Eldorado Gold Corp (EGO) 2025 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Eldorado Gold first quarter 2025 results conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there'll be an opportunity to ask questions. (Operator Instructions)

感謝您的支持。我是會議主持人。歡迎參加 Eldorado Gold 2025 年第一季業績電話會議。提醒一下，所有參與者都處於只聽模式，會議正在錄音。演示結束後，將有機會提問。（操作員指示）

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

現在，我想將會議交給投資者關係、通訊和外部事務副總裁 Lynette Gould。請繼續，古爾德女士。

Thank you, operator, and good morning, everyone. I'd like to warmly welcome you to our first-quarter 2025 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。我熱烈歡迎您參加我們的 2025 年第一季業績電話會議。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措施。請參閱簡報中包含的警示性聲明以及我們管理階層討論與分析中關於非國際財務報告準則措施和風險因素的揭露。

Joining me on the call today we have George Burns, President and Chief Executive Officer; Paul Ferneyhough, Executive Vice President and Chief Financial Officer; Louw Smith, Executive Vice President, Development Greece; and Simon Hille, Executive Vice President, Operational and Technical Services.

今天與我一起參加電話會議的還有總裁兼執行長 George Burns； Paul Ferneyhough，執行副總裁兼財務長；希臘發展部執行副總裁 Louw Smith；以及營運與技術服務執行副總裁 Simon Hille。

Our release yesterday details our first-quarter 2025 financial and operating results. This should be read in conjunction with our first-quarter 2025 financial statements and management 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 2025 年第一季的財務和營運業績。本文應與我們的 2025 年第一季財務報表和管理層討論與分析一起閱讀，這兩份報告均可在我們的網站上查閱。它們也均已在 Sedar+ 和 EDGAR 上提交。

All dollar figures discussed today are US dollars unless otherwise stated. We will be speaking to the spies that accompany this webcast, which you can download 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. I will now turn the call over to George.

除非另有說明，今天討論的所有美元數字均為美元。我們將與伴隨這次網路廣播的間諜進行交談，您可以從我們的網站下載。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提問。現在我將電話轉給喬治。

Thanks, Lynette, and good morning, everyone. Before we begin, our formal prepared remarks, on behalf of the Eldorado team, I would like to extend our condolences and thoughts to those impacted by the recent tragic event that took place in the Lapu-Lapu Festival in Vancouver this past weekend.

謝謝，Lynette，大家早安。在我們開始正式的準備發言之前，我謹代表 Eldorado 團隊，向上週末在溫哥華拉普拉普音樂節上發生的悲劇事件的受害者表示哀悼和慰問。

What should have been a joyful celebration of Filipino culture and community ended in unimaginable loss, and our hearts are broken over this tragedy. In support of the efforts, we have made monetary donations to the Canadian Blood Services and to the Crisis Center of BC.

這本應是菲律賓文化和社區的歡樂慶典，卻以難以想像的損失告終，這場悲劇讓我們心碎。為了支持這些努力，我們向加拿大血液服務中心和不列顛哥倫比亞省危機中心捐款。

Turning to the outline for today's call, I'll begin with an overview of the first quarter of 2025 results and highlights. I'll then hand the call over to Paul to go through our financials, followed by Lowe and Simon, who will provide a review of our operational performance. We'll conclude by opening the call to questions from our analysts.

談到今天電話會議的提綱，我將首先概述 2025 年第一季的業績和亮點。然後，我會將電話轉給保羅 (Paul) 來審核我們的財務狀況，然後由洛 (Lowe) 和西蒙 (Simon) 對我們的營運績效進行評估。最後，我們將開始回答分析師的問題。

Turning to slide forward, our operations delivered a solid quarter with safe production of 115,893 gold ounces with Lamar, Kisada, and FM2 grew in line with expectations.

展望未來，我們的業務表現穩健，本季安全生產了 115,893 盎司黃金，其中 Lamar、Kisada 和 FM2 的成長符合預期。

Production in Olympias was lower than expected as a result of challenges with flotation circuit stability and unplanned maintenance on the pyrite concentrate filtration. These challenges have been resolved and production has recovered to expected levels in Q2.

由於浮選迴路穩定性方面的挑戰以及黃鐵礦精礦過濾的計劃外維護，奧林匹亞斯的產量低於預期。這些挑戰已經解決，產量在第二季度已經恢復到預期水準。

Looking ahead, increased production with a slightly stronger second half of the year, remaining on track to achieve our guidance to produce between 460 and 500,000 ounces of gold in 2025.

展望未來，下半年產量將略有增加，仍有望實現我們的預期，即到 2025 年生產 460 至 50 萬盎司黃金。

Total cash cost and all in sustaining cost were $1,153 per ounce sold and $1,559 per ounce sold respectively. Costs were higher compared to 2024, primarily a result of higher royalties driven by higher gold prices, in addition to higher labor costs. While costs were above the top end of our guidance range for the year, we still expect to meet our annual guidance. I will touch on our cost in more detail later in the call.

總現金成本和所有維持成本分別為每盎司 1,153 美元和每盎司 1,559 美元。與 2024 年相比，成本上升，主要原因是金價上漲導致特許權使用費增加，此外勞動成本也上升。儘管成本高於我們今年的指導範圍上限，但我們仍有望達到年度指導目標。我稍後會在電話中更詳細地談論我們的成本。

Turning to slide 5 in the first quarter, our last-time injury frequency rate was 0.7%, a decrease from the LTIFR of 1.63% in the first quarter of 2024. We take pride in our safety performance and our employees' dedication to safe operations, but we recognize there is still more to achieve.

翻到第一季的第 5 張投影片，我們的上次受傷頻率為 0.7%，低於 2024 年第一季的 1.63% 的 LTIFR。我們為我們的安全表現和員工對安全操作的奉獻感到自豪，但我們認識到還有更多的工作要做。

During 2025, we continued to make health and safety improvements with a focus on high-potential risk control and empowering employees to cultivate a positive health and safety culture. During the quarter, as part of the inaugural awards of health and safety positive recognition, an employee at Kisada was recognized for speaking up and stopping unsafe working behavior, demonstrating courageous safety leadership.

2025年，我們持續改善健康與安全工作，並專注於高潛在風險控制，並賦能員工培養積極的健康與安全文化。本季度，作為首屆健康與安全積極表彰獎的一部分，Kisada 的一名員工因敢於直言並制止不安全的工作行為而受到表彰，展現了勇敢的安全領導力。

On sustainability during the quarter, we updated and rolled out the third version of our sustainability integrated management system, SIMS to all sites. SIMS is founded and fostered on Eldorado's values and is a critical tool for driving continuous improvement of sustainability performance across our business.

在本季的可持續性方面，我們更新了永續性綜合管理系統 SIMS 的第三版，並將其推廣到所有站點。SIMS 以 Eldorado 的價值觀為基礎建立和培育，是推動我們整個業務永續發展績效持續改進的重要工具。

As everyone would have seen yesterday, we expanded our normal horse issuer bid. This is part of our commitment to enhancing shareholder value and demonstrating confidence in the long-term prospects of our business.

正如大家昨天所看到的，我們擴大了正常的馬匹發行人出價。這是我們致力於提高股東價值並展示對業務長期前景的信心的一部分。

Given our strong financial position, expected growing production profile, and free cash flow generation, we believe the current share price does not fully reflect the underlying value of the company. We see the NCIB as an important way to return capital to our shareholders. The flexibility of the NCIB allows us to opportunistically repurchase shares while maintaining the financial strength needed to pursue our broader strategic objectives, including growth initiatives and disciplined capital allocation.

鑑於我們強大的財務狀況、預期不斷增長的生產狀況以及自由現金流的產生，我們認為當前股價並未完全反映公司的潛在價值。我們將 NCIB 視為向股東返還資本的重要方式。NCIB 的靈活性使我們能夠適時回購股票，同時保持追求更廣泛策略目標所需的財務實力，包括成長計畫和嚴格的資本配置。

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

我就此打住，將電話轉給保羅，讓他審查我們的財務結果。

Thanks George. Moving to slide 6, our results reflect a strong and steady operation that remains in line with our guidance. Record-high gold prices have supported robust cash flow generation and kept our profitability margins intact despite an increase in production costs compared to Q1 2024.

