OR Royalties Inc (OR) 2025 Q3 法說會逐字稿

Good morning ladies and gentlemen, and welcome to the OR Royalties Q3 2025 results conference call. (Operator Instructions) Please note that this call is being recorded today, November 6, 2025 at 10:00 AM Eastern Time.

女士們、先生們，早安，歡迎參加 OR Royalties 2025 年第三季業績電話會議。（操作員指示）請注意，本次通話正在錄音，時間為2025年11月6日上午10:00（美國東部時間）。

I would now like to turn the meeting over to our host for today's call, Mr. Jason Attew. (spoken in foreign language)

現在我將把會議交給今天電話會議的主持人傑森·阿特先生。（用外語說）

Good morning, everyone, and thanks for your attention today, as I know it is a very busy reporting week. Procedurally, I'll run through the presentation and then we'll open up the line for questions. For those participating online via the webcast, you can submit your questions in advance through the webcast platform.

各位早安，感謝大家今天的關注，我知道這週報道工作非常繁忙。流程上，我會先進行一遍演示，然後我們會開放提問環節。對於透過網路直播在線上參與的觀眾，您可以提前透過網路直播平台提交您的問題。

Today's presentation will also be available and downloadable online through our corporate website. Please note that there are forward-looking statements in this presentation from which actual results may differ. Also, all amounts presented and discussed in today's call will be in US dollars unless otherwise noted. I'm joined on the call today by Fred Ruel, the company's VP of Finance and Chief Financial Officer, as well as my other colleagues as indicated on slide 3.

今天的簡報也將透過我們公司網站線上提供下載。請注意，本簡報中包含一些前瞻性陳述，實際結果可能與這些陳述有所不同。此外，除非另有說明，今天電話會議中提出和討論的所有金額均以美元計價。今天與我一起參加電話會議的有公司財務副總裁兼財務長弗雷德·魯埃爾，以及我在投影片 3 中列出的其他同事。

OR royalties third-quarter of 2025 was a straightforward one, with sequential quarter over quarter improvement with respect to GEO's earned, cash margin, cash flows, as well as their overall debt reduction. OR royalties earned 20,326 gold equivalent ounces in the third quarter. A modest 3% improvement over the second quarter of this year.

2025 年第三季 OR 特許權使用費情況較為明朗，GEO 的收入、現金利潤率、現金流以及整體債務減少均實現了環比增長。OR 特許權使用費在第三季度賺取了 20,326 盎司黃金當量。與今年第二季相比，僅小幅成長了3%。

Based on where we sit today, after the first nine months of the year, the company is tracking towards the midpoint of its previously published full year 2025 gold equivalent ounce delivery guidance range of 80,000 to 88,000 GEOs, and this would be based on normalizing or the higher than budgeted commodity price ratios, in other words, gold, silver, copper, and gold year-to-date. More on this in a moment.

根據我們目前的情況，在今年前九個月之後，該公司正朝著此前公佈的 2025 年全年黃金當量交付量指導範圍 80,000 至 88,000 盎司黃金當量 (GEO) 的中點邁進，這是基於正常化或高於預算的大宗商品價格比率，換句話說，就是黃金、白銀、價格和黃金至今的黃金比率。稍後會詳細說明。

Recall that we've been very specific, explicit about the fact that due to sequencing at some of our major producing assets, including Mantos Blancos and ongoing ramp ups at other assets like Namdini. The second half of the year was always expected to be a little bit stronger than the first half of 2025. Consequently, and at this stage, we think it's appropriate for outside observers to infer that Q4 2025 should be OR Royalties strongest quarter of the year in terms of GEOs earned.

請記住，我們已經非常具體、明確地指出，由於我們的一些主要生產資產（包括 Mantos Blancos）的產量排序以及 Namdini 等其他資產的持續增產，因此出現了這種情況。人們一直預期2025年下半年的業績會比上半年略好。因此，在現階段，我們認為外部觀察家可以推斷，2025 年第四季應該是 OR Royalties 全年收入最高的季度。

And thanks to improved silver grades realized quarter to date, Mantos Blancos will be playing a key role in supporting what should be a very solid Q4 for us.

由於本季迄今白銀品位有所提高，Mantos Blancos 將在支撐我們非常穩健的第四季度業績方面發揮關鍵作用。

Circling back on our gold equivalent ounce guidance for 2025 and commodity price ratios, it's worth noting that through September 30, 2025, and due to the higher than budgeted gold prices versus both silver and copper over that period, OR Royalties is tracking approximately 2000 to 2100 GEOs lower than its original budget.

回到我們對 2025 年黃金當量盎司的指導和商品價格比率，值得注意的是，截至 2025 年 9 月 30 日，由於在此期間黃金價格相對於白銀和銅的價格高於預算，OR Royalties 的產量比其最初的預算低了約 2000 至 2100 盎司黃金當量盎司。

In other words, these GEOs are quote on quote lost, when not normalizing for commodity price ratios. As a reminder, in February of this year, OR Royalties applied a consensus commodity pricing, and notably an 83 to 1 gold to silver ratio for its budgeted 2025 GEO delivery guidance, all else being equal and based on the current commodity price volatility, this number of [quote on quote] lost GEOs could either grow modestly or potentially get smaller before year end.

換句話說，如果不以商品價格比率進行標準化，這些 GEO 就等於白白損失了。提醒一下，今年 2 月，OR Royalties 採用了共識商品定價，特別是黃金與白銀 83:1 的比率，作為其 2025 年 GEO 預算交付指導。在其他條件不變的情況下，基於當前的商品價格波動，損失的 GEO 數量在年底前可能會略有增加，也可能會減少。

The key message is that the same higher gold prices that have skewed the ratios versus our original budget affecting our GEOs earned have also more importantly translated to record revenues and cash flows from offering activities for OR royalties for both the third quarter and the first nine months of the year.

關鍵訊息是，雖然較高的金價扭曲了我們與原始預算的比例，影響了我們獲得的 GEO，但更重要的是，它也轉化為第三季和今年前九個月 OR 特許權使用費發行活動的收入和現金流創紀錄。

For context, the average realized gold price for the first nine months of this year was [$3,188] per ounce, which is over $900 per ounce greater from the same period last year. So as you can imagine, our shareholders should still be satisfied with the outcome associated with these year-to-date price movements. And in addition, we are 65% of our revenues are directly derived from gold.

作為參考，今年前九個月黃金的平均實現價格為每盎司 3,188 美元，比去年同期高出每盎司 900 多美元。因此，正如您所想，我們的股東應該對今年迄今為止的價格走勢結果感到滿意。此外，我們65%的收入直接來自黃金。

And speaking of cash flows, we're once again happy to report cash margins for the period of just under 97% in line with our budget for the year.

說到現金流，我們很高興地再次報告，本期現金利潤率略低於 97%，符合我們今年的預算。

OR Royalties ended the third quarter with $57 million in cash as of September 30. We are in a debt-free position for the first time in over 10 years as the company paid down the outstanding balance of its revolving credit facility during the period.

截至 9 月 30 日，OR Royalties 第三季末擁有 5,700 萬美元現金。十多年來，我們首次實現了零負債，因為公司在此期間償還了循環信貸額度的未償餘額。

And while members of our corporate development team remain extremely busy to this day, there were no major transactions announced by OR Royalties during the third quarter outside of our second $10 million milestone payment released to SolGold. Given the ongoing progress the new management team there continues to make in advancing a new vision for Cascabel.

儘管我們公司發展團隊的成員仍然非常忙碌，但除了向 SolGold 支付的第二筆 1000 萬美元里程碑付款外，OR Royalties 在第三季度沒有宣布任何重大交易。鑑於新管理團隊在推動 Cascabel 的新願景方面不斷取得進展。

With the rapid increase in already elevated precious metals, in addition to recent price volatility, I continue to espouse an internal culture of capital allocation discipline. Where returns on new transactions must exceed our internal hurdle rates, at what we believe internally to be more realistic commodity pricing scenarios. As well as contract structures that must come with the appropriate security features.

