Gold Fields Ltd (GFI) 2025 Q2 法說會逐字稿

Good afternoon, good morning, everybody, and welcome to the presentation of Gold Fields H1 2025 results. I'm joined here in the room in Johannesburg by -- with Alex Dall, our Chief Financial Officer, who will take us through the specific financial details of these results.

大家下午好，早安，歡迎參加 Gold Fields 2025 年上半年業績發表會。在約翰內斯堡的這個房間裡，我們與財務長亞歷克斯·達爾 (Alex Dall) 一起，將向我們介紹這些結果的具體財務細節。

I just draw your attention to the forward-looking statements in the presentation pack. Just going into our results, I just want to remind everyone that Gold Fields is a global gold miner. We have a number of high-quality operations in quality jurisdictions, and we have a high-quality growth pipeline ahead of us.

我只是提請您注意簡報中的前瞻性陳述。談到我們的業績，我只想提醒大家，Gold Fields 是一家全球金礦開採公司。我們在優質管轄區內擁有大量優質業務，並且我們擁有高品質的成長管道。

Just to remind everyone of our strategy, our strategy is very clear. It's around delivering safe and reliable and cost-effective operations, having a positive social impact on our communities and environment and continually growing the quality of our portfolio. Our focus really, if you look at our portfolio, we have four multi-decade assets, which provide the production base load. We have an additional four assets that have upside optionality. And through our greenfields, brownfields exploration activities and M&A, we continue to improve the quality and value of our portfolio.

只是想提醒大家我們的策略，我們的策略非常明確。它致力於提供安全、可靠且具成本效益的運營，對我們的社區和環境產生積極的社會影響，並不斷提高我們產品組合的品質。我們的重點確實是，如果你看看我們的投資組合，我們擁有四個數十年的資產，它們提供生產基礎負荷。我們還有另外四種具有上行選擇性的資產。透過我們的綠地、棕地勘探活動和併購，我們不斷提高投資組合的品質和價值。

The way that we think about creating value is by enhancing the longevity and quality of our portfolio of assets, the focus is on growing cash flow per share. And if we continue to do that, we're allowed to trade off the options of returning additional funds to shareholders, investing in our business and strengthening our balance sheet to take advantage of future options.

我們創造價值的方式是透過提高資產組合的壽命和質量，重點是增加每股現金流。如果我們繼續這樣做，我們可以選擇向股東返還更多資金、投資我們的業務以及加強我們的資產負債表，以利用未來的選擇。

If you look at our first half 2025 we've actually had a strong performance relative to the same period of last year. Firstly, and most importantly, the benefits of our safety improvement plan are becoming visible, and we've seen an improved safety performance in H1 2025. And in fact, over the last 4 quarters, have continued to see the improvements as we've ramped up that program. We are on track to deliver both against our production and cost guidance for 2025. And whilst our H1 '25 unit costs are slightly elevated, they have come off in absolute terms per ounce, and we continue to see an improvement in H2 post the period end, which would benefit our all-in cost during the second half.

如果你看一下我們 2025 年上半年的表現，你會發現與去年同期相比，我們的表現確實很強勁。首先，最重要的是，我們的安全改善計畫的效益正在顯現，我們已經看到 2025 年上半年安全性能的提升。事實上，在過去的 4 個季度中，隨著我們加強該計劃，我們已經看到了持續的改善。我們預計將實現 2025 年的生產和成本目標。雖然我們的 2025 年上半年單位成本略有上升，但以每盎司的絕對值計算，成本已經下降，而且我們繼續看到下半年在期末之後的改善，這將有利於我們下半年的總成本。

In terms of improving the quality of our portfolio, we have had a strong performance from Salares Norte with ramp-up progressing according to plan, and we've seen continued operations throughout the winter. And even post period end, we continue to see good performance. We also completed the signing of the Gold Road acquisition in quarter 2, and we expect that transaction to conclude in October. We've also identified significant opportunities across our portfolio for improving our assets, and I'll highlight a couple of those ideas later in the presentation.

在提高我們投資組合的品質方面，Salares Norte 表現強勁，產能提升正在按計劃進行，並且整個冬季都在持續運作。即使在期末之後，我們仍然看到良好的表現。我們也在第二季完成了 Gold Road 收購協議的簽署，預計交易將於 10 月完成。我們還發現了我們投資組合中改善資產的重要機會，我將在稍後的演講中重點介紹其中的幾個想法。

Our focus is very much on returning -- on returns to shareholders, and we've announced an interim dividend today of ZAR7.00 per share, which is 133% higher on the equivalent period last year and matches the full year dividend that we declared in February. So we've made some really good progress in the enablers of our strategy. We continue to invest in creating a sustainable, simple, reliable organization. Then just moving on to our H1 operational performance. Again, just to reinforce, we've had a very strong delivery in H1.

我們非常注重回報——回報股東，今天我們宣布每股 7.00 南非蘭特的中期股息，比去年同期高出 133%，與我們 2 月宣布的全年股息持平。因此，我們在策略推動方面取得了一些非常好的進展。我們將繼續投資創造一個可持續、簡單、可靠的組織。然後繼續討論我們的 H1 營運績效。再次強調，我們上半年的交車量非常強勁。

Our safety performance, we've made some really good progress. We did, however, have two serious injuries, which demonstrates that the journey on safety is never ending. And every day, we drive our focus. Importantly, and one of the key enablers of that is our cultural changes. And we have now completed 90% of the EB&Co recommendations and continue to make good progress in investing in culture.

我們的安全表現取得了一些非常好的進步。然而，我們確實有兩人受重傷，這表明安全之旅永無止境。每天，我們都集中精力。重要的是，其中一個關鍵推動因素是我們的文化變革。目前我們已經完成了 EB&Co 的 90% 建議，並在文化投資方面繼續取得良好進展。

In the first half, we had a 24% improvement in gold production compared to the same period last year. That enabled us to deliver an improvement in unit costs, which Alex will talk to later. And importantly, saw that translate into -- with the combined leverage of 40% improvement in realized gold prices, a 256% improvement in cash flow from operations. Importantly, and an important driver for performance is the ramp-up of Salares Norte, and we saw a 46% improvement quarter-on-quarter for Salares. We see commercial production being delivered in quarter 3 as planned with steady state plan for quarter 4.

上半年，我們的黃金產量比去年同期成長了24%。這使我們能夠改善單位成本，Alex 稍後會談到這一點。重要的是，我們看到，隨著黃金實際價格上漲 40%，經營現金流上漲 256%。重要的是，業績成長的一個重要驅動力是 Salares Norte 的成長，我們看到 Salares 的季度環比增長了 46%。我們預計第三季將按計畫實現商業化生產，第四季將實現穩定生產。

And we're well on track for the delivery of our guidance. And our production in the first half is around 48% of the midpoint of our 2025 guidance. Just very briefly touching on our social and environmental performance. We have completed a midterm review as intended in 2025. And -- but we have made also really good progress across all dimensions of our ESG commitments.

我們正在順利地實現我們的指導目標。我們上半年的產量約為 2025 年預期中位數的 48%。只是非常簡要地談我們的社會和環境表現。我們已按計劃於2025年完成了中期審查。而且——我們在 ESG 承諾的各個方面也都取得了非常好的進展。

We've made some good inroads to our safety, health and environmental improvement. We've made some good progress on gender diversity, where we now have 28% of women in leadership and 56% of women are in core operating roles. We have delivered $2.9 billion of value created for stakeholders, of which just under $800 million has been delivered to our host community.

我們在安全、健康和環境改善方面取得了一些良好進展。我們在性別多元化方面取得了一些進展，目前我們的領導階層中有 28% 是女性，核心營運上有 56% 是女性。我們為利害關係人創造了 29 億美元的價值，其中近 8 億美元已交付給我們的所在社區。

On decarbonization, we have made some good progress. We have had a 14% absolute reduction against our 2016 baseline. We continue to make good progress on the investment in renewables, but probably the one area that's lagging is that the technology in our industry has really not caught up and enabled us to make those significant inroads into diesel usage in our portfolio, and that remains a key area of focus. On tailings, last week, we launched our GISTM conformance report. And pleasingly, I can say that we have a high level of achievement against all of our tailings facilities.

在脫碳方面，我們取得了一些良好進展。與 2016 年基準相比，我們的絕對減量為 14%。我們在再生能源投資方面繼續取得良好進展，但可能有一個領域落後，那就是我們行業的技術還沒有真正趕上來，這使我們能夠在產品組合中顯著增加柴油的使用量，而這仍然是我們關注的一個重點領域。關於尾礦，上週我們發布了 GISTM 一致性報告。令人高興的是，我可以說，我們在所有尾礦設施方面都取得了很高的成就。

And in particular, all of our high-priority tailings are fully conforming. And again, we continue to focus on water stewardship. Just on production, again, what I can say is that we have made good progress, as I said, up 24% half-on-half and remain well placed on our full year guidance. And I'll talk to some of the highlights on the assets in a short while.

特別是，我們所有的高優先級尾礦都完全符合要求。我們再次強調，我們將繼續關注水資源管理。就生產而言，我可以說的是，我們取得了良好的進展，正如我所說，上半年成長了 24%，並且仍然很好地符合我們的全年預期。我稍後會談論資產的一些亮點。

I'll now hand over to Alex to talk about the cost performance in the half.

現在我將交給 Alex 來談談這一半的性價比。

Thank you, Mike. Pleasingly, we saw a $100 decrease in our all-in cost from $2,060 an ounce to $1,957. This was really on the back of the strong production, as outlined on the earlier slides from Mike, offset by an increase in operating costs of of $230. $60 of these $230 is due to the inclusion of Salares Norte in operating costs for the first time. And the remaining is due to significantly from an increase in volumes and mining contractor rates in Australia.

謝謝你，麥克。令人高興的是，我們的總成本減少了 100 美元，從每盎司 2,060 美元降至 1,957 美元。這實際上是由於強勁的生產，正如 Mike 在之前的幻燈片中概述的那樣，但營運成本增加了 2.3 億美元，抵消了這一影響。其中 6 億美元是由於 Salares Norte 首次被納入營運成本。其餘部分則是由於澳洲採礦量和採礦承包商費率的大幅增加。

Also on the back of these increased volumes, we have seen an offset in GIP as well as the unsold gold of 45,000 ounces. Again, we've also seen an increase in sustaining capital. This is due to winterization projects at Salares Norte as well as higher volumes at our Australian mines and infrastructure spend there. So back to you, Mike.

