Kinross Gold Corp (KGC) 2025 Q2 法說會逐字稿

Thank you for standing by. My name is Tina and I will be your conference operator today. At this time, I would like to welcome everyone to the Kinross Gold's second-quarter 2025 results conference call and webcast.

感謝您的支持。我叫蒂娜，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Kinross Gold 2025 年第二季業績電話會議和網路廣播。

(Operator Instructions)

（操作員指示）

It is now my pleasure to turn the call over to David Shaver, Senior Vice President. Please go ahead.

現在我很高興將電話轉給資深副總裁 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 Kiross' senior leadership team, Andrea Freeborough; Claude Schimper; Will Dunford; and Geoff Gold.

謝謝，早安。今天與我們一起參加電話會議的還有執行長 Paul Rollinson；以及來自 Kiross 高級領導團隊的 Andrea Freeborough、Claude Schimper、Will Dunford 和 Geoff 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 July 30, 2025; the MD&A for the period ended June 30, 2025; and our most recently filed AIS, 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；我們於 2025 年 7 月 30 日發布的新聞稿；截至 2025 年 6 月 30 日期間的 MD&A；以及我們最近提交的 AIS，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 second-quarter results, provide high-level updates across our portfolio, comment on sustainability, and confirm our outlook. I will then hand the call over to the team to provide more detail.

謝謝，大衛，也謝謝大家加入我們。今天上午，我將討論我們的第二季業績，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團隊提供更多細節。

Following a good Q1, we delivered another strong quarter in Q2, establishing an excellent first half and positioning as well to achieve our full-year guidance. Our production in the second quarter was on plan, delivering 513,000 ounces at a cost of sales of $1,074 per ounce. Our strong production and cost management, combined with the gold price, resulted in record operating margins.

繼第一季表現良好之後，我們在第二季度再次取得了強勁的業績，為上半年的出色表現奠定了基礎，並為實現全年預期做好了準備。我們第二季的產量符合計劃，交付了 513,000 盎司，銷售成本為每盎司 1,074 美元。我們強大的生產和成本管理，加上金價，帶來了創紀錄的營業利益率。

As a result, we also delivered record free cash flow in the second quarter of almost $650 million and a first half total of just over $1 million. Our financial position and cash flow outlook remains excellent, and we plan to continue to return meaningful capital to shareholders through ongoing share repurchases and our quarterly dividend.

因此，我們在第二季度實現了創紀錄的近 6.5 億美元的自由現金流，上半年總額略高於 100 萬美元。我們的財務狀況和現金流前景依然良好，我們計劃透過持續的股票回購和季度股利繼續向股東返還有有意義的資本。

With respect to our operations, Paracatu and Tasiast together accounted for more than half of our production and contributed significant cash flow. Paracatu delivered another strong quarter and was the highest producer in the portfolio, generating substantial cash flow.

就我們的業務而言，Paracatu 和 Tasiast 合計占我們產量的一半以上，並貢獻了大量現金流。帕拉卡圖又一個季度表現強勁，成為投資組合中產量最高的公司，產生了大量現金流。

At Tasiast, we delivered our budgeted production in the second quarter. The mill has been performing well and the site remains on track to meet its full-year guidance. At La Coipa, despite encountering some excess groundwater in the pits, production was higher quarter over quarter and the site remains on track to meet its full-year production guidance.

在 Tasiast，我們在第二季完成了預算產量。該工廠一直表現良好，並且有望實現全年目標。在拉科伊帕 (La Coipa)，儘管礦坑中出現了一些過量的地下水，但產量仍比上一季度有所提高，並且該礦場仍有望實現全年產量目標。

Our US assets delivered strong production and costs as planned. In Alaska, we saw another quarter of contributions from both Fort Knox and Manh Choh that were on plan. In Nevada, we saw stronger production from both Bald Mountain and Round Mountain.

我們的美國資產按計劃實現了強勁的產量和成本。在阿拉斯加，我們看到諾克斯堡和曼喬兩地又有四分之一的捐款按計劃進行。在內華達州，我們看到禿山和圓山的產量均增加。

At Bald Mountain, mining activity for Phase 1 of Redbird is progressing well and study work for Phase 2 is ongoing. At Round Mountain, initial production from the Phase S open pit has commenced and is expected to ramp up throughout the year and into next. At Phase X, underground development is progressing well and we continue to see strong exploration results.

在禿山，紅鳥第一階段的採礦活動進展順利，第二階段的研究工作正在進行中。在 Round Mountain，S 階段露天礦場的初始生產已經開始，預計全年及明年產量將會增加。在第十階段，地下開發進展順利，我們持續看到強勁的勘探成果。

All of our projects continue to progress well in Q2. Our brownfields projects at Curlew and Phase X both had positive exploration updates and are showing potential to contribute to our production profile later in the decade and beyond. The greenfields projects at Great Bear and Lobo also progress well and are expected to contribute to our production in 2029 and 2031 respectively.

我們所有專案在第二季繼續進展順利。我們在 Curlew 和 Phase X 的棕地專案均取得了積極的勘探更新，並顯示出在未來十年及以後為我們的生產狀況做出貢獻的潛力。Great Bear 和 Lobo 的綠地計畫也進展順利，預計將分別在 2029 年和 2031 年為我們的生產做出貢獻。

Also, in the current gold price environment, we are seeing value-generating investment opportunities across our portfolio that capitalize on our significant resource base and our recent positive drill results. We see opportunities to extend mine life while maintaining our focus on margins and shareholder value. The team will comment on our resource optionality later.

