Anglogold Ashanti PLC (AU) 2025 Q3 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the AngloGold Ashanti 2025 Q3 results. (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 年第三季業績發表會。（操作說明）請注意，本次活動正在錄影。

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

現在我把你交給史都華貝利先生。請繼續。

Welcome to the Q3 results call. As normal, you have Alberto and Gillian doing the presentation. You have other members of the executive team available to answer questions after that presentation. Before we start, I would point you to the Safe Harbor statement at the front of the presentation, which contains important information regarding forward-looking statements, and we urge you to look at it.

歡迎參加第三季業績電話會議。和往常一樣，由阿爾貝托和吉莉安進行示範。演講結束後，您的其他執行團隊成員將解答您的問題。在開始之前，我想提醒大家注意簡報開頭的“安全港聲明”，其中包含有關前瞻性聲明的重要信息，我們敦促大家仔細閱讀。

I'll hand over to you, Alberto.

阿爾貝托，我把接力棒交給你了。

Thank you, Jordan.

謝謝你，喬丹。

Safety remains Our highest priority and we're committed to eliminating severe injuries from all sides, but Trifford improved 17% year on year.

安全仍然是我們的首要任務，我們致力於消除各方面的嚴重傷害，但特里福德的傷亡率比前一年提高了 17%。

And it's now at 0.96, well below the 2024 ICM average.

目前指數為 0.96，遠低於 2024 年 ICM 平均值。

We're proud of this result and the strides we've made in recent years, but we're always mindful that we're only ever as good as our last injury-free day. We will continue to work hard to mitigate risk and to learn from our mistakes and near misses.

我們為這個結果以及近年來取得的進步感到自豪，但我們始終銘記，我們的水平只能達到我們上一次沒有受傷的水平。我們將繼續努力降低風險，並從錯誤和險情中學習。

I'm pleased to report another excellent quarter showing clearly how momentum continues to build alongside the success of our business improvements interventions.

我很高興地報告，又一個季度業績出色，這清楚地表明，隨著我們業務改進措施的成功，發展勢頭持續增強。

This resolve, strong by any measure, is underpinned by the much improved resilience of our portfolio, steady delivery to plan and growth in free cash flow and earnings.

無論從哪個角度來看，這一決心都非常堅定，這得益於我們投資組合韌性的大幅提升、計劃的穩步推進以及自由現金流和收益的增長。

We did set a number of new records. Free cash flow for the quarter was almost a billion dollars, and close to the free cash flow we generated for all of 2024, and we will pay half of that as a dividend.

我們確實創造了多項新紀錄。本季自由現金流接近 10 億美元，接近我們 2024 年全年產生的自由現金流，我們將把其中一半作為股息支付。

Our adjusted net cash position of 450 million gives us our strongest balance sheet ever. Once again, we control costs very well, despite persistent inflationary headwinds and higher royalties, the only cost that we would like.

我們調整後的淨現金部位為 4.5 億美元，這使我們擁有了有史以來最強勁的資產負債表。儘管面臨持續的通膨阻力和更高的特許權使用費（這是我們唯一希望承擔的成本），但我們仍然很好地控制了成本。

Our performance marks the long-term industry trend of costs rising ahead of the gold price since 2021.

我們的業績反映了自 2021 年以來成本上漲速度超過金價上漲速度的長期產業趨勢。

Or cash costs by fully sustaining costs have both remained remarkably stable in real terms.

或者說，現金成本和完全維持成本的實際值都維持了非常穩定的水準。

This is the result.

這就是結果。

Of operational excellence driven by full asset potential, discipline, project execution, and tight cost control.

以充分發揮資產潛力、嚴謹的紀律、高效的專案執行和嚴格的成本控制為驅動力，實現卓越營運。

What we can't control, we continue to control very well.

對於我們無法控制的事物，我們仍然會很好地控制它們。

That's clear when you look at our managed operations.

從我們管理的營運情況來看，這一點顯而易見。

Production benefited from higher contributions from Obuasi, Kibali, Gaita, and Cuyaba.

奧布阿西、基巴利、蓋塔和庫亞巴的貢獻增加，促進了生產。

These strong performances were partially offset by lower tones and grades at Eagle Preme, the temporary plan stoppage at Segui and lower underground homes and grade at sunrise.

Eagle Preme 的音調和坡度降低、Segui 的臨時停工以及日出時地下房屋和坡度降低，部分抵消了這些強勁的表現。

Although as he delivered another steady, unplanned performance in Q3, we're seeing the ongoing improvements in recoveries and to treated.

儘管他在第三季度再次展現了穩定且出乎意料的出色表現，但我們看到康復和治療方面都在持續改善。

The result is supported by the investments we made in ventilation. And also generally better equipment availability that we're working hard to sustain.

這結果得益於我們在通風系統方面的投資。此外，我們也在努力維持設備供應的整體良好狀態。

Total cash cost for managed operations year-to-date was only up only 3%. We expect that number for the full year to be similar, only 3% up.

今年迄今為止，管理營運的總現金成本僅增加了 3%。我們預計全年這一數字將與此類似，僅成長 3%。

And this is despite macro factors of 9%, when you take into account the prevailing inflation rate of around 5% and the increasing royalties which are linked to the gold price.

即使考慮到 9% 的宏觀經濟因素、約 5% 的當前通貨膨脹率以及與黃金價格掛鉤的不斷增長的特許權使用費，情況依然如此。

Let me clarify this, we expect to be within our guidance range, and that is before discounting the impact of royalties that we estimate for the year, around $40 an ounce.

讓我澄清一下，我們預計會在我們的指導範圍內，而且這還沒有扣除我們估計的年度特許權使用費的影響，約為每盎司 40 美元。

Free cash flow at almost a billion dollars was up 141%. Adjusted, the bit that growth grew 109%. Headline earnings were up 185%. The balance sheet is in excellent shape. We have ample liquidity, no material near-term maturities. At quarter end, even after record dividend payments in the 1st 9 months, we have moved to an adjusted net cash position of $450 million.

自由現金流接近10億美元，成長了141%。經調整後，成長率達到 109%。核心獲利成長了185%。資產負債表狀況良好。我們擁有充足的流動資金，近期沒有重大到期債務。截至季末，即使在前 9 個月支付了創紀錄的股息之後，我們的調整後淨現金部位也達到了 4.5 億美元。

Let's have a quick refresher of our dividend policy. It provides for quarterly payout of 12.$0.05 a share, or around $63 million. It also provides for an annual true up payment, bringing the payout to 50% of free cash flow. We use this question to make that show up at the half year, underlying it, not only the extraordinary cash flow generation.

讓我們快速回顧一下我們的股利政策。它規定每季派息 12.05 美元/股，總計約 6,300 萬美元。它還規定每年進行一次調整支付，使支付額達到自由現金流的 50%。我們用這個問題來揭示半年報背後的原因，而不僅僅是超額現金流的產生。

But also our confidence in the outlook of the business. That took our dividend declaration for the half year to $469 million. We've done the same again for Q3 with a dividend declaration of $460 million which matches in three months what we did in the first six months of the year. This provides one of the most generous and highest yields in the sector. And as normal, we expect a strong final quarter.

但也包括我們對公司前景的信心。這使得我們上半年的股息派發總額達到 4.69 億美元。第三季我們也採取了同樣的措施，宣布派發 4.6 億美元的股息，三個月內就達到了今年前六個月的水平。這提供了業內最慷慨、最高的收益率之一。與往常一樣，我們預計第四季度業績將表現強勁。

With Obuasi continuing to ramp up our tier one assets now account for more than 70% of production and 80% of reserves. We expect to see the production share from our tier assets to rise still further. Our tier two assets are also delivering a strong contribution. We are seeing healthy margins across the portfolio and exceptional cash flow leverage as we remain active managers of our portfolios. The sale of Sierra Grande, which is expected to be finalized before the end of the year, will ensure that we can further sharpen our focus on the core business.

