TRX Gold Corp (TRX) 2026 Q2 法說會逐字稿

Hello, and good morning, everyone. Welcome to today's presentation. My name is Julia Perron, a virtual event moderator here at Renmark Financial Communications. On behalf of our team, we'd like to thank everyone for joining us today for TRX Gold Corporation second-quarter 2026 results. TRX Gold is trading on the Toronto Stock Exchange under the ticker symbol, TRX, and on the NYSE American under the ticker symbol, TRX.

各位早安，大家好。歡迎參加今天的簡報。我叫 Julia Perron，是 Renmark Financial Communications 的線上活動主持人。我謹代表我們的團隊，感謝各位今天撥冗參加 TRX Gold Corporation 2026 年第二季業績發表。TRX Gold 於多倫多證券交易所上市，股票代號為 TRX，並於 NYSE American 上市，股票代號同為 TRX。

Presenting today is Stephen Mullowney, Chief Executive Officer; Michael Leonard, Chief Financial Officer; Khalaf Rashid, Senior Vice President, Tanzania; and Richard Boffey, Chief Operating Officer.

今天的簡報由 Stephen Mullowney（執行長）、Michael Leonard（財務長）、Khalaf Rashid（坦尚尼亞資深副總裁）以及 Richard Boffey（營運長）主講。

(Operator Instructions) With that being said, I will now hand it over to Stephen.

(接線員指示) 那麼，我現在把時間交給 Stephen。

Yes. Thank you, Julia, and thanks, everyone, for joining this morning. I know it's quite early, and our results were released this morning. A great quarter. Lots of growth, as we mentioned last week in our update on our plant expansion. And today, we're going to go through our presentation, give you an overview of the company again as well as our growth profile.

好的。謝謝你，Julia，也感謝各位今天早上加入我們。我知道時間相當早，而且我們的業績也是今天早上才發布。這是一個非常出色的季度。成長很多，正如我們上週在廠房擴建更新中提到的。今天我們將帶各位走過簡報內容，再次概述公司情況以及我們的成長輪廓。

And it's going to focus a lot on growing the valuation metrics underlying the company and how we're going to do that over the next 12 to 18 months. On the line today, we have Richard is joining us from Australia. He might pop in and out here. Then we have Mike and Khalaf with myself as well. So first and foremost, obviously, I got to say the disclaimer. You can go to our website to get this.

本次也會著重於提升公司基本面的估值指標，以及我們將在未來 12 到 18 個月如何做到這一點。今天線上 Richard 從澳洲加入我們。他可能會不時進出線上。此外還有 Mike、Khalaf，以及我本人。首先，當然我必須先宣讀免責聲明。各位可至我們的網站取得相關內容。

We will be talking about forward-looking statements. So just a normal securities publicly listed disclaimer and forward-looking statements. As I mentioned, Richard is joining me as well as Mike and Khalaf. So TRX Gold, we are in Tanzania. We trade in NYSE American under -- and TSX under symbol TRX. Shares outstanding as of today is roughly 326 million with a market cap of over USD 0.5 billion.

我們將討論前瞻性陳述。因此這是一般公開上市證券的免責聲明與前瞻性陳述提示。如我所提，Richard 與我同線，另外還有 Mike 與 Khalaf。TRX Gold 的營運位於坦尚尼亞。我們在 NYSE American 以及多倫多證交所（TSX）皆以代號 TRX 交易。截至今日，流通在外股數約為 3.26 億股，市值超過 5 億美元。

Very healthy cash position now at $26 million with limited borrowings. We're underpinned by 1.5 million ounces of gold at the Buckreef Gold Project as of our last PEA in 2025. We'll be updating that given where the gold prices are last resource profile was done at $1,900 gold. We'll be doing it around $3,000 gold. So thus, the cutoff grade will go down.

目前現金部位非常充裕，為 2,600 萬美元，且借款有限。依據我們於 2025 年發布的最新 PEA，Buckreef Gold 專案擁有 150 萬盎司黃金資源量作為支撐。我們將依據近期金價水準更新該資料；上一次資源模型是以每盎司 1,900 美元金價為基礎完成。我們將以每盎司約 3,000 美元金價來進行。因此，邊際品位（cutoff grade）將會下調。

More than likely resources will rise, although at a lower grade given the way the mine plans work. Under that PEA that was released last year, again, which is getting updated, very healthy net present values at $4,000 gold, very healthy cash cost of around $1,000 an ounce to $1,200 an ounce, which would be one of the lowest in the industry.

資源量很可能會上升，但依照礦山規劃的運作方式，品位可能會較低。在去年發布、目前也正在更新的該份 PEA 中，以每盎司 4,000 美元金價計算的淨現值非常可觀；現金成本約每盎司 1,000 至 1,200 美元，將會是業界最低之一。

As we continue to execute and expand, the LTM numbers or last 12-month numbers are becoming quite healthy. We've done 25,000 ounces in the last 12-months, and that's growing around $95 million of revenue and $50 million of adjusted EBITDA. Last quarter alone had $20 million of adjusted EBITDA at a very healthy margin. Mike will get into that in a few minutes.

隨著我們持續執行與擴張，LTM（過去 12 個月）數據正變得相當亮眼。過去 12 個月我們產出 25,000 盎司，營收約 9,500 萬美元，調整後 EBITDA 約 5,000 萬美元。單就上一季而言，調整後 EBITDA 達 2,000 萬美元，利潤率非常健康。Mike 會在幾分鐘後進一步說明。

Obviously, that times that by four, the run rate EBITDA is quite healthy to execute on our expansion plans. As I mentioned, we're going to focus today's presentation on a couple of areas. And the major area is what underpins the valuation of mining companies. Obviously, cash flow and EBITDA is extremely important and the growth of cash flow and EBITDA.

顯然，若將該數字乘以四，EBITDA 的年化運行率相當可觀，足以支持我們執行擴張計畫。如我所提，今天的簡報將聚焦幾個面向。其中最主要的是支撐礦業公司估值的因素。顯然，現金流與 EBITDA 極其重要，現金流與 EBITDA 的成長同樣關鍵。

One of the things that investors do look at is net asset value as well. That gives the longevity of the project of the asset. The last 2025 PEA had an 18-year mine life average of 62,000 ounces. We plan to be higher than that. And of course, obviously, you want to increase the production profile that comes through over time as well as your NAV.

投資人也會關注的一項指標是淨資產價值（NAV）。這反映了專案資產的壽命與可持續性。2025 年的 PEA 顯示礦山壽命為 18 年，平均年產量 62,000 盎司。我們計畫達到高於此的水準。當然，您也希望隨時間推進提高產量曲線，同時提升 NAV。

And in order to do that, you want to replenish your resource base. So exploration is very, very important. So as we released last week, we are going to expand. The new expansion plans is for around a 3,500 tonne per day SAG/Ball Mill combination as well as operating the existing plant in conjunction with that. So a combined operation of a new circuit that's 3,500 tonnes roughly as well as the existing 2,000 tonne per day plant.

而要做到這一點，就必須補充資源基礎。因此，勘探非常、非常重要。如我們上週發布的消息，我們將進行擴建。新的擴建計畫為新增約每日 3,500 噸的 SAG/球磨機（Ball Mill）組合，同時與既有廠房並行運轉。因此，將形成一個新回路約 3,500 噸，加上既有每日 2,000 噸廠房的聯合運作。

So you can go additive on that. The actual amounts that will be throughput will be determined based on our mine plan that gets updated and what is possible from a mine plan perspective. That is in process. As part of that mine plan update, we will update the PEA, which will then update the valuation metrics around net asset value and give the market another sense of where production can go over time, what the CapEx plans are.

因此兩者可相加。實際可達到的處理量將取決於我們更新後的礦山計畫，以及從礦山規劃角度可實現的程度。這項工作正在進行中。作為礦山計畫更新的一部分，我們也將更新 PEA，進而更新與淨資產價值相關的估值指標，並讓市場更清楚了解未來產量可能如何隨時間提升，以及資本支出（CapEx）規劃為何。

We do expect the open pit to be longer now than the last PEA, which is around three-years. That will mean either we go early into underground or we defer underground and that related CapEx. We released the CapEx numbers for the expanded plant for the open pit last week, and that will be funded from cash flow from operations, as well as we're going to get into -- we've done a geophysics survey.

