Equinox Gold Corp (EQX) 2025 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Equinox Gold first quarter 2025 results and corporate update. (Operator Instructions) The conference is being recorded. (Operator Instructions)

感謝您的支持。我是會議主持人。歡迎了解 Equinox Gold 2025 年第一季業績與公司最新動態。（操作員指示）會議正在錄音。（操作員指示）

I would now like to turn the conference over to Rhylin Bailie, Vice President, Investor Relations for Equinox Gold. Please go ahead.

現在，我想將會議交給 Equinox Gold 投資者關係副總裁 Rhylin Bailie。請繼續。

Thank you, operator. Thank you, everybody, for joining us this morning. We will, of course, be making a number of forward-looking statements today. So please do visit our website, SEDAR and EDGAR to learn more about our continuous disclosure documents.

謝謝您，接線生。感謝各位今天上午參加我們的活動。當然，我們今天將做出一些前瞻性的聲明。因此，請造訪我們的網站 SEDAR 和 EDGAR，以了解有關我們的持續揭露文件的更多資訊。

I will now turn the call over to our President and CEO, Greg Smith.

現在我將電話轉給我們的總裁兼執行長格雷格史密斯。

Thanks, Rhylin. Good morning, everyone, and thanks for joining the call today. On the line with me is our COO, Doug Reddy; our CFO, Peter Hardie; our EVP of Exploration, Scott Heffernan; and our VP of Investor Relations, Rhylin Bailey.

謝謝，Rhylin。大家早安，感謝大家參加今天的電話會議。與我通話的有我們的營運長 Doug Reddy、我們的財務長 Peter Hardie、我們的勘探執行副總裁 Scott Heffernan 以及我們的投資者關係副總裁 Rhylin Bailey。

Again, today, we're discussing Equinox Gold's 2025 first quarter financial and operating results. For those of you who are new to the company, Equinox Gold is a fast-growing Americas-focused gold producer with mines across Canada, United States, Mexico, and Brazil. I'm going to start with a broad overview of the first quarter, and then I'll turn the call over to Pete and Doug for more details.

今天，我們再次討論 Equinox Gold 2025 年第一季的財務和營運表現。對於剛了解該公司的人來說，Equinox Gold 是一家快速發展的專注於美洲的黃金生產商，其礦場遍布加拿大、美國、墨西哥和巴西。我將首先概述第一季的情況，然後將電話轉給 Pete 和 Doug 以了解更多詳細資訊。

So starting with safety. Our safety performance this quarter was good. Our 12-month rolling total recordable injury frequency rate across the entire company improved from last quarter to 1.95 per million hours worked. For the quarter, our total recordable injury frequency rate was 1.07 with 2 lost time injuries across all our operations.

所以從安全開始。本季我們的安全表現良好。我們整個公司 12 個月滾動總可記錄傷害頻率從上一季改善至每百萬工作小時 1.95 次。本季度，我們的總可記錄傷害頻率為 1.07，所有營運中發生了 2 起誤工傷害。

We also had no significant environmental incidents in Q1, maintaining our excellent significant environmental incident frequency rate of zero for the rolling 12-month period. During the first quarter, we produced just over 145,000 ounces of gold and sold approximately 148,000 ounces. These results represent the highest first-quarter production in the company's history. And as in prior years, we expect quarterly production to increase over the course of the year.

我們在第一季也沒有發生重大環境事件，連續 12 個月維持了零重大環境事件頻率的優異成績。第一季度，我們生產了超過 145,000 盎司黃金，銷售了約 148,000 盎司。這一業績代表了該公司歷史上第一季的最高產量。與往年一樣，我們預計全年季度產量將會增加。

Including production and costs from Los Filos, cash cost was $1,769 per ounce and all-in sustaining cost was $2,065 per ounce. Those results include Los Filos. We did not include any production from the Los Filos mine in our guidance for 2025 due to the need to establish new long-term agreements with local communities to continue operations. So excluding production and costs from Los Filos, cash cost per ounce was $1,637 per ounce, and all-in sustaining cost was $1,979 per ounce sold.

包括 Los Filos 的生產和成本在內，現金成本為每盎司 1,769 美元，總維持成本為每盎司 2,065 美元。這些結果包括 Los Filos。由於需要與當地社區建立新的長期協議才能繼續運營，因此我們沒有將 Los Filos 礦場的任何產量納入我們的 2025 年指導中。因此，不包括 Los Filos 的生產和成本，每盎司現金成本為 1,637 美元，每盎司銷售總維持成本為 1,979 美元。

As we press released on April 1, we were unable to conclude a new and necessary long-term agreement with one of the three communities at Los Filos, and so we have suspended operations at the mine. During the quarter, we also announced a proposed business combination with Calibre Mining. Last week, both Equinox shareholders and Calibre security holders voted in favor of the merger, and this week, Calibre received court approval for the transaction. We continue to expect this transaction to close sometime in the second quarter.

正如我們在 4 月 1 日發布的新聞稿中所述，我們無法與洛斯菲洛斯的三個社區之一達成新的必要的長期協議，因此我們暫停了礦場的運作。本季度，我們也宣布了與 Calibre Mining 的擬議業務合併。上週，Equinox 股東和 Calibre 股東都投票支持此次合併，本週，Calibre 獲得了法院對該交易的批准。我們仍然預計該交易將在第二季的某個時候完成。

I'm just going to make a few comments about this transaction now. This merger is really about two strong companies coming together to create a major new gold producer with our Greenstone mine in Ontario and Calibre's Valentine mine in Newfoundland as a foundation for the company. These are both brand-new long-life Canadian mines, and together, they'll make us the second-largest producer of gold from Canada once they're both fully ramped up.

我現在只想對這筆交易發表一些評論。此次合併實際上是兩家實力雄厚的公司強強聯手，以我們位於安大略省的 Greenstone 礦和 Calibre 位於紐芬蘭的 Valentine 礦為基礎，創建一家新的大型黃金生產商。這兩個都是全新的、壽命較長的加拿大礦山，一旦它們全面投入生產，加拿大將成為加拿大第二大黃金生產國。

The Canadian operations will be complemented by a diversified portfolio of other mines across the Americas with a combined production of 950,000 ounces in 2025. This is at the midpoint of the company's combined guidance. Once both Greenstone and Valentine are running at full capacity, we're on a path to produce over 1.2 million ounces per year. This substantial production profile immediately takes advantage of these record-high gold prices, which will generate meaningful cash flow and accelerate our plans to deleverage the balance sheet and ultimately implement programs to return capital to our shareholders.

加拿大的業務將與美洲其他礦場的多元化組合相輔相成，到 2025 年總產量將達到 95 萬盎司。這是該公司綜合指導的中間值。一旦 Greenstone 和 Valentine 都滿載運轉，我們的年產量將超過 120 萬盎司。這一大規模生產概況立即利用了創紀錄的金價，這將產生有意義的現金流，並加速我們去槓桿資產負債表的計劃，並最終實施向股東返還資本的計劃。

And with that, I'm going to turn this over to Pete to discuss our financial results.

