Caledonia Mining Corporation PLC (CMCL) 2025 Q3 法說會逐字稿

Good afternoon, and welcome to the Q3 2025 results presentation for Caledonia Mining. Today, we're joined by Mark Learmonth, who's the CEO, and he's going to introduce the webinar and start his presentation. Mark, over to you.

下午好，歡迎參加卡利多尼亞礦業公司2025年第三季業績發表會。今天，我們邀請到了執行長馬克·利爾蒙斯，他將為大家介紹本次網路研討會並開始他的演講。馬克，該你了。

Thank you. (technical difficulty) move on to the forward-looking statement and disclaimer page.

謝謝。 （技術故障）請繼續瀏覽前瞻性聲明和免責聲明頁面。

Next page, there you go. And then the presenting team. So yes, I'm Mark Learmonth, Caledonia's Chief Executive; joined by Ross Jerrard, the CFO, who will run us through the financial numbers. James Mufara, the Chief Operating Officer, will talk to us about operations. Victor will say a few words about Bilboes and Craig will -- Craig Harvey will talk to us about the -- some of our exploration initiatives.

下一頁，好了。然後是頒獎團隊。是的，我是卡利多尼亞執行長馬克‧利爾蒙斯；我的搭檔是財務長羅斯‧傑拉德，他將為我們介紹財務數據。首席營運長詹姆斯·穆法拉將向我們介紹營運情況。Victor 將簡要介紹 Bilboes，而 Craig 將——Craig Harvey 將向我們介紹——我們的一些勘探計劃。

Can we just move to the next page? Okay. The first thing I'll point out is that, as you probably noticed, we no longer publish the standard sort of management discussion and analysis and the detailed financial statements.

我們可以直接跳到下一頁嗎？好的。首先我要指出的是，正如您可能已經注意到的，我們不再發布標準的管理層討論與分析以及詳細的財務報表。

So quarters one and quarter three will produce what we've done this morning, which is like a truncated version, but I think that's more than adequate for conveying the substance of what we're doing. But as we get into the presentation, first, we must recognize that we had a fatality during the quarter, and we extend our condolences to the family and the colleagues of the man who tragically lost his life.

所以第一季和第三季將產生我們今天上午所做的成果，這就像一個縮減版，但我認為這足以傳達我們正在做的事情的實質內容。但在我們開始報告之前，首先，我們必須承認本季發生了一起死亡事故，我們向這位不幸喪生的男士的家人和同事表示慰問。

James will talk to us more about what we've done in the aftermath of that to comprehensively review our safety procedures and safety practices, and what we're doing to strengthen our risk management and workforce protection. So James will go into that in some more detail. It was a solid performance operationally. Production at Blanket was just over 19,000 ounces, and we sold just over 20,000 ounces. And that was clearly -- we've clearly been helped by the rising gold price.

James 將與我們進一步探討在那之後我們採取了哪些措施來全面審查我們的安全程序和安全措施，以及我們正在採取哪些措施來加強風險管理和員工保護。所以詹姆斯會更詳細地談談這個問題。從營運角度來看，表現穩健。Blanket 礦的產量略高於 19,000 盎司，而我們則售出了略高於 20,000 盎司。很明顯，金價上漲對我們有幫助。

So the gold price is up 40% quarter-on-quarter, comparable quarter to this quarter to just over $3,400 an ounce, which drove a strong improvement in revenue and also profitability. So revenue up 52% to $71 million and EBITDA up 162% to $33 million. Ross will clearly provide more information on the financials.

因此，黃金價格環比上漲 40%，達到每盎司 3,400 美元以上，這推動了收入和獲利能力的顯著提高。因此，營收成長 52% 至 7,100 萬美元，EBITDA 成長 162% 至 3,300 萬美元。羅斯顯然會提供更多財務方面的資訊。

With respect to Bilboes, as we say in the RNS, we expect to give an update as to where we are and where we're going with that imminently. So Victor is on hand to say something.

關於 Bilboes，正如我們在 RNS 中所說，我們預計很快就會發布最新消息，說明我們目前的進展以及未來的發展方向。所以維克多會在現場說些什麼。

But frankly, until we've imminently said something, there's not a great deal we can say at this stage. And then Craig will run us through the exploration programs at Blanket and Motapa, which we're advancing and which is showing very, very encouraging results.

但坦白說，在我們正式宣布之前，現階段我們能說的並不多。然後，克雷格將向我們介紹我們正在推進的 Blanket 和 Motapa 的勘探計劃，這些計劃已經顯示出非常非常令人鼓舞的結果。

And then finally, I'll just remind you all that in addition to these results, we've this morning declared another quarterly dividend of $0.14 a share. So with that, can I hand over to James to run us through the operating results? James, over to you.

最後，我還要提醒大家，除了這些業績之外，我們今天早上還宣布派發每股 0.14 美元的季度股息。那麼，接下來我可以把時間交給詹姆斯，讓他為我們介紹一下營運結果嗎？詹姆斯，該你了。

Thank you very much, Mark. Good day to you all. It is very sad that -- I mean, in this quarter, we actually have to report a loss of life incident that occurred at our Blanket mine. In this very quarter, one of the things that why it's -- this tragic is we have seen quite a serious improvement in terms of our health and safety parameters, and that's in terms of lost time injuries, in terms of environmental conditions underground, ventilation conditions underground, we have seen an all-round improvement and accident-free days, we've seen quite a serious improvement. However, we still suffered this loss of life in which the gang leader who was conducting -- in the process of conducting secondary blasting actually had a premature detonation and he lost his life.

