Eldorado Gold Corp (EGO) 2023 Q4 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Eldorado Gold 2023 Q4 and full-year results conference call. (Operator Instructions) I would now like to turn the conference over to Lynette Gould, Vice President, Investor Relations. Please go ahead, Ms. Gould.

謝謝你的支持。這是會議操作員。歡迎參加 Eldorado Gold 2023 年第四季和全年業績電話會議。（操作員指示）我現在想將會議轉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 fourth-quarter and year-end 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 and risk factors in our management's discussion and analysis.

謝謝接線員，大家早安。歡迎您參加我們的第四季和 2023 年底業績電話會議。在我們開始之前，我想提醒您，我們將在電話會議期間做出前瞻性陳述並提及非國際財務報告準則措施。請參閱我們管理階層討論和分析中關於非國際財務報告準則措施和風險因素的演示和揭露中包含的警示性聲明。

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

今天和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)； Paul Ferneyhough，執行副總裁兼財務長；喬‧迪克，執行副總裁兼營運長； Simon Hille，技術服務與營運執行副總裁。

Our release yesterday details our fourth-quarter and year-end 2023 financial and operating results. This should be read in conjunction with our year-end 2023 financial statements and management's discussion and analysis, both of which are available on our website. They have also both been filed on SEDAR Plus and EDGAR. All dollar figures discussed today are US 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.

我們昨天發布了詳細的 2023 年第四季和年底財務和營運業績。本文應與我們的 2023 年底財務報表以及管理層的討論和分析結合起來閱讀，兩者均可在我們的網站上取得。它們也已在 SEDAR Plus 和 EDGAR 上備案。除非另有說明，今天討論的所有美元數字均為美元。我們將討論本網路廣播隨附的幻燈片，您可以從我們的網站下載這些幻燈片的副本。

After the prepared remarks, we will open the call for Q&A. At this time, we will invite analysts to (technical difficulty) I will now turn the call over to George.

準備好發言後，我們將開始問答環節。這時候，我們會邀請分析師（技術難度），我現在把電話轉給喬治。

Thanks, Lynette, and good morning, everyone. First, we'd like to pass on our condolences to everyone affected by the SSR strategy in Türkiye. Our in-country team provided services to the response efforts, and we await key findings from the investigation.

謝謝，萊內特，大家早安。首先，我們向所有受土耳其蘇維埃社會主義共和國戰略影響的人表示哀悼。我們的國內團隊為應對工作提供了服務，我們正在等待調查的主要結果。

We were pleased to have Paul Ferneyhough, our recently appointed Executive Vice President and Chief Financial Officer, step into the role following Phil Yee's retirement. Paul joined us in 2021 as part of our CFO succession plan, and was key in negotiating the project financing on the Skouries project, and worked closely with Phil and the finance team since joining Eldorado. The transition has gone smoothly and for those who have not yet met Paul, I'm sure over the coming months you will have the opportunity to do so.

我們很高興最近任命的執行副總裁兼財務長 Paul Ferneyhough 在 Phil Yee 退休後接任這一職位。Paul 於 2021 年加入我們，作為我們財務長繼任計劃的一部分，他在 Skouries 專案融資談判中發揮了關鍵作用，自加入 Eldorado 以來，他與 Phil 和財務團隊密切合作。過渡進展順利，對於那些還沒有見過保羅的人，我相信在接下來的幾個月裡你將有機會這樣做。

I would also like to take this opportunity to acknowledge Joe Dick, because this will be his last formal conference call with us. At the end of March, he will retire his role as COO and move into a consultant role to support us in delivering Skouries project. Joe, I would like to thank you for everything you've contributed to the organization. And on behalf of everyone at Eldorado, we wish you all the best in your semi-retirement.

我還想藉此機會向喬·迪克表示感謝，因為這將是他與我們的最後一次正式電話會議。3 月底，他將退休營運長一職，轉而擔任顧問，以支持我們交付 Skouries 專案。喬，我要感謝你為組織所做的一切貢獻。我們代表埃爾多拉多的所有人，祝福您在半退休期間一切順利。

As Joe moves into this new role, we have welcomed Louw Smith as the Executive Vice President, Development, Greece. Louw was responsible for Greek assets including Skouries and Olympias. He will join us on our first-quarter call for 2024 in April to review the Greek assets. Louw brings to the role over three years of international experience in the industry. We are pleased to have him join Eldorado.

隨著喬就任這一新職位，我們歡迎勞史密斯 (Louw Smith) 擔任希臘發展部執行副總裁。Louw 負責希臘資產，包括 Skouries 和 Olympias。他將在 4 月與我們一起參加 2024 年第一季的電話會議，審查希臘資產。Louw 為該職位帶來了超過三年的國際產業經驗。我們很高興他加入埃爾多拉多。

Here's the outline for today's call. I'll provide a brief overview of Q4 and 2023 results and highlights, updated 2024 production and cost guidance, and our four-year production outlook. I will then pass the call over to Paul to go through our financials and then Joe and Simon to review our operational performance. Then we'll open the call to questions from our analysts.

這是今天電話會議的大綱。我將簡要概述第四季度和 2023 年的業績和亮點、更新的 2024 年生產和成本指導以及我們的四年生產前景。然後我會將電話轉給保羅，讓他檢查我們的財務狀況，然後讓喬和西蒙檢查我們的營運績效。然後我們將召開分析師提問電話會議。

Turning to slide 4, 2023 was a successful year at Eldorado, marked with many accomplishments. We delivered increasing production, while lowering our cost profile over 2022, resulting in a very strong financial year. This accomplishment demonstrates our team's dedication and hard work.

轉向幻燈片 4，2023 年對埃爾多拉多來說是成功的一年，取得了許多成就。2022 年，我們實現了產量的增加，同時降低了成本，從而實現了非常強勁的財政年度。這項成就體現了我們團隊的奉獻精神和辛勤工作。

Fourth quarter was the strongest quarter the year with safe production of 143,166 ounces. We finished the year with gold production of 485,139 ounces, in line with our guidance range and a 7% increase over 2022. Production benefited from Olympias infrastructure and productivity improvements and at Kisladag from our upgraded materials handling systems and the commissioning of the north heap leach pad.

第四季是全年最強勁的季度，安全產量為 143,166 盎司。今年結束時，我們的黃金產量為 485,139 盎司，符合我們的指導範圍，比 2022 年增加 7%。奧林匹亞的生產得益於基礎設施和生產力的提高，基斯拉達的生產得益於我們升級的物料處理系統和北部堆浸墊的調試。

On the cost side, our cash cost and our all-in sustaining costs decreased by 6% and 4%, respectively, compared to 2022 in an environment where the industry cost base is rising. We saw lightly lower unit costs for e-consumables including energy and fuel and lower sustaining capital expenditures. Also in Türkiye, we benefited from the depreciating lira that more than offset inflation.

在成本方面，在產業成本基礎不斷上升的環境下，與 2022 年相比，我們的現金成本和整體維持成本分別下降了 6% 和 4%。我們看到包括能源和燃料在內的電子消費品的單位成本略有下降，且持續資本支出也有所下降。同樣在土耳其，我們受益於里拉貶值，這足以抵銷通貨膨脹。

In addition, our continuous improvement initiatives across the sites also contributed to declining costs. For full year of 2023, cash costs and all-in sustaining costs were in line with our guidance ranges we issued in October. Paul will touch on the cost in more detail later in the call.

此外，我們在各個站點的持續改善措施也有助於降低成本。2023 年全年，現金成本和整體維持成本符合我們 10 月發布的指導範圍。保羅將在稍後的電話會議中更詳細地談到成本。

Turning to slide 5, in the fourth quarter, we recorded one last time injury with the frequency rate of 0.42, which was consistent with the LTIFR in Q4 2022. In 2023, the LTIFR was 0.65, a 45% improvement over 1.19 in 2022. While we are proud of our safety performance, and our employees commitment to safe operations, we know there's a lot more to be done. Our safety and health journey will continue in 2024 with a focus on preventing high potential incidents and further empowerment of our employees to promote a positive health and safety culture.

