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, 3rd quarter 2025 results conference call. As a reminder, all participants are in listen-only mode, and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. So during the question queue, you may press then 1 on your telephone keypad. Should you need assistance during the conference call, you may signal an operator for pressing star, then 0.

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。提醒各位，所有與會者均處於唯讀模式，會議正在錄音。演講結束後，將有機會提問。因此，在排隊等待提問時，您可以按下電話鍵盤上的 1。如果您在電話會議期間需要協助，您可以示意接線生按星號，然後按 0。

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 3rd quarter 2025 results conference call. Before we begin, I would like to remind you that we will be making forward-looking statements and referring to non IFRS measures during the call. Please refer to the cautionary statements included in the presentation and the disclosure on non IFRS measures and risk factors in our management's discussion and analysis.

謝謝接線員，大家早安。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 Millau, President, Paul Fernyhough, executive Vice President and Chief Financial Officer, Lo Smith, executive Vice President, Development Greece, and Simon Hilly, Executive Vice President, Operations and technical Services. Our release yesterday detailed our 3rd quarter, 2025 financial and operating results. This should be read in conjunction with our 3rd quarter, 2025 financial statements and management discussion and analysis, both of which are available on our website.

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·米洛、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洛·史密斯，以及負責營運和技術服務的執行副總裁西蒙·希利。我們昨天發布的公告詳細介紹了我們 2025 年第三季的財務和營運表現。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。

They have also both been filed on Cedar Plus and Edgar. All dollar figures discussed today are US dollars unless otherwise stated. We will be speaking to the slides that accompany this webcast, which can be downloaded from our website. After the prepared remarks, we will open the call for Q&A. At this time, we will invite analysts to queue for questions. I will now turn the call over to George.

它們也都已在 Cedar Plus 和 Edgar 上提交。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。屆時，我們將邀請分析師排隊提問。現在我將把通話轉給喬治。

Thanks, Lynette, and good morning everyone.

謝謝Lynette，大家早安。

We are pleased to welcome Christian Milla 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.

我們很高興地歡迎 Christian Milla 出任總裁，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。

He brings a fresh perspective and a strong focus on our key priorities.

他帶來了全新的視角，並高度重視我們的關鍵優先事項。

His appointment further strengthens our leadership team as we continue to advance our growth strategy and position El Dorado for long-term success.

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，並為埃爾多拉多的長期成功奠定基礎。

Turning to the outline for today's call, I'll begin with an overview of our 3rd 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 Lo 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 Lo 和 Simon 報告專案和營運的最新情況。

Turning to slide 4, our 3rd quarter highlights.

接下來請看第 4 張投影片，這是我們第三季的亮點。

We achieved safe production of 115,190 gold ounces and generated approximately $77 million of free cash flow, excluding Surry's investment.

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 Surry 的投資）。

Operational performance remains strong at Lamarck, benefiting from early processing of the remaining portion of the second.

拉馬克礦的營運表現依然強勁，這得益於第二批剩餘礦藏的早期加工。

For Ma bulk sample.

對於 Ma 散裝樣品。

Kissodike had fewer tons placed on the pad and lower grade stack as a result of reduced equipment availability and short-term mind plan resequencing, as well as placement of ore on a test pad for the whole ore agglomeration project.

由於設備可用性降低、短期思維計畫重新排序，以及整個礦石聚集計畫在試驗堆場上放置礦石，Kissodike 礦堆的礦石噸數減少，礦石品位降低。

FMuaru maintained stable production, while Olympias had challenges from stockpiled ore containing the viscosity modifier used in the tailings paste backfill that negatively impacted the processed water chemistry in the flotation circuit.

FMuaru 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，這給浮選迴路中的處理水化學產生了負面影響。

During the 3rd quarter, we improved management of the stockpile of ore, but mod modest negative impacts on mental recovery may persist as we continue processing material from affected backfill stomps and stockpiles.

第三季度，我們改善了礦石堆的管理，但由於我們繼續處理來自受影響的回填堆和堆料的材料，對心理恢復的輕微負面影響可能會持續存在。

Given our strong performance through the end of the 3rd quarter, we are tightening our 2025 guidance range on gold production and now expect to be between 470 and 490,000 ounces.

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470,000至490,000盎司之間。

According to cost, we have revised our 2025 guidance upwards. Total cash costs are now expected to be between $1175 and $1250 per ounce sold, and all the sustaining costs are expected to be between $1600 and $1,675 per ounce sold.

根據成本因素，我們已上調了 2025 年的業績預期。預計每盎司黃金的總現金成本在 1175 美元至 1250 美元之間，所有維持成本預計在每盎司黃金 1600 美元至 1675 美元之間。

These increases were primarily driven by one. Record high gold prices and recently enacted higher royalty rates in Turkey, 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.

這些成長主要由一個因素驅動。一是金價創歷史新高，二是土耳其最近提高了特許權使用費率，導致特許權使用費支出增加；其次，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 costs to be at the higher end of our $145 to $170 million dollar guidance range. In line with previous 2025 guidance, Operation Scroth Capital is expected to be between $245 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。根據先前 2025 年的指導意見，Scroth Capital 行動的規模預計將在 2.45 億美元至 2.7 億美元之間。

Lastly, it's scurrius project capital investment for 2025 has been revised upward to between $440 and $470 million as a result of the acceleration of work originally planned for 2026 across several non-critical path areas and proactive de-risking efforts.

最後，由於幾個非關鍵路徑領域的工作加快推進，以及積極主動的降低風險措施，該公司 2025 年的 Scurrius 專案資本投資已上調至 4.4 億至 4.7 億美元之間。

The estimated overall project capital remains unchanged at $1.06 billion.

預計項目總投資額維持不變，仍為10.6億美元。

We are on track with accelerated operational capital and are maintaining our guidance of $80 to $100 million for 2025.

我們正按計畫加速推進營運資本，並維持2025年8,000萬至1億美元的預期目標。

Turning the slide 5 in the third quarter, our last time injury frequency rate was 1.21, an increase from the LTIFR of 1.10 in the third quarter of 2024.

第三季翻到第 5 頁，我們上次的受傷頻率為 1.21，比 2024 年第三季的 LTIFR 1.10 增加。

We recognize there is always room for improvement and remain committed to continually strengthen our safety performance.

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。

Throughout 2025, we're advancing health and safety initiatives. These efforts are reinforced by the multi-year rollout of our courageous safety leadership program launched earlier this year.

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早些時候啟動的「勇敢的安全領導力計劃」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 a verification against the standards of 1, our sustainability integrated Management System, 2, the Mining Association of Canada's Toward Sustainable Mining Initiative, and 3, the World Gold Council's responsible Gold Mining Principles.

在永續性方面，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：1. 我們的永續性綜合管理系統；2. 加拿大礦業協會的「邁向永續採礦倡議」；3. 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 environmental performance.

