Equinox Gold Corp (EQX) 2025 Q2 法說會逐字稿

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

感謝您的支持。我是會議主持人。歡迎閱讀 Equinox Gold 2025 年第二季業績和公司更新。（操作員指示）

I would now like to turn the conference over to Ryan King, Executive Vice President, Capital Markets, for Equinox Gold. Please go ahead.

現在，我想將會議交給 Equinox Gold 資本市場執行副總裁 Ryan King。請繼續。

Thank you, operator. Good morning, everyone, and thank you for taking the time to join the call this morning.

謝謝您，接線生。大家早安，感謝大家抽出時間參加今天上午的電話會議。

Before we commence, I'd like to direct everyone to the forward-looking statement on slide 2. Our remarks and answers to your questions today may contain forward-looking information about the company's future performance. Although management believes that our forward-looking statements are based on fair and reasonable assumptions, actual results may turn out to be different from these forward-looking statements.

在我們開始之前，我想請大家看一下投影片 2 上的前瞻性聲明。我們今天的評論和您問題的回答可能包含有關公司未來業績的前瞻性資訊。儘管管理階層認為我們的前瞻性陳述是基於公平合理的假設，但實際結果可能與這些前瞻性陳述不同。

For a complete discussion of the risks, uncertainties, and factors which may lead to actual operating and financial results being different from the estimates contained in our forward-looking statements, please refer to our second-quarter and year-to-date MD&A and consolidated financial statements available on our website, as well as on SEDAR+. And finally, all figures are in US dollars unless otherwise stated.

有關可能導致實際營運和財務結果與我們的前瞻性聲明中的估計不同的風險、不確定性和因素的完整討論，請參閱我們網站以及 SEDAR+ 上提供的第二季度和年初至今的 MD&A 和合併財務報表。最後，除非另有說明，所有數字均以美元為單位。

Present today with me on the call are Darren Hall, Chief Executive Officer; Peter Hardie, Chief Financial Officer; and David Schummer, Chief Operating Officer. We will be providing comments on our second-quarter 2025 production and cost results and an update on the Greenstone and the Valentine gold mines, after which we'll take questions.

今天與我一起參加電話會議的還有執行長達倫霍爾 (Darren Hall)、財務長彼得哈迪 (Peter Hardie) 和首席營運長戴維舒默 (David Schummer)。我們將對 2025 年第二季的生產和成本結果以及 Greenstone 和 Valentine 金礦的最新情況發表評論，之後我們將回答問題。

The slide deck we will be referencing is available on our website at equinoxgold.com under the Shareholder Events section. You can also click on the webcast to join the live presentation.

我們將要參考的幻燈片可以在我們的網站 equinoxgold.com 的股東活動部分找到。您也可以點選網路直播加入現場演示。

And with that, I will turn the call over to Darren.

說完這些，我將把電話轉給達倫。

Turning to slide 3, and thanks, Ryan. Good morning, everyone, and I appreciate you taking the time to join us on the call today.

翻到幻燈片 3，謝謝 Ryan。大家早安，非常感謝您今天抽出時間參加我們的電話會議。

Firstly, I would like to acknowledge the efforts of our employees and business partners for their continued focus during the quarter to responsibly deliver over 219,000 ounces during what can be a distracting time as you integrate two businesses together. So well done, and thanks to everyone.

首先，我要感謝我們的員工和業務合作夥伴的努力，他們在本季度繼續集中精力，在兩個企業整合的可能令人分心的時期負責任地交付了超過 219,000 盎司。做得很好，感謝大家。

With the completion of the merger, we have created a significant Americas-focused gold producer, anchored by two cornerstone Canadian mines, Greenstone and Valentine. It is definitely exciting times as we build One Equinox, with the leadership team and the entire organization focused on delivering on its commitments, operational excellence, advancing high-quality organic growth, rationalizing the portfolio, and importantly, disciplined capital allocation.

隨著合併的完成，我們創建了一家專注於美洲的重要黃金生產商，以兩大加拿大基石礦山 Greenstone 和 Valentine 為支柱。當我們打造 One Equinox 時，這絕對是令人興奮的時刻，領導團隊和整個組織專注於履行承諾、卓越營運、推動高品質有機成長、合理化投資組合，以及重要的、嚴格的資本配置。

The benefits of bringing the teams together are already paying dividends, one example of which is reflected in improvements at Greenstone, which we'll talk to later. The company has entered into a pivotal phase with production, cash flow, and earnings expected to grow meaningfully in the coming quarters.

將團隊聚集在一起的好處已經得到了回報，其中一個例子就是 Greenstone 的改進，我們稍後會談到這一點。該公司已進入關鍵階段，預計未來幾季產量、現金流和收益將大幅成長。

Turning to slide 4. Q2 financial results predominantly reflect Equinox's pre-merger assets. On an attributable basis, the company sold just over 148,000 ounces at an average realized price of $3,200 an ounce. Interestingly, had the Calibre transaction been effective January 1, the pro forma consolidated revenue for H1 would have been approximately $1.33 billion from 401,000 ounces, which clearly underscores the enhanced scale and earnings power of the new company. Looking forward, Q3 and Q4 will see increasing production as we benefit from a full quarter of contribution from the Calibre assets, continued improved performance at Greenstone, and first gold from Valentine.

翻到幻燈片 4。第二季的財務表現主要反映了 Equinox 合併前的資產。以歸屬基準計算，該公司以平均每盎司 3,200 美元的價格售出了 148,000 多盎司。有趣的是，如果 Calibre 交易於 1 月 1 日生效，那麼上半年的合併收入將達到約 13.3 億美元，銷量為 401,000 盎司，這清楚地凸顯了新公司規模和盈利能力的增強。展望未來，由於我們受益於 Calibre 資產整整一個季​​度的貢獻、Greenstone 業績的持續改善以及 Valentine 的首批黃金，第三季和第四季的產量將會增加。

Turning to slide 5. Greenstone is a key focus. The ramp-up is progressing, and we are seeing tangible improvements. Q2 delivered solid results, with mining rates increased 23% and processing rates improved 20% over Q1. Building on that momentum, Q3 is off to a strong start with quarter-to-date mining rates 10% higher than Q2, with month-to-date August mining rates averaging 200,000 tonnes per day.

翻到幻燈片 5。綠石是重點關注對象。這項工作正在穩步推進，我們也看到了切實的改善。第二季業績穩健，採礦率較第一季提高 23%，加工率提高 20%。在此勢頭的基礎上，第三季開局強勁，本季迄今的採礦率比第二季高出 10%，8 月迄今的採礦率平均為每天 20 萬噸。

Over the 30 days ending August 10, we processed an average of 24,500 tonnes per day, with more than one-third of the days above the nameplate capacity of 27,000 tonnes per day. There is still work to do as we focus on minimizing dilution and mining losses around historical workings, concurrently with targeted programs to improve fleet productivity and operating discipline.

截至 8 月 10 日的 30 天內，我們平均每天處理 24,500 噸，其中超過三分之一的日子超過了每天 27,000 噸的額定處理能力。我們仍有工作要做，因為我們專注於最大限度地減少歷史工作周圍的稀釋和採礦損失，同時有針對性的計劃來提高車隊生產力和操作紀律。

I'm pleased to introduce Dave Schummer as Equinox's Chief Operating Officer, who brings over 35 years of mining experience to the business. Dave and I worked together at Newmont and, most recently, Calibre, and he has been working closely with the Greenstone team since mid-May to accelerate the ramp-up, improve efficiencies, to safely deliver reliable performance.

