Eldorado Gold Corp (EGO) 2025 Q3 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Eldorado Gold third-quarter 2025 results conference call. (Operator Instructions) And the conference is being recorded. (Operator Instructions)

感謝您的耐心等待。這是會議接線員。歡迎參加 Eldorado Gold 2025 年第三季業績電話會議。（操作說明）會議正在錄音。（操作說明）

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.

現在我謹將會議交給投資人關係、傳播與對外事務副總裁 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 third-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.

謝謝接線生。大家早安。歡迎各位參加我們2025年第三季業績電話會議。在開始之前，我想提醒各位，我們將在電話會議中發表前瞻性聲明並提及非國際財務報告準則（IFRS）指標。請參閱簡報中所包含的警示性聲明以及管理階層討論與分析中關於非國際財務報告準則指標與風險因素的揭露。

Joining me on the call today, we have George Burns, Chief Executive Officer; Christian Milau, President; 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.

今天與我一起參加電話會議的有：執行長喬治·伯恩斯；總裁克里斯蒂安·米勞；執行副總裁兼首席財務官保羅·費尼霍夫；負責希臘發展的執行副總裁盧·史密斯；以及負責運營和技術服務的執行副總裁西蒙·希爾。

Our release yesterday details our third-quarter 2025 financial and operating results. This should be read in conjunction with our third-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.

我們昨天發布的新聞稿詳細介紹了我們 2025 年第三季的財務和營運業績。請將本文與我們的 2025 年第三季財務報表和管理層討論與分析一併閱讀，這兩份文件均可在我們的網站上查閱。它們也都已在 SEDAR+ 和 EDGAR 上備案。

All dollar figures discussed today are US dollars unless otherwise stated. We will be speaking to the slides that accompany this webcast, which can be downloaded from our website. After the prepared remarks, we will open the call for Q&A. (Event Instructions)

除非另有說明，今天討論的所有美元數字均指美元。我們將使用本次網路研討會配套的投影片進行解說，這些投影片可以從我們的網站下載。在發言結束後，我們將開放問答環節。（活動須知）

I will now turn the call over to George.

現在我將把通話轉給喬治。

Thanks, Lynette. And good morning, everyone. We are pleased to welcome Christian Milau as President joining as part of my succession planning. Christian has already been actively engaged with our leadership team through recent budget and strategy discussions and has met with a number of our shareholders and analysts since joining last month. He brings a fresh perspective and a strong focus on our key priorities. His appointment further strengthens our leadership team as we continue to advance our growth strategy and position Eldorado for long-term success.

謝謝你，萊內特。大家早安。我們很高興歡迎 Christian Milau 加入公司擔任總裁，這是我繼任計畫的一部分。自上個月加入以來，Christian 已積極參與我們領導團隊的預算和策略討論中，並與我們的一些股東和分析師進行了會面。他帶來了全新的視角，並高度重視我們的關鍵優先事項。他的任命進一步加強了我們的領導團隊，我們將繼續推動成長策略，使 Eldorado 為長期成功做好準備。

Turning to the outline for today's call, I'll begin with an overview of our third-quarter 2025 results and highlights. I'll then hand the call over to Christian for his remarks, followed by Paul on our financials, and then Louw and Simon with an update on projects and operations.

接下來談談今天電話會議的概要，我將首先概述我們 2025 年第三季的業績和亮點。接下來，我會把電話交給 Christian 讓他發言，然後是 Paul 談談我們的財務狀況，最後是 Louw 和 Simon 報告專案和營運的最新情況。

Turning to slide 4, our third-quarter highlights, we achieved safe production of 115,190 gold ounces and generated approximately $77 million of free cash flow, excluding Skouries investment. Operational performance remained strong at Lamaque, benefiting from early processing of the remaining portion of the second Ormaque bulk sample.

翻到第 4 張幻燈片，我們第三季的亮點是，我們安全生產了 115,190 盎司黃金，並產生了約 7,700 萬美元的自由現金流（不包括 Skouries 的投資）。拉馬克礦的運作表現依然強勁，這得益於第二個奧爾馬克散裝樣品剩餘部分的早期處理。

Kisladag had fewer tonnes placed on the pad and lower grade stack as a result of reduced equipment availability and short-term mine plan resequencing as well as placement of ore on a test pad for the whole ore agglomeration project. Efemcukuru maintained stable production while Olympias had challenges from stockpiled ore containing the viscosity modifier used in the tailings paste backfill that negatively impacted the process water chemistry in the flotation circuit.

由於設備可用性降低、短期礦山計劃重新排序以及整個礦石聚集項目在試驗堆場上放置礦石，Kisladag 堆放在堆場上的礦石噸數減少，礦石品位降低。Efemcukuru 維持了穩定的生產，而 Olympias 則面臨著堆積礦石中含有用於尾礦膏回填的黏度調節劑的挑戰，這給浮選迴路中的製程水化學產生了負面影響。

During the third quarter, we improved management of the stockpile of ore. but modest negative impacts on metal recovery may persist as we continue processing material from affected backfill stopes and stockpiles. Given our strong performance through the end of the third quarter, we are tightening our 2025 guidance range on gold production and now expect to be between 470,000 and 490,000 ounces.

第三季度，我們改善了礦石堆的管理，但由於我們繼續處理受影響的回填採場和堆料場的物料，金屬回收率可能仍會受到輕微的負面影響。鑑於我們在第三季末的強勁表現，我們將2025年黃金產量預期範圍收緊，目前預計產量將在47萬至49萬盎司之間。

Turning to cost, we have revised our 2025 guidance upwards. Total cash costs are now expected to be between $1,175 and $1,250 per ounce sold, and all-in sustaining costs are expected to be between $1,600 and $1,675 per ounce sold. These increases were primarily driven by, one, record high gold prices and recently enacted higher royalty rates in Turkiye driving higher royalty expense; and second, lower-than-expected performance at Olympias has resulted in lower byproduct sales, higher processing costs with production expected to be at the lower end of the guidance range.

關於成本方面，我們已上調了 2025 年的預期。目前預計每盎司黃金的總現金成本在 1,175 美元至 1,250 美元之間，而全部維持成本預計在每盎司黃金 1,600 美元至 1,675 美元之間。這些成長主要受以下因素驅動：一是黃金價格創歷史新高，以及土耳其最近實施的更高特許權使用費率，導致特許權使用費支出增加；二是奧林匹亞斯礦的業績低於預期，導致副產品銷售額下降，加工成本上升，預計產量將處於指導範圍的下限。

Additionally, for 2025, we also expect sustaining capital cost to be at the higher end of our $145 million to $170 million guidance range. In line with previous 2025 guidance, operations growth capital is expected to be between $245 million and $270 million.

此外，我們預計 2025 年的維持性資本成本也將達到我們 1.45 億美元至 1.7 億美元指引範圍的較高水準。與先前 2025 年的指引一致，營運成長資本預計將在 2.45 億美元至 2.7 億美元之間。

Lastly, at Skouries, project capital investment for 2025 has been revised upward to between $440 million and $470 million as a result of the acceleration of work originally planned for 2026 across several non-critical path areas and proactive derisking efforts. The estimated overall project capital remains unchanged at $1.06 billion. We are on track with accelerated operational capital and are maintaining our guidance of $80 million to $100 million for 2025.

最後，由於加快了原計劃於 2026 年在幾個非關鍵路徑領域開展的工作，以及積極主動地降低風險，Skouries 2025 年的專案資本投資已向上修訂為 4.4 億美元至 4.7 億美元。預計項目總投資額維持不變，仍為10.6億美元。我們正按計畫加速推進營運資本，並維持2025年8,000萬美元至1億美元的預期目標。

Turning to slide 5 in the third quarter, our lost time injury frequency rate was 1.21, an increase from the LTIFR of 1.10 in the third quarter of 2024. We recognize there is always room for improvement and remain committed to continually strengthen our safety performance. Throughout 2025, we're advancing health and safety initiatives. These efforts are reinforced by the multiyear rollout of our Courageous Safety Leadership program launched earlier this year.

翻到第三季的第五張投影片，我們的工傷事故發生率（LTIFR）為 1.21，比 2024 年第三季的 LTIFR 1.10 增加。我們認識到總有改進的空間，並將繼續致力於不斷提高我們的安全績效。2025年全年，我們將推動各項健康與安全措施。這些努力得到了我們今年稍早啟動的「勇敢安全領導力計畫」多年推廣的有力支持。

On sustainability, our team in Quebec recently welcomed a delegation of external and internal verifiers to complete the verification against the standards of, one, our sustainability integrated management system; two, the Mining Association of Canada's Towards Sustainable Mining initiative; and three, the World Gold Council's Responsible Gold Mining Principles.

在永續發展方面，我們魁北克團隊最近接待了一個由外部和內部核查員組成的代表團，以完成對以下標準的核查：一、我們的可持續發展綜合管理體系；二、加拿大礦業協會的「邁向可持續採礦」倡議；三、世界黃金協會的「負責任的黃金開採原則」。

The objective of the integrated verification was to demonstrate our commitment to health and safety, social and environment performance. While the reports are in the process of being finalized, we are encouraged with the preliminary results and look forward to sharing our performance when they become available.

綜合驗證的目標是證明我們對健康與安全、社會和環境績效的承諾。雖然報告仍在最終定稿過程中，但我們對初步結果感到鼓舞，並期待在結果公佈後與大家分享我們的業績。

During the quarter, we continued to execute on our share repurchase program, buying back and canceling approximately 3 million shares for a total of $79 million. For the nine months ended September 30, 2025, repurchases have been approximately 5 million shares for a total of $123 million. The program reflects our continued commitment to disciplined capital allocation and returning value to our shareholders.

