Barrick Mining Corporation (B) 2026 Q2 法說會逐字稿

Welcome to Barrick's second-quarter 2026 results presentation. (Operator Instructions) As a reminder, this event is being recorded, and a replay will be available on Barrick's website later today.

歡迎收看巴里克（Barrick）2026 年第二季業績簡報。(接線員指示) 提醒各位，本活動正在錄音，稍後今天將可於巴里克網站收聽重播。

I will now turn the call over to Emily Chieng, Vice President of Investor Relations. Please go ahead.

現在我將把電話會議交給投資人關係副總裁 Emily Chieng。請開始。

Thank you, and good morning, everyone. We hope you've had an opportunity to review the press releases issued before the market opened this morning. The presentation deck we'll review is also available to download on our website.

謝謝，各位早安。我們希望各位已經有機會閱讀今天早上開盤前發布的新聞稿。我們將要回顧的簡報投影片也可在我們的網站下載。

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

今天由巴里克總裁兼執行長 Mark Hill，以及資深執行副總裁兼財務長 Helen Cai 進行簡報。在我們的預備發言結束後，巴里克管理團隊其他成員也將出席問答。

Before we begin, please note that there will be 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 those forward-looking statements. This material is also available on our website.

在開始之前，請注意本簡報將包含前瞻性陳述。本頁投影片摘要列示可能影響巴里克未來表現，以及我們履行該等前瞻性陳述能力的重大風險與因素。相關資料亦可於我們網站取得。

With that, I'll turn it over to Mark.

接下來我把時間交給 Mark。

Okay. Thanks, Emily, and good morning, everyone. So for those who don't know Emily, she is our new Vice President of Investor Relations and joins us from US Steel.

好的。謝謝 Emily，各位早安。對於還不認識 Emily 的朋友，她是我們新任投資人關係副總裁，先前任職於美國鋼鐵（US Steel）。

So before we share our full quarterly results, I want to begin with the agreement with Newmont we announced today. And actually, I want to go off script straight away to make the lawyers nervous here. So I want to clarify a few misconceptions here.

在我們分享完整的季度業績之前，我想先從我們今天宣布與紐蒙特（Newmont）達成的協議談起。其實我想立刻先不照稿念，讓法務同仁緊張一下。我想澄清幾個誤解。

So firstly, the total value of that package is approximately $4 billion. So obviously, it includes the proportion of Fourmile, but it also includes contribution of Newmont's properties, Mike and Fiberline, which had, I think it's around 6.4 million ounces as well. It is also the cost of resolving historical disputes and litigation between the joint venture partners. And it also reduces the friction costs of the planned IPO, which will unlock even greater value for the shareholders beyond the cash proceeds from the transaction. And as we've said, they will be largely returned to the shareholders.

首先，該方案的總價值約為 40 億美元。當然，其中包含 Fourmile 的相應權益，但也包含紐蒙特的 Mike 與 Fiberline 資產的貢獻，我記得大約也有 640 萬盎司左右。此外，這也涵蓋了解決合資夥伴之間歷史爭議與訴訟的成本。同時也降低了規劃中 IPO 的摩擦成本，這將在交易現金收益之外，為股東釋放更大的價值。而如同我們所說，這些收益將在很大程度上回饋給股東。

So moving on, we've reached this agreement after four months of negotiation, so it now enables us to focus on delivering value through safely and consistently producing ounces. And our interests now are completely aligned as joint venture partners, which is critical. And I did want to actually thank our counterparts at Newmont, Natasha and her team, and of course, everyone on the Barrick team, for the enormous amount of effort and work that's gone into this over the last four months to reach this agreement.

接著，我們在四個月的談判後達成這項協議，因此現在使我們能專注於透過安全且穩定地生產盎司數來創造價值。我們作為合資夥伴的利益如今已完全一致，這點至關重要。我也想感謝紐蒙特的對口團隊 Natasha 及其團隊，當然也包括巴里克團隊的每一位，過去四個月為達成此協議投入了大量努力與工作。

Now, so before I get into the results, there's also a couple of other things I would like to highlight, which I think are the key strengths that have come out of Barrick over the last nine months. So first, our leadership team. So over the last 10 months, we've improved the operational performance across the entire business. And that's thanks to the strength of our operating site teams, so it's our GMs and everyone right down through to the mining front. So we've also strengthened our relationship with Newmont, as we just said, positioning us well to grow and develop NGM further, which is also critical.

在我進入業績之前，還有幾點我想強調，我認為這些是巴里克在過去九個月展現出的關鍵優勢。第一，我們的領導團隊。過去 10 個月，我們提升了整個業務的營運表現。這要歸功於我們各營運據點團隊的實力，也就是我們的總經理（GMs）以及一路到採礦前線的每一位同仁。此外，正如剛才所說，我們也強化了與紐蒙特的關係，使我們在進一步成長與開發 NGM 方面具備良好定位，這同樣至關重要。

Second, with the IPO, we're building the only major American pure gold company with high quality, long life assets. That is exactly what investors, including some of the world's fastest-growing source of capital, are looking for.

第二，透過 IPO，我們正在打造唯一一家主要的美國純黃金公司，擁有高品質、長壽命資產。這正是投資人所尋求的，包括全球成長最快的一些資本來源。

And third, outside of North America, the rest-of-the-world portfolio, which has a significant growth profile, also has a distinctive advantage in our ability to work with our Chinese partners, including, as you know, our joint mine ownership and co-investment. And this enables us greater efficiency and supply chain strength, which has helped us control our cost and partnerships that improve outcomes and reduce our risk.

第三，在北美以外，我們的世界其他地區投資組合具備顯著的成長動能，同時我們與中國合作夥伴合作的能力也具有獨特優勢，包括各位所知的礦山合資持有與共同投資。這使我們能提升效率並強化供應鏈韌性，進而協助我們控制成本，並透過改善成果、降低風險的夥伴關係來推進業務。

So with this context, let me turn to our result for the quarter. As I said, we've had our third quarter in a row with excellent operating and financial results. We delivered on all four of our priorities for the year, the same priorities outlined at the start of the year. We continue to improve our safety performance. I'll get to that a bit later, but there's obviously still more work to be done there.

在此背景下，讓我談談本季業績。如我所說，我們已連續第三個季度取得優異的營運與財務成果。我們達成了今年四項優先事項，也就是年初所提出的同樣四項優先事項。我們持續改善安全表現。我稍後會再談，但顯然在這方面仍有更多工作要做。

We delivered our gold production above guidance and met our cost guidance. We advanced our growth projects, Fourmile, Lumwana, and the PV expansion, which remain on time and on budget. Not often you hear that in the mining industry. We continue to review Reko Diq and commence the flow down development on July 1, as previously disclosed. And our delivering on production and meeting our cost guidance also allowed us to deliver strong financial results, which Helen will discuss a bit later. And finally, we achieved major milestones in the preparation of our IPO of our North American gold asset, which is on track to be completed by the end of the year.

我們的黃金產量高於指引，並達成成本指引。我們推進成長專案 Fourmile、Lumwana 以及 PV 擴建，皆維持按期且在預算內。在礦業並不常聽到這樣的情況。我們持續審視 Reko Diq，並如先前揭露，自 7 月 1 日起啟動下游（flow down）開發。而在達成交付產量並符合成本指引的同時，也使我們繳出強勁的財務成果，Helen 稍後會再說明。最後，我們在籌備北美黃金資產 IPO 方面達成多項重要里程碑，並按計畫可於年底前完成。

Now, let me move to safety, which is still our number one priority. Our goal is that everyone obviously goes home safe and healthy every day. We saw a reduction quarter on quarter in our frequency rate, being that from 0.92 to 0.77. But disappointingly, we still had six LTIs. So there's still a lot of work to do. It's completely unacceptable, and we need to focus on our safety until we get to our target, zero harm.

接下來談安全，這仍是我們的第一優先。我們的目標是讓每個人每天都能安全、健康地回家。我們的頻率率（frequency rate）較上一季下降，從 0.92 降至 0.77。但令人失望的是，我們仍發生 6 起 LTI（損失工時傷害）。因此仍有大量工作要做。這是完全不可接受的，我們必須專注於安全，直到達成我們的目標：零傷害。

So all of our leaders, all the way up to the Executive Committee, including myself, are spending more time in the field and at the mine site. They're doing more critical control verification and fixing more risks on the spot. On top of that, we've also invested over $90 million this year in technology to improve safety. So this includes opt-out automation of mining equipment, right down to vehicle dashcams, safety reporting software, and AI analytics. And we're also working hard to engineer out as many safety hazards as possible.

因此，我們所有領導者一路到執行委員會（Executive Committee），包括我本人，都花更多時間在現場與礦區。他們進行更多關鍵控制驗證（critical control verification），並在現場即時修正更多風險。此外，我們今年也投資超過 9,000 萬美元於技術以提升安全。其中包括採礦設備的自動化（opt-out automation），一直到車輛行車記錄器（dashcams）、安全通報軟體與 AI 分析。我們也正努力透過工程手段盡可能消除更多安全危害。

So turning to our Q2 highlights. Actually, before I start on the Q2 highlights, one other thing I'd like to clarify is our adjusted earnings, which is $0.82 per share, is in line with the Bloomberg consensus. There's some media out there this morning that says it's not, that we missed, but I'm not sure what the source of that is.

