Centerra Gold Inc (CGAU) 2025 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Centerra Gold second-quarter 2025 conference call. (Operator Instructions)

感謝您的支持。我是會議主持人。歡迎參加 Centerra Gold 2025 年第二季電話會議。（操作員指示）

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

現在，我想將會議交給 Centerra Gold 投資者關係和企業傳播副總裁 Lisa Wilkinson。請繼續。

Thank you, operator, and good morning, everyone. Welcome to Centerra Gold's second-quarter 2025 results conference call. Joining me on the call today are Paul Tomory, President and Chief Executive Officer; David Hendriks, Chief Operating Officer; and Ryan Snyder, Chief Financial Officer. Other members of the management team are available for the Q&A session.

謝謝接線員，大家早安。歡迎參加 Centerra Gold 2025 年第二季業績電話會議。今天與我一起參加電話會議的還有總裁兼執行長 Paul Tomory、營運長 David Hendriks 和財務長 Ryan Snyder。管理團隊的其他成員也可以參加問答環節。

Our news published yesterday outlines our second quarter 2025 results and is complemented by 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.

我們昨天發布的新聞概述了我們 2025 年第二季的業績，並附有我們的 MD&A 和財務報表，可在 SEDAR、EDGAR 和我們的網站上查閱。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.

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。

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 last evening.

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，請參閱我們昨晚發布的新聞稿和 MD&A。

I will now turn the call over to Paul Tomory.

現在我將把電話轉給保羅·托莫里。

Thank you, Lisa, and good morning, everyone. In the second quarter, both Mount Milligan and Oksut contributed to strong earnings, driven by high commodity prices. Gold and copper production in the quarter was over 63,000 ounces and 12.4 million pounds of copper, respectively.

謝謝你，麗莎，大家早安。在第二季度，受大宗商品價格高漲的推動，Mount Milligan 和 Oksut 均實現了強勁的利潤。本季黃金和銅產量分別超過 63,000 盎司和 1,240 萬磅銅。

The second quarter marked the first full period under the leadership of our new Chief Operating Officer, David Hendriks; and our newly appointed General Manager at Mount Milligan, Eric Dell. Their early impact has been substantial, bringing renewed operational focus and significantly enhancing our confidence in the mine's future performance through the initiation of an infill and grade control drilling program, among other initiatives.

第二季是我們新任營運長 David Hendriks 和新任命的 Mount Milligan 總經理 Eric Dell 領導下的第一個完整時期。它們的早期影響是巨大的，透過啟動加密和品位控制鑽探計劃等舉措，帶來了新的營運重點，並大大增強了我們對礦山未來表現的信心。

We are making solid progress on two studies that are expected to support Centerra's long-life copper-gold organic growth strategy in British Columbia, both of which are targeted for delivery in the second half of 2025.

我們在兩項研究上取得了堅實進展，這兩項研究預計將支持 Centerra 在不列顛哥倫比亞省的長壽命銅金有機成長策略，這兩項研究都計劃於 2025 年下半年交付。

At Mount Milligan, work on the PFS is on track to be completed in the third quarter. We are evaluating the substantial mineral resources to unlock additional value beyond the current mine life of 2036, which is based on the available space in the existing tailings storage facility.

在 Mount Milligan，PFS 工作預計將在第三季完成。我們正在評估大量礦產資源，以釋放當前礦山壽命（2036 年）之外的額外價值，該壽命基於現有尾礦儲存設施的可用空間。

We are progressing with the engineering solution for additional tailings capacity, and the PFS is set to incorporate an increase of annual mill throughput in the range of 10% through the ball mill motor upgrades, which will be at modest capital cost.

我們正在推進增加尾礦容量的工程解決方案，而 PFS 將透過球磨機馬達升級將年磨礦產量提高 10% 左右，而這將花費適中的資本成本。

At the Kemess Project, we continue to advance work on a PEA based on an open pit and conventional underground mining concept, which is on track for completion by the end of 2025. Kemess has significant infrastructure already in place, requiring only targeted refurbishment to support operations.

在 Kemess 專案中，我們繼續推進基於露天和傳統地下採礦概念的 PEA 工作，預計將於 2025 年底完成。Kemess 已擁有重要的基礎設施，僅需進行有針對性的翻新即可支援營運。

To complement this existing infrastructure, it is anticipated that new crushing, conveying and mining infrastructure will be developed to further support our operations and longer-term efficiency. We expect the existing infrastructure to lower the execution risk of the project when compared to a typical greenfield project of this scale.

為了補充現有的基礎設施，預計將開發新的破碎、輸送和採礦基礎設施，以進一步支援我們的營運和長期效率。我們預計，與這種規模的典型綠地專案相比，現有的基礎設施將降低該專案的執行風險。

Yesterday, we announced that we are advancing on the Goldfield Project, which is located in the historic mining district of Nevada, one of the most reliable mining jurisdictions in the world. This is a strategic milestone that is expected to grow Centerra's near-term gold production profile and can be fully funded from our existing liquidity.

昨天，我們宣布正在推進 Goldfield 項目，該項目位於內華達州歷史悠久的採礦區，是世界上最可靠的採礦區之一。這是一個戰略里程碑，預計將提高 Centerra 近期的黃金產量，並且可以透過我們現有的流動資金全額資助。

Over the last several months, we've undertaken additional technical work and project optimizations that have significantly enhanced Goldfield's value proposition. Favorable gold prices, combined with these recent developments, have improved the project's economics, enabling us to move forward with execution.

在過去的幾個月裡，我們進行了額外的技術工作和專案優化，大大增強了 Goldfield 的價值主張。有利的黃金價格加上最近的這些發展，改善了該項目的經濟效益，使我們能夠繼續推動實施。

Our technical study confirms attractive economics of the project, including an after-tax NPV of $245 million and an after-tax IRR of 30% using a long-term gold price of $2,500 per ounce.

我們的技術研究證實了該項目具有吸引人的經濟效益，包括稅後淨現值為 2.45 億美元，以長期黃金價格 2,500 美元/盎司計算，稅後內部收益率為 30%。

We have implemented a targeted hedging strategy of 50% of gold production in 2029 and 2030 with a gold price floor of $3,200 per ounce and an average gold price cap of $4,435 in 2029 and $4,705 in 2030 at no cost to Centerra.

