New Gold Inc (NGD) 2025 Q2 法說會逐字稿

Good morning. My name is Jean Louis, and I will be your conference operator today. Welcome to the New Gold second-quarter 2025 earnings call and webcast. (Operator Instructions) Please be advised that today's conference call and webcast is being recorded. (Operator Instructions)

早安.我叫 Jean Louis，今天我將擔任您的會議接線生。歡迎參加 New Gold 2025 年第二季財報電話會議和網路廣播。（操作員指示）請注意，今天的電話會議和網路廣播正在錄音。（操作員指示）

Oh, now let's to hand the conference over to Ankit Shah, Executive Vice President of Strategy and Business Development. Thank you.

哦，現在讓我們將會議交給策略和業務發展執行副總裁 Ankit Shah。謝謝。

Thank you, Jean Louis, and good morning, everyone. We appreciate you joining us today for New Gold's second quarter 2025 earnings conference call and webcast. On the line today we have Patrick Godin, President and CEO; Keith Murphy, CFO; and Travis Murphy, Vice President, Operations. In addition, we have Luke Buchanan, Vice President, Technical Services; and Jean-Francois Ravenelle, Vice President, Geology available to assist during the question-and-answer portion at the end of the call. Should you wish to follow along with the webcast, please sign in from our page at newgold.com.

謝謝你，Jean Louis，大家早安。感謝您今天參加 New Gold 2025 年第二季財報電話會議和網路廣播。今天線上的主持人有總裁兼執行長 Patrick Godin、財務長 Keith Murphy 和營運副總裁 Travis Murphy。此外，我們還有技術服務副總裁 Luke Buchanan 和地質副總裁 Jean-Francois Ravenelle 可以在通話結束時的問答環節提供協助。如果您希望關注網路廣播，請從我們的 newgold.com 頁面登入。

Before the team begins the presentation, I would like to direct your attention to our cautionary language related to forward-looking statements found on slide 2 of the presentation. Today's commentary includes forward-looking statements relating to New Gold. In this respect, we refer you to our detailed cautionary note regarding forward-looking statements in the presentation. You are cautioned that actual results in future events could differ materially from those expressed or implied in forward-looking statements.

在團隊開始簡報之前，我想請您注意簡報第 2 張投影片中與前瞻性陳述相關的警告性語言。今天的評論包括與 New Gold 相關的前瞻性陳述。在這方面，我們請參閱簡報中有關前瞻性陳述的詳細警告說明。請注意，未來事件的實際結果可能與前瞻性陳述中表達或暗示的結果有重大差異。

Slide 2 provides additional information and should be reviewed. We also refer you to the section entitled Risk factors in New Gold's latest AIF, MD&A, and other filings available on SEDAR+, which set out certain material factors that could cause actual results to differ. in addition, at the conclusion of the presentation, there are a number of endnotes that provide important information and should be reviewed in conjunction with the material presented.

幻燈片 2 提供了附加信息，應進行審查。我們也請您參閱 New Gold 最新 AIF、MD&A 和 SEDAR+ 上提供的其他文件中題為「風險因素」的部分，其中列出了可能導致實際結果不同的某些重要因素。此外，在演示結束時，有許多尾註提供了重要信息，應結合所提供的材料進行審查。

Slide 4 highlights some of the key accomplishments during the second quarter. Through the first half of 2025, we have made excellent progress on advancing and completing many of the objectives presented at the beginning of the year. Safety, highlighted by a courage to care culture continues to be a focus and strength for the company.

投影片 4 重點介紹了第二季的一些主要成就。到了2025年上半年，我們在推動和完成年初提出的許多目標方面取得優異的進展。安全，以勇於關懷的文化為重點，繼續成為公司的重點和優勢。

During the quarter, we delivered a low total reportable injury frequency rate of 0.82, continuing the downward trend over the last three years. New Afton was awarded three safety awards during the second quarter for exemplary safety performance in 2024.

本季度，我們的總可報告傷害頻率較低，為 0.82，延續了過去三年的下降趨勢。2024 年第二季度，New Afton 因其出色的安全表現而榮獲三項安全獎。

The awards received included the JT Ryan Regional Award for British Columbia and Yukon, British Columbia's safest large underground mine, and British Columbia's Mine Safety Innovation Award. In the second quarter, New Afton also won British Columbia's Underground Mine Rescue Championship, and the Rainy River Mine won Thunder Bay District Mine Rescue Championship, a true testament to our commitment to health and safety.

所獲獎項包括不列顛哥倫比亞省和育空地區JT瑞安地區獎、不列顛哥倫比亞省最安全的大型地下礦山獎、不列顛哥倫比亞省礦山安全創新獎。第二季度，New Afton 還贏得了不列顛哥倫比亞省地下礦山救援錦標賽，Rainy River Mine 贏得了 Thunder Bay 地區礦山救援錦標賽，這真正證明了我們對健康和安全的承諾。

During the quarter, the company produced approximately 78,600 ounces of gold and 13.5 million pounds of copper at an all in sustaining cost of $1,393 per ounce. Gold production for the first half of the year was about 38% of the midpoint of the consolidated production guidance range of 325,000 to 365,000 ounces of gold, consistent with the planned 38% stated in the February outlook.

本季度，該公司生產了約 78,600 盎司黃金和 1,350 萬磅銅，總維持成本為每盎司 1,393 美元。今年上半年的黃金產量約為綜合產量指導範圍中點 325,000 至 365,000 盎司的 38%，與 2 月份展望中提出的計劃 38% 一致。

The company generated more than $163 million in cash flow from operations and achieved a record of $63 million in free cash flow. Rainy River also reported a quarterly record of $45 million in free cash flow. The company made significant progress on initiatives aligned with its three-year production growth and accomplished several key milestones during the quarter.

