TRX Gold Corp (TRX) 2025 Q3 法說會逐字稿

Welcome to the TRX Gold Corporation third quarter 2025 results presentation. (Operator Instructions). The meeting is being recorded. (Operator Instructions).

歡迎參加 TRX Gold Corporation 2025 年第三季業績發表會。（操作說明）會議正在錄音。（操作說明）

I would now like to turn the meeting over to Mr. Stephen Mullowney, Chief Executive Officer. Please go ahead, sir.

現在我將會議交給執行長史蒂芬·穆洛尼先生。請繼續，先生。

Yes. Good morning, and thank you, and welcome, shareholders, to our Q3 2025 corporate presentation and investor call. We have quite a few people on the call today, so that's really good to see. Joining me on the call today is Michael, our CFO. And also in the Tanzanian boardroom, we have Khalaf Rashid and Richard Boffey.

是的。各位股東早安，謝謝，歡迎參加我們2025年第三季公司業績介紹會和投資者電話會議。今天參加電話會議的人還真不少，真是個好消息。今天和我一起參加電話會議的是我們的財務長麥可。此外，坦尚尼亞董事會成員還有 Khalaf Rashid 和 Richard Boffey。

Raise your hand guys. How is the weather?

各位，請舉手。天氣怎麼樣？

It's nice sunny (inaudible).

陽光明媚，真好。（聽不清楚）

As always, nice sunny. It's warm here in Toronto today as well. I think we got a 32-degree day. So without further ado, I will get into the presentation. And the presentation today will be led by myself with Michael, Khalaf and Richard all chiming in, in the appropriate section. So let's get into it.

一如既往，陽光明媚。今天多倫多也很暖和。我想我們那天最高氣溫達到32度了。那麼，事不宜遲，我將直接進入正題。今天的演講將由我主持，Michael、Khalaf 和 Richard 將在適當的部分補充演講。那麼，讓我們開始吧。

Today, what I'll do is just give a high-level overview of TRX Gold, as I always do, and then we're going to jump into where we're going in the short to medium term as well as what our Q3 financial results look like. And a high-level summary of the PEA road map and how we see that being played out as well as just finishing it off with the key investment highlights of the company.

今天，我將像往常一樣，對 TRX Gold 做一個高屋建瓴的概述，然後我們將深入探討我們短期到中期的發展方向以及我們第三季度的財務業績。最後，我們將對 PEA 的發展路線圖進行高層次的概述，並闡述我們對該路線圖如何實施的看法，最後總結公司的主要投資亮點。

So TRX Gold, obviously, we're in Tanzania, everybody on the line realizes that. In fiscal 2024, we did over $40 million of revenue and $15 million of EBITDA. We expect those numbers to be higher this year as we continue on and as the strip campaign winds down and we get into the higher-grade portions of the ore body. And we'll get into the results of those operations in a second. One of the major catalysts that we put out in Q3 was our PEA.

所以，TRX Gold，很顯然，我們現在在坦尚尼亞，線上的每個人都明白這一點。2024 財年，我們的營收超過 4,000 萬美元，EBITDA 達到 1,500 萬美元。我們預計今年這些數字會更高，因為我們將繼續推進，隨著露天開採活動的結束，我們將進入礦體中品位較高的部分。我們稍後會詳細介紹這些操作的結果。我們在第三季推出的主要催化劑之一是我們的初步經濟評估 (PEA)。

As we mentioned on our last call, that PEA has a $1.2 billion net present value at around $3,000 on a gold. It's around $750 million after tax on the Buckreef Gold project. It has 62,000 ounces average production for 18 years, at 3,000 tonnes per day of processing capacity. We are currently at 2,000 tonnes per day processing capacity.

正如我們在上次電話會議中提到的，PEA 在黃金價格約為 3000 美元時，淨現值為 12 億美元。巴克里夫黃金計畫稅後價值約 7.5 億美元。該礦18年來平均年產量為62,000盎司，每日加工量為3,000噸。我們目前的日加工量為2000噸。

Our goal will be to improve those metrics over time and hopefully have a larger project than what was envisioned there, both from the existing Buckreef Main Zone as well as the other additional resources that can be found over time with the drill bit. The cash costs in that study are quite low at $1,000 an ounce and the AISC was around $1,200 an ounce, which is comparable for the same grade profile what we currently experienced.

我們的目標是隨著時間的推移改進這些指標，並希望能夠開展比最初設想的更大的項目，這不僅包括現有的巴克里夫主礦區，還包括隨著時間的推移，透過鑽頭可以發現的其他額外資源。研究中的現金成本相當低，每盎司 1000 美元，而 AISC 約為每盎司 1200 美元，這與我們目前所經歷的相同品位的情況相當。

As you would have seen in Q3, the cash costs were a little bit higher as a result of the grade profile that was going through the mill. So as grade profile normalizes, cash cost will come down. In the study, we reset the resources because we focused on economics.

正如您在第三季所看到的，由於軋鋼廠處理的鋼材等級較高，現金成本略有上升。因此，隨著等級結構趨於正常化，現金成本將會下降。在研究中，我們重新分配了資源，因為我們專注於經濟學。

In our last resource statement, it was focused on sheer number of resources versus economic resources. The resources haven't gone away from the last statement. They're just not included in the economics at this point in time.

我們上一份資源報告著重於資源的絕對數量，而不是經濟資源。資源並沒有像上一份聲明所說的那樣消失。目前它們還沒有被納入經濟考量。

In the study, it was 900,000 ounces in the M&I category at around 2.6 grams a tonne. And in the Inferred category, there were 725,000 ounces at 5 grams a tonne. So what we did was increase the cutoff grade and the grade profile going through the mill. We will pause right there.

研究顯示，M&I 類別的產量為 90 萬盎司，每噸約 2.6 克。推斷類別中，有 725,000 盎司，每噸 5 克。因此，我們提高了軋鋼的截斷等級和等級分佈。我們就在這裡暫停一下。

On the next slide, we do have a straightforward value-enhancing business plan. My next slide will get into more of a short-term business plan. In Tanzania, we have the special mining license. We have a straightforward flow sheet of metallurgy.

在下一張投影片中，我們有一個簡單明了的價值提升商業計劃。我的下一張投影片將更詳細地介紹一個短期商業計劃。在坦尚尼亞，我們擁有特殊的採礦許可證。我們有一個簡單的冶金製程流程圖。

Richard will get into that in a second. I'm sure there's going to be some questions on recovery rate, and he will answer those and how they're going to improve with respect to the local infrastructure, including road and power, we have significant blue-sky potential, as we mentioned and continue to mention. We do need to get back to that drill bit and start drilling at our Anfield and Stamford Bridge Zone.

理查馬上就會談到這一點。我相信大家會問到復甦率的問題，他會回答這些問題，以及在當地基礎建設（包括道路和電力）方面，復甦率將如何提高。正如我們之前提到並將繼續提到的，我們擁有巨大的發展潛力。我們確實需要重新開始鑽探工作，在安菲爾德和斯坦福橋區域進行鑽探。

We have good human capital availability in country. We're constantly upwards [for that all]. We've done three successful expansions to 2,000 tonnes a day. We'll do another expansion in between 3,000 and 4,000 tonnes a day. The PEA contemplates 3,000 tonnes a day. We do that over time. We're in the planning stages of that now. That will be done over time.

我們國家擁有充足的人力資本。我們一直在向上發展[為此]。我們已經成功完成了三次擴產，每日產量達到 2000 噸。我們將進行另一次擴建，日產量增加到 3000 至 4000 噸。初步經濟評估預計日產量為3000噸。我們會隨著時間的推移做到這一點。我們目前正處於規劃階段。這需要時間才能完成。

The business plan around the PEA is quite straightforward, expand the plant, take the cash flow, develop the underground mine and drilling at the same time in exploration. We've had a successful ramp-up of our operations.

圍繞初步經濟評估的商業計劃非常簡單明了：擴建工廠，獲取現金流，同時開發地下礦山並進行勘探鑽探。我們的營運已成功逐步恢復。

We are a high-margin, low-cost operating profile. Costs have come down, and Mike will get into that in a second, particularly on a per tonne basis and obviously grade impact (inaudible) on costs. We still see significant opportunities to continually reduce costs, both mining and processing.

我們採用高利潤、低成本的營運模式。成本已經下降，Mike 稍後會詳細介紹，特別是按噸計算的成本，以及等級對成本的影響（聽不清楚）。我們仍然看到在採礦和加工方面持續降低成本的巨大機會。

And the PEA sets a road map for that. You have a very experienced management team at site as well as in corporate that has done this all before, and we're very excited for the significant value potential and value accretion potential over time.

PEA 為實現這一目標制定了路線圖。你們在現場和公司層面都擁有一支經驗豐富的管理團隊，他們以前就做過類似的事情，我們對未來巨大的價值潛力和價值成長潛力感到非常興奮。

So I'm going to pause here, Mike. Mike, anything to add? Anything to add, Richard and Khalaf?

麥克，我先暫停一下。麥克，還有什麼要補充的嗎？理查和哈拉夫，還有什麼要補充的嗎？

No, I think that was well said, Stephen, nothing further from me.

不，我覺得你說得很好，史蒂芬，我不會再多說什麼了。

Okay. Thank you. So with regards to why TRX, where we are today, as Q3 indicates, revenues are growing. Part of that is the gold price. Ounces will start to grow now as well as we get into a higher grade profile.

好的。謝謝。所以，就TRX而言，就我們目前的情況而言，正如第三季所示，收入正在成長。部分原因是黃金價格。隨著我們進入更高等級的階段，盎司數也會開始成長。

And we're self-funding this growth, and we continue to self-fund the growth. The PEA lays out a straightforward business plan or a road map that we can move along to create value in the Buckreef Main Zone. I went through some of those statistics earlier. So that plan is very scalable.

