Aris Mining Corp (ARMN) 2025 Q2 法說會逐字稿

Good morning, everyone, and welcome to the Aris Mining second quarter 2025 results call. We'll begin with an overview from management followed by a question-and-answer period. (Operator Instructions) The conference is being recorded. (Operator Instructions) Please also note that the accompanying presentation that management will refer to during today's call can be found in the Events and Presentations section of Aris Mining's website at arismining.com.

大家早安，歡迎參加 Aris Mining 2025 年第二季業績電話會議。我們會先介紹管理階層的概況，然後是問答環節。（操作員指示）會議正在錄音。（操作員指示）另請注意，管理層在今天的電話會議中將參考的隨附演示文稿可以在 Aris Mining 網站 arismining.com 的“活動和演示文稿”部分找到。

Also, Aris Mining second quarter 2025 financials have been filed on SEDAR+ and EDGAR and can also be found on their website. I would now like to turn the conference call over to Mr. Neil Woodyer, Chief Executive Officer. Sir, please go ahead.

此外，Aris Mining 2025 年第二季的財務報表已在 SEDAR+ 和 EDGAR 上提交，也可以在其網站上找到。現在，我想將電話會議交給執行長尼爾·伍迪先生。先生，請繼續。

Thank you, operator, and welcome, everyone. Thank you for joining us for our second quarter 2025 earnings call. I'm joined today by other members of the management team, including our new CFO, Cam Paterson, who joined us last month as well as Richard Thomas, Oliver Dachsel and Alejandro Jimenez. We'll all be available to answer your questions at the end of the call. Before we begin, please take note of the disclaimers on slide 2 as we will be making forward-looking statements throughout today's presentation. Starting on slide 3. I'm pleased to report that we delivered another strong quarter with record adjusted earnings and significant increase in our cash position.

謝謝接線員，歡迎大家。感謝您參加我們的 2025 年第二季財報電話會議。今天與我一起出席的還有其他管理團隊的成員，包括上個月加入我們的新任財務長 Cam Paterson，以及 Richard Thomas、Oliver Dachsel 和 Alejandro Jimenez。通話結束時，我們將隨時回答您的問題。在我們開始之前，請注意幻燈片 2 上的免責聲明，因為我們將在今天的簡報中做出前瞻性陳述。從投影片 3 開始。我很高興地報告，我們又度過了一個強勁的季度，調整後的收益創下了歷史新高，現金狀況也大幅增加。

After a strong start to the year in Q1, our Q2 performance has further increased our momentum, keeping us firmly on track to meet our 2025 guidance. The quarter's financial highlights can be summarized as follows: Q2 net adjusted earnings were $48 million or $0.27 a share, our highest quarter since the formation of Aris Mining in September 2022. Q2 gold revenue totaled $200 million, up 30% over Q1. Our trailing 12 months adjusted EBITDA was $264 million. We ended the quarter with $310 million of cash, including $54 million from warrants exercised in the quarter. After June 30, we received an additional $61 million of exercised warrants, which expired on July 29. In total, 99% of the warrants were exercised, generating $150 million of cash proceeds. Combined with the strong operating cash flow, the warrant proceeds have further strengthened our liquidity and reinforced our strong financial position.

繼今年第一季強勁開局之後，我們第二季的業績進一步增強，使我們堅定地朝著實現 2025 年目標的方向前進。本季的財務亮點可以概括如下：第二季淨調整後收益為 4,800 萬美元，即每股 0.27 美元，這是我們自 2022 年 9 月成立 Aris Mining 以來的最高季度。第二季黃金營收總計 2 億美元，較第一季成長 30%。我們過去 12 個月的調整後 EBITDA 為 2.64 億美元。本季末，我們擁有 3.1 億美元現金，其中包括本季行使的認股權證所得的 5,400 萬美元。6 月 30 日之後，我們又收到了價值 6,100 萬美元的已行使認股權證，該認股權證將於 7 月 29 日到期。總計有 99% 的認股權證被行使，產生了 1.5 億美元的現金收益。結合強勁的經營現金流，認股權證收益進一步增強了我們的流動性並鞏固了我們強大的財務狀況。

