Gold Fields Ltd (GFI) 2024 Q4 法說會逐字稿

Good morning and good afternoon, everybody, and thank you for joining us for the Gold Fields Financial Year 2024 Results Presentation. I'm here in Johannesburg, joined by our CFO, Alex Dall, who will be participating in the presentation.

大家早安，下午好，感謝大家參加 Gold Fields 2024 財年業績發表會。我現在在約翰尼斯堡，我們的財務長亞歷克斯·達爾也將參加這場演講。

I bring your attention to the forward-looking statements and disclaimers on page 2 of the presentation. What I'd like to start with is starting with our strategy. Gold Fields strategy is very simple. We have three priority pillars: Firstly is delivering safe, reliable and cost-effective operations; secondly, delivering positive social and environmental impact; thirdly, to grow the quality and value of our portfolio. And if we're successful in delivering on those three priority pillars, we believe we will create a high-quality gold stock with predictable outcomes.

我提請您注意簡報第 2 頁的前瞻性陳述和免責聲明。首先我想談談我們的策略。Gold Fields 的策略非常簡單。我們有三個優先支柱：首先是提供安全、可靠且具成本效益的營運；第二，產生正面的社會和環境影響；第三，提高我們投資組合的品質和價值。如果我們成功實現這三大優先支柱，我們相信我們將創造出具有可預測結果的高品質黃金股票。

Goldfield boast the portfolio of quality assets. We are focused on being a safe, reliable, high-quality, low-cost gold producer. Our portfolio is anchored by four multi-decade foundational assets, which provide production booed for decades to come. We have another four assets which provide upside optionality, and we have two assets which are -- we identify as transition assets. We have a sound program of work, including exploration and focusing on bolt-on M&A opportunities as we look to upgrade the quality of our portfolio.

Goldfield 擁有優質資產組合。我們致力於成為安全、可靠、高品質、低成本的黃金生產商。我們的投資組合由四項擁有數十年歷史的基礎資產支撐，將為未來幾十年的生產提供保障。我們還有另外四種資產可以提供上行選擇性，還有兩種資產──我們稱之為過渡資產。我們有一個完善的工作計劃，包括探索和關注附加的併購機會，以期提升我們投資組合的品質。

Goldfield is also committed to creating value for our shareholders by enhancing the longevity of our portfolio, focusing on growing cash flow per share and we believe this will ultimately lead to improved value and increase shareholder returns. We are also pursuing improvement opportunities across all our assets to grow cash flow margin.

Goldfield 也致力於透過提高投資組合的壽命來為股東創造價值，專注於增加每股現金流，我們相信這最終將帶來價值的提高和股東回報的增加。我們也正在尋求所有資產的改進機會，以增加現金流利潤率。

In delivering our strategy for 2024, we really had a very difficult half -- first half. Firstly, we had two fatalities and in some operations were impacted by weather-related and operational challenges. This resulted in the guidance revision at the half year, and this is clearly not what we stand for. We intensified our focus on safety and focus greatly on the reliability of our operational outcomes. This helped us deliver a much improved second half and enable us to deliver a result in line with our revised guidance of a total production of 2.07 million attributable ounces and an all-in sustaining cost of $1,629 per ounce. Our H2 production was 26% higher half-on-half and our all-in sustaining cost was 12% lower half and half, demonstrating the improved trajectory.

在實施我們的 2024 年策略時，我們確實經歷了非常困難的上半年。首先，我們有兩人死亡，有些行動受到天氣和行動挑戰的影響。這導致了半年後的指導方針被修改，這顯然不是我們所期望的。我們加強了對安全的關注，並高度重視營運成果的可靠性。這幫助我們在下半年取得了很大的進步，並使我們能夠實現符合我們修訂後的指導方針的業績，即總產量為 207 萬盎司，總維持成本為每盎司 1,629 美元。我們的 H2 產量年增了 26%，而總維持成本較去年同期下降了 12%，顯示了改善的軌跡。

Supported by higher gold prices, our normalized earnings were up 36% year-on-year, delivering normalized earnings of $1.2 billion. Also supported by a very strong second half and particularly in the fourth quarter. Our free cash flow increased 65% year-on-year to a total of USD605 million. Our net debt to EBITDA increased marginally to 0.73x net debt-to-EBITDA, and this was particularly on the back of a 100% acquisition of Osisko Mining, which gave us 100% ownership of the windfall asset.

受金價上漲支撐，我們的正常化收益年增36%，實現正常化收益12億美元。這也得益於下半年和第四季的強勁表現。我們的自由現金流年增65%，總計6.05億美元。我們的淨債務與 EBITDA 之比小幅增加至 0.73 倍，這主要是由於我們 100% 收購了 Osisko Mining，從而擁有了這筆意外資產 100% 的所有權。

We were also successful in ramping up the Salares Norte, albeit slow, we delivered a strong fourth quarter where we delivered in line with the revised guidance. We also have embedded a very robust capital allocation process during the year, which Alex will talk to in a minute.

我們也成功地擴大了 Salares Norte 的業務，儘管速度較慢，但我們在第四季度表現強勁，交付成果符合修訂後的指引。我們還在年內嵌入了非常強大的資本配置流程，Alex 稍後將會講解。

And this allowed us to ensure that we maintain the tension balance between investing in our business and returning cash to our shareholders. This robust capital allocation process allowed us to return a record dividend to the shareholders with a final dividend of ZAR7 per share, and this represented approximately 80% of our free cash flow generated in 2024.

這使我們能夠確保在投資業務和向股東返還現金之間保持張力平衡。這個強勁的資本配置流程使我們能夠以每股 7 南非蘭特的末期股息向股東返還創紀錄的股息，這約占我們 2024 年產生的自由現金流的 80%。

We believe that with the work that we put in place in 2024, we've delivered a solid foundation to drive ongoing value creation for Goldfields shareholders. Moving on to safety. Tragically, we lost two of our colleagues that were fatally injured in our operations. Safety and well-being is our number one value, and we took that underperformance extremely seriously.

我們相信，透過我們在 2024 年所做的工作，我們為推動 Goldfields 股東持續創造價值奠定了堅實的基礎。走向安全。不幸的是，我們的兩名同事在行動中受了重傷，不幸喪命。安全和福祉是我們的首要價值，我們非常重視這種表現不佳的情況。

We undertook a deep and independent review of our safety culture and our safety system of work. This resulted in us developing a deep and long-term safety improvement road map, focusing on four areas, including leadership and culture, a single fatality risk reduction building our overall safety process and system capability and delivering consistent business partner engagement and alignment.

我們對我們的安全文化和安全工作系統進行了深入和獨立的審查。這促使我們制定了深入而長期的安全改進路線圖，重點關註四個領域，包括領導力和文化、單一死亡風險降低、建立我們的整體安全流程和系統能力以及實現一致的業務合作夥伴參與和協調。

As you can see, we have not been able to in the recent years, eliminate fatalities. But with the road map that we're on, I'm absolutely convinced we have now built the alignment around a pathway to the elimination of fatal injuries and serious injuries in our workplace. We continue to focus on social, health and well-being and progressing the 23 priority that under the EBN Co recommendations. Nothing is more important than delivering on our safety guarantee to ensure that everyone goes home safe and well at the end of every shift. And our entire organization is now aligned on that priority.

正如你所看到的，近年來我們一直無法消除死亡事故。但根據我們現有的路線圖，我完全相信，我們現在已經建立了一條消除工作場所致命傷害和嚴重傷害的途徑。我們將繼續關注社會、健康和福祉，並推進 EBN Co 建議下的 23 項優先事項。沒有什麼比履行我們的安全保障更重要，確保每個人在每次輪班結束後都能安全回家。現在我們整個組織都一致重視這項優先事項。

Moving on to our ESG commitments. We are largely on track for delivery of our six priority ESG commitments. We continue to make good progress on all six of these priority areas. We are planning to take a midpoint review against the 2030 targets that are planned for 2025. to ensure that we remain aligned and relevant to our longer-term strategy.

繼續履行我們的 ESG 承諾。我們基本上正在履行六項優先 ESG 承諾。我們在所有這六個重點領域繼續取得良好進展。我們計劃對 2025 年規劃的 2030 年目標進行中期審查，以確保我們與長期策略保持一致並切合實際。

I've spoken about safety and health and more work to be done in that area. We are making good progress on gender diversity and retained our women representation at 25%. We have improved our women in leadership representation and pleasingly have now more than 40% of our top 50 leaders being women. In terms of stakeholder value creation, we continue to generate value for our host communities and have delivered more than $4 billion in value created for these stakeholders, of which $1.3 billion has been delivered to our host communities.

我已經談到了安全和健康以及在該領域要做的更多工作。我們在性別多元化方面取得了良好進展，女性代表比例仍維持在 25%。我們提高了女性領導層的代表性，令人高興的是，現在我們前 50 名領導者中女性佔超過 40%。在利害關係人價值創造方面，我們持續為所在社區創造價值，並為這些利害關係人創造了超過 40 億美元的價值，其中 13 億美元已交付給所在社區。

We also are making good progress on delivering our legacy programs in Peru, Ghana and Chile. On decarbonization, 18% of our energy is now met from renewable energy. The St. Ives project, which is planned for completion in Q1 of 2026 will also make a material difference to the St. Ives operation.

我們在秘魯、加納和智利實施傳統計畫方面也取得了良好進展。在脫碳方面，我們現在18%的能源來自再生能源。聖艾夫斯計畫於 2026 年第一季完工，這也將對聖艾夫斯的營運產生重大影響。

We have also introduced a target for Scope 3 reduction that was set in November of 2023. We have reduced the number of active upstream raised TSFs from 5 to 4 by completion of the transition of TSF 2 at Tarkwa to downstream facility, and we are transitioning TSF 1, which is due for completion in 2026. We have also made really good romance in our water stewardship and 70% of all water use is now recycled or reused.

我們也制定了範圍 3 個減排目標，該目標於 2023 年 11 月設定。透過完成塔克瓦 (Tarkwa) 2 號尾礦庫向下游設施的過渡，我們已將上游活躍的尾礦庫數量從 5 個減少到 4 個，並且我們正在過渡 1 號尾礦庫，該尾礦庫預計於 2026 年完工。我們在水資源管理方面也做得非常出色，目前 70％ 的水資源都被回收了或重複使用。

Moving on to our 2024 performance. Off the back of a disappointing half-one, we saw a very big improvement in and we believe this sets us up for a very strong improvement in 2025, where we are now guiding for between 9% and 18% year-on-year improvement into 2025. Half-on-half, as I've said earlier, our production increased by 26% half-on-half. Our all-in sustaining costs were down 12%, and our all-in costs were down 16% half-on-half.

