紐蒙特黃金公司 (NEM) 2025 Q2 法說會逐字稿

Hello, and welcome to Newmont second-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Chief Executive Officer, Tom Palmer. Please go ahead.

您好，歡迎參加紐蒙特 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在我想將會議交給執行長湯姆·帕爾默。請繼續。

Thank you operator. Hello everyone, and thank you for joining our call. Today I'm joined by Natascha Viljoen, our President and Chief Operating Officer; Peter Wexler, our Chief Legal Officer, and has recently announced our Interim Chief Financial Officer, along with the rest of my executive leadership team, and we'll all be available to answer your questions at the end of the call. Please note our cautionary statement and refer to our SEC filings, which can be found on our website.

謝謝接線生。大家好，感謝您參加我們的電話會議。今天，我與我們的總裁兼首席營運長 Natascha Viljoen、我們的首席法律官 Peter Wexler 一起出席了會議，並且最近還宣布了我們的臨時首席財務官，以及我的其他執行領導團隊，我們都將在電話會議結束時回答您的問題。請注意我們的警告聲明並參閱我們向美國證券交易委員會提交的文件，該文件可在我們的網站上找到。

As we reported yesterday, on Tuesday of this week, two fall of ground incidents occurred at our Red Chris operation in British Columbia. Blocking the access way to the underground work area of our non-producing project at this site. At the time of the initial incident, we had three business partner employees working underground, more than 500 meters beyond the affected zone.

正如我們昨天報導的那樣，本週二，我們位於不列顛哥倫比亞省的 Red Chris 工廠發生了兩起墜落事故。阻塞通往該地點我們非生產項目地下工作區的通道。事故發生時，我們有三位業務夥伴的員工正在地下作業，距離受災區域超過 500 公尺。

We asked them to relocate to a designated refuge chamber and confirmed that they had safely arrived in the chamber before the second fall of ground blocked the access way. This second fall of ground also impacted our underground communication system.

我們要求他們轉移到指定的避難室，並確認他們在第二次地面塌陷阻塞通道之前已經安全抵達避難室。第二次地面塌陷也影響了我們的地下通訊系統。

All appropriate emergency response protocols were immediately activated, and operations at Red Cres have been suspended whilst we respond to the incident. Along with the support from emergency responders and teams from nearby mine sites, our focus is on restoring communications to the refuge chamber. Safely reestablishing access underground and bringing our three teammates back to the surface and to their families and friends.

所有適當的緊急應變協議均已立即啟動，Red Cres 的營運已暫停，我們正在回應事件。在緊急救援人員和附近礦場團隊的支持下，我們的重點是恢復避難室的通訊。安全地重新建立地下通道，並將我們的三名隊友帶回地面，與他們的家人和朋友團聚。

We are diligently responding to this incident with excellent support from the broader industry and appreciate your understanding during this very live and evolving situation. That although overshadowed by this incident at Red Chris. Newmont delivered another strong operational performance in the second quarter, keeping us firmly on track to achieve our 2025 guidance. Underscoring this performance are our three key priorities for this year, which remain clear and unchanged.

在業界的大力支持下，我們正在認真應對這一事件，並感謝您在這種非常活躍和不斷變化的情況下的理解。儘管這被 Red Chris 事件所掩蓋。紐蒙特在第二季度再次取得了強勁的營運業績，使我們堅定地朝著實現 2025 年目標的方向前進。凸顯這項業績的是我們今年的三大重點，這些重點依然明確且沒有改變。

First and most importantly, to strengthen our safety culture. Second, to stabilize our 11 managed operations, and third, to execute on capital returns. As I just described, we are concentrating the full force of our organization on the safe recovery of our team members at Red Chris, and we will conduct a thorough and independent investigation into the factors that led to this event.

首先，最重要的是，加強我們的安全文化。第二，穩定我們管理的11個業務；第三，實現資本回報。正如我剛才所描述的，我們正集中組織的全部力量，確保 Red Chris 團隊成員的安全康復，並將對導致這一事件的因素進行徹底和獨立的調查。

All findings and lessons learned will be leveraged across Newmont to strengthen our always safe program, and will be shared across the broader mining industry. You can also expect that we will continue to provide regular updates as those efforts progress.

所有的研究結果和經驗教訓都將在整個紐蒙特公司中得到利用，以加強我們的始終安全計劃，並將與更廣泛的採礦業分享。您還可以期待，隨著這些努力的進展，我們將繼續提供定期更新。

Turning to our ongoing work to stabilize our operations. Our portfolio of world-class gold and copper assets delivered another solid quarter. We produced 1.5 billion ounces of gold and 36,000 tonnes of copper, remaining in line with our four-year guidance and the indications we provided on our last call.

轉向我們正在進行的穩定運營的工作。我們世界級的黃金和銅資產組合再創佳績。我們生產了 15 億盎司黃金和 36,000 噸銅，符合我們的四年指導和上次電話會議中提供的指示。

This strong production supported robust financial results, including $2.4 billion of cash flow from operations after working capital, and an all-time record for quarterly free cash flow of $1.7 billion of which more than $1.5 billion or 90% was generated by our core managed operations.

強勁的生產業績支撐了強勁的財務業績，包括扣除營運資本後的 24 億美元經營現金流，以及創紀錄的 17 億美元季度自由現金流，其中超過 15 億美元（即 90%）來自我們的核心管理業務。

Our shareholders continue to benefit from our non-core asset divestment program that we successfully completed earlier this year. As we announced last week, we expect to receive approximately $470 million in cash proceeds after taxes and commissions from the sale of our shares in Greatland Gold and Discovery Silver. Shares that we received as consideration for the divestments of Telfer and Porcupine respectively.

我們的股東繼續受益於我們今年稍早成功完成的非核心資產剝離計劃。正如我們上週宣布的那樣，我們預計出售 Greatland Gold 和 Discovery Silver 股份後將獲得約 4.7 億美元的現金收益（扣除稅款和佣金）。我們分別因剝離 Telfer 和 Porcupine 而收到的股份。

As a consequence, we now expect to generate $3 billion in after-tax cash proceeds this year from our divestment program, and these proceeds will be used to support our third key priority returning capital to shareholders. Since our last earnings call, we have retired $372 million of debt, and returned over $1 billion to shareholders through both regular dividends and share repurchases.

因此，我們現在預計今年的撤資計畫將產生 30 億美元的稅後現金收益，這些收益將用於支持我們的第三個關鍵優先事項——向股東返還資本。自上次收益電話會議以來，我們已經償還了 3.72 億美元的債務，並透過定期股息和股票回購向股東返還了超過 10 億美元。

And in addition to making meaningful progress on our existing program, our board has approved an additional $3 billion share repurchase program. Doubling, our total authorization to $6 billion of which $2.8 billion has been executed to date.

除了在現有計劃上取得重大進展外，我們的董事會還批准了另外 30 億美元的股票回購計畫。我們的授權總額增加了一倍，達到 60 億美元，其中迄今已執行 28 億美元。

With our strong second-quarter results and continued operational and financial momentum, we remain firmly on track to meet our 2025 guidance. Whilst also generating industry-leading free cash flow and consistently returning capital to shareholders through a predictable dividend and ongoing share repurchases.

憑藉強勁的第二季業績以及持續的營運和財務勢頭，我們仍有望實現 2025 年的預期。同時也產生業界領先的自由現金流，並透過可預測的股利和持續的股票回購持續向股東返還資本。

With that, I'll now turn it to Natascha for an update on our operations.

好了，現在我將向 Natascha 報告我們的行動最新進展。

Thank you, Tom, and hello, everyone. Before we jump into the details, I'd like to echo Tom's statements about our team members at Red Chris.

謝謝你，湯姆，大家好。在我們討論細節之前，我想先附和湯姆對我們 Red Chris 團隊成員的評價。

Above all else, we are focused on bringing them home safely, and we are leveraging the strength and extensive experience of our global technical, operational, and safety teams with the support of our industry partners.

最重要的是，我們專注於讓他們安全回家，並且在行業合作夥伴的支持下，我們利用全球技術、營運和安全團隊的優勢和豐富的經驗。

Shifting now to our operational performance. This quarter underscores the resilience of our world-class portfolio, which has been thoughtfully assembled around high quality long-life assets. With this robust foundation in place, we are exceptionally well positioned to organically deliver multi-decade value through our high caliber operations, robust pipeline of projects, and deep bench of technical and operational leaders.

現在轉向我們的營運績效。本季凸顯了我們世界一流投資組合的韌性，該投資組合是圍繞著高品質的長期資產精心組建的。憑藉這一堅實的基礎，我們完全有能力透過高水準的營運、強大的專案管道以及強大的技術和營運領導者隊伍，有機地實現數十年的價值。

Our second quarter operational results outperformed our previous expectations, effectively bookending the first-half of the year and establishing a solid foundation for consistent delivery in the second half. This compelling performance was largely driven by production from our core managed operations, including higher than expected production from Cadia in the first half of the year, due to higher grade or from the current panel cave. And in addition, we have been able to noticeably reduce downtime related to plant maintenance.

我們第二季的營運業績超出了我們先前的預期，有效地結束了上半年的運營，並為下半年的持續交付奠定了堅實的基礎。這一引人注目的業績很大程度上得益於我們核心管理業務的產量，包括今年上半年卡迪亞礦的產量高於預期，這歸因於礦品位較高或來自當前礦區。此外，我們還能夠大幅減少與工廠維護相關的停機時間。

As previously mentioned, we expect production to decrease in the second half of the year as we continue to transition to our new panel cave, PC2-3. Penasquito exceeded our gold production expectations in the first-half of the year due to higher grade ore from the Penasco pit.

如前所述，隨著我們繼續向新的面板洞穴 PC2-3 過渡，我們預計下半年產量將會下降。由於 Penasco 礦坑的礦石品位較高，Penasquito 上半年的黃金產量超出了我們的預期。

However, production is expected to shift from a higher proportion of gold to a higher proportion of silver, lead, and zinc content, primarily in the fourth-quarter, as we move to lower gold grade areas in the Penasco pit.