我們預期露天礦的開採期將比上一份 PEA（約三年）更長。這意味著我們要麼更早轉入地下礦，要麼延後地下礦及其相關資本支出。我們上週已公布露天礦擴建廠房的資本支出數字，該項支出將由營運現金流支應；此外我們也將進一步說明——我們已完成一項地球物理調查。

We're now completing that up in this month for targets, as you would have seen in our management discussion and analysis. There are 10 very good targets. Some of them overlap with our current discoveries like Stamford Bridge and Anfield, but we certainly are very, very, what I'll say, excited for the potential of what else is on the Buckreef Gold Project.

我們目前正於本月完成目標圈定，正如各位在我們的管理階層討論與分析（MD&A）中所見。目前有 10 個非常好的目標。其中一些與我們目前的發現（如 Stamford Bridge 與 Anfield）有所重疊，但我們確實對 Buckreef Gold 專案上可能還有什麼潛力感到非常、非常期待。

So now I'm going to hand it over to Mike, who's going to go through our 2026 Q2 results, which were quite good. And Richard will supplement Mike as well.

接下來我把時間交給 Mike，他將帶各位回顧我們 2026 年第二季的業績，表現相當不錯。Richard 也會補充 Mike 的說明。

Well, thank you, Stephen. Can I have you just advance the slide-to-slide number 6, please? Terrific. So thank you, everybody, for joining us here today. We were very excited to put our Q2 results out into the market this morning. It was a record quarter for the company. We saw increases in virtually all financial and operational metrics versus last quarter as well as the prior year comparative period.

謝謝你，Stephen。可以請你把投影片翻到第 6 頁嗎？太好了。那麼也謝謝各位今天加入我們。我們非常高興今天早上將第二季業績發布到市場。這是公司創紀錄的一季。相較於上一季以及去年同期，我們幾乎在所有財務與營運指標上都看到成長。

Gold production of just under 7,500 ounces was a quarterly production record for the company. That was coupled with a record average realized gold price of $4,655 an ounce. And those record numbers led to quarterly record financial metrics, including revenue of over $34 million for the quarter, gross profit of over $21 million or a 62% gross profit margin.

黃金產量略低於7,500盎司，創下公司單季產量紀錄。同時，平均實現金價亦創紀錄，達每盎司4,655美元。而這些紀錄數字帶動單季財務指標同創新高，包括本季營收超過3,400萬美元、毛利超過2,100萬美元，或62%的毛利率。

We had adjusted net income of almost $12 million and adjusted EBITDA of over $20 million for the quarter. And on an annualized basis, that's over $80 million of EBITDA annualized. So I'm very excited about those metrics and the record numbers that we put into the market today. These quarterly records really demonstrate the company's ability to both increase production while maintaining a low-cost operation and really has demonstrated that we can provide leverage to these record gold prices that we're currently seeing in the market and a gold price that looks like it's back on the rise.

本季我們的調整後淨利接近1,200萬美元，調整後EBITDA超過2,000萬美元。若以年化計算，EBITDA年化超過8,000萬美元。因此，我對這些指標以及我們今天向市場公布的紀錄數字感到非常振奮。這些單季紀錄充分展現公司在維持低成本營運的同時提升產量的能力，也證明我們能在目前市場看到的創紀錄金價下提供槓桿效應，而金價看起來也正再度走升。

During the quarter, we also strengthened our working capital position. We talked a little bit about this last year in the middle of what was a strip campaign that provided access to the high-grade ore blocks that we're benefiting from now. But the increased working capital position that we saw this quarter was through increased production, the record operating cash flow that we put out into the market, improved liquidity as well as increased investment in our ROM pad and crushed ore stockpile.

本季我們也強化了營運資金部位。我們在去年曾稍微談到，當時正進行剝採（strip）作業，以取得我們目前受益的高品位礦塊。但本季營運資金增加，主要來自產量提升、我們對外公布的創紀錄營運現金流、流動性改善，以及對ROM堆場與破碎礦石堆存的投資增加。

The ROM pad alone has over 20,000 ounces of gold on the stockpile. And at today's gold prices, the fair value of that stockpile alone is over $100 million, while ensuring that we have steady, consistent, steady mill feed to fill our 2,000 tonne a day mill. Our cash position is over $26 million as at Q2. Accounts payable balances are current within 30 to 45 days.

僅ROM堆場的堆存就含有超過20,000盎司黃金。以今日金價計算，僅該堆存的公允價值就超過1億美元，同時也確保我們能為每日2,000噸的磨礦廠提供穩定、持續且穩定的入磨礦量。截至第二季，我們的現金部位超過2,600萬美元。應付帳款餘額維持在30至45天內的正常付款週期。

And our working capital ratio is now a very robust 2.4 times or $32 million positive. And you couple that with access to credit lines of over $12 million, we're very, very well positioned to execute on our expansion plans that Stephen touched on earlier. In terms of guidance, we remain on track to achieve our full year production guidance of between 25,000 and 30,000 ounces as well as our cash cost guidance of $1,400 to $1,600 an ounce.

我們的流動比率目前相當強健，達2.4倍，或營運資金正值3,200萬美元。再加上可動用的信用額度超過1,200萬美元，我們具備非常、非常良好的條件來執行Stephen先前提到的擴張計畫。就財測而言，我們仍按計畫達成全年產量指引25,000至30,000盎司，以及現金成本指引每盎司1,400至1,600美元。

Our year-to-date cash cost of $1,507 per ounce is expected to improve in the second half of the year as mining cost is expected to benefit from a higher proportion of our owner-managed fleet assisting in supplementing mining and tailings storage facility construction, and that comes at a substantially lower cost than our current contractor rate as well as processing cost per tonne.

我們年初至今的現金成本為每盎司1,507美元，預期在下半年將改善，因為採礦成本可望受惠於自營車隊占比提高，用以協助補充採礦作業與尾礦貯存設施建設；其成本顯著低於目前承包商費率，同時也有助於降低每噸處理成本。

That's expected to improve and benefit from some of the upgrades that we're currently making to the existing processing plant, including things like the addition of the thickener, the Aachen reactor that's up and running, the ADR plant, which is in progress as well as additional oxygenation, which should reduce things like reagents and consumable input costs.

這也預期將改善，並受惠於我們目前對既有選礦廠所進行的一些升級，包括新增濃密機、已啟用運轉的Aachen反應器、正在建置中的ADR廠，以及額外的充氧措施，這些都應可降低例如藥劑與耗材等投入成本。

Full year CapEx continues to be towards the upper end of the $15 million to $20 million guidance range as we work through those upgrades to the process plant that I just touched on as well as construction of a life of mine tailings storage facility. Now subject to gold prices and cash flow in the second half of the year, we may expedite expenditures related to the larger plant expansion that Stephen just touched on, really to kick start that procurement process.

全年資本支出（CapEx）仍將落在1,500萬至2,000萬美元指引區間的上緣，因為我們正推進我剛提到的選礦廠升級，以及建置礦山全壽期（life of mine）的尾礦貯存設施。此外，視下半年金價與現金流而定，我們可能會加速與更大型選礦廠擴建相關的支出（Stephen剛提到），以真正啟動採購流程。

But we'll update the market accordingly at that time when we make some of those decisions about the plant that we look to bring online. And finally, we do continue to expect exploration to be in the range of $3 million to $5 million. During Q2, you might have seen that we did commission our first drill rig on the property.

但當我們就計畫上線的選礦廠做出部分決策時，屆時我們會相應更新市場資訊。最後，我們仍預期勘探支出將落在300萬至500萬美元區間。在第二季，你們可能已看到我們在該礦區啟用了第一台鑽機。

And we're using that with the goal of upgrading the mineral resource at the Eastern Porphyry as well as coupling that with the results of the induced polarization survey that Stephen touched on to identify additional areas of prospectivity and to help us prioritize drilling over the second half of the year. So stay tuned on that.

