Kinross Gold Corp (KGC) 2024 Q4 法說會逐字稿

Thank you for standing by. My name is Prila, and I will be your conference operator today. At this time, I would like to welcome everyone to the Kinross Gold Fourth Quarter 2024 Results Conference Call and Webcast. (Operator Instructions).

感謝您的支持。我的名字是 Prila，今天我將擔任您的會議主持人。現在，我歡迎大家參加金羅斯黃金公司 2024 年第四季業績電話會議和網路廣播。（操作員指令）。

I would now like to turn the conference over to David Shaver, Senior Vice President of Kinross Gold. Please go ahead.

現在，我想將會議交給金羅斯黃金公司高級副總裁戴維·謝弗 (David Shaver)。請繼續。

Thank you, and good morning. With us today, we have Paul Rollinson, CEO; and from the Kinross Senior Leadership team; Andrea Freeborough, Claude Schimper, Will Dunford and Jeff Gold.

謝謝，早安。今天與我們在一起的是執行長 Paul Rollinson；以及金羅斯高階領導團隊； Andrea Freeborough、Claude Schimper、Will Dunford 和 Jeff 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 pretty refer to Page 3 of this presentation, our news release dated February 12, 2025, the MD&A for the period ended December 31, 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 3 頁、我們 2025 年 2 月 12 日發布的新聞稿、截至 2024 年 12 月 31 日期間的 MD&A 以及我們最近提交的 AIF，所有這些文件均可在我們的網站上查閱。

I will now turn the call over to Paul.

現在我將電話轉給保羅。

Thanks, David, and thank you all for joining us. This morning, I will provide an overview of our fourth quarter and full year results. (inaudible) our operations, projects and provide an outlook for the business going forward. I'll take a few comments on our achievements in sustainability. I will then hand the call over to Andrea, Claude and Will to provide more detail.

謝謝，大衛，也謝謝大家加入我們。今天上午，我將概述我們第四季和全年的業績。 （聽不清楚）我們的營運、專案並提供未來業務的展望。我將就我們在永續發展方面所取得的成就談一些評論。然後，我會將電話轉給 Andrea、Claude 和 Will，以提供更多詳細資訊。

With respect to Q4, we delivered a strong quarter, producing just over 500,000 ounces. With respect to the full year, once again, we achieved our market commitments, delivering over 2.1 million ounces. We also delivered on our full year cost of sales and unsustaining cost guidance, which demonstrates our strong focus on rigorous cost discipline. As a result, we generated record free cash flow of more than [$103] billion, which more than doubled against the prior year. This record cash flow generation also benefited from strong operating margin on, which outpaced the relative increase in the gold price.

就第四季而言，我們表現強勁，產量略高於 50 萬盎司。就全年而言，我們再次實現了市場承諾，交付了超過 210 萬盎司。我們也實現了全年銷售成本和不可持續的成本指導，這表明我們高度重視嚴格的成本紀律。結果，我們創造了超過 1,030 億美元的創紀錄自由現金流，比前一年增長了一倍多。創紀錄的現金流產生也受益於強勁的營業利潤率，其成長速度超過了金價的相對漲幅。

Our operating margins increased by 37% compared to a 23% increase in the realized gold price, maximizing the benefit of the gold price for our company. With respect to our operations, our 2 largest assets Tasiast and Paracatu were both (inaudible). Together accounting for approximately 1.2 million ounces or more than half of our production. Tasiast had an exceptional year, delivering record annual throughput, production and cash flow and once again was our highest margin operation in the portfolio. Paracatu continued to delivered a full year production exceeding the midpoint of guidance and exceeding 500,000 ounces for the 7th consecutive year. At La Coipa, we delivered our full year production guidance as work continues on long-term optimization of the mill. In our U.S. operations, we had another solid year with production and costs on plan.

我們的營業利潤率成長了37%，而同期實際金價僅成長了23%，最大限度地發揮了金價為我們公司帶來的利益。就我們的業務而言，我們最大的兩家資產 Tasiast 和 Paracatu 都是（聽不清楚）。總計約佔 120 萬盎司，占我們產量的一半以上。Tasiast 度過了出色的一年，實現了創紀錄的年度吞吐量、產量和現金流，並再次成為我們投資組合中利潤率最高的業務。帕拉卡圖金礦全年產量持續超過預期中位數，連續第七年超過 50 萬盎司。在 La Coipa，我們發布了全年生產指導，同時繼續致力於工廠的長期最佳化。在我們的美國業務中，我們又度過了穩健的一年，生產和成本都符合計劃。

Turning now to updates on our projects. In 2024, we continue to make excellent progress across our pipeline. In particular, we reached an important milestone at Great Bear with the release of the PEA in September. With the PEA, we have confirmed the top-tier potential of this asset an estimated average annual production of approximately 500,000 ounces at an impressive all-in sustaining cost of approximately $800 per ounce. The Great Bear advanced exploration program, we have received all the necessary permits for our current activities, and we expect to receive the 2 remaining permits when they are acquired later in the year. The yearly works activities, including tree clearing and earthworks commenced prior to year-end and construction of the exploration decline is planned to commence later this year. Regarding permitting for the main project, we continue to work with the Impact Assessment Agency of Canada, and we plan to file the impact statement later this year.

現在來談談我們專案的最新進展。2024 年，我們在整個產品線中繼續取得良好進展。特別是，隨著 9 月 PEA 的發布，Great Bear 達到了一個重要的里程碑。透過初步經濟評估，我們確認了這項資產的頂級潛力，估計年平均產量約為 50 萬盎司，而全維持成本約為每盎司 800 美元。對於大熊高級勘探計劃，我們已經獲得了當前活動所需的所有必要許可證，預計今年稍後將獲得剩餘的兩張許可證。年度工程活動，包括清理樹木和土方工程，已於年底前開始，勘探斜坡道的建設計劃於今年稍後開始。關於主要項目的許可，我們繼續與加拿大影響評估局合作，並計劃在今年稍後提交影響聲明。

At Round Mountain, underground development at Phase X is progressing well with over 3,300 meters developed to date and 21 kilometers of drilling completed last year. As (inaudible) in our news release, we are continuing to see strong exploration results from Phase X, reaffirming our vision for a high productivity and low-cost underground mining operation.

在 Round Mountain，第十階段的地下開發進展順利，迄今已開發超過 3,300 米，去年完成了 21 公里的鑽探。正如我們新聞稿中所說（聽不清楚），我們繼續看到第十階段的強勁勘探成果，重申了我們對高生產力、低成本地下採礦作業的願景​​。

At Bald Mountain, we have unlocked additional value from the approximate 4 million-ounce resource base with the conversion of nearly 1 million ounces into reserves. This conversion marks an important first step in extending the mine life of Bald, we now see a strong case to proceed with initial mining at the Red Bird pit. We are proceeding with a disciplined approach, expecting that Red Bird could ultimately extend production from Bald through 2031. Will is going to discuss more on this opportunity later. We also continue to advance work on Curlew in Washington State and Lobo-Marte in Chile.

在 Bald Mountain，我們將近 100 萬盎司的資源轉化為儲量，從大約 400 萬盎司的資源基礎中釋放了額外的價值。這次改造標誌著延長 Bald 礦山壽命邁出了重要的第一步，現在我們看到了在 Red Bird 礦坑進行初步開採的有力證據。我們正在採取嚴謹的方式，預計 Red Bird 最終可以將 Bald 的生產延伸至 2031 年。威爾稍後會就這個機會進行更多討論。我們也將繼續推進華盛頓州的 Curlew 和智利的 Lobo-Marte 的研究工作。

Before moving to our outlook, I'd like to comment on our year-end reserve and resource pricing update. Given the stronger premium gold price environment, we have revised our gold price assumptions, which aligns with industry peers. Our reserves are now determined on a $1,600 per ounce gold price. Our resources on a $2,000 per ounce gold price. Although our price assumptions have moved higher, we are not planning to reduce the cutoff grades to our mills as our focus remains on maintaining strong margins.

在談到我們的展望之前，我想先對我們的年終儲備和資源定價更新發表一些評論。鑑於黃金溢價環境更加強勁，我們修改了黃金價格假設，與業內同行保持一致。我們的儲備現在是按照每盎司1,600美元的黃金價格確定的。我們的資源價格為每盎司 2,000 美元。儘管我們的價格假設已經走高，但我們並不打算降低鋼廠的截止品位，因為我們的重點仍然是維持較高的利潤率。

Moving to our outlook. We are reaffirming our stable multiyear production profile. Production of 2 million ounces for 2025 remains consistent with our previous guidance. As previously guided, based on mine plan sequencing, Production from Tasiast will be lower this year, and Paracatu remains on track to deliver higher production this year.

轉向我們的展望。我們正在重申我們多年穩定的生產狀況。2025 年的產量為 200 萬盎司，與我們先前的預期一致。正如先前的指導，根據礦山計劃順序，Tasiast 的產量今年將會下降，而 Paracatu 仍有望在今年實現更高的產量。

Looking to 2026, our production outlook of 2 million ounces remains consistent with previous guidance. And we are introducing a new year of production of 2 million ounces for 2027. Beyond 2027, we expect production to remain around 2 million ounces through the end of the day. Maintaining production at this level will be based on future production from our pipeline of project opportunities, which include Red Bird extensions with Bald, open pit extensions at Maricunga, Phase X underground at Round, Curlew in Washington State and Great Bear throughout the decade. We will continue to invest these initiatives. We plan to update you on our progress as we move forward.

展望 2026 年，我們的 200 萬盎司產量預期與先前的預期保持一致。我們將在 2027 年新一年實現 200 萬盎司的產量。到 2027 年以後，我們預計產量將保持在 200 萬盎司左右。維持這一水準的產量將取決於我們未來十年的專案機會，其中包括 Red Bird 與 Bald 的延伸、Maricunga 的露天礦延伸、Round 的第十階段地下開採、華盛頓州的 Curlew 和 Great Bear。我們將繼續投資這些舉措。我們計劃在推進過程中向您通報我們的進展。

With respect to capital allocation, in 2024, we prioritized debt repayment and we have now fully repaid our $1 billion term loan. Our quarterly dividend remains in place as our baseline return of capital. In the current gold price environment, our business is generating significant cash flow. And if this current gold price holds, we are planning to return additional capital to shareholders later this year in the form of a share buyback. Andrea will speak more on this shortly.