我們一直堅持自籌資金來推動成長，並將繼續堅持自籌資金來推動成長。PEA 制定了一個簡單的商業計劃或路線圖，我們可以沿著這個路線圖在 Buckreef 主區創造價值。我之前看過一些統計數據。所以這個方案具有很強的可擴展性。

We've done that before, as I mentioned, and we'll continue to move along that road map. And I really like always the blue-sky potential. So the way that the road map can improve is both increasing the plant capacity as well as finding more higher grade ounces in around Stamford Bridge, Anfield, and elsewhere on our property. And so we're quite comfortable with that. We do need to get back to the drill bit, and that will be in our budget plans for fiscal 2026.

正如我之前提到的，我們以前就這樣做過，我們將繼續沿著這條路線圖前進。我真的很喜歡那種無限的潛能。因此，改善路線圖的方法既包括提高工廠產能，也包括在我們位於斯坦福橋、安菲爾德和其他地方的土地上尋找更多高品位的金銀礦藏。所以，我們對此感到非常滿意。我們確實需要重新開始鑽探工作，這將在我們 2026 財政年度的預算計劃中得到體現。

So with that, I'm going to hand it over now to get into the nitty-gritty details. I went through the PEA high level. Mike will start to get into the financial profile and the rest of these slides here, Mike, and I'll hand it over to you for the next two or three slides, please.

那麼，接下來我就把麥克風交給你，讓你來詳細解說。我通過了PEA高級考試。接下來，Mike 將開始講解財務概況和這些投影片的其餘部分，Mike，接下來的兩三張投影片交給你了。

Yes. No problem, Stephen. Good morning, everybody. Thanks for joining us. And you've touched on the PEA, which is really our focus over the next 12, 18 months is focusing on that expansion to really unlock that $1 billion valuation that we put out into the market on that study.

是的。沒問題，史蒂芬。大家早安。謝謝您的參與。您剛才提到了初步經濟評估 (PEA)，而這正是我們未來 12 到 18 個月的重點，我們將專注於此次擴張，以真正釋放我們在該研究中向市場提出的 10 億美元估值。

But in the meantime, as we talked a little bit about over the last couple of quarters, we had embarked upon a Stage 1 stripping campaign over the first half of the year to really remove a lot of the overburden and waste that would provide access to higher-grade ore blocks as we got deeper into the pit. Richard and his team have been managing that very, very closely.

但同時，正如我們在過去幾個季度所談到的那樣，我們在今年上半年啟動了第一階段剝離作業，旨在清除大量的覆蓋層和廢料，以便在礦坑深處開採更高品位的礦石塊。理查德和他的團隊一直在非常密切地管理這件事。

The good news is we're substantially through the lion's share of that strip and have begun to access some of those higher-grade blocks. Consequently, what we're seeing is an increase in both production and sales.

好消息是，我們基本上已經完成了那區域的大部分開採工作，並且已經開始開採一些品質更高的礦塊。因此，我們看到的是產量和銷售雙雙成長。

Coupled with the leverage that we have to gold price, we're seeing increased financial metrics, both quarter-on-quarter and year-on-year. I'll talk about some of the details here in a minute, but why don't we flip to the next slide, Steve, and we can just touch on some of the specifics.

再加上我們對黃金價格的槓桿作用，我們看到各項財務指標都在成長，無論是季度環比還是同比。我稍後會談到一些細節，但史蒂夫，我們不妨翻到下一張投影片，簡單談談一些具體細節。

So here's a snapshot on the next slide of a financial overview of the results. And again, as mentioned, it was a strong quarter for the company's financial results. We did see increases in both quarter-on-quarter relative to Q2 and year on year in really almost all financial categories from revenue to gross profit to net income, operating cash flow and adjusted EBITDA.

接下來，下一張投影片將簡要概述業績的財務概況。如同前面所提到的，本季公司財務業績表現強勁。我們看到，從收入到毛利潤到淨利潤、經營現金流量和調整後的 EBITDA，幾乎所有財務類別都實現了環比增長（相對於第二季度）和同比增長。

We produced just under 4,700 ounces in the quarter, which is substantially more than what we did in Q2. And we continue to benefit from these record gold prices that we're seeing yet again. We realized over $3,100 an ounce. I sold gold this morning at over $3,300. So continue to sort of take advantage of these lofty gold price levels.

本季我們生產了近 4,700 盎司，比第二季的產量大幅增加。我們將繼續受益於不斷創紀錄的金價。我們每盎司賺了超過 3100 美元。我今天早上以超過 3300 美元的價格賣掉了黃金。所以，繼續利用目前黃金價格高漲的機會吧。

And again, those numbers drove revenues of $12.5 million, gross profit of almost $4.5 million or 35% in the quarter and adjusted EBITDA of $4 million, again, all improved relative to the prior periods, demonstrating our leverage to gold price.

再次，這些數字推動了營收達到 1250 萬美元，毛利接近 450 萬美元，年成長 35%，調整後 EBITDA 達到 400 萬美元，所有這些指標都比前期有所改善，這表明我們對黃金價格的槓桿作用。

Stephen touched on it a little bit earlier, but gross profit continues to benefit from an improving cost-per-tonne profile. And this is really based on a lot of work we did in the early part of the year, setting the foundation for some of these benefits that we're seeing.

Stephen 之前稍微提到過，毛利將繼續受益於每噸成本的改善。這實際上是基於我們今年年初所做的大量工作，為我們現在看到的這些好處奠定了基礎。

Illustratively, processing cost per tonne were below $15 and substantially improved, as you can see, compared to the prior year period. And a big part of the reason for that is the economies of scale that we're realizing from the expanded plant when we grew from 1,000 tonne a day last year to 2,000. We had explained to folks that this was a scalable plant.

舉例來說，每噸加工成本低於 15 美元，並且與去年同期相比有了顯著改善，正如您所看到的。其中一個重要原因是，隨著工廠的擴建，我們實現了規模經濟效益，產量從去年的每天 1000 噸增加到 2000 噸。我們已經向大家解釋過，這是一個可以規模化生產的工廠。

And again, you're seeing the benefits in that cost per tonne set of metrics. And similarly, mining cost per tonne has come well down both relative to last quarter and last year. It significantly improved. And it's in part due to the fact that we're now using our own fleet that we had procured in the early part of the year to help support our contract mining fleet.

再次強調，從每噸成本指標可以看出其優點。同樣，每噸採礦成本與上一季和去年同期相比都大幅下降。情況有了顯著改善。部分原因是，我們現在正在使用我們年初採購的自有船隊來幫助支援我們的合約採礦船隊。

And illustratively, and again, Richard can maybe talk a little bit about this later in the presentation, but we used our fleet to move about 300,000 tonnes of material ore and waste during the quarter. And we did it at about $1.80 a tonne, $1.80 to $1.90 a tonne, which is well below international contract rates and certainly a very, very cost-effective way for us to mine both ore and waste as well as provide support for projects like our TSF expansion.

舉例來說，理查德或許可以在稍後的演講中再談談這一點，但我們在本季度利用我們的車隊運輸了約 30 萬噸礦石和廢料。我們以每噸約 1.80 美元、1.80 至 1.90 美元的價格完成了這項工作，這遠低於國際合約價格，而且對於我們來說，這無疑是開採礦石和廢料以及為我們的 TSF 擴建等項目提供支持的一種非常非常經濟高效的方式。

Richard, do you maybe want to just provide a couple of sound bites on how our fleet is operating and why we're seeing benefits there, please? I think we may have a comms issue in Tanzania, but that's okay. Why don't I just continue? And if we get a chance to hear from you later, Richard, we'll have you chime in then.

理查德，你能否簡單介紹一下我們車隊的運作情況以及我們從中獲得的利益？我認為我們在坦尚尼亞可能有通訊問題，但這沒關係。我為什麼不繼續下去？理查德，如果我們以後有機會聯絡你，我們會請你發表意見。

In the meantime, what I'd maybe like to add, which folks might have seen in our press release and MD&A is that during the quarter, we had entered into negotiations with the Bank of Tanzania to sell a minimum of 20% of our local gold production to the Central Bank. That was in line with the newly enacted mining law in Tanzania that's applicable to all mining companies in country.

同時，我想補充一點，大家可能已經在我們的新聞稿和管理層討論與分析中看到了，那就是在本季度，我們已經與坦桑尼亞銀行進行了談判，計劃將我們當地黃金產量的至少 20% 出售給該中央銀行。這符合坦尚尼亞新頒布的礦業法，該法適用於該國所有礦業公司。

As part of that agreement, the company would benefit from a reduced royalty rate of about 4% on revenue for domestic sales compared to a 7.3% royalty rate for exported sales. The way it works is the company is paid in Tanzanian shillings at market rates, which we can then use to go and fund the operating costs that we incur in local currency.

作為該協議的一部分，該公司將受益於國內銷售收入約 4% 的較低特許權使用費率，而出口銷售的特許權使用費率為 7.3%。其運作方式是，公司按市場匯率以坦尚尼亞先令獲得報酬，然後我們可以用這些錢來支付我們以當地貨幣產生的營運成本。

Part of the reason I bring it up here in the context of the Q3 results is that while the discussions were ongoing over the course of Q3, we were required to set aside a portion of our production in inventory. We set aside almost 650 ounces during Q3 for future sale to the Bank of Tanzania.

我之所以在第三季業績的背景下提出這個問題，部分原因是，在第三季討論期間，我們被要求將一部分產量留作庫存。第三季度，我們預留了近 650 盎司黃金，以備將來出售給坦尚尼亞銀行。

Therefore, what you would have seen in our results is a bit of a gap between ounces produced and sold. And the good news is that we ended up signing that agreement with the Bank of Tanzania in early June, and we're able to sell this inventory to the BOT, the Bank of Tanzania, which is really benefiting now what we're seeing in Q4 around things like revenue and cash flow and EBITDA and working capital for the last quarter of the year.

因此，您會在我們的結果中看到，產量和銷售量之間存在一些差距。好消息是，我們在 6 月初與坦尚尼亞銀行簽署了協議，我們可以將這些庫存出售給坦尚尼亞銀行（BOT），這確實使我們在第四季度的收入、現金流、EBITDA 和營運資本等方面受益匪淺。

And really, this is useful, as I mentioned, to us as a company for a number of reasons, one of which is that we incur a lot of local cost and local currency that we can use the shilling for. We benefit from the royalty rate.

