Kinross Gold Corp (KGC) 2023 Q2 法說會逐字稿

Good morning. My name is Rob, and I will be your conference operator today. I would like to welcome everyone to the Kinross Gold Second Quarter 2023 Results Conference Call and Webcast. (Operator Instructions)

早安.我叫羅布，今天我將擔任你們的會議操作員。歡迎大家參加 Kinross Gold 2023 年第二季業績電話會議和網路廣播。 （操作員說明）

Chris Lichtenheldt, Vice President, Investor Relations, you may begin your conference.

Chris Lichtenheldt，投資人關係副總裁，您可以開始會議了。

Thank you, and good morning.

謝謝你，早安。

With us today, we have Paul Rollinson, President and CEO; and some of the Kinross senior leadership team; Andrea Freeborough, Claude Schimper, Ned Jalil and Geoff Gold.

今天與我們在一起的有總裁兼執行長保羅‧羅林森 (Paul Rollinson)；以及金羅斯高級領導團隊的一些成員；安德里亞·弗里伯勒、克勞德·辛佩爾、內德·賈利勒和傑夫·戈爾德。

For a complete discussion of the risks and uncertainties, which may lead to actual results differing from estimates contained in our forward-looking information, please refer to Page 2 of this presentation, our news release dated August 2, 2023, the MD&A for the period ended June 30, 2023, and our most recently filed AIF, all of which are available on our website.

有關可能導致實際結果與我們前瞻性資訊中的估計不同的風險和不確定性的完整討論，請參閱本簡報的第2 頁、我們於2023 年8 月2 日發布的新聞稿、該期間的MD&A截至 2023 年 6 月 30 日，以及我們最近提交的 AIF，所有這些都可以在我們的網站上找到。

I will now turn the call over to Paul.

我現在將把電話轉給保羅。

Thanks, Chris, and thank you all for joining us.

謝謝克里斯，也謝謝大家加入我們。

This morning, I will provide a brief overview of our second quarter, comment on our outlook and update you on our ESG initiatives. I will then hand the call over to Andrea to walk through our financial performance and then Claude and Ned will discuss our operating performance and projects.

今天早上，我將簡要概述我們第二季的情況，評論我們的前景，並向您介紹我們的 ESG 舉措的最新情況。然後我會將電話轉交給 Andrea，讓其了解我們的財務業績，然後 Claude 和 Ned 將討論我們的營運績效和專案。

We had a great second quarter contributing to a strong first half of the year, positioning us well to meet our full year guidance. Tasiast, Paracatu and La Coipa delivered excellent results, representing approximately 70% of our production in the quarter with an ASIC of approximately $1,000 per ounce, driving strong free cash flow. At Paracatu and La Coipa, good performance was driven by strong grades and recoveries.

我們第二季度的出色表現為上半年的強勁表現做出了貢獻，使我們能夠很好地實現全年指導目標。 Tasiast、Paracatu 和 La Coipa 業績出色，約佔本季產量的 70%，ASIC 價格約為每盎司 1,000 美元，推動了強勁的自由現金流。在帕拉卡圖和拉科帕，良好的表現得益於強勁的成績和恢復。

At Tasiast, the ramp-up continued during the quarter and the operation delivered record production of nearly 160,000 ounces at a cost of sales of approximately $650 per ounce. Construction of the 24k expansion project is now complete, and we are well on our way towards sustaining higher throughput levels by year-end.

Tasiast 的產量在本季度繼續增長，產量達到創紀錄的近 160,000 盎司，銷售成本約為每盎司 650 美元。 24k 擴建工程的建設現已完成，我們正朝著在年底前維持更高吞吐量水準的目標邁進。

Our U.S. operations delivered on plan with stronger production over the prior quarter. Our cost of the U.S. assets are expected to increase in the second half of the year, the mines are performing as planned, and we continue to work towards lower cost production next year with the start-up of Manh Choh and favorable mine sequencing in Nevada.

我們的美國業務按計劃交付，產量比上一季更強。我們的美國資產成本預計將在今年下半年增加，礦山正在按計劃運行，隨著 Manh Choh 的啟動和內華達州有利的礦山排序，我們明年將繼續努力降低生產成本。

At Manh Choh, construction activities are advancing well, and the project remains on schedule and on budget to begin contributing high-grade order the Fort Knox operation in the second half of next year. At Round Mountain, we remain excited about the future. We are encouraged by ongoing optimization for the Phase X open pit and expect to complete the work later this year.

Manh Choh 的施工活動進展順利，該項目仍按計劃和預算進行，並將於明年下半年開始為諾克斯堡業務提供高品位訂單。在圓山，我們對未來仍然感到興奮。我們對 X 期露天礦坑的持續優化感到鼓舞，並預計在今年稍後完成這項工作。

Work on the underground decline at Phase X is progressing well, and we are on schedule to begin definition drilling early next year. As you will see in the video link provided in our press release, we see potential for a lower-cost underground mining operation at Phase X with further exploration upside. Gold Hill, our satellite deposit at Round Mountain, continues to deliver strong exploration results, further confirming our view that there is potential for additional high-margin underground mill feed at Gold Hill to supplement Phase X ore.

X 階段的地下斜坡工程進展順利，我們依照計畫在明年初開始定義鑽探。正如您將在我們新聞稿中提供的影片連結中看到的那樣，我們看到了 X 階段較低成本的地下採礦作業的潛力，以及進一步勘探的優勢。我們位於 Round Mountain 的衛星礦床 Gold Hill 繼續取得強勁的勘探成果，進一步證實了我們的觀點，即 Gold Hill 有可能提供額外的高利潤地下磨礦原料來補充 X 期礦石。

And finally, we continue to make excellent progress at Great Bear, and the work we've done continues to support our view that this development project is expected to become a top-tier mine. We currently have 11 drills on site, and the focus has been on extending our underground resource below the initial open pit resource. We will be updating our resource statement at year-end and expect a meaningful increase to the underground resource.

最後，我們在 Great Bear 繼續取得出色的進展，我們所做的工作繼續支持我們的觀點，即該開發項目有望成為頂級礦山。我們目前在現場有 11 個鑽孔機，重點是將我們的地下資源擴展到最初的露天資源以下。我們將在年底更新我們的資源聲明，並預計地下資源將出現有意義的增加。

We are pleased to have recently signed an amended advanced exploration agreement with our partners, the Wabauskang and Lac Seul First Nations on whose traditional territories, the project is located. This amended agreement reflects the changing nature of activities from surface exploration to underground exploration as the project advances. At Great Bear, the path is clear as we continue to focus on advancing the project through permitting and construction. Ned will elaborate on other activities at Great Bear later on the call.

我們很高興最近與我們的合作夥伴 Wabauskang 和 Lac Seul 原住民簽署了修訂後的高級勘探協議，該項目位於其傳統領土上。此修訂後的協議反映了隨著專案的進展，活動性質從地面勘探轉向地下勘探的變化。在 Great Bear，我們的道路是明確的，我們將繼續專注於透過許可和建設來推進專案。內德將在稍後的電話會議上詳細介紹大熊市的其他活動。

Year-to-date, we have produced over 1 million ounces and we remain on track to achieve our production and cost guidance for the year. We strengthened our balance sheet during the quarter, and at current gold prices, we expect this trend to continue. Our quarterly dividend remains in place, which offers a competitive yield of nearly 3%. Since 2021, we have repurchased $400 million of shares representing 8% of our shares outstanding.

今年迄今為止，我們的產量已超過 100 萬盎司，並且仍有望實現今年的生產和成本指引。我們在本季加強了資產負債表，以目前的金價，我們預計這種趨勢將持續下去。我們的季度股息保持不變，收益率接近 3%，具有競爭力。自 2021 年以來，我們已回購了價值 4 億美元的股票，占我們已發行股票的 8%。

Overall, we view the buyback program as very successful. However, in accordance with the plan we announced last fall, we have paused share buybacks based on the change by one of our rating agencies, moving our outlook from stable to negative. As a result, we are prioritizing debt repayment. And in Q2, we repaid $220 million of debt, and we plan to repay the remaining $100 million drawn on our revolver in the coming months. Going forward, we will continue to review our capital allocation priorities in the context of the prevailing environment.

