Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Reality is in countries in Africa, if you put an asset in production, you continue to grow it, you become a good taxpayer, become a good employer, have a good reputation |
| At the Dodoma level too, it's been extremely good |
| We had record net income of $7 million, EBITDA of almost $14 million and importantly operating cash flow over $17 million which got reinvested back into the business, so I'll touch on that |
| And I can also talk from my own background as an underground miner that the rock is very, very good for underground mining |
| We're quite excited for today's call and for where we're going as a company as well |
| So we're quite excited for that |
| We have experienced management team that continues to deliver a rapid growth both on a production side, specifically on the production side, and we have a exciting blue sky potential on our property and the growth resources over time |
| And as we'll get into in this presentation, which is very exciting during the year, is our results around the sulphide ore, which continue now to be moved into the mine plan and processed |
| And markets, when TRE was at its high, markets on gold were extremely bullish |
| It's been very good |
| And over time as the business grows out its cash flow profile, its EBITDA profile, and its resource profile, then shareholders should ideally get rewarded from that growth |
| And we have exceptional exploration potential which hopefully will mean that this mine life goes on for a considerable period of time and with a special mining license, we can do that |
| We're getting a much better sense for the geological potential of the property and are quite excited for that and where that can go over time, particularly hopefully increase the resources on our property quite significantly as well as continuing to increase the production profile of the property as well |
| We've seen already from preliminary reports, it's very good |
| As Stephen touched on, it was a record year operationally for us at TRX |
| Financial metrics are improving significantly and we continually expect those financial metrics to improve into this year, which we'll get into guidance again and these are, I think it's fair to say projects that you get it going and then you're able to expand it much more quickly over time |
| A great result very early in the program |
| We're able to do that and we're a 100% Tanzanian on site and we procure as much as we can in Tanzania and they are great workers and have done a good job in building out our assets |
| It's significantly operating cash flow positive |
| Unidentified Analyst Firstly, I do want to congratulate the team on the strong effort for 2023 in terms of the cleaning up the balance sheet, increasing production, the exploration work, and of course, the very strong stewardship of shareholder capital and funds |
| So I would say in our experience we've had a very positive experience in operating in Tanzania versus some of the risks that you have in the supposed Tier 1 jurisdictions of cost overruns, labor disputes |
| We generated record revenue, operating cash flow and an adjusted EBITDA with a great profit margin |
| And now as of November, we've been having substantially better power reliability |
| Thus far, it's been a good experience |
| So record levels and certainly suggest record growth going into next year |
| In terms of financials, the record production drove record financial results as well |
| I would say again, we've had very positive early results |
| So on the ground, it's been very good |
| So on that -- on the inputs, we've been good thus far |
| As Stephen touched on we had record revenues of over $38 million |
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| And secondly, in Q4 we experienced inconsistent unstable power from the TANESCO Power Grid |
| And in the junior explorer, I could tell you, when I joined, the business plan would not have survived this market |
| And we also had a motor go down which was really related to power issues from a bus |
| So that has delayed and the pay as you go program, the mill expansion a little bit, but not a lot |
| We ended up encountering a mill motor failure on one of our ball mills that required some unexpected maintenance and that was coupled with an overhaul of our crushing circuit |
| And inflation risk as well, which you're seeing in the Western world |
| From an asset manager standpoint, as you all will readily be aware, there will be some natural wariness to investing in Africa, particularly for U.S |
| And then underneath the South pit, we've been very pleasantly surprised by getting wide zones of mineralization at between 1 to 2 grams a tonne rate, similar to our main deposit |
| When we go through the shareholder register, I do see a turnover in shareholders and new shareholders |
| Although we hit year-end guidance, we were a little bit behind on where we were ideally hopeful to getting to |
| One of which was higher than expected maintenance costs |
| So we didn't hit the production profile |
| So you get into operational issues too on recovery rates and things of that nature |
| I would say there's excess supply of those skills in Tanzania but the one that is shortage and that's global is mining engineers |
| We don't have that same bullishness in the market today |
| And, again, we expect that to probably be a little bit lower when the full plant comes online as a run rate |
| It was raining |
| So we were in an extremely wet season last year |
| The reference is made to the old power line being somewhat unreliable |
| Today, the business plan does survive this market |
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