Barrick Mining Corp (B) 2025 Q4 法說會逐字稿

Welcome, everyone, to Barrick's fourth quarter 2025 results presentation. (Operator Instructions) As a reminder, this event is being recorded, and a replay will be available on Barrick's website later today. I will now turn the call over to Cleve Rueckert, Head of Investor Relations. Please go ahead.

歡迎各位參加巴里克2025年第四季業績發表會。（操作員說明）提醒各位，本次活動正在錄影，稍後將在巴里克網站上提供回放。現在我將把電話轉交給投資者關係主管克利夫·魯克特。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.

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。

Presenting our results today are Mark Hill, Barrick's President and CEO; and Graham Shuttleworth, Senior EVP and CFO. Other members of Barrick's management team will be available after our prepared remarks for Q&A.

今天向大家介紹業績的是巴里克總裁兼執行長馬克·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。此投影片總結了可能影響巴里克未來業績以及我們實現這些前瞻性聲明能力的重大風險和因素。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 thanks, everyone, for joining us for this call this morning. We finished the year in very good condition. We delivered on our 2025 operating plan, and this resulted in multiple financial records. We also completed the operational review we discussed last quarter and have taken a number of actions, which I will touch on later.

好的。謝謝克利夫，也謝謝各位今天早上參加我們的電話會議。我們以非常好的狀態結束了這一年。我們實現了 2025 年營運計劃，並因此創造了多項財務紀錄。我們也完成了上個季度討論過的營運審查，並採取了一些措施，我稍後會詳細介紹。

We achieved a resolution to the dispute in Mali, securing the release of our detained colleagues and resuming control of the asset. Record free cash flow allowed us to repurchase $1.5 billion of our shares as well as increasing our dividends.

我們解決了馬裡的爭端，確保了被拘留的同事獲釋，並重新控制了資產。創紀錄的自由現金流使我們能夠回購價值 15 億美元的股票，並提高股息。

Turning to our performance in Q4, we built on last quarter's momentum and posted strong financial results. As I said, we logged several company records included adjusted earnings per share, cash flow and importantly, shareholder returns.

回顧第四季業績，我們延續了上一季的良好勢頭，取得了強勁的財務業績。正如我所說，我們記錄了多項公司記錄，包括調整後的每股盈餘、現金流量以及非常重要的股東回報。

Production increased from last quarter to the highest level of the year, which resulted in an 82% increase in EBITDA versus last year. We increased our base dividend by another 40% and adopted a new dividend policy.

產量較上一季成長至全年最高水平，導致 EBITDA 較去年同期成長 82%。我們將基本股利提高了 40%，並採用了新的股利政策。

Cash flow for the quarter was up 96% from last year, and we locked a year of record annual cash returns to our shareholders. Fourmile continues to grow, and we're excited about advancing this 100% owned gold asset.

本季現金流比去年同期成長了 96%，我們為股東鎖定了創紀錄的年度現金回報。Fourmile持續發展壯大，我們很高興能夠推進這項我們100%擁有的黃金資產專案。

Finally, consistent with the announcement we made in December and following rigorous analysis, the Board has decided to move forward with preparations for an initial public offering of Barrick's North American gold business assets aimed at maximizing the shareholder value.

最後，正如我們在 12 月宣布的那樣，經過嚴格的分析，董事會決定推動巴里克北美黃金業務資產首次公開募股的準備工作，旨在最大限度地提高股東價值。

We are targeting to complete the IPO by late 2026 and we'll keep you updated on progress throughout the year. Turning to Safety & Health, our operational and financial achievements were overshadowed unfortunately last year with four fatalities.

我們的目標是在 2026 年底前完成 IPO，我們將全年持續向您報告進度。就安全與健康而言，不幸的是，去年發生的四起死亡事故使我們在營運和財務方面的成就黯然失色。

Last quarter, I made that commitment to making sure safety was our top priority, and this continues to be the company's number one focus for 2026. Clearly, there's more to be done because Q4 wasn't where we needed it to be.

上個季度，我承諾將安全放在首位，而這仍然是公司 2026 年的首要任務。顯然，我們還有很多工作要做，因為第四季的業績沒有達到預期。

But our highest priority is that all our people go home safe and healthy at the end of each day, and I'll continue to work with myself and the ExCo team to achieve and maintain that goal going forward. Now moving on to the operational highlights. Operationally, our business performed well in Q4.

但我們最優先考慮的是確保所有員工每天下班後都能安全健康地回家，我將繼續與執行委員會團隊一起努力，實現並維持這一目標。接下來是營運方面的亮點。從營運角度來看，我們公司在第四季表現良好。

And importantly, we delivered on our guidance to steadily left production throughout the year. Gold production was 5% higher than Q3, driven by a 25% increase at Carlin and quarter-on-quarter increases across the NGM site. Our processing facilities ran well and PV's throughput rose to another record high.

更重要的是，我們實現了全年穩定提升左岸產量的目標。黃金產量比第三季成長了 5%，這主要得益於卡林礦區產量增加了 25%，以及 NGM 礦區各礦區產量較上季成長。我們的加工設施運作良好，PV 的產量再次創下歷史新高。

Full year gold production of 3.26 million ounces was in line with our guidance. Copper production increased 13% from Q3, driven by higher throughput at Luwmana. Also, as I said before, we completed the operational review we discussed in the last quarter. There's some important outcomes of that.

全年黃金產量為326萬盎司，符合我們的預期。受盧曼納銅礦產能提高的推動，銅產量較第三季增加了 13%。另外，正如我之前所說，我們已經完成了上個季度討論過的營運審查。這會產生一些重要的結果。

We've now restructured our business units, putting PV in North America region, which places all our key autoclave processing facilities on the common leadership so that we can share best practices. Tim Cribb previously overseeing Reko Diq has moved take over North America.

我們現在已經重組了業務部門，將光伏業務放在北美地區，這樣我們所有主要的高壓釜加工設施都由同一個領導層管理，以便我們可以分享最佳實踐。先前負責 Reko Diq 的 Tim Cribb 已接管北美業務。

Operational ownership, particularly in Nevada, is back in the hand of the operator. The mine plans have been reviewed from the bottom up and we're entering 2026 with high confidence in our guidance.

營運所有權，尤其是在內華達州，已經重新回到營運商手中。礦山計劃已從根本上進行了審查，我們對 2026 年的業績預期充滿信心。

I'll touch on this work a bit later, but now let me turn it over to Graham to discuss the financial highlights.

