Centerra Gold Inc (CGAU) 2024 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Centerra Gold third quarter 2024 conference call. As a reminder, all participants are in a listen-only mode and the conference is being recorded. (Operator Instructions)

謝謝你的支持。這是會議操作員。歡迎參加 Centerra Gold 2024 年第三季電話會議。提醒一下，所有參與者都處於只聽模式，並且正在錄製會議。（操作員說明）

I would now like to turn the conference over to Lisa Wilkinson, Vice President, Investor Relations and Corporate Communications with Centerra Gold. Please go ahead.

現在我想將會議交給 Centerra Gold 投資者關係和企業傳播副總裁麗莎威爾金森 (Lisa Wilkinson)。請繼續。

Thank you, operator, and good morning. Welcome to Centerra Gold's third quarter 2024 results conference call. Joining me on the call today are Paul Tomory, President and Chief Executive Officer; Paul Chawrun, Chief Operating Officer; and Ryan Snyder, Chief Financial Officer.

謝謝您，接線員，早安。歡迎參加 Centerra Gold 2024 年第三季業績電話會議。今天與我一起參加電話會議的還有總裁兼執行長 Paul Tomory；保羅‧查倫，營運長；和瑞安·斯奈德，財務長。

Our release yesterday details our third quarter 2024 results. It should be read in conjunction with our MD&A and financial statements, both of which can be found on SEDAR, EDGAR, and our website. All figures are in US dollars unless otherwise noted. Presentation slides accompanying this webcast are available on Centerra's website. Following the prepared remarks, we will open the call for questions.

我們昨天發布了 2024 年第三季業績的詳細資訊。應結合我們的 MD&A 和財務報表來閱讀，這兩者都可以在 SEDAR、EDGAR 和我們的網站上找到。除非另有說明，所有數字均以美元為單位。此網路廣播隨附的簡報幻燈片可在 Centerra 網站上取得。在準備好的發言之後，我們將開始提問。

Before we begin, I would like to caution everyone that certain statements made today may be forward-looking and are subject to risks which may cause our actual results to differ from those expressed or implied. Please refer to the cautionary statements included in the presentation as well as the risk factors set out in our annual information form. Certain measures we will discuss are non-GAAP measures. Please refer to the description of non-GAAP measures in our news release and MD&A issued yesterday.

在開始之前，我想提醒大家，今天發表的某些陳述可能具有前瞻性，並存在可能導致我們的實際結果與明示或暗示的結果不同的風險。請參閱簡報中包含的警告聲明以及我們的年度資訊表中列出的風險因素。我們將討論的某些措施是非公認會計準則措施。請參閱我們昨天發布的新聞稿和 MD&A 中對非 GAAP 措施的描述。

I will now turn the call over to Paul Tomory.

我現在將把電話轉給保羅·托莫里。

Thanks, Lisa, and good morning, everyone. We continue to deliver consistent operating performance, producing over 93,000 ounces of gold and 13.7 million pounds of copper in the third quarter. We're on track to meet our consolidated production and cost guidance for the year. We benefited from margin expansion driven by stable cost performance in an elevated metal price environment.

謝謝麗莎，大家早安。我們繼續保持穩定的經營業績，第三季生產了超過 93,000 盎司黃金和 1,370 萬磅銅。我們有望實現今年的綜合生產和成本指導。在金屬價格上漲的環境下，我們受益於穩定的成本效益所推動的利潤率擴張。

As planned, we've returned to strong free cash flow generation this quarter. And even after spending approximately $32 million on the restart of operations at Thompson Creek, we grew our cash and cash equivalents to $604 million at the end of the third quarter.

按照計劃，我們本季恢復了強勁的自由現金流產生。即使在花費約 3,200 萬美元重啟 Thompson Creek 營運之後，我們的現金和現金等價物在第三季末仍增至 6.04 億美元。

Over the last year, we have made significant progress delivering on our strategic plan, aimed at maximizing the value of each asset in our portfolio. Earlier this year, we secured an additional agreement with Royal Gold, providing us the opportunity to evaluate Mount Milligan's potential for long-term multi-decade operations. This marked an important initial step in our strategy to unlock the full value of this key asset in a top-tier mining jurisdiction.

去年，我們在實現策略計畫方面取得了重大進展，旨在最大限度地提高投資組合中每項資產的價值。今年早些時候，我們與 Royal Gold 達成了一項額外協議，使我們有機會評估 Mount Milligan 的長期數十年營運潛力。這標誌著我們在頂級採礦管轄區釋放這一關鍵資產的全部價值的策略邁出了重要的第一步。

Work on the preliminary economic assessment continues, and is expected to update the large resource to include all the drilling completed to date, identify value-added initiatives for the plant, and optimize the mine plan. We expect to complete the technical study towards the end of the first half of 2025.

初步經濟評估工作仍在繼續，預計將更新大型資源，包括迄今為止已完成的所有鑽探，確定工廠的增值計劃，並優化採礦計劃。我們預計在 2025 年上半年末完成技術研究。

In September, we announced the decision to unlock significant value in our US molybdenum operations through the restart of operations at Thompson Creek, and progressive ramp-up of production at Langeloth. We published the Thompson Creek feasibility study and Langeloth commercial optimization plan, which combined have robust project economics at a conservative 8% discount rate.

9 月，我們宣布決定透過重啟 Thompson Creek 的營運以及逐步提高 Langeloth 的產量來釋放美國鉬業務的巨大價值。我們發布了 Thompson Creek 可行性研究和 Langeloth 商業優化計劃，兩者相結合，以保守的 8% 貼現率實現了強勁的專案經濟效益。

Combined, the US molybdenum operations are expected to produce an after-tax NPV of $472 million and a 22% IRR. Key contributor to this value is Langeloth, which at full capacity and with the benefit of high-quality feed from Thompson Creek has the potential to generate approximately $50 million of annual EBITDA.

