Gold Fields Limited (GFI) 2026 Q2 法說會逐字稿

Good day, everybody, and thank you for joining us for the presentation of Gold Fields results for the six months to June 30, 2026. My name is Mike Fraser, and joined today in our Johannesburg office is Alex Dall, our Chief Financial Officer; and Jongisa Magagula, EVP of External Affairs.

各位大家好，感謝各位參加我們截至2026年6月30日止六個月 Gold Fields 業績發表會。我叫 Mike Fraser，今天在約翰尼斯堡辦公室與我一同出席的有：我們的財務長 Alex Dall，以及外部事務執行副總裁 Jongisa Magagula。

So today, our message is very simple. Our operations delivered a solid first half performance. We converted this in conjunction with a higher and supportive gold market into very strong cash flows. And that, in turn, it allowed us to deliver higher returns to our shareholders.

所以今天，我們的訊息非常簡單。我們的營運在上半年交出穩健的表現。在更高且有利的黃金市場環境配合下，我們將此轉化為非常強勁的現金流。而這也反過來使我們得以為股東帶來更高的回報。

I wanted to just bring your attention to the forward-looking statements, which include some non-IFRS measures, and I ask you to take note of the slide on page 2.

我想提醒各位注意前瞻性陳述，其中包含一些非 IFRS 衡量指標，並請各位留意第2頁的投影片。

So in terms of the agenda for today, I will cover the highlights and the operational performance. Alex will cover the financials and capital allocation, and we'll also touch on some of the transformation initiatives underway to create a more reliable and agile organization. And finally, I'll close on growth strategy and the outlook before we open for questions.

就今天的議程而言，我將先說明重點與營運表現。Alex 將說明財務表現與資本配置，我們也會談到目前正在推動的一些轉型計畫，以打造更可靠且更敏捷的組織。最後，我將以成長策略與展望作結，之後開放提問。

So turning to the highlights of the first half. So firstly, we had a strong half. And most importantly, we had no fatalities and no serious injuries across the group. This is a real manifestation of the fact that our safety improvement program that we launched in 2024, is really gaining momentum and delivering encouraging results across our business.

接著看上半年重點。首先，我們上半年表現強勁。更重要的是，集團全體沒有死亡事故，也沒有重大傷害。這充分展現我們於2024年啟動的安全改善計畫確實正在加速推進，並在整個業務中帶來令人鼓舞的成果。

We were also able to deliver a 12% increase in attributable production to 1.267 million ounces. This was firstly led by Salares Norte, which really delivered 173% increase on the equivalent period, which was an extremely strong performance as well as strong delivery from Granny Smith.

我們也將應占產量提升12%，達到126.7萬盎司。這主要由 Salares Norte 帶動，其較去年同期大增173%，表現極為亮眼，同時 Granny Smith 也有強勁的交付。

Importantly, South Deep also continued to demonstrate productivity improvements in the underground and delivered 151,000 ounces in line with its plan. This was supported by improved distress mining, improved development as well as improved stope turnover.

重要的是，South Deep 也持續展現地下作業生產力的改善，並依計畫交付15.1萬盎司。這得益於卸壓採礦（destress mining）的改善、掘進（development）的提升，以及採場（stope）周轉的改善。

Our sales volumes in the six months was 18% higher, and our average realized gold price was 51% higher at $4,678. This drove adjusted free cash flow of $2.225 billion, more than double the prior period, and this translates into a free cash flow yield of 11%. Our cash costs rose 10% and all-in sustaining costs were up 13% to $1,893 an ounce. This was mainly driven by external factors, including royalties, stronger producing currencies and inflation.

我們六個月的銷售量提高18%，平均實現金價上升51%，達到每盎司4,678美元。這帶動調整後自由現金流達22.25億美元，較前期增加逾一倍，對應自由現金流殖利率為11%。我們的現金成本上升10%，全維持成本（AISC）上升13%，至每盎司1,893美元。這主要由外部因素所致，包括權利金、主要產金國貨幣走強以及通膨。

This also -- the cash costs were reflected the higher discretionary capital that we flagged at our Capital Markets Day in November. Alex will unpack the movements in costs a little bit further when he presents.

此外——現金成本也反映了我們在11月資本市場日所提到的較高自主性資本支出。Alex 在簡報時會進一步拆解成本變動。

Just moving to our transformation program. We acknowledge that we can't stand still. And so our transformation program is really driving a focus on productivity, improving efficiencies, cost competitiveness and organizational resilience and simplicity. We believe that this focus on the transformation will really ultimately transform into more sustainable and improved performance over time.

接著談我們的轉型計畫。我們認知到不能停滯不前。因此，我們的轉型計畫正推動聚焦於生產力、提升效率、成本競爭力，以及組織韌性與簡化。我們相信，對轉型的聚焦最終將在時間推移下轉化為更可持續且更佳的表現。

When turning to cash generation, we wanted to make it very clear that we are translating the stronger cash generation into benefits to our shareholders. We have paid out 50% of our operating cash flow in the six months with an interim base dividend of ZAR16.25 per share, which is up 132% year on year.

談到現金創造，我們希望非常清楚地表明：我們正把更強的現金創造轉化為股東的利益。在這六個月中，我們以每股16.25南非蘭特的中期基本股利，配發了營運現金流的50%，年增132%。

In addition, we have completed $300 million of buybacks that were completed between the period of March to July. In terms of our top-up shareholder return program, today, we also announced an additional $500 million that was allocated to our top-up program, which takes the total program to $1.25 billion that have been allocated since we first announced this in November of 2025.

此外，我們已完成3億美元的庫藏股回購，回購期間為3月至7月。就我們的加碼股東回報計畫而言，我們今天也宣布再額外配置5億美元至加碼計畫，使自2025年11月首次宣布以來，累計配置總額達12.5億美元。

As we said, the top-up program will be assessed every six months as cash is generated. Today, we've delivered $553 million of the $1.25 billion, $253 million in a special dividend that was allocated in February and $300 million in buybacks. Our net debt-to-EBITDA finished at 0.06 times at the end of June, down from 0.37 times a year ago, and we continue to invest in the business. Windfall is one of the highest grade ore bodies in Canada and our next growth frontier, and I'll talk a little bit about that later.

如同我們所說，加碼計畫將隨現金產生情況每六個月評估一次。截至今日，我們已交付12.5億美元中的5.53億美元，其中2月配置的特別股利為2.53億美元，另有3億美元為回購。6月底我們的淨負債對 EBITDA 比率為0.06倍，低於一年前的0.37倍，同時我們也持續投資於業務。Windfall 是加拿大品位最高的礦體之一，也是我們下一個成長前沿，我稍後會再多談一些。

An important milestone was achieved with the signing of the IBA. And we've also progressed detailed engineering and execution readiness to derisk this project. Our portfolio optimization also continues. We've completed the Damang exit and have completed $182 million of noncore disposals in the half.

簽署 IBA 是一項重要里程碑。我們也推進了詳細工程設計與執行就緒度，以降低該專案風險。我們的投資組合優化也在持續進行。我們已完成 Damang 退出，並在上半年完成1.82億美元的非核心資產處分。

In the first half, we strengthened our financial capacity. Our production is tracking towards the upper end of our guidance. Our all-in sustaining costs and all-in costs are expected towards the mid and lower end of their guidance ranges. Our operating delivery is translating into cash, balance sheet strength and capacity to fund growth as well as returning cash to shareholders.

在上半年，我們強化了財務能力。我們的產量正朝指引區間上緣推進。我們的全維持成本與全成本預期落在其指引區間的中段與下緣。我們的營運交付正轉化為現金、資產負債表的強度，以及為成長提供資金並回饋股東的能力。

I'll now turn on to our operational performance, starting with safety. Importantly, as I mentioned earlier, we had no fatalities or serious injuries in the first half. This is a real manifestation of the discipline of our teams in achieving these outcomes. This is a combination of visible felt leadership, critical risk identification and critical control verification, focusing on a disciplined planning of work and embedding the right behaviors in the execution of work.

接下來我將說明營運表現，先從安全開始。重要的是，如我先前提到，上半年我們沒有死亡事故或重大傷害。這充分展現我們團隊在達成這些成果上的紀律。這是可見且可感的領導力、關鍵風險辨識與關鍵控制驗證的結合，並聚焦於有紀律的工作規劃，以及在工作執行中落實正確行為。

We continue to track hazard and near miss reporting with enterprise-wide learning from our incidents. Our focus is now extending from the lagging indicators to the quality of critical control verification and leading the focus on the lead indicators.

我們持續追蹤危害與未遂事件（near miss）通報，並就事故進行全企業範圍的學習。我們目前的重點正從落後指標延伸到關鍵控制驗證的品質，並引導焦點轉向領先指標。

We are also focusing on psychological safety and creating a safe operating culture within our safety improvement program, ensuring that everyone goes home safe and well every day. Just moving on to our operating performance.

我們也聚焦於心理安全，並在安全改善計畫中打造安全的作業文化，確保每個人每天都能平安健康地回家。接著談我們的營運表現。

So as I mentioned earlier, we delivered 1.25 million ounces of attributable production and with total cash costs up around 10%, all-in costs up 9% as we had slightly lower capital costs coming out of Salares -- out of Windfall and capital expenditure in total up 6% and our production and costs on track to meet annual guidance.

如我先前提到，我們交付了125萬盎司的應占產量；總現金成本上升約10%，全成本上升9%，因為我們從 Salares——從 Windfall 的資本成本略有下降，而總資本支出上升6%；我們的產量與成本均按計畫達成年度指引。

Salares Norte, as I mentioned, was at a standout performance now at a steady state. Granny Smith produced 147,000 ounces, up 10% with higher mined grades and improved underground productivity and South Deep delivered in line with plan due to improved destress rates and shortening stope turnaround times. Despite a slight reduction in grade, the mine produced more ounces on a managed basis in the period.