接下來，我將把這個交給皮特來討論我們的財務結果。

Thanks, Greg. We're now on slide 6 of the presentation. In addition to this being Equinox's best production for Q1, it's also our third straight quarter with more than $400 million in revenue. With respect to the operations, Greenstone unit costs were higher in the quarter compared to Q4. We had planned for Q1 to be our lowest production quarter. During Q1, we added four haul trucks to the fleet and incurred the related costs with operating them. There are no further haul truck additions planned for the year.

謝謝，格雷格。我們現在看到簡報的第 6 張投影片。這不僅是 Equinox 第一季的最佳業績，也是我們連續第三個季度營收超過 4 億美元。就營運而言，本季 Greenstone 的單位成本與第四季相比有所上升。我們原本計劃將第一季作為產量最低的季度。在第一季度，我們為車隊增加了四輛自卸卡車，並產生了營運相關成本。今年沒有計劃進一步增加運輸卡車。

In addition, we performed plant maintenance during Q1 to remediate items that we had noted were impeding the ramp-up. We've seen the benefits of that maintenance by way of increasing throughput through March and April.

此外，我們在第一季進行了工廠維護，以修復我們注意到的阻礙產能提升的問題。我們已經看到了維護帶來的好處，即三月和四月吞吐量的提高。

We expect Greenstone's unit cost to decline throughout the year with increasing gold production. Included in the quarter's results are $65 million of nonrecurring charges. We had an accounting adjustment for depreciation of $25 million at RDM and Santa Luz that is nonrecurring. In addition, for Los Filos, we had a $29 million inventory net realizable value adjustment resulting from moving leach pad inventory from current to long term and using long-term instead of short-term gold prices to value that inventory. And that's as a result of the suspension of the operations. In addition, there are $10 million of Los Filos mine suspension charges recorded as care and maintenance.

我們預計，隨著黃金產量的增加，Greenstone 的單位成本將在全年下降。本季業績中包括 6,500 萬美元的非經常性費用。我們對 RDM 和 Santa Luz 的 2500 萬美元折舊進行了會計調整，這是非經常性的。此外，對於 Los Filos，我們進行了 2900 萬美元的庫存淨可實現價值調整，這是由於將浸出墊庫存從當前庫存轉移到長期庫存，並使用長期而非短期黃金價格來評估該庫存。這是由於暫停營運造成的。此外，還有 1000 萬美元的 Los Filos 礦場暫停費用作為維護和保養費用。

Further, for Q2, at Los Filos, we expect approximately $35 million in mine suspension and care and maintenance charges. For the second half of 2025, we expect carrying costs at Los Filos to be about $2.5 million to $3 million per month, and we'll look to reduce those monthly carrying charges as we work our way through the year.

此外，對於 Los Filos 的第二季度，我們預計礦場暫停營運及維護費用約為 3,500 萬美元。到 2025 年下半年，我們預計 Los Filos 的持有成本約為每月 250 萬至 300 萬美元，並且我們將努力在全年過程中降低每月的持有費用。

With commercial production achieved at Greenstone in Q4, interest costs that were being capitalized to the project are now entirely expensed through the income statement. All interest costs will be expensed going forward. In addition, there was an expense of $15 million for the increase in a gold price-linked payment that Equinox assumed as part of the consolidation of Greenstone ownership.

隨著 Greenstone 在第四季度實現商業化生產，原本被資本化到該專案的利息成本現在已全部通過損益表支出。所有利息成本將在未來計入費用。此外，Equinox 作為 Greenstone 所有權合併的一部分，承擔了與黃金價格掛鉤的付款增加 1500 萬美元的費用。

While we drew on the revolving credit facility after the quarter end with the increasing production profile through the remainder of the year, we expect it to be our last draw, and our focus now switches to paying down debt, and I'll speak more to that in a moment. We're now on slide 7 of the presentation.

雖然我們在本季度末之後利用了循環信貸額度，並且在今年剩餘時間內產量不斷增加，但我們預計這將是最後一次利用，現在我們的重點轉向償還債務，稍後我將就此進行更多討論。我們現在看到簡報的第 7 張投影片。

Equinox Gold had $173 million in unrestricted cash at the end of Q1. During the quarter, we drew $40 million on the revolving credit facility and invested $40 million in Calibre Mining convertible notes. The Calibre convertible debenture provides them a liquidity contingency buffer as they complete Valentine construction, should close of the merger be unexpectedly prolonged, not that we expect that. We will cancel the $40 million of Calibre convertible notes on close of the merger.

截至第一季末，Equinox Gold 擁有 1.73 億美元的非限制現金。在本季度，我們從循環信貸額度中提取了 4000 萬美元，並投資了 4000 萬美元於 Calibre Mining 可轉換票據。當他們完成 Valentine 建設時，Calibre 可轉換債券將為他們提供流動性應急緩衝，以防合併結束意外延長（這並不是我們所期望的）。合併完成後，我們將取消價值 4000 萬美元的 Calibre 可轉換票據。

We're now on slide 8 of the presentation. Note that the 2025 and 2026 data on this slide is analyst consensus. With the Greenstone ramp-up progressing at current gold prices, the company should generate strong cash flow in the second half of the year, and beyond that can be devoted to reducing debt and unwinding the balance sheet. To start, in March, we made the first of the 3,900 ounces per month gold deliveries that run through September 2026 to begin reducing the deferred revenue balance on 87,000 prepay ounces. For 2025, we expect to reduce the obligation by 39,000 ounces and $74 million.

我們現在看到簡報的第 8 張投影片。請注意，此投影片上的 2025 年和 2026 年數據是分析師的共識。隨著 Greenstone 產能在當前金價下不斷提升，該公司應該會在下半年產生強勁的現金流，此後還可以用於減少債務和清理資產負債表。首先，我們在 3 月進行了首次每月 3,900 盎司黃金交付，交付期持續至 2026 年 9 月，以開始減少 87,000 盎司預付黃金的遞延收入餘額。到 2025 年，我們預計將減少 39,000 盎司和 7,400 萬美元的義務。

As of March 31, 2025, the company head collar arrangements on 90,000 ounces of gold that were put in place for the $500 million term loan used to help fund the Greenstone ownership consolidation in May last year. Hedges on 50,000 of those ounces mature in a straight line through Q2 2025. The average ceiling on those ounces is $2,900 per ounce. The remaining of the 40,000 hedges matured at about 10,000 ounces per quarter from Q3 through the end of Q2 next year and have a ceiling of about $3,500 per ounce. We look forward to predominantly unwinding the hedges by the end of Q2.

截至 2025 年 3 月 31 日，該公司已就 90,000 盎司黃金達成領式安排，這些安排是為去年 5 月用於資助 Greenstone 所有權合併的 5 億美元定期貸款而製定的。其中 50,000 盎司的避險將於 2025 年第二季直線到期。這些盎司的平均上限為每盎司 2,900 美元。剩餘的 40,000 筆對沖交易將於明年第三季至第二季末每季以約 10,000 盎司的價格到期，最高價格約為每盎司 3,500 美元。我們期望在第二季末基本解除對沖。

With respect to reducing debt, there's a $140 million convertible note that matures in September with a conversion price of USD6.50 per share that we intend to retire when it matures. This note has been largely in the money since the beginning of February. If the note converts to shares on maturity, then the $140 million that would have been used to repay it will instead be used to pay down the revolving credit facility or term loan. Following retirement of the convertible note, free cash flow will be devoted to paying down the company's credit facilities.

