I-80 Gold Corp (IAUX) 2026 Q2 法說會逐字稿

Hello, and welcome to I-80 Gold's 2026 Second Quarter Results Conference Call and Webcast. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session, if at any time.

各位好，歡迎收聽 I-80 Gold 2026 年第二季業績電話會議與網路直播。目前所有線路皆為僅收聽模式。簡報結束後，我們將進行問答環節，如在任何時候。

For an immediate assistance, please press *0 for the operator. This call is being recorded on Tuesday, August 11, 2026. I will now turn the call over to Catarina DeRosa, Vice President, Investor Relations at I-80 Gold.

如需立即協助，請按 *0 聯絡接線員。本次電話會議於 2026 年 8 月 11 日（星期二）錄音。現在我將把電話交給 I-80 Gold 投資人關係副總裁 Catarina DeRosa。

Thank you, operator, and hello, everyone.

謝謝，接線員，各位好。

Thank you for joining our review of I-80 Gold's second quarter results. Today's company presenters include Richard Young, President and CEO, Paul Charron, COO, and Ryan Snow, CFO. Before we begin, please note that some of today's commentary may contain forward-looking statements, which are subject to risk factors and uncertainties that could cause actual results to differ materially.

感謝各位參加我們對 I-80 Gold 第二季業績的回顧。今天出席的公司簡報人包括總裁暨執行長 Richard Young、營運長 Paul Charron，以及財務長 Ryan Snow。在開始之前，請注意今天部分評論可能包含前瞻性陳述，這些陳述受風險因素與不確定性影響，可能導致實際結果與預期有重大差異。

Please refer to yesterday's press release for cautionary notes regarding these forward-looking statements and the related risks.

請參閱昨日新聞稿中關於這些前瞻性陳述及相關風險的警示說明。

Today's remarks should be reviewed together with the company's Form 10-Q for the quarter ended June 30, 2026, which is available on idgold.com, Cedar Pless and Edgar. I will now hand the call over to Richard.

今天的發言應與公司截至 2026 年 6 月 30 日止季度的 Form 10-Q 一併閱讀，該文件可於 idgold.com、Cedar Pless 及 Edgar 查閱。現在我將把電話交給 Richard。

Well, Katerina, thank you.

好的，Katerina，謝謝你。

Thank you for joining us today.

感謝各位今天加入我們。

Starting on slide 3.

從第 3 張投影片開始。

The first half of 2026 marked an important turning point for I-80 Gold, following the successful recapitalization completed in the first quarter.

2026 年上半年在 I-80 Gold 的發展上是一個重要轉捩點，因為我們在第一季成功完成了資本重整。

With the recapitalization complete.

隨著資本重整完成。

We're focused on executing against the development plan, and we're encouraged by the progress we are making as we move into the second-half of this year.

我們專注於落實開發計畫，並對我們在邁入今年下半年時所取得的進展感到鼓舞。

We have strengthened our balance sheet, advanced our key development projects, delivered encouraging results through the drill bit, and commenced demolition of the Lone Tree Autoclave and CIL processing plan.

我們已強化資產負債表、推進關鍵開發專案、透過鑽探取得令人鼓舞的成果，並已開始拆除 Lone Tree 高壓釜（Autoclave）與 CIL（碳浸）處理廠。

In advance of construction in the fourth quarter.

以配合第四季的施工前置作業。

Transitioning from toll milling to owner processing in 2028 will improve our cash margins by between $1,000 and $1,500 per ounce.

在 2028 年由委外代工選礦（toll milling）轉為自有處理（owner processing），將使我們的現金利潤率每盎司提升約 1,000 至 1,500 美元。

The scale of the technical work underway across the portfolio is significant, and we continue to build the technical, operating, and financial depth within our team.

整個投資組合正在進行的技術工作規模相當可觀，我們也持續在團隊中建立更深厚的技術、營運與財務能力。

To advance multiple projects concurrently.

以同時推進多個專案。

Permitting is also progressing on track.

許可申請也按計畫推進。

And our second quarter achievements continue to de-risk our development plan and keep our Phase I projects on track, targeting an increase in annual gold output from approximately 50,000 ounces this year to between 150,000 and 200,000 ounces in 2028.

我們第二季的成果持續降低開發計畫風險，並使第一階段（Phase I）專案維持在正軌上，目標是將年度黃金產量由今年約 50,000 盎司提升至 2028 年的 150,000 至 200,000 盎司。

At the same time, we continue to advance our pipeline of projects, providing a pathway to organic growth to over 600,000 ounces of gold by the early 2030s. With that, I'll turn the call over to Paul for project updates.

同時，我們也持續推進專案管線，為 2030 年代初期將有機成長帶到超過 600,000 盎司黃金提供路徑。接下來我把電話交給 Paul，請他更新各專案進度。

Thanks, Richard.

謝謝你，Richard。

Starting with Granite Creek Underground on Slide 4, which was our first project to produce gold.

先從第 4 張投影片的 Granite Creek 地下礦開始，這是我們第一個產金的專案。

As the mine ramps up, development continued to advance well during the quarter, bringing year-to-date development to approximately 750 metres, more than double the amount achieved in the first half of last year.

隨著礦山逐步提升產能，本季開發工程持續良好推進，使今年迄今的開發量約達 750 公尺，較去年上半年完成量增加逾一倍。

Both the main decline and lateral development remain ahead of the mine plant, increasing access to high-grade mining areas and supporting the ongoing production ramp up.

主斜坡道與水平巷道開發皆仍領先於採礦計畫，提升對高品位採區的可達性，並支援持續的產量爬坡。

Granite Creek is now sufficiently ahead of development for the remainder of the year and beyond.

Granite Creek 目前的開發進度已足以支應今年剩餘期間及之後的需求。

Mining was temporarily impacted by ground conditions in two of our highest grade areas, which restricted access and deferred a portion of high-grade mining tons during Q2.

第二季在兩個最高品位區域因地質條件影響而短暫受阻，限制了進入並使部分高品位採礦噸數延後至 Q2 之後。

We have now restored access in these areas and they are currently contributing to third quarter production. We have approximately 15 headings available at any one time, which is more than sufficient to ramp up production.

我們目前已恢復這些區域的進入，並正對第三季產量做出貢獻。我們在任何時間點約有 15 個工作面可用，足以支援產量提升。

As a result, we expect mine grades and tons to improve in the third quarter.

