SSR Mining Inc (SSRM) 2023 Q2 法說會逐字稿

Hello, everyone, and welcome to SSR Mining's Second Quarter 2023 Conference Call. This call is being recorded.

大家好，歡迎參加 SSR Mining 2023 年第二季度電話會議。此通話正在錄音。

At this time, for opening remarks and introductions, I'd like to turn the call over to Alex Hunchak with SSR Mining.

此時，我想將電話轉接給 SSR Mining 的 Alex Hunchak 進行開場白和介紹。

Thank you, operator, and hello, everyone. Thank you for joining SSR Mining's Second Quarter 2023 Conference Call, during which we'll provide an update on our business and a review view of our financial performance.

謝謝接線員，大家好。感謝您參加 SSR Mining 的 2023 年第二季度電話會議，在此期間我們將提供有關我們業務的最新信息以及對我們財務業績的回顧。

Our second quarter 2023 consolidated financial statements have been presented in accordance with U.S. GAAP. These financial statements have been filed on EDGAR, SEDAR, the ASX and are also available on our website. To accompany our call, there is an online webcast, and you will find the information to access the webcast in our news release relating to this call. Please note that all figures discussed during the call are in U.S. dollars unless otherwise indicated. Today's discussion will include forward-looking statements. So please read the disclosures in the relevant documents.

我們的 2023 年第二季度合併財務報表是根據美國公認會計準則 (U.S. GAAP) 編制的。這些財務報表已在 EDGAR、SEDAR、ASX 備案，也可在我們的網站上查閱。為了配合我們的電話會議，我們還提供了在線網絡廣播，您可以在我們與本次電話會議相關的新聞稿中找到訪問網絡廣播的信息。請注意，除非另有說明，電話會議中討論的所有數字均以美元為單位。今天的討論將包括前瞻性陳述。因此，請您仔細閱讀相關文件中的披露內容。

Joining us on the call today are Rod Antal, Executive Chairman; Alison White, Chief Financial Officer; and Bill MacNevin, Executive Vice President, Operations and Sustainability.

今天加入我們電話會議的有執行主席羅德·安塔爾 (Rod Antal)；艾莉森·懷特，首席財務官；以及運營和可持續發展執行副總裁 Bill MacNevin。

Now I will turn the call over to Rod for his opening remarks.

現在我將把電話轉給羅德，讓他致開幕詞。

Great. Thanks, Alex, and hello to you all, and thanks for joining us. Before I get started, I wanted to introduce Bill MacNevin, who is joining us for his first quarterly earnings call. It's a pleasure to have him finally join us. He's been in the field for the last 6 months, and welcome to the call, Bill.

偉大的。謝謝亞歷克斯，大家好，感謝您加入我們。在開始之前，我想介紹一下比爾·麥克內文（Bill MacNevin），他將參加我們的第一次季度財報電話會議。很高興他終於加入我們。過去 6 個月他一直在該領域工作，歡迎致電，比爾。

As we close out the first half of 2023, it is pleasing to report that our consolidated operational results to date have been generally well aligned to our expectations. Production from Çöpler, Marigold and Puna have been solid, partially offsetting the slower start to the year at Seabee. Looking forward, and as we guided at the beginning of the year, we expect the second half to provide the majority of our ounce production and free cash flow generation.

在 2023 年上半年即將結束之際，我們很高興地報告，迄今為止我們的綜合運營業績總體上符合我們的預期。 Çöpler、Marigold 和 Puna 的產量一直穩定，部分抵消了 Seabee 今年開局較慢的影響。展望未來，正如我們在年初所指導的那樣，我們預計下半年將提供我們的大部分盎司產量和自由現金流生成。

Our portfolio is expected to deliver strong production of approximately 400,000 GEOs, split relatively evenly between the third and fourth quarters at reduced costs, generating positive free cash flow. Given our outlook for a strong second half of the year, and our recent share price, we repurchased over $45 million of shares in the first half of the year. Combined with our base dividend, we are on track to exceed $100 million in capital returns in 2023 or a 3.4% yield. This is a strong message that should confirm our free cash flow outlook for the second half of the year. It was a busy quarter advancing our organic production growth and announcing a strategic acquisition. At Çöpler's Çakmaktepe extension, we began pre-stripping that will allow access to the first oxide ore this year and is aligned to our original time table. For our team, this progress is obviously very exciting.

我們的投資組合預計將實現約 400,000 個 GEO 的強勁生產，以較低的成本在第三季度和第四季度之間相對均勻地分配，從而產生正的自由現金流。鑑於我們對下半年強勁的前景以及近期的股價，我們在上半年回購了超過 4500 萬美元的股票。加上我們的基本股息，我們有望在 2023 年實現超過 1 億美元的資本回報，即 3.4% 的收益率。這是一個強烈的信息，應該會證實我們今年下半年的自由現金流前景。這是一個繁忙的季度，我們推動了有機生產的增長並宣布了戰略收購。在阿普勒的阿克馬克特佩延伸區，我們開始預剝離，以便今年能夠開採第一批氧化礦石，並與我們原來的時間表保持一致。對於我們團隊來說，這個進步顯然是非常令人興奮的。

Also during the quarter, we announced a highly accretive acquisition of the world-class Hod Maden project in Türkiye, which provides us operatorship and an up to 40% interest in the project. We have been busy completing the handover from our partner Lidya Mines, who has been doing a tremendous job advancing the project and establishing sustainable relationships with all the key stakeholders, including the local communities. We've been focused on recruiting the project team to complement the team already on the ground and progressing the initial site works which are underway. Finally, we anticipate the release of an updated technical report and subsequent construction decision for the project during 2024.

