TRX Gold Corp (TRX) 2025 Q2 法說會逐字稿

And welcome, everyone, to today's event, the TRX Gold Corporation second quarter 2025 results presentation. (Operator Instructions) The meeting is being recorded. (Operator Instructions) I would now like to turn the meeting over to Stephen Mullowney, CEO. Please go ahead, sir.

歡迎各位參加今日的活動，TRX Gold Corporation 2025 年第二季業績發表會。（操作員指示）會議正在錄音。（操作說明）現在我將會議交給執行長史蒂芬·穆洛尼。請繼續，先生。

Yes. Good afternoon, and good morning to everyone. Welcome to our Q2 conference call for our Q2 results as well as a lot of people are aware of, we did release the results of a PEA yesterday. We're going to certainly focus on that today. So the nature of this meeting today is what we're going to present a high-level overview of our Q2 results, but also go through what the results are of that PEA study and directionally where we're going.

是的。大家下午好，早安。歡迎參加我們的第二季業績電話會議，正如許多人所知，我們昨天發布了初步經濟評估（PEA）的結果。我們今天肯定會重點討論這個問題。所以，今天這次會議的本質是，我們將對第二季業績進行高層次的概述，同時也會詳細介紹初步經濟評估研究的結果以及我們未來的發展方向。

The results of PEA study, we're all excited and got a big smile on our face. With that, it's a culmination of a lot of really years of work culminating into a high-level document around what this business could be looking like today and where it can go in the future. And joining me today in the room is Michael, our CFO; on the line from Perth, Australia, is Richard, our COO. Richard, put up your hand. There you go.

PEA 研究的結果讓我們都非常興奮，臉上都露出了燦爛的笑容。由此，這份文件凝聚了多年的心血，最終形成了一份高層次的文件，闡述了該行業如今的發展現狀以及未來的發展方向。今天和我一起在房間裡的還有我們的財務長麥可；從澳洲珀斯連線的是我們的營運長理查德。理查德，舉手。好了。

We also have joining us from Dar es Salaam in Tanzania, our SVP, Khalaf, raise your hand. There you go. And so, we're all going to present here today, and we look forward to your questions. I expect a lot of questions. I see quite a few people on the line.

我們還有來自坦尚尼亞達累斯薩拉姆的高級副總裁 Khalaf，請舉手。好了。所以，今天我們都會在這裡展示，期待你們的提問。我預計會有很多問題。我看到隊伍裡有不少人。

And I know many of you, Mike knows many of you as well as Khalaf and Richard. So we do -- we will leave extra time for a lot of questions today. So without further ado, let's get into it. First, we have our disclaimer. This disclaimer has changed now.

而且我認識你們中的很多人，麥克也認識你們中的許多人，哈拉夫和理查德也認識你們中的許多人。所以我們會預留額外的時間來回答很多問題。那麼，事不宜遲，讓我們開始吧。首先，我們有免責聲明。此免責聲明已更改。

The PEA report has been prepared by P&E Consultants. The summary is them and their qualified persons pulling all the information together with the assistance of TRX Gold. They are all independent as well as our QP, Bill van Breugel is also independent. And so the information that you see from the PEA is developed by independent persons. With regards to TRX Gold at a glance, this is now changing given what we've put into the press release yesterday.

PEA報告由P&E顧問公司編製。摘要是他們及其合格人員在 TRX Gold 的協助下匯總所有資訊的結果。他們都是獨立人士，我們的合格人士比爾·範·布雷格爾也是獨立人士。因此，您從 PEA 中看到的資訊是由獨立人士編制的。就 TRX Gold 而言，鑑於我們昨天在新聞稿中發布的內容，情況正在改變。

So the Buckreef Gold project is in Tanzania. We continue to operate at around 2,000 tonnes a day on our last expansion. We are now updating the market on what the potential is to continually expand that asset as well as the refocus on blue-sky exploration potential while continuing to operate a really good asset. A couple of things that you will see from yesterday is the grade profile is now higher. So we've now refocused the ore body on economics versus sheer ounces.

所以，巴克里夫金礦計畫位於坦尚尼亞。我們目前的擴建工程產能仍維持在每天約 2000 噸。我們現在向市場更新了該資產持續擴張的潛力，以及在繼續運作一項非常優秀的資產的同時，重新聚焦於無限勘探潛力的情況。從昨天的情況來看，有兩點變化：一是平均成績有所提升。所以我們現在將礦體的重點從單純的儲量（盎司）轉移到了經濟效益。

And with that, you have a higher cutoff rate in your economic analysis. We'll get into that in one of the slides. And so your grade is a lot higher in your resource statement. And as we've explained to a lot of investors and a lot of participants on this call over time, grade is a significant driver of cash cost. The lower the grade, the higher the cash cost.

這樣一來，你的經濟分析就會有更高的臨界值。我們將在其中一張投影片中詳細介紹。因此，你的資源陳述得分要高得多。正如我們之前向許多投資者和本次電話會議的參與者解釋的那樣，礦石品位是現金成本的重要驅動因素。等級越低，現金成本越高。

The higher the grade, the lower the cash cost. And so, we evaluate the business on a per tonne basis and go and look at the deposit, and every deposit is significantly different. And when we look at that, we look to accelerate economics and cash versus sheer ounces in the ground. You can lower the cutoff grade to 0.1, 0.2, but that doesn't mean that you're going to come out of there profitably and expand your grade profile. So under the PEA, when we look at this as an economic basis, at $3,000 gold, it produces around $1.2 billion pretax net present value as well as a $766 million post-tax net present value.

等級越高，現金成本越低。因此，我們按噸位評估業務，並去查看礦藏，而每個礦藏的情況都大相徑庭。當我們審視這個問題時，我們關注的是加速經濟發展和現金流，而不是單純的地下儲量。你可以把錄取分數線降到 0.1、0.2，但這並不代表你能從中獲益並提升你的成績。因此，根據初步經濟評估，從經濟角度來看，以每盎司黃金 3000 美元的價格計算，該項目可產生約 12 億美元的稅前淨現值以及 7.66 億美元的稅後淨現值。

And we didn't quote an IRR because under our business plan, right now, it's looking -- in that business plan, it has the mine expanding the processing plant first and then expanding into the underground portions of the deposit, and that is -- there's a lot of cash flow created from that. So anything to add to that, Mike, from our release yesterday?

我們沒有引用內部收益率 (IRR)，因為根據我們的商業計劃，目前來看——在該商業計劃中，礦山首先擴建加工廠，然後擴展到礦藏的地下部分，這樣就能產生大量的現金流。麥克，對於我們昨天發布的消息，你還有什麼要補充的嗎？

No, I think it's pretty clear, Stephen. I think what's important to note is we have been able to demonstrate with this study a long mine life. It's just under 18 years mine life. Average annual production of over 60,000 ounces, peaking at over 90,000 under this current structure. Lots and lots of room to optimize.

不，我覺得很清楚了，史蒂芬。我認為需要指出的是，這項研究已經證明了礦山壽命很長。它的礦井壽命略低於18年。在目前的生產結構下，年均產量超過 6 萬盎司，高峰超過 9 萬盎司。還有很大的優化空間。

We'll get into that when we talk about the study. But importantly, when you talk about cutoff grade and things like that, you'll note that the life-of-mine cash cost is still very low. It's in the lowest quartile of the cost just over $1,000 an ounce. So again, a high-margin operation that should generate plenty of free cash as demonstrated in the study over the life of mine.

我們將在討論這項研究時深入探討這個問題。但重要的是，當你談到最低品位之類的東西時，你會注意到礦山壽命週期內的現金成本仍然非常低。它的價格處於最低的四分之一，每盎司略高於 1000 美元。所以，如研究所示，這是一個高利潤率的業務，在我的經營週期內應該可以產生大量的自由現金流。

Thank you, Mike. I did have that in my notes here that I forgot to mention on the cash cost. That was really good as well. That's continually to focus on the economics. On the next slide, so with -- we are an emerging producer.

謝謝你，麥克。我筆記裡確實有提到現金成本這一點，但我忘了提。那也非常好。那就是要持續關注經濟問題。下一張投影片，所以──我們是一家新興的生產商。

So we're still small production. We're going to get into why we're increasingly bullish in the second half of the year versus the first half of the year. We did undergo an extensive strip campaign. Richard will explain to us that we have a couple of slides to really demonstrate that from a visual perspective of where that confidence comes from in the second half of the year versus the first half of the year. As Mike mentioned, we are a high-margin business.

所以我們目前還是小規模生產。我們將深入探討為什麼我們對下半年的前景比上半年更加看好。我們確實開展了一場大規模的脫衣舞運動。理查德將向我們解釋，我們有幾張幻燈片，可以從視覺角度真正展示下半年與上半年相比，這種自信的來源。正如麥克所提到的，我們是一家高利潤企業。

We do have a significant resource that's now high grade. We will refocus priority on drilling to expand that because that's one of the upside and continually focus on sustained cash flow. With regards to the -- we're currently seeing over -- versus the first half versus the second half of the year, we're currently seeing daily production over 50 ounces a day now and increasing. I saw The Daily this morning, it was quite nice. And that is -- Rich will get into why that is the case on a slide that shows a grade profile that we're currently mining versus what we have been mining.

我們確實擁有大量高品味資源。我們將重新調整工作重點，增加鑽探力度，擴大鑽探規模，因為這是有利因素之一，我們將持續關注現金流的持續穩定。關於——我們目前看到的——與上半年和下半年相比，我們目前看到的日產量超過 50 盎司，並且還在增加。我今天早上看了《每日新聞》，感覺還不錯。而里奇將透過一張幻燈片來解釋為什麼會出現這種情況，幻燈片上顯示了我們目前正在開採的礦石品位與我們過去開採的礦石品位對比。

So once we get that moving, the expansion and those sort of other things will come on the backend of that.

所以一旦我們把這件事推進起來，擴張和其他那些事情就會跟著來。

Stephen, I might just comment for those that might be new to the story, after having seen the study of the PEA results. We are in Tanzania, as you mentioned. And we comment here on the slide, we do see it as a Tier 1 jurisdiction. And I think it's important to note that part of the reason we characterize it that way is because this is a part of the world we can get things done. You've heard us say that before, but this asset is fully permitted.

