Anglogold Ashanti PLC (AU) 2023 Q4 法說會逐字稿

Dear, ladies and gentlemen, and welcome to the Anglogold Ashanti full-year market call. (Operator Instructions) Please note that this event is being recorded.

親愛的女士們、先生們，歡迎來到 Anglogold Ashanti 全年市場電話。（操作員說明）請注意，該事件正在被記錄。

I will now hand the conference over to Stewart Bailey. Please go ahead, sir.

我現在將會議交給史都華貝利。請繼續，先生。

Thanks very much, Chris. Good afternoon, everyone, and to those of you joining us from the Americas. Good morning and welcome to 2023 market call. You have Alberto, and the full ExCo team here to help run you through our performance. But before we start, let me call your attention to the fact that we'll be making forward-looking statements, and we will reference certain non-GAAP financial information during the course of the remarks.

非常感謝，克里斯。大家下午好，還有來自美洲的各位。早安，歡迎來到 2023 年市場電話。阿爾貝托和全體執行委員會團隊在這裡幫助您完成我們的表演。但在開始之前，請允許您注意我們將做出前瞻性陳述，並且我們將在發言過程中參考某些非公認會計準則財務資訊。

Slide 2 is our safe harbor statement that's important and I would ask you please to refer to it. I'd also just like to apologize for the delay in releasing the report today. We had a glitch on our side that was a little tricky to overcome. So thanks for your forbearance on this, and we hope this call will be fulsome enough to talk you through the details in a way that's helpful. Over to you Alberto.

投影片 2 是我們的重要安全港聲明，請參考。我還想為今天延遲發布報告表示歉意。我們這邊有個小故障，克服起來有點棘手。感謝您對此的寬容，我們希望這次通話足夠充實，能夠以有幫助的方式向您介紹詳細資訊。阿爾貝托交給你了。

Thank you, Stewart. Good day and welcome to our results call. Before we get into the details of what has been a very good year for us I'd like to address an issue you may have picked up in our release today. During our year end audit, AGA, AngloGold Ashanti founded potential error in the calculation of a deferred tax asset at full velocity in 2022.

謝謝你，斯圖爾特。美好的一天，歡迎致電我們的結果電話。在我們詳細介紹對我們來說非常好的一年之前，我想解決您可能在我們今天的發布中發現的一個問題。在我們的年終審計中，AGA、AngloGold Ashanti 發現 2022 年全速遞延稅資產的計算有潛在錯誤。

This potential error could impact our earnings by up to $146 million between 2022 and the first half of 2023. The error is noncash and has no impact on production costs, cash flow value of the asset or anything related.

這一潛在錯誤可能會對我們 2022 年至 2023 年上半年的收入造成高達 1.46 億美元的影響。該錯誤是非現金的，對生產成本、資產的現金流量價值或任何相關內容沒有影響。

Let me be clear the facts and the numbers are very clear for all practical purposes. This is an impairment of $146 million. However, there is still an ongoing discussion with our previous auditor, Robert Weather and how much of this error should be accounted for in our eventually reinstated 2022 accounts.

讓我澄清一下事實，對於所有實際目的來說，數字都非常清楚。這是 1.46 億美元的減值。然而，我們仍在與我們的前審計師 Robert Weather 進行討論，討論在我們最終恢復的 2022 年賬目中應考慮多少該錯誤。

Any potential restatement is a time-consuming complex process make so more about the fact that we're working with two sets of auditors, all parties must agree on the nature and quantum of any adjustments before we are able to issue our 2023 results, which we will do as soon as possible, such that.

任何潛在的重述都是一個耗時的複雜過程，因此我們要與兩組審計師合作，所有各方必須就任何調整的性質和數量達成一致，然後我們才能發布 2023 年的結果，這我們將盡快這樣做。

Now let's move to what really matters a strong set of results. We are all very proud of. Again, since I joined AGA in late 2021 was simple, but also a value gap with our peers to do. And we've worked to address several interlocking initiatives that together will substantially improve our business.

現在讓我們轉向真正重要的一組強而有​​力的結果。我們都感到非常自豪。再說一遍，自從我在2021年底加入AGA以來，事情很簡單，但也與我們的同行有價值觀差距。我們致力於解決多項相互關聯的舉措，這些舉措共同將大大改善我們的業務。

We still got work to do, but we've made good progress on our original priorities, most important of all because the cost stack with our major peers we've done in safety, we're now among the safest mining companies anywhere in the world. We've improved predictability, again, achieving guidance on production and cash cost.

我們還有工作要做，但我們在最初的優先事項上取得了良好進展，最重要的是，因為我們與主要同行的成本疊加是在安全的情況下完成的，我們現在是世界上最安全的礦業公司之一世界。我們再次提高了可預測性，並實現了生產和現金成本的指導。

This increasingly sets us apart in the peer group. We've been decisive on loss-making operations and projects that don't fit our portfolio that allows us to narrow our focus on the things that drive value, but will assist. Recovery strategy is progressing to plan with declare the new 9.1 million ounce inferred mineral resource at Merlin, which almost doubles our resource position in this new gold district.

這使我們在同行中日益脫穎而出。我們對那些不適合我們投資組合的虧損業務和專案採取了果斷的態度，這使我們能夠將注意力集中在那些能帶來價值但又會有所幫助的事情上。回收策略正在按計劃進行，宣布梅林 (Merlin) 新的 910 萬盎司推斷礦產資源，這幾乎使我們在這個新金礦區的資源狀況增加了一倍。

Well, more than replaced reserve depletion. The past five years, we're building on a strong climate track record with a series of new emission reduction projects. And finally, last but not least, our primary listing on the New York Stock Exchange gives us exposure to the world's deepest pool of capital.

嗯，不僅僅是替代儲備耗盡。過去五年，我們透過一系列新的減排計畫建立了良好的氣候記錄。最後但並非最不重要的一點是，我們在紐約證券交易所的首次上市使我們能夠接觸到世界上最深的資本池。

We recorded a strong H2 performance after a series of challenges in H1, gold production was up to 15% with a standout performance from a Iduapriem, Tropicana, Geita and Kibali. Cuiaba exemplify the resilience we're building in the business, even after losing much of Q1 in the table to concentrate production.

經過上半年的一系列挑戰後，我們下半年表現強勁，黃金產量高達 15%，其中 Iduapriem、Tropicana、Geita 和 Kibali 表現突出。庫亞巴體現了我們在業務中建立的彈性，即使在第一季因集中生產而損失了大部分時間之後也是如此。

It delivered ahead of budget, which in turn drove a 9% improvement in cash costs. And overall asset recovery from poor ground conditions in Q3 is proceeding to plan. Perhaps more importantly, the better production results, have tried $314 million in free cash flow in H2, showing the much improved health of the underlying business.

它提前交付了預算，從而使現金成本降低了 9%。第三季惡劣地面條件下的整體資產回收正在按計劃進行。也許更重要的是，更好的生產業績，下半年的自由現金流達到了 3.14 億美元，這表明基礎業務的健康狀況大大改善。

The much stronger H2 ensured we ended the year on a solid footing. We reported a record safety performance, achieve guidance on production and cash costs are re-domiciling process is complete. We've taken decisive steps to place CDS on care and maintenance center, sold Gramalote.

下半年的強勁表現確保我們在這一年中站穩腳跟。我們報告了創紀錄的安全績效，實現了生產和現金成本的指導，重新註冊程序已經完成。我們已採取果斷措施，將 CDS 置於由 Gramalote 出售的保養和維護中心。

We've made a major discovery of emerging, which translates into a fivefold increase in our Nevada mineral resources in three years, and we've maintained our robust balance sheet on safety. We have a clear safety strategy that bears risk awareness with robust controls to manage the most critical workplace hazards.

我們在新興礦產資源方面取得了重大發現，這意味著我們內華達州的礦產資源在三年內增加了五倍，並且我們在安全方面保持了穩健的資產負債表。我們擁有明確的安全策略，具有風險意識和強有力的控制措施來管理最關鍵的工作場所危險。

Our ranges the frequency rate remains well below industry peers have been around for long enough to know that we can never afford to be complacent and that we're only ever as good as our last injury-free shifts. Without going '23 it is important to get the basics right that starts with meeting our commitments we delivered just under 2.6 million of production within guidance cash costs were also within our guidance range.

我們的頻率範圍仍然遠低於行業同行，已經存在了足夠長的時間，我們知道我們永遠不能自滿，我們只會像上次的無傷輪班一樣好。如果不進入 23 年，重要的是要打好基礎，從履行我們的承諾開始，我們在指導範圍內交付了略低於 260 萬件的產量，現金成本也在我們的指導範圍內。

All-in sustaining costs increased to 1,038, an ounce that reflects the higher cash cost and our plan increasing sustaining CapEx. Full Potential is working exactly as intended. We will show a detailed graph of $215 million savings realized in 2023 played a key role in helping to offset inflation and also to increase impact of production disruptions.

總維持成本增加至 1,038 盎司，反映出現金成本上升以及我們計劃增加維持資本支出。全部潛力完全按照預期發揮作用。我們將展示一張詳細圖表，顯示 2023 年實現的 2.15 億美元節省在幫助抵消通貨膨脹以及增加生產中斷的影響方面發揮了關鍵作用。

Free cash flow was $109 million for the year. That's a big turnaround. After 205 outflow in H1, we took the decision to pay a dividend above our payout policy, declaring a dividend of $0.19 per share. Following the strong age performance, the strong balance sheet and our confidence in the future. The payout demonstrates confidence in the robustness of the business and our commitment to return to shareholders.

