紐蒙特黃金公司 (NEM) 2026 Q2 法說會逐字稿

Hello, and welcome to Newmont second-quarter 2026 results conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加紐蒙特（Newmont）2026 年第二季業績電話會議。(接線員指示) 請注意，本活動將被錄音。

I would now like to turn the conference over to Newmont's Group Head of Treasury and Investor Relations, Neil Backhouse. Neil, please go ahead.

現在我想將會議交給紐蒙特資金管理與投資人關係集團主管 Neil Backhouse。Neil，請開始。

Thank you, Holly. Hello, everyone, and thank you for joining Newmont's second-quarter 2026 results conference call.

謝謝你，Holly。各位好，感謝各位參加紐蒙特 2026 年第二季業績電話會議。

Joining me today are Natascha Viljoen, our President and Chief Executive Officer; Brian Tabolt, our newly appointed Executive Vice President and Chief Financial Officer; as well as other members of our management team who will be available to answer questions at the end of the call.

今天與我一同出席的有：我們的總裁兼執行長 Natascha Viljoen；新任命的執行副總裁兼財務長 Brian Tabolt；以及管理團隊的其他成員，他們將在電話會議結束前的問答環節回答問題。

Before we begin, please take a moment to review our cautionary statements shown here and refer to our SEC filings, which can be found on our website.

在開始之前，請花一點時間閱讀此處所示的警示性聲明，並參閱我們的 SEC 申報文件，可於我們的網站上查閱。

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

接下來，我把電話交給 Natascha。

Thank you, Neil, and hello, everyone. To begin today's call, I'd like to start by acknowledging the executive leadership appointments we announced last month, reflecting the depth and talent we have within Newmont and reinforcing our commitment to building a future ready organization with the leadership capabilities needed to execute our strategy.

謝謝你，Neil，各位好。在今天的電話會議開始時，我想先提及我們上個月宣布的高階主管任命，這反映了紐蒙特內部的人才深度與實力，也強化了我們打造面向未來、具備執行策略所需領導能力之組織的承諾。

Together, these appointments strengthen our financial, operational, technical, and project development expertise that will help us deliver consistent performance and steward our world-class portfolio.

這些任命共同強化了我們在財務、營運、技術與專案開發方面的專業能力，將協助我們交付穩健一致的績效，並妥善管理我們的世界級資產組合。

Brian Tabolt has been appointed as Executive Vice President and Chief Financial Officer. Since joining Newmont in 2021, Brian has held several senior finance roles, helping to strengthen financial oversight, integrated planning, and capital allocation priorities across the business.

Brian Tabolt 已被任命為執行副總裁兼財務長。自 2021 年加入紐蒙特以來，Brian 曾擔任多項資深財務職務，協助強化全公司財務監督、整合規劃與資本配置的優先事項。

Most recently, Brian served as the Chief Accounting Officer and Group Head Finance and brings more than 20 years of experience to the role.

最近，Brian 擔任首席會計官暨集團財務主管，並為此職務帶來超過 20 年的經驗。

I also want to recognize and thank Peter Wexler who served as interim CFO over the past year, providing steady leadership and continuity during an important period for Newmont, and we are grateful for the discipline and commitment he brought to the position.

我也要表揚並感謝 Peter Wexler，他在過去一年擔任代理財務長，在紐蒙特的重要時期提供穩健的領導與延續性；我們感謝他在該職位展現的紀律與投入。

Mark Rodgers has been appointed as Executive Vice President and Chief Operating Officer. Mark joined Newmont in 2020 and has held senior leadership roles across several regions, most recently as Managing Director for Africa and Asia Pacific.

Mark Rodgers 已被任命為執行副總裁兼營運長。Mark 於 2020 年加入紐蒙特，並在多個地區擔任資深領導職務，最近則擔任非洲與亞太區總經理。

Mark has over 30 years of experience in the industry, and as Chief Operating Officer, he will lead performance across our 12 managed operations with a strong focus on safe, consistent delivery, and operational excellence inclusive of health, safety, security, and environment.

Mark 在產業內擁有超過 30 年經驗；作為營運長，他將領導我們 12 個自營礦場的績效，重點聚焦於安全、穩定交付與卓越營運，並涵蓋健康、安全、保全與環境等面向。

Dave Thornton has been appointed as Executive Vice President and Chief Technical Officer. Dave has more than 25 years of mining experience and joined Newmont in 2016 where he has since held leadership roles across North and South America and Africa, most recently serving as the Managing Director of the Americas.

Dave Thornton 已被任命為執行副總裁兼技術長。Dave 擁有超過 25 年的採礦經驗，於 2016 年加入紐蒙特，此後在北美、南美與非洲擔任多項領導職務，最近則擔任美洲區總經理。

In his new role, he will lead the technical services team, bringing together exploration, mining and mine planning, processing, asset management, and digital capabilities to strengthen technical excellence in support of operational and project performance.

在新職務中，他將領導技術服務團隊，整合勘探、採礦與礦山規劃、選冶處理、資產管理與數位能力，以強化技術卓越，支援營運與專案績效。

And finally, David Fry has been promoted to the newly created position as Executive Vice President, Project Development. David joined Newmont in 2022 and most recently served as Group Head Global Projects. He brings significant international project delivery experience across mining, energy, and infrastructure sectors, and we'll continue to focus on disciplined execution as we advance our highest return growth opportunities.

最後，David Fry 已晉升至新設立的職位：執行副總裁（專案開發）。David 於 2022 年加入紐蒙特，最近擔任全球專案集團主管。他在採礦、能源與基礎建設領域具備豐富的國際專案交付經驗；在推進我們最高報酬的成長機會之際，我們將持續聚焦於有紀律的執行。

These appointments reflect the confidence we have in the people who know our business best.

這些任命反映了我們對最了解公司業務的人才所抱持的信心。

Together with existing team members, Peter Wexler, Peter Toth, and Debbie Leyva, they have helped shape the company we are today and share accountability for delivering the plans that define our future, executing our strategy, advancing our world-class portfolio, and leading with cost and capital discipline.

他們與現有團隊成員 Peter Wexler、Peter Toth 以及 Debbie Leyva 一起，協助塑造了今日的公司，並共同承擔責任：交付界定我們未來的各項計畫、執行策略、推進世界級資產組合，並以成本與資本紀律領導。

With that, I will turn now to our second-quarter highlights.

接下來，我將說明第二季的重點摘要。

Newmont delivered a strong second quarter and remains on track to achieve a full-year 2026 guidance, supported by disciplined execution across the portfolio and continued momentum as we head into the second half of the year.

紐蒙特第二季表現強勁，並仍按計畫達成 2026 全年指引；這得益於我們在整體資產組合上的有紀律執行，以及在邁入下半年時持續累積的動能。

Beginning with our operational performance. In the second quarter, we produced 1.3 million ounces of gold, 17,000 tonnes of copper, and 7 million ounces of silver from the full portfolio. The performance supported $2.9 billion of cash flow from operations after working capital and a second-quarter record of $2.2 billion in free cash flow. Since our last earnings call and including share repurchases in July, we have returned approximately $1.9 billion to shareholders through quarterly dividends and ongoing share repurchases.

先從營運表現談起。第二季，我們在整體資產組合中生產了 130 萬盎司黃金、1.7 萬噸銅，以及 700 萬盎司白銀。該表現帶動在扣除營運資金變動後的營運現金流達 29 億美元，並創下第二季自由現金流 22 億美元的紀錄。自上次財報電話會議以來（包含 7 月的庫藏股回購），我們已透過季度股利與持續的股票回購，向股東返還約 19 億美元。

I also want to highlight that we have now repurchased over 100 million shares since we began our share repurchase program a little over two years ago. This is a meaningful milestone that Brian will discuss later in the call.

我也要強調，自兩年多前啟動股票回購計畫以來，我們累計回購已超過 1 億股。這是一個重要的里程碑，Brian 稍後將在電話會議中進一步說明。

During the quarter, we also achieved several important milestones within our portfolio.

本季我們也在資產組合內達成數項重要里程碑。

First, at Red Chris, the Block Cave project received key regulatory approvals from the province of British Columbia. This includes an amended Environmental Assessment Certificate achieved through a consent-based process with the Tahltan Nation, reflecting the strength of our partnerships and shared commitment to advancing the project responsibly.

首先，在 Red Chris，Block Cave（崩落式採礦）專案已取得卑詩省的關鍵監管核准。其中包括透過與 Tahltan Nation 的同意為本流程所取得的《環境評估證書》修訂版，展現我們夥伴關係的強度，以及雙方對以負責任方式推進專案的共同承諾。

With these approvals in place, we are focused on completing the feasibility study and advancing the project toward Board approval and final investment decisions for this promising new project.

在取得上述核准後，我們將專注完成可行性研究，並推進專案朝董事會核准與最終投資決策邁進，發展這個前景可期的新專案。

We made significant progress on the recovery efforts at Cadia following the seismic event that occurred on April 14. Production from the operating caves resumed in mid-June, and the team is working to complete the remaining ground support upgrades. Development rates at PC1-2 have returned to normal levels, and we are working to secure the regulatory approvals required to safely restart cave establishment at both of the projects case later in the year. We continue to expect no impact on Newmont's full-year production guidance.

在 4 月 14 日發生地震事件後，我們在 Cadia 的復原工作取得顯著進展。營運中的崩落區於 6 月中旬恢復生產，團隊正致力完成其餘地層支護升級。PC1-2 的開發速率已回到正常水準，我們也正取得所需的監管核准，以在今年稍晚安全重啟兩個專案案例的崩落區建置作業。我們仍預期不會影響紐蒙特全年產量指引。

Collectively, our second-quarter results continue to demonstrate the strength of Newmont's portfolio and its ability to convert solid operational performance into significant free cash flow and returns to our shareholders.

