B2Gold Corp. (BTG) 2025 Q4 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to B2Gold Corporation's fourth quarter and 2025 year-end financial results conference call. (Operator Instructions) The conference is being recorded. (Operator Instructions)

感謝您的耐心等待。這是會議接線員。歡迎參加 B2Gold 公司第四季及 2025 年全年財務業績電話會議。（操作員指示）會議正在錄音。（操作說明）

I would now like to turn the conference over to Clive Johnson, President and CEO of B2Gold. Please go ahead.

現在我謹將會議交給 B2Gold 的總裁兼執行長 Clive Johnson。請繼續。

Welcome, everyone. As you heard from the operator, we're here to review B2Gold's financial results for 2025. The fourth quarter of 2025 brought a solid end to what was an exciting year for B2Gold. The Fekola, Masbate and Otjikoto mines continued outperformance, and the first ramp-up quarter at Goose resulted in the strongest consolidated production quarter of the year.

歡迎各位。正如營運商所說，我們今天將回顧 B2Gold 2025 年的財務表現。2025 年第四季為 B2Gold 精彩的一年畫上了圓滿的句號。Fekola、Masbate 和 Otjikoto 礦山繼續表現出色，而 Goose 礦山的第一個增產季度實現了全年最強勁的綜合產量季度。

Across our portfolio, we celebrated many milestones during 2025. We achieved record revenue of $3 billion. In Mali, we produced 4 million ounce since the inception of the mine and received the Fekola underground exploitation approval, producing over 20,000 ounces from Fekola underground in to 2025. We are excited for the future of Fekola underground as a contributor to the Fekola complex as it ramps up to full production.

2025 年，我們旗下所有業務都取得了許多里程碑式的成就。我們實現了創紀錄的30億美元營收。在馬裡，自礦山投產以來，我們已生產了 400 萬盎司黃金，並獲得了 Fekola 地下礦開採許可，預計到 2025 年將從 Fekola 地下礦產生產超過 2 萬盎司黃金。我們對 Fekola 地下工程的未來感到興奮，因為它將作為 Fekola 綜合體的一部分，逐步實現全面投產。

At Goose, we celebrated the first gold pour in commercial production. This milestone is not the one that we celebrated on our own, and we look forward to many years of operations in Nunavut. Canada is in close collaboration with our partner, the Kitikmeot Inuit Association and Kitikmeot Communities.

在 Goose，我們慶祝了商業生產中的首次黃金澆鑄。我們並非獨自慶祝這一里程碑，我們期待在努納武特地區開展多年的業務。加拿大與我們的合作夥伴基蒂克梅奧特因紐特人協會和基蒂克梅奧特社區密切合作。

In Namibia, B2Gold announced an improved construction decision of the Antelope underground deposit. Production from Antelope has the potential to increase Otjikoto mine gold production, leveraging the low-cost platform and extend the life of mine into the 2030s.

在納米比亞，B2Gold宣布了羚羊地下礦床建設方案的改進方案。羚羊礦的生產有可能提高奧吉科托金礦的黃金產量，利用其低成本平台，並將礦場壽命延長至 2030 年代。

At Masbate, the operations delivered a better year consistent and safe results, achieving the incredible fee for seven years without a lost time injury. In this strong gold price environment, B2Gold is well set up to take advantage with a strong asset portfolio and a flexible balance sheet, and with growth capital spending at Goose now complete, the company is in a position to add significant shareholder value over the coming years.

在馬斯巴特島，手術取得了持續穩定的良好效果，七年來沒有發生任何工傷事故，並獲得了令人難以置信的收益。在當前金價強勁的環境下，B2Gold憑藉著強大的資產組合和靈活的資產負債表，已做好充分準備從中獲益。隨著Goose的成長資本支出完成，該公司預計在未來幾年為股東創造顯著價值。

With that, I will turn the call over to Mike Cinnamond for a discussion of our financial results in the fourth quarter and fiscal year. Mike?

