Caledonia Mining Corporation PLC (CMCL) 2025 Q1 法說會逐字稿

Disclaimer and forward-looking statements, which I trust you will read at those, then if we could just move forward to the to the presenting team, please. So as I'm Mark Learmonth, Caledonia's CEO. I'm joined here in Jersey today by Ross Jerrard, our new CFO, who will run us through the financials and before that actually give us a little -- a few views, a few thoughts as to why you joined Caledonia. We also have Victor Gapare, who is an Executive Director based in Harare, who will talk to the work on Bilboes. James Mufara in Johannesburg will run us through the operating results, and he will introduce Craig Harvey, Vice President of Technical Services, who will give an update on our exploration projects for the year. And also, Russiano Tsoko, who will spend a few minutes talking about some of the important safety initiatives that we've taken.

我相信您會閱讀免責聲明和前瞻性聲明，然後我們可以繼續向演示團隊報告。我是 Caledonia 的執行長 Mark Learmonth。今天，我們的新任財務長羅斯·傑拉德 (Ross Jerrard) 來到澤西島，與我一起，他將為我們介紹財務狀況，在此之前，他會給我們講講你加入 Caledonia 的一些觀點和想法。我們還有駐哈拉雷的執行董事 Victor Gapare，他將談論 Bilboes 的工作。約翰內斯堡的詹姆斯·穆法拉 (James Mufara) 將向我們介紹經營業績，並介紹技術服務副總裁克雷格·哈維 (Craig Harvey)，後者將介紹我們今年的勘探項目的最新情況。此外，Russino Tsoko 還將花幾分鐘時間介紹我們採取的一些重要安全措施。

So just moving forward to the next slide, we do have an awful lot to cover in this presentation. It covers much more ground than previous presentations, so I need to scoop through these two slides relatively quickly, but fair to say, the first quarter was marked by a very strong financial performance, record gross profit, which doubled from $14 million to $27 million.

因此，請繼續看下一張投影片，我們在本次簡報中確實有很多內容要講。它涵蓋的內容比以前的簡報要多得多，所以我需要相對較快地瀏覽這兩張投影片，但公平地說，第一季的財務表現非常強勁，毛利創歷史新高，從 1400 萬美元翻了一番，達到 2700 萬美元。

We also strengthened the balance sheet, particularly after the end of the quarter, actually, with the completion of the sale of solar, and it was a quarter marked by a return to operating resilience, with the production increased from about 17,500 ounces that blanket in the first quarter of 2024 to about 19,000 this quarter. James will also spend a few minutes running these through, some of the initiatives that we're planning to address costs.

我們還加強了資產負債表，特別是在本季度結束後，實際上，隨著太陽能銷售的完成，本季度標誌著營運恢復彈性，產量從 2024 年第一季的約 17,500 盎司增加到本季度的約 19,000 盎司。詹姆斯還將花幾分鐘時間介紹我們計劃採取的一些解決成本問題的措施。

One area that I would like to focus on is the strengthening the changes to the Board and management that have happened recently. As you may know, we've recently appointed two new non-executive directors, Stefan Buys, who was previously the chief executive of ArcelorMittal, and Lesley Goldwasser, who is based in the United States and has a background in capital markets, and she'll be the invaluable assistance as we move into the funding and the financial appraisal of Bilboes project. Johan Holtzhausen, who was previously the Audit Committee Chairman, he retired as planned at the AGM a week or so ago.

我想重點關注的一個領域是加強最近發生的董事會和管理層的變革。您可能知道，我們最近任命了兩位新的非執行董事，分別是曾任安賽樂米塔爾首席執行官的斯蒂芬·拜斯 (Stefan Buys) 和常駐美國、擁有資本市場背景的萊斯利·戈德瓦瑟 (Lesley Goldwasser)，她將在我們進入比爾博斯 (Bilboes) 項目的融資和財務評估階段時提供寶貴的幫助。前審計委員會主席 Johan Holtzhausen 大約一週前在年度股東大會上按計劃退休。

I just want to make it clear that these changes are part of a structured and orderly program to constantly update and refresh the Board so that we have one or maybe two changes a year, and we don't face a sort of a cliff sort of fall off where all of a sudden, lots of lots of need to retire at the same time. So it is planned and it is ordered. And then also in the quarter, Ross Jerrard joined us as CFO and he can say a few words about that, in a moment.

我只是想明確表示，這些變化是一個結構化、有序計劃的一部分，該計劃旨在不斷更新和刷新董事會，以便我們每年有一到兩次變化，並且我們不會面臨突然的斷崖式下跌，即很多人需要同時退休。所以這是有計劃的，也是有秩序的。另外，在本季度，羅斯·杰拉德 (Ross Jerrard) 加入我們並擔任首席財務官，他稍後可以就此發表一些看法。

So if we could just turn to the results summary, again, an awful lot of information here. Ross, I'll hand over to him in a minute, he'll talk about finance. James will talk in more detail on operations. So frankly, I think we get through this page, and I'll hand over to Ross. So before you go into the financials, Ross, maybe you could just give us a few thoughts as to why you joined Caledonia and the attraction of Caledonia.

因此，如果我們只看結果摘要，就會發現這裡有大量的資訊。羅斯，我馬上就把麥克風交給他，他會談論財務問題。詹姆斯將更詳細地談論營運事宜。坦白說，我想我們已經看完了這一頁，然後我會把時間交給羅斯。因此，羅斯，在您談論財務狀況之前，也許您可以先跟我們講講您加入喀裡多尼亞的原因以及喀裡多尼亞的吸引力。

Thank you, Mark. And good afternoon, everyone. It's my absolute pleasure to talk you through the financial results. To give a bit of background about myself prior to joining Caledonia, I spent just short of the last decade with a company called Centamin plc, which was a FTSE 250 dual listed company, before its acquisition by AngloGold Ashanti, for approximately 2.5 billion late last year.

謝謝你，馬克。大家下午好。我非常高興向您介紹財務結果。在加入 Caledonia 之前，我先介紹一下自己的背景，我曾在 Centamin plc 公司工作了近十年，該公司是一家富時 250 指數雙重上市公司，去年年底被 AngloGold Ashanti 以約 25 億歐元的價格收購。

During my time with Centamin, we achieved many milestones, both good and some not so good. But during my second half of my time at Centamin, it was basically a reset of a tier one gold mine, and that being the Sukari gold mine in Egypt, which was a reset for the next decade and beyond. A reset in terms of production and life of mine and various initiatives, but also a key focus on lowering that all and sustaining cost base.

在我效力 Centamin 期間，我們取得了許多里程碑，有好的，也有不太好的。但在我任職 Centamin 的後半段時間裡，基本上對一級金礦進行了重置，那就是埃及的 Sukari 金礦，這是為未來十年及以後進行的重置。重新設定礦山的生產和壽命以及各種舉措，但重點也是降低所有成本並維持成本基礎。

The reset of that asset provided the engine room for growth in order to build a multi-asset portfolio. And more importantly, it was through that consistent delivery that we were able to demonstrate that we could make the investment case for a relatively unknown miners, mining jurisdiction, which was Egypt. And this resulted in both the country and a company that could not be ignored as a future mining destination.

該資產的重置為建構多資產投資組合提供了成長空間。更重要的是，透過持續的交付，我們能夠證明我們可以為一個相對不為人知的礦工和採礦管轄區（即埃及）提供投資案例。這使得該國和該公司成為未來採礦目的地中不容忽視的一部分。

So joining Caledonia, I see a number of parallels. We have a wonderful operating mine in Blanket, that has been producing for a considerable period of time. But more importantly, has a long and exciting future ahead of it. It's running well. But with further optimization and cost reductions, we have every opportunity to turn it into a serious cash generator that will support our growth and development opportunities, and some of those we already have in our portfolio.

因此加入喀裡多尼亞後，我看到了許多相似之處。我們在布蘭克特擁有一座運作良好的礦山，該礦山已經生產了相當長一段時間。但更重要的是，它有著漫長而令人興奮的未來。運作良好。但透過進一步優化和降低成本，我們完全有機會將其轉變為重要的現金產生器，以支持我們的成長和發展機會，以及我們投資組合中已有的一些機會。

We operate in Zimbabwe, which is a mature mining jurisdiction. Whereas I say, Blanket has been producing since 1907. And we have, therefore, a very highly skilled, workforce. Personally, I'm biased, because I was born in Bulawayo and look forward to spending more time back in the country. But I really believe that as an operating jurisdiction, especially when you compare to others around the world, and particularly in Africa, we're very fortunate to operate in the country that we do. And it's very much, this concept of perception versus reality in terms of what's happening on the ground.

我們的業務在津巴布韋開展，這是一個成熟的採礦管轄區。而我要說的是，Blanket 自 1907 年起就一直在生產。因此，我們擁有一支技術水準非常高超的勞動力隊伍。就我個人而言，我有偏見，因為我出生在布拉瓦約，並期待回到這個國家度過更多的時間。但我確實相信，作為一個營運管轄區，特別是與世界其他國家，特別是非洲的國家相比，我們非常幸運能夠在這個國家開展營運。就實際情況而言，這很大程度上是一種感知與現實之間的矛盾。

So overall, I'm really excited to have joined Caledonia, both in terms of the quality of the mining assets in the portfolio, the quality of the people that we have in the team, and importantly, the opportunities to maximize and grow this organization is very appealing and very compelling, so that's me. And with that, let's have a look at the quarter. So if we can turn to the next slide.

