Harmony Gold Mining Company Ltd (HMY) 2025 Q4 法說會逐字稿

All right. Good morning, everybody, and thank you for joining us. I'm Beyers Nel, the CEO of Harmony. Today, we are presenting our financial year '25 results that unpack not only our operational and financial performance, but it also details how we are creating value for our shareholders and all our stakeholders. You'll also hear today from our Financial Director, Boipelo Lekubo, who will take you through the financial detail later on in the deck.

好的。大家早安，感謝大家的收看。我是 Beyers Nel，Harmony 的執行長。今天，我們公佈了 25 財年的業績，不僅展示了我們的營運和財務業績，還詳細說明了我們如何為股東和所有利益相關者創造價值。今天您還將聽到我們的財務總監 Boipelo Lekubo 的發言，他將在稍後的演講中向您介紹財務細節。

Before we begin, please take note of our Safe Harbor statement. We encourage you to read the cautionary language in full. And with that, let's move to the heart of the equity story. FY25 marks our 10th consecutive year of meeting production guidance. This level of consistency is rare in our sector and is underpinned by responsible stewardship, operational excellence, effective capital allocation, and cash certainty.

在我們開始之前，請注意我們的安全港聲明。我們鼓勵您完整閱讀警告語。接下來，讓我們進入公平故事的核心。25 財年是我們連續第 10 年達到生產預期。這種一致性在我們的行業中是罕見的，並且由負責任的管理、卓越的營運、有效的資本配置和現金確定性所支撐。

Harmony has delivered a steady performance over the past decade, contributing to investor confidence and long-term trust. Our growth story is built on consistent delivery, higher-quality ore bodies, disciplined cost management, record cash flows, and a robust balance sheet. It also sets the stage for a future powered by quality gold and meaningful copper.

Harmony 在過去十年中表現穩定，贏得了投資者的信心和長期信任。我們的成長故事建立在持續的交付、更高品質的礦體、嚴格的成本管理、創紀錄的現金流和強勁的資產負債表的基礎上。這也為優質黃金和有意義的銅的未來奠定了基礎。

Our success has been built by keeping safety, sustainability, and operational excellence as non-negotiables. Copper, of course, provides a catalyst to our investment case through MAC Copper, Eva Copper, and Wafi-Golpu. This will further enhance the portfolio and improve our quality across commodity cycles. Our success is built on trust and collaboration. And we remain focused on the needs and interests of all our stakeholders. This commitment positions Harmony as a partner of choice where we operate.

我們的成功源自於我們對安全性、永續性和卓越營運的堅定信念。當然，銅透過 MAC Copper、Eva Copper 和 Wafi-Golpu 為我們的投資案例提供了催化劑。這將進一步增強投資組合併提高我們在整個商品週期中的品質。我們的成功建立在信任和合作的基礎上。我們始終關注所有利害關係人的需求和利益。這項承諾使 Harmony 成為我們經營所在地的首選合作夥伴。

Harmony has once again delivered a stellar operating and financial set of results. Safety is our priority. And despite the devastating losses in the second half of the financial year, our LTIFR is trending lower. In fact, we have managed to achieve the lowest ever LTIFR in our history, evidence that the strategy is correct and that our safety culture is improving.

Harmony 再次取得了出色的營運和財務表現。安全是我們的首要任務。儘管本財年下半年損失慘重，但我們的 LTIFR 呈現下降趨勢。事實上，我們已經實現了歷史上最低的 LTIFR，這證明我們的策略是正確的，而且我們的安全文化正在改善。

We have generated record high cash flows with adjusted free cash flow reaching just over ZAR11 billion at a 16% margin. Headline earnings per share rose by 25% (sic - see slide 4, "26%"), ZAR23.37 per share, and we will pay a record final dividend of ZAR2.4 billion.

我們創造了創紀錄的高現金流，調整後的自由現金流達到 110 億南非蘭特，利潤率為 16%。每股盈餘成長 25%（原文如此 - 請參閱投影片 4，「26%」），每股 23.37 南非蘭特，我們將支付創紀錄的 24 億南非蘭特末期股息。

We hit the upper end of production guidance at 46 tonnes of gold or about 1.48 million ounces and kept all-in sustaining costs in line with guidance at ZAR1.05 million a kilogram or about USD1,800 per ounce. Our underground recovered grade guidance continues to increase. And at 6.27 grams per tonne, we exceeded the upward revised grade guidance as well.

我們達到了生產指導的上限，即 46 噸黃金或約 148 萬盎司，並將總維持成本保持在與指導一致的水平，即每公斤 105 萬南非蘭特或每盎司約 1,800 美元。我們的地下回收品位指導持續增加。每噸 6.27 克的含量也超過了上調的品位指導值。

This performance is not a once-off. It reflects rather the structurally improved quality of our portfolio and the consistency and resilience in our operating model. Harmony has, for the second consecutive year, delivered record-breaking cash flows. While we have certainly been assisted by a record gold price, the main driver of our performance has been a combination of adding high-grade assets and investing in life of mine extension projects.

這次演出並非一次性的。它反映了我們投資組合結構上的改善以及我們營運模式的一致性和彈性。Harmony 連續第二年實現了破紀錄的現金流。雖然創紀錄的金價確實對我們有所幫助，但我們業績的主要驅動力是增加高品位資產和投資礦山壽命延長項目的組合。

We have delivered an unmatched performance with a 54% growth in adjusted free cash flow. This alongside funding our approved major capital projects as well. Cash is certainty, but also provides us with strategic optionality. It derisks our capital program, supports a consistent dividend and positions us to fund our various projects and value-accretive acquisitions.

我們實現了無與倫比的業績，調整後的自由現金流成長了 54%。這也為我們批准的重大資本項目提供資金。現金是確定性的，但也為我們提供了策略選擇權。它降低了我們資本計劃的風險，支持持續的股息，並使我們能夠為各種項目和增值收購提供資金。

At Harmony, everything begins with safety. We ensure that at all times, we take safety personally. While the first half of the financial year saw us deliver our best safety performance ever, the second half was simply unacceptable in the modern era of mining and the lessons learned have been taken on board and incorporated. Encouragingly, our LTIFR is trending in the right direction, and FY25 reached a company all-time low of 5.39 per million hours worked.

在 Harmony，一切始於安全。我們確保始終把安全放在第一位。雖然我們在本財年上半年取得了有史以來最好的安全業績，但下半年在現代採礦業中的表現卻是不可接受的，我們已經吸取並運用了所獲得的經驗教訓。令人鼓舞的是，我們的 LTIFR 正朝著正確的方向發展，2025 財年達到了公司歷史最低水平，即每百萬工作小時 5.39 美元。

One of our biggest risks is full of ground, where LTIFR has decreased by 25% over five years, even as we mine some of the world's deepest, most technically demanding ore bodies. Our journey to zero harm continues, and it continues with urgency, with unity in Harmony and with unwavering resolve.