謝謝喬治。轉到幻燈片 6，我們的結果反映出強勁而穩定的運營，並且符合我們的指導。儘管與 2024 年第一季相比生產成本有所增加，但創紀錄的金價支持了強勁的現金流產生，並保持了我們的盈利率不變。

In the first quarter, Eldorado generated net earnings attributable to our continuing operations of $72 million or $0.35 per share. Our performance was driven by higher average realize gold prices, which more than offset the impact of elevated production costs, including increased royalty expense, higher labor costs, and greater income tax expenses.

第一季度，Eldorado 的持續經營淨利潤為 7,200 萬美元，即每股 0.35 美元。我們的業績受到平均實現黃金價格上漲的推動，足以抵消生產成本上升的影響，包括特許權使用費增加、勞動成本上升和所得稅費用增加。

It's important to highlight that our net earnings were influenced by the gold collars we established in 2023 as part of our balance sheet strengthening strategy following the restart of the Skouries project. During Q1, the increase in gold prices translated to a realized derivative loss of $11 million from those callers. Moving forward, we have approximately 150,000 ounces outstanding on the gold collars with a cool price of $2,667 per ounce for the remainder of the year, and no additional collars after 2025. After excluding one-time non-recurring items, our adjusted net earnings for the quarter are $56 million or $0.28 per share.

值得強調的是，我們的淨收益受到了我們在 2023 年設立的金領的影響，這是我們在 Skouries 計畫重啟後加強資產負債表策略的一部分。在第一季度，金價上漲導致這些買權的實際衍生性商品損失達到 1,100 萬美元。展望未來，我們的黃金項圈上大約有 150,000 盎司的未償還餘額，今年剩餘時間內的價格為每盎司 2,667 美元，2025 年後不再增加黃金項圈。扣除一次性非經常性項目後，本季調整後的淨收益為 5,600 萬美元，即每股 0.28 美元。

These adjustments include a $74 million tax recovery stemming from the recognition of a deferred tax asset in the quarter and an offsetting $63 million unrealized loss on derivative instruments, most notably the gold collars.

這些調整包括本季確認遞延稅務資產而產生的 7,400 萬美元稅務補償，以及 6,300 萬美元衍生性工具（最顯著的是金領）未實現損失。

Our free cash flow for the quarter was negative $22 million. Excluding capital investments in the Skouries project, free cash flow turns positive and totals $76 million as compared to $34 million in Q1 2024 and underscores the strength of our operating assets in today's gold price environment.

本季我們的自由現金流為負 2,200 萬美元。不包括 Skouries 專案的資本投資，自由現金流變為正值，總計 7,600 萬美元，而 2024 年第一季為 3,400 萬美元，這凸顯了我們在當今黃金價格環境下的經營資產實力。

Looking at operating activities, cash flow before changes in working capital reached $137 million in Q1, up from $108 million in last year's comparable period. This increase is primarily the result of a 38% jump in revenue, which rose to $355 million from $255 million buoyed by an average realized gold price of $2,933 per ounce in Q1 2025 compared to $2,086 in the previous year.

從經營活動來看，第一季營運資本變動前的現金流量達到 1.37 億美元，高於去年同期的 1.08 億美元。這一成長主要得益於營收成長 38%，從 2.55 億美元增至 3.55 億美元，這得益於 2025 年第一季平均實現黃金價格為每盎司 2,933 美元，而前一年為 2,086 美元。

While production costs increased $25 million to $148 million during the quarter from the comparable quarter last year, roughly one-third of the increase was due to higher royalty expenses in Greece and Turkey.

雖然本季的生產成本較去年同期增加了 2,500 萬美元，達到 1.48 億美元，但其中約三分之一的增幅是由於希臘和土耳其的特許權使用費增加所致。

High gold prices have driven both revenue and some costs upwards. In Q1, total cash costs reached $1,153 per ounce sold and are all in sustaining costs, climbing to $1,559 per ounce, reflecting not only the impact of higher production costs and royalties, but also a modest increase in sustaining capital expenditures compared to 12 months ago.

金價高企導致收入和部分成本均上漲。第一季度，總現金成本達到每盎司 1,153 美元，全部為維持成本，攀升至每盎司 1,559 美元，這不僅反映了生產成本和特許權使用費上漲的影響，也反映了與 12 個月前相比維持資本支出的小幅增加。

Capital investments in our operating mines this quarter amounted to $71 million. These expenditures supported growth projects, including at Kisladag, where they ranged from planned waste stripping and procurement of equipment to support the extended mine life to the ongoing construction of the second phase of the North Heap Leach Pad and North ADR infrastructure.

本季度，我們對營運礦場的資本投資總額達到 7,100 萬美元。這些支出支持了包括 Kisladag 在內的成長項目，其中包括計劃中的廢物剝離和採購設備以支持延長礦山壽命，以及正在進行的北堆浸場第二階段和北 ADR 基礎設施的建設。

At Skouries, progress is advancing as planned, with earthworks and infrastructure developments moving steadily. During the quarter, we invested approximately $84 million in the project, along with an additional $6 million in accelerated operational capital to support our transition to self-performing open-pit mining operations.

斯庫里斯的工程進展正按計畫進行，土方工程和基礎建設穩步推進。本季度，我們向該專案投資了約 8,400 萬美元，另外還投資了 600 萬美元加速營運資本，以支持我們向自主露天採礦作業的過渡。

Our current tax expense for the quarter was $47 million an increase from $12 million in the same period last year, reflecting higher operating profitability in Canada and Turkey. Deer income tax recovery of $80 million in the quarter compared to an expense of $4 million in Q1 2024.

本季我們的當期稅費為 4,700 萬美元，較去年同期的 1,200 萬美元有所增加，這反映了加拿大和土耳其的經營盈利能力有所提高。本季鹿所得稅回收額為 8,000 萬美元，而 2024 年第一季的支出為 400 萬美元。

This recovery included a $74 million dollar benefit from the recognition of deferred tax assets with the remainder driven by favorable local currency movements against the US dollar. Before I transition to our balance sheet, I want to briefly address the ongoing global US tariff discussions.

此次復甦包括因確認遞延稅項資產而獲得的 7,400 萬美元收益，其餘收益則來自當地貨幣兌美元的有利走勢。在轉到我們的資產負債表之前，我想先簡單談談正在進行的全球美國關稅討論。

Although it's early to pinpoint the final impact, our preliminary analysis on our Canadian business unit suggests these tariffs could add a consolidated impact of approximately $4 per ounce to our total cash costs and $6 per ounce to our AI for the rest of this year.

雖然現在判斷最終影響還為時過早，但我們對加拿大業務部門的初步分析表明，這些關稅可能會對我們的總現金成本產生約每盎司 4 美元的綜合影響，並對我們的今年剩餘時間內的 AI 產生每盎司 6 美元的綜合影響。

Turning to slide 7, our robust balance sheet remains the cornerstone of our business, providing us with abundant financial flexibility. We concluded the first quarter with a total liquidity of $1.2 billion comprising $978 million in cash and cash equivalents and $241 million available under our senior secured-credit facility.

轉到投影片 7，我們穩健的資產負債表仍然是我們業務的基石，為我們提供了充足的財務靈活性。第一季結束時，我們的總流動資金為 12 億美元，其中包括 9.78 億美元的現金和現金等價物以及 2.41 億美元的優先擔保信貸額度。

This strong financial foundation continues to empower us to invest in profitable cash flow generating operations while progressing with the construction of Skouries and positioning ourselves to seize new opportunities as they are.

這一強大的財務基礎使我們能夠繼續投資於可產生盈利現金流的業務，同時推進 Skouries 的建設，並準備好抓住新的機會。

With that overview, I'll now turn the call over to Louw, who will guide you through the highlights of our Greek assets.

