Anglogold Ashanti PLC (AU) 2026 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and welcome to the AngloGold Ashanti Q1 2026 earnings release. (Operator Instructions) Please note that this event is being recorded.

各位女士、先生，下午好，歡迎參加 AngloGold Ashanti 2026 年第一季（Q1 2026）業績發布會。（接線員指示）請注意，本活動將被錄音。

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

現在我把電話交給 Stewart Bailey 先生。請開始。

Thanks, Judith, and welcome, everybody. Good morning and good afternoon. Welcome to the Q1 2026 results call. As always, you have our executive team on the line, led by Alberto; and Gillian Doran, our CFO, will also be providing comments.

謝謝你，Judith，也歡迎各位。早安、午安。歡迎參加 2026 年第一季業績電話會議。一如既往，我們的管理團隊都在線上，由 Alberto 帶領；我們的財務長 Gillian Doran 也將提供評論。

We'd ask you just to look at the Safe Harbor statement, which you'll see at the front of our earnings presentation that contains important information regarding forward-looking statements. We'd ask you to take a moment just to look at that.

我們請各位留意「安全港聲明」（Safe Harbor statement），您會在我們業績簡報的前面看到，其中包含有關前瞻性陳述的重要資訊。請各位花一點時間閱讀。

While you're doing that, I'll hand over to Alberto. Over to you, Alberto.

在各位閱讀的同時，我把時間交給 Alberto。Alberto，請。

Thank you, Stewart. We had another very solid quarter in bull fronts and production, as we will see in cost, had a very good safety in the quarter. Very regrettably, we did have some days ago on April 24, a fatality at Aroboacimite. Early fighting showed that the incident to have followed the uncontrollable.

謝謝你，Stewart。本季在多個面向與產量方面，我們再次交出非常穩健的成績；在成本方面也將會看到表現；本季的安全表現也非常好。非常遺憾的是，幾天前，也就是 4 月 24 日，Aroboacimite 發生一起死亡事故。初步調查顯示，該事件似乎是在不可控情況下發生。

Release of material from one of our underground corpasses. This tragic event claimed a life of calling, employed by one of the contractors on site. We feel a profound sorrow at his passing, and we send our condolences to his family. We are committed to ensuring his loved ones received ongoing support.

事故起因為我們其中一處地下作業區的物料釋放。這起悲劇奪走了一位在現場承包商任職的同仁的生命。我們對他的離世深感哀痛，並向其家屬致上最深切的慰問。我們承諾將確保其親屬持續獲得支持。

We're very proud of the enormous strides we have made over the past four and a half years in improving safety across every angle goal Ashanti site. We have come a long way from when fatal accidents were a more frequent occurrence. But nevertheless, this tragedy provides a painful reminder that we cannot relent in our efforts to improve still further, to minimize the probability of these events. To ensure we find the absolute root causes of this tragedy.

我們為過去四年半在提升 AngloGold Ashanti 各據點安全方面所取得的巨大進展感到非常自豪。相較於過去致命事故更常發生的時期，我們已經走了很長一段路。然而，這起悲劇也痛苦地提醒我們，不能在進一步改善的努力上有任何鬆懈，以將此類事件的發生機率降到最低，並確保我們找出這起悲劇的根本原因。

Comprehensive investigation is currently in progress by a multidisciplinary investigation team. We will ensure that we take the knowledge and apply the lessons to all the other overpasses we have in the company so that this does not happen again. Production for managed operations was up 20,000 ounces year, quarter on quarter. Our managed operations performed particularly well. With higher contributions from Gate and Kuyaba, Obuwasi, Ido Freedom, Several and Guadia and Tropicana. Market-driven pressures led to an increase in cash cost of 16%. The biggest one of those was royalties. I've always said that royalties is the only cost we really like, but it was significant. 10% of the cash cost, 10% of the increase in cash cost was because of royalties. And the other 6% was between inflation and exchange rate. Again, we managed to compensate at least slightly for those pressures or the total cash costs for the managed operations were up 14% year-on-year, so basically 2% down from the market-driven exogenous factors. We've continued to allocate capital in line with the needs of the business. Total capital expenditure increased 39% year-on-year to $467 million, driven by fleet acquisitions and tailings spend at Siguitti and increased mineral reserve development at the Dupreme and decline development at Obuwasi. In the coming months, as you will see, there will be the spend on sustaining CapEx will be basically around our future and really three-year growth projects that we will talk about later.

目前由跨領域的調查團隊正在進行全面調查。我們將確保把所獲得的知識與教訓應用到公司其他所有地下作業區，避免再次發生。受管理營運（managed operations）的產量較上一季增加 2 萬盎司。我們的受管理營運表現尤其出色，Gate 與 Kuyaba、Obuwasi、Ido Freedom、Several、Guadia 以及 Tropicana 的貢獻提高。受市場驅動的壓力使現金成本上升 16%，其中最大項是權利金。我一直說權利金是我們唯一真正「喜歡」的成本，但這次增幅相當顯著：現金成本上升中的 10% 來自權利金；另外 6% 介於通膨與匯率之間。同樣地，我們至少在一定程度上抵銷了這些壓力，因此受管理營運的總現金成本年增 14%，也就是比市場驅動的外生因素低約 2%。我們持續依照業務需求配置資本。總資本支出年增 39% 至 4.67 億美元，主要由 Siguitti 的車隊採購與尾礦支出、Dupreme 的礦產儲量開發增加，以及 Obuwasi 的斜坡道（decline）開發所帶動。接下來幾個月，如各位將看到的，維持性資本支出（sustaining CapEx）將大致圍繞我們未來、也就是我們稍後會談到的三年成長專案。

This makes the financial performance all the more impressive. Amid that more than doubled over that period to almost $2.3 billion, headline earnings was up 187% to $1.3 billion, and free cash flow was up 190% year-on-year to almost $1.2 billion. That's a new record and another clean sign of our strong cash conversion. We continue to strengthen the balance sheet, the liquidity has increased to $4.6 billion, that includes net cash of.

這使得財務表現更顯亮眼。在此期間，EBITDA 增加逾一倍至接近 23 億美元；核心盈餘（headline earnings）上升 187% 至 13 億美元；自由現金流年增 190% 至接近 12 億美元。這創下新紀錄，也再次清楚顯示我們強勁的現金轉換能力。我們持續強化資產負債表，流動性提升至 46 億美元，其中包含淨現金

$868 million, a significant turnaround when you consider the net debt position of $755 million only 12 months earlier. This has allowed us to once again ensure our shareholders see the flow of this benefit with a dividend declaration of $585 million. As you look back, this takes our dividend declared over the past 12 months to $2.3 billion.

8.68 億美元；若考量 12 個月前仍為 7.55 億美元的淨負債部位，這是一個顯著的逆轉。這也讓我們得以再次確保股東能分享成果，宣布配發 5.85 億美元股利。回顧過去，這使我們在過去 12 個月宣布的股利總額達到 23 億美元。

On group performance, Tier 1 assets now account for more than 70% of production. These top-flight assets also account for around 8% of every 10 reserve ounces, showing how the overall quality of our portfolio continues to improve. At the same time, our Tier 2 assets continue to deliver strong results in their own mind, with margins well ahead of where our Tier 1 mines were only in tier.

