Agnico Eagle Mines Ltd (AEM) 2024 Q4 法說會逐字稿

Good morning. My name is Joelle, and I will be your conference operator today.

早安.我叫喬爾 (Joelle)，今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the Agnico Eagle Mines Limited Q4 2024 and full year conference call.

現在，我歡迎大家參加 Agnico Eagle Mines Limited 2024 年第四季和全年電話會議。

(Operator Instructions)

（操作員指令）

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

阿馬爾·朱迪先生，您可以開始您的會議了。

Thank you. Good morning, and thank you for joining us.

謝謝。早安，感謝您加入我們。

I'd like to start by thanking our employees, our communities, and our owners for their support throughout 2024 and into what we think will be a remarkable 2025.

首先，我要感謝我們的員工、社區和業主在 2024 年以及我們認為將會非凡的 2025 年給予的支持。

Next slide, please. Please be advised that we will be discussing forward-looking statements, and I recommend you all review the language relating to that.

請看下一張投影片。請注意，我們將討論前瞻性陳述，我建議大家查看與此相關的語言。

Next slide, please. We'll spend a little bit of time today going over our 2024 results. You've seen the numbers. They're very good, and Jamie will do his usual excellent job of going through them in a moment. But what we really want to focus on this morning, what really excites us, is 2025 and beyond.

請看下一張投影片。今天我們將花一點時間回顧 2024 年的表現。你已經看到了這些數字。它們非常好，傑米很快就會像往常一樣出色地完成它們。但今天早上我們真正想要關注的、真正令我們興奮的是 2025 年及以後。

After Jamie's review, Dominique will talk about how Patch 7 is helping to shape Hope Bay into potentially the next big multi-decade platform in Nunavut. He will also talk about something extraordinary, which is our vision to potentially get Malartic to over 1 million ounces a year of gold production.

在傑米的評論之後，多明尼克將談論第 7 號區塊如何幫助將希望灣塑造成努納武特地區下一個潛在的跨世紀大型平台。他還將談論一些非同尋常的事情，那就是我們的願景：讓馬拉特克金礦每年的黃金產量達到 100 萬盎司以上。

Then Natasha will talk about the potential to grow the Ontario platform by 50% over the next several years, including bringing Upper Beaver online and Detour's potential to get to over 1 million ounces a year.

然後，娜塔莎將談論未來幾年安大略平台成長 50% 的潛力，包括 Upper Beaver 上線以及 Detour 每年產量超過 100 萬盎司的潛力。

When I mentioned Malartic to over 1 million ounces a year, I purposely used the word extraordinary. That's because there's nothing ordinary about 1 million ounce a year mine. With the potential for each of Malartic and Detour to produce over 1 million ounces per year, Agnico Eagle would have two of the six biggest gold mines in the world, with multi-decade mine lives in one of the best jurisdictions in the world, 100% owned by Agnico Eagle.

當我提到馬拉特克每年產量超過 100 萬盎司時，我特意用了「非凡」這個詞。這是因為，每年 100 萬盎司的產量絕非易事。Malartic 和 Detour 每年的黃金產量潛力都超過 100 萬盎司，Agnico Eagle 由此將擁有全球六大金礦中的兩個，礦山壽命長達數十年，並且位於全球最佳的管轄區之一，由 Agnico Eagle 100% 控股。

We think that is extraordinary. Guy will then provide a brief update on our exploration program. Agnico Eagle is investing more than we've ever spent on exploration, and all of that spend is justified by some of the most exciting drill results in the business.

我們認為這很不尋常。然後蓋伊將簡要介紹我們的探索計劃。Agnico Eagle 在勘探方面的投資超過了以往任何時候，而業內一些最令人興奮的鑽探結果證明，所有這些投入都是合理的。

But I'm jumping ahead. I usually do. I don't want to steal their thunder. This time last year, on this call, we said we were constructive on gold prices. We felt 2024 was going to be a good year for gold, and we explicitly said this time last year that we're going to focus on cost control in a rising gold price environment. Why?

但我已經領先了。我通常都會這麼做。我不想搶他們的風頭。去年這個時候，在這次電話會議上，我們表示，我們對金價持建設性看法。我們認為 2024 年將是黃金的好年頭，去年這個時候我們明確表示，我們將在金價上漲的環境下專注於成本控制。為什麼？

Because the reason our owners invest in gold mining stocks is precisely to benefit from leverage to increases in gold prices. They expect margin and cash flow expansion. And it's our job to deliver that. As it turns out, 2024 was a big year for gold, and with the gold price up several hundred dollars per ounce over the year.

因為我們的業主投資黃金礦業股票的原因正是希望利用槓桿來提高黃金價格。他們預計利潤和現金流將擴大。我們的職責就是要實現這一點。事實證明，2024 年是黃金的重要一年，全年金價上漲了每盎司數百美元。

As Jamie will discuss for Agnico Eagle and for our owners, this increase in gold price, along with strong operational cost controls translated into record financial results, into record earnings, into record cash flows, and into a record share price.

正如 Jamie 代表 Agnico Eagle 和我們的所有者所討論的那樣，金價的上漲加上強有力的營運成本控制轉化為創紀錄的財務業績、創紀錄的收益、創紀錄的現金流和創紀錄的股價。

In 2024, we did deliver the leverage to gold prices that we promised we would. And we did this by delivering record production, by controlling costs, and by being disciplined with our owners' money. At the same time, we continue to invest heavily in and strengthen our business.

2024年，我們確實兌現了對金價槓桿的承諾。我們透過創紀錄的產量、控製成本以及嚴格管理業主的資金來做到這一點。同時，我們繼續大力投資並加強我們的業務。

We advanced important projects Odyssey underground, Detour to 1 million ounces, Upper Beaver, San Nicolás, Hope Bay, to name just a few. We made record investments in our exploration programs and we returned almost $1 billion directly to shareholders in the form of dividends and share buybacks and another $1.3 billion indirectly to our shareholders by reducing our net debt.

我們推進了奧德賽地下計畫、百萬盎司繞道計畫、上比佛計畫、聖尼古拉斯計畫、希望灣計畫等重要計畫。我們對勘探項目進行了創紀錄的投資，並以股息和股票回購的形式直接向股東返還了近 10 億美元，另外透過減少淨債務間接向股東返還了 13 億美元。

Yes, 2024 was a great year for Agnico Eagle and our owners, but what you will hear this morning is that 2025 and beyond has the potential to be even better.

是的，2024 年對於 Agnico Eagle 和我們的所有者來說是偉大的一年，但您今天早上會聽到的是，2025 年及以後可能會更好。

Next slide, please. I'll start by saying that I believe we're in the strongest position in the company's history. I don't say that lightly. Consider we are guiding for strong and steady production over the next three years. We are guiding for the best cost profile of our peers.

請看下一張投影片。首先我想說，我相信我們目前處於公司史上最強大的地位。我不是隨便說說的。考慮到我們正在指導未來三年強勁而穩定的生產。我們正在引導同行實現最佳的成本狀況。

We have the best project pipeline I've ever seen in 25 years in this business. We have a strong balance sheet with almost $1 billion in cash and on our way to potentially no net debt very shortly. We operate in the best jurisdictions in the world, geologically and politically.

我們擁有我從事這個行業 25 年來見過的最佳專案管道。我們的資產負債表強勁，擁有近 10 億美元現金，很快就能實現零淨債務。無論從地質或政治角度而言，我們的經營地點都是世界上最好的。

We have great people who have experience, who trust each other, and who are motivated. And on top of all of that, we remain very constructive on the gold price. While we don't have a crystal ball, I would argue that all of the elements that have pushed gold up over the last 20 years not only remain in place, but in fact are accelerating.