Stephen，在看過 PEA 研究結果之後，我可能要對那些可能還不了解這件事的人說幾句。正如您所說，我們現在在坦尚尼亞。我們在這裡對這張投影片進行評論，我們認為它是一個一級管轄區。我認為值得注意的是，我們之所以這樣描述它，部分原因是因為在這個世界上的某個地方，我們可以把事情做好。我們之前已經說過，這項資產完全合法。

We've got a special mining license that allows us effectively to grow this asset on an unencumbered basis. So when you look at the study and the growth that we've modeled in our business plan, the special mining license that we have, which is unique to Tanzania, allows us to grow this asset and achieve a lot of the targeted metrics that we've included in the study. So a very, very good place to do business.

我們擁有特殊的採礦許可證，使我們能夠有效地、不受限制地開發這項資產。因此，當你查看這項研究以及我們在商業計劃中模擬的增長時，你會發現，我們擁有的坦尚尼亞獨有的特殊採礦許可證，使我們能夠發展這項資產，並實現我們在研究中包含的許多目標指標。所以這裡是一個非常非常好的經商之地。

Yes. Thanks, Mike. So with regard to what Mike was just saying, obviously, I mentioned that we put out a robust PEA yesterday with great numbers in it. I did mention Buckreef has a significant gold resource that's higher grade now, which means lower cost. It is a shallow deposit that does come to the surface and continues downward.

是的。謝謝你，麥克。所以，關於麥克剛才說的，很顯然，我提到我們昨天發布了一份強而有力的初步經濟評估報告，其中包含非常出色的數據。我之前提到過，巴克里夫擁有豐富的金礦資源，而且現在的金礦品位更高，這意味著成本更低。這是一個淺層沉積物，它會露出地表並繼續向下延伸。

It's a vertical body. We are understanding metallurgical recoveries more and more every day and have studies to achieve high-80s to low-90s of recoveries over time as we upgrade our plant. Richard is in the throes of that right now. And it continually deals with the labs around metallurgy, and we understand it more and more every day. We are fully permitted with the special mining license going to 2032.

它是垂直的。我們每天都在加深對冶金回收的了解，並且正在進行研究，隨著我們工廠的升級改造，逐步實現 80% 至 90% 的回收率。理查德現在正深陷其中。它不斷地與冶金相關的實驗室打交道，我們每天都在加深對它的了解。我們已獲得全部許可，特殊採礦許可證有效期至 2032 年。

Obviously, we're environmentally responsible on the ground. I've spoken a lot of times about that. We have very high priority known gold zones from an exploration blue-sky potential. That's not included in the PEA. That will be upside over time as the drill bit gets in the ground.

顯然，我們在實際行動中對環境負責。我曾多次談到這個問題。我們有幾處勘探潛力巨大的已知金礦帶，優先順序非常高。這不包含在初步經濟評估（PEA）中。隨著鑽頭深入地下，這種情況會逐漸改善。

And we have established infrastructure, both from a physical infrastructure perspective and a social or HR infrastructure perspective as well around the assets to continually be able to give us the confidence to continually expand this asset. We've done three expansions. I don't see another reason why we can't do another expansion to really start to unlock the value of Buckreef. And Richard, I'm going to pause there and anything to add to what I just said here because you're in the throes of this day-to-day.

我們已經從實體基礎設施、社會基礎設施和人力資源基礎設施的角度，圍繞著這些資產建立了基礎設施，使我們能夠不斷擴展這些資產，並為此提供持續的信心。我們已經進行了三次擴建。我看不出還有什麼理由阻止我們進行另一次擴建，從而真正開始釋放巴克里夫的價值。理查德，我先停一下，你還有什麼要補充的嗎？因為你正忙於處理日常事務。

Stephen, I concur with what you say. We've been growing the capacity of the plant and the project and the people over an extended period now. And the more we have some successes in the project, the more those good results are repeated. So we're starting to see some good consistency and repeats now. And as you've mentioned, we've turned a bit of the direction of the mine around.

史蒂芬，我同意你的說法。我們已經持續擴大工廠、專案和人員規模長達一段時間了。專案的成功越多，這些好結果就越能重複出現。所以現在我們開始看到一些好的穩定性和重複性了。正如您所提到的，我們已經稍微調整了礦井的開採方向。

We've got through some hard work, and we're now at the other side of some of that hard work and seeing some good grades coming through the project. So plenty of upside still. It's a very young project. It's a very young team that is learning a lot. And we've got a lot of growth potential, not only in ounces, but in efficiency and productivity to come as well.

我們已經完成了一些艱苦的工作，現在我們已經度過了其中一些艱苦工作的另一階段，並且看到專案取得了一些不錯的成績。所以上漲空間依然很大。這是一個非常年輕的項目。這是一支非常年輕的隊伍，他們正在學習很多東西。我們不僅在盎司方面，而且在效率和生產力方面，都擁有巨大的成長潛力。

Thanks for that, Richard. So with regards to -- we've had a fast-paced transformation, as Richard has mentioned. And I know a lot of people would like to see this is a little bit backward-looking. We will, over time here now, give more forward-looking information here because a lot of the 2021, 2022, 2023, that's in the rearview mirror. We're going to be focused solely on what's the goal forward and the PEA provides basis of that.

謝謝你，理查。所以，關於這一點——正如理查德所提到的，我們經歷了快速的轉變。我知道很多人希望看到這種做法，但這有點倒退。隨著時間的推移，我們將在這裡提供更多前瞻性信息，因為 2021 年、2022 年、2023 年的許多事情都已成為過去。我們將全心全意專注於未來的目標，而 PEA 正是實現這一目標的依據。

The upside in that PEA is the gold price was at $1,900 for resources. So gold price is higher today. The plant size, we'll get into this in a second, 3,000 tonnes per day, you can increase that and move up some of the economics as well as increase your mining rates, move up the economics as well as over time moving in your exploration success into that plan. So although it's a layout at a period of time, it will consistently change over time as we continue to refine it. With regards to the operational growth since 2021, this is what really starts to give us the confidence to really focus on expanding again is we've done this 3 times.

這項初步經濟評估的有利之處在於，當時黃金價格為每盎司1,900美元，可用於資源開發。所以今天黃金價格上漲了。工廠規模，我們稍後再談，每天 3000 噸，您可以增加這個規模，提高一些經濟效益，同時提高採礦率，隨著時間的推移，將您的勘探成果納入該計劃，從而提高經濟效益。所以，雖然這只是一段時間內的佈局，但隨著我們不斷改進，它會隨著時間的推移而不斷變化。就 2021 年以來的營運成長而言，這真正讓我們開始有信心再次專注於擴張，因為我們已經這樣做了 3 次。

Richard and team have the detailed flow sheet. They have the detailed cost for that. That is in the PEA study. We're starting to put together timelines, which are always fluid as you bring these components in. We do have similar people executing it, and it has been signed off by reputable engineering firms on flow sheet.

Richard和他的團隊有詳細的流程圖。他們有詳細的費用清單。這是在PEA研究中提到的。我們正在開始製定時間表，但隨著各個環節的推進，時間表總是會不斷變化。我們有類似的人員負責執行，而且流程圖已經過信譽良好的工程公司的審核。

What you will notice in Q2 results and Q1 results is look at the average head grade. So when you have a lower head grade, you have higher cash cost. We will get into in a second. I see the slides coming up around what the head grade looked like from a visual perspective in the first half and what it can look like in the second half. You do see a little bit of slowdown in what I'll call processing tonnes, given you're into a little bit harder rock versus what we were in the early part of the mine plan.

您會在第二季結果和第一季結果中註意到的是平均頭部等級。所以，當礦渣等級較低時，現金成本就會較高。我們馬上就來談談這個。我看到接下來的幻燈片展示了前半部分頭部等級的視覺效果，以及後半部分頭部等級可能的樣子。鑑於我們現在處理的岩石比礦山計劃早期階段的岩石要硬一些，所以你會發現處理噸位的速度略有放緩。

But that will be improving as we improve the plant and upgrade that plant in order to get higher throughput levels coming out. But look, the processing cost per tonne have come down. Our mining costs are consistent, and we know how to get those lower, and we're getting the better head grade as we go forward. Anything to add here, Mike, because you're knees-deep into the numbers all the time.

但隨著我們對工廠進行改進和升級，以提高產量，這種情況將會得到改善。但是你看，每噸的加工成本已經下降了。我們的採礦成本很穩定，我們知道如何降低成本，而且隨著時間的推移，我們獲得的礦石品位也越來越高。麥克，你還有什麼要補充的嗎？因為你一直都對數字非常了解。

No, I think you said it well, Stephen. I mean the processing cost would be the key one to highlight. I mean, through the expansions, what we've begun to realize our economies of scale, particularly when we went from 1,000 tonnes a day of throughput to 2,000 tonnes a day of throughput, our costs have come down from $22 a tonne down to sort of $13, $14 a tonne, which is certainly in line, if not below international standards. So we're starting to see as we scale this plant up economies of scale and expect with a full year of operations going forward that we should benefit from that larger plant.

不，我覺得你說得很好，史蒂芬。我的意思是，加工成本是需要重點關注的關鍵因素。我的意思是，透過擴張，我們已經開始實現規模經濟，特別是當我們的日吞吐量從 1000 噸增加到 2000 噸時，我們的成本已經從每噸 22 美元下降到每噸 13 美元、14 美元左右，這即使不是低於國際標準，也肯定符合國際標準。隨著工廠規模的擴大，我們開始看到規模經濟效益，預計在接下來一個完整的營運年度裡，我們將從更大的工廠中受益。

I consistently put out this slide, and this is in a different format this time around prudent capital management to achieve profitability and move through. And this does take -- look, a lot of mining companies raise a big amount of capital, put a drill bit in, put the plant into production and then it ramps up extremely quickly. This business model has taken a little bit more time because of the nature of it is -- we've reused basically cash flow from operations as well as some supplier financings to build out the operations to date. In Q2 and half fiscal 2025, we are seeing the record gold prices come through. We will continue to see those come through in the back half.

我一直都在展示這張投影片，這次的格式有所不同，內容是關於審慎的資本管理，以實現盈利並順利發展。而且這確實需要──你看，很多礦業公司籌集了大量資金，投入鑽探，讓工廠投入生產，然後產量就會迅速成長。由於這種商業模式的性質，它需要更多的時間——到目前為止，我們基本上是利用營運現金流以及一些供應商融資來發展業務的。2025財年第二季和上半年，我們將看到金價創下歷史新高。我們將繼續看到他們在下半程取得好成績。

EBITDA is a little bit lower than what it will be in the second half. And that is, as Mike just mentioned, grade profile. But the cost profile on a per tonne basis is still there while holding our G&A expenses throughout the period of time. So in the first half, we generated $22 million of revenue and just over $5 million of EBITDA and reinvested that back into the business. I'm going to come back to this slide because it's not really in the order.

