Anglogold Ashanti PLC (AU) 2025 Q1 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Anglogold Ashanti Q1 2025 earnings release. (Operator Instructions) Please note that this call is being recorded.

女士們、先生們，大家好，歡迎參加 Anglogold Ashanti 2025 年第一季財報發表會。（操作員指示）請注意，此通話正在錄音。

I would now like to hand the conference over to Stewart Bailey.

現在我想將會議交給史都華貝利。

Thanks, Irene, and welcome everybody to our Q1 2025 earnings call. You have Alberto and Gillian who will be delivering the presentation. You do have other members of the executive team present.

謝謝，艾琳，歡迎大家參加我們的 2025 年第一季財報電話會議。Alberto 和 Gillian 將進行演講。執行團隊的其他成員也確實在場。

I would urge you all to look at the safe fib statement at the beginning of the presentation deck today, which contains some important information, particularly on forward-looking statements made without any further ado, I'll hand over to Albert.

我敦促大家看一下今天演示文稿開頭的安全謊言聲明，其中包含一些重要信息，特別是關於前瞻性陳述的信息，我將不再多說，交給阿爾伯特。

Thank you, Stewart. Safety remains our highest priority, and we've committed to eliminating injuries from our sites. We're proud of the strides we've made, but always mindful that we're only ever as good as our last day injury from pre-day. We work hard to mitigate risk and to learn from our mistakes and near misses.

謝謝你，斯圖爾特。安全仍然是我們的首要任務，我們致力於消除工作場所的傷害。我們為所取得的進步感到自豪，但始終牢記，我們的表現只會與前一天最後一天的傷勢一樣好。我們努力降低風險並從錯誤和未遂事件中學習。

For the first quarter of the year, our TRIFR was 1.11 injuries per million hours work. That remains well below the average, 2023 ICMM member. The averages of those members are 2.59, so more than double. I'm pleased to report a strong start to the year. We have delivered an impressive operational and financial performance underpinned by continued momentum in our portfolio and a supportive gold price.

今年第一季度，我們的 TRIFR 為每百萬工時發生 1.11 起傷害。這仍然遠低於 2023 年 ICMM 成員的平均值。這些成員的平均值為 2.59，是原來的兩倍多。我很高興地報告今年有一個好的開始。在投資組合持續成長動能和金價支撐下，我們取得了令人印象深刻的營運和財務表現。

Production increased 22% year-on-year to 720,000 houses. That's the highest Q1 output since 2020. The result was driven by clear year-on-year improvements from Siguiri, Tropicana, and Sunrise Dam, as well as a steady performance from Obuasi and the addition of Sukari.

房屋產量年增22%，達72萬套。這是2020年以來第一季的最高產量。這一結果得益於 Siguiri、Tropicana 和 Sunrise Dam 的同比明顯改善，以及 Obuasi 的穩定表現和 Sukari 的加入。

I'd like to focus first on the performance from our managed operations, that is all of our operations except Kibali, where production was up 28% year-on-year. The cost performance is impressive. We saw a 2% drop year-on-year in both total cash cost per ounce, and all in sustaining cash cost per ounce.

我想先專注在我們管理的業務的業績，也就是除基巴利以外的所有業務，基巴利的產量比去年同期成長了 28%。性價比令人印象深刻。我們發現每盎司現金總成本年減了 2%，每盎司現金成本都保持穩定。

If you think about it, When we started the year, there's two things that are inevitable, which is obviously inflation and probably a good cost that are royalties. So for a company, if it stayed exactly the same as the previous year, Their cash cost would have increased by 10%, roughly 5% from inflation, and 5% from the royalties.

如果你仔細想想，當我們開始新的一年時，有兩件事是不可避免的，這顯然是通貨膨脹，而且可能是特許權使用費的好成本。因此，對於一家公司來說，如果它與前一年完全一樣，他們的現金成本將增加 10%，其中約 5% 來自通貨膨脹，5% 來自特許權使用費。

So the fact that we dropped 2% implies that we had between obviously Ducati operational improvement for the potential, all of that delivered a reduction in cash flows to about 12%, which is quite, I believe, impressive in the scheme of things.

因此，我們下降 2% 這一事實意味著我們顯然在杜卡迪營運方面取得了進步，所有這些都導致​​現金流減少了約 12%，我相信，從總體上看，這是相當令人印象深刻的。

Unfortunately, the opposite happened with our non-managed operation. You can calculate the cash cost went up 60%, and the production was really suffered. I know that they're doing everything they can, but still a very big impact on the company cash flow was exceptionally strong. The business generated over a billion dollars in EBITDA, up 85%, and more than $400 million in free cash flow. That's a 7-fold increase from Q1 last year.

不幸的是，我們的非託管營運卻發生了相反的情況。可以算一下，現金成本上漲了60%，生產確實受到了影響。我知道他們正在盡一切努力，但這對公司現金流的影響仍然非常大。該業務的 EBITDA 超過 10 億美元，成長 85%，自由現金流超過 4 億美元。這比去年第一季成長了7倍。

This underscores the quality of our asset base and our ability to stay a step ahead of inflation. More importantly though, these results are the product of exceptional collaboration and teamwork across the business. Our operating teams continue to execute well across the board front, setting the stage for another strong year as we reaffirm guidance on all metrics.

這凸顯了我們資產基礎的品質以及我們領先通膨一步的能力。但更重要的是，這些成果是整個企業卓越協作和團隊合作的成果。我們的營運團隊繼續在各個方面表現良好，為我們重申所有指標的指導方針，為另一個強勁的一年奠定了基礎。

Improving fundamentals. What we could control this quarter; we control very well. That is clear when you look at our managed operations. Production was up at Siguiri, Tropicana, Serra Grande and sung by Dam Obuasi recorded a steady score quarter in line with our plan, and Sukari showed its quality.

基本面不斷改善。本季我們能夠控制什麼；我們控制得很好。當您查看我們的管理作業時，這一點就很明顯了。Siguiri、Tropicana、Serra Grande 的產量都有所增加，由 Dam Obuasi 演唱的歌曲按計劃取得了穩定的成績，而 Sukari 則展現了其品質。

Australia's production was up 24% year-on-year, with both Tropicana and Sunrise Dam. Then bouncing back from the flood-related disruptions in Q1 last year, and finally at Kibali, our only non-managed AV production was down principally due to low recovery rates or cash costs remains steady over a year, which reflects the continued focus on driving efficiencies across the business.

澳洲的產量年增了 24%，其中包括 Tropicana 和 Sunrise Dam。然後從去年第一季的洪水相關中斷中恢復過來，最後在基巴利，我們唯一非管理的 AV 產量下降主要是由於回收率低或現金成本在一年內保持穩定，這反映了我們對提高整個業務效率的持續關注。

You see that in the free cash flow significantly higher at $403 million and in our overall profitability, a bit that was up 158% to $1.12 billion and headline earnings up nearly eightfold to around $400 billion. We have a strong balance sheet with leverage close to zero and no material near-term maturities. And we're implementing our new dividend policy with a quarterly dividend of 12.5 US cents a share of around $63 million.

您可以看到，自由現金流大幅增加至 4.03 億美元，而我們的整體盈利能力則增長了 158%，達到 11.2 億美元，總收益增長了近 8 倍，達到約 4000 億美元。我們的資產負債表強勁，槓桿比率接近零，且沒有重大短期到期債務。我們正在實施新的股息政策，季度股息為每股 12.5 美分，總額約為 6,300 萬美元。

As a reminder, we will pay that amount each quarter with a draw up to 50% of free cash flow at the end of the year to take the overall pay up to half of free cash flow. That's a very healthy number, particularly the gold price remains anywhere near current levels tier 1 2025 at a glance.

提醒一下，我們將在每季支付該金額，並在年底提取高達 50% 的自由現金流，使總支付額達到自由現金流的一半。這是一個非常健康的數字，特別是乍一看，黃金價格仍保持在 2025 年第一級的當前水平附近。

We have an impressive portfolio of tier one assets. They account for around two-third of production, 80% of our reserves, and about half of our resources. We expect to see that production share rise still further as obviosity runs off.

我們擁有令人印象深刻的一級資產組合。它們約占我們產量的三分之二、儲量的80%以及資源量的一半。我們預計，隨著顯而易見性的消失，生產份額將進一步上升。

Cuba's move into the tier one category is underpinned not only by the exceptional turnaround this year, but also its low-cost profile and its strong geological potential. Over the next three years, her plan is to incrementally grow production there to over 300,000 ounces, as we accept deeper, higher weight or parts of the ore body.

古巴之所以能躋身第一梯隊，不僅是因為今年的出色表現，還因為其低成本優勢和強大的地質潛力。在接下來的三年裡，隨著我們接受更深、更重的礦體部分，她的計劃是逐步將產量提高到 300,000 盎司以上。

It's clearly a tier one asset, even though slightly let's say a 300,000 short of 500,000, but it's grade close to six. It's the free cash flow we produce, for example, in the last quarter is in the $400 per ounce, so it is a magnificent tale.

