Teranga Gold Corporation (TGCDF) 首席执行官 Richard Young 于 2019年 第三季度业绩-收益电话抄本

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Teranga Gold Corporation (OTCQX:TGCDF) Q3 2019 Earnings Conference Call October 31, 2019 8:30 AM ET

Teranga Gold Corporation (OTCQX:TGCDF) Q3 2019 Earnings Conference Call October 31, 2019 8:30 AM ET

公司参与者

Trish Moran - Vice President, Investor Relations and Corporate Communications
Richard Young - President and Chief Executive Officer
Paul Chawrun - Chief Operating Officer
Navin Dyal - Senior Vice President and Chief Financial Officer

  • Trish Moran - Vice President, Investor Relations and Corporate Communications
  • Richard Young - President and Chief Executive Officer
  • Paul Chawrun - Chief Operating Officer
  • Navin Dyal - Senior Vice President and Chief Financial Officer

电话会议参与者

Carey MacRury - Canaccord
Wayne Lam - RBC
Craig Stanley - Eight Capital

  • Carey MacRury - Canaccord
  • Wayne Lam - RBC
  • Craig Stanley - Eight Capital

会议主持员

Good morning, and welcome to Teranga Gold's Conference Call for The Three and Nine Months Ended September 30, 2019. As a reminder, this call is being recorded.
Your host for today is Trish Moran, Vice President, Investor Relations and Corporate Communications. Ms. Moran, please go ahead.

Good morning, and welcome to Teranga Gold's Conference Call for The Three and Nine Months Ended September 30, 2019. As a reminder, this call is being recorded.

Your host for today is Trish Moran, Vice President, Investor Relations and Corporate Communications. Ms. Moran, please go ahead.

Trish Moran

Trish Moran

Thank you, operator, and good morning, everyone. Before we get started, I would ask everyone to view Slide 2 of our quarterly presentation to view our cautionary language regarding forward-looking statements and the risk factors pertaining to these statements. Our slide deck is available on our website, terangagold.com.
With us on today's conference call is Richard Young, Teranga's President and CEO; Paul Chawrun, our COO; and Navin Dyal, Senior Vice President and Chief Financial Officer. Following management's formal remarks, we will open the call to your questions.
And now over to Richard.

Thank you, operator, and good morning, everyone. Before we get started, I would ask everyone to view Slide 2 of our quarterly presentation to view our cautionary language regarding forward-looking statements and the risk factors pertaining to these statements. Our slide deck is available on our website, terangagold.com.

With us on today's conference call is Richard Young, Teranga's President and CEO; Paul Chawrun, our COO; and Navin Dyal, Senior Vice President and Chief Financial Officer. Following management's formal remarks, we will open the call to your questions.

And now over to Richard.

Richard Young

Richard Young

Well, thanks, Trish, and welcome, everyone. Thank you for joining us today to discuss the highlights of the quarter. It was truly a milestone quarter. We delivered solid operating results from Sabodala, and we commissioned our second mine. Wahgnion is expected to increase annual production by 50%, and more importantly, double mine life free cash flows.
Just three years ago this month, we acquired Gryphon Minerals for USD 50 million, moving Teranga into Burkina Faso. Since the acquisition, we've updated the Wahgnion feasibility study and increased reserves by 40%. We financed and completed construction, and we've made a discovery at Golden Hill, where we've begun another drill program, and we're on track for our mine license application next year.
We believe Golden Hill has the potential to be our third mine. We're now a step closer to becoming a mid-tier West African gold producer, and we're well positioned for our next phase of growth.
With that, I'll ask Paul Chawrun to run through the operating, development and exploration highlights for the third quarter. Paul?

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好吧,谢谢特里什,欢迎大家。感谢您今天加入我们讨论本季度的重点。这确实是一个里程碑式的季度。我们在Sabodala取得了可观的经营业绩,并调试了第二座矿山。 Wahgnion预计将使年产量增加50%,更重要的是,使矿山寿命自由现金流增加一倍。

就在本月的三年前,我们以5000万美元的价格收购了Gryphon Minerals,将Teranga搬到了布基纳法索。自收购以来,我们更新了Wahgnion可行性研究,并将储量增加了40%。我们资助并完成了建设,并在Golden Hill发现了一个发现,在那里我们开始了另一个钻探计划,并且我们有望在明年申请矿山许可证。

我们相信金山有潜力成为我们的第三个矿山。我们现在正朝着成为中西部非洲黄金生产商的目标迈进一步,并且我们为下一阶段的增长做好了准备。

这样,我将请Paul Chawrun讲解第三季度的运营,开发和勘探重点。保罗?