就集團表現而言，第一級資產（Tier 1 assets）目前占產量超過 70%。這些頂尖資產也約占每 10 盎司儲量中的 8 盎司，顯示我們的投資組合整體品質持續提升。同時，我們的第二級資產（Tier 2 assets）也持續交出強勁成果，其利潤率遠高於我們第一級礦山在僅屬於該層級時的水準。

The entire portfolio demonstrates robust margins and remarkable cash flow generation, a testament to our proactive management strategy. Owazi delivered 62,000 ounces in Q1 2026, 15% year-on-year increase as other ground mine times improved. Following the tragic accident I spoke to earlier, mining operations were temporarily suspended in the immediate after length of the event as.

整體投資組合展現出穩健的利潤率與卓越的現金流創造能力，這證明了我們積極主動的管理策略。Owazi 在 2026 年第一季產出 62,000 盎司，年增 15%，因其他地面礦區的作業時間改善。繼我先前提到的悲劇事故之後，依照慣例，事故發生後的第一時間採礦作業曾暫時停工。

Is normal. Operations have restarted following the 12-day stoppage, and we're slowly ramping back up, taking all the necessary care and precautions. Crew guidance remains intact. When you look at our overall capital allocation framework, you can see it is working precisely as intended. Our portfolio remains well capitalized and is performing consistently to plan.

在停工 12 天後，作業已重新啟動，我們正逐步恢復產能，同時採取所有必要的照護與預防措施。產量指引（guidance）仍維持不變。從我們整體資本配置框架來看，可以看到它正如預期般運作。我們的投資組合資本充足，並且持續按計畫穩定執行。

Our balance sheet is the strongest it's ever been. We've delivered sector-leading returns with one of the country's most attractive yields, one of the industry's most attractive yields. We've shown an investor-forward approach with more frequent dividend payments and a special top-up over and above 50% of free cash flow at Q4 last year. Last month, we executed a buyback of our outstanding bonds, retiring $666 million. And further reducing longer-term financial risk and improving strategic flexibility. I would say we always have our debt-free for this decade. We maintain strong cash flows and lots of headroom to farm our organic green and brownfield growth projects as a consequence of that. And with that in mind, for the stronger catch generation profile and robust globalized environment, we're positioned to deploy excessive commidity. Into a $2 billion open market share buyback program that we will ask our shareholders soon. This requires shareholder support, and as I said, we will seek that in due course. The program provides another important vector for shareholder returns. And with this, I will hand over to Jillian to walk us from the financials.

我們的資產負債表是歷來最強。我們以業界最具吸引力的殖利率之一，交出領先同業的報酬。我們也展現以投資人為導向的作法，透過更頻繁的股利發放，以及在去年第四季於自由現金流 50% 之上額外加發特別股利。上個月，我們執行了未償債券回購，註銷 6.66 億美元，進一步降低長期財務風險並提升策略彈性。我會說，我們在本十年始終以無負債為目標。基於此，我們維持強勁現金流，並擁有充足餘裕來資助自有的綠地與棕地成長專案。考量更強的現金創造能力輪廓與穩健的全球環境，我們已具備條件部署多餘資金，推動一項 20 億美元的公開市場股票回購計畫，我們將很快向股東提出。此計畫需要股東支持，如我所說，我們將在適當時機尋求該支持。該計畫為股東報酬提供另一個重要途徑。接下來我把時間交給 Gillian，帶各位回顧財務表現。

Thank you, Alberto. We generated a record free cash flow of $1.17 billion in Q1, a 190% increase over the $403 million reported in Q1 of last year.

謝謝你，Alberto。我們在第一季創下 11.7 億美元的自由現金流新高，較去年第一季所報告的 4.03 億美元增加 190%。

This was underpinned by a 136% year-on-year increase in net cash flow from operating activities to $1.7 billion, driven by disciplined cost execution and a 69% higher average goal price received of $4,863 an ounce.

這主要受營運活動淨現金流年增 136% 至 17 億美元所支撐，動能來自嚴謹的成本執行，以及平均實現金價（goal price）較去年同期高出 69%，達每盎司 4,863 美元。

There continues to be pressure on costs across the industry driven by external volatility and currency headwinds. U.S. CPI escalated to 3.3% in March 2026 from 2.4% 12 months earlier. Australian inflation almost doubled to 4.6% from 2.4% year-on-year, placing pressure on local labor as consumables.

在外部波動與匯率逆風的推動下，整個產業的成本仍持續承壓。美國 CPI 在 2026 年 3 月升至 3.3%，高於 12 個月前的 2.4%。澳洲通膨率幾乎翻倍，年增至 4.6%（前一年為 2.4%），對當地勞動力與耗材成本造成壓力。

Despite the recent reduction of inflation in Argentina, the absolute number remains high. U.S. dollar weakness was matched by appreciation of our local currencies, turning the previous favorable FX tailwinds into strong cost headwinds. This currency-driven cost inflation requires a more aggressive focus on internal cost containment measures to offset erosion of our U.S. dollar margin.

儘管阿根廷近期通膨有所下降，但絕對水準仍然偏高。美元走弱同時伴隨我們營運所在地本幣升值，使先前有利的匯率順風轉為強勁的成本逆風。這種由匯率帶動的成本通膨，要求我們更積極聚焦內部成本控管措施，以抵銷美元利潤率的侵蝕。

Our internal realized inflation rate, which represents CPI changes in the jurisdictions that we operate, is currently around 3.5%. On fuel pricing, we experienced a 3% increase year-on-year and are focused on ensuring continuity of supply for our operations during this volatile energy price environment.

我們的內部實現通膨率（internal realized inflation rate）反映我們營運所在司法管轄區的 CPI 變動，目前約為 3.5%。在燃料價格方面，我們年增 3%，並專注於在這個能源價格波動的環境中，確保營運所需供應的連續性。

Managed operations production was up by 9,000 ounces or 20,000 ounces on a life-for-life basis when excluding MSG, driven by increases at GETA, Cuyaba, Obawasi, Idiapreme and CBSA. Cash costs from our managed operations were 14% higher at $1,377 in ounce, mainly due to higher royalties, inflation, a weaker US dollar. All market-driven factors outside of our control. ASIC for managed operations rose 19% to $1,980 an ounce, reflecting our planned reinvestment in sustaining capital projects. On the financials, the results speak for themselves. Earnings in free cash flow more than doubled year-on-year, underpinned by production consistency and higher realized prices. Even Dow rose 130% to $2.3 billion. Basic earnings per share rose 186% year-on-year to $0.252, up from $0.88 in Q1 of last year. Free cash flow almost tripled year-on-year to.

受GETA、Cuyaba、Obawasi、Idiapreme及CBSA增產帶動，受託營運（managed operations）產量增加9,000盎司；若排除MSG並以life-for-life口徑計算，則增加20,000盎司。受託營運的現金成本上升14%至每盎司1,377美元，主要因權利金上升、通膨及美元走弱所致，皆為我們無法控制的市場驅動因素。受託營運的ASIC上升19%至每盎司1,980美元，反映我們按計畫對維持性資本專案的再投資。就財務表現而言，結果不言自明：自由現金流收益較去年同期倍增以上，受惠於產量穩定與實現價格上升。甚至Dow也上升130%至23億美元。基本每股盈餘較去年同期上升186%至0.252美元，高於去年第一季的0.88美元。自由現金流較去年同期幾乎成長三倍至。

Billion, $169 million from $403 million in Q1 of 2025. As a result of this strong performance, we ended the quarter with a net cash position of $868 million, a $1.6 billion swing from the prior year.

十億，從2025年第一季的4.03億美元增至1.69億美元。因此，受此強勁表現帶動，我們於季末的淨現金部位為8.68億美元，較去年同期改善16億美元。

Total cash cost per ounce for the group increased 14% year-on-year to $1,391 an ounce in Q1 2026, compared to $1,223 an ounce in Q1 of 2025. This increase was driven by market factors outside of our control.

