Allied Gold Corp (AAUC) 2025 Q3 法說會逐字稿

Thank you all for joining us this morning. Before I turn the call over, I need to advise that certain statements made during this call today may contain forward-looking information, and actual results could differ from the conclusions or projections in that forward-looking information, which include, but not limited to statements with respect to the estimation of mineral reserves and resources. The timing and amounts of estimated future production, cost of production, capital expenditures, future metal prices, and the cost and timing of the development of new projects for a complete discussion of the risks, uncertainties, and factors which may lead to the actual financial results and performance being different from the state estimated contained in the forward-looking statements.

感謝各位今天上午的參與。在我將電話轉交給其他人之前，我需要說明，今天電話會議中某些陳述可能包含前瞻性信息，實際結果可能與這些前瞻性信息中的結論或預測有所不同，其中包括但不限於有關礦產儲量和資源估算的陳述。為了全面討論可能導致實際財務表現與前瞻性聲明中所含估計情況不同的風險、不確定性和因素，需要對預計未來產量、生產成本、資本支出、未來金屬價格以及新項目開發成本和時間進行全面討論。

Please refer to Ally Gold's press release issued last night announcing quarter 3, 2025 operating and financial results.

請參閱 Ally Gold 昨晚發布的公告，其中公佈了 2025 年第三季的營運和財務業績。

I would like to remind everyone that this conference call is being recorded and will be available for replay later on today. Replay information and the presentation slides accompanying this conference call and webcast are available on Allied Gold's website at alliedgold.com.

我想提醒大家，本次電話會議正在錄音，稍後將提供重播。本次電話會議和網路直播的重播資訊和簡報可在 Allied Gold 的網站 alliedgold.com 上找到。

I will now turn the call over to Peter Maroni, Chairman and CEO.

現在我將把電話交給董事長兼執行長彼得·馬羅尼。

Operator, thank you very much. And ladies and gentlemen, let me begin this conference call by pointing to the quote at the bottom of the first slide of our presentation, and I would like to repeat that quote.

操作員，非常感謝。女士們、先生們，首先我想指出我們簡報第一張投影片底部的引言，我想重複這句話。

Let's not react to speculative headlines on geopolitical matters. We continue to operate normally.

我們不要對有關地緣政治問題的猜測性標題做出反應。我們繼續正常運作。

We refer to Mali in particular and particularly in light of recent headlines.

我們特別指的是馬裡，尤其考慮到最近的新聞報道。

Let me begin by talking about the people of the country. They are industrious, entrepreneurial, and overwhelmingly in the country, across the population, there is support for mining.

首先，我想談談這個國家的人民。他們勤奮、有創業精神，而且在全國範圍內，絕大多數民眾都支持採礦業。

Similar to many countries, the politics, geopolitical circumstances go on. Mostly they are stable, sometimes changes occur. But business goes on, and this is especially true for mining.

與許多國家一樣，政治和地緣政治局勢仍在繼續。它們大多是穩定的，但有時也會改變。但商業活動仍在繼續，採礦業尤其如此。

Recent disruptions in fuel supply into the capital of the country affect only the capital, and there are signs of improvement.

近期首都燃料供應中斷的情況僅影響首都，有跡象顯示情況正在改善。

Regional governments and internationally support has been offered.

地區各國政府和國際社會都提供了支持。

And national efforts to counter the factors that have disrupted the fuel supply have received local, regional, and international endorsement.

各國為應對擾亂燃料供應的因素所做的努力已獲得地方、區域和國際社會的認可。

Prolonged fuel shortages do risk civil unrest and other challenges.

燃料長期短缺確實會引發社會動盪和其他問題。

But so far this has not occurred and fuel supplies have begun to enter the capital.

但到目前為止，這種情況尚未發生，燃料供應已經開始進入首都。

While there has been unexpected government change in the country before, and this is true for many countries, It has not been the result of external forces, and that seems to be true now as well. And in those times of government change, I remind everyone that mines have continued to operate normally, production and cash flows were generated.

雖然該國以前也發生過意料之外的政府更迭，這種情況在許多國家都是如此，但這並非外部力量造成的，現在看來也是如此。在政府更迭的時期，我要提醒大家，礦場一直在正常運營，生產和現金流都在正常產生。

We have no reason to believe that this is not true now, and we attribute that to the industrious and entrepreneurial nature of the people who support business as usual, regardless of political affiliation or affinity, and regardless of localized conflicts.

我們沒有理由相信現在情況並非如此，我們認為這要歸功於那些支持一切照舊的人們的勤奮和創業精神，無論他們的政治立場或傾向如何，也無論局部衝突如何。

So with that then, RQ3 was certainly ordinary and normal course.

所以，RQ3 肯定是正常且普通的課程。

We had solid production of just over 87,000 ounces, that sets us up for a strong Q4. We had strong cash generation, just under $110 million of adjusted EITA, and our operating cash flow of just under $200 million. We made significant progress on the Saola Phase One expansion and the Kerm development.

我們獲得了超過 87,000 盎司的穩定產量，這為我們第四季度的強勁表現奠定了基礎。我們現金流充裕，調整後的 EITA 略低於 1.1 億美元，營運現金流略低於 2 億美元。我們在 Saola 一期擴建和 Kerm 開發方面取得了重大進展。

Our all the sustaining costs of $2,092 per ounce were down 11% as compared to the second quarter, as we had indicated with the second quarter conference call we would expect, and we expect further reductions in Q4 with higher grades at Saiola, particularly with the phase one expansion completed over the course of the next few weeks into December.

我們所有維持成本為每盎司 2,092 美元，與第二季度相比下降了 11%，正如我們在第二季度電話會議上所指出的那樣，我們預計第四季度成本將進一步下降，因為 Saiola 的礦石品位更高，特別是隨著第一階段擴建工程在未來幾週內（到 12 月）完成。

Operations are performing well. We're operating normally at Seriola, and that carries strong momentum into the 4th quarter.

營運情況良好。Seriola 目前運作正常，這將為第四季度帶來強勁的發展勢頭。

At Agbau production, quarter over quarter from Q2 to Q3 was up 43%. We expect that sustained production to continue into Q4 and into next year. And at Bonnaro, we're on plan.

Agbau 的產量從第二季到第三季季增了 43%。我們預計持續生產將延續到第四季以及明年。在博納羅，我們一切都按計劃進行。

Grades are where we expect them to be, recoveries and throughput improved, and again, we expect that that will continue into this quarter and the quarters to follow.

礦石品位符合預期，回收率和產量均有所提高，我們預計這種情況將持續到本季及接下來的幾季。

We had adjusted EID to conclude with $110 million cash flow of just under $200 million and cash balances at the end of the third quarter of 200 $26 just over $262 million. What to expect then in Q4 and beyond?

我們對 EID 進行了調整，最終得出現金流為 1.1 億美元，略低於 2 億美元，第三季末現金餘額為 20026 年略高於 2.62 億美元。那麼，第四季及以後會有哪些變化呢？

Sadiola and Bonnaro will be notably higher.

薩迪奧拉和博納羅的價格將明顯更高。

We indicated up to 40% higher in Q4 over Q3.

我們預計第四季將比第三季成長高達 40%。

We are almost halfway through the quarter and we can see that production ramp up progressing very well. Our Q4 costs are expected to improve.

本季已過半，我們可以看到生產爬坡進展非常順利。預計第四季成本將有所改善。

Momentum from that is expected to continue into the 1st quarter of next year and throughout the year.

預計這一勢頭將持續到明年第一季以及全年。

And we stand by the guidance of a production level for 2025 that is greater than 375,000 ounces, that sets it sets us up for a consistent 100,000 ounces per quarter at improved costs, leading to improved financial performance, and then kro kicks into production by the middle of the year.

