Kinross Gold Corporation (KGC) 2026 Q2 法說會逐字稿

Thank you for standing by, and welcome to the Kinross Gold second quarter 2026 results conference call and webcast. (Operator Instructions)

感謝各位稍候，歡迎參加 Kinross Gold 2026 年第二季業績電話會議與網路直播。(接線員指示)

Thank you. I'd now like to turn the call over to David Shaver, Executive Vice President. You may begin.

謝謝。現在我想把電話交給執行副總裁 David Shaver。您可以開始了。

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; Geoff Gold; and Bernard Wessels, our incoming Chief Operating Officer.

謝謝，各位早安。今天與我們同在會議室參與電話會議的有：執行長 Paul Rollinson；以及 Kinross 資深領導團隊的 Andrea Freeborough、Claude Schimper、Will Dunford、Geoff Gold，以及我們即將上任的營運長 Bernard Wessels。

For a complete discussion of the risks and uncertainties which may lead to actual results differing from estimates contained in our forward-looking information, please refer to: page 3 of this presentation; our news release dated July 29, 2026; the MD&A for the period ending June 30, 2026; and our most recently filed AIF, all of which are available on our website.

如需完整了解可能導致實際結果與我們前瞻性資訊中估計值不同的風險與不確定性，請參閱：本簡報第 3 頁；我們於 2026 年 7 月 29 日發布的新聞稿；截至 2026 年 6 月 30 日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）。上述文件皆可於我們的網站取得。

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 second quarter results, provide high-level updates from across our portfolio, comment on sustainability achievements and confirm our outlook. I will then hand the call back 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，我將討論我們第二季的業績，提供我們投資組合各項資產的高層次更新，說明永續發展方面的成果，並確認我們的展望。接著我會把電話交回團隊，提供更多細節。

Before we begin discussing the quarter, I would like to highlight some changes to our senior leadership team. I'm pleased to announce the appointment of Bernard Wessels as Chief Operating Officer, succeeding Claude Schimper, who will be retiring later this year. Claude has been an integral part of Kinross for more than 16 years, including the past 5 years on our senior leadership team and 4 years as COO.

在開始討論本季之前，我想先強調我們資深領導團隊的一些變動。我很高興宣布任命 Bernard Wessels 擔任營運長，接替將於今年稍晚退休的 Claude Schimper。Claude 在 Kinross 服務超過 16 年，其中過去 5 年擔任我們資深領導團隊成員，並有 4 年擔任營運長。

During his tenure, he has led our operations with a steadfast commitment to safety, operational excellence and continuous improvement, helping to deliver meaningful and lasting benefits across the business. To ensure a seamless transition, Claude will remain with the company for a period of time, working closely with Bernard. On behalf of the Board and the entire Kinross team, I would like to thank Claude for his outstanding leadership and many contributions to the company and wish him all the best in his retirement.

在其任期內，他以對安全、營運卓越與持續改善的堅定承諾領導我們的營運，協助在整個業務中帶來具意義且長久的效益。為確保順利交接，Claude 將在一段時間內繼續留任公司，並與 Bernard 密切合作。我謹代表董事會與全體 Kinross 團隊，感謝 Claude 卓越的領導與對公司的諸多貢獻，並祝福他退休生活一切順利。

Bernard brings more than 25 years of mining experience, having held increasing senior operational and leadership roles at Sibanye-Stillwater, Harmony Gold, Anglo American Platinum JV, and most recently, Newmont. We are excited to welcome Bernard to Kinross and look forward to leveraging his extensive operational leadership.

Bernard 擁有超過 25 年的採礦經驗，曾在 Sibanye-Stillwater、Harmony Gold、Anglo American Platinum JV 擔任逐步晉升的資深營運與領導職務，最近則任職於 Newmont。我們很高興歡迎 Bernard 加入 Kinross，並期待運用他深厚的營運領導經驗。

Turning now to our second quarter results. Following a strong Q1, we delivered a strong Q2, establishing an excellent first half and positioning us well to achieve our full year guidance. We continue to hold the line on costs and delivered strong operating margins. As a result, we delivered free cash flow of over $725 million in Q2 and over $1.5 billion in the first half of this year. Our business is in excellent shape, and our pipeline of growth projects, including Great Bear and Lobo-Marte, continue to advance well.

接著談我們第二季的業績。在第一季表現強勁之後，我們第二季同樣交出亮眼成績，奠定了優異的上半年表現，並使我們具備良好條件達成全年指引。我們持續嚴控成本，並實現強勁的營運利潤率。因此，我們第二季自由現金流超過 7.25 億美元，今年上半年超過 15 億美元。我們的業務狀況極佳，而包含 Great Bear 與 Lobo-Marte 在內的成長專案管線也持續順利推進。

Our financial position and cash flow outlook remains excellent. And in Q2, we continue to return additional capital to our shareholders through both buybacks and our quarterly dividend, in keeping with our target to return 40% of our free cash flow.

我們的財務狀況與現金流展望仍然非常穩健。第二季我們也持續透過庫藏股回購與季度股利向股東返還額外資本，符合我們將自由現金流 40% 回饋股東的目標。

In terms of operations, Q2 was another strong quarter, with production of 492,000 ounces. Both Tasiast and Paracatu were key contributors and together accounted for more than half of our production, driving significant free cash flow.

就營運而言，第二季同樣是強勁的一季，產量為 492,000 盎司。Tasiast 與 Paracatu 是主要貢獻者，兩者合計占我們產量的一半以上，帶動顯著的自由現金流。

With regards to our projects, we continue to make strong progress across the portfolio. In the US, the team continues to advance our three new high-quality projects at Phase X, Redbird and Curlew. At Great Bear, both the advanced exploration and the main project are progressing well.

就我們的專案而言，我們在整個投資組合持續取得良好進展。在美國，團隊持續推進我們三個新的高品質專案：Phase X、Redbird 與 Curlew。在 Great Bear，先進勘探與主體專案皆進展順利。

In terms of AEX, with the remaining permits in place, we recently completed the first blast of the exploration decline. And with respect to the main project, both detailed engineering and permitting are advancing well. We continue to work with the authorities as they progress their review of the impact statement. We also continue to engage with local stakeholders and indigenous partners through regular community meetings, ongoing collaboration and transparent communication.

就 AEX 而言，在其餘許可到位後，我們近期完成了勘探斜坡道的首次爆破。至於主體專案，詳細工程設計與許可申請皆進展良好。我們持續與主管機關合作，配合其對影響說明書的審查進度。我們也透過定期社區會議、持續協作與透明溝通，持續與當地利害關係人及原住民夥伴互動。

Moving across to Chile. As a reminder, we submitted the Lobo-Marte environmental impact assessment in March, marking an all-important milestone and formally launching the permitting process.

接著來到智利。提醒各位，我們已於 3 月提交 Lobo-Marte 的環境影響評估，達成一項至關重要的里程碑，並正式啟動許可程序。

Subsequently, in May, we welcomed the newly elected President of Chile, President Kast, to our local offices in Copiapo. During his visit, he acknowledged Kinross's long-standing commitment to the Atacama region and declared his support for our development plans in the region, including our world-class project, Lobo-Marte. We appreciate President Kast's support for the responsible operation and the development of our assets in the region.

隨後在 5 月，我們歡迎新當選的智利總統 Kast 總統造訪我們位於 Copiapo 的當地辦公室。在訪問期間，他肯定 Kinross 長期以來對阿塔卡馬（Atacama）地區的承諾，並表達對我們在該地區開發計畫的支持，包括我們的世界級專案 Lobo-Marte。我們感謝 Kast 總統對本區資產負責任營運與開發的支持。

And last night, we announced an update on Lobo-Marte, an excellent high-quality asset in our portfolio with a strong production profile, low cost structure and excellent economics. Will is going to elaborate on this later in the call.

昨晚，我們也公布了 Lobo-Marte 的最新進展。這是我們投資組合中一項極佳的高品質資產，具備強勁的產量曲線、低成本結構與優異的經濟性。Will 稍後會在電話會議中進一步說明。

Turning now to sustainability. We published our annual sustainability report in the second quarter. This report provides a comprehensive update on our achievements and plans going forward. A key highlight for me was in Mauritania. In June, we delivered humanitarian support to remote farming communities facing food insecurity due to drought and rising transportation costs.

接著談永續發展。我們在第二季發布了年度永續報告。該報告全面更新我們的成果與未來計畫。對我而言，一項重點亮點是在茅利塔尼亞。6 月，我們向因乾旱與運輸成本上升而面臨糧食不安全的偏遠農耕社區提供人道援助。

Turning now to our outlook. Following a strong first half, we remain on track to meet our full year production, cost and capital guidance. As we highlighted last quarter, we continue to benefit from an attractive relative cost position, supported by our disciplined approach to managing cost pressures through input cost hedging, productivity initiatives and our grade enhancement strategy. Looking ahead, we remain focused on continued operational execution, cost management and capital allocation and continued advancement of our high-quality resource base. Our focus is to continue to generate strong margins, robust free cash flow and long-term value for all our shareholders.

接著談我們的展望。在上半年表現強勁之後，我們仍按計畫可達成全年產量、成本與資本支出指引。如同上季所強調，我們持續受惠於相對具吸引力的成本位置，並透過投入成本避險、生產力提升措施與品位提升策略，以紀律化方式管理成本壓力。展望未來，我們將持續聚焦於營運執行、成本管理與資本配置，以及持續推進我們的高品質資源基礎。我們的重點是持續創造強勁利潤率、穩健自由現金流，並為所有股東創造長期價值。

With that, I will 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 second quarter, provide an overview of our balance sheet and return of capital and comment on our outlook.

謝謝你，Paul。今天早上，我將回顧第二季的財務重點，概述我們的資產負債表與資本回饋情況，並評論我們的展望。

As Paul noted, Q2 was another strong quarter for us. We produced 492,000 gold equivalent ounces as planned. Q2 cost of sales of $1,336 per ounce and all-in sustaining costs of $1,821 per ounce were also on plan. Margins were robust at over $3,100 per ounce.

如 Paul 所提到，第二季對我們而言又是表現強勁的一季。我們依計畫生產了 492,000 盎司黃金當量。第二季銷售成本為每盎司 1,336 美元、全維持成本（AISC）為每盎司 1,821 美元，也都符合計畫。利潤率強勁，超過每盎司 3,100 美元。

Our adjusted earnings were $0.71 per share, and our adjusted operating cash flow was again over $1.1 billion. Attributable free cash flow was $727 million after $406 million in capital expenditures and $327 million in tax payments.

