Agnico Eagle Mines Ltd (AEM) 2024 Q2 法說會逐字稿

Good morning, my name is Lara and I'll be your conference operator today. At this time, I would like to welcome everyone to the Agnico Eagle Q2 2024 conference call. (Operator Instructions)

早安，我叫勞拉，今天我將擔任您的會議操作員。此時此刻，我歡迎大家參加 Agnico Eagle 2024 年第二季電話會議。（操作員說明）

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

謝謝。Ammar Al-Joundi 先生，您可以開始會議了。

Good morning and thank you for joining us today. We are very excited to be reporting another exceptional quarter and to share with you some of the important work that teams are focused on to create additional value. Some of the highlights this quarter include continued strong operational performance with excellent cost control.

早安，感謝您今天加入我們。我們非常高興能夠報告另一個出色的季度，並與您分享團隊專注於創造額外價值的一些重要工作。本季度的一些亮點包括持續強勁的營運業績和出色的成本控制。

This focus on cost control has allowed us to deliver, for our owners, tremendous leverage to increased gold prices, as demonstrated by our third consecutive quarter of record-free cash flow. A significantly strengthened investment-grade balance sheet with over $900 million of cash at quarter end and $250 million of debt repaid in July.

對成本控制的關注使我們能夠為我們的所有者提供巨大的槓桿來提高金價，正如我們連續第三個季度創紀錄的自由現金流所證明的那樣。投資等級資產負債表顯著增強，季末現金超過 9 億美元，7 月償還債務 2.5 億美元。

We continue our longstanding commitment to shareholder returns with $50 million in share buybacks in the quarter and almost $200 million paid out in the quarterly dividend, marking over 40 years of consecutive quarterly dividends.

我們繼續履行對股東回報的長期承諾，本季度回購了 5,000 萬美元的股票，並支付了近 2 億美元的季度股息，這標誌著我們已連續 40 多年派發季度股息。

Prudent, measured, and importantly, economically-driven reinvestment into the business, including approximately $50 million of supplemental exploration budget focused primarily on Detour, Malartic, and Hope Bay and based on exceptional ongoing exploration results and announcing the next steps to developing the Upper Beaver Mine and expanding Detour to potentially over 1 million ounces a year of annual production, both investments based on exceptional projected risk-adjusted economic returns.

審慎、謹慎且重要的是經濟驅動的業務再投資，包括約 5,000 萬美元的補充勘探預算，主要集中在 Detour、Malartic 和 Hope Bay，並基於正在進行的出色勘探結果並宣布開發 Upper Beaver 的後續步驟開採並將Detour 的年產量擴大到可能超過100 萬盎司，這兩項投資均基於預計的特殊風險調整後經濟回報。

We continue to deliver stable, reliable, consistent operational results safely and responsibly in the most prospective and the most politically stable jurisdictions in the world. With our strong first-half results, we are very well positioned to reiterate our production and cost guidance for 2024.

我們繼續在世界上最具前景和政治最穩定的司法管轄區安全、負責任地提供穩定、可靠、一致的營運結果。憑藉我們強勁的上半年業績，我們完全有能力重申 2024 年的生產和成本指引。

However, before we get into the operational and financial details, I'd like to take a moment to talk about safety and sustainability. The safety of our people, our partners, our communities, and our environment is paramount. Nothing is more important. I'm proud to say we had another strong quarter on the safety and sustainability front.

然而，在我們討論營運和財務細節之前，我想花點時間談談安全和永續性。我們的人民、合作夥伴、社區和環境的安全至關重要。沒有什麼比這更重要的了。我很自豪地說，我們在安全和永續發展方面又經歷了一個強勁的季度。

This performance has been recognized by our peers with our teams recently winning several industry awards, including, to name just a few, on the safety front, from the Canadian Mining Institute -- I'm sorry, from the Canadian Institute of Mining, the John T. Ryan Safety Awards for 2023 for Eastern Canada to Canadian Malartic, for the Prairie Provinces and Territories to Meliadine, and for Canada nationally to Goldex.

我們的這一表現得到了同行的認可，我們的團隊最近贏得了多項行業獎項，其中僅舉幾例，在安全方面，來自加拿大礦業協會——對不起，來自加拿大礦業協會、加拿大東部2023 年John T. Ryan 安全獎授予Canadian Malartic，草原省份和地區授予Meliadine，加拿大全國授予Goldex。

Our Mine Rescue Competitions -- At the Mine Rescue Competitions our mines won a total of eight awards, including five first-place awards. On the sustainability front, Agnico Eagle's LaRonde complex was awarded the 2024 Towards Sustainable Mining Environmental Excellence Award, presented by the Mining Association of Canada, and we also recently released our inaugural Reconciliation Action Plan and our 2023 Climate Action Report. As Sean Boyd, our chairman and longtime CEO, often says, it's not just what you do, but how you do it. So, well done to the teams.

我公司礦山救援競賽－在礦場救援競賽中，我公司礦場共獲得八個獎項，其中一等獎五個。在永續發展方面，Agnico Eagle 的 LaRonde 綜合設施榮獲加拿大礦業協會頒發的 2024 年永續採礦環境卓越獎，我們最近也發布了第一份和解行動計畫和 2023 年氣候行動報告。正如我們的董事長兼長期執行長 Sean Boyd 經常說的那樣，重要的不僅僅是你做什麼，而是你如何做。所以，團隊做得很好。

In our first quarter call earlier this year, with gold prices and our revenue up significantly, we chose -- in that call, not to focus on the record cash flows we generated, but instead to focus on cost control. We wanted to emphasize cost control because, while we don't control the gold price, we can work hard to control costs, and it is our strongly held and fundamental view that the benefit of higher gold prices must go to our owners, not to higher costs, and certainly not to bad projects.

在今年稍早的第一季電話會議中，隨著金價和我們的收入大幅上漲，我們選擇不專注於我們產生的創紀錄的現金流，而是專注於成本控制。我們之所以要強調成本控制，是因為雖然我們無法控制金價，但我們可以努力控製成本，而且我們堅信金價上漲的利益必須歸於我們的所有者，而不是歸於我們的所有者。肯定不會是個糟糕的項目。

Our performance in this second quarter demonstrates that this focus on cost control is real, and this focus is delivering results for our owners with Q2 cash costs at $870 an ounce. I can tell you, with quite a bit of pride, that at every mine, at every call, at every meeting, the teams remain laser-focused not only on cost control but on continuous improvement to make our operations more efficient, more productive, and to offset cost inflation where we can.

我們第二季的業績表明，對成本控制的關注是真實的，而這種關注正在為我們的所有者帶來成果，第二季現金成本為每盎司 870 美元。我可以自豪地告訴您，在每個礦場、每次電話、每次會議，團隊不僅專注於成本控制，而且專注於持續改進，使我們的營運更有效率、生產力更高，並儘可能抵消成本上漲。

And as we continue to deliver record cash flows, and as we continue to accrue cash on our balance sheet, our focus is not only on continued cost control but also on continued discipline when it comes to capital allocation. This is your money. We remain as committed to disciplined capital allocation at $2,300 gold, at $2,400 gold, as we were at $1,800 gold.

隨著我們繼續創造創紀錄的現金流，隨著我們繼續在資產負債表上累積現金，我們的重點不僅是持續的成本控制，而且還包括在資本配置方面的持續紀律。這是你的錢。我們仍然致力於在 2,300 美元黃金、2,400 美元黃金和 1,800 美元黃金時進行嚴格的資本配置。

In fact, the projects we will talk about today Canadian Malartic, Detour Underground, Upper Beaver -- are exactly the same projects we talked about a year ago when gold prices were $1,800. We are moving ahead in exactly the same manner, at exactly the same measured pace as we guided at the beginning of the year.

事實上，我們今天要討論的 Canadian Malartic、Detour Underground、Upper Beaver 專案與一年前金價為 1,800 美元時討論的專案完全相同。我們正以與年初指導的完全相同的方式、完全相同的步伐前進。

As a reminder, at Detour Underground, we're investing in an exploration ramp and bulk sample to de-risk the project. At Upper Beaver, we are investing in an exploration shaft, a shallow ramp, and bulk samples to de-risk the project. Again, these are the same projects and the same steps we guided in both February and April.

提醒一下，在 Detour Underground，我們正在投資勘探坡道和批量樣品，以降低專案風險。在Upper Beaver，我們正在投資一個勘探井、一個淺坡道和大量樣品，以降低專案風險。同樣，這些是我們在二月和四月指導的相同項目和相同步驟。

Total spent for both of these combined is expected to be about $100 million a year over the next three years. This is a measured and responsible approach. These are great projects with great economics, with tremendous upside to expand and extend mine lives. They are straight down the fairway of what we do and what we've done. These are not new projects -- in countries we've never been to before. They are in our backyard, and we've done our homework. We have the people, the skills, the resources to take these projects prudently to the next level. Again, we're talking about $100 million a year over the next three years.

未來三年，這兩項費用的總支出預計每年約為 1 億美元。這是一種謹慎且負責任的做法。這些都是偉大的項目，具有巨大的經濟效益，具有擴大和延長礦山壽命的巨大優勢。它們直接符合我們所做的事情和我們已經做過的事情。這些並不是新項目——在我們以前從未去過的國家。他們在我們的後院，我們已經完成了我們的作業。我們擁有人員、技能和資源，可以審慎地將這些項目提升到一個新的水平。我們再次討論的是未來三年每年 1 億美元。

Our goal is to deliver projects that not only have a great return on capital, but also a great risk-adjusted return on capital. That's what we mean by disciplined capital allocation, and that's what we aim to deliver with these investments into the business.

我們的目標是交付不僅具有較高資本回報率，而且具有較高風險調整資本回報率的項目。這就是我們所說的嚴格資本配置的涵義，也是我們透過這些投資所實現的目標。

And with that introduction and summary, I now turn the presentation over to our CFO, James Porter, who will go over our financial results. Jamie?

有了這些介紹和總結，我現在將簡報交給我們的財務長詹姆斯波特，他將審查我們的財務表現。傑米？

Thank you, Ammar. As mentioned, we have had a very strong first half of the year, delivering consistent operational results and excellent cost performance. In the current higher gold price environment, our focus has been on ensuring that the benefit of higher prices accrues to the bottom line and that we deliver strong financial results, and we've certainly demonstrated that this quarter.