我們實施了有針對性的對沖策略，即在 2029 年和 2030 年對黃金產量進行 50% 的對沖，黃金價格下限為每盎司 3,200 美元，平均黃金價格上限為 2029 年 4,435 美元和 2030 年 4,705 美元，而 Centerra 無需承擔任何成本。

This gold hedging strategy positions us to lock in strong margins to safeguard project economics and enable predictable cash flow during the ramp-up period while maintaining exposure to rising gold prices for the life of the mine. Just under 80% of the planned production over the life of mine remains unhedged and fully exposed to market gold prices.

這種黃金對沖策略使我們能夠鎖定強勁的利潤率，以保障專案經濟效益，並在上升期實現可預測的現金流，同時在礦場壽命期間保持對黃金價格上漲的風險敞口。礦山壽命期間計劃產量的近 80% 仍未進行對沖，並完全受到市場黃金價格的影響。

The project is expected to have a seven-year mine life, average annual production of around 100,000 ounces in peak production years at an all-in sustaining cost of $1,392 per ounce and a competitive initial capital cost of $252 million. The project is well positioned to benefit from a short timeline to first production by the end of 2028 and low execution risk, given its relatively simple process flow sheet.

該項目預計礦山壽命為七年，高峰生產年份平均年產量約為 100,000 盎司，總維持成本為每盎司 1,392 美元，初始資本成本為 2.52 億美元，具有競爭力。由於製程流程相對簡單，該專案預計在 2028 年底前實現首次生產，時間較短，執行風險較低。

Goldfield is projected to grow our near-term gold production profile, generate robust cash flow and deliver significant value to shareholders. We believe also that Goldfield is ideally positioned in our project development pipeline, bringing additional gold production online, helping to offset the natural declines at Oksut and to ensure continuity as we advance development of the longer-life Mount Milligan and Kemess assets in British Columbia.

Goldfield 預計近期黃金產量將有所增長，產生強勁的現金流，並為股東帶來巨大的價值。我們也相信，Goldfield 在我們的專案開發管道中佔據著理想的位置，可以帶來額外的黃金產量，有助於抵消 Oksut 的自然下降，並確保我們在不列顛哥倫比亞省推進更長壽命的 Mount Milligan 和 Kemess 資產開發的連續性。

I'd like to share an update on our sustainability initiatives. In June, we published our 2024 sustainability report. We achieved several important milestones this past year, and we remain committed to meet the rising expectations through greater transparency and alignment with the recognized sustainability frameworks and standards.

我想分享一下我們的永續發展計畫的最新進展。6月，我們發布了2024年永續發展報告。過去的一年，我們取得了幾個重要的里程碑，我們將繼續致力於透過提高透明度和與公認的永續發展框架和標準保持一致來滿足不斷增長的期望。

With respect to some of the progress we've made at Oksut, we achieved full compliance with the International Cyanide Management Code, reinforcing our commitment to safe and environmentally responsible mining practices.

關於我們在奧克蘇特取得的一些進展，我們完全遵守了《國際氰化物管理規範》，加強了我們對安全和對環境負責的採礦實踐的承諾。

We advanced our climate change strategy, focusing on economically feasible decarbonization initiatives at the site level, refining our climate risk scenario analysis and continuing to enhance our disclosures. As part of that broader effort, Oksut earned an ISO 5001 certification for energy management, helping us improve the energy efficiency at site.

我們推動了氣候變遷策略，重點關注現場層級經濟可行的脫碳舉措，完善氣候風險情境分析，並持續加強揭露。作為這項更廣泛努力的一部分，Oksut 獲得了 ISO 5001 能源管理認證，幫助我們提高了現場的能源效率。

We also strengthened our partnerships with indigenous-owned businesses and reached 19% indigenous employee representation across our British Columbia operations. In terms of local economic impact, our local procurement spending rose by 26% year over year across all operating jurisdictions, reaching $134 million.

我們也加強了與本土企業的合作關係，在不列顛哥倫比亞省的業務中，本土員工比例達到了 19%。就當地經濟影響而言，我們在所有營運轄區的當地採購支出較去年同期成長 26%，達到 1.34 億美元。

And lastly, we are pleased to share that we have surpassed our 2026 gender diversity goal for the second year in a row, with women representing 38% of our Board and 33% of our executive officers. Together, these achievements reinforce our belief that strong sustainability performance is a key driver of long-term value for all of our stakeholders.

最後，我們很高興地告訴大家，我們連續第二年超越了 2026 年性別多元化目標，女性佔董事會成員的 38%，佔執行長的 33%。總而言之，這些成就強化了我們的信念：強勁的永續發展績效是我們所有利害關係人長期價值的關鍵驅動力。

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

說完這些，我將把電話轉給大衛，讓他介紹我們本季的營運表現。

Thanks, Paul. Slide 8 shows operating highlights at Mount Milligan for the second quarter. Mount Milligan produced over 35,000 ounces of gold and 12.4 million pounds of copper in the quarter.

謝謝，保羅。幻燈片 8 展示了 Mount Milligan 第二季的營運亮點。本季度，米利根山金礦產出了超過 35,000 盎司黃金和 1,240 萬磅銅。

In the first half of the year, mining operations encountered zones with more challenging mineralization, resulting in lower-than-anticipated gold grades from these areas of the pit. While gold grades remain above the average grade of the reserve, we believe the variability is primarily attributed to certain zones being drilled with wider spacing.

今年上半年，採礦作業遇到了礦化更困難的區域，導致這些區域的金礦品位低於預期。雖然黃金品位仍高於儲量的平均品位，但我們認為這種變化主要歸因於某些區域的鑽探間距較大。

We have commenced an infill and grade control drilling program in the second quarter. This initiative is designed to improve geological confidence and will be integrated into the upcoming Mount Milligan PFS, contributing to a mine plan with greater visibility on grades moving forward. Also, as we continue to improve our understanding of the ore body at Mount Milligan and advance our broader site optimization program, we are enhancing our mine-to-mill integration to achieve better control of grades delivered to the mill.