本年度自由現金流為 1.09 億美元。這是一個很大的轉變。在上半年 205 股資金流出後，我們決定支付高於派息政策的股息，宣布每股股息 0.19 美元。憑藉強勁的年齡表現、強勁的資產負債表以及我們對未來的信心。這次派息顯示了我們對業務穩健性的信心以及我們對股東回報的承諾。

We showed you a different view of portfolio at the interim results. Steering lens shows more clearly that your logical realities of each side, their flexibility and performance and potential for growth in both production and margins. This in turn determines their place in our capital allocation hierarchy.

我們在中期績效中向您展示了對投資組合的不同看法。轉向鏡頭更清楚地顯示雙方的邏輯現實、靈活性、性能以及產量和利潤成長的潛力。這反過來決定了它們在我們的資本配置層級中的位置。

Tier 1 assets have scale life or at least a potential to increase life, there was a lower end of the internal cost curve or have the potential to get there. Tier 2 have our steady performance for body says what are well understood and operations are reasonably well optimized or are on their way to be there. (inaudible) on the higher end of the cost curve, but they're all well-run, predictable and steady cash contributors.

一級資產具有規模壽命或至少有延長壽命的潛力，內部成本曲線處於較低端或有潛力到達那裡。第 2 級的表現穩定，我們的機構表示，哪些內容已被充分理解，並且營運得到了相當好的優化，或者正在實現這一目標。 （聽不清楚）位於成本曲線的高端，但它們都是營運良好、可預測且穩定的現金貢獻者。

The Tier 1 assets produced 1.6 million ounces of gold last year at a cash cost of $980 grams an ounce. Geita had a strong finish coming back strongly from the Q1 shutdown. In fact, Q4 ounces were 45% higher than Q1 of last year, recovered very well. As you see Q4 production was a third higher than Q3. I'll talk more about that shortly.

去年，一級資產生產了 160 萬盎司黃金，現金成本為每盎司 980 美元。蓋塔 (Geita) 從第一季的停工中強勢回歸，取得了強勁的業績。事實上，第四季盎司比去年第一季上漲了 45%，恢復得很好。正如您所看到的，第四季度的產量比第三季高出三分之一。我很快就會詳細討論這一點。

Kibali made a solid contribution of 343,000 ounces and higher grades drove an increase at Tropicana. Turning to Tier 2, Cuiaba, I mentioned had a stellar recovery from a standing stock generating $78 million free cash flow in H2 even Obuasi. In accounting, the coal price being this a concentrate operation of $1,790 an ounce.

Kibali 貢獻了 343,000 盎司的穩定產量，更高的品位推動了 Tropicana 產量的成長。談到二級股，庫亞巴，我提到庫存股實現了出色的復甦，下半年產生了 7800 萬美元的自由現金流，甚至奧布阿西也是如此。從會計來看，煤炭價格集中在每盎司 1,790 美元。

The mine is fully converted to a concentrate operation. Sunrise was the poster child for full potential with cash cost and all-in sustaining well below the year end. Security has a steady second half as it recover from the two times tax collapse quarter 2 time collapse by year end, throughput rates have normalized, and the team is now working to calibrate the plan to lift recoveries.

該礦已完全轉為精礦作業。Sunrise 是充分發揮潛力的典型代表，其現金成本和總投入遠低於年底。安全性下半年表現穩定，因為它從年底兩次稅收崩潰中恢復過來，吞吐率已經正常化，團隊現在正在努力調整計劃以提高恢復率。

(inaudible) production was lower year on year in line with its mine plan. Full asset potential program has started to gain traction across the asset base. At Sunrise, we've seen a step-change in underground ore tonnes, which are now consistently above 220,000 tonnes a month. The better haulage performance was underpinned by improvements in stope availability and a fleet utilization will look to sustain these levels in 2022 Tropicana underground ore tonnes were up around 25% in H2.

（聽不清楚）產量年減，符合其礦山計畫。全面資產潛力計劃已開始在整個資產基礎上獲得關注。在 Sunrise，我們看到地下礦石噸數發生了階躍變化，目前每月穩定在 22 萬噸以上。採場可用性的改善支撐了更好的運輸績效，而到 2022 年，車隊利用率將維持在這些水平，下半年 Tropicana 地下礦石噸數將增加約 25%。

That initiative has been successful so successful that now we're working on solving ventilation constraints before we can achieve further improvements later this year. There's better availability and utilization of stone augers and quicker reentry for crews, which has increased effective work time in the plant we made improvements to the high-pressure grinding rolls were equipped to support our throughput increase of 9.5 million tons.

這項舉措非常成功，現在我們正在努力解決通風限制，然後才能在今年稍後實現進一步的改進。石鑽的可用性和利用率更高，工作人員重新進入的速度更快，這增加了工廠的有效工作時間，我們對配備的高壓磨輥進行了改進，以支持我們增加 950 萬噸的吞吐量。

Iduapriem had an excellent year. We've driven improvements in drill and blast as well as processes to get better fragmentation. We've optimized the load and whole process just to get better on delivery to the plant. And we've sharpened our maintenance practices to achieve better overall equipment availability.

Iduapriem 度過了美好的一年。我們推動了鑽孔和爆破以及工藝的改進，以獲得更好的破碎效果。我們優化了負載和整個流程，只是為了更好地交付到工廠。我們也加強了維護實踐，以實現更好的整體設備可用性。

At Geita underground tonnes from Nyankanga were 29% ahead of our full asset potential target. We've delivered backfill directly to stopes the drill holes from surface rather than using trucks. This in turn, have de-bottlenecked our underground materials handling capacity and improved overall stope availability. We've also redirected volume from Star & Comet to Nyankanga, bringing forward production into Q4.

在 Geita，來自 Nyankanga 的地下噸數比我們的全部資產潛力目標高出 29%。我們直接運送回填土來阻止地表鑽孔，而不是使用卡車。這反過來又消除了我們地下材料處理能力的瓶頸，並提高了採場的整體可用性。我們還將生產量從 Star & Comet 轉移到 Nyankanga，將生產提前到第四季度。

The full asset potential, what you see in the graph is either as $215 million of an incremental EBITDA that was driven by improvements across four sites. Cost savings are adjusted for uncontrollable economic factors, including inflation, exchange rates and royalties as well as oil and other commodity movements.

您在圖表中看到的全部資產潛力是 2.15 億美元的增量 EBITDA，這是由四個站點的改進所推動的。成本節約根據不可控的經濟因素進行調整，包括通貨膨脹、匯率和特許權使用費以及石油和其他大宗商品的變動。

Benefits include both productivity improvements measured as incremental gold production and cost reductions compared to the flex or expected costs. Incremental gold production includes increasing plant throughput, metallurgical recovery and mine tonnes, the dollars of benefit of $215 million is very significant.

好處包括以增量黃金產量衡量的生產力提高以及與彈性或預期成本相比的成本降低。增量黃金產量包括增加工廠吞吐量、冶金回收率和礦山噸數，2.15億美元的效益非常可觀。

As you are well aware of, but this program has been this year, absolutely vital in offsetting the massive both inflationary pressures you've seen erode margins right across the center and also providing additional resilience to the business to counter the production interruptions we had at Siguiri and Cuiaba.

正如您所知道的，但今年的這項計劃對於抵消巨大的通貨膨脹壓力絕對至關重要，您已經看到侵蝕了整個中心的利潤率，並且還為業務提供了額外的彈性，以應對我們在生產中斷時遇到的情況。西吉里和庫亞巴。

In sum, the reason why we have delivered cost guidance is we have a similar sort of issues than our peers, but we have a program that helps up that helps counter those costs. Brazil update our Brazil operations have been a drag to earnings and cash flow.

總而言之，我們提供成本指導的原因是我們遇到了與同行類似的問題，但我們有一個計劃可以幫助抵消這些成本。巴西更新 我們的巴西業務拖累了利潤和現金流。

Last year we took a decisive step forward to address this, and the results are clear in our numbers. The most important step was to restructure our leadership team. We reduced senior management roles by 25% and introduced new experienced talent at the same time with carefully to properly locate accountability and drive performance we will not indefinitely cross-subsidize underperforming and lost market assets.

去年，我們在解決這個問題上邁出了決定性的一步，結果從我們的數據中顯而易見。最重要的一步是重組我們的領導團隊。我們將高階管理職位減少了 25%，同時引進了經驗豐富的新人才，同時仔細確定責任並推動績效，我們不會無限期地交叉補貼表現不佳和流失的市場資產。

And we made that clear when we saw no return pathway to profitability for CDS, we took the hard decision to place it on care and maintenance. In August, we've reviewed capital made reductions and ensured no stone unturned in order to safely reduce costs. The cumulative benefit of these initiatives have greatly stem the cash bleed, and we're looking to a significantly better performance this year.

我們明確表示，當我們看到 CDS 無法恢復盈利時，我們做出了艱難的決定，將其放在維護和保養上。8月份，我們對減資進行了審查，確保千方百計安全降低成本。這些措施的累積效益大大遏制了現金流失，我們希望今年的業績能顯著改善。

We're prioritizing full asset potential of which will further improve production stability and increase efficiency. Let's take a step back to look at Obuasi. This remains one of the world's greatest gold ore bodies. It has grate well in excess of 8 grams per tonne over its life. It has size over 17 million ounces of resources and 7 million ounces of reserve, and it has slightly lower closings.