我們擁有經驗豐富、互相信任、積極進取的優秀員工。最重要的是，我們仍然對金價持非常樂觀的態度。雖然我們沒有水晶球，但我認為，過去 20 年推動金價上漲的所有因素不僅仍然存在，而且實際上還在加速。

We think 2025 will be a volatile year across many markets globally, including gold. But for gold, we believe this volatility will be skewed to the upside, and we remain determined as much as ever to deliver this upside potential to our shareholders by continuing to deliver strong production and by delivering best in class cost control.

我們認為 2025 年將是全球許多市場（包括黃金）動盪的一年。但對於黃金而言，我們相信這種波動將偏向上行，並且我們仍然決心透過繼續實現強勁的生產和一流的成本控制，為股東提供這種上行潛力。

Our production guidance for '25 to '26 is down marginally, about 2.9% from previous guidance. But let's put that into perspective. It's primarily due to accommodating some difficult ground conditions at Pinos Altos, some minor deferral of processing some low grade stockpiles in Malartic, and some other relatively small changes to mine sequencing.

我們對25年至26年的生產預期較先前的預期略有下降，約2.9%。但讓我們客觀地看待這個問題。這主要是為了適應 Pinos Altos 的一些困難地面條件、稍微推遲處理 Malartic 的一些低品位庫存，以及對礦山排序的一些其他相對較小的調整。

On the other hand, the steady production guidance for 2027 does demonstrate the ability of our team to deliver impressive, profitable production as we transition to some of our important growth projects in the early -- starting in 2030 and beyond.

另一方面，2027 年穩定的生產指引確實證明了我們的團隊有能力在我們早期（從 2030 年及以後）過渡到一些重要的成長項目時實現令人印象深刻且有利可圖的生產。

With strong production, peer leading costs, and with strong gold prices, Agnico Eagle remains well-positioned to one, continue to deliver excellent financial results. Two, continue to invest in the best pipeline we've ever had.

憑藉強勁的產量、同業領先的成本以及堅挺的金價，Agnico Eagle 仍處於有利地位，可以繼續實現出色的財務業績。二、繼續投資我們迄今最好的管道。

And three, continue to strengthen the balance sheet and return substantial capital to shareholders. We can do all three.

第三，繼續加強資產負債表並向股東返還大量資本。這三件事我們都能做。

And with that introduction, I'd like to turn it over to our CFO, Jamie Porter.

介紹完畢後，我想將麥克風交給我們的財務長傑米·波特 (Jamie Porter)。

Thank you, Ammar.

謝謝你，阿瑪爾。

As Ammar mentioned, 2024 was a record year on multiple operational and financial fronts. Our strong safety and operating performance drove record annual gold production, and that paired with good cost control and a higher gold price environment resulted in record earnings, record operating cash flow, and record free cash flow.

正如阿瑪爾所說，2024 年在多個營運和財務方面都是創紀錄的一年。我們強大的安全和營運績效推動了創紀錄的年度黃金產量，再加上良好的成本控制和更高的金價環境，帶來了創紀錄的收益、創紀錄的經營現金流和創紀錄的自由現金流。

We ended the year with a solid performance. Gold production in the fourth quarter was approximately 847,000 ounces at total cash cost of $923 per ounce, and all-in sustaining costs of $1,316 per ounce. Higher sustaining capital in the fourth quarter was as expected as we caught up from underspending earlier in the year.

我們以出色的業績結束了這一年。第四季黃金產量約為 847,000 盎司，總現金成本為每盎司 923 美元，總維持成本為每盎司 1,316 美元。由於我們彌補了今年稍早的支出不足，第四季維持資本增加符合預期。

For the full year, we came in above the midpoint of our production guidance at 3.49 million ounces. We were also very pleased to report that we achieved our cost guidance with total cash costs for the year coming in right around the midpoint of our guidance at $903 per ounce, and all-in sustaining costs of $1,239 per ounce, well within our guided range.

就全年而言，我們的產量超過了預期的中位數，達到 349 萬盎司。我們也非常高興地報告，我們實現了成本指導，全年總現金成本正好處於指導的中間點，即每盎司 903 美元，而總維持成本為每盎司 1,239 美元，遠低於我們的指導範圍。

We are proud of the work our teams have done and their continued efforts at controlling costs and focusing on continuous improvement. Our all-in sustaining costs continue to be hundreds of dollars per ounce below those of our peers.

我們為我們的團隊所做的工作以及他們為控製成本和注重持續改進所做的持續努力感到自豪。我們的全部維持成本仍然比同行低每盎司數百美元。

We reported several financial records in the fourth quarter. Again, record revenue of $2.2 billion, record adjusted earnings of $632 million or $1.26 per share, and record operating cash flow of over $1.1 billion or $2.26 per share.

我們在第四季度報告了多項財務記錄。再一次，創紀錄的 22 億美元營收、創紀錄的 6.32 億美元調整後收益或每股 1.26 美元，以及創紀錄的超過 11 億美元或每股 2.26 美元的營運現金流。

For the full 2024 year, we had record financial results again across the board, generating approximately $2.1 billion in free cash flow at an average gold price of $2,384 per ounce. At current spot gold prices, we expect significant further margin expansion and cash flow growth in 2025.

2024 年全年，我們的財務表現再次全面創下紀錄，在平均金價為每盎司 2,384 美元的情況下產生了約 21 億美元的自由現金流。以目前的現貨黃金價格計算，我們預計2025年利潤率和現金流將進一步大幅擴大。

We move on to the next slide. I'm pleased to report that continued margin expansion and leverage to the gold price allowed us to strengthen our balance sheets significantly in the fourth quarter. During the quarter, we repaid the remaining balance of $325 million on our term loan facility ahead of the April maturity.

我們轉到下一張投影片。我很高興地報告，持續的利潤率擴大和對金價的槓桿作用使我們在第四季度顯著增強了我們的資產負債表。在本季度，我們提前償還了 4 月份到期的定期貸款餘額 3.25 億美元。

Since the beginning of the year -- since the beginning of 2024, we've reduced our net debt significantly from $1.5 billion at the start of the year to just $217 million of net debt at year end. In 2025, our debt maturities total only $90 million, which we expect to pay as due.

自今年年初以來——自 2024 年初以來，我們已大幅減少淨債務，從年初的 15 億美元減少到年底的 2.17 億美元淨債務。2025 年，我們的到期債務總額僅為 9,000 萬美元，我們預計將按時償還。

At current spot prices, we plan to further strengthen our balance sheet and increase our financial flexibility in 2025.

以當前現貨價格計算，我們計劃在 2025 年進一步加強資產負債表並提高財務靈活性。

If we move on to the next slide. Looking at 2024, we prioritize returns to shareholders. Through dividends, share repurchases, and the reduction of net debt, shareholders benefited directly and indirectly by approximately $2.2 billion.

如果我們進入下一張投影片。展望2024年，我們優先考慮股東回報。透過股利、股票回購和減少淨債務，股東直接和間接受益約 22 億美元。

We paid $800 million in dividends in 2024 and repurchased $120 million in shares for direct shareholder returns totaling $920 million or approximately 40% of our free cash flow. Again, from a balance sheet perspective, the remainder of our free cash flow is allocated to net debt reduction of $1.3 billion.

我們在 2024 年支付了 8 億美元的股息，並回購了 1.2 億美元的股票，直接股東回報總計 9.2 億美元，約占我們自由現金流的 40%。同樣，從資產負債表的角度來看，我們剩餘的自由現金流被分配給 13 億美元的淨債務減免。

At current margins, we are fortunate to be in a position to do some of everything we want to do. We can continue our program with strong shareholder returns to the quarterly dividend and opportunistic share repurchases. We can continue to strengthen the balance sheet and improve our financial flexibility.

在目前的優勢下，我們很幸運能夠做一些我們想做的事情。我們可以透過強勁的股東回報、季度股息和機會性股票回購來繼續我們的計劃。我們可以繼續加強資產負債表並提高我們的財務靈活性。

And importantly, we can reinvest in the business by allocating additional capital to our high return internal growth projects. As you will have seen from our guidance, our sustaining capital spending in 2025 is flat relative to 2024, but we're increasing our growth capital and exploration spending.

