Centerra Gold Inc. (CGAU) 2026 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Centerra Gold first quarter 2026 conference call. (Operator Instructions)

感謝您的耐心等候。我是會議接線員。歡迎參加 Centerra Gold 2026 年第一季電話會議。(接線員指示)

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

現在我想將會議交給 Centerra 投資人關係與企業傳播副總裁 Lisa Wilkinson。請開始。

Thank you, operator, and good morning, everyone. Welcome to Centerra Gold's first quarter 2026 results conference call. Joining me on the call today are Paul Tomory, President and Chief Executive Officer; Ryan Snyder, Chief Financial Officer; and Mike Sylvestre, our Interim Chief Operating Officer. Other members of the executive team are available for the Q&A session.

謝謝，接線員，各位早安。歡迎參加 Centerra Gold 2026 年第一季業績電話會議。今天與我一同出席的有總裁兼執行長 Paul Tomory、財務長 Ryan Snyder，以及代理營運長 Mike Sylvestre。其他管理團隊成員也將出席問答環節。

Our news published last night outlines our first quarter 2026 results and 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.

我們昨晚發布的新聞稿概述了 2026 年第一季業績，並由管理層討論與分析（MD&A）及財務報表補充，相關文件可於 SEDAR、EDGAR 以及我們的網站查閱。除非另有說明，所有數字均以美元計。本次網路直播所搭配的簡報投影片可於 Centerra 網站取得。在預先準備的發言結束後，我們將開放提問。

Before we begin, we 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.

在開始之前，我們提醒各位，今天的討論可能包含前瞻性陳述，相關陳述存在風險，可能導致實際結果與明示或暗示的內容有所差異。

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 yesterday.

如需更多資訊，請參閱我們簡報中的警示性聲明，以及年度資訊表中所列的風險因素。我們在今天的討論中也會提及若干非 GAAP 衡量指標。關於這些指標的詳細說明，請參閱我們昨日發布的新聞稿與 MD&A。

I will now turn the call over to Paul Tomory.

現在我將把電話交給 Paul Tomory。

Thank you, Lisa, and good morning, everyone. We achieved a very strong start to the year with production performing in line with our plan for cross operations. Consolidated first quarter production was 68,000 ounces of gold and 14.2 million pounds of copper.

謝謝你，Lisa，各位早安。我們在年初取得非常強勁的開局，產量表現符合我們對各項營運的計畫。合併後第一季產量為黃金 68,000 盎司、銅 1,420 萬磅。

Mount Milligan delivered results consistent with our recently published PFS and full year guidance, while Oksut delivered a strong quarter, driven by higher grades, supporting robust free cash flow generation across both sites. Our financial position strengthened this quarter with our cash balance increasing to $543 million.

Mount Milligan 的表現與我們近期發布的 PFS 及全年指引一致；Oksut 則在較高品位的帶動下繳出強勁的一季，支撐兩個據點皆產生可觀的自由現金流。本季我們的財務狀況進一步強化，現金餘額增加至 5.43 億美元。

This was achieved while we continue to invest in our internal growth pipeline, build working capital at Langeloth and returned $33 million to shareholders through share buybacks and dividends in the quarter. We remain focused on leveraging the strength of our balance sheet and our cash flow generation to advance our disciplined self-funded growth strategy.

在此同時，我們持續投資於內部成長專案管線、在 Langeloth 建立營運資金，並於本季透過庫藏股回購與股利向股東返還 3,300 萬美元。我們仍專注於運用資產負債表的強勁實力與現金流創造能力，推進我們嚴謹且以自有資金支持的成長策略。

In January, we announced the results of a PEA for Kemess highlighting the long-term potential of the project, which remains a cornerstone of our future growth pipeline. We also continue to progress key initiatives across our portfolio, including delivering on the Mount Milligan PFS and ongoing development work at Thompson Creek, which is expected to achieve first production in mid-2027.

1 月，我們公布了 Kemess 的 PEA 結果，突顯該專案的長期潛力，並仍是我們未來成長管線的基石。我們也持續推進投資組合中的關鍵工作，包括落實 Mount Milligan 的 PFS，以及 Thompson Creek 的持續開發工作，預計於 2027 年年中達成首次投產。

Work on the life of mine optimization study continues to progress. We are evaluating the incremental production potential of residual leaching in the heap and the inclusion of low grade oxide mineralization outside of the current reserve pit into the mine plan. This study remains on track for completion by the end of 2026.

礦山全壽命最佳化研究持續推進。我們正在評估堆浸中殘餘浸出所帶來的增量產量潛力，以及將目前儲量礦坑之外的低品位氧化礦化納入礦山計畫的可行性。該研究仍按計畫於 2026 年底完成。

Goldfield development activities are advancing well with field campaigns and support of engineering now complete. Detailed engineering, procurement of long lead time items and mobilization activities for 2026 early works are progressing as planned. First production at Goldfield remains on track for late 2028. Together, these growth projects position Centerra to deliver sustainable value for shareholders over the long term.

Goldfield 的開發活動進展良好，現地作業與工程支援工作已完成。細部工程、長交期設備採購，以及 2026 年前期工程的動員作業均按計畫推進。Goldfield 的首次投產仍按計畫於 2028 年底實現。綜合而言，這些成長專案使 Centerra 能在長期為股東創造可持續的價值。

In January, we released an updated mineral resource and preliminary economic assessment for Kemess. The study outlined a de-risked restart plan, which leverages substantial existing infrastructure and focuses on an integrated open pit and underground mining operation.