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。

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.

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.

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。

For the nine months ended September 30, 2025, repurchases have been approximately 5 million shares for a total of $123 million.

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。

The program reflects our continued commitment to discipline capital allocation, and returning value to our shareholders. With that, I'll turn the call over to Christian to say a few words.

該計劃體現了我們對資本配置紀律和為股東創造價值的持續承諾。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.

謝謝你，喬治，大家早安。

Very excited to be joining you today in my new role at El Dorado. Well, 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 and attractive mining jurisdictions with long average mine lives and significant prospectivity throughout the portfolio.

今天非常高興能以新身分加入 El Dorado，與大家共事。我九月才加入公司，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非常滿意，包括營運和項目，以及具有吸引力的礦業管轄區，這些管轄區平均礦山壽命長，並且整個投資組合都具有巨大的發展前景。

I've recently I've 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.

最近，我已經透過初步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野心、機會和紀律。

As well as the strong alignment around delivering sustainable value to all stakeholders.

此外，各方在為所有利害關係人創造永續價值方面也高度一致。

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 discipline and capital allocation.

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 卓越性的明確承諾，還有紀律和資本配置。

My focus in the months ahead will be on supporting our teams as we advance our near-term priorities and on ensuring that we position, we're positioned to deliver our long-term strategy as we go through the scurries cash flow inflection point in 2026.

未來幾個月，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，以便在 2026 年現金流拐點到來之際，實現我們的長期策略。

Having just returned from our sites in Turkey and with visits planned to Greece and Quebec in the coming months, I'll have I've had the opportunity to see all the mines firsthand. The visit so far stood out to me with the excellent commitment and pride on display.

我剛從土耳其的礦區回來，接下來幾個月還計畫去希臘和魁北克，所以我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。

I've been impressive to witness the energy and collaborations 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. With that, I'll now hand over to Paul to walk through the financial Results.

我親眼見證了我們團隊在一線展現出的活力和協作精神，這給我留下了深刻的印象。我期待在接下來的幾個月裡繼續與我們更多的專案點、社群和投資者進行交流。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 3rd quarter results reflect consistent operational performance and are aligned with our titan 4-year production guidance.

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穩定的營運表現，並與我們雄心勃勃的 4 年生產指導方針相符。

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.

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 swamps.

第三季度，Eldorado 報告稱，持續經營淨利潤為 5,700 萬美元，相當於每股 0.28 美元；若不計一次性非經常性項目，則該季度調整後淨利潤為 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沼澤。

Free cash flow for the quarter registered at negative $87 million. However, underlying free cash flow, excluding capital investments in the spurious project amounted to positive $77 million.

本季自由現金流為負 8,700 萬美元。然而，若不計入對該虛假項目的資本投資，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.

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。

Our corporate gold price collars will continue to settle monthly through the year end, with approximately 50,000 ounces outstanding for the fourth quarter and an upper limit of $2,667 per ounce.

我們的企業黃金價格區間將繼續按月結算至年底，第四季約有 50,000 盎司未結算，上限為每盎司 2,667 美元。

Following the expiration of these collars, we will be fully exposed to market gold prices, with only minimal hedging derivatives remaining tied to the Scurrius project financing facility.

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，只有極少的對沖衍生性商品與 Scurrius 專案融資機制掛鉤。

Production costs for the quarter reached $164 million representing a $23 million dollar increase over Q3 2024.

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。

Third of this increase is attributable to higher royalties, while the remainder stems from the rising labor costs in Tokyo, where inflation continues to surpass local currency devaluation, and at Lama, where additional labor and contractor expenses were incurred due to the planned deepening of the triangle line.

其中三分之一的成長歸因於更高的特許權使用費，其餘部分則源於東京勞動力成本的上升（東京的通貨膨脹持續超過當地貨幣貶值），以及喇嘛的勞動力成本上升（喇嘛由於計劃加深三角線而產生了額外的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.

第三季度，每售出一盎司黃金的總現金成本為 1,195 美元，所有維持成本為每售出一盎司黃金 1,679 美元。

Growth capital investments that are operating mines totaled $58 million for the quarter. At Kisleddag, these expenditures included planned waste stripping and equipment costs related to construction of the North Heat leech pads second phase.

本季營運礦場的成長資本投資總額為 5,800 萬美元。在基斯萊達格，這些支出包括計畫內的廢棄物清除費用以及與北熱滲濾墊二期工程建設相關的設備費用。

At the Lemma complex, investments focused on the allmak development, as well as construction of the North Basin Water Management facility and initial procurement for the recently approved paste plant.

在萊瑪綜合設施，投資重點放在了allmak的開發、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。

Progress continued at Scurrius, including facility and process construction, as well as early mining activities in both the open pit and underground areas.

Scurrius 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.

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。

Current tax expense for quarter 3 was $52 million reflecting a $13 million dollar increase from the prior year period attributed to improved profitability in Canada and Turkey A.

第三季當期所得稅支出為 5,200 萬美元，較上年同期增加 1,300 萬美元，主要歸因於加拿大和土耳其 A 業務獲利能力的提高。

Deferred tax expense to $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 TRY and EUR, partially offset by the reversal of temporary differences.

遞延所得稅支出降至 200 萬美元，而 2024 年第三季預計將收回 1,100 萬美元。其中包括與美元淨波動相關的 400 萬美元支出，主要受土耳其里拉和歐元的影響，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.

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。

With liquidity totalling approximately $1.1 billion we continue to be well positioned to invest in our cash generating assets, advance scurriious towards completion, and create additional value through disciplined capital allocation and the NCIB program.

我們擁有約 11 億美元的流動資金，因此我們能夠繼續投資於我們的現金產生資產，快速推進專案完成，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 scurious production coming ever closer, several staff members attended LME Week in London, the foremost annual event for the global metals community.

本月初，隨著可疑生產日期的臨近，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。

Productive discussions were held with traders and smelters regarding the sale of our high-quality, clean copper gold concentrate from scurrius.

我們與貿易商和冶煉廠就出售來自斯庫裡烏斯的高品質、純淨銅金精礦進行了富有成效的討論。

As a result, we anticipate finalizing initial multi-year offtake contracts by year end.

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 accents.

概述完畢，現在我將把電話交給盧，他將介紹我們希臘口音的亮點。

Thanks, Paul, and good morning, everyone. Let's begin with slide 8, which highlights the progress at our Scurius copper gold project.

謝謝保羅，大家早安。讓我們從第 8 張投影片開始，其中重點介紹了我們的 Scurius 銅金專案的進展。

As of the end of tier 3, overall progress on phase two construction reached 73% and 86% when including phase one. 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. We now have approximately 2000 personnel on site, including 236 members of the Scuest operational team. This strong workforce has enabled us to deal with 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.

