Orla Mining Ltd (ORLA) 2025 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Orla Mining's conference call for the first quarter 2025 results. My name is Regina, and I will be your conference operator today. (Operator Instructions) Please be advised that this call is being recorded.

女士們、先生們，早安，歡迎參加 Orla Mining 2025 年第一季業績電話會議。我叫 Regina，今天我將擔任您的會議主持人。（操作員指示）請注意，此通話正在錄音。

I would like to turn the meeting over to Andrew Bradbury, Vice President, Investor Relations and Corporate Development. Please go ahead, Mr. Bradbury.

我想將會議交給投資者關係和企業發展副總裁安德魯‧布拉德伯里 (Andrew Bradbury)。請繼續，布拉德伯里先生。

Thank you, operator, and welcome to Orla's first quarter 2025 results conference call. We will be making forward-looking statements during today's call, and I would direct you to the second and third slides of the presentation, which contains important cautionary notes regarding these forward-looking statements. All dollar amounts discussed today will refer to US dollars unless otherwise indicated. The Orla executive team is on the call this morning.

謝謝接線員，歡迎參加 Orla 2025 年第一季業績電話會議。我們將在今天的電話會議中做出前瞻性陳述，我將引導您查看簡報的第二張和第三張投影片，其中包含有關這些前瞻性陳述的重要警告。除非另有說明，今天討論的所有美元金額均指美元。Orla 執行團隊今天早上正在通話。

And I'll now pass the call to Jason Simpson, President and CEO.

現在我將把電話轉給總裁兼執行長傑森辛普森 (Jason Simpson)。

Thanks, Andrew. During the first quarter, Camino Rojo continued to perform with low cost, and the continued gold price momentum drove strong cash flow. We recorded our first month of production from our newly acquired Musselwhite Mine, which drove a record quarter of gold production for Orla. We continue to advance our exploration and development projects in Mexico and Nevada and now have begun our exploration program in Canada. With the integration of Musselwhite underway, we are aggressively investing in exploration and investing capital into the operation to improve mining rates and extend mine life.

謝謝，安德魯。第一季度，Camino Rojo持續保持低成本表現，持續的金價勢頭推動了強勁的現金流。我們新收購的 Musselwhite 礦場首次實現每月產量，推動 Orla 本季黃金產量創下新高。我們繼續推動在墨西哥和內華達州的勘探和開發項目，現在已經開始了在加拿大的勘探計劃。隨著 Musselwhite 的整合正在進行中，我們正在積極投資勘探並向營運投入資金，以提高採礦率並延長礦山壽命。

As we communicated about Musselwhite, we see great geologic potential, which could add to mine life and the annual gold production from this asset. As such, we are updating our 2025 guidance today, inclusive of the new investment at Musselwhite. We are pleased to provide updated production guidance for 2025 of 280,000 to 300,000 ounces of gold at consolidated cash costs of $850 to $1,050 per ounce and all-in sustaining cost of $1,300 to $1,500 per ounce of gold sold. This includes 170,000 to 180,000 ounces of gold expected from Musselwhite from March to December.

當我們就馬塞爾懷特進行交流時，我們看到了巨大的地質潛力，這可以延長礦山壽命並提高該資產的年度黃金產量。因此，我們今天更新了 2025 年的指導方針，其中包括對 Musselwhite 的新投資。我們很高興提供 2025 年的最新生產指導，即黃金產量為 280,000 至 300,000 盎司，綜合現金成本為每盎司 850 至 1,050 美元，總維持成本為每盎司黃金 1,300 至 1,500 美元。其中包括預計 3 月至 12 月從 Musselwhite 礦產出的 170,000 至 180,000 盎司黃金。

Cost guidance at Musselwhite is provided for April to December with expected cash cost of $1,000 to $1,200 per ounce and all-in sustaining costs of $1,550 to $1,750 per ounce of gold sold. Production guidance at Camino Rojo is unchanged at 110,000 to 120,000 ounces of gold. At an asset level, Cash costs are expected to be between $625 to $725, and all-in sustaining cost is expected to be between $700 and $800 per ounce. This cost guidance is in line with initial guidance but reflected net of the corporate overhead.

