Centerra Gold Inc (CGAU) 2025 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Centerra Gold's first quarter 2025 conference call. As a reminder, all participants are in a listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. (Operator Instruction)

感謝您的支持。我是會議主持人。歡迎參加 Centerra Gold 2025 年第一季電話會議。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 Ms. Lisa Wilkinson, Vice President, Investor Relations and Corporate Communications with Centerra Gold. The floor is yours, ma'am.

現在，我想將電話會議交給 Centerra Gold 投資者關係和企業傳播副總裁 Lisa Wilkinson 女士。女士，現在請您發言。

Thank you, operator and good morning, everyone. Welcome to Centerra Gold's first quarter 2025 results conference call. Joining me on the call today are Paul Tomory, President and Chief Executive Officer; Ryan Snyder, Chief Financial Officer and David Hendriks, our new Chief Operating Officer.

謝謝接線員，大家早安。歡迎參加 Centerra Gold 2025 年第一季業績電話會議。今天與我一起參加電話會議的還有總裁兼執行長 Paul Tomory、財務長 Ryan Snyder 和新任營運長 David Hendriks。

Our news published this morning outlines our first quarter 2025 results and should be read alongside our MD&A and financial statements, which are available 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.

我們今天早上發布的新聞概述了我們 2025 年第一季的業績，應與我們的 MD&A 和財務報表一起閱讀，這些報表可在 SEDAR、EDGAR 和我們的網站上取得。除非另有說明，所有數字均以美元為單位。本次網路廣播的簡報投影片可在 Centerra 的網站上找到。準備好發言後，我們將開始提問。

Before we begin, I would like to remind everyone that today's discussion may include forward-looking statements, which are subject to risks that could cause our actual results to differ from those expressed or implied. For more information, please refer to the cautionary statements in our presentation and the risk factors outlined in our annual information form. We will also be referring to certain non-GAAP measures during today's discussion. For a detailed description of these measures, please see our news release and MD&A issued this morning.

在我們開始之前，我想提醒大家，今天的討論可能包括前瞻性陳述，這些陳述有風險，可能導致我們的實際結果與明示或暗示的結果不同。欲了解更多信息，請參閱我們簡報中的警示聲明和年度資訊表中概述的風險因素。在今天的討論中，我們也將參考某些非公認會計準則指標。有關這些措施的詳細說明，請參閱我們今天上午發布的新聞稿和 MD&A。

I will now turn the call over to Paul Tomory.

現在我將電話轉給保羅·托莫里 (Paul Tomory)。

Thank you, Lisa and good morning, everyone. In the first quarter, we generated positive free cash flow at both operations. gold and copper production in the quarter was approximately 60,000 ounces and 12 million pounds respectively. Our 2025 production guidance is unchanged and we expect a strong second half of the year, driven by increasing grades. We maintained a strong cash position of $608 million ensuring financial flexibility to advance ongoing and prospective project activities.

謝謝你，麗莎，大家早安。在第一季度，我們的兩項業務都產生了正的自由現金流。本季黃金和銅的產量分別約為 60,000 盎司和 1,200 萬磅。我們對 2025 年的生產指導保持不變，我們預計，受產量提高的推動，下半年產量將表現強勁。我們保持了 6.08 億美元的強勁現金狀況，確保了財務靈活性，可以推進正在進行和未來的專案活動。

We remain focused on returning capital to shareholders with the Board approving the repurchase of up to $75 million of Centerra's shares in 2025. We believe buybacks are an effective tool to deploy our cash in line with our capital allocation strategy, while preserving the financial flexibility to support investment in future growth. The recent implementation of US tariffs had no impact on our operations in the first quarter. While we continue to monitor this situation, no significant impact is expected on our mining operations at Mount Milligan and Oksut, and restart activities at Thompson Creek. We are assessing the potential impact of tariffs on Langeloth. However, we don't currently anticipate any material impact at the Centerra level.

我們仍專注於向股東返還資本，董事會批准在 2025 年回購價值高達 7,500 萬美元的 Centerra 股份。我們相信回購是根據我們的資本配置策略部署現金的有效工具，同時保持財務靈活性以支持對未來成長的投資。美國近期實施的關稅對我們第一季的營運沒有影響。在我們繼續監測這一情況的同時，預計不會對我們在 Mount Milligan 和 Oksut 的採礦作業以及在 Thompson Creek 重新開始的活動產生重大影響。我們正在評估關稅對 Langeloth 的潛在影響。不過，我們目前預計 Centerra 層面不會受到任何實質影響。

This morning, we published an updated resource at Kemess, which demonstrates the robust mineralization in the highly prospective Toodoggone District of Northern BC. In 2024, we completed over 11,400 meters of core drilling and those results have been included in the updated resource. Gold mineral resources are estimated to contain 2.7 million ounces of indicated and 2.2 million ounces of inferred.

今天早上，我們發布了有關凱梅斯 (Kemess) 的最新資源，證明了不列顛哥倫比亞省北部極具前景的圖多根 (Toodoggone) 地區的強大礦化作用。2024 年，我們完成了超過 11,400 公尺的岩心鑽探，這些結果已包含在更新的資源中。黃金礦產資源估計含有 270 萬盎司的指示金礦和 220 萬盎司的推斷金礦。

Copper mineral resources are estimated to contain 971 million pounds of indicated and 821 million pounds of inferred. And the grades at Kemess compared favorably to those in the reserves at Mount Milligan. We have doubled our 2025 exploration guidance at Kemess to between $10 million and $12 million with a total of 28,500 meters of drilling planned. The focus is expected to be on infill drilling for the open pit and underground targets, and also to test high-grade mineralization in the deep Kemess offset zone, which is currently not included in the state of mineral resource. We are moving forward with a preliminary economic assessment on the Kemess project using an open pit and underground operation with long haul open stoping and backfill.

銅礦產資源估計含有 9.71 億磅指示銅礦資源和 8.21 億磅推斷銅礦資源。凱梅斯的成績與米利根山保護區的成績相比毫不遜色。我們已將 2025 年凱梅斯的勘探指導金額翻倍，達到 1,000 萬美元至 1,200 萬美元之間，計劃鑽探總長度為 28,500 公尺。預計重點將放在露天和地下目標的加密鑽探上，同時也將測試深層凱梅斯偏移帶的高品位礦化，該區域目前尚未納入礦產資源狀態。我們正在對凱梅斯專案進行初步經濟評估，該專案採用露天和地下作業，並進行長距離露天採礦和回填。

The study is expected to be completed by the end of the year. Kemess's significant infrastructure already in place, which is expected to lower the execution risk compared to a typical greenfield project of this scale. Complementing the existing infrastructure is anticipated that new crushing, conveying and mine infrastructure will be required for the open pit and underground operations.

這項研究預計將於今年底完成。Kemess 的重要基礎設施已經到位，與這種規模的典型綠地專案相比，預計會降低執行風險。預計除了現有的基礎設施外，露天和地下作業還需要新的破碎、輸送和礦場基礎設施​​。

With Kemess, we're advancing the studies for a potential gold copper mine with a possible 15-year operation in a top-tier mining jurisdiction. We are targeting a project for the potential average annual production of approximately 250,000 gold equivalent ounces, which along with Mount Milligan would give Centerra two long-life gold-copper assets in British Columbia.