1 月，我們發布了 Kemess 更新後的礦產資源量與初步經濟評估。該研究提出一項降低風險的重啟計畫，利用大量既有基礎設施，並聚焦於整合式露天與地下採礦作業。

The PEA highlights an initial 15-year mine life with meaningful gold and copper production of 171,000 ounces and 61 million pounds, respectively, at an all-in sustaining cost on a byproduct basis of $971 per ounce. Kemess is supported by robust economics with an after-tax NPV of $2.8 billion and a 29% IRR at prices of $4,500 per ounce of gold and $6 per pound of copper.

PEA 顯示初期 15 年礦山壽命，黃金與銅的年產量具相當規模，分別為 171,000 盎司與 6,100 萬磅；以副產品法計算的全維持成本（AISC）為每盎司 971 美元。Kemess 的經濟性強勁：在金價每盎司 4,500 美元、銅價每磅 6 美元的假設下，稅後 NPV 為 28 億美元，IRR 為 29%。

The capital profile takes a phased approach with approximately $770 million in initial non sustaining capital to support open pit development, followed by $277 million in expansionary non-sustaining capital over the 2 years following open pit start-up to support the commencement of underground operations.

資本配置採分階段方式：初期約 7.70 億美元的非維持性資本用於支持露天礦開發；露天礦投產後的兩年內，另投入 2.77 億美元的擴張性非維持性資本，以支持地下作業的啟動。

Most importantly, the PEA only evaluates 47% of the overall resource tonnes, highlighting the potential for additional resources to be incorporated into future technical studies and the project's overall scale and long-term production profile. Overall, Kemess represents a high quality compelling and large-scale growth opportunity for Centerra. We've advanced technical work on a pre-feasibility study, which is expected in 2027.

最重要的是，該 PEA 僅評估了整體資源噸數的 47%，突顯仍有潛力在未來技術研究中納入更多資源，並展現專案的整體規模與長期產量輪廓。整體而言，Kemess 對 Centerra 而言是一項高品質、具吸引力且大規模的成長機會。我們已推進 PFS 的技術工作，預計於 2027 年完成。

Now I'd like to provide an update on our sustainability initiatives. We continue to make progress on our environmental and permitting activities across the portfolio. During the first quarter, Goldfield reached an important milestone with the receipt of its water rights transfers, supporting the advancement of the project towards operations.

接下來我想更新我們的永續發展工作。我們在整體投資組合的環境與許可相關工作上持續取得進展。第一季期間，Goldfield 取得水權移轉，達成重要里程碑，支持專案朝營運階段推進。

We remain focused on advancing the remaining permits at Goldfield, and we continue to engage constructively with regulators and with the community. We remain confident in the overall permitting process for the project.

我們仍專注於推進 Goldfield 其餘許可，並持續與主管機關及社區進行建設性互動。我們對該專案整體許可流程仍具信心。

Our commitment to strong social performance also remains a key focus. At Goldfield, our team hosted two Joshua Tree donation events during the quarter, engaging local communities and supporting the responsible relocation of 340 trees, including 260 for personal use and 80 replanted around the perimeter of our property.

我們對強健社會績效的承諾也仍是重點。在 Goldfield，我們團隊於本季舉辦兩場約書亞樹（Joshua Tree）捐贈活動，與在地社區互動，並支持負責任地移植 340 棵樹，其中 260 棵供個人使用，另有 80 棵重新種植於我們物業周邊。

At Oksut, our social programs continue to support education, youth development and broader community initiatives, including a sport and academic program launched this quarter that is expected to reach approximately 14,000 local students over the year.

在 Oksut，我們的社會計畫持續支持教育、青年發展及更廣泛的社區倡議；其中包括本季啟動的一項體育與學術計畫，預計全年可觸及約 14,000 名在地學生。

We continue to advance our commitment to responsible mining practices and transparent reporting. Our team is actively working on the 2025 sustainability report, which will highlight our progress across key environmental, social and governance initiatives. We look forward to publishing the report in May and sharing the steps we are taking to create long-term value for our stakeholders.

我們持續推進對負責任採礦實務與透明揭露的承諾。團隊正積極編製 2025 年永續報告，將重點呈現我們在關鍵環境、社會與公司治理（ESG）倡議上的進展。我們期待於 5 月發布該報告，並分享我們為利害關係人創造長期價值所採取的步驟。

Before we move into our operating highlights, I would like to welcome Mike Sylvestre as our new Interim Chief Operating Officer, who joined us at the end of March. We've initiated a search for a permanent CEO. And in the interim, Mike brings a wealth of operational experience and technical expertise to the role.

在進入營運重點之前，我想歡迎 Mike Sylvestre 擔任我們新的代理營運長，他於 3 月底加入我們。我們已啟動永久 CEO 的遴選。在此期間，Mike 將以其豐富的營運經驗與技術專長勝任此職務。

His leadership will be instrumental in supporting our operations and advancing our key priorities as we remain focused on safe and reliable performance across the business. I look forward to working closely with Mike and benefiting from his expertise and his leadership.

在我們持續專注於全公司安全且可靠的營運表現之際，他的領導將在支持營運並推進關鍵優先事項方面發揮重要作用。我期待與 Mike 密切合作，並受益於他的專業與領導力。

And with that, I'll pass the call over to Ryan to walk through our operating and financial highlights.