鑑於貴金屬價格在已經很高的水平上迅速上漲，加上近期的價格波動，我繼續倡導公司內部實行資本配置紀律文化。在我們認為更符合實際商品定價情境的情況下，新交易的報酬率必須超過我們內部設定的最低報酬率。此外，合約結構也必須具備相應的安全保障措施。

Here at OR Royalties, we have the fortunate luxury to be able to walk away from transactions that we can't work for any of these aforementioned reasons. Thanks in large part to our already bought and paid for organic GEO growth profile over the next five or six years. I'll spend a little bit more time on our growth profile a little bit later.

在 OR Royalties，我們很幸運，能夠放棄因上述任何原因而無法完成的交易。這主要歸功於我們已經購買並支付了未來五到六年有機 GEO 成長計劃的費用。稍後我會花更多時間詳細分析我們的成長情況。

With respect to our ongoing commitment to return capital to shareholders, the company declared and paid its quarterly dividend of $0.055 per share in the second quarter, marking its 44 consecutive dividend. OR Royalties history of progressive dividend payment serves as a testament to the confidence we have in the consistency, predictability, and the anticipated growth of the current and future cash flows underpinning our business.

為履行我們對股東回報資本的持續承諾，公司在第二季度宣布並支付了每股 0.055 美元的季度股息，這是公司連續第 44 年派發股息。OR 特許權使用費的持續分紅歷史證明了我們對支撐我們業務的當前和未來現金流的穩定性、可預測性和預期增長的信心。

Now moving on to the company's financial performance for Q3 '25. Quarterly revenues of $71.6 million tracked 71% higher versus the same period last year. Again, largely thanks to the increased commodity prices and deliveries, and it also represented a quarterly record for the company.

接下來來看公司 2025 年第三季的財務表現。季度營收為 7,160 萬美元，比去年同期成長 71%。這主要得益於大宗商品價格和交貨量的增加，同時也創下了該公司季度業績紀錄。

Net earnings of $0.44 per basic common share for the period also marked a very significant year over year improvement. Thanks again to higher commodity prices and deliveries. But also in part due to the fact that as of August 2025, OR Royalties is no longer accounting for its equity position in a Osisko development as an investment in an associate, and instead will now flow through other comprehensive income.

該期間每股普通股淨收益為 0.44 美元，也標誌著同比有了非常顯著的改善。再次感謝大宗商品價格上漲和交貨量增加。但部分原因也是因為，截至 2025 年 8 月，OR Royalties 不再將其在 Osisko 開發項目中的股權作為對聯營公司的投資進行核算，而是將其計入其他綜合收益。

This change in the accounting treatment of the Osisko Development Investment generated a non-cash gain of $54 million in the third quarter. As a result of the revaluation of Osisko development, equity investment at fair value on the date of the loss of significant influence, being mid-August, which was triggered by the ODv equity financings.

Osisko 開發投資的會計處理方式的這種變化，在第三季度產生了 5,400 萬美元的非現金收益。由於 Osisko 開發項目的重新估值，股權投資以公允價值進行，該投資於 ODv 股權融資引發的重大影響喪失之日（即 8 月中旬）。

Most importantly, Q3 saw sizable year over year improvements in both cash flow per share at $0.34 versus $0.19 in Q3 last year, as well as quarterly adjusted earnings of $0.22 per basic common share, again versus $0.11 in the same period last year.

最重要的是，第三季每股現金流較上年同期大幅成長，達到 0.34 美元，去年同期為 0.19 美元；季度調整後每股普通股收益也從去年同期的 0.11 美元增長至 0.22 美元。

Next slide, please. During the third quarter of 2025, our GEO's earn came predominantly from Canada, and we derived approximately 95% of our GEOs from precious metals, the balance coming from our direct copper exposure through our copper stream at Harmony Gold's CSA copper mine in Australia.

請看下一張投影片。2025 年第三季度，我們的 GEO 收益主要來自加拿大，其中約 95% 來自貴金屬，其餘部分來自我們在澳洲 Harmony Gold 的 CSA 銅礦的銅流的直接銅敞口。

Some comments on specific mine performances during the quarter before speaking about a couple of our more material material assets in greater detail.

在更詳細地討論我們幾項更重要的實體資產之前，先對本季具體礦山的業績做一些評論。

At Agnico Eagle's Canadian Malartic complex, it had yet another solid quarter with respect to GEOs earned. A reminder that historically we've often seen strong fourth quarters at Canadian Malartic versus the other way around. And while that should bode well for our final quarter of the year, we are mindful of an announced four to five day maintenance shutdown at the mine during fourth quarter.

Agnico Eagle 的加拿大 Malartic 工廠在 GEO 收益方面又取得了穩健的季度業績。需要提醒的是，從歷史數據來看，加拿大馬拉蒂克第四季的表現通常比較強勢，反之則不然。雖然這對我們今年最後一季來說應該是個好兆頭，但我們也注意到，第四季礦場將宣布停產維護四到五天。

At Capstone Copper's Mantos Blancos operation, Q3 production saw a significant year over year jump thanks to a couple of things. First, much improved plant throughput, still largely holding consistent at a nameplate of 20,000 tons per day. And secondly, approximately a month's worth of improved silver grades contributing to our own third quarter stream deliveries.

由於以下幾個原因，Capstone Copper 的 Mantos Blancos 礦場第三季的產量年增率顯著。首先，工廠產能大幅提高，基本上維持在每天 2 萬噸的額定產能。其次，大約一個月的白銀品位提升將有助於我們第三季的銀礦交付。

Recall that with the two-month stream lag, our 2025 stream delivery year for Mantos Blancos started November 1, 2025 -- 2024, sorry. And ends October 31, 2025. As noted, throughput levels remained at or above the mine's nameplate capacity of 20,000 tons per day at Mantos Blancos. And our anticipation is that Silver Grade should stay higher and in line with OR's expectations through the final months of stream delivery year, which was the October that just ended.

請記住，由於兩個月的串流媒體延遲，我們 2025 年 Mantos Blancos 的串流媒體交付年份從 2025 年 11 月 1 日開始——抱歉，是 2024 年。並於 2025 年 10 月 31 日結束。如前所述，曼托斯布蘭科斯礦的吞吐量水準保持在或超過該礦每天 20,000 噸的額定產能。我們預計，在剛結束的10月份，也就是本年度最後幾個月的流水交付期內，銀級價格將保持在較高水平，並符合OR的預期。

And also, as indicated in last week's Q3 2025 update from Capstone, the Mantos Blancos Phase II feasibility study is still scheduled for 2026, which we believe will be in the first half of the year.

此外，正如 Capstone 上週發布的 2025 年第三季更新中所指出的那樣，Mantos Blancos 第二期可行性研究仍計劃於 2026 年進行，我們認為這將在今年上半年進行。

Finally, we've recently been really impressed with the ongoing successful ramp up at the Namdini mine in Ghana, which based on our GEOs earned and paid year-to-date, it is starting to hit its stride after a slower start to the calendar year. We're expecting continued improvements from Namdini going forward based on the most recent publicly available mine plan for the asset, which was the 2019 feasibility study completed by the former Cardinal Resources, to which we understand the current operator is adhering to.

最後，我們最近對加納 Namdini 礦場持續成功的增產印象深刻。根據我們今年迄今已賺取和支付的 GEO，該礦在經歷了年初的緩慢開局後，已經開始步入正軌。根據該資產最新的公開礦場計畫（即前 Cardinal Resources 公司於 2019 年完成的可行性研究），我們預計 Namdini 礦場未來將繼續改進，據我們了解，目前的營運商正在遵循該計畫。

Moving to slide 7, and as I mentioned earlier, the number of currently producing assets in our portfolio stands at 22. And while unlikely to be included in any of our GEOs received this year, the next asset expected to be added to this list will be Ramelius Resources Dalgaranga mine in Western Australia, with our partner recently having released a full integration plan for the high-grade underground mine. Which includes some modest gold production out of the mine in the first half of 2026. So likely beginning early next calendar year, more on Dalgaranga a bit later.

