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- **Revenue Surge**: Q3 revenue jumped 50% QoQ to $174 million, driven by higher copper sales and pricing near $4.50/lb.
- **Florence Breakthrough**: Wellfield commissioning underway, with initial copper production expected early 2026 and four drilling rigs operational by Q1 2026.
- **Financial Resilience**: $173 million equity raise strengthens balance sheet, reducing debt by $75 million and supporting Florence ramp-up.
- **Strategic Positioning**: Florence poised to benefit from U.S. copper demand and potential tariffs, with 4% price premium to LME despite physical market discounts.
- **Cost Efficiency**: Operating costs improved to $2.87/lb, with EBITDA of $62 million reflecting strong cost control and higher ore grades.

**【CEO Summary Section】**
- **Operational Improvement**: Q3 copper production reached 28 million pounds, up from prior quarters, with molybdenum production at 560,000 pounds, driven by higher ore grades (0.22% vs. 0.19% Q1). Adjusted EBITDA was $62 million, reflecting strong cost control and higher sales volumes.
- **Florence Project Milestones**: Achieved substantial completion of the SXEW plant in Q3, with wellfield commissioning underway. Initial wellfield flow rates exceed expectations, with copper production expected to begin early 2026. Drilling activities will expand to four rigs by early 2026.
- **Financial Strength**: Completed $173 million equity offering, reducing debt by $75 million and strengthening liquidity for Florence ramp-up and Yellowhead project development.
- **Market Dynamics**: U.S. copper cathode pricing remains at a 4% premium to LME, though physical market discounts may persist. Potential tariffs in 2026-2027 highlight Florence's strategic importance as a U.S.-based supplier.

**【CFO Financial Commentary】**
- **Revenue Growth**: Q3 revenue reached $174 million (CAD), a 50% increase QoQ, driven by higher copper sales volumes and pricing near $4.50/lb. Adjusted net income was $6 million, with GAAP net loss of $28 million due to FX and derivative losses.
- **Cost Management**: Operating costs improved to $2.87/lb, excluding one-time SXEW expenses. Capitalized stripping costs declined to $6 million, reflecting improved pit access.
- **Capital Allocation**: Total capital spend on Florence reached $267 million, with Q3 spend of $27 million. Liquidity stands at $91 million, supporting ongoing operations and Yellowhead environmental studies.

**【Q&A Highlights】**
- **Commercial Production Milestones**: Management targets achieving operating profit by mid-2026 and free cash flow by year-end 2026. Revenue recognition will follow cathode sales, with accounting aligned to IFRS standards.
- **Drilling Expansion**: Plans to deploy four drilling rigs by Q1 2026 to accelerate wellfield development, supporting production ramp-up.
- **Regulatory Outlook**: Monitoring U.S. tariff policies, with potential 15-30% tariffs on cathode imports from 2026, underscoring Florence's competitive advantage as a domestic supplier.

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