SSR Mining Inc. (SSRM) 2025 Q4 法說會逐字稿

Hello, everyone, and welcome to SSR Mining's fourth-quarter and full-year 2025 financial results conference call. This call is being recorded.

大家好，歡迎參加 SSR Mining 2025 年第四季及全年財務業績電話會議。本次通話正在錄音。

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.

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 fourth-quarter and full-year 2025 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. 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.

謝謝接線員，大家好。感謝您參加今天舉行的電話會議，討論 SSR Mining 2025 年第四季和全年財務業績。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。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.

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。

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.

今天的討論將包含前瞻性陳述。所以請仔細閱讀相關文件中的揭露資訊。此外，我們在討論中以及隨附的幻燈片中也會提到非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.

執行主席 Rod Antal 將與財務長 Michael Sparks 和營運與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 hand the line over to Rod.

現在我將把釣線交給羅德。

Great. Thank you, Alex, and good afternoon to you all. We closed 2025 on a high note, delivering full-year production above the midpoint of our guidance range and generated more than $100 million in free cash flow in the fourth quarter. As a result, we finished the year with $535 million in cash and more than $1 billion in liquidity.

偉大的。謝謝你，Alex，大家下午好。2025 年我們以優異的成績收官，全年產量超過預期範圍的中點，並在第四季度產生了超過 1 億美元的自由現金流。因此，到年底我們擁有 5.35 億美元的現金和超過 10 億美元的流動資金。

Based on the operating guidance provided with today's financial results, we expect this material free cash flow generation to continue in 2026. Accordingly, and coupled with our view that our share price does not reflect the full value of our portfolio. We are pleased to announce that our Board has approved a share buyback of up to $300 million. If you remember, share buybacks have been a key component of our capital allocation framework in the past, and we are pleased to reestablish a program again.

根據今天財務表現中提供的營運指引，我們預計這種顯著的自由現金流產生將在 2026 年繼續。因此，再加上我們認為我們的股價並未反映我們投資組合的全部價值。我們很高興地宣布，董事會已批准一項高達 3 億美元的股票回購計畫。如果您還記得的話，股票回購一直是我們過去資本配置框架的關鍵組成部分，我們很高興能夠再次恢復這項計劃。

Before moving on to the next slide, I want to take a moment to highlight a number of key catalysts and milestones that we delivered since our third-quarter results and also speak to some of the opportunities ahead.

在進入下一張投影片之前，我想花點時間重點介紹自第三季業績公佈以來我們取得的一些關鍵進展和里程碑，並談談未來的一些機會。

First, I want to note particularly strong fourth-quarter results from our Cripple Creek and Victor mine and Puna operations which saw both assets exceed their full-year guidance ranges and deliver exceptional free cash flow. At Puna in particular, the mine [bears] production guidance for the third-consecutive year and set records for tonnes processed in both the fourth quarter and over the full year, which was a terrific result.

首先，我想特別指出，我們的 Cripple Creek 和 Victor 礦以及 Puna 礦的第四季度業績表現尤為強勁，這兩個資產均超過了全年預期範圍，並實現了卓越的自由現金流。特別是普納礦，該礦連續第三年實現了產量目標，並在第四季度和全年都創下了噸位加工量的紀錄，這是一個非常好的結果。

Second, we delivered two technical report summaries, both demonstrating long-term free cash flow generative assets that will bolster our portfolio. The Cripple Creek and Victor TRS, released in November, highlighted an initial 12-year life of mine plan with an $824 million NPV at consensus metal prices, with nearly 7 million ounces of resources in addition to the reserves there is significant optionality here for meaningful mine life extension into the future.

其次，我們提交了兩份技術報告摘要，兩者都展示了能夠產生長期自由現金流的資產，這將增強我們的投資組合。11 月發布的 Cripple Creek 和 Victor TRS 報告重點介紹了最初的 12 年礦山壽命計劃，按普遍認可的金屬價格計算，淨現值為 8.24 億美元，除了儲量外，還有近 700 萬盎司的資源，這為未來大幅延長礦山壽命提供了很大的選擇餘地。

In January, we released a TRS for the Hod Maden development project which highlighted a $1.7 billion NPV and a 39% internal rate of return at consensus metal prices. I will talk more on this in a moment.

1 月份，我們發布了 Hod Maden 開發項目的總回報報告 (TRS)，其中重點介紹了 17 億美元的淨現值 (NPV) 和 39% 的內部收益率（以金屬市場普遍預期價格計算）。我稍後會詳細談談這個問題。

And thirdly, we continue to advance a compelling brownfield growth projects across the portfolio, which I'm also going to speak to in a moment.

第三，我們將繼續推進投資組合中引人注目的棕地成長項目，我稍後也會談到這一點。

As you can see, 2025 was a very successful year, and we're well-positioned to continue building on this momentum in 2026.

如您所見，2025 年是極其成功的一年，我們已做好充分準備，在 2026 年繼續保持這一勢頭。

So let's move on to slide 4. We have a number of highly prospective growth targets across the business. These prospects represent potentially low-cost, high-return growth opportunities that can deliver significant value to our shareholders.

接下來我們來看第4張投影片。我們公司各業務領域都有一些極具發展前景的成長目標。這些前景代表著潛在的低成本、高回報的成長機會，可以為我們的股東帶來巨大的價值。

In 2026, we have committed a substantial amount of capital investment across the business, and a large portion of that CapEx will be allocated to advancing these growth opportunities through the development pipeline. We look forward to sharing additional details on the projects, including both Marigold and Puna, over the coming years.

2026 年，我們承諾在整個業務範圍內投入大量資本，其中很大一部分資本支出將用於透過開發管道推動這些成長機會。我們期待在未來幾年與大家分享有關這些項目（包括萬壽菊和普納項目）的更多細節。

Now, let's turn to slide 5 to focus on Hod Maden. In January, we published a technical report summary for the Hod Maden development project. The TRS clearly reaffirmed Hod Maden as one of the better undeveloped copper gold project in the sector, and we are thrilled to have a development asset of this quality in our portfolio. As a reminder, Hod Maden is an underground copper gold project in the northeastern of Türkiye. The mine will be accessed through a single surface portal at all will be extracted through a combination of long-haul stoping and cut and fill mining methods.

現在，讓我們翻到第 5 張投影片，並專注於 Hod Maden。1月份，我們發布了Hod Maden開發案的技術報告摘要。TRS 明確重申了 Hod Maden 是該行業中較好的未開發銅金項目之一，我們很高興我們的投資組合中擁有如此優質的開發資產。提醒一下，Hod Maden 是位於土耳其東北部的地下銅金礦計畫。該礦將通過一個地面入口進入，全部礦石將透過長途採礦法和切割充填採礦法相結合的方式開採。

The process plant is designed with a nameplate capacity of approximately 2,200 tonnes per day with life of mine average head grade of 7.6 grams of gold and 1.3% of copper. The plant will produce a single high-quality concentrate with life of mine gold and copper recoveries averaging 87% and 97%, respectively.

該選礦廠的設計額定產能約為每天 2,200 噸，在礦場壽命期間平均入選品位為 7.6 克黃金和 1.3% 銅。該廠將生產單一高品質的精礦，礦場壽命期內黃金和銅的回收率平均分別為 87% 和 97%。

Moving on to the next slide for a few of the TRS highlights. Hod Maden is a unique project with significant scale, best-in-class grades, and first quartile all-in sustaining costs that position the asset to deliver compelling free cash flow in the future.

接下來請看下一張投影片，了解TRS的一些亮點。Hod Maden 是一個獨特的項目，規模龐大，礦石品位一流，綜合維持成本處於前四分之一水平，這使得該資產在未來能夠產生可觀的自由現金流。

On a 100% basis, production is expected to average 240,000 gold equivalent ounces over the first three years and 220,000 gold equivalent ounces over the first five years. Our consensus metal prices, Hod Maden is expected to generate average annual free cash flow of $328 million, while $4,900 gold price, that free cash flow would jump to approximately $500 million annually.

