Alexco 资源公司 (AXU) 首席执行官 Clynton Nauman 于 2019年 第二季度业绩 - 收益电话会议记录

Alexco Resource Corp. (NYSEMKT:AXU) Q2 2019 Earnings Conference Call August 14, 2019 12:30 PM ET

Alexco资源公司(纽约证券交易所代码:[AXU])2019年第二季度收益电话会议2019年8月14日美国东部时间下午12:30

公司参与者

Kettina Cordero - Director of Investor Relations
Clynton Nauman - Chairman and Chief Executive Officer
Michael Clark - Chief Financial Officer
Brad Thrall - President

  • Kettina Cordero - 投资者关系总监
  • Clynton Nauman - 董事长兼首席执行官
  • Michael Clark - 首席财务官
  • 布拉德萨尔 - 总统

电话会议参与者

Mike Niehueser - Scarsdale Equities LLC
Michael Kozak - Cantor Fitzgerald Canada Corporation

  • Mike Niehueser - Scarsdale Equities LLC
  • Michael Kozak - Cantor Fitzgerald Canada Corporation

会议主持员

Thank you for standing by. This is the conference operator. Welcome to the Alexco Resource Corp., 2019 Second Quarter Conference Call. As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. [Operator Instructions]
I would now like to turn the conference over to Alexco's Director of Investor Relations, Kettina Cordero. Please go ahead.

谢谢你的支持。 这是会议运营商。 欢迎来到Alexco Resource Corp.,2019年第二季度电话会议。 提醒一下,所有参与者都处于只听模式,正在录制会议。 演讲结束后,将有机会提问。 [操作说明]

我现在想把会议转交给Alexco的投资者关系总监Kettina Cordero。 请继续。

Kettina Cordero

Thank you, operator, and good morning, everybody. Today is Wednesday, August 14, 2019, and I welcome you to the Alexco Resource 2019 second quarter conference call. This call is being webcast live and can be accessed through our website at alexcoresource.com. An archive of the call will be available later today on our website in the Events and Webcast section.
Our website also contains our most recent new releases and our financial statements for the quarter ended June 30, 2019, as well as our 43-101 compliance technical report supporting the Keno Hill pre-feasibility study. Today, our Chairman and CEO, Clynt Nauman will discuss our most recent quarterly results. After his presentation, Alexco’s CFO, Mike Clark; and Alexco’s President, Brad Thrall will join him for the question-and-answer period.
Before we start, I’ll remind everyone that some statements made today may constitute forward-looking information within the meaning of applicable securities laws. Please note that past performance discussed today is not indicative of future results, and our business involves a number risks that could cause results to differ from projections. Investors are encouraged to review these disclosures and discussions pertaining to risks that can be found in Alexco's most recent regulatory filings available on our website and on SEDAR and EDGAR.
I will now turn the call over to Clynt Nauman.

感谢操作员,大家早上好。今天是2019年8月14日星期三,我欢迎您参加Alexco Resource 2019第二季度电话会议。此电话正在进行网络直播,可通过我们的网站alexcoresource.com进行访问。今天晚些时候,我们的网站将在活动和网络直播部分提供电话会议档案。

我们的网站还包含我们最新的新版本和截至2019年6月30日的季度的财务报表,以及支持Keno Hill预可行性研究的43-101合规技术报告。今天,我们的董事长兼首席执行官Clynt Nauman将讨论我们最近的季度业绩。演讲结束后,Alexco的首席财务官Mike Clark;和Alexco的总裁布拉德萨尔将和他一起参加问答环节。

在我们开始之前,我会提醒大家,今天发表的一些声明可能构成适用证券法意义上的前瞻性信息。请注意,今天讨论的过去表现并不代表未来的结果,而且我们的业务涉及一些可能导致结果与预测不同的风险。鼓励投资者审查这些披露和有关风险的讨论,这些风险可以在我们网站以及SEDAR和EDGAR上提供的Alexco最新监管文件中找到。