如我所提，Salares Norte 表現突出，目前已達穩態。Granny Smith 產量為14.7萬盎司，年增10%，受惠於更高的開採品位與地下生產力提升；South Deep 則因卸壓速率改善與縮短採場周轉時間而依計畫交付。儘管品位略有下降，該礦在本期以受控方式生產了更多盎司。

Moving on to our production profile, and this just shows the bridge of higher output and improved quality mix led by low-cost ounces from Salares. Cerro Corona was in line with plan and lower year on year as we now transition to stockpile processing. As Salares achieved steady state, they achieved 173% higher production with plant operating successfully throughout the winter conditions that we had similar to prior years. And this reinforces the capability of that operation and the team in delivering through some extreme conditions.

接著談到我們的產量概況，這張圖顯示在 Salares 低成本盎司的帶動下，更高的產出與更佳的品質組合所形成的增量橋接。Cerro Corona 符合計畫，但因我們正轉向處理堆存礦而較去年同期下降。隨著 Salares 達到穩態，其產量提高了 173%，且在與往年相似的冬季條件下，選礦廠仍成功維持運轉。這也再次印證該營運與團隊在極端條件下交付成果的能力。

Tarkwa is slightly lower year on year as we realized lower mill feed grades as we process more stockpile and moved more waste material than ore during the six months.

Tarkwa 較去年同期略低，因為在這六個月期間，我們處理了更多堆存礦，導致磨礦入料品位較低，且搬運的廢石多於礦石。

We also had some adverse weather conditions affecting load, haul, and drilling in the period. We are seeing improved performance in the second quarter and expect to see a step change in the second half of the calendar year.

期間也出現一些不利天候，影響裝載、運輸與鑽探作業。我們在第二季看到表現改善，並預期在曆年下半年將出現明顯的階躍式提升。

South Deep is performing in line with plan and continue to see strong underground performance. Agnew was impacted by the seismic event that we experienced in the beginning of 2026, and we are seeing encouraging signs of the recovery, which we expect to continue in H2.

South Deep 的表現符合計畫，且地下作業持續展現強勁表現。Agnew 受到我們在 2026 年初經歷的地震事件影響，但我們已看到令人鼓舞的復原跡象，並預期在下半年（H2）持續改善。

Just moving on to all-in sustaining costs. As I mentioned, our all-in sustaining cost was at $1,893 an ounce, impacted by slightly higher strip ratios across some of our assets and structural cost impacts of mining at depth. We did have some uncontrollable factors, which Alex will talk to, including higher royalties, some inflationary impacts and offset by the impact of byproduct credits, particularly at Salares Norte.

接著談到全維持成本（AISC）。如我先前提到，我們的全維持成本為每盎司 1,893 美元，主要受部分資產剝採比略升，以及深部採礦的結構性成本影響。我們也面臨一些不可控因素，Alex 會進一步說明，包括權利金上升、部分通膨影響，但也被副產品抵減（特別是 Salares Norte）所部分抵銷。

We have seen a change in the cost base with Salares Norte now moving to commercial level of production and Gruyere now consolidated at 100% rather than 50%. There were some impacts on mining cost inflation at Gruyere and Tarkwa in particular, and Alex again will cover that.

隨著 Salares Norte 現已轉入商業化生產水準，以及 Gruyere 現由 50% 併表提升為 100% 併表，我們的成本基礎也出現變化。尤其在 Gruyere 與 Tarkwa，採礦成本通膨帶來一些影響，Alex 也會再說明。

But what we are seeing is higher volumes, better recoveries and focus on value-driven spend, again, which Alex will unpack as part of our transformation journey on decarbonization with the St. Ives renewable energy project due to come on stream at the second half of this year and a very key focus on water and where we have achieved 93% recycling of water across our assets.

但我們看到的是更高的產量、更好的回收率，以及以價值驅動的支出聚焦；Alex 也會在我們的轉型旅程中進一步拆解，包括去碳化方面，St. Ives 再生能源專案預計於今年下半年併網投運；同時我們也高度聚焦用水，目前在各資產已達成 93% 的用水回收再利用率。

I'll now hand over to Alex to talk through the financial outcomes.

接下來我把時間交給 Alex，請他說明財務成果。

Thank you, Mike. And I'll cover, as Mike said, the financial performance, capital allocation and transformation program.

謝謝你，Mike。我將如 Mike 所說，說明財務表現、資本配置以及轉型計畫。

So I think H1 2026 was a very strong six months for Gold Fields with headline earnings, earnings per share and free cash flow all more than doubling. As Mike mentioned earlier, the key drivers were higher production and a stronger gold price.

我認為 2026 年上半年（H1）對 Gold Fields 而言是非常強勁的六個月，核心盈餘、每股盈餘以及自由現金流均超過倍增。如 Mike 先前提到，關鍵驅動因素是產量提高以及金價走強。

Production was -- sales volumes were up 18% and the gold price up circa 50%, which supported a step change in our earnings and our cash generation. Adjusted free cash flow increased to $2.2 billion, while net debt reduced to $437 million, significantly strengthening the flexibility on our balance sheet.

產量——銷售量增加 18%，金價上漲約 50%，支撐了我們盈餘與現金創造能力的階躍式提升。調整後自由現金流增加至 22 億美元，而淨負債降至 4.37 億美元，顯著強化了資產負債表的彈性。

Pleasingly for me, excluding lease liabilities, we ended the half in a net cash position. Importantly, this performance does give us the flexibility to continue investing in our fixed assets, funding future delivering top quartile shareholder returns as per our commitment.

令我欣慰的是，若排除租賃負債，我們在期末處於淨現金部位。更重要的是，這樣的表現確實讓我們有彈性持續投資固定資產，並依我們的承諾，為股東提供同業前四分位的報酬。

This slide bridges our IFRS cost of sales to our all-in costs and highlights the strength of the underlying cost base. It is important to highlight that both cost of sales and depreciation have increased materially year on year. This is primarily due to the consolidation of Gruyere and the fixed asset adjustment came with the acquisition that have impacted our depreciation range, and Salares Norte reaching commercial levels of production.

這張投影片將我們的 IFRS 銷售成本橋接至全成本，並凸顯基礎成本結構的韌性。需要強調的是，銷售成本與折舊均較去年同期大幅增加。這主要是因 Gruyere 併表，以及收購所帶來的固定資產調整影響了我們的折舊區間，另有 Salares Norte 達到商業化生產水準的因素。

After adjusting for the depreciation, inventory movements, corporate costs, and byproduct credits, our cash cost was $1,180 an ounce. We believe this represents a highly competitive underlying cash cost position and provides us with the capacity to continue investing in our assets, growth projects, and future production.

在調整折舊、存貨變動、公司成本與副產品抵減後，我們的現金成本為每盎司 1,180 美元。我們認為這代表非常具競爭力的基礎現金成本水準，並使我們有能力持續投資於資產、成長專案與未來產量。

Contractors, labor, consumables and maintenance do make up the majority of our cost base, but this represents our biggest opportunity to improve our competitiveness through the transformation program through reducing costs by reducing consumption and buying cheaper. These are the areas that this program is going to focus on.

承包商、勞務、耗材與維修構成我們成本基礎的大宗，但這也代表我們透過轉型計畫提升競爭力的最大機會：透過降低消耗與以更低成本採購來降本。這些正是該計畫將聚焦的領域。

Sustaining capital of $497 an ounce, which is in line with what was communicated as part of our Capital Markets Day, reflects the targeted reinvestment into our asset base, including waste stripping, underground development and the enabling infrastructure to support that production.

每盎司 497 美元的維持性資本支出，與我們在資本市場日所溝通的一致，反映我們對資產基礎的目標性再投資，包括剝採、地下開發，以及支撐產量所需的配套基礎設施。

Included in our sustaining capital leases and other items, our all-in sustaining cost was $1,893. From there, we step up to our all-in cost of $2,125. This is due to primarily growth capital expenditure at our Australian operations and the exploration expenditure relates to Windfall. We do believe that we have a competitive cash -- cash cost base that enables us to invest in our assets, fund our future growth and deliver those shareholder returns.

在維持性資本中納入租賃與其他項目後，我們的全維持成本為 1,893 美元。接著上升至每盎司 2,125 美元的全成本。這主要是因澳洲營運的成長性資本支出，以及與 Windfall 相關的探勘支出。我們確實相信，我們具競爭力的現金——現金成本基礎，使我們能投資資產、資助未來成長並交付股東報酬。

We will now move on to capital allocation. Our capital allocation framework remains unchanged, and we continue to balance the attention between returns, growth and financial strength. The first cause on our capital always remain investing in safe, reliable operations, maintaining our investment-grade credit rating and paying our base dividend of 35% of free cash flow before discretionary capital. Thereafter, the capital will compete in order to build balance sheet flexibility, deliver additional shareholder returns and discretionary investments.

接下來談資本配置。我們的資本配置框架維持不變，並持續在報酬、成長與財務穩健之間取得平衡。我們資本的第一優先順序始終是投資於安全、可靠的營運，維持投資級信用評等，並在扣除裁量性資本前，以自由現金流的 35% 支付基本股利。其後，資本將競爭性配置，用於提升資產負債表彈性、提供額外股東回饋以及裁量性投資。

This bridge on the slide demonstrates that this framework is working as intended. We invested $0.6 billion in sustaining capital, $0.3 billion in growth investments, reduced net debt reduction of $0.8 billion while delivering $1.4 billion back to shareholders. This is almost 50% of the total cash generated before capital.

