TRX Gold Corp (TRX) 2026 Q1 法說會逐字稿

Thank you for waiting, and welcome to the TRX Gold Corporation first-quarter 2026 results presentation. (Operator Instructions) The meeting is being recorded. (Operator Instructions)

感謝您的耐心等待，歡迎參加 TRX Gold Corporation 2026 年第一季業績發表會。（操作員指示）會議正在錄音。（操作說明）

At this time, I would like to turn the meeting over to Stephen Mullowney, CEO. Please go ahead, sir.

現在，我想把會議交給執行長史蒂芬·穆洛尼。請繼續，先生。

Yeah. Thank you, and thanks, everybody, for joining this morning. I believe it's Martin Luther King Day in the United States. And thus, you have a holiday. I think we got a little bit mixed up in that, but that's -- it's good to see a number of participants here today as well as we had really good participation on Friday on our virtual NDR with Renmark as well.

是的。謝謝大家，也謝謝各位今天早上的參與。我相信今天是美國的馬丁路德金恩紀念日。這樣，你就放假了。我覺得我們在這方面有點搞混了，不過——很高興今天看到這麼多參與者，就像週五我們與 Renmark 的虛擬 NDR 會議一樣，參與度也很高。

So it's an exciting time here at TRX. We're going to go over our Q1 2026 results, which were really good. The results continue to improve the company's financial profile, working capital continues to improve. And Richard and team on site, Richard is joining us from Buckreef today, have been progressing very well on the expansion plans.

所以，TRX現在正處於一個令人興奮的時刻。我們將回顧我們 2026 年第一季的業績，業績非常好。業績持續改善公司財務狀況，營運資金持續改善。理查德和他的現場團隊（理查德今天從巴克里夫加入我們）在擴​​建計劃方面進展非常順利。

As I mentioned and as the team has mentioned before, really, our business plan is quite straightforward.We have a robust asset in Tanzania, 1.5 million ounces, 2.5 grams a tonne. The business plan is to expand the plant in the next 18 to 24 months, increase production, which then helps fund the underground. And then we have a 18-year mine life between an open pit operation and an underground mine operation, all on the Buckreef main zone that's funded (inaudible).

正如我之前提到的，團隊也曾經提到過，我們的商業計畫其實非常簡單明了。我們在坦尚尼亞擁有雄厚的資產，儲量為150萬盎司，每噸含金量為2.5克。該商業計劃是在未來 18 至 24 個月內擴建工廠，提高產量，從而為地下設施建設提供資金。然後，我們在露天開採和地下開採之間安排了18年的礦山開採期，所有這些都位於巴克里夫主礦區，資金充足。（聽不清楚）

There we go. Thank you, operator. And then also, we have some very prospective areas of the property, particularly Stamford Bridge, Anfield. Richard will also get into what we're finding on the geophysics side, and we're quite excited for the exploration side as well. And Khalaf will give a brief summary of our government relations side.

好了。謝謝接線生。此外，我們還有一些非常有發展前景的房產區域，特別是史丹佛橋和安菲爾德。Richard 也會介紹我們在地球物理方面的發現，我們對勘探方面的進展也感到非常興奮。哈拉夫將簡要概述我方政府關係方面的情況。

So I'm going to try not to speak as much today. I have a very strong team. I have Mike Leonard, our CFO, here today. Mike, there we go; Richard, as I mentioned, is joining us from site, our COO. Raise your hand, Richard. I think everybody can tell who Richard is. He's got the orange shirt on; and then Khalaf is joining us from Dar es Salaam this morning. Good morning, Khalaf.

所以我今天盡量少說話。我擁有一支非常強大的團隊。今天我們請到了財務長麥克‧倫納德。麥克，好了；正如我所提到的，我們的營運長理查德正在現場與我們連線。理查德，請舉手。我想大家都能認出理查是誰。他穿著橘色襯衫；今天早上，哈拉夫將從達累斯薩拉姆連線我們。早上好，哈拉夫。

So without further ado. So TRX at a glance, I gave a high-level overview. We operate the Buckreef Gold project in Tanzania. We are in production, producing between 25,000 and 30,000 ounces in fiscal 2026. That cash flow will enable our expansion of the plant, which will then be online with PEA for an 18-year mine life and the last 15 years are underground roughly. Richard will get into that today.

那麼，事不宜遲。所以，我簡要地概述了 TRX。我們在坦尚尼亞營運巴克里夫金礦計畫。我們正在生產，預計在 2026 財年產量將達到 25,000 至 30,000 盎司。該現金流將使我們能夠擴大工廠，然後根據初步經濟評估報告，該工廠將上線運營，礦山壽命為 18 年，其中最後 15 年大致在地下運行。理查德今天會談到這一點。

We may be a little bit early on some of those items, but we won't overpromise as well. And we have 1.5 million ounces in the resource category M&I, about 2.5 grams a tonne.

我們可能在某些方面進展得有點早，但我們也不會過度承諾。我們在 M&I 資源類別中擁有 150 萬盎司，約合每噸 2.5 克。

So I really want to focus on what we did in the first quarter and financial-wise. And I'm going to hand it over to Mike to go through slide number 5 with regards to what Q1 looked like, and he will be supplemented by Richard on some of the operational aspects. Go ahead, guys.

所以我想重點談談我們第一季在財務方面所取得的成就。接下來我將把講解交給 Mike，讓他講解第 5 張投影片，介紹第一季的情況，Richard 會就一些營運方面的問題補充說明。請便，夥計們。

Terrific. Thank you, Stephen, and good morning, everybody. Thank you for joining us, particularly those in the US on a holiday. As you would have seen, we did release our Q1 2026 results late last week on Thursday, we press released the numbers, and they were record results across the Board. Yet again, starting right at the top on production. It was a record quarterly production quarter for us.

了不起。謝謝你，史蒂芬，大家早安。感謝各位的參與，特別是正在美國度假的朋友們。正如你所看到的，我們在上週四晚些時候發布了 2026 年第一季業績，我們透過新聞稿發布了這些數據，而且各項業績都創下了歷史新高。再次強調，生產環節要從最頂端開始。這是公司創紀錄的季度產量季度。

We produced just under 6,600 ounces. That was a significant increase over the prior comparative period as well as even our Q4 results. We had indicated that over the first half of 2025, we undertook a stage 1 strip campaign. And the idea was to remove overburden to access higher-grade ore blocks towards the back end of last year.

我們生產了不到 6600 盎司。與上一季相比，以及與我們第四季的業績相比，這都是一個顯著的成長。我們曾表示，在 2025 年上半年，我們開展了第一階段的脫衣舞運動。當時的想法是，在去年年底前清除覆蓋層，以便開採品位更高的礦石塊。

What you would have seen is that we put through about 1.9 grams a tonne through the mill at higher throughput levels compared to the prior year. So higher throughput, higher grade and higher recovery, in fact, we recovered around 60 -- excuse me, 75% recovery for Q1 meant record production for the quarter.

你們看到的是，與前一年相比，我們每噸透過磨機處理的物料量約為 1.9 克，處理量也更高。因此，更高的產量、更高的品位和更高的回收率，事實上，我們第一季的回收率達到了 60%——抱歉，是 75%，這意味著該季度的產量創下了紀錄。

And in terms of guidance, we'd indicated full year production guidance of between 25,000 ounces and 30,000 ounces. Q1 was expected to be amongst the lowest quarters of the year. We do continue to access higher-grade ore blocks and remain on track for that production guidance of again, between 25,000 ounces and 30,000 ounces at a cash cost of between $1,400 and $1,600 an ounce. And in Q1, we came in at around $1,500 an ounce, right in the middle of that.

