Agnico Eagle Mines Ltd (AEM) 2024 Q3 法說會逐字稿

Good morning. My name is Vincent, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Agnico Eagle Q3 2024 Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions) Thank you.

早安.我叫文森特，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Agnico Eagle 2024 年第三季電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。（操作員說明）謝謝。

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

Ammar Al-Joundi 先生，您可以開始會議了。

Thank you, operator, and good morning, and thank you for joining our call today. Before we begin, may I ask you to please take note of the forward-looking statements.

謝謝您，接線員，早安，謝謝您今天加入我們的通話。在我們開始之前，請您注意前瞻性陳述。

I'd like to start this morning by thanking our entire team at Agnico Eagle at all sites and across all functions for delivering another solid operating quarter. For doing it safely, for doing it responsibly, all while contributing to the communities in which we operate.

首先，我要感謝 Agnico Eagle 所有地點和所有職能部門的整個團隊，感謝他們再次實現了穩健的營運季度。安全、負責任地開展工作，同時為我們經營所在的社區做出貢獻。

This consistent and reliable operational performance with an emphasis on cost control and capital discipline has allowed us to deliver tremendous margin expansion for our shareholders and to deliver record financial results for the fourth consecutive quarter, including record operating cash flow and record adjusted net income, all while strengthening the balance sheet, buying back shares and paying a strong dividend.

這種一致、可靠的營運業績，以及對成本控制和資本紀律的重視，使我們能夠為股東帶來巨大的利潤增長，並連續第四個季度實現創紀錄的財務業績，包括創紀錄的運營現金流和創紀錄的調整後淨利潤，所有同時強化資產負債表，回購股票並支付高額股利。

We firmly believe the benefit of a rising gold price should go to our owners, not to increase costs, not to pour capital deployment, but to our owners.

我們堅信，金價上漲的好處應該屬於我們的所有者，而不是增加成本，不是傾注資金配置，而是屬於我們的所有者。

With this in mind, during this call, we will talk not only about our record financial results, but also about our record operational results at our mines, in our mills and throughout the organization, from exploration, to procurement, to treasury and beyond, all as a result of continued efforts to optimize our business.

考慮到這一點，在這次電話會議中，我們不僅將談論我們創紀錄的財務業績，還將談論我們在礦山、工廠和整個組織（從勘探、採購、財務等）創紀錄的運營業績，這一切都是我們不斷努力優化業務的成果。

As you see on the chart to the left, 75% through the year, we are at 76% of the midpoint of our full-year production guidance. It's impressive to be within 1% of midpoint of guidance, as this demonstrates not only strong operational capabilities, but also strong planning and forecasting. We remain confident in meeting our production and cost guidance this year.

如左圖所示，全年生產進度為 75%，目前處於全年生產指引中點的 76%。距離指導中點 1% 以內的成績令人印象深刻，因為這不僅顯示了強大的營運能力，而且還顯示了強大的規劃和預測能力。我們仍然有信心達到今年的生產和成本指引。

I'm pleased, in particular, with our cost control. Our year-to-date costs are at $897 an ounce, which is $3 below the midpoint of our cost guidance. That's pretty good, considering that the increased royalty payments associated with the higher gold prices year-to-date versus our budget assumption of $1,800 has added approximately $20 to our reported cash costs.

我尤其對我們的成本控制感到滿意。我們今年迄今的成本為每盎司 897 美元，比我們的成本指導中點低 3 美元。考慮到今年迄今為止金價上漲導致的特許權使用費增加（與我們 1,800 美元的預算假設相比）已經使我們報告的現金成本增加了約 20 美元，這相當不錯。

One of the best measures of cost control is cost per ton in local currency. I looked at this number this morning. Our company-wide average cost per ton in local currencies has not moved in over a year. That's impressive, and congratulations to the team. In a year of record gold prices and record financial margins, we have not grown complacent. Rather, we have reconfirmed and accelerated our efforts on operational improvements.

成本控制的最佳措施之一是以當地貨幣計算的每噸成本。我今天早上看了這個數字。我們全公司以當地貨幣計算的每噸平均成本一年多來沒有變動。這令人印象深刻，祝賀團隊。在黃金價格和財務利潤創歷史新高的一年裡，我們並沒有自滿。相反，我們重新確認並加快了營運改善的努力。

Next page, please. You will all have seen our results in our press release, and we'll go through them in more detail over the next 25 to 30 minutes. But really, there are three key messages we want to leave with you. One, strong financial results and returns to shareholders, two, continued optimization of our operations, and three, exciting exploration and pipeline projects.

請下一頁。你們都已經在我們的新聞稿中看到了我們的結果，我們將在接下來的 25 到 30 分鐘內更詳細地介紹它們。但實際上，我們想向您傳達三個關鍵訊息。第一，強勁的財務表現和股東回報；第二，持續優化我們的營運；第三，令人興奮的勘探和管道項目。

On financial results, the increase in gold price, along with solid production and cost control, has led to expanded profitability and cash flow. Year-to-date, we've returned approximately $700 million directly to our shareholders through dividends and share buybacks.

財務表現方面，金價上漲，加上穩健的生產和成本控制，導致獲利能力和現金流擴大。今年迄今為止，我們已透過股利和股票回購直接向股東返還約 7 億美元。

Year-to-date, we have returned approximately $1 billion indirectly to our shareholders through a reduction of net debt representing a roughly two-thirds reduction of net debt since the start of the year. Jamie Porter, our CFO, will go through some of those numbers in more detail in a moment.

今年迄今為止，我們已透過減少淨債務間接向股東返還約 10 億美元，相當於年初以來淨債務減少的約三分之二。我們的財務長傑米波特 (Jamie Porter) 稍後將更詳細地介紹其中一些數字。

On continued operational optimization, we are not standing still. Dom and Natasha will discuss not only our operating results this quarter, but also some of the many initiatives our teams are working on to continue our focus on improving our operations.

在持續優化營運方面，我們並沒有停滯不前。Dom 和 Natasha 不僅將討論我們本季的營運業績，還將討論我們的團隊正在採取的一些舉措，以繼續專注於改善我們的營運。

On exploration and pipeline, we are leaving significant amount of time for Guy to talk about some of the continued outstanding exploration results we are getting at Detour, at Odyssey and at Hope Bay, but also at Macassa, at Meliadine and at Fosterville. Outstanding exploration results, all at existing assets, leveraging off existing infrastructure and existing teams in safe jurisdictions.

關於勘探和管道，我們將留出大量時間讓蓋伊談論我們在 Detour、Odyssey 和 Hope Bay、以及 Macassa、Meliadine 和 Fosterville 持續取得的出色勘探成果。出色的勘探成果，全部基於現有資產，利用安全管轄區的現有基礎設施和現有團隊。

Next slide, please. But before I turn this presentation over to Jamie, I'd like to spend a moment on safety. Safety is always our most important priority. And on this call, I'd like to take the opportunity to congratulate our Nunavut mine rescue team, who last month won the 2024 International Mine Rescue Competition in Colombia against 21 other mine rescue teams from all over the world.

請下一張投影片。但在我把這個簡報交給傑米之前，我想花點時間談談安全問題。安全始終是我們最重要的優先事項。在這次電話會議上，我想藉此機會祝賀我們的努勒維特礦山救援隊，他們上個月在哥倫比亞舉行的2024 年國際礦山救援比賽中擊敗了來自世界各地的其他21 支礦山救援隊，贏得了冠軍。

Winning the title of overall champion is impressive on its own, but it's not just what you do, but how you do it. Our team shared a lot of specific rescue knowledge with several teams from other countries, a share of knowledge that could well mean lives saved in some of those countries at some point in the future.

贏得總冠軍本身就令人印象深刻，但這不僅僅是你做了什麼，而是你如何做。我們的團隊與來自其他國家的幾個團隊分享了許多具體的救援知識，這些知識的分享很可能意味著在未來的某個時候挽救其中一些國家的生命。

Remember, these mine rescue teams are the teams that miners depend on when things get difficult. These are people who devote hundreds of hours of their own personal time to train and who are volunteering by definition to go into dangerous environments under dangerous conditions should the need arise to save the lives of their workmates and their friends. That's an important job. That's an important responsibility. So a big congratulations and an even bigger thank you to our mine rescue teams.

請記住，這些礦井救援隊是礦工在遇到困難時所依賴的團隊。這些人投入數百小時的個人時間進行培訓，在需要拯救同事和朋友生命的情況下，他們自願在危險條件下進入危險環境。這是一項重要的工作。這是一項重要的責任。謹此向我們的礦場救援隊表示熱烈的祝賀和更加的感謝。

And with that, I will now ask Jamie Porter, our CFO, to present our third quarter financial results.

接下來，我現在請我們的財務長 Jamie Porter 介紹我們第三季的財務表現。

Thanks very much, Ammar. Good morning, everyone. Our results this quarter really demonstrate a track record of reliable operational and cost performance that continues to translate into very strong financial results. If you recall earlier this year, the theme of our first quarter conference call was on cost control. In the second quarter conference call, we focused more on capital discipline, reinvesting and growing the business at a steady and measured pace.

非常感謝，阿瑪爾。大家早安。我們本季的業績確實證明了可靠的營運和成本績效記錄，並將繼續轉化為非常強勁的財務表現。如果您還記得今年早些時候，我們第一季電話會議的主題是成本控制。在第二季的電話會議中，我們更加關注資本紀律、再投資和以穩定且有節制的速度發展業務。

This focus on cost control and capital discipline is clearly paying off, with the third quarter being characterized by record financial results across the board. By keeping costs in check, we are ensuring that the benefit of higher gold prices translates into higher margins that ultimately accrue to the benefit of our shareholders.

這種對成本控制和資本紀律的關注顯然得到了回報，第三季的特點是全面創紀錄的財務表現。透過控製成本，我們確保金價上漲的好處轉化為更高的利潤，最終為我們的股東帶來利益。

I'm pleased to report record adjusted EBITDA of approximately $1.26 billion and record free cash flow for the fourth consecutive quarter of $620 million. Revenues increased by 31% over the third quarter of 2023 to approximately $2.2 billion.

我很高興地報告調整後 EBITDA 創紀錄地達到約 12.6 億美元，自由現金流連續第四個季度創紀錄地達到 6.2 億美元。營收較 2023 年第三季成長 31%，達到約 22 億美元。

Importantly, our adjusted EBITDA increased by 64% and free cash flow increased nearly sevenfold compared to the prior year period. We are also reporting another record quarter of adjusted net income of $1.14 per share, which is another significant increase relative to the prior year period.

重要的是，與去年同期相比，我們調整後的 EBITDA 成長了 64%，自由現金流增加了近七倍。我們還報告了另一個創紀錄的季度調整後淨利潤為每股 1.14 美元，與去年同期相比又出現了顯著增長。

Apart from the gold price, a key driver of our strong financial results is this continued focus on cost control and continued optimization. If you look at our cash costs, we came in at $921 per ounce in the quarter, within our cash cost guidance range.

