Royal Gold Inc (RGLD) 2023 Q4 法說會逐字稿

Hello, everyone, and welcome to the Royal Gold, Inc. 2023 Full Year and Fourth Quarter Conference Call. My name is Emily, and I'll be facilitating your call today. (Operator Instructions)

大家好，歡迎參加 Royal Gold, Inc. 2023 年全年及第四季電話會議。我叫艾米麗，今天我將為您接聽電話。 （操作員說明）

I will now turn the call over to our host, Alistair Baker, Vice President of Investor Relations and Business Development. Please go ahead, Alistair.

現在我將把電話轉給我們的東道主、投資者關係和業務發展副總裁阿利斯泰爾·貝克(Alistair Baker)。請繼續，阿利斯泰爾。

Thank you, operator. Good morning, and welcome to our discussion of Royal Gold's fourth quarter and full year 2023 results. This event is being webcast live, and you will be able to access a replay of this call on our website.

謝謝你，接線生。早安，歡迎大家討論 Royal Gold 第四季和 2023 年全年業績。活動正在進行網路直播，您可以在我們的網站上觀看本次電話會議的重播。

Speaking on the call today are: Bill Heissenbuttel, President and CEO; Martin Raffield, Vice President of Operations; and Paul Libner, CFO and Treasurer. Randy Shefman, General Counsel; and Dan Breeze, Vice President, Corporate Development of RGAG, are also available for questions.

今天在電話會議上發言的有：總裁兼執行長 Bill Heissenbuttel；馬丁‧拉菲爾德 (Martin Raffield)，營運副總裁；以及財務長兼財務主管 Paul Libner。蘭迪·謝夫曼，總法律顧問； RGAG 企業發展副總裁 Dan Breeze 也可以回答問題。

During today's call, we will make forward-looking statements, including statements about our projections and expectations for the future. These statements are subject to risks and uncertainties that could cause actual results to differ materially from these statements. These risks and uncertainties are discussed in yesterday's press release and our filings with the SEC.

在今天的電話會議中，我們將做出前瞻性聲明，包括有關我們對未來的預測和期望的聲明。這些陳述存在風險和不確定性，可能導致實際結果與這些陳述有重大差異。這些風險和不確定性在昨天的新聞稿和我們向美國證券交易委員會提交的文件中進行了討論。

We will also refer to certain non-GAAP financial measures, including adjusted net income, adjusted net income per share, cash G&A, adjusted EBITDA and net debt. Reconciliations of these measures to the most directly comparable GAAP measures are available in yesterday's press release, which can be found on our website.

我們也將參考某些非 GAAP 財務指標，包括調整後淨利、調整後每股淨利、現金 G&A、調整後 EBITDA 和淨債務。這些措施與最直接可比較的公認會計原則措施的調節可在昨天的新聞稿中找到，該新聞稿可以在我們的網站上找到。

Bill will start with an overview of 2023 results, Martin will give some commentary on the portfolio and Paul will wrap up with a financial summary of the quarter. After the formal remarks, we'll open the lines for a Q&A session.

Bill 將首先概述 2023 年業績，Martin 將對投資組合發表一些評論，Paul 將總結本季的財務摘要。正式發言後，我們將開始問答環節。

Good morning, and thank you for joining the call. I'll begin on Slide 4.

早安，感謝您加入通話。我將從幻燈片 4 開始。

During 2023, we delivered revenue of $606 million, operating cash flow of $416 million and earnings of $239 million or $3.63 per share. And after adjustments, earnings were $3.53 per share. Our gold equivalent ounces, or GEOs, were slightly below our guidance range as we indicated might occur during our third quarter conference call. And Martin will give you some more details a bit later.

2023 年，我們的營收為 6.06 億美元，營運現金流為 4.16 億美元，收益為 2.39 億美元，即每股收益 3.63 美元。調整後，每股收益為 3.53 美元。我們的黃金等價盎司（GEO）略低於我們的指導範圍，正如我們在第三季電話會議期間指出的那樣。馬丁稍後會向您提供更多詳細資訊。

While inflation pressures have eased from their peak, operating companies are still seeing cost inflation and margin erosion. Without direct exposure to operating and capital costs, we are protected from inflation pressure and margin compression. And we maintained our strong adjusted EBITDA margin of 79%.

儘管通膨壓力已從峰值緩解，但營運公司仍面臨成本上漲和利潤下降的問題。由於不直接承受營運和資本成本，我們可以免受通膨壓力和利潤壓縮的影響。我們維持了 79% 的強勁調整後 EBITDA 利潤率。

We paid approximately $100 million in dividends, in keeping with our commitment to return capital to shareholders. And we raised our dividend again by 7%. This is the 23rd consecutive annual increase to our dividend, which is an unmatched record in the precious metals sector. We also maintained our focus on the balance sheet and repaid $325 million outstanding on a revolving credit facility during the year.

我們支付了約 1 億美元的股息，以履行我們向股東返還資本的承諾。我們再次將股息提高了 7%。這是我們連續第 23 年提高股息，這在貴金屬領域是無與倫比的記錄。我們也繼續關注資產負債表，並在這一年償還了 3.25 億美元的循環信貸額度未償債務。

After an active year of acquisitions in 2022, we started the year with a revolver balance of $575 million. And we've quickly reduced that to $250 million, increasing our total available liquidity at the end of the year to about $845 million. This is in keeping with our capital allocation strategy to use non-dilutive financing to acquire high-quality assets. And we maintained our low share count during the year to ensure that shareholders have full exposure to our growth.

經過 2022 年活躍的收購一年後，我們年初的循環餘額為 5.75 億美元。我們很快將其減少到 2.5 億美元，年底我們的可用流動資金總額增加到約 8.45 億美元。這符合我們利用非稀釋性融資收購優質資產的資本配置策略。我們在這一年中保持了較低的股份數量，以確保股東充分享受我們的成長。

Finally, we announced an agreement yesterday with Centerra to provide future cost support to the Mount Milligan mine that will allow an extension of the mine life to 2035 and potentially further into the future. The details are in our press release. But in summary, we will receive cash and gold consideration in the near and medium term with a value of approximately $125 million at the current gold price and a longer-term free cash flow interest in Mount Milligan.

最後，我們昨天宣布與 Centerra 達成協議，為 Mount Milligan 礦場提供未來成本支持，從而將礦井壽命延長至 2035 年，甚至可能更遠。詳細資訊請參閱我們的新聞稿。但總而言之，我們將在中短期內收到現金和黃金對價，以當前金價計算價值約為 1.25 億美元，以及 Mount Milligan 的長期自由現金流利息。

In return, we'll make additional cash payments for gold and copper delivered with any support provided prior to approximately 2030, contingent upon gold and copper prices being below $1,600 per ounce and $3.50 per pound, respectively. These earlier payments are also subject to potential recovery against cost support payments made beyond 2030, when metal prices permit. This is a good development for both Royal Gold and Centerra as it should allow for further value to be realized through mine life extension.

