Anglogold Ashanti PLC (AU) 2025 Q2 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the Anglogold Ashanti Q2 2025 earnings release. (Operator Instructions) Please note that this event is being recorded.

女士們、先生們，下午好，歡迎參加 Anglogold Ashanti 2025 年第二季財報發表會。（操作員指示）請注意，此事件正在被記錄。

I'll now hand you over to Mr. Stewart Bailey. Please go ahead, sir.

現在我將您交給史都華貝利先生。先生，請繼續。

Thanks, Judith, and good morning, good afternoon to everybody. Thank you for joining us for this Q2 2025 results call. We have Alberto and Gillian in the room and then also other members of our executive team available.

謝謝，朱迪思，大家早安，下午好。感謝您參加 2025 年第二季業績電話會議。房間裡有 Alberto 和 Gillian，還有我們執行團隊的其他成員。

Before we start, I would ask you just to look at our safe harbor statement at the beginning of the presentation, which requires important information, including regarding forward-looking statements. It is important and we urge you to read it.

在我們開始之前，我想請您看一下演示開始時的安全港聲明，其中需要重要信息，包括有關前瞻性陳述的信息。它很重要，我們強烈建議您閱讀它。

I'll hand over to Alberto.

我將把麥克風交給 Alberto。

Thank you, Stuart. I'm pleased to report another excellent quarter showing continued momentum in the business. The result, which is very good by any measure is underpinned by steady delivery to plan a strong financial result of growth in free cash flow and earnings. Production from our managed operations was up 25% year-on-year.

謝謝你，斯圖爾特。我很高興地報告，本季又取得了優異成績，顯示公司業務持續保持良好勢頭。無論以何種標準衡量，這一結果都是非常好的，這得益於穩定的交付，從而計劃實現自由現金流和收益增長的強勁財務結果。我們管理的業務的產量年增了 25%。

Earnings and cash flow were the strongest in recent memory, due to a bid that doubled year-on-year and free cash flow was almost up 150%. With almost a $1 billion of free cash flow in the first half, and leverage close to zero, the balance sheet is at its strongest level ever. Costs were again well controlled despite inflationary pressures and importantly higher royalties.

由於出價同比翻了一番，且自由現金流幾乎增長了 150%，因此盈利和現金流達到了近期最強勁的水平。上半年自由現金流接近 10 億美元，槓桿率接近零，資產負債表處於歷史最高水準。儘管面臨通貨膨脹壓力以及較高的特許權使用費，但成本仍然得到了很好的控制。

Our performance bucks the long-term industry trend of costs rising in tandem with the gold price. Since 2021, our cash cost and all in sustaining costs have remained remarkably stable in real terms, up just 2% and 1% respectively. This outcome reflects our focus on ruthless cost control, discipline, execution, and operational excellence. Safety remains our highest priority, and we're committed to eliminating injuries from our sites.

我們的業績逆轉了成本隨金價上漲的長期產業趨勢。自 2021 年以來，我們的現金成本和所有維持成本實際上保持非常穩定，分別僅上漲 2% 和 1%。這一結果反映了我們對嚴格成本控制、紀律、執行和卓越營運的關注。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。

We're proud of the strides we've made, but always mindful that we're only ever as good as our last injury-free day. We work hard to mitigate risk and to learn from our mistakes and near misses. A TRIFR improved 17% year-on-year to 0.8 injuries per million hours work. That's the lowest ever and it remains well below the 2024 ICMM member average.

我們為所取得的進步感到自豪，但始終牢記，我們的表現只會取決於我們最後一天沒有受傷的程度。我們努力降低風險並從錯誤和未遂事件中學習。TRIFR 年比去年同期改善了 17%，達到每百萬工時 0.8 次受傷。這是有史以來的最低水平，並且仍遠低於 2024 年 ICMM 成員的平均水平。

What we can control, we need to control very well. That's clear when you look at our managed operations. Production benefited from Sukari's inclusion and higher contributions from Geita, Obuasi, Siguiri, and Cuiaba.

對於我們能夠控制的事情，我們需要好好控制。當您查看我們的管理作業時，這一點就很明顯了。蘇卡里的加入以及蓋塔、奧布阿西、西吉里和庫亞巴的更大貢獻使產量有所提高。

Sukari has established itself as one of our top operations. Data delivered another strong performance with increases in ore tons and higher grades from the open pit. As it continued its ramp up, total cash cost for managed operations were only 6% higher, driven predominantly by inflation and higher royalties. And by the way, higher royal higher royalties is what we believe is the only good cost.

Sukari 已成為我們最重要的業務之一。數據再次表現強勁，露天礦場的礦石噸數增加且品位提高。隨著業務的持續成長，管理業務的總現金成本僅上漲了 6%，主要原因是通貨膨脹和特許權使用費上漲。順便說一句，我們認為更高的版稅是唯一好的成本。

Free cash flow was $535 million more than double last year's result. You see it too in our overall profitability, EBITDA also more than doubled to $1.44 billion. Headline earnings were up 151% to $639 million. We have ample liquidity, no material, near term maturities and leverage of 0.

自由現金流達 5.35 億美元，比去年同期的兩倍還多。您也可以從我們的整體獲利能力中看到這一點，EBITDA 也成長了一倍多，達到 14.4 億美元。總收益成長 151%，達到 6.39 億美元。我們擁有充足的流動性，沒有重大的近期到期債務，槓桿率為 0。

Our dividend policy provides for a 12.5% payout each quarter of around $63 million. It also provides for a annual true up of up to 50% of free cash flow. We've used discretion to make that true up at the half year, which reflects not only the extraordinary cash flow generation of the first six months, but also our confidence in the outlook of the business. That takes the dividend declaration to $0.80, a share for approximately $406 million and it brings the total dividends declared for the first half of the year to approximately $469 million clearly more than double, at least what we've done in the past 15 years.

我們的股利政策規定每季派息 12.5%，約 6,300 萬美元。它還提供每年高達 50% 的自由現金流補償。我們謹慎地在半年內實現了這一目標，這不僅反映了前六個月非凡的現金流創造，也反映了我們對業務前景的信心。這使得股息宣告達到每股 0.80 美元，總額約為 4.06 億美元，並使今年上半年宣告的股息總額達到約 4.69 億美元，顯然是過去 15 年的兩倍多。

That provides one of the most generous yields in the sector, and all things being equal, we expect more of the same in the second half. We will continue to evaluate further capital allocation options over the remainder of the year with a particular focus on buybacks of shares or debt.

這為該行業提供了最豐厚的收益率之一，在其他條件相同的情況下，我們預計下半年將出現更多類似的收益率。我們將在今年剩餘時間內繼續評估進一步的資本配置方案，特別關注股票或債務的回購。

Our Tier 1 assets account for around two-third of production and 80% of reserves. We expect to see that production share rise at Obuasi ramp ups as Obuasi ramps up. Our Tier 2 assets are also making a big contribution. What you see here are healthy margins and exceptionally cash flow leverage. We remain active managers of our portfolio. The sale of Serra Grande ensures we properly allocate management time and further sharpen our focus on the core of the business.

我們的一級資產約佔產量的三分之二和儲量的80%。我們預計，隨著奧布阿西產量的增加，奧布阿西產量份額也將隨之增加。我們的二級資產也做出了巨大貢獻。您在這裡看到的是健康的利潤率和異常高的現金流槓桿。我們依然積極管理我們的投資組合。出售 Serra Grande 確保我們合理分配管理時間並進一步集中精力於業務核心。

During this extraordinary turnaround journey, we've been on since 2021, we've continued to assessed, where we can generate the most value. And the answer is clear. The best opportunities remain within. First, we are committed to lifting performance from our core assets, driving margin growth through cost discipline. Full asset potential has been invaluable in this regard, keeping costs flat in real terms. That's improved our position on the cost curve and helps us to reliably deliver on our guidance.

自 2021 年以來，我們一直在經歷這段非凡的轉型之旅，並不斷評估我們可以在何處創造最大價值。答案是明確的。最好的機會仍然存在於我們自身之中。首先，我們致力於提升核心資產的業績，透過成本控制推動利潤率成長。在這方面，充分發揮資產潛力是非常寶貴的，可以保持實際成本穩定。這改善了我們在成本曲線上的地位，並幫助我們可靠地實現我們的指導。

This is now embedded in how we work, and we see more opportunity to drive value. The insights from this program have helped us to unearth a pipeline of organic growth options that are beginning to reveal themselves. This pipeline extends well beyond Obuasi, which itself is starting to develop a consistent operating cadence as it ramps up. There are other equally exciting projects to build scale. And extend life at Cuiaba, Siguiri, Geita, and [Edorimm]. These are relatively low risk, low capital intensive opportunities that allow us to leverage our existing footprint, infrastructure, and knowledge.