所以總的來說，我很高興加入 Caledonia，無論是從投資組合中的礦業資產的品質、我們團隊中人員的素質來看，更重要的是，最大化和發展這個組織的機會都非常有吸引力，非常引人注目，所以這就是我。接下來，讓我們來看看本季的情況。那我們可以翻到下一張投影片。

As Mark mentioned, it was a really, strong quarter with revenue of $56.2 million which is up some 46% on the comparative quarter. This was driven by good gold production, both Blanket and Bilboes of 19,000 ounces, which is up 9%. We did benefit from the average realized gold price increasing some 42% to $2,896 per ounce. This increase, obviously, meant that there was a higher royalty that you can see on the slide, which was up a similar 47%.

正如馬克所提到的，這是一個非常強勁的季度，營收達到 5,620 萬美元，比去年同期成長了 46%。這是由於黃金產量良好所致，Blanket 和 Bilboes 的黃金產量均為 19,000 盎司，增加了 9%。我們確實受益於平均實現黃金價格上漲約 42% 至每盎司 2,896 美元。顯然，這種成長意味著版稅有所提高，正如投影片所見，漲幅也達到了 47%。

James Mufara will run you through the operational highlights a little bit later. But the above performance is driven by higher tons being mined and milled, which had a resultant impact on those production costs that you see. It was a grade versus volume equation. And with tonnages up, you'll see that those production costs were up some 19%, $22.6 million on the comparative quarter. This increase was primarily due to those higher labor, power, and consumable costs, which we'll delve into in a bit more detail than later slides. But very importantly, as you'll see at the bottom of the slide, we delivered a gross profit of $26.9 million which is up some 95%, and importantly, it was a quarterly record. Talking about that gross profit in a bit more detail. If we turn to the following slide, please.

詹姆斯·穆法拉 (James Mufara) 稍後將向您介紹營運亮點。但上述表現是由開採和碾磨噸位增加所驅動的，這對您所看到的生產成本產生了影響。這是一個等級與體積的方程式。隨著噸位的增加，你會發現生產成本比上一季上漲了約 19%，即 2,260 萬美元。這種成長主要是由於勞動力、電力和消耗品成本的增加，我們將在後面的幻燈片中更詳細地探討這些問題。但非常重要的是，正如您在幻燈片底部看到的，我們實現了 2690 萬美元的毛利，增長了約 95%，重要的是，這是一個季度記錄。更詳細地談論毛利潤。請翻到下一張投影片。

You can see a consistent and significant increase in gross profits over 2023 through to the first quarter of 2025. Importantly, you can see that the -- those gross profits have improved since the challenges of 2023, which we referred as the Bilboes oxide phase. And as indicated, with the blue lines and against the orange lines, you can see that we no longer have a negative impact on those gross profits from the Bilboes phasing. And it no longer has a negative impact, and it's basically paying its way. So I talked about resets in my introduction, and I think this is one clear example of a reset and strategy and the benefits that are being realized. Moving to the next slide, we'll go back to those production costs in a bit more detail.

您可以看到，從 2023 年到 2025 年第一季度，毛利持續大幅成長。重要的是，您可以看到，自 2023 年挑戰以來，這些毛利有所提高，我們稱之為 Bilboes 氧化物階段。如圖所示，透過藍線和橘線可以看出，我們不再對比爾博斯分階段的毛利產生負面影響。它不再產生負面影響，基本上可以自給自足。我在介紹中談到了重置，我認為這是重置和策略以及正在實現的好處的一個明顯例子。轉到下一張投影片，我們將更詳細地回顧這些生產成本。

You can see on the online costs for Blanket were slightly higher than net guidance range of $1,050 to $1,150 per ounce. The main increase, as I mentioned, was labor, consumables, and admin costs, as shown in that left-hand slide or graph. Some of those labor and consumable costs have been a result of those additional tonnages and overtime work to achieve the targets, including the production bonuses that were needed to achieve the quarter. But we do have several initiatives in place that to address these costs. And overall, we believe that the annual guidance is still within the range and will be achieved.

您可以在網路上看到 Blanket 的成本略高於每盎司 1,050 美元至 1,150 美元的淨指引範圍。正如我所提到的，主要的成長是勞動力、消耗品和管理成本，如左側投影片或圖表所示。部分勞動力和消耗品成本是由於為實現目標而增加的噸位和加班工作造成的，其中包括實現本季度目標所需的生產獎金。但我們確實採取了多項措施來解決這些成本問題。整體而言，我們相信年度指引仍在範圍內，並且將會實現。

The right-hand graph, you can see the increase in the all and sustaining cost, which has been impacted by both admin and capital expenditure. These have been higher than the comparative quarter and a lot of those admin costs are one-off costs that we incurred plus the CapEx, which is in line with guidance as we had guided for the for the annual year of 2025. So again, we expect these to normalize and come back within the guidance ranges. I would mention that those one-off costs amount to some $2.2 million or almost $110 an ounce, which went backed out, put us very much firmly within that range, we're actually at the bottom end of our guidance range. If we can move to the next slide.

在右側的圖表中，您可以看到所有維持成本的增加，這受到管理和資本支出的影響。這些費用高於同期，其中許多管理費用是我們產生的一次性費用加上資本支出，這與我們對 2025 年年度的指導一致。因此，我們再次預計這些將恢復正常並回到指導範圍內。我想說的是，這些一次性成本總計約為 220 萬美元，或每盎司近 110 美元，如果算上這筆費用，我們就會牢牢地處於這個範圍內，實際上我們處於指導範圍的底端。如果我們可以轉到下一張投影片。

And talking about the costs below that gross profit line, you can see in that second line that we didn't have the big negative impact on exchange losses as compared to the comparative quarter. Well, this is a pleasing result. We've actively trying to manage our -- and minimize the effects of devaluations on our business and it's an ongoing work stream. I would also highlight that these Forex losses are both realized and unrealized. So about half of the number there is basically the Forex in terms of realized losses. There's been a deliberate working capital increase, as a result of trying to manage our Rorex. And you'll see that in terms of both our stores and pre-payments balances, trying to reduce our Forex exposures.

談到毛利線以下的成本，您可以從第二行看到，與上一季相比，我們的匯兌損失並沒有受到太大的負面影響。嗯，這是一個令人欣慰的結果。我們一直在積極嘗試管理——並將貶值對我們業務的影響降至最低，這是一個持續的工作流程。我還要強調的是，這些外匯損失既有已實現的，也有未實現的。因此，就已實現的損失而言，大約有一半的數字基本上是外匯。為了管理好我們的 Rorex，我們刻意增加了營運資本。您會發現，就我們的商店和預付款餘額而言，我們都在努力減少外匯風險。

There has also been some timings, both impact of timings of gold shipments, and in terms of receipt of VAT payments. You can also see the increase in other expense expenses. This was mainly due to that admin section where we had a number of settlements and one-offs, including a reset of our HR strategy and headcount, which amounted to approximately 800,000.

也存在一些時間因素，包括黃金運輸時間的影響以及增值稅付款的收到。您還可以看到其他費用支出的增加。這主要是因為我們在行政部門進行了一些結算和一次性處理，包括重新設定人力資源策略和員工人數，員工人數約為 80 萬人。

I would highlight that the company had entered into a series of gold hedges or put options that set the floor when gold prices received. These were basically an insurance policy and set the floor of what was going to be received without negatively impacting or limiting the upside in gold prices. I'm glad to say that the gold price has been higher than expected. And we also expect it to continue to be above those amounts for the remainder of the year. And therefore, the cost of those hedges that we put in place have been taken to the income statement, and this amounted to $1.3 million. Again, a one-off adjustment or transaction.

我想強調的是，該公司已經簽訂了一系列黃金對沖或看跌期權，以在黃金價格上漲時設定底線。這些基本上是一種保險政策，設定了可獲得的收益的底線，而不會對金價的上漲產生負面影響或限制其上漲。我很高興地說，金價已經高於預期。我們也預計今年剩餘時間內該數字將繼續高於這一水平。因此，我們實施的避險成本已計入損益表，總額為 130 萬美元。再次，一次性調整或交易。

This was actually a good position to be in. So much like an insurance policy, you never want to actually use it. So it was nice to not actually have to enter into those hedges at this time. And I would highlight that we don't expect to enter into any more hedging arrangements as we sit today. If we can move to the next slide and talk a little bit about the cash flow for the period.

這實際上是一個很好的位置。它就像一份保險單，你永遠不想真正使用它。因此，此時實際上不必進入這些對沖是件好事。我想強調的是，我們今天不打算達成任何對沖安排。如果我們可以轉到下一張投影片並稍微討論一下該期間的現金流。

Increased cash flow from operations were up at $18.7 million from the $6.5 million in the comparative period, driven by what we've already discussed in terms of a good gold price, production, and a focus on costs. You can see that increase in pre-payments and working capital, as I mentioned earlier.