投影片上的這個橋接顯示該框架如預期運作。我們投入 6 億美元於維持性資本、3 億美元於成長投資，將淨負債降低 8 億美元，同時回饋股東 14 億美元。這幾乎相當於資本支出前所產生總現金的 50%。

What I wanted to unpack on this slide was how we think about our additional shareholder return program. And this is an important component of our capital allocation framework and ensures that we are able to deliver on our commitment of top. We already delivered $553 million through the program, $253 million of special dividends as part of our final dividend at the end of last year and $300 million of share buybacks completed between March and July.

我想在這張投影片進一步說明的是，我們如何看待額外股東回饋計畫。這是我們資本配置框架的重要組成，並確保我們能履行提供同業前四分位回報的承諾。我們已透過該計畫回饋 5.53 億美元，其中 2.53 億美元為去年底期末股利中的特別股利，另有 3 億美元為 3 月至 7 月完成的庫藏股回購。

Importantly, I would like to highlight that these buybacks were executed at an average price of approximately ZAR590 per share, which is well below today's share price and demonstrates our willingness to act opportunistically when we see the opportunity to create value for our shareholders. Given the strength of the balance sheet and the cash generation in H1, today, we allocate another $500 million towards increasing this program to $1.25 billion.

重要的是，我想強調這些回購的平均執行價格約為每股 590 南非蘭特（ZAR），明顯低於今日股價，顯示當我們看到能為股東創造價值的機會時，我們願意把握時機採取行動。鑑於上半年資產負債表的強勁與現金創造能力，今天我們再配置 5 億美元，將此計畫提高至 12.5 億美元。

We want -- I want to highlight that this framework remains disciplined and flexible. Special dividends will sit alongside our annual dividend cycle and will be declared as part of our final dividend each year, and we will execute share buybacks opportunistically when we believe that there's value to be had. We are committed to reviewing this program every six months as we generate the cash, and we'll top up that program as we make the cash.

我們想要——我想強調的是，這個框架仍然兼具紀律性與彈性。特別股利將與我們的年度股利週期並行，並將作為我們每年期末股利的一部分予以宣告；而在我們認為存在可把握的價值時，我們也會伺機執行股份回購。隨著我們產生現金流，我們承諾每六個月檢視一次此計畫，並在我們創造現金時對該計畫進行補充。

I think the message is simple. We do believe that we can do all of the things in our capital allocation framework, invest in our assets and our future growth, but we also remain committed to delivering returns to our shareholders. The form of that return will remain flexible, but our focus is unchanged, allocating capital where it creates value for shareholders.

我認為訊息很簡單。我們確實相信，我們可以在資本配置框架下同時做到所有事情：投資於我們的資產與未來成長，但我們也仍然致力於為股東帶來回報。回報的形式將保持彈性，但我們的重點不變——將資本配置到能為股東創造價值的地方。

We'll now move on to the balance sheet. So I think for me, this is a very pleasing slide. We have now managed to -- after funding both the Osisko transaction and the Gold Road transaction on balance sheet, we have managed to reduce our net debt-to-EBITDA ratio to 0.06 times.

接下來我們談資產負債表。所以對我而言，這是一張令人非常滿意的投影片。在以資產負債表資金同時完成 Osisko 交易與 Gold Road 交易的資金安排之後，我們已成功將淨負債對 EBITDA 比率降至 0.06 倍。

As I said, we are in a net debt position of $437 million. But if you exclude the lease liabilities, we have moved into a net cash position. What's important is we maintain significant liquidity on our balance sheet with both cash and available facilities as highlighted on this graph. And we do have -- importantly, we also have a really structured debt maturity profile with no near-term refinancing pressures and long-dated funding that will provide us flexibility through the gold price cycle.

如我所說，我們目前的淨負債為 4.37 億美元。但若排除租賃負債，我們已轉為淨現金部位。重要的是，如圖表所示，我們在資產負債表上仍維持顯著的流動性，包括現金與可動用的授信額度。而且——更重要的是，我們也擁有相當有序的債務到期結構，短期內沒有再融資壓力，且具長天期資金來源，能在金價循環中為我們提供彈性。

This balance sheet does underpin our ability to deliver on our capital allocation framework, giving us the flexibility to invest in our assets, our future growth and continue returning capital to shareholders.

這份資產負債表支撐了我們落實資本配置框架的能力，讓我們能彈性投資於資產與未來成長，並持續向股東返還資本。

Next, I'd like to talk to our transformation. This is how we make performance reliable, repeatable and scalable across Gold Fields. But importantly, we are also focused on performing now while we transform at the same time. We have built the program around two connected pillars, value being the first pillar, which unlocks productivity and cost efficiencies as well as cash improvements and the operating capabilities of the organization, which will make these improvements sustainable in the long term.

接下來，我想談談我們的轉型。這是我們如何在 Gold Fields 全公司範圍內，讓績效變得可靠、可重複且可擴展。但重要的是，我們也專注於在轉型的同時，當下就要把績效做好。我們將該計畫建立在兩個相互連結的支柱之上：第一個支柱是「價值」，用以釋放生產力與成本效率、改善現金表現；第二個是組織的營運能力，讓這些改善在長期得以持續。

Within the value pillar, we have already identified and prioritized opportunities across our operational performance, cost discipline, asset management, fleet performance, processing performance as well as in the supply chain where we have implemented global category management.

在「價值」支柱之下，我們已在營運績效、成本紀律、資產管理、車隊績效、選冶/處理績效，以及供應鏈等方面識別並優先排序機會；在供應鏈方面，我們已導入全球品類管理。

In parallel, we are building the operating capabilities needed to sustain and scale those gains through a stronger operating model, clear accountabilities, standard processes and a digital backbone that will support this.

同時，我們也在建立維持並擴大這些成果所需的營運能力，包括更強的營運模式、清晰的責任歸屬、標準化流程，以及支撐上述工作的數位化底座。

The objective is simple. We'll deliver value today while building the capabilities that make superior performance sustainable through the cycle. The value pillars extract the value and the operating capabilities lock it in. Together, they're going to help us become a simpler, stronger and more consistent Gold Fields, delivering improved performance today and creating value for shareholders.

目標很簡單。我們將在今天交付價值，同時建立能讓卓越績效在景氣循環中可持續的能力。「價值」支柱負責把價值挖掘出來，而「營運能力」則把它鎖定下來。兩者結合，將幫助我們成為更精簡、更強大且更一致的 Gold Fields：在今天提升績效，並為股東創造價值。

Now I hand over to Mike to talk about growth.

現在我把時間交給 Mike，請他談談成長。

Thanks very much, Alex. So I just want to go on to a couple of comments around growth before we break for questions. And I also want to just talk through a couple of the assets in our portfolio that I think don't really get the value that we believe they should get, but we'll cover that a little bit later.

非常感謝，Alex。在我們進入問答之前，我想先就成長補充幾點看法。我也想簡單談談我們投資組合中的幾項資產——我認為市場並未給予它們我們所相信應有的價值，不過我們稍後會再多談一些。

And I think as Alex has quite clearly demonstrated, we are very mindful and thoughtful about how we allocate the capital that we are generating or the cash flows that we are generating. And as we said as far back as November when we unpacked our revised capital allocation framework that we will be measured by how we are able to balance the tension between returning cash to shareholders today and investing for the future.

我想 Alex 已非常清楚地展示，我們對於如何配置我們所產生的資本、或我們所產生的現金流，始終保持高度審慎與深思熟慮。正如我們早在 11 月解讀修訂後的資本配置框架時所說，我們將以能否在「今天向股東返還現金」與「為未來投資」之間取得平衡來接受檢驗。

Fortunately, in the environment that we're in, it feels like we're in that really great scenario where we can actually deliver on both of those tensions. What is important for us to do is that as we think about growth, again, our focus on growth is growing cash flow per share. It's about growing the value of the company as opposed to ounces per se.

幸運的是，在我們所處的環境下，感覺我們正處於一個非常理想的情境——我們其實可以同時兌現這兩個目標。對我們而言，思考成長時重要的是：我們的成長重點仍是提升每股現金流。重點在於提升公司的價值，而不僅僅是增加產量（盎司數）。

And as we think about the three levers of our growth strategy between brownfields, greenfields and potential bolt-on M&A, these are all about trying to improve the quality of the portfolio over time, and we'll need to compete with the alternative uses of capital. If I just really start with Salares Norte, and I think, again, really to talk to the immense opportunity that's in front of us at Salares is in the first six months, we delivered 337,000 ounces, up 173% year on year.

當我們思考成長策略的三個槓桿——棕地、綠地以及潛在的補強型併購——這些都旨在隨時間提升投資組合的品質，而我們也必須與資本的其他用途競爭。先從 Salares Norte 談起；我想再次說明 Salares 面前的巨大機會：在前六個月，我們交付了 337,000 盎司，年增 173%。

And whilst we had a slow start of the ramp-up, we actually have really hit performance at an incredible level. H1 all-in sustaining cost of $269 an ounce was really supported by obviously some strong silver prices, which helped on the byproduct area. But the fact that we were able to perform throughout winter, deliver great performance, we've seen positive grade reconciliation, positive grade reconciliation and also we've seen real strengthened recoveries through the plant, it leaves us with a great degree of confidence of what this asset can deliver over time.

儘管爬坡初期進展較慢，但我們實際上已在極高的水準上達成績效。上半年全維持成本（AISC）為每盎司 269 美元，這很大程度上受惠於強勁的白銀價格，對副產品抵減有所幫助。但我們能在冬季期間持續運轉並交出優異表現，且我們看到正向的品位對帳（grade reconciliation）、正向的品位對帳，同時也看到選冶廠回收率明顯提升，這讓我們對該資產長期可交付的成果充滿信心。

And if you look at the free cash generation of just under $1.2 billion in the six months, it's really remarkable considering the conversation we were having two years ago on Salares.

