Equinox Gold Corp (EQX) 2025 Q3 法說會逐字稿

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

感謝您的耐心等待。這是會議接線員。歡迎閱讀 Equinox Gold 2025 年第三季業績及公司最新動態。（操作說明）

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

現在我將把會議交給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 with us this morning.

謝謝接線生。各位早安，感謝大家今天早上抽出時間參加我們的電話會議。

Before we commence, I'd like to direct everyone to our forward-looking statements 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 our forward-looking statements are based on fair and reasonable assumptions, actual results may turn out to be different from these forward-looking statements.

在正式開始之前，我想請大家注意投影片 2 上的前瞻性聲明。我們今天對您問題的回答和發言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有所不同。

For a complete discussion of the risks, uncertainties and factors that may lead to actual operating and financial results being different from the estimates contained in our forward-looking statements, please refer to the risks identified in the section titled Risks Related to the business in Equinox Gold's most recently filed annual information form, which is available on SEDAR +, on EDGAR, and on our website. And finally, I should mention that all figures are in US dollars unless otherwise stated.

有關可能導致實際經營和財務業績與前瞻性聲明中所含估計值不同的風險、不確定性和因素的完整討論，請參閱 Equinox Gold 最新提交的年度資訊表中標題為「與業務相關的風險」部分中確定的風險，該資訊表可在 SEDAR+、EDGAR 和我們的網站上查閱。最後，需要說明的是，除非另有說明，所有數字均以美元為單位。

With me on the call today are Darren Hall, Chief Executive Officer; Pete Hardie, Chief Financial Officer; and David Schummer, Chief Operating Officer. We will be discussing our third-quarter 2025 production and cost results and providing an update on ramp-up progress at our Greenstone and Valentine mines after which we will take questions.

今天和我一起參加電話會議的有：執行長達倫霍爾；財務長皮特哈迪；以及營運長大衛舒默。我們將討論 2025 年第三季的生產和成本結果，並介紹 Greenstone 和 Valentine 礦場的產能提升進度，之後我們將回答問題。

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

我們提到的幻燈片資料可在我們的網站 equinoxgold.com 的「股東活動」部分下載。您也可以點選網路直播連結加入現場示範。

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

接下來，我將把電話交給達倫。

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

謝謝瑞恩，現在請看第三張幻燈片。各位早安，感謝大家今天抽出時間參加我們的電話會議。

Firstly, I would like to acknowledge the efforts of all of Equinox's employees and business partners for their continued focus to responsibly deliver over 236,000 ounces during our first full quarter, including caliber assets. Well done to the entire team. It is truly an exciting time for Equinox as we begin to realize the value of our expanded Americas-focused gold portfolio anchored by 2 new cornerstone gold mines in Greenstone and Ballantyne.

首先，我要感謝 Equinox 的所有員工和商業夥伴，感謝他們持續專注於負責任地交付超過 236,000 盎司黃金，這是我們第一個完整的季度，其中包括優質資產。整個團隊都做得很好。對於 Equinox 而言，這確實是一個激動人心的時刻，因為我們開始意識到我們以 Greenstone 和 Ballantyne 兩座新的基石金礦為核心的、以美洲為中心的擴大後的黃金投資組合的價值。

As I've mentioned previously, the leadership team, supported by the entire organization is focused on creating shareholder returns by consistently delivering on its commitments, which are focused on demonstrated operational excellence, advancing high-return organic growth, rationalizing the portfolio and disciplined capital allocation. These are more than just words. Over the last quarter, we have made material progress on each of these commitments. Just a few examples: operational excellence.

正如我之前提到的，領導團隊在整個組織的支持下，致力於透過持續履行承諾來創造股東回報，這些承諾包括：展現卓越的營運能力、推動高回報的內生成長、合理化投資組合和嚴格的資本配置。這不僅僅是文字。過去一個季度，我們在履行這些承諾方面都取得了實質進展。舉幾個例子：卓越營運。

Production and costs were in line or favorable compared to consensus expectations and we remain on track to deliver into our full year consolidated production guidance. Importantly, we have made meaningful progress at Greenstone, which I'll talk to shortly, advancing high-return organic growth. We poured force gold at Ballantyne where the ramp-up is progressing extremely well, a game, which I'll provide color on shortly.

生產和成本均符合或優於市場預期，我們仍有望實現全年綜合生產目標。重要的是，我們在 Greenstone 取得了實質進展，我稍後會談到這一點，即推進高回報的有機成長。我們在巴蘭坦投入了大量資源，目前進展非常順利，這是一場遊戲，我稍後會詳細介紹。

Additionally, Castle Mountain was accepted into the U.S. Federal permitting improvement Steering Council FAS 41 permitting program, which defines an anticipated record decision in December of 2026. Rationalizing the portfolio. Post quarter end, we closed the sale of our Nevada assets for $115 million, including $88 million in cash. Disciplined capital allocation.

此外，卡斯爾山已被美國聯邦許可改進指導委員會 FAS 41 許可計劃接納，該計劃規定預計將於 2026 年 12 月做出記錄決定。優化投資組合。季度末，我們完成了內華達州資產的出售，總價為 1.15 億美元，其中包括 8,800 萬美元現金。有紀律的資本配置。

We retired $139 million of debt during Q3 and have commenced Q4 with an additional $25 million in October. Turning to Slide 4. During Q3, we sold 239,000 ounces at an average cost of $1,434 per ounce at an all-in sustaining cost of just over $1,800 per ounce which underscores the enhanced scale and earnings power of the new company.