翻到第 7 張投影片，正如我之前提到的，我們投資組合中目前正在生產的資產數量為 22 項。雖然不太可能包括我們今年收到的任何 GEO，但預計下一個添加到該清單中的資產將是位於西澳大利亞的 Ramelius Resources Dalgaranga 礦，我們的合作夥伴最近發布了該高品位地下礦的完整整合計劃。其中包括該礦在 2026 年上半年的小規模黃金生產。所以很可能從明年年初開始，關於達爾加蘭加的更多資訊稍後再談。

On our last call three months ago, we went out of our way to highlight the meaningful silver exposure provided by OR Royalties, which through H1 2025 was just over 26%. If we recall the same chart from the previous slide, you'll have seen that silver represented over 30% of our revenues in the third quarter.

在三個月前的上次電話會議上，我們特意強調了 OR Royalties 提供的有意義的白銀敞口，到 2025 年上半年，其佔比略高於 26%。如果我們回顧上一張投影片中的圖表，就會發現白銀在第三季占我們營收的 30% 以上。

Summing this all up, we are essentially flagging that OR Royalties can provide lower risk, higher quality, and meaningful leverage to silver for investors that are looking for it, especially if silver prices continue to close the gap versus gold as it has done over the past month or so.

綜上所述，我們實際上是在指出，對於尋求較低風險、較高品質和有意義槓桿的白銀投資者而言，OR Royalties 可以提供這些投資機會，尤其是在白銀價格像過去一個月左右那樣繼續縮小與黃金價格差距的情況下。

Moving on to slide 8, which many of you will have seen many times before. Our company continues to set itself apart from the rest of its relevant peers in two key areas. First, as it relates to lower risk jurisdictional exposure; and second, as it relates to our peer leading cash and gross margins.

接下來是第 8 張投影片，你們中的許多人可能已經看過很多遍了。我們公司在兩個關鍵領域持續保持與同業之間的差異化優勢。首先，這與較低的司法管轄區風險敞口有關；其次，這與我們在同業中領先的現金和毛利率有關。

Starting with the former, just a friendly reminder that OR Royalties is the unequivocal leader when it comes to both net asset value and gold equivalent ounces earned from what we define as Tier 1 mining jurisdictions, which include Canada, the United States, and Australia. And we would think that with the recent explicit plans outlined for the first time by Ramelius regarding Dalgaranga, as well as other recent development advancements across our portfolio, this exposure could very likely grow in the near to medium term.

首先，友情提醒一下，OR Royalties 在淨資產價值和從我們定義的頂級礦業管轄區（包括加拿大、美國和澳洲）獲得的黃金當量盎司數方面，都是無可爭議的領導者。我們認為，隨著 Ramelius 首次明確闡述了有關 Dalgaranga 的計劃，以及我們投資組合中其他項目近期取得的發展進展，這種投資在中短期內很可能會成長。

Moving to the latter, simply put, OR Royalties peer leading cash margins provide our shareholders with both transparent leverage to precious metals prices, as well as unmatched downside protection.

再來看後者，簡而言之，OR Royalties 領先的現金利潤率既為我們的股東提供了透明的貴金屬價格槓桿，也提供了無與倫比的下行保護。

Switching gears to slide 9 and focusing on our cornerstone asset. Our partner Agnico Eagle provided some relevant information relating to the Canadian Mark Malartic complex along with his Q3 2025 financial results announced on Wednesday evening last week. As it relates to operations during the period, aggregate gold production of approximately 150,000 to 157,000 ounces in the quarter was higher than planned, primarily as a result of higher grades of the Barnat pit at Canadian Malartic.

接下來轉到第 9 張投影片，重點介紹我們的核心資產。我們的合作夥伴 Agnico Eagle 提供了一些與加拿大 Mark Malartic 綜合體相關的有用信息，以及上週三晚上公佈的 2025 年第三季度財務業績。就該期間的營運而言，該季度黃金總產量約為 150,000 至 157,000 盎司，高於計劃產量，這主要是由於加拿大馬拉克礦區巴納特礦坑的礦石品位較高。

The higher gold grades at Canadian Malartic were a result of the continued mining of mineralized zones near historical underground stops in the Barnat pit that returned higher grades than anticipated.

加拿大馬拉蒂克金礦較高的金品位是由於巴納特礦坑歷史地下停礦點附近礦化帶的持續開採，其品位高於預期。

Flipping the slide 10. The Odyssey Old underground gold production during Q3 was slightly ahead of plan at approximately 22,400 ounces. Driven by higher ore mine of approximately 3,634 tons per day compared to the target of 35,000 tons -- 3,500 tons per day.

翻到第10張投影片。第三季度，Odyssey Old地下金礦的黃金產量略高於計劃，約22,400盎司。受礦石產量較高（日產量約 3,634 噸，而目標產量為 35,000 噸）的影響，實際日產量約為 3,500 噸。

Regarding the development of Odyssey Underground, the third quarter of 2025 saw mine development advance ahead of schedule, with a record 4,770 meters completed. The breakthrough of the ramp to the mid-shaft loading station at level 102 was completed in the third quarter of 2025, and the main ramp towards the shaft bottom progressed to a depth of 1,059 meters as at September 30, 2025.

關於 Odyssey Underground 的開發，2025 年第三季礦場開發進度提前，完成了創紀錄的 4,770 公尺。2025 年第三季度，通往 102 層豎井中部裝載站的斜坡貫通工程完成；截至 2025 年 9 月 30 日，通往豎井底部的主斜坡已推進至 1059 公尺的深度。

As previously noted, by our partner and firmed up during the third quarter, Agnico Eagle approved the extension of the first shaft by 70 meters to a depth of 1,870 meters amongst some additional loading station adjustments. This adjustment is expected to improve operational flexibility and efficiency in the early 2030s, reducing reliance on truck haulage and further unlocking the significant exploration potential at depth. And speaking of efficiency, the sinking of the first shaft is already 2 months ahead of schedule.

如前所述，經我們的合作夥伴批准，並在第三季度最終確定，Agnico Eagle 批准將第一豎井延長 70 公尺至 1,870 公尺的深度，同時也對一些裝載站進行了調整。預計這項調整將在 2030 年代初期提高營運靈活性和效率，減少對卡車運輸的依賴，並進一步釋放深層勘探的巨大潛力。說到效率，第一口豎井的開挖工作已經比原計畫提早了兩個月。

Looking at exploration, Agnico continues to press ahead aggressively with 29 surface and underground drill rigs operating during the period. The drilling program at Odyssey targeted the Upper Eastern, Lower Eastern, and Lower Western extensions of the East Goldie Deposit. The new eclipse zone and portions of the Odyssey deposit near the Odyssey shaft.

從勘探方面來看，Agnico 繼續積極推動勘探工作，在此期間共有 29 台地面和地下鑽機投入運作。奧德賽的鑽探計畫的目標是東戈爾迪礦床的上東部延伸區、下東部延伸區和下西部延伸區。新的日食區和奧德賽礦床的一部分位於奧德賽豎井附近。

Our partner believes this area of East Goldie has the potential to add indicated mineral resources and potential mineral reserves to East Goldie by year end. The drilling success should benefit the ramping up of the mining operations and provide additional flexibility in mine development in East Goldie, including a potential second mining area in the upper part of the mine.

我們的合作夥伴認為，到今年年底，東戈爾迪礦區的這一區域有可能為東戈爾迪礦區增加已探明礦產資源量和潛在礦產儲量。鑽探的成功應該有利於擴大採礦作業規模，並為東戈爾迪礦的開發提供更大的靈活性，包括在礦山上部開發第二個採礦區。

We touched on the following subject in our last quarterly conference call, but I think it's once again worth time to reiterate that our partner Agnico Eagle continues to openly discuss the concept of a second shaft at Odyssey.

我們在上一次季度電話會議上談到了以下主題，但我認為有必要再次重申，我們的合作夥伴 Agnico Eagle 仍在公開討論在 Odyssey 建造第二個球桿桿身的概念。

On slide 9, we've provided just a small sample size of the details provided by Agnico as it relates to the current concept, including specific underground mine throughput profiles, as well as aggregate potential underground production range in ounces, as well as a breakdown of what is being targeted for both shafts number one and two, expected grades and recoveries, and finally, fairly detailed timelines to achieving all of this.

