Centerra Gold Inc (CGAU) 2024 Q4 法說會逐字稿

Good morning, everyone. Thank you for standing by. This is the conference operator. Welcome to the Centerra Gold fourth-quarter 2024 conference call. As a reminder, all participants are on a listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. (Operator Instructions)

大家早安。感謝您的支持。這是會議主持人。歡迎參加 Centerra Gold 2024 年第四季電話會議。提醒一下，所有參與者都處於只聽模式，會議正在錄音。演示結束後，將有機會提問。（操作員指令）

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

現在，我想將電話會議轉給 Centerra Gold 投資者關係和企業傳播副總裁 Lisa Wilkinson。請繼續。

(technical difficulty)

（技術難度）

Thank you, operator. And good morning, everyone. Welcome to Centerra Gold's fourth-quarter 2024 results conference call.

謝謝您，接線生。大家早安。歡迎參加 Centerra Gold 2024 年第四季業績電話會議。

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.

今天與我一起參加電話會議的還有總裁兼執行長 Paul Tomory； Paul Chawrun，營運長；以及財務長 Ryan Snyder。

Our release yesterday details our fourth-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 U.S. 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.

我們昨天發布的新聞稿詳細介紹了我們的 2024 年第四季業績。它應該與我們的 MD&A 和財務報表一起閱讀，這兩者都可以在 SEDAR、EDGAR 和我們的網站上找到。除非另有說明，所有數字均以美元計算。本次網路廣播的簡報投影片可在 Centerra 的網站上找到。準備好的發言結束後，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.

在我們開始之前，我想提醒大家，今天發表的某些聲明可能是前瞻性的，並且存在風險，這可能導致我們的實際結果與明示或暗示的結果不同。請參閱簡報中的警告聲明以及我們年度資訊表中列出的風險因素。我們將討論的某些指標是非公認會計準則指標。請參閱我們昨天發布的新聞稿和 MD&A 中對非公認會計準則指標的描述。

I will now turn the call over to Paul Tomory.

現在我將電話轉給保羅·托莫里。

Thank you, Lisa. And good morning, everyone. In the fourth quarter, we had steady operational performance, producing over 73,000 ounces of gold and 12.8 million pounds of copper. And we ended 2024 near the low end of our consolidated production guidance range. We generated strong free cash flow of both operations in the fourth quarter driven by robust contributions from Mount Milligan which increased our cash balance of $625 million.

謝謝你，麗莎。大家早安。第四季度，我們的營運表現穩定，生產了超過73,000盎司黃金和1,280萬磅銅。到 2024 年底，我們的產量已接近合併生產指引範圍的低端。受 Mount Milligan 強勁貢獻的推動，我們在第四季度的兩項業務中都產生了強勁的自由現金流，這使我們的現金餘額增加到 6.25 億美元。

In 2024, we made meaningful progress in executing on our strategic plan to maximize the value of our assets. Since the restart of operations at Oksut in June 2023, the mine has generated over $480 million of free cash flow. While at Mount Milligan, our additional agreement with Royal Gold created the opportunity to assess the mine's long-term potential. In September, we announced the restart of operations at Thompson Creek and the progressive ramp-up at Langeloth, marking a major step in unlocking value in our U.S. molybdenum operations. At current metal prices, the $397 million of capital investment to restart Thompson Creek is expected to be funded largely from our cash flow from operations at Mount Milligan and Oksut.

2024年，我們在執行策略計劃以實現資產價值最大化方面取得了重大進展。自 2023 年 6 月 Oksut 恢復營運以來，該礦已產生了超過 4.8 億美元的自由現金流。在米利根山，我們與皇家黃金公司達成的附加協議創造了評估礦場的長期潛力的機會。9月，我們宣布重啟湯普森溪（Thompson Creek）的運營，並逐步擴大朗格洛思（Langeloth）的產能，這標誌著我們在美國鉬業務釋放價值方面邁出了重要一步。以目前的金屬價格計算，重啟 Thompson Creek 礦場的 3.97 億美元資本投資預計主要將來自我們在 Mount Milligan 和 Oksut 礦場的營運現金流。

Yesterday, we published an initial resource at Goldfield of 706,000 ounces of gold. After a thorough evaluation, we decided the resource site does not meet our requirements to support near-term development. We remain committed to maximizing the project's potential while exploring strategic and commercial options for Goldfield.

昨天，我們公佈了 Goldfield 的初始黃金資源量為 706,000 盎司。經過全面評估，我們認為該資源站點不符合我們支持近期發展的要求。我們將繼續致力於最大限度地發揮該專案的潛力，同時探索 Goldfield 的策略和商業選擇。

Looking ahead to 2025, we're focused on Mount Milligan and Kemess which are the foundations for our future growth. At Mount Milligan, the technical studies are progressing better than planned and we decided to move straight to completing a pre-feasibility study for the mine. This upgrade, together with an extensive drill program planned for this year, has the objective of significantly increasing proven improbable reserves at Mount Milligan once the study results are announced in the third quarter of 2025, making another key step in unlocking the full value of this asset located in a top tier mining jurisdiction.

展望 2025 年，我們將重點放在 Mount Milligan 和 Kemess，因為它們是我們未來發展的基礎。在米利根山，技術研究的進展比計劃的要好，我們決定直接完成礦山的預可行性研究。此次升級以及計劃於今年開展的大規模鑽探計劃的目標是，在 2025 年第三季度公佈研究結果後，大幅增加 Mount Milligan 的已探明不可能開採儲量，朝著釋放位於頂級採礦管轄區的這項資產的全部價值又邁出了關鍵一步。

As we look to the future of Mount Milligan, the establishment of the new Mining and Critical Minerals Ministry is an encouraging step forward, demonstrating the progress of British Columbia's commitment to streamlining permitting and regulatory processes for critical mineral projects, including Mount Milligan.

展望米利根山的未來，新成立的礦業和關鍵礦產部是一個令人鼓舞的進步，表明不列顛哥倫比亞省致力於簡化米利根山等關鍵礦產項目的許可和監管流程。

We are optimistic about Kemess which could be a future source of gold and copper production. The property has substantial gold and copper resources in a highly prospective district with significant infrastructure already in place which includes a 300-kilometer 230-kV power line, one of the longest privately owned power lines in British Columbia; a 50,000-tonne per day nameplate processing plant which would require some refurbishment and equipment replacements; significant site infrastructure, camp, admin facilities, truck shop, warehouse; and lastly, significant available tailings capacity through a combination of input deposition and expansion potential at the existing TSF.

我們對凱梅斯（Kemess）抱持樂觀態度，它可能成為未來黃金和銅的生產源頭。該物業位於一個極具前景的地區，擁有豐富的金礦和銅礦資源，並且已經建立了重要的基礎設施，包括一條 300 公里長的 230 千伏電力線，這是不列顛哥倫比亞省最長的私有電力線之一；日產 50,000 噸的標牌加工廠建造、建築和設備的尾礦容量。

Last year, we started evaluating technical concepts and engineering trade-off studies for potential restart options at Kemess. Early concepts include a combined open-pit and conventional underground operation which is expected to be less capital intensive and have better cash flow profile than the previously permitted underground blockade concept. This year, in addition to an exploration campaign to further delineate the resource, we are continuing to advance technical studies. Early indications show potential for a long-life operation that takes advantage of our significant infrastructure already in place. We expect to provide an updated resource estimate and an accompanying update on the technical concept for Kemess in the second quarter of 2025.