作為回報，我們將為大約 2030 年之前提供的任何支持下交付的黃金和銅支付額外現金，條件是金價和銅價分別低於每盎司 1,600 美元和每磅 3.50 美元。在金屬價格允許的情況下，這些早期付款還可能根據 2030 年後支付的成本支持付款進行回收。這對 Royal Gold 和 Centerra 來說都是一個很好的發展，因為它應該可以透過延長礦山壽命來實現進一步的價值。

Mount Milligan has a large resource base and exploration potential. And Centerra's plans include: completing a preliminary economic assessment in the first half of 2025 to evaluate resources and projects that could provide further mine life extensions; continuing exploration drilling around the mine; and completing a site optimization program to improve cash flow. Royal Gold will benefit from getting further exposure to metal prices over an extended mine life. And we are pleased to provide support to Centerra as they review this potential.

米利根山擁有巨大的資源基礎和勘探潛力。 Centerra 的計劃包括：在 2025 年上半年完成初步經濟評估，以評估可進一步延長礦場壽命的資源和專案；繼續在礦井周圍進行勘探鑽探；並完成網站優化計劃以改善現金流。隨著礦山壽命的延長，皇家黃金將受益於進一步接觸金屬價格。我們很高興為 Centerra 評估這一潛力提供支援。

I'll now turn the call over to Martin to provide some comments on the portfolio.

我現在將把電話轉給馬丁，以提供一些關於投資組合的評論。

Thanks, Bill. Turning to Slide 5, I'll cover portfolio performance over the year compared to the guidance that we gave in April 2023.

謝謝，比爾。轉向投影片 5，我將介紹與我們在 2023 年 4 月給出的指導相比的全年投資組合表現。

Overall, the portfolio performance was solid for the year. However, as Bill mentioned, total sales of 315,600 GEOs was slightly below our 2023 guidance of 320,000 to 345,000 GEOs. This was due to underperformance at two of our principal properties, both of which we have discussed on our last earnings call. The first was Peñasquito, where there was an unexpected 4-month labor strike. And the second was the slower-than-anticipated ramp-up of the plant expansion at Pueblo Viejo. Our DD&A and tax rates were in line with guidance. And Paul will go into more detail on these items in his comments.

整體而言，今年的投資組合表現穩健。然而，正如 Bill 所提到的，315,600 個 GEO 的總銷量略低於我們 2023 年 320,000 至 345,000 個 GEO 的指導值。這是由於我們兩個主要的資產表現不佳，我們在上次財報電話會議上討論了這兩個資產。第一個是佩尼亞斯基托，那裡意外地發生了為期 4 個月的罷工。第二個是普韋布洛維耶霍工廠擴建速度慢於預期。我們的 DD&A 和稅率符合指引。保羅將在他的評論中更詳細地討論這些項目。

Turning to Slide 6, I'll give some comments on fourth quarter revenue. Overall revenue for the quarter was $153 million with volume of 77,500 GEOs. Our royalty segment contributed revenue of $54 million, in line with the prior year quarter. However, as a percentage of total revenue, the royalty segment was a larger contributor than in the recent past at about 36% of total revenue. Revenue from our stream segment was lower compared to last year at $98 million. Lower contributions from Mount Milligan and Pueblo Viejo were only partially offset by higher revenue from Andacollo, Xavantina and Rainy River.

轉向幻燈片 6，我將對第四季的收入發表一些評論。該季度的總收入為 1.53 億美元，交易量為 77,500 個 GEO。我們的特許權使用費部門貢獻了 5,400 萬美元的收入，與去年同期持平。然而，從佔總收入的百分比來看，特許權使用費部分的貢獻比最近更大，約佔總收入的 36%。我們的串流媒體部門的收入低於去年，為 9800 萬美元。 Mount Milligan 和 Pueblo Viejo 的貢獻減少，僅部分被 Andacollo、Xavantina 和 Rainy River 收入增加所抵消。

I'll turn to Slide 7 and give some comments on notable developments at a handful of operations. At Mount Milligan, as Bill mentioned, Centerra reported an increase to the mine life to 2035 with the potential for work underway to increase this further. Centerra also provided 2024 production guidance of 180,000 to 200,000 ounces of gold and 55 million to 65 million pounds of copper. Centerra expects this production to be evenly weighted throughout the year.

我將轉向幻燈片 7，並對少數業務的顯著進展發表一些評論。正如 Bill 所提到的，在 Mount Milligan，Centerra 報告稱礦山壽命已延長至 2035 年，並​​且正在進行的工作有可能進一步延長礦山壽命。 Centerra也提供了2024年18萬至20萬盎司黃金和5500萬至6500萬磅銅的產量指引。 Centerra 預計全年產量將均勻分佈。

At Pueblo Viejo, Barrick reported yesterday that construction and commissioning of the plant expansion was substantially complete at the end of December, and they have resolved the equipment issues they were dealing with in the second half of the year. They are working on rebuilding the crushed ore stockpile feed conveyor and are targeting completion of this work in the second quarter, which is required for the plant to reach full throughput. Our stream is based on Barrick's share of production at PV. And Barrick is guiding to gold production of 420,000 to 490,000 ounces in 2024.

在普韋布洛維耶霍，巴里克昨天報告說，工廠擴建的建設和調試已於 12 月底基本完成，他們已經解決了下半年正在處理的設備問題。他們正在重建破碎礦石堆進料輸送機，目標是在第二季完成這項工作，這是工廠達到滿載生產所需的。我們的流基於巴里克在光伏生產中的份額。巴里克預計 2024 年黃金產量為 42 萬至 49 萬盎司。

Approximately 165,000 ounces of silver were deferred during the quarter. And the total deferred amount was 854,000 ounces at the end of December. In yesterday's report, Barrick commented that the focus for the first quarter will be the continued stability and optimization of the flotation circuit, which we expect should result in higher and more consistent silver recovery. This optimization work will likely take some time and the recovery of our deferred silver ounces will depend on the outcome of this work.

本季大約有 165,000 盎司白銀被延長。截至12月底，遞延總量為85.4萬盎司。在昨天的報告中，巴里克評論說，第一季的重點將是浮選流程的持續穩定和優化，我們預計這將導致白銀價格更高、更一致的復甦。這項優化工作可能需要一些時間，我們延期白銀盎司的恢復將取決於這項工作的結果。

At Cortez, Barrick announced in mid-December that the Record of Decision was received for Goldrush, and they expect to ramp up production from 130,000 ounces this year to about 400,000 ounces per year in 2028. They also announced 2024 guidance for Cortez yesterday of 620,000 to 680,000 ounces, which includes the contribution from Goldrush. This guidance is significantly lower than the 2023 production at Cortez and, according to Barrick, is it relates to grade reconciliation and resource model changes at Crossroads that will reduce oxide mill feed.

在 Cortez，巴里克於 12 月中旬宣布收到了 Goldrush 的決策記錄，他們預計將產量從今年的 130,000 盎司增加到 2028 年的每年約 400,000 盎司。他們昨天還宣布了 Cortez 的 2024 年指導產量為 620,000 盎司至680,000 盎司，其中包括Goldrush 的貢獻。巴里克表示，這項指導大大低於 Cortez 2023 年的產量，這是否與 Crossroads 的品位調節和資源模型變化有關，這將減少氧化物磨機進料。

Our overlapping royalty interest at Crossroads result in an effective gross royalty rate of approximately 9.4%. So the impact of lower production at Crossroads has a disproportionately larger impact on Royal Gold. We are reviewing Barrick's forecast, and we'll detail the impact to Royal Gold when we issue our full year guidance.