我很高興介紹 Dave Schummer 擔任 Equinox 的首席營運官，他為該公司帶來了超過 35 年的採礦經驗。Dave 和我曾在 Newmont 以及最近的 Calibre 共事，自 5 月中旬以來，他一直與 Greenstone 團隊密切合作，以加快發展、提高效率並安全地提供可靠的效能。

With that, I'll ask Dave to discuss a little more color on some of the team's recent progress at Greenstone.

因此，我將請戴夫更詳細地討論該團隊在 Greenstone 取得的一些最新進展。

Thanks, Darren.

謝謝，達倫。

We've moved quickly to put more horsepower behind Greenstone's ramp-up. This includes bringing in seasoned advisors with decades of load and haul experience, improving shovel loading cycle times through operator training, the addition of auxiliary equipment to maintain pit floors and shovel dig faces, and the introduction of double-side loading to essentially eliminate haul truck spotting time. We've also recently taken steps to bring in technical specialists to optimize and monitor our blast designs and performance, targeting improved fragmentation, reduced dilution, and improved ore presentation to the mill.

我們已迅速採取行動，為 Greenstone 的成長提供更多動力。其中包括引入具有數十年裝載和運輸經驗的資深顧問、透過操作員培訓改善鏟車裝載週期時間、增加輔助設備以維護坑底和鏟車挖掘面，以及引入雙面裝載以從根本上消除運輸卡車定位時間。我們最近也採取措施，引進技術專家來優化和監控我們的爆破設計和性能，旨在改善碎片化、減少稀釋並改善礦石向磨機的呈現。

On the hauling side of things, improved road designs and construction, tighter dump exchanges, and recently added support equipment are all helping us move material much more efficiently through increased average speed across the haulage fleet. These enhancements, along with a concerted effort to reduce operating delays, specifically through the implementation of an efficient hot change between shifts, are already contributing significantly to stronger daily performance.

在運輸方面，改進的道路設計和施工、更緊密的傾倒交換以及最近增加的支援設備都幫助我們透過提高運輸車隊的平均速度更有效率地運輸材料。這些改進，加上為減少操作延遲而做出的共同努力，特別是透過在班次之間實施高效的熱交換，已經對提高日常績效做出了重大貢獻。

As Darren mentioned, month-to-date August mining rates have been around 200,000 tonnes per day, with best-demonstrated performance to date of 227,000 tonnes per day. And the focus remains on driving dilution down and fine-tuning the process plant to steadily improve operating time, throughput, and recovery.

正如達倫所提到的，8 月迄今的採礦率約為每天 20 萬噸，迄今為止的最佳表現為每天 227,000 噸。重點仍然是降低稀釋度並微調製程裝置，以穩步提高運行時間、產量和回收率。

Turning to slide 6. And back to you, Darren.

翻到幻燈片 6。回到你這裡，達倫。

Thanks, Dave.

謝謝，戴夫。

Valentine is a conventional crush grind CIL plant and will be our second Canadian cornerstone mine and a significant contributor to cash flow. Before providing the Valentine update, it's important to note that there are currently active wildfires in Newfoundland and Labrador, with a number of communities on evacuation alert. Our thoughts and best wishes go out to those impacted, and our operations have not been impacted but remain vigilant and supporting those that have been.

Valentine 是一家傳統的破碎研磨炭漿廠，將成為我們在加拿大的第二個基石礦，並對現金流做出重要貢獻。在提供情人節最新消息之前，值得注意的是，紐芬蘭和拉布拉多省目前正發生野火，許多社區處於疏散警戒狀態。我們向那些受到影響的人表示慰問和祝福，我們的營運沒有受到影響，但我們會保持警惕並支持那些受到影響的人。

In Q2 2024, we assembled an operating team with significant commissioning experience, led by Jason Sear, who's been working symbiotically with Kyle Kuntz and Pierre Légaré, who are leading the construction front, over the last year. This investment in talent is paying off as evidenced by our current state of operational readiness, which includes the process plant is fully energized, key circuits have been tested, and commissioning crews are working through performance verification. Maintenance systems are live, operating procedures have been developed, and crews have trained.

2024 年第二季度，我們組建了一支具有豐富調試經驗的營運團隊，由 Jason Sear 領導，在過去的一年裡，他一直與領導建設前沿的 Kyle Kuntz 和 Pierre Légaré 密切合作。我們目前的營運準備狀態表明，對人才的投資正在獲得回報，包括製程工廠已完全通電、關鍵電路已經過測試、調試人員正在進行性能驗證。維護系統已投入使用，操作程序已製定，工作人員也已接受訓練。

We have invested over $25 million in critical spares to support a smooth ramp-up. First ore to the plant is scheduled to commence before the end of August, with first gold anticipated approximately a month later, followed by a steady ramp-up to nameplate capacity in Q1 2026.

我們已投資超過 2,500 萬美元購買關鍵備件，以支持平穩提升產能。該廠計劃於 8 月底前開始輸送第一批礦石，預計約一個月後將產出第一批黃金，隨後將於 2026 年第一季穩步提升至額定產能。

Turning to slide 7. With Greenstone ramping towards nameplate capacity and Valentine on track to deliver first gold, we're entering a period where production and cash flow will materially increase. These two cornerstone Canadian assets, combined with our diversified portfolio, give us the scale, stability, and leverage to gold price required to drive a step change in margins, earnings, and therein, shareholder value.

翻到幻燈片 7。隨著 Greenstone 產能不斷提升，Valentine 預計將交付第一批黃金，我們正進入一個產量和現金流大幅增加的時期。這兩大加拿大基石資產，加上我們多元化的投資組合，為我們提供了推動利潤率、收益以及股東價值大幅提升所需的規模、穩定性和對黃金價格的槓桿作用。

Our strategy is clear: quality over quantity -- focus on production that moves the needle in terms of free cash flow and valuation; advance high-return organic growth -- invest where we create the most value per dollar spent; rationalize and streamline -- continuously assess the portfolio to focus our human and financial capital on our best opportunities, a recent example of which is the sale of our Nevada assets for $115 million; deliver tangible returns -- share price appreciation through margin expansion, discipline cost control, and production growth while positioning the company to return capital directly to shareholders through dividends and/or share buybacks once our delivery objectives are achieved. We are focused on executing with discipline, and I'm confident in our ability to realize our vision to be a top quartile valued gold producer.

我們的策略很明確：質量重於數量——專注於推動自由現金流和估值的生產；推進高回報有機增長——投資於我們每一美元花費能創造最大價值的地方；合理化和精簡——不斷評估投資組合，將我們的人力和金融資本集中在最佳機會上，最近的一個例子是以 1.15億美元的價格出售我們的內華達州資產；提供有形的回報——透過利潤率擴張、嚴格的成本控制和產量增長來提高股價，同時一旦我們的交付目標實現，公司就可以透過股息和/或股票回購直接向股東返還資本。我們專注於嚴格執行，我相信我們有能力實現成為頂級黃金生產商的願景。

With that, we're happy to take questions. And back to you, operator.

我們很樂意回答您的問題。現在回到你這裡，接線生。

(Operator Instructions) Ovais Habib, Scotiabank.