本季度，我們繼續執行股票回購計劃，回購並註銷了約 300 萬股股票，總計 7,900 萬美元。截至 2025 年 9 月 30 日的九個月內，公司回購了約 500 萬股股票，總計 1.23 億美元。該計劃體現了我們對嚴格資本配置和為股東創造價值的持續承諾。

With that, I'll turn the call over to Christian to say a few words.

接下來，我會把電話交給克里斯蒂安，讓他說幾句話。

Thanks, George. And good morning, everyone. I'm very excited to be joining you today in my new role at Eldorado. While I've only recently joined the company in September, pleased with the company's strong culture, talented people, and high-quality asset base, including operations and projects in attractive mining jurisdictions with long average mine lives and significant prospectivity throughout the portfolio.

謝謝你，喬治。大家早安。我很高興今天能以Eldorado新職務的身份加入大家。雖然我九月才加入公司，但我對公司強大的企業文化、優秀的人才和高品質的資產基礎感到滿意，其中包括在有吸引力的礦業管轄區開展的運營和項目，這些項目平均礦山壽命長，並且整個投資組合都具有巨大的發展前景。

I have already spent considerable time with our leadership teams through initial budget strategy meetings. These sessions have given me a strong sense of the ambition, opportunities, and discipline that will guide the company during the next phase of the strategy as well as the strong alignment around delivering sustainable value to all stakeholders.

我已經通過初步的預算策略會議，與我們的領導團隊進行了相當多的交流。這些會議讓我深刻感受到公司在下一階段策略中將秉持的雄心、機會和紀律，以及為所有利害關係人創造可持續價值的堅定決心。

What stood out most to me is the depth of talent, the capacity across the organization, and the clear commitment to safety, operational, and ESG excellence as well as disciplined capital allocation. My focus in the months ahead will be on supporting our teams as we advance our near-term priorities and ensuring that we positioned -- we're positioned to deliver our long-term strategy as we go through the Skouries cash flow inflection point in 2026.

最讓我印象深刻的是公司人才濟濟、組織實力雄厚，以及對安全、營運和 ESG 卓越表現的明確承諾，以及嚴謹的資本配置。在接下來的幾個月裡，我的重點將是支持我們的團隊推進近期優先事項，並確保我們做好準備——我們已做好準備，以便在 2026 年 Skouries 現金流拐點到來之際實現我們的長期戰略。

Having just returned from our sites in Turkiye and with visits planned to Greece and Quebec in the coming months, I'll have the opportunity to see all the mines firsthand. The visit so far stood out to me with the excellent commitment and pride on display. It's been impressive to witness the energy and collaboration of our teams on the ground, and I look forward to continuing to engage with more of our sites, communities, and investors in the months ahead.

我剛從土耳其的礦區回來，接下來幾個月也計畫造訪希臘和魁北克，我將有機會親眼看看所有的礦場。到目前為止，這次訪問給我留下了深刻的印象，他們展現了極高的敬業精神和自豪感。親眼目睹我們一線團隊的活力和協作精神令人印象深刻，我期待在接下來的幾個月中繼續與我們更多的專案點、社群和投資者進行交流。

With that, I'll now hand over to Paul to walk through the financial results.

接下來，我將把時間交給保羅，讓他來解讀財務表現。

Thank you, Christian. Moving to slide 6, our third-quarter results reflect consistent operational performance and are aligned with our tightened full-year production guidance. Robust gold prices have contributed positively to cash flow from our operations, further supporting our capacity to execute our strategic and operational investments in the coming months.

謝謝你，克里斯蒂安。翻到第 6 張投影片，我們的第三季業績反映了持續的營運表現，並與我們收緊的全年生產預期相符。強勁的金價對我們的營運現金流做出了積極貢獻，進一步支持了我們在未來幾個月執行策略和營運投資的能力。

In Q3, Eldorado reported net earnings from continuing operations of $57 million, equivalent to $0.28 per share. Excluding one-time non-recurring items, adjusted net earnings were $82 million or $0.41 per share for the quarter. The principal adjusting item was a $22 million unrealized loss on derivative instruments, primarily due to gold commodity swaps. Free cash flow for the quarter registered a negative $87 million. However, underlying free cash flow, excluding capital investments in the Skouries project amounted to positive $77 million.

Eldorado 第三季持續經營業務淨利為 5,700 萬美元，相當於每股 0.28 美元。剔除一次性非經常性項目後，本季調整後淨利為 8,200 萬美元，即每股 0.41 美元。主要調整項目是衍生性商品未實現損失 2,200 萬美元，主要原因是黃金商品互換。本季自由現金流為負 8,700 萬美元。然而，不包括對 Skouries 專案的資本投資，基本自由現金流為正 7,700 萬美元。

Turning to our producing assets, cash flow from operating activities before changes in working capital totaled $184 million during the quarter. Our corporate gold price collars will continue to settle monthly through the yearend with approximately 50,000 ounces outstanding for the fourth quarter and an upper limit of $2,667 per ounce. Following the expiration of these collars, we will be fully exposed to market gold prices with only minimal hedging derivatives remaining tied to the Skouries project financing facility.

就我們的生產資產而言，本季經營活動產生的現金流量（不計營運資本變動）總計為 1.84 億美元。我們的企業黃金價格區間合約將繼續按月結算至年底，第四季未結算量約為 50,000 盎司，上限為每盎司 2,667 美元。這些選擇權組合到期後，我們將完全暴露於市場黃金價格之下，僅剩極少量與 Skouries 專案融資機制相關的對沖衍生性商品。

Production costs for the quarter reached $164 million, representing a $23 million increase over Q3 2024. One-third of this increase is attributable to higher royalties while the remainder stems from the rising labor costs in Turkiye, where inflation continues to surpass local currency devaluation, and at Lamaque where additional labor and contractor expenses were incurred due to the planned deepening of the Triangle Mine.

本季生產成本達到 1.64 億美元，比 2024 年第三季增加了 2,300 萬美元。其中三分之一的成長歸因於更高的特許權使用費，其餘部分則源於土耳其不斷上漲的勞動力成本（該國通貨膨脹持續超過當地貨幣貶值），以及拉馬克地區因計劃加深三角礦而產生的額外勞動力和承包商費用。

In Q3, total cash costs were $1,195 per ounce sold and all-in sustaining costs were $1,679 per ounce sold. Gross capital investments at our operating mines totaled $58 million for the quarter. At Kisladag, these expenditures included planned waste stripping and equipment costs related to construction of the North Heap Leach pad second phase.

第三季度，每售出一盎司的總現金成本為 1,195 美元，全部維持成本為每售出一盎司 1,679 美元。本季我們在營運礦場的總資本投資額為 5,800 萬美元。在基斯拉達格，這些支出包括計畫內的廢棄物剝離和與北堆浸池二期工程建設相關的設備成本。

At the Lamaque Complex, investments focused on the Ormaque development as well as construction of the North Basin water management facility and initial procurement for the recently approved paste plant. Progress continued at Skouries, including facility and process construction as well as early mining activities in both the open pit and underground areas.

在拉馬克綜合體，投資重點放在奧爾馬克開發項目、北盆地水管理設施的建設以及最近批准的糊狀物廠的初步採購。Skouries 專案持續取得進展，包括設施和流程建設，以及露天礦場和地下礦區的早期採礦活動。

Throughout the quarter, approximately $138 million was invested in the project, supplemented by an additional $18 million in accelerated operational capital for self-performance of open-pit mining operations. Current tax expense for quarter three was $52 million, reflecting a $13 million increase from the prior-year period, attributing to improved profitability in Canada and Turkiye.

本季度，該專案投資約 1.38 億美元，另有 1,800 萬美元加速營運資本用於露天採礦作業的自主發展。第三季當期稅項支出為 5,200 萬美元，比去年同期增加了 1,300 萬美元，主要歸功於加拿大和土耳其獲利能力的提高。

Deferred tax expense stood at $2 million compared with a recovery of $11 million in Q3 2024. This included a $4 million expense related to net movements against the US dollar, mainly driven by the lira and euro, partially offset by the reversal of temporary differences.

遞延所得稅支出為 200 萬美元，而 2024 年第三季預計將收回 1,100 萬美元。其中包括與美元淨變動相關的 400 萬美元支出，主要受里拉和歐元的影響，部分被暫時性差異的逆轉所抵消。

Advancing to slide 7, our balance sheet remains robust, providing the flexibility needed to support growth initiatives and return capital to shareholders. With liquidity totaling approximately $1.1 billion, we continue to be well positioned to invest in our cash-generating assets, advanced Skouries towards completion, and create additional value through disciplined capital allocation and the NCIB program.

進入第 7 張投影片，我們的資產負債表依然穩健，為支持成長計畫和向股東返還資本提供了必要的靈活性。目前我們擁有約 11 億美元的流動資金，因此我們有能力繼續投資於我們的現金產生資產，推進 Skouries 項目直至完工，並透過嚴格的資本配置和 NCIB 計劃創造更多價值。

Earlier this month, and with Skouries production coming ever closer, several staff members attended LME Week in London, the foremost annual event for the global metals community. Productive discussions were held with traders and smelters regarding the sale of our high-quality, clean copper-gold concentrate from Skouries. As a result, we anticipate finalizing initial multiyear offtake contracts by yearend.

