Kinross Gold Corporation (KGC) 2026 Q1 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 first-quarter 2026 results conference call and webcast. I would now like to turn the call over to David Shaver, Executive Vice President.

感謝各位稍候。我叫Tina，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加Kinross Gold 2026年第一季業績電話會議與網路直播。接下來我想把電話交給執行副總裁David Shaver。

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 Geoff Gold.

謝謝，各位早安。今天在會議室與我們一同參與電話會議的有執行長Paul Rollinson；以及Kinross資深領導團隊的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 April 29, 2026, the MD&A for the period ended March 31, 2026, and our most recently filed AIF, all of which are available on our website.

關於可能導致實際結果與我們前瞻性資訊中所含估計值不同的風險與不確定性之完整討論，請參閱本簡報第3頁、我們於2026年4月29日發布的新聞稿、截至2026年3月31日止期間的管理階層討論與分析（MD&A），以及我們最近提交的年度資訊表（AIF）；以上文件皆可於我們網站取得。

I will now turn the call over to Paul.

我現在把電話交給Paul。

Thanks, David, and thank you all for joining us. This morning, I will discuss our first-quarter results, provide high-level updates from across our portfolio, comment on sustainability , and confirm our outlook. I will then hand the call over to the team to provide further details.

謝謝你，David，也感謝各位加入我們。今天早上我將討論我們第一季的業績、提供我們投資組合各項資產的高層次更新、談談永續發展，並確認我們的展望。之後我會把電話交給團隊，提供更多細節。

Following our outstanding performance in 2025, we continue to deliver strong results in the first quarter. Our culture of technical excellence and financial discipline, combined with the recent gold prices resulted in strong operating margins, which again, outpaced the increase in the gold price.

在2025年表現卓越之後，我們在第一季持續交出強勁成果。我們追求技術卓越與財務紀律的企業文化，加上近期金價走勢，帶動強勁的營運利潤率，而利潤率的提升再次超越金價的漲幅。

As a result, in Q1, we delivered our fourth consecutive quarter of record free cash flow of approximately $840 million. Our financial position and cash flow outlook remain excellent, and we continue to return meaningful capital to our shareholders through buybacks and our quarterly dividend. We are targeting to return approximately 40% of our free cash flow in 2026. And in Q1, we continued our buyback program.

因此，在第一季，我們連續第四個季度創下約8.40億美元的自由現金流新高。我們的財務狀況與現金流展望依然非常出色，並持續透過庫藏股回購與季度股利向股東回饋可觀資本。我們的目標是在2026年回饋約40%的自由現金流。而在第一季，我們也持續推進回購計畫。

Turning now to operational highlights. Q1 was a great start to the year with production of 493,000 ounces. Both Tasiast and Paracatu had strong quarters and together, accounted for more than half of our production, driving significant free cash flow. Paracatu delivered another excellent quarter on the back of record mill recoveries and Tasiast saw strong output in Q1, supported by higher grades and strong recoveries.

接著談營運亮點。第一季為全年開了個好頭，產量達49.3萬盎司。Tasiast與Paracatu兩座礦場皆有強勁表現，合計貢獻超過我們一半的產量，帶動顯著的自由現金流。Paracatu在創紀錄的磨礦回收率帶動下再度交出優異季度表現；Tasiast則在較高品位與良好回收率支撐下，第一季產出強勁。

With regards to our projects, we continue to make strong progress in Q1 across our pipeline of mine life extensions and growth projects. In the US, the team continues to advance the three projects we announced in January. At Great Bear, both the Advanced Exploration program and the Main Project are progressing well with key permitting milestones achieved, which Geoff will comment on later.

就我們的專案而言，第一季我們在延長礦山壽命與成長專案的整體管線上持續取得良好進展。在美國，團隊持續推進我們於1月宣布的三個專案。在Great Bear，先進勘探計畫與主體專案皆進展順利，並已達成關鍵許可里程碑，稍後Geoff會進一步說明。

At Lobo-Marte in Chile, I'm pleased to report that we submitted the environmental impact assessment earlier this month, marking a significant milestone as we formally initiate the permitting process. And we look forward to providing a Lobo-Marte update in the second half of the year.

在智利的Lobo-Marte，我很高興報告我們於本月稍早提交了環境影響評估（EIA），這標誌著一項重要里程碑，因為我們正式啟動了許可申請流程。我們也期待在今年下半年提供Lobo-Marte的最新進展。

Turning now to sustainability. Our annual sustainability report will be published later this quarter. This comprehensive report, which is in its 18th edition, provides an update on all the progress we made in 2025 and what we aim to accomplish this year and beyond.

接著談永續發展。我們的年度永續報告將於本季稍晚發布。這份全面性的報告為第18版，將更新我們在2025年所取得的各項進展，以及我們今年與未來的目標。

Turning to our outlook. Following a strong first quarter, we are on track to achieve our production cost and capital guidance again this year. More specifically on costs, given the recent geopolitical events, I would highlight that we continue to benefit from an attractive relative cost position, which is supported by our long-standing approach to mitigating cost pressures. This includes, among other things, our grade enhancement and hedging strategies. Andrea will comment on our hedge book strategy later.

接著談我們的展望。在第一季強勁表現之後，我們今年再次有望達成產量、成本與資本支出指引。就成本而言，鑑於近期地緣政治事件，我要強調我們仍受惠於相對具吸引力的成本位置，這得益於我們長期以來用以緩解成本壓力的方法。其中包括（但不限於）我們的品位提升與避險策略。Andrea稍後將就我們的避險部位策略進一步說明。

With respect to grade enhancement, we have Phase X, Curlew, Great Bear, and Lobo-Marte, all bringing higher grade ore into our future production profile. Looking forward, we will continue to maintain our financial discipline and prioritize cost management to consistently deliver strong margins and free cash flow.

就品位提升而言，我們的Phase X、Curlew、Great Bear與Lobo-Marte等專案，皆將把更高品位的礦石納入我們未來的產量結構。展望未來，我們將持續維持財務紀律並優先管理成本，以穩定交付強勁的利潤率與自由現金流。

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

接下來我把電話交給Andrea。

Thanks, Paul. This morning, I'll review our financial highlights from the first quarter, provide an overview of our balance sheet and returning capital, and comment on our outlook. As Paul noted, Q1 was a strong start to the year for us. We produced 493,000 gold equivalent ounces as planned. Q1 cost of sales of $1,380 per ounce and all-in sustaining costs of $1,732 per ounce were also on plan.

謝謝你，Paul。今天早上我將回顧第一季的財務重點、概述我們的資產負債表與資本回饋情況，並談談我們的展望。如Paul所提，第一季對我們而言是全年強勁的開端。我們按計畫生產了49.3萬盎司黃金當量。第一季銷售成本為每盎司1,380美元、全維持成本（AISC）為每盎司1,732美元，也都符合計畫。

Margins were a record $3,476 per ounce and outpaced the increase in the gold price. Our adjusted earnings were $0.71 per share, and our adjusted operating cash flow was a record $1.1 billion. Our earnings and adjusted earnings were impacted by the timing of a $65 million withholding tax expense recorded in Q1, but pertaining to tax payable in future quarters.

利潤率創下每盎司3,476美元的新高，且增幅超越金價上漲幅度。我們的調整後每股盈餘為0.71美元，調整後營運現金流創紀錄達11億美元。我們的盈餘與調整後盈餘受到第一季認列6,500萬美元預扣稅費用入帳時點的影響，但該費用對應的是未來季度應付的稅款。

This accounting requirement caused our earnings per share to be lower by $0.05 and skewed our effective tax rate higher in Q1. We expect our effective tax rate to be lower from Q2 to Q4 and our full-year effective tax rate to be within our guidance range of 28% to 33%.

此一會計要求使我們的每股盈餘降低0.05美元，並使第一季的有效稅率偏高。我們預期第二季至第四季的有效稅率將較低，而全年有效稅率將落在我們指引區間28%至33%之內。

Our taxes paid are also expected to be in line with guidance with approximately 70% of our payments expected in the first half of the year. Attributable free cash flow was a record $838 million despite making significant tax payments of approximately $450 million in Q1, largely related to 2025 earnings.

