Orla Mining Ltd (ORLA) 2025 Q2 法說會逐字稿

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

女士們、先生們，早安，歡迎參加 Orla Mining 2025 年第二季業績電話會議。我叫 Eric，今天我將擔任您的會議主持人。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 second quarter 2025 results conference call. We will be making forward-looking statements during today's call, and I 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.

謝謝接線員，歡迎參加 Orla 2025 年第二季業績電話會議。我們將在今天的電話會議中做出前瞻性陳述，請參閱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。

The Orla executive team is on the call this morning, and I'll now pass the call to Jason Simpson, President and CEO.

Orla 執行團隊今天早上正在通話，我現在將電話轉給總裁兼執行長 Jason Simpson。

Thanks, Andrew. Let me start by listing the Q2 highlights. The second quarter marked the first full quarter of production from Musselwhite following the closing of the acquisition at the end of February. This broader production base drove strong earnings and cash flow in our business.

謝謝，安德魯。首先，我列出第二季的亮點。第二季是 Musselwhite 自二月底完成收購後第一個完整生產季度。更廣泛的生產基礎推動了我們業務的強勁利潤和現金流。

We also released the initial underground resource update for the next phase of Camino Rojo underground and continue to explore the exciting Zone 22 discovery, which we hope will expand the resource and extend mine life. We also continue to advance our exploration programs in Canada, United States and across our broader land package in Mexico.

我們還發布了 Camino Rojo 地下下一階段的初始地下資源更新，並繼續探索令人興奮的 22 區發現，我們希望這將擴大資源並延長礦山壽命。我們也繼續推動在加拿大、美國和墨西哥更廣泛的土地範圍內的勘探計劃。

More recently, we experienced a setback in the uncontrolled material movement event at Camino Rojo on July 23. The event occurred along a temporary north wall of the north section of the open pit and involved approximately 390,000 tonnes of material.

最近，我們在 7 月 23 日的 Camino Rojo 失控物質移動事件中遭遇了挫折。這起事故發生在露天礦北段的臨時北牆上，涉及約 39 萬噸材料。

Most importantly, no one was in part because of the early detection by the pit monitoring systems and critical decision-making by our site team based on that information. No equipment was damaged nor was any environmental impact from the event. However, we did need to temporarily pause in-pit mining as we completed a geotechnical assessment with our external consultants and established an action plan for safe restart.

最重要的是，沒有人受傷，部分原因是礦坑監測系統能夠及早發現，而我們的現場團隊能夠根據這些資訊做出關鍵決策。該事件沒有造成任何設備損壞，也沒有對環境造成任何影響。然而，我們確實需要暫時停止露天採礦，因為我們與外部顧問完成了岩土工程評估，並制定了安全重啟的行動計劃。

We have also adjusted the standard operating procedures within the pit to ensure ongoing safety. The material movement was bounded by two faults acting as release features from increased port pressure due to rainfall and the steepness of the interwall angle. The current action plan includes mining from surface downwards to push back 50 meters at the toe and 80 meters at the crest of the entire north wall to create a shallower pit wall angle and reestablish safe working conditions on the north side of the pit from the top down.

我們也調整了礦井內的標準作業程序，以確保持續的安全。物質運動受到兩個斷層的限制，這兩個斷層充當了因降雨和壁間角度陡峭而增加的港口壓力的釋放特徵。目前的行動計劃包括從地表向下開採，將整個北壁底部向後推 50 米，頂部向後推 80 米，以形成更淺的礦坑壁角度，並從上到下重建礦坑北側的安全工作條件。

The material from the North Ball is predominantly oxidized. With an order waste strip ratio of 1 to 0.9 and an anticipated average gold grade of 0.74 grams per tonne. This ore material will be crushed and stacked on the heap leach. Total ore tonnes to be removed is about 9 million tons or approximately 250,000 ounces.

北球的材料主要被氧化了。訂單廢料剝離率為 1 比 0.9，預計平均黃金品位為每噸 0.74 公克。該礦石材料將被粉碎並堆放在堆浸礦上。需要開採的礦石總量約為 900 萬噸或約 25 萬盎司。

This layback is allowable under Mexican provisions for emergency remediation measures. To be clear, no material was lost or sterilized from this event, but rather deferred later in pit resequencing to ensure safe operations. As a result of this deferral of production, we have revised our guidance at Camino Rojo for the year, 95,000 and to 105,000 ounces of gold production at cash costs of $800 to $900 per ounce sold and all-in sustaining cost of $850 to $950 per ounce sold.

