Agnico Eagle Mines Ltd (AEM) 2022 Q3 法說會逐字稿

Good day. My name is Michelle, and I will be your conference operator today. At this time, I would like to welcome everyone to the Agnico Eagle Third Quarter Results 2022 Conference Call. (Operator Instructions) Mr. Ammar Al-Joundi, you may begin your conference.

大家好！我叫Michelle，今天將擔任你們的電話會議主持人。現在，我歡迎大家參加Agnico Eagle 2022年第三季業績電話會議。 （主持人指示）Ammar Al-Joundi先生，您可以開始您的電話會議了。

Well, thank you very much, and good morning, everyone. Thank you for taking the time out of your busy day to join us on our call this morning. Last quarter, we started the call by thanking our operating teams for delivering some exceptional operating results. In this quarter, we'd also like to thank our operating teams not just for delivering solid operating results, but notably and importantly, we'd like to thank our operating team for delivering the best quarterly safety performance in the company's 65-year history. Nothing is more important than the safety of our people and our communities. A safe mine is a well-run mine and a well-run mine is a safe mine. So thank you very much to all of our employees and our operating teams for delivering that.

非常感謝大家，大家早安。感謝大家在百忙之中抽空參加我們今天上午的電話會議。上個季度，我們在電話會議開始時感謝了營運團隊的卓越營運表現。在本季度，我們不僅要感謝營運團隊取得的穩健營運業績，更重要的是，我們要感謝營運團隊創造了公司65年歷史上最佳的季度安全業績。沒有什麼比我們員工和社區的安全更重要。安全的礦場才能運作良好，運作良好的礦場才能安全。非常感謝我們所有的員工和營運團隊，感謝你們實現了這個目標。

With the strong results in this third quarter, we've now got 9 months under our belt, and we are pleased to be able to say that we are reiterating guidance for 2022: production guidance, capital expenditure guidance and importantly, cost guidance, and that hasn't been easy in the highest inflation environment in probably 40 or 50 years. The team has done a very good job. And again, congratulations on that. We are maintaining our guidance on all of those, albeit at the higher end of the cost guidance.

憑藉第三季的強勁業績，我們已經取得了9個月的成績，我們很高興地宣布，我們將重申2022年的預期：生產預期、資本支出預期，以及重要的成本預期。在四五十年來通貨膨脹率最高的環境下，這並非易事。我們的團隊做得非常出色。再次恭喜你們。我們將維持所有這些預期，儘管成本預期處於較高水準。

This strong quarterly production allows us to have strong earnings per share, cash flow per share, and create value per share, and maintain our strong financial position on both liquidity and cash flow generation.

強勁的季度產量使我們擁有強勁的每股收益、每股現金流和每股價值創造，並在流動性和現金流產生方面保持強勁的財務狀況。

The real story that I think you'll see during this call is the continued progress on our expansion projects and some excellent and exciting drill results. These are the items that are going to drive value creation going forward. And I think that what really separates us and differentiates us versus our peers.

我認為，在這次電話會議上，大家會看到的真正情況是，我們的擴建計畫持續取得進展，以及一些出色且令人興奮的鑽探成果。這些都將推動未來的價值創造。我認為這才是我們與同行真正區分開來、脫穎而出的關鍵。

Finally, as an introduction, we are proud to say that we are announcing an interim target of a 30% reduction in greenhouse gas emissions by 2030 on our way to a target of 0 greenhouse gas emissions by 2050. This is not a challenge we take lightly. It's not a challenge we think is going to be easy, but it's a challenge we are prepared to undertake and are confident we'll achieve.

最後，作為開場介紹，我們很自豪地宣布，我們宣布了一項中期目標，即到2030年將溫室氣體排放量減少30%，並正在朝著到2050年實現溫室氣體零排放的目標邁進。我們不會輕易接受這個挑戰。我們認為這個挑戰並不容易，但我們已做好準備，並有信心最終實現。

Next slide, please. Thank you. Some of the third quarter highlights: solid quarterly production and costs; 817,000 ounces of production at cash costs of $779 an all-in sustaining costs of about $1,100; quarterly net income of $0.17, but adjusted to $0.52, and Dave will talk about that later; operating cash flow at a solid $1.26 per share.

請翻到下一張投影片。謝謝。第三季的一些亮點：季度產量和成本穩健；產量為81.7萬盎司，現金成本為779美元，總維持成本約為1100美元；季度淨利潤為0.17美元，但已調整為0.52美元，Dave稍後會談到這一點；每股營運現金流穩健，為1.26美元。

Some of the highlights of the operating results include record gold production at Amaruq. That's 123,000 ounces this quarter. I think that is a world-class mine by any standards and some material improvements at Macassa, a great orebody that is coming into its stride. And I'm going to be asking Dominique Girard and Natasha Vaz in a moment to talk a little bit about progress on those two projects.

營運表現的亮點包括Amaruq礦創紀錄的黃金產量。本季產量達12.3萬盎司。我認為無論以何種標準衡量，這都是一座世界級的礦場。此外，Macassa礦也取得了一些實質的改進，這是一個即將迎來黃金開採高峰的優質礦體。我稍後會請Dominique Girard和Natasha Vaz談談這兩個項目的進度。

Pressures related to cost inflation, workforce availability and COVID-19 remained. We were able to manage them during the third quarter. We see continued pressure on inflation. We are starting to see some potential relief. I think it's too early to say that we are completely past this situation. We are, in fact, expecting and planning for continued cost pressures going forward, but the team is focused on that and focused not just on mitigating cost pressures where we can, but optimizing mine efficiency, mine throughput, gold production, which also helps to offset some of the cost pressures and the team has done a good job with that.

與成本通膨、勞動力供應和新冠疫情相關的壓力仍然存在。我們在第三季成功控制了這些壓力。我們看到通膨壓力持續存在。我們開始看到一些潛在的緩解。我認為現在說我們已經完全擺脫這種困境還為時過早。事實上，我們預計未來成本壓力還會持續存在，並且正在為此做準備，但團隊正專注於此，不僅致力於盡可能地減輕成本壓力，還致力於優化礦山效率、礦山吞吐量和黃金產量，這也有助於抵消部分成本壓力，團隊在這方面做得很好。

Financial position remains very strong. We have paid down another $100 million of debt as it came due. We told all of you we are planning to pay our debt as it comes due through cash flow, and that's what we're doing. Some additional share buybacks of about $43 million, about 1 million shares this past quarter and a quarterly dividend of $0.40, continually paying a dividend since 1983. And maybe Dominique, if I can ask you to talk a little bit about Amaruq, and then Natasha a little bit about Macassa.

財務狀況依然強勁。我們又償還了1億美元的到期債務。我們之前告訴大家，我們計劃透過現金流償還到期債務，現在我們也正在這樣做。我們額外回購了約4,300萬美元的股票，上個季度回購了約100萬股，並派發了0.40美元的季度股息，自1983年以來一直持續派息。多明尼克，我可以請你談談Amaruq嗎？娜塔莎，可以請你談談Macassa嗎？

Thank you, Ammar. Amaruq did a strong quarter and a record quarter also for the division. This has been obtained with a very good result with operation, maintenance, mill throughput and also a good grade coming from the pits.

謝謝你，Ammar。 Amaruq 本季業績強勁，也為整個部門創造了創紀錄的季度業績。這得歸功於營運、維護、工廠產量以及礦場出產的優質產品。

As we mentioned in the past, more we go deep in Whale Tail, more the grade is going higher, and also, we have an also interesting grade at the IVR pit, plus the underground ore, which is coming in right now, and underground did also an important milestone. We mentioned in February 2021 that's going to be $180 million to build it, and we did it at the cost and on schedule too, which is a good achievement despite COVID situation and inflationary situation where we are. And I would like to thank all of the employees, the contractors, suppliers, and also the local community support which we developed that project. We also celebrated in Q3 4 million ounces pour at Meadowbank. So quite a good success this quarter.

正如我們之前提到的，我們在鯨尾礦井的深度越深，礦體的品位就越高。此外，IVR礦坑的品位也令人矚目，此外，地下礦石也正在陸續運入，地下礦場的開採也取得了重要的里程碑。我們在2021年2月提到，建造該礦場的預算為1.8億美元，而且我們按時按量完成了建設。儘管我們目前面臨新冠疫情和通貨膨脹，但這仍然是一項了不起的成就。我要感謝所有員工、承包商、供應商，以及當地社區對我們開發此專案的支持。我們也在第三季慶祝了Meadowbank礦場的400萬盎司的產量。總而言之，本季取得了相當不錯的成績。

Thank you. Natasha?

謝謝。娜塔莎？

Thanks, Ammar, and good morning, everyone. So with respect to Macassa, the site had a very solid quarter, and more importantly, the mine is starting to become more reliable. As the press release mentions, a big factor that led to our strong performance in the quarter was the added ventilation through the mine. The connection of Shaft 4 to our existing workings resulted in improved ventilation in the areas we were mining, and that also contributed to lower temperatures and improved working conditions. And so this improved ventilation, helped with our productivities, gains in the quarter relative to our budget.

謝謝，Ammar，大家早安。就馬卡薩礦而言，該礦場本季業績非常穩健，更重要的是，礦場的可靠性開始提升。正如新聞稿中所提到的，我們本季業績強勁的一個重要因素是礦場通風系統的增強。 4號礦井與我們現有礦井的連通改善了我們採礦區域的通風，也降低了溫度，改善了工作條件。因此，通風系統的改善有助於提高我們的生產力，並在本季度實現了預算內的收益。

Now, besides the ventilation improvements, we're also seeing better adherence to plan, quarter-over-quarter. So there's been a lot of focus by the site on the short-term plans to deliver our weekly and monthly targets. So kudos to the team on that.