我們堅持 2025 年產量超過 375,000 盎司的指導方針，這將使我們能夠以更低的成本實現每季度 100,000 盎司的穩定產量，從而改善財務業績，然後 kro 將在年中開始投產。

With that, ladies and gentlemen, let me pass the call to Johann, our Chief Operations Officer, to go through our production in more detail.

那麼，女士們、先生們，接下來我將把電話交給我們的首席營運長約翰，讓他更詳細地介紹一下我們的生產情況。

Good morning, Peter, and good morning everybody.

彼得，早安；大家早安。

Thank you very much, Peter, for the headlines. I would like to start off with the on slide 3, the operations, starting off with Cyriola.

非常感謝彼得提供的新聞標題。我想先從投影片 3 中的操作部分開始，首先是 Cyriola。

The operations were stable and on plan. I was at Cerola last week and operations are running normally. We're not seeing any logistic disruption and consumable inventories, including fuel remains at normal levels. The operation is running normally with noticeable improvements. Production is on track to meet the full year guidance with Q4 expected to be 40% higher than previous quarters.

行動穩定，按計劃進行。我上週去過 Cerola，那裡的運作一切正常。我們沒有看到任何物流中斷，包括燃料在內的消耗品庫存仍處於正常水準。運作運作正常，並有明顯改善。生產進度預計將達到全年預期目標，預計第四季度產量將比前幾季度增長 40%。

Phase one expansion remains on schedule for completion in December, enabling us to treat up to 60% fresh ore in the mill feed.

第一階段擴建工程仍按計劃於 12 月完成，屆時我們將能夠處理磨機進料中高達 60% 的新鮮礦石。

Barney Crowe was on plan with higher grades, better throughput and recoveries.

Barney Crowe 的生產進度按計畫進行，品位更高，產量和回收率也更高。

The stripping and maturity of pushback 5 and pushback 3 will provide us access to higher grades at lower cost in Q4.

第四季度，隨著第五批和第三批原油的開採和成熟，我們將能夠以更低的成本獲得更高品位的原油。

Akbal production increased 43% quarter on quarter as Peter also alluded to and driven by higher grades and throughput and operational improvements. Overall operations were on plan positioning us higher production and lower unit cost in Q4.

Akbal 的產量較上季成長了 43%，Peter 也提到，這主要得益於更高的礦石品位和產量以及營運改善。整體營運按計劃進行，使我們在第四季度實現了更高的產量和更低的單位成本。

If we go to the next slide, regarding the Seriola phase one expansion progress, the phase one expansion remains on schedule and continued to advance through Q3 and into Q4. Mechanical installation of the new mill and crushing circuit is complete.

如果我們看下一張投影片，關於 Seriola 一期擴建進度，一期擴建仍按計畫進行，並在第三季和第四季繼續推進。新磨機和破碎迴路的機械安裝已完成。

The mobile pedal crusher is on site and ready for the December commencement.

移動式腳踏破碎機已運抵現場，準備就緒，將於 12 月開始使用。

Engineering and pre-leach Stickner is on its way to support higher fresh ore processing with phase one nearing completion. We expect new communition circuit to be ready to receive or late in the 4th quarter.

工程和預浸斯蒂克納正在朝著支持更高新鮮礦石處理量的方向發展，第一階段即將完成。我們預計新的通訊電路將於第四季末準備就緒，可以接收訊號。

At that point, Saolo will be able to process up to 60% for fresh ore throughout the through the plant, which will materially lift throughput rates, improve recoveries, and lowering processing costs. This expansion will bring additional flexibility into the operation and pave the way for lower cost and improved predictability.

屆時，Saolo 將能夠處理整個工廠高達 60% 的新鮮礦石，這將顯著提高處理量、改善回收率並降低加工成本。此次擴建將為營運帶來更大的靈活性，並為降低成本和提高可預測性鋪平道路。

So, in short, phase one is on plan.

簡而言之，第一階段按計劃進行。

The commissioning begins in December and it will set up structural setup change for Cerola production and cost base.

調試工作將於 12 月開始，這將為 Cerola 的生產和成本基礎帶來結構性變化。

Moving over then to the GermC progress, GMC.

接下來我們來看看 GermC 的進展，GMC。

Continues to advance on schedule. Engineering and the substantial complete, and the site extension is well under way.

項目繼續按計劃推進。工程和實質工作已經完成，場地擴建工作正在順利進行中。

The plant construction, including the mechanical erection, concrete works, and the key infrastructure such as water or the water dam, is advancing.

工廠建設，包括機械安裝、混凝土工程以及供水或水壩等關鍵基礎設施，正在穩步推進。

Logistics are active. Long lead equipment is on site. Initial oil supply has been established from both Asashiri and Dish Mountain. The plant capacity has been approved to the 6.4 million tons per year, which enhances the long-term production profile. Looking ahead, priorities. To complete the mechanical and electrical infrastructure works, build this, build up to the three-month high-grade stockpiles, connect the power line and advance the precom to the pre-commissioning. Upcoming priorities include completion, the completion of the construction, build the high-grade stockpiles as alluded earlier, provide the line connection and for and the pre-commissioning. We maintain on track for first gold for by mid 2026, and now, with this, I'd like to pass over to our Chief Exploration Officer, Don Dudek.

物流運作正常。現場已配備長週期設備。朝走油田和碟形油田已建立起初步的石油供應。該工廠的產能已獲批准為每年 640 萬噸，這將提升其長期生產能力。展望未來，優先事項。為了完成機電基礎設施工程，建造此設施，建造三個月的高級庫存，連接電力線，並將預調試推進到預調試階段。接下來的優先事項包括完成建造、建造之前提到的優質庫存、提供管線連接以及進行調試前準備。我們仍有望在 2026 年年中之前獲得第一塊黃金，現在，我想把發言權交給我們的首席勘探官唐·杜德克。

Thank you.

謝謝。

Thanks, Johann, and good morning. Hello, everybody.

謝謝你，約翰，早安。大家好。

One thing I want to emphasize for Saola, and it's something we tend to forget because of time, but this deposit has produced over 8 million ounces of gold, and we have 10 million ounces of mineral resources on the books.

關於 Saola，我想強調一點，這也是我們因為時間的流逝而容易忘記的，但這個礦藏已經產出了超過 800 萬盎司的黃金，而我們賬面上還有 1000 萬盎司的礦產資源。

Because of the robustness of the system.

因為該系統具有很強的穩健性。

We see the potential or we have an exploration goal to add another 3.5 million ounces of resources within the next 5 years, including within that is about a million ounces of oxide inventory and resources.

我們看到了潛力，或者說我們的勘探目標是在未來 5 年內新增 350 萬盎司資源，其中包括約 100 萬盎司的氧化物庫存和資源。

Our exploration strategy underpins our long-term production profile for this project and supports mineli extension at attractive returns.

我們的勘探策略為該項目的長期生產前景奠定了基礎，並支持礦山以可觀的回報進行擴建。

The oxide zones are located near infrastructure, and oxide boost boosts flexibility and profitability within our operations.

氧化物區域位於基礎設施附近，氧化物促進作用提高了我們營運的靈活性和獲利能力。

Our drilling is focused on near mine targets and really we're targeting those zones which have higher than average grades, which again supports the long-term plan.

我們的鑽探工作主要集中在礦場附近的區域，我們特別關注那些品位高於平均水平的區域，這也再次支持了我們的長期計畫。

And they also provide an optionality for production that will again service us over the long-term.

