Caledonia Mining Corporation PLC (CMCL) 2026 Q1 法說會逐字稿

Welcome to the Caledonia Mining Q1 2026 Results presentation. I would like to now hand over to Mark Learmonth, who is the CEO, to begin the results presentation. Mark, over to you.

歡迎參加 Caledonia Mining 2026 年第一季（Q1）業績發表會。我現在把時間交給執行長 Mark Learmonth，開始進行業績簡報。Mark，交給你。

Thank you, and welcome to this results presentation for the first quarter of 2026. Can we just move through to the presenting team? I actually can't see the slides there. Yes, just move through to the presenting team. So as you heard, I'm Mark Learmonth, Caledonia's CEO.

謝謝，歡迎各位參加 2026 年第一季業績簡報。我們可以先切到簡報團隊那一頁嗎？我其實看不到投影片。是的，請切到簡報團隊那一頁。如各位所聽到的，我是 Mark Learmonth，Caledonia 的執行長。

I'm joined by Ross Jerrard, the CFO; Victor Gapare, Executive Director. We're not all together. Not certain if Craig Harvey will be able to join us. We're having some connectivity issues to Johannesburg, which where he is. So Craig may or may not join us. And then there's Maurice Mason, Vice President, Corporate Development and Investor Relations. So that's the team. Should we move on? Okay. Just by summary.

與我一同出席的有財務長（CFO）Ross Jerrard；執行董事 Victor Gapare。我們不在同一個地點。不確定 Craig Harvey 是否能加入。我們與他所在的約翰尼斯堡之間有一些連線問題。所以 Craig 可能會、也可能不會加入。另外還有 Maurice Mason，企業發展與投資人關係副總裁。以上就是團隊成員。我們可以繼續嗎？好的。先做個摘要。

As we've previously announced, gold production in the first quarter was somewhat challenged. There's about 14,700 ounces of production from Blanket Mine. And that was entirely due to, as you'll see in a moment, the lower grades mine during the quarter. Notwithstanding the lower production, financial performance was still robust, supported by the higher gold price environment. So revenue was up 18% to just over $66 million.

如我們先前所公告，第一季的黃金產量面臨一些挑戰。Blanket 礦場產量約 14,700 盎司。這完全是因為（稍後你會看到）本季開採品位較低所致。儘管產量較低，在金價走高的環境支撐下，財務表現仍然穩健。因此營收成長 18%，達到略高於 6,600 萬美元。

Profit was also higher. Profit after tax was up nearly 70% to nearly $19 million, and also a very strong cash generation, in particular, free cash flow more or less tripled from $4 million to $12 million in the quarter. As you might expect with lower ounces produced and particularly the effect of the lower grade, that affected the cost per ounce.

獲利也更高。稅後淨利成長近 70%，接近 1,900 萬美元；現金創造力也非常強勁，尤其是自由現金流在本季幾乎從 400 萬美元增加到 1,200 萬美元，約成長三倍。如各位所預期，在產出盎司數較少、且特別是品位較低的影響下，這也影響了每盎司成本。

So cost per ounce, the all-in sustaining cost increased to $2,700. Having said that, it's worth noting that our cost per tonne was very much in line with our expectations. So if we can get the grade back and, as I'll show you, I think we can, these unit costs, cost per ounce should normalize. It's fair to say that, again, as you'll see in a moment, it's fair to say that after the end of the quarter, April and so far into May, production at Blanket has very much improved, and Blanket is now running as expected.

因此每盎司成本（全維持成本，AISC）上升至 2,700 美元。不過值得注意的是，我們的每噸成本非常符合預期。所以只要品位回升——我稍後會向各位展示，我認為可以做到——這些單位成本、也就是每盎司成本應會回歸正常。也可以說（稍後你會看到），在季末之後的 4 月以及目前到 5 月為止，Blanket 的產量已明顯改善，現在運作符合預期。

So that's Blanket Bilboes. Bilboes gold project is proceeding very well. As you know, we published a feasibility study in late November last year. In January this year, we had a very successful convertible bond raise in New York, raised $150 million.

以上是 Blanket，接著談 Bilboes。Bilboes 黃金專案進展非常順利。如各位所知，我們在去年 11 月下旬發布了可行性研究。今年 1 月，我們在紐約成功完成可轉換公司債募資，籌得 1.5 億美元。

And we're now continuing to implement the rest of the funding strategy and we're also making good progress with DRA in terms of finalizing the designs and actually moving this project forward. But Victor will talk to us about that later on.

我們目前正持續推動其餘的融資策略落實，同時也與 DRA 在定案設計方面取得良好進展，並實際推動專案向前。不過 Victor 稍後會就此向各位說明。

As you know, we've had some very encouraging deep level exploration results at Blanket mine. Hopefully, Craig will be able to join us and give a bit more detail on that. But that continues to support the long-term sustainability of Blanket Mine and recognizes the confidence that we have in the resource. As usual, Blanket -- Caledonia, sorry, declared the usual dividend of $0.14 for the quarter. That will be paid shortly.

如各位所知，我們在 Blanket 礦場的深部探勘取得一些非常令人鼓舞的成果。希望 Craig 能加入並提供更多細節。這些成果持續支持 Blanket 礦場的長期可持續性，也反映我們對資源量的信心。照例，Blanket——抱歉，是 Caledonia——宣布本季維持一貫的股利，每股 0.14 美元。將於近期支付。

And as another sort of housekeeping point, July Ndlovu, who's a very experienced mining executive, joined the Board in November 2025. At the AGM last week, he was appointed as Chairman. Okay. So let's move on to just consider the operating results. Let's start with safety. Not much to say in terms of safety. It was a very, very good quarter with improving ratios.

