紐蒙特黃金公司 (NEM) 2025 Q3 法說會逐字稿

Hello, and welcome to Newmont's third-quarter 2025 earnings conference call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Newmont's Group Head of Treasury and Investor Relations, Neil Backhouse. Please go ahead.

大家好，歡迎參加紐蒙特公司2025年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。現在我將把會議交給紐蒙特集團財務和投資者關係主管尼爾·巴克豪斯。請繼續。

Thank you, and hello, everyone. Thank you for joining Newmont's third quarter 2025 results conference call. Joining me today are Tom Palmer, our Chief Executive Officer; Natascha Viljoen, our President and Chief Operating Officer; and Peter Wexler, our Chief Legal Officer and Interim Chief Financial Officer. Together with the rest of our executive leadership team, they will be available to answer your questions at the end of the call. Before we begin, please take a moment to review our cautionary statement shown here and refer to our SEC filings, which can be found on our website.

謝謝大家，大家好。感謝您參加紐蒙特公司2025年第三季業績電話會議。今天與我一同出席的有：執行長湯姆·帕爾默；總裁兼營運長娜塔莎·維爾容；以及首席法務官兼臨時財務長彼得·韋克斯勒。通話結束後，他們將與公司其他高階主管一起回答您的問題。在開始之前，請花點時間閱讀此處所示的警示聲明，並參閱我們向美國證券交易委員會提交的文件，這些文件可以在我們的網站上找到。

With that, I'll turn the call over to Tom for opening remarks.

接下來，我會把電話交給湯姆，請他致開幕詞。

Thanks, Neil. To begin today's call, I'd like to take a moment to acknowledge the import leadership transition we shared a few weeks ago, announcing my retirement at the end of this year and appointing Natascha as Newmont's next President and Chief Executive Officer. When I joined Newmont more than a decade ago, I could not have predicted the remarkable transformation our company would undertake.

謝謝你，尼爾。在今天的電話會議開始之前，我想花一點時間回顧一下幾週前我們共同宣布的重要領導層過渡，即我將於今年年底退休，並任命娜塔莎為紐蒙特下一任總裁兼首席執行官。十多年前我加入紐蒙特公司時，我根本無法預料到我們公司將會發生如此巨大的變革。

Over these years, we have not only grown as a business, but redefined what it means to be the world's leader in gold mining. We have successfully navigated some of the most significant transactions in mining history, fundamentally changing the landscape of our industry and what it means to be a gold company.

這些年來，我們不僅在業務上取得了發展，而且重新定義了世界黃金開採領導者的意義。我們成功完成了採礦史上一些最重要的交易，從根本上改變了我們行業的格局以及黃金公司的意義。

Today, we stand as the benchmark for responsible gold mining with an operating portfolio that has meaningful copper production and a project pipeline that is the envy of our industry. During my time with Newmont, the mining industry has undergone profound change.

如今，我們已成為負責任的黃金開採的標桿，擁有可觀的銅產量和令業內艷羨慕的項目儲備。我在紐蒙特公司工作期間，採礦業發生了深刻的變化。

Newmont has responded to these changes and actively shaped its destiny. Rather than simply riding the commodity cycle, we have built a long life, globally diversified portfolio, one that will sustainably deliver shared value to our host communities and governments, shareholders, employees and all of our stakeholders.

紐蒙特公司積極應對這些變化，並主動塑造了自己的未來。我們沒有簡單地追逐大宗商品週期，而是建立了一個生命週期長、全球多元化的投資組合，這將可持續地為我們所在的社區和政府、股東、員工以及所有利益相關者創造共享價值。

It has been a privilege to serve as Chief Executive. And as I pass the baton, I am confident that Natascha, who has demonstrated exceptional leadership throughout her 30-year career in our industry, will seize the many opportunities that lie ahead for our business.

能夠擔任執行長一職，我深感榮幸。在我交棒之際，我相信娜塔莎憑藉其在業界 30 年的卓越領導才能，將抓住我們業務未來面臨的許多機會。

And with that, I'll turn it over to Natascha to take you through our third quarter operational and financial performance.

接下來，我將把麥克風交給娜塔莎，讓她為大家介紹我們第三季的營運和財務表現。

Thank you, Tom, and thank you also for your leadership and support since I met you the first time three years ago and for your leadership of this great company over the past 10 years. Your contributions have helped shape the strong foundation we stand on today, and I look forward to leveraging that experience to further unlock the value that we all know this business can deliver.

謝謝你，湯姆，也感謝你自三年前我第一次見到你以來給予我的領導和支持，以及你在過去十年中對這家偉大公司的領導。你們的貢獻幫助我們奠定了今天堅實的基礎，我期待利用這些經驗，進一步釋放我們都知道這家企業所能創造的價值。

Before diving into the details about our operational and financial performance, I'd like to highlight a few notable milestones and record achievements from the quarter. First and foremost, in July, we safely recovered three team members at our Red Chris project, a result of robust procedures and systems in place, the swift and trained actions from individuals involved and strong collaboration across the mining industry.

在深入探討我們的營運和財務業績細節之前，我想重點介紹本季的一些重要里程碑和創紀錄成就。首先，在 7 月份，我們安全救出了 Red Chris 專案中的三名團隊成員，這得益於完善的程序和系統、相關人員迅速而訓練有素的行動以及整個採礦行業的密切合作。

As an organization, we are taking a hard and honest look at the findings from the investigation into the circumstances that led to the incident, and we are fully committed to applying and sharing those learnings across our business and the broader industry.

作為一家企業，我們正在認真、誠實地審視對導致該事件發生的情況的調查結果，並致力於在我們的業務和更廣泛的行業中應用和分享這些經驗教訓。

Second, we've received nearly $640 million in net cash proceeds from equity and asset sales since the start of the third quarter, marking the successful completion of our asset divestment program and the further streamlining of our noncore equities portfolio.

其次，自第三季開始以來，我們已從股權和資產出售中獲得近 6.4 億美元的淨現金收益，這標誌著我們的資產剝離計劃成功完成，並進一步精簡了我們的非核心股票投資組合。

Third, from our portfolio of wood, glass, gold and copper assets, we generated record three quarter cash flow of $1.6 billion, enabling us to reach an all-time annual record of $4.5 billion, with one quarter still remaining.

第三，憑藉我們的木材、玻璃、黃金和銅資產組合，我們創造了創紀錄的前三個季度現金流 16 億美元，使我們得以達到 45 億美元的年度歷史最高紀錄，而還有一個季度尚未結束。

And we made significant progress on the cost discipline and productivity work we announced at the beginning of the year, which has allowed us to meaningfully improve our 2025 guidance for several cost metrics whilst maintaining our outlook for production and unit cost in a rising gold price environment, a notable success in today's market.

我們在年初宣布的成本控制和生產力提升工作方面取得了重大進展，這使我們能夠在金價上漲的環境下，在保持產量和單位成本預期的同時，顯著改善 2025 年多項成本指標的預期，這在當今市場環境下是一項顯著的成功。

We achieved this by establishing a smaller senior leadership team with a decentralized organizational structure that is designed to sharpen accountability and simplify how we work. This includes consolidating our structure to two business units, giving our 12 operating sites greater decision-making authority and enabling faster, more agile execution.

我們透過組建規模較小的資深領導團隊和採用分散式組織結構來實現這一目標，旨在加強問責制並簡化我們的工作方式。這包括將我們的組織結構整合為兩個業務部門，賦予我們的 12 個營運地點更大的決策權，從而實現更快、更靈活的執行。

In addition, we further strengthened our balance sheet and enhanced our financial flexibility, ending the quarter in a near zero debt position after successfully retiring $2 billion of debt. And Moody's upgraded Newmont's issuer credit rating to A3 with a stable outlook, a clear reflection of our improved credit profile, strengthened balance sheet, excellent liquidity position and prudent financial management.

此外，我們進一步加強了資產負債表，提高了財務靈活性，在成功償還 20 億美元債務後，本季末的債務狀況接近零。穆迪將紐蒙特的發行人信用評等上調至 A3，展望穩定，這清楚地反映了我們信用狀況的改善、資產負債表的加強、良好的流動性狀況和審慎的財務管理。

We have also continued to share our success with our shareholders, returning $823 million since the last earnings call through a stable dividend and ongoing share repurchases. On top of this financial discipline and excellent performance from our operations, we will also declare commercial production by the end of today at our new exciting mine, Ahafo North, which expands our existing group footprint in Ghana and adds profitable gold production over an initial 13 years of mine life. With this strong momentum from our operations and projects, we are well positioned to continue creating long-term value for years to come.

