New Gold Inc (NGD) 2025 Q3 法說會逐字稿

Good morning. My name is Carrie, and I will be your conference operator today. Welcome to the New Gold's third-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.我叫凱莉，今天我將擔任你們的會議接線生。歡迎參加新黃金公司2025年第三季財報電話會議和網路直播。（操作員說明）請注意，今天的電話會議和網路直播正在錄製。（操作說明）

I would now like to hand the conference over to Ankit Shah, Executive Vice President and Chief Strategy Officer. Please go ahead.

現在我謹將會議交給執行副總裁兼首席策略長安基特·沙阿先生。請繼續。

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

謝謝接線員，大家早安。感謝您今天參加 New Gold 2025 年第三季財報電話會議和網路直播。今天線上的嘉賓有：總裁兼執行長 Patrick Godin；​​財務長 Keith Murphy；營運副總裁 Travis Murphy；以及地質副總裁 Jean-François Ravenelle。此外，技術服務副總裁盧克·布坎南將在電話會議的問答環節提供協助。如果您想觀看網路直播，請從我們的主頁 newgold.com 登入。

Before we begin the presentation, I'd 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 and future events could differ materially from those expressed or implied in forward-looking statements. Slide 2 provides additional information and should be reviewed.

在正式開始簡報之前，我想請大家注意簡報第 2 頁上關於前瞻性陳述的警示性語言。今天的評論包含有關 New Gold 的前瞻性陳述。在這方面，我們建議您參閱簡報中關於前瞻性陳述的詳細警示說明。請注意，實際結果和未來事件可能與前瞻性聲明中明示或暗示的內容有重大差異。幻燈片 2 提供了更多信息，請仔細閱讀。

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 end notes that provide important information and should be reviewed in conjunction with the material presented.

我們還建議您參閱 New Gold 最新年度資訊表 (AIF)、管理層討論與分析 (MD&A) 以及其他可在 SEDAR+ 上查閱的文件，其中有一部分標題為“風險因素”，列出了可能導致實際結果出現差異的某些重要因素。此外，在簡報的結尾，還有一些尾註，其中提供了重要訊息，應與所展示的材料一起閱讀。

The third quarter was an impressive one for New Gold, and slide 4 highlights some of the key quarterly accomplishments. We had an excellent quarter operationally, with both production and costs making big improvements compared to the second quarter. This was highlighted by Rainy River's record quarterly production of over 100,000 ounces of gold, a 63% increase over the second quarter. At New Afton, B3 continued to overperform during the third quarter, while C-Zone remains on track to ramp up to full production in 2026. We remain well positioned to deliver on our 2025 guidance objectives we outlined at the start of the year.

對於新黃金公司而言，第三季度是一個令人印象深刻的季度，第 4 張投影片重點介紹了一些關鍵的季度成就。本季營運情況非常出色，與第二季相比，產量和成本均有大幅改善。雷尼河金礦季度黃金產量創歷史新高，超過 10 萬盎司，比第二季度增長了 63%，凸顯了這一增長勢頭。在新阿夫頓，B3 在第三季度繼續表現出色，而 C-Zone 仍按計劃在 2026 年全面投產。我們依然具備實現年初制定的 2025 年業績目標的良好條件。

Importantly, these impressive quarterly results were achieved while maintaining focus on safe production, with a low total recordable injury frequency rate of 0.61, down from 0.82 in the second quarter, and continuing the downward trend over the last three years. During the quarter, New Afton surpassed 1 million hours and Rainy River surpassed 1.5 million hours worked without a lost time injury, marking a significant safety milestone at both sites.

重要的是，這些令人印象深刻的季度業績是在保持安全生產重點的同時取得的，總可記錄傷害頻率為 0.61，低於第二季度的 0.82，並延續了過去三年來的下降趨勢。本季度，新阿夫頓的無工傷事故工作時長超過 100 萬小時，雷尼河的無工傷事故工作時長超過 150 萬小時，這兩個地點都取得了重要的安全里程碑。

On a consolidated basis, the company produced approximately 115,200 ounces of gold and 12 million pounds of copper in the quarter. All-in sustaining costs reduced from the second quarter by $425 an ounce to $966 per ounce. With an average realized gold price of $3,458 per ounce, this represents an impressive all-in sustaining cost margin of $2,492 per ounce. We expect all-in sustaining costs to reduce further through the fourth quarter.

從合併後的業績來看，該公司本季生產了約 115,200 盎司黃金和 1,200 萬磅銅。綜合維持成本較第二季每盎司減少 425 美元，至每盎司 966 美元。黃金平均實現價格為每盎司 3,458 美元，這意味著每盎司的綜合維持成本利潤率高達 2,492 美元，令人印象深刻。我們預計第四季總維持成本將進一步下降。

The company generated more than $300 million in cash flow from operations and achieved a record quarterly free cash flow of $205 million, highlighted by Rainy River's quarterly record of $183 million in free cash flow. The balance sheet was further strengthened in the quarter as we repaid a total of $260 million in debt, including the $150 million drawn on the credit facility earlier this year as part of the New Afton buyback, and this was repaid one quarter ahead of plan.

該公司經營活動產生的現金流超過 3 億美元，季度自由現金流創下 2.05 億美元的紀錄，其中 Rainy River 的季度自由現金流更是創下 1.83 億美元的紀錄。本季度，我們的資產負債表進一步得到加強，因為我們償還了總計 2.6 億美元的債務，其中包括今年早些時候作為 New Afton 回購計劃的一部分而從信貸額度中提取的 1.5 億美元，並且比計劃提前一個季度償還完畢。

The company continued to advance initiatives aligned with our three-year production growth and accomplished several key milestones during the quarter. At New Afton, C-zone cave construction is approximately 79% complete, supporting the progressive increase in processing rates towards the target of 16,000 tonnes per day by early 2026. At Rainy River, the focus remained on increasing underground development and production rates, which Travis will speak to shortly.