我們在第三季償還了 1.39 億美元的債務，並在 10 月以另外 2500 萬美元的債務開始了第四季。翻到第4張投影片。第三季度，我們售出了 239,000 盎司黃金，平均成本為每盎司 1,434 美元，綜合維持成本略高於每盎司 1,800 美元，這凸顯了新公司規模和盈利能力的提升。

Our adjusted net income was $147 million or $0.19 per share with adjusted EBITDA of $420 million. We ended the quarter with $348 million in cash, not including the $88 million from the sale of our Nevada assets, which closed post quarter end. With year-to-date production of 634,000 ounces, we are well positioned to deliver the midpoint of our 2025 production guidance of 785,000 to 915,000 ounces after divesting Nevada and prior to considering any production from Ballantyne. Equinox has entered a pivotal phase with increasing Canadian production driven by asset optimization and the addition of Valentine, positioning us for stronger cash flow and earnings in the quarters ahead.

我們調整後的淨收入為 1.47 億美元，即每股 0.19 美元，調整後的 EBITDA 為 4.2 億美元。本季末，我們持有現金 3.48 億美元，還不包括出售內華達州資產所得的 8,800 萬美元，該交易在季度末完成。今年迄今為止，我們的黃金產量為 634,000 盎司，在剝離內華達州業務後，並且不考慮巴蘭坦礦區的任何產量，我們完全有能力實現 2025 年 785,000 至 915,000 盎司的產量指導目標的中點。Equinox 已進入關鍵階段，資產優化和 Valentine 油田的加入推動了加拿大產量的成長，使我們在未來幾季擁有更強勁的現金流和收益。

Turning to Slide 5. Greenstone's performance improved meaningfully in Q3, and we remain on track to deliver into the low end of our production guidance at Greenstone. Importantly, Q3 mining rates exceeded 185,000 tons per day, which was a 10% increase over Q2 and a 21% increase over Q1. Importantly -- grades improved 13% in Q3 to 1.05 grams per tons. Improvements to pit floors -- roads and dumps, along with implementation of double-side loading have led to lower cycle times and increased productivity.

翻到第5張投影片。Greenstone 第三季的業績有了顯著改善，我們仍有望實現 Greenstone 產量預期下限的目標。值得注意的是，第三季採礦量超過每天 185,000 噸，比第二季度增加了 10%，比第一季增加了 21%。值得注意的是，第三季礦石品位提高了 13%，達到每噸 1.05 克。礦坑地面（道路和堆場）的改進，以及雙側裝載的實施，縮短了循環時間，提高了生產率。

Our focus on equipment maintenance practices, more efficient shift changes and the use of hot seating during shifts is also contributing to improved equipment utilization, which is resulting in increased daily mining performance.

我們注重設備維護措施、更有效率的換班以及在換班期間採用輪班制，這些措施也有助於提高設備利用率，從而提高每日採礦效率。

Since July, we have implemented additional dilution management measures, including enhanced grade control protocols and improved tracking systems, which is positively contributing to increased grades quarter-over-quarter. In the mill, despite 10 days of downtime due to planned maintenance events, including a 7-day shut to replace HPGR grinding roles. Total tons processed in Q3 were consistent with Q2 as we saw a 6% improvement in tons per hour processed. Further process improvements are underway, including commissioning of additional final refit and core source stockpile conveyors that will enable consistent delivery material to the grinding circuit during periods of downs by providing additional redundancies.

自 7 月以來，我們實施了額外的稀釋管理措施，包括加強品位控制協議和改進追蹤系統，這對品位逐季提高起到了積極作用。儘管由於計劃維護活動導致停機 10 天，包括因更換 HPGR 磨輥而停機 7 天，但工廠仍保持運作。第三季總加工噸數與第二季持平，每小時加工噸數增加了 6%。進一步的製程改進正在進行中，包括調試額外的最終改造和核心源料堆料輸送機，這將透過提供額外的冗餘，在停機期間確保向研磨迴路持續輸送物料。

The positive momentum has continued into Q4 with October mining rates exceeding 205,000 tons per day, a 10% increase over Q3. In the process plant, we have seen mill grades improve to 1.34 grams per ton, a 27% increase over Q3 and a 15% improvement in tons milled per day versus the Q3 average. The strategy being made across the board, coupled with increasing grades underscores our confidence that Greenstone will deliver a strong Q4 and continue that momentum into 2026. Turning to Slide 6. Valentine commissioning continues ahead of expectations with are introduced into the circuit on August 27 and 1st gold was poured on September 14.

這一積極勢頭延續到了第四季度，10 月份的採礦量超過每天 205,000 噸，比第三季度增長了 10%。在加工廠中，我們看到磨礦品位提高到每噸 1.34 克，比第三季提高了 27%，日磨礦量比第三季平均提高了 15%。全面實施的策略，加上不斷提高的礦石等級，更加凸顯了我們對綠石公司第四季業績強勁增長並持續到 2026 年的信心。翻到第6張投影片。Valentine 的調試工作進展順利，超出預期，8 月 27 日投入生產，9 月 14 日澆鑄出第一批黃金。

The plant averaged nearly 5,000 tonnes per day or 73% of nameplate for the first 66 days of operation.