去年，我們開始評估 Kemess 潛在重啟選項的技術概念和工程權衡研究。早期的概念包括露天開採和傳統地下開採相結合的作業，預計與先前允許的地下封鎖概念相比，該概念的資本密集程度較低，現金流狀況更好。今年，除了進一步進行資源探勘活動外，我們也持續推進技術研究。早期跡象表明，利用我們現有的重要基礎設施，可以實現長期營運。我們預計將在 2025 年第二季提供更新的資源估算以及有關 Kemess 技術概念的更新。

Finally, I'd like to provide an update on our sustainability initiatives. We remain committed to responsible mining and continue to make meaningful progress in our environmental and pruning efforts.

最後，我想介紹一下我們的永續發展舉措的最新進展。我們始終致力於負責任的採礦，並在環境和修剪工作中繼續取得有意義的進展。

At Mount Milligan, we are actively engaged with the government of B.C. as we prepare to submit an amended application in the coming months for permits and expansions related to our ongoing operations. As I mentioned earlier, we are encouraged by the province's approach to streamline the permitting process for critical mineral mines, including Mount Milligan, going forward.

在米利根山，我們積極與不列顛哥倫比亞省政府合作。我們準備在未來幾個月內提交與我們正在進行的業務相關的許可和擴建的修改申請。正如我之前提到的，我們對該省今後簡化包括米利根山在內的關鍵礦山許可程序的做法感到鼓舞。

At Oksut, we successfully obtained permits for expanded infrastructure and activities in alignment with our 2023 EIA and optimized infrastructure. This was achieved through ongoing constructive engagement with government authorities, ensuring we continue to meet all operational requirements while maintaining compliance with environmental and regulatory standards.

在奧克蘇特，我們成功獲得了符合 2023 年 EIA 和優化基礎設施的擴建基礎設施和活動許可證。這是透過與政府部門持續的建設性接觸來實現的，確保我們繼續滿足所有營運要求，同時保持遵守環境和監管標準。

With respect to our efforts on climate change, we have completed a thorough analysis of potential greenhouse gas reduction initiatives across our operations. These findings have identified key opportunities that will help shape our long-term strategy, ensuring that we pursue emission reductions in a way that is both economically and operationally viable.

關於我們應對氣候變遷的努力，我們已經對整個營運過程中潛在的溫室氣體減排措施進行了徹底的分析。這些發現確定了有助於制定我們的長期策略的關鍵機遇，確保我們以經濟和營運上可行的方式實現減排。

And with that, I'll pass the call over to Paul Chawrun to walk through our operational performance for the quarter.

接下來，我將把電話轉給 Paul Chawrun，讓他介紹我們本季的營運表現。

Thanks, Paul. On slide 10, we show operating highlights at Mount Milligan for the quarter and the full year. Mount Milligan produced almost 38,000 ounces of payable gold and 12.8 million pounds of payable copper in the fourth quarter. Full-year 2024 gold and copper production was over 167,000 ounces, 54 million pounds, respectively, which was below our guidance range due to lower grades encountered in areas of phases six and nine that are at the periphery of the ore body. Gold and copper sales were up 4% and 15%, respectively, quarter-over-quarter, which was anticipated due to the timing of shipments.

謝謝，保羅。在幻燈片 10 上，我們展示了 Mount Milligan 本季和全年營運的亮點。第四季度，米利根山金礦生產了近 38,000 盎司可採黃金和 1,280 萬磅可採銅。2024 年全年黃金和銅產量分別超過 167,000 盎司和 5,400 萬磅，低於我們的指導範圍，因為位於礦外外圍的第六階段和第九階段區域的品位較低。黃金和銅的銷售額較上季分別成長 4% 和 15%，這是由於出貨時間而預期的。

In 2025, Mount Milligan gold production is expected to be 165,000 to 185,000 ounces, and copper production is expected to be 50 million to 60 million pounds. In the fourth quarter, all-in sustaining costs on a byproduct basis were $1,114 per ounce, 15% lower quarter-over-quarter, driven by a decrease in sustaining capital expenditures. Full year all-in sustaining costs on a byproduct basis were $1,078 per ounce at the low end of the guidance range.

2025年，米利根山金礦預計產量為16.5萬至18.5萬盎司，銅礦產量預計為5,000萬至6,000萬磅。第四季度，以副產品計算的全部維持成本為每盎司 1,114 美元，季減 15%，原因是維持資本支出減少。全年以副產品計算的全部維持成本為每盎司 1,078 美元，處於指導範圍的低端。

The site-wide optimization program at Mount Milligan continues to progress. The site has reduced operating costs, and we continue to see productivity improvements in the load haul cycle at the mine as well as improvements in the unit processing costs. In the full year of 2024, milling costs at Mount Milligan were $5.33 per tonne processed, 11% lower than 2023, despite a slight decrease in throughput. In 2025, all-in sustaining costs on a byproduct basis are expected to be $1,100 to $1,200 per ounce.

米利根山的全場優化計畫正在繼續推進。該站點已降低了營運成本，我們繼續看到礦場裝載運輸週期的生產率提高以及單位加工成本的改善。2024 年全年，儘管產量略有下降，但 Mount Milligan 的研磨成本為每噸 5.33 美元，比 2023 年低 11%。到 2025 年，副產品的全部維持成本預計為每盎司 1,100 至 1,200 美元。

In 2024, Centerra identified an opportunity to accelerate the use of in-pit mine potential asset-generating waste storage which has increased the available capacity in the existing tailings facility. As a result, mine operating costs are expected to improve over the life of mine and there was an increase in the state of reserves at the end of 2024. This resulted in a one-year mine life extension to 2036.

2024 年，Centerra 發現了一個機會，可以加速利用礦坑內潛在資產產生的廢棄物儲存，從而增加現有尾礦設施的可用容量。因此，預計礦山營運成本將在整個礦山壽命期間得到改善，並且 2024 年底的儲量狀態將增加。這導致礦井壽命延長一年至 2036 年。

As Paul mentioned earlier, we have made the strategic decision to move directly to a pre-feasibility study for the life-of-mine plan. We are optimistic the mine life can be extended beyond 2036 which is currently constrained by tailings capacity. We are evaluating options for additional tailings capacity by expanding the existing storage facility or constructing a second facility. It is also expected that the pre-feasibility study will incorporate an increase of annual mill throughput in the range of 10% through ball mill motor upgrades and additional downstream flow sheet improvements at a modest overall capital expenditure which may also provide the benefit of improved overall recovery. The pre-feasibility study and associated mineral reserves estimate are expected to be announced in the third quarter of 2025.

