Agnico Eagle Mines Ltd (AEM) 2023 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 and Full Year 2023 Conference Call. (Operator Instructions)

早安.我叫朱莉，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 Agnico Eagle 2023 年第四季和全年電話會議。 （操作員說明）

Mr. Ammar Al-Joundi, you may begin your conference.

Ammar Al-Joundi 先生，您可以開始會議了。

Thank you, operator and good morning, everyone. First, let me say thank you again for joining us this morning. It's always great to have our owners and our friends and analysts joining us. This morning, in particular, my colleagues and I are excited to talk to you about our fourth quarter and full year results. The results, as you will hear, are very strong.

謝謝接線員，大家早安。首先，讓我再次感謝您今天早上加入我們。我們的所有者、朋友和分析師加入我們總是很棒。特別是今天早上，我和我的同事很高興與您談論我們第四季度和全年的業績。正如您將聽到的，結果非常強勁。

But while these results are strong and we're going to talk about them, we're more excited to talk about our future. Not just our guidance for 2024 and '25 and '26 but the next several years. And importantly, we'll talk a little bit about some of the key projects that will propel Agnico Eagle forward. It will propel us forward by delivering more value per share at mines that, importantly, we already operate in regions we've been in for decades and with people and teams already in place.

雖然這些結果很強勁並且我們將討論它們，但我們更興奮地談論我們的未來。不僅是我們對 2024 年、25 年和 26 年的指導，還有未來幾年的指導。重要的是，我們將討論一些將推動 Agnico Eagle 前進的關鍵項目。它將透過為礦山提供更多每股價值來推動我們前進，重要的是，我們已經在我們已經工作了幾十年的地區運營，並且人員和團隊已經就位。

We'll go through a number of slides this morning and you'll hear from a number of our most senior executives about the business and how it's going. But really, the message we want to leave with you is a simple message. It's a message of stability, of consistency and of quality. Quality of the projects, quality of the assets and the quality of our people. It's a message hopefully that you'll walk away thinking and appreciating that Agnico has built a unique position in this industry, with some of the largest, longest life gold mines in the world, operating in the safest jurisdictions with great exploration potential -- continuing great exploration potential, great operating results and great projects. It's a company with 66-year history of fiscal prudence, capital discipline and per share focus.

今天早上我們將播放一些幻燈片，您將聽到我們的一些最高級管理人員介紹該業務及其進展。但實際上，我們想留給您的訊息很簡單。這是一個關於穩定性、一致性和品質的資訊。專案品質、資產品質和人員品質。希望這條訊息讓您在離開時思考並欣賞Agnico 在這個行業中建立了獨特的地位，擁有世界上一些最大、壽命最長的金礦，在最安全的司法管轄區運營，具有巨大的勘探潛力- 繼續探勘潛力大、經營績效好、專案好。該公司在財務審慎、資本紀律和每股盈餘方面擁有 66 年的歷史。

Before I jump in, I would suggest and note that there are forward-looking statements and if I might ask, operator, if we can jump to Slide 5. Perfect. Thank you.

在我開始之前，我建議並注意其中存在前瞻性陳述，如果我可以問，操作員，我們是否可以跳到幻燈片 5。完美。謝謝。

So in discussing our fourth quarter and full year 2023 highlights. So for 2023 highlights and full year, 4 important milestones and achievements. One, record gold production, best ever in the quarter, best ever for a full year. That's impressive for any company. It's especially impressive, I think, for a company that's been around for 66 years. Two, record cash from operations. Best ever in a quarter, best ever in a year. Three, record mineral reserves, up 10% to almost 54 million ounces. So it shows not only are the operations doing well but the reinvestment into the business and into the future is doing well. And then four, most proud of all, the best annual safety performance in the company's history.

因此，在討論我們的第四季和 2023 年全年亮點時。因此，對於 2023 年的亮點和全年而言，有 4 個重要的里程碑和成就。第一，黃金產量創歷史新高，為本季歷史最高水平，為全年歷史最佳水平。這對任何公司來說都是令人印象深刻的。我認為，對於一家已有 66 年歷史的公司來說，這一點尤其令人印象深刻。第二，記錄營運現金。季度最佳，一年最佳。第三，礦產儲量創歷史新高，成長 10%，達到近 5,400 萬盎司。因此，這不僅表明營運狀況良好，而且對業務和未來的再投資也表現良好。然後是最值得驕傲的四項，即公司歷史上最好的年度安全績效。

I've had the pleasure of talking about solid safety performance on a number of these calls. You know we're passionate about it. I'll say it again, there's nothing more important, nothing more important than keeping our people safe, our communities safe and the environment safe. And I want to say a special thank you to all of our employees who are listening in, not only for taking the responsibility to keep yourself safe but the responsibility to keep your colleagues and coworkers safe.

我很高興在許多此類電話中談論可靠的安全性能。你知道我們對此充滿熱情。我再說一遍，沒有什麼比保證我們人民的安全、我們的社區的安全和環境的安全更重要的了。我想特別感謝所有傾聽的員工，感謝你們不僅承擔了確保自己安全的責任，而且承擔了保證同事和同事安全的責任。

And then we'll also talk about the future. We'll talk about our guidance, solid 3-year production guidance with industry-leading costs. And we're going to talk about -- again, we're most excited about the projects that we have in place that we think will add significant value. And we'll talk about some of the guidance that we're going to give, more clarity on that towards the middle of the year.

然後我們還將討論未來。我們將討論我們的指導，可靠的 3 年生產指導和行業領先的成本。我們將再次討論，我們對我們認為將增加顯著價值的現有項目感到最興奮。我們將討論我們將提供的一些指導，並在今年年中更加明確。

Next page, please. So these results, which we're very proud of, are clearly a function of the assets we have but really, none of this could happen without the quality of the people that we have. We talked about safety. It's impressive enough on its own, a 35% reduction versus what were already aggressive targets. But really interesting is that every single operation, everyone met or exceeded their safety targets last year. It's also about an engaged workforce, a happy workforce. In 2023, we continued to improve the results of internal surveys with regards to employee satisfaction. We had 80% of employees fill out the survey. That's exceptional. And almost 80% of our employees said Agnico Eagle was a great place to work, not a good place to work, a great place to work.

請下一頁。因此，我們感到非常自豪的這些結果顯然是我們擁有的資產的函數，但實際上，如果沒有我們擁有的人員的素質，這一切都不可能發生。我們討論了安全問題。它本身就足夠令人印象深刻，與本已激進的目標相比，減少了 35%。但真正有趣的是，去年的每一次行動，每個人都達到或超越了安全目標。它還涉及一支敬業、快樂的員工隊伍。 2023年，我們持續改善員工滿意度內部調查結果。我們有 80% 的員工填寫了調查。這很特別。我們近 80% 的員工表示 Agnico Eagle 是一個很棒的工作場所，而不是一個很好的工作場所，是一個很棒的工作場所。

Agnico Eagle was recognized in Forbes list of Canada's 50 best employers. We're doing more training. We have more indigenous employees and colleagues and we have lower turnover. It's not just the assets, it's not just the regions, it's the people that we think give Agnico Eagle a tangible competitive example. And I'll give you one of my favorite real life examples of Agnico. When you go underground at Agnico and you're talking to a young capable person and they tell you that their uncle and father worked at Agnico and they tell you that one of their grandparents worked at Agnico, you don't get that everywhere.

Agnico Eagle 入選《富比士》加拿大 50 家最佳雇主名單。我們正在做更多的訓練。我們有更多的本土員工和同事，而且人員流動率較低。我們認為，為 Agnico Eagle 提供實際競爭榜樣的不僅是資產、地區，還有人才。我將向您展示我最喜歡的 Agnico 現實生活範例之一。當你在Agnico 地下工作時，你正在與一位年輕有能力的人交談，他們告訴你他們的叔叔和父親在Agnico 工作，他們告訴你他們的祖父母之一在Agnico 工作，你不會在任何地方都聽到這樣的說法。

Next page, please. So looking forward, 2024 to 2026 production outlook, really 2 words, steady, reliable. Our guidance for 2024 is exactly what we said it would be. Our cost guidance between $875 to $925 is up a little bit from what we were able to do in 2023 but it's only 4%. And we're hoping to, just like we did in 2023, do the best we can and we have a track record of being able to do that. Our 2025 guidance remains the same at 3.4 million to 3.6 million ounces, same guidance that we gave last year and 2026 shows steady production. Again, steady, again, reliable.

請下一頁。所以展望2024年至2026年的產量展望，真的就是兩個字，穩定可靠。我們對 2024 年的指導正是我們所說的。我們的成本指引在 875 美元到 925 美元之間，比 2023 年的水準略有上升，但僅增加了 4%。我們希望，就像我們在 2023 年所做的那樣，盡我們所能，而且我們有能夠做到這一點的記錄。我們對 2025 年的產量指引保持不變，為 340 萬至 360 萬盎司，與我們去年給出的指導相同，2026 年產量穩定。再次，穩定，再次，可靠。

Next slide, please. So I've got 2 more slides. So this page, I want to talk about where we are on the consolidation of our Abitibi platform, including not only 2 of the world's 10 largest -- 2 of the 10 largest gold mines in the world with Detour and Malartic but also where we are on consolidating sort of the Cadillac fault and Upper Beaver and Wasamac and Amalgamated Kirkland, et cetera.

請下一張投影片。所以我還有兩張投影片。因此，在這一頁中，我想談談我們在Abitibi 平台整合方面的進展，不僅包括世界10 個最大金礦中的2 個——世界10 個最大金礦中的2 個以及Detour 和Malartic，還包括我們的進展關於凱迪拉克斷層、上比弗斷層、瓦薩馬克斷層和合併柯克蘭斷層等的固結。

At Detour Lake -- and Natasha will go through this in more detail, it is already -- while competing, frankly, with Malartic to be the largest gold mine in Canada, it's good. We've got both of them competing with each other. Mine life past 2050, it is a great ore body. Guy will talk about the exploration success we've continued to have. Natasha will talk about how we take advantage of that by increasing the mill, by looking at underground. And we are aiming to provide more specific guidance by midyear. And that guidance really is going to be about what's the next step. And the next step, if all goes well and we're still doing our analysis, would be, what you would expect potentially looking to put in exploration ramps, to be able to possibly take some bulk samples, confirm great continuity, confirm ground conditions. The kind of things that you would expect a professional mine company to do when they have such a great asset as that.

在繞道湖（Natasha 將會更詳細地介紹這一點），坦白說，在與馬拉蒂克競爭加拿大最大金礦的同時，這很好。我們讓他們兩個互相競爭。礦山壽命超過2050年，是一個巨大的礦體。蓋伊將談論我們持續取得的勘探成功。娜塔莎將談論我們如何透過增加磨坊和觀察地下來利用這一點。我們的目標是在年中之前提供更具體的指導。該指導實際上將涉及下一步的內容。下一步，如果一切順利並且我們仍在進行分析，您可能會期望放入勘探坡道，以便能夠採集一些批量樣本，確認良好的連續性，確認地面條件。當專業礦業公司擁有如此巨大的資產時，你會期望他們做這樣的事情。

With Canadian Malartic, Dominique will talk about that, 3 items there: one, continue to focus on building and optimizing the underground, putting in the shaft, how the mining is going, Dominique will talk about. We're ahead of schedule on development. We're getting positive tonnage reconciliation with the internal zones. Everything is going well. But Dominique also talk a little bit about where we are early but where we are on looking at the second shaft and three, the work that we're doing to look at filling the mill, as mill capacity becomes available later this decade.

在加拿大馬拉提克公司，多明尼克將談論這三個項目：第一，繼續專注於地下的建設和優化，建立豎井，採礦進展如何，多明尼克將談論這一點。我們的開發進度提前了。我們正在與內部區域進行積極的噸位協調。一切進行得都很順利。但多明尼克也談到了我們的早期階段，以及我們正在研究第二個豎井和第三個豎井的情況，我們正在做的工作是考慮填充磨機，因為磨機產能將在本十年晚些時候變得可用。

And the third item that you see at the bottom of this page, is something actually we're really quite proud of. And I'm going to start with probably the smallest one Amalgamated Kirkland and Near Surface. So Amalgamated Kirkland, the reason we're particularly proud to talk about that is, if you go back 2 years, when we did the merger and we talked about synergies and we all know that we have delivered roughly double the G&A synergies that we talked about. What we specifically talked about some low-hanging fruit, including Amalgamated Kirkland. And we said, look, this is within tens of meters from existing Macassa infrastructure.

