Centerra Gold Inc. (CGAU) 2026 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Centerra Gold Q2 2026 conference call. (Operator Instructions)

感謝您耐心等候。我是會議接線員。歡迎參加 Centerra Gold 2026 年第二季電話會議。（接線員指示）

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

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

Thank you operator. Good morning everyone. Welcome to Centerra Gold's second-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 年第二季業績電話會議。今天與我一同出席的有總裁兼執行長 Paul Tomory；財務長 Ryan Snyder；以及臨時營運長 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 second-quarter 2026 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.

我們昨晚發布的新聞稿概述了 2026 年第二季業績，並搭配管理階層討論與分析（MD&A）及財務報表一併閱讀；相關文件可於 SEDAR+、EDGAR 以及我們的網站取得。除非另有說明，所有數字均以美元計。本次網路直播所使用的簡報投影片可於 Centerra 網站取得。在預備發言結束後，我們將開放提問。

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 presentations and the risk factors outlined in our annual information form.

在開始之前，我想提醒各位，今天的討論可能包含前瞻性陳述，相關陳述受多項風險影響，可能導致實際結果與明示或暗示的內容有所差異。更多資訊請參閱我們簡報中的警示性陳述，以及年度資訊表中所列的風險因素。

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 yesterday.

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 delivered another quarter of strong operational execution across the portfolio. Mount Milligan continued to perform in line with plan, delivering the third consecutive quarter on plan since the PFS was released in September of 2025. Öksüt also delivered a strong first half of 2026, resulting in a 9% increase to its gold production guidance for the year.

謝謝你，Lisa，各位早安。我們在整體資產組合上再次交出強勁的營運執行成果。Mount Milligan 持續依計畫運作，自 2025 年 9 月發布 PFS 以來，已連續第三季達成計畫目標。Öksüt 在 2026 年上半年同樣表現強勁，使其全年黃金產量指引上調 9%。

Both sites generated robust cash flow from operations during the quarter, and we continue to see healthy operating margins, which are supported by disciplined cost management and strong operational execution, even in the lower gold price environment. We increased our 2026 consolidated gold production guidance to 260,000 to 290,000 ounces, up from the previous range of 250,000 to 280,000 ounces, and we remain on track to achieve our 2026 copper production guidance of 50 million to 60 million pounds.

兩個營運據點在本季均產生可觀的營運現金流，我們也持續看到健康的營運利潤率；即使在較低的金價環境下，仍受惠於嚴謹的成本管理與強而有力的營運執行。我們將 2026 年合併黃金產量指引上調至 260,000 至 290,000 盎司，先前區間為 250,000 至 280,000 盎司；同時，我們仍按計畫達成 2026 年銅產量指引 5,000 萬至 6,000 萬磅。

In the second quarter, we completed $50 million in share buybacks and approved up to $200 million in share repurchases for the full year 2026, reinforcing our commitment to shareholder returns. This reflects the strength of our balance sheet, our ability to generate cash flow, and our disciplined approach to capital allocation. We also recently extended and upsized a revolving credit facility to $600 million at better pricing, further enhancing our financial flexibility.

第二季我們完成了 5,000 萬美元的庫藏股回購，並核准 2026 年全年最多 2 億美元的股份回購，強化我們對股東報酬的承諾。這反映出我們資產負債表的強健、創造現金流的能力，以及在資本配置上的紀律。我們近期也將循環信用額度延長並擴大至 6 億美元，且取得更佳的定價，進一步提升財務彈性。

Slide 5 illustrates our self-funded organic growth strategy and highlights our portfolio of high-quality assets. Our project portfolio provides multiple opportunities for value creation, all supported by our strong balance sheet and the cash flow generated from our existing operations. We continue to invest in Mount Milligan. Last year's PFS extended the mine life to 2045 and outlined a fully funded growth capital program that supports long-term production and cash flow.

第 5 張投影片說明我們以自有資金支持的有機成長策略，並突顯我們的高品質資產組合。我們的專案組合提供多元的價值創造機會，並由強健的資產負債表及既有營運所產生的現金流作為支撐。我們持續投資 Mount Milligan。去年的 PFS 將礦山壽命延長至 2045 年，並提出一項資金已完全到位的成長資本計畫，以支持長期產量與現金流。

The study also includes a planned 10% increase in plant throughput beginning in 2028. And our exploration programs continue to reinforce our belief there's additional upside beyond the current mine plan. At Öksüt, our focus remains on maximizing the value of what has already been a very strong operation. We're advancing work to evaluate opportunities to extend the mine life beyond the current reserve plan while increasing metal recovery from the existing leach pads through improved operation practices and solution management.

該研究亦包含自 2028 年起規劃將選礦廠處理量提高 10%。我們的探勘計畫也持續強化我們的信心：在現行礦山計畫之外仍有額外上行空間。在 Öksüt，我們的重點仍是將這座已非常強勁的營運之價值最大化。我們正推進相關工作，以評估在現有儲量計畫之外延長礦山壽命的機會，同時透過改善作業實務與溶液管理，提高既有堆浸墊的金屬回收率。

We expect to update the market on our life of mine optimization study in early 2027 with our year-end disclosures. The Goldfield project is beginning to ramp up and represents our next source of near-term gold production growth. During the quarter, we advanced engineering procurement and early site works. We've also accelerated a number of early site preparation activities and the procurement of key long-lead equipment into 2026.

我們預期將於 2027 年初、隨年終揭露一併向市場更新礦山全壽期最佳化研究。Goldfield 專案正開始加速推進，並代表我們下一個近期黃金產量成長來源。本季我們推進了工程採購以及早期場地工程。我們也將多項早期場地準備活動與關鍵長交期設備的採購加速至 2026 年。

While these actions increase our 2026 CapEx program to between $60 million and $70 million, they reduce execution risk, secure current pricing, and support successful project delivery. The overall project remains unchanged with a capital estimate of $252 million. Looking further out, Kemess remains a project with the potential to become our second long-life gold copper cornerstone asset.

雖然這些行動使我們 2026 年資本支出（CapEx）計畫提高至 6,000 萬至 7,000 萬美元，但可降低執行風險、鎖定目前價格，並支持專案成功交付。整體專案內容維持不變，資本估算為 2.52 億美元。展望更長期，Kemess 仍是一個具潛力成為我們第二個長壽命金銅核心資產的專案。

Following the positive PEA released in January, our team is focused on advancing engineering and technical work toward a PFS expected in the middle part of 2027. Finally, US Moly offers exposure to strategic minerals with the ability to generate robust cash flow to support balance sheet strength and help build our gold-focused projects.