然而，隨著我們轉向 Penasco 礦坑中金品位較低的區域，預計產量將從較高比例的黃金轉向較高比例的銀、鉛和鋅，主要是在第四季度。

As part of a planned sequence in this large polymetallic mines. And in Lihir, we delivered consistent production in the first half of the year. However, this will begin to decline in the second half of the year, as we begin processing lower grade material as part of our planned mine sequence.

作為該大型多金屬礦山計劃序列的一部分。在利希爾，我們上半年實現了穩定的產量。然而，隨著我們開始按照計劃的礦山順序加工較低品位的材料，這一數字將在下半年開始下降。

What really stands out at Lihir is the steady progress we're making in bringing stability to both the mine and processing plant. For example, we are beginning to see the benefits from improved drainage and water management around our haul roads, along with cleaner access to both pit and stockpiles, creating a safer and more efficient design for this mine.

Lihir 真正引人注目的是我們在為礦山和加工廠帶來穩定性方面所取得的穩步進展。例如，我們開始看到改善運輸道路周圍的排水和水管理的好處，以及更清潔的礦坑和庫存通道，為該礦創造了更安全、更有效率的設計。

As a result, we've been able to park nine trucks and materially reduce the contractor footprint, generating significant cost savings from this initiative alone. For the last two years we have been on a journey of integrated -- integration, rationalization, and optimization with a view to creating value over a period of decades.

結果，我們能夠停放九輛卡車並大幅減少承包商的佔地面積，僅憑這項措施就能節省大量成本。過去兩年來，我們致力於整合、合理化和優化，以期在幾十年內創造價值。

With the rationalization phase largely complete, we have been applying the full force of our operating and technically -- technical capability to systematically optimize operations across all 11 of our managed operations. And as reflected in our results, these stabilization efforts are delivering tangible benefits, positioning us to confidently continue our optimization work.

隨著合理化階段基本上完成，我們一直在充分利用我們的營運和技術能力，系統地優化我們管理的所有 11 個營運部門的營運。正如我們的結果所反映的那樣，這些穩定努力正在帶來切實的利益，使我們能夠滿懷信心地繼續我們的優化工作。

With a deep understanding of each and every asset, we are working on productivity enhancements and improvements to the cost structure across our managed operations, ensuring each site meets the performance metrics required to earn its place in our world-class portfolio.

透過深入了解每項資產，我們致力於提高生產力並改善整個管理營運的成本結構，確保每個站點都符合所需的績效指標，從而成為我們世界一流投資組合中的一員。

You saw an example of this at the beginning of the year when we paused our investment in the underground expansion activities at Cerro Negro and again more recently with the cost improvement measures we are working on at Merian.

今年年初，我們暫停了對塞羅內格羅 (Cerro Negro) 地下擴建活動的投資，最近，我們又暫停了對梅里安 (Merian) 的成本改進措施，你們就看到了這樣的例子。

Building on the strong production performance from our core managed operations in the first half of the year, we remain firmly on track to meet the full year guidance ranges we issued in February. Turning now to our cost performance. We remain on track and are continuing to focus on driving improvements across our portfolio.

基於我們核心管理業務上半年強勁的生產業績，我們仍有望實現 2 月發布的全年預期目標。現在來談談我們的成本表現。我們仍保持著正軌，並將繼續致力於推動我們整個產品組合的改進。

As mentioned, sharpening our efforts on cost discipline and productivity enhancements has been a primary focus for all of us at Newmont. And as a result, our costs applicable to sales and our all in sustaining costs are in line with the guidance expectations set at the beginning of the year.

如上所述，加強成本控制和提高生產力一直是紐蒙特所有人關注的重點。因此，我們的銷售成本和所有維持成本都符合年初設定的指導預期。

Finally, our capital spend for 2025 is on track to land within the gardens ranges, we set at the beginning of the year. Starting with sustaining capital. We anticipate spending to be approximately 57% weighted towards the second half of the year, driven by deliberate decisions to defer expenditures for key activities across several sites.

最後，我們 2025 年的資本支出可望達到年初設定的花園範圍。從維持資本開始。我們預計下半年的支出將佔比約 57%，這是由於有意推遲多個站點關鍵活動的支出。

Including plant spending at Tanami associated with our expansion of our ventilation system in the second-half of the year. Purposefully moving some of our ongoing optimization work at Lihir to the third and fourth quarters with a specific focus on asset integrity and reliability and a continued surface work at Red Chris Brucejack during the warmest summer months in Canada.

包括下半年我們在 Tanami 擴建通風系統的工廠支出。有意將我們在 Lihir 正在進行的一些優化工作移至第三季度和第四季度，特別關注資產完整性和可靠性，並在加拿大最溫暖的夏季繼續在 Red Chris Brucejack 進行地面工作。

Higher sustaining capital in the second half of the year will also include an expected increase at Cadia to support the ongoing panel cave development as well as addressing the historical underinvestment in tailings, remediation and storage capacity. While we continue to evaluate more efficient tailing solutions at this world-class operation.

下半年維持資本的增加還將包括卡迪亞預計增加的資本，以支持正在進行的面板洞穴開發以及解決尾礦、修復和儲存能力方面的歷史性投資不足問題。我們將繼續評估這項世界級作業中更有效的尾礦解決方案。

Our development capital follows a similar guidance and is now expected to be 51% 2nd half weighted, primarily due to the timing of spent related to the projects currently in execution. At our Ahafo North project, we are progressing as planned and are preparing to call first goal in the coming months, keeping us firmly on track to declare commercial production in the fourth quarter, as previously indicated.

我們的開發資本遵循類似的指導，目前預計下半年的權重為 51%，這主要是由於與目前正在執行的專案相關的支出時間。在我們的阿哈福北部專案中，我們正在按計劃進行，並準備在未來幾個月內實現第一個目標，這讓我們堅定地朝著先前指出的在第四季度宣布商業化生產的軌道前進。

In parallel, we successfully completed the 160 meter raise bore at the bottom of the shaft at our second expansion at Tanami and I removed the painter or an inch shaft barrier which allowed the site and efficient completion of this critical pathwork.

同時，我們在塔奈米 (Tanami) 的第二次擴建中成功完成了豎井底部 160 公尺的提升鑽孔，並且我拆除了油漆工或一英寸的豎井屏障，這使得這項關鍵的路徑工程能夠現場高效地完成。

And finally Cadia. Caving from PC2-3 has continued according to plan, while steadily advancing the underground development for BC1-2 and progressing the important tailings remediation and storage capacity works I mentioned previously.

最後是卡迪亞。PC2-3 的崩落工作正在按計劃進行，同時 BC1-2 的地下開發正在穩步推進，我之前提到的重要尾礦修復和儲存容量工程也在推進中。

I now will turn it back to Tom, to go through our financial results for the quarter.

現在我將把話題轉回給湯姆，讓他來介紹我們本季的財務表現。

Thanks, Natascha. I'd like to start this update by acknowledging the recent departure of Karyn Ovelmen, our Chief Financial Officer. Whilst the timing was unfortunate, we respect her decision and thank her for her contributions to Newmont over the last two years.

謝謝，娜塔莎。首先我想宣布一下我們財務長卡琳·奧維爾曼 (Karyn Ovelmen) 最近離職的消息。雖然時機不太合適，但我們尊重她的決定，並感謝她在過去兩年對紐蒙特的貢獻。

We have commenced a comprehensive search for our next CFO, and while we do that work, we continue to have a very strong and experienced finance team in place, be led by Peter Wexler on an interim basis. Importantly, there are no changes to our financial policies or capital allocation strategy, and we remain on track to deliver on our 2025 commitments and continue returning capital to shareholders.

我們已經開始全面尋找下一任財務官，在進行這項工作的同時，我們將繼續擁有一支非常強大且經驗豐富的財務團隊，由 Peter Wexler 臨時領導。重要的是，我們的財務政策或資本配置策略沒有變化，我們仍有望履行 2025 年的承諾並繼續向股東返還資本。

As I mentioned at the start of the call, you might report it strong financial results in the second quarter, driven by robust production, steady unit costs, and a supportive gold price environment. Gold, all in sustaining costs for the quarter was slightly below our guidance for the full year at $1,593 an ounce on a co-product basis. This is largely due to lower sustaining capital spend in the first half of the year which is Natascha just described, is expected to increase in the second half by comparison.

正如我在電話會議開始時提到的那樣，您可能會在第二季度報告強勁的財務業績，這得益於強勁的生產、穩定的單位成本以及有利的金價環境。本季黃金維持成本略低於我們對全年的預期，即每盎司 1,593 美元（以副產品計算）。這主要是由於 Natascha 剛才描述的上半年維持資本支出較低，而預計下半年將有所增加。

As a result, all-in sustaining costs are expected to be higher in the third and fourth quarters, but overall, in line with the indications we provided in February for the full year. I also want to highlight that going forward, we plan or prominently present our unit costs under both the co-product and byproduct methodologies to better assist our investor base with industry benchmarking and comparisons to our peers.

因此，預計第三季和第四季的總維持成本將會更高，但總體而言，與我們在二月提供的全年預測一致。我還想強調的是，展望未來，我們計劃或重點展示聯產品和副產品方法下的單位成本，以便更好地幫助我們的投資者群體進行行業基準測試和與同行的比較。

While providing our unit costs under both methods, we aim to offer our investors better insights into the individual contributions of the metals that we produce in addition to gold, whilst also providing a more comprehensive view of Newmont's overall margin performance.

在提供兩種方法下的單位成本的同時，我們的目標是讓投資者更了解我們生產的黃金以外的其他金屬的個別貢獻，同時也更全面地了解紐蒙特的整體利潤表現。

To put this into perspective, on a by-product basis, our goal all-in sustaining costs for the second quarter were $1,375 an ounce, which is more than $200 an ounce lower than our unit costs under the co-product method. And from our core managed portfolio in the second quarter, our gold all-in sustaining costs were $1,276 an ounce on a by-product basis.