接下來，我將把電話交給 Ryan，請他帶領大家回顧我們的營運與財務重點。

Thanks, Paul. Starting with the operations. Slide 7 shows the operating highlights at Mount Milligan for the first quarter. Mount Milligan produced over 29,500 ounces of gold in the quarter, representing approximately 20% of full year guidance, in line with the production profile we previously outlined. Copper production was 14.2 million pounds.

謝謝，Paul。先從營運開始。投影片第 7 頁顯示 Mount Milligan 第一季的營運重點。Mount Milligan 本季黃金產量超過 29,500 盎司，約占全年指引的 20%，符合我們先前所說明的產量曲線。銅產量為 1,420 萬磅。

Gold and copper sales exceeded production, reflecting the impact of weather-related logistics disruptions at the end of December that deferred some sales into 2026. We continue to expect gold production and sales to be higher in the second and third quarters, reflecting planned mine sequencing.

黃金與銅的銷售量超過產量，反映出12月底因天候相關的物流中斷所造成的影響，導致部分銷售遞延至2026年。我們仍預期第二季與第三季的黃金產量與銷售量將較高，反映既定的礦山採礦順序安排。

All-in sustaining costs on a byproduct basis were $1,060 per ounce in the first quarter, benefiting from higher by-product credits driven by elevated copper and silver prices. Recent increases in diesel prices did not have a material impact on Mount Milligan's cost structure in the first quarter.

第一季以副產品基礎計算的全維持成本（AISC）為每盎司1,060美元，受惠於銅與白銀價格走高帶動的副產品抵減增加。近期柴油價格上漲在第一季對Mount Milligan的成本結構並未造成重大影響。

Moving on to Oksut. First quarter production was over 38,400 ounces of gold, higher than planned due to higher grades. Full year 2026 production at Oksut remains in the range of 110,000 to 125,000 ounces with production in the remaining quarters of 2026 expected to be more evenly weighted and lower than the first quarter production.

接著談Oksut。第一季黃金產量超過38,400盎司，因品位較高而高於計畫。Oksut於2026年全年產量仍維持在110,000至125,000盎司區間，且預期2026年其餘季度的產量分布將更為平均，並低於第一季產量。

AISC on a byproduct basis was $1,653 per ounce in the first quarter, lower compared to last quarter, driven by higher gold ounces produced and sold and lower sustaining CapEx. This was partially offset by a higher royalty expense due to elevated gold prices.

第一季以副產品基礎計算的AISC為每盎司1,653美元，較上一季下降，主要受較高的黃金產出與銷售盎司數以及較低的維持性資本支出（sustaining CapEx）所帶動。但由於金價走高導致權利金費用增加，部分抵銷了上述有利因素。

At Thompson Creek, restart activities are advancing with approximately 38% of the infrastructure refurbishment complete. Non-sustaining CapEx in the first quarter was $41 million. Since the September 2024 restart decision, capital expenditures have totaled $205 million. The project remains in line with the total capital estimate of $425 million to $450 million and is on track for first production in mid-2027.

在Thompson Creek，重啟相關工作持續推進，目前約38%的基礎設施整修已完成。第一季非維持性資本支出（non-sustaining CapEx）為4,100萬美元。自2024年9月做出重啟決策以來，資本支出累計達2.05億美元。該專案仍符合4.25億至4.50億美元的總資本估算，並按計畫於2027年年中實現首次投產。

Operations at Langeloth have provisionally resumed in April following the temporary suspension on January 29. During the restart, we identified items requiring additional testing and validation, which is typical of bringing a processing facility back to stable operations and commissioning continues to progress.

Langeloth的營運已於4月在1月29日暫停後暫時恢復。在重啟過程中，我們辨識出需要進一步測試與驗證的項目；這是加工設施恢復至穩定運轉時的常見情況，且試車（commissioning）仍持續推進。

A total of $2 million for repairs was incurred in the first quarter of 2026, including both expensed and capitalized costs, with the remaining costs expected to be incurred over the balance of the year and in line with the total estimated repair costs of $5 million to $10 million.

2026年第一季修繕費用合計發生200萬美元（包含費用化與資本化成本），其餘成本預期將於今年剩餘期間發生，並與估計總修繕成本500萬至1,000萬美元一致。

A $73 million investment in working capital was made at Langeloth in the first quarter, primarily related to building inventory during the temporary suspension of operations. This investment is not expected to unwind in the near term as Centerra plans to hold higher inventory levels through 2026, while operations and shipments normalize and as Langeloth ramps up production as part of our commercial optimization strategy.

第一季在Langeloth投入7,300萬美元的營運資金，主要與在暫停營運期間建立庫存有關。由於Centerra計畫在2026年維持較高的庫存水位，隨著營運與出貨正常化，以及Langeloth依我們的商業最佳化策略逐步提升產量，預期此項投資短期內不會回轉。

Now shifting to the financials. Slide 10 details our first quarter financial results. Adjusted net earnings in the first quarter were $88 million or $0.44 per share. Key adjustments to net earnings include $25 million of unrealized loss on a financial asset related to the additional agreement with Royal Gold, among other things. In the first quarter, sales were almost 73,000 ounces of gold and 14.9 million pounds of copper.