Musselwhite 的成本指導價為 4 月至 12 月，預計現金成本為每盎司 1,000 至 1,200 美元，總維持成本為每盎司售出黃金 1,550 至 1,750 美元。Camino Rojo 的黃金產量預期保持不變，為 110,000 至 120,000 盎司。在資產層面，現金成本預計在每盎司 625 美元至 725 美元之間，總維持成本預計在每盎司 700 美元至 800 美元之間。此成本指引與初步指引一致，但反映了公司管理費用的淨額。

We've also updated our exploration capital and development guidance for the year to include our investment in future production growth at Musselwhite. The consolidated total investment across our business in 2025 is approximately $175 million, including exploration, capital, project costs, with $115 million of this total related to Musselwhite. This investment represents an improvement from the [mine it out] scenario outlined in the reserve only technical report. We believe this is what the operation requires to take it to the next level in terms of productivity and mine life extension.

我們也更新了今年的勘探資本和開髮指南，將對 Musselwhite 未來產量成長的投資納入其中。我們 2025 年業務的綜合總投資約為 1.75 億美元，包括勘探、資本、專案成本，其中 1.15 億美元與 Musselwhite 有關。這項投資代表了僅儲備技術報告中概述的[開採完畢]情景的改進。我們相信，這正是該礦在生產力和延長礦山壽命方面更上一層樓所需要的。

Most of the investment relates to underground lateral development to improve our availability and efficiency for future years, as well as access for underground exploration drilling. The balance of the investment is to be spent on exploration and improving the underground mobile equipment. Total exploration spending planned for 2025, inclusive of Musselwhite, is approximately $55 million, a testament to our commitment to growth through discovery and resource addition.

大部分投資與地下橫向開發有關，以提高我們未來幾年的可用性和效率，以及地下勘探鑽探的通道。剩餘投資將用於勘探和改進地下移動設備。2025 年計劃的總勘探支出（包括 Musselwhite）約為 5500 萬美元，這證明了我們致力於透過發現和增加資源來實現成長。

Andrew Cormier, our Chief Operating Officer, will now discuss our operating performance.

我們的營運長 Andrew Cormier 現在將討論我們的營運表現。

Thank you, Jason. Our operating team in Mexico delivered another strong quarter or remaining committed to the health and safety of our employees. During the quarter, Camino Rojo mined nearly 1.9 million tonnes of ore at a strip ratio of 1.48. The strip ratio is a result of a mine pit redesign in 2024 to ensure consistent access to ore to maintain balanced production. The average gold grade stacked during the first quarter was 0.78 grams per tonne, in line with our plan.

謝謝你，傑森。我們在墨西哥的營運團隊又取得了一個強勁的季度業績，並持續致力於保障員工的健康與安全。本季度，Camino Rojo 礦山開採了近 190 萬噸礦石，剝離率為 1.48。這一剝離率是 2024 年礦井重新設計的結果，旨在確保持續的礦石開採，從而保持均衡的生產。第一季平均黃金堆積品位為每噸0.78克，符合我們的計劃。

We also achieved an average stacking rate of 18,600 tonnes of ore per day. We produced nearly 30,000 ounces of gold in the quarter, which is on track to achieve our annual production guidance of 110,000 to 120,000 ounces. Production is expected to be higher in the first half of the year and lower in the second half as we begin to stack more transition material with lower recoveries. Permitting of our expansion in Mexico continues, and we have maintained regular engagement with Federal and state level stakeholders regarding our application.

我們也實現了每天平均18,600噸礦石的堆放率。本季我們生產了近 30,000 盎司黃金，預計將實現 110,000 至 120,000 盎司的年度生產目標。由於我們開始堆積更多回收率較低的過渡材料，預計上半年產量將較高，下半年產量將較低。我們在墨西哥的擴張許可仍在繼續，並且我們就我們的申請與聯邦和州級利益相關者保持定期接觸。

In Canada, we recorded our first month of production from Musselwhite following closing of the transaction on February 28. In March, Musselwhite Mine mined 108,000 tonnes of ore and milled 104,000 tonnes at a mill head grade of 5.55 grams per tonne gold. Gold recovery rates of 95.7% resulted in gold production of nearly 18,000 ounces of gold. Mill throughput in March was 3,360 tonnes per day, a 10% improvement from the average mill throughput in February. Our investment in the Musselwhite Mine has already begun, with new underground mobile equipment purchased and already arriving on site. The equipment purchased and fleet rebuilding plan will continue throughout the year.