除了金價之外，我們強勁財務表現的關鍵驅動因素是持續專注於成本控制和持續優化。如果你看看我們的現金成本，我們本季的價格為每盎司 921 美元，在我們的現金成本指引範圍內。

Cash costs were slightly higher relative to prior quarters, driven by lower production volumes, as was planned, and higher royalties as Ammar indicated in his comments. On a year-to-date basis, we remain below the midpoint of our cash cost guidance range at $897 per ounce.

正如阿馬爾在評論中指出的那樣，由於產量下降（按計劃）以及特許權使用費增加，現金成本相對於前幾季略有上升。今年迄今，我們的現金成本指引範圍仍低於每盎司 897 美元的中點。

With respect to all-in sustaining costs, in Q3, we came in at $12.86 per ounce, driven by higher sustaining capital spending, again, as expected. We were $11.69 in Q2. And in our Q2 call, we discussed that we need to catch up on sustaining capital in the third quarter, and we did that. On a year-to-date basis, however, we remain within our guidance at $12.34 per ounce.

就整體維持成本而言，第三季度，由於維持資本支出增加，我們的價格為每盎司 12.86 美元，這再次符合預期。第二季的價格為 11.69 美元。在第二季的電話會議中，我們討論了我們需要在第三季趕上維持資本的步伐，我們做到了。然而，從年初至今來看，我們仍維持在每盎司 12.34 美元的指導範圍內。

Our all-in sustaining costs continue to be hundreds of dollars per ounce below those of our peers. During the quarter, our all-in sustaining cost margin was 48%, which is amongst the best in the industry. And on a year-over-year basis, the gold price has increased approximately 30%, while our all-in sustaining cost margin has increased 70%. That is exactly the leverage that our investors expect.

我們的整體維持成本仍然比同行低數百美元/盎司。本季度，我們的整體維持成本利潤率為 48%，處於行業領先水準。與去年同期相比，金價上漲了約 30%，而我們的整體維持成本利潤率則上漲了 70%。這正是我們投資人所期望的槓桿。

With respect to operating costs, we definitely benefit from our regional approach. We are the employer of choice in many of the regions in which we operate, which helps to keep employee turnover low. Over 80% of our gold production is in Canada, where we benefit -- we are currently benefiting from a relatively weak Canadian dollar. And we are very focused on continuous improvement to increase productivity and make our mines as efficient as possible, and Dom will touch on that shortly. These factors all contribute to very strong cost control.

就營運成本而言，我們肯定會從我們的區域方法中受益。我們是我們開展業務的許多地區的首選雇主，這有助於維持較低的員工流動率。我們 80% 以上的黃金產量都在加拿大，我們從中受益——目前我們受益於相對疲軟的加元。我們非常注重持續改進，以提高生產力並讓我們的礦場盡可能高效，Dom 很快就會談到這一點。這些因素都有助於非常強大的成本控制。

For the full 2024 year, we expect to be within our guidance range for cost, which is $8.75 to $9.25 per ounce and $1,200 to $1,250 per ounce for all-in sustaining costs. Overall, we've had excellent financial results for the quarter and first nine months of the year.

對於 2024 年全年，我們預計成本將在我們的指導範圍內，即每盎司 8.75 美元至 9.25 美元，總維持成本為每盎司 1,200 美元至 1,250 美元。總體而言，我們本季和今年前九個月的財務表現非常出色。

If we move on to slide 6. We significantly strengthened our balance sheet and reduced our net debt in the quarter to $490 million from $1.5 billion at the start of the year. So we've improved our net debt position by over $1 billion in the first three quarters of 2024, all supported by record operating margins and free cash flow. In July, we repaid $100 million of senior notes on maturity. We also made accelerated payments totaling $275 million on our $600 million term loan facility, bringing our total debt repayment in the quarter to $375 million.

如果我們繼續看投影片 6。我們大幅增強了資產負債表，並將本季的淨債務從年初的 15 億美元減少到 4.9 億美元。因此，在創紀錄的營業利潤率和自由現金流的支持下，我們在 2024 年前三個季度的淨債務狀況改善了超過 10 億美元。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總額 2.75 億美元，使本季的債務償還總額達到 3.75 億美元。

We also continue to prioritize returns to shareholders. For the first nine months of the year, we've returned approximately 45% of the free cash flow that we've generated through the dividend -- we've returned that to shareholders through the dividend and share buybacks. We plan to continue this, to continue to strengthen our balance sheet, continue to reinvest in our business and be opportunistic with respect to buying back shares.

我們也繼續優先考慮股東回報。今年前 9 個月，我們返還了透過股利產生的自由現金流的約 45%，我們已透過股利和股票回購將其返還給股東。我們計劃繼續這樣做，繼續加強我們的資產負債表，繼續對我們的業務進行再投資，並在回購股票方面抓住機會。

If we move on to slide 7. This slide presents a good overview of our continued disciplined approach to capital allocation. As can be seen on the pie chart, we are ensuring that the record free cash flow that we are generating ultimately accrues to the benefit of our shareholders, again, directly through dividends and share buybacks and indirectly through the strengthening of our financial position.

如果我們繼續看投影片 7。這張投影片很好地概述了我們持續嚴格的資本配置方法。從圓餅圖上可以看出，我們正在確保我們所產生的創紀錄的自由現金流最終會為我們的股東帶來利益，同樣是直接透過股利和股票回購，以及間接透過加強我們的財務狀況。

With that, I'll turn the call over to Natasha, who will provide an overview of our consolidated operational results.

接下來，我會將電話轉給 Natasha，她將概述我們的綜合營運表現。

Thanks, Jamie, and good morning, everyone. Today, I have the pleasure of covering the operational highlights on behalf of Dominique and myself. So in the third quarter, our regions delivered another solid operating and cost performance, which, along with the higher gold price, led to record operating margins of $1.4 billion for a fourth consecutive quarter.

謝謝傑米，大家早安。今天，我很高興代表多米尼克和我自己介紹營運亮點。因此，在第三季度，我們的地區再次實現了穩健的營運和成本績效，再加上金價上漲，導致營運利潤率連續第四個季度達到創紀錄的 14 億美元。

Now you can see on the table here that our operating -- our gold production was 863,000 ounces for the quarter, and the total cash costs were $921 per ounce. Both are in line with our expectations. And they reflect the planned shutdown and a lower grade sequence at Canadian Malartic and at LaRonde.

現在您可以在此處的表格中看到，本季我們的黃金產量為 863,000 盎司，總現金成本為每盎司 921 美元。兩者都符合我們的預期。它們反映了加拿大馬拉提克 (Canadian Malartic) 和拉朗德 (LaRonde) 的計劃停產和較低等級序列。

Now in terms of the operations, I'll start with Nunavut. They performed really well this quarter, again, with record throughput at both sites and the costs that came in lower than expected. Meadowbank also reached an impressive milestone. They produced their fifth millionth ounce of gold in September. So a big congratulations to Meadowbank, and in fact both operating teams in Nunavut for a solid quarter.

現在就行動而言，我將從努勒維特開始。他們本季的表現再次非常出色，兩個站點的吞吐量均創歷史新高，而且成本也低於預期。Meadowbank 也達到了一個令人印象深刻的里程碑。他們在九月生產了第五百萬盎司黃金。衷心恭喜 Meadowbank，以及努納武特地區的兩個營運團隊在本季的表現。

Moving to Macassa and Fosterville. They were also strong performers this quarter. Macassa had another solid quarterly production of 71,000 ounces of gold, largely driven by productivity improvements at the mine. The focus now at Macassa is to transition to mill optimization.

搬到馬卡薩和福斯特維爾。他們本季的表現也很強勁。Macassa 的黃金季度產量再次穩定，達到 71,000 盎司，這主要是由於該礦生產力的提高。Macassa 現在的重點是轉向工廠優化。

Fosterville, they set another record for quarterly ore tons mined. Very proud of the team here as well. They also had one of their best quarterly mill throughput in their operating history. This focus on productivity and cost control are paying off as the site continues to work on its full potential model.

福斯特維爾，他們創下了季度開採礦石噸數的另一項紀錄。也為這裡的團隊感到非常自豪。他們還擁有其營運歷史上最好的季度工廠吞吐量之一。隨著該網站繼續發揮其全部潛力模型，對生產力和成本控制的關注正在得到回報。

Last but certainly not least, I just want to say a few words about Detour. They set a record quarterly throughput rate of approximately 77,000 tons per day. This is ahead of the targeted rate of 76,700 tons a day. This performance was largely due to a stable mill run time at around 93% for a second consecutive quarter and also due to a number of small optimization initiatives conducted during the planned shutdown in August.

最後但並非最不重要的一點是，我只想就 Detour 說幾句話。他們創下了每日約 77,000 噸的季度吞吐量記錄。這超出了每天 76,700 噸的目標。這項業績主要歸功於工廠連續第二季穩定在 93% 左右的運作時間，以及 8 月計畫停產期間實施的一些小型優化措施。

If you look back at the first nine months of 2024, our sites continue to show a strong operational and financial track record. And as Ammar mentioned, year-to-date, we have produced 76% of the midpoint of our full-year gold production guidance, and our cash costs remain within guidance range. As a result, we feel confident to meet our gold production and cost guidance for 2024.

如果您回顧 2024 年前 9 個月，我們的網站繼續展現強勁的營運和財務記錄。正如阿瑪爾所提到的，今年迄今為止，我們的黃金產量達到了全年黃金產量指引中點的 76%，而且我們的現金成本仍在指導範圍內。因此，我們有信心達到 2024 年的黃金產量和成本指引目標。

So to conclude, I just want to highlight and I want to recognize again the multiple performance records set at multiple sites. These records are a direct result of the continued focus and commitment on increasing operational efficiencies and cost control at all of our sites. So thank you. Thank you to all our sites for your efforts in achieving our objectives to date, but also your focus on business improvement, not just on costs, but on all fronts, including safety.

總而言之，我只是想強調並再次認可在多個網站所創下的多項效能記錄。這些記錄是我們所有工廠持續關注和致力於提高營運效率和成本控制的直接結果。所以謝謝你。感謝我們所有的網站為實現我們迄今為止的目標所做的努力，也感謝你們對業務改進的關注，不僅僅是成本方面，而是包括安全在內的所有方面。

And with that, I'll pass the call over to Dom to present some of our improvement initiatives.

接下來，我會將電話轉給 Dom，介紹我們的一些改進措施。

Thank you, Natasha. Good morning, everyone. Today, I will present our approach to continuous improvement at our sites as well as some of the positive outcomes we've achieved. On the slide, you can see many examples, which are led by the sites that are positively impacting our costs.

謝謝你，娜塔莎。大家早安。今天，我將介紹我們在工廠持續改善的方法以及我們所取得的一些正面成果。在投影片上，您可以看到許多範例，這些範例由對我們的成本產生積極影響的網站主導。

There are direct cost reduction initiatives like on procurement listed on our right, but the main gains are coming from productivity improvements, listing in the mining and processing columns. As you can see and you hear from Natasha, there is -- many sites are improving productivity.

