Equinox Gold Corp. (EQX) 2026 Q1 法說會逐字稿

Thank you for standing by. This is the conference operator. Welcome to the Equinox Gold first-quarter 2026 results and corporate update. As a reminder, all participants are in listen-only mode, and the conference is being recorded. (Operator Instructions)

感謝各位耐心等候。我是會議接線員。歡迎參加 Equinox Gold 2026 年第一季業績與公司最新進展電話會議。提醒各位，所有與會者目前為僅收聽模式，本次會議將被錄音。（接線員指示）

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。請開始。

Good morning, everyone, and thank you for taking the time to join the call this morning. Before we begin, 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.

各位早安，感謝大家今天早上撥冗參加本次電話會議。在開始之前，我想請各位留意簡報第 2 頁的前瞻性聲明。我們今天的發言以及對各位提問的回覆，可能包含關於公司未來表現的前瞻性資訊。儘管管理層相信我們的前瞻性聲明係基於公平且合理的假設，但實際結果可能與這些前瞻性聲明有所不同。

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 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 in today's presentation are in US dollars unless otherwise stated.

如需完整了解可能導致實際營運與財務結果與我們前瞻性聲明所含估計不同的風險、不確定性與相關因素，請參閱 Equinox Gold 最近提交的年度資訊表（Annual Information Form）中「與業務相關之風險」章節所識別的風險；該文件可於 SEDAR+、EDGAR 以及我們的網站查閱。最後我也要提到，除非另有說明，今天簡報中的所有數字均以美元計價。

With me on the call today are Darren Hall, Chief Executive Officer; Peter Hardie, Chief Financial Officer; David Schummer, Chief Operating Officer; Daniella Dimitrov, Chief Strategy and Risk Officer; and Matt MacPhail, SVP of Technical Services. Today, we will be discussing our first-quarter 2026 financial and operating results and provide an update on Greenstone and Valentine ramp-up progress, and then we'll take questions. The slide deck we are referencing is available for download on our website at equinoxgold.com.

今天與我一同參與電話會議的有：執行長 Darren Hall；財務長 Peter Hardie；營運長 David Schummer；策略與風險長 Daniella Dimitrov；以及技術服務資深副總裁 Matt MacPhail。今天我們將討論 2026 年第一季的財務與營運成果，並更新 Greenstone 與 Valentine 的爬坡（ramp-up）進度，之後將進行問答。我們所引用的簡報投影片可於 equinoxgold.com 下載。

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

接下來，我把電話交給 Darren。

Yeah, turning to slide 3, and thanks, Ryan. Good morning, and thank you for joining us today on the call. Firstly, I'd like to thank the entire Equinox Gold team, including all of our business partners across the Americas, for their commitment to safety, operational excellence, and disciplined execution, which delivered another strong quarter. There is no better demonstration of the team's capability and commitment than responsibly delivering more than 197,000 ounces of production with no material environmental events and a 25% reduction in our reportable injury frequency rate. Well done, and thanks to the entire team for a great quarter.

好的，請看第 3 頁，謝謝 Ryan。各位早安，感謝大家今天加入我們的電話會議。首先，我要感謝整個 Equinox Gold 團隊，以及遍布美洲的所有業務夥伴，對安全、卓越營運與紀律執行的承諾，讓我們再度交出強勁的一季。沒有什麼比在無重大環境事件的情況下，負責任地交付超過 197,000 盎司產量，並將可通報傷害頻率率降低 25% 更能展現團隊的能力與投入。做得很好，也感謝全體團隊帶來如此出色的一季。

We continue building on the positive momentum established in 2025, which reset the foundation of the business, strengthened the balance sheet, and established a clear path to a long-term value creation. Today, we are executing against that foundation with a focus on operational excellence, cost discipline, and delivering on our organic growth profile. We delivered a solid start to 2026, producing 197,000 ounces of gold with cash costs of $1,633 an ounce and AISC of $1,950 per ounce.

我們持續延續 2025 年建立的正向動能；2025 年重塑了業務基礎、強化了資產負債表，並建立了清晰的長期價值創造路徑。今天，我們在此基礎上執行，聚焦於卓越營運、成本紀律，以及落實我們的內生成長藍圖。2026 年開局穩健，黃金產量 197,000 盎司，現金成本每盎司 1,633 美元，AISC（全維持成本）每盎司 1,950 美元。

Importantly, our Canadian platform continues to ramp up, contributing over 87,000 ounces during the quarter. While the quarter reflected a level of variability not unusual with ramp-ups and winter conditions, based on performance to date and expected improvements through the year, we will remain on track to achieve our full-year production and cost guidance.

重要的是，我們的加拿大平台持續爬坡，本季貢獻超過 87,000 盎司。雖然本季反映出爬坡期與冬季條件下並不罕見的波動，但基於目前的表現與全年預期改善，我們仍將維持在達成全年產量與成本指引的軌道上。

Turning to slide 4, during the quarter, we sold more than 199,000 ounces of gold at a realized price of just over $4,600 an ounce. Generating $527 million in adjusted EBITDA. We reported net income from all operations of $310 million or $0.39 per share and adjusted net income of $234 million or $0.30 per share. We ended the quarter with $363 million in cash and net debt of approximately $80 million, excluding our in-the-money convertible debentures.

