Eldorado Gold Corp (EGO) 2023 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Eldorado Gold Third Quarter 2023 Financial and Operational Results Conference call. (Operator Instructions) The conference is being recorded. (Operator Instructions)

感謝您的支持。這是會議主持人。歡迎參加 Eldorado Gold 2023 年第三季財務與營運績效電話會議。 （操作員指示）會議正在錄音。 （操作員指令）

I would now like to turn the conference over to Lynette Gould, Vice President, Investor Relations. Please go ahead, Ms. Gould.

現在，我想將會議交給投資者關係副總裁 Lynette Gould。請繼續，古爾德女士。

Thank you, operator, and good morning, everyone. I'd like to welcome you to our third quarter 2023 results conference call. Before we begin, I would like to remind you that we will be making forward-looking statements and referring to non-IFRS measures during the call. Please refer to the cautionary statements included in the presentation and the disclosure on non-IFRS measures in our Management's Discussion and Analysis as well as the risk factors set out in our annual information form.

謝謝接線員，大家早安。歡迎您參加我們的 2023 年第三季業績電話會議。在我們開始之前，我想提醒您，我們將在電話會議中做出前瞻性陳述並參考非國際財務報告準則指標。請參閱本報告中包含的警示聲明和我們的管理層討論與分析中關於非國際財務報告準則措施的披露以及我們年度資訊表中列出的風險因素。

Joining me on the call today, we have George Burns, President and Chief Executive Officer; Phil Yee, Executive Vice President and Chief Financial Officer; Joe Dick, Executive Vice President and Chief Operating Officer; and Simon Hille, Senior Vice President, Technical Services and Operations.

今天與我一起參加電話會議的還有總裁兼執行長喬治‧伯恩斯 (George Burns)； Phil Yee，執行副總裁兼財務長；喬·迪克（Joe Dick），執行副總裁兼營運長；以及技術服務和營運資深副總裁 Simon Hille。

Our release yesterday details our third quarter 2023 financial and operating results. This should be read in conjunction with our third quarter financial statements and Management's Discussion and Analysis, both of which are available on our website. They have also both been filed on SEDAR+ and EDGAR.

我們昨天發布的新聞稿詳細介紹了我們 2023 年第三季的財務和營運業績。這應與我們的第三季財務報表和管理層討論與分析一起閱讀，兩者均可在我們的網站上查閱。它們也都已在 SEDAR+ 和 EDGAR 上備案。

All dollar figures discussed today are U.S. dollars, unless otherwise stated. We will be speaking to the slides that accompany this webcast, and you can download a copy of these slides from our website. After the prepared remarks, we will open the call for Q&A. At this time, we will invite analysts to queue for questions.

除非另有說明，今天討論的所有美元數字均為美元。我們將針對本次網路廣播隨附的幻燈片進行演講，您可以從我們的網站下載這些投影片的副本。準備好的發言結束後，我們將開始問答環節。這時候我們會邀請分析師排隊來回答問題。

I will now turn the call over to George.

現在我將電話轉給喬治。

Thanks, Lynette, and good morning, everyone. Here is the outline for today's call. I'll provide a brief overview of Q3 results and highlights before passing it to Phil to go through the financials and then Joe and Simon to review our operational performance. Then we will open the call to questions from our analysts.

謝謝，Lynette，大家早安。這是今天通話的概要。我將簡要概述第三季的業績和亮點，然後將其交給 Phil 審核財務狀況，然後交給 Joe 和 Simon 審查我們的營運績效。然後我們將開始回答分析師的問題。

Turning to Slide 4, starting with production. Our performance continued to improve over the quarter with safe production of 121,030 ounces of gold. At Olympias, the mine delivered its best quarter of the year and the trend is positive, with significant opportunity to make further improvements beyond where we are today. This is a site that is really seeing innovation and technology making a difference in productivity. In the past few months, we have energized the substation, upgraded ventilation, and added bulk emulsion blasting underground. All of this is converging to create a positive trajectory for the site going forward.

翻到投影片 4，從生產開始。本季我們的業績持續改善，安全生產了 121,030 盎司黃金。奧林匹亞斯礦井迎來了今年最好的一個季度，而且趨勢是積極的，並且有很大機會在當前基礎上進一步改進。這個網站確實見證了創新和技術對生產力的影響。在過去的幾個月裡，我們為變電站通電，升級了通風設備，並在地下增加了散裝乳化液爆破。所有這些都將為該網站未來的發展創造積極的軌跡。

In the third quarter, at Kisladag, with the North Heap Leach Pad operational, we are seeing increased tons with 3 cells under leach, which should positively impact gold production in the fourth quarter. The tons placed are record amounts compared to the past 6.5 years and a 19% increase relative to both the first and the second quarters of 2023.

第三季度，在基斯拉達格，隨著北堆浸場的投入運營，我們看到 3 個浸出槽的黃金產量增加，這將對第四季度的黃金產量產生積極影響。與過去 6.5 年相比，裝載量創下了歷史新高，與 2023 年第一季和第二季相比成長了 19%。

At Lamaque, Q3 production increased over both Q1 and Q2. However, it was impacted by slower-than-expected development in the underground due to suspended shifts in the second quarter owing to the wildfires in the region. As a result, we saw a ripple effect with reduced mining phases available for ore production during the third quarter, which impacted our production relative to our expectations. This site has consistently met its performance expectations and I anticipate that it will maintain the trend throughout the fourth quarter as they access higher-grade stopes.

在拉馬克 (Lamaque)，第三季的產量比第一季和第二季都增加。然而，由於該地區第二季發生山火導致班次暫停，地下開發速度低於預期，因而受到影響。因此，我們看到了連鎖反應，第三季可用於礦石生產的採礦階段減少，這對我們的生產產生了影響，不符合我們的預期。該網站一直滿足其性能預期，我預計，隨著他們進入更高品位的礦場，它將在整個第四季度保持這一趨勢。

As we head into the fourth quarter, we are updating our guidance range to narrow the ranges, reflecting our full-year expectations given the operational and financial performance to date, and we expect tightening gold production to between 475,000 ounces and 495,000 ounces versus previous guidance of 475,000 ounces to 515,000 ounces.

隨著進入第四季度，我們正在更新我們的指導範圍以縮小範圍，以反映我們對迄今為止的營運和財務表現的全年預期，並且我們預計黃金產量將收緊至 475,000 盎司至 495,000 盎司之間，而先前指導的價值為 475,000 盎司至 515,000 盎司。

Lowered cash operating costs to be between $730 to $780 per ounce sold versus previous guidance of $760 to $860. Tightening all-in sustaining cost to between $1,190 and $1,240 per ounce sold versus previous guidance of $1,190 to $1,290. Sustaining capital guidance remains unchanged at $114 million to $139 million. Growth capital for the year has been reduced to $280 million to $305 million from $394 million to $437 million, primarily driven by lower-than-expected growth capital spend at Skouries. Skouries' capital is expected to be between $160 million to $170 million versus previous guidance of $240 million to $260 million.

將現金營運成本下調至每盎司 730 美元至 780 美元之間，而先前的預期為 760 美元至 860 美元。將總維持成本收緊至每盎司 1,190 美元至 1,240 美元之間，而先前的指導價格為 1,190 美元至 1,290 美元。維持資本指導價維持不變，為 1.14 億美元至 1.39 億美元。本年度的成長資本已從 3.94 億美元至 4.37 億美元減少至 2.8 億美元至 3.05 億美元，主要原因是 Skouries 的成長資本支出低於預期。 Skouries 的資本預計將在 1.6 億至 1.7 億美元之間，而先前的預期為 2.4 億至 2.6 億美元。

The reduction at Skouries is driven by a change in timing to award several contracts in order to optimize project execution, shifting of certain preproduction expenditures from 2023 to 2024 without impact to work progress or completion schedule, transitioning engineering work in the Greece, an updated execution approach to major earthworks while maintaining construction schedule flexibility.