我們也繼續與股東分享成功，自上次財報電話會議以來，透過穩定的股利和持續的股票回購，已返還了 8.23 億美元。除了財務紀律和營運方面的出色表現外，我們還將在今天結束前宣布我們令人興奮的新礦山 Ahafo North 的商業化生產，這將擴大我們集團在加納的現有業務範圍，並在礦山壽命的最初 13 年內增加盈利的黃金生產。憑藉我們營運和專案的強勁勢頭，我們有能力在未來幾年繼續創造長期價值。

Building on our cost and productivity work and solid foundation from the first half of the year, our third quarter operational performance reflects our continuous focus on safety and optimization. Our third quarter production was largely in line with the second quarter, primarily driven by a step-up in production due to higher grade projects, improved productivity at Cerro Negro and continued success from our patented injection leaching technologies at Yanacocha.

在成本和生產力工作以及上半年的堅實基礎上，我們第三季的營運表現體現了我們對安全和優化的持續關注。第三季產量與第二季基本持平，主要得益於高品位項目帶來的產量提升、Cerro Negro 礦區生產率的提高以及我們在 Yanacocha 礦區採用的專利注入浸出技術的持續成功。

As previously signaled, Peñasquito delivered a lower proportion of gold and steady lead, silver and zinc production in the third quarter, consistent with the planned sequence at this polymetallic mine. And at Ahafo South, we completed mining at the Subika open pit during the third quarter as planned, shifting mining activities to lower grades from the Awonsu open pit. And finally, at Lihir, we completed the construction of the engineered wall of the Phase 14a layback, preparing the site to efficiently reach higher grades in the future years.

正如先前所預告的那樣，佩納斯基托礦第三季黃金產量佔比下降，鉛、銀和鋅產量保持穩定，這與該多金屬礦的計劃順序一致。在阿哈福南礦區，我們按計畫在第三季完成了蘇比卡露天礦場的採礦工作，並將採礦活動從阿翁蘇露天礦轉移到品位較低的礦石。最後，在利希爾，我們完成了 14a 期後退工程牆的建設，為未來幾年高效地達到更高的坡度做好了準備。

Consistent with our stable production in the third quarter, our unit costs remained largely in line with the second quarter. Our continued focus on cost discipline and productivity has enabled us to offset higher cost from profit-sharing agreements, production taxes and royalties resulting from the stronger gold price environment. In addition, we continue to progress the projects we have in execution and reached several significant milestones during this third quarter.

與第三季穩定的生產情況一致，我們的單位成本與第二季基本持平。我們持續專注於成本控制和生產力提升，從而抵消了黃金價格走強而導致的利潤分成協議、生產稅和特許權使用費等增加的成本。此外，我們正在執行的專案也在持續推進，並在第三季取得了幾個重要的里程碑。

As I mentioned, we poured first gold on September 19 and will be declaring commercial production at our new mine, Ahafo North, by the end of today. At our second expansion at Tanami, we have fully completed the concrete lining of the 1.5 kilometer deep production shaft and are equipping the shaft and completing construction of the underground crushing and associated materials handling system. At Cadia, guiding from PC2-3 has continued according to plan as we advance the underground development for PC1-2, along with a critical tailings remediation and storage capacity work, which I will touch in a little bit more detail in a moment.

正如我之前提到的，我們在 9 月 19 日澆鑄了第一批黃金，並在今天結束前宣布我們的新礦場 Ahafo North 開始商業化生產。在塔納米的第二次擴建中，我們已經完全完成了 1.5 公里深的生產豎井的混凝土襯砌，目前正在為豎井配備設備，並完成地下破碎和相關物料處理系統的建設。在 Cadia，PC2-3 的導向工作已按計劃繼續進行，同時我們也推進了 PC1-2 的地下開發，以及一項關鍵的尾礦修復和存儲能力工作，我稍後會更詳細地談談這項工作。

Moving on Newmont's operational strength in the third quarter, we delivered another solid financial performance. Newmont generated $3.3 billion in adjusted EBITDA and adjusted net income of $1.71 per share for the third quarter, a 20% increase from the second quarter and more than double last year's results.

延續紐蒙特第三季強勁的營運勢頭，我們取得了另一個穩健的財務表現。紐蒙特第三季調整後 EBITDA 為 33 億美元，調整後每股淨收入為 1.71 美元，比第二季成長 20%，比去年同期成長超過一倍。

Also during the third quarter, Newmont generated $2.3 billion of cash flow from operations and $1.6 billion of free cash flow after working capital, marking a record third quarter performance. This achievement represents the fourth consecutive quarter with free cash flow exceeding $1 billion, underscoring Newmont's scale and leverage to fibre gold prices.

第三季度，紐蒙特公司從經營活動中產生了 23 億美元的現金流，扣除營運資本後產生了 16 億美元的自由現金流，創下了第三季業績的新紀錄。這項成就標誌著紐蒙特公司連續第四個季度自由現金流超過 10 億美元，凸顯了紐蒙特公司的規模及其對黃金價格的影響力。

So far this year, we have generated $4.5 billion of free cash flow, an all-time annual record already, with one quarter still remaining. And since the last earnings call, we have received $640 million in after-tax cash proceeds from successful asset divestitures and further equity sales, bringing our total 2025 proceeds to over $3.5 billion in cash to support Newmont's disciplined capital allocation priorities. These priorities remain unchanged and include maintaining the strong balance sheet, steadily funding cash generative capital projects and continue to return capital to shareholders.

今年到目前為止，我們已經產生了 45 億美元的自由現金流，創下了年度歷史新高，而還有一個季度尚未結束。自上次財報電話會議以來，我們透過成功的資產剝離和進一步的股權出售獲得了 6.4 億美元的稅後現金收益，使我們 2025 年的總收益超過 35 億美元現金，以支持紐蒙特公司嚴格的資本配置優先事項。這些優先事項保持不變，包括維持強勁的資產負債表，持續為產生現金流的資本項目提供資金，並繼續向股東返還資本。

Looking ahead to the remainder of the year, strong execution across all our managed operations during 2025 has positioned us to achieve our full year production guidance. In the fourth quarter, mining at Yanacocha is expected to conclude, and we will continue to evaluate the opportunities in the surrounding regions of the room.

展望今年剩餘時間，我們在 2025 年所有管理業務中的強勁執行力，使我們能夠實現全年生產目標。預計第四季亞納科查礦區的採礦工作將結束，我們將繼續評估該礦區週邊地區的機會。

Additionally, we are looking forward to adding new low-cost ounces during the fourth quarter from our new mine, Ahafo North, and we are anticipating higher ounces from Nevada Gold Mines in the fourth quarter, as indicated by our joint venture partners.

此外，我們期待在第四季度從我們的新礦場 Ahafo North 增加新的低成本黃金產量，正如我們的合資夥伴所指出的那樣，我們預計 Nevada Gold Mines 在第四季度的黃金產量也會更高。

From a cost perspective, we are already seeing that our signings initiatives are bearing fruit this year, and we have reduced our absolute cost guidance in 2025 for G&A, Exploration and Advanced Projects by approximately 15%. This improvement in G&A expense is the direct result of our deliberate efforts to simplify the organization and drive down labor and contractor costs.

從成本角度來看，我們已經看到今年的簽約措施取得了成效，我們將 2025 年一般及行政費用、勘探和高級項目的絕對成本預期降低了約 15%。一般及行政費用的改善是我們為簡化組織結構、降低勞動力和承包商成本而採取的實際措施的直接結果。

And on the back of progressing labor reductions, our Exploration and Advanced Project guidance is also reflecting the optimization work we are doing to ensure we are managing cost efficiently, including how we deploy resources and equipment, sequence studies and focus exploration on areas that will generate the highest value.

隨著勞動力減少的不斷推進，我們的勘探和高級專案指導方針也反映了我們正在進行的優化工作，以確保我們能夠高效地進行成本管理，包括我們如何部署資源和設備、進行排序研究以及將勘探重點放在能夠產生最高價值的領域。

Turning now to unit cost. It is important to note that our 2025 guidance was established using a $2,500 per ounce gold price assumption at the start of the year. With sustained high gold prices, our fourth quarter all-in sustained cost outlook includes increased cost from profit sharing, royalties and production taxes.

現在來看單位成本。值得注意的是，我們2025年的業績指引是基於年初每盎司2500美元的黃金價格假設所製定的。由於金價持續高企，我們第四季綜合持續成本展望包括利潤分成、特許權使用費和生產稅等成本增加。

However, through ongoing optimization and cost improvements, Combined with supportive macroeconomic tailwinds, we expect to largely offset these impacts, enabling us to maintain our guidance for cost applicable to sales and all-in sustaining cost per ounce.

然而，透過持續的優化和成本改進，再加上有利的宏觀經濟利好因素，我們預計這些影響將基本被抵消，使我們能夠維持對銷售成本和每盎司綜合維持成本的指導。

Finally, now shifting to capital spend. Sustaining capital spend in the current year is tracking below our guidance published in February 2025, primarily due to the timing of spend related to our investments in the tailings work at Cadia. The team has done outstanding work this year, thoroughly assessing every option to ensure we're deploying capital in the most efficient way.