有直接的成本降低舉措，例如我們右側列出的採購，但主要收益來自生產率的提高，列在採礦和加工欄中。正如您所看到的以及從 Natasha 那裡聽到的那樣，許多網站都在提高生產力。

Looking at some of our successes like Meadowbank is a clear success story. That start, as an example, in 2023. They identified the long-haul trucking as a bottleneck for the operation. For Meadowbank, long-haul trucking is like a shaft for an underground mine, transporting the ore from the mine to the mill located 480 kilometers away.

我們的一些成功案例（例如 Meadowbank）就是一個明顯的成功故事。舉個例子，那是從 2023 年開始的。他們認為長途卡車運輸是營運的瓶頸。對 Meadowbank 來說，長途卡車運輸就像地下礦井的豎井，將礦石從礦井運送到 480 公里外的工廠。

With a team and focused approach involving truck drivers, mechanical maintenance team, road maintenance team and training department, they improved the trucking by 18% the first three months -- or the first three quarter of 2024 compared to the same period last year. They also achieved a quarterly record production underground. And at the mill, they set a new record of 529 tons per hour this quarter. So more tons mined, more tons transported and more tons [milled].

透過由卡車司機、機械維護團隊、道路維護團隊和培訓部門組成的團隊和專注的方法，他們在前三個月（即2024 年前三季）將卡車運輸量與去年同期相比提高了18% 。他們也創下了季度地下產量紀錄。在工廠，他們本季創下了每小時 529 噸的新紀錄。因此開採更多噸，運輸更多噸，以及更多噸[銑削]。

All these initiatives are securing Meadowbank 2024 gold production target of 480,000 to 500,000 ounces at a better cost than planned. Our other Nunavut operation, Meliadine, is also performing very well, both on mining and milling front. In Q3, the Nunavut platform generated over $0.25 billion after tax free cash flow.

所有這些舉措都確保 Meadowbank 2024 年黃金產量目標為 480,000 至 500,000 盎司，且成本低於計劃。我們在努納武特地區的另一家工廠 Meliadine 在採礦和銑削方面也表現出色。第三季度，努勒維特平台產生了超過 2.5 億美元的免稅現金流。

Our Nunavut success showcase our ability to mine in remote arctic conditions. It contributes to extending Meadowbank and Meliadine life of mine, and it is also positively impacting our Hope Bay project, which could become our next 400,000 ounces per year mine in Nunavut. Guy will provide an update on the recent positive exploration results later in the presentation.

我們努納武特地區的成功展示了我們在偏遠北極條件下採礦的能力。它有助於延長 Meadowbank 和 Meliadine 礦山的使用壽命，也對我們的 Hope Bay 項目產生積極影響，該項目可能成為我們位於努納武特地區的下一個年產 400,000 盎司的礦山。蓋伊將在稍後的演講中提供有關最近積極探索結果的最新資訊。

On procurement, by consolidating contracts across Canada, we've been able to leverage our size by entering the availability of materials and services and to control input prices. Finally, on workforce, we benefit from having low employee turnover, as well as a low contractor ratio. It is difficult to put an overall dollar value on this, but it provides more stability to our operation, helping our continuous improvement efforts.

在採購方面，透過整合加拿大各地的合同，我們能夠透過輸入材料和服務的可用性並控制投入價格來利用我們的規模。最後，在勞動力方面，我們受益於員工流動率低以及承包商比率低。很難對此進行整體評估，但它為我們的營運提供了更多穩定性，有助於我們不斷改進工作。

For instance, at Detour, with internalized work for equipment rebuilds, truck maintenance, tire service and tailing construction work, resulting in a saving of over $17 million. Thank you to our operating and technical teams for their commitment to realize the full potential of our assets through optimization. You make the difference as we continue to focus on delivering strong operational performance and cost control.

例如，在 Detour，透過內部化設備重建、卡車維護、輪胎維修和尾礦建設工作，節省了超過 1700 萬美元。感謝我們的營運和技術團隊致力於透過優化實現我們資產的全部潛力。當我們繼續專注於提供強大的營運績效和成本控制時，您將發揮重要作用。

Moving now to Odyssey and Canadian Malartic. Next slide. At Odyssey, the development rate continues to be better than expected. The ramp has now reached the depth of 873 meters. Shaft sinking is also advancing well, reaching the depth of 839 meters at the end of September. And in Q4, the shaft will pass the ramp to become deeper than the ramp.

現在轉向奧德賽和加拿大馬拉提克。下一張投影片。在奧德賽，開發速度持續優於預期。坡道目前深度已達873公尺。豎井下沉也進展順利，9月底深度已達839公尺。在 Q4 中，豎井將經過坡道並變得比坡道更深。

The work at the level 64 temporary loading station is on target and is expected to be commissioned in mid-2025. And on surface, construction is also advancing on schedule, with a focus on (inaudible) and operational complex. Overall, the construction of the mine is on cost and on schedule to become the largest underground gold mine in Canada by 2028. But what gets me more excited is about this project is the huge geological potential.

64層臨時裝卸站的工作已按計畫完成，預計2025年中期投入使用。從表面上看，施工也在按計劃進行，重點是（聽不清楚）和運作綜合體。總體而言，該礦的建設按成本、按計劃進行，到 2028 年將成為加拿大最大的地下金礦。但更讓我興奮的是這個計畫巨大的地質潛力。

So I will now pass on to Guy to present some of the results from our largest exploration program ever at Odyssey and Canadian Malartic complex.

現在，我將請蓋伊介紹我們在奧德賽和加拿大馬拉蒂克綜合體有史以來最大的勘探計劃的一些結果。

Thank you, Dominique, and good morning, everyone. I would like to start by thanking all of the exploration team and drilling contractors across our site as we are advancing well into this very large 2024 exploration program. We have in excess of 100 diamond drill rigs in operation at our various sites. And we have recorded so far in 2024, our best health and safety performance ever since we started tracking those indicators.

謝謝你，多明尼克，大家早安。首先，我要感謝我們現場的所有勘探團隊和鑽井承包商，因為我們正在順利推動這項非常大的 2024 年勘探計畫。我們的各個地點有超過 100 台鑽石鑽孔機在運作。2024 年迄今為止，我們已經記錄了自開始追蹤這些指標以來我們最好的健康和安全表現。

And also, thanks to our exploration team, our drilling excellence team and our procurement team, we have worked very closely with the drill contractor, and we are very pleased that we've seen an overall unit cost reduction of 8% compared to our budget and 16% lower unit cost compared to what we experienced in 2022 after COVID, demonstrating our ability to control cost while maintaining high health and safety performance. So thanks to all of you that are making it happen every day.

此外，由於我們的勘探團隊、卓越鑽探團隊和採購團隊，我們與鑽探承包商密切合作，我們很高興看到整體單位成本比我們的預算降低了 8%與2022 年新冠疫情之後的情況相比，單位成本降低了16%，這表明我們有能力在控製成本的同時保持較高的健康和安全績效。因此，感謝每天讓這一切發生的所有人。

Then moving to key specific driver project at page 12 in Malartic. At the Odyssey mine, we continue to see strong exploration results. First of all, we have extended East Gouldie Zone in the Upper Eastern extension of the deposit.

然後轉向 Malartic 第 12 頁的關鍵特定驅動程式專案。在奧德賽礦，我們持續看到強勁的勘探成果。首先，我們在礦床上東部延伸了東古迪區。

And we see those results having a potential significant impact for near-term resources and reserves. And the development of a new mining area, improving the ramp-up of the -- in the upper portion of the East Gouldie deposit considering their proximity to the infrastructure.

我們認為這些結果對近期資源和儲量有潛在的重大影響。考慮到東古迪礦床的上部靠近基礎設施，新礦區的開發改善了該礦區的開採量。

And in the Eastern extension at depth, we continue to see very strong exploration results up to 700 meters outside of the mineral resources. Actual case, by example, in [drill hole 316], where that returned 3.4 gram over 16 meters into the main East Gouldie Zone, but also very interesting results into a parallel zone that is continuing to shape up.

在東部延伸深度，我們持續看到礦產資源以外 700 公尺深處非常強勁的勘探成果。以實際情況為例，在 [316 號鑽孔] 中，在 16 公尺範圍內向東古迪主要區域返回了 3.4 克，但也產生了非常有趣的結果，進入了一個正在繼續形成的平行區域。

That we turned three-gram over 51-meter estimated through thickness at around 1,400 meters, demonstrating the potential to continue to grow the main East Gouldie deposit and the potential to add significant additional mineral reserve and resources in those barrels zone to the east.

我們將 3 克的厚度估計為 51 米，厚度約為 1,400 米，這表明了東古迪主要礦床繼續增長的潛力，以及在東部這些桶區增加大量額外礦物儲量和資源的潛力。

At Page 13, at Detour Lake mine, we continue to see strong results in the area we are in filling that is part of the advanced underground exploration project that was communicated at the June update. Strong infill results up to 15 grams over 19 meters and 22 gram over 30 meters not only confirm the presence of wide, higher-grade mineralized corridor within the large mineralized envelope.

在第 13 頁，在 Detour Lake 礦場，我們繼續看到我們正在填充的區域取得了強勁成果，該區域是 6 月更新中通報的先進地下勘探計畫的一部分。19 公尺範圍內高達 15 克和 30 公尺範圍內高達 22 克的強填充結果不僅證實了大型礦化圍護結構內存在寬闊、品位較高的礦化走廊。

I'm also very pleased to see how they confirm the continuity of the zone previously drilled at a larger drill spacing. As we continue to integrate those new results into updated mineral resources and mineral reserves, we see though the potential for those recent results and the overall underground project addition to the current open pit mine to bring the Detour Lake mine to our vision of the 1 million ounces of gold per year operation in the future.

我也很高興看到他們如何確認先前以較大鑽孔間距鑽孔的區域的連續性。隨著我們繼續將這些新成果整合到更新的礦產資源和礦產儲量中，我們看到了這些最新成果以及當前露天礦的整體地下計畫的潛力，使Detour Lake 礦場實現了我們100 萬礦的願景未來每年營運黃金盎司。

Then on page 14, at Hope Bay project. In the Madrid deposit area, the Patch 7 zone continued to deliver some excellent results, up to 16 grams over 27 meters through thickness at 430-meter depth. We anticipate that those results will have a significant impact on the mineral resources at year-end. And we continue to see this new discovery at Patch 7 to be a real needle mover for the economic of the project.

然後在第 14 頁，在希望灣計畫。在馬德里礦床區域，Patch 7 區域繼續取得了一些出色的成果，在 430 公尺深度、27 公尺厚度上高達 16 克。我們預計這些結果將對年底的礦產資源產生重大影響。我們繼續看到第 7 版中的這項新發現將成為該計畫經濟的真正推動者。

And with the support of our permitting team, I would also like to highlight the fact that we recently managed to complete the 2.3 kilometer exploration track towards Patch 7 that will now allow to continue to aggressively drill this area during Q4 at Hope Bay where weather transition to winter has historically limit the surface exploration capacity.