Paul Chawrun

Paul Chawrun

Thank you, Richard. Starting on Slide 6. It was a milestone quarter with first gold pour at Wahgnion. Project construction was completed ahead of schedule and is expected to be approximately $15 million below budget. Notably, the team completed the project with over 5.3 million hours worked without a lost time incident. Safety is and always will be our Number 1 priority.
During the third quarter, the handover to operations was completed along with the demobilization of major contractors. The plant is running at or above nameplate capacity when operating, processing 260,000 tons of ore, notwithstanding ongoing plant improvements throughout the quarter impacting the third quarter plant availability and a high percentage of oxide ore that was fed to the plant during the peak of the rainy season.
Moving to Slide 7. With Wahgnion construction complete, this is the first quarter for which we are reporting production from two mines. Third quarter production totaled 61,975 ounces of gold. This included just under 51,400 ounces from Sabodala and about 10,600 ounces of pre-commercial production from Wahgnion.
Although Sabodala's production in the third quarter was slightly lower year-over-year due to differences in the head grade, the nine-month production total is the highest in its history. This production from Sabodala, together with our first ounces from Wahgnion, led to a record nine-month production company-wide. At just under 200,000 ounces of gold year-to-date, we are well on track to meet the higher end of our 2019 guidance of between 245,000 to 270,000 ounces.
Turning to Slide 8. The operating team at Sabodala performed well during the third quarter, which is the peak of the rainy season. Total tonnes mined declined by 10% year-over-year due to lower drill fleet performance and the prioritization of higher-grade ore at Kerekounda, which mainly impacted the waste stripping at Sabodala Phase 4. As a result of lower drill fleet performance, total tonnes mined is expected to be below the low end of our guidance range for the year. However, two additional drill rigs arrived on site, bringing the total to 5, and tonnes mined is expected to normalize in Q4.
The plant had a solid operating quarter. Ore tonnes milled were 6% higher at more than 1 million tonnes. The increase is primarily due to better plant availability and a higher proportion of softer ore. This quarter's grade was 13% lower, compared to the prior year period at 1.74 grams per tonne given that the ore feed was primarily sourced from the higher-grade Gora deposit last year.
Year-to-date, the average grade processed at Sabodala is just over two grams per tonne, tracking the high end of our full year guidance range of 1.8 to 2 grams per tonne. Reserves reconciliation remains positive for the quarter and year-to-date. Sabodala is well on track to meet the higher end of its production guidance.
Turning to Slide 9. Total mining costs rose by 3% to $24 million, due to an increase in drilling costs from the rental units. With the delivery of new production drill rigs expected early next year, rental costs will be eliminated. Mining cost per unit increased by 14% and 6% for the three-month and nine-month periods, respectively, due to a decrease in total tonnes mined. Year-to-date, mining costs are $2.86 per tonne mined, which is tracking above the full year guidance range of $2.50 to $2.75 per tonne. We expect to see the unit mining costs improve in the fourth quarter as the material movement increases.

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谢谢你,理查德。从幻灯片6开始。这是一个里程碑式的季度,Wahgnion首次倒金。项目建设提前完成,预计将比预算低约1500万美元。值得注意的是,该团队以超过530万小时的工作时间完成了该项目,而没有发生误工事故。安全始终是我们的第一要务。

在第三季度,随着主要承包商的遣散,完成了向业务的移交。该工厂在运行时以等于或高于铭牌的产能运行,加工260,000吨矿石,尽管整个季度持续进行的工厂改进影响了第三季度的工厂可用性,并且在雨季高峰期输送给工厂的氧化物矿石比例很高季节。

移至幻灯片7。随着Wahgnion建设的完成,这是我们报告两个矿山产量的第一季度。第三季度总产量为61,975盎司黄金。其中包括来自Sabodala的不足51,400盎司和来自Wahgnion的约10,600盎司的商业前生产。

尽管由于头级差异,Sabodala第三季度的产量同比略有下降,但9个月的产量是历史上最高的。来自Sabodala的产量以及我们来自Wahgnion的第一盎司,使全公司的产量达到了创纪录的9个月。年初至今,黄金的价格不到200,000盎司,我们有望实现2019年指导方针的上限(245,000至270,000盎司)。

转到幻灯片8。Sabodala的运营团队在第三季度(雨季的高峰)表现良好。采矿总吨数同比下降10%,这归因于钻探车队性能下降以及Kerekounda优先开采高品位矿石,这主要影响了Sabodala第4阶段的废料剥离。由于钻探车队性能下降,总预计开采的吨将低于我们今年指导范围的下限。但是,又有两台钻机抵达现场,使总数达到5台,预计第四季度开采的矿石将恢复正常。

该工厂的营业季度稳定。精炼矿石吨增加6%,达到100万吨以上。增长的主要原因是更好的工厂利用率和更高比例的软矿石。该季度品位比去年同期低13%,为每吨1.74克,因为矿石原料主要来自去年较高品位的Gora矿床。

年初至今,Sabodala加工的平均品位略高于每吨2克,符合我们全年指导范围的最高值1.8至2克每吨。季度和年初至今的储备金对帐仍为正数。 Sabodala有望实现其生产指导的更高端。

转到幻灯片9。由于租赁单位的钻井成本增加,总采矿成本增长了3%,达到2,400万美元。预计明年年初交付新的生产钻机,将消除租赁费用。由于开采的总吨数减少,三个月和九个月期间的单位采矿成本分别增加了14%和6%。年初至今,采矿成本为每吨2.86美元,高于全年指导范围每吨2.50至2.75美元。随着材料运动的增加,我们预计第四季度的单位采矿成本将会提高。