公司繼續推進與三年生產成長目標相符的各項舉措，並在本季度實現了幾個關鍵里程碑。在新阿夫頓，C區洞穴建設已完成約79%，這將支援逐步提高處理速度，以期在2026年初達到每天16,000噸的目標。在雷尼河，重點仍然是提高地下開發和生產速度，特拉維斯稍後將對此進行闡述。

Lastly, our exploration initiatives made significant progress as outlined in our September news release, highlighted by the significant growth in New Afton's K-Zone and the ongoing exploration activities at Rainy River to offset mining depletion. In summary, we had a strong quarter and we built on the results from the first half of the year, all while maintaining focus on generating meaningful value for our shareholders.

最後，正如我們在 9 月的新聞稿中所述，我們的勘探計劃取得了重大進展，其中最突出的是 New Afton 的 K 區取得了顯著增長，以及 Rainy River 正在進行的勘探活動，以彌補採礦造成的資源枯竭。總而言之，我們本季業績強勁，在上半年業績的基礎上更進一步，同時始終專注於為股東創造有意義的價值。

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

接下來，我將把電話交給崔維斯。

Thank you, Ankit. I'm on slide 6, which has our operating highlights.

謝謝你，安基特。我現在看到的是第 6 張投影片，上面是我們的營運亮點。

As Ankit noted, Q3 delivered strong production and costs. Production totaled approximately 115,200 gold ounces and 12 million pounds of copper. This increase in gold production compared to Q3 2024 was driven by planned higher feed grade at Rainy River, partially offset by lower planned feed grade at New Afton.

正如Ankit指出的那樣，第三季度實現了強勁的生產和成本控制。總產量約115200盎司黃金和1200萬磅銅。與 2024 年第三季相比，黃金產量的增加主要得益於 Rainy River 礦區計畫提高原料品位，但部分被 New Afton 礦區計畫降低原料品位所抵消。

Consolidated all-in sustaining costs for the quarter were $966 per gold ounce on a by-product basis, 19% lower than Q3 2024 and a substantial improvement over the first two quarters of 2025. Costs are expected to continue to trend down in the fourth quarter.

本季綜合維持成本（以副產品計算）為每盎司黃金 966 美元，比 2024 年第三季下降 19%，比 2025 年前兩季大幅改善。預計第四季成本將持續呈下降趨勢。

At New Afton, the B3 Cape continued to over-deliver compared to the plan set out at the beginning of the year. As a result, New Afton achieved an all-in sustaining cost of negative $595 per ounce after considering copper credits. Rainy River delivered a strong quarter, a record quarter, as the mill processed higher-grade open pit ore. All-in sustaining costs were $143 per ounce in the quarter, a substantial 39% improvement compared to the second quarter. Costs should continue to trend lower in the fourth quarter with lower sustaining capital.

在新阿夫頓，B3 Cape 的表現繼續超越年初制定的計劃。因此，在考慮銅幣抵免後，新阿夫頓的綜合維持成本為每盎司負 595 美元。Rainy River 礦廠加工了更高品位的露天礦石，本季業績強勁，創下歷史新高。本季總維持成本為每盎司 143 美元，與第二季相比大幅下降 39%。第四季成本應繼續呈下降趨勢，維持性資本支出也會減少。

Our total capital expenditures for the quarter were approximately $76 million, with $19 million spent on sustaining capital and $56 million on growth capital. At New Afton, sustaining capital is primarily related to mobile equipment, while growth capital is 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 the tailings dam raise, while growth capital is related to underground development and machinery and equipment.

本季我們的資本支出總額約為 7,600 萬美元，其中 1,900 萬美元用於維持性資本支出，5,600 萬美元用於增長性資本支出。在新阿夫頓，維持性資本主要與行動裝置有關，而成長性資本主要與建築、成長、礦場開發、尾礦、機械設備有關。在雷尼河，維持性資本主要與露天剝離和尾礦壩加高有關，而增長性資本則與地下開發以及機械設備有關。

Turning to the assets, starting with New Afton on slide 7. New Afton delivered another quarter on plan. B3 contributed approximately 4,300 tonnes per day during the quarter. The additional tonnage from B3 above and beyond the previously planned April exhaustion continues to provide excellent shareholder value as it comes with no additional capital. We expect the B3 cave will now exhaust in the middle of the fourth quarter as the current contribution has reduced down to around 1,500 tonnes per day. Annual copper and gold production is expected to be in line with the guidance profile previously provided.

接下來來看資產，首先是投影片 7 中的 New Afton。新阿夫頓公司又一個季度按計劃完成了任務。本季B3每天貢獻約4300噸。B3油田在原計畫4月耗盡產量的基礎上額外提供的噸位，無需額外資本投入，繼續為股東創造極佳價值。我們預計 B3 洞穴將在第四季中期耗盡礦石儲量，因為目前的礦石產量已減少到每天約 1500 噸。預計銅和黃金的年產量將與先前提供的指導一致。

During the third quarter, New Afton generated over $30 million in free cash flow while continuing to complete the construction of the C-Zone block cave. Through the first nine months of 2025, New Afton has generated $115 million in free cash flow. In terms of development, C-Zone cave construction continues to advance on schedule, with cave construction progress at 79% complete as of the end of September. C-Zone remains on track to ramp up to full processing capacity of approximately 16,000 tonnes per day beginning in 2026.

第三季度，新阿夫頓礦業公司在繼續完成 C 區塊狀崩落法採礦作業的同時，產生了超過 3,000 萬美元的自由現金流。截至 2025 年前九個月，New Afton 已產生 1.15 億美元的自由現金流。在開發方面，C區洞穴建設持續按計畫推進，截至9月底，洞穴建設進度已完成79%。C-Zone 仍按計畫推進，將於 2026 年開始逐步提升至每天約 16,000 噸的全面加工能力。

Now, turning to Rainy River on slide 8. Gold production in the third quarter was 100,300 ounces of gold at an all-in sustaining cost of $1,043 per gold ounce sold, an increase of 63% in gold production and a 39% decrease in AISC compared to the second quarter. This excellent performance was driven by processing higher-grade open pit material in addition to processing and pouring the 5,900 ounces of gold in circuit as discussed at the end of the second quarter. The mill continued to perform well, with quarterly throughput averaging over 25,100 tonnes per day. Following the impressive third-quarter results, Rainy River Gold production is now expected to be above the midpoint of guidance of 265,000 to 295,000 ounces of Gold.