因此，我們預期第三季的礦石品位與採礦噸數將有所改善。

Total tons mined was approximately 72,000 tons, including approximately 13,600 tons of sulfide material at 6.5 grams per ton and 12,000 tons of oxide material at 7.4 grams per ton gold.

總採礦量約為 72,000 噸，其中包含約 13,600 噸硫化礦物料，品位為每噸 6.5 克，以及 12,000 噸氧化礦物料，黃金品位為每噸 7.4 克。

Second quarter production increased from the prior year to approximately 8,600 ounces of gold.

第二季黃金產量較去年同期增加至約 8,600 盎司。

Year-to-date production as of Q2 is approximately 17,500 ounces, keeping us on track to meet our 2026 guidance of 30 to 40,000 ounces produced.

截至第二季的今年迄今產量約為 17,500 盎司，使我們維持在達成 2026 年指引（30,000 至 40,000 盎司產量）的正軌上。

On processing, approximately 9,100 tons of sulfide material was processed during the quarter.

在處理方面，本季處理了約 9,100 噸硫化礦物料。

Processing volumes were lower than mine due to availability.

由於產能可用性因素，處理量低於採礦量。

At the third-party processing facility, resulting in a buildup of various inventories at quarter end, including 5,300 recoverable ounces of gold, which was in process at the third-party facility, and an additional 1800 ounces of recoverable gold in inventory at Granite Creek.

在第三方處理設施，導致季末各類存貨增加，包括在第三方設施處理中的 5,300 盎司可回收黃金，以及 Granite Creek 現場存貨中另有 1,800 盎司可回收黃金。

Unit mining costs were approximately $178 per ton in line with plan.

單位採礦成本約為每噸 178 美元，符合計畫。

And lastly, water management remains well controlled.

最後，水資源管理仍維持良好控制。

Underground pumping capacity continues to exceed inflow rates, and our second larger water treatment plant and two new dewatering wells are currently under commissioning, which will address the site's long-term water management capability, eventually drawing down the water table below the underground workings.

地下抽水能力持續高於入流水量，我們第二座較大型的水處理廠與兩口新的降水井目前正在試運轉，將強化場址長期水管理能力，最終把地下水位降至地下作業區以下。

Moving to slide 5.

接著看第 5 張投影片。

The updated mineral resource estimate for Granite Creek Underground is complete and will support the upcoming feasibility study, which is planned for completion in the third quarter of 2026.

Granite Creek 地下礦更新後的礦產資源量估算已完成，將支援即將發布的可行性研究，該研究計畫於 2026 年第三季完成。

While the cutoff grade has decreased from the PEA to allow for an increase in the economic areas to be mined, we expect the reserves grade to be consistent with the average mine grades over the past several quarters.

雖然相較於 PEA（初步經濟評估）已降低截止品位，以便擴大可經濟開採區域，但我們預期儲量品位將與過去數季的平均採礦品位一致。

Infill and step-out drilling continued during the quarter across the OG, Range Front, and Adam Peak zones focused on resource conversion and infill drilling to assist with mine planning.

本季在 OG、Range Front 與 Adam Peak 區帶持續進行加密與延伸鑽探，重點在於資源量轉換，以及支援礦山規劃的加密鑽探。

We continue to see opportunities to expand mineralization in these areas and elsewhere.

我們持續看到在這些區域及其他地點擴大礦化的機會。

For the remainder of the year, drilling continued to focus on delineation and resource expansion.

在今年剩餘期間，鑽探將持續聚焦於圈定與資源擴張。

Due to the significant potential at Granite Creek, evaluation for further expansion campaigns are underway for 2027 and beyond.

鑑於 Granite Creek 具備顯著潛力，我們正評估 2027 年及以後進一步擴張的鑽探計畫。

Turning to slide 6, underground development at Archimedes continues to progress on schedule and largely on budget.

接著看第 6 張投影片，Archimedes 的地下開發持續按進度推進，且整體上符合預算。

Underground operating costs are in line with the PEA, while we expect to have slightly higher capital with the surface infrastructure as we build the Ruby site for the long-term.

地下營運成本與 PEA 一致；但由於我們為長期發展建置 Ruby 場址的地表基礎設施，預期資本支出將略高一些。

Development productivity continues to benefit from favorable ground conditions and contractor productivity.

開發生產力持續受惠於有利的地質條件與承包商生產力。

During the second quarter, the main decline continued to advance ahead of planned rates, and the exploration drift was completed ahead of schedule. Establishing the underground drill platforms required to support definition drilling at depth.

在第二季，主要斜坡道（main decline）持續以快於計畫的速度推進，且探勘巷道（exploration drift）提前完工。並建立支援深部定義鑽探所需的地下鑽探平台。

We remain on track to achieve first gold mined from the upper 426 zone during the fourth quarter this year.

我們仍按計畫於今年第四季在上部 426 礦帶實現首批採出黃金。

Turning to slide 7.

接著看第 7 張投影片。

We continue to see significant potential for resource expansion at Archimedes.

我們持續看到 Archimedes 具備顯著的資源擴張潛力。

Early in the quarter, we completed infill drilling in the upper 426 zone.

本季初，我們完成了上部 426 礦帶的加密鑽探（infill drilling）。

These results were reported in June and confirmed good grades and continuity within the planned mining areas while also extending mineralization beyond the current resource boundaries.

這些結果已於 6 月公布，確認在規劃採礦區域內具備良好品位與連續性，同時也將礦化延伸至目前資源邊界之外。

Drilling intersected significant high-grade oxide mineralization that was not included in the mineral resource estimate that supported the 2025 PEA, providing potential upside in the near-term mine plan.

鑽探穿越顯著的高品位氧化礦化，該部分未納入支撐 2025 年 PEA 的礦產資源估算，為近期礦山計畫提供潛在上行空間。

We believe this emerging oxide opportunity to Archimedes has the potential to provide meaningful low-cost near-term ounces.

我們認為 Archimedes 這項新浮現的氧化礦機會，有潛力在短期內提供具意義的低成本盎司數。

We continue to advance metallurgical test work and geological modeling, while the Archimedes feasibility study and supporting trade-off work will evaluate processing options for this oxide material, including the existing heap leach pad at Ruby and the CIL circuit at the Lone Tree plant.