經營活動產生的現金流從同期的 650 萬美元增加到 1870 萬美元，這得益於我們已經討論過的良好的金價、產量以及對成本的關注。正如我之前提到的，您可以看到預付款和營運資金的增加。

Net cash flow from operating activities is more than doubled to $13.3 million. And even after those higher taxes that you see, provides a really strong internal funding for capital investments and debt production. You will see those high -- that higher taxes that were paid, and this is a result of the good financial performance, but also the impact of some timing of payments from Q4 last year, which were paid in 2025.

經營活動產生的淨現金流成長一倍多，達到 1,330 萬美元。即使在徵收了更高的稅之後，它仍然為資本投資和債務產生提供了非常強大的內部資金。您會看到，繳納的稅款較高，這是良好財務表現的結果，但也是去年第四季付款時間的影響，這些付款是在 2025 年支付的。

We do have those higher investing activities this year, but again, in line with annual guidance. And the net cash position, which you'll see at the bottom of the slide, increased or improved to a negative $4.6 million, at quarter end. And this is, in comparison to that $14.2 million at the end of the quarter, 2020 --2024. So if we move to the next slide, we're really pleased to have been able to capitalize on both a good gold price and good production and a focus on costs. We expect this trend to continue.

我們今年確實有較高的投資活動，但同樣符合年度指導。而淨現金狀況（您將在幻燈片底部看到）在季度末增加或改善為負 460 萬美元。相比之下，2020 年至 2024 年季度末的金額為 1,420 萬美元。因此，如果我們進入下一張幻燈片，我們真的很高興能夠利用良好的金價和良好的產量並專注於成本。我們預計這一趨勢將會持續下去。

This slide shows that where we hold our cash in the various just jurisdictions, and also how it has evolved over the quarters. But it's that bottom graph that I want to point you to in terms of consistent increases each quarter, which is pleasing, back to that consistency of delivery of answers and benefiting from gold price. What you don't see is following the completion of the solar sale in April 2025, Caledonia's pro forma consolidated net cash position improved to $18.6 million, which provides that flexibility for growth initiatives, for the future. And we're really pleased about that cash build, both in terms of where we sit today and expecting it to continue into the future. Those funds are all held in Jersey and have been put on interest earning deposit accounts.

這張投影片展示了我們在各個司法管轄區持有現金的情況，以及現金在各個季度內的變化。但我想向大家指出的是底部的圖表，它顯示了每個季度的持續增長，這是令人欣慰的，這體現了答案傳遞的一致性以及受益於金價。您看不到的是，在 2025 年 4 月完成太陽能銷售後，Caledonia 的預計合併淨現金狀況改善至 1,860 萬美元，這為未來的成長計畫提供了靈活性。我們對現金累積感到非常高興，無論是就我們目前的狀況而言，還是就我們預計未來現金累積將繼續保持的情況而言。這些資金全部存放在澤西島，並存入有利息的存款帳戶。

So overall, a really pleasing, quarter, which gets us off to a very good start for 2025. And, I -- I'll now hand across to James Mufara, our COO, to run you through some of our operational fulfillments.

總體而言，這是一個非常令人滿意的季度，為我們 2025 年開了一個好頭。現在，我將把電話交給我們的營運長詹姆斯·穆法拉 (James Mufara)，讓他向大家介紹我們的一些營運成果。

Thanks, Ross. Good day to you, all. As already mentioned by Ross, we had an excellent quarter setting a new quarter 1 record. If we could go to the next slide, please.

謝謝，羅斯。祝大家有美好的一天。正如羅斯所提到的，我們本季的業績非常出色，創下了第一季的新紀錄。請翻到下一張投影片。

So looking at the two graphs, I would want to start off by explaining the bottom graph, which is the one below, the second one. You will see that the orange line refers to our recovery, which has been steady and steadily going up. And the bus refers to our ounces, which is a record production of ounces within the quarter. The production, which was a record production, was as a result of intentional strategic actions, including some of the following four of the following.

因此，在查看這兩個圖表時，我想先解釋一下底部的圖表，也就是下面的第二個圖表。大家會看到橘色的線代表我們的復甦，一直在穩定、穩定地上升。巴士指的是我們的盎司，這是本季創紀錄的盎司產量。這部作品是一部創紀錄的作品，是有意採取策略行動的結果，其中包括以下四項舉措。

The first one was focused on improved employee health and safety at the mine, at Blanket mine. This will be articulated more by (inaudible) in his safety and health strategy and turnaround.

第一個重點是改善 Blanket 礦場員工的健康和安全。這將在他的安全和健康策略和轉變中得到更清晰的表達（聽不清楚）。

The second action that also resulted in this good production was the decoupling of the plant and the mine. This was achieved through two key actions. The first one is to have two dedicated teams, the one dedicated team running the mine and the other dedicated team running the plant, since these two business units that may be treated with different skill sets. The second, in terms of decoupling was the stockpile creation. The creation of the stockpile makes it easy for the plant to run independent of the mine, which actually produces consistency that you want to see in a production environment.

帶來這良好產量的第二個措施是工廠與礦場的脫鉤。這是透過兩項關鍵行動實現的。第一個是設立兩個專門的團隊，一個專門的團隊負責管理礦山，另一個專門的團隊負責管理工廠，因為這兩個業務部門可能需要不同的技能。第二，在脫鉤方面，就是增加庫存。庫存的建立使得工廠能夠輕鬆地獨立於礦山運行，這實際上產生了您希望在生產環境中看到的一致性。

The third intentional strategic action that we took was improved employee engagement, which was through management by Walkabout. One of the key things that you need to have in a production environment is to know what are the key bottlenecks and constraints. And this you can only hear from the people that are on the coalface, and this we did by spending time on the coalface with the people and them spending time with us as well.

我們採取的第三個有意策略行動是提高員工敬業度，這是透過 Walkabout 管理來實現的。在生產環境中需要注意的關鍵事項之一是了解關鍵的瓶頸和限制。而這些話你只能從一線的人們那裡聽到，我們透過花時間在一線與人們相處並讓他們也花時間與我們相處來做到這一點。

The fourth action that actually resulted in this good record production was also the starting or introduction of short interval controls, which is understanding production issues as they happen, not later on in the month. The top graph, which has got the two lines, the black line or the dark line representing, the increase with regards to the towns, which has been consistent over the years, and the orange line representing the graph. You can see that the grid is almost plateaued, which is a source of con which could be a source of concern. However, we've got a key strategic actions that we've put in place in terms of opening up reserves in better grade areas that we see that this grade will improve in the near future. If we could go to the next slide, please.

真正帶來這一良好生產記錄的第四個行動也是開始或引入短間隔控制，即在生產問題發生時而不是在月底時才了解它們。上面的圖表有兩條線，黑線或深色線代表城鎮的成長，多年來一直保持一致，橙色線代表圖表。您可以看到電網幾乎處於穩定狀態，這是一個值得關注的因素。然而，我們已經採取了一項關鍵的策略行動，即在品味更高的地區開放儲備，我們認為這些地區的品味在不久的將來會提高。請翻到下一張投影片。

The graph shows the consistency in delivery through -- throughout the quarter. The purple line is the budget, which is the budget that we have for the quarter, while the orange line is the actual gold ounces which are produced in the quarter. You will see that the orange line is consistently remains above the purple line throughout the quarter, demonstrating both discipline and flawlessness of the team in delivering to the plan.

此圖表顯示了整個季度交付情況的一致性。紫線是預算，也就是我們本季的預算，而橘線是本季實際生產的黃金盎司數。您將看到整個季度中橙線始終保持在紫線之上，表明團隊在執行計劃時既有紀律性又完美無缺。

The average grade ended up on 3.09. This is a plan of 3.21 grams per ton. This, however, the last result actually belies the fact that the grade was 2.78 grams per ton in January, rose up to 3.21 grams per ton in February, and 3.3 grams per ton in March, which was way above the plan. The availability of the stockpile ensured consistency in delivery to the plant and also we could be in a position to manage the grid better.

最終平均品位為3.09。這是一項每噸3.21克的計劃。但這一最終結果實際上掩蓋了這樣一個事實：1 月份黃金品位為每噸 2.78 克，2 月份上升至每噸 3.21 克，3 月份則為每噸 3.3 克，遠高於計劃。庫存的可用性確保了向工廠交付的一致性，並且我們也可以更好地管理電網。

It is important to mention that the surface for stockpile increased from 7,000 tons at the end of December 2024, to about 15,000 tons, which is almost doubling by the end of March 2025. This sets up the mine for better and even better production in the second quarter. If you could go to the next slide, please.

值得一提的是，庫存面積從2024年12月底的7,000噸增加到2025年3月底的約15,000噸，幾乎翻了一番。這為該礦場第二季的更好生產奠定了基礎。請翻到下一張投影片。

So the three graphs demonstrate the quality of the quota that we've just ended. On the left table, you will see that all cap key performance areas were actually exceeded. I mean, everything is green. The top right graph depicts achievement in the different mining and mining sections. You will see that section 1, which is on the extreme left, is the most shallow or the shallowest while section 4 on the extreme right is the deepest portion of the mine. All the sections exceeded their production targets.

