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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不定期推出的节目。
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，其中的所有内容仅供娱乐和教育目的。
Please note this program is a private discussion, and everything contained herein is for entertainment and educational purposes only.
好了，希望你现在正舒舒服服地坐着，手里拿着最喜欢的饮料，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.
我们提醒听众查看每期节目附带的节目说明，以便更好地了解我们的节目运作方式。
We remind our audience to examine the show notes attached to each of our shows to better understand how our program functions.
在进入讨论之前，我们要感谢来自史密斯每周的听众们提出的问题，包括杰克·T、安迪·J、克雷格·S和迈克·P。
Before we get into our discussion, we wanna say thanks for questions coming from our audience at Smith Weekly, including Jack t, Andy j, Craig s, and Mike p.
今天的播客，我们迎来了一位新嘉宾，他将介绍一家新公司，这位是——
On the podcast today, we have a new guest introducing a new company, Mr.
老虎黄金的总裁兼首席执行官罗伯特·瓦莱斯先生，今天和我们在一起。
Robert Valles, president and CEO of Tiger Gold is with us.
老虎黄金是一家黄金项目开发与勘探公司，正在推进哥伦比亚的根奇亚黄金项目，目前现场钻探工作正在进行中。
Tiger Gold is a gold project developer and exploration company that is advancing the Guenchia gold project in Colombia with ongoing drilling work currently underway at site.
老虎黄金在多伦多风险交易所上市，代码是TIGR，同时也在美国OTC市场交易，代码是TGRGF。
Tiger Gold is listed on the Toronto Venture Exchange under the symbol TIGR as well as on the US OTC Markets under the symbol TGRGF.
瓦莱斯先生，
Mr.
感谢您今天参加我们的节目。
Valles, thank you for joining us today.
欢迎您。
Welcome.
谢谢你，安德鲁，感谢你的邀请。
Thank you, Andrew, for having me.
很高兴来到这里。
It's a pleasure to be here.
是的。
Yeah.
罗伯特，很高兴你能来。
Robert, good to have you on.
这是我们第一次向观众介绍Tiger Gold。
First time to introduce Tiger Gold to our audience.
这家公司挺有意思的。
It's an interesting one.
在我们开始聊Tiger之前，按照惯例，我们先来聊聊别的。
Before we kick off with talking Tiger, let's kick it off here as customary.
先请你介绍一下你在初级自然资源领域的背景和经验。
Let's have you cover your background and experience in the junior natural resource sector.
安德鲁，我在这个行业已经干了三十多年了。
I, have been in the industry just over thirty years, Andrew.
我最初是采矿工程师，在巴里克黄金干了十五年，在Humana Gold干了将近九年。
Mine engineer originally, plugged some long tenures with Barrick Gold, fifteen years, Humana Gold, just under nine years.
在巴里克的时候，我在矿山运营和工程方面积累了经验，在北美、南美、澳大利亚都工作过，还在非洲待过一段时间，之后大概十年后转向了商业领域，做并购，然后搬到了多伦多的总部。
With Barrick, you know, cut my teeth in, mine operations and engineering, work globally in North America, South America, Australia, you know, and for duration in Africa, before moving then probably after a decade of that into the business side of things, m and a, and relocating to Eric's head office in Toronto.
从那时起，我开始参与一些非常重要的交易，一直到我职业生涯的后期。
From there, you know, began to be part of some very significant transactions through then the balance of my career.
我想在巴里克期间，最引人注目的应该是收购平瑟多姆，这次整合基本上让公司一夜之间规模翻了一番。
I guess with Barrick, most notable would have been the acquisition of Placerdome, and the integration of that essentially doubled the company overnight.
那是一段非常难忘的经历，也是我在并购领域的一次实战洗礼。
It was quite an experience and a baptism by fire into M and A.
从那以后，我的职业生涯真的拓展到了许多其他领域。
But from there onwards, it did really took off into so many other realms.
积累了大量的市场经验和见识。
A huge amount of experience and exposure in the market.
这确实是个难得的机会，不仅对我个人而言，也能让我把积累的这些技能和经验带到其他团队，专注于像我们现在这样的项目。
You know, it's just a fantastic opportunity, you know, not only for myself, but to be able to develop, you know, these skill sets and experiences to to bring to other teams and and focus on other projects like we're at here now.
在Yamana期间，我觉得最值得一提的有两件事：一是和Agnico合作联合收购Osisko，二是后来全资收购了Xstory旗下的Cerro Moro矿山，我们最终完成了该矿山的开发、建设和运营。
And I think with Yamana, probably the most notable there was with the acquisition of, joint acquisition with Agnico of Osisko and then the full acquisition of Xstory for the Cerro Moro mine that we eventually developed, built, and, operated.
Barrick的发展轨迹很有意思，当然还有后来Randgold的交易，以及之后发生的一系列事情。
Interesting evolution there of Barrick and, of course, the Randgold transaction and, some of the things that have happened since.
是什么促使你离开那些大型矿业公司，从矿山工程领域转型的呢？
What made you come out of, you know, the majors, the mine engineering side, you know, all that?
当然，你还有那些经验，但是什么让你进入这个小型的初级自然资源行业呢？
Of course, you still have all that experience, but what made you go into this little junior natural resource sector?
嗯，你知道，当你从游轮开始，那差不多是最大的了，当然，除了基础金属的规模。
Well, you know, when you're starting on cruise ships and, you know, it's about as big as it gets, excluding, of course, base metal scale.
但在黄金领域，那差不多就是最大的了。
But in the gold spaces, that was about as big as it got.
你知道，还有很多其他的。
You know, there was so much else.
还有很多其他的方面，我从中获得了经验，比如并购，你知道，把技术和商业结合起来，形成一种用于评估收购机会的框架，然后经历收购过程，再把它们纳入开发管道，那真是技能的全方位运用。
There's so many other avenues that were covered, and I gained experience in from, you know, the with m and a, I guess, you know, bringing the technical and the business together into a fabric that was applied to, you know, evaluating opportunities for acquisition and, you know, going through the process of acquisition, then folding them into a development pipeline and that it was, you know, full tilt in terms of skill sets.
但随着我从一个大型公司转到另一个，这确实变成了一个机会，即使在高管层，也有更多机会磨练领导技能，全面掌握一个项目。
But as I moved from one major to the next, it it certainly, you know, became an opportunity where there was more even though you're at executive levels, there was more opportunity to hone leadership skills and get one's arms around a project, you know, in totality.
通常，当你在像巴里克这样的大公司工作时，或者过去的哈莫尼。
Normally, when you're working with a large firm such as Barrick or or past Humana.
你处于治理角色，但也有接触点，还有很多其他团队参与推进项目。
You're you're in roles of governance, but also touch points, and there's so many other teams that are involved with moving it forward.
你知道，大公司有不同部门，但在小公司，你就有机会真正成为唯一的那个部门，推动事情前进，组建一个非常扎实的跨职能团队，能够处理推进矿业项目所需的所有工作领域和专业知识——这大概是我之前缺失的那一块拼图。
There's divisions, as you know, with a smaller company, the opportunity to really be the single division, you know, and move something through, build a very solid team, cross functional team that can handle all the, you know, the areas of work and and expertise that's required to advance a mining project is was the the one piece of the pie, I guess, I could say that I didn't have.
对吧？
Right?
所以这真的是一个机会，而且这个机会差不多是在新冠疫情爆发的时候出现的。
So it was a real opportunity, and that kinda came in around the time COVID hit.
所以那是一个很好的时机，可以考虑转换方向，去补上经验和技能拼图的那一块，然后把我所有的经验都集中到一个特定的项目和公司上，这就是那个机会。
So it was kind of a great time to consider switching gears into covering that part of the pie of experience and skill sets and, you know, pointing all of that experience at one particular project and and company was the, you know, the opportunity.
所以我在全球各地跑了这么多年，看了成千上万个项目，甚至带着团队实地评估过。
So I've spent so many years around the planet so many times looking at thousands of projects, evaluating them on the ground even with, you know, teams.
你看到更多的是事情做得不对的地方，然后你心里一直记着这个清单：如果我有机会，我会这么做。
You see more how things are not done right and, you know, and you you're always keeping this checklist of, you know, if I ever get that chance, we'd do it this way kinda thing.
对吧？
Right?
所以这真的是一个机会，不仅带来技能，更重要的是，安德鲁，带来纪律性。
And, so it's a real opportunity to bring the skill sets, but more importantly, Andrew, to bring the discipline.
对吧？
Right?
当你有了知识，有了经验，你所需要的就只是纪律，去执行，不偷工减料，以发展和成长的方式推进，在捕捉和实现每个开发环节的同时为股东创造价值。
That when you've got the knowledge, you've got the experience, all you need then is the discipline to do it, to not cut corners, to move through something in a development growth way that delivers value to shareholders as you capture and crystallize each development aspect.
但你交付的东西是可靠的。
But you're you're delivering something that is reliable.
它是严密的。
It's airtight.
它是可预测的。
It's predictable.
当然，对于任何运营，无论是在矿业领域还是其他领域，你都需要可预测性和可靠性。
And, of course, when it comes to any, operation, you know, be it within the mining space or outside, you need predictability and reliability.
对吧？
Right?
而这正是我们能够提供的。
And, and that's what we're, you know, able to deliver.
所以，能有这样的机会专注于此，并把它带到台面上来，是件非常令人兴奋的事。
So, having that opportunity to focus that way and and bring that to to the table was is quite an exciting thing.
当然，你手头资产的质量和它的地理位置，那更是锦上添花，对吧？因为我在全球各个司法管辖区都工作过，知道地理位置上既有挑战也有机遇。
And and, of course, the quality of the asset you're working with and its location is just icing on the cake, right, because of working every jurisdiction around the planet, you know, when it comes to geographic locations and the challenges and opportunities.
所以，在我和团队在上市前仔细评估时，这个项目真的每一项都符合要求。
So this one just really checked every box when I had gone through it and identified it with the the team before we went public.
罗伯特，感谢你分享这些深刻的见解，以及你在一些大公司工作后想做的事情。
Robert, thank you for going through that good insights and how you look at some of those things you wanted to do after being with some of the majors out there.
这确实是一个有趣的项目，当然也是一个有趣的司法管辖区。
And this is definitely an interesting project and interesting jurisdiction course.
我们马上就会深入探讨。
We'll jump into that in just a moment.
是的，感谢你的这些见解。
But, yeah, appreciate those insights.
在我们讨论老虎项目之前，先简单聊聊市场情况。
Before we jump into Tiger, let's just touch on the market briefly.
你怎么看黄金市场？
How do you look at the gold market?
如果你对金价有什么看法，当然还有相关的市场情绪和行情，能分享一下吗？
And any thoughts on the price of gold if you have an opinion there and, of course, the related sentiment and the market action out there?
是的。
Yeah.
这是个很大的问题，涉及很多方面。
That's a big question with a lot of tentacles.
但你知道吗？
But you know what?
正如我已经说过的，我的背景实际上是从零基础的角度出发，保持这种纪律，不复制粘贴，也不去投射别人的想法。
As I've already outlined, my background is really about working from a zero based perspective, you know, and keeping that discipline to to keep it zero based and and not copy and paste and, you know, project the thoughts of others.
你必须依靠事实和基本面来引导自己。
You've gotta rely on facts and fundamentals to guide you.
而且这是一个数据驱动的世界，或者说，在大多数情况下应该是这样。
And and it's it's data driven world or, you know, it should be in most cases anyway.
在这种情况下，基本面比以往任何时候都更支持金价走高，你知道，央行过度购买黄金的势头不减，加上市场波动性，说实话，我觉得我们这一代人谁都没见过这种波动，而市场在很多方面对此的常态化处理简直匪夷所思。
In this case, the fundamentals are there more than ever for a higher price gold environment between the, you know, excessive central bank purchasing that's not letting up to the volatility that's, you know, something I don't think any of us have seen in our generation, to be quite frank, and the normalization in many ways of that by the markets is just bizarre.
但当你考虑到政治和经济上的波动因素时，所有这些背后仍然是基本面问题，比如，什么才是价值储存？
But when you consider the elements of political and economic volatility out there, underlying all of that remains the fundamentals of, you know, what is a store of value?
什么能在市场波动的大风暴中代表稳定？
What is something that represents stability in hurricane of of volatility, right, through in the markets and so forth.
答案就在那里，你知道，我认为这显然就是金价已经涨到目前水平、并且在很短的时间内涨上来的原因。
It is there, you know, and I think that's obviously the reason why gold price has been has come up to where it is and come up in very short order.
我的意思是，当我们2024年创办Tiger Gold时，我们开始了初步经济评估，并在去年年底发布，我们是在2025年第三季度完成的。
I mean, when we started Tiger Gold in '24 and we, you know, had gotten into and started our initial PEA that we released late last year, we were doing that and completed it in q three of twenty five.
当时长期共识金属价格是26.50美元。
The long term consensus metal price was $26.50.
而现在，已经远远超过3000美元了。
Right now, it's well over 3,000.
你知道吗？
You know?
当然，现在项目评估的价格都已经到了四千多美元的水平。
And, of course, projects are being evaluated at, you know, within in the 4 thousands now.
所以黄金价格出现了非常快速的上涨，但这完全是基本面驱动的。
So there's been a huge rapid increase in price as far as gold goes, but it's all driven by the fundamentals.
现在，当你考虑是什么在制造和延续市场波动，以及在哪里能找到真正的价值时，黄金绝对是答案。
Now, when you consider the fundamentals of what's creating and perpetuating volatility out there and where fundamental value can be found, gold is definitely it.
