OceanaGold Corp (OGC) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the OceanaGold Corporation Q1 2026 earnings call and webcast. (Operator Instructions) This call is being recorded on Thursday, May 7, 2026. And I would now like to turn the conference over to Rebecca Henare. Please go ahead.

各位女士、先生，早安，歡迎收聽並觀看 OceanaGold Corporation 2026 年第一季財報電話會議與網路直播。(接線員指示) 本次電話會議於 2026 年 5 月 7 日（星期四）錄音。現在我想把會議交給 Rebecca Henare。請開始。

Good morning, and welcome to OceanaGold's first quarter 2026 operating and financial results webcast and conference call. I'm Rebecca Henare, Vice President of Investor Relations. We are joined today by Gerard Bond, President and Chief Executive Officer; Marius van Niekerk, Chief Financial Officer; and Bhuvanesh Malhotra, Chief Operating Officer.

各位早安，歡迎參加 OceanaGold 2026 年第一季營運與財務結果網路直播及電話會議。我是 Rebecca Henare，投資人關係副總裁。今天與會者包括總裁兼執行長 Gerard Bond；財務長 Marius van Niekerk；以及營運長 Bhuvanesh Malhotra。

The presentation that we will be referencing during the conference call is available through the webcast and on our website. As we will be making forward-looking statements during the call, please refer to the cautionary notes included in the MD&A and annual information form. All dollar amounts discussed in this conference call are in US dollars. I will now turn the call over to Gerard for opening remarks.

我們在電話會議期間將參考的簡報可透過網路直播以及我們的網站取得。由於我們在會議中將作出前瞻性陳述，請參閱管理階層討論與分析（MD&A）及年度資訊表中的警示說明。本次電話會議所提及的所有金額均以美元計。現在我把電話交給 Gerard 作開場致詞。

Thank you, Rebecca, and good morning, everyone. We started 2026 the way we intended to, safely, responsibly and to plan. The first quarter sets us up well to deliver on our 2026 guidance and underpins a year that we expect to be even stronger than the stellar year we had in 2025.

謝謝你，Rebecca，各位早安。我們以原本預期的方式展開 2026 年：安全、負責，並依計畫推進。第一季為我們達成 2026 年指引奠定良好基礎，也支撐我們對今年的預期——我們預期 2026 年將比 2025 年那個表現亮眼的年度更為強勁。

In the first quarter, we produced just over 130,000 ounces of gold and 3,200 tonnes of copper. This, combined with a continued strong gold price environment, delivered record quarterly revenue and record operating cash flow, while generating $255 million of free cash flow in the quarter.

第一季我們生產了略高於 130,000 盎司的黃金以及 3,200 公噸的銅。在持續強勁的金價環境下，這帶來了創紀錄的單季營收與創紀錄的營運現金流，並在本季產生 2.55 億美元的自由現金流。

We also continued to actively return capital to shareholders, returning $97 million through dividends and buybacks in the quarter, which was just under 40% of free cash flow. This is in line with our expanded capital returns program for the 2026 year with target dividends and buybacks of up to $432 million planned for the year.

我們也持續積極回饋股東，本季透過股利與庫藏股回購返還了 9,700 萬美元，約略低於自由現金流的 40%。這與我們 2026 年擴大的資本回饋計畫一致，全年規劃的股利與回購目標最高可達 4.32 億美元。

Even after these capital returns and after continued investment in our growth and exploration projects, we strengthened the balance sheet significantly. We finished the quarter with cash up 30% at $620 million and with 0 debt, once again having the strongest balance sheet in OceanaGold's 36-year history. During the quarter, we released updated technical reports for Haile, Macraes and Didipio, each of which extended mine life and improved the value of those assets.

即使在進行這些資本回饋、並持續投資於成長與勘探專案之後，我們仍大幅強化了資產負債表。本季結束時，現金增加 30% 至 6.20 億美元，且零負債，再次創下 OceanaGold 36 年歷史以來最強健的資產負債表。本季我們發布了 Haile、Macraes 與 Didipio 的更新技術報告，三者皆延長礦山壽命並提升資產價值。

At Wharekirauponga, our drilling has confirmed both the continuity and extension of a newly defined southern high-grade zone, which is a very encouraging result for our flagship growth project. Pleasingly, we also made some incredible progress on the Waihi North project during the first quarter.

在 Wharekirauponga，我們的鑽探已確認新界定的南部高品位帶具有連續性並向外延伸，這對我們的旗艦成長專案而言是非常令人鼓舞的結果。令人欣喜的是，我們在第一季也於 Waihi North 專案取得了相當驚人的進展。

And I'm excited to share that this month, we began portal development and have commenced tunneling underground towards this phenomenal ore body. Lastly, we listed on the New York Stock Exchange on April 7, which was a big milestone for the company in joining the largest and deepest capital market in the world, which we expect will provide increased trading liquidity and greater access for investors to purchase our shares in the US market.

我很高興分享，本月我們已開始進行坑口（portal）開發，並已啟動地下掘進，朝這個極為出色的礦體前進。最後，我們於 4 月 7 日在紐約證券交易所掛牌上市，這是公司的一個重要里程碑，代表我們進入全球最大且最深的資本市場；我們預期這將提升交易流動性，並讓投資人更容易在美國市場買進我們的股票。

Turning to guidance. The Q1 result shows we are on track to deliver our 2026 plan. Using the midpoint of guidance as a reference, we are nearly one-fourth of the way towards each of the gold production, copper production and capital guidance ranges that we outlined at the start of the year.

接著談指引。第一季的結果顯示我們正按計畫推進，以達成 2026 年規劃。以指引中位數作為參考，我們在黃金產量、銅產量以及資本支出指引區間方面，已接近完成各項目標的四分之一，正如我們在年初所說明。

As expected, AISC for the quarter sits above our annual guidance range, reflecting the timing of capital and waste stripping expenditures. As production increases with the second and fourth quarters expected to be the strongest for the year and with access to higher-grade ore from Ledbetter open pit at Haile beginning in quarter two, unit costs are expected to step down progressively throughout the year.

如預期，第一季的 AISC 高於我們的全年指引區間，反映資本支出與剝採廢石支出的時點安排。隨著產量提升——預期第二季與第四季將是全年最強的季度——且自第二季起 Haile 的 Ledbetter 露天礦將可取得更高品位礦石，單位成本預期將在全年逐步下降。

The company continues to monitor potential cost pressures relating to the ongoing or now-paused Iran conflict, which Marius will speak to later on. So a quarter very much in line with the shape of the year that we set out in February, and we expect an even stronger second quarter result.