至於產量指引，我們曾表示全年產量指引在 25,000 盎司至 30,000 盎司之間。第一季預計將是全年業績最差的幾季之一。我們將繼續開採高品位礦石，並繼續朝著產量目標穩步前進，預計年產量為 25,000 盎司至 30,000 盎司，現金成本為每盎司 1,400 美元至 1,600 美元。第一季度，我們的價格在每盎司 1500 美元左右，正好處於這個區間的中間位置。

You couple that record production with the record gold price environment that we're seeing. In Q1, we realized $3,860 an ounce, which was a record at that time. And of course, a few weeks later, here we are at over $4,600 an ounce.

把創紀錄的產量與我們目前看到的創紀錄的金價環境結合起來。第一季度，我們實現了每盎司 3,860 美元的價格，這在當時創下了紀錄。當然，幾週後，金價就超過了每盎司 4600 美元。

So gold continues to be very, very strong. We continue to demonstrate leverage to that gold price. And you couple a record gold price with record production and inevitably, you've got record quarterly revenue in our case of over $25 million for Q1 as well as things like adjusted EBITDA of over $13 million.

所以黃金價格依然非常非常堅挺。我們持續展現出對黃金價格的槓桿作用。將創紀錄的金價與創紀錄的產量結合起來，必然會帶來創紀錄的季度收入（就我們而言，第一季超過 2500 萬美元），以及調整後的 EBITDA 超過 1300 萬美元等數據。

So we're demonstrating strong, strong cash flow, strong margins. And what we've been able to do, we've talked about this for a couple of quarters now, is basically take that free cash that we're generating, and we've overturned what was a negative working capital ratio early last year as we were in the middle of that strip campaign and have effectively recapitalized our balance sheet.

因此，我們展現了強勁的現金流和利潤率。我們已經做到了，而且我們已經討論過好幾個季度了，那就是利用我們產生的自由現金流，扭轉了去年年初在我們進行大規模促銷活動期間出現的負營運資本比率，並有效地重組了我們的資產負債表。

So even relative to our year-ended August 31, where we had a working capital ratio of about 1.3 times, we're up to 1.7 times or about $15 million positive working capital at Q1, and that continues to improve. And amongst other things, we've been able to show an increase in our cash position to over $9 million, which is an increase relative to Q4, but we also continue to invest in the business.

因此，即使相對於截至 8 月 31 日的財年，當時我們的營運資本比率約為 1.3 倍，到第一季也已達到 1.7 倍，即約 1500 萬美元的正營運資本，而且這一數字還在持續改善。此外，我們的現金儲備已增至 900 多萬美元，較第四季度有所增長，但我們也繼續對業務進行投資。

So we have significantly grown our ROM pad stockpile, which Richard can talk a little bit about in his remarks. But we've got over 22,000 ounces sat on that ROM pad stockpile, which is about 1.2, 1.3 gram a tonne roughly on average currently and a split between oxide and sulfide rock, which allows us basically to optimize what goes through the mill and also serves as a very, very good insurance policy for us to make sure that, that mill feed is consistent and strong. And material coming out of the pit is sort of prioritized relative to what's on the stockpile to make sure the highest-grade material is going through the mill.

因此，我們的 ROM 墊庫存大幅增加，理查德可以在他的發言中稍微談談這一點。但我們有超過 22,000 盎司的原礦堆放在 ROM 堆場上，目前平均品位約為每噸 1.2 至 1.3 克，氧化礦和硫化礦各佔一半，這使我們能夠優化進入選礦廠的礦石，同時也為我們提供了非常好的保障，確保選礦廠的進料穩定且優質。從礦坑中出來的物料會根據堆料的多寡進行優先排序，以確保最高等級的物料能夠進入選礦廠。

I guess the last maybe comment I'll make on the quarter. We do continue to invest in what Stephen talked about, the plant upgrade followed by the expansion, which once complete, will pay for effectively the underground development.

我想這大概是我對本季最後要說的話了。我們將繼續投資史蒂芬所說的項目，即工廠升級和擴建，一旦完成，這些投資將有效地支付地下開發費用。

During Q1, we used a lot of that free cash to put down payments on things like thickeners and elution plants and gold rooms and increased oxygenation, all of which is meant to help improve things like throughput and recovery, which will lead to higher production over time. So a very, very strong quarter, record across the board and certainly expect that to continue into Q2 and beyond. Next slide, please.

在第一季度，我們利用大量自由現金支付了濃縮機、洗脫裝置、黃金室和增加氧氣等設備的首付款，所有這些都是為了幫助提高處理量和回收率，從而隨著時間的推移提高產量。所以這是一個非常非常強勁的季度，各項數據都創下新高，我們當然預計這種勢頭將延續到第二季​​度及以後。請看下一張投影片。

So this is effectively a summary of some of the key stats, I think we've already talked about. We've talked about the revenue. We've talked about EBITDA. Gross profit is an important one to touch on.

所以，這實際上是對一些關鍵統計數據的總結，我想我們已經討論過了。我們已經討論過收入問題了。我們已經討論過 EBITDA 了。毛利是值得關注的重要指標。

We have been able to demonstrate it's a high-margin, low-cost operation with, again, leverage to gold price. Gross profits are over 50% right now. So we're generating lots and lots and lots of free cash and sitting in that -- what we would characterize as the lowest quartile of the cash cost curve at roughly $1,500 an ounce. And again, the model is to use that free cash flow to execute against in the PEA to both upgrade our existing mill and expand it and then use that cash flow to fund the underground development that Stephen touched on.

我們已經證明，這是一個高利潤、低成本的業務，而且再次強調，它與黃金價格掛鉤。目前毛利率超過50%。因此，我們正在產生大量的自由現金流，並且處於現金成本曲線的最低四分之一區間，大約是每盎司 1500 美元。再次強調，該模式是利用自由現金流來執行初步經濟評估，既升級我們現有的工廠，又擴建工廠，然後用這筆現金流來資助史蒂芬提到的地下開發案。

We've also been able to invest in things like exploration. The first stage of our exploration program was effectively this geophysics study, which I think we'll talk a little bit about later, but continue to advance in that regard and hope to be able to put some assay and drill results out later this year as that continues to develop as well as finalizing metallurgical test work that, again, I think Richard will touch on when he gets to it, but effectively demonstrates that we can achieve high, high recoveries with some of the mill enhancements that we're making, which will help drive future production.

我們也得以投資於勘探等領域。我們勘探計劃的第一階段實際上是這項地球物理研究，我想我們稍後會詳細討論一下，但我們將繼續推進這方面的工作，並希望今年晚些時候能夠公佈一些化驗和鑽探結果，因為這項工作仍在繼續，同時我們也在完成冶金測試工作，我想理查德到時候會談到這一點，但這些測試有效地表明，通過我們正在進行的一些選金廠改進

And the last bit, I think I've touched on, but we do continue to expect our production to be between 25,000 ounces and 30,000 ounces at between $1,400 and $1,600 an ounce. Capital, we had guided at between $15 million and $20 million. We continue at this stage to expect to spend at that level. But of course, at these gold price levels, if we generate additional free cash, we may move some of those capital expenditures around the plant expansion forward into the back end of this year, but we'll certainly update the market as and when we make that determination. And finally, we're spending on exploration.

最後一點，我想我已經提到過了，我們仍然預計產量將在 25,000 盎司到 30,000 盎司之間，價格在每盎司 1,400 美元到 1,600 美元之間。我們先前預期的資金規模在 1500 萬美元至 2000 萬美元之間。我們目前仍預期支出水準將維持在這一水準。當然，在目前的金價水準下，如果我們能產生額外的自由現金流，我們可能會將工廠擴建的一些資本支出提前到今年年底，但我們肯定會在做出決定後及時向市場通報。最後，我們也投入資金進行勘探。

We expect to spend between $3 million and $5 million. We have procured a couple of drill rigs in RC and a diamond drill rig, which we'll talk about, which we expect will help our drill program over the course of this year. So that was it, I think, as far as results in terms of what I wanted to touch on, Stephen, back to you, please.