接下來轉到財務表現。第10頁投影片詳述我們第一季的財務結果。第一季調整後淨利為8,800萬美元，或每股0.44美元。淨利的主要調整項目包括與Royal Gold額外協議相關之金融資產未實現損失2,500萬美元等。第一季銷售量接近73,000盎司黃金及1,490萬磅銅。

The average realized price was $4,172 per ounce of gold and $4.48 per pound of copper, which incorporates the existing streaming arrangements at Mount Milligan. Approximately 3.7 million pounds of molybdenum was sold in the first quarter at the Langeloth facility at an average realized price of $26.11 per pound.

平均實現價格為黃金每盎司4,172美元、銅每磅4.48美元，已納入Mount Milligan既有的金屬流（streaming）安排。第一季在Langeloth設施銷售約370萬磅鉬，平均實現價格為每磅26.11美元。

Consolidated all-in sustaining costs on a by-product basis in the first quarter were $1,705 per ounce. As mentioned previously, recent increases in diesel prices did not have a material impact on Centerra's costs in the quarter. The diesel price volatility may impact costs in 2026. However, at current price levels, any such impact is not expected to be material.

第一季合併口徑、以副產品基礎計算的全維持成本為每盎司1,705美元。如先前所述，近期柴油價格上漲在本季對Centerra成本並未造成重大影響。柴油價格波動可能影響2026年的成本。然而，以目前價格水準來看，任何此類影響預期都不會重大。

Slide 11, shows our financial highlights for the quarter. In the first quarter, we generated strong cash from operations of $120 million and free cash flow of $49 million, driven by strong operational performance at Mount Milligan and Oksut as well as elevated metal prices. In the first quarter, Mount Milligan generated $125 million in cash from operations and $106 million in free cash flow. Oksut generated $134 million in cash from operations and $132 million in free cash flow US.

第11頁投影片顯示本季的財務重點。第一季我們產生強勁的營運現金流1.20億美元與自由現金流4,900萬美元，主要受Mount Milligan與Oksut的強勁營運表現以及金屬價格走高所帶動。第一季Mount Milligan產生營運現金流1.25億美元與自由現金流1.06億美元。Oksut產生營運現金流1.34億美元與自由現金流1.32億美元（美元）。

Moly used $75 million of cash in operations and had a free cash flow deficit of $117 million this quarter, mainly related to spending on the Thompson Creek restart and the working capital increase at Langeloth. In the second quarter of 2026, we expect to make routine payments to the Turkish government for taxes and royalties of approximately $90 million to $100 million, assuming current exchange rates.

Moly本季營運使用7,500萬美元現金，自由現金流為負1.17億美元，主要與Thompson Creek重啟支出以及Langeloth營運資金增加有關。在2026年第二季，假設目前匯率不變，我們預期將向土耳其政府支付例行稅款與權利金約9,000萬至1億美元。

This will impact the free cash flow at Oksut next quarter. Returning capital to shareholders remains a key pillar in our disciplined approach to capital allocation. In the first quarter, we repurchased 1.3 million shares for a total consideration of $22.5 million, and we continue to believe that repurchasing our shares is an accretive high-return use of cash. Depending on market conditions, we expect to remain active on the share buybacks.

這將影響Oksut下季的自由現金流。向股東返還資本仍是我們嚴謹資本配置方法的關鍵支柱。第一季我們回購130萬股，總對價2,250萬美元；我們仍相信回購本公司股票是具增益性且高報酬的現金運用方式。視市場狀況而定，我們預期將持續積極進行股票回購。

We also declared a quarterly dividend of $0.07 per share. At the end of the quarter, our cash balance is $543 million, bringing total liquidity to $943 million. 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.

我們也宣告每股0.07美元的季度股利。季末現金餘額為5.43億美元，使總流動性達9.43億美元。這樣強健的財務狀況，讓我們能靈活地為Mount Milligan、Goldfield、Kemess與Thompson Creek的內生成長專案提供全額資金，同時持續向股東返還資本。

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

我把時間交回給Paul做一些結語。

Thank you, Ryan. We are pleased with our strong start to 2026, reflecting consistent operational performance and continued delivery across the portfolio. Our operations are generating robust free cash flow, strengthening our balance sheet and providing the flexibility to continue investing in our self-funded growth pipeline while still returning capital to shareholders.

謝謝你，Ryan。我們對2026年強勁的開局感到滿意，反映出穩定一致的營運表現以及整體投資組合持續交付成果。我們的營運正在產生強勁的自由現金流，強化資產負債表，並提供彈性，使我們能在持續向股東返還資本的同時，繼續投資於自籌資金的成長專案管線。

With a solid operating base and clear progress across our key growth initiatives, including Mount Milligan, Kemess, Thompson Creek, Gold Field and it, we believe Centerra remains very well positioned to deliver sustainable value for shareholders in 2026 and over the long term.

憑藉穩固的營運基礎，以及在我們關鍵成長計畫（包括Mount Milligan、Kemess、Thompson Creek、Gold Field以及it）上的明確進展，我們相信Centerra在2026年及長期而言，仍處於非常有利的位置，能為股東創造可持續的價值。

With that, operator, we'll be happy to take any questions.

接下來，接線員，我們很樂意回答任何問題。

(Operator Instructions)

(接線員指示)

Don Demarco, National Bank.

Don Demarco，National Bank。

Thank you, Operator, and good morning, Paul and team. Congratulations on another successful quarter. And to that point, I think I'll start off with the first question on Oksut. Another strong quarter here. And maybe if you could provide a little more color on the reasons for the outperformance and whether they were expected or potentially surprised. I heard that production for the rest of the year is going to be more evenly weighted. Is there also potential for positive surprises in the next three quarters?

