Caledonia Mining Corporation PLC (CMCL) 2025 Q4 法說會逐字稿

Good afternoon, and welcome to this management conference call. If we could move to the first slide of the presentation, please. Just go to the disclaimer. So that's the standard disclaimer. If we could move on to the next slide, please.

下午好，歡迎參加本次管理層電話會議。請我們切到簡報的第一張投影片。請先到免責聲明。這是標準免責聲明。請我們切到下一張投影片。

Presenting teams', me, Mark Learmonth, Caledonia's Chief Executive. We're also joined by Ross Jerrard, who will run us through the financial performance for the year; Victor Gapare, who will talk to us about what's happening at Bilboes; and Craig Harvey will give us an update on the various exploration initiatives.

簡報團隊包括我，Mark Learmonth，Caledonia 的執行長。我們也邀請到 Ross Jerrard，他將帶我們回顧本年度的財務表現；Victor Gapare 將向我們說明 Bilboes 的最新進展；Craig Harvey 則會就各項勘探計畫提供最新資訊。

If we could move on to the next slide, please. So just in terms of the summary of the results, it was a very strong financial performance, underpinned by a higher gold price and some consistent operating delivery. Revenue up by 46% to $267 million. Gross profit up by 78% to $137 million. EBITDA up by 100% from just less than $60 million to just over $125 million, and profit after tax, up by 200% from $23 million to $67 million. So there's some quite big numbers there. Ross will unpack those numbers in more detail in a moment.

請我們切到下一張投影片。就結果摘要而言，在金價走高以及營運交付穩健一致的支撐下，財務表現非常強勁。營收成長 46% 至 2.67 億美元。毛利成長 78% 至 1.37 億美元。EBITDA 成長 100%，由略低於 6,000 萬美元增至略高於 1.25 億美元；稅後淨利成長 200%，由 2,300 萬美元增至 6,700 萬美元。所以這裡有一些相當可觀的數字。Ross 稍後會更詳細地拆解這些數字。

Should we move on to the next slide, please? Before we go much further, can we just briefly discuss Caledonia's value creation proposition. So from one angle, what we see here is looking at this from the perspective of our distributions in country to government by way of taxes and royalties and also to our local shareholders. Over the course of the last nine years, we've distributed just over $0.25 billion. So we're making a very, very substantial contribution. And you can see quite how that increased in 2025 as a result of higher taxes due to higher profitability, higher royalties due to the higher gold price, but also an increase in local dividend payments to our local minority shareholders as a result of the strong financial performance and the unwinding of certain local ownership initiatives. So that's very pleasing to see.

請我們切到下一張投影片，好嗎？在我們繼續之前，先簡要談一下 Caledonia 的價值創造主張。從其中一個角度來看，我們在此是從對當地政府（透過稅負與權利金）以及對本地股東的在地分配來看。在過去九年期間，我們已分配合計略高於 2.5 億美元。因此我們做出了非常、非常重大的貢獻。你可以看到 2025 年這一數字大幅增加，原因包括：獲利能力提升帶來更高的稅負、金價上漲帶來更高的權利金；同時，由於強勁的財務表現以及若干本地持股計畫的逐步解除，我們對本地少數股東的股利支付也有所增加。看到這點令人非常欣慰。

But moving on to the next slide. As well as paying $0.25 billion out to local stakeholders, we've also delivered a very significant return to our shareholders. So the top line shows Caledonia's share price over 10 years with dividends, and we've given a return of just over 1,000%. Over the same period, GDXJ has increased by 464% and gold up by 300%. So as well as making significant contributions locally, we're also delivering a very, very healthy return for our shareholders.

接著請看下一張投影片。除了向本地利害關係人支付 2.5 億美元之外，我們也為股東帶來非常可觀的報酬。上方曲線顯示 Caledonia 過去 10 年含股利的股價表現，我們的總報酬率略高於 1,000%。同一期間，GDXJ 上漲 464%，黃金上漲 300%。因此，除了在地做出重大貢獻之外，我們也為股東創造了非常、非常健康的報酬。

If we move on to the next slide. Right. Let's just quickly focus on the operating results. Clearly, we had a very unfortunate fatality in September as a result of a secondary blasting incident. As a result of that, we initiated a comprehensive review of our safety practices and our safety procedures, our operating controls and our training programs across the entire business with the objective of improving our risk management and making sure that we operate as safely as it's possible to do in a very hostile underground environment. That includes instilling operational discipline, a proactive forward-looking approach to identifying hazards and avoiding such hazards, and embedding a zero-harm culture across the organization.

請我們切到下一張投影片。好的。我們先快速聚焦在營運結果。很明顯地，我們在 9 月因二次爆破事故發生了一起非常不幸的死亡事件。因此，我們啟動了全面性的檢討，涵蓋全公司安全實務與安全程序、營運控制以及訓練計畫，目標是提升風險管理，並確保在極具挑戰的地下作業環境中，以盡可能安全的方式營運。這包括建立作業紀律、採取主動且前瞻的方式辨識並避免危害，並在全組織落實零傷害文化。

Should we move on to the next slide. But what we see here is the usual graph. The top graph shows our tonnes milled and grade. The bottom graph, the bars show the ounces, and the line shows the recovery. What's notable really on the top graph is that the tonnes milled has been stable. We're pretty much operating the plans, the metallurgical plan, that's the crushing and milling and the CIL plant, pretty much operating that at maximum capacity of about 820-odd thousand tonnes a year.

請我們切到下一張投影片。我們在這裡看到的是一貫的圖表。上方圖表顯示我們的磨礦處理量（tonnes milled）與品位。下方圖表中，長條顯示產出盎司數，折線顯示回收率。上方圖表值得注意的是，磨礦處理量一直維持穩定。我們基本上是依計畫運作；冶金流程，也就是破碎、磨礦與 CIL 廠，幾乎以約 82 萬噸/年的最大產能在運轉。

And that's been very stable, largely because we've been able to make use of the stockpile to draw down from the stockpile on those rare occasions when the mine hasn't been delivering the tonnes. But also what's clear from the lower line is the extent to which the grade is lower in quarter four and quarter three than it has been historically. Part of that is due to the fact that temporarily, we're mining lower-grade areas as we're developing into high-grade areas, that will, we expect to reverse into the second quarter of 2026. In the first January, February, we're still mining relatively low-grade areas. That has improved in March.

