SSR Mining Inc (SSRM) 2025 Q3 法說會逐字稿

Hello, everyone, and welcome to SSR Mining's third-quarter 2025 conference call. This call is being recorded. At this time, for opening remarks and introduction, I would like to turn the call over to Alex Hunchak from SSR Mining. Please go ahead.

大家好，歡迎參加 SSR Mining 2025 年第三季電話會議。本次通話正在錄音。此時，我謹將電話交給 SSR Mining 公司的 Alex Hunchak，請他致開幕詞並作介紹。請繼續。

Thank you, operator, and hello, everyone. Thank you for joining today's conference call to discuss SSR Mining's Third Quarter Financial Results. Our consolidated financial statements have been presented in accordance with US GAAP. These financial statements have been filed on EDGAR and SEDAR, and they are also available on our website.

謝謝接線員，大家好。感謝您參加今天舉行的電話會議，共同討論SSR Mining第三季財務表現。我們的合併財務報表是依照美國的通用會計準則編製。這些財務報表已在EDGAR和SEDAR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.

本次電話會議將進行網路直播，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。

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.

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。今天的討論將包含前瞻性陳述，因此請閱讀相關文件中的揭露資訊。

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.

此外，我們將在討論過程中以及隨附的幻燈片中提及非GAAP財務指標。有關可比較的 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. I will now turn the line over to Rod.

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。現在我將把接力棒交給羅德。

Great. Thanks, Alex, and good afternoon to you all. Our third quarter results have us tracking to close out the year in the lower half of our production guidance, where we continue to expect a stronger fourth quarter.

偉大的。謝謝你，Alex，大家下午好。根據我們第三季的業績，我們預計全年產量將低於預期，但我們仍然預期第四季業績會更加強勁。

Our full year all-in sustaining costs are trending towards the high end of annual guidance, and this is largely due to the impacts of higher gold prices on royalties as well as the share price performance over the year-to-date impacting share-based compensation calculations.

我們全年的綜合維持成本正朝著年度指導值的高端方向發展，這主要是由於金價上漲對特許權使用費的影響，以及年初至今的股價表現影響了基於股份的薪酬計算。

Generally, the third quarter results were in line with our expectations. Before working capital adjustments, we generated $72 million of free cash flow, and we maintain a very healthy cash and liquidity profile to support the continued investment in growth opportunities across the business.

整體而言，第三季業績符合我們的預期。在進行營運資本調整之前，我們產生了 7,200 萬美元的自由現金流，我們保持著非常健康的現金和流動性狀況，以支持對業務成長機會的持續投資。

We also made great progress on a number of other initiatives in the quarter. The Cripple Creek & Victor technical report should be ready for publication in the coming weeks. This will provide our initial view of the potential at Cripple Creek, where the technical report will feature mineral reserves that are aligned with the already in progress Amendment 14 expansion permit.

本季度，我們在其他一些項目上也取得了巨大進展。Cripple Creek & Victor的技術報告預計將在未來幾週內發布。這將使我們對克里普爾溪的潛力有初步了解，技術報告將重點放在與正在進行的第 14 號修正案擴建許可證一致的礦產儲量。

At Hod Maden, we have now spent $44 million advancing the project this year and remain on track for our full year growth capital guidance of $60 million to $100 million. A key milestone of the work this year will be the comprehensive update included with the new technical report. This will form the basis of the project and construction decision in the coming months.

今年，Hod Maden 已投入 4,400 萬美元推進該項目，並繼續朝著全年 6,000 萬美元至 1 億美元的成長資本目標穩步前進。今年工作的關鍵里程碑將是包含新技術報告的全面更新。這將為未來幾個月的專案和施工決策奠定基礎。

To this end, Hod Maden remains one of the most compelling undeveloped copper-gold projects in the entire sector and work completed to date reinforces our view of extremely attractive asset returns. Across the rest of the portfolio, we have continued to make great progress in advancing organic development projects, including Buffalo Valley at Marigold, Porky at Seabee and Cortaderas at Puna.

因此，Hod Maden 仍然是整個行業中最引人注目的未開發銅金項目之一，迄今為止完成的工作也強化了我們對極具吸引力的資產回報的看法。在其他投資組合中，我們繼續在推進有機開發項目方面取得了巨大進展，包括 Marigold 的 Buffalo Valley、Seabee 的 Porky 和 ​​Puna 的 Cortaderas。

We're seeing some very encouraging results from the summer drill campaigns across all of these targets, where we hope to emulate the initial success of adding the initial three years of mine life extension at Puna.