請看第 4 頁。本季我們以每盎司略高於 4,600 美元的實現價格，銷售超過 199,000 盎司黃金，產生 5.27 億美元的調整後 EBITDA。我們報告所有營運的淨利為 3.10 億美元，或每股 0.39 美元；調整後淨利為 2.34 億美元，或每股 0.30 美元。本季末現金為 3.63 億美元，淨負債約 8,000 萬美元（不含價內的可轉換公司債）。

Additionally, we completed the sale of our Brazilian assets. Repaid $990 million of debt, initiated a share buyback and paid our inaugural dividend. Subsequent to quarter end, following meaningful deleveraging and improved financial strength, we refinanced our revolving credit facility on improved terms, which enhances liquidity, flexibility, and our overall cost of capital. As of April 30, the company has nearly $1 billion in available liquidity, providing significant financial flexibility. We also declared our second quarterly dividend of $1.5 per share, reinforcing our commitment to disciplined capital returns.

此外，我們完成了巴西資產的出售，償還 9.90 億美元債務，啟動庫藏股回購並支付首次股利。季後，在顯著去槓桿與財務實力提升之後，我們以更佳條件再融資循環信用額度，提升流動性、彈性以及整體資金成本。截至 4 月 30 日，公司可用流動性接近 10 億美元，提供顯著的財務彈性。我們也宣告第二次季度股利，每股 1.5 美元，強化我們對紀律性資本回饋的承諾。

Turning to slide 5, let me take a moment to focus on our Canadian operations, which are central to our long-term value proposition. At Greenstone, we produced just over 60,000 ounces in the quarter. Mining rates averaged 180,000 tonnes per day, marginally lower than Q4, primarily due to heavier than normal snowfall. While mill throughput averaged 24,600 tonnes per day, a 6% increase over Q4.

請看第 5 頁，讓我花點時間聚焦於我們的加拿大營運，這是我們長期價值主張的核心。在 Greenstone，本季產量略高於 60,000 盎司。採礦速率平均每日 180,000 噸，較第四季略低，主要因降雪量高於正常水準。磨礦廠處理量平均每日 24,600 噸，較第四季增加 6%。

Plant performance continues to improve quarter-over-quarter, with 51% of the days exceeding nameplate capacity in the quarter compared to 36% in Q4. With April mining rates increasing to approximately 200,000 tonnes per day and the underlying productivity metrics continuing to improve, the mine is well positioned to deliver on 2026 material movement expectations, which will result in increasing grades through the balance of the year.

工廠表現持續逐季改善，本季有 51% 的天數超過設計產能（nameplate capacity），而第四季為 36%。隨著 4 月採礦速率提升至約每日 200,000 噸，且基礎生產力指標持續改善，礦山已具備良好條件以達成 2026 年物料移運（material movement）預期，並將在今年剩餘期間帶動品位提升。

At Valentine, we completed our first full quarter of operations, producing over 27,000 ounces. The plant performed well, and despite some significant weather challenges, the team delivered 90% of nameplate capacity for the full quarter. Importantly, we actually exceeded nameplate capacity over the combined period of February and March.

在 Valentine，我們完成了首個完整營運季度，產量超過 27,000 盎司。選礦廠表現良好，儘管面臨一些顯著的天候挑戰，團隊仍在整個季度達到設計產能的 90%。重要的是，在 2 月與 3 月合計期間，我們實際上超過了設計產能。

Mining performance was impacted by a severe winter in Newfoundland, which hampered material movement and delayed access to planned ore zones. In addition, early stage mining practices and sequences impact the mill feed grades. We have identified a number of opportunities to improve performance, including enhancements to blasting practices, better utilization of mine control systems, and tighter control around dig lines to positively impact dilution.

採礦表現受到紐芬蘭嚴峻冬季影響，阻礙物料移運並延後進入原計畫礦石區。此外，早期階段的採礦作法與採礦順序也影響磨礦廠入料品位。我們已識別多項提升表現的機會，包括改善爆破作業、提升礦山控制系統的使用效率，以及更嚴格控管挖掘線（dig lines）以正向影響稀釋。

We're seeing progress in April with improving grades supported by continued exceptional process plant performance. To highlight this progress, following a planned seven-day total shutdown at the start of April, the mill averaged 8,488 tonnes per day or 124% of nameplate since coming out of the shutdown. Looking ahead, we expect steady quarter-over-quarter improvements through 2026 as mining productivity increases at our Canadian operations ramp up to steady-state performance, underpinning our robust outlook of over 500,000 ounces of annual production for the next decade.

