Agnico Eagle Mines Ltd (AEM) 2022 Q4 法說會逐字稿

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

早安.我叫朱莉，今天我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年第四季業績電話會議。 （主持人指示）Ammar Al-Joundi先生，您可以開始您的電話會議了。

Thank you very much, and good morning, everyone. It's a pleasure to be here and have the opportunity to talk about 2022, but more importantly, about 2023 and beyond, where we are quite excited, and we see some exceptional opportunities that by the end of the call, I think, hopefully, all of you will see them with us.

非常感謝，大家早安。很高興來到這裡，有機會談論2022年，更重要的是，談論2023年及以後。我們對2023年及以後的發展充滿期待，也看到了一些難得的機會，希望在電話會議結束時，各位都能與我們一起看到這些機會。

Just before we jump in, some forward-looking statements you should take into account, the normal sorts of things. But why don't we then, just jump right in on Page 5. So we're going to talk about, again, 2022 and 2023. I would say, that 2022 full year can be characterized by 2 things: number one, solid and strong operational performance. But number two, and this is important, some very strategic consolidations that have led and will lead to some great opportunities, that we're going to talk about.

在我們開始討論之前，您應該考慮一些前瞻性陳述，這些陳述很常見。那麼，我們為什麼不直接進入第5頁呢？我們將再次討論2022年和2023年。我想說，2022年全年可以用兩件事來概括：第一，穩健強勁的營運表現。第二，這一點很重要，一些非常具有戰略意義的整合，這些整合已經帶來並將帶來一些巨大的機遇，我們將討論這些機會。

On the operations side, for the full year, we had a strong year with regards to production, meeting our guidance. But I would say, more impressively, costs meeting the upper end, slightly above the upper end of our guidance where we had told the market we would come out. We all know that 2022 was a tough year for inflation.

營運方面，全年生產表現強勁，達到了預期。但更令人印象深刻的是，成本達到了預期上限，略高於我們先前告知市場的預期上限。我們都知道，2022年是通膨嚴峻的一年。

It was a tough year on the workforce side, but the company delivered quite well overall. We had continued advancement of some key development projects, Odyssey, Detour Lake, some other key projects that we're going to talk about. And we delivered all of that with the company's best safety record in 66-year history of the company. That's impressive.

從員工方面來看，這是艱難的一年，但公司整體表現相當出色。我們繼續推進一些關鍵開發項目，例如奧德賽、迪圖爾湖以及我們即將談到的其他一些關鍵項目。在完成所有這些項目的同時，我們創造了公司66年來最佳的安全記錄。這令人印象深刻。

At the same time, we repaid $225 million of debt with cash, as it came due. And we paid a dividend of $0.40 per share, quarterly dividend continuing, which is at a good level. At the same time, we increased mineral reserves by 9% to almost 50 million ounces. So a very strong year operationally, I think, across the board. And we'll talk about the fourth quarter, where there were a few more challenges, but I'm very proud of the team for what they delivered this year.

同時，我們用現金償還了2.25億美元的到期債務。我們支付了每股0.40美元的股息，季度股息持續發放，這處於良好的水平。同時，我們的礦產儲量增加了9%，達到近5,000萬盎司。因此，我認為，從營運角度來看，今年是業績非常強勁的一年。我們稍後會談到第四季度，雖然我們面臨一些挑戰，但我對球隊今年的成績感到非常自豪。

On the strategic consolidation, very successful merger and integration between Agnico Eagle and Kirkland Lake that went very well. I used the past tense because it's done. We delivered synergies faster and greater quantum than we thought we would, which is great. And frankly, the teams are working exceptionally well together, and you will see that when I talk about 2023 and beyond.

關於策略整合，Agnico Eagle 與 Kirkland Lake 的合併與整合非常成功，進展非常順利。我用了過去時，因為它已經完成了。我們比預想的更快地實現了協同效應，而且效果更好，這很棒。坦白說，兩個團隊的合作非常順暢，當我談到 2023 年及以後時，您就會看到這一點。

Secondly, we're looking forward to the pending acquisition of Yamana's Canadian assets, including, most importantly, the second -- the other 50% of the world-class Malartic Mine and all the potential that it has. Those 2 strategic deals, the consolidation of Kirkland and Agnico and the acquisition of Yamana's Canadian assets, our core and fundamental to our strategy. Which is to consolidate the best operating regions in the world for gold mining.

其次，我們期待即將完成的對亞馬納加拿大資產的收購，其中最重要的是第二筆交易——世界級瑪拉蒂克礦場的剩餘50%股權及其所有潛力。這兩項策略性交易——合併柯克蘭和阿格尼科以及收購亞馬納加拿大資產——是我們策略的核心和基石。我們的策略目標是整合全球最佳的金礦開採區域。

Next page, please. And I want to take a minute because we talk about this a lot, but sometimes a picture is worth a thousand words. And what we try to show here is what this Abitibi gold belt means for us. It's a region about 160 by 200 kilometers, and let's take a look at some of these numbers. Mineral reserves over 30 million ounces, resources over 30 million ounces, inferred resources about 20 million ounces. These numbers are about the same as the total Nevada Gold Mine JV. But in this case, we own 100% of it, and we've been operating here for over 50 years.

請翻到下一頁。我想花一點時間，因為我們經常討論這個問題，但有時一張圖片勝過千言萬語。我們試圖在這裡展示的是阿比蒂比金礦帶對我們意味著什麼。這是一個大約160乘200公里的區域，讓我們來看看其中一些數字。礦產儲量超過3000萬盎司，資源量超過3000萬盎司，推斷資源量約2000萬盎司。這些數字與內華達金礦合資公司的總和差不多。但就這個而言，我們擁有100%的所有權，並且我們已經在這裡運營了50多年。

So we think this region has a lot of potential, and that's what we're going to be talking about it. We will be producing in excess of 2 million ounces from this region at about $800 cash cost. And this region also is a fundamental part of our ability to operate, we think, with a strong competitive advantage in Nunavut, as this is a basis for a lot of those operations. And Nunavut, again, going to be between 800,000 and 900,000 ounces of production. So you can see the quantum of this strategy of combining and consolidating, what we've done over the last couple of years.

所以我們認為這個地區潛力巨大，這就是我們要討論的。我們將以約800美元的現金成本在這個地區生產超過200萬盎司的黃金。我們認為，這個地區也是我們營運能力的重要組成部分，我們在努納武特地區擁有強大的競爭優勢，因為這裡是許多業務的基礎。努納武特地區的產量將在80萬到90萬盎司之間。所以，你可以看到我們過去幾年實施的整合策略的成效。

Now when we did the merger with Kirkland, and this time last year, when we had this call, there was a lot of emphasis on synergies. So we said very clearly, we didn't do the merger because of synergies. We did the merger, because of what we saw was a huge potential to consolidate this region, and leverage off our competitive advantage in what we think is one of the best places in the world as measured by geologic potential and political stability.

當我們與Kirkland合併時，以及去年這個時候，我們召開電話會議時，都非常強調綜效。所以我們非常明確地表示，我們進行合併並非出於協同效應。我們之所以進行合併，是因為我們看到了整合該地區的巨大潛力，並充分利用了我們的競爭優勢。我們認為，就地質潛力和政治穩定性而言，該地區是世界上最好的地區之一。

So as we look forward, and I'll -- next page, please. That's what we're going to be talking about in 2023, and going forward. It's really, where last year was about integrating the companies, delivering on the production guidance and consolidating this region. 2023 is all about optimizing what we've got. There's a lot we're working on. But I'm going to hit 3 things, and I think this is the most important page in the entire presentation.

展望未來，請翻到下一頁。這就是我們將在2023年及未來討論的內容。去年我們主要討論公司整合、實現生產目標以及鞏固該地區。而2023年則致力於優化我們現有的資源。我們正在做很多工作。但我要談三件事，我認為這是整個簡報中最重要的一頁。

And these are only the 3 biggest -- there are a lot of others. But Detour Lake, we continue to have exceptional exploration results at depth, and moving west. We are continuing to assess and Natasha and the team have done a great job already with the mill expansion. We think we can expand, and we're looking at opportunities to go from 28 million tons to 30 million tons with minimal CapEx investment.

以上只是最大的三個——還有很多其他的。不過，在迪圖爾湖，我們在深層和西側的勘探工作持續取得優異的成果。我們正在繼續評估，娜塔莎和團隊在工廠擴建方面已經取得了豐碩的成果。我們認為我們可以擴大規模，並且正在尋找機會，以最少的資本支出將產量從2800萬噸提高到3000萬噸。

And remember, the permitting is up to 32 million tons, and importantly, we are continuing to work. We promised that we would do this, by the end of this year. We're making good progress towards the potential for this mine to be producing over 1 million ounces a year, for decades. And we're looking forward to continuing to work on that and seeing where we are at the end of the year and talking more about it then.

請記住，許可產量高達3200萬噸，重要的是，我們正在繼續努力。我們承諾在今年年底前完成。我們正朝著礦場未來幾十年每年產量超過100萬盎司的目標邁進，進展順利。我們期待繼續努力，看看年底的進展情況，屆時再進一步討論。

The Canadian Malartic complex. We're now calling it a complex because that's what it is going to be. We paid a fair price for the second half of Malartic based on its current life of mine, but the reason we did the deal is because we think there's a lot more potential, and we're going to talk about that, a little bit. We think that the areas we have already approved an increase in exploration, as soon as the deal is completed. Because there is a lot of exploration potential and we'll talk about that a little later.

加拿大瑪拉蒂克綜合大樓。我們現在稱之為綜合體，因為它將來會是這個樣子。我們根據瑪拉蒂克礦場目前的開採年限，為它的後半部分支付了合理的價格，但我們之所以達成這筆交易，是因為我們認為那裡還有更大的潛力，我們稍後會稍微討論一下。我們認為，一旦交易完成，我們已經批准的區域將增加勘探規模。因為那裡有很大的勘探潛力，我們稍後會討論這個問題。

We are going to be initiating initial production in March. We are sinking the shaft, and we are assessing the potential for additional ore source, at Malartic. We think that the Malartic complex between the ore available at the mine site and opportunities to bring in or nearby, this could be another plus 1 million-ounce a year producer, for decades to come. So this is what we're trying to do in the best place, arguably in the world to mine. You can see that between Detour and the Malartic complex potential each to be in excess of 1 million ounces a year for decades.

我們將於三月啟動初期生產。我們正在下沉礦井，並評估瑪拉蒂克礦場新增礦源的潛力。我們認為，瑪拉蒂克雜岩體結合礦區現有礦石以及週邊地區的礦石開採機會，在未來幾十年內每年可能再產出100萬盎司以上的金礦。因此，我們正努力在世界上最佳的開採地點開展這項工作。您可以看到，迪圖爾礦和瑪拉蒂克雜岩體在未來幾十年內每年的產量預計將超過100萬盎司。

And then the third item to hit briefly is using excess capacity of existing infrastructure throughout the region and leveraging that infrastructure. This is what we mean by getting the full potential and leveraging off our competitive advantage. We're going to talk about this later, but to hit the highlight. From the assets we will already own and that are near where existing mill capacity is, we think there's the potential for up to 500,000 ounces of additional production by 2030. Starting slowly in 2024, but really picking up sort of '28, '29, '30, when this mill capacity comes in place.