我們面臨的最大風險之一是地面採礦，儘管我們開採的是世界上最深、技術要求最高的礦體，但五年來 LTIFR 卻減少了 25%。我們實現零傷害的旅程仍在繼續，我們將以緊迫感、和諧團結和堅定不移的決心繼續前進。

In order to ensure we achieve our goal of zero harm, we have moved from lagging to leading indicators. We are seeing faster A-Hazard closure times, hard evidence that our system is working. High-risk work verification means that the all clear is earned, not assumed. And this is how we turn intent into outcomes and outcomes into culture. The message throughout Harmony is clear. A safe mine is a productive mine, and we will never trade safety for tonnes.

為了確保實現零傷害的目標，我們已經從落後指標轉向領先指標。我們看到 A 級危險關閉時間正在加快，這有力地證明我們的系統正在發揮作用。高風險工作驗證意味著一切順利是自己爭取的，而不是想當然的。這就是我們如何將意圖轉化為結果，將結果轉化為文化。《和諧》所傳達的訊息非常明確。安全的礦井才是高產量的礦井，我們絕對不會為了產量而犧牲安全。

Quality mining is imperative across all our operations. I believe we are consistently getting this right, which is evident in excellent grade control and stable, predictable production. Underground recovered grades increased to 6.27 grams per tonne, driven by a phenomenal performance at Mponeng and a solid performance at Moab Khotsong as well.

優質採礦對於我們所有的營運都至關重要。我相信我們一直在做正確的事，這體現在出色的品位控制和穩定、可預測的生產。受 Mponeng 礦場的出色表現和 Moab Khotsong 礦場的穩健表現的推動，地下回收品位上升至每噸 6.27 克。

Despite the impact of safety stoppages and inclement weather in the second half, we still met the upper end of our guidance. In line with plan, group production decreased by 5% to 46 tonnes or 1.48 rather million ounces. Quality over volume is yielding results, and we mine smarter ounces and boost our resilience. All-in sustaining cost increases remain controlled and in line with guidance, rising 17% to ZAR1.05 million a kilogram or about USD1,800 per ounce.

儘管下半年受到安全停工和惡劣天氣的影響，我們仍然達到了預期的上限。與計劃一致，集團產量下降 5% 至 46 噸或 148 萬盎司。品質重於數量正在產生效果，我們開採更聰明的資源並增強我們的韌性。整體維持成本成長仍在控制之中並符合指導，上漲 17% 至每公斤 105 萬南非蘭特或每盎司約 1,800 美元。

This reflects lower planned production, mine inflation, higher sustaining capital, and royalties on stronger revenue. Because we are a rand cost producer, the stronger rand resulted in higher US dollar reported cost. Even so, our investment case in quality has moved us down the global cost curve. We have expanded group adjusted free cash flow margins eightfold over the past four years whilst investing to sustain and grow high-quality ounces.

這反映了計劃產量下降、礦山通貨膨脹、維持資本增加以及收入增加帶來的特許權使用費增加。因為我們是蘭特成本生產商，所以蘭特走強導緻美元報告成本更高。即便如此，我們在品質方面的投資案例已經使我們的全球成本曲線下降。過去四年來，我們已將集團調整後的自由現金流利潤率擴大了八倍，同時進行投資以維持和增加高品質盎司。

Harmony has maintained its predictable cash operating cost base. Over 90% of our operating costs are rand denominated. Total labor and electricity costs make up 72% of group costs. Wage inflation is predictable under our five-year agreement and power tariffs are regulated. Royalties contribute about ZAR41,000 a kilogram to cash operating costs on the back of improved revenues and profitability.

Harmony 一直維持著可預測的現金營運成本基礎。我們 90% 以上的營運成本都是以蘭特計價的。總勞動力和電力成本佔集團成本的72%。根據我們的五年協議，薪資通膨是可預測的，電價也受到監管。在收入和獲利能力提高的背景下，特許權使用費每公斤可為現金營運成本貢獻約 41,000 南非蘭特。

As a result, total cash operating costs increased by 9%, and that is as planned. On a per unit basis, costs rose by 15% given lower production as discussed. Our planning cycle and disciplined procurement keep cost outcomes within parameters, supporting margin resilience. This slide is very familiar, but it perfectly illustrates how we have transformed Harmony into a company with sustained higher margins.

因此，總現金運營成本增加了 9%，這是符合計劃的。如上所述，由於產量下降，每單位成本上漲了 15%。我們的規劃週期和嚴格的採購使成本結果保持在參數範圍內，從而支持利潤彈性。這張投影片很熟悉，但它完美地展示了我們如何將 Harmony 轉變為一家利潤率持續較高的公司。

Through our various acquisitions and capital projects, the portfolio is now doing exactly what we designed it to do. High-grade SA underground and surface operations generate significant free cash with margins of 44% and 36%, respectively. Hidden Valley continues to deliver with margins at an exceptional 48%.

透過我們的各種收購和資本項目，投資組合現在正按照我們的設計發揮其作用。高品位 SA 地下和地面作業產生大量自由現金，利潤率分別為 44% 和 36%。Hidden Valley 繼續保持出色的利潤率，達到 48%。

Our optimized SA underground assets mine for cash at lower but positive margin, helping fund our growth and enabling us to extend mine lives responsibly. This portfolio balance is the engine behind record cash flow generation.

我們優化的 SA 地下資產以較低但正的利潤率開採現金，幫助資助我們的成長並使我們能夠負責任地延長礦山壽命。這項投資組合平衡是創紀錄現金流產生的動力。

Our FY25 results reflect more than just numbers. They show our purpose in action. Sustainability is not an add-on. It's embedded in our planning, how we mine and how we grow. Independent ratings confirm this progress with our inclusion in the FTSE4Good Index for the eighth consecutive year. The MSCI upgrading us to BB ahead of industry average. CDP scored as A- for water stewardship, and we conform with the SBTi for our global climate goals. These achievements reinforce our commitment to responsible mining and long-term value creation.

我們的 25 財年業績反映的不僅是數字。它們以行動展現了我們的目標。可持續性並不是附加的。它融入了我們的規劃、我們的開採方式和我們的發展方式。我們連續第八年被納入富時社會責任指數，獨立評級證實了這項進步。MSCI 將我們的評級上調至 BB，高於業界平均。CDP 在水資源管理方面得分為 A-，且我們的全球氣候目標符合 SBTi。這些成就強化了我們對負責任採礦和長期價值創造的承諾。

Operational excellence is how we turn plans into results. The goal remains simple, safe, profitable production. We have built a quality portfolio that is resilient by design. We have divided our operations into four distinct quadrants, each with its own plan, risk profile, and strategy. This ensures we deliver as guided and extract the absolute best from our assets. Together, these quadrants give us stability and the capacity to reinvest into even higher quality ounces.

卓越營運是我們將計劃轉化為成果的方式。目標仍然很簡單，安全、有利可圖的生產。我們已經建立了具有設計彈性的優質產品組合。我們將營運劃分為四個不同的象限，每個象限都有自己的計畫、風險狀況和策略。這確保我們按照指導交付並從我們的資產中獲得最大的收益。這些象限共同為我們提供了穩定性和對更高品質盎司進行再投資的能力。

Let's look at the high-grade operations first. Mponeng once again delivered a phenomenal performance with an underground recovered grade of 11.27 grams per tonne. FY25 production from our high-grade mines increased by 8% to 16.5 tonnes, while grade improved by 10% to 9.89 grams per tonne. All-in sustaining costs increased by 9% to close to ZAR860,000 a kilogram.

