Agnico Eagle Mines Ltd (AEM) 2024 Q1 法說會逐字稿

Good morning. My name is Lodi, and I will be your conference operator today. At this time, I would like to welcome everyone to the Agnico Eagle Q1 2024 Conference Call. (Operator Instructions). Mr. Ammar Al-Joundi, you may begin your conference.

早安.我叫洛迪，今天將擔任你們的會議主持人。現在，我歡迎大家參加Agnico Eagle 2024年第一季電話會議。 （接線生指示）。阿馬爾·朱迪先生，您可以開始您的會議了。

Thank you, and good morning, everyone. Thank you for joining us. I have the great pleasure along with my colleagues to report on another strong quarter for Agnico Eagle. But before we get into that, I'd like to acknowledge that the reason we're having another strong quarter is because of all the hard work of all of our employees, our people at the rock face work every day, sometimes in tough conditions, our geologists who are away from their families sometimes for weeks at a time, our engineers and professionals who do the studies. I want to thank all of you for delivering a gain. It makes our job easier here at corporate. We'll have a number of executives talking about a good quarter. But again, it's thanks to all of you. Please keep yourself safe, keep the community safe and the environment safe.

謝謝大家，早安。感謝你們的參與。我非常榮幸能與同事們一起報告Agnico Eagle又一個強勁的季度業績。但在開始之前，我想說一句，我們這個季度業績強勁的原因是所有員工的辛勤付出。我們的岩壁工作人員每天都在工作，有時甚至在艱苦的條件下工作；我們的地質學家有時一連數週都遠離家人；我們的工程師和專業人員也參與了研究。我要感謝你們所有人帶來的收益。這讓我們公司上下的工作更加輕鬆。我們將會邀請多位高階主管來分享一個美好的季度。但再次感謝你們所有人。請保護自己，保護好社區，保護好環境。

Before we jump into the presentation, I'd ask you to turn your attention to the forward-looking notes. We will be talking about some expected good results going forward. But again, please take a look at the forward-looking notes and statements. And if I could ask, operator, if we could start, I see on Page 6, that's great.

在開始示範之前，請先看一下前瞻性說明。我們將討論一些預期的未來良好業績。不過，請再次查看前瞻性說明和聲明。接線生，請問我們可以從第6頁開始嗎？太好了。

We're going to cover a lot this morning, but there's really 3 key takeaways. One, we've had a very good start to the year. Two, we continue to make excellent progress on some of our key value drivers and the catalysts that will really move this company forward over the next 12 to 36 months. And three, we've had some tremendous drill results that we are excited to share with you today.

今天早上我們會講很多內容，但主要有三點。第一，我們今年開局良好。第二，我們在一些關鍵價值驅動因素和催化劑方面繼續取得卓越進展，這些因素將在未來12到36個月真正推動公司向前發展。第三，我們取得了一些令人矚目的鑽探成果，今天我們很高興與大家分享。

On the strong start to the year, solid operating results, approximately 880,000 ounces of production, good cost control, reiterating guidance, both production guidance and cost guidance. Those strong operating results, along with an excellent gold price has delivered strong financial results. As you would expect, Jamie will review these, but some of the highlights include our second consecutive quarter of record operating margins and our second consecutive quarter of record free cash flow.

今年開局強勁，營運表現穩健，產量約88萬盎司，成本控制良好，並重申了產量和成本指引。這些強勁的營運業績，加上黃金價格的強勁上漲，帶來了強勁的財務表現。正如您所料，Jamie 將回顧這些業績，但其中的一些亮點包括我們連續第二個季度創下營業利潤率紀錄，以及我們連續第二個季度創下自由現金流紀錄。

On the key projects and the value drivers, Detour to a million ounces. We said a couple of years ago that we thought Detour had the potential to get to a million ounces a year. The team has been working very hard on that since systematically, professionally, and we're making good progress, and we remain on target to talk about this midyear. In fact, we expect at this point to have a technical session in June, followed by a site visit, at which point we will talk about the project parameters as we see them at this point, and we will talk about the next step.

關於關鍵項目和價值驅動因素，Detour 的年產量預計將達到 100 萬盎司。幾年前，我們曾表示，Detour 有潛力實現年產量 100 萬盎司的目標。自那以後，團隊一直在系統化、專業化地努力工作，目前進展順利，我們仍有望在年中達成目標。事實上，我們目前預計在 6 月舉行一次技術會議，隨後進行現場考察，屆時我們將討論目前看到的專案參數，並討論下一步計畫。

And we've talked -- we've hinted about what that next step will be, and it will be likely an exploration ramp that will allow us to get into the ore body, take some bulk samples, confirm continuity, put in an exploration platform and really the first step of what we think will be an exciting project. And clearly, that exploration ramp will become an important part of a future production ramp.

我們已經討論過——我們已經暗示了下一步會做什麼，很可能是一條勘探坡道，讓我們能夠進入礦體，採集一些大塊樣品，確認連續性，搭建一個勘探平台，這實際上是我們認為令人興奮的項目的第一步。顯然，這條勘探坡道將成為未來生產坡道的重要組成部分。

At Upper Beaver, also very good progress also on target, also confirming that we expect to provide an update towards the middle of the year with Upper Beaver, it will likely be with our second quarter results, at which point we will be outlining the parameters of the project as we see it and again the next step. And the next step, as we've already discussed in February is what you would expect, the likely next -- the logical next step, an exploration shaft and an exploration ramp that will allow us to take a couple of bulk samples, again, confirm continuity, again, put in exploration platforms.

上比佛計畫也進展順利，達到了預期目標。我們預計在年中公佈上比佛專案的最新消息，很可能是第二季的業績。屆時，我們將概述專案的各項參數，並再次規劃下一步。正如我們在二月討論過的，下一步正如大家所料，也是合乎邏輯的一步，我們將建造一個勘探豎井和一個勘探坡道，以便我們採集一些大樣本，再次確認連續性，再次安裝勘探平台。

At Malartic, we continue to make excellent progress. The shaft is continuing well. And the underground development, as I think most of you know, is ahead of schedule, and the initial stopes are generating positive reconciliation. With Malartic, however, there's also been some excellent drill results, and that leads us to our third key takeaway today, Guy will be discussing some, frankly, pretty amazing drill results at Malartic, at Detour, and at Hope Bay.

在馬拉蒂克礦，我們持續取得優異的進展。豎井施工進度順利。我想你們大多數人都知道，地下開發工作已經提前完成，初期採場也取得了正面的成果。然而，在馬拉蒂克礦，我們也取得了一些出色的鑽探成果，這也引出了我們今天的第三個重點，蓋伊將討論在馬拉蒂克、迪圖爾和霍普灣礦場取得的一些相當驚人的鑽探成果。

Big assets in good parts of the world that really just continue to deliver. We think that these are potentially big enough to move the needle and causing us to rethink in a positive way some of our growth options going forward. And because of that, we've added a little extra time at the end of today for Guy to talk about it.

在全球優質地區擁有的大型資產確實持續創造效益。我們認為，這些資產的潛力足以推動公司發展，並促使我們以積極的方式重新思考未來的一些成長選擇。因此，我們在今天結束時增加了一些時間，請蓋伊來討論這個問題。

At $2,300 gold, you should fully have expected us to report strong results and we are. We continue to be very constructive on the gold price. I came into this business in 1999, gold was $290. People have hated the gold price since then it's now $2,350. And we think that we are just starting a long-term secular move.

在金價2300美元/盎司的情況下，你完全應該期待我們報告強勁的業績，事實也確實如此。我們仍然對金價保持非常樂觀的態度。我1999年進入這個行業時，金價是290美元/盎司。從那時起，人們就一直討厭金價，現在金價是2350美元/盎司。我們認為，我們才剛開啟一輪長期走勢。

That said, an important and we want to emphasize this, we do not take this higher gold price for granted. We remain absolutely focused on cost control. We remain focused on per share metrics, and we remain focused on capital discipline. We are absolutely determined at Agnico that increases in gold price go to our owners. And these increases are not going to be eaten away with higher costs. In fact, when Dominique and Natasha go through their sections, and they'll go through it briefly, but the overriding theme you will hear over and over again is a theme of continued focus on business improvement at every mine and every opportunity.

話雖如此，有一點很重要，我們想強調的是，我們不會將金價上漲視為理所當然。我們仍然絕對專注於成本控制。我們仍然專注於每股盈餘指標，我們仍然專注於資本紀律。在Agnico，我們絕對決心讓金價上漲惠及我們的股東。而且這些上漲不會被更高的成本所抵銷。事實上，當Dominique和Natasha在各自的部門討論時，她們會簡要地介紹一下，但你會一遍又一遍聽到的最重要的主題是，繼續專注於在每個礦場和每個機會上改進業務。

Our focus on cost of $2,300 is as strong as ever. And our key projects, Detour, Upper Beaver, Malartic, Wasamac, Amalgamated Kirkland, et cetera, those are the same projects at $2,300 as they were at $1,800. We're remaining focused. So a very good start to the year. But at Agnico Eagle, we believe strongly that it's not only what you do, but how you do it. And with that, our next speaker is Carol Plummer, our EVP, Sustainability People and Culture, who will discuss our 15th annual sustainability report.

