SSR Mining Inc (SSRM) 2024 Q4 法說會逐字稿

Hello, everyone, and welcome to SSR Mining's fourth quarter and year-end 2024 conference call. Please be advised that this call is being recorded. (Operator Instructions)

大家好，歡迎參加 SSR Mining 2024 年第四季和年終電話會議。請注意，本次通話正在錄音。（操作員指示）

At this time, for opening remarks and introductions, I would like to turn the call over to Alex Hunchak from SSR Mining. Please go ahead.

現在，為了致開幕詞和介紹，我想將電話轉給 SSR Mining 的 Alex Hunchak。請繼續。

Thank you, operator, and hello, everyone. Thank you for joining today's conference call to discuss SSR Mining's fourth quarter and full-year financial results. Our consolidated financial statements have been presented in accordance with US GAAP. These financial statements have been filed on EDGAR, sEDAR, the ASX, and are also available on our website.

謝謝接線員，大家好。感謝您參加今天的電話會議，討論 SSR Mining 的第四季度和全年財務業績。我們的合併財務報表已依照美國公認會計準則編製。這些財務報表已在 EDGAR、sEDAR、ASX 上提交，也可在我們的網站上查閱。

There is an online webcast accompanying this call, and you will find the information to access the webcast in this afternoon's news release and on our corporate website. Please note that all figures discussed during the call are in US dollars unless otherwise indicated.

本次電話會議附有線上網路直播，您可以在今天下午的新聞稿和我們的公司網站上找到存取網路直播的資訊。請注意，除非另有說明，通話中討論的所有數字均以美元為單位。

Today's discussion will include forward-looking statements, so please read the disclosures in the relevant documents. Additionally, we refer to non-GAAP financial measures during our discussion and in the accompanying slides. Please see our press release for information about the comparable GAAP measures.

今天的討論將包括前瞻性陳述，因此請閱讀相關文件中的揭露內容。此外，我們在討論中和隨附的幻燈片中提到了非公認會計準則財務指標。有關可比較 GAAP 指標的信息，請參閱我們的新聞稿。

Rod Antal, Executive Chairman, will be joined by Michael Sparks, Chief Financial Officer; and Bill Macnevin, EVP, Operations and Sustainability, on today's call.

執行董事長 Rod Antal 將與財務長 Michael Sparks 一同出席；以及營運與永續發展執行副總裁 Bill Macnevin 出席今天的電話會議。

I will now turn the line over to Rod.

現在我將把電話交給羅德。

Pardon me, this is the conference operator, Rod, your line may be muted.

對不起，我是會議接線員羅德，您的線路可能被靜音了。

Cool. Thanks, Alex.

涼爽的。謝謝，亞歷克斯。

I want to start today's call by acknowledging that February 13 marked the one year anniversary of the tragic incident at Çöpler. An emotional memorial service was held at site to reflect on the nine lost colleagues. This incident has left an indelible mark on all of us here at SSR, and I want to acknowledge the hard work and dedication demonstrated by everyone across this entire organization in 2024.

在今天的電話會議開始時，我想承認 2 月 13 日是奧普勒悲劇事件一周年紀念日。現場舉行了一場感人的追悼會，悼念九位罹難的同事。這事件給 SSR 的所有人留下了不可磨滅的印象，我要感謝整個組織每個人在 2024 年所表現出的辛勤工作和奉獻精神。

We have made good progress at Çöpler, especially in recent months. Constructive discussions continue with the relevant Turkish authorities on a pathway to advance the restart of the operations. Bill will provide a further update on the current activities at Çöpler later in the call.

我們在奧普勒取得了良好的進展，尤其是最近幾個月。我們繼續與土耳其有關當局就如何推動重啟生產進行建設性討論。比爾將在稍後的電話會議中進一步介紹奧普勒目前的活動情況。

Now looking at our results for 2024. I'm pleased to report that we close the year on a strong note with solid operating results, a year-over-year increase to our consolidated reserves, and a major strategic announcement with the acquisition of Cripple Creek and Victor Mine from Newmont. As a result, CC&V will increase our scale, free cash flow, and portfolio diversification, and we have made excellent progress on the integration planning since announcing the transaction in December.

現在來看看我們 2024 年的成果。我很高興地報告，我們以強勁的業績結束了這一財年，取得了穩健的經營業績，合併儲量同比增長，並宣布了一項重大戰略舉措，從紐蒙特收購了 Cripple Creek 和 Victor Mine。因此，CC&V 將擴大規模、增加自由現金流和投資組合多樣化，自 12 月宣布交易以來，我們在整合規劃方面取得了出色進展。

Our consolidated 2025 cost and production guidance, including CC&V, will be released shortly after the transaction closes in the coming weeks.

我們將在未來幾週交易結束後不久發布包括 CC&V 在內的 2025 年綜合成本和生產指引。

Looking forward, and as we progress our efforts at Çöpler, we have several important priorities and catalysts on the horizon in 2025. These include the delivery of a technical report and updated life of mine plan for CC&V; advancing Hod Maden towards a construction decision; continued progress on an updated and extended life of mine for Puna, including potential laybacks into chairs; and evaluation of a longer-term potential of Cortaderas; advancing the Buffalo Valley deposit at Marigold, which now host more than 500,000 ounces in its maiden reserve; ongoing exploration activities across the portfolio as we evaluate other opportunities for mine life extension at each one of the operations; and most importantly, continuing to advance Çöpler to a restart.

展望未來，隨著我們在 Åpler 的努力不斷推進，我們在 2025 年將面臨幾個重要的優先事項和催化劑。其中包括向 CC&V 提交技術報告和更新的礦山壽命計劃；推動 Hod Maden 做出建設決策；繼續推進 Puna 礦山的更新和延長開採壽命，包括可能將礦山放回椅子上；並評估 Cortaderas 的長期潛力；推進位於 Marigold 的 Buffalo Valley 礦床開採，該礦床目前初始儲量超過 500,000 500,000 500,盎司；我們正在評估每個作業中延長礦山壽命的其他機會，同時在整個投資組合中持續進行勘探活動；最重要的是，繼續推動奧普勒重新開始。

I also want to highlight two significant milestones achieved by SSR team in 2024. At Marigold, we celebrated 5 million ounces of life of mine gold production from the asset on December 30, a huge accomplishment and a testament to the quality of the mine and the team. Additionally, Puna produced 10.5 million ounces of silver in 2024, which is a record for the operation's 15 years' life and hitting the top end of its previously increased production guidance. We are proud of our team in Argentina for their efforts in building Puna into one of the premium silver mines.

