Aura Minerals Inc (AUGO) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to the first quarter 2026 earnings call.

各位女士、先生，早安。歡迎參加 2026 年第一季財報電話會議。

This conference is being recorded, and the replay will be available at the company's website at auraminerals.com/investidores.

本次會議將進行錄音，重播將於公司網站 auraminerals.com/investidores 提供。

The presentation will also be available for download.

簡報也將提供下載。

This call is also available in Portuguese. To access, you can press the globe icon on the lower right side of your Zoom screen and then choose to enter the Portuguese Room. After that, select Mute Original Audio.

本次電話會議亦提供葡萄牙語版本。如需使用，您可在 Zoom 畫面右下角按下地球圖示，然後選擇進入葡萄牙語房間。之後，請選擇「靜音原始音訊」。

[Foreign Language]

[外語]

We would like to inform that all attendees will only be listening to the conference during the presentation, and then we will start the question-and-answer section when further instructions will be provided.

我們在此說明，簡報期間所有與會者將僅能收聽會議內容；之後我們將開始問答環節，屆時會提供進一步指示。

Before proceeding, we would like to clarify that any statements that may be made during this conference call regarding the company's business prospects, operational and financial projections and goals are the beliefs and assumptions of Aura Executive Board and the current information available to the company.

在開始之前，我們想澄清：本次電話會議中任何關於公司業務前景、營運與財務預測及目標的陳述，均為 Aura 執行董事會基於目前公司可得資訊所持之信念與假設。

These statements may involve risks and uncertainties as they relate to future events and therefore depend on circumstances that may or may not occur. Investors should be aware of events related to the macroeconomic scenario, the industry and other factors that could cause results to differ materially from those expressed in their respective forward-looking statements.

這些陳述可能涉及與未來事件相關的風險與不確定性，因此取決於可能發生或不發生的情況。投資人應留意與總體經濟情勢、產業及其他因素相關的事件，這些因素可能導致實際結果與各項前瞻性陳述所表達者出現重大差異。

Present at this conference, we have Rodrigo Barbosa, President and CEO, and Joao Kleber Cardoso, CFO. Now, I will turn the conference over to Rodrigo Barbosa. You may begin your conference, sir.

出席本次會議的有總裁暨執行長 Rodrigo Barbosa，以及財務長 Joao Kleber Cardoso。現在我將把會議交給 Rodrigo Barbosa。先生，您可以開始了。

Sure.

好的。

Thank you.

謝謝。

Thank you all for this first part of the year.

感謝各位參與今年上半年的第一部分。

As always, I will be talking about a summary of the results and strategic movements during this quarter, and then Cleb will follow with more detailed information about the financials and cash flows.

如同以往，我將先概述本季的成果與策略性動作，接著 Cleb 會就財務與現金流提供更詳細的資訊。

Before I start, I think it would be good to recap that this was a very solid quarter for us, where I can show to you that we move forward under the three avenues that we propose to deliver value to our shareholders. And this story has been shared with the market since 2020 and reinforced since the NASDAQ listing last year. We are going to build value to our shareholders by three different avenues. Number one, we are going to increase production. We are going to develop greenfield projects and reach over 600,000 ounces after all the projects are developed.

在我開始之前，我認為有必要回顧一下：這對我們而言是非常穩健的一季，我可以向各位展示，我們正沿著三條為股東創造價值的路徑持續前進。自 2020 年以來，我們一直向市場分享這個故事，並在去年於 NASDAQ 上市後再次強化。我們將透過三種不同途徑為股東創造價值。第一，我們將提高產量。我們將開發綠地（greenfield）專案，待所有專案完成後，產量將超過 60 萬盎司。

Number two, we still have a significant area unexplored and room to increase life of mine. So, we should also see, together with improvement and increase in production, a significant increase in resources and reserves along the next two years.

第二，我們仍有相當大面積尚未勘探，且仍有空間延長礦山壽命。因此，在提升並增加產量的同時，未來兩年我們也應會看到資源量與儲量顯著增加。

And number three, we should also tackle our price per NAV multiple through growth and also improving daily trading volume to the market. So, what I am going to share with you during the next few slides consolidates as a partner that consolidates solid steps towards these three avenues. So, if I could jump into the first slide.

第三，我們也將透過成長以及提升市場日均成交量，來改善我們的股價相對 NAV 的倍數。接下來幾張投影片我將與各位分享的內容，將彙整並呈現我們在這三條路徑上所取得的扎實進展。那麼，如果可以的話，我們進入第一張投影片。

So, in summary, again, we reached a new record high production, as we already disclosed to the market, of course, now including MS2 acquisition that was last year, including only in December, reaching 82.1 thousand ounces of gold equivalent ounces. And then that, together with higher gold prices, summed $380 million in terms of revenues.

總結來說，我們再次達成新的歷史新高產量——如同我們先前已向市場揭露的——現在也納入去年收購、且僅於 12 月併入的 MS2，達到 8.21 萬盎司黃金當量。再加上更高的金價，營收合計達 3.8 億美元。

Now, when comparing to the first quarter last year, Borborema, that was still beginning to ramp up, then now full year of Borborema, stable production in our mines, plus MSG, and higher gold prices, we see EBITDA three times higher than the first quarter last year, now reaching $244 million, another record high EBITDA for the quarter.

若與去年第一季相比，當時 Borborema 仍在爬坡初期；如今 Borborema 已完整貢獻全年、我們各礦場產量穩定，加上 MSG 以及更高的金價，我們看到 EBITDA 較去年第一季成長三倍，達到 2.44 億美元，亦為本季另一項 EBITDA 歷史新高。

Together with our EBITDA, then we can see the all-in sustaining cash cost, which is $1,829. This is a significant increase compared to last quarters, mostly because now we are consolidating MSG. And as we disclosed to the market since the early stage when the acquisition, we understand that MSG has a higher all-in sustaining cash cost and will be higher during this year, once we are focused on the turnaround, preparing the mine and to put our production levels above 80 or close to 80,000 ounces and all-in sustaining cash cost close to 2,000.

同時，我們也可以看到全維持成本現金成本（AISC）為 1,829 美元。相較前幾季這是顯著上升，主要因為我們現在合併了 MSG。正如我們在收購初期即向市場揭露，我們了解 MSG 的全維持成本現金成本較高，且在今年會維持較高，因為我們正專注於扭轉（turnaround），為礦山做準備，並將產量提升至 8 萬盎司以上或接近 8 萬盎司，同時將 AISC 控制在接近 2,000 美元。

But during this first quarter, and actually during the second quarter also, we should see MSG with a high all-in sustaining cash cost when we are focusing on our underground preparation, underground safety standards, underground development, So, that we can prepare this mine for a better production throughout Q3 and then Q4, and actually even better than next year.

但在第一季，實際上第二季也是，我們預期 MSG 的全維持成本現金成本仍會偏高，因為我們正專注於地下礦準備工作、地下安全標準以及地下開發，以便為第三季與第四季更好的產量做準備，並且明年表現將更佳。

And I will talk mine by mine in the following slides. So, higher EBITDA also translated in a strong recurring free cash flow, now reaching $95 million, which is 109% higher compared to last quarter.

接下來幾張投影片我會逐礦說明。因此，更高的 EBITDA 也轉化為強勁的經常性自由現金流，達到 9,500 萬美元，較上一季增加 109%。

This strong recurring cash flow of $95 million is stronger even after payment of $33 million on hedges due to the Borborema, which is non-recurring, but should happen this year and should also happen next year, and a temporary working capital consumption of $42 million. And Caleb is going to walk you through in more details about the transition from EBITDA to free cash flow.

這 9,500 萬美元的強勁經常性現金流，即使在支付了因 Borborema 對沖所產生的 3,300 萬美元（屬非經常性，但今年與明年都將發生），以及營運資金暫時性消耗 4,200 萬美元之後，仍然表現強勁。Caleb 將更詳細地帶各位了解從 EBITDA 到自由現金流的轉換。

In terms of net debt, super stable, despite the payment of $55 million during the quarter regarding the last quarter of last year, investment also in production. We saw a company that has been able to grow and pay solid dividends while maintaining a very low net debt to EBITDA ratio.

就淨負債而言，儘管本季支付了 5,500 萬美元（與去年第四季相關），並且也投入資金以提升產量，淨負債仍非常穩定。我們看到公司在維持非常低的淨負債／EBITDA 比率的同時，仍能成長並支付穩健股利。

As we are stable in net debt and EBITDA continues to increase, we are going to see the leverage of the company actually being deleveraged after all the growth acquisitions, payment of dividends and strong results from our mines.

由於淨負債穩定且 EBITDA 持續增加，在完成各項成長型收購、支付股利並受惠於礦場強勁成果之後，我們將看到公司的槓桿實際上正在下降（去槓桿）。

In terms of net income, as now we see, unfortunately this quarter there was not a significantly higher gold price as we were seeing in the last quarters along the year of 2025. That translates into lower mark-to-market losses in terms of the gold hedges. So, that translated into $95 million of net income. And Klebe is also going to walk you through in more detail how we got to the $95 million and also see what would be the adjusted net income without the non-recurring events.

就淨利而言，由於本季金價不如 2025 年期間前幾季那樣顯著上升，這不幸地意味著——在黃金對沖方面的按市價計價（mark-to-market）損失較低。因此，本季淨利為 9,500 萬美元。Klebe 也將更詳細說明我們如何達到 9,500 萬美元，並展示若排除非經常性事件後的調整後淨利。

As we continue to grow EBITDA, we have low leverage and margins continue to improve. We see room to maintain a high level of dividends to our shareholders, another record high dividend, now reaching $65 million of dividends or $0.76 per share.

隨著我們持續提升 EBITDA，我們的槓桿偏低且利潤率持續改善。我們認為有空間維持對股東的高股利水準；本次股利再創新高，達到 6,500 萬美元，或每股 0.76 美元。

And then you add the dividends we paid in Q2 last year, Q3, Q4, and now this Q1, we see that in the last 12 months, on a quarterly basis, reaching 4.6% of dividend yield. And as we progress in production, as we progress during the second semester, we are going to see higher production compared to the first semester. Then we need to think that we can continue to distribute a significant amount of dividends to our shareholders without jeopardizing the growth plan that we have.

再加上我們在去年第二季、第三季、第四季以及本次第一季所支付的股利，我們看到過去 12 個月以季度計算的股息殖利率達到 4.6%。隨著我們在產量上持續推進，且在下半年進展之下，我們將看到下半年產量高於上半年。因此我們需要思考的是：在不影響既定成長計畫的前提下，我們仍可持續向股東分配相當可觀的股利。

As additional events that reinforce the three pillars that I mentioned earlier in this call, we see that our growth plan continues to be super solid. Number one, we got the agreement signed by the DNPM, the mining board, that unlocked significant amount of resources and reserves in Borborema, increasing the life of mine to 36 years now.

作為進一步強化我在本次電話會議先前提到的三大支柱的事件，我們看到成長計畫仍然非常穩健。第一，我們已取得 DNPM（礦業主管機關）簽署的協議，解鎖了 Borborema 大量資源與儲量，將礦山壽命提升至 36 年。

Of course, we do not want to — we prefer to have a lower life of mine and higher production. So, that is why we have been disclosing to the market that we are now finalizing all the studies to increase significantly the production of BorboremaSo, that we can actually then stretch a little bit more, can decrease the life of mine with increased production of Borborema. And we are finalizing all the studies and should we have any news to the market between now Q2 or Q3 this year.

當然，我們不希望——我們更傾向於較短的礦山壽命與更高的產量。因此，我們一直向市場披露，我們目前正在完成所有研究，以大幅提升Borborema的產量，這樣我們實際上就能把礦山壽命稍微拉短一些，透過提高Borborema的產量來降低礦山壽命。我們正在完成所有研究，若在今年Q2或Q3之前有任何可向市場公布的消息，我們會對外發布。

Very important milestone is that we updated our resources and reserves on the report 20-F. There was a significant addition of reserves, adding 3.8 million ounces of proven and probable.

非常重要的里程碑是，我們在20-F報告中更新了資源量與儲量。儲量有顯著增加，新增了380萬盎司的已探明及概略儲量。

And also reaching — when you add proven and probable also with the measured and indicated, you are going to see that you can get close to 10 million ounces in our inventory for the long term. That is a significant increase compared to what we had before.

此外，當你把已探明及概略儲量再加上已測定及指示資源量，你會看到我們的長期庫存可接近1,000萬盎司。相較於我們先前的水準，這是顯著的提升。

Why we continue to do exploration investments and see also room for further improvement in our resources and reserves as we move along the next years.