在 1 月發布正面的 PEA 之後，我們的團隊正專注推進工程與技術工作，朝向預計於 2027 年年中完成的 PFS 邁進。最後，US Moly 讓我們得以布局戰略性礦物，並具備產生強勁現金流的能力，以支撐資產負債表的強度並協助建置我們以黃金為主的專案。

Thompson Creek achieved its highest quarterly mining rate since the restart and remains on track for first production in mid-2027. Molybdenum prices are continuing to trend well above the assumptions used in our feasibility study, reinforcing the attractive economics of the project. And together with a continued ramp up at Langeloth, we see significant opportunities to create value through an integrated US molybdenum business.

Thompson Creek 自重啟以來達成最高的單季採礦率，並仍按計畫於 2027 年年中實現首次投產。鉬價持續顯著高於我們可行性研究所採用的假設，進一步凸顯該專案具吸引力的經濟性。此外，配合 Langeloth 持續擴產爬坡，我們看見透過整合的美國鉬業務創造價值的重大機會。

Most importantly, our projects are sequenced such that there's limited overlap in capital spending. This allows us to execute our growth strategy while maintaining financial flexibility and continue to return capital to our shareholders. When we look across our portfolio, we see a high-quality asset base, a robust balance sheet, multiple organic growth opportunities across gold, copper, and molybdenum, and substantial exploration upside.

最重要的是，我們的專案排程使資本支出重疊程度有限。這讓我們在維持財務彈性的同時，得以執行成長策略並持續回饋資本給股東。綜觀我們的資產組合，我們看到高品質的資產基礎、強健的資產負債表、橫跨黃金、銅與鉬的多項有機成長機會，以及可觀的探勘上行空間。

We believe this positions the company to deliver meaningful long-term value for shareholders. Our key priorities remain on disciplined execution, advancing our projects, and delivering strong operational performance.

我們相信，這使公司能為股東帶來具意義的長期價值。我們的關鍵優先事項仍是嚴謹執行、推進各項專案，以及交付強勁的營運表現。

I'd now like to provide an update on our sustainability initiatives. In May, we published our 2025 sustainability report, highlighting the progress we've made across our environmental, social, and governance priorities. Responsible mining remains central to how we create long-term value, and we remain committed to strengthening sustainability practices across our operations.

接下來我想就我們的永續發展倡議提供最新進展。5 月，我們發布了 2025 年永續報告，重點呈現我們在環境、社會與治理（ESG）優先事項上的進展。負責任採礦仍是我們創造長期價值的核心，我們也將持續致力於強化各營運據點的永續實務。

2025 marked a year of growth across our business, with total greenhouse gas emissions increasing by 15% year over year, primarily due to higher activity levels at Thompson Creek as the project advanced through its restart phase. At the same time, we advanced initiatives to reduce our environmental footprint, including the renewable diesel pilot project at Mount Milligan and the use of renewable energy credits at Öksüt.

2025 年是我們業務全面成長的一年，溫室氣體排放總量年增 15%，主要原因是 Thompson Creek 隨著專案推進至重啟階段，活動水準提高。同時，我們也推動多項降低環境足跡的措施，包括 Mount Milligan 的再生柴油試點專案，以及在 Öksüt 使用再生能源憑證。

We also continued to invest in our people and communities, delivering more than 100,000 hours of health and safety training across the company last year. We worked to strengthen the local economies where we operate by increasing local procurement spending by 43% year over year to $191 million in 2025, expanding our partnerships with Indigenous-owned businesses in British Columbia, and investing $3.1 million in community programs and donations.

我們也持續投資於員工與社區，去年在全公司提供超過 100,000 小時的健康與安全訓練。我們透過將 2025 年在地採購支出年增 43% 至 1.91 億美元、擴大與卑詩省原住民擁有企業的合作夥伴關係，以及投入 310 萬美元於社區計畫與捐贈，來強化我們營運所在地的在地經濟。

Together, these achievements reflect our ongoing commitment to responsible mining and reinforce our belief that strong sustainability performance supports the long-term success of our business and creates lasting value for our communities and for our shareholders.

綜合而言，這些成果反映我們對負責任採礦的持續承諾，並強化我們的信念：強健的永續績效能支持公司長期成功，並為社區與股東創造持久價值。

Before I hand it over to Mike, I'd like to welcome Kelly Strong, who will be joining Centerra as our new Executive Vice President and Chief Operating Officer in mid-August. Kelly is a seasoned mining executive, and we look forward to the experience and leadership he will bring to our operations as we continue executing on our operational strategy and advancing our pipeline.

在我把時間交給 Mike 之前，我想歡迎 Kelly Strong，他將於 8 月中旬加入 Centerra，擔任新任執行副總裁暨營運長。Kelly 是一位資深的礦業高階主管，我們期待他在我們持續執行營運策略並推進專案管線之際，為營運帶來其經驗與領導力。

I'd also like to thank Mike for his leadership and steady guidance as Interim Chief Operating Officer over the past several months. Mike has played an important role in maintaining our operational momentum, and we appreciate his continued support as we transition to our new COO.

我也要感謝 Mike 在過去幾個月擔任代理營運長期間所展現的領導力與穩健指引。Mike 在維持我們的營運動能方面扮演了重要角色，我們也感謝他在我們過渡至新任營運長期間持續提供支持。

With that, Mike, I'll pass the call over to you to talk through our operational performance.

那麼，Mike，我把電話會議交給你，請你說明我們的營運表現。

Thanks, Paul. It's been a pleasure working with you and the team at Centerra. I'd like to thank everyone across the organization for their hard work and dedication. It's been a really great experience working alongside such a talented team. Now looking at slide 7, which shows the operating highlights at Mount Milligan for the second quarter.

謝謝你，Paul。能與你以及 Centerra 的團隊共事是我的榮幸。我想感謝組織內每一位同仁的辛勤付出與投入。能與如此優秀的團隊並肩合作，確實是非常棒的經驗。現在請看第 7 張投影片，這張投影片顯示 Mount Milligan 第二季的營運重點。

Mount Milligan produced over 38,000 ounces of gold in the quarter, a 29% increase over last quarter and in line with the production profile that we previously disclosed. Copper production totaled 13.1 million pounds, reflecting plant mine sequencing as expected. Year to date, gold and copper production is in line with the PFS mine plan, and we remain on track to achieve our production guidance of between 140,000 and 155,000 ounces of gold and 50 million to 60 million pounds of copper.

Mount Milligan 本季黃金產量超過 38,000 盎司，較上季增加 29%，並符合我們先前揭露的產量曲線。銅產量合計 1,310 萬磅，反映如預期的選礦廠與礦山採序安排。年初至今，黃金與銅產量符合 PFS 礦山計畫，我們仍按進度達成產量指引：黃金 140,000 至 155,000 盎司、銅 5,000 萬至 6,000 萬磅。

As previously disclosed, gold production and sales are expected to be higher in the third quarter, reflecting planned mine sequencing. All-in sustaining costs on a by-product basis were $1,269 per ounce in the second quarter, impacted by higher sustaining CapEx. We reaffirm our full-year Mount Milligan AISC guidance of $1,200 to $1,300 per ounce.