我們預計將花費 300 萬至 500 萬美元。我們已經購置了幾台反循環鑽機和一台鑽石鑽機（我們稍後會詳細介紹），我們預計這些鑽機將在今年幫助我們開展鑽探計劃。所以，我想，關於我想談的內容，結果就到此為止了。史蒂芬，請把話題交到你身上吧。

Yeah. No, thank you, Mike. And we're going to switch into what I'll call operational growth here. And I'm going to hand it over to Richard to give a brief overview, Richard, of where we are in our expansion plans and what investors can expect in the next 12 to 24 months around our expansion and where we're going to get through to on throughput.

是的。不，謝謝你，麥克。接下來，我們將進入我稱之為營運成長的領域。接下來我將把發言權交給理查德，讓他簡要概述一下我們目前的擴張計劃進展，以及投資者在未來 12 到 24 個月內可以期待我們在擴張方面取得哪些進展，以及我們在產能方面將達到什麼目標。

Obviously, we're online with what was in the PEA, and our goal is to exceed what was in that PEA given that we do plan to have a higher throughput than what was in the PEA. But where exactly are we on all our items? I know a lot of exciting things around Aachen reactors, ADR plants, looking at confirming and finalizing metallurgy and then getting into the SAGD (sic - "SAG") ball mill as well as flotation cells and thickeners, all kinds of things going on. So a lot on your plate.

顯然，我們目前的情況與 PEA 中的數據一致，我們的目標是超越 PEA 中的數據，因為我們計劃實現比 PEA 中更高的吞吐量。但是，我們目前在所有專案上都進展到什麼程度了？我知道亞琛反應器、ADR工廠周圍有很多令人興奮的事情，正在研究確認和最終確定冶金工藝，然後進入SAGD（原文如此 - “SAG”）球磨機以及浮選槽和濃縮機，各種各樣的事情都在發生。你肩上的擔子很重。

You are on mute, Richard. There you go.

理查德，你已靜音。好了。

Hopefully -- how is that? You can hear me clearly?

希望如此——那怎麼樣？你聽得清楚我說話嗎？

We can hear you just fine. The reception is good (inaudible) today. Possibly any thunderstorm.

我們聽得很清楚。今天訊號很好（聽不清楚）。任何雷暴都可能發生。

No, we're in the middle of one right now, which is why I asked. Anyway, in terms of the work we're doing at the moment, we are still heavily focused on upgrades to our 2,000 tonne per day plant.

不，我們現在正處於一個這樣的過程中，所以我才問。總之，就我們目前的工作而言，我們仍然高度專注於對我們日產 2000 噸的工廠進行升級改造。

So right now, we're in the midst of doing a major upgrade and improvement to our crushing circuit. We've got more work lined up straight after that to move on to our mills and the power draw for the mills as well as the CIL circuits. We're installing a super oxidation system that will hopefully give us another couple of percent recovery. We've also made some major improvements this last quarter in the recovery areas, which Mike alluded to, and that's going well and is progressing again through this quarter.

所以現在，我們正在對破碎迴路進行重大升級和改進。接下來我們還有更多工作要做，要著手研究我們的磨機、磨機的電力消耗、 CIL 電路。我們正在安裝一套超級氧化系統，希望能再提高幾個百分點的回收率。上個季度，我們在復甦領域也取得了一些重大進展，正如麥克提到的那樣，目前進展順利，並且在本季度將繼續取得進展。

In terms of work towards the expansion, we have more or less finalized all of our metallurgical test work. We've done a full modeling in spec of the SAG circuit. And for those people who may have read the PEA, we had planned to combine our existing 600-kilowatt ball mill with a SAG mill. And our modeling shows we're probably better to just invest in a larger SAG mill and make it a simpler circuit.

就擴建工作而言，我們基本上已經完成了所有的冶金測試工作。我們已經按照規格對 SAG 電路進行了完整的建模。對於那些可能讀過初步經濟評估報告的人來說，我們原本計劃將我們現有的 600 千瓦球磨機與 SAG 磨機結合。我們的模型顯示，我們或許最好投資一台更大的 SAG 磨粉機，並簡化其生產流程。

So we're going out on price inquiry at the moment and full tender very shortly. And indications are that the lead time on that equipment is probably of the order of seven to nine months. The float plant and fine grind aspects of the expansion and the change in the process flow sheet have gone well.

所以我們目前正在進行價格詢價，很快就會進行全面招標。種種跡象表明，該設備的交貨週期可能在七到九個月左右。擴建工程中的浮選設備和精細研磨部分以及製程流程圖的變更進展順利。

The met test work was really focused on that, generally getting some excellent results in the lab and pilot plant with recoveries and mass pull, both better than expected. And our fine grind looks like we're going to optimize at about 20 microns instead of 15 microns, which again is a big improvement in energy expenditure and capital expenditure.

金屬測試工作主要集中在這一點上，在實驗室和試驗工廠中，回收率和品質提取率都比預期的要好，總體上取得了一些非常好的結果。我們的精細研磨製程似乎要優化到 20 微米左右，而不是 15 微米，這在能源消耗和資本支出方面又是一項重大改進。

So those aspects are going well. On the water at the moment, we've got oxygen plants coming to site. So we've got ADR plant orders just finalized and under construction. So they'll be in towards the end of this financial -- they'll be in by the end of the financial year. I won't say we'll see much benefit from some of those aspects until financial year 2027.

所以這些方面進展順利。目前，我們正在向水面運送氧氣廠。我們已經敲定了ADR工廠的訂單，目前正在建設中。所以他們會在本財年末前入職——他們會在本財年結束前入職。我不會說在 2027 財年之前，我們會從這些方面看到很多好處。

So generally, things are working pretty well. And as I discussed, this change to a straight SAG circuit for our new expanded plant allows us to effectively fully utilize the existing plant we've got, which is why we're confident that we can probably improve on PEA metrics in terms of throughput and ultimate gold production. Coupled with that, we're doing a re-optimization of our pits with this higher gold environment, and we're pretty confident we're going to see some added reserves in our known reserves coming out with a reduced cutoff grade. So all in all, things are looking pretty positive for us.

總的來說，一切進展順利。正如我之前討論過的，我們新擴建的工廠改用直式 SAG 迴路，可以讓我們有效地充分利用現有的工廠，因此我們有信心在處理量和最終黃金產量方面改進 PEA 指標。同時，我們正在對礦坑進行重新優化，以適應更高的金礦品位環境，我們非常有信心，在降低邊界品位的情況下，我們已知的儲量將會增加。總而言之，情況對我們來說相當樂觀。

Yes. Thank you, Richard, for that. A lot of information intake there, and it gives investors a sense of the direction and some of the news that will come out as we finalize plans. As Richard indicated, we may not utilize 1,000 tonne per day ball mill now in the SAG circuit. So per the prior press release, we said we wouldn't utilize the three smaller ball mills.

是的。謝謝你，理查。這裡收集了大量信息，讓投資者了解了方向，也讓他們知道在我們最終確定計劃時將會公佈的一些消息。正如理查德所指出的，我們現在可能不會在 SAG 迴路中使用每日處理量 1000 噸的球磨機。根據先前的新聞稿，我們表示不會使用那三台較小的球磨機。

So that means the existing circuit will remain intact as well as the new SAG circuit. So that's essentially higher throughput than we announced before, but we got to finalize that. The -- also with regards to operating cost, recovery rates are up. And the reason why they're -- one of the reasons why they're up is oxygenation and we've been using hydrogen peroxide currently and Aachen reactor will come in. And Richard, I assume we're going to get the oxygen rates even up higher than what we currently have with hydrogen peroxide.

這意味著現有電路和新的SAG電路都將保持完好無損。所以，這實際上比我們之前宣布的吞吐量更高，但我們還需要最終確定這一點。此外，就營運成本而言，回收率也有所上升。它們之所以能生長，其中一個原因是氧氣供應，我們目前一直在使用過氧化氫，而亞琛反應器將會投入使用。理查德，我估計我們最終會把氧氣濃度提高到比目前使用過氧化氫的濃度還要高。

So that should, as you mentioned, lower cost as well as increased recovery rates going forward as well as the upgrades to the crushing circuit, I believe the apron feeders we put in today, which is critical for that. So that enables us to continue to operate our 2,000 tonne per day plant efficiently, both before and after the expansion.