在加拿大，我們在 2 月 28 日完成交易後，記錄了 Musselwhite 的第一個月產量。3 月份，Musselwhite 礦開採了 108,000 噸礦石，磨礦量為 104,000 噸，礦石品位為每噸 5.55 克黃金。黃金回收率為 95.7%，產量接近 18,000 盎司。3 月工廠產量為每天 3,360 噸，比 2 月平均產量提高了 10%。我們對 Musselwhite 礦的投資已經開始，新的地下移動設備已購買並運抵現場。設備採購和機隊重建計畫將全年持續進行。

As Jason mentioned, our 10-month production guidance for Musselwhite in 2025 is 170,000 to 180,000 ounces of gold at $1,000 to $1,200 cash cost and $1,550 to $1,750 per ounce of gold all-in sustaining costs. Musselwhite's production guidance is from March to December, while cost guidance is for April onwards.

正如 Jason 所提到的，我們對 Musselwhite 在 2025 年的 10 個月生產指引是 170,000 至 180,000 盎司黃金，現金成本為 1,000 至 1,200 美元，每盎司黃金的全部維持成本為 1,550 至 1,750 美元。Musselwhite 的生產指導是從 3 月到 12 月，而成本指導是從 4 月開始。

Under our project pipeline and upcoming milestones, we have had constructive meetings with the Department of Interior and the Acting Director of the BLM on the progress of our Musselwhite Mine permitting. We continue to target the notice of intent being published mid-2025 with a record of decision by mid-2026, which will position us to begin earth movement next year.

在我們的專案流程和即將到來的里程碑中，我們就 Musselwhite 礦許可的進展與內政部和 BLM 代理主任進行了建設性的會議。我們繼續致力於在 2025 年中期發布意向通知，並在 2026 年中期完成決策記錄，這將使我們能夠在明年開始土方工作。

We are encouraged by the momentum being seen in advancing American mineral production by the current US administration. This was most recently displayed by the executive order supporting development of critical minerals, which has been expanded to include gold. We have also purchased a portion of the water rates required for the operation. Our project team continues to work with M3 on the engineering for the project, potentially leading to procurement in the second half of 2025 to be prepared for on-site construction starting after the record of decision. Sylvain will discuss the Camino Rojo Sulphide later in the call, and we are progressing towards an upcoming milestone.

我們對美國現任政府在推動美國礦產生產方面所展現出的勢頭感到鼓舞。最近，支持開發關鍵礦產的行政命令就反映了這一點，該命令的範圍已擴大到包括黃金。我們也購買了營運所需的部分水費。我們的專案團隊繼續與 M3 合作進行專案工程，可能在 2025 年下半年進行採購，為決策記錄後開始的現場施工做好準備。Sylvain 將在稍後的電話會議中討論 Camino Rojo Sulphide，我們正在朝著即將到來的里程碑邁進。

At the Etienne Morin, our Chief Financial Officer, will now discuss financial results for the quarter.

我們的財務長 Etienne Morin 現在將討論本季的財務表現。

Thanks, Andrew. It's worth addressing from the top that because of the mid-quarter closing of the Musselwhite acquisition in February, we acknowledge that this is a transitional and complex reporting period, and that is reflected in our financial results. During the quarter, we sold 46,000 ounces of gold at a realized price of $2,915 per ounce, resulting in approximately $141 million in revenue for the quarter. This includes one month of Musselwhite gold sales.

謝謝，安德魯。值得從高層角度指出的是，由於 2 月本季中期完成了對 Musselwhite 的收購，我們承認這是一個過渡且複雜的報告期，這反映在我們的財務表現中。本季度，我們以每盎司 2,915 美元的實現價格出售了 46,000 盎司黃金，本季營收約為 1.41 億美元。其中包括一個月的 Musselwhite gold 銷售。

Cash costs and all-in sustaining costs for the first quarter totaled $597 and $845 per ounce of gold sold, respectively. And it's important to note that cash costs and all-in sustaining costs for the quarter do not include the impact of Musselwhite as the closing of the transaction during the quarter resulted in onetime non-cash accounting treatments impacting cost of sales. So as a result, we felt that the calculation in cash costs and all-in sustaining costs at Musselwhite would not be representative of the performance of the mine for that period. But starting in the second quarter, Musselwhite cost will be included in the computation of both cash costs and on sustaining costs.

第一季每售出一盎司黃金的現金成本和總維持成本分別為 597 美元和 845 美元。值得注意的是，本季的現金成本和全部維持成本不包括 Musselwhite 的影響，因為本季交易的結束導致一次性非現金會計處理影響了銷售成本。因此，我們認為，Musselwhite 的現金成本和全部維持成本的計算不能代表該礦當時的表現。但從第二季開始，Musselwhite 成本將被納入現金成本和維持成本的計算中。

We recorded a net loss for the quarter of $70 million or $0.22 per share, mainly driven by the impact of financial instruments issued in connection with the acquisition of Musselwhite. So after adjusting for the impact of these financial instruments and a few other small items, our adjusted net earnings were $38.6 million or $0.12 per share.