隨著奧布阿西油田持續增產，我們一流的資產目前佔總產量的 70% 以上，儲量佔總儲量的 80% 以上。我們預計來自我們一級資產的產量份額將進一步上升。我們的二級資產也做出了強勁貢獻。我們看到整個投資組合的利潤率都很健康，現金流槓桿作用也十分出色，因為我們始終積極管理我們的投資組合。Sierra Grande 的出售預計將在年底前完成，這將確保我們能夠進一步專注於核心業務。

During this extraordinary turnaround journey we've been on since 2021, we continually assess what we can generate and where we can generate the most value. And the answer is clear. The best opportunities remain within.

自 2021 年以來，我們經歷了一段非凡的轉型之旅，在這段旅程中，我們不斷評估我們能夠創造什麼價值以及在哪裡能夠創造最大的價值。答案顯而易見。最好的機會就在我們身邊。

First, we are committed to lifting performance from our core assets, driving margin growth through cost discipline.

首先，我們致力於提升核心資產的業績，透過成本控制推動獲利成長。

Which is continuing to do what we have done well in the past. Fol asset potential has been invaluable in this regard, keeping cost flats in real terms, cost per ounce in real terms. That's improved our position on the cost curve and helped us to reliably deliver our guidance.

也就是說，我們要繼續做過去做得好的事情。在這方面，Fol 資產的潛力發揮了不可估量的作用，使成本（以實際價值計算）和每盎司的實際成本保持穩定。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了預期目標。

The insights from this program have also helped to unearth a pipeline of organic growth options that are beginning to reveal themselves. This extends beyond Obuasi, which is starting to develop a consistent operating cadence as it ramps up.

此計畫提供的見解也幫助我們發掘出一系列有機成長選擇，這些選擇正開始逐漸顯現。這種情況不僅限於奧布阿西，隨著業務的逐步推進，奧布阿西也開始形成穩定的營運節奏。

There are other projects under consideration to build scale and extend life at several other key assets. These are relatively low risk, low capital intensive opportunities that allow us to leverage our existing footprint, infrastructure, and knowledge. The returns, as you can imagine, are more than competitive.

目前也正在考慮其他項目，以擴大規模並延長其他幾個關鍵資產的使用壽命。這些機會風險相對較低，資本密集度也較低，使我們能夠利用現有的業務佈局、基礎設施和知識。正如你所想，回報極具競爭力。

We'll flesh those out in the coming quarters, helping to daylight more value in this extraordinary portfolio of ours. And third, we're laying a foundation for the next stage of growth in Nevada, a world-class gold camp where we're building scale and functionality.

我們將在接下來的幾季中詳細闡述這些內容，以幫助揭示我們這個非凡投資組合的更多價值。第三，我們正在為內華達州的下一階段發展奠定基礎，這是一個世界級的黃金營地，我們正在那裡建立規模和功能。

We committed to bringing some of our most exciting internal opportunities to life, and we'll start today with G, our marquee asset.

我們致力於將一些最令人興奮的內部機會變為現實，今天我們將從我們的旗艦資產 G 開始。

For years, data has been viewed as a world-class mine and relatively short reserve life.

多年來，數據一直被視為世界級礦山，但其儲量壽命相對較短。

That is completely changing.

情況正在徹底改變。

This is a tier one operation by every measure, consistent delivery, strong margins, and exceptional operational stability.

從各個方面來看，這都是一流的營運模式：穩定的交付、強勁的利潤率和卓越的營運穩定性。

What's often overlooked is the geological quality. Data sets in the late Victoria Greenstone belt on the Tanzanian crater, part of the same gold province that holdski Valley and North Mara. After two decades of mining, large parts of the concession remain under-explored, with compelling structural and geotechnical targets pointing to significant bumped up potential along strike and depth.

人們常常忽略的是地質品質。坦尚尼亞火山口晚期維多利亞綠岩帶的資料集，與霍爾德斯基谷和北馬拉同屬一個金礦省。經過二十年的開採，該礦區的大部分區域仍未得到充分勘探，但令人信服的構造和地質技術目標表明，沿走向和深度方向的開採潛力將大幅提升。

Today, Gaita hosts an open pin and multiple underground operations, producing about 500,000 ounces per year, underpinned by 3.5 million ounces in reserves, and more than 7 million ounces in resources.

蓋塔金礦目前擁有一個露天礦場和多個地下礦，年產量約 50 萬盎司，儲量為 350 萬盎司，資源量超過 700 萬盎司。

We're now showcasing the next chapter to Gaya, a mind position to remain a tier one asset for at least the next 20 years, but in reality, it's going to be much longer than that.

我們現在向 Gaya 展示了下一個篇章，其核心理念是至少在未來 20 年內保持一流資產的地位，但實際上，它的地位將保持更長時間。

Here you see the simple road map to unlock further value. We're allocating a total of $50 million an additional $15 million a year to exploration. With that investment, we expect to grow reserves by about 60% to increase life to 10 years or more, from around 7.5 today to about 10 years or more.

這裡展示了解鎖更多價值的簡單路線圖。我們將總共撥款 5000 萬美元，每年額外撥款 1500 萬美元用於勘探。透過這項投資，我們預計儲備金將成長約 60%，使壽命從目前的約 7.5 年延長至約 10 年或更長。

Our focus is on near-mine drilling, with a priority of adding ounces to the 4 mining fronts we have established. We're working through a conceptual option to increase mill capacity.

我們的重點是礦山附近的鑽探，優先考慮在我們已經建立的 4 個採礦前沿增加黃金儲量。我們正在研究提高工廠產能的概念性方案。

Through this mill expansion, which we conserve as the forecast to cost around $100 million we expect to grow production by 20% to about 600,000 ounces. Importantly, we're focused on maintaining march here and not simply creating an expansion to push through lower grade material.

透過此次工廠擴建（預計耗資約 1 億美元），我們預計產量將成長 20%，達到約 60 萬盎司。重要的是，我們專注於保持前進的步伐，而不是僅僅為了推進低等級材料而進行擴張。

We will update you as we move through the study process. At a proposed capital intensity of only $1000 per ounce of incremental annual production, this is an extraordinarily profitable project.

我們將隨著研究進程的推進向您報告最新情況。該項目預計每增加一盎司年產量，資本密集度僅為 1000 美元，因此利潤非常豐厚。

We're looking to put this additional investment to work in an area with proven geological quality and longevity. Since we started dialing up our exploration investment in 2021, reserve life has more or less doubled to current levels around seven years. If we zoom out a little further, we've added 2 million ounces of reserves between 2017 and 2024, over and above the 4.3 million ounces of depletion during that period.

我們希望將這筆額外的投資投入到地質品質和永續性都得到驗證的地區。自 2021 年我們開始加大勘探投資以來，儲量壽命已大致翻了一番，達到目前的約 7 年水準。如果我們把時間拉長一點，就會發現，在 2017 年至 2024 年期間，我們新增了 200 萬盎司的黃金儲備，而同期黃金儲備卻減少了 430 萬盎司。

That comes at a cost of $39 an ounce, which is exceptional value by any measure, and reinforces the quality of the geology and our exploration team.

每盎司的成本為 39 美元，無論從哪個角度來看，這都是非常划算的，也印證了地質品質和我們勘探團隊的實力。

The pipeline of targets is exceptionally rich. We've identified around 40 prospects already, and believe that we will easily improve reserve life with an initial target of 10 years or more. We aim to achieve the first milestone by 2028. The first round marker for us is to see Gators reserve at around 4 million ounces by next year and then 5 million ounces by the end of 2028.

目標儲備非常豐富。我們已經確定了大約 40 個潛在項目，並相信我們能夠輕鬆地將儲備壽命延長 10 年或更久，初步目標就是如此。我們的目標是在 2028 年實現第一個里程碑。我們的第一個目標是看到 Gators 的儲量在明年達到 400 萬盎司左右，然後在 2028 年底達到 500 萬盎司。

We have set clear initial priority agent areas for this drilling campaign. Given that exploration ofaita has been somewhat under underdone over the past decades or more, there is a lot of low-hanging fruit. This slide shows both Keita Hill and Nyyankanga underground mines, where we have established a solid track record of predictable production and an excellent understanding of the geology. Importantly, these deposits remain open at depth, and development and drilling over the next few years will let us to more clearly define the extent of the deposits.