我們在 Crossroads 的重疊特許權使用費導致有效毛特許權使用費約為 9.4%。因此，十字路口產量下降對皇家黃金的影響要大得多。我們正在審查巴里克的預測，並將在發布全年指引時詳細說明對皇家黃金的影響。

Turning to Slide 8. At Andacollo, Teck has reported that drought conditions are impacting production levels. And this is expected to continue while a solution is put in place in 2025. In the meantime, we're expecting production levels this year to remain in line with 2023 and then increase in 2025 through 2027 with the benefit of higher grades.

轉向幻燈片 8。在 Andacollo，Teck 報告說乾旱條件正在影響生產水準。預計這種情況將持續下去，直到 2025 年解決方案到位。同時，我們預計今年的產量水準將與 2023 年保持一致，然後在 2025 年至 2027 年因更高品味的好處而增加。

At Khoemacau, operations are continuing at full production levels. Khoemacau is a high-quality operation, and we are pleased that MMG, a well-capitalized and experienced operator, will become the new owner after completing the acquisition, which is expected during the current quarter. We have spoken with MMG. And at this point, we don't expect any significant changes to the operating approach put in place by KCM.

在 Khoemacau，營運仍在滿載生產。 Khoemacau 是一家高品質的營運商，我們很高興資本充足且經驗豐富的營運商 MMG 將在完成收購後成為新的所有者，預計收購將在本季度進行。我們已經與 MMG 進行了交談。目前，我們預計 KCM 的運作方式不會發生任何重大變化。

And finally, we are pleased to see continued progress towards full production at King of the Hills and Bellevue mines in Western Australia. We expect to see first production from Côté Gold in Ontario and Mara Rosa in Brazil in the current quarter and Manh Choh in Alaska in the second half of the year.

最後，我們很高興看到西澳大利亞的 King of the Hills 和 Bellevue 礦場在全面生產方面不斷取得進展。我們預計安大略省的 Cété Gold 和巴西的 Mara Rosa 將在本季首次投產，阿拉斯加的 Manh Choh 將在下半年投產。

I'll now turn the call over to Paul for a review of our financial results.

我現在將把電話轉給保羅，讓他審查我們的財務表現。

Thanks, Martin. I'll now turn to Slide 9 and give an overview of the financial results for the quarter. For this discussion, I'll be comparing the quarter ended December 31, 2023, to the prior year quarter.

謝謝，馬丁。我現在將轉向投影片 9，概述本季的財務表現。在本次討論中，我將比較截至 2023 年 12 月 31 日的季度與去年同期。

Revenue was down 6% to $153 million for the quarter. As Martin mentioned in his remarks, lower contributions from Mount Milligan, Pueblo Viejo and Peñasquito were the main drivers for this quarter's lower revenue. The lower contribution from these properties were partially offset by higher contributions from Cortez and Andacollo as well as higher average metal prices.

該季度營收下降 6% 至 1.53 億美元。正如馬丁在演講中提到的，Mount Milligan、Pueblo Viejo 和 Peñasquito 的貢獻減少是本季收入下降的主要原因。這些資產的較低貢獻被 Cortez 和 Andacollo 的較高貢獻以及較高的平均金屬價格部分抵消。

Gold and silver prices were significantly higher, up 14% and 10%, respectively, and the price of copper was up 2%. Gold continues to be the dominant revenue source, making up 80% of our total revenue for the quarter, followed by silver at 10% and copper at 8%. At 80%, Royal Gold has the highest gold revenue percentage compared to our major peers in the royalty and streaming sector.

黃金和白銀價格明顯走高，分別上漲14%和10%，銅價上漲2%。黃金仍是主要的收入來源，佔本季總收入的 80%，其次是白銀，佔 10%，銅佔 8%。與我們在特許權使用費和串流媒體領域的主要同行相比，Royal Gold 的黃金收入百分比最高，為 80%。

Turning to Slide 10. I'll provide a bit more detail on specific line items for the quarter, which was another straightforward and quiet quarter for Royal Gold. G&A expense increased slightly to $9.7 million from $8.8 million in the prior year and was due to higher corporate costs and noncash stock compensation expense. Although we did see an increase over the prior year, our cash G&A costs remained low at about 5% of total revenue.

轉向幻燈片 10。我將提供有關本季度特定項目的更多詳細信息，對於 Royal Gold 來說，這是另一個簡單而安靜的季度。由於公司成本和非現金股票補償費用增加，一般管理費用從前一年的 880 萬美元小幅增加至 970 萬美元。儘管我們確實看到比前一年有所增加，但我們的現金管理及行政費用仍然很低，約佔總收入的 5%。

Our DD&A expense decreased to $40 million from $49 million in the prior year. On a unit basis, this expense was $518 per GEO for the quarter compared to $521 per GEO in the prior year. The lower overall DD&A expense was due to a lower depletion rate at Pueblo Viejo as well as decreased sales from Mount Milligan and Pueblo Viejo when compared to the prior year. For the full year, DD&A of $529 per GEO was in line with our earlier guidance range of $490 to $540 per GEO.

我們的 DD&A 費用從前一年的 4,900 萬美元減少到 4,000 萬美元。以單位計算，本季每個 GEO 的費用為 518 美元，而上一年每個 GEO 的費用為 521 美元。整體 DD&A 費用較低的原因是 Pueblo Viejo 的消耗率較低，以及 Mount Milligan 和 Pueblo Viejo 的銷售額與前一年相比有所下降。全年，每個 GEO 的 DD&A 為 529 美元，符合我們之前每個 GEO 490 至 540 美元的指導範圍。

Interest expense was $6 million for the quarter, in line with $6.1 million in the prior year. The all-in interest rate for outstanding borrowings under our credit facility was 6.6% at the end of the fourth quarter.

本季利息支出為 600 萬美元，與去年同期的 610 萬美元持平。截至第四季末，我們信貸安排下未償還借款的總利率為 6.6%。

Tax expense for the quarter was $13.4 million, resulting in an effective tax rate of 17.5%. This compares to a similar tax expense of $12.6 million and an effective tax rate of 18.2% in the prior year. For the full year, tax expense was $42 million and the effective tax rate was 14.9%.

該季度的稅費為 1,340 萬美元，有效稅率為 17.5%。相較之下，前一年的類似稅收費用為 1,260 萬美元，有效稅率為 18.2%。全年稅費為 4,200 萬美元，有效稅率為 14.9%。

Our full year tax expense and effective tax rate benefited from a previously disclosed discrete tax event during the June quarter and related to the release of a valuation allowance on certain foreign deferred tax assets. Excluding this discrete item, the effective tax rate for the full year was 17.9%, which was in line with our guidance rate of 17% to 22%.

我們的全年稅務費用和有效稅率受益於先前披露的六月季度的離散稅務事件，並與某些外國遞延稅資產的評估備抵的釋放有關。剔除此離散項目，全年有效稅率為17.9%，符合我們17%至22%的指導稅率。

Net income for the quarter was up 11% over the prior year to $63 million or $0.95 per share. The increase in net income was primarily attributable to the lower cost of sales and DD&A expense, along with the $4 million impairment we recognized in the prior year on a non-principal exploration stage royalty interest. Each of these were partially offset by a decrease in our revenue as I previously mentioned. Our operating cash flow was strong again this quarter at $101 million and in line with the prior year.

