Taseko Mines Ltd (TGB) 2025 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by. At this time, I would like to welcome everyone to the Taseko Mines 2025 Third quarter earnings conference call. (Operator Instruction) I would now like to turn the conference over to Brian Bergot.

女士們、先生們，感謝你們的耐心等待。在此，我謹代表 Taseko Mines 公司歡迎各位參加 2025 年第三季財報電話會議。（操作員指示）現在我將把會議交給布萊恩·伯戈特。

Thank you, (Inaudible). Welcome everyone and thank you for joining Taseko third 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 tesecomines.com and on Cedar Plus.

謝謝你，（聽不清楚）歡迎各位參加 Taseko 2025 年第三季電話會議，感謝各位的參與。昨天收盤後，我們發布了財務和營運業績的新聞稿和監管文件，可在我們的網站 tesecomines.com 和 Cedar Plus 上查閱。

With me in Vancouver today is Taseko's President and CEO, Stuart McDonald, Taseko's Chief Financial Officer, Bryce Hamming, and our COO, 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.

今天和我一起在溫哥華的有 Taseko 的總裁兼執行長 Stuart McDonald、Taseko 的財務長 Bryce Hamming 和我們的營運長 Richard Tremblay。照例，在管理層開始致開幕詞之前，我想提醒各位聽眾，我們的評論和對你們問題的回答將包含前瞻性信息，而這些信息本質上存在風險和不確定性。

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 third 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 CEA.

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三季度管理層討論與分析報告及相關新聞稿中的警示說明，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CEA網站上找到。

I would also like to point out that we will use various non-GAAP measures during the call. 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 CAD unless otherwise specified. Following opening remarks, we'll open the phone lines to analysts and investors for questions. I will now turn the caller to Stuart for his remarks.

我還想指出，我們將在電話會議中使用各種非GAAP指標。有關這些措施的解釋和說明，請參閱相關新聞稿。最後，除非另有說明，我們今天討論的所有金額均以加幣 (CAD) 為單位。開幕致詞結束後，我們將開通電話熱線，供分析師和投資者提問。現在我將把電話轉給斯圖爾特，請他發表意見。

Great, thanks, Brian. Good morning, everyone. Thank you for joining our call today to discuss the third quarter financial and operating results. As usual, I'll provide some commentary focusing on the operational results, and then Bryce will get into the financial performance for the quarter.

太好了，謝謝你，布萊恩。各位早安。感謝您今天參加我們的電話會議，共同討論第三季的財務和營運表現。照例，我將對營運結果進行一些評論，然後布萊斯將分析本季的財務表現。

As outlined in our release yesterday, third quarter results were definitely an improvement over the previous two quarters, both operationally and financially. Mining in the connector pit had presented more challenges in the early part of this year than we'd anticipated, but on the positive side, the higher mining rates in the last two quarters have opened up higher grade benches that we've been anticipating.

正如我們昨天發布的公告中所述，第三季業績無論在營運方面還是財務方面，都比前兩個季度有了顯著改善。今年年初，連接礦坑的採礦作業比我們預期的更具挑戰性，但從積極的方面來看，過去兩個季度較高的採礦速度已經開闢出我們一直期待的高品位礦層。

In the third quarter, grades increased to 0.22%, which is up from 0.19% in the first quarter and [0.20] in the second quarter. This higher grade ore and less transitional oxide material both benefited mill recoveries, which increased to 77% in the third quarter. Mill throughput has been very steady this year, consistently operating at around design capacity.

第三季度，及格率上升至 0.22%，高於第一季的 0.19% 和第二季的 0.20%。這種高品位礦石和較少的過渡氧化物都有利於選礦廠的回收率，第三季回收率提高到 77%。今年工廠的產量一直非常穩定，並且始終在設計產能附近運作。

So overall copper production in the third quarter was just under 28 million pounds, and that includes 900,000 pounds of cathode production from Gibraltar's SXEW operation. Molybdenum production in the quarter was 560,000 pounds, which is also a big increase from prior quarters due to higher molly grades, which typically track upper grades. Costs in the quarter were $287 US per pound, an improvement over the prior quarter.

