Eldorado Gold Corp (EGO) 2025 Q2 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Eldorado Gold Second Quarter 2025 Results Conference Call. (Operator Instructions) The conference is being recorded. (Operator Instructions).

感謝您的支持。我是會議主持人。歡迎參加 Eldorado Gold 2025 年第二季業績電話會議。（操作員指示）會議正在錄音。（操作員指令）。

I would now like to turn the conference over to Lynette Gould, Vice President, Investor Relations, 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 welcome you to our second 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. 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, Operations and Technical Services.

謝謝接線員，大家早安。歡迎您參加我們的 2025 年第二季業績電話會議。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。今天與我一起參加電話會議的還有總裁兼首席執行官喬治·伯恩斯 (George Burns)、執行副總裁兼首席財務官保羅·費尼霍 (Paul Ferneyhough)、希臘發展部執行副總裁洛·史密斯 (Louw Smith) 和運營和技術服務部執行副總裁西蒙·希爾 (Simon Hille)。

Our release yesterday details our second quarter 2025 financial and operating results. This should be read in conjunction with our second quarter 2025 financial statements and management's discussion and analysis, both of which are available on our website. They have also both been filed on SEDAR+ and EDGAR. All dollar figures discussed today are US dollars, unless otherwise stated. We will be speaking to the slides 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.

我們昨天發布的新聞稿詳細介紹了我們 2025 年第二季的財務和營運業績。這應該與我們 2025 年第二季的財務報表和管理層的討論與分析一起閱讀，這兩者都可以在我們的網站上找到。它們也都已在 SEDAR+ 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。我們將針對本次網路廣播隨附的幻燈片進行演講，您可以從我們的網站下載。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。

I will now turn the call over to George.

現在我將電話轉給喬治。

Thanks, Lynette, and good morning, everyone. Turning to the outline for today's call. I'll begin with an overview of our second quarter 2025 results and highlights. I'll then hand the call over to Paul to go through our financials, followed by Louw and Simon, who will provide a review of our operational performance. We'll conclude by opening the call to questions from our analysts. Turning to slide 4 and our second quarter highlights. We delivered solid performance across our operations, achieving safe production of 133,769 gold ounces. The Lamaque Complex and Kisladag exceeded our expectations for the quarter.

謝謝，Lynette，大家早安。轉到今天電話會議的提綱。我將首先概述我們 2025 年第二季的業績和亮點。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 Louw 和 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。翻到幻燈片 4 和我們的第二季亮點。我們的各項業務表現穩健，實現黃金安全產量133,769盎司。Lamaque Complex 和 Kisladag 超出了我們對本季的預期。

At Lamaque, we achieved higher throughput due to the earlier-than-anticipated processing of a portion of the second bulk sample of Ormaque. At Kisladag, our optimization efforts last year led to accelerated inventory drawdown. These additional ounces were initially anticipated later in the year. Efemcukuru delivered a stable production for another quarter. As noted in the Q1 conference call, production at Olympias returned to expected levels and maintained that performance throughout the quarter. Looking ahead, we remain firmly on track to achieve our guidance of producing between 460,000 and 500,000 ounces of gold in 2025. Based on the first half performance, we expect to deliver around the midpoint of our guidance range.

在 Lamaque，由於對 Ormaque 第二批大宗樣品的一部分進行的處理比預期更早，我們實現了更高的吞吐量。在 Kisladag，我們去年的優化工作加速了庫存減少。這些額外的產量最初預計在今年稍後到來。Efemcukuru 又一個季度實現了穩定生產。正如第一季電話會議中指出的，奧林匹亞斯的產量已恢復到預期水平，並在整個季度保持了這一表現。展望未來，我們仍將堅定地朝著實現 2025 年生產 460,000 至 500,000 盎司黃金的目標邁進。根據上半年的表現，我們預期業績將達到指導範圍的中點左右。

Total cash costs and all-in sustaining costs were $1,064 per ounce sold and $1,520 per ounce sold, respectively. Costs were higher compared to 2024, primarily as a result of higher royalties driven by record high gold prices in addition to higher labor costs. Paul will touch on our costs in more detail later in the call. Before moving on to other highlights for the quarter, the photo shown here on the bottom right part of the slide shows the first stages of our open pit mining at Skouries. Last week, while on site with other executives, we watched the mining of our first oxide ore using the smaller ADT trucks as shown here. We were very pleased to see the overall progress at Skouries, which has been impressive.

總現金成本和總維持成本分別為每盎司 1,064 美元和每盎司 1,520 美元。與 2024 年相比，成本有所上升，主要是因為創紀錄的金價導致特許權使用費上漲，此外勞動力成本也上升。保羅將在稍後的通話中更詳細地談論我們的成本。在介紹本季的其他亮點之前，幻燈片右下角顯示的照片展示了我們在 Skouries 露天採礦的第一階段。上週，我們與其他高管在現場觀看了使用較小的 ADT 卡車開採第一批氧化礦石的過程（如圖所示）。我們非常高興地看到 Skouries 的整體進步令人印象深刻。

Will speak to this in more detail later on the call. Turning to slide 5. In the second quarter, our lost time injury frequency rate was 0.95, an increase from the LTIFR of 0.40 in the second quarter of 2024. We acknowledge there is always room for improvement, and we remain committed to continuous improvement in our safety performance, and we thank our employees for their dedication to maintaining safe operations. Throughout 2025, we are continuing to make health and safety improvements, focusing on high potential risk control, empowering our employees to cultivate a positive and health and safety culture.

稍後將在通話中更詳細地討論此事。翻到幻燈片 5。第二季度，我們的誤工傷害頻率為 0.95，高於 2024 年第二季的 0.40。我們承認總有改進的空間，我們將繼續致力於不斷提高我們的安全績效，並感謝我們的員工為維護安全營運所做的奉獻。在整個2025年，我們將繼續改善健康和安全，並專注於高潛在風險控制，並授權我們的員工培養積極的健康和安全文化。

This is supported by the multiyear implementation of our new Courageous Safety Leadership program, which has been kicked off this year. On sustainability, during the quarter, we issued our annual sustainability report. Additionally, our global sites were also recognized for the dedication and work receiving the following awards. In Quebec, the team was awarded the Socio Economic Commitment Felon Award at the Val-d'Or Chamber of Commerce Business Gala. And at the Quebec Mining Association Conference, the team was recognized with the Environmental Distinction Award.

這得益於我們今年啟動的多年期新「勇敢安全領導力」計畫的實施。在永續性方面，本季我們發布了年度永續報告。此外，我們的全球站點也因其奉獻精神和工作而獲得以下獎項。在魁北克，團隊在瓦爾多爾商會商業盛會上榮獲社會經濟承諾重罪犯獎。在魁北克礦業協會會議上，團隊榮獲環境傑出獎。

In Greece, in recognition of the comprehensive health emergency management plan implemented at the Kassandra Mines, the team won the Gold Award at the 2025 Health and Safety Awards. Additionally, earlier this month, Eldorado Gold was recognized as one of Canada's best companies in 2025 by time based on our strong performance in sustainability transparency, employee satisfaction and consistent revenue growth over the past three years. Lastly, we announced the expanded normal course issuer bid on May 1 of this year, reinforcing its role as a key pillar in our disciplined capital allocation strategy. This NCIB expired yesterday, July 31.

在希臘，為表彰卡桑德拉礦山實施的全面衛生應急管理計劃，該團隊榮獲2025年健康與安全獎金獎。此外，本月早些時候，Eldorado Gold 憑藉過去三年在永續發展透明度、員工滿意度和持續收入成長方面的出色表現，被《時代》雜誌評為 2025 年加拿大最佳公司之一。最後，我們在今年 5 月 1 日宣布了擴大正常發行人要約，加強了其作為我們嚴謹的資本配置策略的重要支柱的作用。該 NCIB 已於昨天（7 月 31 日）到期。

As noted in our press release yesterday, our Board has reapproved the program and expanded its scope to include the New York Stock Exchange in addition to the Toronto Stock Exchange. Year-to-date, we have repurchased over 28 million shares at a cost of $58 million. With a strong balance sheet, ongoing cash generation, improving production profile and the progress on our key projects, we believe that the repurchasing of our shares at current market prices is a prudent way to deploy capital while continuing to invest in our long-term growth. I'll stop there and turn the call over to Paul for a review of our financial results.