我們先來看高級操作。Mponeng 再次取得了驚人的成績，地下回收品位達到每噸 11.27 克。我們高品位礦山的產量在 25 財年增加了 8%，達到 16.5 噸，而品位則提高了 10%，達到每噸 9.89 克。總維持成本增加了 9%，達到每公斤近 86 萬南非蘭特。

These assets generated ZAR8.8 billion in adjusted free cash flow at an excellent 35% margin. We are extending the life of these mines to around 20 years each with disciplined high-return projects. Once these projects are complete, Moab Khotsong and Mponeng both with recovered grades of around 9 grams per tonne will each produce 200,000 to 250,000 ounces annually at steady state.

這些資產產生了 88 億南非蘭特的調整後自由現金流，利潤率高達 35%。我們正在透過嚴謹的高回報計畫將這些礦場的壽命延長至 20 年左右。一旦這些項目完成，Moab Khotsong 和 Mponeng 的回收品位均為每噸約 9 克，穩定狀態下每年將分別生產 20 萬至 25 萬盎司黃金。

Important to note is that we expect a dip in production at Moab Khotsong from six tonnes to four tonnes between 2027 and 2031. This gap arose largely as the Zaaiplaats feasibility study was only completed after Harmony acquired the asset. At both Moab and Mponeng, we experienced challenges in securing contractors to assist with our projects.

值得注意的是，我們預計在 2027 年至 2031 年間，Moab Khotsong 的產量將從 6 噸下降到 4 噸。出現這一差距的主要原因是 Zaaiplaats 可行性研究是在 Harmony 收購該資產後才完成的。在摩押和姆波尼格，我們在尋找承包商協助我們的專案方面都遇到了挑戰。

At Moab, we've successfully mobilized our internal teams to keep the project moving and maintain momentum. At Mponeng, after the liquidation of the contractor, it took some time to renegotiate the commercial terms to ensure long-term value and execution certainty.

在 Moab，我們成功地調動了內部團隊來推動專案進度並保持發展勢頭。在姆波尼格項目，承包商清算後，需要一些時間重新談判商業條款，以確保長期價值和執行確定性。

We have adjusted project sequencing to maintain progress and to minimize disruption. These actions are already yielding positive momentum. Further, we are progressing the very exciting 100-megawatt renewable solar plant at Moab Khotsong, which will reduce our reliability on Eskom and mitigate higher tariffs and energy inflation.

我們已經調整了專案順序以保持進度並盡量減少干擾。這些行動已經產生了積極的動力。此外，我們正在摩押霍鬆建造令人興奮的 100 兆瓦再生太陽能發電廠，這將降低我們對 Eskom 的依賴，並緩解更高的關稅和能源通膨。

Hidden Valley delivered another strong performance. In line with the plan, production remained steady at 5.1 tonnes at a recovered grade of 1.35 grams per tonne. All-in sustaining costs increased by 7% to ZAR868,000 a kilogram. Free cash flow margins remained exceptional at 48% with ZAR3.8 billion generated in adjusted free cash flow.

《隱谷》再次表現出色。依照計劃，產量維持穩定在 5.1 噸，回收品位為每噸 1.35 克。總維持成本上漲 7%，達到每公斤 868,000 南非蘭特。自由現金流利潤率仍維持在 48% 的優異水平，調整後的自由現金流產生了 38 億南非蘭特。

CapEx remains focused on capitalized stripping, necessary fleet replacement and tailing storage facility development to sustain production. FY26 priorities include life of mine extension studies beyond 2030 and the dewatering cyclone project to optimize TFS (sic - TSF) deposition.

資本支出仍專注於資本化剝離、必要的車隊更換和尾礦儲存設施開發，以維持生產。FY26 的優先事項包括 2030 年以後的礦山壽命延長研究和優化 TFS（原文如此 - TSF）沉積的脫水旋風項目。

Our South African surface operations remain a quiet powerhouse of low-risk and high-margin cash. Despite the heavy rainfall, which reduced production by 13% to 7.9 tonnes, margins stayed solid at 36%. As a result, all-in sustaining costs increased higher than planned to ZAR853,000 a kilogram. We invested ZAR1.4 billion on the projects at Mine Waste Solutions, which include the Kareerand TSF extension and the Mispah pump station to sustain and grow output.

我們的南非地面業務仍然是低風險、高利潤的安靜動力來源。儘管強降雨導致產量減少 13% 至 7.9 噸，但利潤率仍保持穩定在 36%。結果，總維持成本高於計劃，達到每公斤 853,000 南非蘭特。我們投資了 14 億南非蘭特用於礦山廢棄物解決方案項目，其中包括 Kareerand TSF 擴建和 Mispah 泵站，以維持和提高產量。

The Mine Waste Solutions extension project is largely complete and is delivering 100,000 ounces annually. We are improving flexibility and the mining mix at Mine Waste Solutions as well. As a reminder, we have a further over 5.7 million ounces in resources in old tailings dam in the free state alone.

礦山廢棄物解決方案擴展計畫已基本完成，每年可輸送 100,000 盎司。我們也在提高礦山廢棄物解決方案的靈活性和採礦組合。提醒一下，光是在自由州，舊尾礦壩的資源就超過 570 萬盎司。

Our optimized underground portfolio produced 16.5 tonnes at 4.58 grams per tonne. All-in sustaining costs increased by 26% to ZAR1.4 million a kilogram due to lower volumes following necessary safety stoppages, while still delivering ZAR2.3 billion in adjusted free cash flow. The role of these assets is clear, mine for cash safely and predictably with improved discipline and flexibility. The priority in FY26 is the Target 1 turnaround, which is now showing green shoots in terms of higher volumes and grades coming through.

我們優化的地下投資組合產量為 16.5 噸，每噸 4.58 克。由於必要的安全停工導致產量下降，總維持成本增加了 26%，達到每公斤 140 萬南非蘭特，但仍實現了 23 億南非蘭特的調整後自由現金流。這些資產的作用很明確，可以安全、可預測地開採現金，同時提高紀律性和靈活性。26 財年的首要任務是實現目標 1 的扭轉，目前該目標已在產量和品位提高方面顯示出復甦跡象。

Our FY26 guidance reflects consistency and confidence in our planning. Our planning is, of course, aimed at ensuring that we have safe, sustainable operations with safety and long-term viability are non-negotiable. Production guidance remains steady at 1.4 million to 1.5 million ounces, a level at which we have shown that our ore bodies can deliver safely.

我們對 26 財年的指導反映了我們規劃的一致性和信心。當然，我們的規劃旨在確保我們擁有安全、可持續的運營，並且安全性和長期可行性是不可協商的。生產指導保持穩定在 140 萬至 150 萬盎司，我們已經證明，在這個水平上，我們的礦體可以安全輸送。

Underground recovered grades stay strong at above 5.8 grams per tonne and all-in sustaining costs are planned to rise to between ZAR1.15 million and ZAR1.22 million per kilogram driven mainly by mining inflation and higher sustaining capital. Total capital rises to ZAR12.95 billion driven by fleet replacement at Hidden Valley mine and advancing the projects Moab Khotsong, Mponeng and mine waste solutions as discussed.