我现在将电话转到Clynt Nauman。

Clynton Nauman

Thank you, Kettina, and welcome, good morning and good afternoon to everybody. Before I review our performance, I'd like to draw your attention to the fact that effective Monday, August 12, Alexco changed its trading symbol on the TSX from AXR to AXU, so that our shares now trade under the same trading symbol on both the TSX and the NYSE American.
Now let's review the highlights from the second quarter. We reported a total net loss of $1.5 million or approximately $0.01 per share. We finished the second quarter with $11.8 million in cash and cash equivalents and working capital of $50.5 million. The recent split between cash and the working capital balances as a result of AEG’s growth and revenues which has resulted in higher receivable balances.
On March 28, we announced the results of an independent pre-feasibility study for expanded silver production at Keno Hill and we filed that PFS on May 8. On April 23, we completed a private placement of $1.8 million flow-through shares at a price of C$1.90 for gross proceeds of $3.5 million. And on June 7, we completed a bought deal public offering for 6.5 million shares at a price of US$1 for aggregate gross proceeds of US$6.5 million or C$8.6 million.
In late June, we initiated a $2.2 million surface exploration diamond drilling program that will comprise approximately 20 holes in a minimum of 7,500 meters to test targets in the vicinity of the Bermingham deposit, including the deep holes we have discussed previously and also along with other targets in the Galena Hill area.
Interestingly, most of these new targets were identified during last year's aerial geophysical survey, which was completed to better understand the continuation of the Hector-Calumet-Bermingham mineralization trends and identify blind targets and other blind mineralized structures with signatures, signature similar to that of Bermingham. That signature is of course a geophysical signature.
We commenced construction of key service infrastructure as outlined in the PFS. During the quarter, we focused on installation of underground production-related portal infrastructure at Bermingham and other infrastructure and services including upgrades to the existing haul roads from Bermingham, construction or the water treatment ponds and construction of a coarse ore storage facility at Bermingham.
Our environmental business, AEG generated $8.7 million in revenues and $2 million in gross profit for a margin of 23%, gross margin that is. And during the quarter, AEG incurred an operating loss before taxes of $161,000 excluding non-cash costs of $138,000.
AEG and joint venture partner, JDS Energy and Mining, entered into an agreement to acquire the assets of the Mount Nansen site from the Government of Canada. AEG and JDS each owned 50% of the Mount Nansen Remediation Limited Partnership, which was entered into as an agreement with the Government of Canada to remediate environmental contamination from previous mining activities at Mount Nansen. More details related to the terms of this agreement with the Government of Canada will become available as the project moves through the closing process.

谢谢你,Kettina,欢迎,大家早上好,下午好。在我审查我们的业绩之前,我想提请您注意这样一个事实,即自8月12日星期一起,Alexco将其在多伦多证券交易所的交易代码从AXR更改为AXU,以便我们的股票现在以相同的交易代码进行交易。多伦多证券交易所和纽约证券交易所美国。

现在让我们回顾一下第二季的亮点。我们报告的总净亏损为150万美元或每股约0.01美元。我们在第二季度完成了1180万美元的现金和现金等价物以及5050万美元的营运资金。由于AEG的增长和收入导致应收账款余额增加,最近现金与营运资金余额之间存在分歧。

3月28日,我们公布了基诺山扩大白银生产的独立预可行性研究结果,并于5月8日提交了PFS。4月23日,我们以一定价格完成了180万美元流通股的私募总收益350万加元1.90加元6月7日,我们以1美元的价格完成了购买650万股股票的公开募股,总收益为650万美元或860万加元。

6月下旬,我们启动了一项价值220万美元的地表勘探金刚石钻探计划,该计划将包括至少7500米至少7,500米的钻孔,以测试伯明翰矿床附近的目标,包括我们之前讨论的深孔以及其他加利纳山地区的目标。

有趣的是,大多数这些新目标是在去年的航空地球物理调查中确定的,该调查是为了更好地了解Hector-Calumet-Bermingham矿化趋势的延续,并确定盲目目标和其他带有签名的盲矿化结构,其特征类似于伯明翰。该签名当然是地球物理签名。

我们开始建设PFS中概述的关键服务基础设施。本季度,我们专注于在伯明翰安装与地下生产相关的门户基础设施以及其他基础设施和服务,包括升级伯明翰现有的运输道路,建筑或水处理池以及在伯明翰建造一个粗矿储存设施。