EBITDA 比下半年略低。正如麥克剛才提到的，那就是成績概況。但在此期間，我們維持了每噸的成本結構，同時控制了一般及行政費用。因此，上半年我們創造了 2,200 萬美元的收入和略高於 500 萬美元的 EBITDA，並將這些收入再投資到業務中。我稍後會再回到這張投影片，因為它順序有點亂。

I'm going to go into what gives us a level of confidence in the back half first, and then I'll reverse and come back to this slide because that sets up for the PEA fairly well. So second half, I took in a few messy pictures here. Richard will be able to explain this slide better than I can. But what you see here is what our stripping campaign is. And so you see March 2024, the pit is high.

我首先要談談是什麼讓我們對後半程充滿信心，然後再回到這張投影片，因為它為 PEA 做了很好的鋪墊。所以下半場，我在這裡拍了一些亂七八糟的照片。理查德肯定比我更能解釋這張幻燈片。但你在這裡看到的，就是我們這場脫衣舞運動的本質。所以你看，到 2024 年 3 月，坑底很高。

It's not down in and around the high-grade areas. And you see April 2025, and what you'll notice is there's more benches. I think there's two or three more benches in that photo. You'll see the sulfide rocks there being starting to be exposed and you will also see the pit being a lot wider. Rich, you want to just give the investors just a quick overview of what you're really looking at here?

它不在高檔住宅區及其周邊地區。然後你看 2025 年 4 月，你會注意到長椅變多了。我覺得照片裡還有兩、三張長椅。你會看到那裡的硫化物岩石開始裸露出來，你還會看到礦坑變得更寬了。Rich，你想不想給投資人簡單介紹一下你們真正關注的重點？

Well, we're looking at the main pit from the south to the north. And we're really just getting back into this part of the pit having spent a good six or eight months further north where you'll see if you can sort of distinguish the drop in vertical descent, probably we've dropped about 30 meters in that northern block, and we're down about 20 to 25 meters in the southern area now, and we're quickly catching that up. So from what you can see on the -- a year ago, we were mining in very easy minable oxide material. Now we're into much harder sulfide ore. We're now taking 10-meter benches, as you can see there instead of 3- to 5-meter lifts in a year ago.

我們現在是從南向北觀察主礦坑。我們剛剛回到礦坑的這一部分，之前我們在更北的地方待了六到八個月，你可以看到垂直下降的幅度，我們在北部區域可能下降了大約 30 米，現在我們在南部區域下降了大約 20 到 25 米，我們正在迅速趕上。所以從你們看到的──一年前，我們開採的是非常容易開採的氧化物材料。現在我們要處理的是更難處理的硫化物礦石。正如你所看到的，我們現在使用的是 10 公尺高的臥推凳，而不是一年前使用的 3 到 5 公尺高的臥推凳。

It's pretty hard to distinguish, but there's a larger fleet of equipment now operating and our production rate is climbing up towards 20,000 tonnes a day at the moment as we're exposing bigger areas of the pit, and we're getting ourselves organized with the cycle of open pit mining, drilling, blasting, hauling and back to drilling again.

雖然很難區分，但現在有更多設備投入運營，隨著我們開採的礦坑面積越來越大，我們的日產量正在攀升至 2 萬噸，我們正在調整露天採礦、鑽孔、爆破、運輸和再次鑽孔的循環流程。

So I'm going to put it down to this slide because this slide now visually shows where we were. And I'll move my cursor, Richard, as you explained this because we were up in this area here in the first part of the year. Anything above the line is what we mined in the first part of the year on the ore basis of waste and anything below the line is what we expect to do in the second half. You want to just give the investors a quick overview of what you're really seeing here. We like purple and pink colors in our models.

所以，我決定把重點放在這張投影片上，因為這張投影片直觀地展示了我們當時所處的位置。理查德，正如你解釋的那樣，我會移動我的遊標，因為我們今年上半年就來過這個地區。線以上的部分是我們今年上半年開採的廢石礦石，線以下的部分是我們預計在下半年開採的廢石礦石。你只想讓投資者快速了解你在這裡看到的真實情況。我們喜歡在模特兒身上使用紫色和粉紅色。

That means basically it's higher grade, as you can see in the legend here. And then first half, we had -- we don't like the yellow and green, but you've got to move through it. It's all positive.

這意味著它的等級更高，正如你在這裡的圖例中看到的那樣。上半場，我們——我們不喜歡黃色和綠色，但你必須接受它。全是正面的。

Exactly, Stephen. Unfortunately, you've got to take these pits down in a relatively even fashion. And we've now done the hard work over on the right-hand side of the north of the pit, moving that down out of the -- and we've had to endure some fairly low grades while we've been mining that in the first half of the financial year. We've moved now our focus back over to the south. And as you can see where the line is in the very far south, we've got a bit to drop down to get that to an even basis.

沒錯，史蒂芬。很遺憾，你必須相對均勻地清除這些坑洞。現在，我們已經完成了礦坑北側右側的艱苦工作，將礦石從礦坑中移了出來——而且在本財年上半年開採過程中，我們不得不忍受一些品位相當低的礦石。現在我們已經將重點重新轉移到南方。正如你所看到的，這條線位於最南端，我們需要向下移動一些距離才能使兩者達到平衡。

But the good news is if you look for the warmer colors, the reds and the purples, the grades in that southern section are particularly good, attractive, very good for an open pit mine. So yes, we should be seeing and we will be seeing and we are already seeing some higher grades coming through the mill now and we'll see those gold production quarterly numbers start to jump up now.

但好消息是，如果你尋找顏色較暖的礦石，例如紅色和紫色，那麼南部地區的礦石品位就特別好，很有吸引力，對於露天礦場來說非常好。所以，是的，我們應該會看到，而且我們也會看到，現在我們已經看到一些更高品位的黃金通過了選礦廠，我們將看到黃金季度產量數字開始大幅上升。

And just want to give a quick explanation of the black areas here because these are underground workings from the old mining areas.

我還要簡單解釋這裡的黑色區域，因為這些是舊礦區的地下作業區。

Certainly, black is not a good grade. These are voids taken from the underground mining that was conducted in the 1980s and '90s or '70s, '80s and '90s. There's been about 80,000 to 90,000 tonnes removed in that 20-year period. And our job now is that those holes or voids were never filled. So we have to take care when we're mining around those.

當然，黑色不是一個好等級。這些是上世紀八、九十年代或七、八九十年代地下採礦作業中發現的空洞。在過去的20年裡，大約清除了8萬至9萬噸污染物。而我們現在的任務就是確保這些漏洞或空白永遠不會被填補。所以，我們在那些地方附近採礦時必須格外小心。

All of the production or the ounces in that has been removed in our schedules and our resource models. But we now have to be careful as we go down through these areas. So we've got a very clear plan that everybody is working to that allows us to work safely around and through and down past these void areas.

所有這些產量或盎司數都已從我們的計劃和資源模型中移除。但我們現在在穿越這些區域時必須格外小心。因此，我們制定了一個非常清晰的計劃，每個人都在按照這個計劃努力，使我們能夠安全地繞過、穿過和越過這些空隙區域進行作業。

Yes. It's not by accident that the void areas are around the nice warmer colors as you put it in the purples, particularly in and around here, and in and around here and then over here. So we will have another slide in a few minutes on the PEA, which will show where we're going underground. And you'll see underground workings coming around here, all in around here, and then to the north up here and then off junction into the Stamford Bridge area, which needs to continually be drilled out further. So now I said I'm just going to jump back.

是的。空隙區域出現在你所說的溫暖的紫色周圍，這並非偶然，尤其是在這附近，以及這附近，還有這邊。所以幾分鐘後我們將展示另一張關於初步經濟評估的幻燈片，它將顯示我們將進行地下作業的路線。你會看到這附近有地下通道，都在這裡，然後往北到這裡，再往北到斯坦福橋地區，那裡需要不斷地進一步鑽探。所以我現在說我要跳回去。

So I'm going to jump back. So we just gave you an overview of why we feel more confident in the second half of the year. Look, gold prices are great. That helps, always helps. The better the gold price the better profit is going to be.

所以我要跳回原點。所以我們剛剛概述了為什麼我們對下半年更有信心。你看，黃金價格現在很好。那很有幫助，總是有幫助的。金價越高，利潤越高。

But you can't let your costs get away from you even in a good gold price environment. So we're continually focused on those operating cost reductions. As Mike mentioned, there is more economies of scale in this plant. There's also economies of scale in mining as well, which we're starting to experience and those costs will come down. That, combined with better grade profile will mean that there will be more ounces produced, as Richard just went through, given the grade profile where we're getting to in the second half of the year versus the first half of the year.

但即使在金價行情好的時候，你也不能讓成本失控。因此，我們一直致力於降低營運成本。正如麥克所提到的，這家工廠的規模經濟效益更大。採礦業也存在規模經濟效應，我們正開始感受到這種效應，成本將會下降。這一點，再加上更好的等級分佈，意味著產量將會更高，正如理查德剛才所經歷的那樣，考慮到下半年的等級分佈與上半年相比會有所改善。

So good gold prices, focus on operating costs, good grade means higher ounces and hopefully, higher profitability. The larger scale operation, as I mentioned, we've done this 3 times before. Richard and team have gone through all of the engineering details that is all spec'd out. It's all costed out and now it needs to start to be executed upon and phased in over time. And in that plant, we are looking at upgrades to the circuit, particularly around a flotation and regrind to get a higher recovery rate, so moving from 80s to high 80s, maybe low 90s.

所以，金價走高，關注營運成本，高品位意味著更高的黃金產量，並有望帶來更高的獲利能力。正如我之前提到的，這種更大規模的行動，我們之前已經做過 3 次了。Richard 和他的團隊已經仔細研究了所有工程細節，所有規格都已製定完畢。所有成本都已計算完畢，現在需要開始執行，並分階段逐步實施。在該工廠，我們正在考慮對迴路進行升級，特別是圍繞浮選和再磨工藝，以獲得更高的回收率，從 80 到 80 多，甚至 90 多。

That is the goal. Also on the front end of the plant, that's on the back end of the plant, we're looking at potentially, say, 80. But in the near term, it may be a crushing upgrade. That's not in the PEA because we can get higher throughputs just by a crushing upgrade, and then we need to put the flotation and regrind on the back end. We are also upgrading the elution circuit because we have more of a rudimentary elution circuit now to a fully state-of-the-art elution circuit.