正如我們昨天的新聞稿中所述，我們的董事會已重新批准該計劃，並將其範圍擴大到除了多倫多證券交易所之外的紐約證券交易所。今年迄今為止，我們已回購了超過 2,800 萬股，耗資 5,800 萬美元。憑藉強勁的資產負債表、持續的現金產生、不斷改善的生產狀況以及我們重點項目的進展，我們相信以當前市場價格回購我們的股票是一種謹慎的資本配置方式，同時繼續投資於我們的長期成長。我就此打住，將電話轉給保羅，讓他審查我們的財務結果。

Thank you, George. Moving to slide 6. Our results demonstrate strong operational performance consistent with our full year guidance. Sustained elevated gold prices have underpinned robust cash flow generation from our operating assets. In Q2, Eldorado reported net earnings from continuing operations of $139 million or $0.68 per share. This performance was driven by higher average realized gold prices and strong gold sales, partially offset by increased production costs and income tax expenses. Excluding onetime nonrecurring items, adjusted net earnings for the quarter were $90 million or $0.44 per share.

謝謝你，喬治。移至幻燈片 6。我們的業績表明，強勁的營運業績與我們的全年指導一致。持續的高金價支撐了我們經營資產強勁的現金流。埃爾多拉多報告第二季度持續經營淨利潤為 1.39 億美元，即每股 0.68 美元。這一業績是由平均實現金價上漲和黃金銷售強勁推動的，但被生產成本和所得稅費用的增加部分抵消。不包括一次性非經常性項目，本季調整後的淨收益為 9,000 萬美元，即每股 0.44 美元。

Adjustments include a $23 million foreign exchange gain from the translation of deferred tax balances and a $19 million unrealized gain on derivative instruments, primarily related to euro to US dollar currency forward contracts. Free cash flow for the quarter totaled negative $62 million. However, excluding capital investments in the Skouries project, free cash flow was positive $62 million compared to $34 million in Q2 2024, reflecting the continued strength of our operating assets under current gold market conditions.

調整包括因轉換遞延稅項餘額而產生的 2,300 萬美元外匯收益，以及 1,900 萬美元衍生性工具未實現收益，主要與歐元兌美元貨幣遠期合約有關。本季自由現金流總計負 6,200 萬美元。然而，不包括對 Skouries 專案的資本投資，自由現金流為正 6,200 萬美元，而 2024 年第二季為 3,400 萬美元，這反映了在當前黃金市場條件下我們的經營資產持續強勁。

From an operational perspective, cash flow before working capital changes reached $202 million in the quarter, up significantly from $132 million in the same period last year. This increase is attributable to a 52% rise in revenue from $297 million to $452 million, supported by a 40% uplift in average realized gold price, which reached $3,270 per ounce in Q2 this year compared to $2,336 per ounce in the same period last year. Production costs in the quarter amounted to $162 million, a $34 million increase over Q2 2024, mainly due to greater gold volumes sold and increased royalties, the latter contributing to approximately one-third of the production cost increase per ounce.

從營運角度來看，本季營運資本變動前的現金流量達到2.02億美元，較去年同期的1.32億美元大幅成長。這一成長歸因於營收從 2.97 億美元成長 52% 至 4.52 億美元，這得益於平均實現金價上漲 40%，今年第二季達到每盎司 3,270 美元，而去年同期為每盎司 2,336 美元。本季的生產成本為 1.62 億美元，比 2024 年第二季增加了 3,400 萬美元，主要原因是黃金銷售增加和特許權使用費增加，後者導致每盎司生產成本增加約三分之一。

Elevated gold prices contributed to higher revenue as well as increased costs, notably royalties and taxes. In Q2, total cash costs were $1,064 per ounce sold and all-in sustaining costs stood at $1,520 per ounce sold. These impacts are expected to result in consolidated total cash costs and ASIC for the full year at or above the high end of our guidance range. Growth capital investments at our operating mines during the quarter totaled $47 million, supporting various projects. At Kisladag, this included planned waste stripping, equipment procurement to extend mine life and ongoing construction of the second phase of the North Heap Leach Pad.

金價上漲不僅增加了收入，也增加了成本，尤其是特許權使用費和稅收。第二季度，每售出盎司的總現金成本為 1,064 美元，每售出盎司的總維持成本為 1,520 美元。預計這些影響將導致全年合併總現金成本和 ASIC 達到或超過我們指引範圍的高端。本季度，我們營運礦場的成長資本投資總額為 4,700 萬美元，用於支援各種項目。在基斯拉達格，這包括計劃中的廢物剝離、設備採購以延長礦山壽命以及正在進行的北堆浸場第二階段的建設。

At the Lamaque Complex, investments were primarily directed towards the water management structure at the North Basin construction and bulk sampling work at Ormaque. At Skouries, progress remains on track. During the quarter, we invested approximately $117 million in the project, along with an additional $27 million in accelerated operational capital to facilitate our transition to self-perform open pit mining operations. Our current tax expense for Q2 was $45 million, an increase from $21 million in the prior year period, reflecting improved profitability in Canada and Turkey. Deferred income tax recovery amounted to $11 million versus an expense of $1 million in Q2 2024.

在拉馬克綜合體，投資主要用於北盆地的水管理結構建設和奧馬克的大量採樣工作。在斯庫里斯，進展仍在按計劃進行。本季度，我們在該專案上投資了約 1.17 億美元，另外還投資了 2,700 萬美元作為加速營運資本，以促進我們向自主露天採礦作業的過渡。我們第二季的當期稅費為 4,500 萬美元，較去年同期的 2,100 萬美元有所增加，這反映了加拿大和土耳其盈利能力的提高。遞延所得稅回收金額為 1,100 萬美元，而 2024 年第二季的支出為 100 萬美元。

This recovery included a $23 million benefit related to the strengthening of the euro against the US dollar, partially offset by a $9 million expense arising from the use of tax attributes in Canada. Turning to slide 7. Our solid balance sheet continues to underpin the business, affording us significant financial flexibility. We concluded the first half of 2025 with total liquidity of just in excess of $1.1 billion. This strong financial foundation enables ongoing investment in our portfolio of profitable cash-generating operations while advancing the construction of Skouries. It also positions us to capitalize on emerging opportunities and return value to shareholders through initiatives such as the NCIB. With that overview, I'll now pass the call to Louw, who will present the highlights of our Greek assets.

這項復甦包括與歐元兌美元走強相關的 2,300 萬美元收益，但因使用加拿大稅收屬性而產生的 900 萬美元費用部分抵銷。翻到幻燈片 7。我們穩健的資產負債表繼續支撐著業務，為我們提供了極大的財務靈活性。截至 2025 年上半年，我們的總流動資金略高於 11 億美元。強大的財務基礎使我們能夠在推進 Skouries 建設的同時，持續投資於盈利的現金生成業務組合。它還使我們能夠利用新興機遇，透過 NCIB 等舉措為股東帶來回報。概述完畢後，我現在將電話轉給 Louw，他將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 Q2, overall project progress was 70% for Phase 2 of construction. We continue to expect first copper gold concentrate production in the first quarter of 2026 and commercial production in mid-2026. We continued seeing a steady ramp-up of skilled labor during the second quarter with a heavy emphasis on concrete and site-wide structural mechanical labor trades. Personnel through the gate each day grew from approximately 1,300 to 1,730, including 186 Skouries operational personnel recruited to date.

謝謝，保羅，早安。從我們的 Skouries 銅金計畫的第 8 張幻燈片開始。截至第二季末，第二階段建設總體進度為70%。我們仍預計第一批銅金精礦將於 2026 年第一季投產，並於 2026 年中期商業化生產。我們在第二季度繼續看到熟練勞動力的穩定成長，重點是混凝土和全場結構機械勞動力產業。每天通過登機口的人員數量從大約 1,300 人增加到 1,730 人，其中包括迄今為止招募的 186 名 Skouries 作戰人員。

The photo on the bottom of this slide is a good visual representation of the operations team we have at site already. Although we've surpassed our labor and personnel target, it's essential to ensure we are matching the skilled workforce to relevant work fronts to support our plan to deliver. This ongoing focus will help us plan appropriately and continue building an even more capable and dynamic team. From a productivity standpoint, we are seeing construction productivity at or slightly better than our assumptions across the site. On this slide, you can see on the top left photo, the process plant where work continues to progress with the SAG mill feed conveyor installed during the quarter.