我們已於第二季啟動加密和品位控制鑽探計劃。該計劃旨在提高地質信心，並將融入即將進行的 Mount Milligan PFS，為礦山計劃做出貢獻，提高未來品位的可見性。此外，隨著我們不斷加深對米利根山礦體的了解並推進更廣泛的場地優化計劃，我們正在加強從礦山到工廠的整合，以更好地控制運送到工廠的品位。

We have updated our 2025 gold production guidance at Mount Milligan to between 145,000 and 165,000 ounces to recalibrate for the adjustment in grades. We have reaffirmed our 2025 copper production guidance of 50 million to 60 million pounds. Both gold and copper production and sales are expected to be weighted towards the second half of the year.

我們已將米利根山 2025 年黃金產量預期更新至 145,000 至 165,000 盎司之間，以重新調整品位。我們重申了 2025 年銅產量目標為 5,000 萬至 6,000 萬磅。預計黃金和銅的產量和銷售量都將集中在下半年。

In the second quarter, all-in sustaining costs on a byproduct basis were $1,286 per ounce, 10% higher than last quarter due to an increase in sustaining CapEx and lower ounces sold in the quarter. We have revised our 2025 cost guidance ranges at Mount Milligan to reflect updated production guidance figures. All-in sustaining costs on a byproduct basis are now expected to be between $1,350 and $1,450 per ounce.

第二季度，副產品總維持成本為每盎司 1,286 美元，比上一季高出 10%，原因是維持資本支出增加且本季銷售量減少。我們修改了 Mount Milligan 的 2025 年成本指引範圍，以反映更新的生產指導數據。目前預計副產品總維持成本在每盎司 1,350 美元至 1,450 美元之間。

On slide 9, we show operating highlights at Oksut for the quarter. Second quarter production was over 28,250 ounces, better than planned due to higher grades resulting from mine sequencing. We have reaffirmed 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.

在第 9 張投影片上，我們展示了 Oksut 本季的營運亮點。第二季的產量超過 28,250 盎司，由於礦場排序導致品位提高，產量優於計畫。我們重申了 2025 年 Oksut 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。

In the second quarter, all-in sustaining costs on a byproduct basis were $1,755 per ounce, which is higher compared to last quarter, driven by a higher royalty expense per ounce due to elevated gold prices.

第二季度，副產品總維持成本為每盎司 1,755 美元，高於上一季度，原因是金價上漲導致每盎司特許權使用費增加。

We have revised our full-year cost guidance ranges at Oksut to reflect both higher royalty costs stemming from the strong gold price environment and an updated royalty structure that was approved by the Turkish government this July. 2025 all-in sustaining costs on a byproduct basis are now expected to be $1,675 to $1,775 per ounce.

我們修改了 Oksut 的全年成本指導範圍，以反映強勁的金價環境導致的更高的特許權使用費成本以及土耳其政府今年 7 月批准的最新特許權使用費結構。目前預計 2025 年副產品總維持成本為每盎司 1,675 至 1,775 美元。

The restart of Thompson Creek is advancing, with approximately 20% of the total capital investment complete. In the second quarter, we invested $27 million in non-sustaining capital expenditures, bringing total investment spend since the September restart decision to $82 million.

湯普森溪重啟工程正在推進，總資本投資已完成約20%。第二季度，我們投資了 2,700 萬美元用於非持續性資本支出，使自 9 月重啟決定以來的總投資支出達到 8,200 萬美元。

We have reaffirmed our 2025 guidance for non-sustaining CapEx at Thompson Creek. The project remains in line with the total initial capital estimate of $397 million, as outlined in the feasibility study, and is on track for first production in the second half of 2027.

我們重申了湯普森溪 2025 年非持續性資本支出指引。該項目與可行性研究中概述的 3.97 億美元的初始資本總額估計相符，並預計在 2027 年下半年首次投入生產。

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

現在我將把它交給瑞安來介紹我們本季的財務亮點。

Thanks, David. Slide 11 details our second quarter financial results. Adjusted net earnings in the second quarter were $53 million or $0.26 per share, which benefited from strong metal prices. Key adjustments to net earnings include $15 million of unrealized gain on the remeasurement of the sale of the Greenstone partnership in 2021 and $12 million of unrealized loss on the financial asset related to the additional agreement with Royal Gold, among other things.

謝謝，大衛。投影片 11 詳細介紹了我們的第二季財務表現。第二季調整後的淨收益為 5,300 萬美元，即每股 0.26 美元，受益於金屬價格的強勁成長。淨收益的主要調整包括 2021 年重新計量出售 Greenstone 合夥企業的 1500 萬美元未實現收益，以及與 Royal Gold 的附加協議相關的金融資產的 1200 萬美元未實現損失等。

In the second quarter, sales were over 61,000 ounces of gold and 12 million pounds of copper. The average realized price was $2,793 per ounce of gold and $3.62 per pound of copper, which incorporates the existing streaming arrangements at [Mount Milligan].

第二季度，黃金銷量超過 61,000 盎司，銅銷量超過 1,200 萬磅。平均實現價格為每盎司黃金 2,793 美元，每磅銅 3.62 美元，其中包括現有的串流安排[米利根山]。

At the molybdenum business unit, approximately 3.1 million pounds of molybdenum was sold in the second quarter at the Langeloth facility at an average realized price of $21.43 per pound. Consolidated all-in sustaining costs on a by-product basis in the second quarter were $1,652 per ounce.

在鉬業務部門，第二季在 Langeloth 工廠銷售了約 310 萬磅鉬，平均實現價格為每磅 21.43 美元。第二季以副產品計算的綜合維持成本為每盎司 1,652 美元。

We have updated our 2025 all-in sustaining cost guidance, following lower expected production at Mount Milligan and higher royalty costs at Oksut, driven by elevated gold prices and the newly updated royalty structure. We now expect consolidated all-in sustaining costs on a byproduct basis to be between $1,650 and $1,750 per ounce in 2025.