該公司營運產生的現金流超過 1.63 億美元，自由現金流達到創紀錄的 6,300 萬美元。Rainy River 還報告稱其季度自由現金流達到創紀錄的 4500 萬美元。該公司在與三年生產成長一致的舉措上取得了重大進展，並在本季度實現了幾個關鍵的里程碑。

At New Afton, C-Zone cave construction is now approximately 65% complete, supporting the progressive increase in processing rates towards the target of 16,000 tons per day by early 2026. An important development milestone was also achieved in May with the completion of undercutting, unlocking the remaining extraction drives for development and construction.

在新阿夫頓，C 區洞穴建設目前已完成約 65%，支持逐步提高加工率，並在 2026 年初實現每天 16,000 噸的目標。5 月也實現了一個重要的發展里程碑，即完成底切，為開發和建設解鎖剩餘的開採通道。

At Rainy River, the pit portal breakthrough was achieved in early April. Subsequently, completion of the ODM East Ventilation loop and commissioning of the fresh air rays were accomplished later in the quarter. These key milestones are expected to facilitate increased underground development and production rates.

在 Rainy River，礦井入口於四月初貫通。隨後，ODM 東通風迴路的完工和新鮮空氣射線的調試於本季稍後完成。這些關鍵里程碑有望促進地下開發和生產率的提高。

Our exploration initiatives made significant progress during the quarter, highlighted by record activity at New Afton. Following the completion of the C-Zone extraction level exploration drift, current efforts are concentrated on K-Zone. At Rainy River, work is advancing on the Northwest Trend open pit zone, as well as upgrading the underground ore inventory. We plan to provide an exploration update in September.

本季度，我們的勘探工作取得了重大進展，其中 New Afton 的勘探活動創下了紀錄。隨著 C 區開採水平勘探平巷的完工，目前的工作重點集中在 K 區。在 Rainy River，西北趨勢露天礦區的建設工作正在推進，地下礦石庫存也不斷增加。我們計劃在九月提供探索更新。

In April, it was announced that New Gold would acquire the remaining 19.9% free cash flow interest at New Afton, consolidating our interest to 100%. In summary, we achieved the planned objectives for the first half of 2025 with a continued focus on generating meaningful value for our shareholders.

今年 4 月，New Gold 宣布將收購 New Afton 剩餘的 19.9% 自由現金流權益，將我們的權益合併至 100%。總而言之，我們實現了 2025 年上半年的計畫目標，並持續致力於為股東創造有意義的價值。

With that, I will now turn the call over to Travis. Travis?

說完這些，我現在將電話轉給崔維斯。崔維斯？

Thank you, Ankit. I'm on slide 6, which has our operating highlights. As Ankit noted, Q2 delivered production and cost on plan. Production totals approximately 78,600 gold ounces and 13.5 million pounds of copper. This increase in gold production compared to Q2 2024 was driven by planned higher feed grade at Rainy River, partially offset by lower planned feed grade at New Afton.

謝謝你，Ankit。我現在看的是第 6 張投影片，上面有我們的營運亮點。正如 Ankit 所指出的，第二季的產量和成本均按計劃實現。總產量約為 78,600 盎司黃金和 1,350 萬磅銅。與 2024 年第二季相比，黃金產量的成長是由於 Rainy River 計劃提高原料品位，但 New Afton 計劃降低原料品位，部分抵消了這一增長。

Consolidated all-in sustaining costs for the quarter were $1,393 for gold ounce on a byproduct basis, in line with Q2 2024 but a substantial improvement over the first quarter of 2025. Costs will continue to trend down throughout the year as production increases. New Afton delivered an excellent order as the B3 cave continued to overdeliver compared to the plans set out at the beginning of the year.

本季綜合維持成本為每盎司黃金 1,393 美元（以副產品計算），與 2024 年第二季持平，但比 2025 年第一季大幅改善。隨著產量的增加，成本將在全年持續呈下降趨勢。New Afton 交付了一份出色的訂單，因為 B3 洞穴的交付量與年初制定的計劃相比繼續超額完成。

As a result, New Afton achieved an all-in sustaining cost of negative $537 per ounce after considering the copper credit. Rainy River delivered on plan as the mill transitioned from low-grade stockpile material to processing higher grade open pit ore. All in sustaining costs were $1,696 per ounce in the quarter, a substantial improvement compared to the first quarter.

因此，在考慮銅抵免後，New Afton 的全部維持成本為每盎司負 537 美元。隨著工廠從處理低品位庫存礦石轉向處理高品位露天礦石，Rainy River 礦場的表現按計劃順利完成。本季所有維持成本為每盎司 1,696 美元，與第一季相比有大幅改善。

Costs should continue to trend lower throughout the year as production ramps up. Our total capital expenditures for the quarter are approximately $92 million with $34 million spent on sustaining capital and $58 million spent on growth capital.

隨著產量的增加，成本全年應該會持續呈下降趨勢。本季我們的總資本支出約為 9,200 萬美元，其中 3,400 萬美元用於維持資本，5,800 萬美元用於成長資本。

At New Afton, sustaining capital is primarily related to mobile equipment, while growth capital primarily related to construction, growth mine development, tailings and machinery and equipment. At Rainy River, sustaining capital is primarily related to open pit stripping and tailings facility expansion, while growth capital related to underground development, machinery and equipment.