根據墨西哥緊急補救措施規定，這種延遲是允許的。需要明確的是，這次事件沒有造成任何材料遺失或滅菌，而是在礦坑重新排序時推遲，以確保安全操作。由於生產的推遲，我們修改了 Camino Rojo 的年度生產指導，將黃金產量從 95,000 盎司調整為 105,000 盎司，現金成本為每盎司 800 至 900 美元，總維持成本為每盎司 850 至 950 美元。

This compares to initial guidance of 110,000 to 120,000 ounces of gold at a cash cost of $625 to $725 an and all-in sustaining costs of $700 to $800 per ounce sold. Based on the current action plan and Camino Rojo's updated pit sequencing, combined with the unchanged Musslewhite guidance.

相比之下，初步指導價為 110,000 至 120,000 盎司黃金，現金成本為 625 至 725 美元/盎司，總維持成本為每售出盎司 700 至 800 美元。根據目前的行動計劃和 Camino Rojo 更新的進站排序，結合不變的 Musslewhite 指導。

Our 2025 consolidated guidance is now expected to be in the range of 265,000 to 285,000 ounces of gold at cash cost of $900 to $1,100 per ounce sold and all-in sustaining costs of $1,350 to $1,550 per ounce sold. This compares to previous guidance of 280,000 to 300,000 ounces of gold at cash cost of $850 to $1,050 per ounce sold and all-in sustaining cost of $1,300 to $1,500 per ounce sold.

我們目前預計 2025 年的綜合指導價格為 265,000 至 285,000 盎司黃金，現金成本為每盎司 900 至 1,100 美元，總維持成本為每盎司 1,350 至 1,550 美元。相比之下，先前的指導價格為每售出盎司黃金 280,000 至 300,000 盎司，現金成本為每售出盎司 850 至 1,050 美元，總維持成本為每售出盎司 1,300 至 1,500 美元。

While this has been an unfortunate incident in what has been an otherwise seamless operation, I am very proud of the tools we had in place to prevent injury and also the way in which our team reacted to assess the situation, establish a safe restart plan, incorporating this learning and into the operation going forward, which is back in production.

雖然這是一次不幸的事故，影響了原本無縫的運營，但我對我們為防止傷害而採取的工具以及我們團隊對情況的評估、制定安全重啟計劃的反應方式感到非常自豪，並將這次經驗教訓融入到未來的運營中，目前已經恢復了生產。

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。

During the quarter, Camino Rojo mined nearly 2 million tonnes of ore and 2.6 million tonnes of waste for an implied strip ratio of 1.33. A total of 1.7 million tonnes of ore was stacked at an average grade of 0.71 grams per tonne gold, equating to an average daily stacking rate of approximately 18,500 tonnes. In addition, 0.9 million tonnes of low-grade ore were rehandled and placed on the leach pad at an average grade of 0.32 gram per tonne gold.

本季度，Camino Rojo 開採了近 200 萬噸礦石和 260 萬噸廢料，隱含剝採比為 1.33。共堆放礦石 170 萬噸，平均品位為每噸黃金 0.71 克，相當於平均每日堆放率約 18,500 噸。此外，90萬噸低品位礦石被重新處理並放置在浸出墊上，平均品位為每噸0.32克黃金。

In total, 2.6 million tonnes of ore at an average grade of 0.57 grams per tonne gold were placed on the heap leach pad during the quarter. Rehandling of low-grade stockpile was to offset the impact of mine resequencing to maintain the yearly plan.

本季度，共有 260 萬噸礦石被放置在堆浸墊上，平均品位為每噸 0.57 克黃金。重新處理低品位庫存是為了抵消礦山重新排序的影響，以維持年度計劃。

Total quarterly production for Camino Rojo was 25,145 ounces of gold. The Camino Rojo team has started the site work to address the uncontrolled material movement on the north wall that occurred on July 23. I'd like to thank the entire team and our consultants for working extremely hard over the past three weeks. At Musselwhite, we recorded our first full quarter of production.

Camino Rojo 本季黃金總產量為 25,145 盎司。Camino Rojo 團隊已開始現場工作，以解決 7 月 23 日發生的北牆上不受控制的材料移動問題。我要感謝整個團隊和我們的顧問在過去三週的辛勤工作。在 Musselwhite，我們實現了第一個完整季度的產量。

Musselwhite mined 303,000 tonnes of ore and milled 295,000 tonnes at a mill head grade of 5.52 grams per tonne gold. Gold recovery rates of 96.5% resulted in gold production of nearly 53,000 ounces of gold. In all, the second quarter was a record period of production for the company. On to our project pipeline and upcoming milestones.