整體而言，我們第二季的結果持續展現紐蒙特資產組合的實力，以及將穩健營運表現轉化為可觀自由現金流與股東報酬的能力。

Turning now to the operational drivers supporting our full-year outlook. Our second-quarter operational performance was modestly ahead of the expectations we communicated in April, primarily due to certain ounces being realized earlier than expected, driving some third-quarter production forward into the second quarter.

接著談支撐全年展望的營運驅動因素。我們第二季營運表現略優於 4 月所溝通的預期，主要原因是部分盎司的實現時間早於預期，使得原本第三季的部分產量提前至第二季。

The most notable drivers were Yanacocha, where ounces were produced earlier than planned and Lihir, which delivered a stronger quarter as a result of the ongoing asset reliability work at this world-class operation. Together, these assets delivered approximately 50,000 ounces of production that was initially expected in the second half of the year. During the quarter, we also benefited from a stable performance from our Nevada Gold Mines joint venture.

最顯著的驅動因素包括 Yanacocha（亞納科查），其產量早於計畫產出；以及 Lihir（利希爾），由於這座世界級礦場持續進行資產可靠度改善工作，本季表現更為強勁。合計而言，這些資產貢獻了約 5 萬盎司的產量，而這原先預期會在下半年實現。本季我們也受惠於 Nevada Gold Mines（內華達金礦）合資企業的穩定表現。

Taking these results into account, we now expect approximately 49% of full-year production to have been delivered in the first half with 51% expected in the second half.

綜合上述結果，我們目前預期全年產量約有 49% 已在上半年交付，下半年預期交付 51%。

Looking ahead, we expect third quarter production for the total portfolio to be broadly in line with the second quarter before picking up again in the fourth quarter, which is still expected to be our strongest of the year as Lihir completes planned maintenance in the third quarter and Ahafo North reaches its full run rate.

展望未來，我們預期整體資產組合第三季產量將大致與第二季持平，之後在第四季再度回升；第四季仍預計將是全年最強勁的一季，因為 Lihir 將在第三季完成計畫性維護，而 Ahafo North 將達到其滿載運轉水準。

Shifting now to cost. We remain focused on controlling our absolute cost base to maximize margins and continue supporting strong free cash flow. As we signaled last quarter, higher oil prices contributed to the expected increase in second quarter cost. However, even after absorbing that pressure, both cost applicable to sales and all-in sustaining costs remain firmly within our full-year guidance ranges, reflecting the continued discipline and cost and productivity initiatives we have been implementing across the portfolio.

現在轉到成本。我們仍專注於控制絕對成本基礎，以最大化利潤率並持續支持強勁的自由現金流。如同我們在上季所提示的，較高的油價促成了第二季成本如預期上升。然而，即使吸收了這些壓力，銷售適用成本與全維持成本（AISC）仍穩固落在我們全年指引區間內，反映出我們在整體資產組合持續落實的紀律，以及成本與生產力提升措施。

To make the work that we've been doing more tangible, I want to highlight a few examples. We have parked nearly 50 mining production units across the portfolio without affecting production.

為了讓我們正在進行的工作更具體可感，我想強調幾個例子。我們在整體資產組合中停放了近 50 台採礦生產設備單元，但未影響產量。

At Cerro Negro, more efficient pre-start activities have increased underground productive time by approximately 15% per shift.

在 Cerro Negro，更有效率的開工前作業使每班次的地下有效作業時間提升約 15%。

At Ahafo North, we have made targeted investments to operationalize and improve milling efficiency.

在 Ahafo North，我們進行了有針對性的投資，以推動營運落地並提升磨礦效率。

And in Merian, we have improved road conditions and overall wet weather preparedness to optimize existing equipment performance during the rainy season.

而在 Merian，我們改善了道路狀況與整體雨季應對準備，以在雨季期間最佳化既有設備的表現。

Across the portfolio, we continue to reduce contract utilization where possible. These are practical, cyclic actions that collectively improve productivity and help offset external cost pressures.

在整體資產組合中，我們持續在可行之處降低承包商使用比例。這些都是務實、具週期性的行動，合計可提升生產力並有助於抵銷外部成本壓力。

Finally, our capital spend for 2026 is on track to land within the guidance ranges that we set at the beginning of the year. Starting with sustaining capital, we now expect spending to be approximately 58% weighted towards the second half of the year, primarily due to the timing of key programs at Boddington and Cadia, ongoing ventilation work at Tanami, and seasonal surface construction at Brucejack and Red Chris during the warmest summer months in British Columbia.

最後，我們 2026 年的資本支出正按計畫落在年初所設定的指引區間內。先從維持性資本（sustaining capital）來看，我們目前預期支出約有 58% 會集中在下半年，主要是因為 Boddington 與 Cadia 關鍵計畫的時程安排、Tanami 持續進行的通風工程，以及在英屬哥倫比亞最溫暖的夏季月份於 Brucejack 與 Red Chris 進行的季節性地表施工。

Development capital is now expected to be 63% weighted to the second half, reflecting the timing of work at our key projects in execution as well as the progression of feasibility study work at Red Chris.

開發性資本（development capital）目前預期有 63% 會集中在下半年，反映我們主要執行中專案的工作時程，以及 Red Chris 可行性研究工作的推進。

At Cadia, our development spending is expected to increase as work recommences at the Panel Cave projects following the April seismic event.

在 Cadia，隨著四月地震事件後 Panel Cave 專案恢復施工，我們的開發支出預期將增加。

At Lihir, mobilization of the nearshore barrier will ramp up in the third quarter, unlocking access to more than 5 million ounces beginning in 2028. And the second expansion at Tanami continues to progress to plan with ore underground infrastructure expected to be completed by the end of the third quarter.

在 Lihir，近岸屏障（nearshore barrier）的動員將於第三季加速，並自 2028 年起解鎖超過 500 萬盎司的可開採資源。而 Tanami 的第二期擴建也持續按計畫推進，預期礦石地下基礎設施將於第三季末前完工。

With that, I will now turn it over to Brian to review our financial performance and capital allocation priorities. Brian, over to you.

接下來，我將把時間交給 Brian，請他回顧我們的財務表現與資本配置優先事項。Brian，交給你。

Thank you, Natascha, and hello, everyone. I want to start by expressing how honored I am to step into the CFO role here at Newmont.

謝謝你，Natascha，各位大家好。我想先表達，我非常榮幸能在 Newmont 擔任財務長（CFO）一職。

Since joining the company in 2021 and having worked closely with teams across the business, including the newly appointed and existing members of the executive leadership team, I have developed a deep understanding of our portfolio, financial priorities, and the discipline required to deliver consistent shareholder value. And I look forward to building on that work in my new role. I also want to thank Peter and the broader finance team for the strong foundation and continuity they have provided through this transition.

自 2021 年加入公司以來，我與業務各部門團隊密切合作，包括新任命與現任的執行領導團隊成員，因而對我們的資產組合、財務優先事項，以及交付一致股東價值所需的紀律有了深刻理解。我也期待在新職務上延續並深化這些工作。同時，我也要感謝 Peter 與更廣泛的財務團隊在這次交接過程中所提供的堅實基礎與延續性。

Turning to the second quarter. Newmont delivered strong financial results, supported by stable operations, disciplined cost management, and continued execution across the portfolio.

接著看第二季。Newmont 交出強勁的財務成果，受惠於穩定的營運、嚴謹的成本管理，以及在整體資產組合的持續執行力。

We generated $3.8 billion of adjusted EBITDA and adjusted net income of $2.10 per share. We realized an average gold price of $4,414 per ounce, generated $2.9 billion of cash flow from operations after working capital, and delivered $2.2 billion of free cash flow.

我們創造了 38 億美元的調整後 EBITDA，以及每股 2.10 美元的調整後淨利。我們實現的平均金價為每盎司 4,414 美元；在扣除營運資金變動後，營運活動現金流為 29 億美元，並交出 22 億美元的自由現金流。

Working capital was a modest use of cash during the quarter, primarily reflecting reclamation spending at Yanacocha, normal course inventory and stockpile builds, and the timing of cash tax payments.

本季營運資金對現金流的影響為小幅淨使用，主要反映 Yanacocha 的復墾支出、例行性的存貨與礦堆（stockpile）增加，以及現金稅款支付時點的影響。

This was partly offset by favorable receivable movements at Peñasquito and Cadia, where strong collections and lower sales volumes reduced outstanding balances.

這部分被 Peñasquito 與 Cadia 應收款項的有利變動所部分抵銷；在這兩處，強勁的收款與較低的銷售量降低了未結餘額。

As we move into the second half of the year, working capital variability may continue, including the potential unwinding of a portion of the receivable benefit recorded in the quarter.

隨著我們進入下半年，營運資金的波動性可能仍會持續，包括本季所認列的部分應收款項利益可能出現回轉的可能性。

During the calendar quarter, we returned approximately $1.8 billion (sic - see slide 4, "$1.9 billion") through quarterly dividends and share repurchases, marking the second-consecutive quarter in which we returned more than 80% of the free cash flow generated during the period.

在該曆季期間，我們透過季度股利與庫藏股回購返還約 18 億美元（原文如此——見投影片 4，「19 億美元」），這是連續第二季返還超過該期間所產生自由現金流的 80%。

Importantly, we achieved this while continuing to fund our organic growth pipeline and maintaining a strong net cash position, further differentiating Newmont from our peers and demonstrating the strength of our business through the commodity and investment cycles.

重要的是，我們在做到這點的同時，仍持續投入資助我們的內生成長專案管線，並維持強勁的淨現金部位，進一步使 Newmont 與同業區隔，並展現我們在商品與投資循環中的業務韌性與實力。

Our second-quarter results also demonstrate the significant operating leverage embedded in the portfolio. Year over year, our realized gold price increased by approximately $1,100 per ounce or about 33%, while absolute cost applicable to sales increased just 4%. As a result, a substantial portion of the higher gold price translated into stronger margins and free cash flow.