另外一個例行事項：July Ndlovu 是一位非常資深的礦業主管，於 2025 年 11 月加入董事會。在上週的股東週年大會（AGM）上，他被任命為董事長。好的。接著我們來看營運成果。先從安全開始。安全方面沒有太多要補充。這是一個非常、非常好的季度，各項比率持續改善。

That really reflects our continued focus on proactive risk prevention in particular. I'm very pleased to see there's been a substantial increase in the incidence of near miss reporting, -- which is one of the keyways that we use to raise safety awareness and to act proactively to address safety issues before they become a problem. So safety is very good. But clearly, it continues to be an area of significant focus. It's never finished.

這確實反映我們持續聚焦於主動式風險預防，尤其如此。我很高興看到「未遂事件（near miss）」通報的發生率大幅增加——這是我們用來提升安全意識、並在問題發生前主動處理安全議題的關鍵方式之一。因此安全表現非常好。但顯然，這仍然是我們高度關注的重點領域。安全工作永遠沒有終點。

Should we move on to the next slide? This is the usual two graphs. The top one shows grade and tonnes. The bottom line shows recovery ounces. You'll see from the top graph, the tonnes have been stable at approximately 200,000 tonnes milled per quarter.

我們可以到下一張投影片嗎？這是慣例的兩張圖。上方顯示品位與處理噸數。下方顯示回收盎司數。從上方圖表可見，處理噸數維持穩定，每季約研磨 200,000 噸。

But you can see the grade, the grade fell progressively from the second quarter of last year through into quarter three and quarter four and then further into quarter one. And that reflects an issue that we've disclosed previously, which is the effect of two falls of ground, which together meant that we were excluded from relatively high tonne to high-grade areas, which we relied upon to maintain the mix of our production.

但你可以看到品位——品位從去年第二季開始一路下降，延續到第三季、第四季，並在第一季進一步下滑。這反映了我們先前已揭露的問題，也就是兩次地層坍塌（falls of ground）的影響；兩者合計使我們無法進入相對高噸數、且高品位的區域，而我們原本仰賴這些區域來維持產量組合。

So you can see the damage that the grade did is reflected in the falling production profile in the second graph, where production fell quarter two last year into quarter three, quarter four and again into quarter one. But again, just the reduction in recovery. But also reflects the falling grade because the tail grade that we deposit on to the tailings facility is pretty much the lowest we're going to get is that 0.2 grams a tonne.

因此你可以看到，品位造成的影響反映在第二張圖的產量下滑趨勢：從去年第二季下降到第三季、第四季，並在第一季再次下滑。這同樣反映回收量的下降。同時也反映品位下滑，因為我們排放到尾礦設施的尾礦品位幾乎已是最低水準，大約每噸 0.2 克。

And so if the head grade, the feed grade is lower, that means that recovery tends to go down. But having said that, if we move on to the next page, if we move on to the next page, you can see in a bit more granularity the progression of grade in December and into the quarter.

因此如果入料品位（head grade／feed grade）較低，回收率往往就會下降。不過話說回來，如果我們到下一頁，如果我們到下一頁，你可以更細緻地看到 12 月以及進入本季期間品位的變化。

You can see that grade has recovered. December 2025, it was 2.55 grams a tonne, increasing to 2.6 in January, 2.7 in February and 3 in March. Currently, it's running at about 2.9 grams a tonne, which is actually pretty much what we expected it to be in the second quarter. So as I've already outlined to you, Blanket has now returned to the production level that we had anticipated.

你可以看到品位已經回升。2025 年 12 月為每噸 2.55 克，1 月提高到 2.6，2 月為 2.7，3 月為 3。目前約為每噸 2.9 克，這其實幾乎就是我們對第二季的預期水準。因此如我先前向各位說明，Blanket 現在已回到我們原先預期的產量水準。

So those -- we have already started with three remediation initiatives. The first is that we have appointed a contractor, started work to accelerate access to higher-grade areas. They will continue to work for the remainder of the year, and that gets us back into a position where we should be ahead in terms of development, which gives us much more operating flexibility and resilience in the future. So our contract has started.

因此，關於這些——我們已經啟動了三項補救措施。第一項是我們已委任承包商，並已開始加速進入較高品位區域的工程。他們將在今年剩餘時間持續作業，這將使我們在開發進度方面回到應該領先的位置，從而在未來為我們帶來更大的營運彈性與韌性。因此，我們的合約已經開始執行。

The second thing that's happening is that we are implementing a revised shift system, which will move the operations of mine from six days a week to seven days a week. So that new shift structure is primarily intended to reduce work fatigue, which we understood was a significant problem. But it will also result in increased run-of-mine production on an annualized basis, an extra 100,000 tonnes a year which, in due course, will flow through into increased ounces produced.

第二件正在發生的事是，我們正在實施修訂後的輪班制度，將礦山營運從每週六天改為每週七天。因此，這個新的輪班架構主要是為了降低工作疲勞，我們了解到這是一個相當嚴重的問題。但它也將在年化基礎上帶來更高的原礦產量，每年額外增加100,000噸，並在適當時候轉化為更多的產金盎司數。

In the short term, the incremental production will be stockpiled. But once we've got a reasonable stockpile thereafter, additional production will be processed. And also in June, July, we expect to commission an additional ball mill, BM 3, which will increase our overall milling capacity by about 200 tonnes a day.

