Westwater Resources Inc (WWR) 2026 Q1 法說會逐字稿

Hello everyone.

大家好。

Thank you for joining us and welcome to West Water Resources Q1 2026 conference call. After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Steve Cates, CFO. Steve, please go ahead.

感謝各位加入我們，歡迎參加 Westwater Resources 2026 年第一季電話法說會。在今天的預先準備發言結束後，我們將進行問答環節。若您想提問，請按星號一舉手。若要撤回提問，請再按一次星號一。現在我把會議交給財務長 Steve Cates。Steve，請開始。

Thank you, operator, and good morning, everyone.

謝謝接線員，大家早安。

Thank you for joining us today for Westwater Resources first quarter 2026 business update.

感謝各位今天加入 Westwater Resources 2026 年第一季業務更新電話會議。

Our Form 10-Q was filed and issued yesterday after market close and is available in the investors section of our website at westwaterresources.com.

我們的 Form 10-Q 已於昨日收盤後提交並發布，可在 westwaterresources.com 網站的投資人專區查閱。

Joining me on the call today are Terrence Krein, our Executive Chairman, and Frank Bakker, our President and Chief Executive Officer.

今天與我一同出席電話會議的還有我們的執行董事長 Terrence Krein，以及總裁兼執行長 Frank Bakker。

Both will be available to answer questions following our prepared remarks.

兩位都將在我們的預先準備發言後出席回答問題。

As a reminder, today's discussion will include forward-looking statements regarding future events and expectations, including projected demand for graphite products, expected timelines and costs related to the Kellyton Graphite Plant and CUSA graphite deposit, financing activities, permitting timelines, and customer qualification efforts.

提醒各位，今天的討論將包含有關未來事件與預期的前瞻性陳述，包括石墨產品的預估需求、Kellyton 石墨工廠與 CUSA 石墨礦床相關的預期時程與成本、融資活動、許可核發時程，以及客戶認證工作。

These statements are subject to risks and uncertainties. That could cause actual results to differ materially from management's current expectations.

這些陳述受到風險與不確定性影響，可能導致實際結果與管理層目前預期存在重大差異。

Please refer to our SEC filings and the cautionary language included in our press release for additional detail.

更多細節請參閱我們向 SEC 提交的文件，以及新聞稿中所載的警示性說明文字。

With that, I'll turn the call over to our Executive Chairman, Terence Cryan.

接下來，我把電話交給我們的執行董事長 Terence Cryan。

Thank you, Steve, and good morning, everyone.

謝謝你，Steve，大家早安。

Over the past several months, the battery materials industry has continued to evolve rapidly.

過去幾個月，電池材料產業持續快速演變。

Customers across the supply chain are adjusting procurement strategies and development timelines in response to shifting policies, tariffs, evolving end market demand, and broader geopolitical uncertainty.

供應鏈各環節的客戶正因應政策變動、關稅、終端市場需求演變，以及更廣泛的地緣政治不確定性，調整採購策略與開發時程。

At the same time, the strategic importance of establishing a domestic supply chain for critical minerals like graphite has only become clearer.

同時，建立石墨等關鍵礦物的國內供應鏈之戰略重要性也愈發明確。

Today, the United States remains almost entirely dependent on foreign sources of natural graphite, principally from China, despite graphite being essential to lithium-ion batteries, battery energy storage systems, and increasingly, defense and advanced industrial applications such as SMR nuclear reactors.

目前，美國在天然石墨方面幾乎完全依賴外國來源，主要來自中國；儘管石墨對鋰離子電池、電池儲能系統，以及日益增加的國防與先進工業應用（例如 SMR 小型模組化核反應爐）至關重要。

Against this backdrop, Westwater continues to advance a vertically integrated mine-to-market graphite platform in Alabama designed to deliver secure domestic battery-grade graphite in the United States.

在此背景下，Westwater 持續推進位於阿拉巴馬州、從礦山到市場的垂直整合石墨平台，旨在於美國提供安全可靠的國內電池級石墨。

Our strategy connects two complementary assets.