這顯然是一級資產，儘管比 50 萬少了 30 萬，但其等級接近六級。例如，上個季度我們產生的自由現金流為每盎司 400 美元，這是一個精彩的故事。

Our tier 2 assets are also operating very well. What you see here are healthy margins and exceptional cash flow leverage, which is especially pronounced in the current gold price environment. We are and will continue to be active managers of our portfolio.

我們的二級資產也運作得很好。您在這裡看到的是健康的利潤率和卓越的現金流槓桿，這在當前的黃金價格環境中尤其明顯。我們現在是並將繼續積極管理我們的投資組合。

Last week, you would have seen the sale of our interest in the [Doropo] and ABC projects for resolute mining. This makes good on our com commitment to evaluate and act. Without unnecessary delays to maintain a tight focus on the main engine room of our business. One thing we understand well after three decades in this space is that distractions are to be avoided at all costs.

上週，您可能已經看到了我們將在 Doropo 和 ABC 項目中的權益出售給 Resolute Mining。這兌現了我們評估和採取行動的承諾。避免不必要的拖延，將注意力集中到我們業務的主機房。我們在這個領域工作了三十年之後，深刻體認到一件事：必須不惜一切代價避免干擾。

Early this week, we agreed with Goldfields to pause discussions regarding our potential JV in Ghana. Over the past two years, we've identified significant improvements to the stand-alone mine plan at the Durex, which has closed the relative GAAP with the JV proposition.

本週早些時候，我們與 Goldfields 達成協議，暫停有關我們在加納的潛在合資企業的討論。在過去的兩年中，我們發現杜蕾斯的獨立礦山計劃有了重大改進，該計劃已與合資提案關閉了相關的 GAAP。

Now our focus will be on fleshing out that mine plan in more detail. Importantly, without the destruction of the distraction of the potential JV, which is not healthy for any large mine, we'll be able to focus on driving operational improvements and realizing full value from our resource.

現在我們的重點是更詳細地充實該礦山計劃。重要的是，沒有潛在合資企業的破壞和乾擾（這對任何大型礦山來說都是不健康的），我們將能夠專注於推動營運改進並充分發揮我們資源的價值。

On Obuasi, we hosted a site visit to Obuasi in March in which we were able to showcase our investment in underground infrastructure that will greatly improve flexibility and underpin the ramp up. With two main access points to move people and materials, the decline and the KMS shaft, we have vastly improved our ability to handle movements of ore and waste.

在奧布阿西，我們在 3 月組織了一次現場考察，展示了我們在地下基礎設施方面的投資，這將大大提高靈活性並為成長提供支撐。透過兩個主要的人員和材料運輸入口，即斜坡道和 KMS 豎井，我們大大提高了處理礦石和廢料運輸的能力。

We have a hybrid mining method that is fit for purpose with bulk. Schloss mining for areas of relatively low grade and more selected underhand drift and field for high grade zones where ground conditions have been challenging.

我們擁有適合大量用途的混合採礦方法。Schloss 採礦適用於品位相對較低的地區，並且更傾向於選擇暗巷採礦，而田野採礦適用於地面條件具有挑戰性的高品位區域。

Crews are working hard now to ensure that upgrades to the underground for handing infrastructure and in particular new or passes to more materials from block A and 10 to the KMS are commissioned in time and functioning according to plan. So far, so good. Gold production in G1 is steady at 554,000 ounces. Orton's mine from underhand drift and fail were up 72% over Q4. That's an important trend with which underpinned the UHPF contribution of around 8,000 ounces in cus.

工作人員目前正在努力工作，以確保地下處理基礎設施的升級，特別是從 A 區和 10 區到 KMS 的新通道或更多材料的傳輸能夠按時投入使用並按計劃運行。到目前為止，一切都很好。G1 的黃金產量穩定在 554,000 盎司。奧爾頓礦井因暗巷和坍塌造成的損失比第四季增加了 72%。這是一個重要的趨勢，支撐了 UHPF 約 8,000 盎司的貢獻。

But as the potential remains a cornerstone of our ability to operate predictably to drive better cash flows and to improve the long-term value of our business. More than that, it's come to define how we operate. We monitor improvements to the fundamental value drivers of each site.

但潛力仍然是我們可預測營運能力的基石，可以推動更好的現金流並提高我們業務的長期價值。不僅如此，它還決定了我們的運作方式。我們監控每個站點的基本價值驅動因素的改進。

Whether it is the mining volumes, recoveries, development, or any other lever available to us, we know and trust that once the underlying indicators trend in the right direction, the cash flows will look after themselves. Here you will see the improvements from the Q1 2022 baseline.

無論是採礦量、回收率、開發或任何其他可用的槓桿，我們都知道並相信，一旦基礎指標朝著正確的方向發展，現金流就會自行顯現。在這裡您將看到相對於 2022 年第一季基準的改進。

Tropicana has been focused on pushing underground volumes as one of its main value drivers. Those were up 20%. A data where we're also driving underground volumes, tonnages are up 55% since the beginning of 2013.

Tropicana 一直致力於推動地下音樂銷售，並將其作為其主要價值驅動力之一。這些上漲了20%。我們也擁有有關地下開採量的數據顯示，自 2013 年初以來，開採噸位增加了 55%。

At Sunrise Dam in Sigudi, where we focus on the plant recoveries are also strongly up. A key success, the program has been the introduction of league tables to compare the performance at each site. We started with processing, which included companies’ recoveries, runtime and tons process as a percentage of the theoretical maximum of full asset potential at each site.

我們重點關注的西古迪日出大壩的植物恢復情況也強勁上升。該計劃的一個關鍵成功之處在於引入了排行榜來比較每個站點的表現。我們從處理開始，其中包括公司的回收率、運行時間和噸位處理量佔每個站點全部資產潛力理論最大值的百分比。

This slide shows the relative improvement year-on-year, which again, almost 2% points just between 2024 and 2025. In terms of ounces and ultimately dollars, that is a huge uplift. What is even more exciting is the result we got in Q1, where in aggregate our plants reported closing the GAAP to 100.2% of the theoretical maximum.

這張投影片顯示了同比的相對改善，僅在 2024 年至 2025 年之間就成長了近 2%。以盎司和最終的美元計算，這是一個巨大的提升。更令人興奮的是我們在第一季取得的結果，總體而言，我們的工廠報告的 GAAP 收盤價達到理論最大值的 100.2%。

These league tables would also have injected some healthy competition into the business. Everyone wants to be on top. Nobody wants to be at the bottom or less fixated on that and focus more on the upward improvement journey. Look at Segui as a good example.

這些排行榜也會為業界注入一些良性競爭。每個人都想成為頂尖人物。沒有人願意處於最低谷，或不太關注最低谷，而更專注於向上的進步之旅。以 Segui 為例。

It may be popping up the bottom of the table, but its improvement year-on-year is impressive. Its cash contribution to the business, even more so. We've now rolled out league tables for open pit and underground mining and hope to see similar results.

雖然它可能位於排名榜的底部，但其逐年進步令人印象深刻。其對業務的現金貢獻更是如此。我們現在已經推出了露天採礦和地下採礦的排行榜，並希望看到類似的結果。

We continue to uncover value in the US where the overall quality of our discovery in Southern Nevada will deliver value to shareholders and a host of other local stakeholders for decades to come. No bullfrog remains an important opportunity for economic development around the BT mining district. It will provide hundreds of jobs and a significant investment into the area.

我們將繼續在美國發掘價值，我們在內華達州南部發現的整體品質將在未來幾十年為股東和眾多其他當地利益相關者帶來價值。無牛蛙依然是BT礦區週邊經濟發展的重要機會。它將為該地區提供數百個就業機會和大量投資。

It also serves as a step towards our expanded silicon project, which we have renamed the Arthur Gold project. As we've said, no bullfrog will allow us to learn and adapt to smooth out the development pathway for the larger prize in the region. At North Pole for project, we have chosen voluntarily to develop the water conservation alternative in response to the public input we received during COVID.

這也是我們擴大矽計畫邁出的一步，我們已將該計畫重新命名為 Arthur Gold 計畫。正如我們所說，沒有牛蛙可以讓我們學習和適應，從而為該地區的更大獎勵鋪平發展道路。在北極計畫中，我們根據 COVID 期間收到的公眾意見，自願選擇開發節水替代方案。

Now, based on the latest information available, we anticipate a record of decision from BLN by the end of next year. Importantly, we're looking collaboratively with the multiple federal and state agencies, and look forward to progressing this important opportunity that will bring investment and good paying jobs to benefit the region.

現在，根據現有的最新消息，我們預計 BLN 將在明年年底前做出決定。重要的是，我們正在與多個聯邦和州機構合作，並期待推進這一重要機遇，為該地區帶來投資和高薪工作。

We're on track to deliver the PSF for Arthur, PFS for Arthur by around the end of the year, and are working hard to make the first reserved declaration for the project at the same time. We're more confident than ever that this will be a magnificent tier one asset over the very long term in the world's top mining jurisdiction.