As reported in late June, we also completed the installation and commissioning of the second ball mill at Segovia. The expansion increases Segovia's processing capacity by 50%. And I'd like to take the opportunity to congratulate the project team and operations team for drilling this project on time, within budget while maintaining strong operational performance. So our focus now shifts to ramping up production in the second half of the year with a target of 300,000 ounces next year for Segovia. In addition, we continue to make good progress on the construction of the Marmato bulk mining zone. Earthworks for the substation are completed. Earthworks for the CIP platforms are nearing completion.

根據6月底報道，我們也完成了塞哥維亞第二撞球磨機的安裝與調試。此次擴建將使塞哥維亞的處理能力提高 50%。我想藉此機會祝賀專案團隊和營運團隊按時、在預算內完成了該專案的鑽探，同時保持了強勁的營運績效。因此，我們現在的重點是提高下半年的產量，目標是明年塞哥維亞的產量達到 30 萬盎司。此外，我們在 Marmato 散裝採礦區的建設上繼續取得良好進展。變電所土方工程已完工。CIP 平台的土方工程即將完工。

Equipment deliveries of key components are underway, and the project remains on schedule with the first ore being processed and production ramp-up commencing in the second half of 2026. With increased production capacity, a supportive gold price environment and strong operational momentum, we're well positioned to deliver a successful 2025. We anticipate completing technical studies on both the revised Soto Norte project and the revised Toroparu Guyana by the end of the third quarter. And finally, I have the pleasure of introducing our new CFO, Cam Paterson. I'm delighted to welcome Cam to the team. He brings highly relevant experience from his previous roles where he worked closely with regional teams across South America, Canada and Mexico, supporting both operational and financial performance. And with that, welcome, Cam, and over to you.

關鍵零件的設備交付正在進行中，專案進展順利，第一批礦石將於 2026 年下半年開始加工並開始投產。隨著生產能力的提高、金價環境的支援以及強勁的營運勢頭，我們已做好準備，在 2025 年取得成功。我們預計將在第三季末完成對修訂後的 Soto Norte 專案和修訂後的 Toroparu Guyana 的技術研究。最後，我很高興介紹我們的新任財務長 Cam Paterson。我很高興歡迎 Cam 加入團隊。他從之前的職位中獲得了高度相關的經驗，在任職期間，他與南美、加拿大和墨西哥的區域團隊密切合作，以支持營運和財務績效。歡迎 Cam，接下來輪到你了。

Thank you for that introduction, Neil. It certainly is an exciting time for Aris Mining, and I'm absolutely thrilled to be part of the team. With that, I'm pleased to update you on our financial performance in the second quarter. Moving on to slide 4. Our ASIC margin increased by 43% compared to Q1, the result of strong production, higher realized gold prices and solid cost controls. Importantly, we generated free cash flow from operations of $38 million this quarter.

謝謝你的介紹，尼爾。對於 Aris Mining 來說，這無疑是一個令人興奮的時刻，我非常高興能夠成為團隊的一員。我很高興向您通報我們第二季的財務表現。轉到投影片 4。我們的 ASIC 利潤率與第一季相比成長了 43%，這是由於產量強勁、黃金實際價格上漲以及成本控制穩健。重要的是，本季我們產生的經營自由現金流為 3,800 萬美元。

That's after investing $37 million in expansion projects and paying our 2024 taxes. That cash inflows were $31 million in the quarter, compared to $12 million buildup in Q1, which reflects the timing of VAT refunds. Taxes paid totaled $42 million in Q2, up $37 million from Q1, primarily due to the timing of annual 2024 Colombian income tax settlements. Financing activities recorded a cash inflow of $32 million, mainly from the $53 million in proceeds from the warrant exercises that Neil mentioned earlier.