截至第三階段末期，第二階段建設的整體進度已達 73%，若算上第一階段，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。預計於2026年中期開始商業化生產。目前現場約有 2000 名人員，其中包括 Scuest 營運團隊的 236 名成員。強大的員工隊伍使我們能夠及早處理多個領域的問題。我們的熟練勞動力擴充工作最初從混凝土、結構和機械行業開始，現在正在過渡到電氣管道和控制系統行業。

While we've exceeded our labor targets, our focus remains on aligning skilled resources with active work fronts to support our execution plan.

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。

From a productivity standpoint, construction performance continues to track at or slightly above plan across the site.

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。

On the bottom of slide 8, you'll see a photo of the open pit. This week, our 4th crew started operating, enabling the transition to a 24/7 rotation.

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。

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

截至 10 月底，我們已從露天礦堆放了約 531,000 噸礦石，從地下礦堆放了約 93,000 噸礦石，其中估計含有 21,000 盎司黃金和 550 萬噸銅，我們正在為調試和初步精礦生產做準備。

Turning to slide 9.

翻到第9張投影片。

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.

這裡的照片以及接下來的幻燈片展示了正在進行的工作的穩定進展。加工廠週邊的基礎建設持續推進。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、線路設備、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.

控制樓主體結構已完工，前兩層正在進行電氣安裝。

We have completed pre-commissioning of the concentrate filter presses and water testing of the flotation cells and tanks.

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。

Preparations for pre-commissioning the Pebble Crusher are in progress.

卵石破碎機的預調試準備工作正在進行中。

Moving to slide 10.

切換到第10張投影片。

Progres continue on the thickness. Water testing of the first two thickeners is complete, and piping installations have commenced following completion of the pipe rack installations.

厚度方面持續取得進展。前兩個濃縮機的水質測試已經完成，管道支架安裝完成後，管道安裝工作已經開始。

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 is approximately 92% complete. The time-lapse video showcasing this progress is linked for reference.

第 11 張投影片重點介紹了位於關鍵路徑上的尾礦過濾廠。截至 10 月底，尾礦過濾廠的結構用鋼安裝已完成約 92%。為方便參考，已提供展示此進展的延時影片連結。

Mechanical work progressed with the assembly of the filter presses, with 4 complete at the end of the 3rd quarter and the remaining 2 on plan for completion in November, with each press equipped with 98 plates.

機械工作進展順利，壓濾機的組裝工作已完成，到第三季末已完成 4 台，其餘 2 台按計畫將於 11 月完成，每台壓濾機配備 98 個濾板。

The compressor building steel structure is 98% complete, and ALL6 compressors and all and air receivers have been installed.

壓縮機房鋼結構已完成 98%，全部 6 台壓縮機和所有儲氣罐已安裝完畢。

As seen on slide 12, construction of the crusher building structure is progressing. Concrete work has reached the final elevation above the foundation with the final wall lifts advancing.

從投影片 12 可以看出，破碎機廠房結構的建造正在進行中。混凝土工程已達到地基以上的最終標高，最後一層牆體正在施工中。

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 course or stockpile, are now complete. Conveyor, reassembly and support steering installation are well underway.

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（包括料堆或料場）現已完工。輸送機的重新組裝和支撐轉向裝置的安裝工作正在順利進行中。

At the core or stockpile on slide 13, the stockpile dome foundation is nearing completion, and the assembly of the dome has commenced. The first of the three reclaimed feeders and associated sheet work has been installed, with pre-assembly continuing on the remaining 2 feeders.

在第 13 張幻燈片所示的核心或堆場中，堆場穹頂的基礎即將完成，穹頂的組裝已經開始。三個回收給料機和相關板材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.

第 14 張幻燈片轉到奧林匹亞斯。

Third quarter gold production was 13,597 ounces, and total cash costs were $1,869 per ounce sold.

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。

Production was impacted by flotation circuit stability issues earlier in the year, which led to a modification of the place backfill blend to eliminate viscosity modifiers in the backfilled stoves. While plant operations recovered substantially in Q2, affected stockpile or continued to be processed in the 3rd 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 stoves and stockpiles.

今年早些時候，由於浮選迴路穩定性問題，生產受到影響，導致對回填混合物進行了修改，以消除回填爐中的黏度調節劑。雖然工廠運作在第二季大幅恢復，但受影響的庫存或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來自受影響的回填爐和堆料的材料，金屬回收可能會受到輕微的負面影響。

Progress continued on the plant plant expansion to 650,000 tons per annum.

該廠擴建工程持續推進，目標是年產能達 65 萬噸。

During the quarter, with the early works advancing and demolition activities underway within the concentrator.

本季度，選礦廠內的早期工程正在進行，拆除活動也正在進行中。

All of the major equipment, including the verteol, flotation cells, thickeners, cyclones, and urum, have been delivered. We expect progressive commissioning and ramp up in the second half of 2026.

包括維特奧爾、浮選槽、濃縮機、旋流器和尿素在內的所有主要設備都已交付。我們預計將在 2026 年下半年逐步完成調試和產能提升。

We remain committed to driving transformation at Olympias. A comprehensive program is now underway to modernize and optimize the process plan and surrounding infrastructure alongside a leadership and skills development program aimed at strengthening capabilities across all levels of the organization. I'll stop there and hand it over to Simon to discuss the Turkeys and Canadian operations.

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，旨在對流程計劃及相關基礎設施進行現代化和優化，同時開展一項領導力和技能發展計劃，以加強組織各個層面的能力。我就說到這裡，把麥克風交給西蒙，讓他來討論土耳其隊和加拿大的業務。

Thanks though, starting in Turkey and slide 15, Kishina production totaled 37,184 ounces with total cash cost of $1,309 per ounce sold.

謝謝。從土耳其和第 15 張投影片開始，Kishina 的總產量為 37,184 盎司，每盎司的總現金成本為 1,309 美元。

The decrease in production during the quarter compared to Q2 2025 was primarily due to lower tons mined as a result of lower than planned equipment availability and the resulting short-term resequencing of the mine plan.

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 tos placed on the pad and lower grades from prior periods, along with the placement of or on the test pad to support the whole or agglomeration study.

放置在墊子上的拋撒物較少，等級低於前期，以及在測試墊上放置或放置以支持整體或團聚研究。

The decision has been made to proceed with the whole agglomeration at the capital costs of approximately $35 million reinforcing our commitment to enhancing permeability, improving leach kinetics, and shortening the lee cycle.

已決定以約 3500 萬美元的資本成本推進整個聚集過程，這進一步鞏固了我們提高滲透性、改善浸出動力學和縮短棄水週期的承諾。

Over the life of mine, we expect operating in capital cost savings driven by a shortened leach cycle, specifically, the shorter le cycle is anticipated to reduce sustaining capital expenditures through lower consumer law requirements such as liners and associated pipeline.