我們第二季的結果也展現出資產組合中蘊含的顯著營運槓桿。與去年同期相比，我們實現的金價每盎司提高約 1,100 美元、約 33%，而銷售適用的絕對成本僅增加 4%。因此，較高金價的相當大部分轉化為更強的利潤率與自由現金流。

Turning to costs. Gold all-in sustaining costs were $1,621 per ounce on a by-product basis, remaining well below our full year guidance of $1,680 per ounce. Unit costs increased sequentially quarter over quarter as expected, primarily reflecting lower gold and silver production and sales volumes, a lower byproduct contribution and the full-quarter impact of higher Ghana royalties and higher diesel prices.

接著看成本。以副產品抵減（by-product basis）計算的黃金全維持成本（AISC）為每盎司 1,621 美元，仍明顯低於我們全年每盎司 1,680 美元的指引。如預期，單位成本較前一季季增，主要反映黃金與白銀產量及銷售量較低、副產品貢獻較少，以及迦納權利金上調與柴油價格上升的整季影響。

Despite these factors, our absolute cost base remains well controlled, and we continue to monitor the geopolitical environment and its potential cost implications while remaining encouraged by our demonstrated ability to manage costs and improve productivity.

儘管有這些因素，我們的絕對成本基礎仍受到良好控制；同時我們持續關注地緣政治環境及其可能帶來的成本影響，並對我們已證明能夠管理成本與提升生產力的能力保持信心。

As Natascha mentioned, total portfolio production in the third quarter is expected to remain broadly in line with the second quarter, which when coupled with the planned approximate $150 million quarter-over-quarter increase in sustaining capital is expected to result in moderately higher unit costs in the third quarter. We remain focused on managing absolute costs, protecting margins, and maintaining discipline as we work through the higher capital spend expected in the second half of the year.

如 Natascha 所提到，整體資產組合第三季產量預期將大致與第二季持平；再加上維持性資本預計季對季增加約 1.5 億美元，預期將使第三季單位成本溫和上升。在下半年預期資本支出較高的情況下，我們仍專注於管理絕對成本、守住利潤率，並維持紀律。

Turning now to our capital allocation priorities. The capital allocation framework introduced earlier this year continues to provide the right balance between reinvesting in our world-class portfolio, maintaining financial flexibility, and returning excess cash to shareholders. Having been closely involved in the development of this framework, our focus remains on executing against discipline, consistency, and transparency.

接著談我們的資本配置優先事項。今年稍早推出的資本配置框架，持續在再投資於我們世界級資產組合、維持財務彈性，以及將多餘現金返還股東之間，提供了適切的平衡。我曾深度參與此框架的制定，因此我們的重點仍是以紀律、一致性與透明度來落實執行。

Beginning with the sustaining capital. We invested $438 million in the second quarter to support safe production and long-term sustainable cash generation. We remain on track to meet our full-year guidance of $1.95 billion with spending expected to increase in the second half as we progress critical work that preserves the integrity and longevity of our assets.

先從維持性資本開始。我們在第二季投資了 4.38 億美元，以支持安全生產與長期可持續的現金創造。我們仍按計畫達成全年 19.5 億美元的指引；隨著我們推進可維持資產完整性與延長資產壽命的關鍵工作，預期下半年支出將增加。

Turning to the dividend. In the second quarter, we declared a dividend of $0.26 per share, unchanged from the prior quarter.

接著談到股利。在第二季，我們宣告每股股利0.26美元，與前一季持平。

Moving to development capital. We invested $285 million during the quarter. As Natascha discussed earlier, full year guidance remains unchanged at $1.4 billion, with spending expected to increase in the second half as we advance projects at Cadia, Tanami, and Lihir.

接著談到開發資本。本季我們投資了2.85億美元。如Natascha先前所述，全年指引維持不變，為14億美元；隨著我們推進Cadia、Tanami與Lihir的專案，預期下半年支出將增加。

We also remain committed to maintaining a strong and flexible balance sheet, ending the quarter with $3.4 billion of net cash, modestly above the upper end of the range of our net cash target of $1 billion, plus or minus $2 billion. That position will naturally fluctuate as we fund our capital programs, pay dividends, and return excess cash to shareholders.

我們也仍致力於維持強健且具彈性的資產負債表，本季末淨現金為34億美元，略高於我們淨現金目標10億美元（正負20億美元）區間的上緣。隨著我們為資本計畫提供資金、支付股利並將多餘現金回饋股東，該部位將自然波動。

In stronger price environments, we would expect our cash position to remain towards the upper end of our net cash range. If prices were to decline, entering that part of the cycle with additional cash would help us to continue funding our capital program while returning capital to shareholders consistent with our through-the-cycle approach to creating shareholder value. With those priorities funded, the framework directs all excess cash to share repurchases.

在價格環境較強時，我們預期現金部位將維持在淨現金區間的上緣附近。若價格下滑，在該循環階段以較多現金進入，將有助於我們在依循跨循環（through-the-cycle）創造股東價值的方法下，持續為資本計畫提供資金，同時回饋股東資本。在上述優先事項獲得資金支持後，該框架將把所有多餘現金導向股票回購。

Since our last earnings call, we have repurchased $1.7 billion of shares under the $6 billion authorization approved in April. This includes more than $600 million repurchased in July to date, leaving approximately $4.3 billion under the current authorization.

自上次財報電話會議以來，我們已在4月核准的60億美元授權額度下回購了17億美元的股票。其中包含截至目前7月已回購超過6億美元，依現行授權尚餘約43億美元。

Since launching our repurchase program over two years ago, we have reduced our share count by more than 100 million shares or approximately 9%. Based on the repurchases completed to date, the formula under our framework would support a quarterly dividend of $0.27 per share at the next annual review, $0.01 above the current quarterly dividend or $0.04 on an annualized basis, while maintaining the same targeted annual cash commitment.

自兩年多前啟動回購計畫以來，我們已將流通股數減少逾1億股，約9%。依目前已完成的回購情況，我們框架下的公式在下一次年度檢視時將支持每季每股0.27美元的股利，較目前每季股利高0.01美元，或以年化計算增加0.04美元，同時維持相同的年度目標現金承諾。

This would equate to an 8% increase of the dividend since we introduced the new framework only a few months ago. Any increase would remain subject to approval and declaration by the Board as part of its annual review next February. But we continue to execute the program consistently, reflecting our confidence in the intrinsic value of Newmont shares and the long-term benefits these repurchases delivered to shareholders.

這相當於自我們僅在數月前導入新框架以來，股利增加8%。任何調升仍須在明年2月董事會年度檢視中核准並宣告。但我們持續一致地執行該計畫，反映我們對Newmont股票內在價值的信心，以及這些回購為股東帶來的長期效益。

As we look to the remainder of the year, our priorities remain clear: continue funding sustaining capital to preserve the integrity and longevity of our assets, continuing advancing our highest-return development projects, maintain financial flexibility with our net cash target range, and return excess cash to shareholders through ongoing share repurchases.

展望今年剩餘時間，我們的優先事項仍然明確：持續投入維持性資本以維護資產的完整性與壽命，持續推進報酬最高的開發專案，在淨現金目標區間內維持財務彈性，並透過持續的股票回購將多餘現金回饋股東。

With that, I'll turn it back to Natascha for closing remarks.

接下來我把時間交回Natascha作結語。

Thank you, Brian. In closing, our strong first-half performance positions us well to continue delivering on our commitments and creating value for our shareholders. We remain on track to achieve our 2026 guidance, supported by solid execution across the portfolio. Our operations continue to generate significant free cash flow, allowing us to invest in the business, maintain a strong and resilient balance sheet, and return capital to shareholders through our consistent capital allocation framework.

謝謝你，Brian。總結來說，我們上半年強勁的表現使我們處於有利位置，能持續履行承諾並為股東創造價值。在整體投資組合穩健執行的支持下，我們仍按計畫達成2026年指引。我們的營運持續產生可觀的自由現金流，使我們得以投資業務、維持強健且具韌性的資產負債表，並透過一致的資本配置框架將資本回饋股東。

As we enter Newmont's next phase of delivery, we do so with a renewed executive leadership team that has deep knowledge of our operations and the jurisdictions in which we operate. These leaders have helped shape the company we are today, and they understand our assets, our people and the opportunities ahead, and they share the clear accountability for delivering Newmont's future. Their appointments demonstrate the depth of our internal bench strength and provide important continuity in how we execute our strategy.

當我們進入Newmont下一個交付階段時，我們帶著重新組成的高階管理團隊前進；該團隊對我們的營運以及我們所處的司法管轄區具有深厚的了解。這些領導者協助塑造了今日的公司，他們了解我們的資產、我們的人才與未來的機會，並共同承擔交付Newmont未來的明確責任。他們的任命展現了我們內部人才梯隊的深度，並在我們執行策略的方式上提供重要的延續性。

More importantly, the team is fully aligned around the priorities that will drive long-term value, safe and consistent operational performance and project delivery, rigorous cost and capital discipline and focused investments in the highest return opportunities within our portfolio.

更重要的是，團隊已就將驅動長期價值的優先事項完全一致：安全且穩定一致的營運表現與專案交付、嚴謹的成本與資本紀律，以及聚焦投資於我們投資組合中報酬最高的機會。

Looking ahead, we will continue to leverage our industry-leading portfolio, deep technical expertise, and experienced leadership team to build a stable and resilient future for Newmont.

展望未來，我們將持續運用業界領先的投資組合、深厚的技術專長與經驗豐富的領導團隊，為Newmont打造穩健且具韌性的未來。

Finally, before we open the floor for questions, I would like to make a brief reference to our discussions with Barrick. I want to specifically refer to our notice of default as well as our overall efforts to protect the rights and value of the Newmont shareholders.

最後，在我們開放提問之前，我想簡要提及我們與Barrick的討論。我特別想提到我們的違約通知，以及我們為保護Newmont股東權益與價值所做的整體努力。

We have actively engaged with Barrick over the last few months to find mutually acceptable solutions to our diverging legal, technical, and commercial views on the various aspects of the joint ventures management and past performance, the proposed IPO and the potential resulting complexities, and contribution process for all excluded properties with a goal of maximizing NGM's performance both in the near and long term.