重要的是，我們可以透過為高回報的內部成長項目分配額外資本來對業務進行再投資。正如您從我們的指引中看到的，我們 2025 年的持續資本支出與 2024 年持平，但我們正在增加成長資本和勘探支出。

At Odyssey, Detour underground, Upper Beaver, Hope Bay, and San Nicolás, we have an enviable pipeline of strong return internal development projects. We will continue to take a measured approach to capital allocation with a focus on generating strong returns to our shareholders.

在奧德賽 (Odyssey)、Detour underground、Upper Beaver、Hope Bay 和 San Nicolás，我們擁有令人羨慕的回報豐厚的內部開發項目。我們將繼續採取審慎的方法進行資本配置，重點在於為股東創造豐厚的回報。

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

說完這些，我將把電話轉給 Dom，他將概述我們在魁北克、努納武特和芬蘭的業務。

Thank you, Jamie.

謝謝你，傑米。

Looking to our 2024 result, we really hit the home run with production exceeding midpoint of guidance and costs well under control. These results have been bolstered by outperformance at several sites, including LaRonde, Canadian Malartic, Meliadine and Meadowbank.

展望 2024 年的業績，我們確實取得了成功，產量超過了預期的中點，成本也得到了很好的控制。這些結果得到了多個地點優異表現的支持，包括 LaRonde、Canadian Malartic、Meliadine 和 Meadowbank。

Specifically, I want to recognize the exceptional work done by our Nunavut team this year. They set several operational records, including record throughput at Meliadine and record gold production at Meadowbank over 500,000 ounces.

具體來說，我要表彰我們努納武特團隊今年所做的出色工作。他們創造了多項營運記錄，包括 Meliadine 的產量記錄和 Meadowbank 的黃金產量記錄（超過 50 萬盎司）。

Combined with higher gold price and excellent cost control, our Nunavut platform achieved record operating margin of $1.3 billion in 2024. I'm pleased to share that we did not only met our cost and production guidance, but we also maintain high safety standards across the sites, setting new safety records low at Meliadine, Meadowbank, and Kittila.

加上金價上漲和出色的成本控制，我們的努納武特平台在 2024 年實現了創紀錄的 13 億美元的營業利潤。我很高興地告訴大家，我們不僅達到了成本和生產指導，而且還在各個工廠保持了高安全標準，在 Meliadine、Meadowbank 和 Kittila 創下了新的安全記錄。

I would like to take this opportunity to thank all our employees and contractor for their continuous effort in improving safety and their hard work, which drove the excellent result in 2024. Looking to the next three years, I'm confident that we will meet our targets that Ammar just mentioned.

我想藉此機會感謝我們所有的員工和承包商為提高安全性所做的持續努力和辛勤工作，推動了 2024 年的優異成績。展望未來三年，我相信我們一定能夠實現阿瑪爾剛才提到的目標。

One of the main reasons is because we continue to be in a position with few distractions and a low turnover, allowing our team to focus on productivity improvements. We saw the result of this effort in 2024, and we intend to continue leveraging opportunities like gradually introducing technologies that enhance production such as increasing the use of underground automated equipment at various sites.

主要原因之一是我們繼續處於幹擾較少、人員流動率較低的狀態，這使得我們的團隊能夠專注於提高生產力。我們在 2024 年看到了這項努力的成果，我們打算繼續利用機會，例如逐步引進提高生產的技術，例如在各個站點增加地下自動化設備的使用。

Now moving to our growth vision. I would like to bring to your attention three main projects. First, at Meadowbank, our team is working to extend the life of mine beyond 2028. Considering the current gold price and the low risk associated with this, we are evaluating different scenario, and we expect preliminary finding by the end of this year about Meadowbank expansion.

現在轉向我們的成長願景。我想提請你們注意三個主要項目。首先，在 Meadowbank，我們的團隊正在努力將礦井的使用壽命延長至 2028 年以後。考慮到目前的金價及其相關的低風險，我們正在評估不同的情景，並預計今年年底將對 Meadowbank 擴張項目得出初步結論。

Another exciting opportunity also in Nunavut is Hope Bay. With the new Patch 7 result, we now have in hand the resource to work on a production plan of over 400,000 ounces per year for many years. Guy will talk about Patch 7 later.

努納武特的另一個令人興奮的機會是希望灣 (Hope Bay)。憑藉第 7 個補丁的新結果，我們現在擁有足夠的資源來執行多年每年超過 400,000 盎司的生產計劃。Guy 稍後會談論補丁 7。

It appears to be the best grade between the three known deposits at Hope Bay. While we continue to drill and expand the mineral resource, our Q1 priority is to freeze the project's go, incorporating Patch 7 resources, and then to focus on detailed engineering.

它似乎是希望灣 (Hope Bay) 已知的三個礦床中品位最高的。在我們繼續鑽探和擴大礦產資源的同時，我們第一季的首要任務是凍結專案進展，整合第 7 區資源，然後再專注於詳細工程。

Our target is to reach over 40% engineering by the end of this year to de-risk and secure the project execution before potentially green-lighting the project. It is similar that what we did at Meliadine when we built it.

我們的目標是在今年年底前實現超過 40% 的工程完成度，以便在專案獲得批准之前降低風險並確保專案實施。這與我們建造 Meliadine 時所做的事情類似。

We expect to give more details to the market in the first half of 2026 about Hope Bay. The last exciting growth project I would like to bring to your attention is the fill the mill strategy at Malartic.

我們預計將在 2026 年上半年向市場提供更多有關 Hope Bay 的詳細資訊。我想提請大家注意的最後一個令人興奮的成長項目是馬拉特克的填滿工廠策略。

Next slide, please. We are currently transitioning from the biggest open pit gold mine in Canada to the biggest underground gold mine in Canada. The transition should be completed in 2029 when we forecast gold production of around 550,000 ounces per year.

請看下一張投影片。我們目前正在從加拿大最大的露天金礦轉型為加拿大最大的地下金礦。我們預測轉型將於 2029 年完成，屆時黃金產量將達到每年 55 萬盎司左右。

Our next step is to pave the road for our vision of potentially processing 1 million ounces annually at Malartic. With Canadian Malartic reaching 1 million ounces per year, we could have, as Ammar mentioned, two of the top six largest coal mine in the world.

我們的下一步是為實現馬拉特克每年加工 100 萬盎司的願景鋪平道路。如果加拿大馬拉特克煤礦年產量達到 100 萬盎司，那麼正如阿瑪爾提到的那樣，我們就可以擁有世界六大煤礦中的兩個。

And I would like just to underline that, but it is not just only top mines, but they will also be located in Canada, a stable jurisdiction known for its high environment and safety standards. On the top right of the slide 9, you could see the picture of the Odyssey shaft.

我想強調的是，這不僅僅是頂級礦山，而且它們還位於加拿大，一個以高環境和安全標準而聞名的穩定司法管轄區。在幻燈片 9 的右上方，您可以看到 Odyssey 軸的圖片。

I'm pleased to report that the project is progressing very well, both on schedule and on cost, as outlined on the slide.

我很高興地報告，正如幻燈片中概述的那樣，該專案進展非常順利，無論是進度還是成本。

To finish my part, I would like to give you some insight about our fill the mill strategy and our vision to achieve the 1 million ounces that Malartic. The mill showed at the bottom right of the picture has a total capacity of 60,000 tons per day.

最後，我想向大家介紹我們的填滿工廠策略以及我們實現 Malartic 100 萬盎司產量的願景。圖片右下方顯示的工廠總產能為每天6萬噸。

Starting in 2029, as we transition to higher underground grade, approximately 400,000 ounces will become available. We are working hard to capitalize on this opportunity, and here are the building blocks for that vision.