我稍後會稍微談到這項工作，但現在讓我把麥克風交給格雷厄姆，讓他來討論財務方面的亮點。

Thank you, Mark. As most of you will know, this is my last earnings call, and I must say it is a real pleasure to finish on such a high note. Quarter four was a record quarter across almost every financial metric.

謝謝你，馬克。正如你們大多數人所知，這是我最後一次財報電話會議，我必須說，能夠以如此精彩的方式結束，我感到非常榮幸。第四季幾乎所有財務指標都創下了歷史新高。

The combination of our sequential increase in production and record high gold prices added to our strong financial foundation and sets us up with a lot of flexibility going forward to continue delivering significant cash returns to shareholders.

產量持續成長和金價創歷史新高，進一步鞏固了我們強大的財務基礎，也為我們未來的發展提供了極大的靈活性，使我們能夠繼續為股東帶來豐厚的現金回報。

Shown here on the right, revenues increased 45% from quarter three, driven by increased production and sales and a 21% increase in our realized gold price. Net earnings nearly doubled from the prior quarter, and we reported record quarterly cash flow, free cash flow, earnings per share and a record cash balance.

如右圖所示，由於產量和銷量增加以及黃金實際價格上漲 21%，第三季營收成長了 45%。淨利潤較上一季幾乎翻了一番，我們報告了創紀錄的季度現金流、自由現金流、每股收益和創紀錄的現金餘額。

For the year, we reported $7.7 billion of cash flow from operations and $3.9 billion of free cash flow, up 71% and 194% from a year ago and another company record. When you consider our gold sales volume declined 13% in 2025, with one of our key assets not operating for most of the year, those results are even more impressive and we're excited about the year ahead.

本年度，我們實現了 77 億美元的經營活動現金流和 39 億美元的自由現金流，分別比去年同期成長了 71% 和 194%，再次創下公司紀錄。考慮到我們2025年的黃金銷量下降了13%，而且我們的一項主要資產在一年中的大部分時間裡都沒有運營，這些結果就更加令人印象深刻了，我們對未來一年充滿期待。

Attributable CapEx ended 2025 below the low end of our guidance, as our engineering partners came on board and we refined our spending schedules, particularly at our biggest projects at Reko Diq and Luwmana. The graphs on the right-hand side of this slide highlight Barrick's financial value position.

2025 年歸屬於資本支出低於我們預期的下限，因為我們的工程合作夥伴加入了我們，並且我們改進了支出計劃，尤其是在我們在 Reko Diq 和 Luwmana 的最大項目中。此投影片右側的圖表突顯了巴里克公司的財務價值地位。

Our attributable EBITDA increased 53% versus the prior quarter on higher margins as the 21% increase in the gold price dropped to the bottom line. Importantly, we steadily increased our attributable EBITDA margin through the year, tracking the gold price higher and demonstrating the operating leverage our business provides to the gold price.

由於金價上漲 21% 帶來的利潤成長，我們的歸屬 EBITDA 比上一季成長了 53%，利潤率也隨之提高。重要的是，我們全年穩步提高了歸屬 EBITDA 利潤率，與金價上漲同步，證明了我們的業務對金價的營運槓桿作用。

All of this enabled the highest annual shareholder returns in Barrick's history with more to come. We ended the year with a net cash position of $2 billion. Building on the capital allocation framework we highlighted last quarter, Barrick's balance sheet is in a phenomenally good shape, and our future capital investment programs are well funded.

這一切都使得巴里克公司實現了史上最高的年度股東報酬率，未來也將取得更大成就。年底時，我們的淨現金部位為20億美元。以我們上季重點介紹的資本配置架構為基礎，巴里克的資產負債表狀況非常好，我們未來的資本投資計畫資金充足。

Suffice to say, Barrick is generating significant excess cash flow in the present environment. As I mentioned earlier, we generated $7.7 billion in operating cash flow of which we reinvested $3 billion back into the business and bought back $1.5 billion of our stock, reducing our share count by 3%.

毋庸置疑，在當前環境下，巴里克黃金公司正在產生大量盈餘現金流。正如我之前提到的，我們產生了 77 億美元的營運現金流，其中 30 億美元再投資於業務，並回購了價值 15 億美元的股票，使我們的股票數量減少了 3%。

You will recall that with our Q3 results, we increased the base dividend by 25% to $0.125 per quarter. But on the back of the strong annual results, the Board has authorized a further 40% increase to $0.175 per quarter.

您應該還記得，我們​​在第三季業績報告中將基本股利提高了 25%，達到每季 0.125 美元。但鑑於強勁的年度業績，董事會已批准將每股收益再增加 40%，至每季 0.175 美元。

In addition, the Board has determined that it will target to pay out 50% of attributable free cash flow, incorporating a further discretionary component to reach the target. On this basis, the Board has authorized a Q4 dividend payable in March of $0.42 per share, which is a 140% increase on the quarter three dividend.

此外，董事會已決定將支付應佔自由現金流的 50% 作為目標，並納入額外的酌情支付部分以達到該目標。基於此，董事會已批准派發將於 3 月支付的第四季股息，每股 0.42 美元，比第三季股息增加 140%。

This new policy will replace the previous performance dividend policy. And at the same time, given the focus of cash returns to shareholders through increased dividends, the Board has determined not to renew the annual share buyback program.

這項新政策將取代先前的業績分紅政策。同時，鑑於公司將重點放在透過增加股利向股東返還現金上，董事會已決定不再續簽年度股票回購計畫。

I will now turn the call back over to Mark.

現在我將把通話轉回給馬克。

Okay. Thanks, Graham. So turning back to our operation and looking first at North America where we had strong performance. Gold production increased 11% from last quarter, driven by a 25% quarter-on-quarter increase at Carlin.

好的。謝謝你，格雷厄姆。所以讓我們回到我們的營運情況，首先來看我們在北美地區的表現。黃金產量較上季成長 11%，其中卡林礦區較上季成長 25%。

Phoenix production hit its guidance range for the year, while Cortez and Turquoise Ridge achieved the top end of their ranges. Importantly, we did not high-grade the operation at the end of the year. We'd rather maintain focus on consistent, disciplined delivery and compliance to our plan.

Phoenix 礦區產量達到年度預期範圍，而 Cortez 礦區和 Turquoise Ridge 礦區產量均達到預期範圍的上限。重要的是，我們在年底並沒有對這項行動進行高等級評價。我們更願意專注於持續、嚴謹地執行計劃並遵守計劃。

As a result, we are seeing a smoother transition from December into January. This has helped to achieve one of the best starts the year since the NGM joint venture was established. The Carlin roaster had its highest January throughput in the last five years.

