TRX Gold Corp (TRX) 2025 Q4 法說會逐字稿

Welcome to the TRX Gold Corporation fourth-quarter 2025 results presentation. (Operator Instructions) -- and the meeting is being recorded. (Operator Instructions)

歡迎參加 TRX Gold Corporation 2025 年第四季業績發表會。 （操作說明）——會議正在錄音。（操作說明）

I would now like to turn the conference over to Mr. Stephen Mullowney, CEO. Please go ahead, sir.

現在我將把會議交給執行長史蒂芬·穆洛尼先生。請繼續，先生。

Yeah. Thank you very much, and welcome, everybody, to the call this morning. Joining me today is our CFO, Mike Leonard, Mike? And our COO is joining us from Melbourne this morning. So it's very early in his morning. Richard?

是的。非常感謝，歡迎各位參加今天上午的電話會議。今天和我一起的有我們的財務長麥克‧倫納德，麥克？我們的營運長今天早上將從墨爾本連線我們。現在對他來說還是清晨。理查德？

Good morning, everybody.

各位早安。

Excellent. So today, we're going to go over our 2025 results.

出色的。今天，我們將回顧我們2025年的預測結果。

2025 was a very transformative year for the company. A couple of the key highlights from my perspective are the discovery of Stamford Bridge earlier in the year, having our best drill hole results ever on that part of the property. Then also the release of our preliminary economic assessment in April of this year, which laid out a blueprint for production growth and expansion at Buckreef over the next 18 years of mine life.

2025年是公司具有重大變革意義的一年。從我的角度來看，其中幾個關鍵亮點是今年早些時候發現了斯坦福橋，以及我們在該地塊上取得了有史以來最好的鑽孔結果。此外，我們在今年 4 月發布了初步經濟評估報告，為 Buckreef 礦場未來 18 年的生產成長和擴張制定了藍圖。

And that was great, because that's just on the Buckreef Main zone and doesn't take into account the other potential exploration targets that we have. And then we went through a very big stripping campaign to reset the mine plan, and then that enabled us to have record results in our fourth quarter, which have continued into the first quarter and really set us up well and started to recapitalize the balance sheet and working capital in our operations.

這真是太好了，因為這只是巴克里夫主礦區的情況，還沒有考慮到我們其他潛在的勘探目標。然後我們進行了一次非常大規模的剝離作業，以重新制定礦山計劃，這使我們在第四季度取得了創紀錄的業績，這一業績延續到了第一季度，真正為我們奠定了良好的基礎，並開始重組我們的資產負債表和營運資金。

So a lot of really good things have happened in 2025. We're in a really good position. We're feeling really confident, and we're looking forward to a very successful 2026. Khalaf Rashid, our VP, Tanzania, has joined us as well. Khalaf? Excellent. So he's joining us from Dar es Salaam.

所以2025年發生了很多非常好的事情。我們現在處境非常有利。我們信心十足，期待2026年大獲成功。我們的坦尚尼亞副總裁 Khalaf Rashid 也加入了我們。哈拉夫？出色的。他將從達累斯薩拉姆連線我們。

And so in today's presentation, the team here will present a lot of the information. We're going to go over our financial results for 2025 as well as go through our forecast and what we plan to accomplish in 2026. I hope to get a lot of questions. I'd like to leave a lot of time for Q&A.

因此，在今天的演示中，我們的團隊將展示很多資訊。我們將回顧 2025 年的財務業績，並展望 2026 年的預測和計畫。我希望收到很多問題。我想留出充足的時間進行問答環節。

As per other calls, we will answer almost all questions. I don't think we shy away from questions. But to give people who aren't as familiar with TRX and the Buckreef Gold Project, just a little bit of an overview of our company.

與其他來電一樣，我們將回答幾乎所有問題。我認為我們不會迴避問題。但為了讓不太熟悉 TRX 和 Buckreef 金礦計畫的人們對我們公司有一個大致的了解。

We're based in Tanzania. We're operating the Buckreef Gold Project under a 55-45 JV. I'll get into government relations later on in the presentation. The property has over 1.5 million ounces at 2.5 grams a ton.

我們公司位於坦尚尼亞。我們以 55:45 的合資企業形式經營 Buckreef 金礦專案。我稍後會在演講中談到政府關係。該礦產擁有超過 150 萬盎司的黃金，平均品位為每噸 2.5 克。

It is a very low-cost operation. We've done three-mill expansions in the last three years. We're undertaking another mill expansion as we speak. We're listed on the TSX under TRX and the New York Stock Exchange American under the ticker symbol TRX as well.

這是一項成本非常低的手術。過去三年，我們進行了三家工廠的擴建。我們正在進行另一項工廠擴建工程。我們已在多倫多證券交易所上市，股票代碼為 TRX，同時也在紐約證券交易所美國板上市，股票代碼為 TRX。

And we're looking forward to continue to expand our operations to 2026, as well as -- our first drill rig will land on site, I think, this week that's owner-owned and start the exploration program again after doing our geophysics study, which is coming to completion.

我們期待在 2026 年繼續擴大業務規模，而且——我認為，我們第一台鑽機將於本週抵達現場，這台鑽機是我們自己的，在完成即將完成的地球物理研究後，我們將再次開始勘探計劃。

So with that, anything else, Mike, Richard, Khalaf to add to just an overview before Mike gets into the next slide and financial results.

那麼，Mike、Richard、Khalaf，還有什麼要補充的嗎？這只是在Mike進入下一張投影片和財務結果之前的一個概述。

No, I think that was a good overview and a good summary from my side, Stephen. Thank you.

不，史蒂芬，我認為我剛才的概述和總結已經很好了。謝謝。

Excellent. Thank you. So Mike, I'm going to hand it over to you to go through the key highlights of the fourth quarter.

出色的。謝謝。麥克，接下來就交給你回顧第四節的精彩時刻。

Okay. Very good. Thank you, Stephen. Good morning, everyone. Thanks for joining us, as always. Q4 was by far our strongest quarter of the year, as Stephen mentioned, it was a record quarter for the company. And that was primarily as we got through the Stage 1 stripping campaign that we've taken the market through in the early part of the year, we benefited from access to high-grade ore blocks into Q4 and consequently had record production and sales for the quarter.

好的。非常好。謝謝你，史蒂芬。各位早安。感謝您一如既往的收看。正如史蒂芬所提到的，第四季是我們全年表現最好的一個季度，也是公司創紀錄的一個季度。這主要是因為我們完成了今年年初我們向市場推行的第一階段剝離活動，我們在第四季度受益於獲得高品位礦石塊，因此該季度的產量和銷售都創下了紀錄。

We produced over 6,400 ounces of gold, sold almost 7,000 ounces of gold. And of course, that was a big increase quarter over quarter over quarter, again, as we got through that strip campaign. And the high-grade ore blocks that we're accessing after that Stage 1 strip are continuing into Q1, and we touched on that in our last press release.

我們生產了超過 6400 盎司黃金，售出了近 7000 盎司黃金。當然，隨著我們完成那次促銷活動，季度環比又出現了大幅成長。在第一階段剝離作業之後，我們將繼續開採高品位礦石塊，這項開採工作將持續到第一季度，我們在上一份新聞稿中也提到了這一點。

We've had some record cores of over 1,000 ounces in Q1 of this year. So -- that production trend has continued and expected to continue over the course of this year. Of course, we're in a record gold price environment at the moment. We realized a record gold price of $3,363 in Q4. But of course, we're selling gold at over $4,200 now. So we continue to benefit from those record gold prices.

今年第一季度，我們測得了一些超過 1000 盎司的礦芯重量，創下了紀錄。因此，這種生產趨勢已經持續，預計今年還會繼續。當然，目前我們正處於黃金價格創紀錄的時期。第四季我們實現了金價創紀錄的3,363美元/盎司。當然，我們現在賣黃金的價格超過每盎司 4200 美元。因此，我們繼續受益於創紀錄的金價。

But you couple record Q4 production with record gold prices and inevitably, you end up with record revenue, record gross profit, record net income, record operating cash flow and record adjusted EBITDA across the board. So really, really strong Q4 results.

但是，如果將創紀錄的第四季產量與創紀錄的黃金價格結合起來，必然會導致各項指標都創下紀錄：營收、毛利、淨收入、經營現金流和調整後 EBITDA。第四季業績確實非常強勁。

Importantly, we took a lot of that free cash flow that we're generating now and recapitalized our balance sheet, as Stephen touched on. Earlier in the year, when we were doing that Stage 1 strip campaign, we leaned on our vendors to help remove a lot of that overburden and waste to get to those high-grade ore blocks. And consequently, working capital had been negative in the early part of the year.

重要的是，正如史蒂芬所提到的那樣，我們利用現在產生的大量自由現金流重組了資產負債表。今年早些時候，當我們進行第一階段露天開採活動時，我們依靠供應商的幫助來清除大量的表土和廢料，以便獲得那些高品位礦石塊。因此，年初時營運資金為負值。

We've since overturned that. Working capital is positive now. Accounts payable was back within 60-odd days on average. We increased our cash position quarter over quarter by a net $1.2 million, about $8 million on our balance sheet and then repaid all of our borrowings early in the year. So the balance sheet was set up really, really well, certainly heading into 2026. We'll talk about guidance in a moment.

我們後來推翻了那個決定。目前營運資金為正。應付帳款平均約 60 天收回。我們的現金狀況環比淨增加 120 萬美元，資產負債表上增加了約 800 萬美元，然後在年初償還了所有借款。因此，資產負債表的設定非常非常好，尤其是在進入 2026 年之前。我們稍後再談指導問題。

But in addition to recapitalizing the working capital position, we continue to invest in things like mine infrastructure and development. And Richard is better suited to talk to this, but we've effectively built up a very, very robust stockpile position, run-of-mine stockpile position. At the end of the year, we had about 15,000 ounces on that stockpile and it continues to grow over 20,000 ounces of gold on that stockpile today.