Skouries 專案成本減少的原因是：為了優化專案執行，授予多個合約的時間發生了變化；將某些預生產支出從 2023 年轉移到 2024 年，而不會影響工作進度或完成時間表；過渡希臘的工程工作；更新了主要土方工程的執行方法，同時保持了施工進度的靈活性。

In addition, the closing of the project financing in April, which was slightly delayed from our initial expectation, meant a slower ramp-up than what was expected in awarding the contracts. This lower-than-expected spend in growth capital at Skouries in 2023 is not impacting overall project plan, including cost and schedule, and we remain comfortable we are on track for first gold in mid-2025.

此外，專案融資於 4 月結束，比我們最初的預期略有延遲，這意味著授予合約的速度低於預期。 2023 年 Skouries 的成長資本支出低於預期，這並不影響整體專案計畫（包括成本和進度），我們仍有信心在 2025 年中期實現第一筆金牌。

We are also pleased to issue our 2022 Climate Change and Greenhouse Gas Emissions report in August, which provides a measurable progress towards our GHG mitigation target and enhancing climate resilience. This report builds on our first climate change report that was published in 2021 and focuses on our progress implementing the climate change strategy.

我們也很高興在 8 月發布了《2022 年氣候變遷和溫室氣體排放報告》，該報告為我們在實現溫室氣體減排目標和增強氣候適應能力方面取得了可衡量的進展。本報告以我們 2021 年發布的第一份氣候變遷報告為基礎，重點在於我們實施氣候變遷策略的進展。

The report included our GHG emissions target achievement pathway in which we seek to mitigate our Scope 1 and Scope 2 emissions from operating mines by 30% on a 2020 baseline by 2030. Our GHG emissions target achievement pathway comprises 4 levers: operational efficiencies and continuous improvement, technologies, processes and energy generation, grid decarbonization and mine shutdown and operational changes. These opportunities will help mitigate our emissions, and we are already discovering these levers often provide multiple benefits that extend even further.

該報告包括我們的溫室氣體排放目標實現途徑，其中我們尋求在 2030 年將營運礦場的範圍 1 和範圍 2 排放量在 2020 年基礎上減少 30%。這些機會將有助於減少我們的排放，而我們已經發現這些槓桿往往能帶來更深遠的多重好處。

We are committed to continuing to assess opportunities to improve our emissions-related impacts and enhance the resilience of our business in response to climate change. In addition, we are committed to further investigating how we will incorporate Skouries operational emissions to a climate target. I invite you to read the full report available on our website.

我們致力於持續評估機會，以改善與排放相關的影響，並增強我們的業務應對氣候變遷的適應能力。此外，我們致力於進一步研究如何將 Skouries 的營運排放納入氣候目標。我邀請您閱讀我們網站上的完整報告。

The highlight as we entered the fourth quarter has been a well-attended investor and analyst mine tour that we hosted at all 4 of our European assets Skouries, Olympias, Kisladag and Efemcukuru. Some of you on the call today were able to get a firsthand feel for how things are going on the ground, which provided a sense of confidence in terms of the abilities of each site team.

進入第四季度，我們最精彩的部分是在我們位於歐洲的所有 4 處資產 Skouries、Olympias、Kisladag 和 Efemcukuru 舉辦了一次投資者和分析師礦山參觀之旅，參與人數眾多。今天參加電話會議的一些人能夠親身了解實地情況，這對每個現場團隊的能力充滿了信心。

Each of you that participated was able to see firsthand how our productivity improvements are making a meaningful impact across the sites and in addition, the opportunities that still lie ahead for us. Additionally, you're able to see directly our sustainable mining practices that we feel are best in class. I think everyone that attended the tour was impressed with our site teams and the significant achievements that we have made across the business. We plan in the future to host more investor and analyst tours as we continue to deliver our growth and value creation that is unique amongst our peers.

每位參與者都能夠親眼看到我們的生產力改善如何對各個站點產生了有意義的影響，以及我們面前仍然存在的機會。此外，您還可以直接看到我們認為一流的永續採礦實踐。我想參加這次參觀的每個人都對我們的現場團隊以及我們在整個業務中取得的重大成就印象深刻。我們計劃在未來舉辦更多的投資者和分析師巡迴活動，繼續實現在同行中獨一無二的成長和價值創造。

I'll stop there and turn the call over to Phil for a review of our financial results.

我就到此為止，並將電話轉給菲爾，以審查我們的財務結果。

Thank you, George. Good morning, everyone. Slide 5 provides a summary of our third quarter results. Eldorado reported a net loss attributable to shareholders from continuing operations of $6.6 million or $0.03 loss per share in the third quarter, directly impacted by the previously disclosed 5% retroactive corporate tax rate increase in Turkiye, effective July 2023.

謝謝你，喬治。大家早安。幻燈片 5 概述了我們的第三季業績。 Eldorado 報告稱，第三季歸屬於持續經營股東的淨虧損為 660 萬美元，即每股虧損 0.03 美元，這直接受到土耳其先前披露的 5% 追溯性企業稅率上調（自 2023 年 7 月起生效）的影響。

After adjusting for one-time non-recurring items, adjusted net earnings were $35 million, or $0.17 per share for the quarter. These one-time non-recurring items included a one-time $22.6 million non-cash deferred tax expense and a one-time out-of-period current tax expense of $8.2 million, both a result of the retroactive corporate tax rate increase mentioned earlier.

調整一次性非經常性項目後，本季調整後淨利為 3,500 萬美元，即每股 0.17 美元。這些一次性非經常性項目包括一次性 2,260 萬美元的非現金遞延稅項費用和一次性期外稅項費用 820 萬美元，這兩項費用均是前面提到的追溯性公司稅率提高的結果。

In addition, a non-cash loss of $15.2 million on foreign exchange translation of deferred tax balances related to the weakening of the lira and the euro, and partially offset by a non-cash unrealized gain of $6 million on the revaluation of derivative instruments, primarily the gold collars.

此外，由於土耳其里拉和歐元貶值導致的遞延稅項餘額的外匯換算產生了 1,520 萬美元的非現金損失，但部分被衍生工具（主要是金領）重估產生的 600 萬美元非現金未實現收益所抵消。

Free cash flow in the quarter was negative $19.3 million. Excluding capital investment in the Skouries project, free cash flow generation in the quarter was positive $30 million. Cash flow generated by operating activities before changes in working capital totaled $97.5 million compared to the second quarter of 2023 of $82.4 million.

本季自由現金流為負1930萬美元。不包括對 Skouries 專案的資本投資，本季的自由現金流產生量為正 3,000 萬美元。營運資本變動前的經營活動產生的現金流量總計 9,750 萬美元，而 2023 年第二季為 8,240 萬美元。

Third quarter cash operating costs averaged $698 per ounce sold and all-in sustaining costs averaged $1,177 per ounce sold. Our costs decreased during the quarter as we continued to see lower-than-expected fuel and electricity prices. This was partially offset by higher royalty expenses as a result of the higher realized gold price during the quarter.