我們一如既往地專注於2300美元的成本。我們的重點項目，例如Detour、Upper Beaver、Malartic、Wasamac、Amalgamated Kirkland等等，這些項目的成本在2300美元時與1800美元時相同。我們將繼續保持專注。所以，今年的開局非常好。但在Agnico Eagle，我們堅信重要的不僅是做什麼，還有如何去做。接下來，我們的下一位演講嘉賓是負責永續發展、人員和文化的執行副總裁Carol Plummer，她將討論我們的第15份年度永續發展報告。

Thank you, Ammar, and good morning, everybody. We're certainly happy to release the 15th Annual Sustainability Report, which is titled Global Approach regional focus. This report highlights how we are deeply rooted in and committed to the regions in which we operate even as we grow and evolve as an organization.

謝謝Ammar，大家早安。我們非常高興發布第15份年度永續發展報告，題為「全球方針區域重點」。這份報告強調了我們如何在公司發展壯大的同時，始終紮根於並致力於服務我們營運所在的地區。

While our vision and goals are global, our strategies are tailored to each region, taking into account their environmental, social and economic context and adapting to their specific needs, priorities and challenges. We're proud of our people who are working every day not only to complete the work of a global miner, but doing it safely and respecting our commitment to the environment and our communities.

雖然我們的願景和目標是全球性的，但我們的策略是針對每個地區量身定制的，充分考慮了當地的環境、社會和經濟背景，並根據當地的具體需求、優先事項和挑戰進行調整。我們為我們的員工感到自豪，他們每天不僅努力完成全球礦業公司的工作，而且在安全的情況下工作，並履行我們對環境和社區的承諾。

[ESG] is central to our strategy, and it's through the stories of our people, the partnerships we have created, the relationships that they maintain and the challenges that they face that you can see how it is integrated into the very fabric of our company. We prioritized close collaboration with local communities and indigenous people valuing their perspectives as integral components of our operational approach. This is how we make mining work for everyone. Working together, we can reduce our environmental impact, increase social benefits and positively contribute to local economy.

ESG 是我們策略的核心。透過我們員工的故事、我們建立的合作關係、他們維繫的良好關係以及他們面臨的挑戰，您可以看到它是如何融入我們公司的核心的理念。我們優先考慮與當地社區和原住民的密切合作，重視他們的觀點，並將其作為我們運作方式不可或缺的一部分。這就是我們讓採礦業惠及每個人的方式。攜手合作，我們可以減少對環境的影響，提高社會效益，並為當地經濟做出積極貢獻。

You can see on this slide some of the highlights from 2023. I'm particularly happy to point out the safety record and a 34% improvement in safety frequency year-on-year. We continue to work on our decarbonization plan. We invested in our communities, and we worked with our employees to make sure that we can maintain our commitment to mine responsibly. The full report can be found on our website or by clicking on the link in the press release. And I will now pass on to Jamie to discuss the Q1 results.

您可以在這張投影片上看到2023年的一些亮點。我特別高興地指出，我們的安全記錄以及安全頻率比去年同期提升了34%。我們將繼續致力於脫碳計劃。我們投資於社區，並與員工合作，確保我們能夠履行負責任採礦的承諾。完整報告可在我們的網站上找到，也可以點擊新聞稿中的連結查看。現在，我將請Jamie討論第一季的業績。

Thank you, Carol. As Ammar mentioned in his opening remarks, we had a great start to the year with stable consistent operating results and excellent cost performance, pairing with higher gold prices to drive record cash flows and financial results. First quarter gold production totaled 879,000 ounces, a total cash cost of $901 per ounce and all-in sustaining cost of $11.91 per ounce. With this strong start to the year, we are very well positioned to achieve our full year production and cost guidance.

謝謝，卡羅爾。正如阿瑪爾在開場致詞中提到的，我們今年開局良好，營運績效穩定持續，成本效益出色，加之金價上漲，推動了創紀錄的現金流和財務表現。第一季黃金產量總計87.9萬盎司，總現金成本為每盎司901美元，總維持成本為每盎司11.91美元。憑藉著強勁的開局，我們完全有能力實現全年產量和成本目標。

Our all-in sustaining cost for the first quarter were actually below the low end of our guidance range at $11.91 per ounce. This resulted from the deferral of certain sustaining capital expenditures at Detour Lake till later in the year. As a result, we do expect higher all-in sustaining costs in subsequent quarters, but still expect all-in sustaining cost per ounce to be within our guidance range of $1,200 to $1,250 for the full 2024 year.

我們第一季的總維持成本實際上低於我們指引範圍的低端，即每盎司11.91美元。這是由於Detour Lake礦場的部分維持性資本支出被推遲到今年稍後。因此，我們預期後續季度的總維持成本將會上升，但仍預計2024年全年每盎司總維持成本將維持在我們指引範圍1,200美元至1,250美元的範圍內。

The higher gold price in the first quarter, combined with our strong operating and cost performance led to significant margin expansion. And we had record operating margins in the first quarter at over $1 billion, led by our 2 largest mines, Detour Lake and Canadian Malartic. We will maintain our focus on costs and ensure that the benefit of higher gold prices is allocated to strengthening our balance sheet, providing financial flexibility and continuing to return capital to our shareholders.

第一季金價上漲，加上我們強勁的營運和成本績效，推動利潤率大幅提升。第一季度，我們的營業利潤率創歷史新高，超過10億美元，這主要得益於我們最大的兩座礦場——Detour Lake和Canadian Malartic。我們將繼續關注成本，確保將金價上漲的收益用於增強我們的資產負債表、提供財務靈活性以及持續向股東回報資本。

We move on to Slide 9. We'll look at our financial highlights. Our revenues increased 21% over the first quarter of 2023 to over $1.8 billion. Importantly, our cash provided by operating activities increased by the same percentage, and our free cash flow actually increased by over 50% to a record of $396 million for the quarter. We are seeing the benefit of higher gold prices with margin expansion helping to strengthen our financial position, adding approximately $190 million of cash to our balance sheet in the quarter.

我們繼續看第9張投影片。讓我們來看看我們的財務亮點。我們的營收在2023年第一季成長了21%，超過18億美元。重要的是，我們的經營活動產生的現金也成長了相同的百分比，我們的自由現金流實際上成長了50%以上，達到本季創紀錄的3.96億美元。我們看到了金價上漲帶來的好處，利潤率的提高有助於增強我們的財務狀況，本季我們的資產負債表增加了約1.9億美元的現金。

On an adjusted basis, net income per share was $0.76 in the first quarter, approximately a 30% increase relative to the prior year period. We continue to pay a strong quarterly dividend of $0.40 per share, which is at a healthy level and represents approximately half of the free cash flow we generated in the quarter. We also repurchased 375,000 common shares for approximately $20 million through our normal course issuer bid in the first quarter.

經調整後，第一季每股淨利為0.76美元，較去年同期成長約30%。我們繼續支付每股0.40美元的強勁季度股息，該股息處於健康水平，約占我們本季自由現金流的一半。我們也在第一季透過常規發行人要約回購了37.5萬股普通股，回購金額約2,000萬美元。

While we expect the majority of our capital returns to shareholders will continue to be through the dividend, we do have the financial flexibility to be opportunistic with respect to additional share buybacks. At current gold prices, we would expect to generate substantial free cash flow in subsequent quarters. We will remain disciplined with our capital allocation with excess cash being directed to further strengthening our balance sheet, paying down debt, reinvesting and improving our business and continuing to return capital to shareholders.

雖然我們預期大部分股東資本回報仍將透過股利支付，但我們確實擁有一定的財務彈性，可以把握機會進行更多股票回購。以目前的金價計算，我們預計未來幾季將產生可觀的自由現金流。我們將繼續嚴格控制資本配置，將剩餘現金用於進一步增強資產負債表、償還債務、再投資和改善業務，並繼續向股東返還資本。

We move on to Slide 10. I'm very proud of the work our team has done this quarter to further strengthen our financial position and flexibility. Strong quarterly operational and financial results added cash to our balance sheet and reduced our net debt position to $1.3 billion. During the quarter, we upsized our revolving credit facility to $2 billion. This new facility reflects Agnico's size, scale and investment-grade status and significantly increased our available liquidity.

我們繼續看第10張投影片。我為團隊本季為進一步增強財務狀況和靈活性所做的工作感到非常自豪。強勁的季度營運和財務業績為我們的資產負債表增加了現金，並將我們的淨債務部位降至13億美元。在本季度，我們將循環信貸額度增加至20億美元。這項新額度反映了Agnico的規模、規模和投資等級評級，並顯著提高了我們的可用流動性。

We do have approximately $800 million of debt maturities over the next 15 months, and we will look to either repay those from cash on hand or refinance at the appropriate time. We were also pleased that Moody's upgraded our credit rating during the quarter to Baa1 with a stable outlook, which reflects our strong and strengthening credit profile.

我們未來15個月仍有約8億美元的債務到期，我們將考慮以現有現金償還或在適當的時候進行再融資。我們也很高興穆迪在本季將我們的信用評等上調至Baa1，展望穩定，這反映了我們強勁且不斷增強的信用狀況。

Overall, the balance sheet is in great shape. We're always looking for opportunities to strengthen it, improve our liquidity and overall financial flexibility. I'll now turn the call over to Dominique, who will provide an overview of our Quebec and Nanobit operations.