幻燈片底部的照片很好地直觀地展示了我們現場現有的營運團隊。儘管我們已經超額完成了勞動力和人員目標，但必須確保將熟練的勞動力與相關的工作線相匹配，以支持我們的計劃。這種持續的關注將幫助我們制定適當的計劃並繼續打造​​一支更有能力、更有活力的團隊。從生產力的角度來看，我們看到整個工地的施工生產力達到或略高於我們的預期。在這張投影片上，您可以看到左上角的照片，該加工廠在本季安裝了 SAG 磨機進料輸送機，工作仍在繼續進行。

The top right photo shows the tank farm at filtered tailings plant with foundations complete and all five tanks underway with two at the final height. Moving on to slide 9. During the second quarter, the project capital investment at Skouries was $117 million. The spend in the quarter was in line with our expectations. With elevated personnel on site, we are de-risking the schedule, achieving strong productivity and accelerating work across multiple work fronts to support optimization of commissioning activities. The critical path remains on track, and we expect to meet our project capital guidance of $400 million to $450 million for the full year.

右上圖顯示的是過濾尾礦廠的槽區，地基已完工，五個儲槽均在施工中，其中兩個已達到最終高度。移至幻燈片 9。第二季度，Skouries 的專案資本投資為 1.17 億美元。本季的支出符合我們的預期。隨著現場人員的增加，我們正在降低進度風險，實現強大的生產力，並加快多個工作方面的工作，以支援調試活動的最佳化。關鍵路徑仍在按計劃進行，我們預計全年將實現 4 億至 4.5 億美元的專案資本指引。

In addition, we spent $27 million in accelerated operational capital during the quarter bringing the spend to date to just over $40 million towards the $80 million to $100 million expected this year. Most of the open pit mining equipment is on site and commissioned. The majority of the open pit equipment operators' team has been onboarded with 26 operators on site and training on the open pit mining equipment is well underway. In addition, as mentioned earlier, we commenced open pit ore mining in July. The photos in this slide and the next few slides will show the advancement of work underway.

此外，我們在本季花費了 2,700 萬美元的加速營運資本，使迄今為止的支出達到 4,000 多萬美元，而今年預計的支出為 8,000 萬至 1 億美元。大部分露天採礦設備已運抵現場並投入使用。露天設備操作員團隊大部分人員已到位，現場共有 26 名操作員，露天採礦設備的訓練正在順利進行中。此外，如前所述，我們於7月開始露天開採礦石。這張幻燈片和接下來的幾張幻燈片中的照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, piping, cable trays and cable. As of this week, all of the hydro testing in the processing plant as well as the fire and process water tanks at the pump house is now complete. In addition, mechanical installations are proceeding in the support infrastructure areas. Infrastructure surrounding the main process building is shown with the process plant substation, lime plant, flotation blowers building structurally complete.

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。加工廠的工作繼續擴展到機械裝置、管道、電纜橋架和電纜的額外工作面。截至本週，加工廠以及泵房的消防水箱和製程水箱的所有水壓測試均已完成。此外，支援基礎設施區域的機械安裝工作正在進行中。主製程廠房周圍的基礎設施如圖所示，其中加工廠變電站、石灰廠、浮選鼓風機廠房結構完好。

As you can see on the control building structure, the full floor concrete is complete, and we are now working on the final elevation. The installation of the equipment for the lime plant silos has been completed with cladding and roofing work having started in July. Moving to slide 10. As you can see on the panoramic photo on the slide, the thickeners continue to advance to plan. Concrete works and mechanical installations for the first two thickeners have been completed. Work is advancing on the associated infrastructure with a pump house building with the structural and mechanical rough set complete and pipe rack construction advancing as planned.

正如您在控制建築結構上看到的，整個樓面混凝土已經完工，我們現在正在進行最後的立面工作。石灰廠筒倉設備的安裝已經完成，覆層和屋頂工程已於 7 月開始。移至投影片 10。正如您在幻燈片的全景照片上看到的，濃密機繼續按計劃推進。前兩台濃縮機的混凝土工程和機械安裝已經完成。相關基礎設施建設工作正在推進，泵房建設的結構和機械草圖已完成，管架建設也按計畫進行。

Water testing of the clarifier and water storage tank was also completed to plan during the quarter. Turning to slide 11. At the filtered tailings building, which remains on the critical path, we have included a link to an updated time lapse video showcasing the structural steel installation, which is approximately 75% complete as of the end of July. During the quarter, mechanical work progressed with the installation of the six feeder conveyors and collector conveyor completed in June. Additionally, as shown in the photo on the right, assembly of the first filter press has commenced. On slide 12, work continues on the construction of the crusher building structure. The concrete work has advanced to the second of three elevations above the foundation.

本季度也按計畫完成了澄清器和儲水箱的水質檢測。翻到第 11 張投影片。在仍然位於關鍵路徑上的過濾尾礦建築中，我們添加了一個更新的延時視頻鏈接，展示了結構鋼的安裝，截至 7 月底，該安裝已完成約 75%。本季度，機械工程取得進展，六台給料輸送機和收集輸送機的安裝於六月完成。此外，如右圖所示，第一台壓濾機的組裝已經開始。在第 12 張投影片上，破碎機建築結構的建造工作仍在繼續。混凝土工程已進展到地基以上三個高度中的第二個高度。

Additionally, the apron feeder and associated chutes have been installed and the bottom shell of the primary crusher is preassembled as shown here on the far left side of the slide with installation expected in August. During the quarter, conveyor foundations between the primary crusher and coarse ore stockpile advanced to plan, along with the stockpile dome foundations. On the far right photo, the foundation work underway is shown. Additionally, the reclaim tunnel concrete and escape tunnel concrete are complete and preassembly of the first three reclaim feeders and associated shoot work has commenced for installation in Q3. Foundations for the process plant feed conveyors are also underway.

此外，板式給料機和相關溜槽已安裝完畢，主破碎機的底殼已預先組裝好（如圖所示，位於滑道最左側），預計 8 月安裝完成。本季度，主破碎機和粗礦堆場之間的輸送機基礎以及堆場圓頂基礎均按計畫推進。最右邊的照片顯示了正在進行的地基工程。此外，回收隧道混凝土和逃生隧道混凝土已完工，前三個回收給料機的預組裝和相關噴射工作已開始，並將於第三季開始安裝。加工廠進料輸送機的基礎工程也正在進行中。

Before moving to speak to Olympias, I want to take a moment to recognize the Skouries team for their tremendous efforts this quarter as they safely progress the construction at Skouries. Protecting the health and safety of our employees, the contractors, suppliers and communities is our first priority and a cornerstone of our operating philosophy. Moving to Olympias on slide 13. Second quarter gold production was 15,978 ounces and total cash costs were $1,578 per ounce sold, a 35% improvement in gold production and a 34% decrease in cost over the first quarter. Following the flotation circuit upset conditions in Q1, the plant stabilized, and throughput and recoveries were at planned levels in Q2.

在與 Olympias 交談之前，我想花點時間感謝 Skouries 團隊在本季度為安全推進 Skouries 建設所做的巨大努力。保護員工、承包商、供應商和社區的健康和安全是我們的首要任務，也是我們經營理念的基石。移至幻燈片 13 上的 Olympias。第二季黃金產量為 15,978 盎司，每盎司售出的總現金成本為 1,578 美元，與第一季相比，黃金產量提高了 35%，成本降低了 34%。在第一季浮選迴路出現異常情況之後，工廠已趨於穩定，第二季的產量和回收率均達到了計畫水準。

Costs during the quarter were impacted by increased labor costs and the impact of the strengthening euro, partially offset by lower transport costs and higher byproduct credits as well as impacts of realized gains on the euro foreign currency collar hedges. We have commenced the mill expansion to 650,000 tonnes per annum. Beginning with earthworks, as a result of delays in permitting and engineering detail, we now anticipate the completion by mid-2026. We are excited for the potential that this expansion will unlock for the Olympias team over the long term. I'll stop there and hand it over to Simon to discuss the Turkish and Canadian operations.