我們在 4 月看到進展：在持續優異的製程廠表現支撐下，品位正在改善。為凸顯此進展，在 4 月初完成一項計畫性的 7 天全面停機後，磨礦廠自復工以來平均每日 8,488 噸，達設計產能的 124%。展望未來，隨著加拿大營運的採礦生產力提升並爬坡至穩態表現，我們預期 2026 年將逐季穩定改善，支撐我們未來十年每年超過 500,000 盎司產量的強勁展望。

Turning to slide 6. Beyond our current operations, we continue to advance a strong organic growth profile that underpins our long-term production profile. At Valentine, we announced details of our planned 2 -- planned Phase 2 expansion as part of the updated technical report published at the end of the quarter. We are currently committing funds to long lead time items and progressing detailed engineering to secure schedule. We expect to initiate early site works in the second half of the year following full funds approval anticipated in the coming months.

請看第 6 頁。除現有營運外，我們持續推進強勁的內生成長藍圖，以支撐長期產量曲線。在 Valentine，我們於本季末發布的更新技術報告中，公布了規劃中的第二期（Phase 2）擴建細節。我們目前正投入資金於長交期項目，並推進細部工程設計以確保時程。我們預期在未來數月取得完整資金核准後，於下半年啟動早期場址工程。

At Castle Mountain, we continue to advance engineering and permitting activities with a project on track to receive a federal record of decision before year end. In anticipation, we have hired an experienced project director to lead all aspects of the project and have engaged Worley, an engineering professional services firm, to progress to detailed engineering. I anticipate committing at-risk funds to secure long lead time items in early Q3.

在 Castle Mountain，我們持續推進工程與許可相關工作，專案進度仍按計畫在年底前取得聯邦《決定紀錄》（record of decision）。為此，我們已聘任一位具經驗的專案總監負責專案各面向，並委任工程專業服務公司 Worley 推進至細部工程。我預期在第三季初投入具風險資金（at-risk funds），以確保長交期項目。

At Los Filos, we have made important progress strengthening relationships with our host communities and government stakeholders. With fully ratified new long-term access agreements in place with two of the three communities and continued constructive dialogue with the third, I'm convinced that all stakeholders are aligned on identifying a path forward to a restart of operations and realizing the full potential of the world-class mineral endowment which exists at Los Filos.

在 Los Filos，我們在強化與所在社區及政府利害關係人的關係方面取得重要進展。三個社區中已有兩個完成新的長期進入協議之全面核准（fully ratified），並與第三個社區持續進行具建設性的對話；我相信所有利害關係人已就找出重啟營運的前進路徑達成一致，並將實現 Los Filos 所具備之世界級礦產資源禀賦的全部潛力。

Turning to slide 7, I'm confident that Equinox Gold is well positioned to deliver top quartile valuation based on our portfolio of long-life assets and tier one jurisdictions, a clear and executable organic growth pipeline, strong and growing free cash flow generation, a disciplined approach to capital allocation and shareholder returns; and importantly, with the right team in place to deliver on those commitments.

請看第 7 頁。我有信心 Equinox Gold 已具備條件，憑藉我們由長壽命資產與一級司法管轄區（tier one jurisdictions）所構成的投資組合、清晰且可執行的內生成長管線、強勁且持續成長的自由現金流創造能力、對資本配置與股東回饋的紀律性作法；以及最重要的，具備能夠兌現這些承諾的正確團隊，而實現同業前四分位（top quartile）的估值。

In closing, our priorities for 2026 are clear: ramp Greenstone and Valentine to nameplate capacity; maintain cost discipline and operational consistency; advance our growth pipeline; continue strengthening the balance sheet; and return capital to shareholders. With a stronger portfolio, improving operations and a clear path forward, we are entering 2026 from a position of strength.

最後，2026 年的優先事項非常明確：將 Greenstone 與 Valentine 爬坡至設計產能；維持成本紀律與營運一致性；推進成長管線；持續強化資產負債表；並回饋資本給股東。憑藉更強健的資產組合、持續改善的營運表現與清晰的前進路徑，我們將以強勢姿態進入 2026 年。

Before passing to the operator, I'd be remiss if I did acknowledge the team's efforts in Nicaragua, which delivered a record 81,000 ounces of production for the quarter, which is a testament not only to the team, but the prolific and enduring nature of those assets.

在交給接線員之前，如果我不先肯定團隊在尼加拉瓜的努力，那就太失禮了；該團隊本季交出創紀錄的 81,000 盎司產量，這不僅證明了團隊的實力，也證明了這些資產高產且具持久性的特質。

With that, I'll turn it back to the operator for questions.

接下來，我把時間交回給接線員進行提問。

(Operator Instructions) Wayne Lam, TD Securities.

（接線員指示）TD Securities 的 Wayne Lam。

One question is kind of tough. Let's go with Valentine. Great in the early years of the mine plans, well above $2,000 a tonne. I guess supported by the Barry Pit. Just wondering how the grades have reconciled the plan to date and should we be expecting a big step change on the grade profile into Q2 or is that more weighted to the back half of the year?

