Kinross Gold Corp (KGC) 2024 Q3 法說會逐字稿

Thank you for standing by and welcome to the Kinross Gold Crop third quarter, 2024 results conference call and webcast.

感謝您的耐心等待並歡迎參加 Kinross Gold Crop 2024 年第三季業績電話會議和網路廣播。

All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session.

所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。

(Operator Instruction)

（操作員說明）

Thank you. I'd now like to turn the call over to David Shaver, Senior Vice President of Kinross Gold. You may begin.

謝謝。我現在想將電話轉給 Kinross Gold 資深副總裁 David Shaver。你可以開始了。

Thank you and good morning

謝謝你，早安

With us today, we have Paul Rollinson CEO and from the Kinross Grold Senior Leadership Team, Andrea.S Freeborough ,Claude Schimper, William.D Dunford and Geoffrey P. Gold, for a complete discussion of the risks and uncertainties which may lead to actual results differing from estimates contained in our forward-looking information.

今天，我們邀請了 Paul Rollinson 執行長以及來自 Kinross Grold 高級領導團隊的 Andrea.S Freeborough、Claude Schimper、William.D Dunford 和 Geoffrey P. Gold，全面討論了可能導致實際情況的風險和不確定性。結果與我們的前瞻性資訊中包含的估計不同。

Please refer to page 2 of this presentation our news release dated November 5th,2024 the MD&A for the period ended September 30th,2024 and our most recently filed AIF(in audible) all of which are available on our website.

請參閱本簡報的第2 頁，我們於2024 年11 月5 日發布的新聞稿、截至2024 年9 月30 日期間的MD&A 以及我們最近提交的AIF（音訊），所有這些都可以在我們的網站上取得。

I will now turn the call over to Paul.

我現在將把電話轉給保羅。

Thanks David and thank you all for joining us.

謝謝大衛，也謝謝大家加入我們。

This morning, I will provide an overview of what was another strong quarter for us, discuss high level updates on our operations and projects and confirm our outlook.

今天早上，我將概述我們又一個強勁的季度，討論我們營運和專案的高層更新，並確認我們的前景。

I'll then hand the call over to Andrea and Claude and will to provide more detail.

然後我會將電話轉交給 Andrea 和 Claude，並提供更多詳細資訊。

Q3 was another excellent quarter for us. Building on our strong performance in the first half of the year, our portfolio of minds continues to perform very well.

第三季對我們來說是另一個出色的季度。基於我們上半年的強勁表現，我們的思維組合持續表現出色。

As of Q3, we had produced just over three quarters of our full year production with cost tracking in line with our guidance range. Our ability to hold costs in this rising gold price environment continues to benefit our margins.

截至第三季度，我們的產量僅佔全年產量的四分之三多一點，成本追蹤符合我們的指導範圍。在金價上漲的環境下，我們控製成本的能力持續有利於我們的利潤。

In Q3, we grew our operating margins by 14% over the prior quarter compared to a 6% increase in the gold price. As a result, we generated record quarterly free cash flow of $415 million. An increase of approximately 20% compared to the prior quarter for the first 9months, free cash flow was over $900 million. We've continued to allocate excess free cash towards debt repayment and have now repaid $650 million out of the $1 billion term loan.

第三季度，我們的營業利潤率比上一季成長了 14%，而金價則上漲了 6%。結果，我們創造了創紀錄的 4.15 億美元季度自由現金流。前 9 個月的自由現金流較上一季成長約 20%，超過 9 億美元。我們繼續分配多餘的自由現金用於償還債務，目前已償還 10 億美元定期貸款的 6.5 億美元。

Looking ahead, we are in a strong position to make further repayments to the term loan before you're in with respect to operations our production in the third quarter was strong, delivering $564,000 ounces at a cost of sales of under $1000 per ounce.

展望未來，我們有能力在您進入營運之前進一步償還定期貸款，因為我們第三季的生產強勁，交付了 564,000 美元盎司，銷售成本低於每盎司 1000 美元。

Our two largest assets, Tasiast and Bald Mountain two both perform well with production increasing at both sites over the prior quarter, Tasiast has had another excellent quarter delivering exceptional free cash flow from high margin production.

我們最大的兩個資產Tasiast 和Bald Mountain 均表現良好，兩個基地的產量均較上一季度有所增加，Tasiast 又經歷了一個出色的季度，從高利潤率生產中帶來了異常的自由現金流。

Paracatu, also had a standout quarter with higher production and cash flow over the prior quarter at La Coipa, we remain on track to deliver our production guidance at our US. Operations. Production was on plan and higher over the prior quarter. As initial production from higher grade man show commenced in early July.

Paracatu 的季度業績也表現出色，La Coipa 的產量和現金流都高於上一季度，我們仍有望在美國實現生產指引。營運.生產按計劃進行，且高於上一季。高級男士秀的初步製作已於七月初開始。

Moving to updates on our project activities, we continue to make good progress across the portfolio in the third quarter including the addition of two senior executives who bring notable large scale project construction experience in Ontario and Chile.

談到我們專案活動的最新情況，我們在第三季的整個投資組合中繼續取得良好進展，包括增加了兩名高級管理人員，他們在安大略省和智利帶來了顯著的大型專案建設經驗。

These additions come at an important time as we focus on our project development priorities at great bear Lobo-Marte. We see an excellent long-term potential for another long-life, low-cost asset with meaningful production at Ram Mountain. We continue to advance phase X with drilling demonstrating exciting grades and widths which will is going to speak to you later with respect to great bear. We continue to make excellent progress as discussed during our PEA a presentation in September.

這些補充是在我們專注於偉大的 Lobo-Marte 專案開發優先事項的重要時刻出現的。我們看到拉姆山另一項長壽命、低成本且有意義的生產資產具有良好的長期潛力。我們繼續推進 X 階段，鑽探展示了令人興奮的等級和寬度，稍後將與您談論大熊。正如 9 月份 PEA 演示中所討論的那樣，我們繼續取得出色進展。

We have illustrated the top tier potential of this asset.

我們已經展示了該資產的頂級潛力。

The P/E A outlined significant annual production of approximately $500,000 ounces and robust cash flow with an impressive all in sustaining cost of approximately $800 per ounce.

P/E A 概述了大約 50 萬美元的年產量和強勁的現金流，以及每盎司約 800 美元的令人印象深刻的維持成本。

The study outlined strong base case economics and at current spot prices, the project generates an impressive MPV and IRR with the modest initial project capital requirement.

該研究概述了強有力的基本經濟情況，並以當前現貨價格計算，該項目在初始項目資本要求適中的情況下產生了令人印象深刻的 MPV 和 IRR。

As we indicated, the PEA represents only a point in time estimate and we continue to see geologic potential to support a multi decade mine life. So, the great bear a EX program permitting and detailed engineering continue to advance. We recently reached an important a EX permitting milestone with the submission of our final closure plan to the Ontario Ministry of Mines.

正如我們所指出的，PEA 僅代表一個時間點估計，我們繼續看到支持數十年礦山壽命的地質潛力。因此，偉大的EX計劃允許和詳細的工程繼續推進。最近，我們向安大略省礦業部提交了最終關閉計劃，達到了 EX 許可的一個重要里程碑。

We expect approval of the closure plan shortly allowing for commencement of early works construction regarding permitting for the main project, we continue to work with the Impact Assessment Agency of Canada on the impact statement which we plan to file next year.