馬塞爾懷特開採了 303,000 噸礦石，選礦出品率為 295,000 噸，礦石品位為每噸 5.52 克黃金。黃金回收率為 96.5%，產量接近 53,000 盎司。總體而言，第二季是該公司生產創紀錄的時期。繼續我們的專案流程和即將到來的里程碑。

Orla continues to engage with local, state and federal stakeholders to sustain momentum in the permitting process in the United States. We expect the publishing of the notice of intent for our South Railroad project in the coming weeks.

Orla 繼續與地方、州和聯邦利益相關者合作，以維持美國許可程序的動力。我們預計將在未來幾週內發布南鐵路項目的意向通知。

Following the receipt of the notice of intent, we expect the record of decision in the third quarter of 2026 that allow construction to start with commissioning in Q4 2027 and gold production in early 2028. 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 next year.

收到意向通知後，我們預計將於 2026 年第三季做出決定，允許開始建設，於 2027 年第四季投入使用，並於 2028 年初開始生產黃金。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，為明年開始的現場施工做好準備。

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. During the quarter, we sold a record 79,000 ounces of gold at a realized price of $3,251 per ounce, and that's including the impact of the gold prepay and resulting in approximately $264 million in revenue for the quarter. Our consolidated cash costs and all-in sustaining costs for the second quarter totaled $1,065 and $1,421 per ounce of gold sold, respectively.

謝謝，安德魯。在本季度，我們以每盎司 3,251 美元的實際價格售出了創紀錄的 79,000 盎司黃金，其中包括黃金預付款的影響，本季收入約為 2.64 億美元。我們第二季的綜合現金成本和總維持成本分別為每盎司黃金 1,065 美元和 1,421 美元。

We recorded net income for the quarter of $48 million or $0.15 per share. And on an adjusted basis, we had adjusted net earnings of $64 million or $0.20 per share. Cash flow from operating activities before changes in noncash working capital was $103 million or $0.32 per share for the quarter.

本季我們的淨收入為 4,800 萬美元，即每股 0.15 美元。經過調整後，我們的調整後淨收益為 6,400 萬美元，即每股 0.20 美元。本季非現金營運資本變動前的營運活動現金流為 1.03 億美元，即每股 0.32 美元。

Our total capital expenditure, including capitalized exploration was $25.5 million, of which $6.4 million was nonsustaining and related to capitalized exploration in both Mexico and Canada and also included basic and detailed engineering in Nevada. We had $19.1 million of sustaining capital, the majority of which related to mine development, PQ Deep extension and equipment purchases at Musselwhite.

我們的總資本支出（包括資本化勘探）為 2,550 萬美元，其中 640 萬美元為非維持性支出，與墨西哥和加拿大的資本化勘探有關，還包括內華達州的基礎和詳細工程。我們擁有 1,910 萬美元的維持資本，其中大部分與礦山開發、PQ Deep 擴建和 Musselwhite 的設備採購有關。

During the quarter, we repaid $30 million towards our revolving credit facility, which was well ahead of schedule, and that reduces our net debt to approximately $205 million. And at June 30, our cash balance was $215 million. So we intend to use our strong cash position to continue to delever in the near term while also preparing to finance the construction of the South Railroad project in the medium term.

在本季度，我們提前償還了 3,000 萬美元的循環信貸額度，這使我們的淨債務減少至約 2.05 億美元。截至 6 月 30 日，我們的現金餘額為 2.15 億美元。因此，我們打算利用我們強大的現金狀況在短期內繼續去槓桿，同時也準備在中期內為南鐵路項目的建設提供資金。

Now I'll pass it over to our Senior Vice President of Exploration, Sylvain Guerard, who will now provide you with an update on the exploration activities.

現在我將把麥克風交給我們的勘探資深副總裁 Sylvain Guerard，他將向您介紹勘探活動的最新進展。

Thanks, Etienne. During the quarter, the company released an initial underground resource estimate for the Camino Rojo deposit, incorporating mineralization hosted in the Camino Rojo sulfides in the underlying Zone 22. We are very satisfied with the resource, which includes 4.2 million gold equivalent ounces in the measured and indicated category and 0.42 million gold equivalent ounces in the inferred category. Zone 22 represents the vertical and down plunge continuation of the Camino Rojo sulfide mineralization and remains a significant source of upside as Zone 22 extend for another 1.2 kilometer remains open, but currently only account for 7% of the current underground indicated resource and 19% of the underground inferred resource.