正如我之前提到的，這對我們公司來說確實很有用，原因有很多，其中之一是我們會產生很多本地成本和本地貨幣，而我們可以用先令來支付這些成本和貨幣。我們從版稅率中受益。

But this agreement helps drive things like local content and local benefication, which has been a key area of focus for the government to, amongst other things, help improve their foreign exchange reserves. So a good initiative all around.

但這項協議有助於推動在地化生產和本地加工等舉措，而這正是政府重點關注的領域，其目的之一就是幫助改善外匯存底。總而言之，這是一項非常好的措施。

Thanks, Michael. I am going to (inaudible) for a second. One of the things you will notice is we have financed this company through short-term liquidity lines with Stanbic, with an Auramet facility as well as working with our suppliers around payables.

謝謝你，麥可。我要（聽不清楚）一會兒。你會注意到的一點是，我們透過與 Stanbic 的短期流動資金、Auramet 的融資以及與供應商協商應付帳款，為這家公司提供了資金。

So that is all short-term liquidity lines that are funding a long-term asset. And so that -- what that has done in our financial statements has shown a profile. We're comfortable with the way we finance this thing.

以上就是所有用於為長期資產提供資金的短期流動性信貸額度。因此，這在我們的財務報表中呈現出一種趨勢。我們對目前的融資方式感到滿意。

But at quarter end, you would still see negative working capital. And one of the things that is front and center in our press release as well as in our operations going forward in the real short term is rightsizing that working capital ratio and making sure that it gets above 1.

但到了季度末，你仍然會看到負的營運資本。在我們的新聞稿以及我們未來短期營運中，重點之一是調整營運資本比率，確保其高於 1。

It's above 1 today, and it's continuing to improve. So we're -- we think it's one of the things that holds us back in the market from a financial metrics perspective vis-a-vis other comps, and I'll get into that in a second.

今天這個數值高於1，而且還在持續改善中。所以我們認為，從財務指標的角度來看，這是阻礙我們在市場上與其他同類公司競爭的因素之一，我稍後會詳細說明。

But that's certainly a very -- that we're predominantly through the strip campaign and into the higher grades is rightsizing working capital as a short-term goal of ours.

但可以肯定的是，我們基本上已經完成了小規模開採，進入了更高等級的開採階段，而調整營運資金規模是我們短期內的目標。

Yes. No, you said it well, Stephen. I mean that's really the last 2 points, and you're seeing the benefit from it in Q4, production has increased. We're up to about 75 ounces a day, which is substantially up from both Q2 and Q3. And in six short weeks, we've been able to recapitalize that working capital deficit that we'd incurred through that strip campaign.

是的。不，你說得很好，史蒂芬。我的意思是，這確實是最後兩點，而且你在第四季已經看到了它帶來的好處，產量增加了。我們現在每天的產量約為 75 盎司，比第二季和第三季都大幅成長。短短六週內，我們就彌補了因那次促銷活動而造成的營運資金缺口。

And as you mentioned, I mean, reduced things like accounts payable by almost $6 million, repaid our short-term borrowings. We've got full access to our liquidity lines. And the focus over the rest of Q4 is to strengthen that liquidity and set us up for execution of the PEA you touched on earlier.

正如您所提到的，我們減少了應付帳款近 600 萬美元，償還了短期借款。我們已獲得全部流動資金。第四季剩餘時間的重點是加強流動性，為執行您之前提到的初步經濟評估做好準備。

Yes. We have no long-term liabilities besides a couple of leases on long-term equipment. I believe our trucks are paid for now as well, right? So that lease trucks come off as well as -- so we're just left with the excavator long-term leases.

是的。除了幾項長期設備的租賃合約外，我們沒有其他長期負債。我相信我們的卡車也已經付清款項了，對嗎？所以租賃卡車也隨之取消——所以我們只剩下挖土機的長期租賃了。

Yes. Why don't we turn to the next slide, if we can, please, where we've talked about this, I think, over the last few quarters. But for folks new to the story, as Stephen touched on earlier, we have expanded three times in three years successfully.

是的。我們不妨翻到下一張投影片，我想，在過去的幾季裡，我們已經討論過這個問題了。但對於不了解情況的人來說，正如 Stephen 前面提到的，我們在三年內成功擴張了三次。

We are operating at 2,000 tonnes a day at full capacity. We did just under 1,500 tonnes a day of throughput in Q3 after some scheduled maintenance and downtime. But with that larger plant, I touched on the economies of scale. You're seeing it come through the processing cost per tonne. But that throughput there is really what's driving the increasing production.

我們目前滿載運轉，日產量為2000噸。第三季度，在經歷了一些計劃內的維護和停機之後，我們的日吞吐量略低於 1500 噸。但對於那家規模更大的工廠，我談到了規模經濟。這一點體現在每噸的加工成本上。但正是這種高吞吐量推動了產量的成長。

It is a bit of a lower grade profile based on where we are in the pit and the strip we've seen to date, but really starting to see the benefits now in Q4 now that we're getting at those higher-grade ore blocks and doing about 75,000 ounces a day that we expect to continue through the end of the year.

根據我們目前在礦坑中的位置和我們迄今為止看到的礦帶情況來看，礦石品位略低，但現在到了第四季度，隨著我們開採出品位更高的礦塊，每天大約可以開採 75,000 盎司黃金，我們預計這一產量將持續到年底，因此我們開始真正看到收益。

Yes. So Mike, one of the things is Khalaf, Richard now available? I know you're in the same row.

是的。所以麥克，其中一件事是，哈拉夫，理查德現在可以了嗎？我知道你們在同一排。

Can you hear me, Stephen?

史蒂芬，你聽得到我說話嗎？

Okay. Yes. We hear you just fine. So one of the things Mike touched on is 3 mill expansions into three years. And I know I'm going to get ahead of questions.

好的。是的。我們聽得很清楚。麥克提到的其中一點是，三年內擴張了 300 萬美元。我知道我會提前回答問題。

One of the questions that is bound to come is how we're going to deal with the plant expansion going forward vis-a-vis the PEA and what I'll call what we're currently thinking [5,5,5] around the initial plant upgrades that you're going to be making in the next four to six months as well as how we envision building out the plant. Do you want to just give the shareholders just a quick high-level summary of that?

必然會出現的問題之一是，我們將如何處理未來工廠擴建事宜，以及我們目前對未來四到六個月內即將進行的工廠升級改造的想法[5,5,5]，還有我們設想如何建造工廠。你想只給股東們一個簡單的概要總結嗎？

Sure, absolutely. So -- our plant has been upgraded multiple times, and it's now at a target of 2,000 tonnes per day. There are many opportunities to optimize the plant as it is at the moment. And when we see some of the results, we'll notice that there is room for improvement.

當然可以。所以——我們的工廠已經進行了多次升級，現在的目標是每天生產 2000 噸。目前該工廠還有許多優化空間。當我們看到一些結果時，就會發現還有進步的空間。

So in the next three or four months, we're focusing on just optimizing the current 2,000 tonne per day plant and adding enhancements that are part of the longer-term expansion by modifying the flow sheet in incremental ways.

因此，在接下來的三到四個月裡，我們將專注於優化目前日產 2000 噸的工廠，並透過逐步修改流程圖，增加一些改進措施，作為長期擴張的一部分。

So one of the flow sheet modifications is the addition of a pre-leach thickener that is planned for the expanded plant and getting that in early. That enable us for a lot better control of our leaching process. It will allow us to feed higher grade through the mill as well. And we believe we will improve our overall recovery through that process.

因此，流程圖修改方案之一是在擴建後的工廠中增加一個預浸出濃縮器，並儘早投入使用。這使我們能夠更好地控制浸出過程。這樣我們就可以向磨粉機輸送更高等級的原料了。我們相信，透過這個過程，我們將改善整體復甦情況。

The next aspect that we're trying to do in this next five or six months is put a new absorption desorption recovery plant or ADR plant into the process. That will have the ability to make considerable enhancements to our carbon management process.

接下來，我們計劃在接下來的五、六個月內，將一個新的吸收解吸回收裝置（ADR裝置）投入生產流程。這將極大地改進我們的碳管理流程。

Our current process is quite manual. We get a lot of breakage, a lot of fines, and a lot of gold loss through that damage to carbon. And this new plant will enable us to minimize or eradicate a lot of that and probably give us another 3% or 4% improvement in recovery in that way.

我們目前的流程相當依賴人工操作。由於碳的損壞，我們遭受了大量的破損、大量的罰款，以及大量的黃金損失。而這座新工廠將使我們能夠最大限度地減少或消除許多此類問題，並可能使我們的恢復率再提高 3% 或 4%。

Other improvements are through optimizing our mills. We believe we've just embarked on a program of optimizing the power draw. We've noticed we're not drawing enough power through our mills, and we can improve that through, and improved throughput gives us the opportunity to put more charge into the mills and therefore, get a finer grind and more throughput.

其他改進措施是透過優化我們的工廠來實現的。我們相信我們已經啟動了一個優化電力消耗的計劃。我們注意到我們的磨機功率不足，我們可以透過提高功率來改善這一點，提高產量使我們有機會向磨機投入更多原料，從而獲得更細的研磨效果和更高的產量。

So some small easy additions to the plant and then some larger items that are part of still a 2,000 tonne per day operation that will improve recoveries substantially from where they are now up to a much higher level. Then the expansion work requires another flow sheet change, which involves a flotation circuit and fine grinding of the sulfide concentrate that we get from that flotation plant.

因此，工廠將進行一些小的、簡單的改造，然後進行一些較大的改造，這些改造仍然是日處理量 2000 噸的運營的一部分，這將使回收率從目前的水平大幅提高到一個更高的水平。然後，擴建工作需要對製程進行另一次更改，其中包括浮選迴路和從該浮選廠獲得的硫化物精礦的細磨。

And secondly, a far more simplified comminution or crushing and grinding circuit that is all rated to 3,000 or more tonnes per day. So they are the various steps that we'll be taking over the next 6, 12, and 18 months to get that achieved.