由於金價上漲和最新更新的特許權使用費結構，Mount Milligan 的預期產量下降，而 Oksut 的特許權使用費上漲，我們已更新 2025 年全維持成本指引。我們現在預計，2025 年副產品的綜合維持成本將在每盎司 1,650 美元至 1,750 美元之間。

Slide 12 shows our financial highlights for the quarter. In the second quarter, we increased cash flow from operations before working capital and income taxes paid by 22% over last quarter, generating a total of $98 million. After routine statutory tax and royalty payments to the Turkish government, cash flow from operations on a consolidated basis for the quarter was $25 million, and we had a free cash flow deficit of $25 million for the quarter.

幻燈片 12 展示了我們本季的財務亮點。第二季度，扣除營運資本和所得稅前的營運現金流較上一季成長 22%，總計 9,800 萬美元。在向土耳其政府繳納例行法定稅款和特許權使用費後，本季合併經營現金流為 2,500 萬美元，本季自由現金流赤字為 2,500 萬美元。

In the second quarter, Mount Milligan generated $57 million in cash from operations and $43 million in free cash flow. Oksut's cash flow in the quarter was impacted by the tax and royalty payments of $84 million made to the Turkish government. As a result, Oksut's cash used by operations was $18 million in the second quarter and free cash flow deficit was $28 million. We expect to generate strong free cash flow at Oksut in the second half of 2025.

第二季度，Mount Milligan 的營運現金流為 5,700 萬美元，自由現金流為 4,300 萬美元。Oksut 本季的現金流受到向土耳其政府支付的 8,400 萬美元稅款和特許權使用費的影響。結果，Oksut 第二季的經營活動所用現金為 1,800 萬美元，自由現金流赤字為 2,800 萬美元。我們預計 Oksut 將在 2025 年下半年產生強勁的自由現金流。

The molybdenum business unit used $1 million of cash in operations and had a free cash flow deficit of $27 million this quarter, mainly related to spending on the Thompson Creek restart.

鉬業務部門在營運中使用了 100 萬美元的現金，本季自由現金流赤字為 2,700 萬美元，主要與重啟湯普森溪 (Thompson Creek) 的支出有關。

Returning capital to shareholders remains a key pillar in our disciplined approach to capital allocation. In the second quarter, we increased our share buybacks by 80% compared to the previous quarter, repurchasing 3.9 million shares for total consideration of $27 million. Our Board has approved the repurchase of up to $75 million of Centerra shares through the NCIB in 2025, and we have repurchased 42 million in the first half of the year. We also declared a quarterly dividend of $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。第二季度，我們的股票回購量與上一季相比增加了 80%，回購了 390 萬股，總對價為 2,700 萬美元。我們的董事會已批准在 2025 年透過 NCIB 回購價值高達 7,500 萬美元的 Centerra 股票，我們在今年上半年已回購了 4,200 萬股。我們也宣布每股 0.07 美元的季度股息。

In the first six months of 2025, we have returned $63 million to shareholders through dividends and buybacks. As part of our commitment to returning capital to our shareholders, we expect to remain active on the share buybacks subject to market conditions.

2025 年上半年，我們透過股利和回購向股東返還了 6,300 萬美元。作為我們向股東返還資本的承諾的一部分，我們預計將根據市場情況繼續積極進行股票回購。

At the end of the second quarter, our cash balance was $522 million. This results in total liquidity of over $920 million, while positioning us to fully fund our organic growth projects at Goldfield, Mount Milligan, Kemess and Thompson Creek while continuing to return capital to shareholders.

截至第二季末，我們的現金餘額為5.22億美元。這使得總流動資金超過 9.2 億美元，同時使我們能夠為 Goldfield、Mount Milligan、Kemess 和 Thompson Creek 的有機成長項目提供全額資金，同時繼續向股東返還資本。

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

我會將其交還給保羅，讓他發表一些結束語。

Thanks, Ryan. We're very proud of the progress we've made in advancing our internal growth strategy. The decision to move forward with the Goldfield project is a key milestone that is expected to enhance our near-term gold production profile and to create value for our shareholders.

謝謝，瑞安。我們對推動內部成長策略所取得的進展感到非常自豪。決定推進 Goldfield 計畫是一個重要的里程碑，預計將提高我們近期的黃金產量狀況並為我們的股東創造價值。

In parallel, we're actively advancing studies at both Mount Milligan and Kemess, which are on track to be completed in the second half of the year. The two studies represent significant milestones in advancing our gold growth development pipeline and are focused on unlocking additional value from our assets in British Columbia.

同時，我們正積極推動米利根山和凱梅斯的研究，這些研究預計將於今年下半年完成。這兩項研究代表了我們推進黃金成長開發管道的重要里程碑，並致力於從我們在不列顛哥倫比亞省的資產中釋放更多價值。

Our internal growth strategy is underpinned by a strong balance sheet and disciplined capital allocation. All of our projects, Goldfield, Mount Milligan, Kemess, Thompson Creek; are expected to be self-funded from our existing liquidity, reflecting our commitment to generating value while maintaining financial strength and flexibility.

我們的內部成長策略以強勁的資產負債表和嚴格的資本配置為基礎。我們所有的項目，Goldfield、Mount Milligan、Kemess、Thompson Creek，預計將透過我們現有的流動資金自籌資金，這體現了我們致力於創造價值，同時保持財務實力和靈活性的承諾。

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

接線員，現在我開始回答問題。

(Operator Instructions) Don DeMarco, National Bank.

（操作員指示）Don DeMarco，國家銀行。

Congratulations on continuing to progress on your internal growth strategy. First question has to do with Mount Milligan. I see that you encountered some challenging mineralization. Are you seeing good results and improved confidence after implementing the additional infill drilling?

恭喜您在內部成長策略上持續取得進展。第一個問題與米利根山有關。我發現您遇到了一些具有挑戰性的礦化作用。實施額外的加密鑽孔後，您是否看到了良好的效果並增強了信心？

Don, this is David. What we've done is we've really increased the density of drilling in the area that we've been mining for the last six months, and we will continue to mine over the next 18 months.