集團每盎司總現金成本於2026年第一季較去年同期上升14%至每盎司1,391美元，對比2025年第一季的每盎司1,223美元。此增幅主要由我們無法控制的外部市場因素所驅動。

Inflation, higher gold price-linked royalties and exchange rates collectively added around $190 an ounce or 16% to the cost base, with royalties adding $117 an ounce alone. Uncontrollable spend, we continue to deliver improved performance, reducing our costs by 2%, more than offsetting cost increases at our non-managed operations.

通膨、與金價連動的較高權利金以及匯率因素合計使成本基礎增加約每盎司190美元（約16%），其中僅權利金就增加每盎司117美元。面對不可控支出，我們仍持續交付改善的績效，將成本降低2%，且足以抵銷非受託營運資產的成本上升。

Through stronger production performances from Gate Ekwiemba of Owasi and Idiprim and increased gold volume sold with buying product revenue at CBSA increasing. Disciplined execution, operational excellence and full asset potential programme have helped to deliver this benefit. Free cash flow rose by 190%, almost 1.2 billion in Q1 2026. The higher price adding $1.3 billion to free cash flow, while lower sales volumes reduced cash flow by $63 million. Increases in operating costs were largely driven by higher gold price royalties, inflationary pressure, and weaker US dollar. Higher taxes follow higher earnings. In addition, capital spend stepped up as planned, while distributions to non-controlling interests were $83 million higher year-on-year.

透過Gate Ekwiemba、Owasi與Idiprim更強勁的產量表現，以及CBSA售出黃金量增加並帶動採購產品收入提升。嚴謹的執行、卓越營運與全資產潛能（full asset potential）計畫共同促成此效益。2026年第一季自由現金流上升190%，接近12億美元。較高金價為自由現金流增加13億美元，而較低銷售量使現金流減少6,300萬美元。營運成本上升主要由較高的金價權利金、通膨壓力及美元走弱所致。稅負隨獲利增加而上升。此外，資本支出如計畫提高，而對非控股權益的分配較去年同期增加8,300萬美元。

The net of these factors was a free cash flow of $1.2 billion in Q1 of 2026. Anglo Golashati reaffirms its 2026 annual guidance and our stated assumptions underlying sorry, demonstrating the underlying resilience of our asset portfolio and operational execution. We do remain mindful of the heightened geopolitical risks in the Middle East and their associated impact on energy markets and global supply chains. Maintaining a disciplined focus on cost control to preserve shareholder returns should these macro headwinds persist. And with that, I'll pass back to Alberto to outline our relative market performance.

上述因素相抵後，2026年第一季自由現金流為12億美元。Anglo Golashati重申其2026年全年指引及我們先前所述的相關假設，抱歉，這展現了我們資產組合的內在韌性與營運執行力。我們也仍留意中東地緣政治風險升高及其對能源市場與全球供應鏈的相關影響。若此等總體逆風持續，我們將維持對成本控制的嚴謹聚焦，以維護股東報酬。接下來我把時間交回Alberto，說明我們相對市場的表現。

Thank you, Gillian. We've not changed our focus. 2026 is about disciplined execution and controlling what we can control like we have done in each of the past years.

謝謝你，Gillian。我們的重點沒有改變。2026年就是要嚴謹執行，並像過去每一年一樣，控制我們能控制的事項。

In a strong gold environment, discipline matters even more, not less. Our aim is simple, protect margins, allocate capital rigorously, strengthen the portfolio. We remain focused on cost discipline across the portfolio. Through full asset potential, we are systematically looking for ways to offset inflationary and market driven pressures, particularly labor, energy, consumable loss.

在強勁的黃金環境下，紀律更重要，而不是更不重要。我們的目標很簡單：保護利潤率、嚴格配置資本、強化資產組合。我們仍專注於整體資產組合的成本紀律。透過全資產潛能計畫，我們系統性尋找抵銷通膨與市場驅動壓力的方法，特別是勞動力、能源、耗材損耗。

Royalties, et cetera. We are increasing the production contribution from our tier-born assets, which structurally lowers our cost base and improves margin resilience. Active portfolio management remains core. We've been active in this area and will continue to direct capital to assets that generate superior risk-adjusted returns. Sustaining capital is about protecting safety, reliability, and asset longevity.

權利金等等。我們正提高tier-born資產對產量的貢獻，從結構上降低成本基礎並提升利潤韌性。積極的資產組合管理仍是核心。我們在此領域一直很積極，並將持續把資本導向能產生更優風險調整後報酬的資產。維持性資本的目的在於保障安全、可靠性與資產壽命。

We are truly capitalizing our assets to ensure safe, stable, sustainable and growing operations. We continue to invest in mineral reserve development to increase operational flexibility, particularly in complex ore bodies. Reserve replacement remains fundamental. Sustained reserve growth underpins long-term value creation. Growth capital is focused on high-quality, long-life projects, particularly in Nevada. These projects enhance jurisdictional quality and portfolio resilience.

我們確實正在對資產進行資本化投入，以確保營運安全、穩定、可持續並成長。我們持續投資於礦產儲量開發，以提升營運彈性，特別是在複雜礦體中。儲量補充仍是根本。持續的儲量成長支撐長期價值創造。成長型資本聚焦於高品質、長壽命專案，尤其是在內華達州。這些專案提升司法管轄區品質與資產組合韌性。

We are creating flexibility for life extension and brand field growth across the portfolio by building new tailings and opening land to extend our mining operations. We are prioritizing short-cycle, high-return organic projects that strengthen free cash flow generation. Operational excellence alone is not enough. Social and regulatory stability are equally critical. We remain deeply committed to our host communities and governments, where we're providing real-time benefit from the higher gold price for taxes, royalties, social investment, and perhaps more importantly, meaningful participation in our value chain. We are fortunate to have an emerging slate of low-risk, capital-efficient, and potentially very high-return profit opportunities. These projects underscore what I've said repeatedly, that while we always scan the landscape for value-added M&A, the best opportunities for us lie within. Nevada is anticipated to become a significant producer center for the company in the early 2030s. In the past quarter, we thought significantly, substantially about Nevada and the PFS and the 4.9 million ounces of reserve.

我們透過興建新的尾礦設施並開放土地以延長採礦作業，為資產組合的延壽與brand field成長創造彈性。我們優先推動短週期、高報酬的內生成長專案，以強化自由現金流的創造能力。僅有卓越營運仍不足夠；社會與監管穩定同樣關鍵。我們對所在社區與政府保持深度承諾，透過稅收、權利金、社會投資，以及或許更重要的是在我們價值鏈中的有意義參與，讓其即時分享較高金價帶來的利益。我們很幸運擁有一系列新興的低風險、資本效率高、且可能具備非常高報酬的獲利機會。這些專案再次印證我反覆強調的觀點：雖然我們始終在市場上尋找能增值的併購（M&A）機會，但對我們而言最好的機會在內部。預期內華達州將在2030年代初成為公司重要的生產中心。在過去一季，我們對內華達、PFS以及490萬盎司儲量進行了大量且深入的思考。

But at the same time, North Pole Rock continues to advance. We already have and happy to have the draft EIS by the BMM department, so that is progressing very well. But even at our existing operations, we have options with the potential to add between 10% and 15% to our current production profile in the next three years.