它們也為生產提供了一種選擇，這將在長期內再次為我們服務。

We have 19 years of mineral reserves and we see this increasing over time just again based on the robustness of the system.

我們擁有19年的礦產儲量，而且鑑於該系統的穩健性，我們預計隨著時間的推移，儲量將繼續增加。

When you look at these systems in West Africa, a lot of the large gold zones, they really don't, we haven't found the limits of them, and the limits are more defined by operation cost profile versus running out of mineralization. So that's something very important to keep in mind.

當你觀察西非的這些系統時，你會發現很多大型金礦帶，我們還沒有找到它們的極限，而它們的極限更多是由營運成本構成，而不是礦化資源的枯竭。所以這一點非常重要，一定要牢記在心。

In this last year we've seen significant success at 4 different zones, and again that was touched upon in the exploration news release.

在過去一年中，我們在 4 個不同的地區取得了顯著的成功，這一點在勘探新聞稿中也再次有所提及。

And these discoveries, as noted before, validate the scale and the scope and the potential of this mineralizing system.

如前所述，這些發現證實了此礦化系統的規模、範圍和潛力。

Going forward, drilling will remain active into year end.

展望未來，鑽探活動將持續到年底。

And continue through 2026 and beyond.

並將持續到2026年及以後。

We are prioritizing the targets with the highest potential.

我們將優先考慮最具潛力的目標。

And again with the focus on oxides.

再次強調，重點是氧化物。

We're initiating new geophysical surveys over a 2.5 kilometer stretch of productive stratigraphy that already has produced a couple of recent near-term gold deposits.

我們正在對一段 2.5 公里長的生產性地層進行新的地球物理勘測，該地層最近已產出幾個近期可開採的金礦床。

This area has never been systematically tested, and as we march ahead with the drill, we keep on finding more mineralization.

這個區域從未進行過系統性的勘探，隨著我們鑽探工作的推進，我們不斷發現更多的礦化現象。

Our results from this work will be summarized in an updated mineral resource estimate in Q1 2026, and this update will capture new discoveries, oxide additions, and extensions.

我們將於 2026 年第一季更新礦產資源估算報告，總結這項工作的成果，此次更新將涵蓋新的發現、氧化物新增和擴展。

Furthermore, we plan exploration updates for Kermuk in Ethiopia late this month.

此外，我們計劃在本月底發布埃塞俄比亞克爾穆克地區的勘探進度報告。

And for our project group in Cote d'Ivoire in early 206.

還有我們206年初在科特迪瓦的專案小組。

With that, I'll pass things off to Jason to discuss the Q3 financial performance.

接下來，我將把發言權交給傑森，讓他來討論第三季的財務表現。

Great, thanks, Don. Good morning, everyone.

太好了，謝謝你，唐。各位早安。

In Q3, the business delivered another solid quarter of financial results. Adjusted net earnings were $0.29 per share, and adjusted EBITDA came in at almost $110 million reflecting strong operating performance and improving costs across the portfolio. We generated $182 million in net operating cash flow during the quarter and and ended with a cash balance of $262 million.

第三季度，公司再次取得了穩健的財務表現。經調整後的淨收益為每股 0.29 美元，經調整後的 EBITDA 接近 1.1 億美元，反映出強勁的營運績效和整個投資組合成本的改善。本季我們產生了 1.82 億美元的淨營業現金流，期末現金餘額為 2.62 億美元。

Giving a strong liquidity into the Q4 and as we finish up the construction of phase one at Sadiola and at Kermu in Q2 next year.

為第四季提供強勁的流動性，同時我們將在明年第二季完成 Sadiola 和 Kermu 第一階段的建設。

All the sustaining costs were $2,092 per ounce, an improvement of 11% quarter over quarter, despite higher royalties from gold price.

儘管金價上漲，但所有維持成本為每盎司 2,092 美元，比上一季改善了 11%。

So overall, Q3 delivered strong cash flow generation, improving costs and higher margins. More importantly, we're positioned for a stronger Q4 with a combination of increased production, lower unit costs, and higher gold prices that will result in a step change in cash flow generation to end the year.

整體而言，第三季現金流強勁，成本降低，利潤率提高。更重要的是，隨著產量增加、單位成本降低以及金價上漲，我們預計在第四季度取得更強勁的業績，這將使年底現金流產生發生質的飛躍式變化。

I just mentioned, most eminently in Q4, we have our best production quarter of the year, driven by production increases at Sadiola and Bonnerro in the range of up to 40% over Q3.

我剛才提到過，尤其是在第四季度，我們迎來了全年最佳的生產季度，這主要得益於 Sadiola 和 Bonnerro 的產量比第三季度增長了高達 40%。

At Vola, we wrap up the phase one expansion and have the benefit of new oxide zones to complement higher grade fresh ore that can now be processed through the new mill at a higher throughput rate than before.

在 Vola，我們完成了第一階段的擴建，並受益於新的氧化帶，從而可以補充更高品位的新鮮礦石，這些礦石現在可以通過新的磨機以比以前更高的處理速度進行處理。

At Bonnaro, our intensive stripping campaign over the last year is finishing up and the mine starts a higher grade mining sequence with modest waste removal in Q4.

在博納羅礦，我們過去一年的密集剝離作業即將結束，該礦將於第四季度開始進行更高品位的採礦作業，並進行適度的廢石清除。

But our improving performance doesn't end there. As we look to 2026, the operating and financial performance will transition to a higher sustainable platform with the completion of our development projects.

但我們不斷進步的成果不止於此。展望 2026 年，隨著我們開發專案的完成，營運和財務表現將過渡到更高、更永續的平台。

Importantly, the predictability and operational flexibility of Saola and kotobar complex improves prospectively.

重要的是，Saola 和 kotobar 複合體的可預測性和操作靈活性有望得到改善。

In Cote d'Ivoire, we move to more direct ore extraction at higher grades with less waste movement.

在科特迪瓦，我們轉向更直接、品位更高的礦石開採，減少廢料運輸。

Atadola, we're able to primarily rely on the abundant higher grade fresh oil reserves as primary plant feed for up to 60% of throughput.

在阿塔多拉，我們主要依靠豐富的優質新鮮油儲量作為主要工廠原料，可滿足高達 60% 的產量需求。

Oxides show the balance of the mill compared with being the primary feed source in this and recent years.

與近年來作為主要原料來源的情況相比，氧化物反映了工廠的平衡狀況。

Furthermore, new oxide discoveries represent optionality to potentially increase production levels at Saola up to 230 ounces per year in the medium term.

此外，新的氧化物發現意味著 Saola 礦區有可能在中期內將年產量提高到 230 盎司。

And finally, at Kermu, first goal is fast approaching.

最後，在克爾穆，第一個目標即將到來。

This will be a step change for Allied, adding a new long-life, low costs asset that significantly increases group production and cash flow.

這將是 Allied 的重大變革，新增的這項長壽命、低成本資產將顯著提高集團的產量和現金流。

Kermok is expected to be transformational to our portfolio and financial profile.

預計 Kermok 將對我們的投資組合和財務狀況產生變革性影響。

On the chart here, you can see the production growth we're expecting in coming years. This will correspond to impressive top-line growth in today's gold environment, but more impressive will be the leverage effect we see in EBITDA and cash flow generation because of our fixed overhead and decreasing unit operating costs, or ASIC.

從這張圖表中，你可以看到我們預計未來幾年的產量成長。在當今黃金市場環境下，這將帶來令人矚目的營收成長，但更令人印象深刻的是，由於我們的固定開支和不斷下降的單位營運成本（ASIC），我們將在 EBITDA 和現金流產生方面看到槓桿效應。

With that, I'll hand things back to Peter for his wrap up.