整體而言，資產負債表狀況良好。我們一直在尋找機會來強化資產負債表，提高流動性和整體財務靈活性。現在，我將把電話交給多明尼克，她將概述我們魁北克和 Nanobit 的業務。

Thank you, Jimmy. I'm at Slide 11. Good quarter, all-time record at Canadian Malartic complex. So with the addition of the higher grade from underground at Odyssey, Canadian Malartic is bringing new record after 12 years of operation. We also did a strong quarter on the project development with the RAF -- sorry, the ramp, the shaft sinking and the surface construction. And also, Guy is going to talk about potential extending of the Deep 2 Zone, which is feeding the field meal strategy. So we're very excited with that.

謝謝你，吉米。我現在是第11張幻燈片。加拿大瑪拉蒂克綜合設施本季表現良好，創下了歷史新高。隨著奧德賽地下礦床品位的提升，加拿大瑪拉蒂克在運作12年後創造了新的紀錄。我們與英國皇家空軍合作的專案開發也在本季取得了強勁進展——抱歉，是坡道、豎井下沉和地面施工。此外，蓋伊還將討論深層2區的潛在延伸，該區域正在為野外採食策略提供支撐。我們對此感到非常興奮。

On the automation side, Agnico is recognized as a worldwide leader in remote operation. And this leadership can be seen at (inaudible). As an example, during the quarter, the Friday night shift, which traditionally was from, let's say, manual operation now have been transitioned to fully automated operation. So this is not just only improving productivity, but it is also improving the life quality of our workers by not having to work anymore on the night, Friday night shift. So from now on, the Friday night, Saturday night and the Sunday night shift were fully operated remotely.

在自動化方面，Agnico 被公認為遠端營運的全球領導者。這種領導力體現在（音訊不清晰）。例如，在本季度，週五晚班（傳統上是手動操作）已過渡到全自動操作。這不僅提高了生產力，也改善了我們工人的生活質量，因為他們不需要再在周五晚班工作。因此，從現在開始，週五晚、週六晚和週日晚班將完全遠端運作。

I'm also happy to highlight that at 40 kilometers of SZ5 in Laronmine, the ODC team executed the first fully automated truckload during a shift change. So I wrap up the Quebec session section by saying a big thank you to the teams to keep pushing automation boundaries and leveraging of regional synergies.

我還很高興地強調，在拉隆邁因SZ5 40公里處，ODC團隊在換班期間完成了首輛全自動卡車的裝載。因此，在結束魁北克會議部分時，我要衷心感謝團隊不斷突破自動化界限，並充分利用區域協同效應。

Moving to Slide 12. Nunavut delivered an outstanding first quarter, both on cost control and gold production. Both Meliadine and Middle Bank achieved better performances than budgeted, especially at the underground operation where making, hauling and development activities beat the budget. This is the result of a tier to improve the business.

轉到第 12 張投影片。努納武特 (Nunavut) 第一季​​度在成本控制和黃金產量方面均表現出色。梅麗亞丁 (Meliadine) 和 Middle Bank 的業績均超出預算，尤其是在地下作業方面，其開採、運輸和開發活動均超出預算。這是業務改善措施的成果。

Following last year cost pressure, the Nunavut management team had down and initiated bold action plan. But why this succeed? Let me explain why. I stole 4 important points from Jean-Claude Blais presentation. Jean-Claude is the General Manager at Meliadine, and here's what he said. First, focus on what matters. Second, empower and staff a dedicated team to succeed. Third, be open-minded to challenge the status quo. Fourth, last but not least, execute like hell. So here's why they succeed, and we are very proud of that one.

去年面臨成本壓力後，努納武特管理團隊啟動了大膽的行動計畫。但為什麼會成功呢？讓我來解釋一下。我從Jean-Claude Blais的演講中摘了四個要點。 Jean-Claude是Meliadine的總經理，他是這麼說的：首先，專注於重要的事情。其次，授權並配備一支敬業的團隊，以取得成功。第三，保持開放的心態，挑戰現狀。第四，也是最後但同樣重要的一點，拼命執行。這就是他們成功的原因，我們對此感到非常自豪。

I would like to conclude by congratulating the Nunavut team for their leadership and this outstanding quarter. All those improvements are not only building flexibility for 2024 in the coming years, but Hope Bay will be able to build upon those important improvements. On that, I will pass the call to Natasha.

最後，我要祝賀努納武特團隊的領導能力以及本季的出色表現。所有這些改進不僅為未來幾年的2024年建設提供了靈活性，而且希望灣也將能夠在這些重要改進的基礎上繼續發展。至此，我將把電話交給娜塔莎。

Thanks, Tom, and good morning, everyone. So I'll start with the operations in Ontario. Here, we had another strong quarter and solid performance. Combined, the sites generated around $300 million in operating margins with -- as you can see on the table with industry-leading costs. At both operations, Macassa and at Detour, we're continuing to steadily ramp up production. And just coming back to Ammar's point earlier on, we remain laser-focused on optimizing and continuously improving on our assets.

謝謝，湯姆，大家早安。我先從安大略的營運開始。我們在這個季度又取得了強勁的業績，表現穩健。正如您在表格中看到的，這些工廠合計創造了約3億美元的營業利潤，並且成本處於行業領先水平。在Macassa和Detour兩個工廠，我們都在持續穩定地提高產量。回到Ammar之前提到的，我們始終專注於優化和持續改善我們的資產。

I'll give you a few examples. We'll start with Macassa. First off, we have seen improved productivity throughout the mine and the mill this quarter. The site, they hit records in underground development. They hit a record in skip tons they hit a record in mill tons, really incredible work by the team and they keep going. They keep their heads down and they're working on other initiatives, such as improvements in energy management and workforce availability or productivity and also fleet availability, just to name a few.

我給你舉幾個例子。先從馬卡薩礦開始。首先，本季我們看到整個礦場和選礦廠的生產效率都有所提升。現場的地下開發工作創下了紀錄。他們的箕鬥運輸量也創下了紀錄，他們的百萬噸運輸量也創下了紀錄。團隊的工作非常出色，而且他們還在繼續努力。他們埋頭苦幹，並致力於其他舉措，例如提高能源管理、勞動力可用性或生產效率以及車隊可用性等等。

And then in keeping with our regional strategy, we're continuing to integrate the 8-K deposit into the production profile this year. We're still tracking well to complete a bulk sample extraction of the 8-K later in Q4. And just as a reminder, this is the ore that would be sent to the LaRonde mill.

為了配合我們的區域策略，我們今年將繼續把8-K礦床納入生產規劃。我們仍在穩步推進，預計將於第四季度晚些時候完成8-K礦床的批量樣品提取。提醒一下，這些礦石將被送往LaRonde選礦廠。

Moving to Detour, we set a record -- a quarterly record for total tonnage mined, but we also delivered mill throughput that was the highest for our first quarter period. The team already knows this. I've mentioned this to them a couple of times, but I'm particularly proud of them and our results this quarter, especially considering we faced some challenges with abnormal breakage of our grinding media.

轉到Detour礦後，我們創下了紀錄——總開採噸位創下了季度紀錄，但我們的磨礦產量也創下了第一季的最高紀錄。團隊已經知道這一點。我已經跟他們提過幾次了，但我對他們以及我們本季的業績尤其感到自豪，尤其是考慮到我們面臨研磨介質異常破損的挑戰。

And in terms of continuous improvement efforts at Detour, we have many. But of course, as you know, our main focus is to continue advancing the mill optimization efforts. We still expect to reach the mill throughput of 36,000 tonnes per day, roughly around 28 million tonnes a year in -- late in the second half of 2024.

在Detour的持續改進方面，我們有很多工作要做。當然，如您所知，我們的主要重點是繼續推動工廠的最佳化工作。我們仍預計在2024年下半年末達到工廠日產量3.6萬噸，年產量約2,800萬噸。

Now moving on to Slide 14. I'll touch on our other assets starting in Finland. At Kapila, the team had an inaugural celebration for the commissioning of the new shaft in March. And based on the performance in the quarter, they are tracking pretty well to meet guidance. We're also continuing to see positive exploration results, demonstrating the expansion potential at the Main Zone, the Sisar Zone and in the Rua area.

現在請看第14張投影片。我將首先介紹我們在芬蘭的其他資產。在卡皮拉礦，團隊於3月舉行了新礦井投產的首次慶典。根據本季的表現，他們的進度相當順利，有望達到預期目標。我們也持續看到積極的勘探成果，展現出主礦區、西薩爾礦區和魯阿地區的擴張潛力。

And then over in Australia, Fosterville, they continue to generate strong cash flows with cost among the lowest in the industry despite decreasing grades. And this is a testament to not just the tanability, but their continued focus on improving productivity and controlling their costs.

在澳洲福斯特維爾，儘管礦品位下降，但他們仍然保持強勁的現金流，成本在業內處於最低水平。這不僅證明了他們的可控性，也證明了他們持續專注於提高生產力和控製成本。

Finally, in Mexico, at Pinos Altos, we continue to operate with consistent stable production. Here also, we focused our efforts over the past year on improving productivity and controlling our costs. All in all, our operations are continuing to exhibit a stable and consistent approach to safely delivering on our objectives. Our site teams are continuing to work -- continuing to work hard on improvement initiatives while also advancing on our pipeline projects. And with that, I will now pass it over to Guy, who will provide us with an update on exploration.