美國鉬業務合計預計將產生 4.72 億美元的稅後淨現值和 22% 的內部收益率。這一價值的主要貢獻者是 Langeloth，該公司滿載生產並受益於 Thompson Creek 的優質飼料，每年預計將產生約 5,000 萬美元的 EBITDA。

There are two key value drivers that allow Langeloth to potentially generate these robust cash flows. First is increased capacity utilization. At full capacity, the moly concentrate processed in Langeloth is expected to consist of approximately one third supplied by Thompson Creek and approximately two thirds purchased from third-party providers. With increased capacity utilization, Langeloth will leverage its fixed costs, which should increase profitability and cash flow.

Langeloth 有兩個關鍵的價值驅動因素能夠產生這些強勁的現金流。首先是產能利用率提高。在滿載生產的情況下，朗格洛特加工的鉬精礦預計將由 Thompson Creek 供應的約三分之一和從第三方供應商購買的約三分之二組成。隨著產能利用率的提高，Langeloth 將利用其固定成本，這將提高獲利能力和現金流。

Second value driver is vertical integration of Langeloth with the Thompson Creek mine, which will produce one of the highest moly concentrates in the world. Langeloth can blend its concentrate with lower quality third-party concentrates, which is expected to lead to margin improvements. Also, the high quality of the Thompson Creek concentrate enables Langeloth to produce an increased volume of higher-margin final molybdenum products.

第二個價值驅動因素是 Langeloth 與 Thompson Creek 礦的垂直整合，該礦將生產世界上最高的鉬精礦之一。Langeloth 可以將其精礦與品質較低的第三方精礦混合，預計將提高利潤率。此外，Thompson Creek 精礦的高品質使 Langeloth 能夠生產更多數量的高利潤最終鉬產品。

Capital investment required to restart operations at Thompson Creek is $397 million, which is expected to be spent over the next three years with first production in the second half of 2027. With infrastructure already in place, CapEx is largely derisked and is primarily related to stripping. We believe that the Thompson Creek capital investment could be funded mostly from cash flow from operations. As a result, we expect to maintain a strong cash balance, which can be deployed in line with our capital allocation strategy to shareholder returns, internal projects, and external growth opportunities.

Thompson Creek 重啟營運所需的資本投資為 3.97 億美元，預計將在未來三年內支出，並於 2027 年下半年首次投產。由於基礎設施已經到位，資本支出在很大程度上消除了風險，並且主要與剝離有關。我們認為 Thompson Creek 資本投資的資金主要來自營運現金流。因此，我們預計將保持強勁的現金餘額，並可根據我們對股東回報、內部專案和外部成長機會的資本配置策略進行部署。

Our decision to restart operations at Thompson Creek and to progressively ramp up production at Langeloth is a key milestone on the path to unlocking significant value in our molybdenum assets. As we advance our US molybdenum operations, we're also focused on growing our gold exposure in the portfolio. In addition to the Mount Milligan PEA, which should showcase a significant mine life extension, we also have organic growth projects, Goldfield and Kemess in our pipeline.

我們決定重啟 Thompson Creek 的營運並逐步提高 Langeloth 的產量，這是釋放我們鉬資產巨大價值的道路上的一個重要里程碑。在我們推進美國鉬業務的同時，我們也專注於增加投資組合中的黃金曝險。除了 Mount Milligan PEA（這應該會顯著延長礦山壽命）之外，我們還有有機成長項目 Goldfield 和 Kemess 正在籌備中。

We continue to progress our work at the Goldfield project in Nevada and expect to release an initial resource with our year-end reserve and resource update in early 2025. At Kemess, as previously mentioned, we will not be proceeding with the underground blockade project. Instead, we are evaluating alternative technical concepts for the resource. We remain optimistic that Kemess can be a future source of gold and copper production.

我們將繼續推進內華達州 Goldfield 計畫的工作，並預計在 2025 年初透過年底儲備和資源更新釋放初始資源。在凱梅斯，如前所述，我們不會繼續進行地下封鎖計畫。相反，我們正在評估該資源的替代技術概念。我們仍然樂觀地認為凱梅斯可以成為未來黃金和銅生產的來源。

Finally, I'd like to touch on some ESG achievements in the quarter. As we continue to progress our climate and nature strategy, we are conducting cost benefit analysis of decarbonization initiatives that have been identified at our sites. These efforts will guide our decision-making and help us to identify practical pathways for reducing GHG emissions.

最後，我想談談本季的一些 ESG 成就。隨著我們繼續推進氣候和自然策略，我們正在對我們工廠確定的脫碳措施進行成本效益分析。這些努力將指導我們的決策並幫助我們確定減少溫室氣體排放的實際途徑。

Our social performance team at Mount Milligan have been working hard alongside our First Nation partners and the local school district to develop equal opportunity, employment and enhancement programs. These programs provide hands-on experience at our site, the ultimate goal of attracting future talent to the mining industry.

我們米利根山的社會績效團隊一直與我們的原住民合作夥伴和當地學區一起努力製定平等機會、就業和增強計劃。這些計劃在我們的現場提供實務經驗，最終目標是吸引未來人才進入採礦業。

We are also proud to announce collaboration with our First Nation partners to revamp our Pre-Employment & Training Education and Readiness Program, designed to remove barriers for indigenous applicants in mining occupations by equipping them with relevant skills and facilitating apprenticeship placements.

我們也很自豪地宣布與我們的原住民合作夥伴合作，改進我們的就業前培訓教育和準備計劃，旨在透過為原住民申請人配備相關技能並促進學徒安置來消除採礦職業中的障礙。

Lastly, I'm proud to announce that Öksüt has won 11 awards across three distinguished organizations for our efforts in social responsibility. These awards recognize our commitment to empower women entrepreneurs in our local communities by supporting the first women's cooperative established in the Develi District. Through initiatives like this, we continue to strive to create a lasting positive impact.