如先前所揭露，受計畫性採序安排影響，第三季黃金產量與銷售預期將較高。第二季以副產品法計算的全維持成本（AISC）為每盎司 1,269 美元，主要受較高的維持性資本支出影響。我們重申 Mount Milligan 全年 AISC 指引為每盎司 1,200 至 1,300 美元。

Moving on to Öksüt. Second-quarter gold production was over 32,500 ounces, exceeding plan due to higher grades and enhanced operating practices. Reflecting Öksüt's strong performance through the H1 of 2026, we have increased our full-year gold production guidance to between 120,000 and 135,000 ounces, representing a 9% increase at the midpoint from our previous guidance.

接著談 Öksüt。第二季黃金產量超過 32,500 盎司，因品位較高及營運作法改善而超出計畫。鑑於 Öksüt 在 2026 年上半年（H1）的強勁表現，我們已將全年黃金產量指引上調至 120,000 至 135,000 盎司，較先前指引的中點上調 9%。

AISC on a by-product basis was $1,952 per ounce in Q2, reflecting lower ounces produced and sold and higher sustaining CapEx compared to the last quarter, partially offset by lower royalty expense per ounce resulting from lower gold prices. We continue to expect Öksüt's full-year AISC on a by-product basis to be within our guidance range of $1,850 to $1,950 per ounce.

第二季以副產品法計算的 AISC 為每盎司 1,952 美元，反映相較上季產銷盎司數較少以及維持性資本支出較高；部分被因金價較低而使每盎司權利金費用下降所抵銷。我們仍預期 Öksüt 全年以副產品法計算的 AISC 將落在指引區間每盎司 1,850 至 1,950 美元之內。

At Thompson Creek, restart activities are advancing as planned, with approximately 52% of the infrastructure refurbishment complete. Progress being made in construction, pre-commissioning, tailings, and operational readiness activities, including ball mill refurbishment, completion of tailings dam engineering, legacy system pre-commissioning, and the recruitment of key operating personnel.

在 Thompson Creek，重啟活動按計畫推進，約 52% 的基礎設施整修已完成。施工、試運轉前作業、尾礦以及營運就緒等工作持續取得進展，包括球磨機整修、完成尾礦壩工程設計、既有系統試運轉前作業，以及招募關鍵營運人員。

In the second quarter, Thompson Creek achieved its highest mining rate since the project restarted in September 2024, with 12.4 million tons mined during the quarter, a 33% increase compared to last quarter. Non-sustaining CapEx in the second quarter was $52 million. Since the September 2024 restart decision, capital expenditures have totaled $256 million.

第二季，Thompson Creek 達成自 2024 年 9 月專案重啟以來的最高採礦速率，本季採出 1,240 萬噸，較上季增加 33%。第二季非維持性資本支出為 5,200 萬美元。自 2024 年 9 月做出重啟決策以來，資本支出累計達 2.56 億美元。

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. In the second quarter, commissioning activities continued at Langeloth following the provisional restart of operations in April 2026, and normal operating levels were achieved during the quarter.

該專案仍符合 4.25 億至 4.50 億美元的總資本估算，並按進度於 2027 年年中實現首次投產。第二季，在 2026 年 4 月暫時性重啟營運後，Langeloth 的試車（commissioning）活動持續進行，並於本季達到正常營運水準。

We have published our full-year guidance at Langeloth, and we are expecting 11 million to 13 million pounds of roasted Moly production and 15 million to 17 million pounds of sales. Sales are expected to exceed production this year, reflecting the temporary suspension of operations during the first quarter. During the shutdown period, we continued to purchase third-party concentrate and produce certain finished molybdenum products to support customer deliveries.

我們已公布 Langeloth 的全年指引，預期焙燒鉬（roasted Moly）產量為 1,100 萬至 1,300 萬磅，銷售量為 1,500 萬至 1,700 萬磅。今年銷售量預期將高於產量，反映第一季營運曾暫停。在停工期間，我們仍持續採購第三方精礦並生產部分成品鉬產品，以支援客戶交付。

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

接下來我把時間交給 Ryan，請他說明本季的財務重點。

Thanks, Mike. Now shifting to the financials. Slide 10 details our Q2 financial results. Adjusted net earnings in the second quarter were $79 million, or $0.40 per share. Key adjustments to net earnings include $8 million of deferred income tax adjustments, reflecting the impact of foreign exchange rate movements on deferred income taxes at Mount Milligan, among other things.

謝謝你，Mike。現在轉到財務部分。第 10 張投影片詳列我們第二季的財務結果。第二季調整後淨利為 7,900 萬美元，或每股 0.40 美元。淨利的主要調整項目包括 800 萬美元的遞延所得稅調整，反映外匯匯率變動對 Mount Milligan 遞延所得稅等項目的影響。

In the second quarter, sales were over 72,000 ounces of gold and 13.4 million pounds of copper. The average realized price was $3,437 per ounce of gold and $5.30 per pound of copper, which incorporates the existing streaming arrangements at Mount Milligan. Approximately 3.8 million pounds of molybdenum was sold in the second quarter at the Langeloth facility at an average realized price of $29.73 per [ounce].

第二季銷售量為黃金超過 72,000 盎司及銅 1,340 萬磅。平均實現價格為黃金每盎司 3,437 美元、銅每磅 5.30 美元，該價格已納入 Mount Milligan 既有的金屬流（streaming）安排。第二季在 Langeloth 設施銷售約 380 萬磅的鉬，平均實現價格為每[盎司] 29.73 美元。

Consolidated all-in sustaining costs on a byproduct basis in Q2 were $1,707 per ounce. We remain well positioned to achieve our full-year AISC guidance of $1,650 to $1,750 per ounce. Slide 11 shows our financial highlights for the quarter. In the second quarter, we generated cash flow from operations of $66 million and had a free cash flow deficit of $23 million. The lower free cash flow reflected the scheduled timing of routine statutory tax and annual royalty payments in Turkey.

第二季以副產品基礎計算的合併全維持成本（AISC）為每盎司 1,707 美元。我們仍然具備良好條件達成全年 AISC 指引每盎司 1,650 至 1,750 美元。投影片 11 顯示本季的財務重點。第二季我們產生營運活動現金流 6,600 萬美元，且自由現金流為 2,300 萬美元的赤字。自由現金流較低反映了土耳其例行法定稅款與年度權利金付款的既定支付時點。

In the second quarter, Mount Milligan generated $118 million in cash from operations and $89 million in free cash flow. Öksüt generated $16 million in cash from operations and $11 million in free cash flow. US Moly used $45 million of cash in operations and had a free cash flow deficit of $89 million this quarter, mainly related to spending on the Thompson Creek restart and a working capital increase at Langeloth, which was primarily driven by increasing molybdenum prices.