接下來要簡要強調的第三點是充分利用整個地區現有基礎設施的過剩產能，並充分利用這些基礎設施。這就是我們所說的充分發揮潛力並發揮我們的競爭優勢。我們稍後會討論這個問題，但這次先說重點。從我們現有的、接近現有工廠產能的資產來看，我們認為到2030年，新增產量可望達到50萬盎司。從2024年開始緩慢成長，但真正加速是在2028、2029、2030年，當工廠產能到位後。

Now in and of itself, I think that's impressive. And people talk about the best growth is organic growth. This is the best of the organic growth because it's not just growth in areas where we exist, it is potentially growth with minimal additional capital expenditure. If you can bring a mine into production and not have to build a mill, and not have to build tailings facilities, you've probably cut the capital cost of that mine in half. And you've done it in a region where you know it's safe to operate, where you have the best reputation in town where there is minimal environmental impact, minimal permitting impact.

就其本身而言，我認為這令人印象深刻。人們常說，最好的成長就是有機成長。這才是有機成長的最佳體現，因為它不僅僅是在我們現有地區實現的成長，而是以最小的額外資本支出實現的潛在成長。如果你能讓一個礦場投入生產，而不必建造選礦廠和尾礦設施，那麼你可能已經將該礦的資本成本降低了一半。而且，你在一個你知道營運安全的地區做到了這一點，在一個你享有盛譽的地區，在一個對環境和許可影響最小的地區做到了這一點。

This really is the best organic growth. It creates -- it generates the most money for our shareholders. It does it with the least risk, and it does it with the smallest environmental footprint. That, we believe, is the future of mining, not just gold mining, but any mining. Just quickly hitting on 2024 in the fourth quarter. The first 3 quarters, I would say, were exceptional quarters from an operational perspective.

這確實是最佳的有機成長。它為股東創造了最多的利潤，並以最小的風險和最小的環境足跡實現了成長。我們相信，這就是採礦業的未來，不只是金礦開採，而是任何採礦業的未來。第四季我們很快就要邁向2024年了。我想說，從營運角度來看，前三個季度的表現非常出色。

We delivered above budget on production and very good cost control. The fourth quarter, I would classify as a solid quarter. We did have some challenges, but the team still delivered pretty well. If you think we're going to come in about the middle of our production guidance of 3.2% to 3.4%. So the bottom end to any quarter would have been 800,000 ounces, and that's where we came in this fourth quarter, at cost of $863 per ounce.

我們的產量超出了預算，成本控制也非常好。我認為第四季是一個穩健的季度。我們確實遇到了一些挑戰，但團隊的表現仍然相當出色。如果您認為我們的產量成長率將達到我們3.2%到3.4%的產量預期的中間水平，那麼任何一個季度的最低產量都是80萬盎司，而我們第四季的產量正是如此，成本為每盎司863美元。

What I will say is, yes, the costs were a little bit -- were higher, more than a little bit. The costs were higher in the fourth quarter, and that is a function of 2 things. One, it is a function of the full inflationary pressures affecting us. Our team did a great job in 2022, of getting ahead of some of what we thought were going to be inflationary pressures, we did -- we had bought more inventory. We put on some hedges early. We did a lot of very good things that controlled costs, but we're not immune from inflation forever.

我要說的是，是的，成本確實有點高，甚至不只一點點。第四季的成本更高，這是由兩方面因素造成的。首先，這是受通膨壓力影響。我們的團隊在2022年做得很好，我們提前應對了一些我們認為可能出現的通膨壓力——我們購買了更多庫存。我們提前進行了一些對沖。我們做了很多非常好的措施來控製成本，但我們並非永遠都能免受通膨的影響。

And what you're seeing in the fourth quarter is, some of that affecting us, including, in particular, as we had the sealift at Nunavut. So the fourth quarter included those full inflationary pressures, but the costs were also impacted somewhat, by some operating challenges. I'll hit Kittila and Fosterville first. Kittila, we have a restriction right now, a permitting restriction on the mill throughput.

您在第四季度看到的是，其中一些因素對我們產生了影響，尤其是在努納武特地區進行海運。因此，第四季度涵蓋了全部通膨壓力，但成本也受到了一些營運挑戰的影響。我先說基蒂拉和福斯特維爾。基蒂拉目前有限制，即工廠產量的許可限制。

We applied for the permit to go from 1.6 million to 2 million tonnes a year. That permit was approved, it was appealed. And right now, we are dealing with that appeal. So we're limited to 1.6 million tonnes a year. We have put in our guidance an assumption of 1.6 million tons a year. We are optimistic it actually gets resolved in the next couple of months, but we don't know that it will.

我們申請了許可證，希望將年產量從160萬噸提高到200萬噸。許可證獲批後，我們又提起了上訴。目前，我們正在處理上訴。因此，我們的年產量被限制在160萬噸。我們在指導方針中設定了每年160萬噸的假設。我們樂觀地認為這個問題將在未來幾個月內解決，但目前還不確定。

So our budget is -- I don't want to say conservative, but it does assume the 1.6 million. And if things go the way that we hope they go and that we're optimistic they go, we will have an ability to produce more at Kittila and probably another 30,000 to 40,000 ounces there, and going forward, by the way, because we have that restriction in place in our forward year guidance as well.

所以我們的預算——我不想說是保守的，但確實假設了160萬盎司。如果事情按照我們希望的、並且我們樂觀的預期發展，我們將有能力在基蒂拉礦區生產更多黃金，可能還會再產出3萬到4萬盎司。順便說一下，我們還會繼續生產，因為我們在明年的預期中也設定了這個限制。

And then at Fosterville, we have a noise restriction. We were in Australia, I was in Australia with the team, a couple of weeks ago. We are optimistic that restriction, the noise restriction, which is limiting about 25% of the production at Fosterville. We are optimistic that will be lifted. We can't guarantee it. So we have not included the full production at Fosterville.

福斯特維爾有噪音限制。幾週前，我和團隊在澳洲。我們對這項限制持樂觀態度，這項噪音限制目前限制了福斯特維爾約25%的產量。我們樂觀地認為這項限制將會取消。但我們不能保證。所以我們沒有把福斯特維爾的全部產量都納入考量。

But if that restriction is lifted, it would be about another 50,000 ounces a year. So I just wanted to point that out. Maybe some people say we're being a little bit too conservative on that, but this is -- I'm speaking to the owners of the company, and our job is to identify all of these issues, and that's what we're doing. LaRonde, we talked about LaRonde last quarter. I'll talk about it again LaRonde has been in production for 35 years. It's a fantastic mine. It's a fantastic ore body.

但如果取消這項限制，每年的產量大約會再增加5萬盎司。所以我只是想指出這一點。也許有人會說我們在這方面有點保守，但這是——我正在和公司所有人溝通，我們的工作就是找出所有這些問題，這就是我們正在做的。 LaRonde，我們上季討論過LaRonde。我以後再談吧。 LaRonde已經投產35年了。這是一個非常棒的礦場，有著非常棒的礦體。

We're hitting some of the best reserve -- some of the best grades we've ever hit there. But the real word about LaRonde is sustainability. This is a mine that's been expanded 5 times. It has a huge amount of potential, but the reason we've operated safely, and I'm going to emphasize that word safely for 35 years and hopefully operate safely for decades more is because we've operated sustainably.

我們正在開採一些最好的儲量——一些我們在那裡開採過的最佳品位。但LaRonde真正的價值在於永續性。這是一個已經擴建了五次的礦場。它擁有巨大的潛力，但我們之所以能夠安全地運作——我要強調的是「安全」這個詞已經持續了35年，並希望在未來幾十年也能安全運作——是因為我們一直堅持可持續的運作方式。

And sustainably includes, in this case, having a team of world-class rock mechanics and internal and external advisers, who guide us on the best way to sustainably mine this multi-decade asset. And they have advised that we go to a slower mining rate. The goal is still there. We are just mining at a slower rate at depth. And so the opportunity at LaRonde is -- and frankly, this is a good thing. We are going to start exploring more laterally.

在這種情況下，永續性包括擁有一支由世界一流的岩石力學專家和內部及外部顧問組成的團隊，他們將指導我們以最佳方式可持續地開採這片擁有數十年歷史的礦藏。他們建議我們降低開採速度。目標依然存在。我們只是在深度上以較慢的速度開採。因此，LaRonde 的機會是——坦率地說，這是一件好事。我們將開始進行更橫向的勘探。

You always follow the highest grade gold, which is going down, and we know the gold continues to go down. But as we reduce the rate at depth, we are going to explore laterally, and it might take a couple of years. But we are confident that we will be able to find additional operating phases and increase the production rate again. And then just before I flip, it was a good year. I want to call out to Detour, which had a record year, Amaruq that had a record year and Goldex, that had a record year since the restart.

你總是關注最高品味的黃金，而它正在下降，我們知道金價還在繼續下降。但隨著我們降低深度開採速度，我們將進行橫向勘探，這可能需要幾年時間。但我們相信，我們能夠找到更多的開採階段，並再次提高產量。在我轉捩點之前，這是個好年。我想特別提到Detour，它創下了歷史新高；Amaruq也創下了歷史新高；Goldex也創下了自重啟以來的紀錄。

Next page, please. Just very quickly, as some of the operating and financial highlights. Operating margin of about $720 million in the quarter, about $3.1 billion through the year. You've got all this data. We don't need to go into it in detail. Next slide, please. This is impressive as well. Not only did we increase reserves by 9%, but equally important, we increased mineral resources by 12%. The mineral resources of today set the basis for the mineral reserves of tomorrow. And so we're very proud that we not only increased reserves, but increased resources. And frankly, we think we're going to be able to continue to do this over the next several years, going forward. And so at this stage, we talked about 2022. We really are excited about 2023 going forward. We identified Detour, and Natasha is now going to talk about that. We identified Malartic. Dominic is going to talk about that. And then I'll talk a little bit about the potential for that additional 500,000 ounces towards the end of the decade. Natasha?

請翻到下一頁。請快速瀏覽一下一些營運和財務亮點。本季營運利潤約7.2億美元，全年約31億美元。這些數據已經全部掌握，我們無需贅述。請翻到下一張投影片。這同樣令人印象深刻。我們不僅增加了9%的儲量，同樣重要的是，礦產資源量增加了12%。今天的礦產資源量為明天的礦產儲量奠定了基礎。因此，我們非常自豪，我們不僅增加了儲量，還增加了資源量。坦白說，我們認為我們將能夠在未來幾年繼續保持這種勢頭。目前，我們討論了2022年的情況。我們對2023年的未來充滿期待。我們確定了Detour礦，Natasha接下來會講到。我們確定了Malartic礦，Dominic接下來會講到。然後我會稍微談談到本世紀末額外增加 50 萬盎司的潛力。娜塔莎？

Thank you, Ammar, and good morning, everyone. I'll provide a quick update on Detour and our vision to get to 1 million ounces per year. And I'll start with the mill expansion project. We continue to advance multiple initiatives, to increase our mill throughput from 23 million to 28 million tonnes a year by 2025. And the last major initiative in our plan to achieve 28 million tonnes was successfully completed in 2022, with the installation of our secondary crusher screens. The installation was completed in the second half of the year, with the first line completed in Q3 and the second line completed in Q4.