在第 9 張投影片中，我們僅提供了 Agnico 提供的與當前概念相關的細節的一小部分樣本，包括具體的地下礦山吞吐量概況，以及以盎司為單位的潛在地下總產量範圍，以及一號和二號豎井的目標細分、預期品位和回收率，最後，還提供了實現所有這些目標的相當詳細的時間表。

What does this mean for OR Royalties? Distilling all of this down, it means that we could see an approximately additional 15,000 GEOs from a second shaft over and above what would be expected from the first shaft.

這對 OR 版稅意味著什麼？綜上所述，這意味著第二個豎井可能會比第一個豎井多產約 15,000 噸 GEO。

The sheer amount of gold discovery to date at Odyssey Underground and more specifically East Goldie, on which we have a 5% NSR royalty and which continues to expand, continues to support our partners' plans. The current mineral inventory at the East Goldie sits at approximately 15 million gold ounces and continues to grow. Agnico Eagle now has over 29 drills turning to expand its inventory. In addition to firming up the confidence, what has been previously defined.

迄今為止，Odyssey Underground，特別是 East Goldie（我們擁有 5% 的 NSR 特許權使用費，並且該礦區還在不斷擴大）發現的大量黃金，繼續支持我們合作夥伴的計劃。東戈爾迪礦區目前的礦產儲量約為1500萬盎司黃金，並且持續成長。Agnico Eagle 目前有超過 29 台鑽孔機投入使用，以擴大其庫存。除了增強信心之外，還有之前已經定義過的內容。

Given the sheer magnitude of the potential upside here, we can sympathize with Agnico's approach of taking a measured and methodical approach to the potential addition of the second shaft. Consequently, it is unlikely that there will be any meaningful public disclosure as it relates to specific details on the second shaft until the first half of 2027. Though Agnico has already indicated that upon release of those figures, a final investment decision would be quick to follow, if not almost immediate.

考慮到這裡潛在的上漲空間之大，我們可以理解 Agnico 對可能增加第二個軸採取的謹慎和有條不紊的方法。因此，在 2027 年上半年之前，不太可能就第二個豎井的具體細節進行任何有意義的公開揭露。儘管Agnico已經表示，一旦這些數據公佈，最終的投資決定將很快做出，甚至幾乎是立即做出。

Here at OR Royalties, it is our continued belief that the value of the potential second shaft at Odyssey is not currently fully reflected in our share price or even for that matter in Agnico's share price. Despite the fact that we truly believe that there is little doubt that this project will eventually be sanctioned and completed.

OR Royalties 始終認為，Odyssey 潛在的第二根豎井的價值目前尚未完全反映在我們的股價中，甚至也沒有反映在 Agnico 的股價中。儘管我們堅信這個項目最終一定會獲得批准並完成。

Finally, the potential second shaft only serves as a component, albeit a key one, to Agnico's broader plans, which could see the entire complex produce 1 million ounces from 2030 onwards. When factoring in additional regional ore sources such as Marban and Wasamac.

最後，潛在的第二條豎井只是 Agnico 更廣泛計劃中的一個組成部分（儘管是關鍵組成部分），該計劃可能使整個綜合設施從 2030 年開始生產 100 萬盎司黃金。當考慮到其他區域礦石來源（例如 Marban 和 Wasamac）時。

As a reminder, (inaudible) is subject to an NSR royalty or NSR royalties owned by OR royalties, as well as the toll milling royalty. While Wasamac ore would be subject only to the toll milling royalty. Agnico noted on their conference call last Thursday that the studies on both the second shaft and the complex's path to 1 million ounces remain on track.

提醒一下，（聽不清楚）需繳納 NSR 特許權使用費或由 OR 特許權使用費擁有的 NSR 特許權使用費，以及加工費。而 Wasamac 礦石只需繳納加工費。Agnico 在上週四的電話會議上指出，關於第二個豎井和該礦區實現 100 萬盎司產能的研究仍在按計劃進行。

Onto slide 10, which touches on Dalgaranga. A high grade underground gold asset in which OR Royalties owns a 1.44% gross revenue royalty. And which was acquired just over a year ago.

接下來是第 10 張幻燈片，其中提到了達爾加蘭加。OR Royalties 擁有一處高品位地下金礦資產，並享有 1.44% 的總收入特許權使用費。而這家公司是一年多前收購的。

On July 30, Ramelius Resources fully closed its acquisition of Spartan Resources, and then just two weeks ago, our new operating partner provided its detailed plans of how it expects Dalgaranga to fit into this gold production growth over the next five years.

7 月 30 日，Ramelius Resources 完全完成了對 Spartan Resources 的收購。就在兩週前，我們的新營運合作夥伴提供了詳細的計劃，說明他們希望 Dalgaranga 在未來五年內如何融入黃金生產成長。

In summary, Remilius is choosing to operate and concurrently expand its central processing facility at its pre-existing Mount Magnet hub in order to accommodate ore from Dalgaranga. Eventually and within the next two years, the facility will be completely expanded to 5 million tons per annum. And with two separate crushing circuits to accommodate ores from both Mount Magnet and Dalgaranga. Due to their respective different grind size and recovery profiles.

總而言之，Remilius 選擇在其原始的 Mount Magnet 樞紐運營並同時擴建其中央處理設施，以便容納來自 Dalgaranga 的礦石。最終，在未來兩年內，該設施將全面擴建，年產能達 500 萬噸。並設有兩套獨立的破碎迴路，分別用於處理來自磁山和達爾加蘭加的礦石。由於它們的研磨粒度和回收率各不相同。

In the meantime, higher grade ore from Dalgaranga will be fed through the pre-existing unmodified plant, with lower recovery rates expected to be achieved during this interim period. The good news out of all of this for OR Royalties is that Dalgaranga is now very likely the next producing asset in our portfolio, with the first production expected in the first half of 2026. With significant step changes and growth expected after that based on Ramelius's financial year.

同時，來自達爾加蘭加的高品位礦石將透過現有的未改造工廠進行處理，預計在此過渡期間回收率將較低。對於 OR Royalties 來說，好消息是 Dalgaranga 很可能成為我們投資組合中的下一個生產資產，預計將於 2026 年上半年開始投入生產。根據 Ramelius 的財政年度，預計此後將出現重大變化和成長。

Based on the recently provided production profiles, Dalgaranga is also set to produce close to 275,000 ounces of gold in Ramelius's financial year in 2030 alone. None of these figures include any potential additional ore ounces sourced from Dalgaranga's Gilbey's Underground, or a potential Never-Never open pit project, which serves which serve as potential upside and on which Ramelius has also completed a PEA level scoping study --scoping studies respectively, And of course this doesn't include any potential future exploration upside success within OR Royalties area of interest either.

根據最近公佈的生產概況，達爾加蘭加金礦僅在拉梅利烏斯2030財年就將生產近275,000盎司黃金。這些數據均未包含來自達爾加蘭加吉爾貝地下礦區的潛在額外礦石盎司，也未包含潛在的永不永不露天礦項目，這些項目是潛在的增值點，拉梅利烏斯也已就此完成了初步經濟評估範圍研究。當然，這也不包括俄勒岡州皇家礦業公司感興趣區域內任何潛在的未來勘探增值。

To sum up these points, we think that the recently released plans from Ramelius represents the first positive early indication of the true potential of this high grade asset going forward.

綜上所述，我們認為 Ramelius 最近公佈的計劃代表了這一高品位資產未來真正潛力的第一個積極早期跡象。

We'd like to extend our congratulations to the entire Ramelius team on having completed these creative and well-received integration plans in relative short order post this acquisition of Spartan Resources, and we very much look forward to Ramelius' execution going forward.

我們謹向 Ramelius 團隊表示祝賀，他們在收購 Spartan Resources 後，在相對較短的時間內完成了這些富有創意且廣受好評的整合計劃，我們非常期待 Ramelius 今後的執行情況。

Moving to slide 13, but also staying down under. We're happy to report that Harmony Gold's acquisition of Matt Copper closed on October 24, 2025. The most immediate impact to OR Royalties and more specifically OR Royalties International was the receipt of $49 million in cash for the 4 million shares held in MAC Copper.