最後，在墨西哥的皮諾斯阿爾托斯（Pinos Altos），我們繼續保持持續穩定的生產。過去一年，我們也致力於提高生產力和控製成本。總而言之，我們的營運持續展現出穩定一致的方式，以安全地實現我們的目標。我們的現場團隊正在繼續努力——繼續努力改進計劃，同時推進我們的管道項目。現在，我將把時間交給蓋伊（Guy），他將向我們介紹勘探方面的最新進展。

Thank you, Natasha, and good morning, everybody online. This quarter, we continue our exploration efforts to build on last year record mineral reserves momentum, focusing on opportunity near mine and key value driver project in our portfolio. Our strategy remains the same: one, extend life of mine to maximize available milling capacity at our key operation; and 3, advance some specific high-potential projects by increasing mineral resources and mineral reserves, both in quantity and quality.

謝謝娜塔莎，各位網友，大家早安。本季度，我們將繼續加強勘探力度，延續去年創紀錄的礦產儲量成長勢頭，重點關注礦山週邊的勘探機會以及我們投資組合中的關鍵價值驅動項目。我們的策略保持不變：一是延長礦山壽命，最大限度地提高我們主要作業區的現有選礦能力；三是推進一些特定的高潛力項目，提高礦產資源和礦產儲量的數量和質量。

Today, I would like to discuss 3 projects in particular, where we see strong opportunities. First of all, Malartic and Odyssey. We've seen some excellent results in the Eastern extension of the East Goldy that could significantly contribute to our Felda strategy. Second, at Detour , we continue to see broad mineralized intercept in the upper part of the underground extension of the deposit to the west of the open pit that continue to support our vision of an underground project at Detour. And third, OP, where we got what I would qualify some very spectacular exploration result in the gap between Suluk and Patch 7 at the Madrid deposit that could move the needle because of the high-grade nature of those intercepts that could significantly improve the scenario for future project per development.

今天，我想特別談談我們認為具有巨大機會的三個項目。首先是Malartic和Odyssey。我們在East Goldy的東部延伸區取得了一些出色的成果，這些成果可能對我們的Felda策略做出重大貢獻。其次，在Detour，我們繼續在露天礦場西側礦床地下延伸區的上部看到廣泛的礦化截距，這繼續支持我們在Detour開展地下計畫的願景。第三是OP，我們在馬德里礦床的Suluk和Patch 7之間的間隙中獲得了我認為非常驚人的勘探成果，由於這些截距的高品位性質，這些成果可能會帶來重大影響，從而顯著改善未來項目開發的前景。

So starting with Malartic on Slide 15. We saw that the zone is getting taker again in the eastern extension with some very solid separate turning 3 gram over 32 meters and 4.5 grams over 33 meter, respectively, at 40,000 meter weight from the current mineral reserve. And that at a debt between 1.1 and 1.6 kilometer depth. This could lead to the development of another take mining area along the East good horizon, demonstrating that the zone remains open for additional significant discovery and future potential reserve additions that could help in our long-term field-emil strategy.

從第15張投影片上的瑪拉蒂克礦場開始。我們看到，該區域在東部延伸區再次獲得大量金礦，一些非常堅實的分離金礦分別在32米和33米處獲得3克和4.5克的金礦，距離目前的礦藏深度4萬米。這些金礦的礦床深度在1.1公里到1.6公里之間。這可能導致沿著東部良好層位開發另一個金礦開採區，表明該區域仍有可能發現更多重大金礦，並有望在未來增加儲量，這有助於我們實施長期的油田勘探策略。

Moving on to Detour on Slide 16. Exploration efforts continue to focus on the western extension of the deposit completing 58,000 meters in the first quarter, focusing in particular into the shallow portion of the potential underground project, where we continue to see broad mineral interval of good-grade mineralization with example of 5.4 over 16, 3.9 over 25 and 3.4 gram over 29 meter and a large area located at shallow depth of the of the potential underground project close to the conceptual exploration ramp that we are envisioning at Detour.

繼續查看幻燈片 16 上的 Detour。勘探工作繼續集中在礦床的西部延伸部分，第一季度已完成 58,000 米，尤其關注潛在地下項目的淺層部分，我們在那裡繼續看到寬闊的優質礦化礦物間隔，例如 16 米上有 5.4 克，25 米上有 3.9 克，29 米上有 3.4 克，以及我們位於大面積的淺層區域。

These results shows potential for modernization having both grade and with characteristics that are likely amenable for underground mining, supporting our vision to bring the Detour Lake mine to a million ounces of gold a year production from the combined open pit and underground operations in the future.

這些結果顯示了現代化的潛力，既有等級，又具有適合地下開採的特性，支持了我們的願景，即未來將 Detour Lake 礦的露天和地下作業相結合，使年產量達到一百萬盎司黃金。

And last, but not least, and on Slide 17. And I'm particularly proud we completed 30,000 meters of drilling at OB this quarter, which is almost 50% than last year safely. We focused this year winter drilling campaign for ice-based drilling at the Madrid deposit and a previously unexplored gap between Suluk and Patch 7 to follow up on some of the exciting results that were communicated in February. The most recent follow-up drilling returned exceptional results, 12 gram over 19 meters, 20 gram over 80-meter, 14 gram over 60 meter and also cap grade and estimated through width. The core intense on those were just spectacular solid from wall to wall demonstrating the potential for a significant new tick mineralized area that could potentially host up 2 million ounces between 10 and 20 gram that could have a very positive impact on (inaudible) project redevelopment scenario, considering the high-grade nature compared to the rest of the deposit and the apparent simple geometry of this new zone.

最後，同樣重要的是，在第17張投影片上。我特別自豪的是，我們本季在OB完成了3萬公尺的鑽探，比去年安全完成了近50%。今年的冬季鑽探活動重點關注了馬德里礦床的冰基鑽探以及Suluk和Patch 7之間一個此前未勘探的空域，以跟進二月份公佈的一些激動人心的結果。最近的後續鑽探獲得了優異的成果：19米12克，80米20克，60米14克，以及蓋層品位和預估的貫穿寬度。這些礦床的核心強度非常驚人，從一頭到另一頭都是堅固的，這表明存在一個重要的新礦化區，可能蘊藏著200萬盎司10至20克的金礦，考慮到該新礦區與其他礦床相比品位較高，且幾何形狀簡單，這將對（聽不清楚）項目重建方案產生非常積極的影響。

I would like to thank all our exploration team and the various jurisdiction that put a lot of good thinking and hard work into these large exploration program to deliver them safely and in the most cost-efficient manner. Our focus on exploration remains to focus on opportunity by advancing key value driver projects to accelerate their integration into mine development scenarios. And with those excelent results, we can anticipate that additional exploration budget could be added in the second half of the year.

我要感謝我們所有的勘探團隊以及各管轄區，他們為這些大型勘探項目投入了大量的思考和辛勤工作，確保專案安全且有效率地完成。我們的勘探重點仍然是抓住機遇，推進關鍵價值驅動項目，並加快其融入礦山開發方案。憑藉這些優異的成果，我們預計下半年將增加額外的勘探預算。

And on that, I would like to return the mic to Ammar for some closing remarks.

關於這一點，我想把麥克風交還給阿瑪爾，讓他發表一些結束語。

Well, thank you very much, Guy. We probably should have started with that. Well, good work. And thank you, Carol, Dom, Natasha and Jamie. Before we jump into questions, and next slide, if we could, please. Thank you.

非常感謝，蓋伊。我們或許應該從這個開始。嗯，幹得好。也感謝卡蘿、多姆、娜塔莎和傑米。在我們開始提問之前，請翻到下一張投影片，如果可以的話。謝謝。

Just really to summarize. We had a strong quarter operationally strong quarter financially. We're all proud of our team for delivering results but also for continuing focus on business improvement and our commitment to capturing gold price increases for the benefits of our shareholders. We made good progress on our key value drivers, and we have had, as you just heard, some excellent exploration results we are delivering on 2024, but we're also building the company for the future.

總結一下。本季我們的營運和財務表現強勁。我們為團隊所取得的成果感到自豪，也為團隊持續專注於業務改進以及致力於抓住金價上漲機遇，造福股東而感到自豪。我們在關鍵價值驅動因素方面取得了良好進展，正如您剛才所說，我們在2024年取得了一些出色的勘探成果，但我們也在為公司的未來發展而努力。

Our strategy remains the same as it's been for the last 67 years, focus on the best regions based on geologic potential and political stability, try to build the highest quality business that we can for our shareholders, for our communities and for our employees, continue to focus on the bottom line, continue to focus on per share metrics, continue to focus on return on capital. And we think we are uniquely positioned with a competitive advantage in some of the best places in the world to mine for gold.

我們的策略與過去67年來始終如一：專注於地質潛力和政治穩定性最佳的地區，致力於為股東、社區和員工打造最高品質的業務，繼續專注於獲利能力，繼續關注每股收益指標，並繼續關注資本回報率。我們認為，我們在全球一些最佳的金礦開採地擁有獨特的競爭優勢。

So with that, I want to thank my colleagues for their presentations. Thank all of you for being patient. And operator, if we can now open it up for questions, please.