其次，破碎或粉碎和研磨迴路的簡化程度要高得多，其額定日處理量為 3,000 噸或更多。因此，在接下來的 6 個月、12 個月和 18 個月裡，我們將採取以下各種步驟來實現這一目標。

Perfect, Richard. Thank you for that. And I think that's a good overview and gives the investors some comfort that it's being well handled. We do need to focus on efficiency. So some of the things that will happen as a result of what Richard just described is higher head grade, as you guys hear, means lower cash cost per tonne, lower processing costs per ounce, sorry.

完美，理查德。謝謝。我認為這是一個很好的概述，可以讓投資者放心，事情正在妥善處理。我們確實需要注重效率。所以，正如你們所聽到的，理查德剛才描述的一些結果會導致更高的礦石品位，這意味著每噸現金成本更低，每盎司加工成本更低，抱歉。

And also, it enables us to -- the power draw will probably enable us to push more tonnes through the plant, which means lower cost per tonne, lower cost per ounce. Those are some of those sort of metrics that are going to improve as we improve the plant here in the next five to six months. Thank you, Richard. Mike, back to you.

而且，電力消耗可能會使我們能夠透過工廠處理更多的噸位產品，這意味著每噸成本更低，每盎司成本更低。隨著我們未來五到六個月內對工廠進行改進，這些指標也會有所改善。謝謝你，理查。麥克，把鏡頭交還給你。

Okay. Why don't we touch on the next slide briefly, Steve. So this slide just kind of reinforces the approach that touched on earlier to how we're running and operating this business. We continue to use organically generated operating cash flow to fund growth. We did reinvest another $5 million of cash flow into the business this quarter.

好的。史蒂夫，我們不妨簡單地看一下下一張投影片。所以這張投影片只是進一步強調了我們之前提到的經營這家公司的方式。我們將繼續利用自身產生的經營現金流來推動成長。本季我們又將500萬美元現金流重新投入業務。

And to date, you can see on the far right box that we've put in over $50 million following an early capital raise in 2021, coupled with almost $40 million of operating cash flow that's been reinvested in this business.

截至目前，您可以在最右側的方框中看到，繼 2021 年早期融資之後，我們已經投入了超過 5000 萬美元，再加上近 4000 萬美元的營運現金流，這些資金已再投資於這項業務。

So the goal would be to continue to use cash flow to help fund some of the enhancements and growth that Richard just touched on. But what you can see is it is driving increases in things like revenue and EBITDA. And we continue to do it very, very cost effectively.

因此，目標是繼續利用現金流來幫助資助理查德剛才提到的一些改進和成長。但從我們可以看到，它正在推動收入和 EBITDA 等指標的成長。而且我們一直以非常非常低的成本做到這一點。

We've got a very, very lean management team and continue to keep a keen focus on things like G&A to make sure our overhead costs are in check. But our approach is being very, very prudent with capital to drive higher profitability.

我們的管理團隊非常精簡，並且會持續密切注意一般及行政費用等事項，以確保我們的管理費用受到控制。但我們採取的策略是極度謹慎地使用資金，以提高獲利能力。

Yes, Mike, I'm just going to add on G&A there for a second because I do get quite a few questions on the noncontrolling interest number in the financial statements based on the JV. As everybody is aware, we have a joint venture with STAMICO, 55-45.

是的，麥克，我只想補充一下一般及行政費用，因為我確實經常收到關於合資企業財務報表中少數股東權益數字的問題。如大家所知，我們與 STAMICO 成立了一家合資企業，股份比例為 55-45。

And one of the things is G&A costs, particularly corporate costs, come down below Buckreef. And so that's one of the reasons why we are very sensitive to make sure we maintain G&A and very prudent on G&A costs in order to, in the future, hopefully drive higher net profit per share and other financial metrics that the market will look at and that people will do screens.

其中一點是，G&A 成本，特別是公司成本，低於 Buckreef。因此，這也是我們非常重視控制一般及行政費用，並謹慎控制一般及行政費用的原因之一，以便將來能夠推動每股淨利潤和其他市場關注、人們會進行篩選的財務指標的提高。

Okay. Next slide. And we don't have Richard. So obviously, we have a comms issue in Tanzania. So I presented this slide in the last presentation and a lot of people liked it.

好的。下一張投影片。而且我們也沒有理查德。很顯然，我們在坦尚尼亞遇到了通訊問題。我在上次的演講中展示了這張投影片，很多人都很喜歡。

So because it was fairly easy to understand. A couple of things in this slide that are relevant. One is we like purples. We particularly like deep purples in this slide, and here it is that. And so Buckreeef gets better grades as we get deeper.

因為它比較容易理解。這張投影片裡有幾點值得注意。一是我們喜歡紫色。我們特別喜歡這張投影片中的深紫色，這就是它的效果。隨著我們深入研究，Buckreeef 的評分也越來越高。

And so what this slide is showing here now is where the mining has occurred up to May 31 and where mining is going to occur the rest of the year. So Richard, this provides us with a -- give the investors a quick sense of where you're going to mine the rest of the year, how that's going to improve the grade profile going to the mill. And also one of the things that we did mention in our press release is a significant increase in the ROM pad and both from tonnes perspective, ounce perspective, and grade perspective and how that will change over time.

因此，這張幻燈片現在顯示的是截至 5 月 31 日的採礦活動地點以及今年剩餘時間的採礦活動地點。所以理查德，這能讓投資者快速了解你今年餘下時間將在哪裡採礦，以及這將如何改善送往選礦廠的礦石品位。我們在新聞稿中也提到，ROM 礦石的產量將大幅增加，無論從噸位、盎司數或等級來看，以及隨著時間的推移，產量將如何變化。

Sure. Thanks, Stephen. Okay. Well, if we just follow the colors, the warmer colors represent the higher grades. And in the beginning of FY25, we focused on the right-hand side of that page to much lower grades.

當然。謝謝你，史蒂芬。好的。如果只看顏色，暖色調代表更高的等級。在 2025 財年初期，我們將重點放在了該頁面的右側，以降低評分。

We've -- over the last two quarters, as we signaled in these meetings, we pushed the strategy to get back to the central and southern part of the main pit, and we've succeeded in doing that last quarter, and we've now accessed these high grades. So we've got not only higher grades, but plentiful ore that we are now accessing by. We're signing -- we've received the benefits of that strip.

在過去的兩個季度裡，正如我們在這些會議上所表明的那樣，我們推進了回到主礦坑中部和南部地區的戰略，上個季度我們成功地做到了這一點，現在我們已經獲得了這些高品位礦石。因此，我們不僅獲得了更高品位的礦石，而且現在我們還獲得了大量的礦石。我們正在簽約——我們已經享受了那條地帶帶來的好處。

So the other benefit of that is we've got a much lower strip ratio now going forward for a little while, and that enables us to really grow our stockpiles ahead of the processing plant to the point now where I would suggest we've got about two months supply already now of high grade and feed grade ore that's ready to go for processing. And that will continue. We'll be in a very healthy position now until we finish Stage 1 of the pit, which is another six or seven months away.

因此，另一個好處是，在接下來的一段時間內，我們的剝採比將大大降低，這使我們能夠在加工廠之前真正增加庫存，以至於我現在認為我們已經有大約兩個月的高品位和飼料級礦石供應，隨時可以進行加工。這種情況還會繼續下去。在完成第一階段的維修工作之前，我們將處於非常健康的狀態，這還需要六到七個月的時間。

So we've built ourselves into a good, strong position with feed for -- good feed for the plant. And we've also now started the second stage of stripping for Stage 2 of the pit. And we've built up a nice healthy stockpile to see us through a gap of mined ore that will hit us in about seven or eight months.

因此，我們在飼料方面已經建立了良好的、強大的地位——為工廠提供優質飼料。現在我們也開始了第二階段的礦坑拆除工作。我們已經建立了一個相當健康的儲備，足以應付大約七、八個月後即將到來的礦石開採短缺期。

Excellent. Thank you, Richard. So getting on to the next slide, just a brief overview of the PEA. So as Richard just described, the grade profile is improving. There's healthy stockpiles. We're moving through the pit in a very good sequence, which is part of the PEA.

出色的。謝謝你，理查。接下來進入下一張投影片，簡單概述初步經濟評估 (PEA)。正如理查德剛才所描述的那樣，成績水平正在提高。庫存充足。我們正在按非常好的順序進行礦坑勘探，這是初步經濟評估的一部分。

And so in that PEA, that sequence continues for three to four years of open pit mining in various stages. I think there's three stages, Richard, for the open pit.

因此，在初步經濟評估中，這個過程將持續三到四年，分各階段進行露天採礦。理查德，我認為露天礦坑的開採分為三個階段。

Look, two stages in this pit now. We've reduced it from a 3-stage pit to a 2-stage pit and the third stage is really underground. So yes.

你看，這個坑現在有兩個階段了。我們已經將原本的三級礦坑縮減為兩級礦坑，而第三級礦坑實際上是在地下。是的。

Yes. So we're moving through that sequence. And why that's important is because that sequence and the way that it's engineered, goes through the plant expansion, goes through the mining of the higher-grade ore blocks in the open pit part, creates cash flow for the underground expansion and the underground workings in about three to four years' time.

是的。所以我們正在按照這個順序進行。之所以說這很重要，是因為這種順序和設計方式，透過工廠擴建，透過露天礦開採高品位礦石，在大約三到四年內為地下擴建和地下作業創造現金流。

So I won't go through the metrics again of the PEA. They're on the slide here. They're quite obvious. Obviously, it was quite healthy.

所以我就不再贅述PEA的各項指標了。他們現在處境艱難。它們很明顯。顯然，這很健康。

The key to -- in talking to investors over the last couple of months since we've released this study is one of the things in mining is everybody asks, what's your upfront CapEx? How much do you need to fund in order to execute your business plan?