這就是目標。此外，在工廠的前端，也就是工廠的後端，我們預計可能會有 80 個。但就短期而言，這可能是一次巨大的升級。初步經濟評估中沒有包含這部分，因為我們只需升級破碎設備就能獲得更高的產量，然後我們需要在後端進行浮選和再研磨。我們也升級了洗脫迴路，因為我們現在的洗脫迴路比較簡陋，要升級為最先進的洗脫迴路。

That will give us a couple of points on recoveries as well. And so that is all well underway. The exploration success, once we get refocused now with that higher cash flow coming in the back half, putting the drill bit back into the ground, we fully expect that to be coming through as well. We got those high target areas in Anfield, which is adjacent to the pit. If we can bring in some open pitable resources there, that would be great.

這樣也能為我們帶來一些得分。目前一切進展順利。一旦我們重新聚焦，下半年現金流更加充裕，重新投入鑽探工作，我們完全相信勘探的成功也會隨之而來。我們在安菲爾德球場獲得了那些高目標區域，它毗鄰球場的坑位。如果我們能在那裡開採一些露天礦，那就太好了。

And then we have Stamford Bridge, which is the highest grade portion of what we're seeing thus far at over 5 grams a tonne from a resource perspective, initial resource perspective to look at the gold mine as well. Richard, anything to add to what I just mentioned?

然後是史丹佛橋礦區，從資源角度來看，這是我們目前所看到的品位最高的礦區，每噸超過 5 克；從初步資源角度來看，我們也應該看看這座金礦。理查德，你還有什麼要補充的嗎？

The good thing is we've got an operating mine now, and we -- when we're doing our cost estimates, we've got real data to go off and real experience on what is available with throughputs and everything else. We've done some metallurgical test work already to define how we can improve recovery. I'm very confident that these -- they'll be very successful. And we'll have some small incremental recovery rates, but then a very significant one when we expand the plant with the flotation circuit, which is a pretty standard technique for sulfide gold ores around the world and certainly in Africa.

好消息是我們現在有一個正在運作的礦山，而且——當我們進行成本估算時，我們有真實的數據可以參考，並且有真實的經驗來了解產量和其他方面的實際情況。我們已經進行了一些冶金測試工作，以確定如何提高回收率。我非常有信心這些——它們一定會非常成功。我們將獲得一些小幅的增量回收率，但當我們擴建工廠並採用浮選迴路時，回收率將會大幅提高，這對於世界各地（當然也包括非洲）的硫化物金礦來說是一種相當標準的技術。

So on that basis, let's get into the PEA and what the approach was. As Richard mentioned, it's based on a lot of the data in the PEA is actually based on real data. So typically, when you go through studies is the feasibility study in a preproduction property still has not actual costs, not actual data around recovery rates and has more theoretical cost. Whereas even though this is a lower level of report in the feasibility study, it probably has better data than a lot of feasibility studies because it's actual real data. And that's why we went with this sort of approach.

因此，基於此，讓我們深入了解初步經濟評估 (PEA) 以及所採用的方法。正如理查德所提到的，PEA 中的許多數據實際上是基於真實數據。因此，通常情況下，當你進行研究時，預生產專案的可行性研究仍然沒有實際成本，沒有關於回收率的實際數據，更多的是理論成本。雖然這是可行性研究中較低層級的報告，但它的數據可能比許多可行性研究的數據更好，因為它是真實的數據。這就是我們選擇這種方法的原因。

And other miners that are into production go with similar approaches because you want to give the market a sense of what the overall project can look like based on real data and then bringing in your inferred resources in feasibility study, you can't bring in inferred resources. In a PEA, you can't. And we're confident in the measured and indicated category as well. So when you look at our deposit, it's drilled more off top than it is down bottom. So the inferred resources in that mine plan are later out versus the front end of the PEA is based on better data in the measured and indicated category.

其他已經投產的礦商也採用類似的方法，因為他們希望根據真實數據讓市場了解整個計畫的發展前景，然後在可行性研究中引入推斷資源，而不能引入推斷資源。在初步經濟評估中，這是不行的。我們對已測量和已指示類別也充滿信心。所以當你觀察我們的礦藏時，你會發現它的頂部鑽探比底部鑽探要多。因此，該礦山計劃中的推斷資源量是後期得出的，而初步經濟評估 (PEA) 的前期部分則基於已測量和已指示類別中更好的數據。

It's more intensely drilled. So when we look at the mine and plant expansion, we look at 3,000 tonnes a day, so from 2,000 to 3,000 tonnes per day. And as I mentioned, that is one of the areas which we can upgrade over time to move up economics. We'll make sure that when we do an expansion, it may be greater than 3,000 tonnes a day throughput as we get there, but it's certainly something that will be open. And we'll, as we've done already, make sure the plant is easily upgradable by putting more tanks on or a bigger ball mill over time to do easy expansions.

它的鑽孔強度更大。所以，當我們考慮礦山和工廠擴建時，我們考慮的是每天 3000 噸，也就是從每天 2000 噸增加到每天 3000 噸。正如我之前提到的，這是我們可以隨著時間推移而升級以提升經濟水平的領域之一。我們將確保擴建後，每日吞吐量可能超過 3000 噸，但可以肯定的是，擴建工程肯定會開放。而且，正如我們已經所做的那樣，我們將確保工廠能夠輕鬆升級，隨著時間的推移，可以透過增加更多的儲罐或更大的球磨機來進行輕鬆擴建。

The mine plan, as I mentioned, Buckreef is a vertical deposit. So -- and I've said this to market participants a lot is you will have several years of open pit and then you will go underground because what does happen when you go back to the picture of the pit, you notice how it goes out wider. So the further you go down, the wider you got to go out in order to be safe. And that means you got to move a lot of waste. And when Mike is computing the cost of moving waste without gold in it, he doesn't like it.

正如我之前提到的，巴克里夫礦山是一個垂直礦床。所以——我經常跟市場參與者說——你們會有幾年的露天開採，然後就會轉入地下開採，因為當你回過頭來看礦坑的照片時，你會注意到它是如何向外擴展的。所以，你越往下走，為了安全起見，你需要向外走得越遠。這意味著你需要處理大量的垃圾。當麥克計算處理不含黃金的廢料的成本時，他並不滿意。

So he wants to minimize that. And so when we get into the underground workings is your costs and upfront are more underground development of tunnels essentially that go in and get the ore body. But when you go to the ore body, you don't take weeks to the outside of it like you would in an open pit. You're just going to take your ore body. And so that's why it goes underground and that's why the Buckreef is fairly wide from a mineralization perspective.

所以他想盡量減少這種情況。因此，當我們深入地下作業時，成本和前期投入主要是地下隧道開發，這些隧道本質上是進入礦體並獲取礦體的。但是，當你到達礦體內部時，你不會像在露天礦坑那樣，需要幾週時間才能到達礦體外部。你只需要把礦體運走就行了。所以這就是為什麼礦脈會延伸到地下，也是為什麼從礦化角度來看，巴克里夫礦床相當寬廣的原因。

You're able to get good mining costs at even 2.5 grand a tonne underground. With regard to process and recovery, we mentioned this several times. It will be flotation and regrind. So what that really is doing is right now the plant is capable from a throughput perspective of getting around 80%, passing 75 microns. That gives you high 70s, low 80s recovery rates.

即使地下開採成本低至每噸 2500 美元，你也能獲得不錯的採礦成本。關於工藝和回收，我們已經多次提到。將會進行浮選和再研磨。所以，從產能的角度來看，該工廠目前能夠處理約 80% 的產品，其粒度為 75 微米。這樣一來，恢復率就能達到70%以上，80%以下。

If you grind that finer, you expose more gold to the cyanidation process. If you grind that down to, say, 40 or 50 microns through floating it and regrinding it in a high-intensity grind mill, then your recovery rates will come into the range that were mentioned here, 88% to 92% is what we're looking at. The PEA, as we've mentioned to a lot of market participants is we've expanded the plant off of cash flow thus far. The PEA has a similar type of business approach in it. Open pit profit is used for underground development, while continual cash flow is used to upgrade plant.

如果把金粉磨得更細，就能讓更多的黃金暴露在氰化過程中。如果你透過浮選和高強度研磨機再次研磨，將其研磨至 40 或 50 微米，那麼你的回收率將達到這裡提到的範圍，也就是 88% 到 92%。正如我們向許多市場參與者提到的，初步經濟評估 (PEA) 顯示，到目前為止，我們一直依靠現金流來擴大工廠。PEA也採用了類似的商業模式。露天礦的利潤用於地下開發，而持續的現金流則用於工廠升級。

So the way the PEA is laid out, upgrade plant, increase cash flow, do underground development. I think, Mike, in the simplicity, that's really what's happening in that underground development.

因此，初步經濟評估的方案是：升級工廠，增加現金流，進行地下開發。我覺得，麥克，從本質上講，這就是地下發展正在發生的事情。

Yes, that's well said.

沒錯，說得好。

Now when I was saying, here's a picture of what this underground development looks like. As you can see, I went into the areas of the pit that, that encompasses. So we have the Eastern Porphyry, which you can see in the grade profile, to the side with an open pit resource as well as underground workings. This is the north part of the pit going down, and this is the south part of the pit going down. You'll see all the works and details.

剛才我說的是，這裡有一張這個地下設施的圖片。正如你所看到的，我進入了坑的那個區域。所以我們有東部斑岩礦，你可以從品位剖面圖中看到它，它位於一側，既有露天礦資源，也有地下礦井。這是礦坑北側向下延伸的部分，這是礦坑南側向下延伸的部分。你會看到所有的作品和細節。

This takes a lot of time to do of your underground development, your tunneling and costing that out and things of that nature. So with regards to the economics of the PEA, it's on average 61,000 ounces or 62,000 ounces a year over 17.6 year of mine life. As I said, you increase the plant, increase mining rates that gets higher and moved up. The annual free cash flow is around $64 million at $3,000 an ounce. Growth capital in the first four years, as I mentioned, is phased in around $90 million.

地下開發、隧道挖掘、成本計算等等都需要花費大量時間。因此，就初步經濟評估的經濟效益而言，平均每年可產出 61,000 盎司或 62,000 盎司黃金，礦山壽命為 17.6 年。正如我所說，你增加工廠，提高採礦速度，速度就會越來越快，地點也會越來越高。以每盎司 3000 美元計算，年度自由現金流約為 6,400 萬美元。正如我之前提到的，前四年的成長資金將分階段投入約 9,000 萬美元。

Over the life of mine, it's $185 million. Cash costs are around $1,000, $1,200 for all-in sustaining costs. I suspect that it is well in the lowest quartile. Pretax NAV of $1.2 billion and $770 million after tax, net present value all at $3,000 gold. This gives an overview of the breakdown of this.