過去幾個月，我們一直積極與Barrick接觸，旨在就合資企業管理與過往績效、擬議IPO及其可能帶來的複雜性，以及所有被排除資產的出資流程等各面向中，我們在法律、技術與商業觀點上的分歧，尋求雙方可接受的解決方案；目標是在短期與長期皆能最大化NGM的表現。

We have remained resolute in protecting the interest and rights of Newmont's shareholders throughout this process.

在整個過程中，我們始終堅定地保護Newmont股東的利益與權利。

While I remain hopeful of reaching a successful near-term resolution, we find ourselves nearing the end of this extensive direct engagement period with several key issues still unresolved. Most importantly, as I mentioned on previous calls, we remain committed to fostering a strong working relationship with Barrick, playing a role to ensure NGM delivers to its full potential, and protecting and if required, enforcing our legal rights enshrined in the JV agreement.

雖然我仍希望能在短期內達成成功的解決方案，但在這段廣泛的直接接觸期接近尾聲之際，仍有數個關鍵議題尚未解決。最重要的是，如我在先前的電話會議中提到的，我們仍致力於與Barrick建立強健的合作關係，扮演確保NGM充分發揮潛力的角色，並保護且在必要時執行合資協議中所載明的法律權利。

You will appreciate that given the ongoing discussions and sensitivities on both sides, I will not be able to answer any specific questions regarding the issue.

各位也能理解，鑑於雙方仍在討論且議題敏感，我將無法回答任何關於此事的具體問題。

And with that, we look forward to addressing your questions about Newmont's operational and financial performance. Handing over to Neil.

接下來，我們期待回應各位關於Newmont營運與財務表現的提問。交給Neil。

Right. Well, I think we're ready for Q&A. So I'll turn it over to you to bring up the first question.

好的。我想我們已準備好進入問答。我把時間交給你，請帶出第一個問題。

(Operator Instructions)

(接線員指示)

Holly, Can I just confirm that you can hear us?

Holly，我可以確認你聽得到我們嗎？

(Operator Instructions) Richard Garchitorena, Barclays.

(接線員指示) Richard Garchitorena，Barclays。

Great, thanks, and good afternoon, can you hear me clearly? Hello? So yeah, thanks for taking my question, and congrats on the regulatory approvals for Red Chris. Just wondering if you could walk us through what are the remaining milestones that we should be expecting as we move towards completing the feasibility study. Obviously, probably some refinement on some of the costs, I guess, given, recent inflation pressures. And then, how should we think about FID later this year in terms of timeline for construction.

太好了，謝謝，下午好，你們聽得清楚嗎？哈囉？所以，謝謝讓我提問，也恭喜Red Chris取得監管核准。想請問你們能否帶我們了解一下，在完成可行性研究的過程中，接下來還有哪些我們應該期待的里程碑。顯然，考量近期通膨壓力，成本方面可能還需要一些細化。另外，對於今年稍晚的FID（最終投資決策），就施工時程而言，我們應該如何看待其時間表？

Just a moment, please.

請稍等一下。

We are currently experiencing technical difficulties. Please hold while we pause.

我們目前遇到技術問題。請稍候，我們將暫停一下。

All right, Holly, can you hear us now okay? (technical difficulty)

好的，Holly，你現在聽得到我們嗎？(技術問題)

Thank you for pausing for our technical difficulties.

感謝各位因技術問題而暫停等候。

Richard Garchitorena, if you could ask your question again. A reminder to unmute locally on your device.

Richard Garchitorena，麻煩你再問一次你的問題。提醒你在裝置端解除靜音。

Yeah. Holly, it seems like we may still be having technical difficulties. We are unable to hear Richard.

是的。Holly，看起來我們可能仍然有技術上的困難。我們聽不到 Richard。

Fahad Tariq, Jefferies.

Fahad Tariq，Jefferies。

Hi, thanks for taking my question, hopefully you can hear me okay.

嗨，謝謝讓我提問，希望你們聽得到我。

I just want to ask about the cost pressures potentially building up in the operations. Just given what's happening with oil prices now elevated again, diesel cost in Australia potentially not translating because it's been so many months of elevated prices that can be higher freight costs. I just wanted to get a sense of how you're thinking about cost in the second half of this year and whether you still expect productivity improvements to offset the cost pressures. Thanks.

我想問的是營運端可能正在累積的成本壓力。考量到目前油價再次走高，澳洲的柴油成本可能不會立即反映出來，因為高油價已經維持了好幾個月，這可能會帶來更高的運輸成本。我想了解你們如何看待今年下半年的成本，以及你們是否仍預期生產力改善可以抵銷這些成本壓力。謝謝。

Hi Fahad, this is Brian Tabolt, and I'll take your question. As it relates to oil price and diesel notably, obviously, today, with the oil price jumping up to $100 barrel, we are watching and monitoring cost pressures across the business.

嗨 Fahad，我是 Brian Tabolt，我來回答你的問題。就油價與柴油而言，顯然今天油價跳升到每桶 100 美元，我們正在觀察並監控整個業務的成本壓力。

Notably, in the second quarter, you'll see part of our CAS increases driven by that fuel cost of about $100 a barrel that we experienced on average in the second quarter. We would expect that to continue in the third quarter based on the current price environment.

特別是在第二季，你會看到我們的 CAS 上升有一部分是由燃料成本所推動，因為第二季我們平均經歷了約每桶 100 美元的油價。依目前的價格環境，我們預期第三季會延續這種情況。

There is a bit of a lag in terms of when the price of oil hits our diesel. Each of the sites has a slightly different arrangement as it relates to the supply of oil. And so we will see some of that continue to flow through in the third quarter.

油價反映到我們柴油成本上會有一些滯後。各個場址在油品供應安排上略有不同。因此，我們會看到其中一部分在第三季持續傳導。

As it relates to other costs in terms of indirects, we continue to monitor that, notably the impacts in terms of explosive, cyanide, grinding media, and inevitably the tail in terms of labor, contractor spend. We do see some costs as it relates to freight hitting those indirects. But in terms of the escalation, we're still just in monitoring stage in terms of that cost pressure.

至於其他成本、也就是間接成本方面，我們持續監控，特別是炸藥、氰化物、研磨介質，以及最終在勞動力與承包商支出等方面的影響。我們確實看到一些與運輸相關的成本正在影響這些間接成本。但就成本壓力的升級程度而言，目前我們仍處於監控階段。

As we've noted in our materials, we do have about a, for every $10 per barrel change in the price of oil, you'll see on a full-year basis about a $60 million impact. In terms of indirects, there would be a knock on impact. But again, right now, we're just monitoring to see how that cost pressure continues to persist.

如同我們在資料中提到的，油價每桶變動 10 美元，以全年基礎來看，大約會帶來 6,000 萬美元的影響。就間接成本而言，會有連帶影響。但同樣地，目前我們只是持續監控，觀察這些成本壓力是否會持續。

Okay, great. And then just on Red Chris, the $500 million investment from the Canadian government, can you provide any more detail on what form that is taking? I couldn't see it in the official announcement whether it's a grant, a loan, an equity investment, or something else, maybe some sort of tax benefit. Any color there would be helpful. Thanks.

好的，很棒。另外關於 Red Chris，加拿大政府的 5 億美元投資，你能否提供更多細節，這會以什麼形式進行？我在官方公告中看不出來是補助、貸款、股權投資或其他形式，也許是某種稅務優惠。如果能補充一些資訊會很有幫助。謝謝。

Fahad, we're still working at the moment on the MOU with a major project office in Canada to determine the full terms and conditions of the grant. In the meantime, we feel quite encouraged by the confidence that the Canadian government's got in the project and also just the support that we get from the Canadian government.

Fahad，我們目前仍在與加拿大的重大專案辦公室就 MOU（合作備忘錄）進行作業，以確定該補助的完整條款與條件。同時，我們對加拿大政府對該專案的信心，以及我們所獲得的支持感到相當鼓舞。

Okay, great. Thank you.

好的，很棒。謝謝。

Hugo Nicolaci, Goldman Sachs.

Hugo Nicolaci，Goldman Sachs。

Oh, hi, Natascha and team. Good to see another strong quarter. First one's on production. You've highlighted this year as a trough year on production, but can you maybe step us through the pathway back to 6 million ounces, and how dependent is that on the Cadia cave ramp up in 2029, or maybe are there other levers you can pull to get there without Cadia and perhaps even earlier than 2029? Thanks.

喔，嗨，Natascha 和團隊。很高興看到又一個強勁的季度。第一個問題是關於產量。你們提到今年是產量的谷底年，但能否帶我們梳理一下回到 600 萬盎司的路徑？以及這在多大程度上取決於 2029 年 Cadia 洞採（cave）擴產爬坡？或者是否還有其他槓桿可以在不依賴 Cadia 的情況下達成，甚至可能早於 2029 年？謝謝。

Yeah. Thanks, Hugo, and a really good question. So we are, firstly, the development of the Cadia cave we're less reliant on in terms of the long-term production. We will see certainly the new caves, PC2-3 as it comes on, we will see that cave taking over some of the lower-grade production out of PC1, and we will see an improvement in the grades.

是的。謝謝你，Hugo，這是個很好的問題。首先，就長期產量而言，我們對 Cadia 洞採開發的依賴程度較低。當新的洞採 PC2-3 上線後，我們會看到該洞採接替 PC1 中部分較低品位的產量，並且品位會有所改善。

As we said in our prepared remarks, we see predominantly the outstanding work on PC1-2 as we think PC2, well, the plan is for PC2-3 to still be handed over to the production team, with the last doorbells here at the end of this year.

如同我們在事先準備的發言中所說，我們看到主要尚待完成的工作是在 PC1-2；而 PC2-3 的計畫仍是移交給生產團隊，最後的「doorbells」會在今年底完成。

Then we have all of the other elements that we continuously talk to Ahafo North will be ramping up to full production. Cerro Negro, Tanami, we will have Boddington in high-grade areas, Lihir nearshore barrier, and in high-grade areas. So less reliant in this medium term on the caves coming on.