這已經融入我們的工作方式中，我們看到了更多推動價值的機會。此計劃的見解幫助我們發掘出一系列開始顯現的有機成長選擇。該管道延伸至奧布阿西以外，隨著管道的擴大，奧布阿西本身也開始形成穩定的運作節奏。還有其他同樣令人興奮的項目正在擴大規模。延長庫亞巴、西吉里、蓋塔和[埃多里姆]。這些是相對低風險、低資本密集的機會，使我們能夠利用現有的足跡、基礎設施和知識。

The returns are, as you can imagine, more than competitive. We'll flesh out in the coming quarters helping the daylight more value in this extraordinary portfolio of ours. In November, we will be talking about, start talking about Geita in more detail. And third, we're laying the foundations for the next stage of growth in Nevada, a world-class gold camp where we're building scale, size, and optionality.

正如您所想像的，回報非常具有競爭力。我們將在未來幾季進一步充實，幫助我們的非凡投資組合發揮更多價值。11 月，我們將開始更詳細地討論 Geita。第三，我們正在為內華達州下一階段的成長奠定基礎，我們將在這裡打造一個世界級的金礦營地，擴大規模、擴大規模、增加選擇性。

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. The proposed acquisition of Augusta Gold consolidates this important district and improves our ability to unlock significant synergies across permitting infrastructure across permitting infrastructure and development sequence. It improves our ability to optimize capital, reduce execution risk and streamline stakeholder engagement.

我們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。擬議的奧古斯塔黃金收購鞏固了這一重要地區，並提高了我們在許可基礎設施和開發序列之間釋放重大協同效應的能力。它提高了我們優化資本、降低執行風險和簡化利害關係人參與的能力。

I will now hand over to Gillian to go over the financial results.

現在我將把時間交給 Gillian 來報告財務表現。

Thank you, Alberto. The gold price maintained its upward trend with the average price during the quarter, $3,287 an ounce, a 41% increase year-on-year. The stronger gold price was influenced by sustained central bank buying, heightened geopolitical tensions, interest rate expectations, and uncertainty around US fiscal policy.

謝謝你，阿爾貝托。金價維持上漲趨勢，本季平均價格為每盎司3,287美元，較去年同期上漲41%。金價走強受到央行持續購買、地緣政治緊張局勢加劇、利率預期以及美國財政政策不確定性的影響。

US CPIEs to 2.7% from 3% in 2024, with oil prices 27% lower than Q2 of the last year. Inflation moderated across most of our jurisdictions with significant disinflation in Argentina, down to 39% from 272% a year ago. Inflation in Brazil moderated to 5.4% from 4.2% a year earlier.

2024年，美國國民經濟活動指數將從3%降至2.7%，油價將比去年第二季低27%。我們大多數轄區的通貨膨脹率都有所緩和，其中阿根廷的通貨膨脹率明顯下降，從一年前的 272% 降至 39%。巴西的通膨率從一年前的4.2%降至5.4%。

Our realized inflation rate, which represents CPI changes in the jurisdictions that we operate was around 4.6%, maintaining upward pressure on costs. We continue to look for opportunities to offset cost impacts from the macro factors we are exposed to.

我們的實際通貨膨脹率（代表我們經營所在轄區的消費者物價指數變動）約為 4.6%，這維持了成本上行的壓力。我們將繼續尋找機會來抵銷我們所面臨的宏觀因素對成本的影響。

Our managed operations drove the production out of performance for Q2, with gold production of 25% year- on-year to 729,000 ounces compared to 529,000 ounces in Q2 of last year. This reflects the contribution from Sukari and improved performances at key assets, including Obuasi up 31%, up 20%, CBSA up 7%, Cuiaba up 6%, and Siguiri up 6%.

我們的管理營運導致第二季的產量超出預期，黃金產量年增 25% 至 729,000 盎司，而去年第二季為 529,000 盎司。這反映了蘇卡里的貢獻以及主要資產表現的改善，包括奧布阿西上漲 31%、上漲 20%，CBSA 上漲 7%，庫亞巴上漲 6%，西吉里上漲 6%。

The increase was partially offset by the 9% lower production from Cuiaba due mainly to lower tons in grade. Siguiri contributed 129,000 ounces in its second full quarter, firmly establishing its role as one of the top producers. Obuasi delivered strong 71,000 ounces in Q2 of 2025, a 31% year-on-year increase as grade improved and production ramped up steadily.

庫亞巴產量下降 9%，主要原因是礦石品位較低，部分抵消了產量成長。Siguiri 在其第二季度貢獻了 129,000 盎司，牢固確立了其作為頂級生產商之一的地位。2025 年第二季度，奧布阿西 (Obuasi) 黃金產量強勁增長，達到 71,000 盎司，同比增長 31%，因為黃金品位提高，產量穩步提升。

Siguiri continued its strong operating performance from Q1, achieving 85,000 ounces in Q2, 5,000 higher year-on-year, supported by improved throughput and recoveries. Iduapriem experienced a challenging quarter, with production down due to lower grades at [Ajopa] and processing of lower grade stockpiles.

Siguiri 延續了第一季強勁的營運業績，第二季產量達到 85,000 盎司，年成長 5,000 盎司，這得益於吞吐量和回收率的提高。伊杜阿普里姆 (Iduapriem) 經歷了一個充滿挑戰的季度，由於 [Ajopa] 礦山品位較低以及庫存處理量較低，導致產量下降。

Total cash costs for managed ops increased by 6%, stemming from continued inflation and a higher gold price linked royalties. These cost pressures were partially offset by full asset potential, operational excellence, and the addition of Siguiri to the portfolio.

由於持續的通貨膨脹和與黃金價格掛鉤的特許權使用費上漲，管理營運的總現金成本增加了 6%。這些成本壓力被全部資產潛力、卓越營運以及 Siguiri 加入投資組合所部分抵消。

All in sustaining costs at managed operations remained more or less flat in real terms. On a nominal basis, ASIC increased by 4%, reflecting inflationary pressures and higher royalties. We remain focused on strong cost discipline, driving operational efficiencies and prudent capital allocation.

管理營運的所有維持成本實際上基本上保持不變。名義上，ASIC 增加了 4%，反映了通膨壓力和更高的特許權使用費。我們仍然注重嚴格的成本控制、提高營運效率和審慎的資本配置。

These results reflect another strong performance from the business. Earnings and free cash flow more than doubled, driven by continued cost discipline, a 21% increase in gold production, and the higher average gold price.

這些結果再次體現出該業務的強勁表現。受持續的成本控制、黃金產量增長 21% 以及平均金價上漲的推動，盈利和自由現金流增長了一倍以上。

Adjusted EBITDA rose 111% year-on-year to $1.44 billion, the jump in both gold price and sale sales volumes drove this increase. This was partly offset by higher total cash costs, which reflects higher volumes, inflation, and those royalty costs linked to gold price.

調整後的 EBITDA 年增 111% 至 14.4 億美元，金價和銷售量的上漲推動了這一增長。這部分被更高的總現金成本所抵消，這反映了更高的產量、通貨膨脹以及與黃金價格相關的特許權使用費。

In addition, adjusted EBITDA was also impacted by planned costs to manage legacy tailing facilities in Brazil, in line with our ICMM commitments and the care and maintenance costs at our CDS operation. Basic earnings rose to $669 million from $253 million a year earlier.

此外，調整後的 EBITDA 也受到管理巴西遺留尾礦設施的計畫成本的影響，這與我們對 ICMM 的承諾以及我們 CDS 營運的維護和保養成本一致。基本利潤從上年同期的 2.53 億美元增至 6.69 億美元。

Net cash flow from operating activities was up 142% to just over a $1 billion, reflecting improved operating fundamentals and cash conversion. Free cash flow of $535 million was more than double last year's number. Adjusted net debt fell 92% versus June 2024, reducing net debt to EBITDA to almost zero, significantly increasing our financial flexibility.

經營活動產生的淨現金流成長 142%，達到 10 億美元多一點，反映出經營基本面和現金轉換的改善。5.35 億美元的自由現金流是去年的兩倍多。調整後的淨債務與 2024 年 6 月相比下降了 92%，將淨債務與 EBITDA 的比率降至幾乎為零，大大提高了我們的財務靈活性。

Our aim remains to close the valuation GAAP with the North American peers by sustaining operational improvements, maximizing cash conversion, extending mine life, and maintaining disciplined capital allocation.

