SSR Mining Inc. (SSRM) 2026 Q1 法說會逐字稿

Hello, everyone, and welcome to SSR Mining's first quarter 2026 conference call. This call is being recorded.

各位好，歡迎參加 SSR Mining 2026 年第一季電話會議。本次會議將被錄音。

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.

此刻，為了開場致詞與介紹，我想把電話交給 SSR Mining 的 Alex Hunchak。請開始。

Thank you, operator, and hello, everyone. Thank you for joining today's conference call to discuss SSR Mining's first quarter 2026 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，各位好。感謝各位參加今天的電話會議，討論 SSR Mining 2026 年第一季財務業績。我們的合併財務報表係依照美國一般公認會計原則（US GAAP）編製。這些財務報表已提交至 EDGAR 與 SEDAR，也可在我們的網站上取得。

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

本次電話會議搭配線上網路直播，您可在今天下午的新聞稿以及我們的公司網站上找到收看直播的資訊。請注意，除非另有說明，本次會議中討論的所有數字均以美元計價。

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，請閱讀相關文件中的揭露事項。此外，我們在討論及隨附簡報中會提及非 GAAP 財務衡量指標。關於可對應的 GAAP 衡量指標資訊，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.

今天的電話會議由執行董事長 Rod Antal 主持，並將與財務長 Michael Sparks 以及營運與永續發展執行副總裁 Bill MacNevin 一同出席。

I will now turn the line over to Rod.

我現在把電話交給 Rod。

Great. Thank you, Alex, and good afternoon to you all. It's been a strong and productive start to the year, and I'm proud of the outstanding work delivered across the company in the recent months.

很好。謝謝你，Alex，各位下午好。今年開局強勁且富有成效，我為公司近幾個月在各方面交出的卓越成果感到自豪。

Most notably, in March, we announced in advance a definitive agreement to sell our interest in the Copler mine for $1.5 billion in cash. This transaction is progressing well, and we expect it to close before the end of the third quarter of 2026. The divestment of Copler provides a strategic repositioning for SSR Mining as a focused Americas-based gold and silver producer with a clear emphasis on free cash flow generation.

最值得一提的是，我們在 3 月提前宣布已簽署具約束力的最終協議，以 15 億美元現金出售我們在 Copler 礦山的權益。該交易進展順利，我們預期將在 2026 年第三季結束前完成交割。出售 Copler 使 SSR Mining 得以進行策略性重新定位，成為以美洲為基地、專注於黃金與白銀的生產商，並明確聚焦於自由現金流的創造。

Our portfolio is now anchored by the Marigold and Cripple Creek and Victor operations, two high-quality, long-lived assets that together form the third largest gold production platform in the United States. Both operations offer meaningful runway for future growth and mine life extensions. Operationally, it was a solid quarter with our results tracking well against our internal plans and full-year guidance.

我們的資產組合如今以 Marigold 與 Cripple Creek and Victor（CC&V）兩座營運為核心，這兩項高品質、長壽命資產合計構成美國第三大黃金產量平台。兩座營運皆具備可觀的未來成長空間與延長礦山壽命的潛力。就營運而言，本季表現穩健，結果與我們的內部計畫及全年指引一致。

Financially, the business generated an impressive free cash flow of more than $210 million in the first quarter of the year. As a result, and following the settlement of our convertible notes at the end of March, we finished the quarter with more than $630 million in cash and 0 debt.

就財務而言，公司在今年第一季創造了超過 2.10 億美元的亮眼自由現金流。因此，在 3 月底完成可轉換公司債結算後，我們於季末持有超過 6.30 億美元現金，且零負債。

Our substantial cash position provides us with a robust balance sheet and flexibility to continue to invest in the organic growth opportunities across the portfolio and consideration for further capital returns to shareholders in the future. On that note, we completed the $300 million in share repurchases, acquiring more than 9 million shares subsequent to the quarter in April just passed.

我們充裕的現金部位使資產負債表更為強健，並提供彈性，讓我們能持續投資於資產組合中的內生成長機會，並在未來考量進一步回饋股東資本。就此而言，我們已完成 3.00 億美元的庫藏股回購，並在剛過去的 4 月於季後額外回購超過 900 萬股。

Since 2021, we have repurchased over 29 million shares at an average price of $21 per share, underscoring our disciplined capital allocation strategy and delivering meaningful per share value accretion to our shareholders.

自 2021 年以來，我們已回購超過 2,900 萬股，平均回購價格為每股 21 美元，凸顯我們嚴謹的資本配置策略，並為股東帶來顯著的每股價值增厚。

I'm sure you will agree that after a busy and successful first quarter, we have created a very strong position for SSR moving forward. We expect our low-risk Americas-focused platform and track record of disciplined capital allocation will position SSR Mining as an attractive vehicle for investors seeking exposure both to gold and silver in the Americas.

我相信各位會同意，在忙碌且成功的第一季之後，我們已為 SSR 未來發展奠定非常強勁的基礎。我們預期，低風險、聚焦美洲的平台，以及嚴謹資本配置的良好紀錄，將使 SSR Mining 成為投資人尋求投資美洲黃金與白銀曝險的具吸引力工具。

Before I move on to the next slide, I want to highlight some of the catalysts ahead for our business. First, we expect to provide an updated Life of Mine plan for Marigold in the coming 12 months, incorporating growth opportunities like Buffalo Valley as we push to optimize and extend mine life at Marigold.

在我進入下一張投影片之前，我想強調幾項未來的業務催化劑。首先，我們預期在未來 12 個月內提供 Marigold 更新的礦山全壽命（Life of Mine）計畫，納入如 Buffalo Valley 等成長機會，以推動 Marigold 的最佳化並延長礦山壽命。

Next, we are continuing to advance various brownfield growth opportunities across the business, including both Puna and Seabee and Bill is going to speak more on these in the coming slides. Further, we anticipate providing an update on our strategic review of Hot Maden in the coming months.

其次，我們持續推進公司各項棕地成長機會，包括 Puna 與 Seabee，Bill 將在接下來的投影片中進一步說明。此外，我們預期在未來幾個月就 Hot Maden 的策略性檢討提供最新進展。

Lastly, as noted, we expect the Copler transaction to close before the end of the third quarter, which will add a further $1.5 billion in cash to our balance sheet. These catalysts in and of themselves present an opportunity to create additional value for our shareholders and will be further bolstered by the ongoing free cash flow from our Americas operations.

最後，如前所述，我們預期 Copler 交易將在第三季結束前完成，屆時將為資產負債表再增加 15 億美元現金。這些催化劑本身即提供為股東創造額外價值的機會，並將進一步受惠於我們美洲營運持續產生的自由現金流。

Let's move on to Slide 4 and talk more about our track record of value creation. The figures on this slide illustrate a powerful picture of discipline and value creation. Over the past few years, we have clearly demonstrated a track record of value creation in per share metrics, capital returns and M&A. I've spoken to our commitment to capital returns and particularly share buybacks, but separately, we also have a clear track record of value-accretive M&A. This was most recently illustrated by the remarkable returns being generated from the acquisition of Cripple Creek and Victor in 2025.

我們來到第 4 張投影片，進一步談談我們創造價值的往績。此投影片上的數據清楚呈現了紀律與價值創造的強大成果。過去幾年，我們在每股指標、資本回饋與併購（M&A）方面，已明確展現創造價值的紀錄。我已談到我們對資本回饋、尤其是股票回購的承諾；此外，我們也有明確的增值型併購往績。最近的例子是 2025 年收購 Cripple Creek and Victor 所帶來的卓越報酬。

This is further supported across the portfolio where we have consistently demonstrated our ability to add value through mine life extensions and optimizations.