該工廠在運作的前 66 天裡，平均每天產量接近 5,000 噸，達到額定產量的 73%。

Performance in October continues to demonstrate strong progress with throughput averaging over 6,200 tonnes per day or 91% of nameplate. Importantly, 18 days or 58% of the days during October were greater than nameplate. Recoveries exceeded 93% for the month from lower grade commissioning ores, which again, are consistent with feasibility level recoveries, albeit a lower grade. Performance at this level is truly a testament to the robustness of the design and disciplined execution by our construction, commissioning and operations teams over the last 18 months. While we're still early in the journey, based on what I have seen, I fully expect Valentine to deliver into the upper end of the Q4 production range of 15,000 to 30,000 ounces.

10 月的業績持續顯示強勁的進展，日均吞吐量超過 6,200 噸，達到額定產能的 91%。值得注意的是，10 月有 18 天（佔 58%）的氣溫高於銘牌標示值。本月低品位調試礦石的回收率超過 93%，這與可行性研究階段的回收率一致，儘管品位較低。達到這樣的性能水平，真正證明了我們過去 18 個月施工、調試和營運團隊的穩健設計和嚴謹執行。雖然我們仍處於早期階段，但根據我所看到的，我完全預期 Valentine 第四季的產量將達到 15,000 至 30,000 盎司的上限。

With the ramp-up progressing extremely well, I anticipate Valentine will reach nameplate capacity by Q2 2026. On this basis, 2026 should be a strong year with production anticipated to be between 150,000 to 200,000 ounces. In parallel, we're advancing our Phase II expansion studies and see a clear path to increasing throughput to between 4.5 million to 5 million tonnes per year. I will provide a fulsome update when we announce full funds approval which I anticipate in early Q2 2026. Concurrently exploration drilling has accelerated across the property with 4 drills in operation, the team is following up on several new discoveries, including the previously released Frank zone.

由於產能提升進展非常順利，我預計 Valentine 工廠將於 2026 年第二季達到額定產能。基於此，2026 年應該是個強勁的年份，預計產量將在 15 萬至 20 萬盎司之間。同時，我們正在推進第二階段擴建研究，並看到了將年產量提高到 450 萬至 500 萬噸的明確途徑。當宣布全部資金獲批時，我將提供全面的最新消息，預計獲批時間為 2026 年第二季初。同時，勘探鑽探工作在整個礦區加速進行，目前有 4 台鑽機正在作業，團隊正在跟進幾項新發現，包括先前公佈的弗蘭克礦區。

Assays are pending for a number of significant intercepts, which could meaningfully add to the resource base in the coming years.

一些重要的截獲礦藏的化驗結果尚未出爐，這些礦藏有望在未來幾年顯著增加資源基礎。

Needless to say, we are very optimistic on Valentine's exploration potential. Turning to Slide 7. Looking to 2026, I expect continued improvement in production and cash flow, supported by increasing contributions from both Greenstone and Valentine. We have seen a lift in our share price over the past few months, supported by a stronger gold price and steady operational delivery. That being said, I believe there is still a disconnect between our intrinsic value and how we are currently trading.

毋庸置疑，我們對瓦倫丁的勘探潛力非常樂觀。翻到第7張投影片。展望 2026 年，我預計在 Greenstone 和 Valentine 不斷增加的貢獻的支持下，產量和現金流將持續改善。過去幾個月，受金價走強和營運穩定交付的支撐，我們的股價有所上漲。話雖如此，我認為我們的內在價值和我們目前的交易方式之間仍然存在脫節。

Since 2022, our peers have seen significantly higher equity performance and why recognize we've got work to do as we continue to build confidence by delivering our commitments. I believe there's a meaningful upside potential in our share price.

自 2022 年以來，我們的同業取得了顯著更高的股權表現，我們也意識到，在繼續履行承諾、建立信心的過程中，我們還有很多工作要做。我認為我們的股價還有很大的上漲空間。

The opportunity ahead is significant, and our strategy is solid. By demonstrating operational excellence, advancing our high-return organic growth assets, rationalizing the portfolio with a disciplined capital allocation strategy, I'm confident that we will become a reliable top quartile value to diversify gold producer. With that, operator, we are ready to take questions.

前方的機會巨大，我們的策略也很穩健。透過展現卓越的營運能力，推進高回報的有機成長資產，並透過嚴謹的資本配置策略優化投資組合，我相信我們將成為一家可靠的、排名前四分之一的多元化黃金生產商。操作員，我們現在可以開始回答問題了。

(Operator Instructions) Francesco Costanzo, Scotiabank.

（操作說明）弗朗西斯科·科斯坦佐，加拿大豐業銀行。

Congrats on a good quarter. Maybe I'll start with Valentine. With the first of gold poured that was completed in September. Can you discuss some of the key performance milestones that you're tracking during the mine and mill ramp book? And then maybe after that, could you give us an update on the Phase II expansion study to increase the throughput to 5 million tonnes per annum?

恭喜你本季業績出色。或許我會從情人節開始。第一批黃金澆鑄工程於9月完成。您能否談談在礦山和選礦廠產能爬坡階段，您正在追蹤的一些關鍵績效里程碑？那麼之後，您能否向我們介紹一下將年吞吐量提高到 500 萬噸的二期擴建研究的最新進展？

Yes. Francisco, thanks and appreciate yours and Scotia's continued support. We think about the milestones of Valentine, I guess, is that there's a lot of moving parts as you birth a new asset like Valentine. But I guess as the headline number here is that if we think of the first 66 days of performance of the entire facility since introducing or in August 27, we've exceeded 70% of nameplate. And if we think about October in isolation, it's over 90% of nameplate.