因此，第三季銅總產量略低於 2,800 萬磅，其中包括直布羅陀 SXEW 業務生產的 90 萬磅陰極銅。本季鉬產量為 56 萬磅，與前幾季相比也大幅成長，這主要歸功於鉬品位的提高，鉬品位通常與較高品味的鉬品位相關。本季成本為每磅 287 美元，比上一季有所改善。

Total site cost in the quarter was $7 million higher than the previous quarter, mainly due to SXEW costs now being expensed, as well as increased maintenance costs. Maintenance costs, including parts and major components, is one area where we continue to see steady inflation.

本季場地總成本比上一季高出 700 萬美元，主要是由於 SXEW 成本現在計入費用，以及維護成本增加。包括零件和主要零件在內的維護成本，是持續出現穩定通膨的領域之一。

And all of that translated into $62 million of adjusted EBITDA for the third quarter. Looking ahead, we expect to finish the year with a strong fourth quarter. Gibraltar produced 11 million pounds of copper in October, which was the mine's highest production month in two years, so the quarter's off to a good start.

所有這些最終轉化為第三季 6200 萬美元的調整後 EBITDA。展望未來，我們預計第四季將取得強勁的業績，為今年畫下完美的句點。直布羅陀銅礦10月生產了1,100萬磅銅，這是該礦兩年來最高的單月產量，因此本季開局良好。

We will provide formal guidance for 2026 in the new year as we normally do, but generally we're looking for a more consistent year next year with less quarterly volatility. Now shifting over to Florence, where we've achieved a number of major milestones recently and the operation is now well on its way to producing first copper.

我們將像往常一樣在新年伊始提供 2026 年的正式業績指引，但總的來說，我們希望明年業績更加穩定，季度波動性降低。現在讓我們把目光轉向佛羅倫薩，我們最近在那裡取得了一些重大里程碑，目前該項目正穩步推進，即將開始生產第一批銅。

In September, our general contractor achieved substantial completion of the SXEW plant and plant area. This is a huge accomplishment for the project team. In just 18 months since we broke ground to Florence, our team has been able to deliver this major capital project on time and in line with our previous cost estimates.

9 月份，我們的總承包商基本上完成了 SXEW 工廠和廠區的建設。這對專案團隊來說是一項巨大的成就。自從佛羅倫斯計畫破土動工以來，短短 18 個月內，我們的團隊就按時按預算完成了這項重大資本項目。

So it's really a great achievement, and the project is now into the commissioning phase. In mid October we received the final regulatory approvals we required to commence well field operations. We then initiated a short commissioning period which included pumping water from the aquifer to establish hydraulic control in the well field.

所以這確實是一項了不起的成就，該專案現在已進入調試階段。10月中旬，我們獲得了開始油田作業所需的最終監管批准。然後我們啟動了一個短暫的調試期，其中包括從含水層抽水，以在井場建立水力控制。

A number of normal co commissioning issues were identified and resolved, and in early early November, sorry, about a week ago, we began acidifying the commercial well field. Overall we're a few weeks behind our original plan, but we're very happy with the well field performance so far.

我們發現並解決了一些正常的聯合調試問題，大約一週前，也就是 11 月初，我們開始對商業油田進行酸化處理。整體而言，我們比原計劃晚了幾週，但我們對目前為止油田的表現非常滿意。

As initial flow rates in the oil field are in line with and even exceeding our expectations. So it's early obviously, but the operation is off to a good start. About half of the well field is being acidified now, and the second half will start up in the next week or so.

油田的初始流量符合甚至超過了我們的預期。現在顯然還為時過早，但行動開局良好。目前大約一半的油井正在進行酸化處理，另一半油井將在接下來的一周左右開始酸化。

And in the weeks ahead, we expect to see the grade of copper in solution or PLS grade from the well field start to increase to a point where we can turn on the SXEW plant and start plating copper cathode. Commissioning of the plant area is advancing in parallel with initial well field operations, and we expect to be producing copper early in the new year. An important aspect of the production ramp ups in 2026 will be our ability to develop and integrate additional wells into the operation.

在接下來的幾周里，我們預計油井中溶液銅或PLS銅的品位將開始上升，達到我們可以啟動SXEW裝置並開始電鍍陰極銅的程度。工廠區域的調試工作與初期油井作業同步推進，我們預計在新年伊始開始生產銅礦。2026 年產量提升的一個重要面向是我們能否開發更多油井並將其整合到營運中。

We're now preparing to restart drilling activity with two drills planned to start up here in November and an additional two drills will be added early next year. The operating team in Florence continues to grow. Recruiting has gone very well, and we're up to about 140 employees on site now.