這樣，我就把工作交還給彼得，讓他做總結。

So thank you very much, Jason. So, in terms of, just to conclude the presentation, upcoming milestones with our Saiola exploration update, as Don mentioned, we've demonstrated value creation, short-term and long-term, finding more oxides and expanding the already robust inventory of fresh ore. We have updates coming for our other mines. That includes an exploration update for Cromo in November and for Cote d'Ivoire complex in January.

非常感謝你，傑森。所以，就本次演示的最後部分而言，關於我們 Saiola 勘探進展的即將到來的里程碑，正如 Don 所提到的，我們已經證明了價值創造，包括短期和長期價值創造，發現了更多的氧化物，並擴大了已經非常充足的新鮮礦石庫存。我們其他礦場的最新消息也將陸續公佈。其中包括 11 月發布的 Cromo 勘探進度報告和 1 月發布的 Cote d'Ivoire 礦區勘探進度報告。

Expect that we will have completed the Saola phase 1 expansion late this year, literally over the course of a few weeks now. That has huge impact on operational flexibility because of that abundance of fresh ore.

預計我們將在今年稍後完成 Saola 第一階段擴建工程，實際上只需幾週即可完成。由於新鮮礦石儲量豐富，這對營運靈活性產生了巨大影響。

We have an analyst and investor site visit of Kromk which is expected early in Q1.

我們預計將在第一季初安排分析師和投資者對 Kromk 進行實地考察。

We have the Saola phase 2 expansion update how we intend to progress to get to that 35,000 to 400,000 ounces per year, which we plan to deliver in January of next year.

我們有 Saola 二期擴建項目的最新進展，我們將介紹如何推進該項目，以達到每年 35,000 至 400,000 盎司的目標，我們計劃在明年一月交付。

We have had a team in Mali and Cote d'Ivoire last week on our reserves and resources to complete their work so that we can provide an end of year reserve and resource update, including the impact of Ume on the Cote d'Ivoire complex and of course including in that is Krom, which we expect in February. Our Q4 results, of course, are expected soon after the completion of the quarter in late January or early February.

上週，我們派出一個團隊前往馬利和科特迪瓦，對我們的儲量和資源進行考察，以完成他們的工作，以便我們能夠提供年末儲量和資源更新，包括烏梅對科特迪瓦油田的影響，當然也包括我們預計在二月份投產的克羅姆油田。當然，我們的第四季業績預計將在1月底或2月初季結束後不久公佈。

We will provide an update on AGBO and its reserves and resources, which we expect in the second quarter.

我們將於第二季提供關於AGBO及其儲量和資源的最新資訊。

We starter operations in the middle of the year. I should say with respect to AgBO that of course the objective there is an extension of mine life.

我們年中開始營運。關於 AgBO，我必須說，其目標當然是延長礦山壽命。

Ladies and gentlemen, we've committed to improving.

女士們、先生們，我們已承諾改進。

Improvements in block models and mine plans, our mining efforts, our processing, creating organizational effectiveness that begins with hiring senior local persons to manage our operations, all of that is now in place.

礦山模型和礦山規劃的改進、我們的採礦工作、我們的加工，以及從聘用當地資深人士管理我們的營運開始，創造組織效率，所有這些現在都已到位。

We do not identify, here the results of that, but those results include improving production and costs this quarter, the quarter that we are now in, and into next year, new equipment, better utilization, better mine plans, competent operators, access to higher grade ore, enhanced mining access, and flexibility, and that positions us.

我們在此不具體說明結果，但這些結果包括本季度（即我們現在所在的季度）以及明年提高產量和降低成本、引進新設備、提高利用率、改進礦山規劃、聘請稱職的運營人員、獲得更高品位的礦石、增強採礦通道以及提高靈活性，這些都使我們處於有利地位。

For a strong 4th quarter and an even stronger 2026 across, all measures including production costs, and cash flow. Operator, perhaps at this point we can open the call to questions.

為實現強勁的第四季業績，並展望 2026 年更強勁的發展，所有指標（包括生產成本和現金流）均表現良好。接線員，或許現在可以開始接受提問了。

Thank you, and we will now begin the question-and-answer session.

謝謝，現在我們將開始問答環節。

If you would like to ask a question, please press 1 on your telephone keypad to join the queue. If you would like to withdraw your question, simply press 1 again. If you are called upon to ask your question and are listening via loudspeaker on your device, please pick up your handset and ensure that your phone is not on mute when asking your question. And just a reminder, we ask you to please limit yourself with one question and one follow-up only. And after that you can simply join the queue again.

如果您有任何疑問，請按電話鍵盤上的 1 加入隊列。如果您想撤回您的問題，只需再按一次 1 即可。如果您被點名提問，並且正在使用裝置的揚聲器收聽，請拿起您的聽筒，並在提問時確保您的手機沒有處於靜音狀態。再次提醒，請您只提一個問題，並只提出一個後續問題。之後您就可以再次排隊了。

Thank you. And your first question comes from Kerrie McCrory from Kakur Genuity. Please go ahead.

謝謝。您的第一個問題來自 Kakur Genuity 公司的 Kerrie McCrory。請繼續。

Hi, good morning, Peter, and team, and congrats on the good quarter. I guess my first question is just on Saola phase 2, or sorry, phase 1 is almost complete. Sounds like you're adding more oxide. When realistically, like, how should we think about the timing of when you'd actually, commit to phase 2 in terms of, putting a shovel on the ground?

嗨，彼得和各位同事，早安，恭喜你們本季業績出色。我的第一個問題是關於Saola二期工程的，或者抱歉，第一期工程已經接近完工了。聽起來你好像在添加更多的氧化物。實際上，我們該如何考慮何時才能真正進入第二階段，也就是真正動工呢？

Yeah, so let's begin with first principles, Carrie. As I said a few moments ago, in Either with our year-end results or in advance of that, so that would mean in January, we will provide an update on what we intend to do with phase two. We have a feasibility study for a new plant up to 10 million tons per year, and that gets us that production platform of 350,000 to 400,000 ounces. That would idle the existing plant. We would commit to expenditure by the end of 2026, and we would be in production by late 208, early 2029.

是的，凱莉，那我們就從基本原理開始吧。正如我剛才所說，無論是在年終業績公佈時，還是在此之前，也就是在一月份，我們都會提供關於第二階段計劃的最新消息。我們有一份關於新建工廠的可行性研究報告，該工廠年產能可達 1,000 萬噸，這將使我們獲得 35 萬至 40 萬盎司的生產平台。那將導致現有工廠停產。我們將在 2026 年底前投入資金，並在 2028 年底或 2029 年初開始生產。

As I mentioned, that would also mean that we will have decommissioned the existing plant. But over the course of the last 15 months to 18 months, we've been looking at an alternative. It's something that we were very familiar with as a management in Yama.

正如我之前提到的，這也意味著我們將關閉現有的工廠。但在過去15到18個月裡，我們一直在尋找替代方案。作為 Yama 的管理階層，我們對此非常熟悉。

We're looking at how can we take the existing plant, further modify it to increase its throughput.

我們正在研究如何對現有工廠進行進一步改造，以提高其產量。

Not to 10 million tons per year, but something in between the current level to 10. How do we improve recoveries so that we get to a similar production level in the range of 350,000 ounces per year, but with two improvements.

不是每年1000萬噸，而是介於目前的水平和1000萬噸之間。我們如何提高回收率，使年產量達到 35 萬盎司左右，但需要進行兩次改進？

The first is potentially less capital, and the second is better capital efficiency. In other words, we're not committing to that capital completely upfront. We're just about complete on that technical work.