轉向幻燈片 5，在第四季度，我們記錄了最後一次受傷，頻率為 0.42，與 2022 年第四季的 LTIFR 一致。2023 年，LTIFR 為 0.65，比 2022 年的 1.19 提高了 45%。雖然我們對我們的安全表現和員工對安全營運的承諾感到自豪，但我們知道還有很多工作要做。我們的安全與健康之旅將在 2024 年繼續，重點是預防高潛在事件，並進一步賦予員工權力，以促進積極的健康與安全文化。

On sustainability, we take pride in our consistently strong performance and are pleased to have been recently recognized for our continued efforts. We were ranked first in the material sector and 27th overall in the Globe & Mail's 2023 Board Games, which rate Canadian corporate Boards on the S&P and TSX Composite Index for the quality of their governance practice and disclosure.

在永續發展方面，我們為我們一貫的強勁表現感到自豪，並很高興最近我們的持續努力得到認可。我們在《環球郵報》2023 年董事會遊戲中在材料行業排名第一，總體排名第27 位，該遊戲對標準普爾和多倫多證券交易所綜合指數中的加拿大公司董事會的治理實踐和披露質量進行了評級。

In addition at the Resourcing Tomorrow Conference in London, we took hold the Project Financing of the Year Award for the Skouries Project Financing. We also received an honorable mention for ESG Producer of the Year.

此外，在倫敦舉行的明天資源會議上，我們的 Skouries 專案融資獲得了年度專案融資獎。我們也獲得了年度 ESG 製作人榮譽獎。

Moving to slide 6. In conjunction with our financial release yesterday, we published our 2024 guidance and full-year production outlook. Looking forward towards 2024, we expect a 9% increase in gold production over 2023 with gold production expected to be between 505,000 and 555,000 ounces. The increase in gold production over 2023 will be primarily driven by higher expected production at Kisladag and Olympias following the productivity improvements that were implemented last year.

轉到投影片 6。在昨天發布財務報告的同時，我們也發布了 2024 年指引和全年產量展望。展望2024年，我們預期黃金產量將比2023年成長9%，黃金產量預計在505,000至555,000盎司之間。2023 年黃金產量的成長將主要受到基斯拉達格和奧林匹亞斯去年實施生產力提高後預期產量增加的推動。

As in previous years, production is expected to be second half weighted. Production in Q1 and Q2 of this year is expected to be lower than Q4 2023 as a result of winter conditions at Kisladag and planned ore grade variability at Kisladag, Lamaque, and Efemcukuru.

與往年一樣，產量預計將在下半年加權。由於基斯拉達格的冬季條件以及基斯拉達格、拉馬克和埃芬庫庫魯計劃的礦石品位變化，預計今年第一季和第二季的產量將低於 2023 年第四季。

Total cash costs are expected to be between $840 and $94 per ounce sold. All-in sustaining costs are expected to be between $1,190 and $1,290 per ounce sold. Both total cash cost and all-in sustaining costs are expected to be in line compared to 2023. Sustaining capital on our operations is expected to be between $135 million and $160 million. The increase over 2023 is primarily the result of an increase at Lamaque for underground development and tailings storage facility upgrades and Olympias for underground development and infrastructure.

每盎司銷售現金總成本預計在 840 美元至 94 美元之間。每盎司銷售的總維持成本預計在 1,190 美元至 1,290 美元之間。預計總現金成本和總體維持成本將與 2023 年持平。我們的營運維持資本預計在 1.35 億美元至 1.6 億美元之間。2023 年的成長主要是由於拉馬克 (Lamaque) 的地下開發和尾礦儲存設施升級以及奧林匹亞 (Olympias) 的地下開發和基礎設施的成長。

Growth capital or operating mines is expected to be between $122 million and $144 million, which has increased over 2023 primarily the result of an increase at Lamaque for the planned or mothballed sample development and at Olympias, as we take a phased approach to increasing throughput to 650,000 tonnes per annum, which is expected in 2026.

成長資本或營運礦場預計將在1.22 億美元至1.44 億美元之間，這一數字在2023 年有所增加，主要是由於拉馬克(Lamaque) 計劃或封存的樣品開發以及奧林匹亞斯(Olympias) 的資金增加，因為我們採取分階段方法來提高吞吐量預計 2026 年產量為每年 65 萬噸。

Growth capital at Skouries is expected to be $375 million to $425 million. Skouries capital has significantly increased over 2023 as we're in the peak of the construction. Due to delays in finalizing key contracts, and some of the 2023 spend, was moved into 2024 as we previously indicated.

Skouries 的成長資本預計為 3.75 億至 4.25 億美元。由於我們正處於建設高峰期，Skouries 的資本在 2023 年顯著增加。正如我們之前指出的，由於關鍵合約敲定的延遲，2023 年的部分支出被移至 2024 年。

Our full-year outlook is a compelling story of near-term, high-quality production growth. The primary growth engine is Skouries which is expected to be commissioning in the third quarter of next year. Our gold production is expected to increase 45% from 2023 through 2027. In addition to the gold production, copper becomes a significant component of Eldorado's overall production and revenue profile. Within our guidance this year, we have included the copper production at Skouries starting in 2025.

我們的全年展望是一個令人信服的近期高品質生產成長故事。主要成長引擎是 Skouries，預計明年第三季投入運作。2023 年至 2027 年，我們的黃金產量預計將成長 45%。除了黃金產量外，銅也成為埃爾多拉多整體產量和收入狀況的重要組成部分。在我們今年的指導中，我們已將 2025 年開始的 Skouries 銅產量納入其中。

Moving to slide 7, we announced in yesterday's release a 9% or $75 million increase in the capital estimate at Skouries. Higher capital estimate was a result of increased labor cost. During 2023, negotiated contracts finalized were consistent with the feasibility study. The recent bids in 2024 that are being finalized or will be finalized in the first half of 2024 are associated with the mill facility and the tailings filtration plant that are coming in above the feasibility study estimate. The largest factor is higher labor range for trade workers, and to a lesser degree, slightly lower productivity assumed, and to an even lesser degree, an increase in quantity of work being recognized from detailed engineering versus the feasibility study engineering. These new market and engineering realities are being included in the remaining contrast still being finalized.

轉到幻燈片 7，我們在昨天的新聞稿中宣布將 Skouries 的資本估算增加 9%，即 7500 萬美元。資本估算較高是由於勞動成本增加。2023年，最終確定的談判合約與可行性研究一致。最近正在敲定或將在 2024 年上半年敲定的 2024 年投標涉及工廠設施和尾礦過濾廠，其報價超出了可行性研究的估計。最大的因素是貿易工人的勞動力範圍較高，其次是假設的生產力稍低，較小的因素是詳細工程與可行性研究工程相比，工作量增加。這些新的市場和工程現實正在包含在尚未最終確定的剩餘對比中。

As a result, we believe the updated cost estimate is largely derisked in terms of labor cost, procurement risk, and engineering risk. We also believe this modest 9% increase in capital cost estimate in light of the global inflationary pressure since December 2021 feasibility study. There's a positive outcome.

因此，我們認為更新後的成本估算在勞動成本、採購風險和工程風險方面很大程度上消除了風險。我們也認為，鑑於 2021 年 12 月可行性研究以來的全球通膨壓力，資本成本預估將適度增加 9%。有一個正面的結果。

Our focus as we finalize these remaining contracts turns to mobilization of contractors, and safe execution of the work to deliver startup commissioning in Q3 2025, and operational readiness to deliver commercial production by the end of 2025. The solid project financing and robust balance sheet will remain fully funded to complete the construction at Skouries.