此外，隨著交易量的增加，我們還看到 GIP 有所抵消，且未售出的黃金數量為 45,000 盎司。再一次，我們也看到維持資本的增加。這是由於 Salares Norte 的防寒計畫以及我們澳洲礦場產量和基礎設施支出的增加。那麼回到你這裡，麥克。

Thank you, Alex. Just want to quickly run through our each of the operations and talk to some of the highlights. I think, firstly, just to call out South Deep, which has had a 31% improvement in attributable production half-on-half. And you'll recall that we've had a really difficult start to 2024 at South Deep. But pleasingly, there's been some really significant improvements, largely driven by improved underground mining and improved stope turnover.

謝謝你，亞歷克斯。只是想快速瀏覽一下我們的每項操作並談談一些亮點。我認為，首先要指出的是 South Deep，其可歸屬產量上半年提高了 31%。你們可能還記得，2024 年在 South Deep 的開局確實非常艱難。但令人高興的是，我們已經取得了一些真正重大的進步，這主要得益於地下採礦的改善和採場週轉率的提高。

We're also seeing some slightly higher grades from the distress activities, and that certainly provided a benefit to South Deep.

我們也看到遇險活動的評級略有提高，這無疑為 South Deep 帶來了好處。

Again, because of the higher -- or the higher fixed cost nature of the operation, those higher volumes have translated into a lower all-in cost. At Tarkwa, we were slightly down on the half, but that was largely because of a planned higher stripping -- accelerated stripping in the second quarter, which meant that we replaced fresh rock with the stockpiled material, which came in at a lower grade. We do see that production weighted to the second half and remain confident of the delivery of the full year guidance for Tarkwa.

再一次，由於營運的較高或較高的固定成本性質，較高的產量轉化為較低的總成本。在塔克瓦，我們的產量比上半年略有下降，但這主要是因為計劃在第二季度提高剝離速度，即加速剝離，這意味著我們用庫存材料取代了新鮮岩石，而庫存材料的品位較低。我們確實看到產量集中在下半年，並且仍然對 Tarkwa 實現全年目標充滿信心。

St. Ives, we saw a really good improvement, so a 33% improvement in attributable production in H1. And that was largely due to the improved open pit volumes and improved grade. And pleasingly, again, we see a second half weighting for St. Ives, and they really are tracking really well against their full year plan.

在聖艾夫斯，我們看到了非常好的改善，因此上半年的可歸因產量提高了 33%。這主要是由於露天礦產量和品位的提高。令人高興的是，我們再次看到聖艾夫斯下半年的權重，而且他們確實按照全年計劃取得了很好的進展。

Gruyere, we did see a 14% improvement in attributable production. That could have been slightly higher, but we did have some challenges in January with the process plant.

格魯耶爾乳酪，我們確實看到其產量提高了 14%。這個數字本來可能會略高一些，但我們在一月的加工廠確實遇到了一些挑戰。

I think pleasingly, apart from the difficult challenges that we had in Gruyere over the past few years with our mining contracting, we saw an 82% increase in tonnes moved and really a significant acceleration in the stage 5 waste strip. That contributed to a slightly higher all-in cost for the asset. We also see a second half weighting for Gruyere in performance. But I think the most pleasingly, we're seeing really the constraint moving from the mine to the plant, which is what we wanted to see.

我認為令人高興的是，除了過去幾年我們在格呂耶爾採礦承包方面遇到的艱難挑戰之外，我們的運輸噸數增加了 82%，並且第 5 階段廢料帶的運輸速度確實顯著加快。這導致資產總成本略有上升。我們也看到格魯耶爾在下半年的表現有所提升。但我認為最令人高興的是，我們確實看到限制從礦場轉移到工廠，而這正是我們希望看到的。

Granny Smith continues to deliver as per expectations. And again, we are -- an infrastructure spend during the 6 months. Agnew also saw an increased production in the 6 months, largely due to improved grade mines and processed. Again, we also saw slightly higher costs due to higher capital, but also due to -- at Salares Norte, again, ramp-up is going really well, going according to plan. We did have some higher capital, which Alex will touch on due to the delayed commercial production and also to some additional winterization activities, which were one-off items.

Granny Smith 繼續按照預期交付產品。再次強調，我們在 6 個月內進行了基礎設施支出。阿格紐的產量在 6 個月內也有所增加，這主要歸功於礦山品位的提高和加工流程的改進。同樣，由於資本增加，我們也看到成本略有增加，但這也是因為——在 Salares Norte，產能提升進展順利，按照計劃進行。我們確實有一些更高的資本，由於商業生產的延遲以及一些額外的防寒活動（這些都是一次性項目），亞歷克斯將會談到這一點。

Damang continues to track according to plan. We did renew our mining lease for 12 months, and we are continuing to process stockpiles as well as mining some of the satellite pits as per plan and now continue to work with the government of Ghana on the transition of the asset. Cerro Corona, we did see some increased volumes and better grades, mines and processed, which allowed us to deliver 24% improvement in production. And costs were obviously positively impacted by the higher gold sold and some of the byproduct credits.

Damang 繼續按照計畫追蹤。我們確實將採礦租約續簽了 12 個月，我們正在繼續按照計劃處理庫存以及開採一些衛星礦坑，現在我們繼續與加納政府合作進行資產轉移。在塞羅科羅納 (C​​erro Corona)，我們確實看到了產量的增加和品位的提高，礦山和加工量也有所增加，這使我們的產量提高了 24%。黃金銷售增加和一些副產品信貸顯然對成本產生了積極影響。

Just quickly touching on the catalysts, and we have got a planned Investor Day in November, where we will unpack some of these opportunities. We're very conscious. We haven't really lifted the lid on the full potential of some of our assets. But just to give a bit of a highlight on the work that's going on. So at Gruyere, clearly, we are very confident about a future life extension and looking at the various options of what life extension looks like for Gruyere.

只是快速觸及催化劑，我們計劃在 11 月舉辦投資者日，屆時我們將解讀其中的一些機會。我們非常清楚。我們還沒有真正發揮出部分資產的全部潛力。但只是為了稍微強調一下正在進行的工作。因此，在格魯耶爾，我們顯然對未來的壽命延長非常有信心，並且正在研究格魯耶爾壽命延長的各種選擇。

That includes also the pit and plant optimization, looking at exploration opportunities of the larger Yamarna land package, which we've acquired with Gold Road. And Granny Smith, the real constraint is really haulage. We know the ore body continues at depth and continues fairly consistently. So we are starting the material handling system, which should enable us to unlock at future life and reduce costs. St.

這也包括礦坑和工廠的優化，尋找我們與 Gold Road 共同收購的更大的 Yamarna 土地包的勘探機會。對 Granny Smith 來說，真正的限制是運輸。我們知道礦體在深處延伸，而且相當一致。因此，我們正在啟動物料處理系統，這將使我們能夠釋放未來的生活並降低成本。英石。

Ives, similarly, we've got a very large and significant ore body in that invincible ore body. And to unlock the full potential of that, it's really looking at how we really optimize material handling and improve stope turnover.

艾夫斯，同樣，我們在那個無敵的礦體中發現了一個非常大且重要的礦體。為了充分發揮其潛力，我們真正要研究的是如何優化物料處理並提高採場週轉率。

And we've got a number of initiatives that are driving performance at St. Ives. This is, again, a long-life anchor asset in our portfolio. Agnew, there's also an opportunity. This has always been a 4-year life asset.

我們採取了多項措施來提高聖艾夫斯的業績。這又是我們投資組合中一項長期錨定資產。阿格紐，也有一個機會。這一直都是4年的人生資產。

So we've always kind of drilled out 4 years ahead of us. But we do believe there's an opportunity through optimizing mining costs, really looking at brownfields exploration across the tenement to look at how we can really extend life at Agnew. Because, again, it's been a very good contributor for a long time in our portfolio.

所以我們總是提前 4 年進行演練。但我們確實相信，透過優化採礦成本，真正關注整個礦區的棕地勘探，可以找到延長 Agnew 礦壽命的方法。因為，它長期以來一直是我們投資組合中非常重要的貢獻者。

South Deep, the focus is all around stope turnover. We've got really significant installed infrastructure capacity. And if you've seen what the performance is in the last 6 months, we've seen improved backfill placement, improving drilling accuracy and enhanced stope extraction, which will help us to incrementally improve extraction. Tarkwa, we are really focused on future life extension on that asset. And as I flagged earlier, the key opportunity for us there, because mining costs represent 60% of the cost base for the mine is to how we improve mining efficiencies and how we drive lower mining costs, which allows us to extend life at Tarkwa and lift the value opportunity that exists there.

南深區，重點是礦場週轉率。我們已經擁有了非常可觀的基礎設施安裝容量。如果您了解過去 6 個月的表現，您會發現回填位置、鑽孔精度和採場提取率均有所改善，這將有助於我們逐步提高提取率。Tarkwa，我們真正關注的是該資產未來的壽命延長。正如我之前提到的，由於採礦成本佔礦山成本基礎的 60%，我們在那裡的關鍵機會在於如何提高採礦效率和降低採礦成本，這使我們能夠延長 Tarkwa 的壽命並提升那裡的價值機會。

Salares Norte, it's all about finding additional ore. We have got a lot of work going on, on brownfields exploration, and that certainly is the opportunity for us to provide additional life into Salares Norte. And lastly, at Cerro Corona, the real constraint is around tailings. We are looking for additional ore sources, but the work that's going on now is to see what opportunities exist for additional tailings capacity. I'll now hand over to Alex to take us through the financial performance.

北薩拉雷斯 (Salares Norte)，一切都是為了尋找更多的礦石。我們在棕地勘探方面有很多工作要做，這無疑是我們為北薩拉雷斯帶來更多活力的機會。最後，在塞羅科羅納，真正的限制因素是尾礦。我們正在尋找額外的礦石來源，但現在正在進行的工作是尋找存在哪些額外尾礦產能的機會。現在我將把時間交給亞歷克斯，讓他向我們介紹財務表現。

Thank you, Mike. And this is a summary slide. I'll unpack each block in a bit more detail on the further slides. But on the back of the strong production increase of 24% as well as a 40% increase in the gold price, we were able to deliver a very strong headline and normalized earnings of approximately a $1 billion each. This enabled us to declare an interim dividend of ZAR7 per share, which is a 133% increase on the H1 2024 interim dividend of ZAR3 per share.