您在本頁底部看到的第三項實際上是我們非常自豪的。我將從可能是最小的柯克蘭和近地表合併項目開始。因此，合併後的柯克蘭，我們特別自豪地談論這個問題的原因是，如果你回到兩年前，當我們進行合併時，我們討論了協同效應，我們都知道我們已經實現了大約兩倍於我們所說的G&A 綜效關於。我們特別討論了一些容易實現的目標，包括合併柯克蘭。我們說，看，這距離現有的 Macassa 基礎設施只有幾十公尺。

If we can access that at very low capital and produce maybe 25,000 or 40,000 ounces a year, that's just a simple example of how you create value through synergies and through consolidation. I'm proud to say that it's already now Amalgamated Kirkland and Near Surface, it's in our mine plans. There's going to be 19,000 ounces in 2024, 35,000 ounces in '25, 50,000 ounces in 2026. Again, I'm going back 2 years but we promised you we would talk about that and deliver and it's a pleasure to be able to point that out.

如果我們能夠以非常低的資本獲得這些資源並每年生產 25,000 或 40,000 盎司，那麼這只是一個簡單的例子，說明如何透過協同效應和整合來創造價值。我很自豪地說，它現在已經合併了柯克蘭和近地表，已經在我們的採礦計劃中。 2024 年將有19,000 盎司，25 年將有35,000 盎司，2026 年將有50,000 盎司。再說一次，我要回到2 年前，但我們向你們保證我們會討論這個問題並交付，很高興能夠指出這一點出去。

At Upper Beaver, it's a long-life, high-quality asset, very low cost. We're continuing to do the work there. We will be giving an update towards the midyear. And again, it will be about next steps. Do we put in an exploration ramp or an exploration shaft to continue to move that project forward. Again, we'll give guidance towards the middle of the year. And then Wasamac, we're making progress on that. I think most of you know that when we acquired the Canadian assets of Yamana, really, we were primarily focused naturally on Malartic and Wasamac, good assets but we weren't convinced that the plan that Yamana had would meet our hurdle rates. I'm pleased to say that the work we're doing -- and our engineers have done something kind of unique in the gold mining space, they've looked at a smaller project that gets a better return on capital. And so we've made some progress on that. We'll give more guidance. That's probably something in early '25 that we would talk about. But again, making good progress on that.

在Upper Beaver，這是一項使用壽命長、高品質的資產，而且成本非常低。我們正在繼續在那裡開展工作。我們將在年中提供最新情況。再說一次，這將是關於下一步的事情。我們是否設置勘探坡道或勘探豎井來繼續推進該專案？再次，我們將在年中提供指導。然後 Wasamac，我們正在這方面取得進展。我想你們大多數人都知道，當我們收購 Yamana 的加拿大資產時，我們實際上主要關注的是 Malartic 和 Wasamac，這些優質資產，但我們不相信 Yamana 的計劃能夠滿足我們的最低門檻。我很高興地說，我們正在做的工作以及我們的工程師在金礦開採領域做了一些獨特的事情，他們著眼於一個可以獲得更好資本回報的較小專案。我們在這方面取得了一些進展。我們會給予更多指導。這可能是 25 年初我們會談論的事情。但同樣，在這方面取得了良好進展。

Next page, please. And then in Nunavut, very proud of the team at Meadowbank, added 500,000 ounces of production, extended the mine life for 2 years. Dominique is excited about extending it further but we're not going to talk about that right now. This is a mine that's got the infrastructure in place, low risk, very well done by the team. And then Hope Bay, Guy will talk about some of the exploration results that are very promising there.

請下一頁。然後在努納武特地區，Meadowbank 團隊非常自豪，增加了 50 萬盎司的產量，並將礦場壽命延長了 2 年。多明尼克很高興能進一步擴展它，但我們現在不打算談論這個。這是一個基礎設施到位、風險低、團隊做得很好的礦場。然後霍普灣，蓋伊將談論那裡非常有希望的一些勘探結果。

And so before I turn it over, at a very high level, very proud of the team for the results in 2023, solid guidance and good progress on some excellent projects leveraging off existing infrastructure in places we're already comfortable with.

因此，在我將其移交之前，在一個非常高的水平上，我們對團隊在2023 年取得的成果感到非常自豪，他們在一些出色的項目上提供了堅實的指導，並取得了良好的進展，這些項目利用了我們已經熟悉的地方的現有基礎設施。

And with that, I'll turn it over to our CFO, Jamie Porter.

接下來，我會將其交給我們的財務長 Jamie Porter。

Thank you, Ammar and good morning, everyone.

謝謝阿馬爾，大家早安。

As Ammar mentioned, 2023 was a record year on a number of fronts. We had the safest year in the company's 66-year history and record quarterly and full year gold production. This excellent safety and operating performance led to very strong financial results. We generated an operating margin of $979 million in the fourth quarter, which was driven by our 2 largest mines, Detour and Canadian Malartic. Gold production in the fourth quarter was a new quarterly record at 903,000 ounces and for the full year, we hit the very top end of our production guidance of 3.44 million ounces. We were also very pleased to report that we achieved our cost guidance with our total cash costs for the year coming in at the exact midpoint of our guidance of $865 per ounce and our all-in sustaining costs of $1,179 per ounce, well within our guided range.

正如阿瑪爾所提到的，2023 年在許多方面都是創紀錄的一年。我們度過了公司 66 年歷史上最安全的一年，季度和全年黃金產量均創歷史新高。出色的安全性和營運績效帶來了非常強勁的財務業績。我們第四季的營業利潤率為 9.79 億美元，這得益於我們最大的 2 個礦場 Detour 和 Canadian Malartic。第四季的黃金產量創下了新的季度紀錄，達到 903,000 盎司，全年產量達到了 344 萬盎司的最高產量目標。我們也非常高興地報告，我們實現了成本指導，今年的總現金成本正好處於我們指導的每盎司 865 美元的中點，我們的總體維持成本為每盎司 1,179 美元，完全在我們的指導範圍內範圍。

We are proud of the work our teams have done on controlling costs in what's been an inflationary environment over the past several years and on the team's focus on continuous improvement. A tangible example of this focus on cost is in Nunavut, where cost optimization efforts are driving costs lower by about $100 an ounce in 2024. This has helped enable us to extend the life of the Amaruq deposit as Ammar just alluded to, from 2026 to 2028 adding 500,000 ounces of production.

我們為我們的團隊在過去幾年的通貨膨脹環境中控製成本所做的工作以及團隊對持續改進的關注感到自豪。這種對成本關注的一個具體例子是努納武特地區，該地區的成本優化工作使成本在2024 年降低了約100 美元/盎司。正如Ammar 剛才提到的，這有助於我們將阿馬魯克礦床的壽命從2026 年延長到2028 年產量增加 50 萬盎司。

If we move on to Slide 12. If we look at our financial highlights, record gold production drove record operating cash flow for both the fourth quarter and the full year. While we recorded a net loss per share of $0.77 in the fourth quarter, this was driven by noncash impairment charges related to Macassa and Pinos Altos. On an adjusted basis, net income per share was $0.57 in the fourth quarter, which represents a 50% increase relative to the prior year period.

如果我們繼續看幻燈片 12。如果我們看一下我們的財務亮點，創紀錄的黃金產量推動了第四季度和全年創紀錄的營運現金流。雖然我們在第四季度每股淨虧損為 0.77 美元，但這是由與 Macassa 和 Pinos Altos 相關的非現金減損費用推動的。調整後的第四季每股淨利潤為 0.57 美元，較去年同期成長 50%。

I want to briefly touch on the impairment charges that were recorded in the quarter. Macassa, we recognized the net of tax impairment charge of approximately $600 million, primarily reflecting the write-down of goodwill that was recognized at the time of acquisition, back in early 2022. Macassa had an excellent performance in 2023 in terms of production, cost control and reserve replacement. And this is a mine that has produced over 6 million ounces in its 100-year history. We see tremendous exploration upside. We see production increasing by 50% over the next 3 years and the potential to continue to replace reserves for years to come. However, we are not able to recognize all of this value in an impairment model. And this, combined with higher costs and capital estimates that were assumed back in 2022 led to the impairment charge.

我想簡要談談本季記錄的減損費用。 Macassa，我們確認了約 6 億美元的稅收減損費用淨額，主要反映了 2022 年初收購時確認的商譽減記。Macassa 在 2023 年在產量、成本方面表現出色控制和儲備替代。這是一座在其 100 年歷史中產量超過 600 萬盎司的礦場。我們看到了勘探的巨大優勢。我們預計未來 3 年產量將增加 50%，並有可能在未來幾年繼續替代儲量。然而，我們無法在減損模型中認識到所有這些價值。再加上 2022 年假設的更高成本和資本估算，導致了減損費用。

At Pinos Altos, we recognized a net of tax impairment charge of approximately $70 million, reflecting higher expected operating capital costs in part related to the strength in the Mexican peso over the last year. Despite these accounting charges, the business remains very strong. We generated a record $300 million of free cash flow in the fourth quarter and that's after investing nearly $0.5 billion in capital and exploration spending. We continue to pay a strong quarterly dividend and repaid $100 million of debt in the quarter.

在 Pinos Altos，我們確認了約 7,000 萬美元的稅收減損費用淨額，反映出預期營運資本成本較高，部分與去年墨西哥比索的強勢有關。儘管有這些會計費用，但該業務仍然非常強勁。我們在第四季度創造了創紀錄的 3 億美元自由現金流，這是在投資了近 5 億美元的資本和勘探支出之後實現的。我們繼續支付強勁的季度股息，並在本季度償還了 1 億美元的債務。

For the full 2023 year, we generated $947 million of free cash flow, declared dividends of approximately $800 million and continued to demonstrate our commitment to delivering strong returns to shareholders. At current gold prices, we expect to continue to reinvest approximately 2/3 of our cash flow into sustaining and growing our business, exploring to find more ounces and 1/3 of our cash flow into delivering returns to shareholders and continuing to strengthen our balance sheet.

2023 年全年，我們產生了 9.47 億美元的自由現金流，宣派股息約 8 億美元，並繼續履行我們為股東帶來豐厚回報的承諾。以目前的金價，我們預計將繼續將約2/3 的現金流再投資於維持和發展我們的業務，探索尋找更多盎司，並將1/3 的現金流用於為股東帶來回報並繼續加強我們的平衡床單。

We move on to Slide 13. I'm pleased to report that we were able to continue to strengthen our balance sheet in the fourth quarter. We repaid the outstanding balance on our credit facility and reduced our net debt position to approximately $1.5 billion. We've also recently significantly improved our overall liquidity. Earlier this week, we closed a new upsized revolving credit facility in the amount of $2 billion. This new facility reflects Agnico's size and scale and investment-grade status. It provides us with additional financial flexibility and we were very pleased to have had strong support from our many banking partners. We do have increased debt maturities in 2025 and we'll look to refinance or repay those from excess cash at the appropriate time.

我們繼續看投影片 13。我很高興地報告，我們能夠在第四季度繼續加強我們的資產負債表。我們償還了信貸額度的未償餘額，並將淨債務部位減少至約 15 億美元。我們最近也顯著改善了整體流動性。本週早些時候，我們關閉了一項新的規模擴大的循環信貸額度，金額達 20 億美元。這個新設施反映了 Agnico 的規模和投資級地位。它為我們提供了額外的財務靈活性，我們很高興得到許多銀行合作夥伴的大力支持。我們確實在 2025 年增加了債務期限，我們將尋求在適當的時候用多餘的現金進行再融資或償還債務。

Overall, the balance sheet remains very strong and we're constantly working to make it stronger, improving our liquidity and overall financial flexibility.

總體而言，資產負債表仍然非常強勁，我們正在不斷努力使其更加強大，提高我們的流動性和整體財務靈活性。

With that, I'll turn the call over to Dom, who will provide an overview of our Quebec and Nunavut operations.

接下來，我將電話轉給 Dom，他將概述我們在魁北克和努納武特地區的業務。

Thank you, Jamie. Good morning, everyone. So in the coming slides, I'm going to cover the 2 regions in Canada, on my side, Quebec and Nunavut. And Natasha will follow with the other regions. But maybe before going to those highlights, Ammar, I would just like to add something or to build on what you mentioned about why and why -- I think why we're in that position right now. There's the aspect of the people, there is the aspect of the region where we are. But there's also a secret ingredient. It's a bit personal but I strongly believe in that, which is the how we do stuff. How we work all together here at the corporate office with Natasha, Jamie, under your leadership, Ammar, Carol, Jean and Guy. I think this is what makes the difference. This is what I felt when I started in 1998, at LaRonde. And again, 26 years after under your leadership, Ammar, this is what we're doing. And when you go at site, you still feel that same thing where we're in Toronto office, we work together. And this is why the result we are today, here they are talking by themselves.