我們預計關閉計劃很快就會獲得批准，以便開始有關主要項目許可的早期工程建設，我們將繼續與加拿大影響評估機構合作制定我們計劃明年提交的影響報告。

In addition to the projects I just touched on our team also continues to advance our study work and other opportunities and we look forward to providing more updates on this work in 2025.

除了我剛才提到的專案之外，我們的團隊也繼續推進我們的研究工作和其他機會，我們期待在 2025 年提供更多有關這項工作的更新。

Moving to our outlook with strong year-to-date performance, we are well positioned to meet our full year production and cost guidance. Our continued focus on operational performance, strong grades at multiple assets and rigorous cost discipline are driving record margins and free cash flow in addition, we're also advancing exploration to further support the future of our business.

展望今年迄今的強勁表現，我們有能力實現全年生產和成本指導。我們對營運績效的持續關注、多種資產的優異成績和嚴格的成本控制正在推動創紀錄的利潤率和自由現金流。

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

就這樣。我現在將把電話轉給安德里亞。

Thanks Paul.This morning. I will discuss our financial highlights from the quarter. Provide an overview of our balance sheet and comment on our guidance.

謝謝保羅，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評論我們的指導。

Our third quarter performance was strong with production cost and cash flow all improving. Over the prior quarter, we produced $564,000 ounces with sales of $551,000 ounces and remain on track for a full year. Production of $2.1 million ounces cost of sales was $980 per ounce. Improving from $1,029per ounce in the prior quarter with an average realized gold price of $2477 per ounce. We delivered strong margins of approximately $1500 per ounce margins improved from approximately $1300 per ounce in the prior quarter. And as Paul noticed this improvement outpaced, the increase in the average realized gold price all in sustaining cost was $1350 per ounce and was lower over the prior quarter. Primarily on higher gold sales for the first 9 months, cost of sales was $997 per ounce and we are on track for our guidance of $1,020per ounce for the year.

我們的第三季業績強勁，生產成本和現金流均有所改善。上一季度，我們的產量為 564,000 美元，銷售額為 551,000 美元，全年保持正常成長。產量為 210 萬盎司，銷售成本為每盎司 980 美元。平均已實現黃金價格為每盎司 2477 美元，較上一季的每盎司 1,029 美元有所上漲。我們實現了每盎司約 1500 美元的強勁利潤，較上一季每盎司約 1300 美元有所改善。Paul 注意到這一改善速度超過了預期，在維持成本的情況下，平均已實現黃金價格的漲幅為每盎司 1350 美元，低於上一季。主要是由於前 9 個月黃金銷量增加，銷售成本為每盎司 997 美元，我們今年的指導價為每盎司 1,020 美元。

In Q3, our adjusted earnings were 24%per share and adjusted operating cash flow was $625 million. Both improving over the prior quarter, capital expenditures were $276 million in the third quarter and $772 million. In the first 9 months.

第三季度，我們調整後的每股盈餘為 24%，調整後的營運現金流為 6.25 億美元。兩者均較上一季有所改善，第三季資本支出為 2.76 億美元，資本支出為 7.72 億美元。在前 9 個月。

In Q3, we generated $415 million of attributable free cash flow or $350 million excluding positive working capital changes. Year-to-date, we have generated an impressive free cash flow of $906 million.

第三季度，我們產生了 4.15 億美元的歸屬自由現金流，若不計營運資本的正變化，則為 3.5 億美元。今年迄今為止，我們已經產生了令人印象深刻的 9.06 億美元的自由現金流。

Turning to the balance sheet, our financial position continued to strengthen in the third quarter after repaying $200 million against the term loan in Q2, we repaid an additional $350 million in the third quarter and then made another $100 million payment last week. In total, we have repaid $650 million this year leaving $350 million outstanding.

談到資產負債表，在第二季償還了2 億美元的定期貸款後，我們的財務狀況在第三季繼續加強，我們在第三季額外償還了3.5 億美元，然後上週又支付了1億美元。今年我們總共償還了 6.5 億美元，仍有 3.5 億美元未償還。

Looking forward as Paul mentioned, we expect to continue to make payments against the balance before the end of the year. Over the last 18 months, we have reduced our net debt by approximately $1 billion and our net debt to EBITA from 1.7 times to 0.5 times as of the end of Q3. With respect to guidance, we remain firmly on track for all of our key metrics.

展望未來，正如保羅所提到的，我們預計將在年底前繼續支付餘額。在過去 18 個月中，截至第三季末，我們的淨債務減少了約 10 億美元，淨債務與 EBITA 的比例從 1.7 倍減少到 0.5 倍。在指導方面，我們所有的關鍵指標都堅定地走在正軌上。

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。

Starting with our most important value safety. I'm pleased to say that our Global Safety Excellence Program which was launched in 2023 has now been completed by over 70% of the workforce including both employees and business partners.

從我們最重要的價值安全開始。我很高興地說，我們於 2023 年啟動的全球安全卓越計畫現已由超過 70% 的員工（包括員工和業務合作夥伴）完成。

Under the spirit of continuous improvement and building on our successful track record. This quarter, we finalized our health and safety brand called Safe Ground, which represents the importance that Quiros places not only on physical safety, but also psychological safety and respectful workplaces by reinforcing the importance of creating a culture in which everybody feels they are on safe ground to speak of moving on to operating performance.

本著持續改進和建立我們成功記錄的精神。本季度，我們最終確定了名為 Safe Ground 的健康和安全品牌，它代表 Quiros 不僅重視人身安全，而且重視心理安全和尊重的工作場所，強調營造一種讓每個人都感到安全的文化的重要性有理由談論轉向經營業績。

As Paul indicated, our operations performed well in Q3 Ts has delivered production of $1062,000 ounces at a cost of sales of $688 per ounce in line with the prior quarter.

正如 Paul 指出的，我們第三季的營運表現良好，產量為 1062,000 盎司，銷售成本為每盎司 688 美元，與上一季持平。

Production benefits from stable mall performance with throughput increasing to a new record as this was once again our lowest cost asset driving significant free cash flow, the slightly lower grades and maintenance plan in the fourth quarter that remains on track to meet its full year production guidance of $610,000 ounces at a cost of sales of $670 per ounce at Paracatu production of $146,000 ounces at a cost of sales of $1006 per ounce improved over the prior quarter driven by stronger grades and recoveries.

生產受益於穩定的購物中心表現，吞吐量增加至新紀錄，因為這再次成為我們成本最低的資產，推動了大量的自由現金流，第四季度的品位和維護計劃略有下降，但仍有望滿足全年生產指引帕拉卡圖產量為 61 萬美元，銷售成本為每盎司 670 美元。

As planned mine sequencing has started to transition into the higher-grade portions of the pit which is expected to support higher production next year.

按照計劃，礦山排序已開始過渡到礦坑的較高品位部分，預計明年將支持更高的產量。

Barag two remains on track to meet his 2024 production guidance of $510,000 ounces at a cost of sales of $1,080 per ounce.