此外，在整體資產組合中，我們也持續展現透過延長礦山壽命與最佳化來提升價值的能力。

These successes, combined with a supportive gold price environment have driven a more than 300% increase in our consolidated consensus net asset value per share since 2024 and a better than 400% increase in consensus cash flow per share over the same period, a fantastic outcome that differentiates SSR amongst its peers.

這些成功，加上有利的金價環境，推動我們自 2024 年以來合併共識每股淨資產價值提升超過 300%，同期間共識每股現金流也增加超過 400%。這是極佳的成果，使 SSR 在同業中脫穎而出。

I'm going to turn over to Michael on Slide 5 to discuss the quarterly results.

我將把電話交給 Michael，請他在第 5 張投影片說明本季業績。

Thank you, Rod, and good afternoon, everyone. In the first quarter, we produced 110,000 gold equivalent ounces at all-in sustaining costs of $2,433 per ounce, well aligned with our expectations. As highlighted in our guidance release, we continue to expect 55% to 60% of full-year production in the second half with higher sustaining capital spend in the second and third quarters. Bill will speak in more depth about each operation in the coming slides, but I wanted to call out two notable milestones from the Q1 results.

謝謝你，Rod，各位下午好。第一季我們生產 110,000 盎司黃金當量，綜合維持成本（AISC）為每盎司 2,433 美元，與我們的預期相當一致。如同我們在指引新聞稿中所強調的，我們仍預期全年產量的 55% 至 60% 將落在下半年，且第二與第三季的維持性資本支出將較高。Bill 將在接下來的投影片中更深入說明各項營運，但我想先點出第一季結果中的兩項重要里程碑。

First, Puna delivered more than $120 million in site level free cash flow in the quarter, an excellent result that reinforces Puna's position as one of the highest margin primary silver mines globally. We are excited about the opportunities for meaningful mine life extensions in Argentina and are advancing these programs through 2026.

第一，Puna 本季在礦區層級創造超過 1.20 億美元自由現金流，這是非常出色的成果，進一步鞏固 Puna 作為全球最高毛利的主要白銀礦之一的地位。我們對阿根廷具備顯著延長礦山壽命的機會感到振奮，並將在 2026 年持續推進這些計畫。

Second, following another strong quarter from CC&V, the operation has now generated approximately $325 million in mine site free cash flow since its acquisition in 2025. This is a phenomenal result given the $275 million acquisition cost and the long mine life ahead for the operation. Overall, a strong and solid start to the year operationally, and we look forward to building on this momentum through the rest of the year.

第二，CC&V 再度交出強勁一季後，該營運自 2025 年收購以來已累計創造約 3.25 億美元的礦區自由現金流。考量收購成本為 2.75 億美元，且該營運仍有長期礦山壽命，這是極為亮眼的成果。整體而言，今年在營運面有一個強勁且穩健的開局，我們期待在今年剩餘時間延續並擴大這股動能。

Now let's move to Slide 6 for a brief review of our financial results. Our solid operational results translated into strong first quarter financials, including nearly $600 million in revenue from 113,000 ounces of gold equivalent sales. With the sale of our ownership in Copler announced in March, the asset is now classified as a discontinued operation in our financial reporting. The results from discontinued operations largely reflect a onetime non-cash adjustment to fair book value on the announcement of the sale of Copler.

現在我們來到第 6 張投影片，簡要回顧財務結果。穩健的營運表現轉化為第一季強勁財務成果，包括以 113,000 盎司黃金當量銷售量帶來近 6.00 億美元營收。由於我們在 3 月宣布出售 Copler 的持股，該資產目前在財務報導中分類為停業單位。停業單位的結果主要反映在宣布出售 Copler 時，對公允帳面價值所做的一次性非現金調整。

Looking at the rest of the business, net income from continuing operations in the first quarter of 2026 was $1.16 per diluted share, while adjusted net income per diluted share was $1.15. Free cash flow from continuing operations in the quarter was $211 million. This strong free cash flow increased our cash position to $634 million at the end of Q1, inclusive of the $87.5 million contingent payment made to Newmont during the quarter as part of the CC&V transaction.

就其餘業務而言，2026 年第一季持續營業單位的淨利為每股稀釋後 1.16 美元，而調整後每股稀釋後淨利為 1.15 美元。本季持續營業單位的自由現金流為 2.11 億美元。這股強勁自由現金流使我們在第一季末的現金部位提升至 6.34 億美元，其中包含本季依 CC&V 交易條款支付給 Newmont 的 8,750 萬美元或有款項。

Also during the quarter, we fully redeemed our outstanding convertible notes, leaving the balance sheet debt-free at the end of March and with total liquidity of $1.1 billion. As Rod mentioned, subsequent to quarter end, we completed $300 million of share repurchases under our buyback program, reflecting our continued commitment to shareholder returns.

此外，本季我們已全數贖回尚未償還的可轉換公司債，使資產負債表在 3 月底達到零負債，總流動性達 11 億美元。如 Rod 所提及，我們在季後依回購計畫完成 3.00 億美元的股票回購，展現我們持續致力於回饋股東的承諾。

Looking ahead, we expect our ongoing free cash flow, combined with proceeds from the sale of Copler before the end of the third quarter of 2026, will further strengthen the balance sheet and enhance our ability to continue to allocate capital with discipline while prioritizing high-return growth opportunities and long-term value creation.

展望未來，我們預期持續的自由現金流，加上預計於2026年第三季末前完成Copler出售所取得的款項，將進一步強化資產負債表，並提升我們在優先布局高報酬成長機會與長期價值創造的同時，持續以紀律方式進行資本配置的能力。

Before turning the call over to Bill, I'll briefly touch on global cost pressures with a focus on fuel. At Marigold and CC&V, nearly 70% of our diesel exposure is currently mitigated through 0 cost collars executed in late 2025, which extends through the end of 2026. At Seabee, diesel is secured through annual winter road deliveries and at Puna, we are not currently seeing meaningful impact given domestic supply conditions.

在把電話交給Bill之前，我先簡要談談全球成本壓力，重點聚焦燃料。在Marigold與CC&V，我們目前近70%的柴油曝險已透過於2025年底執行的零成本領口策略（0 cost collars）加以對沖，並延伸至2026年底。在Seabee，柴油透過每年冬季道路運輸的年度交付來確保供應；而在Puna，鑑於國內供應條件，我們目前尚未看到顯著影響。

As a guide for the remainder of 2026, for every $10 per barrel increase in oil prices, it translates to approximately $7 to $10 per ounce increase in our consolidated AISC. We will continue to monitor fuel markets closely as we continue to maintain a disciplined focus on cost control and operation efficiency across the portfolio.

作為2026年剩餘期間的指引，油價每上漲10美元/桶，約相當於我們合併AISC每盎司增加約7至10美元。我們將持續密切監測燃料市場，同時在整體資產組合中維持對成本控管與營運效率的紀律性聚焦。

Now over to Bill on Slide 7.

接下來請Bill說明第7頁。

Thanks, Michael. I'll first start with EHSS. Getting our people home safe and healthy each and every day is foundational for our business. This is highlighted in one of SSR Mining's 3 core values being safety first always. This year, as part of our ongoing improvement focus, we're commencing implementation of I Care, We Care across SSR.