非常感謝你，馬克。大家好。非常令人悲痛的是——我的意思是，在本季度，我們不得不報告一起發生在我們布蘭克特礦場的傷亡事故。就本季而言，造成這種悲劇的原因之一是，我們在健康和安全參數方面看到了相當大的改善，包括工傷事故、地下環境條件、地下通風條件，我們都看到了全面改善，無事故日也看到了相當大的改善。然而，我們仍然遭受了這樣的生命損失，當時正在執行二次爆破的團夥頭目發生了意外爆炸，不幸喪生。

Secondary blasting operation is an operation where we break some of the bigger rocks that could have been generated during the time of primary blasting, so that you can send them through into our ore buses and be in a position to take them out to surface. Immediately after this accident, we embarked on an investigation, thorough investigation and extensive investigation to determine the root causes of this accident.

二次爆破作業是指將一次爆破過程中產生的一些較大的岩石破碎，以便將它們送入我們的礦石運輸車，並運送到地面。事故發生後，我們立即展開了徹底、廣泛的調查，以確定事故的根本原因。

We had also reported -- we reported also this to the government who also actually conducted a thorough, extensive investigation on their own to determine this root cause and possible areas where we can see improvements. The investigation is complete now and action plans that we found out are currently being implemented to avoid any possible recurrence of these significant unwanted events. So one of the key issues that we still need to deal with is the issue of our employees and higher risk appetite that we see within the operations.

我們也曾向政府報告過此事，政府也確實自行進行了徹底、廣泛的調查，以確定根本原因以及我們可以改進的領域。調查現已結束，我們發現的行動計劃目前正在實施，以避免此類重大不良事件再次發生。因此，我們仍然需要解決的關鍵問題之一是員工問題以及我們在營運中看到的較高風險承受能力。

If you can just go to the next slide, please. And the next one. In terms of the slides that are now showing, I mean, you will see that and this depicts a consistent delivery that we are now witnessing at Blanket mine from the third quarter of 2024 to now, you can see that the delivery has almost reached a steady state. I mean almost delivering at the same level. This is the recipe to good production and actually consistency, that's what a plant wants, the plant wants consistent delivery, and this is what we're beginning to see.

請直接跳到下一張投影片。下一個。就目前展示的幻燈片而言，我的意思是，你會看到，這描繪了我們從 2024 年第三季至今在 Blanket 礦場持續交付的情況，你可以看到交付量幾乎已經達到穩定狀態。我的意思是，幾乎達到了相同的水平。這就是實現良好生產和穩定性的秘訣，這正是工廠所需要的，工廠需要穩定的供應，而這正是我們開始看到的。

This has been brought about mainly by three issues, but there is obviously a lot more other issues behind this. And the first one is the introduction of the short interval control system that we see on the mining and the metallurgical side, where production is managed on the short interval control basis.

這主要是由三個問題造成的，但顯然背後還有很多其他問題。第一個變化是引入了短間隔控制系統，我們在採礦和冶金領域可以看到這種系統，生產就是在短間隔控制的基礎上進行管理的。

The second reason is that we have seen is that there's been a consistent tonnage throughput, because now the plant we can feed from the stockpile, and we are in a position to see consistent throughputs due to feeding from the stockpile.

第二個原因是，我們看到噸位吞吐量一直保持穩定，因為現在工廠可以從庫存中進料，而且由於可以從庫存中進料，我們能夠看到穩定的吞吐量。

The third reason for this consistent performance that we see with the tonnage and steady-state performance is because with the improvement in development that we embarked on starting the end of last year and even carrying on with this year, we are seeing an improvement with regards to flexibility as we are opening up better and more areas for production underground. However, on the center of graph, you will see that there is an unfavorable drop in the orange line, which is the grade line.

我們看到噸位和穩定性能保持穩定表現的第三個原因是，隨著我們從去年年底開始，甚至延續到今年的開發改進工作，我們在靈活性方面看到了進步，因為我們正在開闢更好、更多的地下生產區域。然而，在圖表的中心，你會看到橙色線（即成績線）出現了不利的下降。

The reason for the drop in the grade line is linked to the loss of life accident that we had on the 22nd of September, where we stopped our high-grade areas for up to 20 days while investigations were actually going on. You will see that this year also a negative impact in terms of our recovery, which is on the graph below on the line -- on the graph below where the graph shows that the recovery also took a negative dip, because of the grade that actually went down.

等級下降的原因與 9 月 22 日發生的造成人員傷亡的事故有關，當時我們暫停了高等級區域的施工長達 20 天，以便進行調查。你會看到，今年的復甦也受到了負面影響，如下圖所示——下圖中的線——圖表顯示，由於實際的評分下降，復甦也出現了負增長。

The good news, however, is that the recovery for the year-to-date is still on plan, and we still expect to finish the year high with regards to our recovery. If you may just turn to the next graph, the next -- the table shows how our mining metrices were above plan for the quarter, which is actually showing a healthy production throughput throughout the whole quarter in terms of our tonnes broken, trimmed, hoisted. And most importantly, in terms of our development to generate new areas where we will mine from.