第二季，Mount Milligan 產生 1.18 億美元的營運活動現金流與 8,900 萬美元的自由現金流。Öksüt 產生 1,600 萬美元的營運活動現金流與 1,100 萬美元的自由現金流。本季 US Moly 在營運活動中使用了 4,500 萬美元現金，且自由現金流為 8,900 萬美元的赤字，主要與 Thompson Creek 重啟支出以及 Langeloth 的營運資金增加有關，而後者主要由鉬價上漲所驅動。

In June, the Turkish government announced changes that are expected to reduce the corporate income tax rate for Öksüt from 25% to 12.5%, effective January 2027. This change in tax rate should enhance Öksüt long-term cash flow generation and overall value. Returning capital to shareholders remains a key pillar in our disciplined approach to capital allocation.

6 月，土耳其政府宣布變更，預期將把 Öksüt 的公司所得稅率由 25% 降至 12.5%，自 2027 年 1 月起生效。此稅率變更應可提升 Öksüt 的長期現金流創造能力與整體價值。向股東返還資本仍是我們嚴謹資本配置方法的關鍵支柱。

In the second quarter, we repurchased 2.9 million shares for a total consideration of $50 million. The Board has approved up to $200 million of share repurchases for the full-year 2026, of which $72 million has been completed in the first six months of the year. We continue to believe that repurchasing our shares is an accretive, high return use of cash. We also declared a quarterly dividend of $0.07 per share.

第二季，我們回購 290 萬股，總對價 5,000 萬美元。董事會已核准 2026 全年最多 2 億美元的股票回購額度，其中 7,200 萬美元已於上半年完成。我們仍然相信，回購本公司股票是具增益性且高報酬的現金運用方式。我們亦宣告每股 0.07 美元的季度股利。

In July, we amended our credit facility to increase its capacity to $600 million with a four-year term and more favorable pricing. The credit facility remains undrawn and provides additional financial flexibility to support general corporate purposes, including working capital, investments, potential acquisitions, and capital expenditures.

7 月，我們修訂了信貸融資安排，將額度提高至 6 億美元，期限四年，且定價更為有利。該信貸融資仍未動用，並提供額外的財務彈性，以支援一般公司用途，包括營運資金、投資、潛在併購及資本支出。

At the end of the quarter, our cash balance was $451 million. Incorporating the upsized credit facility, Centerra's total liquidity is over $1 billion. 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.

截至本季末，我們的現金餘額為 4.51 億美元。納入擴增後的信貸融資額度，Centerra 的總流動性超過 10 億美元。這項強健的財務狀況使我們能夠在持續向股東返還資本的同時，充分資助 Mount Milligan、Goldfield、Kemess 與 Thompson Creek 的內生成長專案。

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

我把時間交回給 Paul 做一些結語。

Thanks very much, Ryan. We're pleased with a strong operating performance in first half of 2026, reflecting consistent operational execution, another strong quarter at Öksüt, and continued progress across our self-funded growth pipeline. With a strong operating base, a disciplined approach to capital allocation, and a clear line of sight to growth across each of our assets, we believe Centerra is well positioned to continue creating long-term value for our shareholders.

非常感謝你，Ryan。我們對 2026 年上半年的強勁營運表現感到滿意，這反映了穩定的營運執行、Öksüt 再度交出亮眼的一季，以及我們以自有資金推動的成長管線持續取得進展。憑藉強健的營運基礎、嚴謹的資本配置方法，以及各項資產清晰可見的成長路徑，我們相信 Centerra 已做好準備，持續為股東創造長期價值。

With that, operator, we can open the call to questions.

接下來，接線員，我們可以開放提問。

(Operator Instructions) Ovais Habib, Scotiabank.

(接線員指示) Scotiabank 的 Ovais Habib。

Thanks, operator. Good morning, Paul and Centerra team. Congrats on a good quarter and congrats on increasing the production guidance as well. Just a couple of questions from me. Just starting off with Goldfield. Obviously, it looks like you pulled forward the CapEx for Goldfield, almost doubling the CapEx for this year. Is there potential to pull forward the timeline as well, or are you sticking with the timeline for 2028?

謝謝，接線員。早安，Paul 以及 Centerra 團隊。恭喜本季表現不錯，也恭喜上調產量指引。我有幾個問題。先從 Goldfield 開始。很明顯你們把 Goldfield 的資本支出（CapEx）提前，幾乎把今年的 CapEx 增加到接近兩倍。時程是否也有可能提前，還是仍維持 2028 年的時程？

We're sticking with the 2028 timeline for now, Ovais. What we've done here is taken advantage of our ability to advance on some of the work. S what we're looking at right now is essentially a schedule de-risking and locking in current pricing in a modestly inflationary environment.

Ovais，我們目前仍維持 2028 年的時程。我們所做的是利用我們能夠在部分工作上提前推進的能力。因此，我們目前的作法本質上是降低時程風險，並在溫和通膨的環境下鎖定目前的價格。

As to whether there is an opportunity to pull the project forward, that's something we're going to continue to assess. So the way to look at it right now is maintaining the overall CapEx envelope and pulling it forward as a de-risking activity.

至於是否有機會把專案提前，我們會持續評估。所以目前的看法是，在維持整體 CapEx 規模不變的前提下，將支出提前作為降低風險的措施。

Sounds good. Okay. Just then moving on to Öksüt, I guess, in Turkey as well. So looks like the optimization study is going well, expected in early 2027. Are there any additional opportunities in Turkey the team is looking at or is the focus North America?

了解。好的。接著談 Öksüt，也就是土耳其那邊。看起來最佳化研究進展順利，預計在 2027 年初完成。團隊是否也在土耳其尋找其他機會，還是重點放在北美？

With Öksüt, the principal focus of the project that we -- whose results we intend to release with our year-end is assessing the potential for mine longevity through bringing in oxides that remain outside the current pit shell, as well as the operational efficiencies on leaching, which, by the way, contributed to the strong performance this quarter.

就 Öksüt 而言，我們這個專案的主要重點——我們打算在年底公布其結果——是評估透過引入目前礦坑外殼（pit shell）之外仍存在的氧化礦，以延長礦山壽命的潛力，以及在浸出作業上的營運效率；順帶一提，這也促成了本季的強勁表現。

We do have a greenfield exploration program in Turkey. We are drilling four or five different sites. Our focus in Turkey will be continued optimization at Öksüt, near mine exploration at Öksüt. There are targets proximal to the mine, as well as a greenfield program. We probably will not be doing anything bigger than that. So in effect, what I would say is our Turkish future is more organically derived rather than a bigger splashier acquisition type thing.