謝謝你，阿瑪爾。如前所述，我們上半年的表現非常強勁，實現了一致的營運表現和出色的性價比。在當前金價上漲的環境下，我們的重點一直是確保金價上漲的好處計入利潤，並確保我們實現強勁的財務業績，本季度我們確實證明了這一點。

We generated record financial results for a third consecutive quarter, with adjusted EBITDA of approximately $1.2 billion and free cash flow of over $0.5 billion in the second quarter. One of the key drivers to our strong financial results has been our focus on cost control. Cash costs were below the low end of our guidance in the quarter, driven by the strong operating results and the benefit of the weaker Canadian dollar, which was partially offset by higher royalty costs, which are linked to the gold price.

我們連續第三個季度創造了創紀錄的財務業績，第二季調整後 EBITDA 約為 12 億美元，自由現金流超過 5 億美元。我們強勁財務表現的關鍵驅動力之一是我們對成本控制的關注。受強勁的經營業績和加元疲軟的推動，現金成本低於我們本季指引的低端，但與金價相關的特許權使用費成本上升部分抵消了這一影響。

With respect to all-in sustaining costs, we came in at $31 an ounce below the low end of guidance. This was driven by the lower cash costs as well as deferred sustaining capital. We do expect our all-in sustaining costs to increase in the third quarter as we catch up on sustaining capital. Our all-in sustaining costs are hundreds of dollars per ounce below our peers, and our all-in sustaining cost margin increased to 50% in the quarter, which is amongst the best in our industry.

就整體維持成本而言，我們的價格為每盎司 31 美元，比指導低端低。這是由較低的現金成本以及遞延的維持資本所推動的。我們確實預計，隨著我們趕上維持資本，我們的整體維持成本將在第三季增加。我們的總維持成本每盎司比同業低數百美元，本季我們的總維持成本利潤率提高到 50%，在業界名列前茅。

Taking a closer look at our financial highlights, our revenues increased by 21% over the second quarter of 2023 to over $2 billion. Importantly, our adjusted EBITDA increased by 33%, and our free cash flow increased by over 80% when compared to the prior year period. On an adjusted basis, net income per share was $1.07 in the second quarter, a 65% increase relative to the prior year. Overall, we had strong financial results for the quarter and first half of the year.

仔細觀察我們的財務亮點，我們的營收比 2023 年第二季成長了 21%，達到超過 20 億美元。重要的是，與去年同期相比，我們調整後的 EBITDA 成長了 33%，自由現金流增加了 80% 以上。調整後，第二季每股淨利為 1.07 美元，較上年同期成長 65%。整體而言，我們本季和上半年的財務業績強勁。

If we move on to slide five, during the quarter, we significantly strengthened our balance sheet, increased our liquidity to $2.9 billion, and reduced our net debt to under $1 billion, all supported by record-free cash flow. We also increased returns to shareholders through $50 million of share buybacks. In July, we repaid $100 million of senior notes on maturity. We also made an accelerated payment of $150 million on our $600 million term loan facility, bringing our total debt repayment subsequent to quarter end to $250 million.

如果我們繼續看第五張投影片，在本季度，我們顯著加強了資產負債表，將流動性增加到29 億美元，並將淨債務減少到10 億美元以下，所有這些都得到了創紀錄的自由現金流的支持。我們也透過 5000 萬美元的股票回購增加了股東回報。7月份，我們償還了到期的1億美元優先票據。我們還加速支付了 6 億美元定期貸款融資中的 1.5 億美元，使季度末後的債務償還總額達到 2.5 億美元。

We continue to prioritize returns to shareholders, with our dividend and share buybacks representing nearly 50% of the free cash flow we generated in the first half of the year. We plan to continue to strengthen our balance sheet, reinvest in the business, and opportunistically buy back shares.

我們繼續優先考慮股東回報，股息和股票回購占我們上半年產生的自由現金流的近50%。我們計劃繼續加強我們的資產負債表，對業務進行再投資，並伺機回購股票。

We move on to slide six. This slide really highlights our disciplined approach to capital allocation. When comparing to what we budgeted at the start of the year using the $1,800 gold price, we now forecast generating an additional $1 billion of incremental after-tax cash flow. We expect that approximately 80% of that incremental after-tax cash flow will be allocated to continued strengthening of our financial position and share buybacks.

我們繼續看第六張投影片。這張投影片確實凸顯了我們嚴格的資本配置方法。與我們年初使用 1,800 美元金價進行的預算相比，我們現在預測將產生額外 10 億美元的增量稅後現金流。我們預計增量稅後現金流的約 80% 將用於持續加強我們的財務狀況和股票回購。

We also continue to reinvest in our business. We focus on projects with solid risk-adjusted returns and advance them in a phased, measured manner with incremental capital spending. We are also providing a supplemental exploration budget of $50 million for this year, based on the positive drill results we've seen in some of our key projects that Guy will go over later in the presentation.

我們也繼續對我們的業務進行再投資。我們專注於具有可靠的風險調整回報的項目，並透過增量資本支出分階段、可衡量的方式來推進這些項目。我們還根據我們在一些關鍵項目中看到的積極鑽探結果，為今年提供了 5000 萬美元的補充勘探預算，蓋伊將在稍後的演示中討論這些結果。

While we continue to focus on our portfolio of high-quality internal growth projects, we complement this with our strategy of acquiring strategic toehold positions and emerging high-quality opportunities, just something that Agnico Eagle has done for decades.

在我們繼續專注於高品質內部成長專案組合的同時，我們也透過獲取策略立足點和新興高品質機會的策略來補充這一點，這正是 Agnico Eagle 幾十年來所做的事情。

The theme of our first quarter conference call was cost discipline. This quarter, we want to highlight that we also remain very focused on capital discipline. We're taking a measured approach with our organic growth projects, again, to ensure that the benefit of rising gold prices accrues to our balance sheet and to our shareholders.

我們第一季電話會議的主題是成本紀律。本季度，我們想強調的是，我們仍然非常關注資本紀律。我們再次對有機成長項目採取審慎的方法，以確保金價上漲的好處惠及我們的資產負債表和股東。

I'll now turn the call over to Dom, who will provide an overview of our operational results.

我現在將把電話轉給 Dom，他將概述我們的營運結果。

Thank you, Jamie. Good morning, everyone. Today, I will cover all the operations I liked on behalf of Natasha and myself. I will also provide an update on the DC, and Natasha will provide an update on Detour and on Upper Beaver Pipeline project.

謝謝你，傑米。大家，早安。今天，我將代表娜塔莎和我自己介紹所有我喜歡的操作。我還將提供有關 DC 的最新信息，Natasha 將提供有關 Detour 和 Upper Beaver Pipeline 項目的最新信息。

In Q2, excellent operational performance all across the board with the quaterly production close to 900,000 ounces, at a cash cost of $870 per ounces, and record operating margin of $1.3 billion. Some of the highlight includes at Canadian Malartic, delivering another strong quarter with the gold production ahead of the plan, mainly with higher throughput at the mill, higher gold recoveries, and higher gold grade as we access higher-grade zone ahead of the schedule. So, overall, an excellent quarter, an excellent first half of the year for Canadian Malartic.

第二季度，營運業績全面出色，季度產量接近 90 萬盎司，現金成本為每盎司 870 美元，營運利潤率創紀錄的 13 億美元。其中一些亮點包括加拿大Malartic，黃金產量提前於計劃實現了另一個強勁的季度，主要是工廠產量增加，黃金回收率提高，並且隨著我們提前進入更高品位區域，黃金品位也更高。因此，總體而言，對於 Canadian Malartic 來說，這是一個出色的季度，也是出色的上半年。

LaRonde also benefited from higher gold grade from a favorable mining sequence. In Ontario, Macassa continued to ramp up its mill throughput, setting another quarterly record in Q2. And at Detour, they achieved a new historical record -- quarterly record about mill availability at 93%, budget was at 91.6. The average mill throughput improved through the quarter with an introduction of new grinding media and some new controls, and they reached, in June, 81,000 tons per day, average.

LaRonde 也受惠於有利的採礦順序帶來的更高的金品位。在安大略省，Macassa 繼續提高其工廠吞吐量，在第二季再創季度紀錄。在 Detour，他們創造了新的歷史記錄——工廠可用性季度記錄為 93%，預算為 91.6。透過引進新的研磨介質和一些新的控制裝置，整個季度磨機的平均吞吐量有所提高，6 月份平均產量達到每天 81,000 噸。

At Fosterville, the mine site focused on increasing mill and mining rate, and they set also new records, so a quarterly record on the ton mine and a monthly record on the ton mill in June. In Nunavut, Meadowbank, Meliadine continue to outperform. Both operations have made good progress to unlock their underground potential, and it is paying off.

在福斯特維爾，礦場專注於提高磨機和採礦率，他們還創造了新的記錄，因此 6 月份噸礦的季度記錄和噸磨機的月度記錄。在努勒維特、Meadowbank，Meliadine 繼續表現出色。這兩項行動都在釋放地下潛力方面取得了良好進展，並且正在取得回報。

Strong performance is a key driver to our excellent total cash cost for the quarter at $870, which is below the low end of our annual guidance. But, as Ammar mentioned, our cost performance is also driven by continuous focus on cost control and optimizing our operations.

強勁的業績是我們本季現金總成本達到 870 美元的關鍵驅動力，低於我們年度指導的下限。但是，正如阿瑪爾所提到的，我們的成本績效也受到持續關注成本控制和優化營運的推動。

Here's some example. Our Nunavut site deserve a gold medal. They have implemented a strong continuous improvement culture, setting stretch targets, and beating them. And on top of that, both of them reach health and safety records in Q2.

這是一些例子。我們的努納武特地區值得獲得金牌。他們實施了強大的持續改進文化，設定了延伸目標並超越它們。最重要的是，他們都在第二季度達到了健康和安全記錄。

The main gains are on the productivity improvement, which affect a very good cash cost performance, but also they are benefiting from cost management discipline, focusing on what matters from them, like the supply chain, flight, sealing inventory, and also energy savings. For example, more recently, they took action to reduce their footprint by closing some buildings that were no longer required, saving on maintenance, but also, more importantly, on energy costs.

主要收益在於生產力的提高，這影響了非常好的現金成本績效，而且他們也受益於成本管理紀律，專注於對他們來說重要的事情，例如供應鏈、航班、密封庫存以及節能。例如，最近，他們採取行動減少佔地面積，關閉了一些不再需要的建築物，節省了維護費用，更重要的是，節省了能源成本。

What we've learned from it, and what is the beauty about the Nunavut success, is the way this has been done, 100% done by site management. It is so great to see the team proud of their achievement. We believe this is the way to grow our talent and to achieve our business goals. So, overall, with our strong performance in the first half, we are highly confident that we can achieve our production and cost guidance for the full year.