這是在投資 3700 萬美元用於擴建項目並繳納 2024 年稅款之後。本季現金流入為 3,100 萬美元，而第一季為 1,200 萬美元，這反映了增值稅退稅的時間。第二季繳納的稅款總額為 4,200 萬美元，比第一季增加了 3,700 萬美元，這主要是由於 2024 年哥倫比亞年度所得稅結算的時間表。融資活動錄得3,200萬美元的現金流入，主要來自尼爾先前提到的認股權證行使所得的5,300萬美元。

As a result, we added $70 million to our cash position during Q2, closing the quarter with a cash balance of $310 million. Subsequent to quarter end, we received an additional $61 million from the final warrant exercises. Now moving to slide 5. While the warrants have been a significant source of cash, they've also introduced significant noncash earnings volatility from mark-to-market revaluations. This slide reconciles the reported net loss in Q2 with our adjusted earnings of $48 million for the quarter.

因此，我們在第二季增加了 7,000 萬美元的現金，本季末的現金餘額為 3.1 億美元。季度末之後，我們從最後的認股權證行使中獲得了額外的 6,100 萬美元。現在轉到投影片 5。雖然認股權證一直是重要的現金來源，但它們也因以市價重估而帶來了巨大的非現金收益波動。這張投影片將第二季報告的淨虧損與本季 4,800 萬美元的調整後收益進行了核對。

The most significant adjustment being the $51 million noncash loss on financial instruments, which was primarily from the warrant revaluation. Our share price increased by 38% during Q2, which increased the fair value of the underlying warrants. This resulted in the $45 million noncash loss in the quarter from that warrant revaluation. These warrants expired on July 29, 2025. And with that, the associated warrant liability was fully extinguished, thereby removing the significant source of noncash earnings volatility from future earnings results after Q3. I'd now like to hand over the call to Oliver to discuss our capital structure.

最重要的調整是金融工具的 5,100 萬美元非現金損失，主要來自認股權證重估。我們的股價在第二季上漲了 38%，這增加了標的認股權證的公允價值。這導致該季度因認股權證重估而產生 4,500 萬美元的非現金損失。這些認股權證將於 2025 年 7 月 29 日到期。這樣，相關的認股權證責任就完全消除了，從而消除了第三季之後未來收益結果中非現金收益波動的重大來源。現在我想把電話交給奧利佛討論我們的資本結構。

Thank you, Cam. Moving to slide 6. The key takeaway from our cap table is that our balance sheet has improved significantly since we refinanced our senior unsecured notes in October of last year. Our liquidity position has increased to $310 million as of June 30 this year. Total and net leverage stood at 1.8 and 0.7 times, respectively. It is worth noting that we have decreased total leverage by 1.2 turns and net leverage by 0.8 turns since Q4 2024. And our market capitalization has increased to $1.5 billion as of August 4, resulting in significantly more equity cushion below our debt when compared to our market cap of circa $820 million around the time of the notes offering.

謝謝你，卡姆。移至幻燈片 6。從我們的資本表中可以得出的關鍵結論是，自去年 10 月我們為優先無擔保票據進行再融資以來，我們的資產負債表已顯著改善。截至今年 6 月 30 日，我們的流動資金狀況已增至 3.1 億美元。總槓桿率和淨槓桿率分別為1.8倍和0.7倍。值得注意的是，自 2024 年第四季以來，我們已將總槓桿率降低了 1.2 倍，淨槓桿率降低了 0.8 倍。截至 8 月 4 日，我們的市值已增至 15 億美元，與發行票據時約 8.2 億美元的市值相比，我們的股權緩衝遠高於債務。

With no meaningful debt maturities until October 2029 and stable credit ratings at B1 / B+ / B+. Our balance sheet is in great shape to support our growth strategy to increase annual gold production to more than 500,000 ounces. With that, I'd like to hand over the call to Richard, who will provide an update on our operational performance in Q2 and our growth projects.