是的。弗朗西斯科，感謝你和斯科舍銀行一直以來的支持。我想，我們認為 Valentine 的里程碑在於，當你推出像 Valentine 這樣的新資產時，有很多環節需要協調配合。但我想，這裡最引人注目的數字是，如果我們考慮自 8 月 27 日投入使用以來整個設施的前 66 天的運行情況，我們已經超過了額定功率的 70%。如果我們單獨考慮十月的情況，它的佔比超過 90%。

So all of the things that the team are focused on are clearly delivering in a great product.

所以團隊所關注的一切顯然都反映在了優秀的產品中。

And as we look forward, they're now thinking about what's happening next, which is a good segue into Phase II. We've tried purposely not to distract the team with Phase 2. But in the background, we have been doing work and over the last quarter, we've continued on our, we'll call it, options study analysis. And we now have good clarity on what the preferred option is going forward. And it's really a much simpler view than what we'd ever seen before.

展望未來，他們現在正在思考接下來要發生什麼，這為進入第二階段做好了很好的過渡。我們刻意避免讓第二階段的工作分散團隊的注意力。但同時，我們一直在幕後進行工作，在過去的一個季度裡，我們繼續進行著我們稱之為選擇權研究分析的工作。現在我們已經很清楚下一步的最佳選擇是什麼。而且，這確實比我們以前見過的任何觀點都要簡單得多。

It doesn't include the addition of flotation. It specifically includes the addition of a twin ball mill, which provides additional redundancy in the circuit, which we see will comfortably deliver close to 5 million tonnes.

它不包括添加浮選劑。其中特別包括增加一台雙球磨機，這為該迴路提供了額外的冗餘，我們認為該迴路可以輕鬆達到近 500 萬噸的產能。

So in this month, we'll actually commence the feasibility study and as I foresee earlier, I would anticipate going to the board in early Q2 for full funds approval so I would anticipate providing a fairly fulsome update here in the latter part of Q1 or early Q2.

因此，本月我們將正式啟動可行性研究，正如我之前所預見的，我預計將在第二季度初向董事會申請全部資金批准，因此我預計將在第一季末或第二季度初在此提供相當全面的更新。

Yes, that's great. Maybe if I could just 1 more on deleveraging. So net debt currently sitting around $1.3 billion. Can you outline your strategy for deleveraging and how that might relate to portfolio rationalization work that's underway. And with the pan sale now closed, can you maybe highlight when we might expect to see the next trend down?

是的，那太好了。或許我可以再寫一篇去槓桿化的文章。因此，目前淨債務約為13億美元。能否概述您的去槓桿化策略，以及該策略與正在進行的投資組合合理化工作有何關聯？既然平底鍋促銷活動已經結束，您能否指出我們大概什麼時候會看到下一波下跌趨勢？

Sure. I guess there are 2 things that are running in parallel that we can kind of put a ring fence, if you will, around portfolio optimization. But if we think about -- I think you mentioned a $1.3 billion net debt. And if we look forward for the next 12 months and we think about our production portfolio, we call it 1 million ounces given the buoyancy and the privilege we see with buoyancy and gold price right now, and we look at our total cost, it's easy to see over $1 billion that we can put against delevering the balance sheet. So ignoring any asset sales -- by the end of next year, we're going to be in a very, very solid liquidity position with a significant portion, if not the majority of our debt extinguished.

當然。我認為有兩件事正在並行，我們可以將它們與投資組合最佳化區分開來。但如果我們仔細想想——我想你提到過13億美元的淨債務。展望未來 12 個月，考慮到我們目前的黃金價格走勢和帶來的利好，我們預計產量將達到 100 萬盎司。再看看我們的總成本，很容易看出我們可以拿出超過 10 億美元來降低資產負債比率。因此，不考慮任何資產出售——到明年年底，我們將處於非常非常穩健的流動性狀態，即使不是全部債務，也將有相當一部分得到償還。

So as we start to think about Valentine coming online, I would anticipate that we'll definitely be fully funded on Valentine before we make a gold commitment. And we think about the additional organic growth that comes post that with Castle Mountain, we're going to be in a very solid position with that as well. Now specifically as it relates to our assets, well, if I think of assets as children, I love them all, but for the right price, I'll gladly part with one. So we have seen interest in some of our assets. And to that end, there are people when we encourage people, if you're interested in having a discussion come to us and we'll gladly enter -- and we'll see how it makes sense.

所以，當我們開始考慮 Valentine 上線時，我預計在我們做出黃金承諾之前，Valentine 的資金肯定會完全到位。我們認為，隨著 Castle Mountain 項目的推進，後續的有機成長也將使我們處於非常穩固的地位。現在具體來說，就我們的資產而言，如果我把資產比作孩子，我愛它們每一個，但如果價格合適，我很樂意賣掉其中一個。我們看到一些投資者對我們的一些資產表現出了興趣。為此，我們鼓勵大家，如果您有興趣進行討論，請來找我們，我們很樂意參與—我們會看看這樣做是否有意義。

And if those assets -- would make more sense and value to our shareholders and someone else's hand versus ours. But we're not desperate to transact. But for the right price, if it makes sense for our shareholders, we'll gladly entertain and progress any opportunities. But this is very clearly a path for us to realize some additional value and look at how we could use cash from any sales in terms of funding our organic growth portfolio. But to reinforce also, this is looking at disposal of not acquisitions.