該季度淨利潤比上年同期增長 11%，達到 6,300 萬美元，即每股 0.95 美元。淨利潤的增加主要歸因於銷售成本和 DD&A 費用的降低，以及我們在上一年確認的非主要勘探階段特許權使用費權益的 400 萬美元減損。正如我之前提到的，所有這些都被我們收入減少的部分抵消。本季我們的營運現金流再次強勁，達到 1.01 億美元，與上年持平。

We expect to provide full year guidance for 2024 early in the second quarter after most of our counterparties have issued their own production guidance for the year. However, to help you prepare your March quarter estimates, we expect our stream segment sales to range between 47,000 and 52,000 GEOs during the first quarter of 2024. As with our prior practice, this is the only quarter during the year when we will give quarterly guidance. And this quarterly guidance should not be viewed as indicative of the full year guidance we intend to provide early in the second quarter.

在我們大多數的交易對手發布了自己的 2024 年生產指引後，我們預計將在第二季初提供 2024 年全年指引。然而，為了幫助您準備3 月份季度的預測，我們預計2024 年第一季我們的流細分市場銷售額將在47,000 至52,000 個GEO 之間。與我們之前的做法一樣，這是一年中我們將按季度提供的唯一一個季度指導。本季度指導不應被視為我們打算在第二季度初提供的全年指導的指示。

I will now turn to Slide 11 and provide a summary of our financial position at the end of the quarter. During the quarter, we repaid $75 million on our revolving credit facility and reduced the amount drawn to $250 million. As Bill mentioned, our strong cash flow during 2023 allowed us to repay $325 million on our revolver balance during the year.

我現在將轉向投影片 11，概述我們在本季末的財務狀況。本季度，我們償還了 7,500 萬美元的循環信貸額度，並將提取金額減少至 2.5 億美元。正如比爾所提到的，我們在 2023 年強勁的現金流使我們能夠在這一年償還 3.25 億美元的左輪手槍餘額。

With respect to leverage ratios, we ended 2022 with a 1x net debt-to-EBITDA ratio. And by the end of 2023, this ratio was down to 0.3x. This is a remarkable change in a short period and speaks to the cash flow generation of our portfolio and reinforces our overall capital allocation strategy, which also emphasizes a focus on the balance sheet.

就槓桿率而言，2022 年末我們的淨負債與 EBITDA 比率為 1 倍。到 2023 年底，這一比率下降至 0.3 倍。這是短期內的顯著變化，說明了我們投資組合的現金流量生成，並強化了我們的整體資本配置策略，該策略也強調對資產負債表的關注。

Absent significant business development activity and as cash flow allows, we expect to fully repay the remaining revolver balance by sometime early in the second half of 2024. We ended the year in a very strong financial position with total available liquidity of approximately $845 million made up of $750 million of undrawn revolver capacity and $95 million of working capital.

由於缺乏重大業務開發活動，並且在現金流允許的情況下，我們預計將在2024 年下半年早些時候的某個時候全額償還剩餘的循環餘額。年底時，我們的財務狀況非常強勁，可用流動資金總額約8.45 億美元7.5 億美元的未動用左輪手槍產能和 9,500 萬美元的營運資金。

Finally, I'll also mention that upon completion of the acquisition of Khoemacau by MMG, we expect repayment of the subordinated debt facility we provided to KCM as part of the overall development of the Khoemacau mine. At the end of December, the total amount outstanding, including capitalized interest, was approximately $36 million.

最後，我還要提到，在 MMG 完成對 Khoemacau 的收購後，我們預計將償還我們向 KCM 提供的次級債務融資，作為 Khoemacau 礦山整體開發的一部分。截至 12 月底，包括資本化利息在內的未償還總額約為 3,600 萬美元。

That concludes my comments on our financial performance for the quarter. And I will now turn the call back to Bill for closing comments.

我對本季財務表現的評論到此結束。現在我將把電話轉回比爾以徵求結束意見。

Thanks, Paul. 2023 was another year of consistent and solid performance from Royal Gold. We maintained alignment with our strategic goals of keeping a disciplined focus on gold, strengthening our balance sheet and increasing our capital return. We had a very active year of adding assets to the portfolio in 2022. And during 2023, we took advantage of our strong cash flow to pay down the debt used to finance those transactions as well as continue our long record of increasing our dividend.

謝謝，保羅。 2023 年是 Royal Gold 業績持續穩定的一年。我們與我們的策略目標保持一致，即嚴格關注黃金、加強我們的資產負債表並提高我們的資本回報。 2022 年是我們向投資組合添加資產的非常活躍的一年。2023 年，我們利用強勁的現金流來償還用於為這些交易融資的債務，並繼續保持增加股息的長期記錄。

Our balance sheet is in great shape, and we have excellent liquidity to compete and take advantage of business development opportunities that may present themselves. We expect to provide full year guidance for 2024 early in the second quarter, which will reflect the lower production at Cortez and smaller organic growth assets that we have previously discussed, like King of the Hills, Bellevue, Côté, Mara Rosa and Manh Choh. We also expect to publish an asset handbook early in the second quarter. And we plan to host an in-person session to give a more fulsome update on the portfolio around the same time.

我們的資產負債表狀況良好，我們擁有出色的流動性來競爭並利用可能出現的業務發展機會。我們預計將在第二季初提供 2024 年全年指引，這將反映 Cortez 產量的下降以及我們之前討論過的較小的有機成長資產，例如 King of the Hills、Bellevue、Cété、Mara Rosa 和孟卓.我們也預計在第二季初發布資產手冊。我們計劃在同一時間舉辦現場會議，以提供有關產品組合的更全面的更新。

Operator, that concludes our prepared remarks. I'll now open the line for questions.

接線員，我們準備好的發言到此結束。我現在將開通提問熱線。

(Operator Instructions) Our first question comes from Jackie Przybylowski with BMO Capital Markets.

（操作員說明）我們的第一個問題來自 BMO 資本市場的 Jackie Przybylowski。

I know you addressed this a little bit in your prepared remarks. But if you could give us a little bit more color on what happened, I guess, at Nevada Gold Mines, that would be really helpful, whatever you can maybe tell us about. I know they had certainly mentioned in their call yesterday that there were some issues with accessing grade. Can you maybe just give us a little bit more color on what's happening there?

我知道你在準備好的發言中談到了這個問題。但如果你能給我們更多關於內華達金礦發生的事情的信息，我想，無論你能告訴我們什麼，那都會非常有幫助。我知道他們昨天在電話中肯定提到了獲取成績存在一些問題。您能否給我們更多關於那裡發生的事情的資訊？

Jackie, thanks for the question. When you refer to Nevada Gold Mines, I assume you mean Cortez in particular?

傑基，謝謝你的提問。當您提到內華達金礦時，我想您特指的是科爾特斯？

Sorry, yes, yes, sorry, Cortez.

對不起，是的，是的，對不起，科爾特斯。

Yes, that's fine. I'll just turn this over to Martin to give you a little background. I'm not sure we know much more. But Martin, over to you.

是的，沒關係。我將把這個交給馬丁來給你一些背景知識。我不確定我們是否知道更多。但是馬丁，交給你了。

Yes, thanks, Jackie. We really don't know much more than what was said on the call yesterday with Mark Bristow. They talked about a resource model change to the Crossroads area. They talked about that, indicating that it would reduce the oxide mill feed in 2024.