謝謝你，傑米。大家，早安。因此，在接下來的幻燈片中，我將介紹加拿大的兩個地區，即魁北克省和努納武特地區。娜塔莎將跟隨其他地區。但也許在討論這些要點之前，阿馬爾，我想補充一些內容，或者以您提到的原因和原因為基礎——我想為什麼我們現在處於這個位置。這是人民的方面，也是我們所在地區的方面。但還有一個秘密成分。這有點個人化，但我堅信這一點，這就是我們做事的方式。我們如何在公司辦公室與 Natasha、Jamie 在你們、Ammar、Carol、Jean 和 Guy 的領導下一起工作。我認為這就是差異所在。這就是我 1998 年加入 LaRonde 時的感受。 26 年後，阿馬爾，在您的領導下，這就是我們正在做的事情。當你去現場時，你仍然會感受到我們在多倫多辦公室的同樣感覺，我們一起工作。這就是為什麼我們今天的結果，他們在這裡自言自語。

So on that, I will move to the Quebec region. So we produced over 1 million ounces at a cash cost of $850, generating an operating margin of over $1 billion. So I'm very proud and thank you for the team to control the costs and to continue to optimize the business and to leverage on all the synergy. So Quebec is a well-established platform. And you're going to see in the coming slides, this is just the beginning. We're going to keep growing that one. When you think about that, within 100 kilometers, we have 3 mines and a very enormous geological potential.

因此，我將搬到魁北克地區。因此，我們以 850 美元的現金成本生產了超過 100 萬盎司，產生了超過 10 億美元的營業利潤。因此，我非常自豪並感謝您的團隊控製成本並繼續優化業務並利用所有協同效應。所以魁北克是一個完善的平台。您將在接下來的幻燈片中看到，這只是一個開始。我們將繼續發展這項項目。想想看，方圓100公里之內，我們有3個礦場，地質潛力非常巨大。

Maybe before going to the Odyssey project, I'd just like to highlight that Canada Malartic is going to be the biggest mine in Canada in 2024. Natasha, you're going to win the biggest open pit. But Canadian Malartic is going to be back the first -- biggest mine. And in the coming slides, you're going to see, we're going to move 2 of the biggest underground mines and maybe with Phase 2, potentially the biggest mine again. But let's talk about that.

也許在討論 Odyssey 項目之前，我想強調一下，加拿大 Malartic 將在 2024 年成為加拿大最大的礦山。Natasha，你將贏得最大的露天礦坑。但加拿大馬拉蒂克礦將重返第一個——最大的礦場。在接下來的幻燈片中，您將看到，我們將移動兩個最大的地下礦井，也許在第二階段，可能會再次移動最大的礦井。但我們來談談這個吧。

Next slide. So the Odyssey project, it is the Phase 1 of the underground. We've lend out the study, which is 20 years life of mine at [550] ounces per year. This is the PEA that we released. And more recently, we updated the PFS, where we are about to turn 5.2 million ounces into reserve. The highlight of the project, Odyssey South ramp-up is going well. I would say, it's done. We are right now producing 3,500 tonnes per day, which is going to bring approximately [80] ounces per year in the coming 2 years.

下一張投影片。所以奧德賽項目，它是地下的第一期工程。我們已借出該研究報告，該研究報告顯示我的鑽戒壽命為 20 年（每年 [550] 盎司）。這是我們發布的 PEA。最近，我們更新了 PFS，即將將 520 萬盎司轉為儲備。該項目的亮點是奧德賽南 (Odyssey South) 的擴建進展順利。我會說，已經完成了。我們目前每天生產 3,500 噸，未來 2 年每年產量約為 [80] 盎司。

You could see on the map the ramp. So we're going to reach the top of the East Gouldie deposit, which is the red zone. We're going to be there in a couple of weeks. And the team is now looking for opportunity, how could we start to mine that zone at the top and to bring ounces potentially in '26. So we don't have the clear detail yet but the team are working on that.

你可以在地圖上看到坡道。我們將到達東古迪礦床的頂部，即紅色區域。我們將在幾週後到達那裡。團隊現在正在尋找機會，我們如何開始挖掘頂部的區域並在 26 年帶來潛在的盎司。所以我們還沒有明確的細節，但團隊正在努力解決這個問題。

Ammar mentioned about that we are in advance on the ramp. And one of the reason of that, again, is back to the synergy and how we were able to transfer the knowledge and to be fast on the automation. So right now, during the shift, during the crew change, we are able to operate remotely the mine from the surfaces and this is giving us between 10% and 20% improvement. That was not into the plan and this is why we're better than the plan.

阿瑪爾提到我們已經提前到達坡道了。原因之一又回到了協同作用以及我們如何能夠轉移知識並快速實現自動化。因此，現在，在輪班期間、在人員換班期間，我們能夠從地面遠端操作礦井，這使我們的工作效率提高了 10% 到 20%。這不在計劃之內，這就是為什麼我們比計劃更好。

Other good news, the internal zone, which is in between the -- this is South at the top and the Odyssey North at the bottom in the purple-ish color, we still see some upside coming from those zones and more tonnes at the same rate. So that's a good news. It is very -- I understand it is very complicated to bring them into the model. We're trying. But again, it's a good news for operation when we're there, there's more than the model. On the shaft sinking, we saw a very great improvement, December, January. So congratulations to the team. We're heading in the right direction and the surface construction 65% completed.

其他好消息，內部區域，位於頂部的南區和底部的奧德賽北區之間，呈紫色，我們仍然看到這些區域有一些上行空間，並且數量相同速度。所以這是一個好消息。我知道將它們納入模型非常複雜。我們正在努力。但同樣，這對我們在那裡的運營來說是一個好消息，不僅僅是模型。在豎井下沉方面，12 月、1 月我們看到了非常大的改善。所以要祝賀團隊。我們正朝著正確的方向前進，表面施工已完成 65%。

Before I'm going to the next slide, which is -- I'm going to talk more about Phase 2 about this thing, I'd just like to highlight on that one. On this one, we see we're looking west and you see 2 zones. The East Gouldie, which is in the sediment deposit and there is the Odyssey South -- North, which is at the border between the sedimentary rock and the volcanic rock. But there is another one, more on the north, which is at the contact of the volcanic and other type of rock. So I stole a slide from Guy's presentation because I'm excited about. So I will talk about it. And if you have questions, Guy could help me.

在進入下一張投影片之前，我將更多地討論有關這件事的第二階段，我想強調這一點。在這張上，我們看到我們正在向西看，你會看到兩個區域。東古爾迪為沉積岩，奧德賽南—北為沉積岩與火山岩交界處。但還有另一個，更多在北部，位於火山和其他類型岩石的接觸處。所以我從蓋伊的演講中偷了一張幻燈片，因為我對此感到興奮。所以我會談談它。如果您有疑問，蓋伊可以幫助我。

But next slide, you could see now we're looking north. On that slide, in the middle -- right in the middle, you see the East Gouldie. The orange part is what we transferred to reserve, the 5.2 million ounces. So this zone continue to increase as we are infilling it and doing more drilling. So this is one part that could be Phase 2. If we continue to grow that reserve and potentially have a second shaft close to that one and bring more tonnes to the mill, that's an option. There is no clear view or clear plan at this stage because we continue -- need to continue to drill. But the team is already planning where that shaft is going to be and planning all the infrastructure that we need to build to make sure that we're going to have a good room, a good spot for that shaft. More to come but we still need to continue to drill.

但在下一張幻燈片中，您可以看到我們現在正在向北看。在那張幻燈片上，在中間——就在中間，你可以看到東古爾迪。橙色部分是我們轉入儲備的，即 520 萬盎司。因此，隨著我們對其進行填充並進行更多鑽探，該區域繼續擴大。因此，這可能是第二階段的一部分。如果我們繼續增加儲備，並可能在靠近該豎井的地方建造第二個豎井，並向工廠輸送更多噸，這是一種選擇。現階段沒有明確的觀點或明確的計劃，因為我們需要繼續鑽探。但團隊已經在規劃該豎井的位置，並規劃我們需要建造的所有基礎設施，以確保我們將有一個好的房間，一個適合該豎井的位置。還會有更多，但我們仍然需要繼續鑽探。

But also what's exciting, if we step out a bit, you could see the 16.5 kilometer strike length that we have. Now we're -- again, we're looking north and there's 3 zones, mineral origin in that, there is the Odyssey -- sorry, the East Gouldie in orange. In the middle at approximately 600, 700 meters, there is the Odyssey South. And you could see on the right also the purple one, that zone continue, I don't know, 5 kilometers on the west. And there's another zone, which was the Malartic Goldfield mine in the past, which is also there. So there is currently no drilling occurring there but we're going to come back, I would say, in the next 2 years. We're looking to have an aggressive plan to drill that. And this could be a game changer to bring -- if we find something to bring ounces to Canadian Malartic. So back in the days, the Goldfield mine has mined 9 million tonnes at 6 grams per tonne, 1.7 million ounces. That was in 1939, 1965. So now we're going to -- going back there. We're going to drill around that and see if we could bring something into the plan.

但同樣令人興奮的是，如果我們稍微走一步，您可以看到我們擁有 16.5 公里的罷工長度。現在我們——再次，我們向北看，有3個區域，其中有礦物起源，其中有奧德賽——抱歉，橙色的東古爾迪。中間大約600、700公尺處，有奧德賽南。你還可以在右邊看到紫色的區域，我不知道該區域繼續向西延伸 5 公里。還有另一個區域，就是過去的馬拉蒂克金礦，也在那裡。所以目前那裡沒有進行鑽探，但我想說，我們將在未來兩年內回來。我們正在尋求一個積極的計劃來鑽探這一點。如果我們找到能為加拿大馬拉蒂克帶來盎司的東西，這可能會改變遊戲規則。過去，Goldfield 礦場已開採了 900 萬噸，每噸 6 克，即 170 萬盎司。那是在 1939 年、1965 年。所以現在我們要──回到那裡。我們將圍繞這個問題進行鑽研，看看是否可以將一些內容納入計畫中。

Next slide. So for the Nunavut business, again, great work to the team. And we will just like also to highlight (inaudible) is here with us in the room. It is very good work to optimize at Meliadine and at Meadowbank to improve the best productivity and costs. And this allowed us to look to expand Meadowbank. It's part of that to be more efficient. So we added 500,000 ounces into the plan for ounces coming in '26, '27, '28. Those ounces are coming from better reconciliation, which has involved more tonnes, a pushback at the IVR pit and also more mining from underground. Guy is going to talk more about that one.

下一張投影片。因此，對於努納武特地區的業務來說，我們的團隊再次做出了巨大的貢獻。我們還想強調（聽不清楚）我們在房間裡。在 Meliadine 和 Meadowbank 進行最佳化以提高最佳生產力和成本是一項非常出色的工作。這使我們能夠尋求擴大 Meadowbank 的規模。這是提高效率的一部分。因此，我們在 26 年、27 年和 28 年的盎司計劃中增加了 500,000 盎司。這些盎司來自更好的協調，其中涉及更多噸、IVR 礦坑的推遲以及更多的地下開採。蓋伊將更多地談論這一點。

And maybe the other aspect is the Meliadine, we're doing currently the Phase 2 construction. You see the Meliadine picture in the middle. This is going on budget, on time. This is a good news. And the vision here in Nunavut is to maintain a platform of 800,000 ounces. This is what we produce. If you look to the full year 2023, in 2024, we're going to bring that around more 860,000 ounces with more ounces coming from Meadowbank. As we mentioned in the past, more deep we go into the open pit, the grade is higher and then supplemented with the underground mine or higher grade ore. This is where the ounces are going to come.

也許另一個方面是 Meliadine，我們目前正在進行第二階段的建設。你可以在中間看到梅利亞丁的照片。這是按預算、按時進行的。這是一個好消息。努納武特地區的願景是維持 80 萬盎司的平台。這就是我們生產的。如果你展望 2023 年全年，即 2024 年，我們將帶來約 860,000 盎司的產量，其中更多盎司來自 Meadowbank。正如我們過去提到的，我們進入露天礦場越深，品位越高，然後補充地下礦或更高品位的礦石。這就是盎司的來源。

But Meadowbank, we see it ending now in 2028. That's a very good news. We continue to work to extend that. This is the first goal and what could, in my mind be very, very interesting. Guy is going to talk about something we see also at Amaruq. But the other project that is coming into play is the Hope Bay one. And again, I will let Guy more talk about what we see. This Nunavut is high-risk region but it's also a high-reward region. And on the risk side, I need to say I'm very comfortable because we're mining there since 17 years. We've built Meliadine, [$1.2 million] project. We did it on cost, 6 months in advance. And now we will be doing Phase 2 of Meliadine at a time, which is not easy and we're still on time and on cost. So I'm confident that the team is going to work on a study at Amaruq, which is going to be a solid one and it's going to fly.

但是 Meadowbank，我們預計它將在 2028 年結束。這是一個非常好的消息。我們將繼續努力擴大這一範圍。這是第一個目標，在我看來，這可能是非常非常有趣的。蓋伊將談論我們在 Amaruq 也看到的一些事情。但另一個正在發揮作用的項目是希望灣項目。再次，我會讓蓋伊更多地談論我們所看到的。這個努納武特地區是高風險地區，但也是高報酬地區。在風險方面，我必須說我很放心，因為我們已經在那裡採礦 17 年了。我們已經建立了 Meliadine，[120 萬美元]項目。我們提前 6 個月按成本完成了這項工作。現在我們將一次進行 Meliadine 的第二階段，這並不容易，而且我們仍然按時按質完成。因此，我相信該團隊將在 Amaruq 進行一項研究，這將是一項紮實的研究，並且將會取得成功。

So on that, I will now pass it to Natasha, who will discuss the remaining of the business.