這也是為什麼我們持續投入勘探，並且看到在未來幾年推進過程中，我們的資源量與儲量仍有進一步改善的空間。

Very important project, Era Dorada.

非常重要的專案：Era Dorada。

Early this year, as we shared with the market, we got the license to initiate the construction. That was followed by full board approval to initiate the construction of Era Dorada. Then we are in full force for the year.

今年年初，如同我們向市場分享的，我們取得了啟動建設的許可。隨後，董事會全體核准啟動Era Dorada的建設。因此，我們今年將全力推進。

And CapEx will be divided between this year and next year. And then we expect production to come now in 2028.

資本支出（CapEx）將分攤在今年與明年。我們預期在2028年開始投產。

So, we talked about how we increased production. Now, go back to the other slide.

所以，我們談到了如何提升產量。現在，回到上一張投影片。

So, we talked about that we increased production. Last year, we had the Borborema ramp-up. Actually, this quarter, we continue to increase a little bit more in terms of production.

所以，我們談到我們提升了產量。去年，我們完成了Borborema的爬坡（ramp-up）。事實上，本季我們在產量方面仍持續再小幅提升。

So, that is the growth this year. We come from last year of 284,000 ounces of production. This year, the guidance is between 340 to 390,So, we continue to grow.

這就是今年的成長。我們從去年的28.4萬盎司產量起步。今年的指引為34萬至39萬盎司，因此我們持續成長。

That by developing the project and doing acquisitions. Second, we increased significantly our resources and reserves. And third, to tackle the price per NAV, we know that we had to address daily trading volume, combined with solid walking the talk and delivering on the projects and growth. So, we could see that Aura is narrowing a little bit the gap price per NAV, while still having a lot of room to continue to narrow this gap as we are maintaining a high daily trading volume and continue to grow.

這是透過開發專案以及進行併購來達成的。第二，我們大幅提升了資源量與儲量。第三，為了處理股價相對NAV的比率（price per NAV），我們知道必須改善日均成交量，同時以扎實的執行力說到做到，交付各項專案與成長。因此，我們可以看到Aura的股價相對NAV的折價正在稍微收斂；同時，只要我們維持高日均成交量並持續成長，仍有很大空間進一步收斂這個差距。

There is a very strong correlation between size and price per NAV in the gold sector. As we come from, in the past, 200,000 ounces of production, now on guidance 340 and 390, and we know how to get close to 600, we should see this continuing narrowing the gap of price per NAV.

在黃金產業中，公司規模與股價相對NAV之間存在非常強的相關性。我們過去的產量約20萬盎司，如今指引為34萬至39萬盎司，而且我們也知道如何接近60萬盎司；因此，我們應該會看到股價相對NAV的差距持續收斂。

One of the factors that has been well accepted by the market and widely amplified when we listed in NASDAQ is that we are now trading $94 million, that was the daily trading volume on average in the last quarter, compared to last quarter of last year, $31 million.

市場對我們在納斯達克上市時的一個因素反應良好、並被廣泛放大的是：我們目前的日均成交額為9,400萬美元，這是上一季的平均水準；相較之下，去年同期上一季為3,100萬美元。

And then if I remind the investors that were aware of where we were one year ago, it was $2 million per day. Now we are on average $94 million per day, which is now attracting very large and more sophisticated investors that now pay attention to us and now also invest in our portfolio.

如果我提醒那些了解我們一年前狀況的投資人，當時是每天200萬美元。現在我們平均每天9,400萬美元，這正在吸引規模更大、也更成熟的投資人，他們開始關注我們，並投資於我們的資產組合。

Next slide.

下一張投影片。

In terms of safety, after a long time without any lost time incident, unfortunately, we had a lost time incident in Borborema that was on the maintenance of the filter.

在安全方面，在長時間沒有任何停工事故（lost time incident）之後，不幸的是，我們在Borborema發生了一起停工事故，發生於濾機維護作業期間。

We are reinforcing all the procedures. Some of the procedures were not followed, So, we are reinforcing training for all the managers and all the maintenance team in order to follow the procedures and reinforcing the standards. This person is already back to work. There is no major injury. However, there was some lost time incident related to that accident.

我們正在強化所有程序。部分程序未被遵循，因此我們正在加強對所有管理人員與維修團隊的訓練，以確保遵循程序並強化標準。該名員工已經復工。沒有重大傷害。然而，該事故仍造成了停工事故的紀錄。

In terms of stability of structures, again, all geotechnical structures are in satisfactory level.

在結構穩定性方面，同樣地，所有岩土工程結構均處於令人滿意的水準。

So, on the left side of this slide, we can clearly see the line shows the last 12 months of production as we are now increasing, getting from the standard of between 60 to 70,000 ounces of production that happened during 2024 and 2025. Now, with Borborema and then MSG, we are now increasing to levels above 80,000 ounces and perhaps reaching close to 90,000 or even above during the second semester, which is now, in the last 12 months, ramping up our production, coming from 265, that was in Q3 2025, 280, 302. And we should see these last 12 months continuing to increase as we are very comfortable in line with the guidance that we set to the market to finish the year between 340 and 390,000 ounces of production.

因此，在這張投影片左側，我們可以清楚看到曲線顯示過去12個月的產量正在上升；我們從2024與2025年間約6萬至7萬盎司的常態水準逐步提升。現在有了Borborema以及MSG，我們正提升到8萬盎司以上的水準，並可能在下半年接近9萬盎司甚至更高；這使得我們過去12個月的產量持續爬升，從2025年Q3的26.5萬盎司，到28萬、30.2萬。隨著我們對達成對市場所設定的全年34萬至39萬盎司指引非常有信心，我們應該會看到這個過去12個月的數字持續增加。

In terms of mine by mine, what we saw, which was expected, and due to mine sequencing and due to the budget and the guidance that we sent to the market, Aranzazu will now go into lower grades through this quarter. We should not expect a significant improvement through the second quarter, and then some improvement during the second semester in Aranzazu. This is the same that happens that can be related to other years where we start the year normally slower and then production picks up during the third and fourth quarter.

就各礦山而言，我們看到的情況符合預期，且由於採礦順序安排，以及我們提供給市場的預算與指引，Aranzazu在本季將進入較低品位。我們不預期第二季會有顯著改善，之後在Aranzazu於下半年會有一些改善。這與其他年度的情況相同：我們通常年初較慢，然後在第三與第四季產量回升。

MINOSA is super stable. It is just around the number here from 18 to 17, but it is actually 2% decrease compared to Q4, and we should continue to see stable production in MINOSA and perhaps some improvement during the second semester.

MINOSA非常穩定。這裡的數字只是從18到17左右，但實際上相較Q4下降了2%；我們預期MINOSA將維持穩定產量，並可能在下半年有些改善。

Almas, we continue to have a strong production at 15,000–16,000 ounces of production and implementing an investment where we are increasing the capacity of Almas to reach up to 3 million tons per year by the end of the year.

Almas方面，我們持續維持強勁產量，約1.5萬至1.6萬盎司，並正在執行一項投資，將Almas的產能提升至每年最高300萬噸，目標在年底前達成。

While we are doing underground development So, that we can, along the next year, continue to improve efficiency and also production in the project. While exploration efforts on the near mine and on the regional continue to give us strong indicators that this mine is not only going to have a very extended life of mine, but will be able to even expand beyond 3 million tons per year.

同時我們也在進行地下開發，讓我們在明年能持續提升效率以及該專案的產量。同時，礦區附近與區域性的勘探工作持續提供強勁指標，顯示這座礦不僅將擁有非常長的礦山壽命，甚至還有能力把產能擴張到每年300萬噸以上。

Borborema, we had a stronger quarter compared to last quarter, mainly due to a higher throughput stabilization of the milling process, stabilization of the filter. There is still some room to improve production for the second semester.

Borborema方面，本季較上季更強，主要是因為處理量提升、磨礦流程穩定化，以及濾機運作穩定。下半年仍有一些提升產量的空間。

MSG, this increase is mainly due to the fact that we are now consolidating three months compared to December last year, where there was only one month.

MSG的增加主要是因為我們現在合併了三個月的數據；相較之下，去年12月只合併了一個月。

We should not expect MSG to improve. Actually, we expect MSG to decrease production during the second quarter while we are totally focused on building the infrastructure underground in order to prepare this mine to do the proper production for 2027. But we should see in Q3 and Q4 productivity improving, costs going down and also production going up, but not in the second quarter.

我們不應期待MSG會改善。事實上，我們預期MSG在第二季產量會下降，因為我們將完全專注於建置地下基礎設施，以便為2027年的適當生產做好準備。但我們應該會在Q3與Q4看到生產力提升、成本下降以及產量上升，但不會發生在第二季。

Next, in terms of all-in sustaining cash costs, we see reaching $1,829 compared to $1,521. If it were not for MSG, that is an acquisition that we understand will have a higher all-in sustaining cash cost along the year of 2026, that is because we paid only $76 million on this mine. We understand that it had to go through a turnaround process.

接下來，就全維持性現金成本（AISC）而言，我們看到達到 1,829 美元，相較於 1,521 美元。若不是因為 MSG（我們理解這是一項收購案），其在 2026 年全年將有較高的全維持性現金成本，原因是我們僅以 7,600 萬美元買下這座礦山。我們理解它必須經歷一個扭轉（turnaround）流程。

If, on one hand, all-in sustaining cash cost is higher as expected, on the other hand, the underground development is going well. We think that our expectations are being met and significantly higher than what this mine was performing in the past. For example, the advancement on the underground tunnels, when last year was close to 35–36 meters per month, now we are reaching 60–65.

因此，一方面，全維持性現金成本如預期較高；另一方面，地下開發進展良好。我們認為我們的預期正在達成，而且顯著高於這座礦山過去的表現。例如，地下巷道的掘進速度，去年接近每月 35–36 公尺，現在我們達到 60–65 公尺。

So, all efficiency that we want to implement underground to do preparation for higher production is moving as fast as expected, sometimes even faster than we expected.

因此，我們希望在地下推行的所有效率措施、為更高產量做準備，都以符合預期的速度推進，有時甚至比我們預期更快。

So, that if you take out MSG, which should impact our average during the first and second quarter and along the full year, then we would have been on our all-in sustaining cash costs close to $1,500 per ounce.

因此，如果把 MSG 排除（它應會影響我們第一季與第二季的平均值以及全年表現），那麼我們的全維持性現金成本本來會接近每盎司 1,500 美元。

Next.

下一頁。

Very importantly, what also happened during the quarter is the Era Dorada project that now we have full approval. This is an outstanding project that is getting attention from many stakeholders in the world because of its potential to be one of the highest standards in ESG.

另外，本季非常重要的一件事是 Era Dorada 專案現在已取得完整核准。這是一個卓越的專案，因其有潛力成為 ESG 最高標準之一，正受到全球許多利害關係人的關注。

Why I say So, ? Because this project is going to put many different variables and learnings from other mines in the same project. Number one, we bought Bluestone combined with a geothermal project. So, this project, as we develop a geothermal project that is coming in the upcoming years, will have renewable access to energy. And actually, we are thinking about increasing the megawatts in order to supply Guatemala with extra renewable energy.

為什麼我這麼說，?因為這個專案將把許多不同變數與其他礦山的經驗教訓整合到同一個專案中。第一，我們收購 Bluestone 時同時搭配了一個地熱專案。因此，隨著我們在未來幾年開發地熱專案，該專案將可取得再生能源。而且實際上，我們正在考慮提高兆瓦數，以便為瓜地馬拉提供額外的再生能源。

Number two, we understand that clean and treated purified water is an issue in the area. There are not many municipalities, if any, that have purified water. We will use the water that we have underground, that we would have to treat anyway in order to put this water back into the rivers. We are now improving and have approved additional investments in water treatment in order to make this water purified and potable for the city.

第二，我們了解乾淨且經處理的純淨水在該地區是一個問題。幾乎沒有任何市政單位（如果有的話）擁有淨水。我們將使用地下的水，而這些水本來就必須處理後才能回排到河川。我們目前正在改善，並已核准在水處理方面追加投資，以使這些水達到淨化並可供城市飲用。

So, we are now negotiating and offering the municipalities and the communities the possibility to have access to potable water. So, renewable energy and clean water for the population, together with all the local training and focus on having local people working with us, local suppliers, and if we do not have suppliers, we train them, we develop them So, that we can improve the living conditions for everyone around us.