Barag 2 仍有望以每盎司 1,080 美元的銷售成本實現 2024 年 51 萬美元的產量指引。

At La Coipa Q3, production was $51,000 ounces at a cost of sales of $1,000 and $74 per ounce.

La Coipa 第三季的產量為 51,000 美元盎司，銷售成本為 1,000 美元，每盎司 74 美元。

Thela Coipa is being managed while mill optimization initiatives are being implemented production remains on track for a full year target of $250,000 ounces.

Thela Coipa 正在接受管理，同時實施工廠優化計劃，產量仍有望實現全年 250,000 盎司的目標。

Moving to our US operations, production of $205,000 ounces was driven by a strong contribution from our operations in Alaska.

轉向我們的美國業務，阿拉斯加業務的強勁貢獻帶動了 205,000 盎司的產量。

Our US sites remain on track to achieve full year guidance range of $730,000 ounces at a cost of sales of 13 $30 per ounce in Alaska, production of $120,000 ounces was higher compared to the prior quarter. On record mill grade and recovery as production commenced from the higher-grade mantra during the quarter.

我們的美國工廠仍有望實現 73 萬美元盎司的全年指引範圍，阿拉斯加的銷售成本為每盎司 13 30 美元，產量為 12 萬美元盎司，高於上一季。隨著本季更高品位口號的生產開始，工廠品位和回收率創歷史新高。

Construction and commissioning of the (in audible) modifications were completed in Q3, but the project now fully transferred to the operations team and is performing as planned cost of sales of $973 per ounce was lower over the prior quarter. Primarily due to the higher production from Mantra at Bald Mountain, we produced $43,000 ounces at a cost of sales of $1,326 per ounce. At Round Mountain production of $42,000 ounces was lower over the prior quarter due to fewer ounces stacked and recovered from the pads. As per our planned mining sequence cost of sales of $1540 pounds was in line with the prior quarter at phase s mining remains on track. The construction of the heat bridge pad expansion was completed on schedule in Q3 and phase s production is expected to begin in the second half of next year.

（音訊）修改的建造和調試已於第三季完成，但該專案現已完全轉移給營運團隊，並按計劃執行，銷售成本為每盎司 973 美元，低於上一季。主要由於 Bald Mountain 的 Mantra 產量較高，我們生產了 43,000 盎司，銷售成本為每盎司 1,326 美元。Round Mountain 的產量為 42,000 美元盎司，較上一季下降，原因是堆疊和從墊片中回收的盎司數量減少。根據我們計劃的採礦順序，銷售成本為 1540 英鎊，與上一季一致，第 s 階段的採礦仍按計劃進行。熱橋墊擴建工程已於第三季按計畫完成，預計明年下半年開始第二期生產。

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

現在，我將把電話轉給 William 來討論我們的專案。

Thanks Claude. Moving to updates on our projects at Rail Mount Phase. Development of the exploration decline continues to progress well with over 2.7 kilometers developed as far.

謝謝克勞德。接下來介紹我們鐵路安裝階段專案的最新情況。勘探斜坡的開發持續進展順利，目前已開發超過2.7公里。

Exploration drilling has also progressed well and in Q3, we started infill drilling, the primary phase X target which is shown in purple on the slide.

勘探鑽井也進展順利，在第三季度，我們開始加密鑽井，這是主要的 X 階段目標，在幻燈片上以紫色顯示。

The infill drilling has shown exciting results as is highlighted by the red stars on the slide with multiple high-grade intercepts of strong width including DX 71 which intersected approximately 37 meters at 10.7 g per ton opportunity. Drilling this year outside of the primary exploration target has also shown strong grades and width indicating potential to expand mineralization at phase X.

加密鑽探顯示出令人興奮的結果，滑道上的紅星突出顯示了多個高品位的強寬度截斷，其中包括 DX 71，其以每噸 10.7 克的機會截斷約 37 米。今年在主要勘探目標之外的鑽探也顯示出強烈的品位和寬度，顯示 X 階段礦化有擴大的潛力。

A particular note, DX 52 intercepted an impressive 30 grams per ton over 32 meters and 11.5 grams per ton over 23 meters outside of the original exploration target.

特別值得注意的是，DX 52 在 32 公尺處攔截了令人印象深刻的 30 克/噸，在 23 公尺處攔截了 11.5 克/噸，超出了最初的勘探目標。

We are pleased with these results which continue to support our hypothesis of potential for higher margin mining from a bulk underground at (in audible).

我們對這些結果感到滿意，這些結果繼續支持我們的假設，即從大量地下開採中具有更高利潤的潛力（可聽）。

Moving to curlew basin exploration drilling this year has continued to expand mineralization in the lower areas of our resource where we see good margin potential on the back of strong grades and widths.

今年轉向麻鷸盆地勘探鑽探繼續擴大了我們資源較低區域的礦化，我們看到在強勁的品位和寬度的支持下具有良好的利潤潛力。

As you can see on the slide, a recent hole at the cell zone returned approximately 14 grams per ton over 10 meters. Well, outside of our existing resource, we are encouraged with the results on both exploration and mine plan optimization which are highlighting areas with good mining webs and strong grades.

正如您在幻燈片上看到的，最近在單元區域出現的一個洞在 10 公尺範圍內返回了大約每噸 14 克。嗯，除了我們現有的資源之外，我們對勘探和採礦計劃優化的結果感到鼓舞，這些結果突出顯示了具有良好採礦網和高品位的區域。

As Paul mentioned, we recently welcomed a new senior executive to our team in Chile to oversee the progression of global Marte. And we are currently advancing baseline studies.

正如 Paul 所提到的，我們最近在智利團隊迎來了一位新的高階主管，負責監督全球 Marte 的進展。我們目前正在推進基線研究。

As a reminder, we published a feasibility study on lobo in 2021 which highlighted a high quality development project located in close proximity to the La Coipa mine.

謹此提醒，我們於 2021 年發布了一份關於 lobo 的可行性研究報告，其中重點介紹了位於 La Coipa 礦場附近的一個高品質開發案。

Global Marte has significant potential for high margin production driven by the strong heat bleach grade of 1.3 grams per ton and a low strip ratio of 2:1 the asset has significant scale with a study highlighting $4.7 million ounces of production over a 16-year mine life with average annual production of approximately $300,000 ounces.

Global Marte 在每噸 1.3 克的強熱漂白品位和 2:1 的低剝採比的推動下具有巨大的高利潤生產潛力，一項研究強調該資產規模巨大，16 年礦山的產量為 470 萬盎司平均年產量約30 萬盎司。

Strategically lobo has the potential to be a key low-cost contributor to our production profile in the 2030s.

從策略上講，lobo 有潛力成為 2030 年代我們生產概況的關鍵低成本貢獻者。

Lastly, with respect to Great Bear, as Paul noted earlier, we released a PEA in Q3 which showed robust economics, impressive margins and a quick payback. As you can see highlighted on this slide.

最後，關於 Great Bear，正如保羅之前指出的，我們在第三季度發布了 PEA，顯示出強勁的經濟狀況、可觀的利潤率和快速的回​​報。正如您在這張投影片上突出顯示的那樣。

In addition to the impressive geology and economics of the project, our significant technical work to date has also demonstrated a clean and straightforward project across the board including the metallurgy with higher recoveries of over 95%. A straightforward $10,000 ton per day milling circuit competent geotechnical conditions, a robust tailings management strategy and significant production flexibility from combined open pit and underground operations.