而且这种波动不会很快消失。
And that volatility is not something that's going away anytime soon.
我想我们现在都从霍尔木兹海峡事件中得到了教训，比如石油供应的波动，以及它对利率等方面的影响。
I think we all now have been educated on that with respect to the Strait Of Hermos, you know, volatility around the the supply of oil, the impacts of that on, you know, interest rates and and so forth.
是的。
Yes.
这对黄金来说是个负面因素，但它带来的影响是长期的。
It's a negative pull on gold, but this has implications that are long lasting.
这些影响不会在一个月内就回到六个月前的状态。
They don't flip back to where they were, you know, six months ago in a month.
所以，你面对的是一个长期波动和不确定的状态，市场当然很不喜欢不确定性。
So you're looking at a prolonged state of volatility and uncertainty, of course, markets really not liking uncertainty.
黄金提供了那个避风港。
Gold provides that safe harbor.
当项目和公司体现了那种我前面提到的避风港的可预测性和可靠性时，这对投资者来说就很有吸引力，而且当投资者准备好重新参与并寻找这些机会时，黄金就是他们的首选。
And when you've got projects and companies that are a reflection of that safe harbor predictability, reliability that I had mentioned earlier, that is a real attraction for investors, and it's it's a go to place to go when investors, you know, are ready to reengage and find those opportunities when they exist.
而现在，随着波动再次加剧，这不仅是像我们这样的公司的买入机会，也是大宗商品本身的买入机会。
And right now, with the volatility that spiked up again, it really is a buying opportunity for not only companies like us, but for the, for the commodity itself.
所以，我们——至少我个人——对未来的预测，跟我刚才说的一样，就是预期会有长期的波动和不确定性。
So our projections or at least my personal ones going forward is tied to what I had just said, that there's a expectation of prolonged volatility and uncertainty.
而且我认为金价不仅会保持现状，还会继续上涨，因为经济不确定性的负面影响会逐渐渗透到日常生活和经济中，人们会越来越迫切地寻找一种不依赖美元之类的、根本的价值锚点。
And I think gold price will not only stay where it is, but continue to rise as more of the negative impacts of economic uncertainty creep into everyday life and economics, there's gonna be more and more of a strain towards, you know, where's a fundamental view of value that's not in the the greenback or something.
所以，我觉得未来几年这种情况肯定会持续下去。
So, you know, I think that's gonna happen for the next few years for sure.
所以我认为这是一个非常安全的领域，值得考虑，如果你还没有投资的话，尤其是那些定位好、能利用高金价、在这个环境下通过现金流为股东创造显著价值的公司。
So I think it's a very safe place to be and to be considering if you're if you're not in it for investment, especially, as I said, companies that are positioning to leverage off of that higher gold price and be in a position to deliver significant value to shareholders through, you know, cash flow generation in this environment.
这一点非常关键。
Absolutely key here.
在熊市和这种波动剧烈的市场中，现金流是关键，当然在牛市中也是如此。
Cash flow is key in bear markets and in these choppy markets and then, of course, in the bull markets.
确实，现金流总是最具吸引力的。
Definitely, flow always tends to get the best attractiveness, out there.
当然，随着这个周期的推进，我们还会看到其他情况，罗伯特，但你说得完全正确。
And, of course, we'll we'll see other times as well as we go through this cycle, Robert, but you're absolutely right.
今天摆在台面上的问题很多，无论是货币、储备货币、经济，还是银行在全球收取的利率。
And there's so many things that are on the table today, whether we're talking about currencies, reserve currencies, economics, interest rates that are charged around the world by the banks.
现在的环境确实很有意思，当然，舞台上也是如此，因为全球地缘政治和一些冲突事件，令人遗憾。
It's quite an interesting environment out there, of course, on the stage as well also with, some of these things that are happening around the world with geopolitics and some of these conflicts, sadly.
我们直接聊聊泰格黄金吧？
Why don't we jump right into Tiger Gold here?
罗伯特，先给我们一个公司的高层概述和整体战略，然后我们再深入探讨一些具体细节。
Just give us a high level overview of the company, the overall strategy, Robert, and then we'll jump into some specifics.
好的。
Sure.
Tiger Gold是一家初级黄金公司。
Tiger Gold is a junior gold company.
我们是一家正在开发中的公司。
We're a developing company.
我不说我们是勘探公司，因为我们现在基本上正在从勘探转向开发。
I don't say that we're an exploration company because we're essentially pivoting from that now towards a developing company.
虽然我们也在积极扩大现有的资源。
Although we are aggressively growing the resources we have.
我们是在去年年底，也就是2025年年底上市的公司。
We're a company that listed in late twenty, '5, late last year.
所以，可以说我们是新来的，刚上市半年多，但我们已经做了很多事情。
So we've we're the new kid on the block, if you will, just just over a half a year out there, but we've done a tremendous amount.
我们成功吸引了一批非常优秀的股东。
We've managed to attract a fantastic shareholder base.
我们的交易量非常惊人。
Our volumes have been spectacular.
我们的流通股已经换手超过两倍半了，因为我们在美国和加拿大之间平均每天交易约一百万股。
We've churned through our float now well over two and a half times since we're averaging, about a million shares traded a day between The US and Canada.
我们在美国OTC上市是在今年第一季度末、第二季度初。
We listed in The US the OTC that was in the late q one, early q two, of this year.
所以时间不长，但我们在这方面做得很好，而且，你知道，通过自上市以来积极的营销活动，我们吸引了很多关注，继续这样做，并向人们介绍一个他们可能不太熟悉的矿业和黄金管辖区，我稍后可以详细谈谈。
So it hasn't been that long, but we've been doing very well that way and, you know, been able to attract a lot of attention to the company through an aggressive marketing campaign since we've launched to get the story out and continuing to do that and introduce people to a jurisdiction they may not be really familiar with as a mining and a gold jurisdiction, and I can talk more about that later.
但就公司身份而言，你知道，自上市以来，我们已经启动了三台钻机。
But as far as the identity of the company goes, you know, we've since we've launched, we've ramped up three drills.
实际上，我们在去年年底上市前就开始将它们调往现场。
Actually, we started, mobilizing them to site before we went public, late last year.
所以我们现在现场有三台钻机，可能很快会有第四台。
So we now have three drills on-site, potential for a fourth coming soon.
我们一直在全力钻探，进行多项不同的工作，通过一个初步的一万米钻探计划。
And we've been drilling flat out on a number of different things with that through an initial 10,000 meter campaign.
所以我们把2026年的钻探计划分成了多个一万米的阶段。
So we've broken it up into 10,000 meter campaigns, if you will, our drilling program for '26.
我们的策略主要是降低现有项目的风险，为下一阶段的发展做准备，也就是工程研究、预可行性研究和可行性研究，目的是为做出建设决策和推进审批流程打好基础。
Our strategy around that is really about derisking what we have, positioning it for the next stage of of development, which is, you know, engineering study prefeas and feasibility for the purposes of making a construction decision and facilitating the permitting process.
其次就是增长。
Second to that is growth.
我们知道，在已发现的矿量和现有资源附近，到处都有更多的资源。
We know everywhere we turn near the ounces that have been discovered and the resources we have, there's more resources.
还有更多的矿量，或者说，还有更多的资源潜力和矿量。
There's more ounces, or I should say there's more resource potential and more ounces.
所以我们正在积极行动，去抓住这些机会，特别是紧挨着我们最大矿床Tessarito的那个矿点，这个矿床和旁边的Mira Flores一起构成了PEA的基础。
So we're aggressively moving to capture that now with a deposit that is immediately adjacent to our largest deposit, Tessarito, that's in the and forms the basis of the PEA along with another deposit, Mira Flores, next to it.
所以我们正在不断扩大资源量。
So we're continuing to expand our resources.
第三个钻探方向，就是新发现。
And the third bucket, if you will, of drilling activity is discovery.
所以，在我们以极快的速度发现和扩大资源的同时，我们的目标基本上是在今年年底到明年第一季度，将资源量从现在的200多万盎司翻倍到超过400万盎司。
So while we're discovering and growing resources at an extremely rapid pace that I mean, we're essentially targeting to double our resources, going into q one, next year, at the end of this year, to over 4,000,000 ounces from the over 2,000,000 we have now.
这是一个非常激进的增长计划，但这也是这个项目的吸引力所在，以及我们拥有的机会和我们专注于捕捉和实现的目标。
That is an extremely aggressive growth program, but that is, you know, the attractor with this project and the opportunity we have and what we're focused on, capturing and delivering.
不过，除此之外，这些盎司大部分都是我们所说的近地表资源。
But outside of that, you know, most of those ounces are what we call near surface ounces.
它们从地表延伸到大约500米深度，属于露天开采的深度范围。
They're from surface to, say, 500 meters depth, open pit mineable depths.
在这些矿床的下面，矿化作用在每个矿床中都是完全开放的，而且对相关地质的理解也是如此。
Beneath that, the mineralization is wide open in every one of these deposits, but also so is the understanding of the geology related to that.
所以我们的发现工作集中在两个方面：在这些发现下方进行深钻，以了解下面到底有什么。
So our discovery is focused on two things, drilling deep beneath these discoveries to find out what's going on down there.
为什么我们在地表会有数百万盎司的矿化集群？
Why are these why do we have clusters of millions of ounces on surface?
对吧？
Right?
下面肯定有某种导矿构造。
There's got to be some sort of feeder structure down there.
我们北边的邻居，他们确实发现了大量的高品位、高价值的矿藏。
Our neighbors to the north, certainly, that's, you know, what they've discovered in abundance in terms of grade and value.
我们的地质条件非常相似，所以潜力也差不多。
We have very similar geology, so we have similar potential.
不同的是，我们地表有这么多盎司的储量，我们正在开采，这些本身就提供了巨大的经济机会，因为它们是近地表的，开采和加工成本更低。
The difference is that we've got this abundance of ounces on surface we're chewing through that themselves present an incredible, you know, economic opportunity because they're near surface cheaper ounces to extract and process.
对吧？
Right?
再加上项目周边和内部的各种有利条件，我稍后会讲到，这确实为这个项目带来了可观的利润空间。
And with all the enablers in and around, project, and I'll speak about those later, it really does provide significant, margins of profit for for this project.
这就是为什么我总说，永远不要以貌取人，对吧，永远不要。
That's why I always say you never judge a book by its great cover, right, ever.
因为你需要深入一层，才能确定是什么在推动利润或削减利润。
It's because you've gotta go to the next level in to determine what's driving or taking away profit.
对我们来说，这确实在推动利润增长。
In our case, it's driving profit.
所以，我们找到的盎司越多，也就是规模越大，利润就越高，价值也就越大。
So the more ounces we find, I e scale, the more profitable, the greater value this becomes.
因此，这就是我们在2026年的战略目标——扩大资源量。
So that's the quest we're on strategically in '26 to grow our resources.
正如我所说，第三点是继续勘探，不仅是在深层，还要在整个矿区的其他区域进行。
And as I said, thirdly, to continue the discovery process, not only at depth, but also throughout the rest of our property.
我们目前可能只钻探了矿区的20%。
We've only drilled probably 20% of our property.
从机会的角度来看，这潜力巨大。
It's massive in terms of the opportunity.
毫不夸张地说，我们每看一个地方，都能发现黄金。
I'm not exaggerating when I say everywhere we look, there's gold.
这真是太惊人了。
It's it's phenomenal.
关键就看是什么样的金矿、什么类型的矿床、含量有多丰富。
It's just what kind of gold, what type of deposit, in what abundance is it.
是密集到足以形成经济矿床，还是只有微量？
Is it clustered enough to be a deposit in economic, or is it trace amounts?
这就是为什么必须进行勘探和发现的过程。
That's why you have to do the discovery process, the exploration.
所以我们用钻机做的工作，我称之为三条主线。
So those are the three tracks I refer to them as of work that we're doing with our drills.
就是通过加密钻探等方式来降低风险。
So it's, you know, derisking through infill drilling and these sorts of things.
包括资源增长钻探，以及发现和勘探钻探。
It's growth, resource drilling, and then it's discovery and exploration drilling.
这是我们今年钻探工作的主要方向。
That is our main focus with the drilling for this year.
但另一方面，很多人容易只盯着钻探，其实推进工程工作也同样至关重要。
Now on the other side of the coin, a lot of folks can get tangled up in just doing that, but it's so essential that you begin to move your engineering forward too.
当然，我们是矿山建设者和运营商，所以这方面我们经验丰富。
And, of course, we're mind builders and operators, so we know this extensively.
我们有一套非常成熟的方案来推进这件事，现在正是工程上开始大干一场的时候。
We we have a great recipe for how to do this, and this is the time now to begin heavy lifting in engineering.
这包括一些基础性的工作，比如冶金方面的知识。
And it's, you know, the fundamentals like metallurgical knowledge.
还有岩土工程知识，用来确保地面稳定性，比如露天开采这类方式，以及主要基础设施和加工设施的选址等等。
It's it's geotechnical knowledge for ground stability for, you know, types of extraction like open pits, but also where you're putting main infrastructure, that sort of stuff, the processing facilities.
水文研究的工作也必须做。
You've gotta do that work hydrological studies.
你得了解地下的水流情况，以及项目——尤其是我们正在推进的这种规模的项目——会如何影响它。
You gotta understand water flow, you know, beneath the surface and how you would be impacting that with a project, particularly a project of this scale that we're moving towards.
我想说的是，我们努力在今年年底到明年第一季度将资源量翻倍，部分目的就是为了提升整体的生产潜力。
I should say that, you know, part of the quest of working to double our resources by the end of this year going into q one next year is to enhance the overall production potential.