最後，我很自豪地宣布，äksüt 因其在社會責任方面的努力而贏得了三個傑出組織的 11 項獎項。這些獎項表揚了我們透過支持德維利區成立的第一個婦女合作社來增強當地社區女企業家權能的承諾。透過此類舉措，我們繼續努力創造持久的正面影響。

I'll now pass the call over to Paul Chawrun to walk through our operational performance for the quarter.

現在，我將把電話轉給 Paul Chawrun，介紹我們本季的營運表現。

Thanks, Paul. I'd like to start with Mount Milligan safety performance. The operating team continues to embrace the site-wide optimization program, which starts with continuous improvement to our safety performance. The site team has been fully engaged and year-to-date, we have seen improved safety performance, particularly with the reduction in significant incident occurrences.

謝謝，保羅。我想從米利根山的安全表現開始。營運團隊繼續實施全站點優化計劃，首先是不斷改進我們的安全績效。現場團隊全力投入，今年迄今為止，我們看到安全績效有所提高，特別是重大事故發生的減少。

On slide 8, we show operating highlights at Mount Milligan for the quarter. Mount Milligan produced almost 43,000 ounces of payable gold and 13.7 million pounds of payable copper in the third quarter. Gold and copper sales were up 46% and 21%, respectively, quarter-over-quarter, which was anticipated due to the timing of shipments.

在幻燈片 8 中，我們展示了 Mount Milligan 本季的營運亮點。Mount Milligan 第三季生產了近 43,000 盎司的應付黃金和 1,370 萬磅的應付銅。黃金和銅的銷售額環比分別增長 46% 和 21%，這是由於發貨時間而預期的。

Metal production in the fourth quarter is expected to be slightly higher compared to the previous nine months due to expected higher mill throughput and gold grades. Our production guidance remains unchanged at Mount Milligan. With that said, our gold production is trending towards the lower end of the guidance range.

由於預計工廠產量和黃金品位較高，預計第四季度的金屬產量將略高於前九個月。我們在 Mount Milligan 的生產指引保持不變。話雖如此，我們的黃金產量正趨向指導範圍的下限。

In the third quarter, all-in sustaining costs on a byproduct basis were $1,318 per ounce, higher quarter-over-quarter due to increased sustaining CapEx. We expect all-in sustaining costs on a byproduct basis to be lower in the fourth quarter compared to the second and third quarters, driven by higher expected sales and lower expected sustaining CapEx. Our Mount Milligan cost guidance ranges for 2024 are unchanged, and we expect the all-in sustaining costs at Mount Milligan to be at the low end of the guidance range.

第三季度，由於維持資本支出增加，以副產品計算的總維持成本為每盎司 1,318 美元，環比較高。我們預計，由於預期銷售額較高且預期維持資本支出較低，第四季副產品的整體維持成本將低於第二季和第三季。我們 2024 年 Mount Milligan 的成本指引範圍保持不變，我們預計 Mount Milligan 的整體維持成本將處於指導範圍的低端。

The site-wide optimization program at Mount Milligan continues to progress. We are seeing productivity improvements in the load haul cycle and equipment availabilities at the mine, as well as in the plant throughput rates and unit processing costs. In the first nine months of 2024, milling costs at Mount Milligan were $5.56 per tonne processed, 12% lower than the same period last year.

米利根山的全站優化計畫持續取得進展。我們看到礦山的裝載運輸週期和設備可用性以及工廠吞吐率和單位加工成本方面的生產率有所提高。2024 年前 9 個月，Mount Milligan 的加工成本為每噸 5.56 美元，比去年同期下降 12%。

Now moving on to Öksüt. On slide 9, we show operating highlights at Öksüt for the quarter. Third quarter production was over 50,000 ounces, consistent with last quarter. In the first nine months of 2024, Öksüt finished processing inventory that was accumulated during the operation shutdown in 2022 and 2023.

現在轉向 äksüt。在投影片 9 上，我們展示了 äksüt 本季的營運亮點。第三季產量超過 50,000 盎司，與上季持平。2024 年前 9 個月，奧克斯尚未處理 2022 年和 2023 年停產期間累積的庫存。

In the fourth quarter, substantially all gold production is expected to come from lower grade areas of the mine. As a result, gold production in the fourth quarter is expected to contribute to approximately 15% to 20% of the annual gold production. Our 2024 production guidance at Öksüt is unchanged.

第四季度，幾乎所有黃金產量預計都來自礦場的低品位區域。因此，第四季黃金產量預計將貢獻全年黃金產量的約15%至20%。我們對 äksüt 2024 年的生產指引保持不變。

In the third quarter, all-in sustaining costs on a byproduct basis were $1,092 per ounce, which is higher compared to last quarter due to lower sales, higher sustaining CapEx, and higher royalty costs resulting from higher average realized gold prices. We expect all-in sustaining costs on a byproduct basis to be the highest in the fourth quarter compared to the first nine months of the year, driven by lower production due to lower expected grades.

第三季度，以副產品為基礎的總維持成本為每盎司 1,092 美元，高於上一季度，原因是銷售額下降、維持資本支出增加以及平均已實現黃金價格上漲導致的特許權使用費增加。我們預計，與今年前九個月相比，第四季副產品的整體維持成本將最高，原因是預期品位較低導致產量下降。

Öksüt's cost guidance ranges for the full year of 2024 are unchanged. However, we could slightly exceed the cost guidance range due to higher royalties driven by the elevated gold prices.

2024 年全年的成本指引範圍維持不變。然而，由於金價上漲導致特許權使用費上漲，我們可能會略微超出成本指引範圍。

As Paul mentioned earlier, in September, we announced the restart of operations at Thompson Creek. In the quarter, the site team transitioned from early works to a full startup. We now have 140 full-time operating personnel on site, two electric rope shovels, one drill and nine trucks in operation with four crews. Detailed engineering for the plant refurbishments has been awarded and the overall project plan is on track.