謝謝，艾蒂安。本季度，該公司發布了 Camino Rojo 礦床的初步地下資源估算，其中包括位於下伏 22 區的 Camino Rojo 硫化物中的礦化。我們對資源非常滿意，其中包括測量和指示類別的 420 萬黃金當量盎司和推斷類別的 42 萬黃金當量盎司。22 區代表了 Camino Rojo 硫化物礦化的垂直和向下延伸，並且仍然是一個重要的上行潛力來源，因為 22 區還延伸了 1.2 公里，但目前僅佔當前地下指示資源的 7% 和地下推斷資源的 19%。

An initial project PEA is planned for 2026. A 15,000-meter infill drill program started in early 2025, targeting the upper part of Zone 22 was completed on July 18 with positive results released last week. Drilling has consistently returned high-grade intersections of gold, silver, zinc mineralization. Given the success to date, we are planning to expand the program by an additional 5,000 meter in 2025, continuing further infill and extension down plunge.

初步項目 PEA 計劃於 2026 年完成。一項 15,000 公尺的加密鑽探計畫於 2025 年初啟動，目標是 22 區上部，於 7 月 18 日完成，並於上周公布了積極成果。鑽探不斷發現高品位的金、銀、鋅礦化交叉點。鑑於迄今為止的成功，我們計劃在 2025 年將該計劃再擴大 5,000 米，並繼續進一步填充和延伸。

The infill drill results will support an updated underground resource estimate for the Camino Rojo deposit, which is expected to feed into the planned 2026 PEA. We continue to advance our exploration programs across our portfolio with further updates to come in the second half of 2025. In Canada, underground and

加密鑽探結果將支持對 Camino Rojo 礦床地下資源的最新估算，預計將納入計畫中的 2026 年 PEA。我們將繼續推進我們投資組合中的勘探計劃，並將在 2025 年下半年推出進一步的更新。在加拿大，地下和

surface exploration programs were active throughout the second quarter. our underground exploration drill rigs and four surface drill rigs will continue drilling throughout the rest of the year.

整個第二季度，地面勘探計畫都很活躍。我們的地下勘探鑽機和四台地面鑽機將在今年剩餘時間繼續鑽探。

A portion of the assay results from the underground drill program have started to arrive and are currently being reviewed and interpreted, while results from the surface program are expected in the second half of 2025 and early 2026. In Nevada, three drill rigs were turning during the quarter, testing extensions of known deposit and new targets with four expected to be drilling across multiple targets in the second half of the year. In Mexico, regional exploration was initiated in Q2 and will continue through the rest of the year.

地下鑽探計畫的部分化驗結果已經開始出來，目前正在審查和解釋，而地面計畫的結果預計將在 2025 年下半年和 2026 年初公佈。在內華達州，本季有三台鑽機投入使用，測試已知礦床的延伸和新目標，預計下半年將有四台鑽機在多個目標上進行鑽探。在墨西哥，區域勘探於第二季啟動，並將持續到今年年底。

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. I'm glad to share that we are about to publish our 2024 sustainability report in alignment with the sustainability accounting in this Board and the task force of climate-related financial disclosures standards. We are highlighting another year of meaningful progress in embedding sustainability across Orla's business. Please look for this report on our website in the days ahead.

謝謝你，西爾萬。我很高興地告訴大家，我們即將發布 2024 年永續發展報告，該報告符合本委員會的可持續發展會計和氣候相關財務揭露標準工作小組的規定。我們重點介紹了 Orla 在將永續性融入其業務方面取得的另一年有意義的進展。請在未來幾天內造訪我們的網站查看此報告。

You will learn that we deepen our climate efforts with our first Scope three emissions assessment and continue to deliver strong environmental performance at Camino Rojo, including low emissions and water use as well as the introduction of four new environmental standards to strengthen how we manage water, biodiversity, air and hazardous materials.

您將了解到，我們透過首次範圍三排放評估深化了我們的氣候努力，並繼續在 Camino Rojo 提供強大的環境績效，包括低排放和用水量，以及引入四項新的環境標準，以加強我們對水、生物多樣性、空氣和危險材料的管理。

We also advanced our work with local communities, expanded hiring from surrounding areas and supported innovative projects like a community poultry farm that promotes food self-sufficiency and technical training. We remain focused on aligning business growth with responsible practices that benefit the people and the ecosystems around us.

我們也推動了與當地社區的合作，擴大了周邊地區的招聘，並支持了促進糧食自給自足和技術培訓的社區家禽養殖場等創新計畫。我們始終致力於將業務成長與造福周圍人民和生態系統的負責任的實踐相結合。

This year's report is another step forward in building a culture of accountability, learning, transparency and long-term value. During the second quarter, we maintained community engagement and strategic community investment initiatives at Camino Rojo, Musslewhite and South railroad while maintaining a focus on environmental performance, fulfilling our social commitment in advancing permitting processes in both Mexico and Nevada. This last quarter was particularly active in engaging with regulators and other key stakeholders about permitting.