我們在土耳其也有一個綠地勘探計畫。我們正在四到五個不同地點進行鑽探。我們在土耳其的重點將是持續推動 Öksüt 的最佳化、在 Öksüt 進行近礦勘探。目標包括靠近礦區的標的，以及綠地計畫。我們大概不會做超出這個範圍更大的事情。因此，簡而言之，我會說我們在土耳其的未來更偏向內生成長，而不是那種更大型、更具話題性的併購。

Okay. Thanks for that. And then just my last question, just the situation with the situation in Middle East. Are your existing operations witnessing any sort of inflation pressures, supply issues, any of these kind of concerns coming up on your end?

好的。謝謝說明。最後一個問題，關於中東局勢。你們現有營運是否看到任何通膨壓力、供應問題，或這類疑慮在你們端浮現？

We haven't seen any of that. Turkish oil and gas comes in through pipeline from Azerbaijan, so it's not directly impacted by supplies coming out of the Middle East. And in terms of inflation, I would say it's more background level. So nothing acute in Turkey.

我們沒有看到任何這類情況。土耳其的油氣是透過自亞塞拜然來的管線輸入，因此不會直接受到中東供應的影響。至於通膨，我會說比較屬於背景層級。所以土耳其沒有任何急迫性的問題。

Okay, awesome. That's it for me, Paul. Thanks so much for taking my questions.

好的，太好了。我就這些問題，Paul。非常感謝你回答我的提問。

Thanks, Ovais.

謝謝你，Ovais。

Don DeMarco, National Bank.

Don DeMarco，加拿大國家銀行（National Bank）。

Thank you again. Good morning, Paul and team. Yeah, I'll just echo the congratulations on the guidance increase. Nice to see that early in the year. Yeah, maybe just continuing on the last question. I mean, I see the AISC outperformance in the quarter. You avoided the inflationary trend that's in the sector. Can you comment on your fuel hedging strategy and how that factored into Q2 and the protection it might offer for the rest of the year?

再次感謝。早安，Paul 以及團隊。是的，我也想呼應一下對上調指引的祝賀。年初就看到這點很不錯。是的，或許就延續上一個問題。我的意思是，我看到本季 AISC 表現優於預期。你們避開了產業內的通膨趨勢。能否談談你們的燃料避險策略，以及它在第二季如何發揮作用，並且在今年剩餘時間可能提供哪些保護？

Hey, Don, it's Ryan. Thanks for the question. We do hedge fuel at both Mount Milligan and Thompson Creek. It's a smaller element of our cost base in Turkey, so we don't do it there. Overall, we are about 50% hedged on our North American fuel needs through the rest of the year.

嗨，Don，我是 Ryan。謝謝你的問題。我們在 Mount Milligan 和 Thompson Creek 兩地都有做燃料避險。在土耳其，燃料在我們成本結構中占比較小，所以那邊沒有做。整體而言，我們在北美今年剩餘時間的燃料需求大約有 50% 已避險。

A little more than that at Thompson Creek, a little less than that at Mount Milligan. So it has provided some good protection. Like everybody, we've seen a little bit of a cost increase related to diesel in the unhedged positions. But even looking at a higher oil price environment, we're pretty comfortable with our cost ranges. So we've sensitized that, and I think the hedging gives us good cover on diesel costs for the rest of the year.

Thompson Creek 的比例略高一些，Mount Milligan 略低一些。所以它確實提供了不錯的保護。跟大家一樣，我們在未避險部位也看到一些與柴油相關的成本上升。但即便在油價較高的環境下，我們對自身的成本區間仍相當有信心。我們也做過敏感度分析，我認為避險讓我們在今年剩餘時間的柴油成本上有很好的保障。

Don, one of the reasons we're not as exposed to the higher fuel price is we generally buy electricity off the grid, usually hydroelectric, so we don't have these big islanded HFO power plants. And our fleets are comparatively small. We have a relatively low strip ratio, so we are, comparatively speaking, less exposed simply by the nature of our assets.

Don，我們之所以沒有那麼暴露在較高燃料價格之下，其中一個原因是我們通常從電網購電，多半是水力發電，所以我們沒有那種大型的孤島式重油（HFO）發電廠。而且我們的車隊規模相對較小。我們的剝採比相對較低，因此就資產性質而言，相較之下我們的曝險更小。

Okay, thanks for that. And maybe continuing on hedging, there seems to be some longer dated gold hedges related to the Goldfield project, maybe after it comes into production. Is there any scenarios in which you'd consider buying these back? I mean, I see your liquidity has recently been upside, gives you more flexibility to consider a range of things.

好的，謝謝說明。那再延伸到避險，似乎有一些與 Goldfield 專案相關、期限較長的黃金避險，可能是在它投產之後。是否有任何情境下你們會考慮把這些避險買回？我的意思是，我看到你們近期流動性有上行，讓你們在考慮各種選項時更有彈性。

Yeah, it's a good question. I mean, we put those hedges in place when we approved the project, to protect downside risk, and to make sure we could lock in a good return project at Goldfield. Obviously, metal prices have increased since then, and we'd be in a loss position on those hedges. The ceilings on those hedges are quite high. It's $4,438 in 2029 and $4,700 in 2030.

是的，這是個好問題。我們在核准該專案時就建立了那些避險，用來保護下行風險，並確保 Goldfield 能鎖定一個回報良好的專案。顯然，自那之後金屬價格上漲了，而那些避險目前會處於虧損狀態。那些避險的上限（ceiling）其實相當高。2029 年是 4,438 美元，2030 年是 4,700 美元。

So if we were actually operating today, those hedges would expire kind of unused or unexecuted. And so we'll look at that, Don. I think for now, we're leaving those. They lock in a good return on Goldfield, which is a good outcome for us. If metal prices go high, then Goldfield still has exposure on 80% of its ounces beyond the hedges. So we're kind of comfortable in that situation.

所以如果我們今天就已在營運，那些避險大概會到期而未被使用或執行。因此我們會再評估，Don。我想目前我們先維持不動。它們為 Goldfield 鎖定了良好的回報，對我們而言是個好結果。如果金屬價格走高，Goldfield 在避險之外仍有 80% 的盎司量可以享有上行曝險。所以在這種情況下我們算是滿安心的。

Okay, that's helpful. And the final question. Thompson Creek, I see it's on time, on budget. Can you comment on any inflationary CapEx risk as we enter the final 12 months of development, and maybe any steps that you might be taking to mitigate?