我也想強調一下 SSR 團隊在 2024 年實現的兩個重要里程碑。在 Marigold，我們於 12 月 30 日慶祝了礦山黃金產量達到 500 萬盎司，這是一個巨大的成就，也是對礦山和團隊品質的證明。此外，普納礦在 2024 年生產了 1050 萬盎司白銀，創下了該礦 15 年開採歷史的最高紀錄，並達到了先前提高的產量指導值的最高水平。我們為阿根廷團隊將普納打造成為優質銀礦之一的努力感到自豪。

So let's turn to slide 4 for a discussion on the MR MR update. Our consolidated reserves totaled 8 million gold equivalent ounces at the end of '24, excluding any contributions from CC&V and Hod Maden. This was a 3% increase over '23 after mine depletion, which is a strong result that showcases the success of our resource development drilling.

因此，讓我們翻到幻燈片 4，討論 MR MR 更新。截至 24 年底，我們的綜合儲量總計 800 萬黃金當量盎司，不包括 CC&V 和 Hod Maden 的任何貢獻。在礦山枯竭之後，這比 23 年增加了 3%，這一強勁結果展示了我們資源開發鑽探的成功。

Notably, Marigold reserves increased 14% year over year, driven by the declaration of a 523,000 ounce maiden reserve for Buffalo Valley, which will be a key life of mine extension opportunity from Marigold going forward. It is also worth noting that metal price changes were not a material driver in this reserve growth.

值得注意的是，萬壽菊金礦的儲量同比增長了 14%，這得益於布法羅谷宣布了 523,000 盎司的首次儲量，這將是萬壽菊金礦未來延長礦山壽命的關鍵機會。另外值得注意的是，金屬價格變動並不是儲量成長的重要驅動因素。

Gold price assumption to Çöpler and Seabee was unchanged from 2023, while Marigold and Puna increase their metal price assumptions by just 3% over the prior year. A gold equivalent resources exclusive of reserves were down just 1% year over year despite the strong reserve conversion in unchanged metal price assumptions. Gold only M&I resources increased 9% over '23, driven in part by continued resource additions at Seabee.

Åpler 和 Seabee 對黃金價格的假設與 2023 年相比沒有變化，而 Marigold 和 Puna 對金屬價格的假設僅比前一年提高了 3%。儘管在金屬價格不變的假設下，儲備轉換率強勁，但不包括儲備的黃金當量資源比去年同期僅下降了 1%。光是黃金 M&I 資源量就比 23 年增加了 9%，部分原因是 Seabee 的資源持續增加。

Further, the addition of both Hod Maden and CC&V will deliver meaningful reserve and resource growth in 2025. And we will continue advancing resource development activities across the portfolio as we strive to extend mine lives at each one of the producing assets. This includes the progress at Marigold's New Millennium and Buffalo Valley deposits, Seabee's Porky Targets, and at Puna, the Cortaderas project.

此外，Hod Maden 和 CC&V 的加入將在 2025 年帶來顯著的儲量和資源成長。我們將繼續推動整個投資組合的資源開發活動，並努力延長每項生產資產的礦場壽命。其中包括 Marigold 的 New Millennium 和 Buffalo Valley 礦床、Seabee 的 Porky Targets 以及 Puna 的 Cortaderas 計畫的進展。

Now I'm going to hand the call over to Michael to discuss the quarter on slide number 5.

現在我將把電話交給邁克爾，讓他在第 5 張幻燈片上討論本季的情況。

Thanks, Rod, and good afternoon, everyone. The fourth quarter of 2024 was our strongest of the year, with 124,000 gold equivalent ounces produced and all-in sustaining costs of $1,857 per ounce.

謝謝，羅德，大家下午好。2024 年第四季是我們今年表現最強勁的季度，生產了 124,000 盎司黃金當量，總維持成本為每盎司 1,857 美元。

For the full year, we produced 399,000 gold equivalent ounces at AISC of $1,878 per ounce. Production at Marigold, Seabee, and Puna combined to produce 371,000 gold equivalent ounces in 2024 at an AISC of $1,542 per ounce. As a reminder, under US GAAP, we do not adjust for care and maintenance costs incurred during the year, and the cash impact of these expenses are reflected in our AISC numbers.

全年我們生產了 399,000 盎司黃金當量，總維持成本為每盎司 1,878 美元。2024 年，Marigold、Seabee 和 Puna 的產量總計為 371,000 盎司黃金當量，總生產成本為每盎司 1,542 美元。提醒一下，根據美國公認會計準則，我們不會調整年度內發生的護理和維護成本，這些費用的現金影響反映在我們的 AISC 數字中。

Excluding the approximately $178 per ounce of cash care and maintenance costs incurred at Çöpler and Seabee in Q4, AISC for the quarter was $1,679 per ounce. For the full year, excluding care and maintenance costs, AISC was $1,699 per ounce.

不包括第四季度在奧普勒和 Seabee 產生的每盎司約 178 美元的現金護理和維護成本，本季的 AISC 為每盎司 1,679 美元。全年來看，不包括護理和維護成本，AISC 為每盎司 1,699 美元。

At Çöpler, full-year reclamation and remediation spend was $128 million. We also spent approximately $14 million advancing Hod Maden in the fourth quarter, bringing full-year spend at the project to $42 million as we progress engineering and preliminary site development activities. Lastly, as Rod mentioned, we had a good year at the drill bit in 2024 and look forward to continued advancement of these brownfield opportunities in 2025.