因此，我們正在與市政單位及社區協商並提供其取得飲用水的可能性。因此，為居民提供再生能源與乾淨用水，再加上所有在地培訓，並聚焦讓在地人與我們一起工作、使用在地供應商；若沒有供應商，我們就培訓他們、發展他們，讓我們能改善周邊所有人的生活條件。

In terms of production, this is a project that starts, on the feasibility study that we mentioned, with annual production of 111,000 ounces, yet with potential to further access upside as we have been doing in Almas and Borborema. We understand that Era Dorada also has room for further upside as we move forward in the operations and implement the project and go to commercial production.

就產量而言，依我們提到的可行性研究，該專案起始年產量為 111,000 盎司，但仍有進一步上行潛力，就像我們在 Almas 與 Borborema 所做的一樣。我們理解，隨著我們推進營運、落實專案並進入商業化生產，Era Dorada 也有進一步上行空間。

Another very important factor is the significant increase in terms of reserves of this project, that when we acquired it as underground, it was close to 1 million ounces. Now we have 1.7 million ounces in terms of reserves, and yet with some potential on the regional side to increase resources and reserves.

另一個非常重要的因素是該專案儲量的大幅增加：我們收購時它作為地下礦，儲量接近 100 萬盎司。現在我們的儲量達到 170 萬盎司，而且在區域層面仍有一些潛力可增加資源量與儲量。

Next slide.

下一張投影片。

So, I talked about ramp-up after Borborema, now reaching record high production, that significant increase of production profile last year and this year, with also lower all-in sustaining cash cost.

因此，我談到了 Borborema 之後的爬坡增產，目前達到創紀錄的高產量；去年與今年產量曲線顯著提升，同時全維持性現金成本也更低。

Number two, I am going to share with you about the increase in resources and reserves, and we saw a major change in our inventory in reserves and resources. Coming from the last report that we filed on the F-1 for the NASDAQ listing, it was 3.4 million ounces in terms of reserves. Now we are reaching 7.2 million ounces.

第二，我將與各位分享資源量與儲量的增加；我們看到儲量與資源量庫存出現重大變化。從我們在 NASDAQ 上市所提交的 F-1 文件中的上一份報告來看，儲量為 340 萬盎司。現在我們達到 720 萬盎司。

This is more than double the size of the reserves in one single year. Meanwhile, we come from resources of 4.6 million ounces down to 3.1, but that is very good news because we converted 2.5 million ounces of measured and indicated resources into proven and probable. If you add this back to the 3.1, you will see that we also continue to increase measured and indicated.

這是在單一年內將儲量規模擴大到兩倍以上。同時，我們的資源量從 460 萬盎司降至 310 萬盎司，但這是非常好的消息，因為我們將 250 萬盎司的探明及控制資源（measured and indicated）轉換為已探明及概略儲量（proven and probable）。如果把這部分加回到 310 萬盎司，你會看到我們的探明及控制資源也仍在持續增加。

So, this is a major milestone that is helping also to improve our life of mine while we are also increasing production per year.

因此，這是一個重要的里程碑，有助於在我們同時提高年產量的情況下，延長礦山壽命。

Next slide.

下一張投影片。

So, I talked about increasing production. I talked about increasing resources and reserves.

因此，我談到了提高產量。我談到了增加資源量與儲量。

And now, an important factor also to tackle the price per NAV, which is the daily trading volume.

而現在，另一個對應每股淨資產價值（NAV）價格的重要因素，是每日成交量。

As I mentioned to you, we come from $2 million or $3 million to $4 million per day. And after the listing, then we started reaching $30 million, $40 million.

如我先前提到的，我們從每天 200 萬或 300 萬到 400 萬美元。而在上市之後，我們開始達到 3,000 萬、4,000 萬美元。

And now, last month, we closed April with $120 million per day in daily trading volume and on average close to $95 million in the first quarter. So, that is attracting way more quantity and quality of investors to our portfolio.

而現在，上個月我們以每日 1.2 億美元的日均成交量結束 4 月，第一季平均也接近 9,500 萬美元。因此，這正吸引更多數量且更高品質的投資人進入我們的投資人結構。

So, I will turn now the presentation to Kleber, and I will come back for Q&A.

因此，我現在把簡報交給 Kleber，我會在問答環節再回來。

Thanks, Rodrigo. Good morning, everyone.

謝謝你，Rodrigo。各位早安。

So, I am going to go over the summary of the main financial KPIs for the quarter. What we can see in summary is an improvement in basically all of them, with revenues at a new record high, closing the quarter with $383 million.

接下來我將概述本季主要財務 KPI 的摘要。總結來看，我們幾乎所有指標都有所改善，營收創下新高，本季收在 3.83 億美元。

Now, in the last 12 months, we have exceeded revenues of $1.1 billion, and going forward, we expect this trend to continue.

在過去 12 個月，我們的營收已超過 11 億美元，展望未來，我們預期這個趨勢將持續。

When we see adjusted EBITDA, as Rodrigo commented before, we have reported for the sixth quarter in a row a record high again, a substantial increase compared to Q4 2025, but mostly because of a higher average gold price in that quarter.

在調整後 EBITDA 方面，如 Rodrigo 先前所提，我們已連續第六季再次創下新高，較 2025 年第四季大幅增加，但主要是因為該季平均金價較高。

So, $244 million in the quarter and now exceeding $700 million already in the last 12 months, also a trend that we expect to continue.

因此，本季為 2.44 億美元，而過去 12 個月已超過 7 億美元，這也是我們預期將持續的趨勢。

When we analyze the net income, we see a substantial improvement compared to the last quarters. That is a combination of two factors. First is the improvement of the operational results. And second is that in this quarter, the gold price increased between the beginning and the end of the quarter, but at a lower rate than the increase we had in the last few quarters.

當我們分析淨利時，可以看到相較於前幾季有顯著改善。這是兩個因素的組合。第一是營運成果的改善。第二是本季金價在季初到季末之間上漲，但上漲幅度低於我們在前幾季所看到的增幅。

So, as a result of that, we had lower mark-to-market losses with gold hedge derivatives that are impacting less our P&L this quarter than in previous quarters.

因此，我們在黃金避險衍生品的按市價評價（mark-to-market）損失較低，對本季損益表（P&L）的影響也比前幾季小。

Later, I am going to go over more detail on this as well.

稍後我也會就此提供更詳細的說明。

But with that, we are reporting $95 million in net income and then $109 million in adjusted net income.

在此基礎上，我們報告淨利為 9,500 萬美元，而調整後淨利為 1.09 億美元。

In terms of cash and net debt, mostly stable compared to the year-end, we closed the quarter with $115 million in net debt.

就現金與淨負債而言，與年末相比大致持平；本季結束時淨負債為 1.15 億美元。

And we see an important reduction in the financial leverage of the company as a result of stable net debt and increasing accumulated EBITDA.

由於淨負債保持穩定且累計 EBITDA 持續增加，我們看到公司財務槓桿出現重要下降。

Our net leverage coming from 0.28 to 0.16 at the end of this quarter.

我們的淨槓桿從 0.28 降至本季末的 0.16。

Now, we jump to understand the main items between the adjusted EBITDA and adjusted net income for this quarter. Out of the $244 million adjusted EBITDA, we see the three larger gold mines contributed the most. Borborema had the highest EBITDA, as we were already anticipating, $61 million.

接下來，我們來了解本季調整後 EBITDA 與調整後淨利之間的主要項目。在 2.44 億美元的調整後 EBITDA 中，我們看到三座較大的金礦貢獻最大。如我們先前預期，Borborema 的 EBITDA 最高，為 6,100 萬美元。

MINOSA and ALMAS are coming strong as well, $58 million and opposed to $50 million, respectively. Aranzazu also strong at $1 million. Apoena, which we expect a much stronger second semester than the first semester, but already contributing with $24 million.

MINOSA 與 ALMAS 也表現強勁，分別為 5,800 萬美元與 5,000 萬美元。Aranzazu 也很強勁，為 100 萬美元。Apoena 我們預期下半年會比上半年強很多，但目前也已貢獻 2,400 萬美元。

MSG, despite we are just starting the turnaround, is contributing as well with $17 million in EBITDA for this quarter.

MSG 儘管我們才剛開始扭轉局面，本季也貢獻了 1,700 萬美元的 EBITDA。

Depreciation and amortization have been in line with our expectations. It has been increasing in the last two quarters basically because we added two new operations, Borborema commercial production in Q4 2025 and now MSG full quarter production in 2026.

折舊與攤銷符合我們的預期。過去兩個季度有所增加，主要是因為我們新增了兩個新營運：Borborema 於 2025 年第四季達到商業化生產，而現在 MSG 在 2026 年貢獻了完整季度的產量。

The net financial expenses, once again, the main items are the unrealized and realized losses with the gold derivatives.

淨財務費用方面，再次強調，主要項目是黃金衍生品的未實現與已實現損失。

The unrealized portion of $24 million and we paid $33 million with realized losses. So, combined, it was $55 million compared to over $100 million we had in losses with derivatives in the last quarter. So, that explains a portion of the improvements in our net income.

未實現部分為 2,400 萬美元，而已實現損失我們支付了 3,300 萬美元。合計為 5,500 萬美元，相較於上季我們在衍生品上的損失超過 1 億美元。因此，這解釋了我們淨利改善的一部分原因。

Income tax expenses coming as well as expected considering strong results from the operations, some small other expenses bringing the net income to $95 million. And then here on the right side, we excluded the typical non-cash items, the unrealized portion of the losses with the gold derivatives and some non-cash impact in deferred tax.

所得稅費用也如預期，考量到營運表現強勁，另有一些小額其他費用，使淨利達到 9,500 萬美元。接著在右側，我們剔除了典型的非現金項目，包括黃金衍生品損失的未實現部分，以及遞延所得稅中的一些非現金影響。

Excluding those items, the adjusted net income would have been $109 million by the end of the quarter.

剔除這些項目後，本季末調整後淨利將為 1.09 億美元。

And here, we bring a detailed analysis of the change in the cash position of the company throughout the quarter. We see on the left side here, we start with close to $290 million in cash.

在這裡，我們提供公司本季現金部位變動的詳細分析。左側可以看到，我們以接近 2.90 億美元的現金起始。

Here on the left side, we have what we call the recurring free cash flow to firm, which is the cash flow generated now by the six mines in production.

在左側，我們有一項稱為「經常性企業自由現金流」（recurring free cash flow to firm），也就是目前由六座投產礦山所產生的現金流。

That portion of the business generated $95 million.

這部分業務產生了 9,500 萬美元。

It is pretty much stable compared to the previous quarter. That is mostly because there are two items that consumed cash proportionally higher in the first quarter than we expect for the rest of the year. First is working capital. We had some temporary increases in accounts payable and inventory in this quarter that should improve in the next few quarters, and also income tax payments where we paid $52 million. The first quarter is usually the quarter that we pay most of the taxes, where we have annual tax adjustments, especially in Mexico.

與上一季相比大致持平。主要原因是有兩個項目在第一季消耗的現金相對較高，而我們預期今年其餘時間不會如此。第一是營運資金。本季應付帳款與存貨有一些暫時性增加，未來幾季應會改善；另外還有所得稅付款，我們支付了 5,200 萬美元。第一季通常是我們繳稅最多的季度，因為會有年度稅務調整，尤其是在墨西哥。

So, that will not repeat in the same proportion during the rest of the year.

因此，今年其餘時間不會以相同比例重複發生。

Then in the middle of the chart, we see the investment for growth where we invested $26 million, mostly in expansion CapEx, already including Era Dorada.

接著在圖表中間，我們看到成長投資，我們投資了 2,600 萬美元，主要是擴張性資本支出（CapEx），其中已包含 Era Dorada。

The CapEx, especially the expansion CapEx, is one that we expect to increase throughout the rest of the year, especially as we are advancing construction of Era Dorada and also the expansions in Almas.

資本支出，尤其是擴張性資本支出，我們預期在今年其餘時間會增加，特別是隨著 Era Dorada 的建設推進，以及 Almas 的擴建。

And then here on the right side, we see how we are allocating cash in the financial items. We paid close to $20 million in gross debt, reducing the gross debt of the company, and distributed $55 million in dividends, and our cash closed at $207 million by the end of the quarter.

然後在右側，我們看到現金在財務項目上的配置。我們償還了接近 2,000 萬美元的總負債，降低公司的總負債，並發放了 5,500 萬美元股利；本季末現金結餘為 2.07 億美元。

If this concludes the presentation, I am open to questions.