謝謝Ammar，大家早安。我將簡要介紹Detour專案以及我們實現年產量100萬盎司的願景。首先，我將介紹一下工廠擴建工程。我們將繼續推動多項舉措，力爭2025年將工廠年產量從2,300萬噸提高到2,800萬噸。我們實現2,800萬噸目標計畫的最後一項重大舉措已於2022年順利完成，即安裝了二級破碎篩分機。該安裝工作已於當年下半年完成，第一條生產線已於第三季完成，第二條生產線已於第四季完成。

The initial results were very encouraging. We saw a daily average throughput equivalent to 28 million tonnes per year, but these rates are not sustained consistently over time yet. So now the focus at the mill has shifted to optimizing the mill processes. Analyzing the wear and tear from the higher throughput to optimize our maintenance practices. And basically, just improving the mill run time so that the higher throughput becomes more and more consistent over time. And based on the work that needs to be done, we see potential for a faster time line that originally -- that was expected to be achieved in 2025.

初步結果非常令人鼓舞。我們看到日均產量相當於每年2800萬噸，但這一產量水準尚未長期維持。因此，工廠目前的重點已轉向優化製程。分析高產量帶來的磨損，以優化維護措施。簡而言之，就是提高工廠的運作時間，使高產量隨著時間的推移越來越穩定。根據目前需要進行的工作，我們認為可以縮短原計劃在2025年實現的進度。

And in addition to a faster time line of getting to 28 million tonnes a year, as Ammar mentioned, we're also evaluating a pathway to increase the mill throughput, beyond that with further optimization and fine-tuning of our mill processes and our maintenance strategy as we adapt them to higher milling rates.

正如阿瑪爾所提到的，除了加快達到年產量 2,800 萬噸的目標之外，我們還在評估提高磨機產量的途徑，此外，我們還將進一步優化和微調​​磨機流程和維護策略，以適應更高的磨機率。

The mill optimization includes improved process controls. We're also including the implementation of an expert system like we have at, some of our other mills. So these initiatives have the potential to achieve a range of somewhere between 29 million to 30 million tonnes a year, with limited capital. And other ongoing initiatives include the screening and sorting of low-grade ore, with the potential to bring the throughput even higher.

磨機優化包括改進製程控制。我們還將實施專家系統，就像我們在其他一些磨機上一樣。因此，這些舉措有可能在有限的資金下實現每年2,900萬至3,000萬噸的產量。其他正在進行的措施包括低品位礦石的篩選和分選，這有可能進一步提高產量。

And then just on the update for the underground study, an initial underground mineral resource associated with the mineralization outside of the planned final pit limits at depth and to the west, it is expected to be completed in the first half of 2023. And then this will be used as the basis for the potential underground mining scenarios that will be worked on in the second half of the year, but we expect to complete an initial technical evaluation by the -- by year-end 2023.

然後，關於地下研究的最新進展，與計劃的最終礦坑深度和西部範圍之外的礦化相關的初始地下礦產資源預計將於 2023 年上半年完成。然後，這將作為下半年開展的潛在地下採礦方案的基礎，但我們預計將在 2023 年底前完成初步技術評估。

Moving to the next slide. I'll briefly touch on the exploration highlights at Detour in the last quarter, and I'll start with the infill drilling program. This was a program completed in the Saddle zone, and just below the west portion of the pit, the area that you see that's highlighted in blue. The results shown on the right side of the slide, in the first bullet continues to indicate a wide envelope of gold mineralization.

轉到下一張投影片。我將簡要介紹上個季度Detour礦的勘探亮點，首先從加密鑽探專案開始。該項目在鞍形帶完成，就在礦坑西側下方，也就是您看到的以藍色突出顯示的區域。幻燈片右側第一點顯示的結果繼續表明，金礦化範圍廣泛。

And then just west of the infill drilling, just outside of that mineral resource shell as part of the expansion drilling program, you'll see that we continue to show a similar trend, where we had a hole that intersected a wide zone with pretty high-grade inclusions. This one included 10.2 grams per tonne of gold over 28.9 meters. And finally, the regional drilling program also showed promise.

然後，在加密鑽探的西側，也就是礦產資源殼的外部，作為擴展鑽探計劃的一部分，你會看到我們繼續呈現出類似的趨勢，我們有一個鑽孔穿過一個寬闊的區域，其中包裹體品位相當高。這個鑽孔的品位為每噸10.2克，深度超過28.9公尺。最後，區域鑽探計畫也顯示出了良好的前景。

This was a program that was conducted approximately 2.4 kilometers west of the West pit mineral resource. And it showed signs that these pockets of gold mineralization along the Sunday Lake Deformation Zone still continues. So all in all, very encouraging results in the quarter for Detour. One other thing I wanted to mention is that the good exploration results discussed in prior quarters has led to the significant increase in the mineral resource mineral reserve update at year-end.

本計畫在西坑礦產資源以西約2.4公里處進行。結果表明，沿著Sunday Lake變形帶的這些金礦化帶仍在持續。總而言之，Detour公司本季的業績非常令人鼓舞。我還想提一下，前幾季討論的良好勘探結果，使得年底礦產資源儲量更新數據大幅增加。

But the exploration highlights that I'm talking about today and in the news release only became available after the MRMR year-end update. So it's just -- it just shows the potential to continue the growth at Detour from the -- from both the open pit resources and advancing the understanding of the underground upside. And with that, I'll pass the presentation on to Dominique Girard, our COO for Quebec Nunavut in Europe.

但我今天和新聞稿中提到的勘探亮點，是在MRMR年終更新後才公佈的。所以，它只是展現了Detour礦場持續成長的潛力——無論是從露天礦資源，還是從對地下潛力的深入了解。接下來，我將把演講交給我們歐洲魁北克-努納武特地區首席營運長Dominique Girard。

Thank you, Natasha. In the next couple of slides, I will give you an update on the Odyssey project as well as on exploration infill drilling, what we see and how we're going to see developing that complex to feed the mill that we have. On the production or let's say, the development ramp, we are on target with the development, and we foresee to do the first blast in March.

謝謝你，娜塔莎。在接下來的幾張幻燈片中，我將向大家介紹奧德賽項目以及勘探加密鑽井的最新進展，包括我們的進展情況，以及我們將如何開發該綜合設施來滿足我們現有的工廠的需求。在生產方面，或開發坡道方面，我們的開發進度正按計畫進行，預計3月進行首次爆破。

So on time. And we're going to have approximately 50,000 ounces this year coming from the Odyssey South. On the construction project, everything is going well, despite not the easiest time to build with the logistics and the workforce challenges. But we have (inaudible) team at site, and we're proud where with the advancement, a bit of challenges with the wind and the crane that you could see on the top right of the picture in the last quarter.

真是準時。今年我們將從奧德賽南站獲得約5萬盎司的產量。在建設項目方面，儘管由於物流和勞動力方面的挑戰，建設並非一帆風順，但一切進展順利。我們現場有（聽不清楚）團隊，我們很自豪，儘管上個季度在風力和起重機方面遇到了一些挑戰，您可以在圖片右上角看到。

But this quarter, we are back on track with installing the steel into the shaft, and we're going to be ready to do shaft thinking, starting at the end of this quarter. Maybe to give you a perspective about where we're going to be, at midyear with the construction of the project which is going to be to feed also the updated study that we're going to do this year, we're going to update our PEA study.

但本季度，我們已重回正軌，開始將鋼筋安裝到豎井中，並將在本季末開始進行豎井設計。為了讓大家大致了解一下我們的進展，我們計劃在年中啟動項目建設，這也將為我們今年將進行的最新研究提供信息，我們將更新初步環境評估 (PEA) 研究。

But we're going to be at the middle of the year where 80% of the surface construction is going to be completed. So the electrical line, the shaft or, let's say, the head frame, the garage, the warehouse, the paste plant Phase I is going to be all completed. So all those costs are going to be secured as well as the schedule. And we're going to have also an idea or a better idea, our mining rate into the Odyssey South, as well as the sinking rate that we're going to do into the shaft.

到年中時，地面工程將完成80%。電線、豎井，或井架、車庫、倉庫、錫膏廠第一階段工程都將全部完工。所有成本和進度都將得到保障。我們也會對奧德賽南部的採礦速度以及豎井的鑿井速度有一個大概的或更好的計劃。

So all of that is going to be updated through the year to see, let's say, a very good vision on where we're going to handle with the project. But everything is positive. And on top of that, we see this -- I'm going to talk a bit about that in the next section, but we see very positive results from the infill drilling. We did the first conversion with the Odyssey South at 100%, the equivalent of close to 200,000 ounces at the Odyssey -- Odyssey South, but we also see very positive infill drilling in the East Gouldie Gold right now.

所以，所有這些資訊都會在全年不斷更新，以便我們能夠看到，可以說，對專案進展有一個非常好的願景。但一切都是正面的。除此之外，我們也看到了這一點——我將在下一節中稍微討論一下——加密鑽探取得了非常積極的成果。我們首次完成了奧德賽南段的轉換，達到了100%，相當於奧德賽南段的近20萬盎司金礦。目前，我們也看到東古爾迪金礦的加密鑽探取得了非常正面的成果。

If we go to the next slide, there is some holes that we could see here. The middle of the East Gouldie zone, which is the dark blue, that -- let's say, a year ago, that was more patchy. But now with the better infill this is taking place. And we're expecting to do some conversion of that zone at the year-end. And just to highlight some interesting all, at the 1 kilometer below surfaces approximately or added 7.6 gram on 43 meters. And if you go down 300 meters, we're 4.2 gram per ton, 61 meter. And if you go a bit lower of that zone, we're 93-meter of 2.6 grams per tonne.

如果我們翻到下一張投影片，我們可以看到這裡有一些漏洞。東古爾迪（East Gouldie）區域的中部，也就是深藍色區域，一年前，那裡比較零散。但現在填充物越來越好，情況正在好轉。我們預計在年底對該區域進行一些改造。值得一提的是，在地表下約1公里處，43公尺處增加了7.6公克。若往下300米，61米處每噸含金量為4.2公克。若再往下一點，93公尺處每噸含金量為2.6公克。

So the infill drilling is confirming what we have into our study. And we also see the red -- the reddish zone increasing with the inferred resources, which is going to be all included into our updated PEA. So this is, let's say, the first place where it's going to be easy or easier to bring more ounces to that mill is within that 5.6 kilometer long, 1.5 wide and 2-kilometer deep area.

因此，加密鑽探證實了我們研究的結果。我們也看到紅色區域——紅色區域隨著推斷資源量的增加而增加，這些資源量將全部納入我們更新的初步經濟評估中。因此，可以說，第一個更容易或更容易為該工廠帶來更多金礦的地方，就在這片5.6公里長、1.5公里寬、2公里深的區域內。

So we're going to continue to work and to focus on to drilling and better understanding that zone. If we zoom out at the next slide, Page 15, on the interior area, there is also other potential satellite deposits like Camflo, LTA property where we're going to focus on more drilling and doing more study that eventually to bring that into the Canadian Malartic mill.