在奧普勒，全年的復墾和修復支出為 1.28 億美元。我們還在第四季度花費了大約 1,400 萬美元來推進 Hod Maden 項目，隨著工程和初步場地開發活動的推進，該項目的全年支出已達到 4,200 萬美元。最後，正如羅德所提到的，我們在 2024 年度過了鑽井工作的美好一年，並期待在 2025 年繼續推動這些棕地機會。

Moving to our financial results on slide 6. We recorded attributable net income of $0.03 per diluted share in fourth quarter and adjusted net income of $0.10 per diluted share. Care and maintenance cost at Çöpler and Seabee, which totaled $36 million in the fourth quarter, account for $0.18 per diluted share.

前往投影片 6 上的財務結果。我們第四季錄得每股攤薄淨收入 0.03 美元，調整後每股攤薄淨收入 0.10 美元。奧普勒和 Seabee 的維護和保養成本在第四季度總計 3,600 萬美元，佔每股攤薄收益 0.18 美元。

Fourth quarter operating cash flow was $95 million and free cash flow was $56 million, a very strong result to close out 2024. We finished the year with $388 million in total cash, a net cash position of $158 million, and total liquidity of approximately $890 million.

第四季營運現金流為 9,500 萬美元，自由現金流為 5,600 萬美元，這對 2024 年來說是十分強勁的成績。我們今年的現金總額為 3.88 億美元，淨現金部位為 1.58 億美元，總流動資金約 8.9 億美元。

With this existing liquidity and an outlook for continued free cash flow generation in 2025, we have closed the year in a strong position financially, and we are well positioned to manage remediation costs at Çöpler as well as our reinvestment needs across the business. Furthermore, we expect CC&V will contribute immediate free cash flow to our business upon integration, enabling a rapid payback of the transaction's $100 million upfront consideration, particularly at these gold prices.

憑藉現有的流動性和對 2025 年持續產生自由現金流的展望，我們在財務上以強勁的勢頭結束了這一財年，並且我們能夠很好地管理奧普勒的補救成本以及整個業務的再投資需求。此外，我們預計 CC&V 將在整合後為我們的業務帶來即時的自由現金流，從而能夠快速償還交易的 1 億美元前期對價，尤其是在當前的金價下。

Now over to Bill for slide 8.

現在請 Bill 講解第 8 張投影片。

Thanks, Michael. I'll start with a brief update on Çöpler. In the fourth quarter of 2024, we continued to advance reclamation and remediation activities at site, and we have now removed all of the displaced heap leach material from the severely Valley.

謝謝，麥可。我會先簡單介紹一下 Ãöpler 的最新情況。2024 年第四季度，我們繼續推進現場復墾和修復活動，目前我們已經從嚴重的山谷中清除了所有流離失所的堆浸材料。

We are continuing discussions with Turkish government officials around the final remediation plan at Çöpler. Positively, we continue to note public commentary from Turkish officials affirming that there was no recordable contamination to local soil order or a in a location samples.

我們正在繼續與土耳其政府官員討論奧普勒的最終修復計畫。積極的一面是，我們繼續注意到土耳其官員的公開評論，確認當地土壤秩序或地點樣本沒有可記錄的污染。

Following the incident, we commissioned Call & Nicholas, Inc., or C&I, an international mining consulting firm, to conduct an independent review of the Çöpler heap leach failure. This was an important body of work for us as we sought to determine the cause of the Çöpler incident.

事故發生後，我們委託國際礦業顧問公司 Call & Nicholas, Inc.（簡稱 C&I）對奧普勒堆浸事故進行獨立審查。這對我們來說是一項重要的工作，因為我們試圖確定奧普勒事件的原因。

CNI determined the most likely cause of the Çöpler incident was a deep-rooted flaw in the third-party engineering design of the heap leach pad, namely an overestimation of the shear strength properties of the liner system at the base of the heap leach. This error inflated the calculated factor of safety and resulted in insufficient shear strength along the liner interface to support the as designed heap leach facility.

CNI 確定導致 Ãöpler 事件的最可能原因是堆浸墊的第三方工程設計存在根深蒂固的缺陷，即高估了堆浸底部襯墊系統的剪切強度特性。這個錯誤誇大了計算出的安全係數，並導致襯管介面的剪切強度不足以支撐設計的堆浸設施。

CNI also determined that in all material aspects, the heap leach pad construction and operation was carried out in conformance with the issued for construction engineered design parameters and that there was no substantiation that excess water, ground vibrations from blasting or stacking beyond the design caused the event. These outcomes provide clarity and understanding for our team on the ground as we seek to restart the Çöpler mine. And we continue to work closely with relevant authorities on this front.

CNI 還確定，在所有重要方面，堆浸墊的建設和運行均符合已發布的建築工程設計參數，並且沒有證據表明過量的水、爆破產生的地面振動或超出設計的堆放導致了該事件的發生。當我們尋求重啟奧普勒礦場時，這些結果為我們實地團隊提供了清晰的認識和理解。我們將繼續就此與相關部門密切合作。

As a reminder, we expect Çöpler could be restarted within 20 days from the state of the necessary permits, with initial operations consisting of processing a combination of stockpiled ore and ore mined from Çakmaktepe whilst the remediation work continues.

提醒一下，我們預計奧普勒可以在獲得必要許可後的 20 天內重新啟動，初始作業包括處理儲存的礦石和從奧克馬克特佩開採的礦石，同時繼續進行修復工作。

Now let's move on to slide 8 for some commentary on Marigold. Marigold produced 60,000 ounces in the fourth quarter, its strongest period of the year, and marking 5 million ounces of total production over the mine's 35-year operating life. This is a significant milestone for any gold mine and is a clear testament to the quality of the people we have on the ground in Nevada.

現在讓我們翻到第 8 張幻燈片來了解關於萬壽菊的一些評論。萬壽菊金礦第四季黃金產量達 6 萬盎司，是全年產量最高的時期，該礦 35 年營運年限內的總產量達到 500 萬盎司。對於任何金礦來說，這都是一個重要的里程碑，也充分證明了內華達州當地人員的品質。

For the full year, Marigold produced 160,000 ounces, an AISC of $1,711 per ounce, with costs reflecting increased royalty expenses given the current gold price and also continued cost pressures with [SPECTRO] OEM components. We expect these costs to remain elevated in 2025.

