Discussion with Andrea Marsland-Smith | Alligator Energy (ASX:AGE) | Uranium

欢迎收听史密斯每周讨论，这是我们为史密斯每周研究会员准备的特别节目。

Welcome to Smith Weekly Discussions, an occasional program for our members of Smith Weekly Research.

请注意，本节目属于私人讨论，所有内容仅供娱乐和教育用途。

Please note this program is a private discussion and everything contained herein is for entertainment and educational purposes only.

那么，希望大家找个舒服的姿势，倒上喜欢的饮料，好好享受这场讨论。

With that, we hope you're in a comfortable position along with your favorite beverage to enjoy the discussion.

我们提醒听众朋友们，可以查看每期节目附带的节目笔记，以便更好地了解我们节目的运作方式。

We remind our audience to examine our show notes attached to each of our shows to better understand how our program functions.

在开始今天的讨论之前，我们要感谢来自史密斯每周听众的提问，包括保罗·M、布莱恩·H、辛迪·W、爱德华·S和戴夫·V。

Before we get into our discussion today, we wanna say thanks for questions coming from our audience at Smith Weekly, Paul m, Brian h, Cindy w, Edward s, and Dave v.

今天的节目，我们带来了一位嘉宾的更新。

On the program today, we have a guest backed update.

我们很高兴再次邀请到安德烈亚·莫里斯兰·史密斯博士来到节目。

One we're pleased to have with us, doctor Andrea Morrisland Smith is returning to the program.

安德烈亚是鳄鱼能源公司的首席执行官，这家公司专注于澳大利亚的铀矿项目开发，在南澳大利亚拥有桑法尔铀矿项目。该项目目前处于开发阶段，正在进行现场回收试验，以确认原位回收的加工方法，同时也在继续扩大整个桑法尔项目区的资源量。

Andrea is the chief executive officer of Alligator Energy, an Australian focused uranium project developer with a SAMFIRE uranium project in South Australia, which is in its development stages currently undergoing field recovery trial to confirm in situ recovery processing methodology and also continued resource expansion over the entire Sandfire project area.

Alligator Energy 在南澳大利亚的 Big Lake 也有大型勘探项目。

Alligator Energy also has large scale exploration projects at Big Lake, South Australia.

该公司在澳大利亚证券交易所上市，股票代码为 AGE，同时也在美国 OTC 市场上市，代码为 ALGEF。

The company is listed on the Australian Securities Exchange under the symbol a g e as well as on the US OTC Markets under the symbol a l g e f.

Andrea，欢迎你回到节目。

Andrea, good to have you back on the program.

欢迎。

Welcome.

是的。

Yes.

谢谢你，Andrea。

Thank you, Andrea.

很高兴来到这里。

It's good to be here.

很高兴你回来，Andrea。

Great to have you back, Andrea.

铀市场这边一直都很忙。

Things have been busy both in the uranium market.

地缘政治舞台上显然也很热闹，但Alligator Energy在推进SAMFIRE等项目方面也相当忙碌。

Things obviously on the geopolitical stage have been busy, but also Alligator Energy has been quite busy progressing at SAMFIRE among other things.

在我们聊Alligator之前，不如先听听你对市场的简要看法？

Before we get into Alligator, why don't we kick it off here with your brief comments on the market?

对。

Yeah.

嗯，市场显然波动很大，铀股票基本上就是随着现货价格的涨跌而起伏。

Well, it's obviously been very volatile, and uranium equities essentially ride that wave as the spot price goes up and down in response to that.

而且市场的整体投资情绪每天都在变化。

And just general investment sentiment in the market fluctuates every day.

尽管如此，由于公司基本面强劲，我们的股价似乎能挺过最近这段时间的大部分波动。

So but nonetheless, our share price, because of the strong fundamentals of the company, seems to ride through most of the waves, which we've seen over the last little while.

所以，你知道，我认为在这个市场里，基本面扎实的项目现在依然能站稳脚跟。

So, you know, I think projects that have good strong fundamentals still hold up in this market right now.

不过我们都盼着市场能早点稳定下来，让铀价进入稳步增长的轨道。

But we are looking forward to it settling down at some point and uranium price settling into a steady growth.

我觉得我们可能已经处于那个阶段了，或者说肯定比之前更接近那个阶段。

I think we're probably at that stage, or we're definitely much closer to that stage than we have been.

看看目前的现货和长期合同情况，非常零散，当然还是那些老面孔在反复交易，但确实很长一段时间以来价格区间都非常窄。

Looking at where we stand with term spot, very, very spotty, you know, usual suspects, of course, the churn, but it certainly has been an interesting, very, very tight range for quite some time.

我推测鉴于现在的形势，今年年底应该能有个不错的收尾，甚至可能迎来这轮周期的下一波上涨。

And I suspect given how things are starting to look that we should have a reasonable finish to the year and possibly that next leg up here for the cycle.

谢谢你的分享，Andrea。

So appreciate your comments there, Andrea.

当然，地缘政治舞台上的局势变化多端，各种因素都在搅动市场波动，这些我们都见识过了。

And, of course, you know, so much to talk about on the geopolitical stage and all the things that can cause the fluctuations in the chop, and we've seen this.

这已经不是第一次出现这种情况了。

It's not the first time we've seen this.

这一轮周期已经持续了大概十一年，如果从2015年底或2016年初真正启动的时候算起，可能都快十二年了。

This particular cycle has been ongoing here for roughly eleven years, possibly going on twelve here if you wanna pick where it really kicked off there back in late fifteen, early sixteen, what have you.

那我们先来更新一下近况吧？

Well, why don't we get into updates first?

你们最近刚宣布完成了一笔1500万澳元的股权融资。

You guys just recently announced a 15,000,000 Australian equity financing.

简单聊聊这笔资金的用途，以及你们打算怎么花。

Just talk a little bit about that proceeds, use of funds, and what you guys intend to do there.

对。

Yeah.

所以，截至6月30日，我们手头大约有1300万美元的现金。

So, look, as as of June 30, we had around $13,000,000 in cash.

我们有着非常强劲的增长战略，目标是扩大资源储量、开展可行性研究、推进采矿权申请，并力争在2030或2031年让项目正式投产。

We've got a a very strong growth strategy in front of us in terms of wanting to grow the resource, undertake feasibility study, progress mining lease applications, and really get the project into production by 2030, 2031.