現在，請看第 8 張幻燈片，了解雷尼河。第三季黃金產量為 100,300 盎司，總維持成本為每盎司黃金 1,043 美元，與第二季相比，黃金產量增加了 63%，總維持成本下降了 39%。這項優異的業績得益於對更高品位露天礦材料的加工，以及如第二季末所討論的，對循環系統中的 5,900 盎司黃金的加工和澆鑄。該工廠繼續保持良好的運作狀態，季度平均日產量超過 25,100 噸。繼令人矚目的第三季業績之後，雷尼河黃金公司目前的產量預計將高於先前26.5萬至29.5萬盎司黃金產量指導值的中點。

As a result of the strong Q3 results, Rainy River generated a quarterly record $183 million in free cash flow. As Ankit mentioned, progress was made during the quarter in advancing underground operations with a focus on increasing underground development and production rates.

由於第三季業績強勁，Rainy River 產生了創季紀錄的 1.83 億美元自由現金流。正如安基特所提到的，本季在推進地下作業方面取得了進展，重點是提高地下開發和生產速度。

We undertook a number of key initiatives during the quarter specifically designed to improve recruitment and retention of our people and contractors. These include camp facility upgrades and travel improvements. They also included contract modifications to incentivize and reward optimized development rates. While this has led to an increase in cash costs and certain growth capital items related to the underground, it is a significant step forward in securing the production growth expected in the coming years.

本季我們採取了一系列重點舉措，旨在改善員工和承包商的招募和留任。其中包括營地設施升級和交通改善。他們還修改了合同，以激勵和獎勵優化開發速度。雖然這導致現金成本和與地下相關的某些成長資本項目增加，但這是確保未來幾年預期產量成長的重要一步。

We are seeing improvements in the continued ramp-up in daily underground development rates, which we expect to build on through the fourth quarter. To sum up, we made excellent progress in the third quarter and remain on track to deliver our 2025 production and cost goals, as well as longer-term objectives.

我們看到地下礦場每日開發速度持續提升，預計第四季將在此基礎上繼續提高。總而言之，我們在第三季取得了優異的進展，並將繼續朝著實現 2025 年的生產和成本目標以及長期目標穩步前進。

And with that, I'll turn it over to Keith. Keith?

接下來，我將把麥克風交給基斯。基思？

Thanks, Travis.

謝謝你，崔維斯。

Our financial results can be found on slide 10. Third-quarter revenue was $463 million, higher than the prior year quarter due to higher gold and copper prices and sales volumes. Cash generated from operations before working capital adjustments was $296 million, or $0.37 per share, for the quarter, higher than the prior year period primarily due to higher revenues.

我們的財務表現可在第10頁找到。第三季營收為 4.63 億美元，高於去年同期，原因是黃金和銅的價格和銷售上漲。本季經營活動產生的現金（未計入營運資本調整）為 2.96 億美元，即每股 0.37 美元，高於去年同期，主要原因是收入增加。

New Gold generated record quarterly free cash flow of $205 million, as higher revenue was only partially offset by higher capital expenditures as key growth projects were advanced. The company recorded net earnings of approximately $142 million, or $0.18 per share, during the third quarter. The increase in earnings for the quarter and year to date is primarily due to increase in revenues, partially offset by higher share-based payments due to the increase in the company's share price. Year to date, this has also impacted our consolidated all-in sustaining costs by approximately $75 per gold ounce. After adjusting for certain other charges, net earnings was $199 million, or $0.25 per share, in Q3. Our Q3 adjusted earnings include adjustments related to other gains and losses and non-reoccurring items.

新黃金公司創造了創紀錄的季度自由現金流 2.05 億美元，儘管隨著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。該公司第三季淨利潤約為 1.42 億美元，即每股 0.18 美元。本季及年初至今的獲利成長主要歸功於營收成長，但部分被公司股價上漲導致的股票股利增加所抵銷。今年迄今為止，這也使我們的綜合維持成本增加了約每盎司黃金 75 美元。扣除某些其他費用後，第三季淨利為 1.99 億美元，即每股 0.25 美元。我們第三季的調整後收益包括與其他收益和損失以及非經常性項目相關的調整。

Turning to our balance sheet on slide 11. At the end of Q3, we had cash on hand of $123 million and a liquidity position of $500 million. In July, we redeemed the remaining $111 million of the 2027 senior notes paid for with cash on hand. During the quarter, we also repaid the full $150 million which was drawn on the credit facility to fund the New Afton buyback transaction announced back in April. This was one quarter ahead of plan. To sum up, we remain in a very healthy financial position with a significant free cash flow profile ahead of us.

請看第 11 頁的資產負債表。第三季末，我們手頭現金為 1.23 億美元，流動資金為 5 億美元。7 月，我們用手頭現金贖回了剩餘的 1.11 億美元 2027 年到期的優先票據。本季度，我們也償還了從信貸額度中提取的全部 1.5 億美元，這筆款項用於資助 4 月宣布的 New Afton 回購交易。這比原計劃提前了一個季度。總而言之，我們目前財務狀況非常健康，未來將擁有可觀的自由現金流。

With that, I'll turn the call to Jean-François to discuss exploration.

接下來，我將把電話轉給讓-弗朗索瓦，讓他來討論勘探事宜。

Thanks, Keith. I'd like to touch on our exploration successes that were released during the quarter.

謝謝你，基斯。我想談談本季公佈的勘探成果。

Exploration at New Afton continues to be at an all-time high. We currently have nine drills turning at K-Zone as we work to define and grow the deposit. We recently increased our exploration budget by $5 million as previously announced, bringing us to a full-year budget of $22 million for approximately 63,000 meters of drilling.