我們的已付稅款也預期將符合指引，其中約70%的付款預計發生在上半年。儘管第一季支付了約4.50億美元的大額稅款（主要與2025年獲利相關），歸屬自由現金流仍創紀錄達8.38億美元。

Turning now to our balance sheet. Our financial position continued to strengthen in Q1 as we added $440 million in cash after funding our planned CapEx and returning $300 million to shareholders. We ended the quarter with $2.2 billion in cash, $3.9 billion of total liquidity, and $1.4 billion in net cash.

接著談資產負債表。第一季我們在支應既定資本支出並向股東回饋3.00億美元後，現金仍增加4.40億美元，使財務狀況持續強化。本季末我們持有現金22億美元、總流動性39億美元，淨現金14億美元。

With respect to return of capital, we're targeting to return approximately 40% of our free cash flow back to shareholders through both dividends and share repurchases. Our shares continue to remain a strong return on invested capital, considering our attractive valuation and free cash flow yield.

就資本回饋而言，我們的目標是透過股利與股票回購，向股東回饋約40%的自由現金流。考量我們具吸引力的估值與自由現金流殖利率，我們的股票在投入資本報酬率方面仍具強勁表現。

In Q1, we repurchased a total of $250 million in shares, representing approximately 7.7 million shares or 0.6% of our shares outstanding. Subsequent to Q1, we repurchased an additional $50 million in shares. I'm pleased to report that since we restarted our share repurchases one year ago, we've repurchased approximately $900 million in shares, representing over 3% of our outstanding share count. Including our quarterly dividend, we've returned approximately $350 million to date in 2026 and over $1 billion since the first quarter of 2025.

第一季我們共回購2.50億美元股票，約相當於770萬股，或已發行在外股數的0.6%。在第一季之後，我們又額外回購了5,000萬美元股票。我很高興報告，自我們於一年前重啟股票回購以來，已回購約9.00億美元股票，約占已發行在外股數的3%以上。包含季度股利在內，我們在2026年至今已回饋約3.50億美元，自2025年第一季以來累計回饋已超過10億美元。

Turning now to our guidance. Following Q1, we remain solidly on track to produce 2 million ounces at a cost of sales of $1,360 per ounce and all-in sustaining costs of $1,730 per ounce. And we are also on track with our capital guidance of $1.5 billion. As a reminder, our cost guidance was based on a $4,500 gold price and a $70 per barrel oil price.

接著談我們的指引。第一季之後，我們仍穩健朝向生產200萬盎司的目標前進，銷售成本為每盎司1,360美元，全維持成本為每盎司1,730美元。我們也同樣按計畫達成15億美元的資本支出指引。提醒各位，我們的成本指引係以金價4,500美元與油價每桶70美元為基礎所制定。

In terms of production, the second quarter is expected to be in line with our first quarter. As a result, the second half is expected to be slightly higher than the first half to meet our full-year production guidance. In terms of operating costs, we expect costs to be relatively stable throughout the year.

就產量而言，預期第二季將與第一季大致持平。因此，為了達成我們全年產量指引，預期下半年將略高於上半年。就營運成本而言，我們預期全年成本將相對穩定。

Given the current situation of elevated oil prices, we're providing additional information on our oil price sensitivity. To start, I will note that impacts of higher oil prices within the first quarter were minimal. Fuel currently represents approximately 11% of our total cost. And as I noted earlier, our 2026 cost guidance was based on $70 oil.

鑑於目前油價處於高檔的情況，我們提供更多關於油價敏感度的資訊。首先我要指出，第一季油價上漲的影響很小。燃料目前約占我們總成本的11%。如我先前所提，我們2026年的成本指引是以每桶70美元油價為基礎。

Our stated sensitivity is for every $10 per barrel change in price, we expect an impact of $3 per ounce on our cost of sales. This captures the direct impact of crude oil prices on refined products that are used in our operations, primarily fuel and including diesel.

我們所揭露的敏感度為：油價每桶變動10美元，我們預期銷售成本每盎司將影響3美元。此敏感度涵蓋原油價格對我們營運所使用之精煉產品的直接影響，主要為燃料，包含柴油。

However, in the current volatile environment and contemplating other factors that impact the price of refined products such as refining, distribution, and taxes, the sensitivity for 2026 is estimated to be $10 per ounce for every $10 per barrel change. This impact is not overly significant. To put it in perspective, if the oil price stays at $100 for the remainder of the year, we would expect an impact of approximately $20 per ounce on our full-year all-in sustaining costs, representing approximately 1%.

然而，在目前波動的環境下，並考量其他影響精煉產品價格的因素，例如煉製、配送與稅負，估計2026年的敏感度為：油價每桶變動10美元，每盎司影響10美元。此影響並不算重大。舉例而言，若今年剩餘期間油價維持在100美元，我們預期對全年全維持成本（AISC）的影響約為每盎司20美元，約占1%。

And if we go one step further and consider potential secondary cost inflation from a prolonged elevated oil price on other consumables and freight, we estimate a further $10 potential impact for a total of $30 per ounce to our full-year all-in sustaining cost guidance, representing less than 2%. Overall, putting cost sensitivities into context, our grade enhancement strategy, which started in 2022 has already put us in an attractive relative cost position.

若再進一步考量油價長期維持高檔可能對其他耗材與運輸費造成的次級成本通膨，我們估計還可能再增加10美元影響，使全年全維持成本指引合計影響達每盎司30美元，低於2%。整體而言，將成本敏感度放在脈絡中來看，我們自2022年開始的品位提升策略，已使我們在相對成本上處於具吸引力的位置。

And in the short term, we're not expecting a significant impact on our cost because of higher oil prices. This is in part a result of our long-standing hedge strategy. We have favorable oil hedge positions in place under this program. For 2026, we've hedged 63% of the oil component of our fuel consumption at our US and Tasiast operations at an average price of $52 per barrel.

短期內，我們不預期油價上漲會對成本造成顯著影響。部分原因在於我們長期以來的避險策略。在此計畫下，我們已建立有利的原油避險部位。就2026年而言，我們已就美國與Tasiast營運之燃料消耗中的原油成分，按平均每桶52美元的價格避險63%。

This accounts for approximately 75% of our company-wide fuel consumption. And in the medium and long term, we have our grade enhancement strategy, bringing higher grade ore into our future production profile and providing organic offsets to inflationary pressure. Lastly, in terms of supply of fuel and other consumables, we're not currently experiencing any disruptions at our operations, and we continue to receive regular delivery.

這約占我們全公司燃料消耗的75%。而在中長期方面，我們的品位提升策略將更高品位礦石納入未來產量組合，為通膨壓力提供內生性的抵銷。最後，就燃料與其他耗材供應而言，我們目前在各營運據點未遇到任何中斷，並持續收到定期交付。

I'll now turn the call over to Claude.

接下來我把電話交給Claude。

Thank you, Andrea. I'd like to start with our safety culture. This quarter, we have continued to focus on our Safeground brand through practical leadership training with a focus on prevention of high potential incidents. Visible leadership activities are engaging the workforce and strengthening our safety excellence program, which is resulting in strong leading indicator.

謝謝你，Andrea。我想先從我們的安全文化談起。本季我們持續透過Safeground品牌，推動以預防高潛在事件為重點的實務領導力訓練。可視化的領導活動正帶動員工參與並強化我們的安全卓越計畫，並帶來強勁的領先指標表現。

Starting with Paracatu, the mine had an outstanding quarter with strong production, driving significant free cash flow. Production of 161,000 ounces increased over the prior quarter due to record mill recoveries driven by continuous improvement programs across the processing plant.

先從Paracatu開始，該礦本季表現出色，產量強勁，帶動顯著自由現金流。產量為161,000盎司，較前一季增加，主要受惠於處理廠持續改善計畫帶動的磨礦回收率創新高。

Key initiatives included enhancements to the CIL circuit, improved operational controls and carbon management practices as well as targeted improvements in the Acacia reactor performance. Cost of sales of $1,119 per ounce increased over the prior quarter and Paracatu remains on track to meet its guidance of 600,000 ounces at a target cost of sales of $1,240 per ounce.