同樣在本季度，我們還宣布了對 Türkiye 世界級 Hod Maden 項目的高度增值收購，這為我們提供了該項目的運營權和高達 40% 的權益。我們一直忙於完成合作夥伴 Lidya Mines 的移交工作，她在推進項目方面做出了巨大的努力，並與包括當地社區在內的所有主要利益相關者建立了可持續的關係。我們一直致力於招募項目團隊來補充現有團隊，並推進正在進行的初步現場工作。最後，我們預計在 2024 年發布更新的技術報告和後續的項目建設決策。

We also have a number of key value-driving catalysts on the horizon. This includes the first production from the Çakmaktepe extension and the technical report update that showcase the future of Marigold, Çöpler and again, Hod Maden. These technical reports are the next step in our continued derisking of the long-term 700,000 ounce production platform that forms the foundation of SSR. We have a proud history as explorers, mine builders and operators as well as a long track record of prudent value-additive M&A. Our business is in a strong position, supported by our solid balance sheet, including the more than $700 million in total liquidity. I'm going to move on to Slide #4, and I'll talk about ESG.

我們還有一些即將出現的關鍵價值驅動催化劑。這包括 äakmaktepe 擴展的首次製作和技術報告更新，展示了 Marigold、äöpler 和 Hod Maden 的未來。這些技術報告是我們繼續降低構成 SSR 基礎的 700,000 盎司長期生產平颱風險的下一步。作為勘探者、礦山建設者和運營商，我們擁有令人自豪的歷史，以及審慎增值併購的長期記錄。我們的業務處於強勢地位，這得益於我們穩健的資產負債表（包括超過 7 億美元的總流動資金）。我將繼續看第 4 張幻燈片，我將討論 ESG。

ESG is and has long been a core value and focus for the company as it firmly underpins our success. We continue to prioritize the health and safety of our employees and business partners. And on the 14th of April this year, we published our fifth annual ESG and sustainability report, marking another step in SSR Mining's continued effort to operate responsibly and sustainably while maximizing the benefits to our stakeholders. In 2023, and as an improvement opportunity, we reinvigorated a focus in formal leadership -- in the field initiative to drive engagement and improve safety performance across the operations, which has been met with enthusiasm from our teams.

ESG 一直以來都是公司的核心價值和關注點，因為它是我們成功的堅實基礎。我們繼續優先考慮員工和業務合作夥伴的健康和安全。今年4 月14 日，我們發布了第五份年度ESG 和可持續發展報告，標誌著SSR Mining 繼續努力負責任和可持續地運營，同時最大限度地提高利益相關者的利益，又邁出了一步。 2023 年，作為一個改進機會，我們重新關注正式領導力——在現場倡議中推動參與並提高整個運營的安全績效，我們的團隊對此充滿了熱情。

Additional key initiatives this year include continued development of an action plan on our journey towards decarbonization, including evaluating options to incorporate renewable energy and technologies into our operating platforms. We are progressing water management plans for each of our assets and finally, progressing our efforts on integrated mine closure plans to ensure that we leave a positive and lasting legacy for our local communities. As we have done previously, we will work hard to advance our ESG initiatives and look forward to sharing continued updates on that journey throughout the year. So moving on to Slide #5.

今年的其他關鍵舉措包括繼續制定脫碳之旅的行動計劃，包括評估將可再生能源和技術納入我們運營平台的選項。我們正在為我們的每項資產製定水資源管理計劃，最後，我們將努力製定綜合礦山關閉計劃，以確保我們為當地社區留下積極而持久的遺產。正如我們之前所做的那樣，我們將努力推進我們的 ESG 舉措，並期待在全年中不斷分享這一歷程的最新信息。現在轉到幻燈片 #5。

As I mentioned, we have established the pathway to maintaining a stable production platform of at least 700,000 ounces over the remainder of the decade. That platform was further supported by the acquisition of the Hod Maden project, adding one of the highest-return development projects in the world to our near-term growth profile. We continue to advance drilling and technical work ahead of the updated technical reports for Marigold, Çöpler and Hod Maden. Additionally, exploration continues at Seabee and Puna with the goal of building reserves and extending mine lives at each one of those assets.

正如我所提到的，我們已經建立了在十年剩餘時間內維持至少 700,000 盎司穩定生產平台的途徑。收購 Hod Maden 項目進一步支持了該平台，為我們的近期增長概況增添了世界上回報率最高的開發項目之一。在 Marigold、Çöpler 和 Hod Maden 更新技術報告之前，我們將繼續推進鑽探和技術工作。此外，Seabee 和 Puna 的勘探仍在繼續，目標是建立儲量並延長每一項資產的礦山壽命。

We intend to convert these efforts into updated life of mine plans, providing a full refresh of each asset's long-term production profile as well as highlighting opportunities for future growth. We're in a good position to build on the existing production profile demonstrated on this slide. By delivering low capital intensity, high-return organic growth, we aim to continue demonstrating our position as a strong and consistent operator with a commitment to free cash flow generation. Moving on to Slide 6 and just to talk a little bit about Hod Maden.

我們打算將這些努力轉化為更新的礦山計劃，全面更新每項資產的長期生產狀況，並強調未來增長的機會。我們處於有利位置，可以在此幻燈片中演示的現有生產配置文件的基礎上進行構建。通過提供低資本密集度、高回報的有機增長，我們的目標是繼續展示我們作為強大且一致的運營商的地位，並致力於產生自由現金流。繼續看幻燈片 6，簡單談談 Hod Maden。

As I mentioned in the second quarter, we announced and closed a transaction that provided SSR Mining operatorship and up to a 40% interest in the world-class Hod Maden project in Northeastern Türkiye. Hod Maden perfectly complement our portfolio with best-in-class gold equivalent grades of over 11 grams per tonne at an average life of mine co-product all-in sustaining cost of less than $600 an ounce. We have a proven track record of success in the country and are advancing site preparation activities at the project as we speak. Our technical teams are hard at work optimizing the design, project execution and production plans developed by our partner while also evaluating additional upside opportunities. This year, we're spending a total of $21 million and are working to arrange financing for the construction decision. Next year, we expect to issue an updated technical report for the project, which will inform the construction decision for our Board.