短期內，新增的產量將先行堆存。但一旦我們累積到合理的堆存量之後，額外的產量就會被送去處理。此外，在6月、7月，我們預期將投產一台新增的球磨機BM 3，這將使我們的整體磨礦產能每天增加約200噸。

So those are the three initiatives that are taking place to increase and address the issues that we faced at Blanket, as you can see, well, as you can't see, but you will see it in the second quarter, there has been a turnaround in the performance of Blanket Mine, which is an area of considerable focus for us. So that's a few brief words on operations.

因此，這三項正在推進的措施，旨在提升並解決我們在Blanket所面臨的問題；如你所見——嗯，如你看不到的，但你會在第二季看到——Blanket礦的表現已出現扭轉，這也是我們高度關注的領域。以上是關於營運的幾點簡要說明。

Can I ask Ross, please, to take us through the financial results?

我可以請Ross帶我們回顧一下財務結果嗎？

Thank you, Mark, and good afternoon, everyone. As always, delighted to talk you through the results. As Mark has already discussed, it was really a concept of the higher gold price offsetting a lower production period.

謝謝你，Mark，各位下午好。一如既往，很高興為各位說明本次業績。正如Mark已經提到的，這基本上是「較高金價抵銷較低產量期間」的概念。

You'll see at the top of the table that the outcome in terms of gold sold versus gold produced, there is a portion of -- higher portion of ounces that sit within bullion on the hand, which does affect that in terms of timing, but largely that average gold price that you see on the table, the $4,816 an ounce, is really offset by those lower ounces in terms of gold produced and sold.

你會在表格上方看到，就售金量相對於產金量而言，有一部分——而且是較高比例的盎司數——仍以金條形式留存在手上，這在時間點上會造成影響；但整體而言，你在表中看到的平均金價每盎司4,816美元，確實抵銷了產出與銷售盎司數較低的影響。

But pleasing for the period was the absolute costs. So you'll see, the online cost in terms of dollar quantum and our all-in sustaining dollars spent the quantum of $23 million or just under $24 million for online costs and $38 million all-in sustaining costs. Those were largely on track with our budget and expenditures, up 3% on mine costs and 9% all-in sustaining costs.

但本期令人欣慰的是絕對成本。因此你會看到，以美元金額計，我們的現場成本（online cost）以及全維持成本（all-in sustaining）支出金額分別為2,300萬美元或略低於2,400萬美元的現場成本，以及3,800萬美元的全維持成本。這些大致符合我們的預算與支出規劃，礦山成本上升3%，全維持成本上升9%。

So we are pleased with the spend rates there, but our unit costs were negatively impacted by the lower denominator in terms of ounces. So overall, activity was really good, and we are pleased with the delivery by the teams. But obviously, the ounce profile hit our unit costs.

因此，我們對該等支出速度感到滿意，但由於以盎司數作為分母較低，我們的單位成本受到不利影響。總體而言，作業活動表現非常好，我們也對團隊的交付成果感到滿意。但顯然，盎司產出曲線影響了我們的單位成本。

As we exited the quarter, our EBITDA was up 50% at just shy of $34 million. And with cash flow coming in really strongly after capital expenditure, which is, again, in line, there are some timing differences in terms of capital expenditure profile. But we're really pleased with our free cash flow of $12 million, which is up some 153% on the comparative quarter.

在季度結束時，我們的EBITDA上升50%，接近3,400萬美元。而在資本支出之後，現金流入表現非常強勁；資本支出同樣符合規劃，只是在資本支出節奏上存在一些時間差異。但我們對1,200萬美元的自由現金流非常滿意，較去年同期季度增加約153%。

So a very pleasing result financially, albeit our ounces were down. And overall, our earnings per share were 78% up on the comparative quarter. So if we do a little bit more of a dive into our profit and loss, so if I could turn to the next slide, please. You'll see the outcome of our revenue and that higher gold price that we achieved, resulting in revenue of $66 million for the period.

因此，財務表現非常令人滿意，儘管我們的盎司數下降。整體而言，我們的每股盈餘較去年同期季度上升78%。如果我們再更深入看一下損益表，請翻到下一張投影片。你會看到我們的營收結果，以及我們達成的較高金價，使本期營收達到6,600萬美元。

Our royalty is obviously based on that top line. So they equally increased to $5.6 million for the period. Production costs were in line with the expectation and largely on track together with depreciation. So you see our gross profit is sitting at a shade over $32 million, which was a really pleasing result and almost 20% up. The key movements for the quarter are really driven around our financial instruments.

我們的權利金顯然是以營收（top line）為基礎計算。因此本期也相應增加至560萬美元。生產成本符合預期，並且與折舊一樣大致按計畫進行。因此你會看到，我們的毛利略高於3,200萬美元，這是非常令人欣慰的結果，並且增加了將近20%。本季度的主要變動，實際上主要來自我們的金融工具。

And we're going to do a little bit of a deep dive on the accounting treatments of that. So that net fair value gain on the financial instruments represented in one line item, but there are a few different elements to that, which I'll discuss in due course.

我們將就其會計處理做更深入的說明。金融工具的淨公允價值收益以單一科目呈列，但其中包含幾個不同的要素，我稍後會再說明。

And further down on the chart, our net finance cost is up some 200%, but that is due to the convertible senior loan notes and the treatment of those financial instruments. But all other line items were largely in line, and we exited the period with a profit for the period of just shy of $19 million, which we're really pleased about.