接著談我們第二季重點。其實在開始第二季重點之前，我還想澄清一點：我們的調整後盈餘為每股 0.82 美元，與彭博（Bloomberg）一致預期相符。今天早上有些媒體報導說不相符、說我們未達預期，但我不確定其消息來源為何。

Barrick produced 796,000 ounces of gold in the quarter, which was 3% above guidance and 11% over Q1. The main drivers of that were we progressed the ramp-up of Loulo-Gounkoto ahead of schedule. PV ramped up faster than expected after the maintenance shutdown in Q1. And we mined record tons underground at Cortez and continued the ramp-up at Goldrush.

Barrick 本季黃金產量為 796,000 盎司，較指引高出 3%，較第一季高出 11%。主要推動因素是我們將 Loulo-Gounkoto 的產能爬坡提前於原定時程推進。PV 在第一季維修停機後的爬坡速度快於預期。此外，我們在 Cortez 的地下礦開採量創下紀錄，並持續推進 Goldrush 的爬坡。

On the copper side, we produced 56,000 tons. We managed costs well, and our gold costs, as I said, were within guide. Our earnings nearly doubled year over year, and we more than doubled quarterly shareholder returns to $1.5 billion.

在銅方面，我們產量為 56,000 噸。我們良好地管理了成本，而我們的黃金成本，如我所說，也在指引範圍內。我們的獲利年增近一倍，且我們將季度股東回饋提高至超過兩倍，達 15 億美元。

And the strong performance for Q2 is obvious across all of our regions. So North America continued to anchor our world-class portfolio. NGM and PV both registered year-over-year revenue growth. Together, they accounted for 53% of our total attributable adjusted EBITDA at a margin of 61%. Our other regions also delivered strong gold production with meaningful attributable EBITDA at margins of 59%. Copper continued to perform well and delivered comparable margins for our gold (inaudible)

而第二季的強勁表現，在我們所有地區都很明顯。因此，北美持續支撐我們的世界級資產組合。NGM 與 PV 皆錄得年對年營收成長。兩者合計占我們可歸屬調整後 EBITDA 總額的 53%，利潤率為 61%。我們其他地區也交出強勁的黃金產量，並以 59% 的利潤率貢獻具規模的可歸屬 EBITDA。銅業務持續表現良好，並為我們的黃金帶來相近的利潤率(聽不清楚)

So moving on to growth. As I said, our growth projects advanced on federal agreement order. So Fourmile, we ramped up the drilling to 20 active rigs, and we plan to complete the PFS by the end of 2028.

接著談成長。如我所說，我們的成長專案依照聯邦協議命令推進。以 Fourmile 為例，我們已將鑽探提升至 20 部運作中的鑽機，並計畫在 2028 年底前完成 PFS（初步可行性研究）。

At Lumwana, we made good progress on the mill expansion, which will double the copper production. We expect the project's 2026 CapEx to come in at the lower end of guidance. And the project remains on budget. We're on track to produce our first copper from the expansion by the end of Q1 in 2028.

在 Lumwana，我們在磨礦廠擴建方面取得良好進展，該擴建將使銅產量倍增。我們預期該專案 2026 年資本支出將落在指引區間的低端。且專案仍在預算內。我們正按計畫在 2028 年第一季末前，從擴建項目產出第一批銅。

The PV expansion also advanced on schedule. We've made progress on permitting and construction across the tailings facility, haul roads, and water treatment plant. And we're also very pleased to report that we now have 90% of resettlement packages being accepted.

PV 擴建也按期推進。我們在尾礦設施、運輸道路與水處理廠的許可與施工方面均取得進展。此外，我們也很高興報告，目前已有 90% 的安置補償方案獲得接受。

We continue to review Reko Diq, as previously disclosed, and we've decided we won't start building the plant this year. So we've reduced our expected 2026 attributable CapEx. It was $600 million to $700 million and is now $450 million to $500 million. So the lower spend on Lumwana and Reko Diq has reduced group guidance for 2026 total attributable CapEx to $3.8 billion to $4.3 billion.

我們持續檢視 Reko Diq，如先前所揭露，並已決定今年不會開始建造工廠。因此，我們下調了 2026 年預期可歸屬資本支出。原先為 6 億至 7 億美元，現為 4.5 億至 5 億美元。因此，Lumwana 與 Reko Diq 較低的支出，使集團 2026 年可歸屬總資本支出指引下調至 38 億至 43 億美元。

So back to the IPO of our North American assets. So as I said, this entity will be a high-quality, pure-gold play company, which assets are located exclusively in low-risk jurisdictions. And what I'm pleased to share is that the Board has selected me to lead the new company as a CEO upon launch.

回到我們北美資產的 IPO。如我所說，該實體將是一家高品質、純黃金標的公司，其資產全部位於低風險司法管轄區。我很高興分享的是，董事會已選定我在新公司上市啟動後擔任執行長（CEO），領導這家新公司。

We've completed all operating and separation agreements between Barrick and the new company. And we remain on track to complete the IPO by the end of the year. And we expect the vast majority of net proceeds raised to be returned to shareholders. I know several people have asked me in the past.

我們已完成 Barrick 與新公司之間所有營運與分拆協議。我們仍按計畫在年底前完成 IPO。我們預期募集到的淨收益絕大部分將回饋給股東。我知道過去有幾位人士曾問過我。

So I'll now turn it over to Helen Cai, our CFO, who will review our financial performance.

接下來我把時間交給我們的財務長（CFO）Helen Cai，她將回顧我們的財務表現。

Thank you, Mark, and good morning, everyone.

謝謝你，Mark，各位早安。

Q2 marked the third consecutive quarter of strong production, cost performance, and financial results. Net earnings were $1.2 billion, a 50% increase year over year. Adjusted net earnings was $1.36 billion, which equates to adjusted EPS of $0.82, in line with Bloomberg consensus. Attributable adjusted EBITDA of $2.5 billion was up 51% year over year, with a 59% margin.

第二季是連續第三個季度在產量、成本表現與財務結果方面都表現強勁。淨利為 12 億美元，年增 50%。調整後淨利為 13.6 億美元，折合調整後每股盈餘（EPS）0.82 美元，符合彭博一致預期。可歸屬調整後 EBITDA 為 25 億美元，年增 51%，利潤率為 59%。

On a cash flow basis, the second quarter is typically our lowest each year for free cash flow, due to the timing of our annual tax and interest payment. This quarter, we also incurred a one-time $200 million payment related to Loulo-Gounkoto. Combined, this led to a 33% decline in year-over-year attributable free cash flow. Excluding this, attributable free cash flow for the quarter would have been over 60% higher year over year. Year to date, attributable free cash flow has been $1.4 billion, more than double the same period last year.

以現金流角度來看，由於年度稅款與利息支付的時間點，第二季通常是我們每年自由現金流最低的季度。本季我們也發生一筆與 Loulo-Gounkoto 相關的一次性 2 億美元付款。合計之下，導致可歸屬自由現金流年對年下降 33%。若排除此因素，本季可歸屬自由現金流將較去年同期高出逾 60%。年初至今，可歸屬自由現金流為 14 億美元，較去年同期增加逾一倍。

Turning to the operations. Gold production increased 11% quarter over quarter and exceeded guidance. We continue to operate within our cost guidance, reflecting an acute focus on operational efficiencies to offset fuel price pressures. We closed Q2 with a healthy $1.2 billion of net cash on the balance sheet, giving us flexibility to continue investing in our highest-return opportunities and returning capital to shareholders.

接著談營運。黃金產量季增 11%，並超出指引。我們持續在成本指引範圍內營運，反映我們高度聚焦營運效率，以抵銷燃料價格壓力。第二季結束時，資產負債表上淨現金達 12 億美元，讓我們能更有彈性地持續投資於最高回報機會，並將資本回饋給股東。

Turning to our capital allocation framework. We have three priorities: first, managing the balance sheet with discipline; second, investing in our assets to drive earnings-accretive growth; and third, returning capital to shareholders. Our framework is designed to be sustainable through the cycle.

接著談我們的資本配置框架。我們有三項優先事項：第一，以紀律管理資產負債表；第二，投資於我們的資產以推動增厚獲利的成長；第三，將資本回饋給股東。我們的框架設計為可在景氣循環中維持可持續性。

On the balance sheet, we ended the quarter with meaningful access to liquidity, an undrawn $3 billion revolving credit facility, and no meaningful debt due until 2033.

在資產負債表方面，我們在季末擁有充足的流動性管道，包括一筆未動用的 30 億美元循環信用額度，且在 2033 年之前沒有具規模的到期債務。

Turning to our portfolio. Lumwana and Fourmile are two clear examples where we are strategically deploying capital into organic opportunities that we believe will generate superior returns. More broadly, we intend to identify similar earnings-accretive opportunities to strengthen our growth profile while remaining disciplined in how and when we deploy capital. This is not about growth for the sake of it; it is about creating value over time with a suite of assets that has extraordinary growth potential.

