Barrick Mining Corp (B) 2025 Q3 法說會逐字稿

Welcome everyone to Barrick's third quarter 2025 results presentation. (Operator Instructions) As a reminder, this event is being recorded, and a replay will be available on Barrick's website.

歡迎大家參加巴里克2025年第三季業績發表會。（操作員說明）提醒各位，本次活動正在錄影，錄影將在巴里克公司網站上重播。

(technical difficulty) Later today, I will now turn the call over to Cleve Rickert, Head of Investor Relations. Please go ahead.

（技術故障）今天晚些時候，我將把電話轉交給投資者關係主管克利夫·里克特。請繼續。

Thank you, [Mariana], and good morning everyone. We hope you've had an opportunity to review the press release we issued before the markets opened this morning. This presentation deck is also now available to download on our website. Presenting our results today are Mark Hill, Interim CEO and group COO; and Graham Shuttleworth, Senior EVP and CFO. Other members of Barrick's management team will be available after our prepared remarks for Q&A.

謝謝你，[瑪麗安娜]，大家早安。希望您有機會查看我們今天早上市場開盤前發布的新聞稿。這份簡報現在也可以從我們的網站下載。今天向大家介紹業績的是臨時執行長兼集團營運長馬克·希爾，以及高級執行副總裁兼財務長格雷厄姆·沙特爾沃思。巴里克管理團隊的其他成員將在我們的演講結束後接受問答環節。

Before we begin, please note that we will be making forward-looking statements. This slide includes a summary of the significant risks and factors that could affect Barrick's future performance, and our ability to deliver on these forward-looking statements. This material is also available on our website.

在開始之前，請注意，我們將做出一些前瞻性陳述。這張投影片總結了可能影響巴里克未來業績的重大風險和因素，以及我們實現這些前瞻性聲明的能力。此資料也可在我們的網站上取得。

I will now hand it over to Mark.

現在我把它交給馬克。

Okay. Thanks, Cleve. And I appreciate everyone joining us this morning. So as Cleve pointed out, I'm the interim CEO and Group COO, and since taking on these roles, I've met with the teams and visited most of our key sites to review performance and assess what we can do differently at Barrick being a stronger emphasis on safety and operational performance. The quality of our assets is undeniable.

好的。謝謝你，克利夫。感謝今天早上所有收看我們節目的朋友們。正如克利夫指出的那樣，我是臨時首席執行官兼集團首席營運官，自從擔任這些職務以來，我與各團隊會面，並走訪了我們的大多數主要場所，以審查業績並評估我們可以在巴里克採取哪些不同的措施，更加註重安全和運營績效。我們資產的品質毋庸置疑。

So we're undertaking a review of our operations from the bottom up to ensure we have the right teams and processes in place to safely most importantly and consistently deliver value going forward. We're about halfway through that review, and we'll provide more details at our full year results in February.

因此，我們正在自下而上地審查我們的營運情況，以確保我們擁有合適的團隊和流程，從而安全地、最重要的是持續地創造價值。我們已經完成了大約一半的審查工作，我們將在二月公佈全年業績時提供更多細節。

So since assuming this interim CEO responsibility has become increasingly clear to me that the most significant opportunity is at our gold assets in North America, particularly through improved performance at NGM, coupled with our gold discovery at Fourmile.

自從我承擔起臨時執行長的職責以來，我越來越清楚地認識到，最重要的機會在於我們在北美的黃金資產，特別是透過提高 NGM 的業績，再加上我們在 Fourmile 的黃金發現。

So turning to our performance in Q3. We posted strong operational and financial results and we logged several company records included adjusted earnings per share and cash flow. So production increased from last quarter and cost drop, which combined with a higher gold price drove a significant increase in our free cash flow. We increased our base dividend by 25%, dividends and buybacks combined in the quarter were a record quarterly cash return to shareholders. Asset sales support an expanded USD 1.5 billion buyback program.

接下來我們來看看第三季的業績。我們公佈了強勁的營運和財務業績，並創下了多項公司紀錄，包括調整後每股收益和現金流。因此，產量較上季度增加，成本下降，再加上金價上漲，推動了我們自由現金流的大幅成長。我們將基本股利提高了 25%，本季股利和股票回購加起來，為股東帶來了創紀錄的季度現金回報。資產出售將用於支持一項規模擴大至 15 億美元的回購計畫。

And on top of all this, our updated PEA confirms that Fourmile is arguably this century's most significant sold discovery. So despite this very strong quarter for business, it was unfortunately overshadowed by three fatalities, one at Goldrush, one at Bulyanhulu and one Kibali. That was a result of an incident that we reported in Q2 this year.

除此之外，我們更新後的初步經濟評估證實，Fourmile 可以說是本世紀最重要的已售油氣發現。儘管本季業務表現非常強勁，但不幸的是，三起致命事故蒙上了陰影，一起發生在 Goldrush，一起發生在 Bulyanhulu，一起發生在 Kibali。這是我們在今年第二季報告的事件造成的後果。

So firstly, I would like to extend our sincere condolences to the families and the loved ones of our three colleagues. And secondly, I want to highlight to everyone that we are conducting full investigation into these instruments so that we can put systems in place to guarantee everyone goes home safely every day, which is my commitment. Obviously, safety needs to be the number one focus at Barrick.

首先，我謹代表我們向三位同事的家人和親友致以最誠摯的慰問。其次，我想向大家強調，我們正在對這些儀器進行全面調查，以便我們能夠建立相應的系統，確保每個人每天都能安全回家，這是我的承諾。顯然，安全必須是巴里克公司的首要關注。

We are reviewing our safety culture and structures to ensure we embed the right principles at all levels of the organization to achieve our goal of zero harm. So looking at the business performance in the quarter. Gold production increased 4% over Q2, primarily driven by higher grades at Kibali, higher throughput at Cortez and Turquoise Ridge and a record high throughput at Pueblo Viejo.