接下來，我將把電話交給麥克辛納蒙德，讓他來討論我們第四季和本財年的財務表現。麥克風？

Thanks, Clive. As Clive said, financially, it was a strong quarter. GAAP earnings were $0.13 per share or $0.11 per share on an adjusted earnings basis. And those earnings would have been even stronger if it wasn't for the timing of the late shipments at Fekola. Fekola had a very strong Q4, and just the timing of shipments at year-end.

謝謝你，克萊夫。正如克萊夫所說，從財務角度來看，這是一個強勁的季度。以美國通用會計準則計算，每股收益為 0.13 美元；以調整後收益計算，每股收益為 0.11 美元。如果不是因為 Fekola 的貨物延遲發貨，這些收益還會更高。Fekola 第四季業績非常強勁，只是年底的出貨時間安排得恰到好處。

We had just over 20,000 ounces that were delivered just after December 31. So not recorded in revenues for 2025, but recorded in early '26. So revenues, we did record $1.05 billion in the fourth quarter. That included delivering 66,000 ounces -- just over 66,000 ounces under our gold prepay obligations. And as of today, we've delivered January's tranche, and we're working on February. So we're nearly there. We'll have delivered into those, and they'll be wound up by the end of June '26.

12 月 31 日之後，我們收到了略多於 20,000 盎司的貨物。因此，這筆收入沒有計入 2025 年的收入，而是計入了 2026 年初的收入。所以，第四季我們的營收達到了10.5億美元。其中包括交付 66,000 盎司黃金——略高於我們黃金預付款義務的 66,000 盎司。截至今日，我們已經交付了1月份的貨物，目前正在處理2月份的貨物。我們快要到達目的地了。我們將把貨物交付到這些地方，它們將在 2026 年 6 月底之前完成清算。

Operating cash flows for 2025 were $896 million, and that included $286 million in the fourth quarter, which is another strong result, and it highlights the continuing cash generation potential of our operating assets in this very strong gold price environment.

2025 年的營運現金流為 8.96 億美元，其中第四季為 2.86 億美元，這是又一個強勁的業績，凸顯了我們經營資產在當前黃金價格強勁的環境下持續產生現金流的潛力。

Balance sheet-wise, we remain in a strong financial position. We had cash and cash equivalents of $380 million at the end of '25. We had drawn $150 million on our revolver at the end of '25 as well, but subsequent to year-end, we paid down another $100 million of that, so leaving us with capacity of $750 million on the revolver, a further $200 million in the accordion feature there. So lots of capacity there.

從資產負債表來看，我們的財務狀況依然穩健。截至 2025 年底，我們擁有現金及現金等價物 3.8 億美元。我們在 2025 年底也從循環信貸中提取了 1.5 億美元，但在年底之後，我們又償還了其中的 1 億美元，因此我們的循環信貸額度為 7.5 億美元，此外，還有 2 億美元的彈性信貸額度。所以那裡有很多產能。

So overall, I think we maintained excellent financial flexibility to fully repay our obligations on the gold prepays, as I said, by the end of June, and complete our other sustaining and growth initiatives, all across our portfolio, and to continue to fund healthy exploration programs. I think you'll see that in our budgets to extend mine lives, and -- but at the same time, also to return capital to shareholders, and I think that's an important one.

因此，總的來說，我認為我們保持了良好的財務靈活性，正如我所說，到 6 月底，我們能夠全額償還黃金預付款項，完成我們投資組合中的其他維持和成長計劃，並繼續為健康的勘探計劃提供資金。我認為你會在我們的預算中看到這一點，目的是延長礦山壽命，同時——但同時，也要向股東返還資本，我認為這很重要。

During '25, you saw us start to repurchase shares under our NCIB. We repurchased 2 million shares for about $10 million in '25. But subsequent to year-end, we've gone back then we've purchased another 5 million shares for approximately $24 million. And I think you'll see us continue to do that as the year progresses.