以 100% 的產量計算，預計前三年平均產量為 24 萬盎司黃金當量，前五年平均產量為 22 萬盎司黃金當量。根據我們的共識金屬價格，Hod Maden 預計每年平均產生 3.28 億美元的自由現金流；而如果金價達到 4900 美元，自由現金流將躍升至每年約 5 億美元。

Hod Maden's execution has been meaningfully derisked as a result of the significant engineering and the work completed since our initial investment in the project as well as the benefit of early site works that are taking place. Inclusive of earn-in and milestone payments SSR's remaining investment is expected to total $470 million, which we expect to fund from our liquidity position and free cash flow outlook. We anticipate a 2.5- to 3-year construction period once the project decision is made. We are very excited about Hod Maden and look forward to providing further updates in due course.

由於自我們對該專案進行最初投資以來所完成的大量工程和工作，以及正在進行的早期現場工程，Hod Maden 專案的執行風險已大大降低。包括收益分成和里程碑付款在內，SSR 的剩餘投資預計總計 4.7 億美元，我們預計將利用我們的流動性狀況和自由現金流前景來提供資金。一旦專案決定做出，我們預計建設週期為 2.5 至 3 年。我們對Hod Maden專案感到非常興奮，並期待在適當的時候提供更多最新消息。

Turn over to slide 7, and I'll hand the call over to Michael.

請翻到第 7 張投影片，我將把電話交給麥可。

Thank you, Rod, and good afternoon, everyone. In 2026, we expect to produce between 450,000 and 535,000 gold equivalent ounces from our Marigold, CC&V, Seabee, and Puna operations. All-in sustaining costs are expected to range between $2,360 and $2,440 per ounce or $2,180 to $2,260 per ounce, excluding the impact of care and maintenance costs at Çöpler. While Çöpler isn't an operation, we continue to guide to cash care and maintenance costs of $20 million to $25 million incurred per quarter.

謝謝你，羅德，大家下午好。預計到 2026 年，我們的 Marigold、CC&V、Seabee 和 Puna 礦區將生產 450,000 至 535,000 盎司黃金當量。預計所有維持成本將在每盎司 2,360 美元至 2,440 美元之間，或每盎司 2,180 美元至 2,260 美元之間，不包括 øöpler 的保養和維護成本的影響。雖然 Öpler 不是一家營運公司，但我們預計其每季的現金維護和保養費用為 2,000 萬至 2,500 萬美元。

Total gross spend is expected to total $150 million in 2026 driven mainly by capital investments in leach pad expansions at both Marigold and CC&V as well as continued exploration and resource development spend globally.

預計到 2026 年，總支出將達到 1.5 億美元，主要原因是 Marigold 和 CC&V 兩處浸出池擴建的資本投資，以及全球持續的勘探和資源開發支出。

Capital expenditures at Hod Maden are expected to total up to $15 million per month as engineering access road development and site establishment activities continue ahead of a formal construction decision. Upon a positive construction decision by the joint venture, we will provide an update to our growth CapEx outlook at the project.

在正式做出施工決定之前，Hod Maden 的工程通道道路開發和場地建設活動仍在繼續，預計每月資本支出將高達 1500 萬美元。如果合資企業做出積極的建設決定，我們將更新我們對該專案成長資本支出的展望。

Now, let's move to our Q4 results starting on slide 8. In the fourth quarter, we produced 120,000 gold equivalent ounces at AISC of $2,250 per ounce or $2,002 per ounce, excluding costs incurred at Çöpler in the quarter. Fourth-quarter sales were 117,000 gold equivalent ounces at an average realized gold price of $4,142 per ounce. Net income attributable to SSR Mining shareholders in Q4 was $181 million or $0.84 per diluted share, while adjusted net income was $190 million or $0.88 per diluted share. For the full-year production of 447,000 gold equivalent ounces exceeded the midpoint of our full-year guidance.

現在，讓我們從第 8 張投影片開始，來看我們的第四季業績。第四季度，我們生產了 120,000 盎司黃金當量，AISC 為每盎司 2,250 美元，或每盎司 2,002 美元，不包括本季在 øöpler 發生的成本。第四季黃金當量銷量為 117,000 盎司，平均實現金價為每盎司 4,142 美元。第四季歸屬於 SSR Mining 股東的淨利潤為 1.81 億美元，即每股攤薄收益 0.84 美元；調整後淨利潤為 1.9 億美元，即每股攤薄收益 0.88 美元。全年黃金當量產量為 447,000 盎司，超過了我們全年指引值的中點。

As we discussed with our third-quarter results, higher-than-forecasted royalty costs tied to higher gold prices, and share-based compensation brought our full-year AISC to the top end of our consolidated guidance range. Full-year AISC, excluding costs incurred Çöpler, was $1,923 per ounce comfortably within our guidance.

正如我們在第三季業績報告中所討論的那樣，由於金價上漲導致特許權使用費高於預期，加上股權激勵，使得我們全年的維持成本達到了綜合指導範圍的上限。全年AISC（不包括每盎司產生的成本）為每盎司1,923美元，完全符合我們的預期。

Now let's move to slide 9. As highlighted in the table on this slide, free cash flow totaled $106 million in the quarter, and $252 million for the full year. Excluding the impact of changes in working capital, full-year free cash flow was more than $400 million in 2025. These are excellent results considering our investment in growth projects across the portfolio.

現在我們來看第9張投影片。如本投影片表格所示，本季自由現金流總計 1.06 億美元，全年自由現金流總計 2.52 億美元。不計營運資本變動的影響，2025 年全年自由現金流超過 4 億美元。考慮到我們對整個投資組合中成長項目的投入，這些結果非常出色。

We ended the quarter in a strong financial position with $535 million in cash and total liquidity of over $1 billion. This cash and liquidity position, combined with our free cash flow outlook in 2026, supports our continued investment in growth initiatives across the portfolio while also giving us the confidence to initiate a share buyback of up to $300 million.

本季末，我們財務狀況良好，擁有 5.35 億美元現金，總流動資金超過 10 億美元。這種現金和流動性狀況，加上我們對 2026 年自由現金流的預期，支持我們繼續投資於整個投資組合的成長計劃，同時也使我們有信心啟動高達 3 億美元的股票回購計劃。

Share buybacks have historically been a key component of our capital allocation and shareholder return approach. Between 2021 and 2024, we repurchased 20 million shares at an average price of $15.76 per share, with convertible notes issued in 2019 with a conversion price of $17.61 and these share buybacks provided significant value to our shareholders.

從歷史上看，股票回購一直是我們資本配置和股東回報策略的關鍵組成部分。2021 年至 2024 年間，我們以每股 15.76 美元的平均價格回購了 2,000 萬股股票，並在 2019 年發行了可轉換債券，轉換價格為每股 17.61 美元，這些股票回購為我們的股東帶來了巨大的價值。

Our historical share buybacks, combined with the -- as announcement of a new share buyback program, reiterate our commitment to ensuring our shareholders realized growth on the key per share metrics going forward.

我們以往的股票回購計劃，加上－宣布一項新的股票回購計劃，重申了我們致力於確保股東在未來實現關鍵每股指標成長的承諾。

Now, over to Bill for an update on the Q4 results and 2026 guidance for the operations, starting on slide 10.

現在，請比爾介紹第四季業績和 2026 年營運展望，從第 10 頁開始。

Thanks, Michael. I'll first start with EHS&S. 2025 as a successful year of strengthening our programs and application in all areas of EHS&S. (inaudible) advanced were in critical controls and risk management for safety, the integration of closure work into life of mine plans to bring forward the work as well as to reduce costs, and the upgrading of our community engagement and development application.

謝謝你，麥可。我首先要談談環境、健康、安全與安保（EHS&S）。 2025 年是我們加強 EHS&S 各領域專案和應用的成功之年。 （聽不清楚）我們在關鍵控制和安全風險管理方面取得了進展，將礦山關閉工作納入礦山生命週期計劃，以提前開展工作並降低成本，併升級我們的社區參與和發展應用。

As I will outline today, we are currently working on growing our business through both greenfield projects and brownfield growth opportunities at all the operations. Safe production and quality implementation of EHS&S standards is our focus ahead to enable an increase in activity to successfully advance all of these opportunities.