因此，我们需要再筹集一些资金来实现这些目标。

So we did need to raise a little bit more capital to do that.

上周，我们在机构和成熟投资者的支持下，完成了一笔1500万美元的股份配售。

And last week, we concluded that 15,000,000 placement with the support of institutional and sophisticated investors.

另外，从今天开始，我们又开放了一个股票购买计划，符合条件的股东可以在9月3日之前参与。

We've also got another SPP opened as of today and will close on the September 3 for our eligible shareholders.

他们也可以按照与机构配售相同的折扣来认购。

And that's where they can also subscribe at the same discount as the institutional placement.

所以我们很高兴能把这个机会提供给我们的股东。

So we're pleased to better offer that to our shareholders.

除此之外，通过澳大利亚的研发税收抵免政策，我们还有400万英镑将进入银行账户，这是针对我们在实地回收试验期间所做的工作。

On top of that, we've got another £4,000,000 coming into the bank balance through our research and development tax credit system here in Australia for work undertaken that we've done during our field recovery trials.

我们在那里做了一些创新研究，并且获得了400万美元的退税，这笔钱将在9月份到账。

We did some innovative research there and have got that $4,000,000 rebate which will be coming in in September.

然后，我们还有175万美元来自DevEx交易的剩余收益，也就是我们向DevEx出售北领地矿权的那笔交易。

And then we've also got another $1,750,000 coming in from the remaining proceeds of the DevEx transaction of our Northern Territory tenement sale to DevEx.

所以，我们现在很高兴拥有一个强劲的资产负债表，这将再次支持我们在Sandfire的资源钻探项目，我稍后可能会详细谈谈这个。

So we're pleased we've got a strong balance sheet now, which will see us through again to support our resource drilling programs at Sandfire, and I'll probably talk about that in due course.

同时，我们也会继续在Big Lake进行钻探。

Also continue drilling at Big Lake.

我们想继续推进这些勘探项目，虽然目前还处于早期阶段，但地质情况看起来不错。

We'd like to continue those exploration programs being, you know, early stages, but the geology is looking good at the moment.

我们现在已经有钻机在现场进行钻探了。

We have rigs up there right now drilling.

采矿租约申请正在积极推进中，同时完成可行性研究，目标是在2027年第三季度左右完成。

Getting that mining lease application well underway, completing our feasibility study, targeting around q three twenty twenty seven for completion.

对。

Yeah.

安德鲁，听起来你手头的事情可真不少，我们肯定会聊到你刚才提到的其中几件事。

Andrew, that sounds like a full plate to me, and we definitely will be getting into a few of those things that you mentioned there.

恭喜你成功完成这次融资，而且机构投资者持续支持你们的工作，考虑到公司的资产和潜力，目前的估值确实很有吸引力。

Well, congratulations on that cap raise and definitely some of the institutional support there that continues to support what you guys are doing, and it's definitely an attractive valuation where this company stands here today given its assets, given the potential.

当然，你们在桑菲尔继续扩大矿化范围。

And then, of course, so you guys continue to expand mineralization there at SAMFIRE.

那我们不如就花点时间聊聊桑菲尔吧？

Well, why don't we stay on SAMFIRE for a few moments here?

现场回收试验的工作你们基本已经完成了，也公布了一些结果。

The field recovery trial work, you guys have, mostly completed work there, and you guys have put out some results.

目前主要是做个总结，简单聊聊这方面的情况。

And, basically, at this point, as wrap up, just talk a little bit about that.

你们针对不同的矿床特征，采用了两种回收工艺方案。

You guys use two recovery patterns for different deposit characteristics.

说说具体的结果，以及还有哪些现场回收试验工作会纳入可行性研究中。

Talk about the results and any remaining FRT work that will incorporate into the feasibility study.

你看，这次野外回收试验的目标很明确，就是从实验室阶段放大到实际现场。

Look, the objective of the field recovery trial was to obviously upscale from the lab.

我们当时定了五个主要目标。

And we had sort of five primary objectives to achieve.

很高兴地说，我们都实现了。

Pleased to say we did achieve all of them.

所以试验已经结束了，现在正在收尾打包阶段。

And so we have concluded the trial, and now it's currently in packing up stage.

但第一个关键的主要目标，其实就是证明我们能从我们的专利矿区里提取出铀。

But the first key primary objective is really to demonstrate we can extract uranium from field, from our patents.

所以就像你说的，我们采用了两种浸出模式，其中一种代表了整个矿体。

And so as you said, we undertook two patterns of leaching, one that was representative of the entire ore body.

模式一，就是我们可行性研究里涵盖的那部分矿体，也包含在我们2023年12月做的初步研究里。

So pattern one, and it's that part of the ore body that we're including in our feasibility study and also included in the scoping study that we undertook in December 23.

这部分矿体浸出效果非常好，成功达到了行业基准，即70%的回收率，超过了70个孔隙体积。

So this part of the ore body leached very, very well, successfully achieved an industry benchmark of 70% recovery over 70 poor volumes.

为了给你一些背景，如果你把每个曾经投产的ISR矿山的提取器都画出来，回收率对孔隙体积，或者回收率对时间，你会看到这个平均70%的铀回收率。

And to give some context, when you plot every extractor from every ISR mine that's ever been in production, recovery versus poor volume or even recovery versus time, you'll see this average of 70% uranium recovery.

所以我们真的很想看到这个达标，作为进入下一开发阶段的标志。

So we really wanted to see that as a tick in the box to go to the next stage around developing.

我们已经达到了这个基准，所以对此我们很高兴。

So we've hit that benchmark, so we're pleased to get that.

我们本可以继续让这个模式运行或提取更多，但时间就是金钱，一旦达到这个基准，我们就结束了试验。

We could have kept the pattern flowing or extracting more, but time is money, and we concluded the trial once we hit that benchmark.

我们大约在四到五周内就达到了这个基准，所以浸出非常快，非常快。

And we hit that benchmark within about four or five weeks, so it's very quickly to leach, very quick to leach.

铀确实很容易从地下释放出来。

So the uranium does liberate out of the ground quite easily.

从地下提取出的品位大约在115ppm左右。

The grade coming out of the ground was around 115 ppm.

看看我们的全球同行，平均品位通常在30ppm到120ppm之间。

And when you look on our global peers, average grade coming out would usually range between around 30 ppm to 120 ppm.