最後，現在轉向資本支出。本年度的持續資本支出低於我們在 2025 年 2 月發布的指導方針，主要是由於與我們在 Cadia 尾礦工程方面的投資相關的支出時間安排。今年，團隊的工作非常出色，他們徹底評估了每個方案，以確保我們以最有效的方式部署資金。

Our focus continues to be maximizing capacity in the current input storage facility, repairing the Southern wall of the Northern facility and then rising the wall of the Southern facility. With this plan in place, we are ramping up our spend, ensuring that we achieve the right balance between responsible capital management and the tailings capacity needed to support this very long life mine.

我們的重點仍然是最大限度地提高現有原材料儲存設施的容量，修復北部設施的南牆，然後加高南部設施的牆體。有了這項計劃，我們將加大投入，確保在負責任的資本管理和支持這座超長壽命礦山所需的尾礦處理能力之間取得適當的平衡。

Similarly, development capital spend is also tracking below our initial guidance, primarily to a deliberate shift in the timing of spend related to the study and underground development work to support the potential expansion project at Red Chris.

同樣，開發資本支出也低於我們最初的預期，這主要是由於與研究和地下開發工作相關的支出時間安排發生了有意的改變，以支持 Red Chris 的潛在擴建項目。

Adding everything into account and looking ahead to 2026, gold production from our managed operations is expected to be within the same guidance range we provided in 2025, but towards the low end due to the planned mine seasons at our world-class operations. As previously indicated, lower ounces from Ahafo South next year will be largely replaced by new low-cost ounces from Ahafo North mine.

綜合考慮所有因素，展望 2026 年，我們管理的礦山的黃金產量預計將與我們 2025 年提供的指導範圍相同，但由於我們世界一流礦山的計劃開採季，產量將接近下限。如前所述，明年阿哈福南礦的黃金產量減少，大部分將被阿哈福北礦新開採的低成本黃金所取代。

In addition, the decrease in expected production next year will be driven by a lower proportion of gold production from Peñasquito as we transition into the next scheduled phase of mining at the Penasco pit while slightly increase our output of silver, lead and zinc; lower leach production at the end of quarter as we conclude the mining activities at the (inaudible) and lower gold and copper production from Cadia as PC1 and PC2 come to an end and we transition to the next panel cave, PC2-3.

此外，預計明年產量下降的原因包括：隨著我們進入佩尼亞斯科礦坑的下一個預定採礦階段，佩尼亞斯基托金礦的黃金產量比例下降；同時，白銀、鉛和鋅的產量略有增加；隨著我們結束（聽不清）的採礦活動，季度末浸出產量下降；以及隨著 PC1 和 PC2 的結束，我們過渡到下一個礦場銅產量下降到下一個礦段銅產量下降。

In addition, following the anticipated $200 million improvement to capital guidance in 2025, we expect capital spending to be elevated in 2026 as a result, keeping our two-year average largely in line with expectations. Lastly, building on cost and productivity improvements achieved in 2025, we expect to realize the full benefits of our cost saving initiatives, which will be reflected in our 2026 guidance to be provided in February next year.

此外，鑑於 2025 年資本指引預計將提高 2 億美元，我們預計 2026 年資本支出也將因此增加，使我們的兩年平均值基本上符合預期。最後，在 2025 年實現成本和生產力提升的基礎上，我們預計將充分發揮成本節約措施的效益，這將在明年 2 月發布的 2026 年業績指引中得到體現。

However, if elevated gold prices persist into next year, increased profit sharing, royalties and production taxes could offset a significant portion of the benefits we expect to realize from our cost savings initiatives in 2026. These ongoing efforts demonstrate our disciplined approach to cost control and our continued commitment to driving margin expansion, with more work underway to capture additional efficiencies even in a rising price environment.

然而，如果金價高企的局面持續到明年，利潤分成、特許權使用費和生產稅的增加可能會抵消我們預計在 2026 年透過成本節約計畫實現的大部分收益。這些持續的努力顯示了我們在成本控制方面採取的嚴謹方法，以及我們不斷致力於擴大利潤率的承諾，即使在價格上漲的環境下，我們也在努力提高效率。

With our guidance reflecting continued operational and financial discipline, I'll next turn to capital allocation, where our focus remains on striking the right balance between financial flexibility, reinvestment in the business and returning capital to shareholders.

鑑於我們將繼續秉持營運和財務紀律，接下來我將談談資本配置，我們的重點仍然是在財務靈活性、業務再投資和向股東返還資本之間取得適當的平衡。

We remain committed to our shareholder-focused capital allocation strategies, which are three key priorities and remained unchanged, beginning with our strong and flexible balance sheet. We ended the quarter with $5.6 billion in cash, and we reduced gross debt to $5.4 billion, ending the quarter in a near zero net debt position and reinforcing our financial resilience in today's unpredictable environment.

我們始終堅持以股東為中心的資本配置策略，該策略包含三個關鍵優先事項，並且保持不變，首先是我們強大且靈活的資產負債表。本季末，我們持有現金 56 億美元，總債務減少至 54 億美元，本季末淨債務接近零，增強了我們在當今不可預測的環境中的財務韌性。

Secondly, we continue to steadily reinvest in our business, in line with our long-term planning cycle and external guidance, with a goal of generating sustainable free cash flow. And finally, we continue to return capital to shareholders. We declared a fixed common quarter dividend of $0.25 per share.

其次，我們將繼續按照長期規劃週期和外部指導，穩步地對我們的業務進行再投資，目標是產生可持續的自由現金流。最後，我們將繼續向股東返還資本。我們宣布派發每股0.25美元的固定季度普通股股利。

And we repurchased $550 million of shares since our last earnings call in late July. This year, we executed $2.1 billion in share repurchases, bringing the total to $3.3 billion in share repurchases since February of last year, with approximately $2.7 billion remaining in our $6 billion program.

自7月下旬上次財報電話會議以來，我們已回購了價值5.5億美元的股票。今年，我們執行了 21 億美元的股票回購，使自去年 2 月以來的股票回購總額達到 33 億美元，而我們 60 億美元的回購計畫中還剩下約 27 億美元。

We will continue to be disciplined and balanced in our capital allocation priorities despite the record level gold price environment, ensuring that Newmont is well positioned to drive consistent long-term shareholder value.

儘管金價處於歷史高位，我們仍將繼續在資本配置優先事項上保持嚴謹和平衡，以確保紐蒙特能夠持續為股東創造長期價值。

With another strong order behind us, we remain well positioned to continue delivering on our commitments to our shareholders. Driven by the consistent operational performance we have seen so far this year, we are firmly on track to achieve the improved 2025 guidance that I outlined earlier.

又一筆強勁的訂單到手，我們依然有能力繼續履行對股東的承諾。由於今年迄今持續穩定的營運表現，我們正穩步朝著我先前概述的改進後的 2025 年業績目標邁進。

And from this stable and efficient operational performance, we have generated $4.5 billion in free cash flow so far this year, achieving a full year record in just the first three quarters. From this position of strength, we have focused our time and attention towards optimizing our assets, taking deliberate actions to improve our cost structure and unlock the full value of our world-class portfolio.

憑藉這種穩定且高效的營運表現，我們今年迄今已創造了 45 億美元的自由現金流，僅用了前三個季度就實現了全年的創紀錄水平。憑藉這一優勢地位，我們集中時間和精力優化資產，採取審慎措施改善成本結構，充分釋放世界級投資組合的價值。

Alongside our operational strength and financial discipline, we will declare commercial production at our Ahafo North project at the end of today, setting us up to deliver new low-cost ounces for many years to come.

憑藉我們強大的營運實力和財務紀律，我們將於今天晚些時候宣布阿哈福北部項目投入商業生產，這將使我們能夠在未來多年內提供新的低成本黃金。

In addition, we have successfully completed our asset divestment program and the further streamlining of our noncore equity portfolio, generating greater than $3.5 billion in after-tax cash proceeds from asset divestitures in 2025 to support Newmont's disciplined capital allocation priorities.

此外，我們已成功完成資產剝離計劃，並進一步精簡了非核心股權投資組合，預計 2025 年將透過資產剝離產生超過 35 億美元的稅後現金收益，以支持紐蒙特公司嚴格的資本配置優先事項。

Over the last two years, we have repaid $3.9 billion of debt and have returned over $5.7 billion to shareholders through our common dividend and share repurchases, delivering approximately $250 million in annual savings from these actions alone. Even amid unprecedented gold prices, our commitment remains to disciplined, balanced capital allocation, cost management and productivity improvement, driving long-term shareholder value and financial resilience.

過去兩年，我們償還了 39 億美元的債務，並透過普通股股息和股票回購向股東返還了超過 57 億美元，光是這些措施就每年節省了約 2.5 億美元。即使在金價空前高漲的情況下，我們仍然致力於紀律嚴明、平衡的資本配置、成本管理和生產力提升，從而推動股東長期價值和財務韌性。

As we look to the future, Newmont is well positioned to continue generating industry-leading free cash flow, strengthening our business and rewarding shareholders through a predictable dividend and ongoing share repurchases. Lastly and most importantly, I would like to sincerely thank Tom for his leadership and contributions that helped to put Newmont on such a strong footing.