在 2025 年，你們看到我們開始根據 NCIB 計畫回購股票。2025年，我們以約1000萬美元的價格回購了200萬股股票。但年底之後，我們又回購了 500 萬股，花費約 2,400 萬美元。我認為隨著時間的推移，你會看到我們繼續這樣做。

Obviously, with the prepaid rolling off, we've got close to an extra $110 million a month coming in now from cash flows post June, where we're currently delivering into those prepays. But a lot of that extra cash flow, I think you'll see us look at that normal course issuer bid and see if we can buy some more shares back given where we think we are and where we think we're going with our assets as we look forward into some very strong cash flow years coming up.

顯然，隨著預付款的到期，我們現在每月從 6 月之後的現金流量中獲得近 1.1 億美元的額外收入，我們目前正在向這些預付款項付款。但我認為，我們會利用這筆額外的現金流，按照正常的發行人要約收購流程，看看能否回購更多股票。考慮到我們目前的狀況以及我們對未來資產發展方向的預期，我們預計未來幾年現金流將非常強勁。

So with that, I'll turn the call over to Bill for operational and project update.

那麼，接下來我將把電話交給比爾，讓他報告營運和專案的最新進展。

Yeah. Thanks, Mike. So I'd say, overall, we're pleased with the 2025 operating performance at our sites, producing approximately 980,000 ounces, which was near the midpoint of guidance. Looking forward to 2026, we're anticipating production between 820,000 and 970,000 ounces.

是的。謝謝你，麥克。因此，總的來說，我們對 2025 年各礦場的營運表現感到滿意，預計產量約 98 萬盎司，接近預期產量的中點。展望 2026 年，我們預計產量將在 82 萬至 97 萬盎司之間。

Production is expected to be lower than 2025 due to the planned step-down of Otjikoto following completion of the open pit mining in Q4 2025 and the expected lower production at Fekola is stripping of Phase 8 of the Fekola pit continues. These decreases will be partially offset by the continued ramp-up of the Goose mine. While we only have a small dataset so far in 2026, all operations have performed above expectations.

由於 Otjikoto 礦區計劃在 2025 年第四季完成露天採礦後逐步減產，預計 2025 年的產量將低於 2025 年的產量；此外，由於 Fekola 礦坑 8 期剝離作業仍在繼續，預計 Fekola 礦區的產量也會降低。鵝礦持續增產將部分抵消這些下降。雖然我們目前只有 2026 年的一小部分資料集，但所有操作都超出了預期。

In Mali, the company expects to receive the approval for the Fekola Regional exploitation permit during the first quarter of 2026, with production starting in the second half of the year.

在馬裡，該公司預計將於 2026 年第一季獲得費科拉地區開採許可證的批准，並於下半年開始生產。

Gold production at Fekola is expected to be relatively consistent throughout the year as production from Fekola Region is expected to ramp up in the second half to offset a decrease in production from Fekola Phase 7 as the Fekola pit begins to transition to Phase 8. Fekola Region is expected to contribute between 60,000 and 80,000 ounces in 2026.

由於費科拉礦坑開始向第 8 階段過渡，費科拉地區產量預計將在下半年增加，以抵消費科拉第 7 階段產量的下降，因此費科拉的黃金產量預計全年將保持相對穩定。預計費科拉地區在 2026 年將貢獻 6 萬至 8 萬盎司的石油產量。

At Goose, we expect the operation to ramp up throughout the year. The crushing circuit, unfortunately, continues to be supplemented with the mobile crusher. Production during the fourth quarter was impacted by unseasonably low temperatures impacting the performance of the mobile crushing unit, which is not enclosed and is susceptible to operational interruptions and extreme cold. Initial modifications to improve performance of the crushing circuit in the near term, including the addition of run-of-mine bins and apron theaters were ordered in late 2025. They're scheduled to be implemented in the second half of '26, at which point use of the mobile crusher will cease.