我們正與 Kemess 合作，推進對一處潛在金銅礦的研究，該礦可能在頂級採礦管轄區內運作 15 年。我們的目標是實現年均黃金產量約為 250,000 盎司的項目，該項目與 Mount Milligan 一起將使 Centerra 在英屬哥倫比亞擁有兩處長壽命金銅資產。

Additionally, two weeks ago, we supported Thesis Gold with a strategic equity investment. Given the proximity of Kemess to the LawyersRanch project, we see substantial opportunities for synergies including the ability to leverage existing infrastructure to unlock regional potential.

此外，兩週前，我們透過策略性股權投資支持了 Thesis Gold。鑑於凱梅斯與 LawyersRanch 計畫的距離，我們看到了巨大的協同效應機會，包括利用現有基礎設施釋放區域潛力的能力。

I'd like to provide an update on our sustainability initiatives. We remain committed to responsible mining and continue to progress in our permitting efforts. In March, we submitted an amended application for operating permits at Mount Milligan. Mount Milligan is an important producer of copper and gold in British Columbia, and has been selected as one of the provinces critical mineral projects, which is expected to result in a streamlined permitting process.

我想介紹一下我們的永續發展舉措的最新進展。我們將繼續致力於負責任的採礦，並繼續推進我們的許可工作。三月份，我們提交了米利根山經營許可證的修改申請。Mount Milligan 是不列顛哥倫比亞省重要的銅和金產地，並已被選為該省關鍵礦產項目之一，預計將簡化許可流程。

We are continuing to advance our commitment to responsible mining practices and transparent reporting. Our team is actively working on the 2024 sustainability report, which will highlight our progress across key environmental, social and governance initiatives. We look forward to publishing the report in the coming months and sharing the steps we are taking to create long-term value for our stakeholders.

我們將繼續推進對負責任的採礦實踐和透明報告的承諾。我們的團隊正在積極撰寫 2024 年永續發展報告，該報告將重點介紹我們在關鍵環境、社會和治理措施方面的進展。我們期待在未來幾個月發布報告，並分享我們為利害關係人創造長期價值所採取的措施。

Before I move into our operating highlights, I'd like to welcome David Hendriks as our new Chief Operating Officer, who started in April. With a proven track record of leadership and operational excellence, he brings valuable expertise that will help drive our continued success.

在介紹我們的營運亮點之前，我想歡迎大衛·亨德里克斯 (David Hendriks) 於四月份上任，擔任我們的新任營運長。憑藉其卓越的領導能力和營運能力，他帶來了寶貴的專業知識，有助於推動我們繼續取得成功。

Slide 8 shows operating highlights on Mount Milligan for the first quarter. It produced over 35,800 ounces of payable gold and 11.6 million pounds of payable copper in the quarter. This was lower than planned primarily due to lower grades encountered in areas of phases 6 and 9 that are at the periphery of the ore body. We maintain our guidance at Mount Milligan with both production and sales weighted towards the second half of the year.

幻燈片 8 展示了 Mount Milligan 第一季的營運亮點。本季度，該公司生產了超過 35,800 盎司的可採黃金和 1,160 萬磅的可採銅。這低於計劃，主要是因為礦山外圍的第 6 階段和第 9 階段區域的品位較低。我們維持對 Mount Milligan 的預期，產量和銷售額都將集中在下半年。

In the first quarter, all-in sustained costs on a byproduct basis were $1,168 per ounce, 5% higher than the last quarter due to slightly increased sustained CapEx and lower ounces sold in the quarter. Cost guidance at Mount Milligan is unchanged for the year. The site-wide optimization program on Mount Milligan continues to progress and we've seen improvements in the mine with higher truck availability and increased operating hours.

第一季度，副產品總持續成本為每盎司 1,168 美元，比上一季高出 5%，原因是持續資本支出略有增加，且本季銷售量較低。今年 Mount Milligan 的成本指引保持不變。米利根山的全場優化計畫正在繼續推進，我們已經看到礦場的改善，卡車可用性更高，運作時間也更長。

Work on the Mount Milligan mine life extension PFS is on track to be completed in the third quarter of this year. We are optimistic the mine life can be extended beyond 2036, which is currently limited by the available space in the existing tailing storage facility. We are evaluating options for additional tailings capacity, as well as an increase of annual mill throughput in the range of 10%.

Mount Milligan 礦場壽命延長 PFS 工作預計將於今年第三季完成。我們樂觀地認為，礦山壽命可以延長至 2036 年以後，但目前受到現有尾礦儲存設施可用空間的限制。我們正在評估增加尾礦容量的方案，以及將年磨礦產量提高 10% 左右的方案。

Now, moving on to Oksut. First quarter production was 23,500 ounces lower than planned due to lower grades resulting from mine sequencing and impacts from unfavorable weather conditions. We are maintaining our 2025 production guidance at Oksut with production expected to be higher in the second half of the year as we access higher-grade areas of the mine. In the first quarter, all-in sustaining costs on a byproduct basis were $1,563 per ounce, which is higher compared to last quarter driven by lower sales and higher royalty expense grounds due to elevated gold prices. Full-year cost guidance at Oksut is unchanged.

現在，繼續前往 Oksut。由於礦山排序導致的品位較低以及不利天氣條件的影響，第一季的產量比計劃低 23,500 盎司。我們維持 Oksut 2025 年的生產指導，隨著我們進入礦場更高品位的區域，預計下半年產量將會更高。第一季度，副產品總維持成本為每盎司 1,563 美元，由於銷售額下降以及金價上漲導致特許權使用費增加，這一成本高於上一季。Oksut 全年成本指引保持不變。

In the first quarter, we continue to progress the restart activity at Thompson Creek with non-sustaining capital expenditures of $26 million. Since the restart decision in September, we have spent $55 million and by the end of the first quarter, approximately 14% of the total capital investment has been completed. 2025 guidance for non-sustaining capital at Thompson Creek is unchanged and the project remains in line with the total initial capital estimate of $397 million as outlined in the feasibility study.

第一季度，我們繼續推動湯普森溪的重啟活動，非持續性資本支出為 2,600 萬美元。自 9 月重啟決定以來，我們已花費 5,500 萬美元，截至第一季末，已完成總資本投資的約 14%。湯普森溪 2025 年非維持性資本指引保持不變，該專案仍與可行性研究中概述的 3.97 億美元的總初始資本估算一致。

With that, I'll pass the call over to Ryan to walk through our financial highlights.