此外，在當前的黃金價格環境下，我們看到整個投資組合中存在著創造價值的投資機會，這些機會可以利用我們豐富的資源基礎和最近的積極鑽探結果。我們看到了延長礦山壽命的機會，同時繼續關注利潤和股東價值。團隊稍後會對我們的資源可選性進行評論。

Turning now to a few remarks on sustainability. Our annual sustainability report was published earlier in May. It is a comprehensive document which I encourage you all to review. Also, in Q2, we made progress across various water management initiatives, which remains a key focus area within our approach to sustainability.

現在來談談關於永續性的幾點評論。我們的年度永續發展報告已於五月初發布。這是一份綜合性的文件，我鼓勵大家仔細閱讀。此外，在第二季度，我們在各種水資源管理措施方面取得了進展，這仍然是我們永續發展方法的一個重點領域。

For example, at La Coipa, we enhanced water efficiency through an optimization program to reduce the amount of water loss going to our dry stack tailings. In Alaska, at Fish Creek, a historic mining area that Kinross did not operate but later reclaimed for the benefit of the environment and local communities, fish populations continue to thrive.

例如，在拉科伊帕，我們透過優化程序提高了用水效率，以減少流入乾堆尾礦的水量損失。在阿拉斯加的魚溪 (Fish Creek)，一個歷史悠久的採礦區，金羅斯公司此前並未對其進行開採，但後來為了環境和當地社區的利益而對其進行了開墾，魚群數量持續繁盛。

Turning now to our outlook, following a strong second quarter and first half, we have produced just over 1 million ounces at a cost of sales in line with our guidance. Looking ahead, we remain firmly on track to achieve our full-year guidance. We will continue to maintain our financial discipline and prioritize margins to drive strong cash flow, which will support ongoing return of capital and further strengthen the balance sheet.

現在談談我們的展望，繼第二季和上半年表現強勁之後，我們的產量略高於 100 萬盎司，銷售成本符合我們的預期。展望未來，我們仍將堅定地朝著實現全年目標的方向前進。我們將繼續保持財務紀律，優先考慮利潤率以推動強勁的現金流，這將支持持續的資本回報並進一步加強資產負債表。

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, provide an update on our balance sheet and return of capital program, and comment on our guidance and outlook.

謝謝，保羅。今天上午，我將回顧本季度的財務亮點，提供資產負債表和資本回報計劃的最新信息，並對我們的指導和展望進行評論。

As Paul noted, we had a strong second quarter. We produced 513,000 gold equivalent ounces with sales of 508,000 ounces. Cost of sales was $1,074 per ounce, and with an average real life gold price of $3,285 per ounce, we delivered record margins of just over $2,200 per ounce. Cost of sales of $1,074 per ounce increased from Q1 largely due to higher royalties. Higher sustaining capital expenditures also contributed to higher royalties all in sustaining costs compared to Q1.

正如保羅所說，我們第二季表現強勁。我們生產了 513,000 盎司黃金當量，銷售量為 508,000 盎司。銷售成本為每盎司 1,074 美元，而實際黃金平均價格為每盎司 3,285 美元，我們實現了每盎司超過 2,200 美元的創紀錄利潤。銷售成本較第一季增加 1,074 美元/盎司，主要是因為特許權使用費增加。與第一季相比，維持性資本支出的增加也導致維持成本特許權使用費的增加。

In Q2, our adjusted earnings were $0.44 per share and adjusted operating cash flow was $844 million. Attributable CapEx was $302 million, split relatively evenly between sustaining and growth. Attributable free cash flow was a record $647 million or $542 million excluding changes in working capital.

第二季度，我們的調整後收益為每股 0.44 美元，調整後營運現金流為 8.44 億美元。可歸屬資本支出為 3.02 億美元，在維持支出和成長支出之間分配相對平均。可歸屬自由現金流達到創紀錄的 6.47 億美元，若不包括營運資本變動則為 5.42 億美元。

Turning to our balance sheet, which remains in excellent shape and continued to strengthen in Q2, we ended the quarter with just over $1.1 billion in cash and approximately $2.8 billion of total liquidity, both increasing from Q1. We improved our net debt position to approximately $100 million at the end of Q2 and expect to be at net cash in Q3.

談到我們的資產負債表，它仍然保持著良好的狀態，並且在第二季度繼續增強，本季結束時，我們的現金略高於 11 億美元，總流動資金約為 28 億美元，均比第一季增加。截至第二季末，我們的淨債務狀況改善至約 1 億美元，預計第三季將實現淨現金。

In Q2, we repurchased and canceled approximately $170 million in shares and subsequently have completed another $55 million for a total of $225 million to date. Including our quarterly dividends, we have returned almost $300 million to shareholders so far and we're on track for our minimum target of $650 million this year.

在第二季度，我們回購並註銷了價值約 1.7 億美元的股票，隨後又完成了 5,500 萬美元的回購，迄今為止總額已達 2.25 億美元。包括季度股息在內，我們迄今已向股東返還近 3 億美元，並有望實現今年 6.5 億美元的最低目標。

As we look forward, we expect to continue to return a substantial amount of capital to shareholders while also strengthening our balance sheet with a view to repaying our $500 million 2027 note.

展望未來，我們預計將繼續向股東返還大量資本，同時加強我們的資產負債表，以償還 2027 年 5 億美元的票據。

Turning to our guidance, following the first half, we remain solidly on track to produce 2 million ounces at a cost of sales of $1,120 per ounce and all in sustaining costs of $1,500 per ounce. Production over the two remaining quarters this year is expected to be relatively even at approximately 500,000 ounces each to deliver our full-year production guidance.