我們正在檢視我們的安全文化和結構，以確保我們在組織的各個層面都貫徹正確的原則，從而實現零傷害的目標。因此，讓我們來看看本季的業務表現。黃金產量較第二季成長 4%，主要得益於 Kibali 礦區品位提高、Cortez 和 Turquoise Ridge 礦區處理量增加以及 Pueblo Viejo 礦區處理量創歷史新高。

We expect continued quarterly growth in Q4 in line with our 2025 plan for a steady production increase throughout the year. Higher production volume helped drive our gold cost metrics per ounce lower across the board. Despite the pressure on our cash costs from royalties associated with the higher gold prices.

我們預計第四季將繼續保持季度成長，這符合我們2025年全年穩步增產的計畫。產量提高幫助我們全面降低了每盎司黃金的成本指標。儘管金價上漲帶來的特許權使用費給我們的現金成本帶來了壓力。

Higher volumes on lower costs translated into a 25% quarter-on-quarter increase in our attributable gold EBITDA demonstrating significant operating leverage from a 5% increase in the gold price. Copper was -- Copper production was slightly down from Q2 on the back of a September shutdown in Lumwana, which was in line with our preventative maintenance programs.

更高的銷售量和更低的成本轉化為我們應佔黃金 EBITDA 環比增長 25%，這表明金價上漲 5% 帶來了顯著的營運槓桿效應。銅產量－由於盧姆瓦納銅礦在 9 月停產，銅產量較第二季略有下降，這符合我們的預防性維護計畫。

We expect both gold and copper to deliver with their respective production guidance range for the year and on cost guidance after adjusting for the royalty impact from the higher gold prices.

我們預計黃金和銅的年產量和成本都將達到各自的預期範圍，並已根據金價上漲帶來的特許權使用費影響進行調整。

Now I'm going to hand it over to Graham to discuss our financial highlights. Thanks, Graham.

現在我將把發言權交給格雷厄姆，讓他來談談我們的財務亮點。謝謝你，格雷厄姆。

Thanks, Mark, and good morning to everyone. Barrick's third quarter financial performance was exceptionally strong, setting company records for operating cash flow, free cash flow, and adjusted net earnings. We continue to fund our growth projects with disciplined budgets, resulting in cash flow more than tripling from quarter 2.

謝謝馬克，大家早安。巴里克第三季的財務業績異常強勁，在經營現金流、自由現金流和調整後淨收益方面均創下公司歷史新高。我們繼續以嚴格的預算為我們的成長項目提供資金，使得現金流比第二季度增長了兩倍多。

We again ended the quarter in a net cash position supporting an additional performance dividend, an increase in our base quarterly dividend, and a significant increase in our share repurchases. Looking at how our performance has trended this year.

本季末，我們再次實現了淨現金頭寸，從而可以額外派發業績股息，提高季度基本股息，並大幅增加股票回購。看看我們今年的業績趨勢。

The combination of a higher gold price, production volume growth and lower unit costs per ounce delivered higher margins and a 20% quarter over quarter increase in Barricks attributable EBITDA. This translated to a 274% increase in free cash flow, enabling us to repurchase $598 million of our stock. And we increased our base dividend by 25%.

金價上漲、產量成長和每盎司單位成本下降的綜合作用，帶來了更高的利潤率，巴里克黃金公司應佔 EBITDA 環比增長 20%。這意味著自由現金流增加了 274%，使我們能夠回購價值 5.98 億美元的股票。我們將基本股利提高了25%。

I'll discuss capital allocation more in a moment. As Mark highlighted, quarter 3 was a company record for cash returns to shareholders. We ended the quarter in a net cash position. And at today's gold price, we expect quarter 4 will be even better. This is all before the Hemlo and Tongon asset sales, which we expect to close before the end of the year.

我稍後會更詳細地討論資本配置問題。正如馬克所強調的，第三季是公司向股東返還現金金額的最高紀錄。本季末我們實現了淨現金部位。以目前的金價，我們預期第四季業績會更好。以上所有事項均未涉及 Hemlo 和 Tongon 的資產出售，我們預計這些出售將在年底前完成。

Looking at our capital allocation framework, so far in 2025, we've generated $5 billion in operating cash flow. We've reinvested more than $2 billion back into the business. We paid $596 million in dividends, and we exhausted our $1 billion repurchase authorization.

從我們的資本配置架構來看，截至 2025 年，我們已經產生了 50 億美元的營運現金流。我們已將超過20億美元重新投入業務。我們支付了 5.96 億美元的股息，並且用完了 10 億美元的股票回購授權。

Barrick has three capital allocation priorities above and beyond our long-term operating plan. First, we maintain a strong balance sheet, keeping us in control of our destiny through commodity price cycles. We target zero to modest net debt. Second, we invest in accretive growth with a disciplined focus on cash generation and sustained value creation.

除了長期營運計劃之外，巴里克還有三個資本配置優先事項。首先，我們保持穩健的資產負債表，使我們能夠在商品價格週期中掌控自己的命運。我們的目標是實現零或適度的淨債務。其次，我們投資於增值型成長，並有條不紊地專注於現金流生成和持續價值創造。

And third, we return excess cash to shareholders, balancing dividends and buybacks depending on our share price and valuation. Given the confidence in our business, we are increasing our base quarterly dividend by 25% to $12.05 per share.

第三，我們會將多餘的現金回饋給股東，根據股價和估值平衡股利和股票回購。鑑於市場對我們業務的信心，我們將季度基本股息提高 25%，至每股 12.05 美元。

For the quarter, the board has approved a $17.5 per share quarterly dividend. Consisting of the higher base dividend and including a further $0.05 per share performance dividend. Additionally, given strength in operating cash flow and the cash from non-core asset sales expected in the fourth quarter, The Board has authorized a $500 million increase to our existing share repurchase program, which we expect to execute on further in quarter 4.

本季度，董事會已批准每股派發 17.5 美元的季度股息。由較高的基本股息和每股 0.05 美元的額外業績股息組成。此外，鑑於營運現金流強勁，以及預計第四季度將有非核心資產出售所得現金，董事會已批准將現有股票回購計畫增加 5 億美元，我們預計將在第四季進一步執行該計畫。

Let me now turn the call back over to Mark for more detail on our regional performance in the quarter.

現在我把電話轉回給馬克，讓他詳細介紹我們本季的區域業績。

Okay. Thanks, Graham. So starting with North America, Barrick's value foundation, gold production increased 4% from Q2 driven by improved performance at Cortez and Turquoise Ridge. Cortez saw a significant increase in leach pad production in line with the mine plan. Turquoise Ridge production was driven by increased throughput at the Sage autoclave following the maintenance we undertook in the first half of the year.