從這個角度來看，以副產品為基礎，我們第二季的目標總維持成本為每盎司 1,375 美元，比副產品法下的單位成本每盎司低 200 多美元。從我們第二季的核心管理投資組合來看，我們的黃金總維持成本為每盎司 1,276 美元（以副產品計算）。

For the second quarter, Newmont generated $3 million in adjusted EBITDA and reported an adjusted net income of $1.43 per share. Most material adjustments to net income for the quarter include $0.63 related to a gain from the sale of a Akyem and Porcupine as part of our noncore asset divestment program, $0.14 related to mark-to-market gains on equity investments, primarily from the gain on the sale of shares received as proceeds for the sale of our Telfer operation and interest in the Havieron project to GrabenGold, and $0.31 in offsetting taxes primarily related to these adjustments.

第二季度，紐蒙特調整後息稅折舊攤提前利潤 (EBITDA) 為 300 萬美元，調整後每股淨收入為 1.43 美元。本季度淨收入的大部分重大調整包括 0.63 美元，與作為非核心資產剝離計劃的一部分出售 Akyem 和 Porcupine 的收益有關；0.14 美元，與股權投資的市價收益有關，主要來自出售股份的收益，該收益是將我們的 Telfer 業務和 Havieron 項目的權益出售給 GrabenGold 收益和主要調整。

But most notably, Newmont generated $2.4 billion of cash flow from operations and $1.7 billion of free cash flow, well above the first quarter and setting a new record quarterly cash flow performance. Our operating cash flow in the second quarter benefited from $156 million of favorable working capital adjustments, primarily driven by sales timing and higher revenue and pretax income associated with strong metal prices.

但最值得注意的是，紐蒙特公司產生了 24 億美元的營運現金流和 17 億美元的自由現金流，遠高於第一季度，創下了季度現金流表現的新紀錄。我們第二季的營運現金流受益於 1.56 億美元的有利營運資本調整，主要得益於銷售時機以及金屬價格強勁帶來的更高收入和稅前收入。

We are encouraged by the strength of our cash flow performance in the first half, which underscores the quality and potential of the world-class portfolio we have assembled and continue to shape and optimize. With this in mind, we remain committed to our shareholder-focused capital allocation strategy, which remains unchanged and has three priorities, to maintain a strong balance sheet, to steadily fund cash-generative organic projects and to continue to return capital to shareholders.

我們對上半年強勁的現金流表現感到鼓舞，這凸顯了我們已組建並將繼續塑造和優化的世界一流投資組合的品質和潛力。考慮到這一點，我們將繼續致力於以股東為中心的資本配置策略，該策略保持不變，並有三個優先事項：保持強勁的資產負債表、穩定地為產生現金的有機項目提供資金以及繼續向股東返還資本。

Starting with our balance sheet. We finished the quarter and the first half of the year with $6.2 billion in cash, well above our target of $3 billion on average. It's worth noting that this cash balance includes [$330 million] of the approximately $470 million in cash proceeds, net of taxes and commissions from the sale of our equity shares in Greatland Gold and Discovery Silver.

從我們的資產負債表開始。我們在本季和上半年結束時擁有 62 億美元的現金，遠高於平均 30 億美元的目標。值得注意的是，這筆現金餘額包括出售我們在 Greatland Gold 和 Discovery Silver 的普通股所得的約 4.7 億美元現金收益中的 [3.3 億美元]，扣除稅款和佣金。

In addition, we continue to surpass our debt target of $8 billion and reached an outstanding principal balance of $7.4 billion as of June 30. And we are proactively assessing opportunities to further reduce our outstanding debt, creating a flexible and resilient balance sheet that is able to navigate the commodity cycle.

此外，我們繼續超越 80 億美元的債務目標，截至 6 月 30 日，未償還本金餘額達 74 億美元。我們正在積極評估進一步減少未償債務的機會，創建一個靈活、有彈性的資產負債表，以應對大宗商品週期。

Turning to shareholder returns. We declared a fixed common second quarter dividend of $0.25 per share, consistent with the past seven quarters. And since our last earnings call in late April, we repurchased $750 million of shares, bringing the total shares repurchased in 2025 to $1.5 billion.

轉向股東回報。我們宣布第二季固定普通股股息為每股 0.25 美元，與過去七個季度一致。自 4 月底上次財報電話會議以來，我們已回購了價值 7.5 億美元的股票，使 2025 年回購的股票總額達到 15 億美元。

In total, since February last year, we have executed $2.8 billion in share repurchases. And as I mentioned earlier, our Board has approved an additional $3 billion share repurchase program. This brings our total authorization to $6 billion, demonstrating the confidence that we have in our business, and our commitment to rewarding our shareholders with predictable dividends and ongoing share repurchases in 2025 and beyond.

總體而言，自去年 2 月以來，我們已執行了 28 億美元的股票回購。正如我之前提到的，我們的董事會已經批准了額外 30 億美元的股票回購計畫。這使得我們的總授權金額達到 60 億美元，顯示了我們對自身業務的信心，以及我們致力於在 2025 年及以後透過可預測的股息和持續的股票回購來回報股東的承諾。

In closing, we delivered a strong second quarter and first half of the year, and remain on track to achieve our 2025 guidance and deliver on our commitments for the benefit of our shareholders. We achieved an all-time record quarterly free cash flow of $1.7 billion in the second quarter, and we continue to advance our disciplined capital allocation strategy, which includes strengthening our balance sheet through ongoing debt reductions and returning capital to shareholders through a predictable dividend and continued share repurchases, for which we have approved an additional $3 billion.

最後，我們在第二季和上半年表現強勁，並有望實現 2025 年的預期並履行對股東的承諾。我們在第二季度實現了創紀錄的 17 億美元季度自由現金流，並且我們繼續推進嚴謹的資本配置策略，包括透過持續削減債務來增強資產負債表，以及透過可預測的股息和持續的股票回購向股東返還資本，為此我們已批准額外追加 30 億美元。

Looking ahead, we will lean into the full capability of our teams and portfolio to leverage the momentum from our core managed operations in the first half of the year, and continue building a stable and resilient future for Newmont.

展望未來，我們將充分發揮團隊和投資組合的能力，利用上半年核心管理業務的勢頭，繼續為紐蒙特打造穩定而有韌性的未來。

In turn, we are well positioned to reward our shareholders through growing free cash flow per share and consistent capital returns. However, we recognize that none of this matters until we bring our three Red Chris teammates home safe and sound.

反過來，我們有能力透過不斷增長的每股自由現金流和持續的資本回報來回報我們的股東。然而，我們認識到，在我們將三名紅克里斯隊友安全帶回家之前，這一切都不重要。

And with that, I'll thank you for your time and turn it back over to the operator to open the line for questions.

最後，我要感謝您抽出時間，然後把電話轉回給接線生，以便我們解答您的疑問。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員指示）

Lawson Winder, Bank of America.

美國銀行的勞森·溫德（Lawson Winder）。

Hi, thank you very much, operator. Hello Tom and team. Very nice quarterly result, and thank you for today's update. Can I ask about your capital allocation priorities as it pertains to acquisitions? Certainly, your valuation has improved. Your results have improved and you're generating significant free cash flow. Is there an appetite for further acquisitions at Newmont? And then further to that, is copper still viewed as a strategic metal for new model as it pertains to acquisitions? Thank you.

您好，非常感謝，接線生。大家好，湯姆和團隊。非常好的季度業績，感謝您今天的更新。我可以問一下您在收購方面的資本配置優先事項嗎？當然，你的估值已經提高了。您的業績已經改善，並且正在產生大量自由現金流。紐蒙特是否有進一步收購的興趣？那麼進一步說，在收購方面，銅是否仍被視為新車型的戰略金屬？謝謝。

Yeah. Thanks, Lawson, and good afternoon. I'll be as clear as I can. Our focus is internal and the best use of our capital is to buy back Newmont's stock. And that's where you'll see us spend our time and attention. So internal focus, buying back Newmont stock. The question around copper, we have copper producing assets in Red Chris, Boddington and Cadia.

是的。謝謝，勞森，下午好。我會盡可能清楚地說明。我們的重點是內部，我們資本的最佳用途是回購紐蒙特的股票。您將會看到我們在這裡投入時間和精力。因此，重點是內部回購紐蒙特股票。關於銅的問題是，我們在 Red Chris、Boddington 和 Cadia 擁有銅生產資產。

And we have a magnificent organic project pipeline. Next tab of the rank is the likely to be the Red Chris block cave, which is a copper gold mine. And so you will see us focus on a balance of copper in our portfolio as a gold mining company, but that copper exposure will come from our organic growth.

我們擁有一個宏偉的有機專案管道。排名的下一個標籤很可能是 Red Chris 塊狀洞穴，這是一個銅金礦。因此，您會看到，作為一家黃金開採公司，我們專注於投資組合中銅的平衡，但銅的敞口將來自我們的有機成長。

Okay. Thank you very much.

好的。非常感謝。

Thanks, man.

謝謝，老兄。

Daniel Major, UBS.

瑞銀的丹尼爾·梅傑（Daniel Major）。

Hi, Tom, thanks for the question. Yeah, the first one, perhaps on management changes and management succession. Obviously, I guess, Karen's departure was somewhat unexpected. Certainly, there's been some discussion in the market around the Natascha's appointment of President, whether that's a precursor to any other management changes. I wonder if you can make any comments on this and whether Karen's departure impacts any other potential thinking about succession?

你好，湯姆，謝謝你的提問。是的，第一個問題可能是關於管理階層變動和管理繼任。顯然，我猜想，凱倫的離開有些出乎意料。當然，市場上已經圍繞著 Natascha 的總裁任命進行了一些討論，想知道這是否是其他管理層變動的前兆。我想知道您是否可以對此發表評論，以及卡倫的離職是否會影響有關繼任的其他潛在考慮？

Yeah, thanks, gentlemen, and good afternoon, or good morning, I think he's in London. He's in London, yeah,

是的，謝謝先生們，下午好，或早上好，我想他在倫敦。是的，他在倫敦，

Good evening.