我們從中學到的東西，以及努納武特地區成功的美妙之處，就是實現這一目標的方式，100%由現場管理人員完成。很高興看到團隊為他們的成就感到自豪。我們相信這是發展我們的人才和實現我們的業務目標的方式。因此，總的來說，憑藉上半年的強勁表現，我們對實現全年的生產和成本指導充滿信心。

Next slide. With Odyssey project, very well. It is developing on track, so record quarterly mining rate and gold production from the Odyssey South deposit. The RAM development was ahead of the schedule, helped by more tele-remote scoop operation and the addition of the new 65-tonne truck for the hauling fleet.

下一張投影片。與奧德賽項目一起，非常好。它正在按計劃發展，因此奧德賽南礦床的季度採礦率和黃金產量創歷史新高。RAM 的開發提前於計劃，這得益於更多的遠端鏟鬥操作以及為運輸車隊增加了新的 65 噸卡車。

At the quarter-end, the ramp reached a third production level at East Gouldie, at 832 meters below surfaces. Shaft sinking is also advancing well, reaching 680 meters depth at the quarter-end. Overall, Odyssey is developing as planned and is expected to be the largest underground mine in Canada. But stay tuned. We are ramping up the drills from 16 in the first half of the year up to 23 in the second half of the year. It is our biggest drilling program ever at Canadian Malartic.

季度末，東古迪的坡道達到了第三個生產水平，位於地表以下 832 公尺。豎井下沉也進展順利，季末深度已達 680 公尺。總體而言，奧德賽正在按計劃開發，預計將成為加拿大最大的地下礦場。但請繼續關注。我們正在將演習從上半年的16次增加到下半年的23次。這是加拿大馬拉蒂克有史以來最大的鑽探計畫。

On that, I will now pass it on to Natasha, who will discuss other projects, Key Value Drivers, Detour Underground, and Upper Beaver.

關於這一點，我現在將其傳遞給娜塔莎，她將討論其他項目，關鍵價值驅動因素，繞道地下和上海狸。

Thanks, Dom, and good morning, everyone. So, I'll touch on the two projects in Ontario that we're pretty excited about, because it's an opportunity. It's an opportunity to grow low-risk, profitable production in a province that -- in my opinion anyway, is one of the best mining jurisdictions in the world.

謝謝，Dom，大家早安。因此，我將談談安大略省的兩個項目，我們對此感到非常興奮，因為這是一個機會。這是一個在該省發展低風險、高利潤生產的機會，無論如何，我認為該省是世界上最好的採礦管轄區之一。

So, the first project is Detour Underground. We provided an update on this project in June, and it outlined a pathway for Detour to be 1 million ounce producer annually for over a 14-year period, beginning as early as 2030. Now, if we were to use the current gold prices, during that time period, we would generate over $1 billion in free cash flow per year from Detour alone. The Detour Underground project is not just a good return on capital. As Ammar mentioned, it's a good risk-adjusted return on capital.

所以，第一個項目是Detour Underground。我們在 6 月提供了該專案的最新情況，其中概述了 Detour 最早從 2030 年開始在 14 年多的時間內每年生產 100 萬盎司生產商的途徑。現在，如果我們使用目前的黃金價格，在這段時間內，光是 Detour 每年就會產生超過 10 億美元的自由現金流。Detour Underground專案不僅能帶來良好的資本回報。正如阿瑪爾所提到的，這是一個很好的風險調整資本報酬率。

Now, Dom already touched on this from an operating standpoint, but I just wanted to highlight this again. And that's our focus on cost and capital discipline in all aspects of our business. Now, as Ammar and Jamie said, from a project perspective, we're taking a pretty disciplined and phased approach to further de-risk the project with a measured investment of $100 million in capital over the next three years.

現在，Dom 已經從操作的角度談到了這一點，但我只是想再次強調這一點。這就是我們對業務各個方面的成本和資本紀律的關注。現在，正如 Ammar 和 Jamie 所說，從專案角度來看，我們正在採取一種非常嚴格和分階段的方法，在未來三年內預計投資 1 億美元，進一步降低專案風險。

And that's to -- first develop an exploration ramp, and then to collect a bulk sample, and then at the same time, facilitate infill and expansion drilling to convert and then potentially grow the current mineral resource. And speaking of drilling, we continue to see positive exploration results from along the western plunge of the deposit, and Guy will discuss this later on in his presentation.

那就是——首先開發一個勘探坡道，然後收集大量樣本，然後同時促進加密和擴張鑽探，以轉換並潛在地增加當前的礦產資源。說到鑽探，我們繼續看到沿著礦床西部凹陷的積極勘探成果，蓋伊稍後將在他的演講中討論這一點。

Now, moving over to the Upper Deeper project, this is another low-risk opportunity to grow the production profile in a camp that we know pretty well. In fact, we expect this project to leverage and benefit from our technical expertise and our workforce at Macassa.

現在，轉向上更深項目，這是在我們非常熟悉的營地中擴大生產規模的另一個低風險機會。事實上，我們希望該專案能夠利用我們 Macassa 的技術專業知識和員工隊伍並從中受益。

With the internal assessment that we've completed, we've outlined a standalone mill concept, but we continue to evaluate ore transportation options, specifically at LaRonde. So based on this internal assessment, we see the potential for Upper Beaver to be a low-cost, long-life project with a solid risk-adjusted return. And upside potential that supports moving us to the next phase.

透過完成內部評估，我們概述了獨立工廠的概念，但我們繼續評估礦石運輸方案，特別是在 LaRonde。因此，根據這項內部評估，我們認為 Upper Beaver 有潛力成為一個低成本、長壽命的項目，並具有可靠的風險調整回報。以及支持我們進入下一階段的上升潛力。

And so like Detour Underground, we'll be taking a steady and a disciplined approach to de-risk and optimize this project, starting with a measured investment of $200 million over a three-year period. And this is to first develop an exploration shaft and then an exploration ramp, and then collect two bulk samples, one in the upper level of the deposit using the exploration ramp to test the shallow mineralization in the basalt, and then the second bulk sample will be using the shaft to test the deeper porphyry mineralization that hosts a large portion of our resources.

因此，與 Detour Underground 一樣，我們將採取穩定、嚴格的方法來降低風險並優化該項目，首先在三年內投資 2 億美元。這是先開發一個勘探井，然後開發一個勘探坡道，然後收集兩個大塊樣品，一個在礦床的上層，利用勘探坡道測試玄武岩中的淺層礦化，然後第二個大塊樣品將使用此豎井測試蘊藏著我們大部分資源的更深的斑岩礦化。

As well, during this timeframe, we'll be developing underground drilling platforms to convert and then expand the current mineral resources. But we don't just see the exploration potential at depth. We also see the opportunity for Upper Beaver to unlock the potential in the region.

此外，在此期間，我們將開發地下鑽探平台，以轉換並擴大現有的礦產資源。但我們不僅看到了深度探索的潛力。我們也看到上比佛有機會釋放該地區的潛力。

And so with that, I'll pass it over to Guy to explain the potential a little bit more.

因此，我將把它交給 Guy 來進一步解釋其潛力。

Thank you, Natasha, and good morning, everybody. To start with, I'm very happy to provide additional information on the Upper Beaver project. Going on slide 11, since the previous PFS study in 2017, there's been a lot of work done by the exploration team on site, by our technical services group, and by our project study team, integrating more than 225,000 meters of drilling and 440 drill holes completed over the year since the last study.

謝謝娜塔莎，大家早安。首先，我很高興提供有關 Upper Beaver 項目的更多資訊。繼續投影片 11，自 2017 年上次 PFS 研究以來，現場勘探團隊、我們的技術服務團隊和我們的專案研究團隊做了很多工作，整合了超過 225,000 公尺的鑽井和 440 個鑽頭自上次研究以來一年內完成的孔洞。

This additional drilling helped de-risking the geological model by infilling, also by extending the resources base. The interpretation of the ore body was completely refreshed and the updated mineral resources estimate for the new internal PE study now total 3.4 million ounces of indicated resources, with an additional 0.4 million ounces of inferred resources.

這次額外的鑽探有助於透過填充和擴大資源基礎來降低地質模型的風險。對礦體的解釋已完全更新，新的內部 PE 研究的更新礦產資源估算目前指示資源量總計 340 萬盎司，另外還有 40 萬盎司推斷資源量。

These results show significantly higher potential than the 1.4 million ounces mineral reserve contemplated to be mined by the historic study in 2017. We now expect that a large portion of the new indicated resources will be brought to mineral reserve at Rand.

這些結果顯示，其潛力明顯高於 2017 年歷史性研究預計開採的 140 萬盎司礦物儲量。我們現在預計大部分新指示資源將用於蘭德的礦產儲備。

This new PE study and the three-year advanced exploration phase that we are about to undertake will allow to further derisk the project through the collection of the bulk sample that was described by Natasha, while we continue exploration around Upper Beaver deposit and the adjacent deposits in the camp, such as Upper Beaver -- Upper Canada and Anoki-McBean, to develop the full potential of the Kirkland Lake camp that we now own 100% from the Macassa mine to the Upper Beaver project.

這項新的 PE 研究和我們即將進行的三年高級勘探階段將通過收集 Natasha 描述的大量樣本來進一步降低該項目的風險，同時我們繼續在 Upper Beaver 礦床和鄰近礦床周圍進行勘探位於上比弗( Upper Beaver) 營地- 上加拿大(Upper Beaver) 和阿諾基- 麥克比恩(Anoki-McBean)，以開發柯克蘭湖(Kirkland Lake) 營地的全部潛力，我們現在擁有從Macassa 礦到上比弗(Upper Beaver) 項目100% 的所有權。

Following the merger, with the ability of leveraging operational synergies, expanding our global mineral reserve and resources at the camp that already exceed 10 million ounces in all categories, all of that within a camp that has over 100 years of mining history and more than 40 million ounces of historical gold production.

合併後，憑藉利用營運協同效應的能力，擴大了我們營地的全球礦產儲量和資源量，所有類別均已超過1000 萬盎司，所有這些都在一個擁有100 多年採礦歷史和40 多年採礦歷史的營地內進行。

Next, we are also pleased to announce that following the exploration results received in the first half of 2024, in particular in Canadian Antarctic, Detour, and Hope Bay, that we are increasing the exploration budget by $50 million for the second half. We believe that this will lead to another successful year of growth in mineral reserve and mineral resources at our key value driver project at Malartic on slide 12.