以上為簡報內容，我願意回答問題。

Thank you.

謝謝。

Thank you. We are going to start the question-and-answer section for investors and analysts. If you wish to ask a question, please click on Raise Hand. If your question has already been answered, you can leave the queue by clicking on Lower Hand.

謝謝。我們將開始投資人與分析師的問答環節。若您希望提問，請點擊「舉手」（Raise Hand）。若您的問題已獲回答，您可以點擊「放下手」（Lower Hand）離開隊列。

First question; Enrique Marquez, Goldman Sachs.

第一個問題：Enrique Marquez，高盛。

Hey, hi everyone. Can you hear me?

嗨，大家好。聽得到我嗎？

Loud and clear.

很清楚。

Awesome. Yeah, so two questions from my side.

太好了。我這邊有兩個問題。

First, regarding the cost in Almas, I think it did come above expectations and even the guidance range for the year.

第一個，關於 Almas 的成本，我認為確實高於預期，甚至高於全年指引區間。

But at the same time, this was the only mine you have not commented on in terms of mine sequencing you are expecting for the second half of the year. So, I just wanted to make sure, first, what really drove the higher cost in Q1? And second, do you see any risks to your cost guidance for Almas? And if not, when can we expect some improvement in terms of cost for this mine specifically?

但同時，這也是你們唯一沒有就下半年預期的採礦順序（mine sequencing）進行評論的礦山。所以我想確認一下，第一，究竟是什麼因素導致第一季成本較高？第二，你們是否看到 Almas 成本指引存在任何風險？如果沒有，那麼我們何時能看到這座礦山的成本改善？

And second one, just if you could give us a bit more color on the maintenance stoppage of the CIL plant in Borborema. Is the situation resolved?

第二個問題，想請你們就 Borborema 的 CIL 廠維修停機提供更多說明。情況是否已解決？

Should we see any impacts in the second quarter? That would be great.

第二季是否會看到任何影響？如果可以說明就太好了。

Thank you.

謝謝。

Sure. Well, in Almas, while you mentioned that Almas had a higher cash cost compared to the guidance, I would also invite you to take a look at the all-in sustaining cash costs, which were actually below the guidance.

好的。關於 Almas，雖然你提到 Almas 的現金成本高於指引，我也建議你看一下全維持性現金成本（AISC），其實是低於指引的。

In the first quarter, what we had was a higher strip ratio and slightly lower grades, but that will improve during the second semester. And so, we are very much in line with the guidance for Almas. And we should also see improvement in MSG during the second semester. We should also see some improvement in Borborema, MINOSA stable, and Aranzazu, some improvement also during the second semester.

第一季我們遇到的是較高的剝採比（strip ratio）以及略低的品位，但這些在下半年會改善。因此，我們在 Almas 方面非常符合指引。而且我們也應該會在下半年看到 MSG 的改善。Borborema 也應該會有一些改善，MINOSA 維持穩定，而 Aranzazu 也會在下半年有所改善。

So, as we saw in the past, where the first semester is lower production, we should actually see a significant improvement in the second semester in terms of production, not in the second quarter, but in the third and fourth quarter.

因此，如同過去所見，上半年產量較低，我們應該會在下半年看到產量顯著改善；不是在第二季，而是在第三與第四季。

This varies about mine sequencing. Just a quick reminder for investors is that when we have gold mining, it is very different from major copper or iron ore, where there is disseminated ore, the grade does not vary and the strip ratio does not vary. In gold, the nature is not homogeneous. It always varies quarter by quarter. Sometimes you reach higher grades or sometimes lower grades. Sometimes you need to push back the pit, increasing the strip ratio. Sometimes you just collect what you already pushed back in the pit.

這與採礦順序有關。給投資人一個快速提醒：黃金採礦與大型銅礦或鐵礦不同，後者礦體多為浸染型（disseminated ore），品位變化不大、剝採比也不太變。黃金礦的自然條件並不均質。每一季都會有變化。有時會遇到較高品位，有時較低品位。有時需要把礦坑往後推（push back），使剝採比上升。有時則只是開採先前已推後的礦坑區域。

So, there is some volatility in terms of the quarter, which, if you look back over the last four years, that is what happened, this volatility quarter to quarter. But actually, when we go to the average of the year, we are very much in line with the guidance that we provide to the market.

因此季度之間會有一些波動；如果你回顧過去四年，這就是季度間波動的情況。但當我們看全年平均時，我們與提供給市場的指引非常一致。

So, we are very much comfortable that we are moving ahead with our guidance, actually on the upper end of the guidance in terms of production.

所以，我們對於依照我們的指引持續推進感到非常有信心，實際上在產量方面正處於指引區間的上緣。

Thank you. Yeah, I just wanted to clarify.

謝謝。是的，我只是想釐清一下。

And Borborema, you mentioned about the CIL plant. Borborema is now producing very well.

另外關於 Borborema，你提到 CIL 廠。Borborema 現在的產出表現非常好。

There are still improvements that we can do, mainly on filters. These filters are where we have the bottleneck. Although we overestimated, the filters are performing very close to or slightly below the plant capacity.

我們仍然可以做一些改善，主要是在過濾器上。過濾器是我們目前的瓶頸所在。雖然我們先前高估了，但過濾器的表現非常接近、或略低於工廠產能。

So, we have already placed orders and are already in construction of additional filters, already preparing them for further expansion. So, the new filters will also unlock some bottlenecks, and those filters will be started during Q3 and Q4.

因此，我們已經下單，並且正在建置額外的過濾器，也在為後續擴產做準備。新的過濾器也將解除部分瓶頸，並會在第三季與第四季啟用。

So, we should also see some improvements in terms of production during these years, while we are finalizing our expansion plan for Borborema to reach 4 million tons in the upcoming years.

因此，在我們敲定 Borborema 未來幾年提升至 400 萬噸的擴產計畫之際，今年我們也應該會看到產量方面的一些改善。

Great. Thank you.

很好。謝謝。

Next question; Rafael Barcellos, Bradesco BBI.

下一個問題；Bradesco BBI 的 Rafael Barcellos。

Good morning.

早安。

Thanks for taking my questions. Rodrigo, despite being solid results, I think there are some watch points when we compare the numbers with your production and cost guidance, right? So, I just wanted to get a sense of which operations bring some concerns to you when you compare the production and cost evolution versus the guidance for the year.

謝謝讓我提問。Rodrigo，儘管結果很穩健，但我認為當我們把數字與你們的產量與成本指引相比時，仍有一些需要留意的點，對吧？所以我想了解一下，當你把產量與成本的變化趨勢和全年指引相比時，哪些營運據點讓你比較擔心。

And lastly, if you can give us more details on your expectations for the second half of this year in terms of, again, production and costs.

最後，如果可以的話，也請你更詳細說明你對今年下半年在產量與成本方面（同樣是這兩項）的預期。

And as a second question, particularly on the cost side, I mean, a lot has happened since you announced the cost guidance, right? I mean, we have the outbreak of the Middle East conflict. So, I just wanted to understand what sort of cost pressure you are seeing driven by the conflict, and if you can give more details on the specific impacts on the cost side.

第二個問題，特別是成本面：自從你們公布成本指引以來，發生了很多事情，對吧？例如中東衝突爆發。所以我想了解，這場衝突帶來了哪些成本壓力？也請你更具體說明對成本面的影響。

Thank you.

謝謝。

Sure. No, thank you for the question, Rafael.

當然。不，謝謝你的問題，Rafael。

Where it has been more challenging in the short term, and not structural for us, is MSG, of course.

短期內對我們而言較具挑戰、但並非結構性問題的，當然是 MSG。

We were not expecting such low standards compared to what we can put in terms of infrastructure and underground mines. So, we are now putting more effort, improving underground conditions in order to bring that mine into the productivity that I believe can be achieved.

我們原本沒預期它的標準會這麼低，與我們在基礎設施與地下礦方面能投入的水準相比落差很大。因此我們現在投入更多力道，改善地下作業條件，以便把該礦場帶回我認為可以達成的生產力水準。

And every time we have any kind of issues in MSG, as I was mentioning to the market in the last quarter, we will always focus on the underground development, even if it has to jeopardize the production of the month.

而且每當 MSG 出現任何問題，正如我上季對市場提到的，我們永遠會優先聚焦地下開發，即使這可能會影響當月產量。

So, if we have any equipment bottleneck, we will divert all the equipment into underground development and not focus on production. That was the main mistake that the past owner was making, focusing too much on production and not doing the underground development.

所以，如果我們遇到任何設備瓶頸，我們會把所有設備轉去做地下開發，而不是專注在生產。這正是前任業主犯下的主要錯誤：過度追求產量，卻沒有做好地下開發。

So, we need to remove the bottlenecks in the underground mine. This is taking more time than we expected.

因此，我們需要移除地下礦的瓶頸。這比我們預期花更長時間。

But those are things that we can correct, things that we can manage, and that is within the budget that we were projecting to invest $20 million to $30 million in order to improve those conditions in the mine.

但這些都是我們可以修正、可以管理的事情，而且也在我們原先預估的預算範圍內：我們規劃投入 2,000 萬到 3,000 萬美元來改善礦場條件。

On the other hand, structurally, the mine is actually better than what we expected. We saw a significant increase in the life of mine and resources and reserves of the mine, coming from 340,000 to 350,000 up to 700,000 ounces. And there is still a lot of room to continue to improve resources and reserves in that mine that we have not yet even started to explore, as we are focused on the mine.

另一方面，從結構面來看，這座礦其實比我們預期更好。我們看到礦山壽命以及資源量與儲量大幅增加，從 34 萬到 35 萬盎司提升到 70 萬盎司。而且這座礦在資源量與儲量上仍有很大提升空間；我們甚至還沒開始做一些區域的勘探，因為目前重點放在礦場本身。

So, in the medium-too long term, projections for this mine are actually way better than we expected. In the short term, it is more challenging, and this is where we should see it at the lower range of the guidance, while some other mines also can go beyond what we were expecting to offset part of this.

所以在中期到長期，這座礦的展望其實遠優於我們原先預期。短期則更具挑戰，這也是為什麼我們預期它會落在指引區間的下緣；同時其他一些礦場也可能超出我們的預期，來抵銷其中一部分影響。

But yet, it is not our focus to have high production this year in MSG. Our focus is to improve underground mine conditions and finish the year with a very clear view that we can bring that mine above 80,000 ounces of production per year and close to $2,000 of all-in sustaining cash costs.

不過，我們今年在 MSG 的重點並不是追求高產量。我們的重點是改善地下礦條件，並在年底前清楚掌握：我們可以把該礦年產量提升到 8 萬盎司以上，且全維持成本（AISC）接近 2,000 美元。

And that has not changed. Actually, as I mentioned, when we are doing underground development, we are moving far more efficiently than they were doing in the past. Again, they were moving about 35 meters per month, now we are reaching 60 to 65 meters per month. And this is very satisfactory to see that once we put the underground into our efficiency and stable conditions, we can improve efficiency according to our plan.

而這一點沒有改變。事實上，如我提到的，當我們進行地下開發時，我們的推進效率比過去高得多。他們過去大約每月推進 35 公尺，現在我們達到每月 60 到 65 公尺。看到這樣的成果非常令人滿意，因為一旦我們把地下作業帶到我們的效率與穩定條件之下，就能依照計畫提升效率。

In terms of the cost of diesel, this is happening across the world.

至於柴油成本，這是全球性的現象。

It is impacting the all-in sustaining cash cost. Diesel should represent, depending on the mine, about 6% to 8%. So, even if you increase 10% or 20%, that will have a 1% or 2% impact on our sustaining cash cost.

它會影響全維持成本（AISC）。柴油占比依礦場不同大約是 6% 到 8%。因此，即使柴油上漲 10% 或 20%，對我們的維持性現金成本的影響大約也只有 1% 到 2%。

And of course, higher diesel triggers some inflation in many other different materials, but there is no other sector that is more protected against inflation than gold, and slightly copper.

當然，柴油走高也會帶動許多其他材料的通膨，但沒有任何產業比黃金（以及某種程度上的銅）更能抵禦通膨。

So, if inflation picks up, gold is going to increase. So, somehow investors are very well protected in this sector through inflation in U.S. dollars.

所以如果通膨升溫，金價就會上漲。因此，投資人在這個產業中，某種程度上能透過以美元計價的通膨而獲得很好的保護。

Thanks. Sorry.