2029 年 10 月之前沒有有意義的債務到期，信用評級穩定在 B1 / B+ / B+。我們的資產負債表狀況良好，可以支持我們的成長策略，將年黃金產量提高到 50 萬盎司以上。說完這些，我想把電話交給理查德，他將介紹我們第二季的營運業績和成長項目的最新情況。

Thank you, Oliver. Let's move on to slide number seven. In the second quarter, we delivered a total gold production of 58,700 ounces across our operations, an increase of a full 7% from the first quarter in 2025. In the first half of this year, our operations produced [130,000] ounces, an increase of 13% compared to the first half of 2024. As gold production for 2025 is expected to be weighted in the second half of the year, reflecting an increased milling capacity and production ramp-up at Segovia, we are well positioned to deliver on our production guidance for the full year.

謝謝你，奧利佛。讓我們繼續看第七張幻燈片。第二季度，我們的整個營運部門共生產了 58,700 盎司黃金，比 2025 年第一季成長了 7%。今年上半年，我們的產量為 [130,000] 盎司，與 2024 年上半年相比增長了 13%。由於預計 2025 年的黃金產量將在下半年加權，反映出塞哥維亞的選礦能力和產量的提高，我們完全有能力實現全年的生產目標。

At Segovia, we produced 51,500 ounces of gold during the quarter, supported by an average gold grade of 9.85 grams per tonne and gold recovery is nice and high at 96.1%, whilst maintaining a strong throughput of close to 2,000 tonnes per day. We generated a total All-in sustaining cost margin from Segovia of $87 million, an increase of 43% compared to our quarter one this year. Our All-in sustaining margin for the first half of 2025 was $148 million, which compares favorably to the $168 million for the full year in 2024. So it is a year of cash flow inflection as a result of strong operational performance in the first half of the year and production ramp-up in the second half against the backdrop of elevated gold prices.

在塞哥維亞，我們本季生產了 51,500 盎司黃金，平均黃金品位為每噸 9.85 克，黃金回收率高達 96.1%，同時保持每天近 2,000 噸的強勁產量。我們從塞哥維亞獲得了總計 8,700 萬美元的全部維持成本利潤，與今年第一季相比成長了 43%。我們 2025 年上半年的全部維持利潤率為 1.48 億美元，與 2024 年全年的 1.68 億美元相比表現良好。因此，由於上半年營運表現強勁，下半年在金價上漲的背景下產量增加，今年是現金流出現轉折點的一年。

Owner mining All-in sustaining cost was $1,520 per ounce in quarter two and 1,503 ounces for the first half of the year, trending towards the lower end of the company's full year 2025 guidance of $1,450 to $1,600 per ounce. Meanwhile, gold produced from Contract Mining Partners, [Mill Feed] generated a 42%. All-in sustaining cost sales margin in quarter two and 41% in the first half of the year, above the top end of the company's full year 2025 guidance range of 35% to 40%.

業主採礦全部維持成本在第二季度為每盎司 1,520 美元，在今年上半年為 1,503 盎司，趨向於公司 2025 年全年指導價格每盎司 1,450 美元至 1,600 美元的低端。同時，Contract Mining Partners [Mill Feed] 生產的黃金產量為 42%。第二季和上半年全部維持成本銷售利潤率為 41%，高於公司 2025 年全年指引範圍的上限 35% 至 40%。

Turning your attention to the chart at the bottom right, realized gold prices and continued cost discipline have more than doubled the All-in sustaining margins on a per ounce basis at Segovia when compared to the second quarter of 2025 to 2024. Segovia is a cornerstone asset for Aris Mining and the commissioning of the second ball mill further strengthens its role as a key cash flow generator for Aris Mining. If we could please move on to slide number 8.