我們使用該鑽機的目標，是提升Eastern Porphyry的礦產資源量級，同時結合Stephen提到的誘發極化（IP）測量結果，以辨識更多具前景的區域，並協助我們在下半年排定鑽探優先順序。敬請期待。

With that, Stephen, I think that's what I had for the Q2 results. So I'll pass it back to you to take us through the rest of the presentation.

以上，Stephen，我想這就是我對第二季結果的說明。接下來我把時間交回給你，帶我們繼續看簡報其餘內容。

Yes. Thanks for that, Mike. And one of the things I don't know if Richard is still on the line is he's popping in and out. But with regards to the processing cost, there's been a -- we now understand the metallurgy much better. And particularly around oxygenation, we're using hydrogen peroxide right now for oxygenation. That's increased recovery rates significantly.

是的。謝謝你，Mike。另外一件事，我不確定Richard是否仍在線上，他一直斷斷續續進出。但就處理成本而言，我們現在對冶金特性有了更深入的理解。尤其在充氧方面，我們目前使用過氧化氫來進行充氧。這已顯著提高回收率。

But when we get the oxygen plant up and running, then that's not as needed as much. So the processing costs will come down. So it's been a balance between, yes, we've had more reagents, but we've also had a lot more gold production and recovery rates as a result. And that will come down significantly. Richard, are you online? No, I think he's dropped off. Okay. That's fine.

但當我們的製氧廠啟用運轉後，就不需要那麼多（過氧化氫）。因此處理成本將會下降。所以這一直是在權衡：是的，我們使用了更多藥劑，但同時也因此帶來更多的黃金產量與更高的回收率。而這部分成本將會大幅下降。Richard，你在線上嗎？不，我想他已經掉線了。好。沒關係。

So let's get into the next slide, which is rapid EBITDA growth. So now we're starting to put a track record here of continued growth. We are now going to do another expansion as we just mentioned. Procurement is well underway at Ball Mill and SAG mill for the new line. Obviously, there's other components that we are going to be in the market procuring for that line as well.

那我們進入下一張投影片，也就是EBITDA快速成長。我們現在開始建立持續成長的實績紀錄。如同剛才提到的，我們接下來將再進行一次擴產。新產線所需的球磨機（Ball Mill）與半自磨機（SAG mill）採購已在積極推進中。當然，該產線還有其他組件，我們也將在市場上進行採購。

But as you can see, and (technical difficulty) The PEA at 62,000 ounces per year. Obviously, the amounts will go up from there, but it's not quite linear given the fact that you do change your mine plan and you do get a different grade profile going through the mill. What that exactly looks like, we are in process with that, but it -- certainly, it's going to look better than what we had in our last 2025 PEA. Richard, you're joining in and out.

但如你所見，且（技術問題）PEA以每年62,000盎司為基礎。顯然，數量會在此基礎上再提高，但由於你會調整礦山計畫，且進入磨礦廠的品位曲線也會不同，因此並非完全線性成長。具體會呈現什麼樣貌，我們正在進行中，但—可以確定的是，它看起來會比我們上一份2025年PEA更好。Richard，你一直斷斷續續加入又退出。

You got anything to add with regards to our procurement process on our SAG and Ball Mill. I've mentioned that, that's well underway and time periods for this expansion as we released in our MD&A of Q2 next year.

關於我們半自磨機（SAG）與球磨機的採購流程，你有什麼要補充的嗎？我已提到，這部分進展順利，而本次擴產的時程如我們在第二季MD&A中所發布，目標是在明年第二季。

The (technical difficulty) for the SAG and the Ball Mill and they are the longest lead items. So the range of lead times amongst the 7 suppliers is 28 weeks to 50 weeks. So I'm expecting we'll be looking at something between 30 to 40 weeks, which probably gives us between delivery and then construction probably 12 to 13 period from commissioning the SAG and (technical difficulty) fine grind should also be (technical difficulty).

SAG 磨機與球磨機的（技術問題）在於它們是交期最長的項目。因此，7 家供應商之間的交期範圍為 28 週到 50 週。所以我預期我們會落在 30 到 40 週之間，這大概意味著從下單 SAG 與（技術問題）細磨設備到交付、再到施工，可能需要 12 到 13 個期間。（技術問題）。

Okay. Thank you, Richard. You're coming in and out given your location, Richard is traveling today in Australia. So we're well underway of getting to this growth profile that we mentioned here in fiscal 2027 and beyond. Guideline will be in the new PEA that will come out in the near future.

好的。謝謝你，Richard。由於你所在的位置訊號時好時壞，Richard 今天在澳洲出差。因此，我們正穩步推進，以達成我們在 2027 財年及之後所提到的成長曲線。相關指引將會在不久的將來發布的新 PEA 中提供。

So with regards to how the financial metrics are going to look as a result of that, the financial metrics for the year-to-date, we're showing $60 million of revenue with a very healthy adjusted EBITDA of $33 million. As Mike mentioned, last quarter was $20 million in and of itself, times that by four, and that's quite healthy $80 million. Some of the numbers in the PEA, and we'll get into this in a second, that was in 2025.

至於因此而呈現的財務指標，年初至今的財務指標顯示我們有 6,000 萬美元的營收，以及非常健康的調整後 EBITDA（息稅折舊攤銷前利潤）3,300 萬美元。如 Mike 提到，上季單季為 2,000 萬美元，把它乘以四，便是相當健康的 8,000 萬美元。PEA 裡的一些數字——我們稍後會談到——那是以 2025 年為基礎。

As I mentioned, our goal is to exceed these numbers. had revenue in averaging around $250 million at $4,000 gold and average EBITDA of $176 million, which is -- which does in the fourth or fifth year, really peak well over $200 million. So we have a rapid financial profile ahead of us as we get through and put this plant into construction and then into operation.

如我所提，我們的目標是超越這些數字：在金價 4,000 美元時，平均營收約 2.5 億美元，平均 EBITDA 為 1.76 億美元——並且在第 4 或第 5 年，峰值可遠超過 2 億美元。因此，隨著我們推進並將此廠投入建設、再進入營運，我們前方有一個快速成長的財務曲線。

We've done all of this from the original capital raise of net around $20 million. As it was mentioned in the press release a couple of weeks ago, the warrants have been exercised, and now we have a completely clean capital structure and a well-capitalized balance sheet as a result. We've made over $80 million of investment to date since joining after doing that original $20 million capital raise from cash flow from operations.

我們完成這一切，起點是最初那次淨募資約 2,000 萬美元。如同幾週前新聞稿所提，認股權證已被行使，現在我們的資本結構完全乾淨，資產負債表也因此資本充足。自完成最初 2,000 萬美元募資並加入以來，我們迄今已透過營運現金流投入超過 8,000 萬美元的投資。

Mike, anything to add here while we keep G&A under check.

Mike，在我們持續控制 G&A（一般及行政費用）的同時，你這裡還有什麼要補充的嗎？

No, I think that was well said, Stephen. Again, prudent capital management continues to be a focus of ours and expect to be able to fund the upcoming plant expansion out of that robust cash flow that you just spoke to. So stay tuned.

沒有，我覺得你說得很好，Stephen。再次強調，審慎的資本管理仍是我們的重點，我們預期能夠以你剛提到的強勁現金流來資助即將到來的擴廠。敬請期待。

So with regards to the EBITDA growth and NAV expansion, obviously, we put plans into the market and baselines in our studies. These are some of the results of last year's study, which is getting updated. It was done at 3,000 tonnes per day. As I mentioned, the plant will be larger than that now at 3,500 tonnes for the SAG and Ball Mill itself as well as the existing plant, which is around 2,000 tonnes a day.

至於 EBITDA 成長與 NAV（淨資產價值）擴張，顯然我們已將計畫推向市場，並在研究中建立基準。以下是去年研究的一些結果，目前正在更新中。該研究以每日 3,000 噸為基礎。如我所提，現在工廠規模將大於此：SAG 與球磨機本體將達每日 3,500 噸，此外還有現有工廠約每日 2,000 噸的產能。

So you can get additive with that. EBITDA and cash flow is quite robust. Growth CapEx is manageable in that environment given the current gold prices and our current production profile. And then we would have a very low-cost operation, driving great pretax NAVs and after-tax net asset values. So to give you a sense of the cash flow profile in the last study.