那麼，我現在將其交給娜塔莎，她將討論剩下的業務。

Perfect. Thanks, Dom, and good morning, everyone. I'll start with the operations in Ontario. We had a strong year and solid performance at both of our operations. As you can see on this slide, we generated over $1 billion in operating margins in 2023 with industry-leading costs. Now at both of our operations, Macassa and Detour, we're focused -- we're constantly focused on optimizing our assets through a number of continuous improvement initiatives. It's just part of the -- our DNA. And I'll give you a few examples of that. And I'll start with Macassa.

完美的。謝謝，Dom，大家早安。我將從安大略省的業務開始。我們的兩項業務都取得了強勁的一年和穩健的業績。正如您在這張投影片中所看到的，我們在 2023 年以業界領先的成本實現了超過 10 億美元的營業利潤。現在，在 Macassa 和 Detour 這兩家公司，我們都專注於透過一系列持續改善措施來優化我們的資產。它只是我們 DNA 的一部分。我將舉幾個例子。我將從馬卡薩開始。

So one of the big initiatives here at Macassa are the productivity gains that we were able to sustain in 2023. We first started that with the commissioning of #4 shaft. And then later in the year, we upgraded the ventilation system. And these gains together have resulted in a production -- in production coming up just above the top end of guidance. So congratulations to the team on that.

因此，Macassa 的一項重大舉措是我們能夠在 2023 年維持生產力的提高。我們首先從 4 號豎井的調試開始。然後在今年晚些時候，我們升級了通風系統。這些收益加在一起導致產量略高於指導上限。因此，祝賀我們的團隊。

Now in terms of creating further value at Macassa, we have now integrated the AK and the Near Surface deposits into the production profile. And as Ammar mentioned, at the time of the merger, we identified AK as a near-term opportunity to surface value. And so again, here, we're very, very proud of the team for the work that they've done to realize this potential. Now just staying in the Kirkland Lake area for a minute, I just wanted to touch on Upper Beaver. There's an internal assessment that's underway and it's considering either an exploration shaft or an exploration ramp to further convert and also explore the deeper portions of the deposit.

現在，為了在 Macassa 創造更多價值，我們現在已將 AK 和近地表礦床整合到生產剖面中。正如 Ammar 所提到的，在合併時，我們將 AK 視為近期實現價值的機會。在這裡，我們再次為團隊為實現這一潛力所做的工作感到非常非常自豪。現在我只是在柯克蘭湖地區停留了一分鐘，我只想談談上比弗。目前正在進行一項內部評估，正在考慮使用勘探井或勘探坡道來進一步轉換並勘探礦床的更深部分。

Now moving to Detour. As I've mentioned before, this site has a track record of delivering on improvement initiatives. Our current focus, as you know, is the continuing -- it's continuing to advance the mill optimization efforts. We now expect to reach the mill throughput rate of 28 million tonnes a year. Later in the second half of this year, 2024, which, again, I'm very, very proud of the team to be able to say this is, is 1 year, 1 year earlier than anticipated. In addition to that, we're also -- we believe that we have a better understanding of the potential to reach a mill throughput of now 29 million tonnes a year. And we believe that we can do this in a time line that could be as early as the end of 2026. And now -- and we'll continue to work on this but we're also looking to do better. And Ammar mentioned it but we're in the early stages of it but we're evaluating the potential to go beyond 29 million tonnes a year. That could be a 30 million tonnes, that could be a 32 million tonnes a year.

現在轉向繞行。正如我之前提到的，該網站在實施改進計劃方面有著良好的記錄。如您所知，我們目前的重點是持續推進工廠優化工作。我們現在預計工廠的吞吐量將達到每年 2800 萬噸。今年下半年，也就是 2024 年，我再次為團隊能夠說這一點感到非常非常自豪，這比預期早了一年、一年。除此之外，我們也相信，我們對工廠年產量達到 2,900 萬噸的潛力有了更好的了解。我們相信，我們最早可以在 2026 年底實現這一目標。現在，我們將繼續致力於此，但我們也希望做得更好。 Ammar 提到這一點，但我們正處於早期階段，但我們正在評估每年超過 2900 萬噸的潛力。那可能是每年 3,000 萬噸，也可能是 3,200 萬噸。

Now just touching on the Detour underground study. It's advancing and we'll provide an update later on in the year.

現在只是談談繞道地下研究。它正在進步，我們將在今年晚些時候提供更新。

Now moving to the next slide, Slide 19. I followed Dom's cue and I swiped a slide from Guy, sorry Guy but it's a good slide. It provides a little bit more color on the ongoing exploration efforts at Detour. So at the end of this year, we declared an initial underground inferred resource of close to 22 million tonnes at an average grade of [2.23]. So it totals about 1.56 million ounces.

現在轉到下一張投影片，投影片 19。我按照 Dom 的提示，從 Guy 那裡刷了一張投影片，對不起，Guy，但這是一張很好的投影片。它為 Detour 正在進行的勘探工作提供了更多的色彩。因此，今年底，我們宣布初步推斷地下資源量接近 2,200 萬噸，平均品位為 [2.23]。因此總計約 156 萬盎司。

And on the image below, you can see where that resource sits. It's a darker relish gray, maybe greenish, which is just below and to the west of the blue resource pit shelf. This is the area that we're currently evaluating in the underground study. It's the darker blue area but also the resource as a whole. On the lower image, you can also see -- barely see a purple line, a faint purple line and that is the potential location of an exploration ramp to get closer to the resource and being in a pretty good position to better define it. And then over and above that, we are still making progress outside that resource area. We're continuing to drill the Western part and we see a cluster of good drill holes, about 900 meters or so west of the resource pit.

在下圖中，您可以看到該資源的位置。它是一種深灰色，可能是綠色的，位於藍色資源坑架的下方和西邊。這是我們目前正在地下研究中評估的區域。它是深藍色區域，也是整個資源。在下圖中，您還可以看到——幾乎看不到一條紫色線，一條微弱的紫色線，這是勘探坡道的潛在位置，可以更接近資源，並處於一個很好的位置，可以更好地定義它。除此之外，我們仍在該資源領域之外取得進展。我們正在繼續鑽探西部地區，我們在資源坑以西約 900 公尺左右處看到了一組良好的鑽孔。

Now moving on to the -- on to Slide 20. I'll touch on the other assets very quickly, starting with Finland. Here at Kittila, the operating permit was restored to 2 million tonnes a year, at the end of October 2023. And now having completed the mill expansion, the shaft project, the environmental upgrades, the mine is realizing its potential and generating strong cash flows. We're also seeing some positive -- sorry, positive exploration results extending the deposit, not just at depth but also Near Surface.

現在轉到幻燈片 20。我很快就會談到其他資產，從芬蘭開始。基蒂拉的營運許可證於 2023 年 10 月底恢復至每年 200 萬噸。目前，該礦已經完成了工廠擴建、豎井工程和環境升級，正在發揮其潛力並產生強勁的現金流。我們也看到了一些正面的——抱歉，積極的勘探結果擴大了礦床，不僅在深度，而且在近地表。

Now moving to Australia. Fosterville, it continues to generate strong cash flow despite decreasing grades. The team is working on securing a long-term production level of somewhere in the range of 175,000 to 200,000 ounces per year and we expect to have preliminary results of that later on this year. Not too long ago, Fosterville was a site that generated before exploration expenditures that generated close to AUD 1 billion in cash flow a year for 3 consecutive years. So yes, we believe in the site. We believe in our team there. We believe in the exploration potential to find the next high-grade deposit and Guy will discuss that later on in the presentation.

現在搬到澳洲。儘管等級下降，福斯特維爾仍繼續產生強勁的現金流。該團隊正在努力確保每年 175,000 至 200,000 盎司的長期產量水平，我們預計將在今年晚些時候獲得初步結果。不久前，Fosterville還是一個連續3年每年產生近10億澳元現金流的未勘探支出礦區。所以是的，我們相信這個網站。我們相信我們的團隊。我們相信尋找下一個高品位礦床的勘探潛力，蓋伊將在稍後的演示中討論這一點。

Lastly, Mexico. La India, successfully and sadly completed mining activities in Q4 2023 and is now producing from the residual leaching activities this year Pinos Altos, it's a mature site with stable production and a great team and our efforts are transitioning more and more now to the San Nicolas project.

最後是墨西哥。 La India, successfully and sadly completed mining activities in Q4 2023 and is now producing from the residual leaching activities this year Pinos Altos, it's a mature site with stable production and a great team and our efforts are transitioning more and more now to the San Nicolas專案.

And then just before I pass the call over to Guy, I just want to echo what Ammar said and what Dom said. We just want to commend the sites, all the operating sites for an incredible year. There were many challenges that we encountered but we overcame them as a team. We overcame them safely. So thank you for your hard work. Thank you for your commitment to continually strive for improvements in all aspects of our business.

然後就在我把電話轉給蓋伊之前，我只想重複一下阿瑪爾和多姆所說的話。我們只是想讚揚這些網站，所有營運網站度過了令人難以置信的一年。我們遇到了很多挑戰，但我們作為一個團隊克服了它們。我們安全地克服了他們。所以感謝您的辛勤工作。感謝您致力於不斷努力改進我們業務的各個方面。

So with that, I'll pass it over to Guy.

那麼，我會把它交給蓋伊。

Thank you, Natasha. Good morning, everybody.

謝謝你，娜塔莎。大家早安。

Starting with the year-end reserve and resources statement at Page 21. It's been a very good year in terms of mineral reserve replacement. You can see the building block and highlighted the different categories on the upper left-hand corner of that slide. But more importantly, like mentioned by Ammar in the introduction comments, increasing the number of mineral reserves per share again. So we've been successful at doing it, adding this year 10%. So 5 million ounces in addition to the reserve, seeing resources being stable in the measured and indicated category and growing inferred by 26% year-over-year.

從第 21 頁的年終儲量和資源報表開始。就礦產儲量替代而言，今年是非常好的一年。您可以在該投影片的左上角看到建置區塊並反白顯示不同的類別。但更重要的是，就像阿瑪爾在介紹評論中提到的那樣，每股礦產儲量數量再次增加。所以我們在這方面取得了成功，今年增加了 10%。因此，除了儲量之外，還有 500 萬盎司，預計資源量在測量和指示類別中保持穩定，並且推斷同比增長 26%。

We've been adjusting our gold price assumption to $1,400 but that was mostly to reflect on the long-term structured cost of our business. And none of that resulted in the lowering of the cutoff grade. As a matter of fact, the grade of our reserves are 2% up year-over-year. So we're not only adding reserves, we're also improving the quality with a grade that is higher. And you can also see in the lower left corner, the waterfall that explains the various block from mining depletion, addition of East Gouldie with 5.17 million ounces. The acquisition of the other half of Canadian Malartic and our 50% interest in San Nicolas, plus the contribution of each of the other mine that is well illustrated in that waterfall graph.

我們一直將金價假設調整為 1,400 美元，但這主要是為了反映我們業務的長期結構成本。所有這些都沒有導致截止等級的降低。事實上，我們的儲量品位年增了 2%。因此，我們不僅增加了儲量，還提高了質量，提高了品位。您還可以在左下角看到瀑布，它解釋了採礦枯竭造成的各種區塊，增加了東古迪 (East Gouldie) 的 517 萬盎司。收購 Canadian Malartic 的另一半和我們在 San Nicolas 的 50% 權益，再加上瀑布圖中很好地說明的其他每個礦場的貢獻。

Moving to specific projects, like mentioned by Natasha, it's been a great year in Macassa and a great year from a production standpoint and a very great year in terms of reserve replacement in addition. So not only we managed to replace the 235,000 ounces that were mined in situ. But on the top of that, we've added an additional [224,000]. So there's been a net -- a significant net growth of the total mineral reserves at Macassa. And very pleased to see the evolution at the AK Zone closer to surface, not only the reserve -- mineral reserves have grown to 160,000 ounces in that shallow portion of the deposit but the grade is significantly up compared to last year. Now we are adding 160,000 ounces at 6.7 gram and whereas last year, our (inaudible) that was 5.2 gram. So good quality, relatively high-grade ore, very close surface that will provide a lot of optionality as well described both by Ammar and Natasha.