好的。謝謝你，格雷厄姆。首先來看北美，巴里克黃金的價值基礎——黃金產量較第二季度增長了 4%，這主要得益於 Cortez 和 Turquoise Ridge 礦區業績的改善。科爾特斯礦的浸出墊產量根據礦山計畫大幅增加。在今年上半年進行維護後，Sage 高壓釜的產能提高了，Turquoise Ridge 的產量也隨之增加。

At Carlin, roaster throughput was negatively impacted by some unplanned downtime at the end of the quarter. Importantly, all NGM sites reported lower unit cost per ounce and North America's attributable EBITDA increased 19% from Q2.

卡林烘焙廠由於季度末的一些計劃外停機，烘焙機產量受到了負面影響。值得注意的是，所有 NGM 站點的每盎司單位成本均有所下降，北美地區的歸屬於 EBITDA 比第二季度增加了 19%。

So NGM is our most important asset and is a foundation of Barrick, contributing more than half of our attributable reduction. It is on track to achieve full year production guidance and is central to delivering value to our shareholders. So as most of you will know, we believe Fourmile is one of the most significant gold discoveries this century.

因此，NGM 是我們最重要的資產，也是巴里克公司的基石，貢獻了我們超過一半的可歸因減排量。公司預計將實現全年生產目標，這對我們為股東創造價值至關重要。正如你們大多數人所知，我們認為福邁爾金礦是本世紀最重要的金礦發現之一。

We currently have 16 drill rigs on the site, and we're on track to double the existing resource this year. We've also increased Fourmile's exploration budget by a little over $10 million for the remainder of 2025. This slide highlights the opportunity that one circled in red is our existing resource, the black dotted area is what we expect to convert to resources this year, and the region in green and beyond is all the upside.

我們目前在該礦區有 16 台鑽機，我們預計今年將現有資源量翻倍。我們也增加了 Fourmile 公司 2025 年剩餘時間的勘探預算，增加了 1,000 多萬美元。這張投影片突顯了機會，其中紅色圓圈區域是我們現有的資源，黑色虛線區域是我們預計今年將轉化為資源的區域，綠色區域及更遠處的區域是所有潛在收益。

So looking ahead, we expect to have 20 drill rigs on the project next year, and we plan to commence the blue in hill decline development towards the end of 2026. This will allow us to proceed with the feasibility study.

展望未來，我們預計明年該專案將有 20 台鑽機投入使用，並計劃於 2026 年底開始進行山坡斜坡的藍土開發。這將使我們能夠繼續進行可行性研究。

On the back of the recent drill results, we updated our Fourmile PEA in September and highlights a rare combination of grade, scale and exploration upside. So advancing this project is obviously a key priority for the North America region and team, but also for Barrick as a whole.

根據最近的鑽探結果，我們在 9 月更新了 Fourmile 礦區的初步經濟評估報告，重點介紹了該礦區罕見的品位、規模和勘探潛力組合。因此，推進這個計畫顯然是北美地區和團隊的首要任務，也是巴里克公司整體的首要任務。

So turning to Latin America and Asia Pacific region. Gold production was in line compared with Q2 as planned. Veladero is performing well against its targets with a typical winter seasonal decline, offsetting the record quarterly throughput at Pueblo Viejo.

接下來，我們將目光轉向拉丁美洲和亞太地區。黃金產量與第二季計劃相符。Veladero 的表現優於其目標，冬季季節性產量出現典型下降，抵消了 Pueblo Viejo 創紀錄的季度產量。

PV performed well in Q3 with processing throughput up 7% quarter-on-quarter achieving record high throughput in Q3 with the highest quarterly production since 2022. Our focus is now squarely on in driving improved recoveries going forward. So all assets in the region are on track to meet their guidance for the year, including PVs.

PV 在第三季表現出色，加工吞吐量季增 7%，第三季達到創紀錄的高吞吐量，季產量達到 2022 年以來的最高水準。我們現在的重點完全放在推動未來復甦的改善。因此，該地區的所有資產，包括光伏發電，都有望實現其年度目標。

Moving to Africa, Middle East, gold production showed the largest quarter-on-quarter increase of all the regions, rising 8% from Q2. On the back of a 15% increase at Kibali, higher open pit mining volumes and grades, uplifted [Kibali's] processing grade as that operation heads into its expected strong Q4 delivery.

再來看非洲和中東地區，黃金產量較上季增幅最大，比第二季成長了 8%。基巴利礦產量成長 15%，露天礦開採量和品位提高，帶動基巴利礦加工品位提升，預計該礦將在第四季度實現強勁的產量。

Production at North Mara is up 3% from Q2 as both the underground and open pit exceeded expectations and Bulyanhulu was flat. Regional costs were down across the Board, resulting in an impressive 65% quarter-on-quarter increase in attributable EBITDA.

北馬拉礦區產量較第二季增加 3%，地下礦和露天礦的產量均超出預期，而布里揚胡魯礦區產量則持平。區域成本全面下降，使得歸屬於母公司 EBITDA 環比成長了 65%，增幅驚人。

So turning to copper. Production declined slightly from Q2 due to a plant shutdown in line with the plan we shared for Lumwana in September. We expect Q4 copper production to be similar to Q2 delivering annual results for our copper business within guidance.

所以轉而使用銅。由於工廠停產，產量較第二季略有下降，這符合我們在9月公佈的盧姆瓦納工廠停產計畫。我們預計第四季度銅產量將與第二季度持平，銅業務的年度業績將符合預期。

So as we've discussed throughout this call, Barrick is in good position to deliver on our plans for the year. Shown here, gold production is tracking in the bottom half of its guidance range and copper reduction is tracking to the midpoint. Also note that the gold production guidance includes Tongon and Hemlo and we expect to have these sales to conclude before the year-end.