關鍵措施包括提升CIL迴路、改善營運控制與碳管理作法，以及針對Acacia反應器效能的重點改善。每盎司1,119美元的銷售成本較前一季上升，而Paracatu仍按計畫達成其指引：產量600,000盎司，目標銷售成本每盎司1,240美元。

Tasiast had another strong quarter. Production of 130,000 ounces increased over the prior quarter and cost of sales of $990 per ounce decreased over the prior quarter due to strong grades. Continuous improvement efforts at the Tasiast solar facility has led to 15.5 gigawatts of power generation, accounting for 23% of the site power in the first quarter and offsetting 3.5 million liters of hydrocarbons. Tasiast remains on track to meet its guidance of 505,000 ounces at a target cost of $1,050 per ounce.

Tasiast本季同樣表現強勁。產量130,000盎司較前一季增加，且受惠於品位強勁，每盎司990美元的銷售成本較前一季下降。Tasiast太陽能設施的持續改善工作，使發電量達15.5吉瓦，第一季占場址用電的23%，並抵銷350萬公升的碳氫燃料使用。Tasiast仍按計畫達成其指引：產量505,000盎司，目標成本每盎司1,050美元。

At La Coipa, we produced 54,000 ounces at a cost of sales of $1,526 per ounce. Production decreased over the prior quarter due to a planned 16-day mill shutdown, which also includes several opportunistic continuous improvement initiatives aimed at increasing reliability and uptime in the plant.

在La Coipa，我們產出54,000盎司，銷售成本為每盎司1,526美元。由於計畫性的16天磨機停機，產量較前一季下降；停機期間亦包含多項把握機會推動的持續改善措施，旨在提升工廠可靠度與稼動率。

Grade and production are expected to increase in the second and third quarters as we mine phase seven ore. Coipa remains on track to meet its guidance of 210,000 ounces at a target cost of sales of $1,320 per ounce.

隨著我們開採第七期礦石，預期第二季與第三季品位與產量將提升。Coipa仍按計畫達成其指引：產量210,000盎司，目標銷售成本每盎司1,320美元。

Now moving to our US operations. Production was higher quarter-over-quarter, benefiting from strong contributions from Fort Knox and Manh Choh, Alaska. Combined, the US site delivered production of 148,000 ounces at a cost of sales of $1,982 per ounce. At Fort Knox, first-quarter production of 94,000 ounces and cost of sales of $1,761 per ounce was higher than the prior quarter due to timing of the ounces processed through the mill and the heap leach pads.

接著談我們的美國營運。本季產量較上一季提高，主要受惠於阿拉斯加Fort Knox與Manh Choh的強勁貢獻。合計而言，美國據點產量為148,000盎司，銷售成本為每盎司1,982美元。在Fort Knox，第一季產量94,000盎司，銷售成本每盎司1,761美元，較前一季上升，原因在於經由磨機與堆浸墊處理的盎司數量時點差異。

At Bald Mountain, production of 28,000 ounces was lower than the prior quarter due to the timing of ounces recovered from the heap leach pads. Cost of sales of $1,934 per ounce was higher due to the fewer ounces produced.

在Bald Mountain，產量28,000盎司較前一季下降，原因在於從堆浸墊回收盎司的時點差異。由於產出盎司較少，銷售成本每盎司1,934美元較高。

At Round Mountain, production of 26,000 ounces was lower quarter-over-quarter due to the processing of lower grade, lower recovery stockpile feed as we continue to transition towards higher grade, higher recovery ore from Phase X in the second half of the year. Our cost of sales of $2,776 per ounce was higher due to the fewer ounces produced.

在Round Mountain，由於我們在持續轉向下半年來自Phase X之更高品位、更高回收率礦石的過程中，處理了品位較低、回收率較低的堆存礦供料，產量26,000盎司較上一季下降。由於產出盎司較少，我們的銷售成本每盎司2,776美元較高。

With that, I will now pass the call over to William.

接下來我把電話交給William。

Thanks, Claude. Recall our project pipeline is backed by significant resource inventory with over 27 million ounces of M&I plus an additional 17 million ounces of inferred, all calculated at $2,500 per ounce. This includes several projects across our portfolio that our in-house technical team is advancing while also leveraging ongoing exploration to support future production potential.

謝謝，Claude。請回想，我們的專案管線有龐大的資源量作為支撐：M&I資源超過2,700萬盎司，另有1,700萬盎司推斷資源，皆以每盎司2,500美元計算。其中包含我們投資組合中的多個專案，由我們內部技術團隊推進，同時也運用持續的勘探來支持未來的產量潛力。

We continue to see several value-creating investment opportunities emerging across our portfolio to leverage the strong gold price and enhance our production profile in the 2030s and beyond. The three high-return projects in the US, which we announced earlier this year are strong examples of the potential to progress ounces from that extensive resource inventory into our production profile, enhancing our asset value.

我們持續看到投資組合中浮現多項可創造價值的投資機會，可藉由強勁金價來提升我們在2030年代及更長期的產量組合。我們今年稍早公布的美國三個高報酬專案，就是將龐大資源庫存中的盎司推進至產量組合、提升資產價值潛力的有力例證。

Project and operations teams are making excellent progress across all three of these projects. At Phase X at Round Mountain, we are pleased to announce that we have received all major operational permits ahead of schedule, including the Federal permit to increase our underground mining rate above 3,000 tonnes per day.

專案與營運團隊在這三個專案上都取得極佳進展。在Round Mountain的Phase X，我們很高興宣布已提前取得所有主要營運許可，包括聯邦許可，允許我們將地下採礦速率提高至每日3,000公噸以上。

In terms of the project, underground development is well advanced with 7.2 kilometers completed to date. We've already exceeded the planned development rate of 12 meters per day for 2026 and are slightly ahead of schedule, which significantly derisks our path to first production in 2028. Engineering work for both surface and underground infrastructure is advancing well and procurement of long lead items such as the mining equipment is underway.

就專案而言，地下開發進度良好，迄今已完成7.2公里。我們已超越2026年規劃的每日12公尺開發速度，且進度略為超前，這大幅降低了我們在2028年達成首次投產路徑的風險。地表與地下基礎設施的工程設計工作進展順利，採礦設備等長交期項目的採購也已展開。

At Bald Mountain, mining of Redbird is advancing well, fully realizing the anticipated efficiency benefits of mining closer to key sight infrastructure with improved equipment utilization. Construction of processing infrastructure for Redbird extensions and detailed engineering of the SART plant is also progressing well.

在 Bald Mountain，Redbird 的採礦作業進展順利，充分實現了靠近關鍵現場基礎設施進行開採所預期的效率效益，並提升了設備利用率。Redbird 延伸區的處理基礎設施建設以及 SART 廠的詳細工程設計也進展良好。

Turning to our Curlew project in Washington. With a mild winter, we had a successful construction season, allowing us to make good progress on project infrastructure. Detailed engineering for the mill refurbishment is largely complete and procurement is well underway. We have selected a contractor for the mill refurbishment, mobilization activities commencing in Q2. We also pulled forward some underground mining development into Q1 to derisk our mine plan and first production.

接著談我們位於華盛頓州的 Curlew 專案。由於冬季溫和，我們的施工季表現成功，使我們得以在專案基礎設施方面取得良好進展。選礦廠翻修的詳細工程設計大致完成，採購工作也在順利推進。我們已選定選礦廠翻修承包商，動員作業將於第二季開始。我們也將部分地下採礦開發提前至第一季，以降低礦山計畫與首次投產的風險。

In parallel, we continue to progress exploration at Curlew, strong results both in North Stealth and at the Roadrunner Zone, which provides potential to enhance and extend the mine plan. As you can see on the slide, at North Stealth, we intersected 12.5 meters at 7 grams per tonne, 4.5 meters at 8.5 grams per tonne. And at Roadrunner, we intersected 2.4 meters at 9 grams per tonne.

同時，我們持續推進 Curlew 的勘探，在 North Stealth 與 Roadrunner 區域均取得強勁成果，具備提升並延長礦山計畫的潛力。如投影片所示，在 North Stealth，我們見礦 12.5 公尺、品位每噸 7 克，以及 4.5 公尺、品位每噸 8.5 克。而在 Roadrunner，我們見礦 2.4 公尺、品位每噸 9 克。

With the US projects advancing well and expected to come online in 2028, our team is also focused on advancing studies on opportunities across our resource base that are value accretive to our production profile in the 2030s. Here, you can see updates on a few of those opportunities.