說完這些，我將把電話轉給瑞安 (Ryan)，讓他介紹一下我們的財務亮點。

Thanks, Paul. Slide 11 details our first quarter financial results. Adjusted net earnings in the first quarter were $26 million or $0.13 per share. In the first quarter, sales were over 61,000 ounces of gold and 12.1 million pounds of copper. The average realized price was $2,554 per ounce of gold and $3.80 per pound of copper. Both of these figures incorporate the existing streaming arrangement at Mount Milligan. At the molybdenum business unit, approximately 4.2 million pounds of molybdenum was sold in the first quarter at the Langeloth facility at an average realized price of $21.59 per pound. Consolidated all-in sustaining costs on a byproduct basis in the first quarter were $1,491 per ounce. We have maintained our full-year consolidated cost guidance.

謝謝，保羅。投影片 11 詳細介紹了我們的第一季財務表現。第一季調整後的淨收益為 2,600 萬美元，即每股 0.13 美元。第一季度，黃金銷量超過 61,000 盎司，銅銷量超過 1,210 萬磅。平均實現價格為每盎司黃金 2,554 美元，每磅銅 3.80 美元。這兩個數字都包含了 Mount Milligan 現有的串流安排。在鉬業務部門，第一季在 Langeloth 工廠銷售了約 420 萬磅鉬，平均實現價格為每磅 21.59 美元。第一季副產品綜合維持成本為每盎司 1,491 美元。我們維持全年綜合成本指引。

Slide 12 shows our financial highlights for the quarter. In the first quarter, we generated positive free cash flow at both mining operations. Cash flow from operations on a consolidated basis for the quarter was $59 million and free cash flow was $10 million, which includes spending of $26 million of development costs for the Thompson Creek mine.

幻燈片 12 展示了我們本季的財務亮點。第一季度，我們的兩個採礦業務都產生了正的自由現金流。本季合併營運現金流為 5,900 萬美元，自由現金流為 1,000 萬美元，其中包括為湯普森溪礦場花費的 2,600 萬美元開發成本。

In the first quarter, Mount Milligan generated $39 million in cash from operations and $27 million in free cash flow. Oksut generated $50 million of cash from operations and had free cash flow of $42 million. The Molybdenum business unit used $6 million of cash in operations and had a free cash flow deficit of $34 million this quarter, mainly related to spending of the Thompson Creek restart.

第一季度，Mount Milligan 的營運現金流為 3,900 萬美元，自由現金流為 2,700 萬美元。Oksut 從營運中產生了 5000 萬美元的現金，並擁有 4,200 萬美元的自由現金流。鉬業務部門在營運中使用了 600 萬美元的現金，本季自由現金流赤字為 3,400 萬美元，主要與湯普森溪重啟的支出有關。

Returning capital to shareholders remains a key pillar in our disciplined approach to capital allocation. In the first quarter, we remained active on our share buybacks, repurchasing 2.5 million shares for a total consideration of $15 million. This was up 25% from the last quarter. As Paul mentioned earlier, the Board has approved up to $75 million of buybacks in 2025 and has also declared a quarterly dividend of CAD$0.07 per share.

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。第一季度，我們繼續積極回購股票，回購了 250 萬股，總對價為 1,500 萬美元。這比上一季成長了 25%。正如保羅之前提到的，董事會已批准在 2025 年回購高達 7,500 萬美元的股票，並宣布每股 0.07 加元的季度股息。

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 first quarter, our cash balance was $608 million. This provides us with total liquidity of $1 billion and positions us well to execute on our strategic plan and deliver shareholder value.

Centerra 的一個重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。第一季末，我們的現金餘額為6.08億美元。這為我們提供了 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為股東創造價值。

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

我會將其交還給保羅，請他發表一些結束語。

Thanks, Ryan. At Mount Milligan and Kemess, we are moving forward key growth initiatives while expanding our exploration efforts. Mount Milligan PFS continues to advance with results expected in the third quarter of 2025 and we are progressing at PEA at Kemess with results anticipated by the end of this year. Together, these milestones represent several key catalysts in 2025 that are expected to unlock significant value and further strengthen our growth pipeline.

謝謝，瑞安。在米利根山和凱姆斯，我們正在推動關鍵成長計劃，同時擴大我們的勘探力度。Mount Milligan PFS 繼續推進，預計將於 2025 年第三季公佈結果，而我們在 Kemess 的 PEA 工作也正在取得進展，預計將於今年年底公佈結果。總之，這些里程碑代表了 2025 年的幾個關鍵催化劑，預計將釋放巨大的價值並進一步加強我們的成長管道。

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

透過該接線員，我們將開始回答問題。

(Operator Instructions).

（操作員指令）。

Don DeMarco, National Bank Financial. Please go ahead.

唐‧德馬科 (Don DeMarco)，國家銀行金融。請繼續。

Thank you, operator and good morning, Paul and team.

謝謝接線員，早安，保羅和團隊。

Congratulations on the quarter and moving forward with the Kemess PEA. I think my question is going to focus on that actually. So, with the shift in mining method to long haul open stoping from block caving, I guess there's a read through here to lower initial CapEx, though I believe the prior reports are somewhat dated. So, is it too early to provide any magnitude of development CapEx at this point or put another way, would you expect potential development of Kemess to be internally funded?

恭喜本季的順利完成以及 Kemess PEA 的不斷進步。我認為我的問題實際上就集中於此。因此，隨著採礦方法從塊體崩落法轉向長距離露天採礦法，我想這裡可以通讀一下以降低初始資本支出，儘管我認為之前的報告有些過時了。那麼，現在提供任何規模的開發資本支出是否為時過早，或者換句話說，您是否預計 Kemess 的潛在開發將由內部資助？

Hey, Don. thanks for the question. If I refer back to the Kemess cross-section, I'm going to pull that up on the webcast here. The previous concept, which we have shelved last year really involved the block cave over towards the right of the slide. And simply put, there's just too much development CapEx, too little payable metal and too long a timeline for Centerra to accept that risk. What we've been doing over the last year and a half is, we re-inventoried all the drill data, rebuild the resource model on a site-wide basis and we've determined that there's a significant potential for an open pit combined with a more conventional underground operation and those are off to the left of the page. So, not only have we moved away from the block cave as a concept, we've actually spatially moved away from it.

嘿，唐。謝謝你的提問。如果我回顧 Kemess 橫截面，我會在網路廣播中提到它。我們去年擱置的先前的概念實際上涉及滑坡右側的塊狀洞穴。簡而言之，開發資本支出太多、可支付金屬太少、時間表太長，Centerra 無法承擔這種風險。在過去的一年半中，我們一直在重新清點所有的鑽探數據，重建整個場地的資源模型，並且我們確定露天礦與更傳統的地下作業相結合具有巨大的潛力，這些都在頁面的左側。所以，我們不僅在概念上遠離了塊狀洞穴，而且實際上在空間上也遠離了它。

So, there's a whole bunch of mineralization over there towards the left of the page that is open pitiable. And then a portion of the block of the former block cave concept could be mined with a more conventional underground method. So, that's what we're doing. Your second question or at least that's what we're going to be assessing here in this PEA and the resource that we've just put out here essentially matches that concept.