我們的目標仍然是透過持續營運改善、最大化現金轉換、延長礦場壽命和維持嚴格的資本配置，使估值 GAAP 與北美同行接近。

Our cash cost performance continues to highlight the progress we're making to strengthen our position on the cost curve. Group total cash costs were $1,266 an ounce in Q2, 8% higher year-on-year due to the macro factors I described earlier.

我們的現金成本表現持續凸顯了我們在加強成本曲線地位方面所取得的進展。由於我之前描述的宏觀因素，集團第二季總現金成本為每盎司 1,266 美元，較去年同期成長 8%。

You can see from the chart on the controllables that Kibali's performance affected our overall cash cost position by around $18 an ounce, and we managed to claw back most of this through a strong performance from our managed operations.

從可控因素圖表中可以看出，Kibali 的表現對我們的整體現金成本狀況產生了約 18 美元/盎司的影響，我們透過管理營運的強勁表現成功收回了大部分損失。

If we pause for a moment to talk about royalties again, as Alberto mentioned, we view as a good cost. We continue to see royalties move in lockstep with the gold price, which in turn ensures that our host governments and communities feel the direct benefit from our improved operations and a stronger gold price.

如果我們暫停一會兒再談論版稅，正如 Alberto 所提到的，我們認為這是一筆不錯的成本。我們繼續看到特許權使用費與金價同步變動，這反過來確保了我們的東道國政府和社區能夠感受到我們改善的營運和更強勁的金價帶來的直接利益。

A useful rule of thumb as you work through your models is that for every $100 per ounce move in the gold price causes roughly just around $5 an ounce corresponding move in cash costs linked to royalties. Full asset potential continues to play an important role for us in mitigating the ongoing pressure on our costs.

當您制定模型時，一個有用的經驗法則是，黃金價格每盎司每變動 100 美元，就會導致與特許權使用費相關的現金成本相應變動約每盎司 5 美元。充分發揮資產潛力對於我們緩解持續的成本壓力持續發揮重要作用。

Group ASIC rose 7%, while ASIC for managed operations increased by just 4%, demonstrating continued strength in delivery of our sustaining capital program. We remain focused on converting higher gold prices into stronger earnings and free cash flow, which rose to $535 million in Q2 2025, up from $215 million in the prior year.

集團 ASIC 上漲 7%，而管理營運的 ASIC 僅上漲 4%，顯示我們持續執行維持資本計畫的實力持續增強。我們仍然專注於將更高的金價轉化為更強勁的盈利和自由現金流，到 2025 年第二季度，這一數字將從上年的 2.15 億美元增至 5.35 億美元。

The stronger gold price gave us a $700 million impact. Higher gold sales driven by Geita and Siguiri and the contribution from Sukari added another $353 million to free cash flow. Operating cost increases of $216 million reflect targeted investments in asset integrity and inflation-linked inputs. The $140 million working capital outflow reflects a combination of normal operating cycle effects, seasonal timing issues, and a few one-off items.

金價走強為我們帶來了 7 億美元的影響。在 Geita 和 Siguiri 的推動下，黃金銷售額成長，加上 Sukari 的貢獻，為自由現金流增加了 3.53 億美元。營運成本增加 2.16 億美元，反映了對資產完整性和通膨掛鉤投入的定向投資。1.4 億美元的營運資本流出反映了正常經營週期效應、季節性時間問題以及一些一次性項目的綜合影響。

Receivables absorbed $145 million driven by the timing of gold sales, particularly at Sukari, VAT claims at Geita, Iduapriem, and Obuasi tax-related pre-payments in Australia. Inventories released $19 million, mainly driven -- mainly related to inventory and process, and payables absorbed $14 million with the biggest component being the payment of our landholder duties in Australia linked to our 2023 re-domicile.

應收帳款吸收了 1.45 億美元，這主要是由於黃金銷售時機，特別是在 Sukari，Geita、Iduapriem 的增值稅索賠以及澳洲 Obuasi 的稅務相關預付款。庫存釋放了 1900 萬美元，主要與庫存和流程有關，應付款項吸收了 1400 萬美元，其中最大的部分是支付與我們 2023 年重新註冊相關的澳洲土地所有者稅。

Capital expenditure rose in line with plan and reflects the integration of Sukari, reinforcing our commitment to sustaining and growing our asset base. You'll see the $150 million in dividends to non-controlling interests, reflecting the strong performance from Sukari and the consequent payments to our partner, [EMRA] in Egypt.

資本支出按計劃增長，反映了 Sukari 的整合，強化了我們維持和擴大資產基礎的承諾。您將看到向非控股權益派發的 1.5 億美元股息，這反映了 Sukari 的強勁表現以及隨之而來的向我們在埃及的合作夥伴 [EMRA] 支付的款項。

The second graph illustrates free cash flow margin over time. It has our free cash flow return as a percentage of revenue with the profile demonstrating improvement in returns as the gold price has increased over the last [18].

第二張圖表顯示了自由現金流利潤率隨時間的變化。我們的自由現金流回報率佔收入的百分比，隨著過去金價上漲，回報率提高[18]。

This strong year-on-year expansion reflects improved operating cash flow and disciplined capital allocation across the portfolio. We maintained a strong liquidity position in a and a robust balance sheet during the quarter underpinned by continued financial discipline.

這一強勁的同比擴張反映了整個投資組合的經營現金流的改善和嚴格的資本配置。在持續的財務紀律的支持下，本季度我們保持了強勁的流動性狀況和穩健的資產負債表。

Adjusted net debt decreased to $92 million at the 30 of June 2025, with the adjusted net debt to EBITDA ratio improving to 0.02 times from 0.21 times at the 31 of December 2024, reflecting strong cash generation and a more efficient capital structure.

截至 2025 年 6 月 30 日，調整後淨負債減少至 9,200 萬美元，調整後淨負債與 EBITDA 比率從 2024 年 12 月 31 日的 0.21 倍改善至 0.02 倍，反映出強勁的現金產生能力和更有效率的資本結構。

Liquidity remains substantial at approximately $3.4 billion, including $2 billion in cash and cash equivalents, allowing us to fund our pipeline, return capital to shareholders, and navigate commodity price cycles with confidence. We are pleased to reaffirm our 2025 guidance on all metrics. Production is slightly second half weighted,

流動性仍然充足，約為 34 億美元，其中包括 20 億美元的現金和現金等價物，這使我們能夠為我們的管道提供資金、向股東返還資本，並充滿信心地應對商品價格週期。我們很高興重申我們對所有指標的 2025 年指引。產量略為偏向下半年，

And with that, I'll now hand back over to Alberto to ramp up -- wrap up.

現在，我將時間交還給 Alberto，讓他完成總結。

Thank you, Gillian. Before we close, I want to take a moment to reflect on the broader picture. The business is in good health. We've made tangible progress on every one of our strategic priorities. More importantly, we're operating safely, and that's a credit to every person across our business.

謝謝你，吉莉安。在我們結束之前，我想花一點時間回顧一下更廣泛的情況。業務狀況良好。我們在每一項策略重點上都取得了實際進展。更重要的是，我們正在安全運營，這對我們公司的每位員工來說都是一種榮譽。

We're delivering consistent growth from a portfolio anchored by high margin Tier 1 assets backed by a strong pipeline of options. We maintain cost discipline despite persistent inflation. Since 2021, our cash cost and only sustaining costs in real terms have risen by just under 2%.

我們透過以高利潤一級資產為基礎、以強大的選擇管道為後盾的投資組合實現了持續成長。儘管通貨膨脹持續存在，我們仍保持成本控制。自 2021 年以來，我們的現金成本和實際維持成本僅上漲了近 2%。

On our (inaudible) average is significantly higher than 15%. That gap matters, especially in a strong gold price environment, and it speaks to the resilience we've built into this business. Financially, we're in an exceptionally strong position, no leverage, strong liquidity, long dated maturities.

我們的（聽不清楚）平均值明顯高於 15%。這種差距很重要，尤其是在金價強勁的環境下，它反映了我們在該業務中建立的韌性。從財務角度來看，我們處於非常強勢的地位，沒有槓桿，流動性強，期限長。

Well, we built the business between end 2021 and Q1 of this year. We paid $1.2 billion in dividends, and at the same time, we've ensured our assets and growth projects are properly capitalized. Our new dividend policy will ensure shareholders see the fruits of the improved operating cadence, a higher gold price, and much higher cash flow we're seeing now.

嗯，我們在 2021 年底到今年第一季之間建立了這項業務。我們支付了 12 億美元的股息，同時確保我們的資產和成長項目得到適當的資本化。我們的新股利政策將確保股東看到我們現在看到的改善的營運節奏、更高的金價和更高的現金流帶來的成果。

We've been included in the Russell indexes, increasing visibility and relevance amongst US institutional investors. For as long as this company has been in existence, we've struggled with the disconnect of our production size and relative size to our North American peers.