是的，謝謝，傑基。除了昨天與馬克布里斯託的電話會議中所說的內容外，我們確實不知道更多的內容。他們討論了十字路口地區的資源模型變更。他們談到了這一點，並表示將在 2024 年減少氧化物磨機進料。

And it was ascribed to a fault cutting off the high-grade ore in the pit that I think is a fairly recent point of understanding, so not really much more than that. In terms of how this impacts us, would you be interested in understanding more about that, Jackie?

這被歸因於切斷礦坑中高品位礦石的故障，我認為這是一個相當新的理解點，所以僅此而已。就這對我們有何影響而言，您有興趣了解更多嗎，Jackie？

Yes, absolutely.

是的，一點沒錯。

So Cortez overall in 2023 had a really strong year. They produced about 890,000 ounces on a 100% basis. Out of that, we received about 49,000 GEOs. And about 80% of that 49,000 GEOs was sourced from our legacy zone with a high royalty rate of 9.4%. And that was really primarily driven in turn by the Crossroads production.

因此，總體而言，科爾特斯在 2023 年度過了非常強勁的一年。以 100% 計算，他們的產量約為 890,000 盎司。其中，我們收到了大約 49,000 個 GEO。這 49,000 個 GEO 中約 80% 來自我們的遺留區域，特許權使用費高達 9.4%。這其實主要是由《十字路口》的製作所推動的。

So 2024 guidance for Barrick is now 620,000 to 680,000 ounces, again on a 100% basis. And this represents about a decrease of 27% from their 2023 production actual numbers to the midpoint of that 2024 guidance. And really with -- this impact to us is disproportionate because of our 9.4% gross royalty percentage over the Crossroads area and the impact to that Crossroads pit that they are now talking about.

因此，巴里克 2024 年指導產量目前為 620,000 至 680,000 盎司，同樣在 100% 的基礎上。這意味著 2023 年實際產量與 2024 年指導值的中位數相比下降了約 27%。事實上，這種影響對我們來說是不成比例的，因為我們在十字路口地區的總特許權使用費百分比為 9.4%，以及他們現在正在談論的對十字路口坑的影響。

Due to our revenue mix at Cortez, the overall decrease from our 2023 production GEOs of 49,000 is going to be in the region of 40% to 50%. Can't really provide any more detail about what's happening at Crossroads at the moment. We don't know any more than the rest of the market. But we do hope to be able to provide some more detail on that when we get to our 2024 guidance.

由於我們在 Cortez 的收入結構，我們的 2023 年生產 GEO 數量為 49,000 輛，整體下降幅度約為 40% 至 50%。目前無法提供有關十字路口發生的情況的更多詳細資訊。我們不比市場上的其他人知道更多。但我們確實希望在製定 2024 年指南時能夠提供更多細節。

Okay, great. That was actually going to be my next question. When you put your guidance out in April, that will be reflected in your guidance, I guess, right, for 2024?

好的，太好了。這實際上將是我的下一個問題。當您在 4 月發布指導意見時，我想這將反映在您的 2024 年指導方針中，對嗎？

Absolutely, yes.

絕對沒錯。

Our next question comes from Cosmos Chiu with CIBC.

我們的下一個問題來自 CIBC 的 Cosmos Chiu。

Maybe my first question is on your 2024 guidance as well. I know you haven't put it out yet. I'm just trying to figure out the thought process and your process in terms of how you come around in terms of putting your guidance together. Of course, there's challenges like Crossroads and Cortez.

也許我的第一個問題也是關於您的 2024 年指引。我知道你還沒有把它放出來。我只是想弄清楚你的思考過程和你如何將指導整合在一起的過程。當然，還有像十字路口和科爾特斯這樣的挑戰。

And as you mentioned, 2024 will also benefit from start-ups or ramp-ups at Bellevue, King of the Hills and a number of new assets like Côté and Goldrush. And so how do you go about your process of putting guidance together? And how do you kind of factor in any kind of risk, any kind of ramp-up risk and start-up risk and things like that?

正如您所提到的，2024 年還將受益於 Bellevue、King of the Hills 的新創公司或擴張以及 Cété 和 Goldrush 等許多新資產。那麼您如何進行整合指導的過程呢？你如何考慮任何類型的風險、任何類型的提升風險和啟動風險以及類似的事情？

Yes, Cosmos, thanks for the question. I mean, the process is very much bottom-up. And Martin and his team, I think they meet numerous times to talk about individual assets. Now it kind of depends on the asset itself and the contract. Because in some cases, we have excellent information rights. We may have a budget for the year. But in others, especially on the royalty side and the [solo] royalty side, we don't really know. All we can go on is what the operators are saying publicly.

是的，宇宙，謝謝你的提問。我的意思是，這個過程是自下而上的。馬丁和他的團隊，我認為他們多次會面討論個人資產。現在這在某種程度上取決於資產本身和合約。因為在某些情況下，我們擁有極佳的資訊權。我們可能會有今年的預算。但在其他方面，尤其是在皇室方面和[單獨]皇室方面，我們真的不知道。我們所能繼續的就是營運商公開所說的話。

Just as an example, Peñasquito is a royalty we don't really have any information right. So we wait to hear what Newmont says about what's going to happen at Peñasquito. So that's probably why it takes us a little bit longer than others because we have to compile the guidance that was given by the operators. I will tell you that we do make adjustments. It's one of the reasons we don't give guidance on an asset-by-asset basis.

舉個例子，佩尼亞斯奎托是一位皇室成員，我們實際上沒有任何正確的資訊。因此，我們等著聽紐蒙特對佩尼亞斯基托將要發生的事情有何評論。因此，這可能是我們比其他人花費更長一點時間的原因，因為我們必須編譯運營商提供的指南。我會告訴你，我們確實做出了調整。這是我們不按資產提供指導的原因之一。

Because we may get a number from an operator or see a number from an operator in the public domain and just say, "Well, based on our experience, what we've seen at that mine historically, they may not achieve that recovery rate, they may not achieve that grade that they expect." So that's kind of the process. And that's why it takes us another couple of months to put it together.

因為我們可能會從運營商處獲得一個號碼，或者在公共領域看到來自運營商的號碼，然後說：「好吧，根據我們的經驗，我們在該礦場歷史上看到的情況，他們可能無法達到這樣的回收率，他們可能達不到他們期望的成績。”這就是一個過程。這就是為什麼我們又花了幾個月的時間才組裝起來。

Yes. I guess, asked more directly, would you say you're fairly conservative when you put this together?

是的。我想，更直接地問你，當你把這些放在一起時，你會說你相當保守嗎？

I mean, we're -- I don't want to say we're fairly concerned. We try to be fair based on what we expect. I don't want anybody to think that we sort of take the numbers and then be more conservative on guidance so that hopefully we can exceed guidance. That's not how we do things. We put out a number that we think is achievable.

我的意思是，我們——我不想說我們相當擔心。我們盡力根據我們的期望做到公平。我不希望任何人認為我們採取了一些數字，然後在指導上更加保守，以便希望我們能夠超越指導。我們不是這樣做事的。我們給了一個我們認為可以實現的數字。

Understood, great. Maybe switching gears a little bit, congratulations on getting the additional deal or kind of the agreement with Centerra completed. From that perspective, I had to read it quite a few times, your press release yesterday, your new agreement with Centerra, fairly complex, a lot of moving parts.