因此，在頁面左側有一大堆可憐的礦化區域。然後，可以採用更傳統的地下方法來開採以前的塊狀洞穴概念的一部分塊狀物。這就是我們正在做的事情。您的第二個問題，或至少這是我們在本次 PEA 中要評估的內容，而我們剛發布的資源基本上符合這個概念。

Okay, excellent thank you for that.

好的，非常感謝。

And continue with commas, you noted synergies with the thesis is Law's Ranch project, specifically to leverage the infrastructure there, but what infrastructure did you have in mind? And do you also see other synergies with the potential of the ore body or any of the mineral resources there?

繼續用逗號，您指出與論文的協同作用是 Law's Ranch 項目，特別是利用那裡的基礎設施，但您想到的是哪種基礎設施？您是否也看到了礦體或任何礦產資源潛力的其他協同效應？

Well, we think highly of you and and the team at thesis. We think they have a good project that they're advancing there. When we talk about potential synergies, we refer actually to the infrastructure at Chemas. Chemas is in a way the key to the Tutagan district, which lies north of Chemas. There's a lot of exploration activity recently. It's a highly prospective region, and we think that Chemas could be. The linchpin to broader development in the area and I'll remind you we've got the airstrip. There's a power line in place.

嗯，我們對您和論文團隊評價很高。我們認為他們正在推進一個很好的項目。當我們談論潛在的協同效應時，我們實際上指的是 Chemas 的基礎設施。從某種意義上來說，Chemas 是位於 Chemas 北部的 Tutagan 區的關鍵。最近有很多勘探活動。這是一個極具前景的地區，我們認為 Chemas 也有可能成為這樣的地區。這是該地區更廣泛發展的關鍵，我要提醒你們，我們有飛機跑道。有一條電源線。

A camp with a mill. So there's a very significant set of infrastructure that Centera owns that could be.

有一座磨坊的營地。因此，Centera 擁有一套非常重要的基礎架構。

I'm not saying it will be, but it could be a significant point of synergy for other deposits in the district. So as I said, we really like what the team at Thesis has done and we're happy to be supporting them here in at least the next phase of their development.

我並不是說一定會這樣，但它可能成為該地區其他礦藏的重要協同點。正如我所說，我們真的很喜歡 Thesis 團隊所做的工作，我們很高興至少在他們發展的下一階段為他們提供支援。

Okay

好的

Your question on being able to fund this project, this is fundamentally, it's a pretty -- we got some pictures in the press release, but we've got a mill, we've got a camp, we've got a lot of existing infrastructure in place, which would significantly derisk the way we would look at CapEx investment here.

您關於能否為該項目提供資金的問題，從根本上來說，這是一個相當不錯的項目——我們在新聞稿中發布了一些圖片，但我們已經有了一座工廠，一個營地，還有​​很多現有的基礎設施，這將大大降低我們看待資本支出投資的風險。

There will still be new investment as we showed in the other cross-section, there would be some development for material conveyance and crushing getting it over to the mill, as well as upgrades to the mill. But when we look at capital allocation, this is pretty important point. When we look at our capacity for buyback, we do consider what our capital needs might be, not just including Thompson Creek, which we're executing on the Mount Milligan PFS, but also now, we're starting to break Kemess into that concept of forward liquidity, how we look at buybacks and capital allocation.

正如我們在其他橫斷面中所展示的那樣，仍然會有新的投資，材料輸送和破碎到工廠方面會有一些發展，以及工廠的升級。但當我們考慮資本配置時，這一點非常重要。當我們審視回購能力時，我們確實會考慮我們的資本需求，不僅包括我們在 Mount Milligan PFS 上執行的 Thompson Creek，而且現在，我們開始將 Kemess 分解為遠期流動性的概念，我們如何看待回購和資本配置。

It is our intent to fund all of our development projects with existing and future liquidity. We don't expect to have to access either equity or debt markets to be able to fund our project pipeline. And that is a fundamental tenant and how we look at liquidity and planning, and the way we look at dividends and buybacks.

我們的目的是利用現有和未來的流動資金為我們所有的開發項目提供資金。我們預計無需進入股票或債務市場即可為我們的項目提供資金。這是我們看待流動性和規劃以及股利和回購的方式的基本原則。

Okay, excellent. Thank you for that. And continuing with Kemess, you noted synergies with the Thesis' LawyersRanch project specifically to leverage infrastructure there. But what infrastructure did you have in mind? And do you also see other synergies with the potential of the ore body or any of the mineral resources there?

好的，非常好。謝謝你。繼續談論 Kemess，您指出了與 Thesis 的 LawyersRanch 項目的協同作用，特別是利用那裡的基礎設施。但是您考慮的是什麼樣的基礎設施呢？您是否也看到了礦體或任何礦產資源潛力的其他協同效應？

Well, we think highly of you and then the team at thesis, we think they have a good project that they're advancing there. When we talk about potential synergies, we refer actually to the infrastructure at Kemess. Kemess is in a way the key to that Toodoggone district, which lies North of Kemess. There's a lot of exploration activity recently. It's a highly prospective region. And we think that Kemess could be the linchpin to broader development in the area. And I'll remind you, we've got the airstrip, there's a power line in place, a camp with the mill.

嗯，我們對您和論文團隊評價很高，我們認為他們有一個很好的專案正在推進。當我們談論潛在的協同效應時，我們實際上指的是 Kemess 的基礎設施。從某種意義上來說，凱梅斯是圖多根地區的關鍵，該地區位於凱梅斯北部。最近有很多勘探活動。這是一個極具前景的地區。我們認為凱梅斯可能是該地區更廣泛發展的關鍵。我要提醒你們的是，我們有飛機跑道、電線和有磨坊的營地。

So, there's a very significant set of infrastructure that Centerra owns that could be, I'm not saying it will be, but it could be a significant point of synergy for other deposits in the district. So, as I said, we really like what the team at thesis has done and we're happy to be supporting them here and at least the next phase of their development.

因此，Centerra 擁有一套非常重要的基礎設施，我並不是說它會成為，但它可能成為該地區其他礦藏的重要協同點。所以，正如我所說的，我們真的很喜歡論文團隊所做的事情，我們很高興在這裡為他們提供支持，至少是他們發展的下一階段。

Okay, great to hear. Okay. listen, that's all for me, Paul. Thanks, again and good luck with Q2 and the back-end loaded year.

好的，很高興聽到這個消息。好的。聽著，保羅，我說的就這些了。再次感謝，祝第二季和後端負載年好運。

We'll talk soon, Don. Thanks.

我們很快會談，唐。謝謝。

Lawson Linder, Bank of America Securities.

勞森·林德（Lawson Linder），美國銀行證券。

Thank you, operator and hello, Paul and team. Thank you for taking my question and thanks for today's update. When you think about capital allocation now with Kemess in that pipeline, does that deprioritize the need to potentially acquire a new gold project?