晚安.

Sorry. I had a couple of comments. As I said in my prepared remarks, it's unfortunate Karen resign, but I've literally got sitting around me our finance leadership team and really capable and experienced group of people. So we won't miss a beat. And in Peter Wexler, we have a very capable Interim Chief Financial Officer. So absolutely no concerns in terms of the strength and capability of our business. And I think we've got a real opportunity to think about the next CFO that we bring in for the next exciting chapter of Newmont.

對不起。我有幾點評論。正如我在準備好的演講中所說的那樣，卡倫辭職令人遺憾，但我身邊坐著的是我們的財務領導團隊以及一群真正有能力和經驗豐富的人。所以我們不會錯過任何一個細節。彼得‧韋克斯勒 (Peter Wexler) 是我們的臨時財務官，能力非常強。因此，我們完全不必擔心我們的業務實力和能力。我認為我們有真正的機會考慮為紐蒙特的下一個令人興奮的篇章引入下一任財務長。

So that's part of a natural progression evolution in organizations. So very comfortable with where we sit with our existing team in the interim and actually pretty excited about the about the opportunity we have in terms of that recruitment process.

這是組織自然進步演變的一部分。我們對現有團隊目前的狀況感到非常滿意，並且對於我們在招募過程中所擁有的機會感到非常興奮。

In terms of -- and I didn't pick it up in our prepared remarks, but I'll take your question to have the opportunity to congratulate Natascha on the promotion President and Chief Operating Officer, which we announced back in early May. Natascha has been with us almost two years now and has consistently demonstrated strong leadership and a deep commitment to safe and disciplined operational delivery.

就這一點而言——我沒有在我們準備好的發言中提到這一點，但我會接受你的問題，以便有機會祝賀娜塔莎晉升為總裁兼首席營運官，我們在 5 月初宣布了這一消息。娜塔莎 (Natascha) 已與我們共事近兩年，始終展現出強大的領導力以及對安全和紀律營運交付的堅定承諾。

And the expanded role is the opportunity to give Natascha a balance of both strategic and operational focus and also an opportunity for energy and passion and resolve to be -- continue to be critical attributes as we work to improve safety, cost and productivity over time.

擴大職責範圍讓娜塔莎有機會在策略和營運重點之間取得平衡，同時也讓她有機會發揮精力、熱情和決心——在我們努力提高安全性、成本和生產力的過程中，這些將繼續成為關鍵屬性。

Her move to President is part of ongoing leadership development. It's something that Newmont has done for generations, something that Newmont has done incredibly well. And I wouldn't read anything more into it other than a natural process of Newmont doing what Newmont has done very well for many years. And I'm sitting in this row looking around a number of people who have benefited from Newmont having a focus on leadership development, and I'm also a beneficiary of that. So hopefully, Daniel, that gives you some color in terms of both the finance team and also Natascha [in her new role].

她出任總裁是她領導力持續發展的一部分。這是紐蒙特幾代以來一直在做的事情，而且紐蒙特做得非常出色。我不會對此做更多解讀，除了紐蒙特多年來一直做得很好的自然過程之外。我坐在這一排，看到許多人都因紐蒙特注重領導力發展而受益，我也是其中的受益者。所以，丹尼爾，希望這能讓你對財務團隊和娜塔莎的情況有所了解[在她的新角色中]。

Great, thanks, that's some great color. And then the second question, sort of cash flow outlook. You benefited from some working capital items during this period, I think payable and receivables. Any color on kind of any reversal, and how that might impact free cash flow into age? And then the second part of the question, can you just remind us on how much of deferred proceeds from the divestments you have remaining and when they will expect to be coming?

太好了，謝謝，顏色真棒。然後是第二個問題，現金流前景。在此期間，您從一些營運資金項目中受益，我認為是應付款項和應收款項。有任何逆轉的跡象嗎？這會對自由現金流產生什麼影響？然後是問題的第二部分，您能否提醒我們，您從資產剝離中剩餘的遞延收益有多少，以及預計什麼時候到達？

Yeah, thanks, Daniel. What you'll see with the free cash flow generation in the second half of the year is going to be pretty steady production coming through. So for instance, third quarter is going to look pretty similar to the second quarter. As the cash had cover, we'll see a step up in our sustaining capital in terms of that first half to second half weighting pushing up to around 50% weighted in the second half.

是的，謝謝，丹尼爾。您將看到下半年自由現金流的產生將帶來相當穩定的生產。例如，第三季看起來與第二季非常相似。由於有現金保障，我們的維持資本將從上半年到下半年的權重上升，到下半年將上升到 50% 左右。

So obviously, that will come off our free cash flow. The other one to look at is our reclamation. And if you see first quarter to second quarter, that stepped up, and that's about us building the momentum around the construction of the two big water treatment plant so at Akyem (inaudible). So you'll continue to see an increase in that spend. I think it's around $600 million or thereabouts we want to spend this year on that.

顯然，這將來自我們的自由現金流。另一個要看的是我們的填海工程。如果你看看第一季到第二季的情況，你會發現情況有所好轉，這是因為我們在阿基姆建造兩座大型水處理廠的過程中累積了動力。（聽不清楚）。因此，你將繼續看到支出的增加。我認為我們今年想在這上面花費大約 6 億美元。

So that will step up to a steady state rate. So you'll see people sustaining capital, steady production and some of that reclamation spend will be factors in second half free cash flow. And of course, the other area to keep in mind is we're enjoying current gold price levels, and we'll start to see some tax payments from those higher gold prices, taxes and royalties start to flow through.

因此，這將提高到穩定的狀態。因此，你會看到人們維持資本、穩定生產，而部分復墾支出將成為下半年自由現金流的因素。當然，要記住的另一個方面是，我們正在享受當前的黃金價格水平，我們將開始看到來自更高黃金價格的一些稅收、稅收和特許權使用費開始流入。

In terms of the some of the equity positions, we're able to -- basically, we're out of Discovery Silver, so there's nothing left there. So those sales over the last couple of months, I mean that Tony Makuch taken charge on and deliver from Porcupine. We still got some shares in Greatland Gold that are part of that transaction. I think -- and a deferred. We've got deferred cash payments from both Discovery, and we've got some deferred contingent payments.

就部分股權狀況而言，我們基本上已經沒有 Discovery Silver 的股份了，所以那裡什麼都沒有剩下。所以，過去幾個月的銷售業績，我的意思是 Tony Makuch 負責並完成了 Porcupine 的銷售任務。我們仍然持有 Greatland Gold 的部分股份，這些股份是該交易的一部分。我認為——並且是延期。我們從 Discovery 獲得了延期現金付款，並且我們還獲得了一些延期或有付款。

I think we announced the Discovery of the deferred cash payments are around $150 million, and they're payable in equal tranches over a four-year period starting at the very end of 2027. And then in Greatland Gold, we've got some deferred contingent payments in the order of about $100 million. And we've got about 9.9% left in Greatland Gold and there's some covenants or at when we can dispose of that.

我認為我們宣布的 Discovery 延期現金支付金額約為 1.5 億美元，將從 2027 年底開始，在四年內分期支付。然後在 Greatland Gold，我們獲得了一些延期的或有付款，金額約為 1 億美元。我們在 Greatland Gold 中還剩下大約 9.9% 的股份，還有一些契約或時間我們可以處理掉它們。

We're free -- we're quite a position in order still that came with the muscle-wide sale. Free and clear in Eleonore in terms of Dhilmar, free and clear of (inaudible). I think, Daniel, that probably gives you the -- some of the key items in terms of that divestment program.

我們是自由的——我們仍然處於相當有利的地位，這要歸功於全肌肉銷售。就 Dhilmar 而言，Eleonore 是自由的，（聽不清楚）。丹尼爾，我想這可能為您提供了有關撤資計劃的一些關鍵事項。

Great, thanks very much.

太好了，非常感謝。

Thanks, man.

謝謝，老兄。

Fahad Tariq, Jefferies.

法哈德·塔里克，傑富瑞。

All right. Thanks for taking my question. (technical difficulty) I want to focus a little bit on Cadia and Penasquito, which are clearly very strong in the second quarter on high grades. Can you maybe walk through production, why production is expected to decline, specifically in the third quarter for these two lines?

好的。感謝您回答我的問題。（技術難度）我想稍微關註一下卡迪亞和佩納斯基托，它們在第二季的高分錶現顯然非常強勁。您能否介紹一下生產情況，為什麼預期產量會下降，特別是這兩條生產線在第三季的產量？

I know there's a bit of a transition, but I'm just, I think you'd have to see a pretty significant grade drop off in the third quarter to see production come up. So I'm just trying to get more color on how to think about grades into the third quarter and just production of these two mines in the third quarter. Thanks.

我知道這其中存在一些轉變，但我認為，你必須看到第三季的產量出現相當大的下降，才能看到產量上升。因此，我只是想更詳細地了解如何考慮第三季的等級以及第三季這兩個礦場的產量。謝謝。

Your line is a little crackly, so for those that may not have heard, just looking for some color in terms of the balance between first half and second half for Cadia and Penasquito, and I'll ask Natasha maybe to talk about those operations and how we see that production.

您的台詞有點生硬，所以對於那些可能沒有聽說過的人來說，只是想在卡迪亞和佩納斯基托上半場和下半場的平衡方面尋找一些色彩，我會請娜塔莎談談這些操作以及我們如何看待這些生產。

Thanks Tom. And thanks for that question, obviously, both of these operations is key to our portfolio. If I can start with Penasquito, we -- this year, we're seeing the benefits of the work and the investment we've done in that open pit and pushbacks that we've done during last year. We've moved into of the Phase 7 into Penasco pit, largely moved out of Chile Colorado. In Ahafo pit, very variable ore body specifically variable as far as the different middle (inaudible) and it's just a natural progression as we mine and follow our mine sequence through the Penasco pit that we do see different barges coming through.