在 New Afton，維持資本主要與行動設備有關，而成長資本主要與建設、成長礦山開發、尾礦以及機械設備有關。在 Rainy River，維持資本主要與露天剝離和尾礦設施擴建有關，而成長資本則與地下開發、機械和設備有關。

Turning to the assets. Starting with New Afton on slide 7. New Afton delivered another strong quarter. The B3 cave continued to overdeliver, and C-Zone ore production continued its ramp up following commercial production and crusher commissioning early in the fourth quarter of 2024.

轉向資產。從幻燈片 7 上的 New Afton 開始。New Afton 又一個季度表現強勁。B3 洞穴繼續超額交付，C 區礦石產量在 2024 年第四季初商業化生產和破碎機調試後繼續增加。

Through the first six months of the year, production represented approximately 54% and 49% of the midpoint of guidance of 60,000 to 70,000 ounces of gold and 50 million to 60 million pounds of copper respectively, higher than the first half guidance provided in February due to the B3 outperformance.

今年上半年，產量分別約佔指導中點（60,000 至 70,000 盎司黃金和 5,000 萬至 6,000 萬磅銅）的 54% 和 49%，由於 B3 的優異表現，產量高於 2 月份提供的上半年指導值。

The B3 cave is now expected to exhaust in the middle of the third quarter, and annual production is expected to be in line with the guidance profile previously provided. With increased production at lower cost, New Afton generated an impressive $33 million in free cash flow, while continuing to complete the construction of the C-Zone block cave.

目前預計 B3 洞穴將在第三季中期枯竭，年產量預計將與先前提供的指導情況一致。由於以較低的成本提高了產量，New Afton 產生了令人印象深刻的 3300 萬美元的自由現金流，同時繼續完成 C 區塊狀洞穴的建設。

Through the first half of 2025, New Afton has generated over $85 million in free cash flow. In terms of development, the C-Zone cave construction continues to advance on schedule. Undercutting was completed in May, which consisted of the last stage of production blasting and mucking and was a significant milestone achieved in the development timeline.

截至 2025 年上半年，New Afton 已產生超過 8,500 萬美元的自由現金流。發展方面，C區洞穴建設持續按計畫進行。底切工程於 5 月完工，這是生產爆破和出碴的最後階段，也是開發過程中的重要里程碑。

Cave construction progress is 64% complete as of the end of June. C-Zone remains on track to ramp up to full processing capacity of approximately 16,000 tons per day beginning in 2026.

截至6月底，洞穴建設進度已完成64%。C 區仍有望從 2026 年開始提升至每天約 16,000 噸的全面加工能力。

Turning now to Rainy River on slide 8. Gold production in the second quarter was 61,600 ounces of gold at an all-in sustaining cost of $1,696 per gold ounce sold. The first six months of production represented approximately 34% of the midpoint of guidance of 265,000 to 295,000 ounces of gold, slightly behind the first half guidance of 37%.

現在轉到幻燈片 8 上的 Rainy River。第二季的黃金產量為 61,600 盎司黃金，每售出一盎司黃金的總維持成本為 1,696 美元。前六個月的產量約佔預期中位數 265,000 至 295,000 盎司黃金的 34%，略低於上半年預期的 37%。

This is driven by a one-week delay in the sequencing of the higher-grade open pit material in May, which led to an increase of approximately 5,900 ounces of golden circuit inventory at the end of the quarter. What this effectively means is we mined and processed the 5,900 ounces, but we're unable to pour it into our final product by the quarter end, which would have translated to a consolidated production of approximately 84,000 ounces of gold.

這是由於 5 月份高品位露天礦材料的排序延遲了一周，導致本季末黃金迴路庫存增加了約 5,900 盎司。這實際上意味著我們開採並加工了 5,900 盎司黃金，但我們無法在本季末將其倒入最終產品中，這將轉化為約 84,000 盎司黃金的綜合產量。

Production was substantially higher in the first quarter as we successfully transitioned from stockpile ore and started processing that higher grade open pit ore. As Ankit mentioned at the top of the call, June was a record production month with over 37,300 ounces produced at an average grade of 1.44 grams per ton.

由於我們成功地從庫存礦石轉型並開始加工更高品位的露天礦石，第一季的產量大幅提高。正如安基特在電話會議開頭所提到的，6 月是創紀錄的產量月份，產量超過 37,300 盎司，平均品位為每噸 1.44 克。

The mill also demonstrated the ability to process higher grade material at high throughput rates, with over 40% of the days in June processing over 30,000 tons per day. As a result of the increased production, Rainy River generated a quarterly record $45 million in free cash flow.

該工廠還展示了以高吞吐率加工更高品位材料的能力，6 月超過 40% 的日子每天的加工量超過 30,000 噸。由於產量增加，Rainy River 本季的自由現金流創下了 4500 萬美元的紀錄。

Following the successful breakthrough of the pit portal in early April, the Rainy River underground mine achieved another important milestone with fresh air raise commissioning and the completion of the ODM East Ventilation loop. Underground development and [stop] production from several new mining zones can now progress as they come online in late 2025. To sum up, we made excellent progress in the second quarter and remain on track to deliver our 2025 stated objectives.

繼 4 月初礦坑入口成功貫通後，Rainy River 地下礦場實現了另一個重要里程碑，新風提升系統投入使用，ODM 東通風迴路完工。隨著 2025 年底新礦區的投產，這些礦區的地下開發和[停止]生產現在可以繼續進行。總而言之，我們在第二季度取得了出色的進展，並有望實現 2025 年既定目標。

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

說完這些，我就把電話轉給 Keith。基思？

Thanks, Travis. Our financial results can be found on slide 10. Second quarter revenue was $308 million higher than the prior year quarter due to higher gold prices and gold sales, slightly offset by lower copper prices and sales.