這三張圖表展示了我們剛結束的配額的品質。在左側表格中，您將看到所有關鍵績效領域實際上都已超出預期。我的意思是，一切都是綠色的。右上角的圖表描繪了不同採礦和採礦部分的成就。您會看到最左邊的第 1 部分是最淺的，而最右邊的第 4 部分是礦井最深的部分。所有部門均超額完成了生產目標。

So most encouragingly is the graph that is at the bottom, which is the one which talks to the reserve generation, which is the reserve generation graph. This graph shows that in spite of the record production and the delivery of ounces, the team managed to replace the depleted reserves. In fact, reserves were added. You can see the graph shows that we actually added 122,000 tons, leaving the mine in a more healthier state than actually at the beginning of the quarter. A good reflection indeed. If you could go to the next section which talks now the cost reduction initiatives.

因此，最令人鼓舞的是底部的圖表，它是關於儲備生成的圖表，即儲備生成圖表。該圖表顯示，儘管產量和交付量創下了紀錄，但團隊仍設法補充了耗盡的儲備。事實上，儲備已經增加。您可以看到圖表顯示我們實際上增加了 122,000 噸，使得礦井的狀況比本季初更健康。確實是一個很好的反思。如果您可以進入下一部分，其中討論了降低成本的舉措。

The message that we want to leave is that -- if you could go to the next slide, please. Focus on costs have not been lost while delivery production. It is not, we've not thrown caution to the wind and thus produced at all costs. The focus is to create bigger margins while producing above plan, creating value for all stakeholders, especially our shareholders. The following actions have been taken together with other actions to address the cost problem that we've seen occurring on the operation over time.

我們想要傳達的訊息是－請您翻到下一張投影片。在交付生產的同時並沒有忽略成本。不是的，我們並沒有不顧一切地去生產。重點是在實現超額完成計劃的同時創造更大的利潤，為所有利益相關者，特別是我們的股東創造價值。我們已採取下列行動以及其他行動來解決我們在營運過程中發現的成本問題。

The first one is a decision has been made to source, recruit and recruit a business improvement manager. The business improvement manager will doc document all optimization initiatives and evaluate their effectiveness. This is a key initiative if we are going to control the cost from going up in the future.

第一個是已經決定要尋找、招募和招募業務改善經理。業務改進經理將記錄所有優化舉措並評估其有效性。如果我們想要控制未來成本上漲，這是一項關鍵措施。

The second action is the optimization of the central shaft. A lot of money was laid out by Caledonia to make sure that the central shaft starts operating. 60% of the current production is from here, but in the future, more production is actually going to come from the central shaft. It is important to ensure that all the winders run up to speed and every other gadget and initiative that we need to better utilize this modern-day world-class facility is actually in place.

第二項舉措是中心軸優化。喀裡多尼亞投入了大量資金以確保中央豎井開始運作。目前 60% 的產量來自這裡，但在未來，更多的產量實際上將來自中央豎井。重要的是確保所有捲繞機都能夠達到最佳運行速度，並且我們更好地利用這個現代化的世界一流設施所需的所有其他設備和舉措都已到位。

The other in -- the other cost buckets relate to electricity, labor, and resources. The three most biggest costs are the electricity, the labor, and the consumables, which are the resources. In terms of electricity, we have -- the company has made a decision to onboard a company known as Vold Vision. This was to improve the visibility of where the energy is being used in the workplace. More than 100 meters to measure electricity have been installed throughout the whole mine. As I speak to you now, there is real-time visibility with regards to how energy is being used on the mine. And the next stage is to then find out how we can optimize and reduce spent within each section.

其它成本包括電力、勞動力和資源。最大的三個成本是電力、人工和消耗品，也就是資源。在電力方面，我們公司已決定與一家名為 Vold Vision 的公司合作。這是為了提高工作場所能源使用地點的可見度。全礦已安裝測電儀表100多台。當我和你們說話的時候，可以即時看到礦井的能源使用情況。下一階段是找出如何優化和減少每個部分的支出。

The second bucket which we have already spoken to is the issue of labor. We, the company, has made a decision to deploy a time and attendance -- the timing attendance program called Firefly. Firefly is going to help us to account for the number of hours that employees work underground and where they are spending their time. This will help us both to account for numbers and also to account for whether we need the people to work the hours that they do work and control over time. This was totally deployed by the end of April, and now, we will watch and see and start implementing the controls as we start getting the data from this firefly program.

我們已經討論過的第二個問題是勞動力問題。我們公司已決定部署一個考勤系統——名為 Firefly 的計時考勤程式。Firefly 將協助我們統計員工在地下工作的時間以及他們的工作地點。這將有助於我們計算數字，也有助於我們計算是否需要人們按時工作並控制時間。該專案已於 4 月底全面部署，現在，我們將開始觀察並實施控制，因為我們開始從這個螢火蟲專案中獲取數據。

In terms of resources for consumer, the company has embarked on robust planning in order to ensure, to understand what resources we need to produce where we need to produce. The planning program was started last year, and this year will be the first full year that we introduce this robust, integrated planning process so that we'll know the resources that we need to do in each production. This is early days now, but we are optimistic that this will start bearing fruit and we'll start reporting on better resource utilization. If you could go to the next slide, please.

在消費者資源方面，公司已著手進行強有力的規劃，以確保了解我們需要在哪裡生產什麼資源。該計劃於去年啟動，今年將是我們引入這一強大、全面的計劃流程的第一年，以便我們了解每項生產所需的資源。現在還處於早期階段，但我們樂觀地認為這將開始取得成果，我們將開始報告更好的資源利用。請翻到下一張投影片。

So in terms of health and safety, I will then introduce you to (inaudible). (inaudible) was hired in the third quarter of 2024 to steer the safety and health strategy of the company. (inaudible) has worked in the past for Anglo, he has worked for Goldfields, he has worked for Rio Tinto, and for the last 15 years, he's been working for Harmony Gold as a Group Health and safety manager. Harmony is a $10.8 billion dollar company producing 1.5 million ounces of gold, and there's a workforce of about 48,000 employees.

因此，在健康和安全方面，我將向您介紹（聽不清楚）。 （聽不清楚）於 2024 年第三季受聘，負責指導公司的安全與健康策略。 （聽不清楚）曾在 Anglo 工作過，曾在 Goldfields 工作過，曾在 Rio Tinto 工作過，在過去的 15 年裡，他一直在 Harmony Gold 擔任集團健康和安全經理。Harmony 是一家價值 108 億美元的公司，生產 150 萬盎司黃金，擁有約 48,000 名員工。

(inaudible) is a Zimbabwean. He has more than 35 years experience in the health and safety management. I will now hand over to (inaudible) for the health and safety reservation. Thank you.

（聽不清楚）是津巴布韋人。他在健康和安全管理方面擁有超過35年的經驗。我現在將把健康和安全預訂權交給（聽不清楚）。謝謝。

Thank you, James, for the introduction. Thank you. I'm going to give you an update on one of our key pillars for our operational excellency, which is safety. Since we reviewed the safety strategy -- can you go to the next slide, please?

謝謝詹姆斯的介紹。謝謝。我將向您介紹我們卓越營運的關鍵支柱之一，即安全。由於我們回顧了安全策略—請您翻到下一張投影片好嗎？

Since the safe strategy was reviewed in May 2024, we have focused on several safety initiatives but which are all listed here in this slide. But today, I'm just going to highlight two of the most impactful, which is the visible leadership VFL and the structured management of our top 20 operational risks.

自 2024 年 5 月審查安全策略以來，我們一直專注於多項安全舉措，但這些舉措均列在這張幻燈片中。但今天，我只想強調其中最具影響力的兩個方面，即可見的領導力 VFL 和我們前 20 大營運風險的結構化管理。

Visible Faith Leadership has ensured that our leaders, our managers and supervisors are consistently present where it matters most, which is underground and in the plant and in the field. And they're personally engaging with employees through two-way communication. This dialogue provides management with valuable insights and information that is not typically obtained during routine inspections and audits. So in this quarter, last quarter alone, we conducted 47 VFL engagements, which helped identify and address unsafe acts and conditions at the source, while also fostering trust from the employees, accountability on the managers and providing the platform for a proactive safety culture.

可見的信念領導確保我們的領導、經理和主管始終出現在最重要的地方，即地下、工廠和現場。他們透過雙向溝通與員工進行個人交流。這種對話為管理層提供了在例行檢查和審計中通常無法獲得的寶貴見解和資訊。因此，僅在本季度和上個季度，我們就開展了 47 次 VFL 活動，這有助於從源頭識別和解決不安全行為和情況，同時也培養了員工的信任、管理人員的責任感，並為積極主動的安全文化提供了平台。

In managing the top 20 operational risks, we have identified and prioritized the mine's most critical safety and health risks, which include falls of ground, heat stress, fire safety, and the tailing storage integrity. And using the industry-based practices and international standards such as the ICMM guidelines, the ISO 45,0001 risk management principles, we have assigned clear ownership, deadlines and measurable outcomes. I'm pleased to report that over 85% of the high priority actions have already been completed and closed out. This proactive closeout has significantly strengthened our critical controls, reduced our overall risk exposure, and directly contributed to the improved safety performance we have seen in the -- in this last quarter.