這一直非常穩定，主要是因為在少數礦山未能交付足夠噸數的情況下，我們能夠利用堆存礦（stockpile）進行提取以補足。但從下方折線也清楚可見，第四季與第三季的品位低於過往水準。部分原因在於，我們在開發高品位區域的過程中，暫時先開採較低品位區域；我們預期這種情況將在 2026 年第二季出現反轉。在 1 月與 2 月，我們仍在開採相對低品位區域。3 月已有所改善。

And also to some extent, as we've been drawing down for the stockpile, the stockpile itself is relatively low grade. The bottom chart clearly shows the ounces, but it shows the drop in recovery, and that is largely due to the lower feed grade. The tail grade that we deposit onto the tailings facility, pretty much it's 0.2 grams a tonne. We're not going to get much better than that. So inevitably, that means that the difference being that the recovery goes down.

另外，在我們從堆存礦提取的同時，堆存礦本身的品位也相對較低，這在某種程度上也造成影響。下方圖表清楚顯示產出盎司數，但也顯示回收率下滑，而這主要是由於入料品位較低。我們排放至尾礦設施的尾礦品位基本上是每噸 0.2 克。這已經很難再更好了。因此不可避免地，差異就表現在回收率下降。

Can we move on to the next slide? Craig will talk in a lot more detail about exploration towards the end of the presentation. Our exploration activities at Blanket are really targeted with replacing what we're depleting. So we're effectively standing still. Nevertheless, we've actually done rather better than that.

我們可以切到下一張投影片嗎？Craig 會在簡報後段更詳細談勘探。我們在 Blanket 的勘探活動主要目標是補回我們正在消耗的資源。因此基本上是維持現狀。不過，即便如此，我們實際上做得比這更好。

So over the course of the year, over the course of the quarter, quarter four, you can see that we added quite substantially more tonnes than we depleted. And as James -- as Craig will explain later on, that will, in due course, result in a revised reserve and resource statement for Blanket. Should we move on?

因此在本年度、以及第四季期間，你可以看到我們新增的噸數相當大幅度地高於我們所消耗的噸數。而正如 James——也就是 Craig 稍後會說明的，這將在適當時點促成 Blanket 更新後的儲量與資源量聲明。我們繼續往下嗎？

Right. I'll now ask Ross if he could run us through the financial results. Ross, could you do that?

好的。我現在請 Ross 帶我們回顧財務結果。Ross，可以請你說明一下嗎？

Thank you, Mark, and good afternoon, everyone. Before we dive into the financial results, I just wanted to draw your attention to the format of the reporting. And as previously advised, Caledonia is now classified as a foreign private issuer under Canadian rules. So the standard filing requirements in Canada that you've historically seen has changed. We will be filing our full financial statements under the SEC rules.

謝謝你，Mark，各位下午好。在我們深入財務結果之前，我想先請各位注意一下報告呈現的格式。如先前所告知，依加拿大規定，Caledonia 現在被歸類為外國私人發行人（foreign private issuer）。因此，你們過去慣常看到的加拿大標準申報要求已經有所改變。我們將依照美國證券交易委員會（SEC）規則申報完整財務報表。

So included in our 20-F, which is scheduled to be filed in April, you'll see the full financial statements and controls at a station, and that's all going to be done in April. So I'm delighted to talk you through the financial results today. And you can see on the summary slide in front of you, we've had a fantastic year. The performance was really driven by the benefit of the higher gold price environment, but also delivering the ounces. Blanket mine produced 76,000 ounces of gold in 2025 and sold 77,000 ounces.

因此在我們預計於 4 月提交的 20-F 中，你將會看到完整的財務報表以及控制與程序的相關揭露，而這些都會在 4 月完成。我很高興今天能帶各位回顧財務結果。從你面前的摘要投影片可以看到，我們今年表現非常出色。這項表現主要受惠於較高的金價環境，同時也確實交付了產量（盎司數）。Blanket 礦山於 2025 年生產 76,000 盎司黃金，並銷售 77,000 盎司。

The Bilboes oxide operation produced and sold 1,683 ounces of gold. So together, they totaled that 79,000 ounces on the top right hand of the chart. Importantly, to highlight our on-mine costs were up some 19%. And the unit costs were marginally above those cost guidance ranges that we had guided the market. This was really a reflection of the restriction of access to some of the higher-grade areas, but also some inflationary pressures and our continued investment in development to ensure long-term operational reliability and safety, but also that grade profile.

Bilboes 氧化礦作業生產並銷售了 1,683 盎司黃金。因此合計起來，它們在圖表右上角合計為 79,000 盎司。重要的是，要強調我們的礦山現場成本上升了約 19%。而單位成本略高於我們先前向市場指引的成本區間。這主要反映了對部分較高品位區域的進入受限，但也包括一些通膨壓力，以及我們持續投入開發以確保長期營運可靠性與安全性，同時也確保品位曲線。

So with grade coming through slightly lower than we had originally anticipated, that did have a flow-on impact on our unit costs, just slightly above what we had guided. The overall result, though, was a very pleasing financial result with EBITDA up 109% to $125.3 million. which was a significant improvement. And after our capital expenditure, which was largely on track to guidance when you take into account some commitments that will roll over year-end, we delivered on our CapEx profile, and all resulting in a healthy free cash flow of $62 million, which was up some 483% on the prior year. And after our distributions resulted in an earnings per share, which was at $2.83, which again was up over 200% for the year. So a very pleasing set of financial results.

由於品位略低於我們原先預期，這確實對我們的單位成本產生了連帶影響，使其略高於我們所指引的水準。不過整體結果是非常令人滿意的財務表現，EBITDA 上升 109% 至 1.253 億美元，改善幅度顯著。在資本支出方面，若將部分將跨至年末後履行的承諾納入考量，我們的資本支出大致符合指引，並達成我們的 CapEx 規劃，最終帶來健康的自由現金流 6,200 萬美元，較前一年增加約 483%。在完成分配後，每股盈餘為 2.83 美元，同樣較全年提升超過 200%。因此這是一組非常令人滿意的財務結果。

Just diving into a little bit more on production costs. So if we can turn to the next slide, please. You can see on the bottom right-hand pie chart, the makeup of our production cost categories, which is largely driven by labor, consumables and power indicated with the blue, orange and green slices and then a little bit 10% across admin. You'll see in the figures, our overall production costs went up 25% across the group, 19% was an increase in Blanket. And really, those were driven by those three buckets of labor, consumables and power.