如果你看這六個月接近 12 億美元的自由現金產生，考量到兩年前我們對 Salares 的討論內容，這確實非常令人驚嘆。

So just maybe moving on to Windfall. Again, Windfall is one of the Canada's highest grade development stage gold projects. It provides considerable growth prospects along strike and down plunge and is expected to provide a long-life, low-cost production platform. The opportunity extends well beyond the current mine plan. And whilst we have made good progress this year, we have an IBA that's signed. We have an EIA approval expected in H2 of 2026.

接著談 Windfall。同樣地，Windfall 是加拿大品位最高的開發階段金礦專案之一。它沿走向與向下傾方向提供可觀的成長前景，預期將提供一個長壽命、低成本的生產平台。其機會遠不止於目前的礦山計畫。而且儘管我們今年已取得良好進展，我們已簽署 IBA（影響與效益協議）。我們預期在 2026 年下半年取得 EIA（環境影響評估）核准。

We continue to do derisking on the project through advancing engineering and making sure that we are prepared for execution readiness.

我們持續透過推進工程設計並確保我們已為執行就緒做好準備，來對該專案進行降風險工作。

If we just talk to the extension, so we are continuing to do exploration drilling at depth under the existing Windfall ore body. And if you just see some of the intercepts that we are seeing, we're seeing some incredible returns with assays in exceeding 50 grams. We have a three-year drilling program designed to infill the exploration corridor of the existing asset with the aim of increasing confidence and the continuity of the mineralization, and we believe that this will allow us to continue to add reserves to the known resource.

再談延伸部分：我們持續在現有 Windfall 礦體下方深部進行探勘鑽探。如果你看我們取得的一些截距結果，我們看到非常驚人的回報，化驗品位超過 50 克。我們有一個為期三年的鑽探計畫，旨在對現有資產的探勘走廊進行加密鑽探，以提高對礦化的信心與連續性；我們相信這將使我們能持續把已知資源轉化並增加儲量。

Again, if you think about the style of this ore body, it's very similar to what we know about at St. Ives, where we have been very successful in replacing reserves over a very considerable amount of time. Just looking at the Windfall district, whilst Windfall is the anchor project in this land package, we see the opportunity at considerably larger than the current mine.

再者，如果你思考這個礦體的型態，它與我們在 St. Ives 所了解的非常相似；而我們在那裡在相當長的一段時間內，成功地持續補充並替換儲量。僅就 Windfall 礦區來看，雖然 Windfall 是這個土地組合中的核心專案，但我們看到的機會遠大於目前礦山的規模。

We have a district-wide opportunity with a very target-rich pipeline and are accelerating testing across multiple target sites. Our objective is to progressively expand the scale, scope and longevity of the Windfall project whether through the next major discovery or adding additional high-margin ounces that allows us to leverage the infrastructure through the existing first phase of the project.

我們在整個礦區層面擁有機會，目標非常豐富的管線，並正加速在多個目標區進行測試。我們的目標是逐步擴大 Windfall 專案的規模、範疇與壽命——無論是透過下一個重大發現，或是增加額外的高利潤盎司，讓我們能在專案既有第一期基礎設施上發揮槓桿效益。

The Phoenix JV with Bonterra is an also important part of the strategy and consolidates a strategic ground position around Windfall, which includes the existing Barry and Gladiator deposits. We are targeting completion to the earn-in on this JV in the second half of 2026, which will give us access to 70% of that property.

與 Bonterra 的 Phoenix 合資（JV）也是策略中的重要一環，並鞏固了 Windfall 周邊的策略性地權位置，其中包含既有的 Barry 與 Gladiator 礦床。我們的目標是在 2026 年下半年完成該合資的賺取權益（earn-in），屆時我們將可取得該資產 70% 的權益。

Just moving on to St. Ives very briefly. Again, we wanted to highlight St. Ives because this combines a very large endowment with established infrastructure, giving us a staged pathway to extend life and lift production as we currently have a mill that's not running at full capacity.

接著非常簡要地談一下 St. Ives。同樣地，我們想強調 St. Ives，因為它結合了非常龐大的資源賦存量與既有基礎設施，為我們提供分階段延長礦山壽命並提升產量的路徑；目前我們的磨礦廠尚未滿載運轉。

Firstly, the strategy is delivering scale at Invincible. Part of that is to increase the amount of throughput production from the underground. We are achieving this through the development of a material handling system, allowing us to deliver 3.4 million tonnes a year from the underground throughput within the next five years.

首先，該策略正在 Invincible 實現規模化。其中一部分是提高地下礦的處理量產出。我們正透過建置物料處理系統來達成，讓我們在未來五年內可將地下礦處理量提升至每年 340 萬噸。

And then secondly, diversifying the ore feed through the expanded open pit strategy. Santa Ana, Britannia and other near-surface resources will help us fill that latent surface capacity. In addition, the Argo cutback and tailing strategy will add resilience to that feed. In addition, we retained further upside by staging mill and recovery studies, investing a highly prospective tenement package across the broader St. Ives package.

其次，透過擴大的露天礦策略來分散礦石供給來源。Santa Ana、Britannia 及其他近地表資源將協助我們填補地表端的閒置產能。此外，Argo 的擴坑（cutback）與尾礦策略將提升供礦的韌性。同時，我們也透過分階段推進磨礦廠與回收率研究，並在更廣泛的 St. Ives 地權組合上投資於高度具前景的礦權包，以保留進一步上行空間。

We believe that there exists more than 20 years of life at St. Ives with current reserves around 3.9 million ounces with a strong demonstration of a history of resource conversion, which leads us to believe that this asset has got a lot more to give.

我們相信，以目前約 390 萬盎司的儲量計算，St. Ives 仍有超過 20 年的礦山壽命；加上其資源轉換為儲量的歷史紀錄強勁，使我們相信這項資產仍有很大的潛力可釋放。

I'm just trying to get to the next slide. So just looking at some of the other assets, we have got still significant upside at our other assets. At Gruyere, we continue to study the Stage 8 and underground trade-off study, the Gilmour options as well as the accelerated exploration of Yamarna. We are progressing land access that we've acquired with the Gold Road transaction and hope to be in a position to commence drilling shortly.

我只是想切到下一張投影片。那麼，看看其他一些資產，我們在其他資產上仍有顯著的上行空間。在 Gruyere，我們持續研究第 8 階段與地下礦的取捨研究、Gilmour 的選項，以及加速 Yamarna 的勘探。我們正推進透過 Gold Road 交易所取得土地的進入許可，並希望很快能開始鑽探。

At Granny Smith, we're extending the Wallaby at depth through further drilling at Zones 150 and 160. We are developing the materials handling and also exploring additional open pit feed to feed the surplus capacity in the mill. What -- we are also doing, obviously, at Granny Smith, which Alex will talk to, is applying that discretionary investment in extending some of the infrastructure -- enabling infrastructure, which allows us to extend Granny Smith over time.

在 Granny Smith，我們透過在 150 區與 160 區進一步鑽探，將 Wallaby 向深部延伸。我們正在建置物料處理系統，並同時探索額外的露天礦供礦，以利用磨礦廠的剩餘產能。另外——我們在 Granny Smith 當然也在做的（Alex 會談到）是運用這些可裁量投資來延伸部分基礎設施——也就是使能型基礎設施，讓我們能隨時間延長 Granny Smith 的礦山壽命。

South Deep has also got an exciting future. We continue to progress the South of Wrench study. We have commenced in the last six months drilling from surface, exploration drilling for the first time in a long time to really define the outer limits of the South of Wrench, and that continues to be promising geologically. We continue to also progress the shaft and renewable energy studies to see if there's a pathway to further lift production over the medium to longer term beyond the target 20% to 25% increase that we flagged that was available over the next five to seven years out of South of Wrench.

South Deep 也有令人振奮的未來。我們持續推進 South of Wrench 研究。在過去六個月，我們已自地表開始鑽探，這是很長一段時間以來首次進行地表探勘鑽探，目的是更清楚界定 South of Wrench 的外圍邊界，而從地質角度看仍持續展現良好前景。我們也持續推進豎井與再生能源研究，以評估是否存在一條路徑，能在中長期進一步提升產量，超越我們先前指出在未來五到七年內可透過 South of Wrench 實現的 20% 至 25% 增產目標。

What is also pleasing with that early drilling from surface, we have intercepted reef. And certainly, it looks promising that, that ore body continues in a very homogenous way. Tarkwa is also an area that has opportunity to lift value by improving productivity across the fleet and improving throughput through the plant and continue to remain and preserve the Kottraverchy upside and looking to sequence growth capital along in terms with the lease renewal.

同樣令人欣慰的是，在這些早期地表鑽探中，我們已攔截到礦脈（reef）。而且看起來相當有希望，該礦體以非常均質的方式持續延伸。Tarkwa 也是一個可透過提升車隊生產力、提高選礦廠處理量來提升價值的領域；同時我們也會持續保留並維護 Kottraverchy 的上行潛力，並配合租約續約的進程來安排成長資本的投入順序。

These are some of the capital-efficient options that compete for capital and will improve portfolio quality within our existing portfolio.

這些都是一些資本效率高的選項，彼此競爭資本配置，並將在我們既有投資組合內提升投資組合品質。

Just move to the next slide. So just very quickly on our greenfields program, we spent nearly $180 million in our brownfields and greenfields program during the first half of 2026. A couple of real call-outs on our greenfields program.

我們切到下一張投影片。關於我們的綠地計畫（greenfields program），在 2026 年上半年，我們在棕地與綠地計畫上合計投入了接近 1.8 億美元。以下是綠地計畫中幾個重點。

Firstly, you would have seen recently, we extended our position in Founders Metals as they bought out their partner to consolidate 100% of that position. We funded that acquisition, which allowed us to get to 19.9% on a 100% basis. They continue to deliver very strong results, exploration results, and we continue to work very closely to look at how we can consolidate that district.