Total processing cost decreased by 16% to $11 million in the third quarter, benefiting from lower fuel prices, consumables, repair and maintenance costs and favorable currency movements. This is also reflected in a 21% improvement in plant unit operating costs. Year-to-date, this is $11.39 per tonne, which is tracking well below the lower end of the full-year guidance range. Sabodala is at the lower end of cost per ounce guidance for the year.
The relocation of Sabodala Village is ongoing after we made recent modifications to the design and materials used in the construction of the private residences. These modifications are not expected to have a material impact on project costs, but are expected to impact the timing of the completion of the resettlement site. The delay is not expected to impact 2020 production.
Turning to Slide 10. We are pleased with the pre-commercial production results from our new mine. A total of 3.2 million tonnes were mined during the quarter, of which over 400,000 tonnes of ore was mined at an average grade of approximately 1.2 grams per tonne. The grade is slightly lower than expected due to greater-than-anticipated artisanal mining in the upper oxide zones of the Nangolo and Nogbele pits. We are now mining below these workings at Nangolo and parts of Nogbele, and we are seeing grades in line with the reserves model.
With respect to operating costs, our mining team currently consists of an owner-operated fleet supplemented by two contractor fleets. As mining equipment continues to arrive on site, we will be transitioning to a fully owner-operated fleet, which will lower mine operating costs. The total pre-commercial mill throughput for the quarter was 259,000 tonnes. More than 10,600 ounces of gold were recovered at an average head grade of close to 1.4 grams per tonne. This includes initial commissioning of ore lower than 1 gram a tonne fed by design through August.
The plant is running well. We expected materials handling issues due to the earlier commissioning in the rainy season and limited availability of hard rock. Through September and October, we fine-tuned the crusher, reclaim, crushed ore stockpile areas during the ramp-up after construction.
In terms of Wahgnion cost guidance, unit processing and administration costs are expected to be in line with the technical report. Mining costs are expected to come in higher due to the increased use of mining contractors with the earlier-than-planned commissioning, and the cost per ounce is expected to fall within the guidance range.
Now, let's turn to the next stage of our organic growth on Slide 11. We initiated a 27,000-meter drill program to increase the initial resource base at our most advanced project, Golden Hill. We added an RC drill in late October, and a second diamond drill is scheduled to arrive in November as we expand the drilling program in the fourth quarter. This drill campaign is expected to be completed by year-end. Golden Hill is advancing towards a feasibility stage of development. Technical studies are in motion, and engineering has commenced to support a mine license application in 2020.

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第三季度总处理成本下降了16%,为1100万美元,这得益于较低的燃料价格,消耗品,维修和保养成本以及有利的汇率变动。这也反映在工厂单位运营成本提高了21%上。年初至今,这是每吨11.39美元,远低于全年指导范围的下限。 Sabodala处于本年度每盎司成本指导的下限。

在我们对私人住宅建设中使用的设计和材料进行了最新修改之后,Sabodala村的搬迁工作仍在进行中。预计这些修改不会对项目成本产生重大影响,但预计会影响移民安置地点竣工的时间。预计延迟不会影响2020年的产量。

转到幻灯片10。我们对新矿的商业化生产结果感到满意。本季度共开采了320万吨矿石,其中以平均每吨约1.2克的平均品位开采了40万吨矿石。由于在Nangolo和Nogbele矿坑的上部氧化层中进行的手工开采超出预期,该品位略低于预期。现在,我们正在Nangolo和Nogbele的部分地区开采这些矿藏,并看到与储量模型相符的品位。

在运营成本方面,我们的采矿团队目前由业主运营的车队组成,并辅以两个承包商车队。随着采矿设备继续运抵现场,我们将过渡到完全由所有者经营的车队,这将降低矿山的运营成本。该季度的商业前工厂总吞吐量为259,000吨。回收了10,600盎司以上的黄金,平均头矿品位接近每吨1.4克。这包括根据设计,在八月份之前对每吨不足1克的矿石进行初步调试。

工厂运转良好。由于雨季较早的调试以及硬岩的有限供应,我们预计材料处理会出现问题。在9月和10月期间,我们在建设后的产能提升期间对压碎机,回收,压碎的矿石库存区域进行了微调。

在Wahgnion成本指导方面,预计单位处理和管理成本将与技术报告保持一致。由于投产时间比计划的早,采矿承包商的使用增加,预计采矿成本将更高,并且每盎司成本预计将落在指导范围内。

现在,让我们转到幻灯片11上的有机增长的下一阶段。我们启动了一个27,000米的钻探计划,以增加我们最先进的项目Golden Hill的初始资源基础。我们在10月下旬增加了RC钻,随着我们在第四季度扩大钻探计划,第二钻将在11月到达。预计该演习活动将在年底之前完成。金山正在迈向发展的可行性阶段。技术研究正在进行中,工程已经开始支持2020年的矿山许可证申请。

That sums up the operations discussion. I will now turn over the call to Navin for the financial review.

That sums up the operations discussion. I will now turn over the call to Navin for the financial review.