接下來，我們也很高興地宣布，繼 2024 年上半年收到勘探結果，特別是在加拿大南極洲、繞道和希望灣地區，我們將在下半年增加 5,000 萬美元的勘探預算。我們相信，這將導致我們位於幻燈片 12 的 Malartic 關鍵價值驅動項目的礦產儲量和礦產資源又成功的一年。

In the East Gouldie deposit at the Odyssey mine, recent exploration drilling continues to demonstrate the potential to grow the deposit laterally, with good results both on the Eastern and Western extension, outside of the current footprint of the mineral reserve outline.

在 Odyssey 礦場的 East Gouldie 礦床中，最近的勘探鑽探繼續證明了礦床橫向增長的潛力，在目前礦產儲量輪廓範圍之外的東部和西部延伸地區都取得了良好的成果。

The results from the ongoing exploration program are anticipated to have a positive impact on mineral resources system at that Rand and continue to support our view to improve the throughput of the underground mine in the future as reserve and resources continue to grow laterally, and also supporting the potential to develop new underground mining area. This is core to our fill the mill strategy in Malartic.

正在進行的勘探計劃的結果預計將對蘭德的礦產資源系統產生積極影響，並繼續支持我們的觀點，即隨著儲量和資源的持續橫向增長，未來提高地下礦山的吞吐量，同時也支持開發新地下礦區的潛力。這是我們在馬拉蒂克工廠填充策略的核心。

Moving to slide 13 at Detour Underground, infill drilling, as previously mentioned by Natasha, continue to deliver high-grade results in the high-grade core of the deposit below into the west of the reserve open pit. This continue to confirm good grade and continuity of the high-grade corridor that we described at our June update.

前往 Detour Underground 的第 13 號幻燈片，正如 Natasha 之前提到的，加密鑽探繼續在保護區露天礦坑西部下方礦床的高品位核心中提供高品位結果。這繼續證實了我們在六月更新中描述的高等級走廊的良好等級和連續性。

As demonstrated by recent results, that's 4 gram over 22 meter, 4.4 over 30, 20 gram over 5.4, all of that between 300 and 550 meter near the proposed exploration ramp recently announced in June. Those results continue to support our view that the underground project first presented in about a month ago in June has great potential to continue to grow and will help at bringing Detour Mine site, combining open pit the underground to the select club of 1 million ounces of gold per year producer for years to come.

正如最近的結果所表明的那樣，22 米以上為4 克，30 米以上為4.4 克，5.4 米以上為20 克，所有這些都在6 月份最近宣布的擬議勘探坡道附近300 至550 米之間。這些結果繼續支持我們的觀點，即大約一個月前的6 月首次提出的地下項目具有繼續增長的巨大潛力，並將有助於將Detour 礦場建設起來，將露天礦坑與地下礦區結合到精選的100 萬盎司礦石俱樂部中。

And finally, on slide 14 in the Madrid deposit in the Patch 7 zone, exploration drilling continue to return excellent results up to 17 gram over 25 meter estimated through thickness. Just at 400 meter depth. Further confirming the larger thicknesses and higher gold grade in this new zone compared to the circle mineral reserve and resources at Hope Bay Mine.

最後，在 Patch 7 區域的馬德里礦床的第 14 號幻燈片上，勘探鑽探繼續取得了優異的結果，預計厚度超過 25 米，重達 17 克。就在400公尺深的地方。進一步證實了與希望灣礦的環形礦產儲量和資源相比，該新區域具有更大的厚度和更高的金品位。

These results are expected to lead to a significant increase in grade and total mineral resources at year end '24, supporting our view for the potential to develop a larger operation at Hope Bay in the near future. In closing Agnico Eagle has a strong pipeline of internal exploration project with world-class exploration potential and more importantly around existing infrastructure in safe jurisdiction that we can leverage with our own internal expertise.

這些結果預計將導致 24 年底品位和礦產資源總量顯著增加，支持我們對在不久的將來在希望灣開發更大規模業務的潛力的看法。最後，Agnico Eagle 擁有強大的內部勘探專案管道，具有世界一流的勘探潛力，更重要的是圍繞安全管轄範圍內的現有基礎設施，我們可以利用我們自己的內部專業知識。

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

關於這一點，我將回到麥克風，阿瑪爾做一些總結發言。

Thank you, Guy, and very exciting stuff. Great work to you and the team. At Agnico Eagle, we strive to build a simple high quality business that generates great returns for our owners. The mandate our owners give us is simple. Our owners want Agnico Eagle to be the best place to invest in the gold space. That means one, giving them the best leverage to increase in gold prices and two, giving them this leverage with a reasonable risk profile.

謝謝你，蓋伊，還有非常令人興奮的事情。你和你的團隊做得很好。在 Agnico Eagle，我們致力於建立一個簡單的高品質業務，為我們的所有者帶來豐厚的回報。我們的所有者給我們的任務很簡單。我們的所有者希望 Agnico Eagle 成為投資黃金領域的最佳場所。這意味著一是為他們提供提高金價的最佳槓桿，二是為他們提供具有合理風險狀況的槓桿。

And the strategy we use to deliver on this mandate is the same strategy we've used for over 60 years. One, we want to focus on low risk mining jurisdictions, jurisdictions that have multiple mine, multiple decade geologic potential and districts that have political stability for multiple decades. We want to focus on the regions we know well and we want to have a simple manageable business in those regions.

我們用於履行這項使命的策略與我們 60 多年來所使用的策略相同。第一，我們希望專注於低風險採礦管轄區、擁有多個礦場、數十年地質潛力的管轄區以及數十年政治穩定的地區。我們希望專注於我們熟悉的地區，並希望在這些地區擁有簡單易管理的業務。

Two, we want to be the highest quality senior gold producer that we can be. That means high ESG standards based on a multi-decade investment horizon. That means disciplined capital investments based on knowledge and experience in the regions we operate and that means creating value through the drill bit and through technical expertise.

第二，我們希望成為最高品質的高級黃金生產商。這意味著基於數十年投資期間的高 ESG 標準。這意味著基於我們經營地區的知識和經驗進行嚴格的資本投資，也意味著透過鑽頭和技術專長創造價值。

We feel we are uniquely positioned with robust land packages in core mining jurisdictions with the unique potential to leverage existing capital and existing assets. We believe we have a competitive -- we know we have a competitive advantage from over 50 years of operating in the regions where we are and we believe we have unique mining experience and expertise in Nunavut and the Canadian North.

我們認為，我們在核心採礦管轄區擁有強大的土地包，處於獨特的地位，具有利用現有資本和現有資產的獨特潛力。我們相信我們具有競爭力——我們知道我們在所在地區運營超過 50 年，因此擁有競爭優勢，我們相信我們在努勒維特和加拿大北部擁有獨特的採礦經驗和專業知識。

And finally, always focused on financial returns with an emphasis on per share metrics, maintaining a strong financial position to fund project growth, to strengthen the balance sheet and to return capital to shareholders as demonstrated by over 40 years of continuous quarterly dividend payments.

最後，始終關注財務回報，重點關注每股指標，保持強勁的財務狀況，為專案成長提供資金，加強資產負債表，並向股東返還資本，40 多年來連續季度股息支付就證明了這一點。

So thank you all once again for joining us and thank you in particular to all of our employees who delivered such a great quarter safely. And with that, we end our presentation and open for questions.

再次感謝大家加入我們，特別感謝我們所有的員工，他們安全地度過瞭如此美好的一個季度。至此，我們的演示結束並開始提問。

(Operator Instructions) Josh Wolfson, RBC Capital Markets.

（操作說明）Josh Wolfson，RBC 資本市場。

Thanks very much. First question on Upper Beaver. I'm just curious about understanding the economic decision to progress this on a standalone basis. And I guess I'm wondering, is there any other opportunities to maybe leverage the infrastructure that companies talked about historically across the Abitibi to reduce some of that CapEx or is this the best plan going forward?

非常感謝。關於上海狸的第一個問題。我只是好奇地想了解獨立推進這項進程的經濟決策。我想我想知道，是否還有其他機會可以利用公司在 Abitibi 歷史上討論過的基礎設施來減少部分資本支出，或者這是未來的最佳計劃嗎？

Hi, Josh, it's Ammar and thank you for that question. There is absolutely an opportunity to continue to consider leveraging existing infrastructure. As Natasha mentioned, we are still looking at the transport option to LaRonde, which would obviously materially reduce the capital that we would have to spend.

嗨，喬什，我是阿馬爾，謝謝你提出這個問題。絕對有機會繼續考慮利用現有基礎設施。正如娜塔莎所提到的，我們仍在考慮前往拉龍德的交通選擇，這顯然會大大減少我們必須花費的資本。

The numbers we've given, Josh, are based on a onsite mill because even with an onsite mill, the returns on this are quite strong. At current levels, it's in excess of 20%. So given, as you would know, that the longest driving factor is the shaft, and given that the shaft is independent of where you have the plant, what we've decided to do is basically we've said, look, worst case scenario, we build a mill.

喬什，我們給出的數字是基於現場工廠的，因為即使有現場工廠，其回報也相當可觀。以目前的水準來看，這一比例超過了20%。因此，正如您所知，考慮到最長的驅動因素是軸，並且考慮到軸與工廠的位置無關，我們決定做的基本上就是我們所說的，看，最壞的情況，我們建造一座工廠。

It still makes a lot of money for our shareholders. So let's get started on that shaft because it's a great investment. But to your point, absolutely, we are still looking at transportation to LaRonde. And if we were to do that, obviously it would be because it improves the economics.

它仍然為我們的股東賺了很多錢。因此，讓我們開始使用該軸，因為這是一項巨大的投資。但就您的觀點而言，我們絕對仍在考慮前往拉龍德的交通。如果我們要這樣做，顯然是因為它可以改善經濟效益。

All right, thanks. Next question is on East Gouldie. In terms of some of the infill drilling that's been identified on what looks like a pretty large area, and then the comments -- I guess, much more clearly this quarter about the potential for a second shaft, I guess I'm wondering, given that the first underground project at Malartic was advanced with an inferred resource at PE level, would this resource extension give you the confidence to be able to progress or make a decision for a second shaft or what sort of timeframe could we have the information that would be able to advance that or not advance that?