我們持續推進冶金測試工作與地質建模；同時，Archimedes 可行性研究及其配套的取捨研究將評估此氧化礦物料的處理選項，包括 Ruby 現有的堆浸墊（heap leach pad）以及 Lone Tree 廠的 CIL（炭浸）迴路。

The 2026 infill drilling campaign commenced during the quarter from the expiration drift for the lower 426 and ruby deep zones in support of an updated resources model and mine plan.

本季啟動了 2026 年加密鑽探計畫，自下部 426 與 Ruby Deep 礦帶的延伸巷道（expiration drift）進行，以支援更新的資源模型與礦山計畫。

So far, this campaign has progressed a little slower than planned due to drill rig availability and contractor staffing constraints.

截至目前，由於鑽機可用性與承包商人力配置限制，本次計畫進度較原先規劃略慢。

As a result, the current campaign is expected to continue into early next year. Now these are moderate delays. We have 7 rigs underground and we're not able to operate all of them 24/7. However, we're looking at ways we can complete that and it just means a slight delay in the technical report to be able to complete this drawing.

因此，目前這一輪計畫預期將延續至明年初。這些都是中度延遲。我們在地下有 7 部鑽機，但無法全部 24/7 運作。不過，我們正在尋找完成方式；這僅意味著技術報告會略為延後，以便完成這項鑽探。

The 2026 exploration guidance for Archimedes has been updated accordingly, and the feasibility study is now expected to be completed by approximately mid-2027.

Archimedes 的 2026 年探勘指引已據此更新，而可行性研究目前預期約於 2027 年年中完成。

These results, together with the positive drilling results previously reported at Granite Creek Underground, continue to highlight the expansion potential at both underground mines, which are now expected to fill the Lone Tree plant into the mid-2030s and possibly longer.

這些結果連同先前在 Granite Creek Underground 公布的正面鑽探成果，持續凸顯兩座地下礦山的擴張潛力；目前預期可為 Lone Tree 廠供料至 2030 年代中期，甚至可能更久。

Moving to slide 8.

接著看第 8 張投影片。

At Cove Underground, we continue to advance technical and economic studies during the second quarter to further optimize work in support of the feasibility study anticipated late in the third quarter of 2026.

在 Cove Underground，我們於第二季持續推進技術與經濟研究，以進一步優化工作，支援預計於 2026 年第三季末完成的可行性研究。

Permitting activities also advanced as planned, including baseline studies and technical reviews.

許可（permitting）作業亦按計畫推進，包括基線研究與技術審查。

At Granite Creek Open Pit. Preparation for a pre-feasibility study has commenced, with technical trade-off studies underway to optimize the project design and economics.

在 Granite Creek 露天礦方面。前可行性研究（pre-feasibility study）的準備工作已啟動，並正進行技術取捨研究，以優化專案設計與經濟性。

Early stage pre-permitting activities are also underway, with baseline field studies planned to commence in 2027 to support an expected NEPA permitting process.

早期的前期許可作業也在進行中，規劃於 2027 年啟動基線現地研究，以支援預期的 NEPA 許可流程。

Moving to slide 9.

接著看第 9 張投影片。

Mineral Point Open Pit sits in Phase 3 of the current development plan and is the company's largest asset by value.

Mineral Point 露天礦位於目前開發計畫的第 3 階段，且是公司按價值計算最大的資產。

Given its value proposition, we continue to assess opportunities to optimize the sequencing of Phase 2 and Phase 3 of the development plan.

鑑於其價值主張，我們持續評估優化開發計畫第 2 階段與第 3 階段排序的機會。

A surface drilling campaign was initiated late in the first quarter. With approximately 15,800 meters of core and RC drilling completed during the first six months of the year using up to five RC rigs and two diamond rigs.

地表鑽探計畫於第一季末啟動。今年前六個月使用最多 5 部 RC 鑽機與 2 部金剛石鑽機，已完成約 15,800 公尺的岩心與 RC 鑽探。

The program has focused primarily on infill drilling to support classified inferred resources.

該計畫主要聚焦於加密鑽探，以支援對推斷資源（inferred resources）進行分類（classified）。

The drill program also encountered slower than planned progress due to drill rig and contractor staffing availability during the quarter, as well as slower than expected drilling rates. Through the softer sand of dolomite.

本季鑽探計畫進度亦較原先規劃緩慢，原因包括鑽機與承包商人力可用性，以及鑽進速率低於預期。穿越白雲岩較鬆軟的砂層。

Management expects to increase the overall drilling rate for the remainder of the year, with completion of this program now expected late in the first quarter of 2027.

管理層預期在今年剩餘期間提高整體鑽探速率，目前預計該計畫將於 2027 年第一季末完成。

I just want to emphasize this is a large program and is targeting approximately 300 drill holes over 131,000 meters and is designed to infill. The inferred resources, to test opportunities to add resources through step-out drilling beneath the existing heap leach pad, and support geotechnical and metallurgical studies for the mineral point free feasibilities, which is now expected approximately mid-2027, pending the progress of this drilling campaign.

我想強調，這是一項大型計畫，目標約 300 個鑽孔、總進尺 131,000 公尺，設計用於加密鑽探。針對推斷資源，並透過在既有堆浸墊下方的外延鑽探（step-out drilling）測試新增資源的機會，同時支援 Mineral Point 前可行性研究的岩土與冶金研究；該前可行性研究目前預期約於 2027 年年中完成，惟仍取決於本次鑽探計畫的進展。

Turning to the Lone Tree Processing Plant on slide 10.

接著看第 10 張投影片的 Lone Tree 處理廠。

We recently issued a press release highlighting the progress being made on the refurbishment. The project continues to advance on schedule targeting first gold by the end of 2027 and the estimated project capital remains on budget with approximately 40% of capital committed as of mid-July.

我們近期發布新聞稿，重點說明整修工程的進展。專案持續按進度推進，目標於 2027 年底實現首金；截至 7 月中旬，估計專案資本支出仍符合預算，約 40% 的資本已承諾投入。

Demolition of the existing plant components requiring replacement commenced in June and continues to track the engineering study schedule.

需汰換的既有廠房組件拆除作業已於 6 月開始，並持續符合工程研究時程。

Procurement packages supporting the critical path remain on schedule, and approximately 50% of the packages by value were awarded as of mid-July.