我們的策略連結兩項互補資產。

The first is the Cousy Graphite Deposit. The largest and most advanced natural flake graphite deposit in the contiguous United States.

第一項是 CUSA 石墨礦床。這是美國本土（不含阿拉斯加與夏威夷）規模最大且開發最成熟的天然片狀石墨礦床。

The second is the Kellyton Graphite Plant, where graphite concentrate will be processed into CSPG, the active anode material used in lithium-ion batteries.

第二項是 Kellyton 石墨工廠，石墨精礦將在此加工成 CSPG，也就是鋰離子電池所使用的活性負極材料。

Importantly, we continue to believe Westwater. As a multi-year first mover advantage as the most advanced American developer of battery-grade natural graphite in the United States.

重要的是，我們仍然相信 Westwater作為美國最先進的電池級天然石墨開發商，具備多年先行者優勢。

During the quarter, we advanced permitting efforts at CUSA, including receiving FAST 41 designation during the quarter.

本季我們推進了 CUSA 的許可申請工作，包括在本季取得 FAST 41 指定。

Continued advancing construction and operational readiness at Kellington, and progress customer qualification activities through our operational qualification line.

我們持續推進 Kellington 的建設與營運就緒工作，並透過營運認證產線推動客戶認證活動取得進展。

FAST 41 is an important milestone for the project because it improves coordination and visibility across federal permitting activities.

FAST 41 對該專案而言是一個重要里程碑，因為它能提升聯邦許可相關活動之間的協調與可視性。

We view this as another step. In accelerating progress and de-risking the long-term development pathway for CUSA.

我們將其視為另一個步驟，用以加速進展並降低 CUSA 長期開發路徑的風險。

While market conditions remain dynamic, our focus continues to be on execution and advancing our two core projects, and we're doing just that.

儘管市場狀況仍然多變，我們的重點仍在於執行力與推進兩項核心專案，而我們也正持續這麼做。

Steve will talk further about our active engagement on capital formation, including. Our engagement with various government agencies on funding.

Steve 將進一步說明我們在資本募集方面的積極投入，包括我們與各政府機構就資金支持所進行的接洽。

With that, I'll turn the call over to Frank for an operational update.

接下來，我把電話交給 Frank，請他提供營運更新。

Thanks, Terrence, and good morning, everyone.

謝謝你，Terrence，大家早安。

I will begin with an update on the Kellyton si Graphite Plant, which remains central to our mine-to-market strategy.

我先從 Kellyton CSPG 石墨工廠的最新進展談起，該工廠仍是我們從礦山到市場策略的核心。

During the first quarter, we continued construction and operational readiness activities. At the site while also advancing customer qualification efforts. The qualification line was operational during the quarter and produced aggregate CSPG sample volumes exceeding one metric ton for customer evaluation and testing.

在第一季期間，我們持續進行建設與營運就緒工作，同時也推進客戶認證工作。本季認證產線維持運轉，生產的 CSPG 樣品總量超過 1 公噸，供客戶評估與測試。

This capability remains an important differentiator for Westwater and positions us ahead of many North American peers who remain several years away. From providing qualification scale material.

這項能力仍是 Westwater 的重要差異化優勢，使我們領先許多北美同業；這些同業距離提供認證規模材料仍有數年之遙。

We also continued operating our R&D laboratory to support product optimization, customer qualification activities, and internal quality control processes.

我們也持續運作研發實驗室，以支援產品最佳化、客戶認證活動，以及內部品質管制流程。

At quarter end, approximately under 29.6 million had been invested into Kellyton since the inception of the project.

截至季末，自專案啟動以來，Kellyton 的累計投資約為 2,960 萬美元。

Importantly. We continue to maintain our phase one capital estimate at approximately 245 million, including approximately 19 million of untouched contingency.