我們現在正準備重啟鑽探活動，並計劃於 11 月在這裡啟動兩台鑽孔機，明年年初還將增加兩台鑽孔機。佛羅倫斯的營運團隊持續壯大。招募工作進展非常順利，目前我們公司已有約 140 名員工。

Needless to say, it's a very busy and exciting time for all of them. It's great timing to be starting up a major new supply of refined copper inside the US. Obviously copper markets and pricing remains very strong. And there's some interesting dynamics in the US capital market.

毋庸置疑，對他們所有人來說，這都是一段非常忙碌又令人興奮的時期。現在正是啟動美國境內大量新精煉銅供應的絕佳時機。顯然，銅市場和價格仍然非常強勁。美國資本市場存在一些有趣的動態。

Although there are no US import tariffs on refined copper right now, the possibility of tariffs in the future has led to some speculative trading activity and growing capital inventories inside the US The (Inaudible) price has continued to trade at a premium to the LME recently at about 44% premium or roughly $0.20 a pound.

儘管目前美國對精煉銅沒有徵收進口關稅，但未來徵收關稅的可能性導致了美國國內一些投機交易的活動和資本庫存增加。近期，精煉銅價格持續高於倫敦金屬交易所（LME）價格，溢價約為 44%，即每磅約 0.20 美元。

However, our understanding is that the quoted COMEX price may not reflect what can actually be realized in the physical market, and cap sales in the US may be at a higher discount than higher than normal discounts that you might normally see to the price, although we're still seeing a premium to LE pricing.

然而，我們了解到，COMEX 報價可能無法反映實體市場的實際成交價格，而且美國限量版的折扣可能比您通常看到的折扣更高，儘管我們仍然看到價格高於限量版定價。

This is a situation we're going to continue to monitor as we start cathode sales from Florence in the next few months. The US government has stated that it plans to revisit tariffs in the middle of next year with the potential for a 15% tariff on cap ow at the end of 2026, increasing to 30% potentially at the end of 2027.

接下來的幾個月，我們將從佛羅倫薩開始銷售陰極射線管，屆時我們將繼續密切關注這一情況。美國政府表示，計劃在明年年中重新審視關稅問題，有可能在 2026 年底對資本流動徵收 15% 的關稅，並有可能在 2027 年底將關稅提高到 30%。

So in the longer-term this shows the strategic value of Florence, which will become one of the few US based suppliers of refined copper. Before I pass the call over to Bryce, I wanted to say a few words about our recent equity offering that was completed in October.

從長遠來看，這表明佛羅倫薩具有戰略價值，它將成為美國為數不多的精煉銅供應商之一。在將電話交給布萊斯之前，我想簡單談談我們最近在 10 月完成的股權發行。

Now the proceeds of that race have significantly strengthened our balance sheet. We've now repaid the $75 million that was drawn on our revolving credit facility, and the remaining funds provide additional working capital support ahead of the Florence ramp up next year.

現在，那場比賽的收益大大改善了我們的資產負債表。我們現在已經償還了從循環信貸額度中提取的 7500 萬美元，剩餘的資金將在明年佛羅倫薩計畫啟動之前提供額外的營運資金支持。

We're also planning additional spending at Yellowhead next year on environmental and engineering work to support the environmental assessment process. In the third quarter, we held open houses in the local communities and initial feedback has been quite positive. So Yellowhead project permitting is off to a good start, and we continue to view Yellowhead as an important longer-term growth project for us. And with that, I'll turn it over to Bryce.

我們也計劃明年在黃頭公路沿線增加環境和工程方面的支出，以支持環境評估過程。第三季度，我們在當地社區舉辦了開放日活動，初步回饋相當正面。因此，Yellowhead 專案許可進展順利，我們將繼續把 Yellowhead 視為我們重要的長期成長專案。接下來，我將把麥克風交給布萊斯。

Thanks, Stuart. Good morning everyone and thanks for joining us today. Total copper sales for the quarter were 26 million pounds, which includes 900,000 pounds of cat food. This was slightly below production due to shipment timing at the end of the quarter.