Navin Dyal

Navin Dyal

Thanks, Paul. As Paul mentioned, Sabodala had another solid quarter. Gross profit increased 37%, due to higher gold prices. However, similar to last quarter, there are cash and non-cash items that relate to financing in Wahgnion, which reduced earnings. These items include losses from gold sales derivative instruments, changes in fair values of warrants and gold offtake payment liabilities and higher share-based compensation and income tax expenses.
With this background, let's review the financials, starting with Slide 13. Revenue increased for the three-month and nine-month periods, mainly due to higher average realized gold prices. Accordingly, our average realized gold price was $1,421 per ounce. This is $51 less than the average spot price of gold for the quarter. The difference of $51 per ounce is mainly due to the impact of gold prepayment facility, pursuant to which 10,000 ounces of gold were presold up to 30 days in advance of scheduled deliveries.
The significant rise in gold prices during the quarter meant that revenue related to these pre-sold ounces was recorded at the lower prices in effect earlier in the quarter and not at the price in effect at the actual delivery dates for these ounces.
Moving to Slide 14. To provide greater cash flow certainty through the development of Wahgnion, back in 2017, we've put in place a gold hedging program. For the first quarter 2018 through to third quarter 2019, we realized net gains on these hedges totaling approximately $6.9 million.
In the second quarter of this year, we made modifications to our existing hedge program, which allowed us to lock in gains from the recent decline in gold prices and participate in higher gold prices. We rolled over 51,000 ounces of existing forward sales contracts to the first half of 2020. These contracts now have an average forward price of $1,330 per ounce. If gold prices stay at current levels, we will give back the hedge gains recorded to date, but those hedges provided much needed extra cash flow during construction.
In addition, we entered into zero cost collars for the back half of 2019 at an average price range of between $1,380 and $1,463 per ounce. At September 30, 2019, we have 37,166 ounces remaining under these contracts covering the fourth quarter of this year.
Moving now to our per-ounce cost metrics on Slide 15. Total cost of sales per ounce sold increased for the quarter and year-to-date. This was mainly due to lower capitalized deferred stripping costs, partially offset by lower mine production costs and net inventory movements between periods. All-in sustaining cost per ounce increased to $1,085 per ounce during the third quarter due to a decrease in the volume of gold ounces sold at Sabodala, and they improved to $904 per ounce year-to-date. Looking at the bigger picture, per-ounce costs at Sabodala are tracking well to the lower end of our full-year guidance ranges.
Moving to Slide 16. As I mentioned at the outset of my remarks, there were several non-cash items that impacted earnings this quarter with the largest being non-cash losses associated with gold sales derivative instruments. As a result, EBITDA was lower year-over-year for both the three-month and nine-month periods, notwithstanding higher gross profit from Sabodala. Adjusted EBITDA, which removes items not reflective of underlying performance, including gains and losses on derivative instruments, improved by 16% for the quarter and 7% year-to-date.

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谢谢,保罗。正如保罗提到的那样,萨博达拉还有一个稳定的季度。由于黄金价格上涨,毛利润增长了37%。但是,与上一季度相似,Wahgnion中有与融资相关的现金和非现金项目,这减少了收益。这些项目包括黄金销售衍生工具的损失,认股权证和黄金购买付款负债的公允价值变动以及基于股票的补偿和所得税费用的增加。

在这种背景下,让我们回顾一下幻灯片13的财务状况。三个月和九个月的收入有所增加,这主要是由于平均已实现的黄金价格上涨。因此,我们的平均已实现黄金价格为每盎司1,421美元。这比该季度的黄金平均现货价格低51美元。每盎司差价51美元,主要是由于黄金预付款机制的影响,据此,在计划交付的30天前预售了10,000盎司的黄金。

本季度黄金价格的大幅上涨意味着与这些预售盎司相关的收入以该季度早些时候生效的较低价格记录,而不是以这些盎司的实际交割日期生效的价格记录。

移至幻灯片14。为通过Wahgnion的开发提供更大的现金流确定性,早在2017年,我们就制定了黄金对冲计划。从2018年第一季度到2019年第三季度,我们实现了这些对冲的净收益总计约690万美元。

在今年第二季度,我们对现有的对冲计划进行了修改,这使我们能够锁定近期金价下跌带来的收益,并参与更高的金价。到2020年上半年,我们签订了超过51,000盎司的现有远期销售合约。这些合约的平均远期价格为每盎司1,330美元。如果黄金价格保持在当前水平,我们将返还迄今记录的套期收益,但是这些套期提供了建筑期间急需的额外现金流量。

此外,我们在2019年下半年采用零成本项圈,平均价格范围在每盎司1,380美元至1,463美元之间。截至2019年9月30日,根据这些合约,我们在今年第四季度还剩余37,166盎司。

现在转到幻灯片15上的每盎司成本指标。本季度和年初至今,每盎司出售的总销售成本有所增加。这主要是由于较低的资本化递延剥离成本,部分被较低的矿山生产成本和期间之间的净库存变动所抵消。由于在Sabodala售出的金盎司数量减少,第三季度的每盎司总维持成本增加至1,085美元,而今年初至今已提高至904美元。从更大的角度看,Sabodala的每盎司成本正在很好地跟踪到我们全年指导范围的下限。

转到幻灯片16。正如我在讲话开始时提到的那样,有几个非现金项目影响了本季度的收益,最大的是与黄金销售衍生工具相关的非现金损失。结果,尽管来自Sabodala的毛利润增加,但三个月和九个月期间的EBITDA均同比下降。调整后的EBITDA除去了不能反映基本业绩的项目,包括衍生工具的损益,本季度增长了16%,年初至今增长了7%。