除了補充營運資金外，我們還繼續投資於礦山基礎設施和開發等領域。理查德更適合談論這個問題，但我們已經有效地建立了一個非常非常強大的庫存地位，即原礦庫存地位。到年底時，我們的庫存中大約有 15,000 盎司黃金，如今庫存中的黃金數量已超過 20,000 盎司，並且持續增長。

And what that allows us to do is maintain things like continuous mill feed, as well as supporting blending strategies as we head into next year, just to, again, maintain consistent steady production. So continue to invest in the business that way. And of course, Stephen touched on the PEA and some of the projects that we're undertaking to enhance and expand our plant and mill.

這樣一來，我們就可以維持連續磨粉進料等措施，並在明年繼續支持混合策略，從而再次保持穩定的生產。所以要繼續以這種方式投資這項業務。當然，Stephen 也談到了初步經濟評估 (PEA) 以及我們正在進行的一些旨在提升和擴建工廠和磨坊的計畫。

We have made down payments of things like thickeners, an ADR gold room that we're improving and enhancing, as well as things like additional oxygenation into the mill, all of which, as we've guided, we expect to benefit things like throughput and recovery over the course of this year. So again, record Q4. And Stephen, what I might ask you to do is flip to the next slide, and we'll just quickly touch on some of the full year highlights as well.

我們已經為濃縮機、我們正在改進和增強的 ADR 黃金室以及磨機的額外氧氣供應等設備支付了首付款，正如我們之前所說，所有這些設備都有望在今年內提高產量和回收率。所以，再次記錄第四季。史蒂芬，我請你翻到下一張幻燈片，我們再快速回顧一下全年的一些亮點。

Here we go.

開始了。

So we talked about Q4 being by far our strongest year -- quarter of the year after having got through the strip campaign. But nevertheless, 2025 was a record and transformational year for the company on the whole. We produced just under 19,000 ounces, so effectively in line with what we produced last year.

所以我們討論了第四季度是我們迄今為止表現最好的一年——這是在完成脫衣舞表演活動之後的一年中的第四季度。但儘管如此，2025 年對公司整體而言仍然是具有里程碑意義和變革意義的一年。我們生產了近 19,000 盎司，與去年的產量基本持平。

But again, those record gold prices on a full year basis over $3,000 an ounce benefited the financials significantly. We did almost $60 million of revenue. Our gross profit was just under $25 million. And again, I should touch on gross profit quickly. We did 53% gross profit in Q4.

但同樣，全年金價超過每盎司 3000 美元的創紀錄漲幅，對財務狀況產生了顯著影響。我們實現了近6000萬美元的收入。我們的毛利略低於2500萬美元。最後，我還要簡單提一下毛利。第四季毛利率為53%。

So as Stephen touched on, it's a low-cost, high-margin operation. And at these gold price levels, the margin and the free cash we're developing is certainly benefiting the financials immensely. EBITDA for the year was $22 million, but Q4 alone was more than half of that. So again, if you take the production profile that you saw in Q4 and the $4,000-plus gold prices that you're seeing today and extrapolate that into 2026, you get a sense for what the financials might look like heading into next year.

正如史蒂芬所提到的，這是一項低成本、高利潤的業務。在目前的金價水準下，我們所獲得的利潤和自由現金流無疑對財務狀況大有裨益。全年 EBITDA 為 2,200 萬美元，但僅在第四季度就超過了這一數字的一半。所以，如果你把第四季的生產狀況和目前超過 4000 美元的金價進行推算，一直到 2026 年，你就能大致了解明年的財務狀況了。

We talked about cost improvements a little bit. We've seen things like processing cost per ton come down year over year, economies of scale from our process plant having got a full year at 2,000 ton a day. We're below $50 a ton in the processing plant.

我們稍微討論了一下成本降低的問題。我們看到，每噸加工成本逐年下降，加工廠實現了規模經濟，全年日產量達到 2,000 噸。加工廠的成本低於每噸 50 美元。

Stephen touched on things like owner-managed drilling. We also have an owner-managed fleet that's supporting our contract mining fleet. So things like mining cost per ton are coming down as well. So you expect to see that gross profit and that gross margin continue to expand over the course of next year.

史蒂芬也談到了業主管理的鑽井等問題。我們還擁有一支由所有者管理的車隊，為我們的合約採礦車隊提供支援。因此，每噸採礦成本等因素也在下降。因此，預計明年毛利和毛利率將持續成長。

We did press release earlier this year that we are building out a larger processing facility than what we had originally envisaged with the PEA. The PEA contemplated a 3,000 ton a day processing plant expanded from our current 2,000 ton a day plant. We're now envisaging a 3,000 ton a day sulfide circuit plus 1,000 ton a day, we call it oxide transition circuit that amongst other things, will help us reprocess tailings.

今年早些時候，我們發布新聞稿稱，我們正在建造一個比最初在 PEA 中設想的規模更大的加工設施。PEA 考慮將我們目前的每日處理量 2,000 噸的工廠擴建為日處理量 3,000 噸的加工廠。我們現在設想建造一個日處理量為 3000 噸的硫化物迴路，加上一個日處理量為 1000 噸的氧化物過渡迴路，該迴路除其他功能外，還將幫助我們重新處理尾礦。

We expect to fund that through cash flow and are making progress on that and expect to update the market on our progress over the course of this year on that expansion. But again, we are making progress on some of those mill optimization initiatives like thickeners and oxygenation and ADR plants as we go.

我們計劃透過現金流籌集資金，目前正朝著這個目標努力，並計劃在今年內向市場匯報我們在擴張方面的進展。但是，我們正在推進一些工廠優化計劃，例如濃縮機、充氧機和 ADR 裝置，並取得進展。

Finally, we did put out a production and cost outlook for 2026. We expect gold production to be between 25,000 and 30,000 ounces of gold for next year at a cash cost of between $1,400 and $1,600 an ounce. Our CapEx, we expect to be between $15 million and $20 million, primarily focused on things like the plant upgrades and expansions as well as life of mine tailings facilities that we're developing concurrently.

最後，我們發布了 2026 年的生產和成本展望。我們預計明年黃金產量將在 25,000 至 30,000 盎司之間，現金成本在每盎司 1,400 至 1,600 美元之間。我們預計資本支出將在 1500 萬美元至 2000 萬美元之間，主要集中在工廠升級和擴建以及我們正在同時開發的礦山尾礦設施的使用壽命等方面。

If and when we develop additional free cash flow at higher gold prices, for example, we may look to expand that, but we'll certainly update the market as we progress over the course of the year. And I'll say a final point here around exploration. We have planned to put the drill bit back into the ground. We did just complete a geophysics study or in the process of completing one to identify additional drill targets.

例如，如果金價上漲，我們能夠獲得更多自由現金流，我們可能會考慮擴大規模，但我們肯定會在今年的進展過程中及時向市場更新資訊。最後，我想再補充一點關於探索方面的內容。我們計劃將鑽頭重新插入地下。我們剛剛完成了一項地球物理勘探，或正在進行一項勘探，以確定其他鑽探目標。

But the focus is really going to be around the main zone as well as exploration drilling in Stamford Bridge and Eastern Porphyry and expect to have steady, consistent news flow on those assays as and when they come in over the course of this year. So very, very strong record transformational year for 2025. And if you look at 2026 outlook, coupled with the higher gold prices, expect results to be very strong heading into next year as well. Stephen, back to you.

但重點將真正放在主礦區以及斯坦福橋和東部斑岩的勘探鑽探上，預計今年內，隨著化驗結果的陸續出爐，我們將持續發布相關消息。所以，2025年將會是記錄非常非常強勁、具有改變意義的一年。如果展望 2026 年，再加上金價上漲，預計明年業績也將非常強勁。史蒂芬，把機會交還給你。

Yeah. No, thank you, Mike, for that. And I'm just going to -- just do a little bit of Q&A with you and Richard here, just to bring out a few other points. Richard, why don't you give the shareholders an update on where we are in the process of that expansion? I know the thickener has been put on to a vote as of this week and how you would see that being laid out the rest of the remainder of the year.

是的。不，應該是我謝謝你，麥克。接下來，我將和您以及理查德進行一個簡短的問答，以引出其他幾點。理查德，你為什麼不向股東們報告一下我們擴張計畫的進度呢？我知道增稠劑的提案已於本週進行投票表決，您也看到了今年剩餘時間該提案的實施情況。

Sure, Stephen. Thanks. Hi again, everybody. The expansion process is well underway. We've got a full team and owner's team managing the full process from procurement through to installation and commissioning. The first part of the expansion process and the upgrade will be, as Stephen mentioned, a thickener coming to -- that we can add to the circuit before the leach circuit.

當然可以，史蒂芬。謝謝。大家好，我又來了。擴建工程正在順利進行中。我們擁有一支完整的團隊和業主團隊，負責管理從採購到安裝調試的整個流程。正如 Stephen 所提到的，擴建和升級的第一部分將是添加一個增稠器——我們可以將其添加到浸出電路之前的電路中。

That enables us to improve the density, the residence time and technically the grade because we'll be putting less of our oxide material through the plant. So that should have a pretty immediate effect probably starting at the end of this second quarter.

這樣一來，由於我們送入工廠的氧化物材料減少，我們就可以提高密度、停留時間和技術上的品位。因此，這應該會立即產生效果，可能從第二季末開始。

We also have some additional oxygenation equipment coming in at the moment, we're feeding the plant hydrogen peroxide to improve the recovery. We're expecting a recovery gain and cost reduction by introducing some oxidation technology. It's a jetting system that is called an Aachen reactor and should certainly help us with our more difficult sulfidic ores.

目前我們還有一些額外的增氧設備正在運抵工廠，我們正在向植物輸送過氧化氫以提高其恢復能力。我們期望透過引入一些氧化技術來提高回收率並降低成本。它是一種名為亞琛反應器的噴射系統，肯定有助於我們處理更難處理的硫化礦石。

The next item to come along will be an improved absorption, desorption and recovery plant. Our current one is bit agricultural. So as we get to much larger gold production, we'll need a much better system. And this is a very hands-off process control system. We're very much looking forward to being able to install that towards the end of this financial year.