我們看到，在所有這些目標區域進行的夏季鑽探活動中，都取得了一些非常令人鼓舞的結果，我們希望能夠複製在普納礦區成功延長礦山壽命最初三年的經驗。

Bill will speak more of this later in the call. And lastly, we continue to make good progress at Çöpler and remain fully committed to a restart.

比爾稍後會在電話會議中詳細談到這一點。最後，我們在Öpler計畫上繼續取得良好進展，並將繼續全力以赴地推動重啟工作。

We are in close communication with the relevant government authorities as we seek approvals to bring the mine back online. Overall, it was a solid quarter and as expected with good progress made on a number of initiatives across the portfolio. So now I'm going to call -- turn the call over to Michael to bring you through the quarter three financials, starting on slide number 4.

我們正在與相關政府部門保持密切溝通，尋求批准以恢復礦山的生產運作。總體而言，這是一個穩健的季度，正如預期，投資組合中的許多項目都取得了良好進展。現在我將把電話交給邁克爾，讓他從第 4 張投影片開始，為大家介紹第三季的財務狀況。

Thank you, Rod, and good afternoon, everyone. In the third quarter, we produced 103,000 gold equivalent ounces at an all-in sustaining cost of $2,359 per ounce or $2,114 per ounce, excluding costs incurred at Çöpler during the quarter.

謝謝你，羅德，大家下午好。第三季度，我們生產了 103,000 盎司黃金當量，總維持成本為每盎司 2,359 美元，或每盎司 2,114 美元（不包括本季在 øöpler 發生的成本）。

For the full year, production of 327,000 gold equivalent ounces is in line with plan, and we are on track to finish within our full year guidance of 410,000 to 480,000 gold equivalent ounces, albeit in the lower half of that range. As Rod noted, higher-than-forecasted royalty costs and share-based compensation, coupled with production in the lower half of guidance is pushing our AISC towards the top end of our full year cost guidance range.

全年產量為 327,000 盎司黃金當量，符合計劃，我們預計將實現全年 410,000 至 480,000 盎司黃金當量的目標，儘管最終產量可能處於該範圍的下半部分。正如 Rod 所指出的那樣，高於預期的特許權使用費成本和股權激勵，加上產量處於指導範圍的下半部分，導致我們的 AISC 接近全年成本指導範圍的上限。

We ended the quarter in a strong financial position with $409 million in cash and total liquidity of over $900 million. Our strong balance sheet ensures capacity to fund our numerous growth initiatives across the portfolio, which includes Hod Maden, where we incurred another $17 million in capital during the quarter.

本季末，我們財務狀況良好，現金餘額為 4.09 億美元，總流動資金超過 9 億美元。我們強勁的資產負債表確保了我們有能力為投資組合中的眾多增長計劃提供資金，其中包括 Hod Maden，我們在本季度又為該公司投入了 1700 萬美元的資金。

We are very excited about the progress of Hod Maden and look forward to sharing an updated life of mine plan and construction decision for the project in the coming months.

我們對 Hod Maden 專案的進展感到非常興奮，並期待在未來幾個月內分享該專案的最新礦山壽命計劃和施工決策。

Let's move on to our quarterly financial results on slide 5. In the third quarter, we sold 105,000 gold equivalent ounces at an average realized gold price above $3,500 per ounce. Net income attributable to SSR Mining shareholders was $65.4 million or $0.31 per diluted share, while adjusted net income was $68.4 million or $0.32 per diluted share.

接下來，我們來看看第5頁的季度財務表現。第三季度，我們售出了 105,000 盎司黃金當量，平均實現金價超過每盎司 3,500 美元。歸屬於 SSR Mining 股東的淨利潤為 6,540 萬美元，即每股攤薄收益 0.31 美元；調整後的淨利潤為 6,840 萬美元，即每股攤薄收益 0.32 美元。

As highlighted in the table, free cash flow in this quarter was impacted by working capital movements, particularly inventory movements at Marigold and CC&V as well as prepayments associated with development activities at Hod Maden.

如表格所示，本季自由現金流受到營運資本變動的影響，特別是 Marigold 和 CC&V 的庫存變動，以及與 Hod Maden 開發活動相關的預付款。

Accordingly, free cash flow before changes in working capital was $72 million, highlighting our strong margins despite continued investment in growth initiatives across the portfolio.