正如我在第二季度提到的，我們宣布並完成了一項交易，該交易提供了 SSR Mining 的運營權以及土耳其東北部世界級 Hod Maden 項目高達 40% 的權益。 Hod Maden 完美補充了我們的產品組合，其一流的黃金當量品位超過每噸 11 克，而礦山副產品的平均壽命總維持成本低於每盎司 600 美元。我們在該國擁有良好的成功記錄，並且在我們發言時正在推進該項目的現場準備活動。我們的技術團隊正在努力優化合作夥伴制定的設計、項目執行和生產計劃，同時評估額外的上昇機會。今年，我們總共花費了 2100 萬美元，並正在努力為建設決策安排融資。明年，我們預計將發布該項目的最新技術報告，這將為我們的董事會的建設決策提供信息。

This first quarter cost, Hod Maden is expected to generate in excess of $160 million in free cash flow annually or more than $65 million in attributable free cash flow using the $1,600 per ounce base case gold price. The structured transaction limited our upfront capital outlay, and we expect it will help preserve a better than a 15% all-in acquisition internal rate of return for our shareholders by the time the project is in production. Overall, the transaction was a material positive for our business, our existing partnership with Lidya Mines and our new partners Horizon, and we look forward to updating you on the progress as we continue along that journey. Just moving on to Slide 7.

以第一季度成本計算，Hod Maden 預計每年將產生超過 1.6 億美元的自由現金流，或者使用每盎司 1,600 美元的基本情況金價計算，將產生超過 6500 萬美元的可歸屬自由現金流。此次結構性交易限制了我們的前期資本支出，我們預計，在項目投產時，它將有助於為我們的股東保持高於 15% 的全部收購內部回報率。總體而言，此次交易對我們的業務、我們與Lidya Mines 的現有合作夥伴關係以及我們的新合作夥伴Horizo​​n 產生了重大積極影響，我們期待著在我們繼續這一旅程的過程中向您通報最新進展情況。繼續看幻燈片 7。

We are confident in our ability to deliver shareholder value with the Hod Maden transaction because, as you can see, it is something we have done before. The same project development team and strategies have successfully delivered the Çöpler sulfide plant project on time and under budget is currently being deployed or redeployed to the Hod Maden project, further derisking the project build. In addition to that experience as mine builders, we have a clear track record of adding value through M&A and continue to see further upside across the portfolio that delivers additional value to our shareholders. Our approach to M&A remains unchanged. We will continue to actively consider and evaluate opportunities to add value to our business through transactions that fit our strategy of disciplined growth in core jurisdictions and that complement our focus on free cash flow.

我們對通過 Hod Maden 交易為股東創造價值的能力充滿信心，因為正如您所看到的，這是我們以前做過的事情。同樣的項目開發團隊和戰略已成功按時、在預算範圍內交付了 öpler 硫化物工廠項目，目前正在部署或重新部署到 Hod Maden 項目，進一步降低了項目建設的風險。除了作為礦山建設商的經驗之外，我們還擁有通過併購增加價值的清晰記錄，並繼續看到整個投資組合的進一步上升空間，為我們的股東帶來額外價值。我們的併購方式保持不變。我們將繼續積極考慮和評估通過符合我們在核心司法管轄區嚴格增長戰略並補充我們對自由現金流的關注的交易為我們的業務增加價值的機會。

So with that, I'm going to turn it over to Slide #8 and hand the presentation over to Alison.

因此，我將把它交給幻燈片#8，並將演示文稿交給艾莉森。

Thanks, Rod, and good afternoon, everyone. I'd like to first focus on our capital returns program, which remained active in the second quarter and is 1 of the 3 pillars of our capital allocation strategy, complemented by reinvesting in our business and ensuring balance sheet strength. Through the end of June, we have returned approximately $74 million to shareholders, and through our base dividend and share buyback program, we are on track to return over $100 million to shareholders for the third consecutive year.

謝謝羅德，大家下午好。我想首先關注我們的資本回報計劃，該計劃在第二季度仍然活躍，是我們資本配置戰略的三大支柱之一，輔之以對我們業務的再投資和確保資產負債表的實力。截至 6 月底，我們已向股東返還約 7,400 萬美元，通過基本股息和股票回購計劃，我們有望連續第三年向股東返還超過 1 億美元。

In total, we have returned more than $400 million over the last 3 years, which is something we are very proud of. The company is positioned for a minimum full year capital return yield of at least 3.4% based on the activity that we've already had this year. As Rod mentioned, we see a number of positive and value-additive catalysts on the horizon as well as positive operational tailwinds and as such, we view the buyback as an accretive way to return capital to shareholders. During the last month of the quarter, we also renewed our share buyback program, enabling us to repurchase up to an additional 10.2 million shares over the next 12 months. Slide 9 will provide a review of the second quarter, so let's turn to that and take a look at our results.

過去 3 年裡，我們總共回報了超過 4 億美元，這是我們非常自豪的事情。根據我們今年已經開展的活動，該公司預計全年資本回報率至少為 3.4%。正如羅德所提到的，我們看到了一些積極的增值催化劑即將出現，以及積極的運營推動因素，因此，我們認為回購是向股東返還資本的一種增值方式。在本季度的最後一個月，我們還更新了股票回購計劃，使我們能夠在未來 12 個月內額外回購最多 1020 萬股股票。第 9 張幻燈片將回顧第二季度，所以讓我們轉向這一點並看看我們的結果。

Second quarter production of 157,000 gold equivalent ounces and first half production of 304,000 gold equivalent ounces were in line with our expectations for a second half-weighted production profile. Sales in the second quarter were 148,000 gold equivalent ounces. The approximately 9,000 ounces produced but not sold in the quarter was driven by a closure of the banks and metal markets during the last week of June for a Turkish holiday and a late arrival of a vessel at our port where we ship concentrates for Puna. These are timing differences and the ounces were sold in the third quarter.