隨著美國專案進展順利並預期於 2028 年投產，我們的團隊也專注於推進針對資源基礎中、可在 2030 年代為產量組合帶來增值的機會之研究。在此可看到其中幾項機會的最新進展。

At Bald Mountain, technical studies are underway for the next layback, the top open-pit, which has potential to extend production in the 2030s. The top pit would be sequenced after Redbird and is the next potential anchor pit with a current indicated resource of approximately 1 million ounces. Similar to Redbird, the top open-pit is a layback of an existing pit, and we will be exploring and studying additional satellite pit optionality to bring in alongside this anchor pit.

在 Bald Mountain，下一次邊坡回採（layback）—即 Top 露天礦坑—的技術研究正在進行中，該項目有潛力將產量延伸至 2030 年代。Top 礦坑將在 Redbird 之後依序開採，並是下一個潛在的主力礦坑，目前推定資源量約 100 萬盎司。與 Redbird 類似，Top 露天礦坑為既有礦坑的回採，我們也將勘探並研究額外的衛星礦坑選項，以與此主力礦坑一併導入。

At Fort Knox, we are progressing technical studies focused on advancing phase 11, which is the next layback of the current open-pit mine following the same well understood ore body at depth. Phase 11 resource contains approximately 2 million ounces and has potential to start producing in the early 2030s, meaningfully extending mine life at Fort Knox. Additionally, we are setting optionality to mine the Gil satellite deposit alongside the current Face 10 and future phase 11 to augment our overall production profile in Alaska.

在 Fort Knox，我們正推進以第 11 階段為重點的技術研究；第 11 階段是目前露天礦的下一次回採，將沿著同一已充分理解的礦體向深部延伸。第 11 階段資源量約 200 萬盎司，並有望於 2030 年代初期開始生產，顯著延長 Fort Knox 的礦山壽命。此外，我們也在建立選擇性，讓 Gil 衛星礦床可與目前的 Face 10 及未來的第 11 階段同步開採，以提升我們在阿拉斯加的整體產量組合。

Moving across to Chile at La Coipa, last year, we submitted an environmental impact assessment for the Puren 4 extension, and we remain on track with our permitting timeline. Puren 4 is also a layback of a prior pit, which we expect to extend production into the early 30s, at which point we plan to transition to Lobo-Marte.

轉到智利 La Coipa，去年我們已就 Puren 4 延伸區提交環境影響評估（EIA），目前仍按既定的許可時程推進。Puren 4 亦為既有礦坑的回採，我們預期可將產量延伸至 2030 年代初期，屆時我們計畫轉向 Lobo-Marte。

Lastly, at Lobo-Marte, we submitted our EIA earlier this month, commencing our regulatory review process. Lobo-Marte is expected to be a long-life, low strip, low-cost heap leach operation with the potential to produce 4.7 million ounces over a 16-year mine life. The strong heap leach grade of 1.3 gram per tonne and significant production potential of 300,000 to 400,000 ounces per year makes this an anchor tenant in our grade-enhancement strategy alongside Great Bear in the 2030s, providing significant free cash flow with a low expected AISC.

最後，在 Lobo-Marte，我們於本月稍早提交 EIA，正式啟動法規審查流程。Lobo-Marte 預期將是一項長壽命、低剝採比、低成本的堆浸作業，具備在 16 年礦山壽命內生產 470 萬盎司的潛力。其堆浸品位達每噸 1.3 克，且年產量潛力達 30 萬至 40 萬盎司，使其在我們 2030 年代與 Great Bear 並行的品位提升策略中成為主力資產，並在預期 AISC 較低的情況下帶來可觀的自由現金流。

We are in the process of updating and reviewing the 2021 FS towards Lobo while progressing our permitting and we'll provide a more fulsome project update in the second half of the year.

我們正一邊推進許可作業，一邊更新並檢視 2021 年可行性研究（FS）以支援 Lobo，並將於今年下半年提供更完整的專案更新。

I will now hand it over to Geoff for an update on permitting at Great Bear.

接下來我將交給 Geoff，請他更新 Great Bear 的許可進展。

Thanks, Will. In terms of our advanced exploration, I am pleased to announce that we have now received the remaining permits from the Ontario Ministry of Environment, Conservation and Parks. This is a testament to the team at Kinross and the Ministry of Environment, Conservation and Parks under the leadership of Minister McCarthy to continue to advance the permitting process forward.

謝謝，Will。就我們的先進勘探而言，我很高興宣布，我們現已取得安大略省環境、保育與公園廳（Ministry of Environment, Conservation and Parks）其餘的許可。這證明了 Kinross 團隊以及在 McCarthy 部長領導下的環境、保育與公園廳持續推動許可流程向前的努力成果。

Turning to the Main Project. We continue to advance permitting with both Federal and provincial authorities. Federally, and as planned, we submitted the third and final phase of the impact statement to the Impact Assessment Agency of Canada in Q1, and we will continue to work with them as they progress their review and obtain public and indigenous input.

接著談主專案（Main Project）。我們持續與聯邦及省級主管機關推進許可作業。在聯邦層級，且如計畫所示，我們已於第一季向加拿大影響評估署（Impact Assessment Agency of Canada）提交影響聲明的第三且最後一階段，並將在其審查推進期間持續合作，並取得公眾與原住民意見。

As a reminder, receiving the final impact assessment report is the critical first step to obtaining other Federal and provincial permits we require to construct and operate the Great Bear mine. We would require this final report in certain provincial early works and construction permits in the spring of 2027 to allow us to take advantage of the summer construction season in order to maintain targeted first production in late 2029.

提醒一下，取得最終影響評估報告，是我們取得建設與營運 Great Bear 礦山所需其他聯邦與省級許可的關鍵第一步。為了把握夏季施工季並維持 2029 年底的目標首次投產，我們需要在 2027 年春季取得該最終報告，以用於某些省級前期工程與施工許可。

Provincially, we continue to work with the Ontario authorities to advance the permitting process for the Main Project under the One Project, One Process which is overseen by the Ministry of Energy and Mines. One Project, One Process is a multiphase process.

在省級層面，我們持續與安大略省主管機關合作，依「一個專案、一個流程」（One Project, One Process）推進主專案的許可程序；該流程由能源與礦業廳監督。「一個專案、一個流程」為多階段流程。

We have submitted our final project description and are awaiting final approval from the Ministry of Mines and Energy so that we can proceed to the next phase, which is the integrated authorization and permitting plan. Submission of individual Ontario permits will proceed in accordance with this plan once approved by the Ministry of Mines and Energy.

我們已提交最終專案說明，正等待礦業與能源廳的最終核准，以便進入下一階段，即整合式授權與許可計畫。一旦該計畫獲礦業與能源廳核准，安大略省各項個別許可的提交將依該計畫推進。

On the indigenous community front, we continue to progress the negotiation of benefits agreements. We are pleased to report that in relation to Lac Seul and Wabauskang First Nations, on whose traditional territory the Main Project resides, negotiations on the impact and benefits agreement continue to advance based on a recently signed and confidential memorandum of understanding that captures the key economic compensatory and procurement elements.

在原住民社區方面，我們持續推進效益協議的談判。我們很高興報告，就主專案所在之傳統領域的 Lac Seul 與 Wabauskang 第一民族而言，影響與效益協議的談判持續取得進展，並以近期簽署且保密的諒解備忘錄為基礎，該備忘錄涵蓋關鍵的經濟補償與採購要素。

With that, I will now turn it back to Will for a technical project update on Great Bear.

接下來我將交回給 Will，請他就 Great Bear 提供技術面的專案更新。

Thanks, Geoff. At Great Bear, work on the AEX program and the Main Project is progressing well. With the final AEX permits in place, we expect to commence construction of the AEX decline this summer. The AEX decline will provide drilling access for exploration and extension of the underground resource as well as the delineation work.