繼續展望 2024 年的表現。在令人失望的上半年之後，我們看到了非常大的改善，我們相信這為我們在 2025 年實現非常強勁的改善奠定了基礎，我們目前預計到 2025 年同比增長率將達到 9% 至 18%。上半年，正如我之前所說，我們的產量上半年成長了 26％。我們的總維持成本下降了 12%，我們的總成本比去年同期下降了 16%。

Moving on to production. And this is a waterfall, which really demonstrates some of the losses that we had in 2024 and the planned recovery into 2025. So during 2024, our gold equivalent ounces were down 8% year-on-year, largely impacted by a combination of weather impacts at Gruyere, the delays in open pit development at St. Ives, where we had delays in [Vince Wolfort] South as well as swift shore ounces coming on stream, challenges at South Deep due to stope turnaround and backfill challenges Sarah Corona had some weather issues in the beginning of the year as well as some impacts of the copper gold equivalent ounce conversion.

繼續進行生產。這是一個瀑布，真實地展示了我們在 2024 年遭受的一些損失以及計劃在 2025 年實現的復甦。因此，在 2024 年，我們的黃金當量盎司同比下降了 8%，主要是受到格魯耶爾天氣影響、聖艾夫斯露天礦開發延遲、[Vince Wolfort] 南部延遲以及岸上盎司快速投產、由於採場週轉和回填挑戰導致 South Deep 面臨挑戰、Sarah Corona 在年初遇到了一些盎司天氣問題以及銅金當量盎司天氣問題的影響。

And obviously, we have had some positive benefit from the first production coming through its latest note. You are seeing from '24 to '25, we are expecting a midpoint around a 13% improvement in total ounces produced a significant contribution to that is obviously the ramp-up at Salares Norte in addition with support from Gruyere recovery, St. Ive's a big step-up, Agnew and South Deep, we are seeing some offsets from demand as we move to planned only stockpile production as well as take as we prioritize stripping and processing of lower grade stockpiles in 2025.

顯然，我們從第一部作品的最新進展中獲得了積極的好處。您可以看到，從 2024 年到 2025 年，我們預計總盎司產量中點將提高 13% 左右，這顯然是 Salares Norte 產量上升的一個重大貢獻，此外還有 Gruyere 產量復蘇、St. Ive 產量大幅提升、Agnew 和 South Deep 產量大幅提升的支持，隨著我們轉向計劃進行 205 年庫存

And now I will now hand over to Alex to take us through the financials.

現在我將把時間交給 Alex，由他來為我們解釋財務狀況。

Thank you, Mike. We have seen a significant increase in the all-in sustaining costs and all-in costs from 2023 to 2024, mainly driven by the lower gold sold as explained by Mike, but continuing to see higher mining inflation and a significant release of GIP, particularly at the Tarkwa and Damang mines. In addition, increased sustaining CapEx which I'll explain in a later slide.

謝謝你，麥克。我們看到，從 2023 年到 2024 年，總維持成本和總成本顯著增加，這主要是由於 Mike 所解釋的黃金銷量下降所致，但採礦業通膨繼續上升且 GIP 顯著釋放，尤其是在 Tarkwa 和 Damang 礦。此外，維持資本支出也增加了，我將在後面的幻燈片中解釋。

If we take that on to the guidance for 2024, we do see a reduction, thanks to the higher gold sold as explained by Mike on the previous slide, we continue to see an increase in costs due to mining inflation and then also a significant increase in capital spend as we invest in the Windfall and St. Ives renewable projects.

如果我們將其納入 2024 年的指導範圍，我們確實會看到減少，這要歸功於 Mike 在上一張幻燈片中解釋的黃金銷量增加，我們繼續看到由於採礦通膨導致的成本增加，然後隨著我們對 Windfall 和 St. Ives 可再生項目的投資，資本支出也顯著增加。

So back to you, Mike.

那麼回到你這裡，麥克。

Thank you, Alex. I just want to quickly go through our assets and just talk about the asset performance and some of the catalysts. Just starting with St. Ives. 2024 was certainly a year of investment, and you would see that in the higher all-in costs at St. Ives. We did see production impact by the delay in the delivery of the two open pits. But second half production was materially higher, 38% against H1 and all-in cost down 9% half-on-half. And we do believe that St. Ives is now well set up for a strong delivery into 2025.

謝謝你，亞歷克斯。我只是想快速瀏覽我們的資產，並談談資產表現和一些催化劑。剛從聖艾夫斯開始。 2024 年無疑是投資的一年，您將從聖艾夫斯更高的總成本中看到這一點。我們確實看到兩個露天礦場交付延遲對生產造成了影響。但下半年產量大幅成長，較上半年成長 38%，總成本較上半年下降 9%。我們確實相信，聖艾夫斯現在已經做好了在 2025 年實現強勁交付的準備。

In terms of the priority catalysts, firstly, the focus on advancing the material handling study which will really transform access to the Invincible underground. Also the -- looking at the Invincible underground full potential and delivering the renewable energy microgrid project, which reduces energy costs and opens up access to future mine life.

就優先催化劑而言，首先，重點是推進材料處理研究，這將真正改變進入無敵地下的途徑。此外，還要充分挖掘無敵地下礦的潛力，並提供再生能源微電網項目，從而降低能源成本，為未來的礦場生活開闢道路。

Talking about South Deep, 2024 was also a year of two halves. It was really a focus on stabilizing the operation to deliver long-term safe and reliable production. The first half, as we've spoken, was really impacted by stope turnover and backfill.

對 South Deep 來說，2024 年也是一個分成兩個半的一年。這確實是為了穩定運行，實現長期安全可靠的生產。正如我們所說，上半部確實受到了採場週轉和回填的影響。

But that really improved quite significantly in the second half, and we've really eliminated a large part of the backfill leakages that we were experiencing in the first half.

但下半年情況確實有了顯著改善，我們確實消除了上半年遇到的大部分回填洩漏問題。

That allowed South Deep to deliver a 28% improvement in production in the second half and dilution in all-in cost by 10% largely due to the high fixed nature of that operation. And the '25 focus is really about maintaining that stability and improving the stope turnover and managing of those backfill processing. At Tarkwa, we had planned to do a high amount of strip in the first half particularly in Q2, which meant that again, our production was back weighted to the second half with a 17% improvement in the second half with all-in costs then coming under a significantly lower by 20% in the second half. For Tarkwa, the key catalyst for us is the focus on delivering the Tarkwa [Idioprim JV] and progressing that into 2025.

這使得 South Deep 在下半年的產量提高了 28%，總成本降低了 10%，這主要歸功於該業務的高固定性。而 25 年的重點其實是維持穩定、提高採場週轉率和管理回填處理。在塔克瓦 (Tarkwa)，我們計劃在上半年，特別是在第二季度進行大量的剝皮，這意味著，我們的產量將再次轉移到下半年，下半年將提高 17%，而總成本將大幅下降 20%。對於 Tarkwa 來說，我們的主要催化劑是專注於交付 Tarkwa [Idioprim JV] 並將其推進至 2025 年。

We've also undertaken some detailed studies on mining optimization, and we believe this is a real opportunity for us to improve the effectiveness and efficiencies of operations at Tarkwa. And in '25, we're also undertaking some accelerated stripping to rebalance and provide more long-term mine life flexibility.

我們也對採礦優化進行了一些詳細的研究，我們相信這對我們提高塔克瓦 (Tarkwa) 營運的有效性和效率是一個真正的機會。在25年，我們還將進行一些加速剝離，以重新平衡並提供更多的長期礦山壽命彈性。

Quickly going through Gruyere. Gruyere was also a tale of two halves with the weather event in the first half impacting production, but we did see significantly improved performance in the second half, particularly from our contractor in the ability to move material, and we saw ounces up 27% in the second half and also a dilution of costs with a 13% reduction of costs in the second half.

快速穿越格呂耶爾。格呂耶爾也是兩個半場的故事，上半年的天氣事件影響了生產，但我們確實看到下半年的業績顯著改善，特別是我們的承包商在運輸材料方面的能力，我們看到下半年產量增加了27％，成本也降低了13％。

We have, from a catalyst point of view, are advancing the strip in '25, and we will be having a very high amount of material moved in '25 as we open up further ore options. We are undertaking the underground study for future options at the end of the current open pit mine life as well as advancing the Golden Highway study for a potential secondary ore source.

從催化劑的角度來看，我們在25年推進了這條地帶，隨著我們開闢更多的礦石選擇，我們在25年將移動大量的材料。我們正在進行地下研究，以尋找當前露天礦開採壽命結束時的未來選擇，同時推進黃金高速公路研究，以尋找潛在的二次礦石來源。

At Granny Smith, this has been a solid producer for many years and has continued to deliver in 2025 with attributable production 1% up on 2023. We did see attributable production also second half weighted with the 28% half-on-half improvement and all-in costs down 17% in the second half. We are also doing an ore handling study at Granny Smith to identify options for reducing our cycle time as we get to deeper levels of the ore body.

在 Granny Smith，這多年來一直是穩定的生產商，並將在 2025 年繼續交付，其應佔產量將比 2023 年增長 1%。我們確實看到下半年的歸因產量年增了 28%，而總成本則下降了 17%。我們也在 Granny Smith 進行礦石處理研究，以確定在深入礦體更深層時縮短循環時間的方案。

And also looking at, in the short term, some potential alternative ore sources to allow us to fill the mill. Moving on to Agnew. Agnew, is again delivered an improvement in the second half. They were slightly down on '23 production, but some of that was just to a rollover in the end of December. And all-in costs were lower in the second half, but slightly up on the full year.

並且，在短期內，我們還在尋找一些潛在的替代礦石來源，以便我們能夠填滿工廠。繼續前往阿格紐。阿格紐在下半場再次展現進步。他們的產量比23年的產量略有下降，但其中一些只是在12月底的結轉。下半年總成本下降，但比全年略有上升。

We are investing this year in additional brownfield exploration on the tenement package to see if there's any shallower, more lateral options that we haven't considered and looking at a broader exploration on the tenement package.

我們今年將對物業包進行額外的棕地勘探投資，以查看是否有我們尚未考慮的更淺、更橫向的選擇，並考慮對物業包進行更廣泛的勘探。

Just talking to Salares Norte. The real priority for us in 2025 is the safe ramp-up into -- through this year and delivering steady state production at the end of Q4.