因此，我們看到從12月到1月的過渡更加穩定。這有助於實現自 NGM 合資企業成立以來今年最好的開局之一。卡林烘焙廠一月份的產量創下了近五年來的最高紀錄。

In fact, the new management team and the focus on operational discipline, the processing team at Carlin has delivered its best 60 days since the formation of the joint venture.

事實上，由於新的管理團隊和對營運紀律的重視，Carlin 的加工團隊取得了自合資企業成立以來最好的 60 天成績。

The underground mines at Carlin, Turquoise Ridge and Goldrush have also had their best January since the joint venture formation in terms of tonnes mined and develop. This performance is exactly what we wanted to achieve from the operational review we highlighted last quarter.

卡林、綠松石嶺和金拉什地下礦的開採和開發噸數也創下了合資企業成立以來1月的最佳表現。這項業績正是我們在上個季度營運審查中重點提到的目標。

The teams have rebuilt their plans from the bottom-up based on achievable metrics. The mines implemented this disciplined approach to their operation, enabling delivery of these solid results in Q4 and now in January. It is also clear that we've experienced challenges attracting and retaining talent at NGM.

各團隊根據可實現的指標，自下而上地重新制定了計劃。這些礦山在營運中實施了這種嚴謹的方法，從而在第四季度和現在的1月份取得了這些穩健的業績。很明顯，NGM在吸引和留住人才方面也遇到了挑戰。

As a result of that, we have looked at many employment conditions as part of the operational review. We will be adjusting the remuneration framework to help attract and retain the best people.

因此，我們在營運審查中考察了許多用工條件。我們將調整薪資體系，以吸引和留住最優秀的人才。

And importantly, will be simplifying the bonus structure at the operational level to focus clearly on safety, our number one focus for the year and then production costs and growth. We also restructured the executive team, both at the group level and in North America.

更重要的是，我們將簡化營運層面的獎金結構，以便更明確地專注於安全（我們今年的首要重點），其次是生產成本和成長。我們也重組了集團層級和北美地區的管理團隊。

We've added a Chief Technical Officer, Megan Tibbals and an evaluation team. So this brings stronger operational experience into our senior leadership. PV had a better year with plant throughput up 12% and gold production up 8% from 2024.

我們新增了首席技術長梅根·蒂博爾斯 (Megan Tibbals) 和評估團隊。這樣一來，我們的高階領導就能擁有更豐富的營運經驗。光伏發電業務今年表現較好，工廠產能成長 12%，黃金產量自 2024 年以來成長 8%。

That said, the recoveries are not where we expected them to be. As we said last year, the main issue is the performance of the weathered stockpile.

儘管如此，目前的復甦情況並沒有達到我們的預期。正如我們去年所說，主要問題是風化庫存的表現。

There is metallurgical inconsistency across those 90 million tonnes of stockpiles, and we are not getting the same results in the plant that we saw in the lab for the initial feasibility study. We undertook extensive test work in 2025, and this will be reflected in the updated 43-101 report, which is due out next month.

這 9000 萬噸庫存的冶金性能存在不一致，我們在工廠中得到的結果與我們在實驗室進行初步可行性研究時得到的結果並不相同。我們在 2025 年進行了廣泛的測試工作，這將在下個月發布的更新版 43-101 報告中有所體現。

So although the life mine recovery rate is lower, we have been able to extend the life of 2048, maintaining the total overall ounce produced. Work on the new TSF is progressing well and the housing project is well advanced with more than 600 homes constructed and over 300 families now resettled.

因此，儘管礦山壽命回收率較低，但我們已能夠將壽命延長至 2048 年，並保持總產量（盎司）。新TSF的建設工作進展順利，住房項目也進展順利，已建成600多套住房，300多個家庭已重新安置。

So just briefly on Fourmile, which continues to demonstrate potential as a world-class gold asset in Nevada. 2025 was a major derisking year. We successfully delivered on our commitment to double Fourmile's resell at a higher grade.

簡單說說福邁爾金礦，它持續展現出成為內華達州世界級黃金資產的潛力。 2025年是降低風險的重要一年。我們成功實現了將 Fourmile 的轉售價格提高一倍並提升至更高等級的承諾。

And as you can see from this updated model, there's a lot more to come. The next step will be working on the Bulyanhulu declines which will enable efficient resource convert from underground.

從這個更新後的模型可以看出，未來還有更多精彩內容。下一步將著手開發布里揚胡魯斜坡道，這將使地下資源能夠高效轉換。

So moving down to South America and Asia Pacific region, which included Veladero and Porgera. This region also performed well against its plan in the quarter and the year. Veladero exceeded the top end of its 2025 guidance and be its cost guidance by over $100 an hour.

然後我們繼續南下，來到南美洲和亞太地區，其中包括貝拉德羅和波格拉。該地區本季和本年度的業績均超出預期。Veladero 的表現超過了其 2025 年預期上限，成本也超出預期每小時 100 多美元。

Work is continuing at Veladero to expand the resource. In the same vein, Porgera achieved the top end of its guidance range while keeping costs within guidance, demonstrating strong operational flexibility.

Veladero 的資源擴展工作仍在繼續。同樣，Porgera 在保持成本在預期範圍內的同時，實現了預期範圍的上限，展現了強大的營運靈活性。

So on Africa, Middle East region, they achieved their production guidance and point out for the seventh consecutive year. And as I've said, we successfully resolved the dispute in Mali securing the release of our incarcerated colleague.

因此，在非洲和中東地區，他們連續第七年實現了生產目標和指標。正如我所說，我們成功解決了馬裡的爭端，確保了被監禁的同事獲釋。

At Kibali, the ARK discovery delivered significant progress in 2025, adding 3.5 million ounces to resources, including 1 million converted to reserve. Further drilling in 2026 is expected to continue to grow this high potential discovery.

在基巴利，ARK 發現於 2025 年取得了重大進展，增加了 350 萬盎司的資源量，其中 100 萬盎司轉化為儲量。預計2026年的進一步鑽探將繼續擴大這項高潛力發現的儲量。

North Mara reported a strong finish to 2025 with production in the top half of its 2025 guidance range and Bulyanhulu overcame grade dilution and dewatering challenges in Q4, ending the year within guide.