我们在上市前于2025年底发布了一份初步经济评估，显示大约有150万盎司的可采储量，按每年约14万盎司的产量计算，可以开采十年。
So we've come out with a PEA in late twenty five just before we listed that stated that we have, you know, about one and a half million ounces mineable, you know, producing about a 140,000 ounces a year for ten years.
那只是基于我们已有的资产。
That's was just based on what we've acquired.
顺便说一句，我们今年六月刚通过分期现金支付完成了对该项目的100%收购。
And by the way, we just finished acquiring through those stage cash payments the a 100% of the project in June of this year.
所以现在我们拥有该项目100%的所有权。
So we're now 100% owners of the project.
这对我们来说是个重要的里程碑。
Big box check there for us.
但从一开始，我们在2025年6月支付第一笔款项后，就成为了现场的运营方。
But from day one, having made our first payment in June '25, we became operator on the ground.
所以这就是为什么我们在支付期权金获取矿权的同时，现场工作一直那么繁忙。
So that's why we've been so busy on the ground while we're making option payments to get the property.
但回到正题，要知道，这个项目确实是个宝贝——从大公司的角度来看，我知道他们最垂涎的是什么，就是我们所说的区域潜力项目。这类项目有机会围绕多个采矿点或矿床集中建设基础设施，实现长寿命、高吞吐量、高产量，同时还能分阶段开发。
But back to that, you know, realizing that this project is a real gem in in the way that, you know, coming from majors, I know what they salivate over, and it is what we call district potential projects where you've got the opportunity to centralize your infrastructure around multiple mining feeds or deposits for long life, high throughput, high production rates, but also stage the development of that.
这样你就可以从一笔规模适中、对公司来说既重要又可管理的资本投入开始，逐步推进开发和融资。
So you start off with a bite sized capital that's, you know, meaningful and manageable, for a company, to, you know, raise and develop.
然后一旦项目启动并产生自由现金流，你就可以用这些资金来支持后续的扩建了。
And then you once that's up and running and free cash flowing, you're now self funding the expansions.
这样就能继续扩大产能，朝着最终的设计目标迈进。
So you continue to expand your throughput to take advantage of your ultimate design target.
对吧？
Right?
就我们而言，我们是从每天两万吨的规模起步的。
And in our case, you know, we've started that around, 20,000 tons a day.
我不确定最终会达到多少，但肯定会超过这个数，我们的产量很可能会翻倍还不止。
I'm not sure where it's gonna go, but it's definitely gonna be north of that, and our production rate will most likely be, well over double that.
你明白吗？
You know?
所以这就是即将到来的催化剂——不仅是资源量翻倍，这本身就很重大，而且在工程方面也在不断推进，虽然这对股东来说可能不那么激动人心，但却是实实在在的降低风险的工作。
So that is the catalyst that's coming down the pipe, not only with a doubling of resources, which in itself is significant, and making strides from an engineering perspective, which is not exciting stuff for shareholders, but it's solid derisking stuff.
但在此基础上，我们会有一个检查点，我管它叫‘中途加油站’，之后才会进入预可行性研究阶段，真正的工程工作才正式开始。
But out of that, we'll have a checkpoint or what I refer to with our guys as a pit stop on our way to beginning a prefeasibility where the real engineering kicks in.
这个阶段性评估是基于到目前为止你们完成的工程工作以及已有的资源。
The pit stop is based on the engineering you've done to that point with the resources you have to that point.
这是一项初步经济评估，也就是 PEA。
It's a PEA, a preliminary economic assessment.
不过，考虑到我们正与世界顶级工程公司之一紧密合作，Asanko，对于一家初级矿业公司来说，这其实挺少见的。
But, you know, given we're working very closely with one of the world's top engineering firms, Asanko, which, you know, as a junior is somewhat unheard of.
这体现了我们管理团队的实力，也说明了像他们这样的公司对我们要有多大的信任。
It speaks to our pedigree, right, as management and the trust we have in companies like that.
但实际上，我们去年年底做的初步经济评估（PEA）在工程设计上留了很大的余量，所以我们对现场的情况已经非常了解了。
But in reality, we've overengineered the first PEA we did late last year, so we know a lot about what's there.
时隔一年左右，再次拿出一个在项目范围、规模、盈利能力以及自由现金流方面都截然不同的方案，这确实令人兴奋，你知道的，这也是一个能带来实质性推动力的催化剂。
To hit that again, a year later ish and have a completely different project in terms of scope, scale, and profitability, and free cash flow is very exciting, you know, as a catalyst to deliver.
所以这个‘中途站’计划在一季度完成，大概一季度末就能交付。这将向股东和市场发出一个非常强烈的信号，表明我们已经蜕变成了这样一家公司。
So that pit stop in q one, probably by the end of q one, we'll be delivering that, will be a a very strong signal to our shareholders in the market that that is who we've become.
这也是我们进入下一阶段工程开发和许可审批工作的核心重点。
That is the focus for going into next stage engineering development and permitting so forth.
那将是一个规模如此大的项目。
It'll be a project of that scale.
不过要记住，在我们推进这些阶段并交付这些催化剂的同时，我们会继续钻探。
Now keep in mind that while we move through those stages and deliver those catalysts, we will be continuing to drill.
所以我们还会回到勘探发现的部分。
So we'll be falling back to the exploration discovery part.
所以当我们到第一季度结束时，拥有超过400万盎司的临界规模，终于可以推进一个项目，然后说，好的。
So while we're we have the critical mass over 4,000,000 ounces by the time we're done in q one, a project that we can finally move forward with and say, okay.
我们要以此为基础来设计和建设。
We're gonna design and build off of this.
任何新发现的东西，都会直接纳入生产计划中。
Anything new we find just, you know, goes into the pot sort of thing of production.
如果品位更高，就会取代低品位的矿石，从而延长矿山寿命。
And if it's higher grade, it displaces lower grade, you know, and it just adds to your mine life.
而且，高品位的发现也会大幅提升项目的价值。
But, also, with higher grade discoveries would drastically increase the value of the project as well.
所以你把所有这些都放在一起，在开展所有这些工作的同时，进入2027年，按照那样的活动轨迹。
So you put all that together in parallel with doing all of that and moving into '27, with that trajectory of activity.
我们还会继续对我们的大部分矿区进行勘探和钻探，因为我们知道那里仍然有巨大的上行潜力。
We will continue to probe and exploration drill the greater part of our property as well because we know there's still tremendous upside potential.
直接来说，如果你问我们怎么想的，那就是像剥洋葱一样，先建立资源，启动工程，然后在此基础上推进到更详细的开发和工程设计。
Immediately, I mean, if you talk about how we think about it, which is peeling the layers of an onion, build your resources, get your engineering going, advance that on all of that then into more detailed development and engineering.
在我们正在钻探的新发现旁边，叫做Seabell，它至少会有Tessarito那么大。
Next door to the new discovery we're drilling now called Seabell, which is gonna be at least the size of Tessarito.
就在它旁边，还有一个尚未真正钻探的发现，叫做Chuscal。
Right next door to that, there's another discovery that hasn't really been drilled yet called Chuscal.
所以当你谈到剥洋葱时，你知道，有条理的方法是从确定到不确定，从低风险到高风险，这就是为什么我们首先对Tessarito进行加密钻探。
So when you talk about peeling the layers of the onion, you know, the disciplined approach to this is move from certainty to uncertainty, from low risk to high risk, and that's why we're infill drilling Tessarito first.
我们现在差不多已经完成了，接下来要抓住Seabell的机会，努力在那里交付初步资源。
We've now just about gotten that completed, moving next door to capture Sea Bell opportunity there, you know, and work towards delivering an initial resource on that.
再往南，还有另一个目标要钻探。
And then south of that is yet another target to drill.
所以，等我们基本完成Sea Bell的初步资源钻探，并完成Tessarito的加密钻探后，下一步很可能就是去那里。
So that'll probably be where we go next once we get our arms around the majority of Sea Bell's initial resource drilling, complete Tessarito's infill drilling.
顺便说一句，等我们完成Sea Bell的初步资源钻探，它很可能大部分会被归类为“指示资源”，这意味着它已经准备好和Tessarito、Mira Flores一起推进了。
And by the way, when we complete Sea Bell's initial resource drilling, it'll likely be mostly indicated, which means it's ready to go to move with Tessarito and Mira Flores.
顺便提一下，Mira Flores是一个小型地下项目，就在我们旁边，紧挨着。
Mira Flores, by the way, a small underground project that's right next door to us, immediately contiguous.
它已经拿到了建设和运营的全部许可，不过规模不大。
It is fully permitted for construction and operation, but it's small.
对吧？
Right?
把这三个项目放在一起，我们就能真正看清下一步该往哪个方向走，远离当前区域。
Putting all three of these together really gives us the opportunity to identify then where it is we wanna go next, away from that.
所以Chuscal是其中之一。
So Chuscal is one.
在Tessarito以北，有两条大致南北走向的主要断层系统，它们之间形成了一条走廊。
North of Tessarito, there's somewhat of a corridor defined by two major fault systems running roughly north south.
在那片区域里，我们的地质学家已经发现了一些令人兴奋的目标，你知道，对我们来说可能也是很有机会的。
Within there, our geologists have identified a number of exciting targets that, could be, you know, very opportunistic for us as well.
所以我们会继续推进这些工作，同时逐步推进项目的主要阶段，比如，再次实现资源翻倍，大幅增长资源量，证明我们有一个规模可观的项目。
So we'll be continuing to work on that sort of stuff while we march through in advance through the main, gates, if you will, of the project through, you know, again, doubling our resources, growing those substantively, demonstrating we have a project of significant scale.
而且这不像第一份PEA那样，并没有完全定义我们拥有的东西。
And that doesn't just like the first PEA did, doesn't define what we have.
它只是说明你目前处于什么位置。
It just says this is where you are today.
但我们希望从我们刚接手时的第一份PEA，推进到明年第一季度时的状态，也就是资源翻倍。
But we wanted to go from our first PEA where we were when we arrived to where we're going to be by q one next year, which is a doubling of that.
这个规模在自由现金流和产量方面就相当有意义了，然后，你知道，再在此基础上继续发展。
That is the scale now that is quite meaningful in terms of free cash flow and production, and and and then, you know, build off of that.
所以2026年就是战略。
So '26 is strategy.
我知道这个描述有点长，但确实有很多事情在进行。
I know that's a sort of a long description, but there's a lot going on.
对吧？
Right?
2026年主要是关于增长，快速、切实、实质性的资源增长，这些将纳入2027年第一季度的PEA更新，那将是对我们上市时展示的PEA的一次重大升级。
'26 is really about growth, rapid, tangible, material growth of our resources that will fold into an update of the PEA in q one twenty seven that will describe a significant upgrade to the PEA you saw when we listed.
然后在2027年，我们主要是朝着全面开发和降低项目风险的方向前进，同时继续勘探和钻探我们的矿区。
And then in '27, it's really marching towards fully developing and derisking that scale of project while we continue to explore and drill out our property.
当然，与此同时，我虽然没有明说，但隐含的是，所有的工程工作都在继续。
Of course, in parallel with all of that, and I haven't said it, but it's implied, all the engineering continues.
为环境和社会方面的许可做准备的工作也将继续进行，实际上自从我们开始以来，这项工作已经进行了一年多。
The work towards preparing on environmental side and social side for permitting will all be continuing and has been actually happening for over a year since we've started.
所以有很多列车在轨道上，平行的轨道，它们以不同的速度前进，但都朝着同一个车站，那就是最终拥有一个完全定义、设计、许可并准备好做出建设决策的项目。
So there's a lot of trains on tracks, parallel tracks that are all rolling forward at different speeds, but they're all heading towards the same station, which is ultimately to have a project fully defined, engineered, permitted, and ready for a construction decision.
感谢你详细介绍了这些，包括概述和我们未来的方向。
Appreciate you going through all of that, that overview, and where we're headed here.
所以听起来2026年剩余时间会持续钻探，一直持续到2027年，那将继续。
So it sounds like the rest of 2026 drilling ongoing drilling into 2027, that'll continue.
到第一季度，我们肯定会看到一些资源更新，还有一份更新的PEA，时间大概在现在到那时之间。
By q one, we'll see certainly some resource updates sometime between now and then, an updated PEA.
你觉得在更新的PEA落地之后，什么时候开始正式启动PFS流程比较合适？
What's your thinking on timing to start formally start that PFS process after the updated PEA stake in the ground is completed, so to speak?
这个问题问得好。
That's a great question.
你知道吗，我们现在开始的工程，其实就是为了PFS准备的。
You know, the engineering that we're starting now, believe it or not, is for the PFS.
从现在起，我们做的每一项工程都是为了推动PFS。
Every bit of engineering we do from now on is to fuel the PFS.
就像我说的，PEA只是这条路上的一个停靠点，用来拍个快照，看看你现在的进展和项目的样子。
As I said, the PEA is a pit stop along that way that takes a snapshot of where you are, what your project looks like.
你会考虑一下工程和其他方面的进展，然后把它整理成一份报告。
You know, you contemplate where you are with engineering and and all the other things, and you package it into a report.
我们这么做，是因为这将是第一次看到资源量翻倍后的项目规模和范围。
We're doing it because that would be the first look at the scope and scale of a project with twice the resources we started with.
对吧？
Right?
是的。
Yeah.
而且，当然，随着Tessarito的加密钻探，这些资源的价值也会增加。
And, of course, there's value increases to those resources as well with Tessarito's infill drilling.