整體而言，我們認為回購計劃非常成功。然而，根據我們去年秋天宣布的計劃，我們根據我們的一家評級機構的變化暫停了股票回購，將我們的前景從穩定調整為負面。因此，我們優先考慮償還債務。在第二季度，我們償還了 2.2 億美元的債務，並計劃在未來幾個月內償還左輪手槍提取的剩餘 1 億美元。展望未來，我們將繼續根據當前環境審視我們的資本配置優先事項。

Lastly, I'd like to highlight our latest update on ESG initiatives. We recently published our third annual climate report, which details climate-related disclosures for last year. The report also outlines our progress towards meeting our climate-related goals and provides detail on our climate change strategy and our plan to reduce greenhouse gas emissions intensity going forward. Notably, in the report, we provide an update on our Tasiast solar project, which we expect will be delivering 34 megawatts of renewable energy by the end of this year. For context, 34 megawatts of clean energy is the equivalent to removing more than 10,000 gasoline-powered vehicles from the road for each year of the operation. We continue to be very proud of our work in this important area.

最後，我想強調一下我們關於 ESG 舉措的最新動態。我們最近發布了第三份年度氣候報告，其中詳細介紹了去年與氣候相關的揭露情況。該報告還概述了我們在實現氣候相關目標方面取得的進展，並詳細介紹了我們的氣候變遷策略和未來減少溫室氣體排放強度的計畫。值得注意的是，在報告中，我們提供了 Tasiast 太陽能專案的最新信息，我們預計該專案將在今年年底前提供 34 兆瓦的可再生能源。就上下文而言，34 兆瓦的清潔能源相當於每年從道路上減少 10,000 多輛汽油動力車輛。我們仍然對我們在這一重要領域的工作感到非常自豪。

With that, I will now turn the call over to Andrea.

現在，我將把電話轉給安德里亞。

Thanks, Paul.

謝謝，保羅。

This morning, I'll discuss financial highlights from the quarter, provide an overview of our balance sheet and comment on our guidance and outlook.

今天早上，我將討論本季的財務亮點，概述我們的資產負債表，並對我們的指導和前景發表評論。

As Paul noted, our second quarter performance was strong, with production and cash flow improving over the prior quarter as planned and over last year. We produced 555,000 ounces with production benefiting from seasonality in our business, including mine sequencing at Paracatu and ramp-up at Tasiast and La Coipa. Gold sales of 553,000 ounces were in line with production. In Q2, our average realized gold price was $1,976 per ounce, in line with the average spot price. Cost of sales of $900 per ounce was lower over the prior quarter due to higher production and particularly strong cost performance at Tasiast, Paracatu and La Coipa. Cost of sales at these 3 assets averaged $725 per ounce, driving strong operating and free cash flow.

正如保羅指出的那樣，我們第二季度的業績強勁，生產和現金流按計劃比上一季和去年有所改善。我們生產了 555,000 盎司，生產受益於我們業務的季節性，包括帕拉卡圖的礦山排序以及塔西亞斯特和拉科帕的產能提升。黃金銷量為 553,000 盎司，與產量相符。第二季度，我們的平均實現黃金價格為每盎司 1,976 美元，與平均現貨價格一致。由於塔西亞斯特 (Tasiast)、帕拉卡圖 (Paracatu) 和拉科帕 (La Coipa) 的產量增加以及特別強勁的性價比，每盎司的銷售成本較上一季較低，為 900 美元。這 3 種資產的平均銷售成本為每盎司 725 美元，推動了強勁的營運和自由現金流。

All-in sustaining costs were $1,296 per ounce in Q2, which was also lower quarter-over-quarter, primarily due to lower cost of sales. All-in sustaining costs at Tasiast, Paracatu and La Coipa were approximately $1,000 per ounce. First half cost of sales were $941 per ounce. We remain on track to meet our full year cost guidance of $970 per ounce. Costs are expected to increase in the second half of the year due to the accounting impact of drawing down on our inventory at Round Mountain. We expect costs to come back down next year.

第二季的總維持成本為每盎司 1,296 美元，季比也有所下降，這主要是由於銷售成本下降。 Tasiast、Paracatu 和 La Coipa 的總維持成本約為每盎司 1,000 美元。上半年銷售成本為每盎司 941 美元。我們仍有望實現每盎司 970 美元的全年成本指引。由於圓山庫存消耗的會計影響，預計下半年成本將增加。我們預計明年成本將會回落。

In Q2, our adjusted earnings per share was $0.14 and adjusted operating cash flow per share was $0.37, both improving over the prior quarter. Free cash flow for the quarter was $247 million or $177 million excluding working capital changes.

第二季度，調整後每股收益為 0.14 美元，調整後每股營運現金流為 0.37 美元，均較上一季改善。本季自由現金流為 2.47 億美元，不包括營運資金變動則為 1.77 億美元。

Turning to the balance sheet.

轉向資產負債表。

Our financial position continued to improve in the second quarter and remained strong. We ended the quarter with $478 million in cash at approximately $1.9 billion of liquidity both improving over the first quarter. Our debt declined by approximately $220 million during the quarter as we repaid $200 million on the revolving credit facility as well as $20 million on our Tasiast loan. As Paul mentioned, we plan to prioritize repayment of the remaining $100 million on our revolver this year, further deleveraging our balance sheet.

我們的財務狀況在第二季度繼續改善並保持強勁。本季結束時，我們的現金為 4.78 億美元，流動性約為 19 億美元，兩者均較第一季有所改善。本季我們的債務減少了約 2.2 億美元，因為我們償還了 2 億美元的循環信貸額度以及 2,000 萬美元的 Tasiast 貸款。正如保羅所提到的，我們計劃今年優先償還左輪手槍剩餘的 1 億美元，進一步去槓桿化我們的資產負債表。

Our trailing 12-month net debt-to-EBITDA ratio improved as of quarter end and is now 1.3x and our current gold price is expected to decline further through the remainder of the year. At the end of the second quarter, we announced a debt refinancing, whereby we issued $500 million in senior notes due in 2033, to replace our outstanding 2024 senior notes at a comparable interest rate. Following first half results, we remain on track to meet our full year production and cost guidance. We achieved approximately 49% of our full year production guidance in the first half and the second half remains on plan.

截至季末，我們過去 12 個月的淨債務與 EBITDA 比率有所改善，目前為 1.3 倍，預計我們目前的金價將在今年剩餘時間內進一步下跌。第二季末，我們宣布進行債務再融資，發行 2033 年到期的 5 億美元優先票據，以可比利率取代已發行的 2024 年優先票據。繼上半年業績之後，我們仍有望實現全年生產和成本指導。上半年我們實現了全年產量指引值的約 49%，下半年仍按計畫進行。

On inflation, as a reminder, we factored a 5% increase into our cost of sales guidance for this year relative to full year costs in 2022, and we still believe this is an appropriate estimate. So far this year, oil has been trending positively. However, this continues to be offset by higher royalties as a result of stronger gold prices. Capital expenditures remain on track, and our CapEx forecast for the full year remains roughly evenly split between sustaining and non-sustaining items.

提醒一下，在通貨膨脹方面，我們在今年的銷售成本指引中考慮了相對 2022 年全年成本增加 5% 的因素，我們仍然認為這是一個合適的估計。今年到目前為止，石油一直呈現正面趨勢。然而，這繼續被金價走強導致的特許權使用費上漲所抵消。資本支出仍處於正軌，我們對全年資本支出的預測在維持性項目和非維持性項目之間仍然大致平均分配。

In summary, we are reaffirming our full year guidance for production in the range of 2.1 million ounces, cost of sales of $970 per ounce and ASIC of $1,320 per ounce, all within a plus or minus 5% range.

總之，我們重申全年產量指引為 210 萬盎司，銷售成本為每盎司 970 美元，ASIC 為每盎司 1,320 美元，均在正負 5% 的範圍內。

I'll now turn the call over to Claude to discuss our operations.

