Kinross Gold Corp (KGC) 2025 Q3 法說會逐字稿

Hello, and thank you for standing by. My name is Mark, and I will be your conference operator today. At this time, I would like to welcome everyone to the Kinross Gold third quarter 2025 results conference call and webcast. (Operator Instructions) Now I would like to turn the call over to David Shaver, Senior Vice President, Investor Relations. Please go ahead.

您好，感謝您的耐心等待。我叫馬克，今天我將擔任你們的會議接線生。此時此刻，我謹代表 Kinross Gold 公司歡迎各位參加 2025 年第三季業績電話會議和網路直播。（操作員指示）現在，我將把電話交給投資者關係高級副總裁大衛·謝弗。請繼續。

Thank you, and good morning. In the room with us today on the call, we have Paul Rowlinson, CEO, and from the Kinross senior leadership team, Andrea Freeborough, Claude Schimper, Will Dunford and 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. These refer to page three of this presentation, our news release dated November 4th, 2025, the MD&A for the period ended September 30th, 2025, and our most recently filed AIF, all of which are available on our website. I will now turn the call over to Paul.

謝謝，早安。今天和我們一起參加電話會議的有執行長保羅·羅林森，以及來自金羅斯高級領導團隊的安德里亞·弗里伯勒、克勞德·辛珀、威爾·鄧福德和傑夫·戈爾德。有關可能導致實際結果與前瞻性資訊中所含估計值存在差異的風險和不確定性的完整討論。這些內容包括本簡報的第三頁、我們於 2025 年 11 月 4 日發布的新聞稿、截至 2025 年 9 月 30 日的管理層討論與分析 (MD&A) 以及我們最近提交的年度資訊表 (AIF)，所有這些都可以在我們的網站上找到。現在我將把通話交給保羅。

Thanks, David, and thank you all for joining us. This morning, I will discuss our third 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. Following an excellent first half, our portfolio of mines continued to perform well in Q3. Production in the quarter was on plan, delivering 504,000 ounces at a cost of sales of $1,145 per ounce.

謝謝你，大衛，也謝謝各位的參與。今天上午，我將討論我們第三季度的業績，提供我們投資組合的高級最新信息，評論可持續性，並確認我們的展望。然後我會將電話轉交給團隊，讓他們提供更多細節。繼上半年表現出色之後，我們的礦場組合在第三季繼續表現良好。本季生產按計劃進行，交付了 504,000 盎司，銷售成本為每盎司 1,145 美元。

The strength of our operating portfolio combined with good cost management and favorable gold prices resulted in another quarter of strong operating margins. As a result, in Q3, We delivered another quarter of record free cash flow of nearly $700 million and over $1.7 billion year to date. Our business is in excellent shape, underpinned by a very strong balance sheet, robust operational outlook, and significant cash flow generation. In accordance with our disciplined capital allocation framework,

強大的營運組合，加上良好的成本控制和有利的金價，使得我們連續第二季實現了強勁的營業利潤率。因此，在第三季度，我們再次實現了創紀錄的自由現金流，接近 7 億美元，今年迄今的自由現金流超過 17 億美元。我們的業務狀況良好，這得益於我們非常強勁的資產負債表、穩健的營運前景和可觀的現金流。根據我們嚴謹的資本配置框架，

We are committed to further strengthening our balance sheet through additional debt repayment and enhancing returns for shareholders. We have returned significant capital through our dividend and share repurchases. Given our strong position, we are now planning to increase our return of capital to shareholders beyond the minimum $650 million we committed for this year. Andrea will provide further details on our capital allocation plans later.

我們致力於透過償還更多債務和提高股東回報來進一步加強資產負債表。我們透過分紅和股票回購返還了大量資本。鑑於我們目前的強勢地位，我們計劃將今年向股東返還的資本增加到超過我們承諾的最低 6.5 億美元。Andrea稍後將提供有關我們資本配置計劃的更多細節。

Turning to our operational highlights. In Q3, Perica 2 and Tassius delivered substantial production at good costs, generating robust free cash flow. Perica 2 was once again the highest producer in the portfolio and remains well on track to deliver close to 600,000 ounces. At Tassius, both the mine and mill continue to perform well, with production in the third quarter delivering as planned, and operations remain on track to meet guidance.

接下來是我們的營運亮點。第三季度，Perica 2 和 Tassius 以良好的成本實現了可觀的產量，產生了強勁的自由現金流。Perica 2 再次成為該油田組合中產量最高的油田，並有望實現近 60 萬盎司的產量。在塔西烏斯，礦場和選礦廠都持續保持良好的營運狀態，第三季產量按計畫完成，營運也持續朝著預期目標穩步前進。

At La Coypa, performance improved in the third quarter, and the site remains on track to meet its full-year production guidance. At our US assets, production and costs were on budget in Q3, and also remain well-positioned to meet guidance. In Alaska, we saw consistent production with strong contributions from both Fort Knox and Manchot. In Nevada, production from Bald Mountain and Round Mountain were as planned. At Bald Mountain, mining of Redbird 1 continued to ramp up and study work for Redbird 2 along with numerous additional satellite opportunities is ongoing.

拉科伊帕礦區第三季業績有所改善，該礦區仍有望實現全年產量目標。第三季度，我們在美國的業務生產和成本均在預算範圍內，並且仍然能夠很好地實現預期目標。在阿拉斯加，我們看到了穩定的產量，其中 Fort Knox 和 Manchot 都做出了重要貢獻。在內華達州，鮑德山和圓山的產量均按計畫進行。在禿山，紅鳥 1 號的開採工作持續推進，紅鳥 2 號的研究工作以及許多其他衛星計畫的機會也在進行中。

At Round Mountain, initial production from Phase S continued to ramp up following the completion of mining at Phase W. At Phase X, underground development is progressing well with over five kilometers advanced to date and infill drilling continues to return excellent grades and widths. With respect to our broader project pipeline, we continue to make steady progress at Curlew, Great Bear, and Lobo Marte in the third quarter. These projects, along with other organic opportunities, continue to be backed by an extensive resource base with excellent long-term optionality.

在圓山礦區，S期礦區的初期產量隨著W期礦區的開採完成而持續提升。在X期礦區，地下開發進展順利，迄今已推進超過5公里，加密鑽探也持續獲得優良的礦化品位和寬度。就我們更廣泛的專案儲備而言，第三季度我們在 Curlew、Great Bear 和 Lobo Marte 專案上繼續穩步推進。這些項目以及其他有機成長機會，都得到了豐富的資源基礎的支持，並具有極佳的長期發展前景。

Our strong in-house technical team continues to evaluate these value-generating investment opportunities that we may choose to invest in to continue to grow shareholder value. Turning now to a few remarks on sustainability. In Q3, we continued to provide meaningful impact in our host countries. For example, in Mauritania, we contributed to local educational infrastructure by developing new school facilities in the region. In Brazil, Paracatu's tailing facilities recently received the top-level AA classification from the Engineer of Record.