重要的是，我們仍維持第一期資本支出估算約 2.45 億美元，其中包含約 1,900 萬美元尚未動用的預備金。

Assuming financing is secured, we continue to expect initial production within approximately 12 months.

在融資到位的前提下，我們仍預期可在約 12 個月內開始初期生產。

We continue to engage with prospective customers across the battery, automotive. Industrial and defense sectors.

我們持續與電池、汽車、工業與國防領域的潛在客戶接洽。

During the quarter, Eskion notified us of its decision to terminate the products procurement agreement originally executed in 2024.

本季期間，Eskion 通知我們其決定終止原於 2024 年簽署的產品採購協議。

While market conditions remain dynamic, we believe this reflects the evolving environment customers are navigating across the broader battery supply chain.

儘管市場狀況仍然多變，我們認為這反映了客戶在更廣泛的電池供應鏈中所面臨的環境正在演變。

Both Eskion, as well as FCA. Want to put new agreements in place with WWR.

Eskion 以及 FCA都希望與 WWR 重新建立新的協議。

Importantly, our commercial strategy remains unchanged.

重要的是，我們的商業策略維持不變。

We continue to provide product samples to prospective customers as part of ongoing qualification processes, and we continue to receive inbound interest from companies evaluating domestic sources of battery-grade graphite emit evolving trade policy, tariff considerations. And supply chain security concerns.

作為持續認證流程的一部分，我們仍持續向潛在客戶提供產品樣品，並持續收到來自評估國內電池級石墨來源之公司的主動洽詢，原因包括不斷演變的貿易政策、關稅考量以及供應鏈安全疑慮。

Turning to CUSA, we continued advancing permitting and development activities during the quarter.

接著談到 CUSA，本季我們持續推進許可與開發相關工作。

Most notably, CUSA received designation under the FAST 421 Federal Permitting Program during the quarter.

最值得一提的是，CUSA 在本季獲得 FAST 41 聯邦許可計畫的指定。

This designation supports improved coordination and transparency across federal agencies. As permitting activities continue to advance.

此一指定有助於提升聯邦機關之間的協調與透明度，使許可相關活動得以持續推進。

During the second quarter, we anticipate a permitting timeline to be established and agreed to by the participating federal agencies.

在第二季期間，我們預期參與的聯邦機關將建立並同意一份許可時程表。

In addition, we continue geotechnical analysis, hydrologic monitoring, environmental studies, and preparation activities associated with the Section 404 permit application and Alabama air permitting.

此外，我們持續進行岩土工程分析、水文監測、環境研究，以及與《第404條》許可申請與阿拉巴馬州空氣許可相關的準備工作。

We expect the permitting process to take approximately 12 to 24 months, after which we would look toward a decision on constructing and mine development.

我們預期許可流程約需12至24個月，之後我們將朝向是否進行建設與礦山開發的決策。

Overall, we continue to make meaningful progress across our vertically integrated graphite platform and believe Westwater remains well positioned within the evolving domestic battery materials landscape.

整體而言，我們在垂直整合的石墨平台各方面持續取得實質進展，並相信Westwater在不斷演變的美國本土電池材料版圖中仍具備良好定位。

Steve, over to you.

Steve，交給你。

Thanks, Frank.

謝謝，Frank。

At the end of the first quarter, the company had approximately $41.5 million of cash on hand.

截至第一季末，公司手上現金約為4,150萬美元。

During the quarter, we raised approximately $1.2 million from the ATM, which has approximately $71 million available under the facility.

本季我們透過ATM增資籌得約120萬美元，而該融資機制下仍約有7,100萬美元可用額度。

We also have approximately $26 million of undrawn committed capital on our ELOC facility.

我們在ELOC融資機制下亦有約2,600萬美元尚未動用的已承諾資金。

We remain confident in our ability to secure the remaining financing needed to complete phase one of Kellyton and move toward initial production.

我們仍對取得完成Kellyton第一期並推進至初始投產所需的其餘融資充滿信心。

As we continue to advance the project and operate our qualification line, we are focused on securing the right capital solution while preserving long-term shareholder value.

