Centerra Gold Inc (CGAU) 2025 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Centerra Gold third-quarter 2025 conference call. As a reminder, all participants are in a listen-only mode, and the conference is being recorded. (Operator Instructions)

感謝您的耐心等待。這是會議接線員。歡迎參加 Centerra Gold 2025 年第三季電話會議。再次提醒，所有與會者均處於唯讀模式，會議正在錄音。（操作說明）

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

現在我謹將會議交給 Centerra Gold 的投資人關係和企業傳播副總裁 Lisa Wilkinson。請便，女士。

Thank you, operator, and good morning, everyone. Welcome to Centerra Gold's third-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.

謝謝接線員，大家早安。歡迎參加 Centerra Gold 2025 年第三季業績電話會議。今天與我一起參加電話會議的有：總裁兼執行長保羅·托莫里；營運長大衛·亨德里克斯；以及財務長瑞安·斯奈德。

Our news published yesterday outlines our third 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 年第三季的業績，並附有我們的管理層討論與分析以及財務報表，這些資料可在 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。本次網路直播的簡報可在 Centerra 網站上取得。在發言結束後，我們將開放提問環節。

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 last night.

在開始之前，我想提醒大家，今天的討論可能包含前瞻性陳述，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有所不同。更多信息，請參閱我們演示文稿中的警示聲明和年度資訊表中列出的風險因素。在今天的討論中，我們也將提及一些非GAAP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管理層討論與分析報告。

I will now turn the call over to Paul Tomory.

現在我將把電話交給保羅·托莫里。

Thank you, Lisa, and good morning, everyone. In the third quarter, we sustained robust margins and generated nearly $100 million of free cash flow, driven by strong operational performance at Oksut and elevated metal prices. Gold and copper production in the quarter was almost 82,000 ounces and 13.4 million pounds, respectively. Our cash balance increased to over $560 million in the quarter, demonstrating our ability to fund the Thompson Creek restart project while returning $32 million of capital to shareholders through disciplined share buybacks and our quarterly dividend. We also continue to deploy capital strategically through our equity investment in Liberty Gold, reflecting our balanced approach to growth and value creation.

謝謝你，麗莎，大家早安。第三季度，在 Oksut 強勁的營運表現和金屬價格上漲的推動下，我們保持了穩健的利潤率，並產生了近 1 億美元的自由現金流。本季黃金和銅的產量分別接近 82,000 盎司和 1,340 萬磅。本季我們的現金餘額增加到超過 5.6 億美元，這表明我們有能力為 Thompson Creek 重啟項目提供資金，同時透過有紀律的股票回購和季度分紅向股東返還 3,200 萬美元的資本。我們也透過對 Liberty Gold 的股權投資，持續進行策略性資本部署，這反映了我們對成長和價值創造的平衡態度。

Our self-funded growth strategy continues to advance across multiple fronts. We published the Mount Milligan pre-feasibility study, which I'll come back to, and we also expect to publish a preliminary economic assessment for Kemess in the first quarter of 2026. Together, these assets form a robust pipeline of long-life gold and copper projects in British Columbia. In Nevada, development has advanced at the Goldfield project, which provides Centerra with additional exposure to future gold production. In the quarter, engineering progressed as planned, early mobilization efforts progressed on site, and we are building out a dedicated project execution team.

我們的自籌資金成長策略在多個方面持續推進。我們發布了 Mount Milligan 計畫的預可行性研究報告（稍後我會詳細介紹），我們也預計將於 2026 年第一季發布 Kemess 計畫的初步經濟評估報告。這些資產共同構成了不列顛哥倫比亞省一系列壽命長久的金礦和銅礦計畫。在內華達州，Goldfield 計畫的開發取得了進展，這將使 Centerra 獲得更多參與未來黃金生產的機會。本季度，工程進展按計劃進行，現場早期動員工作也取得了進展，我們正在組建一支專門的專案執行團隊。

These early actions mark important steps towards project readiness and position Goldfield for disciplined and efficient execution. Each of these growth opportunities as well as the Thompson Creek restart project in Idaho can be funded using our existing liquidity and cash flow from operations, positioning Centerra to deliver sustainable low-risk growth while maintaining our strategic approach to capital allocation. In September, we announced the results of the PFS for Mount Milligan, extending the life of mine by approximately 10 years to 2045. This is supported by an optimized mine plan, delivering average annual production of 150,000 ounces of gold and 69 million pounds of copper from 2026 to 2042, followed by the processing of low-grade stockpiles from 2043 to 2045. The study outlines disciplined nonsustaining capital expenditures of approximately $186 million, most of which are not required until the early to mid-2030s, all fully funded from available liquidity and future cash flow.