不過，好消息是，今年迄今的復甦仍在按計劃進行，我們仍然預計今年的復甦將達到最高水平。請看下一張圖表，下一張——表格顯示我們的採礦指標在本季度都高於計劃，實際上表明，就我們破碎、修整、提升的噸數而言，整個季度的生產吞吐量都很健康。最重要的是，就我們的發展而言，我們需要開闢新的採礦區域。

You will see that we were green in these areas, and it's very important to be healthy in all these areas. This is consistent production all around. Achieving development will also help us to make sure that our flexibility going forward is going to be better, and this will actually positively impact in terms of employee productivity.

你會看到我們在這些方面都保持綠色，在所有這些方面保持健康都非常重要。這是整體上穩定的生產水準。實現發展也有助於確保我們未來的靈活性更好，這實際上會對員工生產力產生積極影響。

The only color which is not green is the grade color, which we have already explained that some of the higher grade areas, we had to stop them after the loss of life accident that we unfortunately suffered on the 22nd. And because of that, we actually see that the grade was at 3.4 grams per tonne.

唯一不是綠色的顏色是等級顏色，我們已經解釋過，在22日不幸發生人員傷亡事故後，我們不得不停止一些較高等級區域的建設。正因如此，我們看到實際品位為每噸 3.4 克。

However, if you can just carry on to the next table, we see that, at Blanket, we are on course to meet the increased guidance. On this presentation, you will see that the tonnes milled are still about 7% ahead of our desired run rate for the year-to-date. Also important, however, also is the issue with regards to the tail grade, which remains at 0.2 grams per tonne, I mean, which is our plan consistently very, very low, which is showing that our recovery within the plant has remained consistently very, very high.

但是，如果您繼續查看下一張表格，您會發現，在 Blanket，我們正朝著滿足不斷提高的指導方針的方向前進。在本次演示中，您將看到，截至目前，磨粉噸數仍比我們預期的年初至今的運行速度高出約 7%。然而，尾礦品位的問題也很重要，它仍然保持在每噸 0.2 克，我的意思是，這是我們一直以來都非常非常低的計劃，這表明我們在工廠內的回收率一直非常非常高。

The ounces for the year to date is still, even in the end of the quarter, still 3,000 ounces ahead, clearly showing that Blanket is on course to meeting the increased production guidance as given out to the market. If we can just go to the next graph, which shows that we are still securing the future.

即使到了季度末，今年迄今為止的產量仍然比預期高出 3,000 盎司，這清楚地表明 Blanket 正朝著實現向市場發布的提高後的產量指導目標穩步前進。如果我們看下一張圖，就會發現我們仍在為未來保駕護航。

This production has not just been to meet today's need, but it's also securing the needs of tomorrow. You can see that in terms of our reserve generation, which was positive for the quarter. We have met today's production, but without destroying our ability to meet production targets within the future.

這項生產不僅是為了滿足當下的需求，也是為了滿足未來的需求。從我們的儲備金生成情況來看，本季為正值。我們完成了今天的生產目標，但並沒有因此而損害我們未來完成生產目標的能力。

So although our set out goal at the beginning was simply not to deplete reserves, we because of better production, better development actually added reserve ounces as well in the quarter due to better production. This is a healthy state to be in.

因此，儘管我們最初設定的目標只是不耗盡儲量，但由於生產和開發水平的提高，我們實際上在本季度也增加了儲量盎司。這是一種健康的狀態。

If you can just go to the last one, which talks about our focus on productivity. You will see that Blanket being a mine that has been in operation from 1904, some of the areas are further and further from the shaft barrel and deeper as well. There is a need for us to improve productivity and introduce technology within our mining space. We have seen that ourselves is mining. I mean we are price takers and the only area in which we can actually improve our competitiveness is if we can improve productivity.

如果您可以直接跳到最後一個，它談到了我們對生產力的關注。你會發現，布蘭克特礦自 1904 年以來一直在運營，有些區域離豎井筒越來越遠，也越來越深。我們需要提高採礦領域的生產力並引入新技術。我們已經看到我們自己也在進行採礦活動。我的意思是，我們是價格接受者，我們唯一能提高競爭力的領域就是提高生產力。

We have thus embarked on implementing technology in the mine, so that we can better position ourselves to be more productive going forward. In this example, I've just given three of the areas that we have chosen to embark on, which is engineering areas, and one of them being introducing men carriages or men riding. This is but the improved impact in terms of phase time, so that people are on the phase in good time and also so that people have got energy when they arrive on the phase.

因此，我們開始在礦場中應用新技術，以便更好地提升未來的生產效率。在這個例子中，我列舉了我們選擇著手進行的三個領域，即工程領域，其中一個領域是引進馬車或馬匹騎乘。這只是在階段時間方面取得的改進效果，讓人們能及時進入階段，並且到達階段時也精力充沛。

So we have started to implement this within our working areas as a way of increasing productivity, and dealing with increased cost that invariably come with an aging operation. And most importantly is the technology that we are improving.

因此，我們已開始在我們的工作領域內實施這項措施，以提高生產力，並應對老舊營運不可避免地帶來的成本增加。而最重要的是我們正在改進的技術。

We are doing a lot of the work in-house, as a result, it's costing us less to actually implement this technology. We intend to continue to increase and implement this technology to both increase productivity, and also increase the health and safety of our employees. I'll hand over to Ross for the financial section. Thank you.

由於我們許多工作都是內部完成的，因此實際實施這項技術的成本更低。我們計劃繼續增加和應用這項技術，以提高生產效率，同時提高員工的健康和安全。財務部分接下來交給羅斯。謝謝。

Thank you, James. So Ross, do you want to run us through the finance, please?