我們的調整後每股盈餘為 0.71 美元，調整後營運現金流再次超過 11 億美元。在資本支出 4.06 億美元與稅款支付 3.27 億美元之後，歸屬自由現金流為 7.27 億美元。

Turning now to our balance sheet. In the second quarter, we continued to strengthen our financial position, adding over $470 million in cash after returning $275 million to shareholders. We ended the quarter with new records of $2.7 billion in cash and $1.9 billion in net cash.

接著談我們的資產負債表。第二季我們持續強化財務狀況，在向股東返還 2.75 億美元後，現金增加超過 4.70 億美元。本季末我們的現金達到 27 億美元、淨現金達到 19 億美元，皆創下新高紀錄。

With respect to our return of capital, as a reminder, we're targeting a 40% return of free cash flow through a combination of dividends and share buybacks. Our shares continue to remain a strong return on invested capital, considering our attractive valuation and free cash flow yield. In Q2, we repurchased a total of 7.9 million shares for $230 million and continued to pay our quarterly dividend of approximately $50 million. Combined, our total return of capital in the first half represented approximately 37% of our attributable free cash flow, and we remain on track to achieve our 2026 target of 40%.

關於我們的資本回饋，提醒一下，我們的目標是透過股利與庫藏股回購的組合，回饋自由現金流的40%。考量到我們具吸引力的估值與自由現金流殖利率，我們的股票持續展現強勁的投資資本報酬。在第二季，我們共回購了790萬股，金額為2.30億美元，並持續支付每季約5,000萬美元的股利。合計而言，上半年我們的資本回饋約占可歸屬自由現金流的37%，我們仍按計畫朝2026年40%的目標邁進。

Subsequent to quarter end, we repurchased an additional $40 million of shares. I'm also pleased to report that since resuming our share buybacks in Q2 2025, we've repurchased over $1.1 billion in shares, representing approximately 4% of our outstanding share count.

在季末之後，我們又額外回購了4,000萬美元的股份。我也很高興報告，自2025年第二季恢復股票回購以來，我們已回購超過11億美元的股份，約占我們流通在外股數的4%。

And including our quarterly dividends, we have returned approximately $615 million to date in 2026 and approximately $1.4 billion since the start of 2025. These results reflect the strength of our cash flow generation and our ongoing commitment to delivering meaningful returns to shareholders while further strengthening our balance sheet.

此外，包含我們的季度股利在內，我們在2026年迄今已回饋約6.15億美元，自2025年初以來累計約14億美元。這些成果反映了我們強勁的現金流創造能力，以及我們在進一步強化資產負債表的同時，持續致力於為股東提供具意義回報的承諾。

Turning now to our guidance. Following a strong first half, we remain solidly on track to deliver approximately 2 million ounces and a cost of sales of $1,360 per ounce and an all-in sustaining cost of $1,730 per ounce. And we're also on track with our capital guidance in the range of $1.5 billion. On production, we'd expect the third quarter to be in line with the first two quarters as we continue to transition to Phase X at Round Mountain, and we expect the fourth quarter to be higher.

接著談我們的指引。在上半年表現強勁之後，我們仍穩健按計畫達成約200萬盎司的產量、每盎司1,360美元的銷售成本，以及每盎司1,730美元的全維持成本（AISC）。我們的資本支出指引也維持在約15億美元的區間，進度符合預期。就產量而言，隨著我們持續在Round Mountain轉換至Phase X，我們預期第三季將與前兩季大致相當，而第四季將更高。

In terms of our operating costs, as we look to the second half of the year, we expect costs to be modestly higher, reflecting a greater contribution from our US operations. For the full year, we'd expect to be in line with our cost guidance. As Paul noted earlier, through our disciplined cost management, we're starting from a competitive cost position relative to our peers. We remain focused on managing costs in order to maintain strong margins and free cash flow generation.

就營運成本而言，展望下半年，我們預期成本將小幅上升，反映美國營運占比提高。就全年而言，我們預期將符合成本指引。如Paul先前所提，透過嚴謹的成本管理，我們相較同業是從具競爭力的成本位置出發。我們仍專注於成本管理，以維持強勁的利潤率與自由現金流創造。

In the near to medium term, our fuel hedging program continues to provide meaningful protection against higher oil prices, with significant hedges in place through both 2026 and 2027. I would also reiterate that the fuel cost sensitivities we outlined with our first quarter results remain unchanged and the impact on our overall cost structure remains manageable and within our guidance ranges.

在短中期內，我們的燃料避險計畫持續對油價上漲提供具意義的保護，且在2026年與2027年均已建立相當規模的避險部位。我也要再次強調，我們在第一季結果中所說明的燃料成本敏感度維持不變，對整體成本結構的影響仍可控，並在我們的指引區間之內。

As a reminder, our guidance was based on $70 oil. For every $10 per barrel change in oil price, we expect an impact of approximately $10 per ounce, with a potential additional $4 per ounce from secondary impacts such as freight and other consumables as oil markets continue to be volatile. Provided context, if the recent oil prices persist through the remainder of the year, the impact on all-in sustaining costs would be less than 2%.

提醒一下，我們的指引是以每桶70美元的油價為基礎。油價每桶變動10美元，我們預期影響約為每盎司10美元；此外，隨著油市持續波動，運費及其他耗材等次級影響可能再增加每盎司4美元。作為參考，若近期油價在今年剩餘期間持續，對全維持成本（AISC）的影響將低於2%。

On the supply side, we continue to receive regular deliveries of fuel and other key consumables, and we've not experienced any supply disruptions across our operations. Looking forward, our grade enhancement strategy is expected to provide organic offsets to inflationary pressures and contribute a stronger cost profile over time.

在供應端方面，我們持續定期收到燃料及其他關鍵耗材的交付，且我們各項營運並未出現任何供應中斷。展望未來，我們的品位提升策略預期可在內生層面抵銷通膨壓力，並隨時間推移帶來更強的成本結構。

For example, both Phase X and Curlew are expected to begin contributing higher-grade ounces to our production profile starting in 2028. And our two world-class development projects, Great Bear and Lobo-Marte, are expected to be contributing a total of approximately 850,000 ounces per year of high-grade, low-cost ounces to our future production profile.

例如，Phase X與Curlew預期自2028年起，將開始為我們的產量結構貢獻更高品位的盎司數。而我們兩個世界級開發專案Great Bear與Lobo-Marte，預期將為我們未來的產量結構合計貢獻每年約85萬盎司的高品位、低成本盎司數。

With that, 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 continued to invest in protecting our people through proactive training initiatives which promote our Safeground brand. Our critical risk management program continues to mature across our operations, with leaders engaging effectively with the workforce and verifying critical controls for high-risk tasks.

謝謝你，Andrea。我想先從我們的安全文化談起。本季，我們持續透過主動式訓練計畫投資於保護員工，並推廣我們的Safeground品牌。我們的重大風險管理計畫在各項營運中持續成熟，管理團隊有效與第一線人員互動，並針對高風險作業驗證關鍵控制措施。

Turning now to our operations. Starting with Paracatu, the mine had an outstanding quarter, with strong production driving significant free cash flow. Production of 158,000 ounces and a cost of sales of $1,108 per ounce were in line with the prior quarter. Paracatu remains on track to meet its guidance of 600,000 ounces at a target cost of sales of $1,240 per ounce.

接著談我們的營運表現。先從Paracatu開始，該礦本季表現出色，強勁產量帶動顯著的自由現金流。產量為15.8萬盎司，銷售成本為每盎司1,108美元，與前一季一致。Paracatu仍按計畫達成其指引：產量60萬盎司，目標銷售成本為每盎司1,240美元。

Tasiast had another strong quarter. Production of 133,000 ounces increased over the prior quarter due to higher throughput with a cost of sales of $990 per ounce, in line with the prior quarter. Tasiast remains on track to meet its guidance of 505,000 ounces at a target cost of sales of $1,050 per ounce.

Tasiast本季再度表現強勁。由於處理量提高，產量13.3萬盎司較前一季增加；銷售成本為每盎司990美元，與前一季一致。Tasiast仍按計畫達成其指引：產量50.5萬盎司，目標銷售成本為每盎司1,050美元。

At La Coipa, we produced 59,000 ounces at a cost of sales of $1,395 per ounce. Production increased over the prior quarter due to planned higher grades and throughput. Cost of sales decreased over the prior quarter due to higher production.

在La Coipa，我們生產了5.9萬盎司，銷售成本為每盎司1,395美元。由於計畫性的較高品位與處理量，產量較前一季增加。由於產量提高，銷售成本較前一季下降。

Before I move on, I'd like to acknowledge the recent severe winter storm in Northern Chile. Our thoughts are with the local communities and our employees who were affected by this event. While we experienced some impact, La Coipa remains on track to achieve its annual guidance of 210,000 ounces at a target cost of sales of $1,320 per ounce.

在我繼續之前，我想提及近期智利北部的嚴重冬季風暴。我們的心與受此事件影響的當地社區及員工同在。儘管我們受到一些影響，La Coipa仍按計畫達成其年度指引：產量21萬盎司，目標銷售成本為每盎司1,320美元。

Moving to our US operations. Production was lower quarter over quarter as we ramp up all mining at Round Mountain Phase S in the second half of the year. Combined, the US sites delivered production of 142,000 ounces with cost of sales of $1,871 per ounce.

接著看我們的美國營運。隨著我們在下半年於Round Mountain Phase S逐步提升採礦作業，產量較上一季下降。合計而言，美國各據點交付產量14.2萬盎司，銷售成本為每盎司1,871美元。

At Fort Knox, production of 95,000 ounces was in line with the prior quarter. Cost of sales of $1,596 per ounce was lower compared to the prior quarter due to the timing of ounces processed through the mill.

在Fort Knox，產量9.5萬盎司與前一季一致。銷售成本為每盎司1,596美元，較前一季下降，主要因為經由磨礦廠處理的盎司數在時間點上的差異。

At Bald Mountain, production of 27,000 ounces was in line with the prior quarter. Cost of sales of $1,770 per ounce was lower due to the ramp-up of capital stripping at Redbird in Q2 and higher ounces placed on the heap leach pads.

在Bald Mountain，產量2.7萬盎司與前一季一致。銷售成本為每盎司1,770美元較低，原因是第二季在Redbird的資本剝採（capital stripping）提升，以及堆浸墊上堆置的盎司數增加。

At Round Mountain, we are currently in a stage of higher waste mining and lower-grade, lower-volume ore supply as we are stripping Phase S. Higher-grade, higher recovery ore is expected from Phase S in the second half of the year.