Turning to Slides 17 and 18. Net loss was $0.09 and $0.19 per share for the three-month and nine-month periods, respectively. This compares to the prior year net profit of $0.07 and $0.21 per share for the three-month and nine-month, respectively. Net loss for the current year was negatively impacted by 3 items:
Firstly, realized and unrealized losses on gold derivative instruments, whereas in the prior year gains on gold derivative instruments contributed to higher net profit. As a reminder, we do not apply hedge accounting; therefore, unrealized gains and losses on derivative instruments are recorded in other income and expense rather than as a component of other comprehensive income on the income statement.
Secondly, noncash changes in fair values of the warrants and gold offtake payment liabilities, which were put in place to help fund the construction of our second line. And thirdly, noncash share-based compensation expense due to an increase in our share price. As well, the year-to-date results of 2019 include the $10 million tax settlement in Senegal that was recorded earlier this year. To date, we have paid $6 million of the $10 million owing, and we expect to pay the balance by the end of the year.
Adjusted net profit, which excludes gains and losses on derivative instruments, among other items, increased to $0.02 and $0.07 per share for the three-month and nine-month periods of 2019, respectively.
Moving to Slide 19, let's look at our cash flow. Operating cash flows after changes in working capital remained lower for the quarter, due to a $13 million buildup of inventory at Wahgnion prior to commercial production, an increase of $78 million year-to-date.
Now, let's turn to our liquidity on Slide 20. We have been taking active measures to maintain a flexible balance sheet to get through a period of heavy capital requirements to fund Wahgnion, as well as advance our exploration program at Golden Hill. As of September 30, we had cash and cash equivalents of $28 million compared to $41 million at the end of June.
Sabodala generated approximately $19 million in net cash flow during the quarter and $69 million in net cash flows year-to-date. To date, we have spent $228 million on the construction of Wahgnion out of a total construction budget of $256 million. We expect the project cost to be approximately $15 million below budget after all payments are made.
Since the beginning of the year, our Taurus project facility has increased by $70 million, which included $53 million from the Wahgnion tranche, of which $10 million remains undrawn, and $14 million from the Golden Hill tranche that was repurposed on a short-term basis for Wahgnion's operating capital; plus an additional $2.5 million from the Golden Hill tranche to fund the exploration drill program at Golden Hill, of which $8.5 million remains undrawn.
In total, we have drawn down $182 million on our, Taurus debt facility. In addition, we have drawn down $8 million from the Caterpillar equipment facility, of which $1 million was repaid and $4 million remains undrawn. Debt repayments on the Taurus facilities commenced in the first quarter of 2020.

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转到幻灯片17和18。三个月和九个月期间的净亏损分别为每股0.09美元和0.19美元。相比之下,前三个月和九个月的净利润分别为每股0.07美元和0.21美元。本年度的净亏损受到以下三个项目的不利影响:

首先,黄金衍生工具的已实现和未实现亏损,而上一年黄金衍生工具的收益促成更高的净利润。提醒一下,我们不应用套期会计;因此,衍生工具的未实现损益在其他收益和费用中记录,而不是在损益表中作为其他全面收益的一部分。

其次,认股权证和黄金承购付款负债的公允价值的非现金变动已到位,以帮助我们建设第二条生产线。第三,非现金基于股票的补偿费用是由于我们股价的上涨。此外,2019年年初至今的结果还包括今年早些时候在塞内加尔达成的1000万美元税收结算。迄今为止,我们已经偿还了欠款1,000万美元中的600万美元,我们希望在年底之前偿还余额。

调整后的净利润(不包括衍生工具损益在内的其他项目)在2019年的三个月和九个月期间分别增至每股0.02美元和0.07美元。

转到幻灯片19,让我们看看我们的现金流量。由于运营前Wahgnion的库存积累了1,300万美元,因此本季度至今,营运资本变动后的运营现金流量仍然较低,今年迄今增加了7,800万美元。

现在,让我们在幻灯片20上查看流动性。我们一直在采取积极措施来维持灵活的资产负债表,以度过一段苛刻的资本要求以为Wahgnion筹集资金,并推进我们在Golden Hill的勘探计划。截至9月30日,我们的现金和现金等价物为2800万美元,而6月底为4100万美元。

Sabodala在本季度产生了约1,900万美元的净现金流量,今年迄今为止的净现金流量为6,900万美元。迄今为止,在2.56亿美元的总建筑预算中,我们已在Wahgnion的建筑上花费了2.28亿美元。我们预计,在全部付款后,该项目的费用将比预算低约1500万美元。

自今年年初以来,我们的Taurus项目设施增加了7,000万美元,其中包括Wahgnion款项中的5,300万美元,其中1,000万美元仍未提取,Golden Hill款项中的1,400万美元已在短期内重新分配瓦尼翁的营运资本;加上来自Golden Hill部分的250万美元,用于资助Golden Hill的勘探演习计划,其中850万美元仍未使用。

我们总共从金牛座的债务安排中提取了1.82亿美元。此外,我们还从卡特彼勒设备设施中提取了800万美元,其中100万美元已偿还,400万美元仍未提取。金牛座设施的债务偿还于2020年第一季度开始。

This concludes the financial summary. Operator, you can now open the line for questions.

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财务总结到此结束。 操作员,您现在可以打开问题线。

问答环节

[Operator Instructions] Your first question comes from Carey MacRury from Canaccord.

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[操作员说明]您的第一个问题来自Canaccord的Carey MacRury。

Carey MacRury

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凯莉·麦克鲁里(Carey MacRury)

Congratulations on getting Wahgnion over the line. Can you hear me okay?

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祝贺您将Wahgnion带到了线上。 你能听到我好吗?

Richard Young

Richard Young

Yes. We hear you well. Thanks, Carey.

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是。 我们很好听。 谢谢,凯里。

Carey MacRury

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凯莉·麦克鲁里(Carey MacRury)

Yes. Just a question on Wahgnion in terms of CapEx. You mentioned you expect it to be $15 million below budget, yet your CapEx guidance is unchanged. How do you reconcile those two things?

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是。 只是关于Wahgnion的资本支出问题。 您提到您希望它比预算低1500万美元,但您的CapEx指导没有改变。 您如何调和这两件事?

Navin Dyal

Navin Dyal

Yes. It's Navin, yes. So, we haven't changed the guidance yet in terms of the table, but as we've outlined, we expect it to be $15 million below. So, we've spent $228 million year-to-date of the $256 million. And with 50 – since we're expecting to be $15 million lower, we would expect to spend the remaining $13 million over the fourth quarter. So, that's what's the numbers you should be using for purposes of your analysis.