謝謝你，接線員，大家早安，Paul與團隊。恭喜又一個成功的季度。就此我想先從Oksut的第一個問題開始。這裡又是一個強勁的季度。也許你們可以更具體說明超出預期表現的原因，以及這些因素是原本就預期會發生，還是有些出乎意料。我聽到今年剩餘期間的產量將更為平均分布。那麼接下來三個季度是否也有出現正向驚喜的可能？

Thanks, Don. In fact, I'll answer the question by taking a longer-term perspective on Oksut and why we're running a life of mine optimization project. This mine has reconciled positively almost since first production. And so accumulated inventories in the heaps tend to be greater than that, which would have been indicated by the ingoing resource model. And so, when we have these elevated grades, ultimately, it moves through inventories and it's -- whether it's in the heaps or in solution.

謝謝你，Don。事實上，我會以較長期的角度來回答關於Oksut的問題，以及為何我們正在進行礦山全壽期最佳化專案。這座礦山幾乎自首次投產以來就持續呈現正向對帳（reconciliation）。因此，堆浸堆中的累積庫存往往高於原先資源模型所顯示的水準。所以當我們出現這些較高品位時，最終會在庫存中流轉——不論是在堆浸堆中或是在溶液中。

But ultimately, the route of the outperformance is better than expected or better than modeled grades reporting to the heaps. And so, your second question is, will this continue? There will be times where Oksut continues to exhibit better than planned grades. But for the remainder of this year, we are holding to the guidance that we put out in the numbers here.

但歸根結底，優於預期的路徑來自於送入堆浸場的礦石品位表現優於預期或優於模型預估的品位。因此，你的第二個問題是，這種情況會持續嗎？未來確實會有一些時候，Oksut 會持續展現出優於計畫的品位。但就今年剩餘時間而言，我們仍維持在此所提供數字中的指引。

So, in other words, it will be -- they won't be quite as good as Q1. But I'll just make a plug here for our life of mine optimization project. We are looking at a production life extension here through a combination of mining lower-grade oxides that we know are outside of the current reserve pit, supplemented by the drawdown of these accumulated inventories, which we know are reasonably significant. And that's why we're pretty excited about putting out a study with our year-end this year on a production life extension. But it ultimately comes down to positive reconciliation on the material coming out of the pit.

換句話說，它們——不會像第一季那麼好。不過我也想在這裡順帶提一下我們的礦山全壽期（life of mine）最佳化專案。我們正在評估透過延長生產年限：結合開採我們已知位於目前儲量坑外的較低品位氧化礦，並搭配消化這些累積的庫存（我們知道其規模相當可觀）。這也是為什麼我們對於在今年年底發布一份關於延長生產年限的研究報告感到相當振奮。但最終仍取決於從礦坑採出的物料能夠正向對帳（reconciliation）。

And then just shifting over to diesel prices. I heard during the call that the impact is not expected to be material. It was not material in Q1, but even going forward for the rest of year, it is not expected to be material. But can you quantify this impact maybe by -- in terms of dollars per ounce or percent OpEx for, say, current diesel prices relative to what you budgeted? And beyond OpEx, do you see any other cost pressures across your supply chain maybe on CapEx and some of the projects you have underway related to the higher diesel prices?

接著轉到柴油價格。我在電話會議中聽到其影響預期不會重大。第一季並不重大，而即便展望今年剩餘時間，也預期不會重大。但你能否量化這個影響——例如以每盎司美元或營運支出（OpEx）百分比來表示，假設以目前柴油價格相對於你們預算的差異？另外，除了 OpEx 之外，你是否在供應鏈上看到其他成本壓力，例如資本支出（CapEx）以及你們正在推進的一些專案，可能因柴油價格上升而受影響？

Thanks.

謝謝。

Hi, Don, thanks for the question. It's Ryan here. Just generally speaking, if we look across Mount Milligan and Oksut, a little under 10% of the cost profile is diesel with more at Milligan less at Oksut. We are somewhat hedged at Mount Milligan. So, we're about 30% hedged on diesel for this year, which helps negate some of these price movements.

嗨，Don，謝謝你的問題。我是 Ryan。一般來說，如果我們看 Mount Milligan 和 Oksut，成本結構中略低於 10% 與柴油相關，Milligan 的占比更高、Oksut 較低。我們在 Mount Milligan 有做部分避險。因此，今年我們約有 30% 的柴油已避險，這有助於抵銷部分價格波動。

And Oksut again is a smaller number. And then for the Thompson Creek projects, it's about 10% of their CapEx profile, and we're about 75% hedged for Thompson Creek through the initial CapEx period. So, we do have a bit of cover with our hedges.

而 Oksut 再次強調，占比更小。至於 Thompson Creek 專案，柴油約占其資本支出結構的 10%，且在 Thompson Creek 的初期資本支出期間，我們約有 75% 已做避險。因此，我們確實透過避險取得了一些保障。

If diesel is around $100 a barrel, we believe we're going to stay within our cost ranges that we have out there for guidance and within our CapEx range at Thompson Creek. We have obviously sensitized that. And if diesel does go up $50 a barrel, it's about $75 an ounce impact on AISC. But at current diesel prices, we expect our cost ranges and CapEx ranges to hold.