談到我們的指導，繼上半年之後，我們仍將穩定生產 200 萬盎司，銷售成本為每盎司 1,120 美元，維持成本為每盎司 1,500 美元。預計今年剩餘兩季的產量將相對均衡，每季約為 50 萬盎司，以實現我們的全年產量指引。

Operating costs are budgeted to increase in a second half to meet our full-year cost guidance. The expected increase is due to the following reasons.

預計下半年營運成本將會增加，以滿足我們的全年成本指引。預期成長的原因如下。

First, planned mine sequencing with costs expected to increase at several sites as we transition from capitalized stripping into operating waste. Second, some expected inflation as we progress through the rest of the year. And third, slightly stronger production in the first half providing a favorable denominator on fixed costs with production in the remaining quarters expected to deliver our guidance of 2 million ounces.

首先，隨著我們從資本化剝離向營運廢物轉變，計劃中的礦山排序預計會在幾個地點增加成本。其次，隨著今年剩餘時間的推進，預計會出現一些通貨膨脹。第三，上半年產量略有增加，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預期的 200 萬盎司。

Total capital expenditures remain on track to meet guidance of $1.15 billion with a slightly higher weighting towards sustaining versus growth capital for the second half of the year.

總資本支出仍有望達到 11.5 億美元的預期，下半年維持資本的比重略高於成長資本。

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 second quarter, our safety programs continue to be focused on proactive identification of hazards, people development, and leadership training. We have continued to roll out our new safety brand, Safeground, which has included co-design of site-specific and culturally relevant communication plans of key messages.

謝謝你，安德里亞。第二季度，我們的安全計畫繼續專注於主動識別危險、人才發展和領導力培訓。我們繼續推出新的安全品牌 Safeground，其中包括共同設計針對特定地點且與文化相關的關鍵訊息溝通計劃。

Our operations continued their strong performance in the second quarter delivering production of 513,000 ounces with strong contributions across the portfolio.

我們的業務在第二季度繼續保持強勁表現，產量達到 513,000 盎司，為整個投資組合做出了巨大貢獻。

Starting with Paracatu mine had another steady quarter, strong production, driving significant cash flow. Production of 149,000 ounces increased over the prior quarter due to the higher throughput and strong mill recoveries. Our cost of sales of $958 per ounce was in line with the previous quarter. Paracatu remains on track to meet its guidance producing 595,000 ounces at a cost of sales of $1,025 per ounce.

從帕拉卡圖礦開始，該礦又經歷了一個穩定的季度，產量強勁，帶來了可觀的現金流。由於產量增加和工廠恢復強勁，產量比上一季增加了 149,000 盎司。我們的銷售成本為每盎司 958 美元，與上一季持平。帕拉卡圖仍有望實現其預期產量，即生產 595,000 盎司，銷售成本為每盎司 1,025 美元。

At Tasiast we delivered budgeted production in the second quarter producing 119,000 ounces at a cost of sales of $843 per ounce. Budgeted production was achieved through strong mill performance and recoveries.

在 Tasiast，我們在第二季度實現了預算產量，生產了 119,000 盎司，銷售成本為每盎司 843 美元。預算產量是透過強勁的工廠性能和回收率實現的。

Pre-stripping of the Fennec satellite pit to the north has also commenced in the second quarter. Tasiast remains on track to meet its production guidance of 500,000 ounces at a target cost of sales of $860 per ounce for the year.

北部 Fennec 衛星礦坑的預剝離工作也已於第二季開始。Tasiast 仍有望實現其 500,000 盎司的產量目標，全年目標銷售成本為每盎司 860 美元。

At La Coipa, we produced 54,000 ounces at a cost of sales of $1,397 per ounce in the second quarter. Higher tonnes mined were lower over the prior quarter due to higher than anticipated groundwater inflows into the pits resulting in higher tonnes processed from lower grade stockpiles and leading to higher costs in the second quarter.

在 La Coipa，我們第二季生產了 54,000 盎司，銷售成本為每盎司 1,397 美元。由於流入礦坑的地下水量高於預期，導致從較低品位庫存中加工的礦石噸數增加，並導致第二季度成本上升，因此開採噸數較上一季下降。

Team has gained a good understanding of the input water conditions and increased dewatering and made adjustments to the mine plant. Production is expected to be stronger and cost lower in the second half of the year mining transitions to the planned higher grades from Phase 7 ore. La Coipa remains on track to meet its full-year production guidance of 230,000 ounces.

團隊對輸入水條件有了很好的了解，增加了脫水能力並對礦山工廠做出了調整。隨著下半年採礦從第 7 階段礦石過渡到計劃中的更高品位，預計產量將會更高，成本將會更低。La Coipa 仍有望實現其全年 230,000 盎司的產量目標。

Moving to our US operations. Production was higher quarter over quarter benefiting from strong contributions from Fort Knox and Manh Choh in Alaska and stronger grades in Nevada. Collectively, the US sites delivered production of 190,000 ounces at a cost of sales $1,229 per ounce in the second quarter. Our US operations remain on track to meet its guidance of 685,000 ounces at a cost of sales of $1,420 per ounce.

轉向我們的美國業務。由於阿拉斯加州諾克斯堡 (Fort Knox) 和 Manh Choh 的強勁貢獻以及內華達州礦山品位的提高，產量環比增長。總體而言，第二季美國工廠的產量為 190,000 盎司，銷售成本為每盎司 1,229 美元。我們的美國業務仍有望實現 685,000 盎司的預期產量，銷售成本為每盎司 1,420 美元。

At Fort Knox, second quarter production of 98,000 ounces was in line with our first quarter. Cost of sales of $1,247 per ounce was slightly higher over the prior quarter due to higher processing costs. At Bald Mountain, we produced 54,000 ounces at a cost of sales of $1,095 per ounce, improving over the prior quarter stronger grades as we were finishing mining the higher grade [LDN].

