SSR Mining Inc (SSRM) 2025 Q1 法說會逐字稿

Hello, everyone, and welcome to SSR Mining's first-quarter 2025 conference call. Please be advised that this call is being recorded. (Operator Instructions)

大家好，歡迎參加 SSR Mining 2025 年第一季電話會議。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 first quarter financial results. Our consolidated financial statements have been presented in accordance with US GAAP. These financial statements have been filed on EDGAR, SEDAR, and they 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 第一季財務表現。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 上備案，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. Today's discussion will include forward-looking statements. So please read the disclosures in the relevant documents.

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。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。

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

此外，我們將在討論中和隨附的幻燈片中參考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。執行主席 Rod Antal 將與財務長 Michael Sparks 以及營運和永續發展執行副總裁 Bill MacNevin 一起參加今天的電話會議。

I will now turn the line over to Rod.

現在我將把電話交給羅德。

Great. Thanks, Alex, and good afternoon to you all. The first-quarter results marked a strong start to the year for SSR. All of our operations performed well against our plans, which drove the solid financial results, including nearly $40 million in free cash flow generation. The first quarter also included a month of production from Cripple Creek & Victor as we closed the transaction and formally welcomed the CC&V team into SSR at the end of February.

偉大的。謝謝，亞歷克斯，大家下午好。第一季的業績標誌著 SSR 今年取得了強勁的開局。我們的所有業務都按照計劃順利完成，從而帶來了穩健的財務業績，包括近 4000 萬美元的自由現金流。第一季還包括 Cripple Creek & Victor 一個月的生產，因為我們在 2 月底完成了交易並正式歡迎 CC&V 團隊加入 SSR。

It is pleasing to note that our efforts in planning for this transaction and transition have gone very well. The integration has been extremely smooth so far. And while there is still more work to be done, so far we are encouraged and confident we have added a core asset to the portfolio.

令人高興的是，我們為交易和過渡所做的規劃工作進展非常順利。到目前為止，整合過程非常順利。儘管還有更多工作要做，但到目前為止，我們感到鼓舞並有信心我們在投資組合中增加了一項核心資產。

Following the CC&V transaction close, we issued our full-year 2025 operating guidance, showing a year-over-year increase in production. The guidance also outlined our plans for meaningful investment at Hod Maden as we progress this terrific asset towards a full construction decision. We entered 2025 focused on a strong start to the year through operational delivery, which we achieved. And we will continue to build from this over the remainder of 2025.

CC&V 交易結束後，我們發布了 2025 年全年營運指引，顯示產量年增。這份指引也概述了我們在霍德馬登礦區進行有意義的投資的計劃，我們正在推進這項卓越資產的全面建設決策。邁入2025年，我們專注於透過營運交付實現強勁開局，並最終實現了這一目標。我們將在 2025 年剩餘時間內繼續努力。

In addition, we have a number of important priorities and catalysts on the horizon over the next 12 months. These include the delivery of a technical report and life of mine plan for Cripple Creek & Victor, the advancement at Hod Maden towards a construction decision, the continued progress on an updated and extended life of mine for Puna towards the end of the decade through the potential layback at Chinchillas and evaluation of the longer-term potential at Cortaderas. The advancement of the Buffalo Valley deposit at Marigold, which now hosts more than 500,000 ounces in its maiden reserve.

此外，未來 12 個月我們還有許多重要的優先事項和催化劑。這些包括為 Cripple Creek & Victor 提交技術報告和礦山壽命計劃、Hod Maden 的建設決策進展、通過 Chinchillas 的潛在後退和對 Cortaderas 的長期潛力評估，在 2020 年前繼續更新和延長 Puna 的礦山壽命。布法羅谷金盞花礦床的開發進展，目前其初始儲量已超過 50 萬盎司。

And of course, our top priority is continuing to advance Çöpler to a restart. This is a package of work that we are actively engaging and progressing with regulators and various government departments. This includes the approval of the East Storage Facility design as well as closure and remediation plans for the heap leach pad. We anticipate that once these plans are agreed, we will then seek appropriate permits to restart the operation.