地下回收品位維持在每噸 5.8 克以上的高位，整體維持成本計劃上漲至每公斤 115 萬至 122 萬南非蘭特之間，主要受採礦業通膨和維持資本增加的影響。總資本增加至 129.5 億南非蘭特，主要得益於 Hidden Valley 礦山的車隊更換以及 Moab Khotsong、Mponeng 和礦山廢物解決方案項目的推進（如上所述）。

We expect to close the MAC Copper transaction in October, pending tomorrow's MAC Copper shareholder vote. Later this calendar year, a final investment decision on Eva Copper project is expected as well. These catalysts could positively affect our outlook, and we'll share any updates with our half year results in late February. A detailed breakdown of our capital, production, grade and life of mine for each of our operations is included in the annexes.

我們預計將於 10 月完成 MAC Copper 交易，具體時間取決於明天的 MAC Copper 股東投票結果。今年晚些時候，預計將對 Eva Copper 項目做出最終投資決定。這些催化劑可能會對我們的前景產生正面影響，我們將在二月底分享半年業績的最新消息。附件中列出了我們每項業務的資本、產量、品位和礦山壽命的詳細分類。

We have a visible sequence growth pathway to ensure a more sustainable, profitable business, which delivers long-term value. While copper is a near-term catalyst and a structural hedge that enhances portfolio durability, gold remains at our core. Our growth plans remain balanced and affordable and designed not to strain the balance sheet or execution capacity. It is focused on value and transforming Harmony into a higher-quality global gold and copper producer.

我們擁有清晰可見的連續成長路徑，以確保業務更永續、獲利能力更強，並帶來長期價值。雖然銅是短期催化劑和增強投資組合耐久性的結構性對沖工具，但黃金仍然是我們的核心。我們的成長計畫保持平衡且可承受，並且不會對資產負債表或執行能力造成壓力。它專注於價值並將 Harmony 轉變為更高品質的全球黃金和銅生產商。

Our portfolio is changing, not just in size, but importantly, in quality. We remain a gold-first company and gold continues to anchor our strategy. As optimized ounces taper, higher-grade gold and copper equivalents step in. Copper serves as a strategic lever.

我們的產品組合正在發生變化，不僅在規模上，更重要的是在品質上。我們仍然是一家以黃金為先的公司，黃金將繼續作為我們策略的支柱。隨著優化盎司的減少，更高品位的黃金和銅等價物開始發揮作用。銅起到戰略槓桿的作用。

It's worth noting that based on our current planning assumptions, every 100,000 tonnes of copper equates to around 400,000 ounces in gold equivalents. We are not aiming for a fixed copper gold ratio in Harmony, rather, capital goes where there is value.

值得注意的是，根據我們目前的規劃假設，每100,000噸銅相當於約400,000盎司黃金當量。我們的目標不是在 Harmony 中實現固定的銅金比率，而是讓資本流向有價值的地方。

We base our decisions on solid fundamentals, economic value, and the strength of our reserves. As per our current plans, by FY35, we estimate that around 40% of production will be copper from Eva, MAC Copper, and Wafi-Golpu. These are high-quality assets that complement our South African gold base.

我們的決策是基於堅實的基本面、經濟價值和儲備實力。根據我們目前的計劃，到 2035 財年，我們估計約 40% 的產量將來自 Eva、MAC Copper 和 Wafi-Golpu 的銅。這些都是優質資產，可以補充我們的南非黃金基礎。

Our high-grade, high-margin assets are globally competitive. The excellent margins are as a result of higher quality ounces and lower unit costs. The SA optimized portfolio sits on the high end of the cost curve, mainly due to Target 1. The other three quadrants in our portfolio all operate at an all-in sustaining cost below $1,500 per ounce and generate meaningful cash flow at strong margins. As higher cost ounces are mined out and copper comes in, we naturally become more profitable.

我們的高品位、高利潤資產具有全球競爭力。優異的利潤率源自於更高品質的盎司和更低的單位成本。SA 最佳化投資組合位於成本曲線的高端，這主要歸因於目標 1。我們投資組合中的其他三個像限的營運總維持成本均低於每盎司 1,500 美元，並以豐厚的利潤率產生可觀的現金流。隨著成本更高的礦石被開採出來，銅被開採出來，我們的利潤自然會更高。

In May this year, we announced the acquisition of 100% of MAC Copper, a high-grade, long-life copper asset in Australia. We have received all the regulatory approvals and are now awaiting the MAC Copper shareholder vote, which will take place tomorrow. The court sanction hearing is scheduled for the October 9. Provided all the support and approvals are received, we will assume operational control towards the end of October this year.

今年 5 月，我們宣布收購澳洲高品位、長壽命銅資產 MAC Copper 100% 的股份。我們已收到所有監管部門的批准，目前正在等待明天舉行的 MAC Copper 股東投票。法院制裁聽證會定於10月9日舉行。如果獲得所有支援和批准，我們將在今年 10 月底接管營運控制權。

This transaction will be funded with a bridge facility and supported by our strong balance sheet. The asset offers over 12 years of reserve life with a pathway to more than 40,000 tonnes of copper per annum with a low C1 cost after byproduct credits. Importantly, it adds around 2.8 million ounces of gold equivalents in Reserves and is immediately EBITDA accretive.

此次交易將透過過橋融資獲得資金，並由我們強大的資產負債表提供支持。該資產的儲量壽命超過 12 年，每年可生產超過 40,000 噸銅，扣除副產品信用後 C1 成本較低。重要的是，它增加了約 280 萬盎司黃金當量的儲備，並立即增加了 EBITDA。

The Eva Copper project continues to advance steadily with a feasibility update target for the release before the end of 2025. We continue to derisk the project to protect value and progress execution readiness. Eva is strategically aligned with our long-term objectives and checks all the right boxes.

Eva Copper專案持續穩步推進，可行性更新目標是在2025年底前發布。我們持續降低專案風險以保護價值並推進執行準備。Eva 在策略上與我們的長期目標保持一致，並且符合所有正確的要求。

These include a solid production mix of 55,000 to 60,000 tonnes of copper and around 14,000 ounces of gold as a byproduct per annum, a 15-year life of mine offering sustained value, competitive cost positioning on the global copper curve and a competitive capital intensity, enhancing project attractiveness. Eva consolidates 6 deposits and 10 open pits into a single integrated operation, feeding an 18 million tonne per annum concentrator.

這些包括每年 55,000 至 60,000 噸銅和約 14,000 盎司黃金作為副產品的穩定生產組合、15 年的礦山壽命、持續的價值、在全球銅曲線上的競爭性成本定位和競爭性資本密集度，增強專案吸引力。Eva 將 6 個礦床和 10 個露天礦場合併為一個綜合作業區，為年產 1,800 萬噸的選礦廠提供原料。

This is supported by a strip ratio of 1.6 times. The flow sheet is based on conventional crush, grind and flotation and Mineral Resources continue to increase as we derisk this project further. In FY25, Eva Copper Resources grew by 31%, while gold resources increased by 12%. This means Eva now holds approximately 8.6 million ounces of gold and gold equivalents.