謝謝。抱歉。

Just as a follow-up on the first question, I am understanding that you are flagging more challenges on the MSG side, but is there any other operation that you would like to highlight as a watch point or anything that we should look at, particularly in the second half? Thank you.

就第一個問題追問一下：我理解你指出 MSG 這邊挑戰較多，但在下半年是否還有其他營運據點，你想特別提醒我們留意，或有任何我們應該關注的點？謝謝。

No, you should see upsides coming from Almas. We continue to do exploration. We are increasing capacity.

沒有，你應該會看到 Almas 帶來上行空間。我們持續進行勘探。我們正在提升產能。

That mine, as I mentioned, we know we already expanded to 3 million tons per year, and we are just waiting for more confirmation and more exploration information in order to go even further and perhaps go to 4 million tons per year, which will combine several open pits and also underground development.

如我提到的，那座礦我們已經擴到每年 300 萬噸，我們只是等待更多確認與更多勘探資訊，以便再往前推進，或許提升到每年 400 萬噸，這將結合多個露天礦坑以及地下開發。

So, that is a very important upside that should be captured by the market in the upcoming quarters. Together with Borborema, we are also now, as we signed the contract to reallocate the road, finalizing all the engineering for improving capacity up to 4 million tons.

因此，這是一個非常重要的上行因素，市場應該會在接下來幾季逐步反映。同時，Borborema 方面，我們也在簽署道路改線合約後，正完成所有把產能提升到 400 萬噸的工程設計。

Also, we have several alternatives for more access to water, which is important in order for us to increase capacity. And in the following couple of months, we should have a decision on that, wrapping up the new engineering so that we can approve it in the board between Q2 and Q3.

此外，我們也有數個替代方案可取得更多水源，這對我們提升產能很重要。在接下來幾個月，我們應該會就此做出決定，完成新的工程設計收尾，讓我們能在第二季與第三季之間提交董事會核准。

Expansion for Borborema. So, expansion coming up in Almas, expansion coming up in Borborema, while we continue to develop Era Dorada, now going into full construction.

Borborema 的擴產。所以，Almas 將有擴產、Borborema 也將有擴產，同時我們持續推進 Era Dorada，現在正進入全面施工階段。

Okay, perfect. Thank you.

好的，完美。謝謝。

Next question; Lucas Lagui, XP

下一個問題；Lucas Lagui，XP

Hi, everyone. Good morning.

大家好。早安。

Thank you for taking my questions. Two follow-ups from our side.

謝謝讓我提問。我們這邊有兩個追問。

The first one is on MSG. I mean, Rodrigo, you commented on some of the improvements that we expect throughout the year, but I just wanted to better understand the timeline regarding the turnaround of the project. I mean, now that you are much more familiar with the operations, what could we expect in terms of run-rate production by year-end?

第一個是關於MSG。我是說，Rodrigo，你提到我們預期今年會有一些改善，但我想更清楚了解這個專案扭轉的時間表。也就是說，現在你對營運更熟悉了，到年底在常態化（run-rate）產量方面我們可以期待什麼？

You mentioned that we should expect some decrease in Q2, but I just wanted to understand what could be the run rate by the year-end and what are the most important milestones that we should be aware of in such turnaround. And finally, still on MSG, I mean, just to clarify, do you see any upside consideration of the potential normalized volumes for the operations by the end of this turnaround?

你提到第二季（Q2）應該會有一些下滑，但我想了解年底的run-rate可能是多少，以及在這次扭轉過程中我們應該注意哪些最重要的里程碑。最後，仍然是關於MSG，我想確認一下：在這次扭轉結束時，你是否看到營運端潛在的常態化產量（normalized volumes）有任何上行空間？

And my second question is on Borborema, another follow-up. You mentioned the expansion, the 4 million tons of plant feed after the expansion.

我的第二個問題是關於Borborema，也是另一個追問。你提到擴產後，選礦廠進料量將達到400萬噸。

Just to get a better idea on timeline, I mean, how and when could we see such investments being deployed, and if you could give us any idea on CapEx and production improvement, considering the marginal grades for the expansion, that would also be very helpful.

為了更了解時間表，我是說，這些投資會如何以及何時開始投入？另外，如果你能就資本支出（CapEx）與產量改善提供一些概念，並考量擴產的邊際品位（marginal grades），那也會非常有幫助。

Thank you.

謝謝。

Okay.

好的。

No, for MSG, the idea is to finish the year with a very clear view that we will be able, for next year, to be close to 80,000 ounces of production per year and close to $2,000 of all-in sustaining cash costs. That is our main objective.

不，就MSG而言，我們的想法是到今年年底能非常清楚地看到：明年我們將能接近每年80,000盎司的產量，且全維持性現金成本（all-in sustaining cash costs）接近2,000美元。這是我們的主要目標。

Our key drivers for you to look at are how fast we are advancing on the underground development. That is why I reinforced that in the past they were doing 30 to 35 meters per month, now we are approaching 60 to 65 meters. So, we should continue to advance in the underground development so that we can invert the methodology. Right now, the mine is operating from top-down, and then we need to do underground development in excess so we can start operating bottom-up.

你們需要關注的關鍵驅動因素，是我們在地下開發（underground development）推進的速度有多快。這也是我強調的原因：過去他們每月做30到35公尺，現在我們正接近60到65公尺。因此，我們應該會持續推進地下開發，讓我們能夠反轉作業方法。目前礦山是由上往下（top-down）開採，接下來我們需要超前完成足夠的地下開發，才能開始由下往上（bottom-up）作業。

This is what will structurally change our efficiency, recovery, dilution, and also productivity at the mine. So, we need time to do that. We cannot do all this underground development in a couple of months. It takes several months, and we believe that we will be able to conclude that preparation by the end of this year.

這將在結構性上改變我們的效率、回收率、稀釋率，以及礦山的生產力。所以，我們需要時間來完成這些。我們不可能在幾個月內就把所有地下開發都做完。這需要好幾個月，我們相信到今年年底可以完成這些準備。

So, you should not see very strong numbers in Q1 and Q2, as I mentioned. You should see a gradual improvement in Q3 and Q4, not because of a structural change in the methodology yet, but because we are gaining efficiency, reducing costs across the board with contracts, redefining some scopes with suppliers, and so on. That is all happening at the same time, and we are very comfortable that we will achieve this goal by the end of the year.

因此，如我所提，你們在第一季（Q1）和第二季（Q2）不應該看到非常強勁的數字。你們應該會在第三季（Q3）和第四季（Q4）看到逐步改善，這還不是因為作業方法已經出現結構性改變，而是因為我們正在提升效率、透過合約全面降低成本、與供應商重新界定一些工作範疇等等。這些都在同時進行，我們非常有信心在年底前達成這個目標。

In terms of Borborema, we have not yet approved the CapEx at the board and disclosed it. Unfortunately, I cannot yet give you guidance on this, but we will do so as we approve the information at the board and finalize the investment.

至於Borborema，我們尚未在董事會核准資本支出（CapEx）並對外揭露。很遺憾我目前還不能給你指引（guidance），但一旦董事會核准並完成投資定案，我們就會提供。

Reallocating the road, preparing water access, and everything should take close to two years, but we will provide more precise information as we approve it at the board. And as you well mentioned, you should not expect, for example, to keep exactly the same grades, or that doubling the capacity necessarily means that we will double production.

道路改線、準備取水通道等所有工作，應該需要接近兩年，但我們會在董事會核准後提供更精確的資訊。而且如你所提，你不應該預期例如品位能完全維持不變，或是產能加倍就必然代表產量加倍。

Because then we can supply the additional capacity with lower-grade material. Of course, when you have restricted capacity, you focus on higher grade. When you increase capacity, then you can process both high-grade and medium-grade material.

因為我們可以用較低品位的礦料來供應新增的產能。當產能受限時，你會專注於較高品位。當你提高產能後，就可以同時處理高品位與中品位的礦料。

So, that will translate into higher production, and it will also translate into lower cash costs, but it will not necessarily double the gold production.

因此，這會轉化為更高的產量，也會轉化為更低的現金成本，但不一定會讓黃金產量翻倍。

Got it. Perfect. Thank you very much.

了解。很好。非常感謝。

Next question; Lawson Winder, Bank of America.

下一個問題；Lawson Winder，美國銀行（Bank of America）。

Thanks. Thank you very much.

謝謝。非常感謝。

Hello, Rodrigo. Nice to hear from you. Appreciate the update today. First question I would like to ask about staging. There are a number of projects happening at the current moment. There is the Borborema expansion. You are looking at going underground at Almas. There is Matupá waiting right after Era Dorada.

你好，Rodrigo。很高興聽到你的聲音。感謝你今天的最新進展。我第一個問題想問的是專案排程（staging）。目前同時有不少專案在進行。有Borborema擴產。你們也在評估Almas轉入地下開採。還有Matupá在Era Dorada之後緊接著等待。

Are you confident that you have a large enough team in place that you guys can handle all this? And then, in answering that question, how do you think about the staging of all these projects and making sure that you have the best people in the right place at the right time?

你有信心你們已經有足夠大的團隊可以處理這一切嗎？另外，在回答這個問題時，你如何看待這些專案的排程安排，並確保在正確的時間把最好的人放在正確的位置？

Thank you for the question, Lawson. And that is one of the main discussions that we have internally. It is about people. We have a lot to perform, a lot to increase capacity. Very few companies in the world can come from 285,000 ounces of production last year and, in the upcoming years, reach over 600,000 ounces without new M&As, which we are also planning to do, and that, of course, drives a lot of our management attention.

謝謝你的問題，Lawson。這也是我們內部最主要的討論之一。核心在於人。我們有很多要執行、很多要提升產能。全球很少有公司能在去年產量285,000盎司的基礎上，在未來幾年在不進行新的併購（M&A）的情況下達到超過600,000盎司——當然我們也計畫做併購，而這也會占用管理層大量注意力。

We have a very strong team to build new mines. It is the same team that built Almas, it is the same team that built Borborema, and it is the same team that is now working in Era Dorada. Of course, this team is increasing.

我們有一支非常強的團隊來建設新礦山。這支團隊就是建成Almas的同一支、建成Borborema的同一支，也是在Era Dorada工作的同一支。當然，這個團隊也在擴編。

The good thing is that we are not overlapping the construction of Era Dorada and Matupá. We do not want to build both at the same time. We could start building Matupá right now. It is fully licensed, and we have the feasibility study, although we are updating it because we are going to incorporate new deposits, we want to create a lag in order not to overlap the same functions of the team.

好的一點是，我們不會讓Era Dorada與Matupá的建設重疊。我們不想同時建兩個。我們其實現在就可以開始建Matupá。它已完全取得許可，我們也有可行性研究，雖然我們正在更新，因為要納入新的礦床；我們希望拉開時間差（lag），以避免團隊相同職能的重疊。

So, during the construction, we will have the preparation, early works, then the plant and the ramp-up. We do not want to overlap exactly the same phases, we want to create a lag.

因此，在建設期間，我們會先做準備、前期工程（early works），接著是選礦廠建設與爬坡（ramp-up）。我們不希望完全重疊相同階段，而是要創造時間差。

So, perhaps we will start construction of Matupá during next year, when we will already be in the final phase of Era Dorada, and Era Dorada will already be at a very good speed.

所以，也許我們會在明年開始Matupá的建設，屆時Era Dorada已進入最後階段，而且Era Dorada的推進速度也會相當不錯。

And the team is also combined with the local teams in Borborema and Almas, so it is not taking full attention from the construction team in Borborema or the full attention of the construction team in Almas, where there are some shared activities. And we are also going to bring engineers and the construction team into the sites, not only using the Era Dorada team.

此外，團隊也會與Borborema與Almas的在地團隊結合，因此不會把Borborema建設團隊或Almas建設團隊的注意力全部抽走，因為有一些活動是共享的。我們也會把工程師與建設團隊帶進各個工地，而不只是使用Era Dorada的團隊。

So, these are things that we need to pay close attention to. That is mostly why we are not overlapping construction of Matupá and Era Dorada. But it is something that we cannot disregard, and that is a concern that we have. That is where I, Glauber, and the technical team are spending a lot of time.

所以，這些都是我們需要密切關注的事項。這也主要是為什麼我們不讓 Matupá 與 Era Dorada 的建設期重疊。但這是我們不能忽視的事情，也是我們所擔憂的一點。這也是我、Glauber 以及技術團隊投入大量時間的地方。

And I think you read my mind because you mentioned M&A as another demand on the time of management.