謝謝，崔維斯。我們的財務結果可以在第 10 張投影片上找到。第二季營收比去年同期高出 3.08 億美元，因為金價和黃金銷售額上漲，但銅價和銷售額下降略有抵銷。

Cash generated from operations before working capital adjustments was $161 million or $0.20 per share for the quarter, higher than the prior year period, primarily due to higher revenues. New Gold generated a record quarterly free cash flow of $63 million as higher revenue was only partially offset by the higher capital expenditure as key growth projects were advanced.

本季營運資本調整前經營活動產生的現金為 1.61 億美元，即每股 0.20 美元，高於去年同期，主要原因是收入增加。由於關鍵成長項目的推進，更高的收入僅被更高的資本支出部分抵消，New Gold 創造了創紀錄的 6,300 萬美元的季度自由現金流。

The company recorded net earnings of approximately $68 million or $0.09 per share during the second quarter. After adjusting for certain other charges, net earnings was $90 million or $0.11 per share in Q2. Our Q2 adjusted earnings include adjustments related to other gains and losses and other non-reoccurring items.

該公司第二季淨利潤約為 6,800 萬美元，即每股 0.09 美元。調整某些其他費用後，第二季淨收益為 9,000 萬美元，即每股 0.11 美元。我們第二季的調整後收益包括與其他損益和其他非經常性項目相關的調整。

Turning to our balance sheet on slide 11. At the end of Q2, we had cash on hand of $226 million and a liquidity position of $452 million. Post quarter, the remaining $111 million of the 2027 senior notes was redeemed as planned and previously announced and paid for with cash in hand.

前往投影片 11 上的資產負債表。截至第二季末，我們手頭現金為 2.26 億美元，流動資金為 4.52 億美元。本季結束後，剩餘的 1.11 億美元 2027 年優先票據已按計劃和先前宣布的方式贖回，並以現金支付。

In order to fund the New Afton buyback transaction announced back in April, $150 million of the credit facility was drawn in the quarter, and a gold prepayment was entered into in mid-April. The company has agreed to deliver approximately 2,770 ounces of gold per month over the July 2025 to June 2026 period at an average price of $3,157 per gold ounce. To sum up, we were in a very healthy financial position with a significant free cash flow profile ahead of us.

為了資助 4 月宣布的 New Afton 回購交易，本季提取了 1.5 億美元的信貸額度，並於 4 月中旬簽訂了黃金預付款。該公司同意在 2025 年 7 月至 2026 年 6 月期間每月交付約 2,770 盎司黃金，平均價格為每盎司 3,157 美元。總而言之，我們的財務狀況非常健康，並且擁有可觀的自由現金流。

With that, I'll turn the call to Pat.

說完這些，我就把電話轉給帕特。

Thanks, Keith. Touching on exploration briefly, I'm on slide 13. The New Afton exploration program centered on K-Zone and nearby targets is currently at an all-time high with one surface drill targeting the K-Zone trend along strike and six underground drills actively targeting the core of the zone and testing its footprint.

謝謝，基斯。簡單談談探索，我在第 13 張投影片。以 K 區和附近目標為中心的 New Afton 勘探計劃目前正處於歷史最高水平，其中一個地面鑽機瞄準沿走向的 K 區趨勢，六個地下鑽機積極瞄準該區域的核心並測試其足跡。

With the C-Zone level exploration to have complete in the [New Afton] level we completed last year, we now have two distinct explosion have submitted by more than 400 meter in elevation to better explore and infill D-Zone. As you remember, the company is advancing open pit and underground exploration in parallel.

隨著我們去年完成的 [New Afton] 層 C 區勘探工作的完成，現在我們已提交了兩次不同的爆炸，高度超過 400 米，以便更好地探索和填充 D 區。大家還記得，該公司正在同步推進露天和地下勘探。

During Q2, this includes drilling the Northwest Trend open pit zone to infill part of the inferred resources and test potential pit extension. Exploration drilling also focused on testing underground growth opportunity at ODM Main from surface. We continued our work on open pit expansion studies with the goal of keeping the mill fully utilized for longer.

在第二季度，這包括鑽探西北趨勢露天礦區以填充部分推斷資源並測試潛在的礦坑延伸。勘探鑽探也著重於從地面測試 ODM Main 的地下生長機會。我們繼續進行露天礦場擴建研究，目的是讓工廠更長時間地保持充分利用。

As shown, studies on underground mine design transition and optimization also continued to make progress. As I have said previously, we expect continued and significant growth in gold and copper production over the next three years.

由此可見，地下礦設計轉型與最佳化研究也不斷取得進展。正如我之前所說，我們預計未來三年黃金和銅產量將持續大幅成長。

The second quarter performance was an excellent indication of the expected trajectory to account. As production volumes increase, the unit cost per ounce of gold is projected to decrease substantively. As a result, we continue to expect to generate significant free cash flow over the next three years.

第二季的表現很好地顯示了預期的會計軌跡。隨著產量的增加，每盎司黃金的單位成本預計將大幅下降。因此，我們預計未來三年仍將產生大量自由現金流。

At current consensus commodity prices, this translates to approximately [USD1.86 billion] and free cash flow over that period. At current spot prices, the figure exceeds $2.5 billion, over 70% of our market cap. In closing, the second quarter was positive for New Gold as we continue to deliver on our stated strategic goals.