首先，你們最近應該已看到，我們擴大了在 Founders Metals 的持股；他們買下合作夥伴的權益，將該項目整合為 100% 持有。我們為這項收購提供資金，使我們在 100% 基礎上得以將持股提高至 19.9%。他們持續交出非常強勁的成果——勘探成果——而我們也持續非常密切合作，研究我們如何能整合該礦區。

In Australia, we continue with a district scale pipeline across a number of target zones on the East Coast as well as in WA. And in Canada, in particular, we continue to focus on the very extensive exploration program across the 2,500 square kilometer land package around Windfall. And we have undertaken significant access to land to undertake the next drilling phase of the program.

在澳洲，我們在東岸以及西澳（WA）的多個目標帶上，持續推進具礦區尺度的目標管線。而在加拿大，尤其是，我們持續聚焦於 Windfall 周邊 2,500 平方公里土地組合上的大規模勘探計畫。我們也已取得大量土地進入權，以展開該計畫的下一階段鑽探。

In addition, in South America, we have undertaken some initial drilling in the Wayra project in Peru, which is our first greenfields campaign in over a decade as well as the Villa Tati project in Northern Chile, which has continued in the quarter. So again, very excited about the growth and the opportunity set in our greenfields program as part of our growth strategy.

此外，在南美洲，我們已在秘魯的 Wayra 專案進行初步鑽探，這是我們十多年來首次的綠地勘探活動；同時位於智利北部的 Villa Tati 專案也在本季度持續推進。因此，我們對綠地計畫中的成長與機會組合感到非常振奮，這也是我們成長策略的一部分。

So just moving on to our strategy and outlook and just two slides to close out. Firstly, just an update on the Tarkwa lease renewal. Our current leases expire in April of 2027 based on the engagement of the government of Ghana from the time of the transition of Damang Mine in April last year. We did submit a detailed technical study and lease application in November of 2025. And we did provide a comprehensive commercial proposal, which was submitted to the government in July of 2026.

接著談我們的策略與展望，最後用兩張投影片作結。首先，更新一下 Tarkwa 租約續約的進度。根據與迦納政府的互動（自去年四月 Damang 礦移交過渡以來），我們目前的租約將於 2027 年 4 月到期。我們已於 2025 年 11 月提交了詳細的技術研究與租約申請。並且我們也提供了一份完整的商業提案，已於 2026 年 7 月提交給政府。

This proposal supports a continued investment in this asset to unlock the potential of the asset for the next 20 years and which would allow a fair sharing of value between the government of Ghana, the local communities as well as our shareholders. We are waiting for a formal response from the government, but we did flag today in our results that the timing outcome and the terms of the renewal remain uncertain.

該提案支持持續投資於此資產，以釋放未來 20 年的資產潛力，並使價值能在迦納政府、當地社區以及我們股東之間公平分享。我們正等待政府的正式回覆，但我們今天也在業績中指出，續約的時間點結果與續約條款仍存在不確定性。

And as we progress this, we'll obviously provide an update in due course. And then just lastly, our production guidance remains unchanged. We expect to deliver towards the upper end of that guidance with our all-in sustaining cost expected towards the midpoint, all-in costs slightly towards the lower end on the basis of lower capital spend in the second half with group CapEx revised slightly down and sustaining capital unchanged.

隨著我們推進這項工作，我們當然會在適當時候提供最新進展。最後補充一點，我們的產量指引維持不變。我們預期交付將接近該指引的上緣；全維持成本（AISC）預計接近中位數；由於下半年資本支出較低，全成本略偏向下緣，同時集團資本支出（CapEx）小幅下修，而維持性資本支出維持不變。

And I think just lastly, to close on just some of the relativities, we think that the Gold Fields investment proposition really rests on a quality portfolio with strong cash flow, disciplined growth and a demonstrated commitment to balance returns and investment. Salares Norte has undoubtedly strengthened the mix and diversification of our performance with more than half of our assets having upside from existing infrastructure and installed capacity.

我想最後再以一些相對比較作結：我們認為 Gold Fields 的投資主張，核心在於高品質的資產組合、強勁的現金流、紀律性的成長，以及在回報與投資之間取得平衡的明確承諾。Salares Norte 無疑強化了我們績效的組合與多元化，其中超過一半的資產可受惠於既有基礎設施與已安裝產能所帶來的上行空間。

We see ahead of us high-quality production and margin expansion, supporting sustainable free cash flow in our business, which will allow us to fund reinvestment, allow us to deliver a stronger base dividend and additional returns whilst continuing to strengthen our balance sheet.

我們看到前方有高品質的產量與利潤率擴張，支撐公司可持續的自由現金流，這將使我們能夠資助再投資、提供更強的基礎股利與額外回報，同時持續強化資產負債表。

We also have a very deliberate and clear pathway for brownfields exploration as well as the development of Windfall provide a strongly funded pathway to long-term growth with disciplined gating before major capital is committed. If you look at us today, we have a free cash flow yield of over 10%.

我們也為棕地勘探制定了非常審慎且清晰的路徑；同時，Windfall 的開發亦提供一條資金充足的長期成長路徑，並在投入重大資本之前設有嚴謹的關卡控管。如果你看我們目前的狀況，我們的自由現金流殖利率超過 10%。

In our view, this is amongst the highest in our peer set, and we trade at a 4.9 times EV to EBITDA against the lowest in our peer set with a balance sheet that is net cash and ungeared with growth at Windfall and St. Ives, which is fully funded. We believe that this provides a compelling investment case for investors.

我們認為這在同業中屬於最高水準之一；我們的企業價值對 EBITDA 倍數為 4.9 倍，為同業中最低之一；同時資產負債表為淨現金、無槓桿，且 Windfall 與 St. Ives 的成長計畫已完全到位資金支持。我們相信這為投資人提供了具吸引力的投資案例。

If you look at our priorities for the second half, these are very clear, keep people safe, guarantee everyone goes home safe and well. hold Salares Norte to nameplate, deliver on our plan for the remainder of our assets, advance Windfall permitting and conclude the Tarkwa lease renewal. And we'll continue to scan for opportunities within a very disciplined pathway using the three levers for growth that we've defined.

若看我們下半年的優先事項，方向非常清楚：確保人員安全，確保每個人都能平安健康回家；讓 Salares Norte 維持在名目產能（nameplate）；推進其餘資產的既定計畫；加速 Windfall 的許可程序；並完成 Tarkwa 租約續約。我們也將持續以高度紀律的方式，運用我們所定義的三個成長槓桿，尋找各種機會。

So thank you for listening to our presentation. We'll now hand over to the operator to take questions.

感謝各位聆聽我們的簡報。接下來我們將交由主持人進行問答。

Sorry, operator, I just wanted to acknowledge that we've got participants that are attending via Chorus Call and who will be able to ask questions, but we also have attendees via the webcast who will have to type their questions and I will share them with Mike and Alex.

抱歉，主持人，我想先說明一下：我們有透過 Chorus Call 參與的與會者，他們可以直接提問；但也有透過網路直播參與的與會者，他們需要以文字輸入問題，我會把問題轉達給 Mike 和 Alex。

So can I propose and I see that there's already Ephrem and Raj already in the queue for the Chorus Call. So we'll start with their two questions, move on to the webcast questions, and then alternate backwards to Chorus Call, if that's okay with you, operator.

因此我建議——我看到 Ephrem 和 Raj 已經在 Chorus Call 的提問隊列中。我們先從他們兩位的問題開始，接著處理網路直播的問題，然後再交替回到 Chorus Call，主持人如果可以的話。

Ephrem Ravi, Citigroup.

Ephrem Ravi，花旗集團（Citigroup）。

Congratulations on a very good set of results. So firstly, on the -- probably the best performing asset versus expectations, Salares Norte. In terms of the guidance that you've given at the Capital Markets Day last year, 500,000 to 550,000 ounces of gold equivalent and you did almost 65% of that already in the first half. Is it fair to say that it could be kind of exceeded for this year and next year? Or is there some kind of a phasing for grade?

恭喜你們交出一份非常好的成績。首先，關於——可能是超出預期表現最好的資產——Salares Norte。就你們去年資本市場日所給的指引而言，黃金當量為 50 萬到 55 萬盎司，而你們上半年已經完成了其中將近 65%。是否可以說今年與明年有可能超出這個水準？還是品位存在某種分期（phasing）安排？

And as the grade normalizes, would it be kind of fair to see a higher sort of ASIC cost? Or is there other levers that you can pull to kind of keep ASIC cost kind of at current levels?

另外，隨著品位回歸常態，是否可以合理預期 AISC 成本會更高？或者你們還有其他槓桿可以運用，以將 AISC 成本維持在目前水準附近？

And related to Salares as well, I mean, the free cash flow of $1.2 billion, I mean, nearly covers the -- just for this half kind of nearly covers the entire CapEx you spent on this project. So just replicating that to Windfall. I mean, again, the CapEx is about $1.7 billion to $2.1 billion the last time I remember the guidance that you've given. Is there a possibility to kind of scale up the scope of Windfall more now that you're doing more drilling and go with a bigger mine than initially planned, given plenty of cash available for a bigger operation to start with there?

同樣也與 Salares 相關：自由現金流達 12 億美元，幾乎——就這半年而言——幾乎已涵蓋你們在該專案上的全部資本支出。因此把這個概念套用到 Windfall。我記得你們上次給的指引，資本支出約為 17 億到 21 億美元。鑑於你們有充裕現金、且目前鑽探增加，是否有可能擴大 Windfall 的範疇，從一開始就建一座比原先規劃更大的礦山、以更大規模啟動營運？

Thanks very much for the question, Ephrem. So just a comment on Salares. So I think one of the things that we have seen in the first six months, which is different to what we were expecting at the Capital Markets Day in November is we have seen a more positive grade reconciliation out of the pits, which we are doing further testing to see how extensive that is. That has allowed us to achieve higher gold units.