正如保羅之前提到的，九月，我們宣布重啟 Thompson Creek 的運作。在本季度，網站團隊從早期工作過渡到全面啟動。目前，我們在現場有 140 名全職操作人員，兩台電鏟、一台鑽孔機和 9 輛卡車，共 4 名工作人員。工廠翻新的詳細工程已獲得批准，總體項目計劃已步入正軌。

In the fourth quarter, our work is focused on the capitalized stripping, continued refurbishment of the existing mobile equipment fleet, delivery of new mine mobile equipment, and initial engineering work on the plant refurbishment.

第四季度，我們的工作重點是資本化剝離、現有移動設備車隊的持續翻新、新礦山移動設備的交付以及工廠翻新的初步工程工作。

I'll now pass it off to Ryan to walk through our financial highlights for the quarter.

現在我將把它交給瑞安，讓他介紹我們本季的財務亮點。

Thanks, Paul. Slide 11 details our third quarter financial results. Adjusted net earnings in the third quarter were $39 million or $0.19 per share. In the third quarter, sales were 96,736 ounces of gold and 14.2 million pounds of copper, up 16% and 21%, respectively, compared to last quarter. This was driven mainly by the timing of shipments at Mount Milligan. The average realized price was $2,206 per ounce of gold and $3.37 per pound of copper, which incorporates the existing streaming arrangements at Mount Milligan.

謝謝，保羅。投影片 11 詳細介紹了我們第三季的財務表現。第三季調整後淨利為 3,900 萬美元，即每股 0.19 美元。第三季黃金銷量為96,736盎司，銅銷量為1,420萬磅，較上季分別成長16%及21%。這主要是由米利根山的出貨時間所推動的。黃金的平均實現價格為每盎司 2,206 美元，銅的平均實現價格為每磅 3.37 美元，其中包括 Mount Milligan 現有的流水安排。

At the molybdenum business unit, approximately 2.4 million pounds of molybdenum was sold in the third quarter at the Langeloth facility at an average realized price of $23.27 per pound. Consolidated all-in sustaining costs on a by-product basis in the third quarter were $1,302 per ounce, and our full year consolidated cost guidance for unit cost metrics are unchanged.

在鉬業務部門，蘭格洛特工廠第三季銷售了約 240 萬磅鉬，平均實現價格為每磅 23.27 美元。第三季以副產品為基礎的綜合維持成本為每盎司 1,302 美元，我們對單位成本指標的全年綜合成本指引保持不變。

Slide 12 shows our financial highlights for the quarter. In the third quarter, as planned, we returned to strong free cash flow generation. Cash flow from operations on a consolidated basis for the quarter was $104 million, and free cash flow was $37 million, which includes spending of $32 million on the restart of operations at the Thompson Creek mine.

投影片 12 顯示了我們本季的財務亮點。在第三季度，按照計劃，我們恢復了強勁的自由現金流產生。本季合併營運現金流為 1.04 億美元，自由現金流為 3,700 萬美元，其中包括湯普森溪礦重啟營運的 3,200 萬美元支出。

In the third quarter, Mount Milligan generated $40 million in cash from operations and $16 million in free cash flow. As expected, in the third quarter, Öksüt returned to positive free cash flow after making normal tax and annual royalty payments in the second quarter of 2024. Öksüt generated $97 million of cash from operations and had free cash flow of $87 million in the third quarter.

第三季度，Mount Milligan 的營運現金為 4,000 萬美元，自由現金流為 1,600 萬美元。正如預期的那樣，在 2024 年第二季度支付正常稅款和年度特許權使用費後，第三季度的自由現金流恢復為正值。第三季度，該公司從營運中產生了 9,700 萬美元的現金，自由現金流為 8,700 萬美元。

The molybdenum business unit as a whole used $14 million of cash in operations and had a free cash flow deficit of $45 million this quarter, mainly related to spending on the Thompson Creek restart and an investment in working capital at Langeloth.

整個鉬業務部門在營運中使用了 1,400 萬美元的現金，本季自由現金流赤字為 4,500 萬美元，主要與 Thompson Creek 重啟支出和 Langeloth 營運資本投資有關。

Interest income was $7.5 million in the third quarter, which primarily includes interest on bank term deposits. We continue to generate significant interest income on our cash balance.

第三季利息收入為750萬美元，主要包括銀行定期存款利息。我們的現金餘額繼續產生可觀的利息收入。

Returning capital to shareholders remains a key pillar in our disciplined approach to capital allocation. In the third quarter, we remained active on our share buybacks, repurchasing 1.7 million shares for a total consideration of $12 million. The Board also declared a quarterly dividend of C$0.07 per share, consistent with previous quarters.

向股東返還資本仍然是我們嚴格的資本配置方法的關鍵支柱。第三季度，我們繼續積極進行股票回購，回購了 170 萬股股票，總代價為 1,200 萬美元。董事會也宣布季度股息為每股 0.07 加元，與前幾季一致。

In the first nine months of 2024, we have returned $65 million to shareholders, including $32 million in share buybacks and $33 million in dividends. A key focus for Centerra is returning capital to shareholders, and we expect to remain active on the share buybacks dependent on market conditions.

2024 年前 9 個月，我們向股東返還 6,500 萬美元，其中包括 3,200 萬美元的股票回購和 3,300 萬美元的股息。Centerra 的一個重點是向股東返還資本，我們預計將根據市場狀況繼續積極進行股票回購。

At the end of the third quarter, our cash balance was $604 million. This provides us with total liquidity of $1 billion and positions us well to execute on our strategic plan and deliver shareholder value.

截至第三季末，我們的現金餘額為 6.04 億美元。這為我們提供了 10 億美元的總流動性，使我們能夠很好地執行我們的策略計劃並創造股東價值。

I'll now pass it back to Paul for some closing remarks.