剛剛和 Salares Norte 交談。2025 年我們的真正任務是在今年全年安全提升產量並在第四季末實現穩定生產。

We delivered 45,000 ounces, which was in the midpoint of our revised range. All-in costs remain elevated during '25 on the basis of it being much lower production than planned. We also undertaking district exploration looking at opportunities to provide additional ore feed into the plant. At Damang, this is delivered absolutely to our plan in 2024. We are currently processing stockpiles, but we are undertaking some life extension studies to see what alternative options exist at Damang.

我們交付了 45,000 盎司，處於我們修改範圍的中間點。由於產量遠低於計劃，因此 25 年總成本仍然居高不下。我們也進行區域勘探，尋找提供工廠額外礦石供應的機會。在 Damang，這絕對符合我們 2024 年的計劃。我們目前正在處理庫存，但我們正在進行一些壽命延長研究，以了解 Damang 有哪些替代方案。

At Cerro Corona, as I've spoken, it was a year of slightly lower production contributed by some weather in the beginning of the year, but also due to the copper gold conversion factor impacting on our all-in costs. 2025 was -- is going to be the last year of mining for Cerro Corona. We have got a permission to now deposit tailings into the pit, and that will allow us to process stockpiles from 2026 to 2031.

正如我剛才所說，在塞羅科羅納，今年的產量略低，這不僅是因為年初的天氣原因，也是因為銅金轉換因子影響了我們的全成本。 2025 年將是 Cerro Corona 採礦的最後一年。我們現在已經獲得將尾礦存放到礦坑的許可，這將使我們能夠在 2026 年至 2031 年期間處理庫存。

We continue to also do regional exploration in a very highly prospective tenement package. I just want to quickly highlight this slide. So whilst I've spoken about some of the key catalysts in our asset, we also have a very broad-based asset optimization program.

我們也繼續在極具前景的礦權區進行區域勘探。我只是想快速強調這張投影片。因此，雖然我談到了我們資產中的一些關鍵催化劑，但我們也有一個非常廣泛的資產優化計劃。

covering both operating effectiveness, focus areas, specific business improvements to improve ounces, reduce costs as well as transformational opportunities that we continue to develop in conjunction with our technical team and external technical partners.

涵蓋營運效率、重點領域、具體業務改進以提高產量、降低成本以及我們與技術團隊和外部技術合作夥伴共同持續開發的轉型機會。

These are all focused initiatives that are appropriate to each of the assets and where we can, we are leveraging across the learnings between our different assets. And I believe this program, as we embark on it, will give us the opportunity to deliver further value and the potential from within our portfolio.

這些都是適合每項資產的重點舉措，並且我們會在可能的情況下利用不同資產之間的經驗教訓。我相信，隨著我們開始實施這項計劃，我們將有機會在我們的投資組合中實現更多價值和潛力。

I now hand over to Alex to take us through the financial slides.

現在我把時間交給 Alex 帶我們瀏覽財務投影片。

Thank you, Mike. On the back of the higher gold price, we were able to deliver very strong headline and normalized earnings. Which enabled us to deliver a record total dividend of ZAR10 per share at a highly competitive dividend yield of 3.5%. We delivered adjusted free cash flow from operations. That's all operations, excluding Salares Norte and Windfall delivering cash of $1.5 billion.

謝謝你，麥克。在金價上漲的推動下，我們能夠實現非常強勁的整體獲利和正常獲利。這使我們能夠以 3.5% 的極具競爭力的股息收益率實現每股 10 南非蘭特的創紀錄總股息。我們實現了調整後的經營自由現金流。這就是所有業務，不包括 Salares Norte 和 Windfall 提供的 15 億美元現金。

Adjusted free cash flow, which is after all capital, interest and corporate costs, was at ZAR605 million, up 65% year-on-year or $0.68 per share. The earnings were driven by strong tailwinds from the gold price. We had an average realized price of $2,418 per ounce in 2024 compared to $1,942 per ounce in 2023. This was offset by lower ounces sold, as explained by Mike in the previous slides. We did have higher operating costs.

調整後的自由現金流（扣除所有資本、利息和公司成本）為 6.05 億南非蘭特，年增 65%，即每股 0.68 美元。獲利受到金價強勁推動。2024 年平均實現價格為每盎司 2,418 美元，而 2023 年為每盎司 1,942 美元。正如 Mike 在前面的幻燈片中所解釋的那樣，這被較低的銷售量所抵消。我們的營運成本確實更高了。

These were mainly driven by higher contractor mining costs at both Tarkwa and St. Ives and a significant change charge to gold inventory change movements. We had lower depreciation due to lower production. And on the back of the higher gold price, there were also higher taxes and royalties. This led to an increase in normalized earnings of 36% year-on-year and a ZAR1.2 billion of normalized earnings.

這主要是由於塔克瓦和聖艾夫斯的承包商採礦成本上升，以及黃金庫存變化的大幅變動費用所致。由於產量下降，折舊也較低。隨著金價上漲，稅收和特許權使用費也隨之上漲。這使得正常收益年增36％，正常收益達到12億南非蘭特。

On the back of the higher earnings, we continue to deliver strong free cash flow. There was higher capital expenditure in 2024, which I will cover in more detail in the later slide. In addition, we funded $65 million to wind four prior to the finalization of the Cisco acquisition at the end of October of the year. This resulted in a 65% increase in free cash flow from $365 million to $605 million or $0.68 per share.

在獲利增加的推動下，我們持續實現強勁的自由現金流。2024 年的資本支出將會更高，我將在後面的幻燈片中更詳細地介紹。此外，在今年 10 月底思科收購案完成之前，我們也向 Wind Four 提供了 6,500 萬美元的融資。這導致自由現金流從 3.65 億美元增加 65% 至 6.05 億美元或每股 0.68 美元。

As communicated last year, we implemented a robust capital allocation framework that ensured firstly, that we will maintain our investment credit rating. We will spend all the capital we need to ensure that we can deliver safe, reliable and cost-effective production, and we will pay our base dividend at 30% to 45% of normalized earnings.

正如去年所傳達的那樣，我們實施了強有力的資本配置框架，首先確保我們將維持我們的投資信用評級。我們將投入所有必要的資金來確保能夠實現安全、可靠和具有成本效益的生產，並且我們將按照正常收益的 30% 至 45% 支付基本股息。

All remaining free cash flow after this must compete between providing additional returns to shareholders and growing the quality of the portfolio, either through investing in our own assets or external growth opportunities. This framework maintains the tension between these two competing priorities, and we believe we have got the balance is right this year with the strong dividend delivering 80% of free cash flow back to shareholders. On this slide, net debt is up from $ 1 billion to $2.1 billion.

此後所有剩餘的自由現金流必須在為股東提供額外回報和提高投資組合品質之間進行競爭，無論是透過投資我們自己的資產還是外部成長機會。這個框架維持了這兩個相互競爭的優先事項之間的緊張關係，我們相信，今年我們已經取得了正確的平衡，強勁的股息將 80% 的自由現金流回饋給股東。在此幻燈片中，淨債務從 10 億美元增加到 21 億美元。

This is after funding the Cisco acquisition of $ 1.5 billion and strong free cash flow generation and paying significant returns to shareholders. Pleasingly, on the back of the strong earnings, the net debt-to-EBITDA ratio is at 0.73x and which is below our target of being below 1x through the cycle. In addition, during the year, we repaid the $500 million bond that was due in May 2024, and we entered into a bridge facility to fund the Cisco acquisition.

這是在為思科收購案提供 15 億美元資金並產生強勁的自由現金流以及向股東支付可觀回報之後。令人高興的是，在強勁盈利的推動下，淨債務與 EBITDA 比率為 0.73 倍，低於我們在整個週期內低於 1 倍的目標。此外，年內我們償還了 2024 年 5 月到期的 5 億美元債券，並簽訂了過橋貸款協議，為思科收購提供資金。

We are currently assessing debt funding structures to refinance the bridge and extend our debt maturity. In addition, we had cash on hand at the end of the year of $860 million. This is due to the significant cash generation in quarter four and will be used to pay down debt in the first quarter of 2025.

我們目前正在評估債務融資結構，以重新融資過渡期並延長債務期限。此外，截至年底，我們的現金餘額為 8.6 億美元。這是由於第四季度產生了大量現金，並將用於償還 2025 年第一季的債務。

As our dividend policy is linked to earnings, we have been able to deliver strong dividend growth over the years in the increasing gold price environment. This resulted in the final dividend of ZAR7 and a total dividend of ZAR10 which equates to a year-on-year increase of 34%. And as mentioned previously, this is 80% of all free cash flow generated. This slide unpacks the increase in capital expenditure from 2023 to 2024 and 2025. 2024 was a year of high capital due to a number of key reasons. Mainly being the reinvestment in seeds, including the infrastructure and development for the Invincible underground and stripping at the (inaudible) Invincible Footwall South pits.

由於我們的股息政策與收益掛鉤，多年來，在金價上漲的環境下，我們一直能夠實現強勁的股息成長。這導致末期股息為 7 南非蘭特，總股息為 10 南非蘭特，相當於年增 34%。正如前面提到的，這佔所有自由現金流的 80%。這張投影片闡述了 2023 年至 2024 年和 2025 年資本支出的成長。主要是對種子進行再投資，包括無敵地下礦的基礎設施和開發以及（聽不清楚）無敵下盤南礦坑的剝離。

This will set St. Ives up for the future. This investment into St. Ives will continue in 2025 with increased spend on the St. Ives Renewables project.

這將為聖艾夫斯的未來奠定基礎。對聖艾夫斯的投資將於 2025 年繼續，並增加對聖艾夫斯可再生能源項目的支出。

In addition, there was increased spend at Gruyere as we increased stripping in stages 4 and 5 to live on the production profile for the mine. This will continue into 2025. In 2025, we will have capital spend. We'll have higher capital spend at Granny Smith due to development and ventilation requirements at Wallaby and Tarkwa as we prioritize the trip as mentioned by Mike. Growth capital will be higher due to the significant investment in windfall, which will be on early construction works and long lead items and continuing underground development and exploration.

此外，由於我們增加了第 4 階段和第 5 階段的剝離量以滿足礦山的生產需求，因此在 Gruyere 的支出也增加了。這一情況將持續到 2025 年。2025年，我們將進行資本支出。正如 Mike 所說，由於我們優先考慮這次旅行，因此由於 Wallaby 和 Tarkwa 的開發和通風要求，我們將在 Granny Smith 增加資本支出。成長資本將會更高，因為有大量意外之財的投資，這些投資將用於前期建設工程和長週期項目以及持續的地下開發和勘探。

This will be partially offset by lower capital at Salares Norte as construction is completed and we continue the safe ramp-up of the mine.