在我們許可團隊的支持下，我還想強調這樣一個事實，即我們最近成功完成了通往補丁 7 的 2.3 公里勘探路線，現在將允許在天氣轉變的希望灣第四季度繼續積極鑽探該區域冬季歷史上限制了地面勘探能力。

We anticipate those results, along with the ongoing exploration work in Q4 and Q1, that they will allow to enhance the project development scenario currently being studied. And in light of those recent results at Patch 7, we continue to see a potential project update by the end of 2025 or early 2026.

我們預計這些結果以及第四季和第一季正在進行的勘探工作將有助於增強目前正在研究的專案開發方案。根據補丁 7 的最新結果，我們繼續看到潛在的專案更新將在 2025 年底或 2026 年初進行。

Finally, at page 15. The positive results at several other operations such as Meliadine, Macassa, Fosterville, where we continue to see the potential to extend the deposit at depth and laterally. All of that shows the potential for a bright future for exploration upside as we are in the process of preparing our 2025 exploration program and developing a long-term strategy to maximize the value of those existing infrastructure in addition to our strong project pipeline presented in the previous slide.

最後，在第 15 頁。Meliadine、Macassa、Fosterville 等其他幾個礦區也取得了積極成果，我們繼續看到在這些礦區深度和橫向擴展礦床的潛力。所有這些都表明勘探前景光明，因為我們正在準備 2025 年勘探計劃並製定長期戰略，以最大限度地發揮現有基礎設施的價值以及我們在《2025 年勘探計劃》中介紹的強大項目儲備。張幻燈片。

So thanks to all of our exploration team that continue to create a lot of value through the drill bit in a cost-efficient manner as part of an important reinvestment in our business, and even more importantly, with the best health and safety performance ever for our exploration group.

因此，感謝我們所有的勘探團隊，作為我們業務重要再投資的一部分，他們繼續以具有成本效益的方式通過鑽頭創造大量價值，更重要的是，他們提供了有史以來最好的健康和安全性能我們的探索小組。

And on that, I would like to return the microphone to Ammar.

關於這一點，我想將麥克風歸還給阿瑪爾。

Thanks, Guy. And thanks, everyone. And Congratulations, Guy, not only on the exciting drill results, but for the tremendous cost control efforts. And most importantly, on the safest quarter ever as we're measuring safety in our exploration team. So well done on that.

謝謝，蓋伊。謝謝大家。恭喜蓋伊，不僅取得了令人興奮的鑽探結果，而且還取得了巨大的成本控制努力。最重要的是，這是有史以​​來最安全的季度，因為我們正在衡量勘探團隊的安全性。在這方面做得很好。

I'll conclude by saying that at Agnico, we are going to continue the same strategy that has for over 60 years, delivered consistent, reliable operating performance with an emphasis on growing per share value. And we do that, one, by -- with our regional focus.

最後我要說的是，在 Agnico，我們將繼續採用 60 多年來的相同策略，提供一致、可靠的營運業績，重點是成長每股價值。我們這樣做的方式之一是——以我們的區域為重點。

We focus on regions that a, have the geologic potential for multiple mines over multiple decades and b, have the political stability to allow us to operate multiple mines for multiple decades. And through that, to establish a competitive advantage in the areas we operate and to the extent possible, better cost control and less volatility, and we're seeing that in this environment.

我們重點關注以下地區：a、具有在數十年內開採多個礦山的地質潛力；b、具有政治穩定性，使我們能夠在數十年內運營多個礦山。透過這種方式，我們可以在我們經營的領域建立競爭優勢，並盡可能地實現更好的成本控制和更少的波動性，我們在這種環境下看到了這一點。

Two, we want to be the highest quality gold company that we can be. We are focused on quality, on per share metrics more than we are on size. For us, that means not just excellent operational performance, but the highest ESG standards.

第二，我們希望成為最高品質的黃金公司。我們更注重品質和每股指標，而不是規模。對我們來說，這不僅意味著卓越的營運績效，還意味著最高的 ESG 標準。

We all do the best job we can. But if you plan to be in a place for 60 years and build your second, third and fourth mine, you take a much longer-term approach to environment to the communities you're in into good governance.

我們都盡我們所能。但是，如果您計劃在一個地方工作 60 年並建造第二個、第三個和第四個礦井，那麼您就需要對所在社區的環境採取更長期的方法，進行良好的治理。

We have disciplined capital investment. That disciplined capital comes largely from a knowledge advantage. In the areas we operate, where we've been, we typically have a very good insight into the investment opportunities.

我們有嚴格的資本投資。這種有紀律的資本很大程度上來自於知識優勢。在我們經營的領域以及我們去過的領域，我們通常對投資機會有很好的洞察力。

It's much easier for a person like me to make a decision to invest in a place where I have people where we've been operating for decades than it is to invest in a country I've never been to, in a place where we really don't have any particular skills.

對於像我這樣的人來說，決定投資一個我有員工、我們已經經營了幾十年的地方，比投資一個我從未去過的國家、一個我們真正熟悉的地方要容易得多。沒有任何特殊技能。

We believe we are uniquely positioned. We are in good regions. We have good assets, good long-life assets, and we have demonstrated an ability to leverage off those assets to not only return good, return on capital, but excellent risk-adjusted return on capital.

我們相信我們處於獨特的地位。我們處於良好的地區。我們擁有良好的資產，良好的長期資產，我們已經展示了利用這些資產不僅獲得良好的資本回報，而且獲得出色的風險調整資本回報的能力。

And then finally, consistently for over 41 years, we've paid a dividend. We believe in having a strong balance sheet, we believe in per share metrics, that's always what's driven us. So that's the strategy we've had since 1957, it works for us, and we're going to continue to do that.

最後，41 年來我們始終如一地支付了股息。我們相信擁有強大的資產負債表，我們相信每股指標，這始終是我們的動力。這就是我們自 1957 年以來一直採用的策略，它對我們有效，我們將繼續這樣做。

And so with that, operator, let's open it up for questions.

那麼，操作員，讓我們開始提問吧。

Thank you. Ladies and gentlemen, we will now begin question-and-answer session. (Operator Instructions) Ralph Rafferty, Eight Capital.

謝謝。女士們、先生們，我們現在開始問答環節。（操作員指令）Ralph Rafferty，八資本。

Thanks, operator. Good morning, everyone. Two questions. Maybe if I could start with Guy, just on Detour exploration. That long section showed some strong intercepts below the 600-meter horizon. My understanding was that future targeting for resource updates were going to be sort of above the 600-meter level. Just wondering, is that still the case? And how are you thinking about sort of the depth extent of the three-year program announced in June? Thanks.

謝謝，接線生。大家早安。兩個問題。也許我可以從蓋伊開始，進行繞道探索。這段長段顯示出 600 公尺地平線以下的一些強烈攔截。我的理解是，未來資源更新的目標將在 600 公尺以上的水平。只是想知道，現在還是這樣嗎？您如何看待六月宣布的三年計畫的深度？謝謝。

Yes. Excellent. Thanks for the question. I would say we are working on those. Obviously, from surface, we're going to be focusing on the [0-600 meter]. And as we're going to be progressing with the ramp, we're going to be moving forward at infilling the drill spacing to the desired spacing for indicated resource classification.

是的。出色的。謝謝你的提問。我想說我們正在研究這些。顯然，從表面上看，我們將重點關注[0-600公尺]。隨著坡道的進展，我們將繼續將鑽孔間距填滿到指定資源分類所需的間距。

So we are doing a little bit of the shallow portion and we're going to continue to do large drill spacing for the deep extension to the west. But for us, following the delivery of our study in June, we really want to increase level of confidence into the resources that were part of the PEA that was produced in June to support the underground project.

因此，我們正在淺層部分進行一些工作，我們將繼續進行大鑽距，以向西延伸至深處。但對我們來說，在 6 月完成研究之後，我們確實希望提高對 6 月為支持地下項目而製定的 PEA 中的資源的信心。

Got you. Okay. Yes, helpful. And then just following up for Dominique or Natasha on prepared comments on Macassa mill optimization as the constraints move from mine to mill. Just wondering, is this a debottlenecking effort looking at higher throughput? Are you looking to sort of increase baseline mill availability or increase of coverage? Just a little bit on that would be helpful?

明白你了。好的。是的，有幫助。然後，隨著限制從礦場轉移到工廠，請跟進 Dominique 或 Natasha 對 Macassa 工廠優化準備好的評論。只是想知道，這是為了提高吞吐量而進行的消除瓶頸的努力嗎？您是否希望提高基線工廠的可用性或增加覆蓋範圍？只要稍微了解一下會有幫助嗎？

Hi. Thanks for the question, Ralph. Yes. So with the mill, so we are optimizing -- we're continuing to optimize the mine. We have a new infrastructure at Macassa with the shaft, the ventilation. So now the bottleneck is moving more towards the mill.

你好。謝謝你的提問，拉爾夫。是的。因此，對於工廠，我們正在優化——我們將繼續優化礦山。我們在馬卡薩有一個新的基礎設施，包括豎井和通風設施。所以現在瓶頸更多地向工廠移動。

And with that, we're looking at maximizing or squeezing the tower with the infrastructure that we currently have at the mill. So the grinding efficiencies, we're working on the secondary -- or sorry, the tertiary mills, looking at upgrading conveyors, crushers, just to see -- tweak the system to see how much we can put through the mill at Macassa.

因此，我們正在考慮利用工廠目前擁有的基礎設施來最大化或擠壓塔。因此，為了提高研磨效率，我們正在對二級工廠（或對不起，三級工廠）進行研究，考慮升級輸送機、破碎機，只是為了看看——調整系統，看看我們可以通過馬卡薩的工廠生產多少東西。

Okay. There are no say, hard targets on recoveries or throughput in terms of what we could be looking at?

好的。就我們所關注的內容而言，沒有說回收率或吞吐量的硬目標嗎？

No. No. We're still targeting [16.50].

不。不。我們仍然瞄準[16.50]。

Okay. Thanks to the team. Thank you.

好的。感謝團隊。謝謝。

Thank you.

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. It's very nice to hear from you all and thank you for today's update. Could I ask on cost inflation? And just with respect to some recent cost inflation news in the industry, specifically on labor. Are you seeing any above average labor inflation? And then could you split out the labor inflation you're seeing between your employees and contracted labor? And it would also be very helpful if you could remind us what is the split at Agnico between employees and contracted labor? Thanks.

謝謝你，接線生。早上好，阿瑪爾和團隊。很高興收到大家的來信，謝謝大家今天的更新。我可以問一下成本通膨嗎？就該行業最近的一些成本通膨新聞而言，特別是關於勞動力的新聞。您是否看到勞動力通膨高於平均？然後你能把你所看到的勞動力通膨分成你的員工和合約工嗎？如果您能提醒我們 Agnico 員工和合約工之間的區別，也會非常有幫助？謝謝。

Hey, Lawson. It's Jamie here. Yes. So maybe I'll start and take the first part of the question with respect to our workforce, and I'll turn it over to Dom or Natasha to talk about what we're seeing on the contractor side. But we're in the middle of our budgeting process now.