切換到第 13 張投影片，但仍保持在下方。我們很高興地宣布，Harmony Gold 對 Matt Copper 的收購已於 2025 年 10 月 24 日完成。對 OR Royalties 以及更確切地說是 OR Royalties International 而言，最直接的影響是收到了 4900 萬美元現金，用於出售其持有的 MAC Copper 的 400 萬股股份。

Even more exciting though is the future of this asset. Under such a deeply skilled underground mine operator such as Harmony. With the transaction closed, the approximate three month integration process of the asset is now underway. With Harmony looking to immediately execute on available synergies while also looking to maximize operational efficiencies once the integration is complete. Furthermore, Harmony has already provided a timeline with respect to future catalysts at CSA, most notably an updated Life of Mind plan expected in August of 2026.

不過，更令人興奮的是這項資產的未來。在像 Harmony 這樣技術精湛的地下礦場營運商的帶領下。交易完成後，該資產的整合過程大約需要三個月時間，目前正在進行中。Harmony 希望在整合完成後立即利用現有綜效，同時最大限度地提高營運效率。此外，Harmony 已經提供了有關 CSA 未來催化劑的時間表，最值得注意的是預計將於 2026 年 8 月推出的更新版「心靈生活」計畫。

Before that, however, there will be some key interim updates in late February or early March of 2026, at which time Harmony is expected to provide a fiscal year 2026 production guidance for CSA, as well as detailed updates on operational performance, key project development milestones, and finally on recent exploration activities.

不過在此之前，2026 年 2 月下旬或 3 月初將有一些重要的中期更新，屆時 Harmony 預計將提供 CSA 2026 財年產量指導，以及營運績效、關鍵專案開發里程碑和近期勘探活動的詳細更新。

From our understanding, Harmony doesn't plan to deviate from either of the two projects started under MAC Copper, specifically the Upper Marin Mine, as well as the CSA ventilation project, with the latter still scheduled for completion in Q3 2026. Recall that these two projects are expected to get to the mine to a point where it can sustainably produce at the 50,000 tons of copper per annum level which represents a production expansion of approximately 25% of the most recently completed full year of operations in 2024.

據我們了解，Harmony 不打算偏離 MAC Copper 啟動的兩個項目中的任何一個，即 Upper Marin 礦和 CSA 通風項目，後者仍計劃於 2026 年第三季完成。回想一下，這兩個項目預計將使礦場達到每年可持續生產 5 萬噸銅的水平，這相當於 2024 年最近一個完整營運年度產量的約 25%。

Recall the underground mine that had been the key bottleneck with the surface processing facility still having plenty of latent capacity, a facet that we expect harmony to take full advantage of over time.

回想曾經是瓶頸的地下礦井，而地面處理設施仍然有大量的潛在產能，我們預計隨著時間的推移，和諧將會充分利用這一方面。

Let's move to slide 12. We're now highlighting the CSA expansion projects more explicitly in our five-year growth outlook to 2029, alongside Island Gold, Dalgaranga, and the others. As it relates to CSA, these expansions were always expected based on our exchanges with both MAC Copper and now Harmony Gold.

我們來看第12張投影片。在 2029 年的五年成長展望中，我們將更明確地重點介紹 CSA 的擴張項目，以及 Island Gold、Dalgaranga 和其他項目。就 CSA 而言，根據我們與 MAC Copper 以及現在的 Harmony Gold 的交流，這些擴張一直都在預料之中。

Another minor change in this slide versus previous variations is that we've reintroduced the Eagle Mind and the Yukon back into the optionality bar where previously it had been completely removed.

與先前的版本相比，此投影片的另一個細微變化是，我們已將 Eagle Mind 和 Yukon 重新引入到選項欄中，而之前它們已完全移除。

And this actually provides a very good segue into slide 13, which provides an ongoing summary of the significant progress being made on some of our key optionality assets that are currently excluded from our five-year outlook. Though this slide might provide a good foundational preview on how to think about what might be included in our 2030 five-year outlook when released in mid February of next year.

這實際上很好地引出了第 13 張投影片，該投影片持續總結了我們一些關鍵選擇權資產（目前不在我們的五年展望中）所取得的重大進展。雖然這張幻燈片可能為我們思考 2030 年五年展望（將於明年 2 月中旬發布）可能包含的內容提供了一個很好的基礎預覽。

As noted in a press release last night, we'll start with CARIBOO and Spring Valley, two shovel-ready, fully permitted, sizable gold projects that each resides in what we would define as Tier 1 mining jurisdictions. In aggregate, these two assets would be able to provide OR Royalties and their shareholders with approximately 16,000 GEOs in aggregate once fully underway.

正如昨晚的新聞稿中所述，我們將從 CARIBOO 和 Spring Valley 開始，這兩個金礦項目都已做好開工準備，獲得了所有必要的許可，規模相當可觀，而且都位於我們定義的 1 級礦業管轄區內。總的來說，一旦全面投產，這兩項資產將能夠為 OR Royalties 及其股東提供總計約 16,000 GEO。

Starting with Cariboo with another round of additional financing just completed. ODEv is already moving forward with pre-construction and construction activities for the development of the project, including certain detailed engineering, procurement, underground development, operational readiness planning, and other early works activities. We're expecting more news from the Cisco development team in the near term, as it relates to more concrete plans and timelines for the Cariboo construction. Which is set to be completed in order to achieve first gold production in the second half of 2028.

首先是 Cariboo，它剛剛完成了一輪額外的融資。ODEv 已經開始推進該項目的建設前準備和建設活動，包括一些詳細的工程設計、採購、地下開發、營運準備計劃和其他早期工作活動。我們期待思科開發團隊近期能發布更多關於 Cariboo 建設的具體計畫和時間表的消息。該項目預計將於 2028 年下半年完成，以實現首次黃金生產。

Moving to Spring Valley, our understanding that [Soladis] and its build team are effectively ready to go. As the company is keen to move forward with construction work. However, at this time, our partner is seeking final authorization of project financing via the proposed $835 million of US Ex-Am Bank facilities. So stay tuned on this one.

搬到 Spring Valley 後，我們了解到 [Soladis] 及其建設團隊已經準備就緒。由於該公司渴望推進建設工作。然而，目前我們的合作夥伴正在尋求透過擬議的美國進出口銀行提供的 8.35 億美元融資來獲得專案融資的最終授權。請留意後續報道。

Progress continues apace at Agnico Eagle's Upper Beaver Project in Ontario. Elsewhere, United Gold or Lydian Armenia is already drawing down on its credit facility in order to move forward with what's left to complete for the construction of Amulsar.

Agnico Eagle公司在安大略省的Upper Beaver專案進展順利。另一方面，United Gold 或 Lydian Armenia 已經開始動用其信貸額度，以便推進 Amulsar 礦區剩餘的建設工作。

In fact, we just had our team on site this past September and they were very pleased to see this kind of activity there. The first of its kind in a really long time.

事實上，我們團隊去年九月才去過那裡，他們很高興看到那裡有這樣的活動。這是很長一段時間以來的首例。

And at South Railroad, Orla Mining should have an updated feasibility study out before the end of this year, with the final record of decision expected mid 2026 and first gold and silver before the end of 2027.

而對於南鐵路礦區，奧拉礦業公司應該會在今年年底前發布更新的可行性研究報告，最終決策預計將於 2026 年年中公佈，首批黃金和白銀將於 2027 年底前產出。

Finally, at Eagle, we understand that first round bids for the asset were due in the first week of September 2025. With those interested parties that made it into the second round, now completing more due diligence including site visits. The hope is that a new owner can be announced sometime in the coming months with a potential new plan of operations, including a potential timeline to restarting production following fairly soon after that.

最後，據 Eagle 了解，該資產的第一輪投標截止日期為 2025 年 9 月的第一周。進入第二輪的有意向方，目前正在進行更多盡職調查，包括實地考察。希望在未來幾個月內能夠宣布新的所有者，並可能製定新的營運計劃，包括可能在不久之後恢復生產的時間表。

Quickly on slide 14, on top of everything else we've mentioned, here is an updated list of key catalysts on currently producing assets on the left and key near term development projects that fall within our current five year outlook on the right. I'll single out just two for now.