這是由 1.6 倍的剝離率支持的。此流程圖基於傳統的破碎、研磨和浮選，隨著我們進一步降低該專案的風險，礦產資源繼續增加。25財年，Eva銅資源成長了31%，黃金資源成長了12%。這意味著伊娃現在持有約860萬盎司黃金及黃金等價物。

Allow me now to hand over to Boipelo Lekubo, our Financial Director, to walk you through the numbers. Boipelo?

現在請容許我把時間交給我們的財務長 Boipelo Lekubo，他來向大家介紹一下這些數字。博伊佩洛？

Thank you, Beyers, and good morning to you all. Please note all US dollar figures are in their [mixes]. So FY25 was another standout year. Net cash on the balance sheet surged by 285% to ZAR11.1 billion, a clear sign of robust cash generation and operational excellence. As a result, headline earnings per share rose by 26% to ZAR23.37.

謝謝你，Beyers，大家早安。請注意所有美元數字均以[混合]。因此，25 財年又是傑出的一年。資產負債表上的淨現金飆升 285%，達到 111 億南非蘭特，這清楚地表明了強勁的現金生成能力和卓越的營運能力。結果，每股收益成長 26%，達到 23.37 南非蘭特。

The main items which impacted earnings included the ZAR3.5 billion increase in taxation and a swing of ZAR500 million on ForEx and silver derivatives. Revenue grew by 20% to ZAR74 billion from ZAR61 billion on the back of operational consistency and the higher gold price received. Included in this figure is a ZAR4.5 billion hedge loss relating to the realized effective portion of the hedge accounted gold derivatives.

影響收益的主要因素包括稅收增加 35 億南非蘭特，以及外匯和白銀衍生性商品波動 5 億南非蘭特。由於營運的一致性和金價上漲，收入從 610 億南非蘭特增長了 20%，達到 740 億南非蘭特。該數字中包括與避險黃金衍生性商品已實現有效部分相關的 45 億南非蘭特避險損失。

We continue to hedge up to 30% of our gold production over a rolling 36-month period to protect and lock in margins. This prudent strategy provides financial stability and flexibility during a phase of elevated capital investment. Our hedging table is available in the annexures. Net profit jumped 67% to ZAR14.6 billion (sic - see slide 27, "ZAR15.6 billion") from ZAR8.7 billion, while EBITDA increased by 37% to ZAR26 billion from ZAR19 billion.

我們連續 36 個月對沖高達 30% 的黃金產量，以保護和鎖定利潤。這種審慎的策略在資本投資增加的階段提供了財務穩定性和靈活性。我們的對沖表可在附件中找到。淨利潤從 87 億南非蘭特增長 67% 至 146 億南非蘭特（原文如此 - 見幻燈片 27，“156 億南非蘭特”），而 EBITDA 從 190 億南非蘭特增長 37% 至 260 億南非蘭特。

Adjusted free cash flow increased by 54% to ZAR11 billion from ZAR7.3 billion in FY24. And headroom has grown from ZAR12.7 billion last year to ZAR20.9 billion this past financial year. That is over USD1.1 billion in available liquidity. This strength comes from our strong cash generation and efficient capital deployment. We are in an excellent position to fund our growth pipeline.

調整後的自由現金流從 24 財年的 73 億南非蘭特增加 54% 至 110 億南非蘭特。而淨空額則從去年的 127 億南非蘭特成長至本財年的 209 億南非蘭特。可用流動資金超過 11 億美元。這項優勢源自於我們強大的現金創造能力和高效率的資本配置。我們擁有極佳的條件來為我們的成長管道提供資金。

It also positions us to act decisively on other potential strategic acquisitions while maintaining a conservative risk profile. We have the capacity, the flexibility, and the discipline to continue delivering on our strategy. Harmony is well placed to fund the MAC Copper acquisition and Eva Copper build through a combination of existing cash and available facilities.

這也使我們能夠在保持保守風險狀況的同時，對其他潛在的策略性收購採取果斷行動。我們有能力、靈活性和紀律性來繼續實施我們的策略。Harmony 完全有能力透過現有現金和可用設施為 MAC Copper 收購和 Eva Copper 建設提供資金。

Even after the MAC Copper acquisition, our leverage ratio peaks at just 0.4 times net debt to EBITDA, well below our 1 times internal threshold. At this stage, an equity raise is unlikely. Instead, we are pursuing a balanced mix of debt instruments to maintain balance sheet strength, optimize our capital structure and further lower our cost of capital.

即使在收購 MAC Copper 之後，我們的槓桿率也僅為淨債務與 EBITDA 比率的 0.4 倍，遠低於我們的 1 倍內部門門檻。在現階段，股權增發的可能性不大。相反，我們正在追求均衡的債務工具組合，以保持資產負債表實力，優化我們的資本結構並進一步降低我們的資本成本。

Harmony continues to strike a balance between delivering shareholder returns while investing in disciplined growth. Our balance sheet remains strong with low gearing and ample headroom. This gives us the agility to fund our CapEx cycle and take advantage of any opportunities. At the same time, we are rewarding shareholders. The dividend yield of 1.6% is supported by a 50% share price increase.

Harmony 繼續在實現股東回報和投資於有紀律的成長之間取得平衡。我們的資產負債表依然強勁，負債比率低，且有充足的空間。這使我們能夠靈活地為資本支出週期提供資金並利用任何機會。同時，我們也在回報股東。1.6%的股息殖利率受到50%的股價上漲的支持。

We now have a market cap of approximately ZAR180 billion or USD10 billion. This is capital discipline in action, funding growth, maintaining flexibility, and delivering returns. Our record total dividend payout of ZAR2.4 billion demonstrates confidence in our cash generation and our balance sheet. We have declared a final dividend of ZAR1.55 per share or USD0.09 per share. This takes the total dividend per share in FY25 to ZAR3.82 or USD0.21 per share. Returning cash today while building tomorrow is at the heart of our capital allocation strategy.

我們現在的市值約為 1800 億南非蘭特或 100 億美元。這是資本紀律的實際體現，為成長提供資金，保持靈活性，並帶來回報。我們創紀錄的 24 億南非蘭特總股息支出表明了我們對我們的現金創造能力和資產負債表的信心。我們宣布派發每股 1.55 南非蘭特或每股 0.09 美元的末期股息。這使得 25 財年每股總股息達到 3.82 南非蘭特或每股 0.21 美元。今天回饋現金，同時建置明天，是我們資本配置策略的核心。

Thank you. Over to you, Beyers.

謝謝。交給你了，Beyers。

Thank you, Boipelo. In conclusion, as we mark 75 years of Harmony, we do so with pride and our legacy and confidence in our future. We have a globally significant resource base of 136 million ounces in resources and 37 million ounces in reserves in gold and gold equivalents.