Goose公司預計全年營運規模將逐步擴大。遺憾的是，破碎迴路仍需要移動式破碎機的補充。第四季的生產受到異常低溫的影響，移動破碎裝置的性能受到影響，該裝置沒有封閉，容易受到運行中斷和極端寒冷的影響。為在短期內提高破碎迴路的性能，已於 2025 年底下令進行初步改造，包括增加原礦料倉和裙板式破碎機。這些措施計劃於 2026 年下半年實施，屆時移動式破碎機的使用將停止。

The company estimates that the crushing circuit will be able to operate consistently at an average of approximately 3,200 tonnes per day once these initial modifications are implemented. Capital for the initial phase has been included in the 2026 operating budget. The company is studying a more comprehensive crushing circuit improvement to increase design capacity at existing crushing circuit, to enable it to run at an average of 4,000 tonnes per day. These studies will be finalized in the first half of '26, at which point the company will determine the optimal scope and timing of additional crushing circuit improvements.

該公司估計，一旦這些初步改造措施實施完畢，破碎迴路將能夠穩定運行，平均每天處理約 3,200 噸物料。初期階段的資金已納入 2026 年營運預算。該公司正在研究更全面的破碎迴路改善方案，以提高現有破碎迴路的設計產能，使其平均每天能夠處理 4,000 噸物料。這些研究將於 2026 年上半年完成，屆時公司將確定進一步破碎迴路改善的最佳範圍和時間。

Capital for the second phase has not been included in the 2026 budget. And while the studies are currently ongoing, I reiterate, the studies are currently ongoing, the company believes the overall cost to implement these improvements will be in the tens of millions of dollars and not material to the scope of the operation.

第二階段的資金尚未納入 2026 年預算。雖然相關研究仍在進行中，我再次強調，相關研究仍在進行中，但公司認為實施這些改進的總成本將達數千萬美元，對營運範圍而言並不重要。

At Masbate, the operation continues to perform well with a world-class safety track record. Mine throughput significantly outperformed expectations in 2025 and achieved a record for the second year in a row. We anticipate another year of consistent operations in 2026.

在馬斯巴特島，該礦場運作持續良好，並擁有世界一流的安全記錄。2025 年礦山產量大幅超出預期，連續第二年創下紀錄。我們預計2026年將繼續保持穩定的營運。

At Otjikoto, the operation had a fantastic year with strong production from the final phase of the open pit, achieving the upper end of its guidance range for 2025. Given the planned completion of the open pit activities, we expect lower production in 2026 as the mine transitions to processing only Wolfshag underground ore, supplemented by low-grade stockpiles. The company has begun development of the Antelope deposit which we believe has the potential to increase Otjikoto mine gold production to an average of approximately 110,000 ounces from 2029 through 2032.

在奧吉科托，該礦的運作取得了輝煌的成績，露天礦場最後階段的產量強勁，達到了 2025 年指導範圍的上限。鑑於露天開採活動計畫完成，我們預計 2026 年產量將下降，因為礦場將過渡到只處理 Wolfshag 地下礦石，並輔以低品位礦堆。該公司已開始開發羚羊礦床，我們相信該礦床有潛力使奧吉科托金礦的黃金產量在 2029 年至 2032 年間平均達到約 110,000 盎司。

With that, I'll turn it back over to Clive for the intro into the Q&A.

接下來，我將把麥克風交還給克萊夫，讓他來引出問答環節。

Thanks, Bill. Let's open it up for Q&A.

謝謝你，比爾。接下來進入問答環節。

(Operator Instructions)

（操作說明）

Fahad Tariq, Jefferies.

法哈德‧塔里克，傑富瑞集團。

Just on Fekola Regional, can you just give us maybe the latest conversations you're having or not having with the government? And what gives you the confidence that the permit could be in the first quarter of this year?