北馬拉礦區報告稱，2025 年產量強勁收官，達到 2025 年指導範圍的上半部分；布良胡魯礦區克服了第四季度的品位稀釋和脫水挑戰，最終實現了全年預期目標。

So we regained operational control at Loulo-Gounkoto at the end of the year, and we are ramping up the most accretive areas of the mine. We expect production to steadily increase throughout the year.

因此，我們在年底重新獲得了 Loulo-Gounkoto 的營運控制權，我們正在加強開採該礦最具增值潛力的區域。我們預計全年產量將穩定成長。

And lastly, copper. So Luwmana finished the year on a high with production up 11% over Q3, thanks to higher throughput, ending the year with a record high annual production. C1 cash costs were up in the quarter due to the higher maintenance and interim power cost.

最後是銅。由於產能提高，Luwmana 以優異的成績結束了這一年，產量比第三季度增長了 11%，並以創紀錄的年產量結束了這一年。本季 C1 現金成本上升，原因是維護成本和臨時電力成本較高。

And the super pit expansion is tracking slightly ahead of schedule with good progress during the quarter on the mill building, which is on the project's critical path. Okay. So let's move over to guidance for 2026. So we expect our gold production to be in the range of 2.9 million to 3.25 million ounces.

超級礦坑擴建工程的進度略微超前於計劃，本季選礦廠建設進展順利，該廠位於工程的關鍵路徑上。好的。接下來，我們來看看2026年的指導。因此，我們預計黃金產量將在 290 萬至 325 萬盎司之間。

Our 2025 gold production, as I said, was 3.26 million ounces. But to give you a like-for-like comparison, that's about 3 million ounces if we remove Tongon and Hemlo, which was sold at the end of the year.

正如我所說，我們2025年的黃金產量為326萬盎司。但為了進行同等比較，如果我們剔除 Tongon 和 Hemlo（後者已於年底售出），產量約為 300 萬盎司。

We expect Loulo-Gounkoto's ramp-up to be the main contributor to production increase in 2026, along with slightly higher production from PV. Carlin in Turquoise Ridge production is expected to be marginally lower due to the open pit sequencing and the grade in the mine plan.

我們預計 Loulo-Gounkoto 的產能提升將是 2026 年產量成長的主要貢獻者，同時光伏發電的產量也將略有提高。由於露天開採順序和礦山計劃中的品位，預計綠松石嶺卡林礦的產量將略有下降。

Across the year, we're expecting gold production to be split about 45% in the first half and 55% in the second. Higher production in quarters three and four will come from the ramp-up of Loulo-Gounkoto and Goldrush and the timing of the shutdown at NGM.

我們預計全年黃金產量上半年約佔 45%，下半年約佔 55%。第三季和第四季產量增加將來自 Loulo-Gounkoto 和 Goldrush 的產能提升以及 NGM 的停產時間。

For copper, we're guiding 190,000 to 220,000 tonnes, which compares to the annual production of 220,000 tonnes in 2025. Production is expected to be highest in quarters two and three and lowest in Q1, mainly driven by grade of a miner.

對於銅，我們預計產量為 19 萬至 22 萬噸，而 2025 年的年產量為 22 萬噸。預計第二季和第三季產量最高，第一季產量最低，主要受礦商礦石品位的影響。

And looking a bit further ahead, we continue to expect production uplift in 2027 and again in 2028. Turning now to reserves and resources. For our 2025 gold price assumptions we used $1,500 per ounce for reserves and $2,000 per ounce for resources, both modestly higher than last year.

展望未來，我們預計 2027 年和 2028 年產量將再次提升。現在來談談儲備和資源。對於 2025 年黃金價格的假設，我們採用每盎司 1500 美元的儲量和每盎司 2000 美元的資源量，這兩個數字都比去年略高。

And for copper reserves, we used $3.25 per pound and, sorry, for reserves and $4.50 per pound for resources. So today, Barrick, we hold one of the largest reserve and resource bases in the industry. And as of year-end, Barrick's attributable proven and probable gold reserves totaled 85 million ounce.

至於銅儲量，我們採用每磅 3.25 美元的價格，抱歉，是儲量價格，而資源價格為每磅 4.50 美元。所以今天，巴里克擁有業界最大的儲量和資源基礎之一。截至年底，巴里克黃金公司已探明和可能的黃金儲量總計達 8,500 萬盎司。

On the resource side, attributable measured and indicated gold resources totaled 150 million ounces with a further 43 million ounces of inferred resource. While there were declines as a result of divestitures, we continue to see strong organic growth across the assets in Nevada and at PV.

資源方面，可歸屬的測量和指示黃金資源總量為 1.5 億盎司，另有推論資源量為 4,300 萬盎司。儘管由於資產剝離導致業績下滑，我們仍然看到內華達州和PV的資產實現了強勁的內生成長。

Turning briefly to copper. Our pivotal improvement in probable reserves remain stable at 18 million tonnes. Copper resources increased with measured and indicated resources of 24 million tonnes and an additional 4 million plus tonnes in the inferred category.

短暫地轉向銅。我們關鍵性的儲量估算結果保持穩定，為1800萬噸。銅資源量增加，其中已探明並指示資源量為 2,400 萬噸，推斷資源量為 400 多萬噸。

Overall, our reserve and resource base continues to support long mine lives and a strong production outlook.

總體而言，我們的儲量和資源基礎繼續支撐著較長的礦山開採壽命和強勁的生產前景。

So just to wrap up, in 2025, we demonstrated disciplined execution, delivering on our operating plan, strengthening our balance sheet and advancing our growth pipeline and returning record cash to shareholders. Looking ahead, we entered 2026 with momentum flexibility and a clear plan for it.

綜上所述，在 2025 年，我們展現了嚴謹的執行力，實現了我們的營運計劃，增強了我們的資產負債表，推進了我們的成長計劃，並向股東返還了創紀錄的現金。展望未來，我們帶著強勁的發展勢頭、靈活的策略和清晰的計劃進入了 2026 年。

So just before we move to the questions, I just want to acknowledge Graham and thanking for his leadership and significant contribution he has made to Barrick over the past seven years. Under Graham's stewardship, we strengthened our balance sheet, reinforce capital discipline and delivered record financial performance and shareholder return.

在進入問答環節之前，我只想對格雷厄姆表示感謝，感謝他在過去七年中對巴里克公司的領導和重大貢獻。在格雷厄姆的領導下，我們加強了資產負債表，強化了資本紀律，並取得了創紀錄的財務表現和股東回報。

So on behalf of everyone at Barrick, I want to thank him for his commitment and wish him well in the future. Also as announced Helen Cai will be joining us as CFO on March 1, and I look forward to working with Helen as we continue to execute our growth strategy and drive long-term value for our shareholders.