所以我们是达到了那个上限。

And so we're hitting that upper target there.

所以我们井里产出的含铀母液浓度很稳定可靠。

So we've got a robust pregnant liquor stream coming out of our wells.

同样，流速也非常理想。

And the flow rate likewise was also very good.

我们原预计流速大概每秒三升，但实际达到了每秒五升。

We were expecting around three litres per second in the flow rate, but we achieved up to five litres a second.

其实我们本来可以流量更大，但我们的工厂是个小型试验厂，每秒只能处理五升。

And we could have actually flowed more, but our plant, being a small pilot plant, could only flow at five litres a second.

所以我们就限制在五升了。

So we'll capped at five.

但更重要的是，这个品位和流量证实了我们能达到年产一百二十万磅的生产率，这个数字在预可行性研究里已经考虑到了，也会在可行性研究里继续考虑。

But more importantly, that grade and that flow confirms that we can make the 1,200,000 pounds per annum production rate that's considered in the scoping study and will be considered in the feasibility study.

所以我们对这两个指标非常满意。

So we're very happy with those two metrics.

另外还有试剂消耗。

The other thing is also reagent consumption.

这个也不算特别高。

It was not overly extreme.

它同样达到了国际标准，这个标准是由国际原子能机构制定的。

It was again hitting an international standard, which is set by the International Atomic Energy Agency.

而且这在那套原地浸出标准里也被归类为有利的类别。

And that again is classed as a favourable category in that in that ISR standard.

所以对模式一很满意。

So very happy with pattern one.

模式二，我们测试的是矿体边缘的另一部分，那里的品位和流量都比较低。

Pattern two, we were testing another portion of the body margins where there's lower grade and lower flow.

这些矿产资源我们都没有纳入可行性研究。但正如你所说，如果长期来看基本面价格进入增长阶段，比如达到每磅180美元，这些边缘区域就会变得有经济价值。

We don't include any of that mineral resource into any of our feasibilities, but as you say with the fundamentals long term price perhaps getting into a growth phase, and if it gets to say $180 a pound, these marginal areas will become economic.

所以我们想了解，一旦价格支持开采这些矿体，它们的表现会如何。

So we wanted to understand how they perform if and when the pricing supports mining of these ore bodies.

所以这是一个纯粹的内部测试，是为了确保我们明白怎么浸出那些边缘区域。

So it's a purely internal test to make sure that we understood how to leach those marginal areas.

那个模式的表现也符合我们的内部预测，并且有望达到70%的铀回收率。

That pattern also performed in line with our internal forecasts and also was on track to reach that 70% uranium recovery.

但是因为它品位低、流量低，回收起来需要更多时间。

But because it's lower grade, lower flow, it takes more time to recover.

所以再说一次，这些完全不在我们的可行性研究或采矿计划里，但以后也许会纳入。

So again, not part of our feasibility or our mine plan at all, but it could be in the future.

另外我想提一下离子交换工艺，从树脂中洗脱铀的过程非常成功。

The other thing I wanted to mention was the ion exchange process and the stripping of the uranium from the resins was highly successful.

我们实现了大约98%的捕获效率，而且两种专利树脂的洗脱率也都达标了。

We achieved about a 98% capture efficiency and also a stripping rate for both patents.

所以这两项专利在工厂里的表现没有明显的选择性差异。

So there was no selective difference in the plant between the two patents.

很高兴的是，我们选来试用的耐氯树脂效果非常好。

And glad to say the chloride tolerant resins that we chose to trial work very well.

所以等进入生产阶段，我们就会把这些树脂用在主要的工艺里。

So we'll be using those resins in the main game when we get into production.

我们现在已经掌握了如何控制井场的氯化物水平，这能避免影响树脂的吸附效果。

We understand now how to control our chloride levels in the well field, which essentially interrupt the loading on the resin.

我们已经把这个问题处理好了，确保树脂对铀的捕获效率非常高。

But we've managed that to get that out of the way such that our uranium capture on the resin is highly efficient.

听起来很不错。

Sounds very good.

我们来看看，可能有些类似的操作可以参考。

Just taking a look at, you know, maybe comparable operations.

你觉得会有什么问题吗？

Any issues that you foresee?

当然，可行性研究里会有更多信息，我们也很期待2027年的那份报告。

And, of course, we'll see more information in the feasibility study, which we're excited to see in 2027.

你看到后端还有什么遗留问题吗？还是说后端都挺直接、挺标准的？

Any remaining back end issues that you see, or is everything on the back end fairly straightforward, fairly standard?

进行试验的时候，我们的氯化物水平比大多数作业都要高。

When you're going into the trial, we have a higher chloride level than than most operations.

不过我们通过反渗透，在运行前对井场进行淡化，成功解决了这个问题。

And we did successfully mitigate that by using reverse osmosis to sort of desalinate the well field before we operate.

所以这是其中一个因素。

So that's one factor.

很高兴这种方法奏效了。

We're glad that that approach worked.

而且因为地层的渗透性，这个过程没花多长时间。

And it didn't take very long because of the permeability of the formation.

做这件事不需要太久。

It doesn't take long to do that.

所以我们原本以为会花很长时间，但直到我们大规模流动测试后才知道实际情况。

So we were expecting it would take a while, but we just didn't know until we flowed on a larger scale.

但那次非常成功。

But that was highly successful.

另一个问题，也是大多数采矿作业中常见的，就是钙质浮出水面了。

The other, which is normal in most mining operations, is calcium came to the fore.

所以我们确实也遇到了钙的问题，虽然我们没预料到，但这不是一个必须解决的问题，不过我们确实还是需要处理钙。

And so we do also have calcium which we didn't foresee not a problem that we had to address, but we do nonetheless have to address calcium.

钙的问题在于，它有时会堵塞你的筛网和生产井，或者堵塞你的管道。

And the issue with calcium is that it can sometimes block your screens and your production wells or block your pipes.

所以在试验过程中，我们尝试了几种方法来保持钙溶解在溶液中。

And so through the trial we trialled a number of mitigations methods to keep that calcium in solution.

我们在试验结束时成功做到了这一点。

And we did successfully do that at the end of the trial.

特别是在二号区块我们进行了尝试，因为在一号区块我们已经看到了钙的析出情况。

And particularly on pattern two we trialled that because we could see it coming through in pattern one.