請將注意力轉向右下角的圖表，與 2025 年第二季至 2024 年相比，實際黃金價格和持續的成本控制使塞哥維亞每盎司的全部維持利潤率增加了一倍以上。塞哥維亞是阿里斯礦業的基石​​資產，第二台球磨機的投入使用進一步加強了其作為阿里斯礦業主要現金流來源的作用。請繼續看投影片 8。

I'd like to provide an update on our growth and expansion projects. As Neil mentioned at the beginning of the call, commissioning of the second ball mill at Segovia was completed in June on time and well within budget. We are very proud of this project, and we look forward to the increased production it will bring. The new ball mill increases production throughput from 2,000 tonnes a day to 3,000 tonnes per day. As underground development advances and mill feed from Contract Mining Partners increase, Segovia remains on track to achieve annual production of between 210,000 ounces to 250,000 ounces this year. Further ramping up in 2026, and we are targeting 300,000 ounces next year.

我想提供有關我們的成長和擴張項目的最新進展。正如尼爾在通話開始時提到的，塞哥維亞第二台球磨機的調試已於 6 月按時完成，並且完全在預算之內。我們對這個項目感到非常自豪，並期待它帶來的產量成長。新型球磨機將生產能力從每天 2,000 噸提高到每天 3,000 噸。隨著地下開發的推進和合約採礦合作夥伴的進料增加，塞哥維亞今年仍有望實現 210,000 盎司至 250,000 盎司的年產量。2026 年產量將進一步增加，明年我們的目標是達到 30 萬盎司。

To get a better idea of what it took to increase the throughput capacity to 3,000 tonnes per day, we have created a short video. You can find the link at the bottom of the slide. If you could please move on to slide number nine. At Marmato, the construction of the bulk mining zone continues to advance as shown in the picture on the right-hand side of the slide. The earthworks for the main substation are completed. Earthworks for the carbon and pulp plant platforms are nearing completion.

為了更好地了解將吞吐量提高到每天 3,000 噸需要做些什麼，我們製作了一個簡短的影片。您可以在幻燈片底部找到連結。請移至第九張投影片。在 Marmato，散裝採礦區的建設正在繼續推進，如幻燈片右側的圖片所示。主變電所土方工程已完工。碳和紙漿廠平台的土方工程即將完工。

Equipment deliveries continued through the quarter, including key component equipment such as crushers, mills and tailing sorters. While we are very pleased with the pace of construction on surface, we did encounter some challenges with the decline development as advanced rates slowed down due to poor ground conditions combined with a large ingress of water. We are handling this at the moment, and we expect similar conditions to continue until we have crossed the fault zone, which is 200 meters in front of the current development phase.

本季設備交付持續進行，包括破碎機、磨機和尾礦分選機等關鍵零件設備。雖然我們對地面的施工進度非常滿意，但我們在斜坡道的開發過程中確實遇到了一些挑戰，因為由於地面條件差加上大量水的侵入，施工進度減緩。我們目前正在處理這個問題，我們預計類似的情況將持續下去，直到我們穿過斷層帶，該斷層帶位於當前開發階段前方 200 公尺處。

To address this, we are transitioning this work to our highly skilled owner team. And already, we have seen results from this. I want to emphasize that the [decline] development is not on the critical path for delivering the first ore. The reason is that we already have access to the bulk mining zone from the existing narrow vein zone, which allows us to carry out early development works needed to keep the project on track. As a result, the overall project time line remains unaffected with the first ore and production ramp-up still expected in the second half of 2026. Once completed, the Marmato complex consisting of the bulk mining zone and the narrow vein mining zone has the potential to produce more than 200,000 ounces of gold per year. For those interested in seeing our progress firsthand, I encourage you to watch the latest video on our website or use the link at the bottom of the slide. Now moving on to slide 10.