接著談我們的資產組合。Lumwana 與 Fourmile 是兩個明確例子，顯示我們正策略性地將資本投入我們認為可帶來優異回報的內生成長機會。更廣泛而言，我們打算辨識類似的增厚獲利機會，以強化我們的成長輪廓，同時在資本投入的方式與時點上保持紀律。這不是為了成長而成長；而是透過一組具備卓越成長潛力的資產，隨時間創造價值。

And finally, we are executing against our capital returns policy. Our dividend policy provides for a quarterly base dividend of $0.175 per share, with an additional performance top-up at year-end to target a total payout of 50% of attributable free cash flow.

最後，我們正落實我們的資本回饋政策。我們的股利政策提供每季每股 0.175 美元的基本股利，並在年末依績效加發，以使總派發目標達到可歸屬自由現金流的 50%。

We also completed $1.2 billion of share repurchases this quarter of the $3 billion authorization that was announced last quarter. In the three quarters since new leadership began in October 2025, Barrick has returned $3 billion in dividends and buybacks to shareholders, more than double the prior corresponding period. We expect a careful execution of our capital allocation strategy to drive further shareholder returns.

本季我們也完成了 12 億美元的庫藏股回購，該回購屬於上季宣布的 30 億美元授權額度的一部分。自 2025 年 10 月新管理團隊上任以來的三個季度，Barrick 已透過股利與回購向股東回饋 30 億美元，較前一個對應期間增加逾一倍。我們預期審慎執行資本配置策略將帶動進一步的股東回報。

In summary, our capital allocation framework is disciplined, flexible, and designed to work throughout the cycle. It supports reinvestment in the business, advances growth, protects the balance sheet, and creates a clear pathway for returning excess cash to shareholders.

總結而言，我們的資本配置框架嚴謹且具彈性，並且旨在於整個景氣循環中都能發揮作用。它支持對業務再投資、推動成長、保護資產負債表，並為將多餘現金回饋股東建立清晰的路徑。

With that, I will turn the call back over to Mark.

接下來，我把電話交回給 Mark。

Okay. Thank you, Helen.

好的。謝謝你，Helen。

So just on guidance, our 2026 production and cost guidance remain unchanged. For the third quarter, we expect gold production to be higher than Q2, consistent with our plan, and we expect even higher production in the fourth quarter. Copper production should also increase in the second half of the year relative to the first half.

就指引而言，我們 2026 年的產量與成本指引維持不變。第三季，我們預期黃金產量將高於第二季，符合我們的計畫，而第四季我們預期產量會更高。銅產量在下半年相較上半年也應會增加。

So to say it again, since October 2025, we have consistently delivered against our strategic priorities and set a new standard of operational performance. And again, I'd like to congratulate our GMs and our people on the site. We continue to focus on controlling costs, capital intensity, and productivity. And based on what we see today, we remain confident in our ability to deliver on our full-year commitment for 2026.

再重申一次，自 2025 年 10 月以來，我們持續在策略優先事項上交出成果，並樹立了營運績效的新標準。同時，我也要祝賀我們的總經理（GM）以及現場的同仁。我們仍專注於控管成本、資本強度與生產力。基於我們目前所見，我們對於達成 2026 年全年承諾的能力仍充滿信心。

So just a couple of things to conclude. So obviously, again, I'm going to finish with the most important thing, which is safety. And as I said, even though we've seen significant improvements, everyone is still focused on making sure every employee goes home safe every day. We have improved our operational consistency, which is what I said, and we've delivered on our guidance again.

最後再補充幾點作結。很明顯地，我再次要以最重要的一點作結，也就是安全。如我所說，即便我們已看到顯著改善，所有人仍專注於確保每位員工每天都能平安回家。我們提升了營運一致性（我剛才也提到），並再次達成我們的指引。

And as I said before, we've delivered on all our projects that are on time and on budget, and I'll say again, I'm not sure how many times we do that in the morning. And we have advanced our North American IPO on schedule as well. So we're basically on track to execute against all the four priorities that we set at the start of the year. And so again, I want to say, and of course, we've transformed this relationship with Newmont, which allows us to get full value and expand NGM.

而且如我先前所說，我們所有專案都按時、按預算交付；我再說一次，我不確定我們早上要講多少次。我們也按計畫推進北美 IPO。因此，我們基本上正按軌道執行年初設定的四項優先事項。另外我也想再說一次，當然，我們也改造了與 Newmont 的合作關係，讓我們能取得完整價值並擴大 NGM。

So with that, I'll hand it back to the moderator for Q&A. Thank you.

那麼，我把時間交回主持人進行問答。謝謝。

(Operator Instructions) Josh Wolfson, RBC.

(接線員指示) Josh Wolfson，RBC。

Thank you very much, operator. And thank you, Mark, for those introductory comments and some of the numbers that were provided. I'm wondering if you can maybe break down more of the information behind the different values that would have been attributed to the agreement components. So I guess, what would have been Mike and Fiberline within that $1.95 billion and then perhaps what the adjustments would have been to the prior disputes? Thank you.

非常感謝，接線員。也謝謝 Mark 的開場評論以及提供的一些數字。我想請問你是否能更進一步拆解一下，協議各個組成部分背後所歸屬的不同價值資訊。也就是說，在 19.5 億美元之中，Mike 和 Fiberline 各自大概會是多少？以及先前爭議的調整可能會是什麼？謝謝。

Okay. So Josh, just to be clear, I'm not going to break it down. So on the prior disputes, I mean, I can't give a number on that. We would have had to go through a process to actually get to that number. So we just got to where we are. And then on the structural changes, I mean, now that we have this agreement done, we're actually going to go away and optimize this structure for the IPO. So as you can imagine, that's a bit of a working process. And so the overall value that we had on the table at the end of this discussion was about [$4 billion] that I highlighted.

好的。Josh，先說清楚，我不會把它拆開來講。至於先前的爭議，我是說，我無法提供那方面的數字。我們必須走一個流程才能真正算出那個數字。所以我們就先走到目前這一步。至於結構性變更，我是說，現在協議已完成，我們接下來會去為 IPO 最佳化這個架構。如你所想，這會是一個持續推進的工作流程。而在這次討論結束時，我剛才強調的整體桌面價值大約是[40 億美元]。

And just one other thing, Josh, the thing I want to highlight is since I started this job, NGM has a lot of opportunity. I mean, you know the assets well and I'm sure you agree with that. There's been no increase in processing capacity there for years. I mean, we're dealing with 25-year-old infrastructure, and then we have something like Fourmile that comes in, which is a world-class asset. And the answer is that we're just going to feed that through the current infrastructure and delay the other rounds, which anywhere else in the world, if you found that number of ounces, you would be wanting to bring that in early.

另外還有一點，Josh，我想強調的是，自從我開始做這份工作以來，NGM 有很多機會。你很了解這些資產，我相信你也同意。那裡多年來處理產能都沒有增加。我們面對的是 25 年的老舊基礎設施，但同時又有像 Fourmile 這樣的世界級資產進來。而答案卻是我們只會把它送進現有基礎設施處理，並延後其他階段；但在世界上任何其他地方，如果你發現那麼多盎司，你會希望更早把它導入。

So my discussions with Natasha and Newmont right from word go was how do we get this together so we can optimize NGM. And by optimize, I want to look at increasing processing capacity. I want to stop trucking ore all over the state. And the only way I can do that is if we combine all these assets now and work together to see if we can justify a roaster or an autoclave and what we need to build, what infrastructure we need at Cortez to process Fourmile and Goldrush, get our cost structure in place and increase our overall ounces.

因此，我從一開始就與 Natasha 和 Newmont 討論：我們要如何把這件事整合起來，才能最佳化 NGM。所謂最佳化，我想要提升處理產能。我想要停止把礦石用卡車運遍整個州。而我能做到的唯一方式，就是現在把所有這些資產整合起來並共同合作，看看是否能證成建置焙燒爐（roaster）或高壓釜（autoclave），以及我們需要建什麼、在 Cortez 需要哪些基礎設施來處理 Fourmile 和 Goldrush，建立我們的成本結構並提高整體盎司數。

So where we've landed now, at least we're in a position in my view to add a lot of value very quickly without getting into these disputes about allocation of resources. And obviously, Josh, there'll be a lot of synergies as well, because we're just going to use the same team. We're going to combine them all together, all the same equipment, and we can advance this a lot quicker. And that was obviously my ultimate goal.

所以我們現在落腳的結果，至少在我看來，是讓我們能在不陷入這些資源分配爭議的情況下，很快創造大量價值。而且很明顯地，Josh，也會有很多綜效，因為我們會使用同一個團隊。我們會把它們全部整合在一起、使用相同的設備，並能更快推進。那顯然就是我最終的目標。

Great. Thank you for that detail. Just a follow-up question. With this resolution now completed, is the company considering a different structure in the IPO versus the 10% to 15% minority that was historically reviewed? And could you go larger? And if the company went larger, under what circumstances would there be a shareholder vote?