支援關鍵路徑的採購包（procurement packages）仍按進度推進，截至 7 月中旬，按價值計算約 50% 的採購包已完成授標。

Detailed engineering is progressing as planned, and the Hatch construction team was fully mobilized during the second quarter.

細部工程設計按計畫推進，Hatch 施工團隊已於第二季全面進場動員。

Third quarter priorities include. Advancing detailed engineering to approximately 60%, substantially completing the primary demolition, and awarding key civil and concrete contracts.

第三季的優先事項包括：將細部工程設計推進至約 60%，大致完成主要拆除作業，並授標關鍵的土方與混凝土合約。

Permitting continues to align with the construction schedule with several permits received to date and further permits pending.

許可進度持續與施工時程一致，目前已取得數項許可，另有進一步許可仍在審批中。

And with that, I'll hand the call over to Ryan for a financial review.

接下來我把電話交給 Ryan 進行財務回顧。

Thank you, Paul.

謝謝你，Paul。

Turning to slide 11, our balance sheet remains strong, supported by. The successful completion of our recapitalization in the first quarter, stronger operations, the release of approximately $17 million in restricted cash and higher realized gold prices.

請看第 11 張投影片，我們的資產負債表仍然強勁，主要受以下因素支撐：第一季成功完成資本重整、更強勁的營運表現、釋放約 1,700 萬美元的受限制現金，以及更高的已實現金價。

We ended the quarter with a significant cash balance of approximately $465 million. This was a reduction from approximately $514 million at the end of the first quarter, which is in line with expectations.

本季末我們的現金餘額約為 4.65 億美元，水位相當可觀。相較第一季末約 5.14 億美元有所下降，符合預期。

We continue receiving some of the anticipated proceeds from the November 2027 maturity date warrants with 8.5 million warrants exercised during the quarter.

我們持續收到部分原先預期來自 2027 年 11 月到期權證的款項，本季有 850 萬份權證被行使。

At quarter end, a total of 152 million warrants were outstanding of the original 186 million.

截至季末，原先 1.86 億份權證中，仍有合計 1.52 億份尚未行使。

In addition, we completed a termination and settlement agreement with Box Royalty on a gold offtake agreement.

此外，我們與 Box Royalty 就一項黃金承購（offtake）協議完成終止與和解協議。

This provides the company with increased flexibility to manage future gold sales and stockpiling opportunities in preparation for the commissioning of the Lone Tree plant.

這使公司在為 Lone Tree 廠試車投產做準備時，能更具彈性地管理未來黃金銷售與礦石堆存（stockpiling）機會。

The company believes that eliminating the offtake also provides meaningful cash flow savings over the next 30 months.

公司認為，取消該承購安排亦可在未來 30 個月帶來具意義的現金流節省。

In March, we completed several financing transactions in support of the recapitalization plan, bringing total proceeds funded and committed to more than $1 billion since May of 2025.

在3月，我們完成了數項融資交易以支持資本重整計畫，使自2025年5月以來已到位及已承諾的總募資金額超過10億美元。

The second quarter was the first full quarter with these new financial instruments reflected on our balance sheet.

第二季是這些新金融工具首次完整一季反映在我們資產負債表上的季度。

I want to take this opportunity to emphasize that these instruments are carried at fair value and are updated each reporting period to reflect changes in metals prices and discount rates.

我想藉此機會強調，這些工具以公允價值入帳，並在每個報導期間更新，以反映金屬價格與折現率的變動。

As a result, these revaluations will have non-cash impacts on our income statement going forward.

因此，這些重估在未來將對我們的損益表產生非現金影響。

I also want to remind everyone that we still have available the $100 million accordion under the gold prepaid facility with National Bank and Macquarie Bank as well as an additional $25 million available to us from Franco, Nevada after we spend the initial $25 million toward advancing Mineral Point.

我也想提醒大家，我們在與國民銀行（National Bank）及麥格理銀行（Macquarie Bank）的黃金預付融資安排下，仍有1億美元的增額（accordion）額度可用；此外，在我們先投入最初的2,500萬美元以推進Mineral Point之後，Franco, Nevada 也將再提供額外2,500萬美元可供我們動用。

Moving to slide 12, company-wide gold production and sales for the quarter were approximately 11,100 ounces and 5,300 ounces, respectively, compared to 4,200 ounces and 8,400 ounces in the prior year period.

轉到第12頁，本季全公司黃金產量與銷量分別約為11,100盎司與5,300盎司，相較於去年同期分別為4,200盎司與8,400盎司。

For the six-month period, gold production and sales were approximately 22,000 ounces and 16,000 ounces, respectively, compared to about 14,300 and 13,400 ounces in the prior year period.

就上半年而言，黃金產量與銷量分別約為22,000盎司與16,000盎司，相較於去年同期約為14,300盎司與13,400盎司。

The difference between gold produced and gold sold reflects the timing and availability of third-party processing.

黃金產量與銷量之間的差異，反映第三方加工的時點與可用性。

As Paul noted, the work in process inventory currently sits at over 5,300 recoverable ounces of gold.

如Paul所提，目前在製品存貨超過5,300盎司可回收黃金。

Full revenue for the quarter was just over $24 million, bringing year-to-date revenue to just under $77 million.

本季總營收略高於2,400萬美元，使年初至今營收接近7,700萬美元。

This compares to $28 million and $42 million for the comparable prior year periods.

相較之下，可比的去年同期分別為2,800萬美元與4,200萬美元。

The increase in six-month revenue is primarily due to more than 2,500 more gold ounces sold due to the ramp-up at Granite Creek and an increase in the realized gold price to nearly $4,800 per ounce.

上半年營收增加主要是因Granite Creek產能爬坡，使售出黃金盎司數增加逾2,500盎司，且實現金價提高至接近每盎司4,800美元。

These revenues drove gross profit to $9 million for the quarter and $25 million year-to-date, both of which have significantly increased from the prior year.

這些營收帶動本季毛利達900萬美元、年初至今毛利達2,500萬美元，兩者均較去年顯著增加。

Net loss for the quarter was $53 million or $0.06 per share. And $131 million or $0.15 per share year-to-date, compared with a net loss of $30 million or $0.05 per share and $71 million or $0.14 per share in the prior year periods.