本季我們錄得淨虧損 7,000 萬美元，即每股 0.22 美元，主要受收購 Musselwhite 時發行的金融工具的影響。因此，在調整這些金融工具和其他一些小型專案的影響後，我們的調整後淨收益為 3,860 萬美元或每股 0.12 美元。

Cash flow from operating activities before changes in non-cash working capital was $401 million or $1.24 per share for the quarter. This was impacted by the proceeds received from the gold prepay, and I'll expand on that on the next slide. Our total capital expenditures for the quarter, including capitalized exploration, were $17.7 million, of which $9.2 million was non-sustaining and related to capitalized exploration in Mexico and also related to the purchase of water rights in Nevada. And also $8.5 million was sustaining, which the majority was relating to the mine development and equipment purchases at Musselwhite.

本季非現金營運資本變動前的營運活動現金流為 4.01 億美元，即每股 1.24 美元。這是受到黃金預付款收益的影響，我將在下一張投影片中詳細說明這一點。本季我們的總資本支出（包括資本化勘探）為 1,770 萬美元，其中 920 萬美元為非維持性支出，與墨西哥的資本化勘探有關，也與購買內華達州的水權有關。另外還有 850 萬美元的維持費，其中大部分用於 Musselwhite 的礦場開發和設備採購。

On the next slide, we're showing the reconciliation of net income to adjusted earnings. The point here is to highlight some of the significant items specifically related to the Musselwhite acquisition, which impacted our net earnings this quarter. Items such as transaction costs and the fair value adjustment of the metal inventory or onetime items, but there are certain financial instruments that will be fluctuating each quarter, and we're providing a breakdown of those on the next two slides.

在下一張投影片中，我們將顯示淨收入與調整後收益的對帳。這裡的重點是強調與 Musselwhite 收購特別相關的一些重要事項，這些事項影響了我們本季的淨收益。交易成本和金屬庫存或一次性項目的公允價值調整等項目，但某些金融工具每季都會波動，我們將在接下來的兩張投影片中細分這些工具。

So as a result of the closing of the Musselwhite transaction, we recorded charges of $81 million related to changes in the fair value of financial instruments issued in connection with the acquisition. This includes the closing out of the go forward contracts, which we have now replaced by the gold prepay, the warrants and the redemption right issued in conjunction with the convertible notes, and a contingent payment portion of the Musselwhite purchase price. So although the gold prepay is considered more of a financing item because it's treated as deferred revenue and not a financial instrument, it will now flow through cash flow from operating activities.

因此，在完成 Musselwhite 交易後，我們記錄了與收購相關的發行金融工具公允價值變動相關的 8,100 萬美元費用。這包括遠期合約的平倉，我們現在已將其替換為黃金預付款、與可轉換票據一起發行的認股權證和贖回權，以及 Musselwhite 購買價格的或有支付部分。因此，儘管黃金預付款更多地被視為融資項目，因為它被視為遞延收入而不是金融工具，但它現在將流入經營活動現金流。

Therefore, as we continue to deliver gold ounces against the prepay obligation, we'll draw down deferred revenue on the balance sheet, and we'll recognize that revenue on the income statement. But since we won't be receiving cash for those ounces delivered, it will reduce our cash flow from operating activities accordingly.

因此，當我們繼續根據預付款義務交付黃金盎司時，我們將在資產負債表上減少遞延收入，並在損益表中確認該收入。但由於我們不會收到交付的黃金現金，因此我們的經營活動現金流將會相應減少。

The contingent consideration associated with the purchase price of Musselwhite is recorded as a liability that is reestimated every quarter. And since the contingent consideration is linked to gold price, as the gold price increases, the probability of payment also increases, and therefore, our financial liability increases as well. This is mark-to-market each quarter based mainly on gold price performance. Also note that this liability is capped at $40 million, of which we have recognized $28 million to date.

與 Musselwhite 購買價格相關的或有對價被記錄為每季重新估計的負債。由於或有對價與金價掛鉤，隨著金價上漲，支付的可能性也會增加，因此我們的財務責任也會增加。這是每季根據黃金價格表現進行市價調整的。還要注意的是，該負債上限為 4,000 萬美元，其中我們迄今已確認 2,800 萬美元。

And the last item to mention is the impact of the warrants we issued in conjunction with the convertible notes. As the warrants are denominated in Canadian dollars and AutoCanada is a US functional currency entity, the warrants are treated as a financial instrument and therefore, mark-to-market each quarter. And with the recent share price performance, this has created an increase in the liability of that financial instrument. That treatment will remain in place until the earlier of the exercise of those warrants or their expiry.