現在，除了通風系統得到改善外，我們還看到季度環比計畫的執行情況有所改善。因此，工廠非常注重短期計劃，以實現每周和每月的目標。為此，我們向團隊表示敬意。

And then on the equipment side, we're starting to see slightly better availability on our battery trucks, but with the added ventilation, we also have the flexibility of utilizing our conventional trucks if and when needed.

在設備方面，我們開始看到電池卡車的可用性略有提高，但隨著通風的增加，我們也可以靈活地在需要時使用傳統卡車。

And then if we look out further, I'm sure everyone wants to know about the future of Macassa, and we continue to work on that, and we continue to work on the new mine strategy. And we're planning on running a few scenarios when we get the year-end model to better understand the optimum production levels at Macassa and the possible benefits associated with the AK zone. But all-in-all, a very good quarter. The mine's starting to stabilize and we're very, very proud of the entire team at Macassa for their hard work and dedication to get us to this point.

展望未來，我相信每個人都想知道馬卡薩的未來，我們也持續為此努力，並持續制定新的礦場策略。我們計劃在獲得年終模型後運行一些情境分析，以更好地了解馬卡薩的最佳生產水準以及AK區可能帶來的效益。總而言之，這是一個非常好的季度。礦場開始趨於穩定，我們為馬卡薩全體團隊的辛勤工作和奉獻精神感到非常自豪，正是他們的付出才讓我們走到了今天。

And with that, I'll pass it back to Ammar.

說完這些，我就把它交還給阿瑪爾。

Thanks, Natasha and Dom. Look, the real excitement continues to be on the key value drivers, and I'll just hit a few highlights quickly.

謝謝，娜塔莎和多姆。你看，真正令人興奮的仍然是關鍵價值驅動因素，我只想快速介紹幾個重點。

Dominique mentioned Amaruq Underground completed on schedule, on budget. That's never easy. It's particularly tough in Nunavut and it's particularly difficult in an inflationary environment where not only are costs going up, but access to people and access to equipment, so congratulations on that.

多明尼克提到，阿馬魯克地下管線工程按時按預算完工。這絕非易事。在努納武特地區尤其艱難，在通貨膨脹的環境下更是雪上加霜，不僅成本上漲，而且人員和設備也難以取得。為此，我向你表示祝賀。

The Odyssey project remains on schedule. The shaft sinking activities are expected to resume early in January. Again, excellent performance by the team there. I'm going to go so far as to say that I think it would be difficult for any company in this environment to keep a project as ambitious as that on schedule. Our team has done it, and I think the way we're able to do it is because we've got access to the best people, the best contractors, and the best suppliers in the regions where we have been operating for 60-plus years.

奧德賽項目仍在按計劃進行。預計鑿井作業將於1月初恢復。再次感謝團隊的出色表現。我什至可以說，在這種環境下，任何公司都很難按時完成如此雄心勃勃的項目。我們的團隊做到了，我認為我們之所以能夠做到這一點，是因為我們能夠在營運了60多年的地區找到最優秀的人才、最優秀的承包商和最優秀的供應商。

The Detour Lake mine, we were up there just a couple of days ago. What an exceptional property. We've installed the screen between -- in front of the second crusher. The team did a great job doing that in the quarter, on schedule, on budget. They used the 610 refeed, which worked flawlessly, and importantly, in September, we reached the equivalent of 28 million tonnes per annum throughput at lower energy usage. So we are very confident with what the team has done.

我們幾天前剛去過Detour Lake礦場。那裡的礦場真是太棒了。我們在第二台破碎機前面安裝了篩網。團隊在本季度出色地完成了這項工作，按時按預算完成了任務。他們使用了610型給料機，運作完美，而且重要的是，我們在9月份以更低的能耗實現了相當於每年2800萬噸的產量。因此，我們對團隊的工作非常有信心。

We are looking forward to installing the second screen into the first circuit in the fourth quarter, and with that, and it's early, but we are confident that not only will we be able to reach the 28 million tonne per annum target, but one, possibly reach it ahead of schedule and, two, possibly exceed that number.

我們期待在第四季度將第二塊篩網安裝到第一條迴路中，雖然現在還為時過早，但我們有信心，我們不僅能夠達到每年 2800 萬噸的目標，而且，一是有可能提前實現，二是有可能超過這個數字。

On Kirkland Lake, the commissioning of the #4 Shaft is expected to be done at the end of this year. The underground ramp from Macassa to the Amalgamated Kirkland deposit has been completed. When we did the merger, we identified this as an opportunity to create some synergies. It's done now, eight months after the merger. And I think and I hope that's a demonstration of our commitment to hit the ground running and to deliver some of the synergies that we promised that we would.

在柯克蘭湖，4號礦井預計今年底投入使用。從馬卡薩到合併後的柯克蘭礦床的地下坡道已經完工。我們在合併時就將此視為創造綜效的機會。合併八個月後，現在終於完成了。我認為，也希望這體現了我們致力於立即採取行動並實現我們承諾的部分協同效應的決心。

And some exceptional, by the way, drill results in that area that the team will talk about in a moment.

順便說一下，該地區的訓練取得了一些出色的成果，團隊稍後將討論這一點。

The Kittila shaft sinking is completed and commissioning expected to start in the fourth quarter. The Meliadine expansion to 6,000 tonnes per day progressing as expected.

基蒂拉礦井鑿井工程已完工，預計將於第四季投入運作。梅利亞丁礦井擴建至6000噸/日的計畫進展順利。

I just want to make two points. One is, and we've mentioned this before, everything we've just talked about is exciting and all of it is at existing assets, leveraging existing infrastructure, leveraging competitive advantages. That's how you always get in our business the best return on capital and the best risk-adjusted return on capital.

我只想說兩點。第一，我們之前提到過，我們剛才談到的一切都令人興奮，而且都是基於現有資產，利用現有基礎設施，利用競爭優勢。正因如此，我們才能始終獲得最佳的資本報酬率和最佳的風險調整後資本報酬率。

And secondly, every single one of these expansions are not just expansions in throughput but open up the potential at all of these mines, which still have exceptional exploration upside, and we'll talk about that next.

其次，每一次擴建不僅僅是產量的擴大，而且釋放了所有這些礦山的潛力，這些礦山仍然具有極好的勘探潛力，我們接下來會討論這一點。

Next slide, please. Thank you. I'll just talk very briefly about this, and then I'll ask Guy and Eric to comment, being the experts they are in there, but what I would say to you is that at Odyssey and Detour, two world-class, multi-decade mines, very good infill, continued results, but what's really exciting to me and to all of us is the step-out drilling. Both of these multi-decade assets we had good step-out results, 1 to 2 kilometres beyond the existing perimeter of the orebody.

請播放下一張投影片。謝謝。我先簡單介紹一下，然後請蓋伊和艾瑞克發表意見，他們是這方面的專家。我想告訴大家的是，奧德賽和迪圖爾這兩個世界級的、歷經數十年的礦山，其加密效果非常好，並且持續取得成果。但真正讓我和我們所有人興奮的是邊坡鑽探。這兩個歷經數十年的礦場都取得了良好的邊坡效果，超出了礦體現有邊界1到2公里。

It's early to say what that means, but it is exceptionally promising for these mines -- world-class mines. At Macassa, as I mentioned, the ramp to the Amalgamated Kirkland deposit is now complete. We're drilling -- and I just want to point out the one hole we talk about here, effectively 31 grams over 3.5 metres. That's pretty impressive 64 metres underground.

現在談論這意味著什麼還為時過早，但對於這些世界級的礦山來說，前景極其光明。正如我所提到的，在馬卡薩，通往合併柯克蘭礦床的斜坡現已完工。我們正在鑽探——我只想指出我們這裡提到的洞，有效重量為31克，深度為3.5公尺。這在地下64米，相當令人印象深刻。

At Fosterville, Eric will talk a little bit about it, and maybe what I'll do is I'll just ask Guy and Eric to briefly talk about some of the things they're most excited about.

在福斯特維爾，艾瑞克會談論一些這件事，也許我會做的就是讓蓋伊和艾瑞克簡單談談他們最興奮的一些事情。

Thank you, Ammar. So overall, 2022 will be obviously the most important year in terms of exploration spending in the company. From the original budget of $325 million that we've announced since early in the year, we've added an additional $30 million that was announced in the August press release following good results. So year-to-date, we have successfully completed in excess of 100 million meter -- 1 million-meter of core, on schedule to complete our total of 1.2 million metre of drilling, which is a lot.

謝謝，阿瑪爾。總的來說，2022年顯然是公司勘探支出最重要的一年。我們年初就宣布了3.25億美元的原始預算，由於業績良好，我們在8月份的新聞稿中又增加了3000萬美元。今年迄今為止，我們已成功完成了超過1億米——100萬米的岩心鑽探，按計劃完成了總計120萬米的鑽探，這是一個很大的數字。

Thanks to all our drill contractor and service provider on each of the projects. With all of that, we're certainly positioning ourselves favourably for the year-end reserve and resources update. We've seen at in midyear the addition of Detour with 5.4 million ounces, and good success at several of the mine, which will more than offset the production depletion of [2.2 million ounces to 3.4 million ounces] we're anticipating this year.