正如您所提到的，隨著破碎迴路的升級，以及我們今天安裝的板式給料機（這對實現這一目標至關重要），未來的成本和回收率應該會降低。這樣一來，無論擴建前後，我們都能繼續有效率地運作我們日產 2000 噸的工廠。

So I think that things are extremely positive, and we should see higher throughput rates this year than we've seen as well as the grade profile is going to increase. We'll get into that in a second than it was last year, given where we are in the pit.

所以我認為情況非常樂觀，今年的吞吐量應該會比以往更高，而且礦石品位也會提高。鑑於我們目前所處的位置，我們稍後會詳細討論這個問題，這與去年的情況有所不同。

And as Richard mentioned, in any study and in any resource profile, you pick a gold price to figure out your optimal pit design and underground mining plan design. In our PEA, I believe we utilized $1,900 an ounce, Richard, is what it was in order to do that work. And so that then drives a cutoff grade. So Richard and team now are going to relook at that given we're at $4,600 an ounce now. So we'll choose a higher price there.

正如理查德所提到的那樣，在任何研究和任何資源概況中，你都會選擇一個黃金價格來確定最佳的礦坑設計和地下採礦計劃設計。在我們的初步經濟評估中，我相信我們採用了每盎司 1900 美元的價格，理查德，這就是當時的價格。因此，這就決定了錄取分數線。鑑於目前金價為每盎司 4,600 美元，理查德和他的團隊現在將重新審視這個問題。所以我們會選擇更高的價格。

And really, the goal is what you'll start to see is as you do that mine plan, you'll have a bottleneck in your plant and your stockpile will continually increase as you take the lower grade material and just put it on the stockpile for the end of mine life. And typically, that's what you'll see from a mine planning perspective. But certainly, the reserves and resources will go up as a result of that. So all in all, very, very positive. Aspects are going on on the throughput side of things.

實際上，隨著你制定礦山計劃，你會發現工廠會出現瓶頸，而隨著你把低品位材料存放在礦山壽命結束時的堆場中，你的庫存會不斷增加。通常情況下，從礦山規劃的角度來看，你會看到這種情況。但可以肯定的是，由此，儲量和資源將會增加。總而言之，非常非常積極。吞吐量方面正在發生一些變化。

So with regards to that, when you're looking at numbers coming through in financial numbers, we haven't utilized a $4,000 gold price in our budgets. We use a lower gold price than that. So given we are confident on our throughputs, on our recovery rates and on our gold production metrics, obviously, that should flow through to the financial metrics, and we are very hopeful that we'll be higher than we were certainly for fiscal 2025.

所以，關於這一點，當你查看財務數據時，我們並沒有在預算中使用 4000 美元的黃金價格。我們採用的黃金價格比這低。鑑於我們對自身的產量、回收率和黃金生產指標充滿信心，顯然，這應該會體現在財務指標上，我們非常有信心，2025 財年肯定比之前更高。

If you look at our run rate right now, it's certainly higher, significantly higher than what was achieved in fiscal 2025, and we're doing fairly well. The first quarter had an increase in EBITDA of around $10 million versus first quarter of last year from a net basis. So all in all, doing very well. And obviously, working capital continues to increase.

如果你看看我們目前的運行速度，它肯定比 2025 財年實現的水平要高得多，而且我們做得相當不錯。與去年同期相比，第一季 EBITDA 淨額增加了約 1,000 萬美元。總而言之，一切都很好。顯然，營運資金持續成長。

Our judgment is companies that have performed extremely well, have a working capital ratio anywhere between 1.75 and above 2. That certainly we'll get there fairly soon and are well capitalized to execute our plans. Anything to add to that point, Mike?

我們認為，業績非常出色的公司，其營運資本比率在 1.75 到 2 以上。我們肯定很快就能實現目標，而且我們資金充足，足以執行我們的計劃。麥克，你還有什麼要補充的嗎？

No, I think that was well said, Stephen. We're well on our way, as mentioned, at $15 million positive for Q1 with an improving profile will fit deeply into that working capital metric that you just described.

不，我覺得你說得很好，史蒂芬。正如前面提到的，我們進展順利，第一季獲利 1500 萬美元，而且情況正在改善，這將非常符合您剛才描述的營運資本指標。

Yeah, exactly. So our mine planning, a lot of people have come back to me on this particular slide and like it because the saying a picture says a thousand words, it certainly does on this particular slide and explains why we had to go through the stripping campaign last year and now we're into the pinks and the reds, the nice colors.

對，沒錯。所以，在我們的礦山規劃中，很多人都對這張幻燈片很感興趣，因為俗話說“一圖胜千言”，這張幻燈片確實如此，它解釋了為什麼我們去年不得不進行剝離作業，而現在我們終於可以開採粉色和紅色等漂亮的顏色了。

We still got some blue colors to go through, but you can't avoid blue colors. You got to strip in order to open up the nice colors. And Richard, do you want to give just a quick overview of our mine plan for this year. What can we expect from a mining perspective as grade profile comes through. And obviously, the thickener is a big thing because we no longer will have to mix oxides in our plant, and that will increase the head grade, which increases production as well.

我們還有一些藍色要講解，但藍色是無法避免的。你必須脫掉外衣才能展現出美麗的色彩。理查德，你能否簡單概述一下我們今年的礦場計畫？從採礦角度來看，隨著礦石品位分佈的逐漸明朗，我們可以期待什麼？顯然，濃縮機是一件大事，因為我們不再需要在工廠裡混合氧化物，這將提高原料等級，從而提高產量。

So just give us a quick overview of what people are seeing here. Obviously, Buckreef gets nicer colors as we get deeper.

那麼，請您簡單概述一下大家在這裡看到的內容。顯然，越往深處走，巴克里夫的顏色就越漂亮。

Sure. Look, Generally, our focus towards the second half of financial year '25 was in that southern area to the left on that slide, where there were better grades, and that was in response to some delays to get there. This year, we've got a far more steady descent of the project of the main pit, and we'll be taking a pretty -- probably about a 30-meter overall vertical lift right across the site -- right across the pit.

當然。總的來說，我們在 2025 財年下半年的重點放在了幻燈片左側的南部區域，那裡的成績更好，這是為了應對之前到達那裡的一些延誤。今年，主礦坑計畫的下降速度要穩定得多，我們將進行一次相當大的——大概 30 公尺左右的垂直提升，橫跨整個場地——直接穿過礦坑。

And that allows us a fairly even grade profile, especially for the first three quarters. And then we actually hit some very sweet stuff in the fourth quarter, which we'll see a bit of a boost in grade through the mine. The reason I'm stressing an even profile of about 2.1 grams, 2.2 grams is that the (technical difficulty).

這樣一來，我們的成績分佈就相當均衡，尤其是在前三個學期。然後我們在第四季度真的發現了一些非常好的東西，礦場的礦石品位將會有所提升。我之所以強調每粒粉末的含量應該在2.1克到2.2克之間，是因為…（技術難題）

Oh, Richard, we're losing you a little bit. Yeah, mute again. Oh, we lost you. Yeah. So we lost you at the reason why I'm stressing an even profile of 2.1 grams.

哦，理查德，我們好像有點跟不上你的思路了。是的，又靜音了。哦，我們把你弄丟了。是的。所以，我強調要保持 2.1 克的均勻劑量，這個原因可能會讓你有點摸不著頭緒。

Fine. So it's helping the plant enormously having a nice steady grade profile. As Stephen mentioned, in about 2.5 months, three months, certainly by sometime in April, we'll have our pre-leach thickener installed, and that will enable us to probably see about a 5% lift in the mill head grade. So we'll start to see some improvements in production related to that as well.