但同時，North Pole Rock仍持續推進。我們已取得並很高興收到BMM部門的EIS草案，因此進展非常順利。即便在我們既有的營運中，我們也有選項，未來三年有潛力在目前產量曲線上再增加10%至15%。

We'll talk more about them through the course of the year as our work advances and we can provide more granular details. As previously mentioned, at GATA, we are advancing the project to lift throughput in the middle and increase production toward the 600,000 ounce market. At Sukari, the capital, we're spending on accelerated waste clothing and clean upgrades will have been a potentially significant mining expansion, coupled with processing improvements like a new gravity circuit.

隨著我們的工作推進並能提供更細緻的細節，我們將在今年的過程中進一步說明。如先前所述，在GATA，我們正推進提升中段處理量的專案，並將產量提高至接近60萬盎司的水準。在Sukari，我們投入於加速剝離廢石與clean升級的資本支出，可能帶來顯著的採礦擴張，並結合如新增重力選礦迴路等處理改善。

And absorption tank to boost recoveries. This could provide a healthy step up in production. We're seeing similar organic growth opportunities across the rest of the portfolio. At Siguri, we're evaluating expansion potentials of our existing pits in Block 1, alongside the wrap-up production of Block 3 to bring this asset with its exceptional geology in future world category. And at Tuyamar. Accessing the highway Vienna our body is a relatively straightforward opportunity to appreciably improve production. This is what discipline capital allocation looks like, taking part of our record free cash flow and reinvesting in its low-risk, high-return opportunities that will optimize the value we can deliver from our world transport bodies. We are pre-funding the health and expansion of these assets today. Ensuring that they remain profitable cash generators well into the 2030s. Finally, we've made spending progress narrowing the rating gap relative to our North American peers. This hasn't been about addressing a single issue, but rather a comprehensive plan over a number of years to strengthen every aspect of the business. Today, our fundamentals are robust, our portfolio is performing, and as you can see. The higher gold price is flowing directly to the bottom line. As gold prices broke out, every major-miner benefited, but our free cash flow fund per share basis completely decoupled from the peer average. We are demonstrating superior operational leverage and margin expansion representing an industry-leading forward free cash flow yield. You can see in the graph.

以及增設吸附槽以提升回收率。這可能帶來健康幅度的增產。我們在資產組合其餘部分也看到類似的內生成長機會。在Siguri，我們正評估Block 1既有礦坑的擴張潛力，同時推進Block 3的wrap-up production，以使這項具備卓越地質條件的資產在未來進入world category。並在Tuyamar，透過highway Vienna進入我們的礦體，是一個相對直接、可顯著改善產量的機會。這就是有紀律的資本配置：將部分創紀錄的自由現金流拿來再投資於低風險、高報酬的機會，以最佳化我們能從世界級礦體交付的價值。我們正在為這些資產的健康與擴張提前提供資金，確保它們在2030年代仍能持續成為有利可圖的現金產生者。最後，我們在縮小相對北美同業的評級差距方面已取得穩健進展。這並非為了解決單一問題，而是多年來強化業務各面向的全面性計畫。如今，我們的基本面穩健、資產組合表現良好，而且如各位所見，較高金價正直接反映到最終獲利。當金價突破時，每一家主要礦商都受益，但以每股自由現金流基金為基礎，我們與同業平均完全脫鉤。我們展現出更優的營運槓桿與利潤率擴張，代表業界領先的前瞻自由現金流殖利率。你可以在圖表中看到。

It's a bit complicated, but it's interesting. The dividend yield, we are at the top of our peers. When you look at the free cash flow per share, we are at the top of our peers.

這有點複雜，但很有意思。股息殖利率方面，我們位居同業之首。當你看每股自由現金流時，我們也位居同業之首。

We have made some progress. I think the output of that, not an input, is EV to EBITDA. We're about in the middle of the pack, which means, in our view at least, that we have significantly upside potential.

我們已經取得一些進展。我認為那個的產出（而不是投入）是 EV 對 EBITDA。我們大約處於同業中間位置，這在我們看來至少意味著我們仍有相當可觀的上行潛力。

With that, I will hand over to the operator and take your questions.

那麼，我把時間交給接線員，並接受各位提問。

(Operator Instructions) Josh Wolfson, RBC.

（接線員指示）Josh Wolfson，RBC。

Yeah, thank you very much.

是的，非常感謝。

On the buyback, I just wanted to understand how is the company looking at leveraging this? Is this viewed something that would be more like a tactical or opportunistic approach or is there going to be more of a consistent buyback kind of like we've seen with the dividend?

關於庫藏股回購，我想了解公司如何看待運用這項工具？這會被視為較偏戰術性或機會性的作法，還是會像我們在股息上看到的那樣，採取較為持續、規律的回購？

We are still working on the mechanics of this. And as we have to ask.

我們仍在研究這件事的執行機制。而且我們也必須向

Of the shareholders for permission. So I just don't want to get ahead of that. In that one, when we ask the shareholders at the AGM, there will be much more details on the buyback. At this stage, what we're saying is it's a $2 billion, and most probably it'll be an ongoing sort of process. So this is the beginning.

股東請求授權。所以我不想在這之前講得太多。等到我們在股東週年大會（AGM）向股東提出時，會有更多關於回購的細節。現階段我們所說的是規模為 20 億美元，而且很可能會是一個持續進行的流程。所以這只是開始。

And then on Obwasi, I'm wondering if you had any more information on some of the challenges there in terms of the recoveries and what opportunities are to offset that. And then just along those lines, some of the recent news in Ghana about regulations about increasing local contractor use and how the company is thinking about that.

另外關於 Obwasi，我想知道你們是否能提供更多資訊，說明那邊在回收率方面的一些挑戰，以及有哪些機會可以抵消影響。再延伸一下，近期迦納有一些關於提高本地承包商使用比例的法規新聞，公司如何看待這件事？

I think your first question, I probably don't understand it because we don't have any problems with recoveries that so we have this tragic fatality, but that's nothing to do with Boasi, it's progressing and has been progressing very well. Of course, we will have an impact because of the stoppage and all of that, but.

我想你的第一個問題，我可能沒有理解，因為我們在回收率方面沒有任何問題。我們確實發生了一起悲劇性的死亡事故，但那與 Boasi 無關；它的進展一直很好，也一直在非常順利地推進。當然，因為停工等因素我們會受到影響，但是。

Structurally of what it's going very well. It's a medium term projection of getting in some years to 400,000 ounces. We see that as progressing very well.

從結構性來看，整體進展非常好。中期目標是在未來幾年達到 40 萬盎司。我們認為這個進度推進得很順利。

With regard to government relations, we do have very good relations with the government.

至於政府關係，我們與政府的關係非常良好。

We don't see any issues with what you mentioned. We have been working for many years now in terms of the localization laws and others. And.

我們不認為你提到的事項會造成任何問題。我們多年來一直在因應本地化法規等要求。而且。

From our point of view, and we can only speak for ourselves. We're not seeing any disruptions with any of what you referred to.

就我們的角度而言，而且我們也只能代表自己發言，我們沒有看到你所提及的任何事項造成干擾。

And then lastly, just on G&A, I'm wondering if there's any updates on some of the fiscal term discussions and then.

最後，關於 G&A（一般及行政費用），我想知道關於一些財政條款討論是否有任何更新，然後。

If I recall, the Resolute transaction expiry was scheduled for November. How is it looking in terms of the ability to close that acquisition?

如果我沒記錯，Resolute 交易的選擇權到期原本排在 11 月。就完成該收購的可行性而言，目前看起來如何？

Thank you.

謝謝。

Josh, could you just repeat that first part of your question, please?

Josh，你可以把問題的前半段再重複一次嗎？

Oh, just I recall, I think in Guinea, there was some discussion historically there.