謝謝你，詹姆斯。羅斯，你可否為我們介紹一下財務狀況？

Thank you, Mark, and thank you, James. My pleasure. Good afternoon, everybody. It's my pleasure to run through the financial results. And as what James described, it's been a challenging quarter, but certainly well delivered.

謝謝你，馬克，也謝謝你，詹姆斯。我的榮幸。大家下午好。我很樂意為大家介紹一下財務表現。正如詹姆斯所描述的那樣，這是一個充滿挑戰的季度，但完成得非常出色。

So if we can turn to the next slide, a quick overview of our financial results and a summary. You'll see gold sold is up 9% to 20,000 ounces against gold produced of just over 19,000 ounces, solid quarter there. I will highlight that those gold produced ounces are the Blanket ounces.

那麼，讓我們翻到下一張投影片，快速概覽一下我們的財務表現並作總結。你會看到黃金銷量上漲了 9%，達到 20,000 盎司，而黃金產量僅略高於 19,000 盎司，這方面增長了整整四分之一。我要強調的是，這些黃金產量盎司是統稱盎司。

There were some 437 ounces that was generated from Bilboes, that we don't account on this table just in order to calculate our on mine costs, et cetera. So a very solid set of numbers in terms of ounces produced and sold.

Bilboes 礦場產生了約 437 盎司黃金，為了計算我們的礦場成本等，我們沒有將其計入此表中。因此，就產量和銷售量而言，這是一組非常可靠的數字。

Just dropping down below that first line, you'll see the on-mine costs, which were up 27% quarter-on-quarter. That's driven by our sort of traditional elements of electricity, labor, and consumables. That increase was incurred this quarter, as James has indicated, there were additional volumes that were having to be processed and moved to compensate for some of those lower grades.

向下滾動到第一行下方，您會看到礦山成本，該成本環比增長了 27%。這是由我們傳統的電力、勞力和消耗品等要素所驅動的。正如詹姆斯所指出的，這一增長是在本季度發生的，因為需要處理和轉移額外的貨物量來彌補一些低等級貨物的損失。

And importantly, the teams had to be shifted around because of the unfortunate incidents. So when we're comparing against those areas that were planned to be or scheduled to be worked, there were a number of moving parts that obviously resulted in additional costs.

更重要的是，由於這些不幸事件，各隊不得不進行調整。因此，當我們與計劃或安排施工的區域進行比較時，會發現有許多變數，顯然導致了額外的成本。

But also additional volumes having to be moved, offset by that lower grade, which obviously came at a cost, and that has driven our on-mine costs. Dropping down to our all-in sustaining costs for the quarter, you will see that they have equally moved up some 40%, and that's predominantly due to those on-mine costs that I've just mentioned, but also the higher gold prices impacted our royalties, and that's dropped down into the impact of our all-in sustaining.

但同時也需要運輸額外的礦石量，而礦石品位較低，這顯然會增加成本，從而推高了我們的礦場成本。如果查看本季度的全部維持成本，你會發現它們同樣上漲了約 40%，這主要是由於我剛才提到的礦山成本，但更高的金價也影響了我們的特許權使用費，這影響到了我們的全部維持成本。

Overall, a really good result driven by that gold price that Mark had mentioned at $3,434 an ounce, which was a really pleasing result, and has really benefited the operations and the results that we will talk to. So moving to the next slide, and we'll talk a little bit about the profit and loss. Happy to report another sort of quarterly revenue number of $71 million, which is back on those good ounces produced and all-time gold prices.

總的來說，由於馬克提到的金價達到每盎司 3434 美元，取得了非常好的成績，這是一個非常令人滿意的結果，並且確實有利於我們的運營和業績，我們將在下文中討論這一點。接下來我們來看下一張投影片，我們來談談利潤和虧損。很高興地宣布，季度營收達到 7,100 萬美元，這得益於黃金產量的大幅增長和金價的歷史新高。

You'll see that royalty number has similarly increased in line with those revenues. And those production costs were up, as I mentioned, in terms of additional volumes moved at a lower grade. Depreciation has largely been in line for the quarter. And I'm very pleased to report on those net foreign exchange losses where we've continued to benefit from access to the willing buyer, willing seller market, and being able to deploy our [ZIG] component. And if you look in the nine months column, you'll see that we're just under $3 million compared to $10 million number for the same time last year.

你會發現，版稅金額也隨著收入的成長而隨之增加。正如我之前提到的，由於低等級產品的銷售增加，生產成本也隨之上升。本季折舊基本符合預期。我很高興地報告，由於我們繼續受益於願意買賣的市場以及能夠部署我們的 [ZIG] 組件，我們在外匯淨損失方面取得了進展。如果你看一下前九個月的統計數據，你會發現我們目前的收入略低於 300 萬美元，而去年同期為 1000 萬美元。

So we're really pleased with that result in terms of delivery in the income statement. Our corporate line items have increased, and that's due to a higher equity share-based payment valuation that was driven by the share price. But also a number of one-off expenses that you'll see in that year-to-date number in terms of some of the corporate team reshuffle.

因此，我們對損益表中的業績結果非常滿意。我們的公司支出項目增加，這是由於股價上漲導致股權激勵支付估值提高所致。但你也會在年初至今的數字中看到一些一次性支出，例如公司團隊的一些重組。

And then lower down below the line, that tax expense is higher, and that's due to the good operational performance and the benefit of the gold price. But you must remember the gold -- the solar sale that's been included in that number.