非常感謝你的問題，Ephrem。先談 Salares。我想我們在前六個月看到的一件事，與我們在 11 月資本市場日所預期不同的是：我們看到礦坑的品位對帳（grade reconciliation）更為正面；我們正在進一步測試，以確認這種情況的範圍有多大。這使我們能夠達成更高的黃金產出單位。

We've also seen better recoveries out of the plant, which has obviously had a factor. And then the second and more impactful thing is that we've seen higher realized silver prices, which has also translated into a higher gold equivalent production for the six months. So I think as we think about the full year, you're quite right. I think the guidance of 500 to 550 is likely to be beaten on the upside. And today, we've said that it's more likely to be in the range of 550 to 600.

我們也看到選礦廠的回收率更好，這顯然也是一個因素。第二個、且影響更大的因素是：我們看到實現的白銀價格更高，這也轉化為這六個月更高的黃金當量產量。因此當我們思考全年表現時，你說得沒錯。我認為 50 萬到 55 萬的指引很可能會向上超越。而今天我們也表示，更可能落在 55 萬到 60 萬的區間。

And then on the cost side, I think cost is going to be a function of what happens to silver prices. And the second thing, though, is that we are also moving into an optimization phase that Alex has spoken to in terms of productivity, cost efficiencies and cost optimization. And certainly, Salares is not immune to it because now as we've ramped it up, we certainly see that there's an opportunity for us to make sure that we are running that asset as efficiently as possible. So we can certainly see some benefits to that.

至於成本面，我認為成本將取決於白銀價格的走勢。第二點是，我們也正進入 Alex 所提到的最佳化階段，涵蓋生產力、成本效率與成本最佳化。當然，Salares 也不例外，因為現在我們已完成爬坡增產，我們確實看到機會，確保該資產以盡可能高效率的方式運行。因此我們確實可以看到一些效益。

And I think just -- I'll ask Alex, if you want to add anything to Salares before I go to Windfall.

我想——在我轉到 Windfall 之前，Alex，你是否想對 Salares 補充什麼？

No, I think you've covered it all, I think.

沒有，我想你都已經涵蓋了。

And then just on Windfall, I think the -- what we have always been constrained at by Windfall is the environmental impact assessment and the approval application was set before we acquired our position in Windfall. And for us to change the scope of that project today, we would have had to go back and almost restart that process.

接著談 Windfall：我認為 Windfall 一直以來的限制在於環境影響評估（EIA）以及核准申請；而這些是在我們收購 Windfall 權益之前就已設定。若我們今天要改變該專案的範疇，就必須回頭、幾乎重新啟動那個流程。

So I think our strategy for Windfall always is, let's get the first phase of the asset developed. But quite quickly, once we've done that, we would want to be studying what a scale-up opportunity look like for that asset. And there's a number of things that come to play there. And we certainly would not stand on -- or sit on our hands waiting for that to happen, and we'll be ready to continue those studies as soon as we get the approvals.

因此我認為我們對 Windfall 的策略一直是：先把資產的第一階段開發完成。但在完成之後相當快的時間內，我們會希望研究該資產擴大規模的機會會是什麼樣子。其中有許多因素會發揮作用。我們當然不會袖手旁觀、坐等事情發生；一旦取得核准，我們就會準備好立即推進並持續進行這些研究。

But I think what we feel today is that it would contaminate the consideration of the approvals if we did anything different today.

但我認為我們今天的感受是，如果我們今天做出任何不同的作法，將會污染對核准事項的考量。

Raj Ray, BMO Capital Markets.

Raj Ray，BMO Capital Markets。

I have three questions, if I may. First is more of a clarification from Alex. So the $500 million additional capital returns, that is not necessarily just for H2, that's over the remainder of '26 and '27. Is that correct?

如果可以的話，我有三個問題。第一個比較像是請 Alex 釐清。所以額外的 5 億美元資本回饋，不一定只是針對下半年（H2），而是涵蓋 2026 年剩餘期間以及 2027 年。這樣理解正確嗎？

So Raj, the way we're going to look at it is we've allocated $500 million additional. It may not all be completed in the next 6 months. We may also use some of that for our special dividend if we consider it as part of our year-end results. And then what we will consider at each six-month period is do we top up the program further as we generate the cash.

Raj，我們的看法是，我們已配置額外 5 億美元。不一定會在接下來 6 個月內全部完成。如果我們在年終結果中將其納入考量，我們也可能把其中一部分用於特別股利。接著，我們在每個半年期會評估：隨著我們產生現金流，是否要進一步加碼這個計畫。

So we're looking at it a little bit more differently than we're not basing it necessarily off long-term projections of future cash flows, but rather as we generate and earn cash, we will continue to top up the program that we feel that we are quite confident we'll be able to deliver into.

因此，我們的思考方式有點不同：我們不一定以對未來現金流的長期預測為基礎，而是隨著我們產生並賺取現金，就會持續為我們相當有信心能夠兌現的計畫加碼。

Yes. And I think the way -- Raj, the way that we like to think about this is a sustainable program. So it's not just a one-off. It's how do we deliver something that's sustainable as long as we earn it, we allocate and return.

是的。而且我認為——Raj，我們喜歡把這視為一個可持續的計畫。所以不只是一次性的。而是我們如何在只要賺得到，就配置並回饋，交付一個可持續的方案。

Okay. That's great. A couple of more questions. First, on your Australian material handling projects at St. Ives and Granny Smith. Can you give us some color on how much you have spent in the first half? And when do these projects really ramp up in terms of your capital spend and activities?

好的。很棒。再問幾個問題。首先，關於你們在澳洲 St. Ives 與 Granny Smith 的物料搬運（material handling）專案。能否提供一些資訊，說明上半年你們花了多少？以及這些專案在資本支出與活動方面，何時會真正開始加速？

And second is on Windfall. So if I look at the all-in cost breakdown, and if I'm doing my math correctly, you spent around $147 million at Windfall in H1. Now you have said that part of it has been reclassified as exploration expense. You're now saying that the CapEx spend is going to be towards the higher end of that $1.7 billion to $1.9 billion.

第二個問題是關於 Windfall。如果我看整體成本拆分，而且我的計算沒錯的話，你們在 Windfall 上半年大約花了 1.47 億美元。你們提到其中一部分已被重新分類為探勘費用。你們現在又說資本支出（CapEx）將會落在 17 億到 19 億美元區間的較高端。

My question is, is this -- whatever is being expensed and spent this year, is this part of that $1.9 billion? Or is this over and above that $1.9 billion?

我的問題是：今年被費用化並支出的這些金額，是否包含在那 19 億美元之內？還是會高於那 19 億美元、另外再加上去？

Yes. So maybe I can start with Windfall and Alex, you want to talk to the capital -- the material handling capital. So Raj, I think at this stage, given that the project has not been approved, this is why it gets converted into exploration expense and expensed. So it isn't being capitalized at this point in time.

是的。那我先從 Windfall 開始，Alex 你再談談資本——物料搬運的資本支出。Raj，我認為現階段，由於該專案尚未獲核准，因此這些支出會轉為探勘費用並費用化。所以目前不會資本化。

And some of that capital is going to be included in the initial estimate. So that's why we've said we will come out once we've got a project that's ready to approve with the remaining capital to be spent and help with the reconciliation at that time.

其中一部分資本將會納入最初的估算。因此我們才說，等到專案已準備好核准時，我們會就剩餘尚需支出的資本對外說明，並在那時協助進行調節（reconciliation）。

And Mike, so the -- sorry, the feasibility study results, that will come out once you have the permits. Is that correct?

Mike，那——抱歉，可行性研究結果會在你們取得許可後才會公布。這樣理解正確嗎？

Yes. And look, we've largely completed the studies. It's really a timing issue. When do we get the EIA that allows us to move this project into execution. So there's a bit of an interplay between the timing of the delay and when we can actually approve the project.

是的。而且坦白說，我們大致已完成研究。這真的只是時程問題。我們何時能取得環境影響評估（EIA），使我們得以將該專案推進到執行階段。因此，延遲的時間點與我們實際能核准專案的時間之間，存在一些相互影響。

And obviously, Raj, the one thing is when we talk about that project capital, we talk about directly attributable capital to that project, incurred in some of our expenditures to date is also all the greenfield exploration on the property, the expiration of depth, certain overheads and stuff. So -- and we'll give that clarity and guidance when we put it out.

而且很明顯，Raj，當我們談到該專案資本時，我們指的是可直接歸屬於該專案的資本；但我們迄今部分支出也包含該地產上的綠地探勘、深部延伸的探勘，以及某些管理費用等。所以——我們在對外發布時會提供更清楚的說明與指引。

And then if you just want to talk about the materials handling system. So I think basically at St. Ives, we have commenced the accelerated development of the decline for the conveyor system. And in the first half of the year, we spent approximately $20 million on that. That will continue at that sort of rate for every six months.

接著如果你想談談物料搬運系統。我想基本上在 St. Ives，我們已開始加速開發用於輸送帶系統的斜坡道（decline）。而在上半年，我們在這方面大約花了 2,000 萬美元。接下來每 6 個月大致會以類似的速度持續。

Then the real spend comes when you start putting in the enabling infrastructure that you will order from the various suppliers. We have placed the orders for the long lead items.

真正的大筆支出會發生在你開始建置向各供應商訂購的配套基礎設施（enabling infrastructure）時。我們已下單訂購長交期項目（long lead items）。

And then at Granny Smith, we are still just finalizing sort of the feasibility study before we make any major commitment.

而在 Granny Smith，我們仍在完成可行性研究的最後定稿，之後才會做出任何重大承諾。

Operator, I think we can take one more question. I see Tanya is in the queue before we move over to the webcast questions.