我們已被納入羅素指數，提高了在美國機構投資者中的知名度和相關性。自公司成立以來，我們一直在努力解決生產規模與北美同行之間的相對規模脫節的問題。

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. Today, the fundamentals of the business are strong and the outlook even better.

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。如今，該業務的基本面強勁，前景更加光明。

We're doing what we promised and we're taking meaningful strides to achieve and reach our full potential. And as you screen the evaluation metrics, we believe Anglogold Ashanti continues to offer an attractive investment proposition, strong cash flows, a shareholder-centric approach to returns, market leading yield, and a valuation that is far from demanding.

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。當您篩選評估指標時，我們相信 Anglogold Ashanti 將繼續提供有吸引力的投資主張、強勁的現金流、以股東為中心的回報方式、市場領先的收益率以及遠非苛刻的估值。

With that, I'll take your questions.

這樣，我就回答你們的問題了。

Thank you, sir. Ladies and gentlemen, we will now be conducting the question and answer session.(Operator Instructions)

謝謝您，先生。女士們、先生們，我們現在將進行問答環節。 （操作員指示）

Thanks, Judith. And at the moment, there is only one, but I'll start with that, which is, as you look at further options for capital returns, how do you think about share buybacks versus debt buybacks? And is there a risk buying back shares at the current price?

謝謝，朱迪思。目前只有一個，但我將從這個開始，那就是，當您考慮進一步的資本回報選擇時，您如何看待股票回購與債務回購？以當前價格回購股票是否有風險？

Thanks, Stewart. We just declared the highest dividend in memory. We went as an exception to the policy, the policy is that the 50% is at the end of the year because of the strong results it was agreed with the board that we would anticipate this, and that's where we have the $465 million of dividends for the H1.

謝謝，斯圖爾特。我們剛剛宣布了有史以來最高的股息。我們對該政策進行了例外處理，該政策規定 50% 是在年底支付，因為業績強勁，我們與董事會達成一致，預計會達到這一水平，因此我們在 H1 獲得了 4.65 億美元的股息。

We've said already that we will can contemplate options of buybacks of paying on debt at the end of the year, but, we'll analyze that when the time comes. Right now we're again happy to be able to provide this massive dividend and at the end of the year, we'll see where we land.

我們已經說過，我們可以在年底考慮回購或償還債務的選擇，但我們會在適當的時候進行分析。現在，我們再次很高興能夠提供如此巨額的股息，到年底，我們將看到我們的成果。

Thanks, Alberto. There's one more that's just popped up, which is, could you just talk a little bit to your view on when that value gap with the North American peers will close?

謝謝，阿爾貝托。還有一個問題剛剛出現，您能否簡單談談您對何時與北美同行的價值差距會縮小的看法？

It has already closed with probably the largest of the peers. And so we'll just, I think it has closed and some of them 100%, and others two-thirds. So we just at this stage, I think that that is more not an issue anymore. You're seeing, look at the returns and you compare it with others that we provided and they're probably as high as anybody else. Look at the cash flows. So I think we're really in a very solid position right now.

它可能已經與同行中最大的一家公司達成了協議。所以，我認為它已經關閉了，其中一些已經 100%，其他已經關閉了三分之二。所以就目前而言，我認為這不再是問題了。看看這些回報，並將其與我們提供的其他回報進行比較，它們可能和其他人的回報一樣高。看看現金流。所以我認為我們現在確實處於非常穩固的地位。

But we won't stop. I think that we are very excited by the full asset potential program and it's the potential to keep improving the business. So we will just keep going, and with the same momentum and the same inertia that we have been doing in the past years. Let me probably just say we are very excited about what we're seeing in Sukari. I won't talk about numbers because we prefer to talk about when we deliver them. I'm just saying we're very excited, so yeah, keep tuned.

但我們不會停止。我認為我們對全部資產潛力計劃感到非常興奮，它有潛力繼續改善業務。因此，我們將繼續前進，並保持過去幾年的動力和慣性。我只想說，我們對在蘇卡里看到的一切感到非常興奮。我不會談論數字，因為我們更喜歡談論交付時間。我只是說我們非常興奮，所以請繼續關注。

Great. Thanks, Alberto. I think Judith, let's go to the phone lines and then we'll come back to the webcast afterwards.

偉大的。謝謝，阿爾貝托。我認為朱迪思，我們先透過電話線聯繫，然後再回到網路直播。

Adrian Hammond, SBG Securities.

阿德里安·哈蒙德，SBG 證券公司。

Yeah, good day, Alberto and Gillian. Thanks for the presentation. Firstly, for Alberto, just to get a better understanding of the benefits of these indices, you've included yourself with three new indices with Russell. Could you, do you have a sense of the capital that attracts the quantum and has it yet flowed?

是的，Alberto 和 Gillian，大家好。謝謝你的演講。首先，對於 Alberto 來說，為了更好地理解這些指數的好處，您已經將自己與 Russell 一起納入了三個新指數。你能感覺到吸引量子的資本已經流動了嗎？

I know it's about indices, so the expert is Stewart and Yatish, so I will hand it over to them. I didn't understand the last part, but maybe you did. Stewart?

我知道這是關於指數的，所以專家是 Stewart 和 Yatish，所以我會把它交給他們。我不明白最後一部分，但也許你明白。史都華？

Thanks, Alberto and thanks, Adrian. I think, obviously the June 27 was the day that we entered those indices. And if you go and look at the at the volume charts on the AU line in the stock, you will have seen we did about 30 million shares that day.

謝謝，Alberto，謝謝，Adrian。我認為，顯然 6 月 27 日是我們輸入這些指數的日子。如果您查看股票 AU 線上的成交量圖表，您會發現我們當天成交了約 3000 萬股。

But actually, your teacher is saying closer to 40 million. So there was a big sort of entry into the stock. And, from what we understand by the people who know these things is that the real sort of gain will come in the months that follow as that the passives are in, and that as the actives, who benchmark against us Russell indices start to come in. So a really good start and, but we hope it's just the beginning.

但實際上，你的老師說的是接近4000萬。因此，有大量資金進入該股票市場。而且，從了解這些事情的人那裡我們了解到的情況是，真正的收益將在接下來的幾個月裡出現，因為被動投資者開始進入，而以羅素指數為基準的主動投資者也開始進入。這是一個非常好的開始，但我們希望這只是一個開始。

Thanks. And if I could ask another question for Gillian just to get a sense of how we should think about working capital in 2H. Certainly in one age it was quite a draw. Should we be thinking some of this reverses out, and there was also quite a few once-off costs relating to tax and restructuring. Is that now largely done or should we expect to see some more in 2H, and then if you could just remind us about the Kibali shareholder loan, how are the money from the assets split in between that loan and dividends and where does that balance stand with the loan please? Thanks.

謝謝。我可以再問 Gillian 一個問題，以便了解我們應該如何考慮下半年的營運資金。當然，在某個時代，這是相當有吸引力。我們是否應該考慮其中一些逆轉，並且還有相當多與稅收和重組相關的一次性成本。現在基本完成了嗎？還是我們應該預計在下半年會看到更多？然後，如果您可以提醒我們有關 Kibali 股東貸款的情況，那麼資產中的資金是如何在貸款和股息之間分配的？貸款的餘額是多少？謝謝。

So I think, and thanks Adrian, for your question. Your line is a little fuzzy, so, I'll address the first part of your question, which I think was in relation to working capital build in the first half and what we're anticipating for the second half. It really is just the timing impact. It's largely driven by our receivables as you will have seen in the financials.

所以我認為，感謝 Adrian 的問題。您的想法有點模糊，因此，我將回答您問題的第一部分，我認為這與上半年的營運資本建設以及我們對下半年的期望有關。這實際上只是時間影響。正如您在財務報表中看到的那樣，這主要是由我們的應收帳款推動的。

It's predominantly receivables at Supari actually. And so of course they're just embedding into our sort of systems and processes, and we effectively didn't get the funds for the last shipments out of that asset. And so that's the timing impact. And then on the increase, there's some increased VAT, as I mentioned. You'll look and you'll see that inventories and payables are actually relatively flat, and we would want to see that unwind of receivables in the second half and maintain that sort of pressure and tension on the other elements of working capital as well. So not anticipating any sort of further drawdowns there.