在Round Mountain，我們目前處於廢石採剝較高、且因剝採Phase S而導致礦石供應品位較低、量較少的階段。預期下半年將由Phase S提供品位更高、回收率更高的礦石。

Turning to a spotlight on our overall performance. At Kinross, we have a strong culture of continuous improvement and innovation embedded throughout the business, with each site having a dedicated team in place to evaluate, implement and sustain increased efficiencies and cost management practices. I would like to list a few highlights of these projects to demonstrate how they help offset inflationary and cost pressures.

接著聚焦我們的整體績效。在Kinross，我們在整個業務中深植強大的持續改善與創新文化；各據點皆設有專責團隊，用以評估、導入並維持效率提升與成本管理作法。我想列舉幾個專案亮點，說明它們如何協助抵銷通膨與成本壓力。

Starting with Paracatu, the recovery improvement projects which have been in the works for the last couple of years are now delivering tangible results. We have made enhancements to the CIL circuit, implemented new gravity concentrators, improved process controls and carbon management practices as well as targeted improvements in the Acacia reactor performance, all of which are contributing to higher recoveries and improved operating performance.

先從Paracatu開始，過去幾年持續推進的回收率改善專案，如今已帶來具體成果。我們已對CIL迴路進行強化、導入新的重力選礦機、改善製程控制與活性碳管理作法，並針對Acacia反應器的效能進行重點改善；上述措施皆有助於提升回收率並改善營運表現。

At Tasiast, we are focused on mining and mill throughput improvements and our solar power. On the mining front, we are focused on loading productivities, targeted training and commissioning of larger equipment. In parallel, we've improved the effective utilization of our rolling fleet through an improved roster balance, shift change management and dispatch optimization. These increases together have contributed to a record month in May, with Tasiast delivering the highest tonnes mined and moved in its history.

在 Tasiast，我們專注於提升採礦與磨礦處理量，以及推進我們的太陽能供電。在採礦方面，我們著重於提升裝載生產力、針對性訓練，以及更大型設備的試運轉與投運。同時，我們也透過改善排班平衡、交接班管理與派遣最佳化，提高運輸車隊的有效利用率。上述提升共同促成 5 月創下單月紀錄，Tasiast 交付了其歷史上最高的採掘與運移噸數。

At the mill, the team's attention is focused on continued improvement in reliability. And some examples include implementing procedures which have reduced the time to change out a rip belt by 50%, redesigning the SAG panels with lighter weight and adding oxygenation to make recoveries more consistent. In terms of power, the solar facility continues to provide approximately 23% of site power requirements, resulting in lower energy consumption and reducing impacts of the recent elevated oil prices.

在選礦廠方面，團隊的重點放在持續提升可靠性。例如：導入程序使更換破裂輸送帶（rip belt）的時間縮短 50%、以較輕量化重新設計 SAG 面板，以及增加充氧以使回收率更為穩定。在電力方面，太陽能設施持續提供約 23% 的場址用電需求，進而降低能源消耗，並減輕近期油價上升所帶來的影響。

At Bald Mountain, the shovel optimization program has delivered improvements in loading efficiency, helping lower mining costs while improving equipment productivity. We have also introduced the Relief Operator Program, which has contributed approximately 2.1 million productive tonnes during break coverage since the beginning of the year.

在 Bald Mountain，鏟裝最佳化計畫已帶來裝載效率的提升，在提高設備生產力的同時，有助於降低採礦成本。我們也導入「替班操作員計畫」（Relief Operator Program），自年初以來在休息時段補位作業中貢獻約 210 萬噸的有效產出。

At both Round Mountain and Fort Knox, we have optimized haul routes and truck dispatching practices, reducing unnecessary engine hours and fuel consumption. These efforts have resulted in fuel savings of approximately 6.4 million liters while reducing haul cycle times at Fort Knox by approximately seven minutes.

在 Round Mountain 與 Fort Knox，我們已最佳化運輸路線與卡車派遣作法，降低不必要的引擎運轉時數與燃料消耗。這些努力帶來約 640 萬公升的燃油節省，同時使 Fort Knox 的運輸循環時間縮短約 7 分鐘。

At all of our sites, we are embracing the use of artificial intelligence and machine learning to improve our predictive maintenance, optimize schedules and mine planning and fire response management. Overall, our continuous improvement and innovation initiatives continue to generate measurable benefits across the portfolio, supporting safety, productivity gains, enhancing efficiency and helping offset inflationary cost pressures.

在我們所有場址，我們正積極採用人工智慧與機器學習，以改善預測性維護、最佳化排程與礦山規劃，以及火災應變管理。整體而言，我們的持續改善與創新計畫持續在整個資產組合中產生可衡量的效益，支持安全與生產力提升、強化效率，並協助抵銷通膨帶來的成本壓力。

Before I hand the call over to William, I'd like to say what an incredibly rewarding journey it has been with Kinross. It has been both a privilege and an honor to work alongside such a talented and dedicated team.

在我把電話交給 William 之前，我想說，在 Kinross 的這段旅程令人無比充實且收穫豐富。能與如此才華洋溢且敬業的團隊並肩工作，既是特權也是榮幸。

As I transition my responsibilities over to Bernard, I do so with great confidence. And his extensive operational experience, combined with the strength of our team, positions Kinross well for continued success. Thank you to everyone with whom I've had the opportunity to work alongside over the years. And Bernard, welcome to Kinross.

當我把職責移交給 Bernard 時，我充滿信心。他豐富的營運經驗，加上我們團隊的實力，將使 Kinross 具備持續成功的良好條件。感謝多年來所有與我共事的夥伴。Bernard，歡迎加入 Kinross。

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

接下來，我將把電話交給 William。

Thanks, Claude. It's been a pleasure working alongside you. Bernard, welcome to Kinross. I look forward to working closely together as we continue to advance our operating and growth initiatives across the portfolio.

謝謝你，Claude。能與你並肩合作是我的榮幸。Bernard，歡迎加入 Kinross。我期待與你密切合作，持續推進我們在整個資產組合中的營運與成長計畫。

Turning to our resource base and project pipeline. Our portfolio remains underpinned by a substantial gold resource inventory of more than 27 million ounces of M&I and an additional 17 million ounces of inferred.

接著談談我們的資源基礎與專案管線。我們的資產組合仍以龐大的黃金資源庫存為支撐：已探明及指示（M&I）資源超過 2,700 萬盎司，另有 1,700 萬盎司推斷資源。

In addition to our near-term growth projects, our technical services teams continue to advance a number of medium-term attractive mine life extension opportunities from across this resource base, including Phase 11 at Fort Knox, Top Pit at Bald Mountain, resource pit extensions at Paracatu, open pit and underground extensions at Tasiast and the La Coipa bauxite extensions in Chile. These projects have the potential to further strengthen our production profile, extend mine lives and create value for shareholders well into the next decade.

除近期成長專案外，我們的技術服務團隊也持續推進多項具吸引力的中期延長礦山壽命機會，來源涵蓋整個資源基礎，包括 Fort Knox 的第 11 期（Phase 11）、Bald Mountain 的 Top Pit、Paracatu 的資源礦坑延伸、Tasiast 的露天與地下延伸，以及智利 La Coipa 的鋁土礦延伸。這些專案有潛力進一步強化我們的產量曲線、延長礦山壽命，並在未來十年乃至更久為股東創造價值。

The three high-quality projects in the US that we announced earlier this year are excellent examples of how we are leveraging our extensive resource base to create long-term value. I'm pleased to report that our teams are making strong progress across all three projects and continue to advance them on plan.

我們今年稍早在美國公布的三個高品質專案，是我們如何運用龐大資源基礎創造長期價值的絕佳例證。我很高興報告，我們的團隊在三個專案上都取得強勁進展，並持續依計畫推進。

At Phase X at Round Mountain, underground development is progressing slightly ahead of schedule with over 8,400 meters completed to date, derisking our path to first production in 2028. Engineering work for both surface and underground infrastructure is advancing well, including the start of detailed engineering for our paste backfill plant.

在 Round Mountain 的 Phase X，地下開發進度略為超前，目前已完成超過 8,400 公尺，降低了我們在 2028 年達成首次投產的風險。地表與地下基礎設施的工程工作進展良好，包括開始進行膏體回填廠的細部工程設計。

Procurement is also advancing well, with packages awarded for many critical items such as the mobile equipment, ventilation fans and the CRF plant. We've also had a strong focus on operations readiness, with 21 Kinross miners gaining experience working in underground with our contractor and onboarding of a highly experienced underground mine manager.

採購也進展順利，許多關鍵項目已完成發包，例如移動式設備、通風風機與 CRF 廠。我們也高度重視營運就緒（operations readiness），已有 21 名 Kinross 礦工與承包商一同在地下作業累積經驗，並完成一位資深地下礦山經理的到任與導入。

At Bald Mountain, mining at Redbird is advancing well, benefiting from the increases in efficiency, and we expect Redbird production to continue ramping up through the rest of this year. Construction of heap leach pad extensions to support Redbird advanced significantly over the first half of the year, benefiting from a milder winter, with earthworks for the first leach pad extension now complete and lining well underway. Engineering for the SART plant and other process infrastructure has also advanced, and long lead procurement is underway for some of the key infrastructure.

在 Bald Mountain，Redbird 的採礦作業進展良好，受益於效率提升；我們預期 Redbird 產量將在今年剩餘期間持續爬坡。為支援 Redbird 而進行的堆浸墊延伸工程在上半年大幅推進，受惠於較溫和的冬季；目前第一段浸出墊延伸的土方工程已完成，襯墊鋪設也在積極進行中。SART 廠與其他製程基礎設施的工程設計亦已推進，部分關鍵基礎設施的長交期採購正在進行。

Turning to our Curlew project in Washington. We made significant progress on the tailings dewatering plant in Q2, with the building now complete and installation of mechanical equipment commencing. Mill refurbishment activities are starting to ramp up with the contractor onboarded and starting initial demolition.

接著談我們位於華盛頓州的 Curlew 專案。我們在第二季於尾礦脫水廠取得顯著進展，建築物現已完工，並開始安裝機械設備。磨礦廠整修作業也開始加速推進，承包商已進場並開始初期拆除作業。

Underground mine development and infrastructure are also advancing well, with the raised collar construction completed for the main ventilation and escape raises and underground development ahead of schedule. We are pleased with the progress across this portfolio of opportunities, and we'll continue to provide updates as the projects advance towards production.

地下礦山開發與基礎設施也進展良好，主通風與逃生天井的井口（collar）抬升施工已完成，地下開發進度亦超前。我們對這一系列機會的整體進展感到滿意，並將在專案朝投產推進的過程中持續提供更新。

Turning now to Lobo-Marte, our next high-margin cornerstone development project beyond Great Bear. We completed a high-level refresh of our feasibility study economics to account for inflation since 2021 and further enhancements of the execution strategy.