如果這些資產——對我們的股東來說更有意義、更有價值，或交給別人而不是我們，那就太可惜了。但我們並不急於進行交易。但是，如果價格合適，並且對我們的股東有利，我們很樂意考慮並推進任何機會。但這顯然是我們實現額外價值的途徑，我們可以考慮如何利用銷售所得現金來資助我們的有機成長組合。但要強調的是，這裡討論的是資產處置，而不是收購。

Anita Soni, CIBC World Markets.

Anita Soni，CIBC World Markets。

Darren, I just wanted to ask about your calculation of mine site free cash flow. I think there are some items in there that relate to -- basically nonoperating mines, so Los Filos, Castle Mountain and Valentine. Can you give a breakout of percentages or even millions of dollars like which ones I would allocate it to?

達倫，我只是想問你對礦場自由現金流的計算。我認為其中有一些項目與——基本上是已停止運營的礦山有關，例如洛斯菲洛斯礦、城堡山礦和瓦倫丁礦。能否提供具體的百分比或金額（以百萬美元為單位）的分配明細，例如我應該把錢分配給哪些項目？

Yes, Anita. Again, I don't have that information in front of me, but I'll ask Peter. Pete, you're in a position to...

是的，安妮塔。我手頭上沒有相關信息，但我會問彼得。皮特，你現在處於一個可以…的位置。

Unfortunately, not this not any. I'm happy to -- we'll have that for you after the call.

很遺憾，沒有這個，一個都沒有。我很樂意——通話結束後我們會把那份文件給您。

Okay. Then I'll ask on Valentine, a follow-up question, I guess. On Valentine, the grades that you're introducing right now, it was like 0.77 grams per tonne, I think. And then I'm just -- now that this is the time to be concerned, but I was just curious, was that just a deliberate decision right now until you get the recovery rates where you want them to be, not to waste or is that something where you are in the mining sequence at lower grades initially? And how will that evolve over the next couple of quarters?

好的。那我情人節那天再問個後續問題吧。在 Valentine 礦區，你現在介紹的這些等級，我記得好像是每噸 0.77 克。然後我就——現在正是我應該擔心的時候，但我只是好奇，這是你們為了達到理想的回收率而做出的刻意決定，以免浪費資源，還是說這是你們在採礦過程中，最初在較低品位礦石上進行的作業？接下來幾季情況會如何發展？

No. Thanks, Anita. And I appreciate the question, and it's a really, really good question. No, is that we're seeing very solid and actually positive reconciliation from our ore control to our resource and reserve models at Valentine. So very comfortable with what we see there, as we've talked about previously.

不。謝謝你，安妮塔。我很感謝你的提問，這確實是一個非常非常好的問題。不，我們看到從瓦倫丁礦區的礦石控製到資源和儲量模型，出現了非常穩固且積極的調整。正如我們之前討論過的，我們對那裡所看到的一切感到非常滿意。

As we talk about being in the first 2 months, we've specifically commissioned the plant on lower-grade materials. And the reason being is that we want to practice on material that is less important. But in hindsight, Jason and the team have done such a fantastic job that we probably should have just commissioned on the highest grade material because we're seeing recoveries in excess of feasibility out of the gate.

在我們談到最初的兩個月裡，我們特意使用較低等級的材料來調試工廠。原因是我們想練習一些不太重要的材料。但事後看來，Jason 和他的團隊做得非常出色，我們或許應該直接委託最高等級的材料，因為我們從一開始就看到了超出可行性的回收率。

So no, the team has done a great. But no, it's been a purposeful decision to to process lower-grade materials and ramp up as we get comfortable with getting to the point where we can declare commercial production, which we would anticipate probably in the next month or so, right, definitely in the quarter.

所以，不，團隊表現非常出色。不，我們有意選擇先加工低等級材料，然後逐步提高產量，直到我們能夠宣布商業化生產為止。我們預計商業化生產可能會在接下來的一個月左右實現，對吧，肯定會在本季度實現。

Okay. So I'm going to ask 1 more since the first one didn't get answered, if that's okay. But it's similar on the grades going into Greenstone. So I think it said in October, you're at 1.34 gram per tonne material. I'm not sure if it was being fed to the mill or if that was what was being mined.

好的。既然第一個問題沒有得到解答，那我再問一個問題，可以嗎？但進入綠石礦的等級也類似。所以我覺得十月的時候說過，你們的含量是每噸材料1.34克。我不確定它是被送往磨坊的原料，還是被開採出來的礦石。

But if it's 1.34, are you starting to see higher grades coming out of the pit specifically the underground areas where you were wondering if sort of the remnants around the old workings were there or not? Like have we seen -- is there any progress or update on the profile of the skin?

但如果品位是 1.34，你是否開始看到從礦坑流出的礦石品位更高，尤其是在你想知道舊礦井周圍是否有殘餘物所在的地下區域？我們看到的情況是－皮膚狀況方面有任何進展或更新嗎？

Yes. No, absolutely. And it's again for the great question is that if we think about quarter-on-quarter, we saw a significant improvement at grades milled at Greenstone. It did go to 1.05 and they are milled grades, not mine grades. We have seen an improvement in mine grades as well in the quarter.

是的。不，絕對的。再次強調，如果我們考慮季度環比，就會發現格林斯頓工廠的礦石品位有了顯著提高。最高品位達到 1.05，而且這些是軋製品位，不是礦山品位。本季礦山礦石品位也有所提升。

I mean average mine grade in Q3 was 0.91 grams per tonne compared to $0.78 in Q2 and as you're aware, we're mining more material than what we're processing. We're purposefully processing the higher grade material. And from the material we are seeing, we are seeing a higher grade because of where we position ourselves geographically.