正如我今天將要概述的那樣，我們目前正致力於透過新建專案和現有業務的成長機會來發展我們的業務。未來，我們將重點放在安全生產和高品質地實施 EHS&S 標準上，以促進業務成長，從而成功推進所有這些機會。

Now, on to slide 11 for our year-end M&I. We closed 2025 with 11 million ounces of gold equivalent mineral reserves, a testament to the scale and longevity of our diversified operating platform. Reserves were up nearly 40% year over year, driven largely by the incorporation of CC&V and Hod Maden into our consolidated totals as well as other minor impacts from drilling additions and model changes.

現在，請看第 11 張投影片，了解我們的年終報告。截至 2025 年底，我們的黃金當量礦產儲量為 1,100 萬盎司，證明了我們多元化營運平台的規模和持久性。儲量年增近 40%，這主要是由於 CC&V 和 Hod Maden 併入我們的合併總量，以及鑽井增加和模型變化帶來的其他一些小影響。

Mineral reserve price assumptions in 2025 remain very conservative at $1,700 per ounce gold and $20.50 per ounce silver. We hold another nearly 15 million measured indicated and inferred gold equivalent ounces that can support mineral reserve growth across our portfolio in the future.

2025 年礦產儲量價格假設仍然非常保守，黃金價格為每盎司 1700 美元，白銀價格為每盎司 20.50 美元。我們還擁有近 1500 萬盎司已探明、已指示和已推斷的黃金當量，這可以支持我們未來整個投資組合的礦產儲量增長。

More impressively, we have consistently delivered on our track record of replacing mine depletion. Since 2020, as shown on the right side of this slide, we have more than replaced depletion before incorporating any of the benefits of our accretive M&A transactions over the period. Inclusive of M&A, our mineral reserves are up approximately 40% since 2020. And an impressive outcome that ensures our portfolio is poised to benefit from constructive gold and silver markets for years to come.

更令人印象深刻的是，我們在替代礦山枯竭方面一直保持著良好的業績記錄。如本投影片右側所示，自 2020 年以來，我們不僅彌補了損耗，而且在計入我們在此期間的增值併購交易的任何收益之前，就已經彌補了損耗。包括併購在內，我們的礦產儲量自 2020 年以來成長了約 40%。這一令人矚目的成果確保了我們的投資組合能夠在未來幾年內受益於黃金和白銀市場的積極發展。

Now, on to slide 12 for a discussion on Marigold. In the fourth quarter, Marigold produced 43,000 ounces of gold and all-in sustaining cost of $2,089 per ounce. As expected, this is Marigold's strongest period of production in 2025.

現在，請看第 12 張幻燈片，討論萬壽菊。第四季度，萬壽菊金礦生產了 43,000 盎司黃金，總維持成本為每盎司 2,089 美元。正如預期的那樣，這是萬壽菊在 2025 年產量最高的時期。

Technical work around ore body knowledge and processing planning at Marigold has now matured to where this is being integrated into the planning process. As a result of previously highlighted ore blending requirements and to ensure pad recovery performance, the Marigold mining schedule has been updated to account for the blending of durable and non-durable ore.

Marigold礦區圍繞礦體知識和加工規劃的技術工作已經成熟，並正在將其整合到規劃過程中。由於先前強調的礦石混合要求，為了確保堆場回收性能，萬壽菊礦山開採計劃已更新，以考慮耐久礦石和非耐久礦石的混合。

In addition, increased gold prices have resulted in pit expansions and the relocation of a planned waste dump to avoid sterilizing ounces. While this work has changed the production schedule, the total ounces produced at Marigold at the five-year period is materially the same as reflected in the 2024 TRS.

此外，金價上漲導致礦坑擴大，並促使原計劃的廢料堆場搬遷，以避免對黃金造成污染。雖然這項工作改變了生產計劃，但馬裡戈爾德五年期間的總產量與 2024 年 TRS 所反映的產量基本相同。

In 2026, Marigold is expected to produce between 170,000 to 200,000 ounces of gold and an all-in sustaining of $2,320 and $2,390 per ounce. Production is expected to be 55% to 60% weighted to the second half of the year. ASIC will be highest in the first half due to both production profile and sustaining capital, which is expected by 70% weighted to the first half.

預計到 2026 年，萬壽菊金礦將生產 17 萬至 20 萬盎司黃金，綜合維持價格為每盎司 2,320 至 2,390 美元。預計下半年產量將佔總產量的 55% 至 60%。由於生產狀況和維持資本需求，ASIC 上半年將達到最高水平，預計上半年佔比將達到 70%。

Sustaining capital in 2026 is expected to total $108 million as we made significant investment in fleet and component placements and process planned improvements. These investments will help to ensure Marigold is well-positioned for both additional near-term haulage requirements and to enable development of potentially significant mine life extension opportunities ahead.

預計 2026 年維持性資本支出將達到 1.08 億美元，因為我們對車隊和零件部署以及流程改善進行了大量投資。這些投資將有助於確保萬壽菊礦能更好地滿足近期額外的運輸需求，並為未來開發可能具有重大意義的礦場壽命延長機會奠定基礎。

To that end, Buffalo Valley and New Millennium projects continue to advance and SSR Mining anticipates potentially integrating both deposits into an updated Marigold TRS over the next 18 months.

為此，布法羅谷和新千禧年計畫繼續推進，SSR Mining 預計在未來 18 個月內可能會將這兩個礦床整合到更新後的萬壽菊 TRS 中。

Now, on to slide 13 for an update on CC&V. CC&V had another excellent quarter, producing 39,000 ounces of gold and all-in sustaining cost of $1,596 per ounce. Quarterly production benefited from better-than-expected gold recoveries and drove full year SSR Mining attributable production of 125,000 ounces well exceeding the 110,000 ounce top end guidance.

現在，請看第 13 張投影片，了解 CC&V 的最新進展。CC&V 又迎來了一個出色的季度，生產了 39,000 盎司黃金，綜合維持成本為每盎司 1,596 美元。季度產量受益於黃金回收率優於預期，推動 SSR Mining 全年歸屬於公司的黃金產量達到 125,000 盎司，遠超 110,000 盎司的最高預期。

It is also important to highlight that CC&V generated more than $200 million in mine site free cash flow to our count in 2025, an exceptional outcome when compared to the $100 million upfront transaction outlay we paid to acquire the mine last year.

值得一提的是，CC&V 礦場在 2025 年產生了超過 2 億美元的自由現金流，與我們去年為收購該礦支付的 1 億美元預付款相比，這是一個非常出色的結果。

In November, we released a technical report summary for CC&V showcasing an initial 12-year life of mine with an NPV of $824 million at consensus metal prices. The mine plan was based on 2.8 million ounces of reserves, and CC&V has an additional nearly 7 million ounces of measured indicated and deferred resources to support potential mine life extensions over the long term.

11 月，我們發布了一份 CC&V 技術報告摘要，展示了該礦最初 12 年的壽命，以普遍認可的金屬價格計算，淨現值為 8.24 億美元。該礦山計劃基於 280 萬盎司的儲量，而 CC&V 還有近 700 萬盎司的已探明、已控制和已遞延資源，以支持長期延長礦山壽命。

Combined with our long-term production platform at Marigold, this TRS reiterated our position as the third-largest gold mine producer in the United States. SSR now holds more than 6 million ounces of mineral reserves in US along with an additional 7 million ounces of M&I resources and 2 million ounces of inferred resources, all calculated at conservative metal price assumptions well below the current spot market.

