Kinross Gold Corp (KGC) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Ian, and I will be your conference operator today. At this time, I would like to welcome everyone to the Kinross Gold First Quarter 2025 Results Conference Call and Webcast. (Operator Instructions).

感謝您的支持。我叫伊恩，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 2025 年第一季業績電話會議和網路廣播。（操作員指令）。

I would like to hand the call over to David Shaver, Senior Vice President, Investor Relations and Communications. Please go ahead.

我想把電話交給投資者關係和傳播部高級副總裁戴維·謝弗 (David Shaver)。請繼續。

Thank you, and good morning. In the room with us today on the call, we have Paul Rollinson, CEO; and from the Kinross senior leadership team, Andrea Freeborough; Claude Schimper; Will Dunford; and Geof Gold.

謝謝，早安。今天與我們一起參加電話會議的還有首席執行官保羅·羅林森 (Paul Rollinson)；以及來自金羅斯高級領導團隊的安德里亞·弗里伯勒 (Andrea Freeborough)；克勞德·辛佩爾；威爾·鄧福德和 Geof 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, please refer to page 3 of this presentation, our news release dated May 6, 2025, the MD&A for the period ended March 31, 2025, 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 5 月 6 日發布的新聞稿、截至 2025 年 3 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.

現在我將把電話轉給保羅。

Thanks, David, and thank you all for joining us. This morning, I will discuss our first quarter results, provide high-level updates across our portfolio, comment on sustainability, and confirm our outlook. I will then hand the call over to Andrea, Claude, and Will to provide more detail. Following outstanding performance in 2024, we continued to deliver strong results in the first quarter.

謝謝，大衛，也謝謝大家加入我們。今天上午，我將討論我們的第一季業績，提供我們投資組合的高層更新，評論可持續性，並確認我們的展望。然後我會將電話轉給 Andrea、Claude 和 Will，以提供更多詳細資訊。繼2024年取得優異表現後，我們在第一季持續取得強勁業績。

Our culture of technical excellence and financial discipline, complemented by our consistent operating performance, continues to drive significant margins and cash flow for our business. Our financial position and cash flow outlook remains excellent. And as a result, we are enhancing capital returns for shareholders. Q1 was a great start to the year with production of 512,000 ounces.

我們的技術卓越和財務紀律的文化，加上我們始終如一的經營業績，繼續為我們的業務帶來可觀的利潤和現金流。我們的財務狀況和現金流前景依然良好。因此，我們正在提高股東的資本回報。今年第一季開局良好，產量達到 512,000 盎司。

Tasiast and Paracatu had another notable quarter and together accounted for more than half of our production and drove significant cash flow. Tasiast saw strong output in Q1, supported by strong grades and recoveries. Claude will elaborate further, but after a brief shutdown due to a fire in April, the mill was recently restarted, and Tasiast remains on track to meet its original full year guidance.

Tasiast 和 Paracatu 又度過了一個出色的季度，兩家公司合計占我們產量的一半以上，並帶來了可觀的現金流。受高等級和復甦的支撐，Tasiast 第一季產量強勁。克勞德將進一步詳細說明，但在 4 月因火災而短暫關閉後，該工廠最近已重新啟動，Tasiast 仍有望實現其最初的全年預期。

Paracatu delivered another excellent quarter on the back of strong grades and improved mill recoveries. La Coipa and our US assets also delivered production and costs as planned. Turning now to updates on our projects. Our in-house technical and project execution teams made notable progress in Q1 across our pipeline of mine life extensions and growth projects that underpin our long-term production profile.

憑藉強勁的品質和工廠回收率的提高，帕拉卡圖又一個季度表現出色。La Coipa 和我們的美國資產也按計劃交付了產品並降低了成本。現在來談談我們專案的最新進展。我們的內部技術和專案執行團隊在第一季在礦山壽命延長和成長專案方面取得了顯著進展，這些專案為我們的長期生產狀況提供了支撐。

At Curlew, ongoing resource drilling is returning exciting results with recent assays demonstrating substantial grades and widths supporting future high-margin production. At Round Mountain, underground development at Phase X is advancing well. And as outlined in our news release, we are continuing to see strong exploration results from infill drilling. At Lobo-Marte, baseline studies to support the project EIA are progressing well.

在 Curlew，正在進行的資源鑽探正在取得令人興奮的成果，最近的化驗表明，相當高的品味和寬度支持未來的高利潤生產。在 Round Mountain，第十階段地下開發工作進展順利。正如我們的新聞稿中所述，我們繼續看到加密鑽探帶來的強勁勘探成果。在 Lobo-Marte，支持計畫 EIA 的基線研究進展順利。

At Great Bear, the advanced exploration program continues with construction and earthworks underway. Regarding the main project, we continue to advance our permitting efforts, working with the Impact Assessment Agency of Canada, and we've also kicked off detailed engineering on the mill and site infrastructure to advance the main project towards construction.

在 Great Bear，高級勘探計劃仍在繼續，施工和土方工程正在進行中。關於主要項目，我們繼續推進許可工作，與加拿大影響評估機構合作，我們也啟動了工廠和現場基礎設施​​的詳細工程，以推進主要項目的建設。

Turning now to sustainability. I am pleased to say that our annual sustainability report will be published later this month. This comprehensive report, which is in its 17th edition provides an update on all the progress we made in 2024 and what we aim to accomplish this year and beyond. It's an impressive document, which I encourage you all to review.

現在談談可持續性。我很高興地說，我們的年度永續發展報告將於本月稍後發布。這份綜合報告已發佈至第 17 版，介紹了我們在 2024 年取得的所有進展以及我們今年及以後的目標。這是一份令人印象深刻的文件，我鼓勵大家閱讀。

Moving to our outlook. Following a strong first quarter, we are firmly on track to achieve our production, cost, and capital guidance for the year. As we did last year and in Q1, we will continue to maintain our financial discipline and prioritize cost management in order to deliver strong margins and cash flow. With this positive outlook, I am pleased to say that in addition to our dividend, we have enhanced our return of capital by reactivating our share buyback. This should provide a substantial year-over-year increase in return of capital to our shareholders.

轉向我們的展望。繼第一季表現強勁之後，我們可望實現全年的生產、成本和資本目標。正如去年和第一季一樣，我們將繼續保持財務紀律，優先考​​慮成本管理，以實現強勁的利潤率和現金流。憑藉這種積極的前景，我很高興地說，除了股息之外，我們還透過重新啟動股票回購提高了資本回報率。這將使我們股東的資本回報率比去年同期大幅增加。

With that, I'll 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, provide an overview of our balance sheet and return of capital plans, and comment on our outlook. As Paul noted, we had a strong start to the year in Q1. We produced 512,000 gold equivalent ounces and sold 506,000 ounces. As per plan, Q1 cost of sales of $1,038 per ounce and all-in sustaining costs of $1,355 per ounce were lower than our guidance for the year.

謝謝，保羅。今天上午，我將回顧本季的財務亮點，概述我們的資產負債表和資本回報計劃，並對我們的前景發表評論。正如保羅所說，我們今年第一季開局強勁。我們生產了 512,000 盎司黃金當量，銷售了 506,000 盎司。根據計劃，第一季的銷售成本為每盎司 1,038 美元，總維持成本為每盎司 1,355 美元，低於我們對今年的預期。

Q1 costs were also lower than the prior quarter, benefiting from more ounces produced, lower energy, and lower maintenance costs. Q1 margins were strong at over $1,800 per ounce, increasing over the prior quarter and outpacing the increase in the gold price. In Q1, our adjusted earnings were $0.30 per share, and adjusted operating cash flow was $676 million. Attributable CapEx was $204 million, with higher spending expected for the rest of the year to conform with our annual guidance.