今年的報告在建立問責、學習、透明和長期價值的文化方面又邁出了一步。在第二季度，我們繼續在 Camino Rojo、Musslewhite 和南鐵路進行社區參與和策略性社區投資計劃，同時繼續關注環境績效，履行我們在推進墨西哥和內華達州許可流程方面的社會承諾。在最後一個季度，我們特別積極地與監管機構和其他主要利害關係人就許可事宜進行接觸。

In Mexico, we continue transparent and constructive dialogue with relevant state and federal level agencies and have the opportunity to meet face-to-face with key members of the environmental regulator, about our current permit application and are now working on responses to additional questions we received from them. Based on this dialogue in regulated timelines, we expect a positive resolution late this year.

在墨西哥，我們繼續與相關州和聯邦級機構進行透明和建設性的對話，並有機會與環境監管機構的主要成員面對面會談，討論我們當前的許可證申請，目前正在努力回答他們提出的其他問題。根據在規定時間內進行的對話，我們預計今年稍後將達成積極的解決方案。

In Nevada, beyond active engagement with regulators as we are as we prepare for a public scoping period, we have continued to engage with a variety of stakeholders to consolidate support for the project, understand and address questions and concerns and widely share information about the South Railroad project.

在內華達州，除了在為公開範圍界定期做準備時積極與監管機構接觸之外，我們還繼續與各種利益相關者接觸，以鞏固對該項目的支持，了解和解決問題和疑慮，並廣泛分享有關南鐵路項目的信息。

At Musslewhite, our special ceremony took place in June, including the annual blessing of the water by representatives of our indigenous partners. The ceremony is unique to massage and acknowledges the intangible cultural heritage of our neighboring First Nations.

在馬斯爾懷特，我們的特別儀式於六月舉行，包括由我們的土著合作夥伴代表進行的年度水祝福儀式。該儀式是按摩所獨有的，承認了我們鄰近的原住民的非物質文化遺產。

On the people front, in the second quarter, we continue to prioritize a smooth transition for the Musselwhite. As we grow, we welcomed over 100 new team members at Musselwhite alone and continue to advance our bespoke leadership training program across the three jurisdictions.

在人員方面，在第二季度，我們將繼續優先考慮 Musselwhite 的平穩過渡。隨著我們的發展，僅在 Musselwhite 我們就迎來了 100 多名新團隊成員，並繼續在三個司法管轄區推進我們定制的領導力培訓計劃。

With that, I'll hand the call back to Jason.

說完這些，我就把電話交還給傑森。

Thank you, Silvana. Before we close, I want to directly note some comments included in our quarterly disclosure. While addressing labor practices at the Camino Rojo mine in Mexico, we are also reviewing potential criminal activity and looking into the regional security risks affecting the mine and neighboring communities. We have voluntarily contacted relevant authorities and are cooperating. And although we don't have further details to share at this stage, the review has not affected the operation of Camino Rojo mine.

謝謝你，西爾瓦娜。在結束之前，我想直接指出我們季度披露中包含的一些評論。在解決墨西哥卡米諾羅霍礦場的勞工實踐問題的同時，我們也正在審查潛在的犯罪活動，並調查影響礦場和鄰近社區的區域安全風險。我們已經主動聯繫相關部門並且積極配合。儘管我們目前沒有更多細節可以分享，但審查並未影響 Camino Rojo 礦場的運作。

To recap. In the second quarter, Orla recorded its first full production from order production from Musselwhite, resulting in a record quarter of production we released the initial underground resource for the communal sulfides as well as additional exploration results from the prospective Zone 22 discovery and continue to make progress across our exploration programs.

回顧一下。在第二季度，Orla 首次從 Musselwhite 訂單生產中實現滿載生產，創下了季度產量的新高，我們釋放了公共硫化物的初始地下資源以及來自 22 區潛在發現的額外勘探結果，並繼續在我們的勘探計劃中取得進展。

While the pit wall event at Camino Rojo as a temporary setback, it has reinforced the importance of our technical planning risk management and operational discipline. The team acted quickly to implement a comprehensive action plan that prioritize safety, reinforces slope stability and allows for the continued ore recovery during the pushback.