本季淨損為5,300萬美元或每股0.06美元。年初至今淨損為1.31億美元或每股0.15美元；相較之下，去年同期淨損分別為3,000萬美元或每股0.05美元，以及7,100萬美元或每股0.14美元。

The net loss was mainly due to higher non-cash accounting impacts tied to the revaluation of our financial instruments as discussed earlier, financing costs related to the recapitalization, and increased pre-development expenses as we advance the. Plan, which we will begin to capitalize as we publish feasibility studies and declare commercial production, all partially offset by higher gross profit.

淨損主要來自較高的非現金會計影響（與前述金融工具重估相關）、資本重整相關融資成本，以及隨著我們推進該計畫而增加的前期開發費用。在我們發布可行性研究並宣告商業化生產後，這些費用將開始資本化；上述因素部分被較高的毛利所抵銷。

Adjusted net loss increased to $41 million and $70 million for the quarter and year-to-date respectively, compared to $27 million and $50 million in the prior year periods.

調整後淨損本季與年初至今分別增加至4,100萬美元與7,000萬美元，相較去年同期分別為2,700萬美元與5,000萬美元。

This was in line with our expectations, reflecting the continued ramp-up of our pre-development, evaluation and exploration activities as we advance several development projects.

這符合我們的預期，反映我們在推進多項開發專案的同時，前期開發、評估與勘探活動持續加速。

As a reminder, under US GAAP, which we transitioned to in 2024, pre-development, evaluation and exploration costs are expensed until we declare mineral reserves.

提醒一下，依據我們於2024年轉換採用的美國一般公認會計原則（US GAAP），前期開發、評估與勘探成本在我們宣告礦產儲量之前均需費用化。

Cash used and operating activities increased to $50 million for the quarter and $95 million year-to-date from $11 million and $34 million in the prior year periods, mainly due to a comparative inventory buildup from third-party processing delays, increased pre-development evaluation and exploration outflows as we ramp up activities and interest paid on the repayment of legacy debt, all partially offset by increased gross profit.

本季營運活動使用現金增加至5,000萬美元、年初至今增加至9,500萬美元，較去年同期的1,100萬美元與3,400萬美元為高；主要原因為第三方加工延遲導致相對的存貨累積、隨活動加速而增加的前期開發評估與勘探支出，以及償還既有債務所支付的利息；上述因素部分被較高的毛利所抵銷。

Moving to Slide 13.

轉到第13頁。

Looking ahead, we continue to see results from across the business trend in line with our expectations for the year and we remain on track to achieve our 2026 guidance, subject to the following changes.

展望未來，我們持續看到各項業務結果的趨勢符合我們對今年的預期，並仍按計畫達成我們的2026年指引，但需留意以下變動。

Overall, growth capital expenditures are expected to be in line with the $150 million to $175 million guidance range on an accrual basis.

整體而言，成長性資本支出在權責發生制基礎下，預期將與1.5億至1.75億美元的指引區間一致。

The Lone Tree refurbishment growth capital is expected at the bottom end of guidance on an accrual basis. However, we anticipate approximately $30 million in accruals, resulting in the cash expenditure being below the guidance range.

Lone Tree整修的成長性資本支出在權責發生制基礎下，預期落在指引區間的下緣。然而，我們預期約有3,000萬美元的應計項目，使現金支出將低於指引區間。

Management was conservative in estimating expenditures related to the refurbishment for 2026 during the recapitalization planning process earlier in the year to ensure the company raised sufficient capital.

管理團隊在今年稍早的資本重整規劃過程中，對2026年整修相關支出採取保守估計，以確保公司募集到足夠資金。

Our community's underground growth capital expenditures are expected to be approximately $10 to $15 million higher, reflecting a change in strategy for long-term surface infrastructure.

我們在Community地下礦的成長性資本支出預期將高出約1,000萬至1,500萬美元，反映長期地表基礎設施策略的調整。

Additionally, exploration expenses are expected to be approximately $10 million lower in 2026, mainly due to late delivery of drill rigs to the Ruby Hill property and contractor personnel shortages.

此外，2026年的勘探費用預期將降低約1,000萬美元，主要因鑽機延遲交付至Ruby Hill礦區，以及承包商人員短缺。

Overall, we remain comfortable with our 2026 outlook.

整體而言，我們對2026年的展望仍感到有信心。

These changes primarily reflect timing and capital allocation rather than changes to our development objectives.

這些變動主要反映時點與資本配置，而非我們開發目標的改變。

I will now hand the call back to Richard to discuss upcoming catalysts.

接下來我把電話交回給Richard，請他說明即將到來的催化劑。

Well, thank you, Ryan.

好的，謝謝你，Ryan。

Ending with slide 14, we have clear near-term catalysts within the development plan that we expect to deliver on over the next 12 months.

最後來到第14頁，在開發計畫中，我們有明確的短期催化劑，預期在未來12個月內交付成果。

These include bringing Archimedes, our second mine, into production.

其中包括讓我們的第二座礦山Archimedes投產。

Advancing the plant refurbishment towards commissioning, completing feasibility studies for all three of our underground projects, and a pre-feasibility study for Mineral Point, our largest and most valuable oxide open pit project.

推進選礦廠整修至試車投運（commissioning）、完成我們三個地下專案的可行性研究，以及為Mineral Point（我們最大且最具價值的氧化物露天礦專案）完成預可行性研究。

As we deliver these milestones, we believe we'll close the valuation gap.

隨著我們達成這些里程碑，我們相信將能縮小估值落差。

Between our current market value and the underlying value of our asset base, the gold market has been volatile this year, but the long-term backdrop for gold remains constructive, and our focus remains on the factors we can control execution.

在我們目前的市值與資產基礎的內在價值之間，今年金市波動較大，但黃金的長期基本面仍具建設性，而我們的重點仍放在我們可控的因素——執行。

We're very pleased with the progress made during the first half of the year, and we remain focused on carrying that momentum forward.

我們對上半年取得的進展感到非常滿意，並將持續專注於把這股動能延續下去。

Thank you again for your continued support.

再次感謝各位持續的支持。

Joelle will now open the call for questions.

接下來Joelle將開放提問。

( Operators Instructions )

（接線員指示）

Your first question comes from Justin Chan with SCP Resource Finance. Your line is now open.