美好的。因此，擁有穩定良好的等級特徵對工廠來說非常有幫助。正如 Stephen 所提到的，大約 2.5 個月到 3 個月後，最遲到 4 月份，我們的預浸濃縮機將安裝完畢，這將使我們能夠看到磨機進料品位提高約 5%。因此，我們也將開始看到與此相關的生產方面出現一些改進。

The other thing we're doing in the third quarter of this year is we're starting a new pit, the strip for the new pit, which is called Eastern Porphyry. And by the end of our financial year, we'll have faced off to have all faces in the ore blocks available to us. So we'll be, I guess, derisking our production profile in that respect as well.

今年第三季度，我們也將開工開採一個新的礦坑，也就是新礦坑的露天礦帶，它被稱為東部斑岩礦。到本財年結束時，我們將完成礦塊所有礦面的開採。所以，我想，從這個角度來看，我們也會降低生產風險。

That's great. So we've gone through on the production side of things, what solidifies the pay for things. And I'm going to jump around our presentation a little bit here. And let's just go straight into what our exploration programs are envisioned to be. I do know we do have one drill rig, RC rig on site, and that's currently doing, I believe, Richard, some condemnation drilling for some of the expansion plans.

那太棒了。所以我們已經討論完了生產方面的事情，也就是確定報酬的因素。接下來，我將稍微跳躍式地講解一下我們的演講內容。接下來，我們就直接進入正題，談談我們對勘探計畫的設想。我知道我們現場有一台鑽孔機，一台反循環鑽機，我相信，理查德，它目前正在進行一些擴建計劃的徵地鑽探工作。

But we do plan to do some exploration holes with that fairly soon and describe our diamond drill rig is -- should be on the water pretty soon and be at site, and we'll probably use some subcontract drilling as well in 2026. Obviously, everything we've described on the production side is in the Buckreef main zone. We've had a good geophysics study being completed, and we'll come to the market with that shortly. But give an overview of what our plans are around exploration.

但我們計劃很快用它進行一些勘探鑽孔，我們的鑽石鑽機應該很快就會下水並到達現場，我們可能還會在 2026 年使用一些分包鑽井服務。顯然，我們所描述的生產方面的一切都位於巴克里夫主區。我們已經完成了一項不錯的地球物理研究，很快就會將研究成果推向市場。但請概述一下我們在勘探方面的計劃。

Sure. So as you mentioned, Stephen, we've got -- we've completed our first geophysical study, and it's basically highlighting interesting structures, and it's done in quite a high level of detail that hasn't been done before on this project area. So that's highlighted some really interesting targets for us. And we are -- we will hit some of those immediately with our drills.

當然。正如你所提到的，史蒂芬，我們已經完成了第一次地球物理研究，它主要突出了一些有趣的構造，而且研究的細節程度非常高，這是以前在這個計畫區域從未做過的。所以，這為我們指明了一些非常有趣的目標。而我們——我們將立即透過演習來解決其中的一些問題。

And others, we're planning to do what's called an induced polarization or electrode resistivity survey on those other ones to see if we can try and identify some deeper pyritic anomalies and therefore, we'll put drills on those as well. So across the course of the year, we're planning to probably drill of the order of about 40,000 meters of drilling in total, maybe even 50,000 to 60,000 if we get a good run at it.

對於其他一些礦體，我們計劃進行所謂的激發極化或電極電阻率勘測，看看能否發現一些更深的黃鐵礦異常，因此，我們也會在這些礦體上進行鑽探。因此，我們計劃在今年內總共鑽探約 40,000 米，如果一切順利，甚至可能達到 50,000 到 60,000 米。

Yeah. And so obviously, Stamford Bridge will be in there. Anfield will be in there. And as other people just heard, there's other areas that are looking extremely good from the geophysics survey that's being done on the site, which are not Anfield or Stamford Bridge. Is that correct?

是的。所以很顯然，斯坦福橋球場也會榜上有名。安菲爾德球場肯定會出現在榜單上。正如其他人剛剛聽到的那樣，根據對該場地進行的地球物理勘測，還有一些區域看起來非常好，這些區域並非安菲爾德或斯坦福橋。是這樣嗎？

Yep, that's absolutely correct. We've got some other very interesting little structural features that we've identified that we want to follow up on.

沒錯，完全正確。我們也發現了一些其他非常有趣的小結構特徵，我們想進一步研究。

Correct. Excellent. So in summary, we are online our PEA. As people understand, the production profile gets quite good under the PEA. We're hopeful to exceed that. And given current gold prices, profitability looks pretty good as well.

正確的。出色的。總而言之，我們的 PEA 已經上線了。正如人們所了解的，在 PEA 下，生產狀況會變得相當好。我們希望能夠超越這個目標。鑑於目前的黃金價格，獲利能力看起來也相當不錯。

The next thing, part of our whole business plan, obviously, we've been open with this. We are in negotiations with the government. Obviously, that's a little bit slower than everybody would like, but that is the nature of dealing internationally. Things have to go through their political process.

接下來，這顯然是我們整個商業計劃的一部分，我們對此一直保持公開透明。我們正在與政府進行談判。顯然，這比大家希望的要慢一些，但這就是國際交易的本質。事情必須經過政治程序。

So Khalaf, why don't you just give a high-level overview of where we are in that? Come off mute.

哈拉夫，你為什麼不簡單概述一下我們目前所處的位置？請解除靜音。

Yeah. Thank you, Stephen, and good morning to everybody. Good evening, Richard, at the site in Tanzania with me.

是的。謝謝你，史蒂芬，大家早安。晚上好，理查德，我現在和我一起在坦尚尼亞的現場。

Yeah. Okay. So I mean, we all know that Tanzania has been through a difficult period. We're coming out of that difficult period, election period. So it does feel like things are normalizing. Business is getting back to how it should be. Obviously, there's some aftermath that the politicians are dealing with trying to reconcile differences and so forth. They've had -- Tanzania has been hit a little bit with international development funding.

是的。好的。我的意思是，我們都知道坦尚尼亞經歷了一段艱難時期。我們正走出那段艱難時期，也就是選舉時期。感覺一切都在逐漸恢復正常。商業正在逐漸恢復正常。顯然，政客們正在處理一些後續問題，試圖彌合分歧等等。坦尚尼亞在國際發展援助方面受到了一些影響。

For us, it's probably a positive thing because it prioritizes mining, right? So there's a focus trying to get projects to -- new projects off the ground, existing projects ourselves to scale up as soon as possible. So obviously, that government gets more income. We've -- as we've mentioned in the previous meetings we've had; we've been busy negotiating with the government. There is -- as we all know, state participation regulations, the amendment was introduced in 2022, right, essentially framework agreements and participation of the state.

對我們來說，這可能是一件好事，因為它優先考慮了採礦，對吧？因此，我們目前的重點是努力讓專案——新專案盡快啟動，現有專案盡快擴大規模。很顯然，政府因此獲得了更多收入。正如我們在之前的會議中提到的那樣，我們一直在忙於與政府進行談判。眾所周知，國家參與法規，該修正案於 2022 年提出，對吧，本質上是框架協議和國家參與。

We have an existing joint venture agreement since 2011. So what we're looking forward to is getting to a point where we can agree with the government better agreements, all parties, right, much more transparent, easier to operate in Tanzania, and I guess, avoiding dispute and reducing risks for investment in the country. So we're looking forward to that.

我們自 2011 年起就已簽訂合資協議。因此，我們期待的是能夠與政府達成更好的協議，各方都能從中受益，更加透明，更容易在坦尚尼亞開展業務，我想，這樣可以避免爭端，降低在該國投資的風險。所以我們很期待。

Negotiations are ongoing, as Stephen says, albeit a bit slow. But in Tanzania, apparently, we're going fast. But anyway, so we do expect that I think 2026 is going to be the year that I hope things will accelerate. At least the groundwork has been done, right? The groundwork and initial discussions have been done. So we should move quite quickly.