最後要提到的是我們與可轉換票據一起發行的認股權證的影響。由於認股權證以加幣計價，而 AutoCanada 是美國功能貨幣實體，因此認股權證被視為金融工具，每季以市價計價。隨著近期股價的表現，這導致該金融工具的負債增加。此待遇將持續有效，直到行使這些權證或權證到期（以較早者為準）。

So we've added some more details on each item in the table on the next slide for added clarity, but we are available to discuss the accounting mechanics of these adjustments in more detail at any time, so please do not hesitate to reach out to us. Following the closing of the acquisition of Musselwhite, the company's current outstanding debt balance is $450 million with net debt of approximately $266 million. Our cash balance at the end of the first quarter was $184 million. We intend to use our strong cash generation from our two operations now to delever in the near term, while we also prepared to fund the construction of our Musselwhite Mine and a robust exploration program, which our Senior Vice President, Exploration, Sylvain Guerard, will now provide you with an update.

因此，為了更加清晰起見，我們在下一張幻燈片的表格中為每個項目添加了更多詳細信息，但我們可以隨時更詳細地討論這些調整的會計機制，因此請隨時與我們聯繫。完成對 Musselwhite 的收購後，該公司目前未償還債務餘額為 4.5 億美元，淨債務約為 2.66 億美元。我們第一季末的現金餘額為 1.84 億美元。我們打算利用目前兩項業務產生的強勁現金流在短期內降低槓桿率，同時我們也準備為馬塞爾懷特礦的建設和強大的勘探計劃提供資金，我們的勘探高級副總裁 Sylvain Guerard 現在將向您提供最新資訊。

Thanks, Etienne. During the first quarter, in Mexico, the company began the infill drilling program at Zone 22, the extension of the Camino Rojo Sulphide. The 15,000 meter drill program is progressing well and is on track for completion in the third quarter of 2025. The resource from the current drill program (inaudible) on the use of Zone 22 resources to (inaudible), which is expected to be included as part of the upcoming Camino Rojo underground mineral resource scale on in the second quarter of 2025. The drilling campaign (inaudible) Camino Rojo original targets began mid-April.

謝謝，艾蒂安。第一季度，該公司在墨西哥啟動了第 22 區（Camino Rojo Sulphide 的延伸）的加密鑽探計劃。15,000 公尺鑽探計畫進展順利，預計將於 2025 年第三季完成。目前鑽探計畫中的資源（聽不清楚）使用第 22 區資源（聽不清楚），預計將於 2025 年第二季納入即將到來的 Camino Rojo 地下礦產資源規模。鑽探活動（聽不清楚）Camino Rojo 的最初目標於 4 月中旬開始。

In Nevada, Orla's 2025 exploration program for South Carlin Complex is focused on increasing near deposit oxide resources at Pinon and Dark Star, advancing satellite deposit and discovering new zones of oxide mineralization. Drilling initiated in the first quarter was paused due to weather condition but is expected to resume in May. The reserve and resource update for the South Carlin project is underway, with completion plan for mid-2025.

在內華達州，Orla 針對 South Carlin Complex 的 2025 年勘探計畫重點是增加 Pinon 和 Dark Star 附近的礦床氧化物資源、推進衛星礦床並發現新的氧化物礦化帶。第一季開始的鑽探工作因天氣原因暫停，但預計將於 5 月恢復。South Carlin 專案的儲量和資源更新正在進行中，計劃於 2025 年中期完成。

In Canada, we have committed $25 million towards exploration at Musselwhite. The goal is to define a critical [Mussel] additional mineralization to support future expansion of the operation and significantly extend the mine life well beyond 2030.

在加拿大，我們已投入 2500 萬美元用於 Musselwhite 的勘探。目標是確定一個關鍵的 [Mussel] 額外礦化，以支持未來的擴張，並顯著延長礦山壽命至 2030 年以後。

Historical drilling located 1 kilometer from the current resource area in the mine trend and affected strong monetization supporting the down launch continuity and highlighting the potential for a 1- to 2-kilometer extension. On the ground drilling of Musselwhite began in early March, immediately following completion of the acquisition. Surface drilling programs targeting the down-plunge depletion of the mine trend and key near-mine target areas are scheduled to commence in Q2 and continue through year-end.