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是。 是纳文,是的。 因此,我们尚未更改表中的指导,但正如我们所概述的那样,我们希望它能低于1500万美元。 因此,到目前为止,我们已经花费了2.56亿美元中的2.28亿美元。 有了50个–由于我们预计会减少1500万美元,因此我们希望在第四季度花费剩余的1300万美元。 因此,这就是您应该用于分析目的的数字。

Richard Young

Richard Young

Right. And I think our guidance was $115 million to $120 million.

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对。 我认为我们的指导意见是1.15亿美元至1.2亿美元。

Navin Dyal

Navin Dyal

$120 million.

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1.2亿美元。

Richard Young

Richard Young

So, we'll be basically $100 million to $105 million for the year.

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因此,我们全年的基本收入将在1亿美元至1.05亿美元之间。

Navin Dyal

Navin Dyal

Yes.

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是。

Carey MacRury

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凯莉·麦克鲁里(Carey MacRury)

Okay. Great. And then in terms of just a little color on how Wahgnion is tracking in October in terms of throughput?

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好的。 大。 然后就Wahgnion在10月份的吞吐量方面进行些什么介绍呢?

Paul Chawrun

Paul Chawrun

Yes. We're on track. In fact, we're slightly above. The plant's running well.

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是。 我们正在按计划进行。 实际上,我们略高于。 工厂运转良好。

Carey MacRury

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凯莉·麦克鲁里(Carey MacRury)

Are you saying above nameplate or above your plan?

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您是在铭牌上方还是在计划上方?

Paul Chawrun

Paul Chawrun

Above our plan. And nameplate, we're achieving nameplate whenever we're running, and it's about increasing the availability slowly, but surely. The availability is, well, better in October than it was in August and September, as expected, and we're on track to meet the plan.

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超出我们的计划。 铭牌,每当我们运行时我们都会获得铭牌,这是关于缓慢但肯定地增加可用性。 正如预期的那样,10月的可用性比8月和9月的可用性要好,我们正在按计划进行。

Carey MacRury

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凯莉·麦克鲁里(Carey MacRury)

So, can you give some guidance on – like in terms of commercial production, you've said Q4. Is that going to be sort of earlier in the quarter or later in the quarter? And what are sort of the critical items that are left to tick off?

因此,您能提供一些指导吗?例如,关于商业生产,您已经说过第四季度。 是在本季度初还是在本季度晚些时候? 还有哪些需要剔除的关键项目呢?

Paul Chawrun

Paul Chawrun

The last one we need to do is a performance test. And then once we're done that, we'll likely declare commercial production sometime through the fourth quarter. I don't want to commit to earlier or later, but if the plant is running well.

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我们需要做的最后一个是性能测试。 然后,一旦完成,我们可能会在第四季度的某个时候宣布商业化生产。 我不想早晚承诺,但是如果工厂运行良好。

Carey MacRury

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凯莉·麦克鲁里(Carey MacRury)

And then maybe one other question on the hedging. Obviously, you've been hedging through the ramp-up to protect your cash flows. Is that something that you expect to go away once those run off into 2020?

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然后可能还有另一个关于套期的问题。 显然,您一直在对冲以保护现金流量。 一旦这些流失到2020年,您是否希望这些东西消失?

Navin Dyal

Navin Dyal

Yes. Yes, we expect to run those out. We'll continue to monitor, but again, the reason we did those hedges, as we've outlined, was to protect our cash flows from Sabodala while we were in this heavy construction period. So, now that we're through that, we would expect that those would just unwind as per normal, as scheduled.

是。 是的,我们希望将其用完。 我们将继续监视,但正如我们所概述的那样,我们进行这些对冲的原因是为了保护我们处于这个繁重建设时期的现金流免受Sabodala的侵害。 因此,现在我们已经完成了这一步,我们希望这些将按照计划正常进行。

Carey MacRury

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凯莉·麦克鲁里(Carey MacRury)

Okay, great. That’s it from me. Thanks.

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好,太棒了。 是我的。 谢谢。

Richard Young

Richard Young

Thanks, Carey.

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谢谢,凯里。

会议主持员

And your next question comes from Wayne Lam of RBC.

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您的下一个问题来自加拿大皇家银行的林恩。

韦恩做到了

Hi, guys. Thanks for taking my questions. Just at Sabodala, it looks like an incremental improvement on the mining front this quarter, but looks like you're still behind what was being budgeted. Can you just provide some additional detail on the fleet productivity and the availability and – relative to plan?

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嗨,大家好。 感谢您提出我的问题。 就在Sabodala而言,本季度的采矿领域似乎有所改进,但看起来您仍然落后于预算。 您能否仅提供有关机队生产力和可用性以及与计划有关的其他详细信息?

Paul Chawrun

Paul Chawrun

Okay. So, I'll just try and understand you. Are you talking about behind on total material movement?

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好的。 因此,我将尽力了解您。 您是在谈论整体物质运动的背后吗?

韦恩做到了

Yes. And on the pushback, like, should we expect to see a catch-up in waste stripping over the coming quarters?

是。 而且,在这种情况下,我们是否应该期望在接下来的几个季度中看到废物清除方面的赶超?

Paul Chawrun

Paul Chawrun

Yes. We're now on track to budgeted mining rates, which is in the neighborhood of 10 million a quarter for the fourth quarter. In terms of where we are behind, it was around 3 million tonnes, and most of that came out of the Sabodala pushback. That won't impact the 2020 production. And then in 2021, we'll look for ways to improve that and catch that back up.