由於產量增加、能源消耗降低以及維護成本降低，第一季的成本也低於上一季。第一季利潤率強勁，超過每盎司 1,800 美元，較上一季成長，且漲幅超過金價。第一季度，我們的調整後每股收益為 0.30 美元，調整後營運現金流為 6.76 億美元。應佔資本支出為 2.04 億美元，預計今年剩餘時間的支出將會增加，以符合我們的年度指導。

Attributable free cash flow was $371 million or $472 million, excluding changes in working capital. Free cash flow in Q1 was lower compared to the prior quarter, as expected, due to annual tax payments in Brazil and Mauritania. Turning to the balance sheet. Our financial position continued to improve in Q1. Following the repayment of the final $200 million on our term loan, we ended the quarter with $695 million in cash and approximately $2.3 billion of total liquidity, both increasing from year-end.

可歸屬自由現金流為 3.71 億美元，不包括營運資本變動則為 4.72 億美元。正如預期的那樣，由於巴西和茅利塔尼亞的年度納稅，第一季的自由現金流與上一季相比有所下降。轉向資產負債表。我們的第一季財務狀況持續改善。在償還最後一筆 2 億美元定期貸款後，本季末我們擁有 6.95 億美元現金和約 23 億美元的總流動資金，均比年底有所增加。

We improved our net debt position to $540 million and our trailing 12-month net debt-to-EBITDA ratio to 0.2 times compared to 0.3 times as of year-end. With the term loan now fully repaid and our strong cash balance at the end of Q1, we are increasing our returns to shareholders. Our quarterly dividend of $0.03 per share remains in place. In addition, we have reactivated our share buyback program and to date, have repurchased $60 million in shares.

我們的淨債務狀況改善至 5.4 億美元，過去 12 個月的淨債務與 EBITDA 比率從年底的 0.3 倍改善至 0.2 倍。隨著定期貸款現已全部償還，且第一季末現金餘額充足，我們正在增加股東回報。我們的季度股息仍為每股 0.03 美元。此外，我們重新啟動了股票回購計劃，迄今已回購了價值 6,000 萬美元的股票。

Based on recent gold prices, we are aiming to repurchase a minimum of $500 million of our common shares this year, which would increase our total return of capital to $650 million, representing an increase of over 300% compared to last year. Our shares continue to represent an attractive use of excess cash given our favorable relative valuation and strong free cash flow metrics.

根據最近的黃金價格，我們計劃今年回購至少 5 億美元的普通股，這將使我們的總資本回報率達到 6.5 億美元，比去年增長 300% 以上。鑑於我們有利的相對估值和強勁的自由現金流指標，我們的股票繼續代表對過剩現金的有吸引力的利用。

With our strong cash flow outlook, we expect to continue returning a substantial amount of capital to shareholders while also building cash on the balance sheet with a view to repay the $500 million 2027 notes at or before maturity. At today's gold prices, we expect to be in a net cash position by the end of the year. Lastly, during the quarter, Moody's performed their annual review, revising our outlook to positive from stable and reaffirming our investment-grade credit rating.

憑藉著強勁的現金流前景，我們預計將繼續向股東返還大量資本，同時在資產負債表上建立現金，以期在到期日或之前償還 5 億美元的 2027 年票據。以今天的黃金價格，我們預計到今年年底我們將處於淨現金狀況。最後，在本季度，穆迪進行了年度審查，將我們的展望從穩定調整為正面，並重申我們的投資等級信用評級。

Turning to our guidance. We remain to produce 2 million ounces at a cost of sales of $1,120 per ounce and all-in sustaining cost of $1,500 per ounce. Operating costs are expected to increase throughout the rest of the year for three reasons. First, stripping costs at Round Mountain Phase S and Fort Knox Phase 10 are currently being capitalized, and we expect both to be characterized as operating costs for accounting purposes from mid-year.

轉向我們的指導。我們繼續生產 200 萬盎司，銷售成本為每盎司 1,120 美元，總維持成本為每盎司 1,500 美元。由於三個原因，預計今年剩餘時間內營運成本將會增加。首先，Round Mountain S 期和 Fort Knox 10 期的剝離成本目前正在資本化，我們預計從年中開始，出於會計目的，這兩項成本都將被定性為營運成本。

Second, we continue to expect inflation in the range of 3% to 4% on average for the year. And third, we had slightly stronger production in Q1, providing a favorable denominator on fixed costs, with production in the remaining quarters expected to deliver our annual guidance of 2 million ounces. Capital expenditures remain on track to meet guidance of $1.15 billion.

其次，我們預期今年通膨率平均將在 3% 至 4% 之間。第三，我們第一季的產量略有增加，為固定成本提供了有利的分母，預計剩餘季度的產量將達到我們 200 萬盎司的年度指導水準。資本支出仍有望達到 11.5 億美元的預期。

I will 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. Delivery of our safety excellence program has now been completed, including at the corporate office, and refresher training has begun at some sites. In the first quarter, we placed significant focus on our leading safety practices. We conducted 54 operational learning teams and over 28,000 field engagements.

謝謝你，安德里亞。我們的安全卓越計劃現已完成實施，包括在公司辦公室，並且已在一些站點開始進修培訓。第一季度，我們專注於領先的安全實踐。我們組織了 54 個作戰學習小組並進行了超過 28,000 次實地活動。

This quarter, our operations continued their strong performance, delivering production of 512,000 ounces. Starting with Tasiast, mine delivered strong results in the first quarter with production of 138,000 ounces at a cost of sales of $811 per ounce. Tasiast performed well during the quarter, driven by strong grades and recoveries following a variety of optimization initiatives in the mill.

本季度，我們的業務持續保持強勁表現，產量達到 512,000 盎司。從 Tasiast 開始，該礦在第一季取得了強勁的業績，產量為 138,000 盎司，銷售成本為每盎司 811 美元。受強勁的品質和工廠採取各種優化措施後復甦的推動，Tasiast 在本季度表現良好。

Production was lower over the prior quarter due to lower throughput as we continue to work through enhancements to improve recoveries. Following the fire incident in mid-April, I'm pleased to see how effectively our site team responded to quickly restart the mill. With critical spare parts already on site, the site team was able to expedite repairs, reducing the downtime and mitigating the impact to production.

由於我們繼續努力改進以提高回收率，產量下降導致產量比上一季下降。四月中旬發生火災事件後，我很高興看到我們的現場團隊做出了有效反應，迅速重啟了工廠。由於關鍵備件已到達現場，現場團隊能夠加快維修速度，減少停機時間並減輕對生產的影響。

With the strong mining rates we saw in the first quarter, Tasiast was tracking ahead of its mine plan, allowing for the accumulation of high-grade material. Processing of this high-grade material has commenced and is expected to offset production that was budgeted from lower-grade stockpiles this year. Tasiast is still expected to deliver its production guidance of 500,000 ounces at a target cost of sales of $860 per ounce this year.

由於第一季採礦率強勁，Tasiast 的採礦計畫進展順利，累積了高品位礦石。這種高品位材料的加工工作已經開始，預計將抵消今年預算的低品位庫存產量。Tasiast 今年仍有望實現 50 萬盎司的產量目標，目標銷售成本為每盎司 860 美元。

Paracatu delivered another solid quarter with production of 147,000 ounces at a cost of sales of $951 per ounce. Production increased over the prior quarter due to the strong grades and the timing of ounces processed. The quarter also saw strong production on the back of improved recoveries, which are benefiting from our continuous improvement initiatives, including the recent implementation of an additional gravity circuit at the plant.