因此你可以把這些加總起來。EBITDA 與現金流相當強勁。在目前金價與我們當前產量曲線下，成長性資本支出（Growth CapEx）是可控的。接著我們將擁有非常低成本的營運，帶動可觀的稅前 NAV 與稅後淨資產價值。為了讓你了解上一份研究中的現金流曲線。

And as I mentioned, there's -- with differences in grade profile throughout the deposit. This assumes a three-year open pit, years one to four in the study with underground thereafter. Richard and his team are going through that now. Richard, do you want to give an overview of what you're kind of -- it's not perfect yet, but what your expectations are for the way the mine plan is going to come out here open pit versus underground.

如我所提，礦床各處的品位曲線存在差異。此處假設露天採礦三年；研究中第 1 到第 4 年為露天，其後轉為地下採礦。Richard 與他的團隊目前正在檢視這部分。Richard，你是否願意概述一下——雖然還不完美——你對於這份礦山計畫最終在露天與地下之間如何呈現的預期？

Sure, Stephen. Well, the work we've done so far has seen the open pit drop by between 100 and 130 meters from its -- the PEA design. That will, therefore, delay and defer the underground mining of the main zone underneath the pit by at least (technical difficulty). It does give us the opportunity to develop underground on Stamford Bridge. And this is one of our first exploration targets to Stamford Bridge resources.

當然，Stephen。到目前為止，我們的工作顯示露天坑相較於 PEA 設計將再下挖約 100 到 130 公尺。因此，主礦帶在坑底下方的地下採礦將至少延後與遞延（技術問題）。這也讓我們有機會在 Stamford Bridge 進行地下開發。而這是我們針對 Stamford Bridge 資源的首批勘探目標之一。

So the gold price increase, we're obviously adding quite a few more ounces to our reserves, albeit at a slightly lower head grade, which we obviously intend to compensate with much significantly higher through, we think within a few weeks, we'll have a pretty solid mine plan that we can then feed in knowing that we've got this significant capacity at the plant to try and optimize and maximize throughput through that with what we've got.

隨著金價上升，我們顯然會把更多盎司納入儲量，儘管入選品位會略低一些；我們的意圖是以顯著更高的處理量來補償。我們認為在幾週內就能有一個相當扎實的礦山計畫，然後把它納入模型，因為我們已具備工廠的顯著產能，能夠在此基礎上嘗試最佳化並最大化處理量。

Yes. And so that's in progress. Obviously, you need to wrap that all into a report. So we're not going to release to the market in a couple of weeks what that mine plan looks like because it needs to be incorporated into a more comprehensive report, which we'll report to the market thereafter. So thank you for that, Richard.

是的。因此這項工作正在進行中。顯然，你需要把這一切整合進一份報告。所以我們不會在幾週內就把該礦山計畫長什麼樣直接對市場發布，因為它需要納入一份更全面的報告中，之後我們會再向市場發布。所以謝謝你，Richard。

So in summary, as Richard mentioned, I know his communication this morning is a little bit choppy is -- with the increase in gold price, the resource profile and cutoff grade will come down a little bit, but that brings a lot more ounces into the mine plan and a lot more resources into the profile to be mined. Part of it is going deeper from an underground perspective and wider.

總結來說，如 Richard 所提——我知道他今天早上的通訊有點斷斷續續——隨著金價上升，資源曲線與邊界品位會稍微下調，但這會把更多盎司納入礦山計畫，也把更多資源納入可開採的曲線中。其中一部分是從地下採礦角度來看，會往更深、也更寬地延伸。

There will be some footwall and hanging wall amounts coming in there. And then that will go through a much larger expanded mill than was anticipated in the PEA. So with regards to next area is the increase in resource base over time. As Mike mentioned, we do have a drill rig on site. We are in a very prospective area in Tanzania with some very large companies.

其中也會納入一些底盤（footwall）與頂盤（hanging wall）的礦量。接著這些礦量將進入一座比 PEA 原先預期更大幅擴建的磨礦廠處理。因此，下一個面向是資源基礎隨時間的增加。如 Mike 所提，我們現場確實有一台鑽機。我們位於坦尚尼亞一個非常具前景的區域，周邊有一些非常大型的公司。

On this page, we have Barrick and AngloGold Ashanti with some of the largest mines. Perseus is currently undergoing a $0.5 billion project at Nyanzaga down the street from us. And there's a lot of gold in this region. We're hopeful that in our exploration programs to find more Buckreef, but there may be also the opportunity to pick up other lands around in this area that may be highly prospective as well.

在這一頁，我們列出了 Barrick 與 AngloGold Ashanti 的一些最大型礦山。Perseus 目前正在我們附近的 Nyanzaga 進行一個 5 億美元的專案。這個地區有大量黃金。我們希望透過勘探計畫找到更多 Buckreef 的資源，但也可能有機會取得本區域周邊其他地塊，而那些地塊同樣可能具有很高的勘探前景。

So with regards to what we've done, what we've done thus far this year is really step back and take a focus on geophysics and figure out where we should be really drilling. We did discover Stamford Bridge and Anfield in the last three years or so. And we want to make sure that we got all areas covered on our property in order to maximize the returns.

至於我們做了什麼，今年迄今我們所做的其實是退一步，聚焦於地球物理，並釐清我們真正應該在哪裡鑽探。在過去三年左右，我們發現了 Stamford Bridge 與 Anfield。我們希望確保我們的礦權範圍內各區域都已涵蓋，以便最大化回報。

So what we've done is a geophysics study in 810 line-kilometer magnetic survey, which is then going to be followed up by a 40 line-kilometer gradient array resistivity and induced polarization survey. And what I've done here is we have the geophysics survey in the chart on our special mining license as well as the dots of the 10 to 11 really, really good targets that we will be looking at advancing quite quickly over the next year or so.

所以我們所做的是一項地球物理研究，包含 810 線公里的磁力測量，接下來將進行 40 線公里的梯度陣列電阻率與激發極化（IP）測量。我在這裡所做的是：我們把地球物理測量範圍標在我們的特殊採礦許可證圖表上，同時也標出 10 到 11 個非常、非常好的目標點，我們將在未來一年左右相當快速地推進。

A lot of them do overlap with Stamford Bridge and Anfield, not surprising because that's where we discovered. But this is well underway of advancing this, and this has never been done on our property before. Richard, you got anything else to add to that?

其中很多與 Stamford Bridge 和 Anfield 有重疊，這並不令人意外，因為那是我們發現礦化的地方。但目前推進工作已在順利進行中，而且這在我們的礦權範圍內以前從未做過。Richard，你還有什麼要補充的嗎？

Nothing excessive. We've advanced quite well already. The grading array portion of the GAIP is completed. So now we're doing the dipole to dipole surveys. And yes, we're pretty excited about some of the targets we're seeing, but we'll just have to wait for the full survey to be completed, and then we'll set our drill targets up and start drilling.

沒有太多要補充的。我們已經推進得相當不錯。GAIP 的梯度陣列部分已完成。所以現在我們正在做偶極—偶極測量。是的，我們對目前看到的一些目標相當興奮，但我們還是得等整個測量完成，然後再設定鑽探目標並開始鑽探。

Our first -- we've got one diamond drill on site already. We've also got an RC drill rig. We're receiving a second diamond drill sometime in May. So -- and then probably a second RC drill rig around June or July. So yes, we're really gearing up.

我們第一個——我們現場已經有一台金剛石鑽機。我們也有一台 RC（反循環）鑽機。我們預計在 5 月的某個時間會收到第二台金剛石鑽機。所以——然後大概在 6 月或 7 月再增加第二台 RC 鑽機。所以是的，我們正在全力備戰。

Yes, exactly. And this will be quite exciting. So the way we're going to be setting this up is everything that I talked about around mine planning and growth profile and production is based on the Buckreef Main Zone. So that is all Buckreef Main. So over time, as we drill out the property and bring in more resources, that mine plan will consistently change.