除了該項目令人印象深刻的地質和經濟效益外，我們迄今為止的重大技術工作還全面展示了一個乾淨、簡單的項目，包括回收率高達 95% 以上的冶金項目。每天 10,000 噸的簡單銑削迴路滿足岩土工程條件、強大的尾礦管理策略以及露天和地下作業相結合的顯著生產靈活性。

Important to note that the strong PEA results are just the beginning of the value story at Great Bear.

值得注意的是，強勁的 PEA 業績只是 Great Bear 價值故事的開端。

This is a point in time estimate showing only a window into the underground potential based on the drilling we have been able to do from service prior to April of this year.

這是一個時間點估計，僅顯示了根據我們今年 4 月之前進行的鑽探了解地下潛力的一個窗口。

As you can see on the slide, we also already have multiple intercepts well below the P/E a resource with strong grades and width, demonstrating continuity of the system at depth and the significant potential for further expansion of the resource given we have already drilled out a P/E a inventory providing a robust 12 year my life and demonstrate a continuation of mineralization. Beyond that, we will be wrapping up deep drilling from surface at LP this year and shift our focus to progressing the advanced exploration decline which will provide a platform for infield drilling from underground.

正如您在幻燈片中所看到的，我們還已經擁有遠低於市盈率的多個截距，該資源具有很強的品位和寬度，這證明了系統在深度上的連續性以及鑑於我們已經鑽探的資源進一步擴展的巨大潛力得出的市盈率清單提供了我 12 年的強勁壽命，並證明了礦化的持續性。除此之外，今年我們將結束 LP 的地面深部鑽探，並將重點轉向推進高級勘探下降，這將為地下內場鑽探提供平台。

This provides more efficient drilling than from surface at these depths in parallel to developing AD X. We are also excited to be shifting our exploration focus to regional targets on the 120 square kilometer land package looking for both open pit and underground opportunities.

在開發 AD X 的同時，這比在這些深度的地面鑽探更有效。

As you can see on the slide, there is an 18 kilometer trend to great bear which has seen limited drilling to date as we have largely been focused on drilling off the resource at LP on approximately four kilometers of that trend.

正如您在幻燈片上看到的，有一個 18 公里的大熊趨勢，迄今為止的鑽探有限，因為我們主要集中在該趨勢約 4 公里處的 LP 資源鑽探。

We look forward to sharing those results with you through 2025.

我們期待在 2025 年之前與您分享這些成果。

I will now turn it back to Paul for closing remarks.

現在我將把它轉回給保羅做總結發言。

Thanks William.

謝謝威廉。

Following a strong third quarter and first nine months, our business is positioned for a strong end to the year.

繼第三季和前九個月的強勁表現之後，我們的業務預計將在今年年底實現強勁成長。

Looking forward, we are excited about our future. We have a strong production profile. We're generating significant free cash flow. We have an investment grade balance sheet that is continuing to strengthen. We have an attractive dividend.

展望未來，我們對我們的未來感到興奮。我們擁有強大的生產實力。我們正在產生大量的自由現金流。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。

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.

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，這繼續使我們成為永續發展的領導者。

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

與那個操作員。我想開通提問專線。

Thank you. We will now begin the question-and-answer session.

謝謝。我們現在開始問答環節。

(Operator Instruction)

（操作員說明）

Your first question comes from the line of Josh Wolfson from RBC Capital Markets. Your line is open.

你的第一個問題來自加拿大皇家銀行資本市場部的喬許·沃爾夫森（Josh Wolfson）。您的線路已開通。

Hi, thanks very much. Just wanted to ask on man show very strong results this quarter. You know, looks like both the contribution from throughput and grade. Is there any visibility you have into the sustainability of some of these results, I guess. Maybe more so on the throughput side which probably has more likelihood of being sustained.

你好，非常感謝。只是想問一下男人本季表現出非常強勁的業績。你知道，看起來像是吞吐量和品味的貢獻。我想您對其中一些結果的可持續性有任何了解嗎？也許在吞吐量方面更是如此，這可能更有可能持續下去。

Good morning, Josh.

早上好，喬許。

Yeah. So, we, we've reached a sort of stable production from that as we going to mill roughly $180 to $2000 tons a quarter from that up.

是的。因此，我們已經達到了某種穩定的產量，因為我們將在此基礎上每季研磨約 180 至 2000 美元噸。

So, we're at a stable rate and spending the grade that we put in the, the feasibility of it. We will manage it through the year. So we expect it to be consistent with what we've been able to do so far.

因此，我們處於穩定的速度並花費了我們投入的等級，它的可行性。我們將全年進行管理。因此，我們希望它與我們迄今為止所做的事情保持一致。

Okay. Maybe, maybe just more specifically, you know, $380,000 tons this quarter is pretty high and above steady state. Is there are some characteristics of the or that would prevent that from happening going forward or is that a reasonable, you know, forecast going.

好的。也許，也許更具體地說，本季 38 萬噸的價格相當高，高於穩定狀態。是否存在某些特徵或會阻止這種情況繼續發生，或者這是一個合理的預測。

Forward?

向前？

We're balancing it with.

我們正在平衡它。

The transportation. So roughly $200,000 per quarter from an O but also the Fort Knox production that's being balanced. The oddness of the ore is predicted to be stable over the coming years.

交通。因此，O 的每季約 20 萬美元，而且諾克斯堡的產量也處於平衡狀態。預計礦石的奇異性在未來幾年將保持穩定。

Good. Okay, thank you.

好的。好的，謝謝。

And then a question maybe on the CapEx side, if there's any visibility we have at this point into future numbers, I know that there's a number of projects the company is looking at you know, evaluating going forward in terms of extending asset duration. You know, how should we think about CapEx in upcoming years? The number this year being $1,050 you know, plus accounting for inflation and, and maybe what the discretionary spending would be at critical prices. Thank you.

然後可能是資本支出方面的一個問題，如果我們目前對未來的數字有任何了解，我知道公司正在考慮許多項目，評估未來在延長資產期限方面的進展。您知道，我們應該如何考慮未來幾年的資本支出？今年的數字是 1,050 美元，你知道，加上通貨膨脹因素，也許還有臨界價格下的可自由支配支出。謝謝。

Sure. Josh. So yeah, you said our, our CapEx this year in 24 is $1.05 billion. Looking forward. I first start by saying that we are still just in our budget process now. So, we're, you know, looking at this now, but expect that, you know, it'll be not significantly above where we were this year with just maybe adjusting for some inflation sort of what we're seeing as we look at it today.

當然。喬許。是的，你說我們今年 24 月的資本支出為 10.5 億美元。期待。我首先要說的是，我們現在仍處於預算過程中。所以，我們現在正在考慮這個問題，但預計它不會顯著高於今年的水平，只是可能會根據我們所看到的某種通貨膨脹進行調整今天就講到這裡。

Great, thank you. And if I can tuck in one more question, just on the capital allocation side, I mean, I'll say fantastic results in terms of cash generation this year. You know what I would think is comfortably above a billion dollars. You know, the debt repayment schedule looks like it will be resolved, you know, within the six months that the term loans due. You know, I guess the easy part of the capital allocation seems to be done in terms of debt repayment that that was identified earlier this year. You how do you think about, you know, allocating that, that free cash flow going forward in the context of let's call it reasonably stable CapEx. And, and debt no longer being as high of a priority.