這些早期行動標誌著專案準備工作邁出了重要一步，並使 Goldfield 能夠以嚴謹且有效率的方式執行專案。這些成長機會以及愛達荷州的湯普森溪重啟計畫都可以利用我們現有的流動資金和營運現金流進行融資，使 Centerra 能夠在維持我們策略性資本配置方法的同時，實現可持續的低風險成長。9 月，我們公佈了米利根山礦的預可行性研究結果，將礦場壽命延長了約 10 年，至 2045 年。該計劃得到了優化礦山規劃的支持，從 2026 年到 2042 年，平均每年可生產 15 萬盎司黃金和 6,900 萬磅銅，隨後從 2043 年到 2045 年處理低品位礦堆。該研究概述了約 1.86 億美元的有紀律的非持續性資本支出，其中大部分要到 2030 年代初期至中期才需要，所有資金均來自現有流動資金和未來現金流。

Key investments include $114 million for a second tailings storage facility to be spent across 2032 and 2033 and providing the potential for future raises, which could add multiple decades of storage capacity beyond the 2045 life of mine. $36 million for ball mill motor upgrades and flotation cells in 2028 to increase process plant throughput by about 10% to 66,000 tonnes per day and increase recovery by approximately 1%. And lastly, $28 million for five new haul trucks to support longer haul distances, higher material movement rates and stockpile development. Proven and probable reserves increased significantly to 4.4 million ounces of gold and 1.7 billion pounds of copper, representing a 56% and 52% increase, respectively, from year-end 2024. Recent drilling confirms mineralization remains open to the west of the current resource pit and Centerra continues to advance exploration aimed at expanding the mineral resource and assessing opportunities to extend the mine life beyond the updated plan.

重點投資包括：2032年至2033年間投資1.14億美元興建第二座尾礦庫，並預留未來擴建空間，預計在礦場2045年開採期結束後，可額外提供數十年的尾礦庫儲存能力；以及2028年投資3,600萬美元升級球磨機馬達和浮選槽，以使選礦廠的處理能力提高約10%，達到每日6.6萬噸，回收率提高約1%。最後，撥款 2,800 萬美元用於購買五輛新的運輸卡車，以支援更長的運輸距離、更高的物料運輸速度和堆場建設。已探明和可能的儲量大幅增加至 440 萬盎司黃金和 17 億磅銅，分別比 2024 年底增長 56% 和 52%。最近的鑽探證實，礦化帶在目前礦坑的西側仍然開放，Centerra 將繼續推進勘探工作，旨在擴大礦產資源，並評估延長礦山壽命的機會，使其超出更新後的計劃。

The PFS reaffirms Mount Milligan's strong economics with an after-tax NPV of approximately $1.5 billion at $2,600 per ounce gold, which increases to over $2 billion at $3,500 per ounce of gold. Mount Milligan remains a strategic cornerstone asset in Centerra's portfolio with 20 years of mine life, meaningful gold and copper production, strong cash flow and a significant opportunity for future exploration potential in a top-tier mining jurisdiction. Now I'd like to share an update on our sustainability initiatives. As part of our climate change strategy and commitment to sustainability and operational innovation, we're advancing a renewable diesel pilot project at Mount Milligan. This initiative will establish clear reliability metrics, account for seasonal variations and evaluate performance analytics across our fleet.

PFS 再次證實了 Mount Milligan 的強勁經濟效益，在黃金價格為每盎司 2,600 美元時，稅後淨現值約為 15 億美元；在黃金價格為每盎司 3,500 美元時，淨現值將超過 20 億美元。芒特米利根礦仍然是 Centerra 投資組合中的戰略基石資產，擁有 20 年的礦山壽命、可觀的黃金和銅產量、強勁的現金流，並且在一流的礦業管轄區內具有巨大的未來勘探潛力。現在我想和大家分享我們永續發展舉措的最新進展。作為我們應對氣候變遷策略以及對永續發展和營運創新承諾的一部分，我們正在米利根山推進再生柴油試點計畫。這項措施將建立明確的可靠性指標，考慮季節性變化，並評估我們整個機隊的性能分析。

By exploring renewable diesel, we aim to meaningfully reduce greenhouse gas emissions at Mount Milligan and move towards lowering Centerra's overall carbon footprint. At the same time, Mount Milligan's life of mine extension marks a major milestone in advancing Centerra's gold growth strategy and reaffirms our commitment to social responsibility. This includes the launch of the eighth pre-employment training and education readiness program, which supports unemployed and underemployed First Nations members in local communities through skills training, followed by direct employment opportunities. Between 2023 and 2025, we've also achieved double-digit growth in our local spend with First Nations owned and affiliated businesses. That same commitment drives our work at Oksut, where our community initiatives (inaudible) focus on education, sports, environment and social development.

透過探索再生柴油，我們旨在切實減少米利根山的溫室氣體排放，並朝著降低 Centerra 的整體碳足跡邁進。同時，米利根山礦山壽命的延長標誌著 Centerra 黃金成長策略取得重大進展，並重申了我們對社會責任的承諾。這其中包括啟動第八期就業前培訓和教育準備計劃，該計劃透過技能培訓，為當地社區失業和就業不足的原住民成員提供直接就業機會。2023 年至 2025 年間，我們在與原住民擁有和附屬企業的本地支出方面也實現了兩位數的增長。同樣的承諾也驅動著我們在 Oksut 的工作，我們的社區倡議（聽不清楚）專注於教育、體育、環境和社會發展。

Through these programs, we are proud to have supported more than 13,000 students, helping to build stronger, more resilient communities where we operate. And with that, I'll pass the call over to Dave to walk through our operational performance highlights.