唐，這是大衛。我們所做的是，我們確實增加了過去六個月開採區域的鑽探密度，我們將在未來 18 個月繼續開採。

We're very confident with our new guidance number of the drilling results that we have will lead to a much better prediction of what we're doing. And also, those are the same -- that same information is being implemented into the study that's being done to look at the extension of the Mount Milligan mine life.

我們非常有信心，我們掌握的鑽探結果的新指導數字將使我們對正在做的事情做出更好的預測。而且，這些都是相同的——相同的資訊正在被運用到正在進行的研究中，以延長米利根山礦的開採壽命。

Okay. Great. And then on to Goldfield, so I see the project go forward, and it certainly makes sense to offset Oksut. But at first glance, the reserves of 700,000 ounces are unchanged from the end of last year when the company decided not to proceed. And I think at that time, it was partly because of the size of the reserves.

好的。偉大的。然後談到戈德菲爾德，我看到這個項目正在向前推進，而且抵消奧克蘇特的影響肯定是有意義的。但乍一看，70萬盎司的儲量與去年年底該公司決定不繼續開採時相比沒有變化。我認為當時部分原因是因為儲備規模龐大。

So could you walk through what's new now versus last year? And is it primarily a higher gold price?

那麼，您能否介紹一下與去年相比現在有哪些新變化呢？這主要是因為金價上漲嗎？

Well, it's a combination of a couple of things, Don. You're right. I mean the reserve that we have now is roughly equivalent to the resource we had on the books at the end of the year. However, we've done a bunch of technical work since the end of the year, principally focused on crushing optimization and getting better recoveries on a portion of the ore. So we just have a better view on achieving higher recoveries.

嗯，這是幾件事的結合，唐。你說得對。我的意思是，我們現在擁有的儲備大致相當於我們年底帳面上的資源。然而，自今年年底以來，我們已經做了大量的技術工作，主要集中在破碎優化和提高部分礦石的回收率。因此，我們對實現更高的復甦有更好的認識。

We're up in the 70s now, whereas before we were in the 60s.

現在我們已經是 70 年代了，而之前是 60 年代。

And of course, gold price is a major factor. We're $600, $700 an ounce higher than we were six months ago. And with that collar that we put in place on a portion of the ounces, the economics really light up here.

當然，黃金價格也是一個主要因素。與六個月前相比，現在每盎司價格高出 600 至 700 美元。並且由於我們在部分盎司上設定了限制，這裡的經濟效益確實有所改善。

So one way to look at it is the gold price has made up for inventory in some ways to make this project quite attractive on an NPV basis. So the NPV at the $2,400 is in the mid-200s and certainly a lot higher than that at $3,000, 3,200, 3,400.

因此，從某種程度上來說，黃金價格已經彌補了庫存，從而使該項目在淨現值方面頗具吸引力。因此，2,400 美元時的 NPV 在 200 左右，肯定比 3,000、3,200、3,400 美元時的 NPV 高很多。

So it's really -- it's principally, I'd say, a gold price phenomenon, but also really good technical work on the dynamics between crushing and recovery versus run of mine, so a combination of all those.

所以，我想說，這實際上主要是黃金價格現象，但也是對破碎和回收與礦山運行之間的動態進行非常好的技術工作，所以是所有這些的結合。

Okay. Great. That's helpful. And so I guess in this environment, they say if you've got it, then build it. And looking at your pipeline here, like how do you think about sequencing and financing Goldfield, Mount Milligan, PFS and Kemess?

好的。偉大的。這很有幫助。所以我想在這種環境下，他們會說如果你擁有它，那就建造它。看看你們的管道，你們如何考慮對 Goldfield、Mount Milligan、PFS 和 Kemess 進行排序和融資？

We're looking forward to the PEA coming out. And if I sum up the CapEx on these projects with some assumptions on Kemess, it seems to maybe approach available liquidity.

我們期待 PEA 的發布。如果我將這些項目的資本支出與 Kemess 的一些假設結合起來，它似乎可能接近可用的流動性。

So absolutely, one of our key strengths here is that with available liquidity, we can fund all of that, so Thompson Creek, Goldfield, Kemess, Mount Milligan; and still have some gas left in the tank. And that's at 2,500. So at spot, certainly, we remain in very significant go-forward free cash flow generation mode. But no question about it, we can afford all these projects at 2,500, given existing liquidity.

因此，我們的主要優勢之一是，有了可用的流動資金，我們可以為所有這些項目提供資金，包括湯普森溪、戈德菲爾德、凱梅斯、米利根山；而且油箱裡還剩下一些油。總數是 2,500。因此，目前我們當然仍處於非常重要的未來自由現金流產生模式。但毫無疑問，考慮到現有的流動性，我們可以以 2,500 的價格承擔所有這些項目。

Lawson Winder, Bank of America Securities.

勞森·溫德（Lawson Winder），美國銀行證券。

When thinking about Mount Milligan and your sort of advancing understanding of the grade, when we look to 2026, how could the production profile differ versus the prior available technical report? And can you give us an early indication of directionally what we might be thinking in terms of production there versus 2025?

當我們考慮米利根山和您對等級的持續深入理解時，當我們展望 2026 年時，生產概況與先前可用的技術報告有何不同？您能否提前給我們指出我們在 2025 年的生產方面的方向？

Well, Dave can jump in on some of the detail here. But fundamentally, we're -- what we've been dealing with here over the last 18 months is mining through a zone, as Dave said in his prepared remarks, that was not drilled to the same density as the vast majority of the rest of the ore body. And as a result of that, we've had some grade issues.

好吧，戴夫可以在這裡介紹一些細節。但從根本上來說，我們——過去 18 個月我們一直在處理的問題是通過一個區域進行開採，正如戴夫在他的準備好的發言中所說的那樣，這個區域的鑽孔密度與礦體其餘部分的絕大多數密度不同。因此，我們遇到了一些成績問題。

And what Dave described is the implementation of a grade control and infill program, that has certainly increased our understanding and vastly improved our confidence in the grades that we're going to be mining. And as Dave said, that will be incorporated in the PFS.

戴夫所描述的是品位控制和填充計劃的實施，這無疑增加了我們的理解，並極大地提高了我們對將要開采的品位的信心。正如戴夫所說，這將被納入 PFS。

I don't want to get ahead of ourselves on what's going to be in the PFS, but we're about a month away from that. And as we've been signaling, we're going to be adding a significant mine life through the addition of further tailings capacity.