隨著建設完成並且我們繼續安全地提高礦井產量，Salares Norte 的資本減少將部分抵消這一影響。

Thank you, Mike, and back to you.

謝謝你，麥克，回到你身上。

Thank you, Alex. Just closing out on a few slides on our portfolio. I think, firstly, just to talk to Goldfield. So Goldfield is a global miner with a portfolio of nine mines and one project we have a really good spread between Tier 1 jurisdictions and emerging markets with nearly half of our reduction in cash flow coming from our four operations in Australia. What we have also done in 2024 is really revitalized our exploration program as one of the pillars of our growth.

謝謝你，亞歷克斯。我們剛剛結束了有關我們投資組合的幾張投影片。我認為，首先，要和戈德菲爾德談談。因此，Goldfield 是一家全球性礦業公司，擁有九個礦場和一個專案的投資組合，我們在一級司法管轄區和新興市場之間擁有非常好的分佈，我們近一半的現金流減少來自我們在澳洲的四個業務。我們在 2024 年所做的工作也真正振興了我們的勘探計劃，使其成為我們成長的支柱之一。

We have entered into three greenfield exploration JVs in Australia through exploration opportunities in Peru and Chile and one in Canada. These are all in jurisdictions that we already operate in and know very well. And we are very excited about the prospectivity of some of these opportunities.

我們透過秘魯和智利的勘探機會，在澳洲建立了三個綠地勘探合資企業，在加拿大建立了一家合資企業。這些都屬於我們已經開展業務並且非常了解的司法管轄區。我們對其中一些機會的前景感到非常興奮。

Just moving on to Salares Norte. As I've mentioned earlier, we are making good progress on the ramp-up. We have delivered a very good our guidance at 2025 was set between 325,000 to 375,000 ounces. We've been reasonably conservative in this ramp-up profile, as you can see by the top right of that chart, where we've actually derated our ramp-up during some of the key winter months to ensure that we are appropriately managing the exposure in that climate. We do still are on track for a full city state production in Q4 of 2025 with the 2026 production estimated to be between 550,000 to 580,000 ounces as per our original planning.

繼續前往 Salares Norte。正如我之前提到的，我們在提升產能方面取得了良好的進展。我們已經實現了非常好的預期，即 2025 年產量在 325,000 至 375,000 盎司之間。正如您在圖表的右上角看到的那樣，我們在這個上升曲線上是相當保守的，我們實際上在一些關鍵的冬季月份降低了我們的上升速度，以確保我們能夠適當地管理該氣候下的暴露。我們仍有望在 2025 年第四季實現全市生產，按照原計劃，2026 年的產量預計在 550,000 至 580,000 盎司之間。

As I mentioned earlier, we continue to do district exploration to identify opportunities to extend mine life. One of the key areas of progress is around the Chinchilla capture program and relocation program. we, to date, we have successfully captured and relocated Chinchilla and pleasingly, we have now been able to dismantle and remove Rockery area number three, which has enabled us to now effectively place waste from Brecha Principal onto that area and unconstrained the remaining development of the Brecha Principal pit. Our 2025 focus area is safe, reliable of this plan. ongoing winter preparedness and as I said, further district exploration to extend life.

正如我之前提到的，我們將繼續進行區域勘探，以尋找延長礦山壽命的機會。取得進展的關鍵領域之一是龍貓捕獲計劃和重新安置計劃。到目前為止，我們已經成功捕獲並重新安置了 Chinchilla，令人高興的是，我們現在已經能夠拆除和移除三號假山區域，這使我們能夠有效地將 Brecha Principal 的廢物放到該區域並不受 Brecha Principal 坑剩餘開發的限制。我們2025年的重點領域是安全、可靠這個計畫。正在進行的冬季準備工作，正如我所說，進一步的區域探索以延長壽命。

Moving on to the windfall project. This is a year where we are going to progress the environmental impact assessment and the EIA approval, advancing the negotiations of the impact benefit agreement with the First Nations of any and preparing for the final investment decision, which we are targeting for Q1 of 2026.

繼續進行意外之財項目。今年我們將推進環境影響評估和環境影響評估審批，推動與原住民的影響效益協議談判，並為最終投資決策做準備，目標是在 2026 年第一季完成。

We are undertaking early construction works, placement of long lead items and the feasibility and updating some elements of the feasibility study. We are planning to spend around CAD350 million on some of the key priority items during the course of 2025, and we are expecting EIA approval in the second half of 2025.

我們正在進行前期施工工程、長週期專案的安置以及可行性研究的可行性和更新可行性研究的一些要素。我們計劃在 2025 年期間對一些關鍵優先項目投入約 3.5 億加元，並預計在 2025 年下半年獲得 EIA 批准。

We do see this, again, as a long life part of our portfolio, the district potential of the 2,500 square kilometers of this windfall deposit remain a strong target and the ongoing exploration of this package is a key priority. Just looking at our reserves. This is just a snapshot of what I believe is some really good success in replacing reserves at our key priority assets.

我們確實再次將其視為我們投資組合中長期存在的一部分，這片 2,500 平方公里意外礦藏的區域潛力仍然是一個強大的目標，而對這片礦藏的持續勘探是重中之重。只看一下我們的儲備。這只是我認為我們在替換我們的關鍵優先資產的儲備方面取得的一些真正成功的快照。

Our mineral resource increased by 2.2 million ounces to 87.6 million ounces in 2024. The gold mineral reserve pre depletion increased by 1.6 million ounces and decreased by around 382,000 after depletion. Pleasingly, one of the most success stories in the year is the discovery and conversion of over 1 million ounces of gold at Invincible and Hamlet at St Ives, which again demonstrates the prospectivity of that asset. And that certainly is a really good story from our point of view. Just closing out then on the opportunities. We do believe that we've got three levers to grow the value and quality of our portfolio, and we'll continue to pull all elements of those.

到 2024 年，我們的礦產資源將增加 220 萬盎司，達到 8,760 萬盎司。枯竭前金礦儲量增加了160萬盎司，枯竭後減少了約38.2萬盎司。令人高興的是，今年最成功的故事之一是在聖艾夫斯的 Invincible 和 Hamlet 發現並轉化了超過 100 萬盎司的黃金，這再次證明了該資產的前景。從我們的角度來看，這確實是個好故事。然後就結束這些機會吧。我們確實相信，我們有三個槓桿來提高我們投資組合的價值和質量，而且我們將繼續利用這些要素。

Firstly, we have opportunities to bolt-on M&A, and if you look at the recent addition and consolidation of 100% ownership of the windfall project, the proposed Tarkwa [Idioprium] JV, and we'll continue to assess opportunities in our key jurisdictions. But importantly, as Alex has said, this will be done in a way that really manages that tension between additional returns to shareholders and investing in the business for the future.

首先，我們有機會進行附加併購，如果您看看最近增加和合併的意外收穫項目 100% 所有權，以及擬議的 Tarkwa [Idioprium] 合資企業，我們將繼續評估我們主要司法管轄區內的機會。但重要的是，正如亞歷克斯所說，這將以一種真正管理好股東額外回報與未來業務投資之間的矛盾的方式來實現。

Secondly, we will continue to invest in our brownfields exploration. This has been a very successful pathway to replace reserves and replace ounces in our portfolio. And we will spend a touch over $100 million in 2025, including further exploration at Windfall.

其次，我們將繼續投資棕地勘探。這是替換儲備和替換我們投資組合中的盎司的非常成功的途徑。我們將在 2025 年投入超過 1 億美元，包括對 Windfall 進行進一步勘探。

And lastly, as I mentioned earlier, we've reinvigorated our focus on greenfield exploration to boost our early-stage project pipeline. And during that year, we've built an attractive portfolio of greenfield interests. Just moving on to our outlook. In 2025, we are guiding to produce between 2.25 million ounces and 2.45 million ounces of gold. Our capital will be elevated largely through the higher spend at Windfall and the St. Ives microgrid. All-in sustaining cost does come off a bit but remains slightly elevated in 2025 as we ramp up some of our priority projects between 1,500and 1,650 and similarly, our all-in costs, slightly lower than 2024, but remaining elevated through the cycle at 1,780 to 1,930.

最後，正如我之前提到的，我們重新將重點放在綠地勘探上，以推動我們早期的專案儲備。在這一年中，我們建立了具有吸引力的綠地權益組合。繼續討論我們的展望。到 2025 年，我們預計黃金產量將達到 225 萬盎司至 245 萬盎司。我們的資本將主要透過在 Windfall 和聖艾夫斯微電網的增加支出而增加。由於我們將一些優先項目的數量增加到 1,500 至 1,650 之間，總維持成本確實會有所下降，但在 2025 年仍會略有上升，同樣，我們的總成本略低於 2024 年，但在整個週期內仍會保持在 1,780 至 1,930 的水平。

Our priorities for this year is improving our safety performance. ensuring the predictable delivery of our plan, continue to improve the quality of our portfolio through the ramp-up of Salares Norte, progressing Tarkwa [Idioprim] JV and advancing the windfall project and lastly, to continue to progress our priorities against our 2030 ESG targets.

我們今年的首要任務是提高安全績效。確保我們計劃的可預測性交付，透過擴大 Salares Norte、推進 Tarkwa [Idioprim] JV 和推進意外收穫項目來繼續提高我們投資組合的質量，最後，繼續推進我們 2030 年 ESG 目標的優先事項。

With that, I thank you for your time and listening to our presentation and open it up for questions.

最後，我感謝您抽空聆聽我們的演講，並歡迎大家提問。

[Event Instructions]. So I'm going to start with the Chorus call questions. and ask Judith, I do believe Josh is in the queue as well as Chris. So shall we take Josh and Chris' questions, operator, and then we will go on to the webcast ones. Thank you.

【活動須知】因此，我將從合唱團的問題開始。並詢問 Judith，我相信 Josh 和 Chris 都在隊列中。接線員，我們先回答喬希和克里斯的問題，然後我們再繼續回答網路直播的問題。謝謝。

Josh Wolfson, RBC.

喬許·沃爾夫森（Josh Wolfson），RBC。

I just wanted to first start off with some questions on Salares. The recoveries were a little bit late in the fourth quarter, noting that, that's sort of the first real quarter of the ramp-up. When do you expect to be at steady state for the plant performance.

我先想問一些關於薩拉雷斯的問題。第四季的復甦稍晚一些，需要注意的是，這是經濟真正開始成長的第一個季度。您預計工廠性能何時達到穩定狀態。

Hi, Josh. I think we're expecting by quarter four that we should be steady state monthly production, and that will then allow us to transition into a full year in 2026 of nameplate production.