接著還有我們一直在談的其他要素：Ahafo North 將逐步爬坡至滿產。Cerro Negro、Tanami，我們會在 Boddington 的高品位區域作業，Lihir 的近岸屏障（nearshore barrier）以及高品位區域也會貢獻。因此在這個中期，我們對洞採上線的依賴較低。

That's helpful. And then just a follow-up on costs as you touched on. Obviously, seeing re-emergence of cost inflation in the sector, not just on energy, but equipment and labor as well, particularly at underground mines. Appreciate you touch on some of the productivity measures already, but could you maybe outline which assets you're seeing the most cost pressures at and which assets you expect to sort of offset this to meet the unchanged cost guidance?

這很有幫助。接著就你提到的成本再追問一下。顯然我們看到產業成本通膨再度出現，不僅是能源，設備與勞動力也是如此，特別是在地下礦。我理解你已提到一些生產力措施，但你能否說明哪些資產正承受最大的成本壓力，以及哪些資產預期可以在抵銷之下，讓你們維持不變的成本指引？

So you got the biggest impact on energy would be in the mines that we have the biggest fleet would be, which would be typically your open pit mines, and that's Boddington, Peñasquito as an example. You would have seen the improvements that we have made -- I should have mentioned here as well. You would have seen the improvements we've made on productivity across all three of those big sites, and we've seen a number of the pieces of equipment that we've parked in those areas. I think I might have missed Merian as well. All of them are equal. Merian, Lihir, Boddington, and Peñasquito.

所以能源影響最大的，會是在我們擁有最大車隊的礦場，通常是露天礦，例如 Boddington、Peñasquito。你也會看到我們所做的改善——我在這裡也應該提到。你會看到我們在這三個大型場址的生產力改善，而且我們也在那些區域停放了一些設備。我想我可能也漏提了 Merian。它們都一樣。Merian、Lihir、Boddington，以及 Peñasquito。

So it's important that we've reduced our consumption in those areas. I think that is of particular importance. And then across the entire portfolio, every asset is doing work to have cost-focused, productivity improvement, and obviously, the improve -- the increase in ounces as we step into next year will all help to offset some of our unit cost.

因此，我們在那些區域降低了耗用量，這點很重要。我認為這尤其關鍵。此外，整個投資組合中，每個資產都在推動以成本為核心的生產力提升；而且隨著我們明年產量（盎司數）增加，也將有助於抵銷部分單位成本。

Thanks. I'll pass it on.

謝謝。我把時間交給下一位。

Daniel Morgan, Barrenjoey.

Daniel Morgan，Barrenjoey。

Hi, Natascha. Hopefully you can hear me. Thank you. Just, first question is, what are your latest thoughts on Lihir as an asset? Where is the asset at on the pathway to what you think it is capable of under Newmont ownership.

嗨，Natascha。希望你聽得到我。謝謝。第一個問題是，你們對 Lihir 這項資產最新的看法是什麼？在 Newmont 持有之下，這項資產目前在你們認為其可達能力的路徑上處於什麼位置？

Daniel, we feel quite positive and encouraged by the work that our team has done, and I think we'll feel particularly pleased that Lihir has contributed to the additional ounces produced in the second quarter.

Daniel，我們對團隊所完成的工作感到相當正面且備受鼓舞，我想我們會特別高興的是，Lihir 對第二季額外產出的盎司數有所貢獻。

We've seen stability through the mining operations. We see an improvement in reliability in our fixed assets. We've seen a reduction in cost and labor across the asset, and we continue to see good work happening to build strong relationships with our communities. So the work that we set out to do is starting to bear fruit.

我們在採礦作業方面看到了穩定性。我們看到固定資產的可靠性有所提升。我們看到整個資產的成本與人力有所降低，同時我們也持續看到在與社區建立穩固關係方面有良好的進展。因此，我們著手推動的工作正開始開花結果。

We have also now got access into two high-grade areas that will allow us with the stability in production to see the benefits, from high-grade areas through the rest of the processing facilities.

我們現在也已取得進入兩個高品位區域的通道，這將使我們在產量穩定的情況下，能夠透過其餘的處理設施，看到高品位區域所帶來的效益。

So I think quite encouraged with the progress that we've -- that we are making at Lihir. We just recently had our Board there to show them the progress that we have been making, and I think all of us feel quite pleased with the team's performance.

所以我對我們在 Lihir 取得的進展感到相當鼓舞。我們最近也讓董事會到現場，向他們展示我們所取得的進展，我想我們所有人都對團隊的表現感到相當滿意。

Thank you. And just second question is on projects. I know you've got Red Chris coming up. But what else is in the early stage of being considered across the portfolio in terms of projects beyond that to compete for capital in that sort of '27 through '28 window? What might logically be the next projects you look at?

謝謝。第二個問題是關於專案。我知道你們接下來有 Red Chris。但除此之外，就專案而言，在整個投資組合中，還有哪些正處於早期階段、在大約 2027 到 2028 年那個時間窗內、可能要與其他項目競爭資本的機會？從邏輯上看，你們接下來可能會評估哪些專案？

Yeah. Daniel, I think I'm going to distinguish here between brownfields and greenfields opportunities. We've got brownfields opportunities in many of our assets. That would be the first target areas for us to expand production. That, of course, comes at lower risk, faster turnaround to actual production.

是的。Daniel，我想我會在這裡區分棕地（brownfields）與綠地（greenfields）機會。我們在許多資產上都有棕地機會。那會是我們擴大產量的首要目標區域。當然，這類機會風險較低、從投入到實際投產的週期也更快。

We see some of those brownfields opportunities playing itself out in Lihir. We've got the Nearshore Barrier that we've recently approved. We have Cerro Negro expansion project that is underway and that we've brought back online at the beginning of the year after the productivity improvements that team has made. There are several options for us in Ghana, specifically Ahafo South underground and also at Ahafo North.

我們看到其中一些棕地機會正在 Lihir 逐步展現。我們最近已核准 Nearshore Barrier。我們的 Cerro Negro 擴建專案正在推進中，並且在該團隊完成生產力改善後，我們已於年初讓它重新上線。在迦納我們也有數個選項，特別是 Ahafo South 地下礦，以及 Ahafo North。

So if I just consider across many of our assets, brownfields opportunities, and then we continue to invest money in the development of our projects to identify the next best value-accretive project in that greenfield projects and then a little bit longer term, we are continuing to invest money in near-mine exploration and other exploration opportunities.

因此，如果我綜觀我們許多資產的棕地機會，同時我們也持續投入資金推進專案開發，以在綠地專案中找出下一個最具價值增益的專案；再更長期一點，我們也持續投入資金於近礦勘探以及其他勘探機會。

And if we consider near-mine exploration, two areas that I want to highlight there that are also brownfields opportunities. The one is at Brucejack where we have identified dozer zone, just over 700 meters from existing infrastructure, meaning that it's very limited capital to get into that area.

而若我們考量近礦勘探，有兩個我想特別強調的區域，它們同時也屬於棕地機會。第一個是在 Brucejack，我們已辨識出 dozer zone，距離既有基礎設施僅略超過 700 公尺，這意味著進入該區所需資本非常有限。

And then Merian is the other near-mine exploration success that we've had, giving us another brownfield opportunity to materially increase production. So if I think about the sequencing aligned and shortly after, Red Chris would certainly be these brownfields opportunities.

另一個是 Merian，這是我們近礦勘探的另一項成功，為我們帶來另一個棕地機會，可大幅提升產量。所以若我思考時程排序，在 Red Chris 之後不久，當然就會是這些棕地機會。

Thank you, Natascha. I appreciate the perspective.

謝謝你，Natascha。我很感謝你的觀點。

Thanks, Daniel.

謝謝，Daniel。

Richard Garchitorena, Barclays.

Richard Garchitorena，Barclays。

Great. And hopefully, you can hear me now. Can you hear me?

很好。希望你們現在能聽到我。你們聽得到嗎？

Yes, we can hear you, Richard. And apologies to everybody on the call. We weren't sure what was happening there, and thank you for your patience with us.

是的，我們聽得到你，Richard。也向電話會議上的各位致歉。我們不確定剛才發生了什麼事，謝謝大家的耐心配合。

Yeah. No, no problem at all. Just quickly, again, congratulations on the regulatory approvals at Red Chris Block Cave. I was wondering if you could walk us through any final milestones we should be expecting as you move towards completing the feasibility study and FID later this year. How are you thinking about capital costs, which have been inflating recently and how to mitigate that?

好的。完全沒問題。先簡短地再次恭喜 Red Chris Block Cave 取得監管核准。我想請你們帶我們了解一下，隨著你們朝今年稍晚完成可行性研究與作出最終投資決策（FID）邁進，還有哪些我們應該預期的最後里程碑？你們如何看待近期不斷上升的資本成本，以及要如何加以緩解？

And then also just remind us what the prior timeline was for construction and potential start-up.

另外也請提醒我們，先前對於施工與可能啟動投產的時程是怎麼規劃的。

Okay. There's quite a bit in that question, Richard. I'm going to take it step by step. Firstly, we -- with all the -- well, with the main regulatory approvals now behind us, we continue with the final feasibility steps. We have a very rigorous process, both in terms of, firstly, technical and then financial review that's done by an internal but independent team to ensure that the development work that has been done has been meeting our standards.

好的。Richard，這個問題涵蓋的內容不少。我會一步一步來。首先，隨著主要監管核准現在已完成，我們持續推進最後的可行性工作。我們有一套非常嚴謹的流程，先進行技術面、再進行財務面的審查，由內部但獨立的團隊執行，以確保已完成的開發工作符合我們的標準。

We will then put the right economic lens across the project, making sure that it does meet our hurdle rates. And that will also consider both near-term economic parameters and long-term strategic fit for the project in enhancing the long-term strategy for Newmont, but also then considering that that is the first block cave at the start of a number of additional block caves to come and a key investment in that Golden Triangle area.