我們強大的內部技術團隊將繼續評估這些能夠創造價值的投資機會，我們可能會選擇投資這些機會，以繼續提升股東價值。現在我想就永續性議題談幾點看法。第三季度，我們繼續在所在國產生有意義的影響。例如，在茅利塔尼亞，我們透過在該地區建造新的學校設施，為當地的教育基礎設施做出了貢獻。在巴西，帕拉卡圖的尾礦設施最近獲得了註冊工程師頒發的最高級別 AA 級認證。

This is a strong endorsement of the site's safety practices, reflecting industry-leading standards in monitoring, maintenance, and risk control. And in Nevada, Bald Mountain earned the Nevada Excellence in Mine Reclamation and Earthworks Award. Starting now to our outlook. Through the first nine months, we have produced over 1.5 million ounces at a cost of sales in line with our annual guidance. Operations remain on track in the fourth quarter, and we are firmly positioned to achieve our full-year targets. Looking forward, we will remain focused on rigorous operational and financial discipline, deliver strong margins and cash flow, to support strong returns for our shareholders.

這充分肯定了該站點的安全措施，反映了其在監控、維護和風險控制方面的行業領先標準。在內華達州，鮑德山獲得了內華達州礦山復墾和土方工程卓越獎。現在讓我們展望一下未來。前九個月，我們生產了超過 150 萬盎司黃金，銷售成本符合我們的年度指導目標。第四季營運一切進展順利，我們完全有能力實現全年目標。展望未來，我們將繼續專注於嚴格的營運和財務紀律，實現強勁的利潤率和現金流，從而為股東帶來豐厚的回報。

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

接下來，我將把電話交給安德里亞。

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. In Q3, we produced and sold 504,000 gold equivalent ounces. Cost of sales was $1,145 per ounce. and with an average realized gold price of $3,458 per ounce, we delivered margins of over $2,300 per ounce.

謝謝你，保羅。今天上午，我將回顧本季的財務亮點，介紹我們的資產負債表和資本回報計畫的最新情況，並對我們的業績指引和展望發表評論。第三季度，我們生產並銷售了504,000盎司黃金當量。銷售成本為每盎司 1,145 美元，平均實現黃金價格為每盎司 3,458 美元，我們實現了每盎司超過 2,300 美元的利潤。

Cost of sales increased quarter over quarter due to planned mine sequencing and the impact of higher gold prices on royalty. All-in sustaining costs also increased as compared to Q2 for the same reasons as well as timing of sustaining capital expenditure. In Q3 are adjusted earnings for $0.44 per share and adjusted operating cash flow with $845 million.

由於礦山開採順序計畫的調整以及金價上漲對礦產特許權使用費的影響，銷售成本較上季增加。與第二季相比，由於同樣的原因以及維持性資本支出的時間安排，總維持成本也有所增加。第三季調整後每股收益為 0.44 美元，調整後營運現金流為 8.45 億美元。

Attributable CapEx was $308 million with slightly more sustaining capital versus growth. Attributable free cash flow was a record $687 million or $538 million excluding changes in working capital. and we received an additional $136 million of cash in Q3 from the prior divestiture of our Toronto mine.

歸屬於資本支出為 3.08 億美元，其中維持性資本支出略多於成長性資本支出。歸屬於股東的自由現金流創下6.87億美元的歷史新高，若不計營運資本變動，則為5.38億美元。此外，我們在第三季也從先前出售多倫多礦場的交易中獲得了1.36億美元的現金。

Turning to our balance sheet, our strong financial position continued to improve in Q3. We ended the quarter with approximately $1.7 billion in cash and approximately $3.4 billion of total liquidity, increasing by over $600 million over the prior quarter. As of Q3, our balance sheet is in a net cash position of almost $500 million.

從資產負債表來看，我們強勁的財務狀況在第三季持續改善。本季末，我們擁有約 17 億美元的現金和約 34 億美元的總流動資金，比上一季增加了 6 億美元以上。截至第三季末，我們的資產負債表淨現金部位接近 5 億美元。

Our financial strength was recognized by S&P, who updated our credit outlook from stable to positive during the quarter. With respect to the Toronto proceeds, we received $136 million in the third quarter and subsequent to the quarter, an additional $96 million. for a total of $232 million since the beginning of Q3.

我們的財務實力得到了標普的認可，標普在本季度將我們的信用評級展望從穩定調整為正面。關於多倫多收益，我們在第三季收到了 1.36 億美元，此後又收到了 9,600 萬美元，自第三季初以來總計收到了 2.32 億美元。

Since the closing of the Toronto transaction in 2022, we have realized approximately $314 million in cash proceeds compared with the original sale price of $225 million. As Paul noted, as part of our disciplined capital allocation strategy, we are further strengthening our balance sheet through additional debt repayments.

自 2022 年多倫多交易完成以來，我們已實現約 3.14 億美元的現金收益，而最初的售價為 2.25 億美元。正如保羅所指出的，作為我們嚴謹的資本配置策略的一部分，我們正在透過額外償還債務來進一步加強我們的資產負債表。

Yesterday, we issued a notice to redeem our $500 million 2027 senior notes. The notes will be redeemed prior to year end, resulting in approximate interest savings of $35 million over 2026 and 2027. Following the redemption, we will have $750 million of senior notes outstanding, maturing in 2033 and 2041. With respect to ongoing return of capital to shareholders, in the third quarter, we continue to make regular share repurchases, canceling approximately $165 million in shares.

昨天，我們發布了贖回 5 億美元 2027 年到期高級票據的通知。這些票據將在年底前贖回，預計在 2026 年和 2027 年可節省約 3,500 萬美元的利息。贖回完成後，我們將有 7.5 億美元的高級票據未償還，分別於 2033 年和 2041 年到期。關於持續向股東返還資本，在第三季度，我們繼續進行常規的股票回購，註銷了約 1.65 億美元的股票。

Year to date, we have repurchased $405 million of our shares. Including our quarterly dividend, we have returned more than $500 million to shareholders to date in 2025, marking strong progress against our initial commitment of $650 million. As Paul noted, given our robust financial position and strong free cash flow, we are increasing our return of capital in 2025.

今年迄今為止，我們已回購了價值 4.05 億美元的股票。包括季度分紅在內，截至 2025 年，我們已向股東返還超過 5 億美元，與我們最初承諾的 6.5 億美元相比，取得了顯著進展。正如保羅所指出的，鑑於我們穩健的財務狀況和強勁的自由現金流，我們將在 2025 年提高資本回報率。

We increased our long-standing dividend by 17% and we intend to increase share repurchases by $100 million for a total of $500 million this year. In total, this represents more than $750 million in returns to shareholders. And when considering the $700 million of debt repayment, we will have returned a total of almost $1.5 billion in capital in 2025. This is an increase of more than 50% compared to 2024 and a total of nearly $3 billion over the last three years.

我們將長期股利提高了 17%，並計劃增加 1 億美元的股票回購，使今年的股票回購總額達到 5 億美元。總計而言，這意味著股東將獲得超過 7.5 億美元的回報。考慮到償還 7 億美元的債務，到 2025 年，我們將總共返還近 15 億美元的資本。與 2024 年相比，這一數字成長超過 50%，過去三年累計成長近 30 億美元。

Turning to our guidance, full-year production is on track to be slightly above the midpoint of our guidance, with fourth quarter production expected to be slightly lower than 500,000 ounces. Operating costs and ASIC remain on track to meet our full-year guidance despite higher royalty costs from higher gold prices.