新阿夫頓的勘探活動持續處於歷史最高水準。目前，我們在 K-Zone 礦區同時開鑽九台鑽機，以探明和擴大礦床。正如先前宣布的那樣，我們最近將勘探預算增加了 500 萬美元，使我們全年的勘探預算達到 2,200 萬美元，用於鑽探約 63,000 公尺。

We also reported two significant exploration highlights at New Afton. First, in addition to confirming the width and the continuity of previously reported mineralization at K-Zone, we have discovered additional mineralization in the footwall of the zone, which has more than doubled the known extent of this system. The system now reaches an impressive 600 meters in strike length and 900 meters in vertical extent, with the horizontal thickness locally reaching up to 280 meters.

我們也報告了新阿夫頓勘探中的兩個重要亮點。首先，除了證實了先前報告的 K 區礦化的寬度和連續性之外，我們還在該區的下盤發現了額外的礦化，這使得該系統的已知範圍增加了一倍以上。該系統目前在走向長度上達到了驚人的 600 米，在垂直延伸上達到了 900 米，水平厚度在局部達到了 280 米。

Secondly, exploration drilling conducted from surface intersected C-Zone grade copper-gold mineralization located 550 meters to the east of the current K-Zone footprint. As shown on slide 13, Borehole 596E intersected 1.1% copper equivalent over 55 meters of core length, demonstrating the high potential for further growth in the eastern sector of the mine. We are continuing to work towards the maiden resource at K-Zone for end of year. Following that, we will work towards completing a feasibility study for the first half of 2027.

其次，從地表進行的勘探鑽探發現了位於目前 K 區東側 550 公尺處的 C 區品位銅金礦化。如幻燈片 13 所示，鑽孔 596E 在 55 公尺的岩芯長度內截獲了 1.1% 的銅當量，這表明該礦東部地區具有進一步增長的巨大潛力。我們正在繼續努力，爭取在年底前推出 K-Zone 的首個資源。接下來，我們將努力完成 2027 年上半年的可行性研究。

Moving on to Rainy River on slide 14. The exploration strategy at Rainy River remains focused on sustaining the recent success in mineral reserve replacement. At the Northwest Trend open pit zone, which is located immediately west of the Phase 5 pushback, our drilling programs are expected to grow and upgrade the existing pit constraint resource to the indicated category. Engineering studies are currently underway to evaluate potential mineral reserves.

接下來是第 14 張投影片中的雷尼河。Rainy River 的勘探策略仍然專注於保持近期在礦產儲量替代方面取得的成功。在位於第五階段推進工程正西側的西北走向露天礦區，我們的鑽探計畫可望擴大和升級現有露天礦約束資源，使其達到指示類別。目前正在進行工程研究，以評估潛在的礦產儲量。

At underground main, exploration drilling focused on converting inferred resources to indicated resources while growing the existing ore zones down plunge and along strike, targeting the highest-grade ore zones that can provide additional mining flexibility and further improve the production profile. Concurrently, engineering studies are advancing to support conversion of underground resources to mineral reserves. Looking forward, the next phases of drilling to be conducted in 2026 and 2027 will benefit from future underground platforms, which are expected to accelerate resource and reserve development over that period and beyond.

在地下主礦區，勘探鑽探的重點是將推斷資源轉化為指示資源，同時沿著走向和傾斜方向擴大現有礦化帶，目標是品位最高的礦化帶，這可以提供額外的採礦靈活性並進一步改善生產狀況。同時，工程研究也在推進，以支持將地下資源轉化為礦產儲量。展望未來，2026 年和 2027 年將進行的下一階段鑽探工作將受益於未來的地下平台，預計這些平台將加速該時期及以後的資源和儲量開發。

In addition to growing the surface and underground footprints, we own a significant land package that has remained largely underexplored. This year, we plan to invest approximately $2 million to initiate the identification of additional exploration opportunities over our 31,000-hectare land package.

除了擴大地表和​​地下勘探面積外，我們還擁有大量尚未充分勘探的土地。今年，我們計劃投資約 200 萬美元，在我們 31,000 公頃的土地上啟動額外的勘探機會的識別工作。

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

接下來，我將把電話交給帕特，請他作總結發言。

Thank you, Jean-François.

謝謝你，讓-弗朗索瓦。

As I have said previously, we expect continuing significant growth in gold and copper production over the next two years. Third-quarter performance was an excellent indication of our potential production and free cash flow generation in the years ahead. As production volume increases, the unit cost balances of gold is projected to decrease substantially. As a result, we continue to expect to generate significant free cash flow over the next two years.

正如我之前所說，我們預計未來兩年黃金和銅的產量將繼續大幅成長。第三季的業績很好地顯示了我們未來幾年的潛在產量和自由現金流產生能力。隨著產量增加，黃金的單位成本預計將大幅下降。因此，我們預計未來兩年將繼續產生可觀的自由現金流。

We have left the pricing for this figure unchanged since the start of the year. It shows that we generate approximately $1.8 billion of free cash flow over that period. For 2025, we expect to beat the high end of this projection. And with rising production and current spot price, the 2026 and 2027 free cash flow generation is substantially above those outlined in this figure.

自年初以來，該商品的價格一直保持不變。數據顯示，在此期間，我們產生了約 18 億美元的自由現金流。預計到 2025 年，我們將超過這項預測的上限。隨著產量增加和當前現貨價格上漲，2026 年和 2027 年的自由現金流將遠高於圖中所示的水平。

In closing, the third quarter was really positive for New Gold as we continued to deliver on our stated strategy goals. We will continue to build on these goals from here. This includes delivering on 2025 production and cost guidance with the same attention to health and safety. Our continuous improvement with our total reportable incident frequency rate performance is a direct indicator of the support from all my teammates for the courage to care for each other.