結合我們在馬裡戈爾德的長期生產平台，此次TRS再次鞏固了我們作為美國第三大黃金礦產生產商的地位。SSR 目前在美國擁有超過 600 萬盎司的礦產儲量，以及 700 萬盎司的探明和推斷資源量和 200 萬盎司的推斷資源量，所有這些儲量都是在遠低於當前現貨市場的保守金屬價格假設下計算得出的。

In 2026, we expect CC&V's production and costs will be well aligned with figures outlined in the TRS, full-year production of 125,000 to 150,000 ounces, and ASIC between $1,780 and $1,850 per ounce should position the asset well for another year of strong free cash flow. Production will be 50% to 55% and weighted to the second half of the year, with costs trending above full-year guidance in the full first half.

2026 年，我們預計 CC&V 的產量和成本將與 TRS 中概述的數據基本一致，全年產量為 125,000 至 150,000 盎司，ASIC 價格在每盎司 1,780 至 1,850 美元之間，這將使該資產在新的一年中保持強勁的自由現金流。產量將達到全年目標的 50% 至 55%，並主要集中在下半年，而上半年的成本將高於全年預期。

Now, over to slide 14 to discuss Seabee. As highlighted in our Q3 results, Seabee's fourth quarter reflected a continued focus on underground development in the second half and saw increased oil contributions from the lower-grade gap hanging wall. Accordingly, the production totaled approximately 9,000 ounces at an ASIC of $3,433 per ounce in the fourth quarter.

現在，請看第 14 張投影片，討論一下海軍工程兵部隊。正如我們在第三季業績中所強調的那樣，Seabee 第四季反映了下半年對地下開發的持續關注，並且低品位間隙上盤的石油產量有所增加。因此，第四季總產量約為 9,000 盎司，平均單價為每盎司 3,433 美元。

In the first half of 2026, underground development will remain the focus as we look to improve stope availability going forward. Full-year production of 60,000 to 70,000 ounces gold is expected to be approximately 60% weighted to the second half with the strongest results in the fourth quarter.

2026 年上半年，地下開發仍將是重點，我們將著眼於提高未來採場的可用性。預計全年黃金產量為 6 萬至 7 萬盎司，其中約 60% 的產量將在下半年達到，第四季業績將最為強勁。

ASIC guidance of $2,170 to $2,240 per ounce will be higher than the first half, reflecting the aforementioned production profile and the typical cadence of spend given the winter road season to start the year. Work at Porky continues to advance and we were able to declare a maiden 200,000 ounce mineral reserve at Porky with the year-end update. We are also excited about some of the recent drilling results at Santoy and we'll continue advancing both near-term drilling and development at Santoy targeting high grades. Regional exploration is also expected to continue across the property in 2026.

ASIC 給出的每盎司 2,170 美元至 2,240 美元的指導價將高於上半年，這反映了上述生產情況以及考慮到年初冬季道路施工季的典型支出節奏。Porky 礦區的工作持續推進，我們在年末更新報告中宣布 Porky 礦區首次發現 20 萬盎司的礦產儲量。我們對桑托伊礦區最近的一些鑽探結果感到興奮，我們將繼續推進桑托伊礦區的近期鑽探和開發工作，目標是高品位礦石。預計2026年該礦區也將繼續進行區域勘探。

Now, on to Puna to slide 15. Puna delivered another excellent year, exceeding its production guidance for the third consecutive year. Record tonnes in both the fourth quarter and over the full year for a major factor in Puna strong results, with Q4 production of 2.1 million ounces of silver and ASIC of $18.39 per ounce. Full-year ASIC of $14.24 per ounce was slightly better than the guidance and drove mine site free cash flow of more than $250 million in 2025. Puna has been an exceptional contributor to our portfolio, and we see potential to extend operations of Puna well beyond 2028 through growth opportunities both at Chinchillas and Cortaderas going forward.

現在，前往普納，前往第 15 張投影片。Puna公司又取得了優異的成績，連續第三年超出產量預期。第四季和全年產量均創歷史新高，這是 Puna 業績強勁的主要因素，第四季白銀產量為 210 萬盎司，ASIC 為每盎司 18.39 美元。全年ASIC為每盎司14.24美元，略優於預期，並推動礦場在2025年實現超過2.5億美元的自由現金流。Puna 一直是我們投資組合中傑出的貢獻者，我們看到了 Puna 的潛力，透過 Chinchillas 和 Cortaderas 未來的成長機會，可以將 Puna 的運作延續到 2028 年以後。

In 2026, we expect Puna will produce 6.25 million to 7 million ounces of silver and all in sustaining costs of $20 to $22 per ounce. As noted, we are pursuing opportunities for additional pit laybacks at and chairs as well as further evaluation of the leaner target to the northeast of the current Chinchillas pit.

預計到 2026 年，普納礦將生產 625 萬至 700 萬盎司白銀，所有維持成本為每盎司 20 至 22 美元。如前所述，我們正在尋求在現有金吉拉斯礦坑東北部進行更多礦坑後退和座椅作業的機會，並進一步評估更精簡的目標區域。

Drilling has also been very successful at Cortaderas, an underground brownfield deposit on the Pirquitas property, and we are advancing engineering work to delineate its potential contribution to put Puna's longer-term profile.

在皮爾基塔斯礦區的地下棕地礦床科爾塔德拉斯，鑽探工作也取得了巨大成功，我們正在推進工程工作，以確定其對普納長期發展的潛在貢獻。

Now, I'll turn back to Rod for closing remarks.

現在，我將把麥克風交給羅德，讓他做總結發言。

Great. Thanks, everyone. We had an excellent finish to 2025. delivered solid operating results that are well aligned with expectations and now went to 2026 in a strong financial position with a number of key catalysts on the horizon.

偉大的。謝謝大家。2025 年我們取得了優異的成績，營運業績穩健，與預期相符，現在我們以強勁的財務狀況進入 2026 年，並且未來還有許多關鍵的催化劑。

We're well-positioned to deliver year-on-year production growth and strong free cash flow and are also well advanced on a number of growth initiatives across the portfolio that we look forward to sharing over the next 12 to 18 months.

我們已做好充分準備，實現逐年產量增長和強勁的自由現金流，並且在整個投資組合中，我們也在多個增長計劃方面取得了良好進展，我們期待在未來 12 至 18 個月內與大家分享這些計劃。

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

那麼，接下來我將把電話轉交給接線員，回答大家的問題。謝謝。

(Operator Instructions) George Eadie, UBS.

（操作說明）喬治·伊迪，瑞銀集團。

Yeah, good evening, gents. Thanks for your time, and nice Q4. Can I start with Marigold, please? Just looking at the 21 million to 23 million tonnes stacked at 0.4 gram a ton and the 0.35 in Q4. My math that gets me to the top end of guidance. So maybe just a little bit more color here. Like is there a bit of conservatism baked into the guidance range of 170 to 200.

好的，各位晚上好。感謝您抽出時間，祝您第四季愉快。我可以先從萬壽菊開始嗎？僅看一看堆積的 2,100 萬至 2,300 萬噸，每噸含量為 0.4 克，而第四季含量為 0.35 克。我的數學成績讓我達到了指導的最高水準。所以，這裡或許可以再增添一些色彩。例如，170 到 200 的指導範圍中是否包含了一些保守因素？

I'm going to hand that one over to Bill.

我要把那件事交給比爾。

As we talked, we've been doing a lot of work, particularly on the technical front, and we baked that now into our updated forward schedule and that considers how we actually have to complete our blending. So that blending and the updated plan for that is actually well outlined in the plan forward. So we believe that guidance is a good indication of what we'll deliver this year. A different stacking plan comes with that.

正如我們剛才所說，我們做了很多工作，尤其是在技術方面，我們現在已經將這些工作納入了我們更新後的前進計劃中，該計劃考慮到了我們實際需要如何完成混合工作。因此，混合以及相關的更新計劃實際上已在未來計劃中得到很好的概述。因此，我們認為該指引能夠很好地表明我們今年將取得的成果。這樣一來，堆疊方案就有所不同了。

Okay. But looking at the tech report, like I know it's old now, but the next two years, it had 0.3 gram a tonne. But given commentary before, like should we expect next year's grade incrementally higher versus this year? And then 2027 to 2028, just clarifying like should we be looking at a stacking grade of high-0.4 to low-5s potentially, given the commentary before about keeping the sort of medium-term outlook unchanged?