從 2029 年開始，隨著我們過渡到更高的地下礦石品位，大約將有 40 萬盎司的礦石可供供應。我們正在努力利用這個機會，以下是實現這個願景的基礎。

First, a second shaft at Odyssey. Guy will provide more detail on this, but we continue to expand the underground zones, and there is a room for a second shaft, which could be adding around 200,000 ounces per year. We are expecting to provide more information by the end of 2026 about the second shaft.

首先，奧德賽的第二個豎井。蓋伊將就此提供更多細節，但我們將繼續擴大地下區域，而且還留有第二個礦井的空間，這可以每年增加約 20 萬盎司。我們預計將在 2026 年底之前提供有關第二座豎井的更多資訊。

Second, at Marban, with the recent transaction with O3. We continue considering the prospective land around Malartic. The Malartic property or the Marban property located about 15 kilometers of Canadian Malartic, can potentially feed the Malartic mill with an additional 130,000 ounces per year.

第二，在 Marban，最近與 O3 進行了交易。我們繼續考慮馬拉特克周圍的潛在土地。距離加拿大馬拉特克約 15 公里的馬拉特克礦區或 Marban 礦區每年可為馬拉特克工廠額外供應 13 萬盎司黃金。

We are also anticipating to provide more detail on this in 2026. Last, at Wasamac, we are advancing the technical evaluation, the permitting, and the community engagement for this project, which could also contribute for additional ounces of about 100,000 ounces per year at the Malartic mill.

我們也預計將在 2026 年提供更多相關細節。最後，在 Wasamac，我們正在推進該專案的技術評估、許可和社區參與，這也可以為 Malartic 工廠每年額外增加約 100,000 盎司的產量。

With these three blocks, in addition to the current mine plan, we see the potential for 1 million ounces at Canadian Malartic in the early 30s. In term of tonnage, this project together with the Odyssey, let's call it Phase 1, we could fill the mill up to about 45,000 tons per day, leaving approximately 10,000 tons to 15,000 tons per day still available as a capacity.

有了這三個區塊，加上目前的礦山計劃，我們認為 1930 年代初加拿大馬拉特克金礦的黃金儲量潛力為 100 萬盎司。就噸位而言，這個項目與奧德賽一起，我們稱之為第一階段，我們可以將工廠的日產能填滿至約 45,000 噸，剩餘約 10,000 噸至 15,000 噸/日仍可作為產能使用。

So stay tuned. We currently have 25 drills turning to continue finding more gold at the Malartic camp, and I'm excited about what's next.

敬請關注。目前，我們有 25 個鑽頭在馬拉特克營地繼續尋找更多黃金，我對接下來的計劃感到很興奮。

On that, I will pass it on to Natasha.

關於這一點，我會將其轉達給娜塔莎。

Thanks, Dom, and good morning, everyone.

謝謝，Dom，大家早安。

So I'll cover the operational highlights for Ontario, Mexico, and Australia.

因此我將介紹安大略省、墨西哥和澳洲的營運亮點。

The regions delivered good operating and cost performance in the fourth quarter, and that translated into a solid overall performance for the year. But starting on the safety front, Macassa and La India both hit records in our safety performance in 2024.

各地區第四季均實現了良好的營運和成本表現，從而帶動全年整體業績表現穩健。但從安全性來看，Macassa 和 La India 都在 2024 年的安全表現中創下了紀錄。

Macassa is an operation that was steadily growing last year, while La India was moving more closer to closure. Given that both operations were in a state of change, it's really easy to become distracted, certainly when there's a reduction in the workforce, as was the case at La India.

去年，Macassa 的業務穩步發展，而 La India 則瀕臨關閉。鑑於這兩項業務都處於變革之中，人們很容易分心，尤其是在裁員的情況下，就像 La India 的情況一樣。

So I just wanted to take a second and just congratulate both sites. It says a lot about the safety culture that you've developed and your consistent focus on safe production.

因此我只想花一點時間來祝賀這兩個網站。這充分說明了你們所培養的安全文化和對安全生產的一貫關注。

Now as Dom mentioned, we have a lot of records to celebrate across our sites this year. And these records are a direct result of the continued focus on increasing operational efficiencies and cost control at all our sites.

正如 Dom 所提到的，今年我們的網站上有很多記錄值得慶祝。這些記錄直接源自於我們持續注重提高所有站點的營運效率和成本控制。

And Detour, Macassa, Fosterville, they were no exception. Detour set a third consecutive quarterly mill throughput record. And last quarter, they hit through a throughput rate that was just ahead of the targeted 76,700 tons per day.

而 Detour、Macassa、Fosterville 也不例外。Detour 連續第三個季度創下工廠產量紀錄。上個季度，他們的吞吐率略高於每日 76,700 噸的目標。

Macassa also finished the year strong. And on the back of productivity improvements, they hit annual mill throughput and annual production records. Over at Fosterville, they broke their record of annual underground tonnes mined.

馬卡薩今年也取得了優異的成績。在生產力提高的推動下，他們的工廠年產量和年產量都創下了新高。在福斯特維爾，他們打破了年度地下採礦噸數的紀錄。

They also successfully opened up a third mining front with the commencement of production at Robbins Hill. And then at Pinos Altos, this was a tough year for them. The team worked very hard, but this is a mature mine that effectively operates six satellite deposits where we're either mining at the extremities of the orebody or in remnant areas, both of which are not easy to mine.

隨著羅賓山金礦的投產，他們也成功地開闢了第三個採礦陣地。然後在皮諾斯阿爾托斯，這對他們來說是艱難的一年。團隊非常努力，但這是一個成熟的礦場，有效地運作著六個衛星礦床，我們要么在礦體的末端進行開採，要么在殘餘區域進行開採，這兩個區域都不容易開採。

So we have taken a step back and we have reassessed the productivity rates going into 2025 with a focus on cost control. So looking back, yes, we had a lot of good things that our teams delivered on in 2024. But looking forward, we have a lot of exciting things on the go as well.

因此，我們退後一步，重新評估了 2025 年的生產力，並專注於成本控制。所以回顧過去，是的，我們的團隊在 2024 年取得了許多成績。但展望未來，我們也有很多令人興奮的事情正在進行中。

And we'll start with Macassa. We're looking at debottlenecking the mill now. This includes working on a number of initiatives to optimize parts of the circuit, reduce downtime, increase efficiencies, and basically improve the mill throughput.

我們將從 Macassa 開始。我們現在正在研究如何消除工廠的瓶頸。這包括開展一系列措施來優化電路的各個部分，減少停機時間，提高效率，並從根本上提高工廠的產量。

At Fosterville, the site completed an initial assessment at the end of the year that shows the potential to increase annual production to an average of approximately 175,000 ounces. The team is going to continue to conduct further technical evaluations and do some infill drilling to confirm the feasibility of the scenario so that we will be able to incorporate these results into future guidance.

福斯特維爾金礦在年底完成了初步評估，結果顯示年產量有潛力增加至平均約 175,000 盎司。該團隊將繼續進行進一步的技術評估並進行一些加密鑽探以確認該方案的可行性，以便我們能夠將這些結果納入未來的指導中。

Over at San Nicolás. The plan is to continue to work on the feasibility study and develop the execution strategy. Project approval is expected to follow, of course, depending on the receipt of the permits and the results of the study.

在聖尼古拉斯那邊。計劃繼續進行可行性研究並制定執行策略。當然，專案批准將取決於許可證的收到和研究的結果。

Now coming back to our Ontario platform. Detour underground and Upper Beaver are two projects that we are most excited about, because it's an opportunity. It's an opportunity to grow low risk, profitable production in one of the best mining jurisdictions in the world.