如果柴油約為每桶 100 美元，我們相信我們將能維持在既有對外提供的成本指引區間內，且 Thompson Creek 的資本支出也能維持在其區間內。我們顯然已對此做過敏感度分析。若柴油每桶再上漲 50 美元，對 AISC 的影響約為每盎司 75 美元。但以目前柴油價格來看，我們預期成本區間與資本支出區間都能維持。

Okay, thanks. And then just finally, of course, as Paul mentioned, something like 40-plus percent of the resource was not in the PEA mine plan. And looking ahead to the PFS in 2027, what are your plans to advance the resource? And would a portion of that resource that wasn't in the PEA be included in the PFS? Or would that be something to be targeted later maybe after the mine is in production?

好的，謝謝。最後，當然如 Paul 所提，資源量中有 40% 以上並未納入 PEA 的礦山計畫。展望 2027 年的 PFS，你們推進資源量的計畫是什麼？而那部分未納入 PEA 的資源，是否會有一部分被納入 PFS？或者那會是之後、可能在礦山投產後才會再去鎖定的目標？

It's more of the latter there. So, the PFS is focused on increasing the level of confidence across all areas of engineering plus associated permitting activities. So by and large, the PFS will deliver that 15-year mine plan that is associated with that roughly half the total resource. What we would then intend to do is as we move to execution of an FS and into construction should we approve the project? We would continue to drill and look to add further material to the mine plan afterwards.

比較偏向後者。因此，PFS 的重點在於提升工程各領域的信心水準，並推進相關的許可（permitting）工作。因此整體而言，PFS 將交付一個 15 年的礦山計畫，對應於約占總資源量一半的那部分。接著，若我們核准該專案，當我們推進到可行性研究（FS）的執行並進入建設階段時，我們會持續鑽探，並在之後尋求把更多物料納入礦山計畫。

As I said, the PEA generates a 15-year mine life. So strictly speaking, we don't need more resources in the plan. We want to focus on delivering a robust job on the study around that, which we indicated in the PEA. The other thing we're doing during this PFS is we're just increasing the confidence in the drilling. So, we're converting more inferred to indicated just to bring up the degree of rigor in the resource that we propose to mine here in the PEA.

如我所說，PEA 產生的是 15 年的礦山壽命。因此嚴格來說，我們不需要在計畫中加入更多資源。我們希望專注於把該研究做得扎實、穩健，正如我們在 PEA 中所指出的。另外，我們在這次 PFS 期間所做的另一件事，是提高鑽探的信心程度。因此，我們會把更多推定（inferred）資源轉換為指示（indicated），以提升我們在 PEA 中所提議開採之資源的嚴謹度。

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

(接線員指示) 美國銀行證券（Bank of America Securities）的 Lawson Winder。

Thank you very much, operator, and good morning, Paul and team. Nice to see you guys continuing on the strong buyback path. I wanted to just ask about your thinking on the buyback. I mean, in light of the current gold price environment, your CapEx needs, I mean, I think a lot of projects already and still decent free cash flow yield. I mean, do you see room to accelerate what you've been doing on the buyback versus Q1?

非常感謝，接線員，早安，Paul 與團隊。很高興看到你們持續走在強勁的回購軌道上。我想問一下你們對回購的思考。我的意思是，考量目前金價環境、你們的資本支出需求——我想你們有不少專案，同時自由現金流殖利率仍然不錯。你們是否認為有空間把回購速度加快、相較第一季做得更多？

Our capital allocation is a discussion we have every quarter. And what has happened here with these elevated commodity prices is that not only are we able to fund our development pipeline out of cash plus operating cash flow, as evidenced by this quarter, we continue to build cash while funding the development pipeline. So, it's always a question on what do we do with that, I suppose, excess cash. We are committed to a very robust buyback you saw it in the quarter, and it's an ongoing debate.

我們每一季都會討論資本配置。而在這些偏高的大宗商品價格之下，我們不僅能以現金加上營運現金流來支應我們的開發管線——本季已證明如此——我們在支應開發管線的同時仍持續累積現金。所以，問題總是回到：我們要如何運用這些——我想可稱為——多餘的現金。我們致力於非常強勁的回購，你在本季已看到，而這也仍是一個持續討論的議題。

And the other message that we'd like to get out there is we believe we're a very compelling value right now and buying our shares is a strong signal that we are convinced in that valuation opportunity. So, it's an ongoing debate, but I'll tell you, we remain committed to a very robust buyback here

我們也希望傳達的另一個訊息是：我們相信目前我們的估值非常具吸引力，而回購自家股票是一個強烈訊號，表明我們對這個估值機會深具信心。所以這仍是持續的討論，但我可以告訴你，我們仍致力於在此進行非常強勁的回購。

Okay, understood. And then just thinking about the Oksut life-of-mine study, could you maybe give us just a bit of a preview in terms of what we're expecting? I mean, I think right now, the expectation is an extra year, maybe a little bit more than a year of mine life. I mean, is there any upside or downside risk to that expectation that we have at this point?

好的，了解。接著談到 Oksut 的礦山全壽期研究，你能否先給我們一點預告，讓我們知道大概會看到什麼？我的意思是，我想目前市場預期是多延長一年，或略多於一年。就你們目前掌握的情況，這個預期是否存在任何上行或下行風險？

Well, I'll repeat what I said in Don's question there is there's two sources of opportunity. One is just the capitalization on higher gold price, which will mobilize hither to subeconomic oxide material outside the reserve pit. We wouldn't do it just for that. But the real opportunity is on the residual leach. As I mentioned, historic positive reconciliation in some years quite significant, which has left significant inventories in the heap under leached or in some cases, certain areas not leached when you look at the geometry of the heaps.

