Kinross Gold Corp (KGC) 2024 Q2 法說會逐字稿

Thank you for standing by. My name is Joe, and I will be your conference operator today. At this time, I would like to welcome everyone to the second quarter 2024 results conference call and webcast. (Operator Instructions) I would now like to turn the conference over to Chris Lichtenheldt, Vice President of Investor Relations. You may begin.

謝謝你的支持。我叫喬，今天我將擔任你們的會議操作員。此時，我歡迎大家參加 2024 年第二季業績電話會議和網路直播。（操作員指示）我現在想將會議轉交給投資人關係副總裁 Chris Lichtenheldt。你可以開始了。

Thank you and good morning. With us today we have Paul Rollinson, CEO; and from the Kinross senior leadership team, Andrea Freeborough, Claude Schimper, William Dunford and Geoff Gold.

謝謝你，早安。今天與我們在一起的有執行長保羅‧羅林森 (Paul Rollinson)；以及來自 Kinross 高級領導團隊的 Andrea Freeborough、Claude Schimper、William Dunford 和 Geoff Gold。

For a complete discussion of the risks and uncertainties which may lead to actual results different from estimates contained in our forward-looking information please refer to page 2 of this presentation, our news release dated July 31, 2024, the MD&A for the period ended June 30, 2024, 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的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2024 年7 月31 日發布的新聞稿、截至6月期間的MD&A 2024 年 3 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. This morning, I will discuss our Q2 margins and cash flow provide high-level updates on our operations and projects, update you on our sustainability initiatives and reaffirm our outlook. I will then turn the call over to Andrea, Claude, and Will provide more detail.

謝謝克里斯，也謝謝大家加入我們。今天早上，我將討論我們第二季的利潤率和現金流，提供有關我們營運和專案的高級更新，向您介紹我們的永續發展計畫的最新情況，並重申我們的前景。然後我會將電話轉給 Andrea、Claude，並且 Will 會提供更多詳細資訊。

Following a strong start to the year in Q1, we delivered another strong quarter in Q2, establishing an excellent first half of positioning us well to meet our full year guidance. In Q2, our operating margins grew by over 20% compared to the prior quarter, once again outpacing the relative increase in the gold price over the same period. As a result, free cash flow more than doubled in the second quarter to $346 million, the first half total of just under $0.5 billion.

繼第一季強勁開局之後，我們在第二季再次表現強勁，上半年表現出色，為我們實現全年指引奠定了良好基礎。第二季度，我們的營業利潤率較上一季成長超過 20%，再次超過同期金價的相對漲幅。結果，第二季自由現金流增加了一倍多，達到 3.46 億美元，上半年總額略低於 5 億美元。

Turning now to operations, our production in the second quarter was on plan, delivering 535,000 ounces at a cost of sales of just over $1,000 per ounce. Our two largest assets; Tasiast and Paracatu, both perform well with production costs improving over the prior quarter.

現在轉向運營，我們第二季度的生產按計劃進行，產量為 535,000 盎司，銷售成本略高於每盎司 1,000 美元。我們最大的兩項資產； Tasiast 和 Paracatu 均表現良好，生產成本較上一季改善。

Tasiast had an excellent quarter and was once again the highest margin mine in our portfolio, driving significant free cash flow. Paracatu continued its consistent contribution with strong throughput and recoveries, helping drive a steady quarter of production and cash flow.

Tasiast 的季度表現非常出色，再次成為我們投資組合中利潤率最高的礦山，推動了可觀的自由現金流。帕拉卡圖繼續以強勁的吞吐量和回收率做出一致的貢獻，幫助推動了季度生產和現金流的穩定。

On the quarter production remains on track for the full year, and we continued to use strong mill grades and recoveries to optimize throughput in order to address some maintenance opportunities. In our US operations, production was on plan with notably stronger performance from Fort Knox.

本季全年產量仍保持在正常水平，我們繼續使用強大的磨機品位和回收率來優化產量，以解決一些維護機會。在我們的美國工廠，生產按計劃進行，其中諾克斯堡的表現尤其強勁。

Turning now to our development activities in the second quarter. At Round Mountain, Phase X open pit and the Phase X underground development work continues to advance well. Stripping at Phase S and the expansion of the heap leach pad are progressing on schedule to support initial open pit production next year.

現在談談我們第二季的開發活動。在圓山，X 期露天礦場和 X 期地下開發工作繼續順利進行。S 階段的剝離和堆浸墊的擴建正在按計劃進行，以支持明年的初步露天開採。

At Phase X, the development of the exploration decline is progressing on plan. As outlined in our press release. We are excited that the extension drilling at Phase X intersected mineralization with strong grades and widths outside of the primary exploration target. These results demonstrate the potential for expansion of the primary resource target and are expected to support high productivity bulk mining.

在第十階段，勘探斜坡道的發展正在按計劃進行。正如我們的新聞稿中所述。我們很高興 X 階段的延伸鑽探與主要勘探目標之外的高品位和寬度的礦化體相交。這些結果顯示了擴大主要資源目標的潛力，預計將支持高生產力的批量採礦。

Moving to Alaska, consistent with our guidance, I was recently at Fort Knox to celebrate the first gold pour at Manh Choh. This important milestone represents the hard work and dedication of our project team and partners to bring this hybrid mine into production, both on budget and on schedule.

搬到阿拉斯加，按照我們的指導，我最近在諾克斯堡慶祝 Manh Choh 的第一次淘金活動。這個重要的里程碑代表了我們的專案團隊和合作夥伴的辛勤工作和奉獻精神，使這個混合礦山按預算和按計劃投入生產。

Mining operations at Manh Choh are performing as planned, and the Fort Knox mill modifications are on track for final commissioning in Q3. As a result, we look forward to delivering several years of strong production at attractive costs from the combined operations in Alaska.

Manh Choh 的採礦作業正在按計劃進行，諾克斯的改造也預計在第三季度進行最終調試。因此，我們期待透過阿拉斯加的合併業務以有吸引力的成本實現數年的強勁生產。

At Great Bear, we continue to make strong progress in the second quarter. The ongoing exploration drilling campaign continues to focus on targeted extensions, the resource at depth. And in Q2, we drilled the deepest hole on the property to date. This hole intersected attractive grades and widths at a vertical depth of nearly 1.6 kilometers down plunge of the main LP zone.

在 Great Bear，我們在第二季度繼續取得強勁進展。正在進行的勘探鑽探活動繼續關注有針對性的延伸，即深度資源。在第二季度，我們在該地產上鑽了迄今為止最深的洞。該洞在主要 LP 區域的垂直深度近 1.6 公里處與有吸引力的坡度和寬度相交。

This intercept is outside of our current resource. It demonstrates significant potential for further resource growth. Drilling at Hinton [Limb] also return to attractive results from depth extensions at both zones, indicating strong upside potential to supplement the main LP zone from these satellites.

該攔截超出了我們目前的資源。它顯示出進一步資源成長的巨大潛力。Hinton [Limb] 的鑽探也因這兩個區域的深度擴展而恢復了有吸引力的結果，表明這些衛星補充主LP區域的強大上升潛力。

It's important to note that this recent deep drilling will not be reflected in the upcoming PEA because the PEA is a point-in-time estimate. And will only include drilling up to April. PEA will provide visibility on the open pit and a window into the initial production scale across the margins for the underground.

值得注意的是，最近的深井鑽探不會反映在即將發布的 PEA 中，因為 PEA 是時間點估計。並且僅包括四月之前的鑽探。PEA 將提供露天礦的可見性，並為了解地下礦的初始生產規模提供一個窗口。

Given the depth of the mineralization, the long-term potential of the resource will need to be drilled off from underground as we progress development ahead of mining. However, this deep drilling to date shows the continuation of high-grade mineralization beyond the current resource in the PEA indicating the potential for significant resource growth over time. We look forward to outlining more project details when we released the PEA in September.

考慮到礦化深度，隨著我們在採礦之前進行開發，需要從地下鑽探資源的長期潛力。然而，迄今為止的深鑽探表明，在 PEA 的當前資源範圍之外，高品位礦化的持續存在，表明隨著時間的推移，資源存在顯著增長的潛力。我們期待在 9 月發布 PEA 時概述更多項目細節。

For the AEX, the start of surface construction is targeted for later this year. Regarding permitting for the main project, the federal impact assessment is underway. Baseline studies, permitting, and engineering for both the AEX and main projects are all progressing well. In summary, we are very pleased with how things are progressing at Great Bear.

AEX 的表面施工預計於今年稍後開始。關於主要項目的許可，聯邦影響評估正在進行中。AEX 和主要專案的基線研究、許可和工程均進展順利。總之，我們對 Great Bear 的進展感到非常滿意。

Before I make a few comments on sustainability, we would be remiss to not address the recent incidents that have occurred at our heap leach facilities within the mining industry. Will is going to discuss why we are confident in the quality of our heaps in more detail later on this call.

在我對永續性發表一些評論之前，如果我們不解決最近在採礦業堆浸設施中發生的事件，那就是我們的失職。威爾將在稍後的電話會議中更詳細地討論為什麼我們對堆的品質充滿信心。

Turning now to sustainability. Last night, we published our fourth annual climate report, which provides our latest comprehensive climate related disclosures. The report also outlines our progress towards our climate related goals and provide details on our climate change strategy, including our plan to reduce greenhouse gas emission intensity.

現在轉向永續性。昨晚，我們發布了第四份年度氣候報告，其中提供了我們最新的全面氣候相關揭露。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，並提供了我們的氣候變遷策略的詳細信息，包括我們減少溫室氣體排放強度的計劃。

In 2023, we implemented 15 energy efficiency projects across our sites with combined greenhouse gas reductions of more than 29 kilo tons of CO2. As a result, our percentage of renewable energy increased 23% of total energy consumed last year. Looking forward, we are on track to achieve our targeted 30% reduction in Scope 1 and Scope 2 emission intensity by 2030.