正如我們在本次電話會議中討論的那樣，巴里克公司有能力實現我們今年的計劃。如圖所示，黃金產量正處於預期範圍的下半部分，銅減產正處於預期範圍的中點。另請注意，黃金產量指導包括 Tongon 和 Hemlo，我們預計這些銷售將在年底前完成。

Also, after adjusting for the year-to-date, higher gold price, our total cash cost in AISC are also tracking within guidance. As you can see, copper costs are already within guidance, and we're expecting Lumwana to report a strong finish to the year. So before I close, I just want to emphasize that our near-term focus is on safety and operational performance.

此外，考慮到年初至今金價上漲的影響，我們全部的維持成本現金支出也符合預期。正如你所看到的，銅價已經符合預期，我們預計 Lumwana 將在今年年底取得強勁的業績。最後，我想強調一點，我們近期的重點是安全和營運績效。

We will adjust things internally as necessary to create [paid] for our shareholders and deliver on our guidance. This company has a strong portfolio of assets with Nevada at its core. Nevada continues to drive more than half of our production from a low -- sorry, deliver more than half of our production from a low-risk jurisdiction.

我們將根據需要調整內部事務，為股東創造收益，並實現我們的績效指引。這家公司擁有強大的資產組合，其中內華達州是其核心資產。內華達州繼續為我們提供超過一半的低風險產品——抱歉，是為我們提供超過一半的低風險產品。

We have long resource lives and continued opportunity to replace reserves we might. We have some of the best growth projects in the world currently in execution. We have a strong balance sheet that's returning excess capital to the shareholders and funding our growth. And we have an excellent global team of people who are empowered to deliver on our strategy.

我們的資源壽命很長，並且有機會不斷補充我們可能擁有的儲量。我們目前正在執行一些世界上最好的成長項目。我們擁有穩健的資產負債表，能夠將多餘的資本返還給股東，並為我們的成長提供資金。我們擁有一支優秀的全球團隊，他們被賦予了充分的權力來執行我們的策略。

As we progress on our operational review, it is confirming to me, that the value creation opportunity across the portfolio, especially the potential for North American gold assets in Nevada and Dominican Republic. As I've said, Nevada is a core of our company as it continued to deliver more than 50% of our production with an extraordinary opportunity for growth at Fourmile. We will be unwavering in our focus to drive value creation in Nevada.

隨著我們營運審查的深入，我更加確信，整個投資組合的價值創造機會，特別是內華達州和多明尼加共和國的北美黃金資產的潛力。正如我所說，內華達州是我們公司的核心，因為它持續貢獻了我們 50% 以上的產量，而且 Fourmile 還擁有非凡的成長機會。我們將堅定不移地致力於在內華達州創造價值。

But thank you, everyone, for your attention. I'll now hand it back to the moderator for the Q&A session.

謝謝大家的關注。現在我將把發言權交還給主持人，進行問答環節。

(Operator Instructions) Fahad Tariq, Jefferies.

（操作說明）Fahad Tariq，傑富瑞集團。

Hi, thanks for taking my question. On the bottom-up operational review at Nevada Gold Mines specifically, can you just give us maybe a framework for what you're looking at or what the team is looking at? And specifically, what is incremental versus the recapitalization efforts that have already been completed, including the new fleet investment, reinvestment in the roasters, autoclaves and so on. A lot of work has already been done. So maybe just provide what's incremental in this review.

您好，感謝您回答我的問題。具體來說，針對內華達金礦的自下而上的營運審查，您能否向我們介紹您正在研究或團隊正在研究的內容框架？具體來說，與已經完成的資本重組工作（包括新車隊投資、對烘焙機、高壓釜等的再投資）相比，哪些是增量投入？很多工作已經完成。所以，或許只要在本次評測中提供新增內容即可。

Okay. Thanks for the question. So look, the operational review is obviously we're trying to stabilize and meet more consistent with our delivery through NGM. So we've gone back and we're building those plans up right from the base again. And it's going to incorporate obviously the mining, the mining efficiencies, utilization.

好的。謝謝你的提問。所以你看，營運審查顯然是為了穩定並更一致地透過 NGM 實現我們的交付。所以我們回到原點，重新從頭開始擬定計畫。而且它顯然會包含採礦、採礦效率和利用率。

But it's also going to, more importantly, include our maintenance approach, our planned maintenance. And the expected outcome of is that we don't have these unexpected surprises like we had a call in this quarter. So we're just trying to stabilize the operations and make sure we have everything in place so that we can deliver quarter-on-quarter.

但更重要的是，它還將包括我們的維護方法，我們的計劃維護。預期結果是，我們不會再遇到像本季電話會議中那樣意想不到的意外情況。所以我們現在正努力穩定運營，確保一切就緒，以便能夠按季度完成業績目標。

Okay. And then maybe as a follow-up, just on the maintenance point. So in the MD&A, it mentions at Carlin, there was excessive scaling in the gold quarry roaster. Is that something that was not captured in the first half maintenance? I believe both roasters had their annual shutdowns in the first half or did the buildup happen after that?

好的。然後，或許可以作為後續，談談維護保養的問題。因此，在管理階層討論與分析中提到，卡林金礦的焙燒爐中存在過多的結垢。這是上半年維護沒有涵蓋的內容嗎？我記得兩家烘焙商的年度停產檢修都在上半年，還是說產能積壓發生在那之後？

Okay. Look, Henri, maybe you're better positioned to answer that, please?

好的。亨利，或許你比較適合回答這個問題，好嗎？

Yes, Mark. Henri Gonin, NGM. That buildup of the scaling happened after the shutdown at Gold Quarry, and it was unforeseen, but it's been taken care of now.

是的，馬克。亨利·戈寧，NGM。金礦關閉後，礦渣堆積的情況發生了，這是始料未及的，但現在已經解決了。

Matthew Murphy, BMO Capital Markets.

Matthew Murphy，BMO資本市場。

Hi, Mark, Graham, thanks for the presentation, congrats on the Interim CEO role. Also interested in this operational review. How should we think about what the output of this review might be? Like does this include a review of medium-term guidance? And can you be in a position in a few months to have a different view on that?

嗨，馬克、格雷厄姆，感謝你們的演講，祝賀你們擔任臨時執行長一職。我也對這次營運評估很感興趣。我們該如何看待這次審查的成果？這是否包括對中期指導方針的審查？幾個月後，你是否會對此有不同的看法？

Okay. Thanks, Matthew. Well, look, the review is obviously, like I said, so that we can be more confident and we get more predictable outcomes from quarter-to-quarter. And that will obviously feed into the budget next year, and we're not expecting any major changes on that at the moment. But it is just to try and understand where there is opportunities.