展望未來，紐蒙特已做好充分準備，繼續創造行業領先的自由現金流，增強業務實力，並透過可預測的股息和持續的股票回購來回報股東。最後，也是最重要的一點，我要衷心感謝湯姆的領導和貢獻，正是他的領導和貢獻才使紐蒙特公司擁有瞭如此堅實的基礎。

And with that, I'll turn it back over to you, Tom, one last time for closing remarks.

那麼，湯姆，我最後一次把麥克風交還給你，請你做總結發言。

Thanks, Natascha. As only the tenth CEO in Newmont's 104-year history, it has been a privilege to serve this great company. I'd like to thank our Board for its guidance and partnership throughout my time in the role, our executive leadership team and all of our teams across the world for their support in shaping our business into the industry leader that it is today.

謝謝你，娜塔莎。身為紐蒙特公司104年歷史上的第十位首席執行官，能夠為這家偉大的公司服務是我的榮幸。我要感謝董事會在我任職期間給予的指導和合作，感謝我們的執行領導團隊以及全球所有團隊的支持，正是他們的支持才使我們的業務發展成為如今的行業領導者。

And with that, I'll hand the line back to the operator to open the call up for questions.

然後，我會把電話線交還給接線生，讓她開始接受提問。

(Operator Instructions)

（操作說明）

Daniel Major, UBS.

瑞銀集團的丹尼爾·梅傑。

Hi, thanks for questions and congratulations, Natascha. And Tom, good luck in the future. So yes, a couple of questions. First one, just on capital allocation and the balance sheet. You've been returning cash shareholders at a healthy rate, but the balance sheet is effectively net debt zero, well below your net debt target.

你好，謝謝你的提問，也恭喜你，娜塔莎。湯姆，祝你未來一切順利。是的，還有幾個問題。首先，僅就資本配置和資產負債表而言。您一直以健康的現金回饋速度向股東返還現金，但資產負債表實際上淨債務為零，遠低於您的淨債務目標。

How do you see that going into 2026 if gold prices stay at this sort of level, would you look to build cash? Or would you look to accelerate the rate of buybacks and cash returns to get closer to your net debt target?

您認為到 2026 年，如果黃金價格保持在目前的水平，您會考慮累積現金嗎？或者，您會考慮加快股票回購和現金回報的速度，以更接近您的淨債務目標？

Thank you for that question, Daniel. As we've said in our prepared remarks, we remain firstly committed to, I think, a very well-defined capital allocation framework. Within that framework, we've made some good progress, and we will continue to review our returns to shareholders within the flexibility that we have in the capital allocation framework, and we will remain disciplined towards that. And of course, just to add, we do review that on a quarterly basis with our Board.

謝謝你的提問，丹尼爾。正如我們在準備好的演講稿中所說，我們首先仍然致力於一個非常明確的資本配置架構。在這個框架內，我們取得了一些不錯的進展，我們將繼續在資本配置框架的靈活性範圍內審查股東回報，並保持在這方面的自律。當然，還要補充一點，我們會每季與董事會一起審查。

Okay. So if prices stay here, would it be fair to assume you would accelerate the rate of cash returns rather than move into larger net cash -- does it will move into a net cash position, is that fair?

好的。所以如果價格保持在這個水平，是否可以合理地假設你會加快現金回報率而不是轉向持有更多淨現金——它會轉向持有淨現金嗎？這樣假設合理嗎？

Daniel, I would rather steer towards we'll remain disciplined within that framework. And we will continue to review that as we have greater certainty of what the gold price do in the future. What's in our control, certainly, is to continue to focus on our operational performance, our safety, cost and productivity work.

丹尼爾，我更傾向於我們繼續在這個框架內保持自律。我們將繼續對此進行評估，因為我們對未來黃金價格走勢的確定性會越來越高。當然，我們能夠控制的是繼續專注於我們的營運績效、安全、成本和生產力工作。

Okay. And then the second question is just on the project pipeline, previously indicated that Red Chris block cave would be the next project that would potentially be approved. Has there been any delays to that potential timeline with the incident last quarter? And is there any other updates on the other kind of longer-dated projects, Yanacocha, Wafi-Golpu, et cetera?

好的。第二個問題是關於專案規劃的，之前曾表示 Red Chris 塊狀洞穴可能是下一個可能獲得批准的專案。上個季度發生的事件是否對原定時間表造成了任何延誤？至於其他一些週期較長的項目，例如 Yanacocha、Wafi-Golpu 等，是否有任何最新進展？

Daniel, firstly, on Red Chris, we remain on track to deliver a proposal to the Board towards the middle of next year. And we have, as we said earlier, done quite a bit of work to do a thorough investigation on the incident that we had. And we are building all of those learnings into the work that we're doing through the feasibility study. We are -- the progress remain on track.

丹尼爾，首先，關於 Red Chris 項目，我們仍按計劃在明年年中向董事會提交提案。正如我們之前所說，我們已經做了大量工作，對我們遇到的事件進行了徹底調查。我們將所有這些經驗教訓融入我們正在進行的可行性研究工作中。我們——進展仍在按計劃進行。

In terms of longer projects, those are part of our projects in our -- that's part of our studies pipeline. And all of them will have to earn their right in the portfolio for us to allocate capital to any future decision.

至於較長的項目，它們是我們項目的一部分——它們是我們研究計劃的一部分。所有這些項目都必須贏得在投資組合中的資格，我們才能將資金分配給未來的任何決策。

Super, thanks. Good luck.

太好了，謝謝。祝你好運。

Matthew Murphy, BMO.

馬修·墨菲，BMO。

Hi, yeah, congratulations, Tom, on retirement and Natascha on the appointment. When you described giving the sites more autonomy and just some of the restructuring, I'm interested, what that means for your team? Are there key appointments that you're still looking to make? Or do you feel like you have the team to carry out that strategy already?

嗨，是的，恭喜湯姆退休，也祝賀娜塔莎獲得任命。當您描述給予網站更多自主權以及進行一些重組時，我很感興趣，這對您的團隊意味著什麼？您還有哪些重要人事任命需要落實？或者您覺得您已經擁有執行該策略所需的團隊了嗎？

Matthew, as you know, in our executive leadership team, we do have a vacancy in house for our CFO, who is -- and currently, we have our team very capably led by Peter Wexler and a very capable team supporting him in that finance -- in the finance function.

馬修，正如你所知，我們的執行領導團隊中，財務長一職目前空缺，而我們目前的財務團隊由彼得·韋克斯勒領導，他手下還有一支非常能幹的團隊在財務方面為他提供支持。

So that would be a key appointment that we are focusing on. We have a deep bench across our operational teams that we are leveraging from. We've redefined or reshaped our business into two business units, who will be -- that will be led by two very strong managing directors, each having authority over six of our assets.

所以這將是我們重點關注的一項關鍵人事任命。我們營運團隊人才濟濟，我們正在充分利用這一優勢。我們已將業務重新定義或重組為兩個業務部門，這兩個部門將由兩位非常強大的總經理領導，每位總經理都對我們的六項資產擁有管轄權。

We also have a very strong group hit in our projects and studies and another group hit looking off to health, safety, security and environment. So all four of them absolutely focused on operations and projects at the core, making sure that we can deliver on our objectives in a sustainable and safe manner.

我們的計畫和研究也取得了非常顯著的成果，此外，我們在健康、安全、保全和環境方面也取得了另一項顯著成果。因此，他們四人完全專注於營運和專案的核心，確保我們能夠以可持續和安全的方式實現我們的目標。

And then, of course, we continue -- just within the framework of the restructuring, we have a very strong functional team across all of our important functions that will continue to support the work that we've defined in this restructuring. So very comfortable that we have a very capable team across our operations, projects and functions.

當然，我們也會繼續下去——就在重組的框架內，我們擁有一支非常強大的職能團隊，涵蓋我們所有重要的職能部門，他們將繼續支持我們在這次重組中確定的工作。我們非常欣慰地看到，我們在營運、專案和職能部門都擁有一支能力很強的團隊。

Okay. Great. And then just any color you can share on the ramp-up of Ahafo North? How -- you've got it into commercial production. Has that gone as planned? And how is the ramp looking in Q4?

好的。偉大的。然後，你能不能分享一下你在阿哈福北部計畫啟動過程中使用的任何顏色？怎麼做到的——你已經把它投入商業生產了。事情進展順利嗎？第四季的成長動能如何？

Yes, so we will be -- we will officially declare it, absolutely a matter of timing. By the end of today, we'll be able to declare commercial production. What that means is that we have, on average, front for 30 days at more than 65% of the design, which gives you about 300 tonnes per hour. And that ramp-up is going -- is running on schedule. So we're very, very excited about this new mine.