在資本配置方面，2024年，我們優先償還債務，目前我們已經完全償還了10億美元的定期貸款。我們的季度股息仍然作為我們的基準資本回報。在目前的金價環境下，我們的業務正在產生大量現金流。如果目前的金價維持不變，我們計劃在今年稍後以股票回購的形式向股東返還更多資本。安德里亞很快將會就此發表更多演說。

I'd like to comment on some of our achievements in sustainability. In 2024, we once again demonstrated a strong commitment to (inaudible) by operating responsibly and advancing our strategy across important areas. In May, we will publish our 2024 sustainability report, which will provide a detailed overview on our sustainability performance and initiatives throughout the year. Some highlights on this past year include completing more than 15 energy efficiency projects across the portfolio placing us on track to achieve a 30% reduction in emissions intensity by 2030. We provided food relief aid to communities in Brazil and Mauritania. We received a Sustainability Award from the Canadian Council for the Americas, and we were the top scoring gold company and top 10% overall in the Globe & Mail's Annual Corporate Governance Survey.

我想評論一下我們在永續發展方面取得的一些成就。2024 年，我們透過負責任地運作並在重要領域推進我們的策略，再次展現了對（聽不清楚）的堅定承諾。今年5月，我們將發布2024年永續發展報告，該報告將詳細概述我們全年的永續發展績效和舉措。過去一年的一些亮點包括完成了超過 15 個能源效率項目，使我們預計在 2030 年實現排放強度減少 30% 的目標。我們向巴西和茅利塔尼亞的社區提供了糧食救濟援助。我們獲得了加拿大美洲理事會頒發的可持續發展獎，並在《環球郵報》的年度公司治理調查中成為得分最高的黃金公司，總體排名位居前 10%。

Lastly, I'd like to take a moment to thank Catherine McLeod-Seltzer for her significant contributions to Kinross and the Board over a 20-year directorship with Kinross. Catherine has been an independent Board member since 2005 and share of the Board since 2019. Catherine will be retiring from (inaudible) at our AGM in May, and we are pleased to announce [Talison] will take on Catherine's previous role of independent Chair.

最後，我想花點時間感謝凱瑟琳·麥克勞德·塞爾策在擔任金羅斯董事的 20 年期間對金羅斯和董事會做出的重大貢獻。凱瑟琳自 2005 年起擔任獨立董事會成員，並自 2019 年起成為董事會成員。凱瑟琳將於 5 月的年度股東大會上從 (聽不清楚) 退休，我們很高興地宣布 [塔利森] 將接替凱瑟琳擔任獨立主席一職。

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

說完這些，我現在將電話轉給安德里亞。

Thanks, Paul. This morning, I will review our financial highlights from the quarter and full year, provide an overview of our balance sheet and our capital allocation plans and discuss our guidance outlook. As Paul noted, we delivered production in line with guidance in 2024.

謝謝，保羅。今天上午，我將回顧本季和全年的財務亮點，概述我們的資產負債表和資本配置計劃，並討論我們的指導前景。正如保羅所說，我們在 2024 年的產量符合預期。

Full year attributable production was 2.13 million ounces with production of 501,000 ounces in the fourth quarter. Q4 sales of [518,000] ounces were slightly above production due to timing. Cost sales of $1,096 per ounce and all-in sustaining costs of $1,510 per ounce in the fourth quarter were higher compared to the prior quarter as expected, mainly due to lower planned production from Tasiast and Paracatu. Full year cost of sales of $1,021 per ounce and full year all-in sustaining costs of $1,388 per ounce were also in line with guidance. Margins were strong at $1,567 per ounce sold in Q4 and $1,372 per ounce for the full year. Our adjusted earnings were $0.20 per share in Q4 and $0.68 per share for the full year. Adjusted operating cash flow was [$640] million in Q4 and approximately $2.1 billion for the full year. Attributable CapEx was $279 million in Q4 and $1.05 billion for the full year, in line with full year guidance. Attributable free cash flow was a record $434 million in Q4 and was also a record $1.34 billion for the full year.

全年產量為 213 萬盎司，其中第四季產量為 50.1 萬盎司。由於時間原因，第四季度的銷售量為 [518,000] 盎司，略高於產量。第四季的成本銷售額為每盎司 1,096 美元，總維持成本為每盎司 1,510 美元，高於上一季度，符合預期，主要原因是 Tasiast 和 Paracatu 的計畫產量下降。全年銷售成本為每盎司 1,021 美元，全年總維持成本為每盎司 1,388 美元，也符合預期。第四季利潤率高達每盎司 1,567 美元，全年利潤率高達每盎司 1,372 美元。我們第四季的調整後每股收益為 0.20 美元，全年調整後每股收益為 0.68 美元。第四季調整後營運現金流為 6.4 億美元，全年調整後營運現金流約 21 億美元。第四季應佔資本支出為 2.79 億美元，全年應佔資本支出為 10.5 億美元，與全年預期一致。第四季可歸屬自由現金流達到創紀錄的 4.34 億美元，全年可歸屬自由現金流也達到創紀錄的 13.4 億美元。

Turning to balance sheet. We ended the year with $612 million in cash and approximately $2.3 billion of total liquidity. We repaid an impressive $800 million against our term loan in 2024 and after making a subsequent repayment of $200 million, our $1 billion term loan has now been fully repaid. We have now fully paid for the acquisition of Great Bear on just the 3rd anniversary with fewer shares outstanding than prior to the transaction.

轉向資產負債表。截至年底，我們的現金餘額為 6.12 億美元，總流動資金約為 23 億美元。我們在 2024 年償還了 8 億美元的定期貸款，隨後又償還了 2 億美元，我們的 10 億美元定期貸款現已全部償還。現在，在收購 Great Bear 三週年之際，我們已經全額支付了收購費用，而且流通股數比交易前要少。

Over the last 24 months, we have reduced our net debt by approximately $1.4 billion and our net debt to EBITDA from 1.7x to 0.3x as of year-end. Our business has generated strong cash flow in the current gold price environment. And with the term loan now fully repaid, we are well positioned to consider additional return of capital to our shareholders. We are in the process of renewing our NCIB and based on recent gold prices, we expect to initiate a share buyback program later this year.

在過去的 24 個月中，我們已減少淨債務約 14 億美元，截至年底，淨債務與 EBITDA 比率從 1.7 倍降至 0.3 倍。在當前的金價環境下，我們的業務產生了強勁的現金流。現在定期貸款已全部償還，我們可以考慮向股東提供額外的資本回報。我們目前正在更新 NCIB，並且根據最近的黃金價格，我們預計將在今年稍後啟動股票回購計畫。

As typical for us, we expect Q1 to be a cash outflow quarter in addition to the $200 million term loan repayment that we made in February. We also have our annual income tax payments in Brazil and now Mauritania and our semiannual interest payments. As such, we'll provide an update on our return of capital plans with our Q1 wells in May.

與我們的典型情況一樣，我們預計除了 2 月償還的 2 億美元定期貸款外，第一季還將是一個現金流出季度。我們還需要向巴西和茅利塔尼亞繳納年度所得稅，以及每半年支付利息。因此，我們將在五月提供有關第一季油井資本回報計劃的最新資訊。

Turning to our guidance and outlook. As Paul noted, we're forecasting production in the range of 2 million ounces for 2025 remaining consistent with previous guidance. For costs, we're guiding $1,120 per ounce for cost of sales and $1,500 per ounce for ASIC. Cost of sales and ASIC are both up approximately 10% compared with 2024. The expected increase is driven by 3 factors, which mainly include structural changes to our portfolio this year. First, production guidance of 2 million ounces relative to 2.1 million ounces last year, resulting in a denominator impact on our fixed costs and on sustaining capital in the [case] of all-in sustaining costs. Second, the lower planned contribution from [cases] this year, we will see a smaller benefit from our lowest cost mines. Last, modest overall cost inflation of 3% to 4%. Our capital expenditure guidance of $1.15 billion for 2025 reflects annual (inaudible) and planned higher capital spend as we continue to advance Great Bear. Approximately [$650 million] of our total CapEx expected to be nonsustaining.

轉向我們的指導和展望。正如保羅所說，我們預測 2025 年的產量將在 200 萬盎司左右，與先前的預期一致。對於成本，我們指導銷售成本為每盎司 1,120 美元，ASIC 成本為每盎司 1,500 美元。與 2024 年相比，銷售成本和 ASIC 均上漲約 10%。預期的成長由三個因素推動，主要包括我們今年投資組合的結構性變化。首先，產量預期為 200 萬盎司，而去年為 210 萬盎司，這將對我們的固定成本和全維持成本情況下的維持資本產生分母影響。其次，由於今年計劃的礦場貢獻較低，我們從成本最低的礦場獲得的收益也會較小。最後，整體成本通膨率溫和，為 3% 至 4%。我們預計 2025 年的資本支出為 11.5 億美元，這反映了我們繼續推進 Great Bear 計劃過程中年度（聽不清楚）和計劃中的更高資本支出。我們總資本支出中約有 6.5 億美元預計無法維持。

Looking ahead to 2026, our production guidance of 2 million ounces remains unchanged from our guidance update last year. Beyond 2026, we have introduced another year of production guidance of 2 million ounces for 2027, in line with 2025 and 2026. (inaudible) to ongoing inflation, attributable CapEx is expected to be consistent in 2026 and 2027 in order to continue to bring projects within our pipeline into production.

展望 2026 年，我們的 200 萬盎司產量預期與去年更新的預期保持不變。除了 2026 年以外，我們還制定了 2027 年 200 萬盎司的生產指導，與 2025 年和 2026 年保持一致。（聽不清楚）由於持續的通貨膨脹，預計 2026 年和 2027 年的資本支出將保持一致，以便繼續將我們管道內的項目投入生產。

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

現在我將把電話轉給克勞德來討論我們的行動。

Thank you, Andrea. In the fourth quarter, we officially launched our Health and Safety brand called Safe Ground and commenced work on establishing Safe Ground leadership development programs that will be tailored and delivered to 4 specific groups: executives, managers, frontline supervisors and operators.

謝謝你，安德里亞。第四季度，我們正式推出了名為「Safe Ground」的健康與安全品牌，並開始著手建立「Safe Ground」領導力發展計劃，該計劃將針對四個特定群體進行量身定制和實施：高管、經理、一線主管和操作員。

In 2024, our operations delivered on our full year production and cost guidance. And we are encouraged to see (inaudible) operational excellence, continue to drive strong results from our operations. Production of 501,000 ounces in the fourth quarter as planned.

2024 年，我們的營運實現了全年生產和成本預期。我們很高興看到（聽不清楚）卓越的運營，繼續推動我們的營運取得強勁成果。第四季按計畫生產501,000盎司。

Starting with Tasiast, the mine delivered a record throughput, production and cash flow. Record full year production of 622,000 ounces at an impressive cost of sales of $681 per ounce drove record free cash flow from our lowest cost operation. In the fourth quarter, Tasiast has delivered production of 139,000 ounces at a cost of sales of $725 an ounce. Production was lower over the prior quarter due to a planned reduction in grade. Production and (inaudible) is expected to be lower in 2025 as mine continues transitioning into lower grades. Tasiast is expected to (inaudible) 500,000 ounces with the target cost of sales of $860 per ounce and is expected to be our lowest cost operation once again this year.

