Galiano Gold Inc (GAU) 2025 Q3 法說會逐字稿

Good day, ladies and gentlemen, and welcome to the Galiano Gold, Inc. third quarter 2025 Financial Results Conference Call. (Operator Instructions) This call is being recorded on Friday, November 7, 2025.I would now like to turn the conference over to Matt Badylak, President and CEO of Galiano Gold. Please go ahead.

女士們、先生們，大家好，歡迎參加 Galiano Gold, Inc. 2025 年第三季財務業績電話會議。（操作員指示）本次通話於2025年11月7日星期五進行錄音。現在我將把會議交給Galiano Gold總裁兼執行長Matt Badylak。請繼續。

Thank you, operator, and good morning, everyone. We appreciate you taking time to join us on the call today to review Galiano Gold's third quarter results that we released yesterday after market close. On slide 2, we'll be making forward-looking statements and referring to non-IFRS measures during the call. Please refer to the cautionary notes and risk disclosures in our most recent MD&A as well as this slide of the webcast presentation. Yesterday's release details our third quarter financial and operating results.

謝謝接線員，大家早安。感謝您今天抽出時間參加我們的電話會議，共同回顧 Galiano Gold 昨天收盤後發布的第三季業績。在第二張投影片中，我們將做出前瞻性陳述，並在電話會議中提及非 IFRS 指標。請參閱我們最新管理層討論與分析中的警示說明和風險揭露，以及本次網路直播簡報的幻燈片。昨天發布的公告詳細介紹了我們第三季的財務和營運表現。

They should be read in conjunction with our third quarter financial statements and MD&A available on our website and filed on SEDAR+ and EDGAR. Also, please bear in mind that all dollar amounts mentioned in the conference call are in U.S. dollars unless otherwise noted. On slide 4, with me on the call today, I have Michael Cardinaels, our Chief Operating Officer; Matt Freeman, our Chief Financial Officer; and Chris Pettman, our Vice President, Exploration. For this presentation, I will initially provide a brief overview of the quarter, Michael will give an operations update.

這些文件應與我們網站上提供的第三季財務報表和管理層討論與分析 (MD&A) 以及在 SEDAR+ 和 EDGAR 上提交的文件一起閱讀。另外，請注意，除非另有說明，電話會議中提到的所有金額均以美元為單位。在投影片 4 中，今天與我一起參加電話會議的有：我們的營運長 Michael Cardinaels；我們的財務長 Matt Freeman；以及我們的勘探副總裁 Chris Pettman。在本次報告中，我將首先簡要概述本季度的情況，然後邁克爾將報告營運情況。

Matt will discuss the financials, and then Chris will review the ongoing exploration success his team is having at Abore. I'll then provide some closing remarks and open the call for Q&A.

Matt 將討論財務狀況，然後 Chris 將回顧他的團隊在 Abore 的持續勘探成功。接下來，我將作總結發言並開放問答環節。

Here on slide 5, we can see the team continued the momentum during the third quarter towards an improved overall operational outlook. Let me walk you through the highlights on this slide. Safety remains a top priority. I am proud to report that, again, no lost time injuries were reported for Q3, maintaining a strong safety record and demonstrating our unwavering commitment to our workforce. Turning to production.

從第 5 張投影片可以看出，該團隊在第三季繼續保持勢頭，整體營運前景得到​​改善。讓我帶您了解這張投影片的重點內容。安全仍然是重中之重。我很自豪地報告，第三季再次沒有發生任何工傷事故，保持了良好的安全記錄，並展現了我們對員工堅定不移的承諾。進入生產階段。

We produced just over 32,000 ounces of gold in Q3, up 7% from 30,000 ounces produced in Q2. This increase was driven by higher grades and increased throughput quarter-on-quarter following the commissioning of the secondary crusher in late July.

第三季我們生產了略多於 32,000 盎司的黃金，比第二季生產的 30,000 盎司增加了 7%。此次成長主要得益於品位提高和二級破碎機於 7 月下旬投產後，產量較上季增加。

From a financial perspective, Revenue came in at $114 million, up 17% quarter-over-quarter from $97 million. This was driven by higher production and improved gold prices. Our balance sheet remains solid. We ended the quarter with $116 million in cash and cash equivalents, a slight improvement on Q2 despite stripping at Nkran increasing during the period. This strong cash position provides us with the financial flexibility to continue to invest in our operations, particularly as we accelerate stripping at Nkran in 2026.

從財務角度來看，營收達到 1.14 億美元，比上一季的 9,700 萬美元成長了 17%。這主要得益於產量增加和黃金價格上漲。我們的資產負債表依然穩健。本季末，我們持有現金及現金等價物 1.16 億美元，儘管 Nkran 的剝離量在本季度有所增加，但與第二季度相比略有改善。強勁的現金狀況使我們有財務靈活性繼續投資於我們的運營，尤其是在我們於 2026 年加快 Nkran 油田剝離作業之際。

Exploration remains a key focus area. At Abore, we drilled just over 11,000 meters during the third quarter focused on infill and step-out drilling around the high-grade zones identified earlier this year.

勘探仍然是重點關注領域。在阿博爾，我們在第三季度鑽探了 11,000 多米，重點是今年早些時候確定的高品位礦區周圍的加密鑽探和延伸鑽探。

Moving to slide 6, please. Here on this slide, I'll provide a few words about the events that occurred at Esaase during the quarter. As previously disclosed, on September 9, an incident occurred when a group of illegal miners attacked military camp, housing members of the Ghana Armed Forces and damaging our contractors' mining equipment at the Esaase deposit. Regrettably, the incident also resulted in the death of a community member. Due to the scale of damage sustained to the fleet, mining operations at Esaase were paused.

請翻到第6張投影片。在這張投影片上，我將簡要介紹本季在 Esaase 發生的一些事件。正如之前所揭露的那樣，9 月 9 日發生了一起事件，一群非法礦工襲擊了駐紮著加納武裝部隊成員的軍營，並損壞了我們在 Esaase 礦區的承包商的採礦設備。令人遺憾的是，這起事件也導致一名社區成員死亡。由於艦隊遭受的損失規模龐大，埃薩斯的採礦作業暫停了。

However, haulage from low-grade stockpiles resumed shortly after the incident. Since early September, we have worked closely with our mining contractor to remobilize the fleet to Esaase. This process continued into early November, and I'm pleased to report that mining operations at Esaase now recommenced and will continue to ramp up over the balance of the year.