帕拉卡圖本季再創佳績，產量達 147,000 盎司，銷售成本為每盎司 951 美元。由於礦石品質優良且加工時間恰當，產量較上一季增加。本季度，由於採收率提高，產量也表現強勁，這得益於我們持續的改進舉措，包括最近在工廠實施的額外重力迴路。

The site team were able to mitigate the impacts from the significant rainfall experienced in the first quarter, delivering on budget. Production at Paracatu is expected to be higher and costs lower this year as mining continues within the high-grade portion of the pit. Paracatu remains on track to meet its guidance of 585,000 ounces at a cost of sales of $1,025 per ounce.

現場團隊成功減輕了第一季強降雨帶來的影響，並按預算完成了任務。隨著礦坑高品位部分的開採持續進行，預計今年帕拉卡圖金礦的產量將會更高，成本將會更低。帕拉卡圖仍有望實現 585,000 盎司的銷售目標，銷售成本為每盎司 1,025 美元。

At La Coipa, we produced 52,000 ounces at a cost of sales of $1,147 per ounce in the first quarter. Production was lower over the prior quarter, mainly due to the timing of ounces processed through the mill and lower planned throughput, partially offset by higher grades from the Puren deposit. La Coipa is on track to meet its guidance of 230,000 ounces at a cost of sales of $1,060 per ounce in 2025.

在 La Coipa，我們第一季生產了 52,000 盎司，銷售成本為每盎司 1,147 美元。產量較上一季下降，主要原因是透過工廠加工的礦石時間安排以及計劃產量較低，但被普倫礦床的較高品位部分抵消。La Coipa 預計在 2025 年實現 230,000 盎司的銷售目標，銷售成本為每盎司 1,060 美元。

Moving to our US operations. Production in the first quarter was as planned. Collectively, the US sites delivered first quarter production of 176,000 ounces at a cost of sales of $1,246 per ounce. At Fort Knox, first quarter production of 94,000 ounces was higher over the prior quarter as a result of higher processing grades and higher recoveries from Manh Choh ore, driving strong free cash flow.

轉向我們的美國業務。第一季的生產符合計劃。整體而言，美國各工廠第一季的產量為 176,000 盎司，銷售成本為每盎司 1,246 美元。在諾克斯堡，第一季產量為 94,000 盎司，高於上一季度，原因是加工品位更高以及 Manh Choh 礦石回收率更高，從而推動了強勁的自由現金流。

Ore tonnage from Manh Choh was higher than budgeted in the first quarter due to the timing of and some improvements in the ore transport system. With stronger volumes in the first quarter, the remaining campaigns this year are expected to see slightly lower average tonnages than the 200,000 to 220,000 tonnes per campaign that was outlined at year-end.

由於礦石運輸系統的時機和一些改進，第一季 Manh Choh 的礦石噸位高於預算。由於第一季產量較大，預計今年剩餘各季的平均產量將略低於年底規劃的每季 20 萬至 22 萬噸。

At Bald Mountain, we produced 46,000 ounces at a cost of sales of $1,123 per ounce. Production was in line over the prior quarter, while costs were slightly lower due to higher capitalized mining costs. At Redbird, mining activity for Phase 1 commenced in January and is advancing on schedule. At Round Mountain, production of 36,000 ounces was lower compared to the prior quarter due to the mine sequencing as mining transitions from the end of Phase W into Phase S stripping.

在 Bald Mountain，我們生產了 46,000 盎司，銷售成本為每盎司 1,123 美元。產量與上一季持平，但由於資本化採礦成本較高，成本略有下降。在 Redbird，第一階段的採礦活動於一月份開始，並正在按計劃進行。在 Round Mountain，由於採礦排序從 W 階段結束過渡到 S 階段剝離，產量為 36,000 盎司，與上一季相比有所下降。

Cost of sales of $1,585 per ounce was lower due to the lower consumable costs. Mining at the Phases open pit remains on schedule, with stronger production contributions expected towards the end of the year.

由於消耗品成本較低，銷售成本也較低，為每盎司 1,585 美元。Phases 露天礦場的開採工作仍在按計劃進行，預計今年年底產量將有所提高。

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. As highlighted last quarter, we have significant optionality from a number of mine life extensions and growth projects that sit in our resource base and underpin our potential future production profile. Our strong internal technical team is focused on drilling, technical studies, and permitting across the pipeline of growth projects to advance them into our production profile while also progressing exploration to bring new projects into our resource.

謝謝，克勞德。正如上個季度所強調的那樣，我們從許多礦山壽命延長和增長項目中獲得了很大的選擇權，這些項目位於我們的資源基礎中，並支撐著我們未來的潛在生產狀況。我們強大的內部技術團隊專注於鑽探、技術研究和許可整個成長項目管道，以將其推進到我們的生產概況，同時推進勘探以將新項目引入我們的資源。

Here, you can see updates on a few of those studies that our team is working on. At La Coipa, study and permitting work is progressing well for the Oxide extension opportunities. The extensions being permitted are primarily focused on an additional open pit layback at Puren, an area where we are already mining today.

在這裡，您可以看到我們團隊正在進行的一些研究的最新進展。在拉科伊帕，氧化物擴建計畫的研究和許可工作進展順利。獲準的擴建主要集中在普倫 (Puren) 的額外露天礦場，我們目前已在該地區進行開採。

At Bald Mountain, technical studies optimization work, and detailed engineering for Phase 2 is progressing well. Phase 2 would bring in an additional 680,000 contained ounces to the mine plan and extend production out to 2031. We expect to complete our technical work to support an execution decision by year-end at Redbird.

在禿山，第二階段的技術研究優化工作和詳細工程進展順利。第二階段將為礦場計畫額外帶來 68 萬盎司的產量，並將生產期限延長至 2031 年。我們預計在年底前完成技術工作，以支援 Redbird 的執行決策。

At Tasiast, we are progressing both drilling and technical studies to support mine life extensions beyond 2035 through optionality that we can see in our resource, which includes 2.4 million ounces of M&I and 1.6 million ounces of inferred. We are working on both open pit and underground extension options at West Branch, where our mineralization clearly extends at depth alongside exploration for satellite mining targets on the wider property.

在 Tasiast，我們正在推進鑽探和技術研究，以透過我們在資源中看到的可選性來支持將礦山壽命延長至 2035 年以後，其中包括 240 萬盎司的 M&I 和 160 萬盎司的推斷金礦。我們正在西支進行露天和地下延伸兩種方案的研究，我們的礦化作用明顯向深處延伸，同時在更廣闊的土地上進行衛星採礦目標的勘探。

At Lobo-Marte, baseline studies to support our EIA are progressing well. We are also progressing technical work and will provide a project update by next year. Moving to Curlew. Drilling in Q1 continued to highlight wider and higher-grade zones of mineralization, further improving the quality of the project and showing potential for high-margin production.

在 Lobo-Marte，支持我們 EIA 的基線研究進展順利。我們也正在推進技術工作，並將在明年提供專案更新。移至 Curlew。第一季的鑽探繼續突出更寬、更高品位的礦化帶，進一步提高了專案的質量，並顯示出高利潤生產的潛力。

For example, at Stealth, we intercepted 10 meters at 16 grams per tonne, and at K5, we intercepted 26 meters at 8 grams per tonne. Technical studies and detailed engineering are progressing well to support a potential restart of operations at Curlew using our Kettle River processing facility. Underground development was also reinitiated in Q1 to extend our decline at depth towards Road Runner and along strike itself to target further extensions of high-grade mineralization.

例如，在 Stealth 基地，我們攔截了 10 公尺遠的放射性物質，密度為每噸 16 克；在 K5 基地，我們攔截了 26 公尺遠的放射性物質，密度為每噸 8 克。技術研究和詳細工程進展順利，以支援使用我們的 Kettle River 加工廠重新啟動 Curlew 的運作。第一季也重新啟動了地下開發，將我們的下降深度延伸至 Road Runner 並沿著走向本身，以進一步延伸高品位礦化。

You can see on the slide, we are extending our development along a paleosurface that controls our productive horizon and has produced multiple historic mines, but has been underexplored at depth, providing potential for further extension of mineralization. We expect to provide a resource and project update for Curlew with our 2025 year-end results.