在圖表更下方，我們的淨財務成本上升約200%，但這是由於可轉換高級貸款票據以及該等金融工具的會計處理所致。不過其他各項目大致符合預期，而我們在本期結束時錄得接近1,900萬美元的本期淨利，我們對此非常滿意。

If we could turn the slides please, and we'll just talk a little bit more about the cash flows. Our net cash from operating activities were up some 41% for the period. We did deploy against capital expenditure as planned. There are some timing differences there, but there's nothing to report or -- there are no outliers that need to be highlighted.

如果可以請翻頁，我們再談一下現金流。本期來自營運活動的淨現金流入增加約41%。我們依計畫投入資本支出。其中有一些時間差異，但沒有需要報告的事項，或——沒有需要特別強調的異常項目。

And then there's the combination of the various investing in financing, which really was around our cap call options, our convertible and really the deployment of our financing program. So we had some maturity of our fixed term deposits, which we deployed against our put option instruments and there were timing of various payments there.

接著是各項投資與融資活動的組合，主要與我們的cap call選擇權、可轉換工具，以及融資方案的執行有關。因此，我們有部分定期存款到期，並將其用於我們的賣權（put option）工具，且各項付款在時間點上也有所差異。

And the raising of the $150 million convertible and some of those funds were used to acquire a cap call option. And you'll see the deployment of $14 million going out of our cash flow. Further down, you'll see the proceeds from the convertible notes coming in at $145 million. And overall, really at the bottom of the page, we exited the period in a fantastic position of $161 million worth of closing cash and cash equivalents, which shows that the whole financing strategy is really coming together.

以及籌資1.5億美元的可轉換債，其中部分資金用於購買cap call選擇權。你會看到我們在現金流中支出1,400萬美元。再往下，你會看到可轉換票據的募集款項流入為1.45億美元。整體而言，在頁面底部，我們在期末以1.61億美元的期末現金及約當現金處於非常良好的狀態，這顯示整體融資策略正在逐步到位。

And you'll see that if we turn to the next slide, which talks to our liquidity. So together with our cash on hand of $170 million, and those drawn down bank facilities of $8.8 million, that gives us the $161 million that I've just discussed.

如果我們翻到下一張投影片，將會談到我們的流動性。因此，連同我們手上現金1.7億美元，以及已動用的銀行融資額度880萬美元，合計即為我剛才提到的1.61億美元。

But together with bullion on hand, which represents about 3,600 ounces, and some gold sales receivables really pulls together a very robust financial liquidity position in treasury that enables us to move forward with our various capital allocation decisions, deployment of funds and most exciting of orders, obviously, our continued development or moving forward with our development of the Bilboes project.

但再加上庫存金條（約3,600盎司）以及部分黃金銷售應收款，確實使我們的財務流動性狀況在資金庫中非常強勁，讓我們得以推進各項資本配置決策、資金投放，而最令人振奮的當然是持續推動Bilboes專案的開發，或說持續向前推進Bilboes專案的開發。

If we move to the next slide, without doing a deep dive into the financial treatment of financial instruments. This is the first period that we will have disclosed the treatment of the convertible notes and the various accounting that goes with it.

如果我們看下一張投影片，而不深入探討金融工具的財務處理細節。這是我們首次披露可轉換票據及其相關各項會計處理的期間。

And the fact that we don't do a full set of financial statements that you would otherwise see, and that will come through in due course of the half year, we just thought it was important to articulate the various accounting around the convertible and also the cap call options.

鑑於我們並未提供你通常會看到的完整財務報表（那會在半年度時適時提供），我們認為有必要說明可轉換票據以及上限買權（cap call options）相關的各項會計處理。

So in terms of best illustrating that we raised $150 million, which you can see on the left-hand side of the slide, which is the compound financial instrument of the senior loan notes, under the accounting standards, we have to split that into two elements. There's the host debt and there's a derivative liability. And those 2 are accounted for and treated separately.

因此，為了最清楚地說明我們籌得了1.5億美元（你可以在投影片左側看到），這在會計準則下屬於由優先貸款票據構成的複合金融工具，我們必須將其拆分為兩個要素。一個是主體債務（host debt），另一個是衍生性負債（derivative liability）。這兩者需分別入帳並分開處理。

One is under an amortized cost accounting treatment and the derivative liability; there's fair value through profit and loss. So that has slightly different accounting connotations. And then equally, the second answer, some of the deployment of that $150 million went towards the cap call option, and that has a separate accounting treatment and also a fair value through the profit and loss.

其中一項採用攤銷成本（amortized cost）的會計處理；而衍生性負債則以透過損益按公允價值衡量（fair value through profit and loss）。因此其會計意涵略有不同。同樣地，第二部分是這1.5億美元的部分資金用於上限買權（cap call option），其也有獨立的會計處理，並同樣以透過損益按公允價值衡量。

So there's two arms and elements in terms of the accounting and the valuation of that. And you'll see below the chart in terms of the various line items that are represented in the primary statements that are attached to this quarterly announcement. But you'll see that there's a -- we hold a derivative asset, a noncurrent asset of $14 million. That asset really comprises both our cap call options and the treatment of that, but also our hedging program.

所以在會計與估值上，這裡有兩個面向與要素。你也會在圖表下方看到，本季公告所附主要報表中所呈列的各項科目。你會看到我們持有一項衍生性資產，非流動資產為1,400萬美元。該資產主要包含我們的上限買權及其會計處理，亦包含我們的避險計畫。

So it's a combination of a number of derivative financial instruments. And then our liabilities, there's obviously the host debt that sits there, but also there's a derivative financial statement, liability. So the $97 million and the $38 million composed at $135 million compound financial instrument for the bond.