我們預計在年底左右交付 Arthur 的 PSF 和 Arthur 的 PFS，同時努力為該專案做出首次預留聲明。我們比以往任何時候都更有信心，從長遠來看，這將成為世界頂級採礦管轄區內的重要一級資產。

On renewables, we recently took another major step towards meeting our decarbonization plans. As a reminder, we've committed to a 30% reduction in emissions from our 2021 baseline. The guideline has been clear from the outset that each project must be value or creative to the business. Our first big win was the grid connection date last year, which brings cleaner, cheaper energy for the site.

在再生能源方面，我們最近朝著實現脫碳計畫又邁出了重要一步。提醒一下，我們承諾在 2021 年的基礎上減少 30% 的排放量。該指導方針從一開始就很明確，每個專案都必須對企業有價值或有創造力。我們的第一個重大勝利是去年的電網連接日期，為該站點帶來了更清潔、更便宜的能源。

We have now completed and commissioned the mega renewables project at Tropicana, creating the largest hybrid power system in Australia's mining sector. It's impressive for a number of reasons, but it's worth acknowledging that this project was delivered on time and on budget, despite the epic flooding we experienced last year.

我們現已完成並委託 Tropicana 的大型再生能源項目，創建澳洲採礦業最大的混合動力系統。它令人印象深刻，原因有很多，但值得承認的是，儘管去年我們經歷了特大洪水，但該項目仍按時、按預算完成。

The integration of 61 megawatts of clean energy. Into the existing power system at the mine will cut diesel and gas consumption for power generation by 96% and 50% respectively. That translates into a reduction of more than 65. 1,000 tons a year in our carbon emissions.

整合61兆瓦清潔能源。併入礦井現有電力系統將使發電所需的柴油和天然氣消耗分別減少96%和50%。這意味著我們每年的碳排放量將減少65,1000多噸。

Pacific Energy, which owns and operates the gas-fired power station of Tropicana, will operate the hybrid system under a 10-year power purchase agreement. Combined thermal and renewable power systems will have a capacity of 150 megawatts. It's another example we believe that you can do well by doing good.

太平洋能源公司擁有並營運 Tropicana 燃氣發電站，並將根據為期 10 年的購電協議運營混合系統。熱電和再生能源聯合發電系統的發電容量將達到 150 兆瓦。這是我們相信做好事就能做好事的另一個例子。

I'll now hand over to Gillian to run my financials.

我現在將把管理我的財務的工作交給 Gillian。

Thank you, Alberto, and good morning. In 2025, the gold price continued its upward trend, with the average price received for the quarter of 39% year-on-year. As a result of a number of factors including, but certainly not limited to continued sovereign buying, geopolitical uncertainty, rate expectations, and stubborn inflation.

謝謝你，阿爾貝托，早安。2025年，黃金價格延續上漲趨勢，當季平均價格較去年同期上漲39%。這是由於多種因素造成的，包括但不限於持續的主權購買、地緣政治不確定性、利率預期和頑固的通貨膨脹。

Oil prices were around 8% lower than the prior year. US CPI decreased to 2.4%, down from 3.5% in 2024, highlighting a steady moderation in inflation. Argentina saw a sharp drop in inflation, reducing to 56% from 288%, while Brazil went the other way up around 5.5% from 3.9% in the prior year.

油價比上年下降了約8%。美國CPI從2024年的3.5%降至2.4%，凸顯通膨穩定緩和。阿根廷通膨率大幅下降，從 288% 降至 56%，而巴西通膨率則從上年的 3.9% 上升至 5.5% 左右。

It is uncertain at this stage what the impact of the US reciprocal tariffs will have on the US and global economy, we will we will monitor and don't anticipate significance to our global costs. I realized inflation rate, which represents CPI changes in the jurisdictions that we operate, was around 5.1%, keeping an upward pressure on cost.

目前尚不確定美國互惠關稅將對美國和全球經濟產生何種影響，我們將進行監測，並且不會預測其對我們的全球成本產生重大影響。我意識到通貨膨脹率（代表我們經營所在轄區的消費者物價指數變化）約為 5.1%，這給成本帶來了上行壓力。

Q1 saw production of 720,000 ounces versus 591,000 ounces in Q1 last year. That's our strongest Q1 since 2020. This improvement reflects mainly the first full quarter contribution of 117,000 ounces from Sukari and a stronger operational consistency across the broader portfolio.

第一季產量為 720,000 盎司，而去年第一季產量為 591,000 盎司。這是我們自 2020 年以來表現最強勁的第一季。這項改善主要反映了 Sukari 第一季貢獻的 117,000 盎司以及更廣泛投資組合中更強的營運一致性。

This result was driven by a particularly strong performance from managed operations, partially offset by continuing operating challenges at Kibali. Production that managed operations rose by 28% to 650,000 ounces, up from 515,000 ounces in Q124, despite operational challenge and a temporary plant stoppage at Ilibrium.

這一結果得益於管理營運的強勁表現，但被基巴利持續的營運挑戰部分抵消。儘管面臨營運挑戰且 Ilibrium 工廠暫時停產，但營運產量仍成長 28%，達到 65 萬盎司，高於 2024 年第一季的 51.5 萬盎司。

This growth was underpinned by the inclusion of Sukari into the portfolio, and strong year-on-year improvements at Siguiri, adding 32,000 ounces, and Tropicana up 21,000 ounces. Siguiri delivered a sharp turnaround in performance, achieving 80,000 ounces in Q1 2025, versus 48,000 ounces in Q1 2024, supported by improved. Metallurgical recoveries and higher throughput.

這一增長得益於 Sukari 被納入投資組合，以及 Siguiri 產量同比強勁增長（增加了 32,000 盎司）和 Tropicana 產量增加 21,000 盎司。Siguiri 的業績實現了大幅好轉，在 2025 年第一季實現了 80,000 盎司的產量，而 2024 年第一季為 48,000 盎司，這得益於產量的改善。冶金回收率和更高的產量。

Both Tropicana and Sunrise Dam recovered from last year's rainfall disruptions. Overall, we realized a year-on-year uplift in mills, tons and underground recovered grade on the back of continued reinvestment and improvement initiatives.

特羅皮卡納大壩和日出大壩都已從去年的降雨破壞中恢復過來。總體而言，在持續的再投資和改進措施的支持下，我們實現了礦石產量、礦石噸位和地下採收品位的年增長。

Total cash costs for managed operations decreased. By 2% despite rising inflation, and total AI for managed operations decreased by 2%, reflecting the company's ongoing focus on efficiency and operational discipline.

管理營運的總現金成本下降。儘管通貨膨脹率上升，但利潤率仍下降了 2%，而管理營運的整體人工智慧下降了 2%，這反映出該公司持續專注於效率和營運紀律。

The numbers underscore discipline, execution, and operational excellence, translating into meaningful value creation. Adjusted EBITDA rose 158% year-on-year to $1.1 billion as firm cost control ensured that stronger revenues converted into earnings and cash flow.

這些數字強調了紀律、執行力和卓越運營，轉化為有意義的價值創造。調整後的 EBITDA 年成長 158%，達到 11 億美元，因為嚴格的成本控制確保了更高的收入轉化為收益和現金流。

Basic earnings climbed to $443 million from $58 million a year earlier, bolstered by the 39% increase in average gold price received, and a 28% rise in managed operations output. Net cash from operating activities was up 188% to $725 million reflecting improved operating fundamentals.

基本收益從去年同期的 5,800 萬美元攀升至 4.43 億美元，這得益於平均黃金價格上漲 39% 以及管理營運產量增加 28%。經營活動產生的淨現金成長 188%，達到 7.25 億美元，反映出經營基本面有所改善。

After capital ex expenditure and proceeds, free cash flow reached $403 million, 7 times that of the prior year. Adjusted net debt fell 60% versus March 24, reducing the adjusted net debt to EBITDA ratio to 0.15 times.

扣除資本支出和收益後，自由現金流達到 4.03 億美元，是前一年的 7 倍。調整後淨債務較3月24日下降60%，調整後淨債務與EBITDA比率降至0.15倍。

That's its lowest in more than a decade, providing us with significantly increased financial flexibility. We remain focused on narrowing the valuation GAAP with our North American peers by sustaining operational improvements, maximizing cash conversion, extending my life, and maintaining disciplined capital allocation.

這是十多年來的最低水平，為我們提供了顯著提高的財務靈活性。我們將繼續致力於透過持續營運改善、最大化現金轉換、延長壽命和維持嚴格的資本配置來縮小與北美同行的 GAAP 估值差距。

The total cash cost performance underlines the progress we've made in improving our position on the cost curve. Group total cash costs were $1,223 an ounce, within the guidance range of $1,125 an ounce and $1,225 an ounce, and only 4% year-on-year, higher year after year, despite persistent inflation and royalty costs.

總現金成本表現凸顯了我們在改善成本曲線地位方面所取得的進展。集團總現金成本為每盎司 1,223 美元，在每盎司 1,125 美元至每盎司 1,225 美元的指導範圍內，儘管通貨膨脹和特許權使用費持續存在，但同比僅增長 4%，且逐年走高。

Underperformance at the non-managed Kibali JV added approximately $45 an ounce to the group's total cash cost. Managed operations total cash costs fell 2% to $1,213 an ounce, aided by the addition of sari and continued efficiencies at Siri.