我會重申我在回答 Don 的問題時所說的：有兩個機會來源。其一是利用更高的金價，這將使得目前儲量坑外、先前屬於次經濟性的氧化礦物料得以被動員開採。我們不會只為了這一點就去做。但真正的機會在於殘餘浸出（residual leach）。如我提到的，歷史上在某些年度有正向對帳，且幅度相當可觀，這使得堆浸場中留下了大量庫存：部分為浸出不足，或在某些情況下，從堆體幾何形狀來看，有些區域並未被浸出。

We'd like this to be more than a year. Like this is not going to be an insubstantial extension, but I don't want to get into predicting the exact number of years. But there's a good amount of inventory between the residual material and those lower-grade oxides. I mean, in fact, even right now, even before the addition of those, our current models show heap drawdown even into 2030. So before -- even before releasing the results of this project, we're already seeing leach curves even before that project pushing us into 2030.

我們希望這能超過一年。這不會是一個微不足道的延長，但我不想去預測確切會延長多少年。不過，在殘餘物料與那些較低品位氧化礦之間，確實有相當可觀的庫存量。事實上，即使在目前、甚至在尚未把那些新增部分納入之前，我們現有模型就顯示堆浸庫存的消化會一路延續到 2030 年。所以在——甚至在發布這個專案結果之前，我們就已經看到浸出曲線在該專案之前就把我們推進到 2030 年。

Okay. No, that's clear. I guess what I'm hearing from you is, I mean, one year probably wouldn't be that satisfactory internally. And so the hope is that it wouldn't be longer. I think that's fair, but push back if that's incorrect?

好的。不，這很清楚。我想我從你這邊聽到的是，我的意思是，一年在內部可能不會那麼令人滿意。所以希望不會更久。我覺得這樣說很公平，但如果不對請反駁我？

That's right. Yeah. No, that's correct, Lawson. I mean I don't want to tell you an exact number because I frankly don't know what that number is. We have to do the work right now, but it's -- we wouldn't be satisfied with just a year.

沒錯。是的。不，Lawson，你說得對。我的意思是，我不想告訴你一個確切數字，因為坦白說我也不知道那個數字是多少。我們現在必須把工作做完，但——我們不會只滿足於一年。

Brian MacArthur, Raymond James.

Raymond James 的 Brian MacArthur。

Good morning, and thank you for taking my question. It relates to the free cash flow in the moly operations. Can you just go through -- there's discussion here about why capital is different between additions and total capital, and it talks about ARO and ROU.

早安，謝謝讓我提問。我的問題與鉬業務的自由現金流有關。你能否簡單說明一下——這裡有在討論為什麼資本在「新增」與「總資本」之間不同，並提到 ARO 和 ROU。

Is that all cash that's happening? I'm just trying to reconcile the free cash flow that's actually coming out of here. And the second part of that question, is there any capital in there for cost to fix land off as well?

那全部都是實際發生的現金流出嗎？我只是想把實際從這裡流出的自由現金流對起來。另外，第二部分是，那裡面是否也包含用於土地修復（復原）成本的資本支出？

Thank you.

謝謝。

Thanks, Brian. I think I understand your question. If you're looking at the conversation around CapEx and additions to PP&E and the guidance in those areas, there is a difference. It's usually for non-cash accounting things. So, if you're trying to look at cash flow, looking at the CapEx number and not the additions to PP&E for Thompson Creek is the right way to go.

謝謝，Brian。我想我理解你的問題。如果你在看關於資本支出（CapEx）與不動產、廠房及設備（PP&E）新增額，以及這些項目的指引，兩者確實會有差異。這通常是因為一些非現金的會計項目。所以，如果你想看現金流，對 Thompson Creek 而言，看 CapEx 數字而不是 PP&E 新增額，才是正確的方式。

The Thompson Creek number is just for Thompson Creek. We have not put Langeloth guidance out yet. So, in terms of repairs, that's not in the guidance table per se, but we have included in the commentary an estimate of $5 million to $10 million for the year for the totality of the repairs at Langeloth, and we believe that's still accurate. We spent $2 million in the quarter. There's some ongoing fixes that will need to happen, but that's about the range you're looking at for Langeloth.

Thompson Creek 的數字只涵蓋 Thompson Creek。我們尚未發布 Langeloth 的指引。因此，就維修而言，這不在指引表格中，但我們在說明文字中已納入對今年 Langeloth 全部維修的估計為 500 萬至 1,000 萬美元，我們認為這仍然準確。我們本季已花了 200 萬美元。還有一些持續性的修復需要進行，但 Langeloth 大致就是你看到的這個區間。

Okay. Great. I think that clears it up. I was just trying to match everything up here and it didn't quite match. So again, simply, when -- if I look at it, there's the free cash flow deficit at Thompson Creek and then the free cash flow for the working capital at Langeloth, that's the [$116.5 million] you're just getting, and that's the true, what I would call, cash impact of all that and the rest of it is all non-cash accounting and there's no Langeloth in any of that.

好的。很好。我想這就釐清了。我只是想把這裡所有項目對起來，但看起來不太一致。所以再確認一次，簡單來說——如果我這樣看，Thompson Creek 有自由現金流赤字，然後 Langeloth 有營運資金的自由現金流，這就是你們所說的那個 [$116.5 million]，也就是我所稱的真正現金影響；其餘都是非現金會計處理，而且那些裡面完全沒有 Langeloth。

Is that correct?