第一位提問者是來自SCP Resource Finance的Justin Chan。您的線路已開通。

Hi, Richard and team. Thanks for hosting the call.

嗨，Richard和團隊。感謝舉辦這場電話會議。

My first question is just in terms of...

我的第一個問題是關於……

Granite Creek, it sounds like you made good progress on development.

Granite Creek，聽起來你們在開發方面取得了不錯的進展。

Is that a function of more levels? And maybe just a bit more color on the areas where you had ground control trouble, but then rehabbed them and your high-grade stove access. Was that all in the South Pacific zone? And I guess maybe just to characterize, you're pretty happy now with your level development on the ramp where you have access going into Q3 and the second-half?

這是因為開拓了更多水平巷道（levels）嗎？另外也想請你們多補充一些細節：你們在哪些區域曾遇到地層控制（ground control）問題、之後又進行了修復（rehab），以及你們的高品位採場（stope）通道。這些都發生在South Pacific礦帶嗎？以及我想請你們概括一下：就斜坡道（ramp）上的水平巷道開發而言，你們現在是否相當滿意，並且在進入第三季及下半年時已具備通行與作業的條件？

Yeah.

是的。

Thanks. I'll just I'll take that one. So first of all, the ground conditions primarily were because it took us a bit of time to get event raise in and then that allowed access into a high grade zone that we thought we were going to be able to get in Q2.

謝謝。我就先回答這個。首先，地質／地盤條件主要是因為我們花了一點時間把通風天井（vent raise）打通，之後才得以進入我們原本以為能在第二季進入的一個高品位礦帶。

And then in fact, that's we're mining that area now. So it was just getting event raise in. And was that in the South Pacific zone? No, in fact, that was in the OG zone, but there is some areas of some more challenging ground in the South Pacific as well.

事實上，我們現在就在開採那個區域。所以就是把通風天井打通的問題。那是在 South Pacific 礦帶嗎？不是，其實是在 OG 礦帶，不過 South Pacific 也有一些區域的地盤條件比較具挑戰性。

And then we also had, for a period of about two months, we had a small rib failure, so that's just the side of the drift. And then we needed to get Emshaw involved, which we did, and it took us a little bit of time to get clearance to be able to mine in that area.

另外，我們也曾有大約兩個月的時間出現小規模的肋部失穩（rib failure），也就是巷道側壁。之後我們需要請 Emshaw 介入，我們也確實這麼做了，但要取得許可、能在該區域恢復採礦，花了一點時間。

And so now we're mining those areas. And then in terms of all the development that we've been able to make, we really want to get in the range of 10 to 12 headings. And right now we're about 15 or 16. And then that'll allow us a lot of flexibility in the mine plan. But we needed to gain in the lateral development and the main decline to be able to do that, of which we're caught up. So in fact, we're caught up through to the rest of the year and we'll keep doing some lateral development so that we're always going to stay ahead.

所以現在我們正在開採那些區域。再來，就我們能做到的所有掘進而言，我們其實希望把工作面（headings）維持在 10 到 12 個的範圍。而目前大約是 15 或 16 個。這會讓我們在礦山計畫上有很大的彈性。但要做到這點，我們需要先把水平掘進與主斜坡道（main decline）的掘進進度追上，目前我們已經補上了。所以事實上，我們已經把進度追到足以支撐今年剩餘時間，並且會持續做一些水平掘進，確保我們始終保持領先。

Maybe one follow-up on that concept. So how many stubs will you be drawing from at any given time in various phases of, I guess, of mocking and blasting relative to the 15 available number you mentioned?

也許就這個概念追問一下。所以在任何一個時間點，依照不同階段（我想是指裝藥與爆破的各階段），相對於你提到可用的 15 個，你們會同時從多少個工作面／端頭（stubs）出礦？

And then just for the study.

另外再問一下關於那份研究。

You kind of hinted at that you plan to drop the cutoff grades and grades will be more in line with what you've been mining. Is that in line with the high grade ore you've been mining? Because when you report, you kind of split out between high and low grade, or should we model more in line with the overall lower grades?

你似乎暗示你們計畫下調截止品位（cutoff grades），而品位會更貼近你們實際開採的情況。這是指你們一直在採的高品位礦嗎？因為你們在揭露時會把高品位與低品位拆開，還是我們應該用整體較低的平均品位來建模？

It's the high grade that I'm talking about. So it'll be more consistent with that. Over the past three to four quarters.

我指的是高品位那一塊。所以會更一致地貼近那個水準。在過去三到四個季度。

The reserves estimate will match that roughly because we're mining to around that cutoff grade in reality. And so the PEA had a lower gold price, so a higher cutoff grade. So we just want to provide notice that the grade in the upcoming fees will match that.

儲量估算大致也會與此相符，因為我們實際上就是以接近那個截止品位在開採。而 PEA 使用的金價較低，因此截止品位較高。所以我們只是想先提醒一下，接下來的可行性研究（FS）中的品位會與此一致。

Now, you mentioned about the 15 headings. So when we shoot our rounds. We typically take about a day to clean up. We don't need to shoot 15 rounds at any given time. And then that supplies plenty of flexibility to be able to mine the given areas, depending on where we're at in the mine file.

至於你提到的 15 個工作面。當我們進行一輪爆破（shoot our rounds）時，通常需要大約一天來清理。我們不需要在同一時間爆破 15 個工作面。但這樣的配置能提供足夠的彈性，讓我們可以依照礦山作業進度（mine file）在不同區域採礦。

I hope that helps.

希望這樣有幫助。

So normally 10 to 12 cutting is sufficient, but right now we've got 15 or 16, right?

所以通常 10 到 12 個切進面（cutting）就足夠，但你們現在有 15 或 16 個，對嗎？

10 to 12 to have plenty of flexibility. You don't need that either. But in the past, it was five or six, right? And that created a lot of challenges and a lot of delays in the mining. Now we're well north of that.

10 到 12 個就能有很大的彈性。其實也不一定需要更多。但過去只有五到六個，對吧？那就造成採礦上很多挑戰與延誤。現在我們遠遠超過那個水準了。

Awesome. That's great to hear. And maybe just one last one in Granite Creek and I'll rejoin, I guess. So are you looking at lower cutoff more? Let's say more tons at grades you've been mining now or similar tons to what was in the PEA on a daily or annual basis.