（操作員指示）Ovais Habib，豐業銀行。

Thanks, operator. Hi, Darren and Equinox team. Congrats on Q2 beat, and really great to see Greenstone Mill hitting the over nameplate capacity. Darren, a couple of questions from me, just starting off with Greenstone. The grade at Greenstone came in at around 0.92, down from around 1.06 grams per tonne in Q1.

謝謝，接線生。大家好，Darren 和 Equinox 團隊。恭喜第二季度取得佳績，很高興看到 Greenstone Mill 的產能超過了額定產能。達倫，我有幾個問題，首先從 Greenstone 開始。Greenstone 的品位約為 0.92，低於第一季的每噸約 1.06 克。

When should we start seeing grades improve going into the second half? And what measures are you taking to manage and improve grade dilution? Essentially, what I'm asking is, are you expecting grade to improve quarter over quarter kind of going into Q3, or is this more of a Q4 situation?

進入下半年，我們什麼時候才能看到成績有所提升？您採取了哪些措施來管理和改善品位稀釋？本質上，我想問的是，您是否預計第三季的業績會逐季提高，還是更像第四季度的情況？

Yeah. Thanks, Ovais. Appreciate your support and questions.

是的。謝謝，Ovais。感謝您的支持與提問。

Grade, we are seeing improvements in grade. Month-to-date August grades are right around 1 gram a tonne, so improving over what was Q2. We will continue to see improved grades because of face position, and face position driven by kind of where we sit in the pit. But obviously, the more material we move, it means the more face positions we make, which means the deeper we get, the more material we have. The more material we move, it allows us to be able to operate more effectively along that grade tonnage curve.

等級，我們看到等級的提高。截至目前，8 月的品位約為每噸 1 克，比第二季有所改善。我們將繼續看到由於臉部位置而提高的成績，臉部位置由我們在坑中的位置決定。但顯然，我們移動的材料越多，就意味著我們做出的臉部姿勢就越多，這意味著我們走得越深，我們擁有的材料就越多。我們運送的物料越多，我們就能沿著等級噸位曲線更有效地運作。

But importantly, in everything we're doing right now, it's about ensuring we get the quality as well as the quantity. So Simon and Dave and the team are absolutely focused on moving as many tonnes as cheaply as we can, but importantly, minimizing dilution, so to be able to segregate out the waste from the ore. And then secondly is also to minimize the ore losses in and around the historical working.

但重要的是，我們現在所做的每一件事，都是為了確保品質和數量。因此，西蒙、戴夫和團隊絕對專注於盡可能便宜地運輸盡可能多的礦石，但重要的是，盡量減少稀釋，以便能夠將廢料從礦石中分離出來。其次，也要盡量減少歷史開採過程中及週邊的礦石損失。

So it is a work in progress, and as we go forth, I anticipate that we'll see quarter-on-quarter improvements in grade. But I would anticipate that Q3 grades probably won't be too dissimilar to Q2. Maybe marginally better, but we are also ensuring that we make face positions so that additional capacity that we've got is ensuring that we end up with nice areas to work in that provide really, really effective mining areas that will positively impact unit mining costs as well, which will then flow through to margin escalation as well.

因此，這是一項正在進行的工作，隨著我們的前進，我預計我們將看到成績逐季度有所提高。但我預期 Q3 的成績可能不會與 Q2 有太大差異。可能略有改善，但我們也在確保做好臉部定位，以便我們擁有的額外產能能夠確保我們最終擁有良好的工作區域，提供真正有效的採礦區域，這也將對單位採礦成本產生積極影響，進而導致利潤率的提高。

Got it. And thanks for the color on that. And just in terms of the fleet that you have in place, in terms of improving the mining rates as well, do you have all the equipment and money fees in place? Or do you think you need to beat that up?

知道了。謝謝你對此的詮釋。就您現有的車隊而言，就提高採礦率而言，您是否已準備好所有設備和資金費用？或者你認為你需要打敗它嗎？

No. I think from what we've socialized vis-à-vis the feasibility study or more recently is that all the equipment that we require is in place. It's really about maximizing the value of our committed capital and what we've delivered into. And that's working with our business partners and our vendors as well to ensure that they have skin in the game and are focused on our performance as well.

不。我認為，從我們在可行性研究或最近進行的社交活動來看，我們所需的所有設備都已到位。這其實是為了最大化我們投入的資本和我們交付成果的價值。這也與我們的業務合作夥伴和供應商合作，以確保他們參與其中並關注我們的表現。

And we have seen over the last quarter a significantly higher level of engagement from both Komatsu, Caterpillar, and SMS as well. So that's great to see. So short answer is that we have the equipment. The Board have afforded us some additional support equipment, which is positively impacting things as well, as Dave indicated, by increased haul speeds for the truck fleet. So no, we have what we need, and it's really about ensuring that we maximize the value out of that invested capital.

在過去的一個季度中，我們也看到小松、卡特彼勒和 SMS 的參與度顯著提高。看到這一點真是太好了。簡而言之，我們有設備。董事會為我們提供了一些額外的支援設備，正如戴夫所指出的那樣，這也對事情產生了積極的影響，因為它提高了卡車車隊的運輸速度。所以，不，我們已經擁有了我們需要的東西，而真正的目的是確保我們能夠從投資資本中實現價值最大化。

Got it. Thanks for that, Darren. And just moving on to Los Filos, obviously you've kind of had the agreements in place now with the two communities. Are you -- I mean, now I'm forgetting the name of the third community, I apologize, but in terms of -- are you in discussion with that third community as well right now? Or are you dealing with just the two communities that basically have signed on to move forward with Los Filos?

知道了。謝謝你，達倫。再說說洛斯菲洛斯 (Los Filos)，顯然你們已經與這兩個社群達成了協議。您是——我的意思是，現在我忘記了第三個社區的名字，我很抱歉，但就——您現在也在與第三個社區討論嗎？或者您只與基本上已經簽署協議推進 Los Filos 項目的兩個社區打交道？

Well, in every jurisdiction that we operate in, we maintain regular and engaged communication and coordination with all of our stakeholders, and that's in -- whether it be in Mexico, Nicaragua, or Ontario. So no, we maintain open dialogue with everyone.

嗯，在我們經營的每個司法管轄區，我們都與所有利益相關者保持定期和積極的溝通和協調，無論是在墨西哥、尼加拉瓜還是安大略省。所以，我們與每個人都保持開放的對話。

The third community is that we're having in discussions with is Carrizalillo. But what we have done is that we do have fully executed agreements in place with two of the three communities, and we're currently working with those communities to recommence exploration activities and look at a two-community plan to be able to exploit Los Filos as well.

我們正在討論的第三個社區是 Carrizalillo。但我們所做的是，我們確實已經與三個社區中的兩個社區達成了全面執行的協議，目前我們正與這些社區合作，重新開始勘探活動，並研究一個雙社區計劃，以便能夠開發洛斯菲洛斯。

But no, we are hopeful that we will work towards a solution. But yeah, as we do everywhere, for those that want to work with us, we will work constructively and responsibly with every stakeholder.

但不，我們希望能夠努力找到解決方案。但是，是的，正如我們在任何地方所做的那樣，對於那些想與我們合作的人，我們將與每個利益相關者進行建設性和負責任的合作。

Got it. And just my last question over here, Darren. I mean, great to see you've started selling off non-core assets, and we saw that with Pan. Are we going to see more of that going into the second half or early 2026? Any color there would be appreciated.