自從我們發布這項研究以來，在過去幾個月與投資者的交流中，我們發現，採礦業的一個關鍵問題是，每個人都會問：你們的前期資本支出是多少？你需要多少資金才能執行你的商業計劃？

And our comment has always been we got a little queue in the IRR, and we probably should have stepped back a little bit because we get asked that question. So what's your IRR? And we say, well, given that the way the study was put together and it was predominantly self-funding, you don't have an initial CapEx upfront, so you don't have an IRR.

我們一直以來的評論是，我們在實施細則方面遇到了一些問題，我們或許應該稍微退後一步，因為我們經常被問到這個問題。那你的內部報酬率是多少？我們說，鑑於這項研究的組織方式以及它主要是自籌資金，你沒有預先的資本支出，所以你沒有內部收益率。

It's infinite to a certain degree. But everybody asks, so what are you going to spend over the next three to four years? And the reality is that spend is around $90 million. The first two years of the study is predominantly the plant expansions, and Richard just went through with you on how that would operate. And then the third and fourth year are predominantly the development of underground development to feed the plant for the remainder of the mine life.

在某種程度上，它是無限的。但每個人都會問，那麼你未來三到四年打算花多少錢？而實際情況是，這筆支出約為 9,000 萬美元。研究的前兩年主要集中在工廠擴建方面，理查德剛才已經向你詳細講解了擴建的運作方式。然後，第三年和第四年主要致力於地下開發，為工廠在礦山剩餘壽命期間提供燃料。

And this is all within the Buckreef Main zone. It does not include Anfield, where I mentioned before, our best drill hole results are as well as -- sorry, Stamford Bridge as well as Anfield, which also has really good drill hole results.

而這一切都發生在巴克里夫主區。它不包括安菲爾德球場，我之前提到過，我們在那裡的鑽孔結果最好——抱歉，斯坦福橋球場和安菲爾德球場，那裡的鑽孔結果也非常好。

So this is the CapEx profile that's split down between the the plant expansion first and then to the underground workings thereafter. And so everybody asks, so how theoretically when you're operating this business, how much do you need to raise?

所以這是資本支出概況，首先是工廠擴建，然後是地下工程。所以大家都會問，理論上講，經營這家企業需要籌集多少資金？

Because everybody is asking us, okay, when are you going to raise money to do this? And the answer that we have is, right now, we're self-funding. As Mike mentioned, we've invested a lot of money into self-funding.

因為每個人都在問我們，好吧，你們什麼時候籌集資金來做這件事？而我們目前的答案是，我們正在自籌資金。正如麥克所提到的，我們已經投入了大量資金用於自籌資金。

Right now, it's contemplated to continue to be self-funding. And if you look at the projected operating cash flow as well as projected EBITDA and the multiples on the CapEx in the first four years, it says that we should be able to do this predominantly being self-funded going forward. So I just wanted to make sure that people understand that and the way that the study was laid out.

目前計劃繼續自籌資金。如果你看一下預計的營運現金流、預計的 EBITDA 以及前四年的資本支出倍數，就會發現我們應該能夠主要依靠自有資金來實現這一目標。所以我只是想確保大家理解這一點以及這項研究的實施方式。

Mike, anything to add to that because we get a lot of questions around this.

麥克，你還有什麼要補充的嗎？因為我們常常收到關於這方面的問題。

Issues in Canada as well. Apologies. No, I think that was well said. And again, I think that clarifies a lot of the questions we've been getting from folks over the last few weeks since we published the PEA. Thanks for that.

加拿大也存在類似問題。抱歉。不，我覺得他說得很好。再次強調，我認為這澄清了自從我們發布初步經濟評估報告以來，過去幾週大家提出的許多問題。謝謝。

So with regards to -- we put a comparable company analysis. And one of the things that I mentioned earlier of focusing on is if you look at people who have moved up on this curve, they've executed both on ounces, expansions, and importantly, they have what I'll call normalized working capital ratios.

所以關於這一點——我們做了一個類似公司的分析。我之前提到的重點之一是，如果你觀察那些在這條曲線上取得進步的人，你會發現他們在盎司產量、擴張方面都取得了成功，而且更重要的是，他們擁有我稱之為正常化的營運資本比率。

And so the short- to medium-term focus for us is to make sure that we're not discounted because of our working capital ratios. And so we will be continually working on paying down some of our payables and capitalizing the business appropriately to make sure that our working capital ratios are in line with market comps that have performed.

因此，我們短期到中期的重點是確保我們的營運資本比率不會讓我們被低估。因此，我們將持續努力償還部分應付帳款，並為企業提供適當的資本，以確保我們的營運資本比率與表現良好的市場同類企業保持一致。

And also, when I look at the others who have moved up on this curve as well, making sure we have the capital discipline in executing our expansion plans as well as continually growing that business is also extremely important to move up on this curve.

而且，當我觀察其他也在這條曲線上取得進步的公司時，我發現，確保我們在執行擴張計劃時保持資本紀律，並不斷發展業務，對於在這條曲線上取得進步也至關重要。

So the focus, although we're behind today, hopefully, we can start to catch up when we recapitalize through the -- through increases in production and cost management as well as our expansionary plans. With regards to the capital structure, we did not issue any capital raises in the last quarter or the last couple of years.

所以，儘管我們目前落後了，但希望透過提高產量、加強成本控制以及推進擴張計劃，我們能夠重新獲得資金，從而迎頭趕上。關於資本結構，我們在上個季度以及過去幾年都沒有進行任何增資。

The stock is still oscillating. As I mentioned, I think a large part of that is you got a $1 billion study in the market. The market wants to see you get there. To get there, one wants to make sure that you have the proper capital to get there. And when we recapitalize in the next couple of quarters, I think we should see -- hopefully start to see some movement on the share price.

該股股價仍在波動。正如我之前提到的，我認為很大一部分原因是市場上出現了一項價值 10 億美元的研究。市場希望看到你實現目標。要實現這個目標，首先要確保你有足夠的資金。我認為，在接下來的幾個季度裡，當我們完成資本重組後，股價應該會有所起色。

We also have picked up our marketing campaigns now that the PEA is out through various parties and ourselves and are having a lot more, particularly institutional meetings, I would say, Mike, over the last two to three months than we normally have.

現在 PEA 已經發布，我們也透過各種管道和我們自己加大了行銷力度，而且在過去兩三個月裡，我們舉辦的會議，特別是機構會議，比平時要多得多，麥克。

We've started to see some institutions come into the stock on [12 Fs]. So that's been encouraging as well, although small thus far. This does take a little bit of time to execute, but it's certainly a keen focus of ours. So I'll reiterate the key investment highlights before we get into Q&A.

我們已經開始看到一些機構買進這隻股票。[12 Fs]。所以，雖然目前進展甚微，但這也令人鼓舞。執行起來確實需要一些時間，但這無疑是我們重點關注的領域。那麼在進入問答環節之前，我先重申主要的投資要點。

We're seeing strong growth and sustained profitability and other ways to cut costs and keep those costs down. We do have a proven operational track record. We have a robust business plan in the PEA in front of everyone. We are in a good mining jurisdiction.

我們看到了強勁的成長和持續的獲利能力，以及其他降低成本和保持成本低廉的方法。我們擁有可靠的營運業績記錄。我們在PEA（菲律賓經濟評估）中向所有人展示了一份完善的商業計劃。我們身處良好的採礦管轄區。

We get along quite well with the Tanzanians, as I mentioned on earlier calls, we are in front of the government negotiating team and others with regards to the attempts to revise the joint venture agreement. That should happen, it's politics.

正如我之前在電話中提到的，我們與坦尚尼亞人相處得很好。我們站在政府談判團隊和其他相關方前面，試圖修改合資協議。這理所當然，這就是政治。

So there's an election in October. So we'll see if we can do anything before then, but more likely into the new year next year. We have the technical experience both on the ground and in corporate to execute our business plans.

所以十月要舉行選舉。所以我們會看看在那之前能不能做些什麼，但更有可能要等到明年新年之後。我們擁有執行業務計劃所需的現場和企業技術經驗。

So I'm going to pause there and turn it over to the moderator for Q&A.

那我就先暫停一下，把時間交給主持人進行問答環節。

(Operator Instructions) Jake Sekelsky, Alliance Global Partners.

（操作說明）傑克·塞克爾斯基，Alliance Global Partners。

So just starting with throughput during the quarter. We saw a 25% oxide, 75% sulfide mix. Any visibility on how you expect this to trend in the coming quarters?

所以，我們先從本季的吞吐量說起。我們看到氧化物佔25%，硫化物佔75%的混合物。您認為未來幾季這趨勢會如何發展？

Yes. So I'm going to answer that, and I'm going to ask Richard to finish my answer. When he said there will be a pre-leach thickener, that is to get to 100% sulfides to have a -- in order to have a better head grade. So currently, what's happening is the oxides are lower grade, but they're needed in order to float carbon appropriately in order to get gold recovery. So this is one of the items that is high on Richard's list.

是的。所以我要回答這個問題，然後我會請理查幫我把答案說完。他說會有一個預浸濃縮機，目的是使硫化物含量達到 100%，從而獲得更好的原料等級。所以目前的情況是，氧化物的品位較低，但為了適當地浮選碳以回收黃金，需要用到氧化物。所以這是理查德最想做的事情之一。

So Richard, you're much more technical than I am. You want to just continue to answer that question.

理查德，你的技術水準比我高很多。你只想繼續回答這個問題。

I think you answered it okay. But in terms of timing, we're looking to get the thickener installed by the end of this calendar year. So we're looking that we'll probably not feed oxides much at all or at such a high percentage going from calendar year 2026 onwards. And yes, that will probably raise our head grade by about 0.3 of a gram, 0.4 of a gram.