展望未來，全年產量可望略高於我們預期的中點，第四季產量預計略低於 50 萬盎司。儘管金價上漲導致特許權使用費增加，但營運成本和澳洲證券與投資委員會（ASIC）仍有望實現我們全年的業績預期。

All-in sustaining costs is expected to be within the upper range of our guidance, as a result of a higher proportion of sustaining capital, with Q4 all in sustaining costs expected to be above Q3. Total capital expenditures remain on track to meet guidance of $1.15 billion. With respect to our cash flow outlook next year, as typical for us, we will have seasonal tax payments due in the first half. Given the higher gold price, we expect these payments to be higher, as they relate largely to income realized in 2025.

由於維持性資本佔比較高，預計全部維持性成本將處於我們預期範圍的上限，其中第四季全部維持性成本預計將高於第三季。總資本支出仍有望達到11.5億美元的預期目標。關於我們明年的現金流量展望，和往年一樣，上半年我們將面臨季節性稅金支付。鑑於金價上漲，我們預計這些款項也會上漲，因為它們主要與 2025 年實現的收入有關。

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

現在我將把電話轉給克勞德，讓他討論我們的行動。

Thank you, Andrea. This quarter, we continue to expand our safe current brand by completing additional critical risk management training. And we have had an enthusiastic response from our workforce on this initiative. And we will continue to innovate in how we approach safety in each of our operations. Our focus remains on reinforcing a collective effort to manage costs and capture margin in this strong gold price environment.

謝謝你，安德里亞。本季度，我們透過完成額外的關鍵風險管理培訓，持續擴大我們安全可靠的品牌形象。我們的員工對這項措施反應熱烈。我們將繼續創新，改善我們各項營運中的安全措施。在當前金價強勁的環境下，我們將繼續專注於加強集體努力，以控製成本並獲取利潤。

Going beyond our focus on operational performance, we have put emphasis on getting the best value out of our contracts, increasing labor efficiencies, improving maintenance, and right-sizing consumables as part of our broader cost management strategy. Moving to the summary of our operations. Starting with Paraka 2, production of 150,000 ounces was in line with the prior quarter, while cost of sales of $933 per ounce decreased quarter over quarter. Paraka 2 saw strong mining rates, more recoveries, and higher grades in the third quarter. And Paraka 2 remains firmly on track to meet its guidance range.

除了專注於營運績效之外，我們還注重從合約中獲得最大價值、提高勞動效率、改善維護以及合理配置消耗品，作為我們更廣泛的成本管理策略的一部分。接下來是我們的營運概述。從 Paraka 2 開始，產量為 150,000 盎司，與上一季持平，而每盎司銷售成本為 933 美元，環比下降。Paraka 2 第三季採礦率強勁，回收率更高，礦石品位更高。Paraka 2 仍有望實現其預期目標。

At TASIEST, we delivered budgeted production of 121,000 ounces at a cost of sales of $889 per ounce, with production in line over the prior quarter. Production was supported by strong mill performance, including high recoveries following the recent mill optimization initiatives. Capital development of the Fenix satellite pit also ramped up in the third quarter and remains on plan, as it remains on track to meet its production guidance of 500,000 ounces at a target cost of sales for $860 per ounce for the year.

在 TASIEST，我們實現了預算產量 121,000 盎司，銷售成本為每盎司 889 美元，產量與上一季持平。生產得益於磨機的強勁表現，包括近期磨機優化措施帶來的高回收率。Fenix 衛星礦坑的資本開發在第三季度也加快了步伐，並繼續按計劃進行，預計將實現全年 50 萬盎司的產量目標，銷售成本目標為每盎司 860 美元。

At the Kuiper, we produced 58,000 ounces at a cost of sales of $1,199 pounds, which improved over the prior quarter as planned. Production and cost improved as mining transitioned into the higher-grade ore from phase seven. Production is expected to be stronger in the final quarter as mining continues through this higher-grade ore. Equipa remains on track to meet its full-year guidance of 230,000 ounces.

在柯伊伯礦區，我們生產了 58,000 盎司黃金，銷售成本為每磅 1,199 美元，比上一季有所改善，正如計劃的那樣。從第七階段開始，隨著採礦作業轉向開採更高品位的礦石，產量和成本都得到了改善。隨著高品位礦石的開採持續進行，預計最後一個季度的產量將更加強勁。Equipa 仍有望實現全年 23 萬盎司的產量目標。

Collectively, the US sites delivered production of 175,000 ounces at a cost of sales of $1,469 per ounce in the third quarter. Production in the US operations was as planned and collectively remain on track to meet full-year guidance of 685,000 ounces at a cost of sales of $1,420 per ounce. In Alaska, third quarter production from Fort Knox of 96,000 ounces was in line with the prior quarter. Cost of sales of $1,372 per ounce was higher over the prior quarter due to more operating waste tons .

第三季度，美國各礦場共生產了 175,000 盎司黃金，銷售成本為每盎司 1,469 美元。美國業務的生產按計劃進行，總體上仍有望實現全年產量目標，即 685,000 盎司，銷售成本為每盎司 1,420 美元。在阿拉斯加，諾克斯堡金礦第三季產量為96,000盎司，與上一季持平。由於營運廢料噸數增加，每盎司銷售成本為 1,372 美元，高於上一季。。

At Paul Mountain, we produced 42,000 ounces at a cost of sales of $1,148 pounds. Production decreased over the prior quarter due to the lower grades as planned, resulting in a higher cost of sales. At Round Mountain, production of 37,000 ounces was in line with the prior quarter. The cost of sales was $2,095 pounds. for increased compared to the prior quarter primarily to more operating waste tons as phase transitions from capital waste into operating waste.

在保羅山，我們生產了 42,000 盎司，銷售成本為每磅 1,148 美元。由於計畫中礦石等級較低，導致產量較上一季下降，造成銷售成本上升。圓山礦的黃金產量為 37,000 盎司，與上一季持平。銷售成本為 2,095 磅，與上一季相比有所增加，主要是由於資本廢棄物向營運廢棄物的階段性轉變，導致營運廢棄物噸數增加。

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

接下來，我將把電話轉給威廉，讓他來討論我們的專案。

Thanks, Claude. As Paul noted, our project pipeline is backed by a significant resource base of 26 million ounces of M&I and an additional 13 million ounces of inferred, calculated at $2,000 per ounce. Our in-house technical team continues to focus on advancing these opportunities into our near and longer-term production profile, while also leveraging ongoing exploration to augment our broader resource base and support future production.

謝謝你，克勞德。正如保羅所指出的，我們的專案儲備擁有2600萬盎司的探明和推論資源量，以及1300萬盎司的推斷資源量，以每盎司2000美元計算。我們的內部技術團隊將繼續專注於推進這些機會，將其融入我們近期和長期的生產計劃中，同時利用持續的勘探來擴大我們更廣泛的資源基礎，並支持未來的生產。

With the significant current resource base, strong exploration results, and the long-term optionality enhanced by current gold prices, we see a number of value-creating investment opportunities emerging across the portfolio to leverage the strong gold price and enhance our production profile in the 2030s and beyond. We continue to focus on extensive technical study, disciplined investment, and competition for capital to ensure the projects we approve have significant margin, return, and resilience. We will provide further information on these investment opportunities and decisions in Q1 2026.