我们的环境业务AEG产生了870万美元的收入和200万美元的毛利润,毛利率为23%,即毛利率。在本季度,AEG的税前经营亏损为161,000美元,不包括非现金成本138,000美元。

AEG和合资伙伴JDS Energy and Mining签订协议,从加拿大政府手中收购Mount Nansen工厂的资产。 AEG和JDS各自拥有Mount Nansen Remediation Limited Partnership的50%,该合作伙伴关系是与加拿大政府签订的一项协议,用于修复南森山以前采矿活动造成的环境污染。随着项目进入结束过程,有关与加拿大政府达成的此协议条款的更多细节将可用。

Our subsidiary, Elsa Reclamation and Development Company, ERDC continued in the environmental assessment process for the Keno Hill closure plan. The plan currently in the seeking views public comment period under [indiscernible]. And finally, AEG entered an agreement with the Bank of Montreal for a revolving line of credit up to C$4 million. AEG was able to utilize the LOC to post a $1 million letter of credit for the Mount Nansen project.
On the permitting front, the application for the renewal of the Water Use Licence for the Keno Hill Silver District completed the technical adequacy phase in July, and a 30-day public comment period has been advertised by the Government of the Yukon. Public comment period is scheduled for completion on August 20.
We have updated our target date for receipt of the amended Quartz Mining Licence to Q3 2019 and receipt of the amended Water Use Licence to Q4 2019. Now that we have completed the technical adequacy process for the Water Licence renewal, we’re on a clear timeline for the completion of this final license process.
With respect to production decision, we continued to move forward in a disciplined two phase approach, primarily to mitigate the risk of any further delays in the permitting process.
Phase I started in June with a number of service infrastructure projects as I mentioned, including completing the multi-plate portal cover at Bermingham, construction of a coarse ore pad and water treatment ponds at Bermingham along with upgrading the existing haul road from Bermingham mine to the Keno Mill. These are things I mentioned previously obviously.
Phase II, however will commence when the timing and certainty of the amended Water Use Licence is clear along with a positive production decision and this phase will consist of underground development with full production at Bellekeno, Flame & Moth and Bermingham along with mill commissioning.
Phase II including ramp up is expected to take approximately four months to six months to complete before shipping a concentrate product. We have the financial resources to complete our 2019 exploration program on current surface infrastructure projects. We continue to receive renewed interest from off-takers to establish preproduction facilities, once we made a production decision and we are evaluating other options to procure the remaining resources necessary to [put in] a little back into production. We are doing this while generating maximum value for our shareholders.
In addition, we have a $15 million U.S. Sprott credit facility, which remains undrawn. The drawdown availability period for this facility expires on August 23, 2019 and we are currently contemplating alternatives for extending this facility.
With that short description, I would now ask the operator to open the question-and-answer period. Thank you.

我们的子公司Elsa Reclamation and Development Company,ERDC继续进行基诺山关闭计划的环境评估过程。该计划目前正在寻求意见公众意见征询期[音频不清晰]。最后,AEG与蒙特利尔银行达成协议,获得高达400万加元的循环信贷额度。 AEG能够利用LOC为Mount Nansen项目发放100万美元的信用证。

在许可证方面,基诺山银区水务使用许可证续期申请于7月完成了技术充足阶段,育空政府公布了30天的公众意见征询期。公众意见征询期定于8月20日完成。

我们已将收到修订后的石英采矿许可证的目标日期更新至2019年第3季度,并将修订后的用水许可证收到2019年第4季度。现在我们已完成了水许可证续期的技术充足程序,我们已经明确了完成最终许可程序的时间表。

关于生产决策,我们继续采用纪律严明的两阶段方法,主要是为了减轻许可程序进一步延误的风险。

第一阶段从6月开始,我提到了许多服务基础设施项目,包括完成伯明翰的多板门户覆盖,在伯明翰建造一个粗矿垫和水处理池,以及将现有的运输道路从伯明翰矿场升级到基诺磨坊。这些是我之前提到的事情。