您可以在幻燈片上看到，我們正在沿著控制生產地平線的古地表擴展我們的開發，並已生產出多個歷史礦山，但在深度上尚未充分勘探，為進一步擴展礦化提供了潛力。我們期望透過 2025 年年終業績為 Curlew 提供資源和專案更新。

At Phase X, underground development continues to advance with over 3,900 meters developed to date. Infill drilling is also progressing well. And as you can see on the slide, we now have good coverage of the upper target zone and are focused on expanding coverage in the lower zone. The table on the slide shows all the results from Q1 in the lower zone.

第十階段，地下開發持續推進，迄今已開發超過 3,900 公尺。加密鑽探也進展順利。正如您在幻燈片上看到的，我們現在已經很好地覆蓋了上部目標區域，並專注於擴大下部區域的覆蓋範圍。投影片上的表格顯示了下部區域 Q1 的所有結果。

As you can see, the grades and widths further reinforce our exploration thesis of a bulk 3 to 4 gram per tonne deposit at Phase X. The completion of this drill program will put us in a position to provide an initial underground resource estimate and a project update for Phase X with our 2025 year-end results. In parallel, we are progressing technical studies and detailed engineering to support project execution.

如您所見，品位和寬度進一步強化了我們的勘探論點，即 X 階段的礦床含量為每噸 3 至 4 克。該鑽探計劃的完成將使我們能夠提供初步的地下資源估算和 X 階段的專案更新，並公佈 2025 年年終結果。同時，我們正在推進技術研究和詳細工程以支援專案實施。

Moving to Great Bear. AEX surface works are progressing, including excavation for the decline infrastructure and construction of pads for the camp and stockpiles. Detailed engineering is nearly complete for AEX, and our procurement is advancing in line with the construction schedule. We remain on track to start the underground decline later this year, subject to permitting.

搬到大熊湖。AEX 地面工程正在進行中，包括斜坡基礎設施的挖掘以及營地和庫存的墊塊的建造。AEX 的詳細工程已接近完成，我們的採購正在按照施工進度進行。如果獲得許可，我們仍將在今年稍後開始地下斜坡道施工。

For the main project, we have initiated detailed engineering for the mill and other critical site infrastructure and are continuing to advance our permitting efforts.

對於主要項目，我們已經開始對工廠和其他關鍵現場基礎設施​​進行詳細工程設計，並繼續推進我們的許可工作。

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

現在我將請保羅致閉幕詞。

Thanks, Will. After a strong start to the year, we are well-positioned to meet our targets in 2025. Looking forward, we are excited about our future. We have a strong production profile. We're generating significant free cash flow.

謝謝，威爾。今年開局強勁，我們已做好準備，在 2025 年實現我們的目標。展望未來，我們充滿期待。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。

We have an excellent balance sheet. We have an attractive return of capital through a dividend and share buybacks. We have an exciting organic pipeline, and we are very proud of our commitment to responsible mining that continues to make us a leader in sustainability.

我們的資產負債表非常出色。我們透過股利和股票回購獲得了可觀的資本回報。我們擁有令人興奮的有機管道，我們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。

And with that, operator, I'd like to open up the line for questions.

接線員，現在我開始回答大家的提問。

(Operator Instructions) Anita Soni, CIBC.

（操作員指示） Anita Soni，CIBC。

Congratulations on a strong result. I just want to ask a couple of questions about Tasiast and the restart there. So how long was the repair? I think you had indicated previously it would take about three weeks, and you said it's restarted. So I just wanted to understand how many days it was.

恭喜您取得優異的成績。我只想問幾個關於 Tasiast 及其重啟的問題。那麼修復花了多久時間？我認為您之前曾表示過這將需要大約三週的時間，並且您說它已經重新啟動。所以我只是想知道這是多少天。

Good morning, Anita, it's Claude. Yes, we did -- the repairs were -- the total shutdown time was roughly three weeks, but we did take the opportunity to do some other work as well. So it's sort of a convoluted thing to just assign the whole three weeks to the fire incident. We used the opportunity to do some other work at the same time.

早安，安妮塔，我是克勞德。是的，我們進行了維修，總停機時間大約為三週，但我們也藉此機會做了一些其他工作。因此，將整個三週的時間分配給火災事件是一件比較複雜的事情。我們利用這個機會同時做了一些其他工作。

And then just another quick question on Paracatu. Grades started out pretty strong for Paracatu, but at 0.43 for this quarter. Just wondering, are they going to accelerate over the course of the year from that 0.43? Or is it -- was this a little stronger than you were looking for this quarter?

然後我再問一個關於帕拉卡圖的簡短問題。帕拉卡圖的成績一開始相當不錯，但本季僅為 0.43。只是想知道，他們是否會從 0.43 開始在一年內加速？或者是——這比你本季所期待的要強一點嗎？

Yes. Again, Anita, to Paracatu, it's pretty stable for the year. We do have ups and downs as we move different portions of the pit, but our target is the 0.43 for the rest of the year.

是的。再說一次，安妮塔，對於帕拉卡圖來說，今年的情況相當穩定。當我們移動礦坑的不同部分時，我們確實會經歷起伏，但我們的目標是在今年剩餘時間內達到 0.43。

Okay. And then just a quick question on La Coipa. I think you mentioned that you were looking at extensions in the Curlew pit. Can you just give us -- sorry, just a little bit more color on the timeline on which -- when you think you might be able to deliver results to the market on that?

好的。然後我只想問一個關於 La Coipa 的簡單問題。我想您提到您正在查看 Curlew 坑中的擴展。您能否給我們一些時間安排—抱歉，您認為何時可以向市場交付成果？

Yes. We -- I mean, our current base case or reserves that are already permitted take us through 2027 in terms of a production profile. So obviously, we're doing the permitting work now, and we'll update the market as we submit those permits and get everything in line. But I think we'll -- we can provide some more detail early next year. You can see those -- that pit as part of our resource that's there on our resource statement.

是的。我們 — — 我的意思是，就生產概況而言，我們目前的基本情況或已經允許的儲量將使我們達到 2027 年。顯然，我們現在正在進行許可工作，我們將在提交這些許可證並使一切準備就緒時向市場更新資訊。但我認為我們可以在明年年初提供更多細節。您可以看到這些——那個坑是我們資源的一部分，它在我們的資源聲明中。

And then the last question on Great Bear. Could you remind me what the next key deliverables are? Like what permits are you waiting for at Great Bear? Have you seen any movements from provincial or federal bodies in terms of being a little bit more, I guess, amenable to accelerating some of these permits in light of sort of the macroeconomic environment that we've seen lately. And Trump and sort of a refocus on resource extraction here in Canada?

接下來是關於大熊的最後一個問題。您能提醒我下一個關鍵交付成果是什麼嗎？例如，您在 Great Bear 等待什麼許可證？鑑於我們最近看到的宏觀經濟環境，您是否看到省級或聯邦機構採取了任何舉措，願意加快發放部分許可證？川普又重新關注加拿大的資源開採嗎？

Anita, it's Jeff Gold. I'll take the permitting question. You'll remember that there's both a provincial piece and a federal piece to our permitting. So I'll start with our AAX program. We currently have all the permits that we need for our current AAX activities, and we're closely working with the provincial authorities on the remaining permits, which are basically water treatment permits, which we expect to get when required later in the year.