本月初，隨著 Skouries 礦場的投產日期越來越近，幾名員工參加了在倫敦舉行的 LME 週，這是全球金屬界最重要的年度盛會。我們與貿易商和冶煉廠就出售來自斯庫里斯的高品質、純淨銅金精礦進行了富有成效的討論。因此，我們預計在年底前敲定首批多年期承購合約。

With this overview concluded, I will now hand the call over to Louw, who will present the highlights of our Greek assets.

概述完畢，現在我將把電話交給盧，他將介紹我們在希臘的資產的重點。

Thanks, Paul, And good morning, everyone. Let's begin with slide 8, which highlights the progress at our Skouries copper-gold project. As of the end of Q3, overall progress on Phase 2 construction reached 73% and 86% when including Phase 1. We remain on track to achieve first copper-gold concentrate production towards the end of the first quarter of 2026, with commercial production expected in mid-2026.

謝謝保羅，大家早安。讓我們從第 8 張幻燈片開始，其中重點介紹了我們在 Skouries 銅金專案的進展。截至第三季末，二期工程的整體進度已達 73%，若算上第一期工程，則已達 86%。我們仍有望在 2026 年第一季末實現首批銅金精礦的生產，並預計在 2026 年年中實現商業化生產。

We now have approximately 2,000 personnel on site, including 236 members of the Skouries operational team. This strong workforce has enabled us to derisk several areas early. Our skilled labor ramp up began with concrete, structural, and mechanical trades and is now transitioning to electrical, piping, and control systems.

目前現場約有 2000 名人員，其中包括 236 名 Skouries 營運團隊成員。強大的員工隊伍使我們能夠及早降低多個領域的風險。我們的熟練勞動力擴充計畫最初從混凝土、結構和機械產業開始，現在正在過渡到電氣、管道和控制系統產業。

While we've exceeded our labor targets, our focus remains on aligning skilled resources with active work fronts to support our execution plan. From a productivity standpoint, construction performance continues to track at or slightly above plan across the site. On the bottom of slide 8, you'll see a photo of the open pit. This week, our fourth crew started operating, enabling the transition to a 24/7 rotation.

雖然我們已經超額完成了勞動力目標，但我們的重點仍然是將熟練的勞動力與活躍的工作相匹配，以支持我們的執行計劃。從生產效率的角度來看，整個工地的施工進度持續達到或略高於計畫水準。在第 8 張幻燈片的底部，你會看到一張露天礦坑的照片。本週，我們的第四組工作人員開始工作，實現了全天候輪班制。

As of the end of October, we had stockpiled approximately 531,000 tonnes of ore from the open pit and an additional approximately 93,000 tonnes from the underground, containing an estimated 21,000 ounces of gold and 5.5 million tonnes of copper, positioning us well as we prepare for commissioning and initial concentrate production.

截至 10 月底，我們已從露天礦場儲備了約 531,000 噸礦石，並從地下礦場儲備了約 93,000 噸礦石，其中估計含有 21,000 盎司黃金和 550 萬噸銅，這使我們在準備調試和初步精礦生產方面處於有利地位。

Turning to slide 9, the photos here and on the following slides illustrate the steady advancement of work underway. Infrastructure around the process plant continues to progress, final foundations for support buildings were completed in early October, and structural mechanical piping and electrical work are ongoing across the key areas, including the substation, line plant, flotation blowers, compressors, and quarry area.

翻到第 9 張幻燈片，這裡的以及接下來的幻燈片中的照片說明了正在進行的工作的穩定進展。工藝廠周圍的基礎設施建設持續推進，支撐建築的最終地基已於 10 月初完成，關鍵區域的結構機械管道和電氣工程正在進行中，包括變電站、管線廠、浮選鼓風機、壓縮機和採石場區域。

The control building structure is complete with electrical installations underway on the first two levels. We have completed pre-commissioning of the concentrate filter presses and water testing of the flotation cells and tanks. Preparation for pre-commissioning the pebble crusher are in progress.

控制樓主體結構已完工，前兩層正在進行電氣安裝。我們已經完成了濃縮機的預調試以及浮選槽和浮選池的水質測試。卵石破碎機的預調試準備工作正在進行中。

Moving to slide 10, progress continue on the thickeners, water testing of the first two thickeners is complete, and piping installations have commenced following completion of the pipe rack installations. Slide 11 focuses on the filter tailings plant, which remain on the critical path. As of the end of October, structural steel installation at the filter tailings building was approximately 92% complete. The time lapse video showcasing this progress is linked for reference.

轉到第 10 張幻燈片，濃縮機的進展仍在繼續，前兩個濃縮機的水測試已經完成，管道支架安裝完成後，管道安裝已經開始。第 11 張投影片重點介紹了尾礦過濾廠，該廠仍然是關鍵路徑上的重要環節。截至 10 月底，尾礦過濾廠的結構用鋼安裝已完成約 92%。提供延時視頻鏈接，供您參考，該視頻展示了這一進展。

Mechanical work progressed with the assembly of the filter presses with four complete at the end of the third quarter and the remaining two on plan for completion in November, with each press equipped with 98 plates. The compressor building steel structure is 98% complete and all six compressors and all -- and air receivers have been installed.

機械工作進展順利，壓濾機的組裝工作已完成四台，第三季末完成，其餘兩台按計畫將於 11 月完成，每台壓濾機配備 98 個濾板。壓縮機房鋼結構已完成 98%，所有六台壓縮機和所有儲氣罐都已安裝完畢。

As seen on slide 12, construction of the crusher building structure is progressing. Concrete workers reached the final elevation above the foundation with the final wall lifts advancing. The primary crusher is assembled in position, and work is underway on cable tray and internal structural steel stairways and platforms. Conveyor foundations between the primary crusher and the process plant, including the coarse ore stockpile, are now complete. Conveyor preassembly and support steel installation are well underway.

從投影片 12 可以看出，破碎機廠房結構的建造正在進行中。隨著最後一層牆體的澆築，混凝土工人已到達地基上方的最終高度。主破碎機已組裝到位，電纜橋架和內部結構鋼樓梯及平台的施工正在進行中。初級破碎機與選礦廠之間的輸送機基礎（包括粗礦堆場）現已完工。輸送機預組裝和支撐鋼結構的安裝工作正在順利進行中。

At the coarse ore stockpile on slide 13, the stockpile dome foundation is nearing completion and assembly of the dome has commenced. The first of the three reclaim feeders and associated chute work has been installed with preassembly continuing on the remaining two feeders.

在第 13 號幻燈片所示的粗礦石堆場，堆場穹頂的基礎即將完工，穹頂的組裝工作已經開始。三個回收給料機和相關溜槽工程中的第一個已經安裝完畢，其餘兩個給料機的預組裝工作仍在進行中。

Moving to Olympias on slide 14, third-quarter gold production was 13,597 ounces and total cash costs were $1,869 per ounce sold. Production was impacted by flotation circuit stability issues earlier in the year, which led to a modification of the paste backfill blend to eliminate viscosity modifiers in the backfilled stopes.

投影片 14 提到奧林匹亞斯礦區，第三季黃金產量為 13,597 盎司，每盎司黃金的總現金成本為 1,869 美元。今年早些時候，浮選迴路穩定性問題影響了生產，導致對膏體回填混合物進行了修改，以消除回填採場中的黏度調節劑。

While plant operations recovered substantially in Q2, affected stockpile ore continued to be processed in the third quarter. Despite efforts to minimize negative impacts in the processing circuit, ongoing process water chemistry challenges further reduce the metal recovery during the quarter. While mitigation measures are underway, modest negative impacts on the metal recovery may persist as we continue processing material from affected backfill stopes and stockpiles.

雖然工廠運作在第二季大幅恢復，但受影響的庫存礦石在第三季繼續進行加工。儘管已努力減少加工迴路中的負面影響，但持續的製程水化學挑戰進一步降低了本季的金屬回收率。雖然緩解措施正在進行中，但由於我們仍在處理受影響的回填採場和堆料場的材料，金屬回收率可能會受到輕微的負面影響。

Progress continued on the planned mill expansion to 650,000 tonnes per annum during the quarter, with the early works advancing and demolition activities underway within the concentrator. All of the major equipment, including the verti-mill, flotation cells, thickeners, cyclones, and E-room have been delivered.

本季度，選礦廠擴建計畫持續推進，目標是將年產能提升至 65 萬噸，早期工程正在推進，選礦廠內的拆除工作也正在進行中。包括立磨機、浮選槽、濃縮機、旋流器和電選室在內的所有主要設備均已交付。

We expect progressive commissioning and ramp-up in the second half of 2026. We remain committed to driving transformation at Olympias. A comprehensive program is now underway to modernize and optimize the process plant and surrounding infrastructure alongside leadership and skills development program aimed at strengthening capabilities across all levels of the organization.

我們預計將在 2026 年下半年逐步完成調試和產能提升。我們將繼續致力於推動奧林匹亞斯的轉型。目前正在進行一項全面的計劃，旨在對工藝裝置及週邊基礎設施進行現代化改造和優化，同時開展領導力和技能發展計劃，以加強組織各個層面的能力。

I'll stop there and hand it over to Simon to discuss the Turkish and Canadian operations.

我就說到這裡，把話題交給西蒙，讓他來討論土耳其和加拿大的營運情況。

Thanks, Louw. Starting in Turkiye on slide 15, Kisladag production totaled 37,184 ounces with total cash costs of $1,309 per ounce sold. The decrease in production during the quarter compared to Q2 2025 was primarily due to lower tonnes mined as a result of lower-than-planned equipment availability and the resulting short-term resequencing of the mine plan.