謝謝，Michael。我先從EHSS談起。讓我們的同仁每天都能安全、健康地回家，是我們業務的基石。這也體現在SSR Mining三大核心價值之一：永遠以安全為先。今年，作為我們持續改善重點的一部分，我們將在SSR全面啟動I Care, We Care的導入。

This is a safety leadership and culture program, prioritizing people and how we each own and take responsibility for ourselves, our workplace and our teams. I'm very encouraged by the energy and input coming through from this early work and look forward to this making a difference on both people safety and overall business performance.

這是一項安全領導與文化計畫，優先關注人員，以及我們每個人如何對自己、工作場所與團隊承擔責任並落實到位。我對這項前期工作所展現的能量與回饋感到非常鼓舞，也期待它能在同仁安全與整體營運績效兩方面帶來實質改變。

Now on to Slide 8 to start with Marigold. Marigold had a solid start to the year with production results well aligned with expectations. We continue to expect full-year production at Marigold will be 55% to 60% weighted to the second half of the year, driven largely by higher grades stacked midyear. AISC at Marigold are expected to peak in the second quarter of 2026, driven by timing of spend on fleet replacements and upgrades.

接著看第8頁，先從Marigold開始。Marigold今年開局穩健，產量表現與預期高度一致。我們仍預期Marigold全年產量將有55%至60%集中在下半年，主要由年中堆浸礦石品位較高所帶動。Marigold的AISC預計將在2026年第二季達到高峰，主要受車隊汰換與升級支出時點影響。

Full-year AISC remains on track against the original guidance range, though we are seeing cost pressures stemming largely from higher royalty costs driven by gold prices. Nearly three-fourth of our diesel fuel usage at Marigold and CCV is hedged for this year, which has helped to insulate us against the current elevated fuel prices globally. Our focus remains on equipment productivities, maintenance quality and efficiency with consumables to manage current and potential future inflationary pressures.

全年AISC仍符合原先指引區間，但我們確實看到成本壓力，主要來自金價上漲帶動的權利金成本提高。Marigold與CCV今年近四分之三的柴油用量已完成避險，有助於我們抵禦目前全球偏高的燃料價格。我們仍將聚焦於設備生產力、維修品質，以及耗材使用效率，以管理當前與未來可能的通膨壓力。

Work continues on growth initiatives across Marigold, particularly at Buffalo Valley as we work to include the project into an updated Life of Mine plan at Marigold within the next 12 months. We've also had some great results from near-mine drilling across the property, including some high-grade intercepts to DG80 target to the southwest of the current Mackay pit.

Marigold各項成長計畫持續推進，尤其是在Buffalo Valley；我們正努力在未來12個月內，將該專案納入Marigold更新後的礦山壽命（Life of Mine）計畫。我們也在礦區周邊鑽探取得一些非常好的成果，包括在現有Mackay礦坑西南方DG80目標區出現若干高品位見礦截距。

Our teams are also continuing to evaluate longer-term open pit expansions at New Millennium. These initiatives, combined with additional near-mine drilling campaigns and project evaluation work point to significant potential for mine life extensions at Marigold in the future. We're excited by what's ahead and look forward to providing more details in the new technical report.

我們的團隊也持續評估New Millennium較長期的露天礦擴張可能性。這些計畫，加上更多礦區周邊鑽探活動與專案評估工作，顯示Marigold未來具備顯著延長礦山壽命的潛力。我們對未來發展感到振奮，並期待在新的技術報告中提供更多細節。

Now on to Slide 9 for an update on CC&V. CC&V had another great quarter with better-than-expected recoveries driving strong production and delivering more than $120 million in mine site free cash flow. Since acquisition at the end of last February, CC&V has now generated $325 million in free cash flow, an excellent result that now exceeds the total transaction consideration in just 12 months.

接著看第9頁，更新CC&V的情況。CC&V再度交出亮眼的一季，回收率優於預期，帶動強勁產量，並貢獻超過1.2億美元的礦區自由現金流。自去年2月底完成收購以來，CC&V至今已產生3.25億美元自由現金流，這是一項極佳成果，僅12個月即已超過整體交易對價。

CC&V remains well on track against its full-year production and cost guidance targets with higher sustaining capital expected in the second and third quarters. We are continuing to evaluate opportunities to improve the longer-term production cost profile of CC&V through trade-off studies and potential for future mineral reserve conversion. CC&V has an exciting future ahead, and we look forward to continuing to deliver value at that operation going forward.

CC&V在全年產量與成本指引目標方面仍進展順利，且預期第二與第三季的維持性資本支出將較高。我們持續透過取捨研究（trade-off studies）以及未來礦產儲量轉換的潛力，評估改善CC&V長期生產成本結構的機會。CC&V未來前景令人期待，我們也期待持續在該營運上創造價值。

On to Slide 10 to discuss operations at Seabee. First quarter at Seabee saw our continued focus on underground development as we aim to deliver stronger grades and production in the second half of the year. Production was also impacted by extreme cold in the quarter, which caused some temporary downtime in the processing plant. ASIC reflected costs incurred with the winter road season and overall, Seabee remains on track for its full-year guidance ranges.

接著看第10頁，討論Seabee的營運。Seabee第一季持續聚焦地下開發，目標是在下半年交付更高品位與更強產量。本季也受到極端低溫影響，導致選礦廠出現一些短暫停機。AISC反映了冬季道路季節所產生的成本；整體而言，Seabee仍符合全年指引區間。

Exploration and resource development activities at both Santoy and Porky continued in the quarter with both programs targeting potential mineral reserve growth. At Santoy, near-mine drilling is focused on higher grades at depth, while our teams continue to evaluate Porky as a potential new mining front to support future mine life extension.

本季Santoy與Porky兩處的勘探與資源開發活動持續進行，兩項計畫皆以潛在礦產儲量成長為目標。在Santoy，礦區周邊鑽探聚焦於深部較高品位；同時，我們的團隊持續評估Porky作為潛在新採礦前線，以支援未來延長礦山壽命。

Now on to Puna on Slide 11. Puna continued its recent run of excellent operating results with a strong first quarter. Average daily processing plant throughput set another record. The fifth consecutive quarter Puna has delivered improvements in process plant efficiency. As planned, mining was focused on waste stripping in the quarter, and Puna remains well on track for full-year production and cost guidance.

接著看第11頁的Puna。Puna延續近期優異的營運表現，第一季表現強勁。選礦廠平均日處理量再創新高，這也是Puna連續第五季在製程廠效率上交付改善。依計畫，本季採礦重點放在剝離廢石，Puna在全年產量與成本指引方面仍進展順利。

Average realized silver prices in the first quarter of 2026 exceeded $90 per ounce, enabling Puna to deliver more than $120 million in mine site free cash flow in Q1. Puna has been an excellent contributor for the business over the last few years and continues to clearly demonstrate its exceptional margins and free cash flow in the current silver price environment.

2026年第一季平均實現銀價超過每盎司90美元，使Puna在Q1交付超過1.2億美元的礦區自由現金流。過去幾年Puna一直是公司極佳的貢獻來源，並在目前銀價環境下持續清楚展現其卓越的利潤率與自由現金流能力。

We're advancing a number of opportunities to extend the current life at Puna, including additional laybacks at the existing Chinchillas pit, evaluation of the Melina target adjacent to Chinchillas for open pit potential in the medium term and continued advancement of the Cortaderas underground project. With multiple avenues for growth at Puna, we're very excited for the future of this operation and see potential to meaningfully extend the mine life well beyond our initial current reserve base.