從 Tasiast 開始，該礦實現了創紀錄的產量、產量和現金流。全年產量達到創紀錄的 622,000 盎司，銷售成本高達每盎司 681 美元，從而透過我們最低成本運營實現了創紀錄的自由現金流。第四季度，Tasiast 黃金產量為 139,000 盎司，銷售成本為每盎司 725 美元。由於計劃降低產量，產量較上一季下降。由於礦山礦石品位持續下降，預計 2025 年產量和（聽不清楚）將會降低。Tasiast 預計（聽不清楚）產量為 50 萬盎司，目標銷售成本為每盎司 860 美元，預計今年將再次成為我們成本最低的業務。

Paracatu delivered another strong year with production of 529,000 ounces exceeded midpoint of guidance and the cost of sales of $1,039 per ounce, which was below the midpoint of guidance. As planned, mine sequencing continued to transition into higher grades in the fourth quarter. Production of 124,000 ounces was low over the prior quarter as stronger grades were offset by lower throughput resulting from the timing of some mill maintenance and mine sequencing. (inaudible) Paracatu is expected to be higher and costs lower this year as mining continues within the higher grade portion of the pit. Paracatu is expected to produce 585,000 ounces at a cost of sales of $1,025 per ounce in 2025.

帕拉卡圖金礦今年再創佳績，產量達 529,000 盎司，超出預期中位數，銷售成本為每盎司 1,039 美元，低於預期中位數。按照計劃，礦山排序在第四季度繼續向更高等級轉變。上一季的產量為 124,000 盎司，較低，原因是由於部分工廠維護和礦場排序的時間安排導致產量較低，抵消了較高品位的產量。（聽不清楚）隨著礦坑高品位部分開採的持續，預計今年帕拉卡圖金價將上漲，成本將下降。預計 2025 年帕拉卡圖金礦將生產 585,000 盎司黃金，銷售成本為每盎司 1,025 美元。

At La Coipa, fourth quarter production of approximately 59,000 ounces improved over the prior quarter on stronger mill throughput, which offset lower grades. Full year production of 246,000 ounces was in line with guidance. The site team continues to manage throughput while long-term mill optimization initiatives are being implemented. La Coipa anticipated to produce 230,000 ounces at a cost of sales of $1,060 per ounce in 2025.

在拉科伊帕 (La Coipa)，第四季度產量約為 59,000 盎司，較上一季度有所提高，原因是工廠產量增加，抵消了礦石品位下降的影響。全年產量為 246,000 盎司，符合預期。現場團隊在實施長期工廠優化計畫的同時，繼續管理產量。La Coipa 預計 2025 年產量為 23 萬盎司，銷售成本為每盎司 1,060 美元。

Moving to our U.S. operations. Production was stronger in the second half of the year as expected, following the start of production from Manh Choh early in the third quarter. Collectively, the U.S. site delivered full year production of 731,000 ounces at a cost of sales $1,313 per ounce, which was in line with guidance. Production of 179,000 ounces in the final quarter was on plan.

轉移到我們的美國業務。隨著 Manh Choh 礦場於第三季初開始生產，下半年產量如預期般強勁。總體而言，美國工廠全年產量為 731,000 盎司，銷售成本為每盎司 1,313 美元，符合預期。最後一季的產量為 179,000 盎司，符合計劃。

In Alaska, fourth quarter production of 92,000 ounces was lower compared to the prior quarter and cost of sales of $1,320 per ounce was higher due to the timing of the processing of Manh Choh wall.

在阿拉斯加，第四季度的產量為 92,000 盎司，低於上一季度，而由於 Manh Choh 牆的加工時間安排，每盎司 1,320 美元的銷售成本較高。

At Bald Mountain, we produced 45,000 ounces and a cost of sales of $1,144 per ounce. And production was in line over the prior quarter, while costs were slightly lower due to the timing of sales.

在Bald Mountain，我們生產了45,000盎司，每盎司的銷售成本為1,144美元。產量與上一季持平，但由於銷售時機的原因，成本略有下降。

At Round Mountain, production of 3,000 ounces was in line compared to the prior quarter. Cost of sales of $1,764 per ounce was higher due to the accounting of higher cost ounces from the leach pads. Mining at the Phase X remains on schedule with initial production expected to begin in the second half of the year.

在 Round Mountain，產量為 3,000 盎司，與上一季相比持平。由於浸出墊的成本較高，導致每盎司 1,764 美元的銷售成本較高。第十期採礦工程仍按計畫進行，預計初期生產將於今年下半年開始。

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

說完這些，我現在將電話轉給威廉來討論我們的專案。

Thanks, Claude. We've just released our annual reserve and resource. So I'd like to start out by providing that update and then I'll discuss the growth projects that sit in our resource and underpin our potential future production profile. We are currently in a phase where we are focused on drilling and developing our earlier stage, higher-grade growth projects like Great Bear, Phase X, Lobo-Marte and Curlew. As a result, the majority of our additions this year came in the inferred category where we saw a [$2.7] million increase. We did also see some additions in the M&I category, which were largely offset by conversion of 1 million ounces out of M&I into reserve at Bald Mountain. We have updated our reserve and resource gold price assumptions from 1,400 to 1,600 and from 1,700 to 2,000 respectively. The intention of this was to be more reflective of the current gold price environment.

謝謝，克勞德。我們剛剛發布了我們的年度儲備和資源。因此，我想先提供最新情況，然後我將討論我們的資源中所包含並支撐我們未來潛在生產狀況的成長項目。我們目前正處於專注於鑽探和開發早期階段、更高品位的成長項目（例如 Great Bear、Phase X、Lobo-Marte 和 Curlew）的階段。因此，我們今年的大部分新增資金都來自推斷類別，該類別的增幅為 [270 萬美元]。我們也看到 M&I 類別中有一些增加，但這在很大程度上被將 100 萬盎司從 M&I 轉換為 Bald Mountain 儲備所抵消。我們已將儲量和資源黃金價格假設分別從 1,400 更新至 1,600 和從 1,700 更新至 2,000。這樣做的目的是更好地反映當前的黃金價格環境。

The increase in our gold price, working on balanced approach and our objective was not to drop cut-off grades to grow resources. Instead, we are focused on margin and quality of our resource additions to extend our mine lives and bring on higher-grade growth projects, as you can see by the overall increase in resource grade. To that end, you can see on this slide an overview of the significant resource optionality for both mine life extensions at our existing mines and new production from growth projects. With 26 million ounces in M&I and another 13 million ounces in inferred. These resources form the pipeline of potential opportunities that we are progressing to support our production profile through the end of the decade and into the 2030s.

我們的黃金價格上漲，採取平衡的方法，我們的目標是不降低邊界品位來增加資源。相反，我們專注於資源增加的利潤和質量，以延長礦山壽命並帶來更高品位的增長項目，正如您從資源品位的整體提高所看到的那樣。為此，您可以在此幻燈片上看到我們現有礦山的礦山壽命延長和增長項目新生產的重大資源可選性的概述。其中，M&I 儲量為 2,600 萬盎司，推斷儲量為 1,300 萬盎司。這些資源構成了潛在機會的管道，我們正在不斷推動這些機遇，以支持我們到本世紀末甚至 2030 年代的生產狀況。

This slide gives an indication of the level of study of these opportunities. We have our base case, which includes reserves and already approved projects and provides the production in our guidance window through 2027. Second, we have several growth projects at an advanced stage of study that offer potential to add production both through the end of the decade and beyond into the (inaudible). And third, we have several opportunities within our project pipeline that are at an earlier stage of study and offer potential to contribute to our 2030 production profile. We remain excited about our internal prospects which are further augmented by today's strong gold price, and we will continue to maintain a disciplined approach to progressing these projects into our production profile with a focus on margin and return.

這張投影片顯示了這些機會的研究水平。我們有基準情況，其中包括儲備和已批准的項目，並在 2027 年之前的指導窗口中提供產量。第二，我們有幾個成長項目處於研究的後期階段，這些項目有潛力在 2020 年末甚至更久以後增加產量。（聽不清楚）。第三，我們的專案管道中有幾個機會正處於研究的早期階段，有可能為我們 2030 年的生產規劃做出貢獻。我們仍然對我們的內部前景感到興奮，而今天強勁的金價進一步增強了這種前景，我們將繼續保持嚴謹的方法，將這些項目納入我們的生產概況，重點關注利潤和回報。

Bald Mountain offers a recent example of bringing these pipeline opportunities into our production profile. In mid-2024, we received our permits for the Juniper package and on the back of this, we have converted approximately 1 million ounces of resource to reserve in the Red Bird pit. We have split Red Bird into 2 phases. We have approved and already started mining Phase 1, which contains 270,000 ounces and will take production into 2028. Phase 2, containing approximately 690,000 ounces of M&I could begin in 2026 and extend production from Bald Mountain through 2031. This phased approach lowers the initial CapEx and risk and pulls forward earlier production from Phase 1 into 2027, while we continue to optimize our desired execution plan for Phase 2. The initial CapEx of 120 million for Phase 1 is primarily pre-stripping costs as Phase 1 leverages the existing leach pad capacity, thereby minimizing our initial capital risk. Project has an all-in sustaining cost of $1,500 per ounce and a strong return at today's gold price.

Bald Mountain 提供了一個將這些管道機會納入我們生產概況的最新例子。2024 年年中，我們獲得了 Juniper 礦包的許可證，在此基礎上，我們已將約 100 萬盎司的資源轉換為 Red Bird 礦坑的儲備。我們把 Red Bird 分為兩個階段。我們已經批准並已開始第一階段的開採，該階段含金量為 270,000 盎司，將投產至 2028 年。第二階段包含約 69 萬盎司的 M&I，可能在 2026 年開始，並將從 Bald Mountain 延續生產至 2031 年。這種分階段的方法降低了初始資本支出和風險，並將第一階段的早期生產提前到 2027 年，同時我們繼續優化第二階段的預期執行計畫。第一階段的 1.2 億初始資本支出主要是預剝離成本，因為第一階段利用了現有的浸出墊容量，從而最大限度地降低了我們的初始資本風險。該項目的全部維持成本為每盎司 1,500 美元，以今天的金價計算，回報豐厚。

We also continue to focus on additional optionality at Bald Mountain outside of Red Bird, including looking at small satellite pit opportunities that could be combined with Red Bird 2. At Tasiast, we have completed a new mine plan on the back of the 2024 reserve update. As the (inaudible) over the next 3 years, (inaudible) is expected to be lower, driven by mine plan sequencing and lower mill grades as we focus on stripping and with franchise. It has been a focus for the Tasiast team to increase production in the '25 through '27 window through operational improvements, design optimizations and unlocking satellite opportunities. This work has added approximately 100,000 ounces over this 3-year period as compared to the mine plan update we provided in 2023. Optimization at Tasiast is ongoing with additional [sale] opportunities being evaluated. Studies to explore underground potential are also progressing with recent drilling at [West Branch] intersecting wide mineralization, 700 meters down [tone] of the existing resource.