有了上述概述，我現在將電話轉給 Louw，他將向您介紹我們希臘資產的亮點。

Thanks Paul, and good morning. Starting on slide 8 at our Skouries Copper Gold project. At the end of Q1, overall project progress was 66% for phase two of construction. We continue to expect first gold production in the first quarter of 2026 and commercial production in mid-2026.

謝謝保羅，早安。從我們的 Skouries Copper Gold 專案的第 8 張幻燈片開始。截至第一季末，二期工程總體進度為66%。我們仍預計 2026 年第一季將首次生產黃金，2026 年中期將實現商業化生產。

We have experienced a steady ramp up of required skilled labor during the quarter with a heavy emphasis on concrete and filtered plant mechanical and exceeded our target of 1,300 at the end of March with approximately 1,375 personnel through the gate each day.

本季度，我們對熟練勞動力的需求穩步增加，重點是混凝土和過濾設備機械，截至 3 月底，每天約有 1,375 名員工到崗，超過了我們 1,300 人的目標。

While we have exceeded our current target, it's not just about the number of people on the ground. It's ensuring we have the right skill sets and work fronts available as we navigate and continue advancing the project.

雖然我們已經超額完成了目前的目標，但這不僅僅是關於當地人口的數量。它確保我們在導航和繼續推進專案時擁有正確的技能和工作前沿。

The plant construction productivity remains at or slightly better than our assumptions. On this slide, you can see on the top-left photo the concrete works advancing of the course or stockpile reclaimed feet tunnel. The bottom photo shows the filtered tailings building with a number of three-feeder conveyors -- number three feeder conveyor before installation.

工廠建設生產率保持或略好於我們的假設。在這張幻燈片上，您可以在左上角的照片中看到路線或庫存回收腳隧道的混凝土工程進度。下圖顯示了具有多個三台給料輸送機的過濾尾礦建築－安裝前的三號給料輸送機。

The top right photo shows the tank farm area at the filter trading’s plant. [Pown] cropping is complete and concrete placement has advanced with the first three or five tank bases having been completed.

右上角的照片顯示了過濾器貿易廠的油庫區域。種植已完成，混凝土澆築工作正在推進，前三個或五個水箱底座已經完成。

Moving on to slide 9. During the first quarter, the project capital invested at Skouries was $84 million. The spent in the first quarter was lower than Q4 2024, but in line with our expectations, as we had completed major procurement activities last year, including the tailings filter presses, major electrical equipment, and the process control system, amongst other items.

移至幻燈片 9。第一季度，Skouries 的專案投資資本為 8,400 萬美元。第一季的支出低於 2024 年第四季度，但符合我們的預期，因為我們去年完成了主要採購活動，包括尾礦壓濾機、主要電氣設備、製程控制系統等。

Over the coming quarters, we do expect to see increasing spend with higher procurement and construction spend, in line with our expectations. We remain on track to meet our project capital guidance of $400 million to $450 million for the full year.

在接下來的幾個季度中，我們確實預計支出將會增加，採購和建築支出也會增加，這符合我們的預期。我們仍有望實現全年 4 億至 4.5 億美元的專案資本指導目標。

In addition, we spent $6 million in accelerated operational capital towards the $8,200 million expected this year. To spend included mobile equipment that will be used as we move to owner operator minor in the open pit. Some of the equipment that we have received to date includes [cartable] seven trucks, an excavator, front end loaders, graders, and compactors. As we ramp up equipment and personnel on site, we expect to see increasing spend over the next three quarters.

此外，我們還投入了 600 萬美元加速營運資本，以實現今年預計的 82 億美元目標。支出包括我們在露天礦場轉移至業主經營者時使用的移動設備。到目前為止，我們收到的一些設備包括七輛卡車、一台挖土機、前端裝載機、平地機和壓實機。隨著我們現場設備和人員的增加，我們預計未來三個季度的支出將會增加。

Open-it mobile equipment is arriving on site and being assembled and commissioned. O pen-pit grade control drilling is underway, and we expect to start phase one open pit mining during Q4 2025. The photos on the slide and the next few slides will show the advancement of the work underway.

Open-it行動裝置正在抵達現場並進行組裝和調試。O 型坑品位控制鑽探正在進行中，我們預計將於 2025 年第四季開始第一階段露天開採。幻燈片上的照片和接下來的幾張幻燈片將顯示正在進行的工作的進展。

As you can see on the large photo on the left of the slide, infrastructure around the process plant continues to advance. Work in the process plant continues to expand to additional work fronts for mechanical installations and cables [price].

正如您在幻燈片左側的大照片上看到的，加工廠周圍的基礎設施正在不斷進步。製程廠的工作繼續擴展，以增加機械裝置和電纜的工作面[價格]。

Piping installations have started in the process plant and the pumphouse to enable the start of some pre-commissioning activities. In addition, water testing of the rougher flotation circuit is underway.

加工廠和泵房內的管道安裝已開始，以便進行一些預調試活動。此外，粗浮選迴路的水質測試正在進行中。

Infrastructure on the west side of the main process plant building is shown including construction works progressing on the secondary substation and control building. Cable tray is completed in the substation and in progress in the control building.

圖中展示了主加工廠大樓西側的基礎設施，包括正在進行的二次變電站和控制大樓的施工工程。變電站內的電纜橋架已完工，控制大樓內的電纜橋架正在施工中。

Infrastructure on the east side of the main process building has shown. Including the structural steel installation is complete for the lime plant and the blower's buildings. You can also see the progress of the installation of the conveyors that will transport ore from the pebble crusher to the transfer tower.

主流程大樓東側的基礎設施已顯現。包括石灰廠和鼓風機廠房在內的鋼結構安裝已經完成。您還可以看到將礦石從碎石機運送到轉運塔的傳送帶的安裝進度。

Moving to slide 10. As you can see on the large photo on the right of the slide, the three thickeners continue to advance to plan. Concrete works for the first thickener have been completed and mechanical installations have commenced. The second thickener is approximately 85% complete, and the third has its base completed. On the photo to the left, earlier this week, we reached an important milestone for the first part of the project. We have filled the tailings clarifier tank and started water testing in the tailings thickener circuit.

移至投影片 10。正如您在幻燈片右側的大照片上看到的，三台濃密機繼續按計劃推進。第一台濃密機的混凝土工程已經完工，機械安裝已經開始。第二台增稠劑已完成約 85%，第三台增稠劑的基礎已完成。如左圖所示，本週早些時候，我們達到了專案第一部分的一個重要里程碑。我們已經填滿了尾礦澄清池，並開始在尾礦濃縮機迴路中進行水質測試。

Turning to slide 11. At the Fulton tidings building. We have included a link to an updated time lapse video showcasing the completion of the concrete foundation. Workers now transition to the installation of the structural steel and major mechanical equipment, both of which are advancing as planned.

翻到第 11 張投影片。在富爾頓消息大樓。我們添加了一個更新的延時視頻鏈接，展示了混凝土基礎的完成情況。目前，工人們已轉入結構鋼和主要機械設備的安裝，各項工作均按計畫進行。

Piling for the compressor building is complete, and piling for the pipe racks and the clarifier area continues to progress. On slide 12, work continues of the construction of the culture building structure. The concrete foundation has been completed, and work is advancing on the first-level walls with approximately 60% of the walls completed in April. The first floor is expected to be finished in May, which will house the apron feeder to the COS or stockpile. Piling and drainage work for the primary crusher conveyor alignment to the COS or stockpile was completed, and final excavations are well advanced.

壓縮機房的打樁工作已經完成，管道架和澄清器區域的打樁工作正在繼續進行。在第 12 張投影片上，文化建築結構的建設工作仍在繼續。混凝土基礎已完工，第一層牆體工程正在進行，4 月已完成約 60% 的牆體工程。一樓預計將於五月完工，將容納通往 COS 或庫存的板式給料機。主破碎機輸送機與 COS 或料堆對齊的打樁和排水工作已經完成，最後的挖掘工作進展順利。

Moving to Olympias on slide 13. First-quarter gold production was 11,829 ounces and total cash costs were $2,398 per ounce sold. Gold production, along with the production of byproducts, was affected by unplanned maintenance for the pyrite concentrate filtration that we disclosed in Q4 and subsequently resolved in January. In addition, we encountered a challenge with flotation circuit stability.