喔，就是我記得在幾內亞，過去曾經有一些討論。

No, I think from our side, nothing on royalties in Guinea, that is as it was and no word of any changes on that front.

不，我想就我們這邊而言，幾內亞的權利金沒有任何變動，仍維持原狀，而且也沒有聽到那方面會有任何改變的消息。

And just on the resolute optionality, we've extended that, Josh.

至於 Resolute 的選擇權，我們已經延長了，Josh。

Okay, thank you very much.

好的，非常感謝。

Adrian Hammond, SBG.

Adrian Hammond，SBG。

Yeah, thanks, operator. Hi, Alberto and Gillian. Just firstly for you, Alberto, your growth plans in general, you've got North Bullfrog due for construction start next year. Is that on track and perhaps just give us any color on progress on approvals?

是的，謝謝接線員。嗨，Alberto 和 Gillian。首先想請教 Alberto，關於你們整體的成長計畫：North Bullfrog 預計明年開始動工。進度是否如期？另外能否分享一下核准進展的情況？

And the regulatory process.

以及監管流程。

And then just to clarify the share buyback of a period, you might have mentioned, but I missed perhaps, but just trying to understand how to think about capital returns, if this is in addition, because I think now that you've mentioned a $1 billion net cash target for year-end. I guess that should be the overriding factor on how we should forecast returns, including cash dividends, as well as the share buyback, or are they a part?

另外想釐清一下股份回購的期間，你可能有提到但我漏聽了。我想了解應該如何看待資本回饋：這是否是額外加在其他回饋之上？因為我想你們現在提到年底淨現金目標為 10 億美元。我猜這應該是我們預測回饋（包含現金股息以及股份回購）的主要依據；還是說它們是同一個框架的一部分？

Your first question was on the map.

你的第一個問題是關於那張地圖。

North Bullfrack. So, okay. So, look, I think that's a very big progress. We were quite happy that the BLM has put out the. The draft EIS, as that it's all about that, about the environmental license. But we continue to have very good relation and a lot of support from the whole government of the United States, both federal and local. And so that I think that the current, our current use is still that we will be in first production, let's say last quarter of 27, first quarter of 28 for North Bullfrock.

North Bullfrack。好。你看，我認為那邊有非常大的進展。我們很高興 BLM 已經發布了草案 EIS；這一切都與環境許可有關。但我們仍與美國聯邦與地方各級政府保持非常良好的關係，也獲得很多支持。因此我們目前的看法仍是：North Bullfrock 的首次投產大約會在 2027 年第四季或 2028 年第一季。

As we see and fine tune the economics of that project, even though small, it's a very high return, very low cost. So we're quite happy to have that project as the first milestone in the whole Nevada and to prepare ourselves for the big one, which is Merlin, that we're also trying to accelerate pretty significantly.

隨著我們持續檢視並微調該專案的經濟性，即使規模不大，它的報酬率很高、成本很低。因此我們很高興把它作為整個內華達布局的第一個里程碑，並為更大的專案做準備，也就是 Merlin；我們也正嘗試相當程度地加速推進。

Look, the buyback.

至於回購。

So, this is the issue I said right now, the details of the program will be included in the shareholders circular and we cannot go ahead of that. What I can tell you is the following. Think of the, we had $1.3 billion of free cash flow. So, I don't know, think that the gold price stays where it is and all of that.

我剛才提到的重點是：計畫細節會納入寄給股東的通函中，在那之前我們不能先行透露。我可以告訴你的是：我們有 13 億美元的自由現金流。所以，我不知道，你可以假設金價維持在目前水準等等。

You can make the estimates and you can see how we are going to return 50% of that.

你可以自行估算，並且會看到我們將如何回饋其中的 50%。

And then we spent about 666 million buying back the debt, which we are very happy about that. There will be, if this gold buyer stays where it is, there will be obviously an excess. And so that's where the buyback will come in as complementary to the dividend, 50% dividend of free cash flow. And we've also said, as you repeated, that we plan to maintain around $1 billion of net cash positive. So, even when you make all the math, you'll see that there's going to be some significant funds for the buyback in the remaining of this year.

另外我們花了大約 6.66 億美元回購債務，對此我們非常滿意。如果金價維持在目前水準，顯然會有多餘的資金。因此回購將作為股息的補充：我們承諾以自由現金流的 50% 作為股息回饋。我們也說過（如你所重述），我們計畫維持約 10 億美元的淨現金正值。所以即使你把所有數字都算一算，你會看到今年剩餘時間仍會有相當可觀的資金可用於回購。

I hear you.

了解。

And then for Gillian on Argentina, a good problem to have with the cash pile growing, but is this something to be concerned about, given that the existing mechanism with swaps has been working so far, but do you get to a point where that balance becomes too big for swaps to handle that remittance?

接著想請教 Gillian 關於阿根廷：現金部位增加是個好問題，但是否需要擔心？因為目前透過換匯（swap）的機制一直運作良好，但會不會到某個程度，餘額變得太大，swap 無法處理匯出（remittance）？

No, we're not concerned in any way, of course, as you highlight, and thanks for the question, Adri, because the goal price change means you've got higher cash balances. It's currently sitting around 270 June.

不，我們完全不擔心。當然，如你所指出的，也謝謝你的問題，Adri，金價變動意味著現金餘額更高。目前大約在 6 月底為 2.7 億。

We would like to maintain around 180 million just to manage working capital needs. We'll declare a dividend from that part of the business in the second-half, and we don't see any issues with using the currency swaps that we have been using.

我們希望維持大約 1.8 億，以管理營運資金需求。我們會在下半年從該業務宣告股息，而且我們不認為使用我們一直在用的貨幣 swap 會有任何問題。

For the last little while.

在過去一段時間。

I think we are entering a different world now across all of us. We're really not concerned in any of the countries. I think we've managed that well. But obviously, the high gold price leads to higher sort of transitional ways that we get out, and that's the same case for DRC and others.

我想我們都正在進入一個不同的世界。我們對任何國家都不太擔心；我認為我們一直管理得很好。但顯然，高金價會導致我們需要以較多「過渡性」方式把資金匯出，剛果（金）等地也是同樣情況。

Chris Nicholson, RMB Morgan Stanley.

Chris Nicholson，RMB Morgan Stanley。

Hi. Thanks, Roberta and Gillian, for the call. I've got a couple of questions.

嗨，謝謝 Roberta 和 Gillian 的電話會議。我有幾個問題。

Perth, could we chat about Ghana? Just revisiting Josh's question there. So on idioprene specifically, what you're saying is that you will be in a position to transition to a local contractor by the end of the year, as directed by the government.

首先我們談談迦納？回到 Josh 剛才的問題。就 Idioprene 具體而言，你的意思是你們將能在年底前依政府指示，轉換為本地承包商嗎？

And then second question on Ghana, just on royalties, just to confirm, I do notice that the Royalty Act is now being passed through parliament, but just to confirm, Obuasi won't be paying the new level of royalties until 2028 at the earliest, and Idioprime later in that, so if you could confirm those two. And then just third one for Gillian.

第二個迦納問題是關於權利金：我注意到《權利金法案》正在國會審議通過中，但想確認 Obuasi 最早要到 2028 年才會開始支付新的權利金水準，而 Idioprime 會更晚一些；能否確認這兩點？第三個問題是問 Gillian。

Just on the impact that you're currently seeing from the oil price and consumables, I know you talked it in words. I don't know if you're able to provide any further quantification.