我們也將繼續關注 Red Bird 以外的 Bald Mountain 的其他可選方案，包括尋找可以與 Red Bird 2 結合的小型衛星坑機會。在 Tasiast，我們根據 2024 年儲量更新完成了新的礦場計畫。由於（聽不清楚）在未來 3 年內，（聽不清楚）預計會降低，這是由於礦山計劃排序和工廠品位較低，因為我們專注於剝離和特許經營。Tasiast 團隊一直致力於透過改進營運、優化設計和釋放衛星機會來提高 25 年至 27 年期間的產量。與我們在 2023 年提供的礦場計畫更新相比，這項工作在這 3 年期間增加了約 10 萬盎司。Tasiast 的優化正在進行中，並且正在評估更多的[銷售]機會。探索地下潛力的研究也在取得進展，最近在 [West Branch] 進行的鑽探與廣泛礦化相交，距離現有資源 700 公尺。

Moving from our operations to our growth projects. The Curlew team has been successful in adding high-quality resources over the last couple of years, further enhancing the potential of the project. As part of our year-end resource update, we are pleased to report a high-grade resource addition at Curlew. This is an addition of 125,000 ounces at 9 grams per tonne in the [cell-cell], which continues to be open both along strike and (inaudible). Not only are we seeing strong grades in the cell, but it's also coming in at a very minable width averaging just over 5 meters. This focus on high-grade extension [health] will continue in 2025 with an expanded drill program target further extensions at depth.

從我們的營運轉向我們的成長項目。在過去幾年中，Curlew 團隊成功增加了優質資源，進一步增強了專案的潛力。作為我們年終資源更新的一部分，我們很高興地報告 Curlew 增加了高品味資源。這是在[單元-單元]中以每噸 9 克的價格增加 125,000 盎司，該單元繼續沿走向和（聽不清楚）。我們不但看到了礦井內的高品位，而且它的平均寬度剛好超過 5 米，非常容易開採。2025年，我們將繼續關注高品位延伸（健康），並擴大鑽探計劃，以進一步延伸深度。

Now shifting focus to Phase X where development and drilling continues to progress well. We have now expanded drilling into the upper zone of the exploration target and you can see the results continue to support our thesis of a bulk underground operation in the range of 3 to 4 (inaudible) time, providing potential for higher-margin supplemental production at Round Mountain. In 2025, we will be completing our initial infill drilling program at Phase X, and we anticipate the release of an initial underground resource with our '25 year-end resource update.

現在將重點轉移到第十階段，開發和鑽探繼續取得良好進展。現在，我們已將鑽探範圍擴大到勘探目標的上部區域，您可以看到，結果繼續支持我們的論點，即在 3 到 4（聽不清楚）時間內進行大規模地下作業，為 Round Mountain 的更高利潤補充生產提供潛力。2025 年，我們將完成第十階段的初始加密鑽探計劃，並預計在 2025 年底資源更新時釋放初始地下資源。

At Great Bear, early works construction for advanced exploration commenced in November. As can be seen on the slide, tree clearing is now complete, [first] quarter excavation for the exploration infrastructure has commenced. We are excited to have broken ground and are focused on pressing civil works and permitting over the coming quarters to allow us to start the exploration decline later this year.

在 Great Bear，高級勘探的早期工程建設於 11 月開始。從幻燈片上可以看到，樹木清理工作現已完成，勘探基礎設施的[第一]季度挖掘工作已經開始。我們很高興能夠破土動工，並專注於推進未來幾季的土木工程和許可工作，以便我們能夠在今年稍後開始勘探工作。

Moving to the broader exploration update. Our team had another strong campaign in 2024 with approximately 320 kilometers of drilling completed across [MinEx] Brownfields and Greenfields. As detailed in our press release, this program produced notable results across several locations. We provided an update on prepared back in September, highlighting the successful addition of over 500,000 ounces of high-grade inferred resource net debt and the strong results of our PEA. We also highlighted the drilling at depth below the PEA inventory and resource that demonstrates the significant upside potential for further resource additions.

轉向更廣泛的探索更新。2024 年，我們的團隊又進行了一次強有力的行動，在 [MinEx] 棕地和綠地完成了約 320 公里的鑽探。正如我們的新聞稿中所詳述的，該計劃在多個地區取得了顯著的成果。我們在 9 月提供了準備情況的更新，強調了成功增加了超過 500,000 盎司的高品位推斷資源淨債務以及我們的 PEA 的強勁結果。我們還強調了在 PEA 庫存和資源以下深度進行的鑽探，這表明進一步增加資源具有巨大的上升潛力。

Following the success of this 2024 drilling and the results of the PEA, we've shifted our focus on at Great Bear to regional exploration on the 120 square kilometer land package. We've already provided updates on Curlew and Phase X, so I will move on to our other U.S. assets.

繼 2024 年鑽探成功以及 PEA 結果公佈後，我們將重點從大熊湖轉移到 120 平方公里土地的區域勘探。我們已經提供了有關 Curlew 和 Phase X 的最新消息，因此我將繼續介紹我們其他美國資產。

At Fort Knox, the program focused on 2 main areas: growth around the Fort Knox pit around the [Gilat]. We saw some good intercepts across both areas, indicating potential for additional mill feed and this work will be followed up on in 2025. At Bald Mountain, with near-term mine extensions established through the approval of Red Bird 1, the 2025 exploration campaign will focus on conversion of the inferred resource in Red Bird 2 and on generative projects. At Tasiast, we added 110,000 ounces to reserves in 2024 through the addition of the [FENICS] satellite pit. Exploration in 2025 will focus on further expanding mineralization at the underground target and drilling additional satellite pit opportunities on the wider land package.

在諾克斯堡，該計劃主要關注兩個領域：諾克斯堡坑週邊的發展[吉拉特]。我們在這兩個區域都看到了一些良好的截距，顯示有增加磨機進料的潛力，這項工作將在 2025 年繼續進行。在禿山，隨著紅鳥 1 號礦的批准，近期礦場擴建已經確定，2025 年的勘探活動將集中在紅鳥 2 號礦推斷資源的轉化和生成項目上。在 Tasiast，我們透過增加 [FENICS] 衛星礦坑，在 2024 年增加了 110,000 盎司的儲量。2025 年的勘探將集中在進一步擴大地下目標的礦化程度，並在更廣闊的土地上鑽探更多衛星礦坑的機會。

Moving to Chile. Our Brownfields program further delineated porphyry mineralization. In 2025, we will follow up on these results and also address exploration of known trends on (inaudible) a license. In Brazil, our Brownfield program focused to testing targets along the Northwest corridor from Paracatu, with results showing similar style and grade of mineralization to the Paracatu deposit.

搬到智利。我們的棕地計畫進一步劃定了斑岩礦化。2025 年，我們將跟進這些結果，並探索（聽不清楚）許可證的已知趨勢。在巴西，我們的棕地計畫重點是對從帕拉卡圖礦床到西北走廊沿線的目標進行測試，結果顯示礦化類型和品位與帕拉卡圖礦床相似。

Moving to our Greenfield program. Approximately 45 kilometers of drilling was completed on targets located in Canada, the U.S. and Finland. In Manitoba, our drilling is (inaudible) continue to define high-grade share-hosted vein systems. And in 2025, we will focus on increasing the critical mass of mineralization to support further work. In Nevada, drilling was completed across several prospective properties with the potential for Curlew and low-sulfidation gold mineralization. This drilling included an initial diamond drill hole, the PWC JV project in September which successfully intersected lower plate carbonates associated with (inaudible) district at [DAP]. In Finland, we progressed both basic till drilling for target delineation and follow-up diamond drilling, which shows some high-grade [INTERCEPT] at Long East. In Finland, we will follow up on these successes in 2025 and continue our exploration of this underexplored Greenstone Belt.

轉向我們的 Greenfield 計劃。在位於加拿大、美國和芬蘭的目標上完成了約 45 公里的鑽探。在馬尼托巴省，我們的鑽探（聽不清楚）繼續確定高品位的共享礦脈系統。2025 年，我們將專注於增加礦化臨界質量，以支持進一步的工作。在內華達州，已在多個可能存在 Curlew 和低硫化金礦化潛力的潛在礦區完成了鑽探。此次鑽探包括一個初始鑽石鑽孔，即 9 月的 PWC JV 項目，該項目成功與與 (聽不清) 區域相關的下部板塊碳酸鹽相交，[民主行動黨]。在芬蘭，我們推進了用於目標圈定的基本冰磧鑽探和後續鑽石鑽探，顯示出長東地區存在一些高品位的[INTERCEPT]。在芬蘭，我們將在 2025 年延續這些成功經驗，繼續探索這片尚未充分勘探的綠岩帶。

Overall, we are in (inaudible) with our success identifying and progressing earlier-stage opportunities, such as Phase X, Curlew and Great Bear.

總體而言，我們（聽不清楚）成功地識別並推進了早期階段的機會，例如 Phase X、Curlew 和 Great Bear。

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

現在我將請保羅作最後發言。

Thanks, Will. After delivering on our commitments in 2024, we are well positioned for a successful 2025. Our business is in great shape both operation and financially with a number of key milestones for the year ahead, including repayment of our term loan, restripping at Red Bird, advancing permitting across Great Bear, Curlew, La Coipa and Lobo-Marte, advancing exploration decline infrastructure at Great Bear, restating our share buyback plan, initial production from Phase X, satellite mining at [fine] and an anticipated year-end resource at Phase X.

謝謝，威爾。在兌現了 2024 年的承諾之後，我們已為 2025 年的成功做好了準備。我們的業務在營運和財務方面都處於良好狀態，並在未來一年中實現許多關鍵里程碑，包括償還定期貸款、重新剝離 Red Bird 礦場、推進 Great Bear、Curlew、La Coipa 和 Lobo-Marte 的許可、推進 Great Bear 的勘探衰退基礎設施、重申我們的股票回購計劃、第十階段的初始生產、[fine] 的採礦資源以及第十定的衛星。

In summary, we are excited about our future. We have a strong production profile. We are generating significant free cash flow, we have an excellent balance sheet, we have an attractive dividend and plan on returning additional capital, we have an exciting pipeline of both exploration and development opportunities. We're very proud of our commitment to responsible mining that continues to make us a leader in sustainability.