謝謝你，麥克。這是摘要幻燈片。我將在後面的幻燈片中更詳細地解釋每個區塊。但在產量強勁成長 24% 以及金價上漲 40% 的背景下，我們能夠實現非常強勁的總收益和正常收益，分別約為 10 億美元。這使我們能夠宣布每股 7 南非蘭特的中期股息，比 2024 年上半年每股 3 南非蘭特的中期股息增長了 133%。

We -- pleasingly, we delivered adjusted free cash flow of $952 million against an outflow of $58 million in the prior comparative period, which is an over $1 billion swing or $1.06 per share.

令人高興的是，我們實現了 9.52 億美元的調整後自由現金流，而去年同期的自由現金流出 5,800 萬美元，相當於超過 10 億美元的波動，或每股 1.06 美元。

Pleasingly, even after the funding of the Osisko acquisition in the prior periods, our net debt to EBITDA is sitting at 0.37x. If we unpack the cash flow a bit further, the operations before taxes generated $2.1 billion. We were -- we paid on the back of the higher gold price, taxes of $463 million to the governments in the jurisdictions in which we operate. After paying interest, working capital and other movements, we were left with $1.7 billion of free cash flow. This does include funding of $100 million of spend at Windfall.

令人欣慰的是，即使在前期為收購奧西斯科籌集資金後，我們的淨負債與EBITDA之比也僅為0.37倍。如果我們進一步分析現金流，稅前營運收入可達21億美元。由於金價上漲，我們向經營所在地的政府繳納了 4.63 億美元的稅金。在支付利息、營運資金和其他流動資金後，我們還剩下 17 億美元的自由現金流。這確實包括為 Windfall 提供 1 億美元資金。

Then we paid -- we spent $665 million on capital.

然後我們付出了代價——我們花了 6.65 億美元的資本。

Significant capital spend in the first period was at Salares Norte as we got ready for the winterization. We do expect that to come off and normalize in the second half of the year as well as on underground and open pit development at our Australian operations and the St. Ives Renewables project. That enabled us to reach the $952 million of adjusted free cash flow. Again, we have a very robust capital allocation framework in place that we allocate all our spend to.

第一階段，我們在 Salares Norte 投入了大量的資本，為過冬做準備。我們確實預計，今年下半年，以及我們澳洲業務和聖艾夫斯可再生能源項目的地下和露天開發方面，這種情況將會好轉並恢復正常。這使我們達到了 9.52 億美元的調整後自由現金流。再次強調，我們有一個非常強大的資本配置框架，我們將所有支出分配到其中。

We have pleasingly maintained our investment-grade credit ratings during the half with reviews from both S&P and Moody's confirming that.

令人欣慰的是，我們在上半年維持了投資等級信用評級，標準普爾和穆迪的評級也證實了這一點。

As outlined on the previous slide, we have made significant investments in our business, including ZAR500 million on sustaining capital, ZAR100 million at Windfall and ZAR160 million on growth. We have paid -- we have declared a base dividend of ZAR7 per share or 34% of normalized earnings. This has still enabled us to have ZAR950 million of remaining free cash flow that must compete based on returns. We invested 600 -- sorry, after the dividend, it was ZAR600 million, and that went to improving the balance sheet.

如上一張投影片所述，我們對我們的業務進行了大量投資，包括 5 億南非蘭特的維持資本、1 億南非蘭特的意外收穫和 1.6 億南非蘭特的成長資本。我們已經支付——我們已宣布每股 7 南非蘭特的基本股息，或正常收益的 34%。這仍然使我們擁有剩餘的 9.5 億南非蘭特自由現金流，必須基於回報進行競爭。我們投資了 6 億——抱歉，扣除股息後是 6 億南非蘭特，用於改善資產負債表。

On the next slide, we outlined the balance sheet. And as you can see, pleasingly, our net debt has reduced to ZAR1.5 billion from ZAR2.1 billion at December 2024 and our net debt-to-EBITDA ratio is 0.37x. During the half year, we raised a 7-year bond of $750 million, which was used to refund -- repay the bridge taken out to fund the Osisko acquisition. And also, we have now completed a $2.3 billion bridge facility to underwrite the Gold Road acquisition. We have had a strong improvement in dividend from ZAR3 to ZAR7.

在下一張投影片中，我們概述了資產負債表。值得欣慰的是，如您所見，我們的淨債務已從2024年12月的21億南非蘭特降至15億南非蘭特，淨債務與EBITDA之比為0.37倍。上半年，我們發行了7.5億美元的7年期債券，用於償還為收購奧西斯科而藉出的過橋貸款。此外，我們現在已經完成了一筆 23 億美元的過橋融資，以承銷 Gold Road 的收購。我們的股息從 3 南非蘭特大幅提高到 7 南非蘭特。

This is at a conservative payout ratio of 34%, which is in line with previous year's practice, where we made a top-up at the end of the period. This equates to an annualized dividend yield of 3%. And if we look at our cash flow profile of our portfolio at Salares Norte ramps up, we believe we have an opportunity to provide sector-leading returns. As mentioned by Mike earlier, at the Capital Markets Day on the 12th of November, we will unpack our strategy around shareholder returns. Thank you, Mike, and back to you.

這是保守的 34% 的派息率，與去年的做法一致，即在期末進行補充。這相當於3%的年化股息殖利率。如果我們看一下 Salares Norte 投資組合的現金流狀況，我們相信我們有機會提供業界領先的回報。正如 Mike 之前提到的，在 11 月 12 日的資本市場日上，我們將圍繞股東回報闡述我們的策略。謝謝你，麥克，我們再見。

Thanks very much, Alex. I just wanted to spend before we go into questions, just talk about our portfolio and the work that we're doing to improve our portfolio quality. And I think just firstly, to start off with the levers and the way that we think about how we grow the value of our portfolio. And firstly, we look at M&A really through the lens of bolt-on opportunities. And if you look at the two transactions that we've done recently, those were really opportunities that we knew they were low-risk opportunities.

非常感謝，亞歷克斯。在我們提出問題之前，我只是想談談我們的投資組合以及我們為提高投資組合品質所做的工作。我認為，首先，我們要從槓桿和思考如何增加投資組合的價值開始。首先，我們真正從附加機會的角度來看併購。如果你看我們最近完成的兩筆交易，你會發現它們確實是低風險的機會。

One was acquiring the other half of the Windfall project that we already owned, including that very significant land package in Canada, around 2,500 square kilometers of highly prospective land package. And then the consolidation of 100% of Gruyere, plus the additional opportunity that we identified through the Yamarna tenements.

一是收購我們已經擁有的Windfall專案的另一半，包括加拿大非常重要的土地，約2500平方公里極具前景的土地。然後是 100% 的 Gruyere 合併，加上我們透過 Yamarna 礦權發現的額外機會。

And we'll continue to look at value-enhancing opportunities in key jurisdictions. But again, M&A, we see as something we'll continue to monitor, but it's not something we have to do, but it is an element of our growth strategy. The second one is really around brownfields exploration. And we've been very, very successful historically, particularly in our Australian assets in replacing reserves.

我們將繼續關注主要司法管轄區的增值機會。但是，我們再次將併購視為我們將繼續監控的事情，但這不是我們必須做的事情，而是我們成長策略的要素。第二個實際上是圍繞棕地勘探。從歷史上看，我們的業績非常非常成功，特別是在澳洲資產儲備補充方面。

In H1 '25, we've spent $63 million on brownfield exploration, including $7 million at Windfall. Of this, $48 million was spent with our Australian business and $5 million spent in Chile in H1 with really the focus on extending life of Salares Norte. Lastly, we've also invigorated our greenfields exploration program, and I'll talk a little bit about some of the successes that we've had. And really, the focus there is building the early-stage project pipeline for Gold Fields and trying to fill the opportunity set that will deliver projects a decade from now.

2025 年上半年，我們花了 6,300 萬美元用於棕地勘探，其中包括在 Windfall 的 700 萬美元。其中，上半年我們在澳洲業務上花費了 4,800 萬美元，在智利業務上花費了 500 萬美元，主要致力於延長 Salares Norte 的壽命。最後，我們也啟動了綠地勘探計劃，我將簡要介紹我們所取得的一些成功。實際上，那裡的重點是為 Gold Fields 建立早期專案管道，並試圖填補十年後交付專案的機會。

We've built a really attractive portfolio of greenfield interest, and I'll talk about some of the recent ones that we've done. And most of these include earn-in opportunities and equity partnerships. Again, our focus around greenfields is less about proprietary exploration, but more about leveraging some of the great opportunities that our juniors hold. And many of our juniors continue to remain capital constrained to develop these opportunities.

我們已經建立了一個非常有吸引力的綠地投資組合，我將談論我們最近所做的一些事情。其中大部分包括入股機會和股權合作。再次強調，我們對綠地的關注點並不在於專有勘探，而是利用我們的初級公司所掌握的一些絕佳機會。而我們的許多初級公司仍然受到資金限制，無法開發這些機會。

Just looking at some of the near-term options. And I think, again, we are very excited about both of these opportunities in our portfolio. So Salares Norte, despite a difficult 2024, we've had uninterrupted operations despite similar weather conditions in 2024. We have also now captured 5 Chinchilla and relocated them before the program was paused due to the winter months.

只考慮一些近期的選擇。我認為，我們對投資組合中的這兩個機會感到非常興奮。因此，Salares Norte，儘管 2024 年面臨困難，但儘管 2024 年的天氣條件相似，我們的營運仍保持不間斷。由於冬季來臨，該計畫暫停之前，我們還捕獲了 5 隻龍貓並將它們重新安置。

So we feel very confident about our partnership with the environmental agency in Chile to enable us to continue that once the end of the winter occurs in October. We're on track to achieve commercial levels of production in quarter 3, and we are making good progress to deliver steady-state production in quarter 4 as per our plan. And again, the key focus for us in the second half is that continued exploration program and preparing ourselves and reinitiating the Chinchilla capture program so that by quarter 4, 2026, we can start some of that preparing for the Agua Amarga open pit pre-strip activities.