我現在將把電話轉給克勞德，討論我們的營運情況。

Thank you, Andrea. .

謝謝你，安德里亞。 。

As Paul and Andrea highlighted, we saw strong performance from our operations in the second quarter with higher production and lower costs compared to Q1 with all of our mines delivering on plan. Tasiast delivered another robust quarter with production of 158,000 ounces and an impressive cost of sales of $652 an ounce, improving over the prior quarter on higher throughput and improving recoveries. Remaining times we completed in June and commissioning continues in the past.

正如保羅和安德里亞所強調的那樣，我們看到第二季度的營運表現強勁，與第一季度相比，產量更高，成本更低，所有礦山均按計劃交付。 Tasiast 季度產量再次強勁，產量達 158,000 盎司，銷售成本高達每盎司 652 美元，產量較上一季有所改善，回收率也有所提高。剩下的時間我們在六月完成，調試工作在過去繼續進行。

In addition, we are making progress on the throughput ramp-up. The plant has achieved throughput of 24,000 tonnes per day for sustained periods of time and have also reached as high as 28,000 tonnes per day on several occasions thus demonstrating the operation's ability to achieve the expanded throughput. Our focus is now on sustaining this higher throughput, which we expect to achieve by the end of the year. At the Tasiast solar project, solar work is essentially complete and mechanical works are well advanced with a focus on the installation of the photovoltaic modules. We have now installed 65,000 out of the total 80,000 panels plan. Electrical work is underway and planning for commissioning has begun. This process is on schedule for the completion by the end of the year.

此外，我們在吞吐量提升方面也取得了進展。該工廠已連續一段時間實現每天 24,000 噸的吞吐量，並多次達到每天 28,000 噸的吞吐量，證明了該工廠實現擴大吞吐量的能力。我們現在的重點是維持更高的吞吐量，我們預計在今年年底前實現這一目標。在Tasiast太陽能專案中，太陽能工作已基本完成，機械工作也進展順利，重點是光伏模組的安裝。我們現在已經安裝了 80,000 個面板計劃中的 65,000 個。電氣工作正在進行中，調試計劃也已開始。這一過程按計劃將於今年年底完成。

At La Coipa, production is tracking well against the full year plan. Continued outperformance on grade and recovery are driving production, while plant optimization continues through the second half of the year. La Coipa continues to contribute robust free cash flow and was the lowest cost, highest margin mine in our portfolio in the second quarter. Following first half production at La Coipa, we remain on track to meet our full year production guidance in the range of 240,000 ounces.

La Coipa 的生產進展順利，符合全年計劃。品位和採收率的持續優異表現正在推動產量，而工廠優化將持續到今年下半年。 La Coipa 持續貢獻強勁的自由現金流，是第二季我們投資組合中成本最低、利潤率最高的礦場。 La Coipa 上半年生產後，我們仍有望實現 240,000 盎司的全年產量目標。

At Paracatu, increases in grade and recovery led to an improvement in the production and costs in Q2. Q3 production is expected to be the strongest for the year driven by increased mining rates in the higher-grade, deeper areas in the Southwest of the pit. Paracatu remains on track to achieve its full year production guidance in the range of 580,000 ounces.

在帕拉卡圖，品位和回收率的提高導致第二季產量和成本的改善。由於礦坑西南部較高品位、較深區域的採礦率增加，預計第三季產量將達到今年最強勁水準。 Paracatu 仍有望實現 580,000 盎司的全年產量目標。

Now moving to the U.S. operations. Production and costs improved across our operations in Q2, and we are on track with our full year guidance. As discussed earlier, cost of these assets are higher relative to the rest of the portfolio and are expected to increase in the second half of the year before declining next year.

現在轉移到美國業務。第二季我們整個業務的生產和成本有所改善，我們正朝著全年指引的方向發展。如前所述，這些資產的成本相對於投資組合的其他資產較高，預計將在今年下半年增加，然後在明年下降。

Beginning with Fort Knox, Q2 production was higher quarter-over-quarter due to planned higher processing rates. We saw strong performance from the mill and a benefit from some additional ounces from unplanned or material encountered in the Phase 10 stripping. Work advanced well in the Fort Knox mill modifications to accommodate ore from the Manh Choh project, and we are on track to begin processing high-grade ore from Manh Choh in the second half of next year.

從諾克斯堡開始，由於計劃提高加工率，第二季度產量環比增長。我們看到了工廠的強勁表現，並從第 10 階段剝離中遇到的計劃外材料或材料中獲得了一些額外的盎司收益。諾克斯改造工作進展順利，以適應 Manh Choh 計畫的礦石，我們預計在明年下半年開始加工 Manh Choh 的高品位礦石。

At Bald Mountain, production improved over the prior quarter as higher mining rates were realized in Q2, following the weather challenges in Q1, leading to higher leach stacking rates. At Round Mountain, we achieved our planned production for the quarter, which was relatively flat compared to Q1. As Andrea mentioned, cost of sales at Round Mountain are expected to increase in the second half of the year before declining next year as the Phase W investment period wraps up and mining shifts to the lowest strip areas with higher grades.

在禿山，產量比上一季有所改善，因為在第一季度的天氣挑戰之後，第二季度實現了更高的採礦率，導致浸出堆積率更高。在圓山，我們實現了本季的計畫產量，與第一季相比相對持平。正如 Andrea 所提到的，隨著 W 期投資期的結束以及採礦轉移到品位較高的最低地帶區域，Round Mountain 的銷售成本預計將在今年下半年增加，然後在明年下降。

With that, I will now turn the call over to Ned.

現在，我將把電話轉給內德。

Thanks, Claude.

謝謝，克勞德。

I'll start by elaborating on Round Mountain, then comment on our Manh Choh and Curlew project before finishing with an update on Great Bear. While Round Mountain is strengthened in a period of elevated costs, I want to take a minute to update you on why we remain excited about the future of Round Mountain. Following the period of investment in the new phases, Round Mountain has the potential to be a significant producer through the 2030s with higher margin and strong returns on invested capital. Here's how we currently envision the future of Round Mountain. We are currently mining through the remaining portions of open pit Phase W2, which is expected to maintain our current production level through 2024 and provide a mill and leach tail into 2025 and early 2026.

我將首先詳細闡述圓山，然後評論我們的 Manh Choh 和 Curlew 項目，最後更新大熊。雖然 Round Mountain 在成本上漲的時期得到了加強，但我想花一點時間向您介紹為什麼我們對 Round Mountain 的未來仍然感到興奮。在新階段的投資結束後，Round Mountain 有潛力在 2030 年代成為重要的生產商，擁有更高的利潤率和強勁的投資資本回報。以下是我們目前對圓山未來的想像。目前，我們正在 W2 期露天礦的剩餘部分進行開採，預計到 2024 年我們將維持目前的生產水平，並在 2025 年和 2026 年初提供磨機和浸出尾礦。

After mining in Phase W2, we are studying the option to transition to Phase X which could sustain open pit production to the early 2030s. Concurrence with open pit mining at Phase X, we could also potentially begin underground production from Phases X and Gold Hill later in the decade. We are pleased with the ongoing work in the following areas. At Phase S, ongoing optimization work is showing encouraging results with lower capital intensity and lower strip driving improved economics compared with our prior view.

在 W2 階段採礦後，我們正在研究過渡到 X 階段的選擇，這可以將露天開採生產維持到 2030 年代初。在 X 階段的露天開採的同時，我們也有可能在本十年晚些時候開始 X 階段和 Gold Hill 的地下生產。我們對以下領域正在進行的工作感到滿意。在 S 階段，正在進行的優化工作顯示出令人鼓舞的結果，與我們先前的觀點相比，較低的資本密集度和較低的帶鋼推動了經濟效益的改善。

At Phase X, construction of underground exploration decline is progressing well with 350 meters developed thus far. The deep line is on track to facilitate the start of definition drilling early next year with production from Phase X envisioned to begin in the late 2023. The future of Round Mountain continues to take shape, and we look forward to sharing more positive developments over the coming quarters.