是的，完全正確。而這會相當令人興奮。所以我們的規劃方式是：我先前談到的所有關於礦山規劃、成長曲線與產量的內容，都是以 Buckreef 主礦帶（Main Zone）為基礎。所以那全部都是 Buckreef 主礦帶。因此，隨著時間推進，當我們在礦權範圍內持續鑽探並導入更多資源時，該礦山計畫將會不斷調整。

We're hopeful that we will find cheaper resources to mine both in Eastern Porphyry, Anfield, Stamford Bridge. And then as they get a higher level of confidence, then the mine plans will be consistently revised and brought into the resource profile and revised mine plans over time. This is a 3-, 5-, 7-, 10-year type journey as you find more and more gold resources.

我們希望能在 Eastern Porphyry、Anfield、Stamford Bridge 找到更便宜、開採成本更低的資源。然後當這些資源的信心等級提高後，礦山計畫就會持續修訂，並隨時間納入資源輪廓與更新後的礦山計畫。當你找到越來越多的金資源時，這是一段 3 年、5 年、7 年、10 年的旅程。

With regards to Stamford Bridge, we always like to talk about Stamford Bridge, and it's not because of Chelsea. Both Richard and Khalaf are Liverpool fans. So they prefer Anfield. But Stamford Bridge, as we mentioned before, and Richard has mentioned here, we will be looking at bringing that into the mine plan over time and drilling that out first.

談到 Stamford Bridge，我們總是喜歡談 Stamford Bridge，但不是因為切爾西。Richard 和 Khalaf 都是利物浦球迷。所以他們更偏好 Anfield。但如同我們之前提到的，以及 Richard 在這裡所說的，我們會隨時間把 Stamford Bridge 納入礦山計畫，並優先先把那一帶鑽探出來。

And the results, as we consistently talk about are great and the highest grade zones on our property that need to be brought into mine plans over time as we get a higher level of confidence. So with regards to valuation. So as I mentioned before, we're growing the underlying valuation metrics. We're moving up this curve because we're doing it and we have a growth profile.

而且結果如同我們一直在談的，非常好；那裡是我們礦權範圍內品位最高的礦帶，需要在信心等級提高後，隨時間納入礦山計畫。接著談估值。如我先前提到的，我們正在提升基本面的估值指標。我們正沿著這條曲線往上走，因為我們正在執行，而且我們有成長曲線。

So in my former life, I used to do this a lot. And one thing that I did always notice is if you had a two-year growth rate higher than other people, you got a higher (technical difficulty). And that correlation coefficient was always above 90%. So that is the way we've angled our growth plans here is to consistently grow, particularly with the plant expansion, and then we'll get a relative valuation.

在我以前的職涯中，我常做這類分析。而我一直注意到的一件事是：如果你的兩年成長率高於其他人，你就會得到更高的（技術困難）。而那個相關係數一向都在 90% 以上。所以我們在這裡制定成長計畫的角度，就是要持續成長，特別是透過選礦廠擴建，然後我們就能獲得相對估值的提升。

But also, what you got to remember is if EBITDA goes from $50 million to $100 million, you usually get the multiple of that expansion as well. So you get an uplift in your underlying re-rate or multiple amounts as well as an uplift in the actual denominator or what you're multiplying that by if your EBITDA grows, for instance. And the goal here is to do all this without issuing a lot more capital.

但同時你也要記得，如果 EBITDA 從 5,000 萬美元成長到 1 億美元，通常你也會得到估值倍數隨擴張而上調。所以你會同時獲得基本面重新評價（re-rate）或倍數提升，以及實際分母——也就是你用來相乘的基數——的提升，例如 EBITDA 成長時就是如此。而我們的目標是在不大量增發資本的情況下完成這一切。

And thus, your denominator of your enterprise value or your market cap divided by a number of shares. Obviously, if you keep the number of shares consistent, it's higher. And it's as simple as that, the same thing with a price to net asset value, whereas a number of shares as well. So as we revise our studies, the goal is to get a higher net asset value in our mine plans. We're pretty confident in that.

因此，你的企業價值或市值的分母——也就是除以股份數。顯然，如果你能讓股份數維持一致，那每股價值就會更高。就這麼簡單；本益比對淨資產價值（P/NAV）也是同樣道理，因為也涉及股份數。所以當我們更新研究時，目標是在礦山計畫中取得更高的淨資產價值。我們對此相當有信心。

And then if you go and put the drill bit in, you get more resources, you get a longer mine plan, you may be able to expand your plant again and get more and more growth. That's the goal here, and that's where we're really orientated towards. So with regards to how we've been trading, as we've discussed before, as we came through last year's strip campaign and started to really get better capitalized and the growth profile was more and more assured or the market at least got more assurance that the growth profile was there without dilution, then our stock price really started to take off.

然後如果你把鑽頭下去，獲得更多資源，你就能有更長的礦山年限；你也可能再次擴建選礦廠，取得更多、更多的成長。這就是我們的目標，也是我們真正聚焦的方向。至於我們的股價交易表現，如同我們之前討論的，當我們走過去年的剝採（strip）活動、開始讓資本結構更健全，而且成長曲線越來越確立——或至少市場更確信成長曲線在不稀釋的情況下確實存在——我們的股價就真的開始起飛。

We are holding in there. With the war in Iran, there's been some pressure on the markets. We've been hanging in there, and we expect to hopefully start to rise again as we get through -- as the world gets through that into a more normal setting. We do have an extremely clean balance sheet now and capital structure. So the warrants, as I mentioned, have been exercised. Cash balance is quite healthy.

我們目前仍然撐得住。由於伊朗戰爭，市場承受了一些壓力。我們一直撐著，我們也希望當世界度過這段——回到較正常的環境後，我們能再次開始上漲。我們現在的資產負債表與資本結構都非常乾淨。所以如我提到的，認股權證已經被行使。現金餘額相當充裕。

We have all our supplementary liquidity lines in place, which is going to enable Richard to go and put in some orders in order to get that capital expenditure plan going. So key investment highlights. Growth, continued growth. The team that you see on the screen here have a lot of experience in this company and others and operational track record, and we're very disciplined in doing that.

我們也已建立所有補充性的流動性額度，這將使 Richard 能夠下達一些採購訂單，以推動資本支出計畫的執行。所以關鍵投資亮點：成長、持續成長。你在螢幕上看到的團隊在本公司及其他公司都有豐富經驗與營運實績，我們在執行上也非常自律。

We have a robust study in front of us, which we're updating. We are very comfortable operating in Tanzania. And on the ground, we have both at corporate and on the ground, we have a very experienced management team. So now I'll open the floor up to questions.

我們面前有一份扎實的研究報告，正在更新中。我們在坦尚尼亞營運非常得心應手。而在當地，不論是公司層面或現場層面，我們都有一支非常有經驗的管理團隊。所以現在我把時間開放給提問。

Thank you all for the presentation. We now start with the Q&A. Your first question for today comes from Jake Sekelsky from Alliance Global Partners. The question is, circling back to the potential third cutback of the open pit, is this something that could potentially take precedence over officially going underground? Or is this more of an in addition to type scenario?

感謝各位的簡報。我們現在開始問答環節。今天的第一個問題來自 Alliance Global Partners 的 Jake Sekelsky。問題是：回到露天礦可能進行第三次擴坑（cutback）的議題，這是否可能在正式轉入地下開採之前就優先進行？還是這比較像是額外加上的一種情境？

Richard, did you get that question?

Richard，你有收到那個問題嗎？

Just to be clear, it's definitely a deferral of the main zone underground, which was the majority of the underground mine plan and the PEA. It doesn't prohibit us from going underground elsewhere, but it certainly will defer it by at least two or three years and main zone by at least five-years. So it's for most purposes is a deferral of underground.

為了釐清，這確實是把地下主要礦帶（main zone）的開採往後延，該區原本占了地下礦山計畫與 PEA 的大部分。這並不禁止我們在其他地方進行地下開採，但確實會至少延後兩到三年，而主要礦帶至少會延後五年。所以就大多數目的而言，這等同於地下開採的延後。

Thank you for that response, Richard. Your next question is, have there been any issues in regards to migration into the Tanzania area? If so, how do you foresee this affecting production, scaling, et cetera?

謝謝你的回覆，Richard。下一個問題是：關於移入坦尚尼亞地區是否有任何問題？如果有，你預期這會如何影響產量、擴產等？

Not quite sure that exact question, but we haven't seen -- I assume it's around artisanal mining. We haven't seen any changes in our artisanal mining activity in our areas. Obviously, artisanal mining is quite active for small-scale mining in and around our property, and it's closely monitored and we coexist quite well.