以目前普遍認同的商品價格計算，這相當於該期間約 [18.6 億美元] 的自由現金流。以當前現貨價格計算，該數字超過 25 億美元，占我們市值的 70% 以上。最後，第二季對 New Gold 來說是正面的，因為我們繼續實現既定的策略目標。

We will continue to build on these goals from here. This includes delivering on 2020 production and guidance with the same attention to pit safety. Our continuous improvement with our (inaudible) performance is a direct indicator of the support from our employees and colleagues for the courage of the care culture.

我們將繼續致力於實現這些目標。這包括在實現 2020 年生產和指導的同時，同樣重視礦井安全。我們（聽不清楚）績效的不斷提高直接顯示了我們的員工和同事對關懷文化勇氣的支持。

At New Afton, we will ramp up C-Zone in advance the development of pit extension. At Rainy River, we will continue to ramp up the underground main, mining Phase 4 and advanced Phase 5 open pit development. Lastly, we are continuing to increase our exploration efforts at both sites with a combined [$30 million] of investment for 2025, targeting further reserve replacement.

在 New Afton，我們將提前增加 C 區的開採力度，以擴大礦坑的延伸。在 Rainy River，我們將繼續加強地下主礦、採礦第 4 階段和高級第 5 階段露天礦的開發力度。最後，我們將繼續加大在兩個地點的勘探力度，到 2025 年的總投資額將達到 3,000 萬美元，目標是進一步取代儲量。

Involved offers a compelling investment opportunity with increasing production and symptom free cash flow generation, combined with our safe well-established mining reduction, increasingly completing exploration upside and exposure to what we view as preferred metal in gold and copper.

Involved 提供了一個極具吸引力的投資機會，它能夠提高產量和產生無症狀現金流，再加上我們安全可靠的採礦減少，不斷完善的勘探優勢以及對我們認為的黃金和銅等首選金屬的接觸。

We were confident in our ability to deliver additional upside. The remainder of 2025 will continue to build from here, both operationally as well as project and exploration catalysts, which is expected to create meaningful value for our shareholders and provide increased financial flexibility in optionality for New Gold moving forward.

我們對自己實現更多利益的能力充滿信心。2025 年剩餘時間將繼續在此基礎上發展，包括營運以及專案和勘探催化劑，預計將為我們的股東創造有意義的價值，並為 New Gold 未來的發展提供更大的財務靈活性。

This completes our presentation. I will now turn it back to the operator for the Q&A portion of the call. Jean Louis?

我們的演示到此結束。現在我將把電話轉回給接線員，進行電話的問答部分。讓路易斯？

(Operator Instructions) Lawson Winder, Bank of America.

（操作員指示）美國銀行 Lawson Winder。

Thank you very much, operator. Hello, gentlemen. Thank you for the update today. Can I please start off by asking for a little additional color on the split in production between Q3 and Q4 of 2025. Thank you.

非常感謝，接線生。各位先生，大家好。感謝您今天的更新。首先，請您稍微補充一下 2025 年第三季和第四季產量分佈。謝謝。

So mostly in Q3, Q4, we are targeting to have the same portion mostly.

因此，在第三季度和第四季度，我們的目標是保持相同的份額。

And is that consistent across both Rainy and New Afton in terms of gold?

那麼，Rainy 和 New Afton 的黃金情況是否一致呢？

Well, yeah. So in terms of gold, it's mostly, yes, Rainy will generate the majority of the cash because we produce a lot of gold as planned, and we're ramping up at New Afton. So we'll exhaust the B3 cave. And we will ramp up C-Zone and C-Zone on the -- so we still target to produce the metal that we forecast in the guidance.

嗯，是的。因此，就黃金而言，主要是，是的，Rainy 將產生大部分現金，因為我們按計劃生產了大量黃金，而且我們正在增加 New Afton 的產量。所以我們將耗盡 B3 洞穴。我們將增加 C 區和 C 區的產量 - 因此我們仍然以生產指導中預測的金屬為目標。

Okay. With regards to reserves and resources, just looking toward year-end and first of all, I guess, just generally, do you expect to replace reserves in 2025? And then a little more specifically with the Northwest Trend resource conversion to indicated. Do we expect that to show up in reserves and resources?

好的。關於儲量和資源，展望年底，首先，我想，一般來說，您是否預計在 2025 年會取代儲量？然後更具體地以西北趨勢資源轉換來表示。我們是否期望這會體現在儲備和資源上？

And then just thinking about gold price assumption, year-end 2024 was $1,650. We're nearly double that now $1,980, I think you guys used for resources. How are you thinking about a gold price assumption for calculating reserves and resources at year-end?

然後考慮黃金價格假設，2024 年底黃金價格為 1,650 美元。我們現在幾乎是這個數字的兩倍，為 1,980 美元，我想你們將其用作資源。您如何考慮用黃金價格假設來計算年底的儲量和資源量？

Yeah. So first, in terms of New Afton, in terms of reserve renewal, we have a target for this year, as we discussed was to increase our indicated resources ultimately to produce probable reserve or feasibility study. That's the main purpose is to have the sufficient drilling grid to convert resources in reserve and studies in 2026. So it's what we planned.

是的。首先，就 New Afton 而言，就儲量更新而言，我們今年的目標是，正如我們所討論的，最終增加我們的指示資源以產生可能的儲量或可行性研究。其主要目的是在2026年擁有足夠的鑽井網格來轉換儲備資源和研究資源。這就是我們的計劃。

For concerning the Rainy River, the intent is to complete the definition drilling to reclassify Northwest Trend and to transfer that in reserves. So it's our objective. And also, we have some excellent targets underground that as we explained in terms our objective is to increase reserves underground where we already plan to have infrastructure to reduce the CapEx and increase the NAV for the company.