為了解決這個問題，我們正在將這項工作轉移給我們高技能的所有者團隊。我們已經看到了成果。我想強調的是，[衰退]發展並不是交付第一批礦石的關鍵路徑。原因是我們已經可以從現有的​​窄礦脈區進入大礦區，這使我們能夠進行必要的早期開發工作，以確保專案順利進行。因此，整個專案時間表不受影響，預計第一批礦石和產量仍將在 2026 年下半年實現提升。一旦建成，由大礦區和窄脈礦區組成的 Marmato 綜合體每年有潛力生產超過 200,000 盎司的黃金。對於有興趣親眼目睹我們進展的人，我鼓勵您觀看我們網站上的最新影片或使用幻燈片底部的連結。現在翻到第 10 張投影片。

As previously discussed, we continue to make progress with our two major technical studies for our development projects, Soto Norte and Toroparu. At Soto Norte, the pre-feasibility study is underway with the completion expected in quarter 3 2025. This study incorporates a smaller scale development plan and includes processing options designed to support local small-scale miners.

如前所述，我們針對開發案 Soto Norte 和 Toroparu 的兩項主要技術研究持續取得進展。在索托諾特，預可行性研究正在進行中，預計將於 2025 年第三季完成。這項研究包含一個較小規模的發展計劃，並包括旨在支持當地小規模礦工的加工選項。

Once the PFS is complete, we intend to finalize and submit the required studies to apply for an environmental license for development. At Toroparu, a new preliminary economic assessment is also in progress to evaluate updated development adoptions in the context of the current coal price environment. The PEA is also expected to be completed in the third quarter of this year. We look forward to providing a comprehensive update in the coming months once these studies are completed. With that, I'd like to hand over the call back to Neil.

一旦 PFS 完成，我們打算完成並提交申請開發環境許可證所需的研究。在托羅帕魯，一項新的初步經濟評估也正在進行中，以評估在當前煤炭價格環境下更新的開發採用。初步經濟評估預計也將於今年第三季完成。一旦這些研究完成，我們期待在未來幾個月內提供全面的更新。說完這些，我想把電話交還給尼爾。

Thank you, Richard. Turning to slide 11. As announced on July 16, Aris Mining signed a memorandum of understanding with the Ministry of Energy and Mines, the National Mining Agency, the Government of Caldas, the Mayor of Marmato, Corpocaldas and other key stakeholders to accelerate the formalization of artisanal and small-scale miners in Marmato. This is a significant milestone not just for our opportunity to increase production, but the responsible mining in Colombia. It reinforces the strong institutional support Aris Mining has received from the Colombian government and aligns us with our long-term commitments to inclusive, sustainable development in our host countries.

謝謝你，理查。翻到第 11 張投影片。正如 7 月 16 日宣布的那樣，Aris Mining 與能源和礦業部、國家礦業局、卡爾達斯政府、馬爾馬托市長、Corpocaldas 和其他主要利益相關者簽署了一份諒解備忘錄，以加快馬爾馬托手工和小規模礦工的正規化。這是一個重要的里程碑，不僅對我們提高產量來說是一個機會，而且對哥倫比亞的負責任採礦來說也是一個重要的里程碑。它加強了 Aris Mining 從哥倫比亞政府獲得的強有力的機構支持，並使我們與東道國包容性、可持續發展的長期承諾保持一致。

The Cerro Burro area, where these artisanal and small-scale miners operate sits above the Marmato narrow vein zone and represents a meaningful mutual benefit growth opportunity. Through this agreement, we have committed to work with the government to streamline permitting for artisanal and small-scale miners, promote environmental stewardship and safety standards while also providing technical training for those artisanal and small-scale miners. Aris Mining has also offered its milling capacity from our existing narrow vein zone flotation plant to process ASM source material. Importantly, the areas covered by this MOU are entirely separate from the titles where Aris Mining operates its narrow vein mining zone, and it's developing the bulk mining zone at the Marmato complex. The bulk mining zone will remain 100% owner-operated. In closing, moving to slide 12.