感謝我們每個專案的所有鑽探承包商和服務提供者。憑藉所有這些，我們無疑為年底的儲量和資源更新做好了充分的準備。年中，Detour礦場新增了540萬盎司的儲量，而該礦的多個項目也取得了良好的業績，這將遠遠抵消我們今年預計的產量損失（220萬盎司至340萬盎司）。

We've seen solid result at near mine at several of our operations like Kittila, LaRonde, Meliadine, and Amaruq, but more importantly, on the key value driver project we've seen some solid result, good step-out, as mentioned by Ammar.

我們在 Kittila、LaRonde、Meliadine 和 Amaruq 等多個礦場附近的作業中看到了堅實的成果，但更重要的是，正如 Ammar 所提到的，在關鍵價值驅動專案上，我們看到了一些堅實的成果和良好的進展。

Starting by Odyssey in Malartic, we have now -- we continue to have 14 drill rig operating. We're on our way to complete our target program for this year with 160 kilometres of drilling. We've been getting solid result infilling the Odyssey, and Odyssey will be potentially moved towards reserve at year-end 2022, and we are anticipating to start production at the end of Q1 2023 with some very positive results in the core portion with the deposit up to 5.7 gram over 21 metres at 367 metres below surface.

從瑪拉蒂克的奧德賽礦場開始，我們目前擁有—我們繼續運作14台鑽機。我們即將完成今年160公里的鑽探目標。奧德賽礦的加密工作取得了堅實的成果，奧德賽礦場可能在2022年底進入儲量階段。我們預計在2023年第一季末開始生產，核心礦段將取得一些非常正面的成果，礦床深度達21米，位於地表以下367米，金礦含量高達5.7克。

And at East Gouldie at depth, the infill is continuing. Some of the notable intercept, 4.6 gram over 50-metre in a core portion of the deposit. And we continue to get pleasantly surprised by the Western extension of the East Gouldie moving towards the Norrie Zone with some intercept located 670 metres west of the current resources, returning 4.2 grams over 12 metres. So quite interesting to see how the East Gouldie continue to shape up towards the West.

在東古爾迪的深部，填充仍在繼續。在礦床核心部分，一些顯著的截距，50公尺深處有4.6克的金礦。我們驚訝地發現，東古爾迪的西部延伸正向諾裡區延伸，一些截距位於現有資源以西670公尺處，12公尺深處有4.2克的金礦。因此，觀察東古爾迪如何繼續向西發展，相當有趣。

Moving at Nunavut at Hope Bay, we're conducting a very aggressive drill program over there focusing on exploration only, completing through the end of the third quarter, 76,000 metre. We're getting good result at depth in Doris, and we're pleasantly surprised at depth recently. We are ramping up activity in Madrid. We've mobilized a second drill contractor that has two rigs over there, and we're starting to drill a deeper drill hole in the Madrid deposit, and we've seen good visual intercept reporting interesting width with the quartz vein and visible gold, which we will continue to see the outcome of those, and we anticipate to continue ramp-up of activity in Madrid and Doris, and to have a better, a clearer picture of the full potential of the asset by later on in 2023.

在努納武特地區霍普灣，我們正在那裡開展一項非常積極的鑽探計劃，專注於勘探，預計在第三季末完成，深度達76,000公尺。我們在多麗絲（Doris）的深層鑽探取得了良好的成果，最近我們對鑽探深度感到驚喜。我們正在加強在馬德里的活動力度。我們已經調動了第二家在那裡擁有兩台鑽機的鑽探承包商，我們開始在馬德里礦床鑽一個更深的鑽孔，我們已經看到了良好的目視截距，顯示出石英脈的寬度和可見的金礦。我們將繼續觀察這些成果。我們預計將繼續加大在馬德里和多麗絲的活動力度，並在2023年下半年更深入、更清晰地了解該資產的全部潛力。

Closer, in the Abitibi, at AK, as mentioned by Ammar, we've been aggressively drilling since the merger, both from surface and underground. The team has been closely working to get over there. We have in excess of 135 drill holes that were completed year-to-date. We're going to be updating resources over there at year-end, and that could have a near-term impact, potentially adding to production in the Macassa as early as 2024.

更近一點，在阿比蒂比（Abitibi），正如阿馬爾（Ammar）提到的，自合併以來，我們一直在積極開展地面和地下鑽探。我們的團隊一直在密切合作，爭取到達那裡。今年迄今為止，我們已經完成了超過135個鑽孔。我們將在年底更新那裡的資源，這可能會產生短期影響，最快可能在2024年增加馬卡薩（Macassa）的產量。

And on that, I will pass to Eric to talk about Detour and Fosterville.

關於這一點，我將請 Eric 來談談 Detour 和 Fosterville。

Thanks, Guy. In terms of Detour, we had again some very good progress in the quarter, both in terms of the productivity of the drilling and the results. We drilled about 74,000 metres in total. And the main focus remaining on the west side of the pit and to deeper, and the extension of that up to about 2, 2.5 kilometres to the west. And showing some additional, really good results.

謝謝，蓋伊。就Detour專案而言，我們在本季再次取得了非常不錯的進展，無論是鑽探效率還是結果。我們總共鑽探了約7.4萬公尺。主要工作仍集中在礦坑西側及更深的地區，並向西延伸約2至2.5公里。此外，我們也取得了一些非常好的成果。

The intercepts closer to the pit showing broad zones of mineralization similar to what we see in the pit and including some more high-grade intercepts, as we previously announced. And further to the West, again, showing some more higher-grade holes with quartz and visible gold. So everything coming together very well there, and we believe we're on track to again add more to the open pit and underground project as we go ahead.

靠近礦坑的截距顯示出與我們在礦坑中看到的類似的廣闊礦化帶，並且包括一些更高品位的截距，正如我們之前所宣布的那樣。更靠近西邊的地方，再次顯示出一些更高品位的孔洞，其中含有石英和可見的金。所以，那裡的一切都進展順利，我們相信，隨著露天礦和地下礦計畫的推進，我們有望再次增加更多礦產。

Macassa, the project continued to focus on both the Deep mine and on the AK project. In the Deep mine, the main targets were really the Main Break and the South Mine Complex to the East. Main Break, we were looking at the high-grade corridor, which is actually just east of #4 Shaft. This is a new target. We haven't been able to drill much until we get the recent drilling in there. And there was a very high-grade hole that we've announced in there, 25 grams over about 2.5 metres, we believe, and to the SMC East, additional extension of the zone there.

馬卡薩，該計畫繼續專注於深礦和AK計畫。在深礦，主要目標實際上是主斷層帶和東側的南礦區。在主斷層帶，我們關注的是高品位礦帶，它實際上位於4號礦井以東。這是一個新的目標。在最近的鑽探之前，我們一直無法進行太多鑽探。我們宣佈在那裡發現了一個非常高品位的孔洞，我們認為，大約2.5米深，品位25克，並且延伸至SMC東區，進一步延伸了該區域。

Fosterville was also very exciting this quarter. We finally got a lot more of the drilling in progress there. Remember, we were having to delay a lot of that to the second half of the year. And so we now are starting to receive quite a few results and showing a number of holes with high-grade, and the continuation of the zone up to about 200 metres down plunge.

福斯特維爾本季的表現也非常令人振奮。我們終於在那裡完成了更多鑽探工作。要知道，我們之前必須把很多鑽探工作延到下半年。所以，現在我們開始收到不少成果，並顯示出許多高品位的鑽孔，而且該區域延伸至約200公尺深的傾角。

We've also identified a new structure which we call the Cardinal zone that has additional high-grade results similar to the Swan zone. Still a lot to evaluate with the Cardinal, but in total, showing good continuation of the Swan zone to depth with more high-grade lenses, and -- so we're very pleased with that and we think that it bodes very well for the future of Fosterville.

我們還發現了一個新的結構，我們稱之為「基數帶」（Cardinal zone），它擁有與「天鵝帶」（Swan zone）類似的額外高品位結果。 「基數帶」仍有許多需要評估的地方，但總體而言，它顯示出「天鵝帶」向深度的良好延續性，並擁有更多高品味透鏡體——因此，我們對此非常滿意，並認為這對福斯特維爾的未來來說是一個好兆頭。

Thank you very much. Those are excellent results, and what I want to emphasize again is none of these are results at the top of a mountain in a country we've never been in. These are at operations where we have the people, we have the infrastructure, we have the competitive advantage, and will immediately create value for our shareholders. So thank you, guys.

非常感謝。這些都是非常出色的業績，我想再次強調的是，這些業績並非我們從未涉足過的國家的巔峰之作。這些業績源自於我們擁有人才、基礎設施和競爭優勢的運營，並將立即為股東創造價值。所以，謝謝大家。

Just moving on to the next slide. As important, Sean Boyd has always said, as important as what we do is how we do it, and we are continuing to demonstrate the culture of the company.

繼續下一張投影片。肖恩·博伊德一直說，我們做什麼和如何做同樣重要，我們將繼續展現公司的文化。

We talk in this slide about -- and I've mentioned the record quarterly safety performance. Again, that is a fantastic and a representation of the culture of the company, but also how we operate. The interim target of 30% we discussed, but what I want to talk a little bit about very briefly are the bottom points. We are well-rated by all the external agencies. If you take a look at greenhouse gas emission and water usage relative to our peers, we are doing very, very well, but take a look at some of these points at the bottom, and I'm going to focus maybe a little bit on Mexico.