第三季現金營運成本平均為每售出盎司 698 美元，總維持成本平均為每售出盎司 1,177 美元。由於燃料和電力價格持續低於預期，我們的成本在本季有所下降。由於本季黃金實際價格上漲，特許權使用費支出增加，部分抵消了這一影響。

All-in sustaining costs per ounce sold in the third quarter were line with expectations. With stronger gold production expected in the fourth quarter, we expect to see decrease in unit costs, and as George mentioned, we have updated our cost guidance ranges.

第三季銷售的每盎司總維持成本符合預期。由於預計第四季度黃金產量將增加，我們預計單位成本將下降，正如喬治所提到的，我們已經更新了成本指導範圍。

Capital expenditures were $91.1 million in the third quarter, which included investment in growth projects at Kisladag and at Skouries, where we continue to advance procurement and the project.

第三季的資本支出為 9,110 萬美元，其中包括對 Kisladag 和 Skouries 成長項目的投資，我們將繼續推動採購和項目。

Income tax expense of $52 million increased in the quarter compared to Q3 2022, primarily a result of the retroactive 5% Turkish tax rate increase, as previously noted. Current tax expense totaled $21 million in Q3 2023, an increase from Q3 2022, current tax expense of $16 million.

本季的所得稅支出與 2022 年第三季相比增加了 5,200 萬美元，這主要是由於土耳其追溯性 5% 的稅率增加（如前所述）。 2023 年第三季的當期稅費總計 2,100 萬美元，較 2022 年第三季的當期稅費 1,600 萬美元增加。

Deferred tax expense increased to $31 million in Q3 2023, also an increase from Q3 2022 deferred tax expense of $12 million. These increases in Q3 2023 current and deferred tax expense over the comparative prior year period were due to the Turkiye corporate tax rate increase previously mentioned.

2023 年第三季遞延所得稅費用增加至 3,100 萬美元，也較 2022 年第三季遞延所得稅費用 1,200 萬美元增加。 2023 年第三季的當期和遞延稅務費用與去年同期相比有所增加，原因是前面提到的土耳其企業稅率上調。

Turning to Slide 6. At quarter end, we had unrestricted cash and cash equivalents of $476.6 million, with production expected to continue to improve over the fourth quarter, we expect to see our cash from continuing -- our cash from operations improving further.

轉到幻燈片 6。

With the closing of the Skouries project financing in April, availability under Eldorado's $250 million revolving credit facility was reduced as Eldorado's funding commitment for the Skouries project is fully backstopped by a letter of credit under that revolving credit facility. The availability under the facility as of September 30th was $116 million. We continue to focus on maintaining a solid financial position, which provides flexibility to unlock value across our global business.

隨著 4 月 Skouries 專案融資的結束，Eldorado 2.5 億美元循環信貸額度下的可用金額減少，因為 Eldorado 對 Skouries 專案的資金承諾完全由該循環信貸額度下的信用證支持。截至 9 月 30 日，該設施的可用資金為 1.16 億美元。我們將繼續致力於保持穩固的財務狀況，這為我們的全球業務釋放價值提供了靈活性。

With that, I will now turn it over to Joe to go through the operational highlights.

現在，我將把主題交給喬來介紹營運亮點。

Thanks, Phil, and good, morning. Starting on Slide 7. At Skouries, construction activity in Q3 continued to ramp up with overall project progress at 34% and when incorporating all prior work, Skouries progress stands at 65% complete. Mobilization continued for major earthworks for construction haul roads needed to undertake all other major earthworks and is progressing well with work on several fronts underway.

謝謝，菲爾，早安。從投影片 7 開始。為進行所有其他主要土方工程所需的施工運輸道路的主要土方工程的動員工作仍在繼續，並且進展順利，多個方面的工作正在進行中。

During the quarter, the contractors for the earthworks and pilings for the primary crusher were mobilized and commenced work. General works continued to focus on site preparation, relocation of temporary facilities, recommissioning of the non-contact water reinjection well system, and the haulage of aggregates for construction purposes. The first phase of underground development continues to advance the west decline and lateral development for the test stopes to validate the underground assumptions prior to first production from the underground.

本季度，主要破碎機的土方工程和打樁承包商已動員並開始工作。一般工程繼續集中在場地準備、臨時設施的搬遷、非接觸式水回注井系統的重新調試以及施工用骨材的運輸。地下開發的第一階段繼續推進西部斜坡道和橫向開發，以便試驗礦場在地下首次生產之前驗證地下假設。

Test stope work access will commence at the end of 2024 with expected completion by mid-2025. With year-to-date spending at Skouries at $101.3 million, we expect to ramp up our commitments during the fourth quarter and are comfortable achieving our updated guidance range of $160 million to $170 million. The spending is focused on completing detailed engineering and procurement. As of September 30, detailed engineering is 56% complete and procurement is 73% complete.

測試採場工作將於 2024 年底開始，預計 2025 年中期完成。今年迄今為止，Skouries 的支出已達 1.013 億美元，我們預計將在第四季度增加承諾，並有信心實現 1.6 億至 1.7 億美元的最新指導範圍。這筆支出主要用來完成詳細的工程和採購。截至 9 月 30 日，詳細工程完成 56%，採購完成 73%。

We continue to focus on completing key contracts with evaluations ongoing, with a view to generating cost and productivity synergies during the process. We expect to complete this process and award the remaining key contracts by the end of 2023, which include the filter plant, including the earthworks, pilings and foundation to support the filters. Open pit pre-stripping and construction at the ore stockpile, water management ponds and the integrative extractive waste management facility, dam embankment, structural concrete for the primary crusher and associated process facilities, and mechanical piping, electrical and instrumentation for the process plant. The project, both cost and schedule remain on track for commissioning and first production in mid-2025, with commercial production expected at the end of 2025.

我們將繼續專注於完成正在評估的關鍵合同，以期在此過程中產生成本和生產力的協同效應。我們預計將在 2023 年底前完成此過程並授予其餘關鍵合同，其中包括過濾廠，以及用於支撐過濾器的土方工程、打樁和地基。露天礦場預剝離和礦石堆場建設、水管理池和綜合採選廢棄物管理設施、堤防、初級破碎機和相關製程設施的結構混凝土以及製程廠的機械管道、電氣和儀表。該專案的成本和進度均按計劃進行，預計將於 2025 年中期投入調試和首次生產，並於 2025 年底實現商業生產。

Turning to Slide 8. In the third quarter, we recorded zero lost time injuries. The lost time injury frequency rate for the first 9 months of the year was 0.74, a 49% decrease from the same period in 2022. We continue to take proactive steps to improve workplace safety and to ensure a safe working environment for our employees and our contractors.

翻到幻燈片 8。今年前 9 個月的損失工時傷害頻率為 0.74，較 2022 年同期下降 49%。

On our operating results, we produced 121,030 ounces of gold in the third quarter with a cash operating cost of $698 per ounce sold, a solid quarter, which positions us to remain on track to meet our guidance.

就我們的經營業績而言，我們在第三季度生產了 121,030 盎司黃金，每盎司現金經營成本為 698 美元，這是一個穩健的季度，這使我們能夠繼續實現我們的預期。

I'll pass it over to Simon to review the third quarter performance and operations in Turkiye and Canada.

我將把它交給西蒙來回顧土耳其和加拿大第三季度的業績和營運情況。

Thanks, Joe. Turning to Turkiye on Slide 9. At Kisladag, third quarter production was 37,219 ounces and cash operating cost of $622 per ounce sold, which represents a 17% reduction in cash costs and similar production compared to Q3 2022.