接著我們會以適當的經濟評估角度檢視該專案，確保它符合我們的門檻報酬率。這也會同時考量短期的經濟參數與長期的策略契合度，確認該專案能強化 Newmont 的長期策略；同時也會考量這是多個後續區塊崩落法（block cave）中的第一個，以及在 Golden Triangle 區域的一項關鍵投資。

You are right that we have seen the -- we expect the capital to be higher than what the original numbers were under Newcrest. And it has been predominantly driven by the inflationary cost we've seen around project development across the sector. And then productivity rates are certainly the other area that is getting attention.

你說得對，我們確實看到——我們預期資本支出會高於 Newcrest 原先的數字。這主要是受到我們在整個產業看到的專案開發通膨成本所驅動。另外，生產力（效率）水準也確實是另一個正在受到關注的面向。

We are offsetting that through this project and then project evaluation process, making sure that our engineering and capital cost is appropriate for what we are building.

我們會透過本專案以及專案評估流程來抵銷這些影響，確保我們的工程設計與資本成本，對於我們要建造的內容而言是適切的。

We did see from the original timeline quite a bit of delay. The reason for the delay, if you consider the last time that was under Newcrest still, when we brought it into the Newmont portfolio, we did take it back to full feasibility, even though the project at the time was already broadly in execution.

相較於原先的時程，我們確實看到相當程度的延後。若你回想上一次仍在 Newcrest 之下、我們將其納入 Newmont 投資組合時，我們確實把它退回到完整可行性階段，即使當時該專案大致上已在執行中。

The reason for that was twofold. The one is that the regulatory approvals were not completed yet, which is not aligned with the way we run projects at Newmont. And then secondly, the feasibility study was not on our standard. I think it was beneficial for us to have that delay.

這麼做的原因有兩點。第一，當時監管核准尚未完成，這不符合我們在 Newmont 的專案管理方式。第二，可行性研究未達到我們的標準。我認為這段延後對我們是有益的。

If you remember, we had the fall of ground last year in September. We've learned quite a bit about the design that was in place at the time. We've improved that design through our feasibility study and in the process didn't only de-risk the project, but also improved the economics even with the expected higher capital.

如果你還記得，去年 9 月發生了落石（fall of ground）事件。我們從當時的設計中學到了很多。我們已在可行性研究中改進了該設計，在此過程中不僅降低了專案風險，即使預期資本支出較高，也改善了經濟性。

So overall, there has been a delay, but -- and then lastly, we're envisaging completing it towards the end of the year to take to the Board. My view on these projects, it is a material project that we are considering approving. So if we have to delay a month or three to make sure that we get everything right and that we've closed out on all of our items, that is something we will do.

總體而言，確實有延後；最後，我們預計在年底左右完成，提交董事會審議。我對這類專案的看法是：這是一個我們正在考慮核准的重大專案。因此，如果我們需要延後一個月或三個月，以確保把所有事情都做對、並且把所有事項都結案，我們就會這麼做。

But when we get back to the market, make the commitment of the capital allocation, we will make sure that we can deliver against it both in time and capital.

但當我們回到市場、做出資本配置的承諾時，我們會確保無論在時間或資本方面，都能按承諾交付。

Great, thank you. That's very clear. And maybe just a question on Ahafo North. I believe you're expecting higher gold grades as you ramp up in the fourth quarter. Can you remind us sort of what type of levels we should expect from Ahafo North heading into the fourth quarter in '27?

很好，謝謝。這非常清楚。另外也許想問一下 Ahafo North。我相信你們預期在第四季爬坡時金品位會更高。能否提醒我們，Ahafo North 在 2027 年第四季前後大概會達到什麼樣的水準？

Into the fourth quarter in '27 -- sorry, did you ask '27?

到 2027 年第四季——抱歉，你是問 2027 年嗎？

Yes, I was thinking -- yes, fourth quarter this year and then like --

是的，我在想——是的，今年第四季，然後像--

Long term is 350,000 ounces out of Ahafo North. That's the kind of operating levels.

長期來看，Ahafo North 的產量是 35 萬盎司。大概就是那樣的營運水準。

Okay, great. Thank you very much.

好的，很好。非常感謝。

Anita Soni, CIBC World Markets.

Anita Soni，CIBC World Markets。

Hi. Thanks, Natascha, and for taking my question. I just had a question with respect to Cadia and the restart activities. Has everything resumed operations at this point? I think I read that it had, but I was just confused on the pre-call about that.

嗨。謝謝你，Natascha，也謝謝你回答我的問題。我想問一下關於 Cadia 以及復工活動。目前是否已經全面恢復營運？我想我有讀到已恢復，但在會前電話中我對這點有點困惑。

Yes. Anita, let me quickly just take a step back because there's various elements that has started and a couple of small elements. So we've got two operating caves. The two operating caves are fully back in production in mid-June. Then we have all of the project development work around the two new caves, of which PC2-3 is furthest developed.

是的。Anita，我先快速退一步說明，因為有多個部分已經啟動，還有幾個小部分。我們有兩個正在運作的崩落區（caves）。這兩個運作中的崩落區在 6 月中旬已全面恢復生產。接著是圍繞兩個新崩落區的所有專案開發工作，其中 PC2-3 的開發進度最前。

And there's only a last -- well, the cave establishment that is still underway, seven more drawbells and then the final maturity of the curve that's -- of the cave that's outstanding for PC2-3.

而目前只剩最後——嗯，仍在進行的是崩落區建立（cave establishment），還有 7 個出礦漏斗（drawbells），以及 PC2-3 尚未完成的崩落區曲線——也就是崩落區的最終成熟度。

All the development work is continuing at the moment. We've got approval for that. It's just the cave establishment that has been halted that we need to restart.

目前所有開發工作都在持續進行。我們已取得核准。只是崩落區建立這一部分先前被暫停，我們需要重新啟動。

PC1-2, similar in that the normal development work is underway, but cave establishment has still been halted.

PC1-2 也類似，一般的開發工作正在進行，但崩落區建立仍然暫停。

The work that we are doing there is making sure that we've learned from the events. We're working with the regulator, ensuring that all of our models are accurate, updating, and calibrating our latest models, making sure that all of our safety protocol -- safety controls are in place, and then we will be able to restart the cave establishment again. So various components, and apologies if that was not clear in the script.

我們在那裡所做的工作，是確保我們已從事件中汲取教訓。我們正與監管機關合作，確保所有模型準確，更新並校準我們最新的模型，確保所有安全程序——安全控制都已到位，然後我們就能再次重啟崩落區建立。所以是不同的組成部分；如果在講稿中不夠清楚，抱歉。

Okay. I guess I just wanted to clarify then why does the regulator feel that it's necessary -- that it was okay to restart the operating caves, but the one cave that you're just establishing right now needed to that extra bit of work? Like what's the difference between those two?

好的。那我想釐清的是，為什麼監管機關認為有必要——也就是說，為什麼可以重啟既有運作中的崩落區，但你們現在正在建立的那個崩落區卻需要額外做一些工作？這兩者之間的差異是什麼？

The difference is in the seismic activity that exists around existing cave operations. So PC1 and PC2, because it's mature caves has gone back to background seismicity and there's no risk around seismicity.

差異在於既有崩落區作業周邊的地震活動。因此 PC1 和 PC2 因為是成熟的崩落區，已回到背景地震活動水準，地震活動方面沒有風險。

The nature of cave development, however, and that's just -- and we have been managing it through very well-established trigger action response plans is that you do see seismic activity during the establishment of the caves. That is why we do have controls in place like our trigger action response plans, reentry plans, support systems underground.

然而，崩落區開發的特性——也就是說——我們一直透過非常成熟的觸發—行動—回應計畫（trigger action response plans）來管理，就是在建立崩落區期間確實會看到地震活動。這也是為什麼我們會有控制措施，例如觸發—行動—回應計畫、復入（reentry）計畫、地下支護系統。

So we -- there's lessons to be learned from these incidents. And like we do out of learning from any incident similar to the TE2 fatality, we're learning from the incidents. We're making sure that our controls are up to standard and in place and then we restart. So these are not dissimilar to what we will do under any other circumstances where we have events that we need to learn from.

所以，我們——這些事件有教訓可學。而且就像我們從任何事件中學習一樣，類似 TE2 致命事故，我們也在從這些事件中學習。我們確保控制措施符合標準並已到位，然後再重啟。因此，這與我們在任何其他情況下遇到需要從事件中學習的狀況時所做的並無不同。

Okay. And then just a question around the evolving CapEx outlook for the back half of the year. So as you mentioned, it's significantly higher. I guess, some of the spending that was supposed to happen in Q2 around Cadia and a couple of other assets did not happen. Would you -- do you think you're going to be able to spend it all by the end of the year?

好的。接著想問一下今年下半年資本支出（CapEx）展望的變化。如你所提到的，下半年顯著更高。我想，原本應該在第二季於 Cadia 以及其他幾個資產發生的一些支出並沒有發生。你們——你們認為到年底前能把這些支出都花完嗎？

And like what does the Q3 -- I know the -- there's a split of 63% of development capital in the back half and 58% of sustaining capital in the back half. But is there a way we should think about the Q3 versus Q4, similar to how you guided to the production? Should we -- can you give us a bit of a cadence on the quarters for the sustaining and the development capital?

另外，第三季——我知道——下半年開發資本占比 63%，下半年維持性資本占比 58%。但我們是否能用類似你們對產量指引的方式來看第三季與第四季？你們能否提供一下維持性資本與開發資本在各季度的節奏（cadence）？

Yeah, Anita, this is Brian. As it relates to the capital, yes, we are confident in holding to our guidance for both sustaining and development capital. As I mentioned in the prepared remarks, the sustaining capital is about $150 million increase from Q2 to Q3 is what we're anticipating and a similar amount from a development capital perspective. The uplift in the third quarter and then leading into a relatively level third and fourth quarter on a comparative basis.