因此，我謹代表巴里克公司全體員工，感謝他的付出，並祝福他未來一切順利。此外，正如先前宣布的，Helen Cai 將於 3 月 1 日加入我們擔任財務官，我期待與 Helen 合作，繼續執行我們的成長策略，並為我們的股東創造長期價值。

So thank you, everyone, for your continued interest and support. And I will just remind you, I have just about the whole ExCo team sitting around the table with me, so we should be able to manage any questions you have. So I'll hand it back to the moderator.

所以，感謝大家一直以來的關注與支持。我還要提醒各位，幾乎整個執行委員會團隊都和我一起坐在桌旁，所以我們應該能夠解答你們提出的任何問題。那我把話題交還給主持人。

(Operator Instructions) Daniel Major at UBS Securities.

（操作員說明）瑞銀證券的丹尼爾‧梅傑。

Just Graham, good luck in the future. My first question just around the IPO potential and really, I guess, it's a question on a strategic level why you believe a partial IPO of NGM and PV would unlock more value than a full separation of those assets from the remainder of the group.

格雷厄姆，祝你未來一切順利。我的第一個問題是關於 IPO 的潛力，實際上，我想，這是一個戰略層面的問題，為什麼您認為 NGM 和 PV 的部分 IPO 會比將這些資產從集團其餘部分完全剝離出來釋放更多價值。

I mean if we look at previous examples in the sector, conglomerate discounts exist due to complexity of organizations, and this won't dramatically reduce the complexity of Barrick.

我的意思是，如果我們看看該行業以前的例子，就會發現由於組織的複雜性，集團折價是存在的，而這不會大幅降低巴里克的複雜性。

Okay. Thanks, Dan. I'm going to hand it over to Graham.

好的。謝謝你，丹。我要把它交給格雷厄姆。

Thanks, Dan. Dan, I think, as you can imagine, the Board and the team have gone through a lot of different permutations. And you'll recall, we spoke about this last year as well when we first mentioned the opportunities that we were examining.

謝謝你，丹。丹，我想，正如你所想，董事會和團隊經歷了許多不同的變化。您可能還記得，去年我們首次提到我們正在考察的機會時，也談到這一點。

And they've done a lot of analysis and looked at different outcomes, different permutations. And at the end of the day, they feel that this is the best opportunity that's going to drive value uplift for shareholders.

他們進行了大量的分析，研究了不同的結果和不同的排列組合。最終，他們認為這是能為股東帶來價值提升的最佳機會。

We believe that the current portfolio of assets in North America is substantially undervalued within Barrick. And by doing the North American IPO, we'll be able to shine a light on that valuation and that light will then translate into a re-rate for all Barrick shareholders.

我們認為，巴里克目前在北美的資產組合被嚴重低估了。透過進行北美IPO，我們將能夠揭示該估值，而這項揭露將轉化為所有巴里克股東的重新估值。

So that's the focus. That's the intention. And at the end of the day, that was the view from the Board that, that was going to drive the most value of all of those options.

這就是重點。這就是目的。最終，董事會認為，在所有選項中，只有這個選項才能帶來最大的價值。

Okay. And then maybe a follow-up question on what would be the intended proceeds from the IPO.

好的。然後或許還會追問，IPO的預期收益是多少。

Again, we're in the middle of that process at the moment. There's still a lot of work that's going to have to be done between now and when we go live. And as we indicated, that's likely to be in the fourth quarter. All of that will be determined as part of the preparation work for the IPO.

目前我們正處於這個過程之中。從現在到正式上線之間，還有很多工作要做。正如我們之前提到的，這很可能發生在第四季度。所有這些都將在IPO準備工作中確定。

Okay. And then just maybe another follow-up on this similar topic. Have you had a discussion with Newmont around the clauses in the JV agreement of pertaining to changes of ownership of the Nevada JV.

好的。然後或許還可以就這個類似話題再做一次後續報道。您是否與紐蒙特公司討論過合資協議中有關內華達合資企業所有權變更的條款？

Thanks, Dan. Yeah, as you can imagine, we're very well aware of all of the legal contracts and documents that we have and we would always honor and respect those contracts and documents. We are comfortable with the progress that we're making, and we'll continue to progress down this road.

謝謝你，丹。是的，正如您所想，我們非常清楚我們所有的法律合約和文件，我們將始終尊重和履行這些合約和文件。我們對目前的進展感到滿意，並將繼續沿著這條道路前進。

Okay, great. Actually, if I could just get one more in Graham, what's the latest on the Reko Diq financing?

好的，太好了。實際上，如果我能再問格雷厄姆一個問題，Reko Diq 的融資情況最新進展如何？

Thanks, Dan. Yeah, I mean, as you saw in the press release, the Board and the management are a little concerned about the security situation on the ground in Balochistan. There's been some escalation in security events there.

謝謝你，丹。是的，我的意思是，正如你在新聞稿中看到的，董事會和管理層對俾路支省當地的安全情況有些擔憂。當地安全事件有所升級。

And as you know, our primary focus on everything we do is the safety and security of our people. And so they've asked us to do a review that situation.

如您所知，我們一切工作的首要關注點都是保障員工的安全。所以他們要求我們對這種情況進行審查。

And so clearly, as part of that review, we've indicated to the lending consortium that we need to complete that before we can close the financing. So we'll work through that, and then we will take it forward after that.

因此，很顯然，作為審查的一部分，我們已經向貸款財團表明，我們需要在完成融資之前完成這項工作。所以我們會先解決這個問題，然後再繼續前進。

Fahad Tariq at Jefferies.

傑富瑞集團的法哈德·塔里克。

Mark, right at the outset, you mentioned that in Nevada, you've done a comprehensive mine plan review from the bottom up. Can you maybe talk a little bit more about how that's changed and has been reflected in the updated guidance and maybe particularly on Carlin.

馬克，你一開始就提到，在內華達州，你們從下到上對礦山規劃進行了全面的審查。您能否再詳細談談這種情況發生了哪些變化，以及這些變化在更新後的指導方針中是如何體現的，特別是針對卡林車隊的情況？

Okay, sure. I'll give a bit of an introduction, and then I'll hand it actually over to Tim, the new COO. So look, we went back to the teams, and there had been some top-down numbers generated over the last 12 months.