因此，我們將繼續努力，重點進行鑽探，以便更好地了解該區域。如果我們放大到下一張投影片（第15頁），在內部區域，還有其他潛在的衛星礦床，例如Camflo和LTA礦區，我們將專注於更多鑽探和研究，最終將其帶入加拿大瑪拉特克礦區。

Just the LTA property which means the (inaudible) Goldfield in (inaudible), the 2 million tonnes have been processed there -- no. 2 million ounces have been processed there, which was 10 million tonnes at 6 grams per tonne, and that was done or only the first 800 meters have been drilled. So we're looking for eventually to focus there.

就LTA礦區而言，也就是（聽不清楚）位於（聽不清楚）的金礦區，那裡已經加工了200萬噸金——不，已經加工了200萬盎司，也就是1000萬噸，每噸金含量6克，而且這已經完成了，或者說只鑽探了前800米。所以我們最終會把重點放在那裡。

This year, we focused more on the Camflo deposit. There's already a drill running, and we're going to need to better understand what we do. Could we mine an open pit crown pillar there. But this is the vision that we have around the Odyssey project. Maybe to close, I would just like to congratulate the construction team, which did last year, full year with a 0 combined frequency. This is something not easy to achieve, but with the quality -- demonstrate the quality of the team that we have into that region and the good work that they did. On that, I'm going to pass the mic back to Ammar.

今年，我們更加關注Camflo礦床。那裡已經有一個鑽探正在進行，我們需要更好地理解我們的工作。我們能否在那裡開採一個露天礦頂柱？但這是我們對Odyssey計畫的願景。最後，我只想祝賀施工團隊，他們去年全年的綜合開工率為零。這並非易事，但憑藉高品質的施工——展現了我們在該地區團隊的品質以及他們所做的出色工作。關於這一點，我將把麥克風交還給Ammar。

Thank you, Dominique and thank you , Natasha. So if we go to the next slide, please, and let's zoom in. So Dominique talked about additional ore that's effectively proximate to the mill. But what this slide shows, we step back a little bit and we said, what is the potential? And again, there's a lot of potential. Right now, I'm just talking about consolidating and optimizing the mill. There's procurement, there's central control centers. There's a whole bunch of things we're working on. But for 2023, we're focused on the thing that's going to move the needle very quickly, relatively speaking. And if you look at the position here, what you see in the red line and the black line, that's the road in the railway. And over the last 100 years where they've been mining, the towns, the road, the railway has followed the Cadillac fault. It makes sense. That's where the economic growth of this part of Quebec and Ontario has been.

謝謝多明尼克，謝謝娜塔莎。請翻到下一張投影片，放大一下。多米尼克談到了實際上靠近工廠的額外礦石。但這張投影片展示的內容，我們稍微回顧一下，看看潛力有多大？再次強調，潛力很大。現在，我只談工廠的整合和優化。有採購，有中央控制中心。我們正在做很多事情。但對於2023年，我們的重點是相對而言能夠快速推動進展的事情。如果你看這裡的位置，紅線和黑線代表的是鐵路和公路。在過去的100年裡，採礦區、城鎮、公路和鐵路都沿著卡迪拉克斷層延伸。這是有道理的。這就是魁北克省和安大略省這部分地區的經濟成長。

And what you can see in the purple are our land positions. So you can see that not only do we have a lot of land positions, we have a lot of land positions right on the Cadillac bolt, but also importantly, where there is existing strong transportation infrastructure. Now just looking at 3 simple examples, things we already own.

紫色部分是我們的土地部位。所以，你可以看到，我們不僅擁有大量的土地部位，而且這些部位都位於凱迪拉克大道附近，更重要的是，這些地方都有完善的交通基礎設施。現在，我們只看三個簡單的例子，都是我們已經擁有的。

Macassa near surface additional production from the AK zone, Upper Beaver and Kirkland Lake satellite deposits and Wasamac, there's about 11,000 tonnes of ore that can be mined that conceptually could be milled at the Malartic or Lapa mill. That's only 11,000 tons. That's 1/4 of what we expect the excess capacity to be. And those 11,000 tons are roughly potentially 500,000 ounces a year.

馬卡薩近地表的AK區、上比弗礦區、柯克蘭湖衛星礦床以及瓦薩馬克礦的額外產量，大約有1.1萬噸礦石可供開採，理論上可以在馬拉蒂克或拉帕選礦廠進行選礦。但這只有1.1萬噸。這只是我們預期過剩產能的四分之一。而這1.1萬噸大約相當於每年50萬盎司。

Now somebody asked us, well, is this a fill to mill to fill the mill? Or are you going to -- are you focused on IRR? What I would say is, again, I'll repeat, and I was a CFO for a long time. I think this way. Obviously, if you're building production and you don't have to build a mill and you don't have to build a tailings facility and you've cut the CapEx in half, your IRR -- your return on capital roughly doubles. The math is more complicated, but it roughly doubles. So this is not just organic growth. This is the best organic growth you can have with the best return on capital, the least risk and the least environmental footprint. Now before we move on, and we want to leave time because I'm sure there's going to be a lot of questions.

現在有人問我們，這算填滿磨坊再填滿磨坊嗎？還是說你們會－關注內部報酬率（IRR）？我想說的是，我再重複一遍，我當了很長時間的財務長。我是這樣想的。顯然，如果你在建造生產設施，不用建造磨坊，也不用建尾礦設施，而且把資本支出削減了一半，你的內部收益率——你的資本回報率——大約會翻一番。計算起來比較複雜，但大致上會翻倍。所以這不僅僅是有機成長。這是你能獲得的最佳有機成長，擁有最佳的資本報酬率，風險最小，環境足跡也最小。現在，在我們繼續之前，我們想留一些時間，因為我相信大家會有很多問題。

It's not just these 3 things. As impressive as Detour is, as Malartic is, as optimizing the belt is, we've had excellent exploration results at Hope Bay, excellent exploration results at Malartic, excellent exploration results at Kittila, at Goldex, at Fosterville and at LaRonde. So we are firing, I think, on all cylinders, but we are focused on things that are in front of us, that we're always part and I go back to where I started.

不只是這三件事。 Detour專案、Malartic專案以及最佳化礦帶都令人印象深刻，我們在Hope Bay、Malartic、Kittila、Goldex、Fosterville和LaRonde都取得了優異的勘探成果。所以，我認為我們正在全力以赴，但我們專注於眼前的事情，專注於我們始終參與的事情，我回到了最初的起點。

This was always part of why 2 great companies like Kirkland and Agnico merged. This is why we really wanted the second half of Malartic. And by the way, nobody else could have had the second half of Malartic and delivered all this value into it. Because nobody else at the land positions and advantages we had. Just going on to move forward '23 to '25 production moderate growth, frankly, about 7% by 2025, from the 2022 production.

這一直是柯克蘭和阿格尼科兩家偉大公司合併的原因之一。這也是我們真正想要瑪拉蒂克礦後半段的原因。順便說一句，沒有人能夠擁有瑪拉蒂克礦後半段，並賦予其如此大的價值。因為沒有其他人擁有我們擁有的土地位置和優勢。如果繼續推進2023年至2025年的產量，坦白說，到2025年，產量將在2022年的基礎上溫和增長7%左右。

The numbers are there, roughly about 3.35% -- I'm sorry, it's about 3.3% midpoint in 2023, 3.45% midpoint 2024 and 3.5% midpoint 2025. I want to repeat that these numbers assume constraints at Kittila and at Fosterville. If we are successful in lifting those, that's another 30,000 to 80,000 ounces, maybe a little bit more that we can add to that.

數據是這樣的，大概是3.35%──抱歉，2023年大概是3.3%的中點，2024年大概是3.45%的中點，2025年大概是3.5%的中點。我想重申一下，這些數字假設基蒂拉和福斯特維爾的產量受限。如果我們成功解除這些限制，那麼產量還能再增加3萬到8萬盎司，甚至更多。

And none of these numbers include any of the incremental production from filling the mill. Now granted, that will start pretty slow in 2024 and won't really build up until '28, '29. But I just want people to know that we think we can add potentially more to these. Maybe just flipping forward to the next page just for time.

這些數字都不包括工廠投產後的任何增量產量。誠然，增量產量在2024年會開始緩慢成長，直到2028年、2029年才會真正開始成長。但我只是想讓大家知道，我們認為我們有可能進一步增加產量。或許只是為了節省時間，我們先翻到下一頁。

We are going to continue to do what we do in the most responsible way, that we can. It's not just the right thing to do. But again, if your strategy is rather than going anywhere in the world to build mines, one at a time where we, instead, Agnico want to focus on regions for decades, you have to be the best at ESG. You have to be welcomed in the community, not just accepted, but welcome and part of the community and you have to demonstrate environmental responsibility because we don't want to build just one mine, we want to build several mines.

我們將繼續以最負責任的方式進行工作。這不僅僅是正確的做法。但是，如果你的策略不是在世界各地逐一建設礦山，而是像阿格尼科一樣，專注於未來幾十年的地區發展，那麼你必須在環境、社會和治理方面做到最好。你必須受到社區的歡迎，不僅僅是被接受，而是被歡迎並成為社區的一部分，你必須展現出對環境的責任感，因為我們不想只建造一個礦山，我們想建造多個礦山。

And I think, our numbers as reflected by third-party demonstrate that we are leaders in the industry for greenhouse gas emissions. We're leaders in the industry for freshwater usage. As I mentioned, we had the safest year in our 66-year history. We have great relationships with local businesses, great relationships with local indigenous groups. We really believe and we can see that we working with the communities that we're in, improve the quality of life of the people that work with us, their families and the community that surround it.

我認為，第三方反映的數據表明，我們在溫室氣體排放方面處於行業領先地位。我們在淡水利用方面也處於行業領先地位。正如我所提到的，我們經歷了66年來最安全的一年。我們與當地企業和原住民群體保持著良好的關係。我們堅信，也能看到，我們與所在社區的合作，能夠改善與我們合作的人們、他們的家人以及周圍社區的生活品質。

We are dedicated to 0 carbon by 2050 and a reduction of 30% by 2030. We're putting a lot of effort into how to get there, and we will get there. Next slide, please. Strong financial position, about $660 million in cash, $1.2 billion of undrawn credit facility. We paid down $225 million of debt in 2022 as it came due. You can see on the bottom left, our debt profile, we expect to continue to pay that down, as it comes due with cash.

我們致力於2050年實現零碳排放，到2030年減少30%的碳排放。我們正在為實現這一目標付出大量努力，我們一定會實現。請看下一張投影片。財務狀況強勁，擁有約6.6億美元現金和12億美元未提取的信貸額度。我們在2022年償還了2.25億美元的到期債務。您可以在左下角看到我們的債務狀況，我們預計將繼續以現金償還到期債務。

Next slide, please. We are going to -- we've been paying a dividend for 39 years. I don't know that there's any other gold mining company. Frankly, I don't know if there's any other mining company that's done that. We are going to continue to pay a dividend, and our dividend yield is competitive with our peers.