我們已為本次鑽探活動設定了明確的優先代理區域。鑑於過去幾十年或更長時間以來，對aita的研究一直不夠深入，因此有很多唾手可得的成果。這張投影片展示了凱塔山和尼揚坎加地下礦，我們在那裡建立了可預測生產的可靠記錄，並對地質情況有了深刻的了解。重要的是，這些礦藏在深處仍然開放，未來幾年的開發和鑽探將使我們更清楚地確定礦藏的範圍。

A store and common is very much the same approach. Resort definition drilling is aimed at defining the extension of the resource.

商店和公共場所的做法非常相似。礦區範圍界定鑽探旨在確定資源的延伸範圍。

At Nayai lima, drilling has confirmed the extension of the ore body at depth with good potential to transition to underground mining in time. We have additional high confidence exploration targets with striking distance of the pit, where we've already intercepted mineralization, including some high grade areas.

在納亞伊利馬礦區，鑽探證實了礦體向深處延伸，有很好的潛力在未來過渡到地下開採。我們在礦坑附近還有其他高置信度的勘探目標，我們已經在那裡發現了礦化，包括一些高品位區域。

So where does it locate them?

那麼它會將它們定位在哪裡呢？

We have a world-class old body supporting a compelling investment case. With the incremental exploration spend, we expect to leverage the large resource, resource-based growing reserve life to 10 years or more, and keeping it at that level for many years. The mine has maintained a resource to reserve conversion rate of more than 30%. This will underpin the baseline production of 500,000 ounces over a reserve life of 10 years. Over the medium term, we will continue to progress the mill expansion opportunity, which will step up production to 600,000 ounces. We'll update you at key points for the feasibility process. That leaves data well positioned to unlock significant value and to sustain its tier one for decades to come.

我們擁有世界一流的老牌機構，這為極具吸引力的投資理由提供了有力支撐。隨著勘探投入的增加，我們預計能夠利用豐富的資源，將儲量壽命延長至 10 年或更久，並使其在未來多年內保持在該水準。該礦的資源儲量轉換率一直維持在 30% 以上。這將支撐10年儲量壽命內50萬盎司的基本產量。中期內，我們將繼續推進工廠擴建計劃，這將使產量提高到 60 萬盎司。我們將會在可行性研究過程的關鍵節點向您報告最新進展。這使得數據能夠充分釋放其巨大價值，並在未來幾十年內保持其一流地位。

We moved to Nevada.

我們搬到了內華達州。

While Northrop is a first step in Nevada after the 21 discovery at which the Nevada strategy turns. It is one of the most significant gold discoveries in a generation, and it is in one of the world's top mining jurisdictions. This is not a modest asset. It is a large with significant high grade.

雖然諾斯羅普是內華達州在21號發現後邁出的第一步，但內華​​達州策略的轉捩點就在於此。這是近幾十年來最重要的金礦發現之一，而且它位於世界頂級礦業管轄區之一。這可不是一筆小數目的資產。它體積大，品質極高。

As of our latest, Arthur holds a resource of around 16 million ounces.

根據我們最新統計，亞瑟礦擁有約 1,600 萬盎司的資源量。

The deposits are predominantly bauxite, which is key. Our focus is currently on the Merlin deposit, where we have some more exceptionally high grade intercepts during resource definition drilling.

這些礦藏主要為鋁土礦，這是關鍵。我們目前將重點放在梅林礦床，在資源確定鑽探過程中，我們又發現了一些品位異常高的礦段。

These results reinforce our confidence in the project tier one quality. When fully developed, the outward complex is anticipated to be long-life multi-million house producer. Which will become the center of gravity for the Alio Gong Ashanti, and will become the largest and probably most longevity, asset that we will have in the port portfolio, giving us low cost, low risk, high margin analysis, and plenty of them.

這些結果增強了我們對專案一流品質的信心。建成後，該外圍綜合大樓預計將成為一個擁有數百萬套住房的長期生產基地。這將成為阿利奧·貢·阿散蒂的重心，並將成為我們港口組合中最大、也可能是最持久的資產，為我們帶來低成本、低風險、高利潤的分析，而且數量眾多。

We're currently at the back of our comprehensive pre-feasibility study, which will run for the remainder of the year. We expect to talk about the results of that feasibility study in our results in February of next year. However, just in a quick anticipation, if you see in the graph, the number one. That's small green. That's where we are concentrating our efforts right now, and we already are seeing how we can quickly go in that area to about 800,000+ ounces per year and only, and then when you look at the whole area, you can understand why we say that it's a multi-decade, multi-million ounce deposit.

我們目前正處於全面可行性預研究的後期階段，研究將持續到今年年底。我們預計在明年二月發布的業績報告中討論此可行性研究的結果。不過，先快速了解一下，如果你看一下圖表，你會發現第一名。那是一小片綠色。這就是我們目前集中精力的地方，我們已經看到，我們可以在該地區迅速達到每年 80 萬盎司以上的產量，而且僅僅是這個產量，當你縱觀整個地區，你就能明白為什麼我們說這是一個可以開採數十年、儲量達數百萬盎司的礦藏。

The drill bit is our best tool for value creation. Our strategy is deliberately structured in two phases, each with a distinct purpose, but one shared goal, to turn a world-class resource into a long-life high return complex. Our immediate focus is to convert resource to reserve.

鑽頭是我們創造價值的最佳工具。我們的策略刻意分為兩個階段，每個階段都有其獨特的目的，但有一個共同的目標，那就是將世界級資源轉化為壽命長、回報高的綜合體。我們眼下的首要任務是將資源轉化為儲備。

We expect again to bring those results in February. This infill drilling program across Merlin and Silicon is delivering the data to finalize pit designs, rate control, models, and strip ratios for the PFS and FFS. Once we've established the reserve base, we will be able to grow, expanding the footprint, and extending my life.

我們預計二月將再次公佈這些結果。此次在 Merlin 和 Silicon 進行的加密鑽探計劃正在提供數據，以最終確定 PFS 和 FFS 的礦坑設計、速率控制、模型和剝離比。一旦我們建立了後備基地，我們就能發展壯大，擴大規模，延長我的壽命。

We'll hang over to J and now to run through the financials.

我們稍後會和 J 聊聊，現在來看看財務狀況。

Thank you, Alberto.

謝謝你，阿爾貝托。

Q3 was marked by record gold prices driven by continued central bank buying, strong ETF inflows, and safe haven demand amid geopolitical tensions and the weakening US dollar.

第三季度，受各國央行持續購金、ETF資金強勁流入以及地緣政治緊張局勢和美元走軟帶來的避險需求推動，黃金價格創下歷史新高。

Oil prices were up around 13%, lower year on year based on both.

油價上漲約13%，較去年同期下降。

The WTI and Brent crude indices.

WTI原油和布蘭特原油指數。

Inflation moderated across most of our operating jurisdictions, most notably in Argentina, while Brazil saw a moderate increase to 5.2%, up from 4.4% last year.

在我們大多數營運轄區，通貨膨脹有所緩和，其中阿根廷最為顯著；而巴西的通貨膨脹也溫和上升至 5.2%，高於去年的 4.4%。

Our own realized inflation rate, which represents CPI changes in the jurisdictions that we operate, was around 4.7%, keeping an upward pressure on our cost base.

我們自身實際通膨率（代表我們營運所在地區的 CPI 變化）約為 4.7%，對我們的成本基礎構成上行壓力。

We continue to actively look for opportunities to mitigate cost impacts across the business, which we continue to demonstrate within our cash cost performance.

我們持續積極尋找機會來減輕業務各方面的成本影響，而我們也在現金成本績效中不斷證明這一點。

Production was 17% higher year on year in the quarter at 768,000 ounces. From our managed operations, production rose 16% to 200 to 682,000, up from 586,000 ounces in Q3 of last year.

本季產量年增 17%，達到 768,000 盎司。從我們管理的營運來看，產量增加了 16%，達到 200 盎司，達到 682,000 盎司，高於去年第三季的 586,000 盎司。

This stemmed from the addition of sukari with 135,000 ounces and a 30% increase in ounces from Owai.

這源自於新增的蘇卡里（sukari）產量為 135,000 盎司，以及來自奧瓦伊（Owai）的盎司數增加了 30%。

The result was also supported by growth and our other key assets including Kibali, Gaita, and Cuba.