好的，謝謝。下一個問題是關於東古爾迪。就一些看起來相當大的區域上已確定的填充鑽孔而言，然後是評論——我想，本季度關於第二個豎井的潛力更加清楚，我想我想知道，考慮到Malartic 的第一個地下專案是透過PE 層級的推斷資源進行推進的，這種資源擴展是否會讓您有信心能夠取得進展或做出第二個豎井的決定，或者我們可以在什麼樣的時間範圍內獲得將需要的資訊能夠推進還是不能推進？

Hi, Josh, Guy speaking. We're still getting some strong results on both sides, both to the east, to the west, and both of them, west and east extension, are not, I would say, tightly drilled enough yet to make those kind of, so this is some of the internal consideration we're currently having. So by increasing the drill program by year-end, we want to tight-fill that area where we've been getting some pretty high-grade and good thickness in the east, as well as to the west, and that's going to help further down the road at making up our mind about what needs to be done and where.

嗨，喬什，我是蓋伊。我們仍然在雙方方面取得了一些強勁的成果，無論是向東還是向西，而且我想說的是，這兩個方向的延伸，還沒有足夠緊密的鑽探，無法實現這些目標，所以這是我們目前正在考慮的一些內部因素。因此，透過在年底前增加鑽探計劃，我們希望緊密填充該區域，在該區域，我們在東部和西部已經獲得了相當高的品位和良好的厚度，這將進一步幫助我們下定決心需要做什麼以及在哪裡做。

Yeah, I mean, to be sure, we are very excited about the results, Josh, and it's actually progressing probably faster and better than we had anticipated. But as Guy said, where you put the shaft is pretty important, and that's going to be defined largely by the ore body, again, defined by drilling. So we're not at a position yet to say, absolutely, this is the right place to put a shaft, but certainly, we love what we're seeing.

是的，我的意思是，可以肯定的是，我們對結果感到非常興奮，喬什，而且實際上進展可能比我們預期的更快更好。但正如蓋伊所說，豎井放置的位置非常重要，這將主要由礦體決定，同樣由鑽探決定。所以我們還不能肯定地說，這是放置軸的正確位置，但當然，我們喜歡我們所看到的。

Got it. And if I can sort of tuck in one more, there's a bunch of projects the company is sort of evaluating at this point. I guess more recently, Detour Underground and Upper Beaver, still a number beyond that in the pipeline. And then this quarter, there was a large equity investment made in a junior developer in the base metal space.

知道了。如果我能再多說一點的話，公司目前正在評估一系列專案。我想最近，Detour Underground 和 Upper Beaver 的數量仍然超出了正在籌備中的數量。然後本季度，對賤金屬領域的初級開發商進行了大量股權投資。

I just kind of want to understand what the company's perspective here is on growth and internal versus external opportunities, and how is the company going to manage capital with all these different options on the table? Thank you.

我只是想了解公司對成長以及內部與外部機會的看法，以及公司將如何在所有這些不同的選擇下管理資本？謝謝。

So I'll address that. So we keep emphasizing the phrase risk-adjusted return on capital. And of course, that is the return on capital and the risk adjusted. So by definition, we have more knowledge on internal projects, by definition. And we're able to make an assessment on risk much better. So if I had an external project at 20% and an internal project at 20%, we would go with the internal project.

所以我會解決這個問題。所以我們一直強調風險調整資本報酬率這個詞。當然，這是資本回報率和調整後的風險。因此，根據定義，我們對內部專案有更多的了解。我們能夠更好地評估風險。因此，如果我有一個 20% 的外部項目和一個 20% 的內部項目，我們會選擇內部項目。

Again, because we would -- in our view, have a better view on the amount of risk associated with it. But broadly, we look at a lot of things, which is what our investors want us to do. Our investors want us to make them money in this space.

同樣，因為我們認為，我們可以更好地了解與之相關的風險程度。但總的來說，我們會考慮很多事情，這也是我們的投資者希望我們做的。我們的投資者希望我們在這個領域為他們賺錢。

And the way we do that is we try to be in places that have good geologic potential, and we try to have a knowledge advantage there. And so we are always looking at a number of things, and it's actually a very good thing. I tell you, and I've been in this business for 25 years, it's fantastic to have the pipeline of opportunities that we have.

我們這樣做的方式是，我們嘗試進入具有良好地質潛力的地方，並嘗試在那裡擁有知識優勢。所以我們一直在關注很多事情，這其實是一件非常好的事情。我告訴你，我在這個行業已經工作了 25 年，擁有我們所擁有的大量機會真是太棒了。

But I will be very clear, and we try to emphasize this explicitly. We are going to continue to be disciplined in our capital approach. I mean, Detour Underground, it's fantastic to get to 1 million ounces a year. It's a ramp and a pace plan. I mean, it's simple. This is stuff we do. You know, Malartic, we've been there a long time. It's the same mill. We're currently building a shaft. If we build another shaft, -- this is stuff we know how to do. Upper Beaver, we know how to do.

但我會說得很清楚，我們試著明確地強調這一點。我們將繼續嚴格遵守資本方針。我的意思是，Detour Underground，每年達到 100 萬盎司真是太棒了。這是一個斜坡和節奏計劃。我的意思是，這很簡單。這是我們所做的事情。你知道，馬拉蒂克，我們已經在那裡很久了。這是同一個工廠。我們目前正在建造一個豎井。如果我們建造另一個豎井，--這是我們知道該怎麼做的事情。上比弗，我們知道該怎麼做。

So clearly, some of the things we look at are more complex than others, but we are very comfortable that we have the resources, both financial and people, to move at the measured pace that we're moving forward. And honestly, I love the fact that you're asking about which of the very many good pipeline opportunities are we going to prioritize, because we have a lot of really good opportunities.

很明顯，我們關注的一些事情比其他事情更複雜，但我們非常放心，我們擁有財力和人力資源，可以按照我們正在前進的步伐前進。老實說，我喜歡你問我們要優先考慮哪些好的管道機會，因為我們有很多非常好的機會。

Great. Thank you very much.

偉大的。非常感謝。

Anita Soni, CIBC World Markets.

安妮塔·索尼 (Anita Soni)，CIBC 全球市場。

Hi, good morning. First off, congratulations on a strong free cash flow quarter. My next question would be on Hope Bay. So what would be the next steps as we think about startup timelines for Hope Bay and what you need to see more there to make a go-ahead decision?

早安.首先，恭喜本季自由現金流強勁。我的下一個問題是關於希望灣的。那麼，當我們考慮希望灣的啟動時間表時，接下來的步驟是什麼，以及您需要在那裡看到更多內容才能做出繼續決定？

Hi, Anita. Obviously, we need to continue drilling Patch 7. We are still not yet at a drill spacing that allow to bring them indicated and into the plan. So our focus, and this is why we are accelerating the pace in terms of drilling. So the plan for us is to bring the core portion of that new high-grade zone that we think are the needle mover on the project as quickly as possible to a drill spacing that will allow us to integrate them into the plan. So I know in a year from now, we should be in a bunch better position in terms of our understanding of the grade and Patch 7 and to integrate it and start to integrate that into some scenarios.

嗨，安妮塔。顯然，我們需要繼續鑽取補丁 7。我們還沒有達到允許將它們納入計劃的鑽孔間距。所以我們的重點是，這就是為什麼我們在鑽探方面加快腳步。因此，我們的計劃是盡快將新的高品位區域的核心部分（我們認為是該專案的推動者）帶到適當的鑽孔間距，以便我們將它們整合到計劃中。所以我知道從現在開始的一年內，我們應該在對等級和補丁 7 的理解方面處於更好的位置，並將其整合並開始將其整合到某些場景中。

Okay, thanks. And then just an operational question. Are there any shutdowns or maintenance in the back half of the year that we should be aware of at any of the major operations?

好的謝謝。然後只是一個操作問題。下半年是否有任何重大業務需要我們注意的停工或維護？

Yes. Hi, Anita. We had one at LaRonde, which is over. We had 10 days a mil and 14 days on the ground at LaRonde have been done and successfully. And there's another one coming at the Canadian Malartic, 10 days shut down at the mil. It is to change the drive system at the tailing stick there.

是的。嗨，安妮塔。我們在 LaRonde 舉辦過一次，現在已經結束了。我們在 LaRonde 進行了 10 天的實地考察和 14 天的實地考察，並取得了成功。加拿大馬拉提克 (Canadian Malartic) 工廠也將關閉 10 天。就是要改變那裡尾礦鬥桿處的驅動系統。

Hi, Anita. It's Natasha. And with respect to Detour, we have two more shutdowns coming up, one in August and one in November. And it's typical shutdowns. We normally have four shutdowns a year.

嗨，安妮塔。這是娜塔莎。至於 Detour，我們還將關閉兩次，一次在 8 月，一次在 11 月。這是典型的停機。我們通常每年有四次停工。

Okay. And then just again at Canadian Malartic though, it's delivering pretty good throughput and grade. Is that, should we expect that to continue for the remainder of the year? I think it's outpacing the guidance by a significant amount in the first half.

好的。不過，加拿大 Malartic 再次提供了相當不錯的吞吐量和品味。我們是否應該預期這種情況會持續到今年剩餘時間？我認為上半年的成長速度大大超過了指導值。

Yes, we should expect the tonnage to keep. We're going to keep a good tonnage to the end of the year, but the grade we expect that it's going to be lower than the first half. As in the second quarter, we were mining two inner pit close to old workings where we had the upside on the grade, but now we're moving more to a phase that we need to move more ways than the lower grade ore. So we're going to have a good tonnage, but a lower grade than we had in the first half.

是的，我們應該預期噸位會保持不變。我們將保持良好的噸位到年底，但我們預計其等級將低於上半年。與第二季一樣，我們正在開採靠近舊礦區的兩個內部礦坑，在那裡我們的品位有上升的空間，但現在我們正在進入一個階段，我們需要比低品位礦石移動更多的方式。因此，我們將擁有不錯的噸位，但等級比上半年低。

Okay. I'll leave it there and let someone else ask questions. Thank you very much. Thank you.

好的。我會把它留在那裡，讓其他人提問。非常感謝。謝謝。

Lawson Winder, Bank of America Securities.

勞森溫德，美國銀行證券公司。

Thank you, operator. Good morning, Ammar, and team. Thank you for the update today. Always very helpful and wonderful to hear from you. I wanted to follow up on the capital return team and just observing the very, very strong cashflow in Q2 and looking out to the second half and next year at spot and even lower than spot gold prices, that free cashflow generation will continue to be very robust, to put it lightly.

謝謝你，接線生。早上好，阿瑪爾和團隊。感謝您今天的更新。收到您的來信總是非常有幫助和高興。我想跟進資本回報團隊，觀察第二季度非常非常強勁的現金流，並展望下半年和明年的現貨價格，甚至低於現貨黃金價格，自由現金流的產生將繼續非常強勁輕一點來說，是穩健的。

And with that as context, when you look at the capital return program and the increased focus on the buyback recently, is there any thought internally to maybe shifting that back to the dividend with a potentially higher dividend? And when you think about paying a dividend, what's kind of a comfortable free cashflow payout on that dividend level? Thanks.