好的。但查看技術報告，我知道現在數據已經過時了，但在接下來的兩年裡，每噸含量為 0.3 克。但考慮到先前的評論，我們是否應該預期明年的成績會比今年略有進步？那麼，2027 年到 2028 年，鑑於先前的評論，即保持中期前景不變，我們是否應該考慮 0.4 分以上到 5 分以下的堆疊評級呢？

So as always, as noted, across five years, we're basically in line. In terms of what's happening is with these metal prices, which is very exciting. We've got growth in pet sizes. We've got additional haulage. So there is a complete reschedule of the mine. So we're still delivering the same goal across the period and particularly like the mine as well, but the timing of it will be different. And that's why there's reference there.

所以和以往一樣，正如之前提到的，五年下來，我們基本上是按計劃進行的。目前金屬價格的走勢非常令人振奮。我們的寵物尺寸越來越大了。我們增加了運輸能力。因此，礦場的營運計畫需要完全重新調整。因此，我們在此期間仍將實現相同的目標，尤其重視礦山項目，但時間安排會有所不同。所以那裡才會有相關的參考資料。

We've also got Buffalo Valley coming in. We've also got further upgrades. So the reference to completing an updated TRS port report comes in there as well. So there's a lot of work going on in terms of those changes ahead.

我們還有布法羅谷隊要加入。我們也進行了進一步的升級。因此，其中也提到了完成更新後的TRS連接埠報告。因此，未來還有很多工作要做，以應對這些變化。

Okay. But that referenced five years, what is that exactly, sorry? Like if I look at the tech report average five years, from today, it's 235,000 ounces per annum. Like what is that reference five years you're speaking to?

好的。但上面提到的是五年，請問五年具體是多久？例如，如果我查看技術報告，從今天起五年內的平均產量是每年 235,000 盎司。你說的五年指的是什麼？

Yeah. I think what he's saying -- let me answer it, Bill. George, it's Rod. Thanks for the question. Look, I think what Bill is outlining is with all the work that we have completed, I mean, that's been the blending requirements that we've got for durable and nondurable law we'd actually been doing work over the last two years to upgrade some of the ore body knowledge. So it wasn't something that we just did in one quarter. It was actually in conclusion of a lot of work over a period.

是的。我認為他說的——讓我來回答一下，比爾。喬治，我是羅德。謝謝你的提問。我認為比爾所概述的是，我們已經完成了所有工作，我的意思是，我們已經滿足了耐用和非耐用法律規定的混合要求，實際上，在過去的兩年裡，我們一直在努力提升一些礦體知識。所以這並不是我們在一個季度內就完成的事情。實際上，這是經過一段時間的大量工作才得出的結論。

So that's been now built in, and that's what Bill was sort of talking about with the blending requirements in the short term and near term as well as some of these other opportunities where we've identified some shifts in the mine plan because it would have sterilized some other opportunities in the future. So we're actually wrapping all that work up.

所以現在這已經納入考慮範圍了，比爾剛才談到的就是短期和近期內的混合要求，以及我們發現的一些其他機會，因為礦山計劃的某些變化會扼殺未來的一些其他機會。所以，我們實際上正在收尾所有這些工作。

And then if you wait in Buffalo Valley and New Millennium, I think what it needs is a new tech report. And then within that new tech report, we're going to outline the new profiles, not only in the five years, but obviously, over the life of mine as well with some of those growth opportunities. So if you just be a little bit patient with us, we'll set it out all at once for you here over the next 12 months.

如果你在布法羅谷和新千年等待，我認為它需要一份新的技術報告。然後，在這份新的科技報告中，我們將概述新的發展趨勢，不僅在未來五年內，而且顯然也會涵蓋我個人發展歷程中的一些成長機會。所以，如果您能耐心等待一下，我們將在接下來的 12 個月內一次把所有內容都整理好。

Yeah. Okay. No, that's clear. And maybe just one more if I can, for Puna, what silver prices, do you sort of needed a minimum to go beyond 2028? Like it's 70 ounces or higher? Could we be talking well into the 2030s potential, or is it a bit too early and dependent still on Cortaderas success?

是的。好的。不，這很清楚。如果可以的話，我再問一個問題，關於普納銀礦，2028 年以後，你們覺得白銀價格需要達到什麼最低水準？例如70盎司或更高？我們是否可以討論到 2030 年代的潛力，還是現在討論還為時過早，並且仍然取決於 Cortaderas 的成功？

We're excited about what we have in front of us. Cortaderas is, be it, in the underground opportunity there's a lot of work there to do, but it's very positive. But moving back to Chinchillas itself. We do see opportunity for it to go a lot longer with work going on both in the Chinchillas pit or potentially additional step backs as well as the Molina pit, which is right within that area being added on as well.

我們對眼前的事物感到興奮。Cortaderas 雖然身處地下，有很多工作要做，但前景非常樂觀。但讓我們回到龍貓本身。我們看到，隨著金吉拉礦坑的施工進行，或者可能增加額外的後退式施工，以及莫利納礦坑（該礦坑也位於該區域內，正在擴建），礦坑的建設可能會持續更長時間。

So let's just say that works underway at the moment, and this the silver prices more than support that. So we're doing that work as we speak now, and we see it extending into the future.

所以，我們姑且認為這項工作目前正在進行中，而白銀價格也充分印證了這一點。所以我們現在正在做這項工作，我們認為這項工作將延續到未來。

Yeah. I'll just -- what Bill said, George, to look at the opportunity set that at Puna has really come through a lot of hard work by the guys over a sort of extended period here. And if you sort of wanted to prioritize it as sort of Chinchillas, Molina, Cortaderas, and that's how we sort of see it sequencing out.

是的。我只想說——就像比爾說的那樣，喬治，看看普納的機會，這真的是這裡的伙計們長期以來辛勤努力的結果。如果你想按優先順序排序，例如 Chinchillas、Molina、Cortaderas，這就是我們看到的排序方式。

Silver price obviously is very helpful in that regard as we look forward and look at those opportunities. But all in all, I think the future is pretty bright for Puna. We've just got to finish some of the work, particularly around Molina and Cortaderas.

顯然，銀價在這方面對我們展望未來、尋找機會非常有幫助。但總的來說，我認為普納的未來一片光明。我們還需要完成一些工作，特別是莫利納和科爾塔德拉斯附近的工作。

Yeah. No, sounds good. All right. Thanks, gents.

是的。好的，沒問題。好的。謝謝各位。

Cosmos Chiu, CIBC.

Cosmos Chiu，加拿大帝國商業銀行。

Hi. Thanks, Rod and team. Great to see the new TRS at Hod Maden. Maybe, Rod, can I ask, is there any kind of timeline that we can expect in terms of SSR Mining coming to a construction decision? And if you can't give us a timeline, could you maybe talk about the different factors that you will consider before making such a decision?

你好。謝謝Rod和他的團隊。很高興看到Hod Maden的新TRS。羅德，我可以問一下，SSR Mining 做出建設決定方面，我們能期待一個大致的時間表嗎？如果您無法給出時間表，能否談談您在做出決定之前會考慮哪些因素？

Hey, Cosmos, it is a great tech report. It certainly outlined a terrific project for all the joint venture partners that are involved. So what's going on at side right now, the work on the ground still continues. So it's not like we've got pens down, and we're waiting for approvals. It's the efforts on the ground for the early earthworks some of the creek diversions the civil works, the road access tunnels, and others is underway and ongoing.

嘿，Cosmos，這是一份很棒的科技報告。它無疑為所有參與的合資夥伴描繪了一個絕佳的項目藍圖。所以現在的情況是，現場工作仍在繼續。所以，這並不是說我們已經開始動筆，然後等著審批。目前，地面上的早期土方工程、一些溪流改道工程、民用工程、道路隧道等工作正在進行中。

So that work hasn't stopped post the publication of the tech report, we're now just going through the sort of review processes with our partners and once that come will have a project decision. So I'm not going to set out a timeline on behalf of everyone. But clearly, we're maintaining some progress on the ground there as well. So don't think of it as like a pins down, then we'll pick them back up. We are maintaining some of that momentum.