當然，我們的首要任務是繼續推動奧普勒重新開始。這是我們正在與監管機構和各政府部門積極合作並進行的一系列工作。其中包括批准東部儲存設施的設計以及堆浸場的關閉和修復計劃。我們預計，一旦這些計劃達成一致，我們將尋求適當的許可來重新開始運作。

Good progress is being made. And while we remain confident of a restart, I am unable to provide any more detail of when and if these permits will be received. All of these efforts are focused on one key goal, delivering additional value for our shareholders. And I look forward to providing further updates on these initiatives throughout the year.

進展良好。雖然我們對重啟仍有信心，但我無法提供更多有關何時以及能否獲得這些許可的細節。所有這些努力都集中在一個關鍵目標上，那就是為我們的股東創造額外的價值。我期待著全年提供有關這些舉措的進一步更新資訊。

So now I'm going to call -- turn the call over to Michael on to the financial results, which are on slide 4.

現在我要打電話——把電話轉給邁克爾，讓他講一下幻燈片 4 上的財務結果。

Thank you, Rod, and good afternoon, everyone. The first quarter of 2025 was well aligned to our expectations with 104,000 gold equivalent ounces produced at all-in sustaining costs of $1,972 per ounce, or $1,749 per ounce, excluding costs incurred at Çöpler during the quarter. These results drove operating cash flow of $85 million and free cash flow of $39 million during the quarter.

謝謝你，羅德，大家下午好。2025 年第一季與我們的預期非常一致，生產了 104,000 黃金當量盎司，總維持成本為每盎司 1,972 美元，或每盎司 1,749 美元，不包括本季在 Åpler 發生的成本。這些結果推動本季的營運現金流達到 8,500 萬美元，自由現金流達到 3,900 萬美元。

Following the $100 million cash payment made upon the close of the CC&V acquisition, we ended the quarter with $320 million in cash on hand. We also spent approximately $12 million advancing Hod Maden in the first quarter as we progressed engineering and initial site development activities. Brownfield exploration and development work continued at Marigold, Seabee, and Puna and Bill will provide more details on these initiatives in a few minutes.

在完成 CC&V 收購併支付 1 億美元現金後，我們在本季末持有 3.2 億美元現金。我們在第一季也投入了約1200萬美元推進Hod Maden項目，同時推進了工程和初步場地開發活動。 Marigold、Seabee和Puna的棕地勘探和開發工作仍在繼續，Bill將在幾分鐘後詳細介紹這些舉措。

Now, moving on to our financial results on slide 5. We recorded attributable net income of $0.28 per diluted share in the first quarter and adjusted net income of $0.29 per diluted share. Both figures include approximately $36 million in care and maintenance costs at Çöpler during the quarter as these costs are not adjusted for under SEC rules.

現在，讓我們來看看投影片 5 上的財務結果。我們第一季錄得每股攤薄淨收入 0.28 美元，調整後每股攤薄淨收入 0.29 美元。這兩個數字都包括本季奧普勒約 3,600 萬美元的護理和維護成本，因為這些成本並未根據美國證券交易委員會 (SEC) 規則進行調整。

As previously noted, first quarter free cash flow of $39 million was a strong result to start 2025. This strong free cash flow generation maintains our total liquidity position of over $800 million. With continued free cash flow generation forecasted through 2025, we remain in a very strong position financially and are well-positioned to manage all capital requirements across the business. We have plenty of work in front of us, but we are proud of the strong start to the year and look forward to building on this momentum in the coming months.

如前所述，第一季 3900 萬美元的自由現金流對於 2025 年來說是一個強勁的成績。強勁的自由現金流生成使我們的總流動資金狀況維持在 8 億美元以上。預計到 2025 年，我們將持續產生自由現金流，這將使我們的財務狀況保持非常強勁，並能夠很好地管理整個業務的所有資本需求。我們面前有大量的工作要做，但我們對今年的強勁開局感到自豪，並期待在未來幾個月繼續保持這一勢頭。

Now, if you turn to slide 7, I'll hand over to Bill.

現在，請翻到第 7 張投影片，我將把麥克風交給比爾。

Thanks, Michael. It was a great start to the year, and I want to walk through some of the successes at each of our operations.