就費科拉地區而言，您能否簡要介紹一下您最近與政府進行的或未進行的對話？你憑什麼確信今年第一季就能拿到許可證？

Yes. It's Randall. I'll respond to this one. Over the '25, I think part of our confidence goes to the movement that we saw over the course of the year. This was a permit that took all of the ability of the Malian government to come up with a consolidation that had never been done before in Mali under the 2023 mining code.

是的。是蘭德爾。我會回覆這個問題。我認為，2025年我們信心的部分來源是過去一年我們看到的趨勢。這份許可證的頒發，凝聚了馬利政府的全部心血，促成了在 2023 年礦業法下馬裡從未有過的整合。

And so, for us to be able to move that through last year and get to a point right now where we do have the endorsement of the Minister of Mines, the endorsement of the Minister of Finance on this permit has been pushed through. The technical group, the review has been completed and is sitting with the President and the newly formed Mining Commissioner, Hilaire Diarra. And we are in very regular dialogue. In addition, moving forward with the underground exploitation. And as you've seen, Barrick's Loulo Permit get extended.

因此，為了能夠推動此事在去年取得進展，並最終獲得礦業部長和財政部長對該許可證的批准，我們付出了許多努力。技術小組已完成審查，目前正在與總統和新成立的礦業專員希萊爾·迪亞拉會面。我們一直保持著非常頻繁的對話。此外，繼續推動地下開採。正如你所看到的，巴里克的盧洛礦區許可證已獲延期。

The government is moving these things forward. It is slower than we would like for sure. But there is constant dialogue on the process. And that's really what gives us the confidence that we're going to see it in the near future.

政府正在推動這些事項。速度肯定比我們預期的慢。但各方一直在就這一過程進行對話。正是這一點讓我們有信心，在不久的將來我們就能看到它。

Got it. And then just maybe switching gears to Goose. I believe there was an internal study that was being done with FLSmidth to figure out the permanent crusher solution and what that would entail, and how would be -- like the specifications for it. Can you just share anything else from that study that came about, if that's been completed? And what that means for the second half of this year at Goose?

知道了。然後或許可以換個話題，聊聊鵝。我相信當時 FLSmidth 公司正在進行一項內部研究，以找出永久破碎機的解決方案，以及該解決方案需要包含哪些內容，以及如何實現——例如，該解決方案的規格。如果這項研究已經完成，您能否分享一下該研究的其他成果？那麼，這對 Goose 今年下半年的發展又意味著什麼？

Yeah. So the study, as you correctly said by FLSmidth was completed. It's been delivered to Lycopodium who's going to be the engineer of record. They're in the process of reviewing that study. And then, of course, it has to go out for -- once the final design is set, it's got to go out for cost bids and we have to come back with what the final study is. So I think we've been very open that we're not really going to have final answers until April.

是的。正如您正確指出的那樣，FLSmidth 的研究已經完成。已經交付給 Lycopodium，他們將擔任錄音工程師。他們正在審查那項研究。當然，一旦最終設計方案確定，就必須進行成本招標，然後我們才能得出最終的研究結果。所以我覺得我們已經很坦誠地表示，在四月之前我們無法給出最終答案。

What we know is that the first part is the apron feeder and the hopper. That's Phase 1. The second half after April, we'll come out with what the final guidance is. But we did -- I think we did talk about this kind of tens of millions of dollars. So the first -- the Phase 1 was -- is $7 million, and all that's in the budget.

我們知道，第一部分是裙板式給料機和料斗。這是第一階段。四月之後的下半年，我們將公佈最終的指導方針。但我們確實——我想我們確實討論過數千萬美元的金額。所以第一階段——也就是第一期工程——的預算是 700 萬美元，所有這些都在預算之內。

The second half is tens of millions of dollars, but once again, without having a study, we're probably somewhere in the middle of that. So it's probably something like CAD50 million, at which time we'll be purchasing equipment.