第二季度產量為 157,000 黃金當量盎司，上半年產量為 304,000 黃金當量盎司，符合我們對下半年加權產量情況的預期。第二季度的銷量為148,000 黃金當量盎司。本季度生產但未售出約 9,000 盎司的原因是 6 月最後一周因土耳其假期銀行和金屬市場關閉，以及一艘船隻遲到我們將精礦運往普納的港口。這些是時間差異，盎司是在第三季度出售的。

All-in sustaining cost of $1,633 an ounce is slightly high, but in line with expectations and reflects our guidance of a first half-weighted sustaining capital profile, where we placed 4 new haul trucks into service at Marigold. Our first half of sustaining capital at Seabee is also always high due to purchases made for transport on the ice road that supports operations at that location for the entire year. The all-in sustaining cost denominator was also impacted by the 9,000 ounces in unsold inventory at Çöpler and Puna, which decreased the ounces sold for the calculation and would have improved our overall all-in sustaining cost.

每盎司 1,633 美元的總維持成本略高，但符合預期，並反映了我們對第一個半加權維持資本狀況的指導，我們在 Marigold 投入使用了 4 輛新運輸卡車。我們在 Seabee 的上半年維持資本也始終很高，因為我們為冰路上的運輸進行了採購，以支持該地點全年的運營。總體維持成本分母還受到奧普勒和普納 9,000 盎司未售出庫存的影響，這減少了計算中銷售的盎司數，並會改善我們的總體總體維持成本。

Earnings per share was $0.35 per diluted share. Attributable net income and adjusted attributable net income were both approximately $75 million. Deferred tax benefits were net at about $46 million during the quarter after considering the noncontrolling interest. With the acquisition of Kartaltepe late last year and Hod Maden this year, our deferred tax liabilities increased by more than $200 million. This increase in the total base value of liabilities is then subject to the currency devaluation that has occurred thus far in 2023, driving the net benefit after consideration of noncontrolling interest reductions.

稀釋後每股收益為 0.35 美元。歸屬淨利潤和調整後歸屬淨利潤均約為 7500 萬美元。考慮到非控股權益後，本季度遞延稅項福利淨額約為 4600 萬美元。隨著去年底收購 Kartaltepe 和今年收購 Hod Maden，我們的遞延稅負債增加了 2 億多美元。負債總基值的增加受到 2023 年迄今為止發生的貨幣貶值的影響，從而推動了考慮非控股利息削減後的淨收益。

In the quarter, we delivered positive free cash flow of $22 million or $46 million before working capital adjustments. Over the remainder of 2023, our production remains relatively evenly split between the third and the fourth quarters, with a decline in the pace of the spend on sustaining capital, driving improved free cash flow throughout the rest of the year. With respect to inflation, we have seen an improvement in diesel and power prices across the portfolio, but note that consumable pricing and labor cost pressures do remain a headwind. Overall, however, we remain on track for our full year consolidated capital and cost guidance.

本季度，我們實現了 2200 萬美元的正自由現金流，在營運資本調整前為 4600 萬美元。在 2023 年剩餘時間內，我們的生產在第三季度和第四季度之間保持相對均勻的分配，維持資本支出的步伐下降，推動全年剩餘時間內自由現金流的改善。就通脹而言，我們看到整個投資組合的柴油和電力價格有所改善，但請注意，消費品定價和勞動力成本壓力確實仍然是一個阻力。但總體而言，我們仍有望實現全年綜合資本和成本指導。

On July 15, Türkiye announced a 5% increase in the corporate tax rate from 20% to 25% that is retroactive to January 1, 2023. While we are still working to evaluate the financial impact of the change, deferred tax expense will increase during Q3 when we record the 5% increase. For cash taxes, we do not anticipate a material change in the short term, due to existing incentive tax credits in the country that are currently in use. Any additional benefits, such as the one we had in the second quarter resulting from devaluation will continue to offset additional expense expected as a result of the rate change to 25%. Now turning to Slide 10, we can talk about SSR Mining's financial position.

7 月 15 日，土耳其宣布將企業稅率從 20% 提高 5% 至 25%，追溯至 2023 年 1 月 1 日。雖然我們仍在努力評估這一變化的財務影響，但遞延所得稅費用將在第三季度我們錄得5% 的增長。對於現金稅，由於該國目前正在使用現有的激勵稅收抵免，我們預計短期內不會發生重大變化。任何額外的好處，例如我們在第二季度因貶值而獲得的好處，將繼續抵消因利率變更為 25% 而預期的額外費用。現在轉向幻燈片 10，我們可以談談 SSR Mining 的財務狀況。

Our balance sheet remains another of our key strengths and a pillar of our capital allocation strategy. Our cash position currently stands at more than $410 million, reflecting our continued delivery of peer-leading capital returns, and $120 million in upfront consideration paid as a part of the Hod Maden transaction, which was also paid during the quarter. Total liquidity is currently more than $700 million, and we expect positive free cash flow into the end of 2023 that will further reinforce our financial position.

我們的資產負債表仍然是我們的另一個關鍵優勢，也是我們資本配置策略的支柱。我們的現金頭寸目前超過 4.1 億美元，反映出我們持續提供同行領先的資本回報，並且作為 Hod Maden 交易的一部分支付了 1.2 億美元的預付款，該交易也在本季度支付。目前總流動性超過 7 億美元，我們預計到 2023 年底將出現正的自由現金流，這將進一步鞏固我們的財務狀況。

We are committed to maintaining a robust balance sheet to weather volatility in the commodity price environment, ensuring all of our capital commitments, debt servicing requirements and base dividend payments are fully funded even in the event of a potential downturn in the gold price. As such, the quarterly base dividend of $0.07 a share is payable to our $1,350 an ounce gold reserve price.