在管理前 20 大營運風險時，我們確定了礦場最關鍵的安全和健康風險，並確定了優先順序，其中包括地面塌陷、熱應力、消防安全和尾礦儲存完整性。並且利用基於行業的實踐和國際標準，例如 ICMM 指南、ISO 45,0001 風險管理原則，我們分配了明確的所有權、期限和可衡量的成果。我很高興地報告，超過 85％ 的高優先級行動已經完成並結束。這次主動收尾工作大大加強了我們的關鍵控制，降低了我們的整體風險敞口，並直接促進了我們在上個季度看到的安全性能的提高。

The impact of the combined initiatives, including these two which I've just highlighted is clear. We have reduced incidents from five incidents in January this year to one in March. This has provided us in achieving 26 accident-free days in January to 30 accident-free days in March.

包括我剛才強調的這兩項措施在內的綜合措施的影響是顯而易見的。我們已將事故發生次數從今年 1 月的 5 起減少到 3 月的 1 起。這使得我們在一月實現了26天無事故，三月實現了30天無事故。

Safety is non-negotiable and we are committed not only to protecting lives but also to securing the long-term sustainability of our operation. Our vision is to build and embed a proactive safety culture across the operations where every employee feels responsible, empowered, and supported to prevent incidents before they occur. So our journey to zero harm still continues. Thank you.

安全是不可談判的，我們不僅致力於保護生命，還致力於確保我們營運的長期永續性。我們的願景是在整個營運過程中建立和植入積極主動的安全文化，讓每位員工都感到有責任、有權力、有支持，從而預防事故的發生。因此，我們的零傷害之旅仍在繼續。謝謝。

Okay, yes, can I ask, we're going to talk about Bilboes now. Could you -- can I just make a couple of introductory comments before I hand over to Victor? So could you go to the next slide, please?

好的，是的，我可以問一下，我們現在要討論比爾博斯。在將發言權交給 Victor 之前，我可以先做幾點介紹嗎？那麼您可以翻到下一張投影片嗎？

Okay, just before we get into the into the detail of what's going on, I just want to say a few words about capital allocation. I've said this before, but just to reiterate, our management's objective in approaching the development route for Bilboes is to maximize the uplift in Caledonia's NPV per share, which is the closest approximation we can actually get to our share price. There's a couple of ways to do this.

好的，在我們深入了解事情的細節之前，我只想先談談資本配置。我之前已經說過了，但只是想重申一下，我們管理層在製定 Bilboes 發展路線時的目標是最大限度地提高 Caledonia 每股 NPV 的提升，這是我們實際上可以獲得的最接近股價的近似值。有幾種方法可以做到這一點。

The first, and Victor will talk about this in more detail, is the various workstreams that are happening now to optimize the project economics, so to make the project as robust as possible. But the other side of the coin is that we need to minimize our equity dilution. So the way we do that is we're looking at ways to reconfigure the development approach to minimize the upfront capital cost. So that's the immediate amount of money we need to build the project. We're also looking at options to increase Caledonia's internal equity contributions, so that's our internal cash flow and again though, in a few moments, Craig will give you some background as to the initiatives that we're looking at there.

首先，Victor 將更詳細地討論這一點，目前正在進行的各種工作流程旨在優化專案經濟性，從而使專案盡可能穩健。但另一方面，我們需要盡量減少股權稀釋。因此，我們的做法是尋找重新配置開發方法的方法，以最大限度地降低前期資本成本。這就是我們建造該項目所需的即時資金。我們也在尋找增加 Caledonia 內部股權貢獻的方案，這就是我們的內部現金流，不過，稍後 Craig 將向您介紹我們正在考慮的舉措的一些背景信息。

And finally, to minimize the equity dilution, we also need to look at debt funding, but prudently. We clearly don't want to saddle the company with a burdensome amount of debt. We have had very fruitful engagements through Cutfield Freeman, our debt advisors, with potential funders. Those engagements are currently paused until we finish off the work that Victor is going to outline now. So I just want to be clear on capital allocation is the most important element in how we approach this project. So can I hand over to Victor who will just run through what we're doing to achieve these objectives of optimizing the project. So Victor, over to you.

最後，為了盡量減少股權稀釋，我們還需要考慮債務融資，但要謹慎。我們顯然不想讓公司背負沉重的債務。我們透過債務顧問 Cutfield Freeman 與潛在資助者進行了非常有成效的合作。這些活動目前暫停，直到我們完成 Victor 現在要概述的工作。因此，我只想明確指出，資本配置是我們處理這個專案的最重要因素。那我可以把時間交給 Victor 嗎？他將簡單介紹一下我們為實現優化專案目標所做的工作。那麼維克多，交給你了。

Thank you, Mark. All the building projects, basically, over the last few months working with DRA on the feasibility study, the work has actually revealed that there are some opportunities for further optimization, given the size of the project in terms of the amount of oil we will be mining, the waste will be mining, as well as the capital required for the project.

謝謝你，馬克。基本上，在過去幾個月與 DRA 合作進行可行性研究的所有建設項目，工作實際上表明，考慮到項目的規模（我們將要開采的石油量、將要開採的廢物量以及項目所需的資金），還有一些進一步優化的機會。

As far as the mining side of things is concerned, the feasibility study which we're looking at, looks at 240,000 tons per month, so there are opportunities to relook at the pit and mine scheduling, particularly as this relates to our MacCays and Isabella operations, which are really within a 5-kilometer radius of each other. So there are opportunities there to reduce the upfront capital cost and also the operating costs of a life of mine.

就採礦方面而言，我們正在進行的可行性研究是每月 240,000 噸，因此有機會重新審視礦坑和礦山調度，特別是因為這與我們的 MacCays 和 Isabella 業務有關，這兩個業務實際上彼此相距 5 公里半徑範圍內。因此，有機會降低前期資本成本以及礦山壽命的營運成本。

On the metallurgical side, as you know, we are going to use the BIOX processing method. The way we have looked at it now is that Phase 1 of the project will focus on Isabella and MacCays, and then Phase 2, which will come around here 6, we focus on processing our ore from our Bubi mine.

在冶金方面，如您所知，我們將使用 BIOX 加工方法。我們現在的想法是，計畫第一階段將集中在伊莎貝拉和麥凱斯，然後第二階段將在 6 號左右進行，我們專注於加工來自布比礦的礦石。

So what we have done to optimize the capital there, we're looking at actually stripping out whatever upfront capital we're going to put in on the BIOX plant, strip out the carpets related to Bubi so that upfront we only deal with Capex related to Isabella and MacCays. Obviously, this has implications in terms of maybe the future capital, but at least the upfront capital which we have to put up now, will have gone down a bit.

因此，我們為優化那裡的資本所做的工作是，實際上我們正在考慮剝離我們將在 BIOX 工廠投入的任何前期資本，剝離與 Bubi 相關的地毯，以便我們前期只處理與 Isabella 和 MacCays 相關的資本支出。顯然，這可能會對未來的資本產生影響，但至少我們現在必須投入的前期資本會下降。

We also exploring the option of exporting concentrates. In the last few months, we have established that the Zimbabwe government can actually allow us to export concentrates, which means we won't have to put up the BIOX plant upfront. So we can put it maybe after two or three years, that saves upfront capital costs. So it's one of the optimization options which we're looking at.

我們還在探索出口精礦的選擇。在過去的幾個月裡，我們已經確定津巴布韋政府實際上允許我們出口精礦，這意味著我們不必預先建立 BIOX 工廠。因此我們可以假設，也許兩三年後，就能節省前期資本成本。所以這是我們正在考慮的最佳化選項之一。

As far as the infrastructure is concerned, this is really focused on the power requirements of the project. The biggest cost there is actually the power line, the direct supply power line, which will have to -- which will be about 70 kilometers. So we are in negotiations with the power authorities to actually put up -- we will put up the CapEx required for that line, but we can recoup that in the form of credits on our monthly electricity bill. So that will change the economics of the project.

就基礎設施而言，這實際上集中於專案的電力需求。那裡最大的成本實際上是電力線，即直接供電線路，大約有 70 公里。因此，我們正在與電力部門進行談判，我們將支付該線路所需的資本支出，但我們可以透過每月電費中的信用額度來收回這筆費用。這將改變該項目的經濟狀況。

We're also looking at other things like the conveyors, which will result in us reducing again the upfront capital cost and also the OpEx over time. There's also the issue of the contractor pricing. We think we can get better pricing from contractors when we looked at -- when we look at the earth moving, the civils and the infrastructure. So that's an area we're looking at. We think there are savings to be had there.

我們也正在研究傳送帶等其他東西，這將幫助我們再次降低前期資本成本以及隨著時間的推移的營運成本。還有承包商定價的問題。我們認為，當我們考慮土方工程、土木工程和基礎設施時，我們可以從承包商那裡獲得更好的價格。這是我們正在關注的領域。我們認為這樣做可以節省開支。

We are looking at the tailing storage facility, the TSF. It is the single largest cost in this project. So we are really looking at the waste itself in terms of what the impact will be on the lining for us to comply from an environmental point of view. So that's work which maybe requires us to spend a little bit of money on it and a little bit of time on it to actually come up with the right lining requirements for the TSF and actually reduce the cost.