第二部分是數千萬美元，但是，如果沒有相關研究，我們可能只能估算出其中的大概數字。所以大概需要5000萬加幣左右，屆時我們將購買設備。

And there is the opportunity. There's two choices. One, depending on what the final decision is, we could hurt it in, so we could bring it in on plane this year or we'd have to bring it up the road next year. Those are the two options, which have yet to be finalized.

機會就在這裡。有兩種選擇。第一，根據最終決定，我們可能會把它運進來，所以我們今年可以用飛機運進來，或者我們明年必須用公路運進來。這是目前尚未最終確定的兩種方案。

Anita Soni, CIBC World Markets.

Anita Soni，CIBC World Markets。

Just a follow-up on Fahad's question on the throughput. Could you just -- I understood the issue with the hopper and the crusher, but what is preventing it from getting to 4,000? I thought that was -- that initial fix is going to be the final solution. Can you talk about the second portion of it?

關於 Fahad 提出的吞吐量問題，我再補充一點。您能解釋一下嗎？我理解料斗和破碎機的問題，但是是什麼原因導致產量達不到 4,000 呢？我原以為──最初的那個解決方案就是最終的解決方案。能談談第二部分嗎？

Yes, I can. It really is a design factor. So we can run at 4,000. We just can't keep it at 4,000 all day every day. And so we can't catch up ever.

是的，我可以。這確實是一個設計因素。所以我們可以跑4000。我們不可能每天都把數字維持在 4000。所以，我們永遠追不上。

So if the crusher goes down for whatever for maintenance or there's a blockage or that type of stuff, then suddenly we're behind, and we can't catch up. So this next study is talking about expanding the capacity of the crusher with the safety (technical difficulty)

所以，如果破碎機因為維護或其他原因停機，或發生堵塞之類的情況，那麼我們就會突然落後，而且無法趕上進度。接下來這項研究探討的是如何安全地擴大破碎機的產能。（技術難題）

Right. So getting to 6,000 would just allow you to potentially maybe a little bit more, but average the 4,000. Is that the case?

正確的。所以達到 6000 分或許能讓你多賺一點，但平均下來還是要達到 4000 分。真是這樣嗎？

I didn't say 6,000 for sure. I don't think --

我並沒有肯定地說是 6000。我不認為--

No, no. Your MD&A does say something about evaluating going to 6,000.

不，不。你們的管理階層討論與分析報告確實提到了評估將規模擴大到 6,000 人的相關事宜。

Well, no, the MD&A really was a different issue related to sending the overall circuit to 6,000. This is completely tied around the crushing circuit.

不，MD&A 實際上是一個不同的問題，與將整個電路發送到 6,000 有關。這完全與壓碎迴路有關。

Okay. All right. And then just on Otjikoto. I wasn't quite clear about when Antelope would come onstream. I think this capital spending is '26 and '27, but is '28 a ramp-up year in the '29 to '32 was where you exceed 110?

好的。好的。然後就到了奧奇科托島。我不太清楚羚羊什麼時候會上線。我認為這項資本支出發生在 2026 年和 2027 年，但 2028 年是 2029 年至 2032 年的過渡年嗎？在 2029 年至 2032 年期間，你們的支出超過了 110？

And then what would '27 and '28 look like in terms of production?

那麼，2027 年和 2028 年的產量會是什麼樣子呢？

Yes. So the answer is, yes, to the first part, that '27 and '28 are kind of years, which we're continuing to build, with '29 being a ramp-up. I mean, once again, given the fact we haven't even ordered equipment, it's maybe a bit premature to talk about when ramp-up will happen. But we are talking about '29 and then through '32 being production. And what it looks like in '27 and '28 is kind of that -- it looks like -- just look at my numbers here.