但在二号区块，我们可以尝试一些新颖的方法来应对钙的问题。

But pattern two we could try some novel approaches to deal with calcium.

Honeymoon项目的BOSS Resources也存在钙的问题。

BOSS Resources at Honeymoon have calcium as well.

他们处理钙的方法是在池子里蒸发掉。

And the way they treat that is evaporate the calcium out in ponds.

所以我们也在考虑同样的方案。

And so we're looking at the same approach.

这在南澳已经获得许可了，所以不是那种需要跟政府慢慢磨合的特殊监管问题，而是常规的处理方式。

It's already been permitted here in South Australia, so it's not an out of the box regulatory thing that we have to work through with government, but a standard way of approaching.

不过我们也想确保把所有选项都考量一遍，争取在桑德法尔项目开发的早期阶段，把环境影响降到最低。

But we also want to make sure that we've looked at all options and make sure that we can have the lowest possible environmental footprint whilst we have the opportunity to do so, so early in the stage of the development of Sandfire.

总体来看，进展非常顺利，很期待看到你们后续推进的下一步。

Think overall, this has gone really well and looking forward to seeing, the next steps here as you guys continue to progress.

当然，在可行性研究期间，你们还启动了额外钻探资源扩张计划来支持研究工作，这完全合理，也很好地展示了项目的潜力。

You guys have, of course, an initiative while you were working on the feasibility study to continue to support that feasibility study work with additional drilling resource expansion, and, of course, makes complete sense why you guys are working through that feasibility to continue to demonstrate the upside of this project.

最近，公司在Plumbusch项目增加了推断资源量，使得指示和推断资源总量整体增长了67%，达到约3000万磅铀。

Recently, the company increased inferred resources at Plumbusch, bringing an overall 67% increase of indicated and inferred resources over the project to about 30,000,000 pounds uranium.

请谈谈目前正在进行的计划、近期的一些结果，以及你们对这个特定阶段的目标和预期。

Talk about the current program that is ongoing, some of the recent results, and, of course, your objectives and expectations for this specific campaign.

是的。

Yes.

我想稍微回顾一下，回到六月中旬，当时我们很高兴地宣布签署了一份看涨期权协议，以收购所谓的穆拉·库瓦纳（Mulla Kwana）皇冠租赁权。这块区域涵盖了布莱克布什（Blackbush）铀矿床的南部延伸部分，并包含普拉姆布什（Plumbbush）铀矿床，同时也包含了整个可扩展的矿产资源估算量（MRE）。

I would like to just step back a little bit going back to mid June where we were pleased to announce that we executed a call option agreement to acquire what's called the Mulla Kwana Crown lease, which covers the southern extension of the Blackbush uranium deposit and hosts the Plumbbush uranium deposit, and also contains the entire expandable MRE.

因此，我们现在拥有了购买该皇冠租赁权的选项，作为交换，我们可以立即开始进行勘探。在此之前，由于土地持有者的原因，我们无法进入这片区域。

So we now have the option to purchase that Crown lease in exchange for immediate access to start to explore, where previously this area was inaccessible to us because of the landholder.

过去三年里，我们一直在与他们谈判以获得准入权，我很高兴地说，现在他们已允许我们进行钻探，以便我们决定是否需要购买这块地产。

So over three years we've been negotiating with them to have access, and I'm really pleased to say now they've given us access to be able to drill and decide whether we want to purchase the property.

所以第一笔款项是50万美元的预付款。

So that was a $500,000 upfront payment in the first instalment.

我们可以立即进入该区域进行评估，我们认为这里非常有潜力。

We get immediate access to assess the area, and we think it's very prospective.

我们越过边界直接开始钻探，目前已经将布莱克布什矿脉的延伸长度拓展了600米。

Having gone across the fence straightaway and we started drilling, we've managed to extend the strike extension of Blackbush already by 600 metres.

因此我们知道布莱克布什矿确实延伸到了穆拉·夸纳皇冠租地范围内。

So we know Blackbush does extend into the Muala Kwana Crown lease.

所以，在可拓展性方面，情况看起来非常乐观。

So things are looking really good on that front in terms of expandability.

因此，我们未来的增长策略就是利用对这一区域的准入权，持续扩大矿产资源量估算。

So really our future growth strategy is growing that mineral resource estimate now ongoingly with access to this area.

这让我们有机会通过 ongoing 的工作延长矿山寿命，并继续在整个 Sandfly 项目范围内扩展矿化范围。

It gives us the optionality to extend our mine life now through that ongoing work and, you know, continue to expand that mineralization across the broader Sandfly project.

在获得这片区域准入权之前，我对将额外的1200万英镑资源量纳入 Plumbusch 的矿产资源量估算并没有把握。

And we weren't confident or I wasn't confident to bring that extra £12,000,000 into the MRE at Plumbus until we had access.

所以这对我们来说很关键，我们要确保虽然能多出1200万英镑的资源量，但如果没法开发，那也没意义。

So that was key for us to make sure, you know, we can have an extra £12,000,000 but it's no value if we can't develop it.

所以现在我们可以进入Plumbush矿区，也开始着手开发那里了。

So this now allows us to get into Plumbush and start developing that up as well.

既然我们在围栏对面也发现了矿化现象，公司接下来的重心就会真正聚焦在这个区域，争取把更多的黑布什（Black Bush）资源通过更直接的延伸部分纳入推断类别，并放入可行性研究中。

But now that we've found mineralization across the fence, think our focus as a company now will start really focusing in on that area and trying to bring more pounds into the indicated category with more immediate extensions of Black Bush to be put into that feasibility study.

因此，我们预计短期内矿山服务年限将从12年延长到超过15年。

So we're looking at extending that mine life from twelve years to something in excess of fifteen in the short term.

我们目前正在执行一个包含三百个钻孔的计划，预计在今年11月底结束。

So we're currently executing a three hundred hole program, which will conclude around the end of November of this year.

未来几年我们会继续推进这项工作，重点依然是测试Blackbush矿床的南部延伸区域以及Plumbush矿区的加密钻探。

We will continue to do that over the coming years, but again really focusing on testing that southern extension of the Blackbush deposit, the infill drilling at Plumbush.