好的。謝謝你，馬修。嗯，你看，正如我所說，審查顯然是為了讓我們更有信心，並獲得更可預測的季度結果。這顯然會影響到明年的預算，目前我們預計不會有任何重大變化。但這樣做只是為了了解哪裡存在機會。

So even down to the things where we say we have replaced reserves every year but this review will also include looking at maybe stepping out and drilling and seeing if there's other opportunities that we can find within the portfolio around our current assets rather than just replacing reserves. So maybe a longer-term goal, but also something we'd be looking at.

所以，即使我們說我們每年都補充了儲量，但這次審查還將包括考慮是否要走出舒適區進行鑽探，看看我們能否在現有資產組合中找到其他機會，而不僅僅是補充儲量。所以這或許是長期目標，但也是我們關注的方向。

But the primary focus is to get the planned maintenance in place, so that we can make sure we just consistently deliver on our quarterly guidance.

但首要任務是落實計畫內的維護工作，以便我們能持續達成季度業績目標。

Okay, thank you. And then one other follow-up. I noticed in the MD&A that some resequencing of record deep CapEx, and just interested in what's happening there and when you might close the project financing?

好的，謝謝。然後還有一次後續跟進。我在管理層討論與分析中註意到一些創紀錄的大額資本支出項目進行了重新排序，所以想了解一下具體情況以及你們何時可能完成項目融資？

Okay. Let me hand over to Graham to that, Matthew.

好的。馬修，接下來交給格雷厄姆來回答這個問題。

Matt, we alluded to this even last quarter, but really, it's just a product of the work that we've been doing with [Fluor], who came on board middle of the year as our EPCM contractor, and they've been looking at the specific timing of when we place orders, and therefore, the follow-on impact of that is just on cash flow. So really, what we've done is we've rescheduled some of the cash flow that we were expecting in '25, and we've shifted it across '26 and '27.

馬特，我們上個季度就提到這一點，但實際上，這只是我們與 [Fluor] 合作的成果。 Fluor 在年中成為我們的 EPCM 承包商，他們一直在研究我們下訂單的具體時間，因此，由此產生的後續影響就是現金流。所以實際上，我們所做的就是將原本預計在 2025 年到達的部分現金流重新安排到 2026 年和 2027 年。

So there's no impact on the overall project schedule or the total capital schedule. It remains consistent. It's just a timing issue as we move forward. In terms of the financing itself, we are very well advanced with the lenders. The sort of remaining piece of the puzzle is [US exam], which is an important part of the lender group.

因此，對整個專案進度或總資本進度計畫均無影響。它始終保持一致。這只是我們推進過程中的一個時機問題。就融資本身而言，我們與貸款方的談判進展非常順利。剩下的那塊拼圖是[美國考試]，它是貸款機構集團的重要組成部分。

Unfortunately, with the US government shutdown, they haven't been able to sign on the dotted line. But as soon as the shutdown lifts, we will be reengaging with them and we still expect to be able to sign that financing by the end of the year.

遺憾的是，由於美國政府停擺，他們還沒能簽字。但一旦停工解除，我們將重新與他們接洽，我們仍然預計能夠在年底前簽署融資協議。

Daniel Major, UBS.

瑞銀集團的丹尼爾·梅傑。

Hi. Two questions, one on the portfolio, great to see more progress and realizing particular value for Hemlo and Tongon. Is there any other potential areas of the portfolio following kind of senior management change, et cetera, that you see as opportunities? And is there any processes ongoing for any other assets in the portfolio?

你好。兩個問題，一個是關於投資組合的，很高興看到 Hemlo 和 Tongon 取得了更多進展並實現了特別的價值。在高階主管變動等情況下，您認為投資組合中還有哪些潛在領域有機會？投資組合中的其他資產是否也有正在進行的流程？

Well, look, not at this stage. Like as I said at the start, the focus is really on the Americas and at NGM, and PV and getting those up to where we need them and delivering on the Lumwana expansion and the Reko Diq construction. So we haven't really focused on anything else at this point. But since September, and [October].

嗯，你看，目前還不行。正如我一開始所說，重點確實在於美洲、NGM 和 PV，我們要讓這些項目達到我們需要的水平，並完成 Lumwana 擴建和 Reko Diq 建設。所以目前我們還沒有真正關注其他任何事情。但自九月以來，[十月]。

Okay. And then maybe two questions on the NGM dynamic. Firstly, with respect to dialogue with the JV partner around Fourmile and potential exploration kind of depth, if we look at your slide 11 to the right-hand side of the divide between the Nevada Gold Mines are below Goldrush and Fourmile has there been any update on kind of results within the JV in that zone recently?

好的。然後或許可以問兩個關於NGM動態的問題。首先，關於與合資夥伴就 Fourmile 礦區及潛在勘探深度進行的對話，如果我們看一下您幻燈片 11 右側，內華達金礦位於 Goldrush 礦區下方，Fourmile 礦區位於此處下方，最近合資夥伴在該區域是否有任何成果更新？

And how is the dialogue between the two parties changed at all? And could that potentially result in discussions around stage vending or Fourmile?

雙方的對話究竟發生了什麼樣的變化？這是否有可能引發關於舞台攤位或福邁爾的討論？

Okay. So look, just to maybe talk to Fourmile for a minute. Now obviously, as you are well aware, at some stage, that will end up in the in the joint venture with Newmont. I mean, Newmont are well aware of Fourmile, and they're well aware of all our current operations as our joint venture partner.

好的。所以，就想跟福邁爾聊一會兒。顯然，正如您所知，在某個階段，這最終會成為與紐蒙特合資企業的一部分。我的意思是，紐蒙特公司非常了解福邁爾公司，作為我們的合資夥伴，他們也非常了解我們目前的所有營運情況。

But that's not going to be until we finish this drilling, get those declines in place and basically deliver a feasibility study, and then we will discuss how that earning or is going to work with Newmont. And then on the other question, I don't have any update on any more results.