公司持續監控與持續中或目前已暫停的伊朗衝突相關之潛在成本壓力，Marius 稍後會進一步說明。因此，本季的表現非常符合我們在 2 月所描繪的全年節奏，我們也預期第二季的結果將更為強勁。

This slide shows how we allocated cash in the first quarter, and it's a very clear picture of our capital allocation priorities in action. One of the priorities we identified this year, and at these gold prices, was to increase investment in our operations, including improving the integrity and resilience of our mining and process plants. This quarter, we invested $85 million in sustaining capital, which covers these investments as well as deferred stripping and capitalized mining.

這張投影片顯示我們在第一季如何配置現金，清楚呈現我們資本配置優先順序的落實情況。我們今年所辨識的優先事項之一，在目前金價水準下，是增加對營運的投資，包括提升採礦與選冶（處理）廠的完整性與韌性。本季我們投入 8,500 萬美元的維持性資本支出，涵蓋上述投資以及遞延剝採與資本化採礦。

We invested $45 million in growth capital during the quarter, advancing the Waihi North project and developing the Palomino underground at Haile. We also invested $11 million in exploration across the portfolio, progressing towards what will be a record exploration spend this year.

本季我們投入 4,500 萬美元的成長性資本支出，用於推進 Waihi North 專案並開發 Haile 的 Palomino 地下礦。我們也在整體資產組合投入 1,100 萬美元進行勘探，朝今年將創下勘探支出新高的目標邁進。

The first quarter had $97 million of direct shareholder returns. This included $77 million of share buybacks under our $350 million buyback program and $20 million of dividends, reflecting the tripled quarterly dividend the Board approved for 2026. And after all of that investment and all of that shareholder returns, we still added $143 million of cash to the balance sheet in the quarter, a 30% increase in our cash position from year-end.

第一季直接回饋股東共 9,700 萬美元。其中包括在我們 3.50 億美元回購計畫下進行的 7,700 萬美元股票回購，以及 2,000 萬美元股利，反映董事會核准 2026 年將季度股利提高至三倍。在完成所有投資與股東回饋之後，我們本季仍為資產負債表增加了 1.43 億美元現金，使現金部位較年末增加 30%。

In line with our capital allocation framework, this quarter, we funded the business, accelerated the growth pipeline, made the balance sheet significantly stronger and returned meaningful capital to shareholders. I'll now turn the call over to Marius, who will discuss our financial results in more detail.

依循我們的資本配置框架，本季我們為業務提供資金、加速成長管線、顯著強化資產負債表，並向股東返還具實質意義的資本。接下來我把電話交給 Marius，他將更詳細說明我們的財務結果。

Thank you, Gerard, and good morning, everyone. Q1 delivered a strong set of financial results on the back of a record average realized gold price. Strong operational delivery and disciplined cost management converted the gold price directly to the bottom line, resulting in a record earnings per share. Comparing the first quarter against the same period last year, these are some of the highlights. Record EBITDA, which was up 116%.

謝謝你，Gerard，各位早安。在創紀錄的平均實現金價帶動下，第一季交出一組強勁的財務成果。強勁的營運執行與嚴謹的成本管理，將金價優勢直接轉化至最終獲利，帶來創紀錄的每股盈餘。將第一季與去年同期相比，以下是一些重點。EBITDA 創新高，年增 116%。

Operating cash flow was up 122% and free cash flow was up 271%, where we've generated $255 million for the quarter. These are very meaningful step-ups and with increasing production and unit costs expected to come down, we are well positioned to continue to generate significant free cash flow for the remainder of the year. We continue to place a strong emphasis on our per share metrics.

營運現金流年增 122%，自由現金流年增 271%，本季我們產生 2.55 億美元。這些增幅非常顯著；隨著產量增加且單位成本預期下降，我們已具備良好條件在今年剩餘期間持續產生可觀的自由現金流。我們持續高度重視以每股為基礎的指標。

And as you can see here at the bottom, our strong financial results this quarter also translated into meaningful step-ups across the per share metrics compared to the same period last year with free cash flow per share up 290% and operating cash flow per share also setting a new record.

如您在底部所見，我們本季強勁的財務表現也轉化為每股指標相較去年同期的顯著提升：每股自由現金流增加290%，每股營運現金流亦創下新高。

Importantly, this financial result is being delivered alongside continued investments in growth, increased capital returns and a stronger balance sheet, all of which makes up the capital allocation framework Gerard spoke to earlier. Given the Iran conflict, I wanted to take a moment to address our exposure to oil prices, which mainly relates to diesel.

重要的是，這項財務成果是在我們持續投資成長、提高資本回饋並強化資產負債表的同時達成；這些共同構成了 Gerard 先前提到的資本配置框架。鑑於伊朗衝突，我想花點時間說明我們對油價的曝險，主要與柴油相關。

To date, the direct impacts on our operations have been limited and supply chains have continued to support normal business operations. However, we remain conscious that sustained higher diesel prices and supply chain factors have the potential to impact our operating and capital costs.

截至目前，對我們營運的直接影響有限，供應鏈也持續支援正常的業務運作。然而，我們仍意識到柴油價格長期維持在較高水準以及供應鏈因素，可能對我們的營運成本與資本成本造成影響。

We've done extensive work to map our consumables supply chain, and we'll continue to proactively identify and manage risks where we can. Higher diesel costs during the quarter were largely offset by our diesel hedging program. Diesel comprises about 6% of our consolidated AISC guidance for 2026, with the majority of that consumption at Haile and Macraes, our open pit operations.

我們已投入大量工作來盤點我們的耗材供應鏈，並將持續在可行之處主動辨識並管理風險。本季較高的柴油成本大多由我們的柴油避險計畫所抵銷。柴油約占我們2026年合併AISC指引的6%，其中大部分用量來自 Haile 與 Macraes 兩處露天礦營運。

At those two operations, we've hedged approximately 80% of our diesel requirements at the equivalent Brent price of $65 per barrel through to the end of 2026. As a result, we are substantially protected from diesel price volatility at our two largest diesel consuming assets. To put it all into context, with the diesel hedges in place at Haile and Macraes, should oil prices of $100 per barrel prevail for the remainder of 2026, we would expect the impact to be in the order of $25 per ounce higher than our assumptions used when setting guidance. That is based on what we know today.

在這兩個營運據點，我們已將約80%的柴油需求避險至2026年底，對應的布蘭特油價等值為每桶65美元。因此，我們在兩項柴油消耗量最大的資產上，已在很大程度上免受柴油價格波動影響。為了提供整體脈絡，在 Haile 與 Macraes 已建立柴油避險的情況下，若2026年剩餘期間油價維持每桶100美元，我們預期其影響約為每盎司較我們在制定指引時所採用的假設高出25美元左右。這是基於我們目前所掌握的資訊。

I'll now pass it over to Bhuvanesh to discuss our operating performance.