而且我覺得你讀懂了我的想法，因為你提到併購（M&A）也是管理層時間的另一項需求。

Could you just describe the current pipeline of M&A opportunities, particularly vis-à-vis the last year and the year before? I mean, would you describe the opportunity as increasing or decreasing?

你能否描述一下目前併購機會的管線，特別是相較於去年與前年？我的意思是，你會形容機會是在增加還是在減少？

And any commentary on valuation, where sellers are thinking of valuation and where buyers are, and whether there is a gap there or whether you think there is room for negotiation.

另外也請評論一下估值：賣方對估值的想法、買方的想法，以及兩者之間是否存在落差，或你認為是否有談判空間。

Yeah, good question.

是的，問得很好。

There were increasing opportunities, but not for the right reasons, just because in the past, a couple of months ago, when the gold price reached 2,500 or 2,400, it increased the number of opportunities, but the expectations of the sellers were completely out of what we would pay.

機會確實有增加，但不是因為正確的原因；只是因為在過去幾個月前，當金價達到 2,500 或 2,400 時，機會數量增加了，但賣方的期望完全超出我們願意支付的水準。

So, now we see some adjustment in the expectations of sellers and buyers.

所以現在我們看到賣方與買方的預期正在做一些調整。

There is still some gap, but there is more room to work.

仍然有一些落差，但可操作的空間更大了。

So, we are confident that now we can engage more and get more traction in M&A activities throughout the year. Of course, it is unpredictable. M&A is a combination of what we want and what is available.

因此，我們有信心現在可以更積極參與，並在全年併購活動上取得更多進展。當然，這是不可預測的。併購是我們想要的與市場上可取得標的之間的組合。

But the fact is, there are opportunities. We are looking at a few alternatives.

但事實是，確實存在機會。我們正在評估幾個替代方案。

There is nothing that is advanced. There is nothing that is close to happening. But we are, of course, prospecting and engaging in a few different conversations.

目前沒有任何案子進展到很深入。也沒有任何案子接近發生。但我們當然正在開發機會，並與幾個不同對象進行交流。

M&A is like what an investor does, right? They select 10 companies, start analyzing, deep diving into six, start negotiation with five to get only one, right? So, that is the process, and it takes time.

併購就像投資人做的事情，對吧？他們挑 10 家公司開始分析，深入研究其中 6 家，與 5 家開始談判，最後只成交 1 家，對吧？所以流程就是這樣，而且需要時間。

Okay, thank you. That's all my questions. Today's update has been very helpful. Thank you for that.

好的，謝謝。我沒有其他問題了。今天的更新非常有幫助。謝謝你們。

Thank you, Lawson.

謝謝你，Lawson。

Our next question comes from Tatiana Congini, J.P. Morgan

下一個問題來自摩根大通（J.P. Morgan）的 Tatiana Congini。

Hello, everyone. Good morning. Can you hear me well?

大家好。早安。你們聽得到我嗎？

Yes.

聽得到。

Okay. So, I think I just have a couple of follow-ups from the questions that you already answered.

好的。我想我只有幾個針對你們已經回答過問題的追問。

So, my first one, I would just follow up on the question that you just answered on M&As. So, as you already flagged, I think we have Matupá already under the radar.

第一個，我想延續你們剛才對併購的回答。如你們已經提到的，我想 Matupá 已經在我們的關注範圍內。

The company still has a very comfortable cash flow and actually a strong balance sheet position at this point. So, my first question here is, when it comes to M&A, you mentioned that you know what you want.

公司目前仍有非常充裕的現金流，資產負債表也相當強健。所以我第一個問題是，談到併購時，你提到你們知道自己想要什麼。

So, can you share just a little bit on what are the main perspectives that you look for when you are thinking about M&A? If you have any specific region that you see more availability, if you want to grow more in Brazil.

那你能否稍微分享一下，你們在考慮併購時主要會看哪些面向？是否有任何特定區域你們看到供給較多，或你們是否希望在巴西進一步擴張？

So, just to understand a little bit of the profile that you are looking for in the next M&A. And I would go to my next question after.

也就是想更了解你們下一筆併購所尋找的標的輪廓。然後我再問下一個問題。

No, I think it is clear that we are an Americas player — North America, Central America, and South America. We are not focusing on or looking for alternatives in Africa, Asia, or Australia.

不，我想很清楚的是，我們是一家美洲的玩家——北美、中美與南美。我們不會把重點放在、也不會尋找非洲、亞洲或澳洲的選項。

We are focused on gold and copper. So, we look at both sides. We like the combination of gold and copper.

我們聚焦在黃金與銅。所以我們兩邊都會看。我們喜歡黃金與銅的組合。

We used to be 30% copper, 70% gold.

我們過去的組合是 30% 銅、70% 黃金。

Gold prices have improved, and we have been investing mostly in gold in the last three years. So, copper has been reduced, but we would preferably like to increase copper in our portfolio. However, the opportunities that we have been seeing in gold are way more attractive. That is why we are now more focused on gold.

金價上升，而我們在過去三年主要投資在黃金上。因此銅的比重下降了，但我們理想上希望提高投資組合中的銅比重。然而，我們看到的黃金機會要吸引人得多。這也是為什麼我們現在更聚焦在黃金。

In terms of strategy, we do not look for state-of-the-art projects. Those projects, the flagship assets, tend to be overpriced and overvalued. So, normally companies overpay for state-of-the-art projects that have full feasibility, large production, higher grades, and no concerns in terms of jurisdiction whatsoever.

就策略而言，我們不尋找最頂級、最「先進」的專案。那些專案、旗艦資產，往往價格過高、估值偏貴。所以通常公司會為那些具備完整可行性研究、產量大、品位更高、且在司法管轄方面完全沒有疑慮的頂級專案付出過高代價。

So, I think if you look at what we have done in the past, it is a very good example of what we would look for in the future.

所以我想，如果你看看我們過去做過的事情，那就是我們未來會尋找什麼的很好例子。

Take Borborema — we do not like to take full exploration risk either. We are not exploration developers. We do not believe we have the skills to find new mines from scratch. We prefer to enter projects that already have good progress in terms of exploration, significantly reducing that risk.

以 Borborema 為例——我們也不喜歡承擔完整的勘探風險。我們不是勘探開發商。我們不認為自己具備從零開始找到新礦的能力。我們更偏好進入那些勘探已經有良好進展、能大幅降低風險的專案。

Also in exploration, Borborema already had resources and reserves, but had a problem with water access. We had an angle to solve the water access, and then we could implement the project.

另外在勘探方面，Borborema 已經有資源量與儲量，但存在用水取得的問題。我們有一個角度可以解決用水取得，然後就能推動專案落地。

Era Dorada could be defined as a state-of-the-art project in terms of grades and capacity, but it had strong local and community opposition because the project was open pit. We converted it to underground.

Era Dorada 以品位與產能來看可被定義為頂級專案，但因為是露天開採，遭遇強烈的地方與社區反對。我們把它改為地下開採。

So, we could unlock the opposition from the community. Actually, now they support the project. That is why we are moving forward with them.

因此我們得以解除社區的反對。事實上，現在他們支持這個專案。這也是為什麼我們正與他們一起推進。

So, these are greenfield projects close to construction, not with a lot of exploration risk, but that had some issues that we had to address, putting our people to work to unlock the value.

所以，這些是接近建設階段的綠地專案，勘探風險不大，但存在一些需要我們處理的問題；我們讓團隊投入工作以解鎖價值。

Another example is MSG, a mine that is already operating but is not core for major players and underperforms in terms of productivity. We understand that we can acquire it at a good value, implement what we know how to do in terms of turnaround, improve efficiency gains, and then bring that mine to higher production.

另一個例子是 MSG，這是一座已在營運的礦，但對大型業者而言並非核心資產，且在生產力方面表現不佳。我們理解我們可以用合理的價值收購它，導入我們擅長的扭轉策略，提升效率增益，然後把該礦帶到更高的產量。

So, there is always a very strong focus on where we are adding value to the project, not just buying at full price to increase capacity for size alone.

所以我們始終非常聚焦在我們能在哪裡為專案增值，而不是只是用全價買進、僅為了規模而擴大產能。

Very clear on that one. And the second question is still on MSG. I think that is the main subject here today. So, when we check your guidance on costs, of course, they are higher than the average of your projects, but this kind of implies that your second-half costs are going to be almost half.

這點非常清楚。第二個問題仍然是關於 MSG。我想這是今天的主要議題。所以當我們看你們的成本指引時，當然它高於你們其他專案的平均，但這似乎意味著你們下半年的成本將會幾乎減半。

So, how confident do you feel that this is going to be delivered? Do you have any — what is your main struggle to actually reach the guidance? Do you feel that anything — we discussed a lot of moving parts, right, with the underground development, with the effects also with diesel — do you feel there is room for this to get even further than the top of your guidance here?

所以，你對於能交付這個目標有多大信心？你們的主要挑戰是什麼，才能實際達到指引？你是否覺得——我們討論了很多變動因素，對吧，包括地下開發、以及柴油的影響——你是否覺得成本有可能進一步高於你們指引區間的上緣？

I do not know where you got the number that we now need to perform at half during the second semester, because that should also have higher production. So, on the weighted average, I am not sure which calculation you made, but there will be improvement in the second semester.

我不知道你從哪裡得出我們現在在下半年需要以一半的水準來運作這個數字，因為下半年也應該會有更高的產量。所以，就加權平均而言，我不確定你做了哪種計算，但下半年會有所改善。

I just mentioned that it is like thinking about cash costs per ton on average, but that is fair.

我剛才提到，這有點像是在看每噸現金成本的平均值，但那樣的看法是合理的。

But structurally, we will see improvement in Q3 and Q4. Structurally, it is a mine that will not have the average of Aura. Structurally, it is a mine that will push our all-in sustaining cash costs above the average that we have, and that is not a problem.

但從結構面來看，我們會在第三季和第四季看到改善。從結構面來看，這座礦不會達到 Aura 的平均水準。從結構面來看，這座礦會把我們的全維持性現金成本推高到高於我們目前的平均水準，但這不是問題。

Because we paid only $76 million for this, and the internal rate of return of this project will be significantly high for our shareholders, particularly now if you add — it was already high, and now you add the new resources and reserves. So, it is a project that we feel very comfortable with. It is becoming more challenging in the short term than we expected. On the other hand, it is way above expectations in the long term.

因為我們只為此支付了7,600萬美元，而這個專案的內部報酬率對我們股東而言將會顯著偏高，尤其是現在如果你再加上——它原本就很高，而現在又加入了新的資源與儲量。所以，這是一個我們覺得非常安心的專案。短期來看，它變得比我們預期更具挑戰。另一方面，長期表現則遠高於預期。

And we are not focusing too much on production, we are not focusing too much on cash costs during the first and second quarter, and we will see improvement in the second semester.

而且我們不會把重心放在產量上，我們也不會在第一季和第二季過度聚焦現金成本；下半年我們會看到改善。

But our main objective, which drives all the KPIs and the variable remuneration in this project, is much more focused on preparing this mine to get close to 80,000 ounces of production and close to $2,000 of all-in sustaining cash costs, so that we can plan that for next year.

但我們的主要目標——也就是驅動這個專案所有KPI與變動薪酬的目標——更著重於把這座礦準備到接近8萬盎司的產量，以及接近2,000美元的全維持性現金成本，讓我們可以把這個作為明年的規劃基礎。

Okay, very clear. My last question, sorry.

好的，非常清楚。我最後一個問題，抱歉。

No, go ahead.

不，請說。

Yeah, no, my last question — and I think we have not discussed this a lot here in this call — but just to understand your view on gold prices. I think overall the market remains very bullish on the overall story, and we agree with that.

是的，我最後一個問題——我想我們在這通電話裡沒有太多討論——但我想了解你對金價的看法。我認為整體市場對整個故事仍然非常看多，我們也同意。

But I just wanted to hear your thoughts on how you see all this impact from the recent war developments and your perspective for this year.

但我只是想聽聽你對近期戰爭發展所帶來影響的看法，以及你對今年的展望。

Well, if we look at the variables that we are seeing, first, I would also like to disclose that I do not feel that I am an expert in gold prices, right? I think investors are much more informed on that. So, we do not take decisions expecting gold prices to go up or down. We take decisions based on what is the highest production we can achieve at the lowest cost, that is it. And gold price is just an input.