是的。所以答案是，對於第一個問題，2027 年和 2028 年是我們正在繼續建造的年份，而 2029 年則是加速發展的年份。我的意思是，再次強調，鑑於我們甚至還沒有訂購設備，現在談論何時能夠提高產量可能還為時過早。但我們討論的是 1929 年到 1932 年的生產情況。而 2027 年和 2028 年的情況就是這樣——看起來就像——看看我這裡的數字就知道了。

I see life of mine at Otjikoto kind of 78 in '27 and 64 in '28.

我看到我在奧奇科託的生活就像 1927 年的 78 歲和 1928 年的 64 歲。

Okay. And then at Fekola, could you give us a bit of a breakout in terms of what's coming from the open pit and the underground? And then also -- so excluding the Regional where you've got -- I guess, with 70,000 to 80,000 -- 60,000 to 80,000 ounces the breakout between the underground and the open pit and sort of what grades and tonnage we were looking at in each?

好的。那麼，在費科拉礦區，您能否簡單介紹一下露天礦場和地下礦場的開採？另外——所以，除了區域礦區（我猜，那裡有 7 萬到 8 萬盎司——6 萬到 8 萬盎司）之外，地下礦和露天礦之間的差距，以及我們分別在各自礦區考察的品位和噸位是多少？

Yes. I don't have the grades and tonnage in front of me, but I do have the gross number. So you could back calculate for sure. So from the underground, I'm showing 71,000 in '26. And then the combination of Fekola and Cardinal is I'm showing 300,000. So a total of 371,000 minus the Regional.

是的。我手頭上沒有等級和噸位數據，但我有總噸位數據。所以你一定可以反向推算出來。所以從地鐵數據來看，我顯示 2026 年有 71,000 人次。然後，Fekola 和 Cardinal 的組合，我顯示為 300,000。所以總共是 371,000 減去區域賽。

Okay. And then the underground. Sorry, could you -- do you know what the grades are at the underground or no -- sorry, the tonnage, the tonnage that you would be pulling?

好的。然後是地鐵。抱歉，請問您知道地下的坡度嗎？或者，不好意思，您知道您要牽引的噸位嗎？

Yeah. Well, I think we're mining of 1,500 tonnes per day there. So I'll have a guy check on where we're on this call just to make sure, but I think it's 1,500 tonnes.

是的。嗯，我想我們那裡每天的採礦量是1500噸。所以我會讓一個人確認我們這次通話的進度，以確保無誤，但我認為應該是 1500 噸。

(Operator Instructions)

（操作說明）

Carey MacRury, Canaccord Genuity.

Carey MacRury，Canaccord Genuity。

I'm just wondering how we should think about ASIC at Goose once you're at 3,200 tonnes a day versus your guidance?

我只是想知道，當你們的日產量達到 3200 噸，而你們的預期產量低於此時，我們應該如何看待 Goose 的 ASIC 問題？

So well, what I'd say, Carey, you can see, obviously, there's an ASIC ramp up in '26 in the budget numbers, and that's based on obviously much lower range production than we see when we get to steady state. So I think you can see us definitely stepping down. ASIC, we're doing an updated Goose study to incorporate, I think, all of the elements of this new crushing study and what we plan to do. But the goal is that we get ramped up to 4,000 tonnes per day, maybe a little bit further into 2027. So once we've got Stage 2 of the crusher remediation done, then you'll see our Goose all-in sustaining cost step down significantly from what we've put out in the budget here.

所以，凱裡，我想說的是，很明顯，從預算數字來看，2026 年 ASIC 的產能有所提升，但這顯然是基於遠低於我們達到穩定狀態時所看到的產能水平。所以我認為你們肯定可以看到我們肯定會退出。ASIC，我們正在進行一項更新的 Goose 研究，我認為，這項新的碾壓式研究的所有要素以及我們計劃要做的事情都將納入其中。但我們的目標是到 2027 年晚些時候，將日產量提高到 4,000 噸。所以，一旦我們完成了破碎機修復的第二階段，你就會看到我們的 Goose 綜合維持成本比我們在這裡預算中列出的成本大幅下降。

Okay. And then maybe just on the cash taxes, you've given guidance at $5,000 an ounce. Is there -- would you happen to know what that be at like $4,500 or so is there any sensitivity around that number?