明白了，太好了。也許稍微改變一下態度，恭喜您與 Centerra 完成了額外交易或某種協議。從這個角度來看，我必須讀很多遍，你們昨天的新聞稿，你們與 Centerra 的新協議，相當複雜，有很多變化的部分。

Can you maybe talk about how you came up with that structure, the different kind of production hurdles that you've put in? And would that have been easier to kind of rewrite the original agreement? Because I know this agreement here is in addition to the original agreement, so maybe the thought process around that as well.

您能否談談您是如何想出這種結構以及您設置的不同類型的生產障礙的？重寫原來的協議會不會比較容易？因為我知道這裡的協議是對原始協議的補充，所以也許也是圍繞該協議的思考過程。

Yes, I mean, I will say I would agree with you. The first place you would think of going is to amend the existing agreement, I will say. Sometimes, amending agreements creates complications. And we just felt that in order to avoid some complications, it would be better to leave that agreement completely untouched.

是的，我的意思是，我會說我同意你的觀點。我會說，你首先想到的就是修改現有協議。有時，修改協議會造成複雜化。我們只是覺得，為了避免一些複雜化，最好完全不改變該協議。

This is sort of a mine life extension project. This is a bolt-on agreement that supports that mine life extension. And that's the direction that the negotiations sort of took over time. As for the specific numbers, I just wonder if I might ask Dan Breeze to sort of offer his thoughts. Dan was sort of our lead negotiator on the transaction. And maybe he can share some thoughts with you.

這是延長礦山壽命的項目。這是一項支援延長礦山壽命的附加協議。這就是談判隨著時間的推移所採取的方向。至於具體的數字，我只是想知道是否可以請 Dan Breeze 提出他的想法。丹是我們此次交易的首席談判代表。也許他可以與你分享一些想法。

Cosmos, yes, thanks for the question. Maybe we could just talk a little bit about, I think if your question -- if I understand your question, you're asking about how we ended up with this structure generally speaking. Or do you want to actually get into the numbers?

宇宙，是的，謝謝你的提問。也許我們可以談談，我想如果你的問題——如果我理解你的問題，你是在問我們一般來說是如何最終得到這個結構的。或者你想真正了解數字嗎？

No, I think generally speaking, how you came over the structure and how it is the best structure for the situation today.

不，我認為一般來說，你是如何形成這個結構的，以及它是如何成為當今情況的最佳結構的。

Sure. Well, obviously, we had to consider our interest here and what we thought was appropriate and acceptable for our shareholders, but also what Centerra was looking to do. And ultimately, we were aligned in that sense with looking for ways to ultimately extend the mine life. And that was really the key reason or driver of the structure, thinking about the long term, thinking about a way where we could provide long-term cost support.

當然。顯然，我們必須考慮我們的利益以及我們認為對我們的股東來說合適和可接受的事情，而且還要考慮 Centerra 想要做什麼。最終，我們在這個意義上一致致力於尋找最終延長礦山壽命的方法。這確實是該結構的關鍵原因或驅動因素，考慮長遠，考慮我們可以提供長期成本支援的方式。

And that, as you heard Centerra talk about this yesterday in their call, that will allow them to make investments, if you will, today and going forward over the next year, 1.5 years to hopefully realize what that longer-term plan will look like. So that was really the main driver, Cosmos. And then looking at the shorter term, between now and, say, 2030, what we tried to do there is consider Centerra's focus on their reserve plan and the numbers that they were working towards and not wanting to impact our economics over that time period.

正如您昨天在電話中聽到 Centerra 談到的那樣，如果您願意的話，這將使他們能夠在今天和未來 1.5 年進行投資，以期實現長期計劃。 。所以這確實是主要驅動力，Cosmos。然後著眼於短期，從現在到 2030 年，我們試圖做的就是考慮 Centerra 的重點是他們的儲備計劃和他們正在努力實現的數字，並且不想影響我們在這段時間內的經濟。

And so that's what we put in place, a structure that is unlikely to be drawn, just given the triggers of the commodity prices below $1,600 and $3.50 a pound in copper, so well below where we are with long-term consensus prices. But that structure just gives them the confidence to move forward on that reserve plan. So I think those are the two main factors that fit into or we consider to fit into this new well structure that you see.

這就是我們所採用的結構，考慮到大宗商品價格低於每磅 1,600 美元和銅價低於每磅 3.50 美元（遠低於我們的長期共識價格）的觸發因素，這種結構不太可能被採用。但這種結構只是讓他們有信心推進儲備計劃。所以我認為這些是適合或我們考慮適合您看到的這個新井結構的兩個主要因素。

(Operator Instructions) Our next question comes from Lawson Winder with Bank of America.

（操作員說明）我們的下一個問題來自美國銀行的 Lawson Winder。

I just had a couple of questions for you. So one was on the guidance for Q1. Thank you for providing that. It's always helpful to have that in a full year guidance. How did you guys think about Andacollo for that in terms of production? I don't know if you can provide -- or in terms of deliveries. I don't know if you can provide a range. But is something kind of like 2024 divided by 4 kind of the right way to think about that? And then yes, that would be the first question on the guidance.

我只是有幾個問題想問你。所以一個是第一季的指導。謝謝你提供這個。在全年指導中包含這一點總是有幫助的。你們對 Andacollo 的製作有何看法？我不知道你們是否可以提供——或者在交付方面。不知道能否給個範圍。但是像 2024 年除以 4 這樣的問題是正確的思考方式嗎？是的，這將是指南中的第一個問題。

Lawson, so is your question on the quarterly guidance that we just gave? Because that number, we would pretty much know. Because the Andacollo was one of those assets where we receive the gold about 5 or 6 months after it's been shipped. So we would have a pretty good idea of what that is.

勞森，您的問題是關於我們剛剛給出的季度指導嗎？因為這個數字我們幾乎就知道了。因為 Andacollo 是我們在發貨後大約 5 或 6 個月收到黃金的資產之一。所以我們很清楚那是什麼。

That's exactly what I'm asking. If you could tell us the number, that would be great.

這正是我要問的。如果您能告訴我們這個數字，那就太好了。

We don't do asset-by-asset guidance. And I don't think we've ever given exactly what a particular asset is going to do in any quarter.

我們不進行逐項資產指導。我認為我們從未準確地給出過特定資產在任何季度的具體表現。

So yes, so just thinking about Andacollo in particular, like accounting for the fact that they had those issues with water in Q4, and you've disclosed that in your 10-Q, what the full year deliveries were, I guess, the question is then what was Q4 production, I guess, in terms of seasonality? Was Q4 much lower than Q1, 2 and 3 as a result of those or more in line? Just any sort of color on that direction would be helpful.

所以是的，所以只要特別考慮 Andacollo，例如考慮到他們在第四季度遇到了這些水問題的事實，並且您已經在 10-Q 中披露了全年交付量是多少，我想，這個問題我想，就季節性而言，第四季的產量是多少？ Q4 是否比 Q1、2 和 3 低得多，因為有這些或更多的人排隊？那個方向上的任何顏色都會有幫助。

I don't know. Martin, is there anything that you can think of that we could provide right now?

我不知道。馬丁，您認為我們現在可以提供什麼嗎？

Look, Teck have talked, Lawson, about the issues going into next year with the drought conditions and how that is potentially going to impact them. I think we probably started to see some of those impacts towards the end of last year. But I don't have -- I don't think numbers -- individual numbers for the production, we should be talking about at the moment.