我們正推進多項延長Puna現有礦山壽命的機會，包括在既有Chinchillas礦坑進一步進行邊坡後退（laybacks）、評估緊鄰Chinchillas的Melina目標在中期作為露天礦的潛力，以及持續推進Cortaderas地下礦專案。Puna具備多條成長路徑，我們對該營運的未來非常期待，並看到有機會將礦山壽命大幅延伸至遠超過目前初始的既有儲量基礎。

On to growth on Slide 12. I've touched on the majority of these projects and targets worked through each asset, but it's still worth highlighting the wealth of potentially meaningful growth opportunities that currently exist across our portfolio. These projects that we have identified through successful exploration and development work completed at each asset in recent years, in my view, there is no better way to serve value for our shareholders than through the advancement of organic growth opportunities.

接著看第12頁的成長。我已在各資產逐一說明了大多數專案與目標，但仍值得強調：我們的資產組合目前存在大量可能具重大意義的成長機會。這些專案是我們近年在各資產成功完成勘探與開發工作後所辨識出來的；在我看來，為股東創造價值，沒有比推進有機成長機會更好的方式。

It's also important to note these projects are compelling at current mineral reserve prices of $1,700 per ounce of gold and $20.50 per ounce silver. We do certainly see future upside on each of these assets when spot prices are considered, but we will be diligent in ensuring we advance the highest returning growth opportunities. I'm excited about the growth potential of this portfolio and look forward to executing on the opportunity to deliver value for our shareholders.

同時也要指出，這些專案在目前以黃金每盎司1,700美元、白銀每盎司20.50美元的礦產儲量價格假設下，仍具吸引力。當然，若考量現貨價格，我們確實看到各資產仍有進一步上行空間，但我們將嚴謹確保推進報酬率最高的成長機會。我對這個資產組合的成長潛力感到振奮，並期待把握機會為股東交付價值。

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

接下來我把時間交回Rod做結語。

Great. Thanks, everyone. With such an important and transformational quarter behind us, our focus is now building on this momentum during the remainder of the year. We are in excellent position and have a number of meaningful catalysts ahead of us, as I mentioned in the introduction to this call. With the low-risk Americas-based business, continued delivery of strong operating results, organic growth initiatives and the potential for further capital returns, we are well positioned to benefit from the ongoing rerate of SSR Mining.

很好。謝謝各位。隨著這個極為重要且具轉型意義的一季告一段落，我們接下來的重點是在今年剩餘時間延續並放大這股動能。正如我在開場提到的，我們處於極佳位置，且前方有多項重要催化劑。憑藉以美洲為主、低風險的業務組合，持續交付強勁營運成果、有機成長計畫，以及進一步資本回饋的潛力，我們已做好準備，受惠於市場對SSR Mining持續重新評價（rerate）。

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

接下來我將把電話交給接線員，開放提問。謝謝。

(Operator Instructions)

（接線員指示）

George Eadie, UBS.

George Eadie，瑞銀（UBS）。

Yeah, good evening, team, and thanks for the call and nice update today. On the Hod Maden strategic review, can you just remind me what are the goals and what does it look like? I guess my question is, if the sale is concluded as the outcome, do we have to wait another two or so quarters for that process to run and then another couple of quarters to close? I guess, could we be 12 months away from that deal closing if a sale is the decided outcome?

是的，各位晚上好，謝謝這通電話以及今天很好的更新。關於Hod Maden的策略性檢視，你能否提醒我其目標是什麼、流程大概會是什麼樣子？我想問的是，如果最終結果是出售，我們是否還需要再等大約兩季左右讓流程走完，然後再等另外幾季完成交割？也就是說，如果決定以出售為結果，我們是否可能距離交易完成交割還有12個月左右？

Hi, George, look, we haven't really given much guidance on the process that we're going through other than to obviously announce it with the sale of Copler back in March. I think the objective of the review was to consider all of the options from actually building the project all the way through to sale. Then within sale or other strategic options to remove ourselves from Hod Maden, what does that mean because there are sort of multiple ways that that can be achieved.

嗨，George，你看，除了很明顯地在3月宣布出售 Copler 之外，對於我們正在進行的流程，我們其實沒有提供太多指引。我認為這次檢討的目標，是評估所有選項——從實際建設該專案一路到出售。接著在出售或其他策略性選項中，若要讓我們退出 Hod Maden，這代表什麼，因為達成這件事其實有多種方式。

Other than we're still in the process of doing that and going through those different trade-offs. There's really not much else to update you on. I think some of the details that you're looking for here will come once we set a clear picture for the direction.

除了我們仍在進行該流程、並在不同取捨之間評估之外，確實沒有太多可以向你更新的。我想你在這裡想要的部分細節，會在我們把方向的清晰圖像定下來之後再提供。

Okay, yeah, that's cool. Thank you. And then just two payment questions. Can you remind me what the Carlton Tunnel payment is at CC&V? Then secondly, just with the buyback, $300 million bought back 9.2 million shares. That says USD32.6 a share average, but the shares were only really in that range for sort of 5 days at the start of April. Is that right?

好的，沒問題，謝謝。接著有兩個付款問題。你可以提醒我 CC&V 的 Carlton Tunnel 付款是什麼嗎？第二個，關於庫藏股回購，回購了3億美元、9.2百萬股。這表示平均每股32.6美元，但股價其實只有在4月初大概5天左右落在那個區間。是這樣嗎？

Or am I missing anything there? Or you just bought sort of at that little peak in early April?

還是我漏掉了什麼？或者你們就是在4月初那個小高點附近買的？

Yes, George, this is Michael. I'll take the second one first and then circle back to the Carlton Tunnel. With the share buyback program that we announced towards in the middle of the quarter, we did put an NCIB in place, which allows us to give directions to the banks to exercise that outside of us having material information. That process did move very quickly, and it ranged anywhere from $21 up to $32, but with the volatility of the price during that, it did come in around that $32 a share average as we go through.

是的，George，我是 Michael。我先回答第二個問題，然後再回到 Carlton Tunnel。關於我們在本季中段宣布的股票回購計畫，我們確實設立了 NCIB（正常發行人買回），這讓我們可以在不掌握重大未公開資訊的情況下，指示銀行在市場上執行。這個流程推進得非常快，價格區間大約從21美元到32美元不等；但在那段期間股價波動之下，整體算下來平均大約是每股32美元左右。

Then circling back to Carlton Tunnel. The $87.5 million that we paid for Newmont during the quarter was for the Carlton Tunnel. That leaves one more payment, $87.5 million additional payment, which would come in connection with amendment 14 and the updated closure plans at that site as we look at that deal structure.

再回到 Carlton Tunnel。本季我們支付給 Newmont 的8,750萬美元是 Carlton Tunnel 的款項。接下來還剩一筆付款，也就是額外的8,750萬美元，將會在修正案14（Amendment 14）以及該場址更新的關閉計畫獲得核准時，依照該交易架構而支付。

Okay, yeah, awesome. And so If amendment 14 closes, say, 12 months, whenever it is, that payment is straight after you get that approval. Is that right?

好的，很棒。所以如果修正案14在例如12個月後完成（不管實際是什麼時點），那筆款項是在你們拿到核准之後就立刻支付，對嗎？

Yeah, it's right. Amendment 14 remains on track anywhere from 12 to 18 months is kind of what we're penciling in. Then that payment will be due once that work is completed and that permit is issued.

對，沒錯。修正案14目前仍按計畫推進，我們大致預估是12到18個月。等相關工作完成、許可證核發後，那筆款項就到期應付。

I'll just chime in here a little bit, George. It's all going to plan. We're leading that work now. Bill and the team have taken that over and the work that we've done to want to establish our presence with -- in the community in Colorado and also locally down at Cripple Creek has gone really well. That's all tracking to plan.