接下來我把時間交給 Bhuvanesh，請他說明我們的營運表現。

Thank you, Marius, and hello, everyone. At Haile, we produced about 42,000 ounces of gold in the first quarter. The quarter went largely to plan despite significant winter weather events with production expected to step up materially through the remainder of the year. Ledbetter open pit and high-grade underground stopes will be the primary ore sources for the remainder of the year.

謝謝你，Marius，各位大家好。在 Haile，我們第一季生產約42,000盎司黃金。儘管遭遇顯著的冬季天候事件，本季整體仍大致符合計畫，且預期在今年剩餘期間產量將明顯提升。Ledbetter 露天礦與高品位地下採場（stopes）將是今年剩餘期間的主要礦石來源。

This is expected to deliver the step-up in production we have guided from quarter two, where we expect to produce around 60,000 ounces and further increasing in quarter three and quarter four. The weather conditions experienced in the quarter also gave us the opportunity to accelerate waste stripping at Snake Pit by a couple of quarters, which derisks ore production for 2027.

這預期將帶動我們自第二季起所指引的產量提升；我們預期第二季產量約60,000盎司，並在第三季與第四季進一步增加。本季的天候狀況也讓我們有機會將 Snake Pit 的廢石剝離作業提前約兩個季度，從而降低2027年礦石生產風險。

During quarter one, this shows up in all-in sustaining costs as a result of lower stockpile build. Development of the decline towards Palomino underground commenced in the quarter, in line with the plan to achieve first ore in 2028. Drilling at Horseshoe Underground also continued in the quarter, targeting the conversion and extension opportunities in the lower and western portions of the deposit with drilling at Ledbetter Underground focused on resource conversion targets.

在第一季，這因堆存礦（stockpile）建立較少而反映在全維持成本（AISC）上。本季已開始向 Palomino 地下礦推進斜坡道（decline）的開發，符合計畫以在2028年取得首批礦石。本季也持續在 Horseshoe Underground 進行鑽探，目標為礦體下部與西部區域的轉換與延伸機會；而 Ledbetter Underground 的鑽探則聚焦於資源量轉換目標。

And at the end of March, we released the updated technical report for Haile that confirmed the transition of Ledbetter to an underground mine by 2029, supporting a sustainable production profile of above 200,000 ounces per year through to 2031. Macraes had a strong start to the year, producing about 52,000 ounces of gold in the first quarter at all-in sustaining cost of $1,506 per ounce.

此外，在3月底我們發布了 Haile 的更新技術報告，確認 Ledbetter 將於2029年前後轉型為地下礦，並支持至2031年每年超過200,000盎司的可持續產量曲線。Macraes 年初表現強勁，第一季生產約52,000盎司黃金，全維持成本為每盎司1,506美元。

Innes Mills continued to deliver in line with plan, providing access to high-grade open pit ore in the quarter. Waste stripping at Coronation North also began during the quarter in preparation for ore access in quarter three. The first quarter was always meant to be the strongest of the year at Macraes due to good ore presentation in the Innes Mills open pit. Gold production is expected to step down in quarter two, then further in the second half of the year with full year production expected to be in line with our guidance.

Innes Mills 持續依計畫交付，使我們在本季得以取得高品位露天礦礦石。本季也開始在 Coronation North 進行廢石剝離，為第三季取得礦石做準備。由於 Innes Mills 露天礦的礦石呈現良好，第一季原本就預期會是 Macraes 全年最強的一季。預期第二季黃金產量將下滑，並在下半年進一步下降；全年產量預期將符合我們的指引。

An updated technical report for Macraes was released at the end of March and confirmed the mine life extension to 2032 at a conservative $2,200 gold price assumption. Importantly, with a record exploration spend planned for this year, we are continuing to evaluate further extension opportunities at Macraes that could potentially extend the mine life into 2040s given the leverage of this asset to the current gold price environment and the inherent optionality at the site.

Macraes 的更新技術報告於3月底發布，並在保守的每盎司2,200美元金價假設下，確認礦山壽命延長至2032年。重要的是，隨著今年規劃創紀錄的勘探支出，我們持續評估 Macraes 進一步延長的機會；鑑於該資產對當前金價環境的槓桿效應以及場址本身的選擇權，礦山壽命有可能延伸至2040年代。

Macraes continues to be a great example of how disciplined operational execution drives real value, particularly at today's gold prices. At Waihi, we produced about 17,000 ounces of gold in the first quarter at all-in sustaining cost of $2,055 per ounce. Production was in line with plan despite two record-breaking rain events during the quarter, which is a real credit to the operating team and reflects the improved resilience of the operations.

Macraes 持續是紀律性的營運執行如何創造實質價值的絕佳例證，尤其是在當前金價水準下。在 Waihi，我們第一季生產約17,000盎司黃金，全維持成本為每盎司2,055美元。儘管本季發生兩次破紀錄的降雨事件，產量仍符合計畫；這充分肯定了營運團隊的表現，也反映出營運韌性已提升。

On exploration at Wharekirauponga, our drilling during the quarter confirmed the continuity and extension of the newly defined southern high-grade zone that sits outside the reserves. These are very encouraging results that support the growth potential we see in this ore body. We continue to focus on resource conversion drilling in the first half of the year and begin further step-out drilling during this new zone and other areas in the second half.

在 Wharekirauponga 的勘探方面，我們本季的鑽探確認了新界定的南部高品位帶（位於儲量之外）的連續性與延伸。這些結果非常令人鼓舞，支持我們對該礦體成長潛力的判斷。我們將在上半年持續聚焦資源量轉換鑽探，並於下半年在該新區帶及其他區域展開進一步的外延鑽探（step-out drilling）。

Capital expenditure for the quarter included $20 million invested in the Waihi North project. Construction continued on the service trench and the water treatment plant site with both projects expected to be substantially completed in quarter two. Bulk earthworks and the preparation of the box cut at the Willows portal site progressed as planned during the quarter. The mining contractor was mobilized in quarter one.

本季資本支出包括對 Waihi North 專案投資2,000萬美元。服務管溝與水處理廠場址的施工持續進行，兩項工程預期在第二季大致完工。Willows 入口（portal）場址的大規模土方工程與箱形切口（box cut）準備工作亦按計畫推進。採礦承包商已於第一季進場動員。

And excitingly, this week, the portal was constructed and the development has commenced, beginning our underground tunneling journey towards the Wharekirauponga ore body. At Didipio, we produced about 20,000 ounces of gold and 3,200 tonnes of copper in the first quarter. Excitingly, during the quarter, we resumed lateral development activities in the lower levels of the underground, which sets us to resume development of the decline this quarter.