以此為背景，當您查看資本回報計劃以及最近對回購的日益關注時，內部是否有任何想法可能會將其轉移回股息，並可能獲得更高的股息？當您考慮支付股息時，在該股息水平上什麼樣的自由現金流支付才是舒適的？謝謝。

Lawson, it's Jamie. Thanks for the question. Yeah, I'll answer it just by focusing on the last part of your question. Our dividend payout ratio was 36% in this most recent quarter, and I think that's really a comfortable level. I mean, if you factor in combination of the dividend and the share buybacks, the 70 million in share buybacks the first half of the year, we're running at a rate about 50% direct return to shareholders, the portion of our free cashflow. So I think that the dividends at the right spot where it is currently representing about a third of the free cashflow that we're generating.

勞森，我是傑米。謝謝你的提問。是的，我會集中回答你問題的最後一部分。最近一個季度我們的股息支付率為 36%，我認為這確實是一個舒適的水平。我的意思是，如果你把股息和股票回購結合起來考慮，今年上半年回購了 7000 萬股股票，我們的股東直接回報率為 50% 左右，這是我們自由現金流的一部分。因此，我認為股息在正確的位置，目前約占我們產生的自由現金流的三分之一。

Okay, very helpful. Wanted to also ask, just given the theme, Ammar, of your early comments on cost management and cost reduction, congratulations on the success there. In the recent past, so in the past sort of two to three years, there's obviously been a lot of labor and cost inflation in the industry, but in, particularly on labor. And it would be helpful just to get your comments on what you're seeing in the various regions today. Is that continuing to improve both with respect to labor costs, but also labor availability? Thanks very much.

好的，非常有幫助。我還想問，剛剛給出的主題是阿馬爾，您對成本管理和成本削減的早期評論，祝賀您的成功。在最近的過去，在過去的兩到三年裡，該行業顯然存在大量的勞動力和成本通膨，但尤其是在勞動力方面。如果您能就您今天在各個地區所看到的情況發表評論，將會很有幫助。勞動成本和勞動可用性是否都在持續改善？非常感謝。

Hi Lawson, Dominique speaking. We see a stabilization in term of workforce availability. We still have a very low turnover between 3%and 6% average in 2023 Quebec. Also, it's getting -- going good also in Ontario. In term of salary increase, we just expect a normal year, normal 3% -- 3% to 4% kind of. So there's no, we don't see big issue on that.

你好，勞森，我是多明尼克。我們看到勞動力供應情況趨於穩定。2023 年魁北克的平均營業額仍然非常低，介於 3% 到 6% 之間。此外，安大略省的情況也進展順利。在加薪方面，我們只期望正常的一年，正常的3%－3%到4%之類的。所以沒有，我們認為這沒有什麼大問題。

And maybe why we're talking about inflation, there's interesting trending going on diesel, steel and also cyanide that we had -- we see now, that's going to help a bit more higher on the line. But other than that, it is stabilizing, maybe getting lower a bit.

也許我們為什麼要談論通貨膨脹，柴油、鋼鐵和氰化物的趨勢很有趣——我們現在看到，這將有助於進一步走高。但除此之外，它正在穩定，甚至可能會下降一點。

Hi Lawson, just on Ontario. Yeah, we still have a tight market, but as Dominique mentioned, it is stabilizing. We have a low turnover and at Macassa in particular, one of the reasons that our costs are lower is that we are focused in on internalization of our contractors and we've seen a good progress. But overall vacancy rates are pretty low.

你好，勞森，就在安大略省。是的，我們的市場仍然緊張，但正如多明尼克所提到的，它正在穩定下來。我們的營業額較低，尤其是在 Macassa，我們的成本較低的原因之一是我們專注於承包商的內部化，我們已經看到了良好的進展。但整體空置率相當低。

And I'll just jump in by saying something I often say, which is a big driver of quarterly cost is quarterly production. When the teams do a great job like they did this quarter and they deliver good production, they almost always deliver great costs. So it's just important to keep that in mind as well.

我想插話一下我常說的話，季度成本的一個重要驅動因素是季度產量。當團隊像本季一樣出色地完成工作並交付良好的產品時，他們幾乎總是會帶來巨大的成本。因此，記住這一點也很重要。

Okay, yeah, thank you all for those comments. And then just, Guy, you made some comments on Hope Bay and some of the other assets and the outlook for resource and reserve growth for year end. Maybe could we get just an early look on your thinking in terms of overall reserve replacement on a consolidated basis for Agnico heading into year end. And then just any thoughts on whether there might be an update to the gold price assumption considered.

好的，是的，謝謝大家的評論。然後，蓋伊，您對希望灣和其他一些資​​產以及年底資源和儲量增長的前景發表了一些評論。也許我們可以早點了解您對 Agnico 年底整體儲備替代的想法。然後是關於是否可能更新金價假設的任何想法。

It's a bit early in the year, I would say to commit on a gold price assumption and are we going to move on? So that still needs to be seen. We are usually completing our analysis during Q3, Q4 to make up our mind early in the year.

現在還為時過早，我想說的是要做出金價假設，我們會繼續前進嗎？所以這仍然需要觀察。我們通常會在第三季、第四季完成分析，以便在年初做出決定。

So clearly for that, same as well during, it's difficult. We've been basically running a couple of internal run on some project with just the Q1 result. I think we're in pretty good shape and I'm expecting as I mentioned in my, so I think we're in a good position to replace what we mined this year.

很明顯，這很困難，期間也是如此。我們基本上已經在一些專案上進行了幾次內部運行，只有第一季的結果。我認為我們的狀況非常好，正如我在我的文章中提到的那樣，我期待著，所以我認為我們處於一個很好的位置來取代我們今年開採的東西。

I would say there's no major study to come like when we added the Detour and East Gouldie last year. So we're not expecting a big bump associated with a major project update. So we're expecting more of kind of a flat replacement as I see, but it's still early in the year.

我想說的是，沒有像去年我們添加繞道和東古迪那樣的重大研究。因此，我們預計不會出現與重大專案更新相關的重大變更。因此，正如我所見，我們預計會有更多的公寓更換，但現在還為時過早。

Good, fantastic. Thank you all very much and congratulations on a great quarter.

很好，太棒了。非常感謝大家，並祝賀您度過了一個美好的季度。

Ralph Profiti, Eight Capital.

拉爾夫·普羅菲蒂，八資本。

Thanks very much. Good morning. Ammar, when we look at this supplemental exploration budget, how much of this is strategic and geology driven and how much if any comes from increasing cost pressures, right?

非常感謝。早安.阿瑪爾，當我們查看這份補充勘探預算時，其中有多少是戰略和地質驅動的，有多少（如果有的話）來自不斷增加的成本壓力，對嗎？

So I'll set another way. Is there any performance carryover on what we're seeing on the operating cost discipline side into the exploration and discovery cost side of the business especially when we look at this second half budget?

所以我會設定另一種方式。我們在營運成本紀律方面看到的績效是否會轉移到業務的勘探和發現成本方面，特別是當我們查看下半年預算時？

I would say to the contrary, we've seen some easing into our overall drill cost. So we managed to drill more, I would say up to 10% more than originally planned in our first half. So the addition we're doing in the second half is very directed to, as you heard to Detour because, along with the exploration ramp and I know eventually our desire to bring the upper part of the western extension of the deposit to reserve.

我想說的是，相反，我們已經看到整體鑽探成本下降。因此，我們在上半年設法進行了更多鑽探，我想說比原計劃多了 10%。因此，我們在下半年所做的補充是非常有針對性的，正如您在 Detour 中聽到的那樣，因為隨著勘探坡道的推進，我知道最終我們希望將礦床西部延伸的上部保留下來。

So it ties along with the ramp development same in Malartic, in order to eventually commit on additional infrastructure, increasing the pace over there to get more clarity sooner than later and obey with the great result we've been getting in order again to come back with some more clarity in '25 or '26.

因此，它與馬拉蒂克的坡道開發聯繫在一起，以便最終致力於額外的基礎設施，加快那裡的步伐，以便早日獲得更多的清晰度，並遵守我們已經獲得的偉大成果，以便再次回來'25 或 '26 中更加清晰。

So better cost performance, better unit costs, I'm using the market is favorable. Currently it's difficult for a lot of the smaller junior to get capital, therefore there's been sort of an easing and we've been quite pleased with our ability to renegotiate contract and get better rate.

所以性價比比較好，單位成本比較好，我現在用的市場是有利的。目前，許多規模較小的初級企業很難獲得資金，因此出現了某種程度的寬鬆，我們對重新談判合約並獲得更好利率的能力感到非常滿意。

Great, excellent answer. Jamie, a capital allocation question on the private placement debt and the cost of that debt as, -- we're likely to see the outlook for rates come lower and we're seeing a step up in the gold price. As these maturities come due, how are we thinking about the process of looking into either paying that off, partitioning or rolling it forward?

很好，非常好的答案。傑米，關於私募債務和債務成本的資本分配問題，我們可能會看到利率前景下降，而金價上漲。當這些到期日到來時，我們如何考慮償還、分割或向前滾動的過程？

Yeah, thanks for the question. I'd say we do have the remaining $450 million on the term facility due in April of 2025. So we'll look to certainly repay that between now and then. On the private notes, the terms are actually quite favorable. I think the average coupon is in the fours in terms of what's outstanding and they're spread out really over the next decade. So I'd be happy keeping those in place and paying them off as they come due.

是的，謝謝你的提問。我想說的是，我們確實有 2025 年 4 月到期的定期貸款中剩餘的 4.5 億美元。因此，從現在到那時，我們肯定會回報這一點。在私人票據上，條款實際上相當優惠。我認為，就突出的內容而言，平均優惠券是四位數，而且它們在未來十年內會真正分散。因此，我很樂意將這些保留在適當的位置，並在到期時還清。

Understood. Thanks all.

明白了。謝謝大家。

John Tumazos, John Tumazos Very Independent Research.

約翰‧圖馬佐斯，約翰‧圖馬佐斯非常獨立的研究。

Thank you. Could you elaborate on the Mine Safety Awards one? And LaRonde operates almost 10,000 feet deep. And you mentioned that there was a 4.1 richter seismic event June 24 where no one was hurt. And Ken Ross sold Macassa for $5 million to Kirkland Lake after a seismic event severed the shaft at 5,700 feet. And they couldn't go all the way to 7,250. They walked away and shut the mine. But please explain how everyone goes home safely and you win all these awards when you're operating two of the tougher mines in Canada.