我也補充一下，George。一切都按計畫進行。我們現在主導這項工作。Bill 和團隊已經接手，我們為了在科羅拉多州社區、以及在 Cripple Creek 當地建立我們的在地存在所做的工作進展得非常順利，整體都符合計畫。

Lawson Winder, BoA Merrill Lynch.

Lawson Winder，BoA Merrill Lynch。

Thank you, operator, and good evening, Rod and team. Thank you for today's update. Could I ask about the buyback and just thinking about your situation today, the balance sheet is very strong. The outlook for free cash flow generation is quite robust. I mean you mentioned an intention to look at the buyback again. Now the buyback authorization is totally exhausted. I mean, why not go to the Board prior -- along with the results and ask for the renewal then?

謝謝接線員，Rod 與團隊晚安。謝謝今天的更新。我想問關於回購，從你們目前的狀況來看，資產負債表非常強健，自由現金流的展望也相當穩健。你提到有意再評估回購；但目前回購授權已完全用盡。那為什麼不在公布業績之前——或與業績同時——就先提交董事會，並請求續期呢？

When is your thinking on timing around a renewal?

你們對於續期的時間點是怎麼想的？

Yeah, I think it's important to take a step back to take a step forward. Obviously, the -- and Michael can talk more around the work that's going on, but the share buyback that we just executed for us was particularly on the announcement of the Copler sale made a lot of sense to do, and it was executed very quickly given the parameters that we had put in place to the prior questions.

是的，我認為重要的是先退一步，才能再往前一步。很明顯地——Michael 也可以補充目前進行中的工作——我們剛執行的這次股票回購，對我們而言，特別是在宣布出售 Copler 之後，是非常合理的，而且在我們先前問題提到的既定參數下，執行速度也非常快。

The step back that I'm talking about now is now to post the -- remember when we suspended our capital allocation strategy with the Copler incident a few years ago, when we said once we have clarity on the outcome of -- post that, that we would then go back and have a look at our capital allocations and reimplementing and reinstituting it.

我現在所說的「退一步」，是指在 Copler 事件幾年前發生時，我們暫停了資本配置策略；當時我們說，一旦對該事件的結果有了明確性——在那之後——我們就會回頭重新檢視資本配置，並重新啟動與恢復。

That's what we're doing at the moment, the work around more holistically, how do we manage our capital allocation and then looking at the requirements, obviously, for the business in the future with all the various growth opportunities we have in front of us the balance sheet and other things before we go and make our mind up on the actual mechanisms we use for returns to shareholders. That work is underway with Michael and the team.

我們目前正在做的就是這件事：更全面地檢視我們如何管理資本配置，同時考量未來業務需求——包括我們面前各種成長機會、資產負債表以及其他因素——然後再決定實際用什麼機制來回饋股東。這項工作正在由 Michael 和團隊推進。

That's interesting. So Part of it is just a discussion between whether it's going to be increased dividend or increased buyback rather than just whether you're going to do it.

這很有意思。所以其中一部分其實是在討論要提高股利還是提高回購，而不只是討論你們會不會做，對嗎？

I wouldn't say increase because we haven't got a dividend in place at the moment because we suspended it, and that's the point. It is a question of whether we reinstitute our yields that we had in place before it became a vote more recently in the market. We actually had that way back in 2021 and as well as supplementing that through the share buyback program. That was really how we had managed it before with the three pillars, balance sheet strength, growth and returns. It's really just pulling all that work together with the emerging growth opportunities we have as well to ensure that we're making sound decisions.

我不會說是「提高」，因為我們目前並沒有股利制度，因為我們已經暫停了——這就是重點。問題在於我們是否要恢復先前的股東報酬（yield）機制；在市場最近更重視這件事之前，我們其實早在2021年就已經採用那套做法，同時也透過股票回購計畫來補充。那就是我們以前以三大支柱來管理的方式：資產負債表強度、成長、以及回饋。現在只是把所有工作整合起來，並把新浮現的成長機會也納入，確保我們做出健全的決策。

Yes, and fully acknowledging those growth opportunities, I think it would be interesting to hear your views on M&A, particularly in light of your strong free cash flow and balance sheet position. I mean that must compete with options within the portfolio, I assume, but what is SSR's appetite right now for growth through M&A?

是的，完全理解那些成長機會。我也想聽聽你們對併購（M&A）的看法，特別是在你們自由現金流與資產負債表都很強的情況下。我的意思是，這必然會與投資組合內部的選項競爭資本配置；那麼 SSR 目前對透過併購來成長的胃納如何？

Look, I think that's why in the intro slides, if you go back to the start of the call, Lawson, the reason we go to the pains of setting out our track record around M&A is to actually highlight we've been really good stewards of capital for a long time. All of the deals that we have brought to market, and we look at a lot of stuff, and we've never made a secret of the fact that we're active always looking at different trade-offs and different opportunities around the market.

你看，我想這也是為什麼在開場投影片裡——如果你回到電話會議一開始，Lawson——我們要費心把我們在併購方面的往績列出來：就是要強調我們長期以來一直是很好的資本管理者。我們看過很多案子，而且我們從不諱言我們一直都很積極，持續在市場上評估不同取捨與不同機會。

When we do bring deals to the table and to our shareholders, there is usually a multiple of upside, and that's what we've been able to achieve and the results speak for themselves, I think. That is part of who we are. I think we're particularly good at it. We have a number of filters that we look at for M&A through any cycle. It doesn't matter what cycle we're in, but it has to align to our business strategy.

當我們真的把交易帶到桌面上、帶給股東時，通常都會有倍數的上行空間，而這也是我們能夠達成的成果；我認為結果已經說明一切。這是我們的一部分。我認為我們特別擅長這件事。我們在任何景氣循環下都有一套併購篩選條件；不管處於什麼循環，都必須符合我們的業務策略。

It has to compete for capital, and it has to be -- make sense for us in terms of what we want to build. We've actually got a particular focus now, obviously, with the reset of the business on the Americas. That is a bit of a nuance to what we had before, but beyond that, we are staying active in that space.

它必須能夠在資本競爭中勝出，而且必須——就我們想要打造的方向而言——對我們有意義。當然，隨著業務重整，我們現在特別聚焦在美洲地區。這相較於以前是有些細微差異，但除此之外，我們仍會在這個領域保持積極。

That is clear. Thank you very much.

很清楚了。非常感謝。

Joshua Wolfson, RBC.

Joshua Wolfson，RBC。

Thank you very much. Following up Lawson's question, just on the buyback and capital allocation. I mean, I can appreciate the company's desire to be measured here, but pro forma net cash over $2 billion, $200 million generated in free cash flow this quarter.

非常感謝。延續 Lawson 的問題，關於回購與資本配置。我理解公司希望在這裡審慎行事，但按備考（pro forma）計算，淨現金超過20億美元，本季也產生了2億美元的自由現金流。

Why not continue a little bit of the buyback in the interim before closing of Copler? Or is there another way that we should be thinking about this in terms of maybe capital needs being higher for some of the development projects?

為什麼不在 Copler 交易完成之前，先在過渡期間持續做一點回購？還是我們應該用另一種方式來思考，例如某些開發專案的資本需求可能更高？

Hi, Josh, look, I think it's pretty simple. I think the first thing first is we want to close the deal, and get the cash into the bank. That's really important through any transaction. As we said, that will take place and achieve that within the third quarter. I think that's really the most important catalyst.