現在我將把它傳回給保羅，讓他做一些結束語。

Thanks, Ryan. We're committed to achieving strong performance each quarter and creating value for our shareholders. Looking ahead, we are systematically working through each asset in our portfolio to drive future value and growth for Centerra.

謝謝，瑞安。我們致力於每季實現強勁的業績並為股東創造價值。展望未來，我們正在有系統地研究投資組合中的每項資產，以推動 Centerra 的未來價值和成長。

With that, operator, we'll open the call to questions.

接線員，我們將開始提問。

(Operator Instructions)

（操作員說明）

Raj Ray, BMO.

拉吉·雷，BMO。

Thank you, operator and good morning, Paul and team. I have three questions, if I may. The first one is on your recovery at Mount Milligan. I did note that Q3, there was some oxidized material that impacted recovery of gold. But going into Q4, do you expect that to continue?

謝謝操作員，早安，保羅和團隊。如果可以的話，我有三個問題。第一個是關於你在米利根山的康復情況。我確實注意到第三季度，有一些氧化材料影響了黃金的回收。但進入第四季度，您預計這種情況會持續下去嗎？

Secondly, with respect to the cost, you mentioned that processing cost has decreased 12% in the first three quarters of this year versus last year. If I look at your mining cost for Mount Milligan, since -- at least if I compare Q3 over Q1, it's up almost 14%. So if you can comment on what's driving that cost increase on the mining front, whether it's the area you're mining or something else?

第二，關於成本，你提到今年前三季加工成本比去年下降了12%。如果我看一下 Mount Milligan 的採礦成本，因為至少如果我將第三季與第一季進行比較，就會發現成長了近 14%。那麼，您是否可以評論一下是什麼推動了採礦方面的成本增加，無論是您正在採礦的區域還是其他什麼？

And lastly, I had a question on the inventory levels for gold and copper at Mount Milligan. It seems to be an increasing trend. I mean it did come down a bit in Q3. But if I look at from Q3 '23 and if my numbers are correct, was 16,000 ounces and you're currently sitting at 30,000 ounces of gold in the inventory in Mount Milligan.

最後，我有一個關於米利根山黃金和銅庫存水準的問題。似乎有增加的趨勢。我的意思是第三季確實有所下降。但如果我從 23 年第三季來看，如果我的數字正確的話，是 16,000 盎司，而目前米利根山的庫存中有 30,000 盎司黃金。

What's driving that increase? And how much of that is going to be coming out of the process? What's the normal inventory level you're looking at? Thank you.

是什麼推動了這項成長？這個過程會產生多少成果？您所關注的正常庫存水準是多少？謝謝。

Yeah, Raj. Yeah, we'll take those in reverse order. So Ryan will take the inventory question.

是的，拉傑。是的，我們將以相反的順序處理。所以瑞安將回答庫存問題。

Sure. Thanks, Raj. I don't think it's quite 30,000 ounces, but there has been a little bit of a build. It's nothing structural. It's just timing of shipment related. I would expect that to come down in Q4 based on when the boats are planned. So you should see that normalize back to previous levels by the end of the year. But it's simply related to when concentrate makes it through the logistics chain and gets on a boat. Nothing more than that.

當然。謝謝，拉吉。我認為數量還不到 30,000 盎司，但已經有了一些增長。這不是什麼結構性的東西。這只是與發貨時間有關。我預計這一數字將在第四季度下降，具體取決於船隻的計劃時間。因此，您應該會看到到年底，情況會恢復到先前的水平。但這與濃縮物何時通過物流鏈並上船有關。僅此而已。

Hi, Raj. Yeah, okay. So to answer your recovery question, and that's why we put a bit of a description in the MD&A. So right now, we're on the periphery parts of the deposit in Phase 6 and a little bit in Phase 9. And so we are seeing several percent impact, and it's primarily due to the oxides. And a little bit of the grade quite hasn't been there as well. And so that's why we adjusted -- we outlined to the low end of guidance on the low end of the range for the rest of the year. So that's that question.

嗨，拉傑。是啊，好吧。因此，為了回答您的恢復問題，這就是我們在 MD&A 中進行一些描述的原因。所以現在，我們在第六階段和第九階段的礦床外圍部分。因此，我們看到了幾個百分點的影響，這主要是由於氧化物造成的。而且還沒有一點成績。這就是我們進行調整的原因——我們將今年剩餘時間的指導範圍的低端調整為低端。這就是那個問題。

Okay.

好的。

And then the other one you asked -- sorry, go ahead?

然後你問的另一個——抱歉，繼續吧？

No, I just wanted to follow up on that. So with respect to the Phase 6 that you've opened up, that's what you said. So if I look at the, let's call it, the 2022 technical report, is the mine plan tracking as per that? Or has there been a change in the mine plan since then?

不，我只是想跟進此事。所以關於你已經開放的第六階段，這就是你所說的。因此，如果我查看 2022 年技術報告，採礦計畫是否按照該報告進行追蹤？或者從那時起採礦計劃發生了變化？

Okay. Yeah. From the 2022 technical report, the mine plan has changed. And we've opened up and increased the size of the overall pit as well.

好的。是的。從2022年技術報告來看，礦山計畫發生了變化。我們也開放並擴大了整個坑的大小。

Okay.

好的。

Yeah. The Phase 6 is -- if you take a look looking north, it's at the north end of the deposit, like straight, it's pretty much the most north part.

是的。第六期是－如果你向北看，它位於礦床的北端，就像直線一樣，它幾乎是最北的部分。

Okay. Sounds good. Yeah.

好的。聽起來不錯。是的。

Okay. And then to answer your question on the operating costs. So I think you're mostly focused on mining. We just had some timing on equipment refurbishment, primarily some major components. There's nothing really changed on the mine plan itself. And in fact, on our load haul cycle, our productivity, when you take a look at all those key performance indicators, those are on track. So -- and we do have a little bit of increase on the consumables, but not a lot. So that's to answer that question.