接下來要引進的將是一套改良的吸收、解吸和回收裝置。我們現在住的地方有點像農業用地。隨著黃金產量大幅增加，我們需要一個更好的系統。這是一個非常無需人工幹預的過程控制系統。我們非常期待能在本財年末完成安裝。

At the same time, our met test work on the flotation and the fine grinding is complete, and we're just reviewing the last of the data there. We're out to tender on those items. And also by January, we'll be out to tender on a SAG Mill. So we'll put the SAG and the ball mill into a parallel system, and that will allow us to bump up the production to somewhere between 3,000 and 3,500 tons a day of fresh material. So we don't expect that until FY27, but certainly in the first half of FY27, we would like to have our full expanded plant up and running.

同時，我們對浮選和細磨的冶金試驗工作已經完成，我們正在審查最後的數據。我們正在就這些項目進行招標。此外，到一月份，我們將對一台SAG磨粉機進行招標。因此，我們將把 SAG 磨機和球磨機並聯起來，這樣就能將新鮮物料的日產量提高到 3000 至 3500 噸之間。因此，我們預計要到 2027 財年才能實現，但肯定在 2027 財年上半年，我們希望擴建後的工廠能夠全面投入運作。

Excellent. Thank you, Richard. That's a good update. I'm going to switch to the next slide here now. One of the things that Mike did mention is production was predominantly the same as it was in 2024, but throughput did increase. So the difference is in the grade profile in 2024 and 2025.

出色的。謝謝你，理查。這是個不錯的更新。我現在要切換到下一張投影片了。麥克提到的一件事是，產量與 2024 年基本相同，但吞吐量確實增加。所以差別在於 2024 年和 2025 年的成績組成。

And as we mentioned, we're now into a much better grade profile after the stripping campaign, we went from the north back down to the south where the much better grades are. And we anticipate better grades as we go forward, which means a lead to an increase in gold production.

正如我們之前提到的，經過剝離作業後，我們現在的等級分佈情況要好得多，我們從北部回到了更高等級的南部。我們預計隨著開採的深入，礦石品位會越來越好，這意味著黃金產量將會增加。

As Richard has mentioned, the oxygenation, even using hydrogen peroxide, we have seen lately a decent increase in recovery rates in the operations, coming from the low-70s into where I say, Richard, now about low 80s roughly, even just using hydrogen peroxide?

正如理查德所提到的，即使使用過氧化氫進行氧合，我們最近也看到手術中的恢復率有了顯著提高，從 70% 左右提高到我所說的，理查德，現在大約 80% 左右，即使僅僅使用過氧化氫？

Well, it's not just hydrogen peroxide. Yes, we've certainly worked on grindability and all reagent addition, but we've had a significant increase in recovery from quarter three when we're in the high 60s and now we're into the low-80s. So it's been a very good few months.

嗯，它不只是過氧化氫。是的，我們確實在研磨性和所有試劑添加方面都下了功夫，但從第三季度開始，我們的回收率有了顯著提高，當時我們的回收率在 60% 以上，現在已經達到了 80% 左右。所以這幾個月過得非常順利。

So as you can see, the throughput of the plant last year did increase, and it will increase again this year. Richard and the team have had quite a good maintenance program put into place, which is helping our availability. As Mike mentioned, recapitalizing the balance sheet has meant bringing in a lot more spares and a lot more that on the maintenance side. So that's limiting our downside on the crushing and grinding circuit as well.

所以正如你所看到的，該工廠去年的產量確實有所增加，而且今年還會繼續增加。Richard 和他的團隊制定了一套相當不錯的維護計劃，這有助於提高我們的設備可用性。正如麥克所提到的，重組資產負債表意味著需要引進更多的備件，以及在維護方面投入更多資源。這樣也限制了我們在破碎和研磨迴路中的下行風險。

So all things are moving in a positive direction. I'm going to ask -- I'm jumping ahead of myself here. This is just a summary of both the revenues and the adjusted EBITDA of the company. A couple of things I'd like to point out in this slide from 2025 is we haven't issued equity in the market.

所以一切都在朝著正面的方向發展。我要問了——我有點操之過急了。這是公司收入和調整後 EBITDA 的概要。我想指出這張 2025 年的幻燈片中的兩點：我們還沒有在市場上發行股票。

So now we go back four or five years ago to our original capital raises, there now has been a $67 million investment from a $20 million raise into this asset. That will continue to increase and go up as we continue to create more and more cash flow from this asset and have that plan in place. I'll get into the PEIA slides in a few minutes. So that's important.

現在我們回到四、五年前最初的融資階段，目前已有 6,700 萬美元的投資從 2,000 萬美元的融資額成長到這項資產。隨著我們不斷從這項資產中創造越來越多的現金流，並且該計劃得以實施，這一數字將繼續增長。我稍後會講解 PEIA 的幻燈片。所以這一點很重要。

Also, we continue to hold the line on cash G&A. And that's very important as well. So we hold that line versus other miners, and we run a pretty tight management team in order to hold that G&A expenditures where they are right now. That may change in the future as we grow. But right now, we've held the line in 2025.

此外，我們持續維持現金一般及行政費用的穩定水準。這一點也非常重要。因此，我們與其他礦業公司堅持這項原則，並組建了一支管理非常嚴格的團隊，以將一般及行政費用控制在目前的水平。隨著我們發展壯大，這種情況未來可能會改變。但就目前而言，我們已經守住了2025年的防線。

With regards to why are we very confident in 2026, like I mentioned, grade profile is a big part of it. Mining is a big part of that. In 2025, Richard didn't really get into this, but there were a lot of improvements in mining, particularly around drilling and blasting, working with the contractor to make sure that they're hitting mining rates. Because if you fall behind in mining, you're going to fall behind in your mine plant, you're going to fall behind in the grade profile that you have.

至於為什麼我們對 2026 年充滿信心，正如我之前提到的，成績組成是其中一個重要因素。採礦業是其中重要的一部分。2025 年，理查德並沒有真正深入了解這方面，但採礦業有很多改進，尤其是在鑽探和爆破方面，與承包商合作以確保他們達到採礦速度。因為如果你在採礦方面落後了，你的礦場工廠就會落後，你的礦石品位也會落後。

As Mike mentioned and Richard mentioned, the stockpile is increasing. So what does that mean? That means that the grades coming from your pit are higher than what's on the stockpile. So you're not drawing from your stockpile and you're mining more ore than your processing plant has capacity to mine.

正如邁克和理查德提到的那樣，庫存正在增加。那這意味著什麼？這意味著你礦坑裡出來的礦石品位比堆場裡的礦石品位高。所以你沒有動用你的庫存，而且你開採的礦石量超過了你的加工廠的開採能力。

So Richard, why don't you just give the shareholders a quick overview of the mine plan for 2026 at a very high level? They can see what has been mined above the line and what is to be mined below the line. And I like those very pinkish blocks that are there -- deep purples that we're going to be mining in 2026.

理查德，你為什麼不給股東們簡單概述一下2026年的礦場計畫呢？他們可以看到線以上已經開採過的礦藏和線以下將要開採的礦藏。我喜歡那些粉紅色的方塊——還有我們將在 2026 年開採的深紫色方塊。

Sure, Stephen. Look, for those people who are not color blind and interested in the colors, the warmer colors are the better grade. So anything with purple and above is exceptionally good grade that you don't normally find in an open pit mine. The blue is generally a waste material. So you can see that in 2025, we did a lot of mining of blue to the right-hand side, which is the north.

當然可以，史蒂芬。對於那些色覺正常且對顏色感興趣的人來說，暖色調的品質更好。因此，任何紫色及以上的礦石都是品質極佳的礦石，這種礦石通常在露天礦中是找不到的。藍色部分通常是廢料。所以你可以看到，在 2025 年，我們在右側（也就是北部）進行了大量的藍色礦藏開採。

And this coming year, we've still got a bit of that to go. We're going to be hitting that again because there's some exceptional grades beneath that, not very well represented on this slide. But we do have a very good uniform, consistent area of ore basically from the south all the way to about 80% to 90% through the strike length of the pit.

而明年，我們還有一些工作要做。我們將再次討論這個問題，因為下面還有一些非常優秀的成績，而這些成績在這張投影片上並沒有很好的體現。但我們確實有一個非常好的、均勻的、一致的礦區，基本上從南部一直延伸到礦坑走向長度的 80% 到 90% 處。

That should give us a nice consistent feed, and we're hoping in the fourth quarter to even get some of the -- probably our best grades that we've seen in the project coming out in that last quarter.

這樣應該能為我們帶來穩定的數據，我們希望在第四季甚至能獲得一些——可能是我們這個專案在最後一個季度取得的最佳成績。

So with regards to -- I'm just going to summarize some of our investment themes from our corporate presentation. I'm going to go through these slides pretty quickly. As it has been mentioned upfront, and I'm going to reiterate, the company is generating strong free cash flow right now that's being reinvested into the business. It is a scalable growth plan with a significant increase in the tonnage as a result of the expansion.

關於這一點——我將總結我們公司介紹中的一些投資主題。我會快速瀏覽一下這些投影片。正如前面提到的，我還要重申一下，公司目前正在產生強勁的自由現金流，這些現金流正在重新投資到業務中。這是一個可擴展的成長計劃，擴張後噸位將大幅增加。

Remember, we've done this before. As Richard mentioned, there's a full team in place. They know what they're doing. We've done this before. So we're very confident in doing it again, which means the increase in scale -- I see Richard has just left and he might have connection issues. The increase in scale will reduce costs as well from where they were in 2025.

記住，我們以前做過這件事。正如理查所說，團隊已經全部到位。他們知道自己在做什麼。我們以前做過這件事。所以我們非常有信心再次做到，這意味著規模會擴大——我看到理查德剛剛離開，他可能遇到了網路連線問題。規模擴大也將降低成本，與 2025 年相比成本會更低。

There is also significant -- still significant blue sky potential. There will be a lot more focus on that in 2026 than there was in 2025. There's only so much capital you have. In 2025, we focused on the stripping and setting up the mine plan for the long term to enable significantly more exploration over time as a result of the free cash flow that has been generating.