總之，第三季對於新黃金公司來說非常積極，我們繼續實現了既定的策略目標。我們將繼續朝著這些目標努力。這包括在實現 2025 年生產和成本目標的同時，同樣重視健康和安全。我們不斷改進總可報告事件頻率表現，這直接體現了我的所有隊友互相支持、互相關愛的勇氣。

At New Afton, we will ramp up C-Zone and continue our aggressive exploration program at K-Zone, with the goal of releasing a maiden resource in early 2026. At Rainy River, we will continue to ramp up the underground main and advanced Phase 5 open pit development. And we will continue our exploration efforts targeting offsetting mining depletion.

在新阿夫頓，我們將加快 C 區的勘探進度，並繼續在 K 區積極開展勘探計劃，目標是在 2026 年初發布首個資源量報告。在雷尼河，我們將繼續加速地下主礦和第五期露天礦場的開發與建設。我們將繼續進行勘探工作，以抵銷採礦造成的資源枯竭。

New Gold offers a compelling investment opportunity with increasing production and strengthened free cash flow generation, combined with our safe, well-established mining jurisdiction, increasingly compelling exploration upside, and exposure to what we are preferring, metal and gold and copper. We are confident in our ability to deliver (inaudible) upside from here. We will continue to build from here, both operationally as well as with project and exploration catalysts, which are expected to create meaningful value for our shareholders and provide increased financial flexibility and optionality for New Gold moving forward.

新黃金公司提供極具吸引力的投資機會，其產量不斷增長，自由現金流產生能力不斷增強，再加上我們安全、成熟的採礦管轄區、日益誘人的勘探前景，以及我們所青睞的金屬、黃金和銅的投資機會。我們有信心從現在開始實現（聽不清楚）成長。我們將繼續以此為基礎，在營運、專案和勘探催化劑方面不斷發展壯大，預計這將為我們的股東創造有意義的價值，並為新黃金公司未來的發展提供更大的財務靈活性和選擇。

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

我們的演講到此結束。現在我將把電話交還給接線員，進行問答環節。

(Operator Instructions) Anita Soni, CIBC.

（操作說明）Anita Soni，CIBC。

Hi. Good morning, Patrick and team. A couple of questions. So firstly, on the New Afton C-Zone and B-Zone, can you give us a breakout of how much came from the C and the B in terms of tonnes?

你好。早安，派崔克和各位同事。幾個問題。首先，關於新阿夫頓 C 區和 B 區，您能否按噸位細分一下 C 區和 B 區的產量？

From tonnage, the B-Zone contributed 4,300 tonnes per day over the quarter and C-Zone contributed the remainder of the tonnage there, Anita.

從噸位來看，B區本季每天貢獻4300噸，C區貢獻了剩餘的噸位，Anita。

All right. And would it be possible to also find out what the grades were for those?

好的。能否也查到這些成績是多少？

The grade for each -- so can we get back to you on this? And then what we have is the combined grades for each.

每個人的成績－我們能稍後回覆您嗎？然後，我們得到的是每個人的綜合成績。

Yeah. Okay, thanks. I would appreciate a callback on that one. And then just secondly, I wanted to say, so that's an impressive free cash flow generation this quarter. And I think on slide 16, you have $2.2 billion for 2025 to 2027 and using a conservative gold price at $32.50, considering we're somewhat over that at spot. I think the question would be, beyond paying down debt, what are your plans from a capital allocation standpoint with that free cash flow?

是的。好的，謝謝。我希望您能盡快回覆。其次，我想說的是，本季的自由現金流表現非常出色。我認為在第 16 張幻燈片中，你們列出了 2025 年至 2027 年的 22 億美元，並採用保守的黃金價格 32.50 美元，考慮到我們目前的現貨價格略高於這個價格。我認為問題在於，除了償還債務之外，從資本配置的角度來看，您對這筆自由現金流有什麼計劃？

Hi, Anita. Thank you. I think we've previously said we take a very disciplined approach on capital allocation. You're right, we generated good free cash flow this quarter and paid down debt. We also increased our exploration budget on the strong results on the back end of our September release.

你好，安妮塔。謝謝。我想我們之前已經說過，我們在資本配置方面採取非常嚴謹的態度。你說得對，我們本季產生了良好的自由現金流，並償還了債務。根據9月發布的業績報告，我們還增加了勘探預算。

I think from a capital allocation perspective, we have a pretty clear methodology and we want to maintain a strong balance sheet. Beyond that, we want to invest in exploration and also on organic opportunities because we see that adds the most value. And then after that, we'll evaluate capital return to shareholders, all while balancing our evaluation on inorganic opportunities.

我認為從資本配置的角度來看，我們有非常清晰的方法，我們希望保持強勁的資產負債表。除此之外，我們也希望投資勘探和有機成長機會，因為我們認為這能創造最大的價值。之後，我們將評估股東的資本回報，同時兼顧非有機成長機會的評估。

Okay. And then --

好的。進而--

So right now, we're -- sorry, continue. I'm just saying on the capital return, we're currently evaluating options with our Board right now. We want to ensure we maintain financial flexibility and capitalize on the right opportunity as they come up.

所以現在，我們——抱歉，請繼續。我只是想說，關於資本回報，我們目前正在和董事會一起評估各種方案。我們希望確保保持財務靈活性，並在機會出現時抓住它。

And from an M&A perspective, I think we've shown a very prudent and disciplined approach. We think we did our best deal of the year so far with consolidating New Afton. But we'll continue to take a measured approach on M&A with a goal of increasing value on a per share basis.

從併購的角度來看，我認為我們展現了非常謹慎和自律的態度。我們認為，收購 New Afton 是我們今年迄今做得最好的一筆交易。但我們會繼續採取穩健的併購策略，目標是提高每股價值。

Okay. So yeah, my follow-up was going to be -- would a special dividend, share buyback, or a more structured dividend be the preferred route? And it sounds like it's something that's more flexible, so probably one of the former two options.

好的。所以，我的後續問題是──特別股利、股票回購還是更結構化的股利方式才是更適合的選擇？聽起來它更靈活一些，所以可能是前兩種選擇之一。

Yeah. So we're actually -- as I just said, we're reviewing options with our Board right now as we go through our budget process this quarter. We'll be able to provide a better update as we roll out our plans for 2026.