2023 年，我們在各個工廠實施了 15 個能源效率項目，總共減少了超過 29 噸二氧化碳的溫室氣體排放。結果，去年我們的再生能源佔能源消耗總量的比例增加了 23%。展望未來，我們預計將實現到 2030 年將範圍 1 和範圍 2 排放強度降低 30% 的目標。

In summary, we continue to be very proud of our work in the area of sustainability, and I encourage everyone to read our recent climate report to learn more.

總之，我們仍然對我們在永續發展領域的工作感到非常自豪，我鼓勵每個人閱讀我們最近的氣候報告以了解更多資訊。

Turning now to our outlook. Year to date, we have produced over 1 million ounces at a cost of sales in line with our guidance. Looking ahead, we remain on track to achieve our production and cost guidance for the full year. Our continued focus on costs, driving strong margins and significant free cash flow.

現在轉向我們的展望。今年迄今為止，我們已生產了超過 100 萬盎司，銷售成本符合我們的指導方針。展望未來，我們仍有望實現全年的生產和成本指引。我們持續關注成本，推動強勁的利潤率和大量的自由現金流。

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. This morning, I'll review our financial highlights from the quarter, provide an overview of our balance sheet, and comment on our guidance and outlook. Our second quarter performance was strong with production and cash flow exceeding the prior quarter. We produced 535,000 ounces with gold sales of 521,000 ounces.

謝謝保羅。今天早上，我將回顧本季的財務亮點，概述我們的資產負債表，並對我們的指導和前景發表評論。我們第二季的業績強勁，產量和現金流超過上一季。我們生產了 535,000 盎司黃金，銷量為 521,000 盎司。

Cost of sales was $1,029 per ounce. And with an average realized gold price of $2,342 per ounce, we delivered strong margins of over $1,300 per ounce. All-in sustaining costs was $1,387 per ounce. First half, cost of sales of $1,006 per ounce is in line with our full year cost guidance range of $1,020 per ounce. First-hand, all in sustaining cost of $1,348 per ounce is also in line with our full year guidance range of $1,360 per ounce.

銷售成本為每盎司 1,029 美元。平均實現黃金價格為每盎司 2,342 美元，我們實現了每盎司超過 1,300 美元的強勁利潤。總維持成本為每盎司 1,387 美元。上半年，每盎司 1,006 美元的銷售成本符合我們每盎司 1,020 美元的全年成本指引範圍。第一手數據顯示，每盎司 1,348 美元的維持成本也符合我們每盎司 1,360 美元的全年指引範圍。

In Q2, our adjusted earnings were $0.14 per share and adjusted operating cash flow was $478 million, both improving over the prior quarter. We generated $346 million of attributable free cash flow in the quarter or $237 million including working capital changes.

第二季度，我們調整後的每股收益為 0.14 美元，調整後的營運現金流為 4.78 億美元，均較上一季改善。本季我們產生了 3.46 億美元的歸屬自由現金流，包括營運資金變動在內，現金流為 2.37 億美元。

Turning to the balance sheet, our financial position continued to improve in the second quarter and remained strong. After repaying $200 million of debt against the term loan in Q2, we ended the quarter with $480 million. We currently have approximately $2.1 billion of total liquidity.

轉向資產負債表，我們的財務狀況在第二季繼續改善並保持強勁。在第二季償還了 2 億美元的定期貸款債務後，我們在本季結束時獲得了 4.8 億美元的收益。我們目前擁有約 21 億美元的總流動資金。

Over the past 12 months, we've reduced our net debt by approximately $450 million and our net debt to EBITDA from 1.3 times last year to just under 0.8 times as of Q2. Looking forward, we plan to continue allocating excess free cash generated against the remaining $800 million due on the term loan in 2025.

在過去 12 個月中，我們的淨債務減少了約 4.5 億美元，淨債務與 EBITDA 比率從去年的 1.3 倍降至第二季的略低於 0.8 倍。展望未來，我們計劃繼續將產生的多餘自由現金分配給 2025 年到期的剩餘 8 億美元定期貸款。

Turning to our guidance, following Q2, we remain solidly on track to meet our guidance to produce 2.1 million ounces at a cost of sales of $1,020 per ounce and all-in sustaining costs of $1,360 per ounce. Capital expenditures are on track for our full year guidance of $1.05 billion, split roughly evenly between sustaining and non sustaining capital.

談到我們的指導，第二季之後，我們仍將堅定地實現我們的指導，以每盎司 1,020 美元的銷售成本和每盎司 1,360 美元的總維持成本生產 210 萬盎司。資本支出預計將達到我們全年指引的 10.5 億美元，維持性資本和非維持性資本大致平均分配。

I'll now turn the call over to Claude.

我現在將電話轉給克勞德。

Thank you, Andrea. In 2023 we launched our global safety excellence program, and I'm pleased to say that we have now shared this program with over 60% of the workforce, including both employees and business partners. We are proud of the program's impact to date and look forward to continuing to share it with the rest of the organization.

謝謝你，安德里亞。2023 年，我們啟動了全球安全卓越計劃，我很高興地說，我們現在已與超過 60% 的員工分享該計劃，包括員工和業務合作夥伴。我們對該計劃迄今為止的影響感到自豪，並期待繼續與組織的其他成員分享。

This quarter, we remain focused on continuing to implement our human and organizational performance program and our operational learning teams. This program is improving our team collaboration and operationalizing by putting people first core value. Results today are very positive, and it will continue to be our focus through the remainder of 2024.

本季度，我們仍然專注於繼續實施我們的人力和組織績效計劃以及我們的營運學習團隊。該計劃透過以人為本的核心價值來改善我們的團隊協作和運作。今天的結果非常積極，這將繼續成為我們 2024 年剩餘時間的關注重點。

Moving on to operations, we saw continued strong performance in Q2 with our mines delivering as planned in the quarter and the first half of the year. At Tasiast, production of 162,000 ounces was higher quarter over quarter. The cost of sales of $656 per ounce, improving over the prior quarter. Tasiast was once again the lowest cost asset within the portfolio driving significant free cash flow. Following a strong first half, Tasiast remains on track to meet its full year production guidance of 610,000 ounces.

說到運營，我們在第二季度看到了持續強勁的業績，我們的礦山在本季度和上半年按計劃交付。Tasiast 的產量為 162,000 盎司，較上季增加。銷售成本為每盎司 656 美元，較上一季有所改善。Tasiast 再次成為投資組合中成本最低的資產，推動大量自由現金流。繼上半年的強勁表現之後，Tasiast 仍有望實現 610,000 盎司的全年產量目標。

At Paracatu, reduction of 130,000 ounces and a cost of sales of $1,039 per ounce were on plan and also improved over the prior quarter. The mine continues to see steady performance on throughput, grades and recoveries in line with the mine plan.

Paracatu 計劃減少 130,000 盎司，銷售成本降低至每盎司 1,039 美元，並且比上一季有所改善。該礦在產量、品位和回收率方面持續保持穩定表現，符合礦場計畫。

Mine sequencing continues to transition through the lower grade portions of the pit as planned before moving back into the higher grades by year end into 2025. Paracatu remains on track to meet its 2024 production guidance of 510,000 ounces.

礦山排序繼續按計劃過渡到礦坑的較低品位部分，然後在 2025 年底之前恢復到較高品位部分。Paracatu 仍有望實現 2024 年 510,000 盎司的產量指導目標。

At La Coipa, Q2 production of 66,000 ounces was lower over the prior quarter, whilst cost of sales was higher mainly due to higher mill maintenance costs and timing of sales. Production at La Coipa remains on track for the full year target of 250,000 ounces, a strong performance on grades and recoveries offset lower throughput. We continue to perform reliability and optimization work on the part. As part of this work, the team is actively managing throughput levels to enhance the reliability of the plant while the plant optimization continues.

La Coipa 第二季產量為 66,000 盎司，較上一季下降，而銷售成本較高，主要是由於工廠維護成本和銷售時間安排較高。La Coipa 的產量仍有望實現 250,000 盎司的全年目標，品位和回收率的強勁表現抵消了吞吐量的下降。我們繼續對該零件進行可靠性和優化工作。作為這項工作的一部分，該團隊正在積極管理吞吐量水平，以提高工廠的可靠性，同時繼續進行工廠最佳化。

Moving to our US operations, production was higher quarter-over-quarter, benefiting from improved contributions from Fort Knox while Round Mountain and Bald Mountain were lower as planned due to mine sequencing. Beginning with Fort Knox, production of 70,000 ounces was significantly higher compared to the prior quarter as more throughput, decreased performance, grades and recoveries all improved. Cost of sales of $1,345 per ounce was lower over the prior quarter, primarily due to the higher production.

轉向我們的美國業務，產量環比增長，這得益於諾克斯堡的貢獻增加，而圓山和禿頭山由於礦山排序而按計劃下降。從諾克斯堡開始，產量為 70,000 盎司，與上一季相比顯著增加，產量增加，性能下降，品位和回收率均有所改善。銷售成本為每盎司 1,345 美元，低於上一季度，這主要是由於產量增加。

At Manh Choh, mining continues on schedule and all transportation has ramped up to planned volumes. Processing of Manh Choh all began in early July and it's striking to plan. The full commissioning of the Fort Knox more modifications is expected to be completed in Q3.

在 Manh Choh，採礦工作繼續按計劃進行，所有運輸均已達到計劃數量。Manh Choh 的加工工作於 7 月初開始，計劃令人震驚。諾克斯堡號的全面調試預計將在第三季完成更多修改。

At Bald Mountain production of 46,000 ounces were slightly lower than the prior quarter as planned. Cost of sales of $1,271 per ounce was higher quarter over quarter. At Round Mountain production of 62,000 ounces was lower over the prior quarter, due to lower mill throughput and grades as planned.