全年，Marigold 產量為 160,000 盎司，AISC 為每盎司 1,711 美元，成本反映了當前金價導致的特許權使用費增加，以及 [SPECTRO] OEM 組件持續的成本壓力。我們預計這些成本在 2025 年仍將保持在高位。

As Rod noted in the MR MR update, we made some great progress with brownfield exploration and studies at Buffalo Valley, enabling the declaration of a 523,000-ounce made-in mineral reserve at the deposit. We also delivered mineral resource growth at New Millennium and will continue to advance brownfield drilling activity at Marigold in 2025 to build on these positive outcomes.

正如羅德在 MR MR 更新中指出的那樣，我們在布法羅谷的棕地勘探和研究方面取得了重大進展，從而能夠宣布該礦床擁有 523,000 盎司的礦產儲量。我們也在新千年實現了礦產資源成長，並將在 2025 年繼續推動萬壽菊棕地鑽探活動，以鞏固這些正面成果。

Now on to Seabee on slide 9. Operations restarted Seabee on October 11, and the mine closed the year with its strongest quarter of 2024 with production at 28,000 ounces at an AISC of $1,214 per ounce. This strong production was driven by higher-than-expected head growth, which averaged 9.7 grams per ton in the quarter. Thanks to the strong fourth quarter, Seabee finished the year up its previously robust production guidance, with 79,000 ounces and an AISC of $1,515 per ounce.

現在討論幻燈片 9 上的 Seabee。10 月 11 日，Seabee 礦場重新開始運營，該礦以 2024 年最強勁的一個季度結束了這一財年，產量達到 28,000 盎司，AISC 價格為每盎司 1,214 美元。強勁的產量是由高於預期的產量成長推動的，本季平均每噸產量為 9.7 克。由於第四季度的強勁表現，Seabee 公司今年的產量達到了先前強勁的預期，達到 79,000 盎司，AISC 為每盎司 1,515 美元。

The team continued evaluating the drilling at the Porky in Porky West targets in 2024, which helped deliver an 88% increase in measured and indicated mineral resources for Seabee. We're advancing further drilling and technical studies to better delineate the opportunity to potentially extend the operating life at Seabee through both additional mineralization of Santoy and a potential new development pathway at the Porky Targets.

該團隊於 2024 年繼續評估 Porky 和 ​​Porky West 目標的鑽探情況，這有助於使 Seabee 的測量和指示礦產資源增加 88%。我們正在推進進一步的鑽探和技術研究，以更好地確定透過 Santoy 的額外礦化和 Porky Targets 的潛在新開發途徑來延長 Seabee 的使用壽命的可能性。

Now, on to Puna. Puna produced 3 million ounces of silver in the fourth quarter, driving record full-year production of 10.5 million ounces of silver. This production meant the top end of Puna's previously increased guidance, bringing a strong close to a truly exceptional year for the operation.

現在，前往普納。普納礦第四季生產了 300 萬盎司白銀，創下了全年 1,050 萬盎司白銀產量的紀錄。此次生產意味著 Puna 已達到先前提高的指導上限，為公司真正非凡的一年畫上了圓滿的句號。

Full year AISC at Puna was $15.56 per ounce, delivering significant free cash flow margins in the current silver price environment. We made good progress evaluating life extension opportunities at Puna in '24, including at both Chinchillas Pit and Cotaderas Target. We expect to be in a position to provide further updates on these initiatives within 2025 and are excited to be in a position to build on Puna's recent success by delivering a longer mine life and continued economic benefits for our local stakeholders.

Puna 全年的 AISC 為每盎司 15.56 美元，在當前白銀價格環境下實現了可觀的自由現金流利潤。1924 年，我們在評估普納的壽命延長機會方面取得了良好進展，其中包括 Chinchillas Pit 和 Cotaderas Target。我們預計將能夠在 2025 年之前提供有關這些舉措的進一步更新，並且很高興能夠在 Puna 最近的成功基礎上再接再厲，為當地利益相關者提供更長的礦山壽命和持續的經濟效益。

Before I turn back to Rod, I would quickly speak to the Cripple Creek and Victor acquisition. I've personally overseen the integration process since we announced the transaction in December, and I'm confident we'll be in a position to realize significant value from CC&V right out of the gate. Our due diligence identified meaningful opportunities to build on the sizeable mineral reserves and resources that already exist at the asset. And we look forward to demonstrating other opportunities to deliver additional value from the asset in an updated life mine plan for CC&V within 2025.

在我回到羅德之前，我想快速談談克里普爾克里克和維克多的收購。自從我們去年 12 月宣布交易以來，我一直親自監督整合過程，我相信我們能夠從一開始就從 CC&V 中實現巨大的價值。我們的盡職調查發現了利用該資產現有大量礦產儲量和資源的重大機會。我們期待在 2025 年更新的 CC&V 礦山壽命計劃中展示從資產中創造額外價值的其他機會。

I'm thrilled to bring an asset and team of this caliber into our portfolio and look forward to discussing our long-term plans for the mine in the near future. I will turn back to Rod for closing remarks.

我很高興將這種水平的資產和團隊納入我們的投資組合，並期待在不久的將來討論我們對該礦的長期計劃。我將回到羅德的發言中。

Thank you, Bill, and thanks, Michael. When I closed this call at the end of the third quarter, I noted that we were looking forward to a strong close in 2024. I'm happy to say that we delivered on those expectations and we look forward to continuing this positive momentum by delivering a number of catalysts in 2025.

謝謝你，比爾，謝謝你，麥可。當我在第三季末結束這次電話會議時，我指出我們期待在 2024 年取得強勁收官。我很高興地說，我們實現了這些期望，我們期待在 2025 年提供一系列催化劑，繼續保持這種積極勢頭。

With the CC&V transaction closing in the coming weeks, we have added another long-lived and free cash flow generative asset to our portfolio, and we look forward to sharing our consolidated production and cost outlook for the company before the end of the quarter. At the same time, we continue to diligently advance towards a potential restart of operations at Çöpler. Çöpler is a meaningful contributor to the local and national economies in Turkey, and we are keen to return to operations, while we continue the remediation and reclamation efforts in '25 and beyond.