在敲定這些剩餘合約時，我們的重點轉向動員承包商、安全執行工作以在 2025 年第三季實現啟動調試，並做好營運準備以在 2025 年底之前實現商業生產。堅實的專案融資和穩健的資產負債表將繼續為完成斯庫里斯的建設提供充足的資金。

Time we invested and diligently negotiating these key contracts has increased our execution confidence with a modest effect on the production schedule. First production of the high-quality copper gold concentrate is now expected in Q3 of 2025 from prior guidance of mid-2025, and we remain on track for commercial production at the end of 2025. The back-end weighted operations ramp up through. We have lowered the Skouries 2025 gold production range to between 50,000 and 60,000 ounces of pre-production ounces from the prior guidance of 80,000 to 90,000 ounces.

我們投入的時間和努力談判這些關鍵合約增加了我們的執行信心，對生產計劃的影響不大。根據先前 2025 年中期的指導，預計將於 2025 年第三季首次生產優質銅金精礦，並且我們仍有望在 2025 年底實現商業生產。後端加權操作逐漸增加。我們已將 Skouries 2025 年黃金產量範圍從先前的 80,000 至 90,000 盎司指導值下調至 50,000 至 60,000 盎司之間。

In 2025, we also have guided on copper production and expect to produce between 15 million and 20 million pounds that year. For the subsequent years, 2026 and 2027, we are maintaining the previous gold production guidance ranges and have provided copper production. We are assessing our plans with the goal of increasing our 2026 production profile at Skouries.

2025年，我們也對銅產量進行了指導，預計當年產量在1500萬至2000萬磅之間。在接下來的幾年（2026 年和 2027 年）中，我們將維持先前的黃金產量指導範圍，並提供銅產量。我們正在評估我們的計劃，目標是提高 Skouries 2026 年的產量。

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

我就到此為止，然後將電話轉給保羅，讓他審查我們的財務表現。

Thank you, George, and good morning, everyone. Slide 8 provides a summary of our fourth-quarter and full-year results. 2023 was a strong year for us. As George mentioned, we delivered in line with our production guidance and in line with our guidance range and operating costs. Increasing production and lowering costs compared to 2022 have resulted in strong financial results for the full year.

謝謝你，喬治，大家早安。投影片 8 總結了我們第四季和全年的業績。 2023 年對我們來說是強勁的一年。正如喬治所提到的，我們按照我們的生產指導以及我們的指導範圍和營運成本進行交付。與 2022 年相比，產量增加並成本降低，全年財務表現強勁。

Eldorado reported net earnings attributable to shareholders from continuing operations of $92 million or $0.45 per share in the fourth quarter, positively impacted by higher revenue and a higher income tax recovery over the comparative period in 2022. For the full year, net earnings attributable to shareholders from continuing operations was $106 million or $0.55 per share, compared to a net loss of $49 million or $0.27 loss per share in 2022.

Eldorado 報告稱，第四季度持續經營業務股東淨利潤為 9,200 萬美元，即每股 0.45 美元，受到 2022 年同期收入增加和所得稅回收增加的正面影響。全年持續經營業務歸屬於股東的淨利潤為 1.06 億美元，即每股虧損 0.55 美元，而 2022 年淨虧損為 4,900 萬美元，即每股虧損 0.27 美元。

Earnings increased in 2023 (technical difficulty) $82 million excluding capital investment in the Skouries project. For the full year, free cash flow was negative $47 million or $113 million positive, excluding the Skouries project, a significant improvement over 2022 which was negative $69 million. Cash flow generated by operating activities before changes in working capital in the quarter was $138 million, and for 2023 was $411 million, compared to $214 million in 2022.

2023 年收益成長（技術難度）8,200 萬美元，不包括 Skouries 專案的資本投資。全年自由現金流為負 4,700 萬美元或正 1.13 億美元（不包括 Skouries 專案），比 2022 年的負 6,900 萬美元有了顯著改善。本季營運資金變動前營運活動產生的現金流為 1.38 億美元，2023 年為 4.11 億美元，而 2022 年為 2.14 億美元。

Fourth-quarter cash operating cost was $716 per ounce sold, and all-in sustaining cost was $1,207 per ounce sold. For the full year on a per ounce sold basis, cash operating costs was $743. Total cash costs was $850. And all-in sustaining cost was $1,220 per ounce. Our cost decreased compared to the prior year as a result of high production and slightly lower unit costs for key consumables, including energy and fuel.

第四季現金營運成本為每盎司 716 美元，總維持成本為每盎司 1,207 美元。以每盎司銷售量計算，全年現金營運成本為 743 美元。總現金成本為 850 美元。總維持成本為每盎司 1,220 美元。由於產量高以及包括能源和燃料在內的關鍵消耗品的單位成本略有下降，我們的成本比前一年有所下降。

Capital expenditures were $137 million in the fourth quarter, including investment in growth projects at Kisladag focused on the waste stripping, North Heap Leach Pad of upgraded materials handling systems, and at Skouries where we continue to advance construction and procurement for the project. Overall 2023 capital expenditures were $411 million. Current tax expense of $22 million for the fourth quarter increased from $10 million compared to the same period in 2022. Current tax expense totaled $86 million for the full year, an increase from $70 million in 2022.

第四季的資本支出為1.37 億美元，包括對基斯拉達格(Kisladag) 重點關注廢物剝離的增長項目、升級材料處理系統的北堆浸場(North Heap Leach Pad) 以及我們繼續推進項目建設和採購的斯庫里斯(Skouries) 的投資。2023 年資本支出總額為 4.11 億美元。第四季當期稅費為 2,200 萬美元，較 2022 年同期的 1,000 萬美元增加。全年當期稅費總額為 8,600 萬美元，較 2022 年的 7,000 萬美元增加。

The increase in 2023 was primarily related to the operations in Türkiye. The increase reflects higher sales volumes, combined with a tax rate increase in Türkiye from 20% to 25% that was enacted on July 15 that was retroactive to the beginning of the year. This was partially offset by Turkish investment tax credits. (inaudible) income tax recoveries of $68 million in the fourth quarter and $28 million for the full year compared to recoveries of $34 million and $8.5 million, respectively, in 2022.

2023 年的成長主要與土耳其的業務有關。這一增長反映了銷量的增加，以及土耳其 7 月 15 日頒布的稅率從 20% 提高到 25%（追溯至年初）。這被土耳其投資稅收抵免部分抵消。 （聽不清楚）第四季所得稅追回 6,800 萬美元，全年所得稅追回 2,800 萬美元，而 2022 年分別追回 3,400 萬美元及 850 萬美元。

Turning to slide 9, our financial position remains robust as we move into 2024. We ended the year with a total liquidity of $652 million, including $542 million of cash, cash equivalents, and term deposits, and $110 million of available capacity on our revolving credit facility. We continue to focus on maintaining a solid financial position, which provides flexibility to respond to opportunities and fund our growth strategy to unlock value across our global business.

轉向投影片 9，進入 2024 年，我們的財務狀況依然強勁。截至年底，我們的流動性總額為 6.52 億美元，其中包括 5.42 億美元的現金、現金等價物和定期存款，以及 1.1 億美元的循環信貸額度可用能力。我們繼續致力於保持穩健的財務狀況，這為我們應對機會提供了靈活性，並為我們的成長策略提供了資金，以釋放我們全球業務的價值。

With that, I'll now turn the call over to Joe to go through the operational highlights.

現在，我將把電話轉給喬，讓他了解營運要點。

Thanks, Paul, and good morning. Starting on slide 10 at Skouries. We have made significant progress since restarting construction. Activity has continued to ramp up on site with project progress at 38% at the end of December 2023. Overall project progress stands at 70%, including work completed before putting the project into care and maintenance in 2017.