在第 14 張投影片上，除了我們提到的所有其他內容之外，這裡列出了當前生產資產的關鍵催化劑的最新清單（左側）和符合我們當前五年展望的關鍵近期開發項目（右側）。我暫時只挑出兩個例子。

Looking to the right of the slide and starting with Windfall, it's likely that GoldFields provide some updated economic numbers on the project at its upcoming Capital Markets Day scheduled for next week on November 12. Recall, the most recent fulsome update from GoldFields provided the expectations that an updated feasibility study, along with final project permits, as well as final IBAs with the relevant First Nation groups are now expected in what is shaping up to be a very busy 2026 for GoldFields at Windfall.

從幻燈片右側的 Windfall 專案開始，GoldFields 可能會在下週（11 月 12 日）舉行的資本市場日上提供該專案的一些最新經濟數據。回想一下，GoldFields 最近一次全面的更新表明，預計在 2026 年，GoldFields 在 Windfall 項目將迎來非常繁忙的一年，屆時將發布更新的可行性研究報告、最終項目許可證以及與相關原住民群體的最終 IBA 協議。

Second, and touching briefly on what has been and continues to be a busy year for Marimaca Copper, with the MOD feasibility study now completed, it's quite possible that in the next few months we could see additional major milestones achieved in the form of final permits for the MOD project and our partners securing full financing to move forward with a final investment decision and subsequent project construction.

其次，簡單提及馬裡馬卡銅業公司過去和現在都非常忙碌的一年，隨著 MOD 可行性研究的完成，很有可能在接下來的幾個月裡，我們會看到 MOD 項目獲得最終許可，以及我們的合作夥伴獲得全額融資，從而推進最終投資決定和後續項目建設，並取得其他重大里程碑式的進展。

Finally, we'll end on the formal part of the presentation on slide 15, which outlines the current state of OR Royalties balance sheet. At quarter end, we were completely debt free and had cash of $57 million. This cash balance would have grown to approximately $106 million if we'd been able to include the $49 million value of our MAC Copper shares, which are listed on this slide as investments held for sale, given this was representative as of September 30.

最後，我們將以幻燈片 15 的正式部分結束本次演示，該部分概述了 OR Royalties 目前的資產負債表狀況。季度末，我們完全沒有債務，並且擁有 5700 萬美元的現金。如果我們能夠將價值 4,900 萬美元的 MAC Copper 股票計入其中（這些股票在本幻燈片中列為待售投資），那麼截至 9 月 30 日，現金餘額將增長至約 1.06 億美元。

The good news is this cash was received this past week, so factoring this all in with approximately $1 billion in potential available liquidity at the end of the quarter, the balance sheet is looking incredibly strong. Our improved financial position is key as OR Royalties corporate development team continues to be stretched to capacity across multiple transaction opportunities.

好消息是，這筆現金已於上週收到，因此，考慮到本季末約 10 億美元的潛在可用流動資金，資產負債表看起來非常強勁。由於 OR Royalties 企業發展團隊在多個交易機會中持續處於超負荷運轉狀態，我們財務狀況的改善至關重要。

At the same time, a robust organic growth profile and deep pipeline of tangible optionality affords OR Royalties the luxury to maintain a disciplined approach and wait for the right deal, as we're not willing to sacrifice investment returns, deal economics, or contract features just for the sake of adding gold equivalent ounces.

同時，強勁的內生成長動能和豐富的可觀選擇權使 OR Royalties 能夠保持嚴謹的態度，等待合適的交易，因為我們不願為了增加黃金當量盎司而犧牲投資回報、交易經濟效益或合約條款。

As such, we plan to adhere to a time-tested strategy of measured and disciplined capital allocation in the pursuit of high-quality accretive streams and royalties that will bolster the company's current and near term GEO deliveries, as well as cash flows for the benefit of our current and future shareholders.

因此，我們計劃堅持經過時間檢驗的策略，採取審慎和有紀律的資本配置，以追求高品質的增值收入和特許權使用費，從而增強公司當前和近期的 GEO 交付量，以及現金流，以造福我們現有和未來的股東。

And with that, we will conclude the formal part of today's call, and we can move forward with the Q&A. Joel?

至此，今天電話會議的正式部分結束，我們可以進入問答環節了。喬爾？

Thank you ladies and gentlemen. We will now begin the question-and-answer session. (Operator Instructions)

謝謝各位女士、先生。現在開始問答環節。（操作說明）

Josh Wolfson, RBC Capital Markets.

Josh Wolfson，加拿大皇家銀行資本市場。

Yeah, thanks very much. Couple of questions. First for MALARTIC, you know this has been a very strong year for the assets, outperforming expectations on [Barnett] grades, the existing mind plan in 2026 outlined a little bit lower production, before I guess some further increases thereafter. I'm wondering how OR is thinking about the near-term outlook for the assets in the context of what next year looks like and what we should expect there. Thank you.

是的，非常感謝。我有幾個問題。首先對於 MALARTIC 來說，你知道今年資產表現非常強勁，[Barnett] 評級超出預期，現有的 2026 年計劃概述了產量略有下降，之後我猜想會進一步增長。我想知道 OR 如何看待資產的近期前景，以及明年的情況和我們應該期待什麼。謝謝。

Thank you, Josh. I don't know you had two questions, so we'll come back to you in a second, but I'm going to hand it over to Gui who's best situated to answer the question for you and the audience.

謝謝你，喬許。我不知道你有兩個問題，所以我們稍後再回答你，但我現在要把問題交給 Gui，他最適合回答你和觀眾的問題。

Hey Josh, we're not expecting any surprises, as the grade overperformance is due to blocks that are around the underground stoves, and Agnico takes a fairly conservative approach to, whether those blocks appear in the resource reserve models. We continue that, we expect that to continue into the final pits that we see there. So no expected surprises, we do get more detailed information at the beginning of the year with respect to their short-term mine plans, but we don't have those yet.

嘿，喬希，我們預計不會有任何意外，因為品位超標是由於地下爐灶周圍的礦塊造成的，而Agnico公司對於這些礦塊是否出現在資源儲量模型中採取了相當保守的做法。我們將繼續這樣做，我們預計這種情況會持續到我們看到的最終坑洞。所以不會有什麼意外，我們會在年初獲得有關他們短期礦山計劃的更詳細信息，但我們現在還沒有這些信息。

And your next question, Josh?

喬希，你的下一個問題是什麼？

I can keep going. I got a couple of them, for Eagle, I'm wondering if OR has been involved in any part of the negotiation process with, some of the parties here that have been, yeah, I guess, providing offers.

我還能繼續。我收到了一些關於 Eagle 的信息，我想知道 OR 是否參與了與一些方面（我想是的，他們一直在提供報價）的談判過程。

So look, I think everybody is aware, there's a public process that BMO Capital Markets Restructuring Group is running. It's safe to say that as we mentioned, the first round in the indicative bids, nonbinding bids passed, and they've selected a number of we would -- what we would qualify or what they've told us is high-quality operators with very good ESG credentials.

所以你看，我想大家都知道，BMO資本市場重組集團正在進行一項公開的重組流程。可以肯定地說，正如我們所提到的，第一輪指示性投標（非約束性投標）已經通過，他們已經選出了一些我們認為合格的——或者他們告訴我們的——具有非常好的 ESG 資質的高質量運營商。

In addition, given the fact that we are a stakeholder, given our interest, we've also signed an NDA with the Group PWC who's obviously acting for the Yukon government and BMO Capital Markets. So it's really not appropriate for us to be able to comment on. Again, any discussions we may or may not have with potential operators, they are running their BMO Capital Markets is running a very fulsome and proper public process that you certainly and everybody, all stakeholders will be able to see in the fullness of time.