然而，事故發生後不久，低等級礦石堆場的運輸就恢復了。自 9 月初以來，我們一直與我們的採礦承包商密切合作，重新調動船隊前往埃薩斯。這個過程一直持續到 11 月初，我很高興地報告，Esaase 的採礦作業現在已經重新開始，並將在今年餘下的時間裡繼續逐步增加。

With that, I'll turn it over to Michael and Matt to discuss production and financial performance in more details in the coming slides. Over to you, Michael, and slide 7, please.

接下來，我將把發言權交給麥可和馬特，讓他們在接下來的幻燈片中更詳細地討論生產和財務表現。接下來輪到你了，邁克爾，請看第 7 張投影片。

Thank you, Matt, and good morning, everyone. As Matt just highlighted, we continue to see an upward trend in performance during the third quarter of the year. We had a significant increase in personnel hours worked on site during Q3 with the ramp-up of Nkran mining staff and contractors involved in the secondary crusher project and the TSF Stage 8 construction. Our safety statistics continue to improve, with over 4.2 million man hours worked since the last lost time injury. On a 12-month rolling basis, our lost time injury and total recordable injury frequency rates up 0.39 and 0.9, respectively per million hours worked at the end of September.

謝謝你，馬特，大家早安。正如 Matt 剛才強調的那樣，我們繼續看到今年第三季業績呈上升趨勢。第三季度，隨著 Nkran 礦業公司員工和參與二級破碎機專案及 TSF 8 階段建設的承包商的增加，我們在現場的工作時間顯著增加。我們的安全統計數據持續改善，自上次工傷事故發生以來，已累積工作超過 420 萬工時。以 12 個月滾動計算，截至 9 月底，我們的工傷事故發生率和總可記錄事故發生率分別上升了每百萬工時 0.39 和 0.9。

In terms of mining production, Esaase mining was impacted by the incident mentioned earlier by Matt. But production from Abore increased significantly, including a 57% increase in ore mined compared to the previous quarter. As Abore development has progressed with increasing depth and the pit is opened up to a steady state. We now have a better understanding of the ore body and our ability to recover the resource. We find ourselves mining more ore tonnes at lower grade, resulting in approximately the same number of ounces.

就採礦生產而言，Esaase 礦業受到了 Matt 前面提到的事件的影響。但阿博爾礦的產量大幅成長，其中礦石開採量比上一季增加了 57%。隨著井下開採的深入，礦坑逐漸開採至穩定狀態。我們現在對礦體有了更深入的了解，也更清楚了我們回收資源的能力。我們發現，開採的礦石噸數較多，但品位較低，最終得到的黃金盎司數大致相同。

And Abore currently provides the majority of the mill feed and will continue to do so for the balance of the year. Despite the Esaase mining interruption, production from both Abore and Nkran pits increased, and the total material mined increased 26% in Q3 compared with Q2.

目前，Abore 為磨坊提供了大部分飼料，並且在今年剩餘時間內將繼續這樣做。儘管 Esaase 礦場的採礦活動中斷，但 Abore 和 Nkran 礦坑的產量均增加，第三季開採的總材料量比第二季增加了 26%。

On to slide 8, please. As you can see from the images on this slide, Cut 3 of Nkran pit is progressing well, including the development to support infrastructure in the form of an overhead power line extension and relocation and the drilling of additional deepwatering bars around the perimeter of the pit. Nkran stripping also increased 111% compared to Q2, primarily as a result of an additional excavator being mobilized to site as part of our ramp-up plan. Development capital costs for pre-stripping at Nkran totaled $12 million in Q3 and $22.1 million year-to-date. The contractor is on track to deliver additional equipment in Q4 2025 and the remainder of the planned fleet to ramp up to full capacity in 2026, putting us in good stead to continue stripping as per our schedule with steady-state ore production still due in the early 2029.

請看第8張投影片。從這張投影片上的圖片可以看出，Nkran 礦坑 3 號礦段的建設進展順利，包括架空電力線延伸和遷移等配套基礎設施的建設，以及在礦坑週邊鑽探額外的深水壩。與第二季相比，Nkran剝離量也增加了111%，這主要是由於作為我們產能提升計畫的一部分，現場調集了一台額外的挖土機。Nkran油田剝離前的開發資本成本在第三季總計1,200萬美元，今年迄今總計2,210萬美元。承包商預計將在 2025 年第四季度交付更多設備，其餘計劃中的設備將在 2026 年全面投入使用，這將使我們能夠按計劃繼續剝離礦石，預計在 2029 年初實現穩定的礦石產量。

On to slide 9, please. On the processing performance, with the successful commissioning of the secondary crusher circuit at the end of July, we saw an increase in the plant performance for Q3. Milling rates since commissioning of the secondary crusher have increased approximately 13% compared to Q2. There remains some modifications in the circuit to fully optimize the performance, and as such, we expect to see further increases in production in Q4. Mill feed grade also improved compared to Q2 as we are getting deeper into the Abore pit and have access to better grade at depth, which in turn helped increase the recovery.

請看第9張投影片。在加工性能方面，隨著二級破碎迴路在7月底成功投產，我們看到工廠第三季的性能有所提升。自二級破碎機投產以來，磨粉率比第二季度提高了約 13%。電路中還有一些需要改進的地方，以充分優化性能，因此，我們預計第四季度產量將進一步提高。與第二季相比，磨機給料品位也有所提高，因為我們深入到鑽孔坑中，可以獲得更深處的更高品位礦石，這反過來又有助於提高回收率。

On the back of the improved plant throughput and grade, we increased gold production to 32,533 ounces for the quarter compared to just over 30,000 ounces in Q2. The incident and subsequent interruption at Esaase have unfortunately had an impact on our plan for 2025. Despite having now restarted mining in Esaase, we will continue to see an impact as we ramp back up production over the balance of the quarter. Our forecast takes this into consideration, along with our improved understanding of the Abore deposit and the recent performance of the plant following the commissioning of the secondary crushing circuit. We estimate a revised production guidance of between 120,000 and 125,000 ounces for the year.

由於工廠產能和品位的提高，本季黃金產量增至 32,533 盎司，而第二季為 30,000 多盎司。埃薩斯發生的事故及隨後的中斷不幸地影響了我們 2025 年的計劃。儘管 Esaase 礦區已恢復採礦，但隨著本季剩餘時間產量的逐步恢復，我們仍將繼續看到其影響。我們的預測考慮到了這一點，以及我們對 Abore 礦床的更深入了解，以及二級破碎迴路投產後工廠的近期表現。我們預計今年的修訂產量指引值將在 12 萬至 12.5 萬盎司之間。

And with that, I would like to turn over to Matt Freeman to discuss the company's financial results.