在減少債務方面，有一張價值 1.4 億美元的可轉換票據將於 9 月到期，轉換價格為每股 6.50 美元，我們打算在到期時贖回。自二月初以來，該票據基本上處於價內。如果該票據到期轉換為股票，那麼原本用於償還的 1.4 億美元將用於償還循環信貸額度或定期貸款。可轉換債券贖回後，自由現金流將用於償還公司的信貸額度。

And with that, I'll turn the presentation over to Doug to discuss our Q1 operating results.

接下來，我將把演示交給 Doug 來討論我們的第一季營運表現。

Thanks, Peter. We're now on slide 9 of the presentation. At Greenstone, in Q1, the mine and mill performed well through the first full winter, producing 44,449 ounces. Ramp-up continued with an average of 137,000 tonnes a day moved in the quarter, and that continued to increase in April and averaged 165,000 tonnes per day coming into May. Some loading unit challenges impacted availability, but the disruptions were generally short-term. And the fleet was expanded with the addition of the four [CAT 793s], bringing it to a total of 29 trucks.

謝謝，彼得。我們現在看到簡報的第 9 張投影片。在第一季度，Greenstone 的礦場和工廠在第一個完整冬季表現良好，生產了 44,449 盎司。本季度，日均運輸量持續上升，達 137,000 噸；4 月份，日均運輸量持續上升，5 月份達到 165,000 噸。一些裝載單元的挑戰影響了可用性，但中斷通常是短期的。隨著四輛 [CAT 793] 的加入，車隊規模進一步擴大，總數達到 29 輛卡車。

As noted in the last quarterly call, we are adding an additional PC5500 shovel that will arrive in June and be operational by July 1. The mining team is also focused on additional RC grade control drilling, blast movement optimization, doing larger blasts, which are now hitting over 1 million tonnes per blast, and doing Flitch mining, which helps with selectivity. Our mining flexibility has improved with the pit enlargement now that we removed the central area that was impeded while we moved some contaminated soil. So we're getting the whole pit to one level, which is good for flexibility in mining.

正如上次季度電話會議中提到的那樣，我們將增加一台 PC5500 鏟車，該鏟車將於 6 月到貨，並於 7 月 1 日投入使用。採礦團隊還專注於額外的 RC 品位控制鑽探、爆破運動優化、進行更大規模的爆破（目前每次爆破的產量超過 100 萬噸）以及進行 Flitch 採礦，這有助於提高選擇性。隨著礦坑的擴大，我們移除了在移動一些受污染土壤時受阻的中心區域，從而提高了我們的採礦靈活性。因此，我們將整個礦坑集中在一個水平面上，這有利於採礦的靈活性。

On the process plant side, we averaged over 18,600 tonnes per day on the crushing and over 18,400 tonnes per day on the milling in the quarter and continued ramping up into April. Milling is now over 23,400 tonnes a day or 87% of design capacity.

在加工廠方面，本季我們平均每天破碎超過 18,600 噸，每天磨粉超過 18,400 噸，而這一數字在 4 月繼續上升。目前日銑削量超過 23,400 噸，達到設計能力的 87%。

Downtime was reduced, and CIP tank modifications were completed through numerous changes in the mill, which we had said in advance that we were going to do in Q1. And overall, we've seen the mill stability improve and the maintenance intervals continue to lengthen, which further boosts our overall efficiency.

停機時間減少了，並且透過對工廠進行大量改造完成了 CIP 罐的改造，這些改造是我們事先說過要在第一季完成的。總體而言，我們看到工廠穩定性提高，維護間隔不斷延長，這進一步提高了我們的整體效率。

At the Mesquite mine, gold production was 12,271 ounces. That was principally from side slope leaching and was above plan for the quarter. Mining in the quarter was predominantly waste stripping of the Ginger pit. We did have early access to ore in Ginger, and we're able to stack more ounces than planned at the end of March, and that ore started to report to the ADR plant in April and May. About 93% of ore mined in 2025 will be from the Ginger pit. We've also started waste stripping in the Brownie four pit, and that will provide ore production late in 2025 and into 2026. I also want to note that during the quarter, Mesquite passed 6 million hours with no lost time incidents, and that's a testament to the attention to safety that's being paid by personnel in all areas and all levels at that mine.

在梅斯基特礦，黃金產量為 12,271 盎司。這主要是由於邊坡浸出，並且超出了本季的計劃。本季的採礦活動主要是姜礦廢棄物剝離。我們確實提前獲得了 Ginger 的礦石，並且能夠在 3 月底堆放比計劃更多的礦石，並且該礦石在 4 月和 5 月開始向 ADR 工廠報告。2025 年開採的礦石中約有 93% 將來自 Ginger 礦坑。我們也開始在布朗尼四號礦坑進行廢料剝離，這將在 2025 年末和 2026 年提供礦石生產。我還想指出，在本季度，梅斯基特礦累計工作時間超過 600 萬小時，沒有發生任何工時損失事故，證明了礦場各個區域、各個層級的人員對安全的重視。

At Los Filos, minor amounts of open pit and underground mining continued into January. Production was 31,518 ounces. That was mostly from leaching of the ore that was stacked in Q4 and January, and the rest was coming from residual leaching. As mentioned earlier, operations have been suspended indefinitely, and no further leaching is occurring at Los Filos.

在洛斯菲洛斯，少量露天和地下採礦持續到一月。產量為 31,518 盎司。這主要來自於第四季和一月堆積礦石的浸出，其餘則來自於殘餘浸出。如前所述，作業已無限期暫停，Los Filos 不再進行浸出作業。

On the next page, in Brazil, at the Aurizona mine, the rainy season was in full swing in Q1, but mining did well, and the rain is now beginning to taper off. Mining was principally in the Piaba and Tatajuba pits, and we are ahead of plan on ore tonnes moved, although a bit behind on waste movement. We had higher grades from the Piaba pit at around 1.2 grams per tonne, and Tatajuba tends to be lower average grade at just under 1 gram per tonne. Stockpiles are used to supplement plant feed as necessary during the rainy season. And gold production was 15,555 ounces, and on track with our expectations for the quarter.

下一頁，在巴西的 Aurizona 礦，第一季正值雨季，但採礦業發展良好，目前雨水開始減少。採礦主要在皮亞巴 (Piaba) 和塔塔朱巴 (Tatajuba) 礦坑進行，我們的礦石運輸量已超出計劃，但廢料運輸量略有落後。皮亞巴礦坑的礦石品位較高，約為每噸 1.2 克，而塔塔朱巴礦坑的礦石平均品位較低，略低於每噸 1 克。雨季期間，庫存可用於根據需要補充植物飼料。黃金產量為 15,555 盎司，符合我們對本季的預期。

Remediation work on the Piaba open pit area is complete, and the 14 dewatering holes that were drilled prior to and during the rainy season have performed very well during the heavy rains. Later in the year, we are planning to mine the western extension of the Tatajuba open pit, and we also plan to start work on the underground portal and ramp in late 2025 once the rainy season is over.

