Aris Mining Corp (ARMN) 2025 Q3 法說會逐字稿

(Operator instructions)

（操作說明）

Good morning everyone. Apologies for the delay. Welcome to the Aries Mining 3rd quarter 2025 results call. We will begin with an overview from management, followed by a question-and-answer period.

大家早安。很抱歉耽擱了這麼久。歡迎參加 Aries Mining 2025 年第三季業績電話會議。我們將首先由管理層進行概述，然後是問答環節。

I would now like to turn the conference over to Mr. Neil Woodyer, Chief Executive Officer. Please go ahead.

現在我將把會議交給執行長尼爾·伍德耶先生。請繼續。

Thank you, operator, and welcome everyone. Thank you for joining us for our third quarter 2025 earnings call. I’m joined today by members of the management team, including Richard Thomas, Cameron Paterson, Oliver Dachsel, and Alejandro Hermes, and we’ll be able to answer your questions at the end of the call. Before we begin, please take note of the disclaimers on slide two, as we will be making forward-looking statements throughout today’s presentation. Now, starting on slide three, following the strong first half year’s performance, I’m delighted to report that we have delivered an excellent third quarter. Gold production in Q3 totaled 73,236 ounces, a 25% increase over Q2. Segovia has been ramping up production in line with the expectations following the commission of the second ball mill in June, while Marmato has maintained its solid production levels.

謝謝接線員，歡迎各位。感謝您參加我們2025年第三季財報電話會議。今天，我的團隊成員也加入了我們，包括 Richard Thomas、Cameron Paterson、Oliver Dachsel 和 Alejandro Hermes，我們將在通話結束時回答您的問題。在開始之前，請注意第二張投影片上的免責聲明，因為我們將在今天的簡報中做出前瞻性陳述。現在，從第三張投影片開始，繼上半年強勁的業績之後，我很高興地報告，我們第三季取得了優異的成績。第三季黃金產量總計7,3236盎司，較第二季成長25%。塞哥維亞在第二台球磨機於 6 月投產後，一直按照預期逐步提高產量，而馬爾馬托則維持了穩定的產量水平。

This brings our total production for the nine months of 2025 to 187,000 ounces, so we’re tracking about the midpoint of a full-year production guidance of 230,000 to 270,000 ounces. Against the backdrop of rising gold prices, our strong operational performance has driven record financial performance in the third quarter, putting us in a strong position to fund our growth plans. Gold revenue totaled $253 million in Q3, up 27% over Q2. Adjusted EBITDA was $131 million for Q3 and more than $350 million on a trailing twelve-month basis, and we ended the third quarter with a cash balance of $418 million. Meanwhile, the construction of the Marmato Lower Mine bulk mining zone continues to advance, with first gold pour expected in the second half of 2026.

這將使我們 2025 年前九個月的總產量達到 187,000 盎司，因此我們正朝著全年產量指導目標 230,000 至 270,000 盎司的中點穩步前進。在金價上漲的背景下，我們強勁的營運業績推動了第三季創紀錄的財務業績，使我們處於有利地位，能夠為我們的成長計畫提供資金。第三季黃金營收總計 2.53 億美元，比第二季成長 27%。第三季調整後 EBITDA 為 1.31 億美元，過去十二個月調整後 EBITDA 超過 3.5 億美元，第三季末現金餘額為 4.18 億美元。同時，馬爾馬托下礦區大宗採礦區的建設正在繼續推進，預計將於 2026 年下半年首次澆鑄黃金。

Lastly, we published two major technical studies: first, a pre-feasibility study for Soto Norte in September, confirming it as one of the most attractive gold projects in the Americas, and second, a preliminary economic assessment for Toroparu, which outlines a long-life, low-cost open pit gold project with strong financial returns. Our strategy from here is therefore straightforward. We’ll advance Toroparu to a pre-feasibility study over the next ten months or so, and then we will plan to start construction. In parallel, we’re advancing the permitting process for Soto Norte. Together, these projects demonstrate the depth of our growth pipeline beyond Segovia and Marmato and position Aris Mining to become a very significant gold producer.

最後，我們發布了兩項重要的技術研究：首先是 9 月發布的 Soto Norte 預可行性研究，證實它是美洲最具吸引力的黃金項目之一；其次是 Toroparu 的初步經濟評估，概述了一個壽命長、成本低、財務回報強勁的露天黃金項目。因此，我們接下來的策略很簡單。我們將在接下來的十個月左右的時間內推進 Toroparu 專案的可行性研究，然後我們將計劃開始建造。同時，我們正在推進 Soto Norte 的許可審批流程。這些計畫共同展現了我們在塞哥維亞和馬爾馬託之外的成長潛力，並使阿里斯礦業成為非常重要的黃金生產商。

Before I hand over, I’d like to share a quick update from our meetings in Guyana last week, where I presented the results of the Toroparu PEA study to Guyana’s Minister of Natural Resources and the Minister of Finance. The meeting gave the project strong support, and I have confidence that Toroparu can become one of the next major gold mines in Guyana. We’re focused on making this happen. With that, I’ll pass over to Cam for an update on our financial performance.