太好了。很高興聽到。最後再問一個 Granite Creek 的問題，我就回到隊列裡。所以你們是要採用更低的截止品位嗎？也就是說，以你們目前正在開採的品位來看，會是更多噸數，還是日／年處理量會與 PEA 裡差不多？

Similar tons, I think I'm allowed to say that.

我想噸數會差不多，我應該可以這麼說。

No, it's going to be more tons, lower grade, similar ounces.

不，會是更多噸數、更低品位，但盎司數相近。

Okay.

好的。

Is where we're going to end up, Justin. So, the infill drill programs have confirmed largely both, I think, for COVE.

這就是我們最後會落在的結果，Justin。所以，加密鑽探（infill drill）計畫大致上已確認了兩者，我想對 COVE 也是如此。

And for Granite Creek, the ounces in the PA, give or take.

至於 Granite Creek，盎司數大致與 PEA 相當，上下些微差異。

But with some changes in modeling, grades and lower cutoff grades will be a little bit lower.

但由於建模上的一些調整，品位以及較低的截止品位會再低一點。

Your next question comes from Don DeMarco with National Bank Financial. Your line is now open.

下一個問題來自 National Bank Financial 的 Don DeMarco。您的線路已開通。

Thank you, operator, and good morning, Richard and team.

謝謝接線員，Richard 與團隊早安。

Start off with Archimedes. I see that the FS... Timeline is shifted to mid-27 due to some contractor staffing constraints.

先從 Archimedes 開始。我看到可行性研究（FS）…時程因承包商人力配置限制而延後到 2027 年年中。

Does this later study have any impact on the mine ramp-up schedule or the lone tree feed assumptions?

這個較晚完成的研究，會對礦山爬坡（ramp-up）時程或 Lone Tree 的供料假設造成任何影響嗎？

No.

不會。

It's really just a matter of getting all the technical work in time for feasibility status, but in parallel, we're ramping up the mine plans on the execution and looking at opportunities for 2027 to be able to recover some of the oxide at site as well as building up an inventory over at Lone Tree.

這主要只是要把所有技術工作在可行性階段前完成的時間安排問題；但同時我們也在並行推進礦山計畫的執行端，並尋找 2027 年的機會，以便在現場回收部分氧化礦（oxide），同時在 Lone Tree 建立庫存。

Okay, thanks.

好的，謝謝。

And sorry, Don, and I might just add that the drill program of the upper 426 zone that was completed earlier in the year will provide fee for several years in any event.

Don，不好意思，我再補充一下：今年稍早完成的上部 426 礦帶鑽探計畫，無論如何都會為可行性研究提供好幾年的資料支撐。

Yeah, that's right.

對，沒錯。

Okay, great.

好的，很好。

At Mineral Point, of course, the recapitalization had earmarks and funds for permitting and technical work.

在 Mineral Point，當然，資本重整（recapitalization）已預留並配置了用於許可與技術工作的資金。

Can you just outline the specific de-risking milestones investors might expect before the next study? And I understand there have been some, challenges with respect to the drilling and whatnot. So just if you could just lay out the kind of milestones over the next, before the next study.

你能否概述一下，在下一份研究之前，投資人可以期待哪些具體的去風險（de-risking）里程碑？我也理解在鑽探等方面曾遇到一些挑戰。所以如果你能把接下來、在下一份研究之前的里程碑大致列出來就好。

Thank you.

謝謝。

Before the study? Well, the main part is we're going to be continuing with this campaign, and it's 430,000 feet, give or take.

在研究之前？嗯，主要部分是我們會持續這一輪作業，總量大約 43 萬英尺，上下些微差異。

And so we'll be releasing results on that on a time-to-time basis. And then the main component will be to put that together into a pre-feasibility so that we can declare reserves by approximately mid next year. And that is pending on completion of this program.

因此我們會不定期發布相關結果。接著主要的工作是把這些整合成一份預可行性研究（PFS），以便我們大約在明年年中宣布儲量（reserves）。而這取決於該計畫的完成。

There's five RC and two diamond rigs, and that ratio will vary in time. But we're also evaluating drilling at depth below the heap bleach pad, so we're trying to understand that, and as well potential areas for expansion. So, and then as well, making sure we're very thorough on the geotech so that we don't have to go back to the well.

目前有五台 RC 鑽機和兩台金剛石鑽機，這個比例會隨時間而變。但我們也在評估堆浸墊（heap bleach pad）下方深部的鑽探，因此我們正試圖了解那部分情況，以及潛在的擴張區域。另外，也要確保我們在岩土工程（geotech）方面做得非常徹底，這樣就不必再回頭重做。

So really, in terms of from now until the pre-feasibility study is released, it's really drilling results and then perhaps initiating of permitting.

所以實際上，從現在到預可行性研究發布之前，重點就是鑽探結果，然後可能會啟動許可申請。

And that work is underway.

而這項工作正在進行中。

That work is underway. We've already collected a number of composites and we'll be very thorough there.

這項工作正在進行中。我們已經收集了多組混合樣（composites），而且我們會在那方面做得非常徹底。

We'll be releasing those results as they as they come, yeah.

我們會在結果出來時就陸續發布，對。

And we've we've been working with the community on the layout of the mine and got their sign off through community discussions on, where different facilities are going to go, waste some sleep pads and things like that, and we've been making a lot of progress with the community and...

另外，我們一直與社區就礦山佈局合作，並透過社區討論取得他們的同意，包括不同設施要設在哪裡、廢石堆浸墊之類的事項；我們與社區的合作已取得很大進展，而且……

Continues to move forward because, between Archimedes and Ruby Hill, this is going to be the most valuable asset portfolio. Eureka is a small mining town, but, we're looking to reinvest in that town and create a very attractive place for people to work.

也會持續推進，因為在 Archimedes 與 Ruby Hill 之間，這將會是最有價值的資產組合。Eureka 是一個小型礦業城鎮，但我們希望再投資這個城鎮，打造一個對人們來說非常有吸引力的工作地點。

So that's great. Pre-feasibility will also evaluate a number of opportunities as trade-off studies. So, for example, potential on the silver recovery.