因此，在營運資本變動之前，自由現金流為 7,200 萬美元，這凸顯了儘管我們持續投資於整個投資組合的成長計劃，但我們仍保持著強勁的利潤率。

Now over to Bill for an update on the operations, starting on slide 6.

現在請比爾報告營運狀況，從第 6 張投影片開始。

Thanks, Michael. I'll first start with EHSS. We continue to advance initiatives aimed at ensuring our purpose and values are reflected in everything we do. I'll share some examples of this.

謝謝你，麥可。我先從EHSS開始。我們將繼續推進各項舉措，以確保我們的宗旨和價值觀體現在我們所做的每一件事中。我舉幾個例子。

We've seen improvements in how we're applying risk review and mitigation in both our planning and field execution. There's also been great progress on integrating progressive closure into our life of mine plans, which has the potential to reduce overall cost to the business.

我們在規劃和現場執行中應用風險審查和緩解措施的方式都得到了改善。在將漸進式關閉納入我們的礦山生命週期計劃方面也取得了巨大進展，這有可能降低企業的整體成本。

Now on to slide 7 for Marigold. In the third quarter, Marigold produced 36,000 ounces of gold at an AISC of $1,840 per ounce. These results were in line with plan, and we continue to expect a strong fourth quarter, albeit slightly below our initial expectations for the period. As we have advanced mining at Red Dot Phase 2, we have encountered a consistent grade profile aligned with our internal models.

接下來是萬壽菊的第7張幻燈片。第三季度，萬壽菊金礦生產了 36,000 盎司黃金，每盎司維持成本為 1,840 美元。這些結果符合計劃，我們仍然預期第四季度業績強勁，儘管略低於我們最初的預期。隨著我們在紅點二期礦區推進採礦工作，我們發現礦區品位分佈與我們的內部模型相符。

However, the ore has had more fines than expected, resulting in the need for additional blending to ensure pad recovery performance. Our technical teams at both Marigold and CC&V have been working collaboratively this year to improve ore body knowledge, focusing on processing planning. Through these efforts, we're improving our approach to ore blending at Marigold to ensure that we appropriately deal with the final ore we are encountered.

然而，礦石中的細粉含量比預期的要多，因此需要進行額外的混合，以確保堆場回收性能。今年，Marigold 和 CC&V 的技術團隊一直在合作，以提高對礦體的了解，重點是加工規劃。透過這些努力，我們正在改進馬裡戈爾德礦的礦石混合方法，以確保我們能夠妥善處理遇到的最終礦石。

With respect to growth, we're advancing work on Buffalo Valley deposit with the goal of fully integrating the project into the Marigold life of mine plan. This work is progressing positively so far, and we expect Buffalo Valley will provide a meaningful mine life extension opportunity for Marigold and potentially complement our Mineral Reserve growth at New Millennium.

在成長方面，我們正在推動布法羅谷礦床的開發工作，目標是將該專案完全納入萬壽菊礦山生命週期計劃。這項工作目前進展順利，我們預計布法羅谷礦將為萬壽菊礦提供有意義的礦山壽命延長機會，並有可能補充我們在新千年礦的礦產儲量增長。

Now on to slide 8 for CC&V. CC&V had a solid quarter, producing another 30,000 ounces of gold with an AISC of $1,756 per ounce. Key to highlight is the mine has now generated nearly $115 million in asset level free cash flow since acquisition, an incredible result given the $100 million in upfront consideration we paid to the asset earlier this year.

現在來看 CC&V 的第 8 張投影片。CC&V 本季表現穩健，又生產了 30,000 盎司黃金，每盎司 AISC 為 1,756 美元。值得強調的是，自收購以來，該礦場已產生近 1.15 億美元的資產級自由現金流，考慮到我們今年稍早為該資產支付了 1 億美元的預付款，這是一個令人難以置信的結果。

The CC&V technical report is well on track for completion within the fourth quarter, and we're excited to showcase the initial mineral reserve life of mine plan. for which CC&V has clearly established itself as a core operation in our portfolio.

CC&V的技術報告進展順利，預計將於第四季度完成，我們很高興能夠展示初步的礦產儲量礦山壽命計劃，該計劃已明確表明CC&V是我們投資組合中的核心業務。

We expect this technical report will showcase a 10-plus year life of mine and also highlight significant mineral resource upside to further extend the mine life.

我們預計這份技術報告將展示該礦場10年以上的開採壽命，並重點介紹可進一步延長礦山壽命的重大礦產資源成長潛力。

The key bottleneck to converting these mineral resources to reserves is the advancement of permitting for additional heap leach capacity. And our teams are working hard to set up -- set us on the right path for success for decades to come.