在諾克斯堡，第二季的產量為 98,000 盎司，與第一季持平。由於加工成本增加，銷售成本為每盎司 1,247 美元，比上一季略高。在 Bald Mountain，我們生產了 54,000 盎司黃金，銷售成本為每盎司 1,095 美元，比上一季有所提高，因為我們完成了更高品位的開採[LDN]。

Cost of sales of $1,095 per ounce was lower quarter over quarter due to the higher ounces sold and a higher proportion of capitalized costs as mining at Redbird Phase 1 continues to wrap up.

銷售成本為每盎司 1,095 美元，環比下降，原因是隨著 Redbird 第一階段採礦的持續結束，銷售量增加，且資本化成本比例增加。

At Round Mountain, production of 39,000 ounces increased over the prior quarter due to higher grades. Cost of sales of $1,376 per ounce decreased from the prior quarter.

由於礦石品位較高，Round Mountain 的產量比上一季增加了 39,000 盎司。每盎司 1,376 美元的銷售成本較上一季下降。

With that I will now pass the call over to William to discuss our project.

現在我將把電話轉給威廉來討論我們的專案。

Thanks, Claude. We continue to leverage our strong in-house technical team to advance optionality across our large resource base consisting of 26 million ounces measured and indicated and an additional 13 million ounces of inferred resource calculated at $2,000 per ounce.

謝謝，克勞德。我們繼續利用我們強大的內部技術團隊來提升我們龐大資源基礎的選擇性，該資源基礎包括 2600 萬盎司測量和指示資源以及另外 1300 萬盎司推斷資源，按每盎司 2,000 美元計算。

Our technical team is focused on drilling, technical studies, and permitting to advance resources into our production profile while also conducting exploration aimed at identifying new opportunities to augment our resource base.

我們的技術團隊專注於鑽探、技術研究和許可，將資源推進到我們的生產概況，同時也進行勘探，旨在尋找擴大我們資源基礎的新機會。

Here you can see updates on a few areas of our resource base. Starting in Chile at La Coipa, study and permitting work is progressing well for the oxide extensions. In Q2, we submitted our impact assessment initiating the agency review process for permits to continue mining the next layback at Pirenne which sits in our resource. We are already mining an open pit at Pirenne today and pending permits we plan to extend mining through the end of the decade with this next layback of the pit.

您可以在這裡看到我們資源庫中一些領域的更新。從智利的拉科伊帕 (La Coipa) 開始，氧化物延伸的研究和許可工作進展順利。在第二季度，我們提交了影響評估，啟動了機構審查程序，以獲得繼續開採位於我們資源內的 Pirenne 的下一個礦床的許可證。我們目前已在皮雷納 (Pirenne) 開採露天礦，在獲得許可後，我們計劃透過下一次露天開採將開採時間延長至本世紀末。

At Lobo-Marte, the project team continues to advance technical work as well as baseline studies to support our EIA. Project update will be provided with our year-end results.

在 Lobo-Marte，專案團隊繼續推進技術工作以及基準研究以支援我們的 EIA。專案更新將與我們的年終結果一起提供。

At Bald Mountain technical studies, optimization work, and detailed engineering for the Redbird Phase 2 extensions are ongoing. Recall Phase 2 would bring in an additional 680,000 ounces to the mine plan beyond Phase 1 and extend production out to at least 2031.

在 Bald Mountain，Redbird 第二階段擴建的技術研究、優化工作和詳細工程正在進行中。回想一下，第二階段將在第一階段之後為礦山計劃帶來額外的 680,000 盎司，並將生產延長至至少 2031 年。

In addition, we are also progressing drilling, technical work, and studies across multiple smaller quick payback satellite pit opportunities at Bald that sit in our resource and could augment the Redbird Phase 2 production profile. Prolific land package at Bald with over 40 historic open pits on the property continues to provide strong targets for mine life extensions and is a focus for our exploration and technical teams.

此外，我們還在 Bald 的多個小型快速回報衛星礦坑機會上進行鑽探、技術工作和研究，這些機會位於我們的資源中，可以增強 Redbird 第 2 階段的生產狀況。Bald 擁有豐富的土地資源，擁有超過 40 個歷史悠久的露天礦場，為延長礦山壽命提供了強有力的目標，也是我們勘探和技術團隊關注的重點。

Moving to Curlew, drilling in Q2 continued to highlight strong grades and widths, further improving the quality of the project and showing potential for high margin underground production. This drilling included intersections of approximately 6 meters true width at 14 grams per tonne at stall and approximately 5 meters true width at 12 grams per tonne at K5.

轉向 Curlew，第二季的鑽探繼續凸顯出高品位和寬度，進一步提高了專案質量，並顯示出高利潤地下生產的潛力。此次鑽探包括在攤位處真實寬度約為 6 公尺、品位為 14 克/噸的交叉口，以及在 K5 處真實寬度約為 5 公尺、品位為 12 克/噸的交叉口。

We have seen impressive growth of the resource size, quality, and grade over the last few years at Curlew and with these exploration results we continue to see potential for further high value extensions. The underground development has advanced over 800 meters as we extend our decline at depth towards our 2023 discovery at Roadrunner and along strike at stall to target further extensions of high-grade mineralization.

過去幾年來，我們看到 Curlew 的資源規模、品質和品味都有了顯著增長，憑藉這些勘探成果，我們繼續看到了進一步高價值擴展的潛力。隨著我們向 2023 年在 Roadrunner 發現的深度方向延伸，並沿著停頓處的走向進行開採，以進一步延伸高品位礦化，地下開發已前進了 800 多米。

Technical studies and detailed engineering are also progressing well. A resource and project update for Curlew will be provided with our 2025 year-end results.