嗨，Josh，你看，我覺得很簡單。第一要務是我們要先把交易完成，讓現金進到銀行。任何交易都是如此，這點非常重要。正如我們所說，這會在第三季發生並完成。我認為這才是最重要的催化劑。

It doesn't mean we can't do share buybacks or do more share buybacks. I think as we noodle through the various options and have the discussions with the Board, the work that Michael and the team are doing really does need to be as holistic as possible and predictable as possible, and that's really the work that we're doing. It's not because we have an a version of doing any more share buybacks. I think it's really around just let's get the deal closed, let's get the cash in the bank and then the rest will come.

這並不代表我們不能進行庫藏股回購或進一步回購。我認為，當我們仔細推敲各種選項並與董事會討論時，Michael 和團隊正在做的工作確實需要盡可能全面、也盡可能可預測，而這正是我們正在做的工作。這並不是因為我們對再做更多庫藏股回購有任何反感。我認為重點其實是：先把交易完成、把現金入帳，然後其他的就會水到渠成。

Then on Hod Maden, you had signaled minimal costs. You did spend $31 million in the first quarter. How should we think about what minimal costs are going forward?

接著談 Hod Maden，你們先前曾表示成本會很低。但你們在第一季花了 3,100 萬美元。對於未來所謂的「最低成本」，我們應該如何看待？

Yeah, Josh. A lot of the work, as you remember, under Hod Maden right now is around early site works. A lot of that was advanced during that first part of the Q1, and that's where you're seeing that majority of that $31 million coming in. We anticipate that as we go through the strategic review in the coming months that, that will be much lower. It won't be zero, but it will be towards the lower end of that range.

是的，Josh。你還記得，目前 Hod Maden 的許多工作主要是前期場址工程。第一季初期已提前推進了不少，因此你看到那 3,100 萬美元的大部分支出都在那裡。我們預期在未來幾個月進行策略性檢討的過程中，這部分支出會低很多。不會是零，但會落在那個區間的較低端。

Then there was some commentary earlier on the call about fuel price sensitivity, I think, of $7 to $10. Just clarifying what does that number incorporate? Does it reflect the hedging program as well that's in place? Then does that include secondary impacts and other items that may not be just direct fuel usage?

另外，稍早電話會議中有提到燃料價格敏感度，我想是 7 到 10 美元（的影響）。想確認一下，那個數字包含哪些內容？是否也反映目前已在執行的避險計畫？另外，是否包含次級影響及其他可能不只是直接燃料使用的項目？

Yeah, you bet. The hedge program goes through the end of this year. That $10 increase in the $10 AISC is really tied to this year with the hedge programs in place. Just to give you a guide that without the hedge programs, if we don't have anything in place going into '27, that goes up to about double that, which is $20, so we only have about 10% of our fuel costs that our operating costs, only about 10% of that is fuel. As Bill mentioned, we really are focused on operational efficiency and controlling those costs.

是的，當然。避險計畫會一路到今年年底。那個燃料上漲 10 美元對 AISC 增加 10 美元，主要是針對今年、且是在避險計畫仍在的情況下。給你一個參考：如果沒有避險計畫、而且我們在 2027 年沒有任何避險安排，那個影響大約會變成兩倍、也就是 20 美元。因為我們的營運成本中，燃料只占大約 10%。如 Bill 所提，我們確實聚焦在營運效率與成本控管。

It's a bit early to look at what the knock-on effects would be. We are monitoring it, but we're not seeing anything that's tangible at this point, but it is something that we are continuing to monitor and we'll continue to update on in this quarter as progress in the year.

至於連鎖效應現在看還有點早。我們正在監測，但目前尚未看到任何具體可量化的影響；不過這確實是我們會持續追蹤的事項，並會在本季隨著年度進展持續更新。

Great. Thank you very much.

很好。非常感謝。

Ovais Habib, Deutsche Bank.

Deutsche Bank 的 Ovais Habib。

Hi, Roger and SSR team. Congrats on the Q1 beat and great to see CC&V outperforming. I mean, the amount of free cash flow this operation is generating is really impressive. Just a couple of questions from me. Again, sticking with the CC&V, just a follow-up question from George regarding the Carlton Tunnel payment. Is there a read-through or a positive read-through on the fact that you've made this payment on the fact that you are looking for this amendment 14 permit?

嗨，Roger 與 SSR 團隊。恭喜第一季表現優於預期，也很高興看到 CC&V 的表現超出預期。我的意思是，這個營運據點所產生的自由現金流量真的令人印象深刻。我有幾個問題。還是先談 CC&V，延續 George 關於 Carlton Tunnel 付款的追問：你們做出這筆付款，是否可解讀為對你們正在申請 Amendment 14 許可的一個訊號或正面訊號？

Is that kind of a read-through that is coming imminently?

是否可以解讀為該許可即將到來？

No, I think they're mutually exclusive, think of it the other way. Amendment 14 was, as you recall, when we put out the technical report for Cripple Creek as the first update from SSR, it was constrained around the already in process Amendment 14. It's an expansion permit that Newmont had already begun when we acquired the asset.

不，我認為兩者互不相關；你可以反過來想。你還記得，Amendment 14 是我們發布 Cripple Creek 技術報告時（作為 SSR 接手後的第一次更新）所受限的一個項目，因為當時 Amendment 14 已在申請流程中。那是一個擴建許可，Newmont 在我們收購該資產之前就已經開始推動。

The Carlton Tunnel discussions and considerations was another unique piece of work that was going on with the regulators around the long-term management of the water discharge. It's entirely separate from the amendment 14.

至於 Carlton Tunnel 的討論與考量，則是另一個獨立的工作項目，與監管機關就長期排水管理進行協調。它與 Amendment 14 完全分開。

Thanks for the color on that. And just moving on to the new mine plan expected at Marigold, That's, I believe, including Buffalo Valley. Are you expecting any significant improvement in the production profile? Or you're looking at more like an increase in mine life? Any color on that?

謝謝你補充說明。接著談 Marigold 預計推出的新礦山計畫，我相信其中包含 Buffalo Valley。你們是否預期產量曲線會有顯著改善？還是更偏向延長礦山壽命？能否分享一些看法？

Look, I think the first thing first, it was to include some of the growth options that we have to understand the requirements for those growth options. What I mean by that is the permitting requirements, where we might need more infrastructure, where we might need to develop a new area, where we might need to do more technical work to ensure that we're in good shape for that growth profile.

我想，首要之務是把我們的一些成長選項納入，並了解這些成長選項所需的條件。我指的是許可要求、我們可能需要哪些額外基礎設施、可能需要開發哪些新區域，以及可能需要做哪些額外技術工作，以確保我們能支撐那樣的成長曲線。

Some of those growth options will more feature sort of later in the life of Marigold, not so much initially because of those reasons, permitting or whatever it happens to be. Some of it was to do the trade-offs that we can look at for various parts of the property, the southern part of the property around New Millennium, Buffalo Valley and some of the extensions that we've got down there to see whether we could share an infrastructure down there rather than having long haulage. There's those optimization opportunities as we're going through the mine plans as well.