轉向具體項目，就像 Natasha 提到的那樣，今年對 Macassa 來說是偉大的一年，從生產角度來看也是偉大的一年，此外在儲備替代方面也是偉大的一年。因此，我們不僅設法替換了原地開採的 235,000 盎司。但除此之外，我們還增加了一個額外的 [224,000]。因此，馬卡薩的總礦產儲量出現了淨增長——顯著的淨增長。我們非常高興地看到 AK 區域靠近地表的演變，不僅是儲量——礦床淺層部分的礦產儲量已增長至 160,000 盎司，而且品位與去年相比顯著提高。現在我們添加了 160,000 盎司，重量為 6.7 克，而去年（聽不清楚）的重量為 5.2 克。如此好的質量，相對高品位的礦石，非常接近的表面，將提供很多選擇性，正如阿瑪爾和娜塔莎所描述的那樣。

Moving on Slide 23. Amaruq, just to pile on what Dominique mentioned, it's been a great year from an operations standpoint that the metric we've seen from a cost and production were outstanding. And we continue to see the benefit of a very positive reconciliation. So as we are entering into the central portion of the deposit, we continue to see this year 22% more ounces than predicted by our block model. We've managed to integrate some of that into our assumption, adjusting the model, addressing some of the capping parameter, which is a component of the extension of the life of mine. And as we are also adding time and extending the life of mine, we continue to investigate at depth where the deposit remains open and we continue to be quite pleased with some good results now reaching close to 1 kilometer but are faced with some great, good high-grade hits with good thickness. So opening up some opportunity to further extend the life of mine above and beyond what we are mentioning.

繼續投影片 23。Amaruq，只是為了補充 Dominique 提到的內容，從營運的角度來看，這是偉大的一年，我們從成本和生產方面看到的指標非常出色。我們繼續看到非常積極的和解的好處。因此，當我們進入礦床的中心部分時，我們繼續看到今年的盎司量比我們的區塊模型預測的多 22%。我們已經成功地將其中一些整合到我們的假設中，調整模型，解決一些上限參數，這是延長我的壽命的一個組成部分。由於我們也增加了時間並延長了礦井的使用壽命，因此我們繼續在礦床仍處於開放狀態的深度進行調查，我們仍然對一些良好的結果感到非常滿意，目前已達到接近1 公里，但也面臨著一些巨大的、良好的挑戰。高檔打擊，厚度好。因此，提供了一些機會來進一步延長我的壽命，超出我們所提到的範圍。

Moving to Slide 24. At Hope Bay, the focus shift from investigating Doris last in 2022 to investigating in the Madrid area and we're in an area that we'd like when we were evaluating the project is that extension of Madrid towards the south in the Patch 7. And we continue to see excellent results, one of the best drill hole that we've ever seen on the project, 16.3 grams over 28 meter at not even 400 meter below surface. That area is not yet drilled wide enough to make it inferred resources. And it -- but it is exactly what we are currently addressing, infilling that area. And we've been aggressively ramping up, drilling quickly after new year, when our high (inaudible) was good enough so that we can safely reaccess that portion under the -- from [ice-based] drilling. And we are aggressively drilling in that area that we think will move the needle to bring the project to a successful decision in the future.

轉到幻燈片 24。在希望灣，重點從 2022 年最後一次調查多麗絲轉移到了馬德里地區的調查，我們在評估該項目時希望所處的區域是馬德里向南延伸的區域在補丁7 中。我們繼續看到出色的結果，這是我們在該專案中見過的最好的鑽孔之一，在28 公尺深度達到16.3 克，甚至在地表以下不到400 公尺處。該區域的鑽探範圍還不夠廣，無法推論出資源量。而它——但這正是我們目前正在解決的問題，填補了這個領域。我們一直在積極加大力度，新年後迅速鑽探，當時我們的高點（聽不清）足夠好，以便我們可以安全地重新進入[冰基]鑽探下的那部分。我們正在該領域積極鑽探，我們認為這將推動該項目在未來取得成功。

And last but not least, moving to Fosterville on Page 25. We've seen through the year a continuation of good results in the Robbins Hill area and now to a certain extent as well in the Lower Phoenix within the cardinal plate. That led to a complete replacement of reserves. Obviously, the grade, as was discussed, is going down because we are completing the depletion of the Swan Zone. But we were quite pleased to see a full replacement with the reserve that now stand at around 6.1 gram and we are currently working to address the mine plan with the idea of optimizing the production profile of the operation with that 6-gram per tonne material.

最後但並非最不重要的一點是，請移至第25 頁的福斯特維爾。這一年我們看到羅賓斯山地區繼續取得了良好的業績，現在在基數板塊內的下菲尼克斯地區也取得了一定的成績。這導致了儲備金的完全替代方案。顯然，正如所討論的，等級正在下降，因為我們正在完成天鵝區的消耗。但我們非常高興看到目前儲備量約為 6.1 克的全面替代，我們目前正在努力解決採礦計劃，以優化每噸 6 克材料的生產狀況。

And on that, I will return back to Ammar for some closing remarks.

關於這一點，我將返回阿馬爾發表一些結束語。

Well, thank you, everyone and we've covered a lot. But I'll just finish on the next slide, please, on what we're all about. We are trying to build a high-quality business. We think there's a lot of opportunity. We don't care about absolute size. We care about value and value per share for our shareholders and doing it the right way in the communities we operate. We want a low risk business in the best jurisdictions. We define the best jurisdictions, at least for Agnico Eagle, as having the best geologic potential for multiple mines and having the political stability to operate multiple mines and to keep things simple.

好吧，謝謝大家，我們已經介紹很多了。但我將在下一張投影片上結束我們的討論。我們正在努力打造高品質的企業。我們認為有很多機會。我們不關心絕對大小。我們關心股東的價值和每股價值，並在我們經營的社區中以正確的方式行事。我們希望在最好的司法管轄區開展低風險業務。我們將最佳管轄區（至少對於 Agnico Eagle 而言）定義為具有多個礦山的最佳地質潛力，並且具有運營多個礦山的政治穩定性並使事情變得簡單。

We want to focus on -- quality for us includes the best ESG that we can possibly do. Not only is it the right thing to do but it's an essential thing to do. If your strategy is, I want to be in a region for multiple decades and build multiple mines, you better be welcome in that region and you better treat the people and the communities and the environment the right way. We want to continue to have disciplined capital investment and disciplined capital investment is largely about knowledge. And so when we make investments, we like to do them in areas we know, with partners that we know, with teams that we know.

我們希望專注於——我們的品質包括我們能做到的最好的 ESG。這不僅是正確的事情，而且是必要的事情。如果你的策略是，我想在一個地區待上幾十年並建造多個礦山，那麼你最好在該地區受到歡迎，並且你更好地以正確的方式對待人民、社區和環境。我們希望繼續進行有紀律的資本投資，而有紀律的資本投資主要與知識有關。因此，當我們進行投資時，我們喜歡在我們了解的領域、與我們了解的合作夥伴、我們了解的團隊中進行投資。

We think we are uniquely positioned in the industry. We're in good regions that have multiple decades, in some cases, a century of proven mineral potential. We produce more gold in Canada than the next 8 companies combined. That gives us the advantage as you would expect from that. And we have unique mining experience in Nunavut.

我們認為我們在行業中處於獨特的地位。我們所處的優質地區已探明礦產潛力長達數十年，在某些情況下甚至長達一個世紀。我們在加拿大生產的黃金比排在其後 8 家公司的總和還要多。這為我們提供了您所期望的優勢。我們在努納武特地區擁有獨特的採礦經驗。

And then finally and importantly, we've always been a company that has focused on fiscal conservatism. We focus on per share metrics. We focus on optimizing cash flow and we focus on trying to get the best return, the best risk-adjusted return on capital by leveraging existing assets, where we can. And I think what you've heard this morning, there's an abundance of opportunity to do that.

最後也是重要的是，我們一直是一家注重財政保守主義的公司。我們關注每股指標。我們專注於優化現金流，並致力於透過盡可能利用現有資產來獲得最佳回報，即最佳風險調整後的資本回報。我認為你今天早上所聽到的，有很多機會可以做到這一點。

So with that, operator, thank you and I'll -- we'll turn it over to questions.

因此，接線員，謝謝你，我會——我們將把它轉交給問題。

(Operator Instructions) Your first question comes from Josh Wolfson from RBC Capital Markets.

（操作員說明）您的第一個問題來自 RBC 資本市場的 Josh Wolfson。

First question I had was on Amaruq and the mine life extension. It looks like the reserves didn't really change here aside from depletion. And I'm wondering, was this an adjustment of the existing mine plan? Or what's sort of behind the extension there? And I think the 0.5 million ounces that were defined as sort of being added to it.

我的第一個問題是關於阿馬魯克和礦井壽命延長。看起來除了枯竭之外，這裡的儲備並沒有真正改變。我想知道，這是對現有採礦計畫的調整嗎？或者擴展的背後是什麼？我認為 50 萬盎司的定義是添加到其中的。

Yes. If you do the math -- Josh, it's Guy, if you do the math, you remove what we mined last year and with the addition of the high grading, we've seen the positive reconciliation that contributes to a portion of those ounces addition. So we did not completely deplete what we -- what was mined. And that extension of 500,000 ounces was completed after the reserve exercise. So some of those ounces may show up while we're going to be doing the next reserve update. And some of them are also, I would say, slightly lower grade material that still will generate a lot of cash flow but maybe that won't not all meet the trigger to become reserve.

是的。如果你算一下——喬什，是蓋伊，如果你算一下，你就會去掉我們去年開采的東西，加上高品位，我們已經看到了積極的調節，這有助於增加部分盎司。 。所以我們並沒有完全耗盡我們所開採的東西。 50萬盎司的延期是在儲備金行使後完成的。因此，當我們進行下一次儲備更新時，其中一些盎司可能會出現。我想說，其中一些也是等級稍低的材料，仍然會產生大量現金流，但也許不會全部滿足成為儲備的觸發條件。

Okay. Got it. So it's not reflected in the reserve. Maybe perhaps along the same lines, the Detour initial underground resource at 1.5 million ounces, I'm assuming there's a larger opportunity here. I guess I'm just wondering, is this resource going to be the basis for the June update? Or should we expect the potential for additional drilling or a resource update with that release?

好的。知道了。所以它沒有反映在儲備金中。也許沿著同樣的思路，Detour 最初的地下資源量為 150 萬盎司，我認為這裡有更大的機會。我想我只是想知道，這個資源會成為六月更新的基礎嗎？或者我們應該預期該版本有可能進行額外的鑽探或資源更新嗎？

There will be a few aspects to really answer your question. That, as you saw, is resources that we've declared is outside of the resource pit. What we're going to be providing you with some more clarity is on that blue, let's say, resources pit. So this year, we've basically haven't touched for the year-end reserves and resources statement. We haven't touched the reserve pit and the resource pit. We just provide some clarity on what's outside of the pit. What we're going to be aiming to provide is some more clarity on the trade-off between what's in the resources pit, the light blue or what could be mined by underground more profitably into the underground plan we're thinking about.

有幾個方面可以真正回答你的問題。正如您所看到的，這是我們聲明的資源坑之外的資源。我們將為您提供更清晰的訊息，那就是藍色的資源坑。所以今年我們基本上沒有涉及年終儲量和資源量報表。我們還沒有觸及儲備坑和資源坑。我們只是對坑外的情況做一些澄清。我們的目標是在我們正在考慮的地下計畫中，更清楚地說明資源坑中的資源、淺藍色資源或地下開採資源之間的權衡。

Okay. Got it. And then final one, just on San Nicolas, following some of the comments we've seen out of Mexico on open pit mining, should we still think about that kind of 2027 time frame as a target for production? Or is that likely going to be deferred a bit?

好的。知道了。然後最後一個，就在聖尼古拉斯，根據我們在墨西哥看到的一些關於露天採礦的評論，我們是否仍然應該考慮將 2027 年的時間框架作為生產目標？或者這可能會被推遲一點？

Josh, it's Ammar here. With regards to the proposed changes to the constitution with regards to open pit, it would be a constitutional change. It would require 2/3 of the vote. There's an election coming up very soon. And so it's, our view is, the whole thing is in flux. And I'll just give you an example.

喬什，我是阿瑪爾。關於露天開採憲法的擬議修改，這將是一項憲法修改。這需要 2/3 的選票。很快就要舉行選舉了。因此，我們認為，整件事情都在變化。我舉個例子。

In theory, if there's no open pit mining, that also applies to aggregates. So you can't mine for gravel, you can't mine for sand. That means you can't build roads, you can't build buildings. So it's not unusual to sort of see these things just before an election. We have very good relationships with the governments and we're optimistic that -- the mining industry is a big industry in Mexico.

理論上，如果沒有露天開採，這也適用於骨材。所以你不能開採礫石，也不能開採沙子。這意味著你不能修建道路，也不能建造建築物。因此，在選舉前看到這些事情並不罕見。我們與政府有著非常好的關係，我們樂觀地認為──採礦業是墨西哥的一個大產業。

With regards to -- does it affect timing? I don't think so at this point. We are -- to be sure, though, we are still working on the plan and I think we would give more guidance with specific reference to timing as that becomes available.

關於－它會影響時間安排嗎？目前我不這麼認為。不過，可以肯定的是，我們仍在製定該計劃，我認為我們會在具體的時間安排上提供更多指導。

Your next question comes from Ralph (inaudible).