但這一切都要等到我們完成鑽探工作、落實這些斜坡道並提交可行性研究報告之後才會發生，然後我們才會討論如何與紐蒙特合作實現收益目標。至於另一個問題，我目前還沒有任何新的結果。

Yeah, as -- no material changes, Dan.

是的，丹，沒有實質的變化。

Okay. That's useful. And maybe one final one, just, I guess, directionally thinking about NGM into next year, would you incrementally expect kind of significantly higher production? Or would it be a flatter profile at a high level in this year? Obviously, I guess, you'll give the guidance for the Q4.

好的。那很有用。最後還有一個問題，我想從方向上考慮明年的NGM，您是否預期產量會逐步大幅增加？或者說，今年整體情勢會比較平緩？我想，很顯然，你會給出第四季的指導意見。

Yeah. We'll give the guidance with Q4, but it will be at this stage based on what I thought it would be relatively slight, I would have mentioned.

是的。我們將在第四季度給出指導意見，但就目前階段而言，根據我的判斷，影響應該相對較小，我之前也提到過。

(Operator Instructions) Tanya Jakusconek, Scotia Capital.

（操作說明）Tanya Jakusconek，豐業資本。

Good morning, everyone. Thank you so much for taking my questions. I'm just going to circle back to the review, mark that you've been doing. You said you went to visit most of the operations and met with most of the team. And it sounds as though the focus for you is just getting this predictability on the maintenance programs to really deliver quarter-on-quarter delivery.

各位早安。非常感謝您回答我的問題。我再回到你一直在做的回顧工作。你說你走訪了大部分營運點，並與團隊的大部分成員見了面。聽起來，你們的重點似乎是確保維護計劃的可預測性，從而真正實現每個季度都能按時交付。

When you did all of this, and I know when you go around and you look at things, did you have to make any management changes that we should be aware of?

當你做這一切的時候，我知道當你四處查看情況的時候，你是否需要做出任何我們應該知道的管理變更？

Thanks, Tanya. No, look, at this stage, that's not what's about like. I mean, the team in Nevada, which you've probably bought familiar with anyway. But look, we have a strong team, but there is obviously some gaps in the in the planned maintenance and things because we can't keep having things go wrong and expectedly like we had at Carlin. So I don't think it's about necessarily people changes.

謝謝你，塔尼亞。不，你看，現階段並非如此。我的意思是，內華達州的那支球隊，你可能已經很熟悉了。但你看，我們擁有一支強大的團隊，但顯然在計劃維護等方面存在一些漏洞，因為我們不能再像在卡林車隊那樣，總是出現意料之外的差錯。所以我認為這不一定與人的變化有關。

It's just about getting those plans in place and making sure they're solid and we can rely on them going forward. And look, the other obvious -- I just want to bring that in. The other reason I was obviously in Nevada is -- I was there for the investigation into that fatality because that's the other big priority that we've got to get on top of, which I'm sure you would agree, and put some changes in place to address that.

關鍵在於制定這些計劃，確保它們切實可行，並且我們今後能夠依靠它們。還有一點顯而易見——我只是想提一下。我當時在內華達州的另一個原因顯然是——我去那裡是為了調查那起致命事故，因為那是我們必須優先處理的另一個重要事項，我相信您也會同意這一點，並且需要做出一些改變來解決這個問題。

Yeah. I was just going to ask, Mark, because that's three fatalities is a lot. I was just wondering that as you looked and reviewed the asset bases like are there significant changes to the procedures that need to be done? And is the higher turnover at Nevada Gold Mines obviously, something that you're going to focus on as well in terms of health and safety and improve productivity?

是的。馬克，我正想問呢，因為三人死亡確實很多。我只是想問一下，您在查看和審查資產基礎時，是否需要對程序進行重大更改？內華達金礦較高的員工流動率是否也是您在健康安全和提高生產力方面需要關注的問題？

Yeah, so Tanya, I don't think it is a in our processes and procedures and standards. I mean we went through this, as you know, in Latin America in 2022 when we had that fatality at PV. And look, what I think it is -- I think it's about culture.

是的，Tanya，我不認為這是我們流程、程序和標準的問題。我的意思是，正如你所知，我們在 2022 年拉丁美洲經歷過這種情況，當時在 PV 發生了一起致命事故。你看，我認為這關乎文化。

I think it's about leadership. I think most of those systems are in place, and I think they're solid. And we're just going to have to reset and get everyone on the same page that safety is the number one priority of this company. And as you'd be aware, the minute we get safety in line, normally, what you see is you see an uptick in production.

我認為這關乎領導力。我認為大部分系統都已到位，而且我認為它們很穩固。我們必須重新調整思路，讓每個人都明白安全是公司的首要任務。如您所知，一旦安全措施到位，通常情況下，您就會看到產量增加。

And overall, just more efficient operations. But look, let me just hand it over to Graham for a minute as well because he's been deeply involved with this. If he's got any additional comments to that.

整體而言，營運效率更高。但是，我也要把發言權交給葛拉漢一會兒，因為他一直深度參與其中。如果他還有其他補充說明的話。

Yeah, thanks, Mark, and thanks, Tanya. I think Mark has hitted on the head in terms of the leadership component. And specifically, when we talk about that, I think, is the supervision in the workplace. We believe we need to get more face on with the people underground in the process from our supervisors.

是啊，謝謝你，馬克，也謝謝你，坦婭。我認為馬克在領導力方面說得很有道理。具體來說，當我們談到這一點時，我認為指的是工作場所的監督。我們認為，在這個過程中，我們的上級需要更多地與地下工作人員面對面交流。

And in some of the reviews and the investigations that we've obviously conducted has shown that perhaps some of the supervisors have been burdened with administrative tasks to, so we need to get them back into the field.

在我們進行的一些審查和調查中，顯然表明一些主管可能承擔了太多的行政任務，因此我們需要讓他們回到第一線工作。

I think also on reflection, not only based on these fatalities that we've seen. But I think in the data that we've been collecting over the last while, the better part of three years now. I mean you would have seen our total recordable injury frequency rate come down year-on-year but that's contrasted by the number of fatalities we've had in the last couple of years.