移至幻燈片 13 上的 Olympias。第一季黃金產量為 11,829 盎司，每盎司售出總現金成本為 2,398 美元。黃金生產以及副產品的生產受到了黃鐵礦精礦過濾的計劃外維護的影響，我們在第四季度披露了這一問題，並於 1 月解決了這一問題。此外，我們也遇到了浮選迴路穩定性的挑戰。

During the quarter, analysis has shown that the flotation instability was generated by the viscosity modifier that is added to the pace backfill to assist in pace pumping in the underground.

本季度的分析表明，浮選不穩定性是由添加到速度回填物中以協助地下速度泵送的黏度調節劑引起的。

The addition of this modifier impacted flotation circuit stability impacted recoveries across all concentrates. Several mitigation steps have been enacted that have stabilized the flotation performance to date in the second quarter, and production has recovered to expected levels in Q2.

添加這種改質劑會影響浮選迴路的穩定性，進而影響所有精礦的回收率。迄今為止，已採取多項緩解措施，穩定了第二季的浮選業績，產量已在第二季恢復到預期水準。

Total cash costs were impacted by lowering buying product sales, lower gold sold, and higher royalties, partially offset by slightly lower gold treatment and the refining charges and slightly lower selling costs due to the lower volumes. I'll stop there and hand it over to Simon to discuss the Turkish and Canadian operations.

總現金成本受到購買產品銷售額下降、黃金銷售額下降和特許權使用費增加的影響，但因銷量下降導致黃金處理和精煉費用略有下降以及銷售成本略有下降，部分抵消了這一影響。我就此打住，並將其交給西蒙來討論土耳其和加拿大的行動。

Thanks, Louw, studying in Turkey on slide 14. Kishida delivered a solid start to the year with production totaling 44,319 ounces and total cash costs of $1,039 per ounce sold. Total cash costs were primarily impacted by higher royalties driven by higher gold price, a stronger lira, and higher labor costs.

謝謝，Louw，第 14 張幻燈片上寫著我在土耳其學習。岸田公司今年開局表現穩健，總產量達 44,319 盎司，每盎司現金成本為 1,039 美元。總現金成本主要受到金價上漲、里拉走強以及勞動成本上升導致的特許權使用費上漲的影響。

Production was strong as we continued lynching gold outfits from tonnes stacked in 2024, as well as higher average grade of new tonnes placed in the quarter. Additionally, ounces stacked increased by 21% compared to the prior year, primarily due to increased average stacking rate.

由於我們繼續從 2024 年堆積的黃金中提煉黃金，且本季新黃金的平均品位較高，因此產量強勁。此外，堆放量與前一年相比增加了 21%，這主要是由於平均堆疊率增加。

We continued advancing the engineering and geometallurgical studies, which are focused on understanding the future mining phases and optimizing the crushing and leach circuits. We expect to provide results in conjunction with our Q3 reporting.

我們繼續推進工程和地質冶金研究，重點是了解未來的採礦階段並優化破碎和浸出迴路。我們預計將結合第三季報告提供結果。

A different two crew on site 15. First quarter gold production was 19,307 ounces at total cash cost of $1,357 per ounce sold. Gold production, throughput, and average gold grade at FM2 crew were in line with the plan for the quarter.

15號現場有另外兩組工作人員。第一季黃金產量為 19,307 盎司，每盎司現金總成本為 1,357 美元。FM2 團隊的黃金產量、吞吐量和平均黃金品位均符合本季的計畫。

And now, moving to the Lamaque Complex on slide 16. Lamaque delivered production of 40,438 ounces at total cash costs of $836 per ounce sold. First-quarter production was impacted by lower grades and recovery during the quarter, which was partially offset by higher average throughput at the mill.

現在，轉到幻燈片 16 上的 Lamaque Complex。Lamaque 的產量為 40,438 盎司，每盎司現金成本為 836 美元。第一季的產量受到品位較低和季度復甦的影響，但工廠平均產量的提高部分抵消了這一影響。

Total cash costs were higher in the quarter than the comparable period in 2024, impacted by lower volume sold and additional labor and contractor costs.

受銷售下降以及勞動力和承包商成本增加的影響，本季的總現金成本高於 2024 年同期。

In 2024, the center of production was primarily in the C4 ore zone. And we are now operating on several levels extending into the C5 ore zone. This has made the center of production lower over time adding distance and time to haulage cycle, thereby incurring additional costs related to haulage, equipment and personnel requirements. Total cash costs were also impacted by slightly higher royalties due to the higher realized gold price, partially offset by the weakening Canadian dollar.

2024年生產中心主要在C4礦帶。目前，我們正在多個層面開展工作，並延伸至 C5 礦區。這使得生產中心隨著時間的推移而降低，增加了運輸週期的距離和時間，從而產生了與運輸、設備和人員要求相關的額外成本。由於黃金實際價格上漲，特許權使用費略有增加，這也對總現金成本產生了影響，但加幣走弱部分抵消了這一影響。

I would like to take a moment again to shine a spotlight on what we mentioned in our Q4 2024 conference call. The superb achievement this site delivered with production of the 1 million ounce, was a great achievement. Bravo team.

我想再次花點時間重點介紹我們在 2024 年第四季電話會議上提到的內容。該礦場產量達到 100 萬盎司，這是一項了不起的成就。太棒了團隊。

And with that, I'll hand back to George.

說完這些，我就把麥克風交還給喬治。

Thanks team. In summary, it's been a solid start to the year operationally and financially. I would like to acknowledge the dedication and hard work of our teams across the sites.

謝謝團隊。總而言之，從營運和財務角度來看，今年的開局良好。我要感謝我們各個站點團隊的奉獻和辛勤工作。

We are strongly positioned for the balance of 2025 and beyond, building on years of optimization efforts to strengthen our asset portfolio and stable production base.

透過多年的優化努力，我們已為 2025 年及以後的平衡做好了充分準備，並加強了我們的資產組合和穩定的生產基礎。

With a solid balance sheet and high-quality assets, we are well positioned to generate significant value for our stakeholders that is further enhanced by the strength in today's gold and copper price.

憑藉穩健的資產負債表和高品質的資產，我們完全有能力為利害關係人創造巨大的價值，而當今黃金和銅價的強勢進一步增強了這一價值。

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

感謝您抽出時間。現在我將把我們分析師提出的問題交給操作員。

Thank you. We'll now begin the analyst question-and-answer session. (Operator Instructions)

謝謝。我們現在開始分析師問答環節。（操作員指示）

Cosmos Chiu, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Cosmos Chiu。

Thanks, George and team. Maybe my first question is on Skouries. I know it's more complex than that and I appreciate all the pictures that were shown to us in terms of progress, but my question is on the 66% completion of phase 2 that you've given to us, and that increased from 60% last quarter. How can we and also investors potentially use that as a yardstick of how your progress is going?

謝謝喬治和他的團隊。也許我的第一個問題是關於 Skouries 的。我知道情況比這更複雜，我很欣賞您向我們展示的所有進展情況，但我的問題是，您向我們提供了第二階段 66% 的完成率，而這一數字比上一季的 60% 有所增加。我們和投資人如何將其作為衡量你們進展的標準？

For example, do we, is it, should we expect to see 100% by Q1 or close to 100% by Q1 2026 ahead of your first production? Is that how we can use it, maybe if you can help us out?

例如，我們是否應該期望在 2026 年第一季實現 100% 的產量，或在首次生產之前接近 100% 的產量？我們可以這樣使用它嗎？也許您可以幫助我們？

Yeah, thanks for the question, Cosmos. So yeah, for sure we plan to be in commissioning and have first production in Q1 of next year. At which point, the construction would be at 100%. And then in terms of how that number is going to increase over the coming quarters, there's really two key aspects here. One is the number of construction workforce we have at site and the work they're doing in piping mechanical, electrical -- so that work will push up.