因此，我們對與智利環境機構的合作非常有信心，這將使我們能夠在十月冬季結束後繼續這項工作。我們預計在第三季度實現商業化生產水平，並且正在按照計劃在第四季度實現穩定生產方面取得良好進展。再次強調，我們下半年的重點是繼續進行勘探計劃，做好準備並重新啟動 Chinchilla 捕獲計劃，以便到 2026 年第四季度，我們可以開始為 Agua Amarga 露天礦開採前期活動做準備。

On Windfall, the next 6 months is very much on execution preparedness, progressing the EIA process, progressing the IBA program and advancing the detailed engineering and technical work in preparation for an FID in Q1 of 2026 post the receipt of the -- this is a 24-month construction period with the planned delivery of first gold in 2028. There's clearly a lot of questions that many of you'll have around, capital estimates for Windfall, and we intend to provide guidance and the execution plan at our Capital Markets Day in November.

對於 Windfall 專案而言，接下來的 6 個月將主要致力於執行準備，推進 EIA 流程，推進 IBA 計劃，並推進詳細的工程和技術工作，為在收到最終投資決定後於 2026 年第一季度做出最終投資決定做準備——這是一個為期 24 個月的建設期，計劃於 2028 年交付第一批黃金。顯然，你們中的許多人都會對 Windfall 的資本估算有很多疑問，我們打算在 11 月的資本市場日上提供指導和執行計劃。

The next item just to call out, which again, we are really excited about is the acquisition of Gold Road, which really allows us to consolidate the ownership of Gruyere. If you look at the time line, indicative time line, so we kind of signed the transaction in the beginning of May. There are a number of steps to that pathway on last Friday. The scheme booklet was distributed to shareholders, and we're expecting an implementation date of around mid-October.

下一個要提到的事項是，我們對此感到非常興奮，那就是收購 Gold Road，這確實使我們能夠鞏固 Gruyere 的所有權。如果你看一下時間線，指示性時間線，那麼我們在五月初簽署了交易。上週五，通往該道路的路途有許多步驟。該計劃手冊已分發給股東，我們預計實施日期約為 10 月中旬。

Having said that, whilst the Gold Road and the corporation and essentially start reporting the production in quarter 4, all of the cash really starts generating and becomes accretive from the date of signature of the transaction. So really seeing the benefit of that playing out. There was also an independent expert report, which was produced in early August, and that demonstrated and confirmed that our offer was within the reasonable valuation range. Just on the Yamarna land package and many people have certainly suggested that, that has been significantly explored for some time by Gold Road. And I think this really ties to why the strategic rationale behind the transaction now is Gruyere was operating asset in the gold portfolio.

話雖如此，雖然 Gold Road 和公司基本上在第四季度開始報告生產情況，但所有現金實際上都是從交易簽署之日起開始產生並增值的。因此確實看到了這項措施帶來的好處。還有一份獨立專家報告，該報告於 8 月初出具，證明並確認我們的報價在合理的估值範圍內。僅就 Yamarna 土地計畫而言，許多人肯定地表示，Gold Road 已經對此進行了一段時間的深入探索。我認為這確實與為什麼現在這筆交易背後的戰略原理有關，即格魯耶爾是黃金投資組合中的營運資產。

And our development agendas were maybe slightly different in how we thought about development. Clearly, Gold Road, we're looking for another Gruyere on the Yamarna package. And for us, all that we need to do is to continue to find those small packages like Smokebush and Gilmore, which provide a great sweetener to the Gruyere mill, because they're absolutely within trucking distance. So our kind of thinking around the strategic value of that land package may be slightly different.

我們的發展議程在發展思維上可能略有不同。顯然，Gold Road，我們正在尋找 Yamarna 套餐中的另一個 Gruyere。對我們來說，我們需要做的就是繼續尋找像 Smokebush 和 Gilmore 這樣的小包裝，它們為 Gruyere 工廠提供了極好的甜味劑，因為它們絕對在卡車運輸距離之內。因此，我們對該土地的戰略價值的思考可能略有不同。

But again, we are very pleased with the inclusion of this in our future growth prospects. And then just lastly, on our greenfield exploration portfolio, we really invigorated this around 2 years ago and have made some fantastic progress. During H1, we made probably 4 important -- continued important progressive partners. So on Onyx Gold, we lifted our stake to just under 10%, and there's been some outstanding intercepts in the drilling that Onyx Gold have delivered.

但我們仍然非常高興將其納入我們未來的成長前景。最後，關於我們的綠地勘探組合，我們在大約兩年前就真正啟動了這個項目，並取得了一些顯著的進展。在上半年，我們可能已經建立了 4 個重要的——持續重要的進步合作夥伴。因此，我們將 Onyx Gold 的持股比例提高到了略低於 10%，並且 Onyx Gold 在鑽探中取得了一些出色的成果。

So again, that presents a really exciting partnership. In addition, we participated in a capital raise with [VO] in Canada and maintained our 20% stake. And this supports a 60,000 meter drilling campaign on that project. Again, both of these are high-quality exploration projects in a jurisdiction that we are -- we have recently entered into. Also in addition at -- with Hamelin Gold in Australia, we maintained our stake in the West Tanami project.

所以，這再次表明這是一個真正令人興奮的合作關係。此外，我們也與加拿大的[VO]一起參與了融資，並保留了20%的股份。這為該計畫的 60,000 公尺鑽探活動提供了支持。再次強調，這兩個都是我們最近進入的司法管轄區內的高品質勘探計畫。此外，我們也與澳洲的哈梅林黃金公司 (Hamelin Gold) 合作，保留了在西塔納米 (West Tanami) 計畫中的股份。

In addition, at Tesoro Gold, we participate in our raise and our 17% stake maintained to support regional exploration. So we are now building a really nice package of opportunities through these deep partnerships, which allow us to start building that long-term pipeline for the future success of Gold Fields.

此外，在 Tesoro Gold，我們參與增資並保留 17% 的股份以支持區域勘探。因此，我們現在正在透過這些深度合作夥伴關係建立一系列非常好的機會，這使我們能夠開始為 Gold Fields 的未來成功建立長期管道。

Just moving to the conclusion and our outlook. Pleasingly, I can confirm that our production and capital and cost guidance remains intact and unchanged for the full year. Our focus for the remainder of the year is very simple. It's continuing to improve our safety performance and ensure and guarantee that everyone goes home safe and well at the end of every day.

只需轉到結論和我們的展望。令人高興的是，我可以確認，我們的生產、資本和成本指導全年保持不變。我們今年剩餘時間的重點非常簡單。它不斷提高我們的安全績效，確保並保證每個人每天結束時都能安全回家。

We do that through the work on our safety improvement program and our investment in culture. It's the predictable delivery of our plan. It's the continued safe ramp-up at Salares Norte, delivering on our core asset plans as well as improving the quality of our portfolio through preparing for the Windfall FID, completing the Gold Road acquisition and continuing safe delivery of our exploration activities. As I indicated earlier, we do have a planned Capital Markets Day on the 12th of November, which I'm hoping many of you can join.

我們透過安全改進計劃和文化投資來實現這一目標。這是我們計劃的可預見的交付。這是 Salares Norte 持續安全提升，實現我們的核心資產計劃，並透過準備 Windfall FID、完成 Gold Road 收購和繼續安全地進行我們的勘探活動來提高我們投資組合的品質。正如我之前所說，我們計劃在 11 月 12 日舉辦資本市場日活動，我希望你們中的許多人都能參加。

And at that meeting, what we would like to do is really to start providing a bit of a longer-term outlook on Gold Fields and our portfolio as it evolves. We are certainly excited about the opportunities, not with just the bigger projects, but with what each of our assets can deliver and the opportunity to deliver on our strategy, which is really growing the value of the company and ultimately being the preferred gold player in the sector. And we do that by growing cash flow per share and making sure that we are disciplined in capital allocation and growing returns to shareholders. So with that, I thank you and move over to questions.

在那次會議上，我們真正想做的是開始為 Gold Fields 和我們的投資組合的發展提供一些長期展望。我們當然對這些機會感到興奮，不僅是因為更大的項目，還因為我們每項資產所能帶來的收益以及實現我們策略的機會，這確實增加了公司的價值，並最終成為該領域首選的黃金參與者。我們透過增加每股現金流、確保在資本配置和增加股東回報方面遵守紀律來實現這一目標。因此，我感謝大家，現在開始提問。

Thank you so much, Mike. Just because we've got a combination of questions that are coming from the webcast online as well as through Chorus Call, I propose taking kind of one from each and starting with the webcast questions.

非常感謝，麥克。因為我們收到了一系列來自網路直播和 Chorus Call 的問題，所以我建議從每個問題中選擇一個，然後從網路直播問題開始。

The first one is from Tom Middleton. He says, Mike, leadership is such a critical factor in delivering on the strategy in mining. How do you approach building and sustaining that leadership strength across Gold Fields? And to what extent do you draw on specialist partners in the industry to help you identify and secure the right talent?

第一個來自湯姆·米德爾頓。他說，麥克，領導力是實現採礦策略的關鍵因素。您如何在 Gold Fields 建立和維持領導力？您在多大程度上利用行業中的專業合作夥伴來幫助您識別和獲得合適的人才？

Tom, thank you very much for that and a really excellent question. And it's been really quite interesting in the 18 months that I've been with Gold Fields. We've made quite a number of changes in the way that we organized. And that's certainly been a part of our culture and our change journey. We've also invested very heavily in leadership development, and that was a journey that started probably 6 months before I joined.

湯姆，非常感謝你提出這個問題，這是一個非常好的問題。在我在 Gold Fields 工作的 18 個月裡，事情真的非常有趣。我們對組織方式做出了相當多的改變。這無疑是我們文化和變革歷程的一部分。我們也在領導力發展方面投入了大量資金，這段旅程大概在我加入之前六個月就開始了。

And it was certainly a recognition that as part of the feedback that we got on the mirror from EB and company that we needed to do a lot of work around leadership development. And we did that, firstly, by having experts like EB&Co and others provide that mirror back to us on where we had gaps.

這當然是一種認可，從 EB 和公司給我們的回饋來看，我們需要在領導力發展方面做大量工作。我們這樣做是為了：首先，讓 EB&Co 等專家向我們反映我們的差距。

And then we did need to partner up to ensure that we had that capability lift given and provided to us. In addition, going to the way that we think about our talent and our business, we also acknowledge that we had a huge amount of latent capacity that just weren't being given the opportunity to grow and develop. And it's been quite interesting as we've gone through processes of benchmarking our talent externally, we've realized we've got, yes, whilst we have opportunities to close gaps and Chris in the room with us, Chris Gratias is our EVP of Corporate Development, we did bring in externally because we recognize we needed some new thinking and new capability in that area.