我認為，經過反思，不僅僅是基於我們已經看到的這些傷亡事件。但我認為，根據我們最近一段時間，也就是近三年來收集的數據來看，情況確實如此。我的意思是，你會看到我們的總可記錄傷害頻率逐年下降，但這與過去幾年我們的死亡人數形成了鮮明對比。

And clearly, there's been a focus on the lagging indicators and driving that down from an injury perspective. And we've missed something in terms of the hazard recognition, particularly on the fatal risks. And I think more focus on the leading indicators is key for us.

顯然，人們一直關注落後指標，並從傷病角度努力降低這些指標。我們在危險辨識方面有所疏漏，尤其是在致命風險方面。我認為，更加關注領先指標對我們來說至關重要。

It is something we've recognized, and you may have remembered from some of the other presentations that we put together that we have prioritized leading indicators. And one of those programs is the critical control verifications that we would do, which really is engagement in the field with people conducting tasks that have a fatal risk associated with it. And although we've seen a great uptake across the group in excess of 86,000 rather CCVs completed year-to-date.

我們已經意識到這一點，您可能也從我們之前的一些簡報中了解到，我們已經將領先指標列為優先事項。其中一項計畫就是我們進行的關鍵控制驗證，這實際上是與現場執行具有致命風險任務的人員接觸。儘管我們看到整個集團的CCV（商用車）銷量大幅成長，今年迄今已完成超過86,000輛。

I think what we now have to focus on is the quality of those so that we are ensuring that everyone is learning from them that they're recognizing the hazards in the workplace associated with those fatal risks. And then I think another aspect that we have highlighted and touched on and debated over the last while is. I think our safety team, from a group perspective, although we firmly believe safety is a line function and must be incorporated at a site level.

我認為我們現在必須關注的是這些培訓的質量，以確保每個人都能從中學習，並認識到工作場所中與致命風險相關的危險。然後，我認為我們最近一段時間以來一直強調、提及和討論的另一個方面是：我認為，從團隊的角度來看，我們的安全團隊雖然堅信安全是一項第一線職能，但必須在現場層級加以落實。

At a group level, we do need a few more resources to drive some of these initiatives and plans to focus on things like the leading indicators, the competency-based training that we've highlighted and getting the supervisors back into the field. So I think in a nutshell, those are some of the focus areas, but we've obviously got a plan.

從集團層面來說，我們確實需要更多資源來推動這些舉措和計劃，重點關注領先指標、我們強調的基於能力的培訓以及讓主管重返一線等事項。簡而言之，我認為這些是我們的重點領域，但我們顯然已經有了計劃。

And as Mark has mentioned, this is our number one focus for the team, the entirety.

正如馬克所提到的，這是我們團隊全體成員的首要關注點。

Yeah. It's good to hear, focusing on the safety. Maybe one last question for me, Mark. It sounds as though you've put the pause, you've hit the pause about not any potential asset sales. I know we previously had talked about maybe Mali was for sale.

是的。很高興聽到這一點，大家把重點放在了安全上。馬克，我可能最後一個問題想問你。聽起來你們已經暫停了所有潛在的資產出售計畫。我知道我們之前討論過馬裡可能被出售的事情。

Well, I think Mali, my focus tenure, I don't know that you read some of the reports. But look, my focus is on getting these four people out of jails that's what I'm working through at the minute. I mean, they've been in castrate now for about 11 months. So my focus is on that rather than anything else in Mali at the minute. And if we get that achieved, then obviously, we will look at restarting that operation.

嗯，我覺得馬裡，我任期內的重點地區，我不知道你是否讀過一些報告。但是，你看，我的重點是讓這四個人出獄，這就是我目前正在努力的方向。我的意思是，他們已經被閹割大約11個月了。所以目前我的重心都放在這件事上，而不是馬裡的其他事情上。如果我們能夠實現這個目標，那麼很顯然，我們會考慮重新啟動這項行動。

As you know, we still have people on site doing the care and maintenance, so we could restart that operation. But the focus is we have to get those people out of jail or my focus anyway.

如您所知，我們仍有人員在現場進行維護保養，因此我們可以重新啟動這項作業。但重點是我們必須把這些人從監獄救出來，至少我的重點是這樣。

Anita Soni, CIBC World Markets.

Anita Soni，CIBC World Markets。

Okay, thanks, Mark Graham and Henry. So I'm going to focus in on PV at first. So previously, Mark, Bristol had talked about the degradation of the PV stockpiles. Could you give us an update on that? And if you've made any progress there and what that could mean in terms of sequencing of stockpiles to be processed earlier?

好的，謝謝馬克·格雷厄姆和亨利。所以我首先要集中精力研究PV。之前，馬克，布里斯托曾談到光電站庫存的損耗問題。您能為我們提供一下最新進展嗎？如果您在這方面取得了任何進展，這對於提前處理庫存的排序可能意味著什麼？

Well, Anita -- yeah, thanks. So look, the recovery, as I said, is the focus, right? Because I think we've broken the back of throughput, you would have seen we've had record throughput at PV now. So it's all about recovery. Actually, I've got [Hatch] on site at the minute they're doing an independent review for us as well.

嗯，安妮塔——是的，謝謝。所以你看，正如我所說，復甦才是重點，對吧？因為我認為我們已經突破了吞吐量的瓶頸，你應該已經看到我們在PV的吞吐量已經創下了紀錄。所以一切都與恢復有關。實際上，目前 Hatch 的工作人員已經在現場，他們正在為我們進行獨立審查。

And I think there are several moving parts and not being a metallurgist. But what I can say to you, obviously, the handling of those stockpiles, as you pointed out, is absolutely critical. So it's how we blend that feed going into the float circuit so that we can make sure that we don't get wild swings in our recovery throughout the day.

我認為這其中涉及多個方面，而且我並非冶金學家。但我可以肯定地告訴你們，正如你們所指出的，這些庫存的處理至關重要。所以，這就是我們如何混合進入浮選迴路的飼料，以便確保我們在一天中不會出現恢復速度的劇烈波動。

So look, there's a lot of things going on. And I think what we need to do is get real-time data back to the operator so that we can adjust it and better control what goes into the float circuit. So I know that's probably not very specific for you, but that's sort of the situation we're in at the minute.