我不想對 PFS 中的內容妄下結論，但距離這個日期還有一個月左右的時間。正如我們一直表示的那樣，我們將透過增加尾礦容量來延長礦山壽命。

But what I can tell you is that Mount Milligan, if you look at it over the last four, five years, that's roughly the average production profile in both gold and copper that one should expect in fact, for the entire mine life.

但我可以告訴你的是，如果你回顧過去四到五年，你會發現，米利根山金礦的黃金和銅產量大致相當於整個礦山壽命期間的平均產量。

There will be up years here and there as we hit pockets of higher grade, particularly on the gold side. But roughly speaking, what you've seen over the last five years is a good representative average of what we might see over the next several.

隨著我們找到更高品位的礦藏，特別是黃金，未來幾年將會上漲。但粗略地說，過去五年所見的情況可以很好地代表未來幾年可能出現的情況。

But I stress, there will be -- there are zones in that ore body that are higher-grade gold, and it will cause a few years to be higher. But we'll be putting out a very detailed production plan come September on the entire mine life at Mount Milligan.

但我強調，礦體中有一些區域的金品位較高，這會導致幾年內金價更高。但我們將在九月推出一份關於米利根山整個礦山壽命的非常詳細的生產計劃。

Yes. I look forward to that. And if you don't mind, like I wouldn't mind just trying to push you a little bit more on what we could expect in the technical study. I understand your reluctance to reveal too much. But I mean, at its core, it's about extending the mine life, but you've mentioned a 10% increase in throughput.

是的。我對此充滿期待。如果您不介意的話，我也不介意嘗試向您進一步說明我們在技術研究中可以期待什麼。我理解你不願意透露太多。但我的意思是，其核心是為了延長礦山壽命，但您提到了吞吐量增加 10%。

In the past, we've talked about potential increases in gold recoveries.

過去，我們曾討論過黃金回收的潛在成長。

Is that something that could be a feature in terms of the near-term mine plan that might complement the long-term extension? And is there anything else that you guys are thinking about in this study in terms of near-term benefits to complement that longer-term life extension?

這是否可以作為近期礦山計劃的一個特點，以補充長期延長計劃？在這項研究中，你們還考慮過其他短期利益來補充長期壽命延長嗎？

So what I can tell you is the principal objectives of the study are, number one, identify tailings capacity. That is why our mine life is currently limited to 2036. And we have done that. We've got an engineered solution for incremental tailings capacity. Second, you pointed out throughput increase.

因此我可以告訴你的是，這項研究的主要目標是，第一，確定尾礦容量。這就是為什麼我們的礦山壽命目前限制為 2036 年。我們已經做到了。我們有一個專門設計的解決方案，可以增加尾礦容量。其次，您指出了吞吐量的增加。

We're targeting 10% through relatively, what I would call, straightforward improvements in the existing circuit.

我們的目標是透過對現有電路進行相對直接的改進來實現 10% 的目標。

On recovery, we are also looking at whether or not there are modifications we can make in the plant to aid in recovery, and we're positive that there may be something there, certainly over a life of mine basis.

在恢復方面，我們也正在研究是否可以對工廠進行改造以幫助恢復，我們確信那裡可能會有一些事情要做，當然是在礦場的整個使用壽命期間。

And what you're fishing for here is production in '26, '27. I think what we've guided here for this year, as I said, give or take, within a range is representative of what you might expect for the next several years.

而你在這裡尋找的是 26 年、27 年的產量。我認為，正如我所說，我們今年所指導的內容，在一定範圍內，代表了您對未來幾年的預期。

Okay. That's great. I appreciate the color, every little bit helps. And then just if I could ask one final question on Goldfield. What are sort of -- if we think about the timeline to first production in '28, let's call it, what is the bottleneck?

好的。那太棒了。我很欣賞這種顏色，每一點都有幫助。然後我是否可以問關於戈德菲爾德的最後一個問題。如果我們考慮一下 1928 年首次生產的時間表，那麼瓶頸是什麼？

And could you just walk us through sort of the key permits that need to be secured in order to ensure that 2028 first production?

您能否向我們介紹一下，為了確保 2028 年首次投產，需要哪些關鍵授權？

Yes. So starting with the last part of the question there, most of the permits are in place for Goldfield. As you saw on our plan view, there are a number of deposits there. The bulk of the ounces come from the Gemfield deposit. That is essentially permitted, but we have to make one minor amendment on having upsized that pit versus what was previously permitted.

是的。因此，從問題的最後一部分開始，Goldfield 的大部分許可證都已到位。正如您在我們的平面圖上看到的，那裡有許多礦藏。大部分礦石產自 Gemfield 礦床。這基本上是允許的，但我們必須對擴大該坑的規模（與先前允許的規模相比）做出一個小的修改。

So what I would say is there are some incremental permits to obtain on an expanded Gemfield as well as the other satellite pits. I would call these fairly routine Nevada-type permits.

所以我想說的是，在擴建的 Gemfield 以及其他衛星礦坑中可以獲得一些增量許可證。我將這些稱為相當常規的內華達州類型的許可證。

The critical path for the project really goes through the completion of engineering, procurement and then execution. The bulk of the execution will take place in '27 and '28, and we intend to mobilize the mining contractor. So the critical path runs through, what I would call, project activities, engineering, procurement and then execution.

專案的關鍵路徑實際上要經過工程、採購和執行的完成。大部分執行工作將在 27 年和 28 年進行，我們打算動員採礦承包商。因此，關鍵路徑貫穿了我所說的專案活動、工程、採購和執行。

Raj Ray, BMO Capital Markets.

Raj Ray，BMO 資本市場。

I have three questions, if I may. First, on Mount Milligan. Dave, can you point to how long you expect to be in this current zone that you're mining through that's giving lower-grade reconciliation versus your reserve model? And is it going to go substantially into '26 or not?