請翻到下一張投影片。我們將繼續派息──我們已經派息39年了。我不知道還有其他金礦公司這樣做過。坦白說，我不知道是否有其他礦業公司這樣做過。我們將繼續派息，我們的股息殖利率在同業中具有競爭力。

Next slide, please. So in conclusion, and again, we want to have time for questions because there's a lot here, and there's a lot in our almost 150 page press release. In conclusion, 2022 was a tough year for the industry. It was a tough year for us, but I think the team did a really good job, 3 exceptional quarters and a solid fourth quarter overall.

請播放下一張投影片。最後，我們再次強調，希望大家有時間提問，因為這裡有很多問題，我們近150頁的新聞稿裡也有很多內容。總而言之，2022年對整個產業來說是艱難的一年。對我們來說，這是艱難的一年，但我認為團隊做得非常好，三個季度都表現出色，第四季整體表現穩健。

Importantly, 2022 was also a year where we successfully integrated 2 great companies and are going to be acquiring the second half of a world-class asset in our backyard and delivering value, that nobody else could. Just stepping back, it's not always easy to integrate, 2 companies. But I have to say, I've said it before, I'll say it again, it went really well, and that's only because of the quality of the people involved and the cultures that both companies had.

重要的是，2022年也是我們成功整合兩家優秀公司的一年，我們將收購我們自有品牌下一項世界級資產的後半部分，並創造其他公司無法企及的價值。退一步說，整合兩家公司並不總是那麼容易。但我必須說，我以前說過，現在再說一遍，整合進展非常順利，這完全歸功於參與人員的品質以及兩家公司的文化。

So while 2022 was a tough year, it was a good year. And 2023, we are very excited about it, where 2022 is about consolidating, 2023 is about optimizing. And we are just starting to scratch the surface of the potential. Again, this time last year, we said we didn't do the merger because of the synergies, even though we've delivered very well on that. We did this merger because we see huge potential.

所以，雖然2022年是艱難的一年，但也是不平凡的一年。我們對2023年充滿期待，2022年是整合的一年，2023年是優化的一年。我們才剛開始挖掘潛力。去年這個時候，我們說過合併不是因為協同效應，儘管我們在這方面做得非常好。我們之所以進行合併，是因為我們看到了巨大的潛力。

I hope through this presentation, we are starting to demonstrate that. And again, we're just scratching the surface. So I will finish with, how we always finish because it's our consistent strategy, which is to be a simple, consistent, disciplined company with a proven approach to value creation based on consolidating assets in premier jurisdictions, businesses that make a lot of money, a lot of cash flow and importantly, are always per share focused, proven leadership with a track record maintaining a strong financial position to provide strategic flexibility.

我希望透過這次演講，我們能夠開始展現這一點。再說一次，我們只是觸及皮毛。最後，我將以我們一貫的策略來結束，因為這是我們的一貫策略，即成為一家簡單、一致、自律的公司，採用行之有效的價值創造方法，基於在主要司法管轄區整合資產，打造盈利能力強、現金流充沛的企業，更重要的是，始終以每股收益為中心，擁有從而經考驗的領導力和良好的業績記錄，保持強勁的財務狀況。

ESG is important to us and we will continue to endeavor to be a trusted and valued member of the communities in which we operate and which we hope to operate for decades. The consolidation of the Abitibi gold belt is providing growth potential, high-quality growth potential, high margin, high return on capital, low risk. And we want to continue to build on our long history, 39 years of return of capital to our owners. And with that, and thank you for your time. I know we took a little bit longer than we usually do, but there was a lot here. Operator, we'll open it up for questions.

ESG 對我們至關重要，我們將繼續努力成為我們營運所在社區值得信賴和重視的成員，並希望在未來幾十年繼續運作下去。阿比蒂比金礦帶的整合提供了成長潛力、高品質的成長潛力、高利潤率、高資本回報率和低風險。我們希望繼續鞏固我們悠久的歷史，39 年來一直為股東帶來資本回報。就此，感謝您抽出時間。我知道我們比平常花了更多時間，但今天的內容很豐富。接線員，我們開始回答問題。

(Operator Instructions)

（操作員指示）

Your first question comes from Fahad Tariq from Credit Suisse.

您的第一個問題來自瑞士信貸的 Fahad Tariq。

Thanks for taking my 2 questions. Ammar, maybe just first on 2023 costs, which I think may be surprised some people. It looks like it's about 14% higher than the previous 2023 guidance, about 5% higher year-over-year, about 9% higher than, I think, what consensus expectations were. What is the market missing here when it comes to the underlying inflation? What part of the story are we not seeing that's impacting the costs?

感謝您回答我的兩個問題。 Ammar，首先我想問2023年的成本，我想這可能會讓一些人感到驚訝。看起來它比之前的2023年指引高出約14%，年增約5%，我認為比普遍預期高出約9%。在潛在通膨方面，市場忽略了什麼？哪些因素影響了成本？

Yes, that's an excellent question, Fahad. And part of what you're not seeing is -- and I said this in previous calls, costs are a function of 2 things. They are a function of inflation, but they're also a function really of throughput. So 2023, I'll give you an example at Meadowbank. The stripping at Meadowbank in 2023, the ratio is 16:1, the strip ratio.

是的，法哈德，這個問題問得非常好。你沒有註意到的是──我在之前的電話會議中也提到過，成本受兩個因素影響。一個是通貨膨脹，一個是產量。 2023年，我舉個Meadowbank的例子給你聽。 2023年Meadowbank的剝離率是16:1。

In 2024, it's going to be 4 or 5:1. That simple change in stripping ratio has an impact on the entire company of about $37 an ounce in costs, just about one thing. And it's hard for you guys to see that, and I appreciate that, but that's sort of your question. The other thing is, clearly, with the restrictions, simple things like 80,000 ounces of restrictions, once those are lifted, costs that those operations go down. So you're right. There is inflation, but there's things that's hard for people to see. And those are really the operating things.

到2024年，這個比例將達到4:1或5:1。剝離率的簡單變化會對整個公司的成本產生約37美元/盎司的影響，這只是其中一件事。你們可能很難看出這一點，我理解，但這正是你們的問題所在。另一件事是，顯然，有了限制，例如8萬盎司的限制，一旦取消，這些營運的成本就會下降。所以你是對的。通貨膨脹是存在的，但有些因素人們很難察覺。這些因素才是真正的營運因素。

And we hope to be able to outperform what we've given, but we've had to give cost guidance where it is because we don't know if those restrictions are going to be lifted. We think they will be, but it would be not good of us, to assume they will and then surprise you guys all at the end of the year.

我們希望能夠超越既定目標，但由於我們不知道這些限制是否會取消，所以我們不得不給予成本指導。我們認為這些限制會取消，但如果我們假設它們會取消，然後在年底給你們帶來驚喜，那就不好了。

Okay. Fair enough. And then just a quick follow-up. The synergy number that's being baked into the guidance, it looks like it's $12 an ounce. I think the number that was previously communicated, the range was quite a bit higher, like $30, $40 an ounce. Did something change there when it comes to synergies and what's being included in the 2023 cost guidance?

好的。說得對。然後我簡單跟進一下。納入指導的協同效應數字看起來是每盎司12美元。我認為之前公佈的數字範圍要高得多，例如每盎司30美元到40美元。綜效方面有什麼變化嗎？ 2023年成本指引包含了哪些內容？

Yes. So the synergies get a little more complicated because of inflation. And -- but what I would say is we are still ahead of schedule on the synergies. The administrative synergies are easy to track, I think, and I had these numbers, I apologize, but the procurement synergies are on track. So I'd have to go through -- if I had and go through the number you just gave me and compare that to our numbers.

是的。所以，由於通貨膨脹，綜效會變得更加複雜。而且——但我想說的是，我們在協同效應方面仍然領先於計劃。我認為，行政協同效應很容易追踪，而且我手頭上有這些數據，抱歉，但採購協同效應仍在正常進行中。所以我必須仔細研究——如果我有的話，仔細研究一下你剛才給我的數據，並將其與我們的數據進行比較。

Okay, no problem. We can take that offline. That's it for me.

好的，沒問題。我們可以把它離線。對我來說就這樣了。

Your next question comes from Emily Chieng from Goldman Sachs.

您的下一個問題來自高盛的 Emily Chieng。

My first is a follow-up on the cost space and maybe looking ahead beyond '23 to '24 and '25, where you're expecting some sequential cost declines there. Perhaps could you bridge some of the items that you think about, that would allow you to achieve this? I know you mentioned the Meadowbank stripping, but perhaps can you talk to maybe your diesel procurement strategy of labor fuel and consumables there as well?

我首先想問成本空間，以及展望2023年、2024年和2025年之後的成本，您預計這些年的成本會有所下降。您能否結合一些您想到的因素，來幫助您實現這一目標？我知道您提到了Meadowbank剝離項目，能否談談你們在那裡的柴油採購策略，包括人工燃料和消耗品？

Yes. I think that -- good question, Emily, a nice interior voice. Really, it's just the operations. The operations as we're going to have more production, as we get into different areas in the mine sequence, the costs are anticipated to go down. So we have not really assumed any relief on consumables or labor or that sort of thing. We will work hard to get there. But mostly, it is increased throughput and mine sequencing.

是的。我覺得這個問題問得好，艾蜜麗，你的內在聲音很棒。實際上，這只是營運方面的問題。隨著我們產量的增加，隨著我們進入礦井序列的不同區域，預計成本會下降。所以我們並沒有真正設想在消耗品、勞力或其他方面有任何減少。我們會努力實現這個目標。但最重要的是提高產量和礦井排序。

And I'd just add to that, Emily, that as we said in the press release, no assumption of hedging success on any of these inputs like currency or fuel is included in our guidance because there's no guarantee those things will work out. But we'll continue to attempt to add to those hedging programs during the year, if it's beneficial.

艾米麗，我想補充一點，正如我們在新聞稿中所說，我們的預期中不包含任何對沖貨幣或燃料等投入的成功假設，因為沒有人能保證這些因素一定會奏效。但如果有利的話，我們將在今年繼續嘗試增加這些對沖計劃。

And also, there's no assumption on either production or costs of some of the optimization that we're working on. Which would further reduce costs. So we can give a fair level of confidence, absent unusual market moves that the costs should go down because we see what the life of mine is, and we know what the cost per tonne is and we know what the throughput is and all of that, and that's going to all improve. But we haven't included some of the optimization that we're working on. And clearly, as you produce more ounces with the same infrastructure, your cost per ounce goes down.

而且，我們正在進行的一些最佳化措施，無論是產量或成本，都沒有做出任何假設。這將進一步降低成本。因此，在沒有異常市場波動的情況下，我們可以相當有信心地認為成本應該會下降，因為我們了解礦山的開採年限，也知道每噸的成本和產量等等，所有這些都會得到改善。但我們還沒有將我們正在進行的一些優化措施納入考慮。顯然，在相同的基礎設施下，產量越高，每盎司的成本就越低。

Understood. That's very clear. And maybe my second question, just around the progress and your Abitibi gold belt strategy there, and how you're optimizing mill throughput. How do you think about prioritizing the cadence of when each of those nearby resources to fill in and when they should start to contribute the initial ounces that you're talking about?