這樣對嗎？

That's correct, other than the land loss working capital you noted. So that's the right number, Brian.

沒錯，除了你提到的土地損失營運資金那一項。所以那個數字是對的，Brian。

(Operator Instructions) Jeremy Hoy, Canaccord Genuity.

（接線員指示）Canaccord Genuity 的 Jeremy Hoy。

Hi. Thanks for taking my questions. Two for me on Mount Milligan. First one, I noticed gold recoveries are trending higher recently, and you guys have some ongoing optimization initiatives. Just wondering if you guys have seen any sort of breakthroughs at the plant, which are resulting in these higher recoveries despite grades being somewhat lower.

嗨。謝謝讓我提問。我有兩個關於 Mount Milligan 的問題。第一個，我注意到最近黃金回收率呈上升趨勢，而你們也有一些持續的最佳化措施。想請問你們在選礦廠是否有看到任何突破，使得在品位略低的情況下仍能帶來較高的回收率？

And the other question is on costs at Milligan. I think production costs are up to about $94 million in the quarter, up from the prior run rate and above what I was projecting for the remainder of the year. So just wondering if you could provide any commentary there and if we're expecting to see those normalize for the remainder of the year and sort of more in line with guidance.

另一個問題是關於 Milligan 的成本。我認為本季生產成本約為 9,400 萬美元，較先前的水準上升，也高於我對今年剩餘期間的預估。所以想請你們就此提供一些說明，以及我們是否預期今年剩餘期間會回歸正常、並更符合指引。

Thanks.

謝謝。

I'll take the question on recovery and Ryan will take the cost question. With recoveries, I wouldn't necessarily fixate on the first quarter and apply to the rest of the year. Recoveries at Mount Milligan are highly dependent on, yes, the optimization work that we're doing and trying to get better recoveries.

我來回答回收率的問題，Ryan 會回答成本的問題。就回收率而言，我不一定會把第一季的情況套用到今年其餘時間。Mount Milligan 的回收率高度取決於——是的——我們正在做的最佳化工作，並努力提升回收率。

But much more so, they are driven -- driven by many geo-metallurgical characteristics, but principally the pyrite to copywrite ratio in the ore. And so, depending on what that ratio is in the mill feed, that will drive higher and/or lower recoveries.

但更重要的是，它受到許多地質—冶金特性的驅動——主要是礦石中黃鐵礦與黃銅礦的比例。因此，視磨礦入料中該比例而定，就會推動回收率上升和／或下降。

So, I wouldn't necessarily -- we're thrilled with the recoveries in Q1, I wouldn't necessarily say that will continue through the year. It will really be a function of where we are in the ore body. Now what will drive the better quarters in our guidance at Milligan in Q2 and Q3 is grade. We knew that Q1 was going to be a low-grade quarter, particularly in gold. And in the same way, we were confident that Q2 and Q3 will be higher grades.

所以，我不一定——我們對第一季的回收率非常滿意，但我不一定會說這會全年持續。這真的取決於我們在礦體中的位置。而在我們對 Milligan 的指引中，第二季與第三季較佳季度的主要驅動因素會是品位。我們知道第一季會是低品位季度，尤其是黃金。同樣地，我們也有信心第二季與第三季的品位會更高。

I'll add one other point. One of the reasons that we are much more confident in our guidance and forecast at million compared to previous years is we've implemented a grade control program or an RC drilling program where we drill a number of benches ahead. And so, we're able to modify the resource model with those RC numbers. So that gives us much better predictability on grade and then, of course, associated recoveries depending on metallurgical characteristics of the ore. So that's the answer on recovery.

我再補充一點。我們之所以對 Milligan 的指引與預測比過去幾年更有信心，其中一個原因是我們已導入品位控制計畫，也就是 RC 反循環鑽探計畫，會提前鑽探多個台階。因此，我們能用這些 RC 數據來修正資源模型。這讓我們對品位有更好的可預測性，當然也能依據礦石的冶金特性來推估相關回收率。以上是回收率的回答。

Ryan, do you want to take the cost question?

Ryan，你要回答成本的問題嗎？

Yeah, sure. On costs, maybe two answers. On the gross cost for the quarter, I think one thing to point out is we did sell more than we produced. So, some of that is just pulling through costs that were sitting in inventory at the end of the year. I think on a quarter-by-quarter basis, Mount Milligan costs going forward are expected to be more or less in line with the previous year.

好的，當然。關於成本，可能有兩個面向。就本季的總成本而言，我想指出一點：我們的銷售量高於產量。因此，其中一部分只是把去年底留在存貨中的成本結轉出來。我認為以逐季來看，Mount Milligan 未來的成本預期大致會與前一年一致。

So that can give you some guidance there. And then on a unit cost basis, a little bit higher in Q1. But as we get into the higher production quarters in Q2 and Q3, we expect the unit costs on a per ounce basis to pull down a little bit as well. So, I don't think there's anything surprising to us or unique in the cost structure for Milligan during the quarter.

這可以給你一些方向。然後就單位成本而言，第一季確實略高。但當我們進入第二季與第三季較高產量的季度時，我們預期以每盎司計的單位成本也會稍微下降。所以，我不認為本季 Milligan 的成本結構有任何令我們意外或特別之處。

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

問答環節以及今天的電話會議到此結束。您可以掛斷電話線。感謝您的參與，祝您有美好的一天。