總而言之，我們對我們的未來感到興奮。我們擁有強大的生產實力。我們正在產生大量自由現金流，我們擁有出色的資產負債表，我們有誘人的股息併計劃返還額外資本，我們擁有令人興奮的勘探和開發機會。我們對自己對負責任採礦的承諾感到非常自豪，這將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.

接線員，現在我開始回答您的問題。

And we will now begin the question-and-answer session. (Operator Instructions). Your first question comes from the line of Mike Parkin with National Bank.

我們現在開始問答環節。（操作員指令）。您的第一個問題來自國家銀行的 Mike Parkin。

Great presentation, really like Slide 20 and 21 there in terms of all the upside you've got that you're working on so looking forward to updates there. Just a question on Kinross the task operation in the fourth quarter. How many days was (inaudible)?

很棒的演示，真的很喜歡幻燈片 20 和 21，它們展示了您正在努力實現的所有優勢，因此期待那裡的更新。我只想問一下金羅斯第四季的任務執行。多少天了（聽不清楚）？

Mike, it's Claude. Yes. We did [extend] down for about 4 to 5 days. We did some relining stuff and changing some wells and things so we're right online. And from a production point of view, because we entered into the lower-grade section, which was in anticipation of this year going forward, we still maintained our throughput average for the quarter.

麥克，我是克勞德。是的。我們確實[延長]了大約4到5天。我們做了一些重新襯砌的工作，改變了一些井和東西，所以我們就在線上。從生產的角度來看，由於我們進入了低等級部分，這是對今年未來的預期，我們仍然保持了本季的平均產量。

Yes, that's what I was kind of getting at (inaudible) what I adjust for that, on 87 operating days you are over 25,000 tonnes per day. So that's like the second consecutive quarter you're not quite 10% above nameplate, but consistently kind of hitting above the target. What's kind of driving that? Is that just you've got some spare capacity in the front of the circuit that you're utilizing? And do you see that kind of continuing going forward? And what was the baseline assumption just throughput quick guidance?

是的，這就是我要說的（聽不清楚），我對此進行了調整，在 87 個工作天內，每天的產量超過 25,000 噸。因此，這就像是連續第二季你的銷售額沒有超過預期的 10%，但一直高於目標。是什麼原因導致的呢？這是否只是因為你們利用了電路前端的一些閒置容量？您認為這種情況會持續下去嗎？那麼，吞吐量快速指導的基線假設是什麼？

Mike, all of that is as planned. In order to do an average of 24,000 a day, you need to do some day at 26,000, 27,000. So we're well within the nameplate. It's really just about our ability to use our CI initiatives and all of these things to have more and longer extended runs at a higher rate. So we had a tremendous quarter in terms of throughput. And as we (inaudible) I don't know (inaudible) Slightly down. But we're well set up, and we've started the year very strongly as well now. given that we've taken the opportunity to maintain we could.

麥克，一切都按計劃進行。為了每天平均完成 24,000 個，你需要每天完成 26,000 個、27,000 個。因此，我們完全符合標準。這實際上只是關於我們利用我們的 CI 計劃和所有這些東西以更高的速度進行更多和更長時間的延長運行的能力。因此，就吞吐量而言，我們這個季度的表現非常出色。而且我們（聽不清楚）我不知道（聽不清楚）略有下降。但我們已經做好了準備，今年的開局也非常強勁。鑑於我們已經抓住機會維持現狀，我們就可以。

Okay. And in terms of the limiting factor there is, are you more mill constrained or pick constraints in terms of getting or either end of the pit or through the mill?

好的。就存在的限制因素而言，您是否受到更多工廠的限制，還是在獲取或選擇礦坑末端或通過工廠的限制？

And I think the ultimate constraint is the plant because we've got some stockpiles and as we manage through from Phase 4 at the bottom of the pit now going to Phase 5 stripping, we will balance production through stockpiles and mine performance. Ultimately, we've designed this plan to run an average of 24,000. They will be done that we averaged slightly above that and other times slightly below it. We're has come along a strong after some tough years, and we're pushing the boundaries and the limits and we constantly learn more about the plant and our certain things behave. And it will be a balance (inaudible) so we maintain our recovery levels. I don't push the tone to hard to then start reading on recovery.

我認為最終的限制因素是工廠，因為我們有一些庫存，隨著我們從礦坑底部的第四階段進入第五階段的剝離階段，我們將透過庫存和礦山性能來平衡生產。最終，我們設計的這個計劃的平均運行人數為 24,000 人。他們會達到我們平均水平，有時略高於這個數字，有時略低於這個數字。在經歷了幾年的艱難困苦之後，我們已經變得強大起來，我們不斷突破界限和極限，並且不斷地學習更多有關工廠和某些事物行為的資訊。這將是一種平衡（聽不清楚），以便我們保持我們的復甦水平。我不會太用力地推音，然後開始閱讀恢復內容。

And then switching over to the exploration side of things in the reserve resources. The underground at Round Mountain, you keep hitting these really high-grade structures. How is that being kind of captured in the reported reserves and resources with respect to where is your capping brand grade -- just kind of...

然後轉向儲備資源的勘探方面。在圓山的地下，你會不斷碰到這些非常高級的結構。就您的上限品牌等級而言，在報告的儲量和資源中是如何體現這一點的？

We don't have.

我們沒有。

To understand what you're reporting versus like what you're kind of realizing at the drill bit.

了解您所報告的內容與您在鑽頭處意識到的內容。

Yes. We don't have an underground reserve or resource at Phase X that Round Mountain yet, the resources on the book and reserves are all open pits. We're hoping after the infill drilling that we're doing now. That's the reason we're doing it is to get an initial under resource out at the end of the year this year with our annual update.

是的。我們目前還沒有第十期那個Round Mountain的地下儲量或是資源，帳面上的資源和儲量都是露天礦場。我們希望在完成現在的加密鑽探之後。我們這樣做的原因是為了在今年年底透過年度更新獲得初步的資源。

And I think...

我認為...

(inaudible).

（聽不清楚）。

Okay. Yes, because you got -- I think I remember you guys guided the market to kind of 3 to 4 grams historically in terms of where underground could kind of shape up? Is that the feeling that's maybe a bit conservative on the consistent really good results you're putting it in the market on that?

好的。是的，因為你得到了——我想我記得你們歷史上將市場引導到 3 到 4 克左右，就地下可能形成的情況而言？您是否覺得，對於您在市場上持續良好的表現來說，可能有些保守？

I don't want to get ahead of ourselves, and that is why we're doing the infill drilling. And you can see on Slide 25, it will be released that we've got a pretty extensive table on the right-hand side, that shows all of the drilling in that over right portion of the exploration target. And you can see there, both the wider intervals and the better intervals with the higher-grade highlights. We want to get the bigger resource, and we want to get the bulkier deposits. So you can see a more representative idea of the grade in those wider intervals. And we do still see it being in that 3 to 4-gram per tonne range. That's ultimately how we're going to maximize the economics of this is by going to bulk mining with these pretty-pretty exceptional wide zones.

我不想超越自己，這就是我們進行加密鑽探的原因。您可以在投影片 25 上看到，我們將在右側發布一個非常詳盡的表格，其中顯示了勘探目標右側部分的所有鑽探。您可以看到，間隔更寬，間隔更好，高光等級更高。我們想要取得更大的資源，我們想要取得更大體積的礦藏。因此，您可以在這些更寬的間隔內看到更具代表性的等級概念。我們仍然看到它處於每噸 3 至 4 克的範圍內。最終，我們要實現經濟效益最大化，就是在這些非常非常寬廣的區域進行大規模開採。

Okay. We're looking forward to the update.

好的。我們期待更新。

And your next question comes from the line of Anita Soni with CIBC.

您的下一個問題來自加拿大帝國商業銀行 (CIBC) 的 Anita Soni。

Congratulations to the whole team on a very successful year on many fronts. And I agree with Mike on that Slides 20 and 21. It's good to see those slides again, especially from companies with a track record of actually acting on what they say they will do.

恭喜整個團隊在過去的一年裡在許多方面取得了巨大的成功。我同意 Mike 關於投影片 20 和 21 的觀點。很高興再次看到這些幻燈片，尤其是那些有著實踐承諾的公司製作的幻燈片。

A question on the Red Bird additions. On the Phase 2, could you give us an idea of what additional (inaudible) impact would be needed to get that additional 700,000 ounces in?

關於紅鳥添加的一個問題。關於第二階段，您能否告訴我們，需要哪些額外的（聽不清楚）影響才能額外獲得 700,000 盎司？

Yes. We're still working on Phase 2. That's why we've approved Phase 1. The main benefit of -- well, one of the many benefits of Phase 1 is that the Phase 1 cash flow that comes from those early ounces, is intended to pay the majority of the CapEx for Phase 2 to keep that site relatively cash flow neutral as it strips Phase 2. So we didn't have an exact sense of the CapEx yet, do we need to complete our work. But that's the idea is to try and keep current gold prices above 0 as we strip Phase 2.

是的。我們仍在進行第二階段的工作。這就是我們批准第一階段的原因。第一階段的主要好處之一是，來自早期開採的第一階段現金流將用於支付第二階段的大部分資本支出，在剝離第二階段時保持該地點的現金流相對中性。因此，我們還沒有確切的了解資本支出，我們是否需要完成我們的工作。但當我們取消第二階段時，我們的想法是盡量將當前金價保持在 0 以上。

Okay. And then just a question for a finance team and Paul. Just wondering when it comes to the share buybacks that you were talking about in the second half of the year, is it just basically kind of getting through the cash outflow that you're expecting in Q1 and then [coal] prices stay where they are you can start executing on that in Q2? Or is it more a back half of the year?

好的。然後我只想問財務團隊和保羅一個問題。我只是想知道，談到您在下半年談到的股票回購，這是否只是為了解決您預計在第一季度出現的現金流出，然後煤炭價格保持現狀，您可以在第二季度開始執行？或者說更像是今年下半年？

No, I think that's exactly as you described it, Anita. Again, from a perspective, we have -- we have been consistent with our capital allocation philosophy. As we say all the time, it's needs of the business, needs of the balance sheet, return of capital to shareholders. We did, of course, repay the debt. That was our priority in '24. But as Andrea said, on the cash we've built up here while we've been paying down debt, we're about to pay a bunch of that out as we do seasonally in Q1. And we want to -- we want to get through that kind of get our cash back up. Hopefully, we're still in the same kind of gold price environment, and we think that is the right time to be thinking about turning back on the buyback.

不，我認為正如你所描述的那樣，安妮塔。再者，從某個角度來看，我們一直堅持我們的資本配置理念。正如我們一直說的那樣，這是業務的需要、資產負債表的需要、向股東的資本回報。當然，我們確實償還了債務。那是我們在24年的首要任務。但正如安德里亞所說，我們在償還債務的同時累積了現金，我們將按照第一季的季節性做法償還大部分現金。我們希望——我們希望透過這種方式讓我們的現金回流。希望我們仍然處於同樣的金價環境中，並且我們認為這是考慮重新開始回購的正確時機。

Okay. Another question just on a big picture, I guess, great there, and I'm just wondering if you've seen any on the permitting front, have you seen any change in the government standpoint in terms of how motivated they are to get the permit (inaudible)?