好的，沒問題。我先做個簡單的介紹，然後就把麥克風交給新任營運長提姆。所以你看，我們回到各個團隊，在過去的 12 個月裡，他們得到了一些自上而下的數據。

And so we just asked the teams to go back and run the mine plans using current productivities that we are actually achieving and then building in obviously upside for productivity improvements only if there was an actual plan and any target to get up to those productivity. So it wasn't just a let's increase things by 10%.

因此，我們要求各團隊根據我們目前實際實現的生產力重新制定礦山計劃，然後考慮提高生產力的潛在成長空間，前提是有實際的計劃和目標來實現這些生產力。所以，這不僅僅是把某些東西增加 10% 的問題。

Unless there's an actual plan for that continuous improvement than it was taken out. So it's why I said at the end, too, that we have a much higher confidence and certainly in January off to a good start of achieving our guidance. But I'll hand over to Tim, if you want to add anything to that.

除非有切實可行的持續改進計劃，否則這項功能就會被移除。所以，這也是我最後所說的，我們有更高的信心，而且在1月肯定能取得良好的開端，實現我們的預期目標。如果你想補充什麼，我就把麥克風交給提姆。

Yeah. Thanks, Mark. I think as Mark said, it's about that certainty in delivery of the plan. So you will see some reductions in some of the mines like you have probably noticed in Carlin. So we do see some of them having a lower production, but we're much more confident in the delivery of that production.

是的。謝謝你，馬克。我認為正如馬克所說，關鍵在於確保計劃能夠順利實施。所以你會看到一些礦場的產量下降，就像你可能在卡林礦場注意到的那樣。因此，我們看到其中一些產品的產量較低，但我們對這些產品的交付更有信心。

And I think as Mark said and as he highlighted in the outset that performance at the Carlin roaster, having a record throughput in the last 60 days since the joint venture was formed.

正如馬克所說，正如他在一開始就強調的那樣，卡林烘焙機的表現非常出色，自合資企業成立以來的 60 天內，產量創下了紀錄。

That highlights when you can move to a planned maintenance structure, and we can cut out the interruptions and the reactive maintenance. Overall, we expect to get better results. So I think that's at the core of why we reset these plans and built them on actual past performance.

這凸顯了何時可以轉向計劃維護結構，從而消除中斷和被動維護。整體而言，我們期望取得更好的結果。所以我認為這就是我們重新制定這些計劃並根據過去實際業績來製定這些計劃的核心原因。

Okay, great. And then just on Reko Diq because you were asked about it in the previous question. Is it fair to assume that all options are on the table up to and including divesting the asset?

好的，太好了。然後就說說 Reko Diq 吧，因為上一個問題問了它。是否可以合理地假設所有選項都在考慮範圍內，包括剝離資產？

I think it's too early to say that. I mean we had the Board meeting yesterday, and they basically asked us to go back and review the project across all areas. So we're in the first stages of that and looking at what we're going to look at and what options we're going to look at. Do you want to add anything to that, Graham.

我覺得現在下結論還太早。我的意思是，我們昨天召開了董事會會議，他們基本上要求我們重新審查專案的各個方面。所以我們現在處於第一階段，正在研究我們要研究的內容和我們要考慮的方案。格雷厄姆，你還有什麼要補充的嗎？

Lawson Winder at Bank of America.

勞森·溫德就職於美國銀行。

If I could ask one follow-up on Barrick North America. Is the intention for the Barrick North America to be domiciled in the United States.

如果可以的話，我想問一個關於巴里克北美公司（Barrick North America）的後續問題。巴里克北美公司的註冊地是否打算設在美國？

Again, there's a lot of work going on, on that project. And as it's determined, we'll keep you updated.

再次強調，那個專案有很多工作正在進行中。一旦確定結果，我們會及時通知您。

On capital return, the new dividend policy is very clear and makes a lot of sense. How might share repurchases factor into capital return going forward?

關於資本回報，新的股利政策非常明確，也很有道理。未來股票回購將如何影響資本報酬？

At the moment, Lawson, the Board is very clear that they want to focus on dividends. I will say in my experience of engaging with shareholders. This is an area where everybody has a strong opinion.

勞森表示，目前董事會的立場非常明確，他們希望專注於分紅。以我與股東溝通的經驗來看。在這個問題上，每個人都有自己強烈的看法。

And I know you're never going to please everyone, because some people favor dividends and some favor buybacks. But for now, the Board is very focused on dividends and hence, the reason why they have not renewed the buyback approval.

我知道你永遠不可能讓每個人都滿意，因為有些人喜歡分紅，有些人喜歡股票回購。但就目前而言，董事會非常關注分紅，因此，他們還沒有續簽股票回購批准。

Okay, very clear. On Veladero, how would you describe that asset in terms of the importance of the overall portfolio? And would you go so far as to describe it as noncore? And have you explored the scalability of that asset? And then if so, could Pascua-Lama potentially be packaged as some sort of sale with Veladero.

好的，非常清楚。就 Veladero 而言，您如何描述該資產在整個投資組合中的重要性？你會把它描述為非核心產品嗎？您是否考慮過該資產的可擴充性？如果是這樣，帕斯誇拉馬是否有可能與貝拉德羅一起被打包出售呢？

So Lawson, we haven't Veladero is not noncore. And in fact, it's one of our top performing assets in the last 12 months. So we haven't looked at divesting it, if that's what you're asking.

所以勞森，我們沒有 Veladero 不是非核心。事實上，它是我們過去 12 個月表現最好的資產之一。所以，如果你問的是這個，那我們還沒有考慮過要剝離它。

Anita Soni of CIBC World Markets.

CIBC World Markets 的 Anita Soni。

So first question, Mark, just moving to PV. I just wanted to understand what the guidance is based on in terms of grades, recoveries given that your, as you mentioned, the grade the recovery rates are fairly low.

第一個問題，Mark，剛搬到PV。我只是想了解一下，就成績和恢復情況而言，指導方針的依據是什麼，因為正如您所提到的，您的成績恢復率相當低。

I did see you have still some of the blending of stockpiles. Is the plan to take out the stockpiles or continue to forge on with the stockpiles blended in and try to fix the recovery rates with those stockpiles?

我看到你們還有一些庫存需要混合。計劃是移除庫存，還是繼續將庫存混入其中，並嘗試利用這些庫存來提高回收率？

Okay. Well, let me start off the answer and then again, I'll hand it over to Tim. It's obviously, the 90% was in the feasibility study. We're not going to achieve that.