我不太確定那個問題的確切意思，但我們沒有看到——我猜是指手工採礦（artisanal mining）。我們在我們的區域內沒有看到手工採礦活動有任何變化。顯然，手工採礦在我們礦權範圍內外的小規模採礦相當活躍，我們也有密切監控，並且能夠良好共存。

Excellent. Thank you, Stephen. Moving on to your next question. Are there still plans to add 1,000 tonnes per day oxide plant?

很好。謝謝你，Stephen。接著下一個問題。是否仍有計畫新增每日 1,000 噸的氧化礦（oxide）處理廠？

That would be a question that would go way, way back four or five years ago. There's a 2,000 tonne per day plant on site now that processes both oxides and sulfides. So that is a very -- that's a four-year-old question. We're well past that.

那會是四、五年前很久以前的問題了。現場現在有一座每日 2,000 噸的工廠，同時處理氧化礦與硫化礦（sulfides）。所以那是個非常——那是四年前的問題。我們早就超過那個階段了。

Understandable. Thank you. Your next question a viewer asks, considering record prices for gold, how do you think it would impact your bottom line and company financial health a possible gold price drop to anywhere around $4,200?

了解。謝謝。下一個問題有觀眾提問：考量金價創新高，你認為若金價可能下跌到約 4,200 美元，會如何影響你們的獲利底線與公司財務健康？

Yes. So mining business is all about keeping your costs in check. As I mentioned, we are a low-cost operation. So obviously, like all miners, that's going to come off of your margin. But what you want to make sure of is you maintain your cost versus others. I would expect that the gold price, normally what ends up happening.

是的。採礦業的重點就是把成本控制好。如我提到的，我們是低成本營運。所以很明顯，跟所有礦商一樣，這會反映在你的利潤率上。但你要確保的是，你的成本相對於其他同業仍具競爭力。我預期金價通常最後會發生的情況是——

And it's different given the current circumstances, which will pass over time with the war in Iran is when you see a gold price drop, you usually see an oil price drop, which is a drop in your operating cost. Now we haven't seen that in the last couple of weeks. But certainly, things will always revert back to the mean.

而在目前情勢下會有所不同；隨著伊朗戰爭等因素，這些都會隨時間過去。一般當你看到金價下跌時，通常也會看到油價下跌，而油價下跌會降低你的營運成本。我們在過去幾週還沒有看到這種情況。但可以肯定的是，事情終究會回歸均值。

And maybe just to supplement that, Julia, to reiterate my earlier comment, our cash costs are currently tracking around $1,500 an ounce. So at $4,200 an ounce gold, we're still running at 60% margin.

也許補充一下，Julia，重申我先前的評論，我們目前的現金成本（cash costs）大約在每盎司 1,500 美元。所以在每盎司 4,200 美元的金價下，我們仍有 60% 的利潤率。

Thank you for shedding light on that.

謝謝你對此作出說明。

Add one more factor into there and -- our mine planning has been iterated between -- we've taken from the PEA value of $1,900 an ounce. We've taken it all the way up to nearly $4,000 an ounce, and we've settled on a sort of a pit design modeling profile of around $3,000 to $3,300 an ounce. I think we're pretty -- we're putting ourselves in a strong position to withstand any drops in the gold price from a long-term planning perspective as well.

再加上一個因素——我們的礦山規劃在不同假設之間反覆迭代：我們從 PEA 採用的每盎司 1,900 美元，調整到接近每盎司 4,000 美元，最後我們把露天礦坑設計（pit design）的建模假設落在每盎司約 3,000 到 3,300 美元。

Thank you all for your answers. Moving on to your next question, a viewer commented. I'm proud to be a long-time shareholder. What I'm hearing at this presentation is more good news. May I ask, with all the success, when can shareholders expect share in the wealth? Will dividends be paid this year?

謝謝各位的回答。接著下一個問題，有觀眾留言：我很自豪能成為長期股東。我在這場簡報中聽到的是更多好消息。請問，在這麼多成功之下，股東何時能期待分享成果？今年會發放股利嗎？

Lots of CapEx plans, so dividends will not be paid this year. As I mentioned, the underlying valuation metrics is what the focus is, particularly growing EBITDA, net asset value and resources. That does require capital to do that, and shareholders should benefit from an increase in valuation if that plan is successful.

資本支出（CapEx）計畫很多，所以今年不會發放股利。如我提到的，我們的重點在於基本估值指標，特別是提升 EBITDA、淨資產價值（net asset value）與資源量。這確實需要資本來達成；如果該計畫成功，股東應可透過估值提升而受益。

Thank you, Stephen, for your response. Your next question a viewer asks, can you address the current split with the government and timelines for the possible change in percentages?

謝謝你，Stephen，的回覆。下一個問題有觀眾提問：你能說明目前與政府之間的分成比例，以及可能變更比例的時間表嗎？

So the current split is 55-45 with TRX holding 55%. We are -- we get our capital loan back first as well as any future capital contributions from corporate down into Buckreef would be subject to equity capital calls that would have the government or STAMICO have to contribute the same amounts in their proportions or else get diluted. With regards to timeline around government negotiations, they continue.

目前的分成是 55-45，由 TRX 持有 55%。我們——我們會先收回資本貸款（capital loan），此外，未來由母公司投入 Buckreef 的任何資本挹注，都會受到股權資本催繳（equity capital calls）機制約束；政府或 STAMICO 必須按其比例投入相同金額，否則就會被稀釋。至於與政府談判的時間表，談判仍在持續。

As I mentioned before, I continue to mention, it is fluid. Politics are involved and the timeline is always uncertain, although we would like to have it yesterday.

如我之前提到、也持續在說的，這是動態的。牽涉政治因素，時間表總是不確定，雖然我們希望昨天就能完成。

Thank you, Stephen. Moving on to your next question, a viewer asks, when are the upgrades of the processing plant to 3,500 tonnes per day expected to be completed? Has there been dilution of stock in the last three-years? And if yes, by how many?

謝謝你，Stephen。接著下一個問題，有觀眾提問：處理廠升級至每日 3,500 噸預計何時完成？過去三年是否有股票稀釋？如果有，稀釋了多少？

So with regards to the processing plant, and I'll get Richard to add to this. The processing plant is envisioned 3,500 tonnes per day is a separate SAG/Ball Mill as well as Ball Mill combination that feeds into the broader circuit. What will operate alongside of that is the existing crushing and Ball Mill circuit that's currently in operation that has a nameplate of around 2,000 tonnes per day.

關於處理廠，我先回答，並請 Richard 補充。我們所規劃的每日 3,500 噸處理量，是一套獨立的 SAG/球磨機（Ball Mill）以及球磨機組合，並把物料送入更大的整體流程回路。與此同時，現有的破碎與球磨回路也會一併運轉；該系統目前在運轉中，名目產能（nameplate）約為每日 2,000 噸。

So both of them will operate in conjunction with one another. With regards to timeline, Richard went through the timelines for procurement. The goal is to have this done by the end of June of next year. So when I say Q2, I mean calendar as opposed to our fiscal year. Richard, anything else to add?

所以兩套系統會相互配合、同時運作。至於時間表，Richard 已說明採購（procurement）的時程。目標是在明年六月底前完成。所以我說的 Q2 指的是曆年季度，而不是我們的會計年度。Richard，還有要補充的嗎？

Right, Stephen. I think we'll hopefully have our fully expanded plant fully operational in the end of Q2, start of Q3 2027. That's right.

對，Stephen。我想我們希望在 2027 年第二季末、第三季初，讓我們完全擴建後的工廠全面投入運轉。沒錯。

With regards to dilution in the last three-years, the only capital raises that have been done are the warrant exercises, which was beyond the control of management, given they were put on line well over five-years ago in order to recapitalize the business at that point in time, which only had $2 million in an expansion plan or a build to do at that particular point in time. And as I mentioned, we raised net $20 million, but warrants came along with that.