這個問題有點難。那我們問 Valentine。礦山計畫的前幾年表現很強，品位遠高於每噸 2,000 美元，我想是由 Barry Pit 支撐。想請教一下，迄今為止品位與計畫的對帳情況如何？我們是否應該預期品位曲線在第二季會出現很大的跳升，還是說改善會更偏向下半年？

No, Wayne, thanks for the support, thanks for the question. If I step back, I look at our reconciliation above an all-waste cut-off and we're very comfortable with what we see out of Valentine and we've articulated that over the last couple of years of infill drilling. Q1 was really our first quarter of how do we reconcile against the selectivity, and we saw some challenges, right, because we didn't have that reconciliability with respect to the mill because it was the first quarter of taking that run-of-mine material in. And we've seen some deficiencies in that we need to focus on, and that's in and around mining control, utilizing the high precision, and again, that was impacted further by the weather.

不，Wayne，謝謝你的支持，也謝謝你的問題。如果我退一步看，我們在「全廢石」切割品位（all-waste cut-off）以上的對帳情況，我們對 Valentine 目前看到的結果非常滿意；而且我們在過去幾年透過加密鑽探也一直這麼說。第一季其實是我們第一次用一整季來看：在選擇性採礦（selectivity）方面，我們如何進行對帳；我們確實遇到一些挑戰，因為就選礦廠而言，這是第一次處理這些原礦（run-of-mine）物料，所以在可對帳性上還不夠。我們也看到一些需要聚焦改善的不足之處，主要在採礦控制、運用高精度技術等方面；而且天候也進一步造成影響。

So, no, we'll see improvements into Q2, and we'll see improvements as we work through the balance of the year. But as we sit today, comfortable with how we've guided the year, and we'll continue to see improvements through the year. And medium- and longer-term, I think we're comfortable with where we positioned ourselves. And I think that the importance of the Phase 2 of the process to get us to 5 million tonnes is critical in that value proposition as well. We've got a significant resource here with great opportunity to expand, as we've highlighted with infill drilling.

所以，不會的，我們會在第二季看到改善，也會在今年剩餘時間持續改善。但以目前來看，我們對今年的指引仍然有信心，並且會在全年持續看到進步。就中長期而言，我認為我們對目前的定位也很有把握。我也認為，流程第二階段（Phase 2）把產能提升到 500 萬噸，對這個價值主張同樣至關重要。我們在這裡有相當可觀的資源，且如我們透過加密鑽探所強調的，仍有很大的擴張機會。

This property will continue to deliver for a long time and it will evolve as it goes, but I think it's going to evolve to the positive and that kind of highlights the criticality of Phase 2 and why we're committing today to get those funds in place so we can ensure a schedule to get us into a build as soon as we possibly can, which will take out the variances you see in trying to predict to a grade in a quarter and take out some of the lumpiness. But long-winded answer, Wayne, but no, comfortable with it, it's an evolution, and there's nothing that concerns me at this point.

這個礦權將在很長一段時間內持續貢獻，並會隨著推進而演進；但我認為它會朝正向演進。這也凸顯了第二階段的重要性，以及為何我們今天承諾把資金安排到位，確保時程，讓我們能盡快進入建設階段；這將有助於消除你在嘗試按季度預測品位時看到的差異，並降低一些波動性。回答有點長，Wayne，但總之，我們對現況有信心，這是一個演進過程，目前沒有任何讓我擔心的地方。

Anita Soni, CIBC Capital Markets.

CIBC Capital Markets 的 Anita Soni。

Hi, good morning. I just wanted to ask actually about grade reconciliation at Greenstone as well. So I think the, so I just wanted to first clarify that in the technical report that the new MRE already includes the reduction as a result of the voids and all that.

嗨，早安。我其實也想問一下 Greenstone 的品位對帳。我想先確認一下：在技術報告中，新的 MRE 已經把因空洞（voids）等因素造成的下修包含進去了，對嗎？

Yeah. Hi, Anita. Yeah, and I guess there's two questions in that from a technical report perspective. Sorry, it reflects the technical report, reflects the model update going forward. And if we think about, so again, the questions in around voids and the experiences that we've had to date is reflected in that model revision.

是的。嗨，Anita。是的，我想你這裡其實包含兩個問題，從技術報告的角度來看——抱歉——它反映了技術報告，也反映了往前看的模型更新。如果我們再想一下，關於空洞以及我們迄今的經驗，這些都已反映在那次模型修訂中。

In terms of the quarter, we saw some turnover issues in and around the glory hole, which is that shrink stope in the center of the pit, and maintaining focus, but that's where Dave and the crew have brought in some additional resources so we can get that bench turnover rate, which negatively impacts our performance of grade against plan. But from a reconciliation perspective, if we take the last couple of quarters, the model is actually reconciling very well above a cut-off. Against the model that we've used to predict the longer term. Matt, is there anything you'd add to that, Bud?