謝謝接線員，你好，保羅和他的團隊。感謝您回答我的問題，也感謝您今天的更新。當您考慮現在將 Kemess 加入資本配置時，這是否會降低收購新黃金專案的必要性？

Good morning, Lawson. Yes. that's a good question. What we like about Kemess is that some of the attributes I listed here, it's built infrastructure, it's a brownfield site. A lot of the permits are in place. We have relations with local First Nations there. And so, when we look at potential M&A, we compare things against that which we have in the portfolio namely, Kemess. And what we find is that Kemess stacks up quite nicely against potential acquisitions. And certainly, when you load in the acquisition cost that in fact Kemess appears to screen very highly against potential acquisition.

早安，勞森。是的，這是個好問題。我們喜歡 Kemess 的原因是，它擁有我在這裡列出的一些屬性，包括建成的基礎設施、棕地場地。許多許可證已經到位。我們與當地的原住民有關係。因此，當我們考慮潛在的併購時，我們會將其與我們投資組合中的 Kemess 進行比較。我們發現，Kemess 在潛在收購對像中表現相當出色。當然，當你考慮到收購成本時，Kemess 實際上似乎對潛在收購的篩選強度非常大。

So yes, I think where you're leading is, does this lessen the need for M&A? And the answer is yes, definitely. That doesn't mean we won't continue to consider M&A. But with Kemess and with the Mount Milligan extension project, we have very significant future potential that we're assessing right now in Centerra. And as I said in my prepared remarks, what we're targeting here is two very substantial gold coppers in British Columbia with significant mine life. So, I think we know, where you're leading with your question is the correct way to look at it.

所以是的，我認為您要問的是，這是否會減少併購的需要？答案是肯定的。這並不意味著我們不會繼續考慮併購。但是，有了 Kemess 和 Mount Milligan 擴建項目，我們目前在 Centerra 評估其巨大的未來潛力。正如我在準備好的演講中所說，我們的目標是不列顛哥倫比亞省的兩處非常重要的金銅礦，它們的礦山壽命很長。所以，我想我們知道，你提出的問題是正確的看待它的方式。

Okay. That's very helpful. And then with respect to Kemess and the potential open pit, do you guys have a sense at this point of what type of strip sense at this point of what type of strip ratio you might be looking at with the current conceptual configuration of both underground and open pit combined?

好的。這非常有幫助。然後關於凱麥斯 (Kemess) 和潛在的露天礦，你們現在是否知道，在目前地下和露天礦相結合的概念配置下，你們可能考慮的是哪種類型的剝離率？

Well, if you go back to that cross-section on the webcast, we're not yet at the stage where we're going to put out PEA level numbers that of course will be the objective of the PEA. But a lot of the mineralization to the left of the page there to the West is relatively shallow. So, we're not looking at very significant strip ratios. There will be some waste. The waste will be more in how we're mining into the side of a hill there. The waste will be associated laying back to one wall, but most of the mineralization there in the open pit area is quite shallow. And that's the material that grades around 0.4, 0.45 in that range and then we -- sorry, down at 0.3 range and then we get the upgraded grades as you go down into the former block cave area, a part of which we're going to look at with a more conventional underground. Those grades are higher down there.

好吧，如果你回顧網路廣播中的橫斷面，我們還沒有到達發布 PEA 等級數字的階段，這當然是 PEA 的目標。但頁面左側西側的許多礦化層相對較淺。因此，我們不會關注非常重要的剝離率。會有一些浪費。我們在山坡上進行開採時會產生更多的浪費。廢料將會堆積到一側牆壁上，但露天礦場的大部分礦化層都很淺。這種材料的品位在 0.4 到 0.45 左右，然後我們 — — 抱歉，降到了 0.3 的範圍，然後當您進入以前的塊狀洞穴區域時，我們會得到升級的品位，我們將使用更傳統的地下方式來觀察其中的一部分。那裡的等級更高。

Okay. And just finally, on the molybdenum business unit, is there any sort of update on the potential sale process you can share or even if your thinking has evolved on that, do you continue to pursue a potential partnership or sale? And if so, what could the timeline on something like that look like? And if not, then what do you see in terms of the timeline for a completion on Thompson Creek project and ultimately, the long-term value there and how it fit in the portfolio?

好的。最後，關於鉬業務部門，您可以分享有關潛在銷售流程的任何最新情況嗎？或者，即使您的想法已經發生了變化，您是否會繼續尋求潛在的合作或銷售？如果是這樣，那麼這樣的事情的時間表是什麼樣的？如果不是，那麼您認為湯普森溪計畫的完成時間表是怎樣的？最終它的長期價值如何？以及它如何融入投資組合？

We remain and we will remain open to any strategic outcomes that maximize shareholder value. So, a sale of the best to share will always be in the cards in that business. However, we see significant value in this business. We think the dynamics in the North American steel industry has been very favorable for molybdenum. We like the project. We're advancing it on schedule, on budget here. And we think that there will be a point at which -- there will be a value maximization moment for our shareholders. But we're not in a hurry to do that. but we would be opportunistic should something come up. But we see significant value in that molybdenum business and it may require a little bit of patience. but we will deliver or we expect to deliver significant value from that business.

我們始終並將繼續對任何能夠最大化股東價值的策略成果持開放態度。因此，在該行業中，出售最好的產品並分享總是有可能的。然而，我們看到了這項業務的巨大價值。我們認為北美鋼鐵業的動態對鉬非常有利。我們喜歡這個項目。我們正在按照計劃和預算推進該項目。我們認為，總有一天，我們的股東將獲得價值最大化。但我們並不急於這麼做。但如果出現什麼情況，我們就會抓住機會。但我們看到鉬業務具有巨大的價值，這可能需要一點耐心。但我們將實現或預計將從該業務中實現巨大的價值。

Is it too early to start thinking about signing or talking to customers on potential future sales for that asset? I mean to what extent have you assessed the current level of demand in the United States?

現在開始考慮簽署協議或與客戶討論該資產未來的潛在銷售是否為時過早？我的意思是，您對美國目前的需求水準進行了多大程度的評估？

Are you talking about from molybdenum or from molybdenum assets?

您說的是來自鉬還是來自鉬資產？

Sorry, no, from moly itself. Thanks. Yes, thanks.

抱歉，不是，來自鉬本身。謝謝。是的，謝謝。

Yes. for the product, what we've seen, Ryan can jump in here. He also oversees the commercial area. But we have seen demand from molybdenum. As you know, at Langeloth, we already produce a finished product molybdenum on third-party material. Just a quick recap on the business case here is we're going to get Thompson Creek up and running. The clean feed from Thompson Creek goes to Langeloth, which allows us to ramp up capacity utilization at Langeloth. But the order book, Ryan, why don't you describe what we've been seeing so far this year?

是的。對於我們所看到的產品，Ryan 可以加入。他也負責監督商業區。但我們已經看到了對鉬的需求。如您所知，在 Langeloth，我們已經使用第三方材料生產成品鉬。這裡簡單回顧一下商業案例，我們將讓湯普森溪 (Thompson Creek) 開始運作。湯普森溪 (Thompson Creek) 的清潔飼料輸送至蘭格洛斯 (Langeloth)，這使我們能夠提高蘭格洛斯 (Langeloth) 的產能利用率。但是訂單簿，瑞安，為什麼不描述一下我們今年到目前為止所看到的情況呢？

Yes, sure. And I mean, there's a lot of noise out there, right, in terms of moving volume around globally and tariffs, and things like that. But we've seen really strong demand from our US customers, our steel customers in the US I think if you go back to last year, Langeloth operated at 11 million pounds running through that. We were hoping to step that up to 14 million to 16 million this year and start to move along that growth trajectory. You need Thompson Creek to go to a much bigger scale, but start to step along that growth trajectory.