然後，在下方，稅收支出較高，這是由於良好的營運表現和金價上漲所帶來的利多。但你必須記住黃金——太陽能銷售額也包含在這個數字中。

And importantly, from a cash flow perspective, includes the capital gain on that solar plant sale. So if we quickly move on to the next slide and talk about cash flows. The net cash inflow from operating activities was a very solid number at just a shade under $14 million for the quarter, impacted by some large negative working capital movements of around $8 million. Those are timing in terms of some investments in terms of consumables and then the traditional working capital movements in terms of ounces, gold sales receivables and the like.

而且從現金流的角度來看，更重要的是，還包括出售該太陽能電廠的資本利得。那麼，我們快速進入下一張投影片，談談現金流。本季經營活動產生的淨現金流入非常穩健，略低於 1,400 萬美元，但受到約 800 萬美元的大型負營運資本變動的影響。這些指的是一些投資的時間安排，例如消耗品，以及傳統的營運資本變動，例如黃金盎司數、黃金銷售應收款等。

Tax payments, as I've mentioned, included that $2 million in terms of cash outflows. And -- but then lower down in terms of capital expenditure, we're largely on track for the year. We're not readjusting our forecast spend, and we've continued to invest and deploy money into our fixed term deposits.

正如我之前提到的，稅金支出包括了 200 萬美元的現金支出。但是，就資本支出而言，我們今年的計劃基本上按計劃進行。我們沒有調整支出預測，並繼續投資並將資金投入定期存款。

So you'll see we've got $18.5 million now sitting on fixed deposits, and they all sit offshore here in Jersey. So a really pleasing result year-to-date. You'll then see the $14.7 million worth of dividends that have been made year-to-date, split in terms of $6.6 million for our NCIs and $8.1 million for Caledonia shareholders and comprising of three quarterly dividends that have been paid in the nine months.

所以你會看到，我們現在有 1850 萬美元的定期存款，它們全部存放在澤西島的離岸帳戶中。所以今年迄今的成績確實令人滿意。然後您將看到今年迄今已支付的 1,470 萬美元股息，其中 660 萬美元支付給我們的 NCI，810 萬美元支付給 Caledonia 股東，包括在過去九個月中支付的三個季度股息。

And as Mark mentioned, we've declared our customary quarterly dividend of $0.14 per share earlier today. Importantly, we closed the period with $7.3 million of cash and cash equivalents at the end of the quarter. And if we want to move to the next slide, we'll see where those funds are held, and also importantly, from a liquidity position, where we sit. So in terms of having cash on hand of $15.6 million. We've got those fixed term deposits that I mentioned of $18.5 million.

正如馬克所提到的，我們今天早些時候宣布了慣例的季度股息，每股0.14美元。重要的是，截至季末，我們持有現金及現金等價物730萬美元。如果我們想進入下一張投影片，我們將看到這些資金存放在哪裡，以及更重要的是，從流動性角度來看，我們目前的處境。因此，目前手頭現金為 1560 萬美元。我們有我之前提到的1850萬美元的定期存款。

And then we've got some bullion on hand and gold sales receivables at the end of the quarter. But overall, including our bank facilities, we have a total liquidity of just over $44 million, which places us in a very healthy position and have the ability to deploy funds against some meaningful projects, which is very exciting.

此外，我們還有一些現貨金條，本季末還有黃金銷售應收款。但總的來說，包括我們的銀行信貸在內，我們的總流動資金略高於 4400 萬美元，這使我們處於非常健康的狀況，並有能力將資金投入一些有意義的項目，這非常令人興奮。

I know James has spoken about around cost initiatives, but I just wanted to turn to the next slide, and I guess, take a minute to look at our cost profile, which has been an ongoing team exercise. And I just wanted to highlight or take a minute to really look at our cost base against others. And we've been benchmarking our cost profile against our similar African peers.

我知道 James 已經談到了成本控制方面的舉措，但我只想轉到下一張投影片，我想，請花點時間看一下我們的成本概況，這一直是團隊持續進行的工作。我只是想重點強調一下，或花點時間認真看我們的成本結構與其他公司相比如何。我們一直在與非洲類似的同行進行成本對比。

Admittedly, they're in South Africa versus us in Zim. But looking at mines that we compare to in terms of operating under conventional mining methods, and also those mines operating underground mines and at depth, we're not out of line and actually quite -- compare quite favorably against similar mines.

誠然，他們在南非，而我們在辛巴威。但是，如果我們比較那些採用傳統採礦方法運營的礦山，以及那些在地下和深處運營的礦山，我們並不遜色，實際上與類似的礦山相比，我們相當有優勢。

You can see those metrics in terms of depth, tonnes milled per annum and also the human element, I guess, the number of people that operate those mines. And our mines, as James had indicated, really, it's around where we're operating now. Blanket is a very different mine from 5 years ago, where 60% of its ore was really extracted from a depth of approximately 750 meters or 760 meters.