我覺得你回答得還可以。但就時間安排而言，我們希望在今年年底前安裝好增稠機。因此，我們預計從 2026 年起，我們可能不會再大量或以如此高的比例添加氧化物。是的，這可能會使我們的頭部品質提高約 0.3 克，0.4 克。

And so also, Jacob, really, when you look at the way this is being executed, we have predominantly an oxide plant right now that is being upgraded to a sulfide. And that's part of (inaudible) count and as part of the flotation and regrind circuit changes that Richard has been explaining.

所以，雅各布，實際上，當你觀察它的執行方式時，我們現在主要是一個氧化物工廠，正在升級為硫化物工廠。這是（聽不清楚）計數的一部分，也是理查德一直在解釋的浮選和再研磨迴路變化的一部分。

Okay. That's helpful. And then building on that a bit, just on recoveries. You touched on the finer grind work that's ongoing. Any additional color on what that time line looks like?

好的。那很有幫助。然後在此基礎上再進一步，就復甦而言。你提到了正在進行的更精細的打磨工作。關於這條時間軸還有什麼補充說明嗎？

I mean, are those benefits we might see in the next few quarters? Or is that a program that might take a bit longer?

我的意思是，這些好處我們能在未來幾季看到嗎？或者說，那是一個可能需要更長時間才能完成的專案？

Maybe I'll jump here on this one. We're working on two aspects of grindability. So our current process requires us to get a PAD of about 75 microns. And we have achieved that, but not in a stable fashion. So the more we work on that, we'll see slightly better recoveries.

或許我會參與進來。我們正在研究研磨性能的兩個方面。因此，我們目前的製程要求我們獲得約 75 微米的 PAD。我們已經實現了這一點，但還不夠穩定。因此，我們在這方面投入的精力越多，復甦情況就會略有改善。

The flotation plant with the associated Fine Grind, HIG or IsaMill will be roughly 12 to 15 months away. But the intent for me is to try and get this in and running by financial year 2027. And then we'll see a big jump in recoveries associated with that.

浮選廠及其配套的細磨機、HIG 或 IsaMill 大約還需要 12 到 15 個月才能完成。但我的目標是爭取在 2027 財年之前完成並投入營運。然後我們將看到與此相關的康復人數大幅增加。

Yes. So Richard, I think the time lines we take models this stuff sort of out is for recovery rates into the low 80s, those are kind of where we're going to do, what we're doing into the current plant upgrades with the thickeners and the ADR plant. That's the goal there. And then the high 80s, low 90s in sulfides, that's with the flotation and regrind circuits as well as the upfront crushing circuit.

是的。所以理查德，我認為我們根據模型推導出的時間線是，回收率要達到 80% 左右，這就是我們目前在濃縮機和 ADR 工廠升級改造中要達到的目標。這就是我們的目標。然後硫化物含量達到 80 多到 90 多，這是透過浮選和再磨迴路以及前端破碎迴路來實現的。

Yes. I agree. So we'll see recovery improvements, stepwise recovery improvements with the -- in about -- by the end of the calendar year and hopefully, some other minor improvements, just operational optimizations ahead of that as well.

是的。我同意。因此，我們將看到復甦的改善，逐步的復甦改善，大約在年底前，希望還能看到一些其他的小改善，以及在此之前的一些營運優化。

Okay. So targeting a step up to the low 80s in the next couple of quarters and then another step to high low 90s over the next 18 months, fair?

好的。所以，目標是在接下來的幾個季度內提升到 80% 出頭，然後在接下來的 18 個月內再提升到 90% 高出頭，這樣合理嗎？

Yes. And that's modeled out in the PEA as well that way. The -- what I'll add to that as well, Richard. I think as we get more and more experience with Buckreef, there are different geometric zones that have different recovery rates in them. So the lower grade zones that we were in at the beginning of the year, have lower recoveries, lower grade and lower recoveries than the current zone that we're currently in.

是的。PEA 中也採用了這種建模方式。我還要補充一點，理查。我認為隨著我們對 Buckreef 的了解越來越多，會發現不同的幾何區域有不同的恢復速度。所以，年初我們所處的低品位礦區的回收率、品位和回收率都比我們目前所在的礦區低。

Do you want to just give a quick overview, a snapshot of that, Richard, because that's important (inaudible) at Buckreef.

理查德，你想簡單概述一下，簡單介紹一下嗎？因為這在巴克里夫很重要（聽不清楚）。

Yes, sure. So yes, look, we're doing a lot of metallurgical test work. Part of that is on the current ore that we have at the moment and part of that is the ore that's going to be with us for underground, and we're looking at things from a geometallurgical perspective, from a flotation perspective, from a grindability perspective.

當然可以。是的，我們正在進行大量的冶金測試工作。一部分是目前我們擁有的礦石，一部分是我們將要開採到地下的礦石，我們正在從地質冶金學的角度、浮選的角度、可磨性的角度來考慮這些問題。

So all that work is ongoing. We've already found out some very interesting attributes of the ore body, and we've kind of split the ore body into two geometallurgical domains, and we know that we've got to take slightly different approaches to the processing of those two.

所以所有這些工作都在進行中。我們已經發現了一些礦體非常有趣的特性，並將礦體大致分為兩個地質冶金區域，我們知道必須對這兩個區域採取略有不同的處理方法。

But check. It's -- we have to mine it all. It's all economic. We just have to optimize our plant to accordingly.

但要核實。我們必須全部開採出來。這一切都與經濟有關。我們只需要相應地優化我們的工廠。

Yes. And I was just going to say, I mean, Richard, maybe you could briefly comment that we've got the results of the geometallurgic study that have sort of given us a road map to follow to deal with some of these more complex geometallurgic zones, coupled with a comminution study that has given us a road map for the improved flow sheet, right?

是的。我正想說，理查德，你能不能簡單評論一下，我們已經有了地質冶金研究的結果，這些結果為我們處理一些更複雜的地質冶金帶提供了路線圖，再加上一項破碎研究，這些研究為我們改進了工藝流程提供了路線圖，對吧？

That's right. And as I said, there are small optimizations we can do additional to the flotation circuit. Just running some pure oxygen and some over the first tank of the CIL tank will probably give us another small kick in these sorts of things.

這是正確的。正如我所說，除了浮選迴路之外，我們還可以進行一些小的優化。只要往 CIL 罐的第一個罐中通入一些純氧，或許就能在這方面為我們帶來一些小小的進展。

So -- and it's more effective on one geometallurgical domain than the other. So yes, there's a lot of fine-tuning that we need to do. It's a young plant, and we're finding our way through it to get the best results.

所以——而且它在一個地質冶金領域比在另一個領域更有效。是的，我們需要進行很多微調。這是一株幼苗，我們正在摸索如何才能獲得最佳效果。

Mike Niehuser, ROTH Capital Partners.

Mike Niehuser，ROTH Capital Partners。

Stephen, can you hear me okay?

史蒂芬，你聽得到我說話嗎？

Yes, I can hear you just fine, Mike.

是的，我能聽得很清楚，麥克。

I'm heartened by Richard's comments about optimizing the plant, really do it in several ways. And it seems like it's perfectly timed with the transition from oxide through the -- towards the sulfides. My question is, it sounds like you're pretty much wheels up with the pushback of this pit to proceed down the path of the PEA by continuing production, generating cash flow and completing the steps of being able to do a flotation circuit and get underground. So really, it seems like you're just going to feather right into that. Am I seeing that correctly?

理查德關於優化工廠的評論讓我深受鼓舞，確實需要從多個方面進行優化。而且，這似乎與從氧化物到硫化物的轉變時間完美契合。我的問題是，聽起來你們已經做好了充分的準備，克服這個礦坑的阻力，繼續推進初步經濟評估，透過繼續生產、產生現金流並完成浮選迴路和進入地下作業的步驟來實現這一目標。所以，看起來你似乎會直接融入其中。我理解的對嗎？

Correct.

正確的。

Simple answer. That's good. I don't want a lot of showtime here. The other question is there's a lot of surface material around the project to be oxidized. How do you see -- is that going to be -- take a backseat to the sulfides in underground?

簡單來說。那挺好的。我不想在這裡花太多時間作秀。另一個問題是，該項目周圍有很多表面物質需要氧化。您認為地下硫化物會退居次要地位嗎？

Or is there a way to avail yourself of that with the existing plant that could take advantage of the market and such?

或者，有沒有辦法利用現有工廠來開拓市場等等？

Yes. So you saw Richard smile on that when you asked that question. Look, we're constantly assessing oxides around the property. And the part of that is increasing the exploration spend, which I did mention that we will need to put into the fiscal 2026 budget.

是的。所以，當你問那個問題的時候，你看到理查德笑了。你看，我們一直在評估房產周圍的氧化物狀況。其中一部分是增加勘探支出，我之前提到過，我們需要將其納入 2026 財年預算。

And any time you have more oxides, there's a trade-off between here and the way that we look at this is -- if we have below 1 gram a tonne oxides and you have 2.5 gram a tonne sulfides, well, once these plant optimizations are done, you're going to put 2.5 gram a tonne sulfides through, right?

任何時候氧化物含量增加，都會存在權衡取捨。我們看待這個問題的方式是——如果氧化物含量低於每噸 1 克，而硫化物含量為每噸 2.5 克，那麼一旦工廠優化完成，你就會處理每噸 2.5 克的硫化物，對吧？

So there's a trade-off between the two. But certainly, you can get some really good high-grade oxides, you're going to put them through because they're helpful. And they'll go through any plant. They'll go through the expanded plant as well as long as it's not too much clay in it. Prominent oxide material in Buckreef something that just clay in it.

所以這兩者之間存在著權衡取捨。當然，你可以得到一些非常好的高級氧化物，你會用它們來處理，因為它們很有用。它們會啃食任何植物。只要裡面黏土含量不太高，它們也能順利通過擴建後的工廠。Buckreef 中含有大量氧化物，其中只有黏土。

Did I get that right, Richard?

我理解對了嗎，理查德？

Well, yes and no. I think Mike is asking us if we've got plans to maybe punch another 10,000 or 20,000 ounces out by just having a little plant for oxide. And whilst we don't, the potential is definitely there. And we've even got old tailings that can be economically reprocessed at $3,000 an ounce.