是的，謝謝你的提問，Cosmos。是的，我們肯定計劃在明年第一季進行調試並進行首次生產。此時，施工進度將達到 100%。至於未來幾季這個數字將如何成長，這裡實際上有兩個關鍵面向。一是現場施工人員的數量以及他們在管道機械、電氣方面所做的工作——因此工作量將會增加。

But the other thing that comes with that -- as we get certain work completed, we then start installing equipment. And some of the work's being done off site, for instance, we're assembling some of them -- some of the mechanical equipment that will be in the dry-stack tailings facility in Thessaloniki. So those workers aren't coming to site. They're assembling those pieces, and when we're ready to put those into the dry stack tailings facility, we'll set that equipment and then you'll see progress against that construction.

但隨之而來的另一件事是——當我們完成某些工作後，我們就開始安裝設備。有些工作是在場外進行的，例如，我們正在組裝一些機械設備，這些設備將放置在塞薩洛尼基的乾堆尾礦處理設施中。所以那些工人不會來現場。他們正在組裝這些部件，當我們準備將它們放入乾堆尾礦設施時，我們將設置設備，然後您將看到施工的進展。

So where we're at today, we've got a concrete construction workforce that we need to complete and continue the concrete work, and we'll be ramping up piping and mechanical significantly in Q2 and into Q3 as the concrete finishes and we're able to then move on to the next phase in various parts of the construction. So you know it's going to be evolving. I think we're in a very good position right now with our workforce. Our general contractors have visibility on the workforce that we need to bring to site over the coming quarters. And our [Hellas] team have backup. Labor lined up, I'd say, like a plan B, a plan C, if for some reason, the contractors falls short on workforce. So I think we've done a lot of really constructive work to have flexibility and contingencies to ensure we have the labor at the right time. And feel comfortable with our guidance of first quarter production and mid-next-year commercial production.

因此，就我們目前的情況而言，我們擁有完成和繼續混凝土工作所需的混凝土施工隊伍，並且隨著混凝土工作的完成，我們將在第二季度和第三季度大幅增加管道和機械設備，然後我們就可以進入施工各個部分的下一階段。所以你知道它將會不斷發展。我認為我們目前的勞動力狀況非常好。我們的總承包商清楚地了解未來幾季我們需要帶到現場的勞動力。我們的[Hellas]團隊有後援。我想說，勞動力安排就像是 B 計劃、C 計劃，以防由於某種原因承包商的勞動力不足。因此我認為我們已經做了很多真正有建設性的工作，以確保靈活性和應急措施，確保我們能在適當的時間獲得勞動力。並且對我們對第一季產量和明年中期商業產量的指導感到滿意。

And George, that leads in well to my next question here. As you mentioned in your MD&A, you proactively built contingency plans to protect the schedule and budget. You kind of touched on it just now, but could you maybe elaborate a little bit more in terms of, as you said, plan B, plan C, even a plan D, and anything that you can share with us?

喬治，這很好地引出了我的下一個問題。正如您在 MD&A 中提到的，您主動制定了應急計劃來保護進度和預算。您剛才提到了這一點，但是您能否更詳細地闡述一下，例如您所說的 B 計劃、C 計劃，甚至 D 計劃，以及任何您可以與我們分享的內容？

Well maybe starting with the workforce. So our primary objective has always been to hire construction workers from Greece. And we've made some pretty good progress over the last quarter to find additional workforce, particularly mechanical and piping.

好吧，也許從勞動力開始。因此，我們的首要目標一直是僱用來自希臘的建築工人。我們在上個季度尋找額外勞動力方面取得了相當大的進展，特別是機械和管道方面的勞動力。

And then on plan B, both our contractors and our Hellas team have found multiple opportunities within the EU of available workforce to meet our needs. And generally, there's areas close to Greece like Romania, Bulgaria, Italy, where we've got people lined up.

然後按照 B 計劃，我們的承包商和希臘團隊都在歐盟內找到了多個可用勞動力的機會來滿足我們的需求。一般來說，在靠近希臘的地區，例如羅馬尼亞、保加利亞、義大利，我們都已經有人員在排隊。

I call that kind of plan B, and plan C would be going a little further away to Scandinavia. So anyway, we've got good visibility on the workforce that we need to progress this construction over the coming quarters.

我把這種稱為 B 計劃，而 C 計劃則是去稍遠一點的斯堪的納維亞半島。無論如何，我們對未來幾季推進這項建設所需的勞動力有了很好的了解。

Great. maybe switching gears a little bit, the NCIB. Good to see that you've increased your NCIB or the potential shares that you can buy back. And I think if you do buy back, it shows the market you have confidence in your timeline for Skouries.

偉大的。也許稍微改變一下話題，NCIB。很高興看到您增加了 NCIB 或可以回購的潛在股票。我認為，如果您確實回購，這表明市場對 Skouries 的時間表有信心。

In terms of that, should we or could we expect your usage of the NCIB facility to increase as we get closer to completion of Skouries or is that really not a factor? It's really dependent on free cash flow on the price. It's not really dependent on how close you get to the completion of the construction of Skouries.

就此而言，隨著 Skouries 的完工越來越近，我們是否應該或可以預期您對 NCIB 設施的使用率會增加，或者這真的不是一個因素？它的價格確實依賴自由現金流。這其實並不取決於 Skouries 的建造完成時間。

(inaudible) The way I would describe it is we've got good confidence now in our construction. And we believe our shares are undervalued, and we think now is the time to begin buying back shares. And we'll be monitoring our progress, we'll be monitoring our share price movement and make the best decisions we can for our shareholders as this year unfolds. So I think your first comment -- I think it does show confidence from our management team that we're on track, and our share price is undervalued, and this is a mechanism to improve that situation.

（聽不清楚）我是這樣描述的：我們現在對我們的建設充滿信心。我們認為我們的股票被低估了，我們認為現在是開始回購股票的時候了。我們將密切關注我們的進展，關注我們的股價走勢，並在今年為我們的股東做出最好的決策。所以我認為您的第一條評論——我認為這確實表明了我們的管理團隊對我們正走在正軌上的信心，而且我們的股價被低估了，這是一種改善這種情況的機制。

Perfect, thanks, George and teams, those are all the questions I have. Have a good weekend.

太好了，謝謝喬治和團隊，這些就是我所有的問題。有一個美好的周末。

Thank you.

謝謝。

Tanya Jakusconek, Scotiabank.

加拿大豐業銀行的 Tanya Jakusconek。

Great. Good morning, everyone. Thank you so much for taking my questions. Maybe let's start with the easy one. Just thinking about your year, and I know George, you mentioned a stronger second half of the yea., And we know that Q2 we're supposed to see better performance coming out of Olympias getting back to normalized. But how do you see the year in terms of first half, second half? Am I looking at that 48% in the first half, 52% in the second half, and sort of Q1 and Q2 being similar?

偉大的。大家早安。非常感謝您回答我的問題。也許我們可以從簡單的開始。只是想想你的一年，我知道喬治，你提到了今年下半年會更強勁，而且我們知道第二季度我們應該會看到奧林匹亞恢復正常後的更好表現。但您如何看待今年上半年和下半年的情況？我是否看到上半年為 48%，下半年為 52%，第一季和第二季相似？

I think that's the exact correct way to describe how the year is going to unfold.

我認為這是描述今年將如何展開的正確方式。

Okay. And then anything unusual on the maintenance side that I should be thinking about in that first half, second half? Anything down for maintenance at any of the operations?

好的。那麼在維護方面我應該考慮上半年和下半年的哪些不尋常的事情嗎？任何操作中是否有任何需要維護的故障？

Nothing beyond routine. Preventive maintenance.