這一結果也得益於成長以及我們的其他主要資產，包括 Kibali、Gaita 和 Cuba。

These production gains were offset somewhat by the plant stoppage at Furi.

Furi工廠停產，部分抵銷了這些生產成長。

Total cash costs for our managed operations increased by 5%, with pressure from inflation at just under 5% and royalties which rose in line with the gold price.

我們管理的營運總現金成本增加了 5%，通貨膨脹率略低於 5%，特許權使用費隨金價上漲而增加。

Market-driven factors beyond our control would have increased cash costs from $1,172 an ounce in Q3 of 2024 to $1,272 per ounce in Q3 of 2025.

受我們無法控制的市場因素影響，現金成本將從 2024 年第三季的每盎司 1,172 美元增加到 2025 年第三季的每盎司 1,272 美元。

We were, however, able to reduce this to $1,225 an ounce through disciplined cost management, the additional suari to the portfolio, and the impact of our full asset potential program.

然而，透過嚴格的成本管理、增加投資組合中的蘇阿里金以及我們充分發揮資產潛力的計劃，我們成功地將成本降低到每盎司 1,225 美元。

All in sustaining costs for managed operations rose 6% year on year to $1,766 per ounce, up from $1,665 an ounce in Q3 of 24. That increase reflecting our planned reinvestment in staying business capital, partially offset by our higher gold status.

管理營運的維持成本年增 6%，達到每盎司 1,766 美元，高於 2024 年第三季的每盎司 1,665 美元。這一增長反映了我們計劃對現有業務資本進行再投資，但部分被我們更高的黃金地位所抵消。

Our financial results for the quarter reflect another solid performance from our managed operations with a number of new records set.

本季財務表現反映了我們管理的營運部門的另一個穩健表現，並創下了多項新紀錄。

Earnings and free cash flow more than doubled year on year, driven by continued cost discipline, the 17% increase in production, and the 40% higher average gold price.

受持續的成本控制、產量增長 17% 以及黃金平均價格上漲 40% 的推動，公司收益和自由現金流同比增長超過一倍。

Even Dow rose 109% year on year to $1.6 billion driven by price and sales volumes.

受價格和銷售的推動，道瓊斯指數年增 109%，達到 16 億美元。

This was partly offset by higher costs, which, as I've said, were driven by inflation and the increase in royalties.

但這部分被更高的成本所抵消，正如我所說，更高的成本是由通貨膨脹和版稅增加造成的。

Basic earnings climbed to $669 million from $223 million year on year, again bolstered by the price and the increase in volumes.

基本收益從上年的 2.23 億美元攀升至 6.69 億美元，這再次得益於價格上漲和銷售成長。

Net cash from operating activities was up 134% to 1.4 billion, reflecting improved operating fundamentals and cash conversion.

經營活動產生的淨現金成長134%至14億美元，反映出經營基本面和現金轉換率的改善。

After taking into account CapEx and Cabali cash receipts, free cash flow more than doubled to 920 million, as Alberto mentioned, another record.

考慮到資本支出和 Cabali 現金收入，自由現金流翻了一番多，達到 9.2 億美元，正如 Alberto 所提到的，又創下了一項紀錄。

We ended Q3 with an adjusted net cash position of 450 million, another first for our company, and it compares to a 906 million in net debt just a year ago.

第三季末，我們調整後的淨現金部位為 4.5 億美元，這是我們公司歷史上的另一個新紀錄，而就在一年前，我們的淨債務為 9.06 億美元。

Our focus is unchanged. We are working hard to realize more operational improvements, to maximize cash conversion, to extend my life, and ensure we are disciplined in allocating capital.

我們的重點不變。我們正在努力實現更多營運改進，最大限度地提高現金轉換率，延長我的壽命，並確保我們在資本分配方面保持紀律。

This slide highlights our progress in strengthening our competitive position on the cost curve. Total cash costs were $1,225 an ounce in Q3, up 5% year on year. Market-driven factors, including inflation, royalties, fuel price, and exchange added around $100 an ounce or 9% to the cost base.

這張投影片重點介紹了我們在加強成本曲線競爭地位方面的進展。第三季總現金成本為每盎司 1,225 美元，年增 5%。市場因素，包括通貨膨脹、特許權使用費、燃料價格和匯率，使成本基礎增加了約每盎司 100 美元或 9%。

The planned stoppage at Saurri added around $58 to cash costs as a one-off.

Saurri工廠的計畫停工將一次性增加約58美元的現金成本。

Our managed operations continue to deliver significant improvement in things we can control, delivering an 8% improvement from productivity gains through full asset potential program, particularly plant plant throughput, strong operational excellence across the portfolio, and of course the addition of sukari volumes.

我們管理的營運繼續在我們可以控制的方面取得顯著進步，透過充分發揮資產潛力計劃，特別是工廠產能，實現了生產力提高 8% 的提升，整個投資組合的卓越運營，當然還有蘇卡里產量的增加。

AI from our managed operations increased by just 6% to $1,766 an ounce, reflecting our ongoing capital reinvestment.

我們管理的營運產生的AI價格僅成長了6%，達到每盎司1,766美元，這反映了我們持續的資本再投資。

We remain focused on converting higher gold prices to strong free cash flow. Gold price gains of 683 million, higher gold sales driven by strong performing Charabuwai, and the contribution from Sukari, as well as the focus on working capital improvement, all flowed through to free cash flow.

我們將繼續專注於把更高的金價轉化為強勁的自由現金流。黃金價格上漲 6.83 億，Charabuwai 表現強勁，推動黃金銷售成長，Sukari 的貢獻，以及對改善營運資本的重視，所有這些都轉化為自由現金流。

Offset by higher operating costs linked to the higher gold sales volumes, higher cash taxes on higher revenues, and the planned increase in capital spend with the integration of suari.

但由於黃金銷售量增加導致營運成本上升、收入增加導致現金稅增加，以及隨著 Suari 的整合計劃增加資本支出，這些因素相互抵消。

This all supported the widening free cash flow margin, which almost doubled to 45% in just one year, reflecting the strong focus on ensuring that higher gold prices and increased margins really do flow to our bottom line.

這一切都支撐了自由現金流利潤率的擴大，該利潤率在短短一年內幾乎翻了一番，達到 45%，這反映出我們高度重視確保更高的黃金價格和更高的利潤率真正轉化為我們的利潤。

The balance sheet has never been stronger. We ended Q3 in a net cash position of $450 million underpinning total liquidity of $3.9 billion. We're in an excellent position not only to fund our capital pipeline, but to continue returning capital to shareholders.

公司資產負債表從未如此強勁。第三季末，我們的淨現金部位為 4.5 億美元，總流動資金為 39 億美元。我們不僅有能力為我們的資本項目提供資金，而且還能繼續向股東返還資本，這讓我們處於非常有利的地位。

And finally, we remain on track to meet our 2025 guidance in all metrics.

最後，我們各項指標都有望實現 2025 年的目標。

I had about 12 or so for our route.

我們的路線大概有12輛左右。

Thank you, Julian.

謝謝你，朱利安。

Since 2029, our total cash cost in real terms, has trended lower versus a 19% gain for our peers. We have stayed flat, as you can see, the average of the peers in real terms has gone close up to 20%.

自 2029 年以來，我們的實際現金總成本呈下降趨勢，而我們的同業則成長了 19%。正如你所看到的，我們一直保持平穩，同行的平均實際收益率已經接近 20%。

That led to a margin growth that has outpaced these same peers as a result.

因此，其利潤率成長速度超過了同業公司。

This has been enabled by our full asset potential, which focuses on producing more houses with fewer costs, which has made us more competitive.

這得歸功於我們充分發揮自身資產潛力，專注於以更低的成本建造更多房屋，這使我們更具競爭力。

We're working hard to ensure that we maintain this advantage.

我們正在努力確保保持這一優勢。

Some years ago, we The analysts would say, well, we traded a discount because we have a lower margin. As you can see, now we have the same margin, but we still have somewhat of a discount that we'll see in the next slide.

幾年前，分析師會說，我們之所以折價交易，是因為我們的利潤率較低。如您所見，現在我們的利潤率相同，但我們仍然有一定的折扣，我們將在下一張幻燈片中看到。

We made steady progress in narrowing the ratings GAAP relative to our North American peers. This hasn't been about fixing a single issue, but rather executing a comprehensive plan over the past years to strengthen every aspect of the business. Our fundamentals are robust, our portfolios performing, and our outlook has never been more promising. We continue to progress Nevada.