然而,第二阶段将在修订后的用水许可证的时间和确定性以及积极的生产决策中开始,此阶段将包括在Bellekeno,Flame&Moth和Bermingham进行全面生产的地下开发以及工厂调试。

在运输浓缩产品之前,包括加速的第二阶段预计需要大约四个月到六个月才能完成。我们拥有财务资源来完成2019年目前地面基础设施项目的勘探计划。一旦我们做出生产决策并且我们正在评估其他选择以获得[稍微重新投入生产]所需的剩余资源,我们将继续获得承购商重新建立预生产设施的兴趣。我们这样做,同时为股东创造最大价值。

此外,我们还拥有价值1500万美元的美国Sprott信贷额度,该信贷额度尚未提取。该设施的缩编可用期限于2019年8月23日到期,我们目前正在考虑扩建该设施的替代方案。

通过这个简短的描述,我现在要求运营商打开问答环节。谢谢。

问答环节

Certainly, sir. We will now begin the question-and-answer session. [Operator Instructions] The first question comes from Mike Niehueser of Scarsdale Equities. Please go ahead.

当然,先生。 我们现在开始问答环节。 [操作员说明]第一个问题来自Scarsdale Equities的Mike Niehueser。 请继续。

Mike Niehueser

Hi. Good morning, Clynt. The stock is up quite a bit this morning. I've just wondered if you had any comments on the reason for the move.

你好。 早上好,克莱恩。 今天早上股价上涨了不少。 我只是想知道你是否对此举的原因有任何意见。

Clynton Nauman

Mike, I don't know anything more about that move than you do. There's certainly nothing internal to the Company that is other than normal course. And so I can only assume that we have more buyers than sellers.

迈克,我对这一举动一无所知。 除了正常的做法之外,公司当然没有内部任何内容。 所以我只能假设我们有更多的买家而不是卖家。

Mike Niehueser

Okay. Well thank you. It sounds like with the adequacy phase passed on the Water Use Licence that you're not anticipating any further delays beyond the guidance that you're given for the fourth quarter. Is that pretty much correct?

好的。 好的,谢谢你。 听起来,在“水资源使用许可证”中通过的充足性阶段,您预计不会超出您在第四季度提供的指导范围之外的任何进一步延迟。 那是非常正确的吗?

Clynton Nauman

Yes. I’ll let Brad take that. He's been intimately involved in this process obviously.

是。 我会让布拉德接受。 他显然已经密切参与了这个过程。

Brad Thrall

Yes. Mike, Brad here. Yes. I mean, the process going forward now is like Clynt mentioned on the August 20, the public comment period will end. Beyond that, there likely will be a hearing that it's fairly normal for a Class A license to have a hearing. We would expect that sometime in probably mid to late September. And then once the hearing is completed, it's generally one to two months to have at least a draft license issue. So yes, I think at this point, we certainly have a clear path now to the conclusion of this process.

是。 迈克,布拉德在这里。 是。 我的意思是,现在的进程就像Clynt在8月20日提到的那样,公众意见征询期将结束。 除此之外,可能会有听证会认为A级许可证听证会是相当正常的。 我们预计可能在9月中下旬的某个时候。 听证会一旦完成,通常至少需要一到两个月的时间才能获得许可证草案。 所以,是的,我认为在这一点上,我们现在肯定有一条明确的道路来完成这个过程。

Mike Niehueser

Well that's the critical path permitting item. But it mentioned that there is an additional amendments with a Quartz Mining License. Is there any chances that that could be delayed where that could become the critical item?

那是允许项目的关键路径。 但它提到石英采矿许可证还有其他修正案。 是否有可能在可能成为关键项目的地方推迟?

Brad Thrall

No, Mike, our experience certainly to-date is that I mean there are generally no kind of timing issues with the Quartz Mining License. I think that's well in hand. So we would expect again that the QML to be issued sometime in the third quarter. And then the Water Use Licence in the fourth quarter.

不,迈克,我们迄今为止的经验是,我的意思是石英采矿许可证通常没有任何时间问题。 我认为这很好。 所以我们再次期待QML将在第三季度的某个时间发布。 然后是第四季度的用水许可证。

Mike Niehueser

And if we get at this current price level and exchange rate, what you know about off-takers and so forth? Is it likely that we would have a positive production decision at the end of the year?