接下來，我想把麥克風交給馬特‧弗里曼，讓他來談談公司的財務表現。

Thanks, Michael. Good morning, everyone. Here on slide 10, we've outlined some of the key financial metrics for the quarter. We recognized revenues of $114 million, at a record average price of just over $3,500 per ounce for the impact of hedges. We earned income from mine operations of $48.2 million, while net earnings continue to be negatively affected by the fair value adjustments to our hedge book, following the continued run-up in gold prices such that we recorded a net loss before taxes of $5 million.

謝謝你，麥可。各位早安。在第 10 頁投影片中，我們列出了本季的一些關鍵財務指標。受避險的影響，我們確認了 1.14 億美元的收入，平均價格創下每盎司 3,500 美元以上的紀錄。我們從礦場營運中獲得了 4,820 萬美元的收入，但由於金價持續上漲，我們的對沖帳簿進行了公允價值調整，淨收益繼續受到負面影響，導致我們在稅前錄得 500 萬美元的淨虧損。

This quarter, we also recognized a tax expense for the first time now that we have exhausted previous tax losses and a forecast to be taxable this year. Indeed, we've already paid $12 million in tax installments to the Ghanaian government.

本季度，由於先前的稅收虧損已經用盡，並且預計今年將有應稅收入，因此我們也首次確認了稅收支出。事實上，我們已經向加納政府繳納了 1,200 萬美元的稅。

We generated $40 million of cash flows from operations in the quarter and ended the period with a strong cash balance of approximately $116 million. This included, as mentioned before, payments of additional $6 million in income taxes. In addition, as previously advised, given these strong operating cash flows, we have continued to allocate capital to accelerating the waste to the Nkran, incurring $12 million in the quarter as Michael noted, we expect the Nkran mining volumes ramp up further as more equipment is mobilized.

本季我們從營運活動中產生了 4,000 萬美元的現金流，期末現金餘額約為 1.16 億美元，表現強勁。如前所述，這其中包括額外支付 600 萬美元的所得稅。此外，正如先前所建議的，鑑於這些強勁的營運現金流，我們繼續分配資金以加快向恩克蘭礦區運送廢料，本季度投入了 1200 萬美元。正如邁克爾指出的那樣，我們預計隨著更多設備的調動，恩克蘭礦區的採礦量將進一步增加。

All-in sustaining costs were consistent with the second quarter at $2,283 per ounce, we expect AISC to start to reduce in Q4 as production volumes increase compared with Q3. Despite our expectation that all-in sustaining costs will be lower in Q4 than Q3, given the overall shortfall in production ounces that Michael mentioned, we have increased our all-in sustaining cost guidance for the year to between $2,200 million and $2,300 per ounce. And this includes all the impacts of the royalties under the higher gold prices that we previously mentioned.

第四季維持總成本與第二季持平，為每盎司 2,283 美元。我們預計，隨著產量較第三季增加，第四季維持總成本將開始下降。儘管我們預計第四季度的總維持成本將低於第三季度，但鑑於麥可提到的總產量缺口，我們已將全年的總維持成本預期提高到每盎司 22 億美元至 2,300 美元之間。這包括我們之前提到的金價上漲對特許權使用費的所有影響。

On to slide 11. Despite the headline increase in AISC that really is primarily production-driven. We continue to focus on the cost structure of the mine and are pleased that fixed operating costs such as processing and G&A in aggregate remain consistent with previous quarters. Of note, pricing costs per tonne have continued to reduce quarter-on-quarter, seeing a 13% decline in unit costs since Q1, and we expect further decreases on a unit basis as the full impact of the secondary crusher is realized in the fourth quarter.

接下來是第11張投影片。儘管 AISC 的顯著成長實際上主要是由生產驅動的。我們繼續關注礦山的成本結構，並欣慰地看到加工和一般管理費用等固定營運成本總額與前幾季保持一致。值得注意的是，每噸定價成本持續環比下降，自第一季以來單位成本下降了 13%，我們預計隨著二級破碎機在第四季度發揮全部作用，單位成本將進一步下降。

Mining costs at our producing deposits, namely Abore and Esaase declined on a per tonne mined basis by approximately 8% as mining volumes increased. Additionally, Nkran mining costs are also subject to a fixed unit mining contract, and we expect to see those unit costs continue to decrease as volumes increase over the next 12 months as management costs, which affects a shared over more tonnes. We also remain disciplined with capital allocation with regards to capital. The largest project ongoing currently is the Raise 8 at the tailings facility, which is expected to be completed in 2026.

隨著採礦量的增加，我們生產礦床（即 Abore 和 Esaase）的採礦成本以每噸採礦量計算下降了約 8%。此外，Nkran 的採礦成本也受固定單位採礦合約的約束，我們預計隨著未來 12 個月產量的增加，這些單位成本將繼續下降，因為管理成本會影響到更多噸位的份額。我們在資本配置方面也始終保持嚴謹的態度。目前正在進行的最大項目是尾礦庫的 8 號提昇工程，預計將於 2026 年完工。

So overall, costs are being well managed, and we should see an improvement in unit rates as the year progresses. Now that the secondary crusher is online, and we expect to produce more tonnes and subsequently produce more ounces. This will generate higher operating margins and cash flows for the business.

因此，總體而言，成本控制良好，隨著時間的推移，我們應該會看到單位價格改善。現在二級破碎機已經投入使用，我們預計產量將增加，進而產量將增加。這將為企業帶來更高的營業利潤率和現金流。

On to the next slide, please. Our cash margins have improved with the run-up in gold prices, which has meant that despite investments in the development capital for the secondary crusher project and stripping Nkran, we continue to maintain a very strong balance sheet with approximately $116 million of cash and no debt. We're also pleased to have progressed discussions to implement a $75 million revolving credit facility to further enhance the balance sheet to be earmarked for general working capital.

請看下一張投影片。隨著金價上漲，我們的現金利潤率有所提高，這意味著儘管我們對二級破碎機專案和 Nkran 剝離專案進行了開發資本投資，但我們仍然保持著非常強勁的資產負債表，擁有約 1.16 億美元的現金，並且沒有債務。我們也很高興地看到，關於實施 7500 萬美元循環信貸安排的討論取得了進展，這將進一步改善資產負債表，並指定用於一般營運資金。

And with that, I'll turn it over to Chris to discuss the exploration progress we've seen at Abore.

接下來，我將把麥克風交給克里斯，讓他來討論我們在阿博爾看到的勘探進度。

Thanks, Matt. Q3 was another excellent quarter for us in exploration and was highlighted by exceptional results from drilling at Abore. Our press release dated August 20 detailed the first results from the Abore Phase 2 drilling program, which commenced in Q2 and led to the discovery of multiple new high-grade ore shoots across the Abore South and main zones as well as a significant new high-grade discovery at the northern end of the deposit. Some of the highlighted intercepts from this stage of drilling are shown here on slide 13.