因此它是多項衍生性金融工具的組合。至於負債端，當然有主體債務列示在那裡，同時也有一項衍生性金融負債。因此，9,700萬美元與3,800萬美元合計為1.35億美元，構成該債券的複合金融工具。

And equally, on the financial statements, in terms of our income statement, you'll see a net $4 million or $3.9 million, and that's a combination of a number of these fair value adjustments that go through in terms of both our put options, the movements on the financial liabilities and the financial assets.

同樣地，在財務報表的損益表方面，你會看到淨額約400萬美元或390萬美元，這是多項公允價值調整的合計，包含我們賣權（put options）、金融負債與金融資產的變動所產生的影響。

So I know that's complicated. And hopefully, this gives a little bit more color in terms of the accounting for it. The full financials and I guess a lot of the movement and the color will come through at the half year with the June results.

我知道這很複雜。希望這能讓大家對其會計處理有更多脈絡與說明。完整財報以及許多變動的細節與說明，將會在六月的半年度結果中呈現。

So I might pause there. It was a really good quarter financially, notwithstanding the lower ounces, but we're well placed in terms of our strategy, both with I guess, internal cash generation and our overall funding position, which I'll talk to a bit more detail as we go through Bilboes. But with that, I'll hand it across and we'll talk through the Bilboes project. And maybe, Victor, if you can talk to Bilboes?

我先在這裡稍作停頓。儘管產量（盎司數）較低，但本季在財務上表現非常好；就策略而言，我們在內部現金創造能力以及整體資金狀況方面都處於有利位置，稍後在談Bilboes時我會更詳細說明。那麼接下來我把時間交給其他人，我們將一起討論Bilboes專案。Victor，也許你可以談談Bilboes？

Thank you, Ross. Can we move to the next slide? Okay. This particular slide and the next one really is information we have already published on the project. I won't go over it today because it's already been published, and it's already in our previous presentations.

謝謝你，Ross。我們可以到下一張投影片嗎？好的。這張投影片以及下一張，基本上都是我們先前已經發布過的專案資訊。我今天不會再逐一說明，因為已經發布過，也已包含在我們先前的簡報中。

What I will do is actually to give an update on where we are today. We appointed -- as Mark has said already, we appointed DRA as our EPCM contractor for this particular project. At the moment, we have DRA and ourselves, we've frozen the project scope, which allows DRA to complete the detailed designs for the projects commonly known as the front-end engineering designs.

我會做的是更新我們目前的進度。正如Mark先前提到的，我們已任命DRA擔任此專案的EPCM承包商。目前我們與DRA已凍結（確定）專案範疇，這讓DRA得以完成專案的詳細設計，也就是通常所稱的前端工程設計（front-end engineering designs）。

We expect to conclude these designs maybe by the end of the third quarter into the fourth quarter of this year, which will allow us to place orders for the long lead items towards the end of the year, really in the fourth quarter of this year. The construction for this project will take place over 2027 and 2028. And our expectation is that we should have the first go to towards the end of 2028.

我們預期這些設計可在今年第三季末至第四季完成，屆時我們就能在今年年底、也就是第四季，針對長交期項目下單。本專案的施工將在2027年與2028年進行。我們預期應可在2028年底左右實現首次出金（first gold pour）。

So basically, that's where we are. We are busy with DRA. We are working with the various contractors.

基本上，這就是我們目前的狀況。我們正與DRA密切推進。我們也正與各承包商合作。

Okay. Thank you, Victor. Victor, I don't know if we lost you. Could we -- could I ask -- I think Craig has joined us. Craig, have you joined us? I hope so.

好的。謝謝你，Victor。Victor，我不確定我們是不是跟你斷線了。我們能否——我想Craig已經加入了。Craig，你有加入嗎？希望有。

I actually have managed to join this.

我確實已經成功加入了。

Okay. Good. If you could just take us through the -- oh, no, hold on. Before we got on -- sorry, sorry, I beg your pardon. Before we get on to Craig, I think, Ross, are you going to just say a few words about the funding strategy for Bilboes?

好的。很好。如果你可以帶我們看一下——噢，不，等等。在我們交給Craig之前——抱歉、抱歉，請原諒我。在我們進入Craig之前，我想，Ross，你是否要先就Bilboes的融資策略說幾句？

Thanks, Mark. If we could turn to the next slide, it was really in one.

謝謝，Mark。如果我們可以翻到下一張投影片，其實就在下一張。

Yeah. The next one. The next slide.

對。下一張。下一張投影片。

Billy, next slide.

Billy，下一張投影片。

Thank you.

謝謝。

Thank you.

謝謝。

Thanks, Mark and Victor. Just to provide a quick update in terms of the funding strategy for Bilboes. And as previously disclosed and discussed on previous calls, we have a full funding pillar strategy. The first two pillars are being completed. So we previously disclosed to you the hedging program that's in place.

謝謝，Mark和Victor。我簡要更新一下Bilboes的融資策略。如先前已披露並在過往電話會議中討論過，我們採取完整的「資金支柱」策略。前兩個支柱已完成。我們先前已向各位披露已建立的避險計畫。

And also the $150 million convertible note raise. So those are all completed and funds are received in treasury and ready for deployment. Importantly, steps three and four are in progress and well on track. Step three is the interim funding facility, and that is where we're working with the consortium of Zimbabwe and South African banks to pull together a $150 million facility.