透過這些項目，我們很自豪地支持了超過 13,000 名學生，幫助我們在營運所在地建立更強大、更有韌性的社區。接下來，我將把電話交給戴夫，讓他來介紹我們的營運績效亮點。

Thanks, Paul. Slide 8 shows operating highlights at Mount Milligan for the third quarter. Mount Milligan produced over 32,500 ounces of gold and 13.4 million pounds of copper in the quarter. In 2025, mining operations encountered zones with more complex mineralization, the impact of which were incorporated in the recently published PFS. Year-to-date and full year gold and copper production remains in line with the PFS.

謝謝你，保羅。第 8 張幻燈片展示了 Mount Milligan 第三季的營運亮點。該季度，米利根山礦生產了超過 32,500 盎司黃金和 1,340 萬磅銅。2025 年，採礦作業遇到了礦化更為複雜的區域，其影響已納入最近發布的預可行性研究報告中。今年迄今和全年的黃金和銅產量與初步可行性研究結果一致。

In the third quarter, all-in sustaining costs on a byproduct basis were $1,461 per ounce, 14% higher than last quarter due to an increase in sustaining CapEx and lower ounces sold in the quarter. Full year 2025 costs are expected to be near the low end of the guidance ranges. Slide 9 shows the quarterly operating highlights at Oksut, reflecting another period of strong performance. Third quarter production was 49,000 ounces, better than planned due to higher grades resulting from mine sequencing. As a result, we have reaffirmed our 2025 production guidance at Oksut with production expected near the upper end of the guidance range.

第三季度，以副產品為基礎的綜合維持成本為每盎司 1,461 美元，比上一季高出 14%，原因是維持性資本支出增加以及本季售出的盎司數減少。預計 2025 年全年成本將接近指導範圍的下限。幻燈片 9 顯示了 Oksut 的季度營運亮點，反映了另一個強勁的業績時期。第三季產量為 49,000 盎司，由於礦山開採順序調整導致礦石品位提高，因此比計劃產量更高。因此，我們重申了奧克蘇特油田 2025 年的產量預期，預計產量將接近預期範圍的上限。

In the third quarter, all-in sustaining costs on a byproduct basis were $1,473 per ounce, which is 16% lower compared to last quarter, driven by higher ounces sold and lower sustaining CapEx, partially offset by higher royalty expenses due to elevated gold prices and new royalty rates in [Turkey]. Full year 2025 cost guidance is expected to be near the low end of the range, benefiting from expected higher sales and continued strong operational performance. We have initiated a life of mine optimization study at Oksut to evaluate the asset's full potential, including the incremental production potential of residual leaching of the heap and expanding the pit to pursue additional mineralization. The study will explore options to extend gold recovery from existing leach pads through improved solution management, which will enhance residual metal extraction efficiency. The study is expected to be completed by the end of 2026 and will support updates to the mine's long-term reclamation and site management plans, ensuring the operation continues to maximize metal recovery and cash flow in a safe and responsible manner.

第三季度，以副產品為基礎的綜合維持成本為每盎司1473美元，較上季度下降16%，主要得益於黃金銷售增加和維持性資本支出下降，但部分被金價上漲和新的特許權使用費率導致的特許權使用費增加所抵消。[火雞]。預計 2025 年全年成本指引將接近範圍的下限，受益於預期更高的銷售額和持續強勁的營運業績。我們已在奧克蘇特啟動了一項礦山壽命優化研究，以評估該資產的全部潛力，包括堆浸殘餘物增產潛力以及擴大礦坑以尋求更多礦化。該研究將探索透過改進溶液管理來擴大現有浸出墊黃金回收率的方案，從而提高殘餘金屬的萃取效率。該研究預計將於 2026 年底完成，並將支持更新礦場的長期復墾和場地管理計劃，確保營運能夠以安全負責的方式繼續最大限度地提高金屬回收率和現金流。

The restart of Thompson Creek is advancing with approximately 29% of the total capital investment complete. In the third quarter, we invested $31 million in nonsustaining capital expenditures, bringing total investment spend since the September 2024 restart decision to $113 million. We have reaffirmed our 2025 guidance for nonsustaining CapEx at Thompson Creek. The project remains on track and first production is expected in the second half of 2027. I'll now pass it to Ryan to walk through our financial highlights for the quarter.