是的，當然。我的意思是，就全球運輸量、關稅等而言，存在著許多噪音。但我們看到來自美國客戶、美國鋼鐵客戶的需求非常強勁，我想如果回顧去年，Langeloth 的營運規模為 1,100 萬磅。我們希望今年將這一數字提高到 1400 萬到 1600 萬，並開始沿著這一增長軌跡前進。您需要讓湯普森溪 (Thompson Creek) 擴大規模，但要開始沿著這條成長軌跡前進。

And at Q1, if you look at the financials there, we sold 4 million pounds. So, on an annualized basis that's 16 million pounds. So, the demand is there. Again, there's issues in the world on tariffs moving concentrate around, but we're seeing really strong demand. And we continue to look for long-term relationships with big customers that will support the growth of that business. But we're feeling really good about it in terms of the steel industry rate net loss.

如果你看一下第一季的財務狀況，你會發現我們賣了 400 萬英鎊。因此，以年率計算，這是 1600 萬英鎊。所以，需求是存在的。再次，世界範圍內存在關稅轉移問題，但我們看到的需求非常強勁。我們將繼續尋求與大客戶建立長期關係，以支持業務成長。但從鋼鐵業淨虧損率來看，我們對此感覺非常好。

Okay, great. Thank you both very much. Appreciate it.

好的，太好了。非常感謝你們兩位。非常感謝。

Raj Ray, BMO.

Raj Ray，BMO。

Thank you, operator. Good morning, Paul and team. I've got three questions, go one at a time, if that's okay. First up on your operational outlook for the year, how comfortable -- and probably David can come in here -- are you with the flexibility you have in the operation? So, there has been few quarters we have seen some variability. Are you at a position, where you are happy with the amount of grid control drilling you have done and you have visibility or are you behind on that production drilling, if you can give some color on that?

謝謝您，接線生。早上好，保羅和團隊。我有三個問題，如果可以的話，請一個一個回答。首先談談您對今年的營運前景，您對營運的靈活性有多放心——也許大衛也可以加入？因此，我們在幾個季度中都看到了一些變化。您是否對已完成的網格控制鑽探數量感到滿意並且具有可視性，或者您是否在生產鑽探方面落後了，您可以對此進行一些說明嗎？

Yes, good question. So, we're not changing guidance on production. And as I said in my prepared remarks, we expect better grades at both Oksut and Milligan. But Dave, this is a good opportunity to talk about what we're doing at Milligan on grade.

是的，好問題。因此，我們不會改變生產指導。正如我在準備好的發言中所說，我們期待奧克蘇特和米利根都能取得更好的成績。但是戴夫，這是一個很好的機會來談論我們在米利根所做的事情。

Hi, Raj. Nice to meet you here today. So, at Mount Milligan, we've started a program to do some pretty extensive, call it, mid-term model RC drilling. So, it will really do a large portion of drilling out the next 18 months to take our short-term model, more to a mid-term model and then be able to compare that to our long-term numbers that are there. So, we're pretty confident that this additional information will give us a much better view on what's going on. We're seeing some advances as we go through this new phase of material and we're starting to see some better results. But really, the proof will be between the drilling program that will complete over the next couple of months and our results and probably, at the end of Q2 can give you a much better update on where we expect to be in the next 18 months to two years on the project.

你好，拉傑。很高興今天在這裡見到你。因此，在米利根山，我們啟動了一項相當廣泛的計劃，我們稱之為中期模型 RC 鑽探。因此，它將在未來 18 個月內進行大量的鑽探工作，以便將我們的短期模型轉變為中期模型，然後能夠將其與現有的長期數據進行比較。因此，我們非常有信心，這些額外的資訊將使我們更好地了解正在發生的事情。當我們經歷這材料新階段時，我們看到了一些進步，我們開始看到一些更好的結果。但實際上，證據將在未來幾個月內完成的鑽探計劃和我們的結果之間進行，並且可能在第二季度末可以為您提供有關我們預計在未來 18 個月到兩年內該專案進展情況的更好的更新。

So, you're saying by the end of Q2, you should be pretty much done with that additional RC drilling and you will have the information?

那麼，您是說到第二季末，您應該已經完成了額外的 RC 鑽探工作，並且獲得了相關資訊？

That is correct.

沒錯。

And what about Oksut?

那麼 Oksut 怎麼樣呢？

Oksut, everything is projecting towards better grades in the second half of the year. It's part of what's in the current mine plan and everything else, and I don't see any reasons at this point in time. we would not achieve the guidance numbers by year end at Oksut.

Oksut，一切都預示著下半年成績會更好。這是當前礦山計劃和其他計劃的一部分，目前我看不出有任何理由。到年底，我們將無法在 Oksut 實現指導數字。

Okay, that's good. Then, moving on to Kemess, so the updated resource that you published today, Paul, the total mineral inventory is pretty much the same. but I see that there's more inferred now compared to the previous reserves that was there. Is that a function of the change in the way you are thinking about how the mine plan is going to be? What's driving that? Because previously most of it was in the indicated or M&I category. Now, there's almost like 50-50 split between indicated and inferred, if you can touch upon that. And also, yes, just complete that question. Assuming that the end of the year study is positive and you decide to go ahead, like what sort of a timeline you are looking at in terms of when do you start putting the first capital in the ground and when can Kemess come online and assuming everything is positive by the end of the year and your study says, yes, we should go ahead?

好的，那很好。然後，轉到凱梅斯，保羅，您今天發布的最新資源，礦產總庫存幾乎相同。但我發現，與以前的儲量相比，現在推斷出的儲量更多。這是您對礦山計劃思考方式的改變的結果嗎？是什麼原因導致的呢？因為以前大部分都屬於指示或 M&I 類別。現在，如果您能談一下，指示和推斷的比例幾乎是 50-50。是的，只需完成該問題即可。假設年底的研究結果是積極的，而您決定繼續進行，那麼您正在考慮什麼樣的時間表，何時開始投入第一批資金，何時可以上線 Kemess，並假設到年底一切都是積極的，並且您的研究表明，是的，我們應該繼續進行？

Okay. So, the first part is on the mineral inventory, if you go back to the cross-section. The resource actually moved spatially. So spatially, there is a degree of overlap between the old and the new. but spatially, we're more in the open pit and less in the old block cave. And in the former block cave area, because of change in mining method, we increased the grade, but decreased the tonnes in the underground and that was offset by additions in the open pit.