這些手工和小規模礦工經營的 Cerro Burro 地區位於 Marmato 窄脈區上方，代表著一個有意義的互利成長機會。透過該協議，我們承諾與政府合作，簡化手工和小規模採礦者的許可程序，促進環境管理和安全標準，同時為這些手工和小規模採礦者提供技術培訓。Aris Mining 也提供我們現有的窄脈區浮選廠的研磨能力來處理 ASM 來源材料。重要的是，該諒解備忘錄所涵蓋的區域與 Aris Mining 經營的窄脈採礦區以及正在 Marmato 綜合體開發大採礦區的區域完全不同。大型採礦區仍將 100% 由業主經營。最後，請移至投影片 12。

We're well positioned to deliver on our guidance with increased production capacity, solid operating momentum and even stronger balance sheet, supported by a favorable gold price environment. I'm encouraged by the meaningful progress we're seeing across our growth initiatives, and I'm excited about our near-term catalysts. We expect to publish Soto Norte's PFS and Toroparu's PEA in the third quarter. We're looking forward to that as we will be the first time that Aris Mining management team will be able to articulate in great detail its plans for how those assets should be designed, built and operated.

在有利的金價環境的支持下，我們有能力提高生產能力，保持穩健的經營勢頭，並實現更強勁的資產負債表，從而實現我們的預期目標。我們在成長計畫中取得的重大進展令我感到鼓舞，我對我們的近期催化劑感到興奮。我們預計在第三季發布 Soto Norte 的 PFS 和 Toroparu 的 PEA。我們對此充滿期待，因為這是 Aris Mining 管理團隊第一次能夠詳細闡述這些資產的設計、建造和營運計劃。

At Segovia, we expect gold production to gradually increase in the second half of this year, targeting 300,000 ounces in 2026. Lastly, at Marmato, construction for the bulk mining zone continues to advance. Our first ore and ramp-up of production is expected in the second half of '26. Looking ahead, we remain focused on sustaining this momentum as we work towards more than doubling annual production to over 500,000 ounces, while advancing key projects with the potential to unlock longer-term growth. Thank you for your time today, and we look forward to addressing your questions. I'll now turn the call back over to the operator to open the line.

在塞哥維亞，我們預計今年下半年黃金產量將逐步增加，目標是到 2026 年達到 30 萬盎司。最後，在 Marmato，散裝採礦區的建設正在繼續推進。預計我們的第一批礦石和產量將在 2026 年下半年開始增加。展望未來，我們將繼續致力於保持這一勢頭，努力將年產量提高一倍以上，達到 50 萬盎司以上，同時推進具有釋放長期成長潛力的關鍵項目。感謝您今天抽出時間，我們期待解答您的問題。我現在將把電話轉回給接線員以開通線路。

(Operator Instructions) Carey MacRury, Canaccord Genuity.

（操作員指示）Carey MacRury，Canaccord Genuity。

Congrats on the strong quarter. Just wondering if you could give us a bit more color on Segovia. So you've done 100,000 ounces in the first half, and we're expecting this to ramp up. Just thinking about your guidance, I mean, 210,000 seems like that wouldn't be much of an uptick here. And 250 000, it sounds like that would be consistent with exiting at 3,000. So I'm just wondering how do we think about the second half at Segovia and if you can give us any color on that.

恭喜本季業績強勁。我只是想知道您是否可以給我們詳細介紹一下塞哥維亞。因此，您在上半年已經完成了 100,000 盎司，我們預計這一數字還會上升。只是考慮一下您的指導，我的意思是，210,000 似乎不會有太大的增長。250,000 聽起來與 3,000 的退出價格一致。所以我只是想知道我們如何看待塞哥維亞的下半場，以及您是否可以給我們一些相關資訊。

Yes, Carey. I mean, as we open up our new -- so we're doing a lot of development at the moment, opening up our new stoping areas. And yes, so -- and getting access to surface. So all that combined should get us well within that guidance range. I think if you had to guess, it'd be (inaudible) that in the middle of it.