安妮塔，我是傑夫‧戈爾德。我將回答許可問題。您會記得，我們​​的許可證既涉及省級部分，也涉及聯邦部分。因此我將從我們的 AAX 程序開始。目前，我們已獲得開展當前 AAX 活動所需的所有許可證，並且正在與省級當局密切合作，以獲得剩餘的許可證，這些許可證基本上是水處理許可證，我們預計將在今年稍後獲得這些許可證。

On the federal side and for the main project, we continue to work with the Impact Assessment Agency of Canada, who we call IAAC to advance our draft impact statement. And in terms of legislative initiatives, which you also referred to, clearly, there's a desire both provincially and federally to streamline the overall permitting system. Provincially, new legislation has been tabled.

在聯邦方面和主要項目方面，我們繼續與加拿大影響評估機構（我們稱之為 IAAC）合作，以推進我們的影響聲明草案。就您提到的立法舉措而言，顯然，省級和聯邦級都希望簡化整體許可製度。在省級層面，新的立法已經提出。

Obviously, we welcome this positive initiative to streamline permitting, but it's a little bit too early to sort of comment on the impact that it would have on our overall permitting timeline until we obviously see the final legislation and accompanying regulations. But again, we do see it as a potentially positive impact.

顯然，我們歡迎這項簡化許可的積極舉措，但在我們看到最終立法和附帶法規之前，就其對我們的整體許可時間表的影響發表評論還為時過早。但我們確實認為它具有潛在的正面影響。

And this is the timeline, I think last time we spoke with an expectation of around two years for the permitting?

這是時間表，我記得上次我們談到預計許可證需要大約兩年時間？

Yes. That's an estimate federally again, and that two years is referring to the federal review period by IAAC, and that would be triggered upon filing of our impact statement.

是的。這又是聯邦政府的估計，兩年是指 IAAC 的聯邦審查期，這將在我們提交影響聲明時觸發。

Okay. Sorry. And when do you expect to file that impact statement again?

好的。對不起。您預計何時再次提交該影響聲明？

Yes. We -- well, we've targeted later in the year for that. I would start by saying our objective there remains to file a comprehensive impact statement that addresses all the key impacts upfront. And that, of course, will help facilitate the federal consultation process that I just referred to. Again, picking up in your comments, that, of course, will be subject to the recent legislative initiatives that we're hearing about and seeing to harmonize the overall permitting process. And also our ongoing engagement with the federal regulators and stakeholders.

是的。我們——嗯，我們的目標是在今年晚些時候實現這一目標。首先我想說的是，我們的目標仍然是提交一份全面的影響聲明，提前解決所有關鍵影響。當然，這將有助於促進我剛才提到的聯邦協商進程。再次，根據您的評論，這當然將取決於我們聽到和看到的旨在協調整體許可流程的最新立法舉措。我們也與聯邦監管機構和利益相關者保持持續的合作。

Carey MacRury, Canaccord Genuity.

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

Congrats on the strong quarter. Maybe just a follow-up on the permitting question, maybe looking at it a different way. If permitting wasn't a gating factor or a limiting factor, and given the amount of internal work you're doing, like how early could you theoretically make a construction decision?

恭喜本季業績強勁。也許只是對許可問題的後續關注，也許從不同的角度來看待它。如果許可證不是限制因素或限制因素，並且考慮到您正在進行的內部工作量，那麼您理論上可以提前多久做出施工決定？

Carey, it's Paul here. Yes. Look, I think as we've always said and as you'd expect, we're going to undertake a comprehensive process. As Jeff has indicated, there's been a lot of positive commentary in the media, both federally and provincially. But we haven't got enough yet to really change our course or our strategy. We'll -- historically, we would have expected to be in the federal review process.

凱裡，我是保羅。是的。聽著，我認為正如我們一直說的話以及你所期望的，我們將採取一個全面的進程。正如傑夫所指出的，聯邦和省級媒體都對此發表了許多正面的評論。但我們還沒有取得足夠的進展來真正改變我們的方針或策略。從歷史上看，我們預計會進入聯邦審查程序。

There's been a lot of talk about the Fed's taking it back to the province. Our objective is to be prepared for whatever. And there's nothing tangible or concrete yet, but we're optimistic there might be some schedule compression opportunities with legislation, but we haven't seen anything definitive as yet.

關於美聯儲將其收回該省的討論很多。我們的目標是做好應對一切的準備。目前還沒有任何實質或具體的進展，但我們樂觀地認為，立法可能會帶來一些壓縮時間表的機會，但我們還沒有看到任何明確的進展。

And then maybe a question for Andrea on the share buyback minimum. What sort of floor gold price would you have to hit where you don't think you would execute the $500 million?

然後也許我想問安德里亞一個關於股票回購最低限額的問題。如果您認為黃金價格達到什麼樣的底價，您就不會執行這 5 億美元？

Carey, I guess I'll answer that by saying, as we're sitting here today, that's what we're planning for is the $500 million. We don't need the gold prices that we have today, and we would plan to execute that at reasonably lower gold prices, but there's been a lot of fluctuation. So as of today, we're planning for the $500 million, and we'll just continue to update every quarter as to how much we've done and then how we're looking at progress against the $500 million.

凱裡，我想我會這樣回答，今天我們坐在這裡，我們計畫的資金是 5 億美元。我們不需要今天的金價，我們計劃以相當低的金價來實現這一目標，但金價波動很大。因此，截至今天，我們計劃籌集 5 億美元，並且我們將繼續每個季度更新我們已經完成的金額以及我們對 5 億美元目標進展的了解。

No, I was just going to add to that. I mean the key here, Carey, as we have in the past and as we have already this year, we've demonstrated when we say we're going to buy back that we do. So having bought $60 million already since reactivating with the gold price where it is, we feel pretty good about this. It's obviously our intention, our objective to continue with that buyback, but we are going to be a little cautious around the gold price.

不，我只是想補充一點。我的意思是，凱裡，這裡的關鍵是，正如我們過去所做的那樣，正如我們今年已經做的那樣，當我們說我們要回購時，我們已經證明我們會回購。因此，自從恢復以來，我們已經按照目前的金價購買了 6000 萬美元，我們對此感覺相當不錯。顯然，我們的意圖和目標是繼續回購，但我們對金價會保持謹慎。

Okay. Maybe just one last one, if I could. Just on Tasiast, circling back on Tasiast for Q2, should we be expecting similar grades and therefore, proportionately see Tasiast come down by three weeks and then make it up in the back half of the year? Or how do we think about Tasiast for Q2 specifically?

好的。如果可以的話，也許我只需要最後一個。就 Tasiast 而言，回顧 Tasiast 第二季度的表現，我們是否應該期待類似的成績，從而相應地看到 Tasiast 的成績下降三週，然後在下半年上升？或者我們如何具體考慮 Tasiast 的第二季？

Yes. So Gary, Tasiast always had a bit of a - if you compare it to last year, had a declining profile for this year. We sort of extended the higher grade through the first quarter, which went and performed very well. As we anticipate going into the second quarter, the expectations were lower. And now as I noted earlier on, we have some high-grade material that gives us some flexibility.

是的。所以，Gary，如果與去年相比，Tasiast 今年的知名度有所下降。我們在第一季延續了較高的成績，並且表現得非常好。正如我們預計進入第二季度時一樣，預期較低。正如我之前提到的，我們有一些高品質的材料，可以為我們帶來一些靈活性。

So the second quarter will be quite a little bit lighter. But then as we go through the rest of the year, we expect Tasiast to meet its objectives for 500.

因此第二季的情況會輕鬆很多。但隨著今年剩餘時間的到來，我們預計 Tasiast 將實現 500 家店的目標。

Ralph Profiti, Stifel.