就本季而言，我們在所謂的「glory hole」附近出現一些翻台（turnover）問題；那是位於礦坑中央的收縮採場（shrink stope）。我們需要保持專注；但 Dave 和團隊已投入一些額外資源，以提升該台階的翻台速率（bench turnover rate），因為這會對我們品位相對於計畫的表現造成負面影響。不過從對帳角度來看，如果看最近幾季，在切割品位以上，模型其實對帳得非常好，與我們用來預測長期的模型一致。Matt，你有什麼要補充的嗎，Bud？

No, that's correct.

沒有，沒錯。

And I'll just add one item if I might. And we included all that information with respect to our guidance for the year as well.

如果可以的話，我再補充一點：我們也已把所有這些資訊納入今年的指引之中。

So does that cover the grade issue there, Anita?

所以，Anita，這樣有回答到那邊的品位問題嗎？

Almost. The question was just in terms of the technical report, it does also talk about sort of a negative ounces and tonnes and also on the grade a little bit, but combined a slight negative on the ounces. And I'm just wondering if the reserve estimate already includes that as well, or the commentary in the technical report says basically that it's typical for this early stage and it's not necessarily included in the reserve estimate yet.

差不多。我的問題是：技術報告也提到在盎司數與噸數上有些偏負，品位也有一點影響，合計使盎司數略為負向。我想確認一下：儲量估算是否也已把這些包含進去？還是說技術報告的評論是指，這在早期階段很常見，但不一定已納入儲量估算？

The technical report is congruent with the reserves, and they all exactly tie together.

技術報告與儲量是一致的，而且彼此完全對得上。

That's right. Yeah. Best available information was utilized in that technical report. The most up-to-date void model is included. So the reserve and resource are depleted for that void model. And as Pete and Darren alluded to, Q1, we're reconciling nicely to that model.

沒錯。該技術報告採用了當時最佳可得資訊，並納入最新的空洞模型。因此，儲量與資源量都已依該空洞模型進行扣減（depleted）。而如 Pete 和 Darren 所提到的，第一季我們與該模型的對帳表現良好。

But I think the underlying question there, Anita, is. Is the reserve reflective of what's in the forward-looking plan? And yes, the same model is used for the forward-looking plan as used in the reserve. So all those things are from GURA.

但我想你背後的核心問題是，Anita：儲量是否反映在前瞻性計畫中？答案是肯定的；前瞻性計畫使用的模型與儲量使用的模型相同。所以這些都是來自 GURA。

Mohamed Sidibe, National Bank Financial.

National Bank Financial 的 Mohamed Sidibe。

Hi, Darren and Tim, and thanks for taking my question. So maybe going back to Valentine on your grade tonnage and recovery there, I know that production was probably impacted by inventory and circuit. Is there more inventory in circuit left that could potentially impact Q2, or how should we think about that going into the next quarters?

嗨，Darren 和 Tim，謝謝你們回答我的問題。我想回到 Valentine 的品位、噸數與回收率。我知道產量可能受到在製庫存（inventory in circuit）和迴路的影響。迴路裡是否還有更多在製庫存可能影響第二季？或我們該如何看待接下來幾季？

No. I mean, the inventory, we're not managing inventory. It's not like an AP sort of issue. I mean, there's pinches and swells in inventory depending on grades going through, but no, there was no drawdown of inventory at the end of the quarter. We play a straight bat at it. We actually saw a little bit of inventory buildup in the April period as grades improved, but no, there's no noise in there associated with inventory.

沒有。我的意思是，我們並不是在管理庫存；這不像 AP 那類問題。庫存會因為通過的品位不同而有些收縮與膨脹（pinches and swells），但季末並沒有庫存回沖（drawdown）。我們就是按部就班地處理。其實在四月期間，隨著品位改善，我們看到庫存略有增加；但沒有任何與庫存相關的雜訊影響。

I was just asking because trying to get back to your produced results with the tonnage, grade, and recovery, I'm slightly off, but maybe I can take that offline. On the cost at Valentine, I think the technical report highlighted lower processing costs, mining costs versus what you delivered in Q1, understanding that you were impacted by the severe weather, but what's the plan to get back to costs that were highlighted in the technical report there and what are some of the initiatives that you guys will be working on to get us back to that?

我之所以問，是因為我在用噸數、品位與回收率去回推你們的產出結果時，算出來有一點對不上；不過我可以私下再跟你們確認。關於 Valentine 的成本，我想技術報告提到的處理成本、採礦成本都比你們第一季實際交出的低；我理解你們受到嚴冬影響，但要如何把成本拉回技術報告所提到的水準？你們會推動哪些措施來把成本帶回去？

Yeah, no, Mohamed, it's a good question, and I'll pass it over to Pete, and we can talk specifically about some of the nuances in Valentine. But I will take a step back and look at the business holistically. And I know we don't guide quarter-on-quarter against budget, but I'll use that as a basis, because keeping in mind that all of our guidance is prefaced off or based in the budget, and of course, you take a budget, you lower it a little bit, and that becomes the guidance.