本季的成本受到勞動成本增加和歐元走強的影響，但運輸成本降低、副產品信貸增加以及歐元外匯領式避險已實現收益的影響部分抵消了這些影響。我們已經開始將工廠擴建至年產 65 萬噸。從土方工程開始，由於許可和工程細節的延遲，我們現在預計將於 2026 年中期完工。我們很高興看到此次擴張將為奧林匹亞團隊帶來長期的潛力。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. Starting in Turkey on slide 14. It is my great pleasure to congratulate the hard-working team at Kisladag. In May, they achieved a milestone with safe production of the fourth million ounce poured through all the phases of the operation and site support, this is a true testament to your diligence, commitment and teamwork with an estimated 13 years of mine life remaining at Kisladag, the site continues to have a bright future as a cornerstone asset for Eldorado. Cumulatively, our operations in Turkey have now produced over 5 million ounces.

謝謝，Louw。從幻燈片 14 上的土耳其開始。我很高興向 Kisladag 的辛勤工作團隊表示祝賀。5 月份，他們透過所有營運和現場支援階段的安全生產實現了第四百萬盎司的產量，這是一個里程碑，這是對您的勤奮、承諾和團隊合作的真正證明，預計 Kisladag 的礦山壽命還剩下 13 年，該礦場作為 Eldorado 的基石資產，將繼續擁有光明的未來。目前我們在土耳其的業務累計產量已超過 500 萬盎司。

Now in to the quarter, Kisladag delivered a solid second quarter with production totaling 46,058 ounces and total cash costs of $1,133 per ounce sold. Total cash costs were primarily impacted by higher labor costs, not offset by the devaluation of the local currency and higher royalty expense driven by the higher gold price and increase in gold sales during the quarter. The increase in production during the quarter was primarily due to continued leaching of gold ounces from stacked ore in the prior year, higher grades stacked in prior periods and accelerated drawdown of inventory as a result of optimization efforts put in place in 2024.

進入本季度，Kisladag 取得了穩健的第二季度業績，總產量達到 46,058 盎司，每盎司現金成本為 1,133 美元。總現金成本主要受到勞動成本上漲的影響，而當地貨幣貶值以及本季金價上漲和黃金銷售增加導致的特許權使用費增加並未抵銷此影響。本季產量增加主要是由於前一年繼續從堆放礦石中浸出黃金盎司、前期堆放的黃金品位較高以及 2024 年實施的優化措施導致庫存加速減少。

The investment focused on closing our high-pressure grinding roll circuit and additional screening and whole agglomeration is on track for an update alongside our third quarter results. Additionally, we have decided to accelerate the expansion of the secondary crusher circuit to facilitate operational de-bottlenecking and reduce the wear on the HPGR. The geometallurgical study for characterization of future mining phases has been decoupled from the investment of the HPGR circuit and is now expected to be complete in Q1 of 2026 as a response to slower-than-expected progress in drilling, core logging and metallurgical testing.

這項投資主要集中在關閉我們的高壓磨輥迴路以及額外的篩選和整個團聚，並將與我們的第三季業績同時更新。此外，我們決定加速二次破碎機迴路的擴展，以促進操作瓶頸的消除並減少高壓輥磨機的磨損。用於表徵未來採礦階段的地球冶金學研究已經與 HPGR 迴路的投資脫鉤，目前預計將於 2026 年第一季完成，以應對鑽探、岩心測井和冶金測試進展慢於預期的情況。

On slide 15 at Efemcukuru, second quarter gold production was 21,093 ounces at a total cash cost of $1,335 per ounce sold. Gold production throughput and average gold grade were in line with the plan for the quarter. And now moving to the Lamaque Complex on slide 16. Lamaque delivered production of 50,640 ounces at a total cash cost of $721 per ounce sold. Second quarter production was positively impacted from higher throughput, along with the early processing of a portion of the second Ormaque ore sample, which was blended with the Triangle ore feed. This is another exciting milestone as we progress the Ormaque deposit. And with that, I'll turn back to George for his closing remarks.

在 Efemcukuru 的第 15 張幻燈片上，第二季黃金產量為 21,093 盎司，每盎司總現金成本為 1,335 美元。本季黃金產量和平均黃金品位符合計畫。現在轉到幻燈片 16 上的 Lamaque Complex。Lamaque 的產量為 50,640 盎司，每盎司現金成本為 721 美元。第二季的產量受到產量提高以及第二批 Ormaque 礦石樣本的一部分的早期加工（與 Triangle 礦石原料混合）的正面影響。這是我們在 Ormaque 礦床開發過程中取得的又一個令人興奮的里程碑。最後，請喬治致閉幕詞。

Thanks, team. In summary, the second quarter was strong, both operationally and financially, reflecting the ongoing efforts across all sites. We saw a 15% increase in gold production, coupled with an 8% decrease in total cash costs compared to the first quarter. We are well positioned for the second half of 2025 to deliver on our production guidance. Our strong balance sheet and quality assets position us to deliver value to our stakeholders, especially with current metal prices.

謝謝，團隊。總而言之，第二季度無論在營運還是財務方面都表現強勁，反映了所有站點的持續努力。與第一季相比，黃金產量增加了 15%，而總現金成本則下降了 8%。我們已做好準備，在 2025 年下半年實現我們的生產目標。我們強大的資產負債表和優質資產使我們能夠為利害關係人創造價值，尤其是在當前金屬價格的情況下。

Our growth capital investments in Greece are advancing well, creating diversification in our product portfolio with copper beginning in 2026. We remain committed to achieving and delivering peer-leading shareholder returns, supported by low-cost incremental production across the portfolio. Thank you for your time. I will now turn it over to the operator for questions from our analysts.

我們對希臘的成長資本投資進展順利，從 2026 年開始，我們的產品組合將多樣化，包括銅。我們將繼續致力於實現並提供同業領先的股東回報，並透過整個投資組合的低成本增量生產提供支援。感謝您抽出時間。現在我將把時間交給操作員，以便我們的分析師提問。

(Operator Instructions)

（操作員指示）

Cosmos Chiu, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Cosmos Chiu。

Thanks, George Paul and Simon. Maybe my first question is on your CapEx spend at Skouries in Q2. Good to see that you hit your CapEx targets for the quarter and representing an increase quarter-over-quarter. George, what we're seeing in Q2, is that a good number to use in terms of run rate? Or should we continue to expect that to increase as you get closer to production?

謝謝，喬治·保羅和西蒙。也許我的第一個問題是關於您第二季在 Skouries 的資本支出。很高興看到您達到了本季的資本支出目標，並且比上一季有所成長。喬治，我們在第二季度看到的情況，就運行率而言，這是一個好的數字嗎？或者我們應該繼續預期，隨著生產越來越接近，這個數字還會增加？

Yes. In terms of activity on the ground, we expect to see a ramp-up in Q3 and then begin to see a ramp down in Q4 and then Q1 as we move into commissioning and startup of the facility, a further ramp down in activity and spending. So yes, it was great to see the increased construction workforce in Q2, beating our expectations and again, we expect to see a bit of continuation in Q3 in those activities and spend rates and then decrease in Q4.

是的。就實地活動而言，我們預計第三季將出現成長，然後在第四季和第一季開始出現下降，隨著我們進入設施的調試和啟動階段，活動和支出將進一步下降。所以是的，很高興看到第二季度建築工人數量的增加，超出了我們的預期，而且我們預計第三季度這些活動和支出率將有所延續，然後在第四季度下降。

Great. And I want to thank Louw for a very thorough description of what's happening on the ground. As you talked about in the MD&A yesterday as well, there's a critical path. It sounds like certainly the filtered tailings plant is on that critical path. Could you maybe talk about -- is there anything -- any other items on that critical path? And if the filtered tailings plant is the only item on the critical path, can you remind me why it is on the critical path? Is it just due to kind of lead time, how long it's going to take for the construction of that one area? Could you maybe elaborate on just, again, the critical path?

偉大的。我要感謝 Louw 對當地情況的非常詳盡的描述。正如您昨天在 MD&A 中談到的那樣，有一條關鍵路徑。聽起來，過濾尾礦廠肯定位於那條關鍵路徑上。您能否談談－該關鍵路徑上還有其他事項嗎？如果過濾尾礦廠是關鍵路徑上的唯一項目，您能提醒我為什麼它位於關鍵路徑上嗎？這是否只是由於準備時間的問題，建造該區域需要多長時間？您能否再次詳細說明關鍵路徑？

Sure. We talked about the filter plant construction as critical path from the beginning of the project. The reason for that is that this was a redesign. We originally had this plan for a wet thick and slurry disposal methodology. And when you look at the footprint of the project, the only place to put this facility was kind of between the plant and the tailings disposal area in a valley. That required a whole lot of geotechnical investigation and foundation work. So we couldn't get down to bedrock. We've had to put, I believe, more than 600 concrete reinforced steel pilings from the fill down into the bedrock.