在交接之前，我想快速報告上週在圭亞那舉行的會議的最新進展，我向圭亞那自然資源部長和財政部長介紹了托羅帕魯初步經濟評估研究的結果。會議給予該計畫強有力的支持，我相信託羅帕魯金礦可以成為圭亞那下一個主要金礦之一。我們正全力以赴促成此事。接下來，我將把麥克風交給卡姆，讓他報告我們的財務表現。

Thank you, Neil. Turning to slide four, Aris Mining reported strong financial results in the third quarter driven by increased production volumes and a strong gold price environment. As Neil mentioned, this quarter we generated record revenue of $253 million and record adjusted EBITDA of $131 million, which drove record adjusted net earnings of $72 million or $0.36 per share. We closed the quarter with cash of $418 million, up from the $310 million held at Q2. This increase reflects $91 million of cash flow after sustaining capital and income taxes, $60 million of proceeds from the exercise of warrants, 99% of which got exercised before they expired in July, and $13 million of proceeds from closing the sale of the Juby gold project on September 29, partially offset by $48 million we invested in growth capital.

謝謝你，尼爾。翻到第四張投影片，Aris Mining公佈了第三季強勁的財務業績，這得益於產量增加和強勁的金價環境。正如尼爾所提到的，本季我們創造了創紀錄的 2.53 億美元收入和創紀錄的 1.31 億美元調整後 EBITDA，從而實現了創紀錄的 7,200 萬美元調整後淨利潤，即每股 0.36 美元。本季末，我們持有的現金為 4.18 億美元，高於第二季的 3.1 億美元。這一增長反映了扣除持續資本和所得稅後的 9,100 萬美元現金流量、行使認股權證所得的 6,000 萬美元收益（其中 99% 的認股權證在 7 月份到期前已行使）以及 9 月 29 日完成 Juby 黃金項目出售所得的 1300 萬美元收益，我們投資於增長資本的部分 480 萬美元。

Moving on to slide five, our AISC margin increased by 36% compared to Q2, reflecting increased production with the successful commissioning of the second mill at Segovia, higher realized gold prices, and continued cost controls. Taxes paid totaled $13 million in the quarter compared to $42 million in Q2. Taxes paid in Q2 were substantially higher as a result of the settlement of our 2024 Colombia income tax liability. In Q3, we generated $43 million in free cash flow from operations after expansion capital.

接下來是第五張投影片，與第二季相比，我們的 AISC 利潤率成長了 36%，這反映了隨著塞哥維亞第二家選礦廠成功投產，產量增加，黃金實際價格上漲，以及持續的成本控制。本季繳納的稅款總額為 1,300 萬美元，而第二季為 4,200 萬美元。由於我們已支付 2024 年哥倫比亞所得稅，因此第二季繳納的稅款大幅增加。第三季度，我們在扣除擴張資本後，經營活動產生的自由現金流為 4,300 萬美元。

That’s after investing $48 million in our growth projects, including $31 million at Marmato, which includes $23 million related to the construction of the bulk mining zone, $10 million at Segovia spent on underground exploration and development, completion activities for the mill installation that followed its June commissioning, as well as ongoing work on the tailings storage facility, and $7 million invested at Toroparu and Soto Norte, which included the technical studies mentioned by Neil earlier. Financing activities, driven mainly by the warrant exercises I alluded to earlier, resulted in cash inflows of $65 million in the quarter, which together with free cash flow from operations resulted in a net increase to our cash position of $108 million in Q3. With a continued strong gold price environment and solid operational performance, Aris Mining remains well positioned to deliver robust cash flows to organically fund growth initiatives.

這是在我們投資 4,800 萬美元用於成長項目之後的結果，其中包括在 Marmato 投資 3,100 萬美元，其中 2,300 萬美元與散裝礦區的建設有關；在 Segovia 投資 1,000 萬美元用於地下勘探和開發、選礦廠安裝的完工活動（該廠於 6 月在 6 月投產庫萬美元，其中包括 Neil 之前提到的技術研究。融資活動主要由我之前提到的認股權證行使所驅動，導致本季現金流入 6,500 萬美元，加上經營活動產生的自由現金流，使我們在第三季的現金淨額增加了 1.08 億美元。憑藉持續強勁的黃金價格環境和穩健的營運業績，Aris Mining 仍處於有利地位，能夠提供強勁的現金流，為有機成長計畫提供資金。

I’d like to now hand the call over to Richard to discuss our operational results and growth projects. Thank you.

現在我想把電話交給理查德，讓他來討論我們的營運表現和成長項目。謝謝。

You can move to slide six please. As mentioned by Neil earlier, we delivered a total gold production of 73,236 ounces across our operations in the third quarter, an increase of 25% from quarter two, resulting in total gold production of 187,000 ounces for the first nine months of 2025. Segovia accounted for 65,500 ounces of gold produced, driven by the following three things: an increase in gold throughput following the commissioning of the second mill in June, an average gold grade of 9.9 grams per tonne, and finally, splendid recoveries of 96.1%. In monetary terms, Segovia’s strong performance in the third quarter can be summarized as follows: Segovia’s all-in sustaining cost margin totaled $121.5 million, an increase of 39% compared to quarter two. On a trailing twelve-month basis, its all-in sustaining cost margin has reached $328 million.