是的。所以，正如我剛才所說，我們目前正在與董事會一起審查各種方案，同時也進行本季的預算編制工作。隨著我們2026年計畫的逐步推出，我們將能夠提供更完善的更新資訊。

Okay. And then finally, just on exploration, so on the K-Zone, could you just -- so this extension looks pretty good -- sort of remind me what that would translate to once diluted? I know you're going to be putting out a resource update early in the new year, but I just wanted to try to get an idea in context of what C-Zone grades. Are you seeing them going to end up being similar or end up being higher than the current C-Zone grades that you have?

好的。最後，關於探索，關於 K 區，您能否——這個擴展看起來相當不錯——提醒我一下，稀釋後它會變成什麼樣子？我知道您會在新年伊始發布資源更新，但我只是想了解 C-Zone 的評分標準。您認為最終結果會與目前的 C-Zone 等級相似，還是會更高？

Hi, Anita. Jeff here. So yeah, so on the K-Zone, it's still a lot of drilling to do this year, about 10,000 to 15,000 meters. And like you say, we still have to do our work, update our models to really know the total size and grade of that will be and placement of concerning shapes as well. So it's still early to say.

你好，安妮塔。我是傑夫。所以，是的，在K區，今年還有很多鑽探工作要做，大約10000到15000公尺。正如你所說，我們仍然需要繼續工作，更新我們的模型，才能真正了解其整體規模和等級，以及相關形狀的位置。所以現在下結論還太早。

Okay. Thanks. Congratulations on a solid quarter all around from exploration to paying down debt and to delivering on the ops. I'll pass it over to the next analyst.

好的。謝謝。恭喜該公司本季各方面都表現出色，從勘探到償還債務再到營運交付，都取得了顯著成績。我會把它交給下一位分析師。

Jeremy Hoy, Canaccord Genuity.

Jeremy Hoy，Canaccord Genuity。

Hi, Pat and team. Thanks for taking my questions. Anita addressed the first one on capital allocation. So maybe I'll focus a little bit more on some of the upside opportunities in existing operations.

您好，Pat和團隊。謝謝您回答我的問題。Anita首先回答了關於資本配置的問題。所以，我或許會更關注現有業務中一些潛在的成長機會。

K-Zone, I think pretty excited about what we could see there. Good to hear we've got a study coming early 2027. Rainy River definitely looks like we're going to see more gold there. But just wondering, the tailings management was a key part of potentially extending mine life there rather than just displacing the stockpiles in the production plan. Can you give us an update on how you're thinking about that and what the likely solutions to tailings management are there?

K-Zone，我覺得我們非常期待在那裡能看到什麼。很高興聽到我們將在 2027 年初開展一項研究。看來雷尼河一帶肯定會發現更多黃金。但我只是好奇，尾礦管理是延長礦場壽命的關鍵部分，而不僅僅是生產計畫中的堆料。您能否向我們介紹一下您對這個問題的看法，以及可能存在的尾礦管理解決方案？

Thank you, Jeremy. First, you clearly -- by your question, you explained why we are prudent in terms of returning capital to shareholders. It's our intent to return capital to shareholders. The question is not if we're going to do it. The question is what we're going to return.

謝謝你，傑瑞米。首先，透過你的問題，你已經清楚地解釋了為什麼我們在向股東返還資本方面是謹慎的。我們的目的是將資本返還給股東。問題不在於我們是否會去做。問題是我們要回歸什麼。

And for that, we need to assess exactly first what is going to be our long-term plan. So we are drilling. So we invest drastically in exploration during the last two years. It's our intent to continue to invest because we create a lot of value for shareholders, and we believe in our two assets and we see a potential in our two assets.

為此，我們首先需要準確評估我們的長期計劃是什麼。所以我們正在鑽探。因此，過去兩年我們大幅增加了勘探方面的投資。我們打算繼續投資，因為我們為股東創造了很多價值，我們相信我們的兩項資產，我們看到了這兩項資產的潛力。

And for that, I think we need to assess the full potential of K-Zone. We're not there. So it's a nice problem. So we did not fix the boundaries of K-Zone, no matter if we drill a significant amount of meters this year. And also, we have no restraint and we're looking into the possibilities. We have to do a pushback. It's going to be another pit extension or a pit satellite. And we want to size our investment before to determine what we're going to return. So that's the first approach.

因此，我認為我們需要評估 K-Zone 的全部潛力。我們還沒到那裡。所以，這真是個幸福的煩惱。所以，無論今年我們鑽探多少米，我們都沒有確定 K 區的邊界。而且，我們沒有任何限制，正在研究各種可能性。我們必須進行反擊。將會是另一個維修站擴建部分或一個維修站衛星站。我們希望在投資前先確定投資規模，以便確定我們將獲得什麼回報。這是第一種方法。

In terms of the tailings storage facility, again, if we have a satellite pit like Northwest Trend, it's becoming not only a source of ore, but it's an opportunity to store tailings storage. So in our game plan here, we try as much as we can to stay away because the TMA actually, we still have room to play in this, but we are close to the full capacity in the current design that we have.

就尾礦庫而言，如果我們有一個像西北趨勢礦區那樣的衛星礦坑，它不僅會成為礦石的來源，而且會成為儲存尾礦的機會。所以，在我們的遊戲計劃中，我們盡量避免這樣做，因為TMA實際上，我們在這方面還有發揮的空間，但我們目前的設計已經接近滿載運轉了。

And with Northwest Trend, I think for now, we're not seeing a need to have further significant investment in the TMA. So it's improving the return of the mining of the satellite pit. So for now, we're not seeing additional investment in the TMA with the plan that was presented to you and to the shareholders in February last year. And with the addition of Northwest Trend, we're not seeing additional investment in the TMA too.