謝謝你，博伊佩洛。總而言之，值此我們慶祝 Harmony 成立 75 週年之際，我們滿懷自豪，對傳承和未來充滿信心。我們擁有全球重要的資源基礎，包括 1.36 億盎司的資源和 3,700 萬盎司的黃金及黃金當量儲量。

Our strategy of producing safe, profitable ounces is clear. We prioritize value over volume and invest in high-grade gold and copper and diversify geographically. This is aimed at protecting and growing shareholder value through responsible growth to the benefit of all our stakeholders.

我們的生產安全、獲利的策略很明確。我們優先考慮價值而不是數量，投資高品位黃金和銅，並在地理上實現多元化。其目的是透過負責任的成長來保護和增加股東價值，從而使我們所有的利害關係人受益。

This is Harmony today, a gold mining specialist with a growing copper footprint, a company built on purpose and positioned for the future. We are not just mining ounces. We are discovering, developing and delivering metals that sustain the world and secure the next 75 years of success. Thank you for your trust and support as we continue to mine with purpose.

這就是今天的 Harmony，一家專注於金礦開採的專業公司，其銅礦足跡不斷擴大，是一家有明確目標、面向未來的公司。我們不只是開採盎司。我們正在發現、開發和提供維持世界並確保未來 75 年成功的金屬。感謝您的信任與支持，我們將繼續有目的地進行開採。

Jared, over to you for any questions.

賈里德，如有任何問題請諮詢你。

Thanks, everyone. Good to see so many familiar faces. Welcome. Do you have any questions?

謝謝大家。很高興看到這麼多熟悉的面孔。歡迎。您還有什麼問題嗎？

Bruce Williamson, Integral Asset Management. Beyers, after your press release on Monday, I was listening to one of the fund managers on channel four and two, and being a bit critical saying that he doesn't like to see companies high grading when the gold price is high. And in particular, can you just look at Mponeng where you're going through the east and west blocks that are high grade.

布魯斯威廉森，Integral Asset Management。貝耶斯，在您週一發布新聞稿後，我聽到了四二頻道一位基金經理的談話，他有些批評地說，他不喜歡看到公司在金價高企時獲得高評級。特別是，您能否看一下 Mponeng，那裡有高品味的東區和西區。

And I mean, you can -- stopping crews can only mine what's in front of them. You can't mine resources. Can you just take us through, I mean, how much longer will that grade stay above 11? And you alluded to coming down to nine on average between the two mines, the big ones? Would it be a sudden fall? Or would you gradually bring that grade down?

我的意思是，你可以──阻止人員只能開採他們面前的東西。您無法開採資源。可以簡單介紹一下嗎，我的意思是，這個等級還能維持在 11 級以上多久？您有提到過，兩座大礦的平均產量下降到了九座？會不會是突然跌倒？還是你會逐漸降低這個等級？

Thank you for the question, Bruce. Just Harmony is not high grading. Harmony is mining, particularly at Mponeng in a mining method, which we call the sequential grid mining method. It is actually a very rigid mining front, and it's designed to ensure that mining is done safe and that you don't trigger unnecessary geotechnical events or seismicity.

謝謝你的提問，布魯斯。只是和諧等級不高。Harmony 正在進行採礦，特別是在 Mponeng 進行的採礦方法，我們稱之為順序網格採礦法。它實際上是一個非常堅固的採礦前沿，其設計目的是確保採礦安全，並且不會引發不必要的岩土事件或地震。

So you're in the reformation. So mining out of sequence or trying to chase high grades would be unsafe to do and also responsible to do. So we -- what we have at Mponeng is we see overperformance on the planned reserve grade. Now how we need to think about Mponeng going forward is that we need to think about Mponeng as at the reserve grade. I mean that is the stated grade.

所以你正處於改革之中。因此，不按順序進行開採或試圖追求高品味是不安全的，也是不負責任的。因此，我們在 Mponeng 所看到的是，計畫儲備等級的表現超出預期。現在，我們需要如何考慮 Mponeng 的未來發展，我們需要將 Mponeng 視為預備役等級。我的意思是這就是規定的等級。

Yes, we've seen positive delta or positive outperformance on the reserve grade. But I mean I can't go and adjust the reserve grade based on proven and techniques that we've always used to evaluate these ore bodies just because I'm for a period having higher grades. So where we're mining today, we still have good grade, and we'll continue to have good grades, but we need to think about it in line with the reserve grade. That's the important thing at those two assets.

是的，我們看到儲備水準的正增量或正向優異表現。但我的意思是，我不能僅僅因為我在一段時間內擁有較高的品位，就根據我們一直用來評估這些礦體的已證實的技術來調整儲量品位。因此，我們今天開採的地方仍然有良好的品位，並且我們將繼續擁有良好的品位，但我們需要根據儲量品位來考慮它。這對於這兩項資產來說至關重要。

What we do, however, from a grade management point of view, Bruce, is we see grade as a -- grade improvement rather as a little bit of a hedge against cost inflation. So what we don't do is the inverse. We also don't drop our cutoff grades when gold prices are high. Because for those of you that understand the technical aspects is an ounce that you develop today, you only mine in two years from today.

然而，布魯斯，從等級管理的角度來看，我們的做法是將等級視為等級的提高，而不是對沖成本通膨的一種手段。所以我們不會做相反的事。當金價高漲時，我們也不會降低截止品位。因為對於那些了解技術方面的人來說，你今天開發的一盎司，只能在兩年後開採。

So if you have these good gold prices and you drop your cutoff grades, you develop into areas that are lower grades. By the time you get there and you have to mine those lower grades, the gold price is maybe different than it is today.

因此，如果您擁有良好的黃金價格並且降低了截止品位，那麼您就會開發出品位較低的地區。當你到達那裡並開採那些較低品位的金礦時，金價可能與今天不同。

So we're trying to keep cutoff grades constant and trying to maintain our grade. And if we then see these areas of overperformance, like in the case of Mponeng, it just gives us that extra little bit of lift against the pressures of cost inflation, of course, with good cost management and cost discipline and cost control.

因此，我們試圖保持分數線不變，並努力維持我們的成績。如果我們看到這些領域的業績超出預期，就像姆波尼格的情況一樣，這就能讓我們在應對成本通膨壓力方面獲得額外的提升，當然，這需要良好的成本管理、成本紀律和成本控制。

[Tulidi, Rotary]. Just one quick question for me. Has the opportunity cost with regards to Wafi-Golpu, has the opportunity cost been analyzed, with regards to the delay that's there? Has it been taken into account over the years? I would presume that there were other opportunities available in the interim over the years. Has that been analyzed, the opportunity cost of the delay?

[圖利迪，扶輪社]。我只想問一個簡單的問題。關於瓦菲-戈爾普專案的機會成本，是否已經針對該專案的延誤進行了機會成本分析？這些年來有考慮過這個問題嗎？我認為這些年來在這段期間還會有其他機會。是否已經分析過延遲的機會成本？

Yeah. Thanks for the question. Great question. I think the opportunity cost on that asset, not only for shareholders and Harmony and managers and stakeholders, but also the Papua New Guinea people has been enormous, the delay in getting that project over the line. But if you look at the macroeconomic environment or the macro context and you look at a scramble for large-scale bulk copper mines at the top end of the ore bodies in the world.