謝謝，麥可。這是今年的一個好開端，我想介紹我們在每項業務中取得的一些成功。

First, though, I will start with a brief refresh on our 2025 guidance as shown on this slide. We expect to produce between 410,000 and 480,000 gold equivalent ounces this year at an AISC of $2,090 to $2,150 per ounce or $1,890 to $1,950 per ounce when excluding care and maintenance costs at Çöpler.

不過，首先，我將簡單回顧一下這張投影片中所示的 2025 年指引。我們預計今年的黃金產量在 410,000 至 480,000 盎司黃金當量之間，AISC 為每盎司 2,090 至 2,150 美元，或不包括 Åpler 的護理和維護成本時為每盎司 1,890 至 1,950 美元。

This production forecast is a 10% increase over 2024 on a midpoint basis and includes 10 months of production from CC&V. Our guidance also includes an initial capital spend forecast of $60 million to $100 million for Hod Maden. As we advance the project toward a construction decision.

此產量預測較2024年中期成長10%，並包含CC&V礦場10個月的產量。我們的指引還包括Hod Maden礦場6000萬至1億美元的初始資本支出預測。隨著我們推進專案並做出建設決策。

Now let's move on to slide 8 for operational updates, starting with Marigold. Marigold produced 39,000 ounces in the first quarter at an AISC of $1,765 per ounce, a solid start to the year with grades to trend upwards towards the end of the second quarter, delivering strongest production in Q3 and driving a 55% to 60% H2 weighted production profile.

現在讓我們轉到投影片 8，查看營運更新，首先是 Marigold。萬壽菊第一季產量為 39,000 盎司，總維持成本為每盎司 1,765 美元，為今年開局良好，第二季末，產量呈上升趨勢，第三季產量最高，推動下半年加權產量達到 55% 至 60%。

Sustaining capital trended below expectations in Q1 with this spend now expected in the second quarter. We are continuing to focus our exploration and growth efforts on oxide mineral reserve additions at Buffalo Valley and New Millennium. We look forward to providing further updates on these initiatives as they progress.

第一季維持資本支出低於預期，預計第二季將出現這部分支出。我們將繼續專注於布法羅谷和新千年礦區的氧化物礦儲量擴張，以推進勘探和成長工作。我們期待隨著這些舉措的進展提供進一步的更新資訊。

Now on to CC&V on slide 9. I want to start by acknowledging the hard work from our teams that helped enable a very successful start to the integration process for CC&V. It's a pleasure to bring a team of this caliber into our portfolio, and we are continuing to integrate the asset into our portfolio as we plan for the future.

現在討論幻燈片 9 上的 CC&V。首先，我要感謝我們團隊的辛勤工作，這些努力幫助 CC&V 的整合過程取得了非常成功的開端。我們很高興將這樣一支高水準的團隊納入我們的投資組合，並且我們將在規劃未來時繼續將資產整合到我們的投資組合中。

Attributable first production from CC&V covers the month of March following the transaction's close. Production in March was 11,000.3 kilo ounce at an AISC of $1,774, aligned with our expectations. Inclusive of the January and February production, CC&V produced 39,300 ounces of gold in Q1.

CC&V 的首次產量涵蓋交易結束後的三月。3 月產量為 11,000.3 公斤盎司，總維持成本為 1,774 美元，符合我們的預期。包括 1 月和 2 月的產量，CC&V 在第一季生產了 39,300 盎司黃金。

As a reminder, Newmont reported CC&V mineral reserves of 2.4 million ounces as of the end of 2024 in their year-end results. This is an 85% year-on-year increase. This expanded reserve demonstrates the potential upside of what we believe will be a long-lived and significant contributor to our portfolio for many years to come.

提醒一下，紐蒙特在其年終業績中報告稱，截至 2024 年底，CC&V 礦產儲量為 240 萬盎司。這比去年同期成長了85%。擴大儲備表明，我們相信，在未來許多年裡，它將對我們的投資組合產生長期而重大的貢獻。

To that end, we are advancing technical work to inform an updated life of mine plan and accompanying technical report for CC&V with a large existing reserve setting, the stage for a long mine life at CC&V. These initiatives will help further define and showcase some of the upside we identified during the due diligence process.