謝謝，喬。轉向幻燈片 9 上的 Turkiye。

Production during the third quarter was driven by the successful commissioning of the agglomeration drum that was added to the crushing circuit in the second quarter and tons placed on the Heap Leach Pad have continued to increase. The larger surface area of the newly commissioned North Heap Leach Pad has enabled the full capacity of the 54-inch stacking equipment to increase tons placed and increase the irrigation flow rates. Production is expected to increase over the course of the fourth quarter as we realize full effectiveness from the upgraded materials handling equipment. In addition, we expect to continue to draw down inventory built up in Q2 as a result of the substantial rainfall that resulted in diluted leach solution.

第三季的生產得益於第二季添加到破碎迴路中的團聚滾筒的成功調試以及堆浸墊上的噸位持續增加。新投入使用的北堆浸場的表面積更大，使得 54 吋堆料設備能夠充分發揮其能力，增加堆放噸位並提高灌溉流量。隨著我們充分發揮升級後材料處理設備的效能，預計第四季產量將會增加。此外，由於大量降雨導致浸出液稀釋，我們預計第二季累積的庫存將繼續減少。

On Slide 10, at Efemcukuru. Third quarter gold production was 21,142 ounces at cash operating costs of $817 per ounce sold. Gold production throughput and average gold grade at Efemcukuru were in line with plan for the quarter. Development towards the Kokarpinar area is on track and is expected to continue to extend mine life. For 2023, at Efemcukuru, we expect to see a modest increase in Q4 production over the third quarter. Additionally, during the quarter, the Efemcukuru mine was successfully certified ISO-5001 Energy Management Standard.

在 Efemcukuru 的第 10 張幻燈片上。第三季黃金產量為 21,142 盎司，每盎司現金營運成本為 817 美元。 Efemcukuru 的黃金產量和平均黃金品位符合本季的計劃。科卡皮納爾 (Kokarpinar) 地區的開發工作正在按計劃進行，預計將繼續延長礦山壽命。對於 2023 年，我們預計 Efemcukuru 第四季的產量將較第三季略有成長。此外，本季度，Efemcukuru 礦場成功獲得 ISO-5001 能源管理標準認證。

And now, moving to Lamaque on Slide 11. Third quarter gold production was 43,821 ounces at cash operating costs of $624 per ounce sold. Production was impacted by slower-than-expected development in the underground as a result of suspended shifts in the second quarter, due to the wildfires in the region, which led to reduced mining faces for ore production in the third quarter.

現在，轉到幻燈片 11 上的拉馬克 (Lamaque)。由於該地區發生森林火災，第二季班次暫停，導致地下開採開發速度慢於預期，影響了生產，並導致第三季採礦面減少。

The fourth quarter is expected to be stronger with development into higher grade stopes and continued stable processing rates. Additionally, we remain on track to complete our 2023 infill drilling program targeting the upper 2/3 of the Ormaque deposit. Our plan is to take a bulk sample and announce Ormaque inaugural reserve during the second half of 2024.

隨著礦場等級的提高和加工率的持續穩定，第四季度預計將表現更加強勁。此外，我們仍有望完成 2023 年加密鑽探計劃，目標是鑽探 Ormaque 礦床的上部 2/3。我們的計劃是進行大量取樣，並在 2024 年下半年宣布 Ormaque 的首批儲備。

I'll hand the call back to Joe to review the third-quarter results at Olympias.

我會把電話交還給喬，讓他回顧奧林匹亞斯第三季的業績。

Thanks, Simon. Moving to Olympias on Slide 12. Third quarter gold production was 18,848 ounces and cash operating costs were $885 per ounce sold. Mined and processed tons were up from the prior quarter and at record levels for Olympias. Cash costs improved primarily due to productivity efficiencies resulting from recent transformation initiatives, as well as slightly lower unit costs for certain consumables, including electricity.

謝謝，西蒙。移至幻燈片 12 上的奧林匹亞斯。奧林匹亞的開採和加工噸數較上一季增加，並達到了創紀錄的水平。現金成本的改善主要歸因於近期轉型措施帶來的生產效率提高，以及電力等某些消耗品的單位成本略有下降。

During Q2 and early Q3, we completed a number of milestones that have resulted in our ability to increase underground development and production from the Flats Zone. These milestones include transitioning to mechanical loading of drilled grounds with a bulk emulsion agent, mechanical completion of a major upgrade to the ventilation system, and completion and energization of the new 150kv substation, which enabled the ventilation system startup.

在第二季和第三季初，我們完成了許多里程碑，使我們能夠提高 Flats 區的地下開發和產量。這些里程碑包括向鑽孔地面機械裝載散裝乳化劑的過渡、對通風系統進行重大升級的機械完成、以及新的150kv變電站的完工和通電，從而使通風系統能夠啟動。

With access into the Flats Zone, we expect to improve not only our gold production but also our byproduct metal production, which we expect to result in higher byproduct credits and in turn, lower operating costs going forward. Gold production is expected to be steady over the fourth quarter as the productivity initiatives continue to safely deliver increased tonnage and increased byproduct metals, reducing our overall cash cost.

進入 Flats 區後，我們預計不僅可以提高黃金產量，還可以提高副產品金屬產量，預計這將帶來更高的副產品信用，進而降低未來的營運成本。由於生產力措施繼續安全地增加黃金產量和副產品金屬，從而降低我們的整體現金成本，預計第四季度黃金產量將保持穩定。

I'll stop there and turn it back to George for closing remarks.

我就講到這裡，請喬治做最後發言。

Thanks, team. Our operating business delivered a strong quarter, generating improved free cash flow, excluding capital expenditures on the Skouries project. We also delivered some fantastic improvements in our business. Both Olympias and Kisladag reached a major turning point with the completion of key infrastructure investments. Both sites are now beginning to reap the benefits from these investments.

謝謝，團隊。我們的營運業務本季表現強勁，產生了更好的自由現金流（不包括 Skouries 專案的資本支出）。我們的業務也取得了一些顯著的進步。隨著關鍵基礎設施投資的完成，奧林匹亞斯和基斯拉達克都迎來了重大轉折點。這兩個站點現在都開始從這些投資中獲益。

At Ormaque, we're well positioned for the Ormaque deposit. In that, we've got the exploration drift and infill drilling program moving to completion this year that sets us up for the bulk sample collection next year, which then sets us up to have our first reserve on Ormaque late next year. This site has continuously delivered or exceeded expectations, and they're set up to deliver a strong fourth quarter.

在 Ormaque，我們已為 Ormaque 礦床做好了充分準備。其中，我們的勘探漂移和加密鑽探計劃已於今年完成，這為明年的大量樣品收集做好了準備，並為我們明年晚些時候在 Ormaque 獲得第一批儲備做好了準備。該網站持續實現或超出預期，並準備在第四季度取得強勁表現。

At Efemcukuru, we're also advancing our exploration and infill drilling programs to support mine life extension. And at Skouries, we're just 6 months past finalization of the project financing, and the project is advancing nicely toward the start of commissioning in mid-2025 to deliver commercial production on budget and on schedule by the end of 2025.

在 Efemcukuru，我們也正在推動勘探和加密鑽探計劃，以支持延長礦山壽命。在 Skouries，我們僅用了 6 個月就完成了專案融資，專案進展順利，預計將於 2025 年中期開始投入使用，並在 2025 年底前按預算和計劃實現商業生產。

We are on track to deliver our growth strategy to deliver industry-leading returns over the next couple of years. It's an exciting time to be at Eldorado.