嗨，喬希。我認為，我們預計到第四季度我們的月產量將達到穩定狀態，然後我們將能夠在 2026 年過渡到全年的銘牌生產。

Okay. But there's -- maybe let me rephrase the question. Are the recoveries performing in line with your expectations at this point in the (inaudible) ramp up.

好的。但是——也許讓我重新措詞這個問題。目前 (聽不清楚) 的成長階段，復甦情況是否符合你的預期？

Yes, I misunderstood. Yes, absolutely. And in fact, we are seeing better recoveries than we originally anticipated in the original design. It is early days yet. But at this point in time, we are very happy with the recoveries that we're seeing.

是的，我誤會了。是的，絕對是如此。事實上，我們看到的復甦情況比最初設計時預期的還要好。目前還為時過早。但目前，我們對所看到的復甦感到非常高興。

Great. And then is there any perspective you could provide on what the grade forecasts are for the processing plant for Salares over 2025? And then also maybe an idea of what the stockpile grade is?

偉大的。那麼，您能否對 2025 年薩拉雷斯加工廠的品味預測提供一些看法？然後也許您還知道庫存等級是多少？

Josh, I think the -- and we -- it is disclosed in our mineral resource statement, but our long-term grade is kind of around 10% to 11% of the entire principal. That is probably pretty consistent to what we're seeing in the stockpile that we currently have in front of the mill. What we are trying to do is as we're ramping up because, obviously, the ramp-up curve has got some lower recoveries in the front end is to make sure that we don't we don't put a higher-grade material in. So we're trying to manage that tension of as we're ramping up to kind of try and prioritize some of the low-grade parts of that stockpile. We also have the stockpile pretty well managed.

喬希，我認為——我們——它在我們的礦產資源聲明中披露，但我們的長期品位約佔整個本金的 10% 到 11%。這可能與我們目前在工廠前面看到的庫存情況非常一致。我們正在嘗試做的是，隨著產量的提升，因為很明顯，產量提升曲線在前端的回收率較低，這是為了確保我們不會投入更高品位的材料。因此，我們正在努力緩解這種緊張局勢，並加緊努力，優先處理庫存中一些低品位的部分。我們的庫存管理也相當好。

So we've got these we've actually been able to separate out the different grades, and we are trying to, with discipline and the way that we're managing the oversight on the asset is actually manage that feed into the plant. So I think if you -- if I hear where you go, it's -- what we're not doing is probably this year, we don't want to see a feed grade matching our long-term reserve grade of the mine because that would be inefficient.

因此，我們實際上已經能夠將不同的等級分開，並且我們正在嘗試以紀律的方式進行管理，而我們管理資產監督的方式實際上就是管理進入工廠的原料。因此，我認為，如果我聽到你要說的話，那就是，我們今年可能不會這麼做，我們不希望看到進料品位與礦山的長期儲量品位相匹配，因為那樣效率低下。

And then just one question on the spending levels are, I guess, elevated versus where our expectations were. But understandably, that's not necessarily a bad thing if the mine is being advanced. Is there any kind of perspective the company can provide in terms of what are the over capital expectations, just noting that there's likely an increase versus what the prior operator have been signalling.

然後只有一個問題，我想，支出水準與我們的預期相比有所上升。但可以理解的是，如果礦井正在開採，這並不一定是壞事。公司能否就資本超額預期提供任何看法，只是指出與先前的營運商所暗示的情況相比，資本超額預期可能會增加。

Yeah, Josh, and I think it's probably a little bit early for us to do that. During the course of 2025, we are going to be preparing for a final investment decision in Q1 of '26, and I think what I'd rather do is come back to the market probably by the end of Q3 or early Q4 to start providing a better signaling around that. I think it's also important for us to get through the EA process before we really start unlocking our thinking around the asset. But having said that, I think when you think about the original feasibility study that was completed and updated in November of 2022.

是的，喬希，我認為我們這樣做可能還為時過早。在 2025 年期間，我們將為 2026 年第一季的最終投資決策做準備，我認為我更願意在第三季末或第四季初重返市場，開始提供更好的訊號。我認為，在我們真正開始解鎖資產的思考之前，完成 EA 流程對我們來說也很重要。但話雖如此，我認為當您想到 2022 年 11 月完成並更新的原始可行性研究時。

Clearly, the things have moved. But equally, there's opportunities that we've identified that may set us up for longer-term success there that we would want to think about in the execution phase of this project. So I think we probably want to come back and unpack the full picture for windfall probably later in the year, if that's okay.

顯然，事情已經改變了。但同樣，我們發現了一些可能為我們在那裡取得長期成功帶來的機會，我們希望在該專案的執行階段考慮這些機會。因此，我認為，如果可以的話，我們可能希望在今年晚些時候回頭全面了解意外之財的全貌。

That sounds good. Sorry, I realized, can I talk in one more, if that's all right? Just on the initial reserve and research, sorry, I try to keep it tight, but not the case today. One of the historical things that Cisco had signalled was this sort of material grade upside in the bulk sample versus what the resource declared based on the initial expiration that Gold Field is doing solo now, is there any ability to incorporate that? Have you sort of encountered a similar opportunity? Just any perspective there on the grades. And that's it.

聽起來很好。抱歉，我意識到了，如果可以的話我可以再說一句嗎？只是初步儲備和研究，抱歉，我盡量保持嚴格，但今天不是這種情況。思科曾經發出過這樣的歷史訊號，那就是大宗樣品中這種材料等級的上升，相對於金礦場目前單獨進行的初始到期日所宣布的資源量，是否有能力將其納入其中？您是否曾經遇到類似的機會？關於成績，只是任何觀點。就是這樣。

Yeah. So Josh, I don't think there's anything that we've identified in our drilling that is any different to what we bought. So we've kind of been confident that what we bought is what we've seen. I think the opportunities, as we think about what -- how we're going to mine is whether there's further opportunities through the way that we're going to mine this operation to change the way that we think about the extraction of the ore because as we know, that ore body is reasonably patchwork. And what you don't want to do is to get into highly selective extraction techniques.

是的。所以喬希，我認為我們在鑽探中發現的任何東西都與我們購買的東西沒有任何不同。因此，我們確信我們所購買的就是我們所看到的。我認為，當我們思考如何開採時，機會在於我們是否可以透過開採方式進一步改變我們對礦石開採的看法，因為我們知道，礦體是相當拼湊的。你不想做的是採用高度選擇性的萃取技術。

So I think there's an opportunity for us as we come back with how we're going to mine this to really think about how we manage that tension between grade and mining costs. and longevity. I don't think it changes the production profile in any way, but we probably have different thinking about how we would extract that ore body.

因此，我認為，當我們重新考慮如何開採時，我們有機會真正思考如何處理品位和採礦成本之間的矛盾。和長壽。我認為它不會以任何方式改變生產概況，但我們可能對如何開採礦山有不同的想法。

Thank you.

謝謝。

Chris Nicholson, RB Morgan Stanley.

克里斯·尼科爾森（Chris Nicholson），RB 摩根士丹利。

Hi again, Mike and team. Yes, I've got three questions. Maybe I'll just ask them in turn. So I know just on the second last slide that you presented there, you talked to maintaining a production run rate of kind of 2 million to 3 million ounces per annum in to the mid-2030s--. At a higher conceptual level, obviously, maintaining that production rate is kind of required you bringing Salares on. You're not obviously post '28 in the back end of the stake be bringing windfall on.

大家好，Mike 和團隊。是的，我有三個問題。也許我應該依序問他們。所以我知道，就在您展示的倒數第二張投影片上，您談到到 2030 年代中期，維持每年 200 萬至 300 萬盎司的生產運作率。從更高的概念層面來說，顯然，保持這種生產力是需要 Salares 的帶領。顯然，你並不是在 28 年後的股權後端帶來意外之財。

In order to do that, clearly, it's not just your all-in sustaining cost, it's an all-in cost that's running about $1,800 an ounce. Any kind of comment as to what type of cost run rate do you think you'll need to kind of maintain that 2 million to 3 million ounce level into the mid-2030s.

為了做到這一點，顯然，這不僅僅是你的全部維持成本，而是每盎司約 1,800 美元的全部成本。您認為需要什麼樣的成本運作率才能在 2030 年代中期維持 200 萬至 300 萬盎司的水平？

Yeah, Chris, and I think probably it's a little early for us to kind of unpack that. And I think we certainly don't want to come out and provide with that kind of guidance now. But I think what we are very clear about is that we currently have a reserve price of around $1,500 an ounce. Certainly on an all-in sustaining cost we are -- our objective is to get back below that number in the not-to-distant future. And then clearly, any growth that we apply over and above that has got to be invest back with discipline and also in a way that manages to that robust capital allocation framework, we will both invest in the business and return cash to shareholders.

是的，克里斯，我認為現在討論這個問題可能還為時過早。我認為我們現在當然不想出來提供這種指導。但我想我們非常清楚的是，我們目前的底價是每盎司 1,500 美元左右。當然，我們的目標是在不久的將來將總維持成本降至該數字以下。然後顯然，我們實現的任何超出這一範圍的成長都必須有紀律地進行投資，同時也要以管理強勁的資本配置框架的方式進行投資，我們既會投資於業務，也會向股東返還現金。

So I think what I don't want you to leave with is the thought that we are going to just reinvest in the business and not return money to the shareholders. I think given the margin expansion that we're going to see in the next five years with some of the lower quality -- lower cost production coming on stream that we should be able to see significant margin expansion as well as that will enable us to deliver remain sector-leading returns as well as investing in our business. So I think we can do both. And I think what you're going to see is our all-in cost probably coming down, tracking because we've got these lower ounces coming into the portfolio.

因此，我不希望你們留下這樣的想法：我們只會對業務進行再投資，而不會向股東返還資金。我認為，考慮到未來五年我們將看到的利潤率擴大，以及一些品質較低、成本較低的產品的投入，我們應該能夠看到利潤率的大幅擴大，這也使我們能夠提供持續的行業領先回報並投資於我們的業務。所以我認為我們可以同時做到這兩點。我認為您將會看到我們的總成本可能會下降，因為我們進入投資組合的盎司數減少了。

Okay. And then just in Australia, I've been working through my model a little bit to that. And it's quite hard to tell because, obviously, there was quite a material movements in 2024 with the rainfall and the St. Ives kind of strip and opening up new sections. But fundamentally, what type of cost inflation kind of are you seeing kind of '25, maybe on the '23 level in Australia, just kind of on a smooth basis because it does look like certainly on the sustaining cost, it looks like your sustaining CapEx has moved up, it's probably doubled over the last three, four years in Australia.