將這些礦產資源轉化為儲量的關鍵瓶頸在於推進新增堆浸產能的許可審批。我們的團隊正在努力工作，為未來幾十年的成功奠定正確的基礎。

Now on to Seabee. Seabee had a challenging quarter, producing 9,000 ounces at an AISC of $3,003 per ounce. These results reflected our continued focus on underground development as we noted in quarter two as well as some lower grade-than-expected grades.

接下來是海軍工兵部隊。Seabee 經歷了一個充滿挑戰的季度，產量為 9,000 盎司，每盎司的維持成本為 3,003 美元。這些結果反映了我們繼續專注於地下開發，正如我們在第二季所指出的那樣，以及一些礦石品位低於預期。

We expect production to improve incrementally in the fourth quarter, but we remain focused on prioritizing underground development into year-end as we aim to improve available stope inventory moving forward. Work at Porky targets continues, and we had some good success with the drill this summer as we aim to improve confidence in the existing mineral resources at the project and also test further opportunities for growth.

我們預計第四季度產量將逐步提高，但我們仍將優先推進地下開發，直至年底，以期提高未來可用的採場庫存。Porky 礦區的工作仍在繼續，今年夏天我們在鑽探方面取得了一些不錯的成果，我們的目標是提高對該計畫現有礦產資源的信心，並測試進一步的成長機會。

We're excited about the potential here and look forward to providing updates to the market next year. On to Puna on slide 10. Puna continued its track record of solid performance in the third quarter, producing 2.4 million ounces of silver, an AISC of just $1,354 per ounce.

我們對這裡的潛力感到興奮，並期待明年向市場提供最新資訊。接下來是第 10 張投影片中的普納。Puna在第三季繼續保持穩健的業績記錄，生產了240萬盎司白銀，每盎司的維持成本僅為1354美元。

With the initial extension to Chinchillas operations announced in the third quarter, we are working to advance other opportunities to extend mining at Chinchillas while also continuing to evaluate the Cortaderas target. We're excited about the potential here, and we'll provide further updates as warranted.

隨著第三季宣布對金奇利亞斯礦區進行初步擴建，我們正在努力推進其他擴建金奇利亞斯礦區採礦的機會，同時也持續評估科爾塔德拉斯礦區的目標。我們對此領域的潛力感到興奮，並將在必要時提供進一步的更新資訊。

On to slide 11. Lastly, at Hod Maden, we spent $17 million on engineering and site establishment work in the quarter. Year-to-date, we have spent $44 million advancing preconstruction activities of the project and remain on track for our full year guidance range of $60 million to $100 million in growth capital.

接下來是第11張投影片。最後，在霍德馬登，我們本季花費了 1700 萬美元用於工程和場地建設工作。今年迄今為止，我們已投入 4,400 萬美元用於推進該項目的建設前期活動，並繼續朝著全年 6,000 萬美元至 1 億美元的成長資本目標穩步前進。

Our technical teams have continued to advance an updated technical report for the project as we move towards a construction decision in the coming months. And the results continue to demonstrate an incredibly compelling project that could represent one of the highest margin projects in the sector once in production.

隨著我們朝著未來幾個月做出施工決定邁進，我們的技術團隊一直在不斷改進該專案的最新技術報告。結果持續表明，這是一個極具吸引力的項目，一旦投入生產，它可能會成為該行業利潤最高的項目之一。

We look forward to providing more detail on these initiatives to the market in the coming months. Now I'll turn back to Rod for closing remarks.

我們期待在未來幾個月內向市場提供這些舉措的更多細節。現在我請羅德作總結發言。

Great. Thanks, Michael. Thanks, Bill. Progress in the quarter was solid on a number of fronts, and we're well positioned for a strong close to the year with consolidated production aligned to our full year guidance.

偉大的。謝謝你，麥可。謝謝你，比爾。本季在多個方面都取得了穩健進展，綜合產量符合全年預期，我們已做好充分準備，迎接強勁的年終業績。

We're making great progress at key projects across the portfolio and with updated technical reports for Cripple Creek & Victor and Hod Maden on the horizon, where we are keen to showcase a bright future for each of those assets and their upside potential.

我們在投資組合中的關鍵項目上取得了巨大進展，並且即將發布 Cripple Creek & Victor 和 Hod Maden 的最新技術報告，我們渴望展示這些資產的美好未來及其成長潛力。

And of course, with continued efforts towards a restart of Çöpler, we firmly believe SSR Mining still represents a compelling value proposition moving forward.