沒有什麼超出常規的事情。預防性維護。

Okay. That's great. Thank you. And since I have you on, George, I just wanted to come back to Skouries before I go to Paul on some other financials. Just on Skouries, maybe just for my own understanding, you've mentioned you've got your plan B and C on your labor. You mentioned that the next phase for Q2, Q3 are really the piping, electrical, mechanical. You mentioned you have the workforce on the mechanical and piping. What about the electrical or did you just miss that out, or maybe as I think about it, is any one of that area more constrained than the other, and labor, and -- ?

好的。那太棒了。謝謝。喬治，既然你來參加這次會議，那麼在去找保羅討論其他財務問題之前，我想先回到斯庫里斯。就 Skouries 而言，也許只是為了我自己的理解，您提到您對您的勞動有 B 計劃和 C 計劃。您提到 Q2、Q3 的下一階段實際上是管道、電氣和機械。您提到您擁有機械和管道方面的勞動力。那麼電力方面呢？或者你只是忽略了這一點，或者也許正如我所想，這個領域中是否有一個領域比其他領域更受限制，還有勞動力，-- ？

Yeah. Thanks for the question. I'd say our visibility on all the trades required to meet our schedule, we've got good visibility and we've got contingency plans and all the trades. Second comment is, I mean, each area of the plans evolving differently. So Q2 is going to be more heavy on mechanical and piping. But there is going to be a ramp up in electrical and control system.

是的。謝謝你的提問。我想說的是，我們對滿足計劃所需的所有交易都有良好的了解，並且我們有應急計劃和所有交易。第二條評論是，我的意思是，計劃的每個領域的發展都不同。因此，第二季度在機械和管道方面將更加重視。但電氣和控制系統將會提升。

There are certain areas of the plant where it's ready for that work. If you look at the critical path on the project, it still remains to be the dry-stack tannings filter area. And you can see from the photos, we're progressing well in the concrete now. We've made a lot of progress in the structural steel, and we've actually installed some of the equipment in the bottom of that building for filtering the tailing. So things are progressing well, we're beginning to do mechanical.

工廠的某些區域已準備好進行這項工作。如果您查看專案的關鍵路徑，它仍然是乾堆鞣製過濾區。從照片中您可以看到，我們現在混凝土施工進展順利。我們在結構鋼方面取得了很大進展，並且我們實際上已經在建築物底部安裝了一些用於過濾尾礦的設備。事情進展順利，我們開始進行機械化工作。

And as that mechanical work advances, we'll start doing electrical and control system stuff in Q3, Q4. So every work front's a bit different, but -- yeah, sorry I didn't mention it, but we do have good visibility on each of the traits required. It's just I was trying to highlight Q2. It's really going to ramp up on mechanical and piping across the facility.

隨著機械工作的進展，我們將在第三季和第四季開始進行電氣和控制系統工作。所以每個工作方面都有點不同，但是——是的，抱歉我沒有提到，但我們確實對每個所需的特質有很好的了解。我只是想強調 Q2。這確實會增加整個工廠的機械和管道數量。

Okay. And then maybe if we move to just the training on the open-pit site. So you've got the equipment coming to site, and you're obviously self-mining starting in Q4 of this year in the open pit. How's that going?

好的。然後我們也許可以轉向露天礦場的訓練。因此，您已經將設備運送到現場，顯然將從今年第四季開始在露天礦場進行自行開採。怎麼樣？

Well, our executive team visited Louw, and the site team over the quarter a couple of times actually, and I was able to meet the first crew that we've hired. I'd say they were excited. They've gone through all of the kind of classroom type training, and they were beginning to get on the equipment.

嗯，我們的執行團隊實際上在本季度拜訪了 Louw 和現場團隊幾次，我還見到了我們僱用的第一批工作人員。我想說他們很興奮。他們已經完成了所有類型的課堂培訓，並且開始使用設備。

I'd say roughly around one-third of the employees we've hired so far have certifications, have the training. And the other two-thirds are working towards those certifications. So it was great to see that the teams starting to get on the gear and start operating the equipment.

我想說，到目前為止，我們僱用的員工中大約有三分之一都擁有證書，並且接受過培訓。其餘三分之二的人正在努力獲得這些認證。因此，看到各隊開始裝備並開始操作裝備，真是令人高興。

In terms of the timing, I mean, we're now operating that equipment, and it's going to ramp up pretty steadily over Q2 and Q3. So we'll be moving rock with our equipment, ramping it up all year long, and you know they'll be moving some waste to support the construction activities and delivering stockpile material to our contractor that's doing all the civil works. And they'll begin to mine some more this year that we stockpile for commissioning and ramp up next year. So we're on track, the gear's arriving, and we're beginning to train that workforce.

就時間而言，我的意思是我們現在正在操作該設備，並且它將在第二季度和第三季度穩步上升。因此，我們將使用我們的設備搬運岩石，全年不斷增加，而且你知道他們會搬運一些廢物來支持施工活動，並將庫存材料運送給負責所有土木工程的承包商。他們今年將開始開採更多礦石，我們將儲存起來，以便明年投入使用並增加產量。所以我們的進度正常，設備已經到達，我們也開始訓練員工。

And can you remind me, George, how many people you have right now for the open pit and how many do you need to have in place, or do you have them already all there?

喬治，您能提醒我嗎，現在露天礦場有多少人，需要安排多少人到位，還是已經全部安排到位了？

So, Tanya, it’s Louw. We currently have -- in Q1, we recruited 12,000 pit operators and another 15 has followed in April. So we'll build it up over the course of the year to 80, eight, zero. As George has said, there's strong support from in-training. We also now have started hiring mobile maintenance personnel, and they will be trained by Caterpillar to support this equipment in the future.

那麼，Tanya，我是 Louw。我們目前在第一季招募了 12,000 名維修站操作員，4 月又招募了 15 名。因此，我們將在一年內將其增加到 80，8，0。正如喬治所說，在職訓練提供了強而有力的支持。我們現在也已經開始招募行動維護人員，他們將接受卡特彼勒的培訓，以便將來為這些設備提供支援。

Okay, so you have 27 right now and having to go to 80.

好的，您現在有 27 個，必須去 80 個。

Yeah.

是的。

Right.

正確的。

Yeah, thank you so much for that and good luck and seems like you've got the labor there which is good.

是的，非常感謝你，祝你好運，看來你已經找到了工作，這很好。

Maybe if I can just move over to Paul to talk about just the tariffs and the prepaid. I'm sorry, with the prepaid, I'll do the easier one, the prepaid and can we just -- you have it, have to deliver the remaining amount during 2025 just as a reminder for me. In the income statement is it showing up under other?

也許我可以轉到保羅來談關稅和預付費。抱歉，對於預付費，我會選擇更簡單的，預付費，我們可以嗎 - 你有它，必須在 2025 年期間交付剩餘金額，以提醒我。在損益表中它是否顯示在其他項下？

That the items that we've pre-paid are showing up on the balance sheet in accounts receivable, I know.

我知道，我們預付的項目會出現在資產負債表的應收帳款中。

Okay. All right. And then maybe on the interest expense, which was quite high for me versus what I was expecting, what exactly is happening there? It's less being capitalized. I just trying to understand why it was so high and what should I be thinking about that?

好的。好的。然後也許就利息支出而言，這對我來說比我預期的要高得多，到底發生了什麼事？它的資本化程度較低。我只是想了解為什麼它這麼高以及我應該怎麼想？

Yeah, there are two reasons. Both of them sort of one-offs compared to where we were 12 months ago. Firstly, following the sale of our stake in G mining. We had -- we accounted for the margin that we paid on that through the through that line. And then secondly, 12 months ago we had a reversal of commitment fees relating to the project financing, which then went into capitalization. So that was a catch up from prior periods.

是的，有兩個原因。與我們 12 個月前的情況相比，這兩者都是一次性事件。首先，我們出售了在 G mining 的股份。我們已經—透過那條線計算了我們所支付的保證金。其次，12 個月前，我們撤銷了與專案融資相關的承諾費，並將其資本化。所以這是對前期的一個追趕。

So between the two of them, that accounts for about a $10 million difference. Otherwise, our underlying financing expenses, there's no real change. Everything to do with the term facility in Greece gets capitalized, and you can see that through Note 10 if you refer to that one. So no real change.