好的。我想，還有一個問題，只是從總體上看，很好，我只是想知道，在許可方面，您是否看到政府在獲得許可的積極性方面有任何變化（聽不清楚）？

Yes. Look, I mean, I think it's a safe assumption that when there's an election, things kind of slowdown in terms of the bureaucrats. But I'll get Jeff to kind of spend on it. He's on the front line of that one.

是的。看，我的意思是，我認為可以肯定地說，當有選舉時，官僚主義的事情就會放緩。但我會讓傑夫花錢。他正身處那一線。

Thanks, Paul. Yes. No, Paul's right is a practical matter. There is a little bit of a slowdown, but we've spent a lot of time both provincially and (inaudible) connected with the regulators and building relationships there. And as a result, those permits will continue to advance. And we're still expecting to get the remaining permits that we require without the way.

謝謝，保羅。是的。不，保羅的權利是一個實際問題。雖然速度稍微放緩了一點，但是我們花了很多時間在省級和（聽不清楚）與監管機構聯繫並在那裡建立關係。因此，這些許可證將繼續發放。即使沒有這條路，我們仍然希望獲得所需的剩餘許可證。

Okay. And then roughly, I just wanted to ask on Fort Knox, Manh Choh. There's a bit of variability in the tonnage that's coming through. I understand some of it has to do with the weight restrictions and winter and, I believe, ice and the way why I could be wrong about that, but I just wanted to get an idea of what the standard kind of [tonnage] that you would expect out of Manh Choh would be, and those are pretty good grades this past quarter as well. So I just want to comment on that.

好的。大致上，我只是想問諾克斯堡 (Fort Knox)，Manh Choh。通過的噸位存在一些變化。我理解其中一些與重量限制和冬季有關，我相信，冰和為什麼我可能錯了，但我只是想了解一下你對 Manh Choh 的期望標準噸位是多少，這些是上個季度的相當不錯的成績。所以我只是想對此發表評論。

Yes Anita, you're correct. As we go through seasonal things in the north, we end up with different load restrictions. We also have one low restriction that came after the feasibility study that we had to adjust for and given the balanced number of trips on a daily basis, but we expect to do an average of 200,000 to 220,000 factors when we do Manh Choh because as you can appreciate, we switched from very low grader (inaudible), the high-grade Manh Choh and then back to Fort Knox. Our average is about 220,000 (inaudible) and we expect to maintain sort of 1 quarter to update it.

是的，安妮塔，你是對的。隨著北方季節的變化，我們面臨不同的負載限制。我們在可行性研究之後也有一個較低的限制，我們必須對此進行調整，並給出每天的平衡行程次數，但當我們進行 Manh Choh 時，我們預計平均會達到 200,000 到 220,000 個因素，因為正如您所看到的，我們從非常低等級的（聽不清）切換到高等級的 Manh Choh，然後再回切換到高等級的 Manh Choh，然後再回切換到高等級的 Manh Choh，然後再回切換到高等級的 Manh Choh，然後再回切換到高等級的 Manh Choh，然後再回切換到高等級的 Manh Choh，然後再切換到高等級的 Manh Choh，然後再回切換到高等級的 Manh Choh，然後再回切換。我們的平均值約為 220,000（聽不清楚），我們預計將維持 1 個季度的時間來更新它。

Sorry. So 220,000 tons per quarter or -- and you batched the shipments? Okay. All right.

對不起。那麼每季 22 萬噸，或者──你們是分批發貨的嗎？好的。好的。

And your next question comes from the line of Josh Wolfson with RBC Capital Markets.

您的下一個問題來自 RBC Capital Markets 的 Josh Wolfson。

On the capital returns program, I understand the motivation to act maybe a bit conservatively repay the debt, wait for some higher cash flow periods. Just wondering how the team is going to be evaluating the buyback in the context of how the share prices before it's been a phenomenal year-to-date, nominal year-over-year is that going to influence the quantum of the buyback? Or is it going to be a more mechanical or formulaic process?

關於資本回報計劃，我理解採取保守行動的動機，即償還債務，等待一些現金流更高的時期。只是想知道，在年初至今股價表現不俗、同比名義成長的背景下，團隊將如何評估回購，這將影響回購的量嗎？或者它將是一個更機械化或公式化的過程？

Yes, I'll take that. And Andrea, feel free to jump in, good question. Look, I think it's all about the right balance. I mean, number one, we still see our shares as undervalued. We also -- we'll think about that in the context of spot. So you can look at our valuation share price in the sense of consensus. The consensus gold price, you can also look at it in the context of (inaudible). And in both cases, we believe we're undervalued. Having said that, it's not lost on me or us that here we are, record gold prices, really good share prices. Is this the kind to be buying back your shares? We still think it is, but I think it requires balance and focus, and that's how we're coming at it. We'll be thinking about it in those terms, it won't be just necessarily an automatic formula.

是的，我接受。安德里亞，請隨意提問，這個問題問得好。看，我認為這完全取決於適當的平衡。我的意思是，首先，我們仍然認為我們的股票被低估了。我們也會在現場的背景下考慮這個問題。因此，你可以從共識的角度來看我們的估值股價。你也可以從以下角度來看黃金的共識價格：（聽不清楚）。在這兩種情況下，我們都認為自己被低估了。話雖如此，我和我們都清楚，金價目前創下了歷史新高，股價也非常好。這就是回購你的股份嗎？我們仍然認為這是可行的，但我認為這需要平衡和專注，這就是我們實現這一目標的方式。我們會從這些方面來考慮它，它不一定是一個自動的公式。

Go it. And then one other question on the tax guidance that was issued. Should we be assuming going forward, I guess, full tax rates at both Tasiast and [equip] the number seems to have gone up year-over-year, and I just want to make sure that it's maybe a combination of maybe capital being repaid as well as gold prices having increased.

去吧。還有一個問題與發布的稅務指南有關。我想，我們是否應該假設未來 Tasiast 和 [equip] 的全額稅率似乎比去年同期有所上升，我只是想確保這可能是資本償還和金價上漲的綜合結果。

Yes, it is both, Josh. So starting with Mauritania, we -- 2024 was the first year that we became income taxable in Mauritania. So if we look at the tax -- cash tax guidance, about 200 million of it is payments that we'll actually make in Q1 that are related to 2024.

是的，兩者都有，喬希。因此，從茅利塔尼亞開始，2024 年是我們在茅利塔尼亞開始繳納所得稅的第一年。因此，如果我們查看稅收——現金稅收指導，其中約 2 億美元是我們實際在第一季支付的與 2024 年相關的款項。

So yes, that is both Mauritania coming in as well as higher gold price impacting Brazil and Chile, where we're also paying more significant taxes. And then the rest of that guidance is just tax installments that we expect to pay throughout 2025.

所以是的，這不僅對毛里塔尼亞有影響，而且金價上漲還對巴西和智利產生了影響，我們也要繳納更高的稅金。該指引的其餘部分只是我們預計在 2025 年支付的稅款分期付款。

Got it. And sorry, just to clarify for tax issue, should we be assuming the full corporate tax rate of 25%? Or is there a just low tax year versus steady state?

知道了。抱歉，我只是想澄清一下稅務問題，我們是否應該假設企業的全部稅率為 25%？或者是否存在一個相對於穩定狀態的低稅收年份？

No, it's to normal tax, tax (inaudible).

不，這是正常稅收（聽不清楚）。

And your next question (inaudible).

你的下一個問題（聽不清楚）。

(inaudible) Okay.

（聽不清楚）好的。

Sorry, go ahead.

抱歉，請說。

(inaudible) questions.

（聽不清楚）問題。

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

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

Just maybe back on capital allocation. I know there's more details to come there. But just in terms of the cash balance, are you guys thinking about build up a cash balance to have a Great Bear? Is there a minimum cash balance that you want to maintain? And I guess the second question is the term loan is gone, there's no debt due till 2027. Just broadly speaking in terms of debt, are you comfortable with maintaining that debt, i.e., kind of keeping that leverage going forward? Or would you even consider repaying debt down in the future?

或許只是回到資本配置。我知道還會有更多詳細資訊。但僅就現金餘額而言，你們是否考慮累積現金餘額來擁有一隻大熊？您想要維持的最低現金餘額是多少？我想第二個問題是定期貸款已經消失，到 2027 年都沒有到期債務。廣義上講，就債務而言，您是否願意維持這些債務，也就是說，在未來保持這種槓桿作用？或者你甚至會考慮將來償還債務？

Sure. Thanks, Carey. I'll start with the debt part, you start hitting it right always we look forward to 2027 and note of the next maturity. And we do plan, we would like to repay those notes. So that's kind of back of our mind as we think about the cash balance. And so if we think about what we'll allocate to share buybacks, we're balancing as we always do, needs of the business. So that's the CapEx going forward for this year. And then with an eye to the balance sheet, again, was in the back of our mind that we want to make sure we can repay those 2027 notes. And then balancing that with additional return of capital. So that's sort of how we're thinking about it.

當然。謝謝，凱裡。我將從債務部分開始，你開始正確地打擊它，我們總是期待 2027 年並注意下一個到期日。我們確實有計劃，我們願意償還這些票據。所以當我們考慮現金餘額時，這就是我們的想法。因此，如果我們考慮分配多少資金用於股票回購，我們就會像往常一樣平衡業務需求。這就是今年的資本支出。然後再次關注資產負債表，我們心裡想著確保我們能夠償還 2027 年的票據。然後用額外的資本回報來平衡這一點。這就是我們的想法。

Our cash balance was a bit higher at the end of the year. But as Paul noted, some of that a lot of that gets paid out in Q1 with the $200 million we paid to finish repayments on the term loan as well as the tax payments and with less interest payments in Q1. So we'd like to get back to where we started the year and then we'll look at allocating some of the excess cash in the form of buybacks.

我們的現金餘額在年底略高一些。但正如保羅所說，其中大部分是在第一季支付的，我們已支付了 2 億美元以完成定期貸款的償還以及稅款，並且第一季的利息支付較少。因此，我們希望回到年初的狀態，然後考慮以回購的形式分配部分多餘的現金。

Okay. Great. And then maybe just a mechanical question. But just in terms of the quarterly sequence of production, you did 500,000 ounces in the quarter, 2 million ounces as the guidance, should we be expecting relatively consistent production through the year? Or is there a sort of seasonality that we should consider?