我們正在按計劃實施我們的成長策略，以便在未來幾年實現領先業界的回報。這是來到埃爾多拉多 (Eldorado) 的激動人心的時刻。

Thank you for your time. I will now turn it over to the operator for questions from our analysts.

感謝您的時間。現在我將把問題交給接線員，以便我們的分析師提問。

(Operator Instructions) Our first question comes from Cosmos Chiu of CIBC.

(操作員指示) 我們的第一個問題來自加拿大帝國商業銀行 (CIBC) 的 Cosmos Chiu。

Maybe my first question is on Skouries. I guess, some are wondering how a change in CapEx at least for 2023 doesn't impact the delivery schedule. I guess my question is, is this just really a shift in timing? On the top end, you're lowering 2023 CapEx at Skouries by $90 million. I'm sure you're going through the budgeting process right now, George and Phil, is that going to show up in 2024?

也許我的第一個問題是關於 Skouries 的。我想，有些人想知道至少 2023 年的資本支出變化如何不會影響交付時間表。我想我的問題是，這真的只是時間上的轉變嗎？從最高價來看，Skouries 的 2023 年資本支出將降低 9,000 萬美元。喬治和菲爾，我相信你們現在正在進行預算編制過程，這會在 2024 年實現嗎？

Yes, Cosmos, thanks for the question. Yes, I mean, for Skouries, I'd say a couple of key things I'd point out. Number one, you have to remember that prior to starting the work this year, we had roughly said the project was half-built. So, I mean, the group that went and visited the site could see we have a tremendous amount of infrastructure already on the project site.

是的，Cosmos，謝謝你的提問。是的，我的意思是，對於 Skouries，我想指出幾個關鍵點。第一，你必須記住，在今年開始工作之前，我們粗略地說這個專案已經完成了一半。所以，我的意思是，前往現場參觀的團隊可以看到我們在專案現場已經擁有大量的基礎設施。

And then the other high-level thing I'd say is, remember, we just completed project financing in the second quarter. We're on a steep ramp-up curve. We have a lot of people on site doing construction now, but that's going to accelerate over the next number of months as we get a few of these major contracts. So, yes, the capital spins down a bit. Some of it is actually optimization where we're pushing some cost off without any impact to schedule and some of it is just simply a little bit light on a few of these contracts, none of which is affecting the critical path for the project.

然後我想說的另一件高層的事情是，記住，我們剛剛在第二季完成了專案融資。我們正處於急劇上升的曲線上。目前，我們有很多人在現場施工，但隨著我們獲得一些主要合同，未來幾個月內施工速度將會加速。因此，是的，資本確實有所放緩。其中一些實際上是優化，我們在不影響進度的情況下降低了一些成本，而另一些只是對其中一些合約稍微放鬆了一些，這些都不會影響專案的關鍵路徑。

So, overall, we remain confident that we'll get this thing into commissioning mid-2025, commercial production by the end of the year. Obviously, with a bit lower spend this year, it's going to be a heavier lift next year. But again, when we look at a critical path, we're not concerned about the schedule or overall capital cost.

因此，總的來說，我們仍然有信心在 2025 年中期投入使用，並在年底前實現商業生產。顯然，今年的支出會稍微低一些，明年的支出將會更大。但是，當我們看關鍵路徑時，我們並不關心進度或整體資本成本。

And Joe, I don't know if you have a few comments you might want to add to that.

喬，我不知道您是否還有什麼要補充的評論。

Thanks, George. Hi, Cosmos. Yes, I think, George, I would say that as we -- some of that confidence comes from -- right from the beginning, flexibility that we built into the construction schedule. So we remain continuing to project on a single ship, 6-day a week construction schedule. So certainly, we have flexibility in how to deploy resources over the remaining project time. And I also say that kind of concurrent with George's comments that some of the optimization that we have done in -- well in this early award stage, I think is pretty beneficial to overall project costs. And so we're comfortable with that trade-off in time versus money in the near term here. And as George said, we're still confident or remain confident on being able to deliver Skouries in 2025.

謝謝，喬治。你好，Cosmos。是的，喬治，我想說，我們的信心部分來自於從一開始我們在施工進度中融入的靈活性。因此，我們仍繼續按單艘船、每週 6 天的計劃進行建造。因此，我們當然可以靈活地在剩餘的專案時間內部署資源。而且我也與喬治的評論一致地說，我們在這個早期授予階段所做的一些優化，我認為對整體專案成本非常有利。因此，我們對短期內時間和金錢之間的權衡感到滿意。正如喬治所說，我們仍然有信心或將繼續有信心在 2025 年交付 Skouries。

Perfect. And then, George and Joe, as you mentioned in your press release, you mentioned a few items that contributed to the decrease in CapEx for the year. Part of it is transitioning engineering work to Greece. Would that result in a permanent cost savings, or could you give us a bit more detail on what that entails?

完美的。然後，喬治和喬，正如你們在新聞稿中提到的那樣，你們提到了導致今年資本支出下降的幾個因素。其中一部分是將工程工作轉移到希臘。這是否會帶來永久性的成本節約，或者您能否向我們詳細介紹這意味著什麼？

Go ahead, Joe.

繼續吧，喬。

Cosmos, this is Joe. Yes, that's kind of what was being reflected there. As we move the engineering -- the offshore engineering from Vancouver to Greece, we see a better cost structure for engineering. But also there was a bit of time in making that transition. So improved cost and for a period as that was transitioning and ramping up a bit slower delivery. But everything is on track now and working well. So pretty pleased with that.

科斯莫斯，這是喬。是的，這就是那裡所反映的。隨著我們將工程——海上工程從溫哥華轉移到希臘，我們看到了更好的工程成本結構。但要實現這項轉變也需要一些時間。因此，成本得到了改善，並且在一段時間內，由於處於過渡和加速階段，交付速度會稍微慢一些。但現在一切都已步入正​​軌並且進展順利。我對此非常滿意。

Great. And then going back to Q2, you have mentioned at that time that several contracts were going to get awarded in Q3 likely. It sounds like it didn't happen, but that's okay. But you also mentioned that the FS Estimate will be updated to the project control budget with some kind of update expected by the end of Q3. We're past Q3 now, but again, should we be expecting some kind of update? Should we be looking out for some kind of update? If that's the case, maybe when?

偉大的。然後回到第二季度，您當時提到，很可能在第三季度授予幾份合約。聽起來好像什麼事都沒有發生，不過沒關係。但您也提到，FS 估算將更新至專案控制預算，預計第三季末會有某種更新。現在已經過了第三季度，但是，我們是否應該期待某種更新？我們應該留意某種更新嗎？如果是這樣的話，那什麼時候呢？

Where we sit today, this is [what we did], Cosmos -- go ahead, George.

我們今天所處的位置，這就是我們所做的事情，科斯莫斯——繼續吧，喬治。

Go ahead, Joe.

繼續吧，喬。

Cosmos, where we sit today is that we did an update based on completion of award of contracts. And when that work is completed, we'll update, should we see any type of material information that needs to be passed along. So that's where we sit today is we're not updating based on the commitment schedule, and as that completes through the end of the year, we'll update based on any material changes that we may see. And if not, then I think we'll hold where we're at.

Cosmos，我們今天所處的位置是根據合約授予的完成情況進行了更新。當這項工作完成後，如果我們看到任何需要傳遞的重要訊息，我們就會進行更新。所以，我們今天的情況是，我們不會根據承諾時間表進行更新，並且隨著承諾時間表在年底完成，我們將根據我們可能看到的任何重大變化進行更新。如果沒有的話，那麼我認為我們會堅持現狀。

Cosmos, let me just add a few comments to that. So I just want to make it clear, when we said that in Q2, we're not signaling that we expect anything to come out of that necessarily. It's just -- it's an important milestone in the work. It will give us some updated information. So in the feasibility study, we've obviously made assumptions on productivity, numbers of employees required to do each piece of work.