嘿，勞森。傑米在這裡。是的。因此，也許我會開始回答與我們的勞動力有關的問題的第一部分，然後我會將其交給 Dom 或 Natasha 來討論我們在承包商方面看到的情況。但我們現在正處於預算過程中。

We're assuming around a 3% increase, which would be consistent with Canadian CPI on labor. And then I'll answer the question in terms of the percentage of our workforce that's labor versus contracted, we're about two-thirds are Agnico employees and one-third contractors.

我們假設上漲 3% 左右，這與加拿大勞動力 CPI 一致。然後我會根據勞動力與合約工的比例來回答這個問題，我們大約三分之二是 Agnico 員工，三分之一是承包商。

Yes. Overall, let's say, on inflation, we see the same inflation on our employees and the contractor. In Canada, where we operate, there is no, let's say, significant increase on the contractor side. We always try to maximize or to -- sometimes we're moving in the percentage of contractors at site depending on the site, how it's going. I mean, if we're, let's say, closing a site, we might increase more the contractors. But when we were in operation, it is lower. Overall, we're 35% of -- in operation of a contractor base.

是的。總的來說，就通貨膨脹而言，我們的員工和承包商面臨著同樣的通貨膨脹。在我們營運的加拿大，可以說承包商方面沒有顯著增加。我們總是嘗試最大化或 - 有時我們會根據現場情況及其進展來調整現場承包商的百分比。我的意思是，如果我們關閉一個站點，我們可能會增加更多的承包商。但當我們在運作時，它是較低的。總體而言，我們的 35% 是在營運承包商基地。

And just on that, the contractor base we're having -- a contractor for me, it is like an Agnico employee. It is the same people. And in fact, our contractors are often the kids of our employees. Because it's the way to start and to get into the business. And with time, with experience, where we hire them. So on the safety side and the way we treat them at the end of the day is to work together to be more productive and to get the results. So no issue with contractors.

就這一點而言，我們擁有的承包商基礎——對我來說是一個承包商，它就像 Agnico 的員工。這是同一個人。事實上，我們的承包商通常是我們員工的孩子。因為這是開始和進入這個行業的方式。隨著時間的推移，隨著經驗的積累，我們僱用他們。因此，從安全角度來看，我們最終對待他們的方式是共同努力，提高工作效率並取得成果。所以承包商沒有問題。

Okay. Fantastic. And then, James, if I just clarify the point you made, the 3%, is that looking into 2025? Or is that what the realized experience has been for 2024?

好的。極好的。然後，詹姆斯，如果我澄清一下你提出的觀點，即 3%，是指展望 2025 年嗎？或者這就是 2024 年已實現的體驗嗎？

Yes. So from 2023 into 2024, we were closer to 4.5% going into 2025. Again, we're currently budgeting 3%. That doesn't mean that we'll end up exactly at 3%, it could be 2.5% to 3.5%, but we're currently forecasting a 3% increase, 2024 going into 2025.

是的。因此，從 2023 年到 2024 年，到 2025 年我們的成長率接近 4.5%。同樣，我們目前的預算為 3%。這並不意味著我們最終會達到 3%，可能是 2.5% 到 3.5%，但我們目前預測 2024 年到 2025 年將成長 3%。

And that's just labor? Or is that overall inflation?

而這只是勞動？還是整體通膨？

So that's labor. And as Dom said, we're seeing the same on the contractor front. So about 45% of our cost structure is labor and contractors. So on that 45%, we're forecasting again in around a 3% increase.

所以這就是勞動。正如 Dom 所說，我們在承包商方面也看到了同樣的情況。因此，我們的成本結構中約 45% 是勞動力和承包商。因此，對於這 45%，我們再次預測增幅約為 3%。

Okay. That's perfect. And if I could also just ask on Hope Bay. Really, really exceptional drilling results. I'd be curious to know how that's informing your latest thinking on the project. Are you seeing any change to the timing of construction could start or even the scope of the project? Thanks very much.

好的。那很完美。我是否也可以在希望灣詢問一下。確實非常非常出色的鑽探結果。我很想知道這如何影響您對該專案的最新想法。您認為施工時間或工程範圍是否會改變？非常感謝。

Yes, Lawson, Dominique speaking. Well, it's quite a positive news. The Patch 7 is a game changer. And now we just need to resize or refocus on the project, for example, now with this in place, should we move the mill to Madrid. It was not the plan. But the team needs a bit of time to reassess and to do some trade-offs on this. It is easier to mine.

是的，勞森，我是多明尼克。嗯，這是一個相當正面的消息。Patch 7 改變了遊戲規則。現在我們只需要調整項目規模或重新關注項目，例如，現在有了這個，我們是否應該將工廠搬到馬德里。這不是計劃。但團隊需要一些時間來重新評估並對此進行一些權衡。開採起來更容易。

It's going to require less development for, let's say, more ounces. It is large zone, higher grade, slightly higher grade than the other one that we have. And as Guy mentioned, we're looking end of 2025, beginning of 2026 to get it into a formal study and an announcement on construction potentially.

比如說，它需要更少的開發來獲得更多的盎司。它的區域很大，等級較高，比我們的另一個等級稍高一些。正如蓋伊所提到的，我們預計在 2025 年底、2026 年初將其納入正式研究並可能發佈施工公告。

Sorry, what was the timing of the construction there, just to be totally clear?

抱歉，為了完全清楚，那裡的施工時間是什麼時候？

Late '25 early '26.

25 年末 26 年初。

For start of construction. Okay. That's great. Yes, thanks for those comments, guys.

為開工建設。好的。那太棒了。是的，謝謝你們的評論，夥計們。

For study.

為了學習。

Oh, for study. Okay. Got you. Okay. That's great. Thank you so much for the color today. And solid quarter.

哦，為了學習。好的。明白你了。好的。那太棒了。非常感謝今天的顏色。和堅實的季度。

Tanya Jakusconek, Scotiabank.

Tanya Jakusconek，豐業銀行。

Great. Good morning everyone. Thank you for taking my questions. Congratulations on the Detour coin that uses your gold for that coin, that's exciting. I have three questions, if I could. The first one, I just want to follow-up on Lawson's question on labor. So thank you for that. It looks like 15% of your cost structure is contracted.

偉大的。大家早安。感謝您回答我的問題。恭喜 Detour 硬幣使用您的黃金兌換該硬幣，這太令人興奮了。如果可以的話，我有三個問題。第一個問題，我想跟進一下勞森關於勞工的問題。所以謝謝你。看起來您的成本結構中有 15% 是收縮的。

Just want to just review a few things on the late -- on your cost. Number one, can you just remind me, Jamie, you've assumed 3% or thereabout inflation into 2025 cost for your budgeting. Can you just confirm with me that that’s -- hopefully, you're not seeing any major changes in consumables and others I thought about 25% of the cost structure?

只是想在後期回顧一些事情——費用由您承擔。第一，傑米，你能提醒我嗎，你在預算中假設 2025 年的通貨膨脹率為 3% 左右。您能否向我確認一下，希望您沒有看到消耗品和其他我認為佔成本結構 25% 的重大變化？

Sorry, Tanya, I just want to clarify first, your comment. I think you said that 50% of our workforce was contracted, that's incorrect.

抱歉，Tanya，我只想先澄清一下您的評論。我認為您說我們 50% 的勞動力是合約工，這是不正確的。

No, 15. 45% is labor and then one-third of that contract. So that puts you 15.

不，是 15。45% 是勞動力，然後是合約的三分之一。所以這就是 15。

That's correct. That's right. So on that 45%, if you factor in labor and our contracted workforce on that 45% of our costs, we're, again, forecasting about a 3% increase. If you look across the rest of our cost structure, I mean, we have seen lower energy prices.

這是正確的。這是正確的。因此，對於這 45%，如果將勞動力和我們的合約工納入這 45% 的成本，我們再次預測成長約 3%。如果你看看我們成本結構的其餘部分，我的意思是，我們看到能源價格下降了。

So there's actually a bit of a decline with respect to diesel and power, which is another 12% of our overall costs. On everything else, the consumables, it's -- inflation is running around kind of 5%. But again, we're in the process of going through our budgets currently.

因此，柴油和電力實際上有所下降，占我們總成本的另外 12%。在其他一切方面，例如消費品，通貨膨脹率約為 5%。但同樣，我們目前正在審查預算。

If you look back to what we did in 2024, inflation was running closer to 6% to 7%, and our guidance was up 3%. So that's our job, to try to make the mines as efficient as possible to combat cost inflation where we can. And we'll work to do that going into 2025 as well.

如果你回顧我們在 2024 年所做的事情，你會發現通膨接近 6% 至 7%，而我們的指導則上漲了 3%。因此，這就是我們的工作，即盡可能提高礦山效率，以應對成本上漲。我們也將努力在 2025 年實現這一目標。

And just on your labor contracts. Can you just remind me at some of your key mines, do you have any up for renewal in 2025?

就在你的勞動合約上。您能否提醒我您的一些關鍵礦山，您是否有 2025 年續約的計劃？

Yes. In fact, Tanya. Dominique speaking. We are renewing contract every month. It's not the one-shot deal. So depending of the contractors. Last year, it was -- or two years ago, it was more to put together, including four (inaudible). The division, this year, we see more, including Canadian Malartic division. But there is no specific date. Each contract are different. And for example, this month, I saw two of them coming on my desk and nothing major in terms of inflation.

是的。事實上，塔妮亞.多明尼克發言。我們每個月都會續約。這不是一錘子買賣。所以取決於承包商。去年，或者兩年前，更多的是放在一起，包括四個（聽不清楚）。這個賽區，今年我們看到的比較多，包括加拿大馬拉蒂克賽區。但沒有具體日期。每個合約都不同。例如，這個月，我看到其中兩個出現在我的辦公桌上，在通貨膨脹方面沒有重大影響。

Okay. And I guess just a final off that, just on -- because obviously, another thing that impacts cost, of course, is cutoff grade. So I have to ask on the reserves and resources, as you think about the year-end oil price and cutoff grades and input costs, just maybe from a high level, how are we looking at in terms of the grades going in? Are we keeping our cut-off grade constant?

好的。我想這只是最後一個，因為顯然，影響成本的另一件事當然是截止等級。因此，我必須問一下儲量和資源問題，當您考慮年終油價、邊界品位和投入成本時，也許從較高的水平來看，我們對品味的看法如何？我們的截止等級是否維持不變？

Yes, that's the plan. I would say, we are, as discussed with Jamie and Dominique, fine-tuning our operation costs. So the OpEx and our plan is to maintain cutoff grade stable. Obviously, in our gold price environment, should we have spare milling capacity at some of the operations, we may take the advantage of adding. But the plan -- our plan remain always the same, maintain cutoff grades and the right ton, the right grade to the mill. And when we have excess capacity, try to leverage maybe opportunity.