接線員，我想我們可以再接一個問題。我看到 Tanya 在隊列中，之後我們再轉到網路直播的提問。

Tanya Jakusconek, Scotiabank.

Tanya Jakusconek，Scotiabank。

I just wanted to follow up on Windfall, if I may. Can you remind me at what point if we don't have this permit in place, do we start slipping on this project? Is it if we don't get it by the fall of this year that we start slipping? And then remind me on the slippage again, is it one year slippage for the winter?

如果可以的話，我想追問 Windfall。你能提醒我，如果我們沒有取得這項許可，到什麼時間點我們就會開始在這個專案上出現延宕？是否是如果今年秋天前拿不到，就會開始延宕？另外再提醒我一次，這個延宕是因為冬季而延宕一年嗎？

Yes. And look, Tanya, we haven't kind of been too -- we haven't really gone out to the market and said, look, this is our revised schedule because what we would rather do is wait until we have an EIA. But to be perfectly honest, we are now starting to impact on the ability to execute work during this first winter period. And therefore, if we don't have an EIA by the end of this calendar year, we're certainly looking towards slippage at least to the back end of 2029 and if not later. So that's what we're trying to navigate through at the moment.

是的。而且，Tanya，你看，我們一直沒有——我們其實沒有對市場說，這是我們修訂後的時程，因為我們寧可等到拿到 EIA 再說。但老實說，我們現在已開始影響到在第一個冬季期間執行工作的能力。因此，如果我們在本曆年年底前仍未取得 EIA，我們肯定會面臨至少延後到 2029 年後段，甚至可能更晚的延宕。這就是我們目前正在努力因應的部分。

We are ready to mobilize, particularly the civil works, which are critical for us to move on and then being able to deliver on the camp infrastructure. We remain hopeful that we can move forward. But again, we were expecting this to be delivered in June. So we're already two months nearly three months late on this, and that's starting to have an impact on what we can realistically deliver through the first winter.

我們已準備好動員，特別是土木工程，這對我們推進進度至關重要，接著才能交付營地基礎設施。我們仍抱持希望能夠往前推進。但再次強調，我們原本預期 6 月就會交付。所以我們已經晚了兩個月、接近三個月，這開始影響我們在第一個冬季能夠實際交付的內容。

So I think what I'd rather do is hold back. And once we've got clarity on the timing of the EIA, we'll come back with the timing on the project.

所以我認為我寧可先保留不說。一旦我們對 EIA 的時程有了明確性，我們會再回來更新專案時程。

Yes. Fair enough. And that's on the capital as well and operating costs because those are a little bit (inaudible) scale a bit as well, right? And we've seen some other companies come out with some capital updates and costing updates with inflation coming through.

是的。有道理。而且這也反映在資本支出以及營運成本上，因為那些也會隨著規模稍微（聽不清）有所變動，對吧？而且我們也看到其他公司在通膨上行的情況下，發布了一些資本更新與成本更新。

So I know you've guided to the upper end of that range, but is it fair to assume that if we have further delay plus you factor in all of these other inflationary pressures that we are going to exceed that $2 billion mark?

所以我知道你們指引的是該區間的上緣，但是否可以合理假設，如果我們再出現進一步延遲，再加上所有這些通膨壓力因素，我們將會超過20億美元這個門檻？

Yes. And look, I think we'll unpack it. I mean, it's probably early days for us to talk to that. The reason we guided at the higher end of that range is since November, there were a couple of factors that did impact on the capital estimate. There was some specific scope items that were requested by the environmental agency, for example, a nitrate treatment plant, which was around $50 million that was not planned in the original scope.

是的。你看，我想我們會把它拆開來說明。我的意思是，現在對我們來說可能還太早談到那一點。我們之所以把指引放在該區間的較高端，是因為自11月以來，有幾個因素確實影響了資本估算。例如，環境機構要求了一些特定的範疇項目，比如硝酸鹽處理廠，約5,000萬美元，這在原始範疇中並未規劃。

And secondly, there was an EBA order that came out, which meant that we had to start paying labor from the date -- from the time that they left home, which was again a change to our estimate. So those are kind of examples of things which were unplanned for and unknown at the time we made the guidance note. But as soon as we have an EIA, we'll come out with some revised schedule and capital.

第二，出現了一項EBA裁定，意味著我們必須從勞工離家之日起——從他們離開家的時間起——就開始支付工資，這同樣改變了我們的估算。所以這些算是一些例子，屬於在我們發布指引說明時未曾規劃、也未知的事項。但一旦我們拿到EIA，我們就會發布修訂後的時程與資本支出。

And just to confirm, Tanya, that range was in real 2025 terms when we provided it in November. So would have to be adjusted for inflation.

另外確認一下，Tanya，我們在11月提供的那個區間是以2025年的實質（不變）價格計算的。所以需要因通膨而調整。

Yes. Yes. Okay. And maybe just coming back to your pillars for growth. You mentioned exploration, the brownfield and then opportunities, bolt-on opportunities, interested in how you define bolt-on opportunities. I mean, you're pretty much -- your joint venture partners are all gone. Would those be more opportunities of assets and jurisdictions you work in? Or how do you define that? Is it more production versus development? Just interested in how you look at those bolt-ons.

是的。是的。好的。再回到你們的成長支柱。你提到勘探、棕地（brownfield），以及機會、附加式（bolt-on）機會；我想了解你們如何定義附加式機會。我的意思是，你們幾乎——你們的合資夥伴都已經退出了。那這些會更偏向於你們所運作的資產與司法管轄區的機會嗎？或者你們如何定義？是更偏向生產而非開發嗎？只是想了解你們如何看待這些附加式機會。

Yes. Tanya, I'd say that typically, what we've been looking for is assets that really -- and as we've always said, ideally come on and create incremental value in our portfolio. I think we always said that we would probably only execute one material project at a time. So we've got Windfall is our priority to execute against. So would we go and buy a shovel-ready project today, that probably wouldn't be the right kind of area of focus. Quite clearly, producing assets of high quality in the right jurisdiction are not that easily available.

是的。Tanya，我會說一般而言，我們一直在尋找的是那些真正——而且如同我們一直說的——理想上能夠加入並在我們的投資組合中創造增量價值的資產。我想我們也一直說過，我們可能一次只會執行一個重大的專案。所以Windfall是我們目前執行上的優先事項。因此我們今天會去買一個可立即動工（shovel-ready）的專案嗎？那可能不是正確的聚焦領域。很明顯，在合適司法管轄區內的高品質生產型資產並不那麼容易取得。

And if they are, they're super expensive. So we are very -- trying to be very discerning. We don't have to do M&A. I just want to make that point very clear. We have a very good outlook on our existing portfolio. Our greenfields program is gaining momentum and will deliver outcomes from a decade out. But we'll always be opportunistic. And if the right opportunities come up, we will look to that.

即便有，也非常昂貴。所以我們非常——努力做到非常審慎挑選。我們不一定要做併購（M&A）。我想把這點講得很清楚。我們對現有投資組合的前景非常有信心。我們的綠地（greenfields）計畫正在加速推進，並將在十年後帶來成果。但我們也會一直保持機會主義。如果出現合適的機會，我們會加以評估。

Today, it probably wouldn't be a development project that is near term. But if it was something that came to be delivered seven years out, maybe that would be something of interest. But -- so it's hard to put a definition around it. We look at the entire universe, and we look at where it would come into our portfolio at the right time to deliver on our aspiration of growing cash flow per share over time.

以今天來看，它可能不會是一個短期內的開發專案。但如果是某個可在七年後交付的項目，也許會是我們感興趣的。不過——所以很難給它下一個明確定義。我們會看整個可投資宇宙，並評估它在適當時間點納入我們投資組合、以實現我們隨時間提升每股現金流的願景。

If okay, I will take -- there's a few questions on the webcast, so I'll just read them. There's three from (inaudible) Capital Markets.

如果可以的話，我會先——線上直播有幾個問題，我就直接念出來。有三個問題來自（聽不清）資本市場。

He says: do you foresee royalty issues cropping up in other regions around the world like what is happening in Ghana? If so, how do you go about taking an initiative to resolve impending royalty debacles going forward? Is there an internal blueprint in place?

他說：你是否預見像迦納目前發生的那樣，其他全球地區也會出現權利金（royalty）問題？如果是，你們會如何主動採取措施，去解決未來可能發生的權利金爭議？內部是否有既定的藍圖？

His second question says: given the industry's massive revenue and cash flows, there's high risk of stiff competition for critical skills, which could lead to high employee turnover. Have you evaluated this risk? And is there a retention strategy in place?

他的第二個問題是：鑑於產業龐大的營收與現金流，關鍵技能人才的競爭非常激烈，可能導致員工流動率上升。你們是否評估過這項風險？是否有留才策略？

Maybe park there and take --

也許先到這裡，然後請--

Thanks for those questions. Look, I think what we've seen in Ghana is certainly, in some respects, unhelpful because certainly, we think that it starts placing Ghana in a fairly uncompetitive position for inward investment and it's certainly a step-up on royalty regimes elsewhere. At the time, we engaged on a bilateral basis as well as through the industry bodies like the Chamber of Mines as well as our peers to try and impress on government to not take short-term decisions that could impact the long-term health of the sector.

謝謝這些問題。你看，我認為我們在迦納看到的情況，在某些方面確實不太有利，因為我們認為這開始讓迦納在吸引外來投資方面處於相當缺乏競爭力的位置，而且相較其他地區的權利金制度，這確實是更高一級的做法。當時，我們以雙邊方式參與溝通，也透過礦業商會等產業組織以及同業夥伴，試圖讓政府理解，不要做出可能影響產業長期健康的短期決策。

Despite that, this was a country -- is a country that's under some financial stress and therefore, saw the sector as an easy target. When I compare this to Western Australia, for example, which I know is in a very different position, but they've held royalty rates steady for a very long period of time despite movements in gold price because I think there's a real understanding that what you do need as investors is predictability.