正如史蒂芬所說，談判仍在進行中，儘管進展有點緩慢。但在坦尚尼亞，情況似乎很快。但無論如何，我認為2026年將是事情加速發展的一年。至少前期準備工作已經完成了，對吧？前期準備和初步討論已經完成。所以我們應該盡快行動。

I think the last month, we've already met twice. We met in December, late December. We met last week again with our partners. So we're moving. And the expectation, like I said, possibly by the end of this year, we should have new agreements and better and more investable agreements.

我想上個月我們已經見過兩次面了。我們是在十二月下旬認識的。上週我們再次與合作夥伴會面。所以我們要搬家了。正如我所說，預計到今年年底，我們應該能夠達成新的協議，而且是更好、更具投資價值的協議。

So -- yeah, basically, in summary, that's what it is, Stephen. Do you like me to add anything else to that?

所以——是的，總而言之，就是這樣，史蒂芬。你還想讓我補充什麼嗎？

No, no. I think, look, it's progressing. And obviously, pace and politics are different in other parts of the world versus what we would be used to in the United States and Canada. But that is part of operating internationally. I have a lot of experience around this, and it has to go through its political departments and get to the right spot where decisions could be made. And I think we're at that spot, and we will hopefully be able to progress it with a little bit more pace than we've had before.

不，不。我認為，你看，它正在取得進展。顯然，世界其他地方的生活節奏和政治與我們在美國和加拿大所習慣的截然不同。但這是國際營運的一部分。我在這方面有很多經驗，這件事必須經過各個政治部門，才能送到能做出決策的合適人選那裡。我認為我們已經到了那個階段，希望我們能比以前更快地推進這項工作。

Our agreements are a little different than what you see in other companies there. Other companies are looking to put properties in production, so they go straight to the framework agreement. We are dealing with an existing joint venture to switch to framework agreement terms. And in that, obviously, we're looking to basically put the agreements into better agreements than what we currently have for both sides, both for us and for the government, and that has been well communicated. So I think we'll come out the other side for us and for the government in a much better win-win situation.

我們的協議與你們在其他公司看到的協議略有不同。其他公司希望將房產投入生產，所以他們直接簽署框架協議。我們正在與一家現有合資企業協商，將其條款改為框架協議。很顯然，我們希望達成比目前雙方（對我們和政府而言）更好的協議，這一點已經充分溝通過了。所以我認為，最終我們和政府都會迎來一個更好的雙贏局面。

Yeah. No, absolutely. Perhaps I should add also that we are engaging with our embassies here locally. And they're weighing in and they're obviously quite involved as well in this process, working with the government to try and get all these things over the line as soon as possible. So --

是的。不，絕對的。或許我還應該補充一點，我們正在與當地大使館溝通。他們也參與其中，顯然他們也深度參與這個過程中，與政府合作，力求盡快完成所有這些事情。所以--

Yeah. And that's both the American and Canadian --

是的。無論是美國還是加拿大，都是如此。--

Canadian, yeah.

是的，加拿大人。

Yeah. Both American and the Canadian embassies. And when I was in Tanzania in December, I visited with both of them. And it -- both are pro-investment; pro-stability is what I would say.

是的。美國和加拿大大使館。去年12月我在坦尚尼亞的時候，拜訪了他們兩人。而且，兩者都有利於投資；我認為它們都有利於穩定。

All right. So with regards to us, I'm going to open up the floor now in the second and last part as I'm going to go through valuation. Obviously, we are starting to move up our chart somewhat as we continue to produce good financial results, recapitalize the business internally and the market gets a sense of where we're going with our business plan and expansion plan. So I fully expect, hopefully, as we continue to execute and execute successfully, we continue to move up that chart.

好的。所以關於我們公司，我現在要進入第二部分也是最後一部分，我將開始討論估值問題。顯然，隨著我們持續取得良好的財務業績，內部進行資本重組，市場逐漸了解我們的商業計劃和擴張計劃的方向，我們的排名也開始上升。所以我完全相信，隨著我們繼續成功執行，我們的排名會繼續上升。

We have looked at a lot of metrics of what the market is looking for and have orientated our business plan towards that -- towards those metrics. I do think we have a huge chunk of warrants coming off on February 11, $0.80 warrants and then a year later, it's the $0.44 warrants. I think we will get into a spot where the overhang of those warrants and capital structure on the equity side becomes a lot cleaner. I think that will be a positive for the stock as well.

我們研究了許多衡量市場需求的指標，並以此為導向制定了我們的商業計劃。我認為2月11日會有一大批0.80美元的認股權證到期，一年後，就是0.44美元的認股權證到期了。我認為我們會達到這樣一個局面：那些懸而未決的認股權證和股權方面的資本結構將變得更加清晰。我認為這對股價來說也是個利好消息。

So all in all, things are going fairly well. TRX is in a good position. We are generating good cash flow, particularly at $4,600 gold, reinvesting that cash flow into the business. We did our last capital raise over four years ago and raised net $20 million, and we're probably going to get to a mining property that could produce 80,000 ounces to 100,000 ounces plus of that $20 million, which is I don't think it has been done anywhere.

總的來說，一切進展順利。TRX目前處境良好。我們獲得了良好的現金流，尤其是在金價達到每盎司 4600 美元時，我們將這些現金流再投資於業務。我們上一次融資是在四年多前，淨籌集了 2000 萬美元，我們很可能會用這 2000 萬美元投資一個可以生產 8 萬到 10 萬盎司黃金的礦產項目，我認為這在任何地方都是前所未有的。

And right now, the gross investment into the asset has been around $70 million off of that $20 million. So that ratio is well over 3 times now and continues to grow. We're looking confident. you're hearing the confidence in our voice. I think there's a lot of upside in the exploration side as well.

目前，該資產的總投資額已從最初的 2,000 萬美元增加到約 7,000 萬美元。所以這個比例現在已經遠遠超過3倍，而且還在持續成長。我們看起來很有自信。你從我們的聲音中也能感受到這份自信。我認為勘探領域也有很大的發展空間。

And there's even upside in revising our mine plan. So we're a self-funding growth operation, both on the production side, cash flow side and resource side. So looking -- yeah, we're fairly confident. So I'll hand it back to the moderator for questions.

修改我們的礦山計劃甚至還有好處。因此，我們是一家能夠自籌資金成長的企業，無論是在生產方面、現金流方面或資源方面。所以看起來——是的，我們相當有信心。那麼，我將把問題交還給主持人。

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

（操作說明）Heiko Ihle，H.C. Wainwright。

Thanks so much for taking my questions and Happy Martin Luther King Day for all the US investors.

非常感謝您回答我的問題，祝所有美國投資者馬丁路德金恩紀念日快樂。

Thanks, Heiko.

謝謝你，海科。

The larger processing facility, can you walk me through potential bottlenecks during like when it actually ramps up? And also the impacts on the labor force, how many extra staff do you think you'll need? I assume once this is up and running, it's a limited number. And then maybe if I could just throw in one more, the guess for the -- your best expectations for what you'll pay for labor this year.

對於規模更大的加工廠，您能否向我介紹在實際產能提升過程中可能出現的瓶頸？此外，對勞動市場的影響是什麼？您認為需要額外多少員工？我估計一旦這項服務上線運行，數量就會受到限制。然後，如果我可以再補充一點的話，那就是──你對今年勞動成本的最佳預期是多少？

I'll hand that back over to Richard. I assume the -- I'll answer the last part of the question. I assume that you're looking at labor as inflationary pressures. That your real question?

我會把它還給理查。我假設—我會回答問題的最後一部分。我猜你是把勞動市場視為通膨壓力。這是你真正的問題嗎？

Correct. Well, also I mean, it's presumably going to be more people. But yes, that's the idea.

