seeing right now on sulfuric acid?

好的。這也許對我來說是最後一個問題。你們現在看到的硫酸價格是什麼樣的呢？

Richard, do you want to talk about acid?

理查德，你想談談酸嗎？

Yeah, not a problem. Yes, we're seeing in the low $200 range for sulfuric acid right now. We've been -- I think I mentioned before, we've been in conversations with a number of different suppliers and actually have secured supply for this year from two different suppliers. So we're seeing in that low $200 range.

是的，沒問題。是的，我們現在看到硫酸的價格在 200 美元左右。我想我之前提到過，我們已經與許多不同的供應商進行了對話，並且實際上已經從兩個不同的供應商那裡獲得了今年的供應。因此，我們看到的價格處於 200 美元的低點範圍內。

(Operator Instructions)

（操作員指示）

Duncan Hay, Panmure Liberum.

海伊 (Duncan Hay)，《潘繆爾自由報》。

A couple of questions from me. Just on the capital cost, what should we expect any more capitalized stripping in Q3, first of all, at Gibraltar? And then second of all, at Florence, is the remaining spend there, is that going to be weighted to Q3 and it will drop off in Q4? Or will there be a sort of reasonable -- will it be the same across those two quarters?

我有幾個問題。僅就資本成本而言，我們應該預期第三季出現更多的資本剝離嗎，首先是在直布羅陀？其次，在佛羅倫薩，那裡剩餘的支出是否會加權到第三季度，並在第四季度下降？或者是否存在某種合理的——這兩個季度的情況會相同嗎？

Yeah. Duncan, yes, no, it's definitely -- the remaining spend at Florence definitely weighted to Q3. Q4 is more commissioning and shipping into operations. So yes, you shouldn't see much capital left -- required after the end of Q3. There's always a bit of a lag when you're talking about cash flow, right, because we don't pay our bills immediately.

是的。鄧肯，是的，不，這絕對是——佛羅倫薩剩餘的支出肯定會影響第三季。第四季將進行更多的調試和運入營運。所以是的，你不應該看到第三季結束後需要多少資本。當你談論現金流時總會有一點滯後，因為我們不會立即支付帳單。

But in terms of CapEx incurred, mostly it will be done at the end of Q3 at Florence. At Gibraltar, capital strip, no, that will really drop off in the second half. We are really going to be mostly an ore operating below the average strip rate, so I wouldn't expect to see much or any capital strip in the second half.

但就所產生的資本支出而言，大部分將在佛羅倫斯第三季末完成。在直布羅陀，首都地帶，不，這在下半年會真正下降。我們實際上主要進行的礦石開採的剝離率低於平均水平，因此我預計下半年不會出現太多或任何資本剝離。

Yeah. Okay. And just quickly on -- I missed what you said about the SX/EW plant at the beginning. You got some downtime there. Do you -- how much are you thinking production for the rest of the year and into next year from that?

是的。好的。簡單說一下——我錯過了您一開始提到的有關 SX/EW 工廠的內容。您在那裡有一些停機時間。您認為今年剩餘時間和明年的產量會有多少？

Yeah. Look, I mean, we're seeing that this is potentially six to eight weeks of downtime. It's just an issue that just arose, actually was just diagnosed really yesterday. So that's less than 1 million pounds of production impact here, but obviously, mostly will be in Q3. That operation -- the guidance we've talked about that operation in the past producing 3 million or 4 million pounds a year.

是的。看，我的意思是，我們看到這可能會導致六到八週的停機時間。這只是一個剛出現的問題，實際上昨天才被診斷出來。因此，這對生產的影響不到 100 萬磅，但顯然，主要將發生在第三季。該操作——我們過去討論過的指導方針是每年生產 300 萬或 400 萬磅。

It is a seasonal operation, so it will operate until November, December and then shut down for the winter in Q1 next year. The other thing that's happening at the SX -- at the operation is we actually have two leach pads and only one of them has been activated so far, and the second pad will come online in 2026. So you'll see a little step-up in the production in that operation next year, maybe 4 million or 5 million pounds-ish next year. That's how we're looking at it.

這是一個季節性運營，因此它將運營到 11 月、12 月，然後在明年第一季冬季關閉。SX 發生的另一件事是，我們實際上有兩個浸出墊，到目前為止只啟用了一個，第二個浸出墊將於 2026 年投入使用。因此，明年您將看到該業務的產量略有增加，明年可能會達到 400 萬或 500 萬英鎊左右。我們就是這樣看待它的。

There are no further questions at this time. I will now turn the call over to the management for closing remarks.

目前沒有其他問題。現在我將把電話轉給管理階層，請他們發表結束語。

Okay. Thanks, everyone. Thanks, operator. And thank you all for dialing in to our Q2 earnings call, and we'll talk to you again next quarter. Thanks again. Bye.

好的。謝謝大家。謝謝，接線生。感謝大家撥打我們的第二季財報電話會議，我們將在下個季度再次與您交談。再次感謝。再見。

Thank you for joining the call today. You may now disconnect.

感謝您今天參加電話會議。您現在可以斷開連線。