為此，我們正在推進技術工作，為 CC&V 提供更新的礦山壽命計劃和隨附的技術報告，其中有大量現有儲量，為 CC&V 的長期礦山壽命奠定基礎。這些措施將有助於進一步明確並展示我們在盡職調查過程中發現的一些優勢。

Now on to Seabee. Seabee had an excellent start to the year, producing 26,000 ounces at AISC of $1,374 per ounce as a result of continued positive grade reconciliation in Santoy 9 ore body. While grades averaged 9 grams per tonne in Q1, we expect this to be normalized towards reserve grades for the remainder of the year and have left full year guidance assumptions unchanged as a result.

現在談談 Seabee。Seabee 今年開局良好，由於 Santoy 9 礦體品位持續向好，共生產了 26,000 盎司黃金，總維持成本為每盎司 1,374 美元。雖然第一季的平均品位為每噸 9 克，但我們預計今年剩餘時間內這一品位將向儲備品位正常化，因此全年指導假設保持不變。

The recent grade outperformance has certainly been welcomed. We should not diminish the hard work our teams have put in to drive continuous improvement at the asset as we seek to deliver improved underground productivity and maintenance practices going forward.

近期的優異表現無疑受到了歡迎。在我們尋求提高地下生產力和維護實踐的過程中，我們不應該貶低我們的團隊為推動資產持續改善所付出的辛勤工作。

With respect to growth and exploration, we are continuing to advance drilling campaigns at both Santoy and Porky targets as we evaluate potential opportunities to extend the mine life at Seabee. This work has been productive so far, and we look forward to providing further updates with our year-end reserves and resources.

在成長和勘探方面，我們將繼續推動 Santoy 和 Porky 目標的鑽探活動，同時評估延長 Seabee 礦場壽命的潛在機會。到目前為止，這項工作富有成效，我們期待著提供年底儲備和資源的進一步更新。

Now on to Puna, slide 11. Puna produced 2.5 million ounces of silver in the first quarter at an AISC of $13.16 per ounce, an excellent result to start the year. Our current focus at Puna is on mine life extension opportunities, particularly on laybacks at Chinchillas to support near life mine extension deeper into the decade as we advance engineering work on the Cortaderas target. Puna has been an exceptional contributor to our portfolio, and we're keen to see its continued production and growth for many years to come.

現在轉到 Puna，第 11 張投影片。Puna 公司第一季生產了 250 萬盎司白銀，總維持成本為每盎司 13.16 美元，這對於年初來說是一個優異的成績。我們目前在 Puna 的重點是延長礦山壽命的機會，特別是在 Chinchillas 的後退，以便在我們推進 Cortaderas 目標的工程工作的同時，支持近壽命礦山在未來十年內進一步延長。Puna 對我們的產品組合做出了傑出的貢獻，我們渴望看到它在未來許多年繼續生產和成長。

On slide 12, Türkiye. At Hod Maden, we spent approximately $12 million on initial site establishment efforts and technical work in the quarter, while infill drilling also continues at site with the aim of derisking the first four years of the mine.

在第 12 張幻燈片上，Türkiye。在霍德馬登，我們在本季度花費了大約 1200 萬美元用於初步場地建立工作和技術工作，同時還在現場繼續進行加密鑽探，目的是降低礦山前四年的風險。

Simultaneously, we continue to progress efforts on financing options for Hod Maden as we approach a construction decision. As Rod mentioned, we have continued to advance discussions with regulators and various government departments around the potential restart of operations at Çöpler.

同時，在製定建設決策的過程中，我們繼續努力為 Hod Maden 尋找融資方案。正如羅德所提到的，我們一直在與監管機構和各政府部門就奧普勒重啟營運的可能性進行討論。

In the meantime, care and maintenance costs have remained aligned with guidance, and we spent approximately $5 million in the first quarter on remediation and reclamation activities. Overall, a lot of positive efforts and progress in Türkiye at the start of the year.

同時，護理和維護成本與指導保持一致，我們在第一季花費了大約 500 萬美元用於修復和恢復活動。總體而言，土耳其在年初做出了許多積極的努力並取得了許多進展。

Now, I will turn back to Rod for closing remarks.