第十期地下勘探斜坡建設進展順利，目前已開發350公尺。這條深線預計在明年初開始定義鑽探，預計 X 階段將於 2023 年底開始生產。Round Mountain 的未來正在不斷成形，我們期待分享更多積極的進展未來幾個季度。

Coming back to Gold Hill, which is located 70 kilometers away from the Round Mountain pit, we continue to see strong potential for a higher-grade underground mine supplementing production from Phase X. Early this year has confirmed an 800 meters West strike extension with multiple high-grade intercepts. During the quarter, we had our best results to date, hitting more than 40 grams per tonne over approximately 2 meters. With continued exploration success at Gold Hill, we look forward to ultimately bringing this high-grade satellite deposit into our broader plans at Round Mountain.

回到距離 Round Mountain 礦坑 70 公里的 Gold Hill，我們繼續看到建立更高品位地下礦山的巨大潛力，以補充 X 階段的產量。今年年初，已確認向西延伸 800 米，有多個礦井。高級攔截。在本季度，我們取得了迄今為止最好的成績，在大約 2 公尺的範圍內達到了每噸超過 40 克的水平。隨著 Gold Hill 勘探的持續成功，我們期待最終將這套高品位衛星礦床納入我們在 Round Mountain 的更廣泛計劃中。

Moving to Manh Choh, project activities remain on schedule and on budget, and we're pleased to report the mine operating permits were received during the second quarter. Contracting and procurement activities are now complete, and construction and mining activities are ramping up. Construction on the new modifications at Fort Knox to process Manh Choh ore has commenced and the Kinross operations team is now fully staffed while onboarding of key business partners to support the mining and ore transport is ongoing. We are excited about bringing this high-grade margin project into production next year.

轉移到 Manh Choh，專案活動仍然按計劃和預算進行，我們很高興地報告第二季度收到了礦山營運許可證。承包和採購活動現已完成，建築和採礦活動正在加速。諾克斯堡加工 Manh Choh 礦石的新改造工程已經開始施工，Kinross 營運團隊現已配備齊全，同時正在招募主要業務合作夥伴以支援採礦和礦石運輸。我們很高興明年將這個高利潤項目投入生產。

At Curlew, Washington State, results from ongoing underground exploration continued to confirm vein extensions and continuity with high priority target areas. Exploration drilling will continue throughout the third quarter with the aim to build on the resource through proximal growth. Notably, yesterday's release includes the best intercepts from Curlew Washington State in the past 30 years with Hole 1148 intersecting 41 grams per tonne over 2 meters. We remain excited about this project and look forward to continuing to advance our work over the coming quarters.

在華盛頓州的杓盧，正在進行的地下勘探的結果繼續證實了礦脈的延伸和與高優先目標區域的連續性。勘探鑽探將在整個第三季度繼續進行，目的是透過近期成長來擴大資源。值得注意的是，昨天發布的數據包括過去 30 年來華盛頓州鷸的最佳攔截，其中 1148 號孔在 2 公尺內攔截了每噸 41 克。我們對這個項目仍然感到興奮，並期待在未來幾個季度繼續推進我們的工作。

Moving to the update on Great Bear. In the second quarter, we continued to make excellent progress on several fronts. Starting with exploration, there are currently 11 drill rigs operating on site and in Q2, we drilled approximately 56,000 meters, bringing the year-to-date total to approximately 96,000 meters. Exploration is focused in that area 500 meters to 1 kilometer below service at the LP fault zone. And drilling efficiency since introducing directional drilling has been enhanced. This method decreases the amount of drilling required to reach the targets, improving productivity and cost per meter drilled, while also allowing for more efficient and precise targeting.

轉到大熊的更新。第二季度，我們在多個方面繼續取得了良好進展。從勘探開始，目前現場有 11 台鑽機在運行，第二季度，我們鑽探了約 56,000 米，使年初至今的鑽探總長度達到約 96,000 米。勘探重點是 LP 斷層帶服務深度以下 500 公尺至 1 公里的區域。自從引入定向鑽井以來，鑽井效率得到了提高。這種方法減少了達到目標所需的鑽孔量，提高了生產率和每米鑽孔的成本，同時還可以更有效和更精確地定位。

With the current focus on resource expansion, recent results are encouraging as we continue to confirm high-grade mineralization at depth including hole VR 805, which intercepted 6.7 meters at a grade of 19.3 grams per tonne at a vertical depth of 730 meters.

隨著目前資源擴張的重點，最近的結果令人鼓舞，因為我們繼續在深度確認高品位礦化，包括 VR 805 孔，該孔在 730 米垂直深度處截獲 6.7 米，品位為 19.3 克/噸。

With the success of our drilling campaign so far this year, we have seen meaningful growth in the underground resource. Outside of drilling, other activities are also advancing well. Feasibility level engineering for the AEX decline infrastructure is approximately 70% complete, including geophysics and soils geotechnical drilling and the procurement process for long lead items such as the power infrastructure and water treatment plants has commenced. Key engineering firms with significant experience in Ontario have been engaged to support our strong in-house owners team. Engineering and fuel support campaigns for the main product continues to advance well, with the results of this work to be included in our preliminary economic assessment next year. Permitting activities are also progressing well including initial reviews by the Impact Assessment Agency of Canada of the draft initial project description.

隨著今年迄今為止鑽探活動的成功，我們已經看到地下資源的顯著增長。除了鑽探之外，其他活動也進展順利。 AEX 下降基礎設施的可行性級工程已完成約 70%，包括地球物理和土壤岩土工程鑽探，電力基礎設施和水處理廠等長期項目的採購流程已經開始。在安大略省擁有豐富經驗的主要工程公司已參與支持我們強大的內部業主團隊。主要產品的工程和燃料支援活動繼續順利推進，這項工作的結果將納入我們明年的初步經濟評估。許可活動也進展順利，包括加拿大影響評估機構對初步計畫描述草案的初步審查。

I will now turn it back to Paul.

現在我將把它轉回給保羅。

Thank you, Ned.

謝謝你，內德。

Before concluding, I want to acknowledge and thank Ned for his significant contribution to Kinross over the years. So thank you, Ned, and all the best in your next chapter.

在結束之前，我要感謝內德多年來對金羅斯的重大貢獻。所以謝謝你，內德，祝你下一章一切順利。

In closing, we are meeting our goals and have delivered a strong Q2 and first half and are on track with our plans. We are excited about our outlook. We have a strong production profile. We are generating significant cash flow. We continue to return capital to our shareholders through an attractive dividend. We have an exciting pipeline of exploration and development opportunities. And finally, we are very proud of our commitment to responsible mining that has made us a leader in ESG performance within the industry.

最後，我們正在實現我們的目標，並在第二季和上半年實現了強勁的業績，並且正在按計劃實施。我們對我們的前景感到興奮。我們擁有強大的生產能力。我們正在產生大量現金流。我們繼續透過有吸引力的股息向股東返還資本。我們擁有令人興奮的勘探和開發機會。最後，我們對負責任採礦的承諾感到非常自豪，這使我們成為業界 ESG 績效的領導者。

With that, operator, I'd now like to open up the line for questions.

接線員，我現在想開通提問熱線。

(Operator Instructions) And your first question comes from the line of Josh Wolfson from RBC Capital Markets.

（操作員說明）您的第一個問題來自 RBC 資本市場的 Josh Wolfson。

With the disclosure of the Great Bear underground resource upside, I'm just wondering, and it may be a bit early, is there any read-through here to potential design changes? Or is this more so confirming some of the mine life extension that was signaled with the original study?

隨著大熊地下資源優勢的披露，我只是想知道，這可能有點早，這裡是否有任何潛在設計變更的通讀？或者這更證實了最初研究中所暗示的礦山壽命延長的一些情況？

This is Ned. It's actually the latter. So it is an extension of the resource. We're growing the resource in the underground. And you'll see the update with the year-end results is pretty exciting. Fundamentally, the design, as we've described it earlier, an open pit with an underground mine and starting with the tonnage coming mainly from the open pit, a little bit from the underground then transitioning to a full 100% underground mine to take us through decades as the resource grows. What's exciting for us lately is that we're actually seeing the grade increases by (inaudible) and it's very exciting and look forward to our releases the coming quarters and end of year resource.