我們在這張投影片中談到了——我之前提到了創紀錄的季度安全績效。這真是太棒了，不僅體現了公司的文化，也體現了我們的營運方式。我們討論了30%的中期目標，但我想簡單談談關鍵點。所有外部機構都對我們評價很高。如果你看一下溫室氣體排放和用水量，你會發現與同行相比，我們的表現非常非常好，但請看一下最後幾個點，我可能會稍微關註一下墨西哥。

Agnico Eagle was awarded the 17th Best Place to Work anywhere in Mexico. And this is not just mining companies. This is against any company in Mexico as measured by this Best Place to Work award. That is pretty impressive and shows who we are.

Agnico Eagle 榮獲墨西哥最佳工作場所第 17 名。這不僅僅是礦業公司。在墨西哥，任何一家公司都無法與「最佳工作場所」獎項相提並論。這非常令人印象深刻，也展現了我們的實力。

And then look at the one below, La India. Now, La India isn't a huge mine, but the team there won a Distinction of Social Responsible Company, not by the mining industry, but by the Mexican Center for Philanthropy and the Foundation for Sustainability and Equity.

再看看下面這個，La India。 La India 並不是一個大型礦場，但那裡的團隊贏得了「社會責任公司」榮譽，這個榮譽並非由採礦業頒發，而是由墨西哥慈善中心和永續發展與公平基金會頒發。

Sometimes it's the small things on the ground, at the communities that really make a difference and it's these types of things that show the culture of the company. So we are -- while these are small, potentially, awards, they're very important and they show who we are.

有時，真正帶來改變的是社區裡那些細微的小事，而這些小事正好體現了公司的文化。所以，雖然這些獎項可能很小，但它們非常重要，展現了我們的品牌形象。

Moving on to some of the financial results. David, would you mind covering this?

接下來我們來談談一些財務表現。 David，您介意報道嗎？

I don't mind at all, Ammar. I'll just focus on a few numbers here. Just looking on the extreme right of the slide of Page 10, the operating margin, it's USD 2.4 billion, year-to-date. That's a big number. And I think the size, the scale, and the liquidity of companies are more important in this market than ever, and certainly, Agnico is delivering on these important metrics.

我完全不介意，阿瑪爾。我只想重點說幾個數字。看看第10頁投影片最右邊的營業利益率，年初至今是24億美元。這是一個很大的數字。我認為，在這個市場上，公司的規模、規模和流動性比以往任何時候都更重要，而Agnico無疑在這些重要指標上表現出色。

If you look at the pie graph just below that for Q3, operating margin in line with what we've done year-to-date, about $800 million, but importantly, it's well-balanced between our regions. And I think that diversification and balance throughout the portfolio is very important and very comforting to our investors as well.

如果你看一下下方的圓餅圖，第三季的營業利潤率與年初至今的水準持平，約為8億美元，但重要的是，我們各地區的利潤率保持了良好的平衡。我認為，投資組合的多元化和平衡性非常重要，也讓我們的投資人感到安心。

The last number I'd focus on this slide is the quarterly and year-to-date cash flow per share numbers, and that extrapolates to a yearly number of more than $5 per share of cash flow. And I guess this is just a commentary on current market conditions, but if you told me a few years ago that Agnico was going to generate more than $5 per share of cash flow, I would have said the share price might be close to or above $100 per share. So I guess we're seeing a market where we're certainly not near the top of the market for valuation of gold equities, and I think we've got a really solid base here for the share price to continue moving higher as the equities and the gold price recover going into next year.

這張投影片上我要重點介紹的最後一個數字是季度和年初至今的每股現金流數據，由此推算，全年每股現金流將超過5美元。我想這只是對當前市場狀況的解讀，但如果幾年前你告訴我，Agnico 的每股現金流將超過5美元，我會說股價可能會接近或超過100美元。所以，我認為，我們現在的市場估值遠未達到黃金股票市場的頂峰，而且我認為，隨著股市和金價在明年復甦，股價將繼續走高，這是一個非常堅實的基礎。

Flipping over to the next page, just talking about the balance sheet briefly, of course, we do have strong liquidity, more than $800 million of cash, and undrawn bank facilities of $1.2 billion.

翻到下一頁，簡單談談資產負債表，當然，我們的流動性確實很強，有超過 8 億美元的現金，以及 12 億美元的未提取銀行貸款。

If you look at the debt maturity schedule at the bottom, it's a very light maturity schedule spread out over time on purpose. So we've got tremendous financial flexibility to make sure that we can continue doing what we've been doing for decades. That's it.

如果你看一下底部的債務到期時間表，你會發現這是一個非常輕量化的到期時間表，並且是故意分散在各個時間段的。這樣一來，我們就擁有了巨大的財務彈性，確保我們能夠繼續做幾十年來一直在做的事情。就是這樣。

Thank you, Dave. Next slide, please. On the synergies, I'll hit these very quickly. We divide them into corporate synergies, operational, optimization, and strategic optimization.

謝謝，戴夫。請看下一張投影片。關於綜效，我會很快講一下。我們將其分為企業協同效應、營運優化和策略優化。

On the corporate synergies, I don't want to say it was easy, but we've done a really good job on that, frankly, better even than we anticipated and roughly double the original estimate that we gave. So congratulations to the team, and we are continuing to do it every chance we get. There was another $2 million savings annually by consolidating some insurance policies that we had. Small things that add up, and thank you to the team on that.

關於企業協同效應，我不想說這很容易，但坦白說，我們做得非常好，甚至比我們預期的還要好，大約是最初預算的兩倍。恭喜我們的團隊，我們會抓住一切機會繼續這樣做。透過整合我們現有的一些保險單，我們每年又節省了200萬美元。積少成多，感謝團隊的努力。

The real slice is obviously on the operational side of it. We are targeting $130 million a year. I will tell you we have identified more than $130 million a year of opportunities, but not everything you identify happens. We remain confident on the $130 million a year. We said it'll take a couple of years to get there, and we are going to exceed our expectation for 2022.

真正的重點顯然在於營運方面。我們的目標是每年1.3億美元。我可以告訴你，我們已經發現了每年超過1.3億美元的投資機會，但並非所有你發現的都會實現。我們對每年1.3億美元的目標仍然充滿信心。我們說過，實現這個目標需要幾年時間，而我們將在2022年超額完成預期目標。

And then on the strategic optimization, we talked a little bit about Amalgamated Kirkland. 8 months into it, the ramp is done. The drilling is well underway, and we're hopeful to bring production there in 2024. And again, I mentioned that we were up at, well, frankly, all the sites recently but including Detour, and I can tell you that the combination of the two companies, the technical discussions are already making a big difference in a mine as big and as important as Detour; things like improvement in the maintenance programs, and even the move and the analysis towards the underground mine and our target of a million ounces a year. We've made good progress, and I can assure everyone that progress is happening faster with the combination of the companies rather than individually.

關於策略優化，我們稍微談了一下Amalgamated Kirkland的狀況。八個月過去了，產能提升已經完成。鑽探工作進展順利，我們希望在2024年實現投產。我再次提到，我們最近考察了所有礦場，包括Detour礦。我可以告訴大家，兩家公司的合併和技術討論已經對Detour這樣規模宏大、意義重大的礦場產生了重大影響；例如改進了維護方案，甚至還對地下礦場進行了遷移和分析，以實現年產量100萬盎司的目標。我們取得了良好的進展，我可以向大家保證，兩家公司合併後，進展速度會比各自獨立更快。

Then moving on, our vision remains the same. We have a simple, consistent, disciplined, and proven approach to value creation. It's the same approach we've had for 65 years, and it's based on the following.

展望未來，我們的願景始終如一。我們秉持著簡單、一致、嚴謹且行之有效的價值創造方法。 65年來，我們始終秉持著同樣的方法，並基於以下幾點：

First, build a high-quality business. To us that means low costs, strong margins, strong cash flows, and we've delivered that again so far this year. It means robust production profile from premier jurisdictions. Our strategy is to go into places in the world that have the geologic potential for multiple mines over multiple decades, and the political stability to operate multiple mines over multiple decades, and to build a competitive advantage in those regions and to leverage that competitive advantage. And that's what we're doing with our expansion projects, with our exploration.

首先，打造高品質的業務。對我們來說，這意味著低成本、高利潤率和強勁的現金流，而今年迄今為止，我們再次實現了這些目標。這意味著在主要管轄區擁有強勁的生產能力。我們的策略是進入世界上那些具備數十年開採多個礦場的地質潛力和政治穩定性的地區，在這些地區建立競爭優勢並加以利用。這正是我們擴張計畫和勘探計畫的目標。

Proven leadership with a track record of building value per share. We don't care how big we get. We only care about creating value on a per share basis in a responsible manner, and that's what we're going to continue to do.

擁有久經考驗的領導力，並擁有創造每股價值的良好記錄。我們不關心規模有多大。我們只關心以負責任的方式創造每股價值，而這正是我們將繼續堅持的。

And finally, to always have a strong balance sheet, strong financial position you need to have that in a cyclical business. It's essential, and we're doing that. To always do this in the most responsible way, environmentally, socially, and from a governance perspective. To be not just -- frankly, not to be just trusted and welcomed, but to actually be a part of the community in which you operate.

最後，在週期性產業中，要始終擁有強勁的資產負債表和財務狀況，就必須做到這一點。這至關重要，而我們正在這樣做。我們要始終以最負責任的方式做到這一點，無論是對環境、社會或治理而言。坦白說，我們不僅要獲得信任和歡迎，更要真正融入我們所在社區。

To have growth potential from existing mines and a high-quality exploration program, I think you've seen that, we have largely built this company over many decades through the drill bit, and we're continuing to do that.