謝謝，Geoff。在 Great Bear，AEX 計畫與主專案的工作進展順利。在最終 AEX 許可到位後，我們預期今年夏天開始建設 AEX 斜坡道（decline）。AEX 斜坡道將提供鑽探通道，用於勘探與延伸地下資源，以及進行圈定工作。

In terms of the Main Project, with the impact assessment now submitted, we have already started to make meaningful progress on procurement with early packages awarded and request for proposal issued across several work streams, including key mill equipment. Detailed engineering is also advancing well and is approximately 45% complete.

就主專案而言，影響評估既已提交，我們已開始在採購方面取得實質進展，部分前期工作包已授標，並已就多個工作流發出招標書（RFP），其中包括關鍵選礦設備。詳細工程設計也推進良好，目前約完成 45%。

Upon completion of detailed engineering, in early 2027, we will provide an update on the initial capital. This update will include both the impact from inflation since the 2024 PEA estimate and the impact of any scope changes and enhancements we make as we move through detailed engineering.

在詳細工程設計完成後，我們將於 2027 年初更新初始資本支出。此更新將同時納入自 2024 年初步經濟評估（PEA）估算以來的通膨影響，以及我們在詳細工程設計過程中所做任何範疇變更與強化的影響。

As an example, we've been progressing detailed engineering alongside permitting. And through that work, we have chosen to enhance the scope in select areas, including water management. These enhancements go beyond standard practices and reflect a proactive approach to environmental protection given the long expected mine life of the asset. Through detailed engineering, we are working to ensure we are building a robust, reliable, world-class operation given the multi-decade potential, high-margin production we see at this asset.

例如，我們一直在許可作業同步推進詳細工程設計。透過該工作，我們決定在部分領域擴大範疇，包括水資源管理。這些強化措施超越標準作法，並考量到該資產預期長期的礦山壽命，反映我們對環境保護的主動作為。透過詳細工程設計，我們正確保打造一個穩健、可靠、世界級的營運體系，以符合我們對該資產具備數十年潛力與高毛利生產的判斷。

Turning now to exploration. We continue to see positive results that are validating that view of potential for multi-decade high-grade operation at Great Bear. 2026 exploration is focused on our 18-kilometer LP structural corridor, as you can see on the slide.

接著談勘探。我們持續看到正面成果，驗證我們對 Great Bear 具備數十年高品位營運潛力的看法。2026 年的勘探重點聚焦於我們 18 公里長的 LP 構造走廊，如投影片所示。

Drilling identified a new zone of mineralization 2.4 kilometers on strike from the southeast edge of the LP resource called the Strider zone, where drilling intercepted encouraging widths around two meters at double-digit grades. Drilling is continuing in this area following the structure on strike and down dip to define the extent of mineralization.

鑽探在距離 LP 資源東南邊界沿走向 2.4 公里處，辨識出一個新的礦化帶，稱為 Strider 區；在該區鑽探於約兩米的厚度範圍內截獲令人鼓舞的雙位數品位。鑽探正持續在此區域進行，沿著該構造的走向與傾向延伸方向推進，以界定礦化的範圍。

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

接下來我把時間交回給 Paul 作結語。

Thanks, Will. After a strong start to the year, we are well positioned to meet our targets in 2026, and we have a strong set of upcoming milestones this year, which include ongoing return of capital through our dividend and share repurchases; continued strengthening of our balance sheet, supported by strong operational performance and cash flow generation; advancing our projects pipeline, including the US projects we discussed in January as well as Great Bear and Lobo-Marte; and continued exploration and studies of our resource inventory to bring in new projects to extend mine lives.

謝謝，Will。在今年強勁開局之後，我們已具備良好條件以達成 2026 年的目標；同時，今年也有一系列重要的里程碑即將到來，包括：透過股利與股票回購持續回饋資本；在強勁營運表現與現金流創造的支持下，持續強化資產負債表；推進我們的專案管線，包括我們在一月討論的美國專案，以及 Great Bear 與 Lobo-Marte；並持續對我們的資源庫存進行勘探與研究，以導入新專案、延長礦山壽命。

Looking forward, we are excited about our future. We have a strong production profile. We have an attractive relative cost position. We are generating significant free cash flow. We have an excellent balance sheet.

展望未來，我們對公司的前景感到振奮。我們擁有強勁的產量曲線。我們具備具吸引力的相對成本位置。我們正在創造可觀的自由現金流。我們擁有極佳的資產負債表。

We have an attractive return of capital. We have an exciting pipeline of both exploration and development opportunities. We are growing our net asset value and our per share metrics, and we are very proud of our commitment to responsible mining that continues to make us a leader in sustainability.

我們提供具吸引力的資本回饋。我們擁有令人期待的勘探與開發機會管線。我們正在提升淨資產價值以及每股指標；同時，我們也以對負責任採礦的承諾為榮，這使我們在永續發展方面持續保持領先地位。

In closing, we believe that our shares offer attractive relative value across a number of metrics. And with that, operator, I'd like to open up the lines for questions.

最後，我們相信公司股票在多項指標上都提供具吸引力的相對價值。那麼，接線員，我想開放電話線供提問。

(Operator Instructions) John Wolfson, RBC Capital Markets.

(接線員指示) RBC Capital Markets 的 John Wolfson。

First question is on Great Bear. With the AEX permit now in place, what is the pathway to be able to start some of that deeper exploration? Basically, what timeframe would you be at the levels that you need to be at to start some of that deeper exploration?

第一個問題關於 Great Bear。現在 AEX 許可已到位，啟動更深部勘探的路徑是什麼？基本上，你們預計在什麼時間範圍內能達到開始更深部勘探所需的條件與層位？

I mean the timeframe now on the key path, there's more work we just need to do over the summer once we saw on water management to get ready for underground decline. So we expect August or September to actually be blasting and getting underground.

就關鍵路徑的時間而言，接下來夏季我們還需要做一些工作，主要是水管理方面，以便為地下斜坡道（decline）做好準備。因此我們預期在 8 月或 9 月實際開始爆破並進入地下作業。

And following that, obviously it's -- we're going to focus in a few different areas at the beginning. We'll do infill and extensional drilling in the main part of the LP ore body. There's also Hinge and Limb, which wasn't in our PEA, which we'll hopefully explore over the next couple of years.

在那之後，顯然我們一開始會聚焦幾個不同區域。我們會在 LP 礦體的主要部分進行加密鑽探與延伸鑽探。另外還有 Hinge 與 Limb，這部分未納入我們的 PEA，我們希望在未來幾年能加以勘探。

And so I think it's progressive really. It's -- we won't be deep at the very bottom of the ore body for a number of years. We'll follow ahead of the mining.

所以我認為這會是循序漸進的。我們在相當長的一段時間內都不會到達礦體最底部的深處。我們會在採礦作業之前方持續推進。

And then back to the conversation on inflation. The company has some very good protections in place with the hedges. I guess two parts to this question. One is when you're looking at the non-energy-related items, reagents, labor and so forth, I'm curious to know where is inflation tracking into next year? And then also when you're thinking about these capital updates for Lobo-Marte as well as Great Bear, what's the thought process there in terms of CapEx inflation trends?

接著回到通膨的討論。公司透過避險已建立一些非常好的保護機制。我想把問題分成兩部分。第一，當你們看非能源相關項目，例如試劑、勞動力等等，我想了解通膨到明年會如何演變？第二，當你們考量 Lobo-Marte 與 Great Bear 的資本更新時，對於資本支出（CapEx）通膨趨勢的思考是什麼？

Josh, it's Andrea. On inflation more broadly, I'd say we included a 5% inflation factor in our cost guidance back in February. So we're still on track for that. It's early in the year, and we'll see where things go with oil price and fuel costs and energy-related costs given the sensitivities. But as we sit here today, we're still feeling good about the 5% overall inflation factor.

Josh，我是 Andrea。就更廣泛的通膨而言，我會說我們在 2 月發布成本指引時已納入 5% 的通膨因子。所以我們目前仍符合該假設。現在仍是年初，我們會觀察油價、燃料成本與能源相關成本的走勢，因為這些具有敏感性。但以今天的情況來看，我們對整體 5% 的通膨因子仍然有信心。

And then maybe just to jump in there as well as it relates to capital for both Lobo-Marte and Great Bear, look, I think, yeah, it's there. I don't think inflation is going away. Our PEA, which we put out in '24 at some point in the future here, we're expecting to update, but there will definitely be an inflation component as between where we started with the numbers in '24 and where we're likely to end up.