正如保羅之前提到的，我們已經做出戰略決策，直接進入礦山壽命計劃的預可行性研究。我們樂觀地認為，礦山壽命可以延長至 2036 年以後，目前受到尾礦容量的限制。我們正在評估透過擴大現有儲存設施或建造第二個設施來增加尾礦容量的方案。預計預可行性研究還將包括透過球磨機馬達升級和額外的下游流程圖改進，在適度的總資本支出下，將年磨機產量提高 10% 左右，這也可能帶來提高整體回收率的好處。預可行性研究及相關礦產儲量估算預計將於 2025 年第三季公佈。

Now moving on to Oksut. On slide 11, we show operating highlights at Oksut for the quarter and the full year. Fourth quarter production was over 35,000 ounces. Oksut has now completed processing the excess inventory that was accumulated in 2022 and 2023. A total of 4.4 million tonnes were mined in the quarter and 1.1 million tonnes were stacked at an average grade of 0.99 grams per tonne. Full-year production in 2024 was over 200,000 ounces of gold which was the midpoint of the guidance range.

現在前往奧克蘇特。在幻燈片 11 上，我們展示了 Oksut 本季和全年的營運亮點。第四季產量超過 35,000 盎司。Oksut 目前已完成處理 2022 年和 2023 年累積的過剩庫存。本季共開採了 440 萬噸礦石，堆存量為 110 萬噸，平均品位為每噸 0.99 克。2024 年全年產量將超過 200,000 盎司黃金，這是指導範圍的中點。

In 2025, gold production at Oksut is expected to be 105,000 to 125,000 ounces driven by a return to normal production levels as planned. In the fourth quarter, all-in sustaining costs on a byproduct basis were $1,327 per ounce, which is higher compared to last quarter due to lower sales and higher royalty costs from the elevated gold prices which also contributed to higher cash flows and margins. Full-year 2024 all-in sustaining costs on a byproduct basis were $1,015 per ounce, near the upper end of the guidance range.

到2025年，隨著奧克蘇特金礦按計畫恢復正常生產水平，預計其黃金產量將達到10.5萬至12.5萬盎司。第四季度，以副產品計算的全部維持成本為每盎司 1,327 美元，由於銷售額下降和金價上漲導致特許權使用費增加，該成本較上一季度有所上升，同時也導致現金流和利潤率上升。2024 年全年以副產品計算的全部維持成本為每盎司 1,015 美元，接近指導範圍的上限。

2025 all-in sustaining costs on a byproduct basis are expected to be $1,475 to $1,575 per ounce, up year-over-year primarily due to a lower production profile and partially due to the impact of inflation in Turkey which has not been fully offset by the devaluation of the lira.

預計 2025 年副產品總維持成本為每盎司 1,475 至 1,575 美元，年比上漲，主要原因是產量較低，部分原因是土耳其通膨的影響尚未被里拉貶值完全抵銷。

On slide 12, in the fourth quarter, we made great progress on the restart activities at Thompson Creek. Detailed engineering work for the plant refurbishment was initiated with a focus on engineering and procurement for long lead items. Mobile fleet refurbishment is on track and approximately 80% complete, with most of the work on trucks, shovels, dozers, and road graders completed. By the end of 2024, Thompson Creek had 170 people on site, 2 electric rope shovels, and 14 trucks in operation. The project schedule and costs are on track and in line with the feasibility study targeting first production in the second half of 2027.

在幻燈片 12 上，第四季度，我們在湯普森溪重啟活動方面取得了重大進展。工廠翻新的詳細工程工作已經啟動，重點是長週期專案的工程和採購。移動車隊的翻新工作正在按計劃進行，已完成約 80%，其中卡車、鏟車、推土機和平路機的大部分工作已經完成。截至 2024 年底，Thompson Creek 現場共有 170 名工作人員、2 台電鏟和 14 輛卡車投入運作。專案進度和成本正在按計劃進行，符合可行性研究的目標，即 2027 年下半年首次投產。

We expect to commission the remaining haul trucks, shovels, and drills to achieve the planned mine production with a ramp-up of the tonnes mined per month in the early part of 2025. We expect to substantially complete detailed engineering work and procurement of long lead mill equipment by the end of the third quarter 2025.

我們預計將投入使用剩餘的運輸卡車、鏟車和鑽機，以實現計劃的礦山產量，並在 2025 年初提高每月開採的噸數。我們預計到 2025 年第三季末將基本完成長導輪軋機設備的詳細工程工作和採購。

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

現在我將交給 Ryan 來介紹我們本季的財務亮點。

Thanks, Paul. Slide 13 details our fourth-quarter financial results. Adjusted net earnings in the fourth quarter were $37 million or $0.17 per share. In the fourth quarter, sales were almost 84,000 ounces of gold and 16.4 million pounds of copper. The average realized price was $2,207 per ounce of gold and $2.88 per pound of copper, which incorporates the existing streaming arrangements at Mount Milligan. At the molybdenum business unit, approximately 2.9 million pounds of molybdenum was sold in the fourth quarter at the Langeloth facility at an average realized price of $22.67 per pound. Consolidated all-in sustaining costs on a byproduct basis in the fourth quarter were $1,296 per ounce. Full-year 2024, all-in sustaining costs were $1,148 per ounce in line with the guidance range.

謝謝，保羅。投影片 13 詳細介紹了我們的第四季財務表現。第四季調整後淨利為 3,700 萬美元，即每股 0.17 美元。第四季度，黃金銷量接近 84,000 盎司，銅銷量接近 1,640 萬磅。平均實現價格為每盎司黃金 2,207 美元、每磅銅 2.88 美元，其中包含了米利根山現有的串流安排。在鉬業務部門，第四季 Langeloth 工廠銷售了約 290 萬磅鉬，平均實現價格為每磅 22.67 美元。第四季以副產品計算的綜合維持成本為每盎司 1,296 美元。2024 年全年總維持成本為每盎司 1,148 美元，符合指引範圍。

Slide 14 shows our financial highlights for the quarter. In the fourth quarter, we generated strong free cash flow at both operations driven by robust contributions from Mount Milligan. Cash flow from operations on a consolidated basis for the quarter was $93 million and free cash flow was $47 million which includes spending of $23 million on development costs for the Thompson Creek mine. In the fourth quarter, Mount Milligan generated $77 million in cash from operations and $65 million in free cash flow. In the fourth quarter, Oksut generated $52 million of cash from operations and had free cash flow of $41 million. The molybdenum business unit as a whole used $12 million of cash in operations and had a free cash flow deficit of $35 million this quarter, mainly related to spending on the Thompson Creek restart.