請移至第六張投影片。正如尼爾之前提到的，我們在第三季度實現了黃金總產量73236盎司，比第二季度增長了25%，使得2025年前九個月的黃金總產量達到187000盎司。塞哥維亞金礦生產了 65,500 盎司黃金，這主要得益於以下三點：6 月份第二台選礦廠投產後黃金處理量增加；平均黃金品位為每噸 9.9 克；最後，回收率高達 96.1%。從貨幣角度來看，Segovia 在第三季的強勁表現可以概括如下：Segovia 的綜合維持成本利潤總額為 1.215 億美元，比第二季成長了 39%。以過去十二個月計算，其全部維持成本利潤率已達 3.28 億美元。

Owner mining all-in sustaining cost was $1,452 per ounce in quarter three, resulting in an average of $1,482 per ounce for the first nine months of 2025, trending towards the lower end of the company’s full-year 2025 guidance of $1,450 to $1,600 per ounce. Gold produced from contract mining partners mainly generated an all-in sustaining cost sales margin of 44% in Q3, bringing the average for the first nine months of the year to 43%, above the top end of the company’s full-year 2025 guidance range of 35% to 40%. Turning your attention to the bottom right, rising realized gold prices and continued cost discipline continue to drive the all-in sustaining cost margin expansion at Segovia. In quarter three, Segovia generated an all-in sustaining cost margin of $1,853 per ounce.

第三季度，礦主自營採礦的全部維持成本為每盎司 1,452 美元，導致 2025 年前九個月的平均成本為每盎司 1,482 美元，趨向於公司 2025 年全年每盎司 1,450 至 1,600 美元指導價的下限。第三季度，主要來自合約採礦合作夥伴的黃金產量產生了 44% 的綜合維持成本銷售利潤率，使今年前九個月的平均利潤率達到 43%，高於公司 2025 年全年指導範圍 35% 至 40% 的上限。把注意力轉移到右下角，不斷上漲的黃金實際價格和持續的成本控制繼續推動塞哥維亞的綜合維持成本利潤率擴張。第三季度，塞哥維亞的綜合維持成本利潤率為每盎司 1,853 美元。

Moving on to slide number seven, I’m pleased to report that Segovia’s production ramp-up following the installation of the second ball mill in June continues to progress as planned. The new ball mill has increased the plant’s throughput capacity from 2,000 tonnes per day to 3,000 tonnes per day. We’re making good progress with our gradual production ramp-up, as evidenced by the increase in tonnes milled per month since July, as shown in the chart in the bottom right-hand corner. Comparing tonnes milled per month in September of 79,471 to the average monthly of quarter two of 55,987 tonnes milled implies an increase of 42%. Importantly, as highlighted in the chart on the top right-hand corner, we didn’t sacrifice grade to increase throughput. The grade of our mill feed in quarter three was even marginally higher than in quarter two. Lastly, our recovery rate has remained at an excellent 96.1%.

接下來是第七張幻燈片，我很高興地報告，塞哥維亞在六月安裝了第二台球磨機後，其生產爬坡工作正按計劃繼續進行。新的球磨機使工廠的日處理能力從 2000 噸提高到 3000 噸。我們的生產逐步提升取得了良好進展，從7月以來每月碾磨的噸數增加就可以看出這一點，如右下角的圖表所示。9 月每月碾磨的噸數為 79,471 噸，而第二季每月平均碾磨的噸數為 55,987 噸，這意味著增加了 42%。重要的是，正如右上角的圖表所示，我們並沒有為了提高產量而犧牲品質。第三季我們工廠飼料的等級甚至比第二季略高。最後，我們的回收率一直保持在優秀的 96.1%。

These three factors together have allowed us to meaningfully increase gold production in quarter three to 65,549 ounces. Based on gold production year to date and expectations of a continued gradual ramp-up, Segovia is tracking about the midpoint of our 2025 production guidance, 210,000 to 250,000 ounces. With the increased processing capacity and underground development advancing, Segovia is targeting gold production of around 300,000 ounces in 2026. Moving on to slide number eight, at Marmato, construction of the bulk mining zone continues progressing, and I’d like to use this opportunity to give you an update on the different work streams of the project. We have to date completed 580 meters of the main decline, which equates to 34% of the full length of the 1.7-kilometer decline.

這三個因素共同作用，使我們在第三季度實現了黃金產量顯著增長，達到 65,549 盎司。根據今年迄今的黃金產量以及對持續逐步增產的預期，塞哥維亞的產量正朝著我們 2025 年產量指引的中點穩步邁進，即 21 萬至 25 萬盎司。隨著加工能力的提高和地下開發的推進，塞哥維亞的目標是到 2026 年實現約 30 萬盎司的黃金產量。接下來是第八張投影片，在馬爾馬托，大型採礦區的建設仍在繼續進行，我想藉此機會向大家介紹一下該專案的不同工作流程的最新進展。到目前為止，我們已經完成了主坡道 580 米，相當於 1.7 公里坡道總長度的 34%。

Current development rates are at 72 meters per month and are expected to increase to approximately 150 meters per month once we have transitioned through the fault zone. Completion of the decline is targeted for August 2026. The Los Indios crosscut is advancing towards the connection with the main decline, which is now approximately 320 meters away. As you will see in the project design on the left of the slide, this horizontal development will provide additional access and ventilation pathway, enabling ore and waste haulage between existing workings and the new infrastructure. Importantly, completion of the crosscut will enhance operational flexibility and de-risk the project’s ramp-up phase by allowing multiple access points for early development and production sequencing. On surface, bulk earthworks for the process plant platform have reached 95% completion, and the retaining wall is over 75% complete.