你看，現在發生了很多事。我認為我們需要做的是將即時數據回饋給操作員，以便我們能夠進行調整，更好地控制進入浮球迴路的物質。我知道這可能對你來說不太具體，但這大概就是我們目前的情況。

Just to understand because the second question was actually related to the recovery rates of PV, but seem to be undershooting what you had guided to earlier this year by about 5% or 6%. Are you processing any of these lower grade stockpiles right now? Or is it just the prior -- expected like the prior targeted grades and, I guess, direct or feed that (multiple speaker).

我只是想了解一下，因為第二個問題實際上與 PV 的回收率有關，但似乎比您今年早些時候的預期低了大約 5% 或 6%。你們目前正在處理這些低等級的庫存礦石嗎？或者這只是先前的預期——就像先前的目標等級一樣，而且，我猜，直接或間接的。（多人發言）

Well, it's a blend of a freshened stockpile material that we're putting through the plant now. So it's as it always has been, it's a combined fee feedstock.

嗯，這是我們正在工廠裡加工的一種經過重新加工的庫存原料的混合物。所以情況和以前一樣，它是一種綜合收費的原料。

All right. Maybe I'll get some more detail for me tonight at the dinner. And then the second question that I had was with respect to the colors I must say I'm a bit surprised that you guys have put on colors. I think it's about -- I realize it's only about 10% of the production, assuming prior estimates, but 10% of the production over that time frame. But why did you guys put the mine? And why not stay on levered to the gold price?

好的。也許今晚的晚宴上我能得到更多細節。我的第二個問題是關於顏色的，我必須說，我對你們使用顏色感到有點驚訝。我認為大約是——我知道這只是產量的 10% 左右（假設之前的估計），但也是那個時間段內產量的 10%。你們為什麼要埋設地雷？為什麼不繼續與黃金價格掛鉤呢？

Hi Tanya, it's Graham. -- sorry, Anita, apologies (multiple speaker).

嗨，坦妮婭，我是葛拉漢。 ——抱歉，安妮塔，對不起。（多人發言）

[Mark Bristow] or [Tom Palmer]. Which one -- which one's even better?

[馬克布里斯托] 或[湯姆·帕爾默]哪一個比較好？

That's a tough, that's a toss-up.

這很難說，很難抉擇。

No. [Offense to Tanya].

不。[冒犯塔尼亞]

Anita yeah, thanks. We -- the color was put on at a time early in the third quarter at a time of record gold prices associated with a potential strategic opportunity, which ultimately didn't close. I think it's important to realize that as you point out, this is less than 10% of our production. And the top of that color is over $4,300 per ounce.

安妮塔：是的，謝謝。我們——這個顏色是在第三季度初，當時金價創下歷史新高，與一個潛在的戰略機會有關，但最終未能實現。我認為重要的是要意識到，正如你所指出的，這只占我們產量的不到 10%。這種顏色的頂級咖啡豆售價超過每盎司 4300 美元。

So at current record high gold prices, we're still fully exposed to these current record gold prices. And to put it in perspective, even if the gold price were to go to $5,000 per ounce, we'd still have 99% exposure to the spot prices. So it's a very small position. It's not something we intend to do going forward.

因此，在目前金價處於歷史高點的情況下，我們仍然完全暴露於這些歷史高位金價的影響之下。換個角度來看，即使黃金價格漲到每盎司 5,000 美元，我們仍然有 99% 的風險敞口與現貨價格掛鉤。所以這是一個非常小的職位。我們今後不打算這樣做。

It doesn't -- it shouldn't be read as a change in our strategy with respect to hedging. It was a product of a specific situation, which ultimately didn't transpire, but we're comfortable that those positions are not going to have a material impact on our financial results.

並非如此——不應將其解讀為我們在對沖策略上的改變。這是特定情況的產物，雖然最終並未發生，但我們相信這些立場不會對我們的財務表現產生實質影響。

Okay. So now I'm intrigued, this strategic opportunity? Was it acquisition or divestiture?

好的。所以，我現在對這個戰略機會很有興趣？是收購還是剝離？

I think if I was going to tell you that, I would have told you that.

我想如果我打算告訴你這件事，我早就告訴你了。

John Tumazos, Very Independent Research.

John Tumazos，非常獨立的研究。

Thank you. Mark, in terms of the big picture, which of your corporate policies are different than your predecessor? Certainly, we're all on the same page for cost and safety and maintenance, et cetera.

謝謝。馬克，從大局來看，你的公司政策與你的前任有哪些不同？當然，在成本、安全性、維護等方面，我們的意見是一致的。

Well, look, I don't think the strategy, John, has changed at all. I mean you've obviously gathered my focus or where I see the most value is obviously in Nevada. So we're going to build out those two growth projects we have. But then the next thing, you're definitely shifting the focus to America. And I've already started with that, like we're going to spend more -- a bigger proportion of our exploration as well in Nevada and North America.

嗯，約翰，我認為策略根本沒有改變。我的意思是，你顯然已經抓住了我的注意力，或者說，我認為最有價值的地方顯然是內華達州。所以我們將推進我們現有的兩個成長項目。但接下來，你肯定會把注意力轉移到美國。我已經開始著手實施了，例如我們將把更多資金——更大比例的勘探資金——投入內華達州和北美。

So I suppose it's not really a shift but if you ask me where my attention is going to be and maybe there is a little bit of a change, then it will be all the focus we're going to put into North America because I do see a big opportunity there, and I do see that as the next big project and the next big growth area for Barrick.

所以我覺得這不算是真正的轉變，但如果你問我接下來我的注意力會放在哪裡，也許會有一些變化，那就是我們會把所有的精力都投入到北美，因為我確實看到了那裡的巨大機遇，而且我確實認為那是巴里克下一個大項目和下一個大增長領域。

That concludes our Q&A session for today. Back to Cleve for any closing remarks.

今天的問答環節到此結束。克利夫將作總結發言。

Great. Thank you, everyone, for joining us today. We look forward to speaking with you again on our full year results call in February. And as always, please get in touch with us if you have any further follow-up questions. Thanks again very much.

偉大的。謝謝各位今天蒞臨。我們期待在二月的年度業績電話會議上再次與您交流。如果您還有任何後續問題，請隨時與我們聯絡。再次非常感謝。