好的。然後回答你關於營運成本的問題。所以我認為你主要關注採礦。我們剛剛對設備進行了一些翻新，主要是一些主要部件。採礦計劃本身並沒有發生任何真正的改變。事實上，在我們的負載運輸週期、我們的生產力中，當你查看所有這些關鍵績效指標時，就會發現它們都步入正軌。所以——我們的消耗品確實有一點增加，但不是很多。這就是回答這個問題。

And what's the timing for the equipment refurbishment to be done and the potential decrease in costs?

設備翻新的時間和成本可能會降低嗎？

Yeah, that was mostly a Q3 item.

是的，那主要是第三季的項目。

Okay.

好的。

Sometimes like we had extra costs on the loader. We had a couple of engines that needed to be replaced a little bit higher. And that is fluid throughout the year. Sometimes you have some quarters higher than others. That's the main reason why the operating costs are a little bit higher.

有時我們在裝載機上有額外的費用。我們有幾個引擎需要更換得更高一些。而且這情況全年都在變化。有時你的某些季度會比其他季度高。這就是營運成本略高的主因。

Okay. Sounds good. Thank you very much. That's it from me.

好的。聽起來不錯。非常感謝。這就是我說的。

Lawson Winder, Bank of America Securities.

勞森溫德，美國銀行證券公司。

Thank you, operator. And good morning, Paul and team. Thank you for the update. If I could, could I ask about the optimization at Mount Milligan? What is your latest thinking on the ability to potentially improve the gold recoveries on a life of mine basis?

謝謝你，接線生。早上好，保羅和團隊。感謝您的更新。如果可以的話，我可以詢問一下 Mount Milligan 的優化嗎？您對提高礦山壽命期內黃金回收率的潛力有何最新想法？

Yeah. So the main things we're looking at for the gold is it's -- without getting into too much detail because it is a fairly complex issue. So at the end of the day, there are several different ways that you can recover the gold. We're -- the main way that we're going to be doing this is being able to adjust the flotation circuit, all the variables, all the parameters in real time, and we're setting this up. We're actually calling it Float IQ. That's going to give us several percent.

是的。因此，我們關注黃金的主要因素是——沒有涉及太多細節，因為這是一個相當複雜的問題。因此，歸根結底，您可以透過多種不同的方式來恢復黃金。我們要做這件事的主要方式是能夠即時調整浮選電路、所有變數、所有參數，我們正在對此進行設定。我們實際上稱之為 Float IQ。這會給我們幾個百分點。

The other one is we're going to be looking at optimizing the blend of the concentrate. In terms of the actual amount of copper in the concentrate, we can optimize that. That will actually allow us to be able to recover a little bit more of the pyrite, which is where some of the gold is. That's a different part of the deposit.

另一個是我們將考慮優化濃縮物的混合。根據精礦中銅的實際含量，我們可以對其進行最佳化。這實際上將使我們能夠回收更多的黃鐵礦，這是一些黃金的所在地。這是存款的不同部分。

And then overall, just being able to not have the oxide. So that's why you see the numbers lower as we get a little bit deeper in the deposit. So it's a timing thing. We're never going to be up to 80%, 90% though on gold.

總的來說，就是不能有氧化物。這就是為什麼當我們在礦床中深入一點時，您會看到數字較低的原因。所以這是一個時機問題。儘管黃金方面我們永遠不會達到 80%、90%。

What is really about getting several percent?

獲得百分之幾的真正意義是什麼？

Yeah, I think we can get to mid --

是的，我想我們可以到達中期--

Yeah.

是的。

I think we can get to the mid-60s and maybe to the high mid-60%s by working on all these different optimization parameters. And it also does have a little bit of an influence on where we are in the deposit and how we blend some of the higher-grade gold and time that and blend it with the other parts of the ore body.

我認為透過研究所有這些不同的最佳化參數，我們可以達到 60 年代中期，甚至可能達到 60% 中期。它也確實對我們在礦床中的位置以及我們如何混合一些較高品位的黃金以及將其與礦體其他部分混合的時間產生了一些影響。

Lawson, one thing I'll add to that is there's the -- the near-term optimization, which is the operations optimization work that we've been doing real time, but there's also the PEA study. We are looking at what capital improvements could be made to the process plant to increase throughput and/or recovery. So there's the near-term type initiatives on plant optimization that Paul has talked about, but there are also long-term flow sheet modifications that we're looking at.

Lawson，我要補充的一件事是——近期優化，這是我們一直在即時進行的營運優化工作，但也有 PEA 研究。我們正在研究可以對加工廠進行哪些資本改進，以提高產量和/或回收率。因此，保羅談到了有關工廠優化的短期舉措，但我們也正在考慮長期的流程圖修改。

Okay. So even without those longer-term flow sheet modifications, I mean, you're still thinking upper 60%. So I mean, that's actually quite good. Do you have a sense of where you might want to push it with some capital investment? Or is it just too early to tell at this point?

好的。因此，即使沒有那些長期流程圖修改，我的意思是，您仍然認為 60% 以上。所以我的意思是，這實際上非常好。您是否知道您可能希望透過一些資本投資將其推向何方？還是現在說還太早？

The capital investment will come from throughput primarily. The flow sheet optimization is really going to be coming from just small incremental percents on improving the overall management of the flotation circuit having steady-state feed. We're not -- there's not really a capital investment that's going to improve overall recovery by a significant margin. It's going to come from throughput. And we do have some initiatives that are relatively low capital to improve the throughput that we're looking at.

資本投資將主要來自吞吐量。流程最佳化實際上將來自於改善具有穩態進料的浮選迴路的整體管理的小增量百分比。我們並沒有——實際上沒有任何資本投資能夠大幅改善整體復甦。它將來自吞吐量。我們確實有一些資本相對較低的舉措來提高我們正在考慮的吞吐量。

Okay. That's great. Very intriguing. And then on the Gemfields -- sorry, the Goldfield resource update that you're anticipating for early next year with the reserve and resource update. Can we anticipate also getting some color or some idea around how you're thinking about a potential development for those resources at the same time? Or is that something that we might be looking at a little bit later?