這是內德。其實是後者。所以它是資源的擴展。我們正在地下種植資源。您將看到年終結果的更新非常令人興奮。從根本上說，正如我們之前所描述的，該設計是一個帶有地下礦井的露天礦坑，一開始的噸位主要來自露天礦坑，少量來自地下，然後過渡到完全 100% 地下礦井，以帶我們隨著資源的成長，需要數十年的時間。最近令我們興奮的是，我們實際上看到成績提高了（聽不清楚），這非常令人興奮，並期待我們在未來幾個季度和年底發布資源。

And on the outlook for Tasiast, the grade in the second quarter continued to be pretty strong. What is the potential for that grade to continue even as throughput ramps up in the second half? And then sort of as a follow-up to that, the prior mine plan had outlined a larger drop-off in upcoming 3 years for the existing guidance. Is there any opportunity to sort of rethink sequencing that with some of the performance we've seen this year?

就 Tasiast 的前景而言，第二季的成績仍然相當強勁。即使下半年吞吐量有所增加，該等級繼續下去的潛力有多大？作為後續行動，先前的採礦計劃概述了現有指導在未來 3 年內將出現更大的下降。是否有機會重新思考我們今年看到的一些表現的排序？

Josh, it's Claude. So we have seen, obviously, the grade in the second quarter was better. We are balancing -- Tasiast mining is slightly ahead of plan. So we are able to increase our stockpile slightly. And with that, we're able to blend a little bit better and balance the great expectations. We do see it still strong in Q3, but dropping off in Q4. And then as we go into 2024, we're going back into the mine plan, and it will go down a little bit more.

喬什，我是克勞德。所以我們看到，顯然第二季的成績比較好。我們正在平衡——Tasiast 採礦稍微提前於計劃。所以我們可以稍微增加庫存。這樣，我們就能夠更好地融合併平衡巨大的期望。我們確實看到第三季度仍然強勁，但第四季度有所下降。然後，當我們進入 2024 年時，我們將重新制定採礦計劃，並且規模將進一步下降。

And your next question comes from the line of Fahad Tariq from Credit Suisse.

你的下一個問題來自瑞士信貸銀行的 Fahad Tariq。

Just going back to some of the comments around debt reduction. Is there a particular leverage target that you're looking at? I know the buybacks -- I think the parameter was 1.7x net debt to EBITDA. I believe on my math, you're already below that or slightly below that. I'm just curious on how you're thinking about maybe a targeted leverage ratio?

回到關於債務削減的一些評論。您正在尋找特定的槓桿目標嗎？我知道回購——我認為參數是 EBITDA 淨債務的 1.7 倍。我相信根據我的數學，你已經低於或略低於該水平。我只是好奇你是如何考慮目標槓桿率的？

Sure. It's Andrea here, Fahad. The 1.7x that we talked about when we launched the enhanced buyback was just where our net debt-to-EBITDA was at that point in time. And that was just part of the design of the plan, which was always meant to protect the balance sheet and our investment-grade rating. We are below that now. So we're just around or just slightly below 1.3x at the end of the second quarter. We were 1.65x at the end of Q1. So the improvement in Q2 was sort of half related to debt reduction and half higher EBITDA.

當然。我是安德里亞，法赫德。我們在推出增強型回購時談到的 1.7 倍正是當時我們的淨負債與 EBITDA 的比率。這只是計劃設計的一部分，其目的始終是保護資產負債表和我們的投資等級評級。我們現在低於這個水平。因此，第二季末我們的成長率約為或略低於 1.3 倍。第一季末我們的本益比是 1.65 倍。因此，第二季的改善一半與債務減少有關，一半與 EBITDA 提高有關。

And our priority going forward, as Paul and I both said in our remarks, is to, first of all, to repay the remaining $100 million we have drawn on the credit facility. That's in addition to the $200 million we repaid during the quarter. And then beyond that, we would target starting to take down the term loan for the $1 billion term loan that we took out to finance the cash portion of the Great Bear acquisition. That's due in early 2025, but it has flexible repayment terms, so we can start repaying that at any point in time.

正如保羅和我在發言中所說，我們今後的首要任務是先償還我們從信貸額度中提取的剩餘 1 億美元。這還不包括我們在本季償還的 2 億美元。除此之外，我們的目標是開始取消為大熊收購的現金部分提供資金的 10 億美元定期貸款。該貸款將於 2025 年初到期，但還款條款靈活，因此我們可以隨時開始償還。

In terms of target leverage ratio, yes, we would like to continue to reduce and below 1 would be great. And depending on gold price, if we were at or above @2,000, we expect to get there sort of towards the end of the year. So we'll see where we get to with gold price and as we go through the year here.

就目標槓桿率而言，是的，我們希望繼續降低，低於1就很好了。根據金價，如果我們處於或高於 2,000 點，我們預計會在今年年底達到該水平。因此，我們將看看今年金價的走向。

And then speaking with the rating agencies, I don't know if you have, but have they communicated like what it would take to get back to a stable operational outlook?

然後與評級機構交談，我不知道你是否有，但他們是否進行了溝通，例如如何恢復穩定的營運前景？

I guess maybe it's helpful just to comment on how -- I mean it's S&P that moved us to negative outlook and how they look at it. It's a pretty strict definition that drives to the negative outlook. I think it's a 30% chance that we would be downgraded in that lower gold price scenario. So they were using a $1,400 long-term scenario. So we don't agree with that negative outlook and in a lower gold price scenario, there's levers that we would pull to protect the balance sheet and perspective rating but it is what it is in terms of their rating. And so I expect the actions we're taking now in terms of debt repayment will get that outlook reversed all else being equal, but in terms of when they might review again, it's typically at least a couple of quarters. So I would expect that will be sometime next year either after year-end or after Q1.

我想也許評論一下是有幫助的——我的意思是標準普爾如何讓我們對前景持負面態度以及他們如何看待它。這是一個相當嚴格的定義，導致了負面的展望。我認為，在金價走低的情況下，我們的評級有 30% 的可能性會被下調。因此，他們使用的是 1,400 美元的長期方案。因此，我們不同意這種負面前景，在金價較低的情況下，我們會利用槓桿來保護資產負債表和前景評級，但這就是他們的評級。因此，我預計我們現在在債務償還方面採取的行動將使前景逆轉，而其他條件相同，但就他們可能再次審查的時間而言，通常至少需要幾個季度。因此，我預計這將是明年的某個時候，要么是年底之後，要么是第一季之後。

Okay. That's super clear. Maybe just switching gears quickly to Paracatu. Looks like the grades are coming in pretty decent, and it sounds like it's going to be even better in Q3 as you get kind of deeper into the pit. Just curious on -- when you say higher grades in the second half, are we thinking like something close to what was achieved in Q4 of last year, like 2.5 grams per tonne. Is that kind of in the right range? Or just trying to get some color on modeling Paracatu in the second half?

好的。說的超清楚啊也許只是快速切換到帕拉卡圖。看起來成績相當不錯，而且隨著你越陷越深，第三季的成績聽起來會更好。只是好奇 - 當你說下半年更高的品味時，我們的想法是否接近去年第四季度取得的成績，例如每噸 2.5 克。這是在正確的範圍內嗎？或者只是想在下半年的帕拉卡圖造型中獲得一些色彩？

I think 2.5 would be a little bit high. As you know, the average for the first 0.41. And so we would anticipate this next quarter to be slightly higher, and then dropping back down in Q4. We're a little bit ahead of the sequence this year compared to last year. So we do see a drop-off in Q4. And then next year, for the whole year, the grades dropped down quite a bit. So Paracatu drops down quite a bit in its lifeline plan and then picking up the following year as we do the additional stripping in 2024. Pick up again in 2025.