謝謝，保羅，早安。從 Skouries 的幻燈片 10 開始。自重啟建設以來，我們取得了重大進展。現場活動持續增加，截至 2023 年 12 月底工程進度達 38%。專案整體進度為 70%，包括 2017 年專案投入維護前已完成的工作。

Since giving the last update, detailed engineering has progressed to 61% from 56% and procurement is 82% complete, up from 73%. Mobilization of the earthwork's contractor for embankment facility within the integrated extractive waste management facility, the IEWMF, started in the second quarter along with critical underground power service updates. Additionally, the construction team made positive headway on the crusher building, mill and flotation building, and underground development. We have some more detailed photos to share in the coming slides.

自上次更新以來，詳細工程已從 56% 進展至 61%，採購已完成從 73% 升至 82%。綜合採掘廢棄物管理設施 IEWMF 內的路堤設施土方承包商的動員工作於第二季開始，同時進行了重要的地下電力服務更新。此外，施工團隊在破碎機廠房、磨機和浮選廠房以及地下開發方面也取得了積極進展。我們將在接下來的幻燈片中分享一些更詳細的照片。

Moving to slide 11, as we continue to ramp up construction activities, our 2024 capital is expected to be between $375 million and $425 million. The capital will be focused on continuing to advance construction of the major earthworks including haul roads, IEWMF construction, low-grade stockpile, water management and process facilities, and the crusher and filter buildings. In addition, work will focus on underground development to support the test doping program scheduled for 2025.

轉到投影片 11，隨著我們繼續加大建設活動，我們 2024 年的資本預計將在 3.75 億美元至 4.25 億美元之間。資金將重點用於繼續推進主要土方工程的建設，包括運輸道路、IEWMF 建設、低品位堆場、水管理和加工設施以及破碎機和過濾機建築。此外，工作重點將是地下開發，以支持計劃於 2025 年進行的興奮劑測試計劃。

Mechanical, piping, and electrical installations will progress and -- in process and infrastructure areas. On the critical path is the filter plant which continues to advance with the piling work having commenced. We expect to award the filter building contract early in Q2. The contract will include the building structure; assembly of equipment within the building, including air compressors, conveyors, filter presses and other ancillary equipment in addition to the piping and electrical work. The filter plates arrived on site in January, with the remaining components assemblies and fabricated frames expected to ship in the second quarter. Pre-assembly is expected to start following delivery.

機械、管道和電氣安裝將在工藝和基礎設施領域取得進展。關鍵道路上的過濾廠隨著打樁工作的開始而繼續前進。我們預計將在第二季初授予過濾器製造合約。合約將包括建築結構；建築物內設備的組裝，包括空氣壓縮機、輸送機、壓濾機和除管道和電氣工作外的其他輔助設備。過濾板於一月抵達現場，其餘組件和預製框架預計將在第二季度發貨。預組裝預計在交貨後開始。

Work for the mill/flotation building is in progress with commissioning on overhead cranes, installation of construction lighting and scaffolding, and the commencement of structural steel work. Mechanical, piping, and electrical work for the process plant are mobilizing with work commencing this quarter. By the end of 2024, we expect to have completed the IEWMF coffer dam and significantly advanced the IEWMF earthworks, water management facilities, and the process and filter plants.

磨坊/浮選大樓的工程正在進行中，包括橋式起重機的調試、建築照明和鷹架的安裝以及鋼結構工程的開始。該加工廠的機械、管道和電氣工作將於本季開始進行。到 2024 年底，我們預計將完成 IEWMF 圍堰，並顯著推進 IEWMF 土方工程、水管理設施以及製程和過濾廠。

The next set of slides show how much work is already underway on three critical areas. Since we hosted a contingent of analysts and investors on the site in October, you may be impressed by how fast things have advanced through the winter months, specifically on the crusher plant foundation and preparation of the filter plant area.

下一組投影片顯示了三個關鍵領域已經進行的工作量。自從我們十月份在現場接待了一群分析師和投資者以來，您可能會對整個冬季的進展速度印象深刻，特別是在破碎機工廠基礎和過濾廠區域的準備方面。

On slide 12, the top photo gives you a good view of the amount of pre-stripping that has already been completed in the pit. In the bottom photo, you can see the trucks on site that are employed on the open pit pre-stripping to support construction of the haul roads and water management ponds.

在投影片 12 中，頂部的照片讓您可以清楚地看到坑中已經完成的預剝離量。在底部照片中，您可以看到現場使用的卡車進行露天礦場預剝離，以支援運輸道路和水管理池的建設。

On slide 13, you can see the area for the crusher building. The piles have been driven and poured and the next stage of civil construction has begun. Over at the filter plant on slide 14, this shows the significant amount of excavation work that has been done with the piling work underway.

在投影片 13 上，您可以看到破碎機廠房的區域。樁已經打入和澆築，下一階段的土木工程已經開始。在投影片 14 的過濾廠中，這顯示了已經完成的大量挖掘工作以及正在進行的打樁工作。

Shown on slide 15 are the first four company owned 45-tonne CAT 745 trucks. These trucks will be used once Skouries is in operation to build the lifts that will be required on the dry stack embankment. During construction of the civil works, these trucks will be used as part of an integrated fleet with the earthworks contractor for construction of the IEWMF facilities. We expect to take delivery of 15 additional trucks through the end of Q2 2024.

幻燈片 15 顯示的是前四家公司擁有的 45 噸 CAT 745 卡車。一旦斯庫里斯投入運營，這些卡車將用於建造幹堆路堤所需的電梯。在土木工程期間，這些卡車將與土方工程承包商一起作為綜合車隊的一部分，用於建造 IEWMF 設施。我們預計到 2024 年第二季末將再接收 15 輛卡車。

The photo on the right shows the first phase, the underground development, advancing the west decline and access to the test stopes. The second underground development contract proposals are in the final evaluation stage, and awarding of the contract is planned for the second quarter. This contract includes test stope work as well as additional development and services work to support the development Phase 1 of the underground mine.

右圖顯示第一階段，地下開發，推進西斜坡和進入測試採場。第二份地下開發合約提案正處於最終評估階段，計劃於第二季授予合約。該合約包括測試採場工作以及支援地下礦場第一階段開發的額外開發和服務工作。

We expect to complete about 2,200 meters of underground development by the end of 2024. As a reminder, it is expected that Skouries will be mined predominantly via open pit for the first nine years in conjunction with a ramp up of the underground. We look forward to providing updates as progress continues.

我們預計在2024年底完成約2,200公尺的地下開發。需要提醒的是，預計前九年，Skouries 將主要透過露天礦開採，同時逐步開採地下礦場。我們期待著隨著進展的繼續提供更新。

I'll turn it over to Simon for a review of operations.

我會將其交給西蒙進行操作審查。

Thanks, Joe. Starting in Kisladag on slide 16. Kisladag fourth-quarter production was 46,291 ounces, with cash operating costs of $623 per ounce sold, which represents a 24% increase in production on a similar cash operating costs compared to the prior quarter.

謝謝，喬。從幻燈片 16 上的基斯拉達格開始。Kisladag 第四季產量為 46,291 盎司，每盎司銷售現金營運成本為 623 美元，與上一季相比，在類似現金營運成本的情況下，產量增加了 24%。

Production during the quarter was driven by continued optimization of the materials handling systems and the commissioning of the North Heap Leach Pad, which has increased the ore tons placed and increased irrigation flow rates. Overall, in 2023, production was below guidance due to slower-than-expected inventory drawdown at the South Heap Leach Pad.

本季的生產得益於物料處理系統的持續優化和北堆浸場的調試，增加了礦石噸位並提高了灌溉流量。整體而言，由於南堆浸場的庫存下降速度低於預期，2023 年產量低於預期。

Cash operating costs were significantly lower in guidance as a result of the lower prices of fuel and electricity. Looking ahead to 2024, Kisladag's production guidance is between 180,000 and 195,000 ounces of gold. To achieve this Kisladag is expected to mine and place on leach pad approximately 13.2 million to 13.7 million tons of ore at an average gold grade of between 0.7 and 0.8 grams per ton.