技術研究和詳細工程也進展順利。我們將在 2025 年年終業績中提供 Curlew 的資源和專案更新。

At Phase X, development of the underground exploration decline continues to advance with over 4,500 meter developed to date. In-field drilling is also progressing well with good coverage now extending across both the upper and lower target zones.

在第十階段，地下勘探斜坡道的開發繼續推進，迄今已開發超過 4,500 公尺。現場鑽探也進展順利，目前已覆蓋上部和下部目標區域。

The results are again showing good grades and widths in both areas, further increasing confidence in our initial exploration thesis of a bulk mining target at Phase X. You can also see on the slide holes DX-162 and 163 (sic - DX-0192 and 0163) which were extension holes drilled down-depth of our primary exploration target. With widths in excess of 60 meters and grades of around 3 grams per tonne, the results of these extension holes show continuation of mineralization outside of the original target area.

結果再次表明，這兩個區域的品位和寬度都很好，進一步增強了我們對 X 階段大規模採礦目標的初步勘探論點的信心。您也可以在投影片上看到孔 DX-162 和 163（原文如此 - DX-0192 和 0163），它們是沿著我們主要勘探目標的深度鑽出的延伸孔。這些延伸孔的寬度超過 60 米，品位約為每噸 3 克，其結果顯示，在原目標區域之外，礦化仍在繼續。

Beyond the exciting exploration results, engineering work and technical studies to support project execution of a potential underground mine in the main target area are also advancing well, including development of the underground mine design and schedule, extensive geotechnical studies, and studies for a [phase backfill] facility.

除了令人興奮的勘探結果之外，支持在主要目標區域實施潛在地下礦項目的工程工作和技術研究也進展順利，包括地下礦設計和進度計劃的製定、廣泛的岩土技術研究以及[階段回填]設施的研究。

The completion of the ongoing drill program and technical work will support a planned initial underground resource estimate and a project update for Phase X as part of our year-end results update.

正在進行的鑽探計劃和技術工作的完成將支持計劃中的初步地下資源估算和第十階段的專案更新，作為我們年終業績更新的一部分。

At Great Bear, work on the AEX program and main project is progressing well. We've made significant progress on construction with the AEX camp nearing completion and earthwork activities in the portal area well advanced. You can also see on the slide that the drop cut for the portal area has advanced well with the high wall for the underground exploration decline now exposed with ground support already in place.

在 Great Bear，AEX 計劃和主要項目進展順利。我們的建設取得了重大進展，AEX 營地已接近完工，入口區域的土方工程也進展順利。您也可以在幻燈片上看到，入口區域的下降槽已進展順利，地下勘探斜坡的高牆現已暴露，地面支撐也已到位。

We are excited by the progress to date and remain on track to start the initial development of the exploration decline by year-end subject to permitting.

我們對迄今為止的進展感到非常興奮，並將繼續按計劃在年底前開始勘探衰退的初步開發（如獲得許可）。

For the main project, detailed engineering for all site infrastructure is continuing to advance, including key items such as the mill and tailings facility. Initial procurement activities for major process equipment have begun with awards planned to start later this year and manufacturing of a few long lead items expected to begin next year.

對於主要項目，所有現場基礎設施的詳細工程正在繼續推進，包括磨坊和尾礦設施等關鍵項目。主要工藝設備的初步採購活動已經開始，計劃於今年稍後開始授獎，預計明年開始製造一些長週期設備。

I will now hand it over to Geoff to provide a brief update on Great Bear permitting.

現在我將交給傑夫 (Geoff) 來簡要介紹大熊許可的最新情況。

Thanks, Will.

謝謝，威爾。

Permitting of the AEX program and main project continue to advance as we work with the provincial and federal authorities. For AEX, we have the permits we need for our current activities and expect to receive our two remaining water permits in the near term.

隨著我們與省級和聯邦當局的合作，AEX 計劃和主要項目的許可正在繼續推進。對於 AEX，我們擁有當前活動所需的許可證，並預計在短期內獲得剩餘的兩張水許可證。

In terms of the main project, we continue to work with the Impact Assessment Agency of Canada to advance the project impact statement. In order to advance the statement on a timely basis, we are coordinating with this federal agency on a staged filing process. We intend to file the majority of the technical chapters by year end and the remaining chapters by the end of Q1 2026.

在主體專案方面，我們繼續與加拿大影響評估機構合作，推進專案影響聲明。為了及時推進聲明，我們正在與該聯邦機構協調分階段的備案流程。我們計劃在年底前提交大部分技術章節，並在 2026 年第一季末提交剩餘章節。

This approach will underpin a robust impact statement filing with the necessary technical and indigenous contributions and to help facilitate the efficient review process. We also continue to advance our IBA negotiations with Lac Suel and Wabauskang on whose traditional territory the project resides. Lac Suel and Wabauskang are progressing their independent project impact assessment work which will help facilitate federal and provincial permitting on the main project and the completion of the IBA.

這種方法將為提交強有力的影響聲明奠定基礎，並提供必要的技術和本土貢獻，並有助於促進高效的審查流程。我們也將繼續推進與 Lac Suel 和 Wabauskang 的 IBA 談判，該項目位於這兩個國家的傳統領土上。Lac Suel 和 Wabauskang 正在推進其獨立項目影響評估工作，這將有助於促進聯邦和省對主要項目的許可以及 IBA 的完成。

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

現在我將把話題交還給保羅，請他作最後發言。

Thanks, Jeff.