雖然 Camino Rojo 的維修站牆事件只是暫時的挫折，但它強化了我們的技術規劃風險管理和營運紀律的重要性。該團隊迅速採取行動，實施了一項全面的行動計劃，該計劃優先考慮安全、加強邊坡穩定性並確保在推回期間繼續回收礦石。

Looking forward to the remainder of 2025, we have several upcoming catalysts for Orla including: continued integration of Musselwhite and initial assays from the 2025 exploration program, permitting milestones in both Mexico and Nevada, our resource update for the South Carlin complex and an updated feasibility study for our self project as well as construction planning information. We continue to execute on our proven strategy to generate value to the benefit of all of our stakeholders.

展望 2025 年剩餘時間，我們為 Orla 準備了幾個即將到來的催化劑，包括：繼續整合 Musselwhite 和 2025 年勘探計劃的初步分析，允許在墨西哥和內華達州取得里程碑，我們對 South Carlin 綜合體的資源更新以及我們自身項目的最新可行性研究以及施工規劃資訊。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, these commitments and delivery are driving this business forward.

感謝我們業務所在國家的團隊，這些承諾和交付正在推動這項業務向前發展。

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

現在，我想開始回答問題並將其交還給辦公室。

(Operator Instructions)

（操作員指示）

Wayne Lam with TD Securities.

道明證券的 Wayne Lam。

Yeah, thanks. Good morning guys maybe just at Camino Rojo, could you give us a bit more detail on what drove the larger amount of stockpile drawdown in Q2 I guess, absent the pit wall event, as you continue to operate without the permit from layback, can you speak to some of the modifications to the mine plan that need to be made? And do you continue to anticipate an elevated level of stockpile drawdown until you receive the permit.

是的，謝謝。大家早安，也許只是在 Camino Rojo，您能否向我們詳細介紹一下導致第二季度庫存減少量較大的原因，如果沒有礦坑壁事件，由於您繼續在沒有放礦許可證的情況下運營，您能否談談需要對礦山計劃進行哪些修改？在獲得許可證之前，您是否會繼續預期庫存減少水準會上升？

Yeah, thanks, Wayne, for the question. So they're trying to work through your sequence of inquiries there. We do and I'll start from the last one. We do anticipate continuing to stack the low-grade stockpile for the remainder of the year as an additional source of gold production that's available to us. and doesn't require crushing.

是的，韋恩，謝謝你提出這個問題。所以他們正在嘗試解決你的一系列詢問。是的，我會從最後一個開始。我們確實預計在今年剩餘時間內繼續堆積低品位庫存，作為我們可用的額外黃金生產來源，並且不需要破碎。

The crusher, of course, will be fully optimized and utilized most of the material being fed into that crusher will come from the material movement on the north wall. And that will continue throughout this year and into next as we wind down through that material that I described in the in the call.

當然，破碎機將得到充分優化和利用，送入破碎機的大部分材料將來自北壁上的材料運動。隨著我們逐步完成我在電話中描述的材料，這種情況將持續到今年和明年。

And as we outlined, all of that computation of the usage of the stockpile combined with the mine tons from the north wall or what have guided our updated information on guidance for Camino Rojo. Maybe you can help me with any parts I missed.

正如我們所概述的，所有這些對庫存使用情況的計算，加上北牆的地雷噸數，都指導了我們更新有關 Camino Rojo 指導的資訊。也許您可以幫助我解決我遺漏的任何部分。

No, that's great. And then maybe just on the action plan that's been outlined. Obviously, good to see that come together pretty quickly with no injuries from the event. So just to confirm, that 9 million tonnes that will be removed, that's able to be placed onto the pad immediately, even though it falls outside the permit? And then I guess, just in terms of the revision in the guidance. What would be the time line to restart use as the basis for that? And does that also account for the commentary on the revised permitting time line not to expecting a positive decision late this year.

不，那太好了。然後也許只是針對已經概述的行動計劃。顯然，很高興看到一切進展順利，而且沒有人在活動中受傷。那麼，只是確認一下，即將移除的 900 萬噸垃圾是否能夠立即放置在垃圾場上，即使它超出了許可證的範圍？然後我想，只是就指導的修訂而言。重新開始的時間表將以什麼為基礎？這是否也解釋了對修改後的許可時間表的評論，即預計今年稍後不會做出積極的決定。

Yeah, I'm going to separate the two matters. Let's talk about the material movement in the 9 million tons that you described. And so that action plan that we outlined in our guidance update last week is already underway. The mechanics of it, of course, are reestablishing diversion channels, establishing the ramp into the north wall and mining from the top-down in a safe manner.