就西北趨勢而言，我認為目前我們看不到對 TMA 進行進一步重大投資的必要性。因此，它提高了衛星礦坑的採礦回報。所以目前來看，根據去年二月向各位和股東提出的計劃，TMA 不會獲得額外的投資。加上西北趨勢公司，我們也沒有看到對TMA的額外投資。

Great. Thanks. That's really helpful. Also on Rainy River, you mentioned some of the things you've done to, I guess, probably improve retention rates, flights, camp, incentivization, et cetera. Can you give us an idea of what turnover is now and what you're targeting with these improvements?

偉大的。謝謝。這真的很有幫助。另外，關於 Rainy River，你提到了一些你為了提高留存率而做的事情，我想可能是航班、營地、激勵措施等等。您能否簡單介紹一下目前的營業額是多少，以及您透過這些改善措施的目標是什麼？

Yeah. Maybe I can help Travis on this. In Ontario, actually, we have a shortfall of miners. So as you know -- so many of trade seals, trade persons, or mechanics are quality miners. And so we have more people who are getting retired than people who are joining our industry.

是的。或許我能幫崔維斯一把。事實上，安大略省目前面臨礦工短缺的問題。如你所知，許多貿易印章、商人或機械師都是優秀的礦工。因此，退休人數比加入我們行業的人數要多。

So we want to make sure to be attractive to support our development. So for that, we plan to attract more local people. We're not in a region where we are -- it's not a mining camp, Rainy River. So we maximize as much as we can the hiring of local people because it's where we're creating value for the local communities.

所以我們希望確保自身俱有吸引力，以支持我們的發展。因此，我們計劃吸引更多本地居民。我們現在所在的地區──這裡不是礦區，而是雷尼河。因此，我們盡可能多地僱用當地人，因為這樣才能為當地社區創造價值。

But we have a certain limit. And so we have to increase and improve the working capacity and the quality of the infrastructure. So we did that. It's a pro because it's helping us to attract. Also, we have to improve our facility at site to retain people. And also, we work really hard with the contractor to provide an attractive incentive to retain high-quality performer to achieve the plan that we want to do. So it's mainly what we did.

但我們的能力也是有限的。因此，我們必須提高和改善基礎設施的工作能力和品質。於是我們就這麼做了。這是個優點，因為它有助於我們吸引客戶。此外，我們還需要改善現場設施以留住員工。此外，我們還與承包商密切合作，提供有吸引力的激勵措施，以留住高素質的施工人員，從而實現我們想要達成的計劃。所以這基本上就是我們所做的。

So we capitalized on infrastructures. We improved the quality of our infrastructures. And also, we implement incentive in the contract to retain quality miners.

因此，我們充分利用了基礎設施。我們提高了基礎設施的品質。此外，我們在合約中加入了激勵措施，以留住優秀礦工。

Okay. Got it. Thanks for the color, Pat. I'll step back in the queue. Really nice to see the free cash flow thesis playing out.

好的。知道了。謝謝你提供的色彩，帕特。我重新排隊。很高興看到自由現金流理論得到驗證。

Thank you for that.

謝謝。

Eric Winmill, Scotiabank.

艾瑞克‧溫米爾，加拿大豐業銀行。

Hi. Good morning, Pat and team. Nice to see the free cash flow in the Q3. I think some of my questions have already been answered, but maybe just one here on Rainy River. You're into the higher grade now. I'm just wondering what we should expect from the balance of this year. Based on the photos, looks like that secondary open pit egress has been completed. So yeah, just wondering any guidance for Q4 would be helpful. Thanks.

你好。早安，帕特和各位同事。很高興看到第三季的自由現金流。我覺得我的一些問題已經得到了解答，但也許關於雷尼河的這個問題還有一個需要解答。你現在已經升上高年級了。我只是想知道今年剩下的時間我們應該期待些什麼。從照片上看，第二個露天礦坑出口似乎已經完工了。是的，只是想了解一下第四季的相關情況，如果能得到一些指導就太好了。謝謝。

Sure. It's Travis here. Thanks, Eric. Yeah, generally, we're seeing a continued trend in Rainy River open pit Phase 4 from what Q3 is, and it's going to continue on into Q4. So we're not seeing any real changes in our trajectory there. Phase 4 is working out very well for us.

當然。我是崔維斯。謝謝你，埃里克。是的，總的來說，我們看到 Rainy River 露天礦第四期工程的進展趨勢與第三季相比有所延續，這種趨勢將持續到第四季度。所以，我們目前還沒有看到我們的發展軌跡有任何實質的變化。第四階段對我們來說進展非常順利。

Okay, great. Thank you very much. Appreciate it. And then just on New Afton here in terms of K-Zone, you're drilling, I think you said, about 66,000 meters this year. I'm wondering if all that will make its way into the resource for next year. And I know it's still early days, but any thoughts in terms of development here? Are you thinking about this as more of a traditional underground as opposed to a block cave or sub-level cave? Any detail would be appreciated. Thanks.

好的，太好了。非常感謝。謝謝。然後，就新阿夫頓地區的 K 區而言，我想你說過，你們今年要鑽探大約 66,000 公尺。我想知道這些內容是否都會納入明年的資源包。我知道現在還處於早期階段，但對於未來的發展有什麼想法嗎？您認為這更像是一個傳統的地下洞穴，而不是一個塊狀洞穴或亞層洞穴嗎？任何細節都將不勝感激。謝謝。

[Here], it is preliminary. So first, the problem that we have with K-Zone is to determine the size of the animal, if I can say that, because we're still open and we still have drilling to do. And so for sure, what we like is we can -- when Luke needs with Jean-François to complete the feasibility study with the team, we have multiple factors that will determine if it's a cave shape or not. And also, we have to deal with how deep is the ore body too.