現在，我請羅德作最後發言。

Great. Thanks, Bill. Thanks, Michael. We enter '25 with a focus on operational delivery as we continue to rebuild our track record of being a reliable producer and adding shareholder value through various initiatives. As you have heard, we are pleased with our results out of the gate in quarter one, and we'll build on this momentum over the course of the year.

偉大的。謝謝，比爾。謝謝，麥可。進入 2025 年，我們將專注於營運交付，同時繼續重建我們作為可靠生產商的業績記錄，並透過各種舉措增加股東價值。正如您所聽到的，我們對第一季的業績感到滿意，並且我們將在今年繼續保持這一勢頭。

We're thrilled that we have closed and integrated CC&V into SSR with a steady production and cash flows expected to contribute meaningfully to our business for many years to come. Overall, our business is in excellent shape, and we are focused on delivering on a number of operational improvements and growth initiatives during the year. We believe the company has significant upside and look forward to progressing the various drivers to realize this potential during 2025.

我們很高興能夠關閉 CC&V 並將其整合到 SSR 中，穩定的生產和現金流預計將在未來許多年為我們的業務做出有意義的貢獻。總體而言，我們的業務狀況良好，我們專注於在今年實現一系列營運改善和成長計劃。我們相信該公司具有巨大的上升空間，並期待在 2025 年推動各種驅動因素​​以實現這一潛力。

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

因此，如果您有任何問題，我將把電話轉給接線員。謝謝。

(Operator Instructions) Cosmos Chiu, CIBC.

(操作員指示) Cosmos Chiu，CIBC。

Maybe my first question is on Cripple Creek and Victor here. Congrats on closing the deal. I know you kind of touched on it, but I'm just wondering what's the next steps in terms of what you can show us, what you can do at Cripple Creek and Victor? I know you're going to spend the next 12 months in terms of a new life of mine plan. But as you mentioned, it's increased more than 80% in terms of reserves to 2.4 million ounces.

也許我的第一個問題是關於 Cripple Creek 和 Victor 的。恭喜您完成交易。我知道您已經提到了這一點，但我只是想知道您下一步可以向我們展示什麼，您可以在 Cripple Creek 和 Victor 做什麼？我知道你將用接下來的 12 個月來制定我的新生活計畫。但正如您所說，其儲量增加了 80% 以上，達到 240 萬盎司。

I'm just wondering how -- between now and the next 12 months, how we can use some of this information that's been given to us in terms of how we can optimize the model that we've built into your valuation?

我只是想知道——從現在到未來 12 個月，我們如何利用提供給我們的一些資訊來優化我們在估值中建立的模型？

Yeah. Good question, Cos. I'm going to pass over to Bill for some comments and then if there's anything else, I'll sort of wrap it up.

是的。好問題，Cos。我將把發言權交給比爾，徵求他的一些意見，然後如果還有其他事情，我就結束發言了。

Yeah. Good day, Cos. One of the key things that is part of our first piece of work, we obviously are collecting a lot more information. And key to that, we're compiling and we're going to build out that new life of mine report and most importantly a technical report. That technical report will have our best understanding where we currently stand.

是的。你好，Cos。我們第一項工作的關鍵內容之一是我們顯然正在收集更多資訊。關鍵在於，我們正在撰寫並將製定新的礦山生命報告，最重要的是技術報告。該技術報告將使我們更了解我們目前的狀況。

At the same time, we'll be continuing a lot more work looking at what we can do with the business in the future. But in terms of handing something across, that technical report later this year will be our best and most immediate update.

同時，我們將繼續進行更多工作，研究未來可以開展哪些業務。但就傳達某些訊息而言，今年稍後的技術報告將是我們最好、最直接的更新。

And when is that -- what's the timing of that technical report, if there's a timing at this point in time?

那麼什麼時候——如果現在有時間的話，該技術報告的時間是什麼時候？

We're working to get that out in Q3. So that's when we'll be pulling that together. But everyone is feverishly working away at the moment. And obviously, engaging with the site team and gathering more information face-to-face, that's helping immensely. So we look forward to getting that out to everyone.