在我的礦山壽命期內，我們預計營運資本成本將因浸出週期縮短而節省，具體而言，較短的浸出週期預計將透過降低消費者法律要求（如襯裡和相關管道）來減少維持性資本支出。

Installation of the agglomeration drums is expected in 2027.

預計在 2027 年安裝團聚滾筒。

With long lead items expected to be ordered in 4 of 2025.

預計2025年4月將訂購交貨週期較長的產品。

We made a strategic decision to decouple the whole oil agglomeration from the HPGR screening, reflecting our continued focus on capital discipline.

我們做出了一項策略決策，將整個石油聚集過程與高壓輥磨機篩選過程分離，這反映了我們對資本紀律的持續關注。

To support future optimization, geometurgical studies continue in order to characterize future mining phases, and will evaluate the benefit of additional screening for the HPGR.

為了支持未來的最佳化，地質計量研究仍在繼續，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。

These studies are expected in the first half of 2026.

這些研究預計將於 2026 年上半年進行。

On slide 16 at FF2 crew.

FF2 劇組第 16 張投影片。

Third quarter gold production was 17,586 ounces at total cash costs of $1,522 per ounce sold.

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。

Gold production, throughput, and average gold grade were in line with the plans of the quarter.

黃金產量、加工量和平均黃金品位均符合本季計畫。

And now moving to the Lama complex on slide 17.

現在轉到第 17 張投影片上的喇嘛建築群。

Lama delivered production of 46,823 ounces at total cash cost of $767 per ounce sold.

Lama 共生產了 46,823 盎司黃金，每盎司黃金的總現金成本為 767 美元。

Third quarter production was positively impacted from higher throughput, driven by processing the remaining portion of the second orac bulk sample.

第三季產量受到處理量增加的正面影響，這主要得益於第二批ORAC散裝樣品剩餘部分的加工。

The higher grade ore was treated in a blend with triangle ore and performed very well.

高品位礦石與三角形礦石混合處理，效果非常好。

I would also like to congratulate our team at Lamax hosting during the quarter nearly 30 Quebec members of Parliament of Canada.

我還要祝賀 Lamax 團隊在本季度接待了近 30 位來自魁北克省的加拿大國會議員。

The visit was a proud moment for our team, as they showcased our commitment to innovation, operational excellence, and sustainability leadership.

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 Sirte.

謝謝團隊。在今天的電話會議結束之前，我很高興地宣布，我們昨天完成了錫爾特剩餘黃金項目的出售。

This transaction marks the end of a lengthy process aimed at divesting no assets within the portfolio. I look forward to monitoring the progress of the project, given our retained equity and loyalty.

此次交易標誌著旨在不剝離投資組合中任何資產的漫長過程的結束。鑑於我們保留的股權和忠誠度，我期待關注該專案的進展。

Bull prices have remained strong, but we've seen some sharp swings lately.

牛市價格一直保持強勁，但最近出現了一些劇烈波動。

Through this environment, we remain strongly committed to discipline cost management to protect and expand our margins.

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。

Capital allocation continues to be a key priority. 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.

資本配置仍然是重中之重。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。

This positions us for sustained growth, marginal expansion, and driving enhanced shareholder value as we enter the next phase of El Dorado's transformation.

這將使我們處於持續成長、小幅擴張以及在 El Dorado 轉型進入下一階段時提升股東價值的有利地位。

Thank you for your time and we'll now turn it over to the operator for questions from our analysts.

感謝您抽出時間，現在我們將把發言權交給接線員，以便我們的分析師提問。

We will now begin the question-and-answer session. To join the question queue, you may press then 1 on your telephone keypad. You will hear a tone acknowledging your request. If you're using a speakerphone, please pick up your handset before pressing any keys. To withdraw your question, please press star, then 2.

現在開始問答環節。若要加入提問隊列，您可以按下電話鍵盤上的 1。您會聽到確認請求的提示音。如果您正在使用免持通話，請在按任何按鍵之前拿起聽筒。若要撤回您的問題，請按星號，然後按 2。

The first question comes from Cosmos Chiu - CIBC World Markets.

第一個問題來自 CIBC World Markets 的 Cosmos Chiu。

Please go ahead.

請繼續。

Hi, thanks, Georgian team, and welcome, Christian.

您好，謝謝喬治亞團隊，歡迎克里斯蒂安。

Maybe my first question is on the transaction that happened earlier today. Fresnes buying pro 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's heating up in the sector. How do you see Eldorado positions?

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。Fresnes 在 Eldorado Gold 的支持下購買專業黃金。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。您如何看待埃爾多拉多的位置？

Sure, I'm pro, I mean, we took a toehold in prove a number of years back with the view that it was a property package that could have potential supplemental ore to feed our really permitted milk capacity that exceeds our our current run rate.

當然，我是專業人士。我的意思是，幾年前我們就在普羅弗爾地區站穩了腳跟，當時我們認為這是一個可能擁有潛在補充礦石的地產項目，可以滿足我們實際獲批的牛奶產能，而我們的牛奶產能已經超過了目前的運行速度。

And so, our hope was that they would discover some high grade, high value, underground opportunities that subsequently could be part of the Lamar complex.

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爾綜合體的一部分。

Really how that has evolved is 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 First had made an offer, it didn't fit our strategic initiatives going forward and so we did agree to sign on to. To support that that acquisition.

事情的真正發展過程是，他們發現了一個大型低品位露天礦開採機會，而當我們評估這個機會時，它實際上無法與我們其他的資本配置機會相提並論。因此，本週我們聽說第一航空提出了收購要約，但這與我們未來的戰略舉措不符，所以我們同意簽署協議。為了支持這項收購。

On the bigger, broader, M&A.

著眼於更廣泛、更宏觀的併購。

Opportunities ahead. I mean, at Eldorado, our focus is head down, deliver the high value projects scurries, Olympias expansion, and other investments across the portfolio. That's our priority, as we come out of delivering scurries 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.

前方充滿機遇。我的意思是，在 Eldorado，我們的重點是埋頭苦幹，交付高價值項目，包括 Olympias 的擴建以及投資組合中的其他投資。這是我們目前的首要任務，因為我們將在明年上半年結束快餐配送業務。我們將繼續投資現有投資組合，同時也尋找外部的其他投資機會。所以我認為我們身處在一個非常好的市場，處於一個非常好的地位，但現在讓我們埋頭苦幹，專注於我們正在做的事情。

Perfect, thanks, George. Maybe switching gears a little bit too curious, certainly, sounds good to hear that, it is on time.

太好了，謝謝你，喬治。或許轉換話題有點太好奇了，當然，聽到這個消息很高興，時間也準時。

For first concentrate in Q1 2026.