令人振奮的是，本週入口已完成建造且開發工程已啟動，展開我們通往 Wharekirauponga 礦體的地下掘進旅程。在 Didipio，我們第一季生產約20,000盎司黃金及3,200噸銅。同樣令人振奮的是，本季我們已在地下較低水平恢復橫向開發作業，這使我們得以在本季恢復斜坡道（decline）的開發。

With improved access to the lower levels, exploration drilling from one drill rig was also be able to recommence in Panel 3 during the quarter with two more rigs planned to mobilize in quarter two. Regional drilling also continued during the quarter at True Blue, an area of known mineralization 800 meters northeast of Didipio to evaluate the lateral extent of the mineralization.

隨著對較低水平的進入條件改善，本季也得以在 Panel 3 以一部鑽機重新開始勘探鑽探，並計畫於第二季再動員兩部鑽機。區域鑽探本季亦在 True Blue 持續進行；該區域位於 Didipio 東北方800公尺，已知存在礦化，用以評估礦化的側向延伸範圍。

And as released during the quarter, the updated technical report for Didipio demonstrated stable production and a mine life extension to 2037, reinforcing the long-term value of this low-cost, high free cash flow asset. I will now turn the call back to Gerard.

此外，如同本季期間所發布的，Didipio 的更新技術報告顯示產量穩定，且礦山壽命延長至 2037 年，進一步強化這項低成本、高自由現金流資產的長期價值。我現在把電話交回給 Gerard。

Thank you, Bhuvanesh. So in summary, the first quarter was a strong start to what we expect to be an outstanding year for OceanaGold. We are committed to safely and responsibly delivering on our 2026 guidance with an increase in gold production and a decrease in all-in sustaining costs as the year progresses.

謝謝你，Bhuvanesh。總結來說，第一季為我們預期 OceanaGold 將迎來的卓越年度打下強勁開局。我們致力於以安全且負責任的方式達成 2026 年指引；隨著年度推進，我們預期黃金產量將增加、全維持成本（AISC）將下降。

We expect to continue to generate strong free cash flow and maintain a healthy balance sheet with the current gold price environment providing meaningful upside to our cash generation potential. It's great to be able to share today that we have already begun development of the tunnel towards the Wharekirauponga ore body, and we expect to continue to make significant progress on this exciting growth project during the course of the year.

我們預期將持續產生強勁的自由現金流，並維持健全的資產負債表；在目前金價環境下，為我們的現金創造潛力帶來顯著上行空間。很高興今天能分享，我們已開始開發通往 Wharekirauponga 礦體的隧道，並預期在今年內於這項令人振奮的成長專案上持續取得重大進展。

We've already demonstrated results of our exploration spend this year with outstanding results at Wharekirauponga, and we look forward to sharing more results from our programs across the portfolio in due course. Our focus remains on creating long-term sustainable value for our shareholders with 2026 positioned to deliver another year of strong shareholder returns through our increased dividends and share buybacks.

我們今年的勘探支出已在 Wharekirauponga 展現卓越成果，並期待在適當時機分享整體資產組合各項計畫的更多結果。我們的重點仍是為股東創造長期可持續價值；2026 年已具備條件，透過提高股利與股票回購，帶來另一年強勁的股東報酬。

Lastly, I just want to recognize the tremendous efforts of the many great people who work at OceanaGold for the strong start to the year. Our first quarter results reflect their hard work, their operating discipline, and I want to thank everyone that works at OceanaGold for their efforts in delivering that. I'll now turn the call over to the operator and open up the line to take any questions.

最後，我想肯定 OceanaGold 許多優秀同仁為今年強勁開局所付出的巨大努力。我們第一季的成果反映了他們的辛勤工作與營運紀律，我要感謝每一位在 OceanaGold 工作的同仁為此所做的努力。我現在把電話交給接線員，並開放線路接受提問。

(Operator Instructions)

(接線員指示)

Ovais Habib, Scotiabank.

Ovais Habib，豐業銀行（Scotiabank）。

Congrats to you and your team on a solid free cash flow that was generated in Q1 and also the commencement of the underground decline at Wharekirauponga, amazing advancement on that front. So congrats on that. A couple of questions for me. Just starting off. So in the MD&A and at the beginning of this call, you provided good detail on the diesel hedging program as well as the sensitivity of the diesel price on AISC.

恭喜你和團隊在第一季產生了穩健的自由現金流，也恭喜 Wharekirauponga 地下斜坡道（decline）正式動工，在這方面的進展非常驚人。所以恭喜。我有幾個問題。先從第一個開始。在 MD&A 以及本次電話會議一開始，你們對柴油避險計畫以及柴油價格對 AISC 的敏感度提供了很好的細節。

So thank you for that. Marius, are you seeing any sort of issues with getting reagents or explosives to the New Zealand and Philippines sites? And can you give us any sort of color on stockpiles currently at site as well?

所以謝謝你們。Marius，你們在將試劑或炸藥運送到紐西蘭與菲律賓據點方面，有看到任何問題嗎？另外也能否提供一些目前現場庫存（stockpiles）的情況？

So a couple of things there. So we've got a weekly process where we review our stock and our supplies. Right now, we're not seeing any other issues, especially in the explosives side. We are managing our diesel and the diesel supply side is also manageable right now. Also from a storage capacity perspective, we're managing that through our sites. So from our perspective right now, not any issues to be aware of.

這裡有幾點。我們有每週流程來檢視庫存與供應。目前我們沒有看到其他問題，尤其是在炸藥方面。我們正在管理柴油，柴油供應端目前也仍可控。此外，就儲存容量而言，我們也透過各據點進行管理。因此就我們目前的觀點，沒有需要特別注意的問題。

Excellent. And then just moving on to Haile. You talked about -- due to weather, you accelerated waste stripping at the Snake pit. Is this going to have any sort of impact on the AISC guidance for Haile that you provided? I believe it's between $1,500 and $1,700 an ounce.

很好。接著談 Haile。你提到因天候因素，你們加速了 Snake 礦坑的廢石剝離。這會對你們提供的 Haile AISC 指引造成任何影響嗎？我記得是在每盎司 1,500 到 1,700 美元之間。

I'll take that, Marius. I mean, it's certainly -- we've had the effect of increasing our production stripping or our waste stripping, I should say, for Haile, but nothing that is outside the guidance range yet. If we deliver strongly on our production, we expect to remain inside the guidance range, but probably in the top half of it.

我來回答，Marius。確實——我們在 Haile 的生產剝離量（更精確地說是廢石剝離量）有所增加，但目前仍未超出指引區間。如果我們在產量交付上表現強勁，我們預期仍會落在指引範圍內，但可能會在區間的上半部。

Okay. And just moving on to Macraes. You mentioned that there's a potential to extend mine life beyond 2040s. Are you seeing any potential on expanding existing pits, underground opportunities? Can you give us a little bit more color on this upside?

好的。再談 Macraes。你提到礦山壽命有機會延長到 2040 年代之後。你們是否看到擴大既有露天礦坑、或地下開採機會的可能性？能否就這個上行空間提供更多說明？

Do you want to take that one, Bhuvanesh?