好的。然後，就現金稅而言，您給出的指導價是每盎司 5000 美元。請問—您碰巧知道4500美元左右的價格是多少嗎？這個數字對價格有什麼敏感度嗎？

So sorry, what was the second part of your question, Carey, on the cash taxes?

非常抱歉，凱瑞，你關於現金稅的問題的第二部分是什麼？

Just like your cash tax guidance is done at $5,000 an ounce, I'm just wondering what that would look like at $4,500 or so?

就像你們的現金稅收指引是基於每盎司 5,000 美元的價格製定的一樣，我只是想知道如果價格在每盎司 4,500 美元左右會是什麼樣子？

Well, yeah, you could probably -- if you take what's there and multiply very effective average rate of 30% for the step down, that will probably get you somewhere in the ballpark. Remember, the thing to remember with those cash taxes is we're showing you what we think it is, and we have to make assumptions about how much we repatriate from sites, right? So at these higher gold prices, we're pulling up a lot of cash.

嗯，是的，你或許可以——如果你把現有的數據乘以 30% 的降級平均有效利率，那大概就能得到一個大致的估算結果。記住，關於這些現金稅款，我們需要記住的是，我們向您展示的是我們認為的金額，我們必須對從工地收回的金額做出假設，對吧？所以，在金價高企的情況下，我們正在賺取大量現金。

And so it's not a linear step down from $5,000 to $4,200 because there are withholding taxes on those dividends. But if you want to quantify it, very high level, what it is, take the difference in the gold price, multiply it by the production ounces and take 30% of it, you'll get in the ballpark of what the impact of cash taxes would be.

因此，股息收入並非從 5000 美元線性下降到 4200 美元，因為股息收入中需要繳納預扣稅。但如果你想量化它，從非常宏觀的角度來衡量它，那就用黃金價格的差異乘以黃金產量盎司數，再取其 30%，你就能大致估算出現金稅的影響。

We didn't give that cash tax guidance just to show you what it looks like around the whole group because you can see in 2025 cash tax numbers, with over $0.5 billion and withholding taxes and that was $130 million plus. So it's -- I want to remind everyone, all the analysts for your models, you got to put those withholdings in to see the impact of the higher gold prices.

我們沒有給出現金稅指導，只是為了向你們展示整個集團的情況，因為你們可以看到 2025 年的現金稅數字，超過 5 億美元，預扣稅超過 1.3 億美元。所以——我想提醒大家，所有模型分析師，你們必須把這些預留款考慮進去，才能看出金價上漲的影響。

And we pulled back over $1 billion from sites during '25. So we wanted to give you that guidance in '26 as well, just to show you what we see at $5,000 and withholdings somewhere in that $115 million range and $5,000 is the impact for the year.

2025 年，我們從網站上撤回了超過 10 億美元。所以我們也想在 2026 年向您提供相同的指導，向您展示我們看到的 5,000 美元的情況，以及預扣稅款在 1.15 億美元左右，而 5,000 美元是這一年的影響。

This concludes the question-and-answer session. I'd like to turn the conference back over to Clive Johnson for closing remarks.

問答環節到此結束。我謹將會議交還給克萊夫·約翰遜，請他作閉幕致詞。

Okay. Thank you all for those good questions. Sorry, operator, is there somebody else?

好的。感謝大家提出的好問題。抱歉，接線生，請問還有其他人嗎？

I apologize for the interruption. Have you finished your concluding remarks?

打擾了，很抱歉。你的總結發言結束了嗎？

Okay. Yes. Thank you, operator. Thanks, everyone, for attending and for your questions.

好的。是的。謝謝接線生。感謝各位的出席與提問。

Thank you. This brings to end today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

謝謝。今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。