那很棒。預可行性研究也會以取捨研究（trade-off studies）的方式評估多項機會。例如，白銀回收的潛力。

Maybe perhaps overall gold recovery, looking at crushing options and potential for some optimization of the pit design. So there's a number of trade-off studies that are going to be part of the pre-feasibility.

也許還包括整體黃金回收率，評估破碎選項，以及礦坑設計的最佳化潛力。所以預可行性研究將包含多項取捨研究。

And just by way of background, Barrick originally had that asset and they did a lot of technical work. So that project was quite well advanced before we even picked up that TA and.

補充一下背景，Barrick 最初持有該資產，並做了大量技術工作。因此在我們接手那個 TA 之前，該專案其實已經推進得相當成熟。

Stevie Ops, who was on our board, was actually the general manager of Ruby between 2010 and 2014 when all that work was done. So they had some of the same drill issues with that Santa Dolomite that we're having now, but I think Tyler's found a way to address it.

我們董事會成員 Stevie Ops 當時在 2010 到 2014 年間擔任 Ruby 的總經理，所有那些工作就是在那段期間完成的。所以他們在那個 Santa Dolomite 上也遇到過與我們現在相同的一些鑽探問題，但我想 Tyler 已經找到解決方式。

Okay, well that's great to hear. I look forward to all that progress coming to fruition. That's all for me. Thanks again for taking my questions.

好的，聽到這個很高興。我期待看到所有進展開花結果。我這邊就到這裡。再次感謝回答我的問題。

Thanks, John.

謝謝你，John。

I will now hand the conference over to Katerina for questions on the web.

我現在把會議交給 Katerina，回答網路上的提問。

Thanks, operator. So we have a question online that says, are you planning on stockpiling sulfide material in 2027 to ensure enough ore for Lone Tree in 2028?

謝謝，接線員。我們有一個線上問題：你們是否計畫在 2027 年堆存硫化物材料，以確保 2028 年 Lone Tree 有足夠的礦石？

Yes, so we're building up -- there's several different opportunities here. So first of all, we'll be building up sulfide from. Both Granite Creek and Archimedes during 2027 so that we have sufficient feed for the plant once that starts at the end of 2027.

是的，我們正在建立——這裡有幾個不同的機會。首先，我們會在 2027 年從 Granite Creek 和 Archimedes 兩處累積硫化物礦石，以便在 2027 年底工廠啟動時有足夠的入料。

Second thing is there's going to be significantly better margins when we actually operate Lone Tree compared to our current arrangement. So that's if we can afford it, which we feel we can, that'll help a lot.

第二點是，實際營運 Lone Tree 時的利潤率將顯著優於我們目前的安排。所以如果我們負擔得起——我們認為可以——那會有很大幫助。

And then on the oxide, yes, the high-grade oxide can feed through the CIL. We are evaluating that, but we are also evaluating leaching at the ruby pad, and there may be an opportunity there that might actually be more economically beneficial than to haul it to Lone Tree. But either way, we'll be building up the high-grade oxide as well.

至於氧化礦，是的，高品位氧化礦可以送入 CIL。我們正在評估這點，但也在評估在 ruby 墊上進行浸出；那裡可能有一個機會，經濟效益甚至可能比運到 Lone Tree 更好。但不管怎樣，我們也會累積高品位氧化礦。

Okay. We have another online question. Is September or October 2027 a reasonable assumption for starting to push the high-grade oxides through the CIL plant at Lone Tree to confirm? We just touched on that question. Sorry. I'll go to part two of this question. Has drilling contractor availability improved? Any risk to the schedule and mineral points related to hydrogeological drilling or geotech work for submissions related to permits? Or is this more just a push in the pre-feasibility study for now? Again, it looks. If we covered that, but if you have any further comments.

好的。我們還有另一個線上問題：假設在 2027 年 9 月或 10 月開始把高品位氧化礦送入 Lone Tree 的 CIL 廠以進行確認，這樣的假設合理嗎？我們剛剛已經提到這個問題了。抱歉。我來看這個問題的第二部分。鑽探承包商的可用性是否有所改善？在與水文地質鑽探或岩土工程工作相關、用於許可提交的部分，是否存在對時程與 Mineral Point 的任何風險？或者目前更多只是預可行性研究的推進？同樣地，看起來我們可能已經涵蓋了，但如果你還有補充。

Just on the geotechnical component, so the additional potential additional footage that we need to do that comes from the underground and that's so that we can evaluate some different mining methods and we're still confirming that we need to do it and the contractor availability we are looking at ways, but it will be a challenge to staff up 'cause if you add up both Mineral Point and. Archimedes Underground, that's 14 rigs. So that's substantial, and we need to do this work safely and effectively.

就岩土工程部分而言，我們可能需要追加的鑽進尺數來自地下作業，這是為了評估不同的採礦方法；我們仍在確認是否確實需要做。至於承包商可用性，我們正在尋找方法，但要補足人力會是一個挑戰，因為如果把 Mineral Point 和Archimedes 地下作業加起來，總共是 14 台鑽機。這規模很大，而我們必須安全且有效地完成這些工作。

Okay, there are no further online questions. I'll now hand the call back to the operator.

好的，線上沒有其他問題了。我現在把電話交回給接線員。

( Operators Instructions )

( 接線員指示 )

I'd like to thank everybody for joining us today.

我要感謝各位今天加入我們。

Look, we're excited by the progress we've made. The recapitalization now allows us to focus on the execution.

各位，我們對已取得的進展感到振奮。這次資本重整現在讓我們能專注於執行。

And these oxide drill results at Archimedes have the potential to make a meaningful difference to our production cash flows as early as next year.

而 Archimedes 的這些氧化礦鑽探結果，有潛力最早在明年就對我們的生產現金流帶來實質性的影響。

And we're pleased the way the team's executing and our ability to continue to hire and retain really good people in Nevada.

我們也很高興看到團隊的執行表現，以及我們在內華達州持續招募並留任非常優秀人才的能力。

So I'd like to thank everybody for joining us today, and if you've got any follow-up questions, please feel free to reach out to Kat Whaley or Candida, who just recently joined us. So thank you for your time today.

所以我要感謝各位今天加入我們；如果你們有任何後續問題，請隨時聯絡 Kat Whaley 或 Candida（她最近剛加入我們）。謝謝各位今天撥冗。

( Operators Instructions )

( 接線員指示 )