是的，凱裡。我的意思是，隨著我們開闢新的礦區——我們目前正在做大量的開發工作，開闢新的採礦區。是的，所以——並獲得進入地面的權限。因此，所有這些因素結合起來應該可以讓我們很好地達到指導範圍。我想如果你必須猜測的話，那應該是（聽不清楚）在它的中間。

So should we expect a pretty modest increase in Q3 and then a bigger increase in Q4? Is that sort of...

那麼，我們是否應該預期第三季會出現相當溫和的成長，而第四季會出現更大的成長？是那種...

Yes. That would be appropriate.

是的。那就合適了。

And then on the Contract Mining Partners, it's trending above your guidance. I'm just wondering, are there any factors that are driving that? Or is that more reflective of maybe conservative guidance? Or I guess another way to put it is, what factors would make that margin range go lower versus going higher?

然後，就合約採礦合作夥伴而言，其趨勢超出了您的指導。我只是想知道，有什麼因素導致了這種情況？或者這是否更多地反映了保守的指導？或者我想換句話說，哪些因素會導致保證金範圍降低而不是升高？

That would be -- those are always linked to gold price, and it's quite hard to predict what they're going to be. So as the gold price fluctuates, so does the margin because that's pretty much fixed margin. And we've got -- the way we pay those guys is on a sliding scale according to the grade they deliver and the gold price at the time. So it's quite hard to predict what you're going to get versus what the gold price is. But yes, I think our guidance is a good guess for what's going to be at the end of the year.

那就是——這些總是與黃金價格掛鉤，而且很難預測它們會是什麼價格。因此，隨著黃金價格的波動，保證金也會隨之波動，因為這幾乎是固定的保證金。我們支付這些人的報酬的方式是根據他們交付的黃金等級和當時的黃金價格按比例計算的。因此，根據黃金價格來預測您將獲得什麼是非常困難的。但是是的，我認為我們的指導對於年底的情況是一個很好的猜測。

Okay. And then maybe one last one for me. Just on Marmato, what should we be expecting for capital spending in the second half on that expansion?

好的。這對我來說也許是最後一個了。就 Marmato 而言，我們對下半年擴張的資本支出有何預期？

I know our estimate to completion is still in the $283 million. What it would be for the second half of the year, I'd have to work that out and get back to you.

我知道我們的完成預算仍然在 2.83 億美元左右。至於下半年的情況如何，我得先弄清楚，然後再回覆你。

(Operator Instructions) And ladies and gentlemen, at this time, I'm showing no additional questions, I'd like to turn the floor back over to Mr. Woodyer for any closing remarks.

（操作員指示）女士們、先生們，現在我沒有其他問題，我想把發言權交還給伍迪爾先生，請他做最後發言。

Well, thank you, operator, and thank you, everybody, for attending our call today. We appreciate it very much. And if you have any questions, I'm sure that Oliver will [only] too pleased to supply you with the information, either straight from his brain or by looking things up. But anyway, we will supply whatever information you need. And thank you very much for attending today. Thank you.

好的，謝謝接線生，也謝謝大家今天參加我們的電話會議。我們非常感激。如果您有任何疑問，我相信奧利弗會非常樂意為您提供信息，無論是直接從他的大腦中獲取信息還是通過查閱資料。但無論如何，我們都會提供您需要的任何資訊。非常感謝大家今天的出席。謝謝。

Ladies and gentlemen, that does conclude today's conference call and presentation. You may now disconnect your lines. Thank you for participating, and have a pleasant rest of the day.

女士們、先生們，今天的電話會議和演講到此結束。現在您可以斷開線路了。感謝您的參與，祝您今天過得愉快。