當然，隨著 Öpler 重啟工作的持續推進，我們堅信 SSR Mining 在未來仍具有令人信服的價值主張。

So with that, I'll turn the call over to the operator for any questions.

那麼，接下來我會把電話轉給接線生，回答大家的提問。

(Operator Instructions)

（操作說明）

Ovais Habib, Scotiabank.

Ovais Habib，加拿大豐業銀行。

Hi Roing team and congrats on a pretty good quarter. A couple of questions from me. Just first one, starting off with your expectations of Q4. As you guys said, Q4 is expected to be a strong quarter. Is this basically strength coming from Marigold and CC&V.

Roing團隊，大家好，恭喜你們本季業績相當不錯。我有幾個問題。先問第一個問題，請談談您對第四季的預期。正如你們所說，預計第四季將是一個強勁的季度。這主要實力是否來自萬壽菊和CC&V？

And then just a follow-up question to that, in terms of Marigold and the fines you are encountering at Red Dot, based on how much you can blend, could some of that production expected in Q4 spill into Q1 of next year?

那麼，關於萬壽菊以及您在紅點獎上遇到的細料問題，根據您可以混合的量，預計在第四季度生產的部分產品是否會延續到明年第一季？

Thanks, Ovais. Look, I'll answer some of the questions and Bill and Michael can go ahead and add any other color if they feel.

謝謝你，奧瓦伊斯。聽著，我會回答一些問題，如果比爾和麥可覺得有必要，他們可以補充其他內容。

The answer to your first question around the quarter four, yes, that was right. Predominantly, it was coming from Marigold. As we've talked about before, a stronger fourth quarter was always sort of set up that way to be the primary difference to quarter three.

關於你提出的第一個問題，大約在第四季度，答案是肯定的。主要是來自萬壽菊。正如我們之前討論過的，第四季度業績強勁增長一直都是有意為之，旨在與第三季度形成主要區別。

And I think Cripple Creek itself will be more of what you've seen. And then from the answer to your question around the fines, yes, it certainly presents us with the necessity to handle them differently in terms of their placement and having available more durable material to be able to blend. So that is what we're working through at the moment on how we get the best result for Marigold for the last quarter by managing through the ore placement.

而且我認為克里普爾克里克本身會更像你所看到的那種地方。至於你提出的關於細顆粒的問題，是的，這確實為我們帶來了不同的處理方式，例如放置細顆粒物，以及使用更耐用的材料進行混合。所以，我們目前正在研究如何透過合理安排礦石投放，為萬壽菊礦區最後一個季度取得最佳業績。

In some regards, where we don't have durable ore available, we'll stack that ore on the higher portions of the leach pad. But where we do, we're obviously stacking on the new leach cell that Bill mentioned last quarter that we completed. So that's the -- that will be the key to finishing strongly at Marigold for quarter four.

在某些方面，如果我們沒有耐用的礦石可用，我們會將這些礦石堆放在浸出墊的較高部分。但是，在我們進行建設的地方，我們顯然會建造比爾上個季度提到的、我們已經完成的新型浸出池。所以，這將是馬裡戈爾德隊在第四季強勢收官的關鍵。

And then just at Seabee, obviously, grade came in lower than expected. Again, was this a negative reconciliation issue? Or were you not able to access the stope or stopes that you were expecting to mine from in Q3? I was a little bit -- I didn't really understand the justification of the lower grade.

然後，很明顯，在海軍工程兵部隊，成績低於預期。這又是一個負面和解問題嗎？或者，您是否未能進入您預期在第三季開採的採場？我當時有點——我不太理解低分的理由。

I'll hand that one over to Bill.

我會把那件事交給比爾。

Yeah, Ovais, Seabee in the quarter had a good quarter increasing the amount of development we were doing, which is our focus. So we do have more available stope material.

是的，Ovais，Seabee 在本季表現出色，增加了我們的研發投入，這也是我們的重點。所以我們確實有更多可用的採場材料。

At the same time, we did have some of the material -- we had an increased proportion of material from the Gap Hanging Wall and some of that material came in at lower grade than we had expected. So that was -- that happens at some times, but they were the drivers.

同時，我們確實有一些材料——來自峽谷懸壁的材料比例增加，但其中一些材料的等級低於我們的預期。所以，這種情況有時會發生，但他們是司機。

And based on the development that you've done, obviously, you're expecting a better kind of Q4 and better understanding of the stopes that you have in hand kind of going into 2026?