Bhuvanesh，你要回答這題嗎？

Yes, sure. Macraes continues to basically being a star in this nice gold price environment as well. The pit extensions, there are all kinds of pit extensions, but primarily the Innes Mills pits, which can extend first 9, 10 and 11; the Coronation North, which is 6 and 7; the Golden Bar, and then we will do the Golden Point Underground extensions as well as a result of that. So it's a combination of all of those items that probably extends the mine life into 2040s.

好的，當然。在目前良好的金價環境下，Macraes 也持續可說是表現亮眼。露天礦坑延伸方面，有各式各樣的延伸機會，但主要包括 Innes Mills 礦坑（可延伸第 9、10、11 階段）、Coronation North（第 6、7 階段）、Golden Bar，此外我們也會進行 Golden Point 地下延伸。因此，這些項目的組合很可能把礦山壽命延長到 2040 年代。

And Bhuvanesh, when would you start providing additional color on that and kind of showcasing to the market that that's actually the case?

Bhuvanesh，你們大概何時會開始提供更多細節，並向市場展示確實會是這樣的情況？

We're currently in the feasibility study as well. So we expect that to be finished sometime next year as well. And post that, we would probably have the technical report ready to show that to the market.

我們目前也正在進行可行性研究。因此我們預期會在明年某個時間完成。之後，我們大概會準備好技術報告，向市場展示。

Fahad Tariq, Jefferies.

Fahad Tariq，Jefferies。

Hi. Thanks for taking my questions. Exploration is clearly a key focus this year. When should we expect the next set of exploration results, specifically at WKP?

嗨。謝謝回答我的問題。今年勘探顯然是關鍵重點。我們應該何時會看到下一批勘探結果，特別是 WKP？

Thanks, Fahad. Yes, you're right. I mean, we expect to put out regular results for each of the sites because we have increased the spend at each site. We only put out results for WKP in the last fortnight. So it will be a little while before you get the next lot.

謝謝你，Fahad。是的，你說得對。我的意思是，我們預期會針對各據點定期發布結果，因為我們已提高各據點的支出。我們在過去兩週才剛發布 WKP 的結果。所以在你看到下一批之前，還需要一點時間。

But of course, as and when we get great drill core that warrants it to come out, we do. And the next exploration update will likely be in respect of one of the other assets rather than WKP. But you should expect one to two more over the course of this year in relation to WKP given the density and the stellar results we get from it.

當然，只要我們取得值得發布的優異鑽芯，我們就會發布。下一次勘探更新很可能會是其他資產，而不是 WKP。但鑑於 WKP 的鑽探密度以及我們取得的亮眼成果，你應該可以預期今年內還會有 1 到 2 次與 WKP 相關的更新。

Okay. Great. And then maybe one for Marius. Just the cash on the balance sheet has grown so quickly. Just what is the minimum cash you'd like to maintain on the balance sheet? And I guess it's a good problem to have, but what is the use of the excess cash beyond the buyback target?

好的。很好。接著可能問 Marius 一題。資產負債表上的現金成長得非常快。你希望在資產負債表上維持的最低現金水位是多少？我想這是個好問題，但在回購目標之外，多餘現金會如何運用？

Thanks, Fahad. We actually don't have a minimum cash target right now. I think that capital allocation framework will guide us. We've been very consistent in it and very clear. And we have a sizable growth project that we're busy with. So we're comfortable that we can manage that growth in capital.

謝謝你，Fahad。我們目前其實沒有設定最低現金目標。我認為資本配置框架會引導我們。我們在這方面一直非常一致，也非常清楚。而且我們正忙於一個規模可觀的成長專案。因此，我們有信心能以資本來管理這項成長。

(inaudible) supplement that too. I mean, if we put out a $350 million buyback program. Well, last year, we started the year with a $100 million share buyback program. And as we delivered strongly into and through the year, we upsized it to $175 million and executed that in full. So Marius is right.

(聽不清)我也補充一下。我的意思是，如果我們推出一個3.5億美元的回購計畫。嗯，去年我們在年初是以1億美元的股票回購計畫開始。而隨著我們在年內及全年交出強勁表現，我們把規模提高到1.75億美元，並且全數執行完畢。所以Marius說得沒錯。

We don't have a minimum. But obviously, if we continue to build cash and absent any other use inside the business or outside the business, we're not just going to build cash continually. You could expect that if we face that scenario, the opportunity exists to increase dividends and/or buybacks.

我們沒有最低門檻。但顯然，如果我們持續累積現金，而在公司內部或外部又沒有其他用途，我們不會只是一直無止境地累積現金。你可以預期，如果出現那種情況，我們有機會提高股利和/或回購。

Okay. Great. And then maybe just that last point that you mentioned on opportunities outside the business. On M&A, which maybe is not a priority right now or maybe it is, but just thoughts on the criteria that you would be looking at broadly?

好的。很好。然後也許就你提到的最後一點：公司外部的機會。關於併購（M&A），也許目前不是優先事項、也可能是，但想請教你們大致會看哪些評估標準？

Yes. Well, the number one criteria is that we can generate value from the activity. I mean, we have a diversified portfolio presently, each of which has growth optionality, and we have growth options across the spectrum from early stage to mature. So we don't feel the imperative to have to do, but we do have a team that looks. So criteria number one, got to create value for our shareholders.

是的。嗯，第一個標準是我們能從這項活動中創造價值。我的意思是，我們目前有一個多元化的投資組合，每一項都有成長的選擇權，我們的成長選項涵蓋從早期到成熟階段。所以我們不覺得非做不可，但我們確實有一個團隊在尋找機會。因此第一個標準：必須為股東創造價值。

Invariably, that's going to mean that there's some form of resource or exploration upside and/or the ability to operate the asset better and/or apply some kind of knowledge advantage that we have. We said in the past that the areas that we're looking at geographically would be the three areas that we currently operate in, USA, Philippines, New Zealand and Australia and Canada.

通常這意味著會有某種資源量或勘探的上行空間，和/或能把資產營運得更好，和/或運用我們具備的某種知識優勢。我們過去也說過，在地理區域方面，我們會看的就是目前我們營運的幾個地區：美國、菲律賓、紐西蘭，以及澳洲和加拿大。

So that's quite a large sandpit for us to look at. And I think as the cash balances got stronger, it's certainly given us a great opportunity to be able to be active at any stage of the development spectrum, early stage, mid-stage or operating assets. So we've got a lot of flexibility, a lot of opportunity inside of that geographic remit, but the number one criteria is, are we confident that we're going to create value for OceanaGold shareholders.

所以對我們來說，這是一個相當大的範圍可以去看。而且我認為，隨著現金餘額變得更強勁，確實讓我們在開發光譜的任何階段都能更積極：早期、中期或是營運中的資產。因此在這個地理範圍內，我們有很大的彈性、很多機會，但第一個標準仍然是：我們是否有信心能為OceanaGold股東創造價值。

Bryce Adams, Desjardins Securities.