太好了，謝謝。如果我能再提出一個問題，就資本配置方面而言，我的意思是，我會說今年在現金生成方面取得了出色的成果。你知道我認為這個數字已經超過十億美元了。你知道，債務償還時間表看起來將在定期貸款到期的六個月內解決。你知道，我想資本配置中最容易的部分似乎是在今年稍早確定的債務償還方面完成的。你如何看待，你知道，在我們稱之為相當穩定的資本支出的背景下分配未來的自由現金流。而且，債務不再是重中之重。

Sure, Josh, it's Paul, I'll take that one. Look, our philosophy hasn't really changed and we've been consistent in our philosophy on the capital allocation, as we've said, it's, it's needs of the business. Our business, we keep it well maintained. We keep it well maintained because that reduces risk after the needs of the business, obviously the balance sheet and as you, I fully agree, we're, we're making a good headway on taking out that term loan and I expect it'll be depending upon the gold price early in the new year and then it comes down as you look forward, it's really a question of, you know, internal growth versus return of capital.

當然，喬什，是保羅，我就選那個。看，我們的理念並沒有真正改變，我們在資本配置方面的理念一直保持一致，正如我們所說，這是業務的需求。我們的業務，我們維護得很好。我們對其進行良好維護，因為這可以降低業務需求之後的風險，顯然是資產負債表，正如您所言，我完全同意，我們在獲得定期貸款方面取得了良好進展，我希望如此。新年伊始的金價，然後隨著你的展望，它會下降，這實際上是一個內部成長與資本回報的問題。

But I would say, I guess I'm sadly, you know, this morning, as I look at what's happening with the gold price, it's a good reminder that we don't want to get too far ahead of ourselves. It'll be go price dependent and we'll, we'll no doubt get that question as we take out the term loan and get into the new year. But you know, it's it'll be somewhat go price dependent.

但我想說，我想我很傷心，你知道，今天早上，當我觀察金價的變化時，這是一個很好的提醒，我們不想走得太遠。這將取決於價格，當我們取出定期貸款並進入新的一年時，我們毫無疑問會得到這個問題。但你知道，這在某種程度上取決於價格。

Great. Thank you very much.

偉大的。非常感謝。

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。

Your line is open, Anita, your line is open.

您的線路已接通，安妮塔，您的線路已接通。

Hey, sorry, I put myself on mute there. Sorry about that.

嘿，抱歉，我把自己靜音了。對此感到抱歉。

First question is, well, firstly, congratulations on a solid quarter particularly on the cost control. I, I was wondering on the US operations as we look like on, on ball. Now, you stacked a lot. And it seems like, you know that that's in the inventory. Like how do we think about the production volumes next year and into 2026? I'm assuming I was tempted to add some ounces in 2026 from a residual leach, but I'm not sure how that that works out in the next two years. Could you just give some clarity on Bald Mountain?

第一個問題是，首先，恭喜本季表現穩定，尤其是在成本控制方面。我，我想知道我們在美國的行動，因為我們看起來進展順利。現在，你堆積了很多。看起來，你知道它在庫存中。例如我們如何看待明年和 2026 年的產量？我假設我很想在 2026 年從殘餘浸出中添加一些盎司，但我不確定在接下來的兩年裡效果如何。能簡單介紹一下禿頭山的情況嗎？

Yeah, we obviously a Bald Mountain, we've, we expect fairly stable production next year and then based on what's in the current inventory and, and the current pits that would start to taper off after next year. But obviously we're, we're looking at different optionality around additional pets, and, and laybacks at Bald Mountain that could continue that production profile out for longer.

是的，我們顯然是禿頭山，我們預計明年的產量將相當穩定，然後基於當前的庫存以及明年之後將開始逐漸減少的當前礦坑。但顯然，我們正在尋找圍繞額外寵物的不同選擇，以及禿頭山的休閒活動，這可以使生產狀況持續更長時間。

Okay. So you stop mining at the end of 2025 and then some residual each in 2026 still. Is that the, is that still on plan?

好的。因此，您將在 2025 年底停止採礦，然後在 2026 年仍保留一些剩餘。是嗎，還在計畫中嗎？

Yeah, just based on the current pet side without approving any new projects?

是啊，只是基於目前的寵物方面，沒有批准任何新項目？

Okay. Secondly, round Mountain, how does that? I mean, the, the, the volumes trended down a little bit this quarter does it, does it still dip into the first half of next year before it picks up? I thought I read that you had constructed a new leach pad and I'm just wondering when that starts to come on.

好的。其次，圓山，那是怎樣的呢？我的意思是，這個季度的銷量有一點下降，是不是，明年上半年銷量會有所下降，然後才會回升？我想我讀到你建造了一個新的瀝濾墊，我只是想知道什麼時候開始發生。

Yeah, I think next year our plan has always been that, that we will have lower production next year because we're getting to the bottom of phase W right now and we're in the process of stripping phase. So we do, we, we have construction of the heat pad which is great because we're putting, you know, ounces on fresh liner. But we do expect a lower production profile next year before starting to ramp up again with phase in 26. And 27.

是的，我認為明年我們的計劃一直是這樣，明年我們的產量將會降低，因為我們現在正處於 W 階段的底部，並且正處於剝離階段。所以我們做了，我們，我們有熱墊的結構，這很棒，因為我們在新的襯裡上放了盎司。但我們確實預計明年產量會較低，然後在第 26 期開始再次增加。還有27。

Okay. So to wrap it up, just my question was driving towards going from $2.1 million ounces to $2 million ounces next year. The major driver, I guess would be round mountain with some with some offset from Fort Knox Mano Ramp and.

好的。總而言之，我的問題是推動明年的黃金價格從 210 萬盎司上漲到 200 萬盎司。我猜主要的驅動力是圓形山，其中一些與諾克斯堡馬諾坡道有一定的偏移。

And higher, higher production.

而且產量越來越高。

Yeah. And then, it has a lower year next year which that's nothing new. We've been talking about that.

是的。然後，明年的銷售量會有所下降，這並不是什麼新鮮事。我們一直在談論這個。

Yeah.

是的。

Okay. Alright. Thank you very much. That's it for my questions.

好的。好吧。非常感謝。我的問題就這樣。

Your next question comes from the line of Mike Parkin from National Bank. Your line is open.

您的下一個問題來自國家銀行的邁克·帕金（Mike Parkin）。您的線路已開通。

Hi guys. Congrats on the solid quarter on round like the underground just keeps you seem to keep hitting this high grade pretty consistently and looking at slide 18 with where you're putting in the infrastructure, a lot of it seems like it's right on the doorstep of that decline is that, you know, basically on design and you're you'll be able to access some of those higher grade zones.