是。 现在,我们正在按预算的采矿速度前进,第四季度的采矿速度大约为每季度1000万。 就我们落后的地区而言,大约为300万吨,其中大部分来自Sabodala的后撤。 这不会影响2020年的产量。 然后在2021年,我们将寻找改进方法并加以弥补。

韦恩做到了

Okay. And then just on the resettlement, can you give us a sense of the updated time line and costs?

好的。 然后就在移民安置上,您能告诉我们更新的时间表和费用吗?

Richard Young

Richard Young

Yes. Wayne, I'll take that one. We're currently out at tender, so we don't expect a material increase. We had been self-performing. We're actually now bringing in the large [indiscernible] construction companies to complete the residential resettlement. The community buildings are already complete, and we're waiting for those final numbers and the schedule. We're trying to maintain the original schedule. But until we get those tenders in, we don't know.
So, we've indicated that there could and will likely be a delay. Whether that delay is one, 2, 3 months or more, we just don't know. But it doesn't affect the 2020 plan. And we do have flexibility with being a multi-pit operation as we look into 2021 and beyond, but it is moving well. We do have a good relationship with the community, but it was one of those things where once we started construction of the private residence and we agree to put concrete roofs because it's cooler for them, then they begin to think about putting on a second floor, and so – and the sustainability of making modifications. So, we agreed to some changes, and that just slowed us down a bit.

是。韦恩,我带那个。我们目前正在招标中,因此我们预计不会有实质性的增长。我们一直表现出色。实际上,我们现在正在引进大型[不知名]建筑公司来完成住宅安置。社区建筑已经完成,我们正在等待这些最终数字和时间表。我们正在努力维持原定的时间表。但是,直到我们获得这些投标,我们才知道。

因此,我们已经表示可能会有延迟。延迟是1、2、3个月还是更多,我们不知道。但这并不会影响2020年计划。展望2021年及以后,我们确实具有灵活的多坑操作能力,但进展顺利。我们确实与社区建立了良好的关系,但这是一旦我们开始建造私人住宅并且我们同意放置混凝土屋顶的原因之一,因为它对他们来说更凉爽,然后他们开始考虑将其放在第二层等等-以及进行修改的可持续性。因此,我们同意进行一些更改,但这只会使我们放慢脚步。

韦恩做到了

Okay. Thanks for that detail. And then just last question for me. At Wahgnion, what was the proportion of oxide ore currently? And when do you expect to get into greater fresh rock? And what's the – or what's the – can you comment on differences in the grades and recoveries?

好的。 感谢您提供的详细信息。 然后是我的最后一个问题。 在Wahgnion,目前的氧化矿石比例是多少?当你希望进入更大的鲜重摇滚? 什么是-或什么-您能否评论品位和回收率的差异?

Paul Chawrun

Paul Chawrun

Okay. So, just in general, we were around – for the quarter around 60% oxide feed, which is way higher than we want to be during the quarter. The other thing is this oxide ore already had a fairly high moisture content. So, we were starting a materials handling system, and typically you have to do a lot of modifications as you go through. You don't really want to be doing that in the rainy season. But because we finished ahead of schedule, that's what we needed to do. And so, for example at Sabodala, we were around 25% oxide and 75% fresh.
Throughout October, now we've built up our fresh because we're in Nangolo pit. We're into the fresh ore. And so that ratio is maybe in the range of 50-50 now. It varies. And then long term, it's about 30% oxide for the entire reserves, give or take. And then we'll be blending that accordingly. Next year, we'll have a lot lower ratio of oxide.
In terms of grade, the oxide zones, particularly in the Nogbele pit, were lower grade. And some of the oxide stockpiles that we had built up during construction when we were building the tailings dam, that ended up, as we fed it through the plant, being lower grade than we thought. And we also had quite a lot of pieces of wood. Now, we did account for artisanal workings in the oxide zones, but it does appear to be, particularly in the Nangolo, to be a little more extensive than we thought. This isn't going to be an issue for the entire reserves.
It's really where we started because it does outcrop out at surface. And we did see some workings. We just didn't realize that they were as extensive. It's not a large issue, but it is why the grade was lower upon start-up. As we're going in at depth in the transition in the fresh zones, we're seeing – we're matching reserves.

好的。因此,就一般而言,本季度我们的氧化物进料约为60%,这比本季度我们希望的要高得多。另一件事是该氧化物矿石已经具有相当高的水分含量。因此,我们正在启动物料搬运系统,通常,您在进行过程中必须做很多修改。您真的不想在雨季这样做。但是因为我们提前完成了任务,所以这就是我们需要做的。因此,例如在Sabodala,我们的氧化物约为25%,新鲜度约为75%。

在整个十月份,由于我们位于Nangolo矿坑,所以我们已经积累了新鲜的食物。我们正在研究新鲜矿石。因此该比例现在可能在50-50之间。不同。从长远来看,无论是赠与取还是全部储备,其氧化物含量约为30%。然后,我们将相应地进行混合。明年,我们的氧化物比例将大大降低。

就等级而言,氧化物区,特别是在Nogbele矿坑中,属于较低等级。在建造尾矿坝时,我们在建造过程中积累的一些氧化物库存最终随着我们将其送入工厂而变得比我们想象的要低。而且我们还有很多木头。现在,我们确实考虑了氧化层中的手工工作,但是它的确比我们想象的要广泛一些,尤其是在Nangolo。对于整个储备而言,这将不是问题。

这是我们真正开始的地方,因为它确实从表面露出来。我们确实看到了一些工作原理。我们只是没有意识到它们如此广泛。这不是一个大问题,但这就是为什么在启动时成绩较低的原因。当我们深入到新区域的过渡中时,我们看到–我们正在匹配储量。

韦恩做到了

Okay, thanks for that. Yes, that’s all from me. Thank you.