很好。謝謝你提供這些細節。再追問一題。現在這項解決方案已完成，公司是否正在考慮在 IPO 上採用不同於過去評估的 10% 到 15% 少數股權的結構？是否可能做得更大？如果公司做得更大，在什麼情況下需要股東投票？

Josh, it'll still stay at 10%. I don't see any of that just the way the company is structured. Anyone correct me.

Josh，仍會維持在 10%。就公司架構而言，我看不出會有那種情況。如果有人要補充請指正我。

Yeah, Josh. Sorry, it's George speaking. That's exactly it. I think it's just a matter of looking at the structures that we started looking at right at the beginning, comparing it to the current structure, because as Mark said, it's friction costs, but then you can also look at where it's domiciled, et cetera.

對，Josh。抱歉，我是 George。就是這樣。我認為現在只是要回頭檢視我們一開始研究的那些架構，並與目前的架構比較；因為如 Mark 所說，這涉及摩擦成本，同時也可以看它的註冊地等因素。

So there's all these things that we need to go back and look at now that we have the agreement. And again, as Mark said, that's where the value comes as well. We have this flexibility and optionality.

所以在我們已達成協議之後，還有這些事情需要回頭再看。而且如 Mark 所說，價值也來自於此。我們具備這種彈性與選擇權。

Great. Thank you very much.

很好。非常感謝。

Our next question comes from Tanya Jakusconek.

我們的下一個問題來自 Tanya Jakusconek。

Good morning. The first one is just coming back to Josh's question. Should we be thinking, Mark, that it was $4 billion of the Newmont assets plus dispute plus the $2 billion that is a top-up for a total of $6 billion? Is that how I should be thinking about the price paid?

早安。第一個問題只是回到 Josh 的提問。Mark，我們是否應該這樣理解：Newmont 的資產是 40 億美元，加上爭議事項，再加上 20 億美元的補足款，合計 60 億美元？我應該這樣理解所支付的價格嗎？

Tanya, it's $4 billion total expectation.

Tanya，總預期是 40 億美元。

Okay. All right. Thank you for that. And should I be thinking about the cash that Newmont is paying for this? Is this going to be part of the cash coming into the IPO? Or would this $2 billion be cash that is going to be potentially used for share buybacks and/or the top-up dividend at the end of 2026?

好的。好。謝謝你的說明。那我是否應該把 Newmont 為此支付的現金納入考量？這會是 IPO 流入現金的一部分嗎？或者這 20 億美元會是可能用於股份回購及／或在 2026 年底補足股利的現金？

Okay. Sorry, you're very hard here. But Tanya, I think if I got the question right, so the cash we get back, the majority of it will be returned to shareholders. Correct.

好的。抱歉，你這邊聲音很難聽清楚。但 Tanya，如果我理解你的問題沒錯，我們拿回來的現金，其中大部分會返還給股東。沒錯。

Okay. And then my final question, Mark, just for some of the processes for this IPO still. You mentioned that you've done your separation agreement. I think everything has been filed with the SEC, the technical report. What are we still waiting for? Is it just approval from the SEC, filing the 3.5-year financials, completing the new Board? Maybe just the process of what we need to go for this to go live. Thank you.

好的。那我最後一個問題，Mark，關於這次 IPO 仍在進行的一些流程。你提到已經完成分拆協議。我想所有資料都已向 SEC 提交，包括技術報告。我們還在等什麼？是只等 SEC 核准、提交 3.5 年期財務報表、完成新的董事會嗎？也許請你說明一下，接下來還需要哪些流程才能正式上線。謝謝。

Actually, Tanya, let me hand it over to George. He's more up to date.

其實，Tanya，我把這題交給 George。他掌握的最新。

Tanya, I would say we're actually very close. But like I said, now that we have this agreement with Newmont and their consent, one of the things we want to do is go back and look at how previous structures and compare that to what we have today. So we just want to go do that and make sure we do our diligence and understand the impact of that because we think there are big savings there. So that's where we are at the moment.

Tanya，我會說我們其實非常接近了。但如我所說，現在我們與 Newmont 達成這項協議並取得他們的同意後，我們想做的一件事是回頭檢視先前的架構，並與我們目前的架構比較。所以我們只是想去做這件事，確保完成盡職調查並了解其影響，因為我們認為那裡有很大的節省空間。所以我們目前就在這個階段。

Okay. Thank you.

好的。謝謝。

Lawson Winder, BofA Securities.

Lawson Winder，美國銀行證券（BofA Securities）。

Thank you very much, operator, and hi, Mark. Good morning to you and the team. Very nice operational call. Congratulations on that. Just a couple of questions. So to follow up on Fourmile, I noted that the PFS is still on track for completion in 2028. However, with it now vended into NGM, is there any scope to speed up development and potentially have the asset in production earlier than what the initial PEA had indicated or around sort of early 2030s? And then -- yeah, so that's the first question.

非常感謝，接線員，也向你問好，Mark。你和團隊早安。營運電話會議非常出色。恭喜。我有幾個問題。先追問 Fourmile，我注意到 PFS 仍按計畫在 2028 年完成。不過，現在它已注入 NGM，是否有空間加速開發，讓資產比最初 PEA 所指示的時間更早投產，或大約在 2030 年代初期之前？然後——對，這是第一個問題。

Okay. Thanks, Lawson. Obviously, my intention is to accelerate this as fast as possible. Now that I sort of got through this process, I think that that allows us to accelerate it for sure.

好的。謝謝你，Lawson。顯然，我的意圖是盡可能加快推進。現在我算是走完這個流程，我認為這確實能讓我們加速。

Now, we're still going to be limited by permitting timelines and things like that. But where I think we can really advance it is on the processing side as well. Because I'm going to advance that, and I've already talked to Natasha about it, we're going to advance that all in parallel. That's why we're driving those declines and doing this drilling.

當然，我們仍會受限於許可時程之類的因素。但我認為我們真正能推進的地方也在於處理端。因為我會推進這部分，而且我已經和 Natasha 談過，我們會把這些工作並行推進。這就是為什麼我們在推進斜坡道（declines）並進行這些鑽探。

So it may not come on earlier. But hopefully, when it comes on, we'll be able to ramp it up a lot quicker and to actually a higher production target. That would be my target.

所以它可能不會更早投產。但希望一旦投產，我們能更快爬坡，並且實際達到更高的產量目標。那會是我的目標。

Okay, very helpful. Thank you, Mark. And then maybe I could jump to the IPO. So after the initial minority interest is spun out, I mean, at this point, have you changed your thinking on what could come after? So I think you had indicated previously that you just be an initial minority interest IPO and that that would be it. Is there any thought to eventually IPOing 100% of BNA at this point?

好的，很有幫助。謝謝你，Mark。接著我想跳到 IPO。在初始少數股權分拆上市之後，我是說，到目前為止，你是否改變了對後續可能發展的看法？我記得你先前表示只會做初始少數股權的 IPO，之後就到此為止。目前是否有任何想法，最終把 BNA 的 100% 都 IPO 上市？

No. So Lawson, not at this point. I think we're still on track to do the 10% and just show the value and highlight the value of a dedicated management team.

沒有。所以 Lawson，目前沒有。我認為我們仍按計畫做 10%，只是為了展現價值並凸顯專責管理團隊的價值。

And just by the way, we have already pretty much split the management team. And hopefully, you've noticed the change in production and safety and things like that with just having that dedicated focus. So anyway, to answer your question, no, there's no update that we're going to go past 10%.

順帶一提，我們其實已經幾乎把管理團隊分拆完成。希望你也注意到，僅僅因為有這樣的專注投入，在產量、安全等方面已經有所改善。總之，回答你的問題，沒有更新，我們不會超過 10%。

Okay, very helpful. And then in terms of the process, will there be a marketing process that will kick off in the relatively near future?

好的，很有幫助。那就流程而言，近期是否會啟動行銷推介（marketing）流程？

There will be, but I don't know what the date is. George, do you know?

會的，但我不知道日期。George，你知道嗎？

Again, we just have to go back and look at that. But also, absolutely there will be a marketing process.

同樣地，我們得回頭再看一下。但也確實，絕對會有一個行銷推介流程。

Okay, great. Thank you very much for taking the questions.

好的，很好。非常感謝回答我的問題。

Anita Soni, CIBC.

Anita Soni，加拿大帝國商業銀行（CIBC）。

Hi. Good morning. And Mark, congratulations on your new role and on improving operations at NGM. My first question was with respect to the capital that you were talking about. I think you just talked about sort of declining infrastructure, and I'm just wondering what the capital would look like for a new roaster or a facility of that sort. And then what can we also expect in terms of NGM capital going forward?