接著更深入談一下生產成本。請翻到下一張投影片。你可以在右下角的圓餅圖看到我們生產成本類別的構成，主要由人力、耗材與電力所驅動，分別以藍色、橘色與綠色區塊表示，另外約有 10% 為行政費用。從數據可見，我們集團整體生產成本上升 25%，其中 Blanket 增加 19%。而這主要就是由人力、耗材與電力這三大項所帶動。

Our labor costs were up this year, again, during -- due to higher overtime payments that were made during the year with production bonuses, together with some wage inflation. But really, the delivery of the ounces needed to -- was a result of more volume being moved and hoisted to compensate for that lower grade. And as a result, we had to pay that overtime and the various bonuses that came through the system.

今年我們的人力成本上升，主要是因為年度期間支付了較高的加班費與生產獎金，再加上部分薪資通膨。但實際上，為了達成所需的產量（盎司數），我們必須移運並提升更多的礦量，以彌補品位較低的影響。因此，我們不得不支付這些加班費以及系統中產生的各項獎金。

Our consumables were up some 14% for the year. This was driven by some of the inflationary impacts on consumables and reagents and the like. But there is a ZiG premium in terms of local procurement. So there's been a big push this year in terms of deploying our local ZiG component back into the market. With that, there is a slight difference with the ZiG versus US dollar differential in terms of the local market. And I would highlight that it's been a very pleasing year in terms of foreign currency.

我們的耗材成本全年上升約 14%。這是由耗材、試劑等項目的通膨影響所驅動。但在本地採購方面也存在 ZiG 溢價。因此今年在將本地 ZiG 成分重新投放回市場方面有很大的推動力。在此情況下，就本地市場而言，ZiG 與美元之間的價差會帶來些微差異。我也要強調，就外幣取得而言，今年是非常令人滿意的一年。

The differential between the ZiG and the US is very close now. We're not seeing the high differentials that we've seen in the past. But it has meant that as we've taken a strategic decision to deploy into the local procurement market using ZiG, we have incurred an additional premium in terms of that ZiG to US dollar differential. And we'll talk a little bit more about the overall ForEx loss when we talk through the cash flows, but that has been a driver in terms of our consumables.

目前 ZiG 與美元之間的價差已非常接近。我們不再看到過去那種很高的價差。但這也意味著，當我們做出策略性決策、以 ZiG 進入本地採購市場時，仍會因 ZiG 對美元的價差而承擔額外溢價。我們在談現金流時會再多談一些整體外匯損失，但這確實是推升耗材成本的因素之一。

Our power costs, there have been grid and genset power overruns, which has been really driven by supporting that additional output. We're obviously mining in deeper areas within the mine, driving higher power usage and requirements and obviously incurring more power. And we do have initiatives in place that we will address these three buckets. as part of our ongoing cost initiatives to ensure that we can at least reduce or at least maintain our cost profiles in those significant buckets.

在電力成本方面，電網與發電機組（genset）用電出現超支，主要是因為需要支援額外的產出。我們顯然是在礦山更深的區域進行開採，導致用電量與需求提高，並且自然產生更多電力成本。我們也已針對這三大項目制定措施，作為持續成本改善計畫的一部分，以確保至少能降低，或至少維持這些重大成本項目的成本水準。

Moving on to the next slide, please. You'll see the results as we work our way through the profit and loss. So top line revenue up at $267 million, driven by those ounces and the higher gold price that I've spoken to. Our royalty this year was up at $13.5 million. That is driven by the higher revenue number. And I would draw your attention to the change in the royalty rate. So as we deliver ounces at over $5,000 an ounce, they do attract an additional 5% royalty charge.

請移到下一張投影片。你會看到我們在損益表逐項推進時的結果。營收（頂線）上升至 2.67 億美元，主要由我提到的產量（盎司數）以及更高的金價所帶動。今年我們的權利金上升至 1,350 萬美元。這是由較高的營收所驅動。我也要請各位注意權利金稅率的變化。當我們交付的盎司價格超過每盎司 5,000 美元時，會額外適用 5% 的權利金費用。

Our production costs, as already indicated, are up some 25% and depreciation charges were largely unchanged. So we were very pleased with our gross profit that was generated, up some 78% for the year, driven by those improved margins and thanks to the gold price. You'll see the net foreign exchange losses was down from $9.7 million down to $3.3 million this year. And again, that was a very pleasing result in terms of the exchange differential that we had historically seen, and we're very pleased with the ability to access the willing buyer, willing seller market.

如先前所述，我們的生產成本上升約 25%，折舊費用則大致不變。因此我們對所產生的毛利感到非常滿意，全年上升約 78%，由改善的利潤率所帶動，並受惠於金價。你會看到淨外匯損失由去年的 970 萬美元降至今年的 330 萬美元。同樣地，就我們過去所見的匯差而言，這是非常令人滿意的結果，我們也很高興能夠進入「自願買方、自願賣方」市場。

The $8.5 million is the profit on our solar plant. I won't talk to that. We've gone through that in previous results presentations, but it was pleasing in terms of being able to sell that asset, generate proceeds that we could then deploy across the group. I would draw your attention to the administration costs that $20.48 million. That is higher than historical run rate and general trending that we see going forward.

8.5 百萬美元是我們太陽能電廠的出售收益。我不會在此多談。我們在先前的業績簡報中已經說明過，但能夠出售該資產並產生款項，進而可在集團內部重新配置運用，這點令人欣慰。我想請各位注意行政費用 2,048 萬美元。這高於歷史常態水準，也高於我們對未來一般趨勢的預期。

This year, we have incurred some quite significant one-off fees, predominantly around our advisory fees related to the convertible, some additional employee costs that have gone through the system and some other transaction costs that we don't see ongoing, and we think that run rate will come off by some 10%, 12% more closer to a $17 million type number on a per annum basis.

今年我們產生了一些相當顯著的一次性費用，主要是與可轉換債相關的顧問費，另外還有一些已反映在系統中的額外員工成本，以及其他我們預期不會持續發生的交易成本；我們認為這個費用常態水準將下降約 10% 至 12%，更接近每年約 1,700 萬美元的水準。

We've incurred a fair value loss on our derivative financial instruments. So those are the hedging instruments that we put in place to protect our side -- our mine and the gold price at a $3,500 gold price. So those hedging instruments are really put through the P&L. We don't do any hedge accounting or anything that is nuanced to that extent.

我們在衍生金融工具上確認了公允價值損失。這些是我們為了保護我們的礦山以及在每盎司 3,500 美元金價水準下的金價風險而建立的避險工具。因此，這些避險工具會直接反映在損益表中。我們不做任何避險會計或其他更細緻的處理。

So everything goes through the profit and loss. And we were delighted with the ultimate profit before tax of $106 million, up 162%. The tax expense was higher off this great result, but also included the capital gains tax on the solar plant sale, which pushed up those -- that tax expense a bit more than a normal run rate. But delighted with our P&L result with an overall profit for the period of $67.5 million.