非管理型 Kibali JV 的表現不佳導致該集團的總現金成本每盎司增加約 45 美元。受 Sari 業務的增加和 Siri 效率的持續提高的推動，管理營運總現金成本下降 2% 至每盎司 1,213 美元。

Industry-wide macro factors, namely inflation and whole higher gold price linked royalties, added about 7% or $78 an ounce to cash costs, an impact largely offset by favorable currency movements in Australia and Brazil.

整個行業的宏觀因素，即通貨膨脹和與黃金價格掛鉤的總體較高的特許權使用費，使現金成本增加了約 7% 或每盎司 78 美元，但這一影響在很大程度上被澳大利亞和巴西有利的貨幣走勢所抵消。

Adjusting for the prior year one-off weather events at Tropicana, controllable costs and managed operations, including Suari, improved by $62 an hour, reflecting tight discipline on volumes, grades, and absolute spend.

在針對去年 Tropicana 的一次性天氣事件進行調整後，可控成本和包括 Suari 在內的管理營運每小時改善了 62 美元，這反映出對產量、等級和絕對支出的嚴格管控。

These benefits were partially offset by operational challenges and a temporary plant stoppage at Ilibrium. All in the same costs tell the same story. Group ASIC rose just 1% despite the drag from inflation, whilst managed operations ASIC declined 2% to $1,657 an ounce.

但這些收益因 Ilibrium 的營運挑戰和工廠暫時停工而被部分抵銷。同樣的成本也講述著同樣的故事。儘管受到通貨膨脹的拖累，集團 ASIC 僅上漲 1%，而管理營運 ASIC 下跌 2% 至每盎司 1,657 美元。

These results demonstrate our consistent focus on operational excellence, cost containment, and capital efficiency, key drivers in our strategy to advance down the peer group cost curve. We continue to focus on ensuring that the higher gold price is translated efficiently into earnings in cash which came in at $403 million, up from $57 million in Q1 2024.

這些結果表明，我們始終專注於卓越營運、成本控制和資本效率，這是我們降低同業成本曲線策略的關鍵驅動因素。我們將繼續致力於確保將更高的金價有效轉化為現金收益，2024 年第一季的現金收益為 4.03 億美元，高於 2024 年第一季的 5,700 萬美元。

Gold price gains of $544 million equivalent to $811 an ounce, delivered an after-tax boost of $346 million underscoring disciplined financial execution. Fire sales mainly at Siguri and Tropicana, and including the first contribution from Sukari, added a further $246 million. Cost pressures were contained to $165 million principally from price-linked royalties and higher volumes.

黃金價格上漲 5.44 億美元，相當於每盎司 811 美元，帶來 3.46 億美元的稅後收益，凸顯了嚴格的財務執行。主要在 Siguri 和 Tropicana 進行的廉價銷售，包括 Sukari 的首次貢獻，又增加了 2.46 億美元。成本壓力控制在 1.65 億美元，主要原因是與價格掛鉤的特許權使用費和產量增加。

Movements in working capital rose by $62 million to $169 million in Q1 of 25.

2025 年第一季營運資本流動增加了 6,200 萬美元，達到 1.69 億美元。

Inventory was flat, trade receivables higher, partly driven by higher gold price, and Sukari debtors, and finally trade payables lower as we settled bonuses, royalties, and contractor labor invoices in the first quarter of the year.

庫存持平，貿易應收款增加，部分原因是金價上漲和 Sukari 債務人增加，最後貿易應付款項減少，因為我們在今年第一季結算了獎金、特許權使用費和承包商勞務發票。

Capital expenditure increased in line with our plans and the inclusion of Sukari, ensuring sustainability and growth of the portfolio. We have continued to have strong liquidity and financial position over the quarter, adjusted net debt down to $525 million at the March 31, 2025, whilst the adjusted net debt to EBITDA ratio improved to 0.15 times from 0.21 times at year end, underscoring discipline cash generation and leaner capital structure.

資本支出根據我們的計劃和 Sukari 的納入而增加，確保了投資組合的可持續性和成長。本季度，我們的流動性和財務狀況繼續保持強勁，截至 2025 年 3 月 31 日，調整後的淨債務降至 5.25 億美元，而調整後的淨債務與 EBITDA 比率從年底的 0.21 倍改善至 0.15 倍，凸顯了嚴格的現金產生和更精簡的資本結構。

Management retained through the cycle target of one time on this leverage metric. Liquidity remains ample at approximately $3 billion including $1.5 billion in cash and cash equivalents. That positions us well to fund our capital pipeline, to return cash to shareholders, and to maintain resilience, regardless of the price environment.

管理階層透過此槓桿指標保留了一次週期目標。流動性仍然充足，約 30 億美元，其中包括 15 億美元的現金和現金等價物。無論價格環境如何，這都使我們能夠為資本管道提供資金、向股東返還現金並保持彈性。

We are pleased to reaffirm our 2025 guidance on all metrics. As usual, production is expected to be second half weighted, albeit quite balanced across the year. With that, I'll hand back to Alberto to wrap us up.

我們很高興重申我們對所有指標的 2025 年指引。與往常一樣，預計產量將主要集中在下半年，儘管全年產量將相當平衡。就這樣，我將把主題交還給 Alberto，讓他來結束我們的演講。

Thanks, Gillian. We backed some strong operating improvements, but we're far from satisfied. We'll continue to find ways to optimize and operate more efficiently. The asset potential is embedded in the business and has now shifted from a pure operational optimization program to a way of working. It has improved both our predictability and our resilience over the past two years.

謝謝，吉莉安。我們支持了一些強有力的營運改進，但我們還遠遠沒有滿足。我們將繼續尋找優化和更有效率的營運方法。資產潛力已融入業務之中，現已從純粹的營運優化計劃轉變為一種工作方式。在過去的兩年裡，它提高了我們的可預測性和彈性。

Obuasi has developed its infrastructure, is undergoing its pivot to the hybrid mining method, and is getting our full attention as it moves up the curve. Assuati, we expect to enhance value through full asset potential. We realized the bulk of the corporate synergies around $30 million and are working each day to ensure we leverage our global abilities across procurement, supply chain, and talent.

奧布阿西已經開發了其基礎設施，正在轉向混合採礦方法，並且隨著其發展而受到我們的充分關注。Assuati，我們期望透過充分發揮資產潛力來提升價值。我們實現了約 3000 萬美元的大部分企業協同效應，並且每天都在努力確保我們在採購、供應鏈和人才方面發揮我們的全球能力。

We continue to refine the operating model and remain vigilant to prevent any regression to the Byzantine organizational structure and corporate entropy of past years. We continue to look at the shape of the portfolio, always asking the question of whether any asset is worth more inside or out.

我們將繼續完善營運模式，並保持警惕，以防止倒退到過去幾年的拜占庭式組織結構和企業熵。我們持續關注投資組合的形態，並始終詢問任何資產的內部價值是否更高或外部價值更高。

We have a new, more generous dividend policy, which ensures time and cash return to shareholders, and that is part of our commitment to ensure capital is allocated in the most prudent and value enhancing way. Our world-class exploration team continues to add value through the drill bit across our properties.

我們制定了新的、更慷慨的股息政策，確保向股東提供時間和現金回報，這是我們確保以最審慎和最增值的方式分配資本的承諾的一部分。我們世界一流的勘探團隊透過鑽頭不斷為我們的財產增加價值。

We continue to prioritize safety and advance our decarbonization projects, which are not only NDB positive, but reduce our reliance on thermal energy and often complex supply chains to get fuel to remote sites. Our technical team continues to uncover value in Nevada as they work to bring our projects to account why and your gold Ashanti. When I joined the business just under three years ago, the mission was simple to safety regain cost competitiveness, it's a bit more than three years ago.

我們繼續優先考慮安全性並推進我們的脫碳項目，這不僅對新開發銀行有利，而且減少了我們對熱能的依賴以及通常複雜的供應鏈，以便將燃料運送到偏遠地區。我們的技術團隊繼續在內華達州發掘價值，他們致力於讓我們的專案解釋為什麼以及您的阿散蒂黃金。當我在三年前加入這家公司時，任務很簡單，就是安全地恢復成本競爭力，比三年前還要早一點。

At the time, we have jumped to the top of the industry cost curve. Then in late 2021, with new senior leadership working alongside empowered operating, and with a new clear operating model in place, we've implemented the full asset potential program to turn the tide.

當時，我們已經躍居產業成本曲線的頂端。然後在 2021 年末，在新的高階領導的領導下，在授權營運的基礎上，在新的清晰營運模式的實施下，我們實施了全部資產潛力計畫來扭轉局面。

We continue to evaluate progress against our initial goals with mid-2021 at the base and adjusting for USCPI. Our cash costs are about 1% higher in real terms, relative to a 20% average increase for the peer group. We have also narrowed the GAAP appreciably in absolute terms. We believe we have now embedded in our business the tools to help us continue to improve our competitive position.