憑藉目前豐富的資源基礎、強勁的勘探成果以及當前金價帶來的長期選擇權，我們看到投資組合中湧現出許多創造價值的投資機會，以利用強勁的金價，並在 2030 年代及以後提高我們的產量。我們將繼續專注於廣泛的技術研究、嚴謹的投資和資本競爭，以確保我們批准的專案具有顯著的利潤率、回報和韌性。我們將於 2026 年第一季提供有關這些投資機會和決策的更多資訊。

Regarding the near-term project pipeline, you can see we are already well advanced and making significant progress with our projects in the US and Canada. At Bald Mountain, recent exploration and technical work has been progressing well to support an investment decision for Redbird 2 and has also confirmed opportunity to augment the production profile through concurrent satellite pit mining, leveraging economies of scale and shared infrastructure at the site.

關於近期專案計劃，您可以看到我們在美國和加拿大的專案已經取得了顯著進展。在禿山，近期的勘探和技術工作進展順利，為紅鳥 2 號礦的投資決策提供了支持，同時也證實了透過同步衛星露天礦開採來提高產量的機會，利用規模經濟和現場共享的基礎設施。

At Rail Mountain, BASAC's underground project is well advanced with underground development engineering, technical study work, and permitting progressing to support a project decision in 2026. It's a similar story at Curlew where engineering and technical studies on the high-grade resource that has been developed over the last few years are on track to support a project decision in 2026. We will provide a separate update for Great Bear where AEX and main project engineering are progressing rapidly. These are the projects alongside continuation of our existing operations support our potential to remain at 2 million ounces through the end of the decade.

在鐵路山，BASAC 的地下工程項目進展順利，地下開發工程、技術研究工作和許可審批都在穩步推進，以支持在 2026 年做出專案決定。Curlew 的情況也類似，在過去幾年裡，針對此高品位資源的工程和技術研究進展順利，預計在 2026 年做出專案決策。我們將另行發布關於大熊湖的最新進度報告，AEX 和主要專案工程正在快速推進。這些項目以及我們現有業務的延續，將支持我們在本世紀末保持 200 萬盎司的產量。

Turning to our longer-term project pipeline for the 30s, our resource base has significant optionality both for new projects with large resources such as Lobo Marte and Maracunga come online and for further extensions of mine life at our existing operating assets. We will be progressing a number of technical studies and permitting efforts across the high-quality portfolio over the next couple years to advance the significant production potential for the 2030s we see at these assets.

展望我們 30 年代的長期項目計劃，我們的資源基礎具有很大的選擇餘地，既可以啟動像 Lobo Marte 和 Maracunga 這樣擁有大量資源的新項目，也可以進一步延長我們現有營運資產的礦山壽命。在接下來的幾年裡，我們將推進一系列技術研究和授權工作，涵蓋我們高品質的資產組合，以提升這些資產在 2030 年代所展現的巨大生產潛力。

To provide some more detail on exploration at Curlew in Washington, this year we have been focused on infill drilling to support the early years of the mine plan. The results of that work have been positive, confirming the strong widths and grades that we expected to see, which are supportive of high-margin underground mining potential. A few notable intersections from this last quarter included two meters true width at 22 grams per ton at the EVP zone and multiple intercepts of approximately six meters width and eight grams per ton in the K-5 zone.

為了更詳細地介紹華盛頓州柯魯礦區的勘探情況，今年我們一直專注於加密鑽探，以支持礦場計畫的早期階段。這項工作的結果令人鼓舞，證實了我們預期看到的強勁礦脈寬度和品位，這為高利潤的地下採礦潛力提供了支持。上個季度的一些值得注意的交匯點包括 EVP 區 2 公尺真寬、每噸 22 克的交匯點，以及 K-5 區多個約 6 公尺寬、每噸 8 克的交匯點。

We also completed the initial development of the Roadrunner decline and further extensions of the North-South development this quarter. This will provide drill positions to explore for extensions of the high-grade resource at North-South and to follow up on high-grade intercepts at Roadrunner. which is not currently in the resource or mine plan. We will be focused on this resource extension drilling in Q4 2025 and 2026.

本季度，我們也完成了走鵑斜坡的初步開發以及南北向開發的進一步擴展。這將為勘探南北走向高品位礦床的延伸部分以及跟進走鵑礦區（目前尚未納入資源或礦山計劃）的高品位礦段提供鑽探位置。我們將於 2025 年第四季和 2026 年第四季集中精力進行此資源擴展鑽探工作。

Turning to Round Mountain Phase X exploration, you can see in Q3 we focused on further infill of the lower zone, which results continuing to intersect strong grades and widths, proving out our exploration thesis of a bulk tonnage underground mining opportunity. The extensive infill drilling is now sufficient to support an initial underground resource estimate. Overall, our infill drilling results have been positive at phase X, supporting potential for a larger initial resource than we anticipated when we made the decision in 2023 to advance this target. We expect to release the initial resource estimate alongside the project and economics update in Q1 2026.

回到圓山第十期勘探，可以看到我們在第三季度重點對下部區域進行了進一步的填充勘探，結果不斷發現高品位和寬闊的礦體，證明了我們關於存在大量地下採礦機會的勘探理論。目前已進行的大規模加密鑽探足以支援初步的地下資源量估算。總體而言，我們在 X 階段的加密鑽探結果令人滿意，這表明初始資源量可能比我們在 2023 年決定推進該目標時預期的要大。我們預計將於 2026 年第一季發布初步資源估算以及專案和經濟效益更新。

At Great Bear, both the AEX program and the main project are progressing well, and the main project remains on schedule for first production in 2029, subjects permitted. Starting with updates on AEX, Earthworks activities are well advanced, as can be seen on this slide. The natural gas pipeline is now complete and commissioned, and the AEX camp is now operational.

在大熊湖，AEX 專案和主專案進展順利，主專案仍按計劃於 2029 年首次投產（如條件允許）。從 AEX 的最新進展來看，土方工程活動進展順利，如這張投影片所示。天然氣管道現已建成並投入使用，AEX營地現已投入營運。

The water treatment plant building is enclosed, with equipment installation currently ongoing. The initial development of the portal box cut is progressing well with the initiation of the exploration decline now forecast to commence in the summer of 2026, pending receipt of provincial permits. Geoff will comment further on permitting shortly.

水處理廠廠房已封閉，目前正在進行設備安裝。入口箱形井的初步開發進展順利，勘探斜坡道的挖掘預計將於 2026 年夏季開始，前提是獲得省級許可。傑夫稍後將就許可事宜發表進一步評論。

As a reminder, AEX is not on the critical path for first production in 2029, but rather is focused on providing underground drill access for infill drilling of the underground resource and exploration drilling to further delineate extensions of mineralization at depth. With respect to the main project, which remains on track, detailed engineering for key items such as the mill, salings management facility, and other site infrastructure continues to progress well, with a 30% design review for the mill completed in Q3. Initial procurement activities for major process and water treatment equipment have commenced, with contract awards planned to start prior to year end. Manufacturing of selected longlead items is expected to begin next year.