[這裡]只是初步結果。首先，我們目前在 K-Zone 遇到的問題是確定動物的大小，如果我可以這麼說的話，因為我們仍在進行鑽探工作。所以可以肯定的是，我們喜歡的是——當盧克需要和讓-弗朗索瓦一起與團隊完成可行性研究時，我們有多種因素可以決定它是否是洞穴形狀。此外，我們還要考慮礦體的深度。

So I can say to you that it's premature at this stage to confirm that it's going to be a cave or a more selective mining method. But we are -- for that, we need to size it. And I can say to you, Eric, that next year, we'll need to continue to drill to determine what we have on them because the limits are not -- and we have two objectives. It's always the two objectives that Jean-François is having: it is to advance the resource to produce reserves and also to look what's next.

因此，我可以告訴你，現在確認它究竟是洞穴開採還是採用更有選擇性的採礦方法還為時過早。但是，我們確實需要確定它的大小。艾瑞克，我可以告訴你，明年我們需要繼續鑽探，以確定我們掌握了哪些訊息，因為極限尚未確定——我們有兩個目標。讓-弗朗索瓦始終有兩個目標：一是推動資源開發以生產儲量，二是展望未來。

At New Gold, we were not necessarily good to develop this arrow of projects to get to reserves because we were limited in our capacity to invest in exploration. Now that we are, and we demonstrate to shareholders that we're creating value for this, we want to be one step forward in advance. So our objective and our dream was, as a team, to bring new outcome beyond 2040.

在新黃金公司，我們未必擅長開發這一系列項目以達到儲量目標，因為我們在勘探方面的投資能力有限。既然我們已經做到了這一點，並且向股東們證明了我們正在為此創造價值，那麼我們希望能夠領先一步。因此，我們團隊的目標和夢想是，在 2040 年後取得新的成果。

I think it was trending well, but we need -- we have work to do to confirm the feasibility of that. But we are really thinking beyond 2040. Can we push that to 2050? And it's what we're looking at now. But it's premature for now to say what mining method we're going to have here.

我認為這個趨勢不錯，但是我們需要——我們還有一些工作要做，以確認其可行性。但我們確實在考慮2040年以後的事。我們能否將目標延後到2050年？而這正是我們現在所關注的。但現在說我們將採用哪種採礦方法還為時過早。

Okay, great. Thank you. I really appreciate that. And obviously, the second part, you do expect all of the drilling for this year will make its way into the resource. Are you seeing a lot of backlogs in the labs and getting the assays back?

好的，太好了。謝謝。我非常感謝。顯然，第二部分，你肯定會期望今年所有的鑽探工作都能取得成果。您是否發現實驗室積壓了許多檢測樣本，導致檢測結果無法及時回診？

Yeah, that's right. We'll drill all the way to the holidays, basically in December. And we will include all of the drilling and the assays that we can in January when we update our models and define the resource.

是的，沒錯。我們將一直訓練到假期，基本上到十二月。我們將在 1 月更新模型並確定資源量時，納入所有鑽探和化驗結果。

Okay, fantastic. Thanks for that. Yeah, congrats on the quarter. I'll hop back in the queue. Cheers.

好的，太棒了。謝謝。是的，恭喜你本季業績出色。我重新排隊。乾杯。

(Operator Instructions) Mohamed Sidibé, National Bank Capital Markets.

（操作員指示）穆罕默德·西迪貝，國家銀行資本市場。

Good morning, Pat and team. And congrats on a great quarter and a free cash flow -- positive free cash flow in the quarter. So most of my questions have been answered, but just maybe on New Afton. Given a good performance on the B3 cave as it exhausts there, how should we think about the grades coming into 2026? Could we see maybe a little bit lower grade on the tech report there? Or could you help me maybe provide some color on that one? Thank you.

早安，帕特和各位同事。恭喜你們本季業績出色，自由現金流為正。我的大部分問題都得到了解答，但可能還有關於新阿夫頓的問題。鑑於 B3 洞穴在洞穴盡頭表現良好，我們應該如何看待 2026 年的難度等級？技術報告的評分可能會略低一些嗎？或者您能否幫我補充一些細節資訊？謝謝。

Yeah. I think in 2026, as we -- that great performance from B3 throughout the year, we are now focusing and transitioning across to continue that ramp-up of C-Zone. As we have previously disclosed, the grades at the start of a cave will be a little bit lower as you continue to advance that healthy cave growth. So we should see that and transitioning open in line with our plan.

是的。我認為在 2026 年，鑑於 B3 全年的出色表現，我們現在正集中精力並過渡到 C-Zone，以繼續擴大規模。正如我們之前所揭露的，隨著洞穴健康生長的不斷推進，洞穴入口處的坡度會略低一些。所以我們應該會看到這種情況，並按照我們的計劃逐步開放過渡。

Right. Thank you. And then, still on New Afton, and with the positive progress on K-Zone and the additional exploration efforts that you'll continue to do in 2026, how do we think about the CapEx there versus the tech report?

正確的。謝謝。那麼，關於新阿夫頓，鑑於 K-Zone 的積極進展以及您將在 2026 年繼續進行的額外勘探工作，我們該如何看待那裡的資本支出與技術報告之間的關係？

I think we're done on the CapEx for the tech report. We'll get back -- we can get back to you on this, but actually, we're not -- we're seeing not some extra, I think we're trending in the same.

我認為技術報告中的資本支出部分已經完成了。我們會盡快回覆您——我們可以就此事回覆您，但實際上，我們並沒有——我們沒有看到一些額外的，我認為我們的趨勢是一樣的。

Sounds good, Pat. I think I lost you there, but I'll follow up with (inaudible) Congrats again on a good quarter. Thank you.

聽起來不錯，帕特。我想我剛才沒聽清楚你的意思，但我還是要補充一句（聽不清楚）再次祝賀你本季業績出色。謝謝。

Thank you.

謝謝。

And there are no further questions at this time. I'll turn the call back over to Ankit for any closing remarks.

目前沒有其他問題了。我將把電話轉回給安基特，讓他做最後的總結演講。

Great. Thank you very much. And thank you to everybody who joined 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。感謝今天所有到場的朋友。如有任何疑問，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。

Thank you for your participation. This does conclude today's conference. You may now disconnect.

感謝您的參與。今天的會議到此結束。您現在可以斷開連線了。