就你們目前看到的油價與耗材成本影響而言，我知道你剛才用文字說明過。我不確定你是否能提供進一步的量化數據。

The cash costs and all-in sustaining costs were trending towards that end of the range, and I fully appreciate that that's mainly from royalties, which is a good problem to have.

現金成本與全維持成本原本正朝著區間上緣走，我完全理解這主要是因為權利金增加——這其實是個「好問題」。

But at current kind of oil prices and consumable costs.

但在目前這種油價與耗材成本水準下。

Was there a danger, if prices stay here, that you kind of breach the up end of your guidance range at least for the second quarter? Maybe if you could give us a rough dollar per pound impacted its bottom.

如果價格維持在這裡，是否有風險——至少在第二季——你們會突破指引區間的上緣？也許你可以給我們一個大概的、每磅（美元）影響的粗略數字，看看它的底部影響是多少。

Thank you.

謝謝。

Thank you. So starting with Ghana, we have a local contractor, partners, and are not concerned at all about any change in regulations.

謝謝。先從迦納開始，我們有當地承包商與合作夥伴，對於任何法規變動我們完全不擔心。

The royalty has been inducted. The other point that has been enacted and probably isn't as discussed is the reduction in the COVID levy, which has a significant impact because that was not tax deductible. So in our mind, it's about a reduction of 2.7, almost 3%. And so all in all, yes, it's been enacted. And we, yeah, we expressed at the time our opinion, but again, we have constructive.

權利金已經納入。另一個已經實施、但可能討論得沒那麼多的點，是 COVID 徵費的下調，這影響很大，因為那原本不能抵稅。所以在我們看來，大約是降低了 2.7%，接近 3%。因此總體而言，是的，已經實施。我們也在當時表達了我們的看法，但再次強調，我們與政府保持建設性的關係。所以我就先說到這裡。正如你所說，OAC 因為穩定協議而不受影響。

Relations with the government. So I will leave it at that stage. As you say, OAC is not impacted because of the stability agreement.

最後我會交給 Gielmia，但我想說，對我們而言，石油的問題在於供應而不是價格。

And then finally, I will pass to Gielmia, but I will say, for us, the issue on oil is about supply and not price. The impact is about, for every 10% increase in price, it's about $10 an ounce, so about $1 an ounce per month, if you want. So the issue for us is ensuring that we have the supply and that's all of our group supply is doing a wonderful job in that regard.

影響方面，每上漲 10%，大約是每盎司 10 美元；如果你願意換算，也就是每月每盎司約 1 美元。所以對我們來說，重點是確保供應無虞，而我們整個集團的採購供應團隊在這方面做得非常好。

Okay, so and thanks, Alberto. Yes, we're and we're monitoring it really quite closely, but as Alberto said, it's about continuity of supply and not necessarily pricing.

好的，謝謝你，Alberto。是的，我們確實在非常密切地監控，但如 Alberto 所說，重點是供應的連續性，而不一定是價格。

We have run sensitivities and we're very comfortable in the context of margin and its impact on guidance for that input specifically. However, gold price is increasing. It's higher than we anticipated and royalty rates will continue to increase. It's a good problem to have, but for ourselves and for all the other gold miners, it is going to impact.

我們做過敏感度分析，在利潤率以及該項投入對指引的影響方面，我們非常有信心。不過，金價正在上升，且高於我們原先預期，權利金稅率也會持續上升。這是個好問題，但對我們自己以及所有其他黃金礦商而言，這都會帶來影響。

Impact the full year guidance on cash costs. And I think you'll just see that coming through from everybody as royalty rates continue to increase. So we would say inputs on fuel and other fuel products not necessarily going to change guidance, royalty rates continuing to increase, it's very difficult to offset those. So that will come later as the year continues.

它會影響全年現金成本指引。我想你會看到，隨著權利金稅率持續上升，大家都會反映出來。所以我們會說，燃料與其他燃料相關產品的投入成本不一定會改變指引；但權利金稅率持續上升，這很難抵消。因此，隨著年度推進，後面會逐步顯現。

Thank you.

謝謝。

Tanya Jakusconek, Scotiabank.

Tanya Jakusconek，豐業銀行（Scotiabank）。

Great. Good morning, everybody.

很好。各位早安。

Thank you for taking my questions.

謝謝你們回答我的問題。

I just wanted to come back to this share buyback.

我想再回到這個庫藏股回購的議題。

Again, thank you for clarifying, Alberto, that it is complementary to, so above the 50% free cash flow. Just wanted to understand, up to $2 billion, is that one year annual? So is that from like now until May of next year, or is that all for. 2026.

再次感謝你澄清，Alberto，這是補充性的，也就是在 50% 自由現金流之上。我想了解的是，最高 20 億美元，這是以一年為期的年度額度嗎？也就是從現在到明年五月，還是涵蓋整個 2026 年？

Thanks, Tanya.

謝謝你，Tanya。

Unfortunately, as I've tried to explain, we can't talk about the details until we ask our shareholders. At that moment, it will be specified. The length of the of the program but the lawyers have been very clear that we can't discuss details we can only announce we will ask our shareholders for a $2 billion buyback what I can say is that at this stage we feel very confident about the sum and that event if the share if the gold buy stays where it is at some point will will will this will not be the last one if it doesn't then then we see but we will.

很遺憾，如我一直試著解釋的，我們在徵詢股東之前不能談細節。到那個時候，才會明確說明計畫的期間等內容；但律師非常清楚地告訴我們，我們不能討論細節，我們只能宣布：我們將向股東請求核准一項 20 億美元的回購。我能說的是，目前我們對這個金額非常有信心，而且如果股價——如果金價維持在目前水準——在某個時點，這也不會是最後一次；如果不是，那我們再看，但我們會……

Soon relatively soon when we ask for a special AGM they will have all the we will define all of the parameters.

相對很快地，在我們召開特別股東大會（AGM）時，他們會拿到所有資料，我們也會界定所有參數。

Okay all right we'll we'll wait for that document to come out maybe going back to some of your brownfield projects and you've mentioned that that's going to be driving the you know production increase in the short-term we do have an understanding of WASC is going to give us an additional about 100,000 ounces I think we had said. Data from 500 to 600 so that's another 100,000 ounces Sikuri I'm trying to understand from Sikuri Siguri Sukari Siguri and Kuyabai what additional production could I be expecting from each of those individual assets incremental.

好的，明白，那我們就等那份文件出來。也許回到你們的一些棕地專案，你提到短期內將推動產量增加。我們理解 WASC 會額外帶來大約 10 萬盎司，我想我們之前說過從 50 萬到 60 萬，所以就是再增加 10 萬盎司。Sikuri——我想了解的是，從 Sikuri（Siguri、Sukari、Siguri）以及 Kuyabai 這些資產，各自還能期待多少增量產量？

So I always struggle with this because I because.

所以我一直在這點上掙扎，因為我因為……

It's probably my fault that I can't wait. I'm very excited by this program. But what I said from the beginning is we will give you very detailed, and by detailed means, how are we going to do it?

這可能是我的問題，我等不及。我對這個計畫非常興奮。但我從一開始就說過，我們會給你非常詳細的資訊，而所謂詳細，是指：我們要怎麼做？

What should we expect in one year? What should we expect in two years? What should we expect in three years?

一年後你應該期待什麼？兩年後你應該期待什麼？三年後你應該期待什麼？

What do we need to do? What is the CapEx on the whole, like this will be handled, like it has its own SVP.

我們需要做什麼？整體資本支出（CapEx）是多少？這會以一個獨立的方式來管理——它有自己的資深副總裁（SVP）。

That reports directly and that works directly with both the COO and the CTO. We will tell you all of that in Q3.