我們在縮小與北美同行之間的 GAAP 評級差距方面取得了穩步進展。這並非是為了解決某個單一問題，而是在過去幾年中執行一項全面計劃，以加強業務的各個方面。我們的基本面穩健，投資組合表現良好，前景從未如此光明。我們繼續推進內華達州的發展。

Let me probably add, we're proud to have received this year the 2026 Thayer-Linsley Exploration Award, that just underpins that this has been one of the most significant discoveries in the US in more than a decade.

我還要補充一點，我們很榮幸今年獲得了 2026 年泰爾-林斯利勘探獎，這充分說明這是我們十多年來在美國取得的最重大發現之一。

We're delivering on what we said we would be, achieving consistent operational improvements, enhancing returns, and positioning the company for sustainable growth.

我們正在兌現我們所說的承諾，不斷改進運營，提高回報，並為公司的可持續成長奠定基礎。

And importantly, we've ensured that 94% of the gold price increase has flowed on to the bottom line. Let me just explain this. If you multiply the dollars increase in the gold price by our tons. You get the increase in the revenue. 94% of that increase has flowed on to the bottom line to net operational cash flows.

更重要的是，我們確保了黃金價格上漲的 94% 都轉化為了利潤。讓我解釋一下。如果將黃金價格上漲的美元數乘以我們的噸數。收入增長了。其中94%的成長轉化為淨營運現金流，最終轉化為利潤。

This has generated one of the highest free cash flow yields in the industry.

這使得該公司獲得了業內最高的自由現金流收益率之一。

Actually, if you look at the 3rd quarter, we would be the highest.

實際上，如果你看一下第三季度，我們的業績將會是最高的。

Free cash flow per houses in the industry of any of the large companies.

業內任何大型公司每套房屋的自由現金流。

As you assess our valuation metrics, we believe re Gold Ashanti represents a compelling investment proposition, combining strong cash generation, a discipline and shareholder-focused capital allocation framework, market leading yield.

當您評估我們的估值指標時，我們認為黃金阿散蒂代表著一個引人注目的投資機會，它結合了強大的現金流、紀律嚴明的以股東為中心的資本配置框架以及市場領先的收益率。

Predictability and evaluation that offers clear upside potential. With that, I'll take your questions.

可預測性和評估能力，能夠提供明顯的上漲潛力。那麼，接下來我將回答你們的問題。

Adrian Hammond, SBG.

Adrian Hammond，SBG。

Yeah. Thanks, operator. Good day. Alberto and Gillian. I have a question for each of you. If we just start with you, Alberto.

是的。謝謝接線生。再會。阿爾貝托和吉莉安。我有一個問題想問你們每個人。就從你開始吧，阿爾貝托。

Since we last spoke on on your results, it was gold price it was $11,000 an ounce or so below where we are today.

自從我們上次談到你的業績以來，黃金價格比現在的價格低了大約每盎司 11,000 美元。

So.

所以。

This certainly must change the way you think about the business, or at least in shareholder returns, so.

這肯定會改變你對企業的看法，或至少改變你對股東回報的看法。

You have a dividend policy and your free cash flow is certainly well in excess of what your immediate needs and plans are, so.

你們有分紅政策，而且你們的自由現金流肯定遠遠超過你們的近期需求和計劃，所以。

What is your strategy with dividends, specifically, you've certainly done a true up on this quarter and we could expect that, I assume going forward it's what persists, but, certainly you'll start building a lot of cash, so.

你們的分紅策略是什麼？具體來說，你們本季確實提高了分紅，我們可以預期，我假設這種趨勢會持續下去，但你們肯定會開始累積大量現金。

Buybacks or increased payouts and debt redemption, are you able to talk a bit more to that? Thanks.

關於股票回購、增加分紅和債務償還，您能否再詳細談談這方面？謝謝。

Thanks, Adrian.

謝謝你，艾德里安。

Yeah, look, every Every worker we sort of.

是的，你看，我們每個工人都是如此。

Talk about how we can, obviously have our shareholders share in this gold price, and as I mentioned in my presentation, the fact that we have been able to pass all of the gold price by 94% into the bottom line. And so this was where we again said, okay, let's make an exception to the policy and let's distribute 50%.

顯然，我們要談談如何讓我們的股東分享黃金價格上漲帶來的收益，正如我在演講中提到的，我們已經能夠將 94% 的黃金價格上漲轉化為利潤。所以，我們再次表示，好吧，讓我們破例一次，分配 50%。

I've also said, I probably said in the first half that we will reassess things in February, and we will determine if there's any need for additional further capital allocations, and as you mentioned, between debt reduction, or dividends, additional or buybacks, but we will talk about that in February of next year. I don't notice that there's a Many gold companies again are are sort of comfortable with a positive net cash.

我也說過，可能上半年就說過，我們會在二月份重新評估情況，確定是否需要追加資本配置，正如你提到的，是在減少債務、增加分紅還是回購股票之間做出選擇，但我們會在明年二月份討論這個問題。我沒注意到很多黃金公司再次對正淨現金感到滿意。

Again, I think that there's limits to that, but I think we're far away from that. But in February, we will definitely deal with additional sort of.

我認為這種做法是有限制的，但我們離那種程度還很遠。但二月份，我們肯定會處理其他類型的問題。

Ideal for capital distribution.

非常適合資本分配。

Allocation, let's say.

比如說，分配。

That's clear. Thanks, Alberto, and perhaps with Gillian on costs, you're trending at the at the end of your guidance and certainly royalties is putting pressure there that, I'm assuming wasn't part of your assumption at the start of the year when you put these for costs out or guidance out. So could you just reconcile, what those assumptions were and Oh, are you confident that, given, you're probably going to pay a bit more royalties, this quarter where you think, why you think at least you should meet that guidance and.

這一點很清楚。謝謝 Alberto，或許 Gillian 在成本方面也提到了這一點，你們的業績趨勢接近預期末尾，而且版稅肯定給業績帶來了壓力，我猜這並非你們年初發布成本或業績指引時所考慮的因素。所以，您能否解釋一下這些假設是什麼？還有，考慮到本季您可能需要支付更多版稅，您是否有信心至少達到預期目標？

And then secondly, some of your peers have already started ramping up the reserve gold price assumption.

其次，你們的一些同行已經開始提高黃金儲備價格的假設。

I assume that's going to be a trend for the sector.

我認為這將成為該行業的趨勢。

But probably some more than others, which is telling in respect of what sort of capital.

但可能有些人獲得的資本比其他人更多，這說明他們獲得的是哪種類型的資本。

You plan on investing in the business because those reserves will need infrastructure. So are you able to give us some sort of insight into, your reserve gold price plans in respect of capital discipline?

你計劃投資這家企業，是因為這些儲備需要基礎建設。那麼，您能否就貴方在資本紀律方面的黃金儲備價格計劃，向我們提供一些見解？

Thank you.

謝謝。

Let me start with that and Julian will help me especially with the latter, but we did say, Adrian, very clearly that we were assuming a $2350 gold price then and that obviously we love, as I said. The only cost we love is royalties because it's tied to the price, but that our guidance was excluding that. So if you look at where we'll end up in the year roughly, the impact of that, it will be about $40 an ounce on the cash cost. Having said that, we expect, even without that, we expect to be right on the top end. And then with the royalties, excluding the royalties will be weighing with the cash cost, as I.

讓我先從這一點說起，朱利安會幫助我，尤其是在後者方面，但是我們確實說過，艾德里安，我們當時假設的金價是 2350 美元，而且正如我所說，我們顯然很喜歡這個價格。我們唯一喜歡的成本是版稅，因為它與價格掛鉤，但我們的指導意見不包括這部分成本。所以，如果我們看看今年最終的價格大概會是多少，影響是，現金價格將上漲約 40 美元/盎司。即便沒有這些因素，我們預計也能位居榜首。然後，扣除版稅後，現金成本將與版稅掛鉤，正如我所說。

Mentioned, we will, our managed operations, like the non-managed has gone up more than we would want Kibali, but our managed operations are only up 3% in nominal terms. So I think this will be one of our best years in terms of managing costs. And so we're quite happy about that. And then, Look, we will reconsider the gold price, but we've said it before that we distinguish very clearly between if we're plant constrained or mind constrained. If you're plan constrained, there's just no point in changing the reserve or res reserve gold price. If you're not, then we'll look at it, but I would say that in general our default is, we're really not being changing anything because of the higher gold price, but we'll look at it and probably we will adjust it on a cost base, not so, however the costs of the industry have gone up, and then that's probably how we will look at it. But we will be probably along the most conservative in the industry in that regard because just, we just don't see a point in it.