如果我们达到目前的价格水平和汇率,您对承购商的了解等等? 我们可能会在年底做出积极的生产决定吗?

迈克尔克拉克

Mike here, I mean, as you mentioned that the water licence is the key issue here. Once we have certainty on the water licence and the conditions that are attached to that, none of which we expect to be unusual. Then the Company is certainly going to make a decision one way or the other. And I don't think that we can speculate on what the market is going to look like at that point. But all the indications at present time that the sentiment has changed in the market something that we were looking for obviously. And so we're pretty optimistic looking forward here.

迈克在这里,我的意思是,正如你提到水牌照是这里的关键问题。 一旦我们对水资源许可证及其附加条件有了确定性,我们就不会发现它们与众不同。 那么公司肯定会以某种方式做出决定。 而且我认为我们不能推测市场在那时会是什么样子。 但目前所有的迹象表明市场情绪已经发生了变化,我们正在寻找的东西显而易见。 所以我们非常乐观地期待这里。

Mike Niehueser

It seems like it’s – with your knowledge of this business that the permitting should be pretty well understood. Are the delays we've seen a matter of issues that the government has had or is it a matter of their bandwidth?

看起来似乎是 - 根据您对此业务的了解,应该很好地理解许可。 我们看到的延迟是政府所遇到的问题还是带宽问题?

Brad Thrall

Well, maybe I can jump in again, Mike on that again because I've been fairly involved in this process. I mean as you know things are fairly active in the Yukon. There are a number of other larger applications within the process.
So again, the delays I think that we've have communicated are certainly not specific to any issues with our application or our project. It's simply a renewal of existing facilities as well as the addition of Bermingham. So again, there's a lot of activity in the Yukon and I certainly think that the Water Board staff is trying their best to respond to the timelines with the resources that they do have.

好吧,也许我可以再次参加,迈克再次参加,因为我已经参与了这个过程。 我的意思是,你知道在育空地区的事情相当活跃。 该过程中还有许多其他更大的应用程序。

同样,我认为我们已经传达的延迟肯定不是针对我们的应用程序或项目的任何问题。 它只是对现有设施的更新以及伯明翰的加入。 再说一次,育空地区有很多活动,我当然认为水务局工作人员正在尽力利用他们拥有的资源来回应时间表。

Mike Niehueser

Well, so have been a long time and coming, and it just seems like it's very close. As far as exploration drilling goes, it looks like about half the holes are going to be to expand and demonstrate the potential of the Northeast Zone at Bermingham. And the other holes are those following up on strides across the Brefalt zone or Brefalt fault, and in Galena Hill, are those building upon by the most recent drill program or those more speculative or exploration type holes?

嗯,所以已经有很长一段时间了,而且它似乎非常接近。 就勘探钻探而言,看起来大约一半的孔将扩大并展示伯明翰东北地区的潜力。 其他的洞是那些沿着Brefalt区或Brefalt断层向后行进的洞,而在Galena山,是那些在最近的钻探计划或那些更具投机性或勘探类型的洞的基础上建造的洞?

Clynton Nauman

Yes. I mean, good question. So the drill program is really – there's two pieces to it. One is the deep drilling at Bermingham. I mean those holes we're launching them, offer the surface. We are drilling 600, 700, close to 800 meters. I mean, these are big speculative drill holes being drilled well underneath the Bermingham deposit for all the reasons that I have previously described.
So those holes progressed relatively slowly, but we do get there eventually and that deep drilling program is coming to a close in terms of the previously designed holes. And where we go from that from here, we have yet to decide.
The other portion of the program is shallower holes around the Northeast Zone at Bermingham, as you mentioned. But we also have – we have a couple of 3,000 meters of drilling that will be deployed in at least three other places where we see indications structurally and stratigraphically of similar settings that we have at Bermingham on Galena Hill.
And we've actually been confident enough here that we mobilize for a short period of RAB drill to drill some shallow overburden holes to pin down some of the geophysical signatures we were seeing along the extrapolated trends of the mineralization that we know is present at these three sites. So that's where the rest of the shallow drilling is going to go.
As far as the other side of Brefalt that once again did the long-hole targets for the most part. And so we're continuing to evaluate those. We certainly have great information with geophysics, indicating where to be drilling on the other side of the fault.
But there are significant shallow opportunities on the Eastern side of the fault versus Western side of the fault. So we elected to drill on the Eastern Bermingham, Hector-Calumet, this year, continue to do our homework and launch off on the other side of the Brefalt at some point either later this year, possibly, but almost certainly next year. So, did answer your question?