第一種方式可能只需要較少的資本，第二種方式可以提高資本效率。換句話說，我們並沒有預先投入全部資金。技術方面的工作我們基本上已經完成了。

And with the completion of that technical work, we have board meetings in December, and we expect then that that in January at the latest with our 4th quarter results, we will provide you with our take on what is the best course for us taking all factors into account, what is the best capital efficiency, delivers the best results, and the greatest certainty.

隨著技術工作的完成，我們將在 12 月召開董事會會議，預計最遲在 1 月份公佈第四季度業績時，我們將向您提供我們認為的最佳方案，該方案綜合考慮了所有因素，能夠實現最佳資本效率、帶來最佳業績和最大確定性。

Okay, great. And then maybe just, reserves and resource price and it's pretty low compared to, we're sitting at $4000 an ounce. I guess within your portfolio, are there any specific assets that really have better optionality at, maybe not $4000 but the higher prices than reserves and resources?

好的，太好了。然後，或許只是儲量和資源價格，與目前每盎司 4000 美元的價格相比，現在的價格相當低。我想在你的投資組合中，是否有某些特定資產，其選擇權價值在更高的價格（​​也許不是 4000 美元）下，比儲量和資源有更好的選擇權？

Yeah, really good question. And that one really applies to AGBB. So part of the effort on AgBO is a three-part program that we've undertaken to improve mine life. One of the first part of that is, can we look at the pit design at higher gold price, and we're looking at a $2000 pit design. What does that do in terms, and of course the infill that follows from that, and what does that do in terms of extending my life. The other two components, of course, is a possible underground and regional exploration opportunity. We'll have more to say on that, into next year, as I mentioned, but you should expect that for that asset, we will be using a $2000 gold price for reserve estimation. We're reviewing what our peers are doing more generally to see what they have already done or what they're planning to do. So we're evaluating at this point where I'm personally leaning, but we have to have lots of discussions with management. Is a $2000 gold price for reserves across the board to complement what we're already doing at ACB and $2300 for reserve for resources.

嗯，問得好。這一點確實適用於 AGBB。因此，AgBO計畫的部分工作是我們為延長礦場壽命而進行的三部分計畫。首先，我們能否考慮在金價較高的情況下進行礦坑設計？我們考慮的是一個金價為 2000 美元的礦坑設計。這在醫學上有什麼作用？當然，由此產生的後續影響又是什麼？這在延長我的壽命方面又有什麼作用？當然，另外兩個組成部分是可能的地下和區域勘探機會。正如我之前提到的，明年我們會對此做更多說明，但你們應該預料到，對於該資產，我們將使用每盎司 2000 美元的黃金價格進行儲備估算。我們正在更廣泛地審查同行們正在做的事情，看看他們已經做了什麼或計劃做什麼。所以，目前我們正在評估我個人比較傾向於哪種方案，但我們必須和管理階層進行很多討論。所有儲備金價格統一設定為每盎司 2000 美元，以補充我們在 ACB 已經開展的工作，資源儲備金價格設定為每盎司 2300 美元。

Great. That's it for me. Thanks, Peter.

偉大的。就這些了。謝謝你，彼得。

And your next question comes from Justin Chen from FCP Resource Finance. Please go ahead.

下一個問題來自 FCP Resource Finance 的 Justin Chen。請繼續。

Hi guys. Thanks and congrats on the quarter. I'll consolidate. I have two, instead of one question to follow-up, I'll just, if you wouldn't mind, I'll ask two separate questions. Just one's on, just on the accounting. Is the two prepays that were mentioned at the end of September in the documentation, were those included in cash flow from opops just to make sure my model's, accounting for everything correctly. That's my first one.

嗨，大家好。謝謝，也恭喜你本季取得佳績。我會進行整合。我有兩個問題要跟進，而不是一個，所以，如果您不介意的話，我將分別問兩個問題。只有一個在，只是在做帳。文件中提到的九月底的兩筆預付款是否已計入 opops 的現金流中，以確保我的模型能夠正確地計算出所有事項。這是我的第一個。

Yeah, that's right.

是的，沒錯。

Justin. Okay, thanks very much.

賈斯汀：好的，非常感謝。

Okay, thanks, I appreciate it, look at, look at.

好的，謝謝，我很感激，看看，看看。

You. They're not there though.

你。但他們不在那裡。

Okay, got you. Okay, thanks, that's very helpful, and then the second one is.

好的，明白了。好的，謝謝，這很有幫助，第二個問題也是。

I mean, there, there's a lot of headlines over the weekend, especially just on supply chains and fuel availability in Mali. I was just curious if you guys could give some color on maybe what you're seeing on the ground. Sometimes there's obviously a difference between what media says and, what the actual operators are seeing. So, yeah, could you give us your perspective on the current operating situation?

我的意思是，週末有很多新聞頭條，特別是關於馬裡的供應鏈和燃料供應情況。我只是好奇你們能否描述一下你們在現場看到的情況。有時候，媒體報導的內容和實際操作人員所看到的顯然有差異。那麼，您能否談談您對當前營運狀況的看法？

Yeah, I tried to address that at the beginning, Justin. I think it would be wrong for us to talk about what is the geopolitics of one thing or another, other than to say that, look, it's business as usual.

是的，賈斯汀，我一開始就試著解決這個問題。我認為，除了說「一切照舊」之外，我們不應該去討論某件事的地緣政治意義。

There is a fuel disruption.

燃料供應中斷。

There are many reasons for that fuel disruption in the, that it has affected the capital.

造成此次燃料供應中斷的原因有很多，而且已經影響了首都。

Interestingly, as that art, the first of these articles was published. On Friday of last week, we understand that roughly 200, 250 Trucks filled with fuel came into the capital, and that's about a week's supply, and that's typically the way that the that the cap runs. So the best that we can say at this point is that there is no disruption to fuel supply lines or other supply lines relating to the mines.

有趣的是，作為那件藝術品，這些文章中的第一篇也發表了。據我們了解，上週五大約有 200 到 250 輛滿載燃料的卡車進入首都，這大約相當於一周的供應量，而這通常是燃料上限運行的方式。因此，目前我們所能說的最佳結果是，與礦場相關的燃料供應線或其他供應線沒有中斷。

There has been some disruption as a result of some insurgency activity in and around the capital. It does appear to us as if there is some alleviation of that, and I repeat what I said before. This is a a business as usual situation. We in the country, those who are familiar with the country, those who are familiar with countries such as this, have seen this sort of thing before, but at the end of the day, the best way that I can describe it is regardless of disruptions, business must go on and does go on, and that's what we expect here.

由於首都及其周邊地區發生了一些叛亂活動，造成了一定的混亂。在我們看來，這種情況似乎有所緩解，我再說一次我之前說過的話。這是一切照常進行的情況。我們這個國家的人，那些熟悉這個國家的人，那些熟悉像這樣的國家的人，以前都見過這種情況，但歸根結底，我能想到的最好的描述是，無論遇到什麼幹擾，商業活動都必須繼續，而且也確實在繼續，這就是我們在這裡所期望的。

Gotcha. Thanks. No, very clear and, yeah, I appreciate the reiteration.

明白了。謝謝。不，非常清楚，是的，感謝你的再次確認。

And your next question comes from Mohammed Sidibe from National Bank Capital Markets. Please go ahead.

下一個問題來自國家銀行資本市場的穆罕默德·西迪貝。請繼續。

Hi, Peter and Tim. Thanks for taking my questions. Just maybe to start with the Q4, guide that you gave with Saulla and Boniro being potentially up to 40% higher. What would it take, to see, I guess, both operations, be closer to that 40% mark? What are the key drivers that we should look for at Saulla and Boniro?