謝謝你，Louw。從土耳其（幻燈片 15）開始，基斯拉達格的產量總計為 37,184 盎司，每盎司售出的總現金成本為 1,309 美元。與 2025 年第二季相比，本季產量下降的主要原因是設備可用性低於計劃，導致採礦噸數減少，進而對礦山計劃進行了短期重新排序。

Fewer tonnes placed on the pad and lower grades from prior periods along with the placement of ore on the test pad to support the whole ore agglomeration study. The decision has been made to proceed with a whole ore agglomeration at the capital cost of approximately $35 million, reinforcing our commitment to enhancing permeability, improving leach kinetics, and shortening the leach cycle.

與前期相比，堆放在試驗堆上的礦石噸數減少，品位降低，同時在試驗堆上放置礦石以支持整個礦石團聚研究。我們已決定投入約 3500 萬美元的資本成本進行全礦石團聚，這進一步鞏固了我們提高滲透性、改善浸出動力學和縮短浸出週期的承諾。

Over the life of mine, we expect operating and capital cost savings driven by a shortened leach cycle. Specifically, the shortened leach cycle is anticipated to reduce sustaining capital expenditures through lower consumable requirements such as liners and associated pipeline. Installation of the agglomeration drum is expected in 2027, with long lead items expected to be ordered in Q4 of 2025.

在我的礦場使用壽命期間，我們預計透過縮短浸出週期來節省營運和資本成本。具體而言，縮短浸出週期可望透過降低襯裡和相關管道等消耗品需求來減少維持性資本支出。預計在 2027 年安裝團聚滾筒，預計在 2025 年第四季訂購長週期零件。

We made a strategic decision to decouple the whole ore agglomeration from the HPGR screening, reflecting our continued focus on capital discipline. To support future optimization, geometallurgical studies continue in order to characterize future mining phases and will evaluate the benefit of additional screening for the HPGR. These studies are expected in the first half of 2026.

我們做出了一項策略決策，將整個礦石團聚過程與高壓輥磨機篩選過程解耦，這反映了我們對資本紀律的持續關注。為了支持未來的最佳化，地質冶金研究仍在繼續，以便表徵未來的採礦階段，並將評估對高壓輥磨機進行額外篩選的好處。這些研究預計將於 2026 年上半年進行。

On slide 16, at Efemcukuru, third quarter gold production was 17,586 ounces at total cash costs of $1,522 per ounce sold. Gold production throughput and average gold grades were in line with the plan for the quarter.

第 16 頁顯示，Efemcukuru 第三季黃金產量為 17,586 盎司，每盎司售出黃金的總現金成本為 1,522 美元。本季黃金產量和平均黃金品位均符合計畫。

And now moving to the Lamaque Complex on slide 17, Lamaque delivered production of 46,823 ounces at total cash costs of $767 per ounce sold. Third-quarter production was positively impacted from higher throughput driven by processing the remaining portion of the second Ormaque ore sample. The high-grade ore was treated in a blend with Triangle ore and performed very well.

現在來看看投影片 17 中的拉馬克礦區，拉馬克礦區生產了 46,823 盎司黃金，每盎司黃金的總現金成本為 767 美元。第三季產量受到正面影響，這得益於處理第二批奧爾馬克礦石樣本的剩餘部分，從而提高了產量。高品位礦石與三角礦石混合處理，效果非常好。

I would also like to congratulate our team at Lamaque hosting during the quarter nearly 30 Quebec members of Parliament of Canada. The visit was a proud moment for our team as they showcased our commitment to innovation, operational excellence, and sustainability leadership.

我還要祝賀拉馬克團隊在本季接待了近 30 位來自魁北克省的加拿大國會議員。這次訪問對我們的團隊來說是一個值得驕傲的時刻，因為它展現了我們對創新、卓越營運和永續發展領導力的承諾。

And with that, I'll turn back to George for his closing remarks.

接下來，我將把鏡頭交回喬治，請他作總結發言。

Thanks, team. Before concluding today's call, I'm pleased to announce that yesterday, we finalized the sale of the remaining gold project, Certej. This transaction marks the end of a lengthy process aimed at divesting non-core assets within the portfolio. I look forward to monitoring the progress of the project given our retained equity and royalty.

謝謝大家。在今天的電話會議結束之前，我很高興地宣布，昨天我們完成了剩餘黃金項目 Certej 的出售。此次交易標誌著旨在剝離投資組合中非核心資產的漫長過程的結束。我期待在保留股權和特許權使用費的前提下，監督該專案的進度。

Gold prices have remained strong, but we've seen some sharp swings lately. Through this environment, we remain strongly committed to disciplined cost management to protect and expand our margins. Capital allocation continues to be a key priority.

黃金價格一直保持強勢，但最近出現了一些劇烈波動。在這種環境下，我們仍然堅定地致力於嚴格的成本管理，以保護和擴大我們的利潤率。資本配置仍然是重中之重。

We're returning capital to shareholders through our enhanced share buyback program while at the same time advancing our high-return growth initiatives across our global portfolio. This positions us for sustained growth, margin expansion, and driving enhanced shareholder value as we enter the next phase of Eldorado's transformation.

我們透過加強股票回購計畫向股東返還資本，同時推進我們在全球投資組合中的高回報成長計畫。這將使我們在進入 Eldorado 轉型下一階段時，實現持續成長、利潤率擴張和提升股東價值。

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

感謝您抽出時間。現在我將把發言權交給接線員，以便我們的分析師提問。

(Operator Instructions) Cosmos Chiu, CIBC.

（操作說明） Cosmos Chiu，CIBC。

Hi. Thanks, George and team. And welcome, Christian. Maybe my first question is on the transaction that happened earlier today. Fresnillo's buying Probe gold with the support of Eldorado Gold. I guess my question is, George, has this always been the desired outcome for that investment? And then I guess broader scale, M&A is heating up in the sector. How do you see Eldorado positioned?

你好。謝謝喬治和他的團隊。歡迎你，克里斯蒂安。我的第一個問題或許是關於今天早些時候發生的那筆交易。Fresnillo 在 Eldorado Gold 的支持下收購 Probe 黃金。我想問的是，喬治，這是否一直是這項投資的預期結果？然後，我認為從更廣泛的層面來看，該行業的併購活動正在升溫。您認為埃爾多拉多的市場定位如何？

Sure. On Probe, I mean, we took a toehold in Probe a number of years back with the view that there was a property package that could have potential supplemental ore to feed our really permitted mill capacity that exceeds our current run rate. And so our hope was that they would discover some high-grade, high-value underground opportunities that subsequently could be part of the Lamaque complex.

當然。關於 Probe 項目，我的意思是，幾年前我們開始涉足 Probe 項目，當時我們認為該項目擁有潛在的補充礦石，可以滿足我們實際獲批的選礦廠產能，而我們目前的產能已經超過了目前的運行速度。因此，我們希望他們能發現一些高品位、高價值的地下資源，這些資源隨後可以成為拉馬克礦區的一部分。

Really, how that has evolved as they've discovered a large, low-grade open-pit opportunity. And as we assessed that opportunity, it really didn't stack up with our other capital allocation opportunities. And so when we heard this week that Fresnillo made an offer. It didn't fit our strategic initiatives going forward. And so we did agree to sign on to support that acquisition.

實際上，隨著他們發現了一個大型的低品位露天礦坑，情況發生了怎樣的變化。當我們評估這個機會時，發現它與我們其他的資本配置機會相比，實在遜色不少。所以，本週我們聽說弗雷斯尼洛提出了報價。它不符合我們未來的策略舉措。因此，我們同意簽署協議支持這項收購。

On the bigger, broader M&A opportunities ahead -- I mean, at Eldorado, our focus is head down, deliver the high-value project Skouries, Olympias expansion, and other investments across the portfolio. That's our priority. As we come out of delivering Skouries in the first half of next year, and we're going to be positioned to continue to invest within the portfolio, but look for other opportunities externally. So I think we're in a great position in a great market. But for now, let's head down, focus on what we're doing.

至於未來更大、更廣泛的併購機會——我的意思是，在 Eldorado，我們的重點是埋頭苦幹，交付高價值項目 Skouries、Olympias 擴建以及投資組合中的其他投資。這是我們的首要任務。隨著我們在明年上半年完成 Skouries 專案的交付，我們將能夠繼續在現有投資組合內進行投資，同時也尋找外部的其他機會。所以我認為我們身處在一個非常好的市場，並且處於非常有利的地位。但現在，我們還是低下頭，專注於我們正在做的事情。

Perfect. Thanks, George. Maybe switching gears a little bit to Skouries, certainly sounds good to hear that it is on time for first concentrate in Q1 2026. As you have mentioned, the filter tailings plant is on a critical path. Louw did a good job in terms of summarizing it. But is there anything else that's on the critical path? That's number one.

完美的。謝謝你，喬治。或許可以稍微換個話題聊聊Skouries，聽說它將於2026年第一季按時推出首款濃縮產品，這當然是個好消息。正如您所提到的，尾礦過濾廠位於關鍵路徑上。Louw 在總結方面做得很好。但關鍵路徑上還有其他嗎？這是第一點。

And number two, it is a fairly tight schedule, delivering first concentrate by Q1 2026. And it kind of straddles your holiday season. I know there has been some changes in the schedule in terms of work schedule. But how have you factored in potential workers taking time off during the holiday season? Does it really go kind of dead in Greece during those months or during those weeks? And how should we look at it in terms of kind of like looking at the risk on the timeline for delivery by Q1 2026?