另外我也補充一下，關於 Lobo-Marte 與 Great Bear 兩個專案的資本支出：我想，是的，通膨確實存在。我不認為通膨會消失。我們在 2024 年某個時間發布的 PEA，未來我們預期會更新，而從 2024 年當時的數字到我們最終可能落點之間，肯定會包含通膨的影響。

I think you'll see that on both projects. And then really just a macro effect, really something we're going to be priced receivers on. We'll continue to look to sharpen our pencils where we can, but we're working in that overall macro inflation environment.

我想你會在兩個專案上都看到這點。而從宏觀角度來看，這基本上是我們會被動承受的價格環境。我們會持續在可行之處精打細算、提高效率，但我們是在整體宏觀通膨環境下運作。

Fahad Tariq, Jefferies.

Jefferies 的 Fahad Tariq。

Maybe first on Tasiast grades, they were really high, I think the highest since the third quarter of 2024. Just the outlook for grades for the rest of this year, that would be really helpful.

先談 Tasiast 的品位，這次非常高，我想是自 2024 年第三季以來最高。如果能談談今年剩餘時間的品位展望，會很有幫助。

Fahad, thanks for the question. Tasiast, we're working through different areas. We're finishing off on West Branch 4, and that's why the grades were higher. We still have some of that stockpile inventory, and we pushed that through in the first quarter. We expect it to taper off for the rest of the year, slightly lower, but we are constantly looking at opportunities to obviously enhance what we're putting out from Tasiast.

Fahad，謝謝你的問題。在 Tasiast，我們正在不同區域間推進作業。我們正在完成 West Branch 4 的開採，因此品位較高。我們仍有一些堆存礦（stockpile）庫存，並在第一季加以處理。我們預期在今年剩餘時間會逐步回落、略低一些，但我們也持續尋找機會，當然是要提升 Tasiast 的產出表現。

Okay. And then maybe just staying in Mauritania. Can you just remind us -- so diesel prices are regulated, I believe, by the government. So that probably factors into the sensitivity you provided, if you could confirm that. And then also anything you've heard in terms of security of supply specifically in Mauritania?

了解。那再留在茅利塔尼亞。可否請你們提醒一下——我理解柴油價格是由政府管制的。所以這應該會反映在你們提供的敏感度分析中，能否確認？另外，就茅利塔尼亞當地而言，你們是否聽到任何關於供應安全（security of supply）的訊息？

So I'll hit -- so first of all, the diesel prices are regulated by the government for the country, but not necessarily for us. We have long-term contracts with the suppliers coming to our system. So both for HF and fuel.

我先回答——首先，柴油價格在該國確實由政府管制，但不一定適用於我們。我們與供應商簽有長期合約，供應到我們的系統。因此無論是 HF 還是燃料都是如此。

And then the second part of it, from a supply point of view, it's very similar to Brazil and these other countries. We don't get our product from the Middle East. It comes from the other side of the track. So we don't have an issue with supply. The impact will be on the unhedged fuel that -- from a cost point of view, but we don't have an issue with supply.

第二部分，從供應角度來看，情況與巴西及其他國家非常類似。我們的產品不是從中東取得。而是從航線的另一側運來。所以我們沒有供應問題。影響會體現在未避險燃料的成本面，但供應本身沒有問題。

Ralph Profiti, Stifel Financial.

Stifel Financial 的 Ralph Profiti。

The Lobo-Marte EIA submission would have had to, as a baseline, include some type of water usage strategy. Just wondering what that baseline is? And what can you tell us about the strategy around that?

Lobo-Marte 的環境影響評估（EIA）送件，作為基準應該必須包含某種用水策略。想請教那個基準方案是什麼？以及你們能否談談相關策略？

Sure. Maybe I'll start and Will can jump in. I mean, it's a good question, Ralph. I mean our whole Chile strategy is really around what is our water strategy. And as you may recall, whilst we have many thousands of liters of water rights, what really matters is permitted pumping capability.

當然可以。也許我先開始，Will 也可以補充。這是個好問題，Ralph。我們在智利的整體策略核心其實就是：我們的用水策略是什麼。如你所記得，雖然我們擁有數以千計公升的用水權，但真正重要的是核准的抽水能力。

And we have permitted pumping wells that have been running for many years. And that's a good thing because with pumping comes monitoring. So as we've been pumping, we have monitoring wells, and we've got a very strong history of monitoring. There's absolutely no detrimental impact to our draw.

而我們有已獲核准、且已運行多年的抽水井。這是好事，因為抽水就伴隨監測。因此在我們抽水的同時，我們也有監測井，並且累積了非常扎實的監測歷史。對我們的降深（drawdown）完全沒有任何不利影響。

So our strategy, really, we call it our base case because there are upsides, but the base case is that we -- the water wells that we're currently using supply La Coipa. They're actually physically closer to Lobo-Marte. And we've spoken with the regulators. There's no guarantee with regulators, but the concept is we take that existing permitted pumping water, and we just move it in a different direction closer to Lobo. That would be our base case.

所以我們的策略，基本上我們稱之為基本情境（base case），因為確實存在上行空間，但基本情境是——我們目前使用、供應 La Coipa 的那些水井。它們在地理位置上其實更靠近 Lobo-Marte。而且我們已經和監管機關溝通過。監管機關方面沒有任何保證，但概念是：我們把現有已獲許可的抽水量，改往另一個方向輸送，更靠近 Lobo。那會是我們的基本情境。

Using the water we already have; we've got many years of history in monitoring. The upsides from there really relate to if we could get more water, and we've got a few initiatives underway, we could actually do more. But as it relates to Lobo, the linear factor is that permanent pumping capability.

使用我們已經擁有的水；我們在監測方面有多年的歷史資料。從那裡的上行空間主要在於：如果我們能取得更多水，而且我們正在推動幾項措施，我們其實可以做得更多。但就 Lobo 而言，線性限制因素是永久抽水能力。

Sorry, Will, did you want to add? Yeah?

抱歉，Will，你想補充嗎？嗯？

No. I mean I think that's exactly right. That's what we submitted in the EIA. Lobo is the exact same water consumption that we have at La Coipa. So it's been designed that way for the EIA so that, as you said, we just continue to use the same water with well-proven history.

不用。我的意思是，我認為你說得完全正確。那就是我們在環評（EIA）中提交的內容。Lobo 的用水量與我們在 La Coipa 的用水量完全相同。因此在環評中就是以這樣的方式設計的，如你所說，我們只是持續使用同一套、且有充分驗證歷史的水源。

So all of that water modeling and data has already gone into the EIA submission, providing that strong base case. And then we're working on all that other -- you mentioned the water rights. We're working on all of those water rights to identify other water -- potential water sources for Coipa longer term or other optionality in Chile.

所以所有的水文模型與數據都已經納入環評提交文件中，提供了強而有力的基本情境。然後我們也在推進其他工作——你提到的用水權。我們正在處理所有這些用水權，以辨識其他水源——作為 Coipa 長期的潛在水源，或是在智利的其他選項。

Great. Yeah, that's very helpful. And just as a a minor follow-up. I'm looking at the Round Mountain recoveries for the quarter. I'm just wondering, is that the normal grade and recovery relationship there, was that expected? And is there any change in the metallurgical assumptions around that Phase X underground transition when I think about those recoveries?

很好。是的，這非常有幫助。另外作為一個小小的追問。我在看 Round Mountain 本季的回收率。我想請問，那裡品位與回收率之間的正常關係是這樣嗎，這是預期之內的嗎？以及當我考量到 Phase X 地下轉換時，冶金假設方面是否有任何變動，會影響這些回收率？

Yeah, multiple parts to that. So first of all, when we feed from those stockpiles relative to where we are in the pit at the time, and this was -- the first quarter was really a lot of stockpile material. That grade is significantly lower and then the grade recovery curve, as you know, changes.