我的意思是，第三季礦石的平均品位為每噸 0.91 克，而第二季度為每噸 0.78 克，正如你所知，我們開採的礦石量比我們加工的礦石量要多。我們特意加工的是更高等級的材料。從我們所看到的材料來看，由於我們優越的地理位置，我們看到的材料品質更高。

But secondly, I think that the concerted focus we've had on getting reliable tonnes mined, which is allowing the team to focus on quality which is minimizing dilution and then also being very purposeful in and around how we treat material in and around the voids is definitely having a very positive impact on grade. And I think I mentioned on the earlier part of this call that there's been a focus for quite some time. But I'll suffice to say, in July, things got pretty serious with respect to grade, and we saw a step change in September with the average grade in September process to 1.38 and we've been able to maintain a 1.34 in October. So I think what we're seeing is a combination of the performance in the mine, allowing for focus on quality, which is allowing for a consistency in great fit which was always the model, but I think that we've got the right people focused on the right things, and we're starting to see the benefit from.

但其次，我認為我們一直以來都專注於確保可靠產量，這使得團隊能夠專注於質量，最大限度地減少稀釋，並且非常有目的地處理空隙內外的材料，這無疑對品位產生了非常積極的影響。我想我在本次通話的前半部分提到過，這個問題已經關注了相當長一段時間。但總而言之，7 月份成績方面的情況變得相當嚴峻，9 月份我們看到了顯著的變化，9 月份的平均成績達到了 1.38，10 月份我們又保持了 1.34 的平均成績。所以我認為我們現在看到的是礦山營運績效的提升，這使得我們能夠專注於質量，從而保證了產品的一致性，這始終是我們的模式。但我認為，我們現在有合適的人專注於正確的事情，我們開始看到由此帶來的好處。

So that, coupled with the continued improvements we see in mill throughput on a tonnes per hour or tonnes per day basis will definitely lead to a much stronger Q4 with growth momentum into 2026.

因此，再加上我們看到的工廠每小時或每天的產量持續提高，這肯定會帶來更強勁的第四季度業績，並保持成長勢頭直至 2026 年。

Mohamed Sidibe, National Bank Capital Markets.

穆罕默德·西迪貝，國家銀行資本市場。

Maybe I could start with Greenstone. Just wondering if you could maybe give us a little bit of color on your currency stone currently possible?

或許我可以先從綠石開始。想問您能否稍微介紹一下您目前可能使用的貨幣寶石的顏色？

Yes. No, sure. At the end of month October, again, this is from memory, but I guess is that the important part of the stockpile is the highest grade material and we have the better part of a month of high-grade material in front of us and the grades in excess of 1.5 grams. Then there's the other material, which is a little lower grade material, but we're talking 2 million or 3 million tonnes at around 0.7 grams per tonne and then we've got the lower grade material as well. But in total, we've got in excess of 8 million tonnes of stockpile in front of the plant as it stands today.

是的。不，當然。十月底，再次聲明，這是我的記憶，但我想庫存中最重要的部分是最高等級的材料，我們面前有將近一個月的優質材料，而且等級超過 1.5 克。還有另一種材料，它的等級稍低一些，但我們說的是 200 萬到 300 萬噸，每噸大約 0.7 克，然後我們還有較低等級的材料。但截至目前，工廠前總共堆積了超過 800 萬噸的物料。

That's great. And maybe if I could just move in terms of capital allocation priorities. I think back in Q2, you talked about, of course, deleveraging your balance sheet, paying down debt and reinvesting within your growth projects. But in terms of capital return, you had talked about potentially mid-2026. Since then, I think gold has moved over $500 per ounce.

那太棒了。或許如果我能在資本配置優先順序上做出一些調整就好了。我記得在第二季度，您當然談到了降低資產負債表槓桿率、償還債務以及將資金再投資於成長項目。但就資本回報而言，您曾提到可能要等到 2026 年年中。自那以後，我認為黃金價格已經超過了每盎司500美元。

Have your thoughts changed around your capital return program at all? Or should we still target mid 2026 for a potential update on that front?

您對資本回報計劃的看法是否有所改變？或者我們是否應該將目標定在 2026 年年中，以便在這方面獲得潛在的更新？

Well, I guess, is kind of for shaded earlier, if we kind of ignore any potential cash that can come in from an asset divestment, I think we're going to find ourselves significantly delivered by the end of 2026 and at that point, we'll be having some pretty material conversations about vehicles to be able to return additional capital to shareholders. I mean, Pete, what would you layer on this one.

嗯，我想，正如之前提到的，如果我們忽略資產剝離可能帶來的任何潛在現金流入，我認為到 2026 年底，我們將取得顯著的成果，屆時，我們將就向股東返還額外資本的工具進行一些非常重要的討論。我的意思是，皮特，你會在這上面加什麼配料呢？

Yes. I think, Mohamed, if you're -- as you said, if you're looking at 2026, that will be a 2026 discussion. So for purposes of modeling, if you will, just assume no capital returns for next year. We are really very entirely focused, as Darren just said a couple of times now on delevering.

是的。我認為，穆罕默德，正如你所說，如果你著眼於 2026 年，那將是 2026 年的討論。因此，為了建模的目的，不妨假設明年沒有資本回報。正如達倫剛才幾次提到的那樣，我們確實全心全意專注於去槓桿化。

Yes. And if we think about capital allocation holistically. Aside from exploration, the most accretive investment we can make is to ensure that we deliver into our production commitments at a responsible price. From that, with cash it's delevering the balance sheet, but it's positioning ourselves for our significant organic growth as we see through Valentine Phase II, Castle Mountain. And then the additional benefit we'll see from Los Filos in the next couple of years as well.