我们不仅提高了品位，还增加了盎司和吨位等等。
We're not only increasing the grade, but the ounces and tonnage and so forth.
所以这是一次全面的升级。
So it's a full upgrade.
对吧？
Right?
Seabel，我们还不知道品位会是多少，但肯定会和Tessarito有竞争力。
Seabel, we don't know yet what that grade will be, but it'll be competitive with Tessarito for sure.
那将是第一次看到这个。
It'll be the first look at that.
但在做这些事情的同时，你也在持续推进预可行性研究。
But while you're you're doing those things, you're you're continuing that march towards the prefeas.
目前，如果我们保持现在的节奏——当然任何情况都可能调整——所以我们规划时很灵活，比如调整钻探计划、调整工程支出等等。
Right now, if we stay on the pace we're at and anything can adjust that, that's why, you know, we're quite savvy with our planning in terms of having flexible plans, in terms of flexing our drilling, flexing our expenditures for engineering, and so forth.
现阶段的关键就是控制好支出。
It's all about just throttling our expenditures at this stage.
显然，我们还没有自由现金流。
We're not free cash flowing, obviously.
所以我们必须非常谨慎地使用资金，让每一分钱都发挥最大价值，我们正在这样做。
So we've gotta be quite prudent about our, use of capital and to maximize the value of every dollar, which we're doing.
但与此同时，你也不知道接下来会遇到什么。
But at the same time, you don't know what's coming down the pipe.
你看看我们现在的情况。
I mean, look at where we are today.
去年年底的时候，有人能想到我们会走到今天这一步吗？
Did anyone think we'd be here coming out of last year?
没有。
No.
绝对不可能。
Not a chance.
对吧？
Right?
所以事情变化很快。
And so things can change quickly.
我们一开始就谈到了未来的不确定性，对吧，就是那种波动性。
We open up with a thought about the future, you know, in terms of volatility in that.
而且我觉得，我们保守地假设情况会继续这样下去。
And and I think conservatively, we're planning that it'll continue the way it is.
所以，你知道，现在对我们来说是个理想的环境，可以尽可能积极地推进，但同时也要保持谨慎。
So, you know, it is an ideal environment for us to be moving as aggressively as we can, but as measured as we can.
所以我觉得如果我们保持这个节奏，大概到2027年下半年，我们就能准备好启动初步经济评估了。
So I think if we stay on that path, probably by mid to I'm gonna say second half of twenty seven, would be in a position to pull the trigger on starting a PEA.
如果事情变慢或者风险变大，我们就会放慢脚步，回撤以保住资本，同时观察，但仍然在幕后悄悄工作，相应地控制开支。
Now if things slow down or or things get more risky, then we'll slow down and pull back to preserve capital and, you know, observe and but still quietly work behind the scenes, but throttle our expenditures accordingly.
所以现在，我们正走在一条非常积极的路上，大概能在明年，也就是2027年年中到下半年，开始预可行性研究。
So right now, we're on a a very aggressive path to be able to start prefeas probably around, as I said, mid to second half of twenty seven next year.
那将是实质性的进展。
That'll be substantive.
那时我们将利用所有资源，包括我们预计属于实测和指示类别的矿产资源，因为在预可行性阶段及以后，不能使用推断资源进行工程设计。
That'll be when we're now utilizing all of our resources, in terms of mineral resources that we're projecting to be in the measured and indicated category because you can't engineer at pre fees levels and beyond with inferred.
这就是为什么我们把Tessarito从推断资源转换为实测和指示资源如此重要，这是我们继承下来的。
So that's why it was so important for us to convert Tessarito into measured and indicated from inferred, which is what we inherited.
但在这个过程中，你是在降低风险，而且，令人兴奋的是，我们发现它的品位和盎司量超出了我们的预期。
But, you know, in that process, you're derisking, and, of course, we excitingly found that it's exceeding our expectations in terms of how much grade an ounce is actually there.
它之前钻探得不如我们想象的那么好，所以我们已经掌握了这一点。
It wasn't as well drilled as we thought, so we've captured that.
我们现在已经确定，在TESO旁边有一个巨大的矿床，那就是Seabel。
We've now determined that there is a massive, deposit right next door to to, TESO, which is Seabel.
这跟我之前说的一样。
That is what I've described earlier.
我们现在有两台钻机在同时作业，而且增长势头还在持续。
We have two drills flying on on now, and that growth rate continues.
所以，对，我觉得目前情况就是这样。
So, yeah, I think that's where we are.
听起来我们会在2027年下半年正式启动预可行性研究。
So it sounds like we'll have a formal start to the PFS in twenty twenty seven second half.
然后从那时起，你们显然会在这期间展示出可观的资源增长，这就是大家的预期。
And then from there, you guys obviously will be demonstrating substantial resource increases between now and then is what the expectation is here.
我建议听众们去看看2026年至今关于钻探结果的新闻稿。
I encourage the audience to go take a look at some of the news releases so far in 2026 with respect to the drill results.
这样就能大致了解未来的走向了。
You can get a good idea of what, where this is headed.
我想说，你可以告诉我什么时候想让我谈谈，但我可以稍微补充一下我们在特斯塔里奥钻探中已经看到和捕捉到的情况。
Just gonna say, and you can let me know when you would like me to talk about it, but I can give it a little color about what we've seen and captured so far from the drilling we've done in test at Rio, in particular.
请讲一下这个。
Please cover that.
然后，借此机会，我把这个问题也串联进来。
And then with that, let me just tie in this question.
说到哥伦比亚，我们稍后再回到这个地区，那里有几家同行公司。
When you look at Columbia, which will come back to the jurisdiction in a moment, there's a couple peers there.
我记得有Collective公司。
I think we've got collective out there.
还有我们自己的公司。
We've got ours out there.
还有其他几家。
There's a few others.
但请谈谈你认为在哥伦比亚，什么样的生产概况和盎司储量才具有吸引力。
But just talk about in your mind what makes for an attractive production profile and, you know, ounces for deposit in Columbia.
虽然有几家同行，但请谈谈你认为什么样的条件才能真正吸引中大型矿业公司进入哥伦比亚，他们在概况和规模上寻求什么。
There's a few piers, but just talk about what you think is something that would really gain the attractiveness of a mid tier major into Columbia, what they're looking for in terms of profile and size.
当然。
Absolutely.
我先说说我们钻探的情况，这有助于说明我对什么能吸引投资的观点，尤其是在哥伦比亚。
I'll start with the qualification of the the drilling that we've done that'll help sort of support, you know, my view on what drives attractiveness in in any jurisdiction, but particularly Columbia.
我们在特萨里托开始钻探时，主要是为了进行加密钻探，降低风险，把资源从推断级别提升到实测和指示级别，以便和已经在那里的米拉弗洛雷斯一起列入储备。
When we started drilling at Tessarito, it was clearly to begin infill drilling to derisk it and move the categorization from inferred to measured and indicated to put it on the shelf next to Mira Flores, which is already there.
显然，这已经为进入下一阶段的工程降险和开发决策做好了准备。
Obviously, it's permitted to begin next stage engineering derisking towards development decision.
一旦开始钻探，我们就发现模型预测的资源量跟实际情况不太一样。我不是说每个钻孔都这样，但很多钻孔，就像一月份以来的新闻稿里描述的那样，发现了更多的矿化，而且很多时候品位比资源模型高得多。
Once we began that, we began to discover that what our model resource model informed us of is not exactly what we're seeing, and that is I don't mean this with every drill hole, but many drill holes as evidenced through the press releases and described in those press releases since January to now, has been additions of more mineralization, and in many cases, mineralization that's much higher grade than the resource model.
不仅如此，还有机会扩大矿床的规模，比如走向长度，这也是新的发现。
And not only that, you know, and and opportunities to expand the scale of that deposit in terms of its strike lengths, that's been new as well.
而且在深度上，我们在加密钻探的同时也开始向深部探测。
But also to depth, we began to probe at depth while we were infill drilling.
所以相当于一箭双雕，一个钻孔带来双重价值。
So kinda doing two things at once, getting double value out of a single drill hole.
对吧？
Right?
不只是补充钻探的数据，还有深部探测。
Not only infill, you know, data, but probing at depth as well.
我们刚开始迈出第一步的时候，就像我之前说的，去探测这些矿床下面的情况。
We began to discover while we were taking the first steps, as I said earlier, to probing what's at depth beneath these deposits.
我说的下面，是指矿化是开放的。
And when I say beneath, the mineralization is open.
就在露天开采的可采深度以下，大概500米深。
It's just beneath the open pit mineable horizon of, say, 500 meters deep.
500米以下，下面到底有什么？
Beneath 500 meters, what's going on down there?
开始真正构建一个地质认知图景，了解下面的情况。
Start to really create a geologic picture of knowledge of what's going on down there.
我们在Tessarito发现，这也在新闻稿里提到过，大概是第一季度末，我们在好几个钻孔里遇到了更高的品位。
We discovered in Tessarito, and again, that's part of the press releases that that came out in, I think, was q late q one, that we began to encounter higher grades in several of the holes.
品位翻了三倍，从大概0.6涨到了1.8左右。
The grades tripled from, you know, I think it was point six up to, you know, 1.8 and so forth.
铜也开始大量出现，这让我们觉得下面还有更丰富的东西。
The copper started showing up in amounts, which is beginning to indicate to us there's something much richer going on down there.
而且，我们也开始碰到角砾岩化的物质。
But, also, we began to move into brecciated material as well.
这是一种矿化形式，岩石破碎后重新焊接，但在热液系统中就像海绵一样，含金的流体容易在这种类型的矿床和深部矿化中被吸收。
This is a form of mineralization that's really broken up rock that was rewelded, but it it acts as a sponge, if you will, in hydrothermal systems where fluid movement that carries gold tends to just sponge up the gold in in those types of of deposits and mineralization at depth.
它们通常出现在深部，而我们的品位在上升，说明我们进入了那种矿化区域。
They're usually found at depth, and the fact that our grade was going up, we moved into that mineralization.
铜开始出现，这确实表明这个金矿系统还有我们不知道的重要东西。
Copper started showing up, and it really did indicate that there's something significant about this gold system that we still don't even know.
对吧？
Right?
所以就像我之前说的，一层层揭开谜底，我们正在接近目标。
So as I said earlier, repealing the layers of the andons, we're getting there.
但这从资源潜力和增长潜力上带来了吸引力，真正让生产商感到兴奋，因为你知道，随着我们发现的盎司数量、将其纳入资源储量，并努力推进到资源阶段等等，这证明了你在那里具备生产规模和长期性。
But it's introducing an attractiveness from a resource potential, growth potential that truly excites producers because you know that with the amount of ounces that we're discovering, capturing into resources, and working towards moving to a resource and so on, It demonstrates that you've got production scale and longevity there.
所以现在，与此同时，你还要关注我们所说的‘盎司质量’。
So now, you know, in conjunction with that, you also look for what we call quality of ounces.
你也在追求品位。
You're looking for grade as well.
在这样的矿化系统中，有两种方式可以获得它：要么通过某种脉状系统，比如靠近地表的那种——顺便说一句，米拉弗洛雷斯就是这样的；要么是深部的某种系统，就像我之前解释过的，一些高品位的补给型系统，比如我们北边的邻居发现的那种。
And in systems like this, there's two ways to get it, either through some sort of vein type system, like closer to surface that Mira Flores is, by the way, or something that's at depth that, as I've explained earlier, some sort of feeder type system that is higher grade like our neighbors have discovered to the north.
所以这确实体现了吸引力。
So that really speaks to attractiveness.
现在回到你关于什么让项目有吸引力的另一个问题，我可以发自内心地说，全球范围内我见过的项目很少——而且我见过很多——能同时满足所有条件。
Now to go to your other question about what makes things attractive, I can say hand on heart that there's very few projects around the globe that I've seen, and I've seen so many, that check every box.
以前听过我演讲的人可能听过我用这种说法，但我发现它很有效，而且它准确地描述了我们团队对这些事情的感受和思考方式。
And folks that have heard me speak before have heard me use this language, but I find it's effective, and it describes exactly the way we feel and think about these things within our team.
这些条件包括可施工性和可操作性。
Boxes for enabling constructability and operability.
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显然，你希望所有这些条件都能满足。
You're looking to check all of those boxes, obviously.
对吧？
Right?
所以，你要考虑电力供应，还有进入矿区的通道。
So you're talking about access to power, Access to your site.
对吧？
Right?
你知道，你甚至怎么靠近矿区？
Do you you know, how do you even get close to your site?
最差的情况是坐飞机进去吗？
Is it fly in, worst case?
最好的情况就像我们这样，有一条铺好的太平洋南北公路直接从矿区旁边经过，还有铺好的路通进去。
Is it best case like ours where you have a paved Pacific And North South Highway going right by your property and paved roads going into it?
你能接触到熟练劳动力吗？
You've got access to skilled labor, do you?
我们有个金奇拉镇，我们的项目就叫金奇拉，名字就是这么来的。
Well, we have a town of Kinchilla, hence the name of our project, Kinchilla.
那个镇有五万多人，对我们的项目非常支持。
A town of 50,000 plus people there, very supportive of our project.
我们现在在工地上就雇了很多当地人，附近其他城镇的人也很多。特别是往北走大概15英里，也就是25到30公里，你会看到阿瑞斯公司，他们在马马托运营，年产25万盎司黄金，今年年初他们宣布，到年底要把产量翻倍到50万盎司。
We employ a great deal of folks from there right now even at our site, and other towns close by as well, particularly as you move north about 15 miles or 25, 30 kilometers from us to the north, you'll find, Arris with their Marmato, operation producing 250,000 ounces, working towards doubling that production to 500,000 ounces by the end of the year as they announced at the start of this year.