是。我的意思是,好问题。所以钻探计划真的是 - 它有两个部分。一个是伯明翰的深钻。我的意思是那些我们发射它们的洞,提供表面。我们正在钻探600,700,接近800米。我的意思是,由于我之前描述的所有原因,这些是在伯明翰矿床下钻得很好的大型投机钻孔。

因此,这些钻孔的进展相对缓慢,但我们最终确实达到了这一点,并且深钻钻孔计划即将结束以前设计的钻孔。我们从这里开始,我们尚未决定。

正如你所提到的,该计划的另一部分是伯明翰东北地区周围较浅的洞。但我们也有 - 我们有至少三个其他地方将进行3000米的钻探,我们在结构和地层上看到我们在加利纳山的伯明翰有类似设置的迹象。

我们实际上已经足够自信了,我们动员了一小段RAB钻探,以钻探一些浅的覆盖层,以确定我们所看到的矿化的推断趋势中我们所看到的一些地球物理特征。三个站点。这就是浅层钻探的其余部分。

就Brefalt的另一方而言,大部分时间再次做了长洞目标。所以我们继续评估这些。我们当然拥有关于地球物理学的重要信息,指出在断层的另一侧钻探的位置。

但是,在断层的东侧与断层的西侧相比,存在明显的浅层机会。因此,今年我们选择在东伯明翰,赫克托尔 - 卡鲁梅特(Hector-Calumet)进行演练,继续做我们的作业,并在今年晚些时候在某个时候在Brefalt的另一边发射,可能,但几乎肯定是明年。那么,确实回答了你的问题?

Mike Niehueser

Yes. One last, one more question. With the run rate for AEG, it looks like it's going to be $25 million to $30 million for the next 12 months. Is that likely to fall off if its project related or do you think you could build on that?

是。 最后一个问题。 随着AEG的运行率,未来12个月看起来将达到2500万至3000万美元。 如果它的项目相关或者您认为可以在此基础上建立,那么这可能会下降吗?

Clynton Nauman

No. Not at all, Mike. I mean the contractual backlog in that business continues to grow. So that run rate I would regard as sort of a base load run rate going forward, you are aware or must be aware that we are plowing money into that business, trying to grow the business to meet the demand that's out there, increase the capacity. And we certainly expect growth in that business.

不,不,迈克。 我的意思是该业务的合同订单继续增长。 因此,我认为运行率将作为未来的基本负载运行率,你知道或必须意识到我们正在为这项业务投入资金,试图发展业务以满足那里的需求,增加容量。 我们当然希望这项业务有所增长。

Mike Niehueser

Well, it seems like your technology and your patents are becoming more accepted at a faster rate. I’m just wondering if you have the bandwidth, just the scale of that business that I would assume it would be important to improve margins. That really is my last question, Clynt.

好吧,您的技术和专利似乎越来越被接受。 我只是想知道你是否有带宽,只是那个业务的规模,我认为这对提高利润率很重要。 这真的是我的最后一个问题,Clynt。

Clynton Nauman

Yes. And there's no doubt, we're running to catch up Mike, in that business. There's more business coming in the door than we can deal with. We're being pretty selective in terms of the projects and then we get into, they're mostly bigger projects at this point. I mean, you can see the effect of that and working capital. And so we're bringing a little more targeted, but we're very deliberately growing that business. And yes, it has established a reputation for excellence and accomplishment, especially in dealing with some of the more difficult environmental issues in and around mines and industrial sites.