謝謝你，馬特。第三季度對於我們的勘探業務來說又是一個出色的季度，其中 Abore 的鑽探成果尤為突出。我們在 8 月 20 日發布的新聞稿詳細介紹了 Abore 第二階段鑽探計畫的首批成果。該計畫於第二季啟動，在 Abore 南區和主礦區發現了多個新的高品位礦體，並在礦床北端發現了一個重要的新高品位礦體。本階段鑽探的一些重點截獲結果如圖 13 所示。

Following these results, drilling at Abore remained the focus of exploration activities at the AGM through Q3 as we began infill drilling to prove continuity of these new high-grade zones while also continuing to test for further extensions of mineralization below the mineral resource. Drilling activity was ramped up through the quarter from a total of 5,040 meters drilled at Abore in Q2 to an additional 11,554 meters drilled in Q3. Based on the continued success of Abore drilling, the program has been further expanded with an additional 10,000 meters now planned for completion by the end of this year. This drilling is currently underway and the next round of results is expected to be released shortly.

在這些結果公佈後，Abore 的鑽探活動仍然是第三季年度股東大會勘探活動的重點，我們開始進行加密鑽探，以證明這些新的高品位礦帶的連續性，同時繼續測試礦產資源下方礦化的進一步延伸。本季鑽探活動增加，從第二季在 Abore 鑽探的 5,040 公尺增加到第三季額外鑽探的 11,554 公尺。鑑於 Abore 鑽井作業的持續成功，該計劃已進一步擴大，並計劃在今年年底前再完成 10,000 公尺的鑽探。目前鑽探工作正在進行中，預計很快就會公佈下一輪結果。

In addition to our work at Abore, we continue to advance our regional greenfield portfolio targets through the quarter. Most notably, the ground IP survey at the Nsoroma target area, which is located approximately 8 kilometers southwest of the processing plant was completed on schedule in Q3. The survey was successful in identifying chargeability and resistivity targets coincident with previously identified gold and soil anomalies along the interpreted extension of the Nkran shear zone. Drilling is now underway, and approximately 2,000 meters of RC drilling is planned for completion in Q4. The Nsoroma target area lies within a 5-kilometer long gold and soil anomaly located on the Nkran shear southwest of the Nkran deposit and is one of the several high-priority regional targets being evaluated by the AGM exploration team.

除了我們在 Abore 的工作之外，我們還將繼續推進本季區域綠地專案組合目標。最值得一提的是，位於加工廠西南方約 8 公里處的 Nsoroma 目標區域的地面 IP 勘測已於第三季按計畫完成。這項調查成功地確定了沿著 Nkran 剪切帶延伸方向的可充電性和電阻率目標，這些目標與先前確定的金和土壤異常相吻合。目前鑽探工作正在進行中，計劃在第四季度完成約 2000 公尺的 RC 鑽探。Nsoroma 目標區域位於 Nkran 礦床西南部的 Nkran 剪切帶上一條 5 公里長的金礦和土壤異常帶內，是 AGM 勘探團隊正在評估的幾個高優先區域目標之一。

Next slide. This image on slide 14 is a long section through Abore showing the location of highlighted assay results received in Q3. Drilling has identified 2 primary ore shoots plunging to the north at low angles under the south and main pits. Additionally, high-grade mineralization has been intercepted below the saddle zone between the 2 pits along the conjugate south plunging structure as well as in the new high-grade zone under the North pit. We are particularly encouraged to see wide intercepts of mineralization at significantly higher grade than the current Abore reserve grade of 1.27 grams a tonne over long strike length as we continue to evaluate the potential for an eventual transition to underground mining.

下一張投影片。第 14 張投影片上的影像是 Abore 的長剖面圖，顯示了在 Q3 收到的突出顯示的偵測結果的位置。鑽探已確定在南部和主礦坑下方有 2 個主要礦脈以較小的角度向北傾斜。此外，在兩個礦坑之間的鞍部帶下方，沿著共軛的南傾構造，以及在北礦坑下方的新高品位礦化帶中，都發現了高品位礦化。我們特別感到鼓舞的是，在較長的走向長度上，礦化截獲的品位明顯高於目前Abore儲量品位1.27克/噸，我們將繼續評估最終過渡到地下開採的可能性。

Next slide. slide 15 shows the locations of the drilling I've been discussing in plan view to further illustrate the fact that mineralization intercepted in this round of drilling spans the entire 1.8-kilometer strike length of the Abore deposit.

下一張投影片。第 15 張投影片以平面圖的形式展示了我一直在討論的鑽探位置，以進一步說明本輪鑽探中截獲的礦化體橫跨 Abore 礦床 1.8 公里的整個走向長度。

Next slide. This cross-section here shows one of the holes drilled below the south pit hole 368 which intercepted 45 meters at 2 grams a tonne, including 17 meters at 3.3 grams a ton. This image is reflective of how strong mineralization is being intercepted below the mineral resource across the deposits and the potential growth upside as the system remains open. Next slide. As mentioned earlier, based on the success of Q2 results and what we've been seeing through Q3, the Abore drill program has been further expanded with an additional 10,000 meters now scheduled for completion in Q4.

下一張投影片。此處的橫斷面圖顯示了在南礦坑 368 號孔下方鑽出的一個孔，該孔截獲了 45 公尺厚的礦層，礦石品位為每噸 2 克，其中包括 17 公尺厚的礦層，礦石品位為每噸 3.3 克。這張圖反映了礦床下方礦產資源中強烈的礦化作用，以及隨著礦床的持續開放，礦化系統可能帶來的成長潛力。下一張投影片。如前所述，基於第二季業績的成功以及我們在第三季所看到的情況，鑽孔鑽探計劃已進一步擴大，計劃在第四季度完成額外的 10,000 公尺鑽探。

Drilling will continue to focus on conversion of mineral resources and testing for further continuations of mineralization down plunge and beneath the current drilling. We're very pleased with the Q3 results and are very optimistic about continued exploration success at Abore and across the AGM portfolio targets. With the support of Matt and the Board, we have been giving access to additional resources to capitalize quickly on these positive results and have secured our drills through 2026 to ensure we can continue the Abore program unabated.

鑽探工作將繼續著重於礦產資源的轉化，並測試礦化作用是否向下傾斜延伸至目前鑽探區域下方。我們對第三季的業績非常滿意，並對 Abore 和 AGM 投資組合目標的持續勘探成功充滿信心。在 Matt 和董事會的支持下，我們獲得了更多資源，以便迅速利用這些積極成果，並已確保我們的鑽井作業持續到 2026 年，以確保我們能夠繼續不受阻礙地開展鑽井作業計劃。

And with that, I'll hand it back to you, Matt.