現在談 Lobo-Marte，這是我們在 Great Bear 之後、下一個高毛利的核心開發專案。我們已完成對可行性研究經濟性的高層次更新，以反映自 2021 年以來的通膨影響，並納入執行策略的進一步強化。

For context, the historically operated project is located in Northern Chile in the Atacama region, approximately 50 kilometers from both of our assets, La Coipa and Maricunga. The project's key attributes include its forecasted long mine life, high heap leach grade and low strip ratio, positioning Lobo-Marte at the lower end of the industry cost curve and reinforcing its potential to become a significant contributor to long-term shareholder value.

作為背景說明，這個曾經營運過的專案位於智利北部阿塔卡馬（Atacama）地區，距離我們的兩項資產 La Coipa 與 Maricunga 均約 50 公里。該專案的主要特點包括：預期礦山壽命長、堆浸品位高、剝採比低，使 Lobo-Marte 位於產業成本曲線的較低端，並強化其成為長期股東價值重要貢獻者的潛力。

In terms of production, based only on the initial mine plan and current reserve, Lobo-Marte is expected to produce approximately 4.6 million ounces over an initial 15-year operating life. Annual production is expected to average approximately 350,000 ounces a year during steady-state operations, providing a meaningful and long-duration source of low-cost production for our portfolio.

就產量而言，僅基於初始礦山計畫與目前儲量，Lobo-Marte 預期在初始 15 年營運期間可生產約 460 萬盎司。在穩態營運期間，年產量預期平均約 35 萬盎司，為我們的資產組合提供具意義且持久的低成本產量來源。

These attributes and the substantial production scale deliver excellent returns on the $1.8 billion initial capital with an all-in sustaining cost of $1,000 per ounce, and NPV of $4.3 billion, an IRR of 26% and a payback period of approximately two years, all set at a gold price of $4,100 per ounce. And the project remains resilient at lower gold prices.

這些特性與可觀的產量規模，使 18 億美元的初始資本支出可帶來優異回報：全維持成本（AISC）為每盎司 1,000 美元，淨現值（NPV）為 43 億美元，內部報酬率（IRR）為 26%，回收期約兩年；以上皆以每盎司 4,100 美元的金價為基礎。而且該專案在較低金價下仍具韌性。

With a high grade, low strip ratio and low cost structure, Lobo-Marte is expected to play an important role in our grade enhancement strategy alongside Great Bear with potential to become a cornerstone asset, adding higher-margin production and strong free cash flow in the 2030s and into the 2040s.

憑藉高品位、低剝採比與低成本結構，Lobo-Marte 預期將與 Great Bear 一同在我們的品位提升策略中扮演重要角色，並有潛力成為核心資產，在 2030 年代乃至 2040 年代增加更高毛利的產量與強勁的自由現金流。

The project is also an excellent strategic fit for Kinross, extending our mine life in Chile, where we have a 20-plus year history of production and strong government support for responsible mine development through large-scale open pit mining and heap leach processing, areas where we have extensive experience, both in Chile and in the US.

該專案在策略上也非常契合 Kinross，可延長我們在智利的礦山壽命；我們在當地擁有超過 20 年的生產歷史，且政府對以大型露天採礦與堆浸處理進行負責任的礦山開發提供強力支持——這些領域我們在智利與美國都具備豐富經驗。

The layout and scale of the two open pit mines at Lobo-Marte is one key driver of that low-cost structure and high margin. The size of the pits and the broad mineralization allow for use of a large-scale fleet planned to deliver mining rates of up to 50 million tonnes per annum in the current mine plan. Forecasted mining costs over the life of mine of $3.25 per tonne also benefits from the construction of conveyors to transport ore from the open pits to the crushing facilities, driving down material movement operating costs.

Lobo-Marte 兩座露天礦的佈局與規模，是其低成本結構與高利潤率的關鍵驅動因素之一。礦坑規模與廣泛的礦化範圍，使得可採用大型化車隊；依現行礦山計畫，規劃年採礦量最高可達 5,000 萬噸。全礦山壽命期預測採礦成本為每噸 3.25 美元，亦受惠於建置輸送帶將礦石自露天礦運至破碎設施，進一步降低物料搬運的營運成本。

Most importantly, on the mining side, the overall cost structure and all-in sustaining costs are expected to benefit significantly from the low strip ratio of 2:1, driven by the broad nature of the mineralization on these porphyry deposits.

最重要的是，在採礦端，整體成本結構與全維持成本（AISC）預期將顯著受惠於 2:1 的低剝採比，這主要由這些斑岩型礦床礦化體分布廣泛的特性所驅動。

Planned in the current economics from the 2021 FS contemplates the sequential development of the two open pits, beginning with Marte, which has been mined previously, reducing the strip ratio and initial CapEx. As we progress the project, we will continue to study the optionality around the sequencing of the two open pits.

2021 年可行性研究（FS）所採用的現行經濟性假設，考量兩座露天礦的序列式開發，先從曾經開採過的 Marte 開始，以降低剝採比與初期資本支出（CapEx）。隨著我們推進專案，我們將持續研究兩座露天礦開採順序的各種選項彈性。

Moving to processing. The project is designed around a nominal throughput rate of approximately 35,000 tonnes per day, with ore processed through a conventional three-stage crushing circuit prior to heap leaching. The amenability of the ore to heap leaching with a strong forecasted heap leach recovery of 69% is also central to the strong margin and low expected cost of production at Lobo-Marte, as heap leach processing at an estimated $12.30 per tonne would be significantly cheaper than a conventional mill and CIL circuit.

接著談選礦處理。本專案設計名目處理量約為每日 35,000 噸，礦石在堆浸前將先經過傳統三段式破碎流程。礦石適合堆浸，且預測堆浸回收率高達 69%，亦是 Lobo-Marte 強勁利潤率與低預期生產成本的核心；因堆浸處理估計每噸 12.30 美元，將明顯低於傳統磨礦與 CIL（碳浸）流程。

The 1.3 gram per tonne average grade of the reserve at Lobo is significantly higher than most heap leaches operating today and is the largest contributor to the strong margins, economics and returns of this project with an estimated all-in sustaining cost of $1,000 an ounce. It is this grade that enables Lobo to potentially produce 300,000 to 400,000 ounces per year from a relatively straightforward 35,000 tonne per day three-stage crush and heap leach facility.

Lobo 的儲量平均品位為每噸 1.3 克，顯著高於目前多數運作中的堆浸礦山，亦是本專案強勁利潤率、經濟性與報酬的最大貢獻來源；其估計全維持成本約為每盎司 1,000 美元。正是這樣的品位，使 Lobo 有潛力透過相對簡單的每日 35,000 噸三段式破碎與堆浸設施，每年生產 30 萬至 40 萬盎司。

Moving to capital and site infrastructure. The refresh of the 2021 FS indicates initial project capital of approximately $1.8 billion, largely driven by processing facilities and site infrastructure, including approximately $1.1 billion of direct capital and $700 million for indirect and contingency. Key infrastructure required to support the project beyond the processing facilities includes a 75-kilometer access road, 60-kilometer power line and a 40-kilometer water pipeline, which is expected to bring water in from our existing operating wells that are currently supplying water to La Coipa.

接著談資本與場址基礎設施。對 2021 年 FS 的更新顯示，專案初期資本約為 18 億美元，主要由處理設施與場址基礎設施所驅動，其中約 11 億美元為直接資本，另有 7 億美元為間接費用與備用金。除處理設施外，支援本專案所需的關鍵基礎設施包括 75 公里進場道路、60 公里輸電線路與 40 公里輸水管線；預期將把水自我們現有的營運水井引入，這些水井目前正供水給 La Coipa。

We also included significant investment in the capital estimate to ensure best-in-class environmental controls and initiatives, including options such as covering all of our conveyors to minimize dust and using regenerative braking on the conveyors to save energy.

我們也在資本估算中納入重大投資，以確保達到同業最佳的環境控制與措施，包括例如為所有輸送帶加蓋以降低揚塵，以及在輸送帶上採用再生制動以節省能源等選項。

This high-level refresh was provided to account for inflation since 2021 and to reflect the current execution strategy, which has advanced over the prior years to improve constructability and reduce development and execution risk.

此高層次更新係為反映自 2021 年以來的通膨影響，並體現目前的執行策略；該策略在過去幾年已持續推進，以提升可施工性並降低開發與執行風險。

We are progressing to detailed engineering, and we will provide a fulsome capital update once detailed engineering is substantially complete. Given the manageable estimated initial capital of $1.8 billion, planned funded from operating cash flow, in line with our disciplined capital allocation strategy.

我們正推進至詳細工程設計，並將在詳細工程設計大致完成後，提供完整的資本更新。鑑於估計初期資本 18 億美元屬可控範圍，且計畫以營運現金流支應，符合我們嚴謹的資本配置策略。

The combination of the low mining cost, low processing cost, high heap leach grade and the resource size are what make this project a central focus in our grade enhancement strategy. Importantly, the impressive economics in this update reflect only a starting point for Lobo-Marte. The project has significant upside potential beyond the current mine plan and captures just a portion of the broader mineral endowment identified across the property.

低採礦成本、低處理成本、高堆浸品位以及資源規模的組合，使本專案成為我們品位提升策略的核心重點。重要的是，本次更新中亮眼的經濟性僅反映 Lobo-Marte 的起點。本專案在現行礦山計畫之外仍具顯著上行潛力，目前僅涵蓋該礦區已識別之更廣泛礦產賦存的一部分。

The current open pit mine designs in this update remain unchanged from the 2021 feasibility study and include only the reserve from 2021, which was done at a $1,200 gold price. The 2021 mine plan was maintained as the base case for the EIA submission as baseline studies have advanced on this plan, helping to facilitate an earlier submission of the EIA, and the plan already provides production well into the 2040s. However, significant potential remains at higher prices to further unlock value at Lobo-Marte through mine life extensions from the 2.8 million ounces of indicated resource and approximately 700,000 ounces of inferred.

本次更新中的現行露天礦設計與 2021 年可行性研究一致，且僅包含 2021 年的儲量；該儲量係以每盎司 1,200 美元金價為基礎完成。2021 年礦山計畫被維持為環境影響評估（EIA）送審的基準方案，因為基線研究已依此計畫推進，有助於更早提交 EIA，且該計畫已可提供延伸至 2040 年代的產量。然而，在較高金價下仍具顯著潛力，可透過延長礦山壽命進一步釋放 Lobo-Marte 的價值，來源包括 280 萬盎司的指示資源量以及約 70 萬盎司的推斷資源量。

As you can see on the slide, this inventory has the potential to be captured through a further layback of each pit, which could meaningfully extend mine life. You can also see the mineralization remains open at depth, continuing beyond the resource pits, and is ultimately limited only by a lack of drilling at depth. And beyond this optionality at the Lobo and Marte pits, we also see potential on our broader land package to identify additional open pit deposits through exploration, which could further enhance the mine life and production profile.