此外，鑑於我們是利益相關者，考慮到我們的利益，我們也與代表育空地區政府和 BMO 資本市場的 PWC 集團簽署了保密協議。所以，我們實在不便對此發表評論。再次強調，無論我們是否與潛在營運商進行任何討論，BMO Capital Markets 都在進行非常全面和適當的公開流程，您和所有利害關係人最終肯定都能看到。

All we can say is, as a stakeholder, we're quite pleased with the progress that has been made. We do believe that at some point, and we'll very likely get visibility. In 2026 as to what the plan of the next operator of the Eagle mine will be, and at that point we will determine or decide whether we re-include the Eagle GEOs into our five-year outlook. So there's not much more that we can say on that, Josh, apart from that we're very pleased with the quality of interest from established operators that are looking to set a base up in the Yukon.

作為利益相關者，我們只能說，我們對目前的進展感到非常滿意。我們相信，在某個時候，我們很可能會獲得關注。2026 年，我們將了解 Eagle 礦的下一任營運商的計劃，屆時我們將決定是否將 Eagle GEO 重新納入我們的五年展望。所以，喬希，關於這一點我們沒什麼好說的了，除了我們對那些希望在育空地區設立基地的成熟運營商表現出的興趣質量感到非常滿意。

Great. Thank you. And then one last one I think in some of the prior conference calls you had talked about some potential for a transaction to be announced before your end. You know, it sounds like the company is you know instituting some greater discipline and I'm just wondering what the outlook is still for that negotiation process. Thank you.

偉大的。謝謝。最後還有一個問題，我想在之前的幾次電話會議中，您曾談到在您下班前可能會宣布一筆交易。聽起來公司似乎正在實施更嚴格的紀律，我只是想知道談判進程的前景如何。謝謝。

Yeah, no, it's a really good question. I'm looking at my team around the table here. As I said in my remarks, the corporate development technical teams are just flat out right now. We're looking at a lot of opportunities. However, as I've said in the past, I mean, if our group can get one, maybe two high conviction very good returns for our shareholders over the course of 12 to 18 months, we will do that.

沒錯，這確實是個好問題。我正在環顧桌邊的我的團隊成員。正如我在演講中所說，企業開發技術團隊現在正忙得不可開交。我們正在考慮很多機會。但是，正如我過去所說，我的意思是，如果我們的集團能夠在 12 到 18 個月內為股東帶來一到兩個非常有把握的良好回報，我們就會這樣做。

What we've seen in the marketplace though is, we have not been able to conclude those transactions both on a couple of things, as I said in my remarks, value we're not seeing, we've got to obviously make spread on our own, internal hurdle rate we're not seeing deals right now that satisfy that criteria, as also we've seen some loosening of structure, i.e., there's been a number of deals, as you would know that are unsecured or the security instrument is not where we as risk managers on behalf of shareholders capital are comfortable with at this stage.

然而，我們在市場上看到的是，由於以下兩個原因，我們未能完成這些交易：正如我剛才所說，我們沒有看到合適的價值；我們顯然需要自己實現利差；我們目前沒有看到符合內部最低收益率標準的交易；此外，我們也看到一些結構上的鬆動，也就是說，正如您所知，有很多交易是無擔保的，或者擔保

So there's certainly a desire to get things done, Josh. It's just we have to remain very disciplined. And really stick to (inaudible) and pick our spots.

所以，喬希，你一定很想把事情做好。我們必須保持高度自律。並且要堅持（聽不清楚）並挑選好我們的目標。

(Operator Instructions)

（操作說明）

Tanya Jakusconek, ScotiaBank.

Tanya Jakusconek，加拿大豐業銀行。

Oh, great. Good morning, everybody. Thank you for taking my call and thank you operator for getting my name right.

哦，太好了。各位早安。謝謝您接聽我的電話，也謝謝接線生叫對了我的名字。

Can I just continue on Josh's questions on the transaction opportunities? Jason, you mentioned on your call that, you have an internal rate of return metric. That you're very focused on as part of your strict valuation for metrics for transactions, and you said it's a more conservative gold price. What sort of internal rate is that? Is it 15%?

我可以繼續回答 Josh 關於交易機會的問題嗎？Jason，你在電話會議中提到過，你們有一個內部報酬率指標。您非常關注這一點，並將其作為您嚴格評估交易指標的一部分，而且您說過這是一個更保守的黃金價格。這是哪種內部利率？是15%嗎？

It would vary, Tanya, and so maybe we can take this conversation offline because I think it is important you understand it, but I'll just talk about broad parameters. We obviously have a weighted average cost of capital within our company that's mainly informed by a revolving credit facility. A revolving credit facility is based on a variable rate. I think you know what prime rates and where the rates have been going down.

情況會因人而異，塔尼亞，所以也許我們可以私下談談，因為我認為你理解這一點很重要，但我只能談談大致情況。我們公司內部的加權平均資本成本顯然主要取決於循環信用額度。循環信用額度採用浮動利率。我想你應該知道最優惠利率是多少，以及利率在哪些地區已經下降了。

So approximately -- And it could vary over time, but approximately it's about 4.5% in terms of our cost of capital or cost of debt if we were to dip into the revolving credit facility. So that is obviously what we need for a transaction is a spread beyond that. And what we also do is, we don't do transactions and we don't look at transactions in the frame of spot prices right now. We do continue to look at consensus pricing and be informed by that.

所以，大約——而且這個數字可能會隨時間變化，但如果我們動用循環信貸額度，那麼就我們的資本成本或債務成本而言，大約是 4.5%。所以很明顯，我們需要的交易價差就大於這個值。而且我們現在也不做交易，也不以現貨價格為框架來看交易。我們會持續關注市場共識定價，並從中汲取資訊。

All that said, we do look at spot as a relevant benchmark. It is a very competitive sector and very competitive for deals right now, and then we have to really lean on our technical team, Guy and Brendan in particular, to look through the asset and see what might not be publicly disclosed in terms of technical reports to look for upside both geologically, mine life extensions and operational efficiencies. So it's a very complex -- well, it's an answer that has many different components to it. Very happy to walk you through our methodology at some point, but you can think around those parameters, as I said, a spread over that hurdle.

綜上所述，我們仍將現貨價格視為一個相關的基準。這是一個競爭非常激烈的行業，目前的交易競爭也非常激烈，因此我們必須真正依靠我們的技術團隊，特別是 Guy 和 Brendan，仔細審查資產，看看技術報告中可能沒有公開披露的信息，以尋找地質、礦山壽命延長和運營效率方面的增長機會。所以這是一個非常複雜的問題——嗯，答案包含許多不同的組成部分。我很樂意在某個時候向您詳細介紹我們的方法，但您可以圍繞這些參數進行思考，正如我所說，跨越這個障礙的途徑。

And obviously if we did a transaction in one of those Tier 1 jurisdictions, the hurdle or the spread would be significantly less than, -- let's call it Tier 2 or Tier 3 transaction, and we've we've proven that in the past. Let's go back to the [Cascavell] transaction that we did with Franco and what the street had suggested in terms of the internal rate of return that was mid-teens for us, 14% to 15%. So those are the approximately the goalposts, Tanya.

顯然，如果我們在一級司法管轄區進行交易，門檻或價差將比二級或三級交易小得多，我們過去已經證明了這一點。讓我們回到我們與弗朗哥進行的 [Cascavell] 交易，以及華爾街對我們內部收益率的建議，當時我們的內部收益率在 15% 到 15% 之間。所以，這些大致就是目標了，塔妮亞。

Okay, so definitely over 5% right over that. Maybe just on the opportunities that you're seeing out there, I think on the Q2 conference call was quite a widespread from like $50 million to $1 billion, I mean you can drive a truck through that. Maybe we could talk a little bit more about, what are you seeing currently in the environment? Is it a much tighter spread? Is it still streams versus royalty packages? Is it still development or financing for asset sales? What exactly are you seeing?