我們正在查看尾礦儲存設施，即 TSF。這是該專案中最大的單項成本。因此，我們真正關注的是廢物本身對襯裡的影響，以便我們從環境角度遵守規定。因此，這項工作可能需要我們花一點錢和一點時間來真正提出 TSF 的正確襯砌要求並真正降低成本。

There's the issue of the relocation. In the last, presentation, we did say there was an opportunity to relook at the location of the TSF. We do own the Motapa property next door as you know, so the terrain there is a little bit more suitable for the tailing storage facility. So we are looking at that, but that's more long term. If we do that, that will come in at construction stage.

有一個搬遷的問題。在上次的演示中，我們確實說過有機會重新審視 TSF 的位置。如您所知，我們確實擁有隔壁的莫塔帕地產，因此那裡的地形更適合建造尾礦儲存設施。所以我們正在考慮這個問題，但這是一個更長遠的考慮。如果我們這樣做，那麼這將在建設階段實現。

The other important aspect we are looking at, given that we are optimizing the feasibility study, we are really looking at the smaller options which we had looked at before. But really, at a conceptual level, at a scoping study level to see whether the economics of those can be looked at and can be options for us to look at. As far as timing of the publication or rather for us to come back to the market and say this is what we have, the preliminary results should be out before the end of the year. So we should be able to discuss the cap -- we should have the firm idea of the capital costs and other than the issues relating to the TSF site, which might take a little bit longer, or which will take a bit of longer actually.

我們正在研究的另一個重要方面是，鑑於我們正在優化可行性研究，我們實際上正在研究先前研究過的較小的選項。但實際上，在概念層面上，在範圍界定研究層面上，看看這些的經濟性是否可以被研究，並且可以成為我們可以研究的選擇。至於發佈時間，或者更確切地說，我們回到市場並宣布我們已經擁有了這些，初步結果應該會在年底之前公佈。因此，我們應該能夠討論上限——我們應該對資本成本以及其他與 TSF 站點相關的問題有一個堅定的想法，這可能需要更長的時間，或者實際上需要更長的時間。

After we finish all this, we expect to engage with the Zimbabwe authorities first on the issue of concentrates and other matters related to the project in general. Mark has already said, once we finish this process, when we've got a firm CapEx cost, we will engage with our prospective debt funders and move the project forward. The smaller scale options, as I have said, we are really looking at the meta scoping study level, but they should tell us whether there is merit to assess them. This will also be available at the same time as the feasibility study itself. Mark, that's all I can say about the project.

完成所有這些工作後，我們期望首先與津巴布韋當局就精礦問題以及與該項目相關的其他事宜進行接觸。馬克已經說過，一旦我們完成這個過程，當我們有了確定的資本支出成本時，我們就會與我們的潛在債務融資者合作，推動專案向前發展。正如我所說，對於較小規模的選項，我們確實在關注元範圍界定研究層面，但它們應該告訴我們是否有價值去評估它們。這也將與可行性研究本身同時進行。馬克，關於這個計畫我只能說這些。

Good. Okay, thank you, Victor. Can we now and ask Craig, our Vice President of Technical Services to quickly outline what we're doing in terms of exploration and also to talk about the -- some of the near-term revenue opportunities that we're working on. So Craig, over to you.

好的。好的，謝謝你，維克多。現在我們可以請我們的技術服務副總裁克雷格快速概述我們在探索方面所做的工作，並談談我們正在努力的一些近期收入機會。那麼 Craig，就交給你了。

Thanks, Mark. I'll just quickly take you guys through ex through exploration and the near-term opportunities for Caledonia. So if you can move on to the next slide, please.

謝謝，馬克。我將快速帶領大家了解卡利多尼亞的探索歷程和近期機會。請移至下一張投影片。

One of our key focus areas for this year is Motapa. So at the end of last year, we put out a press release detailing the initial work that we had done. So for this year, exploration at Motapa, we've got a budget of just under $3 million. So the three trends that are there, North, Central, i.e. Maudzi and South. On the Motapa North, we are focusing this year to drill out a minimum of 250,000 ounces into a mineral resource. It's about 19,500 meters of drilling that you've got planned, it's about 170 drill holes. Important to note is that we're only targeting down to about 150 meters. So that doesn't mean that everything stops there. It's kind of the first phase. I'm pretty sure that we'll be drilling there next year to grow that sulfide resource.

莫塔帕是我們今年關注的重點地區之一。因此，去年年底，我們發布了一份新聞稿，詳細介紹了我們所做的初步工作。因此，今年我們在莫塔帕進行勘探的預算略低於 300 萬美元。因此，有三種趨勢：北部、中部（即 Maudzi）和南部。在莫塔帕北部，我們今年的重點是鑽探至少 25 萬盎司的礦產資源。您計劃的鑽探長度約為 19,500 米，約有 170 個鑽孔。值得注意的是，我們的目標只是大約 150 公尺。但這並不意味著一切都就此停止了。這算是第一階段。我非常確定我們明年會在那裡鑽探以增加硫化物資源。

In our central area, as we've said before, the Maudzi block, it's on a banded iron formation, and our crops on surface, and lots of sur lots of surface scratchings and things like that. We've trenched the area significantly. The goal for this year is to define an oxide mineral resource of greater than about 30,000 ounces. And I just want to caveat that it comes with everything relating to, is it amenable to a heap bleach? What is the characteristics of the ore, where is the oxide, sulfide, boundary, and things like that. But we've got about 6,000 meters of drilling planned to have a look at that. And quite clearly, Bilboes is being from the (inaudible), it's probably about 400 meters to 500 meters away from the Bilboes heap bleach pads. So quite clearly, if we do the work, we've got a source of all for the Bilboes heap bleach pads.

在我們的中心區域，正如我們之前所說，Maudzi 區塊位於帶狀鐵建造上，我們的農作物在地表上，還有很多表面划痕和類似的東西。我們已經在該地區挖掘了大量的戰壕。今年的目標是確定超過 30,000 盎司的氧化物礦物資源。我只是想提醒一下，它附帶了所有相關的東西，它適合用漂白劑嗎？礦石的特徵是什麼，氧化物、硫化物、邊界在哪裡等等。但我們計劃進行約 6,000 公尺的鑽探來查看這一點。很明顯，比爾博斯來自（聽不清楚），距離比爾博斯堆漂白墊大概有 400 公尺到 500 公尺。因此很明顯，如果我們進行這項工作，我們就會得到 Bilboes 堆漂白墊的所有來源。

With all of the work that we're doing, we're continually trenching across the shear zones that we find. And as we dig out some more info, Motapa South has revealed that there's a 600-meter on strike anomaly. Where the trenches have returned anomalous values over a 20 meters to 25 meters width. So in this year, we are going to be doing some in full trenching there. And I hope to get a few more funds on the towards the back end of the year to go and do a bit of drilling if the results are actually quite positive, so that's Motapa in a nutshell. If we can move on to the next slide and we talk a bit about Blanket.

在我們所做的所有工作中，我們不斷地在發現的剪切帶上進行挖溝。隨著我們挖掘出更多信息，莫塔帕南部發現 600 公尺的撞擊異常現象。溝渠寬度在 20 公尺至 25 公尺範圍內均出現異常值。因此，今年我們將在那裡進行全面挖溝。如果結果確實非常正面的話，我希望在今年年底能獲得更多資金來進行一些鑽探，這就是莫塔帕的概況。如果我們可以進入下一張投影片並討論一下 Blanket。

Blanket underground exploration, so just briefly, it was the beginning of 2024. We released drilling results from Blanket, currently working on an update, which should come out in the next two to three weeks on our long-haul drilling. Long-haul drilling remains very positive, very positive. The grades better than what we think, widths in some areas very much better than what we think. But currently, we have drilled almost about 95% of what we want to drill down to 34 level, to get it all into an indicated resource or better. We are targeting extensions of the main or bodies below 34 level as we, excuse me, as we do need to look at that to determine if we do end up going deeper, first of all, is the minimalization there.

全面地下探索，簡單來說，就是2024年的開始。我們發布了 Blanket 的鑽探結果，目前正在進行更新，預計在未來兩到三週內我們的長距離鑽探結果將會公佈。長途鑽探仍然非常積極，非常積極。等級比我們想像的要好，某些區域的寬度比我們想像的要好得多。但目前，我們已經鑽探了大約 95% 的地下水，達到了 34 級深度，可以將其全部轉化為指示資源或更好的資源。我們的目標是擴展主要部分或 34 級以下的實體，因為，對不起，我們確實需要研究這一點，以確定我們是否最終會走得更遠，首先，是那裡的最小化。

But one of the things that has also stuck out at Blanket is that kind of pre or, sorry, post 1970, maybe post 1980. There hasn't been a lot of work done on surface, right? So to put it into context, just to our South on our Southern boundaries, the Vumba Chikwe gold mine. That's now gone into receivership and things like that. That's on a banded iron formation as well. It's probably separated, a cross strike or -- yeah, cross strike 300 meters to 400 meters away from the Blanket shear zone. Now, this banded eye information runs all the way through the Blanket lease area. It's about 10k in strike length. Pre-1970, there's some historic data that we are working through. And quite clearly, there are showings of good grades, there's showings of poor grades.