如投影片所示，這些資源存量可望透過對各礦坑進一步外擴（layback）而納入，從而實質延長礦山壽命。你也可以看到礦化在深部仍為開放狀態，延伸超出資源礦坑範圍，其最終限制僅在於深部鑽探不足。此外，除了 Lobo 與 Marte 礦坑的這些選項彈性之外，我們也在更廣泛的土地包上看到透過勘探識別更多露天礦床的潛力，進一步提升礦山壽命與產量曲線。

This is a highly prospective land package which sits on the prolific Maricunga trend, with two porphyry deposits and a substantial resource inventory already identified. We know these types of deposits occur in clusters along structural corridors, and we will focus exploration on finding additional deposits once we bring Lobo-Marte into operation.

這是一個高度具前景的土地包，位於富饒的 Maricunga 成礦帶上，已識別出兩個斑岩型礦床以及可觀的資源存量。我們知道此類礦床往往沿構造走廊呈群聚分布；在我們將 Lobo-Marte 投入營運後，將把勘探重點放在尋找更多礦床。

To conclude on the Lobo-Marte economic update, we are excited by the quality of this project and the potential to bring it online to further our grade enhancement strategy in the early 30s, driving high-grade, low-cost heap leach production in Chile well into the 2040s with significant value creation potential for our shareholders.

總結 Lobo-Marte 經濟性更新，我們對本專案的品質以及在 2030 年代初期將其上線、以推進我們的品位提升策略感到振奮；該專案將在智利於 2040 年代仍可提供高品位、低成本的堆浸產量，並為股東創造可觀價值。

With that, I will now hand it over to Geoff for an update on permitting at Lobo-Marte and Great Bear.

接下來，我將把時間交給 Geoff，請他更新 Lobo-Marte 與 Great Bear 的許可進展。

Thanks, Will. In terms of permitting at Lobo-Marte, the project's environmental impact assessment was accepted by Chile's Environmental Assessment Service in April 2026, marking an important milestone for Lobo-Marte and the team.

謝謝你，Will。就 Lobo-Marte 的許可而言，本專案的環境影響評估已於 2026 年 4 月獲智利環境評估服務機構受理，這是 Lobo-Marte 與團隊的一項重要里程碑。

Permitting remains a critical path, and we have taken a rigorous approach to integrating environmental and community considerations into the project design and capital estimate from the outset. This includes leveraging the best available technologies and measures intended to protect water resources, reduce dust generation and optimize infrastructure placement to reduce the project footprint. We continue to work closely with the Chilean regulatory authorities to advance the permitting process with a view to targeting first gold production in the early 2030s.

許可仍是關鍵路徑，我們自一開始即採取嚴謹方法，將環境與社區考量整合至專案設計與資本估算中。這包括採用可取得的最佳技術與措施，以保護水資源、降低揚塵並最佳化基礎設施配置，以縮小專案占地足跡。我們將持續與智利監管機關密切合作，推進許可流程，目標是在 2030 年代初期達成首次黃金生產。

Turning now to advanced exploration at Great Bear. As previously noted, we received all remaining AEX permits and construction is progressing well, which William will speak to later.

接著談 Great Bear 的進階勘探。如先前所述，我們已取得所有剩餘的 AEX 許可，且施工進展良好，William 稍後會進一步說明。

Turning to the main project. We continue to advance permitting with both federal and provincial authorities. Federally, and following the submission of the third and final phase of the impact statement to the Impact Assessment Agency of Canada, who we call IAC, in April, we moved into the information request phase of the impact assessment process. IAC is in the process of collecting and consolidating all third-party input comments on our impact statement, which we will respond to on a timely basis.

接著談主要專案。我們持續與聯邦及省級主管機關推進許可作業。在聯邦層面，於 4 月向加拿大影響評估署（Impact Assessment Agency of Canada，我們稱為 IAC）提交影響聲明的第三且最後階段後，我們已進入影響評估流程的資訊請求階段。IAC 正在蒐集並彙整所有第三方對我們影響聲明的意見，我們將及時回覆。

We will continue to work with IAC to advance the impact assessment process so that the final impact statement report issued by IAC aligns with our targeted main project timeline. As a reminder, receiving the final impact assessment report from IAC that is ultimately approved by the Federal Minister of Environment and Climate Change is the critical first step to obtaining the additional federal and provincial permits we require to construct and operate the Great Bear mine.

我們將持續與 IAC 合作推進影響評估流程，使 IAC 出具的最終影響聲明報告能與我們的主要專案目標時程一致。提醒一下，取得 IAC 的最終影響評估報告並最終獲聯邦環境與氣候變遷部長核准，是我們取得建置與營運 Great Bear 礦山所需之其他聯邦與省級許可的關鍵第一步。

As previously disclosed, we require this final impact assessment approval, and certain provincial early works and construction permits in the spring of 2027 will allow us to take advantage of the summer construction season to maintain targeted first gold production in late 2029.

如先前所披露，我們需要取得這項最終影響評估的核准；並且在2027年春季取得若干安大略省層級的前期工程與施工許可，將使我們得以把握夏季施工季節，從而維持於2029年末實現目標首次產金的時程。

Provincially, we continue to work with the Ontario authorities to advance the permitting process for the main project under the One Project, One Process, what is called 1P1P, which is overseen by the Ministry of Energy and Mines. We are pleased that the ministry deemed the final 1P1P project definition complete in early May and subsequently issued the integrated authorization and permitting plan for the main project. Submission of individual Ontario permit applications have proceeded in accordance with this plan. Next steps include finalizing the integrated indigenous consultation plan also submitted under 1P1P.

在省級層面，我們持續與安大略省主管機關合作，推進主要專案在「一個專案、一個流程」（One Project, One Process，簡稱1P1P）框架下的許可程序；該流程由能源與礦業部監督。我們很高興該部於5月初認定最終1P1P專案定義已完成，並隨後就主要專案發布整合授權與許可計畫。各項安大略省個別許可申請已依該計畫持續提交。後續步驟包括完成同樣在1P1P下提交的整合原住民諮詢計畫。

Briefly turning to the indigenous community front, we continue to progress the negotiation of impact benefits agreements. We are pleased to report that we recently signed a community benefits agreement with the Northwestern Ontario Metis community that captures the key economic elements, including financial accommodations. In relation to Lac Seul and Wabauskang First Nations, on whose traditional territory the project resides, negotiations on the impact and benefits agreement continue to advance off the back of the memorandum of understanding we signed at the end of last year.

簡要談到原住民社區方面，我們持續推進影響效益協議（Impact Benefits Agreements）的談判。我們很高興報告，我們近期已與安大略省西北部梅蒂斯（Métis）社區簽署社區效益協議，涵蓋包括財務補償在內的關鍵經濟要素。就拉克蘇爾（Lac Seul）與瓦包斯康（Wabauskang）第一民族而言，專案位於其傳統領地上；在我們去年底簽署的諒解備忘錄基礎上，影響與效益協議的談判仍持續推進。

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

接下來，我把時間交回Will，請他就Great Bear提供技術專案更新。

Thanks, Geoff. At Great Bear, work on the AEX program and the main project is progressing well. Following the receipt of the final AEX permits in April, AEX surface construction is 93% complete, and we recently completed the first blast of the exploration decline. As a reminder, the decline will provide drilling access for exploration and extension of the underground resource as well as delineation work.

謝謝，Geoff。在Great Bear，AEX計畫與主要專案的工作進展順利。在4月取得最終AEX許可後，AEX地表施工已完成93%，我們近期也完成了勘探斜坡道（exploration decline）的首次爆破。提醒一下，該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, we continue to make meaningful progress on procurement, contracts awarded, requests for proposal issued and selection of open pit mining fleet nearing completion. And in terms of detailed engineering, we are well advanced, with approximately 50% complete.

就主要專案而言，我們在採購、合約授予、招標書（RFP）發布，以及露天礦採礦車隊的選型（接近完成）方面，持續取得實質進展。在細部工程方面，我們也已大幅推進，目前約完成50%。

Upon completion of detailed engineering, we will provide an update on the initial capital in the first half of 2027, which will include impacts from inflation since the 2024 PEA and the impacts of any scope changes and enhancements we make as we move through detailed engineering. As we progress detailed engineering, we are working to ensure we are building a robust, reliable world-class operation given the multi-decade high-margin production potential we see at this asset.

待細部工程完成後，我們將於2027年上半年就初始資本支出提供更新，內容將包括自2024年初步經濟評估（PEA）以來的通膨影響，以及我們在細部工程過程中所做任何範疇變更與強化所帶來的影響。隨著細部工程推進，我們致力於打造一個穩健、可靠、世界級的營運，因為我們在該資產上看到具備跨數十年的高毛利產量潛力。

Turning now to exploration. We are continuing with our 2026 55-kilometer planned drill program. In Q2, drilling continued at the Strider Zone, a recently identified zone of mineralization 2.4 kilometers along strike from the southeast edge of the LP resource, and we will provide further drill results later this year.

接著談勘探。我們持續推進2026年規劃的55公里鑽探計畫。在第二季，鑽探持續於Strider礦帶進行；該礦帶為近期識別的礦化帶，位於LP資源東南邊界沿走向2.4公里處，我們將於今年稍晚提供更多鑽探結果。

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

接下來，我把時間交回Paul作結語。

Thanks, Will. After a strong first half, we are well positioned to meet our targets in 2026. We have a strong set of upcoming milestones this year, which include: continued strong operational performance and cash flow generation; ongoing return of capital through our dividend and share repurchases; further strengthening of our balance sheet; advancing our projects pipeline; and continued exploration and studies of our resource inventory intended to bring in new projects to extend mine lives.

謝謝，Will。在上半年表現強勁之後，我們已具備良好條件在2026年達成目標。今年我們有一系列重要的里程碑，包括：持續強勁的營運表現與現金流創造；透過股利與庫藏股回購持續回饋資本；進一步強化資產負債表；推進我們的專案管線；以及持續對資源庫存進行勘探與研究，旨在導入新專案以延長礦山壽命。

Looking forward, we are excited about our future. We have a strong production profile, we have an attractive relative cost position, and we are holding the line on costs. We are generating significant free cash flow. We have an excellent balance sheet. We have an attractive return of capital.

展望未來，我們對前景感到振奮。我們擁有強勁的產量曲線、具吸引力的相對成本位置，並且嚴控成本。我們正在產生可觀的自由現金流。我們擁有優異的資產負債表。我們也提供具吸引力的資本回饋。

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. In closing, we believe that our shares offer attractive relative value across a number of metrics.