最後，我要感謝各位同事的精彩演講。感謝大家的耐心等待。接線員，我們現在可以開始提問了。

[Operator Instruction]. Your first question comes from the line of Ralph Profiti from Capital.

[操作員指示] 您的第一個問題來自 Capital 的 Ralph Profiti。

Two of them, please on Odyssey and maybe for Dom can chime in. Just wondering about matching Odyssey capacity and the mining rates at Odyssey in that sort of 2025 to 2027. It seems like we're getting there a little bit earlier. I'm just wondering, is there some production perhaps being brought forward because of that temp order being repositioned higher in the strata. And then when you combine that with some of the development ahead of schedule, there's some sort of back envelope that you can get an extra sort of maybe 15,000, maybe 20,000 ounces of gold production in 2025. Just wondering if you can comment on that a little bit.

請兩位談談奧德賽礦，或許Dom也可以插話。我只是想了解一下，在2025年到2027年之間，奧德賽礦的產能和採礦率能否達到平衡。目前看來，我們似乎提前了一些。我只是想知道，由於臨時訂單被重新安排在更高的地層，一些產量是否會提前？然後，如果再加上一些提前開發的計劃，那麼2025年黃金產量可能會額外增加1.5萬盎司，甚至2萬盎司。您能否對此發表一些評論？

Yes, Dominique here. The teams are working on all the different scenarios to integrate new drill hole to integrate modification to the shaft by, let's say, we just change a loading station. And also adjusting with the sinking rate that we're doing, this -- those plants are going to come up more later during the year with optimization. But as you mentioned, there is a place of improvement and the team are working on that.

是的，我是多明尼克。團隊正在研究各種不同的方案，包括整合新的鑽孔和對豎井的改造，比如說，我們只是更換一個裝載站。此外，還要根據我們正在進行的下沉速度進行調整——這些設備將在今年稍後透過優化投入使用。但正如您所說，還有一些需要改進的地方，團隊正在努力改進。

Okay. And is there any mining deeper in the deeper levels of the ore body, perhaps honestly North, that was going to happen ahead of shaft completion, where perhaps if we move up the temporary loaded, there's perhaps a partly offsetting cost impact moving that up in the Strata?

好的。那麼，礦體更深的層級是否有任何開採，說實話，也許是在北部，這將在豎井完工之前進行，如果我們將臨時裝載的礦石上移，也許可以部分抵消將其上移到地層所帶來的成本影響？

Yes. Maybe on the loading, the positive impact is going to be a shorter run. So we're going to be able to do more tonnage. So that's going to help to bring out the waste or the ore. But really the focus is on the accessing the East good deposit. So now we're at the level of the Eagle deposit with the ramp, we're still not touching the ore. That's going to be more coming into 2026. But again, the focus is to be able to really unlock by having the shaft being able to skip that out of the mine in 2027. And this is where the heart of the ore body is.

是的。或許在裝礦方面，正面的影響是縮短裝礦週期。這樣我們就能裝更多噸位的礦場。這將有助於開採廢料或礦石。但真正的重點是開採東部優質礦床。現在我們挖到了鷹礦床的水平，有斜坡，但我們還沒有觸及礦石。到2026年，這種情況會更加嚴重。但再次強調，重點是到2027年，透過豎井將礦石從礦井中取出，從而真正實現開採。而這正是礦體的核心所在。

Your next question comes from the line of Mike Parkin from National Bank Financial.

您的下一個問題來自國家銀行金融公司的 Mike Parkin。

Congrats on the good quarter. Question is just on Canadian Malartic. The throughput this quarter and actually last quarter, has been like a significant step-up from where we were ever since really the start of 2022. Is that more of a blend of like Barnett or being a bit softer, allowing you to push the mill a little harder? Just trying to understand the roughly 7-ish plus percent improvement in the last couple of quarters versus that last couple of year run rate. What's driving that? Is it sustainable? Any color would be awesome.

恭喜本季業績喜人。問題是關於加拿大馬拉特克的。本季以及上季的產量，與2022年初以來的水準相比，都有了顯著提升。這更像是像巴奈特那樣的混合，還是更柔和一些，讓你們能夠更賣力地推動工廠？我想了解一下，與過去幾年的運行率相比，過去幾個季度的產量增加了大約7%以上。是什麼推動了這項成長？這種成長可持續嗎？任何顏色都很棒。

Yes, Mike, this is Guy. The Barnett ore is more softer and we're able to process more than initially planned. But right now, we're also processing underground ore and also a stockpile, which came from the Canadian Malartic pit at the time. We need to time also the process plant with the detailing facilities, so this is where the team are also looking to optimize, but we're going to turn into in-pit disposition in the second half of the year. So we need to match this, let's say, tailings and also milling capacity, but we have flexibility within the plan.

是的，麥克，我是蓋伊。巴奈特礦石更軟，我們能夠處理的礦石量比最初計劃的要多。但目前，我們也在處理地下礦石和庫存礦石，當時這些礦石來自加拿大馬拉特克礦坑。我們還需要將選礦廠與精加工設施進行同步，所以這也是團隊正在尋求優化的地方，但我們將在下半年轉向礦坑內處置。因此，我們需要匹配尾礦和磨礦能力，但我們在計劃中擁有一定的靈活性。

Okay. And for in-pit tailings, given the underground is not directly underneath it, there isn't really any need to add like a solidifying agent like cement to it. Can you just dump it in without any additives?

好的。對於礦坑內的尾礦，由於地下不在其正下方，所以實際上沒有必要添加水泥之類的固化劑。可以直接傾倒進去，不加任何添加物嗎？

Yes. We don't need to do a specific plug because we're not -- as you mentioned, we're not on the top of where we're going to mine. And we did external, let's say, many studies, including external expertise to make sure that everything was fine, and there's no issue with going into the Canadian Malartic pit.

是的。我們不需要專門做封堵，因為正如你所說，我們並不完全了解我們要開採的礦區。我們做了許多外部研究，包括外部專家的幫助，以確保一切順利，進入加拿大馬拉特克礦坑沒有任何問題。

Your next question comes from the line of Greg Barnes from TD Securities.

您的下一個問題來自道明證券的 Greg Barnes。

Just returning to Hope Bay and some of the drilling success you've had there in that Gap Zone. I think you mentioned a couple of times in the presentation the MD&A, it's changing your thinking in terms of how you expect the Hope Bay development to proceed. Just wondering what that means.

回到希望灣（Hope Bay）的問題，以及你們在Gap Zone取得的一些鑽探成功。我記得你在演講中多次提到了管理層討論與分析（MD&A），它改變了你對希望灣開發專案進展的預期。我想知道這意味著什麼。

Well, that Greg so that means that if, obviously, if we have an area in that gap with a million ounces at 10 to 20 gram or obviously, if we bring that sooner, but that was not known. Currently, in any kind of previous scenario we've had. So now we're looking potentially, we should in the most likely scenario, try to go there first, which is just kind of maybe could we add another mining area, go big, and we just reshuffled the proportion that could come from (inaudible) to this new area. So obviously, from a return perspective, if we could access that higher grades ore earlier, that's going to help. So it means that, yes, we may have to fast track our thinking about establishing a mining area in this -- another mining area to that New Zone and reach of all you know what proportion could come from the different portion of the deposits. So all of that is kind of fresh out of breath from an exploration results standpoint. And we're trying to be live with our study to integrate all of that into design the best project eventually with that.

嗯，格雷格，這意味著，如果我們在那個缺口區域找到一個礦區，礦藏量在10到20克之間，儲量達100萬盎司，或者如果我們能更早地開採出來，但這還不得而知。目前，我們之前遇到過類似的情況。所以現在我們正在考慮，在最有可能的情況下，我們應該先去那裡，也就是說，我們或許可以再增加一個礦區，擴大規模，然後重新調整從（聽不清楚）到這個新區域的礦石比例。顯然，從回報的角度來看，如果我們能更早開採出更高品位的礦石，那將會有所幫助。所以，這意味著，是的，我們可能必須加快考慮在這個新區域建立一個礦區——在那個新​​區域再建立一個礦區，並了解不同礦床可能開採的比例。所以，從勘探結果的角度來看，所有這些都令人耳目一新。我們正在努力將我們的研究成果整合到設計中，最終打造出最好的項目。

And it's just Ammar here. I'll jump in. And you know us, we don't want to get too far ahead of things, and there's a lot of work and it all goes to capital discipline. But Hope Bay, we don't see Hope Bay as a small thing. We've said from the beginning, if we go ahead with Hope Bay, it's going to be between 300,000 and 400,000 ounces a year. So these are important drill results, take it with the appropriate amount of caution. But they are -- they do look pretty good.

我是阿瑪爾。我先插話。你知道我們，我們不想操之過急，還有很多工作要做，一切都要嚴格執行資本紀律。但希望灣，我們不認為它只是個小項目。我們從一開始就說過，如果繼續開採希望灣，每年的產量將在30萬到40萬盎司之間。所以，這些都是重要的鑽探結果，請謹慎看待。但這些結果——看起來確實相當不錯。

So now, with the second mining front, higher grades, I would assume you'd be pushing towards the higher end of that production range now in terms of your thinking on this.

因此，現在，有了第二個採礦前沿，品位更高，我認為從您對此的想法來看，您現在會朝著生產範圍的高端邁進。

Yes.