目前的開發速度為每月 72 米，預計一旦我們穿過斷層帶，開發速度將增加到每月約 150 米。預計下降工程將於 2026 年 8 月完成。洛斯印第奧斯橫切面正向與主下坡面的連接處推進，目前距離連接處約 320 公尺。正如您在幻燈片左側的專案設計中看到的那樣，這種水平發展將提供額外的通道和通風路徑，從而可以在現有礦井和新基礎設施之間運輸礦石和廢料。重要的是，橫切工程的完成將增強營運靈活性，並透過允許多個入口點進行早期開發和生產排序，降低專案啟動階段的風險。地面上，製程裝置平台的土方工程已完成 95%，擋土牆已完成 75% 以上。

Final shaping of the carbon-in-pulp plant platform is expected during the first week of November. Construction activities continue to advance safely, with over two million man-work hours completed to date. Major equipment, including the primary crusher, the SAG mill, the ball mill, and filter press, has arrived in-country. Approximately 95% of long-lead items have been ordered. The contract for the main civil, mechanical, and electrical works is in place, with the contractor mobilized and construction activities having commenced in October. Preparations for the new power line continue to advance well. The land acquisition is complete, and the environmental impact study has been submitted for approval, enabling construction to commence in March 2026 following the issuance of the permit. To ensure continuity of commissioning and early operations, backup generators are included in the site power plan to mitigate any potential delay in the grid power connection.

預計炭漿工廠平台的最終成型工作將在 11 月的第一周完成。施工活動持續安全推進，迄今已完成超過200萬工時。主要設備，包括一級破碎機、半自磨機、球磨機和壓濾機，已運抵國內。大約 95% 的長週期物料已經下單。主要土木工程、機械和電氣工程的合約已經簽訂，承包商已進場，施工活動已於 10 月開始。新輸電線路的籌備工作進展順利。土地徵用工作已經完成，環境影響評估報告已提交審批，許可證頒發後，即可於 2026 年 3 月開始施工。為確保調試和早期運行的連續性，現場電力計劃中包含備用發電機，以減輕電網連接可能出現的任何延遲。

At the end of quarter three, the estimated cost to complete the project was $250 million, of which $82 million will be funded by the remaining installments under the Wheaton streaming agreement, bringing the total which Aris Mining has to fund to $168 million. The project remains on schedule, with the first gold expected in the second half of 2026, followed by a ramp-up period to steady-state operations. Moving on to slide number nine, as Neil mentioned at the beginning of the call, we completed a feasibility study for Soto Norte, which we believe is one of the most attractive gold projects in the Americas. With the PFS complete, we are advancing the required studies to apply for an environmental license in the first half of 2026. The PFS outlines a long-life underground gold mine with robust economics, low operating costs, and industry-leading environmental and social design features.

第三季末，完成該專案的預計成本為 2.5 億美元，其中 8,200 萬美元將由 Wheaton 串流媒體協議的剩餘分期付款提供資金，使 Aris Mining 需要出資的總額達到 1.68 億美元。該項目仍按計劃進行，預計 2026 年下半年產出第一批黃金，隨後將進入逐步提升至穩定營運狀態的階段。接下來是第九張投影片，正如尼爾在電話會議開始時提到的，我們完成了 Soto Norte 的可行性研究，我們認為它是美洲最具吸引力的黃金項目之一。隨著預可行性研究的完成，我們正在推動必要的調查工作，以便在 2026 年上半年申請環境許可證。初步可行性研究報告概述了一個具有穩健經濟效益、低營運成本以及行業領先的環境和社會設計特徵的長壽命地下金礦。

We went to great lengths to strike the right balance between scale, profitability, and responsible development considerations, which I will discuss in greater detail in the following two slides. Before moving on, I would like to draw your attention to the charts at the bottom left and bottom right-hand side of the slides. Starting on the left, Soto Norte has seven million ounces of measured and indicated resources at a grade of 5.6 grams per tonne, of which 4.6 million ounces at a grade of 7 grams per tonne have been converted to proven and probable reserves, confirming that the Soto Norte is a high-grade, long-life project. As a reminder, Aris owns 51% of Soto, and hence our attributable share of measured and indicated resources and proven and probable reserves are 3.6 million ounces and 2.3 million ounces, respectively.