所以所有項目都會進入損益表。而我們對最終稅前利潤 1.06 億美元感到非常高興，成長 162%。稅費因這項優異成果而提高，此外也包含出售太陽能電廠所產生的資本利得稅，使得稅費較正常常態水準略高。但我們對損益表結果感到非常滿意，本期整體淨利為 6,750 萬美元。

If we can move on to the next slide, please. I'll just quickly touch on some of those aspects from a cash flow perspective. So our cash flow from operations was up at $105 million, up 90%. I've spoken to interest and tax payments, which included that solar sale. Our CapEx was on track in terms of what we had guided the market in terms of expenditures and the proceeds from the sale and the gross proceeds from the solar sale were able to be deployed into our treasury options where we deployed those into various fixed term deposits during the year, and we're able to allocate central treasury and start our treasury function as we look to Bilboes and beyond.

請移到下一張投影片。我將從現金流角度快速說明其中一些面向。我們的營運活動現金流為 1.05 億美元，上升 90%。我已談到利息與稅款支付，其中包含那筆太陽能出售相關項目。我們的資本支出就支出而言符合我們對市場的指引；而太陽能出售的出售款項與總收入得以投入我們的資金管理選項，我們在年度期間將其配置於各類定期存款，並得以建立集中式資金管理，啟動我們的財資職能，為我們展望 Bilboes 以及更長遠的發展做準備。

Ultimately, our net cash used in investing activities was able to then be deployed across some dividends paid. So the $19.9 million was a result of dividends paid both to our CMC shareholders of $10.8 million, but also to GSCOT and NIEEF so our various partners at the Blanket mine level in terms of deployment. So they got $5.5 million and $3.6 million, respectively. Ultimately, a very pleasing close to the period with a net increase in cash and cash equivalents of $32 million for the year, which was a great result.

最終，我們投資活動所使用的淨現金得以用於支付部分股利。因此，1,990 萬美元是支付股利所致，其中包括支付給我們 CMC 股東的 1,080 萬美元，亦包括支付給 GSCOT 與 NIEEF 的股利，以便在 Blanket 礦層級對我們各合作夥伴進行資金配置。因此，他們分別獲得 550 萬美元與 360 萬美元。最終，本期以現金及約當現金淨增加 3,200 萬美元作結，對全年而言是非常令人滿意的成果。

And if we move to the next slide, you'll see our overall liquidity and what it means is that we exited the year with cash on hand of $35.7 million. And if you add in our bullion on hand at year-end, plus some gold sales receivables and our fixed term deposits, we -- before utilization of facilities, we had almost $60 million available to us. And a total liquidity of just under $55 million. So a very pleasing result and a very solid position in terms of our performance for the year.

如果我們移到下一張投影片，您會看到我們整體的流動性；其意義在於，我們在年末時手頭現金為 3,570 萬美元。若再加上年末持有的金條、部分黃金銷售應收款以及我們的定期存款，在動用授信額度之前，我們可動用資金接近 6,000 萬美元。而總流動性略低於 5,500 萬美元。因此，這是非常令人滿意的結果，也顯示我們全年表現所帶來的非常穩健的財務位置。

On top of that, in early 2026, we were able to successfully complete a $150 million convertible note offering, where after inputting a cap structure, we received a net $130 million. So post year-end, we're in a very healthy cash position as we look to further development of Blanket, but importantly, as we start our deployment and our spend on our Bilboes project, which I'll talk to in a couple of minutes.

此外，在 2026 年初，我們成功完成了 1.5 億美元的可轉換票據發行；在納入資本結構調整後，我們取得淨額 1.3 億美元。因此，在年結後，隨著我們推進 Blanket 的進一步開發，且更重要的是，開始對 Bilboes 專案進行資金部署與支出（我將在幾分鐘後談到），我們的現金部位非常健康。

So moving on. I'd mentioned that CapEx was largely on track, and you'll see our various expenditures that were aligned with guidance. So nothing that stood out in terms of where we spent the money. But ongoing sustaining capital expenditure was really about underground mine development, where we spent 22% of the CapEx budget, and that was really development and looking at new mining areas and underground developments targeting additional reserves and resources.

接著往下。我先前提到資本支出（CapEx）大致符合進度，您會看到我們各項支出均與指引一致。因此，就資金花費的去向而言，沒有任何特別突出的項目。但持續性資本支出主要用於地下礦山開發，我們在此項目上花費了 CapEx 預算的 22%，主要是開發並評估新的採礦區域與地下工程，以鎖定新增儲量與資源。

31% of the spend was sitting in the engineering department, and that covered the whole bouquet of electrical, mechanical and Central Shaft upgrading and engineering. And then there was 27% that went across the other mining departments in terms of mines, milling and the MRM department. Our only nonsustaining CapEx project was the tailings storage facility, and that accounted for 20% of the CapEx spend.

31% 的支出在工程部門，涵蓋電氣、機械、中央豎井（Central Shaft）升級以及工程作業的整體組合。另外有 27% 分配至其他採礦相關部門，包括採礦、選礦（milling）以及 MRM 部門。我們唯一的非維持性 CapEx 專案是尾礦儲存設施，約占 CapEx 支出的 20%。

So turning to the next slide, you'll see the slice of where those various spends occurred in terms of sustaining and nonsustaining split. But we were pleased that we were able to deliver those CapEx projects and continue to invest in the mine for the future with some solid cash flow generation.

接著看下一張投影片，您會看到這些不同支出在維持性與非維持性之間的分布切片。我們很高興能夠交付這些 CapEx 專案，並在穩健的現金流產生下，持續為礦山的未來投資。

If we move to the next slide, please. Closing off on CapEx, you will see in the announcement that there's been some additional CapEx approvals by the Board. So our total group capital expenditure for this financial year 2026 is projected to be $178.9 million.

請移到下一張投影片。在 CapEx 的部分作個收尾，您會在公告中看到董事會已核准一些額外的 CapEx。因此，我們 2026 財政年度的集團總資本支出預計為 1.789 億美元。

The two key projects that were approved last week by the Board was $14.2 million construction of a $34 million (sic -- see presentation) [34 km] power line connecting to the 132 kV backbone and a $2.2 million allocation against the central winder for the Central Shaft converting it from AC to DC. Both projects are great projects with quick payback periods and really underwriting some solid reliability in terms of power usage at the mine and also some imperative upgrades in terms of the underground mine. So we're looking to the future, investing in the future and making sure that some of these critical projects are delivered.