至於過去三年的稀釋，唯一進行的募資是認股權證（warrant）行使；由於這些權證是在五年多前就已設計並掛牌，用於當時對公司進行資本重整，因此不在管理層控制之內。當時公司只有 200 萬美元，正要做擴建計畫或建置。如我提到的，我們淨募得 2,000 萬美元，但當時也附帶了認股權證。

Thank you for your answers. Moving on to your next question. When does the drilling season start and end? And when and how frequently can we expect drilling update?

感謝您的回答。接著進入下一個問題。鑽探季節何時開始、何時結束？以及我們何時、以多高頻率可以期待鑽探更新？

So drilling season isn't dependent in Tanzania. Obviously, it's harder in the wet season, but you can still drill. Easier in the dry season, the ground is not as soft, but you still drill. So it's not like Canada where you have a drilling season. You can drill all year around in Tanzania, although it's easier to certain seasons than other seasons.

所以在坦尚尼亞，鑽探季節並不受限制。顯然在雨季會比較困難，但仍然可以鑽探。在旱季比較容易，地面沒那麼鬆軟，但仍然可以鑽探。所以不像加拿大那樣有明確的鑽探季節。在坦尚尼亞一年四季都可以鑽探，只是某些季節會比其他季節更容易。

And with regards to exploration results, as we mentioned, the RC drill rig is on site now focused on Eastern Porphyry and defining that resource better. There is a diamond drill rig focused on some geotech work, which will then move into exploration type work as well as a diamond drill rig coming in next month, as Richard mentioned. I would expect to see some drill hole results, Richard say, later Q4, fiscal Q4 and later half -- back half of this calendar year.

至於勘探結果，如我們先前提到的，RC 反循環鑽機目前已在現場，重點放在 Eastern Porphyry，並更好地界定該資源。另有一台金剛石鑽機正專注於一些岩土工程（geotech）工作，之後也會轉入勘探性工作；此外，如 Richard 所提，下個月還會再進一台金剛石鑽機。我預期會看到一些鑽孔結果，Richard 可能會說在第 4 季度稍晚，也就是我們的財政第 4 季，以及本曆年下半年後段。

That will be the best outcome we see from results at the end of our fourth financial year quarter, but more than likely, it will probably be the fourth calendar quarter. That's right.

這將是我們在第四個財政年度季度末看到結果的最佳情況，但更有可能會是在曆年第四季。沒錯。

Thank you for your responses. Moving on to your next question. Since dividends are not in the plan, which is smart at this point, can you address possible stock buybacks with a portion of the profits, which would enhance stock value?

感謝您的回覆。接著進入下一個問題。既然股利不在計畫中（在這個階段這是明智的），您能否談談用部分利潤進行股票回購的可能性？這將提升股價價值。

That is something that we will consider and have talked to advisers about. It's certainly something that's on our potential radar screen.

這是我們會考慮、也已與顧問討論過的事項。這確實在我們潛在關注的範圍之內。

Thank you, Stephen. Your next question is, what are the primary criteria that major gold miners would consider in principle in evaluating a potential acquisition of TRX Gold?

謝謝您，Stephen。下一個問題是，大型黃金礦商在原則上評估可能收購 TRX Gold 時，會考量的主要標準是什麼？

Yes. So this question has been asked a lot, and my answer is fairly consistent. I think you need to have a decent resource profile and decent operations, which this enterprise has as we grow that resource profile and derisk it, particularly on the operations side. We know where we can get recovery rates now. We can mine this quite profitably.

是的。這個問題被問過很多次，我的回答也相當一致。我認為你需要有不錯的資源概況以及良好的營運，而隨著我們擴大資源概況並降低風險，特別是在營運端，這家公司具備這些條件。我們現在知道可以達到的回收率。我們可以相當有利可圖地開採。

It will be putting a decent cash flow. So if you're looking at who would potentially acquire an enterprise such as us, I think people come up with Barrick and Anglo all the time because they're large. But there's a lot of -- I look at the slide here with Perseus on it, and there's -- they purchased Nyanzaga for their project. There's all kinds of mid-tier miners around the world.

它將帶來可觀的現金流。所以如果你在看誰可能收購像我們這樣的企業，我想大家總是會提到 Barrick 和 Anglo，因為他們規模很大。但其實還有很多——我看這張投影片上有 Perseus，他們為了其專案收購了 Nyanzaga。全球各地還有各式各樣的中型礦商。

Thank you for your insight on that, Stephen. Your next question is, how does the prospect of restricted oil availability affect your production plans? What about spreading civil unrest?

謝謝您對此的見解，Stephen。下一個問題是，石油供應受限的可能性會如何影響你們的生產計畫？那麼日益擴散的民間動盪呢？

Yes. So with regards to oil, we haven't seen any impact in Tanzania at this point in time. Khalaf can chime in here, and he certainly is not lining up the gas station. The country has a good storage like other countries of fuels. It doesn't have an oil refinery in Tanzania, but it does import quite a bit from, I believe, Indian refineries, which are still getting their share of world oil.

是的。就石油而言，目前我們在坦尚尼亞尚未看到任何影響。Khalaf 也可以補充一下，他當然沒有在加油站排隊。該國像其他國家一樣有良好的燃料儲備。坦尚尼亞沒有煉油廠，但它確實進口相當多的燃料，我相信主要來自印度的煉油廠，而那些煉油廠仍能取得其份額的全球原油供應。

We do have -- in case you always have to look at worst-case scenarios, and potentially plan for them. So we do have plans in place if it did get to a squeeze position by making sure we have more storage on site. We also have a very healthy stockpile, so we could stop mining for a period of time if the proverbial s*** hit the fan.

我們確實有——因為你總是必須看最壞情境並可能為其做規劃。因此，如果真的出現供應吃緊的情況，我們已有計畫，確保現場有更多儲存能力。我們也有非常充足的庫存，所以如果真的出了大問題，我們可以暫停採礦一段時間。

Thank you, Stephen. Your next question a viewer asks, how safe do you feel in your jurisdiction?

謝謝您，Stephen。下一個問題是，有觀眾問：您覺得在您所在的司法管轄區有多安全？

Very safe, we drive around, go around on our own. I feel very safe in Tanzania, same with the management team. With regards to the prior question around civil unrest, we haven't seen any civil unrest since the election.

非常安全，我們自己開車到處走、到處跑。我在坦尚尼亞感到非常安全，管理團隊也是如此。至於前一題提到的民間動盪，自選舉以來我們沒有看到任何民間動盪。

Thank you for your comments on that. We're coming up to your last three questions for today. The next question is, could you provide some details on drilling progress on the Bridge and Anfield (technical difficulty)?

謝謝您對此的評論。我們即將進入今天最後三個問題。下一個問題是，您能否提供 Bridge 和 Anfield 的鑽探進度細節（技術問題）？

Yes. So as we mentioned before, the drill rigs are coming on site. There will be an increased focus in the second half of this year. And right now, we're focused on the Eastern Porphyry some geotech in order to advance our shorter-term plans. And then we'll get into a broader exploration on what I'll call medium- to longer-term plans.

可以。如我們先前提到的，鑽機正在進場。今年下半年將會加大投入與聚焦。目前我們專注於 Eastern Porphyry 的一些岩土工程工作，以推進我們較短期的計畫。接著我們會進入更廣泛的勘探，也就是我所稱的中期到長期計畫。

Thank you, Stephen. You touched on this, but I will still repeat the question. It is, is TRX Gold open to discussions with Barrick Gold or AngloGold Ashanti in Tanzania? What does the Buckreef Gold Project need to attract those companies into the underground development plan and away from the recent development at EcoGraf and Lake Victoria Gold?

謝謝您，Stephen。您已提到一些，但我仍會重複這個問題。問題是：TRX Gold 是否願意在坦尚尼亞與 Barrick Gold 或 AngloGold Ashanti 進行討論？Buckreef Gold 專案需要什麼，才能吸引這些公司參與地下開發計畫，而不是轉向近期在 EcoGraf 與 Lake Victoria Gold 的開發？

That's a different question. So as I mentioned before, anything that is a benefit for shareholders is anything that we'll look at. We're not going to hold back any shareholder value. We believe there's more shareholder value to be had at this point in time in growing the asset and the underlying valuation metrics and a lot of uplift potential as a result of that as well as renegotiation of the joint venture agreement into a framework agreement. There's a lot of value creation from that particular plan.