因此，他們兩人之間的差額約為 1000 萬美元。否則，我們的基本融資費用不會有真正的改變。與希臘設施一詞相關的所有內容都大寫，如果您參考那個，您可以透過 Note 10 看到這一點。因此沒有真正的改變。

Okay, so we should think about it going back to a more normalized rate in Q2 onwards?

好的，那麼我們應該考慮從第二季開始恢復到更正常的利率嗎？

Yeah, definitely.

是的，確實。

Okay, and then maybe if I could just squeeze in my tariff question. I'm just interested that you mentioned the couple of dollars per ounce impact I think it was $4 on the total cash plus $6 on sustaining, but maybe just besides the numbers from a higher level, Paul, what is -- I'm assuming it's in the consumables that you will see that impact. And maybe can you just review from a higher level what consumables would be impacted that you are either, getting from the US or other?

好的，那麼我是否可以插入我的關稅問題。我只是對您提到的每盎司幾美元的影響感興趣，我認為這是總現金的 4 美元加上維持的 6 美元，但也許除了更高層次的數字之外，保羅，是什麼 - 我假設它是在消耗品中，你會看到這種影響。也許您能從更高的層面來審視您從美國或其他國家獲得的哪些消耗品會受到影響？

I mean, absolutely, Tanya, there's considerable uncertainty on how this is going to impact our business, but the real area where we're focused on it is in Quebec.

我的意思是，塔妮婭，這件事對我們的業務會產生什麼影響存在很大的不確定性，但我們真正關注的地區是魁北克。

We do have some items that we purchase from the US, principally, explosives and cyanide, and so there's two ways they may be impacted. Firstly, if Canada implements tariffs on bringing those into the country, or secondly, if tariffs into the US increase the input costs on our suppliers, which then get passed on to us. That estimate of $4 to $6 across total cash costs and ASIC is just where we see those things at the moment.

我們確實有一些從美國購買的物品，主要是爆炸物和氰化物，因此它們可能會在兩個方面受到影響。首先，如果加拿大對這些產品徵收關稅；其次，如果美國對這些產品徵收關稅會增加我們供應商的投入成本，然後這些成本就會轉嫁給我們。總現金成本和 ASIC 的估計值為 4 至 6 美元，這正是我們目前所看到的。

I've also been working with our procurement teams, getting them to look at fast moving items that we use at all of our operations, in fact, to ensure that if there was some supply squeeze as tariffs were being implemented that we have appropriate levels of inventory on hand. So they're looking at that as well. We'll keep on it until we get greater certainty as to exactly what this means. And you'll have seen it changes on a daily basis, it seems, at certain times. We won't really know, but I feel pretty comfortable that it's not material, and that's where that sort of $4 to $6 an ounce comes from.

我還一直在與我們的採購團隊合作，讓他們專注於我們在所有營運中使用的快速移動物品，實際上是為了確保如果在實施關稅時出現供應緊縮，我們手頭上有適當的庫存水平。所以他們也在關注這一點。我們會繼續進行下去，直到我們更確定這到底意味著什麼。在某些時候，你會看到它似乎每天都在改變。我們真的不知道，但我覺得這不是什麼大問題，這也是每盎司 4 到 6 美元的價格的由來。

Yeah, it's funny because I'm so -- I guess, surprised that a lot of the mining companies buy explosives from the US and kind of surprised that we can't buy them in Canada. But are there alternatives for us in Canada to buy explosives? I understand cyanide with DuPont, but I'm just wondering on the explosive side, are there other opportunities within Canada?

是的，這很有趣，因為我很驚訝很多礦業公司從美國購買炸藥，而我們卻不能在加拿大購買炸藥，這讓我很驚訝。但是，在加拿大，我們還有其他方法可以購買炸藥嗎？我了解杜邦公司的氰化物，但我只是想知道在爆炸物方面，加拿大還有其他機會嗎？

Yeah. So we source explosives for other parts of our operations, not from the US, and I think we would look to existing suppliers. If we could source in Canada, then certainly, we wouldn't ignore that opportunity. But it's something we'd look at if we see supplies squeezing in that particular point.

是的。因此，我們為其他業務部分採購炸藥，而不是從美國採購，我認為我們會尋找現有的供應商。如果我們可以在加拿大採購，那麼我們當然不會忽視這個機會。但如果我們發現某個特定點的供應緊張，我們就會考慮這一點。

Yeah. Yeah, thanks for that. I'm just surprised in general from how much of explosives come from the US.

是的。是的，謝謝。我只是對如此多的炸藥來自美國感到驚訝。

Thank you so much for helping me and I'll let someone else ask questions.

非常感謝您的幫助，我會讓其他人提問。

(Operator Instructions)

（操作員指示）

Don DeMarco, National Bank Financial.

唐‧德馬科 (Don DeMarco)，國家銀行金融。

Thank you, operator, and good morning, George and team. So guys, Skouries CapEx, bit light in Q1 if we just take simply take full-year guidance and divide by four. Was that intentional or do you expect to catch up over the balance of the year? I do see that open-pit mining starting in Q4.

謝謝接線員，早安，喬治和團隊。所以，如果我們簡單地將全年指引值除以四，那麼 Skouries 的資本支出在第一季會比較少。這是有意為之還是您希望在今年餘下的時間裡趕上進度？我確實看到露天採礦在第四季開始。

Yeah. I mean, at a high level, what I would describe is we had an increase in construction labor in Q1 versus Q4. So we are seeing the ramp up in construction workers, and that is impacting the cost.

是的。我的意思是，從高層次來說，我想描述的是，第一季的建築勞動力數量相對於第四季有所增加。因此，我們看到建築工人數量的增加，這對成本產生了影響。

What didn't happen in Q1, we weren't putting into the cost additional equipment that we're installing as part of the construction. And essentially, there's a heavy amount of concrete work. What you'll see in Q2 and Q3 is that concrete work's finished. We'll be doing that mechanical work, we'll be slotting in equipment, and you'll be seeing the cost increase. So I would just describe (technical difficulty) went as expected, and we're on track.

第一季沒有發生的事情是，我們沒有將作為施工一部分安裝的額外設備計入成本。本質上，有大量的具體工作。您將在第二季和第三季看到具體工作已經完成。我們將進行機械工作，我們將安裝設備，您將看到成本的增加。所以我只想描述（技術難度）正如預期的那樣，我們正在走在正確的軌道上。

Perfect. And so continuing with Skouries, procurement's complete. And should we take that as a mitigating risk to further CapEx increases? I mean, I know you've talked about labor. But just to the point, like overall, how would you characterize CapEx or schedule risk going forward at this point?

完美的。繼續進行 Skouries 採購，採購已完成。我們是否應該將其視為進一步增加資本支出的緩解風險？我的意思是，我知道你談論過勞動力。但總的來說，您現在如何描述資本支出或計劃未來的風險？

Well, I mean, first of all, if you look at the categories, we've got the materials we need outside or in the (inaudible) nearby. So we don't have risk of not having the gear or cost increases on gear. So now it boils down to executing the construction schedule that's largely driven on having the workforce we need when we need it, and for that workforce to deliver the productivity that we've assumed.

嗯，我的意思是，首先，如果你看一下類別，我們在外面或附近（聽不清楚）找到了我們需要的材料。因此，我們不存在沒有裝備或裝備成本增加的風險。因此，現在歸根結底就是執行施工計劃，這主要取決於在需要時擁有所需的勞動力，並讓勞動力達到我們預期的生產力。

And so you know I've talked quite a bit about we've got good visibility on getting the construction workforce as we need it. Regarding productivity thus far, including the ramp up that happened in Q1, we continue to see productivity at or slightly better than what we've assumed. So feeling comfortable that we're on track with schedule. And if we're on track with schedule, we're going to be on track with cost.