Bald Mountain 的產量為 46,000 盎司，略低於上一季的計劃。每盎司的銷售成本為 1,271 美元，環比上升。Round Mountain 的產量為 62,000 盎司，較上一季下降，原因是工廠產量和計劃等級較低。

The cost of sales of $1,564 per ounce was higher quarter over quarter due to the lower production. In Phase S, mining activity continues to progress as planned. Meanwhile, the heap leach pad expansion is progressing on schedule. Earthworks and procurements are all complete and initial production from Phase S remains on track to begin in the second half of next year.

由於產量下降，每盎司的銷售成本為 1,564 美元，環比上漲。在S階段，採礦活動繼續按計劃進行。同時，堆浸墊擴建正在按計畫進行。土方工程和採購工作都已完成，S 期的初步生產仍有望在明年下半年開始。

With that, I'll now pass the call over to William.

這樣，我現在會把電話轉給威廉。

Thanks, Claude. I'll start out by providing a brief overview of our operating heap leach facilities, before moving on to an update on our projects. We are currently operating heap leach facilities across three sites in the US.

謝謝，克勞德。首先，我將簡要概述我們正在運行的堆浸設施，然後再介紹我們專案的最新情況。我們目前在美國的三個地點經營堆浸設施。

As Paul mentioned, we are confident in the quality and safety of our heap leach facilities for a few reasons. First off, our facilities are primarily run-of-mine heap leach pads, meaning they have larger rocks and crushed heap leach pads for significantly reduces the risk of liquefaction and increases the structural stability of the pads.

正如保羅所提到的，我們對堆浸設施的品質和安全充滿信心，原因有幾個。首先，我們的設施主要是原礦堆浸墊，這意味著它們具有較大的岩石和破碎的堆浸墊，可顯著降低液化風險並提高墊的結構穩定性。

The only heap-leach we have with crushing is Round Mountain, where we are only crushing a portion of the ore we are placing on the pads. So overall still have larger rock sizing and a fully crushed pad.

我們擁有的唯一用於破碎的堆浸設備是 Round Mountain，我們僅破碎放置在墊上的一部分礦石。因此總體上仍然有較大的岩石尺寸和完全破碎的墊子。

Second, topography. Both Round and Bald Mountain are built on relatively level ground rather than hillside for valley fills, increasing their stability. Fort Knox is our only valley fill heap leach operation. And again, the two pads there are 100% run of mine ore.

第二，地形。圓山和禿山都建在相對平坦的地面上，而不是山坡上填谷，增加了穩定性。諾克斯堡是我們唯一的填谷堆浸作業。再說一遍，這兩個礦場都是 100% 的礦石。

Finally, it is also worth noting that the embedment's of the total of the value kinds of Fort Knox, our designed engineered operated and monitored as dams based on state regulation in Alaska, which ensures strong governance of construction and stability. To overall, we are confident in the quality of our heap leach facilities. And as always, we will maintain the safety and environmental impact of these facilities as our top priority.

最後，還值得注意的是，諾克斯堡的所有價值類型的嵌入，我們設計的工程按照阿拉斯加州法規作為水壩進行運行和監控，這確保了對建設和穩定性的強有力的治理。總的來說，我們對堆浸設施的品質充滿信心。一如既往，我們將把這些設施的安全和環境影響作為我們的首要任務。

Moving to updates at Round Mountain. At Phase X underground development of the exploration decline continued to progress well with over 2.2 kilometers developed so far. Exploration drilling has also progressed well, as we have started infill drilling of the primary Phase X target and continued opportunity drilling outside of the target to extend the mineralization.

轉向圓山的更新。在第 X 階段，勘探斜線的地下開發繼續進展順利，迄今已開發超過 2.2 公里。勘探鑽探也進展順利，我們已開始對主要 X 階段目標進行加密鑽探，並繼續在目標之外進行機會鑽探以擴大礦化範圍。

As you can see on figure one, on the top of this slide, we have received multiple strong assay results on intercepts outside of the Phase X targets. A particular note, you can see in the bottom of figure to an impressive intercepts of approximately 30 grams per tonne over 32 meters above the lower portion of our primary exploration targets shown in purple.

正如您在圖一中看到的，在這張投影片的頂部，我們收到了關於 X 階段目標之外的截獲的多個強有力的分析結果。特別值得注意的是，您可以在圖底部看到，在我們以紫色顯示的主要勘探目標下部上方 32 公尺處，截獲量約為每噸 30 克，令人印象深刻。

There is also a link to a video on this slide on our press release, that can give you a better sense of the location of these intercepts. We are pleased to see these results and confirmation of the potential to extend the mineralization that we are targeting for underground mining. We will continue our exploration program at Phase X through the remainder of this year and into next as we advance technical studies in parallel.

我們的新聞稿中的這張幻燈片上還有一個視頻鏈接，可以讓您更好地了解這些攔截的位置。我們很高興看到這些結果，並確認了擴大我們地下採礦目標礦化範圍的潛力。我們將在今年剩餘時間和明年繼續我們的 X 階段勘探計劃，同時推進技術研究。

Moving to Curlew Basin, exploration continued to advance in the second quarter. Results from the underground drill program continue to confirm thicker zones of high-grade mineralization near the Stealth Zone, where a recent assay returned approximately 14 grams per tonne over 19 meters.

轉向 Curlew 盆地，第二季度勘探繼續推進。地下鑽探計畫的結果繼續證實隱形區域附近存在較厚的高品位礦化帶，最近的一次檢測結果顯示，該區域 19 公尺範圍內的礦化量約為每噸 14 克。

Drilling from both surface and underground also continued on the Roadrunner vein Zone with a recent hole returning 12.5 grams per tonne over 2.4 meters. We are encouraged by these higher grade results, which indicate potential to expand the resource and improve the overall resource quality.

Roadrunner 礦脈區的地表和地下鑽探工作也持續進行，最近的一個鑽孔在 2.4 公尺長的範圍內每噸回油 12.5 克。我們對這些更高等級的結果感到鼓舞，這顯示了擴大資源和提高整體資源品質的潛力。

At, Great Bear drilling continues to focus on demonstrating that high-grade mineralization, continues well beyond our current resource. As Paul mentioned, in Q2, we drilled the deepest hole on the property to date. This hole returned 3.8 meters at a grade of 9.5 grams per tonne at nearly 1.6 kilometers vertical depth, demonstrating the impressive continuity of the system that will ultimately need to be drilled out from underground.

大熊鑽探繼續致力於證明高品位礦化程度遠遠超出了我們目前的資源量。正如保羅所提到的，在第二季度，我們在該地產上鑽了迄今為止最深的洞。該孔在近 1.6 公里垂直深度處返回 3.8 米，品位為每噸 9.5 克，證明了該系統令人印象深刻的連續性，最終需要從地下鑽出。

Drilling in the second quarter, also showed good grades and widths at that's well beyond our current resource at the Discovery, Yaro and Oro zones, as can be seen on this slide. Similar to Yuma, these zones continue to show potential for significant resource upside and growth at depth.

第二季的鑽探也顯示出良好的品味和寬度，遠遠超出了我們目前在 Discovery、Yaro 和 Oro 區域的資源，如這張投影片所示。與尤馬類似，這些區域繼續顯示出巨大的資源上漲和深度增長的潛力。

Lastly, drilling at Hinge and Limb this quarter has returned promising results for depth extensions at both zones. At Hinge, we had multiple strong intercepts at around 850 meters, including 9.3 grams per tonne over 3.1 meters and 22.7 grams per tonne over 3.1 meters.

最後，本季在 Hinge 和 Limb 的鑽探在這兩個區域的深度擴展方面取得了可喜的成果。在 Hinge，我們在 850 公尺左右進行了多次強力攔截，包括 3.1 公尺以上每噸 9.3 克和 3.1 公尺以上每噸 22.7 克。

We're excited to be seeing confirmation of depth extensions to mineralization across the board, at Great Bear, continuing to support our original thesis of a long-life, high-grade mining complex.

我們很高興看到大熊礦區礦化深度全面擴展，並繼續支持我們關於長壽命、高品位採礦綜合體的最初論點。

Moving to a few other updates at Great Bear. Through the AEX decline, detailed engineering, execution, planning and procurement continued to progress well. We are targeting a start of early works later this year and start of the underground decline in mid-2025. For the main project in Q2, we continued to advance technical studies, fieldwork and comprehensive baseline studies.

轉向大熊的其他一些更新。儘管 AEX 下降，但詳細工程、執行、規劃和採購繼續進展順利。我們的目標是在今年稍後開始早期工程，並在 2025 年中期開始地下衰退。二季度主體工程繼續推進技術研究、實地考察和綜合基線研究。

Beyond the strong exploration results, we're encouraged to see the in-depth technical work, continuing to show positive results across the board, including simple metallurgy, high recovery and competent geotechnical conditions. Work on the initial projects PEA is well advanced, and we look forward to releasing these results from the study in early September.

除了強勁的勘探成果之外，我們還看到了深入的技術工作，繼續全面展現出積極的成果，包括簡單的冶金、高回收率和合格的岩土工程條件。初步專案 PEA 的工作進展順利，我們期待在 9 月初發布這些研究結果。

I will now turn the call back to Paul.

現在我將把電話轉回給保羅。

Thanks Will. Following a strong first half, our business remains in great shape and on track to deliver our full year commitments. There's much to look forward to for the remainder of the year and beyond that we remain excited about our future. We have a strong production profile. We are generating significant cash flow. We have an investment grade balance sheet that is continuing to strengthen. We have an attractive dividend.

謝謝威爾。繼上半年的強勁表現之後，我們的業務仍保持良好狀態，並有望實現全年承諾。今年剩下的時間以及未來還有很多值得期待的事情，我們仍然對未來感到興奮。我們擁有強大的生產能力。我們正在產生大量現金流。我們的投資等級資產負債表正在持續加強。我們有誘人的股息。

Looking forward, we have an exciting pipeline of both exploration and development opportunities, and we are very proud of our commitment to responsible mining that continues to make us a leader in sustainability. With that, operator, I'd like to open up the line for questions.