嗨。早安。Mark，恭喜你擔任新職務，也恭喜你改善 NGM 的營運。我的第一個問題是關於你提到的資本支出。我想你剛談到類似斜坡道（declines）等基礎設施，我想了解新建一座焙燒爐（roaster）或類似設施的資本支出大概會是什麼樣子。另外，未來 NGM 的資本支出我們還可以期待什麼？

Okay. That's a good question, Anita. So on the roaster, I want to re-optimize the whole process flow. I mean, you've been there several times, so you've seen what it's like. So the roaster, we've actually got hash looking at it permanently now. I would have said it's $2.5 billion. I don't really know, but it'd be around that number. But that will offset a lot of things. We'd be trucking stuff all over the countryside as well. It would reduce some other infrastructure requirements.

好的。這是個好問題，Anita。關於焙燒爐，我想重新最佳化整個流程流向。你也去過好幾次，所以你看過現場是什麼樣子。所以焙燒爐這部分，我們現在其實已經有 Hash 長期在看。我原本會說是 25 億美元。我不太確定，但大概會在那個數字附近。但那會抵消很多其他項目。我們也會把東西用卡車運到各地。它也會降低其他一些基礎設施需求。

And then as far as other capital, Wessel, help me out, there's nothing else -- what else is material that's coming up in NGM?

然後就其他資本而言，Wessel，幫我補充一下，沒有其他了——在 NGM 接下來還有什麼重要事項嗎？

It's really it, Mark. So obviously our development of Fourmile has been private to market. The conceptual PEA is in the range of $1.5 billion to $1.7 billion that we'll be spending over the next few years on Fourmile. And apart from that, that's really the items that we've got in our capital portfolio.

基本上就是這些了，Mark。所以很明顯，我們對 Fourmile 的開發一直是未對市場公開的。概念性 PEA 顯示，未來幾年我們在 Fourmile 上的支出大約會落在 15 億到 17 億美元之間。除此之外，這些就是我們資本投資組合中的主要項目。

We are planning this year to pull some capital forward for the expenditure that we have on replacing our truck fleets at Turquoise Ridge. And actually, if the project classes also go to autonomous hauling that we have at Carlin. It depends following the success that we've had with those projects. But we still also expect to land our capital in line with what we've guided a few years ago, at least for North America. So those are the key points.

我們計畫今年把部分資本支出提前，用於 Turquoise Ridge 更換卡車車隊的支出。而且實際上，如果這些專案類別也轉向我們在 Carlin 所採用的自動化運輸。這取決於我們在那些專案上取得的成功之後的情況。但我們仍預期資本支出會與我們幾年前所給出的指引一致，至少在北美是如此。所以以上是重點。

Thanks, Wess. Does that answer, Anita?

謝謝，Wess。Anita，這樣有回答到你的問題嗎？

Yeah, that's a good answer. I think I also wanted to ask about the Fourmile PEA. I understand you are moving forward with the PFS with a different type of structure, I guess, in terms of what you're looking for infrastructure. But would this PEA -- should that not have been filed 45 days after you announced the PEA?

有，這回答得很好。我想我也想問一下 Fourmile 的 PEA。我理解你們正以不同的架構推進 PFS，我想是在你們對基礎設施需求的考量上有所不同。但這份 PEA——你們在宣布 PEA 後 45 天內不是應該要提交（file）嗎？

And I would venture to say that that's probably part of the reason why you're seeing your share price move because we don't really have a barometer right now outside of a slide deck that will give you bare essentials in terms of how to model this. And so you're seeing wide degrees of variance in terms of what people are modeling for Fourmile. So would you be able to file the PEA that was put out last year so at least we have something to go with while this PFS comes out?

我也想說，這可能是你們股價波動的部分原因，因為目前除了投影片之外，我們沒有一個量尺能提供建模所需的基本要素。因此大家在對 Fourmile 建模時出現很大的差異。所以你們能否把去年發布的那份 PEA 提交出來，至少在 PFS 出來之前我們有個依據？

Actually, Anita, it's a fair question. I guess you reckon that's why our share price is down 7%.

其實，Anita，這是個合理的問題。我猜你認為這就是我們股價下跌 7% 的原因。

Well, I mean, if everyone's debating whether or not there's -- what the $2 billion is and people are backing out something lower, which is something that you said on the call, then it's because they're not certain of what the Fourmile value is.

嗯，我的意思是，如果大家都在爭論到底那 20 億美元是什麼、並且把它倒推出更低的數字——這也是你在電話會議上提到的——那就是因為他們不確定 Fourmile 的價值是多少。

Okay. I haven't got a good answer to that.

好的。我對這個沒有一個好的答案。

I mean, when we issued the PEA, it was conceptual in nature and still up to technical.

我的意思是，當我們發布 PEA 時，它本質上是概念性的，而且仍需技術層面完善。

Okay. But Anita, you're saying you haven't got enough information basically is what you're saying.

好的。但 Anita，你的意思基本上是你沒有足夠的資訊，對嗎？

Yeah. I mean, there were a lot of things that are unknown in terms of mining methodology, unit costs, right? There was -- we didn't know about this NPI, that was one major thing that was embedded in there, but nobody knew about. So anyway, I'll leave it there.

對。我的意思是，在採礦方法、單位成本等方面有很多未知數，對吧？還有——我們不知道這個 NPI，這是其中一個被納入但沒有人知道的重大事項。總之，我就先說到這裡。

I also just wanted to ask in terms of Fiberline.

我也想就 Fiberline 方面問一下。

Sorry, Anita, let me just -- we will take that away and see how we can do a better job of that. I understand what you're asking, so I'll work something out and come back to you.

抱歉，Anita，讓我先——我們會把這點帶回去，看看我們如何能做得更好。我理解你在問什麼，我會想個辦法再回覆你。

Okay. And I wanted to try one last time on the Fiberline and Mike. Can you give us some round numbers in terms of what that would add to the equation? I'm assuming, and by the math, I would assume that you're -- so Newmont is paying in for Fourmile, but they're also exchanging -- you guys are reciprocally paying for their 38.5% of Fourmile and Mike. So it's a net -- I guess it's 61.5% that they're vending in of those specific assets to get to a collective $4 billion. Is that the right way to look at it?

好的。我想就 Fiberline 和 Mike 再試最後一次。你能否給我們一些大概的整數數字，說明這會對整體計算增加多少？我假設，按數學來看，我會假設你們——所以 Newmont 會為 Fourmile 付款，但同時他們也在交換——你們也相對地為他們持有的 Fourmile 與 Mike 的 38.5% 付款。所以這是一個淨額——我想是他們把這些特定資產的 61.5% 注入（vending in）以達到合計 40 億美元。這樣理解對嗎？

Yeah. So the right way is just we're paying for 61.5% of Mike and Fiberline and that other settlement amount, which we're certainly not going to get into. Anita, we agree we're just going to go out with a number, and that was what it is. So I apologize, but I can't give you that breakdown.

對。所以正確的理解是：我們是為 Mike 和 Fiberline 的 61.5% 以及另外那筆和解金額付款，而那部分我們當然不會深入討論。Anita，我們同意我們只會對外給出一個數字，而那就是目前的數字。所以很抱歉，我無法提供那個拆分明細。

Okay. All right. I guess with the IPO coming up, people are trying to understand what that significant component of Fourmile is, so any additional information would be helpful. Thank you. I'll leave it there.

好的。好吧。我想隨著 IPO 即將到來，大家都想了解 Fourmile 那個重要組成部分是什麼，所以任何額外資訊都會有幫助。謝謝。我就先說到這裡。

Daniel Major, UBS.

UBS 的 Daniel Major。

Hi, team, and thanks for the questions. Sorry, just a clarification on the $4 billion, just to be clear. Is that the combined transaction value of 61.5% of Fiberline and Mike and 38.5% of Fourmile? Or is it just the Fourmile component? Sorry if that's already been stated.

各位好，謝謝讓我提問。抱歉，我想釐清一下這 40 億美元，確認一下。這是 61.5% 的 Fiberline 和 Mike 加上 38.5% 的 Fourmile 的合併交易價值嗎？還是只有 Fourmile 的部分？如果之前已經說過了，抱歉。

Sorry. So when you net everything together, and anyone jump in here if I get this wrong, so to get to the $4 billion number, it is the value of Fourmile, the 38%, then you have to net off the value of 61.5% of Fiberline and Mike. There is some money in there to settle some legacy disputes, for want of another word, as well. And then if you want to understand the full value, there's obviously some benefit to Barrick by getting that consent and reducing the friction costs on the IPO. I probably made it very complicated, Daniel, but --

抱歉。所以把所有項目加總並相互抵銷後——如果我說錯了大家可以補充——要得到 40 億美元這個數字，它包含 Fourmile 的價值，也就是那 38%，然後你必須扣掉（net off）Fiberline 和 Mike 的 61.5% 的價值。另外裡面也有一些資金用來解決一些歷史爭議——換個說法。然後如果你想理解完整價值，Barrick 透過取得該同意並降低 IPO 的摩擦成本，顯然也會有一些好處。我可能把它講得很複雜，Daniel，但--

No, that's okay, just being clear. Okay, that's fine. And then, I mean, you've alluded to some of this already, but if I look at the high-level parameters of the 2025 PEA, 600,000 to 750,000 ounces, $1.5 billion to $1.7 billion of CapEx and $650 to $700 all-in sustaining cost, you suggested there's $2.5 billion more CapEx maybe on downstream processing and maybe some upside to the production. Would it still be fair to assume that the all-in sustaining cost would be comparable to the $650 to $700?