謝謝你，斯圖爾特。各位早安，感謝大家今天收看我們的節目。本季銅的總銷量為 2,600 萬磅，其中包括 90 萬磅貓糧。由於季度末的出貨時間安排，實際產量略低於預期。

We achieved a strong average realized copper price in the quarter just shy of 450 per pound US in line with the LME average, and this is still continued to strengthen since the quarter end.

本季我們實現了強勁的平均銅價，略低於每磅 450 美元，與倫敦金屬交易所 (LME) 的平均價格持平，並且自季度末以來，銅價仍在持續走強。

This, strong copper price translated into total revenue of $174 million, which includes $14 million from Molly sales. The combination of higher sales volume and strong pricing drove a 50% increase in revenue quarter-over-quarter.

強勁的銅價轉化為 1.74 億美元的總收入，其中包括鉬銷售的 1,400 萬美元。銷售成長和強勁的定價策略共同推動營收季增 50%。

On an adjusted basis, we reported net income of $6 million or $0.02 per share. For GAAP purposes, we reported a net loss of $28 million or $0.09 per share, and that was primarily due to unrealized foreign exchange losses on our US dollar denominated debt and an unrealized derivative loss related to our copper collars we have in place.

經調整後，我們報告淨收入為 600 萬美元，即每股 0.02 美元。根據美國通用會計準則，我們報告淨虧損 2,800 萬美元，即每股虧損 0.09 美元，這主要是由於我們以美元計價的債務未實現的匯兌損失以及與我們持有的銅項圈相關的未實現衍生性商品損失。

Adjusted EBITDA came in at $62 million a significant increase over prior quarters driven by the higher sales and stronger copper price. Capitalized stripping for the quarter was only $6 million and it was substantially lower than the previous two quarters, and that reflects our progress deeper into the connector pit where the strip ratio has declined and access to ore has improved.

經調整後的 EBITDA 為 6,200 萬美元，較前幾季大幅成長，主要得益於銷售額成長和銅價走強。本季資本化剝離成本僅為 600 萬美元，遠低於前兩個季度，這反映了我們在連接礦坑深處取得的進展，那裡的剝離率下降，礦石取得也得到改善。

Turning to Florence, we spent US dollars $27 million on the commercial facility this quarter and that brings our total capital spend since the start of construction to $267 million US. We achieved substantial completion with our contractor in Q3, and we only have a few million more on this capital project to finish the year. This is within a few percentage points of our original construction budget.

再來看佛羅倫薩項目，本季我們在商業設施上花費了 2700 萬美元，這使得自開工建設以來我們的總資本支出達到了 2.67 億美元。我們在第三季與承包商完成了實質施工，這個資本項目今年只剩下幾百萬美元的剩餘工程即可完工。這與我們最初的施工預算僅相差幾個百分點。

Since the start of 2024, and it's a testament to the execution of our capital projects team.

自 2024 年初以來，這證明了我們資本專案團隊的執行力。

Operating costs at Florence were $8 million in the quarter, and these will increase as we continue hiring full-time staff and ramp up our well field operations and that will include the procurement and consumption of asset going forward now that our operations are underway.

佛羅倫薩油田本季的營運成本為 800 萬美元，隨著我們繼續招募全職員工並擴大油田作業規模，這些成本將會增加，這也包括隨著我們營運的開展，未來資產的採購和消耗。

We ended the quarter with $91 million cash in October. We closed an equity financing for $173 million US and we used 75% of that to pay down our revolver. And with capital spending at Florence largely behind us now and improving production at Gibraltar and coupled with this cash injection from this financing, our liquidity outlook is robust. We're well positioned to support the ramp up at Florence and advance our work at Yellowhead.

截至10月底，我們擁有9,100萬美元現金。我們完成了 1.73 億美元的股權融資，並用其中 75% 償還循環貸款。佛羅倫斯的資本支出已基本完成，直布羅陀的生產也不斷提高，再加上此次融資帶來的現金注入，我們的流動性前景十分穩健。我們已做好充分準備，支持佛羅倫薩計畫的加速推進，並推進我們在黃頭工程的工作。

That concludes my remarks, and I'll now turn it back to the operator to begin the Q&A session.

我的發言到此結束，現在我將把麥克風交還給接線員，開始問答環節。

(Operator Instruction)

（操作說明）

Duncan Hay, Panmure Liberum.