我們優先考慮全部資產潛力，這將進一步提高生產穩定性並提高效率。讓我們退後一步來看看奧布阿西。這仍然是世界上最大的金礦體之一。它在其使用壽命內每噸的磨碎量遠遠超過 8 克。它的資源量超過 1700 萬盎司，儲備量超過 700 萬盎司，成交量略低。

This is a flagship mine in Ghana in Joe's on license borrower we're also regaining momentum in arrival. So the run rate of more than 400,000 ounces a year by 2026, you'll see in the slide, we are forecasting a range between 275,000 ounces and 320,000 ounces in '24 and between 325,000 ounces and 375,000 ounces for '25 and then plus 400,000 ounces in 2026. So let's look how we get there.

這是喬在加納的一個旗艦礦場，位於喬的許可證借用者處，我們也正在恢復抵達的勢頭。因此，到2026 年，每年的產量將超過400,000 盎司，您將在幻燈片中看到，我們預測24 年的產量範圍在275,000 盎司到320,000 盎司之間，25 年的產量範圍在325,000 盎司到375,000 盎司之間，25 年的產量範圍在325,000 盎司到375,000 盎司之間，25 年的產量範圍在325,000 盎司之間，然後加上400,000 2026 年盎司。那麼讓我們看看如何實現這一目標。

The V30 reamer is doing exactly what we said to recap. We're establishing our conventional stores with a much wider reamer head which is showing itself more capable in soft higher grade rates. We've already getting better results after the place blast for the past four months. You can see our mining, but rates have stabilized and are now around a 28% higher than for the first nine months of the year.

V30 鉸刀的作用正是我們回顧時所說的。我們正在建立具有更寬鉸刀頭的傳統商店，該鉸刀頭在軟高品位率方面表現出更強的能力。在過去四個月的爆炸事件之後，我們已經取得了更好的結果。您可以看到我們的挖礦情況，但費率已經穩定下來，目前比今年前 9 個月高出 28% 左右。

And by the way, February paced going very well. Also, we expect another increase to around 110,000 tonnes to 120,000 tonnes from during this year. The underhand drift and field trial will show how to safely mine the high grade areas with poor ground conditions that we saw towards the end of last year, it's going very well.

順便說一下，二月的進展非常順利。此外，我們預計今年產量將進一步增加至 11 萬噸至 12 萬噸左右。低手巷道和現場試驗將展示如何安全地開採去年底我們看到的地面條件較差的高品位區域，進展非常順利。

We've shown that we can develop through pace backfill in and also which demonstrates pace competencies. We've developed the top provider from 3,300 level and install ground support. We've established the base reticulation line show some levels with bulkheads and completed the pace back fill.

我們已經證明，我們可以透過速度回填來發展，這也展示了速度能力。我們已經從 3,300 級別開發了頂級供應商並安裝地面支援。我們已經建立了基礎網狀線，顯示了一些帶有艙壁的水平面，並完成了回填的步伐。

We are focused now on developing a parallel driver alongside the pace field trials will allow us to expose and test the pace trends after that we'll develop our first drift on pace. What is very important. We continue to use the data from the trial to inform our cost models. And at this stage, we have we see a $50 per ounce improvement at steady state from under hand versus sub-level open stoping.

我們現在專注於開發平行驅動器以及配速現場試驗，這將使我們能夠暴露和測試配速趨勢，之後我們將開發我們的第一個配速漂移。什麼是非常重要的。我們繼續使用試驗數據來指導我們的成本模型。在這個階段，我們看到在穩定狀態下，與次水平開放停損相比，每盎司價格上漲了 50 美元。

With higher mining costs more than offset by significantly better extraction completions. Phase 3 is the refurbishment and return to service of the KMS shaft and associated infrastructure. This will provide direct access to the very high grade Block 11 and other areas, it will double our current underground materials handling capacity to around 12,000 tonnes per day.

更高的採礦成本遠遠被更好的開採完成所抵消。第三階段是 KMS 豎井及相關基礎設施的翻新和恢復服務。這將提供通往非常高品位的 Block 11 和其他區域的直接通道，將使我們目前的地下材料處理能力增加一倍，達到每天約 12,000 噸。

If you look at the red block on this slide, it shows a significant advantage we'll have when we can move waste ore and other materials down the shaft with no congestion rather than transporting it via a 12 kilometers decline. The added flexibility would be a significant benefit. We estimate completion by about end of this year.

如果您查看這張幻燈片上的紅色塊，您會發現，當我們能夠將廢礦石和其他材料沿著豎井運送而不會出現擁堵，而不是通過12 公里的斜坡運輸時，我們將擁有顯著的優勢。增加的靈活性將是一個顯著的好處。我們預計將於今年年底左右完成。

The next key milestones in some areas, especially in the bench. It will be some rail system, a new pump stations as well as ore passes between the upper mine and rail transport levels. What progress is being made to pay a margin between 5,100 levels can share of its move to Nevada. A picture is worth 1,000 words.

接下來的關鍵里程碑將在某些領域，尤其是替補席上。它將包括一些鐵路系統、一個新的泵站以及上部礦井和鐵路運輸層之間的礦石通道。支付保證金在 5,100 水平之間的進展可以分享其遷往內華達州的情況。一張圖片勝過1000個字。

This is a picture of a gravity concentrate from a high grade intercept at Merlin in Nevada as we continue to progress with our drilling and metallurgical programs. We are finding strong indications of visible gold in multiple areas of the project. We have moved quickly to build a world-class new gold district in southern Nevada.

這是一張來自內華達州梅林高品位截獲物的重力精礦的照片，我們正在繼續推進鑽探和冶金計畫。我們在該專案的多個區域發現了明顯的可見金礦跡象。我們已迅速採取行動，在內華達州南部建造世界級的新黃金區。

We'll dig into the details of our new 9.1 million ounce discovery at Merlin in just a second. But as you all put the pieces together, we have a number of new deposits and merging that now we have a number of new deposits emerging that now together contain more than 60 million ounces.

稍後我們將深入了解 Merlin 新發現的 910 萬盎司的細節。但當你們把這些碎片放在一起時，我們有許多新的礦床並正在合併，現在我們有許多新的礦床正在出現，現在總共含有超過 6000 萬盎司。

Our focus for now is mainly on near surface oxides with simple metallurgy, first of the smaller North Pole for projects in the northeast of our property, and then at the new Merlin discovery, which is a truly spectacular piece of geology in the heart of the world's best gold district.

我們目前的重點主要是透過簡單冶金來研究近地表氧化物，首先是我們礦區東北部較小的北極項目，然後是新的 Merlin 發現，這是位於北極中心的一個真正壯觀的地質現象。世界上最好的黃金區。

We believe costs will be extremely competitive and have number of potential development scenarios that we will test the master project through our own capital return and needs. In short, the continued exploration success we're enjoying suggests the potential at this stage for this resource to support peak production of around 500,000 ounces over a multiyear period.

我們相信成本將極具競爭力，並且有許多潛在的開發場景，我們將透過我們自己的資本回報和需求來測試主專案。簡而言之，我們持續的勘探成功表明，現階段該資源有潛力支持多年期間約 500,000 盎司的峰值產量。

And this is a multi decade gold district, not all for August. Our starter project is the most advanced in our current Nevada pipeline already in the permitting process, and we declared a first time mineral reserve of 1 million ounces today. The feasibility study is complete and detailed engineering is underway. Aside from the new low cost ounces.

這是一個數十年的黃金區，並非全部都是八月。我們的啟動項目是我們目前內華達州管道中最先進的項目，已經進入許可程序，今天我們首次宣布了 100 萬盎司的礦產儲量。可行性研究已完成，詳細工程正在進行中。除了新的低成本盎司之外。

It will contribute to the group. Not Bullfrog will provide a practical understanding of the permitting process, the opportunity to build a best-in-class project team and current experience of building and operating a project in Nevada, all of which will be invaluable as we roll forward to the much bigger Merlin development. This project has a very attractive return profile.

將為團體做出貢獻。Not Bullfrog 將提供對許可流程的實際了解、建立一流專案團隊的機會以及在內華達州建設和營運專案的當前經驗，當我們邁向更大的目標時，所有這些都將是無價的梅林開發。該項目的回報率非常有吸引力。

Our updated estimate of first production is around mid 2026, assuming all goes to plan. This is based on correspondence from StarTech, the BLM agency, which, as I said time, none of the record of decision to be around April 2025. We're engaging closely with the regulators to ensure we're best able to support the process on their time line in the best way possible.

假設一切按計劃進行，我們最新的預計首次生產時間為 2026 年中期左右。這是基於 BLM 機構 StarTech 的信件，正如我所說，該機構沒有記錄在 2025 年 4 月左右作出決定。我們正在與監管機構密切合作，以確保我們能夠以盡可能最好的方式在他們的時間表上支持這一進程。

Our study, which has been approved by our board pending receipt of the necessary permits, assumes totaled about 800,000 ounce average recovered grade of 0.44 an initial life of 13 years. We expect Q1 all-in sustaining cost of around $854 an ounce when you amortize the project capital of around $370 million, you will get an all-in cost of about $1,300 an ounce.

我們的研究已獲得董事會批准，等待必要的許可，假設總計約 800,000 盎司，平均回收品位為 0.44，初始壽命為 13 年。我們預計第一季的總維持成本約為每盎司 854 美元，當您攤提約 3.7 億美元的專案資本時，您將獲得每盎司約 1,300 美元的總成本。

We assume a conservative gold price of $1,600 an ounce for the study, which would give us an IRR of 13% and a payback of just over seven years. However, at the spot, the return just to 30% and the payback shrinks to just four years. The expanded silicon project covers the silicon deposit roughly in the center of our landholdings and Merlin immediately south. Today, we reported new 9.1 million ounces of inferred mineral resource at Merlin.