嗯，如果我們看目前看到的變數，首先，我也想先說明，我不覺得自己是金價方面的專家，對吧？我認為投資人對這方面的資訊更充分。所以，我們不會因為預期金價上漲或下跌而做決策。我們做決策的依據是：在最低成本下能達到的最高產量，就這樣。而金價只是其中一個輸入變數。

But nevertheless, I need to learn, I need to participate and analyze, and I talk to many people and participate on other boards, so I need to follow. The idea is that, in the big picture, what has been pushing gold prices up has been two major variables. Number one is the excess of capital, the excess of liquidity in the world. So, you see the United States at $39 trillion now in debt and plus $2 trillion per year in terms of deficit.

但即便如此，我仍需要學習、參與與分析；我也和很多人交流，並在其他董事會任職，所以我需要持續關注。整體來看，推升金價的主要有兩個重大變數。第一是全球資本過剩、流動性過剩。所以你看到美國目前債務達到39兆美元，且每年赤字超過2兆美元。

And now refinancing treasuries, moving from treasuries that cost 1% or 2% to treasuries that cost close to 4%. So, that is significantly increasing the financial expense over the excess of debt and deficit. And the world is starting to think, well, where can this go, right? Maybe they might have to print money, maybe they will have to lower interest rates and live with inflation. So, that has not changed.

而且現在在為國債再融資，從利率1%或2%的國債，轉向成本接近4%的國債。因此，在龐大的債務與赤字之上，財務費用正顯著增加。世界開始思考，嗯，這會走向哪裡，對吧？也許他們可能得印鈔，也許他們將不得不降低利率並與通膨共存。所以，這一點並沒有改變。

And actually, the wars are even making this worse because countries — it is the same situation with Europe. Actually, Europe is in a worse situation than the United States. Compared to every other country in the world, the United States is not that bad, but still, it is not easy to tackle that deficit.

而且實際上，戰爭甚至讓情況更糟，因為各國——歐洲也是同樣的情況。其實，歐洲的處境比美國更糟。與世界上其他國家相比，美國還不算太糟，但即便如此，要處理那個赤字仍不容易。

And with the current conflicts, the United States is reducing the amount it spends on defense in Europe and other regions. So, countries are now talking about increasing their own defense budgets, while they should be reducing deficits. So, that is only pushing deficits to higher levels. That is only increasing the need to print more money. So, that is one thing that is happening globally. The overall situation is deteriorating in terms of public accounts and deficits.

而在目前的衝突下，美國正在減少其在歐洲及其他地區的國防支出。因此，各國現在在談要提高自己的國防預算，但他們本應該是在降低赤字。所以，這只會把赤字推到更高的水準。這只會增加印更多鈔票的需求。所以，這是全球正在發生的一件事。整體情勢在公共財政與赤字方面正在惡化。

And the most interesting thing is that we do not hear any serious discussion from governments about tackling deficits, right? There are many other subjects being discussed, but reducing costs has not been politically addressed in any country so far. So, that can continue to push gold higher. The second point that pushes gold higher has not changed and is actually also increasing in terms of pressure — that is the result of the war between Ukraine and Russia.

而最有意思的是，我們沒有聽到各國政府對於處理赤字有任何嚴肅的討論，對吧？有很多其他議題在被討論，但到目前為止，沒有任何國家在政治層面真正處理削減成本。所以，這可能會持續推升金價。第二個推升金價的因素沒有改變，而且在壓力上其實還在增加——那就是烏克蘭與俄羅斯之間戰爭的結果。

Where the world confiscated U.S. dollar reserves from Russia, which triggered a signal that countries that do not feel aligned with the United States should not have very high exposure to the U.S. dollar, which means treasuries. So, what we have been seeing now globally is that China continues to import and produce more gold, and central banks are also making very strong purchases. Last quarter was another record high in purchases by central banks, particularly in China, which they disclose — and we do not know what is not disclosed.

當全球沒收了俄羅斯的美元外匯存底後，釋放出一個訊號：那些覺得自己與美國立場不一致的國家，不應該對美元（也就是美國國債）有很高的曝險。因此，我們現在在全球看到的是，中國持續進口並生產更多黃金，各國央行也在大幅買進。上季央行購金再創新高，特別是在中國——他們有揭露的部分——而我們也不知道未揭露的部分有多少。

So, that is getting stronger and stronger. The factors that push gold higher are still present and even more pronounced. But in the short term, there is volatility, as always.

所以，這股趨勢正變得越來越強。推升金價的因素仍然存在，而且更加明顯。但短期內一如往常會有波動。

But in my humble opinion, we will continue to see gold prices going up. Actually, I would also highlight something I was reading the other day — who is buying U.S. treasuries now, right?

但以我拙見，我們將會繼續看到金價上漲。其實，我也想強調我前幾天讀到的一件事——現在是誰在買美國國債，對吧？

We see the Federal Reserve buying treasuries and more domestic participation in the United States. The rest of the world is not providing the same level of support for U.S. debt anymore.

我們看到聯準會在買國債，以及美國國內參與度提高。世界其他地區已不再像以前那樣，對美國債務提供同等程度的支撐。

So, that is a structural change globally, the U.S. may not be as dominant in the upcoming years and decades as it has been. It will continue to be very important, but perhaps with slightly reduced influence. And gold plays a major role in this rebalancing of currencies.

所以，這是全球結構性的改變；美國在未來幾年與幾十年可能不會像過去那樣占主導地位。它仍會非常重要，但影響力或許會略為下降。而黃金在這種貨幣再平衡中扮演重要角色。

Thank you very much, Rodrigo, very clear.

非常感謝你，Rodrigo，很清楚。

Next question; Eduardo Sosa, Itaú BBA.

下一個問題；Itaú BBA 的 Eduardo Sosa。

Hi. Hi, everyone. I am Rodrigo Kleber. Natasha, thank you for the questions.

嗨。大家好。我是 Rodrigo Kleber。Natasha，謝謝你的提問。

So, I want to start — I am sorry to insist on this point, Rodrigo — on the cost front. I think that you were super clear about the gradual improvement in production throughout the year. This makes us comfortable that you are going to achieve your production guidance for the year.

所以我想先從——Rodrigo，抱歉我一直堅持這一點——成本面開始。我認為你對於全年產量逐步改善的說明非常清楚。這讓我們放心，你們將能達成今年的產量指引。

But on the cost front, we are a little bit disappointed in the first quarter. We understand that there is some mine sequencing, there are infrastructure works at MSG, and so on and so forth. But we have something that is important, which is the FX impact, right?

但在成本面，我們對第一季有點失望。我們理解有一些採礦順序的因素、MSG 的基礎設施工程等等。但我們有一個重要因素，就是匯率（FX）影響，對吧？

So, I want to understand from you, first, which was the average FX that you considered in the guidance? Do you have any sensitivity analysis regarding the impacts of a stronger BRL and also a stronger Mexican peso on your cost guidance? Because this, despite you being very comfortable about the operational performance, could put your performance for the year closer to the upper end of the guidance, right? Or do you think that there is room to be even better in terms of operations and more than offset the impact of FX here?

所以，我想先了解一下，你們在指引中採用的平均匯率（FX）是多少？你們是否有做任何敏感度分析，評估巴西雷亞爾（BRL）走強以及墨西哥披索走強對你們成本指引的影響？因為即便你們對營運表現非常有信心，這仍可能使你們今年的表現更接近指引區間的上緣，對吧？或者你們認為在營運面仍有進一步改善的空間，足以抵銷匯率在這裡帶來的影響？

And then my second question is related to hedging. We have been discussing this a lot. So, how are you going to think about the hedging policy going forward?

然後我的第二個問題與避險有關。我們已經討論這個很多次了。那麼，未來你們將如何思考避險政策？

But the fact is, for Almas and for Borborema, you started building the hedge once you approved the projects, right? Now you approved Era Dorada, and I wanted to understand what you are going to do in terms of hedges for Era Dorada, if you are doing something or not, and when you plan to build that.

但事實是，對於 Almas 和 Borborema，你們是在核准專案後就開始建立避險部位，對吧？現在你們核准了 Era Dorada，我想了解你們在 Era Dorada 的避險方面打算怎麼做：你們是否會做些什麼、以及計畫何時開始建立？

And also, to connect this with my first question, do you consider any structure in terms of FX hedging, such as zero-cost collars, and so forth? We know that some companies — not gold companies, but others that we cover — are using a lot of zero-cost collar structures for FX and costs, and so forth. So, how do you think about that as well?

另外，為了把這點和我第一個問題連結起來，你們是否會考慮在外匯避險上採用某些結構，例如零成本領口（zero-cost collars）等等？我們知道有些公司——不是黃金公司，但我們覆蓋的其他公司——在外匯與成本等方面大量使用零成本領口結構。那麼，你們對此也會如何思考？

Thank you.

謝謝。

I will start with the first question and then I will ask Kleber to finish and talk more specifically about FX, and then we go back to the hedge. So, in terms of our cash cost, all-in sustaining cash cost, I think, just as we highlighted — and I will reinforce that — it varies quarter by quarter, mine by mine, according to the mine sequencing, mainly due to grades, strip ratio, and whether you are pushing back the pit or not, right?

我先回答第一個問題，然後我會請 Kleber 補充並更具體談談外匯，之後我們再回到避險的部分。所以，就我們的現金成本與全維持性現金成本（AISC）而言，我想正如我們強調過的——我再重申一次——它會隨季度、隨礦山而變動，取決於採礦順序，主要受到品位、剝採比，以及你是否在進行礦坑回推（push back）等因素影響，對吧？

So, we will see progress in terms of production during the second semester that gives us very comfortable visibility that we can reach production at the middle of, if not above, the middle of the guidance, right? So, close to that. And then that will reflect also in cash costs. So, we will see higher production and lower cash costs, also very comfortably within the guidance.

因此，我們會在下半年看到產量的進展，這讓我們非常有把握、也有很好的能見度，能把產量達到指引中位數，甚至高於中位數，對吧？所以，會接近那個水準。接著這也會反映在現金成本上。因此，我們將看到更高的產量與更低的現金成本，而且也會非常穩妥地落在指引範圍內。

Kleber, if you want to talk a little bit more about FX impact in Brazil and Mexico, I think that would be good.

Kleber，如果你願意再多談一點巴西與墨西哥的匯率影響，我想會很好。

Yeah, so you got it right, the FX was around 5.30 that we used in the guidance. Yes, there is some challenge, but so far, as we see and as we do our running forecasts, we are still comfortable in delivering the cash costs and all-in sustaining cash costs for the Brazilian operations. We also have cost reduction initiatives in all the business units.

是的，你說得沒錯，我們在指引中使用的匯率大約是 5.30。是的，確實有一些挑戰，但到目前為止，從我們的觀察以及滾動預測來看，我們仍有信心能交付巴西營運的現金成本與全維持性現金成本。我們也在所有事業單位推動降本措施。

So, considering the levels where the Mexican peso and the Brazilian real are now, we are comfortable with that guidance without needing to revise it, considering the current appreciation of those two currencies. And I can comment on the hedging as well.

因此，考量目前墨西哥披索與巴西雷亞爾所在的水準，即使這兩種貨幣目前升值，我們仍對該指引有信心，無需修正。我也可以評論一下避險。

Yeah, you can comment.

好的，你可以評論。

Yeah. So, on the hedges, and comparing with what we did for Borborema and Almas, it is important first to understand the context in which we do the hedges, and second, where we are now.

好的。關於避險，並與我們在 Borborema 和 Almas 所做的比較，首先重要的是理解我們做避險時的背景，其次是我們現在所處的位置。

Historically, we did the hedges to protect the company because there were major investments at those times. So, if gold prices had a sharp reduction, that could put the company at risk at that time.

從歷史上看，我們做避險是為了保護公司，因為當時有重大的投資。所以，如果金價大幅下跌，當時可能會使公司面臨風險。

So, historically, we did zero-cost collars because setting the calls was a way to finance the insurance, which was the put options, in order to hedge until we got the payback and make sure that the money we invested in the project was recovered.

因此，過去我們採用零成本領口（zero-cost collars），因為設定買權（call）是一種為保險融資的方式，而保險指的是賣權（put options），用以避險直到我們達到投資回收期（payback），並確保投入專案的資金能被收回。

What is the difference now? First, in terms of the company, we are much more diversified. If you remember when we started building Almas, we had only three other mines, now we have six. So, we are less exposed to risk from a single project. And second, our margins now are much stronger and much higher, both in terms of EBITDA margins and cash conversion compared to that time. We have much more buffer, and the financial risk is much lower.