那麼，我就把東西交還給你了，馬特。

Thank you, Chris. In closing, I'd like to highlight that although the quarter fell slightly below expectations and the incident at Esaase necessitated a review of full year guidance Q3 showed continued positive momentum. We saw quarter-over-quarter improvements across key operation metrics, including total ore tonnes mined, mill grades, mill throughput, gold production and cash balances, all moving in the right direction. As we continue to optimize the secondary crushing circuit, we expect further throughput enhancements in the quarters ahead.

謝謝你，克里斯。最後，我想強調的是，儘管本季業績略低於預期，並且 Esaase 事件導致需要重新評估全年業績指引，但第三季仍展現出持續的積極勢頭。我們看到關鍵營運指標較上季均有所改善，包括礦石開採總量、選礦廠品位、選礦廠處理量、黃金產量和現金餘額，所有指標都朝著正確的方向發展。隨著我們不斷優化二級破碎迴路，我們預計未來幾季產能將進一步提高。

On the exploration front, I'm particularly pleased with our progress. The upside we are seeing at Abore reinforces my confidence in the organic growth potential of the AGM, and I remain excited about what lies ahead. This quarter also marked an important shift in our shareholder base. Following Goldfield's divestiture of the 19.5% stake, we have strengthened our register and improved our trading liquidity. I want to remind everyone that Galiano is well positioned as Ghana's largest single-asset gold producer with compelling fundamentals across many key areas.

在勘探方面，我對我們的進展感到特別滿意。Abore 目前的發展勢頭增強了我對 AGM 有機成長潛力的信心，我對未來充滿期待。本季我們的股東基礎也發生了重要變化。在 Goldfield 出售其 19.5% 的股份後，我們加強了註冊登記，提高了交易流動性。我想提醒大家，加利亞諾作為加納最大的單一資產黃金生產商，在許多關鍵領域都擁有令人信服的基本面，因此佔據了有利地位。

We maintain a robust production outlook supported by strong financial discipline, including a solid $116 million cash position, which provides flexibility to execute our mine plans.

我們擁有穩健的生產前景，這得益於我們強大的財務紀律，包括1.16億美元的充足現金儲備，這為我們執行礦山計劃提供了靈活性。

With that, I'll turn it back to the operator and open the line up for any questions. Thank you.

這樣，我就把電話交還給接線員，並開放線路接受提問。謝謝。

(Operator Instructions)

（操作說明）

Heiko Ihle, H.C. Wainwright.

海科·伊勒，H.C. 溫賴特。

Decent quarter overall, I guess, even given the guidance. You obviously had great recoveries in the period, and that really matters given the current pricing environment. And it seems like additional improvements are made to the circuit. Walk us through what you see as the longer-term impact of all of this? And if you were in my shoes, how would you model this out?

總的來說，這個季度表現還不錯，即使考慮到業績預期。顯然，你們在此期間取得了很好的復甦，考慮到當前的定價環境，這一點非常重要。而且電路似乎也做了進一步的改進。請您談談您認為這一切的長期影響是什麼？如果你處在我的位置，你會如何模擬這個過程？

I mean these were the best recoveries in over four -- I think, four quarters it was.

我的意思是，這是四個多季度以來最好的復甦——我想應該是四個季度以來最好的復甦。

Yes. Thank you, Heiko. I appreciate the question. I think best if I just pass it across to Mick for an initial adds up, and then I can add anything if needed.

是的。謝謝你，海科。感謝您的提問。我認為最好的方法是先交給米克進行初步估算，然後如果需要的話，我可以再添加任何東西。

Yes. I think we've benefited from the increasing grade that was seen quarter-on-quarter over the year. And with that improved grade comes an improvement in our recoveries as well. And we expect those to be maintained into next year. And obviously, hopeful that the grades improve further with depth as well.

是的。我認為我們已經受益於今年以來每個季度成績的逐年提高。隨著成績的提高，我們的回收率也隨之提高。我們預計這些趨勢將持續到明年。當然，也希望隨著學習的深入，成績能進一步提升。

We do have a number of things that we are finalizing in the secondary crushing circuit, as I mentioned, we're upgrading a number of conveyor drives. We're trying different configurations with our screen panels and a few other things to further optimize that circuit. We think that there's additional throughput enhancements that we can achieve. So we expect to trend upwards and obviously targeting that 5.8 million tonnes per annum. if that answers.

正如我之前提到的，我們正在對二級破碎迴路進行一些收尾工作，例如昇級一些輸送機驅動裝置。我們正在嘗試不同的螢幕面板配置以及其他一些方法，以進一步優化該電路。我們認為還可以進一步提高吞吐量。所以我們預期產量將呈現上升趨勢，顯然目標是每年580萬噸。如果這能回答這個問題的話。

It does. Matthew, do you want to add anything or do you want to move on?

確實如此。馬修，你還有什麼要補充的嗎？還是想繼續往下說？

No, no. I think mix answered your question, ultimately, there's only one other thing, I guess, that we didn't touch on is that the SAG mill discharge grades are also going to be reduced in size as well, and we feel that that's going to improve our throughput and also potentially recoveries as well. So yes.

不，不。我認為 mix 已經回答了你的問題，最終，我想只有一件事我們沒有提到，那就是 SAG 磨機的出料粒度也會減小，我們認為這將提高我們的產量，並且有可能提高回收率。是的。

So yes. Fair enough. On slide 13 in the presentation, you talked about some of those high-grade ore shoots. You also discussed this in the press release with the earnings and then also back in August. These intercepts, some of which you see 3 grams per tonne are obviously very economic, especially right now.

是的。很公平。在簡報的第 13 張投影片中，你談到了一些高品位礦脈。您之前在財報新聞稿中也討論過這個問題，8 月也討論過。這些截獲物，有些是每噸 3 克，顯然非常經濟，尤其是在目前這種情況下。

With this transition to underground mining, I mean, I know it's quite early to ask this question, but I assume at least some thinking has been done on this. What exactly would be needed to start underground mining related to costs, permitting, duration to get a decline, all that good stuff?

隨著採礦方式向地下開採轉變，我知道現在問這個問題還為時過早，但我認為至少已經有人對此進行了一些思考。要開始地下採礦，具體需要哪些條件？包括成本、許可證、開採所需時間等等？

Yes. Good question, Heiko. Well, obviously, we're really, really excited about the grades that we're seeing just below our current reserve pit, right, as highlighted in the slide that you mentioned. I think the first step that we need to tick off, and this is quite imminent for us at the moment, too, is to define what the underground resource looks like there at Abore. And as I said, I mean, that's not too far away, and there will be some work internally and also with external consultants that is currently going on.