所以，技術報告發布後，這項工作並沒有停止，我們現在只是在和合作夥伴一起進行審查流程，一旦完成，就會做出專案決定。所以我不會代表大家來訂定時間表。但很顯然，我們在那裡也取得了一些進展。所以不要把它想成是把針扎倒，然後我們再把它們撿起來。我們正在保持這種勢頭。

Understood. Maybe going to Puna a little bit here. I noticed that the guidance to 6.25 million to 7 million ounces, slightly lower than 7 million to 8 million ounces that you highlighted back in the August 2025 study for 2026. Could you maybe talk a little bit about that?

明白了。或許可以去普納（Puna）玩一小會兒。我注意到，指導值為 625 萬至 700 萬盎司，略低於您在 2025 年 8 月對 2026 年的研究報告中強調的 700 萬至 800 萬盎司。您能否就此稍作談談？

Yeah, I'll pass that one on to Bill.

好的，我會把這件事轉告比爾。

Just -- the period timeline for the work that we're completing was it?

就是——我們正在完成的工作的期限是多久？

Yeah.

是的。

[0.25 versus late] that we had talked about.

我們之前討論過的 [0.25 與遲到]。

Yeah. So the 6.25 million to 7 million as we're talking is our guidance range. You wanted an update against that, sorry, because I missed --

是的。所以，我們所說的 625 萬到 700 萬美元就是我們的預期範圍。您想要一份關於此事的最新進展報告，抱歉，因為我錯過了。--

So the August 2025, your Q3 2025 update, you has said 2026 silver production at Puna will be between 7 million and 8 million ounces.

因此，在 2025 年 8 月，也就是你們的 2025 年第三季更新中，你們提到 Puna 2026 年的白銀產量將在 700 萬至 800 萬盎司之間。

Yeah, all right. I see. Got it. Yeah, so obviously, with the work we're doing at the moment, and we're continuing to do -- there's more phasing work happening with additional mining happening at Chinchillas. The timing of ounces has changed in saying that we have -- we're looking at a further depth of the production levels staying at a higher level for longer.

好的。我懂了。知道了。是的，很顯然，就我們目前正在進行的工作以及我們將繼續進行的工作而言——在金奇拉斯還有更多的分階段採礦工作正在進行中。盎司的出現時間已經發生了變化，也就是說，我們看到產量水平進一步下降，並在更高的水平上維持更長時間。

So in other words, we saw it dropping off quicker it's come down, as you know, but we're looking at it going, maintaining a higher level for longer. We look forward to updating that as we complete some of this work going forward in future. But it has all stepped down for the year ahead, but it's going to continue for longer. That would be the best way of terming it.

換句話說，正如你所知，我們看到它下降得更快，但我們正在觀察它是否會在更長時間內保持較高的水平。我們期待在未來完成部分工作後更新相關資訊。但所有這些活動在未來一年都將暫停，但這種情況將持續更久。這樣描述最為貼切。

Okay. So it's a timing thing. We should take those ounces that are not produced in 2026, put into 2027 or 2028?

好的。所以這是一個時機問題。我們應該把2026年未生產的那些盎司石油轉移到2027年或2028年生產嗎？

It will be, yeah. It will be better.

是的，會的。情況會好轉的。

Perfect. And at Marigold -- sorry, going back to Marigold here. Could you maybe explain to me durable versus nondurable ore and blending? I'm not fully appreciating the sort of the technical aspects behind it.it.

完美的。還有萬壽菊——抱歉，我又回到萬壽菊了。您能否為我解釋一下耐用礦石和非耐用礦石以及混合的概念？我還沒有完全理解它背後的技術原理。

So to put it into a simple manner, depending on the fines content and how -- and then the height of the heat, it creates compression on the material. So the effectiveness of the solution transfer can be impacted. So if we go back in time for those that have a long history with Marigold, we've had -- we were challenged in late '22, early '23, where we had a -- where we ended up with our heat became bound up. So in other words, a lot of good work has happened to understand that ore body better. And so with that, we now have implemented different land requirements of what can be mixed with what and then that changes the schedule of how we bring different parts of the ore body together to ensure optimum blending and optimum recovery from the [heat]. Does that answer that sort of in simple terms?

簡單來說，根據細粉的含量和含量，以及加熱溫度，會對材料產生壓縮作用。因此，解決方案轉移的有效性可能會受到影響。所以，如果我們回顧一下與萬壽菊有著悠久歷史的人，我們會發現——我們在 2022 年末、2023 年初遇到了挑戰，當時——我們的熱源被困住了。換句話說，為了更了解礦體，已經做了很多卓有成效的工作。因此，我們現在實施了不同的土地要求，規定了哪些礦石可以混合，這改變了我們將礦體不同部分集中在一起的計劃，以確保最佳混合和最佳回收率。[熱]。這樣能用簡單的語言回答這個問題嗎？

Yeah. I think I got it now. When you mentioned fine, I think I remember that now. So great. And maybe one last question. I see that you're still using fairly conservative numbers for your MR estimate, $1,700 an ounce for reserves at Marigold.

是的。我想我明白了。你剛才提到「很好」的時候，我想我現在想起來了。太棒了。或許還有一個問題。我注意到你對黃金儲備的估算仍然相當保守，Marigold 礦區的儲量為每盎司 1700 美元。

So I guess my question is, I don't know how much you can answer, Rod, but what would a higher gold price assumption due to what you can do at the ore body. It sounds like you're considering it because you're talking about not sterilizing some of the certain parts in the ore bodies or you're leaving that optionality open. And so to the point that you can share with us what is the higher gold price assumption mean. And could that be incorporated into this new sort of technical report that could come out in 12 to 18 months' time.

所以我想問的是，羅德，我不知道你能回答多少，但是考慮到礦體上的開採活動，金價上漲的假設是什麼？聽起來你正在考慮這個問題，因為你提到了不對礦體中的某些特定部分進行消毒，或者你保留了這種選擇權。所以，您能否和我們分享一下，更高的黃金價格假設意味著什麼？能否將這些內容納入 12 到 18 個月後可能發布的新型技術報告中？

And you talked about Buffalo Valley and also New Millennium. Could those be part of that new study coming out as you well?

你還談到了布法羅谷和新千年。這些會不會也是即將發布的那項新研究的一部分？

Yeah, that's why, Cosmos, look, I think across the portfolio, we took a view for this year at least that given the profile that we already presented ourselves and some of these other growth opportunities that we have, we'll park any decisions on increasing the gold price kind of lowering the cutoff grade, et cetera, and maintain the margins. But we really didn't see anything necessary to do that work.

是的，這就是為什麼，Cosmos，你看，我認為就我們今年的投資組合而言，鑑於我們已經展現出的形像以及我們擁有的其他一些增長機會，我們將擱置任何關於提高黃金價格、降低最低品級等的決定，並保持利潤率。但我們真的沒覺得有必要做那件工作。

We do have a lot of growth studies, exclusive of gold price that are in front of us that we're looking at. And that's really the key focus at the moment to complete that technical work.

我們正在研究許多成長研究報告，其中不包括黃金價格。而這正是目前工作的重點，即完成這項技術工作。

So ultimately, we can start to include those into the technical reports for the future. And then obviously, we can come back to the gold price question about looking at where how sensitive some of the operations are for gold price increases as well.

因此，最終我們可以開始將這些內容納入未來的技術報告中。然後，很顯然，我們還可以回到黃金價格的問題上，看看哪些業務對黃金價格上漲的敏感度如何。

So that really was this year. We just got so much other work going on. We just wanted to complete that and then come back to come back to later on.