此外，還有巨大的——仍然是巨大的藍天潛力。2026年，人們會比2025年更重視這一點。你的資金是有限的。2025 年，我們專注於剝離和製定長期礦山計劃，以便隨著時間的推移，利用產生的自由現金流進行更多的勘探。

We could have did exploration, but then we wouldn't get to the free cash flow that we're seeing today if we did exploration last year and it would have been slower to get there as a result of the plant wouldn't have been expanded or/and the pit wouldn't have been stripped and you wouldn't get to the grades that create that cash flow.

我們本來可以進行勘探，但如果我們去年進行勘探，就不會獲得今天這樣的自由現金流，而且由於工廠無法擴建或礦坑無法剝離，獲得能夠產生現金流的礦石品位，實現這一目標的速度也會更慢。

With regards to Tanzania itself, I give a little bit of an overview of Tanzania and Khalaf will get into a little bit of the situation on the ground in Tanzania as well. The big thing in Tanzania, Barrick, and AngloGold Ashanti continue to produce really good gold production at their assets in North Mara, Bulyanhulu, and Geita. Geita is about 30 kilometers away from us.

關於坦尚尼亞本身，我將對坦尚尼亞進行簡要概述，Khalaf 也將深入探討坦尚尼亞的實際情況。在坦尚尼亞，巴里克黃金公司和英美黃金阿散蒂公司在北馬拉、布里揚胡盧和蓋塔的礦區繼續生產非常優質的黃金。蓋塔距離我們大約30公里。

The big news in Tanzania is Perseus is putting Nyanzaga into production. They're spending $0.5 billion there. To put that in production, it will produce over 200,000 ounces. Ironically, and I'd like to say this, our PEA has a higher net present value than that project, given the low cost at Buckreef. It has lower production, but it has such low cost that it has a significant net present value relative to other projects.

坦尚尼亞最大的新聞是珀爾修斯公司即將投產尼安札加工廠。他們在那裡投入了5億美元。要實現量產，產量將超過 20 萬盎司。諷刺的是，而且我想說的是，考慮到 Buckreef 的低成本，我們的初步經濟評估 (PEA) 的淨現值比該專案更高。雖然產量較低，但成本非常低，與其他項目相比，其淨現值相當可觀。

So we're not seeing too much from a labor perspective as of yet from the Perseus expansion, and our labor situation is really good. One of the things I'd like to talk about is the -- and I've gotten a lot of questions around this from shareholders. So I'm going to preempt the question around the joint venture.

所以從勞動力角度來看，我們目前還沒有看到珀爾修斯擴張帶來太多影響，而且我們的勞動力狀況非常好。我想談談的一件事是——而且我收到了很多股東關於這方面的問題。所以我要先回答關於合資企業的問題。

As shareholders are aware, we have a 55%, 45% joint venture with the state mining company, (inaudible) government entity in Tanzania. That 45% interest is dilutable. The Tanzanian government in -- I believe it's 2022 implemented a new law for 16% free carried interest in mining projects and requested that mining companies submit a timeline for negotiation of the government to receive that interest.

正如股東所知，我們與坦尚尼亞的國有礦業公司（聽不清楚）政府實體成立了一家 55% 和 45% 的合資企業。這45%的股票是可以被稀釋的。坦尚尼亞政府在——我記得是2022年——實施了一項新法律，規定礦業項目享有16%的免費權益，並要求礦業公司提交一份時間表，以便政府就獲得該權益進行談判。

We are in a unique situation given that we already have a government interest in the Buckreef mining projects. Other projects in Tanzania do not have that sort of attribute. So for instance, I have here Perseus, Nyanzaga, when they went for their mining permit, they negotiated that in under OreCorp at the time.

鑑於政府已經對巴克里夫礦業計畫感興趣，我們目前的情況比較特殊。坦尚尼亞的其他計畫並不具備這種特質。例如，我這裡有珀爾修斯和尼安扎加礦，當他們申請採礦許可證時，他們當時是透過 OreCorp 公司進行談判的。

The Buckreef Gold project has gone through extensive, what I'll say, back and forth with the government negotiating team. We've dealt with STAMICO, the government negotiating team, as well as others in Tanzania, and it's still a work in progress. We expect that to pick up here in the new year. Our goal is to switch the 45% dilutable to the 16% non-dilutable and be more market with other mining projects in Tanzania.

Buckreef Gold 計畫與政府談判團隊之間經歷了多次重複諮詢。我們已經與坦尚尼亞政府談判團隊 STAMICO 以及坦尚尼亞其他方面進行了接觸，目前這項工作仍在進行中。我們預計這種情況在新的一年會有所改善。我們的目標是將 45% 的可稀釋礦藏改為 16% 的不可稀釋礦藏，並與其他坦尚尼亞的礦業專案展開更深入的市場競爭。

Khalaf, anything to add to that from what I just added? I know you're dealing with this on a daily basis.

Khalaf，除了我剛剛補充的，你還有什麼要補充的嗎？我知道你每天都在處理這類事情。

On a daily basis, yes. Correct. I think that's exactly how it is. We've initiated the process of negotiations with the government since 2024. So these discussions are ongoing. They have been somewhat delayed these recent months because of elections, but we expect that they will go back fully by January 2026.

是的，每天都是如此。正確的。我認為情況正是如此。自2024年以來，我們已啟動與政府的談判進程。所以這些討論仍在進行中。近幾個月來，由於選舉，他們的工作有所延誤，但我們預計到 2026 年 1 月將全面恢復。

And I think that probably the important thing is just to state the new framework arrangement with the proposed financial models, which were absent in previous arrangements. And I think it's beneficial for all parties to have greater transparency between the investor and the government. So it isn't about less, it's about actually being more transparent and having stability in these new agreements, which I think is hugely important for all of us.

我認為，最重要的可能是闡明新的框架安排以及建議的財務模型，而這些在先前的安排中是不存在的。我認為，提高投資者和政府之間的透明度對各方都有好處。所以，重點不在於減少，而是提高透明度，並在這些新協議中保持穩定性，我認為這對我們所有人來說都非常重要。

Yeah. So basically, that's what it is. And we look forward to it. And I think the important thing also is that government is in, I believe, the right spirit, trying to promote and ensure that the investment comes into the country. So these sort of new agreements, a new framework has been geared up to increase investment into the country and attract investors.

是的。所以基本上就是這樣。我們很期待。而且我認為同樣重要的是，政府的本意是正確的，正在努力促進和確保投資流入該國。因此，這類新協議、新框架已經建立，旨在增加對該國的投資並吸引投資者。

Thanks for that, Khalaf. And look, that lines up with a release by the Ministry of Minerals a couple of days ago with regards to what they're doing with the US Embassy and attempting to attract investment in the natural gas area, which is $40 billion plus for Tanzanian investment in the natural gas space as well as Lifezone's Kabanga Nickel project.

謝謝你，哈拉夫。而且，這與礦業部幾天前發布的消息相吻合，該消息涉及他們與美國大使館的合作，以及他們試圖吸引對天然氣領域的投資，坦尚尼亞在天然氣領域的投資額超過 400 億美元，此外還有 Lifezone 的 Kabanga 鎳礦項目。

And there was a graphite project as well that was a significant investment as well. So the government is saying the right things and looks to be moving in the right direction, with regards to the capital investment. And I encourage anybody has any further questions to ask those towards the end of the presentation.

此外，還有一個石墨項目，也是一筆重大投資。所以，就資本投資而言，政府的聲明是正確的，而且看起來正在朝著正確的方向前進。我鼓勵大家在演講接近尾聲時再提出其他問題。

So I'm going to move on into the PEA right now. And as I mentioned, this slide will be put up on to our website after this presentation in the corporate presentation. It just details more detail coming out of the PEA. This is all in the PEA documents. As you can see in year one, it has 27,000 ounces of production, which is in line to the guidance that was provided by Mike and Richard and team of 25,000 to 30,000 ounces.

我現在要進入PEA部分了。正如我之前提到的，本次公司簡報結束後，這張投影片將會上傳到我們的網站。這只是對初步經濟評估報告（PEA）的更多細節進行了詳細說明。這些內容都在PEA文件中。從第一年的數據可以看出，產量為 27,000 盎司，這與 Mike、Richard 和他們的團隊給出的 25,000 至 30,000 盎司的產量預期相符。

And then it starts to ramp up thereafter. As we mentioned in the prior release, the company's plan is to have larger than 3,000 tons a day capacity. What that will ultimately get to will be determined as we get into that production profile. But certainly, the older plant and the 1,000 ton per day, as we mentioned, will still be there.

然後，情況就開始逐漸惡化。正如我們在先前的新聞稿中提到的，該公司的計劃是實現日產能超過3000噸。最終會達到什麼程度，將取決於我們進入生產階段後的情況。但可以肯定的是，正如我們所提到的，舊工廠和日產1000噸的產能仍將保留。

It's able to process sulfides as well, but not at the same recovery rates unless you upgrade it to thickeners and integrate in the flotation cells at the end to make sure you have enough capacity in your high-intensity grinding mill. But it can still at the current plant process sulfides, although at a reduced recovery rate.

它也能處理硫化物，但除非將其升級為濃縮機並整合到末端的浮選槽中，以確保高強度磨機的產能足夠，否則回收率不會相同。但目前該工廠仍可處理硫化物，儘管回收率降低。

Richard, anything else to add to this? This contemplates three years of open pit and the remainder underground.

理查德，還有什麼要補充的嗎？該計劃包括三年露天開採，其餘時間進行地下開採。

Not really. I mean we're following the plan. It's a good plan. We're also looking for opportunities now with some full geophysical surveys across the site. So if we can find additional resources, then we've got more opportunity.