在持續推進專案並運行我們的認證產線之際，我們專注於取得合適的資本解決方案，同時維護股東的長期價值。

We are prioritizing non-dilutive and lower cost sources of capital, including potential government funding programs.

我們優先考量非稀釋性與較低成本的資金來源，包括潛在的政府資助計畫。

To support these efforts, we have engaged a tier one group of advisors and are actively evaluating the most efficient funding pathways available to us.

為支持這些工作，我們已聘請一流顧問團隊，並正積極評估可用的最高效率融資途徑。

We and our advisors are spending quality time in DC, and we are pursuing multiple funding opportunities across various federal agencies.

我們與顧問在華盛頓特區投入大量時間，並正跨多個聯邦機構追求多項資金機會。

These activities have included in-person meetings, submitting certain proposals and/or applications, and establishing data rooms for diligence.

這些活動包括面對面會議、提交特定提案及／或申請，以及建立供盡職調查使用的資料室。

While we cannot comment on specific opportunities or provide an estimate as to the ultimate outcome of these efforts, we and our advisors. Continue to believe we are in the middle of the domestic critical mineral fairway that has been a strategic focus of this administration.

雖然我們無法就特定機會發表評論或對最終結果提供估計，但我們與顧問。仍持續相信，我們正處於本屆政府策略重點所聚焦的美國本土關鍵礦物「黃金地帶」之中。

We are also maintaining. Maintaining flexibility to evaluate other funding alternatives and project level financing structures, including equipment based financing and other structured solutions.

我們也在維持。維持彈性，以評估其他融資替代方案與專案層級的融資架構，包括以設備為基礎的融資及其他結構性解決方案。

Our existing equity financing tools provide additional flexibility, and we will remain disciplined and thoughtful in how we utilize them.

我們現有的股權融資工具提供額外彈性，我們將在使用上保持紀律並審慎思考。

As we work to secure the remaining financing, we will continue managing liquidity carefully and aligning construction activity with available capital. For the quarter. The company reported a net loss of approximately $4.7 million or $0.04 per share, compared to approximately $2.7 million or $0.04 per share during the same period last year.

在我們努力取得其餘融資的同時，我們將持續謹慎管理流動性，並使施工活動與可用資金相匹配。就本季而言。公司報告淨損約470萬美元，或每股0.04美元，相較去年同期約270萬美元，或每股0.04美元。

The increase in net loss was primarily related to increased permitting activities at CUSA, increased product development costs at Kellyton, and higher stock-based compensation expense.

淨損增加主要與CUSA許可活動增加、Kellyton產品開發成本上升，以及以股票為基礎的薪酬費用提高有關。

Overall, we believe our current liquidity position, disciplined capital management approach. And ongoing financing efforts in DC and beyond provide a solid foundation as we continue advancing our mine-to-market strategy. Frank, back to you.

整體而言，我們認為目前的流動性水位、具紀律的資本管理方法。以及在華盛頓特區及其他地區持續推進的融資工作，為我們持續推動「從礦到市場」策略提供了穩固基礎。Frank，交回給你。

Thanks, Steve.

謝謝，Steve。

To close, our priorities remain clear. We are advancing a vertically integrated mine-to-market graphite platform designed to support a growing need for domestic battery materials in the United States.

最後總結，我們的優先事項仍然明確。我們正推進一個垂直整合、從礦到市場的石墨平台，旨在支援美國對本土電池材料日益成長的需求。

During the quarter, we continued progressing construction. And qualification activities at Kellyton , advanced permitting efforts at CUSA and strengthened our position as one of the most advanced domestic graphite developers in the U.S.

本季期間，我們持續推進Kellyton的建設。以及認證活動，推動CUSA的許可工作，並鞏固我們作為美國最先進的本土石墨開發商之一的地位。

The broader market environment continues to evolve, but we believe the long-term need for secure domestic sources of battery-grade graphite is becoming increasingly important.