湯普森溪水力發電廠的重啟工程正在進行，目前已完成約 29% 的總投資。第三季度，我們在非持續性資本支出方面投入了 3,100 萬美元，自 2024 年 9 月重啟決定以來，總投資支出達到 1.13 億美元。我們重申了 2025 年 Thompson Creek 非持續性資本支出的指導方針。該計畫進展順利，預計將於 2027 年下半年開始投產。現在我將把發言權交給瑞恩，讓他來介紹本季的財務亮點。

Thanks, David. Slide 11 details our third quarter financial results. Adjusted net earnings in the third quarter were $66 million or $0.33 per share, which benefited from strong production from Oksut and elevated metal prices. Key adjustments to net earnings include $194 million related to the noncash impairment reversal at Goldfield, $27 million of unrealized gain net of taxes on the financial assets related to the additional agreement with Royal Gold and $16 million of unrealized gain on the remeasurement of the sale of the Greenstone partnership in 2021, among other things. In the third quarter, sales were over 80,000 ounces of gold and 13 million pounds of copper.

謝謝你，大衛。第 11 頁詳細介紹了我們第三季的財務表現。第三季調整後淨利為 6,600 萬美元，即每股 0.33 美元，這得益於 Oksut 的強勁產量和高企的金屬價格。淨收益的主要調整包括：與 Goldfield 非現金減損轉回相關的 1.94 億美元；與 Royal Gold 達成的額外協議相關的金融資產未實現收益（扣除稅款後）2700 萬美元；以及 2021 年 Greenstone 合夥企業出售重新計量產生的未實現收益 1600 萬美元，等等。第三季度，黃金銷量超過 8 萬盎司，銅銷量超過 1,300 萬磅。

The average realized price was $3,178 per ounce of gold and $3.73 per pound of copper, which incorporates the existing streaming arrangements at Mount Milligan. At the molybdenum business unit, approximately 3.1 million pounds of molybdenum was sold in the third quarter at the Langeloth facility at an average realized price of $24.42 per pound. Consolidated all-in sustaining costs on a byproduct basis in the third quarter were $1,652 per ounce. We expect consolidated all-in sustaining costs on a byproduct basis to be near the low end of the guidance range for both Mount Milligan and Oksut in 2025. Slide 12 shows our financial highlights for the quarter.

黃金的平均實現價格為每盎司 3,178 美元，銅的平均實現價格為每磅 3.73 美元，其中包括 Mount Milligan 現有的流式交易安排。在鉬業務部門，第三季在蘭格洛斯工廠售出了約 310 萬磅鉬，平均實現價格為每磅 24.42 美元。第三季副產品綜合維持成本為每盎司 1,652 美元。我們預計 2025 年 Mount Milligan 和 Oksut 兩家礦場的綜合維持成本（以副產品計算）將接近指導範圍的下限。第 12 張投影片展示了我們本季的財務亮點。

In the third quarter, we generated robust cash flow from operations of $162 million and free cash flow of $99 million, driven by strong operational performance at Oksut and elevated metal prices. In the third quarter, Mount Milligan generated $64 million in cash from operations and $45 million in free cash flow. Oksut generated $139 million in cash from operations and $134 million in free cash flow. The molybdenum business unit used $16 million of cash in operations and had a free cash flow deficit of $54 million this quarter, mainly related to spending on the Thompson Creek restart and a working capital increase at [Langeloth], partially due to high molybdenum prices. Returning capital to shareholders remains a key pillar in our disciplined approach to capital allocation.

第三季度，在 Oksut 強勁的營運業績和金屬價格上漲的推動下，我們實現了 1.62 億美元的強勁經營現金流和 9,900 萬美元的自由現金流。第三季度，Mount Milligan 的經營活動產生了 6,400 萬美元的現金，自由現金流為 4,500 萬美元。Oksut 的經營活動產生了 1.39 億美元的現金，自由現金流為 1.34 億美元。鉬業務部門本季營運使用了 1,600 萬美元現金，自由現金流缺口為 5,400 萬美元，主要與湯普森溪重啟項目的支出以及 [Langeloth] 的營運資金增加有關，部分原因是鉬價高企。向股東返還資本仍然是我們嚴謹的資本配置方法中的關鍵支柱。

In the third quarter, we repurchased 2.8 million shares for total consideration of $22 million, and we continue to believe that repurchasing our shares is an accretive high-return use of cash. Our Board has increased the approved level of share repurchases through the NCIB in 2025 to $100 million, and we have repurchased $64 million year-to-date. We also declared a quarterly dividend of $0.07 per share. Year-to-date, we have returned over $95 million to shareholders through dividends and share 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.

第三季度，我們以 2,200 萬美元的總對價回購了 280 萬股股票，我們仍然認為回購股票是一種增值且高回報的現金使用方式。我們的董事會已將 2025 年透過 NCIB 批准的股票回購額度提高到 1 億美元，而我們今年迄今已回購了 6,400 萬美元。我們也宣布派發每股 0.07 美元的季度股息。今年迄今為止，我們已透過股利和股票回購向股東返還了超過 9,500 萬美元。作為我們向股東返還資本承諾的一部分，我們預計將在市場條件允許的情況下繼續積極進行股票回購。

At the end of the third quarter, our cash balance was $562 million, bringing total liquidity to over $960 million. We also hold an additional $85 million in equity investments. This strong financial position gives us the flexibility to fully fund our organic growth projects at Mount Milligan, Goldfield, Kemess and Thompson Creek while continuing to return capital to shareholders. I'll pass it back to Paul for some closing remarks.