是的。

Okay. Good enough. And on Slide 15, the Odyssey mine, just thinking about the second shaft and looking at the cross-section, where do you think that second shaft is going to go and obviously jumping ahead timing?

好的。足夠了。在幻燈片 15 中，奧德賽礦，只要考慮第二個豎井，並查看橫截面，您認為第二個豎井將通向哪裡，並且顯然會提前完成時間？

Well, it is not clear yet. The team -- we're going to see more soon some proposition on that. And again, just the new Odyssey, which is getting back wider, that's going to also bring, let's say, new ideas. But the team are looking to different options for the second and maybe eventually a third task.

嗯，目前還不清楚。團隊－我們很快就會看到更多這方面的建議。再說一次，新奧德賽的車身寬度增加，這也會帶來一些新的想法。但團隊正在為第二個任務，甚至最終第三個任務尋找不同的方案。

As you see, we have both good results in the Western extension and in the Eastern extension. So obviously, it opens up some process of thinking where it could be a center of gravity and where should we do things. So there's a deposit being open on both sides of the first half. Now you can pick up the scenario that you prefer.

如你所見，我們在西部延伸和東部延伸方面都取得了不錯的成績。顯然，這開啟了一些思考，讓我們思考哪裡可以成為重心，以及我們應該如何開展工作。所以，在前半段的兩側都有礦藏可供挖掘。現在，你可以選擇你喜歡的方案了。

Your next question comes from the line of Anita Soni from CIBC.

您的下一個問題來自加拿大帝國商業銀行的 Anita Soni。

Congrats on a good quarter and all the exploration success. I had similar questions to Greg. Can I just follow up on sort of the school, what that means? You said it's obviously like you can extend it to the east and to the west. But would that change any of your sort of ideas on how much tonnes you could push out of that asset?

恭喜您本季業績喜人，勘探工作也圓滿成功。我和格雷格也有類似的問題。我能不能跟進一下學校的課程，這代表什麼？您說這顯然可以向東延伸，也可以向西延伸。但這會改變您對該資產能夠開採多少噸位的想法嗎？

The panel being around open on both sides, both towards the Norway, South Latin to the West. So we're just basically adding additional mineral inventory, adding additional infer. Obviously, when the one gets sticker like that, with better grade, you know that kind of -- it is becoming sort of an area of interest. Again, it was kind of a gap where we didn't have much drilling so far into an area of a couple of hundred meters. We had some driller sort of east that were kind of not as good, but we were about -- I would say, I was pleasantly surprised because the belief -- our understanding was the deposit was pinching and all of a sudden, it is swinging back. So now we want to dedicate additional drilling in second half of the year to better understand at a reasonable drill pattern, will be -- I think we're going to be trying to target in this area, drill pit 175, $175 million to bigger figure out what's the extent of that new patch at 30 meter, and we'll see many ounces and what kind of decision it drives.

面板兩側都是空的，都朝向挪威，西邊是南拉丁。所以我們基本上是在增加礦產庫存，增加推論。顯然，當一個礦體獲得這樣的標籤，並且品位更高時，你知道——它正在成為一個值得關注的領域。再說一次，這是一個缺口，到目前為止，我們在幾百公尺的區域內沒有進行太多鑽探。我們在東部有一些鑽探人員，他們的技術不太好，但我們——我想說，我感到很驚喜，因為我們的理解是——礦床本來就很緊，但突然之間，它就回升了。所以現在我們想在下半年進行額外的鑽探，以便更好地了解合理的鑽探模式——我想我們將嘗試在這個區域進行目標鑽探，1.75號鑽井，投入1.75億美元，以進一步確定30米深的新礦區的規模，我們將觀察有多少盎司的儲量，以及它會帶來什麼樣的決策。

But it's very close from the existing infrastructure. We are just talking about it's between 400 and 1,000 meters to the east of the current reserve. So it's not that far, quite thick, seems to be very close from the the extension of the main thing. So it is kind of tracking our attention.

但它離現有基礎設施非常近。我們剛才說的是，它位於現有保護區以東400到1000公尺之間。所以它距離不是很遠，而且相當厚，似乎離主要區域的延伸非常近。所以它在某種程度上是在追蹤我們的注意力。

And then on Detour, the decision to defer the capital, I guess, until later in the year, is that related to the results of the study may be waiting for that to come out and see if you can better deploy capital? Or was there something else behind it?

關於Detour項目，我猜推遲到今年稍後進行資本注入的決定是否與研究結果有關？或許是想等研究結果出來後再考慮如何更好地配置資本？還是另有其他原因？

It's Natasha. Thanks for the question. No, it has nothing to do with that. It was just it's timing. It's -- we're continuing to negotiate better terms with our suppliers. And as part of the process, we just slightly delayed the purchase of equipment and parts associated with it. That's it.

我是娜塔莎。謝謝你的提問。不，這跟那件事無關。只是時間問題。我們正在繼續與供應商協商更好的條款。作為談判的一部分，我們只是稍微推遲了相關設備和零件的採購。就是這樣。

I have before I turn it over is to capital allocation. You talked about returning capital to shareholders. Can you talk about, Jamie, the priorities in order, like what will you address first? I know you have your buyback that's expiring in a little bit. Would you renew that? Would you consider buying back shares at these levels?

在轉入正題之前，我想先談談資本配置。您之前提到了向股東返還資本。傑米，您能按順序談談優先事項嗎？例如，您會先解決哪些問題？我知道您的回購計劃很快就要到期了。您會續簽嗎？您會考慮以目前的水平回購股票嗎？

Yes. Thanks, Anita, for the question. Yes, we did indicate in the press release that we will be renewing the buyback program. And in my remarks, I indicated that the primary focus of the increased cash flow will be to strengthening our balance sheet. We do have as I said, $800 million in debt maturities over the course of the next 15 months or so. So we want to be well positioned with cash on hand to have the ability to repay that from our balance sheet if that's we decided to take. So -- but we're still paying very healthy shareholder returns. The dividend is 50% of the free cash flow that we generated in the quarter. So that will continue to be the focus of our shareholder capital return program.

是的。謝謝Anita的提問。是的，我們確實在新聞稿中表示將延續回購計畫。我在先前的發言中也提到，增加現金流的主要重點將用於增強我們的資產負債表。正如我所說，我們未來15個月左右將有8億美元的債務到期。因此，我們希望擁有充足的現金，以便在我們決定償還債務時能夠從資產負債表中償還這些債務。但我們仍然支付著非常健康的股東回報。股息占我們本季產生的自由現金流的50%。因此，這將繼續成為我們股東資本回報計畫的重點。

Okay. So first debt repayment and then secondly, the potential increase in dividends or just maintaining the dividend?

好的。那麼首先要償還債務，然後是股息的潛在增加，還是只是維持股息？

I'd say maintaining the dividend for now. We'll look at that repayment and just further strengthening the balance sheet, providing financial flexibility and we'll be opportunistic with respect to the share buyback. It's there for that reason. In the first quarter, we saw the gold price move and our share price didn't. So we stepped in to a small extent, but that's what we'll use that for going forward.

我認為目前維持股利。我們會考慮償還股息，進一步增強資產負債表，提供財務彈性，並把握機會進行股票回購。這就是我們進行股票回購的原因。第一季度，我們看到金價波動，而我們的股價卻沒有波動。所以我們小幅介入，但這就是我們未來將要利用的。

Your next question comes from the line of 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 all of the progress in so many dimensions. I'm trying to imagine how the mine planning might evolve in the new zone that's east of East code over 1,000 meters east and deep. Would that likely be another shaft 1,000 meters to the East? Or would that be a ramp from deep since the project plunges in that direction. First question.

祝賀您在如此多方面取得的進展。我正在設想，在東區以東1000多公尺深處的新區域，礦山規劃將如何發展。那可能是在東邊1000公尺處再建一座豎井嗎？或者，由於專案是朝那個方向推進的，那會是一個從深處延伸的斜坡。第一個問題。

Second question, the grade intercepts in the mid-300 meters at Detour is underground targets. Does that suggest that the pit doesn't need to go to 550 meters, and it's more economic to mine from underground, which of course solves the problem of waste dumps and where to put the waste stripping because the underground mining is less disruptive.

第二個問題，Detour 礦區約 300 公尺的品位截距是地下目標。這是否意味著礦坑不需要挖到 550 公尺深，地下開採更經濟？這當然也解決了廢料堆和廢料剝離地點的問題，因為地下開採的破壞性較小。

Thank you, John. Dominique speaking. Yes, for the scenario is good, the team are looking at a different scenario. So now the shaft, we're going to be able to skip from that shaft 12,000 tonnes per day, including the waste. And that's going to be the limit of this one and the ramp. There's also a limit going with the ramp. So we need to have another exit to get the ore out. So that could be a second shaft that could be also a new ramp maybe going through the more the modern east Malartic zone first.

謝謝約翰。我是多明尼克。是的，目前的方案很好，團隊正在研究不同的方案。現在這個礦井，我們每天能夠從礦井中運出12,000噸，包括廢料。這將是這個礦井和斜坡的極限。斜坡也有極限。所以我們需要另一個出口來運出礦石。所以這可能是第二個礦井，也可能是新的斜坡，也許會先穿過更現代的東馬拉特克帶。

So there's different opportunity into play. And the team is also looking how that could -- what is the most efficient way to do that shaft, is it by, let's say, doing a ventilation raise that we're going to turn into a shaft? Is it to do it like we're doing right now? I cannot give you what's going to be the scenario for now, but there is people on that, and we just added 6 resources to be able to digest and to look to all those scenarios.