展望未來，我們擁有令人興奮的勘探和開發機會，我們對負責任採礦的承諾感到非常自豪，這使我們繼續成為永續發展的領導者。接線員，我想開通提問專線。

(Operator Instructions) Joshua Wolfson, RBC Capital Markets.

（操作員指令）Joshua Wolfson，RBC 資本市場。

Thanks very much. First question is on the production guide. I think there was commentary earlier this year about first half being softer, given that production has been so strong. Is it reasonable to expect a step-up still in the second half on some of the prior guided items?

非常感謝。第一個問題是關於製作指南的。我認為今年稍早有評論稱，鑑於產量如此強勁，上半年會更加疲軟。預計下半年一些先前指導計畫的進度是否合理？

Hi good morning Josh, Claude here. So we remain focused. We've had a very solid first half of the year but we've got some mine sequencing setups going and making sure that we need to continue to go to our guidance. So relative to the mine sequencing, both the Tasiast and Paracatu, we expect to be right on guidance for the year.

嗨，早上好，喬什，這裡是克勞德。所以我們保持專注。今年上半年我們的表現非常穩定，但我們已經進行了一些排序設置，並確保我們需要繼續遵循我們的指導。因此，相對於 Tasiast 和 Paracatu 的礦山測序，我們預計今年的指導是正確的。

Okay. So you say you wouldn't expect an improvement for those specific assets in the back half.

好的。所以你說你不會期望後半部的那些特定資產會有所改善。

No we're remaining on our plan, which did have us pushing a little bit harder in the first quarter for those two big ones. And then the rest of the portfolio to cut some puts and takes, which gives us -- like puts us right up on guidance.

不，我們仍然堅持我們的計劃，這確實讓我們在第一季更加努力地推動這兩個大計劃。然後投資組合的其餘部分削減了一些看跌期權和看跌期權，這給了我們——就像讓我們正確地遵循指導一樣。

Second question on the Great Bear upcoming PEA, there's been some impressive exploration that we've seen, at least reported post the cut-off date as of April for the study. Is there any sort of potential we get a resource update as well that might -- even though it might not be included with the economics but possibly we'll see what the exploration upside has been thus far?

關於大熊即將到來的 PEA 的第二個問題，我們已經看到了一些令人印象深刻的探索，至少在截至 4 月的研究截止日期後報告了這一點。我們是否也有可能獲得資源更新——儘管它可能不包含在經濟學中，但我們可能會看到迄今為止勘探的優勢是什麼？

Yeah. We will plan to update the resource at the time that we put out the PEA just to make sure it's kind of the 2 pieces of the picture tied together with latest information. We've closed off the drilling for that as of April but that's where we'll be.

是的。我們將計劃在發布 PEA 時更新資源，以確保它是與最新資訊聯繫在一起的兩部分圖片。截至四月份，我們已經停止了鑽探工作，但這就是我們將要進行的工作。

Yes. There's always -- as you can appreciate a lag. But obviously, as we're coming to the market with an update, we'll bring whatever else we can at that time.

是的。總是存在的－－因為你可以體會到延遲。但顯然，當我們帶著更新進入市場時，我們將帶來當時我們所能帶來的一切。

Got it. Thank you. And then last question is just on the cash flow side of things, a little bit of some moving parts this quarter and also the first quarter. Working capital inflows were very strong which helps free cash flow but cash taxes also have been tracking at least in the first half fairly high versus annual guide. Any sort of commentary you could provide on whether we'll see cash taxes maybe decline in the back half or working capital outflows are reversed, at least in the second half?

知道了。謝謝。最後一個問題只是關於現金流方面，本季和第一季都有一些變化。營運資本流入非常強勁，這有助於自由現金流，但現金稅至少在上半年也一直保持在與年度指導相比相當高的水平。您能否就我們是否會在下半年看到現金稅下降或營運資本外流逆轉（至少在下半年）提供任何評論？

Sure. Josh, it's Andrea. The working capital ebbs and flows. So in Q1, we had a net working capital outflow. Q2 was an inflow. So that just sort of cycles throughout the year. It's really just around timing. At the end of Q2, our payables were higher and those are the things that we paid in July.

當然。喬什，這是安德里亞。營運資金潮起潮落。因此，在第一季度，我們出現了營運資本淨流出。第二季是流入。這就是全年的循環。這確實只是時間問題。在第二季末，我們的應付帳款更高，這些是我們在 7 月支付的。

So nothing really of note there. On the taxes, we did make an installment payment in Mauritania of $25 million. So that wasn't -- that's probably the one piece that's outside of where we started the year. Other than that, our taxes should be kind of as expected through the year with the gold price sensitivity which I think we provided in our guidance.

所以那裡沒有什麼值得注意的。在稅收方面，我們確實在毛里塔尼亞分期付款了2500萬美元。所以這不是——這可能是我們今年年初以外的一件事情。除此之外，我們的稅收應該與全年的預期一致，因為我認為我們在指導中提供了金價敏感度。

Okay. Thank you very much.

好的。非常感謝。

Lawson Winder, Bank of America Securities.

勞森溫德，美國銀行證券公司。

So thank you, operator, and good morning Paul team, and thank you for the update. Just a couple for me. Where I actually wouldn't mind starting is just on your thoughts around the year-end reserve and resource update. So the assets other than Great Bear. Is there any thought internally to potentially increasing the gold price assumption and if so, which assets would have the greatest sensitivity to that?

謝謝你，操作員，早安，保羅團隊，也謝謝你的更新。對我來說只是一對。我其實不介意從你對年終儲備和資源更新的想法開始。所以大熊以外的資產。內部是否有任何可能提高金價假設的想法？

And then secondly, since now given a full half of drilling which assets are looking well placed to potentially replace reserves (inaudible) thanks.

其次，自從現在進行了一半的鑽探以來，這些資產看起來很有可能取代儲量（聽不清楚），謝謝。

Sure. I'll start and others can maybe jump in. It's a fair question. I think we're all sort of looking at spot and where we've had our reserve resource price assumptions and thinking about what we will or will not do later this fall. That's a decision we'll make later in the fall as we go into our budget cycle towards November and December. So I think it's -- for today, all I'll say is it's sort of steady as she goes.

當然。我會開始，其他人也許可以加入。這是一個公平的問題。我認為我們都在關注現貨以及我們的儲備資源價格假設，並思考今年秋天晚些時候我們會做什麼或不會做什麼。我們將在秋季晚些時候進入 11 月和 12 月的預算週期時做出這項決定。所以我認為，今天，我要說的是，她的發展是穩定的。

I would say, though, that our focus is really about margin and cash flow. Our mills are full. We're stockpiling low grade. And as we sit here today, the higher gold price, it really -- what it really drives is the margin and the cash flow.

不過，我想說，我們的重點其實是利潤和現金流。我們的工廠已經滿了。我們正在儲存低品位。當我們今天坐在這裡時，金價上漲，它真正推動的是利潤和現金流。

So when we think about the reserve resource, there may be some opportunities there but all under the heading of maintaining margin and cash flow. And as you point out, each asset is a little different. The assets in our portfolio that has the largest resource where we'll think carefully is Great Bear -- sorry, Bald Mountain, where we've got about 4 million ounces of resource. So we'll be thinking about that as we go further into the fall.

因此，當我們考慮儲備資源時，可能會有一些機會，但都是在維持利潤和現金流的標題下。正如您所指出的，每種資產都略有不同。我們的投資組合中擁有最大資源的資產是 Great Bear——對不起，禿山，我們在那裡擁有大約 400 萬盎司的資源。因此，當我們進入秋季時，我們會考慮這個問題。

Okay, that's really helpful color. If I could pivot a little bit and ask on M&A. And I'll preface it with the statement that I understand. Kinross is in a pretty good position in terms of projects in the portfolio, especially in the near term and long-term with Great Bear. But I mean what is Kinross's thinking in terms of potentially being opportunistic in M&A? And also with the context that the Kinross Gold valuation has improved over the last year and the cash position is improving?

好吧，這個顏色真的很有用。如果我可以稍微轉向一下並詢問併購問題。我將以我所理解的陳述作為序言。Kinross 在投資組合中的項目方面處於相當有利的位置，特別是在 Great Bear 的短期和長期項目中。但我的意思是，金羅斯對於併購中潛在機會主義的想法是什麼？而且在 Kinross Gold 估值比去年有所改善且現金狀況正在改善的背景下？

Sure. Look -- and I think you've got it right, Lawson. I mean, we're in great shape with our organic portfolio. We've got lots of opportunities within our portfolio that we can turn on and we will be looking to further advance studies and economics. So that's one bit of good news, the portfolio itself. We've got an excellent balance sheet. We're certainly not under any pressure to do anything in that regard.

當然。聽著—我認為你說得對，勞森。我的意思是，我們的有機產品組合狀況良好。我們的投資組合中有很多可以利用的機會，我們將尋求進一步推進研究和經濟學。因此，投資組合本身就是一個好消息。我們擁有出色的資產負債表。我們當然沒有在這方面面臨任何採取任何行動的壓力。

So when we think about M&A, it's really -- when you use the word opportunistic, it's where could we see value, where can we add value. And again, I would say we have a very strong technical acumen. We can bring that technical acumen there to help turn things around to help improve. We also have an excellent balance sheet. And so we can bring capital to the equation. So not under any pressure, if something came along that made sense where we thought we could create value for our shareholders, so we have a look at it.

因此，當我們考慮併購時，實際上，當你使用機會主義這個詞時，我們可以在哪裡看到價值，在哪裡可以增加價值。我再說一遍，我們擁有非常強大的技術敏銳度。我們可以將技術敏銳度帶到那裡，幫助扭轉局面，幫助改進。我們也擁有出色的資產負債表。因此我們可以將資本帶入方程式。因此，在沒有任何壓力的情況下，如果出現了我們認為可以為股東創造價值的有意義的事情，那麼我們就會考慮它。

And then just finally on Nevada. It's in an area where over the past number of years, there's been difficulty with finding skilled labor and there's been some elevated labor inflation. On the Q1 call, you commented that you are seeing improvements, both in terms of employee turnover as well as pressure on wages. Is that commentary still fair? What are you seeing in one quarter later? Thanks.