科斯莫斯，請允許我對此補充幾點評論。所以我只想澄清一點，當我們在第二季度說到這一點時，我們並沒有暗示我們期望必然會出現任何結果。這只是——這是工作中的一個重要里程碑。它將為我們提供一些更新的資訊。因此，在可行性研究中，我們顯然對生產力、完成每項工作所需的員工數量做出了假設。

And so once we get a contract negotiated, we've got improved information. And so we'll digest that. We're not expecting anything to change, but if it does, that will be a time to bring the market up to speed. So -- and I would remind you again that it was roughly half built when we started. We have the confidence in all that work that was done, that was built into the feasibility study. And we've done quite a bit of work beginning last year, including putting up the building around the mill facility, the cranes, and the work that you saw on site that we've completed this year.

因此，一旦我們談妥合同，我們就會獲得更完善的資訊。因此我們會消化這一點。我們並不期待發生任何變化，但如果發生了變化，那將是推動市場加速發展的時候。所以 — — 我再提醒你一下，當我們開始的時候，它大約只建了一半。我們對已完成的所有工作、以及可行性研究中所做的所有工作充滿信心。從去年開始，我們已經做了相當多的工作，包括在工廠周圍建造建築物、起重機，以及您在現場看到的我們今年完成的工作。

So, we got a lot of confidence in our (technical difficulty). We have a lot of confidence in the work we've done. We don't have any critical equipment that we have any concern about. I mean, the filters was really the last major piece of equipment that we needed to acquire and the filters essentially are manufactured. So we're already working on plans to put those filters together on site. That risk is essentially eliminated now. So we remain confident. And again, those things we pointed to in Q2 are going to be additional data, additional information, a little later than planned just due to these contracts slipping a little bit, but again, not affecting schedule.

所以，我們對我們的（技術難度）非常有信心。我們對所做的工作非常有信心。我們沒有任何需要擔心的關鍵設備。我的意思是，過濾器實際上是我們需要購買的最後一個主要設備，而且過濾器基本上是製造出來的。因此，我們已經開始製定計劃，在現場組裝這些過濾器。現在這個風險基本上已經消除了。因此我們仍然充滿信心。再說一次，我們在第二季度指出的事情將是額外的數據、額外的信息，由於這些合約略有下滑，所以會比計劃晚一點，但同樣不會影響進度。

And maybe one last comment, on the civil works, we had originally contemplated that as 4 individual contracts and we took time to digest all the bids that came in, put a lot of work into optimizing that piece of work, and in fact, have landed with one contractor. And we're seeing synergies out of that work. It's a contractor we've got familiar -- familiarity with as they've done work on the Kokkinolakas dam for last couple of years. So, we're taking our time to make sure we got the right partner and the optimized execution strategy. And so far things have gone very well for us. So I wouldn't be concerned about a little bit of slippage in the spend for getting these contracts. It's actually so far turned to be positive to take our time and get the best possible contract to ensure the best possible outcome on this project.

最後再說一句，關於土木工程，我們最初計劃將其分成 4 份單獨的合同，花了一些時間來消化所有收到的投標，投入了大量的工作來優化這項工作，事實上，我們已經找到了一家承包商。我們看到了這項工作產生的協同效應。這是我們熟悉的承包商 — — 因為他們過去幾年一直在科基諾拉卡斯大壩上工作。因此，我們會花時間確保我們找到合適的合作夥伴和最佳化的執行策略。到目前為止，我們的事情進展非常順利。因此我不會擔心在獲得這些合約方面的支出會出現一些下滑。事實上，到目前為止，我們花時間獲得最好的合約以確保該專案取得最好的結果，這實際上是積極的。

That's great to hear, George. Maybe one last question, switching gears a little bit to Olympias, very good quarter in Q3. And so I guess going back, there have been a bit of -- not volatility, but a bit of difference in the quarters. Q1 was good. Q2 was not as good. Q3 now is good once again. Could we expect more stability going forward now that you've implemented, say, bulk of motion, you've implemented or the ventilation is now in place? Is the current level what we can continue to expect in terms of production costs were fairly good as well, [$1,319 an ounce] in Q3? Is that a good level of cost? Or how can we expect even better?

很高興聽到這個消息，喬治。也許還有最後一個問題，稍微轉換話題，談談奧林匹亞，第三季的表現非常好。所以我想回顧一下，存在一些——不是波動，而是季度之間存在一些差異。 Q1 很好。 Q2 不太好。 Q3 現在又好了。既然您已經實施了大部分動作，或者通風系統已經到位，我們是否可以期待未來的穩定性更高？就生產成本而言，目前的水準是否也能讓我們繼續預期得相當好，第三季為每盎司 1,319 美元？這是合理的成本水準嗎？或者說我們怎麼能期待更好的結果？

Cosmos, maybe I'll answer it, just some of the high-level implications on Olympias results, and Joe can speak to the operational. So -- I mean, for Olympias, number one, I would say the infrastructure improvements we've put in place are a game changer for us. But some of the volatility on Olympias has to do with external markets. We got hit with that payability issue a year ago. We've been clawing some of that back by finding other customers where we avoid the VAT. And even within China now we avoid VAT at times. In that, some of the contractors pay for it in order to get that concentrate. So we've got clawed back some of that.

科斯莫斯，也許我會回答這個問題，只是一些對奧林匹亞成績的高層次影響，喬可以談談操作方面的問題。所以——我的意思是，對於奧林匹亞斯來說，首先，我想說我們所實施的基礎設施改進對我們來說是一個改變遊戲規則的關鍵。但奧林匹亞斯的部分波動與外部市場有關。一年前我們就遇到了付款能力問題。我們透過尋找其他可以避免增值稅的客戶來收回部分稅款。現在即使在中國，我們有時也會避免增值稅。其中，一些承包商為此付費以獲得濃縮物。因此，我們已經收回了部分損失。

Zinc metal price is down quite a bit, and that's had a material impact on the byproduct credit value that we get. And then overall, we were late getting that infrastructure that was completed in Q2. We had planned on getting that up in Q1, and so that had a cascading impact on the quarter. So I would say at a high level, some of these external factors just add volatility to Olympias, and I think you'll see some of that continue. But overall, what we're doing on the ground with the things we have control, we're much better positioned now.

鋅金屬價格大幅下跌，這對我們獲得的副產品信用價值產生了重大影響。總的來說，我們在第二季完成的基礎設施建設有些晚了。我們計劃在第一季實現這一目標，因此這將對本季產生連鎖影響。因此我想說，從總體上看，一些外部因素只會增加奧林匹亞賽事的波動性，我認為你會看到這種情況會持續下去。但總體而言，就我們在實地進行的工作以及我們能夠控制的事情而言，我們現在處於更有利的位置。

And Joe, you can add anything you want to that.

喬，你可以添加任何你想要的東西。

Well, I think you covered it pretty well, George. Cosmos, the only thing that I would add is that as we go into 2020 -- complete 2023 and 2024, we anticipate continued improvement in our underground operations. And we're running into a point where mine and mill are pretty evenly matched. So there will be kind of a period going forward where a bit of work will be required in the mill to take advantage of additional production from underground. So we'll keep you apprised of that as we move along. But likely to see a bit of melty bottlenecking in 2024.