上週董事會核准的兩個關鍵專案為：投入 1,420 萬美元建設一條 3,400 萬美元（原文如此——請見簡報）[34 公里] 的輸電線路，連接至 132 kV 主幹網；以及撥款 220 萬美元用於中央豎井的中央捲揚機（central winder），將其由交流（AC）轉換為直流（DC）。兩個專案都非常出色，回收期短，並且在礦山用電可靠性方面提供堅實支撐，同時也是地下礦山若干必要升級的一部分。因此，我們著眼未來、投資未來，並確保這些關鍵專案得以交付。

Over and above that sustaining CapEx, we have $136 million allocated primarily against Bilboes, where $132 million is anticipated to be spent against both the FEED phase, but also some early deployment of expenditures against the Bilboes project and then just shy of $4 million, which is further exploration at Motapa project.

除上述維持性 CapEx 之外，我們另配置 1.36 億美元主要用於 Bilboes，其中預計 1.32 億美元將用於 FEED 階段，以及對 Bilboes 專案的部分早期支出部署；另有略低於 400 萬美元用於 Motapa 專案的進一步勘探。

If we can move to the next slide, please. We're delighted that the results of 2025 has delivered a solid performance, and we're continually looking at that balance of our capital allocation in terms of both growth projects and shareholder returns. And as you can see in the CapEx that we've both delivered and plan to deliver, we're looking at growth for the future and investing in that future for the long term, but equally conscious about shareholder returns.

請移到下一張投影片。我們很高興 2025 年的成果帶來穩健表現，我們也持續在資本配置上尋求成長專案與股東回報之間的平衡。如您在我們已交付及計畫交付的 CapEx 中所見，我們著眼未來成長並為長期投資於未來，同時也同等重視股東回報。

So we're delighted to have another dividend, a quarterly dividend of $0.14 per share. Dividends have been paid since 2012. So we continue with that continued payment of dividends and balancing both growth and shareholder returns. And I'll just draw your attention to the key dates in terms of that dividend payment.

因此，我們很高興再次宣布股利，季度股利為每股 0.14 美元。自 2012 年以來我們持續支付股利。因此，我們延續股利的持續發放，並在成長與股東回報之間取得平衡。我也請各位留意與該次股利支付相關的關鍵日期。

So if we can switch to the next slide, please. I'll now take the opportunity to hand it across to Victor to talk a little bit more about Bilboes.

那麼請切換到下一張投影片。我現在把時間交給 Victor，請他再多談一些關於 Bilboes 的內容。

Thank you, Ross. Can we move to the next slide? With regards to Bilboes, we've previously announced that the Board approved this project implementation in November last year. Basically, all the parameters which are in there, we have announced them before an IRR of 32.5% at a gold price of $2,548. Obviously, the returns are materially higher at prevailing spot gold prices.

謝謝你，Ross。我們可以移到下一張投影片嗎？關於 Bilboes，我們先前已公告董事會於去年 11 月核准該專案的實施。基本上，其中所有參數我們之前都已公布：在金價 2,548 美元的情境下，內部報酬率（IRR）為 32.5%。顯然，在目前的即期金價水準下，報酬將顯著更高。

Can we move on the next slide. Basically, what we have shown here are really the economics at three different prices. The consensus forecast of USD2,548 per ounce, the three-year trailing average price of USD2,350 price, and the price at which was on March 10, 2026, which was USD5,177 per ounce. Obviously, there's been some volatility in the price of gold. So those figures at the end there, you can put any price you want and you can come up with different margins. But clearly, you can see -- you will see that the economics changes quite significantly if we apply the current economics.

我們可以到下一張投影片嗎。基本上，我們在此展示的是三種不同價格下的經濟性。分別為：每盎司 2,548 美元的共識預測價格、每盎司 2,350 美元的三年滾動平均價格，以及 2026 年 3 月 10 日的價格（每盎司 5,177 美元）。顯然，金價存在一定波動。因此，最後那些數字您可以代入任何您想要的價格，並得出不同的利潤率。但很清楚地，您可以看到——當我們套用目前的經濟條件時，經濟性會出現相當顯著的變化。

That's all we're showing. So effectively, what we have done is we've started implementing the project following approval. As Ross has said, we've raised some money, and we've appointed an EPCM contractor and that work has started. And we are hoping for -- the plan is to have the first gold pour towards the end of 2028 and our first year of full production will be 2029, which would be at just about 200,000 ounces per year. That's peak production.

我們展示的就是這些。因此，實際上，我們在核准後已開始推動專案實施。如 Ross 所說，我們已募得部分資金，並已任命 EPCM 承包商且工作已展開。我們希望——計畫是在 2028 年底左右進行首次出金（first gold pour），而第一個完整生產年度將是 2029 年，年產量約 200,000 盎司。那是峰值產量。

Can we move to the next slide? Ross will cover the funding aspects, what we have done and what we're planning to do. Ross, over to you.

我們可以移到下一張投影片嗎？Ross 會說明資金籌措面向，也就是我們已做的以及我們計畫要做的。Ross，交給你。

Thank you, Victor. So our funding strategy for Bilboes covered four funding pillars, and we're delighted with our progress in terms of how we're tracking against that strategy. The first phase was underwriting our Blanket production and securing a series of put options at a price of $3,500 per ounce, that covered a three-year period from January '26 to December '28, effectively the construction period.

謝謝你，Victor。我們針對 Bilboes 的融資策略涵蓋四個融資支柱，我們對於目前依該策略推進的進展感到非常滿意。第一階段是為我們 Blanket 的產量提供保障，並以每盎司 3,500 美元的價格取得一系列賣權（put options），涵蓋自 2026 年 1 月至 2028 年 12 月的三年期間，亦即整個建設期。

The key elements of that hedging strategy was really to provide a floor to the cash flows that were generated. It wasn't giving up any upside in terms of gold price above $3,500, but it did enable us to basically earmark the best part of $200 million from our own operations that we could deploy against the Bilboes project, at prices closer to $5,000 an ounce, that $200 million escalates to closer to $300 million.