嗨，大家好。恭喜你像地下一樣堅實的四分之一讓你似乎一直保持這個高等級並且看看幻燈片 18 以及你在哪裡放置基礎設施，很多看起來就在門口下降的原因是，你知道，基本上是在設計上，你將能夠進入一些更高等級的區域。

It looks like early and just give us a refresh. Like you've obviously got quite a bit of development in there. Are we still looking at first production in 2027? Is that tracking towards like the front end, the back end of 2027 or in the 2028? I just any kind of color you can provide in terms of how that's shaping up in terms of first access to or.

看起來還早，只是讓我們煥然一新。就像你顯然在那裡得到了相當大的發展。我們還在考慮 2027 年首次生產嗎？是朝著 2027 年的前端、後端還是 2028 年進行？我只是你可以提供的任何一種顏色，就其在首次訪問或方面的形成方式而言。

Yeah. First off, I think you interpreted interpret it right in terms of where that drilling, that that's, you know, why we're calling it the opportunity drilling. We were really doing it as we progress the decline towards the main exploration target from the open pit. So it is right there that the, you know, additional mineralization that we've run into. So that does make it very easy to access and get into. We, we still are looking at 2027 as the primary date for start (in audible) operations at Round Mountain. But obviously, we may look to do some test Stopes, things like that as part of our due diligence as we progress the project. And it's easy to do that given that that opportunity, drilling is, is right beside the decline and the decline itself is actually quite close to the primary target as well. So we're kind of right there in terms of transitioning to production, there.

是的。首先，我認為您對鑽探位置的解釋是正確的，這就是我們稱之為機會鑽探的原因。當我們從露天礦坑向主要勘探目標推進時，我們確實在這樣做。所以，我們在那裡遇到了額外的礦化。因此，這確實使其非常容易訪問和進入。我們仍將 2027 年視為圓山開始（可聽）營運的主要日期。但顯然，我們可能會在專案進展過程中進行一些測試 Stopes，作為我們盡職調查的一部分。鑑於鑽探機會就在下降的旁邊，而下降本身實際上也非常接近主要目標，因此做到這一點很容易。因此，我們在向生產過渡方面已經做好了準備。

Is any of the development going right through or, or you kind of hard to tell from slide 18.(in audible)

是否有任何進展正在順利進行，或者，您很難從幻燈片 18 中辨別出來。

Do we have to or we going through it?

我們必須這樣做嗎？

We, we have crossed the or in our development. You can, I think last quarter, we highlighted some holes where we had the from and two and you could see in there that the from was zero, meaning that it was right at the face of the decline. So we, we have crossed a couple of different or bodies there mineralization zones, I should say.

我們，我們在我們的發展中已經跨越了。你可以，我認為上個季度，我們強調了一些漏洞，其中有 from 和兩個，你可以在那裡看到 from 為零，這意味著它正處於下降的邊緣。所以我應該說，我們已經穿越了幾個不同的礦化帶或物體。

Excellent. And just to remind us what, what are you kind of thinking of in terms of average grade coming from the underground, you know, excluding the impact of these high grade in pills.

出色的。只是為了提醒我們，您對來自地下的平均等級有何想法，您知道，排除這些高等級藥丸的影響。

Yeah, the original target there was kind of a 3 to 4 g bulk target really, as we talked about at the beginning there, it was all about the geometry and the significant width that we see there. It highlighted that in a few slides in the past. Obviously some of the intersections we've been having our higher grade and that, so that's a positive indicator. But you can see on the slide that we've really just started to drill off the main target. So we need to progress our work further before we have a more advanced and definitive view on the grade of the overall deposit.

是的，最初的目標實際上是一個 3 到 4 g 的散裝目標，正如我們在一開始所討論的那樣，這一切都與我們在那裡看到的幾何形狀和顯著寬度有關。它在過去的幾張幻燈片中強調了這一點。顯然，我們在一些交叉路口的成績較高，所以這是一個積極的指標。但您可以在投影片上看到我們實際上才剛開始深入研究主要目標。因此，我們需要進一步推進我們的工作，然後才能對整體存款的等級有更先進、更明確的看法。

Okay. And will all this drilling get factored into an updated resource for the year end reserve and resource update?

好的。所有這些鑽探是否都會納入年終儲量和資源更新的更新資源中？

Not, not this year. Again, if you, if you look just the highlights on the slide, we clearly haven't drilled off that entire deposit and there is some of that material that's already in our open pit resource. So before we do a conversion, we want to get widespread drilling across the deposit to be able to do a proper conversion. We'll do that next year.

不，今年不。再說一遍，如果您只看幻燈片上的亮點，我們顯然還沒有鑽出整個礦床，並且其中一些材料已經存在於我們的露天礦資源中。因此，在進行轉換之前，我們希望在礦床中進行廣泛的鑽探，以便能夠進行適當的轉換。明年我們會這樣做。

Okay. And on the question, I was sorry, I was just going to say on the great question obviously, in that 3 to 4 grand, we, we believed that was the right zone for positive economics. But clearly, based on the, you know, the grades we're getting, it seems to be trending to maybe something better than that, but we're just, we just haven't finished the work.

好的。關於這個問題，我很抱歉，我只是想說，顯然，在這個偉大的問題上，在 3 到 4 個大的領域，我們相信這是積極經濟學的正確區域。但顯然，根據我們獲得的成績，似乎有可能比這更好的趨勢，但我們只是，我們還沒有完成工作。

Look forward to the update. Thanks guys.

期待更新。謝謝你們。

Your next question comes from the line of Kerry MCcrory from CanAor Genuity. Your line is open.

您的下一個問題來自 CanAor Genuity 的 Kerry MCcrory。您的線路已開通。

Hi, good morning, everyone. Maybe I have a question.

嗨，大家早安。也許我有一個問題。

For Claude Schimper.

對於克勞德·辛佩爾來說。

But can you just talk a little bit about the optimization initiatives that you're referring.

但您能簡單談談您所提到的優化舉措嗎？

To there?

到那兒？

Hey, good morning. Obviously, as we, you know, restarted this project, that's a pretty old mill and it needs a lot of care and maintenance. We're being very selective on, on what we do to make sure that it runs efficiently.

嘿，早安。顯然，正如我們所知，重新啟動了這個項目，這是一個相當舊的工廠，需要大量的保養和維護。我們對所做的事情非常有選擇性，以確保它有效運作。

So, as you would have noticed in the last couple of quarters, we've been putting a lot of effort into that.

因此，正如您在過去幾個季度中註意到的那樣，我們為此付出了很多努力。

And at the same time, we are blending the ore and maintaining our focus on reaching the objective for the year as we indicated. And we're still targeting the $250,000 ounce production.

同時，我們正在混合礦石，並繼續致力於實現我們所指出的今年目標。我們的目標仍然是 250,000 美元盎司的產量。

Are there issues more on the.

還有更多關於的問題嗎？

Crushing side of the circuit or grinding or any color on sort of what you're trying to.

壓碎電路的一側或研磨或任何您想要的顏色。

Optimize for?

優化用於？

No, as I said, it's, you know, it's a pretty old moment. It stands for eight years. So, this, you know, and it's an altitude with a different humidity level. So as we go through it, we've been able to identify some sort of structural pieces. We're slowly working through those and across the border in the m and we've had some, we had some challenges initially on crushing that we resolved those. My lien is not a problem and we're now focused.