如果可以的話，我有三個問題。首先，在米利根山。戴夫，您能否指出，您預計在目前開採的這個區域停留多長時間，該區域與您的儲備模型相比，品味較低？它是否會在 26 年大幅增長？

Secondly, with respect to the Oksut royalty, am I correct in assuming that this is more [broad], that the sliding scale is the same, which is basically for every $100 increase in gold price, the royalty increases by 125 basis points? And then I do have a question on Goldfield after that.

其次，關於 Oksut 特許權使用費，我是否可以正確地假設它更為[廣泛]，滑動比例是相同的，基本上是黃金價格每上漲 100 美元，特許權使用費就會增加 125 個基點？之後我確實對 Goldfield 有一個疑問。

Well, I'll go ahead and talk about the Mount Milligan piece. One thing that's pretty important is we're actually mining above the average grade of the deposit, as we speak right now, over at Mount Milligan. So what had happened was there was an area that was meant to be, quote-unquote, a higher-grade plum that did not work out the way we expected.

好吧，我繼續談米利根山那件作品。非常重要的一點是，正如我們現在所說，我們在米利根山開採的礦床品位實際上高於平均水平。所以發生的事情是，有一個區域原本應該是更高等級的李子，但結果卻不如我們預期的那樣。

So that's been -- as I say, the drilling that has been done and is in the middle of being done, which will all be part of the PFS, we're pretty confident that we have a very good handle on what's going to happen for the next few years. I don't want to give you something that's six weeks early. I'll wait until the PFS comes out to give you the real numbers and everything else. But as Paul had commented, you can expect our revised guidance number is probably pretty appropriate for the next couple of years.

所以，正如我所說，已經完成的鑽探和正在進行的鑽探都將成為 PFS 的一部分，我們非常有信心，我們對未來幾年將要發生的事情有很好的把握。我不想給你提早六週完成的東西。我會等到 PFS 出來後再告訴你真實的數字和其他一切。但正如保羅所說，你可以預期我們修訂後的指導數字在未來幾年可能相當合適。

And then on Oksut, Raj, yes, they've updated the royalty table, just given where gold prices have gone versus what was there before. The old royalty table stopped at $2,100. So at $2,100 gold price, that was the max royalty, which was 18.75% in Turkey. And I think you know we get a 40% reduction in that because we process our material in country.

然後關於 Oksut，Raj，是的，他們更新了版稅表，只是給出了黃金價格與之前的走勢對比。舊版稅表停在 2,100 美元。因此，以 2,100 美元的黃金價格計算，這是最高特許權使用費，在土耳其為 18.75%。我想你知道，我們在這方面減少了 40%，因為我們在國內加工我們的材料。

What they've done is expand that table all the way up to 5,100 just to take into account where gold may go. Because of these larger numbers, it's now moving up every $300 adds 125 basis points prior to our reduction. And so yes, we're in a different world now. At the gold price we're in today, it's about a 22.5% royalty and we get the 40% reduction.

他們所做的就是將表格擴展到 5,100，以考慮黃金的走向。由於這些數字較大，在我們降低利率之前，利率現在每上漲 300 美元就會增加 125 個基點。是的，我們現在處在一個不同的世界。以我們今天的黃金價格，特許權使用費約為 22.5%，而我們獲得了 40% 的減免。

So the scale has increased in terms of how far up it can go, but it doesn't move with every $100 increment in gold anymore.

因此，就其上漲幅度而言，規模已擴大，但不再隨著金價每上漲 100 美元而變動。

Okay. That's great, Ryan. And Paul, this is a question more for you. I'm trying to understand the strategic rationale behind going ahead with Goldfield. I mean I understand the 30% after-tax IRR, the NPV, the high gold price, the improvement in recovery.

好的。太好了，瑞安。保羅，這個問題比較適合問你。我試著理解繼續推進 Goldfield 計畫背後的策略理由。我的意思是我了解 30% 的稅後 IRR、NPV、高金價、復甦的改善。

But like if I look at it, if I look at your capital allocation, how does this stack up against dividends and share buybacks over the next two to three years?

但是如果我看一下，如果我看一下你的資本配置，這與未來兩到三年的股息和股票回購相比如何？

Because the way I look at it, the free cash flow that you're going to generate over the next three years is pretty much going to be going back into building Goldfield for a project that not of great scale, at least at this point, and then there's a number of other projects you're looking at the same time. So is there a risk you might be stretched from a bench strength point of view? So can you comment on that?

因為在我看來，你在未來三年內產生的自由現金流基本上都會重新投入到 Goldfield 的建設中，至少目前來說，這個項目的規模還不是很大，而且你同時還在考慮許多其他項目。那麼從板凳實力的角度來看，是否有壓力過大的風險呢？那麼您能對此發表評論嗎？

I think -- yes, I think there's a talent and a financial question in there. Certainly, from a bench strength point of view, we've been building the internal capacity to operate and to build projects. We've significantly expanded our projects team. A number of the team have significant experience with Nevada heap leach projects.

我認為——是的，我認為這裡面有一個人才和財務問題。當然，從實力角度來看，我們一直在建立營運和建設專案的內部能力。我們大大擴大了我們的專案團隊。團隊中的許多人在內華達州堆浸計畫方面擁有豐富的經驗。

So from a talent point of view, we feel confident in our ability to execute on Goldfield. But I think your bigger question here is on returns and liquidity.

因此，從人才的角度來看，我們對自己在 Goldfield 的執行能力充滿信心。但我認為你這裡更大的問題是關於回報和流動性。

As you pointed out, it's a high IRR on Goldfield, and that's at the consensus gold price at higher gold prices, it's a much more significant return. But I stress here, our project development pipeline, Kemess, Milligan, Thompson Creek and Goldfield; we can fund that with existing liquidity while continuing our buyback program. This is a really important point I want to stress.

正如您所指出的，Goldfield 的 IRR 很高，而且這是在黃金價格普遍較高的情況下，回報率要高得多。但我在這裡強調，我們的專案開發管道，Kemess、Milligan、Thompson Creek 和 Goldfield；我們可以利用現有的流動資金為其提供資金，同時繼續我們的回購計劃。這是我想強調的一個非常重要的觀點。

We believe our shares remain a very compelling value proposition for our cash. We will continue to buy back, and we believe it is appropriate to add gold exposure into the portfolio through Goldfield as another way to allocate our capital. So we believe that the returns are strong in the buyback, and we also want to be strategically increasing our gold exposure.