我們將繼續以 2021 年中期為基準，根據 USCPI 進行調整，評估實現初步目標的進展。我們的現金成本實際上高出約 1%，而同業的平均增幅為 20%。我們也從絕對值上顯著縮小了 GAAP 的範圍。我們相信，我們現在已經在我們的業務中嵌入了幫助我們繼續提高競爭地位的工具。

For as long as this company has been in existence, we struggled with the disconnect of our production size and rating relative to our North American peers. We know that this isn't the result of a single thing, but rather the cumulative effect of a number of factors. We've gone about systematically addressing the issues over the past three years.

自公司成立以來，我們一直在努力解決與北美同行相比，我們的生產規模和評級存在脫節的問題。我們知道這不是單一因素造成的結果，而是多種因素累積的結果。過去三年來，我們一直在有系統地解決這些問題。

Today, the fundamentals of our business are strong, and the outlook is even better. We're doing what we promised, and we're taking meaningful strides to achieve and reach our full potential. And as you can see, the valuation metrics, we believe the Anglogold Ashanti continues to offer an attractive investment proposition.

如今，我們的業務基礎強勁，前景更為光明。我們正在履行我們的承諾，並正在採取有意義的措施來實現和發揮我們的全部潛力。如您所見，根據估值指標，我們相信 Anglogold Ashanti 繼續提供有吸引力的投資建議。

If you look at the table from left to right top, free cash flow yield is one of the highest in the industry. Dividend yield is also one of the highest in the industry. Inferred all costs is basically very similar now to most of our peers except [ier] one. And then, nevertheless, when you look at EV to EBITDA, we're still lagging. If you again exclude ier one, we are about 10% lower still in EV to EBITDA, so still a room to grow in relative terms.

如果你從左到右看表格，你會發現自由現金流收益率是業界最高的之一。股息殖利率也是業界最高的之一。推斷出的所有成本現在基本上與我們的大多數同行非常相似，除了一個。然而，當你看 EV 與 EBITDA 時，我們仍然落後。如果再次排除這項，我們的企業價值與 EBITDA 比率仍將低約 10%，因此相對而言仍有成長空間。

With that, I'll take your questions.

這樣，我就回答你們的問題了。

(Operator Instructions)

（操作員指示）

Raj Ray, BMO Capital Markets.

Raj Ray，BMO 資本市場。

Thank you, operator, and good morning, Alberto Gillian and team. Three questions if I may first up on Obuasi, Alberto, if you can give us some visibility on how the ramp up is going when we were at site, it was good to see all the infrastructure work finally complete?

謝謝接線員，早安，Alberto Gillian 和團隊。我首先想問三個問題，關於奧布阿西，阿爾貝托，您能否向我們介紹一下施工進度？我們到現場後，看到所有基礎建設工作終於完工，感覺很好嗎？

It was down to the increased development rates. There was a new crew that was supposed to come in and give us some color as to how that's going. Secondly, I do a prim. The decision to pause the press release highlighted that there is potential for enhanced value at [Earim].

這是由於開發率的提高。有一個新的團隊即將到來並向我們通報事情的進展。其次，我做一個 prim。暫停新聞稿的決定凸顯了[埃里姆]。

If you can touch upon what positives you are seeing based on the work you've done at Eduarem and how you can increase value. And third is with respect to the working capital, it's more for Jillian. Last year there was a $254 million negative working capital move in Q1, that's another 169.

如果您能談談根據您在 Eduarem 所做的工作您看到了哪些積極因素以及如何增加價值。第三是關於營運資金，這比較是針對吉莉安 (Jillian) 的。去年第一季營運資本為負 2.54 億美元，今年又增加了 1.69 億美元。

Can you give us some idea as to how we should look at, the working capital for the rest of the year? Do you see some unwind the rest of the year? That's it for me.

您能否給我們一些關於我們應該如何看待今年剩餘時間的營運資金的建議？您認為今年剩餘時間市場會有所放鬆嗎？對我來說就是這樣。

Thank you, Raj.

謝謝你，拉傑。

The ramp up is going well in Obuasi. We, at this stage we believe we will be within the range that we, signal to the market. I'll give you one indicator. We have to do about 130,000 tons of ore per month, and as I look at April, most of the weeks and all of that, we're doing about that, which is $30,000 per week.

奧布阿西的建設進展順利。目前，我們相信我們將處於向市場發出訊號的範圍內。我給你一個指標。我們每月要處理大約 130,000 噸礦石，而我看四月份，大部分時間以及所有時間，我們的產量都在這個水平，也就是每週 30,000 美元。

So I think the second quarter will be good and so we're and pretty even, let's say across the quarters. So, yeah, we're happy with Obuasi, it's still obviously there's a lot of work and focus and dedication from everybody at the mine site and from corporate, but it's going well.

所以我認為第二季的表現會很好，而且可以說各個季度的表現都相當均衡。所以，是的，我們對 Obuasi 感到滿意，顯然礦場和公司的每個人都付出了很多工作、專注和奉獻，但一切進展順利。

A pre there's two things obviously. One thing we did a lot of additional work, in our what we call our [SOW], the long-term plans, the potential for the asset, and when we started reassessing the numbers and it's always about, okay, well, what does the future of this asset look independently and with the JV what we had seen two years and a half years ago with the knowledge we had then with the understanding of the other asset and our asset.

顯然，預先有兩件事。一件事，我們在所謂的 [SOW]、長期計劃、資產潛力方面做了很多額外的工作，當我們開始重新評估數字時，我們總是在思考，好吧，這項資產的未來在獨立情況下會是什麼樣子，而對於合資企業，我們兩年半前就看到了，當時我們對其他資產和我們自己的資產有了一定的了解。

There was a clear, let's say, benefit in increasing MPV. That's not the case right now. And so that's where we said, okay, let's just look at how we can stabilize this one because this has been very unsettling for the teams on the ground, but also we have a new understanding we've discovered.

可以說，提高 MPV 有明顯的好處。目前情況並非如此。所以我們說，好吧，讓我們看看如何穩定這個局面，因為這對實地團隊來說非常令人不安，但我們也發現了新的認識。

The way to mine that additional resource and so Peter Brem has an exciting future as a stern, a standalone, and that's the one we'll talk to the market more. This is early stages, but basically, it's all about developing that additional resource that we see now clearly in our what we call H2 horizons and H3 horizons.

開採額外資源的方法以及 Peter Brem 作為船尾、獨立人士的激動人心的未來，我們將更多地談論這一點。這是早期階段，但基本上，這一切都是為了發展我們現在在所謂的 H2 視野和 H3 視野中清楚看到的額外資源。

Yeah, thanks, Raj. So, I think, firstly, there's obviously a number of factors within working capital. So, the first one, we do have a reduction in in gold inventories, primarily gate and [ueba]. Queena, has transitioned back to full plant production from a sort of a concentrate mix, and so there are some temporary working capital, impacts there.

是的，謝謝，拉吉。因此，我認為，首先，營運資金中顯然存在許多因素。因此，首先，我們的黃金庫存確實減少了，主要是門市和[上葉]。Queena 已從濃縮混合物轉變回完整的工廠生產，因此對營運資金產生了一些臨時影響。

Receivables then is up partially from sort of higher prices and then the of Supari's balances in there and then on payables, we know, we had significant payments in one of the back of, sort of contracted cost payments in in January, and then royalty payments, and also payments of bonuses, etc.

應收帳款的上漲部分是由於價格上漲，然後是 Supari 的餘額，然後是應付帳款，我們知道，我們在 1 月份的合約成本支付中支付了大量款項，然後是特許權使用費支付，還有獎金支付等。

What we anticipate for the remainder of the year is the recovery somewhat on the payable side, but would want you to bear in mind, as costs are coming down, you're paying less. And so think about a sort of a reversion or correction, on payables and sort of continuation with inventory levels roughly where they are, and then receivables doing what it will do, based on all prices.

我們預計今年剩餘時間應付款項將有所回升，但請記住，隨著成本下降，您支付的金額也會減少。因此，考慮應付帳款的某種回歸或修正，以及庫存水準大致保持在目前的水平，然後應收帳款根據所有價格做它應該做的事情。

Josh Wolfson, RBC.

喬許·沃爾夫森（Josh Wolfson），加拿大皇家銀行。

Yeah, thanks very much. First question, I guess, just on the capital allocation side, I understand the new dividends framework in place, free cash flow this quarter was very strong. And when I look forward to, what the, with the net cash position is going to be, it will grow significantly even with this new dividend policy.

是的，非常感謝。我想，第一個問題，就資本配置方面而言，我了解新的股息框架，本季的自由現金流非常強勁。當我展望淨現金狀況時，即使採用這項新的股利政策，它仍將大幅成長。

When you start to think about, further capital allocation measures beyond the dividend in the second half of this year and into next year, where's the company leaning when you start to think about that excess cash balance being built?

當您開始考慮今年下半年和明年除股息之外的進一步資本配置措施時，當您開始考慮正在建立的過剩現金餘額時，公司會傾向於什麼？

Oh thanks, Josh. That's when we released a new policy that we understood that we would, maybe in the future if the gold price remain us strong, that we will be open to other avenues of returning cash to shareholders, including buybacks.