現在回到我們的安大略省平台。Detour underground和Upper Beaver是我們最為興奮的兩個項目，因為這是一個機會。這是一個在世界上最好的採礦區之一實現低風險、高利潤生產的機會。

And as Ammar mentioned, with the addition of these two projects, we could potentially see gold production from our Ontario operations grow by 50% beginning as early as 2030.

正如阿瑪爾所提到的，隨著這兩個項目的加入，我們安大略省的黃金產量有可能在 2030 年開始增加 50%。

So I'll touch on both of the projects in the following slides. Starting with Detour, this is a world-class asset. The update we provided last June outlined a pathway for Detour to be a 1 million ounce producer annually for over 14 years, beginning as early as 2030.

因此我將在接下來的幻燈片中介紹這兩個項目。從 Detour 開始，這是一項世界級的資產。我們去年 6 月提供的最新消息概述了 Detour 的規劃路徑，即從 2030 年開始，在 14 年內每年生產 100 萬盎司黃金。

Last year, we approved the development of an exploration ramp and a collection of a bulk sample to further de-risk the project. It's still early days, but there's been some really good progress made. We've been completing the site preparation and upon receipt of the permit to take water, we will commence the ramp development.

去年，我們批准開發勘探坡道並收集大量樣本，以進一步降低專案風險。雖然還處於早期階段，但已經取得了一些確實不錯的進展。我們已經完成場地準備工作，在收到取水許可證後，我們將開始坡道開發。

Now as for Upper Beaver, this is another low-risk opportunity to grow the production profile in a camp we know well. So like at Detour, we're taking the next steps to de-risk and optimize the project. We're advancing the site preparation to excavate the exploration ramp and sync the shaft that was approved in July.

現在對於 Upper Beaver 來說，這是在我們熟悉的營地中擴大產量的另一個低風險機會。因此，就像在 Detour 中一樣，我們正在採取下一步措施來降低風險並優化專案。我們正在推進場地準備工作，以挖掘勘探坡道並同步 7 月批准的豎井。

And we're making very good progress here. The road access, the main earthworks for the site, and some temporary infrastructure were completed. The power line coming to the site was energized. The shaft collar was excavated. The Galloway was installed, and the foundations for the headframe were completed.

我們在這裡取得了非常好的進展。道路通道、場地主要土方工程和一些臨時基礎設施已經完工。通往現場的電線已帶電。井頸已被挖掘出來。加洛威井架安裝完畢，井架基礎完工。

There's a lot of good work being done by the team there. Thinking of the exploration shaft and the ramp development is expected to commence in the fourth quarter of 2025.

那裡的團隊做了很多出色的工作。預計勘探井和坡道的開發將於 2025 年第四季開始。

Both Detour underground and Upper Beaver are good projects with strong risk adjusted returns and as I said before, our drivers of future growth for our Ontario platform.

Detour 地下項目和 Upper Beaver 都是優秀的項目，具有強勁的風險調整回報。

And so we will continue advancing these projects throughout 2025.

因此，我們將在 2025 年繼續推進這些項目。

With that, I'll pass it over to Guy, who will discuss our exploration program and some positive results.

說完這些，我將把它交給蓋伊，他將討論我們的探索計劃和一些積極成果。

Thank you, Natasha, and good morning, everybody.

謝謝你，娜塔莎，大家早安。

In the next couple of slides, I would like to talk about four things. One, we have been successful over the year since the merger and replacing production and growing our mineral reserve and mineral resources base.

在接下來的幾張投影片中，我想講四件事。一，自合併以來的一年裡，我們成功地取代了生產，並擴大了我們的礦產儲量和礦產資源基礎。

Two, our Malartic has evolved since the initial acquisition in 2014 from being the largest open pit to arguably one of the largest underground deposits in Canada that continue to grow and has the potential with a satellite deposit that Dominique described previously to get to our vision of 1 million ounces of gold a year for decades to come.

二，自 2014 年首次收購以來，我們的馬拉特克金礦已經從最大的露天礦場發展成為加拿大最大的地下礦床之一，並且還在繼續增長，並有可能通過多米尼克之前描述的衛星礦床實現我們在未來幾十年內每年生產 100 萬盎司黃金的願景。

Three, our Detour that was brought into the merger by Kirkland Lake following its acquisition in 2020 has the potential to be 1 million ounces of gold for decades also with the combined open pit and underground while the deposit remains wide open at depth.

第三，我們的 Detour 金礦是在 2020 年被 Kirkland Lake 收購後加入合併的，幾十年來，該金礦的露天和地下開採相結合，具有蘊藏 100 萬盎司黃金的潛力，而且礦床深處仍有很大空間。

And four, our Hope Bay, where we continue to see excellent exploration result as the potential to replace Meadowbank, Amaruq, in the near future as highlighted by our very nice Discovery at 7.

第四，我們的 Hope Bay，我們繼續看到了出色的勘探結果，因為它有可能在不久的將來取代 Meadowbank 和 Amaruq，正如我們在第 7 處發現的非常好的結果所強調的那樣。

So to start, on page 12. The mineral reserve and mineral resources profile show a growth trend over the last four year, demonstrating our ability to replace depletion from production from a combined combination of exploration success at our operating asset and progress made at some key value driver project that we expect to integrate in our development plan over time.

那麼從第 12 頁開始。礦產儲量和礦產資源狀況在過去四年中呈現成長趨勢，表明我們有能力透過結合營運資產的勘探成功和一些關鍵價值驅動項目的進展來彌補生產損失，我們預計將隨著時間的推移將這些項目整合到我們的發展計畫中。

And that using one of the most conservative gold price assumptions in the industry at $1,450, which is about 50% of the spot gold price. Talking globally about our ambitious exploration program, I would like to take this opportunity to commend the exploration team and our multiple drill service provider that deliver more than 1.2 million meter of ore and diamond drilling in 2024 while achieving its best health and safety performance ever.

這是業界最保守的黃金價格假設之一，即 1,450 美元，約為現貨黃金價格的 50%。在全球範圍內談論我們雄心勃勃的勘探計劃時，我想藉此機會讚揚勘探團隊和我們的多家鑽探服務提供商，他們在 2024 年交付了超過 120 萬米的礦石和鑽石鑽探，同時實現了有史以來最好的健康和安全績效。

And I would also like to thank our drilling excellence team and our drill service provider that have helped our site make meaningful progress at implementing mechanized and autonomous feature that makes diamond drilling safer, more productive, and therefore, more cost efficient.

我還要感謝我們的鑽井卓越團隊和鑽井服務供應商，他們幫助我們的現場在實施機械化和自動化方面取得了有意義的進展，使鑽石鑽井更安全、更有效率，從而更具成本效益。

On slide 13, in Malartic. Now more than 10 year after the initial acquisition of the project, we continue to see tremendous potential. I would like to bring your attention to the chart on the right hand side of the slide that shows the evolution of production, mineral reserve, and mineral resources since the acquisition in 2014, what we like to call internally our what we bought, what we got chart.

在幻燈片 13 上，在 Malartic。如今，距離最初收購該項目已經過去了 10 多年，我們仍然看到其巨大的潛力。我想請大家注意幻燈片右側的圖表，該圖表展示了自 2014 年收購以來產量、礦產儲量和礦產資源的變化情況，我們內部稱之為「我們買了什麼，我們得到了什麼」的圖表。

That shows how successful our exploration has been over the year, making discovery and growing over time while we were mining the open pit. I would like to take this opportunity to thank and congratulate the exploration team that made the discovery. That will be recognized at the upcoming PDAC event in Toronto in March with the prestigious Bill Dennis Award for the discovery of the year with the East Gouldie deposit.

這顯示我們一年來的勘探工作取得了多大的成功，在露天開採的過程中不斷有發現並不斷成長。我想藉此機會向取得這項發現的勘探團隊表示感謝和祝賀。今年 3 月，即將在多倫多舉行的 PDAC 活動將表彰東古爾迪金礦床的發現，並將頒發著名的比爾丹尼斯獎。

In 2024, as Dominique mentioned, more than 25 rig were on site, some in filling the deposit from increasing number of underground exploration platforms that became available with the underground mine development, and some from surface, testing the lateral extension to the east, to the west, and regionally, in total completing north of 200,000 meter of drilling, leading once again to a growth in mineral reserve and mineral resources in the underground mine.