好的。好，我先來回答一下，然後我再把答案交給提姆。很明顯，90%指的是可行性研究中的結果。我們不可能實現這個目標。

We're targeting 84%, but to get to the 84%, we're going to have to the blending and a few other things, right? So we're currently sitting, I think, Tim, around 75%, 76%.

我們的目標是達到 84%，但要達到 84%，我們需要進行混合以及其他一些操作，對吧？所以，我認為，提姆，我們目前處於 75% 到 76% 左右。

And so we'll then ramp up over the next years as we get more confidence in how we blend the stockpiles into the fresh material and what we, when we can actually get up to that 84%. And there's also some projects we have to do as well. But Tim, do you want to expand on that?

因此，隨著我們對如何將庫存與新鮮材料混合以及何時能夠真正達到 84% 的混合比例更有信心，我們將在未來幾年逐步提高產量。此外，我們還有一些項目要做。提姆，你想詳細說嗎？

Yeah. Thanks, Mark. I think the key is to define the projects. We have hatch working with us at the site on the key projects that we can look to delivered the improvement from 76% up to 84%.

是的。謝謝你，馬克。我認為關鍵在於明確專案目標。我們已經與 Hatch 公司合作，在現場開展關鍵項目，希望能夠將改善從 76% 提高到 84%。

Those stockpiles do make a key portion of the feed over the coming three to five years. So it is important that we do optimize that and get the maximum recovery we can from that.

這些儲備將在未來三到五年內構成飼料的重要組成部分。因此，我們必須優化這個過程，並從中獲得最大的效益。

The technical report, which is coming out at the end of February, that will obviously have a lot more detail on this. But for the long assumption, we have basically updated the full recovery model to incorporate this latest test work. So we've ran that through the life of the mine.

將於二月底發布的這份技術報告，顯然對此有更詳細的說明。但對於長期假設，我們基本上已經更新了完整的恢復模型，以納入最新的測試工作。所以我們已經對礦山的整個生命週期進行了測試。

Sorry, just to reiterate that the updated 43-101, which will obviously have all of this information will be available at the end of February.

抱歉，再次重申一下，更新後的 43-101 號文件（其中顯然包含所有這些資訊）將於 2 月底發布。

Right. And I guess the question that I had as a follow-up for that part of it is do you expect to retain all of the ounces that you've reported in the reserve resource statement at year-end in that 43-101 or will that potentially take some of the ounces out?

正確的。我想就此部分提出一個後續問題，您預計在年底的 43-101 表格中保留您在儲量資源聲明中報告的所有盎司，還是可能會減少一些盎司？

No, we expect to maintain, Tim correct?

不，我們預計會維持現狀，蒂姆對嗎？

Yeah.

是的。

Yeah.

是的。

Okay. And then my second question was just with respect to the IPO. I know you're saying you'll have an update at year-end on that, sorry, it will be completed by year-end. But could you give us an idea of what portion of Nevada Gold Mines and Fourmile North American assets?

好的。我的第二個問題是關於IPO的。我知道您說年底會發布相關更新，抱歉，這件事會在年底前完成。但您能否大致說明一下內華達金礦和 Fourmile 北美資產的佔比？

What portion of those assets do you intend to IPO? I have heard ranges between 10% to 15% and north of 30%, but I'm not sure what you guys are doing?

您打算將其中多少資產進行IPO？我聽過10%到15%之間的範圍，也聽過30%以上的，但我不太清楚你們具體是怎麼做的？

I think it's fair to say to be on the lower end of that and be a minority part of those assets.

我認為可以公平地說，我所擁有的資產處於較低水平，並且只佔這些資產的一小部分。

So 10% more along the lines of 10% to 15%?

所以是比之前高出10%，也就是在10%到15%之間嗎？

Sure, yes.

當然可以。

Bennett Moore at JPMorgan.

摩根大通的貝內特摩爾。

I wanted to come to Mali. And since gaining control back there, what is the dialogue been with the government? And what are the state of the assets? And is there any incremental investment required there?

我想來馬裡。自從重新控制該地區以來，與地方政府的對話情況如何？這些資產的狀況如何？那裡是否需要額外的投資？

Okay. Ben. Let me hand it over to Seth, if he can give us an update.

好的。本。我把麥克風交給塞思，看看他能否提供我們最新情況。

Bennett, the relationship is really at a reset and the engagement so far has been really positive. We took control of the asset on of December 16. It was actually in much better shape than we expected.

貝內特，你們的關係真的已經重新開始了，到目前為止，我們的關係進展得非常順利。我們於12月16日接管了該資產。實際上，它的狀況比我們預想的要好得多。

So we started all feeding lower-grade stockpiles and at this point, we've now started up all three of the underground mines, and we are ramping up the open pit, which we expect to be doing that in the second half of this year.

因此，我們開始向低品位礦石堆場輸送礦石，目前，我們已經啟動了所有三個地下礦，並且正在逐步擴大露天礦的開採規模，我們預計將在今年下半年實現這一目標。

And so the focus is really on getting that ramp up in a safe manner and so that we can achieve our historical run rates by the end of this year. And so you would have seen in our in our guidance that for Loulo-Gounkoto, this year, we are guiding between 260,000, and 290,000 ounces attributable.

因此，重點在於以安全的方式逐步提高產能，以便我們能夠在今年年底前達到以往的產能水準。因此，您應該已經在我們的指導下看到，今年 Loulo-Gounkoto 的產量預計在 26 萬至 29 萬盎司之間。

And now with the employees no longer detained and they were seemingly behind. Just wanted to get your latest thoughts on a potential asset sale there. Have you seen any interest or dialogue from other parties?

現在員工不再被拘留，他們似乎落後了。想聽聽您對那裡的潛在資產出售的最新看法。您是否看到其他方面有任何興趣或對話？

Now I think at this point, the focus is really on ramping up that mine and restoring the relationship and everyone's really committed to do that.

現在我認為，目前的重點是真正提高該礦的產量並恢復關係，每個人都致力於做到這一點。

Carey MacRury at Canaccord Genuity.

Carey MacRury，Canaccord Genuity公司。

Yeah, just coming back to the IPO. Just wondering about the timing. I mean production in Nevada has come down pretty much consistently every year. It looks like it will be lower again this year. So just wondering why now and not when Nevada looks a bit more stabilized.

是的，我們再來談談IPO的事。只是想了解一下時間安排。我的意思是，內華達州的產量幾乎每年都在持續下降。看來今年價格還會更低。所以我想知道為什麼是現在而不是內華達州局勢看起來更穩定一些的時候。

Okay. So look, Kerry, this is Mark. I'll spend a lot of time in Nevada over the last four months, as you can imagine. So I think Nevada is stabilized. And I think what we've demonstrated in a very short time, far quicker than I thought that we have given control back to the general manager.