Piaba 露天礦場的修復工作已經完成，在雨季前和雨季期間鑽的 14 個脫水孔在暴雨期間表現非常良好。今年晚些時候，我們計劃開採塔塔朱巴露天礦的西部延伸部分，我們還計劃在雨季結束後於 2025 年底開始地下入口和坡道的施工。

At the Bahia complex, production was 27,565 ounces. And at Fazenda, open pit mining focused on the larger CLX open pit, which encompasses several smaller pits and areas that were mined previously, and from the underground mining that was done in the earlier years of Fazenda's 40-year mine life.

巴伊亞綜合礦山的產量為 27,565 盎司。在 Fazenda，露天開採主要集中在較大的 CLX 露天礦場，該礦場包含幾個較小的礦坑和以前開採過的區域，以及 Fazenda 40 年礦山壽命早期進行的地下開採。

Open pit mine tonnes and grade were low at the start of the year and improved through the quarter. Underground mining at Fazenda was strong, with 1,900 tonnes per day being -- of ore being moved and over 3,000 tonnes per day of ore and waste being moved. And in the underground, we are transitioning to a long-hole retreat mining method. Feed grade to the CIL plant was low for the quarter at 1.26 grams per tonne. That will improve in this quarter, and recovery was 89%.

露天礦的產量和品位在年初較低，但本季有所改善。Fazenda 的地下採礦業十分強勁，每天可運輸 1,900 噸礦石，另外每天可運輸超過 3,000 噸礦石和廢料。在地下，我們正在過渡到深孔撤退採礦方法。本季 CIL 廠的飼料等級較低，為每噸 1.26 克。本季情況將會改善，回收率達 89%。

At Santa Luz, mine grade was up at 1.6 grams per tonne from the C1 pit and 0.6 grams per tonne as we started mining the A2 pit. Feed grade to the resin and leach plant was 1.3 grams per tonne. Recovery dipped in the quarter to 60% as we dealt with some sulfide and bearing ore in addition to the high TOC, total organic carbon, that was going into the resin and leach plant. And we stabilized at 64% in April for recovery. A sixth leach tank is in construction and plan to come online in July that will allow for servicing of the other tanks and increase our overall residence time, which will benefit recovery in the long term.

在聖盧斯，當我們開始開採 A2 礦坑時，礦山品位從 C1 礦坑上升至每噸 1.6 克，而從 A2 礦坑上升至每噸 0.6 克。樹脂和浸出廠的進料品位為每噸 1.3 克。由於我們除了處理進入樹脂和浸出廠的高 TOC（總有機碳）之外，還處理了一些硫化物和含礦礦石，因此本季回收率下降至 60%。4 月復甦率穩定在 64%。第六個浸出池正在建設中，計劃於 7 月投入使用，這將為其他浸出池提供維修服務，並增加我們的總停留時間，這將有利於長期恢復。

At RDM, gold production was 10,710 ounces for the quarter. Ore mining was low, while Pushback 7 was advancing on the hanging wall of the pit, and a footwall pushback was being completed to recover ore that had been left behind years ago in the upper portion of the pit wall. Average feed grade to the plant was 0.55 grams per tonne and reflects the use of low-grade ore while the pushbacks are underway to give access to the higher-grade ore.

RDM 本季黃金產量為 10,710 盎司。礦石開採量較低，而 Pushback 7 正在礦坑上壁推進，並且正在完成下壁推回，以回收多年前留在礦坑壁上部的礦石。該廠的平均進料品位為每噸 0.55 克，反映了使用低品位礦石的情況，同時正在進行推回以獲得高品位礦石。

The new dry stack tailings facility has worked out well when we started construction of the expansion to that facility for this storage area. We've also started -- we've also switched to an owner fleet for haulage of the dry tails and that should help lower our overall costs at RDO.

當我們開始為該儲存區域建造新的乾堆尾礦設施的擴建工程時，該設施運作良好。我們也已經開始——我們也已經轉向使用自有車隊來運輸乾尾油，這應該有助於降低 RDO 的整體成本。

With that I'll hand it back to Greg.

說完我就把它交還給格雷格。

Thanks, Doug. We'll move on to Q&A in just a second here. I'll just conclude by saying we're very pleased to have received the support of our shareholders for our transaction with Calibre Mining, and we look forward to getting the deal done this close -- or getting the deal closed this quarter. On our next call, we'll be reporting as a combined company, and as Greenstone continues to ramp up and Valentine commences production later this year, we'll start to see the substantial benefit of having these two low-cost, long-life mines in one company.

謝謝，道格。我們馬上就會進入問答環節。最後，我想說，我們很高興得到股東對我們與 Calibre Mining 交易的支持，我們期待這筆交易能夠盡快完成——或者在本季度完成。在下一次電話會議上，我們將作為一家合併後的公司進行報告，隨著 Greenstone 繼續擴大規模以及 Valentine 在今年晚些時候開始生產，我們將開始看到將這兩個低成本、長壽命的礦山合併到一家公司所帶來的巨大好處。

I think now let's move to Q&A.

我想現在讓我們進入問答環節。

Operator, can you please remind people how to ask their question?

接線生，您能提醒大家如何提問嗎？

(Operator Instructions)

（操作員指示）

While we're waiting, we'll take some of the questions that we've got online. So we do have a few questions about Greenstone. I'll try to combine them into one. When do you expect Greenstone to be operating at capacity, and will that bring your cost down closer to your target?

在等待期間，我們會回答一些在網路上收到的問題。所以我們確實對 Greenstone 有一些疑問。我會嘗試將它們合併為一個。您預計 Greenstone 什麼時候能夠滿載運轉？這是否會使您的成本更接近目標？

Sure. I can take that, Rhylin. Yeah, Greenstone is continuing to ramp up over the course of the year. Design capacity of the plant is 27,000 tons per day, and we expect to be in and around that range as we move into the second half of the year here. In April, the mine, or sorry, the plant was producing at 87% of design capacity. Some of the work we did in Q1 on the plant is actually really starting to pay dividends here as we move into April and into May. So very happy with the way the plant is progressing at Greenstone.

當然。我可以接受，Rhylin。是的，Greenstone 在今年將繼續增加產量。該工廠的設計產能為每天 27,000 噸，我們預計進入下半年時產能將達到這個水準。今年 4 月，該礦（或更準確地說是該工廠）的產量達到了設計產能的 87%。隨著四月和五月的到來，我們在第一季對工廠所做的一些工作實際上開始產生效益。我對 Greenstone 工廠的進展感到非常高興。

On the mining side, that's probably an area where we've had more challenges in Q1. We did increase the size of the fleet by four haul trucks, which was great, but we did have some issues with availability of our PC5500 Komatsu Motors. That was probably the biggest single issue in terms of moving tons in the first quarter.