整體市場環境持續演變，但我們相信，對安全且本土的電池級石墨來源的長期需求正變得愈來愈重要。

We are focused on execution, disciplined capital allocation. And advancing our projects toward production.

我們專注於執行、具紀律的資本配置。並推進各項專案邁向投產。

We appreciate your continued interest and support.

感謝各位持續的關注與支持。

Operator, we would now be happy to take questions.

接線員，我們現在很樂意開始回答問題。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（接線員指示）

Your first question comes from the line of Heiko Ile with H.C. Wainwright. Heiko, your line is open. Please go ahead.

您的第一個問題來自H.C. Wainwright的Heiko Ile。Heiko，您的線路已開通。請開始。

Hi there.

你好。

Thank you guys so much for taking my questions.

非常感謝各位回答我的問題。

You're obviously quite a bit closer to the policy than I am, and so maybe if you could provide callers a little bit of additional context in addition to what you already brought up in your prepared remarks of what you're seeing with prospective graphite customers, government agencies, the timelines that they're seeking, sizing.

你們顯然比我更貼近政策，因此也許你們可以在已於事先準備的發言中提到的內容之外，再為與會者提供一些額外背景：你們從潛在石墨客戶、政府機構那邊看到的情況，包括他們所尋求的時程、規模等。

The avoidance of geopolitical risk factors. May you hint to this a little bit more in your prepared remarks and just other things that may not be as obvious from your release or presentation or, things that maybe we could elaborate on a little bit to the clients as well.

以及對地緣政治風險因素的迴避。你們能否在已準備的發言中稍微再提示多一些，或補充一些從你們的新聞稿或簡報中不那麼明顯、但我們也許可以再向客戶多加闡述的事項。

Hi, Heiko. This is Steve. Thanks for the question. Thanks for joining.

你好，Heiko。我是Steve。謝謝你的問題。也謝謝你加入。

I think what we're seeing in the broader -- are you able to hear me?

我想我們在更廣泛的市場上看到的是——你聽得到我嗎？

Yes, I said, of course.

是的，當然聽得到。

I think what we're seeing in the broader market when it just comes to graphite, we're seeing, obviously, we talked about in our prepared remarks, there's been some uncertainty in the market conditions related to the on and off again of tariffs and certain trade policies. However, the long-term story really hasn't changed. What we're seeing by likes of Benchmark and others is that the demand for North American graphite still outweighs the forecast of supply by a significant margin. And. I think one of the things that's really driving that is you've got the AI data centers, battery energy storage systems behind there, whether that's nuclear and industrial applications, as well as some of the traditional markets that our investors have been familiar with as far as EVs and those, they're still forecasted to grow. They're growing globally.

我想就石墨而言，我們在更廣泛市場看到的是：很明顯地，如同我們在事先準備的發言中提到的，市場狀況因關稅與某些貿易政策的反覆而出現一些不確定性。然而，長期的故事其實並沒有改變。我們從Benchmark等機構看到的是，北美石墨需求仍以顯著幅度高於供給預測。而且。我認為真正驅動這點的因素之一，是AI資料中心、其背後的電池儲能系統，不論是核能與工業應用，還有一些投資人較熟悉的傳統市場，例如電動車等，仍預期會成長。而且它們在全球都在成長。

And so while the near-term market.

因此，儘管短期市場。

Has faced some uncertainty with some of these tariff policies, the long-term prospect is still strong. And from a Westwater perspective, and what we're positioning ourselves also, as we talk to government agencies and look for funding, is if someone's looking for anode material in 27, 28, and 29, Westwater is really your only viable source right now. Most of these other companies maybe are at lab scale, maybe PowerPoint, we have our buildings built, we've got a qualification line running in one ton batches.