我們在勘探與開發方面都有令人振奮的機會管線。我們正在提升淨資產價值與每股指標，並且對我們對負責任採礦的承諾深感自豪；這項承諾持續使我們在永續發展方面保持領先。最後，我們相信本公司股票在多項指標上具備具吸引力的相對價值。

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

那麼，接線員，我想開放線路進行提問。

(Operator Instructions) Fahad Tariq, Jefferies.

（接線員指示）Fahad Tariq，Jefferies。

On Lobo-Marte, can you just talk about maybe next steps and how we should be thinking about a potential pit redesign at prevailing gold prices, when the CapEx spend would come in, how it would compare to the timing of Great Bear? Just trying to think through next steps over the next few years.

關於Lobo-Marte，能否談談接下來的步驟，以及在目前金價水準下我們應如何看待潛在的礦坑重新設計？資本支出（CapEx）會在何時發生？與Great Bear的時程相比會如何？我只是想梳理一下未來幾年的下一步。

Yes. I think as we mentioned, we've just submitted the EIA. So that's the key critical path and the key next step. So we're focused on that, and that's two to three years roughly for that process. And then after that, we go into construction.

好的。我想如我們提到的，我們剛提交了環境影響評估（EIA）。因此那是關鍵的關鍵路徑，也是下一個關鍵步驟。我們會聚焦在這上面，而該流程大約需要兩到三年。之後我們就會進入施工階段。

So construction is really end of the decade. So the peak in spend there will kind of be behind the peak in spend at Great Bear.

因此施工大概會在本十年末。所以那邊的資本支出高峰，會落在Great Bear資本支出高峰之後。

And in terms of the redesign, as you can see in what we've released, there is significant potential not only in M&I, but also cutoff grades, that type of thing. But it's really something given that we already have a 15-year mine life established that's quite high quality that we're going to focus on once we get into operations.

至於重新設計，如你在我們發布的內容中所見，不僅在探明與概略資源量（M&I）方面有顯著潛力，在邊界品位（cutoff grades）等方面也有空間。但考量到我們已建立一個品質相當高的15年礦山壽命，我們會在進入營運後再把重點放在這些優化上。

Okay. Great. And then maybe just switching gears to overall just cost environment. Kinross has obviously done a really good job containing costs. Just -- are there any areas where you are seeing cost pressures?

了解。很好。那再切換到整體成本環境。Kinross顯然在控制成本方面做得非常好。想請問——你們是否看到任何成本壓力的領域？

It doesn't sound like diesel is necessarily a big impact so far, but are you seeing anything on the consumable side? Or even any upcoming like labor negotiations we should be aware of that could result in some inflation?

聽起來柴油目前不一定造成很大影響，但在耗材方面有看到什麼嗎？或者是否有任何即將到來的勞資談判需要我們留意，可能導致一些通膨？

Sure. It's Andrea, I'll take that. I guess just as a reminder, we did include a 5% inflation factor in our guidance for the year. So we're still feeling pretty good about that. That was prior to higher oil prices.

當然。我是Andrea，我來回答。先提醒一下，我們在今年的指引中已納入5%的通膨因素。因此我們對此仍相當有信心。那是在油價走高之前就已納入的。

But as you noted, the impact of those has been relatively muted, and we expect it to continue to not have a significant impact. It's sort of below 2% is the all-in expected impact if we continue with higher fuel prices.

但如你所提到的，其影響相對有限，我們預期未來也不會造成重大影響。如果燃料價格維持較高水準，預估整體影響低於2%。

In terms of other areas of inflation, as I said, this is all within our -- within what we contemplated in our guidance. But just to give you some specific examples, we're seeing higher power costs in Alaska.

至於其他通膨領域，如我所說，這些都在我們——在我們指引所預期的範圍內。不過給你一些具體例子，我們在阿拉斯加看到電力成本上升。

And then on the labor side, Nevada is always kind of a tight labor market. Not really more significant than we've seen recently, just sort of ongoing labor in Nevada. That's really the focus and sort of where we've been -- what we've been seeing sort of on the ground.

另外在勞動力方面，內華達一直是相對吃緊的勞動市場。並沒有比我們近期看到的更顯著，只是內華達勞動力供需緊張的持續狀況。這就是我們目前主要關注、以及在第一線所觀察到的情況。

But again, we're expecting to be well within our guidance rates near the midpoint for the year as we sit here today.

但再次強調，以我們今天的情況來看，我們預期全年仍能維持在指引區間內，並接近中位數水準。

Josh Wolfson, RBC Capital Markets.

Josh Wolfson，RBC資本市場。

Just back to Lobo-Marte. I understand, obviously, it's an inflationary environment there. But is there any additional insights to maybe what drove inflation beyond just kind of industry trends?

回到 Lobo-Marte。我理解，顯然那裡處於通膨環境。但除了產業趨勢之外，是否還有任何額外洞見，能說明是什麼因素推動了通膨？

Yes, I think obviously the change from the 2021 FS was primarily inflation. That really, we were around $1.1 billion in 2021. That took us to over $1.5 billion. The extra kind of $250 million beyond inflation. Part of it is in 2021, obviously, different gold price environment.

是的，我想很明顯，與 2021 年 FS 相比的變化主要是通膨。2021 年我們大約是 11 億美元。這把我們推升到超過 15 億美元。而超出通膨之外額外約 2.5 億美元。其中一部分是因為 2021 年顯然是不同的金價環境。

We were planning to reuse some equipment from Maricunga. Now with the gold price environment, we want to make sure we keep that around for Maricunga, and we thought it makes sense given the mine life to buy new equipment. So that's around $100 million of the additional increase beyond that just to make it a higher quality life of mine plan.

我們原本計畫重複使用 Maricunga 的一些設備。但在目前的金價環境下，我們希望確保把那些設備保留給 Maricunga 使用；同時考量礦山壽命，我們認為購置新設備更合理。因此，這部分約占通膨以外額外增加的 1 億美元，目的就是讓整體礦山壽命計畫品質更高。

And then there was also some advancement of the execution strategy as the team has really gotten into the details and gotten into the planning stage, the indirect costs are the other component that take us up to the $1.8 billion. We've also moved the contingency from about 14% up to 19%, just given we're quite far away from when we had the detailed estimates in 2021.

另外，隨著團隊深入細節並進入規劃階段，執行策略也有所推進；間接成本是把我們推升到 18 億美元的另一個組成部分。我們也把預備費（contingency）從約 14% 提高到 19%，主要是因為距離 2021 年做出詳細估算已經相當久了。

Okay. And then just on Great Bear and some of the AEX disclosures. When you think about the main permit, is there any way to minimize some of the uncertainty there and just what sort of maybe what the risk profile could be?

好的。接著關於 Great Bear 以及一些 AEX 的揭露。當你們思考主要許可（main permit）時，有沒有任何方式可以降低其中的不確定性？以及風險輪廓大概會是什麼樣子？

Yes. I mean, we're looking at -- I'll let Geoff speak to it, but the question was around minimizing uncertainty around the main project. Our position, Josh, is we've got these two parallel tracks. AEX, obviously, to get us underground to make for more efficient, cost-effective drilling extensions at depth.

有的。我的意思是，我們正在看——我先讓 Geoff 回答，但問題是關於如何降低主要專案的不確定性。Josh，我們的立場是，我們有兩條並行軌道。AEX 顯然是為了讓我們能進入地下，以便在深部做更有效率、成本更具效益的延伸鑽探。

And then the main project. I'll let Geoff speak to it, but the main project is really launched, if you will, under this 1P1P. And I have to say things are going really well from the government side of things under the 1P1P. They're certainly hitting deadlines and moving things through the system. So pretty straightforward.

然後是主要專案。我讓 Geoff 說明，但主要專案可以說是在這個 1P1P 架構下正式啟動。我必須說，在 1P1P 之下，從政府端來看進展非常順利。他們確實按時達成期限，並推動流程在系統中前進。所以相當直接。

Geoff, on the main project?

Geoff，關於主要專案呢？

Yes. I guess -- and Josh, I think you're already aware of this. But again, we've never characterized AEX as being sort of critical path. And they are -- as Paul has alluded to, there are two different processes. AEX is strictly a provincial process, whereas the main project is both federal and provincial. And we're making excellent progress on both the federal and provincial fronts.

是的。我想——Josh，我想你已經知道這點。但再重申一次，我們從未把 AEX 描述為所謂的關鍵路徑（critical path）。而且——如 Paul 所提到，這是兩個不同的流程。AEX 嚴格來說是省級流程，而主要專案同時涉及聯邦與省級。我們在聯邦與省級兩方面都取得了非常好的進展。

And yes, in terms of efficiencies, we're already seeing the benefits of 1P1P provincially. And we're a long way down the path with the federal agency that kind of looks after the key permit that we require in the late spring of 2029, which is the final impact statement approval report.

而且是的，就效率而言，我們已經看到在省級層面 1P1P 帶來的效益。同時，我們也已在與聯邦機構的流程上走了很長一段路；該機構負責我們在 2029 年晚春所需的關鍵許可，也就是最終影響聲明核准報告（final impact statement approval report）。

And we've been working closely with both the federal and provincial authorities. They're well aware of our time lines. And at this juncture -- and again, I'll remind you, we're targeting first production at the end of 2029.

我們一直與聯邦與省級主管機關密切合作。他們非常清楚我們的時程。而在目前這個階段——我再提醒一次，我們的目標是在 2029 年底首次投產。

And certainly, at this juncture, what we're seeing with some of the stuff on the AEX side of the fence is not interfering with that timeline.

而且可以確定的是，就目前而言，我們在 AEX 這一側看到的一些事情並沒有干擾該時程。

Anita Soni, CIBC World Markets.

Anita Soni，CIBC World Markets。

And firstly, congratulations, Claude, on your retirement. Your tenure was certainly exemplary in terms of operating track record. Best of luck in your retirement.

首先，Claude，恭喜你退休。你在任期間的營運績效紀錄確實堪稱典範。祝你退休生活一切順利。

And then I think my questions on Lobo-Marte were mostly asked just on the timing. I just wanted to get an idea about on Round Mountain, how we could see the back half of the year evolve.

接著，我對 Lobo-Marte 的問題大多已經被問到，主要是時程方面。我想了解的是，關於 Round Mountain，我們如何看待今年下半年可能的發展？

I think if we look back to some -- when you were -- there was an update, I think, a couple of years ago about the Phase X. And I thought production was going to be somewhat in the like 150,000 to 200,000 ounces per year range this year, and it's kind of tracking a little bit behind. So are we looking for really strong grades in the back half of the year?