根據你們目前的進展，顯然你們預期第四季業績會更好，並且對你們在2026年之前掌握的礦藏情況會有更深入的了解？

Yeah. We still have some more -- a lot of development focus ahead of us for Q4 as well. And we will continue to work diligently in both Gap Hanging Wall and Santoy to get the best out of the ore body that we can. There was no surprises in what we found, so to speak.

是的。我們還有一些工作要做──第四季我們也有很多研發重點。我們將繼續在蓋普上壁和桑托伊礦區辛勤工作，盡可能開採最好的礦體。可以說，我們的發現並沒有什麼出乎意料之處。

Okay, thanks for that. And then just my last question, I guess, on Çöpler. Rod, you mentioned you guys are having discussions with the regulatory bodies and things seem to be progressing. Any kind of -- again, is it more on the remediation side or on the restart side that the focus has been -- and obviously, I'm guessing you guys are pushing pretty hard on the restart side.

好的，謝謝。那麼，我想問的最後一個問題是關於 øøpler 的。羅德，你提到你們正在與監管機構進行討論，而且事情似乎正在取得進展。任何形式的——再說一遍，重點是更多地放在補救方面還是重啟方面——顯然，我猜你們正在大力推進重啟方面。

But what I'm trying to understand is also, is there any community support that you guys are getting right now that is, let's say, pushing the regulators to make some sort of a decision moving into 2026?

但我還想了解的是，你們目前是否得到了任何社區支持，比如說，推動監管機構在 2026 年做出某種決定？

Yeah. It's less about the last point of your question, Ovais. I think if you sort of take a step back since the incident itself, the early work was on -- and I'll say it again because it's important on securing the site, returning the -- our lost folks back to the families.

是的。奧瓦伊斯，這跟你問題的最後一點關係不大。我認為，如果從事件發生之初回顧一下，早期的工作重點是——我再說一遍，因為這很重要——確保現場安全，將——我們失踪的同胞送回他們的家人身邊。

We moved into remediation, which really focused on the clearing out of the Sabirli Valley, which was done and completed. And then remember, in the last sort of six months, the efforts have been around providing the -- all of the technical aspects to the regulators for approval of the storage facility and the closure of the -- the final closure of the heap leach pad.

我們轉而進行修復工作，主要集中在清理薩比爾利山谷，這項工作已經完成。然後請記住，在過去的六個月裡，我們一直致力於向監管機構提供所有技術方面的資料，以便批准該儲存設施和堆浸場的最終關閉。

So it's sort of been a normal sequence of events that you would expect to go through. And we've been in constant dialogue with regulators. It's not a new occurrence. This has been going on since day one of the incident itself.

所以，事情的進展基本上符合預期，屬於正常情況。我們一直與監管機構保持對話。這並非什麼新鮮事。這種情況從事件發生的第一天就開始了。

But we're closing off some of those technical aspects for the regulators to approve it. And that will be the key to getting the approval to start the operations. But as it happens, more recently, and particularly you've seen it in the press, so it's nothing that is not public.

但為了讓監管機構批准，我們正在排除一些技術方面的問題。這將是獲得啟動營運批准的關鍵。但事實上，最近，尤其是在媒體上，這種情況已經不是什麼秘密了。

There has been definitely a higher level of public support for a reopening, very, very marches, a lot of senior local folks supporting a reopening in the press and on TV and within the media more generally.

公眾對重新開放的支持度明顯提高，舉行了多次遊行，許多當地老年人在報紙、電視以及更廣泛的媒體上都支持重新開放。

So that actual uptick is actually more naturally occurred because of the fact that the community, the local community, in particular, are hurting around economic activity with the mine shut.

因此，實際的成長實際上是更自然地發生的，因為礦場關閉導致當地社區的經濟活動受到打擊。

So it's probably a coincidence in timing, but it really doesn't have a bearing on the -- it helps, but it certainly -- it's not the driver of getting the government to give us the approval.

所以這可能只是時間上的巧合，但這真的與政府批准我們無關——它有所幫助，但肯定不是——它不是促使政府批准我們的主要因素。

That's it for me, Rob. Thanks for taking my questions.

羅布，我的話就到此為止了。謝謝您回答我的問題。

Great, thanks.

太好了，謝謝。

(Operator Instructions)

（操作說明）

Don DeMarco, National Bank Financial.