不會，沒關係，只是想確認清楚。好的，明白了。另外，我的意思是，你們已經提到一些了，但如果我看 2025 年 PEA 的高層參數：60 萬到 75 萬盎司、15 億到 17 億美元的資本支出（CapEx），以及 650 到 700 美元的全維持成本（all-in sustaining cost），你提到可能還有 25 億美元的額外 CapEx 用於下游處理，且產量可能還有上行空間。那麼是否仍可合理假設全維持成本會與 650 到 700 美元相近？

Yeah, I would say it's comparable. And hopefully if we -- depending where we locate that roaster, you could actually see. Did you want to say something?

對，我會說是相近的。而且希望如果我們——取決於我們把焙燒爐（roaster）設在哪裡，你其實可能會看到。你想說點什麼嗎？

There is one point that we would raise. This is Wessel Hamman speaking. The basic ratings that we put up as part of the consensual PEA were naturally based at the consensus gold prices at the time, which from memory was around about $2,500 with just an excess.

我們想提出一點。我是 Wessel Hamman。我們在共識版 PEA 中提出的基本評級，自然是以當時的市場共識金價為基礎；憑記憶大約在每盎司 2,500 美元出頭。

So if you do apply today's long-term average consensus prices of $3,600 an ounce, there's about $100 sensitivity for every $1,000 that the gold price moves. So the right way would be to look at it as to say, we range what we put up previously plus $100 to take into account the fact that the gold prices move by $10.

所以如果你套用今天的長期平均共識價格每盎司 3,600 美元，金價每變動 1,000 美元，大約有 100 美元的敏感度。因此正確的方式是這樣看：我們先以前面提出的區間為基礎，再加上 100 美元，以反映金價每變動 10 美元所帶來的影響。

Okay. And Daniel, just to go back, though, just to the engineering side of it, obviously the idea is that we increase the overall production capacity in Nevada or reduce trucking. So yes, there'll be more capital, but it will increase the production profile and lower the cost. That would be the target.

好的。Daniel，再回到工程面來說，顯然我們的想法是提高內華達州的整體產能，或是減少卡車運輸。所以是的，資本支出會增加，但會提升產量曲線並降低成本。這就是目標。

Okay. And sorry, the line wasn't totally clear. So at $3,600, you add $100 to the $650 to $700. Was that what you alluded to? Just to be clear.

好的。抱歉，剛剛線路不是很清楚。所以在 3,600 美元時，你是在 650 到 700 美元的基礎上再加 100 美元。你指的是這個意思嗎？我只是想確認清楚。

That is correct, yes.

是的，沒錯。

And that incorporates the tech NPI sensitivity in there?

那這也把技術 NPI 的敏感度納入了嗎？

Correct, it includes all royalties including the tech.

沒錯，包含所有權利金，包括技術相關的。

Okay, that's good. And then, sorry, just final question on this. In terms of the -- if we're looking at the valuation of the standalone project or relative to what's implied in the $4 billion and the various elements, is there any -- can you provide some more detail on whether Newmont benefited from any assumptions around their 38.5% share of the infrastructure in that calculation that was imputed in the value of today's transaction?

好的，這很好。然後，抱歉，關於這點最後一個問題。就——如果我們在看獨立專案的估值，或是相對於 40 億美元以及各項要素所隱含的估值——是否有任何——你能否提供更多細節，說明在今天這筆交易所推算出的價值計算中，Newmont 是否因其 38.5% 的基礎設施份額而在某些假設上受益？

I'm not sure I understand that question, Daniel. What do you?

Daniel，我不太確定我理解你的問題。你的意思是什麼？

Okay. So there's a net off against displacing of the material from the process plants. How is that adjustment made?

好的。所以在把物料從處理廠移轉出去方面有一個抵減。那個調整是怎麼做的？

Yes, that is taken into account. It's taken into account by the two technical teams. By the way, the two technical teams, one from Newmont and one from Barrick, sat down with the model for and all of the data and went right back and took all of that into account when we came up with the figure.

是的，那已經納入考量。這是由兩個技術團隊納入考量的。順帶一提，Newmont 與 Barrick 的兩個技術團隊一起坐下來，拿著模型與所有資料，回頭把這些因素全部納入，最後才得出那個數字。

Okay. Thank you. And maybe just one more if I could. You've obviously, I guess -- Mark, you're going to be leading the IPO vehicle. Can you give us any indication of how advanced you are in recruiting for senior management positions in the parent company?

好的。謝謝。如果可以的話，我再問一個。你們顯然——我想——Mark，你將會領導 IPO 載體。你能否透露一下，在母公司高階管理職位的招募方面，目前進展到什麼程度？

So we're advancing that discussion for the next leaders of Barrick, and we'll be updating you. I would say shortly is the right term. We'll update the market shortly. It's an advanced process, Daniel.

我們正在推進關於 Barrick 下一任領導團隊的討論，並會向各位更新。我會說「很快」是合適的用詞。我們會很快向市場更新。Daniel，這是一個已相當深入的流程。

Okay. Thanks so much for the questions.

好的。非常感謝回答問題。

Bennett Moore, JPMorgan.

JPMorgan 的 Bennett Moore。

Hey. Good morning, Mark and Helen. Congrats on the strong quarter. Thank you for taking my question. I want to pivot to a slightly different topic here. I'm wondering if you can discuss some more detailed ramp plans for Loulo-Gounkoto specifically in regard to the push into open-pit ore, what sort of CapEx may be required to support this, and your risk appetite to do so.

嗨。早安，Mark 和 Helen。恭喜本季表現強勁。謝謝讓我提問。我想把話題轉到稍微不同的方向。想請你們更詳細談談 Loulo-Gounkoto 的爬坡計畫，特別是推進到露天礦礦石的部分，需要哪些資本支出（CapEx）來支援，以及你們願意承擔的風險程度。

Okay. Thanks, Bennett. I'm going to hand it over to Seb.

好的。謝謝你，Bennett。我把問題交給 Seb。

So I think the best way to explain Loulo-Gounkoto at the moment is, as we've said, we've ramped it up quite successfully. So what it has become is it's become self-sustaining. And so therefore, any capital and growth at the moment that we are funding is self-sustained funding.

我想目前解釋 Loulo-Gounkoto 最好的方式是：如我們所說，我們已相當成功地把它爬坡上來。因此它已經變成可自我維持。所以，目前我們投入的任何資本與成長資金，都是由其自身所產生的資金來支應。

And so our expected growth for next year would start coming from the Babota pushbacks and the open pits on probably early or middle of the second quarter. So that's, I think, most I can say at the moment. We are still looking at optimizing those plans, but certainly, we would be starting to move into the open pits in the first half of next year.

因此，我們預期明年的成長會從 Babota 的推回（pushbacks）以及露天礦開始貢獻，大概在第二季初或第二季中期。所以我想目前我能說的大概就這些。我們仍在檢視如何最佳化這些計畫，但可以確定的是，我們會在明年上半年開始轉進露天礦。

Thanks, Seb.

謝謝你，Seb。

All right. Thanks for that context. And then maybe on the production cadence overall, I know you gave some commentary, Mark, on the back half for both gold and copper, but NGM and PV tracking towards the high end, LG tracking ahead. So what level of conservatism do you feel is kind of baked in at this stage?

好的。謝謝這些背景說明。然後關於整體產量節奏，我知道你有一些評論，Mark，談到黃金與銅在下半年，但 NGM 與 PV 正朝向區間高端，LG 也領先進度。所以你覺得在這個階段，指引裡大概包含了多少保守性？

Well, I don't think it's conservatism necessarily. But, Bennett, we're going to hit our guns, as I said. Just, I suppose, to put something else on the table, we've had Veladero down for I think it's two weeks now. We had a weather event where we had to evacuate everyone. I'm sure you probably saw it on social media and things out of Chile and Argentina. So that has hit us. And Porgera has been down for the opposite reason, because Waile Creek Dam dried up and we had to shut the whole plant down.

我不認為那一定是保守。但 Bennett，我們會如我所說，堅持我們的目標。另外補充一點，我們的 Veladero 已經停了我想大概兩週。因為遇到天候事件，我們必須撤離所有人。我相信你可能在社群媒體上看過一些來自智利與阿根廷的消息。所以這對我們造成了影響。而 Porgera 則是因為相反的原因停工：Waile Creek 壩乾涸了，我們不得不把整個廠停下來。

So while I'm still confident we're hitting guidance, and you're right, NGM's in a good place and so is PV, we have had some other issues throughout the portfolio. And nothing -- both of them are actually mother nature events. They're not actually operational problems. So I still think the guidance is fine, but it's certainly not conservative of us.