第二，時間安排相當緊張，第一批濃縮液將於 2026 年第一季交付。而且它正好橫跨你的假期。我知道工作安排方面有一些變動。但是，你們是如何考慮員工在假期期間休假的情況的呢？希臘在那幾個月或那幾週真的會變得非常蕭條嗎？那麼，我們應該如何看待這個問題，例如評估在 2026 年第一季交付的時間表所面臨的風險呢？

Thanks for the question, Cosmos. Yes, so for a critical path, the dry stack filter plant given the short or the small footprint that we're dealing with there is the key focus for us. Obviously, everything in front of that has to be done and constructed on time to be able to put ore through that filter facility. But I did tell there's nothing at this point that we're worried about.

謝謝你的提問，Cosmos。是的，因此對於關鍵路徑而言，考慮到乾式煙囪過濾器廠佔地面積小，它是我們關注的重點。顯然，在此之前的所有工作都必須按時完成並建成，才能將礦石送入該過濾設施。但我確實說過，目前我們沒有什麼好擔心的。

Now looking forward, you hit the nail on the head. It's the transition to get the additional trades on piping the electrical and control system that are critical to delivering everything ahead of the dry stack filter plant.

展望未來，你說的完全正確。過渡階段是為了獲得額外的管道電氣和控制系統的專業技能，這對於向乾式煙囪過濾器廠輸送所有設備至關重要。

I'd tell you we have good visibility on that. The transition is evolving week over week, month over month, and will continue right up to the first quarter. And then there'll be a dramatic drop off in construction workers and a huge focus on preparing for commissioning. So we're feeling good about that transition. We've got visibility on the required workers over the next five months, say. And as we say, we're on track to deliver first concentrate at the end of the first quarter.

我可以告訴你，我們對此有很清晰的了解。這一轉變每週、每月都在不斷發展，並將持續到第一季。隨後建築工人數量將急劇下降，而工作重點將放在調試準備工作上。所以我們對這種過渡感到滿意。例如，我們已經掌握了未來五個月所需的工人數量。正如我們所說，我們正按計劃推進，並將於第一季末交付第一批濃縮物。

Great. And maybe just one last question on Kisladag quickly, the whole ore agglomeration project. Could you maybe remind us what's the potential impact here on recovery, on throughput? And is it really just overall kind of potentially having less wear and tear on the HPGR longer term? Is that what we're trying to do here?

偉大的。或許可以快速問最後一個關於基斯拉達格的問題，關於整個礦石集結計畫。您能否提醒我們一下，這會對復原速度和吞吐量產生哪些潛在影響？那麼，從長遠來看，這是否真的能減少高壓輥磨機 (HPGR) 的磨損？這就是我們想做的事嗎？

Thanks, Cosmos. It's Simon. The whole ore agglomeration, the purpose of that is primarily to enhance permeability in the leach pad so that we get a good contact with the lixiviant and the ore particles. And so where we see the best benefit there is, as we've reported previously, we've got a very long leach cycle. Our leach cycle currently is sort of around 300 days on average with enhanced permeability that comes with the whole ore agglomeration.

謝謝你，宇宙。是西蒙。整個礦石團聚過程的主要目的是提高浸出墊的滲透性，以便浸出劑與礦石顆粒充分接觸。因此，正如我們之前報導的那樣，我們認為最大的好處在於，我們有一個非常長的浸出週期。目前，我們的浸出週期平均約為 300 天，這是由於礦石團聚作用增強了滲透性。

We expect to see that reduced to 200 days. That provides us with the primary benefit of obviously getting our returns faster in terms of metal recovery, but also less infrastructure requirements in the longer term because we need less footprint in order to leach the tonnes in the plan. So at the moment, we're not planning any enhanced recovery in the model, but faster kinetics generally are a positive sign for that in the long term.

我們預計這一數字將縮短至 200 天。這給我們帶來了主要的好處，顯然是金屬回收方面我們能更快地獲得回報，而且從長遠來看，基礎設施需求也更少，因為我們只需要更少的佔地面積就能按照計劃浸出數噸金屬。所以目前我們還沒有計劃在模型中採取任何強化恢復措施，但從長遠來看，更快的動力學通常是積極的信號。

Yes. Thanks, Simon. I forgot that the leach cycle is that long at 300 days. So 200 days certainly gives it much needed benefit. Great. Thanks, everyone. Those are all the questions I have. Happy Halloween and thanks once again.

是的。謝謝你，西蒙。我忘了滲濾週期長達 300 天。所以200天的確能帶來急需的好處。偉大的。謝謝大家。這就是我所有的問題了。萬聖節快樂，再次感謝。

Thank you.

謝謝。

Tanya Jakusconek, Scotiabank.

Tanya Jakusconek，加拿大豐業銀行。

Great. Good morning, everybody, and thank you so much for taking my three questions. And welcome, Christian, on board. So maybe, George, can I start with you? Just on Skouries, can I just review with you, we've got that end of Q1 for the concentrate first gold pour. We are then going commercial by mid-2026.

偉大的。各位早安，非常感謝你們抽空回答我的三個問題。歡迎克里斯蒂安加入我們。那麼，喬治，或許我可以先從你開始嗎？關於 Skouries，我可以跟你確認一下嗎？我們第一季末會進行第一批黃金濃縮液的澆鑄。我們計劃在2026年中期開始商業化營運。

Can you remind me again what your definition for commercial production is so that we can monitor the correct 60% of the mill or whatever, however you're going to define it, so we can model that? And then can you remind me from commercial, when do we actually get to steady state? And what do we need to get there? So that's my first question.

您能否再次提醒我您對商業生產的定義是什麼，以便我們能夠監控工廠的正確 60% 產量或其他任何您定義的產量，從而進行建模？那麼，你能從商業角度提醒我一下，我們什麼時候才能真正達到穩定狀態嗎？那麼，我們需要做些什麼才能達到目標呢？這是我的第一個問題。

Yes. Thanks for the question, Tanya. On the commercial production, we're expecting to be at 80% of design nameplate throughput at that point and then expect to get the rest to 100% by the end of the year. So that's the key criteria. We're feeling comfortable with that given that it's a single floatation circuit. Olympias is much more complex with three concentrates. And we've got already some of our operators from Olympias at Skouries going through training on that particular facility. And I think we're in good shape to deliver that ramp up.

是的。謝謝你的提問，塔妮亞。在商業生產方面，我們預計屆時產能將達到設計銘牌產能的 80%，然後預計到年底將剩餘部分達到 100%。這就是關鍵標準。鑑於這是一個單浮充迴路，我們對此感到放心。奧林匹亞斯酒的成分更為複雜，由三種濃縮液組成。我們已經安排了一些來自 Olympias 的操作員在 Skouries 接受該特定設施的培訓。我認為我們完全有能力實現這一成長目標。

Okay, so 80% of designed nameplate capacity to go commercial, is that 80% over 30 days?

好的，那麼設計銘牌產能的 80% 投入商業運營，是指 30 天內達到 80% 嗎？

I believe that's correct.

我認為這是正確的。

Okay. And then from midyear, you expect six months really of ramp up to get to nameplate by the end of 2026 is what I heard. Is that correct?

好的。然後，據我所知，從年中開始，預計需要六個月的時間進行加速，到 2026 年底才能達到最終的產量。是這樣嗎？

That's correct. That's what we're assuming.

沒錯。這是我們假設的情況。

Okay. And then -- sorry. And with that, the old technical report -- and I say old because it is quite outdated. When are we going to have a better understanding? Obviously, as soon as you operate, you have a better understanding on operating costs, but when is the market going to be given an update on costing for this operation, both on the operating and sort of the capital sustaining costs?

好的。然後——抱歉。至此，這份舊的技術報告──之所以說是舊的，是因為它已經相當過時了。我們何時才能有更深入的了解？顯然，一旦開始運營，你就能更好地了解運營成本，但是市場何時才能獲得有關該運營成本的最新信息，包括運營成本和資本維持成本？

Yes. So we'll be updating the market on our 2026 guidance in Q1. And with that, we'll include the remaining capital spend and the operating cost post commercial production. So that will be the first window. Just to reference back to the technical study, so I mean, we completed that technical study just prior to getting the financing in place and then initiating construction. So it's only as stated as the construction has been. But again, we'll be updating that as we work our way through next year and getting the actual results that can then be built into an updated technical study.

是的。因此，我們將在第一季向市場更新我們 2026 年的業績指引。此外，我們還將包括商業化生產後的剩餘資本支出和營運成本。那將是第一個視窗。再回顧一下技術研究，我的意思是，我們在獲得融資並開始施工之前完成了那項技術研究。所以，它只是按照施工進度所說的。但是，我們會在明年逐步推進工作並獲得實際結果後，更新這份報告，並將結果納入更新的技術研究中。

Okay, so we would -- so you are expecting to give us an updated technical study in 2026?

好的，所以你們預計在 2026 年給我們一份更新的技術研究報告？

No, I'd say we're going to collect the data from 2026, and that will inform the timing and results in an updated study. So we haven't had a date on that. We're waiting for the results.

不，我認為我們將從 2026 年開始收集數據，這將為更新研究的時間表和結果提供基礎。所以目前還沒有確定日期。我們正在等待結果。

Okay. All right. And then just secondly, as we come towards yearend, I know in December, you'll be releasing your -- and we're literally a month away or thereabouts for your reserves and resources. Can you talk to me about how you were thinking about cutoff grades? What are you thinking about inflation on your costs, gold price inputs. And how do these reserves look, and resources?