是的，Mohamed，這是個好問題。我先把問題交給 Pete，讓他具體談談 Valentine 的一些細節。不過我先退一步從整體業務來看。我知道我們不會逐季相對於預算提供指引，但我會用預算作為基礎，因為請記得，我們所有的指引都是以預算為前提或以預算為基礎；當然，你做出預算後再稍微下修，就成為指引。

But if we look at Q1 spend, we were within 1% on non-capital costs, and when I say capital, I'm talking about the capital that was capitalized inventory and those sort of things are all in that total spend number. We were within 1% of spend, so from an outgoings perspective, we're very consistent with where we see. We're actually underspent on some of the capital during the quarter, which we'll work on over the balance of the year, but that's typical of people being a little bit more aggressive about what they can get done at the outset of the year. But now specifically into Valentine, you want to give a bit of color, Pete?

如果看第一季的支出，我們在非資本成本上與預算差距在 1% 以內；我說的資本，是指資本化的庫存等項目都包含在總支出數字裡。我們的支出在 1% 以內，所以從現金流出角度來看，我們與預期非常一致。本季在部分資本支出上其實低於預算，我們會在今年剩餘時間補上，但這很常見，因為年初大家往往會把可完成的工作估得更積極一些。不過回到 Valentine，你要不要補充一些背景，Pete？

Yeah, thanks, Darren. Thanks, Mohamed, for the question. Yes, as Darren mentioned, across the board, we're within 1%, very pleased with the control that the team and operators are showing. At Valentine itself, we're a little above expectation, but not in a way that we're concerned about.

好的，謝謝 Darren，也謝謝 Mohamed 的問題。是的，如 Darren 提到的，整體而言我們在 1% 以內，我們對團隊與營運單位展現的控管能力非常滿意。就 Valentine 本身而言，我們略高於預期，但並不是讓我們擔心的程度。

Largely, any spend that's above expectation is due to the severe winter and mitigations we put in place. Going forward, and that's on the numerator side, so we're pretty happy with what's happening on the total spend side. It's the denominator, as Darren has already highlighted, and bringing unit costs back into line with expectations, we have to focus on the denominator side. And that's the mining and the processing and grade management that Darren already alluded to.

大致上，任何高於預期的支出都來自嚴冬以及我們採取的緩解措施。往前看——這是在分子端（numerator side），所以我們對總支出端的表現相當滿意。問題在分母端（denominator），如 Darren 已經強調的：要讓單位成本回到符合預期，我們必須聚焦分母端，也就是採礦、處理，以及 Darren 先前提到的品位管理。

John Tumazos, John Tumazos Independent Research.

John Tumazos，John Tumazos 獨立研究。

Thank you very much, and congratulations on net cash day, whichever day that's going to be, this week or last week or next week. Could you elaborate on your definition of gold production versus inventory versus in-circuit? We know you're generating cash, and we know you're really selling gold. It's kind of amazing that 20,000 ounces fell out of the circuits extra in Nicaragua this quarter.

非常感謝，也恭喜你們達成淨現金日——不管那天是這週、上週或下週。你能否進一步說明你們對黃金產量相對於庫存、以及在迴路中（in-circuit）的定義？我們知道你們正在產生現金，也知道你們確實在賣金。尼加拉瓜本季迴路裡額外「掉出來」2萬盎司，實在有點令人驚訝。

And it's also equally amazing that Greenstone only had a 12,000-ounce drop from the December quarter when the grade fell by a third and the recovery fell by a fourth and the recovery fell by 3%. So it seems like the gold in solution is somewhat extraordinary.

同樣令人驚訝的是，Greenstone 相較於12月季度只下降了1.2萬盎司，儘管品位下降了三分之一、回收率下降了四分之一，而且回收率又下降了3%。所以看起來溶液中的黃金量有點不同尋常。

No, John, and thanks for your question, and thanks for the support. I'll start with the definition of what we use as gold production. Gold production is bullion, right, it's poured. Then we'll have recovered gold, which represents kind of the in-circuit changes. There's not a lot of noise between gold poured and gold recovered for the better part.

不，John，謝謝你的問題，也謝謝你的支持。我先從我們對黃金產量的定義開始。黃金產量是金錠（bullion），也就是澆鑄出來的。接著我們會有回收黃金（recovered gold），這代表迴路中存量變動。大多數情況下，澆鑄黃金與回收黃金之間不會有太多雜訊差異。

If we think about Nicaragua, the drawdown in inventory was all not in process, it was stockpiles, right, we ended up at the end of the year with a significant inventory that we then got into the process plant in Q1 that was built in Q4 because we ran out of capacity. So that was the inventory change in Nicaragua. It was just a build in inventory outside of the process plant.