由於燃料和電力價格較低，指導中的現金營運成本顯著降低。展望 2024 年，Kisladag 的黃金產量指引值為 180,000 至 195,000 盎司。為了實現這一目標，Kisladag 預計將開採約 1,320 萬噸至 1,370 萬噸礦石，並將其放置在浸濾場上，平均金品位為每噸 0.7 至 0.8 克。

The production range has been revised from the guidance issued in 2023. And this is primarily due to inventory buildup within the ore (inaudible) in the leach facility, find the residual impacts of the high precipitation event for 2023. We continue to optimize our on-belt ore agglomeration process and staking processes to improve quality and consistency of the sector along with focus activities to enhance inventory drawdown.

生產範圍已根據 2023 年發布的指南進行了修訂。這主要是由於浸出設施中礦石內的庫存累積（聽不清楚），找出 2023 年高降水事件的殘餘影響。我們繼續優化帶上礦石集聚流程和放樣流程，以提高該行業的品質和一致性，並進行重點活動以加強庫存削減。

On slide 17 at Efemcukuru. Fourth-quarter gold production was 22,374 ounces at a cash operating cost of $816 per ounce sold. Gold production throughput and average gold grade at Efemcukuru were in line with plans for the quarter. Overall, 2023 production and cash costs were in line with guidance.

在 Efemcukuru 第 17 張幻燈片上。第四季黃金產量為 22,374 盎司，每盎司銷售現金營運成本為 816 美元。Efemcukuru 的黃金產量和平均黃金品位符合本季計畫。整體而言，2023 年的生產和現金成本符合指引。

For the year ahead, Efemcukuru's production is between 75,000 and 85,000 ounces of gold, and the site is expected to process approximately 530,000 to 550,000 tons of ore at an average gold grade of between 5, 5.5 grams per ton. Production is expected to be relatively consistent quarter over quarter, with the first quarter expected to be the lowest.

未來一年，Efemcukuru 的黃金產量將在 75,000 至 85,000 盎司之間，預計該工廠將加工約 530,000 至 550,000 噸礦石，平均金品位在每噸 5 至 5.5 克之間。預計產量環比將相對穩定，其中第一季產量預計最低。

And now moving to the Lamaque Complex on slide 18. The Lamaque Complex delivered record gold production in the fourth quarter and for the year. Fourth-quarter gold production was 56,619 ounces, a 29% increase over the prior quarter driven by productivity improvements in the Triangle Mine and higher grade, which allowed the mills' performing capacity. Cash operating costs were $580 per ounce sold.

現在轉到幻燈片 18 上的喇嘛廟建築群。拉馬克綜合體在第四季和全年創下了創紀錄的黃金產量。第四季黃金產量為 56,619 盎司，比上一季成長 29%，這得益於三角礦和更高品位的生產率提高，從而提高了工廠的生產能力。每盎司銷售現金營運成本為 580 美元。

Additionally, in 2023, we announced the conversion of a portion of the infill resources into indicated resources at the Ormaque deposit. During 2024, we will continue to advance infill drilling program targeting the upper two-thirds of the Ormaque deposits and we remain on track to take the bulk sample. Made a pre-feasibility study and announced the Ormaque inaugural reserves by the end of 2024.

此外，2023 年，我們宣布將 Ormaque 礦床的部分填充資源轉換為指示資源。2024 年，我們將繼續推動 Ormaque 礦床上部三分之二的加密鑽探計劃，並繼續按計劃採集大量樣本。進行了預可行性研究，並於 2024 年底宣布了 Ormaque 首個保護區。

For the year, Lamaque's production guidance is between 175,000 and 190,000 ounces of gold and is expected to -- the site is expected to mine and process approximately 870,000 to 910,000 tons of ore at an average gold rate between 6.3 and 6.8 grams per ton. The production range has been widened slightly compared to the guidance issued in 2023 to reflect an updated mine plan that supports mine sequencing optionality and optimization as you move lower in the deposit.

今年，Lamaque 的黃金產量指引在 175,000 至 190,000 盎司之間，預計該地點將開採和加工約 870,000 至 910,000 噸礦石，平均金價在每噸 6.3 至 6.8 克之間。與 2023 年發布的指南相比，生產範圍略有擴大，以反映更新的採礦計劃，該計劃支持礦床下移時的採礦排序選擇性和優化。

I'll hand the call back to Joe to review the fourth quarter results for Olympias.

我會將電話轉回給喬，以審查奧林匹亞斯第四季的業績。

Thanks, Simon. Moving to Olympias on slide 19. The mine delivered record annual production and the mill delivered record throughput by leveraging operating initiatives implemented during the year. Fourth-quarter gold production was 17,882 ounces and cash operating costs were $1,224 per ounce sold. Overall, 2023 production was in line with guidance.

謝謝，西蒙。轉到幻燈片 19 上的奧林匹亞斯。透過利用年內實施的營運計劃，該礦場實現了創紀錄的年產量，工廠也實現了創紀錄的吞吐量。第四季黃金產量為 17,882 盎司，現金營運成本為每盎司 1,224 美元。整體而言，2023 年產量符合預期。

Costs were higher-than-expected because of a delay in the completion of the bulk emulsion and ventilation projects scheduled for early Q1 2023 completion and were commissioned midyear. That affected mine plan sequence and delayed lower mine development, both of which contributed to the byproduct and grade variances, which in turn, affected unit costs.

由於原定於 2023 年第一季初完成並於年中投入使用的散裝乳液和通風項目延遲完成，成本高於預期。這影響了礦山計劃順序並延遲了較低的礦山開發，這兩者都導致了副產品和品位差異，進而影響了單位成本。

At Olympias, in 2024, we expect to see continued improvement as we advance the underground development and increased metal production from the Flats Zone. Production is expected to be relatively steady through the year delivering between 75,000 and 85,000 ounces of gold. Total cash costs are expected to benefit from the increased byproduct metal production within the Flats Zone, which is expected to result in higher byproduct credits, driving down the operating costs.

在奧林匹亞斯，我們預計到 2024 年，隨著我們推進地下開發和增加 Flats 區的金屬產量，情況將持續改善。預計全年黃金產量將相對穩定，產量在 75,000 至 85,000 盎司之間。總現金成本預計將受益於平地區內副產品金屬產量的增加，這預計將導致副產品信用增加，從而降低營運成本。

Total cash costs are expected to be between $980 and $1,080 per ounce sold and all-in sustaining costs are expected to be between $1,280 and $1,380 per ounce sold. Timing of byproducts shipments and subsequent recognition of sales per quarter may result in quarter-over-quarter total cash costs variability over the course of the year.

每盎司銷售的總現金成本預計在 980 美元至 1,080 美元之間，總維持成本預計在每盎司銷售 1,280 美元至 1,380 美元之間。副產品的發貨時間和隨後每季銷售額的確認可能會導致全年現金成本季度與季度之間的變化。

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

我就到此為止，然後將其交還給喬治作結束語。

Thanks, team. In summary, 2023 was a fantastic year operationally and financially. And I would like to acknowledge the dedication and hard work of our teams across the sites.

謝謝，團隊。總而言之，2023 年在營運和財務方面都是出色的一年。我要感謝我們各個站點團隊的奉獻和辛勤工作。

We were able to deliver increasing production, getting annual production records at both Ormaque and Olympias, while lowering our cost profile over 2022, a testament to the strength and commitment across the organization.

我們能夠提高產量，在 Ormaque 和 Olympias 都創下年度產量記錄，同時在 2022 年降低成本，證明了整個組織的實力和承諾。

We are in solid shape with a lot of momentum going forward. We're fully funded to execute on Skouries and bring into production next year. Additionally, each of our sites have ongoing continuous improvement initiatives, with the assets expected to provide growing safe production year over year and a disciplined management, in addition to Skouries bringing on high-quality copper gold production. We expect to generate significant free cash flow generation. It's an amazing time to be at Eldorado.