好的。然後就在澳大利亞，我一直在研究我的模型。這很難說，因為顯然，2024 年會出現相當大的物質運動，包括降雨以及聖艾夫斯的剝蝕和新區域的開闢。但從根本上講，您看到的成本通膨類型是什麼樣的，大概是 25 年，也許是 23 年在澳大利亞的水平，只是平穩地增長，因為看起來確實在維持成本上，看起來您的維持資本支出已經上升，在澳大利亞，過去三、四年裡可能翻了一番。

So I think, Chris, just from a pure sort of mining inflation in Australia, we've probably seen about 6% to 7% increase in costs. What you are seeing in the sustaining capital is it's been classified as sustaining because it hasn't significantly extended the reserve but rather replace some reserve. There's a lot of reinvestment in our Australian assets to set them up for the future. So and I think we will continue to see a bit of that for the next two years, particularly at Gruyere and St. Ives and a bit at Granny Smith. But then we will see benefits of a longer life and lower cost profile.

因此我認為，克里斯，僅從澳洲純粹的採礦通膨來看，我們可能已經看到成本上漲了約 6% 至 7%。您在維持資本中看到的是它被歸類為維持，因為它並沒有顯著地擴大儲備，而是取代了一些儲備。我們對澳洲資產進行了大量再投資，為未來做好準備。所以我認為未來兩年​​我們將繼續看到這種情況，特別是在格呂耶爾 (Gruyere) 和聖艾夫斯 (St. Ives) 以及格蘭尼史密斯 (Granny Smith) 。但隨後我們將看到更長的壽命和更低成本的好處。

Okay. So I probably expect that sustaining CapEx remain elevated from what you're saying for not just '25 or so maybe into '26. And then just last one, just -- sorry, this is just a point of clarification. I think on the original release this morning, you mentioned a number of USD400 million against windfall this year.

好的。因此，我可能會預期，維持資本支出將保持在較高水平，而不僅僅是 25 年左右，也許會持續到 26 年。然後只剩下最後一個，只是──抱歉，這只是一個澄清點。我記得在今天早上的原始發布中，您提到了今年的意外之財 4 億美元。

But I see in the slides, you've got a Canadian dollar number that's -- sorry, I've lost it now. It was 300-and-something. What's the right number for windfall this year. What's the difference?

但我在幻燈片上看到，你有一個加元數字——抱歉，我現在把它忘了。有300多吧。今年的意外之財到底應該是多少呢？有什麼區別？

Just CAD435 million total expenditure, including exploration, G&A.

總支出僅 4.35 億加元，包括勘探、一般及行政費用。

So it's CAD403 million and $35 million of exploration.

因此，這筆投資為4.03億加元，勘探費用為3,500萬美元。

Got it. Okay, perfect. Thank you very much. Thanks Mike.

知道了。好的，完美。非常感謝。謝謝邁克。

Thanks Chris.

謝謝克里斯。

Thanks, Chris, and thanks, Josh. Operator, if I could just take one from the type questions. It comes from Peter Kramer of Merger Markets. He says, please, can you speak to plans for your 2025 debt maturities, Alex?

謝謝，克里斯，謝謝，喬希。操作員，如果我可以從類型問題中選擇一個。它來自 Merger Markets 的 Peter Kramer。他說，亞歷克斯，你能談談你 2025 年債務到期的計劃嗎？

Thanks, Peter. So we do have the $750 million bridge due this year, and we are currently exploring our various refinancing options of what we would like to do with that facility, but we will extend it into some form of longer-dated term debt, either in the debt capital markets or with the banks.

謝謝，彼得。因此，我們今年確實有 7.5 億美元的過橋貸款到期，我們目前正在探索利用該貸款的各種再融資方案，但我們會將其延長至某種形式的較長期債務，無論是在債務資本市場還是與銀行。

Great. Then the next one is from Abraham Leroy. He says a very good presentation. When do you plan to commence mining operations in the Damang mine in Ghana.

偉大的。下一個是亞伯拉罕·勒羅伊 (Abraham Leroy) 的。他說演講非常精彩。您計劃何時開始在加納 Damang 礦場進行採礦作業。

Yeah. Thanks, Abraham. And look, we are planning this year and in our guidance, it's really planned to just process stockpiles. What we would like to do those, there are a couple of smaller pits that would enable us to increase the grade feed into the plant and to supplement some of that stockpile. We would certainly like to be in a position to do that in the second half of 2025.

是的。謝謝，亞伯拉罕。你看，我們今年正在製定計劃，並且在我們的指導中，我們實際上計劃只是處理庫存。我們想要做的是，有幾個較小的坑，這使我們能夠增加進入工廠的進料等級並補充一些庫存。我們當然希望能夠在 2025 年下半年實現這一目標。

But in addition, we are re-evaluating a modified version of a longer-term cutback, which will allow us to potentially extend mining operations in the longer term.

但除此之外，我們正在重新評估長期削減計畫的修改版本，這將使我們能夠在更長時間內延長採礦作業。

And again, as we think about demand, it is a shorter life, what we call potentially a transition asset in our portfolio. And as we think about the longer-term solution for Damang, we're also thinking about what are the right partnerships that we can look at for Damang's future because we are very clear -- there are a lot of people dependent on this operation, the nearby community, and we want to make sure we do the right thing in that social context.

再一次，當我們考慮需求時，它的壽命較短，我們稱之為投資組合中潛在的過渡資產。當我們考慮 Damang 的長期解決方案時，我們也在思考可以為 Damang 的未來尋找哪些正確的合作夥伴關係，因為我們非常清楚——附近的社區很多人都依賴於這項業務，我們希望確保在這樣的社會背景下做正確的事情。

Operator, I think let me hand back to you, I see, Adrian and Tanya in the queue. So let's perhaps take their questions, and then we'll come back to the texted ones.

接線員，我想讓我把電話還給您，我看到 Adrian 和 Tanya 在排隊。因此，我們先回答他們的問題，然後再回過頭來回答簡訊裡的問題。

Adrian Hammond, SBG Securities.

SBG 證券的 Adrian Hammond。

Hi Mike and Alex. Firstly, Mike, just curious to see on slide 18, you debt holders as a priority in capital allocation. I would think equity shareholders would be the priority. Just curious on your thinking around bananas any opportunity to increase the dividend given that you are in a very strong cash generation position. You'd certainly have some upside at least on the pay-out ratio.

嗨，Mike 和 Alex。首先，麥克，我很好奇地看到第 18 頁幻燈片上，債務持有人在資本配置中享有優先權。我認為股權股東是優先考慮的對象。我只是好奇您對香蕉的看法，考慮到您的現金創造能力非常強，是否有機會增加股息。至少在派息率方面你肯定會獲得一些好處。

Yeah, Adrian, thanks for that. And I think the context here, we really clear is for us to -- we want to maintain an investment-grade credit rating. We believe it does give us the optionality and the flexibility to actually -- to do things and continue to sustain our business. And so -- and also, I think we've got to also recognize that these kind of elevated gold price is the last thing you want to do is to be overly leveraged. So we kind of want to be very disciplined about that.

是的，阿德里安，謝謝你。我認為，這裡的背景非常明確，我們希望保持投資等級信用評級。我們相信它確實為我們提供了選擇權和靈活性，讓我們能夠實際開展工作並繼續維持我們的業務。所以 — — 而且，我認為我們還必須認識到，在金價如此高漲的情況下，最不應該發生的事就是過度槓桿化。因此我們希望對此採取非常嚴謹的態度。

I think our return -- our base dividend of that 30% to 45% of normalized earnings. I think we're quite confident that we can continue to meet that requirement. And as I said, what we -- if we look at what the cash flow forecast is over the next few years under different scenarios, we think that we are going to be in a strong position and we can continue to reward the shareholders that stay with us as well as invest in the business for the future. But I think once you start playing with the overall balance sheet health of the company, I think we start trading on more dangerous ground, particularly when you're in a cyclical commodity depending on your views on gold, obviously.

我認為我們的回報——基本股息佔正常收益的 30% 到 45%。我認為我們非常有信心能夠繼續滿足這項要求。正如我所說的，如果我們看看不同情況下未來幾年的現金流預測，我們認為我們將處於有利地位，我們可以繼續回報留在我們身邊的股東，並為未來的業務進行投資。但我認為，一旦你開始關注公司的整體資產負債表健康狀況，我們就會開始在更危險的領域進行交易，尤其是當你處於週期性商品中時，這顯然取決於你對黃金的看法。

But I think the other point we mustn't miss is that 2024 was a clear example of that combination of operating and financial leverage. And despite relatively higher gold prices even in the first half of the year with the poor of production, we really didn't deliver any meaningful cash in that first half of the year. So I think it's prudent to be disciplined, but we also recognize that. And hopefully, you've seen that by paying out 80% of our free cash flow, we've tried to reward the shareholders that have stayed with us. But Alex, I don't know if you want to add anything?

但我認為我們不能忽視的另一點是，2024 年就是經營槓桿和財務槓桿結合的一個明顯例子。儘管在產量不佳的上半年金價相對較高，但我們在上半年實際上並沒有交付任何有意義的現金。因此我認為，嚴守紀律是明智之舉，但我們也意​​識到這一點。希望您已經看到，透過支付 80% 的自由現金流，我們試圖回報一直與我們在一起的股東。但是亞歷克斯，我不知道您是否想補充一些什麼？

No, I think you've actually covered it adequately. Thanks, Mike.

不，我認為你實際上已經充分涵蓋了這一點。謝謝，麥克。

Well, yeah, I think just a follow-on then for Alex. Alex, any change in the reserve gold assumption for this year? And then secondly, your company has certainly been quite active in building out renewables. What have you spent and will spend in total on that, on all those projects?

嗯，是的，我認為這對 Alex 來說只是後續。亞歷克斯，今年的黃金儲備假設有改變嗎？其次，貴公司在建立再生能源方面確實非常積極。在所有這些項目上，您總共花了多少錢？

Thanks, Adrian. On the first question, we did increase the reserve price from ZAR1,400 to ZAR1,500 this year. And then on the renewables, I will need to get back to you on the exact figures of what we have spent and what we are intending to spend. But snide microgrid remains at about that AUD200 million spend remaining. And that's the only current major renewables project in the pipeline.