在這項研究中，我們假設金價保守為每盎司 1,600 美元，這將使我們的 IRR 為 13%，投資回收期為 7 年多一點。然而，目前的回報率僅30%，投資回收期也縮短至只有四年。擴大的矽計畫涵蓋了大致位於我們土地中心和梅林以南的矽礦床。今天，我們報告了 Merlin 新增 910 萬盎司推斷礦產資源量。

As far as we can tell, this is the largest greenfield discovery gold discovery in the US in well over a decade. It's the fruit of a 2023 exploration program that beat all expectations. We drilled 144 holes totaling more than 100 kilometers of drilling. There is still significant upside, particularly in the West.

據我們所知，這是十多年來美國最大的綠地金礦發現。這是 2023 年勘探計畫的成果，超出了所有人的預期。我們鑽了 144 個孔，總計鑽探超過 100 公里。仍有顯著的上升空間，尤其是在西方。

At first passed in our concept study. The economics that are very strong this year were focused on the PCS, which is already PFS which is already underway. This includes infill drilling to test the significance of high-grade mineralization within the inferred mineral resource study.

首先通過了我們的概念研究。今年非常強勁的經濟效益集中在 PCS 上，這已經是已經在進行中的 PFS。這包括加密鑽探，以測試推斷礦產資源研究中高品位礦化的重要性。

This slide shows clearly why this is a potential game changer for us in this section, you see the extent and size of the deposit along with some very exciting intercepts, which validates the extent and quality of the ore body. You will obviously looks at this cross-section in your own time, but I'd like to just highlight. There's 103 meters of 7.3 gram a tonne, on this 185 meters of around 4 grams a tonne, and there's just over 236 meters of 3.4 grams a tonne.

這張投影片清楚地顯示了為什麼這對我們來說是一個潛在的遊戲規則改變者，您可以看到礦床的範圍和大小以及一些非常令人興奮的截距，這驗證了礦體的範圍和品質.顯然，您會在自己的時間裡查看這個橫截面，但我想強調一下。103 公尺長的石塊重達每噸 7.3 克，185 公尺長的石塊重達每噸 4 克左右，還有 236 公尺長的石塊重達每噸 3.4 克。

Mineralization remains open primary to the west of the inferred mineral resource. This breaks down -- we're moving to exploration performance last year. Exclusive mineral resource additions totaled 10.3 million ounces from exploration and modeling and of course, the introduction of Merlin. There were offsets with resulting in a net gain once again to the gain of the year of 5 million ounces.

推斷礦產資源以西的主要礦化區仍然是開放的。這打破了——我們去年轉向了勘探業績。透過勘探和建模，當然還有 Merlin 的引入，獨家礦產資源總量增加了 1030 萬盎司。抵銷後，今年的淨收益再次達到 500 萬盎司。

Mineral reserve additions totaled 2.5 million ounces to came from exploration, including the addition of the 1 million ounces at North Bullfrog. After depletion and other changes, we saw a net reduction year on year of 0.7 million ounces.

來自勘探的礦產儲量新增總量為 250 萬盎司，其中包括 North Bullfrog 新增的 100 萬盎司。經過消耗和其他變化後，我們看到年比淨減少70萬盎司。

This slide shows exactly why we're excited about the potential within our portfolio. We're in the midst of a program to increase investment in mineral resource development and brownfield exploration. This will aid reserve conversion, extend mine lives, improve operating flexibility and supplement knowledge of our ore bodies.

這張投影片精確地展示了為什麼我們對我們的產品組合的潛力感到興奮。我們正在實施一項增加礦產資源開發和棕地勘探投資的計劃。這將有助於儲量轉換、延長礦山壽命、提高營運靈活性並補充我們對礦體的了解。

We're making strong progress over the past four years. We've added 14.4 million ounces of mineral reserve, which have come into our inventory at only $62 an ounce. When you compare that to multiples being paid even for resource ounces, you can see the enormous value that we've been able to generate organics.

過去四年我們取得了巨大進展。我們增加了 1,440 萬盎司礦物儲備，其庫存價格僅為每盎司 62 美元。當您將其與資源盎司的支付倍數進行比較時，您可以看到我們能夠產生有機物的巨大價值。

Now to Gillian on the financial vision.

現在讓阿嬌談談她的財務願景。

Thank you, Alberto, and hello, everyone. Let's first take a look at the macro environment and the impact on our business. The average gold price received last year was up around 8% compared to 2022 at around $1,930 an ounce. We hedged just under 5% of production with a zero cost collar between $1,950 an ounce and $2,029, we had a positive realized gain of $2 million.

謝謝你，阿爾貝托，大家好。我們首先來看看宏觀環境以及對我們業務的影響。去年收到的平均黃金價格比 2022 年上漲了約 8%，約為每盎司 1,930 美元。我們以每盎司 1,950 美元至 2,029 美元之間的零成本範圍對沖了略低於 5% 的產量，實現了 200 萬美元的正收益。

For this year we've used the same structure to hedge 347,000 ounces with a floor of $1993 an ounce and a ceiling of $2,132 an ounce. It provides downside protection for our assets in Brazil. In May where the fall we anticipated inflation of 6% in 2023. As we look back, that was a little optimistic as we ended the year at an average CPI of 8%.

今年，我們使用相同的結構對沖 347,000 盎司，下限為每盎司 1993 美元，上限為每盎司 2,132 美元。它為我們在巴西的資產提供了下行保護。5 月份，我們預期 2023 年通膨率為 6%。回顧過去，這有點樂觀，因為年底平均 CPI 為 8%。

We're seeing inflation easing somewhat, although it does remain sticky in Ghanian and Argentina. And we also believe the labor increases are structural and this impact 40% of our cash costs. We see continued weakness in the Aussie dollar, the Argentinean Peso and the Ghana Cedis. Currency weakness will not help inflation going forward and this is something we'll continue to watch.

我們看到通貨膨脹有所緩解，儘管加納和阿根廷的通貨膨脹仍然很棘手。我們也認為，勞動力成長是結構性的，這影響了我們 40% 的現金成本。我們看到澳元、​​阿根廷比索和加納塞地持續疲軟。貨幣疲軟無助於未來通膨，我們將繼續關注這一點。

Oil continued to drift lower, and our year-end position on the hedge was a realized loss of $7 million. We have no oil hedges in place for 2024. As Alberto mentioned, we saw strong sequential quarterly performances from a number of our key assets in 2023. As you can see, in aggregate, 15% production growth half-on-half with all regions delivering stellar performance in the last quarter, particularly bolstered by a (inaudible), Tropicana and Cuiaba.

油價繼續走低，年底我們的對沖部位實現了 700 萬美元的損失。我們沒有 2024 年的石油對沖措施。正如 Alberto 所提到的，我們的一些關鍵資產在 2023 年連續季度表現強勁。正如您所看到的，總的來說，產量增加了 15%，所有地區在上個季度都表現出色，特別是在（聽不清楚）純果樂和庫亞巴的推動下。

Stronger have to production performance had a commensurate impact on our cost base. Total cash costs were 9% better half-on-half at $1,060 an ounce. Our cash costs for the full year were $1,108 an ounce of 11% year on year with lower production, higher operating costs fueled by the sustained inflationary pressures, planned higher waste stripping at Tropicana and one-off costs related to Brazil and the tank failure at Siguiri.

更強的生產性能對我們的成本基礎產生了相應的影響。總現金成本較上年同期上漲 9%，至每盎司 1,060 美元。我們全年的現金成本為每盎司1,108 美元，年增11%，原因是產量下降、持續通膨壓力導致營運成本上升、純果樂計畫增加廢物剝離以及與巴西和巴西儲罐故障相關的一次性成本。西吉里。

When we flex for macro factors, which we don't control the increase, almost half to [6%]. And that includes the big disruptions we saw at Cuiaba and Siguiri, we would say we're really quite pleased with this performance, and it really demonstrates the value delivered from our full asset potential program.

當我們靈活考慮宏觀因素時，我們無法控製成長，幾乎一半[6%]。這包括我們在庫亞巴和西吉里看到的巨大破壞，我們可以說我們對這種表現非常滿意，它確實證明了我們完整的資產潛力計畫所帶來的價值。

On AISC, we did see an increase year on year as a consequence of investments made in three key areas [Ord] and waste stripping as we access new areas and Geita, Iduapriem and Tropicana. Mineral resource development in our underground mines, supporting greater mine flexibility and stability and of course, infrastructure development and tailings facilities, particularly at our Brazil operations.

在 AISC 方面，我們確實看到了同比增長，這是由於在三個關鍵領域 [Ord] 進行投資以及進入新領域以及 Geita、Iduapriem 和 Tropicana 時進行廢物剝離的結果。我們地下礦場的礦產資源開發，支援更大的礦場靈活性和穩定性，當然還有基礎設施開發和尾礦設施，特別是在我們的巴西業務中。

We also increased investment in exploration and evaluation to comfortably replenish mineral reserves as well as additional investment required in environmental rehab. Moving to cash flow or free cash flow, the strong cash flow performance despite the higher CapEx in the second half by a specific (inaudible) has by a specific focus on optimizing working capital, higher sales volumes, improved cash costs and higher dividends from Kibali.