嗨，Peter 和 Tim。謝謝您回答我的問題。或許可以先從第四季開始，按照你給的指導，Saulla 和 Boniro 的價格可能會上漲高達 40%。我想，要怎麼樣才能讓這兩項業務都接近 40% 的目標呢？在 Saulla 和 Boniro，我們應該關注哪些關鍵驅動因素？

I'll turn to Yohan in a moment, but bear with us, Mohammed.

我一會兒會和約翰談談，穆罕默德，請你等一下。

We are ahead of our expectations for the quarter so far.

本季度迄今為止，我們的業績超出了預期。

In the case of the Cote d'Ivoire, we're more than 5% ahead. In the case of Seriola, just a few percentages ahead. But again, on a production platform, we expect to be greater than than Q3.

就科特迪瓦而言，我們領先超過 5%。就 Seriola 而言，僅領先幾個百分點。但同樣地，在生產平台上，我們預期會比第三季有所成長。

So I think you should expect that we will be able to meet the expectations of getting close to or at that 40%.

所以我認為你們應該期待我們能夠達到接近或達到 40% 的預期目標。

Johann, I will summarize by saying that in the case of Saola, it is these oxide discoveries.

約翰，我總結一下，就 Saola 而言，關鍵在於這些氧化物的發現。

That were made earlier this year that you're bringing into production, going through the development process and bringing into production, but of course by the end of the year it's the phase one expansion that completes and being able to process some of a greater percentage of of of fresh ore. And in the case of Cote d'Ivoire, all that effort that's been undertaken to date, including for example at Agbao. Where we had, waste removal that was very significant in the second quarter that increases production. We're going to higher grades at Bonacro as a result of that waste removal, and that's what accounts for that higher level of production. Johann, did you want to supplement that with anything more specific?

這些設備是今年稍早製造的，你們正在將其投入生產，經過開發過程並投入生產，但當然，到今年年底，第一階段擴建工程將完成，屆時將能夠處理更大比例的新礦石。以科特迪瓦為例，迄今已經進行了所有相關工作，例如在阿格巴奧（Agbao）進行的工作。第二季度，我們大幅減少了廢物清除工作，這顯著提高了產量。由於去除了廢料，我們在博納克羅的生產流程提高了等級，這也是產量提高的原因。約翰，你還有什麼要補充的嗎？

Peter, you've summarized most of it. I want to say that the hard work from the team started in January up to now created flexibility within Saola. You've alluded to the auxide deposits, and also the mill startup that will enhance the throughput in in Seriola with higher recoveries, so, More predictable, more flexibility was given into the Seriola as well as into the CDI complex.

彼得，你已經總結得很清楚了。我想說，團隊從一月到現在付出的辛勤努力，為 Saola 創造了靈活性。您提到了鋁礦床，以及即將投產的工廠，這將提高 Seriola 的產量和回收率，因此，Seriola 和 CDI 聯合體都獲得了更可預測、更靈活的條件。

That enable us to move or to and from between the various plants that set ourselves up to where we are currently. We're ahead of the Q4 numbers as you did it, we're halfway through the quarter already.

這使我們能夠在各個工廠之間移動或往返，從而讓我們到達目前的位置。正如你所預測的那樣，我們的第四季業績已經超前，而且現在已經過了季度的一半了。

And the positive trend, the teams are doing well, the plans are coming together nicely, looking forward to the end result, definitely very close to the 40% mark, if not slightly higher Peter.

而且，積極的趨勢是，各隊表現出色，計劃進展順利，期待最終結果，肯定非常接近 40% 的目標，甚至可能更高一些，彼得。

Great, thanks a lot for that answer. And then just, if I could move on maybe, on exploration, I think you provided a pretty good update. I said Jola with, a lot of oxide potential on your exploration target there. But I wanted to maybe shift to Cote d'Ivoire and, the visibility at AB and Bonnico. I know there's an update that is coming, but how do you currently look at those two assets in terms of mine lives remaining and what do you envision them to ultimately be, as a potential source of production for you guys?

太好了，非常感謝您的解答。然後，如果我可以繼續探討一下，我認為你提供了相當不錯的最新進展。我說，Jola，你的探勘目標區域蘊藏著巨大的氧化物潛力。但我可能想去科特迪瓦，而且AB和Bonnico的視野也更好。我知道即將有更新，但就礦山剩餘壽命而言，您目前如何看待這兩個資產？您設想它們最終會成為您們的潛在生產來源嗎？

Thank you.

謝謝。

Again, at this point, we have not completed the work, but Ume contributes comfortably to Bonnaro's increase in mine life. We publicly have said we want to get to at least 180,000 ounces per year from the complex, so roughly 50% from Bonnaro and 50% coming from Agboo.

再次強調，目前我們還沒有完成這項工作，但 Ume 為 Bonnaro 礦山壽命的延長做出了可觀的貢獻。我們曾公開表示，我們希望礦區每年至少生產 18 萬盎司黃金，其中約 50% 來自 Bonnaro，50% 來自 Agboo。

Ume contributes very meaningfully to that mine life extension.

Ume對延長礦山壽命做出了非常重要的貢獻。

It looks as if we'll be above the 10 years for Bonnaro. Agba is a bit more complex because it's further behind in terms of the exploration effort, but with what we're doing, looking at and doing drilling into reachable through at it reachable underground, what we're doing with the pit shell with a $2000 gold assumption. And what we're doing with the broader outside of the compensated area exploration effort, we'll begin to demonstrate, we won't get with that update next year. I don't believe that we'll get to 10 years of my life dragba. We'll begin, but we'll begin to demonstrate that it's more than the roughly 2 years of my life that we currently carry, and we think significantly in excess of that. I believe in our MD&A with our second quarter, we indicated that we were looking at 4 to 5 years of extension. That was our objective. We expect that the exploration results and the other efforts we're undertaking with technical services will demonstrate at least that.

看來博納羅的年齡將超過 10 歲。阿格巴的情況比較複雜，因為它在勘探工作方面進展緩慢，但我們正在做的，就是研究和鑽探地下可觸及的區域，我們正在對礦坑外殼進行研究，假設黃金儲量為每噸 2000 美元。而我們在補償區外更廣泛的勘探工作中所做的事情，我們將開始展示，明年的更新中我們無法得到。我不相信我們能活到我生命的第十年。我們將開始，但我們將開始證明，它不僅僅包含我們目前所擁有的大約兩年的生命，而且我們認為它遠遠不止於此。我相信，我們在第二季的管理層討論與分析中已經表明，我們正在考慮延長 4 到 5 年的期限。這就是我們的目標。我們預計勘探結果以及我們正在與技術服務部門進行的其他工作至少會證明這一點。

Finally then, what's our objective? Our objective is at least 10 years of my life at 180,000 ounces per year.

最後，我們的目標是什麼？我們的目標是至少用我 10 年的時間，每年生產 18 萬盎司。

But we're finding that objective. We're trying to get to 200,000 ounces per year at at least that 10 years of my life.

但我們發現這個目標正在實現。我們的目標是在我有生之年至少 10 年的時間裡，實現每年 20 萬盎司的產量。

With that, this becomes a meaningful asset, a very meaningful asset. It will not have the prominence. It does not have the tier one status of Krovok and Seriola, but it does, it is meaningful. It does contribute to the share price. By my estimation, taking the existing mine life as we show it based on reserves and resources. And getting to 10 years of my life at 200,000 ounces per year, by my estimation, it adds somewhere between 8 and $10 per share. I think that's pretty significant.