歷史鑽探位於礦井趨勢中距離當前資源區域 1 公里處，並影響了強大的貨幣化，支持了向下發射的連續性，並突出了延伸 1 至 2 公里的潛力。收購完成後，Musselwhite 的地面鑽探工作於 3 月初立即開始。針對礦井趨勢下傾枯竭和礦井附近主要目標區域的地面鑽探計畫計劃於第二季開始，並持續到年底。

Silvana Costa, our Chief Sustainability Officer, will now provide an update.

我們的首席永續發展長 Silvana Costa 現在將提供最新消息。

Thank you, Sylvain. In regards to ESG disclosures in this quarter, we have completed Orla's second modern slavery labor report in alignment with the fighting against Forced Labor and Child Labor in Supply Chains Act, which came into force in Canada last year. The act requires companies to report on their efforts to combat forced and child labor in their operations and supply chains. Our 2024 report will be mailed to shareholders on May 16 and provide updates on our work to enhance modern slavery training across the company and strengthening the process of assets to assess risk of modern slavery in our supply chain. We are also actively working on the 2024 Orla sustainability report and are on track to publish the report by the end of summer.

謝謝你，西爾萬。關於本季的 ESG 揭露，我們已完成 Orla 的第二份現代奴隸制勞工報告，該報告與去年在加拿大生效的《打擊供應鏈強迫勞動和童工法案》保持一致。該法案要求公司報告其在營運和供應鏈中打擊強迫勞動和童工的努力。我們的 2024 年報告將於 5 月 16 日郵寄給股東，並提供有關我們加強全公司現代奴隸制培訓和加強資產流程以評估我們供應鏈中現代奴隸制風險的工作的最新資訊。我們也正在積極編寫 2024 年 Orla 永續發展報告，並預計在夏季末發布該報告。

During the first quarter, we continued our community engagement and strategic investment initiatives at Camino Rojo and South Railroad while maintaining a focus on environmental performance and fulfilling our social commitments. With the closing of the acquisition of Musselwhite, we hosted our first community event in Thunder Bay to introduce Orla to community and indigenous partners and continue to build relationships that are critical to our collective success.

在第一季度，我們繼續在 Camino Rojo 和 South Railroad 開展社區參與和策略投資計劃，同時繼續關注環境績效並履行我們的社會承諾。隨著對 Musselwhite 的收購完成，我們在 Thunder Bay 舉辦了第一場社區活動，向社區和當地合作夥伴介紹 Orla，並繼續建立對我們的共同成功至關重要的關係。

For context, the Musselwhite Mine is located on the traditional territory of North Caribou Lake First Nation, and it was one of the first mines in Canada to enter into comprehensive agreements with First Nation's communities. These agreements focus on respectful and trust-based relationships for mutual benefit and include areas such as employment and training, environmental and cultural heritage protection, and business opportunities.

具體來說，Musselwhite 礦位於北卡里布湖原住民的傳統領土上，它是加拿大首批與原住民社區簽訂全面協議的礦場之一。這些協議著重於建立尊重和信任的互利關係，涵蓋就業和培訓、環境和文化遺產保護以及商業機會等領域。

On the people front, in the first quarter, we continue to prioritize a smooth transition for the Musselwhite Mine in welcoming new team members.

在人員方面，第一季度，我們繼續優先考慮馬塞爾懷特礦的平穩過渡，歡迎新團隊成員。

With that, I will get this call back to (technical difficulty).

這樣，我會把這通電話回撥給（技術難度）。

Thanks, Silvana. To recap, in the first quarter, Orla closed the acquisition of Musselwhite, and integration of the operation into our business is progressing well. We are pleased to show a record quarter with only one month of Musselwhite production contribution. The updated guidance to date reiterates how Musselwhite will more than double our production. We see further mine life potential at this operation, which is why we have launched an aggressive exploration program at the property to define additional reserves and resources to support mine life extension and potential expansion of the operation.