鄧肯海，《潘穆爾利伯魯姆》。

Yeah, hi, Stuart, just a quick one on the well field drilling. What's the, can you talk through the benefits of accelerating that and bringing that forward? I mean, presumably. You're constrained by capacity in the plant, but, yeah, what sort of, flexibility or comfort does that give you?

嗨，斯圖爾特，關於油井鑽探，我有一個簡短的問題。能詳細說說加快推進這項工作的好處嗎？我的意思是，大概吧。工廠產能有限，但是，是啊，這能帶給你什麼樣的彈性或舒適度呢？

Well, I think initially in the ramp up period, the key for us is going to be opening up additional wells. The constraint is going to be not the plant, but the amount of solution flows that we can get off the well field. So it'll be key to be advancing that forward.

我認為，在初期產能提升階段，對我們來說關鍵在於開採更多的油井。限制因素不是工廠本身，而是我們能從油井田獲得的溶液流量。因此，推進這項工作至關重要。

So we've got two drills starting up here in November, an additional two early in the new year, and in Q2 and Q3 next year we'll see those additional wells start to come online and contribute to contribute to the ramp up. So no, it's a big part of the plan. I think it's always been part of the plan, but yeah, glad that we're -- we've got. A solid balance sheet and we can move forward confidently with that work now.

因此，我們計劃在 11 月啟動兩口鑽井，在新年伊始再啟動兩口，明年第二季度和第三季度，我們將看到這些額外的油井開始上線，並為產能提升做出貢獻。所以，不，這是計劃的重要組成部分。我認為這一直是計劃的一部分，但是，是的，很高興我們——我們擁有了。資產負債表穩健，我們現在可以充滿信心地推進這項工作了。

So you could see, I mean, you're going to put guidance out in the new year, but that, if you look at what you were thinking, say six months ago, you could have more production next year, given the -- given this, given the position you're in.

所以你可以看到，我的意思是，你會在新的一年發布業績指引，但是，如果你回顧一下你六個月前的想法，考慮到——考慮到你目前所處的位置，你明年的產量可能會更高。

Well, yeah. We'll see. I mean we're not giving, we're actually not going to give production guidance today obviously the technical report is out there and that had some assumptions about drilling as well, but no, we're optimistic certainly what we see today, the early results from the well field are positive, but it's early days and yeah we're we're keep pushing forward and obviously first copper is going to be important, a big milestone for us, early next year.

嗯，是的。我們拭目以待。我的意思是，我們今天不會給出產量指引，顯然技術報告已經發布，其中也包含一些關於鑽井的假設，但是，我們當然很樂觀，我們今天看到的，油田的早期結果是積極的，但現在還處於早期階段，是的，我們會繼續推進，顯然，明年年初的首批銅礦產將非常重要，對我們來說是一個重要的里程碑。

Yeah, okay, thanks.

好的，謝謝。

(Operator Instruction), (Inaudible).

（操作說明），（聽不清楚）。

Hi, good morning, guys. Thanks for taking my question. I realize you guys aren't going to provide guidance for next year until I guess early next year, but just curious how you guys think about. The kind of milestones for declaring commercial production, obviously ISRs are relatively new for most people just how do you guys think about that? In terms of production rate you need to get to to declare commercial production, is it for 60% of design, or is there some kind of metric that you guys look at to to determine that?

大家好，早安。謝謝您回答我的問題。我知道你們可能要等到明年年初才會提供明年的指導意見，但我只是好奇你們是怎麼想的。對大多數人來說，ISR（工業系統研究）作為宣布商業化生產的里程碑類型顯然是相對較新的概念，你們對此有何看法？就宣布商業化生產所需的生產力而言，是設計產量的 60% 嗎？還是你們有其他指標可以衡量？

Yeah, Craig, we're not thinking about it in that way, I know that's a conventional way it's been done in the past for concentrators, it's going to be a steady ramp up of production, through 2026, and, yeah, as I said, the key is going to be bringing on new wells, but we should see sequential growth. Each quarter in in the copper production, I don't know Bryce, you want to make a couple of comments about the accounting that we see, I guess the rules have changed in in recent years.