所以雖然我仍有信心我們能達成指引，而且你說得對，NGM 的狀況很好，PV 也是，但我們在投資組合的其他地方確實遇到一些問題。而且兩者其實都是大自然造成的事件。它們並不是營運問題。所以我仍認為指引沒有問題，但我們的指引絕對稱不上保守。

Understood. And then real quick, just wondering how turnover trended at NGM during the quarter, if you're still in the mid-teens range.

了解。然後很快問一下，想知道本季 NGM 的人員流動率走勢如何，是否仍在 10% 中段的區間。

Who's got that number? It was 14%. Someone else brought this up. Does anyone know what the answer is? I'll have to get back to you on that, Bennett. It's a good question. And it's something we are actually focused on is making Barrick, and especially NGM, the employer of choice. It's not that long ago that everyone wanted a job with Barrick. And so we are working on that.

誰有那個數字？是 14%。之前也有人提過這個。有人知道答案嗎？Bennett，我得之後再回覆你。這是個好問題。而且我們確實正在聚焦的一件事，是讓 Barrick，尤其是 NGM，成為首選雇主。不久之前，大家都想進 Barrick 工作。所以我們正在努力做到這點。

And as I said, the culture at NGM, despite what might have been in some articles, has, in my opinion, turned around completely. And you can tell that just by the performance that I said, their production performance, their safety performance, just when you go to the attitude of the workforce is certainly better than it was.

而且如我所說，NGM 的文化，儘管某些文章可能有不同說法，但在我看來，已經徹底扭轉了。你從我提到的表現就看得出來：他們的產量表現、安全表現，以及你去看勞動力的態度，確實比以前好得多。

But I'll get you the actual number, if you can note that down. But we'll come back to you.

不過我會把實際數字提供給你，如果你可以把它記下來。我們會再回覆你。

Understood. Thank you. Best of luck.

了解。謝謝。祝你們好運。

Bob Brackett, Bernstein Research.

Bob Brackett，Bernstein Research。

Good morning. A broader question, and then maybe I'll follow up with the NGM. The broader question would be if I think about the ex-North America business, is there anything you're contemplating in terms of portfolio management on that asset base? And is that going to be slowed down by the IPO process?

早安。我先問一個比較宏觀的問題，之後也許再追問 NGM。宏觀的問題是：如果我思考北美以外的業務，就那個資產基礎而言，你們在投資組合管理方面是否有在考慮任何事情？而 IPO 的流程是否會讓這些動作放慢？

Sorry, Bob, just explain that to me a bit more. What do you mean by that?

抱歉，Bob，請再多解釋一下。你指的是什麼意思？

So think of all the assets you have. There is a lot of natural partners or natural owners of some of your assets that sit outside of North America. Does the North America IPO process sort of take all of your attention, and therefore, we shouldn't expect a lot of portfolio management for the non-North American businesses as we proceed into the year-end or early '27?

就想想你們擁有的所有資產。你們有不少位於北美以外的資產，其實有很自然的合作夥伴或很自然的持有者。北美 IPO 的流程是否會占用你們所有注意力，因此我們不應期待在今年年底或 2027 年初，北美以外業務會有太多投資組合管理動作？

Actually, so Bob, the rest of the world portfolio is actually one of our biggest growth things. We talk about NGM a lot, but actually just at our recent Board meeting, actually, we had a whole session on growth for the rest of the world because of the potential you've seen, what's going on at Lumwana and even around Kibali, and what we can do there. So the current plan is actually grow the rest of the world, and that's what the focus will be.

其實，Bob，世界其他地區的投資組合反而是我們最大的成長重點之一。我們常談 NGM，但其實就在最近一次董事會會議上，我們針對世界其他地區的成長做了完整的一個議程，因為你看到的潛力——Lumwana 的進展，甚至 Kibali 周邊的情況，以及我們能做些什麼。所以目前的計畫其實是擴大世界其他地區的成長，這也會是我們的重點。

And Seb, if you want to chime in there.

Seb，如果你想補充的話。

I think you've covered it, Mark. I think the most important thing on the rest of the world is that, firstly, we are looking how we can best optimize our portfolio in terms of what Mark suggested around the partnerships that we're able to leverage.

我想你已經說到了，Mark。我認為世界其他地區最重要的是：第一，我們正在思考如何在投資組合上做到最佳化，正如 Mark 提到的，我們能夠運用的合作夥伴關係。

And also, we have a real embedded growth profile, especially brownfields growth around most of our operations. So we have already embedded infrastructure, and of course, that's probably the lowest cost answers you're going to add into your production profile. And then, as you said, we've got the Lumwana expansion on the cards.

另外，我們確實有內嵌的成長曲線，尤其是在多數營運點的棕地擴張（brownfields growth）。我們已經有既有基礎設施，當然，這大概是你要把產量曲線往上加時，成本最低的選項。再來，如你所說，我們也有 Lumwana 擴建在規劃中。

So there is -- Bob, I'm not sure how familiar you are with those assets, but there is a lot of potential around those assets, which we're trying to crystallize and put into a proper plan.

所以——Bob，我不確定你對那些資產熟不熟——但那些資產周邊有很大的潛力，我們正努力把它具體化，並納入一個完善的計畫。

Very clear. A quick follow-up. On the agreement with Newmont, are there any contingent payments involved at all for hitting exploration upside? Or can we consider it pretty much done, independent of future exploration success?

非常清楚。我快速追問一下。關於與 Newmont 的協議，是否有任何或有付款（contingent payments），例如達成勘探上行（exploration upside）時才支付？還是我們可以把它視為基本上已完成，且不受未來勘探成功與否影響？

No, it's done, Bob.

沒有，Bob，已經完成了。

Okay, very clear. Thank you.

好的，非常清楚。謝謝。

Steven Green, TD Cowen.

Steven Green，TD Cowen。

Yeah. Thanks, Mark, for taking my question. I just wanted to follow up a little bit on how you intend to optimize NGM and potentially accelerate Fourmile. I think Lawson and Anita asked most of my questions, but maybe you could just talk a little bit about permitting requirements and what will be required there.

是。謝謝你，Mark，回答我的問題。我想再追問一下，你們打算如何最佳化 NGM，並可能加速 Fourmile。我想 Lawson 和 Anita 已經問了我大部分的問題，但也許你可以談談許可（permitting）的要求，以及需要做哪些事情。

Okay. Thanks, David. So on the permitting, obviously you want to get the permit for the [Bulyanhulu] client driver to say at first. And after that, when I look at this, which, again, is why it's critical that we got this joint venture sorted out, I have to understand what we can do as far as processing before I can even start the permitting. So I'm trying to accelerate that. For that very reason, it's probably not a bad time to get permits in Nevada as well.

好的。謝謝你，David。關於許可，顯然你首先要取得 [Bulyanhulu] 客戶驅動項目的許可。之後，當我看這件事時——也再次說明為什麼把這個合資安排好至關重要——在我甚至開始申請許可之前，我必須先了解我們在加工處理方面能做什麼。所以我正試著加速這件事。也正因如此，現在可能也是在內華達州取得許可的好時機。

So I can't give you a clear answer on the timing on the permits and that sort of thing. But now that we've got this agreement in place, we are going to sit down and completely optimize Nevada and that ore flow. And I know Newmont is supportive also of increasing processing capacity.

所以我無法就許可的時程等給你一個明確答案。但既然我們已經有了這份協議，我們會坐下來把內華達以及那條礦石流（ore flow）徹底最佳化。而且我知道 Newmont 也支持提高處理產能。

And Steven, we always get into this same discussion that we're going to have to thrash out, which is autoclave versus roaster and where it should be positioned. And I just haven't got a clear answer on that, but that's what we'll be accelerating starting tomorrow.

Steven，我們總是會回到同一個討論——我們必須把它徹底釐清——也就是高壓氧化釜（autoclave）對比焙燒爐（roaster），以及應該設在哪裡。我目前還沒有明確答案，但我們會從明天開始加速推進。

Okay, thanks. And just to follow up again on Fiberline and Mike, I believe you said there were roughly 6.4 million ounces in those properties. Is that correct? Are those inferred ounces?

好的，謝謝。再追問一下 Fiberline 和 Mike，我記得你說那些資產大約有 640 萬盎司。是這樣嗎？那些是推定資源量（inferred ounces）嗎？

Actually, I don't know what the breakdown of the 6.4 million is. I was just going through the presentation before this. I'll get back to you on that, Steven.

其實我不知道那 640 萬盎司的分類拆分。我只是會前在看簡報時看到的。我會再回覆你這點，Steven。

Okay, thanks. And where roughly are those properties and kind of how far advanced are they?

好的，謝謝。那些資產大概位於哪裡？目前進展到什麼程度？

So Fiberline is close to the infrastructure at Turquoise Ridge, and I think that is a reasonable status. It's an open pit, so it would be a matter of a satellite deposit. And Mike, at this stage, I haven't put a lot of value towards that, mainly Fiberline.