在我整個職業生涯中，總共是 1.85 億美元。現金成本約為 1,000 美元，全部維持成本約為 1,200 美元。我懷疑它肯定處於最低的四分之一水平。稅前淨資產價值 12 億美元，稅後淨資產價值 7.7 億美元，淨現值均以每盎司黃金 3,000 美元計算。以下內容概述了其構成。

Now we're getting into real data here. The first two columns or first two rows are for the plant upgrade. Then you have your underground workings. You see it detailed by year. We do have to have a tailings expansion for the open pit.

現在我們來看看真正的數據。前兩列或前兩行用於工廠升級。然後還有地下設施。你可以看到按年份排列的詳細數據。露天礦場確實需要擴建尾礦庫。

For the underground, we're going to have a paste backfill. So what that entails is you're basically -- when you mine out your underground workings, you put it back with a little bit of cement and it's a paste backfill, so you have a paste backfill plant. And so your tailings go back underground where they came from versus having to have a big tailings facility. That reduces operating risk from our perspective. We have line tailings facilities that are quite safe.

地下部分，我們將採用膏狀回填材料。所以，這意味著，當你開採完地下礦藏後，基本上要用少量水泥將其回填，這就是膏狀回填，所以你需要一個膏狀回填廠。這樣一來，你的尾礦就可以回到它們原本的地下，而不需要建造大型尾礦處理廠。從我們的角度來看，這降低了營運風險。我們有非常安全的尾礦處理設施。

In Tanzania, the regulations are quite high around tailings. So we sleep at night as a result of that, but having a paste backfill will be good. You'll see a breakdown here, and I don't think anybody has really seen this breakdown before around how you build up your cash cost, and how you build up your total all-in sustaining cash cost to the $1,000 an ounce and $1,200 an ounce, and mining, you're processing general and admin royalty costs, selling costs, quite detailed.

在坦尚尼亞，尾礦管理的規定非常嚴格。所以，我們晚上才能睡個安穩覺，但如果能用膏狀物回填就更好了。你會看到這裡有詳細的分解，我認為以前沒有人真正見過這種分解，它詳細列出了你如何計算現金成本，以及如何將維持每盎司1000美元和1200美元的總現金成本計算出來，包括採礦、一般和行政特許權使用費成本、銷售成本等等。

I wonder if it's worth maybe Richard just commenting in terms of capital, particularly the underground capital. It's far less capital intensive than folks may have seen in other underground development projects. Richard, maybe it's worth commenting just for a minute on the approach we're taking to going underground and why it's so efficient from a capital perspective.

我想知道理查德是否應該就資本，特別是地下資本發表一些評論。與人們可能見過的其他地下開發項目相比，它的資本密集度要低得多。理查德，或許值得花一分鐘時間談談我們採取的地下化策略，以及為什麼從資本角度來看這種策略如此有效率。

I don't know that it's that capital unintensive. It's well thought out. The design so far, the ore body lends itself towards being relatively efficient. We've got good ore tonnage and ounce profile for every sort of vertical meter we drop in the -- down through the underground workings as you would have seen in the schematics. It allows us to access it from only two declines, whereas other projects may need multiple declines to do that.

我不知道它是否屬於資本密集型產業。這是經過深思熟慮的。就目前的設計來看，礦體本身就具有相對較高的效率。正如你在示意圖中看到的那樣，我們每次下到地下礦井的垂直高度，都能獲得良好的礦石噸位和盎司分佈情況。它允許我們僅通過兩次下降就能到達那裡，而其他項目可能需要多次下降才能做到這一點。

We don't see value in putting in expensive infrastructure like a hoisting shaft or other conveying systems and things like that because our model is and our plan is simple. We have to get the equipment underground, the mobile equipment underground and that same portal to get our equipment and personnel down will be the same means by which we bring all the ore out. So -- that's really why we keep this thing at a low capital base, and we develop as we need it. So we will develop the mine progressively rather than having to do a significant amount of development just to start the mine. And that means we get into production a lot faster as well.

我們認為投入昂貴的基礎設施，例如昇降井或其他輸送系統等，沒有價值，因為我們的模式和計劃都很簡單。我們必須把設備、移動設備都運到地下，而將設備和人員運送到地下的同一個通道，也將是我們把所有礦石運出來的方式。所以——這就是為什麼我們要保持較低的資本基礎，並根據需要進行開發的原因。因此，我們將逐步開發礦山，而不是為了開採礦山而進行大量的開發工作。這意味著我們也能更快投入生產。

Thank you.

謝謝。

Thank you. So with regard to sensitivities, purpose of this slide, I'm not going to spend a lot of time on this. This is in the press release. And it does show a great leverage to gold price. If you keep your cost profile low, you will have leverage to gold price.

謝謝。所以關於敏感性問題，也就是這張投影片的目的，我不會花太多時間在這上面。這是新聞稿裡的內容。這確實顯示出對黃金價格的巨大槓桿作用。如果能保持較低的成本，就能從黃金價格中獲利。

And as I said, there is upside. You can play with this a little bit by lowering your cutoff grades, bringing in more mining rates. But if you lower your cutoff grades, as I mentioned, you have higher costs. But you have to balance that with actual sheer cash flow. So if you were to do that, you actually create more sheer cash flow and EBITDA off that even though it would be lower margin. And that's the equation that you look at in these mining studies and in your mine plan.

正如我所說，凡事都有好的一面。你可以透過降低最低品位來稍微調整一下，從而提高採礦率。但是，正如我之前提到的，如果你降低錄取分數線，你的成本就會更高。但你必須權衡實際的現金流。所以，如果你這樣做，即使利潤率較低，實際上也能創造更多的純現金流和 EBITDA。這就是你在採礦研究和礦場規劃中需要考察的公式。

Perhaps just to state the obvious, the upside case is $3,000 an ounce. We're currently running at about $300 an ounce above that today. So onward and upward from here.

或許無需贅言，金價上漲到每盎司 3,000 美元。目前我們的價格比今天的價格高出每盎司約 300 美元。所以，從這裡開始，一路向前，不斷進步。

Yes. So with regards to the updated resource statement as a result of looking at economics, the key here is there's much different classification between the 2020 resource statement and the 2025 resource statement. 2020 would be on an unconstrained basis, which means you do not have to put economic pits or economic underground workings around your resources. The 2025 resource statement and new rules require you to put economic workings in open pit as well as underground workings around your resource and applying costs towards those to ensure that there are economic ounces. And so what we've done is we've done a bridge between the 2025 MRE and the 2020 MRE and put it there.

是的。因此，就根據經濟因素更新的資源聲明而言，關鍵在於2020年資源聲明和2025年資源聲明之間的分類方式截然不同。 2020年的資源聲明是基於不受限制的開採方式，這意味著無需在資源周圍設置經濟開採區或進行經濟性地下作業。2025 年資源聲明和新規要求你在資源周圍的露天礦和地下礦場進行經濟開採，並將成本投入這些開採中，以確保獲得經濟價值的黃金。因此，我們所做的就是在 2025 年 MRE 和 2020 年 MRE 之間建立了一座橋樑，並將其放置在那裡。

And part of it is we come down to a 450 level; in 2020, there were resources down below that. In any mining area, you would have what you call a hanging wall and a footwall outside of the main zone. Those would be off to the side and harder to get to. And when you go underground versus going above ground or open pit, you have a higher cutoff grade versus an open pit resource. So our resource has a cutoff grade for the open pit and then has a higher cutoff grade for the underground to make sure that it is profitable.

部分原因是我們的資源量下降到了 450 左右；2020 年，資源量甚至低於這個水準。在任何礦區，主礦帶外側都會有上盤和下盤。那些地方比較偏僻，不太容易到達。與地面或露天開採相比，地下開採的礦石品位要高得多。因此，我們的資源露天開採有一個最低品位，而地下開採則有一個更高的最低品位，以確保其盈利。

And as I mentioned before, there are artisanal workings in Tembo and Bingwa on the peripheries of the deposits. So we haven't included those this time as well. So that is -- so where we get to is a much higher grade deposit and a much more profitable deposit than we had before, even though the sheer number is lower.

正如我之前提到的，在礦藏邊緣的坦博和賓瓦有一些手工採礦作業。所以這次我們也沒有把這些包括進去。所以，我們得到的是一個品位更高、利潤更高的礦床，儘管礦床的數量相對較少。

Well, Stephen, just to reiterate and at the risk of being repetitive, just saying it again here, the focus when you talk about things like cutoff grade, when you talk about things like pit design and scheduling and sequencing, when you talk about underground development and how you expect to access that ore body, our focus was on economics and maximizing NPV and free cash flow. So economics was the basis for this study, and we are very happy to see the end result.

好的，史蒂芬，我再重申一遍，雖然可能有點重複，但我還是要再說一遍，當你談到諸如邊界品位之類的事情，當你談到礦坑設計、進度安排和順序安排之類的事情，當你談到地下開發以及你打算如何進入礦體的時候，我們的重點是經濟效益，以及如何最大化淨現值和自由現金流。因此，經濟學是這項研究的基礎，我們很高興看到最終結果。

So as I mentioned, we will need to get back into putting more drill bits in the ground around the Blue-sky potential. So we can make those economics even further better. The focus will be on Anfield and Stamford Bridge as we go forward. We'll also do a geophysics survey to see if we have any potential higher grade trends that we haven't identified around the property as well as we get into the second half of the calendar year. Stamford Bridge in our resource statement, I think we brought in around 40,000 ounces in the inferred category around 5 grams a tonne.

正如我之前提到的，我們需要重新開始在藍天礦區周圍鑽探更多的鑽頭。這樣我們就能進一步改善經濟狀況。接下來，我們的重點將放在安菲爾德和斯坦福橋球場。我們還將在下半年進行地球物理勘探，看看礦區周圍是否有我們尚未發現的高品位礦藏趨勢。在我們的資源聲明中，斯坦福橋礦區，我認為我們在推斷類別中獲得了約 40,000 盎司，約合每噸 5 克。

Obviously, we need to continue to drill this out and infill that drill program. So as we infill it, get it deeper down and infill along trend, that gives a higher level of confidence to go mine this stuff in between, and that will be a focus as well going forward. With regards to Tanzania, I always going to mention Tanzania. We got Khalaf on the line here today. Look, we consider Tanzania to be a good jurisdiction.