嗯，算是，也不算。我想麥克是想問我們，有沒有計劃通過建造一個小型氧化物工廠，再生產 10,000 或 20,000 盎司黃金。雖然我們目前還沒有，但這種潛力是存在的。我們甚至還有一些舊尾礦，可以以每盎司 3000 美元的價格進行經濟有效的再加工。

So we've got lots of opportunities. We're focusing very much on the PEA aspect, but there are other business improvement opportunities all over this project.

所以我們有很多機會。我們非常關注專案經濟評估 (PEA) 方面，但這個專案中還有其他方面的業務改進機會。

Well, those were both actually very good answers, and I appreciate them both. One suggestion is that with us being in the fourth quarter and the time it takes to publish year-end results, I think the investors would be quite hungry to see ongoing operating results on a one-off basis.

嗯，這兩個回答都非常好，我很感謝。有人認為，鑑於目前已進入第四季度，且發布年終業績需要時間，投資者應該非常渴望看到一次性的持續經營業績。

So I encourage you to do that. I think this is the time to break the pattern a little bit and take a victory lap if you can. So that's all I got.

所以我鼓勵你這樣做。我認為現在是時候打破常規，好好慶祝一下勝利了。這就是我得到的全部資訊。

You must talk to our Board members, Mike, but that --

麥克，你必須和我們的董事會成員談談，但…--

No, no. Just staying the obvious, Stephen.

不，不。史蒂芬，我只是在說顯而易見的事。

Heiko Ihle, H.C. Wainwright.

海科·伊勒，H.C. 溫賴特。

I assume you can hear me okay?

我想你應該能聽到我說話吧？

We can hear you just fine. I also got your note as well, Heiko, on your questions.

我們聽得很清楚。海科，我也收到了你關於你問題的留言。

Excellent. In your PEA -- so I guess you got fair warning what I'm about to ask you. In your PEA, you're calling for annual production of 62,000 ounces of gold per year. Obviously, current gold price environment is ridiculously strong, and we may actually see some more increases given all the inflation that's going on.

出色的。在你的 PEA 中——所以我想你應該已經得到我接下來要問你的問題的明確提示了。在您的初步經濟評估報告中，您要求每年生產 62,000 盎司黃金。顯然，目前的黃金價格環境異常強勁，考慮到當前的通貨膨脹，我們可能還會看到金價進一步上漲。

Let's assume for a second, money was not really much of a concern. What would be the main bottlenecks to this figure even more over the next couple of years?

讓我們假設一下，錢並不是一個很大的問題。未來幾年，阻礙這一數字進一步成長的主要瓶頸是什麼？

So I'll let Richard answer that question more technical in a second, but I'll give you a sense of the way that we looked at this. So when we first engaged into putting together the study is the bottleneck right now is plant capacity in the study, the major bottleneck of 3,000 tonnes per day, which can go larger.

稍後我會讓理查德更詳細地回答這個問題，但我會先向你們介紹一下我們是如何看待這個問題的。因此，當我們最初著手進行這項研究時，目前的瓶頸是研究中的工廠產能，主要的瓶頸是每天 3,000 噸，但還可以更大。

But then when you do that, you have to go and do all your underground workings and engineer all of those. And you have so many ramps and these sort of things that go into that. And it takes a lot of time to do that sort of work.

但是，當你這樣做的時候，你必須去做所有的地下工程，並設計好所有這些工程。而且還有很多坡道以及類似的東西。做這類工作需要花費大量時間。

And so when we looked at the study, we said the same thing you said, 18-year mine life, too long, 62,000 ounces can be higher. Most studies that you see are in the range of 8 to 12 years of mine life. How do we get there? And then when we spoke to the engineers around that, it would have taken a couple of more months in order to engineer that appropriately. And we said these numbers are great anyway.

所以當我們查看這項研究時，我們和你一樣認為，18 年的礦山壽命太長了，62,000 盎司的產量還可以更高。大多數研究都集中在礦井壽命的 8 到 12 年範圍內。我們該如何到達那裡？然後我們和工程師們談了這件事，他們說還需要幾個月的時間才能進行適當的工程設計。我們當時就說，這些數字本來就很棒。

So let's get this into the market to show investors how good just the Buckreef Main Zone can be. So Richard, you can get a little bit more technical in and around how -- why it takes so long to do underground work in engineering.

所以，讓我們把這個推向市場，向投資人展示巴克里夫主區究竟有多好。所以理查德，你可以更深入地探討為什麼在工程領域進行地下作業需要這麼長時間。

I don't need to go into that sort of detail. I mean the bottleneck is like any good plant at the mill. Our crushing circuit would need a significant upgrade as well just to increase throughput. The new flow sheet calls for a SAG mill and what I would plan to do is make sure that our SAG mill has extra capacity to realize a higher throughput than 3,000 tonnes a day. So don't make that the bottleneck or at least maximize that to its maximum capacity and overperform.

我不需要贅述那些細節。我的意思是，瓶頸就像工廠裡任何優秀的工廠一樣。為了提高產量，我們的破碎電路也需要進行重大升級。新的流程圖要求使用 SAG 磨機，我的計劃是確保我們的 SAG 磨機具有額外的產能，以實現每天超過 3,000 噸的更高產量。所以不要讓它成為瓶頸，或至少要最大限度地發揮它的能力，並超越預期。

When we get to underground, getting 3,000 tonne a day out of essentially two declines is not impossible. Getting three declines, however, is quite easily achievable and up scalable. So we are looking at the potential for us to put an extra decline down. And our studies are based on 50-tonne trucks. We could look at 60-tonne trucks, for example.

當我們進入地下時，透過兩條斜坡道每天開採 3000 噸礦石並非不可能。然而，獲得三次拒絕是很容易實現的，而且可以向上擴展。所以我們正在考慮是否有可能再增加一個下降坡度。我們的研究是基於50噸卡車進行的。例如，我們可以看看60噸的卡車。

We've got other -- we did a haulage and hoisting trade-off study, and they all -- you could throw a blanket over them. So even a small shaft could be considered as a viable option and then you can really start talking about 4,000 tonnes a day.

我們還有其他的——我們做了一項運輸和起重權衡研究，所有這些——你可以把它們統統覆蓋。所以即使是小型豎井也可以被視為一個可行的選擇，然後你就可以真正開始談論每天 4000 噸的產量了。

So plenty of upscope potential there, but optimization studies would be required. And as Stephen said, we wanted to get out to the market with a, I guess, a vanilla flavored technical approach to it, and I think it's a good base case.

所以這裡有很多提升空間，但需要進行優化研究。正如史蒂芬所說，我們希望以相對平淡的技術方法進入市場，我認為這是一個很好的基礎案例。

Fair enough. And then just a follow-up, and maybe I'm just not grasping something here. But I mean, your deal with the Bank of Tanzania, you're going from a 7.3% royalty to a 4% royalty. So that changes 3.3% of what you're getting. So about $100 an ounce, real meaningful.

很公平。然後我還有一個後續問題，也許是我沒理解到什麼程度。但我的意思是，在你與坦尚尼亞銀行的協議中，特許權使用費從 7.3% 降至 4%。這樣一來，你所獲得的東西就會改變3.3%。所以大約每盎司100美元，這可是相當可觀的價格。

It also states that you're selling it to BOT at the market rates. So if you could scale this, and it sure sounds like you could because the 20% seems to be your words a minimum, why wouldn't you just go to the maximum or 100%? Is there credit risk? What's the downside from this agreement to you? I'm just -- I guess I am not --

它也說明你是用市場價格賣給BOT的。所以，如果你能擴大規模，而且聽起來你肯定能做到，因為 20% 似乎是你的最低標準，為什麼不直接做到最大值或 100% 呢？是否有信用風險？你認為這項協議的弊端是什麼？我只是——我想我不是。--

Great question. So we just got into this agreement, Heiko. And I'm going to let Mike get into the nuances of because there's another question in the queue around this is, look, when we engaged on this, we had certain factors.

問得好。海科，我們剛剛達成了這項協議。接下來，我要讓麥克來詳細解釋其中的細微差別，因為還有一個相關的問題，那就是，當我們著手處理這件事時，我們考慮了一些因素。

And the way the agreement is set up is essentially, we're selling assay Doré to the Bank of Tanzania from the gold room and get paid instantaneously, although we get paid in market exchange rates and shillings. And we have a -- our cost base is predominantly in shillings as well.

協議的設立方式本質上是，我們從黃金庫向坦尚尼亞銀行出售金銀條，並立即獲得付款，儘管我們是以市場匯率和先令的形式獲得付款。而我們的成本基礎也主要以先令計價。

So yes, no, it is a really good transaction. We work quite extensively with the Tanzanian government to get it to this point. The Tanzanian, Bank of Tanzania, not unlike a lot of central banks in the world wants to grow their gold reserves.

所以，是的，不，這是一筆非常好的交易。我們與坦尚尼亞政府進行了廣泛的合作才使之達到現在的程度。與世界上許多中央銀行一樣，坦尚尼亞銀行也希望增加黃金儲備。

And this is a good way for them to do it. We sell 20%, Barrick sells 20%, Geita sells 20%, Shanta sells 20%. I would predict right now, the biggest bottleneck is the refining capacity in country. So Mike, do you want to get into that a little bit?

對他們來說，這不失為一個好方法。我們賣出 20%，巴里克賣出 20%，蓋塔賣 20%，尚塔賣 20%。我預測，目前最大的瓶頸是該國的煉油能力。麥克，你想稍微談談這個話題嗎？

Yes. No, you said it well, and you read it right, Heiko, for sure. I mean it is a minimum. So we've got an opportunity to sell as much over and above that as we deem appropriate. We are paid in shillings, though, to Stephen's point, we do have things like overhead costs and others that are US dollar denominated.