Fiberline 靠近 Turquoise Ridge 的基礎設施，我認為目前狀態算合理。它是露天礦，所以會是一個衛星礦床（satellite deposit）的情況。而 Mike，就現階段而言，我沒有對那個項目給太多價值，主要是指 Fiberline。

Okay, great. Thank you very much.

好的，很棒。非常感謝。

Martin Pradier, Veritas Investment Research.

Martin Pradier，Veritas Investment Research。

Hi. Thank you for taking my question. I wonder if you have given any thought about floating 10% of the ex-North America as well.

你好。謝謝你回答我的問題。我想請問你們是否有考慮過，也把北美以外的業務拿出 10% 來上市（float）？

Floating 10% of --?

拿出 10% 上市（float）——？

Floating 10% of -- basically now, you're going to have almost two companies, the North America and everything else, the rest of the world. Would you, down the line, float 10% of the non-North America the same way you're doing now the IPO for the North Americans?

拿出 10% 上市（float）——基本上現在你們幾乎會有兩家公司：北美，以及其他所有地區（世界其他地區）。你們未來是否會像現在對北美做 IPO 一樣，也把非北美的部分拿出 10% 來上市？

Okay. Martin, I've got to be honest, we have not had that discussion. It's never come up, so it's certainly not on the table at the moment.

好的。Martin，我必須坦白說，我們沒有討論過這件事。從來沒有被提出過，所以目前肯定不在考量範圍內。

Okay. And the second question I have is, in other expenses, there was this $200 million for Loulo-Gounkoto because you're applying, if I understand correctly, that 2023 law retroactively. Was that part of the original agreement? And if it was, why it was not included in the previous quarter?

好的。我第二個問題是，在其他費用中，Loulo-Gounkoto 有這筆 2 億美元，因為你們是在追溯適用（如果我理解正確的話）2023 年的法律。這是原始協議的一部分嗎？如果是的話，為什麼上一季沒有納入？

Okay, let me add -- this is a bit of a fluid situation, as you can probably imagine. But let me hand it over to Helen to explain that.

好的，讓我補充一下——如你所想，這個情況有點變動不定。不過我先把問題交給 Helen 來說明。

Hi. Thank you for the question. The nature of the spending is additional royalties, penalties, and associated interest based on the retrospective application of the 2023 Mining Code, specifically for the year of 2024 and 2025. So previously, we had already settled anything related to 2023 and earlier years, but this is specifically for the 2024 and 2025.

嗨。謝謝你的提問。這筆支出的性質是額外的權利金、罰款以及相關利息，係基於追溯適用 2023 年《礦業法》（Mining Code），特別是針對 2024 年與 2025 年。因此，先前我們已經結清所有與 2023 年及更早年度相關的事項，但這筆是專門針對 2024 年與 2025 年。

In terms of the amount paid, we paid cash $200 million in April. And also, we had a further payment demand of $48 million that was received in July. I hope that answers your question.

就已支付的金額而言，我們在 4 月以現金支付了 2 億美元。另外，我們在 7 月收到進一步的付款要求 4,800 萬美元。希望這回答了你的問題。

No, I'm just curious why it was not included in the previous quarters. If it was part of the original agreement, it wouldn't have been provisioned or something.

不，我只是好奇為什麼上一季沒有納入。如果這是原始協議的一部分，理應會提列準備或類似處理。

Seb, maybe you can add to that.

Seb，也許你可以補充一下。

I think, maybe to simplify, the original agreement only covered up to 2023. We continued applying our conventions through that period where we were negotiating and in dispute. We still applied our original conventions. And so this was effectively -- as per the agreement, it only applied the retrospective application to 2023, and therefore, we had to do a reconciliation with the government for 2024 and 2025. And this was that payment, effectively.

我想，簡化來說，原始協議只涵蓋到 2023 年。在我們談判且處於爭議期間，我們仍持續依照既有慣例適用。我們仍採用原本的慣例。因此，實際上——依照協議，追溯適用只到 2023 年，所以我們必須就 2024 年與 2025 年與政府進行對帳／調整。而這筆款項本質上就是那個支付。

Okay, that's very clear. Thank you.

好的，這非常清楚。謝謝。

Lawson Winder, BofA Securities.

Lawson Winder，BofA Securities。

Yeah. Thank you very much, operator. Thank you for taking the follow-up. I'll try to make this really quick.

是的。非常感謝，接線員。謝謝讓我追問。我會盡量講得很快。

So one, you noted the revisions to the NGM joint venture agreement. Can you give us a little bit more color on the extent to which this would give Newmont additional say in various aspects of the operations, including the release of technical reports and whatnot? Whatever detail you're able to disclose, I think, would be very helpful.

第一，你提到對 NGM 合資協議的修訂。你能否多提供一些細節，說明這在多大程度上會讓 Newmont 在營運各方面有更多發言權，包括技術報告的發布等等？在你能披露的範圍內，任何細節我想都會很有幫助。

Well, I think there's a couple of things. Firstly, just as a general thing, it's not actually in the joint venture agreement, but the way we've approached this is completely different. So Newmont will have access to whatever information and the site, and we've already done that with Francois and now with David, their technical leads. Two, and then they come and give any feedback they can and any suggestions, which is always helpful.

我想有幾點。第一，作為一般性說明，這其實不在合資協議裡，但我們處理這件事的方式完全不同。因此 Newmont 將能取得任何資訊並進入現場，我們已經與 Francois、以及現在與他們的技術主管 David 這麼做了。第二，他們會來並提供他們能給的任何回饋與建議，這總是很有幫助。

As far as actual rights go, the main one is around they do have a right to -- and Joe, correct me if I get the language wrong -- but when we appoint the General Manager of NGM, we have to get their consent to who that is, which I don't have an issue with that at all. I think that's fair enough. And then the other part was, which we agree, which I also think would be quite helpful now that we've reset this relationship and actually we want to advance this as quickly as possible, is that we'll likely embed in our executive team at NGM a Newmont employee, which I think will help. It will go a long way just with the transfer of information and things like that and they will feel more comfortable with what's going on.

就實際權利而言，主要的一點是他們確實有權——Joe，如果我用詞不對請糾正我——但當我們任命 NGM 的總經理時，我們必須取得他們對人選的同意；我對此完全沒有意見。我覺得這很合理。另外一部分是——我們也同意，而且我認為在我們重置這段關係、並且希望盡快推進的情況下會很有幫助——我們很可能會在 NGM 的高階管理團隊中嵌入一位 Newmont 的員工，我認為這會有幫助。這在資訊傳遞等方面會大有助益，也會讓他們對正在發生的事情更安心。

So at a high level, that's what we agree. There was some other things around excluded property committees and other things like that. But really, that's been taken care of for the fact we've brought Fourmile and Mike (inaudible) and those things into the joint venture. So it's probably less relevant.

所以從高層次來看，這就是我們同意的內容。另外還有一些關於排除資產委員會（excluded property committees）以及其他事項。但基本上，因為我們已把 Fourmile 和 Mike（聽不清）以及那些項目納入合資公司，所以這些問題已經處理好了。因此可能就沒那麼相關。

Okay. That's very helpful. And if I could follow up on the question about the CEO search for Barrick Mining parent. Can you share this if there's a preference between an internal or external candidate?

好的。這非常有幫助。如果我可以追問關於 Barrick Mining 母公司 CEO 的遴選。你能否分享是否偏好內部或外部候選人？

Well, my preference is always internal. But at this stage, we haven't got to that conclusion yet who it is. So there's internal and external candidates. That's all I really can say. My preference is obviously internal.

嗯，我的偏好一向是內部。但在這個階段，我們還沒有得出結論會是誰。所以內部與外部候選人都有。我能說的大概就這些。我的偏好顯然是內部。

Okay, great. Thanks very much, Mark.

好的，很好。非常感謝，Mark。

Thanks a lot, Lawson.

非常感謝，Lawson。

I will now turn the call over to Emily Chieng.

我現在把電話會議交給 Emily Chieng。

Thank you. I just have an emailed question that I'd like to read out. So given some feedback from the shareholders, are you considering a spin out of North America to existing shareholders rather than an IPO structure so shares of Nevada and PV are distributed to current shareholders rather than diluting existing holders?

謝謝。我這裡有一個透過電子郵件提交的問題，我想唸出來。鑑於部分股東的回饋，你們是否考慮把北美業務分拆給現有股東，而不是採用 IPO 架構，讓 Nevada 和 PV 的股份分配給現有股東，而不是稀釋現有持有人？

Okay. Who asked the question? No Daniel, a lot of people ask that question, so the short answer is no.

好的。是誰問的問題？不是 Daniel，很多人都問這個問題，所以簡短答案是不會。

Anything else, Emily?

還有其他問題嗎，Emily？

That's it. Thank you. I'll turn it back to the moderator.

沒有了。謝謝。我把會議交回給主持人。

Thank you.

謝謝。

Thank you. That concludes our event for today. You may now disconnect.

謝謝。今天的活動到此結束。你現在可以掛線。