謝謝湯姆。感謝您提出這個問題，顯然，這兩項業務都是我們投資組合的關鍵。如果我可以從佩納斯基托 (Penasquito) 開始的話，我們——今年，我們看到了我們在露天礦場所所做的工作和投資以及去年所做的推遲所帶來的好處。我們已經進入第 7 階段，進入 Penasco 礦坑，大部分已遷出智利科羅拉多。在阿哈福礦坑，礦體變化很大，特別是中間的不同部分（聽不清楚），這只是一個自然的進程，當我們開採並按照我們的開採順序穿過彭納斯科礦坑時，我們確實看到不同的駁船經過。

So we will see lower grades in of gold in the third quarter, and we will see higher grades of silver, lead and zinc coming through. So typical indications about 2% higher silver and about 1.5% high zinc, and we'll see a reduction in as an associated reduction in our gold grades.

因此，我們將在第三季看到黃金品位下降，同時看到白銀、鉛和鋅品位上升。因此，典型的跡像是銀含量高出約 2%，鋅含量高出約 1.5%，我們會看到金品位隨之降低。

As far as Cadia is concerned, Cadia, of course, one of the newer operations in our portfolio. We have done quite a bit of work to understand this operation and all of the requirements to run it on the as a quality asset as we should. As we see the first two block hogs, PC1 and PC2 come to the end.

就卡迪亞而言，卡迪亞當然是我們投資組合中較新的業務之一。我們做了大量的工作來理解這一操作以及將其作為優質資產運行的所有要求。正如我們所見，前兩個佔用大量記憶體的區塊 PC1 和 PC2 已經到了最後。

We do see some model benefits from PC2, were the model has been predicting lower growth through PC2 as we come to the end of its life, but we do see the grade store holds strong as we complete the mining of PC2.

我們確實看到了 PC2 的一些模型優勢，該模型一直預測，隨著 PC2 壽命的結束，其增長速度會降低，但我們確實看到，隨著 PC2 的挖掘完成，等級存儲保持強勁。

And then, of course, we will slowly but surely we're starting to ramp up PC2-3, and we will see that going through an original lower grades and then ramping up steadily into full production and higher grades. And it's doing exactly as we expected. It's that as we expect it to.

然後，當然，我們會緩慢但穩定地開始提高 PC2-3 的產量，我們將看到它經歷最初的較低等級，然後穩步上升到全面生產和更高等級。其表現正如我們所預期的。正如我們所期望的。

Great, thank you.

太好了，謝謝。

Thanks for that.

謝謝。

Matthew Murphy, BMO Capital Markets.

馬修·墨菲，BMO資本市場。

Hi, great quarter, and we wish you great success in this rescue operation. I wanted to ask a question about Lihir here. It seems to be doing really well. And Natascha, you talked about some of the improvements being realized, and that's even before you've spent much CapEx on it. So as the spend picks up in the back half, how does that set it up for 2026?

大家好，我們非常高興，祝福你們在這次救援行動中取得圓滿成功。我想在這裡問一個關於 Lihir 的問題。看起來它確實做得很好。娜塔莎，您談到了一些正在實現的改進，而這還是在您投入大量資本支出之前。那麼，隨著下半年支出的增加，這對 2026 年來說意味著什麼？

Matthew, a really great question, and it is another one of our big operations that we feel quite excited about, and I think you might remember that for a period of time we've been talking about how we build stability in that operation. It gave us the opportunity to relook the mine design, some of the basics like road design specifically around water management on the various roads.

馬修，這是一個非常好的問題，這是我們的另一個讓我們感到非常興奮的重大行動，我想你可能還記得，有一段時間我們一直在談論如何在該行動中建立穩定性。它使我們有機會重新審視礦井設計，一些基本內容，例如道路設計，特別是圍繞著各種道路上的水管理。

What that has resulted in is far higher productivities for us in mind because we can manage water better off our haul roads. We get our fleet can run faster and we've been able to park a number of trucks, as I said in our remarks, nine trucks. In the process we've built on that by creating a buffer between the mine and the plant with intermediate stockpiles, which gives us both the opportunity to ensure a stable feed into the plant, disconnect the mine from the plant, and get more stable grades through the plant as well.

這樣做的結果是，我們的生產效率大大提高，因為我們可以更好地管理運輸道路上的水資源。我們的車隊可以運行得更快，而且我們能夠停放一些卡車，正如我在演講中所說，九輛卡車。在此過程中，我們在此基礎上，在礦山和工廠之間建立了一個緩衝區，並設置了中間庫存，這使我們雙方都有機會確保工廠的穩定進料，斷開礦山與工廠的連接，並通過工廠獲得更穩定的品位。

The team has made material progress in how we think about the asset management of that asset. Specifically starting with our big shutdowns, ensuring and being very considered around our big plant shutdowns. You might remember at the end of last year we had basically our biggest autoclaves and another autoclaves down for maintenance.

團隊在如何思考該資產的資產管理方面取得了實質進展。具體來說，從我們的大規模停工開始，確保並認真考慮我們大型工廠的停工。您可能還記得，去年年底，我們最大的高壓滅菌器和另一個高壓滅菌器都停駛進行維護。

And with the skills that the team has been developing focus on big shutdowns, we have seen that shutdown coming ahead of time. We continue to build on that maturity in really creating stability in the plant, not only through more stable feed from the mine, but just higher levels of reliability. I have to recognize though that we still have a bit to do. The plant still needs quite a bit of work in terms of asset management and reliability, and we are continuing to build the capability, the planning and execution capacity that we have on site.

並且，由於團隊一直在開發專注於大規模停工的技能，我們已經提前預見了停工的到來。我們將繼續在成熟的基礎上真正創造工廠的穩定性，不僅透過來自礦井的更穩定的進料，而且更高的可靠性。但我必須承認我們還有很多事情要做。該工廠在資產管理和可靠性方面仍需要做大量工作，我們正在繼續建立現場的能力、規劃和執行能力。

Maybe just a couple of bills, Matt on Natascha's summary very much about, as we've talked about over the course of a number of these calls, a big mine like Lihir, setting it up for the long term.

也許只是幾項法案，馬特在娜塔莎的總結中非常關注，正如我們在許多電話會議中討論的那樣，像利希爾這樣的大礦山，正在為長期發展做準備。

Natascha's describing is the actions we're taking for an asset that's been a big asset in a portfolio, so it's been the elephant in the portfolio. It now sits with a number of other peers in the Newmont portfolio. We're making deliberate decisions to set this up for the long term.

Natascha 所描述的是我們針對投資組合中的重要資產所採取的行動，因此它是投資組合中的大象。目前，它與紐蒙特投資組合中的其他一些同類公司並列。我們正在深思熟慮，為長期目標做好準備。

It's what that ore body and that installed infrastructure and the people here are looking for from us. And we also have at one of our strongest General Manager, David Pretorius, a man I've known for the better part of 25 years and a really strong General Manager, big complex mine like Lihir is well suited to his capabilities.

這就是礦體、已安裝的基礎設施和這裡的人們向我們尋求的東西。我們還有最強的總經理之一戴維·普雷托里烏斯 (David Pretorius)，我認識他已經 25 年多了，他是一位非常有能力的總經理，像 Lihir 這樣複雜的大型礦山非常適合他的能力。

And a very skilled people leader as well, which is something that, that operation thrives under.

他也是一位非常熟練的領導者，正是在他的領導下，公司業務才能蓬勃發展。

That's great. Thanks for the color.

那太棒了。謝謝你的顏色。

Thanks, man.

謝謝，老兄。

Josh Wolfson, RBC Capital Markets.

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

Thanks very much. Great job on the cost containment, for total cash cost of your day. I'm wondering if you can provide any more details on some of the trends you're seeing your underlying cost structure, I guess, including inflation rates, and if there's anything notable regionally as well. Thank you.

非常感謝。很好地控制了成本，節省了一天的總現金成本。我想知道您是否可以提供更多有關您所看到的一些基本成本結構趨勢的詳細信息，包括通貨膨脹率，以及在區域方面是否還有值得注意的事項。謝謝。

Yes, thanks, Josh. Good afternoon. Largely what we're seeing play out is consistent with expectations we said as we build our business plan and guided at the beginning of the year. Some things and roundabouts with fuel energy, materials and consumables, but not significant. So we're largely the cost we're expected to see, we're seeing this year.

是的，謝謝，喬希。午安.總體而言，我們所看到的進展與我們在製定業務計劃時所表達的預期以及年初所給予的指導是一致的。有些東西和迴旋處用燃料能量、材料和消耗品，但意義不大。因此，我們今年看到的成本基本上是我們預期看到的成本。

Labor is pretty much holding as we'd expect but contracted services and our own employees. So what we expected is certainly playing out this year and the assumptions we made about inflationary impacts in all of those different categories is consistent with what we assumed even in the elevated gold price environment. Clearly we're seeing the higher taxes and royalties associated with that.

勞動力基本上保持了我們預期的水平，但承包了服務和我們自己的員工。因此，我們的預期肯定會在今年實現，我們對所有不同類別的通膨影響所做的假設與我們的假設一致，即使在金價高漲的環境下也是如此。顯然，我們看到了與此相關的更高的稅收和特許權使用費。

And in Natascha's comments, she talked about stabilizing this portfolio and then looking to optimize the portfolio. And we are very much focused on where we where we can get after productivity improvements and also enhancements to our cost structure. So we're absolutely not sitting on our laurels saying, oh, we're meeting expectations for what we for this year.

在娜塔莎的評論中，她談到了穩定這個投資組合，然後尋求優化投資組合。我們非常關註生產力的提高以及成本結構的改善。因此，我們絕對不會滿足於現狀，說，哦，我們已經達到了今年的預期。

We recognize that this portfolio, which is still relatively new in terms of how we've shaped it, but the acquisitions, the integrations, the rationalization, and we are very much focused on. On productivity levels from every operation that meets our expectations at industry benchmarks and ensuring that it's being supported by the appropriate cost structures, so we continue to actively work that even though our costs are meeting the levels that we expected this year as we built our plan and guide.