那是不同的問題。如我先前提到的，任何對股東有利的事情，我們都會考慮。我們不會壓抑任何股東價值。我們相信在目前這個時間點，透過擴大資產與其內在估值指標來成長，能創造更多股東價值；此外，將合資協議重新談判為框架協議也會帶來相當大的上行潛力。該計畫本身就能創造大量價值。

If someone wanted to come and talk to us, obviously, if it's in the benefit of shareholders, it will be discussed. That is a normal company, shareholders get an opportunity to decide upon that. That's not ultimately our decision, that is shareholders' decision. I believe there's more value to be had growing this enterprise at this point in time. We are still relatively small with great growth plans in front of us.

如果有人想來與我們洽談，顯然只要符合股東利益，就會進行討論。這是一般公司運作，股東會有機會對此作出決定。那最終不是我們的決定，而是股東的決定。我相信在目前這個時間點，透過把這家企業做大，還能取得更多價值。我們目前規模仍相對較小，但前方有很好的成長計畫。

With regards to the other properties and focus on those, I'm not sure where that question comes from with regards to Lake Victoria Gold and EcoGraf. We're focused on what Buckreef Gold is doing and what TRX Gold is doing.

至於其他資產以及對那些資產的關注，我不確定這個問題為何會提到 Lake Victoria Gold 和 EcoGraf。我們專注於 Buckreef Gold 正在做的事，以及 TRX Gold 正在做的事。

Thank you, Stephen. We're actually coming up to your last two questions as one more just popped in. Your second to last question a viewer commented. Doesn't hydropower mitigate oil costs?

謝謝你，Stephen。我們其實快到你最後兩個問題了，因為剛剛又跳出一個問題。倒數第二個問題是有觀眾留言。水力發電不會降低石油成本嗎？

Yes. So on site, as I mentioned, with regards to oil, our -- predominantly our biggest oil cost is on mining. There is some diesel gensets, but yes, the electricity National Power Grid is online. We have a good connection there. I believe we're up around, Richard, 95% on that line now, of power availability, somewhere in that range.

會的。所以在現場，如我提到的，就石油而言，我們——主要、我們最大的用油成本主要在採礦作業。有一些柴油發電機組，但沒錯，國家電網的電力已經接上線。我們那邊的連接狀況很好。我相信我們現在大概，Richard，在那條線上的供電可用率已經到約95%，大概在那個區間。

It fluctuates, Stephen. So yes, between 88% and 95% of availability of the local power grid.

Stephen，這會波動。所以是的，本地電網的可用率大約在88%到95%之間。

So with regards to oil prices, we burn, Mike, I think we looked at this the other day, our cost on oil is around $0.5 million a month.

所以就油價而言，我們的燃油消耗，Mike，我想我們前幾天看過，我們的用油成本大約每月50萬美元。

$0.5 million a month. So a 10%, 20%, 30% increase in oil prices doesn't really have a material impact on our cost profile.

每月50萬美元。所以油價上漲10%、20%、30%，其實不會對我們的成本結構造成實質影響。

There you go, those are the answers.

好了，以上就是答案。

Thank you all for your insights on that. And your last question for today is, what are the KPIs for the leading management team? How do you plan the development for the next three to five years? Martin Armstrong sees this as a rather turbulent time.

謝謝各位對此提供的見解。今天最後一個問題是：領導管理團隊的KPI是什麼？你們如何規劃未來三到五年的發展？Martin Armstrong認為這是一段相當動盪的時期。

Yes. So with regards to the KPIs, the KPIs that grow the business in line with the business plan. That's simple KPIs. I don't like to overcomplicate KPIs. KPIs are then driven down into our management at site around maintaining mining, maintaining recovery rates, processing rates, maintenance schedules, being on time on CapEx spend, those sort of things.

是的。就KPI而言，KPI就是讓業務依照商業計畫成長的指標。這就是簡單的KPI。我不喜歡把KPI過度複雜化。接著KPI會往下分解到我們現場的管理，包括維持採礦作業、維持回收率、處理量、維修排程、資本支出（CapEx）按時執行等這類事項。

Those are all KPIs at the local level. The local level is incented as well around RSUs, just like the management team is on RSUs and options. So that's the alignment there. And what was the second part of the question?

這些都是在地層級的KPI。在地層級也會以RSU作為激勵，就像管理團隊一樣持有RSU和選擇權。所以這就是一致性。那問題的第二部分是什麼？

Of course, I can repeat it. The second part of the question was, how do you plan the development for the next three to five years? Martin Armstrong sees this as a rather turbulent time.

當然，我可以再重複一次。問題的第二部分是：你們如何規劃未來三到五年的發展？Martin Armstrong認為這是一段相當動盪的時期。

Look, I think if we look at the world, it's been turbulent for a while, which has become a little bit more turbulent with regards to activities in the Middle East. It seems to be coming off again a little bit. With regards to us, we've developed and operated this project under turbulent times. I started at this company in COVID. I would consider that a turbulent period as well.

你看，我認為如果我們看世界，動盪已經持續一段時間了，而中東的活動又讓它變得更動盪一些。看起來最近又稍微緩和了一點。就我們而言，我們是在動盪時期下開發並營運這個專案的。我是在COVID期間加入這家公司。我也會把那段時間視為動盪期。

Different turbulence, but turbulent nonetheless. We could still go to site and travel freely. We couldn't do that during the COVID period. Logistics are much easier even in the current environment than it was under the COVID period. And the company was able to execute just fine. So in the next three to five years, I continually see this company and particularly at Buckreef having its head down and executing on the plans that have been in the PEA and what we've shown to be updated plans in a revised study in the next couple of months.

動盪的型態不同，但仍然是動盪。我們現在仍然可以到現場並自由旅行。在COVID期間我們做不到。即使在目前環境下，物流也比COVID期間容易得多。而公司也能夠很好地執行。所以在未來三到五年，我持續看到公司，特別是在Buckreef，會埋頭把在PEA中規劃的方案，以及我們在接下來幾個月修訂研究中將更新展示的計畫，持續落實執行。

Excellent. Thank you all for your responses. That concludes the Q&A session. But before we go, I'll turn it back to you, Stephen, for final remarks.

非常好。謝謝各位的回覆。問答環節到此結束。不過在結束之前，我把時間交回給你，Stephen，請你做最後結語。

Yes. Thanks, everyone, for joining again this morning. As I mentioned, the focus is on growth and growth in the underlying valuation metrics. We have a management team that has done this before, and we're doing it again. And we are very, very excited for what's coming at Buckreef.

好的。再次感謝各位今天早上參與。如我提到的，我們的重點在成長，以及在基本估值指標上的成長。我們的管理團隊以前做過這件事，而我們正在再做一次。我們對Buckreef接下來的發展感到非常、非常興奮。

I hope to see a lot of increase in revenue, EBITDA and resources over time that lead into a much larger project at Buckreef and will benefit all shareholders and stakeholders in Tanzania as well. So as there is saying in Tanzania (spoken in foreign language). Thank you very much.

我希望隨著時間推進，營收、EBITDA與資源量都能大幅增加，進而推動Buckreef成為更大型的專案，並讓所有股東以及坦尚尼亞的利害關係人都能受益。所以如同坦尚尼亞有句話說（以外語發言）。非常感謝。

Excellent. Thank you, Stephen and the team for your presentation. Thank you, everyone, for joining us today for TRX Gold Corporation Second-Quarter 2026 Results. TRX Gold is trading on the Toronto Stock Exchange under the ticker symbol TRX and on the NYSE American under the ticker symbol TRX. The playback will be available on our website 24 to 48 hours after this presentation under the VNDR Library tab. Stay tuned for the next quarterly call, and see you next time.

非常好。謝謝Stephen與團隊的簡報。也謝謝各位今天參與TRX Gold Corporation 2026年第二季業績說明。TRX Gold在多倫多證券交易所以代號TRX交易，並在NYSE American以代號TRX交易。本次簡報的回放將於簡報後24至48小時在我們網站的VNDR Library分頁提供。敬請期待下一次季度電話會議，我們下次見。