不，正如我所說，這是一個非常古老的時刻。它已經存在了八年。所以，你知道，這是一個具有不同濕度水平的海拔高度。因此，當我們仔細研究它時，我們已經能夠識別出某種結構件。我們正在慢慢地解決這些問題，並跨越邊界，我們已經遇到了一些，我們最初遇到了一些挑戰，我們解決了這些問題。我的留置權不是問題，我們現在集中精力。

On filtration.

關於過濾。

The way I think about it. Curious, you know, we, we're just really kind of moving little bottlenecks. We, we address the efficiency of, of one area and we get that optimized and then we'll move down the line and look at the next place where we can get reliability consistency. That's, that's, that's how I would think about it.

我的想法是這樣的。很好奇，你知道，我們只是在解決一些小瓶頸。我們，我們解決一個領域的效率，我們得到最佳化，然後我們將向下移動，看看下一個我們可以獲得可靠性一致性的地方。就是這樣，就是這樣，我就是這麼想的。

And then maybe a question on Bald Mountain, you've got a lot of resource there. Not a lot of reserves and you've got that junior per project. I'm just wondering if you could give us a bit of color on what, what the objectives of that could look like.

然後也許是關於禿山的問題，那裡有很多資源。儲備金不多，但每個專案都有初級人才。我只是想知道您能否給我們一些關於該目標的具體內容。

Yeah, I'll start and others can jump in. I mean, as, as, you know, we've always said, with bald, we, we have a quite a large resource of $4 million ounces. And, and we've also said that, you know, it's, it's really been a bit of a situation that's a bit more on the line, you know, the everything internally has to compete for capital and some of those opportunities that evolve, you really want to have a confidence in a higher gold price. The other characteristic of all, which is unlike the rest of our minds is instead of having one big pit where you're doing massive layback, We have a whole bunch of little pits. So, you know, again, in the context of where we find ourselves in the gold price, We will be looking at some, you know, kind of quick, quicker payback satellite opportunities.

是的，我會開始，其他人也可以加入。我的意思是，正如您所知道的那樣，我們總是說，對於禿頭，我們擁有相當大的資源，價值 400 萬盎司。而且，我們也說過，你知道，這確實是一種更危險的情況，你知道，內部的一切都必須爭奪資本和一些不斷發展的機會，您確實希望對更高的金價有信心。與我們其他人的想法不同的另一個特徵是，我們沒有一個大坑來進行大規模的休閒活動，而是有一大堆小坑。所以，你知道，在我們所處的黃金價格的背景下，我們將尋找一些，你知道的，更快、更快回報的衛星機會。

Okay. Thank you.

好的。謝謝。

(Operator instruction)

（操作員指令）

Your next question comes from the line of Tanya Jakusconek from Scotia Bank. Your line is open.

您的下一個問題來自豐業銀行的 Tanya Jakusconek。您的線路已開通。

Great. Good morning everyone. Thank you for taking my questions and congrats on a good quarter. Great there. So maybe over to Jeff. Can you just walk us through exactly what we're waiting for on this permit and then once we get this permit, assuming it soon, what can be done over the winter. I'm just trying to see if we're on a time here for the time start next year. Thank you.

偉大的。大家早安。感謝您回答我的問題，並祝賀您度過了一個美好的季度。那裡很棒。那也許就交給傑夫了。您能否向我們詳細介紹一下我們在等待許可證方面的具體情況，然後一旦我們獲得許可證（假設很快就會獲得），我們在冬天可以做什麼。我只是想看看我們是否能在明年開始的時間內到達這裡。謝謝。

Sure, Tany, thanks for the question. I'll, I'll probably divide that up with will when we get into the actual activities that we'll be doing in the, in the winter. But with, with respect to permitting of, of great barrier. You're specifically asking about a AX so I won't get into the Federal IAC process. But on the A X front, there's a, there's a number of permits that we're waiting on and, and we're expecting very shortly. You would have gathered from our press release that, that the first most important permit for which we require for any and all construction activity is the is the closure plan. And we're obviously pleased to have been invited by the Ministry of Mines to submit that for approval, which we have done along with our financial assurance. And we expect to, to get that final approval very shortly. So that's the first kind of key permit, other permits also include And that we're waiting on a permit to take water from Ministry of Energy Conservation and Parks. We are also expecting that in the near term.

當然，塔尼，謝謝你的提問。當我們進入冬天將要進行的實際活動時，我可能會將其與意願分開。但就許可而言，是有很大障礙的。您專門詢問有關 AX 的問題，因此我不會介入聯邦 IAC 流程。但在 AX 方面，我們正在等待許多許可，我們預計很快就會獲得許可。您可能從我們的新聞稿中了解到，我們對任何及所有建築活動所需的第一個最重要的許可證是關閉計劃。我們顯然很高興受礦業部邀請將其提交批准，我們已經完成了這項工作並提供了財務保證。我們預計很快就會獲得最終批准。這是第一個關鍵許可證，其他許可證還包括我們正在等待節能和公園部門的取水許可證。我們也預計在短期內會出現這種情況。

And furthermore, we're, we're expecting a tree clearing permit from the Ministry of Natural Resources and Forestry and that permit should come immediately after the approval of our closure plan. And then as we look sort of more into 2025 and more advanced A X activity, we're also expecting and waiting on some additional permits from the Ministry of Environment Conservation and Parks in, in respect of of certain wildlife. But again, it's not a question of if on these permits. But when, and, and expecting all of them, in relatively short order, short order. And I would say that, the last point I would make is that with respect to, a ax. And while we're waiting on these, they do not impact our overall, main project time line either.

此外，我們正在等待自然資源和林業部的樹木砍伐許可證，並且該許可證應在我們的關閉計劃獲得批准後立即頒發。然後，當我們更多地關注 2025 年和更先進的 AX 活動時，我們也期待並等待環境保護和公園部門就某些野生動物獲得的一些額外許可。但同樣，這不是是否獲得這些許可證的問題。但是當、並且、以及期待所有這些時，以相對較短的順序，較短的順序。我想說的是，我要說的最後一點是關於斧頭。當我們等待這些時，它們也不會影響我們整體的主要專案時間表。

Activities. Yeah.

活動。是的。

On the, on the, on the activities, generally I'll just maybe turn that over to will talk about what we're going to do in the winter.

關於、關於、關於活動，一般來說，我可能會把它轉到談論我們冬天要做什麼。

Program. Sure. Yeah, I mean, and we could do the majority of our activities in the winter, obviously to get underground at a ex the main scope of activities is building a portal pad in a box cut. So we can do excavation and we can do the fill for that facility over the winter. And we can also work on some of the auxiliary fill facilities that we'll put in place, maintenance, shop, ventilation fan, etcetera. And so the majority of the work can be progressed over the winter. We're also going to continue to do geotechnical work for the wider project. We'll continue to do some RC drilling and, and obviously, as we alluded to on the call exploration drilling. So the winter is not slowing us down in regards to any of that.