首批濃縮液將於 2026 年第一季上市。

As you have mentioned, the filtered tailing plant is on the critical path.

正如您所提到的，過濾尾礦廠位於關鍵路徑上。

Lo did a good job in terms of summarizing it, but is there anything else that's on the critical path that's number one?

Lo 的總結做得很好，但是關鍵路徑上還有其他更重要的事項嗎？

And number 2, it is a fairly tight schedule, delivering first concentrate by Q1 2026, and it kind of straddles your holiday season.

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，而且正好跨越了你們的假期。

I know there's been some changes in the schedule in terms of work schedules, 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?

我知道工作安排方面有一些變化，但是你們是如何考慮到員工在假期期間可能會請假的情況的呢？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. Yeah, 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 or through that filter facility, but I did tell her there's there's nothing at this point that we're worried about. 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.

謝謝你的提問，Cosmos。是的，所以對於關鍵路徑而言，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，才能使過濾設施正常運行，但我確實告訴她，目前我們沒有什麼可擔心的。展望未來，你說的完全正確。這是過渡階段。為了獲得額外的管道、電氣和控制系統的專業技能，這些對於向乾式煙囪過濾器廠輸送所有設備至關重要。

I tell you we have good visibility on that. The transition is evolving week over week, month over month, and we'll 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.

我告訴你，我們對此有很清晰的了解。轉型正在每週、每月不斷發展，我們將持續到第一季度，然後建築工人數量將急劇下降，而人們的關注將大大增加。我們正在為調試做準備，所以對過渡過程充滿信心。

We've got visibility on the required workers over the next 5 months, say, as we say, we're on track to deliver first concentrated at the end of the 1st quarter.

我們已經掌握了未來 5 個月所需的工人數量，正如我們所說，我們正按計劃在第一季末交付第一批集中式產品。

Great. And maybe just one last question on that quickly, the whole or agglomeration project, could you maybe remind us what's the potential impact here on our 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。關於整個集聚項目，或許可以快速地問最後一個問題，您能否提醒我們一下，這對我們的回收率、吞吐量有什麼潛在影響？這真的只是總體而言，從長遠來看，減少高壓輥磨機的磨損，是我們想要做的嗎？

I think Scott's Simon.

我認為史考特就是西蒙。

The whole agglomeration, the purpose of that is primarily to enhance, permeability in the leech pad, so that we get, good, contact with the, lecivian and the all particles.

整個聚集體的目的主要是為了增強水蛭墊的滲透性，以便我們能夠與水蛭和所有顆粒進行良好的接觸。

And so Where we see the best benefit there is, as we've reported previously, we've got a very long lee cycle. Our lee cycle currently is sort of around 300 days on average with the enhanced permeability that comes with the whole agglomeration. We expect that we expect to see that reduced to 200 days. That provides us with the primary benefit of obviously.

因此，正如我們之前報導的那樣，我們認為最有利的地方在於，我們有一個非常長的下潛週期。由於團聚作用帶來的滲透性增強，我們目前的背風循環平均約為 300 天。我們預計這一時間將縮短至 200 天。這顯然為我們帶來了最主要的好處。

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 leech the tons in the plant. 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.

從長遠來看，我們不僅能更快獲得金屬回收收益，而且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在工廠裡提取數噸金屬。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，但是，從長遠來看，更快的動力學通常是一個積極的信號。

Yeah, thanks, Simon. I forgot that each cycle is that long at 300 days, so 200 days certainly gives it, much needed benefit. So great thanks everyone.

謝謝你，西蒙。我忘了每個週期長達 300 天，所以 200 天肯定能帶來急需的好處。非常感謝大家。

Those are all the questions I have. Happy Halloween and thanks once again.

這就是我所有的問題了。萬聖節快樂，再次感謝。

Thank you.

謝謝。

The next question comes from Tanya M Jakusconek, Scotia Capital Inc. Please go Ahead.

下一個問題來自豐業資本有限公司的 Tanya M Jakusconek。請開始。

Oh, 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 stories, can I, just review with you, we've got that, end of Q1 for the concentrate, for the gold.

哦，太好了。大家早安，非常感謝你們回答我的三個問題，也歡迎克里斯蒂安加入我們。所以，喬治，或許我可以先和你聊聊故事，我可以和你一起回顧一下，我們已經掌握了第一季末的濃縮黃金數據。

A poor we are then going commercial by mid-2026. Can you remind me again what your definition for commercial production is so that we can monitor the correct, 60% of the mail or whatever, how you ever 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.

到 2026 年中期，我們很可能會實現商業化。可以再提醒我你對商業生產的定義是什麼嗎？這樣我們才能監控正確的郵件量，例如 60% 的郵件量，或其他任何你定義的量，以便我們能建立模型。那麼，您能否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，以及我們需要做些什麼才能達到穩定狀態？這是我的第一個問題。

Yeah, thanks for the question, Tania.

是的，謝謝你的提問，塔妮亞。

On the commercial production.

關於商業生產。

We're expecting to be at 80% of design nameplate throughput, at that point and then expect to get the the rest at 100% by the end of the year.

我們預計屆時產能將達到設計銘牌產能的 80%，然後預計到年底剩餘產能將達到 100%。

So that's the key criteria. We're feeling comfortable with that, given that it's a single flotation circuit, Olympus is much more complex with 33 concentrates, and we've got Already, some of our operators from Olympias, at Surty's going through training on that particular facility, and I think we're in good shape to deliver that wrap up.

這就是關鍵標準。我們對此感到很放心，因為它是一個單一的浮選迴路，而奧林匹斯礦則複雜得多，有 33 個精礦，我們已經安排了一些來自奧林匹斯礦的操作員在 Surty's 接受該特定設施的培訓，我認為我們能夠順利完成收尾工作。

Okay, so 80%, of designed the name capacity to go commercial. Is that 80% over 30 days?

好的，所以 80% 的設計容量是為了商業化。那是30天內達到80%嗎？

I believe that's correct.

我認為這是正確的。

Okay. And then from mid-year, you expect 6 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，我聽說從年中開始，預計需要 6 個月的時間進行產能提升，到 2026 年底達到標竿水平，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.

好的。

And then, sorry, and with that, the old technical report and I say old cause 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 cost.

然後，抱歉，還有那份舊的技術報告，我說舊的是因為它已經過時了，我們什麼時候才能更了解它呢？顯然，一旦開始運營，你就會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。

Yeah, 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 we completed that technical study and 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 and getting the actual results that can then be built into an updated technical study.

是的，我們將在第一季向市場更新我們 2026 年的業績指引，屆時我們將包括剩餘的資本支出和商業化生產後的營運成本。所以這將是第一個可以回顧技術研究的窗口。我的意思是，我們已經完成了那項技術研究，就在融資到位並開始施工之前，所以目前的情況僅限於已完成的施工，但我們會隨著明年工作的推進不斷更新，並獲得實際結果，然後將這些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.