隨著 CC&V 交易在未來幾週內完成，我們為投資組合增加了另一個長期且可產生自由現金流的資產，我們期待在本季度結束前分享我們對該公司的綜合生產和成本前景。同時，我們將繼續努力推動奧普勒工廠重新開始運作。Ãöpler 對土耳其的當地和國家經濟做出了重大貢獻，我們渴望恢復運營，同時在 2025 年及以後繼續進行修復和復墾工作。

We're proud of the tremendous resilience of our teams the business demonstrated in 2024. We have entered a new year with renewed optimism. And while we have a busy year ahead, we look forward to servicing value across all of our assets in 2025.

我們為團隊在 2024 年展現出的強大韌性感到自豪。我們滿懷樂觀地邁入了新的一年。雖然我們即將迎來忙碌的一年，但我們期待在 2025 年為所有資產實現價值。

So with that, I'm going to turn the call over to operator for questions. Thank you.

因此，我將把電話轉給接線員來回答問題。謝謝。

(Operator Instructions) Habib, Scotiabank.

（操作員指示）哈比卜，豐業銀行。

Just a couple of questions from me. Just starting off with Seabee. Obviously, you had a great quarter in Q4. Should we expect any sort of outperformance like this to continue into 2025?

我只想問幾個問題。剛開始使用 Seabee。顯然，你們在第四季表現非常出色。我們是否應該預期這種優異表現會持續到 2025 年？

I'm going to let Bill take that one.

我要讓比爾拿走這個。

Thanks for the question. It was a great quarter. We obviously hit some very, very special grade. We continue to search and do further exploration in Santoy, cannot expect those grades to continue each and every quarter, but we do expect to continue along that same vein year in, year out.

謝謝你的提問。這是一個偉大的季度。我們顯然達到了一些非常非常特殊的成績。我們將繼續在桑托伊進行搜索和進一步探索，不能指望這些等級每個季度都能繼續下去，但我們確實希望年復一年地繼續沿著同樣的思路前進。

But we -- as you know, if you've been tracking Seabee, there's times where we hit some of that better grade, and this quarter was definitely one of them.

但是我們——正如你所知，如果你一直在關注海蜂隊，你會發現有時我們會達到一些更好的成績，而本季度肯定是其中之一。

And just then moving to Çöpler. Rod, just in terms of -- is there any sort of key information or study the regulators are waiting for before they make any sort of decision on moving forward with the restart of operations? Or was the recent findings of C&I enough for the regulators to make their decision to move forward?

然後就搬到奧普勒。羅德，就此而言——監管機構在就是否繼續重啟營運做出任何決定之前，是否正在等待任何關鍵資訊或研究？或者 C&I 最近的調查結果是否足以讓監管機構做出繼續前進的決定？

Yeah. Look, I think the simple way to think about it, Ovais, is it's a package of work. If you think about in the year that we've had since the incident, we've made tremendous progress as we've been continually reporting all through 2024 and obviously, now with our full-year financials. And the priorities that we set ourselves and the aggressive timetable that we set ourselves to achieve what we've actually done in terms of control the site, ensure we didn't have any environmental contamination to remediating clearer Sabirli Valley, to make this site safe are all sort of precursors to a restart as you would expect.

是的。你看，我認為最簡單的思考方式是，Ovais，這是一套工作。如果您想想自事件發生以來的一年，我們已經取得了巨大的進步，因為我們一直在持續報告整個 2024 年的情況，顯然現在我們有了全年財務報告。我們為自己設定的優先事項和積極的時間表是為了實現我們在控制場地方面實際所做的工作，確保我們沒有任何環境污染，修復更清潔的薩比爾利山谷，確保這個場地的安全，這些都是重啟的先兆，正如你所期望的那樣。

Similarly, the C&I report itself, obviously, isn't a precursor, but it's important to understand as we're talking and working with the regulators. And the last few pieces are really around locking down and agreeing on what the closure plans will be. And that is in respect to the e-storage facility that Bill mentioned. So that's concluding now as well as the final heap leach closure itself. So it's all been a package, if you like, as a progression to where we are today to get us into this place as we're looking forward to a restart.

同樣，C&I 報告本身顯然並不是先兆，但在我們與監管機構對話和合作時，了解這一點很重要。最後幾部分實際上是關於封鎖和商定關閉計劃。這就是比爾提到的電子儲存設施。現在一切就都結束了，堆浸作業也最終結束了。所以，如果你願意的話，這一切都是一個整體，作為我們今天所處位置的一個進步，讓我們進入這個地方，我們期待著重新開始。

We've still got work to do as similar as we always will. Remediation efforts will continue beyond even when Çöpler restart as we've talked about before, et cetera, et cetera. So restart doesn't necessarily mean there's not more work to be done. But I think as I think back to where we were this time last year, where clearly, we're all shocked about what happened and to where we are now, we've come a long ways. And obviously, we're working confidently with the regulators to seek a permission and permits to get restarted at Çöpler.

我們還有很多工作要做，就像我們一直以來所做的那樣。正如我們之前討論過的，即使系統重新啟動之後，補救工作仍將繼續。因此，重新開始並不一定意味著沒有更多工作要做。但我想，當我回想起去年這個時候的情況時，顯然，我們都對所發生的事情感到震驚，而就我們現在的狀況而言，我們已經走了很長一段路。顯然，我們正在與監管機構滿懷信心地合作，尋求在奧普勒重新啟動的許可和執照。

And then just kind of number 3 on my end. Again, in terms of moving on to Hod Maden, does the commencement of the development of Hod Maden hinge anyway on the restart of operations at Çöpler?

然後就我而言，這只是第三點。再次，就霍德馬登 (Hod Maden) 而言，霍德馬登 (Hod Maden) 開發的開始是否取決於奧普勒 (Åpler) 的營運重啟？

Yeah. I think the simple way to think about it, Ovais, we may have talked about it before. When we acquired our interest in Hod Maden, we indeed talk about the fact that we wanted to take the time to develop a plan. And when I say a plan, a technical study that represents our approach to developing the asset with the necessary detail around the execution plan, the necessary technical detail, particularly in the sort of years one, two, three after you start the asset up to get a high level of fidelity around what we expect in the asset in the initial years because that's clearly where the payback is et cetera, et cetera, et cetera.