是的，這就是計劃。我想說，正如與傑米和多米尼克討論的那樣，我們正在微調我們的營運成本。因此，營運支出和我們的計劃是保持臨界品位穩定。顯然，在我們的金價環境下，如果我們在某些​​業務上有閒置的銑削產能，我們可以利用增加產能的優勢。但計劃 - 我們的計劃始終保持不變，保持邊界品位和正確的噸位，正確的等級給工廠。當我們產能過剩時，試著利用機會。

Okay. And just to conclude on the cost, if I could, and then I'll just ask one more question, which is on tailings. So Jamie, if I was to think of it from a very high level and assume, let's say, a cost of $900 an ounce total cash cost and you've got that 3%, 4% inflation on that sort of cost structure into 2025 and make adjustments on the gold price for every $100 at $3 per ounce on your royalties. Would I be -- a reasonable assumption, assuming no change in cutoff grade, no volume and no Canadian dollar change? Would that be a reasonable assumption?

好的。如果可以的話，我只想總結一下成本，然後我會再問一個關於尾礦的問題。Jamie，如果我從一個非常高的水平來考慮這個問題，假設每盎司的總現金成本為 900 美元，那麼到 2025 年，這種成本結構的通貨膨脹率為 3%、4%並將每100 美元的黃金價格調整為每盎​​司3 美元的特許權使用費。我會是──一個合理的假設，假設臨界品位沒有變化，數量沒有變化，加幣也沒有變化？這是一個合理的假設嗎？

Yes. Tanya, I'd say, again, we're right in the middle of our budgeting process. The way I look at it, similar to what we did last year, right? Inflation was running 6%, 7%, and we did better than that. So we're seeing -- if you factor in the higher royalties and everything else, our costs are up maybe 5% year-over-year, and we'll try to meet that or do better.

是的。坦妮亞，我要再說一遍，我們正處於預算過程中。我的看法與我們去年的做法類似，對吧？通貨膨脹率為 6%、7%，我們的表現比這更好。所以我們看到——如果你考慮到更高的特許權使用費和其他一切因素，我們的成本可能會比去年同期增加 5%，我們會盡力滿足這個要求或做得更好。

Yes. I appreciate it. Thank you. And just my final question is just on tailings, if I could. Just -- someone could just review with me. Just as you look at your tailings, I know you spent $1 billion in CapEx or thereabout. Can someone just remind me how much of that is just for your annual tailing?

是的。我很感激。謝謝。我的最後一個問題是關於尾礦，如果可以的話。只是──有人可以跟我一起回顧。就像你看看你的尾礦一樣，我知道你在資本支出上花了 10 億美元左右。有人可以提醒我其中有多少只是用於您的年度貨件嗎？

And do you have -- do you see any of your operations coming above and beyond on the tailings expenditures in the next couple of years? I know that we were at Canadian Malartic and Detour, we have enough tailing capacity at both of those operations. But just wondering if you're seeing additional spending on your tailings? Thank you.

您是否認為未來幾年您的任何業務在尾礦支出方面會超出預期？我知道我們在 Canadian Malartic 和 Detour，這兩個業務都有足夠的尾礦處理能力。但只是想知道您是否在尾礦上看到了額外的支出？謝謝。

Yes, Tanya, on that, I don't have the specific breakdown in front of me, but I'll ask [Jean-Marie] or [Aria] to get back to you with that information.

是的，Tanya，對此，我沒有具體的詳細信息，但我會請 [Jean-Marie] 或 [Aria] 向您回复該信息。

Okay. Perfect. Thank you so much.

好的。完美的。太感謝了。

Josh Wolfson, RBC Capital Markets.

喬許·沃爾夫森，加拿大皇家銀行資本市場部。

Yes. Thanks. First question is on Fosterville. It looks like there's been some very good progress with these higher volume efforts. When I look at the production rate today, it looks like around an annualized over 250,000 ounces versus the guidance going forward for 150.

是的。謝謝。第一個問題是關於福斯特維爾的。看來這些提高產量的努力取得了一些非常好的進展。當我查看今天的生產率時，年化產量似乎超過 250,000 盎司，而未來的指導值為 150 盎司。

At one point, there was discussion of updating a mine plan or providing kind of new information on what the forward-looking expectations are there. When can we expect that information? And would it be reasonable to extrapolate some of the results we've seen year-to-date?

有一次，人們討論了更新採礦計劃或提供有關前瞻性期望的新資訊。我們什麼時候可以收到這些訊息？推論我們今年迄今看到的一些結果是否合理？

Hi. This is Natasha. Thanks for the question. So with Fosterville, yes, they're continuing to work on the full potential model or the study associated with it. And this is where some of the productivity improvements are coming in. So they're working to maximize what they can do with the mine and building that into their mine plan, latest and greatest life of mine plan. So we expect to see that -- those results sometime in early 2025.

你好。這是娜塔莎。謝謝你的提問。因此，對於福斯特維爾，是的，他們正在繼續研究完整的潛力模型或與之相關的研究。這就是一些生產力提高的地方。因此，他們正在努力最大限度地利用礦山，並將其納入他們的礦山計劃、最新和最偉大的礦山計劃中。因此，我們預計會在 2025 年初的某個時候看到這些結果。

Okay. And then a question maybe on some of the recent equity investments and some of the media speculation on M&A in the third quarter. I'm wondering if there's some commentary that can be provided on what the criteria the company looks at for transactions, how that's evaluated against the suite of development projects Agnico already has? And then as it relates to the most recent deal, how the company frames that investment with its historical emphasis on its established mining regions, with this one being a new one? Thank you.

好的。然後可能是關於最近的一些股權投資以及媒體對第三季併購的一些猜測的問題。我想知道是否可以就該公司的交易標準提供一些評論，如何根據 Agnico 已有的開發專案套件對其進行評估？然後，由於涉及最近的交易，該公司如何將其歷史重點放在其已建立的礦區（這是一個新礦區）的投資框架中？謝謝。

Hi, Josh. It's Ammar here. We're pretty consistent in our approach to capital investment, whether that's organic or external. Our capital investment is always, as you would for your own personal account, what gets you the best return on your investment with the least risk.

嗨，喬許。這裡是阿瑪爾。我們的資本投資方式非常一致，無論是內部投資或外部投資。正如您對自己的個人帳戶所做的那樣，我們的資本投資始終是讓您以最小的風險獲得最佳的投資回報。

And so for us, there's always an advantage, and we've said this and you can see by our strategy, there's always an advantage to organic growth in that you have, in most cases, already spent a lot of the capital, you can leverage off existing capital. And you have a much better level of confidence with regards to it. And so that's always worked for us.

所以對我們來說，總是有一個優勢，我們已經說過了這一點，你可以透過我們的策略看到，有機成長總是有一個優勢，因為在大多數情況下，你已經花費了大量的資本，你可以利用現有資本進行槓桿化。你對此更有信心。所以這對我們來說一直都有效。

The other thing we always do -- and this is tied to your second part of your question with ATEX is we -- to the extent it's external, we have a long history of taking small strategic positions to learn more about what we've got. And sometimes we'll have a position for years. And it's a gain to get that knowledge advantage so that we can make a more disciplined capital investment.

我們經常做的另一件事——這與您關於 ATEX 的問題的第二部分相關——就外部而言，我們長期以來一直採取小型戰略立場來更多地了解我們所擁有的東西。有時我們會保持一個職位多年。獲得知識優勢是一種收益，這樣我們就可以進行更嚴格的資本投資。

To us, a big part of discipline isn't just saying it's going to be a 15% return. It's actually doing the homework and getting the knowledge. So our investment at ATEX, think about what we do. We want regions. First of all, we look for high geologic potential. And then we look for political stability to be able to operate.

對我們來說，紀律的一個重要部分不僅僅是說 15% 的回報率。它實際上是做作業並獲取知識。所以我們在 ATEX 的投資，想想我們在做什麼。我們想要區域。首先，我們尋找高地質潛力。然後我們尋求政治穩定以便能夠運作。

Now we're a gold company, but we are focused on making our shareholders money. And in the space of copper, based on geologic areas that have a long history of being able to operate, let's face it, Chile is on top of the world. Well, literally up in the Andes. But it is the best place and has been for decades. It would be a new jurisdiction for us, but it is a good jurisdiction.

現在我們是一家黃金公司，但我們專注於為股東賺錢。在銅礦領域，基於具有悠久營運歷史的地質區域，讓我們面對現實吧，智利處於世界之巔。嗯，確實是在安地斯山脈。但這是最好的地方，而且幾十年來一直都是如此。這對我們來說將是一個新的司法管轄區，但它是一個很好的司法管轄區。

But let me be clear. We are not building anything there. We don't plan to do anything. This is an early-stage investment, and we'll see where it goes from there. But I just want to be clear, it's not like we're rushing in to build a project at the top of the Andes.

但讓我說清楚。我們不會在那裡建造任何東西。我們不打算做任何事。這是一項早期投資，我們將看看它的發展方向。但我想澄清的是，我們並不是急於在安第斯山脈頂部建造一個計畫。

Thank you very much.

非常感謝。

Mike Parkin, National Bank.

麥克·帕金，國家銀行。

Thanks for taking my question. Congrats on the solid quarter. Just a question for Guy. The Lower Phoenix zone, you've got it there in your presentation, a very high grade hit, quite deep. But is that in a zone, the cardinal structure that you're highlighting on slide 15? Is that a zone is kind of new to you?

感謝您提出我的問題。恭喜季度業績穩定。只是問蓋伊一個問題。下菲尼克斯地區，你在演講中已經提到了，這是一個非常高品味的熱門，非常深入。但您在投影片 15 中強調的基本結構是在一個區域嗎？這個區域對您來說是陌生的嗎？

Or what's your thoughts on that? Is that got you excited that there is smoke hit with a high-grade hit? And just kind of thinking around like this maybe the signs of another Swan Zone? Or any kind of commentary you can provide there would be appreciated.

或者你對此有何想法？高級打擊中冒出的煙霧讓您感到興奮嗎？像這樣思考也許是另一個天鵝區的跡象？或者您可以提供任何類型的評論，我們將不勝感激。

Okay. Thanks. Well, as you -- I know if you know the deposit quite well. It's a structurally controlled deposit that goes along that plan, and there's places that are developing through the system. It was part of the reality into the upper part.

好的。謝謝。好吧，作為你——我知道你是否非常了解存款。這是一個按照該計劃進行結構控制的存款，並且有些地方正在透過該系統進行開發。那是現實的一部分進入了上部。

And then at depth, while looking at the Lower Phoenix, the bottom of the Swan Zone at certain point down into the Swan, we started to see that parallel play that started to develop. That is couple of tens of meter away from the typical -- our understanding of the typical card swan and extensions of the main deposit.