是的。如果我們從整體考慮資本配置問題。除了勘探之外，我們能做的最有價值的投資就是確保我們以合理的價格履行我們的生產承諾。由此，現金流可以幫助我們降低資產負債率，同時也為我們實現重大的內生成長做好準備，正如我們在 Valentine Phase II 和 Castle Mountain 計畫中所看到的那樣。此外，未來幾年我們也將從洛斯菲洛斯獲得額外的好處。

So I think our strategy on capital allocation is very clear.

所以我認為我們的資本配置策略非常明確。

And if we find ourselves with a cash inflow vis-a-vis an asset disposal that could then provide additional talk to return capital to shareholders through a dividend or a share buyback or some other form. But the organic growth opportunity within the portfolio, exploration and the assets are mentioned Valentine, Castle, Los Filos will provide significant returns to our shareholders.

如果我們發現透過資產處置獲得了現金流入，那麼就可以進一步討論透過股利、股票回購或其他形式向股東返還資本。但投資組合、勘探和資產（如 Valentine、Castle、Los Filos）的有機成長機會將為我們的股東帶來豐厚的回報。

John Tumazos, Very Independent Research.

John Tumazos，非常獨立的研究。

Could you elaborate on the Phase II expansion to 5 million tonnes potentially for Valentine. Would the 15,000 tonnes a day, be it the same grade to suggest the 2029 output as much as 400,000 ounces?

您能否詳細說明一下瓦倫丁礦場二期擴建至500萬噸的潛在計畫？日產量 15,000 噸是否意味著 2029 年產量將達到 400,000 盎司？

Yes, John -- and thanks for the question. I appreciate your support. If we think about the feasibility study that was put out at the end of 2022 for Valentine, it had a 2.5 million tonne base plant, expanded to 4 million tonnes. And what that did is that delivered into the feasibility study, which generated 175,000 to 200,000 ounces a year over a reserve life of 14 years. So now what we've been looking at is what's that optimal increment that we could add to the base facility.

是的，約翰——謝謝你的提問。感謝您的支持。如果我們回顧 2022 年底發布的 Valentine 專案的可行性研究報告，該報告指出其基礎工廠產能為 250 萬噸，擴建後可達 400 萬噸。而可行性研究則表明，在 14 年的儲量壽命內，每年可產出 175,000 至 200,000 盎司黃金。所以我們現在一直在研究的是，我們可以在基礎設施上增加的最佳增量是什麼。

And what we've been looking at is that optionality. So where we see right now is that we see a path to something that's comfortably in that, call it, 5 million tonnes because it makes the math easy so would it be a 20% increment in throughput over what was included in the feasibility study.

我們一直在關注的是這種選擇權。所以我們現在看到的是，我們看到了一條通往500萬噸的路徑，因為這樣計算起來比較容易，那麼吞吐量將比可行性研究中包含的吞吐量增加20%。

So I think then you make some assumptions on what would the incremental grade be. So if we be -- let's be -- let's assume that the grade is consistent with the average. It would then demonstrate a proportional increment of 25% improvement in production. Stepping back, I think that if we look at this -- the exploration success we've seen from Frank and the other potential along the property that will all come together around the same time. I think over the next year, we'll be sitting back and saying, clearly, we'll have an optimal incremental throughput, the material that feeds into that will be significantly impacted by our exploration success, and we look at optimizing the plans.

所以我覺得接下來你需要對增量等級做一些假設。所以，如果我們——讓我們假設——讓我們假設成績與平均值一致。這樣就能證明產量有25%的比例成長。退一步來看，我認為如果我們審視一下——弗蘭克取得的勘探成功，以及該礦區其他潛在的勘探成果，所有這些都將在同一時間匯聚在一起。我認為在接下來的一年裡，我們會冷靜下來，明確地表示，我們將實現最佳的增量吞吐量，而實現這一目標的原料將受到我們勘探成功與否的重大影響，我們將著眼於優化計劃。

Everything we've done to date has assumed the same relatively conservative mine plan, resource base and pit designs that we used in the 2022 feasibility study.

到目前為止，我們所做的一切都基於與 2022 年可行性研究中使用的相對保守的礦山計劃、資源基礎和礦坑設計相同的假設。

So I think that we have a very favorable view on the increment at Valentine. But I think that will become more favorable as we optimize the plan 4 million or 5 million tonne plant, and we start to see the benefits from the reconciliation that we anticipate going forward. Early days, but given the nature of the deposit, I would anticipate we're likely to see some positivity in terms of reconciliation above a cutoff. So no, I think that it's -- it's too early to say absolutely what the numbers are, John. But if I was sitting on your side of the table, trying to fill their model, I would probably replace the $4 million with $5 million and then use something that was just proportional on throughput accordingly.

所以我認為我們對Valentine的增幅持非常樂觀的態度。但我認為，隨著我們優化年產 400 萬或 500 萬噸工廠的計劃，這種情況會變得更加有利，我們將開始看到我們預期的協調帶來的好處。雖然現在還為時過早，但考慮到存款的性質，我預計我們可能會看到一些積極的跡象，例如對帳金額超過某個截止點。所以，約翰，我認為現在就斷言具體數字還為時過早。但如果我坐在你們這邊，試圖完善他們的模型，我可能會把 400 萬美元換成 500 萬美元，然後根據吞吐量相應地使用一些比例合適的金額。

Throughput beg your pardon on ounces.