需要提醒的是，AEX 並不在 2029 年首次投產的關鍵路徑上，而是專注於提供地下鑽探通道，以便對地下資源進行加密鑽探和勘探鑽探，進一步確定深部礦化的延伸範圍。關於主要項目，目前進展順利，關鍵項目（如磨坊、屠宰管理設施和其他場地基礎設施）的詳細工程設計繼續取得良好進展，磨坊的設計審查已在第三季度完成 30%。主要製程和水處理設備的初步採購活動已經開始，並計劃在年底前開始授予合約。預計部分長週期產品的生產將於明年開始。

I will now hand it over to Geoff to provide a brief update on Great Barrier Permitting and timelines.

現在我將把發言權交給傑夫，讓他簡要介紹大屏障島的許可審批和時間表。

Thanks, Will. Permitting of the AEX program and the main project continue to advance as we work with the provincial and federal authorities. For AEX, we have three of the five permits required, including our closure forestry and wildlife permits, which has enabled us to carry on significant AEX activity. We continue to work with the Ontario Ministry of Environment, Conservation and Parks to finalize the two remaining AEX water permits that are required to manage contact water for exploration purposes and, in the interim, permitted activities continue as planned.

謝謝你，威爾。隨著我們與省政府和聯邦政府的合作，AEX計畫和主要項目的許可審批工作正在不斷推進。對於 AEX 而言，我們擁有所需的五項許可證中的三項，包括我們的封閉式林業和野生動物許可證，這使我們能夠開展重要的 AEX 活動。我們繼續與安大略省環境、保護和公園部合作，以最終確定剩餘的兩份 AEX 水許可證，這些許可證是管理勘探目的接觸水所必需的，在此期間，已獲許可的活動將按計劃繼續進行。

For those who are not familiar, contact water is primarily rainwater that comes into contact with our site and naturally occurring underground water. Our First Nation partners, Black Sewell and Wabaskang, on whose traditional lands the project resides continue to support the project and permitting. These two outstanding permits are taking more time than anticipated as MECP consults with other First Nations.

對於不熟悉的人來說，接觸水主要是指與我們場地接觸的雨水和天然存在的地下水。我們的原住民合作夥伴 Black Sewell 和 Wabaskang 是該計畫所在地的傳統土地，他們將繼續支持該計畫和許可申請。由於 MECP 需要與其他原住民部落進行磋商，這兩份待審批的許可證比預期花費的時間要長。

As Will noted, AEX is not on the critical path for the main project timeline. Construction activities at the AEX site will continue uninterrupted throughout the winter months as current activities and conditions do not require the use of water-related permits. In terms of the main project, which remains on schedule, we continue to work with the Impact Assessment Agency of Canada to advance the project impact statement.

正如威爾所指出的，AEX 並不在主專案時間表的關鍵路徑上。AEX 工地的施工活動將在整個冬季持續進行，因為目前的活動和條件不需要使用與水有關的許可證。就目前仍按計畫進行的主要項目而言，我們將繼續與加拿大影響評估機構合作，以推進專案影響報告的編制。

The first of three phase submissions for the project's impact statement was filed in September, with the second submission on track for filing in December. The final phase is targeted to be submitted at the end of Q1 of next year. We also continue to advance our IVA negotiations with Black Soul and Wabashkang First Nations and the Northwest Métis community.

此專案影響評估報告的第一階段提交工作已於 9 月完成，第二階段提交工作預計將於 12 月完成。最後階段計劃於明年第一季末提交。我們也將繼續推進與黑魂族、瓦巴什康族和西北梅蒂斯族社區的IVA談判。

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

現在我將把發言權交還給保羅，請他作總結發言。

Thanks, Geoff. After another strong quarter, we are well positioned to meet our market commitments again this year. 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.

謝謝你，傑夫。在又一個強勁的季度過後，我們已做好充分準備，今年再次履行我們的市場承諾。展望未來，我們對未來充滿期待。我們擁有強大的生產實力。我們正在產生可觀的自由現金流。我們的資產負債表非常出色。我們透過分紅和股票回購獲得了可觀的資本回報。我們擁有令人振奮的有機產品研發管線。我們為自身對負責任採礦的承諾感到非常自豪，這使我們繼續成為永續發展的領導者。

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

接線員，接下來我將開放提問環節。

(Operator Instructions) Fahad Tariq, Jefferies.

（操作說明）Fahad Tariq，傑富瑞集團。

Hi, thanks for taking my question. On the cost side, some of your peers at NICO Eagle and Newmont in particular are focusing a lot on cost reduction efforts. Is that something you're working on? And if so, can you provide some examples of maybe productivity improvements across the portfolio? Thanks.

您好，感謝您回答我的問題。在成本方面，特別是 NICO Eagle 和 Newmont 的一些同行正在大力推進成本削減工作。這是你正在研究的內容嗎？如果情況屬實，您能否舉例說明整個投資組合中生產力是否有提升？謝謝。

Thanks for the question, Farik. It's Claudia. As I said in my remarks, we have a number of different initiatives globally, different projects to focus on different cost elements, significant focus on working with our contractors and turning them into true business partners where the relationship works for both of us.

謝謝你的提問，法里克。是克勞迪婭。正如我在演講中所說，我們在全球範圍內開展了許多不同的舉措，不同的項目側重於不同的成本要素，我們非常重視與承包商合作，將他們轉變為真正的商業夥伴，使這種關係對我們雙方都有利。

At the same time, labor improvements and productivity improvements around that. We're doing a significant amount of training across all sites to standardize some of our performance, and then also a big focus on maintenance spares and parts and things that have been traditionally pressed by inflation.

同時，勞動力市場和生產力也得到了改善。我們正在所有站點進行大量的培訓，以規範我們的一些操作流程，同時我們也專注於維護備件和零件以及傳統上受通貨膨脹影響的物品。

Okay, and then maybe just switching gears to Bald Mountain, can you just remind us, does the Redbird pit displace feed from other pits or is it incremental tons and ounces?

好的，那我們不妨換個話題談談禿山礦，您能提醒我們一下嗎，紅鳥礦坑會取代其他礦坑的礦石，還是只會增加噸數和盎司數？

No, it's incremental tons and ounces. It's a heat bleach facility there, so we stack on top and we're expanding our heat bleachers as we speak to suit Redbird.

不，是按噸和盎司遞增的。那裡是一個高溫漂白廠，所以我們在上面堆放產品，而且我們正在擴建高溫漂白廠，以滿足 Redbird 的需求。

Okay, and then just lastly, just on the expansion of the heat bleach, I know Redbird 2 is still, we're waiting for the study update, but would it make sense to do the heat bleach expansion even if there aren't new satellite pits identified? In other words, is the Redbird pit sufficient to justify the larger heat bleach operation?

好的，最後，關於熱漂白範圍的擴大，我知道 Redbird 2 仍在等待研究更新，但即使沒有發現新的衛星坑，進行熱漂白範圍的擴大是否有意義？換句話說，Redbird 池是否足以證明更大規模的熱漂白作業的合理性？

Yes, absolutely. heat leach expansions at bulb fairly frequently. So it will continue to do so for Redbird. Some of the satellites are in different areas of the operation. We have a variety of heat leach paths throughout the operation, and we expand those as needed to suit the satellites or the anchor pits such as Redbird.