誠然，我們的託管業務，就像非託管業務一樣，增長幅度超過了我們希望 Kibali 的水平，但我們託管業務的名義增長僅為 3%。所以我認為今年將是我們在成本控制方面做得最好的一年之一。所以，我們對此感到非常高興。然後，我們會重新考慮黃金價格，但我們之前說過，我們會非常清楚地區分我們是受到植物限制還是受到思考限制。如果你的計畫受到限制，那麼改變儲備或儲備金價格就毫無意義。如果你不同意，我們會考慮，但我想說的是，一般來說，我們的預設做法是，我們不會因為金價上漲而做出任何改變，但我們會考慮，可能會根據成本進行調整，而不是僅僅因為行業成本上漲，那麼我們可能會這樣看待這個問題。但我們在這方面可能是業界最保守的，因為我們根本不認為這樣做有意義。

But Jim.

但是吉姆。

Yeah, so thanks, Alberto. Well, as Alberto said, the focus is on maintaining grade in our operations and not changing that.

是的，謝謝你，阿爾貝托。正如阿爾貝託所說，我們的重點是保持作業中的坡度，而不是改變坡度。

Focus on rate because of gold price changes.

由於金價波動，請關注利率。

You will know that our reserve price is $1600 an ounce currently and the resource price is $1900. We do obviously do an annual assessment of that and would anticipate sort of marginal increases in 25, maybe $100 an ounce, but it's really Looking at the change in the cost curve and its impact on us maintaining those grades rather than focusing on price as Alberto said. I think the other thing we always do on major capital projects is, look at price sensitivity regardless of that price that you set for reserve and resource. And that's just a standard thing, that we would do anyway.

您應該知道，我們目前的底價是每盎司 1600 美元，資源價格是每盎司 1900 美元。我們當然會對此進行年度評估，預計每盎司價格會有小幅上漲，例如 25 美元到 100 美元，但正如 Alberto 所說，我們真正關注的是成本曲線的變化及其對我們維持這些等級的影響，而不是價格。我認為我們在重大資本項目中始終會做的另一件事是，無論你為儲量和資源設定的價格是多少，都要考慮價格敏感度。這只是常規操作，我們本來就會這麼做。

That's clear. Thanks. Thanks to you both and well done on a good quarter and look forward to some more insights into reserve extensions and life extensions if you have.

這一點很清楚。謝謝。感謝二位，本季業績出色，期待你們能就儲備金擴展和壽命延長方面提供更多見解。

Thank you.

謝謝。

Joseph Riger, Roth Capital Partners.

約瑟夫·里格，羅斯資本合夥人。

Hey, Alberto and the team, thanks for taking the questions.

嗨，阿爾貝托和團隊，感謝你們回答這些問題。

Just a quick thing, and, do you guys have any planned shutdowns like the, to the magnitude that was Seguri in the quarter, for Q4 that we should be aware of?

問個小問題，你們第四季有沒有像 Seguri 那樣規模的停產計畫？我們需要注意嗎？

No.

不。

That's a quick answer, no, let's let's.

那隻是個簡單的回答，不，我們還是…

Everything we expect a very strong 4th quarter right now. What we know, and Rumson will say, what we don't know. Well, that's different, but what we know we don't know, and what we know we know we're fine.

目前來看，我們預計第四季會非常強勁。我們知道的，以及拉姆森會說的，我們不知道的。嗯，那情況就不同了，但我們知道自己不知道的事情，以及我們知道的事情，都顯示我們沒問題。

Okay. Fair enough. Thanks. I'll turn it over.

好的。很公平。謝謝。我把它翻過來。

(Operator Instructions) Tanya Jakusconek, Scotiabank.

（操作說明）Tanya Jakusconek，加拿大豐業銀行。

Well, great, good morning, everyone.

好的，大家早安。

Thank you so much for taking my questions. Adrian asked a few of them, so I too look forward to hearing about the reserves and.

非常感謝您回答我的問題。阿德里安問了其中幾個人，所以我也很期待聽到儲備金的消息。

What's happening on that front, but I, I'm going to come back and I'm going to focus on data if I could. I'm just looking at some of the slides you presented and thinking about the the processing facility. So you said it's about 100 million to get that processing facility up. Can you go through what exactly would be needed at the processing facility? And then on the mining side I see that you're going to be looking at 4 sources of production, one open pit and 3 underground. So I'm just trying to wonder how much money would be required to put in the underground and on the open pit side, is there anything that I should be thinking about like a pit lay back that would involve a lot of weight? I'm trying to understand the what's required on the mining side from the capital standpoint as well. That's my first question.

那方面的情況如何，我……我會回來，如果可以的話，我會專注於數據。我正在看你展示的一些幻燈片，並思考加工廠的情況。所以你說蓋那個加工廠大概要1億美元。能詳細說明一下加工廠具體需要哪些嗎？然後，在採礦方面，我看到你們將關注 4 個生產來源，一個露天礦場和 3 個地下礦場。所以我想知道地下和露天礦場需要多少錢，有沒有什麼需要注意的地方，例如礦坑後傾，這會產生很大的重量嗎？我也想從資金角度了解採礦方面需要哪些條件。這是我的第一個問題。

Thanks, Tanya, look, on the second question, we already have 4 sources of war. I don't see there's nothing that there's not a big chunk of, let's say, unusual capital that we would need on that. I think that's what makes data so strong and so predictable is those 4 sources of 4th. So there's nothing about it. We are, I'll ask Fel Pereira to. To give any details on the plant expansion, but we, it's still in probably not even in prefeasibility, but it is a project that is one of those, when it comes, that will be a no-brainer, extremely profitable and relatively minor cost. So it's a pure, this all comes from full asset potential. Vasset potential is it addresses. The 5 or 6 things that we can be bottleneck and have the greatest rate of return. So this comes from that type of thinking. But Marcelo, is there any more details of that plan, of US processing plan? Oh, absolutely, Alberto, and thanks for the question. Our plan is focused on optimizing as best as possible the capacity that we have in the plant without major investments. So Alberto has pointed out, we are planning to do investments. In around $100 billion as we are foreseeing now, according to our level of, the engineering for this plan. And, our expectation is that, we are going to add one additional, capa meeting capacity, but, it's going to be confirmed by the previous, by the engineering, studies that we are confirming now. At this moment, we see very good capacities down in the middle of CO page which will not require additional investments. But all of these are going to be confirmed by the January studies that we're performing at this moment.

謝謝，塔尼亞。你看，關於第二個問題，我們已經有 4 個戰爭來源了。我認為，我們需要投入一大筆，比如說，非常規的資金。我認為正是這 4 個來源使得數據如此強大且可預測。所以沒什麼好說的。我們會的，我會請費爾·佩雷拉幫忙。關於工廠擴建的具體細節，我們現在還無法透露，它可能甚至還沒有進入可行性研究階段，但這是一個一旦啟動就會非常明智、利潤豐厚且成本相對較低的項目。所以這是純粹的，這一切都源自於全部資產潛力。Vasset 的潛力在於它所解決的問題。我們可能遇到的瓶頸以及能帶來最大回報的五、六件事。所以，這種想法就源自於此。但是馬塞洛，關於美國處理計劃，還有更多細節嗎？哦，當然，阿爾貝托，謝謝你的提問。我們的計劃重點在於不進行重大投資的情況下，盡可能優化我們工廠現有的產能。正如阿爾貝托指出的那樣，我們計劃進行投資。根據我們目前的工程水平，預計該計劃的工程費用約為 1000 億美元。我們預計，我們將增加一個額外的會議容量，但這將由我們現在正在確認的先前的工程研究來證實。目前，我們看到 CO 頁面中間部分產能非常充足，無需額外投資。但所有這些都將由我們目前正在進行的1月的研究來證實。

Okay, so it looks like just upgrading of these components and at this plant there's nothing really major to do beyond that, and it appears that on the mining front.