在採礦方面，這可能是我們在第一季面臨更多挑戰的領域。我們確實將車隊規模增加了四輛運輸卡車，這很好，但我們的 PC5500 小松引擎的可用性確實存在一些問題。這可能是第一季運輸噸位方面最大的單一問題。

As Doug mentioned, we do have an additional incremental shovel arriving in June. It'll be operating in July, and that combined with the increase in the fleet should result in an ability to move a lot more tons. We're already seeing availabilities improve on our existing fleet, and mining rates have increased a fair bit in April, 160 on average and 165. So we're continuing to see an increase in mining rates as well, and I think that'll only continue to improve as we get into the warmer weather and in particular when we get the additional shovel on site.

正如 Doug 所提到的，我們確實會在六月有額外的增量鏟運機抵達。該船將於 7 月投入運營，加上船隊的增加，其運輸能力將大大增強。我們已經看到現有車隊的可用性有所改善，並且 4 月份的採礦率也有了相當大的提高，平均為 160，最高為 165。因此，我們也繼續看到採礦率的上升，我認為，隨著天氣變暖，特別是當我們在現場增加額外的鏟子時，採礦率還會繼續提高。

One other question that came in is how many downtimes did you see during the quarter? You mentioned that those are improving.

另一個問題是，本季您發現停機次數有多少？您提到這些正在改善。

Yeah, we had a total of 10 down days in the plant, but we were able to, because we have crushed ore dome and an emergency stockpile, we were able to limit the number of days that affected the milling circuit. About 10 in total, but we were doing things that we said we were going to do, fixing downcomers that were causing some short circuiting in our tanks and modifying valves that allowed for some leakage as well as changing slurry pumps, screen decks and some springs on the screens that were requiring frequent change outs. So all of those have been rectified. We're getting much longer periods between having to do shutdowns, so we're pleased with the progress. It obviously impacted the quarter, but we're seeing the benefits coming into April and May.

是的，我們的工廠總共停工 10 天，但是我們能夠做到這一點，因為我們有破碎的礦石穹頂和應急儲備，所以我們能夠限制影響銑削迴路的天數。總共大約 10 個，但我們正在做我們說過要做的事情，修復導致我們的罐體短路的降液管，改造導致洩漏的閥門，以及更換泥漿泵、篩板和篩網上的一些需要頻繁更換的彈簧。所以所有這些都已修正。我們的停機間隔時間大大延長，因此我們對進展感到滿意。它顯然對本季產生了影響，但我們在四月和五月看到了好處。

Operator, can we take some questions from the phone, please?

接線員，我們可以透過電話回答一些問題嗎？

Wayne Lam, TD Securities.

道明證券的 Wayne Lam。

I guess first question, maybe just wondering on the balance sheet, with the revolver nearly drawn down now, just wondering how you're thinking about flexibility in the event of a more drawn-out ramp-up at Greenstone, and would you be looking to refinance shortly, maybe after the close of the transaction? And then just curious on the capacity to fund two new mine ramp-ups here and how you're thinking about any contingency plans.

我想第一個問題是，也許只是想知道資產負債表的情況，現在循環信貸額度已經快用完了，只是想知道如果 Greenstone 的增長週期更長，您如何考慮靈活性，您是否會考慮在交易結束後不久進行再融資？然後我只是好奇這裡有能力資助兩個新的礦井擴張，以及您如何考慮任何應急計劃。

Yeah, so with respect to our available liquidity, we do have a planned refinancing of our revolving credit facility, and I want to emphasize that was planned for this quarter. But that said, Wayne, if we're, you know, we've seen great improvement in April with performance at Greenstone and assuming that continues and we hit our targets throughout the year, we don't believe any further draws are required and we're actually very much looking forward to starting to pay down debt in the second half of the year.

是的，就我們的可用流動性而言，我們確實計劃對循環信貸額度進行再融資，我想強調的是，這是本季度的計劃。但話雖如此，韋恩，如果我們在 4 月份看到 Greenstone 的業績有了很大的改善，並且假設這種情況持續下去並且我們全年都達到了目標，那麼我們認為不需要再提取任何資金，而且我們實際上非常期待在下半年開始償還債務。

I guess I'd just add, Wayne, that Calibre also released their results and confirmed they're fully funded to get Valentine into production here. And so, you know, between the two companies, I don't see a liquidity issue coming up here, in particular in the second half of the year, production increases, costs come down, Valentine comes online, Greenstone's ramped up.

我想我只想補充一點，韋恩，Calibre 也發布了他們的結果並確認他們有足夠的資金讓 Valentine 投入生產。所以，您知道，在這兩家公司之間，我不認為會出現流動性問題，特別是在今年下半年，產量增加，成本下降，Valentine 上線，Greenstone 產量增加。

And then maybe just to follow up to the prior question on the Greenstone ramp up, maybe if you could give us a bit more detail on some of the changes at the mill and what you might need for improved availability to get closer to the nameplate capacity. And then just curious maybe on the cost side, if you're seeing any pressures on things like labor, and if you're still confident in getting to the full year cost guidance given the challenges in the quarter.

然後也許只是為了跟進先前關於 Greenstone 產能提升的問題，也許您可以向我們詳細介紹工廠的一些變化，以及您可能需要採取哪些措施來提高可用性，以更接近額定產能。然後我只是好奇，也許在成本方面，您是否看到勞動力等方面的壓力，以及考慮到本季度的挑戰，您是否仍然有信心達到全年成本指引。

So in the mill, we had said at the end of last year that in Q1, we were going to be making changes on slurry pumps and also modifications in our tanks, specifically in valves and downcomers. All that's been done. At the same time, we've made a lot more modifications in other areas when we had the downtime happening, and it's all been driven towards, well obviously, stopping short circuiting the tanks, which will improve our recovery long term, but also to be able to extend the periods between downtimes.

因此，在工廠中，我們在去年年底就說過，在第一季度，我們將對泥漿泵進行改造，並對我們的罐體進行改造，特別是閥門和降液管。該做的都已經做了。同時，我們在停機期間對其他區域進行了大量修改，顯然，這一切都是為了阻止油箱短路，這將改善我們的長期恢復，同時也能夠延長停機間隔。

So just for example, changing the springs out and related to our screen decks has enabled us to be able to push out of the periods between downtime. The reduced downtime that we see in April to May is a testament to one of the aspects of being able to bring the tons per day up to 87% of capacity.

舉例來說，更換與篩板相關的彈簧使我們能夠擺脫停機時間。我們看到 4 月至 5 月停機時間的減少證明了我們能夠將日產量提高到產能的 87%。

And then on the cost side, it's Peter and as I was saying in my comments, Greenstone has been scaled up from a cost structure perspective to what's required to achieve its goals for the year. And it being a low production quarter in Q1, as was part of the plan, understandably the cost per unit there are higher than prior quarter or in Q3, while it was still in commissioning prior to commercial production. We do believe, again, if we're on track with respect to continuing progress that we're seeing that we're on track overall for our guidance for the year.