是的。謝謝你的提問。好問題。我認為，該項資產的機會成本是巨大的，不僅對於股東、Harmony、管理人員和利益相關者而言，而且對於巴布亞新幾內亞人民而言也是如此，因為該專案的延期。但如果你看一下宏觀經濟環境或宏觀背景，你會發現，全球各地都在爭奪礦體頂端的大型散裝銅礦。

There's an absolute scramble and people are paying top dollar for big copper mines going forward. And Wafi-Golpu is one of those. It's a Tier 1 copper-gold bulk block cave mine. That is an exceptionally valuable thing. And the way we think about it, albeit frustrating, the -- getting through the mine development contract and the SML with the Papua New Guinea state negotiating team and the government with our JV partners, Newmont, we believe it is worth the wait. I mean that is a phenomenal ore body.

人們爭相搶購大型銅礦，並願意付出高昂的價格。瓦菲戈爾普 (Wafi-Golpu) 就是其中之一。這是一級銅金塊狀礦場。那是一件極為珍貴的東西。儘管令人沮喪，但我們認為，與巴布亞新幾內亞國家談判團隊和政府以及我們的合資夥伴紐蒙特達成礦山開發合約和 SML 是值得等待的。我的意思是那是一個非凡的礦體。

So yes, our management team is working very hard, great alignment between ourselves and Newmont in terms of trying to get that mine development contract and special mining lease over the line. But we are still not there yet, unfortunately.

所以是的，我們的管理團隊正在非常努力地工作，我們和紐蒙特之間保持著良好的協調，試圖獲得礦山開發合約和特殊採礦租約。但不幸的是，我們還沒有到達那裡。

Arnold Van Graan from Nedbank. Two questions from my side, if I may. So the first one is on MAC Copper. How does that look under Harmony? And what I mean with that is, are there a lot of operational changes and CapEx changes that you see to get this on spec with the rest of your operations?

來自萊利銀行的阿諾德·範·格拉恩。如果可以的話，我有兩個問題。第一個是在 MAC Copper 上。在 Harmony 下看起來怎麼樣？我的意思是，您是否認為需要進行大量的營運和資本支出變更才能使其與其他營運相符？

And then the second question, I mean, you've showed us you still get a meaningful contribution from your optimized assets. But the margins remain fairly low. I think year-on-year, it's down, in fact, despite the changes in the gold price. So my question is, how much flexibility do you have there to maintain that margin and keep that positive should either the operating environment change or the pricing environment?

然後是第二個問題，我的意思是，您已經向我們展示了您仍然可以從優化資產中獲得有意義的貢獻。但利潤率仍然相當低。我認為，儘管金價有所變化，但同比來看，實際上還是下降的。所以我的問題是，如果營運環境或定價環境發生變化，您有多大的靈活性來維持該利潤率並保持正值？

Thanks, Arnold. I'll start with MAC. So we haven't got the keys yet. The vote is tomorrow. The way we think about MAC is we will -- once we close the transaction or we're optimistic that we will do, that will be in October. We will spend in November and December, putting MAC through the detailed technical analysis planning process that we've been accustomed to at Harmony.

謝謝，阿諾德。我將從 MAC 開始。所以我們還沒拿到鑰匙。投票將於明天進行。我們對 MAC 的看法是——一旦我們完成交易或我們樂觀地認為我們會完成交易，那將在 10 月完成。我們將在 11 月和 12 月對 MAC 進行我們在 Harmony 已經習慣的詳細技術分析規劃流程。

We believe a lot of our operational consistency is as a result of the way we look at the technical aspects at the onset and the planning. So we'll do exactly that if we close in October. And we said that we will, in February, when we do our first half year results, we will update the market on the outlook for MAC Copper for the second half. So at the moment, I mean, there's nothing in the guidance for MAC.

我們相信，我們的營運一致性很大程度上源於我們在開始時和規劃時對技術方面的看法。因此，如果我們在十月結束的話，我們就會這麼做。我們說過，我們將在二月公佈上半年業績時向市場更新 MAC Copper 下半年的前景。所以目前，我的意思是，MAC 的指導中沒有任何內容。

We'll spend the latter part of the year going through the planning process and guide in February what we think production would look like. As to some of the technical challenges at the mine, yes, it's right up our alley. The mine is ventilation constrained and there is some flexibility challenges. There are, from what I've seen excellent plans in terms of mitigating those challenges that MAC Copper is working on.

我們將在今年下半年完成規劃流程，並在二月指導我們認為的生產情況。至於礦井中的一些技術挑戰，是的，這正是我們擅長的。該礦井通風受限，並且存在一些靈活性挑戰。就我所見，MAC Copper 正在製定出色的計劃來緩解這些挑戰。

Those plans would actually have to be seen through. But Harmony would take our own view once we've gotten the keys. We -- what you -- when you look at an old mine, you would think that it's a dilapidated mine, it's tired. I've been out to the mine three times already. It's actually quite the contrary. The mine is in good nick. I mean credit to the current owners.

這些計劃實際上必須貫徹。但是一旦我們拿到鑰匙，Harmony 就會採取自己的看法。我們——你——當你看到一座老礦井時，你會認為它是一座破舊的礦井，它很疲憊。我已經去過礦坑三次了。事實恰恰相反。該礦狀況良好。我的意思是向當前所有者表示感謝。

They've spent significant amount of capital on -- they did a mill replacement there, ventilation infrastructure, refrigeration plants, winder upgrades and things. The mine is from a housekeeping point of view and quality infrastructure point of view in very good nick. So pretty much in Harmony where we say that old doesn't necessarily have to be dilapidated and tired. So we're excited to close the transaction and to get stuck in and to bring the Harmony philosophy and Harmony operating model to MAC.

他們投入了大量資金——更換了那裡的工廠、建造了通風基礎設施、冷凍設備、升級了捲繞機等等。從管理角度和優質基礎設施角度來看，該礦狀況非常好。因此，在 Harmony 中，我們說舊的並不一定意味著破舊和疲憊。因此，我們很高興能夠完成這筆交易，並將 Harmony 理念和 Harmony 營運模式引入 MAC。

On the optimized assets, our optimized assets, albeit they are in the optimized assets quadrant, they are subject to the same flexibility planning tools we use, the Iceberg philosophy, we've spoken about on many occasions. So we manage the flexibility per mine, whether you're an optimized mine or Mponeng or a surface mine, the necessary flexibility is nonnegotiable for us. Hence, if you look at our sustaining CapEx we're spending, there's quite a lot of sustaining CapEx going into the ore reserve development at these mines.

關於優化資產，我們的優化資產，儘管它們位於優化資產象限，但它們都遵循我們使用的相同靈活性規劃工具，即我們多次談到的冰山哲學。因此，我們管理每個礦井的靈活性，無論您是優化礦井還是姆波尼格礦井或露天礦井，必要的靈活性對我們來說都是不可協商的。因此，如果你看一下我們正在花費的維持資本支出，你會發現相當多的維持資本支出都投入了這些礦場的礦石儲量開發。

Again, what we don't do is we don't want to go and target areas that were previously closed off that could be unsafe or areas that are lower grade because of these good gold prices. But we keep on rolling these mines over. As long as we can find acceptable grade and safe areas to mine, we will continue to do that. I mean Masimong Mine is the one mine that's had a two-year life of mine for the last 10 years.