謝謝，西爾瓦娜。回顧一下，在第一季度，Orla 完成了對 Musselwhite 的收購，而這項業務與我們業務的整合進展順利。我們很高興地看到，僅憑一個月的 Musselwhite 產量貢獻，就創造了一個創紀錄的季度。迄今為止更新的指南重申了 Musselwhite 將如何使產量增加一倍以上。我們看到該礦山還有進一步的礦山壽命潛力，因此我們在該礦區啟動了積極的勘探計劃，以確定額外的儲量和資源，以支持延長礦山壽命和擴大礦山作業的潛在規模。

Looking forward, we have several upcoming catalysts for Orla including the initial underground resource for Camino Rojo this quarter, which will form the basis for future studies; integration updates for Musselwhite with initial exploration results expected in the back half of the year, permitting milestones in both Mexico and Nevada; a resource update for the South Carlin complex as well as construction planning information for our Musselwhite Mine. We continue to execute on our proven strategy to generate value to the benefit of all of our stakeholders.

展望未來，我們為 Orla 帶來了幾個即將到來的催化劑，包括本季度 Camino Rojo 的初始地下資源，這將成為未來研究的基礎；Musselwhite 的整合更新，預計在下半年獲得初步勘探結果，從而在墨西哥和內華達州取得里程碑式進展；South Carlin 綜合體的資源更新以及我們 Musselwhite 礦的建設規劃資訊。我們將繼續執行我們已證實的策略，為所有利害關係人創造價值。

Thank you to our teams in the countries where we operate, now including our Northern Canadian team whose commitment and delivery are driving this business forward. Here is a recent photo with the Musselwhite team with one of the new scoops delivered immediately upon closing.

感謝我們業務所在國家的團隊，包括我們的北加拿大團隊，他們的承諾和交付正在推動這項業務向前發展。這是 Musselwhite 團隊最近拍攝的一張合影，照片中是剛關門不久的新冰淇淋。

And at this point, I'd like to open the call to questions and pass it back to the operator.

現在，我想開始回答問題並將其轉交給接線員。

(Operator Instructions) Andrew Mikitchook, BMO Capital Markets.

（操作員指示）BMO 資本市場 Andrew Mikitchook。

Okay. Thanks for taking us through the detail of the closing and (inaudible) adjustments in there. I did have a question about the sustaining and non-sustaining CapEx guided here for Musselwhite at $90 million and $18 million. What portion of that is comparable to the 43-101 mine plan capital costs that were published, which I believe were $57 million for 2025, if I'm correct?

好的。感謝您向我們詳細介紹其中的結束和（聽不清楚）調整。我確實對這裡指導的 Musselwhite 的維持性資本支出和非維持性資本支出（分別為 9000 萬美元和 1800 萬美元）有疑問。如果我沒記錯的話，其中有多少部分與已公佈的 43-101 礦山計劃資本成本相當（我認為 2025 年的資本成本為 5700 萬美元）？

Yeah. Thanks, Andrew. I'll start, and then certainly, Andrew Cormier and Etienne can build on my response. The context I'd like to set is the technical report reflected reserves-only [mine it out] scenario. And the guidance that we provided today includes increased investment above that technical report, specifically in areas of lateral development, an enhanced mobile fleet, the exploration, which we previously communicated, as well as some transaction costs.

是的。謝謝，安德魯。首先由我來開始，然後當然，安德魯·科米爾 (Andrew Cormier) 和艾蒂安 (Etienne) 可以根據我的回答進行補充。我想設定的背景是技術報告反映的僅儲量[開採出來]情境。我們今天提供的指導包括增加技術報告之上的投資，特別是在橫向開發、增強移動車隊、我們之前溝通過的勘探以及一些交易成本等領域。

So this really does represent an improvement to that reserve-only technical report and investment over the next two years we'll be making towards extending mine life and potentially expanding the production profile at that asset. Any further?

因此，這確實代表了對僅儲備技術報告的改進，以及未來兩年我們將進行的投資，以延長礦山壽命並可能擴大該資產的生產概況。還有嗎？

Sorry, is there other additional comments from Etienne? Or is that it?

抱歉，Etienne 還有其他補充意見嗎？或者就是這樣？

Maybe we'll pass it back to you, Andrew. If there are specifics that we want to get into, please ask a follow-up question. And otherwise, we're happy to walk you through the breakdown between capital and expense amounts indicated in the material and presentation today at your availability.

也許我們會把它轉交給你，安德魯。如果我們想要了解具體細節，請提出後續問題。另外，我們很樂意在您方便的時候，為您詳細介紹今天材料和簡報中所示的資本和費用金額的細節。

Okay. I think that's it on Musselwhite. I think I'll send off there. And if there's any follow-up questions, I will reach out. Thank you for letting me speak.

好的。我認為這就是 Musselwhite 的全部內容。我想我會送他去那裡。如果有任何後續問題，我會聯絡您。謝謝你讓我發言。

Perfect. Thanks, Andrew.