拉爾夫·普羅菲蒂（Ralph Profiti），Stifel。

Two questions for me. The first one, whether the additional gravity circuit infrastructure is related to the progress into the higher-grade ores and the harder ores that as you deal with sort of some of those differential density factors? And what, conceivably, are we into a period where we're going to see progress or acceleration into those higher-grade ores in the second half and into 2026?

我有兩個問題。第一個問題，當您處理一些差異密度因素時，額外的重力迴路基礎設施是否與高品位礦石和更硬礦石的進展有關？那麼，我們可以想像，在下半年和 2026 年，我們將會看到這些高品位礦石取得進展或加速嗎？

Yes. Ralph, I'll say that the gravity circuit was a CI project, which we initiated a couple of years ago. And as we went through the process of commissioning it, we've now seen improved recoveries because of it. So it was a great project for us, and it delivered very well. The different hardness of the ore relative to the different parts of the pit is just coincidental at this point.

是的。拉爾夫，我想說的是，重力電路是一個 CI 項目，是我們幾年前啟動的。隨著我們逐步完成調試過程，我們已經看到了恢復情況的改善。所以這對我們來說是一個很棒的項目，而且成果非常好。礦坑不同部位的礦石硬度不同，這點只是巧合。

So, where we are now, it is slightly harder, and our work index is a bit tougher. So the tonnage is slightly lower at Paracatu. But as we move into other areas, we expect to see great benefits from that discovery circuit when we get back into running the greater process, the higher tonnages.

所以，我們現在的情況稍微困難一些，我們的工作指數也更艱難。因此帕拉卡圖的噸位略低。但隨著我們進入其他領域，當我們重新運行更大的流程、更高的噸位時，我們期望從這個發現迴路中看到巨大的利益。

And maybe as a separate question for Paul and how you're thinking about sort of more of that generative exploration as we see this pivot at Great Bear into some of the more regional targets. And if you look at the exploration portfolio, there's a lot of brownfield exploration, less so on greenfield. Just wondering as a capital allocation decision, how you're thinking about sort of more of that generative work to establish more exploration targets, thinking out many, many years ahead.

也許可以向保羅提出一個單獨的問題，當我們看到大熊湖轉向一些更具區域性的目標時，您如何看待更多的生成性探索。如果你看一下勘探組合，你會發現棕地勘探很多，綠地勘探較少。只是想知道，作為資本配置決策，您如何考慮進行更多的創意工作來建立更多的勘探目標，並考慮未來多年的情況。

Yes. No, it's a good question. I mean, historically, Ralph, and I guess, philosophically, I would say, crudely, our exploration budget is probably 90% of brownfields, 10% greenfields. So we've got geologists in both brownfields and greenfields, but our priority and our focus has been around mine, mine X and brownfield targets, keep going where we're already mining. Having said that, we've got a great team out there.

是的。不，這是個好問題。拉爾夫，我的意思是，從歷史上看，我想從哲學上講，粗略地說，我們的勘探預算可能是 90% 的棕地，10% 的綠地。因此，我們在棕地和綠地都有地質學家，但我們的優先事項和重點一直圍繞著礦山、X 礦山和棕地目標，繼續在我們已經開採的地方進行開採。話雖如此，我們還是擁有一支優秀的團隊。

We're more selective in our regions in terms of greenfields, Canada, Nevada, Finland. We think it's important to keep a team there, and we've got some exciting prospects. And as well, those exploration geos are also our lens, if you will, into other exploration situations that are going on. As you know, we occasionally will take a minority interest in a junior explorer where we like the management team, the geologists, we like the prospectivity.

就綠地、加拿大、內華達州、芬蘭等地區而言，我們的選擇更加嚴格。我們認為保留一支球隊在那裡很重要，而且我們有一些令人興奮的前景。而且，如果你願意的話，這些探索地理位置也是我們觀察正在進行的其他探索情況的視角。如您所知，我們偶爾會對一家初級勘探公司持有少數股權，我們喜歡這家公司的管理團隊、地質學家，也喜歡其勘探前景。

So we do our own greenfields, but we also leverage some of that in-house intellectual knowledge on greenfields by looking at some external JV opportunities. And that split, I think, is what we're comfortable with right now.

因此，我們不僅進行自己的綠地開發，而且還透過尋找一些外部合資機會，利用一些內部的綠地知識。我認為，這種分裂是我們目前感到滿足的。

(Operator Instructions). Tanya Jakusconek, Scotiabank.

（操作員指令）。加拿大豐業銀行的 Tanya Jakusconek。

Sorry, I had to jump on the call a bit late. Maybe you've already discussed this. But I wanted to get an update, if I could, on Great Bear. Where are we with the First Nation consultations? How are those going? And when are we expecting to have agreements in place? That's my first question.

抱歉，我不得不晚一點接電話。也許你們已經討論過這個問題了。但如果可以的話，我想了解大熊湖的最新消息。我們與原住民的磋商進展到哪一步了？進展如何？我們預計什麼時候能夠達成協議？這是我的第一個問題。

Thanks, Tanya. It's Jeff. I'll take that one. Yes, look, in terms of the of the IBA, what we call a project agreement. We continue to advance our negotiations with our First Nations partners. Obviously, the negotiations remain confidential.

謝謝，Tanya。是傑夫。我要那個。是的，就 IBA 而言，我們稱之為專案協議。我們繼續推動與原住民夥伴的談判。顯然，談判仍處於保密狀態。

So I can't comment on any detail, but I can tell you that the negotiations have been productive, respective and constructive, and the parties are continuing to advance what you expect to see in one of those agreements, including the financial terms, procurement, training and employment and all that kind of stuff. And so we'll provide sort of further updates as we get further into that.

因此我無法評論任何細節，但我可以告訴你，談判富有成效、相互尊重且具有建設性，雙方正在繼續推進你所期望在其中一項協議中看到的內容，包括財務條款、採購、培訓和就業等所有這類內容。因此，隨著我們進一步了解這一情況，我們將提供進一步的更新。

Yes. I think it's important to add, Jeff, that as we describe it, we sit on the traditional lands of two First Nations. That's who we're having the discussions around the IBA with. And those two First Nations have been very supportive of the project and have supported us every step of the way. So we're working through it, but we have, I would say, a great relationship with the two nations whose traditional land the project resides upon.

是的。傑夫，我認為有必要補充一點，正如我們所描述的，我們坐落在兩個原住民的傳統土地上。我們正在與他們討論 IBA 事宜。這兩個原住民部落非常支持這個項目，並在整個過程中給予我們大力支持。所以我們正在努力解決這個問題，但我想說，我們與該項目所在的兩個傳統土地上的國家保持著良好的關係。

And Paul, are we expecting to have these agreements in place this year? Or is that the target?

保羅，我們預計今年就能達成這些協議嗎？或者這就是目標？

Yes. Look, it's a bit of a - I don't know that we're ideally sure, but it's going to run its course. And we're not here in a rush. It doesn't hold up our timeline. When Jeff talked about the impact statement that we will file, which starts the clock with the federal review, and that's assuming we are in a federal review.

是的。瞧，這有點——我不知道我們是否完全確定，但它會順其自然。我們並不是匆忙前來。它不會阻礙我們的時間表。當傑夫談到我們將要提交的影響聲明時，聯邦審查就開始了，這是假設我們正在進行聯邦審查。

We may not be, depending upon what happens at the federal provincial level. But the timing of filing that impact statement, we are the proponent, Jeff, and we control the timing.

我們可能不會，這取決於聯邦省級層級發生的情況。但對於提交影響聲明的時間，傑夫，我們是提議者，我們控制時間。

That's exactly right. At the project proponent, we control the timing of the filing of the impact statement. And just to say it, we don't expect our IBA negotiations to negatively impact our overall man project timeline. As Paul said.