是的，我要把這兩件事分開。讓我們來談談您所描述的900萬噸的物質運動。因此，我們上週在指導更新中概述的行動計劃已經開始實施。當然，其機制是重新建立引水渠，建立通往北牆的斜坡，並以安全的方式從上往下進行採礦。

And obviously, at a cadence of about 19,000 tonnes per day will crush and stack that material onto the pad. As it relates to the permitting, it's allowable under Mexican legislation because we need to prepare that area and you stabilize it. And so that's why we're permitted to do that. Separate from that is the larger layback that we've had in the permitting process for some time.

顯然，以每天約 19,000 噸的速度將這些材料粉碎並堆放在墊子上。至於許可，根據墨西哥法律這是允許的，因為我們需要準備該地區並使其穩定下來。這就是我們被允許這樣做的原因。除此之外，我們在許可過程中也遇到了更大的阻礙。

And the updated timing that we're communicating about that is based upon active conversations with the with the labor authority. And again, there are two separate processes. The work that we're doing as a result of the pit wall movement is separate from the work that we're doing with the federal authorities on the larger layback permit.

我們正在溝通的最新時間是基於與勞工部門的積極對話。再次強調，這是兩個獨立的過程。我們因礦井壁移動而進行的工作與我們與聯邦當局就更大規模的後退許可證而進行的工作是分開的。

So speaking to the larger layback permit, including myself, our CSO and our COO have been on various conversations with both federal economy agents as well as Semina. As we talked Silvana talked about in the call, those good dialogues have resulted in us being on track as normal part of the seminar process.

因此，談到更大的延期許可，包括我自己、我們的首席策略長和營運長都與聯邦經濟代理人以及 Semina 進行了各種對話。正如 Silvana 在電話中提到的那樣，這些良好的對話使我們的研討會進程步入正軌。

They have asked questions for additional clarifications. We're answering those questions. Once we've wholesome and fully answered all of their questions, they'll be in a position to give us a positive resolution.

他們提出問題以尋求進一步的澄清。我們正在回答這些問題。一旦我們全面地回答了他們的所有問題，他們就能給我們一個積極的解決方案。

So I'm very optimistic that we're moving forward in Mexico with the larger layback. And in the meantime, we'll be mining this year and next.

因此，我非常樂觀地認為，我們將在墨西哥以更大的幅度向前邁進。同時，我們今年和明年仍將進行採礦。

Okay. Great. And so yes, just a follow-up on the revised guidance. What does that like what was the basis in terms of the time line used to getting there?

好的。偉大的。是的，這只是對修訂指南的後續跟進。就到達那裡的時間線而言，那是什麼基礎？

Yeah, so we obviously had to temporary suspend operations. So that had to be considered at the point that we and the time we did that, that we were suspended, we were stacking low-grade stockpile, not the same grade as in-pit material, and so that had to be considered in the updated guidance.

是的，所以我們顯然不得不暫時停止營運。因此，在我們這樣做的時候，我們必須考慮到這一點，我們被暫停了，我們堆放的是低品位庫存，與坑內材料的品位不一樣，因此必須在更新的指導中考慮到這一點。

And then differently, the mine sequencing that we would have been doing has had to be changed because we have material to move to stabilize that North Wall, and that needs to come first. And so the difference and the update to guidance is considerate of all that us restabilizing that north wall first.

然後，不同的是，我們本來要進行的礦井排序必須改變，因為我們需要移動材料來穩定北牆，而這需要先做。因此，差異和指導更新都考慮到了我們首先要重新穩定北牆。

It's for material, so that will be crushed and stacked but we'll defer the benching deeper in the mine likely sometime next year. And so that's what we use to update the guidance substitution of the bench material originally in the plan with the new material on the north wall that's in the updated revised plan. And all of those ounces over the coming years will be extracted.

這是為了材料，所以它會被粉碎並堆放，但我們可能會推遲到明年某個時候在礦井深處進行開採。這就是我們用來更新指導的方法，用更新後的修訂計劃中的北牆上的新材料替換計劃中原來的長凳材料。未來幾年內，所有這些黃金都將被開採出來。

Okay. Great. And then maybe just last one, just at Musselwhite. Just wondering if you can maybe comment on the cost and the grade profile there. Should we be expecting kind of a sequential improvement on the operating costs as you continue to as you get operating to the mine?

好的。偉大的。然後也許只是最後一個，就在 Musselwhite。只是想知道您是否可以評論那裡的成本和等級概況。隨著您繼續營運礦山，我們是否應該期待營運成本出現連續的改善？

And then just on the grade profile, are the lower grades over the past two quarters, just a function of sequencing and the ramp up in tonnage outside of the PQ Deeps. And just looking at the mine plan next year with the uplift in grades towards 6.9 grams a tonne, is that still a reasonable expectation? Or should we continue to see a bit more tonnage offset by slightly lower grades?