實際上，Supari 主要是應收帳款。當然，它們只是嵌入到我們的系統和流程中，而我們實際上並沒有從該資產中獲得最後一批貨物的資金。這就是時間影響。然後，正如我所提到的，增值稅有所增加。你會發現庫存和應付款項實際上相對持平，我們希望看到下半年應收帳款的減少，並對營運資本的其他要素保持這種壓力和緊張局勢。因此預計不會出現任何進一步的下跌。

I think your second question was related to Kibali loan. Okay, so, I suppose the key message there is, we received $18 million in dividend and $77 million loan repayments for the first half. When we think about those contributions, they're effectively the return on the EAU, so the structure of whether it's a loan or a dividend is kind of irrelevant to us in the context of cash receivable. And then there's no more taxes expected from any restructuring. The landholder duty that we paid in Australia was the last, the outflow that we're expecting from restructuring.

我認為您的第二個問題與基巴利貸款有關。好的，我想關鍵訊息是，我們上半年收到了 1800 萬美元的股息和 7700 萬美元的貸款償還。當我們考慮這些貢獻時，它們實際上就是 EAU 的回報，因此在應收現金的背景下，它是貸款還是股息的結構對我們來說無關緊要。而且任何重組都不會產生任何稅。我們在澳洲繳納的土地稅是最後一次，也是我們預期重組帶來的流出。

That's clear. Thanks so much.

這很清楚。非常感謝。

Thank you.

謝謝。

Josh Wolfson, RBC.

喬許·沃爾夫森（Josh Wolfson），加拿大皇家銀行。

Yeah, thanks. A couple of questions. First off, on the capital, spending was late in the first quarter. It was an improvement in the second quarter. Yeah it's still the overall spending in the first half of the year is relatively light versus the full year guide. Just wondering what we should be thinking about there in the second half and if the full year numbers still are applicable.

是的，謝謝。有幾個問題。首先，就資本而言，第一季的支出較晚。第二季度情況有所改善。是的，與全年指南相比，上半年的整體支出仍然相對較低。只是想知道我們應該對下半年的情況考慮什麼，以及全年數據是否仍然適用。

Would you like me to answer?

你想讓我回答嗎？

Well, I'll just talk and then I'll. There is, I think we'll keep, we are keeping the guidance. We expect a much higher number in the third quarter just from we're acquiring capital equipment in several of the assets and you'll see that in the third quarter. So I think we're keeping the guidance as is. Gillian any more?

好吧，我就說說，然後我就說。我認為我們會保持指導。我們預計第三季的數字會更高，因為我們在幾項資產中收購了資本設備，你會在第三季看到這一點。所以我認為我們會保持原有的指導。還有吉莉安嗎？

Yeah, that's exactly right. So I think there's a little bit of lumpy spend in quarter three for fleet replacements, as Alberto mentioned. We're maintaining guidance at this point in time very nicely. So, yeah, that's on track.

是的，完全正確。因此，我認為第三季在車隊更換方面的支出會有些不均衡，正如 Alberto 所提到的。我們目前很好地維持了指導。是的，一切進展順利。

Alright, thanks. Second question. I'd, I commend the company on cleaning up some of the portfolio with the non-core assets. There's been some articles in the press, and views out there, potentially about either consolidation or the divestiture of some of the company's non 100% owned assets, specifically Tropicana and maybe Kibali. Any views there on how the company sees those assets in their portfolio today?

好的，謝謝。第二個問題。我讚揚該公司清理部分非核心資產組合。媒體上有一些文章和觀點，可能涉及合併或剝離公司部分非全資資產，特別是 Tropicana 和 Kibali。您對於公司目前投資組合中的這些資產有何看法？

I haven't seen anything about Kibali, funny enough, but obviously it's a Tier 1 fabulous asset. So, why would we? And Tropicana, look, we don't comment on market speculation. I can say that we retune the routinely receive inquiries about many of our assets, but I'll probably repeat what I've said in the past. Tropicana, Sunrise play a very important part in our portfolio in balancing between developed and developing countries, and at this stage, nothing is changing in that regard.

有趣的是，我還沒有看到有關 Kibali 的任何消息，但顯然它是一級極好的資產。那麼，我們為什麼要這麼做呢？至於Tropicana，我們不對市場猜測發表評論。我可以說，我們會定期收到有關我們許多資產的詢問，但我可能會重複我過去說過的話。Tropicana 和 Sunrise 在我們的投資組合中扮演著非常重要的角色，在已開發國家和發展中國家之間取得平衡，目前，在這方面沒有任何變化。

Got it. And then, last question on Arthur. There's been a couple of transactions on the royalty side that from my perspective would support some very constructive views on what the outlook is for the assets. Information so far is pretty light here. I'm just wondering if there's any kind of indications on what the thoughts are for the production rates, and similarly, when can we expect to see maybe some more official numbers for the assets? Is that something late this year or early next year? Thank you.

知道了。然後，關於亞瑟的最後一個問題。從我的角度來看，在特許權使用費方面已經進行了幾筆交易，這些交易將支持對資產前景的一些非常建設性的觀點。到目前為止，這裡的資訊還很少。我只是想知道是否有任何跡象表明人們對生產力有何看法，同樣，我們什麼時候可以看到更多有關資產的官方數據？那是今年年底還是明年年初的事情？謝謝。

Okay, so thank you for that. We did notice I did read and by the way, I asked ChatGpt to try to calculate the value of what they were thinking and I'm very excited by that because that is a author according to ChatGpt and obviously in the tens of billions. So we're very excited by their views. But, obviously they don't have our views, but our views are also very exciting. We working on the pre-feasibility study, we will finish it this year.

好的，謝謝你。我們確實注意到我確實讀過，順便說一句，我要求 ChatGpt 嘗試計算他們所想的價值，我對此感到非常興奮，因為根據 ChatGpt 的說法，那是一位作者，而且顯然價值數百億。因此，我們對他們的觀點感到非常興奮。但是，顯然他們沒有我們的觀點，但我們的觀點也很令人興奮。我們正在進行預可行性研究，今年將完成。

I don't know if we will have time for the November results, but if not, we will discuss them in the February results, where we are with the previous feasibility study. I can tell you that the more we see about Arthur, the more we are excited by it. I just, we just, I just saw a picture of results of 50 m and 50 g of ton and other sort of results. So this will definitely, without any doubt will be the preeminent asset in the portfolio in the 30s of Anglogold Ashanti, and the production numbers will be very surprising, but let me leave it at that for now.

我不知道我們是否有時間討論 11 月的結果，但如果沒有，我們將在 2 月的結果中討論這些問題，屆時我們將討論先前的可行性研究。我可以告訴你，我們對亞瑟了解得越多，就越興奮。我剛剛，我們剛剛，我剛剛看到了 50 公尺和 50 克噸的結果圖片以及其他類型的結果。因此，毫無疑問，這將成為 30 年代 Anglogold Ashanti 投資組合中的最傑出資產，而且產量數字將會非常令人驚訝，但我暫時就此打住。

Great. I'm very much looking forward to that February update. I hope your ChatGpt is calibrated correctly. Thank you.

偉大的。我非常期待二月的更新。我希望您的 ChatGpt 已正確校準。謝謝。

But the perplexity did the same.

但困惑也同樣存在。

Joseph Reagor, Roth Capital Partners.

羅斯資本合夥公司的約瑟夫·里格。

Hi Alberto and team, thanks for taking the questions. So, most of my stuff was already answered, but just kind of following up on the extra capital spending in Q3 with the refresh of the fleet. Should we see any benefit in Q4 and onwards from that reinvestment on the cash cost side?

嗨，Alberto 和團隊，感謝你們回答這些問題。因此，我的大部分問題已經得到解答，但只是跟進第三季度的額外資本支出和機隊的更新。我們是否應該在第四季及以後看到現金成本的再投資帶來任何好處？

So maybe I'll quick, if you like, Alberto, I'll take it. I think the fleet replacement strategy is obviously kind of fairly well thought through and long dated in advance. So that's really to support the 2026 plan. The good thing is in the last 18 months we've been able to build out a sort of a group fleet management strategy that our CTO takes takes the lead on and so we're able -- we're managing the fleet management replacement strategy really well, and we're happy with that. But that spend in Q3 is related to 2026 production volumes.

所以也許我會很快，如果你喜歡，阿爾貝托，我會接受它。我認為艦隊替換戰略顯然是經過深思熟慮並且經過長期考慮的。所以這確實是為了支持 2026 年計畫。好消息是，在過去的 18 個月裡，我們已經能夠建立一種由我們的首席技術長牽頭的集團車隊管理策略，因此我們能夠——我們能夠很好地管理車隊管理替代策略，我們對此感到滿意。但第三季的支出與 2026 年的產量有關。

Okay, that's helpful, and then, but.

好的，這很有幫助，但是。

Go ahead. Yeah, go ahead, please.

前進。是的，請繼續。

Yeah, just following on that, so what we could see some benefit in '26 then?