我們竭盡全力在規模、獲利能力和負責任的發展考量之間取得適當的平衡，我將在接下來的兩張投影片中更詳細地討論這一點。在繼續之前，我想請大家注意幻燈片左下角和右下角的圖表。從左側開始，Soto Norte 礦區擁有 700 萬盎司的已探明和指示資源量，品位為每噸 5.6 克，其中 460 萬盎司（品位為每噸 7 克）已轉化為已探明和可能的儲量，證實 Soto Norte 是一個高品位、長壽命的項目。提醒一下，Aris 擁有 Soto 51% 的股份，因此我們應佔的已測量和指示資源量以及已探明和可能儲量分別為 360 萬盎司和 230 萬盎司。

Turning to the right-hand side, you can see the production and process grade profile over the first ten years of the project. The mine plan has been calibrated such that we’ll be mining higher-grade ore of the ore body first, resulting in process grade in those years being above the reserve grade. This in turn drives higher annual gold production in the first ten years compared to the life-of-mine average, which enhances Soto Norte’s net present value and payback period. Turning to slide ten, the new study has reduced Soto Norte’s processing capacity by about half, from more than 7,000 tonnes per day previously to 3,500 tonnes. More than 20% of Soto Norte’s plant capacity will be made available to process more feed from local community miners, mirroring our successful partnership model with contract mining partners at Segovia and Marmato. A 3,500-tonne-per-day design requires $625 million of initial capital expenditure.

轉向右側，您可以看到該專案前十年的生產和工藝等級概況。礦山計畫經過調整，我們將先開採礦物中品位較高的礦石，使這些年份的加工品位高於儲量品位。這反過來又推動了前十年黃金年產量高於礦山壽命平均水平，從而提高了 Soto Norte 的淨現值和投資回收期。翻到第十張投影片，新的研究將 Soto Norteâ 的加工能力減少了大約一半，從之前的每天 7000 多噸減少到 3500 噸。Soto Norte 工廠 20% 以上的產能將用於加工更多來自當地社區礦工的原料，這與我們在 Segovia 和 Marmato 與合約採礦合作夥伴的成功合作模式相呼應。日處理量 3500 噸的設計需要 6.25 億美元的初始資本支出。

All other metrics on this slide are based on operating Soto Norte at the owner mining rate of 2,750 tonnes per day. Said differently, we chose not to incorporate the upside associated with the contract mining partner component of the study. The results based on owner mining alone are highly attractive and deliver the following: a 22-year life of mine based on mineral reserves, annual gold production of 263,000 ounces over years two to ten, and 203,000 ounces over years one to twenty-one, all-in sustaining costs of $534 per ounce over the life of mine, annual EBITDA averaging from $547 million over years two to ten and $410 million over years one to twenty-one at an assumed gold price of $2,600 per ounce.

本幻燈片上的所有其他指標均基於 Soto Norte 礦山以每天 2,750 噸的自有採礦速度運作。換句話說，我們選擇不將與合約採礦合作夥伴相關的收益納入研究範圍。僅基於自有礦山開採的結果就極具吸引力，具體如下：根據礦產儲量，礦山壽命為 22 年；第 2 年至第 10 年的年黃金產量為 263,000 盎司，第 1 年至第 21 年的綜合年黃金產量為 203,000 盎司； 2 年至第 10 年的年均 EBITDA 為 5.47 億美元，第 1 年至第 21 年的年均 EBITDA 為 4.1 億美元。

At that base case gold price, the project delivers an after-tax net present value of $2.7 billion and an internal rate of return of 35.4%, with a payback period of 2.3 years. At a gold price of $3,000, the NPV increases to $3.3 billion and the IRR to 40%. As a reminder, all those metrics have been quoted on a 100% basis, and the Aris share is 51%. Let us move now to slide number eleven. It is important to highlight that we have listened to Soto Norte’s constituents very carefully and have gone to great lengths to design a project that addresses their concerns. We believe our PFS design adheres to high standards of safety, water protection, and environmental management while delivering significant long-term value for our shareholders and for our community and government partners.

以該基準黃金價格計算，該項目稅後淨現值為 27 億美元，內部報酬率為 35.4%，投資回收期為 2.3 年。當黃金價格為每盎司 3000 美元時，淨現值將增加到 33 億美元，內部殖利率將增加到 40%。提醒一下，所有這些指標都是以 100% 為基礎計算的，Aris 的份額為 51%。現在我們來看第十一張投影片。值得強調的是，我們非常認真地聽取了索托諾特選民的意見，並竭盡全力設計了一個能夠解決他們關切的項目。我們相信，我們的 PFS 設計符合高標準的安全性、水資源保護和環境管理要求，同時為我們的股東、社區和政府合作夥伴帶來顯著的長期價值。

As I’ve mentioned, 750 tonnes per day, which is more than 20% of the plant capacity, will be dedicated to processing material purchased from the local community miners, replacing the informal mills that pollute watercourses with safe, licensed processing. Development of Soto Norte will generate significant employment. During peak project construction, about 2,300 jobs will be created, with long-term operations requiring about 675 employees. Colombia will also benefit from $3 billion in taxes and royalties over the life of mine, assuming a gold price of $2,600. Clearly, if the current gold prices are here to stay for the long term, the project’s fiscal contribution would be even more significant. Equally important, the project is designed to protect the local water sources, including a recycling system allowing for 96.5% of water reuse.