正確的。嗯，我的意思是，人數應該也會更多。是的，這就是我的想法。

Yeah. So I think Richard will answer that question more around what we expect processing cost per ton to be versus labor rates. We haven't seen a lot of inflationary pressure on labor rates in Tanzania. But certainly, versus what you've seen elsewhere, there is some, but it's not to the same extent. So Richard, do you want to answer the first part of the question?

是的。所以我認為理查德會更多地圍繞我們預計每噸加工成本與勞動成本之間的關係來回答這個問題。我們沒有看到坦尚尼亞勞動成本面臨太大的通膨壓力。但當然，與你在其他地方看到的情況相比，這裡也有一些，但程度並不相同。理查德，你想回答問題的第一部分嗎？

I think you're on mute again. There we go. We're having some difficulty hearing you, Richard, today. You're on mute.

我想你又靜音了。好了。理查德，我們今天聽不太清楚你的聲音。您已靜音。

How about now? Can you hear me?

現在怎麼樣？你聽得到我嗎？

Yeah.

是的。

Fantastic. Okay. Very quickly on labor. Labor is not particularly increasing significantly. It's more exchange rate affected than anything else at the moment.

極好的。好的。很快就投入了勞力。勞動市場並沒有顯著成長。目前來看，匯率受到的影響比其他因素都大。

We've had a pretty stable sort of 36 months here. As we upskill our people, obviously, we remunerate them a bit better, but that will result in slightly reduced workforces. The expansion will increase total workforce but reduce unit costs and overall labor increments relative to what we're seeing at the moment.

過去36個月我們這裡一直保持著相當穩定的狀態。隨著我們員工技能的提升，我們理所當然地會給他們更高的報酬，但這會導致員工人數略有減少。此次擴張將增加員工總數，但與目前的情況相比，單位成本和整體勞動成本增幅將會降低。

The underground aspect of the project is not that labor-intensive compared to what we're seeing in the open pit at the moment. We're looking to have quite an efficient contractor-run underground mine, probably only employing a maximum of 300 operators and maybe another 50 staff. So it's not going to be a huge increment, not like some of the other African mines where you're seeing thousands of people employed. I don't see labor being a big driver of (technical difficulty).

與我們目前在露天礦坑中看到的相比，該專案的地下部分並不需要太多的人力。我們希望建立一個由承包商營運的高效地下礦井，可能最多只僱用 300 名操作員，或許再僱用 50 名其他工作人員。所以，這不會是一次巨大的成長，不像其他一些非洲礦場那樣，僱用了成千上萬的人。我不認為勞動力是主要驅動因素（技術難題）

Okay. Thank you, Richard. Does that answer your question, Heiko?

好的。謝謝你，理查。海科，這樣回答你的問題了嗎？

Yes. Yes. Thank you. Thank you, Richard and team. And then also figure 8 on page 7 of the press release, I mean, if you just sort of look at it like from a 20,000-foot view, there's a lot of high-grade material center, right? Given -- and it seems to be getting even better as you go deeper.

是的。是的。謝謝。謝謝理查和他的團隊。還有新聞稿第 7 頁的圖 8，我的意思是，如果你從 20,000 英尺高空俯瞰，你會發現中心有很多高檔材料，對吧？有鑑於此——而且隨著你深入了解，情況似乎變得更好了。

Just conceptually, when should we expect that to get mined? And is it going to be blended in a way that that impact will be muted? Or will there be, call it, a quarter or two with substantially above mine fine grades?

從概念上講，我們應該預期什麼時候會開採到這種油氣？它會以某種方式融合，從而減弱這種影響嗎？或者說，會有那麼一、兩個季度，礦石品位遠高於礦山平均嗎？

Yeah. So Richard answered that question earlier in the presentation that head grade will go up as we get into -- put in place the thickener. So the thickener enables us not to have to mix lower-grade oxides with the higher-grade sulfide material. And as the pit goes down deeper and we get into the underground portions, you'll see the head grade change in our PEA, and there are peaks in there, obviously, as a result of the increase in head grade.

是的。所以理查德在之前的演講中回答了這個問題，隨著我們投入使用濃縮機，水頭等級將會提高。因此，增稠劑使我們不必將低等級氧化物與高等級硫化物材料混合。隨著礦坑向下深入，進入地下部分，您將在我們的初步經濟評估中看到礦頭品位發生變化，並且顯然由於礦頭品位的增加，其中會出現峰值。

All right. Okay. That makes sense now. Thanks so much. I will get back in queue.

好的。好的。現在看來確實如此。非常感謝。我會重新排隊。

No problem. Operator?

沒問題。操作員？

(Operator Instructions) As we wait for any other verbal questions to come through, I can turn it over to you, Steve, there are some text questions that came through.

（操作員指示）在我們等待其他口頭問題的同時，我可以把麥克風交給你了，史蒂夫，我們收到了一些文字問題。

Yeah. So there's some text questions, so I'll get into those. The first one is, could you explain what brought the plant utilization rate from 88% to 90% in hopes that I have a related question, are there any plans to place a lower strip ratio from 5.8. Thanks for taking my two questions. Great results this quarter.

是的。接下來有一些文字題，我會回答這些問題。第一個問題是，您能否解釋一下是什麼原因導致工廠利用率從 88% 提高到 90%？我還有一個相關的問題，是否有計劃將剝料比從 5.8 降低？感謝您回答我的兩個問題。本季業績斐然。

So on the first one, the utilization has gone up a little bit. Look, there's been a large focus on preventative maintenance and also bringing in a lot more spares on a working capital perspective. Both of those have had a positive impact on plant utilization. Richard, anything else to add to that?

所以第一個項目的利用率略有上升。你看，我們非常重視預防性維護，從營運資金的角度來看，也引進了更多的備件。這兩項措施都對植物利用率產生了積極影響。理查德，還有什麼要補充的嗎？

Look, only that we're getting this process plant a little bit better organized. We've brought some expatriate expertise for consulting and management to improve our reliability-based maintenance planning.

你看，我們只是讓這個加工廠的組織結構變得更有條理一些。我們引進了一些外籍專家進行諮詢和管理，以改善我們基於可靠性的維護計劃。

And then with regards to the strip ratio, the strip ratio is really determined by the mine plan. And the mine plan has the figures in it I just mentioned. One is gold price; one is recovery rates; one is mining operating cost. And what then the mine model is doing is you want to maximize net present value and cash flow.

至於剝採比，剝採比實際上是由礦山規劃決定的。礦場規劃圖裡就有我剛才提到的那些數據。一個是黃金價格；一個是回收率；一個是採礦營運成本。那麼，礦業模型所做的就是最大化淨現值和現金流。

And so with regards to the strip ratio is down, strip ratio will go up and down depending on how much ore blocks you're getting versus strip blocks in that or waste in your mine plan. So given that we're now getting -- when you see stockpiles increasing, that means your strip ratio is generally going to be lower. When you're drawing on your stockpile, generally your strip rate is higher. So what we generally look at as miners is a life of mine strip ratio. So life of mine strip ratio is going to be higher than 5 times because that's the nature of the deposit, particularly at $4,600 gold, you'd want to in order to maximize cash flow to have a higher strip ratio in this deposit than that.

因此，就剝採比而言，剝採比會上下波動，這取決於你獲得的礦石塊數量與礦山計劃中的剝離塊或廢料數量之間的關係。所以，鑑於我們現在看到的是——當庫存增加時，這意味著你的剝離比通常會降低。使用庫存物資時，通常情況下，消耗率會更高。因此，作為礦工，我們通常關注的是礦山壽命剝離比。因此，礦山壽命剝採比將高於 5 倍，因為這是礦床的特性，尤其是在金價為 4,600 美元時，為了最大限度地提高現金流，你會希望該礦床的剝採比高於 5 倍。

When you have what I'll call a crossover point, and that's when you go underground because it's more costly to strip than it is to have underground development. And so the strip ratio is consistently changing.