我們致力於維持穩健的資產負債表，以應對大宗商品價格環境的波動，確保即使在金價潛在下跌的情況下，我們的所有資本承諾、償債要求和基本股息支付也能得到充足的資金。因此，每股 0.07 美元的季度基本股息將按照我們每盎司 1,350 美元的黃金底價支付。

Our third key pillar of the capital allocation strategy is that we will continue to reinvest in growth, including our internal exceptionally high return Çakmaktepe extension, Çöpler expansion and Hod Maden project as well as the exciting exploration programs across the portfolio that we have dedicated more than $80 million in spend to this year. We will remain dynamic in our approach to our share buyback and have capacity to repurchase up to 10.2 million additional shares on the recently announced buyback program before its expiration in June of 2024. Our company remains in a strong financial position, and we expect further improvement into year-end.

我們資本配置戰略的第三個關鍵支柱是，我們將繼續對增長進行再投資，包括我們內部回報率極高的 äakmaktepe 擴建、äpler 擴建和 Hod Maden 項目，以及整個投資組合中令人興奮的勘探計劃今年我們已投入超過8000 萬美元的支出。我們將保持動態的股票回購方式，並有能力在最近宣布的回購計劃 2024 年 6 月到期之前回購最多 1020 萬股額外股票。我們公司的財務狀況仍然強勁，我們預計會進一步改善進入年底。

And now I'll turn the call over to Bill, our Executive Vice President of Operations and Sustainability, to review the operations.

現在我將把電話轉給我們的運營和可持續發展執行副總裁比爾，以審查運營情況。

Thanks, Alison. It's a pleasure to be here with you today on my first conference call with SSR Mining. Since joining the company at the beginning of the year, I've been focused on operational improvement and efficiency and have spent the majority of my time at each of our 4 core operations. Already, I've come to respect the impressive talent and diversity of skill we have throughout the company. I'm very appreciative of all the hard work that has brought SSR mines where it stands today.

謝謝，艾莉森。今天很高興與大家一起參加我與 SSR Mining 的第一次電話會議。自年初加入公司以來，我一直專注於運營改進和效率，並將大部分時間花在我們的 4 個核心運營上。我已經開始尊重我們整個公司所擁有的令人印象深刻的人才和技能的多樣性。我非常感謝所有的辛勤工作，才使 SSR 礦山取得了今天的成就。

At the same time, I see areas for improvement, and we will continue to define and prioritize these as we update our operating practices going forward. Before I dive into the individual assets, I want to start with a brief discussion about safety. Most important thing we do each and every day is getting our people home safe. As a core SSR value, this has always been a focus. Now we are driving increased leadership engagement and implementing simple tools to enable our people. Whilst this is improving safety, it is also improving the quality of work and results in the field as safe production delivery is an integral approach to our long-term success.

與此同時，我看到了需要改進的領域，我們將在更新未來的運營實踐時繼續定義這些領域並確定優先順序。在深入探討各個資產之前，我想首先簡要討論一下安全性。我們每天做的最重要的事情就是讓我們的人民安全回家。作為SSR的核心價值，這一點一直是人們關注的焦點。現在，我們正在推動領導層參與度的提高，並實施簡單的工具來幫助我們的員工。在提高安全性的同時，也提高了現場工作質量和成果，因為安全生產交付是我們取得長期成功的不可或缺的方法。

So now on the Çöpler. The mine delivered Q2 production of 52,000 ounces at an AISC of 1,384 per ounce. The sulfide plant delivered another strong quarter of production, with throughput is averaging nearly 7,500 tonnes per day, showcasing the continued optimization of this asset. The planned autoclave maintenance currently underway is on track to be completed this month. As usual, we continue to operate the second autoclave at higher capacity during the maintenance period, limiting the impact to production in the third quarter.

現在我們來談談 Ámpler。該礦第二季度產量為 52,000 盎司，AISC 為每盎司 1,384 盎司。硫化物工廠再次實現了強勁的季度產量，平均日產量接近 7,500 噸，顯示了該資產的持續優化。目前正在進行的計劃中的高壓滅菌器維護工作有望於本月完成。與往常一樣，我們在維護期間繼續以更高的產能運行第二個高壓釜，限制了對第三季度生產的影響。

Other key work programs at Çöpler continue as scheduled, including first production from Çakmaktepe extension where pre-stripping was initiated in the second quarter and first gold production of 10,000 to 15,000 ounces is expected this year. We're also advancing work on the updated technical report. Work to date has built on the TRS published in 2022. With significant advanced -- with work significantly advanced, we are now awaiting assay results to support this technical report update, which means we will be in a position to publish the report in the first quarter of 2024 rather than late in fourth quarter of this year. Exploration work continues across Çöpler district, including the regional targets where we expanded our ownership to 80% in Q4 of '22. We have a full suite of near- and long-term growth opportunities across the district that we will continue to advance. Now on to Slide 14.

Çöpler 的其他關鍵工作計劃繼續按計劃進行，包括 Çakmaktepe 延伸區的首次生產，該延伸區已於第二季度啟動預剝離，預計今年將首次生產 10,000 至 15,000 盎司黃金。我們還在推進更新的技術報告的工作。迄今為止的工作是建立在2022 年發布的TRS 的基礎上的。隨著工作的顯著進展，我們現在正在等待分析結果來支持此技術報告更新，這意味著我們將能夠在第一時間發布該報告2024 年第四季度而不是今年第四季度末。整個安普勒區的勘探工作仍在繼續，包括我們在 22 年第四季度將所有權擴大到 80% 的區域目標。我們在整個地區擁有一整套近期和長期增長機會，我們將繼續推進這些機會。現在轉到幻燈片 14。

Marigold produced 60,000 ounces in the second quarter, in line with the planned production profile at an AISC of $1,656 per ounce in the second quarter, reflected the planned spend on new haul truck purchases to support waste stripping activities. Sustaining capital will trend downwards significantly in the third and fourth quarters, in line with full year guidance. Marigold remains on track for 2023, with leach cycles now returned to normal as the mine continues stacking more durable ore that was typical for the operation.