第三季末，我們的現金餘額為 5.62 億美元，使總流動資金超過 9.6 億美元。我們也持有另外 8,500 萬美元的股權投資。強勁的財務狀況使我們能夠靈活地為 Mount Milligan、Goldfield、Kemess 和 Thompson Creek 的有機成長項目提供充足的資金，同時繼續向股東返還資本。我將把發言權交還給保羅，讓他做總結發言。

Thanks, Ryan. We're proud of the continued progress in advancing our internal self-funded growth strategy. The recently published Mount Milligan PFS represents a major step forward in unlocking additional value from this cornerstone asset and provides a clear view of the mine's long-term potential. Alongside this, we continue to advance the Kemess study, which is expected to be completed in the first quarter of 2026. These efforts reflect our disciplined approach to capital allocation and our commitment to enhancing shareholder value through a robust pipeline of self-funded growth opportunities supported by a strong balance sheet.

謝謝你，瑞恩。我們為在推動內部自籌資金成長策略方面取得的持續進展感到自豪。最近發布的 Mount Milligan PFS 代表著在釋放這一核心資產的更多價值方面邁出了重要一步，並清晰地展現了礦場的長期潛力。同時，我們繼續推進 Kemess 研究，預計將於 2026 年第一季完成。這些努力體現了我們對資本配置的嚴謹態度，以及我們致力於透過強大的資產負債表支持的、穩健的自籌資金成長機會，提升股東價值的承諾。

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

好了，接線生，現在開始接受提問。

(Operator Instructions) Luke Bertozzi, CIBC.

（操作說明）Luke Bertozzi，CIBC。

On the solid quarter. It's great to see higher commodity prices flowing right into free cash flow. I noticed gold recovery at Mount Milligan was a bit low compared to prior quarters and the recent technical report. Can you provide a bit of color on what drove the lower recovery in Q3 as well as your expectations for Q4?

在實心四分之一處。很高興看到大宗商品價格上漲直接轉化為自由現金流。我注意到，與前幾季和最近的技術報告相比，米利根山金礦的黃金回收率略低。能否詳細說明一下導致第三季復甦放緩的原因，以及您對第四季的預期？

Thanks very much for the question. This is Dave. On the recovery piece, we had remodeled the entire deposit. And one of the things that we did when we put the PFS out was looking at the ratio of the pyrite to the Kao pyrites. And that ratio has been more pyrite in the last quarter than we had modeled in there, and that has led to the low recoveries.

非常感謝您的提問。這是戴夫。在恢復部分，我們對整個倉庫進行了改造。我們在進行初步可行性研究時所做的一件事就是研究黃鐵礦與高嶺土黃鐵礦的比例。上一季黃鐵礦的比例比我們之前預測的要高，這導致了回收率偏低。

What we have done through the end of the year is we will be able to get through to our ounces for guidance based on moving a little bit more higher material. And so we're able to satisfy ourselves that we understand the piece of the pyrite tocalcopyrite ratio, which is impacting our recovery.

到年底，我們將能夠根據價格略微上漲的物料，以盎司為單位提供指導。因此，我們可以確信，我們了解了黃鐵礦與黃銅礦比例中影響我們回收率的部分。

Don DeMarco, National Bank.

唐‧德馬科，國家銀行。

Congratulations on the strong quarter. I'll start with Oksut. So I see that during the quarter, you had 1.5 million tonnes stacked at a grade of 1.82 grams per tonne. So considering heap leach residence times and so on, does this suggest that we might see another strong grade quarter in Q1 '26 after the production normalizes in Q4?

恭喜公司本季業績出色。我先從奧克蘇特說起。我看到本季你們堆放了 150 萬噸礦石，品位為每噸 1.82 克。考慮到堆浸停留時間等因素，這是否意味著在 2026 年 4 月產量恢復正常後，我們可能會在 2026 年 1 月看到另一個品位強勁的季度？

Yes. I think what we'll see going forward there, Don, is that through the end of the year, again, we reaffirmed our guidance number. We're pretty confident that we'll get there. And then we should see some good strong production going into next year as well. 100%, that will impact us going into Q1 of 2026.

是的。唐，我認為接下來我們會看到，到年底，我們將再次確認我們的業績指引數字。我們很有信心能夠實現目標。然後我們預計明年也會有強勁的產量成長。百分之百，這將對我們2026年第一季的業績產生影響。

As Don, this is a bit of a segue into the longer-term study we're launching at Oksut. This mine has reconciled positively since day one. And we're pretty confident that there's a lot more gold in those heaps than our previous metallurgical models showed. And so what we've kicked off here is looking at how we might be able to exploit those accumulated inventories in that heap. So as we said in our release and in Dave's prepared remarks, we've initiated a study on how to access what we believe are significant accumulated inventories of gold in those heaps.