好的。偉大的。然後可能只是一個機械問題。但就季度產量而言，本季你們生產了 50 萬盎司，指導產量為 200 萬盎司，我們是否應該預期全年產量相對穩定？或者我們應該考慮某種季節性？

It's relatively even consistent as we look out to this year.

展望今年，我們的預期是相對一致的。

Okay. And then maybe just one last one on La Coipa. You mentioned permitting and some laybacks. Just wondering if you could give us a bit of color on what that potentially leads to?

好的。然後也許只剩下關於 La Coipa 的最後一篇了。您提到了允許和一些退讓。只是想知道您是否可以向我們稍微說明這可能導致什麼結果？

Yes. We've got our current (inaudible) on the reserves. It takes us through 2027 in terms of the mine. And then the permitting that was discussed there in the press release is really just for further extensions of the open pit there. We've got additional oxide that's very similar to what we've been doing. So kind of steady as she goes, but there is some permitting required as a part of that to bring that in through the end of the decade.

是的。我們目前的儲備量是（聽不清楚）。就礦井而言，這將需要我們度過 2027 年。然後，新聞稿中討論的許可證實際上只是為了進一步擴大那裡的露天礦場。我們得到了與我們一直在做的非常相似的額外氧化物。她繼續穩步前進，但需要一些許可才能在十年內實現這一目標。

So potential to take it to like [2030]?

所以有潛力成為[2030]？

Yes. Yes, those all done, I guess, gold price, but those should be able to take us at least through 2030. We do have a meaningful inventory (inaudible), you can see it on our resource statement. So we potentially could go beyond that.

是的。是的，我想這些都已經完成了，金價，但是這些應該至少能夠帶我們到 2030 年。我們確實有一個有意義的庫存（聽不清楚），您可以在我們的資源聲明中看到它。因此我們有可能超越這一點。

Okay. Great. And maybe one last quick one. You mentioned the Tasiast new mine plan. Should we be expecting a 43-101 report or no?

好的。偉大的。也許還有最後一個快速的。您提到了 Tasiast 新礦計劃。我們是否應該期待 43-101 報告？

Yes. We'll most likely update that (inaudible) that report with our [AI] this year.

是的。我們很可能會在今年使用我們的[AI]更新該報告（聽不清楚）。

And your next question comes from the line of Lawson Winder with Bank of America.

您的下一個問題來自美國銀行的勞森溫德 (Lawson Winder)。

Thank you, operator. Good morning guys. Nice update. Wanted to ask about your commentary on exploration at La Coipa. I just get a sense in terms of your optimism around the ability to add to resources there. Is that something we could expect to potentially see as soon as 2025?

謝謝您，接線生。大家早安。很好的更新。想問一下您對 La Coipa 探險的評論。我只是感受到了您對在那裡增加資源的能力的樂觀態度。我們是否有望在 2025 年就看到這現象？

Yes. It's -- I mean our focus there really is we already have the resources on the books to carry us through 2030. So we're not massively focused on expanding a lot beyond that as (inaudible) there is a lot of good targets. That's a pretty prolific ground out there. We have a variety of historic sets in the area. So we have mentioned we will be doing some testing around some of those pits looking for lower strip, higher margin kind of pushback in those (inaudible). So there's a lot of exploration potential. But as you saw this year, our real focus right now is drilling off these new growth projects that are coming in at the higher grade to support pulling those ultimately into our production profile and reserves but we will do some exploration of La Coipa as well.

是的。我的意思是——我們的重點確實是我們已經擁有的資源，可以支撐我們度過 2030 年。因此，我們並沒有太多關注擴張，因為（聽不清楚）還有很多好的目標。那裡是一塊相當富饒的土地。我們在該地區有各種各樣的歷史場景。因此，我們提到，我們將對其中一些礦井進行一些測試，尋找更低的開採成本、更高的利潤率。（聽不清楚）。因此，有很大的探索潛力。但正如您今年所看到的，我們現在真正的重點是鑽探這些更高品位的新增長項目，以支持最終將它們納入我們的生產概況和儲量，但我們也會對 La Coipa 進行一些勘探。

And I'll just jump in on that. I mean part of the consideration in that part of Chile where we're operating Region 3 out of [Camas] water. And we have existing permitted pumping water wells, that's in (inaudible), but we want to think about La Coipa's future and also Lobo-Marte, which we're advancing. So we're trying to find the right balance between continuing to grow resources and to bring (inaudible) online towards the end of the (inaudible) and working with that our existing water permits.

我馬上就來談談這一點。我指的是智利的那個地區，我們在那裡運作第 3 區（卡馬斯水域）。我們目前有獲得許可的抽水井，這是（聽不清楚），但我們想考慮 La Coipa 的未來，還有我們正在推進的 Lobo-Marte。因此，我們正在努力在繼續增加資源和在（聽不清楚）結束時實現（聽不清楚）上線以及利用我們現有的水資源許可之間找到適當的平衡。

That's perfect to address my follow-up question. And then I would like to also just ask again about capital return and your thoughts on the dividend level, which is I think, abundantly sustainable at the current level and potentially sustainable at a higher level. Is that something you're also considering?

這完美地回答了我的後續問題。然後，我想再次詢問有關資本回報和您對股息水平的看法，我認為，股息在當前水平上是完全可持續的，在更高的水平上也具有可持續性。您是否也在考慮這個？

Yes. What I think we just want to be careful. We want to be balanced. There was a question earlier, it doesn't make sense at the share price. We think it does, given our relative value and as I said, needs of the business, we're well maintained. We keep a well-capitalized business, which we believe reduces operating risk. We focused on paying down the term loan. We've just completed that cash (inaudible) quarter. We want to kind of strengthen the balance sheet again. So needs of the business, needs of the balance sheet, and then we should be in great shape to see where we are in the current -- in that environment as we look out to the second quarter as to what the appropriate -- what feels like the appropriate kind of proportion of free cash flow to allocate to the buyback.

是的。我認為我們只是要小心一點。我們想要保持平衡。之前有一個問題，這在股價上沒有意義。我們認為確實如此，考慮到我們的相對價值以及我所說的業務需求，我們維護得很好。我們保持資本充足的業務，我們相信這可以降低營運風險。我們專注於償還定期貸款。我們剛剛完成了那個現金（聽不清楚）季度。我們希望再次強化資產負債表。因此，業務的需求、資產負債表的需求，然後我們應該能夠很好地了解我們目前所處的位置——在這種環境下，當我們展望第二季度時，我們會知道分配給回購的自由現金流的比例是多少。

So if I'm hearing your answer, the preferences buyback over dividend. Is that correct?

所以，如果我聽到你的回答，優先回購優先於股利。那正確嗎？

That's correct.

沒錯。

Great. Thank you very much.

偉大的。非常感謝。

(Operator Instructions) And your next question comes from the line of Tanya Jakusconek with Scotiabank.

(操作員指示) 您的下一個問題來自豐業銀行的 Tanya Jakusconek。

Congrats on making your guidance for 2024. Just wanted to go back to maybe, Claude, can you -- on the sequencing of your mine plans through 2025. Can you just remind me major shutdowns, if any, are at any of your operations? I'm trying to (inaudible) like the seasonality that at Fort Knox. So I'm just trying in the wet season in Brazil. So I'm just trying to see when your downtimes are any of your other operations?

恭喜您為 2024 年做出指導。我只是想回到克勞德的問題上，您能否--按照順序介紹一下您的 2025 年的礦山計劃？您能否提醒我一下，你們的任何營運部門是否發生了重大停工？我正嘗試（聽不清楚）喜歡諾克斯堡的季節性。所以我只是在巴西的雨季嘗試。所以我只是想看看您的停機時間與您的其他操作有關嗎？

Tanya, for the last couple of years, we've been working towards flattening that staggered (inaudible) type performances through scheduling and maintenance activities in a way that they are more a part of the process. We don't have major upgrades and shutdowns in any of the sites now. And so it's typical more maintenance. Some of them will have 4 day shutdowns to do reliners and Paracatu a couple more days depending on which -- whether it's a (inaudible). So we're managing that and to Andrea's point early on, this is the year where we actually got the tightest range between every single quarter, and we're going to manage that and manage our performance of each of those sites accordingly.

塔妮婭，在過去幾年裡，我們一直致力於透過調度和維護活動來平衡這種交錯（聽不清楚）類型的表現，使它們更多地成為流程的一部分。目前，我們還沒有對任何站點進行重大的升級和關閉。因此通常需要更多的維護。有些港口將停駛 4 天，以更換班輪，帕拉卡圖港將再停駛幾天，具體取決於（聽不清楚）。所以我們正在管理這個問題，正如安德里亞早些時候指出的那樣，今年是我們每個季度之間範圍最窄的一年，我們將管理這個問題，並相應地管理每個站點的表現。

Okay. That's good here. And maybe Andrea, just you didn't answer the question on what cash you think you need to hold on the balance sheet to run this 2 million-ounce business?

好的。這裡很好。安德里亞，也許你還沒有回答這個問題：你認為需要在資產負債表上保留多少現金來經營這筆 200 萬盎司的業務？

It's -- I mean, typically, we've had -- when you look back over the last number of years, our [at] cash balance is above 500 million. So that's where we typically like to be. And some of that is just efficiently moving cash around the world.

我的意思是，通常情況下，當你回顧過去幾年時，我們的現金餘額超過 5 億美元。所以我們通常喜歡去那裡。其中有些只是在世界各地有效地轉移現金。

At the minimum.

至少。

At a minimum.

至少。

Right? But again, we are thinking about the future. We are thinking about those notes. And again, Tanya, we're going to look for the right balance, if you will, on free cash flow is to return and continuing to strengthen the balance sheet.

正確的？但我們再次思考未來。我們正在思考那些筆記。再說一次，塔妮婭，如果你願意的話，我們將尋找正確的平衡點，即自由現金流的回歸和繼續加強資產負債表。

No, yes. I appreciate that. Just wondered what that -- what you would feel comfortable on holding just for a 2 million-ounce business.

不，是的。我很感激。我只是想知道，為了 200 萬盎司的業務，您願意持有什麼？

If I could just continue maybe to actually, Paul, for you. Just looking and listening to, and thank you for that slide on Page 20, about your 2 million-ounce production profile until the end of the decade. I think that would assume you have La Coipa in those additional pit laybacks or whatever that gets you to the end of 2030 at the end of the decade. When do you have Curlew in? Like is that a '28, could we hit in? And remember, once conference call will be about under [1,000] ounces, is that still feasible?