是的，這裡有好幾個部分。首先，當我們處理來自堆存礦（stockpiles）的給礦，相對於當時我們在露天礦坑的位置而言——而第一季確實主要是堆存礦料。那個品位顯著較低，而你也知道，品位—回收率曲線會隨之改變。

So we anticipated that recovery. We're doing a whole bunch of things to continue to optimize that. And then Phase X is a different grade and completely different piece, very similar to what we had in Phase W or higher up in Phase W. So we do see that recovery changing as we put different types of material through for the year. And yes, it remains our focus point.

所以我們已預期到那樣的回收率。我們正在做很多事情來持續優化。另外，Phase X 是不同的品位、而且是完全不同的一塊，與我們在 Phase W 或 Phase W 上部所處理的物料非常相似。因此，隨著我們在全年處理不同類型的物料，我們確實會看到回收率有所變化。而且是的，這仍然是我們的重點關注項目。

Carey MacRury, Canaccord Genuity.

Carey MacRury，Canaccord Genuity。

Congrats on the strong start. Just following up on the second half guidance being slightly higher than the first half, just wondering what assets in particular we should be thinking about as stronger in the second half?

恭喜強勁開局。我想追問一下：你們指引中下半年略高於上半年，我想知道我們應該特別關注哪些資產在下半年會更強？

Sure. I'll start and someone else may want to jump in. I think the US, in particular, we've pointed to as expected to be higher in the second half. Some of that is Round Mountain as we expect higher production as we get into the heart of Phase X.

好的。我先回答，其他人也可以補充。我認為美國資產特別是我們已指出預期在下半年會更高。其中一部分來自 Round Mountain，因為我們預期隨著進入 Phase X 的核心區域，產量會提高。

So we continue to be on plan at this point.

所以到目前為止我們仍按計畫推進。

Okay. And then just a follow-up on the oil hedges. I think, Andrea, you mentioned you're 75% hedged for 2026. Is that the number in terms of exposure?

好的。接著追問一下燃油避險。我想 Andrea，你提到 2026 年你們有 75% 做了避險。那個數字是指曝險比例嗎？

So we're 63% hedged for the exposures in the US and at Tasiast. That, on the total portfolio, is somewhere around 50%. We don't hedge in Brazil because there is price controls in Brazil. So we -- the prices don't move necessarily directly with spot in Brazil. For example, so far since early March, we've seen prices increase everywhere else, except they've been pretty flat in Brazil.

我們針對美國以及 Tasiast 的曝險，已避險 63%。以整體投資組合來看，大約是 50% 左右。我們不在巴西做避險，因為巴西有價格管制。所以在巴西，價格不一定會直接跟著現貨價格變動。例如，自三月初以來，我們看到其他地方的價格都上升，但巴西的價格幾乎持平。

Okay. And then for 2027, if you can guide us through --?

好的。那 2027 年方面，如果你能帶我們梳理一下——？

I think the 75% comment was -- the US and Tasiast make up 75% of our fuel usage.

我想 75% 的說法是——美國和 Tasiast 合計占我們燃料使用量的 75%。

Okay. Got it. And then for 2027, I guess if you could just pro-rate based on the numbers on slide 11 there?

好的。明白了。那 2027 年，我想如果你能依照第 11 頁投影片上的數字按比例推算一下？

Yeah, sorry, we're 42% hedged for those -- for US and Tasiast for 2027. That's about 30% company-wide.

是的，抱歉，我們在 2027 年針對那些——也就是美國和 Tasiast——已避險 42%。公司整體約為 30%。

We'll look at opportunities to chip away at.

我們會尋找機會逐步再增加一些。

Yeah.

是的。

Anita Soni, CIBC World Markets.

Anita Soni，CIBC World Markets。

Congrats on the strong start. I just wanted to ask a lot of the questions I wanted to ask were have been asked already about Tasiast grades and Phase X grades. But just could you give us a little bit more guidance? Or is it the same as it was at the beginning of the year on the cadence of sustaining capital and growth capital spend over the next few quarters?

恭喜強勁開局。我想問的很多問題，關於 Tasiast 品位和 Phase X 品位，剛剛都已經有人問過了。但你們能否再給我們多一點指引？或者未來幾季在維持性資本支出與成長性資本支出節奏上，是否與年初時的說法相同？

Sure. I mean we were slower to start, which is typical for us. Q1 is always a bit of a lower CapEx quarter. So we're still on track for the full year with, in particular, the growth capital spending ramping up on the US projects as we go through the year.

好的。我的意思是，我們起步較慢，這對我們來說很典型。第一季一向是資本支出（CapEx）相對較低的一季。所以我們仍然按全年目標推進，尤其是隨著年度推進，美國專案的成長性資本支出會逐步加速。

Tanya Jakusconek, Scotiabank.

Tanya Jakusconek，Scotiabank。

Andrea, can I just come back and you mentioned that you're seeing no issues in terms of getting supply back in supply to mine sites, et cetera. Is there anything with your suppliers that you talk to that they are monitoring? Just things are moving now, but is there anything tight that they're watching?

Andrea，我想再回到你剛提到的，你們在把供應恢復到各礦區等方面沒有看到問題。那你們與供應商溝通時，他們有沒有在監控任何事項？也就是說，現在運作正常，但他們是否在關注任何可能吃緊的環節？

Tanya, it's Claude. I'll take that. From a supply point of view, globally, as our teams work and these things change because it's quite dynamic, we do follow up with the suppliers on a consistent basis. Obviously, for us, it's about what's the high priority items: explosives, cyanide, these things. And we haven't seen any tension from any of them yet.

Tanya，我是 Claude。我來回答。從供應角度來看，在全球範圍內，隨著我們團隊運作、而且情勢相當動態、隨時在變，我們確實會持續、定期地與供應商跟進。顯然對我們而言，重點在於高優先級物資：炸藥、氰化物等這些。而到目前為止，我們還沒有看到任何一項出現緊張情況。

You'll recall that a couple of years ago with the issue in Ukraine, we shifted a lot of where our supply comes from, along working with our suppliers of explosives, cyanide and all those types of things. So we feel like we're in pretty good shape relative to the current situation as well.

你會記得，幾年前因烏克蘭的問題，我們在與炸藥、氰化物等各類供應商合作的同時，也調整了我們的供應來源地。因此就目前情勢而言，我們覺得自身狀況也相當良好。

Okay. So they're not seeing anything. So that would imply, Andrea, I shouldn't see any increase in working capital inventories at mine sites; you're not accumulating anything there?

好的。所以他們沒有看到任何問題。那這是否意味著，Andrea，我不應該看到礦區的營運資金存貨增加；你們不會在那裡囤積任何東西？

We are targeting more fuel in country for Tasiast. So there was already a little bit of a buildup of supplies inventory starting in March, but nothing overly significant.

我們的目標是在 Tasiast 境內配置更多燃料。因此從三月開始，供應存貨確實已經有些許增加，但並不算特別顯著。

So not going back the COVID period?

所以不會回到 COVID 時期那樣？

No.

沒有。

No. Okay. And my second question is still on the costing side. We talked about fuel a lot, and thank you for that information. That's very helpful. But I wanted to come back and focus on labor as well. I mean, you mentioned -- number one, I wanted to understand whether you are seeing any tightness in the labor market and any contracts that you are seeing that are renewed for this year you have to renew and that's in line with your 5% inflation estimate.

沒有。好的。我的第二個問題仍然是在成本端。我們談了很多燃料，謝謝你提供那些資訊。非常有幫助。但我想回到並同時聚焦在人力成本上。我的意思是，你提到——第一，我想了解你們是否看到勞動市場有任何緊俏情況，以及你們今年需要續約、且你們看到正在續約的任何合約，是否與你們5%的通膨估計一致。

No, Tanya, as we mentioned in the previous quarter, we have now signed the major sites that have collective labor agreements. Tasiast, Brazil, and Chile, we have signed all of those agreements with the teams for the longer term. Chile is a two-year, Tasiast is a five-year, and Brazil is a three-year. So we're in pretty good shape this year when it comes to that.