是的。我認為，簡單思考一下，Ovais，我們之前可能已經討論過這個問題。當我們獲得對 Hod Maden 的興趣時，我們確實談到了我們想花時間制定計劃的事實。當我說計劃時，指的是一項技術研究，它代表了我們開發資產的方法，其中包含執行計劃的必要細節、必要的技術細節，特別是在啟動資產後的第一、二、三年內，以獲得對最初幾年資產預期的高度保真度，因為這顯然是回報所在，等等，等等。

So that work has been working -- going on in the background, and we're seriously working on all those components, exclusive of Çöpler. And that work will continue during this year until we're in such a stage where we can wrap all that up to basically redo the technical reports and then start the project financing discussions externally with the banks to bring Hod Maden into construction.

所以這項工作一直在後台進行，我們正在認真研究除 Ãöpler 之外的所有這些組件。這項工作將在今年持續進行，直到我們能夠完成所有工作，基本上重新完成技術報告，然後與銀行開始外部專案融資討論，以推動 Hod Maden 投入建設。

So it's not hinged on Çöpler. And in fact, the work we've been doing and the way we've separated the teams and the efforts around the teams has set up to be mutually exclusive.

所以它並不依賴Ãöpler。事實上，我們一直在做的工作、我們劃分團隊的方式以及圍繞團隊所做的努力都是相互排斥的。

Perfect. Thanks for that and then thanks for taking my qustions, Rod. And looking forward to the guidance after the closing of CC&V.

完美的。謝謝您，也謝謝您回答我的問題，羅德。並期待CC&V收盤後的指導。

Great. Thanks, Ovais. Appreciate it.

偉大的。謝謝，Ovais。非常感謝。

Cosmos Chiu, CIBC.

加拿大帝國商業銀行 (CIBC) 的 Cosmos Chiu。

Maybe my first question is on Marigold. Good to see that you have declared an initial reserve at Buffalo Valley. Could you remind me in terms of how that slots into the production profile in Marigold?

也許我的第一個問題是關於萬壽菊的。很高興看到您已宣佈在布法羅谷設立初始保護區。您能否提醒我這與 Marigold 的生產概況有何關係？

Yeah. Look, I'll let Bill answer the question. But I think what's important for us is I think for most people to take away for the year, there could have been a period where we may have forgotten about the rest of the business. But the fact that we're able to achieve what we achieved with the challenge of Çöpler in respect to the operations performing as well as continuing to evolve and daylight the growth from the portfolio, I'm really proud of the team and what they've been able to do.

是的。瞧，我會讓比爾來回答這個問題。但我認為對我們來說重要的是，我認為對於大多數人來說，在一年中的某個時間點，我們可能會忘記其他業務。但事實上，我們能夠在奧普勒的挑戰中取得我們所取得的成就，無論是在營運表現方面，還是在不斷發展和實現投資組合的成長方面，我為團隊和他們所做的事情感到非常自豪。

And I want to make that declaration very public because we sort of forget, right? We just take it as, I think, is for granted. But the efforts in the background to bring a Buffalo Valley now into a reserve shouldn't go unnoticed because it is important for the future of Marigold. And again, another really good indication of the focus that we've had and energy that we've got in the business.

我想公開發表這項聲明，因為我們有點忘記了，對吧？我認為，我們只是認為這是理所當然的。但是，將布法羅谷納入保護區的幕後努力不應被忽視，因為這對萬壽菊的未來至關重要。這也再次充分證明了我們對業務的關注和投入的精力。

But Bill, why don't you answer the question around the sort of timing?

但是比爾，你為什麼不回答有關時間安排的問題呢？

Yeah. So Cosmos, we're very excited about it. It's like a satellite of that main area. There was a lot of good work done already, working it through this year. We're taking that further into feasibility study-type work with a lot of engineering, and we'll be updating our life of mine plans as typically throughout this year.

是的。所以，我們對於 Cosmos 感到非常興奮。它就像是那個主要區域的衛星。今年已經完成了很多出色的工作。我們正在進一步進行大量工程的可行性研究工作，並將在今年全年更新我們的礦場壽命計畫。

So in terms of the timing, it will be driven by two things: net value, which is, we believe, is going to be high for Buffalo Valley, but we've also got to still go through the permitting processes. So it's still several years off, but it's definitely something that we're excited about is progressing through the pipeline. And we'll be able to give more color to that later in the year after we've worked through our life of mine scheduling processes.

因此，就時間而言，它將由兩件事驅動：淨值，我們相信，對於布法羅谷來說，淨值將會很高，但我們也必須經過許可程序。因此，這還需要幾年的時間，但我們對這一進程感到非常興奮。在我們完成礦山壽命調度流程後，我們將在今年稍後對此進行更詳細的說明。

Great. Thanks, Bill. And echoing your comments, Rod, and that's why I wanted to ask that question in terms of -- I'm pleasantly surprised as well that we're able to see progress at some of these different assets, including Buffalo Valley. So I agree with what you said, Rod.

偉大的。謝謝，比爾。羅德，我同意你的評論，這就是為什麼我想問這個問題——我也很驚訝地看到我們能夠看到包括布法羅谷在內的一些不同資產取得進展。所以我同意你的說法，羅德。

Yeah, appreciate. I think the other thing -- just one more thing on Marigold, just while you're talking about. I think the other area of focus for us in '25 beyond what Bill described for Buffalo Valley, which is important, will be putting holes into the new Millennium target, which is another one that's progressed, just not as far advanced as what Buffalo Valley is.

是的，謝謝。我認為另一件事——就在您談論的時候，還有一件事關於萬壽菊。我認為，除了比爾描述的布法羅谷目標之外，我們在 25 年關注的另一個重要領域是為新千年目標打下基礎，這是另一個取得進展的目標，只是沒有布法羅谷那麼先進。

Yeah, great. And then as you mentioned, you put out your updated mineral resource estimate today as well for the year. And as you mentioned, you used very conservative commodity price assumptions, $1,500 for some of the assets, even lower for the other ones. Could you maybe talk about the decision to use the conservative commodity price assumptions?