那現在有什麼不同？第一，就公司而言，我們的多元化程度高得多。如果你記得我們開始建設 Almas 時，我們只有另外三座礦，現在我們有六座。因此，我們對單一專案的風險曝險更低。第二，我們現在的利潤率更強、更高，無論是 EBITDA 利潤率還是現金轉換率，相較當時都更好。我們有更大的緩衝，財務風險也低得多。

Regardless of that, we are still analyzing and discussing with the board. Potentially, we now have an opportunity not to do zero-cost collars like we did in the past. We might instead buy put options because gold prices have increased so much in the last few years.

儘管如此，我們仍在分析並與董事會討論。我們現在可能有機會不再像過去那樣做零成本領口。相反地，我們可能會買入賣權（put options），因為過去幾年金價上漲了很多。

And that might be much cheaper today, to buy put options, so we could have insurance in place without giving up the upside. But since we have less pressure now, and because there has been so much volatility in gold prices in the last couple of weeks, any option becomes more expensive. So, we are analyzing, and we keep monitoring the cost of these structures and discussing with the board the different scenarios and the right timing to implement this kind of hedging.

而在今天，買入賣權可能便宜得多，因此我們可以在不放棄上行空間的情況下建立保險。但由於我們現在的壓力較小，而且過去幾週金價波動很大，任何期權都會變得更昂貴。因此，我們正在分析，並持續監控這些結構的成本，與董事會討論不同情境以及實施這類避險的適當時點。

Yeah, and for exchange rates, there is nothing you can do against or in favor in the long term. You can hedge in the short term, but that has a cost, and structurally, you do not change or protect your business through short-term hedging.

是的，至於匯率，長期而言你無法做什麼來對抗或受益。你可以做短期避險，但那是有成本的；從結構上來看，你不會透過短期避險改變或保護你的業務。

If you have an important milestone that you need to achieve and you have CapEx to execute, and you have already calculated your internal rate of return, with part of the CapEx in dollars and part of the CapEx in reals, then we might consider it. But structurally, there is nothing you can do. You are just going to pay every quarter to do a hedge that will not change your business overall.

如果你有一個必須達成的重要里程碑，且你有資本支出（CapEx）要執行，並且你已經計算了內部報酬率（IRR），其中部分 CapEx 以美元計價、部分以雷亞爾計價，那我們可能會考慮。但從結構上來說，你無能為力。你只是每一季付出成本去做一個不會改變你整體業務的避險。

What we can do is, if the exchange rate pushes our costs up, put more focus and more attention and try to bring costs down through new efficiency gains or cost reduction. And AI is coming in strongly, right? So, it will give many companies alternatives to find opportunities to reduce costs.

我們能做的是，如果匯率推升了我們的成本，就投入更多焦點與注意力，嘗試透過新的效率提升或降本來把成本拉回來。而且 AI 正在強勢進入，對吧？所以，它會為許多公司提供替代方案，去找到降低成本的機會。

Okay.

好的。

Thank you, Rodrigo. Really like the pictures from Eladorado. Very interesting.

謝謝你，Rodrigo。我很喜歡 Eladorado 的照片。非常有意思。

Oh, yes, it is coming.

喔，是的，它正在來了。

Advancing there.

正在那邊推進。

Thank you.

謝謝。

Next question; Marcelo Flora, BTG.

下一個問題；BTG 的 Marcelo Flora。

Hi, guys. Good morning. Two questions on my side as well. I think the first one is a simpler one.

嗨，各位。早安。我這邊也有兩個問題。我想第一個比較簡單。

The company has been delivering several triggers and milestones, especially since the IPO last year. And looking forward, what else can we expect to be announced until the end of this year? So, what are the next milestones for the investment case?

公司已經交付了多個觸發因素與里程碑，特別是自去年 IPO 以來。展望未來，到今年年底之前，我們還可以期待宣布哪些事項？也就是說，投資論點接下來的里程碑是什麼？

And if I may have a second one, just a follow-up on the M&A discussion. We have been seeing other bigger gold projects being developed in Latin America, especially in Guyana, with productions north of 200,000 to 250,000 ounces.

如果我可以再問第二個，就是對併購（M&A）討論的追問。我們看到拉丁美洲正在開發其他更大型的黃金專案，特別是在蓋亞那（Guyana），其產量高於 200,000 到 250,000 盎司。

Can we expect Aura to be looking at this kind of project? Rodrigo mentioned that it has to be something that Aura can add value to, and despite being bigger assets, I think they are still located in more challenging jurisdictions where you can operate quite well.

我們可以預期 Aura 會關注這類專案嗎？Rodrigo 提到，必須是 Aura 能夠加值的事情；而且儘管這些資產規模更大，我認為它們仍位於較具挑戰性的司法管轄區，但你們其實也能在那裡運作得相當好。

So, I just wanted to hear your thoughts on that as well.

所以，我也想聽聽你對此的看法。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you, Marcelo. So, in terms of triggers, I think we have the expansion of Borborema.

謝謝你，Marcelo。所以，就觸發因素而言，我認為我們有 Borborema 的擴建。

We have exploration and further expansion, perhaps, in Almas, but that will be more towards the end of the year. We are also updating the feasibility study for Matupá, also towards the end of the year. So, we should also see the improvement of the progress we make with the turnaround in MSG. So, those are important factors for us to monitor along the next quarters.

我們在 Almas 也有勘探以及可能的進一步擴張，但那會更偏向於年底。我們也在更新 Matupá 的可行性研究，同樣是在年底左右。因此，我們也應該會看到我們在 MSG 扭轉（turnaround）方面所取得進展的改善。所以，這些都是我們在接下來幾個季度需要監測的重要因素。

In terms of M&A, we monitor those transactions. Some of them we participate in, some we do not. Some we like, some we do not like. It is not that we do not like bigger mines, 200,000 to 300,000 ounces, but we need to understand where Aura is going to create value in that operation, right? So, that will always depend on the entry price.

就併購（M&A）而言，我們會關注那些交易。其中一些我們會參與，有些則不會。有些我們喜歡，有些我們不喜歡。並不是我們不喜歡較大的礦山（20 萬到 30 萬盎司），而是我們需要理解 Aura 要如何在那個營運中創造價值，對吧？所以，這永遠取決於進場價格。

So, we are very concerned and very focused on internal rate of return. If you overpay, then your generated return is going to be reduced. And normally, you overpay for very large assets. So, then you either leverage more or put a lot of capital into a lower-return project, which can jeopardize the average.

因此，我們非常在意、也非常聚焦於內部報酬率（IRR）。如果你付得太貴，那麼你所產生的報酬就會被壓縮。而通常，你會為非常大型的資產付出溢價。因此，你不是提高槓桿，就是把大量資本投入到較低報酬的專案中，這可能會危及整體平均水準。

Our story has been very successful so far. We believe we can continue to do projects between $100 million and $150 million, where it shows our ability to achieve a higher internal rate of return up to 1 million ounces. After that, we would have to rethink our strategy, and for sure then we would have to move into bigger projects that have lower returns.

到目前為止，我們的故事非常成功。我們相信我們可以持續做 1 億到 1.5 億美元規模的專案，在 100 萬盎司以內展現我們達成更高內部報酬率的能力。超過那之後，我們就必須重新思考策略；而且可以確定的是，我們將不得不轉向規模更大、但報酬較低的專案。

So, I think there is still room for us to continue focusing on high-return projects up to 1 million ounces. After that, we will have to reconsider and adjust the strategy and move towards lower-return projects.

所以，我認為在 100 萬盎司以內，我們仍有空間持續聚焦於高報酬專案。超過那之後，我們就必須重新評估並調整策略，轉向較低報酬的專案。

That is very clear.

這非常清楚。

Thank you.

謝謝。

The Q&A session is over. We would like to hand the floor back to Mr. Rodrigo Barbosa for the company's final remarks.

問答環節結束。我們想把時間交還給 Rodrigo Barbosa 先生，請他做公司最後的總結。

So, just to recap, we are moving forward with very solid steps toward our story that we shared with the market first in 2020 and recently with the NASDAQ listing in mid-2025.

所以，簡單回顧一下：我們正以非常扎實的步伐推進我們的發展藍圖；這個藍圖我們最早在 2020 年向市場分享，並在 2025 年年中於 NASDAQ 上市時再次更新。

We are increasing production. We developed Borborema last year. Borborema continues to improve production.

我們正在提高產量。我們去年開發了 Borborema。Borborema 的產量仍在持續改善。

This quarter, we mentioned that we would continue to grow through acquisitions. We acquired MSG. MSG is now in a turnaround process, and our focus is very much on that.

本季度我們提到，我們將透過收購持續成長。我們收購了 MSG。MSG 現在正處於扭轉（turnaround）過程，我們的重點非常放在這上面。

Our focus is to buy greenfield projects that are ready to build or mines that are in operation where we have an angle to add value and perform a turnaround. So, we did that also with MSG. We mentioned to the market that we would start the construction of a new greenfield project during this year, either Era Dorada or Matupá. We have now approved the construction of Era Dorada.

我們的重點是收購已準備好建設的綠地（greenfield）專案，或是正在營運、且我們有切入點可以加值並推動扭轉的礦山。所以，我們在 MSG 上也做了同樣的事。我們也向市場提到，我們會在今年啟動一個新的綠地專案建設，可能是 Era Dorada 或 Matupá。我們現在已核准 Era Dorada 的建設。

We also mentioned to the market that we would increase resources and reserves. We just published the 20-F with a significant increase in reserves to over 7 million ounces and now resources above 3 million ounces. So, that is also extending the life of our mines while we are increasing production. We also mentioned to the market that we would increase our daily trading volume, and now we are delivering, on average, close to $95 million over the last quarter.

我們也向市場提到，我們將增加資源量與儲量。我們剛發布了 20-F，顯示儲量大幅增加至超過 700 萬盎司，而目前資源量超過 300 萬盎司。因此，在我們提高產量的同時，這也延長了礦山壽命。我們也向市場提到，我們將提高日均交易量；而現在我們在上一季度的平均交投金額接近 9,500 萬美元。

So, we are taking very solid steps towards our strategy to reach above 600,000 ounces, which is already defined. We know very well how to get there. But we would also like to continue to grow through M&A. I just mentioned that we aim to achieve 1 million ounces, but that would require new M&A, which we should pursue in the upcoming years.

因此，我們正以非常扎實的步伐推進既定策略，目標是達到 60 萬盎司以上，這已經明確定義。我們非常清楚要如何達成。但我們也希望透過併購（M&A）持續成長。我剛提到我們的目標是達到 100 萬盎司，但那將需要新的併購，而我們應該在未來幾年積極推進。

So, it was also a solid quarter in terms of results. As the market and analysts questioned, our all-in sustaining cash costs were above other quarters. Most of this comes from MSG, which was expected, and secondly also from mine sequencing, which was also expected. So, we should see the second semester coming in stronger, which will improve production and also reduce the all-in sustaining cash costs.

所以，就成果而言，這也是一個穩健的季度。如市場與分析師所質疑的，我們的全維持成本（AISC）高於其他季度。其中大部分來自 MSG，這是預期之內；其次也來自採礦順序（mine sequencing），這同樣是預期之內。因此，我們應該會看到下半年表現更強，這將提升產量並降低全維持成本。

While doing all of that, we continue to take very solid steps with dividends, continuing to be one of the highest dividends yields in this sector. Despite that, our shares have significantly appreciated. Our dividend yield has, of course, reduced compared to what it was one year ago, not because of lower dividends, but because the market has started to re-rate the company. Yet, there is still a lot of room to increase the multiple. And we will be addressing this multiple by increasing liquidity, having more conversations with investors, telling our story, and walking the talk, as well as increasing our size.

在做所有這些的同時，我們也持續在股利方面採取非常扎實的步伐，繼續成為本產業股利殖利率最高的公司之一。儘管如此，我們的股價已顯著上漲。當然，我們的股利殖利率相較一年前有所下降，不是因為股利變少，而是因為市場開始重新評價（re-rate）公司。然而，估值倍數仍有很大的提升空間。我們將透過提高流動性、與投資人進行更多對話、講好我們的故事並言行一致（walking the talk），以及擴大公司規模，來改善這個倍數。

So, I thank you all for your participation, and we will follow up with the market as we have any kind of news.

所以，感謝各位的參與；若有任何消息，我們會再與市場跟進。

Aura's conference is now closed. We thank you for your participation and wish you a nice day.

Aura 的電話會議到此結束。感謝各位的參與，祝各位有美好的一天。