最後在內華達州。在過去的幾年裡，該地區很難找到熟練勞動力，而且勞動力通膨也有所上升。在第一季的電話會議上，您評論說，無論是在員工流動率還是薪資壓力方面，您都看到了改善。這樣的評論還公平嗎？一個季度後你會看到什麼？謝謝。

So, Claude again and I think the commentary is fair. We are seeing still a positive trend on our turnover rates and the morale and things like that. And as we move forward with the teams in Nevada, we're performing very, very well. So we're going in the right direction. It is still a tight labor market but we feel very comfortable about what it is that we're doing.

所以，克勞德，我認為評論是公平的。我們看到我們的人員流動率和士氣等方面仍然呈現正面趨勢。當我們與內華達州的團隊一起前進時，我們的表現非常非常好。所以我們正朝著正確的方向前進。勞動市場仍然緊張，但我們對我們正在做的事情感到非常滿意。

Okay. Thanks Paul, thanks Claude. Appreciate it.

好的。謝謝保羅，謝謝克勞德。欣賞它。

Mike Parkin, National Bank.

麥克·帕金，國家銀行。

Thanks, guys. Congrats on the good quarter. To start with, Tasiast looks like it's doing very well to its nameplate. Just wondering now with operations kind of running around the nameplate, are there any initial thoughts that nameplate capacity could potentially be beaten a bit? And if so, is the mine set up where it could actually leverage that? Or is the constraint really more on the mine order? Could you actually utilize excess capacity if it exists there?

多謝你們。恭喜季度表現良好。首先，Tasiast 看起來表現得非常好。現在只是想知道，隨著操作圍繞銘牌運行，是否有任何初步想法認為銘牌容量可能會被擊敗一些？如果是這樣，礦場是否建在可以真正利用這一點的地方？還是說限制真的更多的是礦坑訂單？如果有過剩產能，你真的能利用嗎？

Yeah, Mike. It's Claude again. I think our major focus in Tasiast has gone through 10 years of being on a project phase. And we're now six months into it being an operating mine at Tasiast. We'd like to stabilize it there for some time and make sure that we meet the expectations. And -- but we're always -- having said that, we're always looking at opportunities on how to improve recovery, how to improve throughput. I don't think we're constrained by the mine.

是的，麥克。又是克勞德。我認為我們對 Tasiast 的主要關注點已經經歷了 10 年的專案階段。現在，我們在 Tasiast 的礦場營運已經六個月了。我們希望將其穩定一段時間，並確保達到預期。而且——但我們始終——話雖如此，我們一直在尋找如何提高恢復率、如何提高吞吐量的機會。我不認為我們受到礦井的限制。

We have some stockpile. So the real focus is on just making sure that we attain the reliability that we expect out of that (inaudible) and maintain its performance. And then we'll look at sort of incremental, continuous improvement, or things that I don't foresee in the near to medium term and expansion again at that particular site.

我們有一些庫存。因此，真正的重點是確保我們獲得我們期望的可靠性（聽不清楚）並保持其性能。然後我們將研究增量、持續改進，或我在中短期內未預見的事情，並在該特定站點再次擴展。

That's right. Right. And then it sounds like we could see an uptick in ounces or tonnes at Phase X but given a number of the drill results you've been kind of highlighting with the recent quarterly results, seemingly multiple times what the resource grade is. Could we -- how are your thoughts there? Are you going to put a fairly significant grade capping on some of those really high-grade hits or with a resource update could we actually see a lift in Grade 2 with the ongoing impressive results you're seeing from that drill program?

這是正確的。正確的。然後，聽起來我們可能會看到 X 階段的盎司或噸有所上升，但考慮到您在最近的季度結果中強調的一些鑽探結果，似乎是資源品位的數倍。我們可以—你的想法怎麼樣？你們是否打算對一些真正高等級的點擊設置相當大的等級上限，或者通過資源更新，我們是否真的可以看到二級等級的提升以及您從該訓練計劃中看到的持續令人印象深刻的結果？

Yeah. I mean, obviously, we're very pleased with the results that we're seeing and it is higher than the grade of the target that we're going after there from the historic drilling. Round Mountain does have a long history of positive reconciliation and pretty -- a lot of visible gold, that type of thing.

是的。我的意思是，顯然，我們對所看到的結果非常滿意，它高於我們從歷史性鑽探中追求的目標品味。圓山確實有著積極和解的悠久歷史，而且有很多可見的黃金之類的東西。

So there will be capping and some controls on that when we do establish a resource for the underground. We don't have a resource out there yet that's specific to that underground target. That's something that will come in next year. But certainly, there would be, as usual, in that type of deposits and amount of capping.

因此，當我們確實為地下建立資源時，將會有上限和一些控制。我們還沒有專門針對該地下目標的資源。這是明年將會出現的事。但當然，像往常一樣，會有這種類型的存款和金額上限。

We really are looking at growth kind of get into future drilling. Okay, but really getting into the drilling on the main bulk target. Now that's the key pieces, the overall grade for that all high productivity mining, that's our vision for this asset.

我們確實正在尋求未來鑽探領域的成長。好的，但要真正進入主要目標的鑽探。現在這是關鍵部分，所有高生產力採礦的整體等級，這就是我們對該資產的願景。

So with respect to the results you've realized to date versus what you've kind of verbally communicated as a ballpark target for grade? Are you feeling very comfortable, comfortable, really comfortable versus kind of delivering to those expectations you've given in the past?

那麼，關於您迄今為止所實現的結果與您口頭傳達的大致成績目標的結果？與實現您過去所給予的期望相比，您是否感到非常自在、自在、非常自在？

We're -- we really need to do the work and come out with a better answer, once we have an actual resource. We obviously assuming types of grades makes us more comfortable with why we're down there in the long-term margin potential that we see there. And there's two pieces, it's not just the grade, that has us pleased with the results. The fact that these results are outside of the main target area.

一旦我們擁有實際資源，我們確實需要開展工作並得出更好的答案。顯然，我們假設的等級類型使我們更容易理解為什麼我們在我們看到的長期利潤潛力中處於較低水平。有兩件作品，不只是成績，讓我們對結果感到滿意。事實上，這些結果超出了主要目標區域。

So there's two key pieces. One is growing the target. The other is growing the grade of the target. These drill results are positive indicators on both of those fronts, but we don't really -- until we get more drilling, we don't have a required view on the entire system.

所以有兩個關鍵部分。一是不斷擴大目標。另一個是提高目標的等級。這些演練結果在這兩個方面都是積極的指標，但我們實際上並沒有 - 直到我們進行更多演練，我們才對整個系統有一個所需的視圖。

Okay. One last question on it. Some of the intercept also are showing very good widths. Is that proving in line with expectations internally or are you finding some of the really wide intercepts actually proving more positive (multiple speaker)

好的。最後一個問題。一些截距也顯示出非常好的寬度。這是否符合內部預期，或者您是否發現一些真正廣泛的攔截實際上證明更積極（多個發言者）

Yeah, and this is really above target. I mean, in what we're envisioning and some of what we've put out there in the past. This is large stoping, wide stopes, transverse stoping of some sort. So we see it well in excess of what we've released recently and some of our historic drilling.

是的，這確實超出了目標。我的意思是，在我們的設想以及我們過去已經推出的一些內容中。這是大型採場、寬採場、某種橫向採場。因此，我們認為它遠遠超出了我們最近發布的內容以及我們的一些歷史性鑽探。

Okay. Well, for that high productivity mining kind of contemplating.

好的。好吧，對於那種高生產力採礦的思考。

Maybe it's too early, but how are you kind of feeling about the quality of the rocks there? Do you feel that there will be any kind of geotechnical challenges or do you find the rock is expected to be extremely competent for underground mining?

也許現在還為時過早，但是您對那裡岩石的品質感覺如何？您認為會遇到任何岩土工程挑戰，或者您認為岩石非常適合地下採礦？

Yes. Given the history of, I guess, underground mining in Nevada. We certainly went into this cautiously and with that, pretty wide tool set in terms of how we prepared ourselves to handle geotechnical conditions. We do have some faults that we were well aware of in advance, and for as we progress the decline.

是的。我猜考慮到內華達州地下採礦的歷史。我們當然會謹慎地對待這個問題，並在如何準備如何處理岩土條件方面使用了相當廣泛的工具集。我們確實有一些缺陷，我們事先就很清楚，而且隨著我們的進展，這些缺陷也逐漸衰退。

But really, we've been extremely pleased with progress of the operational team on site and what they've done from a geotech perspective, and that's increased our confidence in our ability to operate in this ground.

但實際上，我們對現場營運團隊的進展以及他們從岩土技術角度所做的工作感到非常滿意，這增強了我們對我們在該場地運作能力的信心。

It's not, extremely competent ground, but it's also not extremely foreground that we see at some other assets in Nevada in the past. So we're comfortable with where we're operating at and the controls we have in place.

這不是一個非常有競爭力的場地，但也不是我們過去在內華達州的其他一些資​​產中看到的非常有前景的地方。因此，我們對我們的營運地點和現有的控制措施感到滿意。

Okay, great. And then just on -- an overall arching kind of question. Obviously, you're getting really great exploration results at all these assets Curlew, Great Bear, Round Mountain, Phase X. Is there any thought, like could you put more drills to work? Or is it just, as you kind of need these additional drill bays in the underground to kind of get things going?

好的，太好了。然後是一個整體上拱形的問題。顯然，您在所有這些資產（Curlew、Great Bear、Round Mountain、X 階段）中都獲得了非常好的勘探結果。或者只是因為您需要在地下添加這些鑽台才能讓事情順利進行？

Like I understand it -- Great Bear, obviously, it makes a heck a lot more sense to drill from underground than from surface, given the depth, it's -- you're hitting, that makes sense to test it but to really infill it, cost efficiency from underground, makes a lot of sense. But is there thoughts towards increasing budgets?