知道了。這是我的最後一個問題，達倫。我的意思是，很高興看到你已經開始出售非核心資產，我們在潘身上也看到了這一點。我們會在 2026 年下半年或年初看到更多這樣的情況嗎？任何顏色都會受到歡迎。

Yeah. No, Ovais, it is that we love all of our children. But again, if we find that some of our assets can create you and our other shareholders and us more value in the hands of someone else, then we will actively explore those opportunities. So are we running processes? No. But have we seen a level of engagement and inbounds as a consequence over the last quarter or two? Yeah, absolutely.

是的。不，奧韋斯，我們愛我們所有的孩子。但同樣，如果我們發現我們的某些資產可以為您、我們的其他股東和我們自己創造更多價值，那麼我們將積極探索這些機會。那我們正在運行進程嗎？不。但在過去一兩個季度中，我們是否看到了一定程度的參與度和入站量？是的，絕對是如此。

And as we demonstrated with the Nevada assets, we will move agilely to be able to surface those values as they present. But they will all be focused on ensuring that they positively impact share price, and that's where our focus will be.

正如我們在內華達州資產中所展示的那樣，我們將靈活行動，以便能夠將這些價值展現出來。但他們都將專注於確保對股價產生正面影響，這也是我們的重點。

Perfect. Thanks for taking my question, Darren. And again, congrats on Q2 beat.

完美的。感謝您回答我的問題，達倫。再次恭喜您第二季度的勝利。

Thank you, Ovais.

謝謝你，Ovais。

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）。

Hi. Good morning, Darren. And firstly, congratulations, David, on your appointment. I think we crossed paths when you were at New Gold in 2014, 2016.

你好。早安，達倫。首先，大衛，恭喜你獲得任命。我想我們在 2014 年、2016 年你在 New Gold 時有過交集。

My first question, just to follow up on the grades at Greenstone, you did indicate that the grades increased quarter over quarter of what was mined. Can you give us an idea of what those actual numbers were in terms of what the grades that you mined out of the pit this quarter and last quarter? And then secondly, what would the block model have predicted, just so that we can get a benchmark of the kinds of ore losses that you're experiencing right now?

我的第一個問題，只是想了解 Greenstone 的品味，您確實指出，開採品位逐季度增加。您能否告訴我們，就本季和上季開採的礦石品位而言，實際數字是多少？其次，塊模型會預測什麼，以便我們可以獲得您目前遇到的礦石損失類型的基準？

Yeah, Anita, and thanks for the questions. And I don't have the mined information in front of me right now. And I guess is that there's two parts I think we want to focus in on here is that we will see an improving grade quarter on quarter as we get deeper in the pit and as we improve our practices in around mining dilution or minimizing mining dilution and ore losses. And secondly is that the volumes of material will also impact the grade that we see presented to the process plant.

是的，安妮塔，謝謝你的提問。而我現在面前還沒有挖掘出來的資訊。我想，我們需要重點關注兩個部分：隨著我們深入礦井，隨著我們在採礦稀釋或最大限度地減少採礦稀釋和礦石損失方面的做法的改進，我們將看到品位逐季度提高。其次，材料的體積也會影響我們看到的提供給加工廠的等級。

If we step back and look at the veracity of the feasibility study over the longer term, from memory, I think it was around 300,000 ounces a year or thereabouts. And that what we see is that from a high level, we see the reconciliation of total metal being pretty consistent with that. We are seeing more tonnes at a lower grade, and that's where our focus on dilution and ore loss. And as we work through the balance of the year, I think we'll be in a better position to be able to talk about what those shorter-term grades look like.

如果我們回顧一下，從長遠來看可行性研究的真實性，根據記憶，我認為每年大約是 30 萬盎司左右。我們看到的是，從高層次來看，金屬總量的調和與此相當一致。我們看到低品位礦石的數量增加，這就是我們關注的貧化和礦石損失。隨著我們完成今年的剩餘工作，我認為我們將能夠更好地討論這些短期成績是什麼樣的。

But I'm comfortable with the ability for the asset in the long term to deliver into the feasibility, which is not specifically answering your question. I just want to provide a little bit more color in around what the long term looks like because I don't have the actual mined on mine grades. Because as of end of month July, we had right around 6 million tonnes on stockpile. So there's a large stockpile of material as well and how that figures into the as-mined versus the as-milled. So happy to --

但我對該資產的長期可行性能力感到滿意，這並沒有具體回答你的問題。我只是想提供更多關於長期前景的信息，因為我沒有實際開采的礦山等級。因為截至 7 月底，我們的庫存約為 600 萬噸。因此，也存在大量的材料儲備，以及這些材料在開採和研磨過程中所佔的比例。很高興--

Yeah, I can appreciate that. But I think that grades were supposed to be in the order of about 1.3 this year. So that's where we're -- the 0.92 is where I'm trying to understand.

是的，我很感激。但我認為今年的成績應該在 1.3 左右。這就是我們所處的階段——我試圖理解的是 0.92。

And then secondly, you also -- you mined 50% more than you milled. Did you just direct ore feed what you mined? Or was there -- I'm trying to understand the movement between what's happening at the mine. Is there any stockpiling happening? And then you also -- you guys also talked about the grades being -- the lower grade availability within the stockpile that you pulled going to the mill. So I'm trying to get an understanding of the material movement and what's happening there.

其次，你開採的礦石比你磨礦的多 50%。您是否只是直接將所開採的礦石餵給它？或者在那裡——我試圖了解礦井裡發生的事情。有囤貨現象嗎？然後你們也——你們還談到了等級——你們拉到工廠的庫存中等級較低的可用性。所以我試著去了解物質運動以及在那裡發生的事情。

Yeah. And again, it's probably worthwhile to sit down and walking through what that looks like. But absolutely, there's a stockpile and there's a surge capacity in front of the plant. I mean, I don't have the number at hand. Maybe Dave does.

是的。再說一次，坐下來仔細想想那是什麼樣的，也許是值得的。但工廠前面確實有庫存，有應急產能。我的意思是，我手邊沒有這個號碼。也許戴夫知道。

But I would anticipate that probably less than one-fifth of the material that is direct dumped into the primary crusher. I think the majority of the material is actually re-handled from the stockpile to be able to ensure that we get a consistent feed from not only grade but also arsenic and sulfur. And we get a nice blended product to get a nice stable feed into the plant that will have a positive impact on recovery. So the stockpile is a critical part of the process here because we don't go direct mine to mill.

但我預計直接傾倒到初級破碎機的材料可能不到五分之一。我認為大部分的材料實際上是從庫存中重新處理的，以確保我們不僅能從等級上獲得一致的進料，還能獲得砷和硫的一致進料。我們得到了優質的混合產品，為工廠提供了穩定的飼料，這將對恢復產生積極的影響。因此，庫存是這裡流程的關鍵部分，因為我們不會直接從礦場開採到工廠。

And it's Peter here, Anita. We did see an increase of the stockpile from the end of Q1 to the end of Q2. But we can address some of those items perhaps in more detail offline.