當出現我稱之為轉捩點的時候，也就是到了該轉入地下的時候，因為拆除地表比進行地下開發成本更高。因此，條帶比例一直在變化。

With regards to the second question, the TSF3 is listed as taking one quarter to build later in fiscal 2026. What are the risks of completing this on schedule given? So Richard, take people through TSF3. Obviously, you and I were discussing this earlier on this morning.

關於第二個問題，TSF3 預計將在 2026 財年稍後用一個季度的時間建造完成。按計劃完成這項工作有哪些風險？理查德，請你帶大家了解TSF3。顯然，你我今天早上已經討論過這個問題了。

We are doing a lift to TSF2 and then doing TSF3. And TSF3 then removes almost all tailings risk because it will be predominantly for the life of the mine. So just take people through the process on this.

我們正在進行 TSF2 的吊掛作業，然後再進行 TSF3 的吊掛作業。TSF3 幾乎消除了所有尾礦風險，因為它主要在礦山的整個生命週期內有效。所以，只要向大家介紹這個過程即可。

Sure. So we're in the full swing of design and assessment of our major TSF3, our life of mine facility that's based upon holding all of the PEA material that we're planning to mine. We're -- in terms of risk, we've made the decision to put in a third and final lift on our current TSF2.2. That will buy us another quarter or 1.5 quarters. And that really gives us till probably the first or possibly the second quarter of FY27, which should give us plenty of time to build this full facility.

當然。因此，我們正在全力進行我們主要的 TSF3 的設計和評估，TSF3 是我們礦山生命週期設施，其目的是存放我們計劃開採的所有 PEA 材料。就風險而言，我們決定在現有的 TSF2.2 上進行第三次也是最後一次升降。這將使我們再維持一個季度或一個半季度。這樣一來，我們大概還有到 2027 財年第一季或第二季的時間，這應該足以讓我們建造這座完整的工廠。

So we're basically committing to the expenditure of a full life of mine tailings project in one construction effort. And basically, we're doing that for the economy of scale in the area of basically everything that we dig out, we put into walls, and it's a very even match. So we're not importing a lot of material. And that will probably take us about five months to complete construction, and we've probably got another month of permitting and final design to go.

因此，我們基本上是將整個礦山尾礦專案生命週期內的所有支出都投入到一次建設工作中。基本上，我們這樣做是為了實現規模經濟，因為我們挖出的所有東西，我們用來砌牆的材料，都是非常公平的。所以我們並沒有進口很多材料。完成施工大概需要五個月時間，之後可能還需要一個月的時間進行審核和最終設計。

Excellent. Thank you. So it's well in hand is the answer to the question.

出色的。謝謝。所以，答案是：一切盡在掌握。

The next one is, Stephen, can you provide a view on 2026 initiatives to further promote TRX and its stock? We'd like to see more high and ultra-high-net-worth investors understanding the value and investing in the company, particularly given the strong operational performance. Please advise.

下一個問題是，Stephen，你能否談談2026年進一步推廣TRX及其股票的措施？我們希望看到更多高淨值和超高淨值投資者了解公司的價值並進行投資，尤其是在公司營運表現強勁的情況下。請指教。

So with regards to marketing, we do have a couple of marketing firms that have been hired on our behalf, out in the market, approaching a lot of what I'll call retail brokers, high-net-worth individuals as well as institutional investors. And that has brought in a lot of meetings.

所以在行銷方面，我們確實聘請了幾家行銷公司代表我們進入市場，接觸了很多我稱之為零售經紀人、高淨值人士以及機構投資者。因此，召開了很多會議。

Also with regards to the performance of the company, that has gotten the eyes of a lot of investment banks who have also brought forward a lot of institutional investors. The challenge, I would say that we predominantly have is most people in the mining industry are used to getting discounts through private placements. And we're not offering that. We're offering if you want exposure to our stock and our growth story, you can purchase in the market.

此外，就公司業績而言，這引起了許多投資銀行的關注，他們也帶來了許多機構投資者。我認為我們面臨的主要挑戰是，礦業領域的大多數人都習慣於透過私募配售獲得折扣。我們不提供這種服務。如果您想投資我們的股票並了解我們的發展歷程，您可以在市場上購買。

And so a lot of the institutional investors have the option of going in -- there's a lot of capital raises happening, going into other stocks on the capital raise or purchasing ours in the market without a discount. And we're going to hold the line on that because we want to hold the line on and believe that not increasing the share count by our choice is more beneficial over the medium to long term. So you may not see the shareholder base change as quickly as you would like as a result of that philosophy, but we're going to hold the line on that.

因此，許多機構投資者可以選擇參與——目前有許多融資活動正在進行，他們可以藉此機會購買其他股票，或在市場上以無折扣價購買我們的股票。我們將堅持這項原則，因為我們想要堅持這項原則，並且相信，從中長期來看，不增加股份數量更有利。因此，由於這種理念，股東基礎可能不會像你希望的那樣迅速變化，但我們將堅持這項原則。

With regards to marketing as well, we do quite a bit of marketing in what I'll call small to mid-cap conferences now in the United States, as well as a couple of mining conferences. So in the small to mid-cap conferences, dovetailing that with the two marketing firms that we have -- actually, we have three marketing firms on board. We do find a lot of shareholders that fit what you're describing around high-net-worth individuals. And that's been a successful avenue for us to find new shareholders.

在行銷方面，我們現在在美國的一些中小型公司會議以及一些礦業會議上做了大量的行銷工作。因此，在中小市值會議上，我們將與兩家行銷公司（實際上，我們有三家行銷公司）結合。我們確實發現有很多股東符合您所描述的高淨值人士的特徵。這已成為我們尋找新股東的成功途徑。

So those are the initiatives. It is certainly a top-of-mind initiative. Anything to add to what I just described, Mike?

以上就是全部舉措。這無疑是一項備受關注的舉措。麥克，你還有什麼要補充的嗎？

No, I think you said it well, Stephen. I mean as you mentioned, we are heading into conference season here and I have three conferences in the next four weeks, and our calendars are already full with a fairly large slate of high-net-worth and institutional investors that have -- to help answer the question, take an interest in the results that we're starting to generate. So there is active interest in the market. And over the next few weeks, expect to get in front of some prospective shareholders. So stay tuned.

不，我覺得你說得很好，史蒂芬。正如您所提到的，我們即將進入會議季，接下來的四周我將參加三個會議，我們的日程已經排得滿滿噹噹，有很多高淨值人士和機構投資者——為了回答這個問題——他們對我們開始取得的成果很感興趣。因此，市場對該市場表現出濃厚的興趣。接下來的幾週，預計將與一些潛在股東會面。敬請期待。

Stay tuned, yeah. I think that's it for the questions, operator.

敬請期待。操作員，我想問題就到此為止了。

Yes, that is correct. There are no further voice questions at this time.

是的，沒錯。目前沒有其他語音提問。

Thank you. Well, thanks, everyone, for joining the Q2 -- sorry, Q1 conference call. Results are good. They continue to grow. We are on side our business plans for expansion, utilizing free cash flow.

謝謝。好的，謝謝大家參加第二季——抱歉，是第一季電話會議。結果很好。它們持續增長。我們正全力推動業務擴張計劃，利用自由現金流。

Exploration results will come further on later in the year. As Richard mentioned, we're looking to do well over around 40,000 meters of drill holes. We have also more prospective targets than just Anfield and Stamford Bridge to go after. And we're all excited for what the future lies at Buckreef in Tanzania. Thank you. (spoken in foreign language)

勘探結果將於今年稍後公佈。正如理查德所提到的，我們計劃鑽探超過 40,000 公尺的鑽孔。除了安菲爾德和史丹佛橋之外，我們還有更多潛在的目標可以追求。我們都對坦尚尼亞巴克里夫的未來充滿期待。謝謝。（用外語說）

This brings to a close today's meeting. You may now disconnect. Thank you for participating 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。

Yeah. Thanks, Richard and Khalaf for joining from Tanzania.

是的。感謝理查德和哈拉夫從坦尚尼亞加入我們。