然後我們確實需要合作以確保我們能夠獲得並提供給我們的能力提升。此外，從我們對人才和業務的看法來看，我們也承認我們擁有大量潛在能力，只是沒有成長和發展的機會。這非常有趣，當我們經歷了對外部人才進行基準測試的過程時，我們意識到我們確實有機會縮小差距，而且克里斯和我們在一起，克里斯·格拉蒂亞斯是我們的企業發展執行副總裁，我們確實從外部引進了人才，因為我們認識到我們需要在該領域進行一些新的思考和新的能力。

But increasing -- in addition to that, in the room next to me, we have Alex Dall, who's our CFO and has grown up in the business and is actually doing an excellent job, and I'll still say he is doing an excellent job in 12 months' time. And so I think it's a balance. It's a balance of making sure you grow your own timber in the business but equally supplementing that from time to time where we need to bring in some new capability and skills. So I think it's a bit of both, but I fully agree. Ultimately, the sustainability of our business is going to come down to the culture and capability sets for the next generation.

但除此之外，在我旁邊的房間裡，還有我們的財務長亞歷克斯·達爾 (Alex Dall)，他在業務中不斷成長，實際上做得非常出色，我仍然會說，12 個月後他仍然做得非常出色。所以我認為這是一種平衡。這是一種平衡，確保你在業務中發展自己的業務，但同樣要不時地補充一些新的能力和技能。所以我認為兩者都有一點，但我完全同意。最終，我們業務的可持續性將取決於下一代的文化和能力。

Good. Thank you. I'll pause for a second, Mike, and we can hand over to the operator to advise if there's any questions coming through the call.

好的。謝謝。麥克，我暫停一下，我們可以將電話交給接線員，以告知通話中是否有任何問題。

There are a few questions from the call. (Event Instructions) The first question we have comes from Josh Wolfson of RBC.

通話中提出了幾個問題。（活動說明）我們的第一個問題來自 RBC 的 Josh Wolfson。

First question I have is on Salares. There was some very solid performance this quarter on throughput improvements and grade was healthy. On the recovery side, gold is, I guess, a little bit below plan, silver improved. With all this in mind, I'm just wondering what we should be thinking about more specifically on grade and recoveries in the second half of the year? I'm told there had been some discussion about managing stockpiles and really what that means for the second half?

我的第一個問題是關於薩拉雷斯的。本季在吞吐量改進方面表現非常穩健，並且成績良好。在復甦方面，我猜黃金價格略低於計劃，而白銀價格則上漲。考慮到所有這些，我只是想知道我們應該更具體地考慮下半年的等級和復甦嗎？我聽說已經討論過庫存管理問題，這對下半年意味著什麼？

Thank you, Josh. And thanks for that question on Salares. So I think on Salares, we certainly -- what we have done, and I think we may have flagged this earlier in the year, what we acknowledged in terms of recoveries is that we are struggling with the amount of silver that we could actually process, which kind of ultimately impacted the realized gold equivalent of the throughput. So what we have done is we've actually put in a larger capacity furnace, and that was commissioned in the beginning of August. And we're already seeing some of the benefits of that coming through.

謝謝你，喬希。感謝您關於薩拉雷斯的提問。因此，我認為在薩拉雷斯問題上，我們當然已經做了一些事情，而且我認為我們可能在今年早些時候就提到了這一點，就回收而言，我們承認我們正在努力處理我們實際能夠處理的白銀數量，這最終影響了已實現的黃金當量吞吐量。因此，我們所做的就是安裝一個更大容量的熔爐，並在 8 月初投入使用。我們已經看到了它帶來的一些好處。

So we think that, that kind of those recoveries and maybe some of those challenges that we had a little bit earlier, which I would not call challenges. They're really just part of ramp-up teething issues. I think will be significantly mitigated by that. And already what we've seen in July and into August certainly gives us confidence that we're going to see some of those benefits coming through.

所以我們認為，這些復甦以及我們之前遇到的一些挑戰，我不會稱之為挑戰。它們實際上只是初期問題的一部分。我認為這將大大緩解這種情況。而我們在七月和八月所看到的情況確實讓我們有信心，我們將會看到一些好處的實現。

I think in respect of grade, whilst we have a very good stockpile management and we've got these key kind of fingers that really allows us to separate the different grades. What we also track really closely is making sure that we try and process largely in line with our life of mine grade profile, because what we don't want to do, and in particular, during this ramp-up is to be high grading those stockpiles even though the grades are super good for us. But I think what we should expect to see for the remainder of the year is trying to get us back towards our long-term grade profile of roughly around that 8 grams per tonne. So I think that's largely what we delivered in the first half and probably something what we should expect in the second half to be close to that as well.

我認為就等級而言，雖然我們有非常好的庫存管理，而且我們有這些關鍵的手指，可以讓我們真正區分不同的等級。我們也密切追蹤的是確保我們盡量按照礦山壽命等級概況進行處理，因為我們不想做的，特別是在這次加速過程中，對這些庫存進行高等級評估，即使這些等級對我們來說非常好。但我認為，我們在今年剩餘時間內應該看到的是，努力讓我們回到大約每噸 8 克的長期品位水平。所以我認為這基本上就是我們在上半年所取得的成績，而我們預計下半年也應該會接近這個成績。

And then one other question on --

還有一個問題--

Please go ahead, Josh.

請繼續，喬希。

Sorry, if I -- yes, one other question, if I can ask. Just as it relates to Gold Road in the Northern Star share position as part of the company. Could you remind us what the mechanism there is exactly and what the intention is with that share position?

抱歉，如果我──是的，如果我可以問的話，還有一個問題。正如它關係到金路在北極星公司中的股份地位一樣。您能否提醒我們一下那裡面的機製到底是什麼以及該份額立場的目的是什麼？

Yes. Thanks, Josh. And Chris Gratias, our EVP of Corporate Development, is in the room. So I'm going to ask Chris to talk to it.

是的。謝謝，喬希。我們的企業發展執行副總裁 Chris Gratias 也在場。所以我要請克里斯來談談。

Sure. Thanks, Mike. So there was a mechanism agreed that the value of our offer would float with the change in the Northern Star share price. And there's a 5-day VWAP calculation that will be implemented around the court hearing date, which is towards the end of September. And that will fix the amount of the cash that will be paid to the Gold Road shareholders.

當然。謝謝，麥克。因此，我們達成了一種機制，即我們的報價價值將隨著北極星股價的變化而浮動。另外，將在法庭聽證會日期前後（即 9 月底）實施為期 5 天的 VWAP 計算。這將確定支付給 Gold Road 股東的現金金額。

We will then inherit the shares. And while we're considering our options are -- it's not going to be a noncore holding for us. So we will look to find ways to then offload that position and not take on any unnecessary risk.

然後我們將繼承股份。雖然我們正在考慮我們的選擇——但這對我們來說不會是非核心控股。因此，我們將尋找方法來卸下該職位，並且不承擔任何不必要的風險。

I think safe to say very much that I think since the signing on the 5th of May, we have seen a slight construction.

我認為可以肯定地說，自 5 月 5 日簽署以來，我們已經看到了輕微的建設。

So the headline value of our offer on May 5 was AUD 3.40 a share. There has been some pressure on the Northern Star share price, obviously, that moves all the time. But currently, the implied value of the offer is AUD 3.30 a share, so there's been a 10% increment. But again, that value is passed through to a Gold Road shareholder is not risk to us.

因此，我們 5 月 5 日的報價為每股 3.40 澳元。顯然，北極星的股價一直承受著一定的壓力，而且一直在波動。但目前，報價的隱含價值為每股 3.30 澳元，因此漲幅為 10%。但再次強調，將價值傳遞給金路股東對我們來說並不構成風險。

Operator, just mindful that you said there's quite a few questions on the call. I will take one more, and then we'll go back to the ones on the web.

接線員，請注意，您說電話中有很多問題。我將再談一次，然後我們再回到網路上的討論。

The next question we have comes from Adrian Hammond of SBG.

下一個問題來自 SBG 的 Adrian Hammond。

Thanks, operator. Yes, so I appreciate your slide on 14, the catalyst for portfolio optimization. It sounds like you've got a lot of good things planned. Obviously, this will come at a cost. I was just wanting to give a sense to us, if you can, about where Gold Fields sits in the CapEx cycle, knowing, of course, you also have a few projects lined up as well.

謝謝，接線生。是的，所以我很欣賞你關於第 14 張投影片，也就是投資組合優化的催化劑。聽起來你已經計劃了很多好事。顯然，這是有代價的。如果可以的話，我只是想讓我們了解一下 Gold Fields 在資本支出週期中的位置，當然，我知道你們也有一些正在籌備的項目。

Yes. Really good question, Adrian. And I think the issue for us as we think about all of these opportunities is trying to ensure that whilst we want to identify and pursue these opportunities, we are going to rank them. So we've got to make sure that we deliver the most value-accretive options as priorities. So we are ranking all of these options.

是的。真是個好問題，阿德里安。我認為，當我們考慮所有這些機會時，我們面臨的問題是試圖確保在我們想要識別和追求這些機會的同時，我們要對它們進行排名。因此，我們必須確保優先提供最具增值潛力的選擇。因此我們對所有這些選項進行了排名。

But I do think it's important for us to think about, and it comes back to capital allocation, which Alex talks to, is we are in a very privileged point in the price cycle where we are generating a huge amount of cash. And what we're wanting to do is to, again, deliver those 3 things that we spoke about is, one, invest in our business for the long term, take debt off the balance sheet and improve the quality of our balance sheet, but equally making sure that we continue to deliver upper quartile returns to shareholders.

但我確實認為這對我們來說很重要，它又回到了資本配置的問題上，正如亞歷克斯所說的那樣，我們正處於價格週期的一個非常有利的點上，我們正​​在產生大量的現金。我們想要做的是再次實現我們談到的那三件事：第一，對我們的業務進行長期投資，從資產負債表中去除債務，提高資產負債表的質量，但同樣確保我們繼續為股東帶來上四分位回報。

And I think the -- how we're going to be measured undoubtedly in the coming years and particularly as we deliver on this potential of this business is how we manage and balance those opportunities, because if we kind of create imbalance, i.e., we keep all the cash on the balance sheet, we don't invest in our business, we don't return to shareholders. We're not going to be attractive. So it's really about trying to manage that balance.