該避險策略的關鍵要素，確實是為所產生的現金流提供一個底部保障。在金價高於每盎司3,500美元的部分，它並未放棄任何上行空間，但它確實使我們基本上能夠從自身營運中劃撥接近2億美元，用於投入Bilboes專案；若價格接近每盎司5,000美元，這2億美元將上升至接近3億美元。

So it's a core cornerstone strategy in terms of using our current asset on the portfolio to underwrite the strategy. It also helped us in terms of our pricing discussions with the various banks and financial institutions in terms of how we'd sort of take on our various debt facilities.

因此，這是一項核心的基石策略，意在運用我們投資組合中的現有資產來為該策略提供承保支撐。它也在我們與各家銀行及金融機構就定價進行討論時提供了幫助，尤其是在我們將如何承擔各項債務融資安排方面。

The second step, as you've seen and previously mentioned, is the raising of some funds from a convertible note offering. It was $150 million raise. It was upsized from $100 million due to some amazing demand out of the US, and we're delighted with the result that we were able to receive those funds in short order. And we were able to also allocate some of those funds against the cap call structure, which effectively increased the conversion price to $56 a share, up from the $40 a share. So those 2 steps, steps 1 and 2 have been completed and has enabled us to be able to move forward in short order in terms of the remaining funding facilities.

第二步，如各位所見且先前提到的，是透過可轉換票據發行募集部分資金。募集金額為1.5億美元。由於來自美國的需求非常強勁，規模由1億美元上調，我們對能在短時間內取得這些資金的結果感到非常滿意。我們也能將其中部分資金配置到cap call結構中，這實際上把轉換價格提高到每股56美元，高於原本的每股40美元。因此，這兩個步驟——第1步與第2步——已經完成，使我們能夠在短時間內推進其餘的融資安排。

The first one is an interim funding facility. So we're currently in negotiations with a consortium of both Zimbabwean and South African banks to raise a $150 million facility. You would have seen the announcement in terms of appointing standard -- Stanbic and CBZ, as co-leader arranges for that facility. and we're targeting the middle of this year to get that facility in place. And the cornerstone of that is, again, the Blanket Mine cash flows.

第一項是過渡性融資安排。因此，我們目前正與由辛巴威及南非銀行組成的銀團進行談判，以籌措1.5億美元的融資額度。各位應該已看到我們宣布任命standard -- Stanbic與CBZ擔任該融資的共同主辦安排行（co-leader arranges），我們的目標是在今年年中把該融資安排到位。而其基石同樣是Blanket礦的現金流。

And in parallel with that, the fourth arm is really the project finance facility, a longer burn rate in terms of getting that facility in place, but that formal process has commenced, and we're expecting that to be delivered in the next 12 months with the various due diligence procedures. So we're very pleased around where we're positioned with it, what we've done to date in terms of underwriting that financing strategy, and we're on track in terms of the discussions with the various banks and financial institutions.

同時並行的第四個支柱，則是專案融資（project finance）安排；就取得該融資而言，所需時間較長、資金消耗期也較長，但正式流程已經啟動，我們預期在未來12個月內，隨著各項盡職調查程序完成而交付到位。因此，我們對目前的進展位置、迄今為止為該融資策略提供承保支撐所做的工作感到非常滿意，並且與各家銀行及金融機構的討論也正按計畫推進。

If we turn to the next slide, where this illustrates, I guess, our thought process and the overview in terms of our sources of uses and actually how we believe that this funding requirement will be best. I'll refer you to the right-hand side of the slide in the first instance in terms of the use of funds. So you'll see our capital cost is basically $485 million. But when you add in our capitalized interest and some working capital, the ask is closer to $600 million in terms of the package.

如果我們看下一張投影片，這裡展示了我想我們的思考流程，以及資金來源與用途的概覽，並說明我們認為這項資金需求將如何最適切地被滿足。我先請各位看投影片右側的資金用途。你會看到我們的資本成本基本上是4.85億美元。但當你把資本化利息與部分營運資金加進來，整體資金需求（package）就更接近6億美元。

On the left-hand side, you'll see the column at $3,500 an ounce. And you can see together with our cash and our net proceeds from the convertible bond and our forecast future cash flows, the ask from our senior debt and other facilities is just over $300 million in terms of delivery of those funds. If we move that pricing deck up to $5,000 an ounce, you'll see that senior debt and other facilities reduces down to closer to $170 million. And we're well on track in terms of getting that funding in place between both the interim and the wider project finance facilities.

在左側，你會看到以每盎司3,500美元為基準的欄位。你可以看到，結合我們的現金、可轉換債券的淨募集款，以及我們預測的未來現金流，我們向優先債務（senior debt）及其他融資安排所需募集的金額，在資金到位層面略高於3億美元。如果我們把價格假設提高到每盎司5,000美元，你會看到優先債務及其他融資安排將下降到更接近1.7億美元。而我們在透過過渡性融資與更廣泛的專案融資安排把資金落實到位方面，進度非常順利。

So we're really pleased in terms of the status of the financing work stream. Importantly, we've got some big spend that is coming up. So we need to deploy the best part of $130 million in the third and fourth quarters of this year as we start the more significant spend on the Bilboes project. And we're excited about that, well on track with that. And I think it's all coming together very nicely.

因此，我們對融資工作流（financing work stream）的進度狀態感到非常滿意。重要的是，我們即將面臨一筆較大的支出。因此，當我們開始對Bilboes專案進行更顯著的投入時，今年第三與第四季我們需要動用接近1.3億美元。我們對此感到振奮，也正按計畫推進。我認為一切都正在非常順利地整合到位。

So with that, I'll hand it across to Craig Harvey.

那麼，我把時間交給Craig Harvey。

Thank you, Ross. I'll just give you -- I'll give you an overview of the exploration activities that have been taking place at Motapa and Blanket in the past year. So if you could go on to the next slide, please. So 2024 and 2025, Caledonia has put quite a lot of money into Motapa. I mean we have drilled surface drill holes totaling just under 30,000 meters.

謝謝你，Ross。我將簡要向各位概述過去一年在Motapa與Blanket所進行的勘探活動。請切到下一張投影片。在2024年與2025年，Caledonia在Motapa投入了相當多的資金。我們已鑽探的地表鑽孔總長接近30,000公尺。

It's a very strategic asset. As we can see on the map on the screen, it's located directly to the South of the Bilboes project, which we have just heard about. That kind of scale from Motapa North to Bilboes is between 200 to 400 meters away. So I think we can all draw our own conclusions as to the synergies between Bilboes and Motapa. Bearing in mind, that's basically hosted into the same shear zone. Mineralogy, metallurgy is expected to be quite similar.