這就是今年的全部內容了。我們手頭上還有太多其他工作要做。我們只想先把那件事做完，然後再回來繼續做下去。

And then would that coincide with your timeline, say at Marigold because as you say, you're going to come up with a new technical study in Marigold in 12 to 18 months, could this sort of reevaluation of the gold price coincide with that timeline as well?

那麼，這是否與您的時間表相符呢？例如在萬壽菊（Marigold）專案上，因為正如您所說，您將在 12 到 18 個月內推出一項新的萬壽菊技術研究，那麼這種對黃金價格的重新評估是否也能與該時間表相吻合呢？

Correct. Yeah, good. And particularly New Millennium and some of those other targets as well.

正確的。好的。尤其是新千年以及其他一些目標。

Great, thanks, Rod and Bill and everyone else. Those are all the questions I have. Thank you.

太好了，謝謝羅德、比爾以及其他所有人。這就是我所有的問題了。謝謝。

Ovais Habib, Scotiabank.

Ovais Habib，加拿大豐業銀行。

Hi, Rod and SSR team, congrats on a good quarter, especially at Puna and 16V. A couple of questions from me. And just again, going back to Marigold following up on the previous caller's questions, the fine that Marigold looks like blending is working. And I mean, is this issue now behind us, or are we still expecting to see this issue linger into Q1?

嗨，Rod 和 SSR 團隊，恭喜你們本季取得好成績，尤其是在 Puna 和 16V 的出色表現。我有幾個問題。再說一遍，回到 Marigold 對上一位來電者問題的後續提問，Marigold 看起來正在努力融合的技巧似乎奏效了。我的意思是，這個問題現在已經過去了嗎？還是我們仍然預計這個問題會持續到第一季？

No. In terms of the look forward -- I got this one, Bill. In terms of the look forward for the surveys, it's pretty simple. We're going to have areas where we will encounter finds in the future. It's throughout the ore body.

不。至於未來展望——我明白了，比爾。至於調查的展望，其實很簡單。未來我們會在一些區域發現文物。它遍布整個礦體。

And as Bill said, since '22, we did a lot of work drilling et cetera, to understand at a greater level of detail, some of those pockets where the final existed. And so that's all been incorporated to the future mine plans to allow for that blending of what we call in durable and nondurable. You'll hear us say that as well in the future.

正如比爾所說，自 2022 年以來，我們做了很多鑽探等工作，以便更詳細地了解最終存在的那些礦脈。因此，所有這些都被納入了未來的礦山計劃中，以便將我們所說的耐用和非耐用材料混合在一起。將來你們還會聽到我們這麼說。

So it informs the scheduling to ensure that we have the appropriate blend. So we get the right outcomes on the heap leach pads in the future. So it hasn't -- it's not a one-off. It's going to be a future feature for Marigold, and all of the work we've been doing is really just in preparation to handle that, which has been terrific work actually.

因此，它可以為配比安排提供信息，以確保我們擁有合適的配比。這樣我們以後就能在堆浸墊上取得正確的結果。所以並非如此——這不是個案。這將是 Marigold 未來的一個特色功能，我們所做的一切工作實際上都是為了應對這個功能而做的準備，而這些準備工作實際上非常棒。

And as I said to -- I think George was asking about we'll have a new tech report, which will outline all of those requirements in the future as well as some of these other growth opportunities.

正如我之前所說——我想喬治問的是，我們將有一份新的技術報告，其中將概述未來所有這些需求以及其他一些成長機會。

Got it. And just again, I think there's a follow-up question on Puna as well. I mean, drilling has been pretty successful at Cortaderas. Don't believe this deposit has been included in Puna's mine life extension. Rod, are you looking to release any sort of a new mine plan for Puna in the near term, including Cortaderas as well as Chinchillas?

知道了。另外，我認為關於普納還有一個後續問題。我的意思是，科爾塔德拉斯的鑽探工作相當成功。不要相信這個礦藏已被納入普納礦山延壽計畫。Rod，你近期是否有計劃公佈普納地區的新礦山開發計劃，包括 Cortaderas 和 Chinchillas 礦？

Look, I think what we'll probably see at Puna basin don't hold me to it because it depends on the work. But I think we'll see some additions to the mine life just through some of the extensions that we're going to go into encounter Chinchillas and potentially in Molina.

你看，我認為我們在普納盆地可能看到的情況並不能完全保證我的判斷，因為這取決於具體的工作。但我認為，透過一些我們將要進行的擴展，我們將在礦場生活中看到一些變化，例如遇到龍貓，甚至可能在莫利納。

As they start to -- the drilling programs there and also upper Cortaderas continuing some of the technical work behind those that drill program concludes, then we may consider doing a new tech report into the future. But I think at the moment, the guys have done a terrifically good job at already establishing a longer life at Puna. We see the potential for more of that. And then hopefully, in the longer-dated near term having -- sorry, in the near term for the longer-dated future, some of these other larger opportunities playing our feature into Puna well into the future.

隨著那裡的鑽探計劃以及上科塔德拉斯地區繼續進行一些技術工作，當這些鑽探計劃結束後，我們可能會考慮在未來編寫一份新的技術報告。但我認為目前為止，他們已經為延長普納的使用壽命做出了非常出色的貢獻。我們看到了這種可能性，而且這種可能性還會更大。然後，希望在較長的近期內——抱歉，是較長的未來，這些其他更大的機會能夠讓我們的特色在未來很長一段時間內融入普納。

So it's a pretty exciting where we've come from. If you think back, it wasn't that long ago that folks were thinking about Puna as a depleting asset that was coming towards the end of his life. And I think what we're finding there through the efforts is quite contrary to it.

所以，我們一路走來，真是令人興奮。回想一下，不久之前，人們還認為普納是一個逐漸失去價值的球員，他的生命即將走到盡頭。但我認為，我們透過這些努力發現的結果與此恰恰相反。

Excellent. Thanks of that. And then just moving on to CC&V, which has been a real success for SSR. Currently, I mean, the project has around 4.8 million ounces in M&I. Now, you already have a 12-year mine life at CC&V, but what's the plan there to accelerate these ounces into the mine plan and improve the production profile of CC&V? Is this just the permits? Is it more infrastructure that needs to be allocated? Any sort of color there?

出色的。謝謝。然後繼續推進 CC&V，這對 SSR 來說是一個非常成功的專案。目前，我的意思是，該項目在礦產和工業方面約有 480 萬盎司黃金儲量。CC&V金礦的開採壽命已經達到12年，但是有什麼計劃可以加快將這些黃金投入開採計劃，並改善CC&V金礦的生產狀況呢？這只是許可證嗎？是否需要投入更多基礎建設？那裡有顏色嗎？

It's pretty linear from what we can tell at the moment, Ovais. The mine extension is obviously predicated on the success of the amendment for approval. That amendment for that approval allows us to continue with the pad expansions. That is already well sequenced out over sort of the next 5 to 10 years. So that's really the first sort of stage of growth, if you like, on the current reserves as you point out.

奧瓦伊斯，就我們目前所見，情況相當線性。礦山擴建顯然取決於修正案能否獲得批准。此批准修正案允許我們繼續進行墊層擴建。未來 5 到 10 年的各項計劃已經安排得井井有條。所以，正如你所指出的，這實際上是現有儲備成長的第一個階段。

Is there opportunities to optimize and do things? I mean, that's our job is to try to trying to do that. But I wouldn't -- similar to Marigold, Cripple Creek has durable, nondurable or as well, and it's really important to stay in sequence with that asset base not to put a risk the future. So we'll try. But look, I think it's fairly well set out.

是否有優化和改進的機會？我的意思是，我們的工作就是盡力做到這一點。但我不會——與 Marigold 類似，Cripple Creek 也有耐用品、非耐用品等等，保持資產基礎的順序非常重要，以免為未來帶來風險。所以我們會試試看。但是，我覺得它的安排相當不錯。

And then beyond it, obviously, we'll look at the opportunities for conversion of the 7 million-odd ounces of resources that we also have available, which would require then another expansion permit for that regards as well.