所以，存在著不同的機會。團隊也在研究如何實現這一點——最有效的豎井施工方法是什麼？是先把通風井提升到豎井，然後再把它變成豎井嗎？還是像我們現在這樣？我目前無法給出具體的方案，但已經有人員在研究這個問題，我們剛剛增加了6個資源，以便能夠消化和研究所有這些方案。

And John, it's the right question that you're asking. In this case, because the mill is unconstrained, we really wanted, as Dominique said, get more tons up. If it was -- if the mill was constrained, then it becomes a question, what's more economic to access at a shaft versus a ramp. In this case, and again, it will be up to the engineers because the mill is unconstrained, as we all know, we're going to have 40,000 tonnes a day available. To the extent you have this ginormous ore body, you want to bring up tons.

約翰，你問得對。在這種情況下，由於磨機不受限制，正如多明尼克所說，我們真正想要的是提升更多噸位。如果磨機受到限制，那麼問題就來了：從豎井開採還是從斜坡開採更經濟。在這種情況下，還是那句話，這取決於工程師，因為磨機不受限制，眾所周知，我們每天將有4萬噸的產量。鑑於擁有如此巨大的礦體，你當然希望提升噸位。

And just for clarification, Dominique mentioned the roughly 11,000 tonnes a day on the shaft, there's roughly the equivalent amount on the ramps coming up. So we're going from 22,000 tonnes a day, and we would look at getting higher.

為了澄清一下，多明尼克提到豎井每天輸送約1.1萬噸，而即將上行的斜坡輸送量也大致相同的。所以我們的日輸送量從2.2萬噸開始，並且我們計劃繼續提高。

Yes. In fact, it is 19,000 tonnes per day from the shaft, but that include waste. So the rest of the ore is coming from the ramp to end up to 20,000 tonnes per day.

是的。實際上，礦井每天的產量是1.9萬噸，但這已經包括廢料了。所以剩下的礦石都是從斜坡運來的，最終產量達到每天2萬噸。

And for the second part of your question, John, about Detour, it's the -- we're -- with exactly what you described, considering the launch of the ore body, you see that there is not much in the first 300 meter and it just keeps on plunging. And therefore, considering the grade and the fact of that thing, that seems to be kind of pretty good for underground. And what also, as you described, meaningless disturbance, less waste, and you can access to that higher-grade part and since a detour, we're going to be maximizing the feed at the mill. But now it's a trigger, can we get a better grid. And obviously, we're going to get a better grade if we go to that area from underground with the ramp more selective into the ore body. So for all of the reasons you described makes more sense to go in that Western part of the deposit and having eventually, as we describe a combined open pit and underground scenario in the future.

約翰，關於你問題的第二部分，關於繞行，正如你所描述的，考慮到礦體的開採，你會發現前300米礦體並不多，而且一直在下降。因此，考慮到品味和其他因素，這種地下開採方式似乎相當不錯。而且，正如你所描述的，這種繞行方式不會造成任何干擾，浪費更少，而且你可以進入品位更高的區域。由於採用了繞行方式，我們可以最大限度地提高磨機的進料量。但現在有一個問題：我們能否獲得更好的進料網格？顯然，如果我們從地下進入該區域，並更有選擇性地使用坡道進入礦體，我們將獲得更好的品位。因此，基於你所描述的所有原因，進入礦床西部更有意義，最終，正如我們所描述的，未來將採用露天和地下相結合的方案。

If I could follow up on the east of East Odyssey. Do you have information about the 1,000 meters in between? Had you drilled in between? Or is this just virgin ground in -- for the 1,000 meters East?

我能不能跟進一下東奧德賽東部的情況？您有中間1000公尺的資訊嗎？您在那裡鑽過井嗎？還是說，對於東1000公尺來說，這只是一塊未開發的土地？

No, no. We have information in between, and we already had some loose drilling that was showing some economic intercept. And we already have something that do not yet qualify infer because the drilling pattern is to lose. What we were pleasantly surprised, although was that we were kind of seeing a pattern to the east of scud that the zone was getting a bit narrower and more in the 10 or 5 to 10 meters, still a decent grade. What we were pleasantly surprised to see is that the zone is getting back to 30, 33 meters between 3% and 4.5%. So that was a bit unexpected because I was thinking that the tick was within the plunge of the typical or shoot of the ore body. But we were kind of presently surprised to see the system swelling again, still with some good grade between 3 and 4. And we have information in between. So eventually, you can -- and you can see on our -- the graph that there's already some reserve and then we move to resources and then some mineral inventory. And all of that, we're going to continue to drill because as you remember, we only have 9 million ounces in the plan Odyssey. But on total, there is 16 million ounces underground plus in minority.

不，不。我們掌握了介於兩者之間的信息，而且我們已經進行了一些鬆散的鑽探，顯示出一些經濟截距。而且，由於鑽探模式是虧損的，我們目前還無法推論出什麼。然而，令我們驚訝的是，我們看到了Scud以東的一個模式，該區域變得更窄，深度在10米或5到10米之間，但仍然保持著不錯的品味。更讓我們驚訝的是，該區域正在回升到30到33米，品味在3%到4.5%之間。這有點出乎意料，因為我之前以為這個刻度是在礦體典型值或礦體上升點的下降範圍內。但我們目前有點驚訝地看到，系統再次膨脹，仍然有一些3到4級的良好品味。我們掌握了介於兩者之間的資訊。所以最終，你可以——你可以在我們的圖表上看到——已經有一些儲量，然後我們轉向資源量和一些礦產庫存。我們將繼續鑽探所有這些，因為你們還記得，奧德賽計畫中只有900萬盎司的黃金。但整體而言，地下還有1600萬盎司，還有少量。

So all of that is in lower category, and we're going to continue to tightfill the area between the current reserve and this area with a specific attention to this area when it seems to be thicker again.

因此，所有這些都屬於較低的類別，我們將繼續緊密填充當前儲備區和該區域之間的區域，並特別關注該區域，當它似乎再次變得更厚時。

So it is underlining pinches and swells, and you have to drill you just can't project.

因此，它強調了收縮和膨脹，你必須鑽研，而不能投射。

Well, but it does, but at a large scale, the core of (inaudible) is typically very, very thick up to 50, 55 meters, and it was kind of progressively getting from 50, 60 towards, let's say, more 10 meter and all of a sudden, it's going back to 30 meters. But it's not... It's not pinching and swelling on small scale. It's kind of very kind of large-scale progressive benching that is back swelling.

嗯，確實如此，但從大尺度來看，（聽不清楚）核心通常非常厚，最厚可達50到55米，它的厚度會逐漸從50到60米增加到，比如說，10多米，然後突然又回到30米。但這不是……它不是小尺度的收縮和膨脹。這是一種非常大規模的漸進式台階，也就是回縮。

Your next question comes from the line of Tanya Jakusconek from Scotia Bank.

您的下一個問題來自加拿大豐業銀行的 Tanya Jakusconek。

Great. Congrats on a good quarter and good exploration results as well. I'm going to start with Natasha, if I could on Detour. A couple of questions there. I just want to understand the cash so what exactly is happening between the ball and the themes and the SAG mill. I just want to understand getting that balance what needs to be done. And then I'm trying to understand this grinding media. Have you resolved the issue there with these -- the grinding media getting caught in the mill?

太好了。恭喜您本季業績良好，勘探成果也不錯。如果可以的話，我想先從 Natasha 開始，聊聊 Detour 的事。我有幾個問題。我想了解現金流，球磨機、主題磨機和半自磨機之間到底發生了什麼事。我想了解如何實現這種平衡，需要做些什麼。然後我想了解研磨介質的問題。研磨介質卡在研磨機裡的問題解決了嗎？

And thanks for the question. So let's start with the grinding media. So the grinding media is basically these 5-inch steel balls, they are consumables that are going into the SAG and it's grinding the ore. And so what we have seen is very abnormal is that these balls are pretty much chipping and flaking. And so it's accumulating steel in this mill.

謝謝你的提問。我們先從研磨介質說起。研磨介質基本上就是這些5吋的鋼球，它們是消耗品，會進入半自磨機（SAG）研磨礦石。我們看到的異常情況是，這些鋼球經常出現碎裂和剝落。鋼球在磨機裡堆積。

We're working with our suppliers. This is a supplier that we've used for 10 years, and they're on it. They're working with us on this. We have new grinding media that was introduced sometime in mid-March. And so far, it's yielded favorable results, but it's still early days, but working with them and we're looking to resolve this issue fairly soon.

我們正在與供應商合作。這家供應商我們已經合作了10年，他們正在努力解決這個問題。他們正在與我們合作。我們在三月中旬推出了新的研磨介質。到目前為止，效果良好，但目前還處於初期階段，我們正在與他們合作，希望很快就能解決這個問題。

And then is this media or was it just a bad batch that maybe you got or I don't know.