謝謝，阿德里安。關於第一個問題，今年我們確實將底價從 1,400 蘭特提高到了 1,500 蘭特。然後關於再生能源，我需要向您報告我們已經花費的確切數字以及我們打算花費的確切數字。但微電網的剩餘支出仍約2億澳元。這是目前正在籌備的唯一大型再生能源專案。

We continue to explore opportunities itself deep because we do believe there's significant benefit to be had there. But we will not do it if it's not technoeconomic and value accretive to our shareholders and stakeholders.

我們將繼續深入探索機會本身，因為我們確實相信其中蘊藏著巨大的利益。但如果這項措施不符合技術經濟原理，無法為我們的股東和利害關係人帶來增值，我們就不會這麼做。

And the two large projects we have invested across the business, but the two large projects have been the Canusa solar and then the same as microgrid.

我們在整個業務中投資了兩個大型項目，但這兩個大型項目是 Canusa 太陽能項目和微型電網項目。

Yeah. And the Canusa Solar was about ZAR700 million.

是的。而Canusa Solar的價值約為7億南非蘭特。

Yeah. No, that's clear. And then if I may, the last one, Mike. You touched on the gold price, which is a hard topic right now, certainly at record levels and Gold Fields has had a M&A strategy for some time. Do you think this price changes the landscape for you in terms of the M&A?

是的。不，這很清楚。如果可以的話，最後一個問題，麥克。您提到了金價，這是目前的一個難題，尤其是處於創紀錄的水平，而 Gold Fields 已經制定了一段時間的併購策略。您認為這個價格會改變您的併購格局嗎？

And are you going to just lay low now? What do you think?

你現在就想低調行事嗎？你怎麼認為？

Adrian, I think what we will continue to do is, as we always do, is continue to scan the market for opportunities that we can incrementally add value to our portfolio. But I think what we fully appreciate at these current prices, that there has been some upward pressure on stock prices. But even having said that, you still see that disconnect between some of the higher-quality smaller companies that trade at trailing discounts to the underlying NAV. So I still believe there are opportunities out there. But quite clearly, to the point that you make at these prices, I think sometimes price expectations are pretty high.

阿德里安，我認為我們將繼續做的是，就像我們一直在做的那樣，繼續審視市場，尋找可以逐步為我們的投資組合增加價值的機會。但我認為，我們充分認識到，在當前價格下，股價存在一些上行壓力。但即便如此，你仍然會看到一些高品質小型公司之間的脫節，這些公司的交易價格低於基礎資產淨值。因此我仍然相信，還存在著機會。但很明顯，就這些價格而言，我認為有時價格預期相當高。

So we've got to be very, very disciplined about how we would pursue anything and be very clear that its long-term value accretive, not just accretive in the short term.

因此，我們必須非常非常自律地對待我們如何追求任何事物，並且非常清楚它的價值是長期增值的，而不僅僅是短期增值的。

Great, thanks, Mike.

太好了，謝謝，麥克。

Tanya Jakusconek, Scotia Bank.

加拿大豐業銀行的 Tanya Jakusconek。

Good afternoon, everyone, and good morning for us over here. Thank you so much for taking my week question I just wanted to follow up again on the M&A and the bolt-on acquisitions that you've talked about. I'm just trying to figure out Cerro Corona and Damang? Like when do we end those mines? Like just remind me the mine life of those guys.

大家下午好，大家早安。非常感謝您回答我本週的問題，我只是想再次跟進您所談到的併購和附加收購。我只是想弄清楚 Cerro Corona 和 Damang？例如，我們什麼時候才能結束這些地雷的開採？就像讓我回想起那些傢伙的礦坑生活一樣。

So Cerro Corona, through the processing of stockpiles, we could actually continue to operate through 2031. We will stop mining in 2025. And largely, that's because we run out of tailings capacity, not because there's no one left in the pit.

因此，透過處理庫存，Cerro Corona 實際上可以繼續運作到 2031 年。我們將在2025年停止採礦。很大程度，這是因為我們的尾礦庫容量已經耗盡，而不是因為礦坑裡已經沒有人了。

So again, this year is really a decision year for us on Cerro Corona on what we do with it. And as I've said before, I think what is also important is to keep one eye on the -- on what we're doing on regional exploration because what Cerro Corona does do is it provides us with a social license to operate in a very prospective regional play.

所以，今年對我們來說確實是個決策年，我們要決定如何處理 Cerro Corona。正如我之前所說，我認為同樣重要的是關注我們在區域勘探方面的工作，因為 Cerro Corona 為我們提供了在非常有前景的區域開展運營的社會許可。

On Damang, again, we've got an opportunity through potential life extensions to give us another 8, 10 years. I don't believe this is a long-term asset for Goldfields necessarily. But Importantly, we need to manage the social context and any transition of that asset has to be done with a very social responsible mindset because it is 30 kilometers away from Tarkwa and Tarkwa remains a key part of our portfolio. So response socially responsible transition is important. But I think as you rightly pick up, those kind of tail or transition assets in our portfolio that we need to find the right solution for.

關於“達芒”，我們再次有機會透過潛在的壽命延長來再給我們 8 到 10 年的時間。我不認為這對 Goldfields 來說一定是一項長期資產。但重要的是，我們需要管理社會背景，而該資產的任何轉變都必須以高度的社會責任感進行，因為它距離塔克瓦 30 公里，而塔克瓦仍然是我們投資組合的重要組成部分。因此響應社會責任轉型很重要。但我認為，正如您正確指出的那樣，我們需要為投資組合中的那些尾部資產或過渡資產找到正確的解決方案。

And I'm just wondering, as you think about these, are you looking to replace that level of production of about 250,000 ounces. That's what you're looking at for bolt-ons in terms of, okay, on losing these two assets or depleting them. So we're looking in that sort of 250,000 ounces or there in terms of production to offset that decline. And part of your bolt-on strategy also be taking equity investments in juniors as well.

我只是想知道，當您考慮這些時，您是否希望取代約 250,000 盎司的生產水平。這就是你在失去或耗盡這兩項資產時所尋找的附加條件。因此，我們希望產量達到 250,000 盎司左右，以抵消這一下降。你的附加策略的一部分還包括對初級公司進行股權投資。

Yeah. So, Tanya, I think, firstly, I'd go back to our strategy. We are not driven by ounces per se. So losing the production out of Damang and Cerro Corona, we're still quite comfortable even if it's at the lower end of our 2 million to 3 million ounces. In fact, that would probably increase the quality of our portfolio by reducing costs and increasing our margin per ounce produced.

是的。所以，Tanya，我認為，首先，我會回到我們的策略。我們並不是由盎司本身所驅動的。因此，即使失去 Damang 和 Cerro Corona 的產量，即使產量處於 200 萬至 300 萬盎司的低端，我們仍然相當滿意。事實上，這可能會透過降低成本和提高每盎司產量的利潤來提高我們產品組合的品質。

But I think to your point, the kind of targets that we'd look at, at bolt-ons are probably production ounces of around about that 200,000 to 300,000 ounces. But more importantly, it's things that have got prospectively and larger land packages because what we don't need to do is necessarily replace ounces for the next five years but finding opportunities that give us production outlook for the later 2030s and into the 2040s.

但我認為，正如您所說，我們所關注的目標，附加產量可能約為 20 萬到 30 萬盎司。但更重要的是，它具有前瞻性和更大的土地包，因為我們不需要做的一定是在未來五年內取代盎司，而是尋找機會為我們提供 2030 年代後期和 2040 年代的生產前景。

That's, I think, the good position that we are in. In terms of equity positions in listed entities. I think what we have done through our greenfield program is we are partnering with some junior companies to get earn-in rights to some prospective properties. And now these are long-dated options, but I think we are very keen to be active in that area because whilst they are long-dated and higher-risk opportunities, they certainly give us access to some really interesting positions. But then again, things like Cisco was a deal where we actually bought out a more advanced development project.

我認為，這就是我們所處的良好狀況。就上市實體的股權狀況而言。我認為，我們透過綠地計畫所做的就是與一些初級公司合作，以獲得一些潛在資產的收益權。現在這些都是長期選擇，但我認為我們非常熱衷於積極參與該領域，因為雖然它們是長期和高風險的機會，但它們確實讓我們能夠獲得一些真正有趣的部位。但話又說回來，與思科這樣的公司達成的交易其實是我們收購了一個更先進的開發案。

And I think those things are also equally attractive to be pursuing. But I think, again, what is really important is that we manage this balance of investing in the business and returning cash to shareholders. And I think what we are really mindful of is not to prioritize one over the other. And if we can navigate that in a sensible way, I think we deliver on the twin challenges of being a senior producer that invests in our future. and regarded as a company that delivers good returns to our shareholders through the cycle.

我認為這些事情也同樣具有吸引力，值得追求。但我認為，真正重要的是我們要在投資業務和向股東返還現金之間取得平衡。我認為我們真正要注意的是不要優先考慮任何一個方面。如果我們能夠以明智的方式應對這個問題，我認為我們能夠應對作為投資未來的高級生產者的雙重挑戰。並被視為一家在整個週期內為股東帶來良好回報的公司。

Okay. That makes sense. And just coming on returning capital to shareholders. I'm just thinking about your pipeline of your 2 million ounce profile. And just looking at the sustaining capital and the development capital you announced today, I mean, those were higher than I was expecting.

好的。這很有道理。並且剛開始向股東返還資本。我只是在考慮你的 200 萬盎司配置文件的管道。只要看一下您今天宣布的維持資本和發展資訊，我的意思是，這些都高於我的預期。

So should I be thinking about your business should I be thinking a business of $350 to $400 per ounce of sustaining and a development of about $2.50 per annum. Should I be thinking that, like maybe the $2.50 is over the next three years as we get windfall in and finish off from Salares Norte. Would that be fair?

那麼，當我考慮你的生意時，我是否應該考慮每盎司維持費 350 到 400 美元、每年開發費約 2.50 美元的業務。我是否應該想，也許這 2.50 美元是在未來三年內，因為我們會獲得意外之財，並最終從 Salares Norte 獲得收益。這樣公平嗎？

I think if you look at the next three years on the development front, we certainly -- the priority project for us to build over the next three years is going to be windfall. That's going to be the only material one and Salares, really the capital comes off. We've got a bit this year because we're still in ramp-up and we're not at commercial production.

我認為，如果從發展的角度看未來三年，我們未來三年的重點建設項目肯定是意外之財。這將是唯一的實質因素，而薩拉雷斯的資本確實消失了。我們今年的產量有些少，因為我們仍處於加速階段，尚未實現商業化生產。

So there's that allocation to capital or growth rather than sustaining capital. I think in the next three years, that [250] in a maybe right -- been on the sustaining side, I do think there are opportunities, and we are in an elevated cycle now where we've got a lot of ventilation raises in Australia.