但 Blanket 還有一個突出的特點，就是那種 1970 年之前，或者，抱歉，是 1970 年之後，也許是 1980 年之後的感覺。表面上還沒有做很多工作，對嗎？具體來說，就在我們南部邊界的南邊，有 Vumba Chikwe 金礦。現在它已進入破產管理程序等。那也是在帶狀鐵構造上。它很可能是分開的，是橫向打擊，或者——是的，橫向打擊距離毯狀剪切帶 300 公尺到 400 公尺。現在，這種帶狀眼訊息貫穿了整個毯子租賃區。打擊長度約 10k。我們正在研究 1970 年之前的一些歷史資料。很明顯，有成績好的人，也有成績差的人。

But we have now embarked on a strategy of what can we get from surface? Typically, oxide type material, that we can bring into the Caledonia stable some low cost, $1 per ounce gold. It's not all just limited to surface. The bottom one there is smiler. We'll put out some info in due course. But again, historically, it's been mined down to about a depth of 150 meters. It's 1.5k north of Lima, which is the northernmost shaft at Blanket. It's got very good grades. It's got good wits, very amenable to mining. So your typical type of my mining wits. So again, we'll start to have a look at that and we'll bring that into the stable at Blanket. If we move on to the next slide, something I'm quite excited about is what we call these near-term opportunities.

但現在我們已經開始製定戰略，我們可以從表面得到什麼？通常，我們可以將氧化物類型的材料帶入喀裡多尼亞，穩定一些低成本的黃金，每盎司 1 美元。這一切並不只限於表面。下面那個是微笑者。我們將在適當的時候發布一些資訊。但從歷史上看，它的開採深度約為 150 公尺。它位於利馬以北 1.5 公里處，是 Blanket 最北端的豎井。它的成績非常好。它非常聰明，非常適合挖掘。所以你是我的典型挖掘智慧類型。因此，我們會再次開始研究這個問題，並將其帶入 Blanket 的穩定狀態。如果我們進入下一張投影片，我非常興奮的是我們所說的這些近期機會。

So both at Motapa and at Bubi, as Victor said, Bubi is part of the Bilboes project. But both of these old mines or old areas have what we call spent heap bleach pads. Now, what we mean by that is that they were last irrigated in the year 2000 or last irrigated in the year 2020. But the big thing about these heap bleach pads is they were run of mine bleach pads. So what I mean by that is that the owners would mine and they would drill and blast, and they would take the blaster drop and load it directly onto a pad. So it did not go through a crushing circuit at all.

因此，正如維克多所說，無論是在莫塔帕還是在布比，布比都是比爾博斯計畫的一部分。但這兩個老礦井或舊區域都有我們所說的廢堆漂白墊。現在，我們的意思是，它們最後一次灌溉是在 2000 年，或者最後一次灌溉是在 2020 年。但這些堆積漂白墊的最大問題是，它們都是用過的漂白墊。所以我的意思是，業主會進行開採、鑽孔和爆破，然後他們會把爆破器放下來並直接裝載到平台上。所以它根本沒有經過粉碎電路。

If we just have a look there, Motapa, the spent heat bleach pad had a historical recovery from the records that we have of 53%. Bubi had just under a 61% historical recovery. To put it into context, Bilboes has installed a crushing circuit into their run of mine flow of all, and the Bilboes recovery is just north of 82%, I think it is. So in a nutshell, very quickly, we've already started this work, a crushing and screening operation with a load onto a pad and leech. We could probably add somewhere in the region of 30,000 ounces to 40,000 ounces of recoverable gold over the next two to three-year period at even lower cost than what a normal open pit mine would operate at. So we are clearly pushing this quite hard and it's exciting. Thanks, Mark. That's all I've got to add on the exploration site.

如果我們看一下，莫塔帕，根據我們掌握的記錄，廢熱漂白墊的回收率達到了 53%。Bubi 的歷史復甦率略低於 61%。具體來說，Bilboes 在其整個礦場運行流程中安裝了一個破碎迴路，我認為 Bilboes 的回收率剛好在 82% 以上。簡而言之，我們很快就開始了這項工作，即將負載放到墊子和吸盤上進行破碎和篩選操作。我們可能在未來兩到三年內增加 30,000 盎司到 40,000 盎司的可回收黃金，而且成本甚至比普通露天礦場的營運成本還要低。所以我們顯然正在努力推動這一進程，這是令人興奮的。謝謝，馬克。這就是我在探索網站上要補充的全部內容。

Thank you, Craig. Okay, so we've spent quite a long time. We've been on this for 50 minutes or so. So can we quickly go to the outlook? I'll get through this as quickly as we can.

謝謝你，克雷格。好的，我們已經花了很長時間了。我們已經討論這個問題大約 50 分鐘了。那我們可以快速前往展望嗎？我會盡快解決這個問題。

So our objectives are -- it's really a strategic focus in discipline growth. So the immediate objectives are to maintain Blanket production as it is at the moment. We've got off to an excellent start this year. We'll continue to progress our cost reduction initiatives, hopefully by the end of the year, we'll see some progress on that. We -- as you've heard, we are expanding the exploration activities at Blanket with a view to extending Blanket life of mine, and also to explore new opportunities on the lease area.

因此，我們的目標是──這確實是學科發展的策略重點。因此，目前的目標是維持目前的毯子生產。今年我們有了一個好的開始。我們將繼續推進我們的成本削減舉措，希望到今年年底，我們能看到一些進展。正如您所聽到的，我們正在擴大 Blanket 的勘探活動，以期延長 Blanket 礦的開採壽命，同時也在租賃區域探索新的機會。

We'll continue, as Victor's explained, to evaluate beneficial development op options for Bilboes with a view to optimizing the economics and reducing the upfront capital cost. And then, as Craig's also outlined, we're very excited about the potential at Motapa. So we -- we've covered a lot of ground there. I'm sorry about that, but I hope you found it useful. Can we open this up to questions?

正如 Victor 所解釋的那樣，我們將繼續評估對 Bilboes 有利的開發營運方案，以優化經濟效益並降低前期資本成本。然後，正如克雷格所概述的，我們對莫塔帕的潛力感到非常興奮。所以我們——我們已經在那裡涵蓋了很多內容。對此我感到很抱歉，但我希望它對你有用。我們可以就此展開提問嗎？

Thanks very much for that, Mark. Now, if you'd like to ask a question, please use the raise your hand button, which is down at the bottom of your screen. If you're on the telephone, please press 9. So just hold for two seconds before we -- for people to come through on the question side of things, and then we've got our first question, which is from Howie Flinker. Howie, please go ahead.

非常感謝，馬克。現在，如果您想提問，請使用螢幕底部的舉手按鈕。如果您正在打電話，請按 9。因此，請稍等兩秒鐘，讓我們先讓大家提出問題，然後我們來回答第一個問題，來自 Howie Flinker 的。豪伊，請繼續。

So Howie, please go ahead if you just unmute yourself, you can ask your question.

所以 Howie，如果你取消靜音，請繼續，你可以提出你的問題。

I have no questions. Okay, that's nice quarter, guys.

我沒有問題。好的，夥計們，這是一個不錯的季度。

Okay. Thank you, Howard. Very unusual for you to have no questions. That's great. Thank you.

好的。謝謝你，霍華德。您沒有提出任何問題，這很不尋常。那太棒了。謝謝。

We've got our next question is from Nic Dinham. Nic, please go ahead.

我們的下一個問題來自 Nic Dinham。尼克，請繼續。

Okay. Hi, everybody. Thanks. That was a really impressive presentation. Thank you. A couple of questions. James, you -- you've unpacked a lot more data than we've seen traditionally about the mine itself, and you've given us some comfort that you're balancing out the reserves and against the production. What about the longer-term aspects of mine development, the developments on the declines and the other work that you're doing, is that where it should be at the moment? That's the first question.

好的。大家好。謝謝。那真是一次令人印象深刻的演講。謝謝。有幾個問題。詹姆斯，你——你已經解析了比我們傳統上看到的有關礦井本身的更多數據，並且你讓我們感到欣慰的是，你正在平衡儲量和產量。那麼礦山開發的長期方面、斜坡開發以及您正在做的其他工作目前應該處於什麼狀態呢？這是第一個問題。

Thanks, Nic. So yes, so the development on the decline at the moment as you can see, we have made a decision, when we took over, we realized there were quite some shallow reserves that we could mine. I mean, myself and Craig, we went in and we realized closer to the surface, you don't need much ventilation, you don't need a lot of energy, you can just get these ounces out to surface. So we've decided to slow down going down because it's going to be costly both in terms of trimming and all the other costs. So we actually getting our production better closer to surface, but obviously, in the medium to longer term, we will have to restart those declines and go better, go deeper.