我認為，在未來幾年裡，尤其是在我們發揮這項業務的潛力時，我們毫無疑問將如何管理和平衡這些機會，因為如果我們造成了不平衡，即，我們將所有現金都放在資產負債表上，我們就不會投資於我們的業務，我們就不會回報股東。我們不會具有吸引力。所以這實際上就是試圖保持這種平衡。

So as you rightly identify, many of these come with capital. And I think the wisdom for us is about how we can balance those competing tensions and using the benefit of the tailwinds that we have today to invest judiciously in the future and where we do make these investments, making sure that they're setting up these assets for the long term at a lower cost and at a higher margin, which really becomes a multiplier in the ability to return -- deliver superior returns to shareholders. But I think you've hit the key issue here.

正如您所正確指出的，其中許多都伴隨著資本。我認為，對我們來說，明智的做法是如何平衡這些相互競爭的緊張局勢，並利用我們今天的順風優勢，明智地投資未來，以及我們進行這些投資的地方，確保他們以較低的成本和較高的利潤率建立這些資產的長期價值，這實際上會成為回報能力的乘數——為股東帶來豐厚的回報。但我認為你已經觸及了關鍵問題。

Yes, one thing about identifying the opportunities and being very focused on how they add value to us, but then being very, very judicious about how we are disciplined in allocating capital to those opportunities in the portfolio.

是的，一方面要識別機會，並非常關注它們如何為我們增加價值，另一方面要非常謹慎地為投資組合中的這些機會分配資本。

Alex, if you want to add to that?

亞歷克斯，你想補充一下嗎？

No, I think Mike has hit the nail on the head there. And I think, Adrian, if you look at a lot of those opportunities on those slides, a lot of them come to life extension, and that's just continuing our investment in brownfields Australian assets, that being Gruyere and Agnew. Yes, if materials handling systems become an option at both Granny Smith's and St. Ives as we look to unlock that value, that will obviously come with a CapEx spend, but the market needs to have the right returns on it and give a material decrease in costs and increase in volumes. But otherwise, a lot of them are just sort of the baseline expenditure we spend anyway.

不，我認為麥克說得一針見血。而且我認為，阿德里安，如果你看一下幻燈片上的很多機會，你會發現很多機會都與延長使用壽命有關，而這只是繼續我們對澳大利亞棕地資產的投資，即格魯耶爾和阿格紐。是的，如果材料處理系統成為 Granny Smith 和 St. Ives 的一種選擇，而我們試圖釋放這種價值，那麼這顯然需要資本支出，但市場需要獲得正確的回報，並大幅降低成本並增加產量。但除此之外，其中很多只是我們花費的基本支出。

Yes. And I think the other point, Adrian, I'd just make is we also -- as we think about these projects, we're looking at them through the lens of, in addition to ranking, what is the point at which they become sterilized as an option. And some of these options, you get to a point, well, if you don't make this investment, then really we probably need to think about what is the time to move on because then if we're not prepared to make some of these investments, then it's better off in the hands of others.

是的。阿德里安，我想說的另一點是，當我們思考這些項目時，除了排名之外，我們還會從另一個角度來看待它們，即它們在什麼時候會被視為一種選擇。而對於這些選擇中的某些，如果你不進行這項投資，那麼我們真的可能需要考慮什麼時候該繼續前進，因為如果我們不准備進行這些投資，那麼最好把它交給別人。

Yes, that's clear. I mean no doubt these are the challenges in mining. But while Alex was happy to talk a bit more. I mean the dividend surely is obviously a balancing act with everything else that you discussed, CapEx and debt reduction. Yet I think it's fair to say that the market is looking towards returns more now that you have a windfall from the gold price.

是的，很清楚。我的意思是，毫無疑問這些都是採礦業面臨的挑戰。但亞歷克斯很高興能多聊一會兒。我的意思是，股息顯然是與您所討論的其他所有內容（資本支出和債務減少）取得平衡的行為。但我認為可以公平地說，既然你從金價中獲得了意外之財，那麼市場現在更期待回報。

You're paying a ratio that is still somewhat short of the top end. I mean, should we be thinking that given what you've discussed with us today, that we should be a bit more conservative in the way we should be modeling dividend payouts?

您支付的比例仍略低於最高水準。我的意思是，根據您今天與我們討論的內容，我們是否應該認為，我們在設計股息支付方式時應該更加保守一些？

No. And Alex can talk to this. I think what we've done in the interim this year has been quite consistent with how we paid out an interim in the past years in terms of percentage of underlying earnings. But what we do know is that there is going to be further opportunity for additional returns. And I think Alex is going to talk about that in November.

不。亞歷克斯可以談論這個。我認為，就基本收益的百分比而言，我們今年中期所採取的做法與過去幾年中期支付的方式非常一致。但我們確實知道，還會有進一步獲得額外回報的機會。我認為亞歷克斯將在十一月談論這個問題。

But we certainly think that with the outlook in our portfolio and the significant cash generation even at consensus, we will absolutely be in a position to be a bit more generous in how we think about returns to shareholders.

但我們確實認為，鑑於我們投資組合的前景以及即使在共識下也能產生大量現金，我們絕對能夠更加慷慨地考慮股東回報。

But Alex, maybe you want to cover that?

但是亞歷克斯，也許你想掩蓋這一點？

No, no, I think that's spot on. Mike has covered it, Adrian. We have consistently paid out approximately 35% of normalized earnings as our interim dividend. And then we look at the year-end at any top-up optionality.

不，不，我認為那是正確的。麥克已經報道過了，阿德里安。我們一直將約 35% 的正常收益作為中期股息支付。然後我們看看年底是否有任何補充選擇。

And just again to call out, I think we are very confident with our portfolio outlook that we can both fund our internal growth options and a number of these capital improvement options that we identify in the portfolio and deliver upper quartile returns to shareholders.

再次強調，我認為我們對我們的投資組合前景非常有信心，我們既可以為內部成長選項提供資金，也可以為我們在投資組合中確定的許多資本改善選項提供資金，並為股東帶來上四分位數的回報。

Thanks, Adrian. Just two from online from (inaudible). Please, can you give us some color on the winterization program at Salares and whether the operation is now fully winter proofed for coming years? And then I'm also going to lump in a next question from her is, can you give us guidance at a high level on production and ASIC for '26 and '27?

謝謝，阿德里安。僅兩個來自網路上（聽不清楚）。請問，您能否向我們介紹一下薩拉雷斯的防寒計劃，以及該工廠是否已為未來幾年做好了全面的防寒準備？然後我還要回答她的下一個問題，您能否為我們提供關於 26 年和 27 年生產和 ASIC 的高層指導？

Yes. Thanks, (inaudible). So on Salares some of the additional capital that we spent this year was following a review that we had undertaken by independent experts to say, is there anything additional that we could do to provide protection for Salares. And that wasn't because we didn't believe that our existing design was sufficient, but we said what additional could we do?

是的。謝謝，（聽不清楚）。因此，我們今年在薩拉雷斯計畫上投入的一些額外資金是在獨立專家進行審查之後投入的，審查內容是：我們能否採取額外措施來保護薩拉雷斯計畫。這不是因為我們不相信我們現有的設計已經足夠，而是我們說我們還能做什麼？

And this really entailed a couple of things. It entailed additional heat tracing on the larger diameter piping. It entailed complete encapsulation on our -- some of our exposed pipes as well as some full encapsulation on our exposed large diameter valves, which we've now completed. And I think -- that in conjunction with that continued operation, which is always going to be a requirement and operational readiness to make sure you minimize downtime during winter is really what's enabled us to deliver the good results this year. And so as long as we continue to operate this plant in that consistent way, then there's nothing really additional that we need to invest in for future winterization.

這確實需要做一些事情。它需要對更大直徑的管道進行額外的熱追蹤。它需要對我們的一些暴露的管道進行完全封裝，以及對我們暴露的大直徑閥門進行完全封裝，我們現在已經完成了。我認為——結合持續營運（這始終是一項要求）和營運準備，以確保最大限度地減少冬季停機時間，這才是我們今年能夠取得良好業績的真正原因。因此，只要我們繼續以一致的方式運作工廠，那麼我們就不需要為未來的防寒工作進行任何額外的投資。

So we think we're in a good place at Salares.

因此我們認為 Salares 的處境很好。

In relation to your second question, we will come out at the Capital Markets Day in November and provide long-term guidance. And so I'd ask your indulgence to hold until then for us to provide that.

關於您的第二個問題，我們將在 11 月的資本市場日上發布並提供長期指導。因此，我請求您允許我們等到那時再提供該服務。

Thanks, Mike. One more from [Peter Comridge]. Could Gold Fields look at another U.S. dollar bond to replace the Gold Road acquisition facility?

謝謝，麥克。還有一個來自[彼得·康里奇]Gold Fields 是否會考慮發行另一筆美元債券來取代 Gold Road 收購工具？

Alex?

亞歷克斯？

Thanks, Peter. So obviously, once the Gold Road bridge facility is in place, we need to look at our various takeout options, which could be putting in another bank facility, either revolver term loan or it could be looking at the U.S. dollar bond markets as well as in this strong gold price environment, the strong cash generation in the group, there could be some ability to use that cash to pay down a portion of the debt. But it goes back to balancing that tension of our capital allocation framework. We know that we need to delever the balance sheet after these 2 investments being Osisko and Gold Road and give returns to shareholders as well as invest in our business.

謝謝，彼得。因此，顯然，一旦黃金之路過橋貸款到位，我們就需要考慮各種收購方案，可以是注入另一筆銀行貸款，可以是循環定期貸款，也可以是考慮美元債券市場，而且在這種強勁的金價環境下，集團擁有強勁的現金流，因此，集團可以利用這些現金來償還部分債務。但它又回到了平衡資本配置框架的緊張狀態。我們知道，在對 Osisko 和 Gold Road 這兩項投資之後，我們需要降低資產負債表的槓桿率，為股東帶來回報，並投資於我們的業務。

So I mean, we will keep all our options open. But as always, the window for when we can do a bond is in April and May on the back of our publishing about 20-F. So we do have some time to see what our debt profile looks like.

所以我的意思是，我們會保留所有的選擇。但與往常一樣，我們可以發行債券的時間窗口是在我們發布有關 20-F 的消息之後的 4 月和 5 月。所以我們確實有時間來了解我們的債務狀況。

Over to you, operator, to just check in if there's any other questions in the queue.

接線員，接下來就交給您了，請檢查隊列中是否還有其他問題。

We have two more questions. The first question we have comes from Chris Nicholson of RMB Morgan Stanley.