你知道，我已經談了很多關於我們在獲取所需建築勞動力方面有很好的透明度。就迄今為止的生產力而言，包括第一季的生產力成長，我們繼續看到生產力達到或略好於我們的預期。我很放心，我們的工作一切都按照計劃進行。如果我們按照計劃進行，那麼成本也會受到控制。

Okay, thanks for that. Then, just as a final question, and this is the continuation of what Cosmos had asked earlier. On the NCIB, I think, you indicated there's a step change increase from 350,000 over 10 million shares. So what's remarkable to me is just the magnitude of the increase.

好的，謝謝。那麼，作為最後一個問題，這是 Cosmos 之前所問問題的延續。關於 NCIB，我認為您指出了從 350,000 股到 1000 萬股的階梯變化。因此，對我來說，真正引人注目的是成長的幅度。

Can you add some color on what's behind this increase in your intentions? Is it just to give you that flexibility if you need it? Or is this really -- you're thinking that there will be that material step change increase in utilizing this facility? This NCIB?

您能否詳細說明一下您增加意圖背後的原因？它只是為了在您需要時為您提供這種靈活性嗎？或者這真的是——您認為利用該設施將會帶來實質的階躍變化嗎？這個 NCIB？

Yeah, so I think about this, Paul (sic -- Don). Really, we're moving from an NCIB that we were using to support some of our long-term incentive programs where we have to acquire stock and holding a trust to an NCIB that's focused on returning value to shareholders.

是的，所以我想到了這一點，保羅（原文如此——唐）。實際上，我們正​​在從 NCIB 轉向專注於為股東帶來價值回報的 NCIB，之前我們用它來支持一些長期激勵計劃（我們必須收購股票並持有信託）。

You know, as we go through capital allocation decisions and we look at where we believe we are in terms of investment for Skouries, delivery of the business on the background of current -gold prices, we have a balance sheet that has the flexibility for us to return some of that capital to shareholders. And so really, moving to an NCIB that allows us to acquire up to 5% of our share capital based on the rules and regulations that govern that program, this is going to be something that now, as we see market conditions over coming weeks and days where we feel it's appropriate, we're going to be able to step into the market and purchase some of our stock to the benefit of our shareholders.

您知道，當我們做出資本配置決策時，我們會考慮我們對 Skouries 的投資情況，在當前黃金價格的背景下開展業務，我們有一份資產負債表，可以靈活地將部分資本返還給股東。因此，實際上，轉向 NCIB 使我們能夠根據管理該計劃的規則和條例收購高達 5% 的股本，這將是現在發生的事情，隨著我們在未來幾周和幾天內看到市場狀況，我們認為這是合適的，我們將能夠進入市場併購買部分股票，以造福我們的股東。

So really, this is changing our stance, demonstrating confidence in the financial performance of the business, confidence in where we are with the Skouries project, and therefore, looking to reward our shareholders with additional value. So that's what are targeted at.

因此，這實際上改變了我們的立場，表明了我們對業務財務表現的信心，對 Skouries 專案的信心，因此，我們希望以額外的價值回報我們的股東。這就是我們的目標。

Okay, thank you for that, Paul. And Georgian team, that's all for me. Good luck with Q2 and the rest of the year.

好的，謝謝你，保羅。格魯吉亞隊，就這些了。祝第二季和今年剩餘時間一切順利。

Lawson Winder, Bank of America Securities.

勞森·溫德（Lawson Winder），美國銀行證券。

Yeah, thank you very much, operator, and good morning, George and Paul. I'm going to ask you about the buyback again, and ask it in a bit of a different way, and that is when you budgeted your balance sheet and your liquidity for the build out of Skouries. I mean, I don't think selling those G mining shares was part of that. And so why not just allocate that entire windfall from G mining shares to the buyback?

是的，非常感謝，接線員，早安，喬治和保羅。我將再次向您詢問有關回購的問題，並以稍微不同的方式詢問，那就是當您為 Skouries 的建設預算資產負債表和流動性時。我的意思是，我不認為出售那些 G 礦業股票是其中的一部分。那麼，為什麼不把 G 礦業股票的全部意外之財都用於回購呢？

Yeah, thanks for the question. I mean, look, the maximum that we can allocate to the buyback under the NCIB is 5%. That's broadly comparable to the money that we received for the sale of the G mining stocks and also the deferred consideration that we have coming later in the year. I wouldn't link the two together. We're just looking to use the NCIB to its maximum amount over a period of time going forward. The pace at which we do that will be governed by market conditions. And we will be opportunistic if market conditions are favorable for us to buy back what we believe are undervalued stock.

是的，謝謝你的提問。我的意思是，你看，我們根據 NCIB 可以分配給回購的最高金額是 5%。這與我們出售 G 礦業股票所獲得的資金以及今年稍後獲得的遞延對價大致相當。我不會將兩者連結在一起。我們只是希望在未來的一段時間內最大限度地利用 NCIB。我們這樣做的速度將取決於市場條件。如果市場條件有利於我們回購我們認為被低估的股票，我們就會抓住機會。

Okay, and then just back to Skouries and thinking about the risks around skilled labor availability and then thinking about your competition for that skilled labor. There are huge fiscal programs being rolled out in Germany, and we'll probably start to see them in other countries. We don't have a lot of visibility on the timing, and so maybe I'd ask the question, to what extent can you sort of plan for that competition? The timings, maybe it's going to work out perfectly. You can just get on the line before some of those infrastructure projects in Germany and elsewhere start to ramp up. But I mean, thinking about it from a budgeting point of view, have you budgeted to any extent the risk of some meaningful inflation and the cost of that skilled labor?

好的，然後回到 Skouries，思考熟練勞動力可用性方面的風險，然後思考對熟練勞動力的競爭。德國正在推出大規模的財政計劃，我們可能也會在其他國家看到類似的舉措。我們對時間安排沒有太多的了解，因此我可能會問這樣一個問題：你能為這場競賽做多大程度的規劃？時間安排也許會很完美。您可以在德國和其他地方的一些基礎設施項目開始加速之前上網。但我的意思是，從預算的角度考慮，您是否在一定程度上考慮過某些重大通貨膨脹的風險和熟練勞動力的成本？

TThanks for the question. Maybe the first thing, just to give you a bit more visibility, we've identified over 700 skilled workers in the EU to support the construction. So that's basically the plan A, B, and C, where we found available trades workers to meet our schedule. That makes us feel comfortable. In terms of the cost,

感謝您的提問。也許第一件事，只是為了讓你更清楚地了解情況，我們已經在歐盟找到了 700 多名技術工人來支持這項建設。所以這基本上就是計劃 A、B 和 C，我們找到可用的技術工人來滿足我們的時間表。這讓我們感到很舒服。從成本角度來看，

I'm really not worried about the cost depending on the country that the worker comes from the EU, that there is higher costs, say, from Scandinavia versus the Balkans. But it's not that material. It's within our estimates and our guidance.

我並不擔心成本取決於工人來自歐盟哪個國家，例如斯堪的納維亞半島的成本高於巴爾幹半島的成本。但它不是那種材料。這在我們的估計和指導範圍內。

And I guess the other question was these other EU investments. Our visibility is that our schedule is ahead of what you just described. So we're not worried about it, and I'd say, the fact we've got plan B and C gives us that comfort that we'll have the people we need when we need them.

我想另一個問題是這些其他歐盟投資。我們的可見性是我們的時間表比您剛才描述的要早。所以我們並不擔心，我想說，我們有 B 計劃和 C 計劃，這讓我們感到安心，因為當我們需要他們時，我們就能得到我們需要的人。

Okay.

好的。

Fantastic. Appreciate it.

極好的。非常感謝。

In addition, those in those plans, we are in contact with those companies that we identified to supply labor. So we actively sharing, exchanging headcount requirements with them. So it's an ongoing conversation in Skouries.

此外，在這些計劃中，我們正在與我們確定的提供勞動力的公司保持聯繫。因此，我們積極與他們分享、交流人員需求。因此，這是 Skouries 中正在進行的對話。

Okay, thank you both.

好的，謝謝你們兩位。

That's all the time we have today. 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。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。