我認為2.5會有點高。如您所知，第一個的平均值為 0.41。因此，我們預計下個季度會略有上升，然後在第四季度回落。與去年相比，我們今年的排名有點領先。所以我們確實看到第四季出現下降。然後到了明年，一整年，成績就下降了不少。因此，帕拉卡圖的生命線計劃下降了不少，然後隨著我們在 2024 年進行額外的剝離，第二年就會回升。2025 年再次回升。

Your next question comes from the line of Anita Soni from CIBC World Markets.

您的下一個問題來自 CIBC 全球市場的 Anita Soni。

So I've got a lot of sort of fine tune modeling questions. But first, I want to say congratulations on the good quarter and it's good to see you guys back at getting within your guidance range for the year. So on Paracatu, just a follow up. Next year's strip, is that -- you said it's slightly higher? Or is that like a one turn? Or is it materially higher than it is this year?

所以我有很多微調建模問題。但首先，我想說祝賀這個季度的良好業績，很高興看到你們回到今年的指導範圍內。所以在帕拉卡圖，只是後續行動。明年的連環畫，是不是──你說稍微高一點？或者說這就像一個回合？還是比今年大幅提升？

For Paracatu, yes, it's a little bit higher next year, and the grade is also a little bit lower next year because we're in Phase 11 and a couple of other days within the pit, and that's why the ounce production compared to next year comes off quite a bit relative to this year -- just for the year.

對於帕拉卡圖來說，是的，明年的產量會高一點，明年的品位也會低一點，因為我們正處於第11 階段，還有幾天在坑內，這就是為什麼盎司產量與下一個相比與今年相比，今年的情況有所下降——僅就這一年而言。

Yes, just for the year. So I think right now, you're -- what kind of like 1.3% in this quarter I'm not -- this quarter, I guess, is a little bit lower. It's one of the questions I wanted to ask, but were you a little bit lower this quarter on the strip ratio in Paracatu?

是的，只是為了這一年。所以我認為現在，這個季度的成長率是 1.3%，我想，這個季度的成長率要低一些。這是我想問的問題之一，但是本季帕拉卡圖的剝離率是否有點低？

I'd have to get back to you on that one because relative to the grade, we're on track and production ratio for Paracatu is on track for this year.

我必須就這一問題回覆您，因為相對於等級而言，我們正在步入正軌，而且帕拉卡圖今年的生產比率也步入正軌。

Maybe I can jump in. Anita, this is Ned. Maybe I can help you with the life of the modeling. As you know, Paracatu has multiple regions. There's the North region, which is lower grade, almost no strip, and the south side, which is the deeper part, higher grade and higher strip. And what Claude is alluding to is that in '24, we're going to be mining more in the north area of the pit as we strip phases 13b and 15. So the grade in 2024 will be slightly lower. But all in all in, we're north of 500,000 ounces at Paracatu. So that's in play then potentially in 2025, we get back to similar -- maybe a little bit lighter than this year, but about 550 -- 550,000 ounces. I hope that helps.

也許我可以插話。安妮塔，這是內德。也許我可以幫助你度過模特兒生涯。如您所知，帕拉卡圖有多個地區。北部地區品位較低，幾乎沒有條狀；南部地區較深，品位較高，條狀較高。克勞德暗示，在 24 年，當我們剝離 13b 和 15 階段時，我們將在礦坑北部地區進行更多開採。因此 2024 年的品位將略低。但總而言之，帕拉卡圖的儲量已超過 50 萬盎司。因此，到 2025 年，我們可能會回到類似的水平——可能比今年輕一點，但大約 550 至 550,000 盎司。我希望這有幫助。

That's does. Okay. And then just moving on to Bald and Round. I think -- I guess, I'm just trying to understand some of the movements in terms of you said that cost would go higher in the back half of the year, which I get. But is it related to a strip ratio that's happening there? And I just noticed like things like on the Round Mountain, the processing costs came down. Could you talk about that? And what's driving that? And will that be sustained?

就是這樣。好的。然後就轉向《禿頭與圓》。我想——我想，我只是想了解一些變動，你說下半年成本會更高，我明白了。但這與那裡發生的剝離率有關嗎？我剛剛注意到像圓山這樣的事情，加工成本下降了。你能談談這個嗎？是什麼推動了這一點？這種情況會持續下去嗎？

I would just need to call in ahead of Andrea, but it's more accounting than operational. It's not to do with heap leach accounting which is something we might want to take offline, but I'll hand over to Andrea for the sense.

我只需要在安德里亞之前打電話，但這更多的是會計而不是營運。這與堆浸會計無關，我們可能希望將其離線，但我會將其交給 Andrea。

I was going say that had to make -- I had to like take off a significant amount on the inventory to make it balanced. So that's what I was driving at, but the -- and when will that reverse? So I think it was like $60 million to make the unit cost balance to the cash cost.

我想說的是，我必須減少大量庫存以使其保持平衡。這就是我的目的，但是──什麼時候這種情況會逆轉？因此，我認為單位成本與現金成本的平衡大約需要 6,000 萬美元。

Yes. I mean we've always said we expected costs at Round to be -- to stay elevated this year. They were down at the end of the second quarter. So we do expect them to be higher in the second half of the year. As Paul mentioned, this is really just related to our heap leach accounting, and it kind of peaks in the second half of this year. So we expect the cost to come back down in 2024.

是的。我的意思是，我們一直說我們預計今年朗德的成本將保持在較高水平。他們在第二節末落後。因此，我們確實預計下半年它們會更高。正如保羅所提到的，這實際上與我們的堆浸核算有關，並且在今年下半年達到頂峰。因此我們預計成本將在 2024 年回落。

That will reverse this year, right, nothing in 2024?

今年情況會逆轉，對吧，2024 年什麼都沒有？

Yes. I think this year. It's accounting, it's not really representative of cash flow. It's that inventory accounting effect. And next year, we'll be moving into a different portion of the pit with less strip and better grades.

是的。我想今年。這是會計，它並不真正代表現金流量。這就是庫存會計效應。明年，我們將搬進礦坑的另一個部分，那裡的帶鋼更少，品位更好。

Yes. I think we may still have this inventory impact next year, but we don't expect it to be as significant as in the second half of this year, and this is also kind of gold price dependent as well.

是的。我認為明年我們可能仍然會受到庫存影響，但我們預計其影響不會像今年下半年那麼大，而且這也取決於金價。

We'll take that offline if that's helpful.

如果有幫助的話，我們會將其下線。

And your next question comes from the line of Carey MacRury from Canaccord Genuity.

您的下一個問題來自 Canaccord Genuity 的 Carey MacRury。

Just a question on the Tasiast ramp-up, the plant is just over 18,000 tonnes a day. The project is complete, and I know you're ramping it up. But -- how is throughput in July? And is there any guidance you can give on sort of what we should expect for Q3?

只是關於 Tasiast 產能提升的問題，該工廠每天的產量剛剛超過 18,000 噸。該項目已經完成，我知道您正在加快進度。但是──七月份的吞吐量如何？您可以就我們對第三季的預期提供任何指導嗎？

Yes. We really got the throughput in July right. We did have -- as we -- in June and July, we did mention that we had a shutdown planned for the first part of June. We delayed that a little bit into the June, July crossover. So we had some days there that weren't working, but to tie in some other things and some piping. But once we got going, then that's where we hit those record tonnages for Tasiast in a day. What we're now doing is focusing on -- as we commission the back end of the plant to make sure that we don't stress the system too much and set ourselves up for a solid back end of the year relative to the plan.

是的。我們確實得到了 7 月份的吞吐量。我們確實在 6 月和 7 月確實提到過，我們計劃在 6 月上半月關閉。我們將其推遲到了六月和七月的交叉期。所以我們在那裡度過了幾天不工作的日子，而是為了連接一些其他東西和一些管道。但一旦我們開始行動，我們就在一天內創下了 Tasiast 的噸位記錄。我們現在所做的重點是——當我們調試工廠的後端時，確保我們不會給系統帶來太大的壓力，並為今年年底相對於計劃的穩定後端做好準備。

So should we be assuming something like 20,000 tonnes a day in Q3? Or is that too much?