是的，絕對的。燈泡受熱膨脹的情況相當頻繁。所以它將繼續為紅鳥公司提供服務。有些衛星位於作戰區域的不同位置。我們在整個作業過程中有多種熱浸出路徑，我們會根據需要擴展這些路徑，以適應衛星或錨坑（如 Redbird）。

Okay, great. Thank you.

好的，太好了。謝謝。

Daniel Major, UBS.

瑞銀集團的丹尼爾·梅傑。

Hi, can you hear me okay? Yes, we can hear you. Great, thanks. Yes, a few questions. The first one, just on the capital returns and the balance sheet, I think it's very encouraging that you pushed up the dividend and committing to an accelerating buyback in the fourth quarter. If we look at the current gold price consensus or estimates, have you generated maybe 2 billion of free cash flow at spot commodity prices and you've got a run rate of about 750 million of capital returns? But when we think about what you'd be committing to next year, can you give us any indication on a balance sheet position that you'd want to get to before you would commit to returning all of your excess cash to shareholders?

你好，你聽得到我說話嗎？是的，我們能聽到你們的聲音。太好了，謝謝。是的，還有幾個問題。首先，就資本回報和資產負債表而言，我認為你們提高股息並承諾在第四季度加快股票回購是非常令人鼓舞的。如果我們看看目前的黃金價格共識或預測，以現貨商品價格計算，您是否產生了約 20 億美元的自由現金流，並且您的資本回報運行率約為 7.5 億美元？但當我們考慮您明年將要投入的資金時，您能否透露一下，在您承諾將所有盈餘現金返還給股東之前，您希望達到怎樣的資產負債表狀況？

Yes, sure. I'll maybe take a lead on that one, Daniel. It's a good question. Look, I think, number one, we've done what we said we would. We guided last year that it would be our intention. We turned back on our share buyback. We actually did that ahead of schedule. I would like to say on the same theme, As the year has progressed, we've had more cash than we were budgeting.

當然可以。丹尼爾，也許我會在這方面發揮主導作用。這是個好問題。我認為，首先，我們已經做到了我們承諾要做的事情。我們去年就已表明我們的意圖。我們放棄了股票回購計畫。實際上，我們提前完成了這項工作。我想就此主題補充一點，隨著時間的推移，我們的現金比預算中的還要多。

And so as a result, as we're coming into the fourth quarter, we've done more. So from my perspective, I think we've demonstrated that we want to do the right thing as it relates to return of capital, as well as paying down debt and improving our balance sheet. I think that the track record speaks for itself. As we look into next year, frankly speaking, we're right in the middle of our budget cycle. We do give our guidance, as you know, with the year end in mid-February. That's typically when we give an update.

因此，進入第四季後，我們取得了更大的成就。所以從我的角度來看，我認為我們已經證明，在資本回報、償還債務和改善資產負債表方面，我們想做正確的事情。我認為過往的成績足以說明一切。展望明年，坦白說，我們正處於預算週期的中間階段。如您所知，我們會在二月中旬結束一年的工作中提供指導。通常我們會在這個時候發布最新消息。

Last year when we gave our guidance, we were in a sort of a $2,500 gold price environment. To your point, we're in a different gold price environment today. But with that comes higher taxes, higher royalties. We do see opportunities to invest in our portfolio. So look, I think directionally, we want to keep going. But let us just get through year-end budget cycle, and we'll come out with an update in the new year.

去年我們給出指導意見時，黃金價格大約在每盎司 2500 美元左右。你說得對，如今的黃金價格環境與以往不同。但隨之而來的是更高的稅收和更高的特許權使用費。我們確實看到了投資組合中的投資機會。所以你看，我認為從方向上來說，我們要繼續前進。但我們先完成年底的預算週期，新年伊始我們會發布更新報告。

Okay, thanks. Yes, I look forward to that. The second question is sort of a specific one on the tax payable accrual. If we look at current prices persisting through to the end of the year, for example, what would the working capital reversal be for the tax catch-up in Q1 of next year?

好的，謝謝。是的，我很期待。第二個問題比較具體，是關於應納稅款的提列。例如，如果我們觀察當前價格持續到年底的情況，那麼明年第一季稅收補繳的營運資本逆轉將是多少？

So I mentioned in my opening remarks that we have significant tax payments in 2026. related to 2025. The first one that we typically talk about is Brazil. So we're expecting more than $300 million in January related to Brazil. And then for Q1 in total, it's close to $400 million. And that's just the tax payments that we're accruing throughout this year. Then there will be installments on top of that for

我在開場白中提到，我們在 2026 年有大量與 2025 年相關的稅金需要繳交。我們通常首先談到的是巴西。因此，我們預計1月與巴西相關的收入將超過3億美元。那麼第一季的總營收就接近 4 億美元。而這僅僅是我們今年累積的稅金。然後，除此之外還會有分期付款。

The last question, just on the permitting timeline at Great Bear, you mentioned there's no impact on the project, the fact that the final two permits at AEX are taking a bit longer. At what stage would those two specific permits start to impact the timeline of the overall project?

最後一個問題，關於大熊湖的許可時間表，您提到AEX的最後兩個許可證審批時間稍長，但這不會對項目造成影響。這兩個具體的許可證會在專案的哪個階段開始影響整個專案的進度安排？

Yes, look, the main project itself is building a mill and open pit mines and an underground, which is what AEX is focused on, is the early drilling for that underground. So the whole purpose of AEX is to get ahead and do the definition drilling and do the expansion drilling for the underground. and the mills built. And if you look at our PEA, we've got significant ore coming out of the open pits at the beginning of the mines towards that mill. So that's why it's not really a critical path right now in terms of those permits.

是的，你看，主要項目本身是建造一個選礦廠和露天礦，以及一個地下礦，而 AEX 的重點是該地下礦的早期鑽探工作。因此，AEX 的全部目的就是搶先機，進行地下勘探鑽井和擴建鑽井，以及已建成的選礦廠。如果你看一下我們的初步經濟評估報告，你會發現從礦場起點的露天礦坑到選礦廠方向有大量的礦石出產。所以，就目前這些許可證而言，這並不是一條關鍵路徑。

I would also just add to Will's comments that there's really no direct link between the AEX permits and the main project permits. And at this time, we don't believe we will experience a similar delay for the main project.

我還要補充一下 Will 的評論，AEX 許可證和主專案許可證之間實際上並沒有直接聯繫。目前，我們認為主項目不會出現類似的延誤。

Great, thank you.

太好了，謝謝。

Tanya Jakusconek, Scotiabank.

Tanya Jakusconek，加拿大豐業銀行。

Oh, good. Thank you. Good morning, everyone. Thank you for taking my three questions. Maybe over to Paul. I'm just thinking about you're in your budgeting phase and you're thinking about your life-mind plans and your reserve and your resource base. We have some companies put out some initial targets for what they're running their PESAT goal prices on reserves and resources.