好的。好的。其次，隨著年底臨近，我知道在 12 月，你們將會釋放你們的儲備和資源——距離釋放這些儲備和資源的時間只剩大約一個月了。你能跟我說說你當初是怎麼考慮錄取分數線的嗎？您如何看待通貨膨脹對您的成本和黃金價格投入的影響？這些儲量和資源狀況如何？

Yes, so I mean, the first thing on metal prices, so we're in the process of determining where to land on update on our reserve price assumptions. We use a look back on metal prices as well as staying consistent with our peer group. So we're expecting a modest increase in metal prices. Our focus is to keep our reserve price conservative, ensuring we have very strong margins to drive profitability in the company.

是的，我的意思是，關於金屬價格，首先是確定我們儲備價格假設的更新方向。我們回顧金屬價格走勢，並與同行保持一致。因此，我們預計金屬價格將小幅上漲。我們的重點是保持保守的底價，確保我們擁有非常強勁的利潤率，從而推動公司獲利。

So I'd just tell you, it won't be consistent with the peers, a modest increase in metal price assumptions, and we do all this in the fourth quarter at Eldorado so that we have the latest and greatest information to support our budget for next year and our guidance that we'll set in the first quarter.

所以我想告訴你們，這與同行的情況並不一致，金屬價格預期會略有上升，而我們在 Eldorado 的第四季度會完成所有這些工作，以便我們擁有最新、最可靠的信息來支持我們明年的預算以及我們將在第一季度製定的指導方針。

And then in terms of inflation, cutoff grades, I mean, we're working through all those as we speak, and we use actual data and project through our life of mine studies that are done during the summer to set those assumptions. So it's work in progress. I would tell you we're not expecting any radical change in any of those inputs, a modest increase in metal price assumption.

至於通貨膨脹、錄取分數線等等，我們正在努力解決這些問題，我們使用實際數據，並透過夏季進行的礦場生命週期研究來設定這些假設。所以這項工作還在進行中。我可以告訴你，我們預計這些投入要素都不會發生任何根本性的變化，金屬價格預計只會小幅上漲。

Okay. And then -- and do you expect to replace, you think, your reserves this year?

好的。那麼——你預計今年能否補充你的儲備金？

Yes. I mean, we haven't finished the work. We're feeling good about it. Stay tuned. We're not far away from releasing that information.

是的。我的意思是，我們還沒完成這項工作。我們對此感覺不錯。敬請關注。我們離公佈這些資訊已經不遠了。

Okay. And then I guess my final question would be to Christian. Welcome on board, Christian, and you've mentioned in your opening remarks that you're looking forward to the next phase of the strategy and you visited all of the operations. So maybe you can share with us, as you look at the company, what are your top five priorities for the next 12 months?

好的。那麼，我最後一個問題想問克里斯蒂安。歡迎加入，克里斯蒂安。你在開場白中提到，你期待著策略的下一階段，並且你已經檢視了所有營運部門。那麼，在您檢視公司發展的同時，或許您可以和我們分享一下，您認為未來 12 個月最重要的五件事是什麼？

Yes. Thanks, Tanya. And actually, just to clarify, I haven't visited them all yet. I said in the next month, I'll visit Quebec and Greece. I'm sort of following along with the pre-planned visits in our budget strategy cycle here. But I've been really impressed with what I've seen so far. Obviously, I've seen a lot of mines around the world, and the ones at Turkiye I got to visit last week and the week before, very impressive in terms of an ESG approach, in terms of how they operate, the longevity of the team and just the skill and experience and reputation in the industry.

是的。謝謝你，塔尼亞。實際上，需要澄清的是，我還沒有全部參觀過。我說過下個月我會去魁北克和希臘。我基本上是按照我們預算策略週期中預先規劃的訪問行程進行安排的。但我目前所看到的真的讓我印象深刻。顯然，我參觀過世界各地的許多礦山，上周和前週我參觀的土耳其礦山，無論從 ESG 方法、運營方式、團隊的穩定性，還是在行業內的技能、經驗和聲譽來看，都給我留下了非常深刻的印象。

In terms of priorities, really, for me right now, it's really getting an opportunity to settle in. For me, when I came in, it's looking at the culture and how I can slot into a team. And really, the transition with George, I think it is a wonderful period of time for me to just get caught up without the pressure of having a quick change.

就優先事項而言，對我來說，現在最重要的是有機會安定下來。對我來說，我剛加入公司時，首先要了解的是公司文化，以及我如何融入團隊。而對喬治來說，這段過渡期對我來說真是一段美好的時光，我可以好好適應，不用承受快速轉變的壓力。

And you see in our industry, it happens quite often overnight and get up to speed with the budgets. We're going through that next phase of strategy for the five years coming once Skouries is up and running. And I think critical to us will be that post-Skouries cash flow inflection point and how to allocate the capital. So in our sort of 2030 strategy planning, that will be something we're going to be looking at very closely.

在我們的行業裡，這種情況經常發生，一夜之間就能趕上預算進度。一旦 Skouries 投入運營，我們將進入未來五年策略的下一個階段。我認為對我們來說至關重要的是斯庫里斯事件後的現金流拐點以及如何分配資金。因此，在我們的 2030 年策略規劃中，這將是我們重點關注的問題之一。

And I don't have any answers for you today specifically because I think we're going through that process, but it's a wonderful time to be joining a group like this where, for me, the culture fit was really good. I think the team is diverse and deep. And I think the spread of assets is wonderful and the exploration upside and the long lives already in the portfolio are really exciting. And there's growth projects here are very valuable from our own cash flow. So it's kind of building all those into that next phase of the strategy as it sort of inflects and turns to cash flow generation from pure spending and building Skouries over the last couple of years.

今天我無法給你具體的答案，因為我認為我們正在經歷這個過程，但現在加入這樣一個團隊真是太好了，對我來說，這裡的文化非常契合。我認為這個團隊多元化且實力雄厚。我認為資產分佈非常出色，勘探潛力以及投資組合中已有的長期資產都非常令人興奮。而且，這裡的一些成長項目對我們自身的現金流來說非常有價值。所以，這實際上是將所有這些因素融入戰略的下一階段，因為在過去幾年裡，戰略發生了轉變，轉向透過純粹的支出和建設 Skouries 來產生現金流。

Okay. So I guess what I'm hearing from you, and maybe I don't want to have my own assumptions, but maybe you can tell me if this is correct. So you've taken a look at the team, the culture. You're happy with that. You're looking to get Skouries behind and producing so that we can then, number two, look at capital allocation, whether that's continued share buyback, dividends, et cetera, et cetera, for return to shareholders. Maybe you can talk about the portfolio itself, like what does Perama stand in here? Any of the other assets? Probe is non-core, anything else that you see non-core, other assets that you want to push through further in the Eldorado strategy?

好的。所以，我猜我從你那裡聽到的是這樣，也許我不想妄下結論，但也許你能告訴我這是否正確。所以你已經了解團隊和文化了。你對此感到滿意。你們希望 Skouries 能夠恢復生產，這樣我們才能在第二方面考慮資本配置，例如繼續回購股票、分紅等等，以回報股東。或許你可以談談作品集本身，例如 Perama 在這裡扮演什麼角色？其他資產呢？探測器屬於非核心資產，還有其他你認為屬於非核心資產，或者你想在埃爾多拉多戰略中進一步推進的其他資產嗎？

That's a fulsome question, Tanya. I think, at this stage, when I looked at it, exploration and just continuing to extend and advance mine life is critical. And now there's an opportunity with these kind of gold prices in this environment. And again, my superficial early look is there's real opportunity to spend some money and focus on that. There's a great team here, I think, that has some plans and excitement around our current assets and in the countries we currently operate. So I think that will be one of the key elements.

坦妮亞，你問的這個問題很全面。我認為，就目前而言，勘探以及不斷延長和推進礦山壽命至關重要。現在，在這種黃金價格和環境下，存在著投資機會。再次強調，我的初步觀察是，這裡確實有機會投入一些資金並專注於此。我認為這裡有一支很棒的團隊，他們對我們現有的資產以及我們目前運營的國家有一些計劃和熱情。所以我認為這將是關鍵因素之一。

And Perama Hill, I mean, literally going through that phase of, I think, getting GIA updated and submitted. So assuming there's a permit over the next year or so, it would be nice to put that into the plans. I don't think we're quite ready to actually build the timing in yet. But I think there's been a good job done in Greece to build the sort of social license and the acceptance of the relationships. And when you look at Skouries and Olympias, there's a really nice platform. So I think Perama could come in afterwards, but I can't commit to timing at this stage, obviously.

而 Perama Hill，我的意思是，它正處於更新和提交 GIA 的階段。因此，假設未來一年左右能獲得許可，最好將其納入計劃中。我認為我們還沒完全準備好把時間安排進去。但我認為希臘在建立社會許可和接受這種關係方面做得很好。當你看到 Skouries 和 Olympias 時，你會發現它們有一個非常好的平台。所以我認為佩拉馬可能會隨後加入，但顯然，現階段我無法確定具體時間。

And as George alluded to, I think there are these opportunities, which Simon was saying in Turkiye to continue to improve, enhance and some of the operations are already underway and are performing well. In Quebec as well, there's exploration opportunities. There's already good results coming out of Ormaque underground, and there's an ability to expand that plant if there's enough ore there. So all those things could be part of the plan, but timing and specific commitments, I think, it's a little bit early on that, but that's a good place to park some of the capital over time, I think.