你可以從深度、年加工噸數以及人力因素（我想，也就是營運這些礦場的人數）等方面來看待這些指標。正如詹姆斯所指出的那樣，我們的礦場實際上就在我們現在作業的區域附近。Blanket 礦與 5 年前相比已經截然不同，當時 60% 的礦石是從大約 750 公尺或 760 公尺的深度開採出來的。

And now we've got a big component of our ore coming up from a depth of over a kilometer. And so in terms of tonnes and tonne meters hoisted and all the metrics that we're looking at, this all comes at a cost. So those key components of both productivity, but also our electricity costs and our tonnes of meters and additional loads that we're having to put on that electricity or the power requirement when operating at depth has a significant impact on our cost base when producing an ounce profile of around that 80,000 ounces per annum.

現在，我們很大一部分的礦石是從一公里多深的地下開採出來。因此，就吊運噸數、噸米數以及我們所關注的所有指標而言，這一切都是有代價的。因此，這些關鍵因素，包括生產力，以及我們的電力成本、大量的電錶和額外的電力負荷，或在深海作業時的電力需求，都會對我們的成本基礎產生重大影響，而我們每年要生產約 80,000 盎司的黃金。

And there are a number of initiatives that we've got on the go, as James has indicated, and we'll be hopeful that we'll be able to bring those to account and have a meaningful impact on our cost base going forward, but it's unlikely that we will return to historical levels in terms of the cost profile when operating in a very much closer to the surface and lower volumes being used. So on that basis, you would have seen in the announcement this morning that we have updated our cost guidance for 2025.

正如詹姆斯所指出的，我們正在推進多項舉措，我們希望能夠落實這些舉措，並在未來對我們的成本基礎產生有意義的影響，但考慮到我們目前更接近地表且使用量更低，成本水平不太可能恢復到歷史水平。因此，基於此，您應該已經從今天早上的公告中看到，我們更新了 2025 年的成本預期。

So if you move to the next slide, please. Whilst the gold production and the previously guided gold ranges in terms of ounces and capital expenditure were maintained, we have looked at our cost base and looked at the volume movements and what it's meant for how we exit the year in preparing our outlook for next year.

如果要進入下一張投影片，請稍等。儘管黃金產量和先前指導的黃金產量範圍（以盎司和資本支出計）保持不變，但我們已經審視了我們的成本基礎，並研究了銷量變動及其對我們今年業績的影響，從而為明年的展望做好準備。

And we've increased our guidance ranges, both on-mine costs by increasing it to just over 10% to a range of $1,150 ounce to $1,250 per ounce. And equally, on our all-in sustaining costs, we've increased it for -- at 9.5% to a range of $1,850 to $1,950. And we believe that that is very reasonable and considered outlook in terms of as we exit this year and conclude on the final quarter.

我們提高了指導範圍，將礦山成本提高到略高於 10%，範圍為每盎司 1,150 美元至 1,250 美元。同樣，我們的全部維持成本也增加了 9.5%，達到 1850 美元至 1950 美元的區間。我們認為，就今年即將結束和最後一個季度即將結束而言，這是一個非常合理且經過深思熟慮的展望。

So we're really excited. It is mining, and there has been some challenges, and I think the team has dealt with that very well. But as we sit today and as we look for our outlook for 2025, we're really excited in terms of being able to deliver a really solid 2025. So with that, I'll hand it back to Mark, and I think it's going to Craig to talk a bit about exploration.

所以我們真的很興奮。這是採礦業，遇到了一些挑戰，我認為團隊處理得很好。但就我們目前的情況以及我們對 2025 年的展望而言，我們非常興奮，因為我們能夠實現一個非常穩健的 2025 年。那麼，接下來我就把麥克風交還給馬克，我想接下來應該由克雷格來談談探險方面的事情。

Yes. Thank you, Ross. So Craig, can you just talk us through the exploration at Motapa and at Blanket please?

是的。謝謝你，羅斯。克雷格，你能為我們介紹一下在莫塔帕和布蘭克特的探索情況嗎？

Thanks, Mark. Well, I can do that for you. So I'll just -- if we can go on to the next slide. So just very quickly, what we're doing at Motapa, the budget for the year is about -- just over 27,000 meters of drilling. At the end of Q3, we had done just under 20,000 meters.

謝謝你，馬克。嗯，我可以幫你做這件事。那我就——如果我們可以繼續下一張投影片的話。簡單來說，我們在莫塔帕所做的工作，今年的預算大約是——鑽探超過 27,000 公尺。第三季末，我們完成了近 20,000 公尺的里程。

It's about 71%, 72% complete. We’re expecting to complete the drilling campaign during Q4. I did mention, I think, in the last quarterly that there were some issues with the laboratories in Zimbabwe. That seems to have been sorted. We have caught up quite a number of assays.

已經完成了大約 71% 到 72%。我們預計將在第四季完成鑽探作業。我記得在上一季的報告中提到過，津巴布韋的實驗室出現了一些問題。這個問題似乎已經解決了。我們已經完成了相當多的檢測工作。

So I am expecting to have a maiden resource declaration for Motapa, specifically Motapa North during H1 of 2026. If we could go on to the next slide then. So this is -- this is just -- when I talk Motapa North, I mean, obviously, it's those nice pretty colored zones that you see on that map there.

因此，我預計將在 2026 年上半年對 Motapa，特別是 Motapa North，發布首次資源聲明。如果我們能繼續下一張投影片就好了。所以，這就是——這就是——當我談到莫塔帕北部時，我的意思是，很明顯，就是你在地圖上看到的那些漂亮的彩色區域。

But that blue line that represents the Bilboes, which is our current project that everybody knows about and the Motapa area. So from Motapa to the Bilboes boundary is literally 200 meters, and it's another 250 meters to the Isabella South pit.