唐‧德馬科，國家銀行金融公司。

Thank you, operator and Rod and team, thank you for taking my call. First off, yes, encouraging to hear what you just mentioned about the high level of public support for the reopening. But to my first question, I think I'll turn to Hod Maden.

謝謝接線生、Rod和團隊，謝謝你們接聽我的電話。首先，聽到您剛才提到的公眾對重新開放的高度支持，真是令人鼓舞。但對於我的第一個問題，我想我還是請教霍德·馬登吧。

Of course, as you mentioned, there's a go-forward decision that's pending in the coming months. Looking at the guidance, you've reiterated guidance, but it seems like you might be tracking the low end of the range. Is there any items that may have been in the scope this year that's going to be carried into 2026?

當然，正如您所提到的，未來幾個月內將會有一項後續決定出爐。從指導意見來看，你們重申了指導意見，但似乎你們可能正在追蹤範圍的下限。今年有哪些專案計畫延續到 2026 年？

You're talking in particular in terms of the spend of Hod Maden.

您具體指的是 Hod Maden 的支出狀況。

Yeah, that's right. You're at $44 million year-to-date. I think guidance is $60 million to $100 million. So it seems that you're on a pace to kind of hit the lower end of that range.

是的，沒錯。今年迄今為止，你的收入為 4400 萬美元。我認為預期金額在6000萬美元到1億美元之間。所以看來你目前的進度可能會達到該範圍的下限。

Yeah, look, I think -- sorry, Michael is going to say something, but I'll jump in. He pause for a second. We'll actually probably be more towards the midpoint of that guidance range. It's sort of a ramp-up, a normal type of -- as you would expect, there's a ramp-up of spend.

是的，你看，我想──抱歉，麥可要發言了，但我先插一句。他停頓了一下。實際上，我們可能會更接近該指導範圍的中間值。這有點像是一個逐步增加的過程，一種正常的成長模式——正如你所預料的那樣，支出會逐漸增加。

But the committed spend that we have for the work that we wanted to get through this year is well advanced. So we're on track to spend what we had allocated to the project. It just happens to be the timing of the cash out the door.

但是，我們為今年想要完成的工作所承諾的支出已經進展順利。因此，我們有望按計劃完成專案預算支出。這只是現金流出的時機而已。

I see. Okay, was there anything else on that?

我懂了。好的，還有其他問題嗎？

No, look, The work has actually gone along very well. The effort that we put in this year was all predicated on using that information for the comprehensive update to the tech report, which is all coming together.

不，你看，這項工作其實進展得非常順利。我們今年所做的所有努力都是為了利用這些資訊對技術報告進行全面更新，而現在一切都在順利進行中。

And that is really the basis of what we'd be using to make a project approval decision to move forward. So everything is moving along on track in those regards and very pleased with the work that's been done at the site.

這就是我們做出專案審批決定並推進專案的依據。所以，這方面的工作進展順利，我對現場完成的工作非常滿意。

Okay, thank you. So we'll look forward to that go-forward decision. Will there be a mine plan that's published at around the same time? And is the go-forward decision tied into Çöpler in any way?

好的，謝謝。所以，我們期待下一步的決定。是否會在同一時間左右公佈礦場開發計畫？那麼，未來的決定是否與 øpler 有關？

Like do you first want to see the Çöpler mine restarted before you commit to building another mine in the country? So just two parts to that question asking about the report and the potential connection with Çöpler.

例如，在決定在該國建造另一座礦場之前，你是否希望先看到 Öpler 礦場重新開工？所以這個問題只有兩個部分，詢問有關報告以及與 Öpler 的潛在關聯。

Yeah. Well, look, it will be a comprehensive refresh of the technical report, Don, which will publish. And we haven't -- remember, when we acquired the asset, there was a tech report available at the time that we said that we wanted to do the work to ensure that what was contained therein is a project that we could actually deliver to.

是的。唐，你看，我們將對技術報告進行全面更新，並予以發布。而且我們還沒有——記住，當我們收購該資產時，當時有一份技術報告，我們說過我們希望開展工作，以確保其中包含的項目是我們實際能夠交付的。

So the effort around the time since we acquired it has been going through all of the technical components around flow sheets, process flow sheets, all the met models, the geomet models, the geotechnical work around the site. It's a complex site from that perspective.