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。

So we haven't put in the date on that. We're waiting for the results.

所以我們還沒有在上面填寫日期。我們正在等待結果。

Okay. All right. And then just secondly, as we come towards year end, 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 cut-off grades, what were you thinking about inflation on your costs, gold price inputs.

好的。好的。其次，隨著年底臨近，我知道你們將在 12 月發布你們的計劃，而距離你們的儲備和資源發布還有大約一個月的時間。您能跟我談談您是如何考慮分級標準的嗎？您是如何考慮成本通膨和黃金價格投入的？

And and how do these reserves look and resources.

這些儲備和資源狀況如何？

Yeah, so I mean the first thing on metal prices, so we're 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.

是的，首先是關於金屬價格，我們正在確定更新儲備價格假設的最終目標，我們將回顧先前的金屬價格，並與同行保持一致，因此我們預計金屬價格將小幅上漲。

And our focus is to keep our reserve price conservative, ensuring we have very strong margins to drive profitability in the company. So I just tell you we'll be consistent with the peers, a modest increase in metal price assumptions, and you know we do all this in the 4th quarter at El Dorado 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 1st quarter.

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。所以我只想告訴你們，我們將與同行保持一致，適度提高金屬價格預期。你們也知道，所有這些工作我們都會在埃爾多拉多的第四季度完成，這樣我們就能獲得最新、最可靠的資訊來支持我們明年的預算以及我們將在第一季度製定的業績指引。

So, and then in terms of inflation, cut off grades, I mean we're we're working through all those as we speak and we use actual data and project through our life and mind studies that are done during the summer to set those assumptions.

所以，關於通貨膨脹、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，並透過我們在暑假期間進行的生活和心理研究來預測這些假設。

So it's work in progress. I would tell you we're not expecting any radical change in any of those inputs, modest increase in metal price assumption.

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，金屬價格預計會小幅上漲。

Okay. And then, and do you expect to replace, do you think you're reserved this year?

好的。那麼，你預計今年會有人頂替你的位置嗎？你覺得你今年有空缺嗎？

Yeah, I mean we haven't finished the work. We're feeling good about it.

是的，我的意思是，我們還沒有完成這項工作。我們對此感覺不錯。

Stay tuned. We're not far away from Releasing that information.

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 at the company, what are your TOP5 priorities for the next 12 months?

好的。那麼，我最後一個問題想問克里斯蒂安，歡迎你加入我們，克里斯蒂安。你在開場白中提到，你期待著策略的下一階段，而且你也檢視了所有營運部門。那麼，在您檢視公司發展的同時，或許可以跟我們分享一下，您認為未來 12 個月最重要的 5 件事是什麼？

Yeah, 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.

是的，謝謝你，塔妮亞。另外，需要澄清一下，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計劃的訪問進行安排的，但我對目前為止所看到的景像印象深刻。

Obvious I've seen a lot of mines around the world and the ones in Turkia that I got to visit last week or the week before very impressive in terms of an ESG approach in terms of how they operate, the longevity of some of the team, and just the skill and experience and reputation in industry.

顯然，我參觀過世界各地的許多礦山，上週或前週我參觀的土耳其礦山，就其運營方式、部分團隊成員的長期任職以及他們在行業內的技能、經驗和聲譽而言，在 ESG 方法方面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, I was looking at the culture and how I could 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 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 5 years coming.

就我目前的優先事項而言，最重要的是有機會安定下來。對我來說，剛來的時候，主要關注的是公司文化，以及我如何融入團隊。和喬治的交接，我認為這是一個絕佳的過渡期，讓我能夠慢慢適應，而不用承受快速變化的壓力。你知道，在我們這個行業，這種情況經常發生在一夜之間，需要快速跟上預算進度。我們將進入未來五年的戰略發展新階段。

Once score is up and running, and I think critical to us will be that post queries, cash flow inflection points and how to allocate the capital. So in our sort of 20-30 strategy planning, that will be something we're going to be looking at very closely, 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 of it was really good.

一旦評分系統上線運行，我認為對我們來說至關重要的是查詢結果、現金流拐點以及如何分配資金。所以，在我們接下來的 20-30 年策略規劃中，這將是我們重點關注的問題。今天我無法給出具體的答案，因為我認為我們正在經歷這個過程。不過，能夠加入這樣一個團隊真是太好了，對我來說，這裡的文化氛圍非常好。

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 really exciting and there's growth projects in 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 scores over the last couple of years.

我認為團隊多元化且實力雄厚，資產分佈也十分出色，勘探潛力巨大，投資組合中已有的長期項目也令人興奮，而且其中的成長項目能夠為我們自身的現金流帶來巨大價值。所以，這實際上是將所有這些因素融入策略的下一階段，因為在過去幾年裡，策略發生了轉變，轉向純粹依靠支出和累積積分來產生現金流。

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 scor behind and producing so that we can then #2, look at capital allocation, whether that's continued share buyback, dividends, etc. Etc. For return to shareholders.

好的，所以我想我從你那裡聽到的，也許我不想這樣，但我還是想問你，我的理解是否正確。所以，您已經考察過團隊和文化，對此感到滿意，您希望能夠支持並提高得分，這樣我們就可以進行第二步，考察資本配置，例如繼續股票回購、分紅等等，以實現股東回報。

Maybe you can talk about the portfolio itself, like where does era 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.

或許你可以談談投資組合本身，例如 Era 在這其中的地位，其他資產是否屬於非核心資產，你認為還有哪些非核心資產，以及你想在 Eldorado 策略中進一步推進的其他資產。

That's a fulsome question.

這是一個很全面的問題。

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 a real opportunity to spend some money and focus on that. There's a great team here I think that has plans and excitement around our current assets and in the countries we currently operate. So I think that'll be one of the key elements and Parame 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 a sort of social license and the acceptance of the relationships. And when you look at Scurrius and Olympias, it's a really nice platform, so I thinkera could come in afterwards, but I can't commit to timing at this stage, obviously.

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，在這樣的金價環境下，這是一個機會。我初步判斷，現在確實是一個值得投入資金並專注於此的機會。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/地區充滿計劃和熱情。所以我認為這將是關鍵要素之一，而帕拉梅山，我的意思是，實際上正在經歷那個階段，我認為是更新和提交 GIA。因此，假設未來一年左右能獲得許可，最好將其納入計劃中。我認為我們還沒有完全準備好真正確定時間安排，但我認為希臘在建立某種社會許可和接受這種關係方面做得很好。看看 Scurrius 和 Olympias，這是一個非常好的平台，所以我認為 Era 可能會隨後加入，但顯然，我現在還不能確定具體時間。

And as George alluded to, I think there are these opportunities which Simon was saying in Turkey to continue to improve, enhance and develop the operations that are already underway and are performing well in Quebec as well, there's exploration opportunities. There's already good results coming out of Ormak underground, and there's an ability to expand that plant if there's enough or 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 part, good place to park some of the capital of time, I think.