是的。問得好，海科。顯然，我們對目前儲量礦坑下方的礦石品位感到非常興奮，正如您提到的幻燈片中所強調的那樣。我認為我們需要完成的第一步，也是我們目前非常迫切需要完成的一步，就是確定阿博爾的地下資源究竟是什麼樣子。正如我所說，我的意思是，那不會太遙遠了，目前內部以及與外部顧問合作都會進行一些工作。

We do expect to have a view on that in the early next year, Heiko. So that's the first stage. And on the back of that resource or the maiden resource, we will be able to provide a little bit more color in terms of what we're seeing with regards to the cost time lines, permitting, et cetera, on that front as well.

海科，我們預計明年年初就能對此有所了解。這是第一階段。而基於這份資源或首份資源，我們將能夠就成本、時間安排、許可等方面的情況提供更多細節。

But again, I will highlight that the upside for underground at the Asanko Gold Mine is not within the next 12 months, right? It's probably a year or two away. We have to continue to mine through the bottom of Abore at the moment. And then once we do that, it will come on the back of the depletion of this under open pit resource. That doesn't mean that we can't start the work concurrently, but the ounces delivered to the mill are some time away at this stage.

但我還是要強調，阿桑科金礦地下開採的上漲前景不會在未來 12 個月內出現，對吧？可能還要一兩年。目前我們不得不繼續開採阿博爾礦井底部。然後，一旦我們做到這一點，就會伴隨著露天礦坑下資源的枯竭而到來。但這並不意味著我們不能同時開始這項工作，只是目前距離交付給工廠的盎司黃金還需要一段時間。

Raj Ray, BMO Capital Markets.

Raj Ray，BMO資本市場。

The first one is more a clarification on, I think, Michael's prepared remarks, and my apologies if I got it wrong. Michael, you're saying that with Abore, you're getting more tonnage at the lower grade and then the overall ounces is still the same? Is that correct?

第一點更像是對麥可事先準備好的發言稿的澄清，如果我理解有誤，請見諒。邁克爾，你的意思是說，使用Abore礦床，低品位礦石的噸位更大，而總盎司數仍然相同？是這樣嗎？

Yes, that's correct. A function of basically being deeper into the pit has allowed us to open up and we're mining full width across the granite ore body now. And with the reduction in material that has come out of Esaase, we're basically relying heavily on Abore to feed the mill. So we -- we're seeing with our mining methodology to keep tonnes to that mill, we can basically mine such that we're limiting how much material is being stockpiled. So we're less selective in terms of high grading that material, knowing that it's all going to the process plant to keep ourselves fed at the moment.

是的，沒錯。由於我們深入礦坑內部，現在我們可以開挖，並在整個花崗岩礦體上進行全寬度開採。由於 Esaase 的原料產量減少，我們基本上嚴重依賴 Abore 為工廠提供原料。因此，我們看到，透過我們的採礦方法，為了將噸位控制在磨機內，我們基本上可以進行採礦，從而限制物料的堆積量。所以，我們對高等級原料的選擇就沒那麼挑剔了，因為我們知道這些原料最終都會送到加工廠來滿足我們自身的生產需求。

Yes. Maybe I'll just add to that. This is kind of quite specific to the last quarter, as Mick was saying, and we do know that the mineralization at Abore, you don't want to lose any of the high grade that may be lost if you tighten up your (inaudible) too much, right? So we had the opportunity in Q3 to maybe step out a little bit and accept a little bit more dilution in Q3, and that's kind of driving the commentary as well.

是的。或許我還要補充一些內容。正如米克所說，這主要是針對上個季度的情況，而且我們知道，在阿博爾礦區，你不想因為過度收緊（聽不清楚）而失去任何高品位礦石，對吧？因此，我們在第三季有機會稍微放手一搏，接受第三季更多的股權稀釋，這也在一定程度上影響了我們的評論。

Okay. Got it. And the second question I had was, I noticed that part of the CapEx has been -- the development CapEx has been deferred into next year and you've lowered your number. Is there any potential for any impact early in '26 as a result of Esaase being out for two months? And then if you can comment on what your stockpile levels were at the end of Q3 in terms of tonnage and grade?

好的。知道了。我的第二個問題是，我注意到部分資本支出——開發資本支出已推遲到明年，而且你們也降低了支出金額。Esaase 因缺席兩個月，是否會對 2026 年初產生任何潛在影響？那麼，您能否就第三季末的庫存水準（噸位和品位）做一些說明？

Yes, sure. Listen, in terms of guidance and outlook for 2026, obviously, that will come in due time. We're working through that at the moment internally. And once we have clarity on where the numbers lie on '26, we'll obviously provide the market with an update in early 2026 on that. But at this stage, as we were saying, we do expect that the material movement from Esaase will ramp up and be in a position where this impact of the shutdown that we had that we saw in Q3 and early into Q4 is probably going to be addressed by that stage as well.

當然可以。至於 2026 年的指導和展望，顯然，這會在適當的時候公佈。我們目前正在內部解決這個問題。一旦我們對 2026 年的數據有了更清晰的了解，我們顯然會在 2026 年初向市場提供相關更新資訊。但正如我們剛才所說，我們預計 Esaase 的物料流動將會加速，屆時我們在第三季和第四季初看到的停產帶來的影響也可能會得到解決。

So we don't expect it to be extending into the new year. And then in terms of stockpile grades and balances, guys, do we have that at hand? Or should we get back to Raj on that one?

因此，我們預計這種情況不會延續到新年。那麼，各位，關於庫存等級和數量，我們手頭上有相關數據嗎？或者我們應該再問拉傑這個問題？

I think we can get back with specifics. So I don't have the actual numbers to hand. I think we obviously don't have a particularly big stockpile at this point. I think, as Mick alluded to, given the pause in mining at Esaase we won't be able to mine excess material. So we build up maybe 0.5 million tonnes or a bit less than that, but no more on keeping it fairly small.