好的，看來只是對這些組件進行升級，這家工廠除此之外沒有什麼真正重大的事情要做，而且在採礦方面似乎也是如此。

Continued open pit mining and underground would be development work. Would that be fair? Yeah.

繼續進行露天開採和地下開採將是開發工作的一部分。這樣公平嗎？是的。

Yeah, okay.

好的。

Okay, that's great. Hopefully one day get to see this asset as well. My second question, if I could, Alberto, it's to you, it's, you started your presentation by talking about your best opportunities are within the company, so organic growth, so you've got data that's. Ramping up, you've got obvious, sorry, data, Wassi's ramping up data opportunity now you've got, the Arthur Gold that's coming in towards the end of the, well, after the end of the decade for Merlin. What about how do you balance that with M&A opportunities, we talked about safe jurisdictions or selling some assets. How do you look about, how do you think about that in terms of replacing those ounces? And change and looking at your overall geo geopolitical profile.

好的，太好了。希望有一天也能親眼目睹這資產。我的第二個問題，如果可以的話，阿爾貝托，是問你的，你在演講開始時談到公司內部最好的機會，也就是自然增長，所以你有一些數據。加速推進，你擁有顯而易見的，抱歉，數據，Wassi 正在加速推進數據機會，現在你有了，Arthur Gold 將在十年末期，嗯，在 Merlin 十年末期到來。那麼，如何平衡這一點與併購機會呢？我們討論過選擇安全的司法管轄區或出售一些資產。您如何看待這個問題？您如何考慮用這種方式來取代那些盎司的重量？並進行調整，檢視你的整體地緣政治格局。

Thanks, Tanya.

謝謝你，塔尼亞。

Look, I'll Probably I'll start with your What you implied in that when you start the question, we, when we look at the This opportunity like Qaita, but also Cuyaba.

聽著，我可能要從你剛才提出的問題開始說起，你暗示的意思是，當我們審視這個機會時，就像 Qaita 和 Cuyaba 一樣。

And its potential, the potential of sanity in the long-term, it's just a Very impactful and very low cost, so it's actually very difficult to compete because the rate of returns of all of those 3 and others of oasi as we expect from others, is just extremely high.

而它的潛力，即從長遠來看保持理智的潛力，它具有非常大的影響，而且成本非常低，因此實際上很難與之競爭，因為所有這 3 項以及 Oasi 的其他產品（正如我們預期的那樣）的回報率都非常高。

And so that's, if you look at our brown field exploration budget, it's increasing.

所以，如果你看一下我們的棕地勘探預算，你會發現它是在增加的。

By about 40% or something like that, and that's what we're doing, exploring more in Ga, exploring more in Cuyaba, exploring more in Sukani, so just to delineate what we have multi-decade deposits. And so that's, as I said, that's where I would say the focus of The bulk of the management team, 99.9% of the people is. Yes, there is a group in BD that looks at opportunities. I've said before, it's a, it's difficult to do M&A because it needs to add value.

大約有 40% 左右，這就是我們正在做的，在 Ga、Cuyaba 和 Sukani 進行更多勘探，以便確定我們擁有的數十年礦藏的範圍。所以，正如我所說，這就是管理團隊絕大多數成員（99.9% 的人）的關注點所在。是的，BD 有一個團隊專門負責尋找商機。我之前說過，併購很難，因為它需要創造價值。

I also haven't been shy in saying that we would focus probably in developing. Countries more than anything, like if we could have the next equivalent to Sukai, a bit smaller tier one in cost, it will be something that will, and we can add value to the company we would look at that, we will assess our opportunities and If they're, for example, competitive I've said before, probably we will lose and that's fine. Okay, we will only do something if it adds value and that's about it. So yeah, in summary.

我也曾毫不避諱地表示，我們可能會把重點放在研發上。最重要的是國家層面，例如如果我們能找到下一個與 Sukai 類似的產品，成本稍微低一些，那將會是一件好事，而且我們還能為公司增加價值。我們會考慮這一點，我們會評估我們的機會。如果它們有競爭力，例如我之前說過的，我們可能會輸，但這也沒關係。好吧，我們只會做那些能帶來價值的事情，僅此而已。綜上所述。

Main focus is wonderful opportunities we have. We have a big team that is very good and that it's track record to date in terms of C, Corvis, Augusta, and obviously sentiment. And then it's very disciplined in selling things, in selling what we sold in Africa, now selling Sierra Grande selling CVSSA and others it's very good. So they'll continue to TRY to do that and Yeah, that's how we look at those things, don't you.

主要關注點是我們擁有的絕佳機會。我們擁有一支非常優秀的龐大團隊，就 C、Corvis、Augusta 以及顯然還有人氣而言，他們迄今為止的成績都證明了這一點。而且，它在銷售方面非常有紀律性，銷售我們在非洲銷售的產品，現在銷售 Sierra Grande、CVSSA 和其他產品，都非常好。所以他們會繼續嘗試這樣做，是的，我們就是這麼看待這些事情的，不是嗎？

Okay, and so should I be thinking that maybe the completion of of erra Sierra Vanguardia, mine asset would be sold in 2025 as well, or is that the 26 story?

好的，那麼我是否應該認為 Sierra Vanguardia 礦山資產的完工也可能在 2025 年出售，還是說那是 26 樓的情況？

For an asset sale.

用於資產出售。

It will be close, so either 4th quarter or 1st quarter of next year.

時間會很接近，要么是明年第四季度，要么是明年第一季。

Okay.

好的。

And I guess this year first World Cup next year.

我猜今年是第一屆世界杯，明年是第二屆。

Okay, and is that pretty much in your portfolio you're done with the asset sales? I think you still have a royalty portfolio.

好的，那麼你的投資組合中資產出售工作基本上完成了嗎？我認為你仍然有版稅收入。

Is that correct?

是這樣嗎？

Sorry, what?

你說什麼？

What was the question?

問的是什麼問題？

Thinking I was just commenting that I after we've done Sierra VanGuardia, that asset sales, are you done with asset sales? I think you still have a royalty portfolio that could be sold, but besides that, is that it on the asset sales?

我當時想說的是，在我們完成 Sierra VanGuardia 的資產出售後，你們的資產出售計畫就結束了嗎？我認為你還有一些版稅組合可以出售，但除此之外，資產出售就只有這些了嗎？

I think it's small, but we could look at it. And then CBSA again, let me probably reassess. We, we're in the process. We have good offers, but as always, we never know if it's going to be concluded or not, but we know that we will be concluded as soon as MSG.

我覺得它很小，但我們可以看看。然後，我可能還要重新評估一下加拿大邊境服務局（CBSA）的情況。我們正在進行中。我們收到了不錯的報價，但像往常一樣，我們永遠不知道最終能否達成協議，但我們知道一旦與麥迪遜廣場花園達成協議，我們就會達成協議。

But yeah, the port portfolio, the loyalty port portfolio, I don't think it's very, significant for us right now, but, I think Terry mentioned something. I don't know, Terry, I think you're on the call.

但是，港口產品組合，忠誠度港口產品組合，我認為它目前對我們來說並不十分重要，但是，我想特里提到過一些相關內容。我不知道，特里，我想你正在通話中。

Hi, Tanya.

你好，塔妮亞。

Yeah, this is something we'll probably look at in 2026, because there's still the two ongoing sales processes Alberto mentioned which might come with contingent payments that will add to the existing royalty portfolio, but it's relatively modest but something we'll probably look at next year.

是的，這可能是我們在 2026 年會考慮的事情，因為 Alberto 提到的兩個正在進行的銷售流程可能會帶來或有付款，這將增加現有的版稅組合，但規模相對較小，不過我們明年可能會考慮一下。

Thank you so much for taking my question.

非常感謝您回答我的問題。

Thank you.