他直接向我匯報，並且直接與營運長（COO）與技術長（CTO）合作。我們會在第三季（Q3）把這些都告訴你。

My sort of objective of that is that for it to be meaningful, it is not a promise. It's going to be like a project where you can give, as I said, quite a lot of detail. What we, at this stage, are saying is that we anticipate that it will be something between a range of 10% to 15% within a three-year period of growth. So we will give you all of those details for Cuyaba, for Siquidi, for Suquarin.

我這樣做的目標是：要有意義，它不是一個承諾，而會像一個專案一樣，你可以提供——如我所說——相當多的細節。我們目前要說的是，我們預期在三年期間的成長幅度會落在 10% 到 15% 的區間。我們會在 Q3 提供 Cuyaba、Siquidi、Suquarin 的所有細節。

For Vacity for G we will give you all those details in Q3 we we're not ready right now so I don't want to piece do piecemeal and that by a thousand cuts but what we promise is we'll give you all the detail in Q3.

至於 Vacity、G，我們也會在 Q3 提供所有細節。我們現在還沒準備好，所以我不想零碎地一點一點講、像被千刀萬剮一樣；但我們承諾會在 Q3 給你所有細節。

Okay if you said 10 to 15% 10 to 15 yes.

好的，你說 10% 到 15%，10 到 15，是的。

Okay.

好的。

Okay, that's helpful overall. And then maybe on Jillian, just to check my sensitivities again on all of your input costs, I think guidance was given at a, was it $61 a barrel of fuel?

好的，這對整體很有幫助。接著可能問 Jillian，確認一下我對你們各項投入成本的敏感度。我記得指引是以每桶 61 美元的燃料價格為基礎給的，對嗎？

And then I think we were given the sensitivity. I don't know if it was 10% sensitivity is $10 an ounce or was it $10 a barrel for $10 an ounce?

然後我想我們也拿到敏感度數據。我不確定是 10% 的敏感度對應每盎司 10 美元，還是每桶 10 美元對應每盎司 10 美元？

$10 an ounce.

每盎司 10 美元。

For a 10 for a 10% move or.

是針對 10% 的變動，還是……

Plus yes yeah so plus or minus 10% on the price $10 an ounce in the cost base okay yeah that's for now.

對，是的，所以油價上下變動 10%，成本基礎就會變動每盎司 10 美元。好的，是的，目前是這樣。

Yeah and and your guidance was given on $31 a barrel okay and then just a sensitivity on the forwards.

是的，而且你們的指引是以每桶 31 美元給的，好的。然後再問一下遠期的敏感度。

Go ahead.

請說。

Sorry, Tanya.

抱歉，Tanya。

No, I was just going to say if you look at the forward curve today, it's around $71, I think, between $71 and $78. So that's a reasonable sensitivity to run. The reality is it changes by the day, as so.

沒有，我只是想說，如果你看今天的遠期曲線，大概在 71 美元左右，我想是在 71 到 78 美元之間。所以這是一個合理的敏感度可以去跑。現實是它每天都在變，所以……

Okay.

好的。

And then just on the gold price sensitivity, 'cause you told us that the gold price has the biggest impact on your cost structure. I think you gave guidance at 42.50, if I can remember. And I think for every $100 move, it was seven bucks an ounce. Am I in the ballpark? I just don't know if that reflects these additional royalties.

然後再問金價敏感度，因為你們告訴我們金價對你們的成本結構影響最大。我記得指引是以 42.50（如果我沒記錯）為基礎。並且我想每變動 100 美元，大約是每盎司 7 美元的影響。我有抓到大概嗎？我只是不確定這是否已反映這些額外的權利金。

Yeah, you should think about our aggregate royalty rates, that's around 5.5% for the group.

是的，你應該以我們整體的權利金稅率來看，集團大約是 5.5%。

So that's, you should take that into, yeah, of revenue.

所以，是的，你應該把它納入考量——是按營收計。

So 5.5% of revenue is royalty and you can use, whatever goal price you have on the day and then compare to what we issued in guidance, which is the sensitivities you've already got.

所以權利金約占營收的 5.5%。你可以用你當天採用的任何金價，然後與我們在指引中發布的假設相比，並套用你已經拿到的那些敏感度。

Okay, thank you for that. Really appreciate those numbers.

好的，謝謝你提供這些資訊。非常感謝這些數字。

Thank you.

謝謝。

Joseph Reagor, Roth Capital Partners.

Joseph Reagor，Roth Capital Partners。

Hi, everyone. Thanks for taking the call, other questions. Most of mine have already been answered, but just with a lot close the sale being completed last month, can you just kind of remind us like kind of the rationale with selling that? Is that just, wanting to exit Columbia or.

各位好，謝謝參與電話會議，我還有其他問題。我大部分的問題其實都已經被回答了，但鑑於上個月剛完成那筆出售交易，你們能否再提醒我們一下，出售它的理由大概是什麼？是因為想退出哥倫比亞，還是……

Was it just a matter of that the project was challenged and it was a way to move the cost off the balance sheet?

還是只是因為該專案面臨挑戰，而這是一種把成本移出資產負債表的方式？

Thank you, Joseph. I think it's a latter.

謝謝你，Joseph。我想是後者。

I think as the years passed, so what we came to understand, regrettably, a bit late, is that the project was difficult.

我想隨著時間推移，我們才逐漸理解到——很遺憾有點太晚——這個專案確實很困難。

To have a large scale project like was originally envisioned, required like, I remember tailings, 200 kilometers or something crazy. So really, the project that can be built is a much modest one. And so there are projects where you want to know who is a better owner. And clearly, Mineros and Tioquia, I think is going to be a better owner of La Colonia, and I think a lot of Los and they would have a chance to do it. So it was about.

要建成最初構想的那種大型專案，需要像……我記得尾礦管線要 200 公里之類的瘋狂規模。所以真正能建的專案其實要小得多、更為保守。也有一些專案你會想知道誰才是更合適的擁有者。很明顯，Mineros 和 Tioquia 我認為會是 La Colonia 更好的擁有者，我想他們也會有機會把它做成。所以這件事是關於……

Facing the brutal facts that we should have done some time ago. We are still hoping that with the new government, we can like continue and make , which is a wonderful project, a reality. We will see.

面對殘酷的事實——其實我們早就該這麼做。我們仍希望在新政府之下，我們能夠繼續推進，讓這個很棒的專案成為現實。我們再看看。

Okay, and then on the contingent payment there, is there any reasonable timeline that we should expect for when you might get that additional 60 million?

好的，那關於或有付款（contingent payment），有沒有任何合理的時間表，讓我們預期你們可能何時會收到額外的 6,000 萬？

No, really, the contingent is based in the project, they make it for licenses and all of that. Nobody knows.

沒有，真的沒有。或有款是以專案進展為基礎的——他們要去取得許可、執照等等。沒有人知道。

I think they're a local company and they have a better chance than anybody, but that's it. Can they do it? And can they actually develop a project? I think it was a fair outcome of that negotiation, but nobody.

我想他們是本地公司，比任何人都有更好的機會，但也就這樣了。他們能做到嗎？他們真的能把專案開發出來嗎？我認為那次談判的結果是公平的，但沒有人……

Okay, fair enough. Thanks. I'll turn it over.

好的，了解。謝謝。我把時間交回去。

Thank you. I will now hand over for questions from the webcast.

謝謝。現在我把時間交給網路直播的提問。

Great. Thanks, Judith.