但那條藍線代表的是比爾博斯（Bilboes），這是我們目前正在進行的項目，大家都知道，還有莫塔帕地區。所以從莫塔帕到比爾博斯邊界只有 200 米，再到伊莎貝拉南礦坑還有 250 米。

So quite clearly, what we're doing at Motapa and Motapa North should in all aspects have an impact on the Bilboes project going further. So currently, with all the drilling that we've done, we drilled and we've defined some mineralized zones over a strike length of approximately 2,500 meters. It remains open to the Northeast, still have some gaps between the historic old pits that we've got to do.

因此很明顯，我們在莫塔帕和莫塔帕北部所做的一切，在各方面都應該對比爾博斯計畫的進一步發展產生影響。所以目前，透過我們所做的所有鑽探，我們已經鑽探並確定了一些礦化帶，走向長度約為 2,500 公尺。它仍然向東北方向開放，但還有一些歷史悠久的舊礦坑之間的空隙需要我們填補。

Motapa North, its main thrust is oxide, sorry, not oxide, sulfide mineral resources below the current pits down to a depth of about 200 meters. So all of this, once the drilling campaign is complete during this year, we'll take one month or two months to get the assays in, and we'll have a maiden resource declaration for Motapa North early next year.

莫塔帕北礦的主要開採方向是氧化物，抱歉，不是氧化物，而是硫化物礦產資源，位於目前礦坑下方約 200 公尺的深度。所以，一旦今年的鑽探活動完成，我們將花一到兩個月的時間進行化驗，明年年初我們將發布莫塔帕北部礦區的首個資源量聲明。

If we go on to the next slide, some of the other drilling that we're doing. So this is about 500 meters south of Motapa North. It's the area to call Mpudzi. We're finishing up our drilling campaign here. So we've sort of drilled about 1,000 meters on strike.

如果我們繼續看下一張投影片，就會看到我們正在進行的其他一些鑽探工作。這裡位於莫塔帕北以南約 500 公尺處。這裡就是應該稱之為姆普齊（Mpudzi）的地方。我們的鑽探作業即將結束。所以我們已經沿著鑽孔方向鑽探了大約 1000 公尺。

It remains open probably for at least another 1,000 meters to the Northeast. It's an area that hasn't been open-pitted in the past. So this program is slightly different where we are focusing on the potential for oxides, clearly, drilling some deeper holes to get an understanding of what the sulfide mineralization looks like. But this program will carry on in 2026, and we'll report drilling results as and when they will come in. If we could go on to the next slide, and I'll take us through Blanket quickly.

東北方向可能至少還有1000公尺的路段仍開放。這是一個過去從未進行過露天採礦的區域。所以這個計畫略有不同，我們主要關注氧化物的潛力，顯然，我們會鑽一些更深的孔，以了解硫化物礦化的情況。但該計劃將在 2026 年繼續進行，我們將隨時公佈鑽探結果。如果我們可以進入下一張投影片，我會快速帶大家了解 Blanket。

So Blanket, we've got the underground, as we all know, and we've also got the surface. So with the underground exploration drilling, it's all of the long-haul drilling that we're doing, typically holes 250 meters to 450 meters deep. If we can go on to the next slide, I can then show you where the areas are that we're drilling.

所以，布蘭克特，我們既有地下世界（我們都知道），也有地表世界。因此，地下勘探鑽探都是我們進行的長途鑽探，通常鑽孔深度為 250 公尺至 450 公尺。如果我們能繼續看下一張投影片，我就可以向你們展示我們正在鑽探的區域了。

So to the south or to the right of the slide that you see, so we've got ARS, which is AR South, we've got the Blanket Quartz Reef, which is BQR, and then all of the Blanket orebodies, and we've got 7 of them. So you can see there 34 levels, you can see the little blue traces that are running there.

所以，在你看到的滑坡的南面或右邊，我們有 ARS（即 AR South），我們有 Blanket Quartz Reef（即 BQR），然後是所有的 Blanket 礦體，我們一共擁有 7 個礦體。所以你可以看到這裡有 34 個層級，你可以看到那裡運行的小藍線。

So we currently drilling below 34 level. And a lot of our intersections are now on kind of the 36 level mark. On the Blanket orebody side, half yearly drilling results. So probably at the end of this year, we will publish a set of drilling results for Blanket. On the northern side, on the left-hand side, you can see some long-haul traces there.

所以我們目前正在34層以下進行鑽探。現在我們很多路口都達到了 36 級水平線。Blanket 礦體方面，半年鑽探結果。所以，我們大概會在今年底公佈 Blanket 油田的鑽探結果。在北側左側，可以看到一些長途鐵路的痕跡。

So that is Lima, where we are now filling in the drilling below 22 and 34 level. We've drilled the one next to it, Eroica, extensively. And we've got 30 and 34 level that can quite easily develop north towards Lima and pick up that orebody and then carry on mining like that as well. If you could go to the next slide. So in the past quarter and the previous quarter, Blanket started a surface exploration program.