其中一些成長選項會更偏向在 Marigold 礦山壽命的後段才會體現，而不是一開始就能展開，原因可能是許可或其他因素。另外一部分工作，是針對資產不同區域做取捨與權衡：例如資產南部 New Millennium 周邊、Buffalo Valley，以及我們在那一帶的一些延伸區，看看是否能在那裡共用基礎設施，而不是進行長距離運輸。當我們推進礦山計畫時，也會同步評估這些最佳化機會。

Then in the initial years, the key focus is to show and demonstrate that we actually have a production profile that now accounts for the blending requirements that we talked about last year that I think folks were getting a little bit concerned about. The importance of having to have different faces open, so we're allowing for the blending requirement of those final rules up on the heap leach pad. The next five years, as we sort of said at the end of last year, will probably stay about the same overall, but it's really then the growth options beyond it to bring in ounces where we can along the way and extend, obviously, the Life of Mine at Marigold with a substantial amount of resources that we have.

至於前幾年，關鍵重點是展示並證明我們的產量曲線已把去年提到的混礦（blending）需求納入考量，我認為當時市場對此有點擔心。重點在於必須同時開出不同的採掘面，以符合堆浸場（heap leach pad）最終規範的混礦要求。未來五年，如同我們去年底所說，整體大致會維持差不多；真正的重點是五年之後的成長選項，看看沿途能在哪些地方增加盎司產出，並且在我們擁有大量資源量的情況下，顯著延長 Marigold 的礦山壽命（Life of Mine）。

Thanks for the color on that, Rod. And that's it for me. Most of my other questions were already answered. Thanks.

謝謝你分享這些細節，Rod。我這邊就這些問題；我其他大部分問題都已經被回答了。謝謝。

Cosmos Chiu, CIBC.

CIBC 的 Cosmos Chiu。

Hey, thanks, Rod, and you may. It's finally my turn. My question is on the contingent payment. Sorry for going back to the Carlton Tunnel, $87.5 million. If I go back to your original agreement, it was due when there is regulatory relief relating to flow-related permitting requirements, achieving highest feasibility allocation or alternative to water flow. I guess you've achieved that point. After saying all that, could you maybe explain to me what that means and where we are today in terms of that water flow?

嘿，謝謝，Rod，也謝謝你。終於輪到我了。我的問題是關於或有付款（contingent payment）。抱歉又回到 Carlton Tunnel 的 8,750 萬美元。如果我回看你們最初的協議，該款項是在取得與流量相關許可要求的監管紓解、達成最高可行分配（highest feasibility allocation）或水流替代方案時到期。我猜你們已經達到那個條件。說了這些之後，你能否跟我解釋一下這到底代表什麼，以及就水流而言我們目前處於什麼狀態？

I was surprised, Cos, you weren't calling number 1, but look, on the Carlton Tunnel discharge, this is -- remember, this is a Newmont -- remains a Newmont led piece of work. I'll say that. They did achieve some of the permitting requirements from the regulators in Colorado that necessitated us having a requirement to pay them that milestone of the $87.5 million. In layman terms, they achieved what they set out to achieve, but there will also -- there will always -- there is ongoing dialogue for -- on Newmont's behalf with the regulators to consider again the overall requirements for what is going to be ultimately the plan for the Carlton Tunnel discharge.

Cos，我很意外你不是第一個打進來。不過談到 Carlton Tunnel 排放，請記得——這仍然是 Newmont 主導的工作。我先這麼說。他們確實從科羅拉多州的監管機關那裡取得了某些許可要求的達成，因而觸發我們必須支付那個 8,750 萬美元里程碑款。用白話講，他們達成了原本要達成的目標；但同時——也一直——Newmont 仍會持續與監管機關對話，重新評估 Carlton Tunnel 排放最終整體方案的要求。

Whether it needs intervention through some sort of water treatment facility in the long term, etc. Remember, the way that we carved that out through the deal was that was always going to be on Newmont's account. It's important that they take the lead on that, and they continue with that dialogue. Obviously, we're a stakeholder, but not a stakeholder who is leading the discussions on this.

例如長期而言是否需要透過某種水處理設施介入等等。請記得，我們在交易架構中把這部分切割出來時，就一直是由 Newmont 承擔責任。由他們主導這件事很重要，而他們也持續進行相關對話。當然我們是利害關係人，但不是主導討論的那一方。

Maybe a question on Copler as you had mentioned in your guidance, there was about $80 million to $100 million in care and maintenance costs budgeted for the full-year. If I were to take the difference of your free cash flow in Q1, $210 million and $175 million, difference is about $35.6 million. Is that the part that's kind of related to care and maintenance for the quarter, which seems a bit high because you had guided to about $20 million to $25 million. I guess what I'm trying to get to is, is that the number related to care maintenance? What should we expect in Q2?

或許問一下 Copler。你在指引中提到，全年編列的維護與保養（care and maintenance）成本約為 8,000 萬到 1 億美元。如果我用你們第一季自由現金流 2.10 億美元與 1.75 億美元的差額來看，差不多是 3,560 萬美元。這是否就是本季與維護與保養相關的部分？看起來有點高，因為你們先前指引大約是 2,000 萬到 2,500 萬美元。我想問的是：這個數字是否與維護保養有關？第二季我們應該預期什麼？

When would it stop? Would it stop? Is it only going to stop when you, I guess, close the deal?

它什麼時候會停止？會停止嗎？我想，是否只會在你——我猜——把交易完成（close the deal）時才會停止？

I'll pass that one to Michael.

這題我交給 Michael 回答。

Just a couple of points on that. In the Q1, you'll remember, there are a number of taxes and license renewals. Our Q1 costs, care and maintenance and otherwise are always a little bit higher than Q1. That original guidance that we had of $20 million to $25 million would be what I would use for Q2.

就這點補充幾點。你會記得在第一季（Q1），會有一些稅款和執照續期。我們第一季的成本——無論是維護與保養（care and maintenance）或其他——通常都會比第一季以外的期間高一些。我們原先給的 2,000 萬到 2,500 萬美元指引，會是我用來看第二季（Q2）的數字。

The answer to your second part is we will maintain that care and maintenance and ongoing support through the closing with the transaction. As you're doing your modeling, you can use that $20 million to $25 million rough estimate, and then that would continue on until we announce the close of the deal.

至於你第二個問題的答案是：在交易完成交割（closing）之前，我們會維持這些維護與保養以及持續性的支援。你在做模型時，可以用 2,000 萬到 2,500 萬美元這個粗略估計，然後它會一直延續到我們宣布交易完成交割為止。

Great. And I guess my last question is, what else needs to be completed for closing of the deal? As you mentioned, due diligence period was -- has now been completed. What else needs to happen in terms of closing of the deal?

了解。那我想我最後一個問題是：要完成交易交割還需要做哪些事？如你提到的，盡職調查（due diligence）期間——現在已經完成了。那在交易交割方面，還需要發生什麼？

Yes. Look, the work going on the ground there has actually been excellent with the discussions around the transition requirements, etc., with Genus Holdings. All of the cooperation you would expect through a transaction like this has been very good. We're very pleased with that. The only thing that is required, I think we actually set it out with the announcement is the regulatory approvals, and so we'll wait on those that we -- that Genus actually require when we require through the Ministry of Mining and Energy in particular.

是的。你看，當地正在進行的工作其實非常出色，包含與 Genus Holdings 就交接（transition）需求等的討論。整體合作程度就如同你對這類交易所期待的那樣，非常好。我們對此很滿意。我認為唯一需要的——而且我們其實在公告裡也有列出——就是監管核准（regulatory approvals）。因此我們會等待那些核准——也就是 Genus 需要取得、而我們也需要的——特別是透過礦業與能源部（Ministry of Mining and Energy）。

Then once they're achieved, we can close the deal. We expect that by the end of quarter 3.

一旦取得核准，我們就可以完成交割。我們預期會在第三季（Q3）底前完成。

Great. Thanks, Rod, Michael and team, and congrats on a very good start to 2026.