那麼我們是否應該假設第三季每天的產量為 20,000 噸？還是太多了？

We did say in the first quarter, we said we would average between 20 and 21. We're now looking closer to 21,000 for the whole year. So things are looking solid at this.

我們確實在第一季說過，我們的平均人數將在 20 到 21 之間。現在我們的目標是全年接近 21,000 人。所以事情看起來很穩固。

Okay. Great. And then maybe on the solar plant, can you quantify what sort of cost brand savings do you expect to see there?

好的。偉大的。然後，也許在太陽能發電廠上，您能量化您期望在那裡看到什麼樣的品牌成本節省嗎？

Yes. I mean we have to get back to you on that particular number exactly on the cost per ounce. We are not looking for considerable savings on our fuel costs. Obviously, as we put the plant into operation and sort of the numbers has come through, it's $15 an ounce. We're expecting just on power and savings are.

是的。我的意思是，我們必須根據每盎司的成本準確地向您回覆該具體數字。我們並不尋求大幅節省燃料成本。顯然，當我們將工廠投入運作並公佈一些數據時，價格為每盎司 15 美元。我們期望的只是電力和節省。

And your next question comes from the line of Tanya Jakusconek from Scotiabank.

您的下一個問題來自豐業銀行的 Tanya Jakusconek。

I have two. First is on the reserve and resources. And second is just on costs. Can I just circle back to the resources? Just maybe, Ned, can you just remind me the underground at Great Bear when you reported the resource. I think it was underground of about $1.3 million. Was that in the -- between just about the 500-meter level? I'm just looking at your cross-section, on Page 23. And I'm just trying to understand for the resources that you're going to report at year-end 2023 for Great Bear. Is that going to be between the 500-meter level and the 1,000-meter level?

我有兩個。首先是儲量和資源。其次是成本。我可以回到資源嗎？內德，也許你在報告資源時能提醒我大熊的地下世界嗎？我認為地下價值約為 130 萬美元。是在大約 500 公尺高度之間嗎？我只是在查看第 23 頁上的橫截面。我只是想了解您將在 2023 年底為 Great Bear 報告的資源。是500公尺級別到1000公尺級別之間嗎？

We got your name right this time, right?

這次我們猜對了你的名字，對吧？

Alright, it's me.

好吧，是我。

So yes, thanks for your question. That's a great question. So I'm just looking at the numbers here. So what we reported for the underground was approximately 1.7 million ounces. And you got it right, like that's down to the 500-meter mark based on what we got from drilling. And like I mentioned in the presentation, our focus now is from 500 meters below the -- what we've announced down to 1 kilometer. So we're very focused and that directional drilling is amazing. It's saving us a lot of time. So we're bringing in a lot of potential ounces here. What we see is that with the year-end resource statement, what I see, Tanya, is a material increase in the underground resource. So be watching for that number, that will come by year-end.

所以是的，謝謝你的問題。這是一個很好的問題。所以我只是看這裡的數字。因此，我們報告的地下儲量約為 170 萬盎司。你說得對，根據我們從鑽探中得到的數據，這就是 500 公尺的標記。正如我在演示中提到的，我們現在的重點是從我們宣布的水下 500 公尺到 1 公里。所以我們非常專注，定向鑽井非常棒。它為我們節省了很多時間。因此，我們在這裡引入了大量潛在的盎司。我們看到的是，透過年終資源報表，我看到的是，塔尼婭，地下資源的實質增加。因此，請留意這個數字，該數字將在年底到來。

And would you be able to give us some sort of guidance on what we should expect? Like we should -- go ahead.

您能為我們提供一些關於我們應該期待什麼的指導嗎？就像我們應該的那樣——繼續吧。

Yes. Well, we've drilled it out. We know it's there, but we haven't put a technical report around it yet. So it's ranging...

是的。嗯，我們已經把它鑽出來了。我們知道它就在那裡，但我們還沒有發布有關它的技術報告。所以它的範圍...

I'd say, Paul, it's ranging -- there is, again, like what Paul said, there's no technical report, but based on our vision, based on what I look at from my experience, based on what I look at from the drilling and when I see what's on the screen, it's potentially what I saw now is looking like $500,000 increase in approximately in the underground resource and targeting continuous growth into year-end.

我想說，保羅，它的範圍很廣——再次，就像保羅所說的那樣，沒有技術報告，但是基於我們的願景，基於我從我的經驗中看到的，基於我從當我看到螢幕上的內容時，我現在看到的地下資源可能會增加約50 萬美元，目標是到年底持續成長。

And I think the other point that Ned made earlier is we are seeing generally higher grades. Part of that is how we design the open pit and how it pulls and dives for grade at depth in the bottom of the pit. So we're sort of seeing a rebalancing as we focus on the underground, which is dragging the average grade up as well.

我認為內德早些時候提出的另一點是我們看到普遍更高的成績。其中一部分是我們如何設計露天礦坑，以及它如何在礦坑底部深處拉動和潛入坡度。因此，當我們專注於地下時，我們看到了一種重新平衡，這也拉動了平均等級的上升。

Okay. This is all good news. Maybe just on your thinking overall for the company. Can I assume that -- at year-end and when I look at your resource category, can I assume that the exploration success you're having at Great Bear, the exploration success at Gold Hill and at Curlew, can I expect those 3 projects to have increases in resources?

好的。這都是好消息。也許只是你對公司的整體想法。我是否可以假設——在年底，當我查看你們的資源類別時，我是否可以假設你們在 Great Bear、Gold Hill 和 Curlew 的勘探成功，我可以期待這 3 個項目嗎？增加資源？

Yes. For sure, Tanya, there will be increases in resources. I'm not sure if we're going to catch it up in a block model and an update for Gold Hill by this year end. For sure, the drilling is there and we bring it in and we look at what potentially it could be. But the other two assets, Great Bear and Curlew, we're looking at an increase in resource, yes.

是的。坦尼婭，資源肯定會增加。我不確定我們是否會在今年年底前以區塊模型和金山更新來趕上它。可以肯定的是，鑽孔已經存在，我們把它帶進來，看看它可能有什麼潛力。但是其他兩種資產，大熊和杓鷸，我們正在考慮增加資源，是的。

We won't have Round Mountain and Gold Hill in an underground resource yet, but we're definitely seeing the drilling. And in the fullness of time, that will pull in.

我們還沒有在地下資源中擁有圓山和金山，但我們肯定會看到鑽探。當時間成熟時，這將會起作用。

So maybe that's a year-end 2024. Then just maybe just if I could ask about just the overall reserves. I know it's just half a year has gone by. But any guidance on how you're seeing your drilling at your current mine sites to see whether reserves can be replaced at those assets?

所以也許那是 2024 年底。然後也許我可以問一下總體儲備。我知道，僅僅半年就過去了。但是，對於如何查看當前礦場的鑽探以確定是否可以替換這些資產的儲量，有任何指導嗎？

It's our -- as you know, Tanya, like we bring ounces from not being inferred or we call it category 4 internally in Kinross and we bring that into inferred and then we drill the inferred and bring that into indicated and into measured. That is ongoing at all our assets, right? Our focus mainly when it comes to resources is growing Great Bear, as you know. Again, then after that is growing Curlew. And with the underground decline at Round Mountain, we really want to drill from depth. As you know, we've already progressed. We're underground now, but take us a little bit of time to get there and set up the right angle to drill Phase X from underground. That will bring in more resources. And then we continue to drill it, for example -- as an example, in Fort Knox and bring some of the resources into reserves at Fort Knox and other operating sites that we have.

這是我們的——正如你所知，Tanya，就像我們從未推斷的盎司中引入盎司，或者我們在Kinross 內部將其稱為第4 類，我們將其引入推斷，然後我們鑽探推斷並將其引入指示和測量。我們所有的資產都在持續這種情況，對嗎？如你所知，我們在資源方面主要關注的是大熊的成長。再說一遍，在那之後又長出了杓鷸。隨著圓山地下的下降，我們真的想從深處鑽探。如您所知，我們已經取得了進展。我們現在在地下，但需要一點時間才能到達那裡並設置正確的角度以從地下鑽探 X 階段。這將帶來更多資源。然後我們繼續鑽探，例如在諾克斯堡，並將一些資源納入諾克斯堡和我們擁有的其他作業地點的儲備中。

Okay. So I should take that it's a bit too early for you to comment on whether reserve replacement is occurring?