顯然，我們需要繼續鑽探並完成該鑽探計劃。因此，隨著我們不斷填充礦層，使其更深，並沿著趨勢進行填充，這將使我們更有信心開採中間的礦藏，而這也將是未來工作的重點。至於坦尚尼亞，我總是會提到坦尚尼亞。今天我們請到了 Khalaf 作客。你看，我們認為坦尚尼亞是一個很好的司法管轄區。

I must say, over time, and everybody asked me a lot of questions about government and how government is acting, we get more and more comfortable with how to manage the government, what they're going to do, what the motives are behind it and how to work with them and be fair and open and transparent. So although it does go up and down, they do have economic and political objectives, understanding those, understanding where they're coming from and how to work with people is certainly something that we become more and more comfortable with over time, particularly myself, and to manage that. We get things done there. So that's one of the things. We're on the national power grid, great, good electricity.

我必須說，隨著時間的推移，每個人都問了我很多關於政府以及政府如何運作的問題，我們越來越了解如何管理政府，他們會做什麼，背後的動機是什麼，以及如何與他們合作，做到公平、公開和透明。所以，儘管經濟狀況有起有落，但他們確實有經濟和政治目標，了解這些目標，了解他們的出發點以及如何與這些人合作，隨著時間的推移，我們肯定會越來越適應，尤其是我自己，並且要學會管理這些目標。我們在那裡能把事情辦成。這是其中一點。我們接入了國家電網，太好了，電力供應很好。

Julius Nyerere is up and running, it's hydro. We get our gold out. And it's -- there's a large mining presence in Tanzania to Barrick and Anglo. Lots of employees can come from there and a good employee skill set. Lots of money has gone into Tanzania on the M&A side.

朱利葉斯·尼雷爾水力發電廠已經投入運營，它是水力發電廠。我們把黃金取出來了。而且，巴里克和英美資源集團在坦尚尼亞擁有大量的採礦業務。那裡可以培養出很多員工，而且員工技能素質很高。大量資金透過併購流入坦尚尼亞。

Mines continually expand. I believe and I just got to look at my LinkedIn feed, they might have met a 10% target. Certainly, gold prices will help them get there just organically. But I think they may have met that and the minister is telling that today. And we're able to bring things in and get the asset moving forward to create value.

礦場不斷擴張。我相信，而且我剛剛查看了我的 LinkedIn 動態，他們可能已經達到了 10% 的目標。當然，金價上漲會自然而然地幫助他們實現目標。但我認為他們可能已經達到了這個目標，部長今天也這麼說了。我們能夠引進資源，推動資產向前發展，進而創造價值。

With regards to share price, markets are continually being tough. We have seen a pop in the last couple of weeks. I'm hopeful that now that this study is into the market, people are able to more readily see a road map to value creation versus what we presented before, and that will help underpin the share price and bring in some new investors into the stock as we continually execute on a roadmap in the business. So key investment highlights. Again, we've done this before.

就股價而言，市場持續低迷。過去幾週我們看到了一波上漲行情。我希望，隨著這項研究成果的發布，人們能夠更容易地看到我們創造價值的路線圖，而不是我們之前展示的路線圖，這將有助於支撐股價，並隨著我們不斷執行業務路線圖，吸引一些新的投資者加入股票市場。以下是一些關鍵的投資亮點。我們以前也這樣做過。

We'll continue to grow, keep an eye on profit margins. We have that track record of doing things on time, on budget. We now have an overarching guideline. I call it a PEA guideline. It's not the actual business plan, but it's a guideline of what we can do with the current resource.

我們將繼續發展，密切關注利潤率。我們一直以來都有按時按預算完成工作的良好記錄。我們現在有了整體指導方針。我稱之為 PEA 指南。這並非實際的商業計劃，而是我們利用現有資源可以進行工作的指導方針。

It will change as we get more and more information, but we at least have a roadmap there. We're comfortable operating in Tanzania and dealing with the various day-to-day issues there. And as you are getting a sense, we have a very experienced team here and good leadership to be able to continually execute as we go along. And I am going to stop there for questions.

隨著我們獲得更多信息，情況會發生變化，但我們至少已經有了一個大致的路線圖。我們能夠適應在坦尚尼亞的運營，並處理那裡的各種日常問題。正如你所感受到的，我們這裡有一支經驗豐富的團隊和優秀的領導，能夠讓我們在前進的過程中持續執行任務。我就講到這裡，不接受提問。

(Operator Instructions) Mike Niehuser, ROTH Capital.

（操作說明）Mike Niehuser，ROTH Capital。

Can you hear me okay?

你聽得清楚我說話嗎？

I can hear you just fine.

我能聽得很清楚。

Yes. Good to see Khalaf as well. So you can smile, Khalaf. I just want to maybe make a comment that's more of a complement as well. It's interesting to go back to the prior technical report in 2020 and the world you were facing with high capital costs and really, as you say, a lot of assumptions compared to now having cash flow and real data is really something that needs to be kind of layered over your presentation because it really -- again, it's a complement to what you've accomplished, and of course, higher gold price doesn't hurt too.

是的。很高興看到哈拉夫。所以你可以笑了，哈拉夫。我只是想說一句讚揚的話。回顧 2020 年的上一份技術報告很有意思，當時你們面臨高昂的資本成本，而且正如你所說，當時做了很多假設。而現在有了現金流和真實數據，這確實需要在你的簡報中加以補充，因為它確實是對你們所取得成就的補充，當然，金價上漲也起到了積極作用。

So lots to take in with this, the last couple of press releases. Could you just give me a flavor and put up the Anfield slide again? Is that something you can do?

所以，最近幾份新聞稿的資訊量很大。可以再給我示範一下，把安菲爾德球場的幻燈片再放一遍嗎？你能做到嗎？

Yes, absolutely.

是的，絕對的。

And I had a question about that. Is there any open pit potential there?

我對此有個疑問。那裡有開採露天礦場的潛力嗎？

Yes. Yes, absolutely. That does come to surface and it's quite shallow. So when you go through our holes there, Mike, I don't have it in this presentation, but it certainly is shallow and continues to go down.

是的。是的，絕對的。這個問題確實會浮出水面，但程度很淺。所以，麥克，當你穿過我們那裡的洞穴時，我這次的演示中沒有提到，但它肯定很淺，而且還在不斷下沉。

And how soon will the PEA be out be filed?

PEA（初步經濟評估）何時提交？

It has been filed within 45 days. We're hopeful to get it done before that.

已在45天內提交。我們希望在那之前完成。

Okay. Very good then. Really no questions, but really quite a remarkable milestone coming from where you were a couple of years ago, and congratulations.

好的。那很好。沒什麼問題，但對於幾年前的你來說，這確實是一個非常了不起的里程碑，恭喜你。

Yes. Thank you, Mike, and thank you for your support.

是的。謝謝你，麥克，也謝謝你的支持。

Jake Sekelsky, Alliance Global Partners.

Jake Sekelsky，Alliance Global Partners。

So just looking at the $89 million in growth CapEx spread over that four-year period, is this timeline assuming a self-funding strategy? I guess what I'm getting at, is there an opportunity to accelerate the timeline for the expansion, if you explore external funding options?

那麼，僅從四年期間 8,900 萬美元的成長資本支出來看，這個時間表是否假設了一種自籌資金策略？我想問的是，如果探索外部融資方案，是否有機會加快擴張的時間表？

Yes. The answer to that is, yes, there's a timeline to put that, and I see Richard smiling at me when I say that. But there are sequence items there, too. So it's a balance is what I would say. You can accelerate it, but you would increase your risk profile.

是的。答案是肯定的，這件事有時間表，當我這麼說的時候，我彷彿看到理查德在對我微笑。但其中也包含序列項。所以我覺得這是一種平衡。你可以加快速度，但這會增加你的風險。

And so there's a balance between the two. To be quite honest, some of it has already started.

因此，兩者之間需要保持平衡。坦白說，有些事情已經開始了。

Okay. That's helpful. And then just on permitting, is the underground included in the existing special mining license or are there some additional permitting items that need to be done to go underground there?

好的。那很有幫助。那麼，關於許可證方面，現有的特殊採礦許可證是否包含地下開採，還是需要辦理一些額外的許可證才能進行地下開採？

Yes, special mining license does cover underground. Whether there's going to be what I'll call ancillary permits, we'll wait for the bigger study to come out in the next 45 days, but it's the same as the open pit operations. You have special mining licensing, you go mining, but you still need to get a tailings permit.

是的，特殊採礦許可證確實涵蓋地下採礦。至於是否會有我稱之為輔助許可證的事情，我們將等待未來 45 天內公佈的更全面的研究結果，但這與露天礦開採作業的情況相同。你持有特殊的採礦許可證，可以進行採礦作業，但仍然需要取得尾礦許可證。

Stephen Reiser, Family Office.

Stephen Reiser，家族辦公室。

Can you all hear me okay?

你們都能聽到我說話嗎？

Yes.

是的。

Yes, I echo the comments of many of the analysts. These are very exciting results even at the PEA level and certainly very much appreciated by the investor community. I wanted to get your view on a couple of items. First, actually, probably a little more tactical. You've used a 5% NPV in the results.

是的，我贊同許多分析師的觀點。即使從初步經濟評估（PEA）層面來看，這些結果也令人振奮，並且肯定會受到投資者界的讚賞。我想聽聽你對幾個問題的看法。首先，實際上，可能更偏向戰術層面。您在結果中使用了 5% 的淨現值 (NPV)。

And I wanted to get your view as to why that. Normally, personally, I've modeled this at around a 10% cost of capital. Thinking about the actual cost of the equity and normal capital asset pricing models. So we're now more in the range of 30-year T-bill is the discount rate. It's a lower risk for discounting.

我想聽聽你對此有何看法。通常情況下，我個人會把資本成本設定在 10% 左右。思考股權的實際成本和正常的資本資產定價模型。所以，我們現在比較傾向30年期公債的折現率。這樣可以降低折扣風險。

And that could be okay. That was done in the time of the 23-101B as well. But just wanted to get your view on the use of that discount rate.

這或許也沒什麼問題。23-101B 時期也曾經這樣做過。我只是想聽聽您對使用該貼現率的看法。

Yes. So when you're doing mining valuations, and I got lots of experience doing this, you typically use for all mining assets, a 5% discount rate. Now the analysts will tell you that it's because gold is kind of a special sort of commodity that should get that type of discount rate. Where you adjust, Steve, from asset to asset is in your price to net asset value multiple. So what would end up happening is, and we see this in the market, assets that are in North America trade at a higher price to net asset value multiple than African assets.