聽著，勞森，特克談到了明年乾旱條件下的問題以及這可能對它們產生的影響。我認為我們可能在去年年底開始看到其中一些影響。但我沒有——我不認為有數字——我們現在應該討論的製作的單獨數字。

Okay, no problem then. Maybe I'll just leave the guidance there then. The other question I wanted to ask actually was about Cortez and the Goldrush aspect of that. So Goldrush, you guys actually have multiple royalties. And on one portion of Goldrush, it's higher than the other.

好吧，那就沒問題了。也許我會把指導留在那裡。我想問的另一個問題實際上是關於 Cortez 和其中的 Goldrush 方面。所以 Goldrush，你們其實擁有多筆版稅。在 Goldrush 的一部分上，它比另一部分更高。

And so what I wanted to understand is as Goldrush ramps up, sort of when, based on the current mine plan, would Royal Gold start to get the benefit of that higher rate? And is there a point where there's an overlap in the royalties such that the two are additive?

因此，我想了解的是，隨著 Goldrush 的興起，根據目前的採礦計劃，Royal Gold 何時會開始從更高的開採率中受益？特許權使用費是否有重疊，使得兩者相加？

Yes, the area of Goldrush where we have a higher royalty rate, I think, is in the far southeast portion of it. Martin, do we have an estimate of timing as to when that might come in?

是的，我認為，我們擁有較高特許權使用費的淘金地區位於其最東南部。馬丁，我們對何時實施有一個估計嗎？

It's far, far in the future.

這是很遠很遠的未來。

Yes, that's what I thought.

是的，我就是這麼想的。

Okay, that's very helpful to know.

好的，了解這一點非常有幫助。

Our next question comes from Tanya Jakusconek with Scotiabank.

我們的下一個問題來自豐業銀行的 Tanya Jakusconek。

I just wanted to come back to Crossroads. I was the one who asked Barrick on the call yesterday about Crossroads and what exactly had happened. And maybe my understanding, which may be different from yours and -- was that we have this fault that they thought was an area where they had high grade.

我只是想回到十字路口。我是昨天在電話中向巴里克詢問十字路口以及到底發生了什麼事的人。也許我的理解（可能與您的理解不同）是，我們有一個錯誤，他們認為這是他們得分很高的領域。

And when they did additional confirmation drilling, the fault seemed to have -- was there that they hadn't expected and lost those high-grade gold. But my understanding was that we also have lost reserves and resources from this area as well. Is that your understanding? So are you expecting also a decline in the reserves and resources in this area?

當他們進行額外的確認鑽探時，斷層似乎出現了——他們沒有預料到並失去了那些高品位的黃金。但我的理解是，我們也失去了該地區的儲備和資源。這是你的理解嗎？那麼您是否預期該地區的儲量和資源也會下降？

Martin, I'm going to hand that one to you.

馬丁，我要把那個交給你。

Thanks, Tanya. We don't...

謝謝，塔妮亞。我們不...

I know, sorry, Martin, but it was just -- go ahead.

我知道，對不起，馬丁，但只是——繼續吧。

Yes, look, I think we would expect some sort of change based on what has been said over the past couple of days. But I can't really give you any detail around that because we haven't seen the detail ourselves yet.

是的，看，我認為根據過去幾天的言論，我們預計會發生某種變化。但我真的無法向您提供任何細節，因為我們自己還沒有看到細節。

Okay. So I guess, from our perspective, just for the 2024 number, from what very high-level guidance you've provided, it would be safe to assume that, that 49,000 GEOs was -- that you achieved in 2023, we can kind of remove maybe 20,000 off that number for 2024?

好的。因此，我想，從我們的角度來看，僅就 2024 年的數字而言，根據您提供的非常高級別的指導，可以安全地假設，您在 2023 年實現了 49,000 個 GEO，我們可以到2024年，這個數字可能會減少20,000 人嗎？

Yes, that's exactly right.

是的，完全正確。

Okay, and then we will wait. Would you know about these reserves and resources when you report in -- when you give us guidance in April in your new reserves...

好的，然後我們就等。當您在四月向我們提供有關新儲量的指導時，您是否知道這些儲量和資源？

Yes, we're going to -- yes.

是的，我們將——是的。

All right, okay. Maybe we can come back to that a little bit...

好吧，好吧。也許我們可以稍微回顧一下…

Yes, so we will try and give more detail around that.

是的，所以我們將嘗試提供更多細節。

Okay, all right. And maybe, I guess, I'm just going to come back to just the M&A environment yet again. You mentioned now you've paid off a lot of your debt. Just wondering what you are seeing out there and sort of size-wise and how big would you be looking at in terms of potential transactions.

好吧，好吧。我想，也許我會再回到併購環境。你提到現在你已經還清了很多債務。只是想知道您在外面看到了什麼，從規模上看，以及您在潛在交易方面會看到多大的規模。

Yes, Tanya, I'll hand that over to Dan to make a comment.

是的，Tanya，我會將其交給 Dan 發表評論。

Sure, Bill. Thanks for the question, Tanya. Look, I think -- well, as you know, we didn't announce a transaction last year. But looking back, I think it was one of our busier years with the internal reviews that we do on opportunities. And I think what we saw in the market, and maybe we're going to see at least in the near term, is probably representative of the state of the market right now, which is smaller lots but smaller opportunities across the board.

當然，比爾。謝謝你的提問，塔妮亞。聽著，我想——嗯，正如你所知，我們去年沒有宣布一項交易。但回顧過去，我認為那是我們對機會進行內部審查最忙碌的一年。我認為我們在市場上看到的情況，也許我們至少在短期內會看到，可能代表了目前的市場狀況，即批次較小，但全面的機會較小。

And I think it's really being driven, Tanya, still by a high cost of debt right now in the equity markets, which maybe they're recovering a little bit now. But generally, they've been less supportive of smaller companies, in particular, those with single asset development project-type risks. And so I think that's what's driven these smaller royalty financings that we've seen in the market in the last 12 months or so.

我認為，Tanya，這確實是由目前股市的高債務成本推動的，也許他們現在正在恢復一點。但總的來說，他們對小公司的支持較少，特別是那些具有單一資產開發專案類型風險的公司。因此，我認為這就是我們在過去 12 個月左右的時間裡在市場上看到的這些較小的特許權使用費融資的推動因素。

I think that's going to continue. But we do still see that we obviously are in the same range, $100 million to $300 million. I think that still holds. But there are many more opportunities at the lower end of that size range, right? It's busy. And I think -- as I said, I think it's being driven by other types of capital just not being readily available right now.

我認為這種情況將會持續下去。但我們仍然看到，我們顯然處於同一範圍內，即 1 億至 3 億美元。我認為這仍然成立。但在這個尺寸範圍的下端還有更多的機會，對嗎？很忙。我認為——正如我所說，我認為這是由其他類型的資本推動的，只是目前還不容易獲得。

Okay. And can I ask about -- yes, so similar range, similar sort of structure helping these smaller guys. Question for you, obviously, Newmont is looking to solve some of the assets. And my understanding is that the data room is open and people are looking. And have you seen or heard of any opportunities for you there?