是的，接下來，我們在 26 年能看到什麼好處呢？

We've guided '26 volumes for now earlier in the year, so, yes

今年早些時候我們已經指導了 26 卷，所以，是的

Look, if you want to cash cost and upsides apart from full as potential, so what hit us particularly hard this semester was Kibali. They were 20,000 ounces below 2024, and their cash costs were up 40%. And so at some point, we hope that they will return to sort of the better production days that they had in the past, and that would certainly help reducing their cash cost because obviously that was a big hit of 40% increase. So I would expect again as they do better and hopefully they will that should be a benefit.

瞧，如果你想要盡可能兌現成本和收益，那麼這學期對我們打擊特別大的事情就是基巴利。它們比 2024 年少了 20,000 盎司，現金成本上漲了 40%。因此，在某個時候，我們希望他們能夠恢復到過去更好的生產狀態，這肯定有助於降低他們的現金成本，因為顯然 40% 的成長對他們來說是一個巨大的打擊。因此我再次期待他們會做得更好，並希望這會是一個好處。

The other one where I would expect a better improvement is Iduapriem. Iduapriem, we talked about last time had issues around the JV to protracted the uncertainty that implies. We've now taken control. There's new management coming in.

我期望另一個有更好改進的地方是伊杜阿普里姆 (Iduapriem)。Iduapriem，我們上次談到合資企業存在的問題，這些問題意味著長期的不確定性。現在我們已經控制了局面。有新的管理層上任。

We've rearranged technical support, and I'm excited. It's not in six months, but probably in a year to 18 months. You'll also see the benefits from that. So there's still a lot of improvements that we see and positive impacts on the cash costs that will allow us to continue this trend of basically flat in real terms or even slightly below.

我們重新安排了技術支持，我很興奮。這不是六個月內的事，而是一年到一年半內的事。您還將看到其帶來的好處。因此，我們仍然看到很多改進，並且對現金成本產生了積極影響，這將使我們能夠繼續保持這種實際基本持平甚至略低的趨勢。

Okay. All right, thanks. I'll turn it over and congrats on a great quarter.

好的。好的，謝謝。我會把它翻過來並祝賀這個季度取得如此出色的成績。

Thank you.

謝謝。

Raj Ray, BMO.

Raj Ray，BMO。

Thank you, operator. Good morning, Alberto, Gillian and team. Got a couple of questions. I mean, first, great production results, good to see the consistency continue. Comparing costs, for Q2 over Q1 and Gillian, if I use your metric, gold price was up around $400 an ounce, that's $20 an ounce increasing costs, just driven by gold price.

謝謝您，接線生。早安，Alberto、Gillian 和團隊。我有幾個問題。我的意思是，首先，生產成果非常好，很高興看到一致性持續下去。比較第二季與第一季和 Gillian 的成本，如果我使用您的指標，黃金價格上漲了約 400 美元/盎司，即每盎司成本增加 20 美元，這僅僅是受黃金價格推動的。

But the production was up almost 9%, so 68,000 ounces Q2 over Q1. So I'm wondering why the total, if I look at the total cash cost, I was expecting it to be lower than Q1, but it's slightly higher and anything else other than royalties that are impacting that?

但產量增加了近 9%，因此第二季的產量比第一季增加了 68,000 盎司。所以我想知道為什麼總數，如果我看一下總現金成本，我預計它會低於第一季度，但它略高一點，除了版稅之外還有其他什麼影響它？

Well, I'll let Gillian go, but, so first talk about manage operations. So on all in sustaining they were up 4%. I think it's, obviously we got the benefits of Sukari increase and everything, but 11% of increase in inflation and royalties, it's just just difficult to compensate.

好吧，我讓 Gillian 去，但是，首先要談管理操作。因此總體而言，他們的股價上漲了 4%。我認為，顯然我們獲得了蘇卡里稅增加等的好處，但通貨膨脹和特許權使用費增加 11%，這很難彌補。

I actually think it's, it is a good result giving those two forces. Now there's other countervailing, but, it's just massive just to the $60 an ounces in royalties. It's a good cost, but it's still significant. But what else would you have to do?

我確實認為，考慮到這兩股力量，這是一個很好的結果。現在還有其他的補償措施，但金額龐大，光是每盎司的特許權使用費就高達 60 美元。這是一筆不錯的成本，但仍然意義重大。但你還需要做些什麼呢？

I think it's well covered, Alberto. They're actually very close in terms of like for like. Of course there's the production impact and that's offset by those macro factors and a little bit of Kibali's challenged performance in the quarter. That's it.

我認為報道得很好，阿爾貝托。從同類產品來看，它們實際上非常接近。當然，生產方面也有影響，但這被宏觀因素和 Kibali 本季面臨的一些挑戰所抵消。就是這樣。

Okay, that's good. And then, Alberto, with respect to the Augusta acquisition. Does it help in your permitting given that you already have a permitted project there. You've got the old bullfrog mine, I mean, are you seeing any, well, are you expecting any benefit with respect to getting not bullfrog permitted sooner and then, do you see further consolidation opportunities in Southern Nevada after this, or you think you now have the land mass that you needed?

好的，那很好。然後，阿爾貝托，關於奧古斯塔的收購。鑑於您已經在那裡有一個獲準的項目，這對您的許可有幫助嗎？您有舊的牛蛙礦，我的意思是，您是否看到任何，嗯，您是否期望盡快獲得牛蛙許可會帶來任何好處，然後，您是否看到在此之後南內華達州有進一步的整合機會，或者您認為您現在擁有了所需的土地？

I'm here with Marcello, so I'll let him.

我和馬塞洛在一起，所以我會讓他來。

Thanks, Alberto. In case of Nevada or projects continue to evolve, we are increasingly viewing them as a cohesive region rather than individual operations. In this context, the acquisition of Augusta represents a logical nexus step in consolidating our strategic position in the region. And more specifically, Mark Bullfrog it can potentially be considered a satellite deposit of North Bullfrog while sterling proximity to reward makes a compelling case for the two to be developed and mind intended. Obviously, the big prize in the region, as is (inaudible), and all those projects will be scheduling time as values shows.

謝謝，阿爾貝托。如果內華達州或計畫繼續發展，我們越來越多地將它們視為一個有凝聚力的地區，而不是單獨的行動。在此背景下，收購奧古斯塔代表著我們鞏固該地區戰略地位的合理步驟。更具體地說，Mark Bullfrog 可能被視為 North Bullfrog 的衛星礦床，而英鎊與獎勵的接近性使得兩者值得開發和關注。顯然，該地區的大獎是（聽不清楚），所有這些項目都將按照價值顯示的時間進行安排。

Furthermore, this is an opportunity to further consolidate the region with unfettered access across the footprint. The acquisition allows us to revisit our plans for the surface infrastructure layout, which can be further optimized. So yeah, I think that was a very good deal and it's going to help us move the project forward and having a commanding presence in the district.

此外，這也是進一步鞏固該地區不受限制的訪問權的機會。此次收購使我們能夠重新審視地面基礎設施佈局計劃，並進一步優化。是的，我認為這是一個非常好的交易，它將幫助我們推動項目向前發展，並在該地區佔據主導地位。

That's great, Marcelo. If I may, Marcelo a quick follow up on with respect to the whole permitting situation in the country right now. With the current administration, are you seeing things differently? Are things progressing faster than what you've seen over the last three years?

太棒了，馬塞洛。如果可以的話，馬塞洛請快速跟進一下目前該國的整個許可情況。在現任政府的領導下，您是否有不同的看法？事情的進展是否比過去三年更快？

Look, they are not progressing quite fast quite yet, but look, based on the last, latest information we have available, we anticipate that the record of decision from BLM will be at the end of 2026 for North Bullfrog. We are working collaboratively with BLM and the administration is involved and look, and we really look forward to progressing this opportunity because the administration does recognize that it will bring significant investment and good paying jobs that can benefit the region. We haven't seen any process changes at this point that we can confirm that has changed those timelines for permits, but we surely let you know as soon as you have new information.

你看，他們現在的進展還不夠快，但是根據我們掌握的最新信息，我們預計 BLM 將在 2026 年底為北牛蛙地區做出決定。我們正在與 BLM 合作，政府也參與其中，我們非常期待推進這一機會，因為政府確實認識到它將帶來大量投資和高薪工作，從而使該地區受益。目前我們還沒有看到任何流程變化，我們可以確認這已經改變了許可證的時間表，但一旦您有新的信息，我們一定會立即通知您。

Let me add to this. There is no doubt that the conversation we've had at higher levels with the administration are extremely constructive, and they are determined to accelerate things. So it's, it'll take some time. There's teams that need to be appointed and all of that, but we're quite confident that this will definitely boost our development in the region.