Marigold 第二季度產量為 60,000 盎司，符合 AISC 第二季度每盎司 1,656 美元的計劃產量，反映出計劃購買新運輸卡車以支持廢物清運活動的支出。第三和第四季度的維持資本將顯著下降，這與全年指導一致。 Marigold 仍將在 2023 年步入正軌，隨著礦山繼續堆放更耐用的礦石（這是該作業的典型特徵），浸出週期現已恢復正常。

We're advancing technical work ahead of an updated life of mine plan for Marigold, where we aim to capture upside. This includes incorporating more than 2 years of drilling, in particular at New Millennium, into updated resource models for Marigold. Work is also underway to evaluate potential longer-term production pathways at the Trenton Canyon and Buffalo Valley targets at the southern end of the Marigold property. Now moving on to Slide 15, Seabee.

我們正在 Marigold 礦山計劃更新之前推進技術工作，我們的目標是抓住機遇。這包括將兩年多的鑽探（特別是在新千年）納入更新的 Marigold 資源模型中。評估 Marigold 礦區南端 Trenton Canyon 和 Buffalo Valley 目標的潛在長期生產途徑的工作也在進行中。現在轉到幻燈片 15，Seabee。

Seabee second quarter production was below plan as the mine worked to overcome the first quarter mining shortfall resulting from their unplanned maintenance outage. Accordingly, grades remain below our original expectations of the mine focused on getting the stoping sequence on plan to open up access to high-grade stopes in the second half. Positively in the month of July, Seabee's head grade increased and the mine produced just under 8,000 ounces, positioning the operation for a much stronger second half.

Seabee 第二季度產量低於計劃，因為該礦努力克服第一季度因計劃外維護停運而導致的採礦短缺。因此，品位仍低於我們對礦山的最初預期，重點是按計劃完成採礦順序，以便在下半年開放高品位採場。 7 月份，Seabee 的原礦品位有所提高，礦山產量略低於 8,000 盎司，為下半年的運營奠定了堅實的基礎。

In addition to improved mine performance, we expect cost to improve in the second half given the completion of spend on the winter road in the second quarter. We continue to advance our near-mine exploration at Seabee as we prioritize mineral resource conversion activities to ensure growth and mine life extensions in the future. And moving on to Slide 16, Puna.

除了礦山業績改善外，鑑於第二季度冬季道路支出完成，我們預計下半年成本將有所改善。我們繼續推進 Seabee 的近礦勘探，優先考慮礦產資源轉化活動，以確保未來的增長和延長礦山壽命。接下來看幻燈片 16，普納。

Puna delivered another strong quarter with 2.3 million ounces of production at AISC of $17.40 per ounce. Puna is well on track for its full year guidance, and we anticipate improving cost performance in the second half. Near-mine exploration continued in the second quarter, predominantly focused on resource and reserve expansion efforts as we aim to extend the life of mine plan. We have also returned additional exploration success at Cortaderas target near the Pirquitas mill, presenting a potential longer-term growth target for the operation. Moving on to Slide 17.

Puna 季度產量再次強勁，AISC 產量為 230 萬盎司，每盎司 17.40 美元。 Puna 的全年指引進展順利，我們預計下半年成本效益將有所改善。第二季度繼續進行近礦勘探，主要集中於資源和儲量擴張工作，因為我們的目標是延長礦山計劃的壽命。我們還在 Pirquitas 工廠附近的 Cortaderas 目標區取得了額外的勘探成功，為該業務提出了潛在的長期增長目標。繼續看幻燈片 17。

Before I hand back to Rod, I want to reiterate my optimism for our portfolio and longer-term trajectory. We have an accomplished team and a very solid portfolio of operations and growth opportunities, and I'm thrilled to have a role in helping further improve and grow SSR Mining.

在我回到羅德之前，我想重申我對我們的投資組合和長期發展軌蹟的樂觀態度。我們擁有一支出色的團隊以及非常可靠的運營和增長機會組合，我很高興能夠在幫助進一步改進和發展 SSR Mining 方面發揮作用。

Great. Thanks, Bill, and thanks, Alison. As you've heard, we're in a good position as we move into the second half of '23. Generally, the second quarter was aligned to expectations and positively also included the highly accretive acquisition of the up to 40% interest in the Hod Maden project.

偉大的。謝謝，比爾，謝謝，艾莉森。正如您所聽說的，進入 23 年下半年，我們處於有利位置。總體而言，第二季度符合預期，積極地還包括對 Hod Maden 項目高達 40% 權益的高度增值收購。

While we are tracking to the lower end of our consolidated production guidance due to the first half results at Seabee, we expect significant improvement in our operating and financial results in the second half of the year. We're also keen to share the updated technical reports to showcase the organic growth potential across the portfolio.

雖然由於 Seabee 上半年的業績，我們正追踪綜合生產指引的下限，但我們預計下半年的運營和財務業績將出現顯著改善。我們還熱衷於分享更新的技術報告，以展示整個產品組合的有機增長潛力。

So in short, with a key number of value-enhancing catalysts on the horizon and the anticipation of improving production and free cash flow in the coming quarters, we remain extremely optimistic about the business.

簡而言之，隨著一系列關鍵的價值提升催化劑即將出現，以及未來幾個季度產量和自由現金流改善的預期，我們對該業務仍然極為樂觀。

So with that, I'm going to hand the call back over to the operators for any questions you may have. Thank you, operator.

因此，如果您有任何問題，我會將電話轉交給接線員。謝謝你，接線員。

(Operator Instructions) Our first question is from Cosmos Chiu with CIBC.

（操作員說明）我們的第一個問題來自 CIBC 的 Cosmos Chiu。

Maybe my first question is on your guidance. Rod, you've maintained your guidance at 700,000 to 780,000 ounces GEOs but you've also said you're now trending towards the lower end. I just want to confirm, I think you've already kind of answered my question here, but the one sort of factor that you had not anticipated would have been the slower start to Seabee. Is that why it's now trending to a lower end. Everything else is on target, all the other assets, just really Seabee?