好的，肯定超過5%。或許就你目前看到的機會而言，我認為在第二季電話會議上，各種機會的分佈相當廣泛，從 5000 萬美元到 10 億美元不等，我的意思是，你可以開一輛卡車穿過這個範圍。或許我們可以再多聊聊，你目前在環境中觀察到了哪些現象？價差是否縮小了很多？現在還是按串流播放量付費還是按版稅付費？這筆款項是用於開發還是用於資產出售的融資？你究竟看到了什麼？

The answer to all those questions, Tanya is yes. All of the above. Again, it varies for sure, and some obvious deals that are in flight we've been working on for can be two, three years, and some obviously come in through processes of existing operators, for example, deciding now is the right time to sell a royalty package off that they've put in a portfolio, many many years ago and obviously are looking at the commodity complex and saying, is this the right time for us to extract value.

坦妮婭，所有這些問題的答案都是肯定的。上述所有的。當然，情況肯定會有所不同，一些我們正在努力推進的明顯交易可能已經進行了兩三年，而有些交易顯然是通過現有運營商的流程達成的，例如，他們決定現在是出售多年前放入投資組合中的特許權使用費套餐的合適時機，顯然他們正在審視大宗商品市場，並思考現在是我們從中獲取價值的合適時機嗎。

So again, there's a lot of different opportunities out there for us. I think I'm consistent in saying that for us being a mid-tier streaming and royalty company that the strike zone for us is anywhere between $50 million and $500 million. We do have ample liquidity and capacity to do that, given again that we now have zero debt and completely underdrawn on a revolving credit facility. But there is many opportunities out there.

所以，我們有很多不同的機會。我認為我一直堅持的觀點是，對於我們這樣一家中等規模的串流媒體和版稅公司來說，我們的目標金額在 5000 萬美元到 5 億美元之間。我們確實有充足的流動資金和能力來做到這一點，因為我們現在零負債，循環信貸額度已完全透支。但外面有很多機會。

As I said, our team is very busy, and I will -- because I don't think it's -- I will again emphasize that for our company, given our growth profile, we just have to be incredibly disciplined around capital allocation.

正如我所說，我們的團隊非常忙碌，而且——因為我認為並非如此——我要再次強調，鑑於我們公司的成長情況，我們必須在資本配置方面保持高度自律。

Okay, thank you. I guess we'll get more into that. It's your Investor Day.

好的，謝謝。我想我們之後會更深入地探討這個問題。今天是投資者日。

Maybe just a final question as I think about 2026 and, I know pricing is important whether you keep the 82 or 83 to 1 ratio, as I think about and you provided the five year 2029 -- you're up in the, 120,000, 125,000 GEOs or thereabout, as I think 2026. Would it be fair, and it's just a directional situation, it would be fair to assume that '26 could look very similar to '25?

或許最後一個問題，因為我在考慮 2026 年，我知道定價很重要，無論你保持 82 或 83 比 1 的比例，因為我在考慮，而你提供了五年後的 2029 年——你達到了 120,000 到 125,000 個 GEO 左右，因為我認為 2026 年也是如此。如果只是推測，那麼假設 2026 年的情況可能與 2025 年非常相似是否合理？

Yeah, no, it's an excellent question, Tanya. Look, obviously we'll provide more details when we put out our one-year guidance in February of 2026, as well as an updated five year outlook. What we've been consistent in saying in the past is this growth rate 40% over the next five years is not linear. The assets that we have in production currently, really the only new asset that's going to unless we actually bring an asset through an acquisition, the only really new asset coming in is the Dalgaranga that we talked about on the call.

是的，沒錯，這是一個很好的問題，塔尼亞。當然，我們會在 2026 年 2 月發布一年期業績指引以及更新後的五年展望時提供更多細節。我們過去一直強調的是，未來五年 40% 的成長率並非線性成長。我們目前在產的資產，除非我們透過收購取得資產，否則唯一真正會新增的資產就是我們在電話會議上提到的 Dalgaranga。

We do expect next year for Mantos Blancos to continue to have the higher silver grades that we've just recently started to experience. So those are the big drivers of growth for 2026, as well as the Namdini mine in Ghana as it hits its full stride in 2026. That's probably the best guidance I can give you at this stage. We can certainly talk about it further on Monday at the Investor/Analyst Day, but we'll give all that specificity to the extent we can in February of 2026.

我們預計明年曼托斯布蘭科斯銀礦將繼續保持我們最近才開始體驗到的較高銀礦品位。因此，這些是 2026 年的主要成長驅動因素，加納的 Namdini 礦也將在 2026 年全面投產。這大概是我現階段能給你的最好建議了。我們當然可以在周一的投資者/分析師日上進一步討論這個問題，但我們會盡可能在 2026 年 2 月給出所有具體細節。

Okay, fair enough. Thank you very much and look forward to your Investor Day.

好吧，這說得有道理。非常感謝，期待您的投資者日活動。

Thank you, Tanya.

謝謝你，塔尼亞。

Carey MacRury, Canaccord Genuity Group.

Carey MacRury，Canaccord Genuity Group。

Hi, good morning guys. Just a quick one for me. There was a copper buy down option on the MAC Copper stream. Just wondering if that option transfers now to Harmony and if you have any thoughts on whether they'll execute that or not?

大家好，早安。我只需要簡單回答一下。MAC Copper 交易平台上有一個銅價下跌選擇權。我想知道這個選項現在是否也適用於 Harmony，以及您認為他們是否會執行這項操作？

So really good question. Thank you for it, Carey. Effectively you can think of everything that we had with MAC Copper as essentially being assigned to Harmony Gold. So yes, is a straightforward answer, and anything that you're modeling or seeing with MAC Copper, you can just assume, and because it has been assigned to Harmony Gold. There's been no changes in the structure, no changes in effectively anything commercially with respect to that, both the silver stream and the copper stream.

問得真好。謝謝你，凱瑞。實際上，你可以把我們之前在 MAC Copper 上擁有的一切，都看作是轉移到了 Harmony Gold 上的。所以，是的，答案很簡單。任何你用 MAC Copper 建模或看到的東西，你都可以直接假設，因為它已被分配給了 Harmony Gold。結構上沒有任何變化，就商業層面而言，無論是銀流還是銅流，實際上都沒有任何變化。

And that option only kicks in after this on the fifth anniversary, they can't exercise early.

而這項選擇權只有在第五週年紀念日之後才會生效，他們不能提前行使。

That's correct.

沒錯。

Okay. Great. That's it for me. Thanks.

好的。偉大的。就這些了。謝謝。

There are no further questions at this time. I will now turn the call over to management for closing remarks.

目前沒有其他問題了。現在我將把電話交給管理階層，請他們作總結發言。

Thank you, Joel. As always, if anyone on the call or listening to this replay has additional questions, insights or observations on our business and our business strategy, please do reach out to Grant, Heather, or myself. I'll be more than pleased to provide more information about the bright future for our company and its shareholders.

謝謝你，喬爾。像往常一樣，如果參加電話會議或收聽本次重播的任何人對我們的業務和業務策略有任何其他問題、見解或意見，請隨時聯繫 Grant、Heather 或我本人。我非常樂意提供更多關於我們公司及其股東美好未來的資訊。

In addition, I would like to provide a final plug for our Investor and Analyst Day, which is planned to be a two-hour session this Monday starting at 1:00 PM Advantage Venues in Downtown Toronto. My team will go through in much greater detail our assets, including the potential for growth, insights and opportunities that we do see within our portfolio.

此外，我還要最後宣傳我們的投資者和分析師日活動，該活動計劃於本週一下午 1 點在多倫多市中心的 Advantage Venues 舉行，時長兩小時。我的團隊將更詳細地審查我們的資產，包括我們看到的投資組合中的成長潛力、見解和機會。

If you can make it down in person and you haven't already done so, please RSVP to my colleague, Grant Moenting. And if you can't make it in person, a live web web webcast link was also provided in our press release last night. We hope you can join us either way, and if not, a recording of the event will be available on our website in relatively shorter order after the event.

如果您能親自前來，並且還沒有回复，請回覆我的同事 Grant Moenting。如果您無法親臨現場，我們昨晚的新聞稿中也提供了網路直播連結。我們希望您無論如何都能參加，如果您無法參加，活動結束後不久，我們將在網站上提供活動錄影。

Thank you again very much for your time, and we look forward to engaging with you in the future.

再次非常感謝您抽出時間，我們期待未來與您再次合作。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，請您斷開線路。