这本身就已经是相当罕见的水平了。
That in itself is rarified territory.
所以你说的就是矿产资源的吸引力，再加上建设和运营的便利条件。
So you're speaking about the attractiveness of mineral endowment along with the enablers for constructability and operability.
对吧？
Right?
而且在他们旁边，大家都知道，集体矿业公司的盖亚·沃拉斯项目已经发现了，他们做了很多了不起的工作来扩大和推进这个项目，再次定义了一个在全球黄金行业里都算得上罕见的项目。
And and then next door to them, most folks know as well that collective mining with their Gaia Volas project has been discovered, and they've been doing incredible work to expand and grow that and define again something that's in rarefied territory as far as the global gold industry is concerned.
要找到、确定，像阿瑞斯那样开发并运营这种价值的项目，是非常罕见和稀缺的。
It is very rare and scarce to locate, define, and in Aris's case, develop and operate projects of that value.
你知道吗？
You know?
这太了不起了，而且就在我们眼皮底下。
It's just phenomenal, and that's in our backyard.
你知道吗？
You know?
当然，在专业层面，我们的地质学家会和他们那边的地质学家交流等等。
And, of course, on a professional level, the our geologists speak with their geologists and so forth.
在知识分享方面，比如地质学和其他方面，还有资源共享，比如钻探公司之类的。
There's knowledge sharing in terms of, you know, geology and other things and resources that are shared, drilling companies and things.
所以在我们这里，这是一种互利共赢的局面，而这仅仅是因为我们的项目在大多数方面都具备条件，比如电力供应、地理位置。
So it's a symbiotic thing that's happening where we are, and it's only because most of the boxes are checked for our project in terms of, you know, access to power, your geographic location.
你是在山上吗？
Are you up in the mountains?
还是在沙漠里？
Are you in a desert?
不是。
No.
我们这里气候非常温和。
We're in a very tempered climate.
全年气温大约在20多摄氏度，也就是70多华氏度，旱季和雨季的波动也比较小。
It's 20 odd degrees Celsius or 70 odd degrees Fahrenheit all year round, with fairly low swings of wet and dry seasons.
这跟你在巴西看到的不一样，我在巴西工作过，那里的旱季和雨季波动非常大。
It's nothing like you'd see, say, in Brazil that I've worked in with very heavy swings in wet and dry seasons.
不过话说回来，作为运营商，如果你在巴西工作，面对旱季和雨季，你在地理上遇到的挑战跟你在加拿大北部工作是一样的，比如那里有非常严酷的冬季模式，这些都会影响建设、运营和勘探。
But by by the way, I mean, as an operator, if you're working in Brazil with wet, dry seasons, it's the same challenges you have geographically as working in Northern Canada, for example, where you've got very, you know, aggressive winter type patterns and and issues that impact construction and operation and exploration.
对吧？
Right?
而我们这里，完全没有这些问题。
Where we are, we don't have any of that.
我们把这称为“浪费”。
We and we refer to that as wastage.
我们的浪费或停工时间很少，不会出现什么都做不了但还得承担持有成本的情况。
We have very little wastage or downtime where you're not able to do anything, but you've got carrying costs.
对吧？
Right?
我们实际上一年三百六十五天都在那里工作，所以从这些方面来看，确实很有吸引力，非常优越。
We're literally working three hundred sixty five days a year there, you know, so it's it really is, from an attractive perspective from those elements, superior.
所以这本身就定义了稀缺的价值。
So that in itself defines value that is rare.
这就是我进入这个领域并组建团队的原因，团队成员都对此充满热情，因为我们都清楚它符合这些条件。
That is why I moved into this and built a team around it of folks that are equally excited about this because we all know that it checks those boxes.
现在从宏观层面看，我们在世界上的位置如何？
Now on a macro scale, where are we in the world?
嗯，在哥伦比亚，更具体地说，在一个南北走向的地质带，叫做中科卡贝特，过去两三年里，它在黄金发现率方面超过了地球上大多数甚至所有其他黄金产区。
Well, being in Colombia itself and more particularly in a North South trending geological strip called the, Mid Cockabelt, It has been outstripping most, if not all, other gold jurisdictions around the planet over the last two and a half to three years for its rate of discovery of ounces.
这个事实很多人并不真正了解。
It's a factoid that a lot of folks don't really know.
对吧？
Right?
但你说的是一个国家，好吧，资源非常丰富，有我所说的“大象之国”，在那里，多个大型高价值金矿被发现并持续被发现，速度很快。
But you're talking about a country that, okay, is very well endowed, has what I call elephant country, where you've got a rapid rate of multiple large scale high valued gold deposits been discovered and continuing to be discovered.
我的意思是，显然我们在发现速度和规模生成方面处于最前沿，但这条矿带上还有很多其他矿藏，而且这种情况已经持续了好几年，但相对来说，时间并不长。
I mean, we're obviously on the tip of the spear of that in terms of rate of discovery and scale generation, but there's so many others throughout this strip as well, and it's been happening for, you know, a number of years, but in relative terms, not that long.
当你退一步思考，就像我能够做到的那样，因为我在哥伦比亚进进出出已经超过，我不知道，十二年左右，从宏观角度看，哥伦比亚的风险和机遇发生了巨大变化。
And when you stand back and consider, as I've been able to do, because I've been in and out of Columbia for over, I don't know, twelve years or something, seen a tremendous change from a macro perspective of risk and opportunity in Colombia.
他们在打击有组织犯罪方面做得非常好，把这些不稳定因素推到了国家的边缘地带，这使得在过去十年里，他们的国家真正蓬勃发展，不仅建立了发展中的基础设施、高速公路系统，可与北美任何地方相媲美，电网也是如此。
They've done so well to push out the organized crime, those volatile elements to the margins and the fringes of the country where it's really allowed over the last decade their country to bloom not only through now establishing developing, infrastructure, highway systems that rival anything in North America, power grids the same.
那里的水电发电成本非常低，以至于对整个美洲都构成了挑战。
They have such low cost power there in terms of hydro generated power that it's it's challenging all the Americas.
这是南美洲和北美洲的电力成本。
That's South America and North America for power costs.
真是不可思议。
It's incredible.
很多人没意识到，对任何矿业项目来说，最大的成本投入其实是电力。
Most folks don't realize it, but the biggest cost input for any mining project is power.
所以，当你清楚自己处在一个电力成本可预测且低廉的环境里，从项目开发到运营都能保持这个优势，那利润自然就上来了。这就是为什么我前面说，不能光看表面光鲜。
And so when you know that you're in an environment where you have predictable, low power costs to carry through your project development and into operation, That drives profitability, and that's why I said earlier that you never judge a book by its great cover.
关键得看什么能真正驱动利润。
It's gotta be about what drives profitability.
你有哪些有利条件？
What elements do you have?
又缺什么？
What don't you have?
而这个地方，什么都有。
This has them all.
所以从宏观角度看哥伦比亚，基础设施稳定、技术劳动力充足——比如波哥大现在基本就是一座大学城。
So from a macro perspective in Colombia, that stability of infrastructure, access to skilled labor, for example Bogota now is essentially a university city.
这太了不起了。
It's incredible.
我们在获取专业人才方面，无论是地质学还是其他技术领域，都远超我们在其他地区与大型企业合作时的体验。
Our access to professionals, it geology or other technicalities and fields of study, if you will, is unlike anything we've seen working with majors in other jurisdictions.
这真是太棒了。
It's it's phenomenal.
相对劳动力成本仍然比美洲大部分地区要低。
The relative labor costs are still relatively lower than most of The Americas.
虽然我预计随着时间的推移和行业的发展，成本也会上升。
Although I expect over time and as the industry grows, that'll grow too.
这是自然的结果。
That's a natural repercussion.
但你看，这个地方凭借熟练劳动力的获取、基础设施的完善，以及他们建立并展现出的地缘政治稳定性，确实吸引了大量外国投资进入该国。这些投资被投入到实际项目中，带来了发现，并为股东创造了价值，他们正以相当快的速度认识到这里的增长。
But, you know, you're dealing with a location that through the access of skilled labor, through the infrastructure, and through that geopolitical stability that they've been able to develop and demonstrate, it really is attracting now significant foreign investment into the country, and that's being driven into the ground and resulting in discoveries and value generation for shareholders that are recognizing the growth of this at a fairly quick pace.
所以，把这些因素综合起来，有人可能会问，哥伦比亚真的还那么稳定吗？
So, you know, you put that together and some may ask, well, is Colombia still really that stable?
是的，确实如此。
Well, yes.
我的意思是，好吧。
I mean, okay.
你会在新闻上听到一些事情，最近就是北部发生了一些杀人事件，和FARC有关之类的。
You've you hear some things on the news, I would say most recently about some killings to the north that had to do with the FARC or something.
但是，当你深入了解，你会发现这些是FARC的分支或分裂出来的派系，现在他们在自相残杀。
Well, again, when you dig deeper, you find out that these are factions or fragmented pieces of the FARC that are now warring against themselves.
而这都是因为过去十年里风险成功降级的结果。
And it's all because of that successful, you know, de escalation of risk that's been happening over the last decade.
所以，哇，这本身就很可怕。
So, wow, that in itself is horrendous.
这其实表明你面对的风险和南美其他国家，比如秘鲁、智利、阿根廷、巴西，任何其他地方，都是类似的。
It it's an indicator that you're dealing with the similar kind of risk that you find in any other country in South America, be it Peru, Chile, Argentina, Brazil, you know, anywhere else.
这些风险因素总是存在的，在世界其他地方，比如非洲，肯定也有。
There are elements of that there always, and in other parts of the world, Africa, for sure.
对吧？
Right?
所以现在不仅可控，而且正在推动哥伦比亚的进展。
So it's not only now manageable, but it's enabling what's been done in Colombia now.
从地缘政治角度看，过去四年左右确实是左翼政府执政。
From a geopolitical standpoint, yes, it's been a left wing leaning government for the last four years or so.
但最近选举后，局势开始向右倾斜。
But now recently with the elections, it's tilting towards the right.
不过我得说，过去四年里哥伦比亚发放了六份以上的采矿许可证。
I will say though that during the last four years, there were over six mining permits issued in Colombia.
其中一份就给了我们的米拉弗洛雷斯项目。
One of those were to our Miraflores project.
这非常有力地表明，哥伦比亚当局清楚认识到自己在国际舞台上的机遇，可以展示自己成为我所说的新兴一级黄金管辖区。
That's a very strong indicator that the Colombian authorities clearly recognize the opportunity that they have on the world stage to demonstrate themselves as something that what I refer to as an emerging tier one gold jurisdiction.
一级这个说法在我们行业里是个通俗术语，但当你思考这个定义背后的要素——丰富的地质资源、熟练劳动力的获取、基础设施带来的开发便利、物流稳定性、地缘政治环境、许可审批和税收政策——
When you and tier one is kind of a colloquial term as as it's used in our industry, but when you consider what drives that definition, the abundance of geologic endowment, access to skilled labor, access through infrastructure to development and so forth, stability in terms of logistics, geopolitical permitting, taxation.
所有这些条件，哥伦比亚现在都具备了。
All of that is in place in Colombia right now.
所以把这些因素综合起来看，这确实为生产商和新兴黄金公司提供了一个非常有吸引力的机会。
And so when you put all that together, it really does represent a very attractive opportunity for producers and emerging gold companies.
当然，有些人可能会说，哇。
Now, of course, some may say, wow.
你们是怎么做到的，在那些像我们这样的大发现旁边找到这个机会的？
How did you guys do that and find this opportunity in the backyard of these, you know, big discoveries like ours collective?
但这正是我和管理团队从一开始就强调的那种纪律——当别人在夏天放松的时候，我们拼命工作。我2024年夏天刚加入Tiger时就是这么做的。
But it that was emanating from the discipline I spoke of right at the start that myself and this management team brings to the table where you work hard when others are sort of kicking back in the summer times, and that's kind of what we did when I first joined Tiger in in summer twenty four.
我们努力评估了很多别人忽略的机会，主要是因为那些人一看品位和规模，就觉得不够大、品位不够吸引人，然后就草率下结论走人了。
We worked hard to evaluate a number of opportunities that most others passed over mostly because they first looked at the grade and the scale and thought, well, it's not quite big enough and the grade's not attractive enough to us because you're making generalizations, and off they go.
他们就这么放弃了。
They move on.
但我们更懂行，深入挖掘，通过尽职调查确认了那些推动价值的要素既丰富又稀缺。
But us knowing better dug a lot deeper and made the determinations through diligence that all those enablers are there in abundance and in rarity that to drive value.
其中最核心的就是我们一直知道、现在仍然拥有的勘探潜力。
And at the tip of that is the exploration, potential that we knew was there and we still have.
所以我觉得把这些都加起来，确实对生产商很有吸引力。
So I think you put all that together, that really drives attractiveness for producers.
再加上我之前说的，特别是更有吸引力的地方。
And couple that then with what I've already said is that, in particular, what is further attractive.
所以如果你处在这样的环境中，这本身就很有吸引力。
So if you're in an environment like that, that is attractive in itself.
你知道，地质资源丰富，各种有利条件都具备，等等等等。
You know, geologic endowment, enablers all in place, so on and so on.
顺便说一下，哥伦比亚认识到他们低成本的水力发电潜力，现在非常重视这一点。
And by the way, Columbia, recognizing their low cost hydropower generation and potential to do more, are very focused on that now.