當然。我們從專案一開始就討論了過濾廠建設作為關鍵路徑。原因在於這是一次重新設計。我們最初計劃採用濕稠泥漿處理方法。當你查看專案的佔地面積時，你會發現放置該設施的唯一位置是在山谷中的工廠和尾礦處理區之間。這需要大量的岩土勘察和地基工作。所以我們無法深入基岩。我相信，我們必須將 600 多根混凝土鋼筋樁從填土打入基岩。

So that activity took a great deal of time. And we got all that concrete work done for the filter plant building itself. It's completed for the tank farm, the compressor building. There's still some activity done -- being done on concrete foundation for purification in the air blower area. But essentially, that's the big reason. There was a lot of activity to get the foundation set. We're nearly through all that work. We've made really good progress on the filter plant building this quarter.

所以這項活動花費了大量的時間。我們完成了過濾廠建築本身的所有具體工作。油庫、壓縮機房已完工。仍在進行一些活動——在混凝土基礎上對鼓風機區域進行淨化。但本質上，這就是主要原因。進行了大量活動來奠定基礎。我們幾乎完成了所有工作。本季我們在過濾廠建設方面取得了非常好的進展。

You'll see part of the building, we've got the steel members on the roof put in place, and we have made a lot of progress. The bottom two floors are -- all the mechanical work has been completed, and we're now installing filters as we speak on the third floor. And the fourth floor is really just train clearance to be able to pull out plates as we get into operations. So we're feeling good about our progress there, but that part of the facility still is the critical path activity, and we're on track to deliver it in Q1 for commissioning and start-up.

您會看到建築物的一部分，我們已經將屋頂的鋼構件安裝到位，並且已經取得了巨大進展。下面兩層－所有機械工作都已完成，我們現在正在三樓安裝過濾器。第四層其實只是為了在我們開始運作時能夠拉出車牌而設置的列車通行口。因此，我們對那裡的進展感到滿意，但該設施的這一部分仍然是關鍵路徑活動，我們預計將在第一季交付並投入使用。

Okay. Great. Maybe turning to the balance sheet a little bit. As you mentioned, you have a very strong balance sheet at the end of Q2 with over $1 billion in cash. I'm just trying to understand the rationale behind, I guess, you had another drawdown on your term loan, EUR154.1 million. To me, I don't -- did you need to make that drawdown? Because I'm just trying to work through the math. It seems like your budget for the Skouries is $1.06 billion, of which over $700 million has already been spent. You're generating cash from your other assets. I'm just trying to understand the rationale for that drawdown, you do have a lot of cash now. You would have had a lot of cash even before that drawdown.

好的。偉大的。也許稍微看一下資產負債表。正如您所說，第二季末您的資產負債表非常強勁，現金超過 10 億美元。我只是想了解背後的原因，我想，你的定期貸款又被提取了 1.541 億歐元。對我來說，我不需要——你需要做出這樣的削減嗎？因為我只是想解決數學問題。看起來您為 Skouries 計劃的預算是 10.6 億美元，其中已經花費了 7 億多美元。您正在從其他資產產生現金。我只是想知道提款的理由，你現在確實有很多現金。甚至在提款之前你就會擁有大量現金。

Cosmos, it's Paul. Look, I think as far as the drawdown is concerned, we're working through the remainder of the project financing facility that's available to us. The interest rates on that facility are very advantageous to us as a company. We managed to negotiate a great deal when we got into that. We've got still about another EUR85 million under the vanilla facility available to us. And then there's another EUR60 million under contingent cost overrun. Now right now, I think we will plan to draw down the entirety of the facility.

科斯莫斯，我是保羅。聽著，我認為就提款而言，我們正在利用我們可用的剩餘專案融資工具。該貸款的利率對我們公司來說非常有利。當我們談到這一點時，我們成功地達成了很多協議。我們還有大約 8500 萬歐元的香草貸款可供使用。另外還有 6000 萬歐元的或有成本超支。現在，我想我們將計劃拆除整個設施。

That was what was intended to fund 80% of the investment in Skouries. The balance sheet that we've got today does offer us significant flexibility. And once we get to project completion, we will then have choices around the pace at which we repay that project finance debt. Our disclosure sets out the vanilla terms and conditions, but we do have choices to accelerate both repayments and access cash from Skouries once it comes into production. So really, this is just us making use of the vanilla facility and taking advantage of the very competitive interest rates that we have.

這就是為 Skouries 投資提供 80% 資金的計劃。我們今天所擁有的資產負債表確實為我們提供了極大的靈活性。一旦專案完成，我們就可以選擇償還專案融資債務的速度。我們的披露列出了原始條款和條件，但我們確實可以選擇在 Skouries 投入生產後加速還款並從中獲取現金。所以實際上，這只是我們利用香草貸款並利用我們擁有的非常有競爭力的利率。

I just add to that, we also believe our share price is undervalued as we deliver on Skouries. So the balance sheet and drawing down the debt enables us to execute on this NCIB and purchase back our shares where we think they're considerably undervalued.

我只是想補充一點，我們也認為，由於我們實現了 Skouries，我們的股價被低估了。因此，資產負債表和減少債務使我們能夠執行這項 NCIB 並回購我們認為被嚴重低估的股票。

Great. Maybe just my last question is on Kisladag. I was reading up and you mentioned this as well, there is a potential investment closing of the HPGR circuit with additional screening and whole ore agglomeration that should come out fairly soon. It's the first time I've kind of heard of it. I'm just trying to wrap my head around what is being studied here. And I guess you talked about wear components, W-E-A-R components in Q1. That was mentioned again here in Q2. And so I'm just wondering, is there anything that we should be concerned about in terms of what's happening here at the HPGR?

偉大的。也許我的最後一個問題是關於 Kisladag 的。我正在閱讀，你也提到了這一點，HPGR 迴路的潛在投資即將結束，額外的篩選和整個礦石聚集應該很快就會出現。這是我第一次聽到這件事。我只是想弄清楚這裡正在研究什麼。我想您在第一季談到了磨損零件，W-E-A-R 零件。這在第二季度再次被提及。所以我只是想知道，就 HPGR 發生的事情而言，我們是否應該擔心什麼？

Cosmos, it's Simon. Thanks for the question. In terms of the plan for closing the HPGR, essentially, through analysis, I think we did report last year, we see an opportunity to get a more uniform final product by closing the HPGR. So by doing that, we need to add in a screen for the center product. And once we do that, we need the associated agglomeration drums. So that's really -- those two elements are coupled together. And we're just finalizing the study -- engineering study work this quarter such that we can evaluate what that investment is going to look like for the site. And it also helps us maximize the current invested capital across the entire plant.

科斯莫斯，我是西蒙。謝謝你的提問。關於關閉 HPGR 的計劃，基本上，透過分析，我認為我們去年確實報告過，我們看到透過關閉 HPGR 可以獲得更統一的最終產品的機會。因此，我們需要為中心產品添加一個螢幕。一旦我們做到這一點，我們就需要相關的聚集鼓。所以這其實是——這兩個元素是結合在一起的。我們剛剛完成了本季度的工程研究工作，以便我們能夠評估該投資對該站點的影響。它還幫助我們最大限度地提高整個工廠的當前投資資本。

With regards to the secondary crusher de-bottlenecking, this is really -- as the circuit is designed, there's no protection screen in front of the HPGR. And so a slightly larger secondary crusher enables us to ensure that we don't send oversized material to the HPGR, which on the occasion can cause damage to the drum. So there's nothing new about that. That's really a good practice that we're looking to do. And this also unlocks a key bottleneck area inside the historic, if you like, Kisladag plant. So between those two things, we're setting ourselves up for a long and steady run with our long life in front of ourselves at Kisladag.