謝謝。

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

謝謝。接下來，我將把發言權交給網路直播觀眾，回答他們提出的問題。

All right, Alberto, Gillian, I'll go in no particular order here, but, Shashi Shek Shekhar from Citibank says, what is the total expenditure, capital expenditure you're planning to increase the reserve by 60%. So that's obviously the gator question. And then to increase production to 600,000 ounces.

好的，阿爾貝托，吉莉安，我這裡不按順序提問，花旗銀行的沙希·謝克·謝卡爾說，你們計劃將儲備金增加 60%，總支出是多少？資本支出是多少？所以，這顯然是關於鱷魚的問題。然後，將產量提高到 60 萬盎司。

On security, just, is the processing plant operating at 100% currently? And when do you expect the mined but not processed or, that we produced in 3 to be fully processed?

就安全性而言，目前加工廠的運作率是否達到 100%？那麼，您預計何時能夠完成開採但尚未加工的礦石，或者我們在第 3 個階段生產的礦石能夠完全加工？

Okay, so the gain that we're increasing the budget from $35 million to $50 million and that's going to be for some years, and that should take us to the 10 year, to $4 million in 2026 and to 5 million ounces of reserve in 2027, 202,028.

好的，所以我們將預算從 3500 萬美元增加到 5000 萬美元，這將持續幾年，到 2026 年，10 年後應該能達到 400 萬美元，到 2027 年、2028 年達到 500 萬盎司的儲備。

And then the 600,000s, that's the plant, and the plant is $100 million today. Again, we'll see what it is, but we know that it will be a project that we will do because it's such a high rate of return. Look, it's it really the mine is operating normally. The plant is operating, but it will go and At at full speed again, probably the 3rd quarter of next year. But because we're processing such high grade because the mine has not shut, we expect, for example, that for the year, Seguri will still be up 8% versus 2024, so it will still be a very good year for Seguri.

然後是 60 萬美元，那是工廠的預算，而該工廠如今價值 1 億美元。我們拭目以待，看看結果如何，但我們知道這將是一個我們會做的項​​目，因為它的回報率非常高。你看，礦井確實運作正常。該工廠目前正在運行，但可能要到明年第三季才能再次全速運轉。但由於礦場沒有關閉，我們處理的礦石品位很高，因此我們預計，例如，今年 Seguri 的產量仍將比 2024 年增長 8%，所以今年對 Seguri 來說仍然是非常好的一年。

All right, the next question from, Yamin Gosain at Lorient Capital. He says, Hi team, well done and a wonderful set of results. The current CapEx run rate is around $368 million a quarter, implying $590 million in Q4 to reach the midpoint of guidance. Can we expect to see a big CapEx number in Q4, or will some of this be rolled over 26?

好的，下一個問題來自 Lorient Capital 的 Yamin Gosain。他說：“大家好，團隊做得非常棒，取得了非常好的成績。”目前的資本支出運行速度約為每季 3.68 億美元，這意味著第四季需要 5.9 億美元才能達到預期目標的中點。我們能否期待在第四季看到大量的資本支出，還是其中一部分會延至 2026 年？

Thank you for the question. I think we would anticipate relatively stable capital spend in, stripping or development, etc. We do in queue up for some orders for fleet management strategy, and so you'll definitely see an increase, but we're going to manage that well within our guidance range for the full year.

謝謝你的提問。我認為我們預計在拆除或開發等方面的資本支出將相對穩定。我們確實有一些車隊管理策略的訂單正在排隊等待處理，因此您肯定會看到支出增加，但我們會將其控制在全年指導範圍內。

Good. There is another question here from, Herbert Kariba at ABSA. He says, what is the outstanding dividend payment from CBSA and is it likely that you received an amount this quarter?

好的。這裡還有來自 ABSA 的 Herbert Kariba 的一個問題。他問道，加拿大邊境服務局 (CBSA) 的未付股息是多少？您本季是否有可能收到股利？

So, we, just to get clear, we have finalized our 2024 financial statements for CDSA which allows us to pay up dividends through, to our parent company. We have done that. Quite significantly actually in 2025. And so there's no restrictions on how much we can, kind of flow back through to the parent company. We, of course, will want to maintain working capital levels in Argentina, but we've made really good progress on, cash lockups in that region. Yeah.

所以，為了明確起見，我們已經完成了 CDSA 的 2024 年財務報表，這使我們能夠透過母公司支付股利。我們已經做到了。到 2025 年，情況將相當顯著。因此，我們可以向母公司回流多少資金沒有任何限制。我們當然希望在阿根廷保持營運資金水平，但我們在該地區現金凍結方面已經取得了非常好的進展。是的。

Yeah, the the cash lockups, I think if you look at it, we've gone from 176 to 100 roughly, so dramatically. Reduce the cash lockups probably where we make the most gains. So just, obviously that's not surprising given sort of that there, there's an adults as President in charge, first time in a long time in Argentina, so things are better.

是的，現金凍結額，如果你看一下，我們已經從大約 176 降到了 100，降幅非常大。減少現金鎖定可能是我們獲得最大收益的地方。所以，很明顯，考慮到阿根廷多年來第一次由成年人擔任總統，這並不令人驚訝，所以情況有所改善。

Thanks, Alberto. We have, one from, Larry Clason and Red Intelligence, and he just wants to understand if we've paid back any of our bonds over the quarter.

謝謝你，阿爾貝托。我們收到一封來自 Larry Clason 和 Red Intelligence 的郵件，他想了解我們本季是否償還了任何債券。

And the answer for that is no, Larry, not.

答案是否定的，拉里，不是。

And then just to sort of close up, there are a couple of questions. Martin Creeer at Mining Weekly. Martin, you've asked some questions on, clean energy use installed and whatnot. If you would just allow me to come back to you after the call on those questions and Jack Forbes. Jack, you can get hold of me, just to follow-up on your question on S Bailey at AGAtgold, and we can have a discussion. Just around the difficulty you're having, On that. But other than that, we have no other questions. So, Alberto, just maybe a closing remark from you before we wrap.

最後，還有幾個問題。《礦業周刊》的馬丁·克里爾。馬丁，你問了一些關於清潔能源利用、安裝等等的問題。如果您能允許我在通話結束後再就這些問題以及傑克福布斯的情況向您報告就職。Jack，你可以聯絡我，跟​​進你關於 AGAtgold 的 S Bailey 的問題，我們可以討論一下。就你遇到的困難而言，就是這樣。除此之外，我們沒有其他問題了。那麼，阿爾貝托，在我們結束之前，你或許可以再說一句總結性的話。

I hadn't thought about that, but anyway, I Look, it's It's all about discipline, execution. It's.

我之前沒想過這個問題，不過，總之，關鍵在於紀律和執行力。它是。

It's really.

確實如此。

And when we talk about discipline and exclusion, it's 40,000 people who really do the work and deliver every day, and it's just pretty amazing to see. And it's been a journey, the last 4 years, but seeing how everybody's singing to that same tune, and just being able to Reliably and predictably deliver what we say we're going to do. That's your ambition in mind, the highest ambition to do that, and we are, we have been able to do it and just, again, it's just that 40,000 people who understand us and are really. Getting up every day and delivering that. So it's just, for me, it's just a thanks to all of them and thanks to our shareholders and investors, and we will keep trying to be predictable, reliable, and at the top end of the mining, gold mining industry.

當我們談到紀律和排擠時，真正付出努力並每天取得成果的是 40,000 人，這真是令人驚嘆。過去四年是一段漫長的旅程，但看到每個人都朝著同一個方向努力，並且能夠可靠且可預測地兌現我們承諾要做的事情，這令人欣慰。這就是你們心中的抱負，實現這一目標的最高抱負，而我們已經做到了，而且，再說一遍，就是有 40,000 人理解我們，並且真正理解我們。每天起床，然後把這件事做好。所以，對我來說，我只想感謝他們所有人，感謝我們的股東和投資者，我們將繼續努力做到可預測、可靠，並保持在採礦業，特別是黃金開採業的頂端。

Thank you.

謝謝。

Perfect. Thanks, Alberta.

完美的。謝謝你，艾伯塔。

Thank you.

謝謝。

Thank you all. Ladies and gentlemen, that concludes today's event.

謝謝大家。女士們、先生們，今天的活動到此結束。

Thank you for joining us, and you may now disconnect your lines.

感謝您的參與，您現在可以斷開線路了。