謝謝，傑夫。

After another strong quarter and a great first half of 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 are generating significant free cash flow. We have an excellent balance sheet. We have an attractive return of capital through both the 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.

在經歷了又一個強勁的季度和出色的上半年之後，我們已做好充分準備來實現 2025 年的目標。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。我們的資產負債表非常出色。透過股利和股票回購，我們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。

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

有了那位接線員，我想開通熱線來回答問題。

(Operator Instructions) Fahad Tariq, Jefferies.

（操作員指示）Fahad Tariq，Jefferies。

I just wanted to ask about Bald Mountain. The grades are, of course, very high in the second quarter due to the LVM pit. Maybe just remind us how to think about the second half at Bald Mountain.

我只是想問一下關於禿山的情況。當然，由於 LVM 坑的存在，第二季的成績非常高。也許只是提醒我們如何看待禿山的下半場。

Yes, Fahad, it's Claude. Good morning. We've had a very strong first half of the year in Bald. The second half will be slightly off the pace as we continue to push on the Redbird startup, which is progressing very well. From a production point of view, we expect it to be slightly less in the first quarter because we don't have the same LVM grades. We've now finished that area.

是的，法哈德，我是克勞德。早安.今年上半年我們在 Bald 的業績非常強勁。下半年的節奏會稍微慢一些，因為我們將繼續推動 Redbird 的啟動，目前進展非常順利。從生產角度來看，我們預計第一季的產量會略有下降，因為我們的 LVM 等級不一樣。我們現在已經完成了該區域。

Okay, and then maybe just taking a step back, the US operations as a whole, it seems like it could be trending above the midpoint of full-year guidance. Maybe just walk us through, are there any offsets that we should be thinking about? It sounds like Bald Mountain and Round will be pretty strong in the second half as well.

好的，然後也許只是退一步來看，美國業務作為一個整體，似乎趨勢可能高於全年指導的中點。也許只是帶我們了解一下，是否有任何我們應該考慮的抵消？聽起來 Bald Mountain 和 Round 在下半年也會表現強勁。

Yeah, we expect to continue the good performance from the US operations. Obviously, our second half will be slightly lower at Fort Knox as we cycle out the different production from Manh Chou and Fort Knox. I think as we said across the board, we've had a very strong first half of the year from all the sides of good contributions. We do expect the second half in the US to be slightly lower. As Andrea said, that's impacting the cost as well.

是的，我們預計美國業務將繼續保持良好的表現。顯然，由於我們將循環播放 Manh Chou 和 Fort Knox 的不同作品，因此 Fort Knox 的下半場產量會略低一些。我認為，正如我們所說的那樣，從各方面來看，我們上半年的表現都非常強勁。我們確實預計美國下半年的銷售量會略低。正如安德里亞所說，這也會影響成本。

(Operator Instructions) Carey MacRury, Canaccord Genuity.

（操作員指示）Carey MacRury，Canaccord Genuity。

Congrats on the good quarter. Maybe first on the pure in for laid back, just wondering if you can give us a bit more color on what that looks like from a tonnes of lower perspective and grade and maybe strip ratio. If you can.

恭喜本季取得良好業績。也許首先從純粹的悠閒角度來看，只是想知道您是否可以從較低角度和等級以及可能的條帶比率給我們提供更多的色彩。如果可以的話。

Yeah, we can give you a sense of it. We've got a little over 0.5 million ounces of resource there. I think the average grade there is similar to what we've seen in the past around that 2 gram per tonne mark, potentially a little bit lower as we continue to optimize the pit there. So we see potential to continue with similar mining at grand for what we've seen in current too.

是的，我們可以讓您了解一下。我們在那裡擁有略多於 50 萬盎司的資源。我認為那裡的平均品位與我們過去看到的類似，大約為每噸 2 克，隨著我們繼續優化那裡的礦坑，可能會略低一些。因此，我們認為，就目前的情況而言，大礦場仍有持續進行類似開採的潛力。

And any high level thoughts on strip ratio?

對於剝離率有什麼高層次的想法嗎？

Yeah, we might have to get back to you on that. I'm not sure off the top of my head, the exact strip ratio of the extensions. It's relatively similar to what we've been doing. You can see in the image that we stripped the majority of the deposit already.

是的，我們可能需要就此回覆您。我不太確定擴展的確切剝離比例。這與我們一直在做的事情比較相似。您可以在圖像中看到我們已經剝離了大部分存款。

Okay, fair enough. And then maybe for Andrea, you're focused on paying down the $500 million debt due, I think in 2026 or 2027. But beyond that, is there any plans to buy back any debt earlier? Or are you comfortable to hold that debt? It is pretty long-term and pretty, pretty attractive rates?

好吧，夠公平。然後，也許對安德里亞來說，你專注於償還到期的 5 億美元債務，我想是在 2026 年或 2027 年。但除此之外，是否有任何提前回購債務的計畫？或者你願意承擔這筆債務嗎？這是相當長期且相當有吸引力的利率嗎？

Yeah, I mean, there's obviously a cost, always a cost associated with retiring that early. First up is the 2027, as you said, so we expect to repay those either at or potentially before maturity.

是的，我的意思是，這麼早退休顯然是有代價的。首先是 2027 年，正如您所說，因此我們預計在到期時或到期前償還這些債務。

Taking a step back, I mean, we're just expecting to get to net cash in the third quarter. So we've talked previously about sort of a minimum cash balance around $500 million. We're now at the end of Q2 at $1 billion, which is the minimum cash of $500 million plus $500 million that we could use to repay the 2027.