正如喬治所暗示的那樣，我認為存在著這些機會，正如西蒙在土耳其所說的那樣，可以繼續改進、提升，一些項目已經在進行中，並且進展順利。魁北克省也存在勘探機會。Ormaque 地下礦已經取得了不錯的成果，如果那裡有足夠的礦石，礦場還有擴建的潛力。所以所有這些事情都可能是計劃的一部分，但是時機和具體承諾，我認為現在還為時過早，但我認為這是隨著時間的推移存放一些資金的好地方。

Okay. Well, good. Look forward to working with you.

好的。很好。期待與您合作。

Thanks, Tanya.

謝謝你，塔尼亞。

Don DeMarco, National Bank Financial.

唐‧德馬科，國家銀行金融公司。

Thank you, operator, and good morning. Good afternoon, George, and -- or good morning or good afternoon, George and Christian. Maybe I'll just start off with Olympias. So obviously, the challenges in the flotation circuit were evident in Q3. And I heard on the call that they may persist for some time. And then concurrently, you've got this expansion underway. Does that expansion perhaps complicate things with regard to resolving the challenges in the flotation circuit? And maybe if you could just give a little bit more detail on when you think you might see a rebound in recoveries?

謝謝接線員，早安。下午好，喬治，還有——或者早上好/下午好，喬治和克里斯蒂安。或許我先從奧林匹亞斯開始吧。顯然，第三季浮選迴路的挑戰顯而易見。我在電話裡聽到，這種情況可能會持續一段時間。同時，你們的擴張計畫也在進行中。這種擴張是否會使解決浮選迴路中的難題變得更加複雜？能否再詳細說說您認為何時才能看到經濟復甦反彈？

Well, thanks. Maybe I'll start with recoveries. I mean, we've seen a rebound just in the last two months. So when we're successful at managing the ore fed into the plant and not getting a slug of this viscosity modifier in the plant, we're seeing good recovery. So it's been good in the last two months. But if we get a slug of this material in, it messes up the process water, and it takes time to clean it up. So we end up lowering throughput. We end up getting lower recovery. And that's the reality looking backwards.

謝謝。或許我可以先從復健開始。我的意思是，僅僅在過去兩個月裡，我們就看到了反彈。所以，當我們成功控制送入工廠的礦石，並且不讓大量黏度調節劑進入工廠時，我們就能看到良好的回收率。所以過去兩個月情況都不錯。但是，如果我們弄進一大團這種物質，就會污染製程用水，需要時間才能清理乾淨。所以最終導致吞吐量下降。最終導致回收率降低。這就是回顧過去所看到的現實。

As Louw mentioned, this is a cut-and-fill mining method underground. And so these -- we put this viscosity modifier in the cemented backfill in stopes between Q3 of last year and Q1 of this year when we realized we have this problem. So as we mine next to all those stopes during that period, we have the risk of getting the viscosity modifier into that fresh ore. And that residual risk will remain until the second quarter of next year.

正如盧所提到的，這是一種地下挖填式採礦方法。因此，在去年第三季到今年第一季之間，當我們意識到有這個問題時，我們在採場的水泥回填物中添加了這種黏度調節劑。因此，在那段時間裡，當我們在所有這些採場旁邊進行採礦時，我們就有將黏度調節劑帶入新鮮礦石的風險。這種殘餘風險將持續到明年第二季。

Obviously, our mine operators and our plant operators are day to day, shift by shift managing the blends. We do have a design to take the higher risk stockpile ore and -- ore will be coming out of the underground and process it before it goes into the plant. So there were crushing and screening and taking the coarse material. It won't have a significant amount of that modifier in it, and that goes into the mill.

顯然，我們的礦場操作員和工廠操作員每天都在輪班管理混合物。我們確實有一個設計方案，可以處理風險較高的庫存礦石——礦石將從地下運出，並在送入工廠之前進行加工。所以就有了破碎、篩選和去除粗料的環節。它不會含有大量的該修正劑，然後就進入了研磨機。

The fine material, we're looking at permitting and the ability to wash it and remove that -- most of that viscosity modifier. So later on, that could be put in the plant. So these are the things that we're doing. And it's fair to say there's some risk remaining into Q2, but I'd say we're getting better at managing it. We're trying to be as proactive as we can to not have another significant upset. But as Louw said, the risk will remain.

我們正在研究精細材料的許可和清潔能力，以及去除其中大部分黏度調節劑的能力。所以之後，就可以把它放到工廠裡。所以，這就是我們正在做的事情。公平地說，第二季仍然存在一些風險，但我認為我們在應對這些風險方面做得越來越好。我們正努力採取一切積極主動的措施，避免再次發生重大意外。但正如盧烏所說，風險依然存在。

In terms of the expansion, really, there's no connection between this problem and the expansion. We're basically having to move some of the infrastructure like piping and cable trays to make room for the equipment that we're installing. So that work is in progress. We'll get that construction completed next year.

就擴張而言，這個問題和擴張之間實際上沒有任何關聯。我們基本上需要移動一些基礎設施，例如管道和電纜橋架，以便為我們正在安裝的設備騰出空間。這項工作正在進行中。我們明年就能完成這項工程。

It will be a staged approach. Some of the equipment will get stalled earlier in the year that will help improve the performance of the mill. The throughput won't happen until we get the grinding mill in, and that happens in the second half. So we're expecting some really exciting results that come out of Olympias once we get this expansion completed.

這將是一個分階段進行的過程。部分設備會在年初就停工，這將有助於提高工廠的生產效率。只有磨粉機到位後，才能達到產能提升，而磨粉機的到位要等到下半年才能實現。因此，我們期待奧林匹亞斯在擴建完成後能取得一些非常令人興奮的成果。

That's no longer the bottleneck. It will be back on the underground mine ramp up. And as we've talked over the last two years, we've done a really good job of debottlenecking the underground. So we get this mill expanded. Production goes up, margins expand, and we get this viscosity modifier behind us, Olympias will be a key contributor to cash flow.

那就不再是瓶頸了。它將重新回到地下礦井的斜坡道上。正如我們過去兩年一直在討論的那樣，我們在疏通地鐵瓶頸方面做得非常出色。所以我們要擴建這家工廠。產量增加，利潤率擴大，如果我們解決了黏度調節劑的問題，奧林匹亞斯將成為現金流的關鍵貢獻者。

Okay. And then on to something else then. With the guidance adjustment that we saw with Q3, costs are higher. But of course, some of the drivers of those costs are outside of your control, such as the Turkiye royalty rates and so on. Could you just give us maybe a rough percentage of looking at the delta in that cost increase, how much was within your control and how much was not?

好的。然後就去做別的事情了。由於第三季業績指引調整，成本上升。當然，其中一些成本的驅動因素是你無法控制的，例如土耳其的特許權使用費率等等。您能否大致估算一下成本增加的幅度，看看其中有多少是您可以控制的，有多少是您無法控制的？

Hi. It's Paul here. So I think I heard you, you were breaking up a little bit, but the question is around our increase in our guidance for all-in sustaining costs. There's two things basically that have driven that. One that is in our control and that we've been dealing with and one that isn't. And they split about 50-50 in terms of how it's impacted our guidance for the rest of the year. So the first one is around gold price. If you remember, our original budget was set with a gold price of around $2,300.

你好。我是保羅。所以我想我聽到了，你剛才有點斷斷續續的，但問題是關於我們提高全部維持成本指導值的。基本上有兩個因素導致了這種情況。一個是我們能夠控制並且一直在處理的問題，另一個則不是。對於此事對我們今年剩餘時間的業績預期造成的影響，他們的看法大致各佔一半。所以第一個問題與黃金價格有關。如果你還記得的話，我們最初的預算是根據每盎司黃金約 2300 美元的價格製定的。

We're now assuming an average price to the end of the year of $4,000 an ounce. And at that level, we continue to see increased royalties, both from the absolute cost, but also the increase in the slate of royalties that we saw in Turkiye early in the year, and that's responsible for around 50% of the increase. And then the second 50% is really just a reflection of Olympias performance with those recovery issues and lower volume, and that has pushed up our per ounce costs. So it's 50-50 between them. We're not actually seeing any real inflation in costs in terms of -- versus our guidance for the year outside of that.

我們現在假設到年底的平均價格為每盎司 4000 美元。在這個層面上，我們繼續看到版稅收入增加，這既包括絕對成本的增加，也包括今年年初我們在土耳其看到的一系列版稅收入的增加，而這大約佔成長的 50%。而第二個 50% 的變化實際上反映了奧林匹亞斯在恢復問題和產量下降方面的表現，這推高了我們每盎司的成本。所以他們兩個各佔一半優勢。除了這一點之外，我們實際上並沒有看到成本方面出現任何真正的通膨——與我們今年的預期相比。

Okay. Thanks for that. And then just as a final question. Also in Q3, we saw a big increase in your share buybacks quarter over quarter. So I just was wondering, going forward, do you expect to maintain the level of buybacks in Q3 or maybe ease a bit, increase a bit, just kind of -- just to get your sense at this point? And then also while on the top of capital allocation, maybe even any additional color on the dividend or the timing of the dividend as I know Christian brought that up in his response to Tanya.

