The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Richard Niehuser - ROTH Capital Partners - Analyst
: Stephen, can you hear me?
Question: Richard Niehuser - ROTH Capital Partners - Analyst
: Well, obviously, congratulations about the Stamford Bridge shear zone. Really -- let me finish with that. But it seems like the main takeaway here
is that you're going to continue to restrict the use of cash coming off the project to optimize and grow without getting carried away and doing
things that might pose additional risk where you might have to seek equity and that kind of thing. It seems like that's -- you repeated that several
times in the call. So I'm expecting that to be the case.
Question: Richard Niehuser - ROTH Capital Partners - Analyst
: Yes. It just seems like that you're not going to be raising equity to do --
Question: Richard Niehuser - ROTH Capital Partners - Analyst
: Yes. Stephen, this is Mike again. I'm sorry, the phone is went dead on me for some reason. But I do apologize, where I was leading with the disciplined
approach was it's just it sounds to me like you're not going to be seeing the Stamford Bridge coming into production for a bit of time. I'm guessing
that you're drilling it now.
But I assume that with the increasing the strip ratio in the last quarter that was reported was primarily around the main pit and that you really
haven't got on to the Stamford Bridge shear zone yet.
So the question is, what is the timing for the Stamford Bridge zone, do you think starting to show up in production? And at what time do you think
you might do this underground thing that you hinted at? So those are kind of two questions there.
Question: Richard Niehuser - ROTH Capital Partners - Analyst
: Yes, it did actually very well. The Stamford Bridge zone seems to be a prospect as a starting point for that underground thinking. But really, it's kind
of -- I'm seeing that this optimization that you plan to continue now that you've fully commissioned the mill is to start to prepare finer grind for
transitional sulfide ore so that you can keep your cash flow up.
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DECEMBER 05, 2024 / 4:00PM, TRX.A - Q4 2024 TRX Gold Corp Earnings Call
Question: Richard Niehuser - ROTH Capital Partners - Analyst
: Well, I think pretty impressive on the exploration and really quite a nice surprise. And hopefully, you can fold that in sooner than later. Given your
optimization and plans. But again, sorry for dropping off the call. That's it for me.
Question: Craig Sutherland - Conceptual Solutions - Analyst
: So I'm going to get probably just a little bit more specific and brief. I don't want to belabor a lot of the points that we've already made. But in
previous calls, we had discussed what either analysts or to the other gentleman's point, larger investors we're looking for. And you had mentioned
before that it was kind of a -- show me if you say you're going to do something and you do it and then unfold in the future. Well, you guys are doing
a great job as far as being on time on budget, cash flow.
I mean you're doing exactly what you're saying, which I appreciate.
And Stephen, I do believe you're a straight shooter. I believe all of you are. So I also want to say that. I guess what I want you to address for me
today is, is there a disconnect? Or what is the disconnect?
Because if you're at these meetings, you're talking to people for indexing or you have mentioned that, they either have a specific metric, a number
of ounces produced. There have to be certain things that they're looking for in order for them to really start taking advantage of that. And where
are we? Because if you guys delivering on these things, you are doing what you -- where is the disconnect?
Question: Craig Sutherland - Conceptual Solutions - Analyst
: Yes. No, no, absolutely. And then I guess I'm going to slide this out or float this because you brought it up in several calls before. If that's the case
then, what realistically would be the possibility of M&A?
Question: Craig Sutherland - Conceptual Solutions - Analyst
: Well, I appreciate it. That's what I wanted to ask today. And again, continued success. You guys had a great year and just keep going forward.
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