並不真地。我的意思是，我們正在按計劃行事。這是個好計劃。我們現在也在尋找機會，對整個場地進行一些全面的地球物理測量。所以如果我們能找到更多資源，那我們就有更多機會了。

And as you suggested, we'll have a effectively redundant crushing and milling circuit of at least 1,000 ton a day that we could implement to other opportunities. So yes, it's very useful guideline, but we'd like to see us improving on that profile.

正如您所建議的那樣，我們將擁有一個每日處理能力至少為 1000 噸的有效冗餘的破碎和研磨迴路，我們可以將其應用於其他領域。所以，是的，這是一個非常有用的指導原則，但我們希望在這方面有所改善。

Stephen, I might just add one comment there. Again, for folks new to the story, again, if you go back one slide, and I'll just point folks to the EBITDA figures that is generated. I think we've used $4,000 an ounce in the last slide. But it is a self-funding model.

史蒂芬，我可能還要補充一點。再次提醒，對於初次了解這個故事的人，如果你們返回上一張幻燈片，我只需指出由此產生的 EBITDA 數據。我想我們在上一張投影片中用到了每盎司 4000 美元。但這是一種自籌資金模式。

Again, the CapEx that we've envisaged as part of the PEA will be funded by cash flow. And it's a bit of an eye chart here, but I think the incremental EBITDA that you can see in what I believe is blue is very, very robust and funds the expansion through cash flow.

再次強調，我們在初步經濟評估中所設想的資本支出將由現金流提供資金。這裡有點像視力表，但我認為你可以看到圖中藍色部分顯示的增量 EBITDA 非常強勁，並透過現金流為擴張提供資金。

Yes, I like this $285 million, Mike.

是的，我喜歡這個2.85億美元，麥克。

Yes, that's more than sufficient cash flow to expand our plant and our operation.

是的，這筆現金流足以滿足我們擴大工廠和營運的需求。

So those numbers contemplate cash costs that are here, Mike. And I can tell you, our year one guidance is a lot lower than we have in the PEA case as well as year two. So we're hopeful that we'll be able to improve on the cash costs that were in this study.

麥克，所以這些數字已經考慮到了這裡的現金成本。我可以告訴你，我們第一年的指導目標比 PEA 案例以及第二年的指導目標要低得多。因此，我們希望能夠改善本研究中的現金成本。

So with regards to -- Richard, you mentioned drilling and exploration to be able to feed more to plant. Not everybody understands -- everybody understands when they see drill hole results and looking at good grades and things of that nature. But the Buckreef property is predominantly underexplored.

關於理查德，你提到了鑽探和勘探，以便能夠為工廠提供更多養分。不是每個人都能理解——但當他們看到鑽孔結果，看到良好的品味等等情況時，每個人都能理解。但巴克里夫礦區基本上尚未充分勘探。

Why don't you give shareholders a sense of how the team is blocking and tackling that, starting with the geophysics study, why you're doing the geophysics study and then how it increases the probability of drill bits to go underground? And also the drill rigs that are coming to site, one is coming this week and then the next one is coming in the new year, how that lowers our cost to drill?

為什麼不讓股東們了解團隊是如何阻礙和解決這個問題的呢？首先從地球物理研究開始，說明為什麼要進行地球物理研究，以及它如何提高鑽頭進入地下的機率？還有即將運抵現場的鑽孔機，一臺本週運抵，下一台將於新年運抵，這如何降低我們的鑽井成本？

Cost. Okay, fine. First things first. So our SML is quite an odd shape, but it does have at least seven mineralized trends on it. And that's a pretty good hunting ground for us. So what we are doing with our geophysical program is initially to define structures -- deep structures that would normally in this orogenic gold environment host gold.

成本。好吧，行。首先，要做的第一件事。所以我們的 SML 形狀相當奇怪，但它上面至少有七個礦化帶。那對我們來說是個相當不錯的狩獵場。因此，我們進行地球物理勘探計畫的目的首先是確定構造──在這種造山型金礦環境中通常會蘊藏金礦的深部構造。

And since we've discovered Stamford Bridge, we've obviously discovered that some of the orientations of these structures aren't what where we were -- we and previous owners of this project have previously been looking. So we're initially doing a high detail surface magnetic survey, and we've completed that about two weeks ago.

自從我們發現了斯坦福橋之後，我們顯然發現，這些建築的一些朝向與我們之前——我們和這個項目的前業主——所看到的方向並不一致。所以我們首先進行的是高精度的地表磁力勘測，大約兩週前我們已經完成了這項工作。

We're going through the interpretation for that. From that, we'll get a new interpretation of the structural makeup of our project. And that will be an interesting review, speaking with the geophysics in Perth next week to have a look at that. From that, we'll take those structures, and we'll do what's called an induced polarization survey with some technology that allows us to go very deep.

我們正在研究對此的解讀。由此，我們將對項目的結構構成有新的理解。那將會是一次有趣的考察，下週我將與珀斯的地球物理學家們交流，看看情況如何。由此，我們將研究這些結構，並利用一些能讓我們深入非常深的技術領域，進行所謂的激發極化勘測。

And so that IP survey will be along the structures that we identify, and that will generally identify sulfidic occurrences typically pyrite, but then gold is also associated with the pyrite. So between those two surveys, we'll have some pretty good -- we expect to get some pretty good targets to drill. So we'll be testing along the extent of the Stamford Bridge, but we'll also be looking at all of the other structures, including Anfield and some of those other red lines you can see on the system on the SML there.

因此，IP 勘探將沿著我們確定的構造進行，通常會發現硫化物礦床，通常是黃鐵礦，但金也與黃鐵礦有關。因此，透過這兩次調查，我們有望獲得一些非常好的鑽探目標。因此，我們將沿著斯坦福橋進行測試，但我們也將關注所有其他結構，包括安菲爾德球場以及您可以在SML系統上看到的其他一些紅線。

So when we have completed that in probably by the end of the second quarter, we've purchased our own drill rigs, diamond drill and reverse circulation drills. We haven't had a lot of operational success with our -- the drilling company we've used previously, and we've got some very good people. So we're very comfortable managing our own drilling operations.

因此，到第二季末，我們可能已經完成了這項工作，並購買了自己的鑽孔機、鑽石鑽機和反循環鑽機。我們之前合作的鑽井公司在營運上並沒有取得太多成功，儘管我們公司有一些非常優秀的人才。因此，我們完全有能力管理自己的鑽井作業。

If we see more success, drill rigs aren't expensive and our -- we'll do it considerably cheaper than the contractor, and I expect with higher productivity as well. So yes, we're looking forward to an era of interesting exploration drilling coming up.

如果我們取得更大的成功，鑽孔機並不昂貴，而且我們的成本會比承包商低得多，我預計生產效率也會更高。所以，是的，我們期待著即將到來的充滿機會的勘探鑽井時代。

Yes. So Richard, thanks for that. In wrapping that up, essentially, what we decided to do was do the geophysics, increase the probability of targets, figure out how many more targets are actually on this property because Stamford Bridge, we discovered it by going through the pit. So now because it was under surface, obviously.

是的。理查德，謝謝你。綜上所述，我們決定進行地球物理勘探，提高目標發現的機率，弄清楚這塊地上實際上還有多少目標，因為史丹佛橋礦是我們透過探坑發現的。所以現在看來，因為它顯然是在水面下。

And we now want to make sure that if there's any other Stamford Bridges out there that we appropriately identify them and then Richard and team will go and drill -- put in initial drill holes into those areas to figure out if those areas have gold. So the first part is to identify the structures. The second part is to identify the structures with pyrite and sulfides to increase the probability.

我們現在想確保，如果還有其他斯坦福橋礦藏存在，我們能夠正確地識別它們，然後理查德和他的團隊將前往這些區域進行鑽探——打入初步鑽孔，以確定這些區域是否有黃金。所以第一步就是要辨識這些結構。第二部分是識別含有黃鐵礦和硫化物的結構，以提高機率。

The third part is to put the drill bit into the ground in those areas, along with Stamford Bridge and Anfield as well. So we're quite excited for this actually because this is kind of the first time this has really been done on this SML. And it should hopefully lead to a lot more gold resources over time. Where are we on comparable company analysis?

第三部分是在這些區域（包括斯坦福橋和安菲爾德）的地面上鑽入鑽頭。所以我們對此感到非常興奮，因為這算是SML上第一次真正做到這一點。隨著時間的推移，這有望帶來更多的黃金資源。我們目前的可比較公司分析進度如何？

I never -- and anybody has heard me speak, I never say we're undervalued. I always say we need to get a better value. And we need to operate towards getting that better value. We have started to move up the curve as we've -- and I've said this to a lot of people, recapitalizing the balance sheet, I think, is one of the major focuses of that, removing an overhang in the market as a result of recapitalization of the balance sheet, and that continues.

我從來沒有——任何聽過我講話的人都知道，我從來沒有說過我們被低估了。我一直說我們需要獲得更高的性價比。我們需要努力實現更高的價值。我們已經開始沿著曲線向上移動——我已經對很多人說過，我認為，重組資產負債表是其中的一個主要重點，透過重組資產負債表來消除市場上的過剩，而且這種情況還在繼續。

As I mentioned in my note in the last press release, I expect that to be done by the end of the second quarter. Predominantly it will be before that. As Mike mentioned, payables now rightsized. So when we did the stripping campaign and the last expansions, we did lean on our suppliers quite a bit. They worked with us. Thus, working capital went upside down to finance it.

正如我在上一份新聞稿的說明中提到的，我預計這將在第二季末完成。主要是在此之前。正如麥克所提到的，應付帳款規模現在已經調整到合理水準了。所以，在進行剝離活動和最後的擴張時，我們確實在很大程度上依賴了我們的供應商。他們曾與我們合作。因此，營運資金被顛倒過來用於為其融資。

Now that the thing is in higher production into the good gold grades, working capital is reversed and is now into a positive situation. So we just financed it differently. Instead of going to the market and issuing equity to finance what we've done, we've worked with our suppliers to help finance it and its utilize cash flow from operations as well.