這是一項非常具策略性的資產。如螢幕上的地圖所示，它位於我們剛剛聽到的Bilboes專案正南方。從Motapa North到Bilboes的距離規模大約在200到400公尺之間。因此，我想大家都可以自行得出Bilboes與Motapa之間協同效益的結論。請記住，它們基本上賦存於同一條剪切帶（shear zone）中。預期其礦物學與冶金特性會相當類似。

So going forward for 2026, we have had a further allocation of $3.8 million exploration. We will continue looking at Mpudzi, and we're going to focus on Motapa South for the year. Clearly, there is potential for a sulfide resource below the historic open pits. But at the same time, there's a strong potential for oxides to the East.

展望2026年，我們另外獲配了380萬美元的勘探預算。我們將持續在Mpudzi進行工作，並在今年把重點放在Motapa South。顯然，在歷史露天礦坑下方存在硫化物資源的潛力。但同時，東側也具有強勁的氧化物潛力。

We had put in two drill holes to have a look. Results were encouraging. So things to look out for at Motapa. During Q2 2026, the company will be publishing a maiden resource estimate or probably be publishing a maiden resource estimate. We are just waiting for some of the final QA/QC checks of the data and geological interpretations to be complete. But in all likelihood, during Q2 of 2026, we'll see what the drilling activities have actually given us.

我們已鑽了兩個鑽孔來進行檢視。結果令人鼓舞。因此，Motapa值得關注的事項包括：在2026年第二季，公司將公布（或很可能將公布）首次資源量估算（maiden resource estimate）。我們目前只是在等待部分最終的QA/QC資料檢核與地質詮釋完成。但極有可能在2026年第二季，我們將看到鑽探活動實際帶給我們的成果。

If we can move on to the next slide, please. So during 2025, there's been the continued deep hole or long-haul exploration program at Blanket. So just to give you an overview of the areas that we are drilling. So on the northern side of the property, which is to the left of the image, there where you can see Lima, it's the Lima and Eroica ore bodies. And to the south on the right of the image, that's the mainstay of the mine. It's the Blanket and the Blanket Quartz Reef ore bodies.

請切到下一張投影片。在2025年，Blanket持續進行深孔或長距離（long-haul）勘探計畫。我先概述一下我們正在鑽探的區域。在礦權北側，也就是影像左側，你可以看到Lima所在位置，那裡是Lima與Eroica礦體。而在南側、影像右側，則是礦山的主力區。那裡是Blanket與Blanket Quartz Reef礦體。

So I will zoom into a bit more detail on each of these areas. If you could move on to the next slide, please. So on the Blanket side, where we've got essentially a whole bunch of ore bodies that come together, AR South, the Blanket Quartz Reef and the Blanket ore bodies. And the blanket ore bodies are Blanket 1 through to Blanket 6. So of course, we've also got Blanket 7 now. But what is important to note here, so I've got a grade legend on the side of the map there. And really, what you want to be looking for is the little purple stripes that you see coming off from those drill hole traces.

接下來我會把每個區域放大，提供更詳細的說明。請切到下一張投影片。在Blanket這一側，我們基本上有一整組匯聚在一起的礦體：AR South、Blanket Quartz Reef以及Blanket礦體。而Blanket礦體包含Blanket 1到Blanket 6。當然，我們現在也有Blanket 7。但這裡需要特別注意的是——我在地圖旁邊放了一個品位圖例（grade legend）。而你真正要留意的是，你會看到從那些鑽孔軌跡延伸出來的小紫色條紋。

So anything that is purple there is 5 gram a tonne plus. Now in the next month or two, again, we're just finalizing some QA/QC checking from the lab, but we will be putting out a press release regarding the drilling results that we've done at Blanket. And that will give us or it will give people insight into the widths that we encounter in these grades. Very, very exciting. So 34 Level is the base of the Blanket mine currently. We are putting a decline, as you can see there from 34 to 36 Level. It's on 36 Level at the moment. We are starting with the 36 Level in infrastructure development.

所以那裡任何呈紫色的部分都代表每噸 5 克以上。接下來一兩個月內，我們仍在完成實驗室的一些 QA/QC 品質保證/品質管制核查，但我們將就我們在 Blanket 所做的鑽探結果發布新聞稿。這將讓我們——或讓大家——了解在這些品位下我們所遇到的礦體厚度（寬度）。非常、非常令人振奮。因此，34 水平目前是 Blanket 礦山的底部。如你在圖上所見，我們正在從 34 水平向 36 水平掘進一條斜坡道。目前已到達 36 水平。我們正從 36 水平開始進行基礎設施開發。

And what is key to note, so 34 Level, 1,110 meters below surface. The deepest hole there that we have represented with this little blue -- this little purple stripes is 277 meters below 34 Level. Now 277 meters below 34 Level equates to a depth of approximately 1,350 meters, which equates to a 42 Level. So our kind of main levels are set up 34 to 38, 120-meter lifts apart. So we are quite clearly looking at all things being equal, there's another two main lifts at Blanket that we are going to have a look at.

而需要注意的關鍵是：34 水平位於地表下 1,110 公尺。圖中以這些小藍色——小紫色條紋表示的最深鑽孔，位於 34 水平以下 277 公尺。34 水平以下 277 公尺相當於約 1,350 公尺的深度，約等同於 42 水平。因此我們的主要水平大致設在 34 到 38 水平之間，彼此相隔 120 公尺的分段（lift）。所以很明顯，在其他條件相同的情況下，Blanket 還有另外兩個主要分段值得我們去檢視。

Very, very encouraging. We carry on doing the work. Just to give a bit of reference, so if you had to move to the south to the right of the image, we will be putting in another hanging wall drill-and-draw cubby to create another fan of drill holes in due course adjacent to these holes. This is kind of at the limit of our inferred resources. So clearly, with this drilling coming in, we will be looking at upgrading inferred to indicated as Mark, the CEO has indicated with a view to upgrading mineral resources and mineral reserves in due course.

非常、非常令人鼓舞。我們會持續推進這項工作。提供一點參考：如果你往南、也就是影像右側移動，我們將在適當時機在這些鑽孔旁邊再設置一個上盤（hanging wall）的鑽探與出渣小硐室（drill-and-draw cubby），以形成另一扇形的鑽孔群。這裡大致位於我們推斷資源量（inferred resources）的邊界。因此，隨著這些鑽探結果出來，我們將如執行長 Mark 所說，著手把推斷級別升級為指示級別（indicated），並在適當時機進一步提升礦產資源量與礦產儲量。

So if we can move on to the next slide, which then focuses on the northern portion of Blanket mine. So on the very left, the very northern portion, a little bit of colorful goods that you see there, stopes is the Lima ore body. And in the middle is the Eroica ore body. Now Eroica has been a mainstay. And why you only see a couple of drills there is the majority of this area was drilled during 2023 and 2024.