2024年，正如多明尼克所提到的，現場有超過25台鑽機，一些用於填充礦床，這些礦床來自隨著地下礦開發而增加的地下勘探平台，一些來自地面，測試向東、向西和區域性的橫向延伸，總共完成了20萬米以北的鑽探，再次導致地下礦的礦產儲量和礦產資源的增長。

Moving to slide 14, our Detour, where the surface infrastructure for advanced exploration project announced last June are being prepared for the ramp development to start in 2025. The aggressive surface exploration program continued in 2024, with north of 220,000 meter of drilling completed, returning strong result both in the Saddle West Pit, and western extension of the orebody.

轉到第 14 張幻燈片，我們的「繞行」部分，去年 6 月宣布的先進勘探項目的地面基礎設施正在為 2025 年開始的坡道開發做準備。積極的地面勘探計劃於 2024 年繼續進行，已完成以北 220,000 公尺的鑽探，在 Saddle West Pit 和礦體的西部延伸區均取得了強勁成果。

The results have led to a meaningful addition of indicated and inform mineral resources to the west of the open pit, as we can see on the long section. When looking at the progress over the last five years on the chart on the right-hand side, it shows how the deposit has grown over time and still remain open to grow a pit to the west.

正如我們在長剖面圖上看到的那樣，研究結果已導致露天礦場西側指示和告知礦產資源有意義地增加。當我們在右側的圖表上查看過去五年的進展時，我們可以看到礦床隨著時間的推移而不斷增長，並且仍然可以向西開採一個礦坑。

And finally, on slide 15, at Hope Bay, a total of more than 118,000 meter of drilling was completed in 2024, focussing on the newly discovered Patch 7 zone in the Madrid deposit area. Infill drilling confirmed the grade and continuity of the core portion of the deposit leading to an initial declaration of indicated mineral resources exceeding 900,000 ounces at 6.6 gram per ton diluted plus an additional 800,000 ounces in inferred mineral resources and still remain open to grow laterally.

最後，在第 15 張投影片上，在霍普灣，2024 年共完成了超過 118,000 公尺的鑽探，重點是馬德里礦床區新發現的 Patch 7 區。加密鑽探證實了礦床核心部分的品位和連續性，初步宣佈指示礦產資源超過 900,000 盎司，稀釋度為每噸 6.6 克，另外推斷礦產資源還有 800,000 盎司，並且仍有橫向增長的潛力。

That significantly increase the total mineral resources available in the Madrid deposit area that will be used to update our potential project development scenario for Hope Bay.

這大大增加了馬德里礦床區域的可用礦產資源總量，我們將利用這些資源更新希望灣的潛在專案開發方案。

In 2025, the focus will remain to grow the Madrid deposit area as we see other opportunity to make additional discovery like we did in the Patch 7 area along the 80 kilometer long greenstone belt.

2025 年，我們的重點仍將是擴大馬德里礦床區域，因為我們看到了其他機會，可以像我們在 80 公里長的綠岩帶沿線的 Patch 7 區域所做的那樣，獲得更多的發現。

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

最後，我想把麥克風交還給阿瑪爾，請他作一些結束語。

Thank you, Guy.

謝謝你，蓋伊。

We are going to stick to the strategy that has worked for us for decades. One, we're going to focus on low risk, high quality jurisdictions. That means jurisdictions that have the geologic potential for multiple mines over multiple decades and the political stability to actually operate multiple mines for multiple decades.

我們將堅持幾十年來行之有效的策略。首先，我們將重點放在低風險、高品質的司法管轄區。這意味著這些管轄區必須具備在未來幾十年內開採多個礦場的地質潛力，以及在未來幾十年內實際運作多個礦場的政治穩定性。

And that regional focus transcends into a manageable business, good cost control, low turnover, a number of things. We want to be the highest quality business we possibly can be. That means we set very high standards for ourselves, for the environment, and for our behavior in the communities that we're in.

這種區域重點體現在可管理的業務、良好的成本控制、低營業額等諸多方面。我們希望盡可能成為最高品質的企業。這意味著我們為自己、為環境、為我們所處社區的行為設定了非常高的標準。

We believe in disciplined capital deployment, and to us, discipline is 90% about knowledge. Have you done your homework before you spend your owner's money, and we do that. We believe we're uniquely positioned. We're uniquely positioned in some of the best regions in the world.

我們相信有紀律的資本部署，對我們來說，紀律 90% 在於知識。在花老闆的錢之前，你是否做過功課呢？我們相信我們擁有獨特的優勢。我們在世界上一些最好的地區擁有獨特的地位。

We've built a competitive advantage in the areas that we operate, and we're uniquely positioned in Nunavut. We also focus on strong financials. Per share metrics are what drive us return on capital, which is a fancy word for return on equity and our shareholders' money.

我們在經營的領域建立了競爭優勢，並且在努納武特地區擁有獨特的地位。我們也關注強勁的財務狀況。每股指標決定了我們的資本回報率，也就是股本回報率和股東資金回報率。

That is something that we continue to focus on. We've paid a dividend for 41 consecutive years, and we look forward to increasing returns to shareholders going forward.

這是我們持續關注的事情。我們已經連續 41 年派發股息，並期待未來為股東帶來更多回報。

I'm going to take a couple of minutes, go a little bit off script to talk about two items, two questions that are coming up, and I want to address them head on. So one question, is Agnico priced to perfection? Certainly our share prices performed well over the past year.

我將花幾分鐘時間，稍微偏離主題，談談即將出現的兩個事項和兩個問題，我想直接回答它們。那麼有一個問題，Agnico 的定價是否完美？當然，我們的股價在過去一年表現良好。

But let's face it. Gold prices are up $1,000 an ounce. And as the gold prices went up $1,000 an ounce, we controlled our costs, which means we expanded margins and we actually delivered substantially increased margins to our owners. So of course, the share price went up. It should have gone up and it did go up.

但讓我們面對現實吧。金價每盎司上漲 1,000 美元。隨著金價上漲 1,000 美元/盎司，我們控制了成本，這意味著我們擴大了利潤率，並且實際上為我們的所有者帶來了大幅增加的利潤。因此股價當然上漲了。它應該會上漲，而且也確實上漲了。

So the real question is, is there room for the share price to go up even more? Looking forward, frankly, I'm not allowed to talk about future earnings. However, we've given guidance on production, and you all know what the spot price is.

所以真正的問題是，股價是否還有上漲空間？展望未來，坦白說，我不被允許談論未來的收益。但是，我們已經給了生產指導，大家都知道現貨價格是多少。

At current spot prices and our -- and given our production guidance, you can do the math. It suggests annual revenue of about $10 billion which means that Agnico Eagle is trading at around 5 times revenue. That's not a crazy multiple. In fact, one could argue that's a low multiple both in the gold and in other industries.

根據當前現貨價格和我們的生產指導，您可以進行計算。這表明年收入約為 100 億美元，這意味著 Agnico Eagle 的交易價格約為收入的 5 倍。這不是一個瘋狂的倍數。事實上，人們可能會說，無​​論在黃金產業或其他產業，這個倍數都是較低的。

Of course, the relevance of a revenue multiple depends on margins. While the current spot price is in our $940 guidance, that implies about $2,000 an ounce. So that's pretty good margin. At the same time, we see potential growth in ounces per share. We're buying back stock. We're strengthening the balance sheet.