關於二次破碎機的瓶頸消除，這確實是－由於電路設計的原因，高壓輥磨機前面沒有保護屏。因此，稍大一點的二次破碎機使我們能夠確保不會將過多的材料送入高壓輥磨機，否則有時會損壞滾筒。所以這沒什麼新鮮的。這確實是我們希望做的一個好做法。這也打開了歷史悠久的 Kisladag 工廠內部的關鍵瓶頸區域。因此，在這兩件事之間，我們為在 Kisladag 的長期穩定發展做好了準備，我們的長壽就在眼前。

And maybe just a slight deeper dive on the damage to the HPGR that can occur. Essentially, if we get too large a piece into that HPGR, it can damage some of the bits. And so those have to then be taken off and replaced and that causes downtime and that causes us throughput. So there's no significant issue in terms of damaging the overall HPGR. It's really the wear pieces that can get damaged and cause really lower throughput.

也許只是稍微深入了解一下可能發生的 HPGR 損壞。本質上，如果我們將過大的碎片放入 HPGR，它可能會損壞一些鑽頭。因此必須將它們取下並更換，這會導致停機並影響我們的吞吐量。因此，就損壞整個 HPGR 而言，不存在重大問題。磨損件確實會損壞並導致產量降低。

So this will help us in pushing throughput up and will help us de-bottleneck the plant. And as we said in our press release, that part of the investment is moving forward. We're ordering the crusher and moving forward with it all our agglomeration, so additional drums and additional screening, those studies will be completed and discussed in our Q3 earnings call.

因此，這將有助於我們提高產量，並幫助我們消除工廠的瓶頸。正如我們在新聞稿中所說，這部分投資正在推進。我們正在訂購破碎機並推進我們的所有集聚，因此額外的滾筒和額外的篩選，這些研究將在我們的第三季收益電話會議上完成並討論。

So George, it sounds like throughput could increase and will increase and could this also have a positive impact on recovery as well?

那麼喬治，聽起來吞吐量可能會增加並且會增加，這也會對復甦產生積極影響嗎？

Yes. We're studying whole throughput and recovery benefits out of this overall investment, and that's what we look to speak to in Q3. As Simon said, we had an issue with the drill and so the drilling on future potential pushbacks and so that works a bit delayed. But all this investment could actually help bring future pushbacks and extend mine life at Kisladag. So it's better recovery, higher throughput and potentially increase in reserves if that drilling and metallurgical work all turns positive. So stay tuned.

是的。我們正在研究這項整體投資的整體吞吐量和恢復效益，這也是我們希望在第三季討論的內容。正如西蒙所說，我們在演習中遇到了問題，因此演習對未來的潛在推力產生了影響，因此這項工作有點延遲。但所有這些投資實際上可能有助於緩解未來的阻力並延長 Kisladag 的礦場壽命。因此，如果鑽井和冶金工作一切順利，那麼採收率會更高，產量會更高，而且儲量也可能會增加。敬請關注。

I'll be staying tuned. Thanks George and team for answering my questions and have a long weekend. I think you guys get a long weekend.

我會繼續關注。感謝喬治和他的團隊回答我的問題，祝大家週末愉快。我想你們會有一個長週末。

Tanya Jakusconek, Scotiabank.

加拿大豐業銀行的 Tanya Jakusconek。

Yes, good morning, everybody. Thank you for taking my two questions. Simon, can I continue with you on Kisladag and just the pushback on the metallurgical work. And I think you said -- maybe George mentioned it, just delay in drilling. Is it because we can't get drillers? Like why did we have this delay? And so -- yes, maybe talk about why we've had this pushback.

是的，大家早安。感謝您回答我的兩個問題。西蒙，我可以繼續和你討論 Kisladag 以及冶金工作的阻力嗎？我想你說過——也許喬治提到過，只是鑽探延遲。是因為我們找不到鑽井工人嗎？為什麼會出現這種延遲？所以——是的，也許可以談談我們為什麼會遭遇這種阻力。

Hi, Tanya. Thanks for the question. Yes, unfortunately, when we started the program, the first drilling contractor that mobilized to site had a substandard drill equipment. And from a safety perspective, we had to terminate that relationship and find a second drilling contractor that sort of led us to sort of a three-ish month delay on the program. And so we've been working towards that. We do have some interference inside of the ideal spots in which we want to drill due to current production. But we're working through those and hope to sort of get the remainder of the program completed in 2025.

你好，Tanya。謝謝你的提問。是的，不幸的是，當我們啟動該計劃時，第一個到達現場的鑽井承包商的鑽井設備不合格。從安全角度來看，我們不得不終止這種合作關係，並尋找第二個鑽井承包商，這導致我們的計劃被推遲了三個月左右。因此我們一直在為此努力。由於目前的生產情況，我們想要鑽探的理想地點確實受到了一些幹擾。但我們正在努力解決這些問題，並希望在 2025 年完成該計劃的剩餘部分。

Okay. And so you do have now a driller in place, the contractor to do that drilling and you're just managing your production versus the drilling is how I understood it?

好的。所以你現在確實有一個鑽井工，承包商來進行鑽井，而你只是管理你的生產而不是鑽井，這是我的理解？

You are correct.

你是對的。

Okay. Well, that's good. So I'm going to leave Kisladag. And if I can go back to Skouries. So can someone just help me, just wanted to understand a couple of things there. number 1, just on your workforce, congrats on having that many people on site. As we look for the remaining portion of the year as we go into first production, can you remind me again what skilled labor we need? So that's the first thing. And how comfortable are you in the retention of this labor? I was very pleased to hear about the productivity slightly above or at. It's been really hot there. So I just kind of wondered how the productivity has gone through August -- sorry, through July because of the heat. So that's my Part 1 of Skouries.

好的。嗯，那很好。所以我要離開基斯拉達格。我是否可以回到斯庫里斯。所以有人能幫助我嗎，只是想了解一些事情。第一，就您的員工而言，恭喜您在現場有這麼多人。當我們展望今年剩餘時間並開始首次生產時，您能否再次提醒我我們需要哪些熟練勞動力？這是第一件事。您對保留這份工作感到滿意嗎？我很高興聽到生產率略高於或等於。那裡真的很熱。所以我只是有點想知道八月的生產力如何——抱歉，因為天氣炎熱，七月的生產力如何。這是我的《Skouries》第一部分。

Yes. So when you look at the trades, we're in great shape with the concrete now. That work will be ramping down in Q3, and there'll just be odds and sods to do in Q4. So I'd say that risk is behind us. We very successfully ramped up mechanical installations and structural steel in Q3 -- or Q2, and that's going to continue in the first part of Q3. We were able to secure additional accommodation and that -- and having the additional people available, we executed on that. And really that increased workforce over what we had planned earlier this year is enabling us to complete work that's not on critical path, but by getting that work done earlier, it decompresses the commissioning schedule.

是的。因此，當您查看交易時，您會發現我們現在的具體狀況非常好。這項工作將在第三季逐漸減少，第四季就只剩下零碎的工作要做了。所以我想說風險已經過去了。我們在第三季（或第二季）非常成功地增加了機械安裝和結構鋼的產量，而這種勢頭將在第三季上半段繼續保持。我們能夠確保額外的住宿，並且由於有額外的人員可用，我們就執行了這項計劃。事實上，與今年早些時候的計劃相比，增加的勞動力使我們能夠完成非關鍵路徑上的工作，但透過提前完成這項工作，可以減輕調試時間的壓力。

So as an example, we've already commissioned the filters for the concentrate. And in August, we'll be commissioning the pebble pressure circuit as that construction was completed actually this month. So we're going to continue to push the metal on available trades to accelerate work to derisk the overall project. But that isn't changing the critical path item, which is that dry stack filter plant. We're already pedal to the metal. On the productivity, it is a very good sign. It basically is telling us that we're going to be able to deliver this on schedule and at cost. Any follow-up to that?

舉個例子，我們已經啟動了濃縮液過濾器。八月份，我們將調試卵石壓力迴路，因為工程實際上已於本月完工。因此，我們將繼續推動可用交易的金屬，以加速降低整個專案的風險。但這並沒有改變關鍵路徑項目，即乾式過濾廠。我們已經全力以赴了。就生產力而言，這是一個非常好的跡象。它基本上告訴我們我們將能夠按時按成本交付該產品。有後續消息嗎？

Yes, I do. So then, George, can we talk about -- so that's great, everything going to plan, first gold pour and I think -- I don't know if it's Q1, I don't know when in Q1. But can you just remind me of your -- we have a quarter later, we're going commercial. Can you just remind me your definition of commercial production? And then can you also remind me the time for this plant to go to steady state and some of the critical items there?