我們還有兩個問題。我們的第一個問題來自摩根士丹利的克里斯·尼科爾森 (Chris Nicholson)。

My questions largely revolve around just CapEx, a couple of interrelated questions. So not to lose the wood to the trees here, obviously, the news that Salares is ramping up and has done well through the winter so far is great. The expenditure on Salares, I think you have explained is quite a bit higher than what you originally guided this year. I think you're tracking already at around $200 million. Where do you think that the Salares total CapEx for this year will end up?

我的問題主要圍繞在資本支出，以及幾個相互關聯的問題。因此，我們不要只見樹木不見森林，顯然，薩拉雷斯正在加緊努力，並且到目前為止整個冬天都表現良好，這是一個好消息。我認為您已經解釋過，薩拉雷斯的支出比您今年最初指導的支出要高出不少。我認為您追蹤到的金額已經達到 2 億美元左右。您認為今年 Salares 的總資本支出最終會達到多少？

Kind of linked to that then, obviously, you're spending quite a bit more CapEx this year at Salares than originally guided, but you aren't changing your group capital guidance. Are you pulling back on CapEx anywhere else through the remainder of the year? And then just final question. There is some capital expenditure in the group that I think has kind of moved up. So obviously, you're doing stripping at Tarkwa.

與此相關的是，顯然，今年您在 Salares 的資本支出比最初指導的要多得多，但您不會改變集團資本指導。今年剩餘時間裡，您是否會在其他地方削減資本支出？接下來是最後一個問題。我認為該集團的一些資本支出有所增加。很明顯，你在塔克瓦 (Tarkwa) 做脫衣舞。

Certainly, the infrastructure build-out in Australia is higher and you're doing a bit of catch-up there. Should we expect that to continue into 2026?

當然，澳洲的基礎建設程度更高，你們在那裡也正在做一些追趕工作。我們是否應該預期這種情況會持續到 2026 年？

Thanks very much for that question, Chris. If we go to the CapEx at Salares, we do expect that to come off significantly in the second half of the year. There is an element of a small element of uncertainty on what exact month we reach commercial levels of production because there you're reclassifying operating cost to capital expenditure. So that will determine where we land up, but that is going to come off significantly in the second half of the year.

非常感謝你提出這個問題，克里斯。如果我們看一下 Salares 的資本支出，我們確實預計今年下半年該支出將大幅下降。由於我們將營運成本重新歸類為資本支出，因此對於我們達到商業生產水準的特定月份存在一些不確定性。所以這將決定我們的最終結果，但這將在今年下半年顯著下降。

And when you look at the total group guidance, there are probably two other key drivers there that bring us back within the range. The first being that as Damang has a life that is shorter than 12 months, all of their capital spend, what would have been classified as capital spend is being classified as operating expenditure on the stripping of the mini pits as well as at Windfall certain items that we had originally included in the guidance as capital have turned out to be exploration expenditures, so they go to the operating expenditure line. So we're quite comfortable from that capital perspective on that side. And in 2026, we do expect to see the continued stripping at Tarkwa.

當你查看整個集團指導時，可能還有另外兩個關鍵驅動因素使我們回到範圍內。首先，由於 Damang 的壽命短於 12 個月，其所有資本支出（原本應歸類為資本支出）均被歸類為剝離小型礦坑的運營支出，而在 Windfall，我們最初在指導中作為資本納入的某些項目已變成勘探支出，因此它們進入運營支出行。因此，從資本角度來看，我們對此感到非常滿意。到 2026 年，我們確實預計會看到塔克瓦 (Tarkwa) 繼續進行剝離。

The next question we have comes from Tanya Jakusconek of Scotiabank.

下一個問題來自豐業銀行的 Tanya Jakusconek。

Thank you for taking my 3 question. The first one is on Windfall. Can I just confirm that there is still going to be that updated feasibility study on November 12. Is that, Mike, what you were talking about that we're getting?

感謝您回答我的第三個問題。第一個是關於 Windfall 的。我能否確認 11 月 12 日仍將進行更新的可行性研究。麥克，這就是你所說的我們得到的嗎？

Yes. I think, Tanya, just to put that in perspective, we will provide an update on capital estimates as well as the execution plan. We will likely put -- when we declare the reserves for Windfall, which we're expecting in February of 2026 which will be in line with the expected timing of the EIA receipt. That's when we'll probably more formally release some of the detailed documentation. But what we intend to do on the 12th of November is at least provide some insight and guidance.

是的。我認為，Tanya，為了更好地理解這一點，我們將提供資本估算和執行計劃的最新資訊。當我們宣布 Windfall 儲備時，我們可能會投入資金，預計時間為 2026 年 2 月，這與 EIA 收到的預期時間一致。那時我們可能會更正式地發布一些詳細的文檔。但我們打算在 11 月 12 日至少提供一些見解和指導。

Clearly, one of the things that we don't want to distract from during the EIA process is to have formal additional documents in the public domain. But we will provide updates on capital and development pathway.

顯然，在 EIA 過程中我們不想分散注意力的事情之一就是將正式的附加文件公開。但我們將提供有關資本和發展路徑的最新資訊。

Okay. Got it. And I'm saying capital, I'm assuming it's operating costs as well?

好的。知道了。我說的是資本，我假設它也包括營運成本？

Yes, we'll provide guidance on that, yes.

是的，我們會提供指導，是的。

And on Windfall, I just want to try and understand what -- where are we exactly on the permitting and the negotiations with First Nations. Can someone just give me an update on what has been done and just not up to speed on where we are on that process?

關於“意外之財”，我只是想嘗試了解一下——我們在許可和與原住民的談判方面究竟處於什麼階段。有人可以告訴我已經做了哪些工作並且了解我們在這一進程中的進展嗎？

Yes. So the EIA has been in train for some time. We have now, at the end of July, submitted the second round of questions to (inaudible), which are really the recommended body to approve the EIA. And we're now waiting for their responses to that. We are still expecting to go to public consultation around the end of October which really puts us in place to then get that approval in Q1 of 2026 in line with the timing of the FID.

是的。因此，EIA 已經籌備了一段時間了。現在，即 7 月底，我們已向 (聽不清楚) 提交了第二輪問題，該機構實際上是建議批准 EIA 的機構。我們現在正在等待他們的答覆。我們仍預計將在 10 月底左右進行公眾諮詢，這使我們能夠在 2026 年第一季按照 FID 的時間獲得批准。

So that's going according to plan. We don't think there's any further kind of questions that we expect back from them. So we've addressed two rounds of them and certainly, the second round were relatively minor.

一切都按計劃進行。我們認為他們不會再提出任何其他問題。我們已經解決了兩輪問題，當然第二輪問題相對較小。

In terms of the engagement with the -- our host community, the Cree First Nation of West Winnipeg, we have been engaging again for extended period with the community. And I think we started in February with the actual chapters of the IBA. And we've done, obviously, as you can appreciate, some of the easy chapters. And we're now this month getting into the specific compensation chapters. So Again, we are moving at the right pace in line with an expected timing of having this completed by the end of the calendar year.

就與我們的東道社區西溫尼伯克里族原住民的接觸而言，我們已經與該社區進行了長期的接觸。我認為我們是在二月開始籌備 IBA 的實際章節的。顯然，正如您所理解的，我們已經完成了一些簡單的章節。本月我們將進入具體的薪酬章節。因此，我們正按照預期在年底前完成的正確速度前進。

And again, just to remind everyone on the call, the one thing that is really unique about our relationship with the West Winnipeg First Nation is they have an active economic interest in seeing the mine developed because of their ownership and operatorship of the hydro power line that supplies power into windfall. And the sooner we get that plant up and running and developed, the sooner the rent from that and that investment in that transmission line starts paying effect. So we think the economic is strongly aligned, but we do need to work through systemically the chapters of the IBA, which is in train at the moment.

再次提醒電話會議中的每個人，我們與西溫尼伯原住民的關係真正獨特的一點是，他們對該礦的開發有著積極的經濟利益，因為他們擁有並經營著為暴風雨提供電力的水力發電線。我們越早啟動、運作和開發該工廠，該工廠的租金和輸電線路的投資就越早能產生效益。因此，我們認為經濟方面是緊密相關的，但我們確實需要有系統地研究目前正在進行的 IBA 章節。

Okay. And so the IBA, we don't need that to be in place to -- with the permit to start? If we don't get it, it's not critical? I want to understand.

好的。因此，我們不需要 IBA 就可以開始工作了？如果我們得不到它，那它就不重要了？我想了解一下。

I think they both should be looked as a package. They will be stapled. And I think the IBA and the EIA, we should expect at the same time.

我認為應該將它們視為一個整體。它們將被裝訂起來。我認為我們應該同時期待 IBA 和 EIA。

Okay. That's helpful. My second question is on Salares Norte. I just want to understand because I thought the definition of commercial production was at 30 days at 60% capacity at the mill and 85% recovery on the gold side. I see the recovery at 85% on the gold side.

好的。這很有幫助。我的第二個問題是關於北薩拉雷斯的。我只是想了解一下，因為我認為商業生產的定義是 30 天內工廠的產能達到 60%，黃金回收率達到 85%。我認為黃金的復甦幅度將達到 85%。

So is it the mill? I understood you had an issue with the silver recovery. I'm just trying to understand what exactly is happening to declare commercial production.

那麼它是工廠嗎？我了解到您在銀回收方面遇到了問題。我只是想了解宣布商業生產到底發生了什麼事。

I'll leave it with Alex to answer that.

我請亞歷克斯來回答這個問題。

No. Thanks, Tanya. And that is correct as a definition, but the other element of it was that we would -- we're also forecasting to maintain that. And there was just, as Mike mentioned, some uncertainty around the silver grade and the new furnace coming online. So our group technical team went and actually are doing a detailed metal accounting review.

不。謝謝，Tanya。從定義上來說，這是正確的，但另一個因素是，我們也預測會維持這一點。正如麥克所提到的那樣，銀的品味和新熔爐的投入使用存在一些不確定性。因此，我們的集團技術團隊實際上正在進行詳細的金屬會計審查。

And once they are comfortable with the recoveries and where they're sitting, we will be in a position to declare commercial levels of production.

一旦他們對復甦情況和現狀感到滿意，我們就可以宣布達到商業生產水準。

And I think just from a -- just to manage the expectations on disclosures, I think Jakusconek, we will disclose that with our quarter 3 production update rather than a separate release.