身為唐，這算是引出我們在奧克蘇特啟動的長期研究。該礦自投產以來一直保持良好的治理狀態。我們相當確信，這些金堆中蘊藏的黃金比我們之前的冶金模型所顯示的要多得多。因此，我們現在著手研究如何利用那堆累積的庫存。正如我們在新聞稿和戴夫的演講稿中所說，我們已經啟動了一項研究，探討如何取得我們認為在這些土堆中累積的大量黃金。

But this asset continues to perform extremely well on reconciliation, and that's what you're seeing in those stacked ounces and in accumulated inventories.

但這種資產在結算方面繼續表現得非常好，這就是你在堆積的盎司數和累積庫存中看到的情況。

Okay. And for my next question, US-based assets have been trending favorably under the current administration. So I've got two parts to this question. Is there a read-through to improving optics for the MBU? And given that moly is a critical mineral with applications in defense and aerospace and so on, is there a potential for a strategic deal with the US government?

好的。至於我的下一個問題，在現任政府的領導下，美國資產的走勢一直很不錯。這個問題分為兩部分。是否有改進MBU光學性能的參考資料？鑑於鉬是重要的礦物，在國防、航空航太等領域都有應用，是否有可能與美國政府達成戰略協議？

Okay. So on your first question, there is no doubt that the whole mining and metal space has become a more favorable place over the last year. And particularly for molybdenum, we are a US-based mine feeding a US-based roaster, principally selling refined molybdenum products to domestic US steel mills.

好的。所以對於你的第一個問題，毫無疑問，過去一年來，整個採礦和金屬產業變得更加有利。特別是對於鉬而言，我們是一家位於美國的礦山，為一家位於美國的焙燒廠提供原料，主要向美國國內鋼鐵廠銷售精煉鉬產品。

And we've seen increased confidence in that sector in the US steelmaking sector. Molybdenum, as you know, goes into high-performance steels that are used in everything from pipelines to nuclear power to defense, aerospace, shipbuilding, all sectors that are seeing an uptick in potential steel demand. So yes, the whole US minerals and mining space, particularly what we have fully permitted in-flight project certainly has become more attractive.

我們看到，美國鋼鐵業的信心增強。如您所知，鉬是高性能鋼材的主要成分，而高性能鋼材的應用領域涵蓋管道、核電、國防、航空航太、造船等各個行業，這些行業對鋼材的潛在需求都在不斷增長。所以，是的，整個美國礦產和採礦領域，特別是我們已經完全批准的在軌項目，無疑變得更有吸引力了。

In terms of a US government deal, it's something that we monitor. We don't need funding. We were fully funded right through the build. The project is on track, as we said in our prepared remarks. And at this stage, we're going to continue to monitor the situation with the government, but there's nothing to report.

就美國政府的交易而言，這是我們一直在關注的事情。我們不需要資金。整個建設過程我們都獲得了全額資金。正如我們在事先準備好的演講稿中所說，該專案進展順利。現階段，我們將繼續與政府密切關注事態發展，但目前沒有任何情況需要報告。

And other than to say that it's -- as I said in the previous comment that it's a very favorable environment right now.

除此之外，我想說的是——正如我在之前的評論中所說，現在的環境非常有利。

Frederic Bolton, BMO Capital Markets.

Frederic Bolton，BMO資本市場。

Just a couple of questions from me. I just want to follow up on Luke's first question about Mount Milligan. There's mentioned that there was a mention of the grinding circuit being impacted during the quarter. Can you just expand on that and whether that's an issue that's been resolved? And my second question relates to Oxford.

我還有幾個問題。我只是想就盧克關於米利根山的第一個問題做個後續說明。有消息稱，本季磨削電路受到了影響。您能否詳細說明一下，以及這個問題是否已經解決？我的第二個問題與牛津大學有關。

If the life of mine optimization study that concludes towards the end of 2026, if that results in an expansion of the pit, would that require additional permitting from the Turkish government? Or would that require a new (inaudible)

如果到 2026 年底完成的礦場壽命優化研究導致礦坑擴大，是否需要土耳其政府的額外許可？或者那是否需要一個新的（聽不清楚）

Okay. So let me take the Oksut question first. So the mine life -- the current reserve life ends in 2029. So that will be -- and we still anticipate at this point that, that will be when the last tonne comes out of the pit. What this optimization study looks at is the accumulated inventories on the heaps because the mine has reconciled positive, we believe, and we're going to be proving this up with Sonic drilling and other means over the next little while, we believe that there's significant accumulated inventories.

好的。那麼，我先來回答奧克蘇特的問題。因此，礦山壽命—目前的儲量壽命將於 2029 年結束。所以，那將是——而且我們目前仍然預計，那將是最後一噸礦石從礦坑中運出的時候。這項優化研究著眼於礦堆上的累計庫存，因為我們相信礦山已經實現了正增長，並且我們將在接下來的一段時間內通過聲波鑽探和其他手段來證實這一點，我們相信存在大量的累計庫存。

This can be done in the context of the current footprint. There would have to be permit modifications for residual leaching, but there's broad understanding what that might look like. So the principal focus of the study is how to manage what we believe are accumulated inventories, better solution management with the cyanide solution. And lastly, as part of the study, we will also evaluate whether or not there might be a sulfide inventory below the current oxide -- beyond the current oxide boundary at depth. It's still very early to say what that might look like.