我們認識到，就我們如何塑造它而言，這個投資組合仍然相對較新，但我們非常關注收購、整合和合理化。每項營運的生產力水平都符合我們對行業基準的期望，並確保得到適當的成本結構的支持，因此，即使我們的成本達到了我們制定計劃和指南時今年預期的水平，我們仍會繼續積極努力。

Thank you. And as you sort of navigate, stabilizing the operation, when you think about 2026 and what we should expect at that point is, has there been any thought towards, which of the larger project updates we can expect, and whether the outlook will be beyond, just a 12-month basis? Thank you.

謝謝。當您進行某種導航並穩定運營時，當您考慮 2026 年以及我們當時應該期待什麼時，是否考慮過我們可以期待哪些較大的項目更新，以及前景是否會超越 12 個月的基礎？謝謝。

It's just probably a couple of couple of thoughts in terms of answering that question very much, sitting at the halfway mark, focused on ensuring we safely deliver the second half of this year. Such a critical year given the change we've been through. So I want to make sure that our eyes are firmly on that task. And in that as we move into we've started the process now building our business plan for next year and that's work that's very active at the moment.

這可能只是在回答這個問題方面的一些想法，目前已經過半，重點是確保我們安全地完成今年下半年的任務。鑑於我們所經歷的變化，這是至關重要的一年。所以我想確保我們堅定地致力於這項任務。隨著我們進入這一階段，我們現在已經開始製定明年的業務計劃，這項工作目前非常活躍。

Our expectations would be that in February of next year we'd do something similar to this year and be focusing on giving the market a set of numbers for the 2026 year, but we're at the moment, the sleeves are rolled up and we're head down up getting after getting after what we can do to deliver a '26 business plan. So very much work in progress.

我們的預期是，明年 2 月我們會做一些與今年類似的事情，並專注於向市場提供一組 2026 年的數字，但目前我們已經捲起袖子，埋頭苦幹，努力實現 2026 年的商業計劃。因此還有很多工作正在進行中。

On the project side of things, really important that we deliver safe to deliver first gold and commercial production out of the north, continue to progress, the Tanami Expansion and continue to progress the two panel cases at Cadia.

在專案方面，真正重要的是我們要安全地從北方交付第一批黃金和商業生產，繼續推進塔奈米擴建工程，並繼續推進卡迪亞的兩個面板箱工程。

But we are actively working our project pipeline, and I think, as I've mentioned on previous calls, it's Red Chris is a project that's close to shovel ready and we're ensuring that we have a feasibility study to a new standard, that project washes its face have the various consent and permits to be able to progress with that project.

但我們正在積極開展我們的專案流程，我認為，正如我在之前的電話會議中提到的那樣，Red Chris 是一個接近準備就緒的項目，我們正在確保按照新標準進行可行性研究，該項目獲得各種同意和許可，才能繼續推進。

So very much focused on that project and whether that could come up to the mark to be considered for full funds in the 2026 timeframe.

因此，我們非常關注該項目，以及它是否能夠達到標準，以便在 2026 年獲得全額資助。

Thanks, Josh.

謝謝，喬希。

Daniel Morgan, Barrenjoey.

丹尼爾摩根，巴倫喬伊。

Hi, Tom. And Tim, how should we read, production guidance? Basically, I think you beat your own plans by circa 100,000 ounces this quarter, just trying to clarify, it was that. An unexpected bonus versus the plan was it to bring forward of stuff in the second half to first half, or how do you -- why not lift guidance somewhat is it pitched conservatively or have you just brought forward answers from half two? Thank you.

你好，湯姆。提姆，我們該如何解讀生產指導？基本上，我認為本季你的產量超出了自己的計劃約 100,000 盎司，只是想澄清一下，就是這樣。與計劃相比，一個意外的收穫是將下半部分的內容提前到上半部分，或者你如何——為什麼不稍微提高指導，是保守地提出還是你只是將第二部分的答案提前了？謝謝。

Yeah, thanks, Daniel. Good morning. You think about, I think as Natascha answered the earlier question, you've certainly got a couple of big assets in Cadia and Penasquito. Cadia moving into some lower grades out of those panel caves is what our expectations are, and we have the benefit of some positive reconciliations in the first half that's flowing through.

是的，謝謝，丹尼爾。早安.您想想，我想正如娜塔莎回答之前的問題一樣，您在卡迪亞和佩納斯基托肯定擁有幾項重要資產。卡迪亞從這些面板洞穴中走出，進入一些較低的等級，這正是我們的期望，我們在上半年也受益於一些積極的和解。

So we will still remain sober in terms of what the model's telling us for Cadia out of those cases in the second half. Penasquito is running beautifully, and so we were able to get some good production through and through some of that material and benefited from some high metal production in the first half, but we do move into those low grades in the second half.

因此，我們仍將對模型在下半年對卡迪亞的預測保持冷靜。Penasquito 運作良好，因此我們能夠透過部分材料獲得良好的產量，並受益於上半年的一些高金屬產量，但我們在下半年確實進入了低品位階段。

We looked at the second half, we've got Nevada Gold Mines is a pretty important contributor in the second half, fourth quarter waited. So again, we've, it's a not insignificant part of our new portfolio. And so we want to, make sure we're cautious around ensuring that we can see that line of sight, in the second half, and we've got Yanacocha.

我們展望了下半年，內華達金礦是下半年、第四季相當重要的貢獻者。所以，這是我們新投資組合中一個不可忽視的部分。因此，我們要確保謹慎行事，確保我們能夠在下半場看到那條視線，而且我們已經得到了亞納科查。

We'll get some expecting we'll have a stronger second half in terms of some of the injection leaching work we've got happening on the heat bleaches there. And we've got a half a north commission commissioning a new project has some risks associated with it.

我們預計下半年在熱漂白水注入浸出工作方面會取得更好的成績。我們有一個半北方委員會正在委託一個新項目，但這個項目存在一些風險。

So again, they proved in terms of how we think about the second half. So it's a little bit of color, hopefully, Daniel, and when I think about where we sit with our production, yes, we've had a good solid first half. We've provided a number which had a range around it, and I think we're still sitting comfortably within that range and so we're firmly on track to meet our goals.

所以，他們再次證明了我們對下半場的看法。所以，希望這能有點色彩，丹尼爾，當我想到我們的生產情況時，是的，我們的上半年表現非常出色。我們提供的數字有一定的範圍，我認為我們仍然處於這個範圍內，因此我們正穩步實現我們的目標。

Thank you. And just a follow-up question, possibly one more for Natascha, which I guess is two part, it's projects. So first, it's, can you please just expand on the Tanami Shaft works? Is the risk of overbreak now behind us is a concrete line maybe go into a bit more detail. And then just on a Ahafo, can you expand on the works remaining to first production and any risks that are front of mind. Thank you.

謝謝。這只是一個後續問題，可能還有一個關於 Natascha 的問題，我猜這個問題分為兩部分，都是關於專案。首先，能否詳細介紹 Tanami Shaft 工程？現在我們是否已經擺脫了超挖風險，是否有一條具體的界線，可以更詳細地討論一下。然後，僅在 Ahafo 上，您能否詳細說明首次生產前剩餘的工作以及任何需要注意的風險。謝謝。

Thank you, Daniel. Let me start with Tanami Expansion 2. The risk of the overbreak on this on the lower part of the shaft is truly behind us. We have completed the rice ball through the concrete super bond that we've that we've bought over at the beginning of well, end of last year into the beginning of this year.

謝謝你，丹尼爾。讓我從 Tanami Expansion 2 開始。豎井下部發生超挖的風險已經真正消除。我們已經透過去年年底到今年年初購買的混凝土超級黏合劑完成了飯糰。

The fence has been removed, so we now have clear access to the entire shaft, and we started with, we're still putting a lining in at the bottom half or the bottom end of that shaft to make sure that there's alignment with the top half and that there's smooth access to the bottom.

柵欄已被拆除，因此我們現在可以順利進入整個豎井，我們開始時仍在豎井的下半部分或底端放置襯砌，以確保與上半部分對齊，並可以順利進入底部。

The equipping of the top half is progressing well and as soon as we complete the lining in the bottom half or the last bit of the shaft, we will complete that equipping as well. Underground operations are going to schedule. So I think everything there, the highest risk elements are behind us, and now it is the focus on completing the remaining work under the leadership of also a very strong project director, General Manager Luke Cox, and that team is going from strength to strength.

上半部的裝備進展順利，一旦我們完成下半部或豎井最後一部分的襯砌，我們也將完成這項裝備。地下作業正在按計劃進行。所以我認為那裡的一切，最高風險因素都已經過去了，現在的重點是在同樣非常強大的項目總監、總經理盧克·考克斯 (Luke Cox) 的領導下完成剩餘的工作，而且這個團隊正在變得越來越強大。

Our Ahafo North is making good progress. We are getting ready for commissioning. We have indeed started commissioning in certain areas of the plant. As you would remember, we have started mining. We stockpiling material to get ready for the commissioning of the commissioning of the plant.

我們的阿哈福北部正在取得良好進展。我們正在為調試做準備。我們確實已經開始對工廠的某些區域進行調試。正如你所記得的，我們已經開始挖礦了。我們正在儲存材料，為工廠的調試做好準備。

So we're very well on track. It's a little bit of a small ball piping left, a little bit of electrical work still left. But by and large, the large construction work, basically complete. And we're very excited to go and see the first Gulf War.

所以我們的進展非常順利。還剩下一點點小球管道，還有一點點電氣工作要做。但整體來說，大型建設工程已基本完工。我們非常高興能夠去觀看第一次海灣戰爭。

Thank you so much for your perspectives, Tom and Natasha.