我們的狀態很穩固，前進的動力很大。我們有充足的資金來執行 Skouries 並於明年投入生產。此外，除了斯庫里斯帶來高品質的銅金生產外，我們的每個工廠都採取持續不斷的改進措施，預計資產將逐年增加安全生產和嚴格的管理。我們預計將產生大量的自由現金流。這是來到埃爾多拉多的美好時光。

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。現在我將把它轉交給運營商，讓我們的分析師提出問題。

(Operator Instructions) Cosmos Chiu, CIBC.

（操作員指示）Cosmos Chiu，CIBC。

Thanks, George and Simon. Congrats all and all the best to Joe. Maybe my first question is on Skouries, the CapEx increase. As you mentioned, a lot of it is due to labor costs, a part of it is due to productivity and certainly productivity was a point of discussion where we are on site back in October. But can you give us a bit more color in terms of productivity? What assumptions did you make previously? What kinds of assumptions are you making today in terms of productivity, maybe as it relative to say Turkey or Canada or other parts of the world as well?

謝謝，喬治和西蒙。祝賀喬一切順利。也許我的第一個問題是關於 Skouries，即資本支出的增加。正如您所提到的，其中很大一部分是由於勞動力成本，一部分是由於生產力，當然生產力是我們十月份現場討論的一個焦點。但是您能否在生產力方面為我們提供更多的資訊？你之前做了什麼假設？您今天在生產力方面做了什麼樣的假設，也許是相對於土耳其或加拿大或世界其他地區？

Thanks for the question, Cosmos. Maybe I'll take the overview and pass it on to Joe.

謝謝你的提問，宇宙。也許我會概述並將其傳遞給喬。

I mean, look, the way I would describe it overall, when you look at last year's work, we -- well, even the year before we put up the frame around the mill and the public pressure building, installed the cranes, put the cladding on the building and all that work came in consistent with our productivity assumptions and overall, that work came in line with the feasibility study.

我的意思是，看，我總體上描述它的方式，當你看去年的工作時，我們 - 好吧，甚至是在我們在工廠和公共壓力建築周圍搭建框架、安裝起重機、放置建築物的包層和所有工作都符合我們的生產力假設，整體而言，該工作符合可行性研究。

We've been doing additional work last year, and getting the primary crusher, moving some preliminary work around the filter building for the tailings and some preliminary work inside the mill building. And again, all that work was consistent with our estimates. And then we moved into the civil works, which is roads, open pit mining, and beginning to put the infrastructure in for the tailings and banquet and again, those bids and that work has come in consistent with EFS.

去年我們一直在做額外的工作，安裝了初級破碎機，在尾礦過濾大樓周圍進行了一些初步工作，並在工廠大樓內進行了一些初步工作。再說一次，所有這些工作都與我們的估計一致。然後我們開始進行土木工程，包括道路、露天採礦，並開始為尾礦和宴會建設基礎設施，這些投標和工作與 EFS 一致。

So as we moved into this year, we're really talking about trade work is our electricians pipe fitters, higher end labor. And what we found in the bids that were just now finalizing and have projected into the remaining bits for that type of work, is the rates have gone up. And I guess not a big surprise relative to what's happening globally, but higher than the other type of work that we've been conducting so far. So I tell you, we're feeling confident now that we've got the right estimates for labor as we move forward to finish this project and I think that largely derisk us.

因此，當我們進入今年時，我們真正談論的貿易工作是我們的電工、管道安裝工、高端勞動力。我們在剛剛敲定並已計入此類工作剩餘部分的投標中發現，費率已經上漲。我想相對於全球正在發生的事情來說這並不是一個大驚喜，但比我們迄今為止正在進行的其他類型的工作要高。所以我告訴你，我們現在充滿信心，因為在我們繼續完成這個專案時，我們已經對勞動力進行了正確的估計，我認為這在很大程度上消除了我們的風險。

And I'll pass it over to Joe to maybe give you a little color on the various components that led to these 75 million increase, all labor related.

我會將其交給 Joe，讓您了解導致這 7500 萬人口增長的各種因素，所有這些因素都與勞動力有關。

Thanks, George. First, Cosmos, maybe I'll give you a little reminder on the FS. We use the Gulf Coast factor labor rates for productivity of 1.35. And as George said, that held consistently to 2022, 2023. As we've gotten into the trades in the proposals and contracts that we have entered into, that's closer to 1.5. Slightly under 1.5 is where the productivity factor would calculate. So it's up a bit. We also had modest increase in quantities moving from feasibility-level engineering to detail engineering, that's a smaller factor than productivity.

謝謝，喬治。首先，Cosmos，也許我會給你一些關於 FS 的提醒。我們使用墨西哥灣沿岸要素勞動比率來計算生產力 1.35。正如喬治所說，這種情況一直持續到 2022 年、2023 年。當我們進入我們已簽訂的提案和合約中的交易時，該比率接近 1.5。計算生產率係數時略低於 1.5。所以漲了一點。我們的數量也從可行性級工程轉向詳細工程，數量略有增加，這是一個比生產力更小的因素。

But as George said, we're feeling pretty comfortable that through diligent work through these contracts with these proposals and working to contract with contractors, we are doing diligent review of their work plans, making certain there's solid understanding and that we understand where they've gotten to their productivities, how they've gotten to their labor, how they expect to deliver. So we're quite confident that the time taken and doing that leads us to an executable plan. So just echo what George said, our confidence level is up for execution moving forward, albeit at a higher labor rate.

但正如喬治所說，我們感到非常放心，透過辛勤工作，透過這些合約與這些建議並與承包商簽訂合同，我們正在認真審查他們的工作計劃，確保有充分的理解，並且我們了解他們的位置。他們已經了解了他們的生產力、他們如何完成他們的勞動以及他們期望如何交付。因此，我們非常有信心，所花費的時間和所做的事情會讓我們制定出可執行的計劃。因此，正如喬治所說，我們對繼續執行的信心水平很高，儘管勞動力比率較高。

Great. Thanks, Joe. And maybe if you can help me with the numbers here. I just want to make sure my numbers are correct. As you said, CapEx has increased to a total of $920 million. I know you said you spent $153.8 million in 2023, additional $375 million to $425 million in 2024. I'm just trying to figure out how much has been spent so far in Skouries? And how much of the $920 million is going to be spent in 2024? And how much of that is going to be spent in 2025?

偉大的。謝謝，喬。也許你能幫我算一下這裡的數字。我只是想確保我的數字是正確的。正如您所說，資本支出總額已增至 9.2 億美元。我知道您說過您在 2023 年花了 1.538 億美元，2024 年又花了 3.75 億美元至 4.25 億美元。我只是想知道到目前為止在 Skouries 花了多少錢？2024 年將花費 9.2 億美元中的多少？2025 年將花費多少？

Yeah, Cosmos, so the new total is $920 million. Through the end of last year, we've spent $184 million, and we have $735 million left to spend against that $920 million. And then we've given the guidance range for this year.

是的，Cosmos，所以新的總額是 9.2 億美元。到去年年底，我們已經花了 1.84 億美元，而 9.2 億美元還剩下 7.35 億美元。然後我們給出了今年的指導範圍。

Understood. Great. I mean, maybe one last question, George, to start off the presentation today, you mentioned the unfortunate event that happened at SSR mining, at the Heap Leach, the split, your operations are in a separate part of the country. So I fully understand that. I'm just wondering if you've seen any indirect impact to your operations, but at least there's an indirect impact on your share price. But other than that, any other indirect impacts and have you seen any changes in the overall regulatory environment?