哦，太好了。謝謝。各位早安。感謝您回答我的三個問題。或許該輪到保羅了。我只是在想，你現在正處於預算階段，你正在考慮你的人生規劃、儲備金和資源基礎。一些公司已經公佈了他們根據儲量和資源製定的 PESAT 目標價格的初步目標。

I'm just wondering how you're approaching that. I know you have your reserve pricing. I think it was 1,600 and resources at 2,000. How are you balancing that with your life of mine plans and your cutoff grades and inflation? Sure.

我只是想知道你是如何看待這件事的。我知道你們有保留價。我認為是 1600，資源是 2000。你如何平衡這些與你的礦場生活計畫、錄取分數線和通貨膨脹之間的關係？當然。

Well, I think I would expect I mean, everyone's kind of thinking about what the new reserve resource price will be going forward. I think we're all in a good way lagging where we are in spot. So I do think, I expect there'll be generally an increase in the industry, in our peer group, in both reserve and resource pricing. but I think we'll all probably still be well below spot, which is the right side of the line to be on, of course.

嗯，我想大家都在思考未來新的儲備資源價格會是多少。我認為我們現在所處的位置其實是件好事。所以我認為，我預期整個產業，包括我們的同行，儲量和資源價格都會普遍上漲。但我認為我們所有人的價格可能仍然會遠低於現貨價格，這當然是合理的。

As it relates to our planning, as we've said, our mills are full. We're not planning to do anything with our cutoff grades. We're really goal-seeking margin and cash flow. To the extent we're thinking about cutoff grades, It's low-grade stockpiles, end-of-mine life, where we might put different material for end-of-mine life. But as it relates to the near-term production, we're holding the line and goal-seeking margin and cash flow.

就我們的計劃而言，正如我們所說，我們的工廠已經滿載運作。我們不打算對錄取分數線做任何改動。我們真正追求的是利潤率和現金流。如果我們考慮的是最低品位，那就是低品位礦石堆，也就是礦場壽命末期，我們可能會把不同的礦石存放在礦場壽命末期。但就近期生產而言，我們堅持既定方針，力求實現利潤率和現金流目標。

Should I be then, Paul, thinking that as I look at 2026, should I be thinking that If inflation is running and some companies will go anywhere between 5%, 10%, should I be thinking that if I kind of think about your reserve pricing and think about inflation and cost in that sort of level, that would be something that would be reasonable to adjust our gold price to for reserve calculations?

那麼，保羅，當我展望 2026 年時，我是否應該考慮，如果通貨膨脹持續，一些公司的通膨率在 5% 到 10% 之間，我是否應該考慮，如果我考慮你的儲備定價，並考慮這種程度的通貨膨脹和成本，那麼在進行儲備計算時，調整黃金價格是否合理？

Yes, I think to be frank, Tanya, I mean, it's a bit of art versus science. But I think we generally look at it like we do with many things from a number of different perspectives. But I think it's not a rule of thumb. And I wouldn't say we do this exactly. But we also take into account a three-year rolling average as well. And that would be a safe place to be if you were thinking about what we were going to do.

是的，坦白說，我認為，坦妮亞，我的意思是，這有點像是藝術與科學的較量。但我認為，我們通常會像看待許多其他事物一樣，從許多不同的角度來看待它。但我認為這並非一條普遍適用的規則。但我不會說我們完全這樣做。但我們也會考慮三年滾動平均值。如果你在思考我們要做什麼，那將會是一個安全的地方。

OK. All right, thank you for that. I look forward to your approach in the new year. Maybe just on some of the optionality that you have and you talked about some of the . Hello? I'm not sure what that noise is. Yes, I don't know either. Not on our end. Yes, I don't have anything happening on my end either.

好的，謝謝。我期待您在新的一年所採取的行動。或許只是關於你所擁有的一些選擇，你也談到了一些…。你好？我不確定那是什麼聲音。是的，我也不知道。不是我們這邊的問題。是的，我這邊也沒有任何異常情況發生。

Okay. Well, hopefully we can get through just the last two I have. Maybe just on the optionality in the short term on the projects that come in in that 27 to 2030 timeframe, specifically Curlew and some of the satellites that . Would it be fair to say that they could add incrementally 100 to 200,000 ounces in that timeframe?

好的。希望我們能順利完成剩下的兩件事。或許只是就2027年至2030年期間推出的計畫而言，短期內存在選擇權，特別是Curlew計畫及其一些衛星計畫。。可以說，他們在該時間內可以逐步增加 10 萬至 20 萬盎司的產量嗎？

You mean between the three of them? I mean, I think between the three of them, there's potential that they can add more than that. It depends what year you look at.

你是說他們三個之間嗎？我的意思是，我認為他們三個加起來，還有潛力做出更多貢獻。這取決於你查看的是哪一年的數據。

Yes, I'm just kind of thinking between the 28 onwards, right? I was just thinking the bald and also just curlew. Would that be like fair in the 100 to 200? And then if we round Mountain, that's a bit different.

是的，我指的是28號以後的日期，對吧？我剛才想到的是禿頭，還有捲尾鷸。這樣算公平嗎？ （指100到200公里/小時的比賽）如果我們繞著山走，情況就有點不同了。

Yes, I mean, Curlew itself, ultimately, will provide more guidance early next year, but it might get up to the 100,000 ounce per year as we ramp it up or close to that number. Redbird itself, Redbird 2 and the satellites, depending on the year, will be in that range of 100, maybe a little bit higher in some years, as you mine through different zones.

是的，我的意思是，最終，Curlew 本身將在明年初提供更多指導，但隨著我們加強，它的年產量可能會達到或接近 10 萬盎司。紅鳥號本身、紅鳥2號和衛星，根據年份的不同，數量將在100左右，有些年份可能會略高一些，因為你要挖掘不同的區域。

And then Phase X, we're also targeting to try to get over the 100,000 ounce per annum. target, and we'll still be processing remaining stock tiles from Phase S, particularly with these gold prices, in combination with the underground at Phase X. I think our disclosure in Q1 will help you build a profile better, but certainly between the three of them, they can add more than 200,000 ounces once they're all up and running. coming on as other things move in the portfolio. All of that is to try and maintain that 2 million ounces, which we believe we can with those projects.

此外，X階段我們也力求實現年產10萬盎司的目標。我們將繼續處理S階段剩餘的庫存金塊，尤其是在目前金價的情況下，並結合X階段的地下礦藏。我認為我們在第一季的披露將有助於您更好地了解情況，但可以肯定的是，一旦這三個項目全部投產，它們的總產量可以超過20萬盎司。隨著投資組合中其他項目的推進，這一目標也將逐步實現。這一切都是為了努力維持200萬盎司的產量，我們相信透過這些項目我們可以實現這個目標。

Okay. So that could be supplemental to the 2 million.

好的。所以這可能是對那200萬的補充。

Sorry. It's not supplemental to the 2 million ounce base. These are the projects that keep us at 2.

對不起。它並非對200萬盎司基準的補充。正是這些項目讓我們保持在2。

They'll keep you at 2. All right. OK. Got it. And then my final question for Andrea. You're looking at buying back the $500 million in Q4 of the notes, and you've got the 2033s and the 2041 notes. Should I be thinking that for 2026, either one of those would be something you'd be targeting as well?