此外，我们还关注Blackbush和Plumbush之间以及更广阔区域的走廊地带。

We've also got the corridor between Blackbush and Plumbush and the wider area.

目前整个区域只有30%的面积有钻孔覆盖，而且这些钻孔主要集中在Blackbush和Plumbush两个矿区。

And just on that, the whole area, only 30% of that has been drilled by any one drill hole, and 95% of those holes have been focused at Blackbush and Plumbush.

所以，那些从没勘探过的区域，潜力也很大。

So there's a huge upside in terms of areas that have never been tested as well.

而且我们最近公布的那个六百米延伸，接下来几个月会非常令人期待。

And with that 600 metre extension that we've currently or recently announced, know, very exciting over the next couple of months.

我们会继续在Sandfire那边钻探，差不多每六到八个星期就会有一批新的进展公布出来。

And we will be having a cadence of releases coming out every sort of six to eight weeks as we continue to drill at Sandfire there.

进展不错。

Good progress here.

而且我觉得整体来看，随着你们继续推进可行性研究，这些成果明年在可行性研究报告里会体现得很不错。

And I I think overall, this is going to show quite well in the feasibility study next year as you guys continue to work through feasibility.

至少明年上半年你们都要一直忙这个吧。

You'll be working on it through at least the first half anyway.

基于你目前在当前项目里看到的情况，你怎么看？我猜你们明年也会有类似的打算，继续分配预算去展示更多潜力，毕竟你已经亲眼看着它一步一步发展到现在了。

What's your thinking on based on what you're seeing with this current program, and I suspect you guys will be along the same lines next year planning to allocate budget to continue to demonstrate upside just based on what you've seen, how you've witnessed this come together so far.

你就从一个地质学家的角度，来聊聊你的想法吧。

Talk about what your thoughts are just as a geologist looking at this.

如果你从地质学家的角度看，潜力更大。

If you put your geologist hat on, more potential.

你怎么看这个？

How do you look at this?

我是说，十五年的矿山寿命，可能在这个可行性研究里就能看到。

I mean, fifteen year mine life, we could see this in the feasibility study potentially here.

那你从进一步扩展的角度怎么看？这个项目未来几年是不是会越来越大？

You know, how do you look at this in terms of further expandability and this project really getting larger in the coming years?

对。

Yeah.

那好，我就以地质学家的角度来说。

Okay I will put my Geologist hat on.

铀矿所在的古河道系统非常广阔，我们拥有盆地那一带地区的全部矿权。

So the paleochannel system where the uranium is hosted is very expansive and we have all the tenement holding over that part of the basin.

这只是很小一部分，是延伸到海湾以下的盆地边缘，不过我们拿到的这一段比较靠近地表。

It's a small part, it's the edge of a basin that goes underneath the Gulf, but we've got a part of it that's near surface.

它埋深在80到120米之间，所以算是比较浅的，但地下水位条件很好，整个矿化系统都能用ISR来开采。

It buried at 80 to 120 metre steps, so it's shallow, but it has a great water table that enables ISR through the entire system.

所以我们最近在Plumbush那边打的钻孔，地质情况也是一样的。

And so the drilling that we've been doing down at Plumbush just recently, you know, has the same geology.

跟Blackbush没什么变化，这让人挺受鼓舞的。

There's no change from Blackbush, which is encouraging.

我们看到的矿化层位也是同样的层数。

We're seeing the same levels of roll fronts.

Blackbush那边大概有三层铀矿化带，也就是几个卷锋，Plumbush这边看到的也一样。

So in Blackbush we see around three levels of uranium mineralization or roll fronts, and we see the same at Plumbush.

所以我们就知道这是一个很大的成矿系统，因为Plumbush离Blackbush有五公里远。

So we know it's a large system because Plumbush is five kilometres away from Blackbush.

而且中间根本没有打钻。

And there's no drilling in between the two.

所以我觉得，这个矿化系统沿着那个走廊一直延伸到Plumbush的可能性非常大。

So I think there's a high likelihood that there's we'll see that system continue through that corridor into Plumbusch.

另外，Plumbusch以南也完全没有钻探过。

And that being said, too, south of Plumbusch, there's absolutely no drilling either.

所以南边大概还有五公里的走向长度需要去验证。

So there's probably another five kilometres of strike length to test south.

至于东西两侧，我们其实还没怎么看过那片区域。

And notwithstanding east and west, we really haven't even looked at that area.

早在2023年，我们就估算过该地区的勘探目标范围，当时虽然没把Plumbush算进去，但大概在1400万到1700万吨之间。

And back in '23, we estimated that we had an exploration target range, which didn't include Plumbush at the time, of around 14,000,000 to 17,000,000 in the region.

我们只是根据古河道上有钻孔的位置，估算了大约十磅的品位。

And we only estimated that tenor of pounds based on where we had a drill hole in the paleo channel.

所以我们没有做太多推测，保持得很实际。

So we didn't infer very far, kept it real.

我觉得我们的潜力相当不错。

And so, you know, I think that we have quite a good potential.

加上Plumbush之后，我们现在已经达到了30。

We're already at 30 now with the inclusion of Plumbush.

把矿化带又延伸了600米，而且我们还会继续延伸下去。

Extended that mineralisation by 600 metres, and we'll keep extending that.

所以我觉得，那个7500万英镑的目标，我开始觉得是可以实现的。

So I think the target of £75,000,000 I'm starting to see is in the realm of achievable.

所以关于目标范围，我想说的大概就是这些。

So I think that's probably what I would like to say around the target range.

我们大概会在明年初重新审视一下这个目标。

We will review that, I think, early next year.

根据目前出来的结果，我们可能会考虑调整这个目标。

We at, given the results that are coming through may look at revising that.

但就目前而言，我们的目标还是定在7500万。

But for now, you know, our our sites are on that 75,000,000.

太好了。

Excellent.

而且我觉得，如果你们能继续像这次这样提升储量，我们肯定能越来越接近那个数字。

And I think if we can continue to demonstrate what you guys were able to do with the current increase, I think we certainly can get closer and closer to that number.

听起来这方面我们还有一些工作要做。

So sounds like we have, some work to do on that front.

而且看起来这个项目到目前为止确实有可能产出这些成果，接下来也大有希望。

And looks like the project is certainly able to produce, so far, potentially, those results going forward here.

非常感谢，Andrea。

So appreciate that, Andrea.