好的。那太棒了。非常有趣。然後是 Gemfields——抱歉，您預計明年初會進行 Goldfield 資源更新，包括儲量和資源更新。我們是否可以預期同時獲得有關您如何考慮這些資源的潛在開發的一些資訊或一些想法？或者這是我們稍後會考慮的事情？

We intend to do both. So we intend to put out a resource. That will be likely both the oxide and the sulfide. As we've mentioned before, we're principally looking at an oxide development plan. And at the time when we put out that resource, we will also outline a path forward, whether it's further study and drilling or some plan on development. So yes, we intend to outline a path forward. It won't just be a resource and exclusion of accompanying narrative.

我們打算兩者兼具。所以我們打算推出一個資源。這很可能是氧化物和硫化物。正如我們之前提到的，我們主要關注氧化物開發計劃。當我們推出該資源時，我們也會勾勒出前進的道路，無論是進一步的研究和鑽探，還是一些發展計劃。所以，是的，我們打算勾畫出一條前進的道路。它不僅僅是一種資源和對伴隨敘事的排除。

Okay. That's helpful. And then just finally on capital return, if I might. You guys have been remarkably consistent now for many quarters in delivering both share buybacks and maintaining that dividend. When you initiated the share buyback process, I mean, the gold price was nearly $1,000 per ounce lower and actually, your free cash flow has really improved quite remarkably.

好的。這很有幫助。如果可以的話，最後就是資本回報。多年來，你們在股票回購和維持股利方面一直非常一致。我的意思是，當您啟動股票回購流程時，金價每盎司下跌了近 1,000 美元，而實際上，您的自由現金流確實有了相當顯著的改善。

What is the likelihood that the buyback could be augmented going forward, particularly in light of some of the competing capital allocation that you're now embarking on? Thanks. That will be it for me.

未來加強回購力度的可能性有多大，特別是考慮到您現在正在進行的一些競爭性資本配置？謝謝。我就這樣了。

Yeah, that's a good point. We -- as I said in my prepared remarks, when we look at the big picture on capital allocation and with the Thompson Creek development, given the current metal price environment, we think, largely speaking, we can fund Thompson Creek out of ongoing free cash flow. In other words, not really dipping into the cash balance. And that is while maintaining the dividend and the buyback.

是的，這是一個好點。正如我在準備好的演講中所說，當我們著眼於資本配置和Thompson Creek 開發的大局時，考慮到當前的金屬價格環境，我們認為，在很大程度上，我們可以從持續的免費資金中為Thompson Creek 提供資金現金週轉。換句話說，並沒有真正動用現金餘額。這是在維持股利和回購的同時。

You'll have noticed that we upped the buyback somewhat in Q3. That is a signal. We intend to continue buying back at levels higher than Q1 and Q2, more in line with Q3. And certainly, depending on how we choose to allocate our capital, and here, what I'm talking about is internal development projects, whether at Milligan, Kemess, Goldfield will take some capital. M&A opportunities may take capital.

您可能已經注意到，我們在第三季略微提高了回購力度。那是一個訊號。我們打算繼續以高於第一季和第二季的水平回購股票，與第三季更加一致。當然，這取決於我們選擇如何分配我們的資本，在這裡，我所說的是內部開發項目，無論是在 Milligan、Kemess、Goldfield 都會需要一些資本。併購機會可能需要資本。

If -- depending on the extent to which those either organic or M&A opportunities manifest themselves or not, depending on which direction those take, there would be room to further augment the buyback.

如果－取決於這些有機機會或併購機會顯現與否的程度，取決於這些機會採取的方向，將有進一步增加回購的空間。

The converse, of course, is if we have solid targets for investment, whether organic or M&A, we might dial the buyback back. But in the absence of a clear place to invest the capital, the buyback will continue and be augmented as it has in Q3.

當然，相反的是，如果我們有明確的投資目標，無論是有機投資還是併購，我們可能會回購股票。但由於缺乏明確的資本投資地點，回購將繼續進行，並將像第三季一樣加大力度。

Okay. Thanks. That's great Thank you very much.

好的。謝謝。太好了，非常感謝。

Jeremy Hoy, Canaccord Genuity.

傑里米·霍伊，Canaccord Genuity。

Hi, Paul and team. Thanks for taking my questions. Most of them have been answered. But I just wanted to see if you had any additional color on the inflation that you're seeing in Turkey. You mentioned that in past quarters, it was mostly offset by the devaluation of the lira, but you didn't see that this quarter and expect that to have an impact going forward. So I just appreciate any additional color you might have on that.

嗨，保羅和團隊。感謝您回答我的問題。其中大部分已得到答案。但我只是想看看您對土耳其的通貨膨脹是否有其他看法。您提到，在過去的幾個季度中，它大部分被里拉貶值所抵消，但您在本季度沒有看到這一點，並預計這會對未來產生影響。所以我只是欣賞你可能有的任何額外的顏色。

Jeremy, thanks for the question. Yeah, what we're seeing in Turkey, it's a pretty highly inflationary country. And for the last couple of years, usually the devaluation of the lira has offset that. The lira has kind of stabilized over the last six months or so with fiscal policy in the country, but inflation is still pretty elevated.

傑里米，謝謝你的提問。是的，我們在土耳其看到的是，這是一個通貨膨脹率相當高的國家。在過去的幾年裡，里拉的貶值通常抵消了這種影響。在過去六個月左右的時間裡，隨著該國的財政政策，里拉已經趨於穩定，但通膨仍然相當高。

And what happens in Turkey is, a lot of the labor rates and contract rates get reset at the start of the year and take into account inflation in country. So we're seeing that inflation number outpace the devaluation of the lira. I would expect that costs will step up a little bit in Öksüt going forward, but we'll wait to see how that shakes out at the start of next year.