就像我理解的那樣——大熊，顯然，從地下鑽探比從地表鑽探更有意義，考慮到深度，你正在擊打，測試它是有意義的，但要真正填充它，來自地下的成本效率，很有意義。但有增加預算的想法嗎？

Yeah, go ahead.

是的，繼續吧。

So, I mean, I'd say at Great Bear specifically, the idea of this deep drilling was to provide information for the PEA to give you kind of a snapshot in time view of what the potential of the underground is. This is deep and expansive drilling.

所以，我的意思是，我要特別在 Great Bear 說，這次深鑽的想法是為 PEA 提供信息，讓您及時了解地下潛力。這是深入而廣泛的鑽探。

So as you clearly understand, it is more efficient to be drilling at 1.5 kilometers from underground to the actual infill drilling. But of course, we -- when we're encouraged by results, not just at Great Bear but at other places like Phase X, when you get good results, it does sometimes open up the opportunity to do more follow-up drilling. So we continuously review that process.

所以正如您清楚了解的那樣，在距離地下1.5公里的地方鑽探比實際的加密鑽探更有效率。但當然，當我們對結果感到鼓舞時，不僅是在大熊島，而且在 X 階段等其他地方，當你獲得良好的結果時，有時確實會提供進行更多後續鑽探的機會。因此，我們不斷審查該流程。

We're going to increase those projects, we'll certainly let you know. But right now, we think we've done what we wanted to with Great Bear in terms of illustrating and providing a strong view on that kind of core of the deposit, so that we'll be able to give a PEA with an understanding on costs and margins.

我們將增加這些項目，我們一定會通知您。但現在，我們認為我們已經對 Great Bear 做了我們想做的事情，說明了這種礦床的核心並提供了強有力的觀點，這樣我們就能夠在提供 PEA 時了解成本和利潤。

And we've shown that the ore body continues beyond that. Really, with this underground type of system, this resource will develop over a long period of time as we continue to mine and we keep that material in front of us going from underground.

我們已經證明，礦體的範圍還不止於此。實際上，透過這種地下類型的系統，隨著我們繼續開採並將來自地下的材料保留在我們面前，這種資源將在很長一段時間內開發。

Okay. Thanks very much. That's it from me.

好的。非常感謝。這就是我說的。

Carey MacRury, Canaccord Genuity.

凱裡·麥克魯裡 (Carey MacRury)，Canaccord Genuity。

Hey good morning guys. Just looking to 2025, given it's less than six months away the capital guidance of $850 million, I know that doesn't include improved projects, but I'm assuming that includes the underground work at Great Bear. But I guess what I'm asking is, are there other projects that we should be expecting that could be approved and pump up the 2025 CapEx number?

嘿大家早安。展望 2025 年，考慮到距離 8.5 億美元的資本指導還有不到六個月的時間，我知道這不包括改進的項目，但我假設這包括大熊的地下工程。但我想我要問的是，我們是否應該期待其他項目可以得到批准並提高 2025 年資本支出數字？

Sure, I'll start, and Paul maybe jump in after with some specifics. But yeah, I mean, we typically say -- as you said, we prints the guidance for CapEx for years two and three based on what's approved and then it typically close up and we're expecting CapEx for '25 to be in the range of where it is for this year and last year, so around that $1 billion range for '25 as well.

當然，我會開始，保羅可能會在之後加入一些具體細節。但是，是的，我的意思是，我們通常會說- 正如您所說，我們根據批准的內容打印第二年和第三年的資本支出指南，然後通常會關閉，我們預計25 年的資本支出將在該範圍內今年和去年的情況，所以 25 年也大約在 10 億美元範圍內。

And what are the projects that would be driving that?

哪些項目將推動這項目標？

So Phase X is an example of a project where we're still doing the work. So that doesn't yet have beyond the kind of exploration work that we're doing, there's not an approved budget for next year. So those are the things that will extend it. Curlew is somewhere else where it's possible we'll be starting to spend some money and we're looking at some short extensions of Bald Mountain that could affect that number.

X 階段是我們仍在進行工作的專案範例。因此，這還沒有超出我們正在進行的勘探工作，明年還沒有批准的預算。這些都是可以擴充它的東西。杓鷸在其他地方，我們可能會開始花一些錢，我們正在考慮禿頭山的一些短期延伸，這可能會影響這個數字。

And then secondly, could you just remind us how are you thinking of the mine life at La Coipa and Lobo-Marte stills fits in? Do the metal prices change that time line at all?

其次，您能否提醒我們您如何看待 La Coipa 的採礦生活和 Lobo-Marte 蒸餾器的契合度？金屬價格會改變這個時間線嗎？

Yeah, I'll start and then maybe hand over to Will. So our Chile strategy really -- we've got the resources in the ground around our infrastructure at La Coipa. Continuity of production is really a permitting exercise and we're going through that right now. As I say, we've got to get a permit to do a layback, that sort of thing. So that work is underway.

是的，我會開始，然後可能會交給威爾。因此，我們的智利策略確實是——我們在拉科帕的基礎設施周圍擁有豐富的資源。生產的連續性確實是一項允許的活動，我們現在正在經歷這一點。正如我所說，我們必須獲得許可才能進行休閒之類的事情。這項工作正在進行中。

Our strategy is what we envision is a linear transition from a La Coipa to Lobo towards the end of the decade. So our view is we get those permits, we keep mining the oxide. What we're just starting to do right now is ramp up our environmental baseline studies for the longer lead time to just start to think about bringing Lobo in -- behind Great Bear towards the end of the decade.

我們的策略是我們設想在本世紀末從 La Coipa 到 Lobo 的線性過渡。所以我們的觀點是，我們獲得了這些許可證，我們繼續開採氧化物。我們現在剛開始做的是在更長的準備時間內加強我們的環境基線研究，以便開始考慮在本世紀末將 Lobo 引入大熊之後。

At a high level, that's really what's going on. And our strategy there -- our key strategy is the synergy is around the water strategy. As you may know, we have permanent pumping water wells that have operated for many years. At La Coipa, those wells are physically closer to Lobo. And our strategy is to use the same amount of water, same wells that switch from La Coipa to Lobo towards the end of the decade.

從高層次來看，這確實是正在發生的事情。我們的策略－我們的關鍵策略是圍繞水戰略的協同作用。如您所知，我們擁有已經運作多年的永久性抽水井。在 La Coipa，這些井距離 Lobo 更近。我們的策略是在本十年末從 La Coipa 切換到 Lobo，使用相同數量的水和相同的井。

Okay, great. And maybe one related question, and I know there is regulatory issues at Maricunga a few years back but there's still 6 million ounces sitting there. Is there any -- is that something that you're looking at as a potential restart at some point or is that going to be on the shelf for a while?

好的，太好了。也許還有一個相關的問題，我知道幾年前 Maricunga 有監管問題，但那裡仍然有 600 萬盎司的庫存。有沒有——你認為有可能在某個時候重新啟動，或者會被擱置一段時間？

Okay. Well, I think again, there's option value there. You're right, it's drill that resource. Again, water is always a question in Chile, what it would be the water strategy that has a different water source and water basin. But yes, there's no plans right now as it relates to Maricunga but it is just drilled out resource that we'll continue to think about.

好的。好吧，我再次認為，那裡有選擇權價值。你說得對，就是鑽那個資源。同樣，水在智利始終是一個問題，擁有不同水源和流域的水戰略是什麼。但是，是的，目前還沒有與 Maricunga 有關的計劃，但它只是鑽出的資源，我們將繼續考慮。

Okay. Great. That's it for me. Thanks, guys.

好的。偉大的。對我來說就是這樣。多謝你們。

Anita Soni, CIBC World Markets.

安妮塔·索尼 (Anita Soni)，CIBC 全球市場。

Hi, good morning, Paul, Claude and Andrea. I just wanted to ask firstly on Paracatu. So the grades picked up in this quarter and I was just wondering how that evolves over the rest of the year?

嗨，早上好，保羅、克勞德和安德里亞。我只是想先問一下關於帕拉卡圖的問題。因此，本季的成績有所提高，我只是想知道今年剩餘時間的情況會如何發展？

So Anita. So as we go through the different parts of the pit in Paracatu, we have said that this year, overall, is a little bit lower than last year. But as we move from one part of the pit to the next, towards the end of the year, we go back into the higher-grade piece. And then -- but you'll appreciate that when we talk about higher grade at Paracatu, it's a marginal difference and next year, our guidance is higher and similar to last year, whereas this year is a dip-out. We maintain focus on that 510,000 ounces guidance.

所以安妮塔。因此，當我們瀏覽帕拉卡圖坑的不同部分時，我們說過，今年總體來說比去年要低一些。但當我們從坑的一個部分移動到下一個部分時，到了年底，我們又回到了更高等級的部分。然後 - 但你會意識到，當我們談論帕拉卡圖的更高等級時，這是一個邊際差異，明年，我們的指導更高並且與去年相似，而今年是一個下降。我們繼續關注 510,000 盎司的指導。

Okay. Thanks. And then just in terms of the debt repayment, Andrea, I know I mean, you guys paid a significant amount of debt this quarter, you've indicated that you intend to pay the $1 billion as it comes due in spring. But could I guess assuming gold prices remain where they are if we're lucky enough for that to happen, what would be your capital allocation strategy after that debt is repaid?

好的。謝謝。然後就債務償還而言，Andrea，我知道我的意思是，你們本季支付了大量債務，你們已經表示打算在春季到期時支付 10 億美元。但我能否猜測，假設金價保持不變，如果我們夠幸運能夠實現這一點，那麼在償還債務後，您的資本配置策略會是什麼？

Yeah. What I'd say is our gold prices where they are now, I don't expect that we'll get through the whole term loan this year. So we'll carry some forward into probably first half of next year. The maturity is March 2025. But typically, we've got some more chunky annual cash payments coming out of Q1.