很好，謝謝你，Judith。

Alberto, the first question from Daniel Perez says, thanks for the update and congrats on the results. Could you elaborate?

Alberto，第一個來自 Daniel Perez 的問題是：謝謝更新，並恭喜成果。你能否進一步說明？

Your medium to long-term plans for Sereban Guardia, given the mine life expected to end in around 2030.

鑑於 Sereban Guardia 的礦山壽命預計在約 2030 年結束，你們對其中長期的規劃是什麼？

Thank you, Paul Daniel.

謝謝你，Paul Daniel。

It's very interesting that asset, it's a well-run asset. It was, as they say, last year, it was towards the end of its mine life.

那是一個非常有意思的資產，營運得很好。就像他們去年所說的，它當時已接近礦山壽命末期。

And it seemed to be of a scale that was probably at that time we thought was better on the hands of someone else, but with the dramatic increase in the past months, both of gold and of silver. But the other thing that happened is they, the team on the ground have done a wonderful job and have actually allowed, found through exploration and brownfields extended the life, I think to 2032. So right now, I think from memory, we are about five years and not three years. So we are five years out and it's extraordinary. Right now, the cash flows that I think that it's sort of produced this year is like from memory, again, between three and $400 million. So yeah, it's, we're very happy to hold it. You have to be again, flexible if the conditions change, you have to change tack and so we're.

而且它的規模在當時看起來，我們認為可能更適合交到別人手上；但過去幾個月金價與銀價都大幅上升。另一件發生的事是，現場團隊做得非常出色，透過勘探與棕地（brownfields）開發，實際上把壽命延長了，我記得是到 2032 年。所以現在，憑印象，我們大概是還有五年，而不是三年。也就是說我們還有五年，這非常驚人。就今年而言，我記得它產生的現金流大概在 3 億到 4 億美元之間。所以，是的，我們很高興持有它。你必須再次保持彈性——如果條件改變，你就得調整策略，所以我們……

Today, happy owner. So I think everybody is happy of Cerro and Guardia. And it has that five-year window, but that window may be even extended.

今天是很滿意的擁有者。所以我想大家對 Cerro 和 Guardia 都很滿意。它有那個五年的窗口期，但那個窗口期甚至可能再延長。

And I think the team on the ground is doing everything in their power to extend that mine level.

我想現場團隊正盡其所能延長礦山壽命。

The next one is from Martin Creamer, and he's basically asking for if you can talk about your main commodity categories, just to.

下一題來自 Martin Creamer，他基本上是在問你是否能談談你們主要的商品類別，以便……

Maybe give a view on what the impact has been from the conflict in Iran.

也許提供一下伊朗衝突帶來的影響觀點。

Look I don't think there's any point there has been no impact yet Gillian has spoken I think extensively well what the the main one obviously is oil if it were for the whole year it'd be for every 10% $10 an ounce.

我看目前其實沒有什麼好說的，因為到現在還沒有影響。Gillian 我想已經相當詳細地談過了——主要的當然是石油；如果影響持續整年，那每 10% 大概是每盎司 10 美元。

But as we can see the forward and that forward is the best estimate that we can say, it's going down to 78. So I repeat for us, it's an issue of security of supply. It's not of cost.

但如你所見，遠期（forward）——而遠期是我們能說的最佳估計——正在往 78 走。所以我再重申，對我們而言，問題在於供應安全，不在於成本。

Yes, ammonia night also increase, but again, for us, it's security of supply.

是的，氨（ammonia）也上漲了，但同樣地，對我們而言是供應安全。

These are temporary shocks and we will feel them, but the biggest structural shock. Shock is the gold price. And so as long as that is high, we can really cushion any of these cost increases. But at this stage, we haven't obviously suffered any.

這些都是暫時性的衝擊，我們會感受到，但最大的結構性衝擊是金價。因此只要金價維持高位，我們就能有效緩衝這些成本上升。不過在這個階段，我們顯然還沒有受到任何影響。

And we will be talking in the next quarters as we see how it goes. But it's something for us, the issue is security of supply.

接下來幾個季度我們會隨著情況發展再討論。但對我們來說，重點是供應安全。

Right, Alberta, those are the questions from the webcast. Maybe. If you could just offer a couple of concluding remarks before we wrap.

好的，Alberta，以上就是網路直播的問題。也許在結束前，你可以做幾點總結。

Okay look probably I conclude with the following which is all of the companies in this sector all of our peers we're all experiencing the same on the plus side we're experiencing an unprecedented coal price that we all benefited but we are all also that has a a.

好的，我大概用以下幾點作結：這個產業裡的所有公司、我們所有同業，大家都在經歷相同的情況。正面來看，我們正經歷前所未有的金價上漲，大家都受益；但同時也有一個……

Mirror impact, which is repeated, the only cost that we love, which is royalties, that has impacted, but that's how it is. We all have to share in the higher gold price. And we are fine with that. And that explains about, as we said, about the 14% increase, 10% of that number was the royalties.

鏡像效應，也就是我反覆提到的：我們唯一「喜歡」的成本——權利金（royalties）——也因此上升並造成影響，但現實就是如此。金價更高，我們都必須分享其中一部分。我們也接受這點。這也解釋了我們所說的大約 14% 的增加，其中 10% 來自權利金。

And then you. Yes there's been a lot of questions around the auto commodities and how it will impact I would probably suggest that you focus on the following all the companies will face those costs they're market driven and we all bear it the question you should ask is how do companies react to that cost pressures and the litmus desk I would Advance are two how. How are they converting the net benefits of the gold price into free cash flow? So how much is your free cash flow per share? How much is your free cash flow per pounce? And then what are they doing for dividends? I can advise you one thing that we didn't show, but if you look at it, the company that increase.

然後，是的，大家問了很多關於各種商品以及它會如何影響。我可能會建議你們聚焦在以下幾點：所有公司都會面對那些成本——它們由市場驅動，我們都得承擔。你應該問的問題是，公司如何回應這些成本壓力？我會提出兩個檢驗標準：第一，他們如何把金價帶來的淨利益轉化為自由現金流？也就是每股自由現金流是多少？每盎司的自由現金流是多少？第二，他們在股利方面做了什麼？我可以告訴你一件我們沒有展示的事，但如果你去看，從 2025 年第一季到 2026 年第一季，

Between Q1 2025 and Q1 2026, the most in free cash flow per shares was Andil Goloshanti by far to any one of our five or six peers that we call. The company that increased the most dividends per share of all of our peers was Andil Goloshanti. That is what matters. How much of a higher gold price discounted by the cost impacts did you convert into the bottom line?

在每股自由現金流增幅方面，Andil Goloshanti 遠遠領先我們所列的五、六家同業中的任何一家；而在每股股利增幅方面，所有同業中增加最多的也是 Andil Goloshanti。這才是重點：在扣除成本影響後，你把更高的金價有多少轉化到了最終盈餘？

This is the story of the friends and the bear.

這就是「朋友與熊」的故事。

We are the fastest of the friends. That's what mattered. The bear comes, we don't care. What we care is that we are the most successful in converting every single dollar into dividend free cash flow shareholder returns. That's what might happen to you.

我們是朋友裡跑得最快的。這才重要。熊來了，我們不在乎；我們在乎的是，我們在把每一塊錢轉化為股利、自由現金流與股東回報方面，是最成功的。這就是可能會發生在你們身上的事。

Thank you again.

再次謝謝。

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

謝謝您。各位女士先生，今天的活動到此結束。

Thank you for attending, and you may now disconnect your lines.

感謝各位出席，現在您可以掛斷電話。