對於 Rainy River 而言，目的是完成定義鑽探以重新分類西北趨勢並將其轉移到儲量中。這就是我們的目標。此外，我們在地下有一些優秀的目標，正如我們所解釋的那樣，我們的目標是增加地下儲量，我們已經計劃在地下建造基礎設施，以減少資本支出並增加公司的資產淨值。

And actually, it's what we are doing. So I don't think that Rainy River to be objective and rational that we will renew the totality of what we mined. But it will be significant for us. It's [significant] for one thing.

事實上，這正是我們正在做的事情。因此，我認為 Rainy River 不會客觀理性地恢復我們所開採的全部資源。但這對我們來說意義重大。一方面，這很重要。

Second thing, concerning gold price, every year, we're benchmarking of our peers, what our peers are doing. So it's not coming out coming for the corner offer. So August here, we're going to use this price.

第二件事，關於金價，每年我們都會對標我們的同行，看看我們的同行在做什麼。所以它不是為了角落報價而來的。所以八月我們將使用這個價格。

But basically, for sure, with the current consensus, the price for reserve calculation slightly -- we have a high probability that it will increase, maybe turn around $1,900 to $2,000 probably, it's something that is actually the trend that the industry is looking at. But basically, it's what we'll look for. But when you look at Rainy River, it can provide significant value for shareholders.

但基本上，可以肯定的是，按照目前的共識，儲備計算的價格會略有上漲——我們很有可能會上漲，可能會達到 1,900 美元到 2,000 美元左右，這實際上是業界正在關注的趨勢。但基本上，這就是我們要尋找的。但當你看到 Rainy River 時，你會發現它可以為股東帶來巨大的價值。

Okay. Thanks for that. And if I could just squeeze in one more question, thinking about your capital allocation priorities, vis-a-vis the very strong expected inflection higher in free cash flow, is there any thought to being active or putting in place a buyback, thought about a dividend, where are the priorities vis-a-vis those two options in debt repayment, and then if you could just comment on your thoughts on acquisition. So does it remain a strategic objective to add a third core asset. Thank you.

好的。謝謝。如果我可以再問一個問題，請考慮一下您的資本配置優先事項，相對於自由現金流的強勁預期拐點，您是否考慮過積極回購或實施回購，考慮過股息，相對於這兩種債務償還選項，優先事項是什麼，然後您是否可以評論一下您對收購的想法。增加第三項核心資產仍然是一個策略目標。謝謝。

Hey, Lawson. It's Ankit. Those shareholder returns are definitely something that we evaluate. In the near term right now, I guess Keith mentioned, we ended the year with just over $200 million of cash subsequent to quarter, we paid down the debt from the original bond offering and so bringing down our cash balance.

嘿，勞森。是安基特。我們一定會評估股東回報。我想 Keith 提到過，就目前的短期而言，我們在年底的現金餘額略高於 2 億美元，本季度之後，我們償還了最初發行債券所欠的債務，從而降低了我們的現金餘額。

We still have $150 million on our credit facility that we expect to pay by the end of the year. And we are also ramping up two significant projects with the C-Zone, the Underground Main -- sorry, the underground development, plus our exploration program is also back half weighted.

我們的信貸額度仍有 1.5 億美元，預計將於年底前償還。我們也正在加緊推進 C 區、地下主幹道（抱歉，是地下開發）兩個重要項目，另外我們的勘探計畫也已加權一半。

So I would say for 2025, our focus is very internal and organic. And as we hit this free cash flow inflection point and kind of come towards the end of the year, that will be something that the shareholder returns will be definitely top of mind.

所以我想說，對於 2025 年來說，我們的重點是非常內部和有機的。當我們達到自由現金流拐點並接近年底時，股東回報肯定是首要考慮的事情。

In terms of M&A, I think as Pat mentioned on previous calls, I think we did our best transaction with consolidating New Afton over the last year, able to consolidate an asset that we own at sub 1 times NAV in a rising gold price environment. We will continue to evaluate other opportunities, assuming they improve the profile of New Gold based on our internal criteria. So that's something that we always evaluate, but we'll be very prudent in our M&A strategy.

在併購方面，我認為正如帕特在之前的電話會議上提到的那樣，我認為我們去年在整合 New Afton 方面做得最好，能夠在金價上漲的環境下以低於 1 倍資產淨值的價格整合我們擁有的資產。我們將繼續評估其他機會，假設它們能夠根據我們的內部標準改善 New Gold 的形象。因此，我們始終會對此進行評估，但我們在製定併購策略時會非常謹慎。

Michael Siperco, RBC Capital Markets.

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

Yeah. Thanks very much, guys. Quick question on new Afton, with the D-Zone being extended, can you just clarify on how we should expect the transition to primary C-Zone mining to go and is there a transition period or should we just see a smooth uptick in throughput and grade and when does that manifest in the second half?

是的。非常感謝，大家。關於新阿夫頓的快速問題，隨著 D 區的擴展，您能否澄清一下我們應該如何預期向主要 C 區採礦的過渡，是否有一個過渡期，或者我們應該只看到吞吐量和品位的平穩上升，以及什麼時候在下半年體現出來？

So [in terms of the development], so the three years -- for us, we are really pleased and by what is happening at the in B3 because of the result of the discipline draw management of the cave that we are having in front of us. So we always plan for the worst and wish for the best.