他們會把你保持在2。好的。好的，明白了。最後，我要問安德烈一個問題。你們計劃在第四季回購 5 億美元的債券，此外還有 2033 年和 2041 年到期的債券。我是否可以認為，對於 2026 年，這兩者之一也會是你們的目標？

We're happy to continue to grow our net cash, and that's sort of how we're looking at it. Those longer-dated notes they're just not economic to take out ahead of time, but we'll continue to watch that. And if it did become accretive, then we would think about that. Okay.

我們很高興淨現金能夠繼續成長，我們也是這樣看待這個問題的。那些期限較長的債券提前發行並不划算，但我們會繼續關注。如果它真的變成了累積性的，那麼我們會考慮這個問題。好的。

And so I should be thinking that maybe the pause on the debt reduction after the Q4. and then maybe the cash flow, as Paul mentioned, would be looking on a positive bias for capital returns. Maybe just to ask, what's the minimum cash that you would need to run your business? I should think about keeping on the balance sheet.

因此，我應該考慮一下，或許在第四季之後暫停債務削減，然後正如保羅所提到的那樣，現金流可能會對資本回報產生積極影響。或許可以問一下，您經營這家企業至少需要多少現金？我應該考慮把它保留在資產負債表上。

Sure. We typically say the minimum is about $500 million and then it fluctuates a little bit above that. We just got to net cash as we reported this quarter. So we're certainly happy with that and we're happy to continue to grow that net cash. So I think it'll be a balance between CapEx continuing to grow cash on the balance sheet and returning capital to shareholders.

當然。我們通常說最低限額約為 5 億美元，然後在此基礎上略有波動。正如我們本季度報告所示，我們剛剛實現了淨現金流。所以，我們對此當然很滿意，也樂於看到淨現金流繼續成長。所以我認為，關鍵在於如何在資本支出持續增加資產負債表現金流和向股東返還資本之間取得平衡。

Yes, bearing any changes in those 2033s and 2041 notes. Right. Okay, thank you.

是的，考慮到 2033 年和 2041 年票據的任何變更。正確的。好的，謝謝。

(Operator Instructions) Anita Soni, CIBC World Markets.

（操作說明）Anita Soni，CIBC World Markets。

Thanks for taking my questions. Tony has asked a few of them. I just wanted to circle back on, I guess, capital allocation just in broad strokes as you think about it going into next year. Is there kind of a formula that you're using in terms of and how you're going to allocate the free cash flow.

謝謝您回答我的問題。東尼問他們中的幾個人。我只是想再談談明年資本配置的大致情況。你們在分配自由現金流方面是否有某種計算公式？

Obviously, the debt repayment is kind of on pause, but capital return to shareholders is a certain percentage, reinvestment in the business is a certain percentage, and anything else is a certain percentage. Could you give me an idea of that? Really, what I'm trying to figure out is, obviously, there's inflation that you were talking about in the order of I think it was 5% to 10%, What should we be thinking about in terms of capital for next year?

顯然，債務償還暫時中止，但股東資本回報有一定的百分比，企業再投資有一定的百分比，其他任何支出也都有一定的百分比。你能給我一些建議嗎？實際上，我想弄清楚的是，顯然，正如你所提到的，通貨膨脹率在 5% 到 10% 之間，那麼對於明年的資本而言，我們應該考慮些什麼？

Yes, a couple questions in there, Anita. I'll start with Andrea to chime in if you like. Again, number one, we're right in the budget cycle. So again, I'll say what I said a little bit earlier. Directionally, all things being equal, we want to continue with a healthy return of capital. typically think about it on a formula basis. We do believe the majority of our shareholders prefer buybacks.

是的，裡面還有幾個問題，安妮塔。如果你們願意的話，我先讓安德里亞說幾句。再說一遍，第一，我們正處於預算週期。所以，我再重複一遍我剛才說過的話。從方向來看，在其他條件不變的情況下，我們希望繼續保持健康的資本報酬率。通常會用公式來考慮這個問題。我們相信，我們的大多數股東更傾向於股票回購。

That's where we're really focused. And on our internal metrics, when we look at our valuation, we still believe that that's the right thing to do with our free cash flow. I would say, though, as I go back to the budget, There's moving parts. We do expect, as Andrea said, higher taxes, higher royalties. Inflation is always there. And as we've alluded to, we do see a lot of optionality and reinvest in our business for the future.

這才是我們真正關注的重點。從我們的內部指標來看，當我們審視我們的估值時，我們仍然認為，利用我們的自由現金流來做這件事是正確的。不過，當我重新審視預算時，我想說，其中有很多變數。正如安德烈所說，我們預期稅收會更高，版稅也會更高。通貨膨脹一直存在。正如我們之前提到的，我們看到了許多選擇，並將這些選擇再投資於我們的業務以備將來之需。

Things are getting better. Phase X is looking better. Curlew is looking better. That might drive decisions to increase capital spending. for longer-term mine lives. So I think don't really want to get pinned down on a specific. I think as we go into the new year, we're in a good place where, as you say, we've paid down the debt, we've got lots of free cash flow, lots of opportunities, and I think we can do all of the above.

情況正在好轉。第十階段的情況看起來好多了。鷸鳥的情況好轉了。這可能會促使政府決定增加資本支出，以延長礦場壽命。所以我覺得最好不要侷限於某個具體的事情。我認為，進入新的一年，我們處境不錯，正如你所說，我們已經償還了債務，我們有很多自由現金流，有很多機會，我認為我們可以做到以上所有事情。

Okay. And then, where would inorganic opportunities fit in all that, the M&A pipeline?

好的。那麼，在這一切之中，非有機成長機會，也就是併購通路，又該如何定位呢？

Look, again, we, as I've said many times, we're in a fortunate position that, given the strength of the organic portfolio, we don't feel under any pressure. We've got a great team here. Technically, we do look at external opportunities. As I know you're aware, we've probably only done three deals externally in the last 10 years, so we're very careful. We do look at opportunities. If we saw another great bear, we'd do it again in a heartbeat, but we're very careful, and we are not under pressure, and we'll continue to look.

再說一遍，正如我多次說過的那樣，我們很幸運，憑藉強大的有機產品組合，我們並沒有感到任何壓力。我們這裡有一支很棒的團隊。從技術層面來說，我們確實會關注外部機會。如你所知，在過去的 10 年裡，我們可能只進行了三筆外部交易，所以我們非常謹慎。我們會尋找機會。如果我們再看到一頭大熊，我們會毫不猶豫地再次前往，但我們現在非常謹慎，也沒有壓力，我們會繼續尋找。

Okay. Thanks for that, and congratulations on .

好的。謝謝，也恭喜你！。

There's no further questions at this time. I will now turn the call back over to Paul for closing remarks. Paul?

目前沒有其他問題了。現在我將把電話交還給保羅，請他作總結發言。保羅？

Thank you, operator, and thanks, everyone, for dialing in today. We look forward to catching up with you in person in the coming weeks. Thanks for joining.

謝謝接線生，也謝謝各位今天撥入電話。我們期待在接下來的幾週內與您見面。謝謝參與。

This concludes today's 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了。