讓我補充一下。毫無疑問，我們與政府高層進行的對話非常有建設性，他們決心加快進程。所以，這需要一些時間。雖然需要任命一些團隊等等，但我們非常有信心，這肯定會促進我們在該地區的發展。

Okay, that's great, Alberto. Thank you. That's it from me.

好的，太好了，阿爾貝托。謝謝。我說的就這些。

Thank you, Raj.

謝謝你，拉傑。

[Tanya Yosko], Scotiabank.

[Tanya Yosko]，豐業銀行。

Oh great, good morning, everybody, and thank you for taking my three questions. I'm going to start still with the Nevada. I'm just looking at your slides with the planned view of the property, understand that there's a lot of drill rigs drilling the Arthur Gold project. When that pre-feasibility comes out late this year or early next, should I be thinking of a bigger deposit than the $16 million ounces of all resources that you're going to model off, or should I be thinking that it's going to be a portion of that $16 million ounces that goes into that study?

哦，太好了，大家早安，感謝你們回答我的三個問題。我仍將從內華達州開始。我只是看了你的投影片，上面有該地產的規劃視圖，了解到有很多鑽孔機正在鑽探亞瑟金礦計畫。當這份預可行性研究報告在今年年底或明年年初發佈時，我是否應該考慮比您要模擬的所有資源的 1600 萬美元盎司更大的存款，或者我是否應該認為這將是用於該研究的 1600 萬美元盎司的一部分？

Okay, Marcelo, yeah.

好的，馬塞洛，是的。

Thanks for the question. In the case of Arthur, we expect that the reserves or the farm is going to be a blast than that number. In general, we have the resource and the reserves will consume part of that is a normal process. It's going to be a really big number. We are now doing field drilling there so that we can get to reserves at the end of the year.

謝謝你的提問。就亞瑟而言，我們預期儲備或農場的收益將比這個數字更高。一般來說，我們有資源，儲備會消耗一部分，這是正常的過程。這將是一個非常大的數字。我們現在正在那裡進行現場鑽探，以便能夠在年底獲得儲量。

So the team is really pushing really hard to get to the end of the year, finish the feasibility study, and be able to declare reserves. It's only then that we're going to have an idea of how large that it's going to be. But we anticipate that in time, we are going to be able to consume a great part of those answers that we have identified so far.

因此，團隊正在非常努力地爭取在年底前完成可行性研究，並且能夠宣布儲備。只有到那時我們才能知道它到底有多大。但我們預計，隨著時間的推移，我們將能夠解決迄今為止已確定的大部分答案。

I probably would add that with everything that we have and we've really consolidated the district for many decades, four decades or more, and we haven't explored it all. So, I would just say we are focusing on Arthur, let's say in the first 15 or 20 years, and it's, as I said, what we see is quite extraordinary, but this will be around for decades at very high numbers.

我可能還會補充一點，儘管我們擁有一切，而且我們已經鞏固了這個地區幾十年、四十年甚至更長時間，但我們還沒有探索完它的全部。所以，我想說的是，我們關注的是亞瑟，比如說在最初的 15 年或 20 年內，正如我所說，我們所看到的是相當非凡的，但它將在未來幾十年內以非常高的數字存在。

Yeah, no, I appreciate that we will have a reserve which is obviously going to be smaller than the $16 million ounces overall. I just wondered if we were going to have an increase in that resource as well plus a declared reserve, so just trying to clarify that.

是的，不，我知道我們的儲備量顯然會小於 1600 萬盎司的總量。我只是想知道我們是否也會增加該資源以及宣布的儲備，所以只是想澄清這一點。

Yeah, we're going to have to wait to let you know when the drilling finishes, but we expect increases for sure.

是的，我們必須等到鑽探完成後才能通知您，但我們肯定會增加。

I would expect increases, yes.

是的，我預計會增加。

Yeah, okay, perfect. And just on the acquisition of Augusta just so that I understand. You're viewing the Bullfrog project as a satellite for North Bullfrog, so you'll be using the infrastructure at North Bullfrog, is that what I understood?

是的，好的，完美。我只是了解了收購奧古斯塔的情況。您將 Bullfrog 專案視為 North Bullfrog 的衛星，因此您將使用 North Bullfrog 的基礎設施，這是我的理解嗎？

Tanya, we don't have that definition right now, right? The acquisition, we just made the acquisition. As was mentioned, we have optionality and we can choose to put that project before, sequence the way you see better. But, there's a, we are very focused on getting the permit for North Bullfrog at the moment and that's the next step for the region why we continue to develop our tool.

塔妮婭，我們現在沒有這個定義，對嗎？此次收購，我們剛完成。正如所提到的，我們有選擇權，我們可以選擇將該項目放在前面，並按照您認為更好的方式排序。但是，我們目前非常專注於獲得北牛蛙的許可證，這也是我們繼續開發工具的該地區的下一步。

If bullfrog comes, it will be at a later stage at the end of the North Bullfrog life because we are, also have all the time for permits and things like that. But it is something that [givesop] optionality for North Bullfrog, and we are going to be sequencing as required.

如果牛蛙來了，那將是在北方牛蛙生命末期的後期，因為我們也有足夠的時間去辦理許可證和諸如此類的事情。但這是 North Bullfrog 的一個可選措施，我們將根據需要進行排序。

Okay. No, thank you for that. I just want to move to the financial side if I could, maybe for Gillian. Just wanted to ask on the capital allocation so that I understand it correctly. So you've got this 50% of your cash flow, free cash will being paid back at the top up at the end of the year. You've done it a bit earlier.

好的。不，謝謝你。如果可以的話，我只想轉向財務方面，也許是為了吉莉安。只是想問一下資本配置，以便我正確理解。因此，您獲得了 50% 的現金流，即在年底以最高金額償還的自由現金。你做得早一點。

As we go into 2026, I think you mentioned that we'd be reviewing maybe share buybacks, buying back some of your debt. Should I be thinking that this would be in addition to the 50% of the free cash flow, or should it be part of that as a total overall capital return?

當我們進入 2026 年時，我想您提到我們可能會審查股票回購，回購部分債務。我是否應該認為這應該是 50% 自由現金流的補充，還是應該是總資本回報的一部分？

I'll stop there. Tanya, it's in addition, obviously. We would expect that with the [50], if the gold price continues where it is and operational performance continues where it is. We would end up the year after the 50%, payout with positive cash. And so then that's, we will contemplate options of what to do with that. That's what we are referring to.

我就到此為止。塔妮婭，顯然，這是另外一回事。如果金價和營運績效能夠持續維持現狀，我們預期這一數字將達到[50]。在支付了 50% 的利息之後，我們第二年就會獲得正現金。那麼，我們將考慮如何處理這個問題。這就是我們所指的。

Okay. Thank you for that clarification. And if I could squeeze in one technical question. I really like the performance at Geita. Could someone just maybe explain to me what exactly is happening at that operation? I'm just trying to understand if it's grade-related, if it's, less dilution, that's doing quite well and just wanted to have a little bit more on that one if possible.

好的。感謝您的澄清。如果我可以擠出時間問技術問題。我真的很喜歡 Geita 的表演。有人可以跟我解釋一下這次行動到底發生了什麼事嗎？我只是想知道這是否與等級有關，如果稀釋較少，那就做得很好，如果可能的話，我只是想對此多了解一點。

Yeah, well, it was, yeah, if you look at the comparison H1 to H1, I think Geita was 30,000 ounces more and Obuasi was 25,000 ounces more. There was, I think it's just all the four sources of ore are performing very well, and it, we expect it to be sustainable, but I think it's just better operational performance, but a full asset potential also has a role.

是的，嗯，是的，如果你看一下 H1 與 H1 的比較，我認為 Geita 多出了 30,000 盎司，而 Obuasi 多出了 25,000 盎司。我認為，所有四種礦石來源都表現得非常好，而且我們預計它將具有可持續性，但我認為這只是更好的營運表現，但充分的資產潛力也發揮了作用。

Yeah, we, thanks Alberto. We did work quite a lot at Geita and the processing side, so we are getting pretty good recovers right now. So changes we are making in the plant improvements we are making the processing plant as a result of full asset quotation have been showing really strong results. As well as my productivity, we have improved quite a lot of our development rates and the general performance at Geita. So we're really pretty happy with the performance at Geita right now.

是的，我們，謝謝 Alberto。我們在 Geita 和處理方面確實做了很多工作，所以我們現在的恢復情況相當不錯。因此，我們在工廠改進方面所做的改變，以及由於全面資產報價而對加工廠所做的改變，已經顯示出了非常強勁的效果。除了我的生產力之外，我們還大大提高了 Geita 的開發速度和整體績效。所以我們對 Geita 目前的表現非常滿意。

I think that also better grades just in the semester. But look, it's, yeah, I think grade improved from 2.6 to 3.2, but it's a combination of everything of what we were actually visiting Geita some weeks ago, and it's just performing, I described it like a Formula One car. It's going very well, great leadership and, yeah, everything, this way that was really constructed when Richard was there, Jordan's son of having four sources of war and having optionalities paying off.