儘管如此，這個國家——是一個正承受一些財務壓力的國家，因此把該產業視為容易下手的目標。當我把這與西澳大利亞相比，例如我知道那是非常不同的情境，但他們在很長一段時間內，即使金價波動，也一直維持權利金稅率不變，因為我認為他們真正理解，投資人需要的是可預測性。

And you can just see the kind of investments that going into a region that whilst it's prospective, it's certainly no better than what Ghana has available to us. So it's really important that we make those messages clear, and that's why you see certainly sovereign risk in certain jurisdictions.

而你也可以看到各種投資正流向某些地區；那些地區雖然具備前景，但也未必比迦納能提供給我們的條件更好。所以把這些訊息清楚傳達非常重要，這也是為什麼你會在某些司法管轄區看到主權風險。

But the way that we approach it is very much through industry bodies on a direct basis and bilaterally to try and impress some governments not to take short-term decisions because that's certainly not helpful to sustain the health of the sector in the long term.

但我們的做法主要是透過產業組織、以直接方式以及雙邊方式，去讓一些政府理解不要做短期決策，因為那對於長期維持產業健康確實沒有幫助。

I think in respect to skills, you're quite right. In certain parts, we've had real pockets of turnover, interesting enough, South Deep, we spoke about turnover two years ago where we were losing some real skilled operators. Today, we're seeing those people coming back. And again, it talks to being consistent with the value proposition. And once you've got assets that are performing, people want to come and be part of that.

我想就技能人才而言，你說得很對。在某些地區，我們確實出現過一些明顯的流失情況；有趣的是，South Deep，我們兩年前談到流動率時，我們正在流失一些非常熟練的操作人員。今天，我們看到那些人正在回流。而這也再次說明，要在價值主張上保持一致。一旦你的資產表現良好，人們就會想來並成為其中一部分。

The other area where we've seen high degrees of turnover is, for example, Western Australia, even through our business partners where they've seen turnover. And we work very closely with them to make sure we have competitive positions, competitive value propositions and if necessary, tying people in through retention mechanisms.

我們看到高流動率的另一個領域是，例如西澳洲，即使透過我們的業務夥伴，他們那邊也出現了人員流動。我們與他們非常緊密合作，以確保我們具備具競爭力的職位配置、具競爭力的價值主張，並在必要時透過留任機制把人留住。

So it's -- I wouldn't say it's not a one size fit all. It requires real insight and being deliberate about how we hold on to talent for certain parts of the world, it's a really competitive position.

所以這——我不會說是一體適用。這需要真正的洞察力，並且要有意識地針對世界某些地區如何留住人才；那裡的競爭態勢非常激烈。

Good. And the next one, I'm going to take three, is from Luke Roberts. He says: given the decline in net debt, are you considering early repayment of any debt facilities at this stage?

好的。下一題我會一次帶三題，來自 Luke Roberts。他說：鑑於淨負債下降，你們現階段是否考慮提前償還任何債務融資安排？

And then the next one after that is from Arnold van Graan from Nedbank CIB. He says: Mike, what do you think is needed to close the valuation gap with your peers? How much of that do you think is due to Tarkwa?

再下一題來自 Nedbank CIB 的 Arnold van Graan。他說：Mike，你認為需要什麼才能縮小與同業之間的估值差距？你認為其中有多少是由 Tarkwa 所造成的？

And then the third one is from Bruce Williamson from Integral Asset Management. He says: Mike, how many surface holes do you need to drill South of Wrench to make you comfortable with the geology tonnes and grades?

第三題來自 Integral Asset Management 的 Bruce Williamson。他說：Mike，為了讓你對 Wrench 以南的地質噸位與品位感到放心，你們需要鑽多少個地表鑽孔？

Yes. Thanks very much. Maybe, Alex, you want to do the first one?

是的。非常感謝。也許 Alex，你想先回答第一題？

So thank you, Luke. From a debt perspective, obviously, the first thing we do when we have excess cash is to pay down our revolving credit facilities because those we can reaccess. But we will continue to assess whether it makes sense to pay down our other facilities.

謝謝你，Luke。從負債角度來看，顯然當我們有多餘現金時，第一件事是先償還我們的循環信用額度，因為那部分我們之後還可以再動用。但我們會持續評估，是否有意義去償還其他融資。

For example, our term debt in Australia will probably be one of the easier ones to look at. And we do continuously monitor our bond prices. And if there was something where we could get them below par, we would definitely look at that opportunity if it arose.

例如，我們在澳洲的定期借款可能會是較容易評估的項目之一。我們也會持續監控我們的債券價格。如果出現能以低於面值買回的情況，我們一定會在機會出現時加以評估。

Yes. Thanks. And Arnold, I think this issue around the valuation gap is interesting for -- certainly, from a starting point, we believe that we are -- have delivered on our strategy in the last two years. And certainly, from a delivery point of view, we are no different to our peers. And in fact, we have some -- a lot more exciting future potential.

是的。謝謝。Arnold，我認為關於估值差距的議題很有意思——至少從起點來看，我們相信過去兩年我們已經落實了我們的策略。而且就交付成果而言，我們與同業並無不同。事實上，我們還有一些——更令人振奮的未來潛力。

I think Tarkwa has been a drag on our share price. And if you look at the underperformance in the last six months, we've underperformed by about 10%, which is probably the kind of value attributable to Tarkwa or there and thereabouts.

我認為 Tarkwa 一直在拖累我們的股價。如果你看過去六個月的相對表現，我們落後約 10%，這大概就是可歸因於 Tarkwa 的價值，或大致相當。

But I think the third one is maybe just a slight misunderstanding on how we're positioning our additional returns program and what our capital allocation framework looks like because we absolutely do believe that we have a very competitive capital returns program. It is a capital returns program that's designed to have longevity and not just a big announced headline number.

但我認為第三點可能只是對我們如何定位額外回報計畫，以及我們的資本配置框架長什麼樣子，有些些誤解，因為我們絕對相信我們有非常具競爭力的資本回饋計畫。這是一個旨在具備長期性、而不只是宣布一個很大的頭條數字的資本回饋計畫。

And I think if we can continue to be disciplined on capital allocation, invest in our business and deliver superior returns, hopefully, the market will get to understand that we are really trying to deliver a sustainable delivery of returns rather than just one-off. And hopefully, the combination of resolution on Tarkwa, the announcement of Windfall into execution and continued delivery on our commitments on capital returns should see us rewarded. So that's what we're really working towards.

我認為如果我們能持續在資本配置上保持紀律、投資於我們的業務並交付更優異的回報，希望市場會理解我們真正想要交付的是可持續的回報，而不是一次性的。並且希望 Tarkwa 的問題獲得解決、Windfall 宣布進入執行階段，以及我們在資本回饋承諾上的持續交付，三者結合能讓我們獲得市場回報。這就是我們努力的方向。

And probably lastly, and that's why in the presentation, we spoke about the inherent potential in our portfolio because maybe there's still not a full value being attributed to some of these options that we have in our business.

最後也許補充一下，這也是為什麼在簡報中我們談到投資組合的內在潛力，因為市場可能仍未把我們業務中某些選項的全部價值反映出來。

Bruce, just to your question on South Deep, I think the way that we should think about it, this is some infill drilling on South of Wrench, but equally, it's also extension drilling to really understand the extension perimeter of South Deep. So hard to put a number to it today, but this would be certainly over the next five years, you'd expect us to be doing at least 100,000 to 200,000 meters of drilling to start defining that.

Bruce，關於你對 South Deep 的問題，我認為我們應該這樣看：這一部分是在 Wrench 以南做一些加密鑽探（infill drilling），但同時也屬於延伸鑽探，以真正了解 South Deep 的延伸邊界。所以今天很難給出一個數字，但在未來五年，你會預期我們至少會進行 100,000 到 200,000 公尺的鑽探，來開始界定那一帶。

But we have got reserves declared over that property. So it's not like there has to be a major reserve declaration around those assets. This is about an extension drilling more than anything.

但我們已經在那個礦權上申報了儲量。所以並不是說那些資產必須要有一個重大的儲量申報。這更多是延伸鑽探的問題。

Thanks, Mike. Just mindful that we're up on time. I'll hand back to you for closing comments, Mike. There were a few questions that were still remaining, but we'll reach out directly to address those.

謝謝你，Mike。提醒一下我們時間到了。我把時間交回給你做結語，Mike。還有幾個問題尚未回答，但我們會直接聯繫以回覆那些問題。

Yes. Thanks very much. And look, again, I'll just call out a couple of comments.

是的。非常感謝。那麼，我再補充幾點。

We believe this was a very strong performance in the first six months, we were able, through the support of gold price as well as strong operating performance, really deliver superior returns to our shareholders as we had flagged as well as continuing to invest in our business. We think we have a number of catalysts and opportunities in our portfolio to improve our business, not least of which is the moving into execution of Windfall, the continued improvement in our existing portfolio and then also hopefully, resolution of Tarkwa, which would unlock further value.

我們認為前六個月的表現非常強勁；在金價支撐以及強勁營運表現的帶動下，我們確實如先前所提，為股東交付了更優異的回報，同時也持續投資於我們的業務。我們認為投資組合中有多項催化劑與機會可改善我們的業務，其中包括 Windfall 進入執行階段、我們現有投資組合的持續改善，以及也希望 Tarkwa 能獲得解決，從而釋放更多價值。

So hopefully, this was a good representation of the performance. And certainly, we are excited about what the next six months will bring. Thank you, everyone, for joining.

所以希望這能很好地呈現我們的表現。而且我們確實對接下來六個月將帶來的進展感到振奮。感謝各位參與。