我想如果回頭看——你們在幾年前對 Phase X 有過一次更新。我原本以為今年產量會大概落在每年 15 萬到 20 萬盎司的區間，但目前看起來有點落後。所以我們是否應該期待下半年品位會非常強勁？

Or was that kind of production profile shifted from -- understandably from like two years ago from that chart?

還是說，從兩年前那張圖表來看，那個產量曲線已經被往後移了（這也可以理解）？

Yes, I think for Round Mountain, the 150 forward has always been the target. We're obviously ramping up to that as we now are stripping into Phase S and getting into the ore in the second half of this year. When we add Phase X later, it will contribute as well and take it up to closer to the 200 range. So the 150 was always an average with a ramp-up period.

是的，我想對 Round Mountain 而言，15 萬盎司一直都是目標。隨著我們現在剝採進入 Phase S，並在今年下半年進入礦石區，我們正逐步爬坡到那個水準。之後加入 Phase X 也會帶來貢獻，讓產量更接近 20 萬盎司的區間。所以 15 萬盎司一直是平均目標，中間會有一段爬坡期。

So we do see increased production in the back end of this year as we now enter the Phase S ore and also getting into high-grade ore feed. So during the first part of this year, we were doing a lot of production came from heaps and historical mining. So now we're moving to the ore in the back half of this year. So I do think we're targeting 120, 130 range for this year, and then it will build up into next year and the years following.

因此，隨著我們進入 Phase S 的礦石，同時也開始處理較高品位的入料，我們確實預期今年下半年產量會增加。今年前半段，我們的產量有很大一部分來自堆浸（heaps）以及歷史採礦。所以現在我們在今年下半年轉向礦石。因此我確實認為我們今年目標是 12 萬到 13 萬盎司的區間，然後明年及之後幾年會逐步提升。

Okay. And then -- and sorry, just in terms of the types of grades that we could see from Phase S, is that kind of in the mid-1 grams? Is that what we should be seeing?

好的。然後——抱歉，再確認一下，就 Phase S 可能看到的品位類型而言，大概是在 1 克左右的中段（mid-1 grams）嗎？我們應該預期是那樣嗎？

Yes. I think the average grade, I think we released it a couple of years ago, it was a little lower than 1 gram on average, I believe. But I think we have quite a bit of -- we're getting into 0.7 later in the phase, deeper down, we get into the 1 gram stuff.

是的。我想平均品位——我記得我們幾年前公布過——平均大概略低於 1 克。但我想我們有相當一部分——在該階段後段、往更深處會到 0.7，而再更深一些就會進入 1 克左右的礦。

Okay. Yes. So I was just talking specifically about the deeper stuff rather than the stuff that goes to the heap leach, which is consistently sort of --

好的。是的。所以我剛剛是特別在談更深部的部分，而不是送去堆浸的那部分，因為那部分一直都算是--

Yeah, we're looking at the 1 gram material.

對，我們看的是 1 克左右的物料。

Daniel Major, UBS.

Daniel Major，UBS。

Congratulations on a good quarter. Yes, I guess first one, just on the balance sheet, capital returns, encouraging to see sustainably returning cash to shareholders. But you're at $2 billion of net cash now. And if you stick to your 40% payout ratio, that cash balance obviously continues to build.

恭喜你們交出一個不錯的季度。我想第一個問題是關於資產負債表與資本回饋；很高興看到你們能持續把現金回饋給股東。但你們現在淨現金已達 20 億美元。如果你們維持 40% 的配息率，那現金餘額顯然會持續累積。

Is there a maximum level of cash you're comfortable with before you commit to a higher rate of return? First part of the question. And then the second part of the question, how is the M&A component of the capital allocation framework looking at the moment? Asset values have come back. Is there any opportunities out there you're working on?

在你們承諾提高回饋率之前，有沒有一個你們覺得可接受的現金上限？這是問題的第一部分。第二部分是，目前你們資本配置框架中的併購（M&A）面向看起來如何？資產估值已經回落。你們是否正在推進任何外部機會？市場上是否有你們正在評估的標的？

That's the first part of my question.

這是我問題的第一部分。

Sure. I'll start on the cash balance. You're right, we're at net cash of just under $2 billion, and we do expect that to continue to grow as we go through the year here. We started the year with the 40% of free cash flow commitment coming back to shareholders. So we're going to progress with that, and we'll see how the year finishes out.

當然。我先從現金餘額談起。你說得沒錯，我們目前的淨現金略低於20億美元，而且我們確實預期在今年接下來的時間裡會持續成長。我們在年初就承諾將自由現金流的40%回饋給股東。所以我們會持續推進這項安排，並看看今年最後的結果如何。

We're certainly comfortable with the cash balance. We're comfortable with it continuing to grow. Just strong balance sheet is helpful as we continue to progress our pipeline of projects and additional opportunities through that pipeline. We're also paying a lot of higher taxes. So we paid a lot of tax this year, and that will -- those liabilities will continue going forward.

我們對現金餘額當然感到安心。也對它持續成長感到安心。強健的資產負債表有助於我們持續推進專案管線，以及在該管線中推動更多機會。我們也在繳納更多較高的稅負。所以我們今年繳了很多稅，而這些負債——這些稅務負債未來也會持續存在。

But we do expect to grow the cash balance while also continuing to invest in the business and returning capital. So we're sticking with the 40% for now, but it's something that we'll continue to assess as we progress through the year here and into early next year.

但我們確實預期在持續投資業務並回饋資本的同時，仍能讓現金餘額成長。因此目前我們仍維持40%的比例，但這也是我們在今年接下來的時間以及明年初會持續評估的事項。

Yes. I'll jump in on the M&A point. Again, I would just say our position remains where it always has been. We're in a really good spot where, as Will alluded to, we've got a significant inventory of resource behind our 2P reserve as you saw earlier this year, where we converted the US projects out of that resource category and moved them into development. We've got lots of things to keep looking at in our own organic portfolio.

是的。我來補充一下併購（M&A）的部分。同樣地，我只想說，我們的立場一如既往。我們處在非常好的位置；正如Will剛才提到的，我們在2P儲量背後有相當可觀的資源庫存——你們今年稍早也看到，我們把美國專案從資源類別轉出並移入開發階段。我們在自身的有機資產組合裡，還有很多事情可以持續檢視。

So that for us is the main thing. That's what we understand the most. And work continues with our team to do more drilling, to better understand numbers and continue to move things along from the right-hand side of the column resource over to development decisions. So stay tuned on that.

所以對我們而言，這才是最主要的。這也是我們最了解的部分。我們的團隊也持續進行更多鑽探，以更好地掌握數據，並持續把事情從右側欄位的資源逐步推進到開發決策。所以敬請期待。

On the external environment, as always, we keep an eye on what's out there, what might be up for sale. But again, we're playing from a position of strength where we don't feel a need. I think our M&A track record, if you look in the rearview mirror, speaks for itself. We've only done a couple of deals, a few deals over the last 10 years. We're very discriminating.

至於外部環境，一如往常，我們會留意市場上有哪些標的、哪些可能出售。但同樣地，我們是站在優勢位置出發，並不覺得有迫切需求。我想如果你回頭看，我們的併購紀錄本身就能說明一切。過去10年我們只做了幾筆交易、兩三筆而已。我們非常謹慎挑選。

We think we can add value at different ends of the scale, whether it's development or improving operations. We can bring a lot of resources to bear.

我們認為我們能在不同尺度的兩端創造價值，不論是開發端或是提升營運。我們可以投入大量資源來支撐。

But number one, it's all about value creation for our shareholders. And is there something transactable? And we keep an eye, and we will remain disciplined as we continue to move forward.

但第一要務是為股東創造價值。以及是否真的有可交易的機會。我們會持續關注，並在往前推進時保持紀律。

Okay. Maybe if I could just ask a couple of follow-ups. Just one on Lobo-Marte. What is the life of mine sustaining CapEx embedded in the $1,000 AISC?

好的。也許我可以再追問幾個問題。先問一個關於Lobo-Marte。在1,000美元AISC中，包含了多少礦山全壽命的維持性資本支出（sustaining CapEx）？

Yes. I'll have to get back to you on that. We can check in on how much of that specifically is sustaining.

是的。這個我得再回覆你。我們可以確認其中有多少是明確屬於維持性支出。

Okay. And then just one more, if I could. Given the higher price environment, what is the timeline around another pushback at Tasiast? When might you be thinking about that and a decision to extend the profile?

好的。然後如果可以的話再問最後一個。在價格環境較高的情況下，Tasiast再次進行推後（pushback）的時間表是什麼？你們可能何時會考慮這件事，以及做出延長產量曲線（profile）的決策？

Well, we've got a -- I guess you guys have an updated technical report. So you can see it's really the early 30s where our production starts to ramp down again after we get through the heart of West Branch 5. So the focus is on making sure we're well prepared in advance of that. So obviously, we're progressing studies now to be able to get to a point where we're comfortable making a decision that continues mining in the 30s and then continues higher-grade production.

嗯，我們有一份——我想你們手上有更新過的技術報告。所以你們可以看到，大概在2030年代初期，當我們走過West Branch 5的核心區之後，我們的產量又會開始下滑。因此重點是確保我們在那之前就做好充分準備。所以很明顯地，我們現在正在推進研究，以便達到一個我們有信心做出決策的階段，讓採礦能在2030年代持續進行，並延續較高品位的產量。

All right. Thanks a lot.

好。非常感謝。

Yes. And just a follow-up the guys have gone back to us on. We've got about $1.5 billion of sustaining CapEx life of mine. About half of that is stripping for Lobo.

是的。另外補充一下，團隊剛回覆我們了。我們的礦山全壽命維持性資本支出大約是15億美元。其中約一半是Lobo的剝採（stripping）。

I think I mean, piling on a bit, but it's all about -- in a layback, as you can appreciate, Dan, we're just looking at the economies of scale and what we can do with perhaps bigger trucks, bigger shovels, truck optimization, what can we do to bring things forward in terms of waste removal. That's where a lot of the analysis is right now. And in terms of what can we do to compress schedule on the amount of time it takes to do the layback, that's where we're focused.

我想——再補充一點，但重點在於——如你所知，Dan，在做推後（layback）時，我們主要在看規模經濟，以及我們是否能用更大的卡車、更大的挖掘機、卡車最佳化等方式；以及在廢石移除方面，我們能做些什麼把工作提前。目前很多分析都集中在這裡。至於我們能做什麼來壓縮推後所需的工期，這也是我們聚焦的方向。

Tanya Jakusconek, Scotiabank.