現在，隨著高品位金礦產量的提高，營運資金狀況發生了逆轉，轉為獲利。所以我們換了一種融資方式。我們沒有透過發行股票來為我們的事業融資，而是與供應商合作，利用營運現金流來幫助我們進行融資。

Today, we have our liquidity lines all available to us. I think the leases are up a little bit given some of the equipment that we're bringing on board, but that's more long term in nature and thus a better matching into long-term liabilities with long-term assets.

目前，我們的流動資金全部可用。我認為，考慮到我們正在引進的一些設備，租賃額略有上升，但這更多是長期性的，因此能夠更好地將長期負債與長期資產相匹配。

With regards to stock price performance, I think, as I mentioned, when we announced to the market our Q4 results and the reversing of the working capital deficit, the stock really started to take off. We're not surprised by that. That's what we expected. And I think as we continue to increase cash flow as well as have better working capital ratios, potentially a new agreement with the government, I fully expect this trend hopefully to continue.

至於股價表現，我認為，正如我之前提到的，當我們向市場公佈第四季度業績以及扭轉營運資金缺口時，股價就開始飆升。我們對此並不感到意外。正如我們所預料的。我認為，隨著現金流的持續成長以及營運資本比率的改善，再加上可能與政府達成新的協議，我完全有理由相信這個趨勢將會持續下去。

Obviously, we do have some good gold prices. Gold is getting a lot more attention. All of those sort of factors help as well. But fundamentally, that doesn't change the way we're looking at continually to execute. We're at $2,500 gold, we would be successful as well, although it would be at a slower rate than that $4,000 gold.

顯然，目前金價不錯。黃金越來越受到關注。所有這些因素也都有幫助。但從根本上講，這並不會改變我們不斷執行的方式。如果金價達到每盎司 2500 美元，我們也能成功，儘管速度會比金價達到每盎司 4000 美元時慢一些。

But certainly, the business plan remains focused. I think we have more human capital constraints to build out quicker and logistics constraints than we do at this point in time, capital constraints in building out the asset. So with regards to the key investment highlights is we've got a lot of strong growth, sustained profitability. We got a team here that's proven themselves. We've done this before. We can do it again.

但可以肯定的是，商業計劃仍然保持著明確的目標。我認為，與目前的情況相比，我們在加快建設速度方面面臨更多的人力資本限制和物流限制，在資產建設方面也面臨更多的資金限制。因此，就關鍵投資亮點而言，我們獲得了強勁的成長和持續的獲利能力。我們這裡有一支已經證明了自己實力的隊伍。我們以前做過這件事。我們可以再次做到。

The PEA is a guideline for a business plan. We're executing upon that. We have significant exploration potential, gave everybody a sense of how we're blocking and tackling that. We're quite comfortable operating in East Africa. We know how to get things done there, know what things to get things done in Tanzania as well as logistics from procuring equipment offshore. And we have a very experienced leadership team to do that.

PEA（初步經濟評估）是商業計劃的指導原則。我們正在執行這項計劃。我們擁有巨大的勘探潛力，讓大家了解我們是如何應對和克服這些潛力的。我們在東非的營運環境相當舒適。我們知道如何在那裡把事情做好，知道在坦尚尼亞應該做哪些事情，以及如何從海外採購設備等物流事宜。我們擁有一支經驗豐富的領導團隊來完成這項工作。

Although it is a little bit of a skinny team, as I mentioned, the G&A is in line and probably lower than most other companies. So with that, that's my closing remarks. Stay tuned.

雖然團隊規模有點小，但正如我所提到的，一般及行政費用處於正常水平，而且可能比大多數其他公司都要低。那麼，我的總結發言就到此為止。敬請關注。

So I'd open the floor up to questions. And as I mentioned before, more than comfortable answering almost all questions. We are an open book.

所以接下來我會開放提問環節。正如我之前提到的，我很樂意回答幾乎所有問題。我們坦誠相待。

(Operator Instructions) Heiko Ihle, H.C. Wainwright.

（操作說明）Heiko Ihle，H.C. Wainwright。

Looking forward to seeing some of you next week. You were talking about the drill rig that's coming this week. Can you give a bit of color on where you expect to focus this drilling? You hinted at it a little bit earlier. How many meters do you expect to see the time frame for drilling and maybe even a bit of background on costs and changes to costs since I assume they're substantially cheaper than hiring someone that owns the rig?

期待下週見到你們中的一些人。你剛才說的是這週要來的鑽孔機。能否簡要說明您預計此次鑽探工作的重點領域？你之前稍微暗示過一下。您預計鑽探需要多長時間才能達到多少公尺？能否提供一些關於成本和成本變化的背景資訊？因為我假設他們的成本比僱用擁有鑽孔機的人要低得多。

Yeah. Richard, I'll hand that question over to you.

是的。理查德，這個問題交給你來回答。

I only caught a bit of it, but I think I caught quiet enough -- sorry, I was just jumped off there for a second. In terms of our drilling, we've got a reverse circulation drill that we intend to immediately start on the Eastern Porphyry pit for resource definition. We'll be drilling that at a cost of about $25 a meter. Normal contracting rates in Tanzania are about $50.

我只聽到了一小會兒，但我覺得聽得還算清楚——抱歉，我剛才被打斷了一下。就我們的鑽探工作而言，我們有一台反循環鑽機，我們打算立即在東部斑岩礦坑開始進行資源量確定工作。我們將以每米約 25 美元的價格進行鑽探。坦尚尼亞的正常合約價格約為 50 美元。

Our diamond drill of -- what do we expect to get out of that? I think it was one of the questions of the order of 4,000 meters a month or close to 50,000 meters a year. So there's lots to do. We'll also use that RC to assist us with the diamond by doing pre-collars, which will bring the cost of the deeper exploration down as well.

我們的鑽石鑽機－我們期望從中獲得什麼？我認為其中一個問題涉及每月 4,000 公尺或每年接近 50,000 公尺的量級。所以有很多事情要做。我們也將利用該RC來協助我們勘探鑽石，進行預勘探，這將降低更深層勘探的成本。

The diamond itself should be starting in the third quarter. And we're expecting -- well, we've got a lot of drilling to do. We've got a 35,000-meter drill program to upgrade the first 500 meters of the underground mine -- design mine to indicated, and then we'll have the results of the exploration program. So it could well be that we get a second rig to assist in all of that.

鑽石本身應該從第三季開始。我們預計——嗯，我們有很多鑽探工作要做。我們有一個 35,000 公尺的鑽探計劃，用於升級地下礦井的前 500 公尺——將設計礦井達到指示規模，然後我們將得到勘探計劃的結果。所以很有可能我們會得到第二套設備來協助完成所有這些工作。

But we'll be looking to drill about 2,000 to 2,500 meters a month at a cost of about $50 a meter. And again, that's about half the cost of contractor mining -- contractor drilling.

但我們希望每月鑽探約 2000 至 2500 米，每米成本約為 50 美元。而且，這大約是承包商採礦（承包商鑽探）成本的一半。

When you say there might be a second rig, how long does it take to get something like that? Is that easy to do? Is there like importing it, is this tough? I have no idea.

你說可能會有第二套鑽井平台，那要多久才能建成呢？這容易做到嗎？進口這種東西很難嗎？我不知道。

Yes. Logistics is tough in Africa and especially in Tanzania. Look, it's a four- to five-month exercise to be perfectly honest. So yes, we've got one drill arriving today or it's morning now, so it should be arriving tomorrow, Tanzania time and the next one is on the water probably in a couple of weeks, and we'll probably be here in about, let's say, about seven or eight weeks.

是的。非洲的物流運輸十分困難，坦尚尼亞的物流運輸尤其如此。說實話，這大概需要四到五個月的時間。是的，今天（現在是早上）有一台鑽孔機到貨，應該明天（坦尚尼亞時間）就能到，下一台鑽機可能兩週後就能下水，我們大概會在七、八週後到達這裡。

So yes, four or five months process to get another one. That's certainly available. There's no problem with availability.

是的，再辦一個需要四到五個月的時間。當然可以。供應方面沒有問題。

Right. And then just playing big picture here for a second. I mean, obviously, 2025 was quite transformational. It seems like this question. You talked a bit about the mine plan on this call. And just in general, do you want to maybe just sum up the three catalysts for the company that you're most excited about for the next 12 months that are maybe underappreciated by people like me and by the market as a whole?

正確的。然後我們先從宏觀角度來看一下。我的意思是，很顯然，2025 年是一個具有變革意義的年份。似乎是這個問題。你在這次通話中談到了一些礦山計劃。總的來說，您能否總結一下您最看好公司未來 12 個月發展的三大催化劑，這些催化劑可能被像我這樣的人以及整個市場低估了？

Yes. So I'll get that from my perspective. Look, I think we've been decently conservative. And look, over time, we've always been decently conservative. So I think there is upside potential on potentially maybe on some of the financial results. Gold price is certainly heading in the right direction. So I think that is there.

是的。所以我會從我的角度來理解。你看，我認為我們一直都比較保守。而且，從長遠來看，我們一直都比較保守。所以我認為某些財務表現可能有上漲空間。黃金價格無疑正朝著正確的方向發展。所以我覺得就是這樣。

I'm quite also confident on the -- we will get, hopefully, a new agreement with the government that kind of is more easily explained and is more transparent and better for all parties, including the government. That's another one. I don't think there's been a lot of focus on that. Obviously, that can take time or can speed up. It's not all within our control.

我也相當有信心——希望我們能與政府達成一項新的協議，這項協議更容易解釋，更加透明，對包括政府在內的各方都有利。那又是一個。我認為大家對這一點關注不夠。顯然，這可能需要時間，也可能加快速度。並非所有事情都在我們的掌控之中。

And then look, nobody has ever gone around looking for structures around this property. And when you look at the landscape in around this property, there's lots of gold all over the place. You see lots of activity on the artisanal side in and around this area, which means there is gold. And I think the geophysics study as well as getting some drill bits initially into the ground in some of these areas could be a great, great surprise here.