為了從現有礦山和高品質的勘探計劃中獲得成長潛力，我想你已經看到了這一點，我們幾十年來主要透過鑽頭建立了這家公司，我們將繼續這樣做。

And a long history of capital returns. 38 years of dividend payments without missing a beat, and we're very proud of that. So in conclusion, the story of Agnico remains the same this quarter as it was last quarter, and it'll be the same next quarter and it'll be the same next year, and hopefully, the year after.

以及悠久的資本回報歷史。 38年來，Agnico 的股息支付從未間斷，我們對此感到非常自豪。總而言之，Agnico 本季的業績與上季一樣，下個季度、明年以及後年都將如此。

One, deliver strong operational results consistently, reliably. As Dave Smith, our CFO, always says, "Our desire is not only to create value, but to be the sleep easy at night investment for investors."

第一，持續可靠地實現強勁的營運表現。正如我們的財務長戴夫史密斯常說的那樣：“我們的願望不僅在於創造價值，更在於成為投資者安心無憂的投資。”

Two, to have the best growth profile possible and the lowest risk possible, which we get by being in regions where we've been for decades and building off existing infrastructure with existing teams.

二是實現最佳的成長前景和最低的風險，透過駐紮在我們已經存在了幾十年的地區，並利用現有的團隊來建立現有的基礎設施，我們可以實現這一目標。

Three, to continue to deliver value through the drill bit through exceptional programs in those good regions.

三、透過在這些優質地區實施特殊項目，繼續透過鑽頭創造價值。

And four, finally, to always do it with the best ESG credentials and to be a welcome member of the communities in which we operate. And with that, the call -- our part of the call will end and we'll transfer over to questions, operator.

第四，最後一點，我們要始終以最佳的ESG資格履行職責，成為我們營運所在社區的受歡迎成員。至此，我們的通話部分就結束了，我們將轉至問答環節，接線生。

(Operator Instructions) First question comes from Josh Wolfson of RBC Capital Markets.

（操作員指示）第一個問題來自 RBC Capital Markets 的 Josh Wolfson。

I had a couple of questions on inflation. The commentary in the release that mentions inflation ramping up for the next couple of months, I guess I'm curious to understand what's causing that to be realized now versus maybe what the prior disclosures or prior quarters? Is that a matter of inventory or hedging that's now sort of rolling off or rolling on?

我有幾個關於通膨的問題。新聞稿中提到通膨將在未來幾個月內加劇，我很好奇是什麼原因導致通膨現在才得以實現，而不是像之前的披露或前幾季那樣？這是庫存或對沖的問題嗎？現在庫存或對沖是減少還是增加？

Josh, it's Ammar here. We don't really see an acceleration of inflation. In fact, we're hopeful that we're past the peak and we're starting to see a little bit of light at the end of the tunnel. So what we are trying to say, though, is that it's, I think, too early to say that it's over, and we are still planning to do everything we can to control costs, because it's our job to do that, and we just want to be responsible. So I don't think we're seeing, and we didn't intend to suggest that inflation is accelerating, but rather that we're still taking it very seriously and doing everything we can to mitigate it.

喬希，我是阿馬爾。我們確實沒有看到通膨加速。事實上，我們希望通膨已經過了頂峰，並開始看到隧道盡頭的一絲曙光。所以我們想說的是，我認為現在說通膨已經結束還為時過早，我們仍在計劃盡一切努力控製成本，因為這是我們的職責所在，我們只是想負責任地應對。所以我認為我們沒有看到通膨加速，我們也不是故意暗示通膨正在加速，而是我們仍在非常認真地對待通膨，並盡一切努力來緩解它。

Okay. And then the other question on inflation relates to Odyssey and the cost reevaluation there. Could you maybe provide a bit more information on what was incorporated in the original study, maybe in terms of flexibility and whether we should think about the greater than 5% to 7% upside being to the cost this year also being applicable there?

好的。然後，關於通貨膨脹的另一個問題與奧德賽及其成本重新評估有關。您能否提供更多信息，說明原始研究中納入了哪些內容，例如靈活性方面，以及我們是否應該考慮今年成本上漲 5% 至 7% 以上的因素也適用於奧德賽？

Yes, that's a good question. So we are making good progress at Odyssey, and we're going to start to have some production as you know in the first quarter. Every year, we go through a budget process, and every year, we take a look at all the costs. We are going through that process right now at Odyssey and taking into consideration what we've seen over the last 12 months. It's too early right now. We will give guidance on that as we go through, but our expectation is that we're going to have to work extra hard to offset some of these cost pressures.

是的，這是個好問題。奧德賽公司目前進展順利，正如你所知，我們將在第一季開始部分生產。每年我們都會進行預算流程，每年都會審查所有成本。奧德賽公司目前正在進行這項流程，並參考了過去12個月的表現。現在下結論還為時過早。我們會在過程中提供指導，但我們預計，我們將不得不加倍努力來抵消部分成本壓力。

What I will say, and I'm going to ask Dominique to talk a little bit about this, because the team has done sort of two really good things. One is -- so there are two parts to inflation. There's the cost of material goes up and you manage that the best you can. But one of the big issues that the industry's been struggling with, but that Dominique and his team I think have done an exceptional job with is you can't lose out on the efficiency, and in this case, efficiency of construction means are you getting the manpower, are you getting the contractors, are you getting the suppliers, and they've done a very good job with that, but they've also done a good job in looking at opportunities to increase the revenue side of things on that project.

我想說的是，我會請多明尼克稍微談一下這個，因為團隊做了兩件非常好的事情。一是──通貨膨脹有兩個面向。材料成本上漲，你要盡力控制它。但這個行業一直在努力解決的一個大問題是，你不能犧牲效率，但我認為多明尼克和他的團隊在這個問題上做得非常出色。在這種情況下，施工效率意味著你能否獲得人力，能否獲得承包商，能否獲得供應商，他們在這方面做得非常好，但他們在尋找增加專案收入的機會方面也做得很好。

Maybe, Dominique, if you can talk a little bit about that.

也許，多明尼克，你可以稍微談論一下。

Yes. One of the opportunities that we have is the Internal zone at Odyssey South, so we know that the mineralization is there. It is complex, but still, that's going to be just close to our infrastructure. So we're going to see in the coming years some answers coming, let's say, over what we already planned, coming from those zones, and I would -- I need to say that the construction team is quite a strong team there and they're looking to different alternative by phasing or revising the scope, by doing engineering and let's say to mitigate the costs.

是的。我們面臨的一個機會是奧德賽南礦的內部區域，所以我們知道那裡有礦化。它很複雜，但仍然靠近我們的基礎設施。因此，在未來幾年，我們將看到一些答案，比如說，超越我們先前規劃的方案，來自這些區域。我想說的是，那裡的施工團隊非常強大，他們正在透過分階段或修改範圍、進行工程設計以及降低成本等方式尋找不同的替代方案。

Two things also important about costs. On the ramp development side, our cost per metre is better than expected, so that's going to be helpful overall. And also on the sinking, that's the best place in the world to sink a shaft. So right now, the partnership team is staffed with people from over 20 years of experience into shaft sinking, that did LaRonde, that did Lapa project, also people that has been to the Kittila project and the shaft sinking.

關於成本，還有兩點也很重要。在坡道開發方面，我們的每米成本低於預期，所以總體來說這很有幫助。此外，在鑿井方面，這裡是世界上鑿井的最佳地點。目前，合作團隊的成員在鑿井方面擁有超過20年的經驗，他們參與過LaRonde和Lapa項目，也參與Kittila專案和鑿井工作。

And now our contractor, Redpath, is also doing A team using people after, let's say, have been at Macassa, have been at Kittila. We're in the BCO area, a very good place to sink a shaft, and let's say, proof is going to be in the pudding, but let's see what's going to be the performances, but they're going to have good infrastructure with a very robust Galloway system that we did achieve on that. We've put a good setup and they're going to have A team. So overall, that's going to be -- I think that's going to be okay.

現在，我們的承包商Redpath也在組成A級團隊，使用的人員，比如說，曾經在馬卡薩（Macassa）和基蒂拉（Kittila）工作過的人。我們位於BCO地區，那裡非常適合鑿井，至於結果如何，我們只能拭目以待了。不過，他們擁有良好的基礎設施和非常強大的Galloway系統，我們在這方面確實做到了。我們已經部署了良好的設施，他們也擁有A級團隊。所以總的來說，我認為一切都會順利。

Yes. And just to finish, I think the message, Josh, because a lot of people are interested in this, obviously. The message is we still see an inflationary environment out there. We are working very hard to mitigate it. We can't predict with any level of accuracy, frankly, what the inflationary environment's going to be. We couldn't do it in January. We can't do it now. I don't think anybody can, but I can tell you the project is going well and the team is doing a good job.

是的。最後，喬希，我想說的是，顯然很多人對此很感興趣。我想說的是，我們仍然看到通膨環境存在。我們正在努力緩解通膨壓力。坦白說，我們無法準確預測通膨環境將會如何。一月我們做不到。現在也做不到。我認為沒有人能做到，但我可以告訴你，專案進展順利，團隊做得很好。

All right. I guess the shaft disclosures speak well towards the, I guess, the costs for the eventual second shaft. Maybe if I can tuck in one more question on the inflation side of things. Just because there is a larger amount of inventory stocking practices, I guess, across the northern operations, and then also some hedging in place. Is there any kind of percentage impact you could provide of what the overall exposure has been to inflation so far, like, would you say 1/2, 2/3, 75% or 100% whatever the case is of the actual inflation we’'re seeing today that's been reflected in the cost structure?