我是彼得，安妮塔。我們確實看到從第一季末到第二季末庫存增加。但我們可以離線更詳細地討論其中的一些問題。

Okay. Second question in a series of questions, and I'll leave it at three. But the second question, just in terms of the disclosure that you provided on both the tax and the legal front in the MD&A, one on taxation in Nicaragua and a dispute on the tax rebate, and secondly, the Aurizona legal matter.

好的。這是一系列問題中的第二個問題，我將在第三個問題中討論它。但第二個問題，僅就您在 MD&A 中提供的稅務和法律方面的披露而言，一個是關於尼加拉瓜的稅收和退稅爭議，其次是關於 Aurizona 的法律問題。

Can you give me some color on firstly on the tax -- on the tax issue there? I mean, do you expect a resolution in the near term? Or is that something that we should be concerned about? And secondly, on Aurizona, a similar question. And would that impact your ability to execute on asset sales if you were thinking about asset sales in Brazil?

首先，您能否跟我講講那裡的稅務問題？我的意思是，您是否希望在短期內得到解決方案？還是這是我們應該關心的事情？其次，關於 Aurizona，我也有一個類似的問題。如果您考慮在巴西出售資產，這會影響您執行資產出售的能力嗎？

Yeah, it's Peter here. On Nicaragua, without getting into too much of the detail, because it is an ongoing discussion with the tax authority, tax law changed. We are quite confident that the Nicaragua operations are grandfathered under the pre-existing regime, and we're actually reasonably confident we'll come to a beneficial resolution there. As to a timeline on when that might be settled, I don't know. But we did not record a provision with regards to it, which indicates our expectation of likelihood of a successful resolution.

是的，我是彼得。關於尼加拉瓜，我們不必談論太多細節，因為我們正在與稅務機關討論，稅法已經改變。我們非常有信心，尼加拉瓜的行動在現有製度下是不受限制的，而且我們實際上相當有信心我們將在那裡達成有利的解決方案。至於何時能解決這個問題，我不知道。但我們並未記錄與此相關的條款，這表明我們預計成功解決的可能性。

And then with respect to Aurizona, the legal wheels in Brazil turn very slowly, so we don't expect that to be resolved in the near term. We do not expect that to -- there is no process on Aurizona. I just want to reiterate that, or on any of the Brazil assets, or any of the other assets for that matter. But we wouldn't expect that kind of thing to interfere. If there was one, we wouldn't expect it to interfere with the process.

至於 Aurizona，巴西的法律進程非常緩慢，因此我們預計這個問題不會在短期內解決。我們不希望這樣——Aurizona 上沒有任何進程。我只是想重申這一點，或關於任何巴西資產，或任何其他資產。但我們不希望這種事情發生幹擾。如果有的話，我們也不會期望它幹擾這個過程。

As it didn't, we've given this recent merger between Calibre and Equinox.

由於事實並非如此，我們最近宣布了 Calibre 和 Equinox 之間的合併。

Exactly, yeah.

確實如此。

Okay. And then last question, I guess I'll move to Los Filos. So Los Filos, in the last two years, Peter, as you guys had indicated previously, has been a bit undercapitalized. You were preserving capital to get the ramp-up at Greenstone up and running. So if Los Filos comes back, outside of the CIL, what kind of CapEx should we be expecting in terms of a recapitalization of that mine?

好的。最後一個問題，我想我會搬到 Los Filos。因此，Los Filos，在過去的兩年裡，正如你們之前指出的那樣，Peter 的資金有點不足。您正在保留資本，以使 Greenstone 的生產能夠順利進行。那麼，如果 Los Filos 恢復運營，那麼在 CIL 之外，就該礦的資本重組而言，我們應該預期什麼樣的資本支出？

Yeah. And Anita, I mean, we're working through what a potential restart may look like at Los Filos. And as we have visibility into that, we'll be absolutely transparent with what those requirements are.

是的。安妮塔，我的意思是，我們正在研究洛斯菲洛斯 (Los Filos) 重新開始的可能性。由於我們了解這一點，因此我們將絕對透明地說明這些要求。

But our focus right now is working with the two communities on developing a two-community plan which would involve the construction of a CIL. And that's starting with recommencing exploration activities here in the next, we'll call it, weeks, and then continuing the studies in the background to be able to look at refreshing some of those longer-term economics. So it's really about the longer-term capital requirements and what that asset looks like as a world-class gold asset.

但我們目前的重點是與兩個社區合作制定一項雙社區計劃，其中將涉及建立 CIL。我們將在接下來的幾週內重新開始勘探活動，然後繼續進行幕後研究，以便能夠重新審視一些長期經濟狀況。因此，這實際上與長期資本要求以及該資產作為世界級黃金資產的表現有關。

And if we're faced with the first-world problem of being able to restart, then we'll start to provide that information because those numbers change on a pretty regular basis. And depending on the commitments we make and the agreements we have in place with the communities, that will also impact what that capital start looks like. But we're comfortable that the provisions that we've made and the progress that we've made is preserving our ability to recommence when we do have those agreements in place.

如果我們面臨重啟經濟這個首要問題，那麼我們就會開始提供這些信息，因為這些數字會定期變化。並且，根據我們所做的承諾和與社區達成的協議，這也將影響資本啟動的情況。但我們感到欣慰的是，我們所做的規定和取得的進展將使我們在達成這些協議後能夠重新開始。

All right. Thank you. That's it for my questions. Sorry, go ahead.

好的。謝謝。我的問題就這些。抱歉，請繼續。

I was just going to say, Anita, it's Peter again. And given the longer history perhaps with Los Filos than others in the room, no one will actually be happier than me to have to come forward with that information. So looking forward to the day when we do.

我只是想說，安妮塔，又是彼得。並且考慮到 Los Filos 的歷史可能比房間裡的其他人更長，沒有人會比我更高興能夠提供這些資訊。所以我期待著我們實現夢想的那一天。

All right. Thank you. That's it for my questions.

好的。謝謝。我的問題就這些。

Mohamed Sidibe, National Bank Financial.

穆罕默德·西迪貝，國家金融銀行。

Hi, Darren and team. Thanks for taking my question. Just maybe on the cost front in the corner, I just wanted to maybe dive in a little bit deeper into the Brazilian operations cost. It seems to have been doing better than guidance and better than what I was expecting there. Should we expect those similar unit costs to continue into the back half of the year? Or how should we be thinking about costs out of the Brazilian operations? Thank you.

嗨，Darren 和他的團隊。感謝您回答我的問題。也許只是在角落裡的成本方面，我只是想更深入地了解巴西的營運成本。它似乎比指導做得更好，也比我預期的更好。我們是否應該預期類似的單位成本將持續到今年下半年？或者我們應該如何考慮巴西業務的成本？謝謝。

Well, maybe I'll start with a kind of a 30,000-foot view and then see if Pete's got anything to add to it. But on June 13, I think, or thereabouts, we re-established guidance for the full year. And we're very comfortable with our consolidated and piece guidance for all of our assets going into it. And I think with that, we'll see variation on a quarter-by-quarter and a month-by-month basis as we see different levels of spend and different reaction too. But again, holistically for the year, we're very comfortable with the guidance.

好吧，也許我會從 30,000 英尺的視角開始，然後看看 Pete 是否有任何補充。但我認為，大約在 6 月 13 日，我們重新制定了全年業績指引。我們對所有資產的合併和分項指導感到非常滿意。我認為，由於支出水平和反應不同，我們會看到每個季度和每個月的變化。但從今年的整體情況來看，我們對這項指導非常滿意。

I mean, Pete, anything you'd layer on on that?