謝謝，尼克。是的，正如你所看到的，目前開發正在下降，我們已經做出了決定，當我們接手時，我們意識到有相當多的淺層儲量可以開採。我的意思是，我和克雷格進入水中後發現，靠近水面時，不需要太多的通風，不需要太多的能量，只需將這些盎司的物質帶到水面即可。因此，我們決定放慢下降速度，因為無論是修剪還是其他所有成本，這都將是昂貴的。因此，我們實際上可以在更接近地面的地方更好地進行生產，但顯然，從中長期來看，我們必須重新開始這些下降趨勢，並且做得更好，更深。

Thank you. The next question is really a little bit about Blanket dividends and it's a part it can play in the future. Within the next two or three years, your mine is obviously making a lot of money. What were the dividends that came out of blanket in 2024? And this is a difficult one for you, but if we look ahead for the year, how much money do you think you can extract from Blanket to fund the rest of your business? And what is the likely closeout horizon on the facilitation loans under the current gold price scenario?

謝謝。下一個問題實際上是關於綜合股息及其在未來可以發揮的作用。未來兩三年內，你的礦場顯然會賺很多錢。2024年共派發了多少股利？這對您來說是一個難題，但如果我們展望今年，您認為您可以從 Blanket 獲得多少錢來資助您剩餘的業務？在目前金價情勢下，這些便利貸款的可能清償期限是多久？

Ross, do you want to deal with that or.

羅斯，你想處理這個嗎？

You're going to talk about facilitation loans.

您將要談論便利貸款。

Well, let me deal with the facilitation loans first. Well, look, first thing is Blanket's -- just Blanket's, dividend distributions. We don't -- Blanket is not a cash trap, okay, so it's in all the shareholders' interests, all the Blanket shareholder interests to effectively take as much cash as anybody as you can out of Blanket. We want that and the other shareholders want that too, okay, so the balance has to be you don't overdistribute, which we -- we've avoided doing. At this rate, I would expect the facilitation loans to get repaid in about 12 months' time, at this rate of distribution and cash generation. I'll leave it to Ross to talk about how much cash he thinks he might be able to get out of a Blanket over the course of the year.

好吧，讓我先處理一下便利貸款。好吧，看，首先是 Blanket 的——只是 Blanket 的股息分配。我們不會——Blanket 不是一個現金陷阱，好吧，所以從 Blanket 中盡可能多地獲取現金符合所有股東的利益，所有 Blanket 股東的利益。我們想要這樣，其他股東也想要這樣，好吧，所以平衡點必須是不要過度分配，而我們一直避免這樣做。按照這樣的速度，我預計這些便利貸款將在大約 12 個月內償還，以這樣的分配和現金產生速度。我讓羅斯來談談他認為今年他可以從毯子裡得到多少錢。

Thanks, Mark. Hi, Nic. Yeah, quite feasibly, we'd be able to end up end of the year with a cash balance of between $50 million and $60 million, depending on various levers that we look at, so it's quite an exciting trajectory in terms of cash flows coming through. We are looking at various initiatives as part of that cost program in terms of various initiatives, in terms of longer-term saving and bringing costs down. So there might be some additional capital that's deployed into those projects. So short-term spend to gain a longer-term horizon and we'll use our cash on that, but quite feasibly, we're looking at a closing balance of about anywhere between $50 million and $60 million.

謝謝，馬克。你好，尼克。是的，很有可能，到年底，我們的現金餘額將達到 5000 萬美元到 6000 萬美元之間，具體取決於我們考慮的各種槓桿，因此，就現金流而言，這是一個相當令人興奮的軌跡。我們正在研究作為成本計畫一部分的各種舉措，包括長期節省和降低成本的各種舉措。因此可能會有一些額外的資本投入這些項目。因此，短期支出是為了獲得長期利益，我們會將現金用於此，但很有可能，我們預計期末餘額約為 5,000 萬美元至 6,000 萬美元之間。

Thank you. Anything else, Nic?

謝謝。還有什麼嗎，尼克？

Yeah. I just wanted to -- you still own a couple of small exploration projects which would just not be the right time to shake yourself loose from them, given how big your commitment is in Bilboes.

是的。我只是想——考慮到你對 Bilboes 的巨大投入，你仍然擁有幾個小型勘探項目，現在還不是擺脫這些項目的合適時機。

Which one -- which ones are you particularly thinking about? What's the other one?

哪一個－您特別考慮哪一個？另一個是什麼？

The two Molly Green.

兩位莫莉·格林。

Molly green is -- there's nothing wrong with Molley Green. It's been incubated at the moment, no, we wouldn't sell that. What's -- I can't think of any anything else that we've got.

莫莉·格林——莫莉·格林沒有任何問題。它目前正在孵化，不，我們不會出售它。什麼——我想不出我們還有什麼其他東西。

And yeah, so finally, I think you touched on that, is the tempting things that you could do with now the money, the strategic, the position the company is in now is materially different from what it was a year ago and possibly even when your budgets were set. So there are potential opportunities, and I think you previously have spoken about investment in electricity, but is there anything else out there that attracts you like more investment in exploration around?

是的，最後，我想你已經提到了這一點，那就是你可以用現在的錢、戰略來做一些誘人的事情，公司現在的地位與一年前甚至可能與製定預算時的地位有實質性的不同。因此存在潛在的機會，我認為您之前曾談到對電力的投資，但還有什麼可以吸引您，例如對週邊勘探的更多投資？

I think we've got plenty on our plate right now. We've got some exciting potential investment opportunities, so no, we've got more than enough to look at. Thank you very much.

我認為我們現在有很多事情要做。我們有一些令人興奮的潛在投資機會，所以，我們有足夠的東西可以看。非常感謝。

Thanks very much, Nic. Just to remind everybody, if they'd like to ask your question, please do press star one. Okay, just remind everybody if you'd like to ask a question, please do raise your hand or press star nine on the telephones on there. So we've got a next question which is from Tatira Suwan Nora. Please go ahead, unmute yourself in order to ask your question. Thank you.

非常感謝，尼克。只是提醒大家，如果他們想問問題，請按星號。好的，提醒大家一下，如果您想提問，請舉手或按下電話上的星號 9。我們的下一個問題來自 Tatira Suwan Nora。請繼續，取消靜音以便提出您的問題。謝謝。

Hi, can you hear me?

嗨，你聽得到我說話嗎？

Yeah, we can hear you.

是的，我們能聽到你的聲音。

Right, thank you. You had previously set aside $41 million in CapEx for 2025 to modernize operations, improve mining efficiency, and invest in exploration efforts. I think of this amount, you had said 3.4 -- $34.1 million had been set aside for Blanket and $6.9 million for Bilboes and Motapa. How much of that has been spent to date?

好的，謝謝。您之前已為 2025 年預留了 4,100 萬美元的資本支出，用於實現營運現代化、提高採礦效率並投資於勘探工作。我想到這個金額，您說過 340 萬美元——為 Blanket 預留了 3410 萬美元，為 Bilboes 和 Motapa 預留了 690 萬美元。到目前為止已經花了多少錢？

That's disclosure, but a roster of approximately 10 across both.

這是公開訊息，但兩家公司的名單大約有 10 人。

Yeah, we've done approximately 10. So the only impediment to spending that money is just the speed of doing it. It comes down to sometimes procuring things can have quite a long lead time, sometimes it's getting drilling service providers to actually get the -- so the only impediment is isn't the availability of cash, it's just physically spending that much money that quickly. Does that help?

是的，我們已經做了大約 10 個。因此，花掉這筆錢的唯一障礙就是花的速度。歸根結底，有時採購東西可能需要相當長的準備時間，有時需要讓鑽井服務提供者真正獲得——所以唯一的障礙不是現金的可用性，而是實際快速地花掉那麼多錢。這樣有幫助嗎？

Yes. I just -- one more follow up. Since there's been an increase in your cash generation and you would -- throughout the quarter, and indications that you want to build up your cash balance sheet at the end of the year to between $50 million and $60 million. So in terms of sourcing for your CapEx for the rest of the year, is it safe to assume that most of that will be coming from this? Could you explain on that?

是的。我只是——再跟進一下。由於您的現金產生量有所增加，並且整個季度您都會有跡象表明您希望在年底將現金資產負債表擴大到 5000 萬美元至 6000 萬美元之間。那麼，就今年剩餘時間的資本支出來源而言，是否可以安全地假設大部分資本支出將來自於此？你能解釋一下嗎？

All of our CapEx is funded from internal cash generation, so the $50million to $60 million that Ross referred to is after CapEx. So the mine will generate 100, of which 40 will get spent in CapEx, and the balance is what's left over. So we fund the CapEx from cash flows.

我們所有的資本支出均來自內部現金流，因此羅斯提到的 5,000 萬至 6,000 萬美元是在資本支出之後。因此，該礦將產生 100 美元，其中 40 美元將用於資本支出，餘額是剩餘的。因此，我們利用現金流來支付資本支出。

Thanks very much. We've no further questions at the moment, so maybe if I could turn back to you, Mark, for any closing remarks.

非常感謝。我們目前沒有其他問題，所以也許我可以回到馬克，請你做最後的總結發言。

Okay, well, thank you all for your attendance. It was a good quarter, but hopefully, at this gold price continuing and as a -- with a robust start to production of the year, hopefully, we'll see improvements in quarter 2 and thereafter, so we'll update you next quarter. Thank you very much for attending.

好的，謝謝大家的出席。這是一個好的季度，但希望在金價持續上漲以及今年生產開局強勁的背景下，我們將在第二季度及之後看到改善，因此我們將在下個季度向您通報最新情況。非常感謝您的出席。