我們正在努力在第三季實現這一目標。所以那時我們會把它們整合在一起。但目前每個人都在熱切地工作。顯然，與現場團隊接觸並面對面收集更多資訊將大有幫助。因此，我們期待將這一消息傳達給所有人。

Yeah. I think, Cos, the truth is that we're well aware that when we acquired the asset and have acquired the asset now, of course, that there is a bit of a doubt of information in the market around CC&V given Newmont hadn't published a technical report on the asset for many, many years.

是的。我認為，事實是，當我們收購該資產時，並且現在已經收購了該資產，我們很清楚，由於紐蒙特公司多年來沒有發布有關該資產的技術報告，因此市場對 CC&V 的資訊存在一些懷疑。

So that's really been the priority for us to reacquaint the market with the asset, but on the back of publishing a new tech report. So it feels like a long time, but it's not. And I think it's important we take the steps Bill has outlined to really demonstrate what we see as a deep value for the asset moving forward.

因此，我們的首要任務是讓市場重新熟悉該資產，但前提是發布一份新的技術報告。所以感覺上很長一段時間，但事實並非如此。我認為，我們必須採取比爾概述的步驟來真正證明我們所看到的資產未來發展的深層價值。

And as you rightly point out, I think the new reserve basis that Newmont published just before their transaction closed should drive a level of excitement for its potential. And then I think beyond that, that's our job, is to keep on describing what other value we think we might be able to eke out of the asset moving forward. So early days, things have gone really well, as we mentioned, and nothing that we've seen so far has really disappointed us.

正如您正確指出的那樣，我認為紐蒙特在交易結束前發布的新儲量基礎應該會在一定程度上激發人們對其潛力的興趣。然後我認為除此之外，我們的工作就是繼續描述我們認為未來可以從資產中榨取的其他價值。所以早期的事情進展非常順利，正如我們所提到的，到目前為止我們所看到的一切都沒有讓我們失望。

Yeah. I guess the genesis of my question is that, I've seen other companies, some of your competitors that have also acquired assets from Newmont. Broadly speaking, they talk about different areas where they can optimize. I'm just wondering if, broadly speaking -- I know the actual numbers won't come until later on and hopefully Q3, as you mentioned. But broadly speaking, are there areas that we can focus on, that we should focus on that you can share with us, or maybe not, at this point in time?

是的。我想我提出這個問題的原因是，我看到其他公司，你們的一些競爭對手也從紐蒙特收購了資產。廣義上講，他們談論了可以優化的不同領域。我只是想知道，從廣義上講——我知道實際數字要到稍後才會公佈，希望是在第三季度，正如您所說。但從廣義上講，目前我們是否可以關注哪些領域，我們應該關注哪些領域，您可以與我們分享，或者可能沒有？

Mainly because I think what you've described is in other cases where assets are a little bit better understood. So we're obviously in that regards a little bit further behind because of the other publications around Cripple Creek in the market. So we're going to catch that up. So I think for us to be able to take it over, work through all the technical details for our team and our CPs to be able to sign off on that in the time frame that Bill is talking about is pretty fast. So that's really a priority for us.

主要是因為我認為您所描述的情況在其他情況下對資產的理解會更好一些。因此，由於市場上圍繞 Cripple Creek 的其他出版物，我們在這方面顯然落後了一點。所以我們會趕上這一點。因此我認為，我們能夠接手這項工作，為我們的團隊和 CP 處理好所有技術細節，並能夠在 Bill 所說的時間內簽署批准，這非常快。所以這對我們來說確實是一個優先事項。

Yeah. I perfectly understand. Maybe switching gears to Türkiye, Hod Maden. As you mentioned that you spent $12.2 million in CapEx, development CapEx in Q1. Your target $60 million to $100 million.

是的。我完全理解。也許轉向土耳其，Hod Maden。正如您所提到的，您在第一季花費了 1220 萬美元的資本支出和開發資本支出。您的目標是 6000 萬至 1 億美元。

Could you maybe talk about the velocity of the increase that we're expecting? I guess, number one, $60 million to $100 million, that's a fairly large range. That's number one. And if I look at it, if I were to annualize $12.2 million, I get to the lower end, but I don't think I should do that. So maybe if you can talk about how we should look at the potential velocity of the increase.