我認為我們可以進一步討論具體細節。所以我手邊沒有具體數字。我認為我們目前顯然沒有特別多的儲備。我認為，正如米克所暗示的那樣，鑑於埃薩斯礦的採礦活動已經暫停，我們將無法開採多餘的礦石。因此，我們可能會建造 0.5 萬噸或略少於此，但不會更多，以保持其規模較小。

And the grades of that will be similar to what we've been seeing going through the mill. So maybe slightly lower where we could have got some slightly better grades through the mill, but pretty consistent with what you've seen from the mining--

而這些產品的等級將與我們一直以來在工廠裡看到的類似。所以，也許略低一些，我們本可以透過選礦獲得更好的品位，但這與你從採礦中看到的情況基本一致——

And if I may, one last question. On the Ghana audit, is it possible for you to give any color in terms of what they are specifically asking from the companies?

如果可以的話，我還有一個問題。關於加納審計，您能否透露一下他們具體要求公司提供哪些資訊？

Yes. I think you're referring to the MinCOM audit. This was not that was received by all large-scale mining companies earlier in the quarter. So it's not specific to Galiano. We are of the understanding that our site audit will take place in January next year.

是的。我想你指的是MinCOM的審計。這並非所有大型礦業公司在本季早些時候都收到的款項。所以這並非加利亞諾獨有的問題。據我們了解，現場審核將於明年一月進行。

It's been staggered monthly between all the large-scale mining companies. There's been no additional information provided to us at this point in time in terms of what's being specifically audited or any request for pre-documentation before that. So -- that's all I can provide on that at the moment, Raj.

各大礦業公司每月分批錯峰開採。目前為止，我們還沒有收到任何關於具體審計內容或事先文件要求的補充資訊。所以——目前我只能提供這些資訊了，拉傑。

Fred Schmutzer, Equinox Partners.

施穆策 (Fred Schmutzer)，Equinox 合夥人。

Matt, first, I just wanted to have maybe an update on the community relations. How has that evolved since the incident?

馬特，首先，我只是想了解社區關係的最新情況。自從事件發生以來，情況發生了怎樣的變化？

Yes. I mean, again, it's a very good question. Like we worked hard Alfredo to ensure that the community relations across all of our tenements, which are quite large, are maintained. I'm pleased to report that shortly after that incident the relationships there were brought back into check and we've been able to haul, as I mentioned earlier, we've restarted haulage operations from Esaase stockpiles very shortly after that incident occurred. So from that point until now, everything has remain calm and has returned to normal.

是的。我的意思是，這又是一個很好的問題。就像我們努力工作一樣，阿爾弗雷多，以確保我們所有規模相當大的公寓大樓的社區關係得到維護。我很高興地報告說，在那次事件發生後不久，那裡的關係就恢復了正常，而且正如我之前提到的，在那次事件發生後不久，我們就恢復了從埃薩斯庫存地的運輸作業。所以從那時起直到現在，一切都保持平靜，並且恢復正常。

But these kind of things do flare up. And we're keeping close relationships with all of our community members across all our tenements. So nothing to be concerned about at this point in time on that front, Alfredo.

但這類事情確實會爆發。我們與所有公寓大樓的社區成員都保持著密切的聯繫。所以，阿爾弗雷多，目前這方面沒什麼好擔心的。

Okay. That's great. And then on unit costs. So you mentioned that they're going to keep decreasing as you increase the volumes. But how can we maybe model that reduction of unit cost in terms of dollar per tonne?

好的。那太棒了。然後是單位成本。所以你提到過，隨著體積的增加，它們會不斷減少。但是，我們如何用每噸美元來模擬單位成本的降低呢？

Like how much can it go down?

它還能下降多少？

Alfredo, it's Matt Freeman here. I think from a sort of a G&A and processing standpoint, the easiest way to model it is to see that our absolute costs are pretty fixed on a month-by-month, quarter-by-quarter basis. So therefore, as we increase those in the milling and increase the throughput, that will actually bring your unit cost down. So if you make some assumptions, as Mick said, hopefully getting back towards the 5.8 million tonne run rate through -- an annual basis throughput, fixed costs will therefore come down on a unit cost basis.

阿爾弗雷多，我是馬特‧弗里曼。我認為從一般管理費用和處理流程的角度來看，最簡單的建模方法是假設我們的絕對成本按月、季度基本固定不變。因此，隨著我們增加銑削環節的投入並提高產量，實際上會降低單位成本。所以，如果像米克說的那樣做出一些假設，希望能夠恢復到每年 580 萬噸的運行速度——按年計算的吞吐量，固定成本就會按單位成本下降。

Mining cost is a little bit harder. I think the reduction is modest as we increase the mining volumes because really, that the mining contracts are largely variable cost, but we do have a management -- a fixed monthly management cost component, and that's a bit where you start to benefit in those unit rates. So as we move forward, certainly through Q4, we're seeing those rates come down a little bit. But then again, as we move into future years as you get deeper in some of the pits, then you start to maybe as things start to creep back up again a little bit or get back to where they are now as you have longer haul cycles and you're in deeper parts of the pit. So it's a little bit hard for me to guide you exactly on that, but I think the mining costs are sort of where we are now is a good point and it's not going to get higher in the short term, and it should drive down a little bit in Q4, if that makes sense.

採礦成本稍微高一些。我認為隨著採礦量的增加，降幅並不大，因為採礦合約的成本主要是可變成本，但我們確實有一個管理成本——一個固定的月度管理成本部分，而這正是單位費率開始下降的原因之一。因此，隨著時間的推移，尤其是在第四季度，我們看到這些利率略有下降。但是，隨著我們進入未來的幾年，當你深入到一些礦坑中時，你可能會開始看到情況慢慢好轉，或者回到現在的水平，因為你的運輸週期更長，而且你身處礦坑的更深處。所以，我很難就此給出確切的指導，但我認為目前的挖礦成本是一個比較合理的點，短期內不會上漲，而且如果這樣說你能理解的話，第四季度應該會略有下降。

Yes, yes, very helpful. And then my last question is on taxes. So you mentioned you have already paid $12 million this year. And I know this year is especially more difficult to model because you just finished, I guess, using all those losses. So do you have a kind of a range of how much you're going to pay for this year?

是的，是的，很有幫助。最後一個問題是關於稅的。您提到今年已經支付了1200萬美元。我知道今年的建模難度尤其大，因為你們剛結束了對所有這些損失的處理。那麼，你對今年的付款金額有一個大概的預算範圍嗎？

Let's assume spot prices until the end of the year, like just to have a range of how much would you pay? And then going forward, how should we calculate that? It's just like a 35% effective tax rate?

假設現貨價格維持到年底，這樣就能大致了解你願意支付的價格範圍了？那麼，接下來我們該如何計算呢？這相當於實際稅率35%嗎？

Yes, you're right. It is a bit complicated and it's a little bit hard to guide clearly. But yes, I think we're -- this year, we're probably in the -- depending on if prices stay where they are now, we could be in that $20 million to $30 million range, hopefully, more towards the low end, but we'll see. We certainly paid more than -- we probably paid a good half of it in installments so far for the year. And there's a few nuances in the final tax returns that we're looking at where we can maximize and optimize our positions.