然後你看，從來沒有人來找過這處房產周圍的建築物。當你環顧這處房產周圍的景色時，你會發現到處都是黃金。在這個地區及其周邊，手工藝活動非常活躍，這意味著這裡蘊藏著黃金。我認為，地球物理勘探以及在這些地區進行一些初步的鑽探工作，可能會帶來巨大的驚喜。

And there's a reason why that 1,000 ton per day plant is going to stay there, particularly if there's surface materials, they'll go through a really good recovery rate. So I think there's a potential for that to happen. And obviously, if all of that comes together, then you're going to update your study to get a higher NAV. So it can all be quite good.

日處理量 1000 噸的工廠之所以會留在那裡是有原因的，特別是如果地表有物料的話，它們的回收率會非常高。所以我認為這種情況有可能發生。顯然，如果所有這些因素都滿足，那麼你就會更新你的研究以獲得更高的淨值。所以一切都可能很好。

The metal pricing environment helps -- all I would say is the metal pricing environment obviously helps.

金屬價格環境有利——我只能說，金屬價格環境顯然有利。

Yes, it helps. Yes, exactly. But like I said, look, we are always going to be price takers as a gold miner. And you have to have your business plan, focus on your business plan, even considering lower potential prices, and you want to be successful even in that environment. So I think we're set up very, very well along all gold prices.

是的，這很有幫助。是的，正是如此。但就像我說的，作為一家黃金礦業公司，我們始終是價格接受者。你必須制定商業計劃，專注於你的商業計劃，即使考慮到價格可能較低，你也想在這種環境下取得成功。所以我認為，我們在應對所有黃金價格方面都做好了非常非常充分的準備。

And I personally believe that they will go higher as well given what's going on in the world and potentially lowering of interest rates, particularly in the United States with the Fed uncertainty coming in 2026. So I think gold prices will go higher over time. That's just my own personal opinion.

我個人認為，鑑於世界局勢以及利率可能下調，尤其是美國，考慮到聯準會在 2026 年的不確定性，它們將繼續上漲。所以我認為黃金價格會隨著時間的推移而上漲。這只是我個人的看法。

I would now like to turn the conference back over to Mr. Mullowney, who will take us through questions submitted in writing. Please go ahead.

現在我願將會議交還給穆洛尼先生，他將帶領我們解答以書面形式提交的問題。請繼續。

So I'm going to just go and turn my head a little bit, so you see more on the side of my head as I go at this on another screen and go through the questions here. We got five or six questions. So I'll go through them.

所以我要稍微轉一下頭，這樣你們就能看到我頭部的側面，因為我要在另一個螢幕上處理這些問題。我們收到了五、六個問題。那我這就逐一講解。

And the first question is, what is the company's hedging strategy in the event of declining gold prices next year? Congratulations on success.

第一個問題是，如果明年金價下跌，該公司將採取怎樣的避險策略？恭喜你取得成功。

Thanks for your time. So right now, we are unhedged on gold prices. And I think we're going to continue to be unhedged going into next year. I think -- there is ways to hedge if we decided to hedge. We get offered them every day. And in the past, when we're doing CapEx programs, we did do collars.

感謝您抽出時間。所以目前我們沒有對沖黃金價格。我認為我們明年仍將繼續不進行對沖交易。我認為──如果我們決定進行對沖，是有辦法進行對沖的。我們每天都會收到這樣的推銷。過去，當我們進行資本支出項目時，我們確實做過一些項目。

But now the issue with collars is it limits the upside, but it does protect you on the downside. Mike has a pretty good pulse and to talk to gold traders on a daily basis of where gold prices are going. But as I mentioned as well, we should be successful even if gold prices were to decline.

但現在領型選擇權的問題在於它限制了上漲空間，但確實可以保護你免於下跌損失。麥克對金價走勢的判斷相當準確，他每天都與黃金交易員交流，了解金價的走向。但正如我之前提到的，即使金價下跌，我們也應該能夠成功。

Mike, anything to add to that?

麥克，還有什麼要補充的嗎？

No, I think you said it well, Stephen, earlier, where the landscape is set up well, I think, for gold prices to sustain, if not grow from here. So the expectation is to remain unhedged. But at the same time, we've been very, very conservative on our budgeting. So we've got lots of sensitivity on the downside if heaven forbid it was to pull back.

不，我覺得你之前說得很好，史蒂芬，我認為目前的情況有利於黃金價格維持現狀，甚至可能在此基礎上繼續上漲。因此，預計不會進行對沖。但同時，我們在預算方面一直非常非常保守。所以，如果真的出現回調，我們會非常謹慎。

But at the same time, at these very lofty levels, -- the comment I was going to make to Heiko was we expect to generate perhaps more free cash flow than we included in our budget and perhaps can deploy it further into things like drilling beyond what Richard described.

但同時，在如此高的水平上——我原本想對海科說的是，我們預計產生的自由現金流可能會比我們預算中的還要多，並且或許可以將其進一步投入到理查德所描述的以外的鑽探等領域。

So lots and lots of sort of value-accretive activities that we can pour that free cash flow into next year at these prices. But in the meantime, expect to remain unhedged.

因此，以這些價格，我們可以將自由現金流投入到許多很多增值活動中。但在此期間，預計不會進行避險交易。

The next question is, is there any plan on TRX doing a stock buyback? Good question, and that goes into valuation, and there will be another question here in a second on liquidity in the market that has picked up. So with regards to that, I can't make any promises on buybacks, but it's certainly something that has started to enter into our mindset is what I would say, particularly if gold prices stay here and continue.

下一個問題是，TRX是否有任何股票回購計畫？問得好，這牽涉到估值問題，稍後還會有一個關於市場流動性回升的問題。所以關於這一點，我不能就回購做出任何承諾，但這肯定已經開始進入我們的考慮範圍，尤其是在金價保持當前水平並繼續上漲的情況下。

Obviously, that would mean taking cash from Tanzania into corporate and making sure that, that's okay. Obviously, we are negotiating with the government at the same time around the JV agreement. So there's all kinds of things to consider when that is being contemplated. But certainly, what I would say is it -- has entered the early stages of being in our mindset.

顯然，這意味著要把坦尚尼亞的現金轉移到公司帳戶，並確保這樣做沒問題。顯然，我們同時也與政府就合資協議進行談判。所以在考慮這個問題時，有很多事情需要考慮。但可以肯定的是，它已經進入了我們思維模式的早期階段。

Well, I think, Stephen, I mean, you touched on it again at the start of the call. We look at capital allocation, of course, on a regular basis as part of our budgeting process. And I think your comment was there's only so much capital to go around. And what we've kind of lined up in terms of order of priority would be the plant expansion and optimization work that Richard touched on in line with the PEA, coupled with drilling.

嗯，史蒂芬，我的意思是，你在通話開始時又提​​到了這一點。當然，作為預算編制過程的一部分，我們會定期審視資本配置。我認為你的意思是，資金畢竟是有限的。我們已經大致確定了優先順序，即理查德在初步經濟評估中提到的工廠擴建和優化工作，以及鑽探工作。

But as and when you generate additional free cash flow where and how you deploy it, to your point, remains open, and we'll look at the most value-accretive activities in terms of how to do that if and when that free cash is available.

但是，正如您所說，當您產生額外的自由現金流時，如何以及在哪裡部署這些現金流仍然是開放的，我們將考慮在自由現金流可用時，如何開展最具價值增值的活動。

So the next one is an interesting question. Wonderful job navigating the last several years making TRX stronger, better suited to enjoy the coming golden era. Can we count on leadership team to remain focused on bigger picture and less on being acquired? I think the easiest way to answer that question is I don't think there was one instance in this presentation that we said anything about being acquired or people approaching us.

下一個問題很有意思。過去幾年，TRX發展壯大，為迎接即將到來的黃金時代做好了充分的準備，你們做得非常出色。我們能否指望領導團隊繼續專注於大局，而不是被收購？我認為回答這個問題最簡單的方法是，我認為在這次演講中，我們沒有提到被收購或有人來找我們收購的事情。

And I think as we went through this presentation, you get a sense that we are detail-oriented people and have our eye on increasing the asset value. So that's -- I think we've kind of answered it by doing the presentation. Yes, we are focused on increasing the value of the asset. We think there's a lot of value to go there yet.

我認為，透過這次演示，您會感受到我們是一個注重細節、著眼於提升資產價值的人。所以，我想我們已經透過這次演示大致回答了這個問題。是的，我們專注於提升資產價值。我們認為那裡還有很多值得探索的價值。

Next question. What do you attribute to sustained increase in daily trading volume? It has been 5 times to 10 times normal. Is this institutional? So we do keep an eye on 12 times or 13 times NOBO list and registered stock. We do this a couple of times a year to figure out how shares have traded over, who our shareholders are and things.

下一個問題。您認為導致每日交易量持續成長的原因是什麼？已經達到正常水準的5到10倍。這是製度性的嗎？因此，我們會密切關注 NOBO 名單和註冊庫存的 12 倍或 13 倍。我們每年會進行幾次這樣的操作，以了解股票的交易狀況、股東組成等等。

What I can say is we have a pretty good, sticky shareholder group, and we're thankful for that. And I would say the stock trading from our analysis and particularly I do a lot of work on this, is more around the periphery than it is around the core of the shareholder group. And so I don't think there's a lot of people really influencing that share price.

我可以肯定地說，我們擁有一個非常優秀、忠誠的股東群體，對此我們深表感謝。根據我們的分析，尤其是我在這方面做了很多研究，我認為股票交易更多地發生在股東群體的邊緣，而不是核心股東群體。所以我認為真正能影響股價的人並不多。

The sustained volumes, I suspect, is attributable to the better financial results of people coming in. We do see a little bit more institutional coming into the stock through filings and what our intel tells us. I would also say that there's probably some trading going on around. We have 16 million warrants at $0.80 coming due in February -- early February.