以及1.5億美元的可轉換票據募資。因此這些都已完成，資金已入庫並可隨時投放。重要的是，第三與第四步正在進行中，且進度良好、符合規劃。第三步是過渡性融資額度（interim funding facility），我們正與辛巴威及南非銀行組成的聯貸團合作，籌組一筆1.5億美元的融資。

We're working with our co-lead arrangers, Stanbic and CBZ in Zimbabwe. And the data room is fully functional. We're working through all the various due diligence and we're expecting to have that facility in place by mid-2026 or July 2026 latest. And that facility is really going to be secured around the Blanket Mine cash flows.

我們正與我們的共同主辦安排行（co-lead arrangers）合作，即辛巴威的 Stanbic 與 CBZ。而資料室已全面運作。我們正在推進各項盡職調查，並預期可在 2026 年年中、最晚 2026 年 7 月前把該融資安排到位。而該融資將主要以 Blanket 礦山的現金流作為擔保。

The wider project finance facility is also well in progress, and we're working with a number of financial institutions on that. We do acknowledge that the timeline after each financial closure is a little bit longer term. So we expect that to be completed over the next year or so. But across those various work streams, we're well progressed and we're quite excited in terms of status and positioning for our Bilboes funding.

更廣泛的專案融資額度也在順利推進中，我們正與多家金融機構就此合作。我們也確實認知到，每次完成金融交割（financial closure）後的時程會稍微偏長一些。因此我們預期將在未來一年左右完成。但在這些不同的工作主線上，我們進展良好，對 Bilboes 的資金籌措進度與定位感到相當振奮。

And if we turn to the next slide, we'll see an update in terms of the construct that I've previously spoken to. This is best read in terms of looking at the chart from right to left. So you'll see in terms of the $590 million and the makeup of that $590 million in terms of our capital cost and including working capital and capitalized interest coming up to that quantum of spend that we expect to be able to -- the need to deploy for Bilboes.

如果我們切換到下一張投影片，會看到我先前提到之架構的最新進展。這張圖表最適合由右往左閱讀。因此你會看到 5.9 億美元，以及這 5.9 億美元的組成：包含我們的資本成本，並納入營運資金與資本化利息，合計達到我們預期為 Bilboes 需要投入的支出規模。

But then looking at the two columns on the left-hand side, at our $3,500 gold price per ounce and the compilation of how we expect to fill that funding requirement. We now have cash on hand, as I previously articulated of $161 million. At the top end, we have our forecast net cash flow that will come out of our operations of $125 million.

接著看左側兩欄，以每盎司 3,500 美元的金價假設，以及我們預期如何滿足該資金需求的組合。如我先前所述，我們目前手上現金為 1.61 億美元。在上限部分，我們預測由營運產生的淨現金流為 1.25 億美元。

And between the senior debt and other facilities in terms of what we're targeting, the gap is now $304 million. If we move that pricing deck closer to $5,000 per ounce, which is represented in the middle column, you'll see that that senior debt and other facility requirement basically halves and goes on to $154 million. So we're quite excited about where we sit in terms of our financing strategy, in terms of how that's all coming together.

在我們目標的高級債務（senior debt）與其他融資額度之間，目前資金缺口為 3.04 億美元。若將該定價假設提高至更接近每盎司 5,000 美元（如中間欄所示），你會看到高級債務與其他融資額度的需求基本上減半，降至 1.54 億美元。因此，就我們的融資策略以及整體整合進展而言，我們對目前所處位置感到相當振奮。

And actually, we think that we're well placed in terms of our ability to start deploying funds and moving this Bilboes project on time and to schedule. So that, I hope, gives you a good overview in terms of where we sit with our funding position. And I might turn it across to Craig Harvey now to talk about exploration.

而且我們認為，就我們開始動用資金並按時、按計畫推進 Bilboes 專案的能力而言，我們已具備良好條件。希望這能讓各位對我們目前的資金狀況有一個清楚的概覽。接下來我把時間交給 Craig Harvey，請他談談勘探。

Thanks, Ross. I'll take you through our activities of what we've been doing at Blanket in the past couple of months. So this opening slide is from our [RNS] that we published on the April 7. So for those of you that haven't seen it, it basically represents from 34 level down a depth of approximately 250 meters below 34 level. So that kind of gives you an indication of the scale that we're looking at there.

謝謝你，Ross。我將帶各位回顧我們在過去幾個月於 Blanket 所進行的各項工作。這張開場投影片出自我們於 4 月 7 日發布的 [RNS]。因此，對於尚未看過的人，它基本上呈現了從 34 水平（34 level）往下，至 34 水平以下約 250 公尺深度的情況。這大致能讓各位了解我們在那裡所觀察到的規模。

And this is only really in what we call the BTR and the Blanket ore bodies area. But some of the key takeaways, as I said, is we are intersecting the continuation of the ore bodies, about 250 meters below our workings currently. And what those colored blocks represent?

而這其實僅限於我們所稱的 BTR 與 Blanket 礦體區域。但如我所說，其中一些關鍵重點是：我們在目前作業面以下約 250 公尺處，仍然鑽遇到礦體的延伸。而那些彩色方塊代表的是什麼？

If you can make it out, it's the various different ore bodies. It's quite difficult to read because they stack behind one another. But that is the limit of the inferred mineral resources as we currently have, which was dated December 31.