明白了。非常清楚。我的第二個問題是關於你們的進度和阿比蒂比金礦帶策略，以及你們如何優化選礦廠的產量。你們如何考慮優先安排每個附近資源的補充節奏，以及它們何時應該開始貢獻你們所說的初始產量？

I mean, that's an excellent question, and we've really been focused a lot on that over the last few months. The best way to answer that, Emily, is we are doing this at 2 levels. We're doing this at the most senior level and Jean Robitaille is working on this with Guy and Natasha and Dominique. But also importantly, and this is the key thing. Each of these projects has a project leader and a team and a time frame with milestones. And so it's one thing to talk about a vision, but what you really actually have to have is a plan. And we have the teams in place. We have the resources in place. And the cadence to your point, will be driven by those specific opportunities, both when these projects can come on stream and also, frankly, when the mill capacity comes on stream.

我的意思是，這是一個非常好的問題，過去幾個月我們確實非常關注這個問題。艾米麗，最好的答案是，我們在兩個層面上進行這項工作。我們在最高層進行這項工作，讓·羅比泰勒正在與蓋伊、娜塔莎和多明尼克一起合作。但同樣重要的是，這是關鍵的一點。每個專案都有一個專案負責人、一個團隊和一個帶有里程碑的時間表。所以，談論願景是一回事，但你真正需要的是一個計劃。我們已經組建了團隊，並擁有了資源。正如你所說，專案的進度將由這些具體的機會決定，既包括這些專案何時能夠投產，也包括工廠產能何時能夠投產。

Your next question comes from Greg Barnes from TD.

您的下一個問題來自 TD 的 Greg Barnes。

Ammar, you're forecasting CapEx of around $1.4 billion to $1.6 billion in '24 and '25. With all of the optimization programs and plans you have for the Abitibi, does that number come down beyond 2025? Or is it going to stay in that range as we go forward to the end of the decade?

阿馬爾，您預測2024年和2025年的資本支出約為14億美元至16億美元。考慮到您為阿比蒂比制定的所有優化方案和計劃，這個數字在2025年後會下降嗎？還是會一直維持在這個範圍內？

I would say Greg, I would say -- and sorry, just before Greg, I answered your question, Emily, we will provide more guidance with specific cadence, towards the end of the year on some of these projects. I just didn't want to leave you hanging there.

我想說，格雷格，我想說——抱歉，就在格雷格之前，我回答了你的問題，艾米麗，我們會在年底前以特定的節奏，針對其中一些項目提供更多指導。我只是不想讓你等太久。

So Greg -- so we've actually completed a lot of big ticket items on the CapEx side on -- in 2022, things like the filter-press at LaRonde, which is going to allow us to do dry stack tailings, which is for environmental purposes, et cetera. The CapEx forecast beyond '24, '25 is forecast to decline based on the current life of mine. Our job continues to be, as you know, to look for opportunities to make profitable investments for our owners.

格雷格，實際上，我們在2022年完成了許多資本支出方面的大項目，例如LaRonde的壓濾機，這將使我們能夠進行幹堆尾礦處理，這是為了環保目的等等。根據目前的礦場開採年限，預計24年和25年後的資本支出將會下降。如你所知，我們的工作仍然是尋找機會，為我們的業主進行有利可圖的投資。

So I'm optimistic that we're going to continue to find good opportunities to create value on a per share basis. But to answer your specific question, yes, based on the life of mine models we have right now, the CapEx is expected to decline beyond '24, '25.

因此，我樂觀地認為，我們將繼續尋找創造每股價值的良好機會。但要回答你的具體問題，是的，根據我們目前的礦場壽命模型，預計24年、25年後資本支出將會下降。

Just at Macassa, it seems like you've taken a bit of a reset there, in terms of production profile going forward. I think there was talk at one point, it would be 350,000 to 400,000 ounces a year, but -- we're not seeing that in the 3-year forward look anyway. What's the view on Macassa now?

就Macassa而言，你們似乎對未來的產量規劃做了一些調整。我記得之前有人說過，年產量會達到35萬到40萬盎司，但無論如何，從三年來看，我們並沒有看到這個數字。現在對Macassa的看法是什麼？

Well, I'll start, and then maybe Natasha can comment a little bit. This time last year, and I remember the call very well because it was my first call. We hit Macassa head on. We said, look, the previous guidance was 350,000 to 400,000 ounces a year. We think it's a great ore body. There's a lot of potential, but it's not going to get to 350,000 to 400,000 ounces in the time frame that was outlined.

好吧，我先開始，然後娜塔莎或許可以評論一下。去年這個時候，我記得很清楚，因為那是我第一次打電話。我們直接聯絡了馬卡薩。我們說，你看，之前的預測是每年35萬到40萬盎司。我們認為這是一個很棒的礦體。潛力很大，但不可能在既定的時間內達到35萬到40萬盎司。

And we said this based on the due diligence we did, and it's a great ore body. But as I said then, this is a mine that Kirkland was taking from the 1930s to the 2020s, and they were making good progress. We've made very good progress this year at Macassa. The team is energized and Natasha can talk about a lot of the accomplishments. I think what I would say, Greg, is Macassa is probably at 300,000 to 350,000 ounces not 350,000 to 400,000 ounce mine, but maybe Natasha?

我們是根據所做的盡職調查得出的結論，這是一個很棒的礦體。但正如我當時所說，這是柯克蘭公司從上世紀30年代到本世紀20年代一直在經營的一座礦山，他們的開採進展順利。今年我們在馬卡薩礦場的開採也取得了很大的進展。團隊充滿活力，娜塔莎可以談很多成就。格雷格，我想說的是，馬卡薩礦的儲量可能在30萬到35萬盎司之間，而不是35萬到40萬盎司，但娜塔莎礦的儲量可能在30萬到35萬盎司之間，對吧？

No, that's correct. Thank you, Ammar. So Greg, sorry. In terms of the current guidance, it reflects 2 main things: the slower ramp-up of mining activities, and a lower gold grade when compared to the previous guidance. So with respect to the lower forecasted grade, it's largely a result of adjustments to our resource model based on additional definition drilling.

不，沒錯。謝謝你，Ammar。 Greg，抱歉。就目前的指引而言，它主要反映了兩個因素：採礦活動的成長速度放緩，以及與先前的指引相比，金礦品位較低。因此，關於較低的預測品位，這主要是由於我們根據額外的定義鑽探調整了資源模型。

And then the slower ramp-up in 2024, is partly due to the reevaluation of the development rate and the mining sequence following the completion of shaft 4 and the new ventilation system. Now we're always looking at opportunities to improve on our productivities. But for now, we feel that these are rates that are achievable. The site has done a lot of work, in terms of the optimization efforts, whether it's compliance to the plan, the maintenance program initiatives.

2024年產量提升速度放緩，部分原因是4號礦井和新通風系統竣工後，對開發速度和採礦順序進行了重新評估。現在，我們一直在尋找提高生產力的機會。但就目前而言，我們認為這些產量是可以實現的。礦場在最佳化方面做了大量工作，無論是在計畫合規性方面，還是在維護計畫方面。

But there's always opportunity. And I feel like that there is opportunity with #4 shaft and the ventilation upgrade coming on to improve on that. With respect to looking at it in the long run, like Ammar said, I envision the same thing at 300,000 to 350,000 ounces. The deeper mine, the South Mine Complex and the Main Break, we envisioned it to still be approximately around 300,000 to 310,000 ounces.

但機會總是存在的。我覺得4號礦井和即將進行的通風升級有機會改善這個狀況。從長遠來看，正如阿瑪爾所說，我預計產量在30萬至35萬盎司時也會出現同樣的情況。至於更深的礦井，即南礦綜合體和主斷層，我們預計產量仍在30萬至31萬盎司左右。

And then we foresee an additional, say, 20,000 to 40,000 ounces coming from the near surface deposits, the 8-K deposits that could potentially be trucked to another mill.

然後，我們預計會有另外 20,000 到 40,000 盎司來自近地表礦床，這些礦床可能會被卡車運送到另一個工廠。

Yes. Again -- we're very proud of what Macassa has done this year. It was -- I'll be perfectly frank, it was a bit of a tough mine this time last year. It is operating vastly better now and the confidence we have in it is high.

是的。我們再次對馬卡薩礦今年所取得的成績感到非常自豪。坦白說，去年這個時候，它的營運狀況確實有些艱難。現在它的營運狀況好多了，我們對它充滿信心。

Your next question comes from Anita Soni from CIBC World (sic) Capital Market.

您的下一個問題來自加拿大帝國商業銀行世界資本市場的 Anita Soni。

Sorry, I said I had -- I was on mute there. I had the same question as Greg, so I'm just going to pass it to the next caller.

抱歉，我說了……我剛才靜音了。我和格雷格有同樣的問題，所以我要把這個問題轉給下一位來電者。

Your next question comes from John Tumazos from John Tumazos very Independent Research.

您的下一個問題來自 John Tumazos 的獨立研究部門。

Sort of moving away from the details of today's press release. Sort of for the long-term strategy in mark. Is there a level of depletion that might be too big for annual reserve replacement or threshold you don't want to go to 4 million, 5 million, 6 million, 7 million ounces a year. And is there a level of capital spending $2 billion, $3 billion, $4 billion a year, that's too much.

有點偏離今天新聞稿的細節了。有點像馬克的長期戰略。是否存在一個消耗水平，對於年度儲備替換來說可能太大，或者說，你不想達到每年400萬盎司、500萬盎司、600萬盎司、700萬盎司的門檻。是否存在一個資本支出水平，即每年20億美元、30億美元、40億美元，這太過分了。

Yes. Clearly, you had a couple of issues this quarter, and it's hard to run a company the more moving pieces, even if they're all in the same neighborhood in Eastern Canada. And there's 5 or 10 companies lined up wishing they're going to sell out to you. And maybe that's too many projects for you to build at once.

是的。顯然，本季你們遇到了一些問題，而且經營一家業務變動較大的公司非常困難，即使它們都位於加拿大東部的同一個街區。而且有5到10家公司排隊等著把專案賣給你。也許這些項目對你來說太多了，無法同時完成。

John, you're absolutely right. I think, on all accounts. So one I think there is a limit that it does become unwieldy, even if they're all in areas where we are. And you're right, there's a lot of companies that are hoping that someone else will buy them out. So one, I would say, yes, you're right. There is a size that is probably too big at some point and becomes unwieldy. But you know us pretty well. We've never cared about size.

約翰，你說得完全正確。我認為，從各方面來看都是如此。所以，我認為，即使它們都位於我們所在的地區，規模變得難以掌控也是有限制的。你說得對，很多公司都希望被別人收購。所以，我想說，是的，你說得對。規模到一定程度，規模可能就會變得太大，變得難以掌控。但你很了解我們。我們從來不在乎規模。

I say that sincerely. We don't care on absolute size. We only care on per share metrics. And I think -- I hope what we've shown today, and this is really what I'm trying to do is this merger that we did with Kirkland and this acquisition of Malartic was not about getting bigger. Because paying full value for something and just -- so that doesn't create any value per share.