正如喬治所暗示的那樣，我認為西蒙在土耳其所說的那些機會，可以繼續改進、加強和發展已經在魁北克進行且表現良好的業務，也存在勘探機會。Ormak 地下工廠已經取得了不錯的成果，如果資源充足，還可以擴大工廠的規模。所以所有這些事情都可以成為計劃的一部分，但是時間安排和具體承諾，我認為現在還為時過早，但這是一個很好的部分，一個可以投入一些時間的好地方，我認為。

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

好的，很好。期待與您合作。

Thanks.

謝謝。

The next question comes from Don De Marco with National Bank Financial. Please go ahead.

下一個問題來自國家銀行金融公司的唐·德·馬科。請繼續。

Thank you, operator, and good morning. Good afternoon, George, and or good morning or good afternoon, George and and Christian.

謝謝接線員，早安。下午好，喬治，或早上好，或下午好，喬治和克里斯蒂安。

Maybe I'll just start off with the Olympias. So obviously the challenges in the flotation circuit were were evident in Q3, and I heard on the call that they may persist for some time.

或許我先從奧林匹亞斯比賽開始吧。顯然，第三季上市流程面臨的挑戰已經顯現，我在電話會議上聽說，這些挑戰可能會持續一段時間。

And then concurrently you've got this expansion underway. Does that expansion perhaps complicate things with 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 rebounding recoveries.

同時，你們的擴建工程也在進行中。這種擴張是否會使解決上市迴路中的挑戰變得更加複雜？能否詳細說明您認為何時可能會反彈復甦？

Well, I maybe starting 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 we're seeing good recovery. So it's been good the last two months. But if we get a slug of this material in, it messes up the processed water. And it takes time to clean it up, so we ended up, we end up lowering throughput, we end up getting lower recovery, and that's the reality looking backwards as Will mentioned.

嗯，我或許會從復健開始。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。所以過去兩個月一切都很好。但是，如果我們弄進大量這種物質，就會污染處理過的水。清理工作需要時間，所以最終我們降低了吞吐量，恢復率也降低了，正如威爾提到的那樣，這就是回顧過去後發現的現實。

This is a cut and fill mining method underground and so these we put this viscosity modifier in the cemented backfilling stoves between 3 of last year and Q1 of this year when we we realized we had this problem. So as we mine next to all those stoves during that period, we have the risk of getting that viscosity modifier into that fresh ore. And that that residual risk will remain till the second quarter of next year.

這是一種地下切割和填充採礦方法，因此，在去年 3 月到今年第一季之間，當我們意識到這個問題存在時，我們在水泥回填爐中加入了這種黏度調節劑。因此，在那段時間裡，我們在所有這些爐灶旁邊進行採礦作業時，就有了將黏度調節劑帶入新鮮礦石的風險。而且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 The higher risk stockpile ore and ore they'll be coming out of the underground.

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和他們將從地下開採出來的礦石。

And process it before it goes into the plant, so there we're crushing and screening and taking the course material. It won't have a significant amount of that modifier in it, and that goes into the mill. The fine material we're looking at permitting and the ability to wash it.

在送入工廠之前還要進行加工，所以我們要進行破碎、篩分，並去除粗料。它不會含有大量的該修正劑，然後就進入了研磨機。我們正在考慮的是這種精細材料的許可和可清洗性。

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 you know it's fair to say there's some risk remaining in the 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 yeah, Lowe said the risk will remain.

並去除大部分黏度調節劑，以便之後可以添加到工廠中。所以，這些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，但我認為我們在控制風險方面做得越來越好了。我們正努力採取一切積極主動的措施，避免再次發生重大變故，但洛維表示，風險依然存在。

In terms of the expansion, really there's no connection between this problem and the expansion. We're 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.

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，所以這項工作正在進行中。

We'll get that construction completed next year. It'll be a staged approach.

我們明年就能完成這項工程。這將是一個分階段進行的過程。

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 to come out of Olympias.

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。所以我們期待奧林匹亞先生大賽能帶來一些非常令人興奮的結果。

Once we get this expansion completed, plant's no longer the bottleneck. It'll be back on the underground mount ramp up and as we've talked over the last two years, we've done a really good job of the bottlenecking the underground. So we get this mill expanded, production goes up, margins expand, and we get this viscosity moderfier behind us. Olympias will be a key contributor to cash flow.

一旦擴建工程完成，工廠就不再是瓶頸了。它將回到地下軌道的爬升階段，正如我們在過去兩年所討論的那樣，我們在疏導地下軌道瓶頸方面做得非常出色。所以我們擴建了這家工廠，產量提高了，利潤率擴大了，而且我們還有這台黏度調節器。Olympias 將成為現金流的重要貢獻者。

Okay.

好的。

Thank you for that answer.

謝謝你的回答。

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 the turkai 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.

然後，隨著我們在第三季度看到的業績指引調整，成本有所上升，但當然，其中一些成本驅動因素是你無法控制的，例如土耳其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，又有多少是您無法控制的？

Hi, it's Paul here. So I think I heard you were breaking up a little bit, but the questions around our increasing our guidance for all in sustaining cost.

大家好，我是保羅。所以我想我聽說你們之間有點小摩擦，但問題是，我們提高了對所有維持成本的指導。

But there's 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 that they're 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 $2300.

但基本上有兩個因素促成了這種情況。其中一項是我們可控的，我們一直在應對；另一項則不是，這兩項因素對我們今年剩餘時間的業績預期影響各佔一半。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 $4000 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 Turkey 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 Olympia's 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平均價格為每盎司 4000 美元，在這個水平上，我們將繼續看到特許權使用費增加，這既包括絕對成本的增加，也包括我們年初在土耳其看到的一系列特許權使用費的增加，這大約佔增長的 50%。而第二個 50% 的變化實際上反映了奧林匹亞在恢復問題和銷量下降方面的表現，這推高了我們每盎司的成本。所以他們兩個各佔一半。除了上述情況外，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並沒有變化。

Okay, thank you 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.

好的，謝謝。最後一個問題，第三季我們也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？我只是想了解一下您目前的看法。

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 to Tanya.

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。

Thank you.

謝謝。

Yeah, sure. So as far as the share buybacks are concerned, we signaled that quarter end at Q2 that we had extended our NCIB program for another 12 months with a maximum repurchase of 5% of our outstanding share capital, and we do intend to be opportunistic around that. We think our.

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%，我們打算在此方面抓住機會。我們認為我們的。

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. 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.