好的。因此，如果你回到橫截面，第一部分是關於礦物清單的。資源實際上在空間上移動。因此，從空間上來說，新舊礦區之間存在著一定程度的重疊。但從空間上來說，我們更多的是在露天礦區，而不是在舊的礦洞中。在以前的塊狀洞穴區域，由於採礦方法的改變，我們提高了品位，但減少了地下的噸數，而這被露天礦場的增加所抵消。

So, quite simply, there's a bit of a spatial shift and we're going from block cave to long haul open stoping. There's a tonnage loss, but a great improvement. And that was actually part of the strategy is to get better grades out of a slightly more selective method. In terms of timeline, still too early to say that, but our intent is to put out a PEA by the end of the year. And as I said, you've seen the pictures, I mean, this site is a past producer, significant infrastructure in place. That is something we would intend to leverage in any potential development plan. But I don't want to speculate at this point on timelines. But if we like what we see in the PEA, we'd be moving almost immediately to advanced studies, meaning a PFS and then an FS. So that that's the guidance I can give on timing, but it starts with that PEA that we're advancing right now.

因此，很簡單，存在一些空間轉變，我們將從塊狀洞穴採礦法轉向長距離露天採礦法。噸位有所損失，但有了很大的改善。這實際上是策略的一部分，即透過更具選擇性的方法獲得更好的成績。就時間表而言，現在說這個還為時過早，但我們的目標是在今年年底前發布 PEA。正如我所說，你已經看到了照片，我的意思是，這個網站是過去的製作人，擁有重要的基礎設施。我們希望在任何潛在的發展計劃中利用這一點。但我現在不想對時間表進行推測。但如果我們對 PEA 中看到的內容感到滿意，我們幾乎會立即轉向高級研究，即先進行 PFS，然後再進行 FS。這就是我能給的時間指導，但它始於我們現在正在推進的 PEA。

Okay. And lastly on the moly business and what we are seeing in the US right now. Now, you did mention in your prepared remarks that you don't see a material impact on tariffs. Now, from what I understand this year you start trying to expand. So, you will be building up inventory as you look at expanding the production. What's the worst-case scenario like maybe put it this way, where do you get most of your constant, the third-party concentrate from now? And in what situation can it start to impact you?

好的。最後談談鉬業務以及我們目前在美國看到的情況。現在，您確實在準備好的發言中提到，您認為關稅不會受到實質影響。現在，據我了解，今年你們開始嘗試擴張。因此，當您考慮擴大生產時，您將建立庫存。最糟糕的情況是怎麼樣的，比如說，從現在起，您從哪裡獲得大部分恆定的第三方濃縮物？在什麼情況下它會開始對您產生影響？

I'll take that, Raj. Good morning. Yes. Look, that is the one area where tariffs may be impacting some tariff, right? The big mining operations are fairly insulated. At Langeloth, about 60% of the feed right now comes from South America and would be subject to a tariff. We are looking at ways to mitigate that. We feel pretty positive that we can find some strategies to move around that for 2025. Then, the long-term plan is going to be dependent on how the world looks and how long these tariffs stay in place, whether we're able to get aluminum concentrate exempted. I think, there's various strategies that we're looking at.

我接受，拉傑。早安.是的。你看，這是關稅可能影響某些關稅的一個領域，對嗎？大型採礦作業相當隔離。在 Langeloth，目前約 60% 的飼料來自南美洲，因此需要繳納關稅。我們正在尋找緩解這種情況的方法。我們非常有信心，我們可以找到一些策略來解決 2025 年出現的問題。然後，長期計劃將取決於世界狀況以及這些關稅維持多長時間，以及我們是否能夠獲得鋁精礦豁免。我認為，我們正在研究各種策略。

As we look at future growth, we're going to have to assess how much we want to ramp up in future years given the state of tariffs. But we also are lucky that we have big US production coming online, right. When Thompson Creek comes online, that's a big source of US feed for the Langeloth roasted. Without giving away kind of details, we do buy from other US mines. And so, there is a world if we needed to move to a more US centric business that we could look at. But I think it's too early to do that and we're still viewing this as a global business for now. But it doesn't really change the commitment to the moly business and where we think we want to take this.

當我們展望未來成長時，我們必須評估考慮到關稅狀況，未來幾年我們想要增加多少。但我們也很幸運，美國有大量產品上線，對吧。當湯普森溪 (Thompson Creek) 投產後，它將成為美國蘭格洛斯 (Langeloth) 烤魚的主要飼料來源。在不透露細節的情況下，我們確實從其他美國礦場購買。因此，如果我們需要轉向更以美國為中心的業務，我們可以考慮這個世界。但我認為現在這樣做還為時過早，我們目前仍將其視為一項全球業務。但這並沒有真正改變我們對鉬業務的承諾以及我們想要實現的目標。

Okay. that's good, Ryan. So, you're saying 60% for this year is from South America, meaning 40% from US?

好的。太好了，瑞安。那麼，您是說今年的 60% 來自南美洲，也就是說 40% 來自美國？

Yes, US or other North American areas that are tariff exempt.

是的，美國或其他免關稅的北美地區。

Okay, okay. That's great. Thank you very much. That's it from me.

好的，好的。那太棒了。非常感謝。我說的就這些。

Okay. Thanks, Raj.

好的。謝謝，拉傑。

Jeremy Hoy, Canaccord Genuity.

傑里米·霍伊（Jeremy Hoy），Canaccord Genuity。

Thanks, operator. Thanks, Paul and team for taking my questions. Most of them have been answered. So, I have one remaining and that's on Kemess. Could you provide an update on what's been going on the community relations front at Chemist? And my understanding is that part of the historic decision to move to block cave was due to an improvement to open pits in the region. And I was hoping you could speak specifically to that and what gives you confidence that the open pit is something that nearby community would be open to?

謝謝，接線生。感謝 Paul 和他的團隊回答我的問題。大多數問題都已得到解答。所以，我還剩下一個，那是在 Kemess 上。您能否介紹一下 Chemist 社區關係的最新進展？我的理解是，轉向自然崩落法開採的歷史性決定部分是由於該地區露天礦場的改善。希望您能具體談談這個問題，是什麼讓您有信心附近社區會對露天礦場持開放態度？

Okay, great question, Jeremy. The old open pit concept to which you're referring to was a giant open pit that took out the entire block cave and then some. So, what we're contemplating here is a significantly smaller open pit. And the challenge at that time would have been that the size of that open pit and the tailings requirement associated with the amount of material that would have been processed would have caused a significant disturbance to nearby water bodies.

好的，傑里米，這個問題問得很好。您所提到的舊露天礦概念是一個巨大的露天礦，它將整個洞穴都掏空，然後再掏空一些。所以，我們在這裡考慮的是顯著縮小的露天礦坑。當時的挑戰是，露天礦場的規模以及與要處理的材料量相關的尾礦需求會對附近的水體造成嚴重的干擾。

And that is what in effect led to opposition and a no-go in the big open pit. What we're looking at here is a subset. We have a component that's underground and the tailings that we're looking at here would go into a combination of the pit, the old Northgate pit, which is permitted to receive tailings, as well as remaining capacity in the existing tailings dam.