因此，這種分配是針對資本或成長，而不是維持資本。我認為在未來三年內，[250] 可能是正確的 — — 一直處於持續的一面，我確實認為存在機會，而且我們現在正處於一個上升週期，澳大利亞的通風量大幅增加。

We've got a lot of elevated capital spend. So I would hope that we find in the long run a way to reduce our overall capital build in the business and that you're going to fund these kind of capital numbers that we're reporting more at the higher end of total capital spend. But we've got to get through the next probably two years to get back into that lower capital spend cycle.

我們的資本支出大幅增加。因此，我希望我們能夠從長遠角度找到一種方法來減少我們業務的整體資本積累，並且您將為我們報告的這些佔總資本支出較高端的資本數字提供資金。但我們必須度過接下來大概兩年的時間才能回到較低的資本支出週期。

Okay. That's helpful. And then just maybe for 2025, as we think about this year because it's not going to be just divided by four quarterly. Maybe you can kind of provide some guidance. We obviously know the (inaudible) Salares Norte is going to bring higher production in the second half.

好的。這很有幫助。然後也許只是到 2025 年，因為我們考慮的是今年，因為它不會僅以四個季度來劃分。也許您可以提供一些指導。我們顯然知道（聽不清楚）北薩拉雷斯將在下半年帶來更高的產量。

But should I be thinking a 45% first half to 55% second half type of a production profile of 40%-60%, is it obviously improving quarter-on-quarter. I'm just trying to understand if there's any downtime at any of the other operations that I need to also adjust for maintenance or schedule maintenance, et cetera.

但是，我是否應該認為上半年的生產力是 45%，下半年是 55%，生產力是 40%-60%，這是否明顯比上一季有所改善？我只是想知道其他操作中是否有停機時間，我是否也需要調整維護或安排維護等等。

No. I think the bigger impact is just really that split between Salares as we go through the ramp up. So you're quite right, there should still be a bias to the second half. purely because of the strong contribution that we're expecting from Solaris. But I think you'll kind of 45% to 55% is probably not a bad way to think about it.

不。我認為，更大的影響實際上是在我們不斷提升的過程中，Salares 之間的分歧。所以你說得對，下半場應該還是會有所偏向。純粹是因為我們期待 Solaris 能做出巨大貢獻。但我認為 45% 到 55% 可能不失為一個好的思考方式。

Okay. And on quarter-over-quarter improvement. So first quarter below it for?

好的。並且實現了季度環比改善。那麼第一季的情況如下嗎？

I think first quarter, second quarter probably going to be pretty similar. Third quarter might be similar to first quarter and then fourth quarter a bit higher probably the way we would think about it.

我認為第一季和第二季的情況可能非常相似。第三季可能與第一季類似，第四季可能略高一些，這可能是我們所認為的。

Okay. That's really helpful. I just want to say, Mike, I'm very happy to hear about the China they've been bound and moved and very invested in these Chinchillas.

好的。這真的很有幫助。我只想說，麥克，我很高興聽到他們被中國束縛、被移動，並且對這些龍貓投入了大量精力。

Yeah. Thank you. And two have now been released, so they're safely in the new territory.

是的。謝謝。其中兩隻現已被釋放，因此它們安全地抵達了新的領土。

And then I guess we just have to wait for the other rocky areas to be signed off. I mean you've got the weight stop, that's great, and it's just everything else. Remind me what else we need to sign up for?

然後我想我們只需要等待其他困難地區的解決。我的意思是你已經停止了體重，這很好，其他的都一樣。提醒我還需要註冊什麼嗎？

Sorry, I didn't hear that.

抱歉，我沒聽到。

I just wondered what else needed to be--

我只是想知道還需要什麼——

So these are the ones above the Agua Marga deposit. So it goes up to Rocky number nine.

這些就是位於 Agua Marga 礦床上方的那些。所以它上升到洛奇第九名。

Thanks, Tanya. Operator, I see there's no more questions in the queue. So I'm just going to wrap up the two that I have one. There was one from (inaudible) from Travel Asset Management. But I think in the discussion, it has been addressed, is it possible to give us an indication of CapEx for '26 from an SIB and expansion perspective, including windfall, if possible.

謝謝，Tanya。接線員，我看到隊列中沒有其他問題了。所以我只想把我所擁有的兩個總結一下。其中有一個是來自旅遊資產管理公司的（聽不清楚）。但我認為在討論中已經解決了這個問題，是否可以從 SIB 和擴張的角度為我們提供 26 年資本支出的指示，包括意外之財（如果可能的話）。

Addressed it. I think the one thing that will come out clear and forward is we're not sure what that 2026 looks like and we need to advance our FID and we'll provide further clarity as that is known.

解決了它。我認為，有一件事將會非常明確，那就是我們不確定 2026 年會是什麼樣子，我們需要推進我們的 FID，我們會在了解這一點後提供進一步的澄清。

And then the next one is from Bruce Williamson from Integral Asset Management. He says, hey, Mike, if you use $2,500 an ounce as a reserve price what impact would this have on the total group gold production? How sensitive is the reserve to a higher gold price? And how quickly could you adjust to production?

下一位是來自 Integral Asset Management 的 Bruce Williamson。他說，嘿，麥克，如果你以每盎司 2,500 美元作為底價，這會對整個集團的黃金產量產生什麼影響？黃金儲備對金價上漲有多敏感？您多快能適應生產？

Yeah. Bruce. And as you could appreciate, there's a lot of that scenario thinking that's going on in our business at the time. And it's really important that we don't get caught up in some of the elevated prices because we know from history how quickly we can turn. So it's important that we remain conservative.

是的。布魯斯。正如您所意識到的，目前我們的業務中存在著許多此類情境思維。而且，我們不要陷入價格上漲的泥潭，這一點非常重要，因為我們從歷史中知道，我們轉變的速度有多快。因此，保持保守很重要。

But what we are looking for are those incremental opportunities where we have excess, particularly where we have excess mill capacity to bring on some additional ounces. And our real opportunities stay in places like St. Ives, Granny Smith, potentially Damang and probably South Deep and probably to a lesser degree, Cerro Corona if we had tailings capacity.

但我們正在尋找的是那些有過剩的增量機會，特別是我們擁有過剩的工廠產能以帶來一些額外產量的地方。我們真正的機會仍在聖艾夫斯、格蘭尼史密斯、潛在的達芒和可能的 South Deep 等地，如果我們有尾礦能力的話，可能在較小程度上還有塞羅科羅納。

So we are looking at those opportunities, and we are looking at different scenarios as to whether we could actually model some small proportion of our production being at a slightly different reserve price grade. So I think that kind of work is underway. But I think it's really, really crucial for us is not to lose discipline at this time because it's very easy to do that. But fully take on board the sentiment of not losing sight of the near-term opportunities to add value. And so that is very active work underway in our business.

因此，我們正在研究這些機會，我們正在研究不同的情景，看看我們是否真的可以將我們生產的一小部分模擬成略有不同的底價等級。所以我認為這類工作正在進行中。但我認為，對我們來說，此時真的非常非常重要的是不要失去紀律，因為這種情況很容易發生。但要充分考慮到不要忽略短期增值機會的情緒。這是我們業務中正在進行的非常積極的工作。

The last two are from Arnold Han from Nedbank. He says, do you have any plans to increase your dividend payout ratio?

最後兩封信來自 Nedbank 的 Arnold Han。他說，你們有什麼計劃增加股利支付率嗎？

I'll ask Alex to comment on that. But Arnold, I think we've got a very broad dividend payout ratio to be perfectly honest. And I think it gives us a huge amount of flexibility to do what's appropriate. I think the payout ratio that we delivered this year, that 40% normalized earnings was really good and delivered record payout.

我會請亞歷克斯對此發表評論。但阿諾德，坦白說，我認為我們的股息支付率非常廣泛。我認為這為我們提供了極大的靈活性來做適當的事情。我認為我們今年實現的派息率，即 40% 的標準收益非常好，並實現了創紀錄的派息。

I think I've been quite clear, my personal preference would be to narrow that range and to give a little bit more predictability and then maybe have some kind of a top-up outside of that. But I think we'll come back and think it through.

我想我已經說得很清楚了，我個人的偏好是縮小這個範圍，並提供更多的可預測性，然後也許在此之外進行某種補充。但我想我們會回頭仔細考慮。

I think it was the wrong time for us to be considering any of that right now because we'd see a set of an expectation of this delivery against the high end of our normalized range. And that delivered a number that I think was a very good result for our shareholders and hopefully reinforce our commitment to higher-end returns compared to our peer group.

我認為現在考慮這些問題並不是個好時機，因為我們會看到，相對於我們正常範圍的高端，我們對此次交付的預期是一致的。我認為，這對我們的股東來說是一個非常好的結果，並且希望能加強我們相對於同業追求更高回報的承諾。

And then the last one also from Arnold is which assets do you see as noncore and could potentially dispose of?

阿諾德最後問的問題是，您認為哪些資產是非核心資產，哪些資產可能會被處置？

Yeah. And I think the two that we've spoken about earlier, Arnold is I wouldn't say they're noncore because every asset is important to us and every person that works in our business is important to us. But I think the two -- what we call transition assets being Cerro Corona and Damang are certainly kind of tail assets that we may want to transition to someone else who may be a more natural owner for these assets.

是的。我認為我們之前談到的兩個，阿諾德，我不會說他們是非核心的，因為每一項資產對我們都很重要，在我們的業務中工作的每個人對我們都很重要。但我認為這兩項——我們稱之為過渡資產的 Cerro Corona 和 Damang 無疑是尾部資產，我們可能希望將其轉讓給可能更自然地擁有這些資產的其他人。

So that's probably how we think about it, rather. And that's why we -- when we think about disposals, we think about it through heightened social responsibility lens, particularly given our other interests in the areas in which those assets are based.

所以這可能就是我們的想法。這就是為什麼我們在考慮處置時，會從更高的社會責任角度來考慮，特別是考慮到我們在這些資產所在地區的其他利益。

Arnold says, thank you for addressing his questions. And that's it from the question on, Mike.

阿諾德說，謝謝你回答他的問題。這就是問題的全部內容，麥克。

Great. Well, thank you very much. I know we have a few minutes over on our scheduled time, but I really appreciate you dialling in, really appreciate the questions and thank you for your support and interest in Gold Fields.

偉大的。好吧，非常感謝。我知道我們比預定的時間多了幾分鐘，但我真的很感謝您撥打電話，真的很感謝您提出的問題，也感謝您對 Gold Fields 的支持和關注。