非常感謝你們的觀點，湯姆和娜塔莎。

Anita Soni, CIBC

安妮塔·索尼（加拿大帝國商業銀行）

Hi, good evening, Tom. I just wanted to ask a little bit more about, Red Chris. On Red Chris, could you just let me know, I think that you had mentioned that there was an initial fall of ground. And then the workers were asked to go to a refuge station. That fall of ground, did that happen in a decline?

嗨，晚上好，湯姆。我只是想多問一些關於 Red Chris 的事情。關於紅色克里斯，您能否告訴我，我認為您曾提到最初地面出現塌陷。然後，工人們被要求前往避難站。地面塌陷是衰退造成的嗎？

Good afternoon, Anita. Yes, so the decline at 200 meter down the decline, there was an initial fall of ground that was detected and so the emergency response protocols kicked in place. We only had those three people in that area. So it's not an operating mine. It's some develops been done as part of preparing hopefully for the Red Chris project in the coming period of time.

下午好，安妮塔。是的，所以在下降 200 公尺處，偵測到地面最初下降，因此啟動了緊急應變協議。我們那個地區只有那三個人。所以這不是一個正在運作的礦場。一些開發工作已經完成，希望為未來一段時間內的 Red Chris 專案做好準備。

So these folks, when that event occurred, call went out, please make your way to refuge chamber, which they did. They got themselves into the refuge chamber, radioed in that they were safely there, and then shortly after that, in that same area in the decline we had the larger fall of ground that blocked the access way, and took out the leaky feeder cable which has taken out our communication to the refuge chamber.

所以，當事件發生時，這些人就發出了呼叫，請他們前往避難所，他們也這麼做了。他們進入了避難室，用無線電報告說他們已經安全到達，隨後不久，在同一區域，斜坡處出現了更大的地面塌陷，堵塞了通道，漏電的饋線電纜被拔掉，導致我們與避難室的通訊中斷。

So, as I talked about in my prepared remarks, our focus is on re-establishing communication back to the refuge chamber to confirm that all is safe and well. Whilst we work on various plans for getting access to rescue them. So we're working on plans to get access down through that decline again to do so safely.

因此，正如我在準備好的發言中談到的那樣，我們的重點是重新建立與避難室的溝通，以確認一切安全無虞。我們正在製定各種計劃來獲取救援他們的權限。因此，我們正在製定計劃，以便再次安全地通過該下降通道。

We also have a secondary area to access which would be through a venture, so we're considering different methodologies to do that. So a whole bunch of people both at Red Chris, the wider Newmont, and it is amazing the wider industry how the wider industry comes together to support with solutions and equipment and plans, so they're the two things that happen in parallel getting communication re-established and determining the safest and most effective rescue plan for the three people.

我們還有一個可以透過合資企業進入的次要領域，因此我們正在考慮採用不同的方法來實現這一點。因此，Red Chris、Newmont 和整個行業的一大群人齊心協力，共同提供解決方案、設備和計劃，這是令人驚奇的，因此，這兩件事同時發生，重新建立溝通，並為這三個人確定最安全、最有效的救援計劃。

Okay, thanks. I hope they're safe and well, and you get them out quickly. My second question, is with respect to some of the changes that you that the capital spending. I just want to get an understanding why the capital spending was shifted. I think you said it was deliberately, but in terms of -- I think, Natascha said that there was some, in order to maintain integrity of the mind, at least here could you just elaborate on those comments?

好的，謝謝。我希望他們平安無事，並且你能盡快把他們救出來。我的第二個問題是關於資本支出的一些變化。我只是想了解資本支出轉移的原因。我認為您說這是故意的，但就——我認為，娜塔莎說，為了保持思想的完整性，至少在這裡您能詳細說明一下這些評論嗎？

Anita, I think as I relied probably a little bit earlier on the work that we are doing at around, our asset integrity work in the plant, and there's also a big power plant that we are maintaining. We have been as we plan and make sure that when we take large shutdowns that we do effective work, and that we spend our capital effectively.

安妮塔，我想我可能之前有點依賴我們正在做的工作，我們工廠的資產完整性工作，還有我們正在維護的大型發電廠。我們一直按照計劃進行，確保在大規模停工時能夠有效開展工作，並有效地使用我們的資金。

As whilst we're talking about capital allocation, I think hand in hand with that is capital discipline and being sure that when we start to spend the capital that we're ready to spend it effectively. So we did make a deliberate decision on spending that a little bit later in the year.

當我們談論資本配置時，我認為與之相輔相成的是資本紀律，並確保當我們開始花費資本時，我們已準備好有效地使用它。因此，我們確實慎重決定在今年稍後花掉這筆錢。

Other areas would have been our Ventri 9 at Tanami, that is work that has also developed through the productivity work that we have been doing, identifying a need for us to enhance some of our ventilation work to enhance some of our productivity and development work at Tanami, and that's why that work will actively be happening in the second half.

其他領域包括我們在塔納米 (Tanami) 的 Ventri 9，這項工作也是透過我們一直在做的生產力工作而發展起來的，我們發現需要加強一些通風工作，以提高我們在塔納米 (Tanami) 的一些生產力和開發工作，這就是為什麼這項工作將在下半年積極開展。

And then lastly just the summer period. Of works with Brucejack and Red Chris, and it just happened that the spend moved a little bit more into the second half than was what was planned originally.

最後是夏季。與 Brucejack 和 Red Chris 合作，但實際上下半年的支出比原計劃要多一點。

Alright, thank you. The rest of my questions have been asked and answered. Thank you very much.

好的，謝謝。我其餘的問題都已經提出並得到解答。非常感謝。

Thanks, Anita.

謝謝，安妮塔。

Tanya Jakusconek, Scotiabank.

加拿大豐業銀行的 Tanya Jakusconek。

Great, good evening everyone, and thank you so much for taking my questions. And again I just hope that the minors get out safely as well. Just a couple of questions if I could, the first one is just coming back to your portfolio and this is for you. You mentioned Greatland Gold. You still have some positions there. I think you mentioned they're non-core. So those ones could be divested of.

太好了，大家晚上好，非常感謝你們回答我的問題。我再次希望未成年人也能安全離開。如果可以的話，我只想問幾個問題，第一個問題是關於您的投資組合，這是給您的。您提到了 Greatland Gold。你在那裡仍然有一些職位。我認為您提到它們不是核心。因此，這些資產可以被剝離。

You mentioned Orla, you have an equity investment in that as well. Is that non-core position as well?

您提到了 Orla，您也對其有股權投資。那也是非核心職位嗎？

I think the simplest answer to both of those, Tanya, is I think as we think about the new modern portfolio and how we want to focus our time and effort and manage this portfolio and simplify this portfolio as much as we can both those positions you described, I'll put in the non-core category.

我認為對這兩個問題最簡單的回答是，Tanya，我認為當我們考慮新的現代投資組合以及我們希望如何集中我們的時間和精力來管理這個投資組合並儘可能簡化這個投資組合時，我會將您描述的這兩個職位歸入非核心類別。

Okay. And I just want to check where your Lundin Gold position also stands in terms of that position, because that's also a big position.

好的。我只是想檢查一下您的 Lundin Gold 部位情況，因為這也是一個很大的部位。

Very comfortable with our 32% interest in Lundin Gold and the Fruta del Norte asset, and I think it's something we've only had it a minute with all of the other work we're doing. So Ron Hochstein and crew are doing a terrific job running that asset, and it's a bunch of stuff we can learn from a great operator like, Ron. So we want to understand and learn from that asset, but very comfortable with that position in our portfolio.

我們對在 Lundin Gold 和 Fruta del Norte 資產中所佔的 32% 的權益感到非常滿意，而且我認為，在我們所做的所有其他工作中，這只是我們剛剛擁有的東西。因此，羅恩·霍克斯坦 (Ron Hochstein) 和他的團隊在經營該資產方面做得非常出色，我們可以從像羅恩這樣的優秀運營商身上學到很多東西。因此，我們希望了解並學習該資產，但對我們投資組合中的該資產地位感到非常滿意。

Okay. And sorry, lastly, I just want to ask you this Wafi-Golpu, have you had a chance to look at that? Does that fit at all?

好的。抱歉，最後，我只想問你，Wafi-Golpu，你有機會看過這個嗎？這合適嗎？

Wafi-Golpu is certainly we see that as an important asset, important project in our organic pipeline. It's something that we're actively working on in terms of the negotiations with the PNG government on converting a framework memorandum of understanding to a mineral development contract which then enables you to get a special mining lease, working very closely with the team at Harmony as we navigate through that.

我們當然將瓦菲-戈爾普視為一項重要資產，也是我們有機管道中的重要項目。我們正在積極與巴布亞新幾內亞政府進行談判，將框架諒解備忘錄轉化為礦產開發合同，從而獲得特殊的採礦租約，我們正在與 Harmony 團隊密切合作，共同推進這一進程。

So very much looking at that Wafi-Golpu was an important project in our organic project pipeline, and these negotiations are important in getting some clear stability around any investment decisions that may come down the track with a project such as Wafi-Golpu.

因此，瓦菲-戈爾普 (Wafi-Golpu) 是我們有機項目管道中的一個重要項目，這些談判對於在瓦菲-戈爾普 (Wafi-Golpu) 等項目中做出任何投資決策時獲得明確的穩定性至關重要。

Okay, thank you for the clarification on those ones. Natascha, if I could ask one for you, I mean it I looked the portfolio and, congrats on getting this portfolio stabilized. That's great to see. As you think about your core portfolio.

好的，感謝您對這些問題的澄清。娜塔莎，如果我可以幫你問一個問題，我的意思是，我查看了投資組合，並祝賀你使這個投資組合穩定下來。很高興看到這一點。當您考慮您的核心投資組合時。

Where do you see and you talk about all these productivity improvements, where do you see the greatest banquet for your buck in terms of productivity like what assets. Do you think that, we could see really improvements in productivity that would actually show really good cost?