吞吐量，請原諒我用盎司來衡量。

If I can ask another, what is the best way to manage the benches at Greenstone when you have waste benches, 0.7 gram stockpile benches. And then -- as nice as 1.5 grams. Do you have all the same size shovels and trucks? Or do you have a few half size to quarter size shovels and trucks to go in and get those sweet spots without waste.

如果我可以再問一個問題，當綠石遊戲廳有廢棄物工作台和 0.7 克庫存工作台時，管理工作台的最佳方法是什麼？然後——就像1.5克一樣好。你們的鏟子和卡車尺寸都一樣嗎？或者，您是否有一些半尺寸或四分之一尺寸的鏟子和卡車，可以進去清理那些關鍵區域，而不會造成浪費？

It's a good question. It leads to really a selectivity issue, John, in terms of how selective can you be. And I think that we're seeing that with the level of control, we can be more selective. But to take the situation where you're running from, say, a 10 or a 12-meter bench. You're making the ventures smaller.

這是個好問題。約翰，這實際上會引出一個選擇的問題，即你能有多大的選擇性。我認為，隨著控製程度的提高，我們可以更有選擇性。但假設你正從比如說10公尺或12公尺的長椅上跑下來。你正在縮小投資規模。

Do we think there's going to be a material improvement inability to be able to deliver higher grade as a function at selectivity -- and I think in short, it's early days, but I don't believe from what I see, there's going to be a significant opportunity. There's going to be interesting areas where maybe it's more relevant than others.

我們是否認為在選擇性方面，能夠提供更高品味的產品會有實質的改進？簡而言之，我認為現在還為時過早，但就我所見，我不認為會有重大的機會。在某些領域，它或許比其他領域更具相關性，這一點很有趣。

But generally speaking, I consider as it stands today, a Greenstone is more of a bulk mining, I want to have a level of quality. But for the equipment size is rightsized for the operation we have, and it's really going to be about lowering our unit cost of production vis-a-vis mining processing and spending G&A as efficiently as we possibly can to have the most positive impact we can on all-in sustaining costs and maintaining margins given whatever gold price. And I'll maybe ask Tom. Tom, is there any layer in there from a selectivity perspective in terms of what we see from a resource reserve perspective.

但總的來說，我認為就目前而言，綠石更像是大宗開採，我想要的是一個品質水準。但就我們目前的營運而言，設備規模是合適的，真正的重點在於降低單位生產成本（相對於採礦加工成本），並儘可能高效地支出一般及行政費用，從而在任何金價水平下，對維持總成本和利潤率產生盡可能積極的影響。我或許會問湯姆。湯姆，從資源儲備的角度來看，從選擇性的角度來看，這裡面是否有任何層次結構？

No, Darren, I think you covered it. I think the again, John, some of the things mentioned in the commentary of the conference call with respect to some of the ore control practices and things we're putting in with some of the automated systems and paying close attention to the geology as we go bench to bench is helping manage dilution. And we definitely are looking at some of these selectivity studies in the background. But to Darren's point, on mass, there doesn't appear to be a benefit. There can be selective areas where we can go in and be very in certain areas pick cherries out.

不，達倫，我覺得你已經說得很清楚了。我認為，約翰，電話會議評論中提到的一些關於礦石控制措施以及我們正在實施的一些自動化系統，以及我們逐級開採時對地質情況的密切關注，都有助於控制貧化。我們當然也在關註一些相關的選擇性研究。但正如達倫所說，從數量上看，似乎並沒有什麼好處。我們可以選擇性地進入某些區域，專門挑選櫻桃。

But on mass John, this isn't going to be a flitch several fetched benches as we go down.

但約翰，就目前的情況來看，這不會是件小事，我們下去的時候會搬來幾張長椅。

Again, if we think about the contrary here at Valentine, we see good opportunity, and we have 2 specific mining fleets, our larger fleet, the smaller fleet and specifically to use a smaller fleet where there's a good opportunity. to be more selective, and therefore, preferentially mine at a lower grade, not only just use the stockpiles. So yes. No, I think we have a good plan at Greenstone and we'll continue to look for those opportunities to positively impact grade.

再說，如果我們反過來思考瓦倫丁的情況，就會發現這裡有很多機會。我們擁有兩支專門的採礦船隊：一支是規模較大的船隊，另一支是規模較小的船隊。我們會專門在機會較好的地方使用規模較小的船隊，以便更有選擇性地開採礦石，從而優先開採品位較低的礦石，而不僅僅是利用庫存礦石。是的。不，我認為我們在格林斯通有一個很好的計劃，我們將繼續尋找機會，對礦石品位產生積極影響。

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

我們的問答環節到此結束。我謹將會議交還給達倫·霍爾，請他作總結發言。

Yes. Thank you, operator. I'd just like to close by thanking all of our stakeholders for their continued support and everyone's participation and questions on the call this morning. It is appreciated and valued. And as always, Ryan and I and the entire leadership team are always available if you have any further questions.

是的。謝謝接線生。最後，我要感謝所有利害關係人的持續支持，以及今天早上大家在電話會議上的參與和提出的問題。它受到讚賞和重視。和以往一樣，如果您有任何其他問題，我和瑞恩以及整個領導團隊隨時為您解答。

So with that, take care. Be well and back to the operator.

那麼，保重。祝你早日康復，回到接線生那裡。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。