Tanya Jakusconek，豐業銀行（Scotiabank）。

Claude, congratulations on your next adventure. Claude, maybe just starting with you, if I could. Just wanted to come back to the cost side because I'm quite impressed with the cost control that you're having there, given your open pits, low-grade miner. Low-grade relative, obviously.

Claude，恭喜你即將展開下一段旅程。Claude，如果可以的話，我先從你開始問。我想回到成本面，因為考量到你們是露天礦、低品位礦山，我對你們的成本控管表現印象很深。當然是相對低品位。

I'm just trying to understand, you've got these productivities that you've mentioned. Andrea also mentioned that (inaudible) labor and I think power and fuel, you're not really seeing anything else that's inflating your costs. So I'm just trying to understand whether your productivity improvements can offset inflation. Do you think you can get 4%, 5% from these productivity improvements to offset inflationary pressures on your costs?

我想了解的是，你提到這些生產力提升。Andrea也提到（聽不清）人力，我想還有電力與燃料，你們似乎沒有看到其他會推升成本的因素。所以我想了解你們的生產力改善是否能抵消通膨。你認為你們能從這些生產力提升中取得4%、5%，以抵消成本端的通膨壓力嗎？

As I said -- Tanya, thank you very much. But as I said, as we do these productivity improvements, we've always felt that with our continuous improvement processes on our sites, it will eventually get away from us. So we're very focused on having these different initiatives at site. The key element being as well is when we are successful at one site with an initiative, we transfer that to the other six sites to make sure that they also adopt this. But there's a huge complex strategy, everything from tire management.

如我所說——Tanya，非常感謝。但如我所說，當我們推動這些生產力改善時，我們一直覺得，靠著各礦區的持續改善流程，最終可能會被通膨追上。所以我們非常專注於在各礦區推動不同的倡議。其中一個關鍵要素是，當我們在某個礦區成功推行一項措施時，我們會把它移轉到其他六個礦區，確保他們也採用。但這是一個非常複雜的策略，涵蓋從輪胎管理等各方面。

We've gone from being sort of the bottom of the pile in that area to being leading edge in those things. And those are big dollars that drive your cost down.

我們在那個領域曾經算是墊底，但現在已經成為領先者。而這些都是能大幅降低成本的重大金額項目。

The other part is just always grade optimization strategy and how we pick the right spots of moving the production. That helps. Inflation, again, we're in a global environment. We're in different jurisdictions. It's at a different level.

另一部分則是持續的品位最佳化策略，以及我們如何選擇正確的區域來移動產量。這也有幫助。至於通膨，我們處在全球環境中。我們在不同的司法管轄區營運。通膨程度也各不相同。

And as you're monitoring FX and inflation, do I personally think that you can always outpace inflation? Well, that's the tough challenge. That's what we laid out for the teams. And as you've seen, we have had a lot of success with managing to keep our cost structure in line with our expectations. But you can't do that without a lot of continuous improvement and a culture of innovation within the organization.

當你在監控匯率（FX）與通膨時，我個人是否認為你們總能跑贏通膨？嗯，這就是艱難的挑戰。這也是我們對團隊提出的目標。而如你所見，我們在管理成本結構、使其符合我們預期方面，已經取得很多成功。但若沒有大量的持續改善，以及組織內部的創新文化，是做不到的。

Congrats on the cost side. Maybe I can move on to Great Bear. I just got some questions on just some of the items that -- to look forward to. So the first one, I just wanted to ask on the bulk sample. Do we -- when should we be thinking about this bulk sample for metallurgical testing?

恭喜你們在成本端的表現。也許我可以接著談談 Great Bear。我有幾個關於一些項目的問題——想請教一下未來的規劃。第一個，我想問關於大宗樣品（bulk sample）。我們——應該什麼時候開始考慮為冶金測試準備這個大宗樣品？

When should I be thinking this is coming?

我應該什麼時候預期它會到來？

Yes, that's still a little ways out. I don't have the exact date, but it's -- we got to get down to the level where we want to take bulk sample. We're obviously progressing the twin declines, and we're going to start putting in some exploration headings towards the end of this year or early next year. So that's kind of the first focus to start to drill. So I think the bulk sample will probably be late next year or the following year sometime, but we can get back to you with more specific schedule of it.

是的，那還要再等一段時間。我沒有確切日期，但——我們得先下到我們想採集大宗樣品的那個水平。我們顯然正在推進雙斜坡道（twin declines），而且我們將在今年底或明年初開始布置一些勘探巷道（exploration headings）。所以那會是開始鑽探的第一個重點。因此我認為大宗樣品可能會在明年較晚的時候或再下一年某個時間，但我們可以再回覆你更具體的時程安排。

Okay. And then just some --

好的。然後還有一些--

Once you've opened up on the different levels.

等你們在不同的水平打開之後。

Okay. And I think we've talked a lot about the permitting and hopefully get all the permits in place for spring of next year to start construction thereafter. But maybe someone -- you've done 50% engineering to date. And I think it was mentioned that you're going to update the capital for us next year once you have a better idea and potentially some scoping changes. Can I ask whether you are seeing some here that could -- and what are they at this point?

好的。我想我們已經談了很多關於許可（permitting）的事，希望在明年春天前把所有許可都到位，之後就能開始施工。不過也許有人——你們目前已完成 50% 的工程設計。而且我記得有提到，明年在你們掌握更清楚的情況、以及可能有一些範疇（scope）變更後，會更新資本支出（capital）給我們。我想問的是，你們現在是否看到一些可能——以及目前是哪些項目？

Yes. Look, I think that's right. I mean, there's always going to be an inflation component, Tanya. As you know, I think other areas where when we look at capital in the waterfall, it's a combination of inflation and discretion, and is there anywhere where we may have missed it or come up light.

是的。聽著，我想你說得沒錯。我的意思是，總會有通膨因素，Tanya。如你所知，我認為當我們在瀑布圖（waterfall）裡看資本支出時，它是通膨與可裁量項目的組合，並且要看是否有任何地方我們可能漏掉或估得偏低。

I don't think in the latter instance, there's anything that gives us concern that we haven't anticipated. This is pretty straightforward as a 10,000 tonne per day mill right off the highway outside of town. But we always look at optimizations or enhancement that might be more favorable to environmental regulations, that sort of stuff.

我不認為在後者那種情況下，有任何事情會讓我們擔心我們沒有事先預期到。這相當直接：一座每日 10,000 噸的磨礦廠（mill），就在城外、靠近公路。但我們總是會尋找最佳化或改良，可能更有利於符合環境法規之類的事情。

So yes, there will be an update. I don't view this as a project that's particularly at all capital sensitive. And just stay tuned for that. It will be sort of normal course adjustment mostly due to inflation.

所以是的，會有更新。我不認為這是一個對資本支出特別敏感的專案。請持續關注。這大多會是正常的調整流程，主要是因為通膨。

Yes. That's what I was getting at, Paul. I was just trying to understand if it was just inflation plus, and then it's a scope change, and then we'd have to adjust for that. But it seems as though it's just inflation.

是的。這就是我想問的，Paul。我只是想了解是否只是通膨加上其他因素；如果是範疇變更，那我們就得為此調整。但看起來似乎就是通膨。

It will be a combination. But typically, if -- I'm of the opinion, an increase in capital isn't necessarily always a bad thing. An increase in capital means, hopefully, we're gaining something as well. It's a trade-off decision, whether it's a return or an efficiency or a better standard. So we'll walk you through that when we get it more finalized.

會是兩者的組合。但通常，如果——我的看法是，資本支出增加不一定總是壞事。資本支出增加代表，希望我們也同時獲得一些東西。這是一個取捨決策，可能是報酬、效率或更高的標準。等我們更定案後，會帶你們逐一說明。

Matthew Murphy, BMO.

BMO 的 Matthew Murphy。

Just a clarification question on Lobo-Marte. So the $1,200 an ounce reserve pit is sort of your base case on this submission. And is it your intention that, that eventually -- like sooner rather than later, that gets adjusted to an updated gold price? And if so, how should we think about that $1,000 an ounce AISC? Does that belong with the $1,200? Or is that what you're -- where you're aiming to have this thing into production at?

關於 Lobo-Marte 我有個釐清問題。所以以每盎司 1,200 美元的金價來界定儲量坑（reserve pit），算是你們這次提交的基本情境（base case）。你們的意圖是否是，最終——而且可能是較早而非較晚——把它調整到更新的金價？如果是，那我們應該如何看待每盎司 1,000 美元的 AISC（全維持成本）？它是對應每盎司 1,200 美元的情境嗎？還是說那是你們希望把這個專案推進到投產時所要達到的目標？

Yes, that's -- I mean, that's what we're aiming to have this thing in production at any optimization that we provide. First off, you can see that most of that additional resource sits lower. So it will tend to come towards the end of the mine life.

是的，那——我的意思是，那就是我們希望在投產時、以及我們提出任何最佳化後，能達到的目標。首先，你可以看到大部分新增資源位於更深處。所以它往往會在礦山壽命的後期才會開採到。

The types of things we're going to want to play with as we get into value engineering is the production rate, those types of things. We're designing around a 35,000 tonne [per day] facility because that's what we've done all our baseline work around. But obviously, we'll look if there's opportunity to enhance that.

當我們進入價值工程（value engineering）時，想要調整的類型會是產能（production rate）之類的項目。我們是以每日 35,000 噸的設施來做設計，因為我們所有基準工作（baseline work）都是圍繞這個規模完成的。但顯然，我們也會評估是否有機會提升。

The cutoff grade will go down, and it will be a question of when you -- ideally, you put more of those tonnes onto the pad without diluting that AISC. So going to a higher production rate is a good way to do that. So those types of things that we're going to look at and the pit sequencing as well.

截止品位（cutoff grade）會下降，問題會在於你何時——理想情況下，你能把更多噸數堆到堆浸墊（pad）上，同時不稀釋那個 AISC。因此提高產能是一個很好的方式。所以這些就是我們要看的方向，另外也包括採坑開採順序（pit sequencing）。

Right now, we've got Marte sequence first. We're going to also look at the options of moving Lobo around and potentially producing from two pits at the same time. So all of those optimizations will be focused around not only extending mine life, but keeping that AISC low and increasing the scale of the asset.

目前我們是先 Marte 的開採順序。我們也會評估調整 Lobo 的選項，並可能同時從兩個採坑生產。因此，所有這些最佳化都會聚焦在不僅延長礦山壽命，也要維持低 AISC，並擴大資產規模。

And there are no further questions at this time. I will now turn the call back over to Mr. Paul Rollinson for some final closing comments.

目前沒有其他問題。我現在把電話交回給 Paul Rollinson 先生，請他做最後的結語。

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

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到幾個月內，能與各位面對面再交流。謝謝各位撥入。謝謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。