我的意思是，皮特，你會在上面添加什麼東西嗎？

Just that, Brazil, as those who are familiar with the company would know, is very seasonality-driven. And we tend to generate most of the production cash flow in the second half of the year, which has obviously an impact on the unit costs overall. But as Darren said, very solidly in range for delivering on our updated guidance.

熟悉該公司的人都知道，巴西非常受季節性影響。我們傾向於在下半年產生大部分生產現金流，這顯然會對整體單位成本產生影響。但正如達倫所說，我們非常穩固地實現了更新後的指導。

Yeah. And I think that, just to layer in is that, someone -- well, Anita maybe had raised it. But in terms of the capital constraints that we had seen over the last few years in terms of where we deploy capital, as our organization changes and as we generate that capital, it's allowing us to look at that capital deployment throughout the assets.

是的。我認為，只是分層而言，有人——嗯，安妮塔可能已經提出過這個問題。但就過去幾年我們在資本部署方面所看到的資本限製而言，隨著我們組織的變化和我們產生資本，它使我們能夠審視整個資產的資本部署。

And I think that we'll see assets like Brazil be able to better perform as we can deploy more capital that will positively impact their ability to be able to see what's in front of them and then be able to more reliably produce as well. And whether that be exploration through -- results of exploration through the drill bit or whether it be investing in capital for equipment to be able to lower unit costs, all those things will positively impact their portfolios.

我認為，我們將看到巴西等資產能夠表現得更好，因為我們可以部署更多的資本，這將對它們看清未來的能力產生積極影響，從而能夠更可靠地生產。無論是透過鑽頭進行勘探的結果，還是投資設備資本以降低單位成本，所有這些都會對他們的投資組合產生積極影響。

So I think that with this pivotal change we're seeing with Greenstone coming on board -- ramping up and then we're imminent with respect to Valentine, that very much changes the paradigm, which is Equinox, and will allow us to then be able to reinvest back into some of these assets that arguably probably haven't seen the love over the last couple of years. So again, very exciting times for our entire portfolio of assets.

因此，我認為，隨著 Greenstone 的加入，我們看到了這一關鍵變化——不斷加大投入，然後我們即將迎來 Valentine，這極大地改變了 Equinox 的範式，並將使我們能夠重新投資於一些在過去幾年中可能沒有受到青睞的資產。因此，對於我們的整個資產組合來說，這又是一個非常令人興奮的時刻。

Great. Thanks for that color. And then if I could shift maybe to Greenstone, maybe just to follow up on a great question there, but maybe as it relates to the stockpile, you noted an increase in the stockpile that you have at the asset there quarter over quarter. Would it be possible to know which -- the 6 million tonnes -- what grade the 6 million tonnes are at for the stockpile? Thank you.

偉大的。謝謝你這個顏色。然後，如果我可以轉到 Greenstone，也許只是為了跟進一個很好的問題，但也許因為它與庫存有關，您注意到該資產的庫存逐季度增加。是否有可能知道這 600 萬噸庫存屬於什麼等級？謝謝。

Sorry, you broke up there right at the end. Do you mind just repeating that question? Apologies.

抱歉，你們最後分手了。您介意重複一下這個問題嗎？抱歉。

Yeah. Would you be able to tell us what are the grades for the stockpile, the 6 million tonnes of stockpile, that you have at Greenstone?

是的。您能告訴我們，您在 Greenstone 的庫存（600 萬噸庫存）的等級是多少嗎？

In terms of splits, there's different grade splits. And from memory, Mohamed, I think we're looking at about 6 million tonnes at just over 0.5 grams as a total. And I believe that there's about 1.5 million tonnes at about a 0.7x in terms of the higher grade portion. So we'll call it the Bin 2. But we can get offline and provide more color that you would like. But again, we've got a significant stockpile that's very similar to what we have processed year to date, and then a larger stockpile of lower-grade material. So we talk about 1.5 million tonnes, basically the average grade process year to date.

在分組方面，有不同的等級分組。穆罕默德，我記得，我們​​的總量約為 600 萬噸，重量略高於 0.5 克。我認為高品位部分約為 150 萬噸，約為 0.7 倍。因此我們稱之為 Bin 2。但我們可以離線並提供您想要的更多顏色。但同樣，我們擁有大量庫存，與我們今年迄今為止處理的庫存非常相似，然後還有大量低品位材料的庫存。因此，我們談論的是 150 萬噸，基本上是今年迄今為止的平均等級。

Right. And then just a final question on Valentine. So in the MD&A, you noted that you have about CAD54 million left on your total CapEx there. How should we think about the capital spend at the asset as you ramp up, specifically as it relates to development CapEx or initial CapEx or non-sustaining CapEx, for that asset in the second half of the year? Thank you.

正確的。最後還有一個關於 Valentine 的問題。因此，在 MD&A 中，您指出您的總資本支出還剩下約 5,400 萬加元。隨著您擴大資產規模，我們應該如何考慮資本支出，特別是與下半年該資產的開發資本支出、初始資本支出或非持續性資本支出相關的資本支出？謝謝。

So the spend on the project itself that's in the MD&A takes us through to first gold pour. And so when you're thinking of -- and that's a fairly -- it's the tail end of the project. And that spend, it becomes less lumpy than earlier in the project. So I suppose if you're trying to understand it, the easiest way to look at it is just a smooth spend through first gold.

因此，MD&A 中的項目本身的支出將帶我們獲得第一筆金礦。所以當你想到——這是一個相當——這是項目的尾聲。而且這筆支出比專案初期的支出少。所以我想如果你想理解它，最簡單的方法就是順利花掉第一筆金幣。

And then subsequently, it's a very typical working capital buildup and ramp-up and the costs that are typically associated with that. We haven't guided on Valentine costs as of yet, and we won't do that in all likelihood until commercial production. But you can make, I suppose, typical assumptions on a 2.5 million tonnes per year plant and mining operation.

隨後，這是一個非常典型的營運資本累積和增加，以及通常與之相關的成本。我們還沒有對情人節成本做出指導，而且我們很可能要等到商業化生產後才會這樣做。但我想，您可以對每年 250 萬噸的工廠和採礦作業做出典型的假設。

Yeah. And I think that again, if I was sitting in your shoes, Mohamed, I mean, I'd be taking average mining costs and average processing costs and using them as the basis for. There is no surprise in terms of we deferred $100 million worth of spend and now it's going to come out in Q4 as opposed for capital. There's none of those shenanigans that have been played out.

是的。我再次認為，如果我站在你的立場上，穆罕默德，我的意思是，我會以平均採礦成本和平均加工成本為基礎。我們推遲了價值 1 億美元的支出，而這筆支出將在第四季度到賬，而不是作為資本支出，這並不令人意外。那些惡作劇根本不存在。

I mean, we played a pretty straight bat at this, providing updates as we've gone through and the EAC estimates that we've foreshadowed, we're tight on, we're comfortable with. And as Pete mentioned, it's really going to be the operating ramp-up, which are tied into basically capital demands from an operating cost perspective as opposed to capital injection per se from a lumpy period.

我的意思是，我們對此採取了相當直接的態度，提供我們所經歷的更新以及我們所預示的 EAC 估計，我們對此感到滿意。正如 Pete 所提到的，這實際上將是營運的成長，從營運成本的角度來看，這基本上與資本需求相關，而不是在波動時期的資本注入本身。

And I'd just add to that, funded. Fully funded.