正如我之前提到的，每天將有 750 噸（佔工廠產能的 20% 以上）的礦石用於加工從當地社區礦工那裡購買的礦石，用安全、獲得許可的加工方式取代污染水道的非正規磨坊。索托諾特地區的開發將創造大量就業機會。工程建設高峰期將創造約 2300 個就業崗位，長期營運需要約 675 名員工。假設金價為每盎司 2600 美元，哥倫比亞將在礦場開採期間獲得 30 億美元的稅收和特許權使用費。顯然，如果目前的黃金價格能夠長期維持下去，那麼該計畫的財務貢獻將會更加顯著。同樣重要的是，該計畫旨在保護當地水源，包括一個可實現 96.5% 水資源再利用的循環系統。

Other important features include a flow sheet requiring no cyanide or mercury use, a paste backfill plant to reduce tailings storage requirements on surface, and a filtered tailings storage facility designed following international best practice. We’re confident that this project strikes an appropriate balance between scale, profitability, responsible development considerations, and we’re proud of Soto Norte’s industry-leading environmental and social design features. We look forward to progressing studies that will enable us to submit our environmental license application for Soto Norte in the first half of next year and continue advancing what we believe is one of the most attractive gold projects in the Americas. Now turning to slide twelve, as Neil mentioned, we published the preliminary economic assessment for Toroparu, our 100% owned gold development project in Guyana, the second major technical study within two months.

其他重要特點包括：無需使用氰化物或汞的流程圖、減少地表尾礦儲存需求的膏狀回填廠，以及依照國際最佳實務設計的過濾尾礦儲存設施。我們相信，該專案在規模、盈利能力、負責任的開發考慮因素之間取得了適當的平衡，我們為 Soto Norte 行業領先的環境和社會設計特點感到自豪。我們期待推進相關研究，以便在明年上半年提交 Soto Norte 的環境許可證申請，並繼續推進我們認為美洲最具吸引力的黃金計畫之一。現在來看第十二張幻燈片，正如尼爾所提到的，我們發布了托羅帕魯（Toroparu）的初步經濟評估報告，這是我們在圭亞那全資擁有的黃金開發項目，也是兩個月內的第二項重大技術研究。

Like with Soto Norte, this PEA for Toroparu represents the first time that the Aris Mining management team has articulated its vision for how this project should be designed, built, and operated. After the merger of GCM Colombia and Aris Gold, the arrival of our management team in September 2022, the company paused the project’s previous construction plans to reassess the project on a first principles basis, which included completing a new geological interpretation, updating the mineral resource estimate, and undertaking optimization studies. As a result, this is a robust PEA that outlines a major new growth and diversification opportunity for Aris Mining. Toroparu has measured and indicated resources of 5.3 million ounces of gold at a grade of 1.3 grams per tonne and an inferred resource of 1.2 million ounces of gold at a grade of 1.6.

與 Soto Norte 一樣，Toroparu 的這份初步經濟評估報告代表了 Aris Mining 管理團隊首次闡明了該專案的設計、建立和營運願景。在 GCM Colombia 和 Aris Gold 合併後，我們的管理團隊於 2022 年 9 月到任，公司暫停了該項目之前的建設計劃，從根本上重新評估該項目，其中包括完成新的地質解釋、更新礦產資源估算和進行優化研究。因此，這是一份穩健的初步經濟評估報告，為 Aris Mining 指明了重大的新成長和多元化機會。Toroparu 已探明並指示的黃金資源量為 530 萬盎司，品位為每噸 1.3 克；推斷的黃金資源量為 120 萬盎司，品位為每噸 1.6 克。

The chart on the right-hand side of the slide illustrates Toroparu’s planned gold production and pre-occupancy grade profile over the 21-year life of mine outlined in the PEA. The average gold production projected is 235,000 ounces per year, supported by a consistent mill grade ranging from 1 to 1.3 grams per tonne. The long, steady production profile demonstrates the grade continuity of the project. Turning to slide thirteen, I’d like to go over some of the key project parameters and economics. Mill capacity of seven million tonnes per annum, a scale that supports an attractive investment return and results in a life of mine of over 20 years. An annual life of mine gold production of 235,000 ounces with significant byproduct credits from silver and copper. Average all-in sustaining cost of $1,289 per ounce.

幻燈片右側的圖表展示了 Toroparuâ 計劃在 PEA 中概述的 21 年礦山壽命期間的黃金產量和預定開採品位概況。預計平均年黃金產量為 235,000 盎司，這得益於穩定的選礦品位，每噸礦石品位在 1 至 1.3 克之間。長期穩定的生產記錄證明了該項目的品質連續性。接下來請看第十三張投影片，我想介紹一下專案的一些關鍵參數和經濟效益。選礦廠年產能達七百萬噸，此規模可帶來可觀的投資回報，並使礦場壽命超過二十年。該礦山年產黃金235,000盎司，並可獲得大量白銀和銅等副產品收益。平均總維持成本為每盎司 1,289 美元。

An annual EBITDA averaging from $443 million over the life of mine, assuming a gold price of $3,000 per ounce. Initial construction capital is estimated at $820 million, including pre-production costs and $96 million of contingency. After-tax net present value at 5% of $1.8 billion, an internal rate of return of 25.2%, and a payback period of three years, assuming a gold price of $3,000. The PEA results confirm Toroparu as a large-scale, long-life open pit project with robust economics. Based on these results, we’ve initiated a PFS for Toroparu targeting a completion in 2026 with the goal of advancing towards construction. With that, I’d like to pass over to Oliver for an update on our capital structure. Thank you.