是。 毫无疑问,我们正在努力赶上迈克,在那个行业。 门口的业务比我们可以处理的更多。 我们在项目方面具有相当的选择性,然后我们进入,他们在这一点上大多是更大的项目。 我的意思是,你可以看到它和营运资金的影响。 所以我们带来了更多目标,但我们非常刻意地发展这项业务。 是的,它已经建立了卓越和成就的声誉,特别是在处理矿山和工业场所内和周围的一些更困难的环境问题。

Mike Niehueser

Well, thank you very much.

好的,谢谢。

会议主持员

[Operator Instructions] Our next question comes from Mike Kozak of Cantor Fitzgerald. Please go ahead.

[操作员说明]我们的下一个问题来自Cantor Fitzgerald的Mike Kozak。 请继续。

Michael Kozak

Yes. Good morning, guys. Thanks for hosting the call. Just a couple of questions from me. First question on Clynt, you kind of touched on this in your opening comments. But the availability date on that Sprott facility, I think you were saying it expires the next week.
Presumably, you'll be able to extend that again, like you have before. But putting that aside, I was just kind of – if you could give more color on your discussions with off-takers. If they were presumably going to provide some sort of working cap facilities, that's something that you would wait on a till after you've made a go ahead decision or something that you could do kind of in the shorter-term here?

是。 早上好家伙。 感谢您主持电话会议。 只是我的几个问题。 关于Clynt的第一个问题,你在开场评论中提到了这一点。 但是Sprott工厂的可用日期,我想你说它会在下周到期。

据推测,你可以像以前一样再次扩展它。 但是把它放在一边,我只是一点点 - 如果你可以为你的讨论提供更多的颜色。 如果他们可能会提供某种工作上限设施,那么在你做出决定或者你可以在短期内做些什么之后,你会等待一段时间?

Clynton Nauman

Yes. Okay. Let me stop with that one. Mike or Brad might want to chime in. But on the Sprott facility, as I mentioned, I mean there's a discussion going on obviously. And I wouldn't speculate where that's going to go, but I mean, you have the dates correctly identified.
With the off-takers, they're going to wait, and they typically would want to be lost money in and for one of a better term. And so they will definitely wait until we've made a production decision and we likewise would not entertain any proposal from an off-taker unless we had made that decision. So yes, that's where we stand with those guys. I will reiterate though that there is that there continues to be high interest in this product.

是。 好的。 让我停下来。 迈克或布拉德可能想要加入。但是在Sprott设施上,正如我所提到的,我的意思是显然正在进行讨论。 我不会推测那会发生什么,但我的意思是,你已经正确识别了日期。

对于承购者来说,他们会等待,而且他们通常会想要在一个更好的任期中亏钱。 所以他们肯定要等到我们做出生产决定,除非我们做出这个决定,否则我们也不会接受任何来自接受者的提议。 是的,那就是我们与这些家伙站在一起的地方。 我将重申,尽管对此产品仍有很高的兴趣。

Michael Kozak

Got it. Thanks. And then my last question, I think in your press release, you're going to start to see revenues from the remediation of Mount Nansen. And I think you said in Q1 of next year. My question was, I think a 10-year contract, broadly speaking, and how do those cash flows look? Are they relatively consistent, quarter-over-quarter? Are they lumpy or the way to towards the back end of that contract? I mean how should we just think about modeling in those revenues?

得到它了。 谢谢。 然后我的最后一个问题,我想在你的新闻稿中,你将开始看到南森山修复的收入。 而且我想你在明年的第一季度说过。 我的问题是,从广义上讲,我认为这是一份为期10年的合同,这些现金流量看起来如何? 它们是否相对一致,按季度计算? 它们是块状还是通往合同后端的方式? 我的意思是我们应该如何考虑这些收入的建模?

Clynton Nauman

Well, Brad was very instrumental in securing that. That works from the government of Canada, so I'm willing to take that.