我還要補充一點，資金已到位。資金充足。

Yeah, absolutely. Absolutely funded out of cash and cash flow from. And part of the reason that we didn't provide all-in sustaining and cash cost guidance for the tail end of the year when we provided guidance just recently is that the production, I think we're pretty comfortable with an estimate of, but you get some really wide swings there in terms of unit costs, and then it becomes distractive to the discussion. But we see nothing that's concerning there from a delivery in the back half of the year or being able to fund it.

是的，絕對是如此。絕對由現金和現金流提供資金。我們最近才提供指導，而沒有提供年底的全部維持和現金成本指導，部分原因是，我認為我們對產量的估計相當滿意，但就單位成本而言，波動幅度非常大，然後就會分散討論的注意力。但從下半年的交付情況或資金供應來看，我們並沒有發現什麼值得擔心的事。

Our focus is on getting to close to nameplate by hopefully the end of Q1, but definitely in Q2. And again, we've afforded the borders afforded us, significant investment there in terms of capital spares, as we've talked about the redundancy. The additional time that we've had through the build has allowed the operating team to come in, do that redundancy checks.

我們的重點是希望在第一季末接近銘牌，但肯定在第二季。再次，正如我們討論過的冗餘問題，我們已經為邊境地區提供了充足的資本儲備，並在那裡進行了大量投資。我們在建置過程中獲得的額外時間使得營運團隊能夠介入並進行冗餘檢查。

And we've got $25 million worth of additional spend or spend associated with pumps and redundancies to ensure that when things do go bump in the middle of night as we ramp up, we can just switch between and minimize those impacts. They're all factored into the initial project capital.

我們還有價值 2500 萬美元的額外支出或與泵和冗餘相關的支出，以確保當我們在半夜加班時出現問題時，我們可以切換並將這些影響降至最低。它們都被計入初始項目資本。

Great. Thanks a lot for answering my questions. Amazing. Yeah, thanks for answering my questions, and congrats on the quarter.

偉大的。非常感謝您回答我的問題。驚人的。是的，感謝您回答我的問題，並祝賀本季取得佳績。

Appreciate it. Thank you very much for your support.

非常感謝。非常感謝您的支持。

Jeremy Hoy, Canaccord Genuity.

傑里米·霍伊（Jeremy Hoy），Canaccord Genuity。

Thanks for taking my question. Remaining on the topic of Valentine, could you let us know what the key metrics we should be watching are during the ramp-up process?

感謝您回答我的問題。繼續討論 Valentine 的話題，您能否告訴我們在提升過程中我們應該關注的關鍵指標是什麼？

Yeah. It'll be tonnes milled, Jeremy. And as soon as we commence production there, we'll provide regular updates on throughput. And I think that that's going to be the measure. This is a long life asset. And there'll be dips and weaves along the road with respect to grade. I mean, we're comfortable with respect to grade as we've demonstrated through the releases we've provided and through recent kind of production results.

是的。傑里米，這將會是數噸的產量。一旦我們在那裡開始生產，我們將定期提供產量更新資訊。我認為這將是一個衡量標準。這是一項長壽命資產。並且，沿途的路段會有坡度起伏。我的意思是，我們對等級感到滿意，正如我們透過提供的版本和最近的生產結果所證明的那樣。

But no, I'm comfortable with it's really going to be about showing that steady state or that ramp-up in throughput. That's going to be the key measure. Everything else is kind of a -- how do you say -- inconsequential related to that. Mining rates are going to be fine. We've got -- we've had good mining performance. We've got all the material, all the assets ready to turn on. We've actually had some delays in providing that as we've seen the project being delayed in terms of the build. So we're very comfortable, from a mining perspective, it's really going to be about mill throughput.

但不，我很放心，這實際上是為了展示穩定狀態或吞吐量的提升。這將是關鍵措施。其他一切都是——怎麼說呢——與此無關。採礦率將會很好。我們已經取得了良好的採礦業績。我們已經準備好所有材料和資產，隨時可以投入使用。事實上，我們在提供這項服務方面遇到了一些延遲，因為我們發現該專案在建設方面有所延遲。因此，我們非常放心，從採礦的角度來看，這實際上與工廠的產量有關。

Thanks, Darren. Appreciate it. One last one, and just thinking about the future, there's a lot of exploration potential at some of these assets, and I appreciate that there's focus on ramp-ups and operations at the moment. But are you able to give some sort of loose priority or ranking in terms of where you see the greatest exploration potential?

謝謝，達倫。非常感謝。最後一點，僅考慮未來，其中一些資產具有很大的勘探潛力，我很欣賞目前對產能提升和營運的關注。但是，您能否根據您認為最具勘探潛力的地方給出某種寬鬆的優先級或排名？

Yeah. No, thanks, Jeremy. And again, and even though there's a few things happening in the business, we haven't lost sight on the fact that our roots are very heavy in exploration. We continue to explore in Nicaragua. We've provided a bit of a summary there. We spend about $70 million to $90 million this year. We provided -- consolidated. We did provide a release here on July 25 in terms of some very encouraging results out of Nicaragua, which are arguably some of the best results ever returned from the property.

是的。不，謝謝，傑里米。再說一次，儘管業務中發生了一些事情，但我們並沒有忘記我們的根基在探索上。我們繼續在尼加拉瓜探索。我們在那裡提供了一些總結。我們今年花了大約7000萬到9000萬美元。我們提供－合併。我們確實在 7 月 25 日發布了尼加拉瓜的一些非常令人鼓舞的結果，這些結果可以說是該產業有史以來最好的結果之一。

We have had good success in around Valentine as well. And we would anticipate maybe later this quarter providing an update on some recent exploration results out of Valentine. But I think as we chatted a little bit earlier is that as we generate cash and we're coming out of the back of two significant builds and capital draws, it allows us to be able to refund, reinitiate some work in some of the areas that have been maybe a little bit underloved from an exploration perspective.

我們在情人節期間也取得了良好的成功。我們預計本季稍後可能會提供關於 Valentine 的一些最新勘探結果的更新。但我認為，正如我們之前談到的，隨著我們產生現金，並且我們擺脫了兩次重大建設和資本提取的困境，它使我們能夠償還貸款，重新開始一些從探索角度來看可能有點不受重視的領域的工作。

Los Filos is a good example with the two-community plan going forward. Obviously, maintaining focus in Nicaragua will be key. Valentine, because the potential in both of those assets is significant, and then Mesquite as well. I mean, Mesquite has been an enduring asset with a long life. And again, it's been pretty low on the food chain from a capital deployment perspective over the last few years. So we'd like to see and we will see exploration programs recommence there here within the next few months.

洛斯菲洛斯 (Los Filos) 是雙社區計畫推進的一個很好的例子。顯然，保持對尼加拉瓜的關注是關鍵。瓦倫丁，因為這兩種資產的潛力都很大，梅斯基特也是如此。我的意思是，牧豆樹是一種具有長久生命力的持久資產。而且，從過去幾年的資本配置角度來看，它在食物鏈中的地位相當低。因此，我們希望看到並且我們將看到勘探計劃在未來幾個月內在這裡重新啟動。

So I like to think of us as an exploration company backed by $3 billion to $4 billion of revenue. And again, as you know us as pedigree, I would anticipate that if I was modeling, sitting on your side and modeling this, I would anticipate roughly $100 an ounce of exploration spend as an operating cost going forward as well. I mean, we see great talk across all of our assets to exploration success.