假設金價為每盎司 3000 美元，則礦山壽命期內的年均 EBITDA 為 4.43 億美元。初始建設資金估計為 8.2 億美元，其中包括前期生產成本和 9,600 萬美元的緊急資金。稅後淨現值以 5% 的折現率計算為 18 億美元，內部報酬率為 25.2%，投資回收期為三年，假設黃金價格為 3,000 美元。初步經濟評估結果證實，托羅帕魯是規模大、壽命長的露天礦項目，具有穩健的經濟效益。基於這些結果，我們啟動了 Toroparu 計畫的預可行性研究，目標是在 2026 年完成，以推進建造。接下來，我想把麥克風交給奧利佛，讓他介紹我們最新的資本結構狀況。謝謝。

Richard, moving to our cap table on slide fourteen, our strong operational and financial performance in Q3 has increased our adjusted trailing twelve month EBITDA to $352 million and further strengthened our balance sheet. Our liquidity position has increased to $418 million, and our net debt has decreased to $64 million as of September 30. Total leverage has decreased to 1.4 times, which is 1.6 times lower compared to Q4 2024. Net leverage has decreased to 0.2 times, which is 1.3 times lower compared to Q4 2024. With low and decreasing financial leverage, no meaningful debt maturities until October 2029, and stable credit ratings at B1, BB, our balance sheet is in even stronger shape to support our growth strategy. With that, I’d like to hand over the call to Neil for closing remarks.

Richard，接下來請看第十四頁的股權結構表，我們第三季強勁的營運和財務表現使我們調整後的過去十二個月 EBITDA 增至 3.52 億美元，並進一步加強了我們的資產負債表。截至9月30日，我們的流動資金已增至4.18億美元，淨負債已減少至6,400萬美元。總槓桿率已降至 1.4 倍，比 2024 年第四季低 1.6 倍。淨槓桿率已降至 0.2 倍，比 2024 年第四季低 1.3 倍。由於財務槓桿率低且不斷下降，2029 年 10 月之前沒有重大債務到期，且信用評級穩定在 B1 和 BB，我們的資產負債表狀況更加穩健，能夠更好地支持我們的成長策略。接下來，我想把電話交給尼爾，請他做總結發言。

I’d like to conclude our prepared remarks on slide fifteen, and our message is straightforward as it’s exciting. Aris Mining is in the strong position to deliver exceptional growth in the near term to more than 500,000 ounces of annual gold production while advancing Toroparu and Soto Norte, which could potentially unlock 370,000 ounces of additional annual gold production on an attributable basis. We have the building blocks in place to create a leading gold mining company in South America, and importantly, we also have the team and the balance sheet to do it. Looking ahead, we are committed to building on our solid operational and financial momentum, finishing the year strongly, and positioning Aris Mining for a successful 2026 and beyond.

我想在第十五張投影片上結束我們準備好的發言，我們的訊息既簡單又激動人心。Aris Mining 處於有利地位，預計在短期內實現卓越的成長，年黃金產量超過 50 萬盎司，同時推進 Toroparu 和 Soto Norte 項目，這兩個項目有可能釋放出每年 37 萬盎司的額外黃金產量（按歸屬計算）。我們已經具備了在南美洲打造一家領先的黃金礦業公司的條件，更重要的是，我們擁有實現這一目標所需的團隊和財務實力。展望未來，我們致力於鞏固我們穩健的營運和財務勢頭，力爭在今年取得佳績，並為 Aris Mining 在 2026 年及以後取得成功做好準備。

With that, I’d like to thank you for your time today and look forward to your questions, and I’ll turn the call back to the operator to open the line for questions.

最後，感謝您今天抽出時間，期待您的提問，現在我將把電話轉回給接線員，以便大家提問。

(Operator Instructions)

（操作說明）

Thank you.

謝謝。

Our first question is from Kerry McCrory with Kor Genuity. Please go ahead.

我們的第一個問題來自 Kor Genuity 公司的 Kerry McCrory。請繼續。

Hi, good morning guys, and congrats on the great quarter.

大家好，早安！恭喜你們本季業績出色。

Just wondering if you give us a bit more color on how this to go via male expansion is going now that we're through October, just sort of what the run rate is sitting at, and should we still expect 3,000 tons a day by the end of the year?

想請您詳細介紹一下，10 月過後，雄性生殖細胞擴張的進展情況如何，目前的成長率是多少，我們是否還能期待到年底達到每天 3000 噸？

Absolutely, it's going very well. At the moment we're taking very nicely, about 2,500 to 2,600, as we, as our development improves and increases to the end of the year, we get to 2,800 to 2,900 and then early next year we will be 3,000 tons per day.

當然，一切進展順利。目前我們的產量非常不錯，大約是每天 2500 至 2600 噸。隨著我們業務的改進和成長，到年底產量將達到每天 2800 至 2900 噸，明年年初將達到每天 3000 噸。

Okay great and do you have all the contract buying partners lined up to deliver the titles that you're expecting?

好的，太好了。你們所有簽約購買夥伴都安排好了嗎？他們都能準時交付你們預期的遊戲嗎？

Yes, we do. We're adding additional 6 contracts in early next year. The exposes quotas and all the contracts are in place, so we're ready for that, but, the bulk of that increase will come from our own own operations and we are well on track for that.