我稍微看一下整体的大时间安排。

Just looking at a little bit bigger schedule here.

对于采矿租约审批的进展和可能的时间安排，你们有什么看法吗？

Any comments on both the progress and the potential timing on mining lease approvals?

你也知道，铀矿的采矿租约审批通常会拖得比较久。

So as you know, uranium mining lease approvals can be quite protracted.

在澳大利亚，从发现到投产一般要十五年左右，不过我们这个项目还远没到那一步。

In Australia, they normally, from discovery to production, take around fifteen years, but we're not at that stage of this project.

我们是在Blackbush这里发现这个矿的。

We've been discovered here in Blackbush.

矿体已经开发得很充分了。

It's been widely developed, the ore bodies.

为了弄清矿体的连续性以及整体结构，我们进行了大量钻探。

There's been a lot of drilling to understand the continuity and how the ore body holds together.

我们已经开展了现场回收试验，其中也包括和州政府长达三年的审批流程，这个流程基本上涵盖了采矿租约审批中要处理的各个方面。

We've undertaken the field recovery trial, and part of that too was a three year approval process with the State Government, which essentially is the same aspects you have to address as you would in a mining lease approval.

所以在审批方面，我们已经远远领先于起点了。

So we're quite a ways ahead of the start gate there in terms of our approvals.

我们已经开始与州政府和联邦政府接触，因为在南澳大利亚州开采铀矿也需要联邦政府的批准。

We've started engaging with the State Government and the Federal Government, because uranium mining in South Australia requires a federal government approval as well.

不过这项审批由州政府主导和负责。

But the state government drives that, they manage that.

所以说，我们会跟他们进行初步讨论，商讨审批策略，尽量把现场回收试验里掌握的信息都纳入到审批过程中去。

And so our preliminary discussions with them around the strategy of the approval, incorporating as much of the information that we can from our field recovery trial into that approval will occur.

我们双方都认为，这项审批大概需要两到三年的时间。

And we have both come out with the view that this approval could probably take around two to three years.

所以我们现在正在着手处理这件事。

So we're onto that right now.

我们已经在推进了。

We're underway.

我们现在在完成那些还没做完的基线研究，并且和政府里的水文地质专家沟通，把他们在现场回收试验里提出的其他问题都尽量覆盖到。

We're undertaking the outstanding baseline studies that we need to do, engaging with the hydrogeologists in government to cover off on anything else, other questions they've had out of the field recovery trial.

所以现在要产出的科学研究还挺多的，尤其我们手里已经有了现场回收试验的结果。

So there's just a lot of science now that we need to produce, particularly now that we've got the field recovery trial results.

这对申请采矿租约真的特别有帮助。

It really helps in a mining lease application.

所以现在我们团队都在加紧干，我们也只能继续推进。

So we've got the team hard at it now, and we just have to keep working on it.

我们希望能顺利达成目标，计划是在2028年底左右完成租约审批。

And we'll get there hopefully, and around the end of twenty twenty eight is the target for finishing that lease approval.

我觉得可行性研究放在2027年下半年的话，差不多就可以开始考虑最初融资方案、建设融资，还有那些长周期设备这一类，时间应该能刚好衔接上。

I think with feasibility in in second half twenty twenty seven, somewhere along the lines of looking at initial rounds for financing package, construction package financing, long lead items that should tie in about right.

那你预计是2028年底，或者可能2029年某个时候，才能完全获批、正式动工吧。

So you're thinking late twenty twenty eight or potentially sometime in 2029 have the full thumbs up to go ahead.

对。

Yes.

这就是我们的策略。

That's that's the strategy.

对。

Yes.

我也不确定。

I don't know.

安德莉亚，也许你能想到澳大利亚有哪个更容易获批的管辖区，但我还是会说南澳大利亚大概是你最好的选择。

Maybe you can think of a better jurisdiction, Andrea, in Australia to permit, but I would say South Australia is probably your best choice.

是的。

Yes.

毫无疑问。

Hands down.

所以，你知道，南澳已经有四座原地回收矿在运营了，这个Sandfire项目将是下一个获批的。

So, well, you know, we've got four in situ recovery mines already operating in South Australia, and this Sandfire project will be the next one permitted.

而且，我觉得Sandfire会是未来十年内澳大利亚唯一获批的铀矿项目。

And in fact, I think Sandfire will be the only uranium project permitted in Australia in the next ten years.

所以我们正好赶在这十年空档期的前面。

So we're at the front of that ten year gap.

除了北领地，其他所有州都需要调整他们对铀矿开采和勘探的政治立场。

Most of the other states, all the other states except for Northern Territory, have to revise their political stance on uranium mining and exploration.

而且，你知道，昆士兰和西澳有一些好的迹象表明这可能会发生，但不会在接下来两三年内实现。

And, you know, there's some good indicators that in Queensland and Western Australia, you know, that may happen, but it's not going to happen in the next two years or three years.

那些项目，有些已经处于不同的开发阶段，但都停滞了，需要从原来的地方重新启动。

And those projects that some of them are at various stages of development, but nonetheless have stalled and they need to then restart from wherever they were.

任何采矿作业在这些州获得许可都需要时间，尤其是当它们还没有监管框架的时候。

Any mining operation will take some time to get permitted through those states, particularly when they already don't have a regulatory framework.

所以政府也得学着怎么处理这件事。

So the government will also have to learn how to do that.

而且南澳大利亚州确实会定期与这些政府沟通，分享如何实施铀矿开采和勘探监管框架的信息。

And South Australia does speak with those governments regularly on information sharing on how to implement uranium mining and exploration regulatory framework.

所以这是可以实现的，但这里还有一些障碍需要克服。

So it's within reach, but there's still some hurdles to get through here.

所以，是的，南澳大利亚州就是该去的地方。

So, yeah, South Australia is the place to be.

这就是我们专注于南澳大利亚州的原因。

That's why we're focused on South Australia.

这就是我们在南澳大利亚州拥有Big Lake项目的原因。

That's why we have our Big Lake project here in South Australia.

我们也在寻找其他项目，可以开始纳入我们的项目管道，同样以南澳大利亚州为重点。

And we're also looking at other projects that we can start to bring through our project pipeline, again, South Australian focused.

对。

Yeah.

那太好了。

That's great.

绝对。

Absolutely.

说得很好。

Good comments there.