目前的股價極具價值，但實際上，只有當市場出現機會或公司業績不佳時，我們才會利用正常市場發行計畫（NCIB）來購買這些股票。作為一個很好的工作平均值，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。好的？至於股息方面，我認為我們在這方面的宣傳訊息沒有改變。

Next year is a, an inflection point for us in terms of cash flow generation as Scurrius 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 forwards. And so I think that will be back on the agenda for us in terms of capital allocation as we move into, next year.

明年對我們來說是一個轉捩點，因為 Scurrius 將投入運營，這將影響我們的現金流。那種感覺真是如此。現在正是我們考慮是否應該設立可持續分紅機制的好時機，以便我們能夠堅持下去。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，我的問題就這些了，再次感謝您回答我的問題，祝您今年餘下的日子一切順利。

Thanks Don.

謝謝你，唐。

The next question comes from Latin Winder with Bank of America. Please go ahead.

下一個問題來自美國銀行的 Latin Winder。請繼續。

Thank you very much, operator, and good morning, George, Christian, and Paul.

非常感謝接線員，喬治、克里斯蒂安、保羅，早安。

Thank you for today's update. If I could maybe push you a bit more on 2026 and the capexx outlook. So for 2025 sustaining CapEx, we're running at the high end of the 145 to 170.

感謝您今天的更新。如果我能再跟您詳細談談 2026 年和資本支出前景的話。因此，對於 2025 年的維持性資本支出，我們的目標金額在 145 至 170 的高端。

When you look to next year, I mean, is that higher end of the 2025 a pretty reasonable baseline for 2026? And actually what I'd ask a similar question for the growth capital at the operations. I mean, is that is the current 245 to 270 million range a decent level heading into next year?

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？實際上，對於營運中的成長資本，我也想提出類似的問題。我的意思是，目前2.45億到2.7億這個數字，對於明年來說算是合理的水平嗎？

Well, again, we'll be updating you in the 1st quarter on next year's guidance, maybe a couple of comments that might help. So, the Olympias expansion that's obviously underway in Quebec.

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，奧林匹亞斯在魁北克的擴建工程顯然正在進行中。

We we're completing the second bulk sample, but we're in the middle of permitting for a a backfill plant.

我們正在完成第二次散裝樣品採集，但目前正在辦理回填廠的許可證。

An operating permit, so the timing on that isn't certain, but there'll be capital, to spend on Olympias when we get those permits, so stay tuned for that.

營運許可證的審批時間尚不確定，但一旦獲得許可證，就會有資金投入 Olympias 專案中，敬請期待。

You know.

你知道。

As well, Simon's walked through the whole our 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.

此外，西蒙已經考察了我們整個集團，我們已經承諾投入 3500 萬美元。所以，我們需要把所有這些都納入明年的計畫中，這取決於審批情況。我認為這些都是變動因素，投資組合的其他部分都相當穩定。

And then on the growth capital, well beyond that and scurries, obviously we've kind of walked through that Q1 is the bulk of the spend next year on scurries and commissioning in Q2, so it'll just be some rigid residual growth capital happening there.

至於成長資本，以及更遠的額外支出和緊急項目，顯然我們已經大致了解了，明年第一季度的大部分支出將用於緊急項目，而第二季度則用於調試，因此那裡只會有一些固定的剩餘增長資本。

As you look forward on scurries though, remember that.

不過，當你展望未來奔波忙碌時，請記住這一點。

The pits 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 stove, but over the next 3 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. So there's incremental growth capital that will be happening over the 5 year plan.

維修站已準備就緒。我們那邊情況良好。該工廠明年將投入營運。我們已經在試驗爐上進行了第一次爆破，但在接下來的 3 年裡，我們將投資建造地下設施，以便在未來十年末將其發展成為工廠的唯一原料來源。因此，在五年計劃期間，將逐步增加成長資本。

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

明年，地鐵建設的部分資金將開始投入使用，但真正的加速發展要到 27 號才會開始。所以很難給出明年的具體數字。希望我能帶給你一些啟發，而且，這與給予第 26 條的具體更新指導意見也相差不遠。

Yeah, actually that summary was was very helpful.

是的，那份總結確實很有幫助。

And I just would want to say it's impressive that that sco 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?

我只想說，該 SCO 能夠保持在正軌上令人印象深刻。如果可以的話，為了以防萬一，萬一出現任何延誤，維持該 SCO 運行一段時間的大致每週或每月持有成本是多少？

Yeah, 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.

是的，用我的話來說，我們覺得很舒服。我們那裡所有的設備和材料都已到位，所以這方面沒有任何風險。

We have the workforce for over 2000 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 to first concentrate, those fixed cost that we're going to spend on a monthly basis is about $15 million. So that that's really the impact of a delay.

目前現場有超過 2000 名工人，建設和營運正在加速推進。因此，如果由於某種原因，第一階段的濃縮工作需要更長時間才能完成，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 cap back. Thanks for that. And then if I could, I think I've asked you this before, but I acknowledge you do not like to give guidance on gold production for on a quarterly basis, just with Kisad, there's obviously a lot of variability when when it comes to the the the the leaching times.

好的，只佔總薪資上限的一小部分。謝謝。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的指導，就 Kisad 而言，顯然在浸出時間方面存在很大的變數。

Can you give us any sort of directional points or or or hint here on Q4, just when you consider what was stacked at the end of Q2, what was stacked in Q3, and Yeah, I'll just leave it there.

你能給我們一些關於第四季的方向性提示或線索嗎？例如，考慮到第二季末堆積的內容，第三季堆積的內容，嗯，我就說到這兒吧。

Anything would be very helpful.

任何幫助都將不勝感激。

Yeah, I mean, I can point you back to guidance. Although Q3, we had some negative impacts. We're still going to hit our guidance at Kissina for the year. As you say, Q4 is a little bit tough. We had lower replacements.

是的，我可以提供你一些指導。儘管第三季我們受到了一些負面影響。我們仍將實現 Kissina 今年的業績預期。正如你所說，第四季確實有點難熬。我們的替換率較低。

Precisely understanding how that's going to impact Q4 versus Q1 is difficult to say. There's a bit of art and science in heat bleaching, but all I can tell you at this point, we're we're comfortable we're going to be within guidance at the Kisa for the year.

很難準確預測這將對第四季與第一季產生怎樣的影響。熱漂白中既有藝術也有科學，但我現在只能告訴你，我們有信心今年在 Kisa 的指導範圍內。

And so Q4 don't expect anything dramatic one way or another. It's going to be a good year at Quesada.

因此，第四季預計不會出現任何重大變化。對奎薩達來說，這將會是美好的一年。

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.

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。

Thank you for participating and have a pleasant day.

感謝您的參與，祝您有個愉快的一天。