幻燈片 14 展示了我們本季的財務亮點。在第四季度，由於 Mount Milligan 的強勁貢獻，我們兩項業務都產生了強勁的自由現金流。本季綜合經營現金流為 9,300 萬美元，自由現金流為 4,700 萬美元，其中包括用於湯普森溪 (Thompson Creek) 礦場開發成本的 2,300 萬美元。第四季度，Mount Milligan 營運現金流為 7,700 萬美元，自由現金流為 6,500 萬美元。第四季度，Oksut 的經營活動現金流為 5,200 萬美元，自由現金流為 4,100 萬美元。整個鉬業務部門的營運現金消耗為 1,200 萬美元，本季自由現金流赤字為 3,500 萬美元，主要與重啟 Thompson Creek 計畫的支出有關。

Returning capital to shareholders remains a key pillar in our disciplined approach to capital allocation. In the fourth quarter, we remained active on our share buybacks, repurchasing 1.8 million shares for a total consideration of $12 million. The Board also declared a quarterly dividend of CAD0.07 per share. In the full-year 2024, we returned $88 million to shareholders, including $44 million in share buybacks and $44 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. At the end of the year, our cash balance was $625 million. This provides us with total liquidity of over $1 billion and positions us well to execute on our strategic plan and deliver shareholder value.

向股東返還資本仍然是我們嚴謹的資本配置方法的重要支柱。第四季度，我們繼續積極回購股票，回購了 180 萬股，總對價為 1,200 萬美元。董事會也宣布季度股息為每股0.07加元。2024 年全年，我們向股東返還了 8,800 萬美元，其中包括 4,400 萬美元的股票回購和 4,400 萬美元的股息。Centerra 的一個主要關注點是向股東返還資本，我們預計將根據市場情況繼續積極回購股票。截至年底，我們的現金餘額為6.25億美元。這為我們提供了超過 10 億美元的總流動資金，使我們能夠很好地執行策略計劃並實現股東價值。

Slide 15 shows our 2025 outlook. This year, we expect to produce between 270,000 and 310,000 ounces of gold on a consolidated basis driven by Oksut returning to normal production levels. Copper production is expected to be between 50 million and 60 million pounds. 2025 consolidated all-in sustaining costs are expected to be $1,400 to $1,500 per ounce, up compared to last year, driven mainly by lower gold production at Oksut and the impact of net inflation in Turkey.

幻燈片 15 展示了我們對 2025 年的展望。今年，在奧克蘇特恢復正常生產水準的推動下，我們預計綜合黃金產量將在 27 萬至 31 萬盎司之間。預計銅產量在5000萬至6000萬磅之間。 2025 年綜合維持成本預計為每盎司 1,400 至 1,500 美元，較去年有所上漲，主要原因是 Oksut 黃金產量下降以及土耳其淨通膨的影響。

We remain disciplined to protect margins through our initiatives at our sites, including at Mount Milligan, through the site optimization program which will continue in 2025. Sustaining capital expenditures in 2025 are expected to be $97 million to $119 million and non-sustaining capital expenditure guidance is $140 million to $160 million mainly driven by the restart of operations at Thompson Creek.

我們將繼續嚴格遵守紀律，透過在包括 Mount Milligan 在內的各處工廠採取的舉措來保護利潤率，並透過工廠優化計劃（該計劃將持續到 2025 年）來保護利潤率。2025 年持續性資本支出預計為 9,700 萬至 1.19 億美元，非持續性資本支出指引為 1.4 億至 1.6 億美元，主要受湯普森溪 (Thompson Creek) 業務重啟的推動。

In 2025, we expect to roast 13 million to 15 million pounds of molybdenum, an increase in volume compared to 2024, as we work to incrementally ramp up Langeloth to its full capacity of approximately 40 million pounds per year over the next several years as we previously announced in September. We expect the increased volumes in 2025 will lead to Langeloth moving to an EBITDA-positive business.

2025 年，我們預計鉬礦石焙燒量將達到 1300 萬至 1500 萬磅，與 2024 年相比產量將有所增加，同時我們將努力在未來幾年內逐步將 Langeloth 的產能提高到每年約 4000 萬磅的全部產能，正如我們 9 月份宣布的那樣。我們預計 2025 年銷售量的成長將使 Langeloth 轉型為 EBITDA 為正的企業。

We continue to invest in exploration. This year, we expect to spend $35 million to $45 million including $20 million to $25 million of brownfield exploration and $15 million to $20 million of greenfield and generative exploration programs. Over 80% of our exploration expenditures are expected to be expensed.

我們將繼續在探索方面進行投資。今年，我們預計將花費 3,500 萬至 4,500 萬美元，其中包括 2,000 萬至 2,500 萬美元的棕地勘探費用和 1,500 萬至 2,000 萬美元的綠地和生成性勘探項目費用。預計我們的勘探支出的 80% 以上將被費用化。

We are expecting a solid 2025 with continued strong cash flow generation at our operations, allowing us to fund the restart of Thompson Creek, and continue to return capital to shareholders while preserving our cash for strategic opportunities.

我們預計 2025 年業績穩健，我們的營運將繼續產生強勁的現金流，這使我們能夠為 Thompson Creek 的重啟提供資金，並繼續向股東返還資本，同時為戰略機遇保留現金。

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

我將把它交還給保羅，讓他做一些結束語。

Thanks very much, Ryan. Looking ahead to 2025, we're advancing key growth catalysts of both Mount Milligan and Kemess while continuing to expand our exploration efforts. With great progress on the PFS study at Mount Milligan and ongoing technical evaluation at Kemess, we remain focused on unlocking long-term value and strengthening our asset base for the future.

非常感謝，瑞安。展望 2025 年，我們將推進 Mount Milligan 和 Kemess 的關鍵成長催化劑，同時繼續擴大我們的勘探力度。隨著 Mount Milligan 的 PFS 研究取得巨大進展以及 Kemess 的持續技術評估，我們將繼續專注於釋放長期價值並加強未來的資產基礎。

Now, operator, we can open the call to questions, please.

接線員，現在我們可以開始問答了。

Ladies and gentlemen, at this time, we will begin the question-and-answer session. (Operator Instructions) We'll pause a moment as callers join the queue.

女士們、先生們，現在我們開始問答環節。（操作員指示）當呼叫者加入隊列時，我們將暫停片刻。

Lawson Winder, Bank of America Securities.

勞森·溫德（Lawson Winder），美國銀行證券。

Paul, hello, good morning, and hello to your team. I just wanted to get an idea for your thinking around growing in gold going forward. In particular, Oksut, we saw reserves decline there. Is there an interest to expand the presence in Turkey in any way? And then when you think about Goldfields as an option that is not really there any longer, is M&A on the table when you think about growing that gold business? Thank you.

保羅，你好，早安，也向你的團隊問好。我只是想了解一下您對未來黃金成長的想法。特別是在奧克蘇特，我們看到那裡的儲量下降。是否有興趣以任何方式擴大在土耳其的業務？那麼，當您認為 Goldfields 實際上不再是一個選擇時，當您考慮發展黃金業務時，您是否會考慮併購？謝謝。

Thanks for the question, Lawson. Our principal focus, the straight-up answer is yes. We are Centerra Gold Corporation, and we intend to keep gold as our primary metal. In terms of where we look for -- valuations for production assets as you've seen in the market are very high right now. Our first order priority is to unlock value within the portfolio. So we think that the best path to continued gold exposure is through the expansion of Milligan that we described, but also this work we're advancing at Kemess. You quite rightly pointed out we're putting Goldfield on the shelf right now, but Kemess is a major area of focus. And that is a very significant mineralized asset. And we're looking at different ways to mine that that doesn't involve a blockade.