是的，Anita，我是 Brian。就資本而言，是的，我們有信心維持我們對維持性資本與開發資本的指引。如我在事先準備的發言中提到的，我們預期維持性資本從第二季到第三季約增加 1.5 億美元，開發資本方面也會有類似幅度。第三季會上升，之後第三季與第四季在比較基礎上大致持平。

For sustaining capital, it's driven by the tailings projects at Boddington and Cadia. And as Natascha mentioned, being back up at Cadia is a big component associated with that as well as the ongoing ventilation upgrades that we have at Tanami, which will be more in the fourth quarter.

維持性資本主要由 Boddington 與 Cadia 的尾礦專案所帶動。而如 Natascha 所提到，Cadia 恢復運作也是其中很大的一部分，另外還包括我們在 Tanami 持續進行的通風升級，這部分會更多落在第四季。

And then we also have increased summer construction activity at Brucejack and Red Chris. So that's sustaining capital. On the development capital side, it's going to be related to the timing of that PC1-2 spend deferred due to that seismic event as well as the significant work that we have at Lihir for the Nearshore Barrier that's now planned to ramp up in the second half and then increased spend at Cerro Negro for the expansion one.

此外，Brucejack 與 Red Chris 在夏季的施工活動也會增加。以上是維持性資本。在開發資本方面，將與因地震事件而遞延的 PC1-2 支出時點有關，另外還包括我們在 Lihir 的近岸屏障（Nearshore Barrier）重大工程，現已規劃在下半年加速推進，以及 Cerro Negro 擴建一期（expansion one）的支出增加。

Lawson Winder, Bank of America Securities.

Lawson Winder，美國銀行證券（Bank of America Securities）。

Thank you, operator. Hello, Natascha and team, thank you for today's update, and really impressive management this quarter in the face of intense cost pressures.

謝謝，接線員。你好，Natascha 和團隊，謝謝今天的更新；在成本壓力非常大的情況下，本季的管理表現確實令人印象深刻。

If I could, I don't intend to ask at all about the situation with Newmont and Barrick in particular, but just I wanted to focus on the Fourmile asset and that calculation and just propose that I have the sense that the market thinks about Newmont's payment to Barrick upon Fourmile being put into the Nevada Gold Mines JV is excluding any deductions for Newmont's 38.5% interest in the existing processing facilities, and I believe that's incorrect.

如果可以的話，我完全不打算特別詢問 Newmont 與 Barrick 的情況，但我想把焦點放在 Fourmile 資產以及那項計算上。我想提出的是，我的感覺是市場在看待 Fourmile 納入 Nevada Gold Mines 合資企業（JV）時 Newmont 對 Barrick 的付款，似乎認為其中不包含對 Newmont 在既有處理設施中 38.5% 權益的任何扣減，而我相信這是不正確的。

And my question would be, how should the market think about imputing a capital value on Newmont's interest in the processing assets that obviously are completely essential for processing the ore from Fourmile?

我的問題是，市場應該如何看待並推算 Newmont 在那些加工資產中的權益所應賦予的資本價值？這些資產顯然對於處理 Fourmile 的礦石是完全不可或缺的。

Lawson, you are correct. There will be benefit from the synergies out of the NGM operations that should be -- that will contribute to capital benefit, and that should offset against any capital requirement from Newmont. So it's absolutely an offset and that synergies do exist and will be considered.

Lawson，你說得沒錯。NGM 營運所帶來的協同效益將會產生好處——並將貢獻資本效益，而這應可抵銷 Newmont 可能需要投入的任何資本需求。所以這絕對是一種抵銷；協同效益確實存在，並且會被納入考量。

Okay. That's very helpful. And then just -- I mean, maybe going forward, if there's an opportunity to get some additional color on how that might be done, that would be helpful, maybe just a note for future calls.

好的。這非常有幫助。另外——我是說，或許往後如果有機會就這可能如何進行提供更多細節，會很有幫助；也許就當作未來電話會議的一個備註。

And then just a follow-up on capital spending consideration. So Newmont has suggested the year -- or the 2026 sustaining and development CapEx for the business should be kind of similar going forward. So about $2 billion of sustaining and $1.4 billion of development. Does that hold when you add the Red Chris CapEx, assuming you'll proceed with that project?

再追問一個關於資本支出考量的問題。Newmont 曾表示，往後該業務在 2026 年的維持性與開發性資本支出（CapEx）應該大致相近。也就是約 20 億美元的維持性支出，以及 14 億美元的開發性支出。若你們將推進 Red Chris 專案，並把 Red Chris 的資本支出加進來，這個說法還成立嗎？

Yeah, Lawson, the $1.4 billion was for 2026. I think as Natascha mentioned, when we're in a position to provide an update on the Red Chris full funds decision later this year or into early Q1 '27. The impact of Red Chris would be a consideration on top of that $1.4 billion. But again, that's 2026 only. We'll provide an update on '27 in February.

是的，Lawson，那 14 億美元是針對 2026 年。我想如 Natascha 提到的，我們會在今年稍晚或 2027 年第一季初，就 Red Chris 的全額資金決策（full funds decision）能夠提供更新時再說明。Red Chris 的影響會是在那 14 億美元之上額外考量。但再次強調，那是僅針對 2026 年。我們會在 2 月提供 2027 年的更新。

I think -- yes. It's just important to consider that some of the other projects will start to drop off in the following years because we will be completing PC2-3, we'll be completing TE2. So it's just as further consideration.

我想——是的。重要的是要考慮到，接下來幾年其他一些專案的支出會開始下降，因為我們將完成 PC2-3，也將完成 TE2。所以這只是額外的考量。

Great, thank you. I look forward to the next update.

很好，謝謝。我期待下一次更新。

Thank you, Lawson.

謝謝你，Lawson。

Josh Wolfson, RBC.

RBC 的 Josh Wolfson。

Thank you very much. I noticed there was some new commentary on Ghanaian risks in the release. I'm just wondering if the company has had any engagement with the government on some of this topic and if the company is sort of thinking about how we can manage some of these risks and what it could mean for, I guess, Ahafo. Thank you.

非常感謝。我注意到新聞稿中對迦納風險有一些新的評論。我想請問公司是否就其中一些議題與政府有任何互動？以及公司是否在思考如何管理這些風險，並且這可能對——我想——Ahafo 意味著什麼？謝謝。

Yes, Josh, it's a really good question. And the answer to that is yes. We -- as you know, we've got long-standing relationships in Ghana. And we've got -- we had the benefit of long-term stable relationships in Ghana with the Ahafo District being the product of that.

是的，Josh，這是個非常好的問題。答案是有。我們——如你所知——在迦納有長期的關係。而且我們在迦納一直受益於長期且穩定的關係，Ahafo 區域就是這種關係所帶來的成果。

We have been in active conversations. I've personally had the opportunity to engage with the President as recently as last week. Me and my team saw the Minister of Lands and Natural Resources. All of this aiming to develop joint objectives between Ghana and Newmont.

我們一直在進行積極的對話。我本人就在上週還有機會與總統交流。我和我的團隊也會見了土地與自然資源部長。這一切都是為了在迦納與 Newmont 之間建立共同目標。

We know that the Ghanaian government is keen to ensure that there's local Ghanaian development happening, economic development, but they are very keen to ensure that they protect shareholders' interest and long-term investment.

我們知道迦納政府非常希望確保在地迦納的發展正在發生，也就是經濟發展；但他們也非常希望確保能夠保護股東利益與長期投資。

We have entered into agreement through the Minister of Lands to create a working group for Newmont between us and the Minister of Lands to develop what would be a forward-looking agreement to allow us that stability that we need for future potential investments. So active conversations on all of the elements that you would see in the press at the moment.

我們已透過土地部長達成協議，成立一個 Newmont 的工作小組，由我們與土地部共同組成，以制定一項具前瞻性的協議，讓我們能獲得未來潛在投資所需的穩定性。因此，針對你目前在媒體上看到的所有要素，我們都在進行積極對話。

Great. Thank you very much.

很好。非常感謝。

Daniel Major, UBS.

UBS 的 Daniel Major。

Hi, Natascha, Brian. Thanks for the questions. Yeah, the first one, and apologies, I got cut off. So if anyone has asked this already, I apologize. But can you just give us some color on the next steps in terms of guidance? I think you've previously spoken about looking to reestablish multiyear guidance. Can you just give us a sense of what that would entail and when?

嗨，Natascha、Brian。謝謝讓我提問。是的，第一個問題，抱歉我剛剛被切斷了。所以如果有人已經問過，我先致歉。但你們能否就指引（guidance）接下來的步驟提供一些說明？我記得你們之前談過希望重新建立多年期指引。你們能否讓我們了解這會包含哪些內容，以及時間點大概何時？

Yeah. Daniel, I know the question wasn't answered, and apologies for the technical difficulties that we've experienced earlier. We are aiming to review the way that we give guidance in February next year. The detail of that is under development.

好的。Daniel，我知道這個問題先前沒有被回答，也為我們稍早遇到的技術問題致歉。我們的目標是在明年 2 月檢視我們提供指引的方式。相關細節仍在規劃中。

In the meantime, we'll continue to give you some insights and broader insights into the business that will help you. So in the next quarter, we will, for instance, give you a deeper insight in our thinking about exploration and how we're taking that piece of work forward. So whilst we're working to give you multiyear guidance and what that looks like, we will certainly continue to grow the understanding of our broader business.

在此期間，我們會持續提供一些洞見，以及對業務更廣泛的洞見來協助你們。例如在下一季，我們會更深入分享我們對勘探的思考，以及我們如何推進這部分工作。因此，在我們努力提供多年期指引並釐清其樣貌的同時，我們也一定會持續加深外界對我們更廣泛業務的理解。

Okay, thank you. And then a follow-up maybe for Brian, just around kind of free cash flow and capital returns. You previously indicated a $1 billion to $3 billion net cash range. You're $400 million above that now. Should we, therefore, factor in that you will be getting back to $3 billion in the subsequent quarters, so capital returns can exceed free cash flow in the second half of the year?