是的。所以，在進行礦業估值時（我在這方面有很多經驗），通常對所有礦業資產使用 5% 的折現率。分析師會告訴你，這是因為黃金是一種特殊的商品，理應享有這種折扣率。史蒂夫，你需要根據不同的資產調整價格，調整的點在於你的資產價格與淨資產價值的倍數。因此，最終的結果是（我們在市場上也看到了這一點），北美資產的淨資產價值倍數高於非洲資產。

And you would also notice that the price to net asset value for a company for multiple assets is usually a lot higher than the price to net asset value for a single asset company. So you use your 5% discount rate from a comparability perspective and then you adjust your valuation through your price to net asset value multiple. Going from 5% to 10%, you can do it that way or you can do it on a price to net asset value multiple basis.

你也會注意到，擁有多項資產的公司的股價與淨資產價值之比通常比只有一項資產的公司的股價與淨資產價值之比要高得多。所以，從可比性的角度來看，你使用 5% 的折現率，然後透過價格與淨資產價值倍數來調整你的估值。從 5% 提高到 10%，你可以直接這樣做，也可以以市淨率倍數來計算。

Okay. That makes sense. The other element you hinted on is that the effort could be self-financing. I know in your forecast for the price of gold, you've used in year one, I believe, around $2,700, just a little over, and then drops down by year three to $2,500. So if gold was at those prices, which are significantly less, of course, than the price today, would you actually be able to self-finance? Is your $89 million estimate consistent with that step-down in gold prices and ability to self-finance there?

好的。這很有道理。你提到的另一個因素是，這項工作可以自籌資金。我知道你在對黃金價格的預測中，第一年你使用了大約 2700 美元，略高於這個數字，然後到第三年下降到 2500 美元。所以，如果黃金價格達到那些價格（當然，這些價格遠低於今天的價格），你真的能夠自籌資金嗎？你的 8900 萬美元估計值是否與黃金價格下跌以及當地自籌資金的能力相符？

So based on the financial model that was developed and it's in the press release, you'll see that we stack chart, one at the gold prices that are base case and one at the $3,000 per ounce case. It's a lot tighter, obviously, at the base case, but still theoretical and IRRs and stuff like that are based on base case. And you have to keep in mind, too, that the base case is based on what we have to report from a market perspective, and that's more regulatory driven. And so you have to go with consensus pricing, and analysts take time to update their consensus pricing. So that first four years is based on what we have to from a regulatory perspective, report.

根據新聞稿中提到的已開發的財務模型，您會看到我們繪製了堆疊圖，一張是基本情況下的黃金價格，另一張是每盎司 3000 美元的情況。顯然，在基本情況下情況要嚴格得多，但仍然是理論上的，內部收益率之類的東西都是基於基本情況的。你還必須記住，基本情況是基於我們從市場角度必須報告的內容，而這更多是受監管驅動的。所以你只能採用共識定價，而分析師需要時間來更新他們的共識定價。所以前四年是根據我們從監管角度必須提交的報告來製定的。

Okay. So based on the step-down in prices in the base case, is it fair to assume that TRX could finance at those prices used in the step-down and the prices used in the model for the price of gold that, that would be still a region of self-financing for the $89 million? Or would it be different?

好的。因此，基於基準情況下價格的階梯式下降，是否可以合理地假設 TRX 能夠以階梯式下降中使用的價格和模型中使用的黃金價格進行融資，從而仍然能夠實現 8900 萬美元的自籌資金？或者情況會有所不同？

Yes. So the way you phrased it, region and potential, yes, the financial model as developed says it's potentially possible, yes, assuming that you've executed based on the plan that's been put in front of you and you have no hiccups. Or you can also -- like you can play with it, you can delay it and bleed it in a little bit more over time. And so that is one thing that we always look at is how do you create higher shareholder value. Although we've done this plan this way, Steve, thus far, unfortunately, the share price has declined even though we haven't been to the market in almost four years now, isn't?

是的。所以按照你剛才的說法，關於地區和潛力，是的，根據已製定的財務模型，這在理論上是可能的，是的，假設你已經按照擺在你面前的計劃執行，並且沒有出現任何差錯。或者你也可以——就像你可以玩弄它一樣，你可以延遲它，並隨著時間的推移讓它慢慢滲入。因此，我們始終關注的一個議題是如何創造更高的股東價值。史蒂夫，雖然我們一直按照這個計畫執行，但遺憾的是，儘管我們已經近四年沒有進軍市場了，股價卻下跌了，不是嗎？

Yes.

是的。

But certainly, the fundamentals, I think, as one of the analysts mentioned, continue to come through, and hopefully, the share price will catch up in due course. I also wanted to ask, Stephen, you talked earlier in the presentation about the expansion to 3,000 ounces first. And then -- well, let's call it somewhat -- these phases can be staggered, but somewhat the move to expand the plant first, then to continue the move or transition from the surface drilling to the deeper drilling thereafter.

但正如一位分析師所提到的，基本面依然強勁，希望股價也能在適當的時候跟上。我還想問一下，史蒂芬，你在之前的演講中談到了首先擴大到 3,000 盎司的規模。然後——嗯，我們姑且稱之為——這些階段可以錯開，但大致是先擴大工廠規模，然後再繼續從地表鑽探過渡到更深的鑽探。

As one looks out over the next 36 months and also very encouraged to hear that some of this has already started in your commentary, are there key operational milestones, and I don't want to say looking out quarter-by-quarter, but looking out on a time temporal basis, that investors should be looking for to see that things are moving according to that overarching plan? So just trying to get a little more detail on what might be some of the sub milestones to be looking for.

展望未來 36 個月，並且很高興聽到您在評論中提到其中一些工作已經開始，那麼投資者應該關注哪些關鍵的營運里程碑？我不想說要按季度來看，而是要從時間維度來看，投資人應該關注哪些里程碑，以確保各項工作都按照整體計畫進行？所以，我只是想了解一下需要關注的一些子里程碑的具體細節。

You kind of -- it's a real-time conversation. So some of the milestones and Richard is knees-deep into this is, look, we want to get throughput even incrementally higher because that creates more gold, obviously. And in order to do that, one of the things is there are certain, what I call, more maintenance CapEx items that are going into the plant to help there and perhaps on the crushing circuit as well in the interim. But the biggest things are getting that flotation and regrind plant up and running. There's also a need to have a thickener on the front.

某種程度上來說——這是一場即時對話。所以，其中一些里程碑，也是理查德目前投入大量精力關注的，是，我們希望逐步提高吞吐量，因為這顯然會創造更多的黃金。為了實現這一目標，其中一項措施是，工廠需要投入一些我稱為維護性資本支出的項目，以幫助工廠的運轉，或許還能在過渡期間幫助破碎迴路的運作。但最重要的是讓浮選和再磨設備投入運作。前面還需要加一個增稠劑。

So currently, one of the impediments to higher head grade is we do need to mix oxide materials to the float carbon from the viscosity perspective, and getting really in the metallurgy now. And once we put the flotation plant in -- sorry, the thickener plant on the front end, that will help alleviate that and put 100% high-grade sulfides through the plant at that point. So those are a couple of the milestones which we're currently -- and that's all in the CapEx, which we're currently costing out as well as the elution plant as well. So it's going to be -- what we're hearing from me is it's not one specific item. It's going to be several items over time to get to an end goal.

所以目前，提高礦石品位的一個障礙是，從黏度角度來看，我們需要將氧化物材料與浮選碳混合，現在我們真正開始研究冶金了。一旦我們把浮選廠——抱歉，是前端的濃縮廠——投入使用，就能緩解這個問題，並讓 100% 的高品位硫化物進入工廠。以上是我們目前正在推進的幾個里程碑——所有這些都屬於資本支出，我們目前正在計算資本支出以及洗脫廠的成本。所以，從我這裡所了解的情況來看，這並不是指某一個具體的物品。需要分階段完成多個專案才能最終達成目標。

So right now, Richard is focused on thickener and elution, and then we'll focus on flotation and regrind. Did I get that in the right order, Richard? Then you'll focus on safety.

所以現在，Richard 專注於增稠和洗脫，然後我們將專注於浮選和再磨。理查德，我順序對嗎？然後你就會專注於安全問題。

Pretty much yes. We'll do the things that give us the biggest bang for the buck initially. And then ultimately, we'll increase the overall capacity of the plant once those other flow sheet aspects are taken care of. And at that stage, we'll be mining underground and feeding a combination of open pit and underground feed.

差不多是這樣。我們會先做那些能帶給我們最大收益的事情。最終，一旦流程圖中的其他方面得到解決，我們將提高工廠的整體產能。到那時，我們將進行地下採礦，並採用露天礦和地下礦相結合的方式進行開採。

Yes. It's fully anticipated too, Steve, that throughput should be able to go up just by putting the flotation and regrind on. So even without, say, the upfront. The amount of increase yet, we haven't estimated that yet. And that's part of some of the work that we're doing as we continually focus on recovery rates and metallurgy work that's currently ongoing and it's always ongoing.

是的。史蒂夫，我們完全可以預期，只要增加浮選和再磨工序，產量就能提高。所以即使沒有預付款。成長幅度目前我們尚未估算。這是我們目前正在進行的部分工作，因為我們會持續關注回收率和冶金工作，這項工作一直在進行，而且會持續下去。

Okay. And again, the operation continues to show greater and greater potential as you all proceed, which is very encouraging to hear. In terms of this company being acquired, I know you've spoken about this in past earnings releases and other conference calls like the AGM, Stephen. This clearly is a PEA. So a major that would look at the company would probably be more cautiously optimistic here.

好的。再次強調，隨著你們的推進，這項行動展現了越來越大的潛力，這令人非常鼓舞。關於公司被收購的問題，我知道你曾在過去的收益發布會和其他電話會議（例如年度股東大會）中談到過這個問題，史蒂芬。這顯然是初步經濟評估。因此，關注這家公司的大型機構可能會持更謹慎樂觀的態度。

It's not necessarily a feasibility study. In terms of ultimately someone looking to acquire TRX and how they might view the situation, in your personal view, are they going to be looking for more credibility and actually showing elements of the plant move up, showing additional exploration before a major would start to become interested? In other words, are there some additional triggers? And I'm thinking about what ultimately boosts the stock price and a variety of stakeholder interest. Are there other triggers that probably still need to be seen before we get to that window?