所以很多方面只会变得更好。
So it's just going to get better in many ways.
但你把所有这些环境因素放在一起，接下来就要看资产本身了。
But you put all that together in terms of the environment, it's then about, well, what about the asset?
资产的质量。
The asset quality.
你知道它的位置和它的运作方式，但资产本身怎么样呢？
You know where it is and what it's how it's enabled, but what about the asset itself?
我们之前讨论过，能否把它规模化，变成能产生大量产量、大量现金流和高利润率的项目？
Well, we've talked about that earlier in terms of can you scale this up into something that can produce significant production, significant cash flow with significant profit margins?
如果这些条件都满足，那么从资产质量和资产角度来看，这就非常有吸引力了，而Tiger正是这样定义我们的。
If you can check those boxes, then, wow, now you've got something that's equally attractive from an asset perspective, asset quality perspective, and and that is indeed what Tiger has defined us.
这就是我们的定位：地理位置、资产质量，还有团队。
That that's what defines us, the location, the asset quality, and the team.
哥伦比亚那边我们已经聊过了。
We covered off, Columbia well there.
我本来想问问这方面的情况，我们待会儿再聊聊社区工作的事。
I was gonna ask a little bit about that, and we'll talk a little bit more about some of the community work here in a moment.
但展望未来，我觉得我们对可比项目已经有了一些了解。
But to look forward here and and I think we have an idea a little bit on comparables.
我建议听众们看看哥伦比亚的一些可比项目，当然，我们也可以看看周边邻国的一些相关项目。
I encourage the audience to look at some Columbia comparables, and, of course, we can look at some related ones in the neighboring countries there.
但展望未来，我们有可能在哥伦比亚打造一个规模可观的运营项目，与当地已有的其他项目相媲美。
But looking ahead towards a potential for a significant operation comparable to what we are seeing in Columbia from other operations that are already existing.
你觉得在你看来，拿到许可证、完成社区和环境工作、再配合可行性研究，这个时间表大概是什么样的？
You know, what do you think the schedule looks like in your mind to get permitting done, community and environmental work completed, wrap it up with a feasibility study?
如果你能在这里稍微推测一下，我知道这看起来还比较遥远。
If you could just speculate a little bit for us here, I know that's looking out quite a ways.
但假设一切顺利，第一批大规模生产，我们是在看2030年还是2029年？
But assuming all goes well, first potential production of size, are we looking at 2030, 2029?
你有什么想法？
What are your thoughts there?
安德鲁，这个问题问得非常好。
Andrew, that's an excellent question.
我喜欢这样的问题，因为它真的能帮助你的听众和投资者更了解我们在想什么、在做什么、在瞄准什么目标。
I appreciate questions like that because it really helps your listeners and investors get more out of me in terms of what are we thinking, what are we doing, what are we targeting.
虽然我主动提了，但这确实是个好问题。
And, you know, while I volunteer that, it's a great question.
我先回答一下这个问题。当我接手这个项目，看到它的潜力时，你知道，多年来我们已经成为评估矿产机会的专家。
I'm gonna start to answer that by seeing that when I walked into this project and saw what it had, you know, we've become experts at evaluating mineral opportunities, of course, through the years.
所以，一个项目要过关，门槛是非常高的。
So it's a very tight filter for a project to get through.
如果它能通过，那就说明了几点。
And if it does, it indicates a few things.
对我来说最重要的一点是，我能清晰地看到前方的目标，而那个目标就是投产。
The most important one to me is that I have a clear line of sight to the horizon, and on the horizon is production.
对吧？
Right?
所以我们知道这个项目是可以实现投产的。
So we know we can get to production with this project.
无论是看得见还是看不见的障碍，都不会有那种能让你停摆的重大阻碍。
There's no significant barriers, whether seen or unseen, that can, you know, shut you down.
风险总是存在的。
There's always risks.
是的。
Yes.
每个矿产项目都有风险，尤其是审批环节。
They're always there with every mineral project, particularly permitting.
如果你没有充分规避技术风险，那它可能是仅次于技术风险的最大风险之一。
It's probably one of the biggest risks next to technical risks if you haven't, you know, adequately mitigated those.
但我们能看到那个前景。
But we could see that on the horizon.
所以，再加上我身边的团队——尤其是我的搭档里卡多·韦拉霍斯基，他是一位世界级的冶金专家和矿山建设者。
So that and the team that I have by the way, my know, partner in crime here, most notably would be Ricardo Wellahorski, world class metallurgist, mine builder.
他是我们的运营负责人。
He's our and operator.
他是我们的首席运营官。
He's our, chief operating officer.
和他一起的还有杰里米·林克，他是我们的企业发展副总裁，同时也密切参与勘探工作。
Along with him is Jeremy Link, our VP of corp dev and works also very closely with exploration.
他也是勘探方面的专家。
He's an exploration expert as well.
我有一支非常紧密、高素质、经验丰富的团队，我们都看到了地平线上那条清晰的道路。
I've got a very, very tight, highly qualified, experienced team, and we all see that on the that clear path on the horizon.
所以，真的，当涉及到我们的规划、工作、预算这些事情时，我之前提到的灵活性，我们实际上是倒推着来做的，先确定我们现在必须做什么，才能达到我们看到的那个未来的时间点。
So, really, when it comes to our planning and work and budgeting and these sorts of things, flexibility that I spoke of earlier, we're actually working backwards and rate to what we have to do now then to get to that point out in time that we see.
那个时间点，正如你所说，现在，我们预测的最早时间，注意，是保守预测，最早也要到2028年底才能做出建设决定。
That point out in time, as you said, right now, the absolute earliest that we project, like, conservatively, mind you, conservatively project would be the end of twenty eight for a construction decision.
然后，你知道，像任何采矿项目一样，我现在有点冒险，只是做个基准比较，但你知道，至少需要18个月才能开始运营，开始产出黄金。
And then, you know, like any mining project, you know, now I'm going in on on a limb and just sort of benchmarking, but, you know, minimum of eighteen months to be up running, pouring gold.
所以，是的，这大概会让你进入2030年。
So, yeah, it puts you into, like, you know, probably into 2030.
当然，有机会提前，你知道，特别是当你考虑分阶段建设项目，而不是一开始就建一个巨大的工程。
There's opportunities to beat that, of course, you know, especially when you're talking about scaling a project, not building this monster in the start.
为什么要那样做呢？
That's why would you do that?
我们不需要这么做。
We don't have to.
我们清楚这一点。
We know that.
所以我们的团队、专家，还有和我们合作的Asanko，那些全球顶尖的专家，我们和大型企业合作多年，他们了解我们。
And so our team, our experts, and Asanko who we work with, global experts, whom we've worked with for years with the majors, and they know us.
我们也了解他们。
We know them.
我们知道这里还有很多机会可以把握，而且，通过一些巧妙的工程调整，可以缩短时间、增加价值等等。
We know there's a lot more opportunities to be captured here and, you know, savvy engineering moves to be made that can shorten timelines and add value and so forth.
所以我给你的时间表是非常保守的。
So the dates I'm giving you are very conservative.
对吧？
Right?
可以实现，但确实保守。
Achievable, but but conservative.
单从我们一年前在2025年起步时的规模和范围来看，到现在这个阶段，一个矿产项目在开发流程中能有这样的推进速度，是非常罕见的。
And that in itself from the scope and scale of where we started in '25 a year ago to there is just a very rare phenomenal rate of movement through a mineral project through its development pipeline.
对吧？
Right?
这简直太惊人了。
That is just phenomenal.
但这恰恰说明了我之前提到的那些有利条件。
But that speaks to the enablers that I spoke of earlier.
我一直在强调这一点，因为大多数项目都缺少其中一项或多项条件——电力、清晰的现场通道、熟练劳动力、气候条件等等。
I keep emphasizing that because most projects lack one or more of those enablers power, clear access to site, access to skilled labor, climatic conditions, la la la.
在加拿大，这些因素确实可能成为拖慢开发进度的真正挑战。
It can be real challenges that slow the rate of development in Canada.
好在现在已经有了一些进展，矿业和自然资源行业的审批流程和时间线正在改善。
There is movements happening now, thankfully, to improve the permitting process and timeline in the mineral industry, natural resource industry.
这对于为股东创造价值至关重要，同时也能通过税收体系等途径，为附近的社区——那些成为你利益相关者伙伴的社区——带来价值。
That is so essential to being able to deliver value to not only the shareholders, but, you know, through the tax regimes and so forth and the communities that become your stakeholder partners nearby, value to them as well.
对吧？
Right?
所以，这里是有机会创造价值的。
So there's an opportunity to bring value forward.
而且，你知道，有些地区在这方面确实面临挑战。
And, you know, certain jurisdictions have challenges around that.
在加拿大，很不幸就是这样。
In Canada, it's unfortunately like that.
美国也差不多。
US, very similar.
但如果你去其他地区，比如南美，情况就会好一些。
But you get into other jurisdictions as you move into the South American region, it begins to get a little better.
这就是为什么过去一二十年，你在美洲看到了那么多勘探、外资、开发和运营活动。
And that's why you've seen so much discovery, foreign investment, development, and operation occurring in America over the last decade to two decades.
真是令人惊叹。
It's been phenomenal.
哥伦比亚在很多方面代表了新的前沿，从时间线来看，这确实是一个有利因素。
Columbia is representing the new front to that in many ways, and it's it's something that, from a timeline perspective, is enabling.
所以我觉得，这就是我们目前的状况。
So I think that's that's kinda where we are.
那么，如果从这个角度倒推，通过许可审批来推动这件事，首先就要从完善审批流程入手。
So if you work backwards from that, you know, enabling that through permitting starts with inform informing the permitting process.
我这么说是什么意思呢？
What do I mean by that?
意思就是，要把思路拉回到当下。
It means bringing it all the way back to today.
你的资源是什么？你预计它们能达到什么规模，或者目标是什么？
What is your resources what are you projecting them to be or targeting them to be?
我们之前聊过，要把它翻倍，甚至还要增加更多。
Well, we've spoken about that, doubling that and, you know, even adding more to that.
不过目前，这就是我们的目标和追求。
But for now, that's our quest and target.
由此可知，项目的规模和范围会随着其价值、创造价值的能力以及自由现金流而扩大。
From that, understanding that the scope and scale, of the project will increase in terms of its value, capacity to generate value and free cash flow.
这将会改变。
That'll change.
所以，你必须通过工程来全面了解这些，正如我之前提到的，工程现在就得开始，并且会一直持续到完成PEA这个节点，再进入2027年，直到我们觉得准备充分，可以启动预可行性研究为止。
So you've got to inform all of that through the engineering that has to start now as I spoke of earlier, and we'll continue right through the pit stop of doing the PEA and into and through '27 until we feel we've got enough done that we're ready to start the prefeasibility study process.
对吧？
Right?
这个过程是有依据的。
That process is informed.
它的依据来自工程数据和你的资源信息。
It's informed through the data from engineering and your resources.
其实，许可审批也是同样的道理。
Well, permitting is the same thing.
你必须让项目信息充分透明，涵盖工程、环境数据收集、基线监测等各个方面，这样才能了解环境系统在开发前的状态，以及你预期它在运营和复垦后的样子。
You have to have your project properly informed, you know, across the board from the elements of engineering, environmental data collection, base line monitoring, so forth to understand what your environmental system is before you touch it versus what you're projecting it to be once it's in operation and reclaimed.
这就是整个环境许可的流程。
That's the whole environmental process of permitting.
它必须得到充分的信息支撑。
It has to be informed and adequately informed.
在这个环节，你不能偷工减料或者心存侥幸，指望能拿到许可，或者以为自己在正确提供信息。
This is where you can't cut corners or play around and hope that you'll get a permit or hope you're informing properly.
这些是我们已经清楚的事情。
These are the things we know.
所以我们正在努力确保信息准确到位。
So we are working to inform it properly.
这个许可流程，大概会在预可行性研究启动的早期阶段同步开始。
That permitting, you know, process would probably start in its early stages in parallel with the prefeasibility start.
所以，大概在明年下半年，对吧，那时候会更专注于编制环境影响评估报告，把工程数据、已有知识和收集到的信息整合进去，然后纳入一个专门的咨询流程，这个流程不仅涉及利益相关方，还要跟监管机构沟通。
So, you know, second half of next year, right, where it becomes more focused on developing your environmental impact assessment study, packaging that through informed engineering and knowledge and data you've gathered, and then folding that into a consultation process that's specific to permitting with not only your stakeholders, but also the authorities.
对吧？
Right?
所以大致的时间线就是这样，然后会一直推进，从预可行性研究到可行性研究，最终完成工程设计，并提供做出建设和投资决策所需的确定性水平，对吧，基于可行性级别的工程设计和成本预测等等。
So that's kind of the timeline, and then that would march through and continue through prefeas into feasibility then to cap off the engineering and provide the level of certainty that's required to make a construction and investment decision, right, with a feasibility level engineering and projection of costs and these sorts of things.
我想谈谈社区工作和项目接受度，当然，这跟未来的潜在开发以及许可审批是同步进行的。
I wanna touch on community work and acceptance of the project for potential future development, of course, goes in line with permitting.
罗伯特，在这方面你有什么想法？就你们目前与当地社区开展的工作而言，包括那些互动和活动，目的是为了未来获得社区对项目的认可，你怎么看？
What are your thoughts there, Robert, just as far as some of the work you guys are doing with the local community, some of those engagements and those activities with local community to gain their acceptance for the project in the future?
对。
Yeah.