是的，我們會正式宣布，這完全是時間問題。到今天結束時，我們將能夠宣布商業化生產。這意味著，平均而言，我們有超過 65% 的設計產能，可以持續生產 30 天，相當於每小時約 300 噸。而且產能提升工作正在進行中——正按計劃進行。所以我們對這個新礦感到非常非常興奮。

I think Tom and I will be hitting out there next week. I think particularly, that's a big legacy for Tom as well for us to get this separation up of money. And -- but we will be celebrating with the team that brought this asset online next week to officially open it. But we're really excited about having this new mine as part of our portfolio.

我覺得下週我和湯姆會去那裡打球。我認為，對湯姆來說，這也是一項重要的遺產，讓我們能夠實現資金的分離。但是——我們將於下週與將這項資產上線的團隊一起慶祝，正式啟用它。但我們非常高興能將這座新礦納入我們的投資組合。

(Operator Instructions)

（操作說明）

Josh Wolfson, RBC.

Josh Wolfson，RBC。

Yeah, thanks very much. I recognize it might be a bit early to ask, but is there any sort of perspective you can provide on reserve pricing, gold assumptions for next year? And then also in that context, whether we should expect a growth in the reserves?

是的，非常感謝。我知道現在問這個問題可能有點早，但您能否就儲備定價和明年的黃金價格預期提供一些看法？那麼，在這種背景下，我們是否應該預期儲量會成長呢？

Josh, you're right. It is a little bit early. As you would expect, we're right in the middle of our budgeting cycle, right, also busy with our resource and reserve review. And we will definitely give you an outcome of that work in February next year.

喬什，你說得對。現在還早。正如你所料，我們正處於預算編制週期的中間階段，對吧，同時也在忙著進行資源和儲備審查。我們一定會在明年二月向您報告這項工作的成果。

Okay. Got it. And then just back to some of the comments on 2026 guidance. And I guess, there's sort of two parts here. One is, I think you had mentioned earlier the average CapEx over '25 and '26 would remain unchanged. If the CapEx declined in '25 by $200 million, should we assume the number next year is the same as '25, so -- or 3.2 and then add $200 million to it?

好的。知道了。然後，我們再回到之前對 2026 年指導方針的一些評論。我想，這裡大概可以分成兩個部分。一是，我想您之前提到過，2025 年和 2026 年的平均資本支出將保持不變。如果 2025 年資本支出減少了 2 億美元，我們是否應該假設明年的數字與 2025 年相同，即 3.2 億美元，然後再加上 2 億美元？

And then the other question is just on AISC. I recognize there's a bunch of moving parts here. Directionally, there wasn't any indication provided there. But is the suggestion in the text that the AISC cost should remain stable? Or is one of the optimization and synergies outweighing the other of higher gold prices?

另一個問題就與AISC有關。我知道這裡面牽扯到很多環節。方向指示上沒有任何指示。但文中是否暗示AISC成本應該保持穩定？或者說，優化和協同效應中的某一方面超過了金價上漲帶來的另一方面？

Josh, yes, firstly, starting off with capital. I think you're accurate. And if you consider that over the two years, '25 and '26, that we will remain within the guidance that we've given, 2026 will be higher. So you can assume that, that will flow through into 2026.

喬希，是的，首先，要有資金。我認為你的說法很準確。如果考慮到 2025 年和 2026 年這兩年我們將繼續保持我們給予的指導方針，那麼 2026 年將會更高。所以你可以假設，這種情況會持續到2026年。

If we look then at all-in sustaining cost, the two elements that will impact our all-in sustaining cost, firstly, would be the guidance that we've given or the indication of that we did for the guidance next year of where our ounce profile will be for our managed operations, I want to just add that.

那麼，如果我們看一下全部維持成本，影響我們全部維持成本的兩個因素，首先是我們已經給出的指導意見，或者說我們對明年管理營運的盎司產量概況所做的指示，我想補充一點。

And the impact would be predominantly from Ahafo South, where we -- our Subika open pit operation has stopped, and we've moved into a Awonsu pit with lower grades. But our Ahafo North would largely offset that. The reductions then further will be Yanacocha from the [Kachwa mine sets], that where we stop mining, and we will only be focusing on leasing activities.

而影響主要來自阿哈福南部，我們——我們的蘇比卡露天礦開採已經停止，我們已經轉移到品位較低的阿翁蘇礦坑。但我們的阿哈福北部地區將在很大程度上抵消這種影響。接下來，我們將進一步減少亞納科查（Yanacocha）的採礦活動，該礦位於[卡奇瓦礦區]，我們將停止採礦，只專注於租賃活動。

Peñasquito, we see a move into GEOs and our goal just due to where we are from the mining profile and Cadia as we wait for PC2-3 to ramp up. So the combination of what we think would be on the lower end of our guidance for ounces and moving of sustaining capital into 2026.

Peñasquito，我們看到了向 GEO 的轉變，而我們的目標只是因為我們目前的採礦狀況和 Cadia，同時我們也在等待 PC2-3 的加速發展。因此，我們認為產量將處於我們預期範圍的下限，並將維持性資本轉移到 2026 年。

Saying that, however, despite the good progress that we've made on our cost and productivity work and we start to see that benefits flowing through, that work will continue with a focus on cost and productivity. So to help offset any increases due to high gold prices or what we've seen in the higher capital lower ounces next year.

不過，儘管我們在成本和生產力方面取得了良好的進展，並且開始看到效益顯現，但這項工作仍將繼續，重點放在成本和生產力上。因此，為了抵消因金價高企或明年資本增加而導致的產量下降等因素造成的任何成長。

All right, thank you very much.

好的，非常感謝。

Lawson Winder, Bank of America.

勞森·溫德，美國銀行。

Thank you very much, operator. Hello, Tom and Natascha. And Tom, congratulations on concluding your very notable career at Newmont. And then Natascha, I just want to say congratulations on your appointment as CEO. I do look forward to following this next chapter in Newmont's history.

非常感謝接線生。湯姆和娜塔莎，你們好。湯姆，恭喜你結束了在紐蒙特公司非常傑出的職業生涯。最後，娜塔莎，我只想祝賀你被任命為執行長。我非常期待見證紐蒙特歷史的下一個篇章。

If I could, I'd like to ask about capital allocation again, but just from a slightly different point of view. Obviously, there's a lot of extra capital which Newmont can consider allocating in a variety of different ways. It sounds like capital return is a priority. The balance sheet is already very strong. How do you think about acting on asset or company acquisition opportunities?

如果可以的話，我想再次詢問資本配置方面的問題，但這次想從一個稍微不同的角度來探討。顯然，紐蒙特有很多額外的資金可以考慮以各種不同的方式進行分配。聽起來資本回報是首要考慮因素。公司資產負債表已經非常穩健。您如何看待對資產或公司收購機會採取行動？

Is that something that's still within the wheelhouse of potential capital allocation? When you think about growth and investing in growth assets, is that on the docket?

這是否仍在潛在資本配置的範疇之內？當你考慮成長和投資成長型資產時，這是否在你的計畫之中？

Lawson, thank you for that question. Firstly, we believe that with the -- with this wealth of the portfolio that we have, that the best investment for us is in our own assets and in share buybacks. So definitely, we will remain disciplined around that. And just as a reminder, those three elements, you've touched on it. The one is certainly strengthening our balance sheet and our resilience.

勞森，謝謝你的提問。首先，我們認為，憑藉我們擁有的如此雄厚的資產組合，對我們來說最好的投資就是投資我們自己的資產和股票回購。所以，我們一定會在這方面保持自律。再次提醒一下，你剛才已經提到了這三個要素。其中一項無疑會增強我們的資產負債表和抗風險能力。

We've made some good progress there, the investments that I've just touched on. And the progress that we are making on bringing Tanami 2 and the two blockades at Cadia are still online, disciplined in making sure that we spend our money well in those projects and bringing them online in time.

我們在那方面取得了一些不錯的進展，就是我剛才提到的那些投資。我們在推進 Tanami 2 項目和 Cadia 的兩處封鎖方面取得的進展仍然有效，我們嚴格把錢花在這些項目上，並確保它們按時上線。

And then lastly, we still have our ongoing share buyback program and our fixed dividend policy. So we will remain committed, and that investment will only be made where we know that it's value accretive.

最後，我們仍然有正在進行的股票回購計劃和固定股利政策。因此我們將繼續堅持這項承諾，並且只會在確定能夠增值的情況下進行投資。

Okay. Fantastic. And in that same vein, I mean, there will be an opportunity to consider a significant investment into Nevada Gold Mines from the point of view of Fourmile , which is now 100% controlled by Barrick. I mean, there's also a demonstrated significant upside at Goldrush as a result of the work that's been done at Fourmile. I mean, how do you think about those two investment options?