完美的。謝謝，安德魯。

(Operator Instructions) Allison Carson, Desjardins.

（操作員指示）Allison Carson，Desjardins。

Thanks so much for taking my questions today. I was wondering in terms of exploration, obviously, mine life extension is a priority at Musselwhite. And I was wondering if we can expect sort of a similar-sized program next year or if this one was larger, just sort of to kick things off.

非常感謝您今天回答我的問題。我想知道，從勘探的角度來看，延長礦山壽命顯然是 Musselwhite 的首要任務。我想知道明年我們是否可以期待類似規模的項目，或者這個項目是否規模更大，只是為了拉開序幕。

Thanks, Allison. Obviously, we're not providing guidance for next year, but the signal I can give is we should expect a similar-sized exploration program next year. Our exploration teams will need to use the information collected this year to define our program for next year. But holistically, I can offer the objective of the team is a 24-month objective. And so we've directed the team over the next 24 months to do sufficient drilling underground to extend mine life and sufficient drilling from surface to give us a broad understanding of the overall geologic complex. So that 24-month program can set up conversations in year three of our ownership, not only with clarity on mine life extension but then potential capital investment in expanding the operation.

謝謝，艾莉森。顯然，我們不會為明年提供指導，但我可以給出的信號是，我們應該期待明年有類似規模的勘探計劃。我們的勘探團隊需要利用今年收集的資訊來確定明年的計劃。但從整體來看，我可以提出的團隊目標是 24 個月的目標。因此，我們指示團隊在未來 24 個月內進行足夠的地下鑽探，以延長礦山壽命，並進行足夠的地面鑽探，以便我們對整體地質複雜情況有廣泛的了解。因此，這個為期 24 個月的計劃可以在我們擁有所有權的第三年進行對話，不僅明確延長礦山壽命，而且還可以在擴大營運方面進行潛在的資本投資。

So to answer your question quite directly, at this point, I would expect spending on exploration Canada to be similar next year to this year. But clearly, we'll need to let the results of this year to find the program next year.

因此，直接回答您的問題，目前，我預計加拿大明年在勘探方面的支出將與今年相似。但顯然，我們需要根據今年的結果來制定明年的計畫。

Great. Thanks. And then just one on Camino Rojo. So I was wondering if you could give us sort of any color on what you're hearing about permitting in Mexico. It's been fairly quiet lately. And have you heard about any new recent permits being given out? And is there any concern that you don't see your permit come through this year?

偉大的。謝謝。然後就只在 Camino Rojo 上進行一次。所以我想知道您是否可以向我們介紹一下您所聽到的有關墨西哥許可的情況。最近相當安靜。您聽說過最近頒發的任何新許可證嗎？您是否擔心今年無法取得許可證？

Yeah. We don't have concern because we are hearing things, and that's based upon active conversations at both the state and Federal level. So at a variety of levels of our organization, we are communicating with the regulators and bureaucrats in Mexico, and everything indicates that we should expect our permits on schedule.

是的。我們並不擔心，因為我們正在聽到一些消息，這是基於州和聯邦層面的積極對話。因此，在我們組織的各個層面，我們都在與墨西哥的監管機構和官僚機構進行溝通，所有跡象表明，我們應該能夠按時獲得許可證。

Just a reminder to all the listeners, I know you're aware, Allison, we submitted on November 11 of last year. And so our expectations on the schedule are about in the next couple of months, we should hear a resolution on our application for expansion. And all of the conversations at various levels would indicate that we're on schedule to deliver that.

只是提醒所有聽眾，我知道你知道，艾莉森，我們是在去年 11 月 11 日提交的。因此，我們對時間表的預期是，在接下來的幾個月裡，我們應該聽到有關擴張申請的決議。各個層面的對話都顯示我們正在按計劃實現這一目標。

That's great. Thank you so much for the color, and that's all for me today.

那太棒了。非常感謝你提供的顏色，今天就到這裡了。

And that will conclude our question-and-answer session. I will now turn the call back over to Jason Simpson for any closing remarks.

我們的問答環節到此結束。現在我將把電話轉回給 Jason Simpson 做結束語。

Since there are no further questions, I would like to thank all of you for your time. Never hesitate to reach out to Orla should you have follow-up questions. Thank you.

由於沒有其他問題，我想感謝大家的時間。如果您有後續問題，請隨時聯絡 Orla。謝謝。

That will conclude today's call. Thank you all for joining. You may now disconnect.

今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。