因此，我喜歡將我們視為一家擁有 30 億至 40 億美元收入的勘探公司。再說一次，正如您所知，我們是血統，我預計，如果我坐在您身邊建模，我預計未來的勘探支出也將達到每盎司約 100 美元，作為營運成本。我的意思是，我們看到我們所有資產的勘探都取得了成功。

Great. Thanks, Darren. Appreciate the color. I'm looking forward to developments there. I'll step back in the queue.

偉大的。謝謝，達倫。欣賞顏色。我期待著那裡的發展。我將回到隊列中。

Appreciate it. Thanks, Jeremy. Thanks for your support and Canaccord's.

非常感謝。謝謝，傑里米。感謝您和 Canaccord 的支持。

John Tumazos, John Tumazos Independent Research.

約翰‧圖馬佐斯，約翰‧圖馬佐斯獨立研究。

Thank you for the good job that's going on. Looking to next year, assuming Los Filos, as it is at the moment, what is a reasonable target for cash cost company-wide? $1,400, $1,300, $1,200, $1,100? How much better do you think things will get?

感謝您所做的出色工作。展望明年，假設 Los Filos 目前的情況，全公司現金成本的合理目標是多少？1,400 美元、1,300 美元、1,200 美元、1,100 美元？您認為情況會變得有多好？

I know I'm sitting back here a little bit. I mean, I'll maybe pass it to Pete to start with, and then I'll pick up the other -- then I'll close out as I kind of collect my thoughts. Thanks for the question, though, John. He's sitting there thinking.

我知道我在這裡坐了一會兒。我的意思是，我可能會先把它傳給皮特，然後再拿起另一個——然後我會在整理思緒的同時結束。不過，謝謝你的提問，約翰。他坐在那裡思考。

Well, it's -- I'm starting to become blessed with an embarrassment of riches. And John, we haven't -- I mean, obviously, for everyone on the call, anything we say today is not guidance for next year.

嗯，我開始因為財富而感到幸福。約翰，我們還沒有——我的意思是，顯然，對於電話會議中的每個人來說，我們今天所說的任何話都不是明年的指導。

So if you're just thinking about ballparking, an example is for Q2, if we were looking at things on a combined basis, we're at about -- a little under $1,400 per ounce cash cost. And that's with Greenstone not fully ramped up and Valentine not contributing. And so if you're trying to model it through, John, you could probably knock $100 an ounce off of that $150 an ounce.

因此，如果您只是考慮大概情況，那麼以第二季度為例，如果我們從綜合角度來看，我們的現金成本大約為 - 每盎司略低於 1,400 美元。而這還是在 Greenstone 尚未完全恢復，而 Valentine 也未做出貢獻的情況下。因此，約翰，如果你想要模擬一下，你可能會從每盎司 150 美元中減去每盎司 100 美元。

But I do want to emphasize, we'll have that guidance in the new year, as we normally do. But we're just starting to see the benefit of our larger, lower-cost producers coming online and getting -- I know that's where your question is getting to. And so we're looking forward to being able to provide that information more confidently next year. But if you're trying to look at it now, that's how I'd approach it.

但我確實想強調的是，我們會在新的一年提供這樣的指導，就像我們通常會做的那樣。但我們剛開始看到規模更大、成本更低的生產商上線並獲得的好處——我知道這就是你的問題所在。因此，我們期待明年能夠更自信地提供這些資訊。但如果你現在嘗試去看待它，這就是我處理它的方式。

Yeah. And I think that I kind of put Pete on the spot there, so sorry, Pete. But as you sit back and you look at the guidance we've provided this year, we've provided $1,400 to $1,500 an ounce. If you look at the profile as we move into 2026, as Pete foreshadowed, we're going to have Valentine and Greenstone being larger contributors on, which will lower our production cost per ounce. So yeah, in the current gold type that we see, I mean, the ability for cash flow generation is going to be significant.

是的。我覺得我有點讓皮特為難了，所以很抱歉，皮特。但如果你坐下來看看我們今年提供的指導，我們給出的價格是每盎司 1,400 至 1,500 美元。如果你看一下我們進入 2026 年的情況，正如 Pete 所預示的那樣，我們將有 Valentine 和 Greenstone 成為更大的貢獻者，這將降低我們每盎司的生產成本。是的，就我們目前看到的黃金類型而言，其產生現金流的能力將會非常顯著。

When we're talking about $1,000 to $1,500 an ounce margin, I mean, we're going to be blessed in a very great situation about one deal over the balance sheet primarily first and then look at, by this time next year we'll be having, I'm sure, lots of animated discussions in around how additionally to be able to return value to shareholders through dividend or share buybacks as well. But yeah, I think that we need to work through the balance of the year so we can create expectations that we can deliver into in 2026. But taking the guidance that existed for this year and even rolling that forward, that puts us in a very, very favorable position, John.

當我們談論每盎司 1,000 至 1,500 美元的利潤時，我的意思是，我們將首先在資產負債表上獲得一筆交易的非常好的局面，然後看看，到明年這個時候，我敢肯定，我們將進行大量熱烈的討論，討論如何透過股息或股票回購為股東帶來價值回報。但是的，我認為我們需要在今年餘下的時間裡努力工作，這樣我們才能創造能夠在 2026 年實現的期望。但是，按照今年的既有指導方針，甚至將其向前推進，這會讓我們處於非常非常有利的地位，約翰。

Thank you. If I could ask you to stick your necks out a little further, looking to 2027, is it a reasonable goal to be in a net -- assuming the Castle Mountain Capital doesn't start, Los Filos Mill doesn't start, is it a reasonable target to be in a net cash position at current gold prices by the end of '27?

謝謝。如果我可以邀請你們再大膽一點，展望 2027 年，假設 Castle Mountain Capital 不啟動，Los Filos Mill 不啟動，那麼在 27 年底以目前的黃金價格實現淨現金頭寸是一個合理的目標嗎？

Yeah, I think that's reasonable.

是的，我認為這是合理的。

Super. Thank you very much.

極好的。非常感謝。

Thanks, John. Appreciate your support and continued support over the journey. It is much value. Thank you.

謝謝，約翰。感謝您的支持以及旅途中的持續支持。它很有價值。謝謝。

This concludes the question-and-answer session. I would like to turn the conference back over to Darren Hall for any closing remarks.

問答環節到此結束。我想將會議交還給 Darren Hall 並請他做最後發言。

Yeah. No, I'd just like to thank everyone for joining the call today and taking the time. It is appreciated our continued support is acknowledged, valued, and respected.

是的。不，我只是想感謝大家今天參加電話會議並抽出時間。我們非常感謝大家對我們持續的支持的認可、重視和尊重。

And again, as always, myself and the entire team are available to field any questions after the call and any time during the quarter. So look forward to continued engagement. And if anyone has any questions, reach out. But other than that, have a wonderful day, and back to you, operator.

像往常一樣，我自己和整個團隊都可以在電話會議後以及本季的任何時間回答任何問題。因此期待繼續合作。如果有人有任何疑問，請聯絡我們。但除此之外，祝您有美好的一天，回到您身邊，接線員。

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。