加大勘查評估投入，充實礦產儲量，加大環境修復投入。轉向現金流或自由現金流，儘管下半年資本支出較高（聽不清楚），但現金流表現強勁，特別關注優化營運資本、更高的銷售、改善的現金成本和 Kibali 更高的股息。

As a greater focus on working capital management and cash conversion, which we highlighted as a strategic priority last year. As expected, most of our assets saw stronger operating improvements in the second half with tailwinds from higher price.

我們更加關注營運資本管理和現金轉換，我們去年強調了這一點作為策略重點。正如預期的那樣，在價格上漲的推動下，我們的大部分資產下半年的營運改善更為強勁。

Importantly, as Alberto mentioned, decisive action taken in Brazil played a key role in managing cash outflows. With this strong free cash flow performance in the second half. Today, we announced an interim dividend of $0.19 per share, incremental to the first half of $0.04 per share, bringing our 2023 dividend to $0.23 per share.

重要的是，正如阿爾貝託所提到的，巴西採取的果斷行動在管理現金流出方面發揮了關鍵作用。下半年自由現金流表現強勁。今天，我們宣布派發中期股息每股 0.19 美元，較上半年每股 0.04 美元增加，使 2023 年股息達到每股 0.23 美元。

Our focus on maintaining a strong balance sheet and decreasing debt levels remains intact. Long-term balance sheet improvement achieved through disciplined capital allocation and the self-funding of our redomicile glossy expansion program, Corpus incur Sterling acquisitions and our major US exploration program.

我們對維持強勁的資產負債表和降低債務水準的關注仍然不變。透過嚴格的資本配置和我們的重新註冊光澤擴張計劃的自籌資金實現了長期資產負債表的改善，Corpus 進行了英鎊收購和我們在美國的主要勘探計劃。

Moving on to guidance for 2024, gold production for the portfolio is expected to be between 2.59 million ounces to 2.79 million ounces. At the midpoint, we expect production growth of about 4% relative to 2023. It is driven mainly by a step up for the Black Sea and security, where we expect year-on-year recovery from the CIL tank failure.

展望 2024 年指導，該投資組合的黃金產量預計在 259 萬盎司至 279 萬盎司之間。中期來看，我們預計產量將較 2023 年成長約 4%。這主要是由黑海和安全問題的加強推動的，我們預計黑海和安全問題將比去年同期從 CIL 儲罐故障中恢復過來。

Total cash costs for the group are expected to range from $1,075 an ounce to $1,175 an ounce, which at the midpoint is the reduction in real terms, given where current inflation sits. We are able to do that, given the traction we are seeing in our full asset in our inside of our business and specifically our full asset potential program.

該集團的總現金成本預計在每盎司 1,075 美元到每盎司 1,175 美元之間，考慮到當前通膨水平，中間值是實際成本下降。鑑於我們在業務內部的全部資產，特別是我們的全部資產潛力計劃中看到的吸引力，我們能夠做到這一點。

Sustaining CapEx is expected to grow slightly, mainly because of increase in investment in mineral reserve development year on year. AISC is also little changed despite the inflationary pressure, the increase in growth CapEx, it's due to additional investment in Nevada.

預計持續資本支出小幅成長，主要是礦產儲量開發投資年增。儘管通膨壓力，成長資本支出增加，但由於內華達州的額外投資，AISC 也幾乎沒有變化。

For 2025 guidance. Gold production is anticipated to grow 2% year on year, driven primarily by the expected continued ramp-up of glossy and modest gains across multiple mines. Total cash costs are expected to decrease as continued full asset potential maturity and production efficiencies are anticipated to drive unit costs lower.

2025 年指導。黃金產量預計將年增 2%，這主要是由於多個礦場的光鮮且溫和的收益預計將持續增加。隨著全部資產潛力的持續成熟和生產效率預計將降低單位成本，預計總現金成本將下降。

The expected increase in non-sustaining capital expenditure reflects the anticipated incremental investment in the construction of North Bullfrog. It does not, however, include capital for the construction of the project.

非持續性資本支出的預期成長反映了北牛蛙建設的預期增量投資。然而，它不包括項目建設的資金。

I will now hand back over to Alberto to conclude.

現在我將把結論交給阿爾貝托。

Thank Gillian. This is another year for delivery. Safety is our priority. We have two large climate projects to complete this year, which will significantly reduce our emissions. We're focused on driving operating improvements and delivering more consistent, predictable results. The full asset potential program is working as intended.

謝謝阿嬌。今年又是交付的一年。安全是我們的首要任務。今年我們有兩個大型氣候計畫要完成，這將顯著減少我們的排放。我們專注於推動營運改善並提供更一致、可預測的結果。完整的資產潛力計劃正在按預期進行。

Our Tier 1 assets are performing well with improvements in the pipeline. We're focused on further optimizing our future mines and determining the best path forward for our remaining assets. There is a good pathway for overseas ramp up with clear milestones against which we can judge our success. Our technical team is progressing or they have other opportunity to surface the enormous value.

隨著管道的改進，我們的一級資產表現良好。我們專注於進一步優化我們未來的礦場並確定我們剩餘資產的最佳前進道路。海外擴張有一條良好的途徑，有明確的里程碑，我們可以根據這些里程碑來判斷我們的成功。我們的技術團隊正在進步，或者他們有其他機會來展現巨大的價值。

We have discovered our world-class exploration team continues to add value through the drill bit across our properties. So why AngloGold for our US company and one of two primary listed senior gold producers in the New York Stock Exchange. We are one of the industry's largest resource space supported by high reserve grades.

我們發現我們世界一流的勘探團隊繼續透過鑽頭在我們的資產中增加價值。那麼為什麼 AngloGold 會選擇我們的美國公司以及紐約證券交易所兩家主要上市高級黃金生產商之一呢？我們是業界最大的資源空間之一，並得到高儲量品位的支持。

Our safety performance is among the best in the industry in the mining industry, and we have a strong climate record. We have true partnerships in our host remote communities where we deliver tangible benefits. We have a highly motivated leadership team with world-class technical expertise and experience across developed and developing jurisdictions.

我們的安全表現在採礦業中名列前茅，我們擁有良好的氣候記錄。我們在我們所在的偏遠社區擁有真正的合作關係，為我們帶來實質的好處。我們擁有一支積極進取的領導團隊，在已開發和發展中司法管轄區擁有世界一流的技術專業知識和經驗。

We have a diverse portfolio and are rapidly closing the margin gap with peers with lower costs, balances in the pipeline, our track record and competitively replenishing our mineral inventory is among the best in the industry. Our balance sheet is robust with capacity to fund our capital needs, shareholder returns and growth with discipline in allocating capital with a clear dividend policy and leverage targets.

我們擁有多元化的產品組合，並正在以較低的成本、管道平衡、我們的業績記錄和有競爭力地補充我們的礦物庫存，迅速縮小與同行的利潤差距，這是業內最好的。我們的資產負債表穩健，有能力滿足我們的資本需求、股東回報和成長，並在資本分配方面遵循明確的股利政策和槓桿目標。

I'll finish where I started closing the value gap. An important part of the strategy to achieve that aim is to regain cost competitiveness when we started this journey in 2021, our cost inflation was right at the top end of the peer group as our various interventions have gained traction. We move first to the midpoint.

我將從開始縮小價值差距的地方結束。實現這一目標的策略的一個重要部分是重新獲得成本競爭力，當我們在 2021 年開始這一旅程時，隨著我們的各種幹預措施獲得了牽引力，我們的成本通膨處於同行的頂端。我們首先移動到中點。

And then to the lower end of the range, you can see our guidance for 2024 and '25, the costs will be within $100 of the all-in sustaining cost of the guidance of the main sort of competitors. I just want to highlight that will be about a third of the gap that existed three years ago, but we are far from finished.

然後到該範圍的下限，您可以看到我們對 2024 年和 25 年的指導，成本將在主要競爭對手指導的總維持成本的 100 美元以內。我只是想強調，這將是三年前存在的差距的三分之一左右，但我們還遠遠沒有完成。

I know we've not been perfect, and I know there's more work needed to ultimately to bend our own cost curve forward. We face challenges and overcome many of them. We have learned lessons that we will apply for a stronger, more competitive and better place than we were this time last year. We are proud of our team. We are proud of our people and what we have accomplished this year.

我知道我們並不完美，而且我知道還需要做更多的工作才能最終扭轉我們自己的成本曲線。我們面臨挑戰並克服其中的許多挑戰。我們吸取了教訓，我們將申請一個比去年這個時候更強大、更有競爭力、更好的地方。我們為我們的團隊感到自豪。我們為我們的員工和我們今年所取得的成就感到自豪。

We eagerly look forward to what is yet to come. Thank you.

我們熱切期待即將發生的事情。謝謝。

(Operator Instructions)

（操作員說明）

Raj Ray of BMO Capital Markets. Please go ahead.

BMO 資本市場的 Raj Ray。請繼續。

Thank you, operator, and good morning, Alberto and Gillian. My first question is on the full asset potential going into the implementation phase at various operations. Can you give us some visibility as to what remains to be done? And are you happy with the way things have gone across the various assets?

謝謝接線員，早安，阿爾貝托和吉莉安。我的第一個問題是關於各個業務進入實施階段的全部資產潛力。您能否讓我們了解還有哪些工作要做？您對各種資產的處理方式感到滿意嗎？

Second is on the cost impact -- the cost is flat year to year. You did say that. But against your initial guidance at the beginning of 2023, 1395 to 1455. It's a substantial increase. So if you can comment on that.