當然，收入倍數的相關性取決於利潤率。雖然目前現貨價格在我們的指導價 940 美元之內，但這意味著每盎司約為 2,000 美元。因此，這是相當不錯的利潤。同時，我們看到每股盎司的潛在成長。我們正在回購股票。我們正在加強資產負債表。

So have we performed well? Yes. Has the market rewarded us and our owners for that? Yes. Are we priced to perfection? No. I think we're priced for what we've delivered. And we have a lot of room going forward to continue to grow and to add value.

那我們的表現還好嗎？是的。市場是否因此給予了我們和我們的業主回報？是的。我們的定價合理嗎？不。我認為我們所提供的產品是物有所值的。我們還有很大的空間可以繼續成長和增加價值。

The second question, and then I'll stop, is, well, look, Agnico and others, they're operating in safe jurisdictions, they perform better. Is this the time to shift from these safe jurisdictions to riskier jurisdictions? And that's a fair question and one that investors should always consider and always ask.

第二個問題，然後我就停下來了，嗯，你看，Agnico 和其他公司，他們在安全的司法管轄區運營，他們的表現更好。現在是否是從這些安全司法管轄區轉向風險較高的司法管轄區的時候了？這是一個合理的問題，也是投資者應該始終考慮並始終詢問的問題。

But let me ask you this. Do you think the world is getting less risky or more risky? Do you think we're moving towards less trade barriers or more trade barriers? Do you think the world is moving to less nationalism or more nationalism?

但請容許我問你這個問題。您認為世界的風險是變得更小了還是變得更大了？您認為我們的貿易壁壘將會減少還是增多？您認為世界正在走向民族主義減弱還是增強？

And then finally, and this is important, at roughly $2,000 between cash costs and spot gold, do you think that governments around the world are going to pay less attention to these margins or more attention to these margins?

最後，這很重要，現金成本和現貨黃金之間的差距約為 2,000 美元，您認為世界各國政府會減少對這些利潤的關注還是更關注這些利潤？

So I would argue that Agnico Eagle has done well because we've delivered to our shareholders. And I would argue that certainly, at these prices, we're going to do even better.

因此我認為 Agnico Eagle 表現良好是因為我們為股東帶來了回報。而且我確信，在這樣的價格下，我們肯定會做得更好。

And I would also argue, and of course, I'm speaking my own book, personally, I'd like to stay in safe jurisdictions.

而我當然也要爭辯，從我個人角度來說，我希望留在安全的司法管轄區內。

And with that, let's open it up to questions.

現在，讓我們開始提問吧。

(Operator Instructions)

（操作員指令）

Anita Soni, CIBC World Markets.

加拿大帝國商業銀行全球行銷部 (CIBC World Markets) 的安妮塔‧索尼 (Anita Soni)。

Congratulations on a really solid year.

恭喜您度過了充實的一年。

I'm going to limit my one question to, Hope Bay, and when you expect that -- like what's the timeline for delivery and when do you expect to see that asset starting? Can you give us an idea of where that was brought into the, say, growth pipeline?

我將只問一個問題，希望灣，您預計什麼時候交付，以及您預計什麼時候可以開始使用該資產？您能否告訴我們這一點是如何被帶入成長管道的？

Dominique speaking.

多明尼克發言。

So this year's focus is really to freeze the scope of the project. As of now, we're including the Patch 7 resources. We still need to reshuffle and to look to the mine plan and to be at 40% engineering done by the end of the year.

因此今年的重點實際上是凍結專案範圍。截至目前，我們正在包含補丁 7 資源。我們仍需要改組並研究礦山計劃，以在年底前完成 40% 的工程。

It is the same approach we did at Meliadine if you recall where before announcing a project, especially in Nunavut, we need to have -- to de-risk it, and we're going to be there early next year.

如果你還記得的話，我們在 Meliadine 也採取了同樣的做法，在宣布一個項目之前，特別是在努納武特，我們需要降低風險，我們將於明年年初到達那裡。

So in the first half of 2026, we're expecting to give more detail about the project.

因此，我們預計將在 2026 年上半年提供有關該項目的更多細節。

How long would it take to -- like when do you -- is it near the end of the decade that you think this could start up or is this more early next decade?

這需要多長時間——例如，您認為什麼時候——是在本世紀末左右開始，還是在下個十年初？

It is more early next decade.

更可能是下個十年初期。

Sorry. We didn't catch that, Anita, that last part.

對不起。安妮塔，我們沒有聽清楚最後一部分。

I just said I'll leave it there and let pass it on to the next person.

我只是說我會把它留在那裡並傳遞給下一個。

Josh Wolfson, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Josh Wolfson。

Just a question first on the capital allocation. The free cash flow continues to be very strong here. We're projecting the company to be in a net cash position in the very near future. The dividend was kept flat.

首先問一個關於資本配置的問題。這裡的自由現金流持續保持強勁。我們預計該公司在不久的將來將處於淨現金狀況。股息維持不變。

The buyback is light. The company is pretty much full tilt on project advancement. So how should we think about excess cash being allocated going forward?

回購量較輕。公司正全力推進專案。那麼，我們該如何考慮今後的剩餘現金分配呢？

Yeah. Thanks, Josh. It's Jamie here. So yeah, I mean if you look back at 2024 and I referenced it in my comments, we've returned about 43% of our free cash flow to shareholders directly through the dividend and through the share buyback.

是的。謝謝，喬希。我是傑米。是的，我的意思是，如果你回顧 2024 年並且我在我的評論中提到過，我們已經透過股息和股票回購直接向股東返還了約 43% 的自由現金流。

So the gold price has risen pretty dramatically here in the first part of the year. Like our average realized price in Q4 was $2,660 and we're up around $2,900 now. So for the time being, obviously, we'll continue with the dividend at the current rate of about $800 million annually.

因此，今年上半年這裡的金價上漲相當劇烈。例如我們第四季的平均實現價格為 2,660 美元，現在上漲了約 2,900 美元。因此，就目前而言，我們顯然將繼續以目前的每年約 8 億美元的股息支付。

And we'll be opportunistic in terms of share repurchases. But even with the current gold price and our projected free cash flow, we'll still be returning about a third of that cash flow directly to shareholders. And the majority of the rest is going to go to improving the balance sheet and getting to that net cash position as you suggested.

我們將抓住機會進行股票回購。但即使以目前的金價和我們預期的自由現金流，我們仍然會將約三分之一的現金流直接回饋給股東。其餘大部分資金將用於改善資產負債表並實現淨現金狀況，正如您所說。

But Josh, as we've talked about, at these levels, and Jamie and the team and through the work, the operations, our balance sheet is very strong. And as Jamie said, as we're generating more cash, which we will at these levels, we are going to be returning more money to our shareholders.

但是，正如我們所討論的，喬希，在這些層面上，以及傑米和團隊的工作和運營，我們的資產負債表非常強勁。正如傑米所說，隨著我們產生更多的現金（我們將達到這些水平），我們將向股東返還更多的錢。

And then my next question is just conceptually sort of looking at the different projects and in the context of the three year guide, the outlook is for stable production, which is commendable for some of the large companies out there.

然後我的下一個問題是從概念上看待不同的項目，在三年指南的背景下，前景是穩定的生產，這對於一些大公司來說是值得稱讚的。

Is there a point in time at which the company is looking to project growth or net volume growth or I mean as an aside, is that even an objective for the team?

公司是否在某個時間點希望實現專案成長或淨銷售成長，或者順便說一下，這是否是團隊的目標？

That's a good question.

這是個好問題。

We're giving three year guidance. So we don't give beyond that, but I'll answer it at a broad level.

我們提供三年指導。因此我們不會給出超出範圍的答案，但我將從廣義上來回答這個問題。

So first and foremost, we're genuinely looking to make money per share. So we are only interested in growing if that growth creates value for our shareholders. That said, we see a lot of that.