当然，澳大利亚其他一些州确实有工作要做，而且那些搁置的项目也得重新启动，之前他们碰上的那些问题也得一并解决。

And certainly, some of these other jurisdictions within Australia have some work to do, plus a handful of those stalled projects have to get dusted off and, some of the problems that they had before fixed.

那边要处理的事情真的不少，而且按那边的办事节奏来看，估计得花很长时间。

And there's just a lot of stuff there to do, and it's gonna take a long time, especially with how things move there.

我也不是说他们就不能更快点儿。

I mean, not to say that they couldn't move faster.

他们完全可以直接拿南澳的模式来用。

They could just take the South Australia model and use that.

不过，当然，我相信每个州都挺自豪的，大家都喜欢按自己的方式来。

But, of course, each one of these states, I'm sure, is proud of themselves, and they like to do things their own way.

所以咱们就等着看会怎么发展吧。南澳绝对是个好地方，我也很期待看到Alligator在那里推进起来。

So we'll we'll see what happens on that front and definitely good jurisdiction and and looking forward to seeing things move forward here for Alligator.

你提到了大湖。

You mentioned Big Lake.

我们不如现在聊聊大湖吧？

Why don't we shift over to Big Lake for a moment here?

你们显然很想在大湖那边开工，做一些后续的勘探工作。

You guys obviously are wanting to get to work up there at Big Lake and do some follow-up exploration work.

我觉得这首先对公司来说是个重要的项目，是个重要的储备项目。

I think this is first as an important project for the company, important pipeline project.

不过，说说你们到了大湖之后，想在那里实现什么目标吧。

But just talk about what you would like to accomplish at Big Lake when you guys were able to land up there.

谈谈那些计划和可能的时间安排。

Talk about those plans and the potential timing.

大湖项目在地质上跟桑德法尔项目确实有点不同。

So the Big Lake project is really a bit of a shift geologically from the Sandfire project.

它仍然是一个原位回收的目标。

It's still an in situ recovery target.

它仍然是一个砂岩型矿床，但我们面对的是一个更大的系统。

It's still a sandstone hosted play, but we're looking at a much bigger system.

所以我们看到的一些系统，比如在哈萨克斯坦，它们与油气盆地有关。

And so there's systems that we see, say in Kazakhstan, where they're associated with oil and gas basins.

所以我们在油气盆地上方有非常厚的砂岩层，非常相似。

So we have very large sandstone formations above an oil and gas basin, so very analogous.

但直到2024年，直到我们在那里进行的首次钻探计划，没有人知道任何砂岩层中是否有铀。

But up until 2024, up until our inaugural drilling program that we undertook there, No one knew if there was uranium in any of the sand formations at all.

我们目前特别关注盆地的顶部400米。

We're particularly looking at the top 400 metres for now of the basin.

所以我们是第一个进入该地区的矿产勘探者，因为油气公司已经在那里运营了五十多年，而且那个地区从来就没有进行过矿产勘探。

And so we were the first mineral explorer into that area because the oil and gas companies have been operating there for over fifty years, and there's just been no mineral exploration up in that neck of the woods forever.

所以我们在第一次钻探计划中进入那里，实际上遇到了一些厚厚的砂岩，这些砂岩显示出铀流经的迹象，而且砂岩本身也有一些异常的铀。

So we went in there in our first drilling program and actually hit some nice thick sands that show evidence that uranium has flowed through them and also some anomalous uranium in the sands themselves.

所以我们知道系统中存在相当多的铀。

So we know that there's uranium in the system quite a lot of it.

所以现在我们的任务是找出它在哪里富集。

And so now our job is to find where it's accumulating.

这也证实了概念，我们在一个全新的盆地发现了铀，以前没人找到过。

But it's also proof of concept that we have uranium in a new basin that no one's ever found before.

目前我们有大约五个钻孔显示了这些证据。

So now we've got about five holes that show that evidence.

接下来就是看看这个规模到底有多大。

So now it's, well, how big is this?

这是一个关键问题。

Is one of the questions.

我们目前正在那边进行钻探，针对10号井点的初步发现开展岩芯取样工作，试图搞清楚铀矿化是否有多层分布，以及具体位置在哪里。

And we're currently drilling up there right now, doing some air core drilling following up that initial discovery in Site 10, trying to understand whether we have multiple layers of uranium mineralisation or where exactly it is.

我们还引入了地球物理工具，特别是井下地球物理仪器，来帮助我们精准定位地层中铀的具体位置。

And because we've brought in some geophysical tools, downhole geophysical tools, to help us pinpoint exactly where the uranium lies in the formation.

所以非常令人兴奋，我们在那边钻探的过程真的让人很激动。

So exciting, exciting that we're drilling up there.

那个地区经常下雨，所以过去两年我们没法在那里钻探，因为被水淹了，所以叫大湖。

The area is subject to rain a lot, so we couldn't drill there for the last two years because it was flooded, hence the name Big Lake.

但我们计划在未来几周内公布我们目前正在进行的项目的结果。

But plan to release the results of our program that we're currently undertaking in the next few weeks.

他们的计划是继续扩大那个发现，同时开始钻探其他优先目标区域。

And their plan is to keep expanding on that discovery, plus starting to drill some of the other priority target areas.

我们在那里拿下了很大一片矿权地，所以有很多工作要做。

We have pulled a very large tenement holding there, so there's a lot of work to do.

但我们每年大约投入1.315亿美元，继续勘探这个新区域。

But we've allocated around $1.31500000 dollars per year to continue to uncover this new area.

另外，我们也在考虑如何找合作伙伴，一起推进这个项目。

Also, look at maybe how we can partner with someone to to keep that moving forward.

安德烈，那太好了。

Andrea, that's great.

感谢你提供的最新进展，期待看到那些结果出来。

Appreciate the update on that and looking forward to seeing some of those results come out.

你能简单说说那边的进度安排吗？大概什么时候能完成这项工作，我们什么时候能看到第一批结果？

Just talk a little bit about what you see there for schedule to complete that work and when we can see first results?

好的。

Yeah.

我们计划钻探到十月底，但接下来几周会发布一些结果，然后在项目结束前再发布一轮结果。

So we're planning to drill there up until the end of October, but we will be releasing results in the next couple of weeks and then another round of results at the end of the program.