保羅，如果我可以繼續的話，實際上可以為你做些什麼。只是看一下和聽一下，感謝您在第 20 頁上的幻燈片，其中介紹了到本世紀末的 200 萬盎司的產量概況。我認為這將假設您擁有 La Coipa 的那些額外的礦坑後退或任何可以讓您在 2030 年末達到的水平。你什麼時候有 Curlew？就像那是'28，我們可以進去嗎？請記住，一旦電話會議的量低於 [1,000] 盎司，這仍然可行嗎？

Yes. No, I think you're right in the zone there, Tanya. When people have asked us in the past about how we will maintain the 2 million ounces towards the end of the decade, I basically say there's 4 things, 2 of which we just keep doing what we're doing, that's -- we keep mining at the La Coipa, we keep mining at Bald Mountain. So that's the 2 that we keep doing. And there'll be 2 other things that are new that we have (inaudible) and that is purely in Phase X. And as you've seen with the results of the drilling, they're moving along very nicely. We're really happy with how they're going. Will why don't you talk a little bit about timing and how those come in.

是的。不，我認為你在那裡是正確的，Tanya。過去當人們問我們如何在 2020 年前保持 200 萬盎司的產量時，我基本上說有四件事，其中兩件事我們將繼續做我們正在做的事情，那就是 - 我們將繼續在 La Coipa 開採，我們將繼續在 Bald Mountain 開採。這就是我們一直在做的 2 件事。我們還有另外 2 項新成果（聽不清楚），這些成果目前僅處於第十階段。我們對他們目前的進展感到非常滿意。威爾，為什麼不談談時間安排以及它們是如何發生的呢？

Yes. I think you can see we've been expanding that resource currently in a very positive way, which is the goal a couple of years ago, and we've gone at that point where we're more comfortable on the economics and then the margins turn. There is one remaining permitting action that we've spoken about before, which is really just getting the permit to increase the height of the tailings storage facility when we (inaudible) stack tailings. The rest of our permits are in place.

是的。我想你可以看到我們目前正在以非常積極的方式擴大這種資源，這是我們幾年前的目標，而且我們已經達到了對經濟更加滿意的階段，然後利潤率也隨之上升。我們之前談到了剩下的一個許可行動，這實際上只是在我們（聽不清楚）堆放尾礦時獲得增加尾礦儲存設施高度的許可證。我們其餘的許可證都已到位。

So that is a bit of a milestone permit in terms of controlling time line. After that, we've already -- we're already at the ore body underground. We're already in a pretty good position to get into development fairly quickly. So we do -- we haven't released specific guidance yet, but 2028, it's a reasonable assumption on how we're going through that permitting and construction path.

因此，從控制時間軸的角度來看，這有點像是里程碑許可證。之後，我們已經──我們已經到達地下的礦體。我們已經處於非常有利的位置，可以相當快地進入開發階段。所以我們還沒有發布具體的指導，但到 2028 年，對於我們如何完成許可和建設路徑，這是一個合理的假設。

Okay. And then how do you think about the external opportunities versus your internal opportunities? You've got a lot for mine life extension. And then obviously, we've got Lobo-Marte, Maricunga, Great Bear are all coming in towards the end of the decade and into the 2030s. How do you look at your -- evaluate external opportunities, would you say you're more focused on production versus development?

好的。那麼您如何看待外部機會與內部機會？您為延長我的壽命做了許多貢獻。顯然，我們將看到 Lobo-Marte、Maricunga 和 Great Bear 等恐龍都在本世紀末和 2030 年代出現。您如何看待—評估外部機會，您是否認為您更注重生產而不是開發？

Look, I think the key here is we don't feel under pressure to go out and do anything necessarily to gain production immediately. We're very happy with our internal pipeline portfolio. That allows us to be patient and really look for value, whether it's in an earlier stage or in production.

看，我認為這裡的關鍵是我們沒有感受到壓力，沒有採取任何必要行動來立即獲得產量。我們對我們的內部管道組合非常滿意。這使得我們能夠耐心並真正尋找價值，無論是在早期階段還是在生產過程中。

When I get the M&A question, which you get a lot, I mean, I think the history speaks a lot for the demonstrated in terms of discipline. I mean, really, if you go back and you look at what acquisitions have we done in the last 10 years, there's maybe 3 or 4. We did the Round Mountain ball back in 2015, bolt-on synergistic, we purchased some power plants in Brazil in 2018, Manh Choh in (inaudible) in 2020.

當我遇到經常遇到的併購問題時，我的意思是，我認為歷史在紀律方面的表現非常充分。我的意思是，如果你回顧過去 10 年我們進行過哪些收購，可能有 3 到 4 項。我們在 2015 年就完成了 Round Mountain 球體項目，實現了螺栓協同效應，我們在 2018 年在巴西購買了一些發電廠，在 2020 年在（聽不清楚）購買了 Manh Choh。

So we're very careful. We do look at external opportunities, but we have to see the value proposition. And if we do, we'll move forward. But it's challenging sometimes to find those value opportunities. Great Bear obviously, was the last time we did an external that was -- we purchased that in '22, and we're extremely pleased. So we'd love to find more of those if they exist, but we're not feeling under pressure to go out and do something just for the sake of maybe getting higher production.

因此我們非常小心。我們確實在關注外在機會，但我們必須看到價值主張。如果我們這樣做了，我們就會繼續前進。但有時尋找這些價值機會很困難。顯然，Great Bear是我們最後一次進行外部設計——我們在'22年購買了它，我們非常滿意。因此，如果有這樣的資源，我們非常樂意找到更多，但我們不會為了提高產量而被迫採取行動。

I appreciate that. I just wondered if you thought there's opportunities for you to add additional inventory like beyond 2030, whether that made sounds for you.

我很感激。我只是想知道，您是否認為在 2030 年以後還有機會增加額外的庫存，這對您來說是否有意義。

Yes. Look, I think when I -- I sometimes get the question, no I'm not or say worried about towards the end of the decade, when I'm thinking about the future of the company, we are, we're thinking about mid-30s and beyond. And so that's kind of the time line we're thinking about. So yes, if there's good opportunities to add, we think, is quality to the inventory, we'll look at it. it's quality. And again, I would say one of the advantages we've had over the last few years in terms of our cost structure is a lot of the new stuff that we have brought on and some of this is internal, whether it was the restart of La Coipa or the ramping up of the mill of Tasiast, we've been bringing on quality, meaning better grades and those better grades have driven our margins. Would just be a natural offset some of the cost pressures that maybe some others have faced.

是的。看，我想當我——我有時會被問到這個問題，不，我並不擔心這個十年的末期，當我在思考公司的未來時，我們考慮的是 30 多歲及以後。這就是我們正在考慮的時間軸。所以是的，如果有很好的機會可以增加庫存，我們認為，品質是第一位的，我們會考慮的。它的品質。再次，我想說，就成本結構而言，我們過去幾年的優勢之一是我們引入了許多新產品，其中一些是內部的，無論是重啟 La Coipa 還是擴大 Tasiast 工廠的產能，我們都在提高質量，這意味著更好的等級，而這些更好的等級推動了我們的利潤率。這將自然抵銷其他國家可能面臨的部分成本壓力。

Okay. If I could just squeeze one question in for Jeff. Can you just give me an update on the 2 remaining permits that we require on the [AET] program? And negotiations with First Nations. We (inaudible) how that's going and what's the time line of getting all that?

好的。我是否可以擠出時間問傑夫一個問題？您能否向我們提供有關 [AET] 計劃所需的剩餘 2 個許可證的最新情況？並與原住民進行協商。我們（聽不清楚）進展如何，完成所有這些的時間表是怎樣的？

Sure. (inaudible), we'll start with your [AX] question, if that's okay. The 2 remaining parts that you're referring to. One is what we refer to as in industrial sewage treatment and construction print, which we call an ECA, which stands for Environmental Compliance Approval. And we don't obviously need that today, but we're targeting to get that sort of later in the spring.

當然。 (聽不清楚)，如果可以的話，我們將從您的 [AX] 問題開始。您所指的其餘兩個部分。一個是我們在工業污水處理和建造圖中所說的ECA，也就是環境合規批准。顯然，我們今天不需要這個，但我們的目標是在春季晚些時候實現這個目標。

And the second outstanding permit is our operations permit to take water, which again, we don't require today, but we're targeting the back half of 2025 later 2024 for that particular permit. We have to be clear, we have every single we need for our current (inaudible) activities and have received for those permits to date.

第二張尚未發放的許可證是取水作業許可證，同樣，我們現在不需要這張許可證，但我們的目標是在 2025 年下半年或 2024 年下半年獲得該許可證。我們必須明確的是，我們已經擁有當前（聽不清楚）活動所需的一切，並且迄今為止已經收到了這些許可證。

One on the First Nation's question that you asked about relations there are very strong. I won't go into a lot of detail on that one, but we are in the best of negotiations with them on our project agreement or what's more commonly called an IVA. We've exchanged drafts. We've had economic discussions that's going. And we're sort of targeting the back half of 2025 to get something done there. And last but not least, obviously, on the main project, we're in the midst of our federal permitting process there, which involves the filing of what we call an impact statement. And again, we're targeting the back half of 2025 to get that done.

關於您詢問的第一民族問題，那裡的關係非常密切。我不會詳細談論這一點，但我們正在與他們就專案協議或通常所說的 IVA 進行最好的談判。我們已經交換了草稿。我們正在就經濟問題進行討論。我們的目標是在 2025 年下半年完成一些工作。最後但同樣重要的一點是，顯然，在主要項目上，我們正​​在進行聯邦許可程序，其中涉及提交所謂的影響聲明。再次強調，我們的目標是在 2025 年下半年完成這項目標。

Does that answer your questions, Tanya?

這回答了你的問題嗎，Tanya？

Just on the negotiation with First Nations, would it be safe to assume that all the negotiations are just sort of the normal and classic items that are being done in other mining areas in the Red Lake District, let's say, that are normal to what's been already (inaudible)?

就與原住民的談判而言，是否可以安全地假設所有談判都只是在紅湖區其他礦區進行的正常和經典的談判，也就是說，這與已經進行的情況一樣正常。（聽不清楚）？

Yes. Yes. Yes. Yes, we -- there isn't -- we're not sort of trailblazing here where you would expect to see the customary provisions that you would typically see in an IVA and we're discussing those in our negotiations.

是的。是的。是的。是的，我們 - 沒有 - 我們在這裡並沒有開拓性地看到您通常會在 IVA 中看到的慣例條款，我們正在談判中討論這些條款。

And there are no further questions at this time. I would like to turn it back to Paul Rollinson for closing remarks.

目前沒有其他問題。我想請保羅·羅林森作最後發言。

(inaudible).Thanks, operator. Thanks, everyone, for dialing in this morning. We look forward to catching up with you all in person in the coming weeks and months. Thank you.

（聽不清楚）謝謝接線生。感謝大家今天早上撥打的電話。我們期待在未來幾週和幾個月內與大家見面。謝謝。

Thank you presenters. And ladies and gentlemen, this concludes today's conference call. Thank you all for joining. You may now disconnect.

謝謝主持人。女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。