這樣一來，它就成為一項有意義的資產，一項非常有意義的資產。它不會那麼引人注目。它雖然沒有克羅沃克和塞里奧拉那樣的一流地位，但它也是一流之作，意義非凡。它確實對股價有所貢獻。據我估計，按照我們根據儲量和資源所展示的現有礦山壽命計算。據我估計，如果我以每年 20 萬盎司的產量持續 10 年，每股收益將增加 8 到 10 美元。我認為這意義重大。

Thanks a lot for that, Peter. That's very helpful. And then I guess finally with, you strengthen your balance sheet with the forward sales, agreement, the race post quarter as well as, the good, cash flow com corporations there. As you're heading into, the completion of Kermo, better 2026 and free cash flow, the sector is getting, I guess, a little bit harder in terms of M&A. Could you maybe share your thoughts on, further consolidation, down in West Africa or M&A opportunities that you may be looking at, from the acquisition side, or is that more of a 2027 event and Kerm remains the main priority alongside Sadiola?

非常感謝你，彼得。那很有幫助。然後我想最終，透過遠期銷售協議、季度後業績以及良好的現金流公司，您可以加強您的資產負債表。隨著 Kermo 專案的完成，2026 年的業績有望好轉，自由現金流也將有所改善，但就併購而言，該行業的情況可能會變得稍微艱難一些。您能否分享一下您對西非地區進一步整合或併購機會的看法，從收購方面來看？或者這更像是 2027 年的事情，Kerm 仍然是與 Sadiola 一起的主要優先事項？

What a question. So, if we'd gone back a year ago, Mohammed, I would have said, of course, we should be looking at acquisitions. What are the opportunities in Africa, in other developing parts of the world. That's where we still think there's the best juice, where we think the best value.

真是個好問題。所以，穆罕默德，如果我們回到一年前，我當然會說，我們應該考慮收購。非洲以及世界其他發展中地區有哪些機會？我們仍然認為那裡有最好的果汁，最物有所值。

But frankly, over the course of the last several quarters, we've had a bit of an epiphany. When we look at Kermo, that's a real prize. It's a tier one asset. I repeat what I said before, it's a tier one asset. And we're now looking at how we expand its throughput to match the size that we already carry for the sag mill to that 6.4 million tons per year from the 6 million tons per year. That gets the production platform to over 300,000 ounces per year.

但坦白說，在過去的幾個季度裡，我們有了一些頓悟。當我們看到 Kermo 時，那真是一份珍貴的禮物。這是一級資產。我重申我之前說過的話，這是一項頂級資產。我們現在正在研究如何擴大其產能，使其達到我們現有半乳糖廠的年產能，從每年 600 萬噸提高到每年 640 萬噸。這樣一來，生產平台的年產量將超過 30 萬盎司。

And with all the sustaining costs as we've described them. That means that we're we're generating some impressively robust cash flows from a production point of view, mine life point of view, and from a cash flow point of view, it is a tier one asset. And the same would be true for Saola.

以及我們前面提到的所有維持成本。這意味著，從生產角度、礦山壽命角度來看，我們正在產生一些令人印象深刻的強勁現金流；從現金流角度來看，它是一項一流的資產。薩奧拉的情況也是如此。

I can't think of very many mid-tier companies that are underpinned by two tier one assets. And so that epiphany to which I referred is that we're going to keep our eyes on the prizes here. Keep your eyes on the prize. We don't think that there is anything that is as compelling as engaging in the completion of these efforts that we have inside the company to get us to that roughly 800,000 ounces of production beginning next year to 600,000 ounces and then a few years after that to that 800,000 ounces. We think that that is what delivers the best value.

我想不出有多少中型企業擁有兩家一流資產作為支撐。因此，我提到的那個頓悟就是，我們要永遠專注在最終目標上。目標要始終牢記。我們認為沒有什麼比完成公司內部的這些努力更有說服力的了，這樣我們才能從明年開始達到大約 80 萬盎司的產量目標，先達到 60 萬盎司，然後在幾年後達到 80 萬盎司。我們認為這才能帶來最佳價值。

Value for shareholders, we've become a real catch at that point as well, and that has not escaped us.

對股東而言，我們也因此成為了一個真正的寶藏，這一點我們並沒有忽略。

Thanks a lot for that, Peter, for the question there.

非常感謝彼得提出這個問題。

And your next question comes from Ingrid Rickel from Stiefel. Please go ahead.

下一個問題來自 Stiefel 公司的 Ingrid Rickel。請繼續。

Yeah, good morning, Peter and, i team. I have, I guess, two follow-ups, on Saola, and I appreciate the comments, Peter, on the, progressive expansion options and how you guys are evaluating that. But I noticed in the press release, I think it was, that you will proceeding with a pre-leach thickener and you're going to be adding that in 2026. So I guess my question would be one, on what sort of, cost budget do you have for that, and two, what would it do with the recoveries or the improvement on the circuit by adding that thickener.

是的，早安，彼得，還有我的團隊。我猜我還有兩個後續問題，一個是關於 Saola 的，另一個是 Peter，我很感謝你對漸進式擴展選項的評論，以及你們是如何評估這些選項的。但我注意到，在新聞稿中（我想應該是新聞稿），你們將繼續推動預浸出增稠劑的研發，併計劃在 2026 年將其投入使用。所以我想問的問題是：第一，你們為此準備了什麼樣的成本預算？第二，添加增稠劑會對回收率或電路改善產生什麼影響？

Yeah, hi, Gerardo.

嗨，傑拉爾多。

Yeah, it's a, it's a small CapEx ticket is about 7 million to 8 million. What it does is allow us to manage the density better so we can increase the proportion of fresh rock up to 90%.

是的，這是一筆小額資本支出，大約在700萬到800萬美元之間。這樣做可以讓我們更好地控制密度，從而將新鮮岩石的比例提高到 90%。

And depending on the flexibility from oxides also can lead to increased throughput. So the beauty of it is it works, it's necessary for both scenarios, the full expansion or the progressive expansion. So we decided to go ahead and start engineering and start the construction in the next year so we can see the benefits as soon as possible.

氧化物的柔韌性也有助於提高生產效率。所以它的妙處在於它有效，而且對於兩種情況都是必要的，無論是全面擴張還是逐步擴張。因此，我們決定立即開始工程設計，並在明年開始施工，以便盡快看到成效。

Okay, excellent. And then just, I guess more near term, and sort of the grade, expectation that we could start to see as the phase one expansion is completed and you're able to put more of the fresh or in. Should we think of grade, picking up, Q4 and then 2026, and what sort of grades should we be looking for, with that phase one completed?

好的，太好了。然後，我想更近期的，以及某種程度上的預期，隨著第一階段擴建的完成，我們可以開始看到更多的新事物或投入。我們是否應該考慮成績、進度、第四季以及 2026 年，以及在第一階段完成後我們應該期待什麼樣的成績？

Yes, we should, you should expect to see the grade improves.

是的，我們應該預期成績有所提升。

Gerardo or Johan, do you want to address where we expect the grade to be?

Gerardo 或 Johan，你們想談談我們對成績的期待嗎？

Maybe I can com long-term, Ingrid. If you look at the inventory of fresh rock in Saviola, that is in the range of 1.8 g per ton. Some areas are higher than that, some areas are lower, but that's the bulk of the, or that's the average of the bulk of the reserves, which is the fresh rock.

或許我可以和你長期交往，英格麗。如果你查看薩維奧拉新鮮岩石的庫存，你會發現其含量約為每噸 1.8 克。有些地區的含水量高於這個值，有些地區的含水量低於這個值，但這代表了大部分儲量，或者說是大部分儲量的平均值，也就是新鮮岩石的含水量。

So long-term, that's what we should be tracking towards and and in terms of upside ide, there is an upside to connect with what Tom was describing with the new opportunities to add.