然後在成本方面，正如我在評論中所說，彼得，從成本結構角度來看，Greenstone 已經擴大到實現其年度目標所需的規模。由於第一季產量較低，這是計劃的一部分，因此可以理解的是，第一季或第三季的單位成本高於上一季或第三季度，當時它在商業化生產之前仍處於調試階段。我們確實相信，如果我們在持續進展方面步入正軌，我們就會看到我們今年的整體預期是步入正軌的。

And then maybe just last one at Los Filos. Are there still ongoing negotiations or discussions being had there that leave you constructive on getting a deal done? Or are things that more of an impasse with the third community? And then maybe if you could provide a bit more clarity on approximate care and maintenance costs there.

然後也許只是在 Los Filos 的最後一個。目前是否還有正在進行的談判或討論，讓您對達成協議有建設性的看法？或者說，第三社區的情況更加陷入僵局？然後也許您可以更清楚地說明那裡的大致護理和維護費用。

Sure, Wayne. It's Greg speaking. I'll start. The -- I think the best way to describe it is the way you just did, IPA. We spent a year -- more than a year negotiating with all three communities. The government was involved. A number of stakeholders were involved. We came to terms with all three communities, signed a, call it, a heads of agreement document on that basis, executed the two agreements with -- well, executed long-term new agreements with two of the communities.

當然，韋恩。我是格雷格。我先開始。我認為描述它的最佳方式就是你剛才的方式，IPA。我們花了一年——一年多的時間與這三個社區進行談判。政府也參與其中。許多利害關係人參與其中。我們與所有三個社區達成了協議，在此基礎上簽署了一份所謂的「協議負責人」文件，並與其中兩個社區簽署了兩項協議——好吧，是與其中兩個社區簽署了新的長期協議。

The third community elected not to sign a new long-term agreement. The existing agreement expired, and so we suspended operations. And the reality is that the terms we negotiated with the three agreements are really the best we can do. We need to maintain the economic integrity and the investability of that asset of Los Filos. It has the potential to be a great mine, but it does require a substantial amount of investment. And it's critical that you have agreements in place to support that investment.

第三個社區選擇不簽署新的長期協議。現有協議已到期，因此我們暫停營運。事實是，我們談判達成的三項協議的條款確實是我們能做到的最好的。我們需要維護洛斯菲洛斯資產的經濟完整性和可投資性。它有潛力成為一座偉大的礦山，但確實需要大量的投資。至關重要的是，您要簽訂協議來支持這項投資。

And so at this stage, not a lot happening on that basis. And of course, we're always open to dialogue. But at this point, I would not expect anything to move on that basis at Los Filos in the near term. I think it's fair to say we don't expect any production from Los Filos for the rest of this year.

因此，在現階段，基於此的情況還不多。當然，我們始終願意對話。但就目前而言，我預計洛斯菲洛斯短期內不會在此基礎上有任何進展。我認為可以公平地說，我們預計 Los Filos 今年剩餘時間不會有任何作品。

And sorry, just one follow-up. But in terms of your comment on the economics there, like that stance wouldn't change with the gold price move that we've seen?

抱歉，我只想問一個後續問題。但是就您對那裡經濟的評論而言，這種立場不會隨著我們所看到的金價變動而改變嗎？

Well, I guess one way to put it is our stance evolved over the course of the negotiating period. So gold prices go up, gold prices go down, but you have inflation to take into account as well, costs, et cetera. And so again, there's only so much you can do when you're planning for the long term. And obviously, gold prices are helpful to the economics of any mine. But again, without getting into the details of how these negotiations played out, at this stage, no, it doesn't have an effect on our position.

嗯，我想可以這樣說，我們的立場在談判期間改變了。因此，黃金價格會上漲，也會下跌，但你還需要考慮通貨膨脹、成本等等。所以，再說一次，當你進行長期規劃時，你能做的事情是有限的。顯然，黃金價格對任何礦山的經濟都有幫助。但是，我們再說一遍，不去了解這些談判的具體進展，在現階段，它不會對我們的立場產生影響。

Anita Soni, CIBC World Markets.

加拿大帝國商業銀行全球市場部的安妮塔·索尼（Anita Soni）。

I just want to drill a little bit down into sort of the way grades and tonnages, the way you see them evolving at Greenstone over the next three or four quarters. So I think you said the lower grades were a result of mine sequencing, but it sounds like you also had some challenges with the equipment in the pit. How long do you think you would be in -- like when will you be accessing higher grade areas in the pit? And then like how do you think the plant is going to -- how do you think the mine is going to keep up with the plant over the course of the year?

我只是想深入研究一下品位和噸位的方式，以及您認為未來三到四個季度 Greenstone 的品位和噸位將如何變化。所以我認為您說的較低品位是由於礦井排序造成的，但聽起來您在礦井設備方面也遇到了一些挑戰。您認為您會待多久——例如什麼時候才能進入礦井中更高品位的區域？然後，您認為工廠將如何——您認為礦山將如何在一年內跟上工廠的步伐？

I think we'll refer to what we said in the last call as well was we were expecting to be at this grade for Q1. We see it ramping up during the course of the year and getting to 1.5, 1.6 by the -- in the latter part of the year.

我想我們也會參考上次電話會議所說的內容，我們預期第一季的業績將達到這個水準。我們看到這個數字在今年內不斷上升，到今年下半年將達到 1.5、1.6。

So grade-wise, it's evolving the way we expect it. We are a bit slower on the mining, yes, we wear that, and that pushes things out a little bit. So at the back end of the year, we may end up with not as much -- not getting the higher grade as quickly as we anticipated in the original plan for the year, but overall, it should evolve that way.

因此從等級上看，它正在按照我們預期的方式發展。是的，我們的採礦速度有點慢，我們承受著這種壓力，這會讓事情稍微延後一些。因此，到年底，我們可能沒有那麼多成果——沒有像我們原計劃預期的那樣快速獲得更高的成績，但總的來說，情況應該會這樣發展。

And that goes to the tonnes per day being moved. I mean, in Q1, the average is 137,000 tonnes a day, but we had peaks at over 193,000 tonnes a day. As we came into April and May, the 165,000 tonnes a day is average. And so that's good. We're getting peaks, we're doing over 200,000 tonnes a day. So it's definitely picked up the pace as we came through the winter months through the challenges that we had with loading units, a little bit of absenteeism, but we're good now, and the team is doing really well.

這指的是每天運輸的噸數。我的意思是，在第一季度，平均每天產量為 137,000 噸，但高峰曾達到每天 193,000 噸以上。進入四月和五月，每天165,000噸是平均水平。這很好。我們的吞吐量正在達到峰值，每天超過 20 萬噸。因此，隨著我們度過冬季，克服裝載單位遇到的挑戰以及一些缺勤現象，我們的工作節奏明顯加快，但現在我們的情況很好，團隊也做得很好。

What the direct -- what's the actual grade that's being mined right now, the direct ore feed grade rather than what was processed?

直接的－現在正在開採的實際品位是多少，直接礦石進料品位而不是加工後的品位是多少？

Well, we get a lot of material that goes to the stockpile. So average grade being mined ranges from 0.6 to 1.2 anywhere in there. I'd say we're typically just under 1 gram. So we're using a bit of the stockpile and getting it to 1.1 on the feed.