此外，顯然我們還會考慮如何轉換我們現有的 700 多萬盎司資源，而這方面也需要另一個擴建許可證。

So look, I think the asset itself has done remarkably well since we acquired it. We're very proud of the efforts that have gone on down there and proud of the team, and they're now part of SSR and they deserve a standing ovation because I think it's been a terrific integration into the portfolio. Now, our job is to optimize and to extend that asset well into the future and really demonstrate its strength in the portfolio. So we're pretty excited to have it.

所以你看，我認為自從我們收購以來，這項資產本身的表現非常出色。我們為他們在那裡付出的努力和團隊感到非常自豪，他們現在是 SSR 的一部分，他們值得起立鼓掌，因為我認為這是對他們融入產品組合的絕妙的致敬。現在，我們的工作是優化並延長該資產的使用壽命，使其在未來得以充分發揮，並在投資組合中真正展現其優勢。所以我們很高興能擁有它。

Thanks. And just my last question then on Çöpler, Rod. I mean, any sort of progress there that we can kind of put our finger on or any sort of updates that you're looking to provide in the term future on Çöpler? Any sort of discussions going ongoing that you can talk about?

謝謝。羅德，關於 øpler，我最後一個問題。我的意思是，關於 øöpler，我們能否指出一些進展，或者在未來一段時間內是否有任何更新計劃？有什麼正在進行的討論可以分享嗎？

Yeah. Look, I think that's right, Ovais, so discussions are ongoing. So in terms of like activities, there really was nothing to note since the last quarter. I mean, the activities at the site, as Michael sort of mentioned in his financial discussions, had sort of wound down in terms of material movements and site rehabilitation what we're waiting for the final approvals for the storage facility and pad closure. The guys are obviously still very busy in that in regards of care and maintenance of the activities around the plant, in particular, to maintain integrity for a start-up, but that's really been the sort of key focus on the ground at site.

是的。我覺得你說得對，奧瓦伊斯，所以討論仍在進行中。所以就類似活動而言，自上個季度以來真的沒有什麼值得注意的。我的意思是，正如邁克爾在財務討論中提到的那樣，該地點的活動，就材料運輸和場地修復而言，已經逐漸停止，我們正在等待存儲設施和墊層關閉的最終批准。很明顯，工作人員仍然非常忙於工廠周圍各項活動的維護和保養，特別是要保持新創企業的完整性，但這確實是現場工作的重點。

And then obviously, as you note, we continue to progress the various discussions with different parts of the government and government authorities. So it's just ongoing at this stage.

然後，正如你所指出的，我們顯然也在繼續與政府的不同部門和政府機構進行各種討論。所以目前還在進行中。

Okay. Thanks for that, Rod, and that's it for my questions.

好的。謝謝你，羅德，我的問題就這些了。

Don DeMarco, National Bank.

唐‧德馬科，國家銀行。

Hi. Thank you, operator, and hi, Rod and team. Congratulations on the quarter. A lot of my questions have already been answered. But Rod, I'll start off with this. had and can just continue on as we're looking forward to this formal construction decision. And I see that in the interim, you're looking at maybe spend on the order of about $15 million per month. Should we pencil that into our model like beginning as of January 1, I think, or should we wait until a construction decision? In other words, are you kind of getting ahead of yourselves a little bit here with some of that spending before the formal decision is made.

你好。謝謝接線員，也向 Rod 和團隊問好。恭喜你本季取得佳績。我的很多問題都已經得到了解答。但是羅德，我先從這個說起。我們已經準備好繼續推進，並期待正式的施工決定。我看到，在此期間，你們每月可能需要花費約 1500 萬美元。我認為我們應該把這一點從 1 月 1 日開始納入我們的模型，還是應該等到施工決定後再做決定？換句話說，在正式決定做出之前，你們是不是有點操之過急，而且過早地進行了一些支出？

No. Look, a lot of that spending was already committed, Don. On the early site works that I mentioned before, the tunneling is ongoing. We actually just had John shared actually before this meeting, the first blast of the tunnel, which is terrific for that site access tunnels, a lot of the civil works around that Creek diversion, et cetera, are all ongoing. So that was work already in progress, and that's what I was sort of saying before.

不。唐，你看，很多支出都已經預訂好了。在我之前提到的早期場地工程中，隧道挖掘工作正在進行中。實際上，就在這次會議之前，約翰剛剛分享了隧道第一次爆破的情況，這對該工地通道隧道來說非常棒，圍繞小溪改道等的許多土木工程都在進行中。所以這項工作已經在進行中了，這也是我之前想說的。

I think while we're waiting for the decision, we're still very busy at side. The team is very busy on side in getting the site prepare and then we know, obviously, once a construction decision gets going. We're well prepared to execute contracts and get moving on the bigger build as well.

我認為，在我們等待決定的同時，我們這邊仍然非常忙碌。團隊這邊非常忙，正在準備場地，然後我們就知道，一旦做出施工決定，情況就會如何了。我們已做好充分準備，可以執行合約並啟動更大的建設項目。

So it's -- I think that's fair to use that sort of number. And then obviously, we'll do a -- we'll update the guidance once we tally up what the actual cash out the door will be for the capital for the construction during 2026.

所以——我認為使用這種數字是合理的。然後，很顯然，一旦我們統計出 2026 年建設資金的實際支出金額，我們將更新指導意見。

Okay. That's helpful. And just my final question then, shifting to Marigold. So I see that there has been a sizable increase in sustaining CapEx in '26. And of course, the print details that there's some fleet replacements. Of course, there's the plant upgrades. So is this sort of this spend to be one-time in '26, or should we also be modeling maybe a little bit higher CapEx going forward in the next '27, '28 years?

好的。那很有幫助。最後一個問題，關於萬壽菊。所以我看到，2026 年的維持性資本支出大幅增加。當然，印刷品上也詳細說明了一些車隊更換事宜。當然，還有工廠升等改造。那麼，這種支出是 2026 年的一次性支出，還是我們也應該預測未來 2027 年、2028 年的資本支出可能會略有增加？

Yeah. Look, I'll answer and then Bill can jump in, if you like, as well.

是的。好的，我先回答，如果你願意的話，比爾也可以加入。

I think we do what we always do when we look at our fleet and our mine plans in the long-term exercises around total cost of ownership. Fleets obviously have a useful life arm and particularly parts and maintenance and major component rebuilds. We completed that work for Marigold last year, and what I determined was, in some cases, that it was wise for us from a value perspective to do that work in 2026. So that's really what you're seeing there. So it's normal course.

我認為，我們在審視我們的船隊和礦山計劃時，會像往常一樣，在長期評估總擁有成本時採取相同的做法。艦隊顯然擁有重要的生命保障，特別是零件、維護和主要部件的重建。我們去年完成了 Marigold 的這項工作，而我最終確定的是，從價值的角度來看，在某些情況下，在 2026 年完成這項工作對我們來說是明智的。所以，你看到的其實就是這些。這是正常情況。

In some cases, some of them might have been accelerated by a year or two and some of that fleet replacement might have changed as well, but it's really just sort of an exercise in value for the fleet of understanding the optimized approach to that replacement.

在某些情況下，其中一些可能會提前一兩年，一些車隊更換計劃也可能會發生變化，但這實際上只是了解車隊更換的最佳方法所帶來的價值練習。

But nothing out of the ordinary, Bill?

比爾，一切正常嗎？

No, that's correct, Rod. And a lot of work looking at what the optimum timing is for value. So some things are a little bit earlier than they originally planned, but that's because it gives very positive financial return to the business. That's why we're doing it.

沒錯，羅德。還需要做大量工作來研究實現價值的最佳時機。所以有些事情比他們最初計劃的要提前一些，但這是因為這些事情能為企業帶來非常正面的財務回報。這就是我們這麼做的原因。

Okay, gentlemen, well, thanks. That's all for me, and thanks again for taking my question. Good luck with the quarter and the year. Appreciate it.

好的，先生們，謝謝。我的問題就這些了，再次感謝您回答我的問題。祝你本季和全年一切順利。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。