这是个好问题。
It's a good question.
就像我之前提到的，这是一个重要的方面，在很多方面可能是矿业项目最大的风险。
As I alluded to earlier, it's an important track, right, that in many ways can be your biggest risk, right, with a with a mining project.
我们最初评估时发现，其中一个矿床——米拉弗洛雷斯矿床，虽然规模不大，只占我们目前发布的PEA（即2025年PEA）中20%的盎司量，但它已经获得了建设和运营的全部许可。
When we evaluated this initially, we saw and realized that a, one of the deposits, the Mira Flores deposit, while it's small, accounting for 20% of the ounces in our PEA that's out now, the twenty twenty five PEA, it's fully permitted for construction and operation.
话虽如此，我们也注意到，在当地开展的社区参与项目，实际上前任业主曾因此在哥伦比亚获奖。
That said, we identified that the social community engagement programs that were developed on the ground, they actually previous owner actually won awards for in Columbia.
这本身就很罕见。
That in itself is quite rare.
这说明我们接手的团队素质很高。
So it speaks to the quality that that of the team that we've inherited.
这些人之前跟英美资源集团还有其他大公司合作过。
These guys are were worked with Anglo and other big companies as well.
他们是哥伦比亚人。
They've been they're Colombian.
他们整个职业生涯都在当地工作。
They've been on the grounds their entire careers.
他们对矿石了如指掌。
They know their rocks.
他们熟悉当地的人。
They know the people.
他们了解整个流程。
They know the processes.
所以他们显然建立了一套行之有效的流程。
So they clearly built a process that worked.
这个流程不仅对审批有效，而且对社区参与也很有效。
It worked not only for permitting, you know, but it also worked to engage the communities.
所以，如果可以用这个词的话，我们继承的就是这些已经建好、随时可以上手、可以扩展和改进的‘工具’或‘平台’。
And so that's the sort of, if I can use the phrase vehicle or vehicles that were built and ready for us to get in and drive and expand and improve is what we inherited.
所以一年前我们接手这个项目，作为运营方真正落地时，我们立刻就开始了这些工作。
And so a year ago when we inherited this and got our boots on the ground as an operator, that's what we started right away.
就是重新启动社区参与项目，让它们运转起来。
It was community engagement programs again, getting them going.
不过，我好像没提过，我们在2024年、2025年初接手这个项目时，它已经处于维护保养状态，而且已经停了两年多。
Keeping in mind, I don't think I said this, when we stepped into this project in '24, early twenty five, it was on care and maintenance and was on care and maintenance for over two years.
所以它一直处于停滞状态。
So it was in stasis.
没有任何有意义的社区沟通，没有任何技术进展，什么都没有。
There was no communication with the communities of any significance happening, no technical movement, nothing.
所以我们一接手，所有事情又重新启动了。
So when we got in, everything fired up again.
因此，最重要的是启动那些社区参与项目，让大家知道我们是谁、为什么来这里、在做什么、我们的意图、长期目标等等，并重新与大家建立联系。
So it was most important to start those community engagement programs to inform everyone of who we are, why we're here, what we're doing, our intentions, our long term goals, and so forth, and to reengage with folks.
而社区和利益相关方对此有着非常强烈的渴望。
And there was just an incredible desire for that to happen from the communities and stakeholders.
这非常好。
It was great.
当然，总有一些利益相关方持观望态度，他们不了解全部事实，不清楚发生了什么、你的方向、你的意图，因此仍然保持怀疑。
There's always stakeholders as well that are ambivalent, that don't have all the facts, don't understand what's going on, where you're going, what your intentions are, and remain skeptical.
这就是为什么你必须持续沟通，对吧，既要正式也要非正式，因为这是一个教育的过程。
And that's why you have to continually engage, right, on a formal basis but also an informal basis because it's an education process.
随着我们公司不断学习、积累数据、加深对项目的理解和视角，我们的利益相关方也需要同步跟进。
As we, as a company, learn and grow our data, our knowledge, and our perspective of the project, so too must that happen with our stakeholders.
你不能等到你觉得合适的时候才去做这件事。
You can't, you know, wait and do that when you feel like it.
你得让他们和你并肩同行，这样他们才能理解并看到进展。
You've gotta have them shoulder to shoulder with you so, you know, they understand and see the growth.
他们会和我们一样兴奋，然后我们携手前进。
They get as excited as we are about it, and you move forward hand in hand.
这确实有助于推进审批流程。
It it does enable the permitting process.
所以这是最理想的做法。
So that's the ideal approach.
我们一直就是这么做的。
That's what we've been taking.
不过话说回来，社区参与的形式包括像针对孩子的学校项目，比如午餐计划，就是为那些需要给孩子提供午餐的家庭在学校里提供帮助。
But that said, you know, types of community engagement are things like school programs for the children, lunch programs, for example, children and families that, you know, can provide lunches for their children or whatever in schools.
我们一直在做这些。
We've been doing that.
圣诞节在这些地方是个大节日，我们也一直在提供相关的节日活动安排。
Christmas is huge in these jurisdictions, and we've been providing, you know, programs for Christmas and and things there.
这真的非常非常有影响力。
It's it's been very, very impactful.
再比如基础设施项目，像市政垃圾运输这些，能够改善、维护和管理道路系统、水资源、道路等，这些方面。
You step away to things like infrastructure programs, you know, municipal waste haulage and things, you know, being able to improve, maintain, and manage access and road systems, water, roads, those sorts of things.
我们一直在加强和改善那些每到雨季就容易发生塌方和道路损坏的地方。
We've been augmenting and helping to improve areas where you get washouts and roads every you know, happening every sort of wet season.
我们发现问题。
We identify it.
我们设计解决方案。
We engineer around it.
我们彻底解决。
We eliminate it.
你明白吗？
You know?
这对社区来说影响很大，而且对我们来说资源或精力投入不多，但意义重大，因为道路不被冲毁对我们也有好处。
That's a big impact on a on a community when you're able to do that, and it's not much for us in terms of resources or effort, but it's very meaningful because it's it's good for us not to have a road washed out that we need as well.
对吧？
Right?
然后我们把这个扩展到医疗领域，比如。
We extend that then into, medical, for example.
我们和金奇拉镇一起，资助了米拉弗洛雷斯项目附近一个诊所的开发和启动，让那些村庄和家庭能够获得产前、牙科等医疗服务，可以说，我们能做的还有很多。
We, along with the town of Kinchilla, funded the development and startup of a clinic near Miraflores project we have for those villages that are there and families to have access to, you know, medical facilities for prenatal, for dental, you know, on and on we can go.
但这确实极大地改变了他们那里的生活质量，我们甚至走得更远，为这些村庄和社区建造了聚会场所，用于举办婚礼、会议、特殊活动和游戏等。
But it really, really changed the quality of of their lives there, and we've gone even farther than that into constructing spaces for these villages and communities to gather, to have weddings, to have meetings, to have special events and games and things.
这在当地是很重要的一部分，你知道吗，我们一直在并行推进这些工作，甚至更多。
It's big part of of what happens down there, you know, and we've been doing all of that in parallel and then some.
所以我们在那方面非常活跃，同时也积极参与与当局和原住民利益相关者的正式接触过程。
So we've been very, very active on that front as well as, you know, engaging in the process of formal engagement with the authorities and the indigenous stakeholders as well.
所以进展非常顺利，而且随着我们进入我提到的各个阶段，这将继续是我们的优先事项。
So it's been going very well, and it will stay on track to be a priority for us, you know, as we move through the stages I've explained.
对。
Yeah.
罗伯特，感谢你带我们了解这些。
Robert, I appreciate you walking us through that.
把这些梳理一遍确实挺好的。
It's it's good to to go through that.
当然，这可能是所有开发项目，尤其是像这样的大型项目，最重要的一环之一，就是与社区合作，做好接纳工作。
And, of course, that's probably one of the biggest items of of any type of development projects, especially large scale like this, is working with community and working on that acceptance work.
正如你所说，这是一个持续的过程。
And it's a it's a continuous effort as you stated there.
非常感谢你带我们了解这些，也感谢你们在持续进行的审批工作中付出的努力。
I really appreciate you walking us through that and the continued efforts as you guys go through that permitting work that's ongoing here.
安德鲁，我想快速补充一个词——可持续。
I wanna just throw in the word, Andrew, very quickly to say sustainable.
你知道，这个行业已经转变了，从‘给你一袋钱’变成了‘我们一起合作，推动可持续发展，改善你们的基础设施、社区、福祉和社会经济基础’。
You know, the industry shifted from here's a bag of money to let's work together on sustainable development, improvements to your infrastructure, your your communities, your well-being, and socioeconomic basis.
这就是我们关注的重点。
That's what we're focused on.
在很多矿业公司里，可持续发展是核心议题。
And in many mining companies is sustainable development.
没错。
Yeah.
确实，涉及的方面很多，而且还在不断增加。
Certainly, it's a lot of components, and a growing number of them as well.
当然，资金也能发挥作用，用于促进当地经济发展和财富分配。毕竟我们看到过一些政府把资源收走后，并没有回馈给当地社区。
And, of course, the bag of the money, can play in as well for local economic utilization and some of that wealth because we've seen governments be grabby and you never see it come back to the local communities.
当然，这也贯穿在这些周期之中。
That, of course, plays out throughout these cycles as well.
你们也看到了，有些国家来来去去，政策时而非常严格，时而又很宽松。
You've seen countries come and go, policy be very restrictive, and then policy very relaxed.
我们也经历过这些情况。
We've seen that as well.
所以这方面有很多事情要处理。
So lots of stuff on that front.
不过，罗伯特，我们稍微聊聊资本结构和行政方面的事吧。
But just shifting over to capital structure and administrative for a moment, Robert.
根据最近的申报，我们手头现金情况如何？对未来勘探和推进的资金需求有什么预测吗？
Talk where we stand cash on hand as of recent filing with that, any speculation on cash needs going forward for exploration and advancement?
另外，也请告诉我们公司目前的流通股数量，以及你想提到的关键股东，比如管理层和董事会。
And then also with that, give us the current shares outstanding at the company and then those key shareholders that you wanna mention, management and the board.
目前，我们国库里大概有接近或不到2000万，这得益于我们最近完成的那轮融资。
Right now, we're probably just around or under 20,000,000 in the treasury right now based on that recent financing we had done.
实际上，这轮融资主要是为了支持我之前详细讲过的战略，也就是从2026年剩余时间到2027年的计划，核心是当前的钻探工作，以及到年底前大幅提升资源量。
Really, that financing is about enabling what I've spoken to at length in terms of our strategy for the remainder of '26 going into '27, primarily the drilling right now and and getting those resources up to, you know, a significant increase by the end of the year.
我们可能会在10月底前结束大部分钻探，以便收集所有数据，然后在今年年底或明年第一季度初完成矿产资源建模。
And we'll probably be cutting off the majority of that drilling by the end of October to allow all that data to come in and get the, mineral resources and modeling done in very early q one or the end of this year.
当然，与此同时，我们也在启动其他工程方面的准备工作。
And, of course, along with that is fueling other engineering components that we're starting now.
所以，我们在这方面准备得很充分，会用这笔资金在2026年剩余时间以及2027年持续推进这些工作。
So we're well positioned for that, and we'll be doing that through the balance of '26 with this capital and into '27.
我们的流通股数，我手头没有确切数字，但我很确定大概接近1.3亿股的基本流通股。
Our shares outstanding, I don't have the exact number with me, but I'm pretty sure we're probably close to about a 130,000,000 basic shares outstanding.
当然，这里面还包括了一些权证和期权。
Of course, with that, there's there's warrants and options.
但最重要的是股权结构这方面。
But what's most important is the ownership aspect to this.
这家公司的股权非常集中。
This company is very tightly held.
管理层持有公司大约22%到25%的股份。
You know, the management holds up to 22 to 25% of the company.
我们最近把机构持股比例提高到了大约22%。
We've recently boosted our institutional holdings up to 22% ish.
剩下的股份中，大部分散户持股也非常集中，主要是那些从一开始就跟着我们的投资伙伴。
And out of the remainder, majority of that retail is very tightly held with, investment partners that have been with us since the start.
他们看到了大局，看到了长期的机会。
They see the big picture, the the long range opportunity.
他们和公司管理层一样，都是打算长期持有的。
They're in it for the long haul just as, you know, management and the company is.
所以可以说，公司至少有50%的股份是非常集中的。
So you can say there's at least 50% of the company is very tightly held.
那些即将到期的认股权证，大部分也掌握在这些群体手中，而且它们的到期时间是分批的。
Majority of those warrants as well that are coming up, and staged expiration are held by those groups as well.
所以从股权结构来看，这非常理想。
So from an ownership perspective, it's ideal.
从流通股数量来看，我们取得的成就、我们用这些资本做的事情，以及这些在股价上的反映，都非常理想。
From a shares outstanding perspective, what we've accomplished, what we're doing with that capital, you know, reflecting the share count, ideal.
和很多同行相比，我们的流通股数量算是相当低的。
You know, we're we're quite low compared to many of our peers.
但我最关注的是，我们的资本和资本结构，最终如何转化为股东和股价的价值。
But what I'm focused on mostly with our capital and our capital structure and what it means and translates to ultimately is generation of value to the share price to shareholders.
是的。
Yes.
要做到这一点，从根本上来说，从我和我们团队以及老虎的角度看，就是资本回报率。
By doing that, the fundamental approach to that, from my perspective and our teams and Tigers, is return on capital.