沒有，Tanya，如同我們在上一季提到的，我們現在已經把主要據點、也就是有集體勞動協議的據點都簽好了。Tasiast、巴西和智利，我們已與團隊就這些協議簽署了較長期的合約。智利是兩年期，Tasiast是五年期，巴西是三年期。所以就這方面而言，我們今年的狀況相當不錯。

From a labor supply point of view, there is always tension in the system, but we're seeing a lot less turnover in Nevada than we're used to. So we're in reasonable shape. So from a supply point of view, it's fine. And then from an agreement point of view, it's relative to the -- other than the inflation, as Andrea mentioned, we don't see any pressures at this point.

從勞動供給的角度來看，系統裡總是會有些緊張，但我們看到內華達的離職率比我們以往習慣的要低很多。所以我們的狀況算是合理。因此從供給面來看，沒問題。而從協議的角度來看，除了通膨之外——如Andrea提到的——我們目前看不到任何壓力。

Okay. Because on your opening slide, I think you mentioned that you have a strategy for your hedging, so your fuel, your currencies, and then your grade optimization as we get better grades. I'm just wondering if your productivity and your turnover is where you want it to be as well?

好的。因為在你們開場的投影片上，我想你提到你們有一套避險策略，包括燃料、匯率，然後隨著品位提升進行品位最佳化。我只是想知道，你們的生產力與人員流動率是否也達到你們希望的水準？

Like I said, certainly with the big three labor groups, we continue to focus on being the employer of choice. And certainly, those areas, we believe will be quite successful, but it doesn't take us off the focal point. And then just from a point of view of cost, as I said, there's no pressure.

如我所說，特別是針對三大勞工群體，我們持續專注於成為首選雇主。而且在那些領域，我們相信會相當成功，但這不會讓我們偏離重點。另外就成本而言，如我所說，目前沒有壓力。

Lawson Winder, Bank of America Securities.

Lawson Winder，美國銀行證券。

You submitted the Lobo-Marte environmental impact assessment in April. So that formally starts the permitting process, and you are expecting to provide an additional update in the second half. What are you anticipating in terms of timelines at this point?

你們在4月提交了Lobo-Marte的環境影響評估（EIA）。所以這正式啟動了許可審批流程，而你們預期在下半年提供進一步更新。就目前而言，你們對時程有何預期？

And what I'm also getting at is when do we expect a full fund decision? And then when should we be thinking about penciling in first production just conceptually even if we're not going to put it in our models yet?

我另外想問的是，我們何時可以期待做出完整的投資決策（full fund decision）？然後在概念上，即使我們還不會把它放進模型裡，我們應該何時開始把首次投產時間納入考量？

Yeah. Maybe I'll start and then turn it over to others. But with the EIA, you're looking at a couple of years to complete that process.

是的。也許我先開始，然後再交給其他人補充。但就EIA而言，你大概需要幾年時間才能完成這個流程。

Yeah. And then again -- so again, cadence following that couple of standard, I would say, prestandard a couple of years of work to finalize the impact statement, then you're into the approvals, the yearly works and then construction, which would, at a minimum, be another couple of years.

是的。然後再一次——也就是說，節奏上通常是：我會說，先是幾年的工作來完成並定稿影響評估報告，接著進入核准程序、年度工程，然後是施工；而施工至少還需要再花上幾年。

I think when you take all of that, and we've always anticipated Lobo to come in behind Great Bear in the early '30s. So that's what we've got in our timeline. We always look at opportunities for schedule compression, but I think we're comfortable saying early '30s in behind Great Bear.

我想把這些都加總起來，而且我們一直預期Lobo會在Great Bear之後、於2030年代初期投產。所以這就是我們時程表上的安排。我們總是會尋找壓縮工期的機會，但我想我們可以有把握地說，會在Great Bear之後的2030年代初期。

Okay. And then if I could ask on the solar power at Tasiast. I mean, it appears there's been a clear cost benefit to that. Are you able to quantify the cost benefit from the solar? So for example, I mean, if there were no solar in Q1 versus full exposure to self-generate with heavy fuel or diesel, I mean, do you have a sense of what that benefit would be?

好的。接著我想問一下Tasiast的太陽能發電。看起來那確實帶來了明顯的成本效益。你們能否量化太陽能帶來的成本效益？例如，如果第一季沒有太陽能、而是完全依賴以重油或柴油自發電，你們是否能估算那個效益大概會是多少？

And then like taking that to the next conclusion, to what extent could you expand solar capacity at Tasiast, particularly considering the stability of the overall electrical supply?

然後再延伸到下一個問題：在Tasiast，你們在多大程度上可以擴充太陽能容量，特別是考量整體電力供應的穩定性？

Yeah. So I mean, the calculation is pretty simple. It's about 14 million liters of fuel that is additionally transported and then used at the fuel cost. So for us, right now, it's representing 22% to 24% of our electricity supply to the whole site. So it is significant.

是的。所以，我的意思是，計算其實很簡單。大約是額外運輸並在現場使用的1,400萬公升燃料，乘上燃料成本。所以對我們而言，目前它約占整個場址電力供應的22%到24%。因此影響相當顯著。

To your point on expansion, the challenge is the system, 25% or one-fourth of the day. So it works through daylight hours. The real issue is battery capacity. So there's no -- adding additional solar panels will not influence it in any way because we reached the peak supply of power for the site. So you're just going to create power that you won't be able to use.

至於你提到的擴充，挑戰在於系統——大約一天的25%，也就是四分之一的時間。所以它是在日照時段運作。真正的問題是電池儲能容量。因此——再增加太陽能板不會在任何方面帶來影響，因為我們已經達到場址的尖峰供電能力。所以你只會產生你無法使用的電力。

Storage is the bottleneck.

儲能是瓶頸。

So storage is the bottleneck for those very large capacity plants.

所以對於那些超大容量的電廠而言，儲能就是瓶頸。

But I think to add, I mean, solar plant was really the first beachhead without the direct savings on fuel. But now we're established with the beachhead. We've got buses, light vehicles, more and more use of battery-powered light vehicles at site, and I could see that trend continuing.

但我想補充一下，我的意思是，太陽能電廠其實是第一個灘頭堡，且不僅僅是燃料的直接節省。但現在我們已經建立了這個灘頭堡。我們有巴士、輕型車輛，現場也越來越多使用電池驅動的輕型車輛，我可以預見這個趨勢會持續下去。

Yeah. So -- and as we look at the larger mining fleet as well, we're starting to look at how do we capitalize on using that solar fleet. And then the other part now is looking at the opportunity for wind and we're currently doing a wind study as well in the area. So looking at a lot of different alternatives to heavy fuel.

是的。所以——當我們也把視角放到更大型的採礦車隊時，我們開始思考要如何善用這個太陽能系統。另外一部分則是評估風力的機會，我們目前也正在該地區進行風力研究。所以我們正在評估許多不同的替代方案，以取代重油。

Okay. That's very helpful. And if I could just ask just one quick clarification question on Fort Knox. The conveyor belt repairs during the quarter, I guess they were unexpected, and that's why they were backed out of earnings for adjusted earnings. But just any additional costs or shutdowns expected with that for the balance of the year?

好的。這非常有幫助。如果可以的話，我想就Fort Knox再問一個很快的釐清問題。本季的輸送帶維修，我猜是非預期的，所以在調整後盈餘中被剔除。但就今年剩餘期間而言，是否預期還會有任何額外成本或停機？

No. The incident didn't have any impact on our actual production and process. It's given us the opportunity to refurbish a 50-year-old installation, and we're right on track. And right at this point, we're busy doing commissioning and testing of the new system, and we've replaced nearly a kilometer of belt. And so we're on track, and we expect the operation to just continue as normal.

不會。該事件對我們實際的產量與製程沒有任何影響。它讓我們有機會翻新一套已有50年歷史的設備，我們目前進度完全如期。而且此刻我們正忙於新系統的試運轉與測試，我們已更換了將近一公里的皮帶。所以我們進度如期，並預期營運將照常持續。

And with no further questions in queue, I will now hand the call back over to Kinross Gold for closing remarks.

由於佇列中沒有其他問題，我現在把電話交回給Kinross Gold作結語。

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. Thanks for joining us.

很好。謝謝你，接線員，也謝謝各位今天早上加入我們。我們期待在接下來幾週與各位面對面交流。感謝各位參與。

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

再次感謝各位今天加入我們。今天的電話會議到此結束。各位現在可以掛線。