您的下一個問題來自拉爾夫（聽不清楚）。

Ammar, can I get some context around the positive tonnage reconciliation from the internal zones at Malartic? How much of a contribution was it in 2023? Is there anything in the model in the 2024 guidance? And should we be thinking about this 52,000 tonne per day assumption as a relatively low bar for throughput?

阿瑪爾，我可以了解一些有關馬拉蒂克內部區域的正噸位調節的背景資訊嗎？ 2023年貢獻了多少？ 2024年指引中的模型有什麼內容嗎？我們是否應該將每天 52,000 噸的假設視為相對較低的吞吐量標準？

Well, if I start by commenting on your question about the reconciliation, what we've seen so far this year when mining the Odyssey South, we're mining the internal zone that is adjacent. So when looking at the stope that we're mining this year, we managed to add 1 ore and it's something like 40% more tonnes by adding that material adjacent and that turned out to be at the same grade globally. So it's been kind of adding 40% more tonnes, 40% more ounces.

好吧，如果我先評論你關於和解的問題，今年到目前為止我們在開採奧德賽南部時所看到的情況，我們正在開採鄰近的內部區域。因此，當我們查看今年正在開採的採場時，我們成功添加了 1 種礦石，透過添加鄰近的材料，產量增加了 40% 左右，結果證明，全球範圍內的礦石品位相同。因此，噸數增加了 40%，盎司增加了 40%。

But now we are integrating some of that into our reserves and resources estimates. As a matter of fact, this year, we've been integrating almost -- we've seen a growth in Odyssey South by 57% due to those additions and growth through the resources. So we are baking that positive reconciliation, addition of tonne in our model as we are moving forward but we can expect that some additional tonne will also show up.

但現在我們正在將其中一些納入我們的儲量和資源估算中。事實上，今年我們幾乎一直在整合——由於這些資源的增加和成長，我們已經看到 Odyssey South 成長了 57%。因此，隨著我們的前進，我們正在烘烤積極的調節，在我們的模型中增加噸位，但我們可以預期還會出現一些額外的噸位。

Got you. Very helpful. Natasha, I see that there was a power outage in Q4. And I was just wondering if this relates back to the transformer because it still sounds very confident that the power situation is in very good shape ahead of this 28 million tonnes scenario brought forward. And I'm just thinking about what are some of the outstanding issues as we think about that optimization waterfall chart that showed that ultimate 30 million-tonne run rate?

明白你了。很有幫助。娜塔莎，我看到第四季停電了。我只是想知道這是否與變壓器有關，因為在提出的 2800 萬噸情景之前，電力狀況仍處於良好狀態，這聽起來仍然非常有信心。當我們考慮顯示最終 3000 萬噸運行率的最佳化瀑布圖時，我只是在思考哪些突出問題是什麼？

Ralph, so the power outage that you speak of at Detour, which is a minor one. But -- and we recovered from that fairly quickly. With respect to the getting to 28 million tonnes a year, we have a number of initiatives but we can group that into like maybe 5 main ones. And that's just factors in onetime improvement. So we have all the major infrastructure in place. We're just tweaking the system right now. For example, the [refeed] system, we're just making it -- allowing it to operate better in the winter months and just modifying some of the screening configurations so that it can take on more capacity, those kind of things.

拉爾夫，你所說的繞道停電是一次小停電。但是——我們很快就恢復了。關於達到每年 2,800 萬噸的目標，我們有許多舉措，但我們可以將其分為大約 5 個主要舉措。這只是一次性改進的因素。因此，我們擁有所有主要基礎設施。我們現在正在調整系統。例如，[重新饋送]系統，我們只是在製造它——讓它在冬季更好地運行，並修改一些篩選配置，以便它可以承擔更多的容量，諸如此類的事情。

Your next question comes from Anita Soni from CIBC World Markets.

您的下一個問題來自 CIBC 全球市場的 Anita Soni。

I just have a couple of modeling questions right now. How much of the AK deposit -- sorry, the Akasaba deposit is the tonnage at Goldex? And how -- like how will that play out for the next -- like it looks -- my assumption is this is about 10%. And does that just sort of stay at that 10% level until it's run out? Or -- if you could give us some color on that, would be great.

我現在只有幾個建模問題。 AK 存款的多少－抱歉，Akasaba 存款是 Goldex 的噸位？以及接下來會如何發揮作用，就像看起來一樣，我的假設大約是 10%。是否會一直保持在 10% 的水平直到耗盡？或者——如果您能為我們提供一些相關信息，那就太好了。

Anita, Dominique speaking. The plan is to have 1,000 tonnes per day coming from Akasaba and 7,000 tonnes per day coming from Goldex.

安妮塔，多明尼克發言。計劃每天從 Akasaba 生產 1,000 噸，從 Goldex 生產 7,000 噸。

And until Akasaba is run out, right?

直到赤坂用完為止，對嗎？

Yes. Yes, we can probably call 4 or 5 years.

是的。是的，我們大概可以稱之為 4 或 5 年。

Okay. And so for that reason, then the cost -- I mean, the cost increase that you -- in terms of unit cost, that should -- I mean what portion of that is related to the Akasaba or and how long should we be using those kinds of unit cost?

好的。因此，出於這個原因，那麼成本——我的意思是，你的成本增加——就單位成本而言，這應該——我的意思是其中哪一部分與赤坂有關，或者我們應該使用多長時間那些種類的單位成本？

That's a good question. And it's not just only Akasaba, there's different elements into play. As we are going from Deep 1 to Deep 2 at Goldex, it is changing the cost structure. As well as we're mining more of the South Zone, which is higher cost tonnes but higher grade tonnes overall, there the costs are increasing. It's mainly related to that.

這是個好問題。不只是赤坂，還有不同的元素在發揮作用。當我們在 Goldex 從 Deep 1 轉向 Deep 2 時，它正在改變成本結構。我們正在開採更多的南區，那裡的成本較高，但整體品味較高，因此成本也在增加。主要和這個有關係。

Okay. And then similarly a similar question for Macassa. And the proportion of what you would see from the AK deposits?

好的。然後對於 Macassa 也有類似的問題。您將從 AK 存款中看到的比例是多少？

Anita, so with the AK deposit, we're going to be doing a bulk sample this year, sending that to the LZ pit but we're going to be ramping -- LZ mill, sorry. And then we're going to be ramping up to about 500 tonnes per day on average for the AK deposit. And then Macassa the -- in terms of the underground potential, I would say, probably 1,550 tonnes per day, the mill capacity, yes and that is peak probably 1650 tonnes.

安妮塔，所以有了 AK 存款，我們今年將進行批量樣品，將其發送到 LZ 礦坑，但我們將逐步增加 - LZ 工廠，抱歉。然後我們將 AK 礦藏的產量增加到平均每天約 500 噸。然後是 Macassa——就地下潛力而言，我想說，可能每天 1,550 噸，工廠產能，是的，峰值可能是 1650 噸。

And your next question comes from Greg Barnes from TD Securities.

您的下一個問題來自道明證券 (TD Securities) 的 Greg Barnes。

Ammar, can you talk a little bit about how you see the production profile evolving beyond 2026? You're sustaining 3.5 million ounces roughly through that time frame. Then what does it look like beyond that?

Ammar，您能談談您如何看待 2026 年後生產情況的演變嗎？在這段時間內，您大約需要維持 350 萬盎司的能量。那麼除此之外它是什麼樣子的呢？

Greg, we don't give specific guidance beyond 3 years. People have asked us why don't we. What I would say is, I think while some others have given much longer-term guidance and we didn't. I think we're the ones who are actually growing production and some of the other people aren't. So the best way to answer that is -- and Greg, you know our assets pretty well. We have good assets. We are reinvesting in those assets. We're getting good exploration results. So we're pretty confident about our -- we've increased reserves by 10%. So without giving guidance or any number, I would say we're quite confident that we're going to continue to be able to run a very good business.

格雷格，我們不會提供超過 3 年的具體指引。人們問我們為什麼不這麼做。我想說的是，我認為雖然其他一些人已經給出了更長期的指導，但我們沒有。我認為我們是真正在增加產量的人，而其他一些人卻沒有。所以回答這個問題的最好方法是——格雷格，你非常了解我們的資產。我們有良好的資產。我們正在對這些資產進行再投資。我們正在取得良好的勘探成果。因此，我們對我們的儲備非常有信心，我們已經將儲備增加了 10%。因此，在沒有提供指導或任何數字的情況下，我想說我們非常有信心我們將繼續能夠經營一個非常好的業務。

Okay. Secondary, you talked about in the press release higher or increased throughput rates, I think, at Hope Bay. I know you've set the bar, roughly 300,000 to 350,000 ounces a year because that's what's economic in the North. But what kind of size are you thinking about above and beyond that as far as, Bay going forward?

好的。其次，我認為您在新聞稿中談到了希望灣更高或更高的吞吐率。我知道您已經設定了每年約 300,000 至 350,000 盎司的標準，因為這就是北方的經濟狀況。但除此之外，您也考慮了海灣未來的規模是多大？

Dominique speaking. Greg, the teams are doing the trade-offs about the tonnage. There's 2 aspects into it. First is how could we use as much as we can the current infrastructure and to minimize the CapEx. So this is bringing us to a certain tonnage. Then how could we expand from those infrastructure and to bring it to higher tonnage. I will say -- I see Hope Bay as a Meliadine project in terms of 6, 7 gram per tonne. If we could bring it also at the tonnage of Meliadine, 5000, 6,000 tonnes per day, that could be interesting. That might be the sweet spot but we're still doing trade-offs.

多明尼克發言。格雷格，團隊正在就噸位進行權衡。有兩個方面。首先是我們如何盡可能利用當前的基礎設施並最大限度地減少資本支出。因此，這使我們達到了一定的噸位。那麼我們如何從這些基礎設施中擴展並將其提升到更高的噸位。我想說的是，我認為 Hope Bay 是一個 Meliadine 項目，每噸 6、7 克。如果我們也能以 Meliadine 的噸位，每天 5000、6000 噸，那可能會很有趣。這可能是最佳選擇，但我們仍在進行權衡。

Your next question comes from Carey MacRury from Canaccord Genuity.

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

A lot of -- some of your peers have made -- are chasing growth in copper. Just wondering how you guys think about copper and more broadly base metal exposure?

很多——你們的一些同行已經做到了——正在追逐銅的成長。只是想知道你們如何看待銅和更廣泛的賤金屬暴露？

Well, I mean, I think copper has got a great future, frankly. I think the world is transitioning. I think -- we think the world is transitioning to towards electric versus fossil fuels and copper will play a role there. We are quite excited about the potential at San Nicolas. As you recall, Carey, we didn't do San Nicolas because it was copper. We did it because it makes a lot of money in a region we want to be in, with a partner we want to be with. But certainly, we like copper. And we are a gold company but our job is to make money for our shareholders in a responsible way.

嗯，我的意思是，坦白說，我認為銅有一個美好的未來。我認為世界正在轉變。我認為，我們認為世界正在向電力而不是化石燃料過渡，銅將在那裡發揮作用。我們對聖尼古拉斯的潛力感到非常興奮。你還記得嗎，凱裡，我們沒有做聖尼古拉斯，因為它是銅的。我們這樣做是因為在我們想要進入的地區，與我們想要合作的合作夥伴一起賺了很多錢。但當然，我們喜歡銅。我們是一家黃金公司，但我們的工作是以負責任的方式為股東賺錢。

Okay. So that leads to my second question. I mean, you talked about obviously having a regional focus in good jurisdictions. You're obviously the biggest player in Canada by a long shot. But in the long term, are you looking at other jurisdictions to grow into? Or how do you think about international diversification?

好的。這就引出了我的第二個問題。我的意思是，您顯然談到了在良好司法管轄區中的區域重點。顯然，你絕對是加拿大最大的玩家。但從長遠來看，您是否正在考慮向其他司法管轄區發展？或者您如何看待國際多元化？

We are open to international diversification. I mean Australia, it's probably between Australia and Canada, is what's the best place in the world to mine. So we are open to very good mining regions. We're in 4 countries, 5 regions. Is it impossible to go to a 6? No, it's not impossible. But it would have to meet the criteria of the geologic potential first and foremost, followed by a view on political stability to actually be able to make 10-, 20-year investments. So we are a gold company. We are very strong in the jurisdictions we operate in. This year -- the next few years, really, we're going to focus on what we've got and optimizing what we've got. We think we've got a great platform to build from. But if there's an opportunity that makes sense to create more value per share for our shareholders, we're going to look at it.