嗯，喬治，我認為你說得很好。科斯莫斯，我唯一想補充的是，隨著我們進入 2020 年——完成 2023 年和 2024 年，我們預計我們的地下作業將繼續改善。現在我們正處於礦山和工廠勢均力敵的階段。因此，在未來的一段時間內，工廠將需要做一些工作來利用地下的額外產量。因此，我們會隨時向你通報進度。但 2024 年可能會出現一些融化瓶頸現象。

Our next question comes from Carey MacRury of Canaccord Genuity.

下一個問題來自 Canaccord Genuity 的 Carey MacRury。

Just wondering about Kisladag, 3.6 million tons is a huge uptick in tons stacked. Obviously, the North Heap Leach Pad is open and you've got the bigger gear in there. Just wondering how we should think about that rates on a go-forward basis.

只是好奇基斯拉達格的情況，360 萬噸的堆積量是一個巨大的上升。顯然，北堆浸場是開放的，而且你在裡面安置了更大的裝備。只是想知道我們應該如何考慮未來的利率。

Simon?

西蒙？

Carey, thanks for the question. Yes, I think the -- that rate is what we are planning moving forward. That's what we've been sort of alluding to with the bigger materials handling equipment that we have now available. Only caveat to that would be the summer months are our best stacking and availability months just due to weather effects. Typically, we do see a small impact from the colder months, which we really factor into our plan for Q1 but beyond that, we expect to be at those type of rates for majority of the year.

凱裡，謝謝你的提問。是的，我認為——這個比率是我們未來所計劃的。這就是我們目前所指的大型物料搬運設備。唯一需要注意的是，由於天氣影響，夏季是我們的最佳堆疊和供應月份。通常情況下，我們確實會看到寒冷月份的輕微影響，這也是我們在第一季計畫中真正考慮到的因素，但除此之外，我們預計一年中的大部分時間都會保持這種水平。

And I might just supplement that, I mean, if you kind of look backwards over the Kisladag life, it was a pretty consistent performer with the number of expansions over time. And really what happened beginning of last year, we started agglomerating the ore on the conveyor belts. And that caused us some pretty big challenges, particularly last winter. And essentially it was because we were adding essentially cement to the conveyors to do binding of the fines to support the high pressure grinding roll and that caused plugging and clogging of the transfer points between conveyors. So, I mean, our production dropped off as a result of that challenge.

我可能只是想補充一下，我的意思是，如果你回顧一下 Kisladag 的生活，你會發現隨著時間的推移，它的表現相當穩定，擴張次數也不少。事實上，從去年年初開始，我們就開始在傳送帶上對礦石進行團聚。這給我們帶來了相當大的挑戰，尤其是去年冬天。本質上，這是因為我們在傳送帶中添加了水泥來粘合細粉，以支撐高壓磨輥，而這導致傳送帶之間的轉運點堵塞。所以，我的意思是，由於這項挑戰，我們的產量下降了。

And as Simon said, by putting in these larger conveyors and that larger stacking equipment, that impact is not going to hit us going forward, but we will see some seasonal impacts. Whenever we get a lot of rain or particularly in the winter, it's tougher to get the same tonnage as you do when you got blue sky and great weather. So the run rate you saw in Q3, I think is a good assumption going forward. We'll obviously be trying to push the open pit and the circuit for more tons. But I'd say, the bigger opportunity and upside is actually in the agglomeration and how fine we crush the ore, how much gold we expose and how effectively we can rinse that gold out of the crushed heap leach pad. That's going to be our focus going forward. That's probably our opportunity going forward as well.

正如西蒙所說，透過安裝這些更大的傳送帶和更大的堆疊設備，這種影響不會對我們造成未來的影響，但我們會看到一些季節性的影響。每當雨水很多或特別是在冬天時，要獲得與藍天和好天氣時相同的產量就更加困難。因此，我認為您在第三季度看到的運行率對於未來來說是一個很好的假設。我們顯然會盡力推動露天礦場和環路的開採，以生產更多的噸位。但我想說，更大的機會和優勢實際上在於團聚，以及我們將礦石粉碎得多細，我們暴露了多少黃金，以及我們如何有效地將黃金從破碎的堆浸墊中沖洗出來。這將是我們今後的關注重點。這也許也是我們前進的機會。

And maybe just a follow-up on Kisladag. Obviously, the operation is still working through the rain event from May, June. I'm just wondering how you're seeing production sort of heading into Q4 here. Are you starting to see an uptick in that sort of that impact wear off?

或許只是對 Kisladag 的後續。顯然，儘管經歷了五月和六月的降雨，行動仍在順利進行中。我只是想知道您如何看待第四季度的生產進展。您是否開始看到這種影響逐漸消退？

Thanks, Carey. Yes, we are seeing now that we're sort of beyond the Q2, Q3 sort of challenges, as you're able to see when we're out in the field, things are sort of lining out fairly nicely. Irrigation rate and flows are up where we expect them to be and now we're working hard to draw down on that inventory created over that period.

謝謝，凱裡。是的，我們現在看到，我們已經克服了第二季、第三季面臨的挑戰，正如您在現場看到的那樣，事情進展得相當順利。灌溉率和流量已達到我們預期的水平，現在我們正在努力減少該期間產生的庫存。

(Operator Instructions) Our next question comes from Kerry Smith of Haywood Securities.

（操作員指示）我們的下一個問題來自 Haywood Securities 的 Kerry Smith。

Joe, for Skouries, getting the detailed engineering done is pretty critical to keep in the timetable. Is there any risk that transferring that engineering group from Vancouver to Greece is going to cause any kind of delays? Or are you pretty confident that, that shouldn't be the case?

喬，對於 Skouries 來說，按照時間表完成詳細的工程工作非常關鍵。將該工程小組從溫哥華轉移到希臘是否有造成延誤的風險？或者您非常確信，事實不應該如此？

Thanks, Kerry. We're pretty confident that should not be the case. And we're working in good cooperation with Fluor in oversight of that engineering. So essentially we're still running the engineering schedule in concert with them, but we're doing it from site rather than afar. So in a lot of ways, it helps us in order to be kind of get time zones and other things out of that. And we paid real close attention to critical path engineering and around filters and other things, so that we don't put schedule at risk over engineering. And we've had good agreement with all of our vendors on production of vendor drawings and such. So we're feeling pretty good about it as a benefit in shortening timelines for turnaround on key information and the like, being with the whole team consolidated in Greece now.

謝謝，克里。我們非常確信情況不會如此。我們正在與 Fluor 公司進行良好的合作，負責該工程的監督。因此，從本質上講，我們仍在與他們協同執行工程計劃，但我們是在現場而不是在遠處進行。因此，在很多方面，它可以幫助我們擺脫時區和其他事物的困擾。我們非常關注關鍵路徑工程、過濾器和其他事物，這樣我們就不會因為工程而使進度面臨風險。我們與所有供應商就供應商圖紙的製作等事宜達成了良好的協議。因此，我們對此感到非常滿意，因為它有助於縮短關鍵訊息等的周轉時間，現在整個團隊都在希臘。

Kerry, I'd say there's one additional benefit to moving some of this engineering in country early, and that is, you always have to run the filter of taking those engineering drawings and data and localizing it to regulations. And so by doing that at an earlier phase, we eliminate some duplicate work. And it's a bit more efficient and we've got confidence in the capability of these firms within Greece to be able to do this work. So I think there is some net benefits here and we haven't really put any risk to the project from that decision.