好的。謝謝。最後一個問題。第三季度，我們看到貴公司的股票回購量較上季大幅成長。所以我想問一下，展望未來，您預計第三季會維持目前的股票回購水平，還是會稍微放緩一些，或稍微增加一些？只是想了解一下您目前的看法？此外，在資本配置方面，或許可以補充一些關於股息或股息發放時間的說明，因為我知道 Christian 在回覆 Tanya 時提到了這一點。

Yes, sure. So as far as the share buybacks are concerned, we signaled at quarter end Q2 that we had extended our NCIB program for another 12 months with a maximum repurchase of 5% of our outstanding share capital. We do intend to be opportunistic around that. We think our shares are incredibly good value at the current level. But really, it's when there's opportunities in the market or if we're underperforming, then we will actually use the NCIB program to purchase those shares.

當然可以。就股票回購而言，我們在第二季末發出訊號，我們將NCIB計劃延長12個月，最多可回購已發行股本的5%。我們確實打算在這方面抓住機會。我們認為，以目前的價位來看，我們的股票極具價值。但實際上，只有當市場出現機會或我們業績不佳時，我們才會利用正常市場發行計畫（NCIB）來購買這些股票。

As a good sort of working average, I would assume over the next three quarters that we continue to buy at approximately the same rate, okay? As far as dividends are concerned, I think we haven't changed our messaging around this. Next year is an inflection point for us in terms of cash flow generation as Skouries comes into operation. And that feels like a great time for us to then be considering if it's the right moment to put in place a sustainable dividend that we can stand behind going forward. And so I think that will be back on the agenda for us in terms of capital allocation as we move into next year.

作為比較合理的平均估算，我假設在接下來的三個季度裡，我們將繼續以大致相同的速度購買，可以嗎？至於分紅方面，我認為我們在這方面的宣傳訊息沒有改變。明年對我們來說是現金流產生的轉捩點，因為 Skouries 將投入營運。因此，現在正是我們考慮是否應該設立可持續分紅機制，並為此做出長期努力的好時機。因此，我認為明年在資本配置方面，這將再次提上我們的議程。

Okay, great. Well, that's all for me. Thank you again for taking my question, and good luck with the rest of the year.

好的，太好了。好了，我的報告就到這裡。再次感謝您回答我的問題，並祝您今年餘下的日子一切順利。

Thanks, Don.

謝謝你，唐。

Lawson Winder, Bank of America.

勞森·溫德，美國銀行。

Thank you very much, operator. And good morning, George, Christian, and Paul. Thank you for today's update. If I could maybe push you a bit more on 2026 and the CapEx outlook. So for 2025 sustaining CapEx, we're running at the high end of the $145 million to $170 million. When you look to next year, I mean, is that higher end of the 2025 a pretty reasonable baseline for 2026? And actually, you know what, I had asked a similar question for the growth capital at the operations. I mean, is that is the current $245 million to $270 million range, a decent level heading into next year?

非常感謝接線生。早安，喬治、克里斯蒂安和保羅。感謝您今天的更新。如果我可以再跟您詳細談談 2026 年的資本支出前景就好了。因此，對於 2025 年的維持性資本支出，我們的預算將達到 1.45 億至 1.7 億美元的高端水準。展望明年，我的意思是，2025 年的較高水準是否能作為 2026 年相當合理的基準？事實上，你知道嗎，我之前也問過營運成長資本方面類似的問題。我的意思是，目前的2.45億美元到2.7億美元區間，對於明年來說是一個不錯的水平嗎？

Well, again, we'll be updating you in the first quarter on next year's guidance, maybe a couple of comments that might help. So the Olympias expansion, that's obviously underway in Quebec. We're completing the second bulk sample, but we're in the middle of permitting for a paste backfill plant, an operating permit. So the timing on that is uncertain, but there'll be capital to spend on Olympias when we get those permits. So stay tuned for that.

好的，我們會在第一季向您更新明年的業績預期，或許還會提出一些可能對您有幫助的意見。所以，奧林匹亞斯的擴建工程顯然正在魁北克進行中。我們正在完成第二個散裝樣品的採集，但目前我們正在辦理膏體回填廠的許可和營運許可證。所以具體時間還不確定，但一旦我們拿到許可證，就會有資金投入奧林匹亞斯計畫。敬請期待。

As well, Simon's walked through the whole ore agglomeration, and we've committed that $35 million. So we got to build all that into next year's plan depending on permitting. I'd say those are the moving parts. The rest of the portfolio is pretty consistent. And then on the growth capital, well, beyond that is Skouries, obviously, we've kind of walked through that Q1 is the bulk of the spend next year in Skouries, and we're commissioning in Q2. So there'll just be some residual growth capital happening there.

此外，西蒙已經考察了整個礦石聚集區，我們已經投入了 3500 萬美元。所以，我們需要根據審批情況，把所有這些都納入明年的計畫中。我認為這些就是活動部件。投資組合的其他部分都相當穩定。至於成長資本，顯然，除此之外還有 Skouries 項目，我們已經大致了解了，明年 Skouries 項目的大部分支出將在第一季度，我們將在第二季度啟動。所以那裡會有一些剩餘的成長資本。

As you look forward on Skouries, though, remember that the pit is up and running, we're in good shape there. The plant will be running next year. We've got the first blast on the test. But over the next three years, we'll be investing in that underground to get the infrastructure in place for it to ramp up to be the sole feed to the plant at the end of the next decade.

不過，展望斯庫里斯賽道時，請記住，礦坑已經準備就緒，我們在那裡的情況很好。該工廠明年將投入營運。我們已經完成了測試的第一階段。但在接下來的三年裡，我們將投資建造該地下設施，使其基礎設施到位，以便在下一個十年末成為該工廠的唯一供氣來源。

So there's incremental growth capital that will be happening over the five-year plan. Next year, some of that capital on the underground will begin to be spent, but the ramp-up really starts happening at '27. So it's hard to give you specific numbers on next year. Hopefully, I gave you a little bit of color there, and it's not too far away from given the specific updated guidance on '26.

因此，在五年計劃期間，將逐步增加成長資本。明年，地鐵建設的部分資金將開始投入使用，但真正的加速建設要到 2027 年才會開始。所以很難給出明年的具體數字。希望我剛才的描述能為你帶來一些啟發，而且與 26 年的具體更新指導意見相差不大。

Yes. Actually, that summary was very helpful. And I just would want to say, it's impressive that that Skouries remains on track. And if I may, and just to cover off potentiality, should there be any delay, what would be a rough weekly or monthly holding cost of just keeping that going for a slightly extended period of time?

是的。實際上，那份總結很有幫助。我只想說，斯庫里斯能夠保持目前的進度，這令人印象深刻。如果可以的話，為了以防萬一，萬一出現任何延誤，維持這種狀態一段時間的大致每週或每月持有成本是多少？

Yes, the way I would describe it, we're comfortable. We have all the equipment and materials there. So there's no risk on that side. We have the workforce. We're over 2,000 people at site right now, construction and operations ramp up. So the impact next year, if for some reason, it took a little bit longer to get the first concentrate, those fixed costs that we were going to spend on a monthly basis is about $15 million. So that's really the impact of a delay.

是的，用我的話來說，我們覺得很舒服。我們那裡有所有的設備和材料。所以這方面沒有任何風險。我們擁有足夠的勞動力。目前現場有 2000 多人，建設和營運正在加速推進。因此，如果由於某種原因，第一批濃縮物需要更長時間才能到貨，那麼明年我們將每月支出的固定成本約為 1500 萬美元。這就是延誤的實際影響。

Okay. Relatively small percent of the overall CapEx. And then if I could -- I think I've asked you this before, but like I acknowledge you do not like to give guidance on gold production for -- on a quarterly basis. Just with Kisladag, there's obviously a lot of variability when it comes to the leaching times. Can you give us any sort of directional point or hint here on Q4, just when you consider what was stacked at the end of Q2, what was stacked in Q3? And yes, I'll just leave it there. Anything would be very helpful.

好的。佔總資本支出的比例相對較小。然後，如果可以的話——我想我以前問過您這個問題，但我知道您不喜歡按季度給出黃金產量方面的指導。就基斯拉達格而言，浸出時間顯然有很大的差異。關於第四季度，您能否給我們一些方向性的提示或線索？例如，考慮一下第二季末堆疊的內容，以及第三季堆疊的內容？是的，我就說到這裡吧。任何幫助都將不勝感激。

Yes. I mean, again point you back to guidance. Although Q3, we had some negative impacts, we're still going to hit our guidance at Kisladag for the year. As you say, Q4 is a little bit tough. We had lower placements. Precisely understanding how that's going to impact Q4 versus Q1, it's difficult to say. There's a bit of art and science in heap leaching. But all I can tell you, at this point, we're comfortable we're going to be within guidance at Kisladag for the year. And so Q4, don't expect anything dramatic, one way or another. It's going to be a good year at Kisladag.

是的。我的意思是，再次提醒你注意指導。儘管第三季我們受到了一些負面影響，但我們仍將實現 Kisladag 全年的業績預期。正如你所說，第四季確實有點難熬。我們的排名較低。很難準確判斷這將對第四季與第一季產生怎樣的影響。堆浸法既包含一些藝術，也包含一些科學。但我目前只能告訴你們，我們有信心今年在基斯拉達格的運作將符合指導方針。所以第四季度，不要期待會有什麼戲劇性的變化。今年對基斯拉達格來說將會是美好的一年。

Thank you very much, guys.

非常感謝各位。

Thank you.

謝謝。

That's all the time we have for 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.

今天的時間就到這裡了。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。