好的。極好的。同樣地，我的意思是，從 Fourmile 的角度來看，將有機會考慮對內華達州黃金礦業公司進行重大投資，而 Fourmile 目前由 Barrick 全資控股。我的意思是，由於 Fourmile 計畫所取得的成果，Goldrush 計畫也展現了巨大的發展潛力。我的意思是，你對這兩種投資選擇有什麼看法？

Is one preferred over the other? And when you look at Fourmile potentially coming into the portfolio several years down the road, do you think of it as another project to which to allocate capital? Or is that a separate decision from the project delegation?

哪一個比較好？考慮到 Fourmile 幾年後可能會納入投資組合，您是否會將其視為另一個需要分配資金的項目？或者說，這是另一個與專案委託無關的決定？

Thank you, Lawson. Firstly, on Goldrush, it's already part of Nevada Gold Mines. So already included in that portfolio, and the capital required is included in the capital forecast as we have it from Barry today. From a formal point of view, and if you look at that Nevada Gold Mine district, we know that it's a district that is -- still has a wealth of resources and a long future in terms of mining.

謝謝你，勞森。首先，就 Goldrush 而言，它已經是內華達州金礦的一部分了。所以，這筆資金已經包含在該投資組合中，所需的資金也已包含在我們今天從巴里獲得的資本預測中。從正規的角度來看，如果你看看內華達金礦區，我們知道這是一個仍然擁有豐富資源且採礦業前景廣闊的地區。

And as Barrick has concluded their pre-feasibility last year and from the results that we have seen, which is the same results that you have seen and just from what we know from that district, we're very excited about the opportunity that we have that's included in the current agreement for us to have an option to continue our share of that project as well.

巴里克公司去年完成了預可行性研究，從我們看到的結果來看（也是你們看到的結果），以及我們從該地區了解到的情況來看，我們對目前的協議中包含的繼續參與該項目的選擇權感到非常興奮。

So we are waiting for Barrick to give us more information so that we can make an informed decision. And as you would have indicated a little bit earlier, it will be a project that will compete for capital against all of our other projects, and we will be disciplined in also making this capital decision when we have the information available as our JV agreement.

所以我們正在等待巴里克公司提供更多信息，以便我們能夠做出明智的決定。正如您之前提到的，這將是一個需要與其他所有項目競爭資金的項目，我們也會在掌握合資協議中規定的資訊後，謹慎地做出這項資金決策。

Okay, many thanks.

好的，非常感謝。

Anita Soni, CIBC.

Anita Soni，加拿大帝國商業銀行。

Hi, good morning, sorry, good evening in the past, Tom, and congratulations, Tom, on your retirement and Natascha, on your appointment as CEO. Just a further question, a couple of detailed questions, I guess, on Yanacocha, I think that the papers and you said it's closing in the fourth quarter, but had a really, really strong quarter this quarter. Is that expected to continue into the fourth quarter?

嗨，早安，抱歉，應該是晚上好，湯姆，恭喜你退休，也恭喜娜塔莎被任命為執行長。還有一個問題，或者說幾個比較詳細的問題，關於Yanacocha，我認為報紙和您都說它在第四季度要關門了，但它本季度的業績非常非常強勁。預計這種情況會持續到第四季嗎？

So Anita, yes. Thank you for that question. Into the fourth quarter, we do see slightly lower than the third quarter. And that is as we in the mining, in. And then we will be fully focused on the injection leaching through those in the new features that they have.

所以，安妮塔，是的。謝謝你的提問。進入第四季度，我們看到的數據略低於第三季。就像我們在採礦業中所做的那樣。然後我們將全力關注他們新功能中的注入滲漏。

And that's where online production source would be. Sorry, Anita.

這就是線上生產資源所在。對不起，安妮塔。

That's fine. As you indicated that you're going to be at the lower end of the -- if you -- you said it was similar levels to 2025 for your managed operations, but at the lower end, I assume that means the lower end of the plus or minus 5%. Within that, are you assuming Cadia is going to drop off in grade next year? Or could you see some positive surprise on that side as well?

沒關係。正如您所指出的，如果您——您說您的管理營運水平與 2025 年類似，但處於較低水平，我假設這意味著正負 5% 的較低水平。在此基礎上，您是否認為卡迪亞明年會降級？或者，您也看到了那方面的一些正面驚喜？

Anita, it's a really good question. We have -- we are planning according to the best estimates from our models. We have seen upside in this year so far. And we will continue to monitor PC1 and PC2 as they come to the end. So the models predict that we will see a decrease going into next year. And that's what we've served and incorporated into our planning for next year.

安妮塔，這真是個好問題。我們已經——我們正在根據我們模型中的最佳預測進行規劃。今年到目前為止，我們已經看到了上漲的跡象。我們將繼續監測 PC1 和 PC2 的進展。因此，模型預測明年我們將看到下降趨勢。這就是我們所提供的，也是我們明年計畫中考慮的因素。

All right. And then last question on cost. So I think this quarter, you indicated CAS of about -- or sorry, in fourth quarter, CAS about 1,260. Is that -- I mean, just as a proxy to next year, is that a good -- if you're using current gold prices and the kind of operational efficiencies that you've already achieved, is that a good run rate on average for next year, assuming obviously higher gold prices and some great declines, as you mentioned? But on average, would that be a reasonable assumption for CAS for next year?

好的。最後還有一個關於成本的問題。所以我認為本季度，您指出 CAS 大約是——或者抱歉，第四季度，CAS 大約是 1,260。我的意思是，就作為明年的參考，如果使用當前的黃金價格和你已經實現的運營效率，假設金價上漲，並且如你提到的那樣出現一些大幅下跌，那麼這是否是一個好的明年平均運行率？但平均而言，這對於明年的CAS來說是一個合理的假設嗎？

Anita, our fourth quarter G&A is normally cyclical by nature. So I think that's in the first assumption that you need to consider. And we do not see that, that is the run rate going into next year. And then from CAS point of view, CAS is impacted by our -- will be mainly impacted by our normal inflation. And then depending on where we are with gold prices, increases in taxes, royalties and worker participation.

Anita，我們第四季的一般及行政費用通常具有週期性。所以我認為這是你需要考慮的第一個假設。而我們並沒有看到這種情況，那就是明年的運行率。從 CAS 的角度來看，CAS 將主要受到我們正常通貨膨脹的影響。然後，還要取決於黃金價格的走勢，以及稅收、特許權使用費和工人參與的增加。

But it's very much still work in progress as we work through this last quarter and getting ready for the guidance in February.

但這項工作仍在進行中，我們正在努力完成最後一個季度的工作，並為二月的業績指引做準備。

All right. And then one last quick one for me. On the Ahafo North, my prior assumption was production of around 300,000 ounces for next year as it ramps fully. Does that mean that Ahafo South would decline by the same amount? Or is 300,000 ounces too aggressive for the first year of operations at Ahafo North?

好的。最後，我還要快速回答一個問題。我之前假設阿哈福北部地區明年全面投產後產量約 30 萬盎司。那是否意味著阿哈福南部地區的降幅也會相同？或者說，阿哈福北礦第一年的產量目標 30 萬盎司是否過於激進？

I think if we look at the two operations, you could assume a similar kind of run rate that we've had for this year between the two operations.

我認為，如果我們看一下這兩個營運部門，就可以推斷出這兩個部門今年的營運效率大致相同。

Tanya Jakusconek, Scotiabank.

Tanya Jakusconek，加拿大豐業銀行。

Great. Good evening, everybody. Natascha, congratulations on your new appointment. And Tom, congratulations on the retirement, and hope it's going to be a good one and a great adventure. Three questions, if I could.

偉大的。各位晚上好。娜塔莎，祝賀你榮任新職。湯姆，恭喜你退休，希望你的退休生活愉快，充滿精彩的冒險。如果可以的話，我想問三個問題。

Just Natascha, starting off on Nevada Gold Mines, you said you're waiting for Barrick to provide you with information so you can make your decision. Just trying to understand, is that information the feasibility study that we need to wait on? Or is there something else before that? I think the feasibility study is not until 2029.

娜塔莎，首先說說內華達金礦，你說你在等巴里克公司提供信息，以便你做出決定。我只是想了解一下，這個資訊是不是我們需要等待的可行性研究報告？或者在此之前還有其他事情嗎？我認為可行性研究要到 2029 年才會進行。

Yes. That's right, Tanya. We're waiting for that feasibility study.

是的。沒錯，塔尼亞。我們正在等待可行性研究報告。

Okay. That's helpful. And just on the capital returns to shareholders, you focused a lot on share buyback. Should I be assuming that in February, our $1 per share dividend remains intact and constant?

好的。那很有幫助。就股東資本回報而言，你們非常重視股票回購。我是否可以假設2月份每股1美元的股息保持不變？

Tanya, as you know, and again, within the -- in the framework, in the capital allocation framework, we -- as we have it today, we have a fixed dividend, and it is a read -- something that the Board reviews on a quarterly basis.

Tanya，正如你所知，而且，在——在資本配置框架內，我們——就我們目前的情況而言，我們實行的是固定股息，這是董事會按季度審查的內容。

Okay. So it could be possible, I guess, that part of your return to shareholders could include an increase in dividend in addition to your share buyback?