克里，我想說，儘早將部分工程轉移到國內還有一個額外的好處，那就是，你總是必須運行過濾器，獲取這些工程圖紙和數據，並將其本地化為法規。因此，透過在早期階段這樣做，我們可以消除一些重複的工作。而且它的效率更高，我們對希臘這些公司完成這項工作的能力充滿信心。因此，我認為這裡有一些淨收益，而且我們實際上並沒有因為這個決定而為專案帶來任何風險。

Okay. And are all the long lead items now ordered? I assume they are, and some are delivered to site. Or what is the status of all the long lead items?

好的。現在所有長交貨期的物品都訂購了嗎？我認為是的，而且有些已經運送到現場了。或是所有長交貨週期項目的狀態如何？

Kerry, this is Joe. So there are no long lead items remaining on critical path. I mean, we're just cleaning up bulk items for procurement. In our last major piece of equipment, I think, mentioned earlier was the filters and the filters are packaged in shipment and receipts are started for site assembly. But it will be -- all of that will be on site end of '24, early '25. So no concerns on schedule and -- at this -- due to equipment. And all of the work on existing equipment that was installed and review has also been completed, and any kind of requirements for modifications, other things due to standby time have been accounted for as well. So feeling really good about lead times.

克里，這是喬。因此，關鍵路徑上不再剩餘較長的前置項目。我的意思是，我們只是在清理要採購的大宗物品。我認為，在我們最後一件主要設備中，前面提到的是過濾器，過濾器在裝運時進行包裝，並開始接收現場組裝。但所有這些都將於 24 年底、25 年初到達現場。因此，無需擔心時間安排，而且——目前——也無需擔心設備問題。並且，現有設備的所有安裝和審查工作也已完成，任何類型的修改要求以及待機時間引起的其他事項也都已考慮在內。因此對於交貨時間感覺非常好。

Okay. And just maybe one last question on Skouries. Are you seeing any issues in terms of hiring skilled trades and labors as you ramp up to the 900 people on site by the end of the year? And the second part to that is, are the productivities that you're seeing so far from the contractors sort of add or better than what you'd budgeted?

好的。也許還有最後一個關於 Skouries 的問題。當您到今年年底將現場員工人數增加到 900 人時，您是否遇到僱用熟練技工和勞動力方面的任何問題？第二部分是，到目前為止，您從承包商那裡看到的生產力是否比您預算的增加或更好？

So to take the first part of the question, as availability to workforce, there have been no issues to date for contractors managing to mobilize and bring skilled workers on site. So pleased with that. And as far as productivities on -- there's not a lot of data points out there. But the work performed last year around the mill building cladding cranes and the rest of it was at expectation or kind of at feasibility levels, and the work ongoing to date has been similar. But I think that remains a watch point for us going forward. But so far, Kerry, we're pretty pleased with the productivities and how they match up with feasibility.

因此，就問題的第一部分，即勞動力的可用性而言，到目前為止，承包商在調動和將熟練工人帶到現場方面沒有遇到任何問題。我對此非常滿意。就生產力而言——目前還沒有太多的數據點。但去年圍繞工廠廠房覆層起重機和其餘部分進行的工作已經達到了預期或可行性水平，迄今為止正在進行的工作也類似。但我認為這仍然是我們今後關注的一個點。但到目前為止，克里，我們對生產力以及與可行性的匹配程度感到非常滿意。

Okay. And just on Kisladag, and maybe Simon can answer. Are the recoveries through the agglomerated material kind of tracking with what you expected, or better? Or how are they tracking?

好的。僅就 Kisladag 而言，也許 Simon 可以回答。透過聚集材料的回收率是否符合您的預期，或更好？或者他們是如何追蹤的？

Thanks, Kerry. Yes, so far, we're still pretty comfortable with the recoveries tracking as planned when we initiated the HPGR investment. And really, the agglomeration drum is a supplement to that to help us improve our materials handling and tenability on the pads and so far.

謝謝，克里。是的，到目前為止，我們對啟動 HPGR 投資時的計劃的採收率追蹤仍然非常滿意。實際上，團聚滾筒是對它的一個補充，它可以幫助我們改善材料處理和墊片的可加工性。

Okay. And then just one last question, if I could. How are the 2 electric trucks operating at Lamaque? I know you brought those 2 pieces of kit in. And what is the experience been?

好的。如果可以的話，我還有最後一個問題。拉馬克的兩輛電動卡車運作情況如何？我知道你帶了那兩件裝備。

So we purchased 2, that's correct. We only have received one so far, and right now that one has been used pretty extensively to train and test the workforce while we're preparing for implementation in the underground activities. So we expect to see the second EV in the first quarter of 2024. So that's the sort of plan right now. And so we'll be rolling the first one into the service through this quarter, and then the second one as it comes on to site in Q1 of 2024.

所以，我們買了 2 個，沒錯。到目前為止，我們只收到了一台，目前，這台設備已被廣泛用於培訓和測試勞動力，同時我們正準備在地下活動中實施。因此，我們預計第二款電動車將在 2024 年第一季推出。因此，我們將在本季將第一批產品投入使用，然後將在 2024 年第一季將第二批產品投入使用。

Kerry, one of the things that I heard last week that was pretty cool because I haven't been there to see that the truck that just arrived yet. But it's about 2 minutes to change the battery, which is, to me, pretty amazing. You can -- one of the big issues for us is you got to have an efficient truck where you're not stopped charging. And so we got spare batteries, but it takes 2 minutes basically to take a battery off and then get the other battery on to keep the truck moving. So they've come a long ways with making these electric trucks efficient. We can't wait to get the thing underground and see what it can do for us on productivity. They're faster. That's obviously a big win, and the ventilation impacts are pretty enormous for us. We don't need air to deal with diesel emissions with these trucks. So -- and it's going to be awesome, I think.

克里，我上週聽到的一件事非常酷，因為我還沒有去那裡看過剛抵達的卡車。但更換電池大約只需 2 分鐘，對我來說，這非常了不起。你可以——對我們來說，最大的問題之一就是你必須擁有一輛高效的卡車，並且不會停止充電。因此我們有備用電池，但基本上需要花兩分鐘才能取下一顆電池，然後再裝上另一個電池，才能讓卡車繼續行駛。他們在提高電動卡車的效率方面已經取得了長足的進步。我們迫不及待地想把它埋到地下，看看它能為我們的生產力帶來什麼提升。它們更快。這顯然是一個巨大的勝利，對我們來說，通風的影響是相當巨大的。我們不需要空氣來處理這些卡車的柴油排放。所以 — — 我認為這會非常棒。

And I guess the battery packs have to be changed with equipment, or can it be changed by a mechanic or an electrician, like, are they heavy?

我猜電池組必須用設備來更換，或者可以由機械師或電工更換，例如，它們很重嗎？

So there's an inbuilt battery changing unit. So essentially part of the design of the truck is to actually have a removal system installed on the truck. So it's powered to lift off and drop down and then pick up a secondary battery. All without the need of a third-party to put it together. So the truck driver can do that without leaving the truck.

所以有一個內建的電池更換裝置。因此，卡車設計的本質部分實際上是在卡車上安裝一個拆除系統。因此它可以動力升起並下降，然後拾取輔助電池。所有這些都無需第三方來整合。因此卡車司機無需離開卡車即可完成此操作。

That is all the time we have for today. And this concludes the question-and-answer session and today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

今天我們的時間就這麼多。問答環節和今天的電話會議到此結束。您可以斷開您的線路。感謝您的參與並祝您有愉快的一天。