謝謝。能詳細介紹一下煤礦安全獎嗎？LaRonde 的作業深度接近 10,000 英尺。你提到6月24日發生了4.1級地震，沒有人員受傷。在一場地震導致 5,700 英尺處的豎井被切斷後，肯·羅斯 (Ken Ross) 以 500 萬美元的價格將 Macassa 賣給了柯克蘭萊克 (Kirkland Lake)。他們無法一直達到 7,250。他們走開並關閉了礦井。但請解釋一下，當您在加拿大經營兩個最困難的礦場時，每個人都安全回家，並且您如何贏得所有這些獎項。

Yes, John, Dominique. Well, the rewards are recognized from the mining industry and given based on the last year performances. And we're very, very proud that we won two regional and one national awards. On the LaRonde situation, we had a big seismic event at the 4.1. But on the overall, we did not have major damage. Our ground support did the work that they were supposed to do. And we had to shut down the underground mine for two days to do the inspection. And after that, we went back there and we did some rework.

是的，約翰，多明尼克。嗯，獎勵是採礦業認可的，是根據去年的表現來給予的。我們非常非常自豪我們贏得了兩個地區獎項和一個國家獎項。關於拉龍德的情況，我們在 4.1 發生了一次大地震。但總體而言，我們沒有受到重大損害。我們的地面支援完成了他們應該做的工作。我們不得不關閉地下礦井兩天來進行檢查。之後，我們回到那裡並做了一些返工。

Our model, we're expecting that one day we're going to get over four and we get one over four. So it was as expected. And the team continued to develop their expertise, working with external expertise by understanding those mechanisms and protecting the workforce. One part of that is also getting to more automation. So having the workers not close to the face, so using more mechanized and more remote operation, which we are excellent in at Z5 and also at LaRonde.

我們的模型，我們預計有一天我們會超過四，並且我們會得到四分之一。所以這正如預料的那樣。團隊透過了解這些機制並保護員工隊伍，與外部專家合作，繼續發展他們的專業知識。其中之一就是提高自動化程度。因此，讓工人不靠近臉部，因此使用更多的機械化和遠端操作，這在 Z5 和 LaRonde 上都是非常出色的。

Maybe just, and thank you, John, for that question because we appreciate the question because safety is paramount. Maybe Carol, I'm going to put Carol Plummer on the spot. She is our executive vice president and broadly safety falls under her.

也許只是，謝謝約翰提出這個問題，因為我們欣賞這個問題，因為安全是最重要的。也許卡羅爾，我會讓卡羅爾·普拉默陷入困境。她是我們的執行副總裁，安全事務主要由她負責。

And she and her team have done an awful lot of work every day on this and maybe just more broadly on our philosophy on safety management, Carol.

卡羅爾，她和她的團隊每天都在這方面做了大量的工作，也許更廣泛的是我們的安全管理理念。

Yes, certainly. So I think we can sum up our safety management philosophies by saying that we very much believe in safe work, that every job can be done safely every time. And there's a lot of focus at all of our sites on ensuring that our people have the resources, they have the materials, they have the skills and they have the knowledge in order to be able to work safely.

是的，當然了。所以我認為我們可以總結我們的安全管理理念，就是我們非常相信安全工作，每一次工作都可以安全完成。我們所有的工廠都非常注重確保我們的員工擁有資源、材料、技能和知識，以便能夠安全地工作。

And in order to follow up and ensure that our people are able to do this, we have a big emphasis that's in place over the last couple of years in what we call boots in the field or visible felt leadership, depending on which site you're at, but it's essentially the same thing where essentially not only the supervisors are out in the field with the workers, but management is also out in the field with the workers. So are the engineers, pretty well anybody walking through have their eyes open, they're looking for risks, they're ensuring that the risks are controlled and that our people are able to continue to work safely.

為了跟進並確保我們的員工能夠做到這一點，我們在過去幾年中非常重視我們所謂的現場引導或可見的領導力，具體取決於您所在的站點。 ，本質上不僅主管與工人一起在現場，而且管理層也與工人一起在現場。工程師也是如此，幾乎所有走過的人都會睜大眼睛，他們正在尋找風險，他們正在確保風險得到控制，並且我們的員工能夠繼續安全地工作。

All of this doesn't prevent 100% of everything happening. So we also put a lot of emphasis on ensuring that we really understand what critical controls need to be in place to prevent accidents. And when an incident happens, whether it is a near miss or somebody does actually get injured, really digging deep into that to understand the root causes to ensure that it not only cannot happen again at that site, but it also cannot happen again at any of our other sites by putting in the correct preventative measures for those things.

所有這些並不能 100% 阻止所有事情的發生。因此，我們也非常重視確保我們真正了解需要採取哪些關鍵控制措施來防止事故發生。當事件發生時，無論是險些發生還是有人真的受傷，都要真正深入挖掘以了解根本原因，以確保它不僅不會在該地點再次發生，而且在任何時候都不會再次發生通過對這些事情採取正確的預防措施來控制我們的其他網站。

I think all these awards that our teams won over the last quarter, as Dom said, they're all based on the safety performance from last year. It was a record safety year for us across the company. And this is really a celebration of the excellent work that our management teams, that our supervisors and that our workers did over the course of the last year. And we just continue to encourage them to do that every day with every job that they're doing.

我認為我們團隊在上個季度贏得的所有這些獎項，正如 Dom 所說，它們都是基於去年的安全表現。對我們整個公司來說，這是創紀錄的安全年。這確實是對我們的管理團隊、我們的主管和我們的員工在過去一年中所做的出色工作的慶祝。我們只是繼續鼓勵他們每天在所做的每項工作中都這樣做。

Could you elaborate on the steel or other ground support systems at LeRonde and how they're more than just a rebar mine or roof bolt or cement and how they were strong enough to survive and support at a four Richter event?

您能否詳細介紹一下 LeRonde 的鋼鐵或其他地面支撐系統，以及它們為何不僅僅是鋼筋礦、屋頂螺栓或水泥，以及它們如何足夠堅固以在四里氏事件中生存和支撐？

So Daniel speaking, so our ground support has evolved over the past decade at LeRonde. So as we are mining deeper, we adapted our design and our ground support to resist those kind of events. So as Dominique mentioned, in that case, we were expecting to have a four Richter magnitude at some point, which we did.

丹尼爾說，過去十年來，我們在 LeRonde 的地面支援不斷發展。因此，當我們開採得更深時，我們調整了我們的設計和地面支撐來抵禦此類事件。正如多明尼克所提到的，在這種情況下，我們預計在某個時候會有四級里氏震級，我們做到了。

The good thing is that we understand where it is. So it was in a sub-parallel geological structure down at 2.9 kilometer. And at those depth, our level design is adapted, our ground support is adapted, and it shows a good result as it resisted the event that we had at the end of June.

好處是我們知道它在哪裡。所以它位於 2.9 公里處的亞平行地質結構中。在這些深度上，我們的關卡設計得到了調整，我們的地面支撐也得到了調整，並且它顯示出了良好的結果，因為它抵抗了我們在六月底發生的事件。

So 30 years ago, I went underground at a place called [Elon's Ronde] in South Africa that had 50 deaths a year, one a week. I didn't go back. I go underground with Agnico Eagle. Thank you.

30 年前，我在南非一個名為 [Elon's Ronde] 的地方轉入地下，那裡每年有 50 人死亡，每周有 1 人死亡。我沒有回去。我和 Agnico Eagle 一起進入地下。謝謝。

Mike Parkin, National Bank.

麥克·帕金，國家銀行。

All my questions have been answered. Thanks so much.

我所有的問題都得到了解答。非常感謝。

Tanya Jakusconek, Scotiabank.

Tanya Jakusconek，豐業銀行。

Good morning, everyone. Thank you so much for taking my questions and congratulations on a good quarter. Jamie, over to you first. Can I ask about the Canadian dollar impact on your minds this quarter? Obviously, I think that helped a bit from a costing front. And just remind me your sensitivity. I think you budgeted at $1.34, but I just want to be reminded of the sensitivity for the remaining portion of the year on what we have.

大家，早安。非常感謝您回答我的問題，並祝賀您度過了一個美好的季度。傑米，先交給你了。我可以問一下本季加幣對您的影響嗎？顯然，我認為這在成本方面有所幫助。提醒我你的敏感性。我認為您的預算為 1.34 美元，但我只是想提醒一下，今年剩餘時間我們所擁有的資源的敏感性。

Thanks, Tanya. Yeah, that's absolutely right. We budgeted $1.34 for the full year. Our realized FX in the second quarter was $1.37. So we are benefiting a unique period where we have both the benefit of higher gold prices and a weaker Canadian dollar. The impact on our cash costs in Q2 was about $18 an ounce. So it is certainly helping.

謝謝，塔妮亞。是的，完全正確。我們全年預算為 1.34 美元。我們第二季實現的外匯為 1.37 美元。因此，我們正受益於一個獨特的時期，我們既受益於金價上漲，又受益於加幣疲軟。第二季對我們現金成本的影響約為每盎司 18 美元。所以這肯定有幫助。

But I will point out, and I think Ammar mentioned it in his remarks, we do, in this higher gold price environment, we do face higher royalties expense. So if you look at the benefit from the weaker Canadian dollar, it's more or less entirely offset by the higher royalties cost. For the second half of the year, based on where the Canadian dollar is now, I'd expect a similar $15 to $20 benefit arising from the weaker cash.

但我要指出，我認為阿瑪爾在他的演講中提到了這一點，我們確實在這個金價較高的環境下，確實面臨著更高的特許權使用費。因此，如果你看看加元疲軟的好處，你會發現它或多或少完全被更高的特許權使用費成本所抵消。今年下半年，根據加幣目前的走勢，我預計現金疲軟會帶來類似的 15 至 20 美元的收益。

Yeah, it's just that there are some views out there that the Canadian dollar is going to continue to go down versus the US, and therefore Agnico is going to benefit. I seem to remember, and Jamie, correct me if I'm wrong, for a 10% move in the Canadian dollar, it's about $50 to $55 per ounce on your cost structure. Am I in the ballpark?

是的，只是有人認為加元兌美元將繼續下跌，因此 Agnico 將從中受益。我似乎記得，傑米，如果我錯了，請糾正我，對於加元 10% 的變動，您的成本結構約為每盎司 50 至 55 美元。我在球場嗎？

Yes, that sounds correct.