退一步來說，我的意思是，我們只是預計第三季將獲得淨現金。我們之前討論過最低現金餘額約為 5 億美元。截至第二季末，我們的現金餘額為 10 億美元，即 5 億美元的最低現金餘額加上我們可以用來償還 2027 年債務的 5 億美元。

So that's sort of where we sit today. But we're certainly comfortable continuing to grow the cash balance.

這就是我們今天的處境。但我們當然願意繼續增加現金餘額。

Tanya Jakusconek, Scotiabank.

加拿大豐業銀行的 Tanya Jakusconek。

Congrats on a good quarter. The first one is just, Andrea, if I can continue your line of thought on your free cash flow. So we're going to be net cash positive in Q3. You've got that $1 billion on that in cash on the balance sheet. You're going to pay down the $500 million notes in 2027. Should I be thinking then, if I keep the cash in that $500 million range, anything above and beyond would go to your share buyback?

恭喜本季取得良好業績。第一個問題是，安德里亞，如果我可以繼續你關於自由現金流的思路的話。因此我們在第三季將實現淨現金為正。您的資產負債表上有 10 億美元現金。您將在 2027 年償還 5 億美元的債務。那麼我是否應該考慮，如果我將現金保持在 5 億美元左右，那麼超出的部分是否都會用於股票回購？

Yeah, well, maybe I'll jump in on that one, Tanya. Thanks for the question.

是的，好吧，也許我會加入這個，Tanya。謝謝你的提問。

Yeah, look, I guess I would just say, number one, what's important here is we're going to do what we say we will. And we did commit to $500 million in buybacks. Again, context, we're all very happy with where the gold price is. But for context, we just reactivated the buyback in Q2. And now, we're reporting Q2. And so far, so good.

是的，看，我想我只想說，第一，這裡重要的是我們要說到做到。我們確實承諾回購 5 億美元。再次強調，我們都對金價的現況感到非常滿意。但就背景而言，我們剛剛在第二季重新啟動了回購。現在，我們正在報告第二季業績。到目前為止，一切都很好。

So we're definitely committed to the $500 million and the $150 million. So $650 million of returning capital. As we look through the windshield later into the year, it's all kind of gold price dependent. And we've always said, we also want to continue to build cash on the balance sheet. So I guess it feels early days to sort of make a prediction on what we might do with excess cash at this point. It's kind of hypothetical.

所以我們肯定會投入 5 億美元和 1.5 億美元。因此返還資本額為 6.5 億美元。當我們展望今年稍後的走勢時，我們會發現這一切都取決於黃金價格。我們一直說，我們也希望繼續在資產負債表上增加現金。因此，我認為現在就預測我們如何處理多餘的現金還為時過早。這有點假設。

But I think what's important is, it's clear that we have been buying and will continue to buy. And if all of this positive gold price continues, our expectation is we'll keep going with the buyback next year, and perhaps the year after, depending upon share price and gold price.

但我認為重要的是，很明顯我們一直在購買並將繼續購買。如果金價持續保持正面勢頭，我們預計明年甚至後年我們將繼續回購，具體取決於股價和金價。

Okay. Yeah, thank you for that. And if I could ask a second question, it's -- I'm trying to understand how you're getting through your budgeting phase as you look for forward to 2026. How are you thinking about your life of mine plans and your reserve and resource base? I mean, it's quite different from lower gold price assumptions versus the gold prices today. So I'm trying to understand how you're approaching your life of mine plans and your reserves and resources given the discrepancy in pricing.

好的。是的，謝謝你。如果我可以問第二個問題，那就是—我想了解您在展望 2026 年時如何度過預算階段。您如何考慮您的礦山壽命計劃以及您的儲備和資源基礎？我的意思是，這與較低的金價假設和今天的金價有很大不同。因此，我想了解，考慮到價格差異，你們如何處理礦山壽命計劃以及儲備和資源。

Yeah, maybe I'll take that one as well. Yeah, I mean, it's interesting times. I'm looking at spot and I'm looking at, for example, long-term consensus, commodity prices that you guys are using, and there's never been this big a lag.

是的，也許我也會選擇那個。是的，我的意思是，這是一個有趣的時刻。我正在觀察現貨價格，例如，我正在觀察你們使用的長期共識商品價格，從來沒有出現過這麼大的延遲。

So I think we're all kind of absorbing, digesting, where's this gold price going, where is it going to last. I think if the gold prices hang in around current levels or higher, you'll probably expect the industry will move up their reserve resource pricing again. But those are decisions that happen towards the end of the year. Key point for us though is we don't need those higher prices.

所以我認為我們都在吸收、消化黃金價格將走向何方、持續多久。我認為，如果金價維持在當前水平或更高水平，你可能會預期該行業將再次提高其儲備資源定價。但這些都是在年底做出的決定。但對我們來說關鍵的一點是我們不需要那麼高的價格。

We've said many times we're not in a high price environment dropping our cutoff grades. We're absolutely focused on margin cash flow value creation. But you're right, as Will alluded to, we have a lot of optionality in our portfolio. And we're getting really good results in exploration.

我們已經多次說過，我們不會因為價格過高而降低錄取分數線。我們絕對專注於保證金現金流價值創造。但您說得對，正如威爾所提到的，我們的投資組合中有很多可選性。我們在探索中取得了非常好的成果。

And so we're advancing more studies. And I think the way I would think about those studies and the optionality is really about more production in the 30s. And so as it relates to the gold price, as you can expect, we're going to look at a range of prices, just like we look at payback, pay for buck, IRR. But it's a good place to be.

因此我們正在推進更多的研究。我認為我對這些研究和可選性的思考方式實際上是為了在 1930 年代實現更多的生產。因此，就黃金價格而言，正如您所預料的，我們將關註一系列價格，就像我們專注於回報、成本支付、IRR 一樣。但這確實是一個好地方。

We've got a significant amount of optionality. The gold price certainly, and combined with the exploration results, gives us lots to think about. But right now, we're not using any higher gold prices than what we've got currently in our reserve resource.