好的。我想礦井資訊揭露很好地說明了最終第二座礦井的成本。或許我可以再問一個關於通貨膨脹方面的問題。我想，只是因為整個北方礦區都採取了更大規模的庫存備貨措施，也採取了一些對沖措施。您能否提供一下到目前為止整體通膨風險敞口的百分比影響，例如，您認為是1/2、2/3、75%還是100%，無論哪種情況，我們今天看到的實際通膨已經反映在成本結構中？

Well, again, we're going through the budget right now, but you're right in that we did. We have to do barge shipments, and so a fair number of the items have been purchased.

嗯，我們目前正在核算預算，你說得對，我們確實這樣做了。我們必須用駁船運輸，所以已經購買了相當一部分物資。

What I would say is that I would expect that, on average, it's in that sort of 7% more expensive than it was last year. And I'll ask Dave to talk a little bit about fuel in a second, because that's a big chunk of it. But we've also had some relief on the currency side of things. So -- and we've had less movement on wage inflation. So there is some inflation. We're going through the budgets. Again, the message I would give everyone is we're not immune to it, but the team has done a good job. And again, just to emphasize before I ask Dave to talk about oil, it's not just the input cost. it's -- we are really focusing as well on doing everything we can with efficiency to help offset some of those pressures.

我想說的是，我預計今年的平均價格會比去年上漲7%左右。稍後我會請戴夫談談燃料價格，因為燃料價格佔了很大一部分。不過，貨幣方面也有一些緩解。薪資通膨的波動也較小。所以，確實存在一些通貨膨脹。我們正在審議預算。我想再告訴大家，我們並非完全沒有受到影響，但團隊做得很好。在請戴夫談論石油價格之前，我再次強調，這不僅僅是投入成本的問題。我們也在盡一切努力提高效率，以抵消部分壓力。

Yes. So on the fuel front, for 2023, we're about 36% percent hedged on our exposure. It is actually above our budget guidance rate, probably a little bit less than 10% from what we told you last February. But we're feeling pretty comfortable about that position. But again, who knows what the oil price is going to be in the second half of next year when we're more exposed on the physical side, because, of course, in the second half, we'll have to do our shipments to Nunavut for the coming year. So it's going to be something we watch, as always. And try and pick away to make sure that we can have confidence to give guidance in February and continue to do what we said we're going to do. But certainly, inflation is something on the top of our mind.

是的。就燃料方面而言，2023年，我們對風險敞口的避險率約為36%。這實際上高於我們的預算指導率，可能比我們去年2月告訴大家的略低10%。但我們對這個情況感到相當放心。不過，誰知道明年下半年油價會如何，到那時我們的實體風險敞口會更大呢？因為下半年我們必須向努納武特地區發貨，以備來年之需。所以，我們會一如既往地關注此事。我們會努力有所取捨，確保我們有信心在2月發布指導，並繼續履行我們承諾的職責。當然，通膨是我們最關心的問題。

Anita, please go ahead. Your line is open.

安妮塔，請繼續。你的線路暢通。

I just had a question with regards to some of the exploration highlights and specifically at the TMAC zone. Could you talk about some of the -- sort of the high hits that you would say that are more interesting to you? And what do you need to see that develop to before you would go ahead with that project?

我只是想問一些勘探亮點，特別是TMAC區域的勘探亮點。能談談您覺得比較有興趣的一些高產區嗎？在繼續推進這個計畫之前，您需要看到這些高產區達到什麼樣的發展水準？

Hi, Anita. It's Guy. So yes, we're quite pleased. We've been focusing for the first part of the year in the Doris at depth, because we were seeing, obviously, some potential fold and repetition at depth, and we continued to validate that apparent second fold hinge, which as you saw in the press release. We've been getting some quite interesting results, up to 7.3 gram over 15 metres, 19.6 over 4.5. So that fold hinge continued to shape up.

嗨，安妮塔。我是蓋伊。是的，我們非常高興。今年上半年，我們一直專注於多麗絲號的深層探測，因為我們顯然看到了一些潛在的褶皺和深層重複現象，並且我們繼續驗證了第二個褶皺鉸鏈，正如您在新聞稿中看到的那樣。我們得到了一些非常有趣的結果，15公尺深度的重量高達7.3克，4.5公尺深度的重量高達19.6克。所以，褶皺鉸鏈的形成仍在持續。

Obviously, the drill spacing, it's not there yet to make it resources. But we were very close by some of the lower portion of the mining infrastructure in the BTD. Therefore, we've undertook quite early this year to extend the drift into that area very early when we saw the first sign of those good results. And we're currently in a position now to drill it from underground as well with two drill rig addressing from that BCO area. So quite interesting.

顯然，鑽孔間距還不足以形成資源。但我們在BTD的一些採礦基礎設施的下部非常接近。因此，當我們在今年初看到良好結果的跡象時，就很早就著手將巷道延伸到該區域。目前，我們已準備好使用兩台鑽孔機從BCO區域進行地下鑽探。這很有意思。

And as I mentioned as well, we also mobilized the second drill contractor major to help at beefing up our drilling capacity at Madrid. And we're now drilling some extension drill hole at the bottom of Madrid, stepping out at depth and to the north. And we're quite pleased, again, when assays are still bending, and when we see good quartz vein with visible gold at depth in the down plunge extension. So we are really trying to demonstrate our theory when we acquired the project that we think we can significantly grow the resources at Madrid and Doris with a couple of years of drilling, and then come back with a better assessment on how we can think about developing the project in the future.

正如我之前提到的，我們也調動了第二家大型鑽探承包商來協助加強我們在馬德里的鑽探能力。目前，我們正在馬德里礦床底部鑽探一些延伸鑽孔，向北延伸至深處。當化驗結果仍然呈現彎曲狀，並且我們在下傾延伸段深處發現了可見的金礦，我們再次感到非常高興。因此，我們實際上是在努力驗證我們接手該專案時的理論，即我們認為透過幾年的鑽探，我們可以大幅增加馬德里和多麗絲礦的資源量，然後我們會對未來如何開發該專案做出更深入的評估。

And then, can I just move to some of the more operational items like at Malartic, the grades came down a little bit, but I think you're running a little bit below right now what the average for the year would be. So I'm just wondering if that -- or the guidance that you had provided, I think, it was like [1.14] for the year. So I'm just wondering if we could see a great uptick going into Q4. And then similarly, at Detour came down about 10%. And are you expecting a rate uptick into Q4 on that one?

然後，我可以談談一些更具營運性的項目嗎？例如在馬拉蒂克，評級略有下降，但我認為你們目前的評級略低於全年平均。所以我想知道，或者說，你們之前給的指導意見，我認為全年評級大概是1.14。所以我想知道我們是否能在第四季看到大幅上漲。同樣，迪圖爾的評級也下降了約10%。您預計第四季的評級會有所上升嗎？

Yes. Anita, Dominique speaking. We are aligned with guidance at Canadian Malartic. Everything is as planned. I would say it's just a question of sequence and stockpiles that we process more a bit in Q3, but everything is going as planned there.

是的。 Anita，我是Dominique。我們與加拿大馬拉特克公司的指導方針保持一致。一切都按計劃進行。我想說，這只是一個順序問題，以及我們在第三季會處理更多庫存的問題，但那裡的一切都按計劃進行。

Hi, Anita. With respect to Detour, we're still tracking against guidance, well against that. And so I think the grade was about [0.94] for the year, and that's where we expect to. The first half of the year, we were in Phase 2, which was higher grade material. So yes.

你好，Anita。關於Detour，我們仍在追蹤指導，甚至比指導還要差。所以我認為今年的得分大約是[0.94]，這也是我們預期的。上半年我們處於第二階段，材料評分更高。所以是的。

And then the last question, just while having Natasha, is on the Macassa costs. They seem bucking the trend. It seems like the unit costs are going down. And I was just wondering what was the main driver of that? Is that the ventilation that you've -- the newly installed ventilation this quarter, or and could we see further gains in Q4?

最後一個問題，就在娜塔莎（Natasha）的演講中，關於Macassa的成本。它似乎逆勢而上，單位成本似乎正在下降。我想知道這背後的主要驅動力是什麼？是你們本季新安裝的通風設備嗎？還是說第四季我們會看到進一步的成長？

Yes, Anita. So we did see lower cost, but that's a function of higher throughput in comparison to budget. So yes, the ventilation has helped us. And hopefully, it continues too, going into the future. And then when #4 shaft comes along, we should see improvements there as well.

是的，Anita。所以我們確實看到了成本的降低，但這是因為產量相對於預算更高。所以，通風系統確實幫了我們大忙。希望未來也能繼續維持這種狀態。等4號豎井建成後，我們應該也能看到改善。

And Anita, that's a perfect example, Anita, of never underestimate the importance of throughput and good old fashion efficiency, trying to mitigate costs.

安妮塔，這是一個完美的例子，安妮塔，永遠不要低估吞吐量和傳統效率的重要性，並努力降低成本。

Next question comes from John Tumazos of Very Independent Research.

下一個問題來自 Very Independent Research 的 John Tumazos。

Thank you. As the new shaft ramps up at Macassa, can we expect the tonnage to go from 814 in the September quarter toward the 2,000 tonne a day capacity of the mill with the grade staying around 21 grams? I guess some of the deeper zones are higher-grade and lower-grade. I don't know which stokes you would access first. If you can hold the grade and get toward 2,000 tonne a day, it's a 400,000 ounce mine. I was wondering what year we should hope for that.