我們對國際多元化持開放態度。我的意思是澳大利亞，可能位於澳大利亞和加拿大之間，是世界上最好的採礦地點。所以我們對非常好的礦區持開放態度。我們分佈在 4 個國家、5 個地區。是不是就不可能上6了？不，這並非不可能。但它必須先滿足地質潛力的標準，其次是政治穩定的觀點，才能真正能夠進行 10 年、20 年的投資。所以我們是一家黃金公司。我們在業務所在的司法管轄區非常強大。今年——實際上，接下來的幾年，我們將專注於我們已經擁有的東西並優化我們已經擁有的東西。我們認為我們有一個很好的平台可以建構。但如果有機會為我們的股東創造更多每股價值，我們就會考慮。

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。

Congratulations on 900,000 ounces, was almost as much as Barrick made in the quarter, you're getting big. There were a couple of places in the press release and exploration release where the prose and the numbers that I was trying to -- the numbers in the release were kind of hard to put together consistently or reconcile. Let me just ask about Fosterville, with the 2025 guidance is a midpoint of 150,000 ounces output and that seems like 700,000 tonnes milled, 7 grams, 94% recovery. The reserve is 6.1 grams, which is a little lower than 7 grams. And then the prose of the presentation talks about 175,000 to 200,000 ounces. Is the 175,000 to 200,000 ounces, the average of '24 and '25 guidance, or are you looking forward beyond 2026, expecting that you're going to hit something a little better than 6 grams just reported in reserve?

恭喜你獲得了 90 萬盎司，幾乎與巴里克本季的產量一樣多，你正在變大。在新聞稿和探索新聞稿中，有幾個地方的散文和數字我試圖——新聞稿中的數字很難一致地放在一起或協調一致。讓我問一下福斯特維爾的情況，2025 年的指導值為 150,000 盎司產量的中點，這似乎是 700,000 噸研磨量，7 克，回收率 94%。儲備量為6.1克，略低於7克。然後演講的散文談到了 175,000 至 200,000 盎司。 175,000 至 200,000 盎司是 24 年和 25 年指導的平均值，還是您期待 2026 年以後，預計您會達到比剛剛報告的 6 克儲備稍好一點的水平？

John, I'll -- I don't know, you want me to take it, Natasha? Okay. Yes, the 175,000 to 200,000 ounces is looking forward beyond that time frame. I mean, you're exactly right. Those are the numbers that we gave. And we are -- Fosterville is a great asset, great people. We are looking at sort of a long-term steady state 175,000 to 200,000 ounces. That's kind of what we're working on. And you may say, well, look, that's only a 175,000 to 200,000 ounces, why are you guys in Australia? The answer is, we don't have proof but we think there's more than one very high grade zone to be found there. Maybe it's not a Swan. Maybe it's half of Swan or maybe it's a 2x Swan. But it generates a lot of cash flow. And so if you're us, what do you do, you position the mine to operate well, to operate consistently between 175,000 to 200,000 ounces, if you think you can have that steady and really give you the opportunity to find that next Swan Zone. Guy, did you want to jump in?

約翰，我會──我不知道，你想讓我接受嗎，娜塔莎？好的。是的，175,000 至 200,000 盎司的預期超出了該時間範圍。我的意思是，你說得完全正確。這些是我們給的數字。我們－福斯特維爾是一筆偉大的財富，偉大的人民。我們正在尋找 175,000 至 200,000 盎司的長期穩定狀態。這就是我們正在做的事情。你可能會說，好吧，看，這只有 175,000 到 200,000 盎司，你們為什麼在澳洲？答案是，我們沒有證據，但我們認為那裡存在不只一個非常高品味的區域。也許它不是天鵝。也許它是天鵝的一半，也可能是天鵝的兩倍。但它會產生大量的現金流。因此，如果您是我們，您會做什麼，將礦山定位為運營良好，在 175,000 至 200,000 盎司之間持續運營，如果您認為您可以保持穩定並真正給您機會找到下一個天鵝區。夥計，你想跳進去嗎？

John, if you look at in detail because when we do the life of mine like that, we do the stope by stope exercise. So there will be some variation. So yes, the average is 6 grams, but you can assume that some year will be at 7 grams, some year will be at 5 grams, depending on the mining sequence averaging 6 grams for the rest of the life of mine according to what we have. But it's not going to be stable at 6 grams over time. It's going to fluctuate because there's still some pockets of higher grade mineralization in the system that are smaller than this one but it's all about sequencing the extraction of the 6 grams.

約翰，如果你仔細看一下，因為當我們像那樣生活時，我們會逐場練習。所以會有一些變化。所以是的，平均值是 6 克，但你可以假設有些年份會是 7 克，有些年份會是 5 克，取決於採礦順序，根據我們的預測，在礦井的剩餘壽命中平均為 6 克有。但隨著時間的推移，它不會穩定在 6 克。它會波動，因為系統中仍然有一些比這個更小的更高品位的礦化物，但這都是為了對 6 克的提取進行排序。

If we were to kind of just jump through in the discussions related to Hope Bay, the inferred resource at Hope Bay rose by 158,000 ounces. The reserve stayed the same. We should interpret from your good drill results and a good qualitative narrative that the inferred resource and the reserves are going to increase a lot more than 158,000 ounces when you get more infill drilling and more data, I presume.

如果我們跳過有關 Hope Bay 的討論，Hope Bay 的推斷資源量增加了 158,000 盎司。儲備金維持不變。我認為，我們應該從您良好的鑽探結果和良好的定性敘述中解釋，當您獲得更多加密鑽探和更多數據時，推斷資源和儲量將增加超過 158,000 盎司。

Exactly, you're right. There has been some small portion that have reached inferred resources specification. But also, we are, I would say, making sure that the -- for example, the dilution assumption. So we've been also adjusting the model to -- so we've -- there's been some pluses and minuses. And you're right, the bottom line is net 170,000 ounces with a mixture of removing some of the lower grain material, addition of a more realistic dilution. We haven't touched a reserve as well as you described. And you're right, with the additional drilling, we're going to see in the Madrid, we're expecting those ounces to show up later on in '24 and '25.

沒錯，你說得對。有一小部分已達到推斷的資源規格。但我想說的是，我們正在確保——例如，稀釋假設。因此，我們也一直在調整模型，以使其有一些優點和缺點。你是對的，底線是淨重 170,000 盎司，其中去除了一些較低的顆粒材料，添加了更實際的稀釋液。我們還沒有像你描述的那樣觸及保護區。你是對的，隨著額外的鑽探，我們將在馬德里看到，我們預計這些盎司將在 24 年和 25 年晚些時候出現。

And you talked about the ramp. It honestly getting closer to the top of the East Gouldie deposit, if I understood that correctly. So in the second and third quarter, you'll be able to visual or you expect to inspect the rock confidence and continuity of the very top of the East Gouldie Zone, which would put you in a position to add reserves at the end of 2024 or 2025, from those visual inspections different than the part of the reserve where you added from drilling last night. Is that fair?

你談到了坡道。如果我理解正確的話，它確實已經接近東古迪礦床的頂部了。因此，在第二和第三季度，您將能夠看到或期望檢查東古迪區頂部的岩石信心和連續性，這將使您能夠在 2024 年底增加儲備或2025 年，根據目視檢查，與您昨晚鑽探添加的保護區部分不同。這樣公平嗎？

It's fair, especially because there's still the reserve, as you can see in the long section goes basically from 800 meter down to -- 800 meter to 1.8 kilometer below surface. And there's still 300 meter of inferred resources at the top. So that access on the top of the ore body, as you described, allow us to enter, open up the deposit. But also will provide a better position for infill drilling from much closer in the upper part -- upper and eastern part of the ore body where we see some quick wins to potential reserve addition. And also, if you put that in the bigger scheme of things, if you look back at the PEA that we produce with 9 million ounces, we are expecting that the rest of the ounces that were not converted this year in reserve will show up progressively over the next couple, 4, 5 years.

這是公平的，特別是因為仍然有保護區，正如您在長段中看到的那樣，基本上從地表以下 800 公尺到 800 公尺到 1.8 公里。頂部還有300公尺的推斷資源量。因此，正如您所描述的，礦體頂部的通道允許我們進入，打開礦床。而且還將為更靠近上部的加密鑽探提供更好的位置——礦體的上部和東部，我們在那裡看到了潛在儲量增加的一些快速成果。而且，如果你把它放在更大的計劃中，如果你回顧一下我們生產的 900 萬盎司的 PEA，我們預計今年未轉換為儲備的其餘盎司將逐步出現在接下來的四年、五年裡。

Nothing better than being able to see and touch the rock.

沒有什麼比能夠看到並觸摸岩石更好的了。

Yes, I agree with you. We can't wait.

是的，我同意你的觀點。我們等不及了。

Your next question comes from Tanya Jakusconek from Scotiabank.

您的下一個問題來自豐業銀行的 Tanya Jakusconek。

Congrats on a good quarter. Can I ask on just the guidance for 2024 as we look for the year throughout the year? Can I just ask about how we see production developing quarter-on-quarter? Are we similar to last year where it was generally equally distributed? Or should there be something else that we should be aware of?

恭喜季度表現良好。當我們展望全年時，我能否只詢問 2024 年的指導？我可以問一下我們如何看待產量的季度環比成長嗎？我們是否與去年的情況相似，整體分佈均勻？或者還有什麼我們該注意的嗎？

Tanya, so we're expecting it to be relatively equal through the year.

坦尼婭，所以我們預計全年的情況會相對平等。

Okay. I like that. Never liked those strong Q4s. Okay. That's good. And then Guy and Dominique, can I ask, on Slide 23, I know we talked a little bit about the additional 500,000 ounces at Amaruq to extend the mine life, just looking at the longitudinal to kind of see where you would have added those additional ounces. And then just maybe talk a little bit and I know, Ammar, you said you don't want to really talk about extending beyond 2028 but I'm trying to get an idea of where else could we see the potential extension beyond 2028 to try and bridge that gap before, let's say, Hope Bay comes in because I'm trying to understand whether we can use any of the workforce and/or equipment and/or other from Amaruq to Hope Bay to help with the CapEx.

好的。我喜歡。從來不喜歡那些強壯的Q4。好的。那挺好的。然後蓋伊和多米尼克，我可以問一下，在幻燈片23 上，我知道我們討論了在阿馬魯克額外增加500,000 盎司以延長礦山壽命，只需查看縱向，看看您會在哪裡添加這些額外的盎司。然後也許可以談談，我知道，Ammar，你說過你不想真正談論延長到 2028 年之後，但我正在嘗試了解我們還能在哪裡看到 2028 年之後的潛在延長期限。並在之前彌補這一差距，假設希望灣進來，因為我試圖了解我們是否可以使用從阿馬魯克到希望灣的任何勞動力和/或設備和/或其他人員來幫助解決資本支出。

Want to give you first part of the answer to your question. So about the -- where those 500,000 ounces will come from? They're going to come -- we see from 3 major things. As we continue to see the positive reconciliation with more tonnes, better grade that were integrated in the model, so that will potentially represent up to maybe a 1/4 of the ounces added will come from that. And that positive reconciliation in the IVR pit that sits on the right-hand side of that long section, we see kind of some very nice grade reconciliation in that part. So the -- one of the extension of the mine contribution is the pushback we're contemplating on the IVR pit.

想給你問題答案的第一部分。那麼，這 50 萬盎司將從哪裡？他們會來的——我們從三件大事上可以看出。隨著我們繼續看到模型中整合的更多噸、更好品位的積極調節，因此這可能代表增加的 1/4 盎司可能來自於此。位於該長部分右側的 IVR 坑中的積極調節，我們在該部分看到了一些非常好的等級調節。因此，礦山貢獻的延伸之一是我們正在考慮對 IVR 礦坑的阻力。

And out of those will also by default, allow us to continue to mine on the ground. So for the [third fold] is continue mining additional stope that with the previous life of mine when the pits were deleted, we were not able to continue mining underground. So now we're going to be able to extend the underground, get some more stope that were good grade, good quality but that were not making sense on their own without an extension of the open pit. So with the contribution of those 3 that leads to the addition of 0.5 million ounces. And maybe Dominique, do you want to comment?

預設情況下，這些也將允許我們繼續在地面上採礦。因此，對於[第三重]是繼續開採額外的採場，隨著礦坑被刪除時礦山的前壽命，我們無法繼續在地下開採。因此，現在我們將能夠擴大地下開採範圍，獲得更多品位好、品質好的採場，但如果不擴大露天礦場，這些採場本身就沒有意義。因此，隨著這 3 個人的貢獻，導致增加了 50 萬盎司。也許多明尼克，你想發表評論嗎？

Yes, Tanya, the mix. Just on that, our goal is really to extend Meadowbank and keep Meadowbank running. Now the equipment we could reuse and the workforce, there's different (inaudible) of it that could be the genset, the HPGR, the compressor pumps, different type of equipment. The thing is, we don't know where they're going to go. Is it going to Upper Beaver, Detour underground, Wasamac or Hope Bay, all those options exist. Same thing with the workforce. We're going to be ramping up, obviously, at the time, Detour also have a lot of good position open. It might be (inaudible), might be Hope Bay too but it's all opportunities.