好的，謝謝。接著一個追問，可能給 Brian，關於自由現金流與資本回饋。你們先前提到淨現金目標區間為 10 億到 30 億美元。你們現在高出該區間 4 億美元。因此，我們是否應該把你們在接下來幾季回到 30 億美元納入考量，讓今年下半年資本回饋可能會超過自由現金流？

Yeah. Thanks, Daniel. And yeah, we are slightly above the high end of our target for net cash. You're right, we're about $400 million over. Some of the prepared remarks referenced some of the working capital benefits that we saw in the second quarter. That combined with obviously some level of seasonality. So we do target on average to be within that targeted range.

是的。謝謝你，Daniel。是的，我們的淨現金確實略高於目標區間上緣。你說得對，大約高出 4 億美元。我們事先準備的發言中提到第二季看到的一些營運資金效益。再加上顯然存在一定程度的季節性因素。因此，我們的目標是平均而言維持在該目標區間內。

But as it relates to share buybacks and thinking through the excess cash component of our capital allocation framework, we do provide that flexibility for exactly that reason. So yeah, there is a potential that we would leverage the utilization of that to get us back within the targeted net cash balance.

但就庫藏股回購以及在資本配置框架中如何思考超額現金這一部分而言，我們確實保留這樣的彈性，正是出於這個原因。所以，是的，我們有可能運用這項彈性，讓我們回到目標淨現金餘額範圍內。

Great, thank you. And if I could just squeeze one more in, and it's on the subject you don't want to talk about. But just a very specific one. You previously referenced that there was no time line around the legal enforcement of notice of default in terms of a specific deadline. Is that still the case?

很好，謝謝。如果我可以再塞一個問題，關於你們不想談的那個主題。但這是一個非常具體的問題。你們先前提到，就違約通知（notice of default）的法律執行而言，並沒有一個特定截止期限的時間表。現在仍然是這樣嗎？

Yeah, it's still the case, Daniel.

是的，Daniel，仍然是這樣。

Great, thanks a lot.

太好了，非常感謝。

Thanks, Daniel.

謝謝你，Daniel。

Tanya Jakusconek, Scotiabank.

Tanya Jakusconek，豐業銀行（Scotiabank）。

Great, good evening. Can everybody hear me?

很好，晚安。大家都聽得到我嗎？

Yes, we can. Hello, Tanya.

是的，聽得到。你好，Tanya。

Hi, Natascha, my question lies about your portfolio, Natascha. You've been in the role as CEO for 2026, and you've now stabilized the assets, you're looking at your projects. I'm kind of wondering how you see this portfolio evolving. Do you think you have the correct number of mines or critical mines that you have in place, or should I look at the portfolio and think that potentially there could still be some divestments?

嗨，Natascha，我的問題是關於你的投資組合，Natascha。你擔任執行長的角色到2026年，現在你已經穩定了資產，也在檢視你的專案。我有點想知道你怎麼看這個投資組合接下來的演變。你認為目前配置的礦山數量或關鍵礦山數量是正確的嗎？或者我應該把投資組合看成仍有可能進一步處分一些資產？

And then when I look at your -- you talked about your growth, Wafi-Golpu didn't come up, we have some stuff and Chile didn't come up, Yanacocha has been shelved. How should I be thinking about those? Are those also noncore and potentially for sale?

另外，當我看你們——你提到成長，但Wafi-Golpu沒有被提到；我們有一些項目，智利也沒有被提到；Yanacocha已經被擱置。我應該怎麼看待這些？這些也屬於非核心資產、可能出售嗎？

Good question. Thank you, Tanya. So if I look at our 12 operations, with the work that we've done over the -- probably the last 18 months, we have found capital-efficient ways of keeping those -- every one of those assets in the portfolio, they can compete for capital. They do comply to our definition of what a world-class asset look like.

好問題。謝謝你，Tanya。如果我看我們的12個營運據點，透過過去——大概18個月的工作，我們找到了資本效率更高的方法來維持這些——投資組合中的每一項資產都能競爭資本。它們也符合我們對「世界級資產」的定義。

As long as they deserve their place in the portfolio and they can compete for capital at the moment, we are very comfortable with the 12 assets because as I've touched on earlier, we've got real meaningful brownfields opportunities on most of these assets, and they are contributing to our performance. We do, however, continually evaluate that. We don't stop. We're making sure that they deserve their place in the portfolio.

只要它們值得留在投資組合中、且目前能夠競爭資本，我們對這12項資產非常有信心；因為如我先前提到的，我們在多數資產上都有相當具意義的棕地（brownfields）機會，而且它們也正在貢獻我們的績效。不過，我們確實會持續評估。我們不會停止。我們會確保它們值得留在投資組合中。

I've touched earlier a little bit on greenfields and brownfields opportunities. And I've just commented on the portfolio that we have in terms of our projects pipeline. I didn't go into the detail for the further greenfields projects. We do have a number of these in the pipeline, Tanya. We have evaluated them and sequenced them in terms of development because it's important that we continue to move projects through the development pipeline.

我先前稍微提到綠地（greenfields）與棕地機會。我也剛剛就我們的專案管線（projects pipeline）談了目前的投資組合。我沒有深入說明更後段的綠地專案細節。Tanya，我們的管線裡確實有不少這類專案。我們已經評估並依開發順序進行排序，因為持續推動專案在開發管線中往前走很重要。

And I would argue, if you consider the ones that you have spoken about, we have projects in Peru. We have projects in Chile. We have Wafi-Golpu. I would argue that Wafi-Golpu would be typically one of those that's fairly far out still for us to develop. It's on the outer end of our project pipeline.

而我會主張，如果你把你提到的那些納入考量，我們在秘魯有專案。我們在智利也有專案。我們也有Wafi-Golpu。我會認為Wafi-Golpu通常是那種對我們而言仍相當後段才會開發的專案之一。它位於我們專案管線的外圍端。

Some of these others are nearer term. So spending the right amount of capital on the development to bring these projects to a point that we can make capital allocation decisions around them is an important part of the work.

其他一些則是較近的時程。因此，在開發上投入適當的資本，把這些專案推進到我們可以就其做出資本配置決策的階段，是這項工作的重要部分。

Okay. So how I should be thinking about it, is that everything still seems to be part of the portfolio. So we shouldn't really be --

好的。所以我應該這樣理解：目前看起來所有項目仍然都是投資組合的一部分。所以我們不應該真的--

Yeah.

對。

Okay. No, that's fine. And then I just wanted to circle back to just the inflationary environment. And I can't keep count on how many tariffs are being hit everywhere in the world and what else is going on. But besides fuel that we've talked about in terms of any pressures for you, are you seeing anything else where you're concerned and have your suppliers pulsing -- on the pulse looking at for maybe underground equipment or any other input into your cost and capital that you're starting to see a little bit of a tightening of supply?

好的。不，沒問題。然後我想再回到通膨環境這個話題。我已經數不清全球各地有多少關稅在上調，以及還有其他什麼事情在發生。但除了我們談過的燃料之外，就你們而言還看到其他讓你們擔心的壓力嗎？你們的供應商是否也在密切關注——例如地下採礦設備或任何其他投入項目——在成本與資本支出方面，你們是否開始看到供給稍微趨緊？

No, I don't think so, Tanya. We're monitoring that, again, pretty closely with our supply chain. And again, just picking up on the availability, we continue to have no concerns from an availability perspective. But we do run scenarios to consider potential mitigating actions should scenarios manifest themselves.

不，我不這麼認為，Tanya。我們正再次與供應鏈非常密切地監控這件事。同樣就供應可得性而言，我們仍然沒有任何疑慮。但我們確實會進行情境推演，以便在某些情境真的發生時，考量可能的緩解措施。

And I think from a cost perspective, we're still on a monitoring brief. I think it's an element of watching like the rest of the world, how long this -- the conflict goes on, how long the stickiness of inflation flows through the supply chain and then ultimately, how that impacts the input costs that we have or the capital dynamics that you mentioned with equipment.

我認為就成本面而言，我們仍處於監控狀態。我想這就像世界其他地方一樣，需要觀察：這場——衝突會持續多久、通膨的黏著性會在供應鏈中延續多久，最終又會如何影響我們的投入成本，或你提到的設備等資本動態。

But at the moment, no major concerns, but we continue to monitor it like I think most companies.

但目前沒有重大疑慮；不過我們會像多數公司一樣持續監控。

I think your 2026 guidance provided an inflation expectations of about 3%. Should I still be thinking that when I think about everything within it, we are in that 3% to 5% for Newmont?

我想你們2026年的指引提供了大約3%的通膨預期。當我把所有因素都納入考量時，我是否仍應該認為Newmont的通膨假設是在3%到5%這個區間？

I think that's something that we review annually as part of our guidance setting process and budgeting process as it relates to where we are right now. I think the component on that would be, obviously, we're guiding the assumption in 2026 of Brent being at $70 a barrel. Obviously, that dynamic has been a bit volatile.

我認為這是我們在設定指引與編列預算的流程中，每年都會檢視的事項，並會反映我們當下所處的情況。其中一個組成部分顯然是：我們在2026年的指引假設布蘭特原油為每桶70美元。顯然，這個變數一直相當波動。

So there would be a bit of an uptick associated with that. But I think the broader kind of general assumption around inflation, I think that's fairly fair with, again, the caveat that we may see some of that indirect spend start to come through if oil does stick and it starts to make its way through the supply chain.

因此，這會帶來一些上行影響。但我認為更廣泛、一般性的通膨假設大致是合理的；同樣要加上但書：如果油價確實維持在高位並開始在供應鏈中傳導，我們可能會看到部分間接支出開始反映出來。

This concludes the question-and-answer session. Thank you for attending today's presentation. You may now disconnect.

問答環節到此結束。感謝各位參加今天的簡報。您現在可以中斷連線。