謝謝。隨著馬卡薩礦新礦井的不斷加深，我們能否預期產量能從9月份季度的814噸/日提升至2000噸/日，且品位保持在21克左右？我猜有些較深的礦段品位較高，有些則較低。我不知道您會先開採哪些礦段。如果能維持品位，並達到2000噸/日的產量，那麼這座礦場的產量將達到40萬盎司。我想知道我們預計在哪一年就能實現這一目標。

Well, I'll start with that, John, and it's nice to hear from you again, and then I'll pass it to Natasha. I mean what you've done is you've done an excellent job of outlining the potential of that orebody. I mean it is a great orebody, and that's why we're investing the shaft, the infrastructure, the ventilation. We're working on -- we are working on the budget right now. It's going to take, frankly, a couple of years to get there. But you're absolutely right. This mine has the potential to be a significant producer, again, in a very good jurisdiction. And I would also say with a lot of exploration potential remaining.

好的，約翰，我先從這個開始，很高興再次收到你的來信，然後我會把話題轉給娜塔莎。我的意思是，你非常出色地概述了該礦體的潛力。這是一個非常棒的礦體，這就是我們投資豎井、基礎設施和通風系統的原因。我們正在製定預算。坦白說，要達到這個目標還需要幾年時間。但你說得完全正確。這座礦有潛力成為一個重要的產礦，而且它位於一個非常好的管轄範圍內。而且我想說，它還有很大的勘探潛力。

Maybe I'll ask Natasha to comment.

也許我會請娜塔莎發表評論。

Yes. That's correct, Ammar. So John, with respect to the shaft, it has the capability of hoisting 2,000 tonnes of ore a day, and it's right near our main reserves, which is the South Mine Complex. So we expect our throughput to increase. We're running scenarios right now. We're looking at a new mine strategy. We're looking at different scenarios: mining methods, changing up mining sequences to see how we can optimize the deposit, and also the exploration potential. We believe in the exploration potential here. So our reserve grade right now sits at 16, 17 grams, and we hope to continue that trend.

是的，阿馬爾，沒錯。約翰，就礦井而言，它每天能夠提升2000噸礦石，而且它就在我們的主要儲備區——南礦區附近。所以我們預計產量會增加。我們目前正在進行各種方案的製定，並正在研究新的礦山策略。我們正在研究不同的方案：採礦方法、改變採礦順序以優化礦床，以及勘探潛力。我們相信這裡的勘探潛力。我們目前的儲量品位為16到17克，我們希望維持這一趨勢。

But it is a couple of year endeavor, John.

但這需要幾年的努力，約翰。

So for next year, for example, what might be a reasonable expectation for tonnes per day?

那麼，以明年為例，每天產量的合理預期是多少噸呢？

We'd feel uncomfortable giving guidance -- specific guidance for next year right now. That will all come out in February.

我們現在不太願意給予指導——關於明年的具體指導。這些指導將在二月份公佈。

If I can switch back to Agnico legacy properties, the underground Malartic and measured, indicated, and inferred resources is almost 8 million ounces now in 4 zones, where the East Gouldie is about 3.2 grams and the other 3 zones average about 2 grams in resources.

如果我可以切換回 Agnico 遺留資產，那麼地下 Malartic 和測量、指示和推斷的資源現在在 4 個區域幾乎為 800 萬盎司，其中 East Gouldie 約為 3.2 克，其他 3 個區域平均資源量約為 2 克。

When the infill drilling is done and the engineering is detailed and the optimization iterations have gone through, should we be modeling 3 grams for East Gouldie and 2 grams for the other zones? Or is it going to get higher with optimization and infill drilling? Or is it going to get lower? You know, sometimes those mining engineers taking an incremental tonne into it a little bit.

當加密鑽探完成、工程細節完善、最佳化迭代完成後，我們是否應該為東古爾迪礦區建模3克，為其他區域建模2克？還是隨著優化和加密鑽探，這個數字會更高？還是會更低？你知道，有時那些採礦工程師會稍微增加一噸的產量。

Well, I mean, Guy, go ahead.

好吧，我的意思是，蓋伊，繼續。

Yes. I think on the grade, we are -- when you're going to see the resources update, when we are having -- moving to indicated, we are incorporating dilution, we're expecting using our realistic mining scenarios. So you're going to see, obviously, a lower-grade transiting from inferred to indicated because we are adding that dilution. But as you indicate, East Gouldie is closer to 3 gram overall, inferred. So when adding the infill -- and so we don't see -- we don't add any surprise in terms of the infill.

是的。我認為就品味而言，當您看到資源更新時，當我們轉向指示品位時，我們會考慮稀釋因素，我們預計會使用我們現實的採礦方案。因此，您顯然會看到一個較低的品位從推斷品位過渡到指示品位，因為我們添加了稀釋因子。但正如您所指出的，East Gouldie 的推斷品位總體更接近 3 克。因此，當添加填充物時——所以我們沒有看到——我們不會在填充物方面添加任何意外。

One, in fact, we confirm the thickness. The grade is as expected. So I do believe that the zone is growing laterally. This is the most positive surprise that we see. So the core portion is being confirmed by infill drill hole. We're going to be adding the dilution when moving to indicated.

首先，事實上，我們確認了厚度。品味符合預期。所以我相信該區域正在橫向擴展。這是我們看到的最正面的驚喜。因此，核心部分已透過填充鑽孔確認。我們將在達到指示值時添加稀釋度。

And the math you did is about that, and then after that, it will be a matter of the blend, incorporating the Odyssey South and the Odyssey North and the East Gouldie. So each of the three areas, in their respective grade into the mining sequence to get to the average grade of the operation.

你做的計算就是關於這一點的，之後就是混合的問題，把奧德賽南區、奧德賽北區和東古爾迪區合併起來。所以，這三個區域，依照各自的品位，分別納入採礦序列，以得出作業的平均品位。

So the 3 grams and the 2 grams, it doesn't feel as good as Macassa or Fosterville, but it's a lot of tonnes and a lot of ounces.

因此，3 克和 2 克的感覺不如 Macassa 或 Fosterville 好，但它有很多噸和很多盎司。

Yes, it's 19,000 tonnes a day. I mean, it's a big, big mine.

是的，每天1.9萬噸。我的意思是，這是一個很大的礦。

The gold price isn't so good this week, and we do have this problem with inflation. It makes me wonder if your partner, Peter, thought this was so good that he sold his company and traded it for South Deep in South Africa. But how low do you think your cost per tonne are going to be at 19,000 tonnes to make real good money on this?

本週金價不太好，而且我們確實面臨通貨膨脹的問題。我不禁想，你的合夥人彼得是不是覺得這太好了，以至於賣掉了自己的公司，換了南非的South Deep公司。不過，你覺得19,000噸的每噸成本要低到什麼程度才能真正賺錢呢？

Well, we're going through all those economics right now. But as you're pointing out, it is a big underground mine. It's going from the biggest open pit mine in Canada to the biggest underground mine in Canada. And we're going through the economics, but I think, as Guy said, this is something that I think we are uniquely able to develop because of Goldex, our experience at Goldex, and this is going to be bulk underground mining like Goldex, which, as you know, was our view right from the beginning when we acquired this asset.

嗯，我們現在正在考慮所有這些經濟因素。但正如你所指出的，這是一個大型地下礦。它將從加拿大最大的露天礦場變成加拿大最大的地下礦場。我們正在考慮經濟因素，但我認為，正如蓋伊所說，憑藉Goldex，憑藉我們在Goldex的經驗，我們擁有獨特的開發能力，而且這將是像Goldex一樣的大規模地下開採，正如你所知，這是我們從收購這項資產之初就持有的觀點。

The next question comes from Tanya Jakusconek from Scotia Bank.

下一個問題來自加拿大豐業銀行的 Tanya Jakusconek。

Just wanted to circle back to just the inflation picture, just the bigger picture. Ammar, I know I asked on the Q2 conference call inflation was running in your cost at the time. And I think 7%, 8% is what you said in Q2. Is that sort of similarly what you saw in your Q3 costs?

我想回到通膨情勢，更宏觀的視角。阿瑪爾，我知道我在第二季電話會議上問過，通膨是否已經計入你們的成本。我認為你在第二季度說的是7%到8%。這和你在第三季看到的成本情況類似嗎？

Yes, Tanya. Nice to hear from you, by the way.

是的，Tanya。順便說一句，很高興收到你的來信。

Okay. Thank you. So, I just wanted to circle back on the relief that you are seeing out there encouraging and we all want to see that. Fuel, you mentioned, and we see that with oil coming off, you mentioned supply constraints. Is that transportation -- sort of a relief in transportation costs? Like how should we think about the supply constraint helping or the relief you're seeing there?

好的，謝謝。所以，我想回到您看到的令人鼓舞的緩解，我們都希望看到這一點。您提到了燃料，我們看到隨著石油產量下降，您提到了供應限制。這對運輸成本來說是一種緩解嗎？我們應該如何看待供應限制帶來的幫助，還是您看到的緩解？

Tanya, Dominique speaking. We start to see some positive news on the supply where containers from China to North America was at some point 10x the costs during COVID. Let's say we are right now around 2x the cost pre-COVID, and it is still going down. So this is good news showing that the supply chain is slowly, let's say, improving.