是的，塔妮婭，混合。就這一點而言，我們的目標實際上是擴展 Meadowbank 並保持 Meadowbank 的運作。現在我們可以重複使用設備和勞動力，其中有不同的（聽不清楚）可能是發電機組、HPGR、壓縮機幫浦、不同類型的設備。問題是，我們不知道他們要去哪裡。是去Upper Beaver、Detour地鐵、Wasamac還是Hope Bay，所有這些選項都存在。勞動力也是如此。顯然，我們將在那時加大力度，Detour 也有很多空缺的好位置。可能是（聽不清楚），也可能是希望灣，但這都是機會。

Okay. So there's lots of ability to use that equipment and people as you look out to the end of the decade.

好的。因此，展望本世紀末，有許多能力可以使用這些設備和人員。

Yes.

是的。

Okay. And just maybe a question for you, Ammar, if I could ask on just the non-gold component. You mentioned you like copper. Obviously, San Nicolas is your first venture into sort of a copper asset. I saw some other smaller investments in non-gold are being made. Should we be thinking that, that part of your strategy is investing in some of these junior non-gold equities for 2024? Is that a strategy that's in place? Or are you looking to further grow with more developed upfront or producing copper assets?

好的。也許我想問你一個問題，阿馬爾，我是否可以只問非黃金部分。你提到你喜歡銅。顯然，聖尼古拉斯是您首次涉足銅資產。我看到其他一些較小的非黃金投資正在進行中。我們是否應該考慮一下，您的策略的一部分是在 2024 年投資一些初級非黃金股票？這是一個適當的策略嗎？或者您希望透過更發達的前期或生產銅資產來進一步發展？

Well, Tanya, I think -- so first of all, we are pretty focused on the gold projects that we have in our backyard that are least risk and the highest return on capital. Now we've been around for 66 years. We're 98% gold right now. I would say that 60 years in the future, are we still going to be 98% gold? We'll probably have other metals. The difference with us is, we're not going to -- and I'm not knocking this on anybody else but we are not going to a jurisdiction we know nothing about to chase a particular type of metal. Our strategy is simple. We try to be the best in the regions we can be. And if we have a competitive advantage in an area we operate and a non-gold asset becomes available, where we have a competitive advantage, we would look at it. And so, of course, we would look at copper. We've done a couple of other small things people know about. But we're not going to a different jurisdiction with a different metal.

嗯，塔尼婭，我認為 - 首先，我們非常關注我們後院的黃金項目，這些項目風險最小，資本回報率最高。現在我們已經存在 66 年了。我們現在98%都是黃金。我想說，未來60年，我們還是98%的黃金嗎？我們可能還會有其他金屬。與我們不同的是，我們不會——我不會責備其他任何人，但我們不會去一個我們一無所知的司法管轄區追逐某種特定類型的金屬。我們的策略很簡單。我們努力成為該地區最好的。如果我們在我們經營的領域具有競爭優勢，而我們有競爭優勢的非黃金資產變得可用，我們就會考慮它。因此，我們當然會關注銅。我們還做了一些人們都知道的小事。但我們不會去不同的司法管轄區使用不同的金屬。

Okay. So it would be in jurisdictions you're at, looking at where you could add value?

好的。那麼是在您所在的司法管轄區，看看您可以在哪裡增加價值？

And only if it makes good return for our shareholders. I know that's self-evident. But we're not -- for example, we're not setting a target that we're going to be x amount of copper because, frankly, that means you're chasing something. We're just going to be open to good opportunities. Now, to your point, we've had a long history of very early-stage investments. 9 out of 10 don't end up meeting our criteria, we end up doing just fine. But yes, you could expect us to keep our eyes and ears open for opportunities in the areas we operate.

而且前提是它能為我們的股東帶來良好的回報。我知道這是不言而喻的。但我們不是——例如，我們沒有設定一個目標，即我們將獲得 x 數量的銅，因為坦率地說，這意味著你正在追逐某些東西。我們只會對好的機會持開放態度。現在，就您的觀點而言，我們有著悠久的早期投資歷史。十分之九的人最終沒有達到我們的標準，但我們最終做得很好。但是，是的，您可以期望我們密切關注我們經營領域的機會。

Your next question comes from Jackie Przybylowski from BMO.

您的下一個問題來自 BMO 的 Jackie Przybylowski。

Congratulations on the quarter. I think I just wanted to ask, I know a lot of things have been asked already but I just wanted to ask for maybe a little bit more color on what we can expect with the update later in the first half of 2024 on the Abitibi optimization. I know you've talked about studies at Detour and Upper Beaver and Wasamac, is there also going to be some discussions to integrate the entire district together? And maybe are we going to get some kind of information about mill optimization or infrastructure, transportation, anything like that as well? If you could just maybe tell us what we should be expecting, that would be helpful.

恭喜本季。我想我只是想問，我知道已經問了很多問題，但我只是想詢問更多有關 2024 年上半年晚些時候更新的 Abitibi 優化的預期內容。我知道您談到了 Detour、Upper Beaver 和 Wasamac 的研究，是否還會進行一些將整個學區整合在一起的討論？也許我們會獲得一些有關工廠優化或基礎設施、交通等的資訊？如果您能告訴我們應該期待什麼，那將會很有幫助。

I think -- well, I'll be clear. We're going to give some more guidance on where we are and the next steps on Detour. We're going to give more guidance on where we are and next steps on Upper Beaver. We are doing the work on transportation options. But really, the best way to think about those is within the context of those projects, we are going to be giving more updates on next steps at Wasamac but probably not until the start of next year. We are, of course, we are talking to everybody within a certain distance of and they're talking to us with then a certain distance of Malartic, with regards to future opportunities at the mill there. So there's a lot going on. You're right. There's a lot of potential. But what you can expect middle of the year is really more focused on Detour and Upper Beaver.

我想——好吧，我會說清楚的。我們將就 Detour 的現狀和後續步驟提供更多指導。我們將就 Upper Beaver 的現狀和下一步行動提供更多指導。我們正在研究交通選擇。但實際上，考慮這些問題的最佳方法是在這些專案的背景下，我們將在 Wasamac 的後續步驟中提供更多更新，但可能要到明年初。當然，我們正在與馬拉蒂克一定距離內的每個人交談，他們也在與馬拉蒂克一定距離內的我們談論那裡工廠未來的機會。所以發生了很多事情。你說得對。有很大的潛力。但今年年中你可以期待的實際上更多的是 Detour 和 Upper Beaver。

And maybe that sort of answers my follow-up question a little bit. But we've heard a lot of talk about how much capacity you have with the maybe different mills and absolutely with your expertise and your people in the region. Is there any thoughts or -- I mean is there anything you can maybe comment on now about acquisition or maybe adding additional properties? Do you see a need to add additional properties to your portfolio in the Abitibi? Or are you going to start with what you've got first?

也許這可以稍微回答我的後續問題。但我們已經聽到很多關於您在可能不同的工廠以及您在該地區的專業知識和員工方面擁有多少產能的討論。有什麼想法嗎？或者—我的意思是，您現在可以對收購或添加額外財產發表評論嗎？您是否認為需要在 Abitibi 的投資組合中添加其他房產？或者你會先從現有的東西開始嗎？

Well, clearly, we're focused on what we've got. But with the question on acquisitions, maybe we're going to be focused more on return on capital. If somebody's got a project that they want to build and it gets a better return for them to use our mill and it's a better return on capital than us acquiring the person, we would do that. A simple example, I would rather put no additional capital and make $50 million a year than put in $100 million of capital to make $60 million a year. I know that sounds self-evident but we're going to look at the specific opportunities but with a real focus on return on capital. And that could mean acquisitions but it could also mean that some people who have good projects decide they want to use our mill.

嗯，很明顯，我們專注於我們所擁有的。但對於收購問題，也許我們會更關注資本報酬率。如果有人想要建造一個項目，並且使用我們的工廠可以為他們帶來更好的回報，並且比我們收購這個人的資本回報率更高，我們就會這樣做。舉個簡單的例子，我寧願不投入額外資本，每年賺5,000萬美元，也不願投入1億美元資本，每年賺6,000萬美元。我知道這聽起來是不言而喻的，但我們將著眼於具體的機會，但真正關注的是資本回報率。這可能意味著收購，但也可能意味著一些擁有良好項目的人決定使用我們的工廠。

Got it. Maybe one more follow-up, if I can. Just to follow up on some of the other themes in the call on base metals. I know you've recently made an investment in Canada Nickel and it is in the -- it's at least regionally sitting in a similar jurisdiction. Is there any synergies with Canada Nickel besides personnel and sort of just expertise in the region? Would any of your facilities suit that operation if it were to be built?

知道了。如果可以的話，也許還有一個後續行動。只是為了跟進基本金屬電話會議中的一些其他主題。我知道您最近對加拿大鎳業進行了投資，而且它至少在區域上位於類似的司法管轄區。除了該地區的人員和專業知識之外，與加拿大鎳業公司是否存在任何協同效應？如果要建造的話，你們的任何設施是否適合該操作？

Yes. I mean I -- our view on Canada Nickel is that it is -- I hope I don't upset my ex-CFO by saying that it's a very long-term perspective that they're taking. I don't see anything imminent there. So certainly, certainly, we're not talking to them about providing people or developing anything. It's a vision that they have. It's a large relatively low-grade ore body that -- and they have an interesting vision. And so I think it's better to think, Jackie, really, this is just a very early stage investment on our part. It's a big asset in our backyard, big option on nickel. But really, it's the Canada Nickel team running this, not Agnico.

是的。我的意思是，我們對加拿大鎳業的看法是，我希望我不會因為說他們採取的是非常長遠的觀點而讓我的前財務長感到不安。我沒有看到任何迫在眉睫的事情。所以當然，當然，我們並不是在與他們談論提供人員或開發任何東西。這是他們的願景。這是一個大型的相對低品位的礦體——而且他們有一個有趣的願景。所以我認為最好想想，傑基，真的，這只是我們的一個非常早期的投資。這是我們後院的重要資產，也是鎳的重要選擇。但實際上，是加拿大鎳業公司團隊在經營這個項目，而不是 Agnico。

And your next question comes from Martin Pradier from Veritas Investment Research.

您的下一個問題來自 Veritas Investment Research 的 Martin Pradier。

When I look at the cost increase, your guidance talks about a 4% year-over-year increase. Now there are some assets where you see a increase in volumes like Canadian Malartic and your cost increased 12%. Macassa, the cost increased 17% with higher volume. And Kittila, the cost increased 10% on flat volumes. If you can provide some color on why in some of them, you have higher volumes and have much higher cost?

當我查看成本增長時，你們的指導提到同比增長 4%。現在，您會看到一些資產的數量增加，例如 Canadian Malartic，而您的成本則增加了 12%。 Macassa，隨著產量的增加，成本增加了 17%。基蒂拉 (Kittila) 的成本在產量持平的情況下增加了 10%。如果您能提供一些說明，為什麼在其中一些產品中，您的產量更高，成本也更高？

Yes. It's Jamie here. It's really a function of sequencing -- mine sequencing across our operations that you're going to have periods where tonnage is flat but costs are on a per ounce basis are higher or lower, just given the grade profile of the individual asset. But overall, when you look at our costs, I mean, we saw inflation running around 6% year-over-year. And our job as management is to try to do better than that through a higher denominator and through constantly focusing on optimizing our costs. And I think we've delivered that with a 4% increase in our cash cost and all-in sustaining cost guidance.

是的。傑米在這裡。這實際上是排序的功能——在我們的營運中進行礦山排序，只要考慮到單一資產的品位概況，就會出現噸位持平但每盎司成本較高或較低的時期。但總的來說，當你看看我們的成本時，我的意思是，我們看到通貨膨脹率比去年同期增長約 6%。作為管理層，我們的工作是透過更高的分母並不斷專注於優化成本來努力做得更好。我認為我們已經透過將現金成本和整體維持成本指引增加 4% 來實現這一目標。

Okay. But you cannot provide much color on any of those Canadian Malartic, Macassa, Kittila? What is driving that much higher?

好的。但你不能對加拿大馬拉蒂克、馬卡薩、基蒂拉中的任何一個提供太多的色彩嗎？是什麼推動瞭如此之高的發展？

Yes, we can reach out offline and then walk through that on an asset-by-asset basis. But with 11 operating mines, it's hard to provide a generalized answer.

是的，我們可以在線下進行聯繫，然後逐一資產地進行處理。但由於有 11 個正在運營的礦山，因此很難提供普遍的答案。

And there are no further questions at this time. I will turn the call back over to Mr. Ammar Al-Joundi for closing remarks.

目前沒有其他問題。我將把電話轉回給 Ammar Al-Joundi 先生做總結發言。

Thank you, operator and thank you, everyone, for joining us yet again and we wish you all a happy weekend. Thank you.

謝謝運營商，謝謝大家再次加入我們，祝大家週末愉快。謝謝。

Ladies and gentlemen, this concludes your conference call for today. We thank you for joining and you may now disconnect your lines. Thank you.

女士們、先生們，今天的電話會議到此結束。我們感謝您的加入，您現在可以斷開線路了。謝謝。