自從我們收購以來，我們一直在努力研究流程圖、製程流程圖、所有氣像模型、幾何模型以及場地周圍的岩土工程等所有技術組件。從這個角度來看，這是一個複雜的網站。

And then moving forward with the early stage, some of the earthworks and civil works that are going on right now to ensure when we look at the critical path tasks to get the project underway and on schedule once we finally release the new schedule, we've got a head start on it.

然後，在早期階段，目前正在進行一些土方工程和土木工程，以確保當我們最終發布新的進度計劃時，在查看關鍵路徑任務以啟動專案並按計劃進行時，我們已經搶佔了先機。

So as I mentioned, all of that goes into the update as well as then the sort of market work around going out to market and getting new pricing in today's dollars for the project itself. So all going very well, as I mentioned. In terms of the dependency, I guess, around the project decision itself on Çöpler, I've said all along, we're treating them as mutually exclusive from that point.

正如我之前提到的，所有這些都會納入更新中，然後圍繞著市場運作，以今天的美元為專案本身製定新的價格。正如我之前提到的，一切進展都很順利。至於依賴關係，我想，圍繞著專案本身對 øpler 的決策，我一直都說，從那時起，我們就將它們視為互斥的。

It's an entirely different project in an entirely different region of Turkey. It has a completely different set of stakeholder groups. If you remember, the project is fully permitted, and that's really important. So we're not waiting on any permits.

這是一個完全不同的項目，位於土耳其一個完全不同的地區。它的利害關係人群體完全​​不同。如果你還記得的話，這個計畫已經獲得了所有必要的許可，這一點非常重要。所以我們不需要等待任何許可證。

And the efforts on the ground around ensuring we have good community relations and good social support have been going along with the project development itself because they're a completely different group.

而確保我們擁有良好的社區關係和社會支持的實地努力，與專案開發本身是同步進行的，因為它們是完全不同的群體。

So we're not attaching a dependency on Çöpler to the Hod Maden decision.

因此，我們並沒有將對 øøpler 的依賴性附加到 Hod Maden 的決定上。

Okay, thank you for that. And then just as a final question, if we just take a step back, a question about your strategy. I mean, certainly, you've got a lot of organic opportunities within the portfolio and then there's potential other growth levers with respect to M&A.

好的，謝謝。最後，我們不妨退一步，問一個關於你們策略的問題。我的意思是，當然，你的投資組合中有很多自然成長的機會，而且在併購方面還有其他潛在的成長槓桿。

Can you share any bias whether for potential growth or how your strategy looks ahead over the next, say, five or so years?

您能否分享一下您對未來五年左右的成長潛力或策略規劃的任何看法？

Really no change, Don. I think we've always been fairly transparent around the criteria that we look at from an M&A perspective. And M&A can be everything from strategic to bolt-on acquisitions like we had with Cripple Creek & Victor.

真的沒什麼變化，唐。我認為，從併購的角度來看，我們一直以來都對我們考慮的標準保持著相當的透明性。併購可以是策略性的，也可以是像我們收購 Cripple Creek 和 Victor 那樣的補充性收購。

There is a number of criteria that we look for, and it needs to fit within those criteria for it to be a strategic fit, and we've always been very true to that. And we'll continue to follow that because I think it does provide a discipline to the way we look at the business.

我們有很多評判標準，只有符合這些標準的產品才能在策略上與我們契合，而我們一直以來都非常堅持這一點。我們將繼續遵循這項原則，因為我認為這確實能為我們看待業務的方式提供一種紀律。

So no change at all, building on the core jurisdictions we have, building on the platforms that we've got in Canada, US, Argentina and Turkey is sort of a first order of priority for us, and then looking for those value-accretive opportunities that might be available from time to time.

所以沒有任何變化，我們仍然以我們現有的核心司法管轄區為基礎，以我們在加拿大、美國、阿根廷和土耳其的平台為基礎，這是我們的首要任務，然後我們會尋找可能不時出現的增值機會。

So look, we'll stay true to that. I think it's good practice. And it means that when we bring something to market that we like, you know that it has gone through a fairly rigorous due diligence process, and it fits on strategy.

所以，我們會堅持這一點。我認為這是個好習慣。這意味著，當我們把我們喜歡的東西推向市場時，你知道它已經過相當嚴格的盡職調查過程，並且符合我們的策略。

Okay, well, great, thank you very much. That's all for me and thank you again for taking my questions and good luck with Q4.

好的，太好了，非常感謝。我的問題就這些了，再次感謝您回答我的問題，祝您第四季一切順利。

Thanks John, appreciate it.

謝謝約翰，感激不盡。

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。