謝謝你的提問，勞森。我們的首要關注點，直接的答案是肯定的。我們是 Centerra Gold Corporation，我們打算將黃金作為我們的主要金屬。就我們所尋找的而言—正如您所看到的，目前市場上生產資產的估值非常高。我們的首要任務是釋放投資組合中的價值。因此，我們認為繼續投資黃金的最佳途徑是透過我們所描述的 Milligan 的擴張，以及我們在 Kemess 所推動的工作。您非常正確地指出，我們現在將 Goldfield 擱置，但 Kemess 是我們關注的重點領域。這是一項非常重要的礦化資產。我們正在尋找不涉及封鎖的不同採礦方式。

So first and foremost, our continued exposure to gold will come through the assets that we already own. We are though always on the lookout for assets that may fit our portfolio and may fit our strategy. You asked about Turkey. We are committed to Turkey. We think it's a great place to operate. And should assets become available there, principally in gold, we certainly would be interested in looking at them. And I should add that we are active on three or four Greenfield exploration programs in Turkey.

因此，首先也是最重要的，我們對黃金的持續投資將來自我們已經擁有的資產。然而，我們一直在尋找可能適合我們的投資組合和策略的資產。您問到有關土耳其的情況。我們致力於土耳其。我們認為這是一個非常適合開展業務的地方。如果那裡有資產可供利用，主要是黃金，我們肯定會感興趣。我還要補充一點，我們在土耳其積極參與三到四個綠地勘探計畫。

Okay. That's interesting. Also, I wanted to just stay on the capital allocation theme. You guys continue to be remarkably consistent with your buyback and both the dividend. Since those levels of capital return were set -- the old price is $1,000 higher, the thinking of evolving any further along the lines of potential higher capital return, and I know I've asked you this before, but the gold price just keeps going higher and higher, and so, at some point, is there a need to maybe rethink the dividend or maybe get more aggressive on the buyback?

好的。那很有意思。此外，我只想繼續討論資本配置主題。你們在回購和分紅方面繼續保持著驚人的一致性。自從設定了這些資本回報水平以來——舊價格高出 1,000 美元，進一步考慮潛在的更高資本回報，我知道我之前問過你這個問題，但金價只是不斷走高，因此，在某個時候，是否有必要重新考慮股息或者在回購方面採取更積極的行動？

Well, we are committed to the buyback. We think that our shares are cheap and we think that they're a great investment first and foremost. What we're doing right now, and this is a discussion we've been having over the last little while on that capital allocation point, we think that we have some credible projects potentially on the horizon here at Milligan and Kemess. So our preference is to allocate capital to the gold growth point, to your earlier question, while maintaining our current levels of dividends and buyback. So to answer your question, our preference on incremental investments or capital allocation, our preference is to put those to work in gold assets, principally the organic opportunities, but also potentially in M&A.

嗯，我們致力於回購。我們認為我們的股票很便宜，而且我們認為它們首先是一項很好的投資。我們現在正在做的事情，也是我們最近一段時間就資本配置點進行的討論，我們認為在 Milligan 和 Kemess 這裡，我們可能有一些可靠的項目即將面世。因此，我們傾向於將資本分配給黃金增長點，就像您之前問的那樣，同時保持我們目前的股息和回購水準。所以回答你的問題，我們傾向於增量投資或資本配置，我們傾向於將其投入黃金資產，主要是有機機會，但也可能投入併購。

And then just a final question which we often talk about is the potential to materially increase gold recoveries at Mount Milligan. What is kind of the target now? Has that evolved in any way? Is it potentially higher than you had thought last quarter or even a year ago this time? And what is now the timeline on getting to a point where those gold recoveries are materially improved versus the 2024 levels.

最後我們常談論的問題是，米利根山黃金回收率是否有可能大幅提高。現在的目標是什麼樣的？它有任何發展嗎？它是否有可能比您上個季度甚至一年前此時預期的要高？那麼現在的時間表是怎麼樣的呢？黃金回收率將如何相對於 2024 年的水準實現實質改善？

Yeah. That's a question, Lawson, and it's a very key area of focus for us internally. So the first thing I want to say is Q4 was lower recoveries both in copper and gold. And the primary reason was you have to go back to the LOM that we negotiated with Royal Gold. What's happened is we're resequencing overall. And in periods of time, like in Q4, just open up the pit, get more into storage down the track. We opened up an area that was a little bit periphery to the ore body. And then, what happened was near the surface, the oxidation partially we're able to still put it through the plant. It was a little higher than expected and there was some faulting that we didn't have mapped as well. So that's why Q4 was somewhat lower, but on the positive side, it is because we're expanding and we're looking at this as a 20-year, 30-year mine life, not short term.

是的。這是一個問題，勞森，這是我們內部關注的一個非常關鍵的領域。所以我想說的第一件事是第四季銅和黃金的回收率都較低。主要原因是你必須回到我們與 Royal Gold 協商的 LOM。發生的事情是，我們正在進行整體的重新排序。在某些時期，例如在第四季度，只需打開礦坑，將更多的礦坑放入倉庫中。我們開闢了礦山外圍的一塊區域。然後，在表面附近發生了部分氧化，我們仍然能夠將其通過工廠。它比預想的要高一點，而且還有一些我們沒有註意到的故障。這就是為什麼第四季的銷量略低，但從積極的一面來看，這是因為我們正在擴張，而且我們將其視為 20 年、30 年的礦山壽命，而不是短期的。

And to really answer your question, when we expect it to get better? Well, we are better than we were in Q4. And we, I think in terms of numbers, in between, I would say, mid-60s should be a good target. We're looking at ways that we can recover better both with the LOM work that we're doing and in the short term with better understanding of the geomat model and doing some better blending because there are some mineralogical changes throughout the ore body that we're getting better at understanding.

真正回答你的問題是，我們預期什麼時候情況會好轉？嗯，我們比第四季表現更好。而我認為，從數字上來說，60 年代中期應該是個很好的目標。我們正在尋找能夠更好地恢復的方法，既可以利用我們正在進行的 LOM 工作，也可以在短期內更好地理解地質墊模型並進行更好的混合，因為整個礦體中的一些礦物學變化我們正在更好地理解。

Okay. I look forward to watching that evolve.

好的。我期待著看到它的演變。

Jeremy Hoy, Canaccord Genuity.

Canaccord Genuity 的 Jeremy Hoy。

Hey Paul and team, thanks for taking my question. Realizing it's difficult to anticipate what's going to happen over the next four years, could you comment on the potential impact of tariffs on the Milligan costs and any plans that may be put in place to alleviate those.

嘿保羅和團隊，感謝你們回答我的問題。您意識到很難預測未來四年會發生什麼，您能否評論一下關稅對米利根成本的潛在影響，以及可能採取的任何緩解這些影響的計劃。

Yeah. Thanks for that. We're not terribly worried about the tariff situation. We've done an internal assessment and we don't think we're really exposed. But there may be some details and Ryan, you may want to talk about how we've looked at this.