是的。不，你說得很好，而且你肯定也讀對了，海科。我的意思是，這是最低要求。因此，我們有機會銷售超出預期數量的產品。不過，正如史蒂芬所說，我們的薪水是以先令支付的，但我們也有一些費用，例如管理費和其他一些費用是以美元計價的。

So there is a bit of US dollar exposure that we would continue to be paid and require that. But there is an opportunity to ship more gold to the local refiner and sell to the Bank of Tanzania and take advantage of that royalty.

因此，我們仍需承擔一定的美元風險，並繼續收取款項，這也是我們的要求。但是，有機會將更多黃金運往當地精煉廠，然後賣給坦尚尼亞銀行，並從中賺取特許權使用費。

Because they're only now kind of getting up and running as far as what they can refine, there is a capacity constraint Heiko that Stephen mentioned. They are trying to figure out how to refine our gold, Barrick's Gold, Anglo's Gold, Shanta's Gold, and do it efficiently and effectively.

因為他們現在才剛開始著手改進，所以存在著史蒂芬提到的海科所說的產能限制。他們正在努力弄清楚如何提煉我們的黃金、巴里克黃金、英美資源集團黃金、尚塔黃金，並有效率、有效地完成這項工作。

And right now, I've asked that we perhaps be a little bit patient with them in terms of what we ship them. And as they get more efficient in their process, we could certainly look at increasing what we send them and what we sell to them and take advantage of that reduced royalty rate.

目前，我要求我們在出貨方面或許可以稍微耐心一點。隨著他們的生產流程效率不斷提高，我們當然可以考慮增加我們寄給他們的產品和我們賣給他們的產品，並利用降低後的版稅率。

Yes. So Mike, I'm just going to poke in before Heiko ask another question because it leads into the text question. Please explain the foreign exchange rate between the Tanzanian shilling and the US dollar for gold as it pertains to TRX's agreement with the BOT. So I want to explain to you how you manage that through the team in Tanzania.

是的。所以麥克，在海科問下一個問題之前，我想插一句，因為這涉及到文本問題。請說明坦尚尼亞先令與美元之間的黃金外匯匯率，以及這與TRX與泰國銀行（BOT）協議的關係。所以我想向你們解釋一下，你們是如何透過坦尚尼亞團隊來管理這件事的。

Yes. No, it's a good question. So as Heiko, you touched on and a good question on the FX as well, both the gold price that they quote as well as the foreign exchange rate that they quote on each transaction are daily international published rates.

是的。不，這是個好問題。正如 Heiko 所提到的，關於外匯也是一個很好的問題，他們報價的黃金價格以及每筆交易中報價的外匯匯率都是每日公佈的國際匯率。

So the FX is published on a daily basis. It's at about KES2,600 to USD1, for every USD1, it's KES2,600. And again, what we validate both the gold price and FX rates that the Mining Commission quotes with each shipment are against internationally published rates in London and abroad.

因此，外匯市場每天都會發布。大約 1 美元可以兌換 2600 肯亞先令，也就是說，1 美元可以兌換 2600 肯亞先令。再次強調，我們會核實礦業委員會在每次出貨時所報的黃金價格和外匯匯率，並與倫敦和國外公佈的國際匯率進行比較。

So all market rates and again, published on a daily basis on the Mining Commission website that folks can track. And again, Stephen mentioned it, the goal in part by some of this local benefication is to help prop up those foreign currency, exchange reserves.

所以所有市場價格都會每天在礦業委員會網站上公佈，供大家查詢。史蒂芬再次提到，這些地方性優惠活動的部分目的是為了幫助支撐外匯存底。

The currency has depreciated candidly in the last number of years. So it's just an opportunity for them to bolster the currency, and it's improved from about, I want to say KES2,750 to $1 to about KES2,600 to $1 currently, which I think is in part due to the approach they're taking with local gold sales.

坦白說，該貨幣在過去幾年持續貶值。所以這對他們來說是一個提振貨幣的機會，匯率已經從大約 1 美元兌 2750 肯尼亞先令提高到目前的 1 美元兌 2600 肯尼亞先令，我認為這部分歸功於他們對本地黃金銷售採取的方式。

All right, Heiko, any other questions?

好了，海科，還有其他問題嗎？

No, that was it on my end.

不，我這邊就到此為止了。

So I'll get into another question that -- operator, is anybody else in the queue?

所以我再問一個問題──操作員，隊列裡還有其他人嗎？

No, sir, you're free to take the floor.

不，先生，您可以發言了。

Okay. Excellent. So the last question is an interesting one. Gentlemen, all fair and good. But how do investors make a return? We are in the early stages of a gold bull market, and I'm seeing a number of small juniors that are not even in production, that have a good price appreciation yet TRX stock has not appreciated to the same degree.

好的。出色的。最後一個問題很有趣。各位先生，都是公正善良的人。但投資者如何獲得回報呢？我們正處於黃金牛市的早期階段，我看到許多尚未投產的小型初級礦業公司股價都出現了不錯的上漲，但 TRX 股票的漲幅卻沒有達到同樣的程度。

Look, I did -- so I'll get into what I think is necessary and what the team thinks is necessary. And I did get into this in the presentation. I think you have $1 billion study in a good road map, that's great, but you need to get there.

沒錯，我的確這麼做了——所以我將闡述我認為必要的事情以及團隊認為必要的事情。我在演講中也談到了這一點。我認為你們有一個不錯的路線圖，其中包含了10億美元的研究計劃，這很棒，但你們需要實現這個目標。

As you're hearing on this call, we are getting there. We are making steps to start to realize that. But I think the market is going to need to see us continue down that path as well as become properly capitalized. As I mentioned in the comp charts, more better capitalized companies have had better returns.

正如你在這通電話中聽到的，我們正在接近目標。我們正在採取措施來實現這一點。但我認為市場需要看到我們繼續沿著這條道路前進，並且獲得充足的資本。正如我在對比圖表中提到的，資本較雄厚的公司往往有更好的回報。

And I've seen that, and we see that in the analysis that we do. So what I would do is I would ask the gentleman that asked that question is look at those juniors that are -- have appreciated and look at their working capital ratios as well as their cash balances.

我看到了這一點，我們在分析中也看到了這一點。所以我會建議提問的那位先生，看看那些已經升值的初級員工，看看他們的營運資本比率以及現金餘額。

And I believe what you will see is ones with higher cash balances have appreciated more than ones with lower cash balances. Ones that don't have debt have appreciated more than ones that have significant debt.

我相信你會看到，現金餘額較高的股票比現金餘額較低的股票升值幅度更大。沒有債務的公司比背負大量債務的公司升值更多。

So I think there's still a working capital element to this market.

所以我認為這個市場仍有營運資金因素。

The second part to that question is the joint venture agreement. I think the market still has some uncertainty. We have a 55%, 45% joint venture agreement, which isn't as favorable as other jurisdictions or other people, even in country.

這個問題的第二部分是合資協議。我認為市場仍然存在一些不確定性。我們簽訂了一份 55%、45% 的合資協議，這不如其他司法管轄區或其他人，甚至在國內也是如此。

And I think we need to work through that with the Tanzanians and help them understand that what's good for us is also good for them and move that forward. So I think those are the two major things that have impacted share price appreciation to date.

我認為我們需要與坦尚尼亞人一起解決這個問題，幫助他們理解對我們有利的事情對他們也有好處，並推動這一進程。所以我認為，這是迄今為止影響股價上漲的兩大主要因素。

Also, I'll add a third one. When we did come in, and I've explained this a lot of times to people is it was very undercapitalized even when I came in, we only had $2 million of cash. In order to do what we've done, we had to do early capital raises.

另外，我再補充第三個。當我們接手的時候，我已經向很多人解釋過，當時公司的資金非常不足，即使在我接手的時候，我們也只有 200 萬美元的現金。為了實現我們所取得的成就，我們必須進行早期融資。

There weren't a lot of sources of capital at that point in time. We do have a warrant book that's still there, that starts to expire in the new year. And I think as we move through that warrant book and those warrant expiries, we should start to see some share price appreciation. So anybody who understands trading understands what I'm talking about.

當時資金來源不多。我們確實還有一本授權書，它將在新年開始陸續到期。我認為隨著認股權證的到期和認股權證的逐步兌現，我們應該會開始看到股價上漲。所以任何了解交易的人都會明白我在說什麼。

I'm happy to take more questions around that. Hopefully, that answers the question. And in the fulsomeness of the question, it's certainly something on our minds. Operator?

我很樂意回答更多相關問題。希望這能解答你的疑問。而從問題的整體內容來看，這確實是我們一直在思考的問題。操作員？

Yes, sir. We do not have any other audio questions. So you're free to take the floor for closing remarks or if you have additional tech questions.

是的，先生。我們沒有其他音訊方面的問題了。所以，您可以自由發言作總結陳詞，或是提出其他技術問題。

So thanks, everyone, for joining the call today. Greatly appreciate it. Thank you for the questions. I hope you get a good sense that we are moving forward. This does take a little bit of time, but we do have the proper team to move this asset forward.

謝謝大家今天參加電話會議。非常感謝。謝謝大家的提問。我希望你們能感受到我們正在向前邁進。這確實需要一些時間，但我們有合適的團隊來推進這項資產項目。

We've proven that in the past. We are proving that in the future.

我們過去已經證明了這一點。我們將在未來證明這一點。

The short- to medium-term focus is going to be on, as I mentioned several times, normalizing the working capital, continually the plant expansion, continue the mining in the underground, the PEA route, get back to the drill bit in the new year, put that into our budgets to expand resources as well as continue negotiating and having good conversations around the joint venture agreement with the government team.

正如我多次提到的，中短期重點將是：使營運資金正常化，不斷擴大工廠規模，繼續進行地下採礦，走初步經濟評估路線，在新的一年裡重新開始鑽探，將其納入我們的預算以擴大資源，同時繼續與政府團隊就合資協議進行談判和良好的對話。

Quite straightforward now, no longer as complicated as it used to be two years ago. So it's a straightforward road map to value creation. Thank you.

現在很簡單，不再像兩年前那麼複雜了。所以這是一條通往價值創造的直接路線圖。謝謝。

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

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。