然後在深度處，當觀察下菲尼克斯，即天鵝區底部的某個點進入天鵝時，我們開始看到開始發展的平行遊戲。這與我們對典型卡天鵝和主要存款擴展的理解相距幾十米。

But this is completely normal for that kind of deposit. There's kind of (inaudible) structure down plunge. We're quite pleased to see those kind of results. And we see that. And at some point in time, you are understanding that (inaudible) strong feature, maybe the main structure could ended up moving into that space.

但這對於這類存款來說是完全正常的。有一種（聽不清楚）結構的下降。我們很高興看到這樣的結果。我們看到了這一點。在某個時間點，您會了解到（聽不清楚）強大的功能，也許主要結構最終可能會移入該空間。

So therefore, our interest and obviously, that recent result with 10.72-gram over five meters is quite exciting. And within it, there was a wide -- a narrow, I would say, a couple of tens of centimeter with super high grade at 1,300 gram. That has sort of similar look than the Swan. It's a bit smaller yet.

因此，我們很感興趣，而且顯然，最近 5 公尺重達 10.72 克的結果非常令人興奮。在它裡面，有一個寬的——我想說，窄的，幾十厘米，具有1,300克的超高品位。它的外觀與天鵝有點相似。還是有點小了。

So we continue to see here and then, some -- here and there through the deposits, some smaller version of the Swan. And it's still early days and it just shows that the system remains open at depth, and we're going to continue to pursue the investigation of that going down the plunge of the ore body.

因此，我們繼續在沉積物中不時看到一些較小版本的天鵝。現在還處於早期階段，這只是表明該系統在深度上仍然開放，我們將繼續對礦體的墜落進行調查。

And is that the first kind of drill hole with that kind of grade in that? Or I forget off the top of my head what you dd --

這是第一種具有這種等級的鑽孔嗎？或者我完全忘記了你說的--

No, we've been getting some time. We got some 10 grams over 10 meters in the previous quarter. So if you look backwards into our, I would say, six most recent press release, we've been reporting intercept that were specifically identifying into the cardinal’s play. And it's continued to shape up as we continue to go at depth and locally, there will be some higher grade hot spot into the system like that. It's one of the good one from a factor grade thickness standpoint, but there's been some other pretty good one.

不，我們已經有一些時間了。上一季我們在 10 公尺範圍內收穫了約 10 克。因此，如果你回顧我們最近的六份​​新聞稿，我們一直在報告專門識別紅衣主教比賽的攔截。隨著我們繼續深入和局部，它會繼續形成，系統中將會有一些更高級別的熱點。從因子等級厚度的角度來看，它是最好的之一，但還有其他一些相當不錯的產品。

Okay. Thanks very much, Guy. One last question, I guess, probably Ammar or maybe some of the more Ontario, Quebec-focused leadership. In terms of staffing, we've seen obviously a couple of new mines in Ontario come online and ramping up.

好的。非常感謝，蓋伊。我猜最後一個問題可能是阿馬爾，也可能是一些更關注安大略省、魁北克省的領導階層。在人員配備方面，我們顯然看到安大略省有幾個新礦已上線並正在增加。

We're hearing there is still fairly decent labor tightness. Recognizing you guys are winning from being the employer of choice. But can you speak to -- is there any programs or discussions being had with government officials where we're seeing an immigration policy bring what seems like fairly vast numbers, but more into the urban centers and not -- is there any kind of program to bring them north into the resource extraction industry? And if there is, what's the kind of barriers? Is it housing like it is down here, skilled or lacking? Any kind of comments there would be appreciated.

我們聽說勞動力緊張的情況仍然相當嚴重。認識到你們正在因成為首選雇主而獲勝。但是您能否談談——是否有任何計劃或正在與政府官員進行討論，我們看到一項移民政策帶來了相當多的人，但更多的是進入城市中心，而不是——是否有任何類型的計劃讓他們北上進入資源開採行業？如果有的話，障礙是什麼？它的住房是否像這裡一樣，技術熟練還是缺乏？如有任何意見，我們將不勝感激。

I mean, that's a very good question. What I'd like to do is I'd like to ask Natasha to talk about some specific things we're doing. And then maybe I'll talk about the latter part about because it's a good question. Are you also looking at urban areas to see if you can resource there? And the answer is yes, but I'll let Natasha go first.

我的意思是，這是一個非常好的問題。我想做的是請娜塔莎談談我們正在做的一些具體事情。然後也許我會談論後一部分，因為這是一個很好的問題。您是否也在考慮城市地區，看看是否可以在那裡提供資源？答案是肯定的，但我會讓娜塔莎先走。

Yes. So yes, Mike, thanks for the question. So yes, we are still seeing a tightness in the market. And -- but on the other hand, because we are the employer of choice, our vacancy rates are relatively low. We are -- the market is particularly tight on trades. And so what we are looking at is, I think we had mentioned this earlier, but we have a pilot program ongoing.

是的。所以，是的，麥克，謝謝你的提問。所以，是的，我們仍然看到市場吃緊。但另一方面，因為我們是首選雇主，所以我們的空缺率相對較低。我們——市場的交易特別緊張。所以我們正在關注的是，我想我們之前已經提到過這一點，但我們正在進行試點計劃。

It's a targeted immigration program with our colleagues in Mexico. We've brought 12 families over earlier this year to evaluate how the conditions in Kirkland Lake and if they all integrate well. So far, it's going really well. We were on site a month ago talking to the team, really appreciate it. They come with a lot of skills, a lot of ideas, and it's really going well.

這是我們與墨西哥同事共同實施的一項有針對性的移民計劃。今年早些時候，我們帶了 12 個家庭來評估柯克蘭萊克的條件以及他們是否都能很好地融入。到目前為止，一切進展順利。一個月前我們在現場與團隊交談，非常感謝。他們擁有很多技能、很多想法，而且進展非常順利。

On the government side, we're working with them actively on the critical infrastructure, like you mentioned. Focusing on housing, particularly in the [Kaken] area, in the Kirkland Lake area, medical care, specialized facilities on that end and just educational centers for children. The other side of it is earlier this year, we received a skilled development fund from the government in the order of $10 million to help with the development and training of individuals in the north.

在政府方面，我們正在與他們在關鍵基礎設施方面積極合作，就像您提到的那樣。重點關注住房，特別是在[Kaken]地區、柯克蘭湖地區、醫療保健、專門設施以及兒童教育中心。另一方面，今年早些時候，我們收到了政府提供的約 1000 萬美元的技能發展基金，用於幫助北部地區的個人發展和培訓。

And then on -- Mike, just with regards to urban. It's not just the mining industry. It is a, by and large, trades deficit in Canada. And we are working with others in urban areas to look at opportunities to take young people who may not want to go down the post-secondary education track but are frankly kind of lost with what they want to do. We're working to see if we can get them interested in the trades, which would certainly help Agnico, but would help a lot of other industries in Canada.

然後麥克，只是關於城市。這不僅僅是採礦業。總的來說，這是加拿大的貿易逆差。我們正在與城市地區的其他人合作，尋找機會吸引那些可能不想接受高等教育但坦白說對自己想做的事情感到迷失的年輕人。我們正在努力看看是否能讓他們對這些行業感興趣，這肯定會對 Agnico 有所幫助，但也會對加拿大的許多其他行業有所幫助。

Great. Happy to hear that things are happening. So thanks again, and congrats again on the good quarter.

偉大的。很高興聽到事情正在發生。再次感謝，並再次恭喜這個季度的良好表現。

Daniel Major, UBS.

丹尼爾梅傑，瑞銀集團。

Hi there. Yeah, thanks very much. Just a few from my side. On the operational side, Fosterville, it's quite strong throughputs even though kind of grades are coming off. Can you give us a sense of profile Q4 and into next year and in, in that operation?

你好呀。是的，非常感謝。只是我這邊的一些。在營運方面，福斯特維爾，儘管等級有所下降，但吞吐量仍然相當強勁。您能給我們介紹一下第四季以及明年的情況嗎？

Hi, Daniel. So with Fosterville, as with the other sites, we were just working on our budget and life of mine plan. So we'll be in a better position early next year to provide more guidance.

嗨，丹尼爾。因此，在福斯特維爾，與其他地點一樣，我們只是在製定預算和礦山計劃。因此，明年初我們將能夠更好地提供更多指導。

Okay. No worries. The second one, we talked quite a lot about labor and operating cost inflation. Can you make any comments on CapEx? Are you seeing any pressures there? And then again, if we think about the positive drilling results you've seen in the project pipeline, any steer on the directional shape of CapEx into next year?

好的。不用擔心。第二個，我們談了很多關於勞動力和營運成本通膨的問題。您能對資本支出發表評論嗎？你看到那裡有壓力嗎？話又說回來，如果我們考慮一下您在專案管道中看到的積極鑽探結果，明年資本支出的方向形狀有什麼方向嗎？

Yes. It's -- we're not seeing any particular unusual inflation on the CapEx side. It's more in line with everything else. We have had some good results on the drilling side. But we are going to be disciplined and spread out how we spend the capital. If you take a look at what we're doing with Detour underground and Upper Beaver, we're spending it for both total about $100 million a year over the next three years to kind of derisk those.

是的。我們沒有看到資本支出方面出現任何特別不尋常的通膨。它更符合其他一切。我們在鑽井方面取得了一些良好的成果。但我們將遵守紀律並分散資金的使用方式。如果你看看我們在Detour Underground 和Upper Beaver 上所做的事情，你會發現，在接下來的三年裡，我們每年都會在這兩個項目上花費總計約1 億美元，以消除這些風險。

The big issue for CapEx always is have you done enough engineering. And it's better, one, to have a good team; and two, take your time to get the engineering right. Otherwise, it will just cost you way more than any inflationary impact. And our team does a pretty good job of that.

資本支出的大問題始終是您是否完成了足夠的工程設計。更好的是，第一，擁有優秀的團隊；第二，擁有優秀的團隊。第二，花點時間把工程做好。否則，它只會讓你付出的代價遠遠超過任何通貨膨脹的影響。我們的團隊在這方面做得非常好。

Okay. Thanks. Just a couple more if I could. If you think about the quarter, the cash flow was relatively strong, benefited to some degree from some working capital, I think, particularly the $96 million of tax variance. Can you give us a steer on where you would expect that to head in the fourth quarter with respect to the working capital and the free cash flow?

好的。謝謝。如果可以的話，再多幾個就好了。如果你考慮一下本季度，現金流相對強勁，我認為這在一定程度上受益於一些營運資金，特別是 9,600 萬美元的稅收差異。您能否告訴我們您預計第四季營運資本和自由現金流的發展方向？

Yes, it's Jamie here. It's really hard to predict what our working capital change is going to be for the fourth quarter. So often in the third quarter, working capital is actually a use of cash just given some of the spending required for our Nunavut operations.