好的，這很有幫助。最後一個問題。Thompson Creek，我看到進度如期、預算如期。能否談談在進入最後 12 個月開發期時，是否有任何資本支出（CapEx）通膨風險，以及你們可能採取哪些措施來降低？

Thanks, Don. We did update our capital estimate for Thompson Creek to $425 to $450. We look at that on an ongoing basis. We're comfortable we're still in that range as the capital cost to get to first production. Again, I think the diesel hedges that were asked about are helping there. They're really reducing our fuel costs, and we've locked in some pretty good rates on diesel. And the site's operating quite well.

謝謝，Don。我們確實把 Thompson Creek 的資本估算更新為 4.25 億到 4.50 億美元。我們會持續滾動檢視。就達到首次投產所需的資本成本而言，我們有信心仍在這個區間內。同樣地，我想剛才提到的柴油避險在這方面也有幫助。它們確實降低了我們的燃料成本，而且我們也鎖定了一些相當不錯的柴油價格。此外，現場營運狀況也相當良好。

I think, as Paul mentioned in his remarks, mining rate is up. That's helping our unit costs. We're quite comfortable with the cost range that's out there. Outside of diesel hedging and trying to run the site efficiently, there's not much else we're doing from an ongoing basis. We've also purchased all the major equipment already, so there's no major items where we're still waiting for pricing that could be impacted by inflation.

我想，正如 Paul 在談話中提到的，採礦率提高了。這有助於我們的單位成本。我們對外部所給出的成本區間相當有信心。除了柴油避險以及盡可能有效率地運作現場之外，我們在日常層面並沒有太多其他額外作法。我們也已經把所有主要設備都買齊了，因此沒有什麼重大項目還在等待報價、可能會受到通膨影響。

Again, feel pretty good with that cost number to get us to first production.

總之，對於讓我們達到首次投產的那個成本數字，我們感覺相當不錯。

Okay. Well, thanks a lot, Paul and Ryan. Appreciate that. And good luck with the rest of the quarter.

好的。非常感謝，Paul 和 Ryan。很感激。也祝你們本季接下來一切順利。

Thanks, Don.

謝謝你，Don。

Thanks, Don.

謝謝你，Don。

Raj Ray, BMO.

Raj Ray，BMO。

Thank you, operator. Good morning, Paul and team. I've got three questions, if I may. First, a follow up on Öksüt, Paul. You mentioned about the potential to bring in some incremental resources. As far as we currently understand, mine life or production is under 2029. How much potential do you have to take it much beyond 2029, given what you see in terms of your exploration potential?

謝謝，接線員。早安，Paul 以及團隊。如果可以的話，我有三個問題。首先，關於 Öksüt 的追問，Paul。你提到有可能新增一些增量資源。就我們目前的理解，礦山壽命或產量是到 2029 年之前。以你們看到的勘探潛力而言，你們有多大潛力能把它延長到遠超過 2029 年？

And secondly, Ryan, if you can give us any color on what led to the reduction in tax rates. Very unusual to see countries reducing tax rates nowadays. Then moving over to Moly. It'll be good to get some idea what you're seeing from your traders in terms of the outlook for Moly, because we are hearing mixed messaging at this point. But importantly, Paul, the window seems to be opening up. Your CapEx spend is getting done.

第二，Ryan，你能否補充一些背景，說明是什麼導致稅率下調？現在看到各國下調稅率非常不尋常。接著談到鉬（Moly）。如果能了解你們從交易商那邊看到的鉬市場展望會很有幫助，因為我們目前聽到的訊息有些分歧。但更重要的是，Paul，窗口似乎正在打開。你們的資本支出正在完成。

Moly prices are strong. Just wanted to see what you're strategically thinking in terms of unlocking value from your Moly asset, because within the current portfolio, despite the fact that you are 12 months out of production, CapEx mostly spent, Moly price is high. I don't think it gets any value from investors at this point.

鉬價走強。我想了解你們在策略上如何思考釋放鉬資產的價值；因為在目前的投資組合中，儘管你們距離投產只剩 12 個月、資本支出大多已投入、鉬價也很高，但我認為投資人目前並沒有給它任何價值。

Thanks, Raj. I'll answer the Turkish tax rate item first, then Paul will comment on the other two. To be perfectly honest, it was a bit of a surprise to us as well. It wasn't really telegraphed. There was a public announcement in Turkey declaring this tax rate change. It applies to manufacturing as a whole, so it's not targeted to mining.

謝謝你，Raj。我先回答土耳其稅率那一項，接著 Paul 會就另外兩項發表意見。坦白說，這對我們來說也有點意外。事前並沒有什麼明顯的預告。土耳其方面有發布公開公告，宣布這項稅率變更。它適用於整體製造業，因此並非針對採礦業。

But mining operations in Turkey fit within that subset. And so I don't have much color to add. But obviously, it's rare to have tax rates reduced and not go up, but obviously, we'll be happy with that and take the benefit of that going forward. But no more color on that, unfortunately.

但土耳其的採礦營運也落在那個子集合之內。所以我沒有太多補充說明。不過很明顯，稅率下調而不是上調是很少見的；但我們當然樂見其成，並會在未來享受這項利多。但很遺憾，關於這點我沒有更多細節可提供。

We'll take it. It's good news.

我們就接受吧。這是好消息。

Yeah, exactly. Yeah.

對，沒錯。是的。

On the first point, Raj, on Öksüt. The scope of what we're looking at is twofold. There's a low-grade oxide halo outside the current reserve pit, which pulls at prices well below spot. So there's a natural pit extension that takes place. Now, those are, by virtue of their low grade, higher cost ounces.

第一點，Raj，關於 Öksüt。我們正在評估的範圍有兩個面向。在目前儲量礦坑之外有一圈低品位氧化礦暈帶，在遠低於現貨價的價格下也能拉動經濟性。因此會有一個自然的礦坑延伸。而這些礦石因為品位低，本質上每盎司成本較高。

However, as we continue to optimize our heap operating practices, our solution management practices, that does bring into play a residual leach tail at very low cost. So when you blend the high-cost nature of the low-grade oxides and the low-cost nature of the residual leaching, we see a pretty attractive extension here. I don't want to put a number out there, but we're targeting one, two, three years, maybe not all at once, but we do see a potential for production extension there at Öksüt.

不過，隨著我們持續優化堆浸作業方式與溶液管理作法，也能把以極低成本回收的殘餘浸出尾礦納入考量。因此，當你把低品位氧化礦的高成本特性，與殘餘浸出的低成本特性混合起來看，我們認為這裡有相當吸引人的延伸空間。我不想在這裡給出具體數字，但我們的目標是延長一、兩、三年——也許不會一次到位——但我們確實看到 Öksüt 有延長產量的潛力。

We are also ramping up drilling at proximal targets within a kilometer or two or three at Öksüt. It's too early to say whether or not anything will materialize there in terms of mine plan, but I suppose we are drilling it, which means we do see things that are interesting.