是的。謝謝。我們並不太擔心關稅情況。我們已經進行了內部評估，並不認為我們真的受到了影響。但可能有一些細節，Ryan，你可能想談談我們如何看待這個問題。

Sure. We've looked at our operating sites. And in a global scale, we think we're generally not going to be too adversely impacted. So 95% of Milligan's costs are from Canadian suppliers. You never know what's going to happen with supplier-to-supplier arrangements and how those costs pass through. But our supplier base is largely Canadian. And so we don't see, even in a tariff world or a retaliatory tariff world, a big change in Milligan cost base. I think we're still hammering away at the M-plus program to try to drive costs down which offsets any cost creep that may come. So we feel pretty good about the Milligan cost. And then all the Milligan concentrate sold into Asia, nothing goes into the U.S., so there shouldn't be any noise there either. Hopefully that answers your question, Jeremy.

當然。我們已經查看了我們的營運站點。從全球範圍來看，我們認為整體上不會受到太大的不利影響。因此，米利根 95% 的成本來自加拿大供應商。你永遠不知道供應商之間的安排會發生什麼，以及這些成本將如何轉嫁。但我們的供應商主要是加拿大人。因此，即使在關稅或報復性關稅的世界中，我們也不會看到米利根成本基礎發生重大變化。我認為我們仍在努力推行 M-plus 計劃，試圖降低成本，從而抵消可能的成本攀升。因此，我們對 Milligan 的成本感到非常滿意。然後，所有 Milligan 精礦都銷往亞洲，沒有流入美國，所以那裡也不應該有任何噪音。希望這能回答你的問題，傑里米。

It does. Thank you very much. I'll step back in the queue.

是的。非常感謝。我將回到隊列中。

Anita Soni, CIBC.

加拿大帝國商業銀行 (CIBC) 的安妮塔·索尼 (Anita Soni)。

Hi. Good morning, Paul and team. Thanks for taking my question. I just want to ask about the reserve and resource update. The grade increase at Mount Milligan, I was just wondering what drove that. I think you said drilling, but can you just give me a little bit more granularity on that?

你好。早上好，保羅和團隊。感謝您回答我的問題。我只是想問一下儲備和資源更新的情況。米利根山的坡度不斷增加，我只是想知道是什麼原因導致了這一點。我覺得您說的是鑽探，但能否更詳細地介紹一下這一點？

Yeah. so Paul, the question was what -- Anita, you're a little bit faint there, but I think your question was what drove the grade increase in the reserve at Milligan. Is that correct?

是的。所以保羅，問題是什麼——安妮塔，你的問題有點模糊，但我認為你的問題是什麼推動了米利根預備隊的成績提高。那正確嗎？

Yeah. That's correct.

是的。沒錯。

Yeah. That's primarily domaining of where the mineralization is occurring. And we're actually still working on that. You do get what's called soft boundaries on the domains and then where do you actually draw that boundary. And we remodeled based on the drilling from 2023. And fundamentally, we tightened up the domain, so that lowers the amount of ore and increases the amount of waste and increases the grade. And we're still working with where that balance is as we work through the ore body.

是的。這主要是確定礦化發生的地點。事實上，我們仍在致力於此。您確實會在域上得到所謂的軟邊界，那麼您實際上在哪裡繪製該邊界。我們根據2023年的鑽探情況進行了重新建模。從根本上來說，我們縮小了範圍，從而降低了礦石量，增加了廢料量並提高了品位。當我們開採礦體時，我們仍在努力尋找這種平衡。

Okay. I'm just wondering if you guys -- did that have any impact on the near-term production profile that we should be aware of?

好的。我只是想知道你們——這對我們應該注意的近期生產狀況有什麼影響嗎？

Yeah. So that's actually one of the reasons why we didn't quite get the production that we had expected at Mount Milligan. It's because we did get more tonnes and lower grade overall. So we're looking at readjusting that factor. It won't affect the overall metal and it won't affect the strip ratio. It's really a fairly minor difference. But that's the work on the grade. And it does vary throughout the ore body as well. So we're continuing to understand that better.

是的。所以這其實是為什麼我們在米利根山的產量未能達到預期的原因之一。這是因為我們確實獲得了更多的噸位但整體品位較低。因此我們正在考慮重新調整這個因素。不會影響整體金屬，也不會影響剝離率。這確實是一個很小的差異。但這就是等級上的工作。而且它在整個礦體中也是會改變的。因此我們會繼續更好地理解這一點。

Okay. I guess I'm not -- could you -- maybe I'm a little bit confused now, so originally, we were talking about higher grades and sort of losing some of the waste in the ore -- I'm sorry, losing some of the waste in the more marginal ore. But now, was it the fact that you were -- Q4 was presenting problems that you -- Yeah. Because I'm not quite sure what I should do with my model at this stage.

好的。我想我不是——你能嗎——也許我現在有點困惑，所以最初，我們談論的是更高的品位，以及在礦石中損失一些廢料——對不起，在更邊際的礦石中損失一些廢料。但是現在，事實是——Q4 出現了問題——是的。因為我不太確定現階段我應該對我的模型做什麼。

Okay. So the new model update has higher grade because you lowered the amount of tonnes and you tightened up where the mineralization occurs in the domains. And then when you go ahead and mine it, you expect to get those grades. What's happening in some areas, including phases six and nine, you mine it, and then you actually have more ore than you thought but at a lower grade. So in essence, the mineralization is spread out over a wider area. And so that balance is what we're working through. On the reserves estimate, the grade is higher because the amount of ore is slightly less. So it's a balance between how much ore you have and how much waste you have.

好的。因此，新的模型更新具有更高的等級，因為您降低了噸數，並縮小了礦化在域中發生的範圍。然後，當您繼續挖掘它時，您希望獲得這些等級。在某些地區，包括第六階段和第九階段，發生的情況是，你開採它，然後你實際上得到的礦石比你想像的要多，但品位較低。因此從本質上講，礦化作用分佈在更廣泛的區域。所以我們正在努力實現這種平衡。在儲量估算上，由於礦石量略少，品位較高。因此，這是一個礦石量與廢料量之間的平衡。

Okay. Got it. Can you tell me what kind of geostatistical model you got? Was it ID2, ID3, ordinary kriging, do you know?

好的。知道了。你能告訴我你得到了什麼樣的地理統計模型嗎？它是 ID2、ID3 還是普通克里金法，你知道嗎？

No. We use ordinary kriging and we used soft boundaries. So the key focus though is the mineralization domain.

不。我們使用普通克里金法並使用軟邊界。因此，重點是礦化域。

Okay. All right. Thank you.

好的。好的。謝謝。

(Operator Instructions)

（操作員指令）

Brian MacArthur, Raymond James.