是的。我想說的是我們現在的金價，我預計我們今年不會償還全部定期貸款。因此，我們可能會將一些內容結轉到明年上半年。到期日為2025年3月。但通常情況下，我們會從第一季獲得更多的年度現金支付。

So there may be a little bit left as we get into this. We may be just getting out of it this time next year. And I think that's when we'll stop and think about what's -- about our priorities and our capital allocation.

因此，當我們進入這個話題時，可能還剩下一些內容。明年這個時候我們可能就會擺脫困境。我認為那時我們會停下來思考我們的優先事項和資本配置。

And is it fair to say that about $500 million is the amount that you would like in cash on hand? I'm just looking at historically what you've held?

公平地說，您想要手頭現金的金額約為 5 億美元嗎？我只是從歷史角度看你持有什麼？

It's really a timing thing. I mean, we had close to $500 million at June 30. And then as I commented earlier, our payables were a bit up at the end of the quarter. So that cash came down in July. We typically -- our minimum cash is around $300 million to $350 million. Sometimes it's more and it just depends on plans to efficiently move cash around our operations.

這確實是一個時機問題。我的意思是，截至 6 月 30 日，我們的資金已接近 5 億美元。正如我之前所說，我們的應付帳款在季度末有所增加。所以七月現金就減少了。通常，我們的最低現金約為 3 億至 3.5 億美元。有時它更多，並且僅取決於在我們的營運中有效轉移現金的計劃。

Okay. And then my last question, I just got to tie up some loose ends because no analysts are asking like around the edges around this one. But as we get to 2027, 2028, or -- sorry, before Great Bear comes on stream in mid-2029, I think there might be some assets that are scheduled to end mine life, or like Bald Mountain. Maybe there's a little bit of a dip at -- sorry, at La Coipa and Tasiast, I think in 2027, it's still in a low-grade phase.

好的。然後是我的最後一個問題，我必須解決一些未解決的問題，因為沒有分析師會圍繞這個問題提出類似的問題。但當我們到了 2027 年、2028 年，或者——抱歉，在 Great Bear 於 2029 年中期投產之前，我認為可能會有一些資產計劃結束礦山壽命，或者像 Bald Mountain 那樣。抱歉，La Coipa 和 Tasiast 可能會有一點下降，我認為到 2027 年，它仍處於低等級階段。

Could you talk about some of the things -- some of the assets that might see an extension to fill in that dip? I know you guys have said you see the 2 million ounces sustained to the end of the decade. I just want to get an idea of which assets could turn onstream and flatten that profile in analyst models?

您能否談談一些事情——一些可能會延長以填補下跌的資產？我知道你們說過，你們預計 200 萬盎司的產量將持續到本世紀末。我只是想了解哪些資產可以啟動並在分析師模型中壓平該資產？

Yeah. Sure. It's Paul here. I think 2027 in particular we're thinking about Phase X coming onstream in combination with Phase S, Curlew. And of course, as I spoke to a moment ago, continued mining at La Coipa where we're -- the model would suggest we stop in '27 today. But as I indicated, our intention is to keep mining through permitting known resources through the end of the decade. So those 3 in particular. There's also some other things around the margin that we'll be looking at as well.

是的。當然。保羅在這裡。我認為特別是到 2027 年，我們正在考慮 X 階段與 S 階段 Curlew 結合投產。當然，正如我剛才所說，我們正在繼續在 La Coipa 採礦——模型建議我們在 27 年停止採礦。但正如我所指出的，我們的目的是在本世紀末透過允許已知資源繼續採礦。特別是那三個。我們也會專注在一些其他的事情。

And where does Bald Mountain end up?

禿山最終又會走向何方？

Yeah. There are some things -- Bald Mountain is a bigger question. Again, as I said earlier, we do have about 4 million ounces of resource there. We've been focused on the lower capital quick payback opportunities. We see some of those but there are certainly on the Bald property some larger capital opportunities. Again, in that regard, if you just -- really about internal gold price competition for capital return, the gold is in the ground. We're just looking at the economics and thinking about when you would turn on potentially those larger capital and therefore, longer return projects.

是的。有些事情——禿山是一個更大的問題。同樣，正如我之前所說，我們確實擁有大約 400 萬盎司的資源。我們一直專注於資本較低、快速回報的機會。我們看到了其中一些，但禿頭地產肯定存在一些更大的資本機會。再說一次，在這方面，如果你真的關心資本回報的內部金價競爭，那麼黃金就在地下。我們只是著眼於經濟學，並思考何時會啟動那些潛在的更大資本，從而獲得更長回報的計畫。

And we have just received a Juniper permit, which for significant kind of optionality expansion at Bald Mountain. So we're well permitted and everything is basically internal decision-making and capital allocation.

我們剛剛獲得了瞻博網路許可證，該許可證用於在禿山進行重大的選擇性擴展。所以我們得到了充分的允許，一切基本上都是內部決策和資本配置。

Okay. Thank you. That's very helpful.

好的。謝謝。這非常有幫助。

Tanya Jakusconek, Scotiabank.

Tanya Jakusconek，豐業銀行。

Okay. thanks for that. Good morning, everyone. Thank you so much for taking my questions. I've three. First of all, congrats on a good quarter and thanks for the heap leach information. We don't need any more issues in this sector. So it's sad to see that these things happen.

好的。感謝那。大家，早安。非常感謝您回答我的問題。我有三個。首先，恭喜季度表現良好，並感謝您提供堆浸資訊。我們不需要這個領域再有任何問題。所以看到這些事情的發生令人難過。

Just starting on the operational front. Just wanted to ask about -- you mentioned the higher-grade -- relatively higher grades at Paracatu in Q4. Obviously, Manh Choh in Q4, it looks like Q4 should do better. I just want to know, is there any maintenance shutdown in any aspects in Q3 or Q4 that I should be considering in the quarterly estimate?

剛從營運方面開始。只是想問一下——你提到了更高的成績——第四季度帕拉卡圖相對較高的成績。顯然，第四季的Manh Choh，看起來第四季應該做得更好。我只是想知道，在第三季或第四季的任何方面是否有任何我應該在季度估算中考慮的維護停工？

Yeah. So for Tasiast, we're getting to the point where we have to do big liner changes. So that's happening in Q3. And we do have sort of run-of-mine stuff happening at La Coipa as well in terms of shutdowns. And those two will have an interest. As far as Paracatu is concerned, a lot of those are into the early next year.

是的。因此，對於 Tasiast 來說，我們已經到了必須對襯裡進行重大更改的地步。這就是第三季發生的情況。在拉科帕，我們確實也發生了一些原礦事故，包括停工。這兩個人會有興趣。就帕拉卡圖而言，其中許多都將在明年初進行。

Okay. So if I look at that, should I be thinking that these two last quarter should be relatively similar if I was to adjust for these maintenance in Q3?

好的。因此，如果我看一下，如果我要在第三季進行這些維護調整，我是否應該認為上個季度的這兩個季度應該相對相似？

Yeah. I mean, it may have become apparent that we we're really trying to flatten out the waves in the quarters over the last couple of years at Kinross. Also we keep focusing on being in that [500] -- so 2 million divided by four top branch, (inaudible) so we are focusing on making it more sort of repetitious because of these highs and lows.

是的。我的意思是，很明顯，我們確實在努力平息金羅斯過去幾年各季度的波動。此外，我們一直專注於[500]——所以 200 萬除以四個頂級分支（聽不清楚），因此我們專注於使其更加重複，因為這些高點和低點。

Okay. That's helpful. Thank you so much for that.

好的。這很有幫助。對此感激不盡。

Ralph Profiti, Eight Capital.

拉爾夫·普羅菲蒂，八資本。

Thanks, operator. Just quickly, Please, Andrea, on Mauritania elections, no mining related issues, but just wondering when the next the budget is presented, are you expecting any sort of fiscal related matters relate regarding sort of tax policy that may impact Kinross and Tasiast, either positive or negative?

謝謝，接線生。請盡快，安德里亞，關於毛里塔尼亞選舉，沒有與採礦相關的問題，但只是想知道下一次預算何時提出，您是否期望任何與可能影響金羅斯和塔西亞斯特的稅收政策相關的財政相關問題積極還是消極？

I'll take that, Ralph. Yes, look, I mean as you saw, the President Ghazouani was just re-elected on a strong majority. We're very pleased to see that. We have an excellent relationship with his administration and he has shown himself to be very much a pro-business and is really -- the country itself, I think, prides themselves on the stability that they offer in the region.

我會接受的，拉爾夫。是的，我的意思是，正如你所看到的，加佐瓦尼總統剛剛以絕對多數票再次當選。我們很高興看到這一點。我們與他的政府有著良好的關係，他表現出了非常親商的態度，而且我認為，這個國家本身也為該地區提供的穩定感到自豪。

So we're not expecting anything really that's going to change. You may also recall that we actually have a stability agreement that we signed that gives us clarity on our fiscal regime. We renegotiated that a few years ago.

所以我們並不期待任何真正的改變。您可能還記得，我們​​實際上簽署了一份穩定協議，該協議使我們明確了我們的財政制度。幾年前我們重新進行了談判。

So short answer is, not expecting any changes. It's -- obviously the elections happen, it's sort of summer politically there now and I expect there may be a reshuffling of the cabinet and we're looking for -- I'm personally planning to get over there in hopefully early September and meet with President Ghazouani and perhaps any new ministers that have been changed out but it's all very stable and very good.

簡短的回答是，不期待任何變化。很明顯，選舉即將到來，現在政治上正值夏季，我預計內閣可能會進行改組，我們正在尋找——我個人計劃在 9 月初前往那裡，並與加佐瓦尼總統，也許還有更換的新部長，但一切都非常穩定，非常好。

Okay. Thanks for that. And if I could just get an update with respect to Great Bear parent and the AEX permit, I'm just wondering if you sort of measure it against precedent? We're still a ways off from the underground decline in mid-2025, but just wondering how we're sort of tracking maybe get sort of a firmer time line on when that permitting come due.