是的，很棒。正如您所提到的，您今天也發布了今年的最新礦產資源估算。正如您所提到的，您使用了非常保守的商品價格假設，部分資產的價格為 1,500 美元，其他資產的價格甚至更低。您能否談談使用保守的商品價格假設的決定？

And what would happen? Some of that -- like Marigold for example. I would imagine there's some ounces that could come in into the pit, if you were to have used a higher commodity price assumptions. So two parts. Why did you continue to use a commodity price much lower than spot prices today, and what could happen?

那麼會發生什麼事呢？其中有些——例如萬壽菊。我想，如果您使用更高的商品價格假設，那麼可能會有幾盎司的黃金進入市場。所以分為兩部分。為什麼今天繼續使用比現貨價格低得多的商品價格，以及會發生什麼？

Yeah. Look, I'm not going to speculate on what could happen because they're all sensitive in their own right. But what I'll say is the simple reason for where we ended up, Cos, is if you look at Çöpler, given the asset is on care and maintenance, we left the metal prices unchanged. It just made sense to until we get a restart. That was really key.

是的。聽著，我不會去猜測會發生什麼，因為它們本身都很敏感。但我要說的是，我們最終做出這個決定的原因很簡單，如果你看一下奧普勒，考慮到資產處於保養和維護狀態，我們保持金屬價格不變。直到我們重新開始，這才有意義。這確實是關鍵。

Seabee, as you remember, is already at $1,650 because of its relatively short mine life. So we saw -- we didn't see a reason to change it. And then the other ones increased slightly, obviously as well. So that was the decision made as we were going through our assumptions.

大家應該還記得，由於 Seabee 的礦山壽命相對較短，其價格已經達到 1,650 美元。所以我們看到——我們沒有看到改變它的理由。然後其他的顯然也略有增加。這就是我們在進行假設時所做的決定。

We also take a sort of view of consensus. We look at what our peers are doing. And that's how we ended up with the reserve and resource statements as they were. We'll continue to review that. We only do one sort of strategic mine plan review a year because otherwise, it just becomes unwieldy, and we'll review that during 2025.

我們也持一種共識的觀點。我們觀察同行在做什麼。這就是我們最終得到的儲量和資源報表。我們將繼續審查此事。我們每年只進行一次戰略礦山計劃審查，否則就會變得難以處理，我們將在 2025 年對其進行審查。

Remember, we've also got to take into account now the acquisition of CC&V. And historically, Newmont have been fairly conservative in the resource and reserve statements. We'll have to wait and see what they do with the new resource and reserve statement here in the next little while. And we'll take that into account as we look at the sort of full portfolio, review strategically through our mine plan process in 2025.

請記住，我們現在也必須考慮 CC&V 的收購。從歷史上看，紐蒙特在資源和儲量聲明方面一直相當保守。我們將拭目以待，看看他們接下來會如何處理新的資源和儲備聲明。在審視整個投資組合時，我們會考慮到這一點，並透過 2025 年的礦場計畫流程進行策略性檢視。

So there could be some updates to it as we progress into this year or later in the year. How they impact -- how the commodity prices impact the pit shells, the optimal pit shells, et cetera, they're all very differently positioned in terms of their sensitivity. So again, I'm not going to sort of go into wax lyrical about each one of them, but they will obviously have the benefit of a higher commodity price over the years. So more to come later this year.

因此，隨著我們進入今年或今年晚些時候，可能會對其進行一些更新。它們如何影響——商品價格如何影響場內交易平台、最佳場內交易平台等等，它們的敏感度都有很大的不同。所以，我不會對他們每個人進行過多的讚美，但很明顯，這些年來，他們將會從更高的商品價格中受益。今年晚些時候還會有更多內容。

Of course. And maybe one last question. As you mentioned -- sorry, bringing this back to Çöpler here. As you mentioned, the remediation and containment costs overall $250 million to $300 million, you've spent $127-ish million so far. Could you remind us in terms of the timing of the remainder of that spend?

當然。也許還有最後一個問題。正如您所提到的——抱歉，我又把這個問題帶回給奧普勒了。正如您所說，修復和控製成本總計為 2.5 億至 3 億美元，到目前為止您已經花費了 1.27 億美元左右。您能否提醒我們剩餘支出的時間？

Yeah. I'm going to let Michael but he's -- over to you, Michael.

是的。我要讓麥可來，但是他──交給你了，麥可。

Yeah. Thanks, Cosmos. I think as you look at what Rod mentioned earlier in this call, a lot of the focus in 2024 was the Sabirli Valley, and that work has been completed. As we work for the engineering and the time line for the e-storage facility, the material movement will be subdued throughout 2025. Once that facility is constructed, then the material movement will pick back up.

是的。謝謝，Cosmos。我認為，正如羅德在這次電話會議中早些時候提到的那樣，2024 年的重點是薩比爾利山谷，而這項工作已經完成。隨著我們為電子儲存設施進行工程和時間表制定工作，2025 年全年的物質流動將會受到抑制。一旦該設施建成，物質運輸就會恢復。

So I would expect that remediation and reclamation spend to be lower than it was in 2024. And as we get that permitting and other things done for the e-storage facility, we'll ramp up that material movement again.

因此我預計修復和復墾支出將低於 2024 年的水平。當我們獲得電子儲存設施的許可和其他事項後，我們將再次加強物資運輸。

And we'll put that with guidance as best we can. The one thing I would say, too, is it's important you pronounce the numbers correctly in terms of the liability that we're carrying because I think it's important that people understand it. The $250 million to $300 million is still our estimate. That hasn't changed and that's sound. And we're obviously already churned through quite a lot of that with the '24 efforts.

我們將盡力提供指導。我還要說的一件事是，就我們所承擔的責任而言，正確地發音數字非常重要，因為我認為讓人們理解這一點很重要。2.5億至3億美元仍是我們的估計。這一點沒有改變，而且是正確的。顯然，我們已經透過 24 項努力完成了相當多的工作。

So the expectation is the rest of the spend will take place over a number of years beyond 2025 as we progressively build a storage facility and the remediation efforts on the pad, as Michael said. So I think taking away from that, if you think about overlaying that on our liquidity position, we're obviously in a extremely strong position.