Bryce Adams，Desjardins Securities。

Good morning, all, and thanks for the update. I wanted to ask on WKP and the potential timeline there. Great to see that underground development has commenced. I assume not far in from the portal, can you comment how far the phase has advanced so far? And I mean, that's a bit of a micro question, but thinking longer term, if first ore is still 2032, are there opportunities to bring that forward? Or it's just a long slug to the ore body?

各位早安，謝謝更新。我想問一下WKP以及那邊可能的時程。很高興看到地下開發已經開始。我猜應該離入口（portal）不遠；你們能否評論一下目前這個階段已經推進到多遠？我知道這有點細節，但從更長期來看，如果第一批礦石仍是2032年，有沒有機會把時間提前？還是說到礦體就是一段很長的掘進距離？

I wouldn't call it a long slug. It's an exciting journey towards this world-class ore body, Bryce. I think we're about 10 to 12 meters in, Bhuvanesh can be precise. And one of the opportunities that we have, and it's worth reminding that we did have as part of our permit, an allowable doubling of drill pads and doubling of drill rigs that we can apply to this drilling. So you can expect to see us have more exploration results come to market.

我不會稱它為一段很長的掘進。Bryce，這是一段通往世界級礦體的令人振奮的旅程。我想我們大概已經進去10到12公尺，Bhuvanesh可以給更精確的數字。而我們其中一個機會是——也值得提醒的是——在許可證中，我們被允許將鑽機平台數量加倍、鑽機數量也加倍，用於這項鑽探。所以你可以預期我們會有更多勘探結果對外發布。

As we journey from the portal, the 6-or-so Ks to the ore body, we have some targets along the way of known mineralization that we could potentially source. And obviously, within the corridor of the mine permit, if we find gold along the way, and this is a super geologically rich district, the potential does exist for us to find gold along the way.

當我們從入口一路前進、約6公里左右到礦體的過程中，沿途有一些已知礦化的目標，我們可能可以取得一些礦源。而且很明顯，在礦山許可範圍的走廊內，如果我們沿途找到黃金——這是一個地質非常富饒的區域——我們確實有可能在路上就發現黃金。

But the main prize is to get to the known ore body as fast as we can excitingly, and this is why I started with the exploration results, I mean, the ore body has migrated closer or it hasn't actually migrated. Our understanding of the ore body has brought it 0.5 kilometer closer to the portal as a result of exploration spend.

但最主要的目標，是以我們能做到的最快速度、並且令人振奮地抵達已知礦體；這也是我一開始提到勘探結果的原因。我的意思是，礦體並沒有真的「移動」過來；而是因為勘探支出，我們對礦體的理解讓它在我們的認知中比原先更靠近入口0.5公里。

So over the course of the coming years, you can expect that we will update the mine plan to reflect the ore body understanding as we've advanced it. And because it is a linear journey, there is the potential to get there sooner as a result of that ore body being closer to the portal relative to the original expectation.

因此在未來幾年，你可以預期我們會更新礦山計畫，以反映我們在推進過程中對礦體理解的提升。而且因為這是一段線性的前進路徑，隨著礦體相對於原先預期更靠近入口，我們確實有可能因此更早抵達。

I was going to ask about underground drilling from WKP. Like obviously, you can't do it too close to the active face. I mean, what's the time line to using that underground development as an exploration platform? Could that be this year? Or is it more likely next year?

我本來想問關於從WKP進行地下鑽探。很明顯，你不能在太靠近正在作業的掌子面（active face）處鑽探。我的意思是，利用這段地下開發作為勘探平台的時間表是什麼？今年就有可能嗎？還是更可能是明年？

Most probably more likely next year. We've got to get down. And again, Bhuvanesh can supplement after I finish talking with the precise number. It takes -- we've got to get down about 200 or 300-odd meters to the start of the core twin decline to the ore body. And it's along that pathway.

很可能更偏向明年。我們得先往下推進。同樣地，我講完後Bhuvanesh可以用精確數字補充。我們需要往下大約200或300多公尺，才能到達通往礦體的雙巷道（twin decline）起點。而鑽探會沿著那條路徑進行。

We're unconstrained to drill off to the sites provided we stay inside the mine permit, which is a sizable area. Bhuvanesh, when do we get down to the twin decline proper?

只要我們保持在礦山許可範圍內——那是一個相當大的區域——我們在鑽探位置上不會受到限制。Bhuvanesh，我們什麼時候能到達真正的雙巷道段？

I think mid next year, we would probably be in a situation where we would be roughly 70, 80 meters in from the twin decline, which is where when we turn right towards the ore body. So mid next year, we would have some opportunities to probably put some drill cuddies there and then start exploring from those cuddies as well.

我想大約明年年中，我們可能會處於一個狀態：從雙巷道起點往內大概70、80公尺左右；那裡就是我們右轉朝礦體前進的位置。所以到明年年中，我們應該會有一些機會在那裡設置一些鑽探硐室（drill cuddies），然後也可以從那些硐室開始進行勘探。

There are some known mineralization areas around (inaudible) areas, which are in and around those pieces. And remember, there is some olden mines in there as well, which have some known mineralization from that area can also be explored as well. So mid next year is what we are expecting, hopefully even earlier than that.

在（聽不清）區域周邊有一些已知的礦化帶，就在那些區塊附近。而且請記得，那裡也有一些舊礦坑，該區域有一些已知礦化，也可以一併進行勘探。所以我們預期是明年年中，希望甚至能更早。

Okay. And thanks for the face advance, I think you said 10 to 12 meters. Is that something that you would plan on reporting on in the next quarter updates and on a go-forward basis?

好的。也謝謝你提到掘進面前進量，我想你說的是10到12公尺。這是否是你們計畫在下一季更新以及未來持續披露的指標？

I guess so. I mean, it's our number one growth project. We like to -- we're pleasingly, as Bhuvanesh mentioned, we've mobilized quickly. We've done an enormous amount of work. And yes, it's one measure.

我想是的。我的意思是，這是我們第一大成長專案。我們很高興——正如Bhuvanesh提到的——我們動員得很快。我們已經做了大量工作。而且是的，這是其中一項衡量指標。

Hopefully, Bryce, we can match that meters advance with some further drill results just again, I think they like the value of this ore body.

希望Bryce，我們能把這個公尺前進量，搭配一些進一步的鑽探結果一起呈現；我想大家再次看到了這個礦體的價值。

Don DeMarco, National Bank.

Don DeMarco，National Bank。

So I guess some of the questions have already been asked, but looking at your capital return program, certainly, the theme this year is harvesting free cash flow and you had a couple of standout quarters in Q2, Q4 coming up. With your capital returns, are you looking to execute this opportunistically, balance it evenly throughout the year or maybe lean into some of the heavy free cash flow quarters?