好的。我可以問一下——是的，如此相似的範圍、相似的結構可以幫助這些小傢伙。顯然，紐蒙特正在尋求解決一些資產問題。我的理解是，數據室是開放的，人們正在尋找。您是否看到或聽說過那裡有任何適合您的機會？

Well, we're -- sorry, Bill. Bill, go ahead.

好吧，我們——對不起，比爾。比爾，繼續吧。

No, I was just going to say, look, we always point to these events as opportunities for stream financing. And to the extent we can be a good financing partner in that process, we are always happy to do it. The only caveat being we said the same thing about Barrick and Randgold. We said the same thing about Newmont and Goldcorp and really didn't see much develop. So we certainly have our eyes and ears open. But I guess, I wouldn't want you to say, yes, there's going to be a lot of opportunity based on the disposal process.

不，我只是想說，看，我們總是將這些事件視為流動融資的機會。如果我們能夠在這個過程中成為一個好的融資合作夥伴，我們總是很樂意這樣做。唯一需要注意的是，我們對巴里克和蘭德戈爾德也說了同樣的話。我們對紐蒙特和黃金公司也說了同樣的話，但確實沒有看到太多發展。因此，我們當然要睜大眼睛、豎起耳朵。但我想，我不想讓你說，是的，基於處置過程將會有很多機會。

Would you, Bill, increase your exposure to Africa if there was an opportunity for a stream there?

比爾，如果有機會在非洲進行直播，您會增加您在非洲的接觸嗎？

Sorry, which asset?

抱歉，哪個資產？

Just in Africa, the continental Africa, would you take on that higher geopolitical risk?

就在非洲，非洲大陸，你會承擔更高的地緣政治風險嗎？

I'd be very country-specific. We've had a very good experience in Botswana. We haven't had a bad experience in Ghana. But again, eyes wide open there. We've had a long-term reluctance in South Africa. So I would say the number of countries in Africa where we would be comfortable is maybe a handful and you might not need all the fingers on your hand to do it.

我會非常針對具體國家。我們在波札那度過了非常愉快的經歷。我們在加納沒有經歷過糟糕的經歷。但再一次，眼睛睜得大大的。我們在南非長期以來一直不情願。所以我想說，在非洲，我們可以放心的國家數量可能很少，你可能不需要所有的手指都可以做到這一點。

Okay, got it. I really appreciate it and really would hope for more clarity on the Crossroads, if you could, by April.

好，知道了。我真的很感激，並且真的希望在四月之前能夠更清楚地了解十字路口（如果可以的話）。

Yes. Thanks, Tanya.

是的。謝謝，塔妮亞。

The next question comes from Brian MacArthur with Raymond James.

下一個問題來自布萊恩·麥克阿瑟和雷蒙德·詹姆斯。

Most of my questions have been answered. But can I just ask, for the Mount Milligan deal, how this will be accounted for, i.e., when you get the gold payments and you get the free cash flow at the bottom, is that going to be through revenue and be counted as GEOs? Or is it going to be, if I just want to think of it, as other cash items coming through?

我的大部分問題都得到了解答。但我可以問一下，對於 Mount Milligan 交易，這將如何計算，即當您獲得黃金付款並獲得底部的自由現金流時，這是否將通過收入併計為 GEO ？或者，如果我只是想想想，它是否會像其他現金項目一樣出現？

Yes. Brian, I'm going to ask Paul to step in here and talk a little bit about the accounting. The only thing I -- the only caveat I will give you is he's going to tell you that they're working on the finalization, but it's happening. So bear with him a little bit.

是的。布萊恩，我要請保羅來談談會計問題。我唯一要給你的警告是，他會告訴你他們正在努力敲定，但它正在發生。所以稍微忍耐一下他吧。

Yes, I'm sure.

是，我確定。

Yes. And Bill is right. Obviously, we need to qualify some of these statements with that fact that, yes, we're still evaluating the accounting treatment. But we do expect to complete that analysis here during our first quarter, at which time, we'll certainly give you more information with our next report. But as I sit here today, the consideration that we received obviously with the cash as well as the deferred gold ounces, I do anticipate bringing those on to the balance sheet certainly as a receivable. And obviously, since that receivable is in the form of gold, a commodity, I do anticipate that we will have to mark-to-market that receivable through the P&L each subsequent reporting period.

是的。比爾是對的。顯然，我們需要對其中一些陳述進行限定，因為我們仍在評估會計處理。但我們確實希望在第一季完成該分析，屆時我們肯定會在下一份報告中為您提供更多資訊。但當我今天坐在這裡時，我們顯然收到了現金和遞延金盎司的對價，我確實預計會將這些作為應收帳款納入資產負債表。顯然，由於該應收帳款是黃金（一種商品）的形式，我確實預計我們將不得不透過損益表在每個後續報告期間按市值計價該應收帳款。

As far as the -- when the time comes that we receive those ounces, obviously, through that mark-to-marketing, if you will, over time, we'll take those ounces into inventory under our normal policy and we'll sell those. I can't say today with certainty that it would be revenue. I don't think it would be revenue. It could be some other form of an income, maybe not revenue, which equals then GEOs. But again, more to come on that but that would be where I would see things today.

至於——當我們收到這些盎司時，顯然，通過按市場計價，如果你願意的話，隨著時間的推移，我們將根據我們的正常政策將這些盎司納入庫存，然後我們將出售那些。今天我不能肯定地說這將是收入。我認為這不會是收入。它可能是某種其他形式的收入，也許不是收入，這相當於 GEO。但同樣，還有更多的事情要做，但這就是我今天所看到的事情。

So can I maybe just ask -- I mean, I guess, I can see the deferred gold maybe one way. But for the -- I mean, the money you're going to get in upfront -- I mean, I guess, where this goes is obviously with Cortez coming down, your growth rate in GEO isn't going to be that high this year, I suspect. So I mean, you're going to count that $25 million as part of GEO growth this year? Because it is, in a way, I guess, part of that stream. And it's not an insignificant amount of money.

那我可以問一下嗎——我的意思是，我想，我可以透過一種方式看到延期的黃金。但對於 - 我的意思是，你將預先獲得的資金 - 我的意思是，我想，隨著 Cortez 的下降，你在 GEO 的增長率不會那麼高年，我懷疑。所以我的意思是，您會將這 2500 萬美元算作今年 GEO 成長的一部分嗎？因為我想，在某種程度上，它是該流的一部分。而且這並不是一筆小數目。

No, I mean, that wouldn't touch revenue.

不，我的意思是，這不會影響收入。

Right. That will just go straight to -- say, if I should think of it, that will come in with, say, the $36 million from the sub-debt coming back from Khoemacau, right? It's just going to be cash in?

正確的。這將直接進入 - 比如說，如果我應該想到的話，這將與從 Khoemacau 收回的 3600 萬美元次級債務一起進入，對吧？是不是就只能拿現金了？

Yes, exactly.

對，就是這樣。

Correct.

正確的。

Okay, great. Sorry about that. That's great. That was the last question I really had in all this.

好的，太好了。對於那個很抱歉。那太棒了。這是我在這一切中真正提出的最後一個問題。

Those were all the questions we have, so this concludes today's call. Thank you, everyone, for your participation, and you may now disconnect your lines.

這些就是我們提出的所有問題，今天的電話會議到此結束。謝謝大家的參與，現在可以斷開線路了。