好的。所以我認為你現在評論是否正在發生儲備替換還為時過早？

Yes.

是的。

Okay. I'll ask next quarter. And then if I could just ask a final question. Just Andrea touched a little bit on this about just the inflationary pressures in the cost structure, you've assumed 5% of inflation in 2022. Also for 2022, you mentioned that you are seeing lower oil prices, diesel prices, positively helping your cost offset by royalties. Can I just touch on the other components? Are you seeing any relief or any lower pricing in other consumables, labor anything else that relative to what you've budgeted, you may not be experiencing it now because you may have inventory, but are you seeing any relief in other portions of the cost structure?

好的。下個季度我再問。然後我可以問最後一個問題嗎？ Andrea 稍微談到了成本結構中的通膨壓力，您假設 2022 年通膨率為 5%。另外，對於 2022 年，您提到油價、柴油價格下降，這對您的成本有積極幫助由特許權使用費抵消。我可以只觸及其他組件嗎？您是否看到其他消耗品、人工等相對於您的預算有任何緩解或價格降低，您現在可能不會遇到這種情況，因為您可能有庫存，但您是否看到其他部分的成本有任何緩解結構？

I mean we are seeing some relief in certain areas, but there's generally been offset for us going the other way. So overall, we're not expecting to see the costs -- we're not expecting to see any different than what we've factored into the guidance, which was the 5% increase overall. We've seen some increases in maintenance and labor costs just year-over-year. We don't expect labor costs to go down even as inflation decreases or reverses. We've also got some higher power costs in Nevada than we've had in the past. So overall, we're not -- we're not seeing a net decrease because of inflation reversing, but it's sort of leveling out with some puts and takes here. Claude, I don't know.

我的意思是，我們在某些​​領域看到了一些緩解，但總的來說，我們在其他方面的表現有所抵消。因此，總的來說，我們預計不會看到成本——我們預計不會看到與我們在指導中考慮的因素有任何不同的情況，即總體增加 5%。我們發現維修和勞動成本較去年同期增加。即使通膨下降或逆轉，我們預期勞動成本也不會下降。內華達州的電力成本也比過去更高。因此，總體而言，我們沒有看到由於通膨逆轉而出現淨下降，但這裡的一些看跌期權和看跌期權已經趨於平穩。克勞德，我不知道。

Yes, the cyanide as an example, it offers peak pricing, and there's a bit of competition in the market in that area. We do see still being better at some of the consumables for the plant, but offset 1 is ammonia and it's really a function of the conflict in Ukraine, that's causing us supplier chain issues with our explosive contractors, and that's trading price there. So there's puts and takes. The power in Nevada, as Andrea mentioned, is -- the price is set 12 months. And so we're really paying in June 2023 for the power price of June 2022 when it was at its peak. So as we got more of those things, we do expect some relief. Like we're watching it very closely, and we think our 5% target was a good one to maintain in the line.

是的，以氰化物為例，它提供最高定價，而該領域的市場有一定的競爭。我們確實看到工廠的一些消耗品仍然更好，但補償1是氨，它實際上是烏克蘭衝突的結果，這導致我們與爆炸承包商的供應鏈問題，這就是那裡的交易價格。所以有投入和拿取。正如 Andrea 所提到的，內華達州的電力是——價格按 12 個月確定。因此，我們實際上是在 2023 年 6 月支付 2022 年 6 月高峰時的電價。因此，當我們得到更多這些東西時，我們確實希望得到一些緩解。就像我們正在非常密切地關注它一樣，我們認為 5% 的目標是一個很好的維持目標。

Yes. No. Thanks, Claude. I appreciate that because in general, we found that most companies between 3 to 6 months of inventory and contracts and other -- so should we get through these, like as you saw -- have mentioned on the power, which was priced on June 2022. Once we get through that, hopefully, we will see some relief in costs in 2024 as we get through i.e., the power and/or maybe other inventories at sites that are booked at higher prices. So I was just wondering is it safe to look at when Paul mentioned cost of declining into 2024. Is that just due to operational grade and other? Or can we see some relief in inflationary pressures?

是的。不，謝謝，克勞德。我很欣賞這一點，因為總的來說，我們發現大多數公司都有3 到6 個月的庫存和合約以及其他- 所以我們應該完成這些，就像你所看到的- 已經提到了電力，其定價於2022 年6 月一旦我們解決了這個問題，希望我們能在 2024 年看到成本有所減輕，即以較高價格預訂的站點的電力和/或其他庫存。所以我只是想知道，當保羅提到 2024 年下降的成本時，看看是否安全。這僅僅是由於操作等級和其他原因嗎？或者我們能看到通膨壓力有所緩解嗎？

We certainly expect to see some, and you're absolutely correct that some of our inventory that we have on site now is -- was purchased at higher prices. So as we pull them off, we're paying more for them now. And then next year, we will see the opposite effect where we're paying less for some of the items that we're bringing into supply as we speak. So we do see some potential relief.

我們當然希望看到一些，而且您說得對，我們現在在現場擁有的一些庫存是以更高的價格購買的。因此，當我們實現這些目標時，我們現在要為它們付出更多的錢。明年，我們將看到相反的效果，即我們為我們正在供應的某些物品支付的費用更少。所以我們確實看到了一些潛在的緩解。

But your -- the first part of your comment, Tanya, is also true in terms of the operational impacts. We expect cost to come down in the U.S. in 2024 as Manh Choh comes on in Alaska. And then also in Nevada, as I noted earlier.

但是，Tanya，您的評論的第一部分在營運影響方面也是正確的。我們預計，隨著 Manh Choh 在阿拉斯加的出現，2024 年美國的成本將會下降。正如我之前提到的，內華達州也是如此。

(Operator Instructions) Your next question comes from the line of Mike Parkin from National Bank.

（操作員說明）您的下一個問題來自國家銀行的 Mike Parkin。

Just a bit of a follow-up on Tanya's question. With some of your inputs improving mainly like diesel, are you seeing an opportunity to add additional hedges on things where you're seeing potential for wins and locking in good prices?

只是對塔妮亞問題的一些後續行動。隨著您的一些投入（主要是柴油）的改善，您是否有機會在您認為有獲勝潛力並鎖定好價格的事物上增加額外的對沖？

I mean we typically hedge somewhere in the 50% to 60% of well currencies and WTI within a year. So we do hedge sort of periodically when we see opportunities in the market and then to lower amount for a couple of years out. Our guidance for this year factored in the hedges that we had in place, and we're still on track with that guidance. We're hedged for this year about 60% of our exposure is at an average rate of $56 a barrel. And then going out in 2024, where hedge is between 35% and 40% at a bit of a higher cost closer to $70, and then we've got a small amount of hedges out in 2025. So we sort of roll that forward as we go through when we see opportunities.

我的意思是，我們通常會在一年內對沖 50% 至 60% 的良好貨幣和 WTI。因此，當我們看到市場機會時，我們會定期進行對沖，然後在幾年後降低金額。我們今年的指導考慮了我們所採取的對沖措施，我們仍在遵循該指導。今年，我們約 60% 的風險敞口以平均每桶 56 美元的價格進行對沖。然後在 2024 年進行，對沖比例在 35% 到 40% 之間，成本稍高一點，接近 70 美元，然後我們在 2025 年進行少量對沖。所以我們將其向前滾動為當我們看到機會時，我們就會經歷。

And there are no further questions at this time. Mr. Paul Rollinson. I will turn the call back over to you for some final closing remarks.

目前沒有其他問題。保羅·羅林森先生。我會將電話轉回給您，請您發表最後的結束語。

Thank you Rob, operator. Thanks, everyone, for joining us this morning. We look forward to catching up with you in-person in the coming weeks and months. Thanks.

謝謝接線生羅布。謝謝大家今天早上加入我們。我們期待在未來幾週和幾個月內與您面對面交流。謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。