其次是成本影響——成本逐年持平。你確實這麼說過。但與 2023 年初的初步指引相反，1395 至 1455。這是一個實質的增長。所以如果你能對此發表評論的話。

And then lastly, with respect to Nevada, can you talk to what do you see as the potential permitting time line with respect to North Bullfrog? And when do you expect to get into construction? And secondly, when can we expect some visibility on the expanded silicon economy?

最後，關於內華達州，您能否談談您認為 North Bullfrog 的潛在許可時間線是多少？您預計什麼時候開始施工？其次，我們什麼時候才能看到擴大的矽經濟的一些可見性？

Thank you. Okay. Let me lots of questions, but good ones. Back to full asset potential of look, we how we track. You saw two slides and one of them are the hard metrics, and that is really what we track are we structurally and permanently improving the tons were moving on the recovery we're having or the metallurgical recovery or whatever hard metric. And that is what is tracked what the operators with the CDO with the COO and all of their teams.

謝謝。好的。讓我問很多問題，但都是好的問題。回到完整的資產潛力，我們如何追蹤。你看到了兩張投影片，其中一張是硬指標，這確實是我們追蹤的，我們在結構上和永久地改善了我們正在復甦或冶金回收或任何硬指標方面的進展。這就是營運商、CDO、COO 及其所有團隊所追蹤的內容。

Now that slide you saw on finance was actually done by the finance team and they just made a reconciliation and said, okay, what can we see from this full asset potential in the bottom line. And this is an export spec. And you can see that they can find $200 million, clearly of improvements of increasing the EBITDA because of what we have done and in full asset potential for 2023.

現在你看到的關於財務的幻燈片實際上是由財務團隊完成的，他們只是進行了核對並說，好吧，我們可以從底線的全部資產潛力中看到什麼。這是出口規格。您可以看到，他們可以找到 2 億美元，這顯然是由於我們所做的工作以及 2023 年的全部資產潛力而增加 EBITDA 的改進。

So I thought we would share this for the market. What is yet to come? I can't put out we haven't put out targets, but we will continue. We think that there is still yet a lot to improve. So I haven't done it in the past, and I won't do it now, but I believe that with a little bit of not bad luck. Again, we did have very significant events, Siguiri and in Cuiaba.

所以我想我們會為市場分享這個。未來還有什麼？我不能說我們還沒有設定目標，但我們會繼續。我們認為還有很多需要改進的地方。所以我過去沒有做過，現在也不會做，但我相信只要有一點點運氣就不壞。同樣，我們確實在西吉里和庫亞巴舉辦了非常重要的活動。

And so if we hadn't had full asset potential, we would have been in real trouble. I hope that this year we don't have maybe we have only one, I don't know in mining, you already have something. And then probably we can see that more clearly is not offsetting, but in the bottom line, but we are still we believe there's still a lot of value to be uncovered by full asset potential let me put it best.

因此，如果我們沒有充分發揮資產潛力，我們就會遇到真正的麻煩。我希望今年我們沒有，也許我們只有一個，我不知道在採礦業，你已經有了一些東西。然後我們可能可以更清楚地看到，這不是抵消，而是在底線，但我們仍然相信，完整的資產潛力仍然有很多價值有待發掘，讓我說得最好。

In terms of costs as we said, we met the guidance in cash cost and we're quite happy about that $1,108, you're right in Bowling sustaining we're above 6% higher. It is two areas that we wouldn't expect of Obausi and on tailings stamps in Brazil really sucked up that additional that additional 6%. The good thing is if you see we finished at $1,538.

就成本而言，正如我們所說，我們達到了現金成本指導，我們對 1,108 美元感到非常高興，保齡球方面你說得對，我們的成本上漲了 6% 以上。這是奧鮑西（Obausi）我們沒有想到的兩個領域，巴西的尾礦印花稅確實吸收了額外的 6%。好消息是，如果您看到我們的最終價格為 1,538 美元。

Our guidance for 2024 is $1,521 which is slightly lower in nominal terms, but significantly lower in real terms. And then we have another guidance of $1,525 for 2025. So we were stabilizing the all-in sustaining costs. If you look at the guidance and absorbs and briefly our guidance of about three or four of our peers, they're all their all-in sustaining is going up.

我們對 2024 年的指導值為 1,521 美元，名目價值略低，但實際價值明顯較低。然後我們對 2025 年的指導價為 1,525 美元。因此，我們正在穩定整體維持成本。如果您查看指導並簡要吸收我們對大約三到四個同行的指導，您會發現他們的全部支持都在上升。

So I think we're happy that we're able to contain this for '24 and '25. If we look into Nevada, we're expecting we have said probably last year, we were expecting a production at the end of 2025. That will move to first quarter of 2026.

所以我認為我們很高興能夠在 24 和 25 年控制住這種情況。如果我們看看內華達州，我們預計去年可能已經說過，我們預計 2025 年底投產。這將推遲到 2026 年第一季。

We have designated them, let's say the good news is that we got very clear feedback from the Bureau of Land Management and the organizations that are of which are going to give the license. So we have even more sort of understanding of when they will give us the permission and then how long it takes.

我們已經指定了它們，好消息是我們從土地管理局和將要頒發許可證的組織那裡得到了非常明確的回饋。因此，我們對他們何時給予我們許可以及需要多長時間有了更多的了解。

And so I think that now we're sort of comfortable that saying right now that production would be, and that's a 2026, which is still quite good, we believe and then expanded silicon we told you about six months ago. Look, we have an objective.

因此，我認為現在我們可以放心地說，現在的生產時間是 2026 年，這仍然相當不錯，我們相信，然後擴大了矽片，我們大約六個月前告訴過你。看，我們有一個目標。

We want to finish the concept study for silicon at the end of the year, and we want to finish the feasibility study we did both now. Now we are entering the phase of the pre-feasibility study that may take between 18 and 24 months.

我們希望在今年年底完成矽的概念研究，並且我們希望完成現在所做的可行性研究。現在我們正進入預可行性研究階段，可能需要 18 至 24 個月的時間。

Things can change significantly. We don't know right now, but nobody knows how to tackle in an optimized way this magnificent borderline. Is it going to be actually huge pit? Is it going to be a smaller pit? Is it going to be underground? We just don't know.

事情可能會發生重大變化。我們現在不知道，但沒有人知道如何以最佳化的方式解決這個宏偉的邊界。真的會是個大坑嗎？坑會不會小一點？它會在地下嗎？我們只是不知道。

And so the way we end up optimizing the project will determine a lot of things that we don't know right now. I can't tell you right now is we right now have a target of 18 months, we will be telling you how things are progressing.

因此，我們最終優化專案的方式將決定很多我們現在不知道的事情。我現在不能告訴你我們現在的目標是 18 個月，我們會告訴你事情的進展。

And then when we finish the pre-feasibility study, as we are doing without a doubt, we will be able to tell you much more about silicon. It is, however, you can see already it is and we said like one of the probably the best discovery in more than a decade in the US, and it's a massive, massive ore body. So we're very excited.

然後，當我們完成預可行性研究時，正如我們毫無疑問所做的那樣，我們將能夠告訴您更多有關矽的信息。然而，你已經可以看到它了，我們說這可能是美國十多年來最好的發現之一，而且它是一個巨大的礦體。所以我們非常興奮。

I want to thank some of them very clear. One last follow-up question, if I may. On Obuasi is good to see that last four months, the tonnage have stabilized. The growth rates have picked up in 2024. How comfortable are you with your development rates and how much flexibility you have in the operations. The reason I ask is there any risk you see with respect to volatility and similar to we saw in Q3 towards here?

我想非常明確地感謝他們中的一些人。如果可以的話，最後一個後續問題。奧布阿西很高興看到過去四個月的噸位已經穩定。2024 年增長率有所回升。您對自己的開發速度以及營運彈性有多滿意。我問的原因是，您認為波動性方面是否有任何風險，與我們在第三季看到的類似？

So look last four and now five months, because we're in the third week of February, we're averaging these 90,000 tonnes, which would give you about a 250,000 ounces of gold for the year. And we've said that we believe we can ramp up a bit from about 95 to 110, that would then put us into the 270 to 300.

因此，看看過去四個月和現在五個月，因為現在是 2 月的第三週，我們平均產量為 90,000 噸，這將為您提供今年約 250,000 盎司的黃金。我們已經說過，我們相信我們可以從大約 95 名增加到 110 名，然後將我們的數量從 270 名增加到 300 名。

So at this stage, everything is looking good and we stand by our guidance honestly, right now, we are already at the lower end of that guide. So if we can improve a bit more of which we believe we can, then we should get into the midpoint of that guidance. The important thing of more than that number, if it's 270 or 260 is the KMS shaft is a huge thing and it will give us so much more flexibility.

因此，在這個階段，一切看起來都不錯，我們誠實地堅持我們的指導，現在，我們已經處於該指導的低端。因此，如果我們能夠進一步改進我們認為可以做到的一點，那麼我們應該進入該指導方針的中間位置。重要的是超過這個數字，如果是 270 或 260，KMS 軸是一個巨大的東西，它將給我們帶來更多的靈活性。

The other important thing that I want to underscore is the trial on the underground cut-and-fill has worked beautifully. So and it has we have proven that it will reduce the cost per ounce. And so then we have the VY. reamer very well. And we also have another hand that is working well and reducing significantly dilution.