我想有些問題已經被問過了，但就你們的資本回饋計畫來看，今年的主軸顯然是收割自由現金流，而你們在第二季、以及即將到來的第四季都有幾個特別突出的季度。在資本回饋方面，你們是打算機會式執行、全年平均分配，還是會更偏向在自由現金流較強的季度加大力度？

Thanks, Don. I mean, if last year is any guide, it was roughly 40-60 split in terms of the buyback. We want to -- whilst we're confident of delivering on our guidance and so forth, the allocation should be of cash that is being generated. So as we get further through the year and as the results are proving to be stronger.

謝謝你，Don。我的意思是，如果以去年作為參考，回購大約是40-60的分配。我們希望——雖然我們有信心達成指引等等——資金配置應該來自實際產生的現金。所以隨著我們在一年中走得更後面、且結果證明更強勁。

That's when we probably amp it up. We give instructions to the broker to buy and just sit back and operate pursuant to that. Obviously, we're not buying in close periods and the like. So we're fairly systematic and even. And as you saw, we did $77 million in the first quarter alone, which is entirely in line with that cadence I spoke of.

那時我們可能會加大力度。我們會指示券商買入，然後就依照該指示運作。當然，我們不會在封閉期等期間買入。所以我們相當有系統、也相對平均。而如你所見，僅第一季我們就做了7,700萬美元，這完全符合我提到的那個節奏。

Cosmos Chiu, CIBC.

Cosmos Chiu，CIBC。

And maybe my first question is on your full year guidance. If I work out the math, you're running at about 23% for the full year in terms of sustaining CapEx, 34% in terms of deferred and capitalized stripping, 16% in terms of growth and then 19% in terms of exploration.

我第一個問題可能是關於你們的全年指引。如果我算一下，你們在全年維持性資本支出（sustaining CapEx）大約跑在23%，遞延與資本化剝採（deferred and capitalized stripping）約34%，成長約16%，勘探約19%。

So to sum it up, you're slightly less than a quarter -- less than 25% on growth CapEx and exploration, more than 25% on deferred. You kind of talked about that in your prepared remarks. But I guess to sum it up, is that to your expectations in terms of what you've kind of chewed through in Q1?

總結來說，成長資本支出與勘探略低於四分之一——低於25%；遞延則高於25%。你們在事先準備的發言中有提到。但我想總結問一下：就你們第一季消化的進度而言，這符合你們的預期嗎？

Thanks, Cosmos. I mean, again, as Bhuvanesh said, as a result of particularly cold weather, we pivoted the stripping into Snake Pit, which elevated it. The actual dollars out the door from our mining activity in cash terms was unchanged. It's just because at the top of Snake, you just got a higher strip ratio. So you take more of that to your AISC charge.

謝謝你，Cosmos。我的意思是，再次如Bhuvanesh所說，特別是因為天氣非常寒冷，我們把剝採作業轉到Snake Pit，因而把比例拉高了。以現金角度來看，我們採礦活動實際付出去的金額並沒有改變。只是因為在Snake上部，你的剝採比更高。所以你會把更多計入你的AISC成本。

But it's -- as I said, no higher level of cash than what it would have been had we done the stripping in Ledbetter. So yes, by definition, it's a little more stripping than we intended, but it was a value decision and the right decision on a multiyear basis to deploy the equipment and people that we had to do the activity that we could given the weather conditions. But as we said, we expect the later quarters to be stronger with the profile that we said, the second and fourth in particular. And that just combined with the fact that we're otherwise well on track, we expect that number to -- the AISC to pull inside the guidance range.

但——如我所說——現金水準並不比我們在Ledbetter進行剝採時會發生的更高。所以是的，嚴格來說剝採量比我們原先打算的多一些，但這是一個價值取向的決策；從多年期角度來看，將我們現有的設備與人力部署到在當時天候條件下能做的工作，是正確的決定。但如我們所說，我們預期後續季度會更強，尤其是第二季與第四季，符合我們提到的曲線。再加上其他方面我們也都在軌道上，我們預期那個數字——AISC——會回到指引區間之內。

Yes. And how about the growth CapEx, you're running at about 16% year-to-date or in Q1, that's sort of as expected?

是。那成長資本支出呢？你們年初至今或第一季大約跑在16%，這算符合預期嗎？

Yes. In short, we will -- it's nearly always in growth capital, I mean, we mobilized heavily, for example, at WKP in the quarter. But obviously, now that we're into the decline, we can -- that will increase at a stronger linear clip on a quarterly basis. And we've got other works that we're doing as we hope to show with photographs and the like over the coming quarters. But no, we expect our growth capital to be in line with guidance by the end of the year.

是。簡單說，我們會——成長資本幾乎總是如此；例如本季我們在WKP大幅動員。但顯然，現在我們已經進入斜坡道（decline），我們可以——接下來每季會以更強的線性速度增加。而且我們也在做其他工程，我們希望在接下來幾季用照片等方式展示。不過，我們預期到年底成長資本會與指引一致。

Great. I ask these questions to kind of show you like I can do math. But talking about mathematics. If I were to take what you repurchased in shares in Q1, $77 million, it does not annualize to $350 million. Gerard, as you mentioned, that's in line with your kind of internal cadence.

很好。我問這些問題只是想讓你知道我會算數。但說到數學。如果我把你們第一季回購的股份金額7,700萬美元年化，並不會到3.5億美元。Gerard，如你提到的，這符合你們內部的節奏。

But was it due to blackouts in Q1? Was it due to your technical reports that were going to get reported in Q1. And so you have blackout periods. Was it due to pricing? Why was it less than a quarter's worth?

但這是因為第一季有封閉期（blackouts）嗎？是因為你們第一季要發布技術報告嗎？因此有封閉期。是因為價格因素嗎？為什麼會少於四分之一的進度？

Yes. Look at -- all of the above. And as I said, 40-60 was the pattern and we want to have earned it before we spend it. It is our total returns, dividends and buybacks are 40% -- just under 40% of our free cash flow for the period. But as I said, as we deliver more, we expect to amp that up more.

是。你看——以上皆是。而且如我所說，40-60是那個模式，我們希望先賺到再花。我們的總回饋——股利與回購——約占該期間自由現金流的40%——略低於40%。但如我所說，隨著我們交出更多成果，我們預期會把力度再加大。

But you're right, we had some big news items, whether they be the exploration results, the tech reports. It's probably a shorter quarter in which to buy relative to other quarters for the year.

但你說得對，我們有一些重大消息事項，不論是勘探結果或技術報告。相較於今年其他季度，這一季可用來回購的時間可能更短。

Yes. And maybe one last question. Congrats on getting listed on the NYSE. It's been a month now, I think exactly a month. Has that listing met your expectations in terms of what you've set out to accomplish?