好吧,布拉德非常有助于确保这一点。 这项工作来自加拿大政府,所以我愿意接受。

Brad Thrall

Yes. Thanks, Clynt. Yes, Mike, that contract, it's a milestone based project, which means, we don't get paid or receive revenue until we reach certain milestones. So but most of these milestones are fairly large type of, I guess revenue payments, if you will.
So over the next, I would think year, perhaps you can call it and lumpy. There's a couple of larger milestones in the first quarter and second quarter of next year. So that's what you're seeing right now is a lot of upfront. I guess investment in that project, in order to reach those first couple of milestones.
So – but once the permitting process is complete, we estimate about a four-year period to do all of the engineering, the care and maintenance and once that's complete, then it's fairly steady. I guess revenue once you're in that care and maintenance period.

是。 谢谢,克莱恩。 是的,迈克,那份合同,这是一个基于里程碑的项目,这意味着,在达到某些里程碑之前,我们不会得到报酬或收入。 所以,但这些里程碑中的大多数都是相当大的类型,如果你愿意的话,我想收入付款。

所以在接下来的一年里,我会想到一年,也许你可以称之为和块状。 明年第一季度和第二季度有几个更大的里程碑。 所以你现在所看到的就是很多前期。 我想投资该项目,以达到前几个里程碑。

所以 - 但是一旦许可过程完成,我们估计大约需要四年的时间来完成所有的工程,护理和维护,一旦完成,那么它就相当稳定了。 一旦你处于护理和维护期,我想收入。

Michael Kozak

Got it, okay. That's very helpful. All right, thanks. Thanks guys. That's it for me.

知道了,好的。 这非常有帮助。 好的,谢谢。 多谢你们。 这对我来说。

会议主持员

This concludes the question-and-answer session. I would now like to turn the conference back over to Mr. Clynton Nauman for closing remarks.

问答环节结束了。 我现在想把会议转回Clynton Nauman先生的闭幕词。

Clynton Nauman

Okay, thank you. And just by way of closing remarks, I just want to say that over the next several months, we'll complete a 2019 Surface Exploration program and Phase I of the development plan of Keno Hill. We expect to disclose results from our surface drilling towards year-end and by that time we should have more clarity on the Water Use Licence and be positioned for the production decision we've been talking about here.
I do believe the rise in precious metals we're observing in the last month or so are sustainable, especially in the phase of continuing trade tensions between the U.S. and China and the prospect of negative interest rates. This makes for a strong case for Keno Hill and the significant operations and exploration potential at holes.
I look forward to updating you on our progress as we look to become Canada's only primary silver miner and deliver on our goal of maximizing value for our shareholders. As always, thank you for your continued support and interest in Alexco.
And with that I'll turn it back to Kettina to close the call.

好的谢谢你。仅仅通过结束语,我只想说,在接下来的几个月里,我们将完成2019年表面探索计划和基诺山发展计划的第一阶段。我们希望在年底前披露我们的地面钻探结果,到那时我们应该更清楚地了解用水许可证,并为我们在此讨论的生产决策做好准备。

我相信我们在过去一个月左右观察到的贵金属价格上涨是可持续的,特别是在美中贸易紧张局势持续以及负利率前景的情况下。这为Keno Hill提供了强有力的理由,并为洞穴提供了重要的运营和勘探潜力。

我期待着向您介绍我们的进展,因为我们希望成为加拿大唯一的主要白银矿工,并实现我们为股东实现价值最大化的目标。一如既往,感谢您对Alexco的持续支持和关注。

然后,我会把它转回Kettina关闭电话。

Kettina Cordero

Thank you, Clynt. We remind our listeners that our news releases and regulatory filings are available on our website at alexcoresource.com. A replay of this call will be available in the events section later today. If you would like to sign up to receive updates on Alexco, please visit the contact section of our website, and if you have further questions, please contact me at kcordero@alexcoresource.com. Thank you for joining us and have a great day.

谢谢Clynt。 我们提醒听众,我们的新闻稿和监管文件可在我们的网站alexcoresource.com上获取。 今天晚些时候的活动部分将提供此次电话会议的重播。 如果您想注册接收Alexco的更新,请访问我们网站的联系部分,如果您有其他问题,请通过kcordero@alexcoresource.com与我联系。 感谢您加入我们,祝您有个美好的一天。

会议主持员

This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

今天的电话会议结束了。 你可以断开你的线路。 感谢您的参与,祝您度过愉快的一天。

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