是的，我們有。我們將在明年初新增 6 份合約。配額和所有合約都已到位，所以我們已經做好準備，但是，大部分增長將來自我們自己的運營，我們在這方面進展順利。

Okay, great. And then maybe one final one, in terms of Turu or So Soto Norte, I'm assuming you would sequence those, you wouldn't do them at the same time, is that fair?

好的，太好了。最後，關於 Turu 或 So Soto Norte，我假設你會按順序練習，而不是同時練習，這樣說對嗎？

To pre-feasibility feasibility should be complete within about 10 months. We'll be putting in the license on Sote Norte about mid-year.

預可行性研究應在大約 10 個月內完成。我們將在年中左右為 Sote Norte 索賠許可證。

That's going to take 18 months to go through. So Tour is a little bit ahead of Sote Norte. So we will see where we are as to which one to build.

這個過程需要18個月才能完成。所以 Tour 比 Sote Norte 稍微領先一點。所以我們會根據實際情況來決定要建造哪一座。

Probably Toroparu straight into it.

托羅帕魯大概會直接衝進去。

(Operator Instructions)

（操作說明）

Great thanks guys.

非常感謝各位。

Once again, if you have a question, please press star then one. The next question is from Don DeMarco with National Bank Financial. Please go ahead.

再次提醒，如果您有任何疑問，請按星號鍵，然後按數字鍵1。下一個問題來自國家銀行金融公司的唐·德馬科。請繼續。

Thank you, operator and good morning, Neil and team. Congratulations on the quarter and also on the Toroparo PA. I'll just continue with the questions on Toroparo from the last caller. Do you see this asset as a, I mean, what your bias appears to be in favor of developing it, or, but is it also potentially a divestment candidate, and where, what are you thinking on Those two are potentially other options.

謝謝接線員，早安，尼爾和團隊。恭喜本季業績以及 Toroparo PA 的出色表現。我將繼續回答上一位聽眾關於托羅帕羅的問題。您認為這項資產是…我的意思是，您似乎傾向於開發它，還是…它也可能是一個剝離的目標？如果是，您覺得應該在哪裡剝離？這兩種情況都是可能的選擇。

It is not a diversification. It's a real mind for us to build. It's the right size. We have the cash. We have the team. It fits in very nicely after Marmato, and it's totally within our financial capability of building. It's another 200,000 odd ounces, and it is geographic diversification very clear in my mind. This is a mine for us to build.

這不是多元化投資。這是我們真正需要培養的思考方式。尺寸正好合適。我們有現金。我們有團隊。它與馬爾馬托計畫非常契合，而且完全在我們經濟能力範圍之內。這又增加了 20 多萬盎司，在我看來，這非常清楚地體現了地理多元化。這是我們需要建造的礦場。

Okay, thank you. And then for my next question, just looking at the development of the Marmoto bulk mining zone.

好的，謝謝。接下來，我想問的是馬爾莫託大塊礦區的發展。

A What level of CapEx should we be modeling in the home stretch? I see that the first port is still on track for late next year.

A. 在衝刺階段，我們該模擬怎樣的資本支出水準？我看到第一個港口的建設仍按計劃進行，預計明年年底完工。

Maybe $30 million was spent in Q3. So should we model an increase in CapEx going forward? Will there be more heavy lifting as we get into 2026 and get closer to first floor?

第三季可能花了3000萬美元。那麼我們是否應該對未來資本支出成長進行建模？隨著我們進入 2026 年，越來越接近一樓，是否會有更多艱鉅的任務？

Thank you.

謝謝。

Definitely, John. So at the moment we've completed the the pad, so we are now ready for for the construction of the mill. So you can expect a sharp increase in the capital spend rate going forward. We have signed a contract with our main contractor. They have mobilizer in sight and they are starting the foundation as early as next week on the 4th of November. So once that starts, the amount of money we'll be spending on a monthly basis will increase.

當然，約翰。目前我們已經完成了墊層建設，現在可以開始建造軋機了。因此，可以預見未來資本支出速度將大幅成長。我們已與總承包商簽訂合約。他們已經找到了動員者，並計劃最早於下週，也就是11月4日，啟動基金會的工作。所以一旦這種情況開始，我們每個月的支出金額就會增加。

Okay.

好的。

Thank you for that and thank you for taking my questions. Good luck with the rest of the year.

謝謝，也謝謝您回答我的問題。祝你今年剩下的日子一切順利。

(Operator Instructions)

（操作說明）

Thank you.

謝謝。

This concludes the question-and-answer session. I'd like to turn the conference back over to Mr. Woodyer for any closing remarks.

問答環節到此結束。我謹將會議交還給伍德耶先生，請他作總結發言。

Well, thank you everybody for joining us today. We appreciate your interest and please don't hesitate to reach out to Oliver if you have any questions. And again, thank you very much.

謝謝大家今天收看我們的節目。感謝您的關注，如有任何疑問，請隨時聯繫 Oliver。再次感謝。

This brings to a close today's conference call. We may disconnect your lines.

今天的電話會議到此結束。我們可能會斷開您的線路。

Thank you for participating and have a pleasant day.

感謝您的參與，祝您有個愉快的一天。