如果你看得出來，那些是不同的礦體。因為它們彼此在後方堆疊，所以其實相當難讀。但那是我們目前所擁有的推斷礦產資源量（inferred mineral resources）的界限，日期截至 12 月 31 日。

So anybody looking at it can see at the bottom there, we've got some nice warm colors, which is greater than 2, 3, 5 grams per tonne that is sitting below our inferred resource base that we have in the public domain at the moment. So encouraging takeaways. We're drilling. And the ore bodies continue at depth.

因此任何人看這張圖都能在底部看到一些漂亮的暖色系區塊，代表每噸大於 2、3、5 克的品位，位於我們目前公開之推斷資源基礎之下。所以這些都是令人鼓舞的重點。我們正在鑽探。而礦體在深部仍持續延伸。

If we can move on to the next slide, this thing gives a tabulation of some of those results that you have seen. And one of the key takeaways there. So you'll see that the top four there is annotated as Blanket 7 and the ore body name. So it was March -- sorry, it was June 2025 when we published our previous drilling update for Blanket. We indicated that we had intersected a new ore body.

如果我們到下一張投影片，這裡彙整了你們所看到的一些結果。其中一個關鍵重點是：你會看到最上面四筆標註為 Blanket 7 以及礦體名稱。我們在 2025 年 6 月發布了先前的 Blanket 鑽探更新。當時我們指出已鑽遇到一個新的礦體。

This ore body is now being turned Blanket 7. And as we draw more, define more, this area is going to grow. And the key takeaway here is, I mean, Blanket 7, we're looking at in the drills 40 meters wide. So I mean any mining company that can find a 40-meter wide ore body running at between 3 and 4 grams per tonne is going to be extremely happy about it.

這個礦體現在被命名為 Blanket 7。隨著我們進一步繪製與界定，這個區域將會擴大。而這裡的關鍵重點是：以 Blanket 7 而言，我們在鑽孔中看到其寬度約 40 公尺。我的意思是，任何一家礦業公司若能找到一個寬 40 公尺、品位介於每噸 3 到 4 克的礦體，都會非常高興。

Inside that 40 meters, we have the option of being active selective in what we do, so we can narrow it down. And just by looking at the drilling assays, we can mine those anywhere between 5 and 6 meters wide, at anywhere between kind of 12 to 50 grams per tonne. Now it's not going to be all over but that's the kind of results that we actually get out of Blanket. So it's very, very key. The drilling program is going along very well.

在這 40 公尺之內，我們可以選擇更具選擇性地作業，因此可以把採礦寬度縮小。而僅從鑽探品位分析（assays）來看，我們可以在約 5 到 6 公尺的寬度內開採，品位大約介於每噸 12 到 50 克。當然不會到處都是這樣，但這就是我們在 Blanket 實際取得的那類結果。因此這非常、非常關鍵。鑽探計畫進展非常順利。

We drilled just over 10,300 meters between the June 2025 and the April 7 press releases that we've done. And so clearly, we have a need to update our mineral resource estimate. So that will be done during 2026 and reported and declared before the end of 2026. But I think the upshot is at depth, there's no change. If anything, it's getting slightly better. I mean, 40 meters wide, 4 grams a tonne. I think it's happy days.

在 2025 年 6 月與我們 4 月 7 日的新聞稿之間，我們鑽探了略高於 10,300 公尺。因此很明顯，我們需要更新礦產資源量估算（mineral resource estimate）。這將在 2026 年期間完成，並在 2026 年底前對外報告與宣告。但我認為重點是：在深部，沒有任何改變。如果說有什麼不同，那就是略有改善。我的意思是，寬 40 公尺、每噸 4 克。我想這是好日子。

If you can move on to the next slide, and we'll talk a little bit about Motapa, the surface exploration project that's located directly adjacent to Bilboes, that we've just been speaking about. So I'm pleased to say that finally, the labs in Zimbabwe have been very, very busy. So finally, we have gotten all of our repeat assays back and all of the assets from the lab that we need. So we have now closed out our 2025 drilling program, exploration program.

如果可以到下一張投影片，我們來稍微談談 Motapa——這是一個地表勘探專案，位置就在我們剛才談到的 Bilboes 旁邊。我很高興地說，辛巴威的實驗室終於——一直都非常、非常忙碌。所以我們終於拿回了所有的複驗結果（repeat assays），以及我們所需的所有實驗室分析資料。因此我們現在已完成並結束 2025 年的鑽探計畫、勘探計畫。

By doing that, we are targeting early Q3 2026. They made a mineral resource estimate for the Motapa North sulfide mineralization. That is going to represent the kind of $5 million of work that we've done during 2023 and 2024. That's what we've expended to date. Going forward into 2026, we will kind of be doing a rinse and repeat on the Motapa South.

透過這麼做，我們的目標是 2026 年第三季初。他們已就 Motapa North 的硫化物礦化完成一份礦產資源量估算。那將反映我們在 2023 年與 2024 年期間所完成、約 500 萬美元規模的工作。這就是我們迄今為止的投入。展望 2026 年，我們將在 Motapa South 大致採取同樣的模式，重複推進。

It's also got historic open pit oxides that have been mined and clearly below those splits, there's the sulfides. We have done some reconnaissance drilling there. So we will now formalize and we are busy drilling there at the moment to do very much what we've done at Motapa North.