好的,谢谢你。 是的,这些都是我的。 谢谢。

Richard Young

Richard Young

Thanks, Wayne.

谢谢,韦恩。

会议主持员

Your next question comes from Craig Stanley, Eight Capital.

您的下一个问题来自八资本公司的Craig Stanley。

Craig Stanley

克雷格·斯坦利

Thank you. Thanks for taking my questions guys and congrats on a great quarter. Just wanted to confirm. You said you're expecting to spend around $13 million on CapEx at Wahgnion in Q4?

谢谢。 感谢您回答我的问题,祝大家愉快。 只是想确认一下。 您说过,您预计第四季度在Wahgnion的CapEx上花费1300万美元吗?

Navin Dyal

Navin Dyal

Yes. That's – just doing the math, with the $256 million less the $15 million, and year-to-date we've spent $22 million, $28 million, so that just leaves us a little bit left off for the fourth quarter.

是。 那是–只是做数学,用2.56亿美元减去1500万美元而得出的数据,而年初至今,我们已经花费了2200万美元,2800万美元,所以第四季度还差一点。

Craig Stanley

克雷格·斯坦利

Okay. And then going into 2020, I know you hadn't put out any guidance, but would you have a lot of non-sustaining CapEx next year there?

好的。 然后进入2020年,我知道您还没有提出任何指导,但是明年您会在这里有很多不可持续的资本支出吗?

Navin Dyal

Navin Dyal

No. No. Just equipment, consistent with what we had in the technical report.

不,不。只是设备,与我们在技术报告中所拥有的一致。

Richard Young

Richard Young

The only modifications, Craig, to the tech report numbers on capital would be we are probably going to advance some of the relocation at Wahgnion just as we have gotten in. So, we've got about 250 homes to – that we're going to move next year. The tech report might have been 150 or 175. Again, we're just bringing dollars forward from 2021. And with Niakafiri, the private residence portion will drift into 2020, whereas previously in the tech report, it was done in 2019. Other than that, we don't see any changes, both on a sustaining or non-sustaining basis, for our capital programs company-wide.

克雷格(Craig)对资本的技术报告数字的唯一修改是,我们可能会像我们已经进入的那样,推进瓦格尼翁(Wahgnion)的一些搬迁。因此,我们要搬迁大约250所房屋。 明年搬家。 技术报告可能为150或175。同样,我们只是从2021年起将美元向前推。随着Niakafiri,私人住宅部分将漂移到2020年,而以前在技术报告中是在2019年完成的。 因此,我们认为整个公司的资本计划在持续性或非持续性方面都不会发生任何变化。

Craig Stanley

克雷格·斯坦利

Okay. And then just finally, Golden Hill. When can we expect to get some results?

好的。 最后,金山。 我们什么时候可以期望得到一些结果?

Richard Young

Richard Young

Drill results?

钻探结果?

Paul Chawrun

Paul Chawrun

Yes. We will be finishing up that campaign by the end of the year. And we're getting assays just starting now. We'll likely go into the first quarter and put out some press releases.

是。 我们将在今年年底前完成该活动。 我们现在就开始进行分析。 我们可能会进入第一季度并发布一些新闻稿。

Craig Stanley

克雷格·斯坦利

Okay, perfect. Thank you so much.

好的,完美。 非常感谢。

Richard Young

Richard Young

Thanks, Craig.

谢谢,克雷格。

会议主持员

At this time, I will turn the call back over to Richard Young, President and CEO.

目前,我将把电话转给总裁兼首席执行官Richard Young。

Richard Young

Richard Young

We'd like to thank everyone for joining us. I know it's an incredibly busy day with a lot of quarterly earnings reports. So, thanks for joining in today. 2019 is shaping up to be another good year for Teranga with, as you've heard, solid results at Sabodala and the commissioning of Wahgnion. A re-rate normally follows within a quarter of new mine build, maybe a quarter or two after commencement of commercial production, which we expect during Q4. In the meantime, we're pushing ahead with Golden Hill, which is our next project in organic growth pipeline.
That concludes management's remarks for today. And as always, we're available if you've got any further questions. So, operator, at this time, we'd like to end the call. So, thank you for joining, everyone.

我们要感谢大家加入我们。 我知道这是非常繁忙的一天,有很多季度收益报告。 因此,感谢您的参与。 正如您所听到的那样,2019年对于Teranga来说将是又一个好年头,正如您所听到的那样,Sabodala取得了可喜的成绩,Wahgnion投入运行。 通常在新建矿山的四分之一之内(可能是在第四季度开始商业生产后的四分之一或二分之一)进行重估。 同时,我们正在推进Golden Hill,这是我们有机增长计划中的下一个项目。

到此为止,管理层的评论就此结束。 与往常一样,如果您还有其他疑问,我们随时可以提供。 因此,接线员,目前,我们想结束通话。 所以,谢谢大家的参与。

会议主持员

This concludes our conference call for today. Please disconnect your lines and have a good day.

今天我们的电话会议到此结束。 请断开您的线路,祝您有美好的一天。

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