如果談尼加拉瓜，庫存的下降並不是在製程中的庫存，而是堆場庫存（stockpiles）。我們在年底時有相當可觀的庫存，之後在第一季把它送入製程廠處理；那批庫存是在第四季建立的，因為我們當時產能不足。所以尼加拉瓜的庫存變動，就是製程廠外部庫存的累積。

So, yes, it's not an in-process inventory per se. In talking about inventories on Q4 or Q1 to Q4 at Greenstone, I'll ask Matt, but from my recollection, I don't think there was a significant change in in-process inventories in circuit Q1 over Q4.

所以，是的，嚴格來說那不是在製程中的庫存。至於 Greenstone 在第四季或第一季相對第四季的庫存，我請 Matt 補充，但以我的記憶，第一季相較第四季，迴路中的在製程庫存並沒有顯著變化。

Yes, there's a little bit of variation quarter on quarter, but it's nothing planned. It's just based upon timing of pour at the month end, and it's a natural ebb and flow. But yeah, to what Darren said, I didn't think there was a huge change of in-process inventory quarter on quarter.

是的，季度之間會有一點點變動，但那不是計畫性的，主要取決於月底澆鑄（pour）的時間點，是自然的起伏。不過如 Darren 所說，我也不認為季度之間在製程庫存有很大的變化。

But we'd be happy to.

不過我們很樂意（再進一步說明）。

You might have had an extra pour at Greenstone, like having an extra ship go off for a copper mine shipping concentrate or something.

你們在 Greenstone 可能多澆鑄了一次，就像銅礦多出一艘船出港運走精礦之類的情況。

Yeah, I mean, because what we'll typically do is that we won't kind of pour on the last day of the month, right. We'll just pour on a specific day every week or two days a week, and wherever they happen to fall, you might see some inventory ups and inventory downs. But no, happy to get on a chat and walk through the specifics at Greenstone as well to make sure you're comfortable.

是的，我的意思是，我們通常不會在月底最後一天澆鑄。我們會固定在每週某一天澆鑄，或每週兩天澆鑄；而它們剛好落在什麼時間點，就可能讓你看到庫存上升或下降。不過沒問題，我們很樂意再約時間聊一聊，把 Greenstone 的細節走一遍，確保你覺得清楚、放心。

Congratulations on all the cash. Thank you.

恭喜你們有這麼多現金。謝謝。

Appreciate it, bud. Thanks for all your support. It's been a journey and you've been a supporter of the product for a long time, so thank you very much.

感謝你，老兄。謝謝你一路以來的支持。這一路走來不容易，而你長期以來一直支持我們的成果，所以非常感謝。

Jeremy Hoy, Canaccord Genuity.

Jeremy Hoy，Canaccord Genuity。

Thanks, Darren and team. Appreciate you taking my question. I'm going to talk about Los Filos. Could you give us any detail on, I guess, what's pending or needs to be negotiated on with the third community and then any update on how you're thinking about that operation. I know you guys internally have been going through some iterations of what that operation could look like if it restarts, and just a refresh on your thinking there would be helpful. Thank you.

謝謝，Darren 和團隊。感謝你們回答我的問題。我想談談 Los Filos。你們能否提供一些細節：我想目前與第三個社區之間還有哪些事項待處理或需要協商？另外也請更新一下你們對該營運的思考方向。我知道你們內部一直在反覆推演，如果重啟，該營運可能會是什麼樣子；如果能刷新一下你們目前的想法會很有幫助。謝謝。

Thanks, Jeremy, and thanks for your and Canaccord's support over the years. No, Los Filos, we're very optimistic about what we see at Los Filos, and partly because the 16 million ounces in all categories, it's clearly a world-class asset. It has demonstrated the ability to be able to produce. Our view of Los Filos is really looking to what the long term looks like. We're not in any hurry to restart operations in what was the previous form.

謝謝你，Jeremy，也謝謝你以及 Canaccord 這些年來的支持。關於 Los Filos，我們對所看到的情況非常樂觀，部分原因是它在各類別合計有1,600萬盎司，顯然是世界級資產，也已證明具備生產能力。我們看待 Los Filos，重點是著眼於長期樣貌。我們並不急著以過去那種形式重啟營運。

It's really about the value proposition of birthing something that's in that potentially 300,000 to 400,000 ounces a year with a 20,000 to 30-year life within the current resource base. I mean, it's an outstanding asset. So what we're working very constructively with all of our stakeholders, including the third community, is getting comfortable with a commercial arrangement that's going to ensure that that product is durable and resilient in all gold price environments and can maximize value for all stakeholders. So we're working with that third community.

重點在於打造一個價值主張：在現有資源量基礎上，可能達到每年30萬到40萬盎司、壽命20到30年的項目。這是一項非常出色的資產。因此，我們正與所有利害關係人（包括第三個社區）以非常建設性的方式合作，讓大家對一個商業安排感到安心；該安排將確保在任何金價環境下，這個產品都能持久且具韌性，並為所有利害關係人最大化價值。所以我們正在與第三個社區合作。

The dialogue is, suffice to say, has been very constructive. It's clear in my mind that everyone is aligned behind wanting that to work, and we're going to make sure that what we put in place ensures that people can have a level of confidence about our ability and us and the stakeholders working together over the long term to ensure that that investment we put into a CIL plant and reinvest back in that property is secure. That's our value proposition, and again, the dialogue has definitely changed over the last year.