哦，謝謝，喬希。就在那時，我們發布了一項新政策，我們明白，也許在未來，如果金價保持強勁，我們將採取其他途徑向股東返還現金，包括回購。

This is the first quarter where we implement the new policy. What we've passed is let us implement the new policy 12 quarters, three quarters, but clearly this year again if the gold price stays where it is, we'll have to look at other ways of redistributing.

這是我們實施新政策的第一季。我們已經通過的是讓我們在 12 個季度、3 個季度內實施新政策，但顯然今年如果金價再次保持在原位，我們將不得不考慮其他重新分配的方式。

So at this stage it's a discussion that we will have with the board, what is the appropriate mechanism to do that. But yeah, I just again underscore this is just the new policy, first quarter, first time we pay quarterly dividends and yeah, we'll get back to the market in due time.

因此，在現階段，我們將與董事會討論實現這一目標的適當機制是什麼。但是的，我再次強調這只是新政策，第一季度，我們第一次支付季度股息，是的，我們會在適當的時候回到市場。

Okay, got it. And then on North Bullfrog, and with some of the changes here on the permitting side, so first question I have is just on the historical CapEx guidance, how does this delay in the project affect the budget for the asset, I guess in 2025 and '26?

好的，明白了。然後是 North Bullfrog，以及許可證方面的一些變化，所以我的第一個問題是關於歷史資本支出指導，專案的延遲將如何影響資產預算，我猜是在 2025 年和 2026 年？

Look, apart from inflation.

看看，除了通貨膨脹。

Yeah, there's nothing. There may be something with the tariffs, but we're not, at this stage we're focused on, as I said, of the permission for the BLN, and we don't think there's anything significant at this stage, and I just have to say, which is interesting, we valued that project at very conservative gold prices, but the long-term goal price keeps going up and on the long term I'm talking about it.

是啊，什麼都沒有。關稅可能存在一些問題，但正如我所說，我們目前關注的不是 BLN 的許可，我們認為目前還沒有什麼重大問題，我只想說，有趣的是，我們以非常保守的黃金價格對該項目進行了估值，但長期目標價格不斷上漲，我談論的是長期價格。

And so the project, I would say that if anything maybe it has some more costs, but in terms of the IRRs that we have internal, we haven't talked about it, but then BBs it's looking even better, even though it's small, but it's looking very well.

因此，我想說，這個項目可能會產生更多的成本，但就我們內部的 IRR 而言，我們還沒有談論過它，但是 BB 看起來甚至更好，儘管它很小，但看起來非常好。

But in terms of what we are spending on it in guidance, it's $45 million in 2026, and then in 2026, probably it will be slow. We have talked about $300, and we expect to spend less in terms in 2026.

但就我們指導支出而言，2026 年的支出為 4,500 萬美元，而 2026 年的支出可能會比較慢。我們已經討論過 300 美元，我們預計 2026 年的支出會更少。

Okay. And then when you think, I guess, more broadly at the permitting outlook in Nevada here, my understanding was, at least based on some of the prior commentary, I think this was a more simplified permitting process through, a more succinct at EA and the project permitting timeline, I think it's been delayed two years thus far.

好的。然後，我想，當你更廣泛地思考內華達州的許可前景時，我的理解是，至少基於一些先前的評論，我認為這是一個更簡化的許可流程，更簡潔的 EA 和項目許可時間表，我認為到目前為止已經被推遲了兩年。

What does this sort of mean for the outlook at, I guess the new Arthur project and how are you looking at maybe potential pressure points with that permitting process, which will ultimately be, I think a lot more complicated than North Bullfrog?

我想這對新的 Arthur 專案的前景意味著什麼？您如何看待許可流程中可能出現的壓力點？我認為，最終，許可流程會比 North Bullfrog 複雜得多？

So, I think that this No bullfrog has been a very useful project from many points of view, but one of them important is how to navigate. This is the first time in years that we are navigating here and especially in Nevada, and so, how to navigate with the BLM and all the permissions and communities that we are required. So, I think it's been a very useful process as we look, let me say two things.

所以，我認為從很多角度來看，這個「No Bullfrog」都是非常有用的項目，但其中很重要的一個點是如何導航。這是我們多年來第一次在這裡航行，特別是在內華達州，因此，我們如何與 BLM 以及我們需要的所有許可和社區一起航行。所以，我認為這是一個非常有用的過程，讓我說兩件事。

First, we are actively engaging with the authorities. In Washington, the BLM senior management, Department of the Interior, and I have to say that the support that these projects, you've all heard about it publicly, but I probably can reiterate that privately there's an enormous amount of support. Of course you have to do the right thing.

首先，我們正積極與當局接觸。在華盛頓，BLM 高階管理層、內政部，我必須說，這些專案的支持，你們都公開聽說過，但我或許可以重申，私下有巨大的支持。當然你必須做正確的事。

You have to listen to the communities in a way that's what we've done, and we found much more efficient ways of minimizing the use of water, which is a big thing for the North pole frog, and that would also be applied in Arthur. But look, I don't think that the sort of general sort of views that we have of when Arthur will be in production, all of that, but then they have materially changed.

你必須傾聽社群的聲音，我們就是這樣做的，我們找到了更有效的方法來減少用水量，這對北極青蛙來說是一件大事，這也將適用於亞瑟。但是你看，我不認為我們對亞瑟何時投入生產的普遍看法，所有這些，但後來都發生了實質性的變化。

We will talk about that when we finish the pre the BFS at the end of this year, we will give much more, probably, a guidance to the market about the future of the project. It could be at the end of this year or in February of next year, depends when we finish it.

當我們在今年年底完成 BFS 預測試時，我們將討論這個問題，我們可能會為市場提供更多關於該專案未來的指導。可能是今年底或明年二月，取決於我們何時完成。

So, let me just summarize by saying we are fighting encouraged for Arthur by a very clear pro-business support from the US government and the BLM.

所以，讓我總結一下，我們為亞瑟而戰，是因為美國政府和 BLM 給予了我們非常明確的親商支持。

Great. Thank you very much.

偉大的。非常感謝。

Chris Nicholson, RMB Morgan Stanley.

克里斯·尼科爾森（Chris Nicholson），摩根士丹利（RMB）。

Hi, thank you. I'm Gillian, and Alberto. I wondered if maybe you could make some comments on, how these higher gold prices might impact the way you think about mine plans across the operation, whether it provides you additional scope or optionality to do things that you may not previously have done.

你好，謝謝。我是 Gillian，還有 Alberto。我想知道您是否可以發表一些評論，這些更高的金價將如何影響您對整個採礦計劃的看法，它是否為您提供了額外的範圍或選擇權來做您以前可能沒有做過的事情。

And then I think linked to that, could you comment, the, enhanced value on a stand-alone basis the [Drem]. Has any of that, arisen due to, maybe the optionality, that the whole gold price can do? And then the final one, you made some comments there, I think around Cuba, maybe looking to expand production towards 300,000 ounces. Maybe provide a bit more details to how you're looking to get them?

然後我認為與此相關的是，您能否評論一下，獨立基礎上的增強價值[夢想]。這一切是否可能由於整個黃金價格的可選性而發生？最後一個問題，您就古巴發表了一些評論，也許希望將產量擴大到 300,000 盎司。也許可以提供一些更詳細的資訊來說明您希望如何獲得它們？

Chris, could you maybe just repeat that first question we lost you on the call.

克里斯，你能重複我們在電話中找不到你的第一個問題嗎？

I got the first one you pre the question and the third one go by.

我得到了你提出的問題之前的第一個，然後是第三個。

Sure, yeah, I'll repeat the question. I'm asking, in respect of the higher gold price, how does that impact the way you think about your plans across the portfolio?

當然，是的，我會重複這個問題。我想問的是，就金價上漲而言，這對您對整個投資組合計畫的看法有何影響？

Does it provide you additional optionality? And then the value you see on a standalone basis some of that arisen due to, I guess the optionality a higher gold price provides you. And then also just preba, you made some comments around getting to 300,000 ounces. How kind of maybe some further detail on how you're looking to get there.

它是否為您提供了額外的選擇？然後，您看到的獨立價值中，有些是由於更高的金價為您提供的可選性而產生的。然後還有 preba，您對達到 300,000 盎司發表了一些評論。能否請您進一步詳細說明您計劃如何實現這一目標？

Thank you.

謝謝。

Look, the reality is that we have kept our resource price, our re resource, price still basically like most of the market and very low at 1,650 and 195,021, and so that's way below the consensus pricing. I'd probably add something more in all of our operations where we are plan constrained.

你看，現實情況是，我們一直保持我們的資源價格，我們的再資源價格基本上仍然像大多數市場一樣，非常低，在 1,650 和 195,021，因此這遠低於普遍預期的價格。我可能會在我們所有受到計劃限制的操作中添加更多內容。

We keep at the lowest end of that one because our main focus is on increasing the margin and that's why you can see we've done so well in in cash flows. There is no point in processing, let's say, when you have your plan for in opening the floodgates for lower grade or, so my point is we are very.