我们还打算在明年第一季度或第二季度末左右，为这个项目公布一个勘探目标范围，让大家了解一下我们瞄准的方向。

We also intend to look at publishing an exploration target range around the end of Q1, Q2 next year for this project, just to give a sense of what we're trying to target.

但再次强调，我们真正瞄准的是那些大型的卷状铀矿体。

But again, we're really targeting those large roll fronts.

所以我觉得勘探目标范围，你知道，最低端可能就从五千万吨开始。总之，我们走着瞧吧。

So I would say the exploration target range, you know, the bottom end would even just start at 50,000,000 So anyway, we'll see how we go.

你知道，我们会保持科学头脑，专注于钻探。

You know, we'll keep our science brains on drilling.

我们的团队很擅长发现卷状铀矿体，知道怎么追踪它们，并据此规划钻探计划。

We've got a team that know how to discover roll fronts and know how to track them and plan the drilling program accordingly.

所以我真的很有信心，我们一定能从这个区域拿到一些扎实的好结果。

So I really am positive that we'll we'll get some good robust results out of this area.

那我们就很期待看到这些结果了。而且，随着我们 hopefully 继续在比格湖（Big Lake）发现持续的矿化交汇，这确实有潜力成为公司的一个重点项目管线。

Well, looking forward to seeing some of those results, and, certainly, this has the potential to be quite a pipeline project for the company as we continue, hopefully, to see continued intersections of mineralization there on Big Lake.

对，很高兴你们能在那边开展工作并顺利推进。

And, yeah, good to have you guys up there and and getting going with the work up there.

接下来我想换个话题。

And I wanna just shift over.

你之前提到过，你们出售了北领地的一些矿权，也就是退出了北领地的业务。

You had mentioned it before the sale of some tenements up in Northern Territory, your guys' exit from Northern Territory.

简单聊聊最近六月刚完成的那笔交易，以及退出北领地的原因，主要是出于什么考虑。

Just talk about that sale that was just recently completed in June and the exit from Northern Territory, you know, what the rationale was for that.

这家公司最初就是依托北领地的矿权建立起来的。

The company was essentially founded on the Northern Territory tenements.

所以从2007年开始，我们就一直在那边进行勘探，寻找大型硬岩铀矿床。

And so since 2007, we've been exploring up there and, you know, we're looking for big uranium deposits hard rock.

而且我加入公司的时候，我在那边当过几年的地质学家，所以我了解怎么在北领地勘探铀矿，但我的专长其实是在ISR和Sandfire项目上。

And when I joined the company, you know, I've worked up there as a geologist for a couple of years, so I understand how to explore for uranium in the Northern Territory, but also my expertise in ISR and the Sandfire project.

我觉得一旦我们从ISR的角度开始看Sandfire，并且开始开发它，我们很快就意识到Samphire才是我们的价值驱动力。

I think once we started looking at Sandfire from an ISR perspective and starting to develop that, we shortly understood that Samphai is our value driver.

所以北领地的勘探成本非常高。

So exploration in the Northern Territory is very expensive.

而且还有季节性限制。

It's seasonal.

所以很难有连续性的进展，而且过去二十年里都没有什么重大发现。

So it's really hard to get a run up, and there's been no significant discovery in the last sort of twenty years.

所以是时候看看我们公司的主要价值驱动力是什么了，那绝对是Sandfire。

So it was time to just have a look at what's our main value driver here for the company, and it's definitely Sandfire.

所以我们决定考虑出售这些矿权。

So we decided to look at divesting the tenements.

另外，从整合的角度来看，要在那边成功，就需要某种矿权整合，因为有很多公司都在各自进行勘探项目。

And also in terms of consolidation, success up there requires some sort of tenement consolidation because you've got a number of companies doing their own exploration programs.

在我看来，要想找到大矿，最好持有大面积的矿区权益，并且采用统一的勘探策略，而不是各自为战。

To find the big one, in my view, it's best to have a large tenement holding and having a, you know, a consistent exploration approach rather than disparate ones.

所以把这部分资产出售给DevEx的想法，正好让他们能够这么做。

So that was the idea of divesting this to DevEx, enabled them to do that exactly.

我们谈定的总对价是750万美元。目前我们已经收到了575万美元的首付款，剩下的175万美元现金还在等到账，这取决于那份勘探准入协议的转让，该协议涉及北领地的那两个矿区。

So we negotiated a total consideration of $7,500,000 We've received 5,750,000 of that now in an upfront payment, and we're just waiting to receive the remaining $1,750,000 in cash, which is just subject to the transfer of an exploration access agreement, which relates to two tenements up there.

不过现在只需要跟北领地政府走一下行政流程，把这个手续办完就行了。

But currently with the NT Government and it's purely an administrative effort to just close that out.

所以这件事应该很快就能收尾，这笔交易也会彻底完成。

So that should be closed out shortly and that transaction will be totally concluded.

好的，非常感谢。

Well, I appreciate that.

而且毫无疑问，ISR业务才是公司在北领地最核心的部分。

And most definitely, the ISR component of the company is the most important here at Northern Territory.

当然，新矿区（绿区）始终存在发现高品位、大规模铀矿的潜力。

There's always kind of that greenfields potential for higher grade, larger scale uranium discovery.

但你也知道，比我更清楚，北领地这个地方，有时候确实挺难搞的。

But as you well know, better than I do, Northern Territory is, can be quite a difficult jurisdiction.

而且就算你发现了什么，要拿到那边的审批，也是一场硬仗。

And if you do find something, you've got quite an uphill battle with respect to getting approvals up there.

所以，嗯，挺好的。

So well, good.

我们就看看那些在那边的勘探公司会有什么进展吧。

We'll see what happens with some of the exploration companies working up there.

我想稍微聊一下资本结构和资产负债表。

I wanna just shift over to capital structure and balance sheet for a moment.

当然，我们之前谈过融资，但说说看，根据这次融资的预估情况，你觉得我们的现金状况会怎么样，特别是在这些钻探项目之后，按预算来看，这些钱能支撑公司多久？

Of course, we talked to financing, but talk about where you would expect us to be based on the the pro form a for the financing here, where you would expect us to see maybe on cash post these drill programs and budget, and how far you think that covers the company.

另外，也顺便提醒一下听众，主要股东都有谁。

And then also just remind the audience of the major shareholders on the roster.

对。

Yeah.