是的，我願意。那麼，喬治，我們可以談談嗎——太好了，一切都按計劃進行，第一次黃金傾瀉，我認為——我不知道是不是第一季度，我不知道第一季什麼時候。但你能提醒我嗎──一個季度後，我們就要進行商業化了。可以提醒我你對商業生產的定義嗎？然後，您能否提醒我該工廠達到穩定狀態的時間以及一些關鍵項目？

Tanya, it's Paul. Just on the commercial production definition, it is open to interpretation. But based on what we see from peers in the industry, I think commercial really is going to be where we've exceeded something like 70% of throughput, and we're getting recoveries around the expected levels for the project. So that's what the ramp-up will need to look like?

塔妮婭，我是保羅。僅就商業生產定義而言，它是可以進行多種解釋的。但根據我們從業內同行那裡看到的情況，我認為商業化確實會達到我們超過 70% 吞吐量的水平，而且我們的恢復情況也達到了專案的預期水平。那麼，這就是提升所需要的樣子嗎？

But that's the definition of going commercial.

但這就是商業化的定義。

Yes. It's open to some interpretation, but that's a good, I think, ready reckoner for you to understand what we're aiming to do by midyear next year.

是的。它可以有多種解釋，但我認為這是一個很好的計算器，可以幫助您了解我們明年年中要實現的目標。

Okay. And then someone can help me on then from there, how we -- well, how long is it going to take to ramp up to steady state and what are the critical items there?

好的。然後有人可以幫助我，我們如何 - 那麼，需要多長時間才能達到穩定狀態以及其中的關鍵項目是什麼？

Yes. I would say Q3, we'd expect to be ramped up to nameplate. And this is a pretty simple single flotation plant. Many of us in the company have operated these sorts of facilities. I would say the most tricky thing about this plant is the dry stack tailings facility. We've designed it with six filters. In the commissioning phase, we'll have oxide ore, which is going to be variable and tricky, but we'll be at lower throughput, and we'll have that extra filter capacity at that point.

是的。我想說，我們預計第三季銷售量將達到銘牌水準。這是一個相當簡單的單浮選廠。我們公司中的許多人都曾操作過此類設施。我想說這個工廠最棘手的地方是乾堆尾礦設施。我們設計了六個濾鏡。在調試階段，我們將有氧化礦石，這將是多變且棘手的，但我們的吞吐量將較低，而且我們將在那時擁有額外的過濾能力。

So we believe we're going to have a pretty smooth ramp-up in the second quarter. There'll be some challenging oxide ore types going through that plant. We've worked with Metso, our manufacturer, ensuring we have good variability in filter cloth to deal with the variability in ore types that we expect. And as we get through those learnings in Q2, and then it's fine-tuning. And as I say, we think by the end of Q3, we're at nameplate.

因此，我們相信第二季我們的成長將會相當順利。該工廠將會處理一些具有挑戰性的氧化礦石類型。我們與製造商美卓 (Metso) 合作，確保濾布具有良好的可變性，以應對我們預期的礦石類型的變化。當我們在第二季完成這些學習後，就會進行微調。正如我所說，我們認為到第三季末，我們就會達到銘牌水準。

Okay. That's great. And if I could squeeze one more in. Just saw a couple of companies have been selling their equity stakes in their investments. Can you just remind me what you have outstanding? I think you have Probe left. I forget what else you have and whether that's core or noncore.

好的。那太棒了。如果我能再擠進一個的話。剛剛看到幾家公司一直在出售其投資的股權。你能提醒我你還有什麼未完成的事嗎？我認為你還剩下探測器。我忘記了您還有什麼以及它是核心還是非核心。

Yes. So there's probably just three equity investments to speak of. First would be our Romanian assets. And as we disclosed, we continue to work on divestiture of those assets. And at this point, I believe that will happen this year. And then on our toeholds, yes, we have a toehold in Probe and Amex and expect to continue to hold those.

是的。因此，可能只有三項股權投資值得一提。首先是我們的羅馬尼亞資產。正如我們所揭露的，我們將繼續致力於剝離這些資產。目前，我相信今年就會實現這一目標。然後談到我們的立足點，是的，我們在 Probe 和 Amex 有立足點，並希望繼續保持這些立足點。

Okay. Thank you so much. Congratulations on Skouries, it's good to see.

好的。太感謝了。恭喜 Skouries，很高興看到。

Don DeMarco, National Bank.

國家銀行的唐‧德馬科 (Don DeMarco)。

Thank you, operator and good afternoon, George team or good morning. So yes, I really enjoyed seeing the photos of the Skouries development. And so first question on Skouries. The 2026 outlook calls for midpoint of 145,000 ounces of gold and some copper. What is the approximate allocation of this production in H1 and H2, kind of builds on Tanya's question.

謝謝，接線員，下午好，喬治團隊，早安。是的，我真的很喜歡看 Skouries 開發專案的照片。第一個問題是關於 Skouries 的。2026 年的展望預計黃金產量中位數為 145,000 盎司，銅產量中位數為一些。這個產品在 H1 和 H2 中的大致分配是多少，這有點像 Tanya 的問題。

We haven't put that sort of detail, but it's heavily weighted to the second half. So Q1 will be in early commissioning. There's not going to be a lot of production. We expect first concentrate in Q1. Q2, we're going to be in ramp-up mode, as I said. So working out the bunds and then getting it up to, as Paul said, probably 70% nameplate by the end of Q2. So it's going to be heavily weighted to the second half.

我們還沒有提供這類細節，但它在很大程度上取決於下半部。因此 Q1 將處於早期調試階段。產量不會很大。我們預計第一批濃縮物將出現在第一季。Q2，正如我所說，我們將處於加速模式。因此，正如保羅所說，計算出資金額度，然後到第二季末達到大概 70% 的標稱值。因此下半年將佔有重要地位。

Okay. My next question is on the NCIB share repurchases. They're quite significant in Q2 and they continued post quarter, yet the total approved amount over a 12-month period is much higher. So do you expect these repurchases to increase in H2? Or are the decisions about the repurchases somewhat tactical and you sort of decide once you're within the quarter?

好的。我的下一個問題是關於 NCIB 股票回購。它們在第二季度相當重要，並且在季度結束後仍持續存在，但 12 個月內批准的總金額要高得多。那麼您預計下半年回購量會增加嗎？或者有關回購的決定是否具有某種策略性，並且您會在進入季度後再做出決定？

Don, it's Paul. So just commenting on Q2, we upsized the facility at our last -- we announced at our last quarterly results, but that NCIB program actually came to an end on July 31. We are limited in how much we can buy on any day. On the TSX, for example, it's 25% of the average volume. So we couldn't really have done much more in the last quarter. For the coming 12 months, the Board has approved a further NCIB program. That does allow us to repurchase up to 5% of our share capital. Again, we are volume limited on each day, the TSX, as I said, 25%.

唐，我是保羅。因此，僅就第二季發表評論，我們在上一季業績中宣布了擴大該設施的規模，但 NCIB 計劃實際上已於 7 月 31 日結束。我們每天可以購買的數量是有限的。例如，在 TSX，其交易量為平均交易量的 25%。因此，我們在上個季度確實不可能做得更多了。對於未來的 12 個月，董事會已批准進一步的 NCIB 計劃。這確實允許我們回購高達 5% 的股本。再說一次，我們每天的交易量都有限制，TSX，正如我所說，是 25%。

The New York Stock Exchange, a little bit more complicated in how much you can purchase, but it's more than the TSX on a daily basis. We are looking at this as a 12-month program. I think we're going to be opportunistic in terms of investing in our stock price, particularly if we see prices which are lower than what we think is a fair value, which we see in the P/NAV discounts today. So it will build up over time. I don't have any real rate to give you, but we think this is an excellent tool as we sit here at our current stock price to return value to shareholders.