所以，我们的重点是让老虎公司里每一美元的资本都产生最大的价值，这也是我们一直以来的重点。
So it's focused on generating maximum value from every dollar of capital that is, you know, provided and worked with within Tiger, and that is has been our focus and so far.
而且我们非常计划继续按照我一年前说的那样去执行，一年后也会如此。
And we are very much planning to continue to execute exactly as I said we'd be doing a year ago and a year from now.
我为自己和我们的团队感到自豪。
I do pride myself and our team on that.
我们执行得很好，完全按照我们说的去做。
We are executing very well, doing exactly what we said we were gonna do.
但难就难在，当我们说要去做的时候。
But here's the hard part, when we said we were gonna do it.
而且这种执行带来的价值超出了我们的预期，在我们管理的范围内，我想你已经感受到了我对这个项目的热情，以及我们对它的期待，因为我们对我们带来的东西感到兴奋，并且会继续带来，尤其是在今年剩下的时间里。
And that execution is delivering value that's exceeding our expectations within, you know, our, you know, our management realms, which I think you've got a sense of the passion that I have for this project and and what we hold for it because of our excitement of of what we're bringing to the table, continuing to bring forward, especially through the balance of this year.
所以，获得资本是一回事，但部署资本和创造世代价值是另一回事，在我看来，后者更重要，除非你有非常清晰的计划和执行记录，否则，扩大你的资本基础或增加资本就会变得相对困难。
So the attainment of capital is one thing, but the deployment and generational value is another, and in in my view is even more important that unless you have a very clear plan and track record of doing that, then, you know, growing your capital base or adding to it is becomes proportionally challenging.
对吧？
Right?
但对于Tiger来说，我认为我们在资本运用方面已经超越了大多数同行，甚至可以说是所有同行。比如资源增长率，我们在一年甚至更短的时间内实现了资源翻倍，也就是100%的增长。
But for Tiger, I think we've been exceeding most, if not all, of our peers in terms of what we're doing with our capital, in terms of resource growth rate to to double resources, you know, a 100% growth rate, within a year or less.
没有其他人能做到这一点。与Senko这样的工程合作伙伴一起，通过明年第一季度更新的PEA来扩大项目的规模和范围，再次证明这非常罕见。
No no one else is doing that, to grow the scope and scale of a project with an engineering partner like a Senko through an updated PEA in q one next year to demonstrate that, again, it's rare.
所以这说明了我们是如何专注于筹集资金、为股东创造价值、提升股价的。
So it speaks to, well, you know, how do you how are we focused on raising and delivering value to shareholders to increasing the share price?
其实靠的是基本面。
Well, it's fundamentals.
对吧？
Right?
我们一直在这样做，而且是在一个非常艰难的宏观环境下做到的，我们所有人都身处其中。
And we've been doing that and not only delivering that while, of course, we're in a very challenging macro environment, which we're all in.
我们的基本面持续改善和增长，变得越来越有吸引力，以至于我们不再等待市场的自然重新估值。
Our fundamentals keep improving and growing and becoming more and more and more attractive to the point where we're not waiting for an organic rerate.
我们正在主动推动这件事。
We're forcing it.
这就是我创造价值的方式。
You know, that's that's the approach that I'm taking to delivering value.
我们要通过有意识的增长、实实在在的股东价值回报，用数据说话，让人无法忽视，来强行推动估值重估。
We're gonna force a rerate through deliberate growth, deliberate delivery of value to shareholders that is tangible, data driven, you know, unmistakable.
这就是我们目前在资本和结构方面的情况。
So that's kinda where we are with our capital and structure.
所以我有信心，我们的资本结构、所有权结构以及必要时继续融资的能力都处于理想状态，不过我觉得要到明年某个时候才需要这么做。
So I'm confident that we are in a, ideal place in terms of our cap structure, our ownership, our ability to continue to add capital as needed, which I don't think we'll need to do until the new year sometime.
但话说回来，伴随这些的还有今年年底到明年第一季度将推出的一些重大催化剂，比如资源增长、初步经济评估，当然还有我们之前提到的，转向开发项目，涉及工程设计、审批等事宜。
But, you know, that said, along with that will be the delivery of some very significant catalysts by the end of this year going into q one in terms of the resource growth, the PEA, and then, of course, setting our sights on what we've talked about, which is the pivoting into a development project of, you know, engineering, permitting, that sort of thing.
当然，还有平行的勘探工作，继续寻找更多盎司、更高品位的资源。
And, of course, parallel exploration work to continue to work to discover more ounces, higher grade ounces, that sort of thing.
谢谢你详细说明这些。
Thank you for going through that.
把这些讲清楚挺好的，我也认同你们在公司早期采取的这套价值创造策略。
It's good to cover that off, and I agree with the value creation approach that you guys are doing here in the early days of the company.
随着你们逐步进入全面开发阶段，市场会开始认可你们作为开发公司的价值，而不仅仅是勘探公司。
As you guys move more into that full on development scenario, the market starts to give that appreciation for a development company rather than just an explorer co.
我觉得你们打算怎么推进这一点也非常棒。
I think that's fantastic as well on how you're going to approach that.
显然，大家对你们最近刚完成的融资非常感兴趣。
Obviously, folks had great interest in the recent financing that you guys did close-up just recently as well.
所以感谢你带我们，当然也包括股东们，了解了这些情况。
So appreciate you walking us through that and, of course, the shareholders.
你之前提到了一些关键人物。
You talked a little bit about key people earlier on.
感谢你介绍了其中几位。
So I appreciate you walking through some of those folks.
当然，你们网站上还有更多人员信息，包括当地团队和管理层。
And, of course, there's more people on your guys' website that, country folks as well as management team.
如果没有其他问题，为了节省时间，罗伯特，我们是不是该收尾了？
Short of anything else, for the sake of time here, Robert, why don't we wrap it up?
我不想占用你整个上午，毕竟还有潜在投资者在听。
I don't wanna take all your morning here for potential investors who are listing in.
Tiger Gold 目前的市值大约是 6500 万加元。
Tiger Gold has a market capitalization today of about 65,000,000 Canadian dollars.
在这个阶段，为什么机构、家族办公室和散户投资者应该考虑这家公司？
Why should the company be considered within the institutional family office and retail investors portfolio at this stage?
我认为基本面——我刚才提到的增长速度和价值创造——已经通过 200 万盎司的 PEA 和以温和金价计算的估值得到了验证。
I think the fundamentals, I spoke of, you know, the rate of growth and value generation that we're undertaking have already delivered with 2,000,000 ounces in a PEA and a valuation of at modest gold prices.
我记得在金价 3500 美元左右时，税后净现值大约是 12 亿，税后内部收益率超过 36%。
I think it was at 3,500 gold price somewhere around 1,200,000,000 post tax NPV and over 36% post tax IRR.
这很了不起。
That's significant.
你说呢？
You know?
而这只是我们刚开始的成果。
And that's just what we've started with.
正如我之前详细说明的，我们正在努力大幅提升这个数字。
As I've already explained in detail, we're working to significantly increase that.
为股东带来实实在在的价值，这是投资任何一家像我们这样增长迅速、有能力也有机会为股东创造价值的黄金公司的有力理由。
That delivery of tangible value to shareholders is a strong reason to get into any gold company that has the growth rate that we have, the ability and opportunity to deliver value to shareholders.
这是实打实的。
It's substantive.
除此之外，地理位置、我之前提到的有利条件，这些都具备。
Beyond that, the jurisdiction, the enablers I spoke of, they're all there.
你知道吗？
You know?
我们并不处于高风险环境中，不像非洲某些国家那样，有很多不确定因素需要应对。
We don't have a high risk environment that we're in, maybe like some countries in Africa or something where there's a lot of unknowns, that you have to deal with.
我们没有那些问题。
We don't have those.
你知道吗？
You know?
哥伦比亚，正如我详细解释过的，已经取得了长足的进步，现在是一个非常令人兴奋的黄金矿区，一个采矿管辖区，而且随着时间推移，随着更多正式投资进入该国，它将继续变得更具吸引力。
Columbia, as I've explained in detail, has come a long way and is a very exciting gold jurisdiction, a mining jurisdiction now, and will continue to be even more attractive as time moves on and more formal investment comes into the country.
这些机会是推动投资者兴趣的根本因素，当然，所有这一切的背后必须是管理团队。
Those opportunities are the fundamental ones to drive investor interest, and, of course, backing all of that has to be the management team.
我们能够识别所有角度，了解所有必要的缓解措施，以引导这样一个项目通过建设决策并进入运营，这是我们完全有能力做到的。
Our ability to recognize all of the angles, to know all of the mitigations required to navigate a project like this through into and beyond the construction decision and in operation is what we are fully capable of.
我可以推测，我们的许多同行并不具备这一点。
I can surmise that many of our peers do not have that.
我们还带来了我提到的那种纪律性。
We also bring a measure of discipline that I spoke of.
我们在做事时非常谨慎，计算保守。
We are very measured in calculating and conservative in how we do things.
所以当我们谈论交付时，我们确实交付了，而且是以保守的速度。
So when we talk about delivering, we deliver, and that's at a conservative rate.
就像我今年一直说的，我们在钻探方面的成果远超预期，而且我们说到做到，按时完成了目标。
As I've said so far this year, we've over delivered in terms of what we've added through the drill bit well beyond our expectations, but we're doing it when we said we're going to do it.
所以这种情况会持续下去。
So that will continue.
再加上我之前提到的那些增长因素，股东们可以确信，价值正在被创造，而且会持续创造。
Combine that with the those, growth elements that I spoke of earlier, there's a strong assurance to a shareholder that value will be generated and is being generated.
是的。
Yes.
不幸的是，宏观环境不太好，很多积极因素都被掩盖了。但我要指出的是，在伊朗局势恶化之前，我们的股价已经突破了一美元，后来市场才大幅回调。
It's unfortunate we're in a macro environment where a lot of that is muted, but I will point out before things got ugly in Iran and that, we were we had breached a dollar, you know, before the big pullback in the market.
所以我们还是稳住了。
And so we're holding our own.
我们的交易量一直相当强劲。
Our volumes continue to be quite strong.
显然，这支撑了我们最近在市场回调加剧之前完成的融资。
Obviously, it supported the recent raise that we did just before, you know, the pullback increased in the markets.
但是，你知道，正如我所说，在这种时期，重要的是让股东知道我们正在埋头苦干，继续通过获取和交付价值来度过难关。
But, you know, as I said, it's important that during these times, the shareholder knows that we are heads down continuing to navigate through this by capturing and delivering value.
我们不会停下手中的工作，也不会躲起来。
We're we're not stopping what we're doing and hiding under a rock or something.
我们正在埋头创造价值。
We are heads down delivering value.
而且，正如我所说，年底和明年第一季度会有一些重大催化剂，这些将为股东实现价值。
And as I said, some major catalysts coming up towards the end of the year and into q one, that will crystallize that for shareholders.
你明白吗？
You know?
所以，现在是在这些低迷的价格水平入场的激动人心的时刻，因为你知道，我们的股价即将迎来上涨，这仅仅是因为，你知道，我们拥有的盎司数量、围绕PEA级别的工程描述，以及一个所有资源或大部分资源都在实测和指示类别中、已经去风险化的项目，这些因素将推动重新估值。
So it's an exciting time now to get in at the these depressed price levels knowing that there's such, you know, a rate of increase coming down the pipe for our shares based on just, you know, a a forced rerate of, you know, the amount of ounces we have, the engineering around describing you at a PEA level, a project that has all of its resources or most of them in measured and indicated categories derisked.
而且生产率远远超过一年前我们开始时的水平。
But at a production rate that far exceeds what we started with a year ago.
那么，罗伯特，感兴趣的人士联系公司提问的最佳方式是什么？
And what is the best way, Robert, for interested parties to reach out to the company with questions?
每份新闻稿的底部都有联系方式。
Well, on the bottom of every press release, you'll see contact information.
那可能是联系我们最直接的方式。
That'd probably be the most direct way to reach out to us.
所有关于具体运营的问题，或者不是行政类的事情，都会转到我这里。
And all questions that are operationally specific or, you know, not something pertaining to some administrative thing will go to me.
所以你会收到我的回复，我很乐意和大家沟通，随时解答问题。
So you'll get an answer from me, and I'm more than happy with folks to to connect and answer questions as we go through.
我经常和现有股东这样做，这也是打造一个紧密、兴奋的股东群体的一部分，他们自己也很激动，因为他们觉得自己信息很充分。
I do that on a regular basis with our existing shareholders, and it's part of the process of having a tight, exciting shareholder base that themselves are excited because they feel they're well informed.
他们和我们并肩同行。
They're right there with us.
他们看到了上升空间，也看到了我们抓住这个上升空间的过程。
They're seeing the upside and our process of capturing that upside.
所以这是我关注的重点，我鼓励大家如果有任何问题，尽管来联系我。
So it's it's it's what I focus on, so I encourage folks to reach out if they do have any questions.
我很乐意和他们交流。
I'm happy to engage with them.
鼓励听众有问题就联系我们。
Encourage the audience to reach out with questions.
显然，一集节目能覆盖的问题有限，非常感谢大家的提问。
There's obviously way more questions than we can cover in a single episode here, so really appreciate that.
好的，罗伯特，感谢你今天的时间，也感谢你介绍老虎黄金。
Well, Robert, thank you for the time today and for the introduction to Tiger Gold.
祝你好运，我们期待未来几个月能听到你的最新进展。
Best of luck here, and we are looking forward to updates in the coming months.
我当然也期待能带来好消息。
I'm looking forward to delivering them for sure.
非常兴奋。
Very excited.
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