也許我的第一個問題是關於你的指導。 Rod，您將 GEO 的指導價維持在 700,000 至 780,000 盎司，但您也表示您現在正趨向於較低端。我只是想確認一下，我認為您已經在這裡回答了我的問題，但您沒有預料到的一種因素是 Seabee 的啟動速度較慢。這就是為什麼它現在趨於低端的原因。其他一切都已達到目標，所有其他資產，只是真的 Seabee 嗎？

Yes, I think that's right, Cos. If you remember in the first quarter, we talked about the underperformance at Seabee and the reasons why. And clearly, that puts us on the back footing. And if you remember -- I can't remember if you actually asked the question, but I did say it would probably be difficult for us to claw back to the original guidance for Seabee, and that's held true during the second quarter as well. So as we look across the assets and how they're performing, we're actually quite fortunate, I think, that we're in the position we're in, given that performance at Seabee were right on track for the first half and expect if we can maintain that sort of momentum moving into half 2, we'll be able to meet our production guidance at the lower end.

是的，我認為這是對的，Cos。如果你還記得在第一季度，我們討論了 Seabee 的表現不佳及其原因。顯然，這讓我們處於不利地位。如果你還記得的話——我不記得你是否真的問過這個問題，但我確實說過，我們可能很難回到 Seabee 最初的指導方針，這在第二季度也是如此。因此，當我們審視資產及其表現時，我認為我們實際上非常幸運，鑑於 Seabee 的表現在上半年表現良好，而且我們處於目前的位置，並且預計如果我們能夠保持這種勢頭進入下半年，我們將能夠達到我們的低端產量指導。

Great. And maybe more specifically on Çöpler. You've done 107,000 ounces now in the first half. You're targeting 240,000 to 270,000 ounces for the year. If I work it out correctly, the math, it looks like you have to improve in Q3 and also Q4 as well. You've said Q4 is going to be 55% of the second half of production, but if I work it out, Q3 has to improve as well. I guess my question is, Rod, it sounds like there's some maintenance that still needs to be completed in Q3. Can you help me understand how Q3 is going to be better than Q2. Is it a combination of Çakmaktepe coming in? Or is it higher throughput? Could you just give me a bit more color?

偉大的。也許更具體地說是關於 Çöpler 的。上半場您已經完成了 107,000 盎司。您今年的目標產量為 240,000 至 270,000 盎司。如果我計算正確的話，看起來你必須在第三季度和第四季度都有所提高。您說過第四季度將佔下半年產量的 55%，但如果我算出來，第三季度也必須有所改善。我想我的問題是，羅德，聽起來好像還有一些維護工作需要在第三季度完成。你能幫我理解第三季度將如何比第二季度更好嗎？是 äakmaktepe 的組合嗎？還是吞吐量更高？你能給我多一點顏色嗎？

Cos, I'm going to -- since we've got Bill in the room now and I can deflect some of these questions to the team, I'm going to deflect this one to Bill.

因為，我要——既然我們現在有比爾在房間裡，我可以將其中一些問題轉給團隊，我將把這個問題轉給比爾。

Appreciate the question. So the -- we have several drivers heading into Q3 and then into Q4. We've done some work with the autoclaves on the throughput rate so there's -- we've been improving there. The other thing that impacted the first half of the year was the -- our oxide performance that we didn't actually end up stacking as much material as we planned for. Moving forward, we've got plans to have that material be stacked, and that will help increase as well. And also, we've got some very good work going on in terms of improving the operating time in the autoclaves. So that's -- the maintenance I talk about is going to be finished this month, it's going to come in on a less time than we've traditionally done, and there's also been some changes in what we do with maintenance with that oxidization circuit. So several things there. So it is an increase, but we're very focused on working to deliver against it.

感謝這個問題。因此，我們有幾位車手將進入第三季度，然後進入第四季度。我們已經在高壓滅菌器的吞吐率方面做了一些工作，所以我們一直在這方面進行改進。影響今年上半年的另一件事是——我們的氧化物性能，我們實際上並沒有按照計劃堆放盡可能多的材料。展望未來，我們計劃將這些材料堆疊起來，這也將有助於增加。此外，我們在改善高壓滅菌器的運行時間方面也做了一些非常好的工作。所以，我所說的維護將於本月完成，它將比我們傳統上完成的時間更少，而且我們對氧化電路的維護工作也發生了一些變化。有幾件事。所以這是一個增長，但我們非常專注於努力實現這一增長。

Great. And I don't know if this is related. From other companies, we've heard there was heavy rainfall in Türkiye -- in parts of Türkiye in Q2. Is that part of why your stocking of the oxides was impacted or -- or is Çöpler a bit different?

偉大的。而且我不知道這是否相關。從其他公司獲悉，第二季度土耳其部分地區出現了強降雨。這是您的氧化物庫存受到影響的部分原因嗎？還是——或者 Çöpler 有點不同？

We didn't -- we weren't heavily impacted by the weather in Q2. Our oxide stacking was purely about blending and having the right material at the right time. So weather wasn't an impact for us.

我們沒有——我們沒有受到第二季度天氣的嚴重影響。我們的氧化物堆疊純粹是為了在正確的時間混合併使用正確的材料。所以天氣對我們沒有影響。

Got it. Maybe switching gears a little bit. Same question on Marigold, solid quarter, solid Q2 as expected. You've done 112,000 ounces now in the first half, slightly over. You're targeting 260,000 to 290,000. Once again, it sounds like the leach cycle is now more normalized without some of the fines that you saw last year. But what's driving that increase, again, into Q3 and Q4? Is it the stocking rate? Is it the recovery that's coming out from what you've already stacked in Q1 and Q2? Could you maybe, again, give us a bit more color in terms of the increase that we're anticipating?