我認為本學期的成績也會更好。但是看，是的，我認為等級從 2.6 提高到了 3.2，但這是我們幾週前實際訪問 Geita 時所有情況的綜合，它的性能就像一輛一級方程式賽車。一切進展順利，有著出色的領導力，是的，一切都是這樣的，這在理查德在任時就已建立，他是喬丹的兒子，擁有四個戰爭源頭，並且擁有可選項。

Oh, perfect. It's a real Ferrari. Congratulations.

哦，完美。這是一輛真正的法拉利。恭喜。

Yeah. Thank you.

是的。謝謝。

At this stage, I will hand back the questions from the webcast. Thank you.

現階段，我將把網路直播中提出的問題交還給大家。謝謝。

Thanks, Judith. Alberto, maybe I'll just take these in no particular order, but could you give your current long-term goal price in evaluating projects and M&A activity? And are there any assets that you'd be interested in that could form part of your core assets?

謝謝，朱迪思。阿爾貝托，也許我只是不按特定順序來回答這些問題，但您能否給出評估項目和併購活動的當前長期目標價格？您是否對哪些資產感興趣，可以將其作為核心資產的一部分？

Look, we're currently using the same that we have, I think for research, which is $1,900. So we want to make sure that any project that we pursue makes decent returns at $1,900, obviously, if the price is higher, much the better. So that's probably the answer there. The second part is, what an M&A? What is the second part of the question?

你看，我們目前正在使用與現有相同的資金，我想是為了研究，也就是 1,900 美元。因此，我們希望確保我們所進行的任何項目都能以 1,900 美元的價格獲得可觀的回報，顯然，如果價格更高，那就更好了。這可能就是答案。第二部分是，什麼是併購？問題的第二部分是什麼？

I think just generally, have you got your eye on any assets that could form part of your core assets?

我認為總體而言，您是否關注過可以成為核心資產一部分的任何資產？

Probably, as I said before, we're focused mainly internally. There is a BD team whose job is to look at things. It's always very difficult. As I've said, we, it took us a long time to do 18 months to get to Sukari. We're very happy with it, but that's always a difficult process. So, people always look, but the main focus of the company is internally and we have wonderful opportunities.

可能正如我之前所說，我們主要關注內部。有一個 BD 團隊，其工作是查看事物。這總是非常困難的。正如我所說，我們花了很長時間，18 個月才到達蘇卡里。我們對此感到非常高興，但這始終是一個艱難的過程。所以，人們總是關注，但公司的主要關注點在內部，我們擁有絕佳的機會。

And Alberto, I'm going to combine a few here, but just generally, can you give an update on Obuasi, how the underhand drift and fill is going, how the (inaudible) is going.

阿爾貝托，我在這裡要結合一些情況，但總的來說，你能否介紹一下奧布阿西的最新情況，比如下手漂移和填充的進展如何，（聽不清楚）的進展如何。

So, as you saw the 70,000, more than 70 in the quarter, we did well. You look at on hand, it was about 9% higher quarter-on-quarter. Very important development that is crucial for the future of Obuasi development quarter-on-quarter of 21%. So it's just what does that mean that the big investment in the KMS and and the whole project is beginning to pay the dividends.

因此，正如您所看到的，本季有 70,000 多個，我們做得很好。你看，目前的情況是，它比上一季成長了約 9%。這是非常重要的發展，對於奧布阿西的未來發展至關重要，季增 21%。那麼，這意味著對 KMS 和整個項目的巨額投資開始獲得回報。

The other interesting, probably development, we have two pieces of equipment of, they're called ECL. We've got one and then we have now a second one. And they are having a lot of success in the schloss methods in mining method in areas that would be sort of gray between underhand and and schloss and they're performing very well.

另一個有趣的，可能是開發，我們有兩件設備，它們被稱為 ECL。我們已經有了一個，現在又有第二個了。他們在秘密採礦法和法式採礦法之間的灰色地帶運用法式採礦法取得了巨大成功，而且他們的表現非常好。

So we are happy with the development. It's still like a work in progress of Obuasi. We are confident that we will be within the range for this year and more importantly, that we'll be able to make the additional jump in '26 to go within the guided ranges that we did for '26.

因此我們對這一發展感到滿意。它仍然像是奧布阿西 (Obuasi) 尚未完成的作品。我們有信心，我們將在今年內實現這一目標，更重要的是，我們將能夠在 26 年實現額外的飛躍，達到我們為 26 年制定的指導範圍。

Great, thanks Alberto. The next one is given the top up of the, or the true up on the dividend for the half year, would you anticipate moving now to half yearly payments on the dividend? Or are you going to sort of retain the policy of annual subject to discretionary changes along the way.

太好了，謝謝 Alberto。下一個問題是，考慮到半年期股息的補充或實際增加，您是否預計現在將轉為每半年支付一次股息？還是您會保留每年酌情更改的保單？

The latter. Yeah, we have a policy. I think it's working. We don't like to change them. This was just, yeah, extraordinary moments, but they can repeat themselves. But, yeah, the plan is to keep the latter, to keep the policy as is.

後者。是的，我們有政策。我認為它正在發揮作用。我們不喜歡改變它們。是的，這只是非凡的時刻，但它們可以重演。但是，是的，計劃是保留後者，保持原有政策。

Great. Alberto, final question is just on decarbonization, given the strength of the balance sheet, given the strong cash flow, are you tempted at all to accelerate or do more decarb than the target that you've published, or are you happy with the pipeline of projects and the pace that you've got going forward?

偉大的。阿爾貝托，最後一個問題是關於脫碳的，考慮到資產負債表的實力和強勁的現金流，您是否願意加速或進行比您公佈的目標更多的脫碳，或者您對項目管道和未來的步伐感到滿意嗎？

Oh, we're happy with the pace that we are in the pipeline approach. You can see that, for example, the Tropicana is just an incredible sort of what we did over there. But let me repeat one thing that I, how we view this as I say, well, we do well by doing good, all of the projects are NPV positive. And so, yes, they combined the two purposes and we will keep with that optic going with the plan. There's no need to accelerate it at this stage.

哦，我們對管道方法的進展速度感到滿意。例如，你可以看到，Tropicana 是我們在那裡做的令人難以置信的事情。但讓我重複一件事，我們如何看待這一點，正如我所說，我們透過做好事而做得很好，所有專案的 NPV 都是正的。是的，他們將這兩個目的結合起來了，我們將繼續按照這個計劃進行。現階段無需加速。

Got it. Alberto, I think that's it. Would you like to just make a couple of closing comments?

知道了。阿爾貝托，我想就是這樣了。您想最後做幾點評論嗎？

Yes, thank you. Look, the momentum is good, and it's always something that you are keen to maintain. We're happy with the leadership across all the regions of the world. We didn't talk much about America's, but, America's performed very well, Cuiaba. At some point we talked about, that it's a Tier 1. It's a truly Tier 1. It's probably, it's not in the half year.

是的，謝謝。瞧，勢頭很好，而且你總是渴望保持這種勢頭。我們對世界各地的領導階層感到滿意。我們沒有談論太多關於美國隊的事情，但是，美國隊的表現非常出色，庫亞巴隊。我們曾討論過，它是一級的。這確實是一級的。有可能，半年之內不行。

It is the highest free cash flow per ounce around we expect around $1,400 per ounce of free cash flow after taxes in Cuiaba. So they're performing well. Australia's performing well. And well, we talked about the other assets in Africa. So it's about keeping the momentum, full asset potential still remains the main game, and there is a lot of additional potential to in the portfolio and that's it, keep the momentum safely and effectively and efficiently and that's what we intend to do.

這是庫亞巴每盎司最高的自由現金流，我們預計庫亞巴每盎司稅後自由現金流約為 1,400 美元。所以他們的表現很好。澳洲表現良好。我們也討論了非洲的其他資產。因此，關鍵在於保持勢頭，充分發揮資產潛力仍然是主要目標，而投資組合中還有很多額外的潛力，安全、有效、高效地保持勢頭，這就是我們打算做的。

Great. Thank you.

偉大的。謝謝。

Thank you.

謝謝。

Thank you. Ladies and gentlemen. That concludes today's event. Thank you for joining us, and he now disconnect your lines.

謝謝。女士們，先生們。今天的活動到此結束。感謝您的加入我們，他現在斷開您的線路。