如果我們可以看下一張投影片，這張將聚焦於 Blanket 礦山的北部區域。最左側、最北端，你看到的一些彩色區塊與採場（stopes）是 Lima 礦體。中間的是 Eroica 礦體。Eroica 一直是主要支柱。而你之所以只看到幾個鑽孔，是因為該區域的大部分已在 2023 與 2024 年完成鑽探。

You can already see some of the development that's accessing these areas. The majority of this area is now indicated resource. But you can also see that there's a long hole that's also maybe 60 meters below 34 Level. So currently on a 36 Level type horizon. Clearly, as we advance 34 Level will have a hanging wall cubby put in place, and we will continue drilling on the Eroica ore body from 34 Level down to 42 Level.

你已經可以看到一些正在進行的開發工程正在進入這些區域。該區域的大部分目前已屬指示資源量（indicated resource）。但你也可以看到有一個長孔大約位於 34 水平以下 60 公尺。也就是目前大約在 36 水平的層位。很明顯，隨著我們推進，34 水平將設置一個上盤小硐室（hanging wall cubby），我們也將持續從 34 水平向下到 42 水平對 Eroica 礦體進行鑽探。

On the left-hand side with Lima, again, you can see some of those little purple stripes, which represents 5 gram a tonne plus. One hole on purpose, we pushed down to around the 34 Level mark to test the depth to see that we're not wasting our money. We did pick up the Lima ore body. But Lima itself is not one single ore body. It's made up of 6 ore bodies.

左側的 Lima 部分，同樣地，你可以看到一些小紫色條紋，代表每噸 5 克以上。我們刻意把其中一個鑽孔往下推到大約 34 水平附近，以測試深部延伸，確保我們沒有白花錢。我們確實截獲了 Lima 礦體。但 Lima 本身並不是單一礦體。它由 6 個礦體組成。

So there's a lot of scope to continue doing this. The lowest level of mining on Lima is at 750 meters below surface. You can just work out for yourself. If we take it down another 250 to 300 meters, we're talking 22 Level to 34 Level of mineral resources that may be exploited.

因此，後續持續推進的空間很大。Lima 目前最深的採礦水平位於地表下 750 公尺。你可以自行推算。如果我們再往下延伸 250 到 300 公尺，所談的就是從 22 水平到 34 水平之間、可能可開採的礦產資源量。

Again, below 22 Level. It's inferred resources on Lima. With the drilling coming in, we will be looking at including that and seeing if we can upgrade some of the inferred resources into an indicated resource or better. So in a nutshell, Blanket keeps on going. The grade is still looking good. The grades, the widths, we obviously model what we are expecting to find with our drilling. And it continues to return similar, if not better results at depth.

同樣地，在 22 水平以下，Lima 目前屬於推斷資源量（inferred resources）。隨著鑽探結果出來，我們將把這些納入評估，看看能否將部分推斷資源量升級為指示資源量（indicated resource）或更高級別。總而言之，Blanket 仍在持續延伸。品位看起來仍然良好。品位與厚度（寬度）方面，我們當然會依據鑽探對預期結果進行建模。而在深部，它持續回報相近、甚至更好的結果。

So thank you for that. With that, I'll hand back to Mark to give some closing comments.

所以謝謝各位。接下來我把時間交回給 Mark，請他做一些結語。

Good. Thank you, Craig. We're kind of running out of time. So I just want to draw your attention to an event that we hosted at the -- on the fringes of the Cape Town Mining Indaba in February. As along with five or six other foreign-owned Zimbabwe mining companies, hosted a briefing event where we invited representatives from the Zimbabwe government, so Minister of Mines, Minister of Finance and the Reserve Bank to -- and the objective was to try and dispel some of the pervasive continued misunderstandings about what it's like to operate in Zimbabwe.

好的。謝謝你，Craig。我們時間差不多快不夠了。所以我想請各位注意我們在二月、於開普敦 Mining Indaba 會議周邊所主辦的一場活動。我們與另外五、六家外資持有的辛巴威礦業公司一起舉辦了一場簡報活動，邀請了辛巴威政府代表——包括礦業部長、財政部長以及央行（Reserve Bank）——出席；其目的在於嘗試澄清一些長期存在、普遍且持續的誤解：在辛巴威營運究竟是什麼樣子。

It was very well attended and the way the representatives of the Zimbabwean authorities have engaged, they are very transparent, constructive way with the audience, hopefully, is a first step -- our first step for many to trying to overturn some of these misunderstandings about Zimbabwe. So that was very good. Can we move on to the next slide?

出席情況非常踴躍，而辛巴威當局代表與現場聽眾的互動方式非常透明且具建設性；希望這是第一步——也是我們眾多努力中的第一步——用以扭轉外界對辛巴威的一些誤解。所以這非常好。我們可以看下一張投影片嗎？

So just to finish and then we move on to questions. So clearly, our strategic focus after the fatality last year is to continue commitment to the safety of our people, objective to maintain reliable and operations at Blanket, which let's face it, is going to be an important generator of capital for the construction of Bilboes. But as you've heard from Craig, has very significant long-term extension plans in its own right, leverage the strong gold price to invest in Blanket projects to create operating resilience and to mitigate further input cost pressures.

最後做個總結，然後我們進入提問。很明顯，在去年發生致命事故之後，我們的策略重點是持續承諾員工安全；目標是在 Blanket 維持可靠且穩定的營運——坦白說，這將是 Bilboes 建設的重要資金來源。但如 Craig 所說，Blanket 本身也有非常顯著的長期延伸計畫；我們將利用強勁的金價投資 Blanket 的各項專案，以提升營運韌性，並緩解進一步的投入成本壓力。

Moving along with Bilboes as quickly as we can in terms of the financing and development plan. And to continue to explore at Motapa, which in due course, we think will be a very exciting project. So all of those together really mean that we're continuing to execute our strategy to become a multi-asset Zimbabwe-focused gold producer.

在融資與開發計畫方面，盡可能快速推進 Bilboes。並持續在 Motapa 進行勘探；我們認為在適當時機，這將是一個非常令人振奮的專案。因此，綜合以上各項，意味著我們正持續執行策略，成為一家以辛巴威為核心、擁有多項資產的黃金生產商。