我誠懇地說。我們不關心絕對規模。我們只關心每股盈餘指標。我想——我希望我們今天所展示的，也是我真正想做的，就是我們與Kirkland的合併以及對Malartic的收購，都不是為了擴張規模。因為支付全額收購價——所以這不會創造任何每股收益。

What we are trying to do, and I think what we are going to do better than people think, better than people expect, I think we're really going to over the next few years show that this combination is going to create a lot of value, through leveraging our competitive advantage in this part of the world.

我們正在努力做的事情，我認為我們會做得比人們想像的更好，比人們預期的更好，我認為我們真的會在未來幾年證明，透過利用我們在這個地區的競爭優勢，這種結合將創造巨大的價值。

When you're 100% right, you don't want to get too big. And to be perfectly frank, all of our teams are very busy. We talked about to Emily's question on cadence, we're allocating resources to all of these to make them happen, and we're working flat out. So it's a good question, and I hope I answered it to your satisfaction.

當你100%正確時，你不會想把事情搞得太大。坦白說，我們所有團隊都很忙。我們談到了艾米麗關於節奏的問題，我們正在為所有這些項目分配資源，以確保它們順利完成，我們正在全力以赴。所以這是一個好問題，我希望我的回答能讓您滿意。

We could be numerical Ammar, for our planning, should we assume that we stay at 4 million or less ounces and the CapEx doesn't get bigger than $2 billion in a year. And even though you own 10% or 20% of 4 companies and another 14 wish they're going to sell to you, maybe you need to wait 10 years to worry about building all those mines.

對於我們的規劃，我們可以用數字來衡量，假設產量維持在400萬盎司或更少，並且每年的資本支出不超過20億美元。即使你擁有4家公司10%或20%的股份，而另外14家公司希望出售給你，你可能需要等待10年才能開始建造所有這些礦場。

Yes. Yes.

是的。是的。

Thank you, and I'm glad to be a shareholder.

謝謝，我很高興成為股東。

Thank you. We're glad you are a shareholder.

謝謝。我們很高興您成為我們的股東。

Your next question comes from Carey MacRury from Canaccord Genuity, Inc.

您的下一個問題來自 Canaccord Genuity, Inc. 的 Carey MacRury。

I thought, I saw in the press release that you're evaluating increasing capacity at Malartic to 60,000 tonnes a year, obviously, with the open pit ending and excess capacity there, just wondering sort of what's driving that?

我想，我在新聞稿中看到，您正在評估將馬拉蒂克礦的產能提高到每年 60,000 噸，顯然，隨著露天礦場的結束和那裡產能過剩，我只是想知道是什麼推動了這一進程？

Good morning, Dominique speaking. The mill capacity is 60,000 tonnes per year -- per day, sorry. And we're going to start to have some capacity available starting in 2028. So this is where we all look to bring more ore to that mill. The mill is there.

早上好，我是多明尼克。該選礦廠的產能是每年6萬噸——抱歉，是每天6萬噸。我們將從2028年開始投入部分產能。所以我們都希望為該選礦廠提供更多礦石。該選礦廠就在那裡。

Okay. And then on Macassa, I mentioned higher dilution. Has that been factored into the updated reserve model there?

好的。然後關於 Macassa，我提到了更高的稀釋度。這個問題是否已經納入更新後的儲備模型？

Yes, it has.

是的，確實如此。

Okay. Great. And then maybe one last one for Ammar. I mean you really emphasized the regional strategy that you guys have. And just wondering how Kittila and Fosterville fit into that. To kind of see a bit kind of ore (inaudible) relative to the other regions that you have?

好的。太好了。最後我想問一下阿瑪爾。您確實強調了您們的區域戰略。我想知道基蒂拉和福斯特維爾與這項策略有何關聯？相對於你們的其他區域，您覺得哪個區域比較適合（聽不清楚）？

Yes. Thanks, Carey. So I'll start with Fosterville. Fosterville a great asset, great people, it doesn't make sense to be in a place like Australia for just one mine. And so we are looking at that, and we're looking at Australia, broadly speaking, Australia already has a lot of good miners in it. but there's a lot of opportunity. So what I would say with Fosterville is a great asset, but we need to make a decision long term on, can we create value for our shareholders in Australia better than other people can? And we're working on that assessment, as we speak.

是的，謝謝，Carey。我先從Fosterville說起。 Fosterville是一筆寶貴的資產，擁有優秀的人才。在澳洲這樣的地方只為了一個礦場是沒有意義的。所以我們正在考慮這個問題，我們也在關注澳洲。總的來說，澳洲已經有很多優秀的礦業公司，但還有很多機會。所以我認為Fosterville是一筆寶貴的資產，但我們需要做出一個長期的決定，看看我們能否比其他人更好地為澳洲的股東創造價值。我們正在進行評估，目前我們正在進行評估。

And I would say it's the same at Kittila, frankly. We are producing close to 3 million ounces now out of Canada, right? So we're going to be going to 2.1 million in the Abitibi. We're going to be going to 900,000 in Nunavut. So that's a fair question. And it's a fair question in Mexico as well, although I have to say we are very positive on the work we're doing with tech at San Nicolas.

坦白說，基蒂拉的情況也是一樣。我們現在在加拿大的產量接近300萬盎司，對吧？所以我們在阿比蒂比的產量將達到210萬盎司。在努納武特的產量將達到90萬盎司。所以，這是一個合理的問題。在墨西哥，這也是一個合理的問題，但我必須說，我們對聖尼古拉斯的技術工作非常樂觀。

Your next question comes from Mike Parkin from National Bank.

您的下一個問題來自國家銀行的邁克·帕金。

I noticed you flagged the big jump in power cost at Kittila in 2022. I think, I recall there was a power -- nuclear power plant getting commissioned at the end of the year. Is that online? And are you starting to see energy cost benefit from that coming online yet?

我注意到您提到了2022年基蒂拉的電力成本將大幅上漲。我記得年底有一座核電廠投入使用。它已經投入運作了嗎？您是否已經開始看到它投入運作後帶來的能源成本效益了？

Do you want to go, Dom.

你想去嗎，Dom。

Yes, I could take it. Yes, we saw the price getting increasing in December up to 5,600 per megawatt-hour because of the situation. And that -- I don't know if what you refer, but in that case, we've run our generators, just to save costs, and we've also reduced some activities at site. But we see the future positive because there's a nuclear plan taking place, and they are finalizing the commissioning. So we expect to have a better path for next year.

是的，我可以接受。是的，由於這種情況，我們看到12月份電價上漲到了每兆瓦時5600美元。我不知道您指的是什麼，但在這種情況下，我們運行了發電機，只是為了節省成本，我們也減少了一些現場活動。但我們對未來持樂觀態度，因為核電計劃正在進行中，並且正在最終調試。所以我們預計明年會有更好的發展。

Yes, Mike, I think that's what you're referring, right, is the plant online and commissioned. I don't know, Yanny, are you on the phone? Sorry to put you on. No, Yanny is not on the phone. So my last update on that, Mike, was they were commissioning it. They had a couple of problems with water pumps of all things. You think water pump is not that complicated. But my understanding is, it is back online now or will be shortly.

是的，麥克，我想這就是你的意思，對了，工廠已經上線並投入運作了嗎？我不知道，雅尼，你正在打電話嗎？抱歉打擾你了。不，雅尼不在電話裡。麥克，我上次更新的情況是，他們正在調試。他們的水泵出了幾個問題。你以為水泵沒那麼複雜嗎？但我的理解是，它現在已經恢復運行，或者很快就會恢復運行。

And we have -- we are seeing material reduction in power costs at Kittila. So again, we are -- I will just say in the budget, we've assumed higher power costs than we're seeing right now. So there is upside there for us.

而且我們看到基蒂拉的電力成本大幅下降。所以，我再說一遍，在預算中，我們假設的電力成本比現在更高。所以對我們來說，這還是有上漲空間的。

Okay. Kind of what, I was getting that was where the guidance is kind of based on? And then in terms of the Canadian Malartic mill, in the past, you kind of talked a bit potentially needing to tweak the front end of the grinding segment of it, to better balance the lower tonnage eventually coming through with Odyssey. But now with this potential to fill the mill or get closer to a fill mill -- build mill with regional upside. Is that something you could potentially avoid thing to do?

好的。我剛才明白了，這份指引的依據是什麼？然後，關於加拿大馬拉特克工廠，您之前提到可能需要調整研磨部分的前端，以更好地平衡奧德賽最終帶來的較低噸位。但現在，由於存在填滿工廠或接近填滿工廠的潛力——建造具有區域優勢的工廠。這是您可以避免的事情嗎？

Yes, absolutely, Mark, it is an opportunity that we have right now into our PEA study, we have money to decommission a part of the mill. Now we see that as an opportunity to keep it running. And maybe if I go back, I think to Terry question before about the mill capacity. And so currently, we're mining with open pit at 55,000 tonnes per day. We are depleting those pits with those. Canadian Malartic is going to end this quarter, and we're going to move everything to Barnat pit, but the tonnage is going to decrease from the pit and the underground tonnage is going to increase.

是的，馬克，這確實是我們現在面臨的一個機會，根據初步經濟評估研究，我們有資金關閉部分工廠。現在我們認為這是一個讓它繼續運轉的機會。如果我回到過去，我想到之前特里關於工廠產能的問題。目前，我們的露天開採量為每天5.5萬噸。我們正在耗盡這些礦坑的資源。加拿大馬拉特克礦的開採將在本季結束，我們將把所有資源轉移到巴納特礦坑，但礦坑的產量將減少，地下的產量將增加。

Coming into 2029, we're going to be third time less throughput. We're at 19,000 tonnes per day, but the grade is going to be 2.5x, 3x higher than where we are right now, which is going to bring equivalent ounces those 2.

到2029年，我們的產量將減少三分之一。目前我們的日產量為1.9萬噸，但品位將比現在高出2.5倍到3倍，相當於這2盎司的產量。

Okay. And just jumping over to Kittila with this final ruling on the greater tonnage permit. You noted that if it doesn't prove favorable this ruling coming this year, you would submit kind of a new permit application. If that were -- obviously, hopefully, that's the worst case and you can avoid it. But if you have to do it, do you have a sense of what the time line of getting a new permit through would take.

好的。現在直接跳到基蒂拉，談談關於更大噸位許可證的最終裁決。您提到，如果今年的裁決結果不利，您將需要提交一份新的許可證申請。如果是這樣的話——顯然，希望這是最糟糕的情況，這樣您就可以避免。但如果必須這樣做，您是否知道獲得新許可證需要多長時間？

Yes. I think it's -- we're quite hopeful that we will -- so remember, we got the permit. And we got the support from all the regulatory bodies. There was an appeal and during the appeal, the court has asked us to go back to 1.6. So we are hopeful. If it doesn't -- and again, just to emphasize the guidance we showed just to be on the conservative side is at the 1.6. If in the unexpected situation where we get denied or there's a reversal of what was already permitted, we will have to resubmit, and that could take a few years.