好的。凱瑞，你看，這是馬克。正如你所想，在接下來的四個月裡，我會在內華達州待很久。所以我認為內華達州局勢已經穩定下來了。我認為我們在很短的時間內，比我預想的要快得多，就證明了我們已經把控制權交還給了總經理。

We have a very strong team in Nevada like we've had for 20 years. And you've seen the performance in Q4 and January is even stronger. Again, as I said, I think the best January we've had in five years.

我們在內華達州擁有一支非常強大的團隊，就像過去 20 年一樣。你們也看到了，第四季的業績表現強勁，而一月份的業績甚至更加出色。正如我之前所說，我認為這是五年來最好的1月。

So I am completely comfortable they're going to deliver this year every quarter, which you're going to see before we go to this IPO. And I think we're now in a position where we won't disappoint and that production over time will actually grow. And again, Tim, anyone else, feel free to chime in if you got anything else.

所以我完全相信他們今年每季都能準時交付，在IPO之前你們就會看到這一點。我認為我們現在所處的位置不會讓大家失望，而且隨著時間的推移，產量實際上會成長。提姆，還有其他人，如果你們還有其他想法，歡迎隨時補充。

Okay. And maybe just on the 2027 outlook, if you can just sort of walk through sort of the big, what's moving from 2026 to 2027?

好的。或許可以展望一下 2027 年，簡單介紹一下 2026 年到 2027 年有哪些重大變化？

Is that, sorry, Carey, is that for the group or at NGM.

抱歉，凱瑞，那是給團隊的還是給 NGM 的？

No, the group level.

不，是群體層面。

Yeah. So the biggest move is really our continued to increase at Loulo-Gounkoto and a small increase at Nevada and then an increase in PV. So those are the three key areas.

是的。因此，最大的變化是 Loulo-Gounkoto 的價格持續上漲，Nevada 的價格小幅上漲，然後 PV 的價格也上漲了。以上就是三個關鍵領域。

Josh Wolfson at RBC Capital Markets.

加拿大皇家銀行資本市場的 Josh Wolfson。

I noticed the new guidance methodology doesn't include costs or CapEx indications for the next couple of years. The historical guidance of the company did indicate that there was a cost reduction over time. How should we think about costs going forward after 2026?

我注意到新的指導方法論中沒有包含未來幾年的成本或資本支出指標。該公司的歷史業績表明，隨著時間的推移，成本有所降低。我們該如何看待2026年以後的成本問題？

Graham, do you want to address that?

格雷厄姆，你想談談這個問題嗎？

Yeah. I mean, Josh, obviously, we didn't give you guidance. So I'm not about to give you guidance now. But I think broadly, I would say flat would probably be a better way of thinking about it.

是的。我的意思是，喬希，很顯然，我們沒有給你指導。所以我現在不打算給你指導。但總的來說，我認為用「扁平化」來思考這個問題可能更合適。

And then another question on the IPO. I'm wondering how is the company thinking about the management of NewCo and what sort of governance rights will Barrick have with the stake given it still will be controlling.

然後又問了一個關於IPO的問題。我想知道該公司對新公司的管理有何考慮，以及鑑於巴里克仍將持有控股權，它將擁有什麼樣的治理權。

And then sort of along those lines, how is the company ensuring that both Barrick shareholders will be aligned with the NewCo shareholders?

那麼，依照這個思路，公司如何確保巴里克的兩位股東與新公司的股東利益一致呢？

Well, Josh, I think it's too early to say. I mean we're starting a nine month process. And as I said, we'll keep you updated as we move along. But I haven't got the answers to those questions at the moment.

喬希，我覺得現在下結論還太早。我的意思是，我們將啟動一個為期九個月的流程。正如我所說，我們會隨時向您報告進度。但我目前還沒有這些問題的答案。

Martin Pradier at Veritas.

Martin Pradier 在 Veritas。

My question is, if you can unpack a little bit the big cost increase from this year from the outlook compared to 2025. What are the big drivers, if you can provide some color for gold and for copper, please?

我的問題是，您能否稍微分析一下，與 2025 年相比，今年成本大幅成長的原因？請您具體介紹黃金和銅的驅動因素，以及它們的主要影響因素。

Thanks, Martin. Really, there's sort of three buckets, two of which are the most significant. The first one is the gold price assumption. Martin, can you hear us? Looks like we've lost Martin.

謝謝你，馬丁。實際上，大致可以分為三個類別，其中兩個類別最為重要。第一個假設是黃金價格。馬丁，你聽得到我們說話嗎？看來我們失去馬丁了。

John Tumazos at Very Independent Research.

John Tumazos，來自 Very Independent Research。

Barrick sold 31 million ounces of gold resources for $2.55 billion or $82 an ounce. Will you sell any more gold? Is it because you don't have enough managers for all of your properties? Or would you reverse course and buy gold to offset the gold you sold?

巴里克黃金公司以 25.5 億美元（每盎司 82 美元）的價格出售了 3,100 萬盎司黃金資源。你還會出售更多黃金嗎？是因為你們沒有足夠的管理人員來管理所有物業嗎？或者你會反其道而行之，買進黃金來抵銷你賣出的黃金嗎？

John, I think it's not a question of just selling gold for the sake of selling gold. It's really about focusing on a strategy. Our strategy has always been to focus on our Tier one high-quality assets. And the dispositions that we've made have been in respect of those assets that didn't fit that strategic filter.

約翰，我認為這不僅僅是為了賣黃金而賣黃金的問題。關鍵在於制定策略。我們的策略始終是專注於我們一流的優質資產。我們所做的資產處置，都是針對那些不符合策略篩選標準的資產。

So we have definitely continued to invest in gold going forward in line with our strategy. We definitely believe in gold and the focus of this company going forward is very much around gold. But it's within the constraints of the strategy.

因此，我們肯定會繼續按照我們的策略投資黃金。我們堅信黃金的價值，公司未來的發展重點也將圍繞著黃金。但這都在戰略框架之內。

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

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 first quarter results call in May. Please get in touch with us if you have any further follow-up questions. Thanks again.

偉大的。謝謝各位今天蒞臨。我們期待在五月的第一季業績電話會議上再次與您交流。如果您還有任何後續問題，請與我們聯絡。再次感謝。

Thanks, everyone.

謝謝大家。