布萊恩·麥克阿瑟、雷蒙·詹姆斯。

Good morning and thank you for taking my question. I apologize I was cut off, if this has been answered. But I have two questions. Just first of all on Goldfield, what is the strategy now? Obviously, resources (inaudible) and it's not near-term development. Does that mean you're willing to sell it? Or does it just mean there's going to be some more work? Or it's just going to be like Kemess was for a year, you just put in the queue and hold on for a while?

早上好，感謝您回答我的問題。如果這個問題已經得到解答，我很抱歉被打斷了。但我有兩個問題。首先是關於 Goldfield，現在的策略是什麼？顯然，資源（聽不清楚）而且這不是近期的發展。這是否意味著你願意出售它？或者這僅僅意味著還有很多工作要做？或者就像 Kemess 一樣，你只需要排隊等待一段時間？

I think it's more of the latter there. So we had three objectives in the year. One was to see if we can get one of mine recoveries. That was a check. Second one was to see if we can get lower CapEx. That was a check. And the third was to see if we could grow the resource, and we didn't do -- at least, it didn't meet our thresholds to continue to advance the project. So it is going on the shelf right now. You'll have seen that reflected in the impairment we took on the asset.

我認為後者的情況更多。所以我們今年有三個目標。一是看看我們能否回收其中一顆礦場。那是一張支票。第二個是看我們是否可以降低資本支出。那是一張支票。第三個是看我們是否可以增加資源，但我們沒有這樣做——至少它沒有達到我們繼續推進專案的門檻。因此它現在就被擱置。您將已經看到這反映在我們對資產承擔的減損中。

And you also asked in there, is it open to a sale or a JV or something? Absolutely, yes. So what we're -- the phase we're in right now with Goldfield is more strategic or commercial rather than technical. But I will say there's gold in the ground there. It doesn't yet meet our thresholds for amount. But we aren't going to be doing a lot of drilling there, so the focus is more strategic.

您還問過，它是否開放出售、合資或類似形式？絕對是的。所以我們現在與 Goldfield 所處的階段更多的是策略性或商業性的，而不是技術性的。但我要說的是那裡的地下有金子。它還沒有達到我們的數量門檻。但我們不會在那裡進行大量的鑽探，因此重點更具策略性。

Great. Thanks. That's very clear. And just on another strategic issue, any update or comments on potentially a partner on the molybdenum operations? I mean what's going on? U.S. assets may become more strategic going forward. Is there any comment you can make on that?

偉大的。謝謝。這非常清楚。關於另一個策略問題，您對鉬業務的潛在合作夥伴有什麼最新消息或評論嗎？我是說發生什麼事了？美國資產未來可能會變得更具策略性。你對此有何評論？

Well, I'll say that we, notwithstanding the fact that most people don't seem to like it, we love our molybdenum business. We view it as a high-return, high-NPV, relatively low risk project in a metal that is in fact strategic, particularly when you look at more macro political situations in the United States. So we really like the business. We are open to some sort of strategic outcome there, but it would have to meet our minimum requirements on valuation. And there's always interest in the assets, particularly now that we are moving forward with the project. But I'll just reiterate, we do like it. Notwithstanding the fact that it's kind of out of favor with some more general market sentiment as it relates to Centerra. We do like the business.

好吧，我想說的是，儘管大多數人似乎不喜歡它，但我們熱愛我們的鉬業務。我們認為這是一個高回報、高淨值、相對低風險的金屬項目，而且它實際上具有戰略意義，特別是當你關注美國的宏觀政治局勢時。所以我們真的很喜歡這個生意。我們對某種策略成果持開放態度，但它必須滿足我們對估值的最低要求。人們總是對這些資產感興趣，特別是現在我們正在推進這個計畫。但我只想重申，我們確實喜歡它。儘管事實上它與 Centerra 相關的一些更普遍的市場情緒不太相符。我們確實喜歡這個生意。

Okay. And just my final question just on Oksut, it was mentioned earlier, obviously, reserve life there is not that long. Is there a lot of potential to extend that? Again, with all the stockpiling of inventory, the mine plan, I sort of lost a little bit of where we are on everything, so it's sort of four or five years, it's sort of 100,000 ounces now I think, but is there anything possible to go beyond that?

好的。我的最後一個問題是關於奧克蘇特的，我們之前提到過，顯然那裡的預備役壽命不會那麼長。是否有很大潛力可以擴展它？再說一遍，隨著所有庫存的囤積，礦山計劃，我有點忘記了我們在所有方面所處的位置，所以大概是四五年，現在我想是 100,000 盎司，但有什麼可能超越這個數字嗎？

I wouldn't guide you towards any significant exploration potential at Oksut. However, we need to understand just how much gold is in those heaps. And there may be some potential for a period of residual leaching. Our exploration efforts in Turkey are focused, as I said earlier, at Greenfield-types targets. And we do see some -- certainly, Turkey has extremely attractive geology, and we're trying to take advantage of that more through our Greenfield program rather than a Brownfield expansion at Oksut.

我不會帶您去奧克蘇特尋找任何有重大勘探潛力的地方。然而，我們需要了解這些金礦中到底有多少黃金。並且可能存在一段時間的殘留浸出現象。正如我之前所說，我們在土耳其的勘探工作主要集中在綠地類型的目標。我們確實看到了一些——當然，土耳其擁有極具吸引力的地質條件，我們正試圖透過我們的綠地計劃而不是奧克蘇特的棕地擴建來更多地利用這一點。

Great. Thanks very much for answering my questions, Paul.

偉大的。非常感謝您回答我的問題，保羅。

Mike Parkin, National Bank.

國家銀行的麥克·帕金。

Thanks, guys, for taking my question. I'll start with Oksut, just given the fact we're sitting at almost $3,000 gold, is there an opportunity, there's always kind of a bit of a perfect balance on the economics on its heap with the amount of chemicals you're putting on it. But at an elevated gold price environment like we're at, is there a potential to kind of shock the pad and potentially pull additional ounces out by putting in, for instance, like a higher cyanization concentration where you might get very short-term boosted recoveries that would normally not be economic, but in this gold price environment they would probably be, to draw out some of that potential not expected to be recovered gold at your standard base case operating metrics, but at an elevated one, you'd get some additional ounces?

謝謝大家回答我的問題。我先從 Oksut 開始，鑑於我們現在的金價接近 3,000 美元，是否存在機會，在其堆積的經濟性和您在其上放置的化學品數量之間總是存在著某種完美的平衡。但是，在目前這種金價高企的環境下，是否有可能對黃金儲備造成一定衝擊，並通過提高氰化物濃度等方式增加黃金產量，從而可能在短期內提高黃金回收率，這種做法通常不具經濟效益，但在這種金價環境下，這些措施可能會開採出一些在標準基準下預計不會回收的黃金，但在高價位下預計您會得到一些額外的黃金，但在高價位下預計您會得到一些額外營運指標？

Yeah. That's actually a great question. And we look at that all the time as well as cutoff grades both at Oksut and elsewhere just due to the run-up on the gold price. The sensitivity to the concentration of the cyanide and then the recovery is not all that high, so you might get a small amount of gain, but we don't really look at that because when you do the column test, there's not a whole lot of sensitivity to the concentration of the cyanide, with respect to recovery.