我認為，僅從管理揭露預期的角度來說，我認為 Jakusconek，我們將在第三季的生產更新中揭露這一點，而不是單獨發布。

Okay. All right. Got that. And then my last question is just on South Deep. I know you talked about the portfolio optimization, Mike, about some of the stopes and work you're doing there.

好的。好的。明白了。我的最後一個問題是關於 South Deep 的。麥克，我知道你談到了投資組合優化，以及你在那裡所做的一些工作。

How does all of this fit into that previous plan and maybe it's not a plan anymore of getting this mine up from that 300,000 ounce production to 400,000 plus in the next 3, 5 years. Is this still a plan? Or is that gone? I'm just trying to understand.

這一切與先前的計劃有什麼關係？也許這不再是一個在未來 3 到 5 年內將該礦的產量從 30 萬盎司提高到 40 萬盎司以上的計畫了。這還是一個計劃嗎？還是已經消失了？我只是想了解一下。

Yes, absolutely. So we do have a future plan for South Deep, where we will see a ramp-up. And that part of that is about the investment into South of [Ranch], which is the next mining domain. So again, we'll share some of that more strategic insight into the future for South Deep. We do see it as an update.

是的，絕對是。因此，我們確實對 South Deep 有一個未來計劃，我們將在那裡看到業務的成長。其中一部分是關於對 [Ranch] 南部的投資，這是下一個採礦區。因此，我們將再次分享一些有關 South Deep 未來的更具策略性的見解。我們確實將其視為一次更新。

But I think, again, for the next few years, and as I've always said, every year that we can incrementally improve South Deep until we open up those new domains until we've sustainably delivered on some of the reliability on stope turnover, if I can call it that or removing that variation, I think we want to be cautious certainly in the next few years.

但是我認為，在接下來的幾年裡，正如我一直說的那樣，每年我們都可以逐步改善 South Deep，直到我們開闢這些新的領域，直到我們可持續地實現採場週轉率的一些可靠性，如果我可以這樣稱呼它或消除這種變化，我認為我們在未來幾年肯定會保持謹慎。

But certainly, in the longer horizon, our ambition is absolutely to unlock some of the potential that sits in South Deep, and we'll share some of that in November. But again, I mean, if you look at South Deep, even for the 6 months, we produced 150,000 ounces of gold, but we generated $170 million of free cash flow, so over 6 months. So South Deep is becoming rapidly a very valuable contributor into our portfolio. And so getting that right will provide a real long-term anchor to our contribution from Gold Fields.

但可以肯定的是，從長遠來看，我們的目標絕對是釋放 South Deep 的一些潛力，我們將在 11 月分享其中的一些潛力。但是，我的意思是，如果你看看 South Deep，即使在 6 個月內，我們也生產了 150,000 盎司黃金，但我們在 6 個月內產生了 1.7 億美元的自由現金流。因此，South Deep 正在迅速成為我們投資組合中非常有價值的貢獻者。因此，做好這一點將為我們在金礦領域的貢獻提供真正的長期支撐。

Yes, thanks Mike. It would be great to get an update on that one.

是的，謝謝邁克。如果能獲得關於此問題的更新資訊就太好了。

Just a question from the webcast, Mike. On Windfall, how much flexibility will you have within the environmental approvals to potentially scale up Windfall mine? Can you get amendments to the approval post FID if the mine design looks vastly different to the Osisko design? Or would you need to restart a more comprehensive approval process?

這只是網路廣播中的一個問題，麥克。關於 Windfall，在環境審核方面，你們在擴大 Windfall 礦規模方面擁有多大的彈性？如果礦山設計與 Osisko 設計有很大不同，您能否對 FID 後的批准進行修改？或者您需要重新啟動更全面的審批流程？

Yes. Thank you for that question. And I think we're already starting to look forward. I mean, what is really the way that the Windfall project was conceived in the initial application was really to ensure that it stayed within the provincial approvement levels and didn't fall into the federal approval levels.

是的。謝謝你的提問。我認為我們已經開始展望未來了。我的意思是，Windfall 專案在最初申請中的構思實際上是為了確保它處於省級批准範圍內，而不會落入聯邦批准範圍內。

As we think about the technical review of the project ahead of the next stage of FID, we're not just looking at the optimization of the process plant, but really looking at how we optimize the mine for the long term. And so we've really looked at some incremental improvements there. But all of those are designed to stay within the intent of the current feasibility study as well as the provincial approval levels. But quite clearly, when you're looking at a mine with this kind of horizon and life that we believe it has, and with the upside optionality of even nearby exploration, we are already starting to put our minds to, well, what could the future look like for Windfall. And there's a number of studies that we will need to go through.

當我們考慮在下一階段最終投資決定之前對專案進行技術審查時，我們不僅關注製程廠的優化，還真正關注如何從長遠角度優化礦場。因此，我們確實看到了一些漸進式的改進。但所有這些都是為了符合當前可行性研究的目的以及省級批准水平。但很明顯，當你看到一個礦井擁有我們認為的這種前景和生命力，甚至還有附近勘探的上升空間時，我們已經開始思考，嗯，Windfall 的未來會是什麼樣子。我們還需要進行大量研究。

And I think once we've gone through those studies, that will then start informing us, well, what is the development pathway.

我認為，一旦我們完成這些研究，我們就會開始了解發展路徑是什麼。

So at this stage, it's probably a little bit too early to answer that question. And we're clearly mindful that in particular during this approvals process that we remain largely in -- remain -- retain the integrity of the current application. But there's no doubt that given the potential of Windfall that there's more upside opportunity to come.

因此，目前回答這個問題可能還為時過早。我們清楚地意識到，特別是在這項審批過程中，我們在很大程度上仍然保持著目前申請的完整性。但毫無疑問，考慮到 Windfall 的潛力，未來將有更多的上漲機會。

Thanks for that, Mike. A question from Patrick Jones. He says, another major mining company this week indicated that a lack of technological and commercial advancement for trucking and decarbonization is delaying diesel replacement and thus presents a risk to miners' long-term emission reduction targets.

謝謝你，麥克。派崔克瓊斯提出了一個問題。他說，另一家大型礦業公司本週表示，卡車運輸和脫碳技術和商業進步的缺乏正在推遲柴油替代，對礦業公司的長期減排目標構成風險。

What has been the key impediment to progress? Are you confident that major OEM plans for truck transition can deliver -- can be delivered? Or does the industry need to shift focus to different decarb pathways?

阻礙進步的主要障礙是什麼？您是否相信主要的 OEM 卡車轉型計劃能夠實現？或者產業是否需要將重點轉向不同的脫碳途徑？

Yes. That's a really good question, Patrick. And I'll answer it this way. That answer is precisely right. I think we are seeing a very slow reaction to how we remove diesel out of our fleets and how we look to electrify fleets.

是的。這是一個非常好的問題，派崔克。我會這樣回答。這個答案完全正確。我認為，我們對如何從車隊中淘汰柴油以及如何實現車隊電氣化的反應非常緩慢。

And we've done various different studies along the way. But you're right, I think the way that we've got to start thinking about it. And probably if we answer the reason well, why has the industry been slow, it's probably because the OEMs see our industry as relatively small scale compared to some of the other vehicle sectors or uses of vehicles. And there hasn't been that kind of crossover yet where OEMs have seen the value and the returns in significant investments in low-carbon fleet solutions. So we've got to continue to try and work with the OEMs and try and drive that forward.

在這個過程中，我們進行了各種不同的研究。但你是對的，我認為我們必須開始思考這個問題。如果我們能很好地回答這個行業發展緩慢的原因，那麼很可能是因為原始設備製造商認為，與其他一些汽車行業或汽車用途相比，我們的行業規模相對較小。目前還沒有出現這種交叉，原始設備製造商還沒有看到對低碳車隊解決方案進行大量投資的價值和回報。因此，我們必須繼續嘗試與 OEM 合作並努力推動這一進程。

But in the absence of that, I think it looks at -- it comes down to how each mining company can look at the opportunities in the portfolio to drive decarbonization. And an example is the one opportunity that we highlighted at Granny Smith, for example. When we get down to Zone 160 or even at Zone 150, you've got a 3-hour cycle time of haul trucks from the bottom of the decline to the top. And the best way that we can take diesel out of that system is to put in a material handling system, which enables us to eliminate trucks out of the cycle. And if you combine that with renewable energy sources, immediately, that will unlock and decarbonize.

但如果沒有這一點，我認為這取決於每家礦業公司如何看待投資組合中推動脫碳的機會。例如，我們在 Granny Smith 強調的一個機會。當我們到達 160 區甚至 150 區時，運輸卡車從斜坡底部到頂部的循環時間為 3 小時。而從該系統中去除柴油的最佳方法是引入物料處理系統，這使我們能夠從循環中消除卡車。如果你將其與再生能源結合起來，就會立即實現解鎖和脫碳。

So I think we're not sitting on our hands by any means. And despite the slow transition of diesel fleets, there are definitely alternatives that we've got to pursue.

所以我認為我們絕對不會袖手旁觀。儘管柴油車隊的轉型進展緩慢，但我們肯定還有可以尋求的替代方案。

Thanks, Mike. Back to you, operator, to check in if there's any questions remaining on the call.

謝謝，麥克。接線生，請您檢查通話中是否還有其他問題。

At this stage, there are no further questions on the conference.

目前，關於此次會議沒有其他問題。

There's none further on the webcast or online as well, Mike. So over to you for closing remarks.

麥克，網路廣播和網路上也沒有進一步的消息。最後，請大家做最後的總結發言。

Great. Thank you very much, and thank you, everyone, for joining on a Friday for our results presentation.

偉大的。非常感謝，也感謝大家在周五參加我們的成果報告。

Just to summarize, we're very pleased to have delivered a safe, reliable delivery for the first 6 months of this year. And at this stage, remain very confident of our delivery in the second half. We're also very excited about the work that's going on to optimize our business, simplify it and set it up for long-term success. And we look forward to sharing some of the outlook and the great upside that we believe is in our business at the Capital Markets Day in November.

總而言之，我們很高興今年前六個月能夠安全、可靠地交付產品。目前，我們對下半年的交付仍然非常有信心。我們也對正在進行的優化業務、簡化業務和為長期成功做好準備的工作感到非常興奮。我們期待在 11 月的資本市場日上分享我們認為我們業務的一些前景和巨大優勢。

So I look forward to engaging with you again then. But thanks again for joining. I really appreciate it.

因此，我期待再次與您合作。但再次感謝您的加入。我真的很感激。