是的。我認為——我們非常有希望——記住，我們拿到了許可。我們得到了所有監管機構的支持。我們進行了上訴，在上訴過程中，法院要求我們恢復到1.6。所以我們充滿希望。如果不行－再次強調，我們給的指引是保守的，我們把1.6當作指引。如果發生意外情況，我們的申請被拒，或已經獲準的申請被撤銷，我們將不得不重新提交申請，這可能需要幾年時間。

Your next question comes from Ralph Profiti from Eight Capital.

您的下一個問題來自 Eight Capital 的 Ralph Profiti。

Firstly, on LaRonde, you talked about moving to a slower mining rate would the same virtue be extended to development rates, meaning that if you do slow down the mining rates, do you have an opportunity to sort of enhance productivity with, say, perhaps reduced dilution. So does the slower mining rate affect development rates as well? And maybe can you touch a little bit upon sort of the lateral exploration prospectivity, as opposed to at depth?

首先，關於LaRonde，您提到降低採礦速度是否也同樣適用於開發速度？也就是說，如果降低採礦速度，是否有機會提高生產力，例如降低貧化程度。那麼，降低採礦速度是否也會影響開發速度？您能否稍微談談橫向勘探前景，而不是縱向勘探前景？

Yes. Dominique speaking. Yes, effectively, we're going to -- the mining -- the development rate is going to be adjusted. But this is offset also because we need all to do more paid back fill and more rehandling of not -- yes, we cannot bring the waste into to use backfill. So overall, the cuts are kind of offset right now, but we're going to work with the team to really fine-tune the cut. And we're going to see also this year what's going to be the real pace of money we could do at LaRonde.

是的，我是多明尼克。是的，實際上，我們將調整採礦的開發速度。但這也是一種抵消，因為我們需要做更多付費回填，並進行更多非……是的，我們不能把廢料運進去用作回填。所以總的來說，目前的削減幅度有所抵消，但我們將與團隊合作，對削減幅度進行真正的微調。今年，我們也將觀察LaRonde的實際資金投入速度。

So overall, the LaRonde deposit is going to be 200,000 ounces per year. There are 75,000 ounces coming from LZ5, but we're going to have coming into the second half of this year 30,000 ounces coming from Zone 11-3, which is the thing we're looking for to continue to bring more ore from new zone. And on that, I will pass the mic to Guy, which could give you some sense of where are we to discovering more answers in the laterally speaking.

因此，LaRonde 礦床的總產量將達到每年 20 萬盎司。其中 LZ5 礦床的產量為 7.5 萬盎司，但到今年下半年，我們將從 11-3 區獲得 3 萬盎司的產量，我們希望繼續從新的區域開採更多礦石。關於這一點，我將把麥克風交給 Guy，他可以讓您了解我們在哪些方面可以找到更多答案。

Ralph, on the lateral prospectivity, well, we already materialized some of that. LZ5 is an example of what we are moving forward and trying to replicate. There's -- on the adjacent property, the former Bousquet property that holds the LZ5, historically mining stop at about 1.6 kilometer below surface. And those zones were still open at depth.

拉爾夫，關於橫向勘探前景，我們已經實現了部分成果。 LZ5 就是我們正在推進並嘗試複製的一個例子。在鄰近的礦區，也就是 LZ5 所在的前 Bousquet 礦區，歷史上的採礦深度大約在地表下 1.6 公里。而這些區域在深處仍然是開放的。

So in between the current tenant shaft, and the LZ5. There are known zone of monetization, namely Zone [3-1], Zone [3-4], that remains open at depth. We see also good potential below the LZ5. So this is exactly why we're putting a lot of emphasis at developing that exploration drift on Level 215 and that exploration drift will advance for another kilometer towards the west to be in a better position. So we are full steam here at getting that platform, exploration platform in place to target those known zone that we're identifying in the past and continue to investigate their expansion at depth.

在目前租戶礦井和LZ5之間，存在已知的獲利區域，即[3-1]區和[3-4]區，這些區域在深度上仍處於開放狀態。我們也看到了LZ5以下的巨大潛力。正因如此，我們才如此重視開發215層的勘探巷道，並且該勘探巷道將向西再延伸一公里，以獲得更有利的位置。因此，我們正全力以赴地建立勘探平台，瞄準我們過去發現的那些已知區域，並繼續探索其在深度上的擴展。

And Ralph, it's a good question. I'm a glass half full guy. And I actually see this in the long run is a good thing. I mean it's natural for any mining company to follow the highest grade in the ore development. But at some point, we really did need to go laterally because there's a lot of opportunity around there laterally. And this is something that we should do. And again, that's kind of why, I said it might take a couple of years, but we're confident that we're going to be able to find additional ore face for the LaRonde complex and hopefully, recover back to where we were last year.

拉爾夫，這個問題問得好。我是個樂觀的人。而且我認為從長遠來看，這確實是一件好事。我的意思是，任何一家礦業公司在礦石開發中追求最高品位都是很自然的。但到了一定時候，我們確實需要橫向發展，因為橫向發展有很多機會。這是我們應該做的。再說一次，這就是為什麼我說這可能需要幾年時間，但我們有信心為拉隆德綜合體找到更多的礦層，並希望能夠恢復到去年的水平。

Got you. Okay. And maybe as a follow-up, I just want to switch to Fosterville. Does the current technology allow you to get into that 16 to 20-hertz threshold to be sort of within specs on that low-level noise? Is the current technology available? And is this really just sort of an engineering solution that needs to be figured out?

明白了。好的。接下來我想問福斯特維爾的問題。目前的技術能讓你達到16到20赫茲的閾值，從而達到低水平雜訊的規格嗎？目前的技術可用嗎？這真的只是一種需要解決的工程解決方案嗎？

Yes. So we have put a lot of effort, and the best technology in the world to resolve this. To put this into perspective, I was out there, and I couldn't hear anything, like nothing. And so we are going to be able to -- I mean, we've spent a lot of money. We brought experts in from all over the world. Sound, as you can imagine, is a bit of a complicated thing. We are going to be able to reduce it. But it's never going to go to 0. It just isn't. And this is the discussion we're having with the regulators. This is effectively something that the vast majority of people can't even hear.

是的。所以我們付出了很多努力，也採用了世界上最先進的技術來解決這個問題。具體來說，我當時在場，什麼都聽不到，什麼都聽不到。所以我們能夠——我的意思是，我們花了很多錢。我們從世界各地邀請了專家。你可以想像，聲音是個有點複雜的東西。我們能夠降低它，但它永遠不可能降到零。根本降不下來。這就是我們正在與監管機構討論的問題。這其實是絕大多數人根本聽不到的聲音。

And so the regulators, I think, have asked us to do all we can. We have. It's gotten better. It is physically impossible to go to 0, and so I think we -- there is some sympathy there that we've -- that this is -- we've done all we can and that it's not an intolerable situation. But it's regulators, and we do the best we can, but we are genuinely hopeful this gets resolved pretty soon.

所以，我認為監管機構已經要求我們盡我們所能。我們也確實這麼做了。情況已經有所好轉。實際上，要把數據降到零是不可能的，所以我認為我們——大家對此表示同情——我們已經盡力了，情況並非無法容忍。但這是監管機構的問題，我們盡力了，但我們真心希望這個問題能很快解決。

Your next question comes from John Tumazos from John Tumazos Very Independent Research.

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

Just continuing the Fosterville discussion. Maybe 6 years ago, I went out by myself after a (inaudible) iron ore trip, left-hand side driving and whatnot. And I got lost and went through Bendigo and circled around a little bit. And there aren't too many houses close to the mine. And there's other mining districts in Australia like Kalgoorlie, where the town is right there, and it's huge. Is there -- I don't understand why noise abatement would be a significant issue at Fosterville. Is there some environmental impact on the thousands of green parakeets near the (inaudible) or something?

繼續討論福斯特維爾的事。大概六年前，我去（聽不清楚）鐵礦廠後獨自出門，當時是靠左行駛之類的。結果迷路了，穿過本迪戈，繞了好幾圈。礦區附近房子不多。澳洲還有其他礦區，像是卡爾古利，那裡有個小鎮，規模很大。我不明白為什麼噪音治理在福斯特維爾會成為一個重要議題。這會對（聽不清楚）附近成千上萬隻綠色長尾小鸚鵡的環境造成影響嗎？

Well, John, it's -- we're glad we still have you after the left-hand driving. But this stuff is not uncommon in our business. And sometimes -- and in this case, it's -- it might be a specific individual who is utilizing this as a way to achieve something else. So I don't really want to get into it, but what's important is, we will always do what we are asked to do by the relevant legal authority. We respect people's perspectives. And we are hopeful this gets resolved fairly soon.

嗯，約翰，很高興在左側行駛事件之後你還能來找我們。但這種事情在我們這個行業並不罕見。有時——就像這次一樣——可能是某個人利用這一點來達到其他目的。所以我不想深入探討這個問題，但重要的是，我們總是會按照相關法律機構的要求去做。我們尊重人們的觀點。我們希望這個問題能盡快解決。

Presenters, there are no further questions at this time. Please proceed with your closing remarks.

各位演講者，目前沒有其他問題。請繼續作結束語。

Well, thank you, operator, and thank you, everyone. This is I know there's been some initial questions about the production and the adjustments. I just want to remind everybody, 3 years ago, we had some rehabilitation and a ramp at LaRonde. We had an apron feeder that failed. We had some water. We had to pump out of the bottom of a pit at Meadowbank. It was all resolved in the same quarter. So these types of -- the fourth quarter, the team did a good job, 800,000 ounces. Yes, there were a few operational challenges.

好的，謝謝操作員，也謝謝大家。我知道大家最初對生產和調整有一些疑問。我只想提醒大家，三年前，我們在LaRonde礦區進行了一些修復工作，並建造了一個坡道。我們的一個板式給料機發生故障。我們遇到了一些積水。我們不得不從Meadowbank礦井底部抽水。這些問題都在同一個季度解決了。所以，第四季度，團隊做得很好，產量達到了80萬盎司。是的，確實有一些營運挑戰。

That's the nature of our business. But big picture, we are a much stronger company than we were a year ago. We are just scratching the surface of delivering, I think, exceptional value. A lot of this stuff is with minimal capital. Remember, we're in the business not just to produce ounces but to produce profitable ounces and good return on capital, and we think we're on the right track. So with that, everyone, thank you again for your time, but more importantly, thank you for supporting us, and we'll be marketing over the next few days and happy to take more questions then. Thank you.

這就是我們業務的本質。但從整體來看，我們比一年前更強大。我認為，我們只是觸及了提供卓越價值的皮毛。很多事情都是用最少的資本來實現的。記住，我們做生意不僅僅是為了生產盎司，而是為了生產獲利的盎司和良好的資本回報率，我們認為我們走在正確的道路上。所以，各位，再次感謝你們的時間，但更重要的是，感謝你們對我們的支持，我們將在接下來的幾天裡進行市場營銷，屆時很樂意回答更多問題。謝謝大家。

Ladies and gentlemen, this concludes your conference call for today. We thank you for joining and ask that you please disconnect your lines. Thank you.

女士們，先生們，今天的電話會議到此結束。感謝各位的參與，請各位掛斷電話。謝謝。