完全正確。在專案發起方，我們控制影響聲明的提交時間。簡單來說，我們不希望 IBA 談判對我們的整體專案時間表產生負面影響。正如保羅所說。

But we don't need the idea to file the impact statement as the point.

但我們不需要以提交影響聲明作為重點的想法。

No, we don't.

不，我們不知道。

And then maybe just quickly, I'm just looking at your slide 19. And I'm just looking at it from two perspectives. One of it is just thank you for the slide. By the way, one of it is just looking at what your optionality is, and all of those, which, I think could be something that could come in and 2030 timeframes, and I think it was about 300,000 ounces in production. So what I'm trying to really think about is the optionality.

然後可能只是快速地看一下你的第 19 張投影片。我只是從兩個角度來看這個問題。其中之一就是感謝您提供的幻燈片。順便說一句，其中之一就是看你的選擇是什麼，所有這些，我認為可能會在 2030 年的時間範圍內實現，我認為產量約為 300,000 盎司。所以我真正想考慮的是可選性。

Can we just review when some of these things could come in and what they could add? Obviously great there. I know, but marathon global market Curlew. And then within today to 2030, some of the current operation, the extensions that you're looking at, what else could they do in terms of supplementing your 2 million ounce production profile from now until for the next three years.

我們能否回顧一下這些內容何時可以加入以及它們可以添加什麼？顯然那裡很棒。我知道，但是馬拉松全球市場Curlew。然後從今天到 2030 年，當前的一些運營，您正在考慮的擴展，從現在到未來三年，他們還能做些什麼來補充您的 200 萬盎司生產能力。

Yes, as you can see on the side, we've kind of tried to split it into what has the near-term impact and what's more 2030 and thereafter. As you noted, we see local market is more after 2030, and part of that is because we have continued resources that are going to take us out into 2030 and maybe into 2031, 2032. So it's somewhere in that range for low.

是的，正如您在側面看到的，我們試圖將其分為近期影響和 2030 年及以後的影響。正如您所說，我們認為 2030 年以後本地市場會更加活躍，部分原因是我們擁有持續的資源，可以支持我們進入 2030 年，甚至 2031 年、2032 年。所以它處於低位範圍內。

For the other projects that you referred to, Curlew is one where given the nature that this is really a restart and it's using an existing mill facility, we think that's something that could come back online in around 2028 if everything goes well and then same thing on Phase X, probably a similar timeline for getting that underground one.

對於您提到的其他項目，考慮到 Curlew 項目的重啟性質以及它使用現有的工廠設施，我們認為如果一切進展順利的話，該項目可能在 2028 年左右重新上線，然後第 X 階段也是同樣的事情，可能與地下工廠的時間表類似。

Those are two things that are kind of later end of this decade that can bring in some impact. You can see a lot of the other optionality. The page is really just continued extensions through our M&I resources. At our existing sites, and that also contribute through the end of the decade. A great example of that, we released some more info last quarter on Bald Mountain.

這兩件事將在本世紀末產生一定的影響。您可以看到許多其他可選功能。該頁面實際上只是透過我們的 M&I 資源繼續擴展。在我們現有的站點，這也有助於本世紀末實現這一目標。一個很好的例子是，我們在上個季度發布了更多有關 Bald Mountain 的資訊。

On the open pit extensions there and Redbird 2, we have noted we're going to hopefully bring that into the portfolio soon or into the pipeline and make an approval decision. And that takes us out to 2031 and would really start contributing it in 2028. So those are the key ones for that time period. Obviously. Great. There's you guys have lots of information on that. And that's a key contributor at the end of the decade.

關於那裡的露天礦擴建和 Redbird 2，我們已經注意到，我們希望很快將其納入投資組合或納入管道並做出批准決定。這需要我們在 2031 年實現這一目標，而真正的貢獻將在 2028 年開始。這些都是那個時期的關鍵。明顯地。偉大的。你們對此有很多資訊。這是本世紀末的關鍵因素。

Yes, I'm just going to make a couple of other additional points. Again, also on that slide 19. It's the bottom line there, I think also underpins the optionality with the fact that we've got about 26 million ounces in M&I beyond the 2P and another 13 incrementally in inferred above that, which again, we're running our resources at 2000.

是的，我只想補充幾點。再次強調，也是在第 19 張投影片。這是底線，我認為它也支撐了可選性，因為除了 2P 之外，我們在 M&I 中還有大約 2600 萬盎司，並且在此之上還有 1300 萬盎司的增量推斷，同樣，我們的資源運行在 2000 年。

The other point I was going to make just to supplement what will was saying. The other point to keep in mind is we've generally been pursuing what we've been calling a bit of a grade enhancement strategy. And so, for me, what's exciting is as we're going to move into phase X, that's where we're going to get into that bulk underground 3 to 4 gram which again, will be blending with a lower open pit just like we're doing with Manh Choh today.

我要提出的另一點只是為了補充威爾所說的話。要記住的另一點是，我們一直在推行所謂的「成績提升策略」。因此，對我來說，令人興奮的是，隨著我們進入第十階段，我們將獲得地下的 3 到 4 克大塊金礦，這些金礦將與較低的露天礦混合，就像我們今天對 Manh Choh 所做的那樣。

We've got a high-grade supplement to a low-grade pit. Curlew, again, we've still got lots of work to do, but looking at the widths and grades, feeling like, again, we've got a small higher grade opportunity to bring grade into before the end of the decade profile. And then as you -- and those to me in my mind are sort of the 28 potential contributors.

我們得到了一個高品位的補充品，用於低品位的礦坑。再次強調，我們還有很多工作要做，但看看寬度和等級，感覺我們再次有一個小的更高等級的機會，可以在十年結束之前將等級提升到更高的水平。然後，正如你 — — 在我看來，這些人就是 28 位潛在貢獻者。

Beyond that, as you say, Great Bear starts to come into view. And Lobo comes into view, and we'll, I mean, we haven't said a lot about Lobo, but it's definitely a low strip decent grade 1.3 gram. I think we're going to refresh our thinking, but 300,000, maybe like, my average, but I think you'll see years where we do much better than that and maybe closer to 400.

除此之外，正如你所說，大熊湖開始進入視野。然後 Lobo 出現在我們眼前，我的意思是，我們還沒有談論太多關於 Lobo 的事情，但它絕對是一款重量為 1.3 克的低條狀優質金礦。我認為我們將更新我們的思維，30 萬也許只是我的平均水平，但我認為你會看到我們在未來幾年做得更好，也許接近 400。

And again, we've got an inflation adjust and think about that towards the end of the decade, but I say, it's not as great as great there, but I still think we're going to have a pretty attractive basic there. So again, another great margin improvement as we move out towards the end of the decade.

再次，我們進行了通貨膨脹調整，並考慮在十年末進行調整，但我認為，情況並沒有那麼好，但我仍然認為我們將有一個相當有吸引力的基本面。因此，隨著我們接近本世紀末，利潤率再次大幅提高。

Yes, and I think the key there, as you mentioned, Lobo is a low strip and it's also 1.3-gram grade, but that's all going through a heap leach. So it's a high-margin operation quality project.

是的，我認為關鍵在於，正如您所說，Lobo 的條帶度較低，品味也是 1.3 克，但這一切都要經過堆浸處理。因此，這是一個高利潤、優質營運的項目。

And if I can remember correctly, Curlew would be plus 100,000 ounces. Would that be a fair assumption?

如果我沒記錯的話，Curlew 的數量應該還要加 100,000 盎司。這是一個合理的假設嗎？

It's in around that range. Yes. It's again, -- it's smaller, smaller scale, but really good grades, as you've seen. It continues to tick up every time we do a resource update. And that's really what our exploration team is focused on, that higher grade, higher margin material.