我們也正在加快對 Öksüt 周邊一到兩、三公里內的近端目標進行鑽探。現在還太早判斷是否會在礦山計畫上形成任何成果，但既然我們在鑽探，就表示我們確實看到一些有趣的跡象。

There's a layer of potential at Öksüt for mine life extension, and it won't all come at once. It won't all come with this end of year update, but this end-of-year update will provide some extension to mine life with what we hope is a runway beyond that also.

Öksüt 在延長礦山壽命方面有多層次的潛力，而且不會一次全部實現。也不會全部都在今年年底的更新中呈現，但這次年底更新將會提供一些礦山壽命的延長；同時我們也希望在此之外還有更長的延伸跑道。

So molybdenum, your last question. Molybdenum prices are very high right now, and it's driven by both supply and demand factors. Molybdenum is in short supply. It's a byproduct, as you know, from big copper mines. Those copper mines are really struggling to keep up their copper production, which has a direct knock on to molybdenum supply.

最後一題，關於鉬。目前鉬價非常高，背後同時受到供給與需求因素驅動。鉬的供應偏緊。如你所知，它是大型銅礦的副產品。那些銅礦在維持銅產量方面確實很吃力，這也直接連帶影響到鉬的供應。

Molybdenum is used in pipelines, nuclear, defense, aerospace, and increasingly in semiconductors as switching from tungsten takes place. So we are seeing molybdenum demand robustly ahead of our internal previous projections.

鉬用於管線、核能、國防、航太，以及隨著從鎢轉換而來，在半導體領域的使用也日益增加。因此我們看到鉬的需求，明顯強於我們先前內部的預測。

I'm also going to take this opportunity to introduce a member of our executive team, Hélène Timpano. She is President of US Moly, and she can give you a little bit more color on what we're seeing on our internal trading side.

我也想藉此機會介紹我們執行團隊的一位成員：Hélène Timpano。她是 US Moly 的總裁，可以就我們內部交易端所觀察到的情況，提供更多補充。

Yeah. Hi, Raj. Nice to speak with you. What we're seeing is really a large market deficit developing this year, which is different than what we've seen in the last few years, which would be more of a tight market. So I think fundamentally, that's contributing to the price that we're seeing today. Paul pointed to a number of different factors that are driving that deficit. It's both on the supply side and the demand side.

好的。嗨，Raj。很高興和你通話。我們看到今年正在形成相當大的市場缺口，這與過去幾年較偏向供需緊平衡的情況不同。所以我認為，從基本面來看，這正在推動我們今天看到的價格。Paul 提到多個造成缺口的因素。供給端與需求端都有影響。

In our own business, we have seen that pull through demand. If you look at the steel production numbers in the US, which is our main customer base right now, it is growing. So we're seeing that in our own order book. I think when you have such a large deficit, it just is constructive for continued high prices. It's great to know that we're 12 months away from our first production at Thompson Creek.

在我們自身的業務中，我們也看到需求的拉動效應。如果你看美國的鋼鐵產量數據——這是我們目前最主要的客戶基礎——它正在成長。所以我們在自己的訂單簿上也看得到。我認為當缺口這麼大時，對於價格維持在高位是有利的。也很令人振奮的是，我們距離 Thompson Creek 的首次投產只剩 12 個月。

Hey, Hélène, good to talk to you. Hope you're doing well. Just on the concentrate tightness, do you see that tightness going into 2027, or is it temporary at this point?

嗨，Hélène，很高興和你聊。希望你一切都好。就精礦供應緊張而言，你認為這種緊張會延續到 2027 年嗎？還是目前看起來只是暫時的？

Yeah, we do. And I think China is a large consideration in driving that additional tightness. If you look at their demand for concentrate, historically, that's been more contained to within China demand, but we're seeing them now competing for concentrates outside of China. So I think that makes for tight competition at the negotiation table, but on the other hand, it's also very supportive of high prices.

是的，我們認為會延續。我想中國是推動進一步緊張的一個重要考量。如果看他們對精礦的需求，過去多半侷限於中國境內需求，但我們現在看到他們開始在中國以外的市場競爭精礦。因此我認為這會讓談判桌上的競爭更為激烈；但另一方面，這也非常有利於支撐高價格。

Okay, thank you for that. And then Paul, anything you can share on how you're strategically thinking on the Moly business?

好的，謝謝你的說明。那 Paul，你能分享一下你們在鉬業務上的策略思考嗎？

Well, it's interesting, right? I mean, moly's at $32, $33. We approved the project at $20. There's been a track record right now in the market of critical minerals and metals, strategic metals companies listing quite successfully with IPOs in the US market. I think there is also an increasing demand given the current US administration's focus on metal self-sufficiency in these strategic areas.

嗯，這很有意思，對吧？我的意思是，鉬現在在 32、33 美元。我們在 20 美元時就核准了這個專案。目前市場上，在關鍵礦物與金屬、戰略金屬領域，有不少公司在美國市場透過 IPO 上市且表現相當成功，已經形成一個可參考的紀錄。此外，鑑於現任美國政府聚焦於這些戰略領域的金屬自給自足，需求也在增加。

So I would say that the overall market has become much more conducive to entities that produce metals, and in the US context, ones that are domestically based. So as I said to you before, we continue to monitor the market. We see very significant value in this business, and our intention is to deliver that value to our shareholders.

所以我會說，整體市場環境已經變得更有利於金屬生產企業，尤其是在美國情境下、以本土為基地的企業。因此如我之前對你說的，我們會持續觀察市場。我們在這項業務中看到非常顯著的價值，而我們的意圖是把這個價值交付給股東。

And though sometimes molybdenum is unpopular in a gold mining company, I think that we are confident in the value in this business, and we will, at the appropriate time, if conditions warrant, we would look for example, a sale or an IPO or something. I think that the setup is certainly becoming a lot more constructive for something like that than it has been in the last two years. I think that's what you're getting at.

而且雖然鉬在一家黃金礦業公司裡有時不太受歡迎，但我們對這項業務的價值很有信心；在適當的時機、若條件允許，我們會考慮例如出售或 IPO 或其他方案。我認為，相較於過去兩年，現在的條件顯然正變得更有利於這類操作。我想這就是你想問的。

I'm not going to commit to an IPO or a sale here. But certainly, the conditions are becoming a lot more attractive for something like that, especially when you consider the track record of other similar companies that have IPO'd in the last year, particularly in the US.