是的，克雷格，我們並沒有那樣考慮。我知道過去選礦廠一直採用那種傳統的做法，但到​​ 2026 年，產量將會穩定提升。是的，正如我所說，關鍵在於開採新井，但我們應該會看到產量逐年增長。每季銅產量方面，我不知道布萊斯，你想對我們看到的會計處理方式發表一些評論嗎？我想近年來規則已經改變了。

Yeah, I think the real focus will be on our obviously our C1 cost we're going to be looking at what point that our production, generates operating cash flow, operating profit. And with this with this project given the nature of the operating costs that happens relatively quick from what we're seeing like we could see that by by mid year and then I think as as we continue to the ramp up it's really about free cash flow and.

是的，我認為真正的重點顯然在於我們的 C1 成本，我們將專注於生產在哪個點能夠產生營運現金流和營運利潤。鑑於該專案的營運成本性質，從我們目前所見，成本上升得相對較快，可能到年中就會出現這種情況。然後，我認為隨著我們繼續擴大規模，真正重要的是自由現金流。

And making enough money there to to pay for the ongoing sustaining capital with the well field development and that we see sort of you know later later by the end of next year and then onwards of course so those are kind of the the two key milestones I think first is operating profit operating cash flow and the second really being, generating free cash flow and so that's what we're really kind of targeting as we think about that ramp up into commercial operations.

並且要賺夠錢來支付油田開發持續的維持性資本，我們預計到明年年底，當然還有之後的時間，所以這兩個是兩個關鍵里程碑，我認為第一個是營業利潤和營業現金流，第二個是產生自由現金流，所以這就是我們在考慮逐步進入商業運營時真正追求的目標。

Okay, so I guess until you reach your mid next year, do we assume some of the costs will be capitalized or the moment you guys are producing sellable cathode, you'll start booking revenues right away and just in terms of kind of accounting, do we think about revenues next year?

好的，所以我想，在明年年中之前，我們是否假設部分成本將被資本化，或者一旦你們開始生產可銷售的陰極，你們就會立即開始確認收入，而就會計處理而言，我們是否應該考慮明年的收入？

Yeah, on the accounting side, these standards changed a few years ago. We now recognize revenue, once it's, sold. So even the first pounds of capital will be sold, from a capital perspective they'll probably be some of the, until the plan's fully up and running, there'll be some of the plan costs which get capitalized until it's.

是的，在會計方面，這些標準幾年前就發生了變化。我們現在只在商品售出後確認收入。因此，即使是最初的幾英鎊資本也會被出售，從資本的角度來看，它們可能只是其中的一部分，直到該計劃完全啟動並運行，一些計劃成本將被資本化，直到它完成。

It's sort of available for its, it's full intended use, but the key I think with this operation, as we've looked at it is the well field development cost. So that's the drilling and development of the wells, that is capitalized, so there will be, significant ongoing sustaining capital that's put to the balance sheet and then advertised over the life of the well.

它基本上可以用於其全部預期用途，但我認為，正如我們所看到的，這項作業的關鍵在於油田開發成本。所以，這就是油井的鑽探和開發，這部分需要資本投入，因此會有大量的持續性維持性資本投入到資產負債表中，然後在油井的整個生命週期內進行宣傳。

Okay, great. Let me ask one last question for me just in terms of the overall capital. Is it you effectively now complete the initial capital spend at this point, or is there still some lingering costs into into Q4?

好的，太好了。就整體資本而言，我最後一個問題想請教大家。目前是否已基本完成初始資本支出，還是仍有一些遺留成本會延續到第四季？

Effectively, the work is complete. There, there'll be a few. Costs commissioning costs that that kind of trickling in in Q4, I think we still probably have some some some of the cost and payables right that'll come through the cash flow but effectively the the construction pieces is complete.

實際上，這項工作已經完成了。那裡會有一些。第四季的一些調試成本會陸續到位，我認為我們可能還有一些成本和應付款項會透過現金流支付，但實際上，建設部分已經完成了。

Yeah, okay, great, thanks guys.

好的，太好了，謝謝大家。

(Operator Instruction)

（操作說明）

Okay, thanks everyone, for joining and yeah if if there are other questions feel free to reach out to any of us and otherwise we will talk to you next quarter. Thanks again.

好的，謝謝大家的參與。如果還有其他問題，歡迎隨時聯絡我們，否則我們下個季度再聊。再次感謝。