就在這個範圍內。是的。再一次，--它的規模較小，但成績確實很好，正如你所見。每次我們進行資源更新時，它都會繼續上升。這正是我們的勘探團隊所關注的，即更高品位、更高利潤的材料。

And then just my last question, if I could get one more and I just, and I'm sorry I missed this, but I think Paul, I just came in when you were talking about some of the quarterly production profiles that has it's a bit lower in Q2 and then sort of picking up in Q3, Q4, I think to be evenly distributed. I think last quarter, you mentioned that you have no major maintenance downtime in any of the operations. So the profile for the year should be evenly distributed quarterly. Would that still be a fair way to think about it?

然後是我的最後一個問題，如果我可以再問一個，很抱歉我錯過了，但我認為保羅，我剛才進來的時候，你正在談論一些季度生產概況，第二季度產量略低，然後在第三季度、第四季度有所回升，我認為分佈均勻。我想上個季度您提到過，在任何操作中都沒有發生重大維護停機。因此，年度概況應按季度均勻分佈。這仍然是一種公平的思考方式嗎？

Yes, I would say it's a fair way to think about it. With the caveat that we have, we exceeded our expectations in Q1. So the rest of the year is pretty evenly distributed, and we're still targeting that guidance number of 2 million, but we're slightly ahead of the pace in Q1, and we're going to keep our operational excellence focused for the rest of the year.

是的，我認為這是公平的思考方式。儘管我們有所警告，但我們在第一季的表現超出了預期。因此，今年剩餘時間的銷售分佈相當均勻，我們仍以 200 萬的指導數字為目標，但第一季的銷售量略有領先，我們將在今年剩餘時間繼續專注於卓越營運。

Okay, with just the three week downtime at Tasiast.

好的，Tasiast 僅有三週的停機時間。

Joshua Wolfson, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Joshua Wolfson。

Back to the Great Bear permitting questions. For the decision to, I guess, reallocate resources from drilling at the LP faults to some of the surface targets. I'm just wondering. Is any of the drilling for some of the AEX program infill related, and is there any element of that that would be a critical path? I'm just wondering bigger picture here. When would we expect the drilling there to resume?

回到大熊湖的許可問題。我猜，這是因為決定將 LP 斷層鑽探的資源重新分配到一些地面目標。我只是好奇。鑽探是否與 AEX 計劃填充有關？其中是否有任何元素是關鍵路徑？我只是想知道更大的圖片。我們預計什麼時候可以恢復那裡的鑽探？

Yes, AEX drilling is infill drilling. That's the point of getting underground. That's one key piece of it. You get underground to convert from your inferred up to your indicated facing. We're also going to do exploration from underground, particularly Hinge and Limb is a target that we're going to get a lot closer to and get more infill on.

是的，AEX 鑽孔是加密鑽孔。這就是進入地下的意義。這是其中的一個關鍵部分。您可以進入地下，從推斷的方向轉變為指示的方向。我們還將進行地下勘探，特別是 Hinge 和 Limb，我們將更接近這些目標並獲得更多填充。

So that should be interesting given that was not in the PEA that we put out there. We see a lot of opportunities. But the move away, as we've tried to outline in the materials from doing that exploration right now, it's really just a financial decision. These are very deep holes. It does not make sense to do a lot more infill and continue trying to expand that resource from surface.

鑑於這不在我們發布的 PEA 中，所以這應該會很有趣。我們看到了很多機會。但正如我們試圖在目前的探索材料中概述的那樣，這項舉措實際上只是一個財務決定。這些洞非常深。進行更多的填充並繼續嘗試從表面擴展該資源是沒有意義的。

So we get underground. In terms of your critical path question, we're very far ahead of the critical path in terms of when we get underground versus when we have to start mining, because it is the permitting that's more of the critical path and the construction of the asset. So we've got lots of time to get underground and do that drilling from underground and be in a position to start mining.

因此我們進入地下。就您提到的關鍵路徑問題而言，我們在何時進入地下以及何時開始採礦方面已經遠遠領先於關鍵路徑，因為許可是關鍵路徑和資產建設的關鍵。因此，我們有充足的時間進入地下並進行地下鑽探，然後開始採礦。

And we've done a lot of work at surface with infill drilling and RC drilling to confirm our understanding of how we convert from inferred to indicated. So we've got a good understanding of the ore body. It's not a critical path to get that drilling in the AEX, and it is the right way and the more efficient way to do the infill.

我們在地面上做了大量工作，包括加密鑽井和 RC 鑽井，以確認我們對如何將推斷轉化為指示的理解。因此我們對礦體有了很好的了解。這不是在 AEX 中進行鑽孔的關鍵路徑，但它是進行填充的正確方法和更有效的方法。

And the other thing we are doing a bit of work on as we step out is just condemnation drilling for the major infrastructure, just to be 100% sure, given the nature of this deposit and the high grades, that we don't put any facility in the wrong place. So that's the only other kind of exploration and drilling work we're doing this year.

我們在進行工作的同時，仍在進行主要基礎設施的譴責鑽探，考慮到該礦床的性質和高品位，我們 100% 確保不會將任何設施放置在錯誤的位置。這是我們今年進行的唯一其他類型的勘探和鑽探工作。

And then just one more question. Looking at the current high gold price environment, it sounds like, at least in prior quarters, the opportunity to look at a higher sort of pricing assumption has enabled some of the ability to leverage upside at Bald Mountain with Phase 2 of the Redburn pit. Are there any other opportunities the company is sort of thinking about over the next couple of years that maybe make more sense in today's environment?

還有一個問題。縱觀當前的高金價環境，聽起來至少在前幾個季度，考慮更高定價假設的機會使得禿山金礦在雷德伯恩礦坑第二階段的開發中能夠獲得一定程度的上行空間。未來幾年，公司是否正在考慮其他一些在當今環境下可能更有意義的機會？

Yes. I think the slide we've gone over for Tanya earlier on slide 19 is a good one that really just illustrates the nature of Kinross, frankly, in all of our assets, they continue at depth. That's why we've got such a large M&I resource. And the gold price always helps when you're going to the next layback, the next pushback. So things like Tasiast that we spoke about a bit, where we're looking at that next layback, a higher gold price environment is very beneficial.

是的。我認為我們之前在第 19 張幻燈片上為 Tanya 演示的幻燈片非常好，它真正地說明了 Kinross 的本質，坦率地說，在我們所有的資產中，它們都在深度上持續發展。這就是我們擁有如此龐大的 M&I 資源的原因。當你準備下一次回檔或下一次反擊時，金價總是會有所幫助。因此，我們談到了像 Tasiast 這樣的事情，我們正在尋找下一次回撤，更高的金價環境是非常有利的。

The one thing we've communicated, and we've been quite strict on as a company is we don't want to start dropping cutoff grades today because our milling facilities are full with this higher-margin material. But long term, there does with that higher gold price, there's stockpile optionality on material that otherwise would have been waste that we're mining through anyway that we get the benefit of at the end of life of mine. And the gold price helps significantly with each of these next pushbacks at our assets.

我們已經溝通過的一件事，而且作為一家公司，我們對此非常嚴格，那就是我們不想從今天開始降低截止等級，因為我們的銑削設施已經裝滿了這種高利潤材料。但從長遠來看，隨著金價上漲，我們可以選擇性地儲存一些原本會成為廢料的材料，而無論如何，我們都會開採這些材料，並在礦山壽命結束時獲得收益。而黃金價格對我們資產的每一次後續壓制都起到了很大的幫助。

There are no further questions at this time. I would like to hand the call back over to Paul Rollinson, CEO, for closing remarks.

目前沒有其他問題。我想將電話轉回給執行長保羅·羅林森 (Paul Rollinson)，請他做最後發言。

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

偉大的。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您見面。謝謝大家。

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

今天的電話會議到此結束。您現在可以斷開連線。