這可以在當前佈局的背景下完成。對於殘留滲濾，需要對許可證進行修改，但人們對修改後的形式已經有了大致的了解。因此，該研究的主要重點是如何管理我們認為的累積庫存，以及如何更好地利用氰化物溶液進行解決方案管理。最後，作為研究的一部分，我們還將評估目前氧化物下方（即目前氧化物邊界之外的深處）是否存在硫化物儲存量。現在斷言那會是什麼樣子還為時過早。

And of course, if there were more material that would require permanent modifications, but it's early days, and we're going to be assessing the study as is principally residual leaching, but secondarily, whether or not there are potential extensions to the pit into the sulfides. So that's the Oksut point. On Mount Milligan. So as Dave said, the purpose of this PFS, of course, was to extend mine life, but it was also to reset our understanding on grade recovery and throughput fundamentally, how do we mine a plan that has an optimal blend of the various characteristics so that we're not impacted on recovery. This year, we're still dealing with, in effect, having mined ourselves into a corner on some of this material.

當然，如果還有更多材料需要永久性改造，但現在還處於早期階段，我們將主要評估殘餘浸出情況，其次評估是否存在將礦坑延伸到硫化物中的潛在可能性。這就是奧克蘇特的觀點。在米利根山上。正如戴夫所說，這項初步可行性研究的目的當然是為了延長礦山壽命，但它也是為了從根本上重新定義我們對品位回收率和處理量的理解，我們如何制定一個能夠最佳結合各種特徵的開採計劃，從而不影響回收率。今年，我們實際上仍然面臨著在某些材料上把自己逼入絕境的困境。

As Dave described, we've been impacted by high pyrite and chalcopyrite, which depresses recovery. In the PFS, what we've done is we've created a mine plan that blends down the pyrite so that we can get back up to the recoveries that we intend to be at. And same, by the way, goes for grade. So the PFS, one of its major objectives was to create a mine plan that provides for a more optimal feed source and feed blending into the mill. So we expect to start working our way through that.

正如戴夫所描述的那樣，我們受到了高含量黃鐵礦和黃銅礦的影響，這抑制了礦藏的恢復。在預可行性研究中，我們制定了一個礦山計劃，將黃鐵礦混合開採，以便我們能夠恢復到我們預期的回收率。順便說一句，成績也是如此。因此，PFS 的主要目標之一是製定礦山計劃，以提供更優化的飼料來源和飼料混合到選礦廠。所以我們希望開始逐步解決這個問題。

It's not something you can turn around overnight, but it's something we expect to work our way through certainly starting in the first quarter of next year. Did I answer your question?

這不是一朝一夕就能解決的問題，但我們預計從明年第一季開始，一定會逐步解決。我回答你的問題了嗎？

Yes, thank you.

是的，謝謝。

Brian MacArthur, Raymond James.

Brian MacArthur，Raymond James。

Paul, just so I'm clear on this Oksut, I think you've answered this. But assuming we don't do the sulfides and we just do the residual leach, are we just talking about -- are we removing material again from leach pad to leach pad? Or are we just going to be able to reuse the current leach pads and get more material out? So effectively, my real question goes to this, the capital for this is very, very little, and there's no mining involved, assuming we don't go to the sulfide. Is that right?

保羅，為了確保我理解正確，奧克蘇特，我想你已經回答了這個問題。但假設我們不處理硫化物，只處理殘餘浸出物，我們是不是只是在討論——我們是不是又把材料從一個浸出墊轉移到另一個浸出墊？或者我們可以重複利用現有的滲濾墊，並從中提取更多材料？所以實際上，我的真正問題是，這所需的資金非常非常少，而且不涉及採礦，假設我們不開採硫化物。是這樣嗎？

Yes, it would be a very low CapEx spend. Both Dave and I have a lot of experience with this type of stuff in Nevada. Dave, why don't you describe what we're going to be looking at here a scope on the residual work?

是的，這將是一筆非常低的資本支出。我和戴夫在內華達州都對這類事情有很多經驗。戴夫，你能否描述一下我們接下來要討論的內容，也就是剩餘工作的範圍？

Yes, there's a couple of different pieces. One of the studies we'll look at is certainly reshaping the heaps will be a big part of this. So that's just dozer time and everything else. So it takes a little bit of capital to get that done. But that gives us a big opportunity to be able to get in there.