所以（就發展而言），這三年來——對我們來說，我們對 B3 所發生的事情感到非常高興，因為我們對面前的洞穴進行了嚴格的管理。因此，我們總是做最壞的打算，並祈求最好的結果。

And in term actually what is nice with the B3 is we will reconcile extremely well. And so, we are marking because the dilution is actually better than expected. So going forward, it's excellent and the grid is good for us. It just delays C-Zone in terms of -- we will not delay C-Zone, sorry, but it will extend mine life of by the additional tonnage coming from B3.

實際上，B3 的優點在於我們可以非常好地協調。因此，我們進行標記是因為稀釋實際上比預期的要好。因此，展望未來，這是非常好的，電網對我們也有好處。它只是延遲了 C 區——抱歉，我們不會延遲 C 區，但它將通過來自 B3 的額外噸位延長礦山壽命。

And at the beginning of C-Zone, I just want to remind you, Michael, that we are -- it was planned like this, and all the bottom part of C-Zone, we localize that to optimize the recovery. So the average grade is lower than the grid and the lower part of C-Zone is lower than the average rate of the blockade by itself. It's planned, it's what we have in our plan. It's what we plan in the metal produced in 2025 and we're sticking to our plan mostly.

在 C 區開始時，我只想提醒你，邁克爾，我們 - 它是這樣計劃的，並且 C 區的所有底部，我們將其本地化以優化恢復。因此平均坡度低於網格，且 C 區下部低於其自身平均封鎖率。這是計劃好的，這是我們的計劃。這就是我們在 2025 年生產的金屬的計劃，而且我們基本上會堅持我們的計劃。

So basically, we're not expecting due to the good news that we are extending the mileage of B3 to change our metal production guidance for Q4 2025 we bang on. The objective is to -- and for us, it's a pros more than a cons because the way that we will accelerate the cave of C-Zone, it will be more flat than to be more aggressive in the center and less on the wings of the blockade.

因此基本上，我們並不期望由於延長 B3 里程的好消息而改變我們對 2025 年第四季的金屬生產指引。我們的目標是——對我們來說，這是利大於弊，因為我們加速 C 區洞穴的方式將更加平坦，而不是在中心更具侵略性而在封鎖的兩翼較少。

So it means that we'll have a better draw management looking forward. So it's (inaudible) it's extremely positive for us to have additional tons from B3.

所以這意味著我們將擁有更好的繪圖管理。因此（聽不清楚）從 B3 獲得更多噸位對我們來說是非常積極的。

Okay. Great. That makes sense, puts it in a good context. One more question for me, if I could and then I'll pass it on. On M&A, broadly speaking, I guess the quarterly update, if you can provide one, but with the consolidation of New Afton now out of the way and also, I think, substantial organic growth potential at New Afton, which is set to maybe get some more visibility over the next 6 to 12 months. How are you thinking about growth now versus maybe exiting Q1?

好的。偉大的。這是有道理的，並且放在了一個很好的背景下。我還有一個問題，如果可以的話，我會將其傳達出去。關於併購，廣義上講，我想季度更新（如果您可以提供的話）是這樣的，但是現在 New Afton 的合併已經完成，而且我認為 New Afton 具有巨大的有機增長潛力，這可能會在未來 6 到 12 個月內獲得更多的可見性。您如何看待現在的成長情況以及可能退出第一季的情況？

Well, first, we did an excellent M&A in Q2 with [features]. So it's something that we're proud of and you will understand the short future why we were so excited to do this, to consolidate our own assets. I think it was the best opportunity for us. And actually, as my colleague said, we focus on the organic growth first. It's what we can control. And it's where we can generate a lot of value for shareholder without a lot of capital to invest.

首先，我們在第二季進行了一次出色的併購，[特徵]。所以這是我們引以為傲的事情，不久的將來你就會明白為什麼我們如此興奮地這樣做，以鞏固我們自己的資產。我認為這對我們來說是最好的機會。實際上，正如我的同事所說，我們首先關注的是有機成長。這是我們可以控制的。我們無需投入大量資金就能為股東創造大量價值。

We are remaining active because we're looking for opportunities. We think that with the cash flow that we generate, we can create value for shoulders. If we don't create, we cannot provide an investment opportunity for shareholders to us and to return capital to them, but basically, I think we are disciplined.

我們保持活躍是因為我們正在尋找機會。我們認為，利用我們產生的現金流，我們可以為肩膀創造價值。如果我們不創造，我們就無法為股東提供投資機會並向他們返還資本，但基本上，我認為我們是遵守紀律的。

And I think my colleagues are on me at the table this morning and we are disciplined. We don't want to be big to be big. We want to be bigger to be better. And so, we don't want to -- we will work so hard to generate this capital that we have -- this cash flow that we don't want to put that at risk. So we are diligent in our approach, but we're still looking, we're still active, and we are vigilant.

我認為今天早上我的同事們都在和我一起遵守紀律。我們不想做大就做大。我們希望變得更大，變得更好。因此，我們不想——我們會盡力創造我們擁有的資本——我們不想讓現金流面臨風險。因此，我們採取了勤勉的態度，但我們仍在觀察，仍在積極行動，並保持警惕。

(Operator Instructions) Anita Soni, CIBC.

（操作員指示） Anita Soni，CIBC。

Hi. Good morning, Pat and team. Most of my questions have been asked and answered, but I just wanted to understand, on Rainy River, I think you said there was a weak delay in some of the high-grade material on the open pit. Is the expectation that you'll get that back in the second half of the year?