我懷疑，銷售量持續成長是因為新入職人員的經濟狀況較好。根據我們掌握的資訊和提交的文件，我們看到有更多機構投資者開始買入這支股票。我還想說，附近可能有一些交易正在進行中。我們有 1,600 萬張每股 0.80 美元的認股權證將於 2 月初到期。

I would assume there's some trading going around, around that. We are starting to see a trickle in of warrants being assigned and things of that nature. So I would say all of that is leading into what's going on in the market. It's very interesting what's going on in the market. It's a good question. I don't have 100% of the answer, but I think it all adds up over time to the volume that we're seeing.

我估計這方面肯定有一些交易正在進行中。我們開始看到一些逮捕令被簽發，以及類似的事情。所以我認為所有這些都與當前市場的情況有關。市場現狀非常有趣。這是個好問題。我沒有百分之百的答案，但我認為隨著時間的推移，所有這些因素加起來就形成了我們現在看到的交易量。

There's probably some shortcoming. I can tell you, one chart I did look at, you guys can get this free, if you just Google it. The stock price goes down when there's more failed trades. It goes up when there's less failed trades. Just Google that.

可能存在一些不足之處。我可以告訴你們，我看過的一張圖表，你們只要在谷歌上搜尋一下就能免費獲得。交易失敗越多，股價就越低。交易失敗越少，該指標越高。谷歌一下就知道了。

And what site did that come up on, Mike? Is it FINRA, I believe it is, dot org, and you'll see that detail there. You'll also see the cost to borrow shares available. All of that sort of stuff comes into play. And it's interesting, the chart was -- I would say the correlation, Mike, was 0.9 between failed trades and decline.

麥克，那是在哪個網站上看到的？應該是 FINRA，我相信是，網址是 .org，你可以在那裡看到相關資訊。你也會看到可藉入股票的成本。所有這些因素都會發揮作用。有趣的是，圖表顯示——麥克，我認為交易失敗與下跌之間的相關性為 0.9。

And then when there's less failed trades, it went up. So you can see that in those charts. And so I encourage anybody who's really a market guy to go and review that. That's all publicly available information.

然後，當失敗的交易減少時，它就上漲了。所以你可以從這些圖表中看到這一點。所以我鼓勵所有真正了解市場的人去看看那份報告。以上資訊均為公開資訊。

And an individual asked that question, you want to get into a little bit more? More than happy, just give me a call. Send me a quick e-mail and give me a call. So next question. we are getting more questions. Okay. So I'd answered that.

有人問了這個問題：“你想更深入地了解一下嗎？”非常樂意，打電話給我。請給我發封郵件，或打個電話。下一個問題。我們收到了更多問題。好的。我已經回答了這個問題。

The last one is, are there any near pit potential oxide resources with higher gold price? Someone moving around the questions on me.

最後一個問題是，是否存在金價較高的、礦坑潛力較大的氧化物資源？有人在轉移我的問題。

So here it is. In-pit cut off with higher gold price, where are the other targets for oxide resources? Well, that's part of the reason for doing the geophysics. There's certainly going to be some near surface material.

就是這樣。隨著金價上漲，露天礦坑開採量減少，氧化礦資源的其他目標在哪裡？嗯，這就是我們進行地球物理勘探的部分原因。地表附近一定會有一些物質。

One is Richard mentioned, Anfield should have some more near surface -- not the Anfield sorry, East of Porphyry as he redefines that with the drill bit. And there's other pockets around the property as well. And there will be -- once the plant is upgraded, put into the oxide plant or 1,000 tons there.

理查德提到的其中之一，安菲爾德應該還有一些近地表的東西——不是安菲爾德，抱歉，是斑岩東部，因為他用鑽頭重新定義了那裡。房產周圍還有其他一些隱密的地方。一旦工廠升級改造完成，就會有氧化物工廠，或在那裡生產 1000 噸。

Look, I think, Richard, as we go around, snoop around, there's going to be more and more material there for oxides?

理查德，我覺得，隨著我們四處調查，會發現越來越多的氧化物材料？

Yes. And we've got a good team out there who have already identified some prospective areas I'd like to put a few drill holes in just a small oxide occurrences and things like that. So yes, certainly, these gold prices as well with getting a little in-ground inventory together.

是的。我們有一支優秀的團隊在那裡已經確定了一些潛在的區域，我想在一些小的氧化物礦床之類的地方鑽幾個孔。所以，是的，當然，隨著地下金庫庫存的增加，黃金價格也會上漲。

Yes. So I think that's that. And that's the end of the question. So do we have any other -- I see text here to.

是的。所以我想事情就是這樣了。問題到此結束。我們還有其他的嗎？ ——我看到這裡也有文字。

Yes, Stephen, I think Rosita had a question there, that's sitting in the queue.

是的，史蒂芬，我想羅西塔有個問題，還在排隊等著回答。

Sitting in the queue here. Yes, excellent. This is another M&A question. You've seen a pickup of M&A activity in North America. What's your thoughts on the deal landscape in Africa? We've been approached? How would you assure that the interest of shareholders are protected?

正在這裡排隊。是的，太好了。這是另一個併購問題。北美地區的併購活動增加。您如何看待非洲的交易環境？有人聯絡過我們嗎？如何確保股東利益受到保障？

So yes, M&A activity has picked up, particularly in North America and valuations for North American exploration and producers and development plays have run quicker and higher than elsewhere in the world. So I think valuations will start to pick up. It usually trickle on effect from large cap to small cap also from North America to elsewhere.

所以，併購活動確實有所增加，尤其是在北美，北美勘探、生產和開發項目的估值成長速度和水準都高於世界其他地區。所以我認為估值會開始回升。這種影響通常會從大盤股蔓延到小型股，也會從北美蔓延到其他地區。

So I think we're starting to see that come into our stock and into other stocks as well as people look at gold properties. With regards to the African landscape, I do expect that to pick up as well. And certainly, that's what we are seeing and hearing. I can't comment on TRX or Buckreef, obviously.

所以我認為我們開始看到這種情況反映在我們的股票和其他股票中，因為人們都在關注黃金資產。至於非洲的房地產市場，我預計也會有所改善。當然，這正是我們所看到和聽到的。我顯然無法對 TRX 或 Buckreef 發表評論。

How do we protect ourselves? We have a diversified shareholder base. And I'm in decent contact with that shareholder base. I don't think this is the price level that they would entertain. It would be difficult for someone to acquire a position in the company or a toehold given that diversified shareholder base.

我們如何保護自己？我們擁有多元化的股東基礎。我與這些股東保持著良好的聯繫。我不認為他們會接受這個價位。鑑於該公司股東基礎多元化，任何人想要獲得該公司的席位或立足點都將十分困難。

As I mentioned earlier, the shareholder base is quite sticky. And there's not a lot of really what I'll say, shares available on the market. And thus, if someone were to try to take a run at it, shareholders are going to benefit because it's going to be run up in price pretty quickly, I would think, given the dynamics of what I see. I hope that answers your question.

正如我之前提到的，股東基礎相當穩定。而且，市場上真正可供交易的股票並不多。因此，如果有人試圖收購它，股東們將會受益，因為根據我所看到的動態，它的價格將很快上漲。希望我的回答能解答你的疑問。

Stephen, I think Ron has added a question to the queue as well.

史蒂芬，我想羅恩也為隊列中添加了一個問題。

Political unrest in Tanzania. Any comment impact on operation for ongoing stability of the country? So look, there was planned protests yesterday. It went through very peaceful yesterday in Tanzania (inaudible) there. Yes, there were protests with regards to the election that has all seemed to settle down. Has it had an impact on our operations? No.

坦尚尼亞政治動盪。對此有何評論會對國家持續穩定產生影響？你看，昨天本來有計畫舉行抗議活動。昨天坦尚尼亞那邊非常平靜（聽不清楚）。是的，選舉期間曾發生過抗議活動，但現在似乎已經平息下來了。這是否對我們的營運產生了影響？不。

I think we lost one day by not having an electrician being able to get the site. And right now, it's operations as normal. The security situation is very calm and things are getting done. So I don't think there's going to be a lot of political unstability in Tanzania. It's been the same political situation for the last couple of decades. I don't expect that to change. Khalaf, anything else to add to that?

我認為我們因為沒有電工到現場而耽誤了一天。目前一切正常運作。安全形勢非常平靜，各項工作都在順利進行中。所以我認為坦尚尼亞不會出現太多的政治動盪。過去二十年來，政治情勢一直如此。我不認為這種情況會改變。哈拉夫，還有什麼要補充的嗎？

No, I think that's correct. It's been very safe and stable. Yesterday was our Independence Day, we expected some protest, but nothing happened -- everywhere in the country. So hopefully, that's something of the past now. Yes.

不，我認為沒錯。它一直非常安全穩定。昨天是我們的獨立紀念日，我們預料到會有一些抗議活動，但什麼也沒發生——全國各地都是如此。希望那都已成為過去。是的。

I think that's it. Well, thanks, everyone, for the call and coming on board today. If anybody has any other further questions, the management team is more than happy to answer them. You reach out to us through our IR inbox. Mike and Amy have a constant pulse on that daily. So look at that and respond, and we're more than happy to set up calls with our shareholder group.

我想就是這樣了。謝謝大家的來電和今天的參與。如果還有其他問題，管理團隊非常樂意解答。您透過我們的投資者關係收件匣與我們聯絡。麥克和艾米每天都密切關注著這件事。所以請查看並回應，我們非常樂意安排與股東團體的電話會議。

So again, thank you for your patience and support. We look forward to 2026, continuing to expand, continue to grow. And hopefully, we have a much better 2026 than even a good 2025.

再次感謝大家的耐心與支持。我們期待2026年，繼續擴張，繼續發展。希望2026年比2025年更好，即使2025年已經很不錯了。

Thank you. And as I was saying in Tanzania, (spoken in foreign language).

謝謝。正如我在坦尚尼亞所說，（用外語說）

This brings to a close 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。