那麼這是媒體嗎？或者這只是一批不好的媒體，也許你收到了，或者我不知道。

In conclusive, we're doing the investigation with our suppliers and a third party. Okay. And then this year, with respect to SAG and ball mills, we're just optimizing the grinding efficiency and trying to find that old balance between the SAG and the ball mill. And there's a few things that we're doing in here. We're introducing a new instrumentation in the SAG mill just to stabilize the operating conditions. We're optimizing the screen and great sizing to improve the flow and the distribution of the load. And we're also testing new liners basically just to extend the line of life. That's basically what we're doing on the front end.

總而言之，我們正在與供應商和第三方進行調查。好的。今年，關於半自磨機和球磨機，我們正在優化研磨效率，並試圖找到半自磨機和球磨機之間的平衡點。我們正在做一些這方面的工作。我們正在為半自磨機引入新的儀表，以穩定運行條件。我們正在優化篩網並優化尺寸，以改善流量和負載分佈。我們也正在測試新的襯板，主要是為了延長襯板的使用壽命。這些基本上就是我們在前端所做的工作。

Okay. So it's just trying to get that balance between the 2 to just make it consistent. Is that a fair view of that?

好的。所以，我們只是想在兩者之間找到平衡，使其保持一致。這樣說合理嗎？

Yes, fair.

是的，公平。

Okay. And then the second part on Detour is we do have that study coming out in -- at the end of the second quarter. From a conceptual basis, should I be thinking that it's going to be based on that 1.6 million ounce resource of the underground that was released in February, plus some additional ore or additional resources or inferred that are coming in from part of the pit?

好的。關於Detour的第二部分，我們確實會在第二季末發布這項研究。從概念上講，我是否應該認為它將基於2月釋放的160萬盎司地下資源，再加上一些額外的礦石或其他資源，或者推斷出來自部分礦坑的資源？

You're right. Yes, you're right, Tanya. So as we are relooking at within the outbid that you described for the inferred that we produced that year. And also when you look at the larger resource pit that we show in blue on the long section, so what portion of that could we mine quicker by accessing underground. And so it will be a combined kind of what could be within the resource pit, what is outside to the West. You're right.

你說得對。是的，Tanya，你說得對。所以，我們正在重新審視你所描述的出價，以推斷我們當年的產量。另外，你看看我們在長圖上用藍色表示的更大的資源坑，我們可以透過進入地下更快開採其中的哪些部分？所以，這將是資源坑內部和外部西部資源的綜合體。你說得對。

So it's not going to be any new additional ounces within your resource envelope.

因此，您的資源範圍內不會增加任何新的額外盎司。

No, we're still -- the study we will be producing will still be based on the number we produced at year-end. But we are -- obviously, we are still working on the next scenario that continue to integrate all of those nitro. We have those, let's say, an additional kind of mineral inventory that could help at enanthing. But what we will be looking in the PEA will be the number from what we've had in and at the year-end 2023. So as you don't picture shot at certain point in time that we're going to continue to update over time.

不，我們仍然——我們將進行的研究仍將基於我們在年底生產的數量。但顯然，我們仍在研究下一個方案，繼續整合所有這些硝基。我們擁有這些，比如說，一種額外的礦物庫存，可以幫助實現目標。但我們在初步經濟評估中關注的將是我們在2023年以及2023年底擁有的數量。所以，雖然你無法想像某個時間點的數據，但我們會隨著時間的推移不斷更新。

Okay. No, that's great. And then my second question maybe for Natasha and Domininique. I just wanted to ask on -- just -- and I asked this for Newmont yesterday as well, is just on the costing side. Margins are -- we're finally seeing margins, strong margins out of the gold companies. And I just want to get an idea on the costs, the inflationary pressures, if any, have they eased? Or are you seeing any relief, any pressures on your cost structure?

好的。不用了，太好了。我的第二個問題想問娜塔莎和多明尼克。我昨天也問了紐蒙特的問題，就是成本的問題。利潤率－我們終於看到了黃金公司的利潤率，非常強勁。我想了解成本方面的情況，如果有的話，通膨壓力有沒有減輕？或者說，你們的成本結構有沒有減輕壓力？

It's Dominique. I will say on the inflation, it is stabilizing and maybe getting down a bit on the workforce contractor, I would say. So this is a good news. But I think what we need to protect to keep the margin is cotton. So this is the part where I think we need to be disciplined to keep the margin and I don't see any big inflation coming because of the gold price increase. I see just the danger that we need to be careful that we don't play too much with the cut of grade or we take stable cut of rate, it is more our philosophy.

多米尼克。我想說的是，通膨正在穩定，對勞動承包商的影響可能有所下降。所以這是個好消息。但我認為，為了維持利潤，我們需要保護的是棉花。所以，我認為我們需要嚴格控制這部分利潤，而且我認為由於金價上漲，不會有任何大幅通膨。我只是看到了一些風險，我們需要謹慎行事，不要過度操縱等級，或採取穩定的降價率，這更像是我們的理念。

Yes. And on my side, Tanya, we don't see any rise in costs. We're pretty stable from an inflation point of view. But we're continuing our efforts with renegotiating with our suppliers and finding the best optimal pricing that we can.

是的。 Tanya，就我而言，我們的成本沒有上漲。從通貨膨脹的角度來看，我們的成本相當穩定。但我們正在繼續努力與供應商重新談判，盡可能找到最佳的最優價格。

We just had our Board meeting yesterday and really, Tanya, the emphasis there was how do we reduce costs. I mean, so we're working hard on making sure that the margin goes to our ownership.

我們昨天剛開完董事會，Tanya，會議的重點是如何降低成本。我的意思是，我們正在努力確保利潤歸屬於我們的所有者。

And Tanya, maybe it's a smaller drop in the overall cost structure. But in the drilling industry as well, which is an old contractor base. We've seen some easing into the cost. There's a bit less activity, and we've seen some reduction in cost in the drilling. So overall, we're quite pleased with that.

Tanya，也許整體成本結構降幅較小。但在鑽井行業也是如此，這是一個老牌承包商。我們看到成本下降。鑽井活動略有減少，鑽井成本也有所下降。所以總的來說，我們對此感到相當滿意。

And can I just ask about cyanide and steel? Newmont mentioned yesterday that they saw slight increases there? I'm just trying to see if that's the same for you guys.

我可以問一下氰化物和鋼鐵的價格嗎？紐蒙特昨天提到他們那裡的價格略有上漲？我只是想看看你們的情況是否也是一樣。

We haven't seen anything material.

我們還沒有看到任何實質的東西。

Okay. That's helpful. And if I could just put one last exploration question and from Guy. Gave us a lot of interesting results that you're getting, and it looks like these things are getting bigger. For us, when do you think the market is going to be ready to get some results, some conceptual views of what this could be. I think we talked about Hope Bay maybe having something in 2025. Is that still fair that we would have something...

好的。這很有幫助。我想問最後一個探索性的問題，蓋伊。你給了我們很多有趣的結果，而且看起來這些事情變得越來越重要。對我們來說，你認為市場什麼時候才能準備好看到一些結果，一些關於未來發展的概念性觀點。我想我們討論過希望灣可能在2025年有所進展。我們說會有一些進展，這公平嗎？

It is still fair. So we're going to be obviously focusing on bringing that new area to infer and indicated as possible. That's really what we are all over at the moment so that we can put that. So you're right, be some win in 2025, we should be in a position, especially with those better results recently to provide you with an update.

這仍然是公平的。所以我們顯然會專注於盡可能推斷和指示這個新領域。這正是我們目前所做的，以便我們能夠做到這一點。所以你說得對，如果在2025年取得一些勝利，我們應該能夠，尤其是考慮到最近取得的這些更好的結果，來向你提供最新進展。

And then can I ask about Odyssey. We've got obviously upside to the east, upside to the west. I know it's all drilling dependent, but when do you think you'll be ready? Is it a couple of years that we need to wait to see something conceptual? I'm just trying to put a time line.

然後我可以問一下奧德賽項目嗎？我們顯然在東部和西部都有上行潛力。我知道這都取決於鑽探情況，但您認為什麼時候能做好準備？是不是要等幾年才能看到一些概念成果？我只是想設定一個時間表。

Yes, it is drilling driven. We're going to have internal scenario coming in the second half of this year. I cannot submit when we're going to have something more robust on that.

是的，這是鑽探驅動的。我們將在今年下半年推出內部方案。我無法確定何時能有更強有力的方案。

It will be drilling driven, as Dom said. So your time line is not far off, Tanya.

正如Dom所說，它將由鑽井驅動。所以你的時間表並不遙遠，Tanya。

Great. Congratulations.

太好了！恭喜你。

Thank you. And that concludes the Q&A portion of today's call. I would like to turn it back to Mr. Al-Joundi for closing remarks.

謝謝。今天電話會議的問答環節到此結束。我想請茱蒂先生作最後發言。

Thank you, operator, and thank you, everyone, for participating this morning. As a reminder, we are hosting our Annual General Meeting today at 11:00 a.m. at the Arcadia Court in Toronto, and we hope to see some of you there. Thank you, everyone, and have a great weekend. Bye-bye.

謝謝接線員，也謝謝大家今天早上的參與。提醒一下，我們今天上午11點將在多倫多Arcadia Court舉辦年度股東大會，希望屆時能見到大家。謝謝大家，祝大家週末愉快。再見。

Thank you, presenters. And ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

謝謝各位主持人。女士們，先生們，今天的電話會議到此結束。感謝各位的參與。現在可以掛斷電話了。