嗯，我們得到很多要儲存的材料。因此，開採的平均品位範圍為 0.6 至 1.2。我想說我們通常略低於 1 克。因此，我們使用了一些庫存並將其供給量提高到 1.1。

Sorry, Greg, you were going to say something?

抱歉，格雷格，你剛才想說些什麼嗎？

I was just going to say that kind of as mentioned earlier, the challenge we really had was around availability of the large shovels. And that really did cause us some issues in January and February. As that availability increases, we're able to see the tonnage increase substantially. But as Doug said, we are behind on the mining and the key for us is to start working on catching that up. This additional shovel will help with that. We are bang on pretty much our feed grade for Q1, our expected feed grade. And so good from that perspective, but definitely need to catch up on the mining through the year. And we're seeing that start to happen now and keen to get that additional shovel into the fleet.

我只是想說，正如之前提到的，我們真正面臨的挑戰是大型鏟子的可用性。這確實在一月和二月給我們帶來了一些問題。隨著可用性的增加，我們能夠看到噸位大幅增加。但正如道格所說，我們在採礦方面落後了，對我們來說關鍵是開始努力迎頭趕上。這把額外的鏟子將會對此有所幫助。我們第一季的飼料等級與我們預期的飼料等級基本一致。從這個角度來看這很好，但肯定需要全年趕上採礦業。我們現在看到這種情況開始發生，並渴望將額外的鏟子投入船隊。

And sorry, just could you tell me how many -- how many -- I'm not sure I say the word trucks, trucks. How many trucks do you have in the first quarter retired.

抱歉，您能告訴我有多少輛——有多少輛——我不確定我是否說過“卡車”這個詞。第一季你們有多少卡車退役了？

We went from 25. We brought four more online, and this is always planned, and we got -- we're now at 29 trucks.

我們從 25 開始。我們又上線了四輛卡車，這一直是計劃中的，我們現在有 29 輛卡車。

Okay. So you went from 21 to 25 during the quarter.

好的。因此，本季您的人數從 21 人增加到了 25 人。

No. We went from 25 to 29 in the quarter.

不。本季我們從 25 上升到了 29。

Okay. And then last question, a little bit more bigger picture and related to the deal. Can you just go through -- Greg, can you go through what you view as core assets and non-core assets? There's been a lot of talk about asset sales post the merger and then focusing management time and resources on some of the bigger assets. But which -- where would you see shedding assets if you were to do that?

好的。最後一個問題，稍微詳細一點，跟交易有關。您能否簡單介紹一下—格雷格，您能否介紹一下您認為的核心資產和非核心資產？關於合併後的資產出售，以及將管理時間和資源集中在一些較大的資產上的討論很多。但是，如果您這樣做的話，您會在哪裡看到資產流失？

Sure. I think the easy comment to make is that Greenstone and Valentine form the foundation of the company and both in Canada, both long life, both with a lot of exploration potential. So obviously, those are core. We have the development project down in California, Castle Mountain. We are making substantial progress under the new administration in terms of permitting. And so that is becoming much more, I think, relevant to the future growth plans of the company in the near term here.

當然。我認為最簡單的評論是，Greenstone 和 Valentine 構成了公司的基礎，並且都位於加拿大，壽命都很長，都具有很大的勘探潛力。顯然，這些是核心。我們在加州的城堡山有一個開發案。在新政府的領導下，我們在許可方面取得了實質進展。因此，我認為這與公司近期的未來成長計劃更加相關。

So Castle Mountain, that's another 200,000 ounces per year long-life mine in the Americas and the United States, clearly a core asset for us. And then we've got a fairly large portfolio of other assets. We've got obviously operating scale in Brazil. We've got some operating scale in Nicaragua and then Filos, the Nevada assets and Mesquite. So, I never want to isolate individual assets as being core or non-core at this stage. We're going to close the transaction. The management team will do a full review. It's a pretty good market for thinking about divestments of assets or some M&A around gold assets.

因此，Castle Mountain 是美洲和美國的另一個年產 20 萬盎司的長壽命礦山，顯然是我們的核心資產。然後我們還有相當大的其他資產組合。我們在巴西的經營規模顯然已經相當大。我們在尼加拉瓜、菲洛斯、內華達州資產和梅斯基特都有一定的經營規模。因此，我在此階段絕不會將單一資產區分為核心資產或非核心資產。我們將要完成這筆交易。管理團隊將進行全面審查。這是一個非常適合考慮資產剝離或圍繞黃金資產進行一些併購的市場。

So it's definitely top of mind for us. It is something that we're going to focus on. But big picture, easy comment is Valentine, Castle and Greenstone, of course, as the major core of the company and then focusing on the other assets here over the next year and then determining what we're going to do. Obviously, there are some -- just the scale of the company, there are some that are going to be noncore. And we've had a fairly robust amount of interest in various assets in the portfolio. And again, we'll kind of consolidate all of that as we close the transaction and then go from there.

所以這絕對是我們最關心的問題。這是我們要重點關注的事情。但從總體上看，簡單的評論是 Valentine、Castle 和 Greenstone 當然是公司的主要核心，然後在接下來的一年裡關注這裡的其他資產，然後確定我們要做什麼。顯然，有一些——僅僅是公司的規模，有些將是非核心的。我們對投資組合中的各種資產都有相當濃厚的興趣。再次，我們會在交易結束時整合所有這些，然後從那裡開始。

Jeremy Hoy, Canaccord Genuity.

傑里米·霍伊（Jeremy Hoy），Canaccord Genuity。

Picking at some of the details here and going back to Greenstone, grade recovery was relatively in line with where it was in Q4. You've seen spikes up to the 90% range. At a high level, can you just walk us through the ins and outs of what it takes to get grade up to design? Recovery up to design.

選擇這裡的一些細節並回到 Greenstone，等級恢復與第四季度的水平相對一致。您已經看到峰值高達 90%。從高層次上講，您能否向我們詳細介紹達到設計等級所需的細節？恢復至設計。

Yes. I mean, higher grade, higher recovery. So, with the lower grade coming in this quarter, we did know it would be lower. We knew we'd be doing plant modifications to rectify some short-circuiting of solutions. So, the solutions are -- that's price solution. So, we're losing solution to tails in a couple of areas due to a short circuiting the tanks and a valve design that was not working properly. So, we've made those modifications. So, we anticipate as we go forward that we will see an improvement in grades overall. Recoveries overall.

是的。我的意思是，等級越高，恢復率就越高。因此，隨著本季成績的下降，我們確實知道成績會更低。我們知道我們將對工廠進行改造，以糾正一些解決方案的短路。所以，解決方案是——價格解決方案。因此，由於油箱短路和閥門設計不正常，我們無法解決幾個區域的尾部問題。因此，我們做出了這些修改。因此，我們預計，隨著我們不斷前進，我們將看到整體成績的提高。整體恢復。

Sorry, must be my influence. Just one more for me on Los Filos. In the disclosure, you mentioned that you started layoffs. If the community were to come back and sign an agreement today, how long would it take to restart that operation?