所以從長遠來看，這正是我們應該努力的方向。就成長潛力而言，湯姆所描述的新機會確實存在。

A moderate grade or high grade oxides which allowed the plant to increase capacity and recovery.

中等品位或高品位的氧化物使工廠能夠提高產能和回收率。

I would maybe Johan can comment on the shorter term.

或許約翰可以就短期情況發表一些看法。

Great question, Gerardo, I think your numbers are spot on, around the 1.7 to 1.8 g a ton. We do find these H1y pots, around the Saola property with higher oxide grades, but if we look at the average over the life of mine, it sits around there.

傑拉爾多，問得好。我認為你的數字非常準確，大約是每噸 1.7 到 1.8 克。我們在 Saola 礦區附近確實發現了這些 H1y 型礦池，其氧化物等級較高，但如果我們看一下我礦池整個生命週期的平均值，它就差不多在這個範圍內。

Okay, perfect.

好的，完美。

And, we're not complete, we're not complete the quarter yet, but if we go over the course of the last couple of weeks, so it's a meaningful part of the short-term of the quarter, we are experiencing because of some of those H1y pots as.

而且，我們還沒有完成，本季還沒有結束，但如果我們回顧過去幾週的情況，也就是本季度短期內的一個重要部分，我們正在經歷一些由於上半年的一些問題而導致的局面。

Johann described it, we are experiencing grades that are better than what we had in planned.

約翰這樣描述道：“我們現在的成績比我們計劃的還要好。”

Okay, that's excellent. And if I can squeeze just one last question, on rom, and I appreciate that we're going to get that update on the exploration, very soon. But just how should we think and maybe just some comments if you can on the info, drilling and how that's shaping up for, grade reconciliation and, looking into the grades as you start sort of commissioning and ramping up next year.

好的，太好了。如果我能擠出最後一個問題，關於 rom，我很感激我們很快就能得到關於探索的最新消息。但是我們該如何思考呢？如果您能就這些資訊、鑽探進展以及品味核對等方面發表一些評論，以及在明年開始調試和增產時對品位的分析，那就更好了。

Don's on the, did you want, Don's remote, so, if you're available, Don, did you want, can you answer that?

唐在遙控器上，你想問嗎？唐在遙控器上，所以，如果你有空的話，唐，你想問嗎？你能回答一下嗎？

Yes, so we're not doing a lot of infill drilling.

是的，所以我們沒有進行大量的填充鑽孔作業。

We're mostly focusing on extending the resources down dip, down plunge, along strike, and so really trying to bulk out the the reserve pits as we see them today.

我們主要致力於向下傾斜、向下傾斜、沿走向擴展資源，因此，我們真的想盡可能擴大目前我們看到的礦坑儲量。

We are seeing continuations of the mineralized zones and yet have not found the limits of the system. And they're also looking for other optionality things. We've talked about Sangay before, which is a 7 kilometer long golden soil trend. We've been drilling at the south end of that for a good part of the year, and we have a few other targets that we're moving up the list.

我們看到礦化帶不斷延伸，但尚未找到該系統的邊界。他們還在尋找其他可選方案。我們之前討論過桑蓋，它是一條長達 7 公里的金色土壤帶。今年大部分時間我們都在那個區域的南端進行鑽探，我們還有一些其他的目標區域正在優先開發。

We've talked about this for Saola in terms of optionality, and again, newer close to surface discoveries will provide more optionality for Kermu going forward. So the update near the end of this month, we, we'll present all of that.

我們已經就 Saola 的選擇性問題討論過這個問題，而且，新的近地表發現將為 Kermu 的未來發展提供更多選擇。所以，在本月底的更新中，我們會公佈所有這些內容。

Maybe to compliment.

或許是為了恭維。

You get to compliment on, comments and addressing your question.

您可以對內容進行讚揚、評論和提問。

Don was referring to what we're doing now, looking into the future, but we, what was done in the past in 2024 and into the beginning of 2025 was to do confirmation reading, especially around this, not much in the thi, but heavily in dish and that information has been Model, we have or exposure now with the mining at both deposits, and we're confirming the interpretation of the geology, and the drilling is also confirming, the grades and the mineralization as we had it in the glen. So it's very positive from that perspective of risk management and so is in a good position to restart our operations next year.

唐指的是我們現在正在做的事情，展望未來，但我們在2024年和2025年初所做的工作是進行確認性讀取，尤其是在這附近，雖然在thi方面不多，但在dish方面投入了大量精力，這些信息已經建立了模型，我們現在在兩個礦床的採礦工作中都獲得了或暴露了這些信息，我們正在確認了這些信息從風險管理的角度來看，這是一個非常積極的信號，因此我們有能力在明年重新啟動營運。

Great.

偉大的。

Thank you.

謝謝。

So looking forward to that, kora update, later this month. Thanks.

非常期待本月晚些時候的Kora更新。謝謝。

And before we proceed again, if you want to join the queue, simply press 1, and your next question comes from Luke Bertozzi from CIBC. Please go ahead.

在我們繼續之前，如果您想加入佇列，只需按 1，您的下一個問題將來自 CIBC 的 Luke Bertozzi。請繼續。

Hi, good morning Peter and the team. Just follow-up, follow-up on Ingrid's question on the pre-leach thickener at Satiola. Can you give us any indication of when that pre-leach thickener could come online? Should we be expecting that to impact 2026 production? Thanks.

嗨，彼得和各位同事，早安。請跟進一下 Ingrid 關於 Satiola 預浸濃縮器的問題。您能否告知我們預浸濃縮機何時可以投入使用？我們是否應該預期這將對 2026 年的產量產生影響？謝謝。

Yeah, look, towards the end of 2026, yeah, we haven't, issued guidance, so we cannot quantify how much the impact would be, or disclose it. We have an idea, but bear with us when we issue guidance, we'll reflect it there.

是的，你看，到 2026 年底，我們還沒有發布指導意見，所以我們無法量化其影響程度，也無法揭露。我們有一些想法，但請耐心等待我們發布指導意見，我們會將其反映在那裡。

Luke, we've indicated that we see Saola in its current form before the second phase, partial or whole expansion, being in a range of 2,000,000 to 230,000 ounces per year. This is part of the plan to get to a higher level of production.

盧克，我們已經表示，在第二階段（部分或全部擴建）之前，我們認為 Saola 目前形式的年產量將在 200 萬至 23 萬盎司之間。這是提升生產水準計畫的一部分。

We'll have more to say on it as we complete some of the work to the end of this year when we give our guidance early next year.

等到今年年底完成一些工作後，我們會就此發表更多意見，並在明年初給予我們的指導意見。

Yeah, okay, thanks. The rest of my questions have been answered, so I'll leave it there. Thanks again.

好的，謝謝。我的其他問題都已得到解答，所以我就說到這裡吧。再次感謝。

There are no further questions.

沒有其他問題了。

No, there are no further questions at this time. So I would now like to turn the call back over to Peter Maroni for the closing remarks. Please go ahead.

不，目前沒有其他問題了。現在我謹將電話交還給彼得·馬羅尼，請他作總結發言。請繼續。

Ladies and gentlemen, thank you very much for your participation on this call. We look forward to several of the milestones that we mentioned being provided. Any questions or comments, please do reach out to any of us, and we look forward to seeing many of you on, in person at our site visit Aromo in January.

女士們、先生們，非常感謝各位參加本次電話會議。我們期待之前提到的幾個里程碑能夠實現。如有任何疑問或意見，請隨時與我們聯繫。我們期待在1月的Aromo現場參觀活動中見到你們中的許多人。

Thank you very much.

非常感謝。