我想強調的另一件重要的事情是地下填挖試驗的效果非常好。因此，我們已經證明它將降低每盎司的成本。這樣我們就有了 VY。鉸刀很好。我們還有另一隻手，運行良好，並顯著減少了稀釋。

And so I think we have good instruments now as we move forward to give us comfort on the guidance that we put forward to date on that ratio, '24 with the KMS shaft on the increase now for between 325 and 425. And then eventually when by then by '26, we will be very comfortable with both methods. And hence, we have the confidence of above 400,000 in '26 and beyond.

因此，我認為，隨著我們向前邁進，我們現在擁有良好的工具，可以讓我們對我們迄今為止提出的該比率的指導感到滿意，'24，KMS 軸現在增加到 325 到 425 之間。最終到 26 年時，我們將對這兩種方法感到非常滿意。因此，我們對 26 年及以後的信心超過 40 萬。

Perfect.

完美的。

Thanks, Raj.

謝謝，拉吉。

Thank you.

謝謝。

Josh Wolfson of RBC.

加拿大皇家銀行的喬許·沃爾夫森。

Thanks very much on. So I just wanted to recap a comment that I think Gillian had made earlier on the capital front, what was the item that was not included in that in the guidance, was that both fronts?

非常感謝。所以我只是想回顧一下阿嬌早些時候在資本方面發表的評論，指南中沒有包含的項目是什麼，是兩個方面嗎？

And for 2025, yes. Capital for Nevada.

到 2025 年，是的。內華達州首府。

Okay. So the project capital guidance I think was yes. So the project capital was something like 400 to 450. What would be that spending is directed towards?

好的。所以我認為專案資本指導是肯定的。所以專案資本大約是400到450。支出將用於哪些方面？

So there is this study tested studies in there and for Nevada and also our kind of usual growth program as well. So of expansion of tailings facility and some other growth projects that we have and some of our assets at sort of like the normal envelope of growth capital that we spend annually.

因此，這項研究測試了內華達州的研究以及我們通常的成長計劃。因此，尾礦設施的擴建和我們擁有的其他一些成長項目以及我們的一些資產有點像我們每年支出的成長資本的正常範圍。

Okay. So it looks so assuming the project work to be advanced in let's say, mid '25, first half of '25, assuming the permits come in, what sort of what balance of the CapEx would be we added to that figure in 2025.

好的。因此，假設專案工作在 25 年中期、25 年上半年取得進展，假設獲得許可，我們在 2025 年將在該數字中添加什麼樣的資本支出平衡。

It's for now based on where we are with this study. We don't know the level of confidence in this study. We haven't we don't want to opine on what that range would be because the team are still, of course, assessing a number of options in the region.

目前這是基於我們這項研究的進展。我們不知道這項研究的可信度。我們還沒有，我們不想對這個範圍發表意見，因為當然，團隊仍在評估該地區的一些選擇。

It is not the construction phase rollout with its pre-feasibility study. And so it's not like going to be something it would be very, very material would be, but we just don't know. So we'll be telling you where the pre-feasibility ends.

這不是施工階段的預可行性研究。所以它不會變成非常非常物質的東西，但我們只是不知道。因此，我們將告訴您預可行性研究在哪裡結束。

Okay. We'll stay tuned for those numbers.

好的。我們將繼續關注這些數字。

And I think over time, it should be 30, it would be 50, it could be 60, it's not 100, I think. So that's sort of what I'm trying to say.

我認為隨著時間的推移，它應該是 30，它會是 50，它可能是 60，我認為它不是 100。這就是我想說的話。

Thank you very much.

非常感謝。

Okay. Go ahead, Josh. Anything more?

好的。繼續吧，喬許。更多的東西？

Leroy Mnguni, HSBC.

勒羅伊·姆古尼，匯豐銀行。

Hi, good afternoon. Thanks for the opportunity, and it's quite pleasing to see that the underhand cut-and-fill at Obuasi is progressing really well. I was just wondering if you have a sense yet of how the costs of that method compared to the sort of previous long all open stoping mining method? And if you could also please provide some guidance on what you expect Obuasi all-in sustaining costs to be when it reaches steady-state production.

嗨，下午好。感謝您給我這個機會，很高興看到奧布阿西的暗挖填方進展得非常順利。我只是想知道您是否知道該方法的成本與以前的長期全露天採礦方法相比如何？如果您還可以提供一些指導，說明您期望奧布阿西達到穩態生產時的整體維持成本是多少。

And then the decline in all-in sustaining costs into 2025 compared to 2024 is also quite pleasing and was just wondering, I know you mentioned that it's asset optimization and improved efficiencies. I was just curious as to is that just generally across the group or are there specific assets within the group that are driving those improvements?

然後，與 2024 年相比，到 2025 年的整體維持成本的下降也非常令人高興，我只是想知道，我知道您提到這是資產優化和效率提高。我只是很好奇，這只是整個集團的普遍現象，或者集團內是否有特定資產正在推動這些改進？

Leroy, you broke up a little in that last question. Could you just repeat for us, please.

Leroy，你在最後一個問題中有點分手了。請您為我們重複一遍。

Yeah, sure. I was saying that the guidance all-in sustaining cost guidance for 2025, the fact that it's declining is quite impressive. And I know you said it's asset optimization and improved efficiencies. I was just wondering, is that just broadly across the group or are there specific assets that are driving those improved efficiencies? And then maybe if I could just add and what are you currently seeing as underlying mining inflation across the group?

好，當然。我說的是 2025 年指導整體維持成本指導，事實上它的下降是相當令人印象深刻的。我知道您說過這是資產優化和效率提升。我只是想知道，這只是整個集團的普遍現象，還是有特定資產推動效率提升？那麼也許我可以補充一下，您目前認為整個集團的潛在採礦通膨是什麼？

Okay. That's clear. Thank you. So the first question, underhand cut-and-fill subgroup in the trial that we already did and completed. What we found is that the cost per ounce was around $800, so $750, I'm sorry. And the equivalent cost with the existing method would be $800. And the reason for that is because within the underhand cut-and-fill, as Richard explained very well, last time, there's no dilution and there's no pillars.

好的。很清楚。謝謝。所以第一個問題，我們已經完成並完成的試驗中的秘密剪切和填充子組。我們發現每盎司的成本約為 800 美元，所以抱歉，是 750 美元。現有方法的等效成本為 800 美元。原因是因為在暗挖填方中，正如理查德上次解釋得很好的那樣，沒有稀釋，也沒有支柱。

So you take all the gold. So when you are in high grade areas, this method just reduces the cost per ounce of extraction. So that's what is going quite exciting that this now this number of $50 an ounce. Lower cost per ounce is now a proven one in this trial that we have been doing for the past weeks.

所以你拿走了所有的黃金。因此，當您處於高品位區域時，這種方法只會降低每盎司的提取成本。因此，現在每盎司 50 美元的價格非常令人興奮。過去幾週我們一直在進行的試驗已經證明，每盎司的成本更低。

Regarding our all-in sustaining cost for Obuasi, it would be in the $980 an ounce for Obuasi. So Tier 1 in costs plus the potential that I think that there's two things why also the all-in sustaining cost for '25 in the numbers that we have for '23, there's still a lot of tailings dams from Brazil. And if you look at the numbers of Brazil.

關於奧布阿西的總維持成本，奧布阿西的價格為每盎司 980 美元。因此，第一級成本加上潛力，我認為有兩件事為什麼我們在 23 年的數據中也有 25 年的整體維持成本，巴西仍然有很多尾礦壩。如果你看看巴西的數字。

And this difference between all-in sustaining costs and cash cost is the highest in the group, it's about $700. So we expect that that number should start coming down. And so that's part of the reason. But of course, we are currently have on full asset potential. I would not highlight any particular one. This is an initiative that is done across all the group and all assets.

整體維持成本和現金成本之間的差異是該組中最高的，約為 700 美元。所以我們預計這個數字應該會開始下降。這就是部分原因。但當然，我們目前擁有全部資產潛力。我不會強調任何特定的一個。這是一項在整個集團和所有資產中實施的措施。

So we now have a rebuild budget, it's fake for '25. And so this is some I want to say is clearly when we put out these numbers, we there's a lot of thought through them and we aim to achieve them, if I may say. So we put in February of 2023, in March the numbers for '24.

所以我們現在有一個重建預算，25 年的預算是假的。因此，我想說的是，當我們公佈這些數字時，我們對此進行了很多思考，如果我可以說的話，我們的目標是實現這些數字。因此，我們將「24」的數字放入 2023 年 2 月、3 月。

If you go back to that, and you will see that our current guidance for '24 is exactly in the range of what we said a year ago. And so I go back for '25. We were putting a lot of attention and we really believe that this is achievable so that's the third question.

如果您回頭看一下，您會發現我們目前對 24 年的指導完全在我們一年前所說的範圍內。所以我25年就回去了。我們投入了很多注意力，我們真的相信這是可以實現的，所以這是第三個問題。

And then mining inflation, it's still that 5% unbelievable, but that is still pervasive. We've seen commodities go down slightly, oil goes down and we are trying to do everything the renegotiating with our procurement people on the other ones on re-agents and in ammonia, ammonium nitrate, this process that should come down.

然後礦業通膨率仍然是 5% 令人難以置信，但這仍然普遍存在。我們看到大宗商品價格略有下跌，石油價格下跌，我們正在努力與我們的採購人員就試劑以及氨、硝酸銨等其他方面進行重新談判，這一過程應該會下降。

But wage inflation, I would say it's 5% on average across the group, and that's still the 50% and very pervased.

但薪資通膨，我想說整個集團平均為 5%，而且仍然是 50%，而且非常普遍。

Clearly religiously follow not come cover exactly. I can still say thank you very much.