這就是利馬，我們現在正在那裡填補 22 和 34 層以下的鑽探數據。我們已經對它旁邊的那顆山峰 Eroica 進行了廣泛的鑽探。我們有 30 層和 34 層，可以輕鬆地向北延伸到利馬，開採那裡的礦體，然後繼續這樣開採下去。如果可以的話，請轉到下一張投影片。因此，在過去一個季度和上一個季度，Blanket 啟動了一項地表勘探計畫。

So if all the geologists out there, if there are any on the call, a very simplified geological map showing kind of the host rocks that we're looking at. All the blue vertical lines are the trenches that we have done. So that was a start of the exploration activities. That's over a strike length of 600 meters, the trenches are approximately 200 meters long. And out of this, we have identified an area that's approximately, yes, it's approximately 50,000 square meters surface exploration area that has got nominal gold values.

所以，如果所有地質學家都在場，如果有的話，請提供一張非常簡化的地質圖，顯示我們正在研究的母岩。所有藍色豎線都是我們已經挖好的戰壕。這就是勘探活動的開始。攻擊線長度超過 600 米，戰壕長度約 200 米。由此，我們確定了一個面積約 50,000 平方米的地表勘探區域，該區域具有一定的黃金價值。

If you look carefully, you can see some colored bars that are next to the trench lines. I can't put values on this yet. We haven't released anything to the market, but it gives you an indication of mineralization in those trenches.

仔細觀察，可以看到戰壕線旁邊有一些彩色條紋。我現在還無法對此進行估值。我們還沒有向市場發布任何消息，但這可以讓你了解這些溝槽中的礦化。

So during Q3, we have instituted a Reverse Circulation Drilling program, spaced 25 by 25 meters apart, drilling to a depth of about 45 meters. And the intention of this is quite clearly, if we have sources of ore that are probably amenable to heap leaching, Blanket mine will have access to, hopefully, an additional source of low-cost surface ounces that also do not require to take up capacity in our current plant environment and capacity that we have.

因此，在第三季度，我們實施了反循環鑽井計劃，井距為 25 米 x 25 米，鑽井深度約為 45 米。這樣做的目的很明確，如果我們有適合堆浸的礦石來源，那麼布蘭克特礦有望獲得額外的低成本地表礦石來源，而且這些礦石不需要佔用我們目前工廠環境和現有產能。

And so my last closing remark on Blanket exploration on surface is if you look at an aerial map of, for instance, Bilboes, that's covered with historical open pits. If you look at an aerial map of Blanket, there are no open pits. And it's just really a function of the age of the mine when Blanket first started, it went underground very, very quickly.

因此，關於布蘭基特地表勘探的最後一點總結是，如果你看一下比爾博斯的空拍地圖，你會發現那裡遍布著歷史上的露天礦坑。如果你看一下布蘭克特的空拍地圖，你會發現那裡沒有露天礦坑。這其實與礦井的年代有關，當布蘭克特礦井最初開工時，它很快就鑽入了地下。

But quite clearly, along our lease area, this should be the first of a couple that we would see like this. This program is expected to finish up late December, so kind of early Q1 of 2026, we should have a full exploration report on this as well. With that, I'd like to hand back to Mark. All done.

但很明顯，在我們租賃的區域內，這應該是我們會看到的幾處類似建築中的第一個。該專案預計將於 12 月下旬完成，也就是 2026 年第一季初，屆時我們應該也會收到一份完整的勘探報告。接下來，我想把鏡頭交還給馬克。全部完成。

Thank you, Craig. At the outset, I had indicated that Victor would talk about Bilboes. But the fact of the matter is that, as I also said, we're about to provide a very detailed update on Bilboes imminently. And so at this stage, there's nothing really Victor can say other than just repeat the word imminently. So apologies for getting that slightly wrong.

謝謝你，克雷格。一開始我就說過，維克多會談論比爾博斯。但事實是，正如我之前所說，我們即將提供關於比爾博斯的非常詳細的最新消息。所以在這個階段，維克多除了重複「即將」這個詞之外，真的什麼也說不出來。很抱歉我剛才說錯了一點。

So in terms of outlook, we remain on track to achieve the increased production guidance for 2025. So we're about, sort of notwithstanding a few headwinds in Q3, we're about 3,000 ounces ahead of where we expected to be at the beginning of the year, which is good.

因此，就前景而言，我們仍有望實現 2025 年提高後的產量目標。所以，儘管第三季遇到了一些不利因素，但我們目前的產量比年初的預期高出約 3000 盎司，這很不錯。

Craig has given you a good sense of the very encouraging drilling taking place at Blanket, both at depth and at the surface. Motapa, we're looking to convert the drilling into a maiden resource early next -- first half of next year, which should validate the acquisition of that asset some time ago. As I said, Bilboes' feasibility study, news on that is imminent.

克雷格已經向大家很好地介紹了布蘭克特油田正在進行的令人鼓舞的鑽探工作，無論是在深層還是在地表。Motapa，我們希望在明年年初（明年上半年）將鑽探結果轉化為首個資源量估算結果，這將驗證我們先前收購該資產的決定是正確的。正如我所說，Bilboes 的可行性研究，相關消息即將公佈。

And we continue to look closely at cost management to see to what extent we can try and get those costs down somewhat, but acknowledging that Blanket is now a fundamentally different mine to what it was 5 years ago, and we're not going to go back to the days of enjoying the days of producing gold at $850 an ounce.

我們將繼續密切關注成本管理，看看我們能在多大程度上降低這些成本，但我們也承認，布蘭克特金礦現在與 5 年前相比已經發生了根本性的變化，我們不可能回到過去以每盎司 850 美元的價格生產黃金的日子了。