紐約證券交易所在購買數量方面稍微複雜一些，但每天的交易量比多倫多證券交易所多。我們將其視為一個為期 12 個月的計劃。我認為，我們會抓住機會投資我們的股票價格，特別是如果我們看到價格低於我們認為的公允價值，就像我們在今天的 P/NAV 折扣中看到的那樣。因此它會隨著時間的推移而累積起來。我沒有任何實際利率可以給你，但我們認為這是一個極好的工具，因為我們以當前的股價為股東帶來回報。

Excellent. Okay. Well, thank you for that. That's all for me. So good luck with the rest of Q3 and Skouries development.

出色的。好的。嗯，謝謝你。對我來說就這些了。祝 Q3 和 Skouries 的剩餘開發一切順利。

Thank you.

謝謝。

Lawson Winder, Bank of America Securities.

勞森·溫德（Lawson Winder），美國銀行證券。

Thanks very much, operator. Good morning, George and team. Nice to hear from you. Thank you for today's update.

非常感謝，接線生。早上好，喬治和團隊。很高興收到你的來信。感謝您今天的更新。

I'd like to follow up initially just on your comments about the skilled trades and those ramping up. They're extremely helpful, especially the commentary around mechanical successfully ramping up in Q2. Looking at some of the other trades like electrical and instrumentation, you guys mentioned in your prepared remarks that some cabling had started. How is that segment of skilled trades ramping up? And what's the outlook for that?

首先，我想跟進一下您關於科技產業和正在崛起的產業的評論。它們非常有幫助，尤其是有關第二季度機械成功提升的評論。看看電氣和儀器儀表等其他行業，你們在準備好的演講中提到，一些電纜佈線工作已經開始。這部分技術工種的進度如何？前景如何？

Yes. In terms of the work completed in Q2, I'd say we're just beginning that learning curve. As I said, the pebble crusher facility is now complete, and we'll begin commissioning. So that went well. The productivities on that facility for electrical were at or above our expectations. There's going to be a significant ramp-up in electrical work in Q3 and even into Q4. At this point, we expect to see a continuation of meeting or slightly exceeding productivities.

是的。就第二季完成的工作而言，我想說我們才剛開始學習。正如我所說，鵝卵石破碎機設施現已完工，我們將開始調試。一切進展順利。該電氣設施的生產效率達到或超越了我們的預期。第三季甚至第四季度，電氣工程將會大幅增加。此時，我們預期生產力將繼續達到或略微超過預期。

In terms of our workforce planning for the electrical, our contractors have the people that they expect to need, and we have backup alternatives to bring in additional electrical people. So at this point, we're feeling comfortable with the schedule and our ability to repeat on the electrical, what we've seen on the structural and mechanical.

就電氣勞動力規劃而言，我們的承包商擁有他們預計需要的人員，我們也有備用方案來引進更多電氣人員。因此，目前，我們對時間表感到滿意，並且能夠在電氣、結構和機械方面重複我們所看到的事情。

Okay. Thanks, George. And then also on Skouries, just looking at the euro exchange rate versus the USD. So there was a very significant depreciation in the USD versus the euro, as you know, in the first half. Could you just remind us of what's the direct euro exposure -- sorry, for the remaining spend at Skouries? And how are you guys managing that risk at this point?

好的。謝謝，喬治。然後同樣在 Skouries 上，只查看歐元兌美元的匯率。因此，如您所知，上半年美元兌歐元大幅貶值。您能否提醒我們歐元的直接風險敞口——抱歉，是 Skouries 剩餘支出的風險敞口？你們目前如何管理這種風險？

Yes. So it's Paul here. So on the euro, we've been putting equity and funds in over a period of time. And up to the sort of initial budget levels for the project, we used forward price contracts to put our funds into Hellas Gold in Greece in euros. So we'll be spending from that euro balance, and I think we have something like EUR250 million to EUR300 million on deposit at Hellas Gold at the moment.

是的。保羅就在這裡。因此，在歐元方面，我們在一段時間內一直投入股票和資金。在達到專案初始預算水準之前，我們使用遠期價格合約以歐元將資金投入希臘的 Hellas Gold。因此，我們將從歐元餘額中支出，我認為目前我們在 Hellas Gold 的存款約為 2.5 億歐元至 3 億歐元。

So our real exposure is just around accounting translation as and when we book those transactions as we spend the capital. Now earlier in the year, the euro wasn't as strong as it is at the moment. We've also seen based on US economic performance in the last month or so that the euro has been weakening again. So it's really difficult to say what the exposure is going to be, but we don't see it making a material difference to our overall reported US dollar cost for the project.

因此，我們真正的風險在於會計翻譯，以及我們在花費資本時記錄這些交易。今年早些時候，歐元還沒有現在這麼強勢。根據過去一個月左右美國的經濟表現，我們也看到歐元再次走弱。因此，很難說風險敞口會有多大，但我們認為這不會對該專案報告的整體美元成本產生實質影響。

Okay. Great. And then if I could ask just operationally about Kisladag, if you have the ability to provide some guidance on the gold output for Q3 versus Q4 when considering what you have stacked today and your understanding of the leaching times?

好的。偉大的。然後，如果我可以從操作角度詢問有關 Kisladag 的問題，考慮到您今天的堆積情況以及您對浸出時間的理解，您是否有能力對第三季度和第四季度的黃金產量提供一些指導？

Thanks, Simon here, thanks for the question. Probably to balance the Kisladag production, first half, our grades were a little bit higher than the full year range, and we're expecting that to be more at the lower end of our range, which is around 0.65 grams per tonne in the second half, and that's going to probably soften the production rate into Q3 and Q4. So end up with largely the same production or slightly lower in the second half for this year, mainly due to the grade that we're stacking.

謝謝，我是西蒙，謝謝你的提問。可能是為了平衡 Kisladag 的產量，上半年我們的等級略高於全年水平，我們預計下半年的等級將處於範圍的低端，約為每噸 0.65 克，這可能會降低第三季度和第四季度的產量。因此，今年下半年的產量基本上相同或略低，這主要是因為我們堆積的等級。

And then any sense of how that splits between Q3 and Q4 at this point?

那麼現在 Q3 和 Q4 的劃分有何不同？

Largely the same, to be honest, it's pretty steady in terms of how we would expect it to come out. Generally, with the longer leach cycles that we experienced at Kisladag, there's no real radical change in terms of the rate at which we can extract the -- leach the gold stacked.

總體來說是一樣的，說實話，就我們預期的結果而言，它是相當穩定的。總體而言，由於我們在 Kisladag 經歷了較長的浸出週期，因此在提取——浸出堆積的黃金的速度方面並沒有發生真正的根本性變化。

Okay, thank you very much for that. And if you wouldn't mind me just fitting in one more question. Your year-end reserve update, I mean, the last one was done at $1,450 were much, much higher than that. How are you guys thinking about what gold price you might be using when you update reserves at year-end and what that might imply for reserve replacement in '25?

好的，非常感謝。如果您不介意的話我再問一個問題。我的意思是，您上次更新的年終儲備水準是 1,450 美元，比這個數字高得多。你們如何考慮在年底更新儲備時可能使用的黃金價格以及這對 25 年的儲備替代意味著什麼？

Yes. We -- I mean, each year, we do our reserves during the fourth quarter to get the best update we can to feed into our budget process. And so we'll be reaching out to our peers, looking at a five-year look back and setting that price for this year's reserve update. I would not expect a big increase, but a slight increase in our gold price assumption is we want to remain conservative and ensure our assets are performing great margins going forward and that we can deliver on our five-year guidance. So stay tuned. We'll give that update later in the year, but I'm expecting right now a slight increase, not a significant one.

是的。我們——我的意思是，每年我們都會在第四季度進行儲備，以便獲得盡可能最好的更新，以納入我們的預算流程。因此，我們將與同行聯繫，回顧過去五年的情況，並為今年的儲備更新設定價格。我不會期望出現大幅增長，但我們對金價的假設略有增加，因為我們希望保持保守，並確保我們的資產在未來能夠實現良好的利潤率，並且我們能夠實現我們的五年指導方針。敬請關注。我們將在今年稍後發布最新消息，但我現在預計會略有增加，但不會大幅增加。

Great, thank you. Enjoy the rest of your summers.

太好了，謝謝。享受剩下的夏天吧。

Thank you. You too.

謝謝。你也是。

(Operator Instructions) Since there are no more questions, 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.

（操作員指示）由於沒有其他問題，問答環節和今天的電話會議到此結束。您可以斷開線路。感謝您的參與並祝您有個愉快的一天。