我不會在這裡承諾要進行 IPO 或出售。但可以肯定的是，這類交易的條件正變得更具吸引力，尤其是當你考量到過去一年其他類似公司（特別是在美國）IPO 的紀錄。

Yeah, Paul. Yeah, that's exactly what we are seeing from our side as well. Thank you for that. That's all the questions I had.

是的，Paul。是的，這也正是我們這邊所看到的情況。謝謝你。我就只有這些問題。

Thanks, Raj.

謝謝，Raj。

Harrison Reynolds, RBC.

Harrison Reynolds，RBC。

Hi, good morning, Centerra team, and congratulations on a strong Q2. Wondering if you can provide a bit more color on the mine sequencing at Mount Milligan through Q3 and Q4, maybe the progress you're seeing so far in Q3 and speak a bit to your confidence level around the current guidance range.

嗨，早安，Centerra 團隊，恭喜第二季表現強勁。想請問能否就 Mount Milligan 在第三季與第四季的採礦採序提供更多細節，例如第三季迄今你們看到的進展，並談談你們對目前指引區間的信心程度。

Yeah, sure. Hi, it's Mike here, I'll answer that question. So far we see that recovers in grade and line sequencing are all kind of remaining in line with the PFS that was published last September. We see good reconciliation with that sequencing. And we see that moving forward actually into Q3 and Q4. So we're not seeing any anomalies.

好的，當然可以。嗨，我是 Mike，我來回答這個問題。到目前為止，我們看到回收率、品位以及採序都大致與去年九月發布的 PFS 保持一致。我們看到與該採序有良好的對帳一致性。而且我們也看到這種情況會延續到第三季與第四季。所以我們沒有看到任何異常。

We're quite confident in the technical report and what the next quarters will look like at Mount Milligan. So looking at strong, continued good performance.

我們對技術報告以及 Mount Milligan 接下來幾季的表現相當有信心。因此展望是強勁、並將持續維持良好表現。

Right. Thanks. And switching gears to the corporate credit facility and current capital allocation framework, what would be the debt priorities or uses of debt based on your current healthy cash balance and cash flow profile? Could we see debt being used for some of these concurrent project items, or is cash on hand going to be directed to buybacks while debt could be used for project development, or is it just for a margin of safety?

了解。謝謝。另外切換到公司信用融資額度與目前的資本配置框架，基於你們目前健康的現金餘額與現金流概況，債務的優先順序或用途會是什麼？我們是否可能看到債務用於這些同步進行的專案項目，或是手上現金會用於回購，而債務用於專案開發，還是它只是作為安全緩衝？

Thanks for the question, Harrison. It's more of the latter. It's more to give us flexibility going forward. We don't have any immediate plans to draw on the credit facility. It was a very positive market. We usually extend our facilities about a year before their maturity, which was coming up in 2027, in a very positive credit market and a very positive view on Centerra. So we had the opportunity to upsize the credit facility and we took that opportunistically.

謝謝你的問題，Harrison。比較偏向你最後提到的那種。主要是為了讓我們未來更有彈性。我們目前沒有任何立即動用該信用額度的計畫。當時市場非常正面。我們通常會在融資到期前大約一年延展額度，而原本到期日在 2027 年；在信用市場非常正面、且市場對 Centerra 觀點也很正面的情況下，我們有機會把信用額度擴大，因此就把握機會、順勢擴額。

But in terms of usage, we're quite comfortable we can fund all our capital projects just with our cash from operations and our current balance sheet without dipping into the credit facility. As mentioned, we are going to ramp up the buybacks and we can cover that with our liquidity and future cash flow generation as well. So for now, that credit facility is more a safety net or an opportunity to use in the future and there's nothing earmarked in terms of drawing on that at present.

但就用途而言，我們相當有信心僅靠營運現金流與目前的資產負債表，就能為所有資本專案提供資金，而不需要動用信用額度。如先前提到，我們會加快回購步伐，而我們也能用現有流動性與未來的現金流創造來支應。因此目前這個信用額度更像是安全網，或是未來可用的機會；現階段並沒有任何已指定要動用的安排。

Harrison, I'll also comment on the buyback here. We're a little bit different than some of our peers. We believe that we represent good value. In other words, we don't think we trade at the value of our assets. We believe we trade at a discount. We view our shares as very compelling place to allocate capital, notwithstanding the fact that we have a development pipeline.

Harrison，我也補充談一下回購。我們和一些同業有點不同。我們相信我們具備不錯的價值。換句話說，我們不認為股價反映了我們資產的價值。我們認為目前是以折價在交易。即便我們有開發管線，我們仍把自家股票視為非常具吸引力的資本配置去處。

I think that's what makes us a little bit different, is that we have the balance sheet to fund both a robust capital return program to shareholders as well as the development pipeline. So we're working on both sides. We're working on the NAV and the denominator here on driving shareholder value. And as Ryan said, the revolver is not in any way an indication that we're going to go do something with that. It was simply taking advantage of the market.

我想讓我們有點不同的是，我們的資產負債表足以同時支應：對股東的強健資本回饋計畫，以及開發管線。所以我們兩邊都在做。我們同時在 NAV 以及分母這一端著手，以推動股東價值。而如 Ryan 所說，循環信貸（revolver）完全不代表我們打算用它去做什麼。那只是單純把握市場機會。

Great. Yeah, great to see. Thanks so much for taking my questions and congratulations again on a great quarter.

很好。是的，很高興看到這樣的安排。非常感謝回答我的問題，也再次恭喜本季表現出色。

Thanks.

謝謝。

(Operator Instructions) Lawson Winder, Bank of America.

(接線員指示) Lawson Winder，美國銀行。

Hi, this is Adam Smiarowski, calling on behalf of Lawson. We just had a follow-up question on the buyback. We saw that the board authorized a $200 million buyback. We just wanted to clarify if that's what we should model for this year, or just because it's lower than the previous authorization, if it could be materially higher or lower than that amount.

嗨，我是 Adam Smiarowski，代表 Lawson 來電。我們有一個關於回購的追問。我們看到董事會核准了 2 億美元的回購額度。我們想確認一下，今年模型是否應以這個數字為準；或者因為它低於先前的核准額度，實際金額是否可能顯著高於或低於這個數字。

You'll have noted our track record is we generally buy back what we say we will. So $200 million is the number to use.

你應該注意到，我們一貫的紀錄是：通常我們會回購我們所說會回購的金額。所以 2 億美元就是應採用的數字。

Thank you very much. That's clear.

非常感謝。很清楚了。

This concludes our question-and-answer session and wraps up our call for today. Thank you for attending. Please have a good day.

本次問答環節到此結束，也結束我們今天的電話會議。感謝各位參與。祝各位有美好的一天。