程式.當然。是的，我的意思是，我們可以在冬天進行大部分活動，顯然，為了進入地下，主要活動範圍是在箱形切口中建造一個門戶墊。因此，我們可以在冬季進行挖掘並填充該設施。我們還可以為我們將要安裝的一些輔助填充設施、維護、商店、通風扇等進行工作。因此，大部分工作可以在冬季進行。我們也將繼續為更廣泛的項目進行岩土工程。我們將繼續進行一些反循環鑽探，顯然，正如我們在電話會議中提到的勘探鑽探。因此，冬天並沒有讓我們在這方面放慢腳步。

Okay. That's, that's good to hear just cold up there. Maybe just then moving on to just the costing side. I don't know who wants to take this question, but just wanted to get a handle you and thank you Andrea for the CapEx for 2025. Just on the costing side. Would it be safe to assume that, you know, you do have the 5% lower production outlook for next year? So that's going to impact your cost. And then we have the higher roll price that obviously also impacts your cost on the upside from the royalties paid. And then we have inflation. Maybe we can just kind of understand what the inflation is right now that you're seeing in your labor. Are you in that 5% for both your employees and contractors? I'm just trying to understand how my cost should look next year. Over 2020 four.

好的。那是，聽到那裡很冷真是太好了。也許就在那時，我們就轉向成本方面。我不知道誰想回答這個問題，但只是想回答您，並感謝 Andrea 提供的 2025 年資本支出。只是在成本方面。是否可以安全地假設明年的產量前景確實會降低 5%？所以這會影響你的成本。然後我們有更高的滾動價格，這顯然也會影響您支付的特許權使用費的成本。然後就是通貨膨脹。也許我們可以理解您現在在勞動中看到的通貨膨脹是多少。您的員工和承包商都屬於這 5% 嗎？我只是想了解明年我的費用應該如何。2020年以上四。

Yeah, Tanya, I guess I'll start, I'll start by saying again that we are just still in our budgeting process. So, but, but I can certainly make some observations. So you're right on the factors that you highlighted that will impact cost next year. The one other area I would note and then I'll just back to the inflation question is just the production mix. So with Tasiast being in just a lower production year based on mine plan sequencing, you know, being our lowest cost asset that that will have a bit of an impact on, on overall cost as well.

是的，塔尼婭，我想我會開始，我會先再說一遍，我們仍處於預算過程中。所以，但是，但是我當然可以做出一些觀察。因此，您強調的影響明年成本的因素是正確的。我要指出的另一個領域是生產組合，然後我將回到通膨問題。因此，根據採礦計劃排序，Tasiast 處於較低的產量年份，你知道，這是我們成本最低的資產，這也會對整體成本產生一些影響。

And then in terms of labor inflation specifically, I would say around the five or 6% increases is what we're expecting just for labor cost. That would be labor and contractors together. And then, aside from labor cost, inflation would be lower than that. So averaging out somewhere in the 3% give or take for overall inflation on average.

然後，具體到勞動力通膨方面，我想說，我們預計勞動成本將上漲 5% 或 6% 左右。那將是勞工和承包商的結合。然後，除了勞動成本之外，通膨也會低於這個數字。因此，平均總體通膨率在 3% 左右。

Okay. And, and so if I was about that and obvi obviously the, you know, $100 move, it's about four bucks on your cost structure for royalties and so forth. So if I was to look at this, would it, you know, as I look at your 10, I think your $1,050 this year on your cost side. No, 1,020 I think it was $1,020 would it be safe to assume that somewhere in the 5 to 10% range would be reasonable over 2020 four?

好的。而且，如果我是關於這個，顯然，你知道，100 美元的變動，那麼在你的特許權使用費等成本結構中，這大約是四美元。因此，如果我要看看這個，你知道嗎，當我查看你的 10 時，我認為你今年的成本為 1,050 美元。不，1,020 我認為是 1,020 美元，可以安全地假設 2020 年 5% 至 10% 範圍內的某個位置是否合理？

Yeah, as I said, we're, we're just in our budget process but, you know, maybe towards the, towards the higher end of that 5 to 2% is kind of what we're thinking. But again, we'll come out with more guidance, more specificity in February.

是的，正如我所說，我們只是在預算過程中，但是，你知道，也許我們正在考慮朝著 5% 到 2% 的高端邁進。但同樣，我們將在二月提供更多指導、更具體的內容。

Yeah, I mean, again, it's, it'll be a combination of a few factors. There's obviously the numerator denominator, we are going to be down a little bit. And you know, there's the inflation and then there's the great effect of where is the production coming from next year versus this year.

是的，我的意思是，這將是幾個因素的結合。顯然有分子分母，我們會下降一點。你知道，通貨膨脹以及明年與今年的產量的巨大影響。

And, and, you know, you sort of throw all of that into the hop and that will, you know, suggest that cost will be up a little bit, but we haven't finished the work.

而且，你知道，你把所有這些都投入到啤酒花中，你知道，這意味著成本會增加一點，但我們還沒有完成工作。

Yeah, and maybe Paul just to continue on that. I just want to talk about your reserves and cut off grades, obviously. That's another impact. Right. And so I just want to make sure, just trying to get your understanding on, what you're thinking about your pricing next year and cut off grades as well.

是的，也許保羅只是繼續這樣做。顯然，我只想談談你的儲備和分數。這就是另一個影響。正確的。因此，我只是想確保，只是想讓您了解您對明年定價的想法，以及削減成績。

So.

所以。

Yeah, we're, again, we're still doing the work. That's, that's something we generally will put the pin in after we get through the budget process spot. Look, I, I would say, first of all, on the cut off grades, we get that question a lot given the go price environment we're in, we're, we're certainly not planning to do anything with our cutoff grades. Our mills are full. And so we'll just continue to stockpile low grade material. That's so no changes on cut off grades as it relates to, you know, commodity price assumptions. My expectation is that within the industry, you'll see some upward movement from a reserve and resource prices from where they were last year. We're still thinking about that. We're not actually you know, that impacted, but I think it's more of a movement towards, you know, the reality we're in. But I, I expect across the board probably they'll be a higher reserve and resource prices going forward.

是的，我們仍然在做這項工作。也就是說，我們通常會在完成預算流程後確定這一點。聽著，我，我想說，首先，關於截止等級，考慮到我們所處的價格環境，我們經常被問到這個問題，我們當然不打算對我們的截止等級做任何事情。我們的工廠已經滿了。因此我們將繼續儲存低等級材料。這意味著截止等級沒有變化，因為它與商品價格假設相關。我的預期是，在行業內，您會看到儲備和資源價格較去年有所上漲。我們仍在考慮這一點。我們實際上並沒有受到影響，但我認為這更多的是朝著我們所處的現實邁進。但我預計，未來儲備金和資源價格可能會更高。

Okay. Look forward to getting more of that next year. Thank you so much for taking my question.

好的。期待明年能得到更多。非常感謝您回答我的問題。

Yeah.

是的。

And that concludes our question-and-answer period.

我們的問答環節到此結束。

I will now turn the call back over to Paul for some final closing remarks.

現在我將把電話轉回給保羅，讓他做最後的總結演講。

Thank you, operator and thanks, everyone for joining us this morning. We look forward to catching up with you all in person in the coming weeks. Thank thanks for dialing in.

謝謝接線生，也謝謝大家今天早上加入我們。我們期待在未來幾週內與大家見面。感謝您撥打電話。

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。