抱歉，一定是我的影響。對我來說，Los Filos 還有一個。在披露中，您提到開始裁員。如果社區今天回來簽署協議，重新啟動該操作需要多長時間？

Well, I think the question would be whether it makes sense to start the operation right away. I mean the path to prosperity at Los Filos really is through the construction of a new CIL plant, 10,000 tonne per day CIL plant. And to do that, we need to continue with some engineering. We need to get some permitting done on site and obviously advance toward a construction decision, then build it to go back into production on heap leach-only basis immediately after having wound the operation down, economically might not make the most sense.

嗯，我認為問題在於立即開始行動是否有意義。我的意思是，洛斯菲洛斯走向繁榮的真正途徑是建造一個新的 CIL 工廠，每天 10,000 噸的 CIL 工廠。為了做到這一點，我們需要繼續進行一些工程。我們需要在現場完成一些許可，並顯然要推進建設決策，然後在停止運營後立即以堆浸方式恢復生產，這在經濟上可能不是最合理的。

Now I never say never. We'd have to assess in the context of those discussions and determine what the best path is. But I think at this stage, again, we're not in a position where we see a resolution in the near term. And so, our current expectation is that Filos would remain suspended for the remainder of this year, certainly, and we'll assess it as we go.

現在我不再說永不。我們必須根據這些討論進行評估並確定最佳途徑。但我認為，就目前而言，我們無法在短期內找到解決方案。因此，我們目前的預期是，菲洛斯今年剩餘時間仍將被停職，我們也會對此進行評估。

Lots of questions online. I'm trying to combine them. Lots of questions about costs at the mines. How did these Q1 results compare to what you had budgeted for the year? And what's your target ASIC for the year-end?

網路上有很多問題。我正在嘗試將它們結合起來。關於礦山成本有很多問題。這些第一季的結果與您今年的預算相比如何？您年底的目標 ASIC 是多少？

So other than Greenstone, we're costs on a per ounce basis, they are a little higher than budget. But overall, as we've been saying, we believe we're still very much on plan for the year. For the rest of the mines, they actually performed within what we expect. Q1 is very typically for the company, the lightest production quarter every year. And as Greg mentioned, it's a record for us for Q1. So we're happy overall with where we're headed. And as a company as a whole, I believe we're on track with our overall cost guidance.

因此，除了綠石之外，我們的每盎司成本都略高於預算。但總的來說，正如我們所說的那樣，我們相信今年的計劃仍然順利進行。對於其餘礦山而言，其表現實際上符合我們的預期。對於該公司來說，第一季通常是每年產量最少的季度。正如格雷格所提到的，這是我們第一季的記錄。所以我們總體上對我們的發展方向感到滿意。作為一家整體公司，我相信我們的整體成本指導已經順利完成。

I mean I guess part of the challenge we have at Equinox is typically Q1 is our lowest production quarter, and we have increasing production quarter-over-quarter. As you increase your production, the denominator goes up and your average cost per ounce goes down, and that results in your average for the year. So, we typically have a higher cost quarter in Q1 and then see those cost per ounce come down over the course of the year as production increases. This happens at Equinox pretty much every year. It's based on seasonality typically, and it's the same this year.

我的意思是，我猜 Equinox 面臨的挑戰之一是，通常第一季是我們產量最低的季度，而且我們的產量逐季增加。隨著產量的增加，分母會上升，每盎司的平均成本會下降，這就是全年的平均成本。因此，我們通常在第一季看到成本較高，然後隨著產量的增加，每盎司的成本會在一年內下降。每年春分時節幾乎都會發生這種情況。它通常基於季節性，今年也是如此。

We've had some questions about the finance costs and other nonrecurring costs that occurred during the quarter and how we had record production and record gold prices but still booked a net loss. So can you explain that from an accounting perspective?

我們對本季發生的財務成本和其他非經常性成本以及我們如何實現創紀錄的產量和創紀錄的金價但仍然出現淨虧損存在一些疑問。那你能從會計的角度解釋一下嗎？

Yes. So, I'll refer to it. So, there's two major contributors there or three. There's the Los Filos suspension, which creates noise in the income statement as there's a lot of nonnormal costs associated with suspending operations, principally severance for employees that are being laid off. We did have the accounting adjustments that I mentioned, noncash and those won't recur.

是的。所以，我會參考它。所以，那裡有兩三個主要貢獻者。Los Filos 的停產為損益表帶來了影響，因為停產會產生許多非正常成本，主要是被解僱員工的遣散費。我們確實有我提到的會計調整，非現金的，而且不會再發生。

And finally, with the very fortunate completion of Greenstone commercial production last quarter, we had the opportunity, I suppose you could describe it to capitalize costs related to Greenstone construction and pre-commercial production. But with completion of that, those charges, even they were being incurred on a cash basis, they weren't going through our earnings statement, but now do. So those are the three primary components of the loss for the year.

最後，由於上個季度 Greenstone 商業化生產的幸運完成，我們有機會，我想你可以將其描述為將與 Greenstone 建設和商業化前生產相關的成本資本化。但隨著這些工作的完成，這些費用，即使是以現金為基礎產生的，也不計入我們的收益表，但現在卻要計入了。這就是今年虧損的三個主要因素。

And then reflecting Greg's comments just now, as we see our production increase throughout the year, we'll see the earnings increasing throughout the year. And then again, as we de-lever and reduce the obligation side of the balance sheet, of course, the finance charges with respect to those charges decrease and you wind up with this virtual cycle of having more cash available to deploy to pay down obligations while also reducing the cost of those obligations overall on your earnings.

然後反映格雷格剛才的評論，隨著我們看到全年產量增加，我們也會看到全年收益增加。然後，當我們降低槓桿率並減少資產負債表的債務方時，與這些費用相關的財務費用當然會減少，最終你會形成一個虛擬的循環，即擁有更多可用現金來償還債務，同時也降低了這些債務對你的收入造成的總體成本。

It looks like Jeremy did not come back into the queue. We did have a lot of questions came in online. I think most of them were addressed during the call or during the Q&A. If I missed your questions, my apologies. I'll get back to you by e-mail today. You're welcome to give me a call.

看起來傑里米沒有回到隊列中。我們確實收到了很多在網路上提出的問題。我認為大多數問題都在通話或問答過程中得到解決。如果我錯過了您的問題，我深感抱歉。我今天會透過電子郵件回覆您。歡迎您打電話給我。

Greg, did you have any wrap-up statements?

格雷格，你有什麼總結發言嗎？

No. I just, again, appreciate everyone for joining the call today. I appreciate your support. And you know where to find us. All of our contact information is on the website. You can reach out to Rhylin or me any time.

不。我再次感謝大家今天參加電話會議。感謝您的支持。而且您知道在哪裡可以找到我們。我們所有的聯絡資訊都在網站上。您可以隨時聯絡 Rhylin 或我。

Perfect. Thank you. Operator, you can now conclude the call.

完美的。謝謝。接線員，您現在可以結束通話了。

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

今天的電話會議到此結束。您可以斷開線路。感謝您的參與，祝您有個愉快的一天。