明白了。偉大的。我的意思是，喬治，也許最後一個問題，在今天的演講開始時，您提到了在 SSR 採礦、堆浸、分裂、您的業務位於該國的一個單獨地區發生的不幸事件。所以我完全理解這一點。我只是想知道您的營運是否受到任何間接影響，但至少對您的股價有間接影響。但除此之外，還有其他間接影響嗎？

Thanks for that question. Yeah, I mean, as you would expect on a tragedy, this sort occurs, the regulators are going to be paying attention. So we get regular inspections at both of our operations throughout the year. And there's been a step up in those reviews since the tragedy. We've had no impacts from our operations. I would tell you, I take great comfort and pride in the oversight and the way we operate, maintain our facilities.

謝謝你提出這個問題。是的，我的意思是，正如你所期望的那樣，發生這種悲劇，監管機構將會予以關注。因此，我們全年都會對兩家公司的營運進行定期檢查。自悲劇發生以來，這些評論有所增加。我們的營運沒有受到任何影響。我想告訴你，我對我們的監督以及我們運作和維護設施的方式感到非常安慰和自豪。

Regarding the Heap Leach itself, we've been operating for 15 years. Our operators and maintenance employees do routine inspections throughout the day as we operate and maintain the facility. We do routine inspections throughout the year. Our engineering firms that provide us with designs to reviews each year. And we've got a very capable technical services group period head office. And so we do our own reviews overall the technical and operating risks that you face in a mining business like ours.

就堆浸本身而言，我們已經運作了 15 年。我們的操作員和維護員工在操作和維護設施時全天進行例行檢查。我們全年都會進行例行檢查。我們的工程公司每年都會為我們提供設計供我們審查。我們擁有一個非常有能力的技術服務集團總部。因此，我們會對您在像我們這樣的採礦企業中面臨的技術和營運風險進行整體審查。

And I say one of the things that we do, we have an independent technical group. And these aren't the engineers that design and look over our operations, but an independent group that comes through periodically, and does an independent review. And so we have a lot of layers of protection to manage the critical risks that any mining operation face and so I feel like we're in good shape here. And we stand ready to understand any key learnings that will come out of this strategy and deploy the appropriate reactions, if there are any pertinent to our business. So no impact on our business today. Regulators, as you expect, are taking a look at all the mines and we don't expect any impact to our business.

我想說的是，我們所做的一件事是，我們擁有一個獨立的技術團隊。這些並不是設計和監督我們營運的工程師，而是一個定期進行獨立審查的獨立小組。因此，我們有很多層保護來管理任何採礦作業所面臨的關鍵風險，所以我覺得我們在這裡狀況良好。我們隨時準備好了解從該策略中得出的任何重要經驗教訓，並部署適當的反應（如果有任何與我們的業務相關的反應）。所以對我們今天的業務沒有影響。正如您所期望的那樣，監管機構正在檢查所有礦山，我們預計不會對我們的業務產生任何影響。

Great. Thanks, George. That perfectly answers my questions and have a good weekend. That's all I have.

偉大的。謝謝，喬治。這完美地回答了我的問題，祝週末愉快。這就是我的全部。

Thanks, Cosmos.

謝謝，宇宙。

(Operator Instructions) Tanya Jakusconek, Scotiabank.

（操作員指示）Tanya Jakusconek，豐業銀行。

Maybe just someone can help me on the progression of the year first. I think Simon gave us some details on that. And then George, as you started on the first half, is it going to be weaker?

也許有人可以先幫助我了解今年的進展。我認為西蒙向我們提供了一些細節。然後喬治，當你上半場開始時，會變得更弱嗎？

Q1 is going to be weaker at Efemcukuru. I understood. I think [Linka] is even. So can we just get an idea on Lamaque and Kisladag? And then just overall, am I looking at that 48% in the first half, 52% in the second half? I know it's an art, not a science.

Efemcukuru 的 Q1 將會較弱。我明白了。我認為[Linka]是均勻的。那我們能對拉馬克和基斯拉達格有個了解嗎？整體而言，我是否看到上半年是 48%，下半年是 52%？我知道這是一門藝術，而不是一門科學。

Thanks for the question, Tanya. Yeah, I mean, at a high level, we're softer in the first half with Kisladag just due to winter issues that impact the Heap Leach as you would expect. And then the bulk of the rest of the variability has to do with order rates. And I'll see if Simon can provide you some details on.

謝謝你的提問，塔妮亞。是的，我的意思是，在高水準上，我們在上半場與基斯拉達格的比賽中表現較為疲軟，只是因為冬季問題影響了堆浸，正如您所期望的那樣。其餘的大部分變化都與訂單率有關。我會看看西蒙是否可以向您提供一些詳細資訊。

Yeah. Thanks, George. So we typically have, with winter conditions, slightly slow conditions at Kisladag in the first quarter. As we said, Efemcukuru, generally, fairly steady through the year. First quarter will be its lowest. We are back halfway there in terms of grades coming into Lamaque with fourth quarter being at the higher end of our range that we said in the 6.5 to 7 range where the first part of the year is in the 6 to 6.5 range. So does that help?

是的。謝謝，喬治。因此，在冬季條件下，基斯拉達第一季的情況通常會稍微緩慢。正如我們所說，Efemcukuru 總體而言全年相當穩定。第一季將是最低的。就拉馬克的成績而言，我們回到了中間位置，第四季度處於我們所說的 6.5 至 7 範圍內的高端，而今年上半年則處於 6 至 6.5 範圍內。那麼這有幫助嗎？

Okay. Yeah, it does help. I guess I was just thinking from an overall perspective, without having done all of these numbers, are we looking at that 48%, 52%, or am I not getting that right?

好的。是的，它確實有幫助。我想我只是從整體角度思考，沒有完成所有這些數字，我們是在看 48%、52%，還是我理解不對？

Yeah. Probably, more like a -- it's probably at 45% in the first half and 55% in the second half. So, Tanya, that's what we're probably seeing on a portfolio basis, if that helps to balance your books.

是的。可能，更像是——上半場可能是 45%，下半場可能是 55%。所以，Tanya，這就是我們可能在投資組合的基礎上看到的情況，如果這有助於平衡你的帳目的話。

Yeah, no, just thank you for that, Simon. Just trying to get this right because, as you know, divided by four isn't how most of these mines are going through this year because of great variability and weather and other. So that's very helpful. Thank you.

是的，不，只是謝謝你，西蒙。只是想把這個問題做好，因為如你所知，由於巨大的變化和天氣等原因，今年大多數礦山的情況並不是除以四。這非常有幫助。謝謝。

My second question is maybe to George. I just wanted to understand you've got -- just to do with Skouries. You mentioned that we've got these contracts, two outstanding that are going to be finalized in Q2. So my question is, how comfortable are you updating the capital in Q1 when you haven't really finalized these contracts until Q2? I wondered why you did it now and not waited until these contracts are done.

我的第二個問題可能是問喬治的。我只是想了解你所擁有的東西——只是與斯庫里斯有關。您提到我們已經拿到了這些合同，其中兩份未完成的合約將在第二季敲定。所以我的問題是，當你直到第二季才真正敲定這些合約時，你在第一季更新資本有多舒服？我想知道你為什麼現在就這樣做而不等到這些合約完成。

I'd just say we have really good confidence in estimating the contracts that aren't finalized, but we have all the bids in. We've been having questions with the various contractors. And we do understand through all of the bids submitted so far that these trades. Associated work is at a higher cost than we assumed in the FS.

我只是想說，我們對估算尚未敲定的合約非常有信心，但我們已經收到了所有投標。我們一直在向各個承包商提出問題。透過迄今為止提交的所有投標，我們確實了解到這些交易。相關工作的成本比我們在 FS 中假設的要高。

And I don't know, I think part of that may be driven on there's an uptick in work happening in Greece period. And so the availability of people, the contractors are having to pay a bit higher rates than we assumed three years ago when we put this estimate together for that type of work. And our confidence is basically we're through negotiations on a few of the contracts. And the remaining contracts, we've got good visibility from the bids, and we still have to finalize which contractor and dot the I, cross the T, but we got good visibility of where we're going to land.