好的。所以，我猜想，除了股票回購之外，您給股東的回報可能還包括增加股利？

Yes. Tanya, it's absolutely not something that I think I can give you any indication on, I think. I think the commitment that we have is to remain discipline within the framework that we're very familiar with.

是的。坦婭，我覺得我絕對無法就此事給你任何暗示。我認為我們要做的承諾是，在我們非常熟悉的框架內保持紀律。

Okay. Maybe on the restructuring then, if I could. Understand that you flatlined a lot. I'm just trying understand, I'm trying to draw an organizational chart. Natascha, how many people do you have reporting or divisions you have reporting to you at this point?

好的。如果可以的話，或許可以在重組的時候考慮一下。要知道你之前多次出現心跳停止的情況。我只是想弄清楚，我想畫一張組織結構圖。娜塔莎，目前你手下有多少人或部門向你報告工作？

So Tanya, we have restructured the organization to have two business units, each of them fix the assets. So it's a good spread of -- an equal spread of operations and also a good spread from a jurisdiction point of view.

所以，Tanya，我們已經對組織結構進行了重組，設立了兩個業務部門，每個部門負責資產修復。所以，從業務分佈、管轄範圍來看，分佈都很均衡。

So if I look at a future structure where I have the operations and the two managing directors, plus the group head for projects and the group head for safety health environment still reporting to me, it would be a team of eight people.

所以，如果我設想未來的組織架構，營運部門和兩位總經理，加上專案組負責人和安全健康環境組負責人仍然向我匯報，那麼團隊將由八個人組成。

Thank you.

謝謝。

Sorry, Tanya, I just want to correct that. If I add the CFO, it would be 9. Yes.

抱歉，塔妮亞，我只是想糾正一下。如果加上財務官，那就是9人。是的。

Fahad Tariq, Jefferies.

法哈德‧塔里克，傑富瑞集團。

Hi, thanks for taking my questions. Maybe just first, just to clarify on 2026 production guidance. I think I heard two different things. I just want to make sure I'm getting it right. You're saying it's within the same guidance range for the core portfolio as 2025, which would be 5.6 million ounces. But that -- but you're also saying it could be lower. So is the right way to think about it potentially 5% lower than 5.6 million ounces?

您好，感謝您回答我的問題。首先，我想澄清一下 2026 年的生產預期。我好像聽到了兩種不同的說法。我只是想確保我理解正確。你的意思是說，它與 2025 年核心產品組合的指導範圍相同，即 560 萬盎司。但是——但是你也說它可能會更低。那麼，正確的理解方式是，產量可能比 560 萬盎司低 5% 嗎？

But Fahad, I think the first thing is the 5.6 is obviously the managed and non-managed operations. So non-managed, we are waiting for a light normal. We will be getting that guidance from Barrick. And the focus for the managed operations would be we normally guide within a range of plus or minus [5%]. And we do see that next year's production would be on the lower end of the managed portion of the guidance, which is in the order of 4.2 million ounces.

但是 Fahad，我認為首先是 5.6 顯然是指託管營運和非託管營運。所以，在沒有管理的情況下，我們正在等待一種較溫和的正常狀態。我們將從巴里克公司獲得這方面的指導。而對於受管運營，我們的重點通常是引導在正負範圍內進行。[5%]。我們看到，明年的產量將處於指導目標的較低水平，約為 420 萬盎司。

Okay. That's very clear. And then in all the cost commentary, I didn't hear anything about cost inflation. You mentioned that some of the cost saving initiatives at the unit cost level are being offset by higher royalties, profit sharing, taxes, but that's all gold price driven. Are you seeing any underlying cost inflation on labor, consumables, fuel, anything?

好的。這一點很清楚。在所有關於成本的評論中，我沒有聽到任何關於成本上漲的說法。您提到，一些在單位成本層面節省成本的措施被更高的特許權使用費、利潤分成和稅收所抵消，但這都是由黃金價格驅動的。您是否發現勞動力、消耗品、燃料等方面有任何潛在的成本上漲？

It will be part of our budget, Fahad. There will be a normal increase in that we normally do for our labor increases. And then well, obviously, there would be economic factors from some of our major consumables. I think the biggest challenge that we normally around inflation with the taxes, royalties and workup participation. And that we've been able to offset a large portion of through the cost savings initiatives.

法哈德，這將納入我們的預算。工資將按照我們通常的勞動成本成長幅度進行正常成長。當然，一些主要消耗品的經濟因素也會產生影響。我認為我們面臨的最大挑戰通常是通貨膨脹，包括稅金、版稅和生產參與費。而我們已經透過成本節約措施抵銷了其中很大一部分損失。

Okay, great. Thank you.

好的，太好了。謝謝。

Daniel Morgan, Barrenjoey.

Daniel Morgan，Barrenjoey。

Hi, Natascha and Tom, just a follow-up on the 2026 qualitative guidance chart. So to clarify, your managed guidance, 2025 is 4.2. You say today that it's expected to be similar but close to the bottom end of the range, which implies 5% lower at a lower, down to 4.0 million ounces. Is that too conservative view for the market to take as the midpoint for 2026 guidance?

嗨，Natascha 和 Tom，關於 2026 年定性指導圖表，我有個後續問題。所以澄清一下，您2025年的管理指導產量是420萬盎司。您今天說預計產量將與此類似，但接近區間下限，這意味著產量將下降5%，至400萬盎司。對市場而言，將此觀點作為 2026 年業績指引的中點是否過於保守？

I think, Daniel, considering that you very rightly commented that it's indicative from where we are going for the next year, we're in the middle of that work, so it is directional. And just to remind you, the impacts that we are having, firstly, I think probably just to take a step back.

丹尼爾，我認為，正如你非常正確地評論的那樣，這預示著我們明年的發展方向，而我們正處於這項工作的中間階段，所以它具有方向性。為了提醒大家，我們正在造成的影響，首先，我認為或許應該退一步思考。

At the beginning of the year, we've given a clear indication of the work that we're doing to support the long-term profile through the projects and the projects that's in delivery. And those like Ahafo North that we just did, they are all on track for delivery.

今年年初，我們已經明確表明了我們正在透過專案和正在實施的專案來支持長期發展方向的工作。像我們剛完成的阿哈福北部項目，目前都在按計劃推進。

Then we have other production improvements that we're working on, amongst others, with the laybacks that we are doing at Boddington and Lihir, all of those underway that long-term guidance and making sure that we're consistent with around that 6 million ounces for next year.

此外，我們也正在努力改進其他生產工藝，例如在博丁頓和利希爾進行油田改造，所有這些項目都在進行中，旨在實現長期目標，確保明年產量達到約 600 萬盎司。

However, the areas that we are focusing on that we have seen come down is Yanacocha because we have stopped production at the Cadia mine pit. So we're absolutely now required and reliant on the injection meeting.

然而，我們目前關注的地區中，已經出現下滑的地區是亞納科查，因為我們已經停止了卡迪亞礦坑的生產。所以我們現在完全依賴這次注射會議。

Peñasquito, where we're seeing that we're taking another layback. And that's just due to the normal sequencing of that, but we'll see lower gold and slightly higher ounces, [G on G] ounces. And then Cadia, as we were to bring in PC2-3 online, which is well on track to deliver on time, we see a period for where we see PC1 and PC2 and our rights as they come to an end.

佩尼亞斯基托，我們看到我們又退縮了。這只是正常的交易順序，但我們會看到黃金價格下跌，盎司價格略微上漲。然後，隨著 Cadia 即將上線 PC2-3（目前進展順利，預計將按時交付），我們看到 PC1 和 PC2 以及我們的權利即將到期。

So the impact on 2026 are very much driven by those dynamics.

因此，對 2026 年的影響很大程度上取決於這些動態因素。

Oh, thank you. And just on -- I know it is still early, but just on the reserve discussion that's coming up. There's obviously a fair degree of discretion, which you would be debating. I imagine about the gold price is up a lot. What do you do with thinking about reserves, versus -- do you try to maintain higher margins, et cetera? Just wondering how collectively you're thinking about that debate internally right now.

哦，謝謝。還有一點——我知道現在還為時過早，但關於即將到來的儲備金討論，我想說幾句。顯然，這其中存在著相當大的自由裁量權，而這正是你們要討論的問題。我估計金價會大幅上漲。您在考慮儲備金問題時會怎麼做？還是會努力維持更高的利潤率等等？想知道你們內部現在對這場辯論的整體看法是什麼。

So from a reserve and resource pricing point of view, that as you're right, we're in the middle of that divide. Independent of how we think about resource and reserve price, firstly, the focus for us is to always put to prioritize high -- the highest grade ounces through the capacity available to us, first. A very important factor for us as we see the cost of tailings. And that's probably one of our biggest bottlenecks is to ensure that it's economic ounces from a tailings point of view as well.