Tanya，我是Dominique。我們開始看到一些關於供應的正面消息，從中國到北美的貨櫃成本一度是新冠疫情期間的10倍。假設我們現在的成本大約是新冠疫情前的2倍，而且還在下降。所以這是個好消息，顯示供應鏈正在緩慢地改善。

When we also hear from our supplier -- main supplier, that their inventory level is the highest since the start of the COVID and the back orders are at the lower level. So that's signs that it's getting in the right place.

我們也從我們的供應商——主要供應商那裡聽說，他們的庫存水平達到了新冠疫情爆發以來的最高水平，積壓訂單處於較低水平。這表明情況正在好轉。

And maybe a bit also -- and this is a bit speculating, but on the workforce, I recall, Guy told me at the beginning, this is what, I don't know, two years ago, that watch out because we start having problem with drillers and you're going to be hit in 6 to 12 months. And he was right. But now what we see on the driller side, it's getting in the better position. So I think we're getting -- also on the workforce, that should stabilize. We have some projects. We saw recently some project slowdown in Quebec and in Ontario. So that could be a good news for us to take advantage of that.

或許還有一點——這有點推測，但關於勞動力，我記得蓋伊一開始就告訴我，這就是，我不知道，兩年前，需要注意的，因為我們開始遇到鑽井工人的問題，6到12個月後就會受到影響。他是對的。但現在我們看到鑽井工人的情況正在好轉。所以我認為我們正在——勞動力方面也應該會穩定下來。我們有一些項目。最近我們看到魁北克和安大略省的一些項目放緩。所以這對我們來說可能是個好消息，可以利用這一點。

And when we talk about labor and a bit of slowdown, I know that your labor negotiations are currently being worked on for the Abitibi and for Nunavut. Should we be thinking that this 7%, 8% is sort of where we should be thinking about for your sort of wages? Or do you think we could do a bit better?

當我們談到勞動力和經濟放緩時，我知道你們目前正在為阿比蒂比和努納武特地區進行勞資談判。我們是否應該考慮將薪資水準提高到7%或8%？或者您認為我們可以做得更好？

No. We think we're going to -- we could do a bit better. Of course, we need to stay competitive, and we need to pay our workforce a fair price. Then negotiations are going to happen. It depends on where -- which division. But we're expecting, let's say, depending where in the world, Finland or Canada, if I could say for those ones, between 3.5% and 5%. This is our expectation for now.

不。我們認為我們可以做得更好一些。當然，我們需要保持競爭力，也需要為員工支付合理的薪水。然後我們會進行談判。這取決於哪個部門，哪個部門。但我們預計，比如說，在芬蘭或加拿大，稅率在3.5%到5%之間。這是我們目前的預期。

That's good. And can I just ask on consumables? Have we seen any relief on consumables, obviously, not fuel we are, but any other consumables that you're seeing relief on that's not oil-based?

很好。可以問一下消耗品方面嗎？消耗品方面有沒有什麼減免？顯然，不是燃料，還有其他非石油消耗品方面減免嗎？

I can make a quick comment. I get these updates all the time, Tanya. And I can tell you that over the last week are the first time I've seen e-mails where people are saying, look, there's a little bit of relief. So for example, in Finland, which has always been our highest inflation environment, they are actually seeing some relief on cyanide, on steel and other consumables. They -- to be fair, they had the biggest spike. So it's not surprising that they'd be at the vanguard of a possible relief, but we are starting to see that.

我可以簡單評論一下。 Tanya，我經常收到這些更新。我可以告訴你，過去一周，我第一次看到有人寄電子郵件說，看，情況有所緩解。例如芬蘭，這個一直以來都是我們通膨最高的國家，現在氰化物、鋼鐵和其他消費品的價格實際上有所下降。公平地說，他們的漲幅最大。所以，他們走在可能出現價格緩解的前沿並不奇怪，但我們已經開始看到這種情況了。

Again, I just -- we are seeing some relief, but we are -- our job is to hope for the best but plan for the worst, and we're still all over it.

再說一次，我只是——我們看到了一些緩解，但我們——我們的工作是抱最好的希望，做最壞的打算，我們仍然為此擔憂。

Yes. No, I appreciate it, Ammar, maybe just the optimism in me coming out on this call would like to see a bit of relief in the inflation level that we're seeing right now. So I appreciate that.

是的。不，阿馬爾，我很感激。也許我這次通話只是出於樂觀，希望看到我們目前的通膨水平有所緩解。所以我很感激。

If I could fit one more question and just for maybe Guy and Eric and actually, Ammar, maybe from a bigger picture from you. I know we're starting to think about reserves and resources at year-end. And I know you have your reserves, some of them at 1,250 and some of them are 1,300, and I think resources at 1,575. What are you thinking about for reserve and resource pricing? That's my first question.

我可以再問一個問題，請問蓋伊、艾瑞克，以及阿瑪爾，我想從更宏觀的角度來談談。我知道我們開始考慮年底的儲量和資源量。我知道你們的儲量，有些是1250，有些是1300，我認為資源量是1575。你們對儲量和資源的定價是怎麼考慮的？這是我的第一個問題。

Tanya. So we're still evaluating what will be our year-end reserve and resources assumption looking at the FX rate, looking at the tendency for the gold price, the 3-year trimming. So it's, we usually come out with that number only at the back end of the year, early January. So too soon to commit. But we were not too far apart in the portfolio.

Tanya。我們仍在評估年底的儲備和資源假設，並考慮匯率、金價走勢以及三年的削減幅度。我們通常要到年底，也就是一月初才會公佈這個數字。現在下定決心還為時過早。不過，我們在投資組合上的差距並不大。

And moving forward, obviously, we would like to unify the portfolio with more across-the-board assumption. So we're considering all of that, and we'll get back to you in February.

展望未來，我們顯然希望透過更全面的假設來統一投資組合。我們正在考慮所有這些因素，並將於2月與您聯繫。

Okay. No, that's fair enough. But just on what you mentioned previously. On the reserve replacements, I got, obviously, Detour as one asset where you're going to grow reserves at your end. I had Kittila, LaRonde, Meliadine and Amaruq. Did I hear correctly that's where we're going to be replacing our depletion this year?

好的。不，這很公平。但就你之前提到的來說。關於儲量補充，我顯然有Detour作為一項資產，你可以在你的終端增加儲量。我還有Kittila、LaRonde、Meliadine和Amaruq。我沒聽錯，這就是我們今年要補充損失的地方。

As I mentioned, when we met in August, we obviously you nailed down the most of the assets. So we've seen the update at Detour at the midyear. We continue to update integrating all of the results in the different mines. And I still sort of reiterate what I told you midyear that we're going to be having a partial replacement in the operation plus a net gain at Detour, minus the depletion from operation. So we're going to see an overall net gain. How much is it? Don't know, again, we'll figure that out once we consolidate everything at the end of the year.

正如我所提到的，我們在八月開會時，顯然已經敲定了大部分資產。所以我們在年中看到了Detour的最新情況。我們會繼續更新，整合不同礦場的所有表現。我還是要重申我在年中告訴你們的，我們將在營運中獲得部分替換，加上Detour的淨收益，減去營運產生的損耗。所以我們將看到整體淨收益。具體是多少？不知道，等年底整合所有數據後再算。

And maybe, operator, maybe just one final question and then I think we'll wrap it up.

接線員，也許我只想問最後一個問題，然後我想我們就可以結束了。

The final question comes from Mike Parkin of National Bank.

最後一個問題來自國家銀行的麥克·帕金。

Just to get a better sense in terms of how we could think about the AK projects phasing in. The Macassa mill has spare capacity, but some of the spare capacity is obviously going to get chewed up with the shaft. Is it fair to assume the AK material would be kind of a buffer material filling the mill, but being kind of second priority to primary Macassa ore?

只是想更理解我們如何看待AK計畫的分階段實施。馬卡薩選礦廠有閒置產能，但部分閒置產能顯然會被豎井佔用。是否可以假設AK礦石會成為填充選礦廠的緩衝材料，但其優先順序略低於原生馬卡薩礦石？

Mike, I will take this one. This is Jean speaking. Listen, as Natasha mentioned, we are reviewing the mine plan with the Shaft 4 and the ventilation. So in fact, we will have to optimize the mill. This is the first element, I will say so. It will be which ore will bring the largest or the highest profit first.

麥克，我接這通電話。我是吉恩。聽著，正如娜塔莎所提到的，我們正在審查4號礦井和通風系統的礦場規劃。所以實際上，我們必須優化選礦廠。這是首要因素，我得這麼說。重點是哪一種礦石能先帶來最大或最高的利潤。

On the other side, we have started metallurgical test work since the merge was completed, and we are reviewing the full mill to try to optimize to be more efficient. So it's ongoing, and we expect in the first half of '23 to have the all of the information. On that basis, after, we'll make the proper decision how we need to adapt the mill.

另一方面，自合併完成以來，我們就已經開始了冶金測試工作，並且正在對整個工廠進行審查，以嘗試進行最佳化，從而提高效率。這項工作仍在進行中，我們預計在2023年上半年能夠獲得所有資訊。在此基礎上，我們將做出如何調整工廠的正確決策。

Well, thank you, everyone. And I think with that, operator, we'll terminate the call. Thank you, everyone, and have a nice weekend. Bye-bye.

好的，謝謝大家。接線員，我想我們通話就到此為止了。謝謝大家，祝大家週末愉快。再見。

Ladies and gentlemen, this does conclude the conference call for today. We thank you for your participation and ask that you please disconnect your lines.

女士們，先生們，今天的電話會議到此結束。感謝您的參與，請您掛斷電話。