你好。早上好，帕特和團隊。我的大部分問題都已經提出並得到解答，但我只是想了解一下，關於 Rainy River，我想您說過露天礦場的一些高品位材料存在輕微的延遲。您是否期望在今年下半年收回這一數字？

Yes. So we have -- we're still guiding to the other guidance. And so, it will not change our guidance for a year.

是的。因此，我們仍在指導其他指導。因此，它不會改變我們一年內的指導方針。

Okay. And so, you're still gearing for the middle end or so like the original -- your expectations are still intact is what I'm trying to say.

好的。所以，您仍然在為中端市場做準備，或者像原來那樣——我想說的是，您的期望仍然完好無損。

Yeah. For this time is what Travis has explained is we produced these ounces, but we're not able to strip it from the circuit at the end of the quarter. So it's mainly what happened. If not, we're going to deliver what we -- so it was not in a bar, it was in solutions so badly, but we expect to have this that will waterfall in the second half of the year.

是的。特拉維斯這次解釋說，我們生產了這些盎司，但我們無法在本季末將其從生產線上剝離。所以主要就是發生了什麼事。如果沒有，我們將會實現我們的目標——所以它不是在酒吧里，而是在解決方案中，但我們預計它將在今年下半年實現。

Okay. And then can you just provide an update on what the next deliverables are for the K-Zone, like when you expect to have an update on that?

好的。然後，您能否提供有關 K-Zone 的下一個交付成果的最新消息，例如您預計何時會對此進行更新？

So we want to do an update in the first half of September on all our exploration activities at both sites. And our objective is that what is interesting in geology is more the drill for the adding value, but our objective is to as much as we can to present for the first time when we cited the inferred resources at K-Zone for the reserve and resource report of 2026.

因此，我們希望在九月上半月對這兩個地點的所有勘探活動進行更新。我們的目標是，地質學中更有趣的部分是鑽探以增加價值，但我們的目標是盡可能在 2026 年的儲量和資源報告中首次引用 K 區的推斷資源。

[Mohamed Sidibe, Citibank].

[穆罕默德·西迪貝，花旗銀行]。

Thanks, Patrick and team for taking my question. Most of my questions have been answered but just following up on Rainy River and the strong performance in June with the 37,000 ounces at 1.44 grams per ton. Can you maybe give us some color into the grade profile into the second half of the year, please? Thank you.

感謝派崔克和他的團隊回答我的問題。我的大部分問題都已得到解答，但我只是在跟進 Rainy River 的情況以及 6 月份的強勁表現，產量為 37,000 盎司，價格為每噸 1.44 克。您能否向我們介紹一下今年下半年的成績概況？謝謝。

Yeah. So the grade profile for the second half of the year --

是的。因此，下半年的成績概況--

Yeah. So with the transition to that steady feed grade that we've seen in June, we can expect a similar high profile, a similar grade profile in the back half of the year in order to come into that guidance range. So the majority of the feed just as a reminder is coming from the open pit, and that will bring us in line with the guidance range for the end of the year.

是的。因此，隨著我們在 6 月看到的向穩定飼料等級的過渡，我們可以預期下半年也會出現類似的高調、類似的等級，以進入該指導範圍。因此，提醒一下，大部分飼料都來自露天礦，這將使我們符合年底的指導範圍。

Well, we can follow up post call as well with more detailed discussion of the second half.

好吧，我們可以在通話後跟進，對下半部分進行更詳細的討論。

But what we are (inaudible) about, we are confident here is there is -- you remember that last year we had some reconciliation issue, and we did the new model, but we exist today myself is Jean-Francois and his team and the mine side, they did a new model, and we applied a cap on the high grade.

但我們（聽不清楚）所關注的是，我們有信心的是 - 你記得去年我們有一些和解問題，我們做了新的模型，但我們今天存在的是 Jean-Francois 和他的團隊和礦山方面，他們做了一個新的模型，我們對高品位應用了上限。

And so, a cap of 3 grams per ton and basically, we casted this high-grade zone in Q2 and we reconcile extremely well. So we are extremely confident for the second half of the year and the second half of the year, we will end the year with a 3 million ton of ore stockpile at the ramp color.

因此，每噸的上限為 3 克，基本上，我們在第二季度鑄造了這個高品位區域，並且我們的協調非常好。因此，我們對下半年非常有信心，下半年我們將以 300 萬噸的礦石庫存結束今年。

And so, the pit I'm talking about here, and basically the strip ratio going forward would be 1:1 this year in Phase 4. So we'll be well positioned to execute and to the risk. So now, we think that Travis is coming in the right time, and he's enjoying the ride.

所以，我在這裡談論的礦井，基本上今年第四階段的剝離率將是 1:1。因此，我們將能夠很好地執行並承擔風險。所以現在，我們認為特拉維斯的到來正是時候，而且他很享受這趟旅程。

Right. That's very helpful. And then, for sure I'll take you up on that offer. Thanks a lot, guys.

正確的。這非常有幫助。那麼，我肯定會接受你的提議。非常感謝大家。

There are no further questions at this time, I'd like to pass it back to Ankit and the team for closing remarks.

目前沒有其他問題，我想將其交還給 Ankit 和團隊進行最後發言。

Great. Thank you very much and thank you to everyone who joined us today. As always, should you have any additional questions, please do not hesitate to reach out to us by phone or email. Have a great day.

偉大的。非常感謝，也感謝今天加入我們的每個人。與往常一樣，如果您有任何其他問題，請隨時透過電話或電子郵件與我們聯繫。祝你有美好的一天。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。