您能否談談我們預期的成長速度？我想，第一，6000 萬美元到 1 億美元，這是一個相當大的範圍。這是第一點。如果我看一下，如果我將年化收入定為 1220 萬美元，我會得到較低的結果，但我認為我不應該這樣做。所以也許您可以談談我們應該如何看待成長的潛在速度。

Yeah. Look, I think the progress that we're making at site at the moment is we're actually tendering out some of the early works around the infrastructure. So that is progressing well. And once those contracts are let, so these are civil works and tunnel access, et cetera, into site, the spend will escalate accordingly beyond the sort of $12 million in the quarter, which has been primarily owners costs and engineering fees. So that will start to ramp up particularly from Q3 onwards, Cos, as we start to execute that contract.

是的。看，我認為我們目前在現場取得的進展是我們實際上正在招標一些基礎設施的早期工程。一切進展順利。一旦這些合約簽訂，包括土木工程和隧道通道等，進入現場後，支出將相應增加，超過本季度的 1200 萬美元，這主要是業主成本和工程費用。因此，隨著我們開始執行該合約，這一數字將從第三季開始上升。

If we let them now, there's still that sort of lag by the time folks get mobilized and contractors get mobilized, but that will start to really uplift itself in quarter three, quarter four. And I think we did leave that range in there mainly around the timing of that ramp-up. But as we move through the year and we get a bit more fidelity around it, if we need to tighten that up, we will in coming into quarter three. So things are progressing quite well there actually.

如果我們現在讓他們這麼做，那麼當人們和承包商動員起來時，這種滯後現象仍然存在，但這種情況將在第三季和第四季開始真正改善。我認為我們確實將這個範圍留在那裡，主要是圍繞著那個加速的時間。但隨著時間的推移，我們對此有了更多的忠誠度，如果我們需要加強這一點，我們將在進入第三季時這樣做。所以實際上那裡的事情進展得相當順利。

And then maybe a follow-up. As you mentioned, with the work that you're doing, you're trying to get more confidence, at least around the first four years of production. And as you talked about the technical report for Cripple Creek & Victor, for Hod Maden, there is a technical report as well dated 2022, I believe.

然後也許會進行後續行動。正如您所提到的，透過所做的工作，您正在努力獲得更多的信心，至少在生產的前四年左右。正如您所談到的 Cripple Creek & Victor 的技術報告，我相信對於 Hod Maden 來說，也有一份日期為 2022 年的技術報告。

So I guess my question is, number one, the first four years, are you trying to gain more confidence around what was disclosed in that most recent feasibility study? And number two, should we still use that feasibility as a basis in terms of the economics around Hod Maden?

所以我想我的問題是，第一，在前四年，您是否試圖對最近的可行性研究中披露的內容更有信心？第二，我們是否仍應將此可行性作為 Hod Maden 週邊經濟狀況的基礎？

Yeah. The work we're doing, I think we sort of described it after we acquired the asset, was more around ensuring that we had the fidelity in the infill drilling, particularly in those early years, because they're important from an economic return perspective, but also from us being able to describe to the market what the early years of production will be. That's what we spent a lot of time on, shoring up the flow sheets around that work that with the drilling that we've got, the engineering and all of the other pieces that go with it. So that's continued.

是的。我認為我們在收購資產後所做的工作更多的是確保我們在加密鑽探中保持忠誠，特別是在早期，因為從經濟回報的角度來看它們很重要，而且我們能夠向市場描述早期的生產情況。我們花了很多時間，鞏固了這項工作的流程圖，包括我們進行的鑽探、工程以及與之相關的所有其他部分。就這樣繼續下去。

And at the moment, yes, I would suggest using '22 is still your basis. It's the best basis out there. And as we obviously get closer to making a project decision, we'll get closer to then republishing the tech report with all the outcomes of that work and also progressing the financing options around the project. The other thing though that we did note on the acquisition cost was the inflation that we've been experiencing in Türkiye with the project.