知道了。也許稍微改變一下方式。關於萬壽菊的同樣問題，季度穩定，第二季度穩定，正如預期的那樣。現在上半場您已完成 112,000 盎司，略多一些。您的目標是 260,000 到 290,000。再次，聽起來浸出週期現在更加正常化，沒有去年看到的一些罰款。但是什麼推動了第三季度和第四季度的增長呢？是庫存率嗎？是從第一季度和第二季度已經積累的數據中恢復過來的嗎？您能否再次就我們預期的增長情況向我們提供更多信息？

Stacking rate is the big driver. So obviously, Q3 is very important to us. So it's mining through in the material we're getting coming towards us. As you say that we've normalized, we're through -- we had a positive return relative to -- we were challenged with that area that needed work with the fines material. We're virtually through that. So now it's just really about the timing of the ore release and the stacking rate.

堆疊率是最大的驅動因素。顯然，第三季度對我們來說非常重要。所以它正在挖掘我們正在接近我們的材料。正如你所說，我們已經正常化，我們已經完成了——我們獲得了積極的回報——我們面臨著需要處理細粉材料的領域的挑戰。我們實際上已經經歷了這個過程。所以現在真正重要的是礦石釋放的時間和堆積率。

Great. And maybe one last question. Again, on something else here. Hod Maden, I've always said I think that's a very complementary acquisition that you've made, Rod. I know you're looking -- working on the technical report. It's going to come out next year alongside a decision in terms of building it or not. But in the meantime, should we anticipate, Rod, any kind of news flow between now and then? And then maybe, again, specifically, you talked about financing options, could you give us some insight in terms of what some of those options might be?

偉大的。也許還有最後一個問題。再說一遍，這裡還有其他事情。霍德·馬登，我一直說我認為這是一次非常互補的收購，羅德。我知道您正在尋找 - 正在編寫技術報告。它將在明年發布，同時決定是否建造它。但與此同時，羅德，我們是否應該預期從現在到那時之間會出現任何類型的新聞流？然後，也許，再次，具體來說，您談到了融資選擇，您能否給我們一些關於其中一些選擇可能是什麼的見解？

Yes. Look, Cos, it's really the work that we're doing to put us into a position to make a go decision on the project is just improving the fidelity that we have around the project itself. So we are doing some infill drilling. We're doing the work around the flow sheet's validation work. We're also looking at validating our own thoughts on ways to improve the flow sheets, et cetera. So there won't really be a lot of news flow to talk about here in the next little while moving into next year because of all the pieces of work that we'll be running in parallel together to come to a conclusion for us.

是的。聽著，因為，我們所做的工作實際上是為了讓我們能夠對項目做出正確的決定，這只是提高了我們對項目本身的保真度。所以我們正在進行一些加密鑽探。我們正在圍繞流程圖的驗證工作進行工作。我們還在考慮驗證我們自己關於改進流程圖等方法的想法。因此，在進入明年的過程中，接下來的一段時間裡不會有太多的新聞流可以討論，因為我們將同時進行所有工作來得出結論。

But it really is just simply thinking about as confirmatory work from our DD that we overlay our experience of building the Çöpler sulfide plant and the approach that we took to building that plant with the same team that we've now deployed in some positions over to Hod Maden, et cetera, et cetera, et cetera, so when we get going and start to bring it out of the ground we have a high level of confidence to be are very successful for it. So that's really what the emphasis will be.

但實際上，這只是我們的 DD 的確認性工作，我們將建設安普勒硫化物工廠的經驗以及我們與現在部署的同一團隊一起建設該工廠的方法疊加起來。有些職位交給了霍德·馬登（Hod Maden）等等，所以當我們開始行動並開始將其帶出地面時，我們有很高的信心能夠取得成功。這才是真正的重點。

There will be some small works going on. As we sort of mentioned, there is some early-stage infrastructure works. We've got some tunneling going on to access the site, some tunneling work that will be going on outside itself to put the access over to the TSF area. But beyond that, there won't be a whole lot more activity. So it's ramping up. It's getting the teams in place, some drilling, et cetera. So really look forward to next year.

將會有一些小型工作正在進行。正如我們提到的，有一些早期的基礎設施工程。我們正在進行一些隧道施工以進入該站點，一些隧道施工將在其外部進行，以將通道移至 TSF 區域。但除此之外，不會有更多的活動。所以它正在加速。它讓團隊就位，進行一些演習等等。所以真的很期待明年。

From a financial perspective, Alison is really busy at the moment, as you can imagine. I think she's made a couple of trips to London already to pick up on the work that was already sort of underway by our joint venture partners, and we expect to pick that work up to try to progress through to a project financing.

從財務角度來看，艾莉森現在真的很忙，你可以想像。我認為她已經去過倫敦幾次，以繼續我們的合資夥伴已經在進行的工作，我們希望繼續開展這項工作，努力推進項目融資。

And if there's obviously any news flow coming from that between now and the actual decision time, we'll obviously let you know. But that work will just quietly progress here to try to get the best terms as possible for the partners that we now have on the Hod Maden project. So I don't expect anything to come out of that here in the next couple of months. It will probably be, at best, late in the year or probably early next year.

如果從現在到實際決策時間之間明顯有任何新聞流，我們顯然會通知您。但這項工作將在這裡悄然進行，努力為我們目前在 Hod Maden 項目上擁有的合作夥伴爭取盡可能最好的條件。所以我預計在接下來的幾個月裡不會有任何結果。最多可能是在今年年底或明年初。

(Operator Instructions) This concludes the question-and-answer session. I'll turn the call back over to Mr. Antal for any closing remarks.

（操作員說明）問答環節到此結束。我會將電話轉回給安塔爾先生，​​讓他發表結束語。

Great. Thank you, and thanks, everyone, again for joining us today and participating in our call. Have a great day, and look forward to talking again in another quarter. Thank you. Bye-bye.

偉大的。謝謝大家，再次感謝大家今天加入我們並參與我們的電話會議。祝您有美好的一天，並期待在下一個季度再次交談。謝謝。再見。

This concludes your conference call. Please feel free to disconnect.

您的電話會議到此結束。請隨時斷開連接。