我們保持處於最低水平，因為我們的主要重點是提高利潤率，這就是為什麼你可以看到我們的現金流表現如此出色。假設，當你有計劃為低年級學生打開閘門時，處理是沒有意義的，所以我的觀點是，我們非常。

Deliberate and focus on keeping costs under control and on keeping the margin, the widest possible to have the highest free cash flow. I'll tell you one metric that underspins this. Look at our free cash flow per ounce in the first quarter. It was in the $600. That's higher, for example, than our two largest beers in the industry.

慎重考慮並專注於控製成本和保持盡可能高的利潤率，以獲得最高的自由現金流。我會告訴你一個支持這個觀點的指標。看看我們第一季每盎司的自由現金流。價格在 600 美元左右。例如，這比我們業界最大的兩款啤酒的銷售量還要高。

So that just underpins we are not changing the core sort of guide, the core prices that we use for operations for resources for reserve, and we're maintaining them way below the current gold price. And that then answers your second question, which is either bring?

因此，這只是強調我們不會改變核心指導價格，即我們用於資源儲備營運的核心價格，並且我們將其維持在遠低於當前黃金價格的水平。這就回答了你的第二個問題，那就是帶來什麼？

No, it has nothing to do with the gold price. This is about our understanding, we've done a lot of work at the whole company, in the last years. In understanding the horizons of the different assets, let's say in a 5-, 10-, and 20-year window, we've actually got to start talking in the next quarters of each asset. Let me give you, probably a preview of that, probably the one that we will talk.

不，這與金價無關。這是關於我們理解的，在過去的幾年裡，我們在整個公司做了很多工作。在了解不同資產的前景時，比如說在 5 年、10 年和 20 年的時間範圍內，我們實際上必須開始討論每種資產的下幾個季度的情況。讓我給你一個大概的預覽，大概就是我們將要討論的。

We are seeing like an incredible long-term future for GAA, even higher than it is today. And going way into the to the end of 2030s. So, we've done that across the whole company. And so when I do pri, we understood the potential of Edure, that's when we said, okay, this makes sense that we continue this path on our own.

我們看到了 GAA 令人難以置信的長期未來，甚至比現在更高。並將持續到 2030 年代末期。因此，我們在整個公司都這樣做了。所以當我做 pri 時，我們了解了 Edure 的潛力，那時我們說，好吧，我們自己繼續這條路是有意義的。

We'll give you more color of that when we have we just taken this decision, and I can give you more color on how we're going to get to 300,000, but at this stage it's early stages. We know the potential we have. We just have to unlock with more studies how are we going to get that potential.

當我們做出這個決定時，我們會向你們提供更多細節，我也可以向你們提供更多細節，說明我們如何達到 30 萬，但目前還處於早期階段。我們知道我們擁有的潛力。我們只需要透過更多的研究來了解如何發揮這種潛力。

Okay, thank you.

好的，謝謝。

What did he ask me about?

他問我什麼了？

Yeah, he asked me about 300.

是的，他問了我大約 300 美元。

Oh, I'm sorry, I thought it was I do. So Cuiaba, it's the same, but [Cuiyabba], we're already at 2,602 70, so it's just going to be that the average grade is going to be pushing into the sixth and higher, and yeah, that's what we understand, probably much better how we get to 300. I think that all the studies and all of that. Underpin that we should be there in two years or something like that, to maximum three, but I think two years we'll get at the 300,000 level.

哦，對不起，我以為是的。庫亞巴的情況也一樣，但是 [庫亞巴] 的人數已經達到 2,602 70 人，所以平均成績將會上升到六年級或更高，是的，這就是我們所理解的，如何達到 300 人可能要好得多。我認為所有的研究和所有這些。我認為我們應該在兩年左右的時間內達到這個目標，最多三年，但我認為兩年後我們就能達到 30 萬的水平。

Adrian Hammond, SBG Securities.

阿德里安·哈蒙德，SBG 證券公司。

Thanks, operator. Hi, Alberto, firstly, yeah, well done on a good quarter, particularly that your cost management is very disciplined in spite of record gold prices, which is Contrary to the past, so well done there. But I'd just like to ask a bit about Sukari. Great performance on costs down 24% year-on-year.

謝謝，接線生。你好，Alberto，首先，是的，在這個季度裡你們做得很好，特別是儘管金價創歷史新高，但你們的成本管理仍然非常嚴謹，這與過去相反，所以做得很好。但我只是想問一些有關 Sukari 的問題。成本較去年同期下降24%，表現優異。

So what's driving that? Where have you managed to yield a change at Sukari? And then following our visit there earlier this year, there was Certainly some prospects around connecting to the grid that could have meaningful change to the costs further. Any progress there and any progress on the draft mining code that included value share that was expected to come through?

那麼，是什麼原因導致這現象的發生呢？您在 Sukari 的哪些方面做出了改變？繼今年早些時候我們去那裡訪問之後，我們確實看到了一些有關連接電網的前景，這可能會進一步顯著改變成本。那裡有什麼進展嗎？包括預計將通過的價值份額在內的採礦法規草案有什麼進展嗎？

Okay. So, I'll ask you to give you the details on the first question on Sukari, but there was a different classification of what they put in cash cost. We put in basically growth capital. You remember that was an issue in the last quarter when there was a surprise of why the numbers were higher in capital, and it was related to that.

好的。因此，我請您提供有關 Sukari 的第一個問題的詳細信息，但是他們對現金成本的分類有所不同。我們投入的基本上就是成長資本。您記得這是上個季度的一個問題，當時人們對資本數字為何更高感到驚訝，這與此有關。

So there's a definition, just a different definition that we use, but on top of that, they are again very good in terms of higher production and cost control. So, there's a real reduction in cash cost per ounce, but part of that explanation is that, Jillian.

所以有一個定義，只是我們使用的不同定義，但最重要的是，它們在更高的產量和成本控制方面再次表現得非常出色。因此，每盎司的現金成本確實降低了，但部分原因在於，吉莉安。

That's exactly right. So, it actually was stripping slightly better grade, and then and yeah, and the definitions. The definitions between AGA and sentiment. So, the higher grade is coming through and higher production, there's a change in waste dripping.

完全正確。因此，它實際上剝奪了稍微好一點的等級，然後，是的，還有定義。AGA與情緒之間的定義。因此，隨著品位的提高和產量的增加，廢料滴落的情況發生了變化。

And I think probably the most important piece to note is this is pre-sort of full of potential work that's going to happen, later on this year. So, we're really happy and we see a further opportunity there as well.

我認為可能最重要的一點是，這是今年稍後將要發生的充滿潛在工作的預先安排。所以，我們真的很高興，我們也看到了進一步的機會。

Okay, and then, connecting to the grid, so that is going to happen. There were some issues on the contract, that we wanted to clarify, so we've worked a bit on the terms of the contract and all of that, but I think that that is proceeding well on line 26. Come in line in 26.

好的，然後連接到電網，這樣就會發生這種情況。合約中存在一些問題，我們想澄清一下，所以我們對合約條款等進行了一些工作，但我認為第 26 行的進展很順利。26號排隊。

And then, one thing probably to, that came clear it was defined by the way it's now signed and sealed in the tax exemption for the next 15 years in Egypt, the draft mining code.

然後，可能有一件事很清楚，它是透過現在簽署和蓋章的埃及未來 15 年的免稅規定（採礦法草案）來定義的。

Yeah, on the draft mining code that's gone to the cabinet and it's also gone to Presidential approval, and we're just waiting for notification for you can come and sign. So I think, we've been position they've come through the next important.

是的，採礦法草案已經提交內閣，並且已經得到總統批准，我們只是在等待通知，以便您可以來簽署。所以我認為，我們已經確定他們已經度過了下一個重要時刻。

Thanks, and then just on your assets in general, tier 1, versus tier 2, do you think there are only tier 2 assets that could become tier one assets in your portfolio, you get the sense that, you're looking more inward versus asset sales previously given the price and then for Gillian, any chance you might want to switch to a semi-annual top up that may perhaps control the lazy balance sheet if so it became it became a criticism from me, from the market.

謝謝，然後就您的一般資產而言，一級資產與二級資產相比，您是否認為只有二級資產才可能成為您投資組合中的一級資產，您是否感覺到，與先前給出價格的資產出售相比，您更看重內部資產，然後對於 Gillian 來說，您是否有可能想要切換到半年補足，這也許可以控制懶惰的資產負債表，如果是這樣，就成了我和市場的批評。

Yes. So, I think that there are two assets. We've announced one, but the second one, it'll take us some time, but I think it has the potential to become tier one, and that means low cost and significant production. So, the first one is Cuiabban, the second one is Seguti. We're very excited by the future of Siguiri. It will take us some time.

是的。所以，我認為有兩種資產。我們已經宣布了一款，但第二款還需要一些時間，但我認為它有潛力成為第一級，這意味著低成本和大量生產。第一個是 Cuiabban，第二個是 Seguti。我們對 Siguiri 的未來感到非常興奮。我們需要一些時間。

But, not only the potential for a map, there's no question on the reasons. There's no question that we can sustain very high levels of production, 400 on 1,000 plus for decades. We just, there's a, there's still question marks on how we do that. There's, we've done a lot of progress with communities.