土耳其的情況是，許多勞動力價格和合約價格在年初重新設定，並考慮到該國的通貨膨脹。因此，我們看到通貨膨脹率超過了里拉的貶值率。我預計未來成本會略有上升，但我們將拭目以待，看看明年年初情況會如何變化。

I think for this year, we've reiterated our cost guidance should be fine, maybe at the top end or slightly above it if gold stays very high, but just driven by royalties, not by in country inflation. So it's something we're monitoring that may have an effect next year. I don't think it's going to be something crazy, but it is something that we're looking at as we plan for 2025.

我認為今年，我們重申了我們的成本指導應該很好，如果金價保持在很高的水平，可能會在高端或略高於它，但只是由特許權使用費驅動，而不是由國內通膨驅動。所以我們正在監測的事情可能會在明年產生影響。我不認為這會是一件瘋狂的事情，但這是我們在 2025 年計劃中正在考慮的事情。

Okay. Thank you. We'll look to the guidance then. And thanks for taking the question.

好的。謝謝。然後我們會關注指導。感謝您提出問題。

Anita Soni, CIBC World Markets.

安妮塔·索尼 (Anita Soni)，CIBC 全球市場。

Good morning, Paul and team. I just had a question on Öksüt. I was just trying to dig up the last life of mine plan that you guys put out. I'm not sure if it was a year ago or two years ago. But I'm trying to understand what the grades are next year and whether or not the dip in grades in Q4 would translate into 2025? That's my first question.

早上好，保羅和團隊。我剛剛有一個關於 äksüt 的問題。我只是想找出你們提出的我計劃的最後一條命。我不確定這是一年前還是兩年前。但我想了解明年的成績是多少，以及第四季成績的下降是否會轉化為 2025 年？這是我的第一個問題。

Yeah. Thanks, Anita. So that's correct. The grades that we're going to have in Q4, more or less, that's about what we'll have for the remainder of the deposit. And you can see the annual grades in that press release that we put out, and I believe it was September of '23 that we put that press release, we show the annual production profile with the grades, yeah.

是的。謝謝，安妮塔。所以這是正確的。我們將在第四季獲得的成績，或多或少，這就是我們剩餘存款的內容。你可以在我們發布的新聞稿中看到年度等級，我相信我們發布該新聞稿的是 23 年 9 月，我們展示了年度產量概況和等級，是的。

All right. And then Paul has already answered my question on capital allocation and M&A. I was just also wondering when it comes to the -- I think there was a bit of a revision in guidance on the project CapEx expenditures. Could you outline what happened there with the Thompson Creek CapEx spend?

好的。然後Paul已經回答了我關於資本配置和併購的問題。我也想知道，當涉及到時，我認為對專案資本支出支出的指導進行了一些修改。能否概述一下 Thompson Creek 資本支出的情況？

I don't think there was really a revision. I think through Q2, we had only guided the first half of the year while we waited on a decision. And so what was released with Q3 was simply the full year view on Thompson Creek. It was consistent with what was put out when we announced the restart decision in early September.

我認為沒有真正的修訂。我認為在第二季度，我們在等待決定期間只指導了上半年。因此，第三季發布的只是 Thompson Creek 的全年視圖。這與我們九月初宣布重啟決定時發布的內容一致。

So I don't think there was any true revision. There may be something around the bucketing and what got expensed versus capitalized. But on a cash out-the-door basis, that number is the same as we flagged before, $75 million to $85 million during 2024.

所以我認為沒有任何真正的修訂。可能存在一些關於分桶以及費用化和資本化的問題。但從現金支出來看，這個數字與我們先前標記的相同，2024 年為 7,500 萬至 8,500 萬美元。

Okay. All right. Thank you very much on that.

好的。好的。對此非常感謝。

(Operator Instructions)

（操作員說明）

Mike Parkin, National Bank.

麥克·帕金，國家銀行。

Hi, guys. Thanks for taking my question. Just on Turkey, thanks for that color on the lira. Also, has there been any thoughts or approaches from the government with respect to the royalty? Like the -- I believe the cap is $2,100. Obviously, we're way above that. Do you feel like there's any pressure to have that -- those royalty ranges revisited?

嗨，大家好。感謝您提出我的問題。就土耳其而言，感謝里拉的顏色。另外，政府對於特許權使用費有什麼想法或做法嗎？就像——我認為上限是 2,100 美元。顯然，我們遠高於這個水平。您是否覺得有任何壓力要求重新審視這些版稅範圍？

Thanks, Mike. Not that we're seeing. We have -- I mean, obviously, we're very connected with what's happening in the country. We haven't heard any buzz around that. Obviously, with the higher metal prices, it's a percentage royalty rate. So at $2,700 gold, the government is getting more. It's just that the actual percentage doesn't ratchet up.

謝謝，麥克。不是我們所看到的。我的意思是，顯然我們與這個國家正在發生的事情密切相關。我們還沒有聽到任何關於這方面的傳聞。顯然，隨著金屬價格上漲，這是一個百分比特許權使用費。因此，在 2,700 美元的黃金價格下，政府得到的更多。只是實際百分比並沒有上升。

So you've hit the top-tier percentage when you get to $2,100 gold, but for every extra dollar it goes up, the government does make more. And we haven't heard any groundswell or news about changing the royalty scale or structure in Turkey at this point.

因此，當黃金達到 2,100 美元時，您就達到了最高比例，但黃金每上漲一美元，政府確實賺得更多。目前我們還沒有聽到任何有關改變土耳其特許權使用費規模或結構的風潮或消息。

Okay. All right. All my other questions have been answered. Thanks very much.

好的。好的。我所有其他問題都已得到解答。非常感謝。

Thanks, Mike.

謝謝，麥克。

This concludes the question-and-answer session and today's conference call. You may disconnect your lines. Thank you for participating, and have a pleasant day.

問答環節和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。