再說一次，我們不想去那些之前被封鎖的、可能不安全的地區，或是因為金價高而導致品味較低的地區。但我們仍在繼續埋設這些地雷。只要我們能找到可接受的品味和安全的開採區域，我們就會繼續這樣做。我的意思是，馬西蒙礦是過去 10 年中唯一一個開採壽命只有兩年的礦場。

And that is how we roll these assets over. They do not, at the moment, attract significant amounts of major capital investment because of the lower margins and the lower grade, but sustaining CapEx definitely to roll them over. It's still a significant part of our production mix. I mean it's still big in our life. And like any other mine in the Harmony stable, I mean, important to us.

這就是我們如何將這些資產轉移出去。目前，由於利潤率較低和品位較低，它們無法吸引大量的主要資本投資，但維持資本支出肯定可以使其延續下去。它仍然是我們生產組合的重要組成部分。我的意思是它在我們的生活中仍然很重要。和 Harmony 礦場中的其他礦場一樣，對我們來說也很重要。

Any other questions? Do we have any questions on the chorus call?

還有其他問題嗎？關於合唱團徵集，我們還有疑問嗎？

Rene Hochreiter, NOAH Capital.

雷內‧霍赫賴特 (Rene Hochreiter)，諾亞資本。

I see on your production profile that you've got on slide number 22. There's a bit of a gap between 2030 and 2035 production gap to keep you at 1.5 million ounces. Is that where you're planning to put MAC Copper to fill that gap? My second question is, could you give us a quick update on Target? I see your guidance for Target is nicely up compared to last year.

我在您的生產資料中看到您有第 22 張投影片。2030 年和 2035 年的產量差距略有縮小，維持在 150 萬盎司。您是否計劃將 MAC Copper 放在那裡以填補這一空白？我的第二個問題是，您能否向我們簡單介紹一下 Target 的最新情況？我發現您對 Target 的指導與去年相比有了很大的提高。

And then thirdly, the sustainable grade that Bruce asked about, 6.27 grams a tonne that you're managing underground. It comes from Mponeng. Mponeng, I assume you're mining the VCR. The VCR is very channelized. And how long will it take before that 11.72 grams a tonne will come down again to sort of the average of the ore body? Is it going to be like a year or two or shorter than that? That's all.

第三，布魯斯詢問的永續品位，即地下管理的每噸 6.27 克。它來自姆波尼格 (Mponeng)。Mponeng，我猜你正在挖掘 VCR。VCR 具有很強的頻道化特性。那麼，需要多長時間，每噸 11.72 克的含量才會再次降至礦體的平均值？這會是一兩年還是更短？就這樣。

Thanks, Rene, for those questions. So I'll address the gap first. No, I mean, the gap is not where MAC will come in. MAC is already in the graph on that slide, CSA Copper, the dark gray in the middle there. But what is important to notice when you look at this grade is that's a production profile. It's not necessarily a value profit or EBITDA profile.

謝謝 Rene 提出這些問題。因此，我首先要解決這個差距。不，我的意思是，這個差距並不是 MAC 能夠填補的。MAC 已經出現在該投影片的圖表中，CSA Copper 位於中間的深灰色部分。但是，當您查看這個等級時，您需要注意的是，這是一個生產概況。它不一定是價值利潤或 EBITDA 概況。

I mean the quality of the ounces we'll be mining despite lower production in that period is vastly better because you see how the optimized assets basically taper down. And that is what results in that gap there. Of course, implied in that gap area there is this 6 tonnes to 4 tonnes on Moab Khotsong with the Zaaiplaats project being a little bit later.

我的意思是，儘管那段時期產量較低，但我們開採的黃金品質要好得多，因為你會看到優化資產基本上是如何逐漸減少的。這就是造成差距的原因。當然，該缺口區域意味著 Moab Khotsong 的儲量為 6 噸到 4 噸，而 Zaaiplaats 專案的儲量會稍晚一些。

But on the slide now, you can see how the red, which is high-cost production, is actually tapering down. So it's a production profile and production is important, but certainly value is more important for us. The target update, yes, the recapitalization is complete. The time for delivery is now. We're starting to see some green shoots there on the infrastructure starting to work.

但現在在幻燈片上，您可以看到紅色部分（高成本生產）實際上正在逐漸減少。因此，這是一個生產概況，生產很重要，但價值對我們來說當然更重要。目標更新，是的，資本重組已經完成。現在是交貨時間。我們開始看到基礎設施開始發揮作用的一些新芽。

We did suffer a few delays in the second half of the year, which we reported on in this deck. It seems like we're over most of those now. But yes, so Target, we look forward to Target being better. I mean that was a standout mine on the negative. Because it went through the recapitalization, that mine was not positively contributing, and we certainly do look forward to get Target to contribute this year.

我們確實在下半年遭遇了一些延誤，我們在本報告中對此進行了報告。現在看來我們已經解決了大部分問題。但是的，所以 Target，我們期待 Target 變得更好。我的意思是，那是一個負面的突出礦井。由於經歷了資本重組，該礦場沒有做出積極貢獻，我們當然希望 Target 今年能夠做出貢獻。

As to the grade, that's a very difficult question. I try to answer, I can't predict for how long Mponeng will be at 11 grams per tonne, unfortunately, Rene. Long may it last is obviously good, but we need to think about Mponeng in line with the stated reserve grade. I mean that is what our geostatistical models deliver, and that is what we need to think about it.

至於等級，這是一個非常困難的問題。我試著回答，不幸的是，我無法預測姆波尼格的每噸 11 克的產量會維持多久，雷內。希望它能長久持續下去顯然是件好事，但我們需要根據規定的儲備等級來考慮姆波尼格。我的意思是，這就是我們的地質統計模型所提供的，也是我們需要考慮的。

Yes, we're mining the VCR and why the grades are so good is we're mining two half levels on 123 and 126 in the high-grade pay shoot on the east and the west of the mine. So it was always known that we would be in these high-grade areas, and mining would eventually mine out of the pay shoot, and that's when grades would be a little bit lower. But again, the grades are being broken and blasted there today are still very strong and still very, very, very good.

是的，我們正在開採 VCR，礦品位如此之高的原因是，我們在礦井東部和西部的高品位礦帶的 123 和 126 處開採兩個半層。因此，我們一直都知道，我們會處於這些高品位區域，並且採礦最終會開採出高品位礦區，而那時品位就會稍微低一些。但是，今天那裡的成績仍然非常強勁，而且仍然非常非常好。

So if I put into my model about 9 grams a tonne in two years' time, would that be fair?

那麼，如果我在兩年內將每噸約 9 克的排放量放入我的模型中，這是否公平？

The reserve grade, Rene, is how we should think about the grade at Mponeng.

雷內，我們應該以預備等級來看待姆波尼格的等級。

We have no further questions from the lines. Thank you.

我們沒有其他問題。謝謝。

Beyers, I think we're done. Thank you.

貝耶斯，我想我們已經完成了。謝謝。

Thank you, everyone.

謝謝大家。