所以從儲量和資源定價的角度來看，正如你所說，我們正處於這個分歧的中間地帶。無論我們如何看待資源和儲量價格，首先，我們的重點始終是優先考慮高品位礦石——首先透過我們現有的產能開採最高品位的礦石。對我們來說，尾礦成本是一個非常重要的因素。而我們面臨的最大瓶頸之一，就是如何從尾礦的角度確保其經濟價值。

So that is the important factors for us to consider as we make any decisions on resource and reserve impact prices. And again, Daniel, I'll probably just double down on -- as we think about margins. We -- independent of what gold price does, we will continue to focus on our underlying cost and productivity to drive margins in that way. So that is absolutely the focus for us. I think the only additional mention for us around resource and reserves is probably just the divestments that we've started through the year. But you need to -- that you can consider.

因此，這些是我們制定有關資源和儲量對價格影響的任何決策時需要考慮的重要因素。丹尼爾，我可能還會加倍下注——當我們考慮利潤率的時候。無論金價如何波動，我們將繼續專注於降低成本和提高生產力，以此來提高利潤率。所以這絕對是我們關注的重點。我認為，就資源和儲備而言，我們唯一需要額外提及的可能就是我們今年開始的資產剝離計劃了。但你需要考慮這一點。

Okay, I appreciate your perspectives, Natasha and Tom. Thanks then.

好的，我感謝娜塔莎和湯姆的意見。謝謝。

Hugo Nicolaci, Goldman Sachs.

Hugo Nicolaci，高盛集團。

Congratulations, Tom, on your tenure at the helm and Natascha, as you take the baton. I wanted to ask a more strategic question on the project pipeline. How do you maximize the value of your currently longer-dated projects here?

恭喜湯姆擔任領導職務期間一切順利，也恭喜娜塔莎接過接力棒。我想就專案流程提出一個更具策略性的問題。如何最大化您目前較長週期專案的價值？

Does the gold price let you accelerate some of these given the reduced balance sheet risk from your position now? Or is there maybe room to monetize additional assets like the stakes in some of these multimillion ounce projects like Galore Creek and Never Union as you go forward if they're not medium-term priorities?

鑑於您目前的資產負債表風險降低，黃金價格是否允許您加快實施其中一些措施？或者，如果 Galore Creek 和 Never Union 等價值數百萬盎司的項目並非中期優先事項，那麼未來是否有空間將其他資產變現，例如這些項目的股份？

I think you heard me say this probably 5 times on the call, so forth. So we're going to remain disciplined in terms of that capital allocation. So we have these projects in study phase in various sizes in the pipeline. They will all, as per the formal comments a little bit earlier, all compete for capital within the profile or within the portfolio. I think it's important to consider that we have many opportunities, both brownfields and greenfields.

我想你可能在電話裡聽到我說了五遍了，等等。因此，我們將繼續在資本配置方面保持嚴謹的態度。因此，我們目前有各種規模的項目處於研究階段。正如先前正式評論所述，他們都將在投資組合內部或投資組合中爭取資金。我認為重要的是要考慮到我們有很多機會，包括棕地和綠地。

And the most value-accretive projects will have the benefit of capital allocation. But obviously, within that framework of maintaining a resilient balance sheet and returning capital to shareholders through share buybacks and dividends. So that remains the focus. And as we develop those projects, when the time is right, we will make those decisions.

而最具價值增值潛力的項目將受益於資本配置。但顯然，這一切都是在維持穩健的資產負債表並透過股票回購和分紅向股東返還資本的框架內進行的。所以，這仍然是我們的關注重點。隨著這些專案的推進，時機成熟時，我們會做出相對應的決定。

Got it. So to clarify, are projects not comparing for capital in, say, the next 5 years is a divestment option?

知道了。所以，為了澄清一下，如果專案在未來 5 年內無法進行資本比較，那麼撤資是否是一種選擇？

We continue to evaluate our portfolio. That's something we should be doing to continually look at what is the value that we can get from these assets. And if we have a view that we cannot get value out of them, then they will be -- that will be an opportunity for us to reconsider its position in the portfolio.

我們將繼續評估我們的投資組合。我們應該不斷地審視這些資產能為我們帶來什麼價值。如果我們認為無法從中獲得價值，那麼這將是我們重新考慮其在投資組合中地位的機會。

Got it. Fair enough. And then lastly, if I could, Tom, as you take a step back, maybe what excites you the most about the future of Newmont?

知道了。很公平。最後，湯姆，如果你能花一點時間，談談你對紐蒙特未來最興奮的是什麼？

Thanks, Hugo. Thanks for the chance to use my voice. This portfolio we've built is unsurpassed in the gold industry. The long life operations, the project pipeline you were just asking about, that can be developed with discipline over time to be able to make decisions and lay out a portfolio of gold production, supported by copper and a few other metals coming through. It's never been seen before in this industry.

謝謝你，雨果。感謝給我這個發聲的機會。我們所建構的這個投資組合在黃金產業中是無與倫比的。長期運營，以及你剛才提到的項目儲備，可以透過長期的紀律性發展，從而能夠做出決策並製定黃金生產組合，同時輔以銅和其他一些金屬的生產。這在業界尚屬首次。

What I'm going to be looking forward to watching from Cottesloe Beach is in the years to come, '27, '28, '29, '30, 2035, looking at Newmont sustaining the sort of production levels and margins that no other gold company can compete with. That's the thing that excites me, Hugo.

我期待在科特斯洛海灘觀看未來幾年（2027 年、2028 年、2029 年、2030 年、2035 年）紐蒙特公司能否維持其他黃金公司無法匹敵的產量和利潤率。這正是讓我興奮的地方，雨果。

Sectors and all the best, for your beach going. Thanks guys.

祝您海灘之旅一切順利，並玩得開心。謝謝各位。

Thank you.

謝謝。

Ralph Profiti, Stifel.

拉爾夫·普羅菲蒂，斯蒂費爾。

Thanks, operator, and best wishes and congratulations on the management changeover and transition. Just one question from me, Natascha. When I look at this $450 million in Exploration and Advanced Projects, how much of that reduction is due to rationalization and asset sales, and it's just sort of catch-up adjustments versus the original guidance? And how much was from strategic capital allocation decisions aimed at say, cost savings where Exploration was either pulled back or Advanced at certain assets?

謝謝運營商，祝您一切順利，並祝賀管理層交接和過渡成功。娜塔莎，我只有一個問題。當我查看勘探和高級專案的 4.5 億美元時，其中有多少是由於合理化和資產出售造成的減少，又有多少只是對最初指導的追趕性調整？其中有多少是由於旨在節約成本的策略資本配置決策造成的，例如，某些資產的勘探活動被削減或推進？

Thank you, Ralph. As in the last 18 months and as we had clear line of sight of our go-forward portfolio, we have done a material amount of work on all of our assets to understand the full potential around each of these assets, considering not only where we are with every asset today, but the long-term potential, including any exploration upside in these -- all of these assets.

謝謝你，拉爾夫。就像過去 18 個月一樣，由於我們對未來的投資組合有了清晰的認識，我們對所有資產進行了大量工作，以了解每項資產的全部潛力，不僅考慮了我們目前每項資產的狀況，還考慮了長期潛力，包括所有這些資產的任何勘探增長空間。

And that, in addition to the Advanced Projects, basically made up the baseline for how we reconsidered the work that we need to do going forward for Newmont, making sure that, that work is targeted towards delivering the value out of each and every one of these assets. That is what then and also underpinned our organizational structure and the decentralized design.

除了高級專案之外，這基本上構成了我們重新考慮紐蒙特未來需要開展的工作的基準，確保這些工作旨在從每項資產中創造價值。這就是當時以及現在支撐我們組織結構和去中心化設計的基礎。

I know that's not your question, but I think it's an important context because in that same framework within that same context, we are also targeting our exploration dollars where we are clear on where the best next exploration work is and where we can expand our understanding and future of these assets. So when we see a reduction, it wasn't a hiccup. It was a deliberate review of doing the right work for the assets and targeting our dollars towards that. So it's been a very deliberate piece of work.

我知道這不是你的問題，但我認為這是一個重要的背景，因為在同樣的框架和背景下，我們也把勘探資金投入到我們清楚下一步最佳勘探工作地點以及我們可以加深對這些資產的了解和未來發展的地方。所以當我們看到下降時，這並不是什麼小插曲。這是一次經過深思熟慮的審查，旨在為資產做正確的事情，並將我們的資金投入這些方面。所以這是一項經過深思熟慮的作品。

Understood. Thank you.

明白了。謝謝。

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

謝謝。問答環節到此結束。我謹將會議交還給湯姆·帕爾默，請他作閉幕致詞。

Thank you, operator. I was expecting that to go to Natascha. Thank you for your time, and I'm pleased to enjoy your reading or the rest of your day. Thank you.

謝謝接線生。我以為那件東西會給娜塔莎。感謝您抽出時間，我很高興您能享受閱讀或度過餘下的美好時光。謝謝。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。