因此，預計剩餘的支出將在 2025 年以後的幾年內完成，因為我們將逐步建造儲存設施並進行發射台的修復工作，正如邁克爾所說的那樣。因此，我認為，如果您考慮將其與我們的流動性狀況相結合，我們顯然處於極其強大的地位。

Great. Thanks Rod, Michael, and Bill. Those are the questions I have. Thank you.

偉大的。感謝 Rod、Michael 和 Bill。這些都是我的問題。謝謝。

Thanks, Cos.

謝謝，Cos。

Lawson Winder, Bank of America Securities.

勞森·溫德（Lawson Winder），美國銀行證券。

I wanted to ask about Marigold in advance of your guidance. I mean, I'm not going to ask you for a preview of the guidance, which conceptually Marigold a year ago was conceived to be going through a period of investment. So 2025 would have as a result, experienced lower gold production and then a rebound in 2016 and then still higher in '27.

我想提前詢問有關 Marigold 的問題，以便得到您的指導。我的意思是，我不會要求你預覽指導意見，從概念上講，一年前 Marigold 就被認為正在經歷一段投資期。因此，2025 年黃金產量將會下降，然後在 2016 年反彈，然後在 2027 年繼續走高。

Just generally, is that still the concept? Or could there be a push out of the investment that was considered a year ago?

總的來說，這仍然是一個概念嗎？或者說，一年前考慮的投資是否會延後？

I think if you use the tech report we put out this time last year as the placeholder for guidance, I think that still sounds. So until we do it, I think that's the best reference point.

我認為，如果您使用我們去年這個時候發布的技術報告作為指導的佔位符，我認為這仍然是合理的。所以在我們這樣做之前，我認為這是最好的參考點。

Okay, fantastic. And then to what extent can you provide us some additional color in terms of what Turkey is considering as conditions for reinstatement of the operating approvals for Çöpler? So for example, is there any consideration to some increase in local ownership of part of the mine? Is there a consideration for a resubmission of a completely new EIA? Or what are some kind of the moving parts?

好的，太棒了。那麼，您能否在多大程度上向我們提供一些額外的信息，說明土耳其正在考慮以什麼條件恢復對奧普勒的運營許可？舉例來說，是否有考慮增加當地對部分礦場的所有權？是否考慮重新提交一份全新的 EIA？或有哪些活動部件？

Or do you have some stage gates that you can share with us just to help us kind of think about potential timelines? Anything you could share would be very helpful.

或者您可以與我們分享一些階段門，以幫助我們思考潛在的時間表？您分享的任何內容都會非常有幫助。

Yeah. Look, I think sort of I'll repeat what I sort of said a moment ago, but if you think about the incident itself, it was unprecedented, right? So yes, there is no playbook to this in terms of what needs to be done for a restart. However, the efforts that we've made and have made in themselves is entirely in alignment to seeking a restart. So we've made terrific progress on those fronts, and we continue to make progress on those fronts.

是的。聽著，我想我會重複我剛才說過的話，但如果你想想事件本身，這是史無前例的，對吧？所以是的，對於重啟需要做什麼，沒有現成的劇本。然而，我們過去和現在所做的努力本身就完全是為了尋求重啟。因此，我們在這些方面取得了巨大進展，並且我們將繼續在這些方面取得進展。

We believe we're getting to the pointy end of that work, which necessitates the completion of the engineering for the storage facility and the engineering around the heap leach pad remediation, which we're closing in fast to complete. And obviously, those discussions are going on in parallel with the regulators to ensure that we're doing all the things that we need to do before we seek approval for the reinstatement of the temporary operating certificate. So there's no condition precedent. There's no determinant around you have to do a new EIA. We will be operating under the 2014 EIA.

我們相信，這項工作即將完成，這需要完成儲存設施的工程和堆浸墊修復工程，這些工程我們很快就要完成了。顯然，這些討論正在與監管機構同時進行，以確保我們在尋求恢復臨時營運許可證的批准之前做好所有需要做的事情。因此不存在先決條件。沒有任何決定因素決定你是否必須進行新的 EIA。我們將依照 2014 年 EIA 進行營運。

And as I mentioned, I think probably on the last call, no matter what, we actually had to do a new EIA for Çöpler anyway, which we fully expect to complete this year for some middle of what we'll call the Çöpler 2025 EIA, that will take into account the anticipated grown leach circuit and some of the expansion opportunities that we identified in the last tech report this time last year. And that's sort of normal course.

正如我所提到的，我想可能在上次會議上，無論如何，我們實際上都必須為奧普勒做一份新的 EIA，我們完全希望今年能完成我們稱之為奧普勒 2025 EIA 的中間部分，這將考慮到預期的浸出迴路和我們在去年這個時候的上一份技術報告中確定的一些擴展機會。這是一種正常現象。

It's obviously more important now because we want to get the higher throughput rates back up at Çöpler, but nonetheless, it was sort of more in the ordinary course for us than having to be done because of anything the regulators want. So I think, again, as we're moving forward, we're doing all the things we need to do and we've got to just continue to deliver those and continue with our dialogue with the regulators.

現在這顯然更為重要，因為我們希望在奧普勒重新獲得更高的吞吐率，但儘管如此，這對我們來說更像是一種正常的做法，而不是因為監管機構的要求而不得不這麼做。因此，我認為，隨著我們繼續前進，我們正在做所有需要做的事情，我們必須繼續完成這些工作，並繼續與監管機構進行對話。

Okay. Thank you. Look forward to further updates on that. I appreciate it.

好的。謝謝。期待有關該問題的進一步更新。我很感激。

Good stuff. Thank you, Lawson.

好東西。謝謝你，勞森。

This concludes the question-and-answer session as well as today's conference call. You may now disconnect your lines. Thank you for participating, and have a pleasant day.

問答環節以及今天的電話會議到此結束。現在您可以斷開線路了。感謝您的參與，祝您有個愉快的一天。