我們相信，我們的股票對於我們的現金而言仍然具有非常有吸引力的價值主張。我們將繼續回購，我們認為透過 Goldfield 將黃金曝險添加到投資組合中作為配置資本的另一種方式是合適的。因此，我們相信回購的回報是豐厚的，我們也希望從策略上增加黃金投資。

Luke Bertozzi, CIBC World Markets.

加拿大帝國商業銀行全球行銷部 (CIBC World Markets) 的盧克‧伯托齊 (Luke Bertozzi)。

Most of my questions have been answered at this point. Overall, I think it's a great decision you guys are going out of Goldfield to bridge the production gap after Oksut. Just curious, how does this change your thinking around M&A?

至此，我的大部分疑問都得到了解答。總的來說，我認為你們離開 Goldfield 來彌補 Oksut 之後的生產缺口是一個很棒的決定。只是好奇，這如何改變您對併購的看法？

So we have the makings of what we think is an attractive go-forward production profile. We're still working on some of the components, meaning Milligan mine life extension, where does Kemess look like. But by the end of this year, that picture will come into tighter focus. So we believe we have a strong organic potential suite of assets that will have multi-decades of potential. And that's what we're aiming for on our organic projects.

因此，我們認為我們已經具備了具有吸引力的未來生產概況。我們仍在研究一些組件，這意味著米利根礦的壽命延長，凱梅斯是什麼樣子的。但到今年年底，這一情況將變得更加清晰。因此，我們相信我們擁有強大的有機潛在資產套件，其潛力將持續數十年。這正是我們在有機專案中所追求的目標。

So principally speaking, we don't really need to do substantive M&A. And certainly, with our shares trading where they are, we have zero intention of doing share-based M&A. So to the extent that we would consider M&A, it would be modest. It would be bolt-on and cash-based, something that is a complement to that, which we have internally, as exampled by some of the equity investments we've made or other -- for example, thesis being a proximal asset to Kemess.

所以原則上來說，我們其實不需要進行實質的併購。當然，鑑於我們的股票交易情況，我們根本沒有進行基於股票的併購的意圖。因此，就我們考慮併購的程度而言，這將是適度的。它將是附加的和基於現金的，是對我們內部已有資產的補充，例如我們進行的一些股權投資或其他投資——例如，論文是 Kemess 的近端資產。

So we look at things that might be geographically synergistic, synergistic in the sequencing of capital spend and project development. But largely speaking, any M&A we consider, and I'll repeat this, wouldn't endanger our ability to fund our projects organically. We don't intend to go back to the market for cash. And it would be cash-based, modest in scale and something that fits in strategically with our production profile. So we're not going to be doing big share-based M&A.

因此，我們研究在地理上、資本支出和專案開發排序上可能具有協同作用的事物。但總體而言，我們考慮的任何併購，我再重複一遍，都不會危及我們為專案提供有機資金的能力。我們不打算回到市場去尋求現金。而且它將以現金為基礎，規模適中，並且在策略上符合我們的生產概況。所以我們不會進行大規模的以股票為基礎的併購。

(Operator Instructions) Lawson Winder, Bank of America Securities.

（操作員指示）勞森·溫德，美國銀行證券。

I just -- I wanted to ask again about Mount Milligan, just as you're considering the expanded resource, do you -- with the new resource that you're considering for this -- the PFS coming up in September, do you get to a point where there is parts of the resource that are excluded from the Royal Gold stream? Or if not in this study, is there a path to kind of getting outside of that area of influence?

我只是——我想再次詢問有關米利根山的問題，正如您正在考慮擴大資源一樣，您是否——對於您正在考慮的新資源——即將於 9 月發布的 PFS，您是否會發現部分資源被排除在皇家金流之外？或者如果不在這項研究中，是否有辦法擺脫該影響範圍？

No, the Royal Gold, their area -- I mean, there is an area that is not subject to them, but it's so far away that it's not -- we're not -- we're very unlikely to be mining in those areas. But I will remind you that we have the amended streaming agreement with Royal Gold, where in two steps, the terms improved.

不，皇家黃金，他們的區域——我的意思是，有一個區域不受他們管轄，但距離太遠了，我們不太可能在那些區域進行採礦。但我要提醒您，我們與 Royal Gold 簽訂了修訂後的串流媒體協議，其中分兩步改進了條款。

Our broad vision for Mount Milligan is we -- as you know, we have the 10 -- the 11-year reserve right now, it's 2036. We intend to add, give or take, a decade of production here with this PFS while continuing significant exploration to the Southwest and to the West. We continue to encounter encouraging results, continuity of mineralization, both at depth and near surface. So our perspective or at least our objective is to continue to add inventory beyond the life of the PFS for a potential third decade.

我們對米利根山的宏偉願景是——如你所知，我們現在擁有 10 到 11 年的儲備，也就是 2036 年。我們打算利用這份 PFS 增加約十年的產量，同時繼續在西南部和西部進行大規模勘探。我們不斷遇到令人鼓舞的結果，無論是在深處或近地表，礦化都具有連續性。因此，我們的觀點或至少我們的目標是在 PFS 壽命結束後的第三個十年繼續增加庫存。

Now, work remains to be done there, but the mineralization shows strong continuity, and we're very optimistic about what we might find beyond the scope of the PFS. But the simple answer to your question is everything I've just mentioned will be subject to the Royal Gold stream.

現在，那裡仍有工作要做，但礦化表現出強烈的連續性，我們對在 PFS 範圍之外可能發現的東西非常樂觀。但對於你的問題，簡單的回答是，我剛才提到的一切都將受到皇家黃金流的限制。

And at this time, this concludes the question-and-answer session and today's conference call. You may now disconnect your lines. Thank you for attending and participating in today's call, and have a pleasant day.

至此，問答環節和今天的電話會議就結束了。現在您可以斷開線路了。感謝您出席並參與今天的電話會議，祝您有個愉快的一天。