是。最後可能再問一題。恭喜你們在紐約證交所（NYSE）上市。現在已經一個月了，我想剛好一個月。就你們原本想達成的目標而言，這次上市是否符合你們的預期？

Short answer, yes. We're early days into it, Cosmos. If I look at yesterday's numbers, we had 1 million shares traded on the various Canadian exchanges, and we had 100,000 shares traded on the NYSE. So what's that? A shade under 10% of the total.

簡短回答：是。Cosmos，我們才剛開始。如果我看昨天的數據，我們在加拿大各交易所的成交量是100萬股，而在NYSE的成交量是10萬股。所以那是什麼？略低於總量的10%。

It has grown progressively. We did have one day early in the first week or so when it was 1/4 of all trading. We understand and we look at the journey that others have taken to get the volumes up. It's gradual. It's not immediate. But I am very pleased with the steady uptick in volumes of traded since we listed, very happy. It's only been a month.

它已逐步成長。確實在第一週左右的早期有一天，成交量占了全部交易的 1/4。我們理解，也會參考其他人為了把成交量拉升所走過的歷程。這是循序漸進的。不是立刻就會發生。但自從我們上市以來，成交量穩定上升，我非常滿意，也很高興。畢竟才一個月。

Great. Thanks, Jared. I'll see you next week. I'm looking forward to the mine tour, and I assume that you'll be there.

很好。謝謝你，Jared。下週見。我很期待礦區導覽，我想你也會在場。

Thank you, Cosmos. Appreciate it.

謝謝你，Cosmos。感謝。

Harrison Reynolds, RBC Capital Markets.

Harrison Reynolds，RBC 資本市場。

Congratulations on a solid quarter. I wanted to dig into the Haile outlook a little bit more. I believe you outlined a target of approximately 60,000 ounces of production in Q2. And wondering if you could provide some detail around that target, your sort of comfort on it and what that maybe a range around 60,000. Is that plus or minus 5%? Or what would you anticipate the range to be?

恭喜本季表現穩健。我想再深入了解一下 Haile 的展望。我相信你們提到第二季（Q2）產量目標約為 60,000 盎司。想請你們就這個目標提供一些細節，包括你們對達成目標的把握程度，以及圍繞 60,000 的可能區間。是正負 5% 嗎？或者你們預期的區間會是多少？

Well, around 60,000 is what we put in the MD&A, Harrison. And I'll let Bhuvanesh color in the drivers of it. I mean, I think it's -- there's no point in us being more specific than what we've articulated. Bhuvanesh, do you want to talk about what's driving that uptick in the quarter?

Harrison，我們在 MD&A 裡寫的是約 60,000。我會請 Bhuvanesh 補充說明其驅動因素。我的意思是——我們沒有必要比已經表述的更具體。Bhuvanesh，你要談談是什麼推動本季產量上升嗎？

Sure. So Harrison, the ore sources, as I said, is from two places. We continue to basically mine in the Ledbetter 3. So that's the first ore source. And the second ore source, which is probably going to be the bigger driver in quarter two comes from the underground high-grade stopes as well, which is from one of our levels, which is the 850 level, which is what is going to be supplementing the grade that we would basically be seeing, which then translates into the ounces as well.

當然。Harrison，如我所說，礦石來源有兩個。我們持續基本上在 Ledbetter 3 進行採礦。這是第一個礦石來源。第二個礦石來源，可能會是第二季更大的驅動因素，來自地下高品位採場（stopes），也就是我們其中一個水平——850 水平——所產出的礦石；這將補充我們基本上會看到的品位，進而也反映到盎司產量上。

So those are the two primary drivers that probably continue to lift the ounce profile that we see both in quarter two and then step up in quarter three and then it's pretty similar range in quarter 4 is what we will basically see as of quarter two as well. So that ends up the year with the guidance that we have provided.

因此，這兩個主要驅動因素，將持續推升我們在第二季看到的盎司產量輪廓，第三季會再往上一步，第四季則大致與第二季相近。因此全年最終會落在我們所提供的指引範圍內。

Understood. Yes, I know it's a fairly specific target. And so just wanted to understand sort of the drivers a bit more. And also wondering, is this something that you're going to continue to provide? I think it's the last couple of quarters now you've provided kind of a one quarter ahead outlook at Haile.

了解。是的，我知道這是一個相當具體的目標。所以只是想更了解背後的驅動因素。另外也想請教，你們是否會持續提供這類資訊？我想最近幾季你們都有提供 Haile 的「提前一季」展望。

Of course, sorry, go ahead, Gerard.

當然，抱歉，你先請，Gerard。

No. You go ahead, Bhuvanesh.

不用。你先說，Bhuvanesh。

No. I think when we have really good sight of the ore sources, we always do that. And then providing a quarter ahead is probably we have been getting really good at it as well. So that is something that we always aspire for.

不。我認為當我們對礦石來源有非常清楚的能見度時，我們一向會這麼做。而提供提前一季的展望，我們也越來越擅長。所以這是我們一直努力追求的方向。

Yes, in addition to having the confidence, Harrison, Haile is our largest producer. It's 45% of guidance this year. It was lighter in the first quarter. We just wanted to give investors the confidence of -- for all the reasons that Bhuvanesh said that we had a basis for being able to say what it is going to be in the next quarter and give people the comfort that we have line of sight of the ore that's going to be delivered.

是的，除了有信心之外，Harrison，Haile 是我們最大的生產礦山。它占今年指引的 45%。第一季相對偏低。我們只是想讓投資人更有信心——基於 Bhuvanesh 所說的各項原因，我們有依據能夠說明下一季會是多少，並讓大家放心，我們對將交付的礦石有清楚的掌握與能見度。

Yeah, I always appreciate the extra disclosure. So thank you and good to see the confidence.

是的，我一直很感謝額外的揭露。所以謝謝，也很高興看到你們的信心。

Thanks, Harrison.

謝謝你，Harrison。

There are currently no more questions on the phone. I'd like to turn the call over to Rebecca Henare in case there are questions on the web.

目前電話上沒有更多問題。我想把電話交給 Rebecca Henare，看看網路上是否有提問。

No questions on the web. Thank you, operator.

網路上沒有問題。謝謝你，接線員。

Okay. I think that leaves it to me. So that concludes our webcast and conference call. A replay will be available on our website later today. On behalf of the management team and everyone at OceanaGold, thanks for joining us today, and we wish you a very pleasant rest of the day. Bye for now.

好的。那就交給我來收尾。我們的網路直播與電話會議到此結束。今天稍晚我們的網站將提供重播。我謹代表管理團隊以及 OceanaGold 的所有同仁，感謝各位今天的參與，並祝各位今天剩餘時間愉快。先說再見。

This concludes today's conference call. We thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。