這實際上導致了反對，並導致大型露天礦開採無法進行。我們在這裡看到的是一個子集。我們有一個地下部分，我們在這裡看到的尾礦將進入礦坑、舊北門礦坑（允許接收尾礦）以及現有尾礦壩的剩餘容量。

So, our project concept here, its tailings fit within that envelope I just described and would not require more disturbance and the combination of the very large open pit and impacts on local water bodies are what caused the problem the first time in that giant open pit that you referred to. So, it's a much more modest scope. And you were asking about the relationship with communities. We do have an IBA in place at Kemess and we maintain very good relations with the local community there and we will continue to engage in dialogue with them.

因此，我們這裡的專案概念，其尾礦符合我剛才描述的範圍，並且不需要更多的干擾，而非常大的露天礦坑和對當地水體的影響的結合正是您提到的那個巨型露天礦坑第一次出現問題的原因。因此，它的範圍要小得多。您問的是與社區的關係。我們確實在凱梅斯設立了 IBA，並且與當地社區保持著良好的關係，我們將繼續與他們進行對話。

Great. That's very clear, Paul. Thanks for your response.

偉大的。這很清楚，保羅。感謝您的回覆。

(Operator Instructions)

（操作員指示）

Anita Soni, CIBC World Markets.

加拿大帝國商業銀行全球市場部的安妮塔·索尼（Anita Soni）。

Good morning, Paul. So, good to see Kemess back in people's range of thoughts there. It's one of the first stocks I ever covered as an analyst. I wanted to ask a little bit more about some of the parameters around Kemess. Can you remind me, is there a royalty on that? I think at one point, there was a royalty that was out, but I'm not sure if Puerto Rico bought it back and then it ended up within Centerra?

早安，保羅。所以，很高興看到 Kemess 重新回到人們的關注範圍內。這是我作為分析師研究的第一批股票之一。我想進一步詢問一些有關 Kemess 的參數。可以提醒我一下嗎，這有版稅嗎？我認為曾經有一次，有一筆版稅被收回，但我不確定波多黎各是否把它買回來了，然後它最終落入了 Centerra 手中？

Yes. So, right now and there's a whole different mine plan, and we'll need to figure this out. There is a Silverstream agreement with Triple Flag for just the silver. but none of the gold or copper is streamed or tied up in anything like that.

是的。所以，現在有一個完全不同的礦山計劃，我們需要弄清楚這一點。與 Triple Flag 簽訂了 Silverstream 協議，僅涉及白銀，但並未將黃金或銅進行流轉或捆綁。

Okay. And then in terms of the amount of infrastructure that's there, I think when I was at Mount Milligan maybe, about a year and a half ago, you were talking about potentially selling some of that infrastructure. I just wanted to know if that actually got done or is most of the infrastructure still there in place?

好的。然後就那裡的基礎設施數量而言，我想大概一年半前我在米利根山的時候，您談到可能出售部分基礎設施。我只是想知道這是否真的完成了，或者大部分基礎設施是否仍然存在？

Okay. So, when we were at Mount Milligan, again, one of the things we talked about is we also have a very large, very modern mill at Endako and that was always an option as what to do with the material there. So, nothing was sold from either Endako or Kemess over the past couple of years. The mill at Kemess ran at 50,000 to 55,000 tonnes a day and Northgate way back moved one of the lines to Young-Davidson. And in this project that we're looking at here, we are contemplating of course, replacing the equipment that was taken to Young-Davidson. But in the past two years, we have not sold anything from site.

好的。因此，當我們在米利根山時，我們再次談到的事情之一是，我們在恩達科也有一個非常大、非常現代化的工廠，這一直是我們處理那裡的材料的一個選擇。因此，在過去幾年裡，Endako 和 Kemess 都沒有出售任何產品。凱梅斯 (Kemess) 工廠的日產量為 50,000 至 55,000 噸，Northgate 工廠很早就將其中一條生產線移到了 Young-Davidson。在我們正在研究的這個項目中，我們當然正在考慮更換運往 Young-Davidson 的設備。但在過去兩年裡，我們沒有從現場出售任何東西。

So, just to reiterate, we have a process plant, we have a truck shop, we have a camp, importantly a power line to site, an airstrip, water, water treatments and these are all required refurbishment. but it's certainly not a standing start.

所以，重申一下，我們有一個加工廠，一個卡車車間，一個營地，更重要的是，有一條通往現場的電力線，一個飛機跑道，有水，有水處理設施，這些都是需要翻新的。但這肯定不是一個靜止的開始。

Okay. And then just in terms of -- I know this is super early to ask this question, but in terms of ballpark estimates on how much you think this refurbishment would cost, could you give us a sort of a thumbnail thought on what that looks like right now?

好的。然後就——我知道現在問這個問題還為時過早，但就您認為這次整脩大概要花多少錢而言，您能否給我們一個大致的想法，看看現在的情況如何？

I don't want to get into the CapEx numbers at this point, Anita, because we do have to do a bit more engineering work and we're not at a PEA level. But what I can say is that compared to the construction of a greenfield site on the order of 50,000 to 60,000 tonnes a day with all the associated infrastructure, the CapEx here will be a fraction of that, it would be the fraction of a greenfield of this scale.

安妮塔，我現在不想討論資本支出數字，因為我們確實需要做更多的工程工作，而且我們還沒有達到 PEA 水平。但我可以說的是，與建造一個每天處理 5 萬至 6 萬噸的綠地及所有相關基礎設施相比，這裡的資本支出只是其中的一小部分，只是這種規模的綠地的一小部分。

Yes, got it.

是的，明白了。

The principal elements of CapEx, so this I can talk about, there would be development CapEx in opening up the open pit, as well as those conveyor tunnels that showed up on the one cross-section. There'd be crushing and conveying's infrastructure. So that would be new physical works. The second main area would be the refurbishment of the mill and the replacement of those components that had been salvaged out of there. And then of course, there would be refurbishment CapEx in the camp and some of the other ancillary facilities.

資本支出的主要要素，所以我可以談論這一點，在開採露天礦場以及在一個橫斷面上出現的那些傳送隧道時會有開發資本支出。那裡會有破碎和輸送的基礎設施。所以那將是新的實體作品。第二個主要領域是工廠的翻新和從工廠回收的零件的更換。當然，營地和其他一些輔助設施也會進行翻新資本支出。

Okay. All right. That's it for my questions. Congratulations on getting this thing restarted or almost yet.

好的。好的。我的問題就這些。恭喜您已重新啟動或即將重新啟動此事物。

Thank you, Anita. Yes, we're taking the first steps.

謝謝你，安妮塔。是的，我們正在邁出第一步。

(Operator Instructions) Yes. Well, this will conclude the question-and-answer session and today's conference call. You may disconnect your lines. Thank you for your participation and have a pleasant day. Take care everyone

（操作員指示）是的。好了，問答環節和今天的電話會議就到此結束。您可以斷開線路。感謝您的參與並祝您有個愉快的一天。大家保重