是的，這聽起來是正確的。

Okay. Thank you for that. My second question is for you, Ammar. I wanted to come back to two things. One is just this strategy and the capital discipline. And I just wanted to look at the projects that you have. And then the second one has to do with this investment strategy in juniors. So just on the first one, which is just the capital discipline, as we think about these projects, so you've got Detour on the go, potentially Canadian Malartic with another shaft. We now talk about Upper Beaver, potentially coming in 2030 or thereabout.

好的。謝謝你。我的第二個問題是問你的，阿瑪爾。我想回到兩件事。其中之一就是這種策略和資本紀律。我只是想看看你們的專案。第二個與初級投資策略有關。因此，就第一個而言，這只是資本紀律，當我們考慮這些項目時，所以你已經得到了 Detour 的支持，可能是加拿大的 Malartic 與另一個軸。我們現在談論 Upper Beaver，可能會在 2030 年左右出現。

And then we have Hope Bay that he's telling us in a year from now, we'll have some sort of outlook to where that can fit in. Where do we see your total capital budget going to? Right now, it's $1.6 million to $1.7 million. Trying to just get a handle to where do you see this going longer term? Do we max at $2 billion as we phase these in? And that's my next portion is, how do we look at phasing these in? Because you can't just bring them all in at once.

然後我們有希望灣，他告訴我們從現在起一年後，我們將對適合的地方有某種展望。我們看到您的總資本預算都去哪了？現在是160萬到170萬美元。試圖弄清楚您認為這種情況的長期發展會如何？當我們逐步實施這些項目時，我們的上限是否為 20 億美元？我的下一部分是，我們如何看待逐步採用這些？因為你不能一次把它們全部帶進來。

Yeah, very, very good question, Tanya. I've spent most -- I'm an engineer, but I've also spent most of my career on the finance side. So we start with just a very practical approach, which is, are these good investments?

是的，非常非常好的問題，塔妮亞。我大部分的時間都花在了——我是一名工程師，但我職業生涯的大部分時間也花在了財務方面。因此，我們從一個非常實用的方法開始，那就是，這些是好的投資嗎？

And I know that sounds like an obvious question, but what sometimes gets big companies like ours in trouble are people are more focused on growing the business or doing a deal rather than do they actually make money? So everything we do starts with, does it make money? And is it a good return for the amount of risk we're taking on?

我知道這聽起來是一個顯而易見的問題，但有時像我們這樣的大公司陷入困境的原因是人們更專注於發展業務或進行交易，而不是真正賺錢？所以我們所做的一切都是從一個角度出發：賺錢嗎？對於我們所承擔的風險來說，這是否是個好的回報？

So again, something like a Detour underground -- again, it's a ramp, it's a pace plant, it's an extra 300 plus thousand ounces a year for decades. Honestly, that's a pretty easy decision. A second shaft at Malartic, we've got the mill there, we'll have just built a shaft, -- when Guy and his team tell me I'm comfortable with the exploration, this is what's underground, this is what's there.

再說一次，就像地下繞道一樣——再說一次，它是一個坡道，它是一個速度工廠，幾十年來每年額外增加 300 多盎司。老實說，這是一個非常簡單的決定。馬拉蒂克的第二個豎井，我們在那裡有磨坊，我們剛剛建造了一個豎井，--當蓋伊和他的團隊告訴我我對勘探感到滿意時，這就是地下的東西，這就是那裡的東西。

Honestly, that's a pretty easy decision. So it depends as you would expect, like any investment, what is the investment opportunity? I'm not skirting the issue, I'm just being honest. It depends on the investment opportunity. Now you ask a very good question, it's not just financial capacity, it's human capacity. So we take that very much into account. We assess the people we have, we like to use our own people.

老實說，這是一個非常簡單的決定。因此，正如您所期望的那樣，這取決於像任何投資一樣，投資機會是什麼？我並不是迴避這個問題，我只是說實話。這取決於投資機會。現在你問了一個很好的問題，這不僅是財力的問題，也是人的能力的問題。所以我們非常考慮這一點。我們評估我們擁有的人員，我們喜歡使用我們自己的人員。

I get a lot more confidence when it's, you know, Daniel Paré and his team building a project rather than an outside consultant who we've never used before. So, long answer is it depends on the project, but to your specific question -- is there a total CapEx number in mind? We've said at current levels, 1.7-ish, could it get to 2? If it makes sense, it could, but we are going to spread out both our financial requirements and our human requirements based on the capacities that we have.

當 Daniel Paré 和他的團隊建立專案而不是我們以前從未使用過的外部顧問時，我會更有信心。所以，長的答案是這取決於項目，但對於你的具體問題——是否有一個總資本支出數字？我們已經說過，在目前的水平（1.7 左右）下，它能達到 2 嗎？如果有意義的話，它可以，但我們將根據我們擁有的能力來分散我們的財務需求和人力需求。

And just because, Ammar, we all remember, a time when we tried to build several five mines or thereabouts all in one go. And just, those things are just hard on human capacity, as you know.

僅僅因為，阿馬爾，我們都記得，有一次我們試圖一次性建造五個或類似的礦井。如你所知，這些事情對人類的能力來說是非常困難的。

They are hard, you're absolutely right.

他們很難，你說得完全正確。

Okay, so that's, so if we were to think of these four additional projects as we space them out on human capacity, we may get to the $2 billion, but we try and keep that margin, $2 billion, total capital, and then everything else would be available from an upside for our shareholders. Would that be a good way to look at it?

好的，所以，如果我們考慮這四個額外的項目，因為我們將它們按人力分配，我們可能會達到 20 億美元，但我們會盡力保持這個利潤，20 億美元，總資本，然後是一切否則將為我們的股東帶來好處。這是看待它的好方法嗎？

That's a good way to look at it. Now, the one thing I would say is everything we invest in is upside for our shareholders. That's the only reason we invest in these things is to make them money.

這是一個很好的看待它的方式。現在，我要說的一件事是，我們投資的一切都會為股東帶來好處。這就是我們投資這些東西的唯一原因是為了賺錢。

Okay, thank you for that. And just coming back to your strategy on investments. So you've got the exploration, which he gave us a rundown on. Maybe we could talk about how you're looking at the strategy of investment in these juniors.

好的，謝謝你。回到你的投資策略。現在你已經進行了探索，他向我們概述了這一點。也許我們可以談談您如何看待這些初級企業的投資策略。

Two things I'm trying to understand on that is, one you usually run a portfolio, I think it's about $150 million to $200 million or thereabouts, if I can remember. But what I'm noticing is that your investments are more in non-gold juniors.

我想了解的兩件事是，如果我沒記錯的話，你通常會管理一個投資組合，我認為大約是 1.5 億美元到 2 億美元左右。但我注意到，您的投資更集中在非黃金初級股票。

So I have two questions. Is it because these non-gold opportunities are in camps that you're located in and therefore you can see your mining expertise helping? Or is it that you are going to be moving more into non-gold over the longer term?

所以我有兩個問題。是因為這些非黃金機會都在您所在的營地中，因此您可以看到您的採礦專業知識有所幫助嗎？或者從長遠來看，您將更多地轉向非黃金領域？

No, we are going to continue to be the premier, at least in our mind, gold company in the world and certainly in Canada. So we're going to continue to be a gold company. We're going to continue to be a focused gold company.

不，我們將繼續成為世界首屈一指的黃金公司，至少在我們看來是這樣，當然也是加拿大的黃金公司。因此，我們將繼續成為一家黃金公司。我們將繼續成為一家專注於黃金的公司。

That said, for example, our investment in 4N, that is a very good project. It is copper, but it's a large VMS. This is something we know how to do. We think it has potential.It's early, but really, Tania, it's more of what we've done historically, which is take an early position on things that are promising in the regions we operate.

那麼比如說我們投資4N，那是一個非常好的專案。它是銅的，但它是一個大型 VMS。這是我們知道該怎麼做的事情。我們認為它有潛力。

And again, I want to emphasize what I said earlier. Part of our capital discipline is based on knowledge. And we have a pretty good knowledge of that part of Canada. We have a good knowledge of that project. We have a good knowledge, not just of that project, but of that region. And we have a good knowledge on VMS deposits. So it's driven by a knowledge-based assessment of investment potential.

我想再次強調我之前所說的。我們的資本紀律的一部分是以知識為基礎的。我們對加拿大的那部分非常了解。我們對該項目非常了解。我們不僅對該項目而且對該地區都有深入的了解。我們對 VMS 存款有很好的了解。因此，它是由基於知識的投資潛力評估所驅動的。

Okay, so we should think about this as areas that you operate in, opportunities, gold, non-gold, where you can add value and you have expertise. And do we have this portfolio that you're working, as we have an expiration budget, do you have a budget on investments as well?

好的，所以我們應該將其視為您經營的領域，機會，黃金，非黃金，您可以在其中增加價值並且擁有專業知識。我們有沒有您正在工作的投資組合，因為我們有到期預算，您也有投資預算嗎？

So first of all, I think you summarized it pretty well. So that was good. We agree with that. We're pretty flexible. We're a little bit bigger. You're right, typically it'd been sort of between $100 million and $150 million. I'm looking at Jean Robitaille. It's considerably, it's above that right now. Part of that, frankly, is we made some investments that have done very well and they're kind of sizable. But, you know, as we grow, that has grown, but it's really, it's just the same strategy we've always had.

首先，我認為您總結得很好。所以那很好。我們同意這一點。我們非常靈活。我們稍微大一點。你是對的，通常是在 1 億到 1.5 億美元之間。我正在看著讓‧羅比泰爾。這是相當大的，現在已經高於這個數字了。坦白說，其中一部分是我們進行了一些投資，效果非常好，而且規模相當大。但是，你知道，隨著我們的成長，這種情況也在增長，但這確實是我們一直在採用的策略。

Okay, well, thank you. I appreciate you taking my question.

好的，好的，謝謝。我很感謝你回答我的問題。

Well, it's our pleasure. And thank you, Tanya, always a pleasure. And with that, we are now past noon. So again, thank you everyone for taking time out of your day and for everybody at Agnico who's listening, thank you for all your hard work. Have a nice day.

嗯，這是我們的榮幸。謝謝你，塔妮婭，總是很高興。就這樣，我們現在已經過了中午了。再次感謝大家抽出寶貴的時間，感謝 Agnico 的每一位傾聽者，感謝你們的辛勤工作。祝你今天過得愉快。

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

謝謝你，先生。女士們、先生們，今天的電話會議到此結束。我們感謝您的參與，並請您斷開線路。