是的，這裡有好幾個不同的部分。我們將要研究的其中一項內容是，對堆體進行改造無疑是其中的重要組成部分。所以剩下的就是推土機作業和其他所有事情了。所以，完成這件事需要一些資金。但這給了我們一個進入其中的絕佳機會。

And then we'll look at our solution flow and decide, is it best to just go with a straight piece? Do we want to try and up the fig grades by going through the areas a couple of different times and having some -- maybe an additional pond or two to do things. And so it's just a piece of what we'll look at is what's the best way to get the gold out in the -- an appropriate timeline and leaving us in a good position for closure. So whether that ends up being a little bit more capital, it will only be more capital from the standpoint that we'll be able to get a lot more ounces out. And that's just something that we will plug away at, and it will continue to evolve over the next few years.

然後我們會查看我們的解決方案流程，並決定是否最好直接使用一段直線？我們是否想透過多次巡視這些區域，並增加一些——也許一兩個額外的池塘來進行一些事情，來嘗試提高無花果的等級？因此，我們將要探討的問題之一是，如何以最佳方式在適當的時間範圍內將黃金運出，並使我們處於一個良好的收尾階段。所以，即便最終需要的資本稍微多一些，從我們能夠開採出更多盎司黃金的角度來看，也只會是更多的資本。我們會繼續努力，並在未來幾年內持續發展完善。

We'll have a study published at the end of next year that will give us a good level of confidence. And whatever we put in there, I'm sure we'll beat that as well. There's a lot of opportunity taking ounces out of old heaps. We've done it a bunch of times, and we look forward to initiating that work in Turkey.

我們將在明年年底發表一項研究，這將為我們帶來相當大的信心。無論我們放什麼進去，我相信我們都能戰勝它。從舊物堆裡淘出盎司黃金，蘊藏著許多機會。我們已經多次開展過這項工作，我們期待在土耳其啟動這項工作。

It makes great sense and great return on capital. So just with that, though, as you get this information, is there any opportunity to get better recoveries in the later part of the current mine life? Like obviously, the study is done in 2026. We start to get benefit even in '28 or '29? Or is it -- or do you just have to -- I mean, I haven't been there for a while, just reconfiguring things, how you actually do this.

這非常合理，而且投資回報率很高。那麼，根據這些信息，在當前礦山壽命的後期，是否有可能獲得更好的回收率？很顯然，這項研究將在 2026 年完成。我們甚至在 2028 年或 2029 年就開始受益了嗎？或者說——或者說你必須——我的意思是，我有一段時間沒去那裡了，只是在重新調整一些東西，以及你實際上是如何做的。

A lot of it comes down to how much solution that we have and how we're able to put it through the heaps. So are we going to just run it through one at a time? Do we try and build the preg right up by going through a couple of different areas? And that's the study we'll look at. So my expectation is that we would be able to increase the grades going to the plant and get more ounces early, but continue to get ounces late.

很多時候，這取決於我們有多少解決方案，以及我們如何將其應用於堆肥中。所以我們打算一個一個來嗎？我們是否應該嘗試透過幾個不同的領域來逐步建立起懷孕的信心？這就是我們要研究的內容。因此，我的預期是，我們可以提高送往工廠的礦石等級，提前獲得更多盎司，但也能繼續在後期獲得盎司。

But that could take 18 months, 2 years to get that up and running because it would require probably some additional pumping. Therefore, we need to do some minor modifications to permitting and everything else. So it's an iterative process and expect that we would be able to do very well with it over the next period of time. And you are 100% correct, very low capital for the return that we would get out of it.

但要讓它運作起來可能需要 18 個月到 2 年的時間，因為它可能需要一些額外的抽水。因此，我們需要對許可和其他方面進行一些小的修改。所以這是一個迭代的過程，我們預計在接下來的時間裡，我們能夠做得非常好。您說得完全正確，投入的資金非常少，卻能獲得如此高的回報。

Steven Green, TD Securities.

Steven Green，TD Securities。

I think you answered my questions on Oksut. But just to finish that off, do you have any oxide targets in the project area and or potentially regional opportunities just to take advantage of your position in Turkey at the end of the mine.

我認為你已經回答了我關於奧克蘇特的問題。最後，我想問一下，在礦場開採結束後，你們在計畫區域內是否有任何氧化物礦藏目標？或者是否有潛在的區域性礦藏機會，可以利用你們在土耳其的地理位置優勢？

Yes. One of the pieces of this optimization study is really a 360 around the site and exploration 360 around the site, bringing in some different people to take a look at what we've been doing there for the last 10 years and give us an opportunity to make sure we're not leaving something behind. And then also working with the deposits in the area. So that is part of the work that we will continue to do, and that will be a part of the life of mine optimization study.

是的。這項優化研究的一部分實際上是對整個網站進行 360 度全方位考察和探索，邀請一些不同的人來審視我們過去 10 年在那裡所做的工作，並給我們一個機會，確保我們沒有遺漏任何東西。然後還要開採該地區的礦藏。所以這是我們將繼續進行的工作的一部分，也是礦山優化研究生命週期的一部分。

Seeing no further questions, this will conclude our 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.

鑑於沒有其他問題，我們的問答環節以及今天的電話會議到此結束。現在您可以斷開線路了。感謝您的參與，祝您有個愉快的一天。