我不知道，我認為部分原因可能是希臘時期工作量的增加。因此，在人員可用性方面，承包商必須支付比我們三年前對此類工作進行估算時所假設的更高的費用。我們的信心基本上是我們已經完成了一些合約的談判。對於剩下的合同，我們從投標中獲得了良好的可見性，我們仍然需要最終確定哪個承包商，並點 I，跨 T，但我們對我們要著陸的地方有很好的可見性。

Okay. And those are the two major contractors that you have 80% -- you've already secured 80% of that spend, right?

好的。這些是您擁有 80% 股份的兩個主要承包商——您已經獲得了 80% 的支出，對吧？

Yeah, we have. I mean, maybe just a little bit clearer, so the bids that we have that we're basing this estimate are firm bids. We haven't signed the contracts and necessarily awarded it, but that's why we're feeling confident these are firm bids.

是的，我們有。我的意思是，也許更清楚一點，所以我們基於此估計的出價是確定的出價。我們還沒有簽署合同，也不一定授予合同，但這就是為什麼我們對這些是堅定的出價充滿信心。

Okay. And maybe just to come back to Joe, thank you for giving us the productivity numbers and for a layman, like myself, that just I'm trying to understand that 1.35 going to close to 1.5. That's an 11% increase. So should I be thinking that your productivity has declined by you've assumed a 10% decline in productivity and the numbers going forward? I'm just trying to understand how to use that information you provided me.

好的。也許只是回到喬，謝謝你給我們提供了生產力數據，也感謝像我這樣的外行人，我只是想理解 1.35 會接近 1.5。增幅為 11%。那麼我是否應該認為您的生產力已經下降，因為您假設生產力和未來的數字下降了 10%？我只是想了解如何使用您提供給我的資訊。

That 10% is not unreasonable, Tanya. As George stated, for the overall project, it's less than that because of the earthworks and early awards were more in line with feasibility assumptions. But the later work and the crafts are a bit lower productivity that we saw.

Tanya，這 10% 並不是沒有道理的。正如喬治所說，對於整個項目來說，它比這個要少，因為土方工程和早期的授予更符合可行性假設。但後來的工作和工藝我們看到的生產力有點低。

But I think, generally, we're comfortable that execution within those productivities is quite reasonable. And we're working as well around performance management through target prices and productivity incentives. So I think there are -- we're quite comfortable that will come in. And I also would just mention that we do have good price protection in the contracts that we have, and we'll have in the -- those to be awarded as well. So there's no escalation of labor of any kind and for the duration of the project.

但我認為，總的來說，我們認為在這些生產力範圍內的執行是相當合理的。我們也透過目標價和生產力激勵措施圍繞績效管理開展工作。所以我認為我們很樂意加入。我還想提一下，我們在我們所擁有的合約中確實有良好的價格保護，而且我們也會在即將授予的合約中提供良好的價格保護。因此，在專案期間，不會出現任何形式的勞動力增加。

Okay. So if we were to -- would we be assuming correctly if we said, okay, so you're comfortable in these contracts because these are final bids, price protected on these two larger ones. And then the assumptions on the productivity, if something less, you've declined it by -- or reduced it by something just slightly under 10%? Would that be --

好的。因此，如果我們——如果我們說，好吧，所以你對這些合約感到滿意，因為這些是最終出價，這兩個較大的價格受到保護，我們的假設是否正確。然後是對生產力的假設，如果少了一些，你會拒絕它，或減少略低於 10% 的東西？那會是--

Correct. That would be reasonably accurate.

正確的。那是相當準確的。

Okay. And can I ask just one final question before I let someone else ask? I'm interested in how you're progressing on -- you've got an increased employment on site from now until you go into production. Can I just ask how that is going? And I know I asked that on site when I was there in October, but I'm just trying to see how that is going and how labor costs are looking on that front as well.

好的。在讓別人問之前我可以只問最後一個問題嗎？我對你們的進展感興趣——從現在開始直到投入生產，你們的現場就業人數增加。可以問一下進展如何嗎？我知道我十月在那裡時在現場問過這個問題，但我只是想看看情況如何以及勞動力成本在這方面的情況如何。

Go ahead, Joe.

繼續吧，喬。

Thanks, Tanya. So where we stand today, Tanya, we have mobilized the leadership team for Skouries operations. We have about 40 people on boarded to date and we'll continue with that progress. We basically broke it into four phases. And the first phase to be completed by the end of '23 was to get the leadership team on board; we've completed that. Through Q2, we will be bringing in the second level of management, and let's call it key technical people, and we're advancing on that front as well. And that's in the range of another 30, 45 people.

謝謝，塔妮亞。因此，Tanya，我們今天的立場是，我們已經動員了 Skouries 營運的領導團隊。迄今為止，我們已有大約 40 名員工加入，我們將繼續這項進展。我們基本上將其分為四個階段。23 年底完成的第一階段是讓領導團隊參與；我們已經完成了。透過第二季度，我們將引進第二級管理人員，我們稱之為關鍵技術人員，我們也在這方面取得進展。這還在另外 30 到 45 人的範圍內。

Phase 3 starts us into supervision, and that's about another 50. And then we'll begin the direct hire process in Phase 4. And we have about right now, 500 applicants on file and working through those each and every day, so feeling reasonably good about that. We have also completed a good operational readiness review, and we're looking to turn over assets sequentially as available.

第三階段讓我們開始監督，大約還有 50 個階段。然後我們將在第四階段開始直接招募流程。目前，我們大約有 500 名申請者在案，而且每天都在處理這些申請，所以對此感覺相當不錯。我們也完成了良好的營運準備審查，並且我們希望按順序移交可用的資產。

So the open pit and underground works, we anticipate those operationalizing in 2024, taking a bit of pressure off. And as far as labor and labor available for open pit is good, we'll be contracting the underground. And then as we move into 2025, we'll be hiring remaining staff for process facilities, filter plan the rest of it, and that is about the range of 200. So feeling pretty good about all of that as far as costs.

因此，我們預計露天礦和地下工程將於 2024 年投入運營，從而減輕一些壓力。只要露天礦的勞動力和可用勞動力良好，我們就會承包地下礦。然後，當我們進入 2025 年時，我們將僱用剩餘的工藝設施員工，過濾計劃其餘部分，大約是 200 人的範圍。因此，就成本而言，我對所有這些感覺都很好。

We don't anticipate it to be materially different in any way from what our current labor rates for operations are in Greece.

我們預計它與希臘目前的營運勞動力價格不會有任何實質不同。

Okay. So Joe says about maybe 100 people from now until you have to hire the additional 200 people starting in 2025. So maybe another 100 people or so in 2024?

好的。Joe 說，從現在開始，大約需要 100 名員工，直到 2025 年開始，你必須再僱用 200 名員工。那麼到 2024 年也許還會增加 100 人左右呢？

Yeah, that's reasonable.

是的，這是合理的。

Okay. Great. Thank you so much for explaining it to me. Appreciate it.

好的。偉大的。非常感謝你向我解釋。欣賞它。

Thanks, Tanya.

謝謝，塔妮亞。

(Operator Instructions) Since there are no more questions in the queue, I'd like to turn the call to the presenters for closing remarks.

（操作員說明）由於佇列中沒有更多問題，我想將電話轉給演示者進行結束語。

Thanks, everybody, for joining the call and look forward to giving you an update at the end of Q1. Have a great weekend.

感謝大家加入電話會議，並期待在第一季末向您提供最新情況。週末愉快。

This concludes today's conference call. You may disconnect your lines. Thank you for participating and have a pleasant day.

今天的電話會議到此結束。您可以斷開線路。感謝您的參與並祝您有個愉快的一天。