您在哪裡看到並談論所有這些生產力改進，您在哪裡看到在生產力方面最物有所值的盛宴，例如哪些資產。您是否認為，我們真的能夠看到生產力的提高，從而真正體現出良好的成本？

Of course, Tanya, it's going to be difficult to choose that one because I think the opportunities are different at every asset, but there are certainly opportunities for us across and across the board. I can perhaps take to bookends to as examples. The one bookend would be absolutely, Lihir, one of our big assets, plenty of opportunity that will help us to make big step changes, long term assets and continuously thinking about and it's got several different aspects to how we improve the based at Lihir, people aspects that we're focusing on asset management focus areas.

當然，Tanya，選擇這一點會很困難，因為我認為每項資產的機會都是不同的，但對我們來說，各個領域都存在著機會。我或許可以以書擋作為例子。其中一個絕對優勢是 Lihir，這是我們的一大資產，它擁有大量機會，可以幫助我們實現重大變革，長期資產，並不斷思考，它涉及幾個不同的方面，關於我們如何改進 Lihir，我們專注於資產管理重點領域的人員方面。

Mine layout and design for productivity all the way into our tailings management. So really a diverse set of opportunities for us at Lihir. And then obviously I think at the also a very unique opportunity for us to make an impact on the community, of that Lihir Island.

礦山佈局和設計都考慮到了生產力，並延伸到了尾礦管理。因此，Lihir 確實為我們提供了多種多樣的機會。顯然，我認為這也對我們來說是一個非常獨特的機會，可以對利希爾島社區產生影響。

On the other end, probably I'll reflect on Cerro Negro, which has got a beautiful ore body and our biggest challenge is productivity. We have assets that's in good state. We don't have major challenges with reliability and productivity reliability of our assets.

另一方面，我可能會考慮塞羅內格羅，它擁有美麗的礦體，我們面臨的最大挑戰是生產力。我們的資產狀況良好。我們的資產的可靠性和生產力可靠性沒有面臨重大挑戰。

And we are working closely with our employees, with our unions on site to with an unwavering focus on how do we lift the productivity, on that asset. So more of a singular focus, on how do we do more with the assets and the teams, that we do have.

我們正在與我們的員工、現場工會密切合作，堅定不移地致力於提高該資產的生產力。因此，我們更加關注如何利用現有的資產和團隊做更多的事情。

And then we have in between a couple of assets that are either in a full asset or in unique opportunities in unique areas are certainly benchmark. In Penasquito is one such an asset.

然後，我們在幾項資產之間，要么是完整的資產，要么是獨特領域中的獨特機會，這無疑是基準。佩納斯基托 (Penasquito) 就是這樣一項資產。

We've recently worked through asset reviews where we did a multidisciplinary deep dive through all of our assets. And then Penasquito in every aspect, there's quite a bit of for us to take learnings and take that across.

我們最近進行了資產審查，對所有資產進行了多學科深入研究。然後，在各個方面，我們都可以從佩納斯基托 (Penasquito) 學到很多東西，並將其傳播出去。

All of the operations and then very recent we've had the same experience with Cadia on their asset management strategies, asset management processes specifically that we will leverage from and make sure that we use that across all of our other assets, so different for different assets in everyone unique opportunities.

所有營運以及最近我們與 Cadia 在資產管理策略、資產管理流程方面有著相同的經驗，具體來說，我們將利用這些經驗並確保將其應用於我們所有其他資產，因此每個人的不同資產都有不同的獨特機會。

Thank you.

謝謝。

Hugo Nicolaci, Goldman Sachs

雨果·尼古拉奇（Hugo Nicolaci），高盛

Morning, Tom, Karen, Peter, congrats on the quarter and the first half. Just a couple of operational questions for me if I can. Firstly, just on Nevada, the production improvements in the second quarter, looking promising that the costs there remaining high, how much of that's the ongoing production improvement works and fleet replacement versus just underlying cost pressures and how confident do you remain in that full year cost guidance?

早安，湯姆、凱倫、彼得，恭喜本季和上半年的成績。如果可以的話，我只想問幾個操作問題。首先，就內華達州而言，第二季的生產改進看起來很有希望，但那裡的成本仍然很高，其中有多少是正在進行的生產改進工作和車隊更換，而不是潛在的成本壓力，以及您對全年成本指導有多大信心？

Yeah, morning, Hugo. I think when you think about Nevada, a couple of those questions are firmly for the operator. So I don't think it's appropriate that that we give that that level of granularity. And we also haven't had our board meeting for this quarter yet. So Natascha, Francois, and I will all be in Nevada next week with the team there, and we'll have a board meeting and visit a couple of the operations and start to unpack.

是的，早上好，雨果。我認為，當你想到內華達州時，其中幾個問題是營運商必須考慮的。所以我認為我們給出這種粒度等級是不合適的。我們本季的董事會會議還沒有召開。因此，娜塔莎、弗朗索瓦和我下週將與那裡的團隊一起前往內華達州，我們將召開董事會會議，參觀一些業務部門，並開始處理相關事宜。

In a bit more detail, second quarter performance with the team and also discuss the views and approach for the second half of the year and how opportunities are got after and are risk managed. So if it's okay, Hugo, I think that's probably a question asked of the operator when they report on their results in a couple of weeks time.

更詳細地講，與團隊討論第二季的表現，並討論下半年的觀點和方法，以及如何抓住機會並管理風險。所以如果可以的話，Hugo，我想這可能是操作員在幾週後報告結果時會問的問題。

Fair enough, Tom. And then maybe on one that is yours at Boddington, it looks like the mill ran above nameplate capacity in the quarter for the first time in about four years. Are you able to talk us through the productivity improvements there and how sustainable you think that is going forward and sort of holding that nameplate capacity?

很公平，湯姆。然後也許在你們位於博丁頓的工廠，看起來該工廠在本季度的產能首次超過了額定產能，這是大約四年來的第一次。您能否向我們介紹那裡的生產力改善情況，以及您認為這種改善在未來的可持續性如何，以及如何維持額定產能？

Very observant here again, but I'll ask to Natascha to give a perspective on Boddington plant.

這裡再次非常細心，但我會請娜塔莎 (Natascha) 對博丁頓植物發表看法。

So let's start with the mine. You would remember just as we started to go through COVID, we rolled out an autonomous haul fleet at Boddington. And it has been a continuous learning journey for us on re-establishing and redesigning an existing mining operation to be appropriate for an autonomous hauling fleet.

那我們就從礦井開始吧。您可能還記得，就在我們開始經歷 COVID 時，我們在博丁頓推出了一支自主運輸車隊。對我們來說，重新建立和重新設計現有的採礦作業以適合自動運輸車隊是一個持續的學習過程。

The team has really done an amazing work with our technical team and the franchise leadership. Considering mine design, road widths, the road layouts to be far more appropriate for an autonomous war fleet. We have certainly tight learnings from others on how to improve productivity. And we have seen a 10% uplift in productivity through that with that autonomous fleet.

該團隊與我們的技術團隊和特許經營領導層一起做出了出色的工作。考慮到水雷設計、道路寬度，道路佈局對於自主作戰艦隊來說更為合適。我們確實從其他人身上學到如何提高生產力。透過自動駕駛車隊，我們的生產力提高了 10%。

We see that at the moment, as we -- as you might remember, we are still in a in a pushback campaign, and we see the benefits of us lifting just the total materials movement has lift materially year on year on the back of the productivity improvements. We have not increased that fleet. So on the mining side, certainly the team is doing a really good work.

我們看到，目前，正如我們——你們可能還記得，我們仍然處於反擊運動中，我們看到，在生產力提高的推動下，總體材料運輸量逐年大幅提升。我們並沒有增加該艦隊。因此，在採礦方面，該團隊確實做得非常出色。

On the plant side, it's all about asset management and reliability. It is closely related though to mining performance. It is closely related to fragmentation, so back to mining discipline, ensuring that the fragmentation from the mining side is appropriate for feed and then the work that the team has done on asset management and establishing that reliability levels that we need. So in both instances it is a working on making sure that the basis is strong, so that we can continue to benefit from the work that we're doing.

從工廠方面來說，一切都與資產管理和可靠性有關。但它與採礦性能密切相關。它與碎片化密切相關，因此回到採礦紀律，確保採礦方面的碎片化適合於饋送，然後確保團隊在資產管理方面所做的工作能夠建立我們需要的可靠性水平。因此，在這兩種情況下，我們都要努力確保基礎牢固，以便我們能夠繼續從所做的工作中受益。

So Natascha, so if I can just pick on that a little bit. So should we expect that plant to continue to run close to name plate and if the mine is slower to get access to ore, then you'll draw down that I think 60 million tonne-plus of stockpile and continue to run closer to that 10 million tonnes of quarter.

那麼娜塔莎，如果我可以稍微挑選一下這一點的話。因此，我們是否應該預期工廠將繼續接近額定產量運行，並且如果礦山獲取礦石的速度較慢，那麼你將消耗我認為 6000 萬噸以上的庫存，並繼續接近本季度的 1000 萬噸。

We continue to draw on the medium term stockpiles. We're still very much in a phase of pushback and we will still be there for the next, at least 12 months. So our focus here is to getting the pushbacks complete and making sure that we can adhere to the rights that we need to get that push back done in time.

我們繼續利用中期庫存。我們仍處於反擊階段，並且在接下來的至少 12 個月內我們仍將處於反擊階段。因此，我們的重點是完成反擊，並確保我們能夠堅持所需的權利，以便及時完成反擊。

This concludes the question-and-answer session. I would like to turn the conference back over to Tom Palmer for closing remarks.

問答環節到此結束。我想將會議交還給湯姆·帕爾默，請他致閉幕詞。

Thank you, operator, and thank you, everyone, for taking the time to join our call today, and appreciate your full range of questions, and please enjoy the rest of your day all your or evening. Thanks, everyone.

謝謝接線員，也謝謝大家抽出時間參加我們今天的電話會議，謝謝您提出的所有問題，希望您能享受今天或晚上的剩餘時間。謝謝大家。

The conference is now concluded. Thank you for attending today's presentation. You may now disconnect your lines.

會議現已結束。感謝您參加今天的演講。現在您可以斷開線路了。