這不一定是一項可行性研究。就最終有意收購 TRX 的人以及他們可能如何看待這種情況而言，您個人認為，他們是否會尋求更高的信譽度，並實際展示工廠升級的跡象，進行更多的勘探，然後才會引起大型企業的關注？換句話說，還有其他觸發因素嗎？我正在思考什麼最終會提升股價並引起各利益相關者的興趣。在達到那個時機之前，是否還有其他需要觀察的觸發因素？

Yes. So I'm going to reflect on other companies. And first, I address the feasibility study versus PEA. The feasibility study is still all theory, if it's not in production. And a lot of companies that went through that feasibility study stage have had hiccups afterwards because it's not real data.

是的。所以我要好好反思其他公司。首先，我來談談可行性研究與初步經濟評估（PEA）的差異。如果還沒有投入生產，可行性研究仍然只是理論而已。許多經歷過可行性研究階段的公司之後都遇到了一些問題，因為這些研究數據並非真實數據。

So they don't understand recovery rates. They don't understand mining. They don't understand the nature of the deposit, different zones of the deposit, and the operating costs are all still theoretical, even though they're pulled back. Whereas our PEA has all actual data. So I would say that -- I wouldn't say our PEA is not going to hold up versus the feasibility study because the data that we have behind it is actual.

所以他們不了解康復率。他們不懂採礦。他們不了解礦藏的性質、礦藏的不同區域，而且營運成本仍然停留在理論層面，儘管他們已經撤回了相關數據。而我們的初步經濟評估擁有所有實際數據。所以我想說的是——我不會說我們的初步經濟評估報告不能與可行性研究相提並論，因為我們掌握的數據是真實的。

If you look at where value creation really comes off of if I look at other companies, and we have looked at other companies and why we've taken this approach is, first, you need to put in the art of possible based on what you have. The PEA does that, provides a basis for that. And as I said, it's independent. It's not developed by us. It's developed by an independent party in P&E and all their QPs that are around it as well as our independent QP with our support.

如果你看看價值創造的真正來源，看看其他公司，我們也研究過其他公司，以及我們採取這種方法的原因，首先，你需要根據你所擁有的資源，將可能性融入其中。PEA 的角色就在於此，它為此提供了依據。正如我所說，它是獨立的。它不是我們開發的。它是由 P&E 領域的獨立第三方及其所有相關 QP 以及我們的獨立 QP 在我們的支持下開發的。

Then I think you do need to show growth. So the drill bit is important to that and adding to what I'll call the art of possible over time through the success of the exploration drill bit. All those are required to drive value. You drive value, you drive interest.

那我認為你的確需要展現出進步。所以鑽頭對於實現這一點很重要，隨著勘探鑽頭的成功，隨著時間的推移，它還能增加我稱之為「可能性藝術」的東西。所有這些都是創造價值的必要條件。你創造價值，你吸引關注。

Okay. Great. Well, I appreciate that you all and Stephen, that you've taken time to answer the questions. It's clearly an impressive PEA, and we really compliment TRX and the management team for bringing us to this point.

好的。偉大的。非常感謝各位，也感謝史蒂芬抽空回答這些問題。這顯然是一份令人印象深刻的初步經濟評估報告，我們衷心讚揚 TRX 和管理團隊帶領我們走到今天這一步。

Thank you for that. And as I mentioned to a lot of people, it's -- look, the focus, I know that you get ground down in the day-to-day quarterly results as you build it up, but there's been a lot of learnings over the period of time on this particular asset in order to get to this point, and we need to reorient people's focus to the potential of the property and the growth potential and the value creation potential of the property as opposed to getting bogged down too much in smaller production quarterly results at this point in time. We need to continually grow those quarterly results.

謝謝。正如我跟很多人提到的那樣，重點在於——我知道，在逐步建立的過程中，你會被日常的季度業績所牽絆，但為了達到現在的成就，我們在這段時間裡從這個特定的資產中學到了很多東西，我們需要重新引導大家的注意力集中到該物業的潛力、增長潛力和價值創造潛力上，而不是在這個階段過多地糾結於這個季度業績。我們需要不斷提升季度業績。

Mike Niehuser, ROTH Capital.

Mike Niehuser，ROTH Capital。

Yes. Probably just answered the question, but maybe a chance for Richard to chime in. In addition to the capital costs being managed, the way you have, one of the concerns that I had early on was the recoveries of gold from sulfide ores. And that really doesn't seem to be a problem in what you've experienced. As you say, as you gained the knowledge, it's a matter of grinding, flotation, and there's really nothing especially difficult about metallurgy here.

是的。可能已經回答了這個問題，但也許理查德可以插句話。除了資本成本的管理方式之外，我早期關注的問題之一是硫化物礦石中黃金的回收率。就你所經歷的情況來看，這似乎不是一個問題。正如你所說，隨著知識的積累，這只是研磨、浮選的問題，冶金方面其實沒有什麼特別難的地方。

It's just about optimizing. Is that a correct view, Richard?

關鍵在於優化。理查德，你的看法正確嗎？

I think so, Mike. It's not a refractory ore. So it's your fairly standard sulfide pyrite associated fine grain gold association, and what you've got to do is get the grind down so you can get the cyanide in. So we're not overly concerned about sulfidation or anything like that. We don't have that problem to worry about that other mines do.

我也這麼認為，麥克。它不是難熔礦石。所以，這是相當標準的硫化物黃鐵礦伴生細粒金礦，你要做的就是把礦石磨碎，這樣才能加入氰化物。所以我們並不太擔心硫化之類的問題。我們不像其他礦場有這種問題需要擔心。

So no, we're seeing the same sort of things that you see in all these other mines around us, Geita and Barrick Bulyanhulu, Buzwagi had it alongside. So get the grind size down by selectively recovering the sulfides and then you'll open the thing up for great recoveries.

所以，不，我們看到的情況和周圍其他礦場的情況一樣，例如蓋塔礦、巴里克布里揚胡魯礦、布茲瓦吉礦等等。所以，透過選擇性地回收硫化物來減少研磨粒度，這樣就能獲得很高的回收率。

Very good answer. I'm glad I asked the question. And I guess lastly, Stephen, probably can't respond on this, but any talk about the government with regards to the joint venture share?

回答得很好。我很慶幸自己問了這個問題。最後，史蒂芬可能無法回答這個問題，但有沒有談到政府在合資企業股份方面的情況？

No. Look, an update on that and Khalaf is on the line as well. We've been in front of the government negotiating team, continue to be in front of the government negotiating team and deal with the ministries. They are going through an election cycle. So look, any time you deal with governments, it's government.

不。聽著，關於這件事有了最新進展，哈拉夫也面臨困境。我們一直與政府談判團隊保持溝通，並將繼續與政府談判團隊溝通，並與各部會進行交涉。他們正處於選舉週期。所以你看，任何時候你和政府打交道，那就是政府。

It's not as quick as you and me making a decision.

這不像你我做決定那麼快。

We got one question here for Richard to Mike on Q&A.

這裡有一個問題想問理查德，他要向麥克提問。

Yes, Richard, in the text, Neil (inaudible) texted in and asked the question, do you refer to the underground mine plan using a decline ramp from surface? If so, can underground mining be done with one production ramp for both that south and the north zones, and can underground production follow right at the end of the open pit production?

是的，理查德，短信里尼爾（聽不清楚）發來短信問，你指的是使用從地面到地下的斜坡道的礦井計劃嗎？如果可以，能否用一條生產斜坡道同時為南部和北部區域進行地下採礦，並且能否在露天採礦結束後立即進行地下生產？

Okay. We have two declines planned. The strike length of the ore body is about 950 meters, and then there's some outliers beyond that as well. So we're looking at a total strike length of around 1,200 meters, and that's a very difficult strike length to access of a single decline system. So we've looked at options of up to three or four declines.

好的。我們計劃進行兩次下滑。礦體的走向長度約為 950 米，此外還有一些超出這個範圍的零星礦體。因此，我們看到的總走向長度約為 1200 米，對於單一斜坡道系統來說，這是一個非常難以到達的方向長度。所以我們研究了最多三到四次下跌的方案。

We're very comfortable with two. And from those two, we will be able to access the Stamford bridge. In terms of timing of access, we intend to access both declines whilst the open pit is in operation. It will still have at least two years to go once we're up and developing those declines. One of the declines comes off a level within the pit, a broad area that's suitable for us to access and another one comes from the surface.

兩個我們就很滿足了。從這兩個地方，我們可以到達斯坦福橋。就進入時間而言，我們計劃在露天礦場開採期間進入兩條斜坡道。即使我們啟動並發展出那些下降趨勢，它至少還有兩年的時間。其中一條斜坡道來自礦坑內的一個水平面，這是一個適合我們進入的寬廣區域；另一個斜坡道則來自地表。

There is a small decline coming off the Eastern Porphyry open pit at the end of that project life. That will come in much later in the mine life. And there's very little point in opening that one up any earlier.

東部斑岩露天礦工程後期會出現小幅下滑。那要等到礦山開採後期才會發生。再早打開那個門意義不大。

Thank you.

謝謝。

Thank you, Richard. I think that's it for the questions.

謝謝你，理查。我想問題就這些了。

Chris, are there any more questions in the queue, please?

克里斯，請問還有其他問題嗎？

No, sir. There are no further verbal questions at this time.

不，先生。目前沒有其他口頭提問。

Well, on that note, thank you, everybody, for joining this morning. Greatly appreciate it. Thanks, Richard, for staying up late in Perth, Australia. Thanks, Khalaf, for joining us from Dar es Salaam. And look, it's very exciting.

那麼，最後感謝各位今天早上的參與。非常感謝。謝謝你，理查德，在澳洲珀斯熬夜陪我。謝謝哈拉夫從達累斯薩拉姆加入我們。你看，這非常令人興奮。

It's taken a while to get here, but we're getting there. And stay tuned. And any shareholders have any questions, please reach out to any of us any time. And as they say in Tanzania, thank you very much or Asante sana.

雖然花了不少時間，但我們正在接近目標。敬請期待。任何股東如有任何疑問，請隨時與我們聯繫。正如坦尚尼亞人常說的，非常感謝，或 Asante sana。

Asante.

阿桑特。

Thank you. This brings to a close today's meeting. You may now disconnect. Thank you for participating, and have a pleasant day.

謝謝。今天的會議到此結束。您現在可以斷開連線了。感謝您的參與，祝您有個愉快的一天。