好的。感謝那。如果我能得到有關大熊母公司和 AEX 許可證的最新信息，我只是想知道您是否會根據先例來衡量它？我們距離 2025 年中期的地下衰退還有很長的路要走，但只是想知道我們如何追踪，以便在許可到期時獲得更嚴格的時間表。

Yeah, sure. Maybe I'll start and then I'll ask Geoff to jump in. He's been in charge so to speak. You're right. So the strategy -- the permit strategy there is really divided into 2 parts. Provincial permits that will support the AEX, the exploration decline and again, we've been hard at work at that and I'll let Geoff comment on some of our expectations on timing.

好，當然。也許我會開始，然後我會請傑夫加入。可以這麼說，他一直在負責。你說得對。因此，該策略——許可策略實際上分為兩部分。支持 AEX 的省級許可證、勘探數量的下降以及我們一直在努力的工作，我將讓 Geoff 評論一下我們對時間安排的一些期望。

And then the second part, build the mine. As you recall, if you're greater than 5,000 tonnes per day in the mill, you get kicked into a Federal review. So we've got a parallel permit strategy going for the Main Project which is naturally somewhat lagging behind the exploration. And in that regard, again, well underway. I'll let Geoff speak to the timing of the main permit and what we're doing there as well.

然後是第二部分，建造礦井。您還記得嗎，如果工廠每天的產量超過 5,000 噸，您就會受到聯邦審查。因此，我們為主要專案製定了並行許可策略，這自然有點落後於勘探。在這方面，一切進展順利。我會讓傑夫談談主要許可的時間安排以及我們在那裡所做的事情。

Sure. Thanks, Paul. What I'll do is I'll just quickly divided up between the provincial permitting process, AEX as Paul just described and the main project. Turning to AEX, our team has completed a tremendous amount of work with the Ontario authorities and our First Nations partners, Wabauskang and Lac Seul, and they've provided express letters of support to the authorities for the AEX permit.

當然。謝謝，保羅。我要做的就是快速劃分省級許可流程、Paul 剛才所描述的 AEX 和主要項目。談到 AEX，我們的團隊與安大略省當局以及我們的原住民合作夥伴 Wabauskang 和 Lac Seul 完成了大量工作，並且他們已向當局提供了明確的支持 AEX 許可證的信函。

We're expecting our AEX permits in the near term, with a view to commencing our early works in H2 of 2024. With respect to the main project and as previously disclosed, we remain engaged with IAAC on the impact assessment process.

我們預計在短期內獲得 AEX 許可，以便在 2024 年下半年開始我們的早期工作。對於主要項目，如同先前所揭露的，我們將繼續與 IAAC 就影響評估流程進行合作。

As we've made the market aware, we previously filed our detailed project description. We're waiting on IAAC to provide the tailored impact study guidelines, which were also expecting in the near term. And as you'll appreciate, that will underpin the impact assessments reports. And so on both fronts, I would say we're in good shape, and we're making great progress.

正如我們已經讓市場意識到的那樣，我們之前提交了詳細的項目描述。我們正在等待 IAAC 提供量身定制的影響研究指南，這也是我們期望在短期內實現的。正如您所理解的，這將成為影響評估報告的基礎。因此，我想說，在這兩個方面，我們都處於良好狀態，並且正在取得巨大進展。

All right. Thanks. That's what I was looking for. Appreciate it.

好的。謝謝。這就是我一直在尋找的。欣賞它。

Tanya Jakusconek.

坦妮亞·雅庫斯科內克

Great. Thank you so much. Operator, please don't cut me off. I have two questions. Perhaps three to start now I have two. Just wanted to come back, Andrea, just on the balance sheet again, I think in the previous conference call, we talked about $300 million reduction this year. You've done $200 million. Should I be thinking another $100 million or with this stronger free cash flow generation, could we see more occurring in 2024? And then I think you said another $500 million or thereabout repayment in 2025 sort of by the first half?

偉大的。太感謝了。接線員，請不要打斷我的電話。我有兩個問題。也許從三個開始，現在我有兩個。只是想回來，Andrea，再次在資產負債表上，我想在之前的電話會議中，我們談到了今年削減 3 億美元。您已經賺了 2 億美元。我是否應該考慮再投入 1 億美元，或者隨著自由現金流的產生更加強勁，我們是否會在 2024 年看到更多的情況發生？然後我想你說過在 2025 年上半年再償還 5 億美元左右？

Yeah, Tanya, I think looking back, the $300 million was when we were talking about 2000 gold. So our sensitivity is for every $100 in gold prices, an additional $200 million in cash flow. That's an annual number. So we've obviously seen higher gold prices. So that $300 million is -- what we've seen recently more in the $700 million range is what we'd expect for this year. And so as I said earlier, we will have some left next year, but a lot lower than we had talked about at the start of the year.

是的，Tanya，我想現在回想起來，3 億美元是在我們談論 2000 黃金的時候。因此，我們的敏感度是，金價每上漲 100 美元，就會增加 2 億美元的現金流。這是一個每年的數字。所以我們顯然看到金價上漲。因此，我們最近在 7 億美元範圍內看到的 3 億美元是我們今年的預期。正如我之前所說，明年我們還會剩下一些，但比我們年初談到的要低得多。

Okay. So probably more than debt repayment of the year (inaudible) asset?

好的。那麼可能超過當年償還債務（聽不清楚）的資產？

Yeah. Again, I think your gold price $2,300, we -- in total for the year, I think we project $700 million of repayment.

是的。再說一次，我認為你的金價為 2,300 美元，我們今年總共預計還款 7 億美元。

That's very helpful. Thank you so much for that. And then my last question is just on Great Bear. And I think Paul on the previous conference call, we had talked about still a 10,000 tonne per day scenario, sort of 5 million ounces, giving us that 500,000 ounce annual production.

這非常有幫助。對此感激不盡。我的最後一個問題是關於大熊的。我認為保羅在之前的電話會議上，我們仍然討論了每天 10,000 噸的情況，大約是 500 萬盎司，這樣我們的年產量就是 50 萬盎司。

I guess we'll get an update in resource in early September. How should we think about the capital and the operating costs? I mean those numbers of capital of $1 billion, $1.2 billion? And I think the all-in sustaining were about $800 an ounce. Those are quite stale numbers. Should we be thinking something in the sort of 10% to 15% inflation adjusted for these -- they're just old numbers. So I just want to make sure that we're not caught off start on the release?

我想我們會在九月初得到資源更新。我們應該如何考慮資本和營運成本？我指的是 10 億美元、12 億美元的資本數字？我認為總的支撐價格約為每盎司 800 美元。這些都是相當陳舊的數字。我們是否應該考慮針對這些因素調整 10% 至 15% 的通膨率——它們只是舊數字。所以我只是想確保我們在發佈時不會陷入困境？

Sure. Yeah, that's a good point, Tanya. I mean, look, I mean inflation has come down but it hasn't gone away. So to the extent we were saying 1% to 1.2%, I would say 1.2% in today's world from where we started two years ago is more -- is directionally more where we're thinking for initial capital.

當然。是的，這是一個很好的觀點，塔妮亞。我的意思是，你看，我的意思是通膨已經下降，但並沒有消失。因此，就我們所說的 1% 到 1.2% 而言，我想說，在當今世界，1.2% 比我們兩年前開始的水平更高——從方向上講，我們考慮的初始資本更多。

On the sustaining cost, again, we're going to be out with the detail in a month. I guess, I would just say we're still fine-tuning. But directionally, we have always said AISC less than $1,000 and we're certainly feeling good about the direction we're going there as well.

關於維持成本，我們將在一個月內公佈詳細資訊。我想，我只想說我們仍在微調。但從方向上看，我們一直說 AISC 低於 1,000 美元，我們當然也對我們的發展方向感覺良好。

So look, again and that's in the context of today, midyear 2024 construction still won't be happening for a couple of years. So whatever I say today, like the 1.2% plus inflation, we expect will probably continue but not -- I guess what I'm trying to say is this is inflation around the edge, it's not a dramatic departure and what we thought the capital would be.

所以，再看一遍，在今天的背景下，2024 年年中的建設仍然需要幾年時間才能實現。因此，無論我今天說什麼，例如1.2% 以上的通膨，我們預計可能會持續下去，但不會——我想我想說的是，這是通膨的邊緣，這並不是一個戲劇性的背離，我們認為資本將會。

It's -- this is a very straightforward project. In the greater scheme of things, this is not a large capital ticket for us. This is something that we forecast that we'll be quite manageable with our existing cash flow. And so I guess I'm trying to -- the report will be out in one month but I'm managing expectations that we're reasonably on track with where we indicated we would be

這是一個非常簡單的項目。從更大的角度來看，這對我們來說並不是一筆大筆資金。我們預測，我們現有的現金流可以很好地管理這一點。所以我想我正在努力——報告將在一個月內發布，但我正在管理預期，即我們正在合理地步入我們所表明的目標

Yes, I appreciate it. I mean I appreciate that. It's just having an idea that we have seen some inflation. Some of those numbers would come into these source sale numbers that we had of like three, four years ago and if not longer. And it's just -- we appreciate that, that will be a 2024 number. And then obviously, by the time we build later a couple of years out, it will be different at that point. But I appreciate the color. Thank you.

是的，我很感激。我的意思是我很欣賞這一點。只是有一個想法，我們已經看到了一些通貨膨脹。其中一些數字將進入我們三、四年前甚至更久之前的來源銷售數據。我們很高興這將是 2024 年的數字。顯然，當我們幾年後進行建設時，情況將會有所不同。但我很欣賞它的顏色。謝謝。

That concludes your Q&A session, and I'll now turn the conference back over to Paul for closing remarks.

問答環節到此結束，現在我將把會議轉回保羅做閉幕詞。

Operator, and thank you, everyone, for joining us this morning. We look forward to catching up in person in the coming weeks. Thank you.

接線生，謝謝大家今天早上加入我們。我們期待在未來幾週親自進行交流。謝謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。