很好。謝謝 Rod、Michael 和團隊，也恭喜 2026 年有個非常好的開局。

Don DeMarco, National Bank Financial.

Don DeMarco，National Bank Financial。

Hi, good evening, Rod and team. Thanks for taking my questions. First on Seabee. Rod, I heard that guidance is on track, and so can you provide any incremental color on the costs on Q1 beyond what you already mentioned about the cold weather? Should we model -- if we take it face value, should we then model a step change lower cost in Q2?

嗨，晚安，Rod 和團隊。謝謝讓我提問。先談 Seabee。Rod，我聽到指引仍在軌道上，那你能否就第一季（Q1）的成本提供一些額外說明，除了你已提到的寒冷天氣因素之外？如果我們按字面理解，那第二季（Q2）是否應該在模型中假設成本會出現一個階梯式下降？

No. Look, I think the feature for this, Don, let me take a step back and then I'll try to play it forward for you, so you can try to model it out. At the end of last year, and we said early into this year and through pretty much the first half, the real focus there is on development at Seabee, which is ongoing, and that will continue through this quarter as well. We'll start to see incrementally better production profile coming out of Seabee, but it's really fourth quarter heavy in terms of the production coming out of that through the development work that we began in the second half of last year and will continue in the first half of this year. That's how to think about it.

不會。你看，Don，我先退一步說明這個重點，再試著把後續走勢推演給你，讓你可以建模。去年底我們就說過，今年年初到大致上半年，Seabee 的真正重點是在持續進行的開發（development），而且這個季度也會繼續。我們會看到 Seabee 的產量曲線逐步改善，但就產量而言，第四季會是最重的一季，因為我們在去年下半年開始的開發工作會延續到今年上半年。可以這樣理解。

It will progressively start to get better, but the real big quarter will be fourth quarter this year. Really the cost or the all-in sustaining costs will average themselves out over the year as we get the ounces production back into that sort of guidance range. It's just because we're still incurring costs while we're doing the development, but obviously, the ounce production is much lower in Q1, Q2, moving up into Q3 and then obviously, a great quarter 4.

它會逐步變好，但今年真正的大季會是第四季。實際上，成本或全維持成本（all-in sustaining costs, AISC）會隨著全年平均化，因為我們會把產量（盎司數）拉回到指引區間。只是因為我們在做開發時仍在發生成本，但顯然第一季、第二季的產量（盎司）低很多，第三季會上升，而第四季會非常好。

So in other words, like Q1, Q2, you might be above the top end of the guidance range and then Q3, Q4, you could be below the lower end of the guidance range. Is that fair to say?

所以換句話說，像第一季、第二季，你們可能會高於指引區間上緣；然後第三季、第四季，可能會低於指引區間下緣。這樣說公平嗎？

Yeah, I think that's right, Don. Just remember, a good chunk of our costs for Seabee come across on that ice road. Q1 is always going to be a little higher for us, but as we increase the production, as Rod said, throughout the year and as we get out of that Q1, early Q2, which is the ice road spend, that will normalize.

對，我想是這樣，Don。只要記得，我們 Seabee 有相當一部分成本是透過冰路（ice road）運進來的。第一季對我們來說通常都會高一些；但隨著全年產量提升——如 Rod 所說——以及我們走出第一季、進入第二季初（那段是冰路支出期），成本就會回到正常水準。

And Then on Hod Madden, I look forward to your update in the strategic review, but can you remind us what your book value is for this asset?

接著談 Hod Madden。我期待你們在策略檢討（strategic review）中的更新，但你能提醒我們這項資產的帳面價值（book value）是多少嗎？

I actually don't have that on my head.

我現在腦中沒有那個數字。

I'll get that for you. I don't have it. I'd like here with this. We'll get back to you, Don, on that one.

我會把那個數字提供給你。我現在沒有。就先這樣，我們會再回覆你，Don，關於這一題。

Okay, sure. And Then finally, on M&A, you had mentioned the Americas and some, but I'm just wondering, do you have a bias and preference in terms of stage or jurisdiction? I mean, given your cash balance, would you then have a favor toward development projects? With the Americas that you mentioned, does that imply North and South America and you equally weigh all the jurisdictions -- all the countries within those jurisdictions?

好，沒問題。最後談併購（M&A）。你提到美洲以及一些方向，但我想問的是：你們在專案階段或司法管轄區（jurisdiction）上有沒有偏好？也就是說，考量你們的現金餘額，你們是否會更偏好開發階段（development）的專案？另外你提到的美洲，是指北美與南美嗎？你們會同等看待這些司法管轄區內的所有國家嗎？

I think we look at the full life cycle of assets, everything from greenfields type of opportunities, which we do over time, quietly acquire, particularly around our current assets. We're fairly active in that space anyway, all the way through brownfield development and then producing assets. We don't have a strong preference either way. I think the most important thing for us is, is it fit on strategy? Does it fit and align with our long-term vision of building from the platforms we have and then obviously, the value-add that we can add to them.

我想我們會看資產的完整生命週期，從綠地（greenfields）類型的機會——我們會在一段時間內、低調地取得，特別是在我們現有資產周邊——我們本來在那個領域就相當活躍；一路到棕地（brownfield）開發，再到已投產的資產。我們沒有很強的偏好。我認為對我們最重要的是：是否符合策略？是否契合並與我們以現有平台為基礎、長期建構的願景一致？以及我們能為其帶來的增值（value-add）。

Each one of those will be unique in their own circumstances for various reasons. It really just depends, Don, but remember, I think we've got a reputation of being good discoverers all the way through to mine builders and operators. I think there really isn't anything that we wouldn't look at would tackle. It's more around is it on strategy.

每一個案子都會因各種原因而有其獨特情況。這真的取決於個案，Don。不過請記得，我想我們的名聲是：從善於發現（discoverers）一路到建礦（mine builders）與營運者。我認為基本上沒有什麼是我們不會去看、或不會去承接的；重點在於是否符合策略。

Do I have a bias from North to South America? I certainly think right now, our focus is on North for sure to continue to build out the lower risk ounce base that we now enjoy with Marigold, Cripple Creek and Seabee, that would be a preference, not forgetting the fact that we have a platform in Argentina.

至於我是否在北美到南美之間有偏好？我確實認為目前我們的重點肯定在北美，持續擴大我們現在透過 Marigold、Cripple Creek 和 Seabee 所享有的較低風險盎司基礎（lower risk ounce base）；這會是偏好。同時也別忘了，我們在阿根廷有一個平台。

More recently, over the last few years, we've seen a much better environment down there for foreign investors. That's another thing that we'll keep on looking at given it's fairly underexplored because we've already got a presence there. It's not like marching into a brand-new jurisdiction.

近幾年來，我們看到那邊對外國投資人的環境改善很多。考量那裡相對未充分勘探（underexplored），而且我們已經在當地有布局，這也是我們會持續關注的另一個因素；這不像是進入一個全新的司法管轄區。

Yes, look, I think our focus at the moment is really North America and then trying to build around the platform we've got down in Argentina.

是的，你看，我認為我們目前的重點確實是北美，然後嘗試在我們在阿根廷的既有平台周邊持續擴建。

Okay, great. Thanks again. That's all for me, and good luck with the quarter.

好，很好。再次感謝。我的問題就到這裡，祝本季順利。

Good on you. Thank you, Don.

謝謝你。謝謝你，Don。

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.

問答環節與今天的電話會議到此結束。您可以掛斷電話線。感謝您的參與，祝您有美好的一天。