可以說，對話一直非常具建設性。在我看來，很清楚大家都希望這件事能成功、目標一致；我們也會確保所建立的機制，能讓大家對我們的能力、以及我們與利害關係人長期合作的方式有信心，從而確保我們投入 CIL 廠並再投資回該礦區的資金是安全的。這就是我們的價值主張；而且這些對話在過去一年確實已經有所改變。

And again, we're very comfortable with the discussions we're having. The agreements will be had in the time they are had, and whether it's in two weeks' time or two months' time or three months' time, I mean, again, I would anticipate something this year, but it's not important as to whether it happens this year. It's about making sure we get the right agreements because in the background, we're actually working with an EPC company to look at scale and scope in and around what could this asset look like and what that capital size relationship is.

同樣地，我們對目前的討論非常放心。協議會在該完成的時間完成；不論是兩週後、兩個月後或三個月後——我預期今年會有進展，但是否一定要在今年發生並不重要。重要的是確保我們達成正確的協議。因為在背景上，我們其實也正與一家 EPC 公司合作，評估規模與範疇：這個資產可能會長成什麼樣子，以及相對應的資本規模關係。

So our ability to be able to restart this asset is not impacted by the timing in which we have an agreement with the communities. So, again, they're all happening concurrently and the community is aware of it. They're happy that we're doing that work. They see the value. So, no, I think this is a win-win and we'll end up with a world-class asset that delivers for a long time.

因此，我們重啟這項資產的能力，不會受到與社區達成協議時間點的影響。換言之，這些工作是並行推進的，社區也了解這點。他們很高興我們在做這些工作，也看得到其價值。所以我認為這會是雙贏；最終我們會擁有一個能長期交付成果的世界級資產。

Great. Thanks, Darren. I'm looking forward to seeing the progress there.

很好。謝謝你，Darren。我期待看到那邊的進展。

(Operator Instructions)

（接線員指示）

Anita Soni, CIBC World Markets. Please go ahead.

Anita Soni，CIBC World Markets。請開始。

Hi. So I just wanted to follow up on the tailings CapEx, like the remediation that you're going to be doing there with the shear keys. Can you just give me an idea of the capital budget for that over the life of mine?

嗨。我想追問一下尾礦資本支出（CapEx），也就是你們要做的剪力鍵（shear keys）整治工程。你能否讓我了解一下，這部分在礦山全壽命期間的資本預算大概是多少？

Sure. This is at Greenstone, right, Anita?

當然。Anita，這是在說 Greenstone，對吧？

That's Greenstone.

是 Greenstone。

Okay, cool. Yeah, Matt's probably best positioned to be able to talk about that. So, Matt?

好，了解。Matt 應該最適合回答。Matt？

Yeah, I don't know if I'd classify it as remediation. It's kind of initial construction of the shear key, and it's baked into our CapEx profile for 2026. So, yeah, I wouldn't call it remediation per se. I think some maybe bleeds into 2027 as well, but it's all baked into our estimates and our guidance figures. And we can dive into more detail on the call if you want to go through dollars and cents.

是的，我不確定我會把它歸類為整治（remediation）。這比較像是剪力鍵的初始建造，而且已經納入我們2026年的資本支出曲線（CapEx profile）中。所以我不會把它稱作整治。可能也有一部分延伸到2027年，但都已包含在我們的估算與指引數字裡。如果你想把金額細節講清楚，我們也可以在電話會議上再深入到具體的美元數字。

Yeah, I was going to add, Anita, that I think from working off memory, we've got $80 million in there for the year 2026, but we'll take offline maybe the life-of-mine costs, if that's all right.

我補充一下，Anita，我印象中我們在2026年那一年的預算裡大概放了8,000萬美元；至於礦山全壽命的成本，我們可以會後再私下跟你對一下，可以嗎？

Okay, thank you. Definitely, I'll connect with you offline. Thanks.

好的，謝謝。我一定會在會後跟你們聯繫。謝謝。

Appreciate it. Thanks, Anita. And yeah, reach out and we'll fill in any blanks that need to be filled in.

感謝你。謝謝，Anita。是的，請聯繫我們，我們會把需要補充的部分補齊。

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。我想把會議交回 Darren Hall 作結語。

I'd just like to thank all of our shareholders for their continued support and everyone's participation and questions this morning. It is appreciated, it is valued. And as always, Ryan and I and the entire executive team are always available if you have any further questions. So with that, take care, be well, and back to you, operator.

我想感謝所有股東持續的支持，也感謝今天早上各位的參與與提問。我們非常感激，也非常重視。一如既往，如果你們還有任何問題，Ryan、我以及整個管理團隊都隨時可以聯繫。那麼就先這樣，請保重、祝安好，交回給接線員。

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。您可以掛線。感謝您的參與，祝您有美好的一天。