顯然，虔誠地遵循而不是完全掩蓋。我仍然可以說非常感謝。

Adrian Hammond of SBG Securities.

SBG 證券公司的阿德里安·哈蒙德。

Yes, good afternoon, everyone, and thanks for the detailed presentation and appreciate the transparency increase here for the 2025 outlook on costs included and as you know, transparency drives ratings so well done on that. I would just like to know if you intend on increasing that further with the three outlook in the future and perhaps on a mine by mine basis? That's the first question.

是的，大家下午好，感謝您的詳細介紹，並讚賞 2025 年成本展望透明度的提高，如您所知，透明度推動了評級在這方面做得很好。我只是想知道您是否打算在未來的三個展望中進一步增加這一點，也許是在逐個我的基礎上？這是第一個問題。

Secondly, the prospectivity around the water looks obviously very attractive. I was wondering whether you've had the expressions of interest for JVs and would you entertain that? That's the second question. I'm also firm bit more color. If you may a much seem much deeper on the asset potential program for within the business itself ex Nevada.

其次，水域周圍的前景顯然非常有吸引力。我想知道您是否已經表達了對合資企業的興趣，您會接受嗎？這是第二個問題。我也堅定一點顏色。如果您可能對內華達州以外的企業本身的資產潛力計劃有更深入的了解。

In terms of reserve replenishment, you declined 0.7 million ounces year on year. I wonder if that worries you if the industry is any sort of color you can give us on the progress of the asset potential program within the rest of the business.

儲備補充方面，年減70萬盎司。我想知道您是否擔心這個行業是否可以為我們提供有關其他業務中資產潛力計劃進展的任何資訊。

And then just a comment for Gillian. I notice that the cash conversion has improved tremendously with the progress you've made on the VAT lockups in DRC, Tanzania and the duties in Argentina. So just congratulations on that. It's a lot more than your predecessors ever did and in such a short time.

然後是對阿嬌的評論。我注意到，隨著你們在剛果民主共和國、坦尚尼亞的增值稅鎖定和阿根廷的關稅方面取得的進展，現金轉換有了極大的改善。所以恭喜你。這比你們的前任在如此短的時間內所做的要多得多。

Thanks very much. What is the third question?

非常感謝。第三個問題是什麼？

Adrian, I think the third question, could you just repeat the one on the full asset potential and reserves if we kind of lost you off where the sorry.

阿德里安，我認為第三個問題是，如果我們失去了您，您能否重複一下有關全部資產潛力和儲備的問題，抱歉。

Sorry, here. Replenishment is concerned, you were down 0.7 million ounces year on year. So perhaps you can but yes, I could not look at it as a risk.

抱歉，這裡。補貨方面，年減70萬盎司。所以也許你可以，但是是的，我不能將其視為風險。

Okay. Well, thank you. We've heard you and believe me, we are working towards increasing. We know we need to increase probably two or three year eventually, but we will only do it when we're comfortable that we are not putting out like sort of Globe's. And with all due respect, I have seen others that said, I'm going to go down by $100 and you just don't know how to.

好的。嗯，謝謝。我們聽到了您的聲音並相信我，我們正在努力增加。我們知道我們最終可能需要增加兩到三年的時間，但只有當我們感到放心，我們不會像環球公司那樣推出時，我們才會這樣做。恕我直言，我見過其他人說，我要下跌 100 美元，而你只是不知道該怎麼做。

So we will do it. I can't promise you when, but we will do. We are working a lot in mine planning right now across the whole company. And when we have a better understanding of all of that of the long term, we will so Gillian has is on her to-do list, but it's really not Gillian, we just need to have the operators have better understanding, but we've heard you and we're working on it and we'll come one moment when we will be providing that and mine by mine also.

所以我們會這麼做。我不能向你保證什麼時候，但我們會做到的。目前，我們整個公司正在大力進行礦場規劃工作。當我們對長期的所有這些有了更好的理解時，我們就會把阿嬌列入她的待辦事項清單，但這實際上不是阿嬌，我們只需要讓運營商有更好的理解，但我們已經聽到你的聲音了，我們正在努力解決這個問題，等我們會提供這個服務的時候，我們也會提供我的服務。

Prospectivity JVs it's actually not in though in the to-do list right now. There are some other companies that have assets in the region and we are not against probably creating a bigger one or something like that. But it is nothing that is actively in discussions right now.

未來的合資企業其實並不在目前的待辦事項清單中。還有一些其他公司在該地區擁有資產，我們不反對創建更大的公司或類似的公司。但目前沒有什麼正在積極討論的內容。

It is such a massive resource as you see that in itself, it's just going to take a lot of effort getting to that 0.5 million ounces longer replenishment. If you look at our track record of 25% per year on six years. Sometimes it's a bit higher. Sometimes it's a bit lower. I really am not concerned about that. We actually, if you look at the resource. Actually we did increase now, but by 5% resource.

正如您所看到的，這是一個如此巨大的資源，就其本身而言，需要付出很大的努力才能獲得 50 萬盎司的更長補充。如果你看看我們六年來每年增長 25% 的記錄。有時會高一點。有時會低一點。我真的不擔心這個。事實上，如果你看看資源。實際上我們現在確實增加了，但增加了 5% 的資源。

More importantly, you see where our data is. I think it's at seven years. All the big ones are between [70] and 10 years in Tier 1. So I'm I know we went down by 0.7 million ounces, but it's a lumpy thing. We have very interesting targets for this year.

更重要的是，您可以看到我們的資料在哪裡。我想是七年了。所有大的都在第 1 級 [70] 到 10 年之間。所以我知道我們減少了 70 萬盎司，但這是一個不穩定的事情。今年我們有一個非常有趣的目標。

I am pretty comfortable that if you take a three year average, we're basically replenishing our I'm pretty sure we will be replenishing our depletion.

我很滿意，如果按照三年的平均值計算，我們基本上會補充我們的消耗，我很確定我們會補充我們的消耗。

So half a million-ounces can you give the rough guide as to when you think you could get there from Nevada?

那麼，您能提供您認為什麼時候可以從內華達州到達那裡的 50 萬盎司的粗略指南嗎？

That goes with appreciate we know that the resource sustain something like that, but looking specifically at the it's a the pre-feasibility study will take 18 months and we will be informing you when we have more right now. But at this stage, I would just it would be very speculative.

我們知道資源可以維持類似的情況，但具體來說，預可行性研究需要 18 個月的時間，當我們現在有更多資源時，我們會通知您。但在現階段，我認為這只是非常投機的。

What we do know from the concept level study yeah that it's going to be very profitable, that it is massive that it is multi decade and it will we own also know that it would be in the all-in sustaining in the high nine hundreds, let's say, at a high end, but we believe we can optimize that.

我們從概念層面的研究中確實知道，是的，它將是非常有利可圖的，它是巨大的，它已經持續了數十年，我們也知道它將在所有的維持中保持在前九百，假設是在高端，但我們相信我們可以優化它。

Thank you.

謝謝。

Thanks, Adrian.

謝謝，阿德里安。

Thank you very much. So if we have no further questions in the queue, would you like to make some closing remarks.

非常感謝。如果我們沒有其他問題了，您願意做一些結束語嗎？

Okay. And when I look at our. Thank you again very much for your time for your questions. As always, I always think when I'm reading the presentation, it's a bit too long and I hope we didn't bore you too much, but we are proud of what we have done.

好的。當我看著我們的。再次非常感謝您抽出時間提出問題。像往常一樣，當我閱讀簡報時，我總是認為它有點太長了，我希望我們沒有讓您感到太無聊，但我們為我們所做的事情感到自豪。

We are proud of that in what was a difficult year that started put things beyond our control with a concentrator collapse and with the change in the regulatory environment in Brazil, we were able to overcome you probably I would add that you see and we have heard you and all that all the analysts, we are much more focus also and our new CFO, much more not so new, but a focus on cash conversion, working capital, you can see it's much better in the second half, and that will be a continuing.

我們感到自豪的是，在艱難的一年裡，隨著選礦廠倒塌，事情開始變得超出我們的控制範圍，隨著巴西監管環境的變化，我們能夠克服你們，也許我會補充一點，你們看到了，我們也聽到了你們和所有分析師，我們也更加關注我們的新財務官，更多不是那麼新，而是關注現金轉換，營運資本，你可以看到下半年情況會好得多，這將是一個持續的。

So it's not only cash cost all-in sustaining, but we're also very, very heavily focused on free cash flow and working capital and it's showing. So look, things are coming to play in terms of how it finished. Again, my last introductory comments, we have a great team at all levels. We are very committed people and we're doing what we said we're going to do, and that's the most important thing.

因此，這不僅是維持現金成本的全部，而且我們也非常非常關注自由現金流和營運資本，這一點正在顯現。所以看，事情的結局將取決於它的結局。再次，我最後的介紹評論，我們在各個級別都有一支出色的團隊。我們是非常忠誠的人，我們正在做我們說過要做的事情，這是最重要的事情。

In the end, what we have is our credibility and you guys are the ones that judges are we delivering what we said we were going to do. I believe in the last few years we have done so. But again, many thanks for your questions and for your attendance.

最後，我們擁有的是我們的信譽，你們是評判我們是否兌現了我們所說的要做的事情的人。我相信過去幾年我們已經做到了這一點。但再次非常感謝您的提問與出席。

Thank you very much. Ladies and gentlemen, that concludes today's event and you may now disconnect your lines.

非常感謝。女士們先生們，今天的活動到此結束，現在您可以掛斷電話了。