我們擁有大量的可選性。黃金價格以及勘探結果確實為我們帶來了很多思考。但目前，我們使用的黃金價格不會高於我們現有的儲備資源價格。

No, yeah, I appreciate that. It's an interesting time for the industry. Never had this discrepancy before. And Hollywood problem, I guess. And maybe my final question, if I could -- despite the gold price, can we just talk about some of your properties where you are seeing these exploration results that you're going to be able to replace reserves, regardless of the gold price? What properties --

不，是的，我很感激。對於這個行業來說，這是一個有趣的時刻。以前從未出現過這種差異。我想，這是好萊塢的問題。也許這是我的最後一個問題，如果可以的話——無論金價如何，我們能否談談你們的一些資產？你們看到了這些勘探結果，無論金價如何，你們都能夠取代儲量？什麼屬性--

Yeah, I mean, the key areas where I think we're really excited is that Curlew, which we'll allude to in Phase X, where these are brownfield development. I think we're kind of guiding softly that these could be contributors in around 2028. Two things are happening there. We're getting -- they're growing in size, and we're getting good grades and widths. So they're moving in the right direction. I would highlight those two in particular.

是的，我的意思是，我認為我們真正興奮的關鍵領域是 Curlew，我們將在第十階段提到它，這些是棕地開發。我認為我們正在溫和地引導這些人可能在 2028 年左右成為貢獻者。那裡發生了兩件事。我們正在獲得——它們的規模正在增長，我們獲得了良好的等級和寬度。所以他們正朝著正確的方向前進。我要特別強調這兩點。

Anita Soni, CIBC World Market.

加拿大帝國商業銀行全球市場部的安妮塔·索尼（Anita Soni）。

So, most of them have been asked and answered already in terms of capital allocation and gold prices and the reserve replacement. But could you just give a little color on Lobo-Marte and how you see that fitting into the fold and the work you're doing there?

因此，在資本配置、黃金價格和儲備替代方面，大多數問題都已經被提出並得到解答。但是您能否簡單介紹一下 Lobo-Marte，以及您如何看待它與您在那裡所做的工作相契合？

Sure. Yeah. As you know, we released MFAS on Lobo-Marte a few years ago, and we're really in the permitting process right now. So we're making sure we're doing the robust technical work to support that permit submission. We see that as a really, really strong [ASX] high margin mine, really just on the back of the grade It's 1.3 gram per tonne going onto a heat leach. So really strong economics. Low strip ratio. Yeah, two to one strip.

當然。是的。如您所知，幾年前我們在 Lobo-Marte 上發布了 MFAS，目前我們正處於許可流程中。因此，我們要確保開展強而有力的技術工作來支持許可證的提交。我們認為這是一個非常非常強大的 [ASX] 高利潤礦，實際上只是基於品位，每噸 1.3 克的礦石經過熱浸出。所以經濟確實強勁。低剝採比。是的，兩條合一條。

So it's going to be a really good contributor in the 30s. We're just going through the process of getting ready for the permitting efforts right now. And we'll it's kind of on that escalator to get it into the production profile, doing all the right upfront work.

因此，它將成為 30 年代真正優秀的貢獻者。我們現在正處於辦理許可的準備階段。我們將透過這種自動扶梯將其納入生產環境，做好所有正確的前期工作。

Congrats on a great quarter.

恭喜本季取得優異成績。

Carey MacRury, Canaccord Genuity.

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

Just one follow-up on the higher cost expected in the second half. Andrea, you mentioned that that's going to occur at a number of operations. Just wondering if you can just highlight which of those operations you've been looking at.

這只是預計下半年成本將增加的後續問題。安德里亞，你提到這會在許多行動中發生。只是想知道您是否可以突出顯示您正在查看的操作。

Sure. So I mentioned previously, I think even back last quarter, there's a couple of operations where we're moving from stripping being characterized as capital to operating waste. So that's Fort Knox Phase X, Round Mountain Phase S. And then at Tasiast, we also have more operating waste in the second half and planned lower grade.

當然。所以我之前提到過，我認為即使在上個季度，我們也有一些操作從剝離資本轉變為營運浪費。這就是諾克斯堡 X 期和圓山 S 期。然後在 Tasiast，我們在下半年也有更多的營運廢料和計劃的較低品位。

So those are sort of the three operations where we're seeing the change in stripping cost characterization. And then there's some other impacts as well. So at Paracatu, we expect higher power costs in the second half. That's just typical seasonality and also potentially higher power costs in Alaska. All of that is just reflected in our guidance.

因此，這些就是我們看到剝離成本特徵改變的三種操作。還有一些其他的影響。因此，我們預計帕拉卡圖下半年的電力成本將會更高。這只是典型的季節性現象，而且阿拉斯加的電力成本也可能更高。所有這些都反映在我們的指導中。

So we're still on guidance for our annual guidance for the year. And this is just explaining why the second half is higher than the first half to get us to that guidance number.

因此，我們仍然按照年度指導方針行事。這只是解釋了為什麼下半年高於上半年，從而讓我們達到這個指導數字。

And with no further questions in the queue, I will turn the call back over to Paul Rollinson for closing remarks.

如果沒有其他問題，我會把電話轉回給保羅·羅林森 (Paul Rollinson) 做結束語。

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

偉大的。謝謝您，接線生。感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。

Thank you again for joining us today. This does conclude today's presentation. You may now disconnect.

再次感謝您今天加入我們。今天的演講到此結束。您現在可以斷開連線。