那裡也有歷史上的露天礦氧化物曾被開採，而且很明顯在那些分界之下就是硫化物。我們已在那裡做了一些踏勘性鑽探。因此我們現在將把工作正式化，目前也正忙著在那裡鑽探，基本上要做的就是我們在 Motapa North 所做的那些工作。

In addition, there's Mpudzi oxides that we are still looking at. And then very interestingly, during 2025, some surface trenching to the east of Motapa South has exposed mineralized horizons in the trenches. So it's looking like we've got another near well at surface oxide potential target that we want to have a look at.

此外，還有 Mpudzi 的氧化物礦化我們仍在評估。而且非常有意思的是，在 2025 年，於 Motapa South 以東進行的一些地表槽探在槽溝中揭露了礦化層位。因此看起來我們又有另一個接近地表、具氧化物潛力的目標，我們希望進一步查看。

So I think Motapa, yes, it's business as usual. It's going along very well. We will close out 2026 with a maiden mineral resource estimate. With that, I'll hand it back to Mark to take us further.

所以我認為 Motapa，是的，一切照常推進。進展非常順利。我們將在 2026 年底完成首次礦產資源量估算。接下來我把時間交還給 Mark，請他繼續。

Thank you, Craig. So just to finish off. I mean, there's a lot of words on this slide, but basically, we've got two immediate focuses. The first is to return Blanket Mine to good health. Based on what we've seen in April and May to date, we appear to be making good progress on that.

謝謝你，Craig。那我就做個收尾。這張投影片文字很多，但基本上我們有兩個立即的重點。第一個是讓 Blanket 礦山恢復到健康狀態。根據我們截至目前在 4 月與 5 月所看到的情況，我們似乎在這方面取得了良好進展。

But just building on what Craig has been telling us we are convinced that Blanket has a good long life ahead of it. And so one of the things we're doing now is looking at ways to improve Blanket's resilience so that it can actually live that longer life and continue to generate cash or so. So Blanket is a pressing and immediate focus.

不過延續 Craig 跟我們分享的內容，我們確信 Blanket 未來還有很長的壽命。因此我們目前正在做的一件事，是尋找提升 Blanket 抗壓韌性的方法，讓它能夠真正延續更長的壽命，並持續產生現金等。所以 Blanket 是一個迫切且立即的重點。

And clearly, the other one is to get Bilboes into production as quickly as possible. And in this gold price environment for the asset of that quality, every month lost is money not made. And so we are very, very incentivized to get Bilboes done as quickly as possible with a view to continuing work on the top, which will then underpin our long-term growth potential.

而且很明顯，另一個重點是盡快讓 Bilboes 投入生產。在目前這樣的金價環境下，對於那種品質的資產而言，每延誤一個月就是少賺一個月的錢。因此我們有非常、非常強的動機，盡可能快速完成 Bilboes，同時也會持續推進上部的工作，這將支撐我們的長期成長潛力。

So those are the three main issues: Blanket, Bilboes and Motapa. So with that, a little bit longer than we expected. I'll open for questions. I would just apologize again for some of the connectivity issues that we've had on this call, I'm sorry about that. So open for questions.

所以這三個主要議題是：Blanket、Bilboes 和 Motapa。那麼到這裡，時間比我們預期稍微長了一點。我開放提問。我也再次為本次電話會議中出現的一些連線問題致歉，真的很抱歉。那麼開放提問。

Mark and team, thank you very much for the presentation today. (Operator Instructions) So we'll just wait a moment before we go to questions just for people to have a time to raise their hands. So just give us one moment.

Mark 與團隊，非常感謝今天的簡報。(接線員指示) 我們在進入提問前先稍等片刻，讓大家有時間舉手。請稍等一下。

Okay. So we've got our first question from Nic Dinham. Unfortunately, Nic, we're not hearing you at the moment. I'd just like to ask people if you'd like to ask a question, please do raise your hand. Nic, we will wait to see whether maybe it's your microphone settings, which is in the bottom left-hand side of your speaker of your screen. No, unfortunately, we can't hear you at all, Nic.

好的。我們的第一個問題來自 Nic Dinham。很遺憾，Nic，我們目前聽不到你的聲音。也想請各位如果要提問，請舉手。Nic，我們先等一下，看看是否是你的麥克風設定問題；麥克風設定在你螢幕左下角的喇叭/音訊區域。不，遺憾的是，我們完全聽不到你，Nic。

If we get any other further questions from people, please do raise your hands. Well, Mark, at the moment, we don't have any further questions. Unfortunately, we're not able to hear Nic at the moment. That's there. Do you want to give a few more minutes or a few more seconds, should we say, to see if anyone asked the first question.

如果還有其他人有進一步的問題，請舉手。嗯，Mark，目前我們沒有其他問題。很遺憾，我們現在仍無法聽到 Nic。就是這樣。你想再多給幾分鐘或幾秒鐘，看看是否有人提出第一個問題嗎？

Normally, people are pretty quick off out of the blocks, if they've got a question.

通常如果有人有問題，會很快就提問。

Maybe hand back to you for closing remarks, Mark.

也許把時間交還給你做結語，Mark。

Okay. Okay, look, thank you all for your participation. As I say, the first quarter was a disappointment in terms of production. The gold price saved us. But as you've heard, I'm personally very optimistic about the trajectory, both for Blanket and for Bilboes. So let's put the first quarter behind us and move on. So thank you all for your attendance today. Thank you.

好的。好的，各位，感謝大家的參與。如我所說，第一季在產量方面令人失望。金價拯救了我們。但正如各位所聽到的，我個人對於 Blanket 與 Bilboes 的發展軌跡都非常樂觀。所以讓我們把第一季拋在腦後，繼續往前。再次感謝各位今天出席。謝謝。