然後，僅從等級概況來看，過去兩個季度的等級較低，這只是排序和 PQ Deeps 以外噸位增加的結果。僅從明年的礦山計劃來看，品位將提升至每噸 6.9 克，這仍然是一個合理的預期嗎？或者我們應該繼續看到稍微多一點的噸位被稍低一點的等級所抵消？

So first on the cost, I think I would characterize it the same way as you just have is we'll be making improvements over time on the cost profile at Musselwhite, starting with fully several from Newmont and some of the costs that are associated with that. And then moving into more of an organized mine and the kind of cost that we can have demonstrated and can have it in musslewhite.

因此，首先關於成本，我認為我會以與您剛才相同的方式來描述它，我們將隨著時間的推移對 Musselwhite 的成本狀況進行改進，首先從 Newmont 的幾項成本以及與此相關的一些成本開始。然後進入更有組織的礦井，我們可以證明這種成本，並且可以在 musslewhite 實現。

Finally, as normal in any operation, looking for cost-saving measures in 2026 that can bring our costs down at musselwhite between $1,300 and $1,500 an ounce is where we would be striving for on a consistent basis. And when combined with Camino Rojo, of course, that takes us even lower into the first portal of global gold producers, which is where we want to be.

最後，與任何營運一樣，我們將在 2026 年尋求節省成本的措施，將我們的成本降至每盎司 1,300 美元至 1,500 美元之間，這是我們持續努力的目標。當然，當與 Camino Rojo 相結合時，我們在全球黃金生產商第一門戶中的地位就會進一步下降，而這正是我們想要達到的。

As it relates to grade, we have no concern over the annual nor life of mine grade in the mine plan for Musselwhite. But we do have quarter-over-quarter fluctuations of plus or minus 5%. And on an annualized basis, are confident that we have the appropriate grade scheduled and profile the effects as most people appreciate in an underground mine are entirely contributing to whether you're mining higher grade development headings or more average rig stoping, the particular grades of the sequence of stopes in different parts of the ore body. And then finally, making sure that you're containing and restraining any dilution that has a negative effect on grade.

就品位而言，我們並不關心 Musselwhite 礦山計劃中的年度品位或礦山壽命。但我們確實存在季度環比正負 5% 的波動。並且按年計算，我們有信心我們已經安排了適當的等級，並且大多數人都認為地下礦井的效果完全取決於您是否在開採更高等級的開發巷道或更平均的鑽機回採，礦體不同部分的採場序列的特定等級。最後，確保控制並抑制任何對等級產生負面影響的稀釋。

So that's our team at Musselwhite needs to manage that to deliver the grades on an annual basis on plan, and we are fully acknowledging that and comfortable with fluctuations month-over-month, quarter-over-quarter. We were very confident in the degree of Musslewhite, and we look forward to providing some additional information based on the exploration work that Sylvain and the Musselwhite team had done at site that he described. which will reinforce our thesis of the benefits of grade at Musselwhite.

因此，我們 Musselwhite 的團隊需要管理這一點，以便按計劃在年度基礎上交付成績，我們完全承認這一點，並且可以接受月環比、季度環比的波動。我們對 Musslewhite 的品味非常有信心，我們期待根據 Sylvain 和 Musselwhite 團隊在他所描述的現場所做的勘探工作提供一些額外的信息，這將強化我們關於 Musselwhite 品位優勢的論點。

Okay, perfect. Looking forward to those explorations. Thanks for taking my questions that.

好的，完美。期待這些探索。感謝您回答我的問題。

The next question comes from the line of Andrew Mikitchook with BMO Capital Markets. Please go ahead. There are no further questions at this time. I would like to turn the call back over to Jason Simpson, President and CEO, for closing remarks. Please go ahead.

下一個問題來自 BMO 資本市場的 Andrew Mikitchook。請繼續。目前沒有其他問題。我想將電話轉回給總裁兼執行長 Jason Simpson，請他做最後發言。請繼續。

Thank you for the questions, and I would like to thank everyone for their time on the call today. Never hesitate to reach out to Orla if you have any follow-up questions, we are available. Thank you.

謝謝大家的提問，我也要感謝大家今天抽空參加電話會議。如果您有任何後續問題，請隨時聯絡 Orla，我們隨時為您服務。謝謝。

Ladies and gentlemen, this concludes today's call. Thank you all for joining, and you may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入，現在可以斷開連線了。