但是，這不僅具有地圖的潛力，其原因也毋庸置疑。毫無疑問，我們可以維持非常高的產量水平，幾十年來產量維持在 400 噸以上。我們只是，對於如何做到這一點仍然存在疑問。我們在社區營造方面已經取得了很大進展。

I have to say the government, the new minister of mines, yeah, we think it is exceptional, and we are receiving a lot of support and we're quite happy there. But so, there are issues to be worked, but in terms of potential, it really has all the potential to be tier one. And Cuyaba is already a tier one.

我必須說，政府、新任礦業部長，是的，我們認為這是非常出色的，我們得到了很多支持，我們對此感到非常高興。但是，還有一些問題需要解決，但就潛力而言，它確實有潛力成為第一級。而 Cuyaba 已經是一級的了。

Probably I'll add something in your question. We said we are working; I said three months ago on about two or three disposals. They're obvious, but I wasn't saying the names. We completed one already in the first half, and I would expect to complete another one in the second half. We're not going to, if we don't find an appropriate buyer, we won't do it, but I think that there's some interesting possibilities of continuing this disciplined approach to portfolio management.

我可能會對您的問題進行補充。我們說我們正在努力；三個月前我就說過要進行大約兩到三次處置。它們很明顯，但我沒有說出名字。我們在上半年已經完成了一項，我希望在下半年完成另一項。如果我們找不到合適的買家，我們就不會這麼做，但我認為繼續採用這種嚴謹的投資組合管理方法存在一些有趣的可能性。

And I'm sorry, Adrian, I kind of understood your question to be similar to the one Alberto answered on dividend allocation policy. So just the fact that we were, we could continue to review, we've implemented the quarterly dividend and we're open to revising options or whatever towards the end of the year. I mean, that's indirectly.

抱歉，阿德里安，我理解你的問題與阿爾貝托關於股利分配政策回答的問題類似。事實上，我們可以繼續審查，我們已經實施了季度股息，並且我們願意在年底前修改選擇權或其他任何內容。我的意思是，這是間接的。

What you asked. I think it not exactly it's the same poli it's the same policy you have. You're just paying it more frequently.

你問的是什麼。我認為這並不完全是相同的政策，而是相同的政策。您只是更頻繁地付款而已。

Yeah, it's just look with this right now we're just implementing the policy, we'll discuss with the board if we do something at the half year instead of at the end of the year, but the policy is the end of the year, but It's a discussion, we can't discuss it.

是的，現在我們正在執行這項政策，我們會與董事會討論是否在半年而不是年底做某事，但政策是在年底，但這是一個討論，我們不能討論它。

Thank you. At this time, yes, thank you, so please go ahead.

謝謝。這次，是的，謝謝，請繼續。

Right, we're going to take some questions from the webcast. So, two questions from [Ikateko] at Investec for Alberto and Gillian and these price levels close to record highs, as hedging and locking in some of these higher prices increased in appeal, first one.

好的，我們將回答網路直播中的一些問題。因此，Investec 的 [Ikateko] 向 Alberto 和 Gillian 提出了兩個問題，這些價格水平接近歷史最高水平，因為對沖和鎖定部分較高價格的吸引力增加了，這是第一個問題。

The second one is just your view on M&A at this point in the cycle.

第二個問題只是您對目前週期階段的併購的看法。

Thank you. So, our policy is as a rule is not to hedge. There's always exceptions, like in the case we talked about in Brazil, but now, I can probably.

謝謝。因此，我們的政策一般是不進行避險。總是會有例外，就像我們在巴西談到的情況一樣，但現在，我可能可以。

Just, guess the amount of sort of, profit impact of the hedging of some of our beers like it it's a very that it's just a plain lottery, so we do, we don't do that, we're naturally hedged and we won't hedge as a policy. So, M&A, I'll probably go back to what we've said in the past. We're very focused internally, we're very focused in discipline.

只是，猜猜我們某些啤酒的對沖對利潤的影響有多大，就像一場普通的彩票，所以我們不會這樣做，我們自然會進行對沖，我們不會將對沖作為一項政策。因此，關於併購，我可能會回顧我們過去所說的內容。我們非常注重內部，我們非常注重紀律。

The business development group is mainly focused on divestors. As I said before, they always have a mandate to look at opportunities. But that's always, complicated, and, yeah, that's part of the job, but if you ask me, the focus of the company is. Internally fullest potential, discipline, integrating Sukari, and that's the main area of our focus.

業務發展小組主要關注撤資者。正如我之前所說，他們始終有義務尋找機會。但這總是很複雜的，是的，這是工作的一部分，但如果你問我，公司的重點是。內在最大潛力、紀律、整合 Sukari，這是我們關注的主要領域。

Good. Thanks, Alberto. Then, good to see David Horton, back from global mining research. David, your questions on [idiore] options and also potential other assets, to be rationalized. I think been answered, but thanks for those.

好的。謝謝，阿爾貝托。很高興看到大衛霍頓 (David Horton) 從全球採礦研究回來。大衛，你關於[idiore]選擇權以及其他潛在資產的問題需要合理化。我認為已經得到答覆了，不過還是感謝你們。

There's another one from Tania Jakuskane from Scotia. Tanya has a question on North Bullfrog saying that, given the new permit time frame, does it mean production, and now it expected in around 2028.

還有來自蘇格蘭的 Tania Jakuskane 的留言。Tanya 對 North Bullfrog 提出了一個問題，即考慮到新的許可證時間框架，這是否意味著生產，現在預計在 2028 年左右。

Yeah, that's right, that's the expectation is close in 2028. Right, Tanya, your question on whether the permitting delayed impact Anglogold, I think it's similar to the one Josh asked so that's answered. One for Gillian on guidance, just, guidance is second half weighted. Are you looking at 45, 55, H1, H2, and what about capital over that period of time.

是的，沒錯，預計 2028 年就會實現。好的，Tanya，你的問題是許可延遲是否會影響 Anglogold，我認為這與 Josh 提出的問題類似，所以已經回答了。一個是針對 Gillian 的指導，只是，指導是後半部加權的。您是否關注 45、55、H1、H2，以及該時間段內的資本狀況。

No, so I think it's far more balanced than in previous periods and probably against our peers, I think it's more 4,852 in aggregate, and then, teams are making good progress on staying business capital spend, so no real swings.

不，所以我認為它比前幾個時期更加平衡，可能與我們的同行相比，我認為總體上超過 4,852，然後，團隊在保持業務資本支出方面取得了良好的進展，所以沒有真正的波動。

They always have the kind of goal the rush at the at the end of the year to get orders for things in place, etc. But not anything sorts of out of the ordinary, we're thinking quite balanced across the year. Great, thanks.

他們總是有這樣的目標，在年底趕緊把訂單準備好，等等。但不會出現任何不尋常的情況，我們認為全年都會保持平衡。太好了，謝謝。

Gillian. I think that's it from the webcast. I see there are no other questions on the queue. So I mean, I'm going to quickly just hand over to Alberto for a couple of closing comments.

吉莉安。我認為網路直播的內容就是這樣的。我看到隊列中沒有其他問題。所以我的意思是，我很快就會把時間交給 Alberto 來做幾點結束語。

Thank you to Stewart.

感謝斯圖爾特。

I'd like to take a minute before signing off to recognize the enormous contribution that Richard has made to us over about 15 years and we goal Ashanti, Richard Jordan on our COO. Aside from the incredible stability and predictability you see in the portfolio at the moment, and the fact that we closed the cost GAAP with most of our peers, he has had a far more profound impact over the long-term fortunes of the business.

在結束之前，我想花一點時間來認可理查德 15 年來為我們做出的巨大貢獻，我們的目標是阿散蒂，理查德喬丹是我們的首席營運官。除了目前投資組合中看到的令人難以置信的穩定性和可預測性，以及我們與大多數同行採用相同的成本 GAAP 之外，他對業務的長期發展產生了更深遠的影響。

It was Richard who masterminded the pivot to hybrid mining at Obuasi, and it's Richard who has evangelized the use of RC drilling for underground grade control, both of which will add shareholder values for decades to come.

理查德是奧布阿西 (Obuasi) 混合採礦轉型的策劃者，也是理查德大力推廣使用 RC 鑽探進行地下品位控制，這兩項技術都將在未來幾十年增加股東價值。

He's also been a wise counsel to me since I started here, but he was a GM at Keta, and I'm very fortunate that he will remain available to me in that advisory role, even after his retirement. I'd like to offer Richard a deep gratitude and wish him a good rest and all the very best in this new chapter.

自從我來到這裡以來，他也一直是我的明智顧問，但他曾是 Keta 的總經理，我很幸運，即使在他退休後，他仍將擔任我的顧問。我要向理查德表達深深的謝意，並祝他好好休息並在新的篇章中一切順利。

Thanks very much, Irene, and thank you everybody for joining us on today's.

非常感謝，艾琳，也感謝大家參加今天的活動。

Ladies and gentlemen, that concludes today's conference. Thank you for joining us. You may now disconnect your lines.

女士們、先生們，今天的會議到此結束。感謝您加入我們。現在您可以斷開線路了。