因部分關稅政策而面臨一些不確定性，但長期前景仍然強勁。從Westwater的角度，以及我們在與政府機構洽談並尋求資金時所定位的方向來看，如果有人在2027、2028、2029年需要負極材料，Westwater目前確實是唯一可行的來源。其他多數公司可能還停留在實驗室規模，或只是PowerPoint階段；我們已把廠房建好，也已讓認證產線運轉，能以每批一噸的規模生產。

And so we're in a very significant advantage from a timing perspective, and we have capacity to be able to sell. So we're looking across a lot of markets, and I think that is intriguing to a lot of potential customers as well as potential funders as well.

因此，從時點的角度來看，我們具備非常顯著的優勢，而且我們也有產能可以進行銷售。所以我們正在審視許多市場，我認為這對許多潛在客戶以及潛在資金提供者而言也很有吸引力。

And then just for our modeling needs, can you give a bit of color on the capital spend it site on a quarterly basis for the remainder of 26?

另外，僅就我們建模的需求而言，您能否就 26 年剩餘期間按季度的資本支出（capex）提供一些說明？

And maybe if I gave you a blank check today, how much would you like to spend?

以及如果我今天給你一張空白支票，你會想花多少？

Well, I think those numbers.

嗯，我認為那些數字。

Are not necessarily the same.

未必是相同的。

Right.

對。

Well, I think if...

嗯，我認為如果……

The funding that we're looking for today, right, the whole project we still believe is $245 million, that includes almost a $20 million untouched contingency. We put $130 million into the ground.

我們今天正在尋求的資金，對吧，整個專案我們仍然認為是 2.45 億美元，其中包含將近 2,000 萬美元尚未動用的預備金（contingency）。我們已經投入 1.3 億美元到工程中。

So, we're sub-100, over $40 million on the balance sheet. So I think, like we said in our last call, we're still near, somewhere around $50 million and we're substantially complete with funding. Having that in place, we're 12 months from commercial production. And so that's still our focus now. From a capital spend perspective going forward, I think what you can expect is taking a moderate approach. I think we announced in the fourth quarter, we talked about putting some long lead equipment orders in for some additional stuff we need.

所以，我們還不到 1 億美元，資產負債表上有超過 4,000 萬美元。因此我認為，如同我們在上次電話會議所說，我們仍然接近、大約還需要 5,000 萬美元，而且我們在資金到位方面已接近完成。在此到位之後，我們距離商業化生產還有 12 個月。所以這仍然是我們目前的重點。就未來的資本支出而言，我認為你可以預期我們會採取較為溫和的做法。我想我們在第四季已宣布並提到，會針對一些我們需要的額外項目下達部分長交期設備訂單。

In our coding process and a couple of processes there, that probably you'll see kind of come out in the next couple of quarters, but it's not really significant. So we're going to be measured with our spend and I like to say kind of move at the speed of cash.

在我們的塗佈（coating）流程以及其中幾個流程上，這些可能會在接下來幾個季度逐步反映出來，但其實並不算重大。因此我們會審慎控管支出，我喜歡說就是以現金流的速度前進。

I'll follow this up with one more. I mean, I look at, companies like Caterpillar that just have, very long lead times, other capital goods too. What are you seeing in regard to waiting periods now versus, I don't want to call it, 6, 9, 12 months ago?

我再追問一個。我的意思是，我看到像卡特彼勒（Caterpillar）這類公司，交期都非常長，其他資本財也是。相較於（我不想說）6、9、12 個月前，你們現在看到的等待期情況如何？

Yeah, so hi, Heiko, this is Frank. So, I received that... Hey, morning.

是的，嗨，Heiko，我是 Frank。所以，我收到那個……嘿，早安。

So, what we see is that the lead time, manufacturing time for the equipment we need to order is about three, four months, and then you need to include shipping.

所以，我們看到的是，我們需要訂購的設備其交期、製造時間大約是三到四個月，然後還需要把運輸時間算進去。

So, in about six months, we can have all the remaining equipment outside.

所以大約六個月內，我們就能把其餘所有設備都運到現場。

Perfect. I'll get back to the queue and stuff in the queue.