是的。這確實是一個很好的問題。由於金價上漲，我們一直在關注這一點以及奧克蘇特和其他地方的截止等級。對氰化物濃度和回收率的敏感度並不是那麼高，所以您可能會獲得少量的收益，但我們並沒有真正考慮這一點，因為當您進行柱測試時，就回收率而言，對氰化物濃度的敏感度並不大。

What about waste? (inaudible) classified at a lower gold price, is there ability to potentially reclassify some waste material as for now?

那麼廢物呢？(聽不清楚) 以較低的金價分類，現在是否有能力對一些廢料進行重新分類？

Not at Oksut. No. I mean, in future you may look at cutoff grades, but really, at the end of the day, the way Oksut, the mineralogy is put together, you're not really looking at lower grade, a whole lot of lower grade going into the waste dump.

不在奧克蘇特。不。我的意思是，在未來你可能會關注截止品位，但實際上，到最後，Oksut 的礦物學組合方式，你實際上看到的並不是較低品位的礦石，大量的較低品位的礦石都會被扔進廢料堆。

Yeah. Mike, it's not like Nevada where you have mineralized waste dumps that you could re-leach. Here, it's really -- it's not quite this simple, but it's either ore or waste. It's much more delineated than I'd say it would be in Nevada.

是的。麥克，這裡不像內華達州，那裡有可以重新浸出的礦化廢棄物堆。這裡，它確實——它不是這麼簡單，但它要么是礦石，要么是廢物。我認為它比內華達州的劃分更加清晰。

Okay. And then I apologize, I joined the call a little late, I see you've got an interesting slide on Kemess. Just from the cross-section, it looks like the cross section on slide 8 isn't really going through the planned '23 year-end pit limit. So am I correct that if you move that to the, I assume that's northwest, the line AA, you'd actually see deeper pits pulling in more of that minimization that you're seeing in the cross-section?

好的。然後我很抱歉，我有點晚才加入電話會議，我看到你在 Kemess 上有一張有趣的幻燈片。僅從橫截面來看，幻燈片 8 上的橫截面似乎並沒有真正穿過計劃中的 23 年末坑限。所以我是否正確？如果您將其移動到，我假設是西北部，即 AA 線，您實際上會看到更深的坑洞吸收了更多您在橫截面上看到的最小化現象？

Let's just take a step backward here on Kemess. So the concept that Centerra had was for a block cave, and that's the right of that cross-section on that page. What we've done over the last six to eight months is we've re-looked at all the drill data and we've recreated a site-wide resource model to see where else there might be mineralization on the property. And what we've concluded, and I think the slide illustrates that, is that we are no longer focused on the blockade, which is over on the right there, but rather on a whole string of near-surface mineralization away from what was formerly the underground concept. And by the way, away from the old Northgate pit.

讓我們回顧一下 Kemess。Centerra 的概念是塊狀洞穴，這就是該頁面上橫截面的右側。在過去六到八個月裡，我們重新審視了所有的鑽探數據，並重新創建了整個場地的資源模型，以查看該地產上還有哪些地方可能存在礦化。我們的結論是，我認為幻燈片說明了這一點，我們不再關注右邊的封鎖，而是關注遠離先前地下概念的整個近地表礦化帶。順便說一句，遠離舊的北門坑。

And so to your question, that's exactly what we're doing. So we're doing a bunch of infill drilling there to see if we can connect those various open-pitable deposits, the area we call the saddle there, the central area. And can we get to a fairly low strip reasonably accessible set of open-pitable resources. So our focus right now is drilling. And technical studies looking at potential concepts there. And as I said in my prepared remarks, we're going to put out a resource here in the early part of the year with some description around what we might look at.

對於你的問題，這正是我們正在做的事情。因此，我們在那裡進行了大量填充鑽探，以查看是否可以連接那些不同的露天礦床，即我們稱為鞍座的區域，即中心區域。我們能否獲得一組相當低且可以合理開採的露天資源？因此我們現在的重點是鑽探。並透過技術研究來探討其中的潛在概念。正如我在準備好的演講中所說的那樣，我們將在今年年初發布一份資源，其中包含一些我們可能關注的內容的描述。

There's a lot of mineralization though at Kemess. It's a very significant mineralizing system. And the property that we control is quite large.

不過，凱麥斯 (Kemess) 有大量礦化物。這是一個非常重要的礦化系統。而且我們控制的財產相當大。

I might be dating myself, but I remember covering Northgate with Kemess and that being a bit of a cash cow of an asset for them. Where is that pit? Would that be on that side or further off to the left?

我可能已經過時了，但我記得我和 Kemess 一起報道過 Northgate，這對他們來說是一棵搖錢樹。那個坑在哪裡？那是在那邊還是在左邊更遠一點？

No. These deposits are north and west of the old Northgate pit. They're some like 8 or 9 or 10 kilometers away. I'm getting ahead of myself here, but what we would look at is how would we transport material from these new deposits should they prove up over towards the old pit and the old facilities. And what we really like about Kemess is if you were to build a 50,000-tonne-a-day concentrator in that part of B.C. today, you'd be looking at a $2 billion to $3 billion, maybe higher-billion-dollar project.

不。這些礦床位於舊北門礦坑的北部和西部。它們距離我們大約8、9或10公里。我在這裡說得有些超前了，但我們要考慮的是，如果這些新礦床的物質被證明可以流向舊礦坑和舊設施，我們該如何運輸它們。我們真正喜歡凱麥斯的地方是如果你要在不列顛哥倫比亞省的那部分地區建造一個日產 50,000 噸的濃縮廠。今天，你看到的是一個價值 20 億到 30 億美元，甚至更高的 10 億美元的專案。

What we have, and I said this in my prepared remarks, we have a power line, probably the longest privately owned power line in B.C. We have an airstrip. We have a camp. We have the old process plant. And that is really valuable. That infrastructure is really valuable. And the combination of our relook at the site-wide resource model and of course higher commodity prices have given us a degree of optimism in looking at these deposits which are not near the old Northgate pit, I mean, they're on the property, but they're not particularly close to the old pit.

正如我在準備好的發言中所說，我們擁有一條電力線，這可能是不列顛哥倫比亞省最長的私人電力線。我們有飛機跑道。我們有一個營地。我們有舊的加工廠。這確實很有價值。這種基礎設施確實很有價值。我們對整個場地資源模型的重新審視，當然還有更高的商品價格，這些因素讓我們對這些不在舊北門礦坑附近的礦床抱有一定程度的樂觀態度，我的意思是，它們雖然位於礦場上，但並不是特別靠近舊礦坑。

Okay. It's interesting. I'll look forward to the update.

好的。這很有趣。我將期待更新。

And ladies and gentlemen, with that, we'll be concluding today's question-and-answer session as well as today's conference call. You may now disconnect your lines. Thank you for participating and have a pleasant day.

女士們、先生們，今天的問答環節和電話會議都到此結束。現在您可以斷開線路了。感謝您的參與並祝您有愉快的一天。