是的，這裡是傑米。確實很難預測第四季我們的營運資金變化。通常，在第三季度，考慮到我們努勒維特業務所需的一些支出，營運資金實際上是現金的使用。

It worked out to be the other way in Q3, but hard to provide you with any specific guidance on where we'll be for Q4. It depends a lot on the timing of tax installment payments, accounts payable and everything else. So yes, we'll see.

第三季情況恰恰相反，但很難為您提供有關第四季度情況的具體指導。這在很大程度上取決於分期繳稅的時間、應付帳款和其他一切。所以是的，我們拭目以待。

Okay. Thanks. And then just one more if I could. Is there any update on San Nicolás discussions -- discussions there?

好的。謝謝。如果可以的話，然後再做一次。關於聖尼古拉斯的討論——那裡的討論有任何更新嗎？

Hi, Daniel. No, nothing new to update. We're still working on permitting and the feasibility study.

嗨，丹尼爾。不，沒有什麼新的更新。我們仍在進行許可和可行性研究。

Okay. Thanks a lot.

好的。多謝。

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。

Congratulations on all the good things. I noticed that the grades fell at 10 of the 12 mines, and five of the mines, the grades fell by over 10%. And instead of having a $100 cost hike from lower grades and a large production fall, you milled 18,000 tons per day more across the company, with five of the sites having mill throughput records.

祝賀所有美好的事情。我注意到，12個礦場中有10個礦場品位下降，其中5個礦場品位下降超過10%。較低等級的成本沒有增加 100 美元，產量也大幅下降，整個公司每天的產量增加了 18,000 噸，其中 5 個工廠創下了工廠吞吐量記錄。

How much more can you raise the mill throughput at Fosterville or Meliadine or Macassa? How did you get 18,000 tons a day more without spending $0.5 billion or $1 billion for a new mill? Were the prior capacities understated? Or walk us through the process. It looks like you saved -- you bypassed $100 cost like by milling more. And kudos for the good work. Thank you.

您還能將 Fosterville、Meliadine 或 Macassa 的工廠產量提高多少？在不花費 5 億美元或 10 億美元建造新工廠的情況下，如何每天增加 18,000 噸產量？之前的能力是否被低估了？或引導我們完成整個過程。看起來您省了錢——您通過銑削更多產品，繞過了 100 美元的成本。並對出色的工作表示讚賞。謝謝。

Hi, John. Dominique speaking. I will take a part and maybe Natasha could take the other one. But where we have capacity, as you know, the main one, the biggest one is Canadian Malartic, where throughput is now in the 60,000 tons per day, and we're going to get more capacity as we move to underground. We have won two-third of the mill capacity available, and we're working on that. It's a lot about the exploration.

嗨，約翰。多明尼克發言。我會參加一部分，也許娜塔莎可以參加另一場。但是，如您所知，我們擁有產能的地方，主要的、最大的產能是加拿大馬拉提克公司(Canadian Malartic)，目前的吞吐量為每天6 萬噸，隨著我們轉移到地下，我們將獲得更多的產能。我們已經贏得了三分之二的可用工廠產能，我們正在為此努力。關於探索有很多內容。

But the one may be at current operations, I would say Meliadine had some capacity that we're looking to -- we just started the new (inaudible) and the new filter press and we see that we've reached 6,500 tons per day.

但可能是在目前的營運中，我想說Meliadine 擁有一些我們正在尋求的產能——我們剛剛啟動了新的（聽不清楚）和新的壓濾機，我們發現我們已經達到了每天6,500 噸的產能。

Now we just need to make it happen on the calendar day, but there's opportunity at that site. Meadowbank, well, since 2020, they are increasing year after year. So we're going to keep continue pushing on that. But the other one about Fosterville, Detour, we'll let Natasha talk.

現在我們只需要讓它在日曆日發生，但那個網站有機會。Meadowbank，嗯，從2020年開始，它們逐年增加。所以我們將繼續推動這一點。但關於福斯特維爾的另一件事，繞道，我們讓娜塔莎談談。

Sounds good. Thanks for the question, John. So with respect to Fosterville, in June, we had a great quarter in terms of throughput. But in June, we actually had a record about -- averaging about 2,700 tons per day. Really strong on that end and more than what we had expected that that mill can do. It taught us a few things and we're learning a little bit more to see what we can do to sustain it.

聽起來不錯。謝謝你的提問，約翰。因此，就福斯特維爾而言，六月我們的季度吞吐量表現出色。但在 6 月份，我們實際上創下了平均每天約 2,700 噸的記錄。在這方面確實很強大，超出了我們對該工廠的預期。它教會了我們一些東西，我們正在學習更多東西，看看我們能做些什麼來維持它。

With Macassa, as I mentioned earlier, we're targeting the run rate of 16.50. But again, here, we're looking at what we can do to -- with the existing infrastructure to squeeze it. So it's still early days, but the team is developing a plan to see if we can do anything more than that. And then at Detour, this was as per planned.

對於 Macassa，正如我之前提到的，我們的目標是 16.50 的運行率。但在這裡，我們再次考慮我們可以做些什麼——利用現有的基礎設施來壓縮它。所以現在還處於早期階段，但團隊正在製定一項計劃，看看我們是否可以做更多的事情。然後在 Detour，這一切都按計劃進行。

We had targeted a run rate equivalent to 28 million tons a year towards the end of this year. We're here. We're getting there. Now we just need to continue to maintain these rates for more than just one quarter and we keep on working to increase it.

我們的目標是到今年年底，產能達到每年 2,800 萬噸。我們到了。我們快到了。現在我們只需要繼續維持這些利率超過一個季度，並且我們將繼續努力提高它。

So as we released in our technical report, we are working on increasing that to 29 million tons a year by the end of 2028. And so we're looking at modifying the VFD or installing VFDs on the secondary crusher, putting in Malartic cell discharge box for the SAG advanced process control that we have at our other mills. So there's still a little bit of work to do there. But again, we're progressing, and we see there's potential.

因此，正如我們在技術報告中發布的那樣，我們正在努力在 2028 年底將其產量增加到每年 2,900 萬噸。因此，我們正在考慮修改 VFD 或在二級破碎機上安裝 VFD，並安裝 Malartic 單元放電箱，以實現我們在其他工廠擁有的 SAG 先進製程控制。所以還有一些工作要做。但我們再次取得進展，並且看到了潛力。

Fosterville is particularly complex with the white quartz free gold and the black sulfides that require the heated bioleach. How did you get so much more capacity so quickly at all the different aspects of the Fosterville mill?

福斯特維爾的情況特別複雜，含有白色石英遊離金和需要加熱生物浸出的黑色硫化物。您是如何在福斯特維爾工廠的各個方面如此迅速地獲得如此多的產能的？

Hi. So with respect to it, we did have a little bit of capacity. Overall, we're running at the rate that the mill -- that the site did expect. Because June was a bit of an anomaly for us, we are investigating that further and understanding it. But if we were to potentially increase beyond the 950,000 tons a year at Fosterville, you're right, John, we would have to increase the capacity at the [bio-op] circuit.

你好。所以在這方面，我們確實有一點能力。總體而言，我們正在按照工廠預期的速度運行。因為六月對我們來說有點反常，所以我們正在進一步調查並了解它。但是，如果我們有可能將福斯特維爾的年產量增加到 95 萬噸以上，約翰，你說得對，我們就必須增加 [生物操作] 迴路的容量。

Get those bugs gone. Thank you.

讓這些錯誤消失。謝謝。

Martin Pradier, Veritas.

馬丁·普拉迪爾，維里塔斯。

Thank you. Very good quarter. My question is mainly on the capital allocation side. Would you be continue reducing debt? And where you think that will end at the end of the year? And now that you have almost $500 million just of net debt, are we going to see a higher dividend going forward? Are we going to see more share buybacks?

謝謝。非常好的季度。我的問題主要是在資本配置方面。您會繼續減少債務嗎？您認為這種情況到年底會結束嗎？現在光是淨債務就有近 5 億美元，我們未來會看到更高的股息嗎？我們會看到更多的股票回購嗎？

Yes, it's Jamie here. Thanks for the question. I do think we will continue to strengthen the balance sheet. We have $325 million outstanding on the term facility that's due in April of next year. We may consider repaying some of that on an accelerated basis in the fourth quarter. We'll work to -- I think at current gold prices, we've got a shot at actually being in a net cash position at the end of this year. But the focus in the near-term is on continuing to strengthen the balance sheet.

是的，這裡是傑米。謝謝你的提問。我確實認為我們將繼續加強資產負債表。我們的定期貸款餘額為 3.25 億美元，將於明年 4 月到期。我們可能會考慮在第四季度加速償還其中一部分。我認為，以目前的金價，我們將努力在今年年底真正實現淨現金部位。但近期的重點是繼續強化資產負債表。

With respect to dividends and share buybacks, I mean, a significant portion of our cash flow is being returned to shareholders. Based on our forecast, it's about 45% of the cash that we're generating for the year will flow directly to shareholders through dividends and share buybacks. We'll continue to pay a strong dividend, and we will look for opportunities with respect to the share buyback really intended on minimizing dilution.

關於股利和股票回購，我的意思是，我們現金流的很大一部分正在返還給股東。根據我們的預測，我們今年產生的現金中約有 45% 將透過股利和股票回購直接流向股東。我們將繼續支付豐厚的股息，並且我們將尋找真正旨在最大限度地減少稀釋的股票回購機會。

The one thing I would add, and then maybe, I guess, we're running out of time, the money belongs to our shareholders. It belongs to our owners. And we are not going to take -- even if there's excess money, we're not going to take our owners' money and spend it on something that doesn't make sense. We are going to continue to be disciplined. We're proud of 41 years of dividend payments. And at these gold prices, if it continues, I would expect an increase in return to our shareholders over time. And maybe -- sorry, operator, maybe one more question and then we'll wrap it up.

我要補充的一件事是，我想，也許我們已經沒有時間了，錢屬於我們的股東。它屬於我們的所有者。我們不會拿走——即使有多餘的錢，我們也不會拿走我們所有者的錢並將其花在沒有意義的事情上。我們將繼續遵守紀律。我們為 41 年的股息支付感到自豪。按照目前的金價，如果這種情況持續下去，我預計隨著時間的推移，我們股東的回報將會增加。也許——對不起，接線員，也許還有一個問題，然後我們就結束了。

Anita Soni, CIBC World Markets.

安妮塔·索尼 (Anita Soni)，CIBC 全球市場。

Hi. Most of the questions have been asked. And I think the last one with capital allocation was my last remaining question. So congrats on a good quarter, that's all I had.

你好。大多數問題都被問到了。我認為最後一個資本配置問題是我剩下的最後一個問題。所以恭喜你度過了一個美好的季度，這就是我所擁有的一切。

Thanks, Anita.

謝謝，安妮塔。

Thanks, Anita.

謝謝，安妮塔。

Happy Halloween, everyone. Thank you for joining us. And maybe operator, with that, we'll end the call.

大家萬聖節快樂。感謝您加入我們。也許接線員，這樣我們就結束通話了。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。