太好了。我回到提問隊列，還有隊列裡的問題。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Your next question comes from the line of Matthew Sotelo with Maximum Group. Matthew, your line is open. Please go ahead.

下一個問題來自 Maximum Group 的 Matthew Sotelo。Matthew，你的線路已開通。請開始。

Hey, Terrence, Frank and Steve. This is Matt on for Tate.

嗨，Terrence、Frank 和 Steve。我是 Matt，代替 Tate 提問。

Thank you for taking my question. I was wondering if you can give us some more detail on the customer qualification pipeline. I guess specifically, how far along is your most advanced customer process going and where do the others stand relative to that?

謝謝你們回答我的問題。我想請問你們能否就客戶資格認證（qualification）管線提供更多細節。具體來說，你們進展最領先的客戶流程目前到哪個階段？其他客戶相對於它又處於什麼位置？

Yes. So we're working with different customers. We send 1 kilogram samples, 10 kilogram samples to customers.

可以。所以我們正在與不同客戶合作。我們向客戶寄送 1 公斤樣品、10 公斤樣品。

Large scale samples.

大規模樣品。

So we receive positive feedback.

因此我們收到正面的回饋。

Some customers are pretty far along in their qualification process.

有些客戶在他們的認證流程上已經相當深入。

And I think the last step for the qualification will be when we have the production plant finished and then provide the mass production sample to the customer and then they can do the final qualification.

而我認為認證的最後一步，將是在我們把生產工廠完工之後，向客戶提供量產樣品，然後他們就能進行最終認證。

So overall, we are positive in working with our customers and we get positive feedback.

總體而言，我們對與客戶的合作持正面看法，也獲得正向回饋。

Thank you for that. And to follow-up, just in terms of the step-up process at Kellyton, given production begins on time and there is off-take agreements in place potentially, how long does it take to get near capacity?

謝謝你的說明。接著追問，關於 Kellyton 的爬坡（step-up）流程，假設能按時開始生產，且可能已有包銷/承購（off-take）協議到位，要多久才能接近滿產？

Yeah, so we anticipate once financing is in place that we need another 12 months to start the initial production.

是的，所以我們預期一旦融資到位，我們還需要另外 12 個月才能開始初始生產。

If you look at where we are now, all the buildings are finished, so that will help in the construction efforts, so there will be no weather impact.

如果你看我們目前的狀況，所有建築物都已完工，這將有助於施工工作，因此不會受到天候影響。

We can do the construction in parallel in the different buildings.

我們可以在不同建築物內同步進行施工。

We already installed a part of the equipment. So I think looking at the risk of delays, that's minimal if the way we approach it.

我們已經安裝了部分設備。因此我認為，以我們的做法來看，延遲風險是很小的。

And then the other thing is that we've put storage silos in between. Different process units.

另外一點是，我們在不同製程單元之間設置了儲存料倉（storage silos）。不同的製程單元。

So we can commissioning and start up one unit, but we're still constructing the other unit.

因此我們可以先對某個單元進行試車（commissioning）並啟動運轉（start up），同時仍在建造其他單元。

So we can have a phased approach on our construction and our commissioning and startup efforts. And next to that, we have our qualification line, which has similar equipment, and we're running our qualification line with the team at site. And that I think will also reduce the risk of any. Any commissioning or startup issues that we might encounter?

所以我們可以在施工、試車與啟動運轉方面採取分階段的方法。此外，我們還有一條資格認證產線（qualification line），其設備相似，我們的現場團隊正在運行這條資格認證產線。我認為這也會降低任何……我們可能遇到的試車或啟動運轉問題的風險？

That's great, super helpful.

太好了，非常有幫助。

Thank you for taking my questions.

謝謝你們回答我的問題。

There are no further questions at this time. We have reached the end of the Q&A session.

目前沒有其他問題。我們已到達問答環節的結束。

This concludes today's call.

今天的電話會議到此結束。

Thank you for attending. You may now disconnect.

感謝各位參與。您現在可以掛線。