是的，你說得對。這有點複雜，很難清楚地解釋清楚。是的，我認為我們——今年，我們可能——取決於價格是否保持現在的水平，我們可能會達到 2000 萬到 3000 萬美元的區間，希望更接近低端，但我們拭目以待。我們支付的金額肯定不只這些——今年到目前為止，我們可能已經分期支付了其中一半的金額。最終的報稅表中還有一些細微之處，我們正在研究如何最大限度地利用和優化我們的立場。

And then from a go-forward basis, yes, I think the Ghanaian tax rate is 35%, we will start seeing a bit of noise with deferred taxes coming through. But on a base sort of current income tax expense basis, 35% would be a good number for you to use.

從長遠來看，是的，我認為加納的稅率是 35%，我們將開始看到一些遞延稅款帶來的波動。但以目前的所得稅費用為基礎，35% 是一個適合你的數字。

Okay. Okay. And if I may, very quickly, sorry, maybe the revolver credit facility, any specific reason why you decided to take that this year or I mean this quarter?

好的。好的。如果可以的話，我想快速問一下，抱歉，關於循環信貸額度，您今年或我是指本季決定使用這項服務有什麼具體原因嗎？

No. Obviously, this is a process that takes a period of time. We're very much looking at it. It's just prudent balance sheet management. We've got an opportunity to put it in place just to reinforce things and get ourselves flexibility.

不。顯然，這是一個需要時間的過程。我們正在密切關注此事。這只是審慎的資產負債表管理。我們有機會將其落實到位，以鞏固現有措施並增強自身的靈活性。

But that's the reason we felt it's prudent at this point to do that for risk management.

但也因如此，我們認為目前出於風險管理的考慮，這樣做是審慎之舉。

(Operator Instructions)

（操作說明）

Vitaly Kononov, Freedom broker.

維塔利‧科諾諾夫，自由掮客。

First one relates to Esaase. So as it was paused temporarily in September, those bottleneck, let's say, lasted for two months. Can you elaborate on the measures taken to prevent any further disruptions that could take place in the operations?

第一個與Esaase有關。因此，由於9月暫時中止，這些瓶頸問題持續了大約兩個月。能否詳細說明為防止營運中可能發生的任何進一步中斷而採取的措施？

Yes. Sure. I mean, I think our first defense in all of this is making sure that we've got strong relationships with the host communities in which we operate. And we do that on a day-to-day basis, right? So that's our first priority.

是的。當然。我的意思是，我認為我們應對這一切的第一道防線是確保我們與我們開展業務的東道社區建立牢固的關係。我們每天都在這樣做，對吧？所以這是我們的首要任務。

I mean, the fact is that with gold prices doing what they're doing at record levels. And if you have any knowledge of West Africa as a region, illegal mining is prevalent in those parts of the world. And with those factors considered, there is an acceleration or an increase of illegal mining in our tenement. So the first thing that we need to do is make sure that the communities and the key community leaders that we have good relationships with as those relationships are maintained.

我的意思是，事實是黃金價格正處於歷史高點。如果你對西非地區有所了解，就會知道非法採礦在世界這些地區十分普遍。考慮到這些因素，我們礦區內的非法採礦活動正在加速或增加。因此，我們首先需要做的就是確保與我們保持良好關係的社區和關鍵社區領導人之間的關係得以維持。

And then the other thing that I will say is that we do mention about the military presence on site. I will point out that -- Asanko is the only the second large-scale mining company in the country that has access to military full-time 24-hour military presence on site. And with that as well, we feel that we're in a strong position to ensure that something like this doesn't occur in the future.

還有一點我要說的是，我們確實提到了現場的軍事存在。我要指出的是──阿桑科是全國第二家大型礦業公司，擁有全天候24小時駐守現場的軍事力量。正因如此，我們感到我們有能力確保此類事件在未來不再發生。

That covers my question. Perfect. And then second one relates to the secondary crushing unit that was recently installed. Can you elaborate on what would be the nameplate capacity going forward with this new equipment on hand, would you expect to raise full year guidance from the 5.8 million tonnes of --

我的疑問解決了。完美的。第二點與最近安裝的二級破碎裝置有關。您能否詳細說明一下，有了這套新設備，未來的額定產能會是多少？您是否預計將全年產能預期從580萬噸上調？--

No. I mean, listen, we've stated before that the purpose of the installation of that secondary crusher is to get us back up to the 5.8 million tonnes per annum. We were obviously a little bit shy of that because of the hardness of the ore that we were processing during the course of this year. We'll continue to process into 2026. So that's the target. The nameplate target will be 5.8 million tonnes per annum.

不。我的意思是，聽著，我們之前說過，安裝這台二級破碎機的目的是為了讓我們的年產量恢復到 580 萬噸。由於今年我們加工的礦石硬度較高，我們顯然未能達到預期目標。我們將繼續推進這項工作，直至2026年。這就是目標。名目目標產量為每年580萬噸。

Wonderful. And the last quick one. So you've had a lot of exploration results that you're probably longing to share. Shall we expect to see a mineral resource update provided with the end year results?

精彩的。最後一個簡短的。所以你已經獲得了許多探索成果，你可能很想與大家分享。我們是否可以期待在年終業績報告中看到礦產資源更新資訊？

Yes, we're expecting to provide an update to the mineral reserves and resources early in 2026 and most likely accompanying our full year financial and operating results at that time point.

是的，我們預計將於 2026 年初提供礦產儲量和資源的最新信息，並且很可能會屆時發布全年財務和營運業績報告。

There are no further questions at this time. I will now turn the call over to Mr. Matt Badylak for closing remarks. Please go ahead.

目前沒有其他問題了。現在我將把電話交給馬特‧巴迪拉克先生，請他作總結發言。請繼續。

Yes. Thank you, operator. And I just want to say that I appreciate everyone's time who dialed into the call and asked questions. And as a management team, we're looking forward to execute to our revised guidance for the balance of the year and continue to provide the market with some exploration results as we continue drilling at Abore. So thank you very much and have a good day.

是的。謝謝接線生。我只想說，感謝所有撥入電話會議並提出問題的人抽出時間。作為管理團隊，我們期待在今年餘下的時間裡執行我們修訂後的業績指引，並隨著我們在 Abore 繼續鑽探，繼續為市場提供一些勘探成果。非常感謝，祝您今天過得愉快。

Ladies and gentlemen, this concludes today's conference call. Thank you all for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。