目前，是的，我建議使用“22”仍然是您的基礎。這是最好的基礎。隨著我們越來越接近專案決策，我們也會越來越接近重新發布技術報告，其中包含所有工作成果，並推進專案相關的融資方案。不過，我們在收購成本方面注意到的另一件事是，該項目在土耳其經歷了通貨膨脹。

As you rightly point out, the last project estimate was 2022. We're now three years beyond and four years by the time we get to this year. And what we suggested and guided folks to do was to compound at sort of 10% to 15% inflation rate to the capital number to sort of bring it up to today's dollars. And we haven't seen any relief from that inflationary pressures either. So I think that's still valid.

正如您正確指出的那樣，最後的專案估算是 2022 年。到今年為止，我們已經超過三年，而四年了。我們建議並指導人們做的是，以 10% 到 15% 的通膨率對資本數字進行複合，以使其達到今天的美元水平。而且我們也沒有看到通膨壓力有任何緩解。所以我認為這仍然有效。

Great. Yes, I think we've inflated our numbers as well as suggested. And maybe one last question. As you mentioned, Hod Maden is in Türkiye, Çöpler is also in Türkiye. Maybe I'm just -- I don't know if you can answer this, Rod, but is there any kind of connection in terms of those two in terms of a potential restart at Çöpler and how there is any kind of connection to what might be a construction decision at Hod Maden or are they completely separate?

偉大的。是的，我認為我們已經誇大了我們的數字，正如建議的那樣。也許還有最後一個問題。正如您所說，Hod Maden 在土耳其，Ånpler 也在土耳其。也許我只是——我不知道你是否能回答這個問題，羅德，但就奧普勒的潛在重啟而言，這兩者之間有什麼聯繫嗎？與霍德馬登可能的建設決策之間有什麼關聯嗎？還是它們完全是分開的？

No. We've purposely kept them separate, Cos, because that's the way we would have run the project anyway, to be honest with you. This is a greenfields project, as you know, it's not a brownfields project. So it's not a natural extension of Çöpler as we did with the sulfide project, for instance. So it was actually set up that way and purposely set up that way at any rate.

不。我們故意將它們分開，因為說實話，無論如何我們都會以這種方式運行該專案。如你所知，這是一個綠地項目，而不是棕地項目。因此，它不是 Ãöpler 的自然延伸，就像我們對硫化物計畫所做的那樣。所以它實際上是這樣設定的，而且無論如何都是故意這樣設定的。

It has its own project team. It has its own infrastructure. There are some linkage points into the [anchor] team in terms of HR, finance, community relations, and other things. But beyond that, the project is sort of considered a greenfields project of sort. So we had structured it that way anyway.

它有自己的專案團隊。它有自己的基礎設施。在人力資源、財務、社群關係和其他方面，[主播]團隊中存在一些聯繫點。但除此之外，該項目可以說是一種綠地計畫。所以我們無論如何都會以那種方式建構它。

And as it turns out, when we think about Çöpler and Hod Maden, we consider them separately. So there's no link to them from a government perspective. There's no link to them in terms of the success of us getting the permits to restart Çöpler. They're sort of both marching on their own drumbeat with different priorities and different sense of urgency. So that's how we're running it.

事實證明，當我們思考奧普勒和霍德馬登時，我們會將他們分開考慮。因此從政府角度來看，它們之間沒有任何關聯。就我們能否成功獲得重啟奧普勒的許可而言，他們沒有任何關聯。他們都按照自己的步調前進，有著不同的優先事項和不同的緊迫感。這就是我們的運作方式。

Of course, as time goes on and Hod Maden goes into construction and goes through its normal construction phases, there'll be more of an integration into the current infrastructure we have around the Anagold team for taking it over because ultimately, we'll leverage off that overhead we've already got set up in country. But at this stage, it's -- there's a separate project team set up.

當然，隨著時間的推移，Hod Maden 進入建設階段並經歷正常的建設階段，它將與我們現有的 Anagold 團隊周圍的基礎設施進行更多的整合，因為最終，我們將利用我們已經在該國建立的管理費用。但在這個階段，我們已經成立了一個單獨的專案團隊。

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

偉大的。再次感謝羅德、比爾、麥可和亞歷克斯。這些都是我的問題。謝謝。

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

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