因此，首先，我們真誠地希望每股都能賺錢。因此，只有當成長能為股東創造價值時，我們才會對成長感興趣。話雖如此，我們看到了很多這樣的情況。

We are probably a lot more conservative in our long-term projections, but I think and you know our company as well as anybody, with the projects that we have, we anticipate continued growth absolutely and per share I mean again subject to a volatile world.

我們的長期預測可能更加保守，但我想，而且你和任何人一樣了解我們的公司，憑藉我們擁有的項目，我們預計絕對和每股收益將繼續增長，我的意思是，這再次受到動盪世界的影響。

Natasha talked about a 50% increase in production in Ontario. Dominique talked about Hope Bay being the next platform several 100,000 ounces a year in Nunavut. Malartic potentially getting to over 1 million ounces a year. We tend, Josh, to beat our chests not very loudly. And we're always careful to not overpromise.

娜塔莎談到安大略省的產量增加了 50%。多明尼克談到希望灣將成為努納武特地區下一個年產數十萬盎司的平台。馬拉特克的年產量可能超過100萬盎司。喬希，我們往往不太大聲地搥胸頓足。我們始終小心謹慎，不做出過度承諾。

But I was sincere when I said I think we've got the best pipeline I've ever seen in the business in 25 years. And remember, I spent a lot of that as a financial guy looking at dollars and cents. So these are profitable projects we're looking at.

但我真誠地說，我認為我們擁有 25 年來業內最好的管道。請記住，作為一個只顧賺錢的金融人士，我花了很多錢。這些都是我們正在考慮的有利可圖的項目。

Daniel Major, UBS.

瑞銀的丹尼爾·梅傑（Daniel Major）。

My question, just looking at the pipeline and the profile beyond your three year guidance, I guess as we move towards the end of the decade, it's a little bit of a gap before the main projects come in the early 2030s. Can you give us an update on Meadowbank where you see life of mine is the scope to add any extension there before Hope Bay comes through?

我的問題是，僅從您三年指導之外的管道和概況來看，我想隨著我們接近本世紀末，與 2030 年代初主要項目的到來之間會有一點差距。您能否向我們介紹 Meadowbank 的最新情況？

Yes, Daniel. Dom speaking.

是的，丹尼爾。正在講話的是 Dom。

Yeah, the team is all working on different scenario. And the vision or their plan is to extend to operate from underground. So at this stage, we know that the pits are depleting in 2028. So the objective is going to be to keep it running just with underground. That needs to keep a good cost, for example, to run the mill probably on three weeks in, three weeks out.

是的，團隊正在研究不同的場景。他們的願景或計劃是延伸至地下運作。所以在現階段，我們知道礦坑將在 2028 年枯竭。因此，我們的目標是僅透過地下管道維持其運作。這需要維持良好的成本，例如，工廠大概在三週內、三週外運作。

Because it's a big mill. So we're doing different trade-offs. That will not be the cheapest ounces, but with the current gold price environment, that's going to generate cash. We could end up with 150,000 ounces per year after 2028 up to 2035. So that could be a good thing.

因為它是一個大型工廠。所以我們正在進行不同的權衡。這不會是最便宜的黃金，但在目前的金價環境下，這將產生現金。從 2028 年到 2035 年，我們每年的產量可能達到 15 萬盎司。這可能是件好事。

And when you think about that, we talk about two platforms at 1 million ounces, but Nunavut could also, if we call it a platform, be in that range with Meliadine [350], [400], let's say Hope Bay in the 400, and if you add Meadowbank at [150], we're getting 200 million ounces in Canada.

考慮到這一點，我們談論的是兩個 100 萬盎司的平台，但如果我們稱之為平台，努納武特也可能處於這個範圍內，與梅麗亞丁 [350]、[400] 一樣，假設霍普灣在 400 盎司，如果你加上梅多班克 [150]，我們在加拿大就得到了 2 億盎司。

If I could ask one more if that's okay. Just a quick update on the license progression in Nicolás. Any new information there?

如果我可以再問一個問題的話可以嗎？這只是 Nicolá s 許可證進展的一個快速更新。有什麼新資訊嗎？

Hi, Daniel. This is Natasha speaking.

你好，丹尼爾。我是娜塔莎。

So we did submit the MIAR and the ETJ, which is the environmental impact assessment and the change of land use permit in Q1 last year. Things are progressing. The regulators are looking at the documents, asking questions.

因此，我們確實在去年第一季提交了 MIAR 和 ETJ，即環境影響評估和土地使用許可證的變更。事情正在進展。監管部門正在審查這些文件並提出問題。

So far, nothing more to be quite honest in terms of the proposed constitutional changes as it relates to the open pit mining. It's still unclear on that end whether it's going to be approved or passed into law, or whether it has any impacts on the San Nicolás project.

到目前為止，坦白說，關於與露天採礦有關的憲法修改提案還沒有更多內容。目前還不清楚該法案是否會獲得批准或通過成為法律，或者是否會對聖尼古拉斯計畫產生任何影響。

Lawson Winder, Bank of America Securities.

勞森·溫德（Lawson Winder），美國銀行證券。

Thanks for the presentation today.

感謝您今天的演講。

Wanted to ask about actually some of the comments, Guy, that you made. You spoke to the additional 10,000 tons to 15,000 tons per day of capacity at Malartic and you mentioned specifically drills at Odyssey and Wasamac.

蓋伊，實際上我想問你提出的一些評論。您談到了馬拉蒂克每天額外的 10,000 噸至 15,000 噸的產能，並特別提到了奧德賽和瓦薩馬克的鑽井。

And I guess I would ask rather than just sort of staying tuned, maybe you could give us a hint of what you're thinking there. Like it is there a thought that there could ultimately be the potential for a third chapter Odyssey?

我想我會問，而不是只是保持關注，也許您可以給我們一點您的想法。就像有一種想法最終可能會有第三章的奧德賽？

And then with Wasamac, are there early indications that the underground processing rate could actually be far in excess of 3,000 tons per day at some point?

那麼對於 Wasamac 來說，是否有早期跡象表明地下處理率實際上在某個時候可能遠遠超過每天 3,000 噸？

Hello, Lawson. Dominique. I'm going to take the question.

你好，勞森。多米尼克。我將回答這個問題。

So currently, let's start maybe with the mill throughput available. Odyssey Phase 1 is 20,000 tons per day. Odyssey second shaft would be between 8,000 tons and 10,000 tons per day. We're still working on that. Marban is a 15,000 tons per day, and Wasamac is 3,000 tons per day, which brings up to 45,000 tons with all of them together.

目前，我們先從可用的工廠產量開始。奧德賽第一期工程的日產量為 20,000 噸。奧德賽二號礦井的日產量將在 8,000 噸至 10,000 噸之間。我們仍在努力。Marban 的日產量為 15,000 噸，Wasamac 的日產量為 3,000 噸，三者加起來共 45,000 噸。

The current capacity is at 60,000 tons. So there's still a 10,000 tons to 15,000 tons per day available. But we don't have a plan yet on that. It might be original discovery around Malartic. It could be more ton coming from Marban if we're able to expand that pit.

目前產能為6萬噸。因此每天仍有 10,000 噸至 15,000 噸可用。但我們還沒有這方面的計劃。這可能是馬拉特克周圍的最初發現。如果我們能夠擴大那個礦井，那麼來自馬爾班的產量就會更多。

It could be a third shaft at Odyssey, but all of those ounces, we don't have it right now. So but it's still -- I think the team did a very good work to plan. And now we're kind of -- we have some homework to do to bring it to real life, but to have 1 million ounces, but there's still some potential.

這可能是奧德賽的第三根軸，但所有這些盎司，我們現在還沒有。所以但我仍然認為——團隊的計劃工作做得非常好。現在我們有點——我們還有一些工作要做才能將其變為現實，但要擁有 100 萬盎司，仍然有一些潛力。

And then just on Wasamac, what is the distance you would estimate would be required to get the or roughly from from Wasamac to Malartic? And do you have a sense of the rough cost per ton in today's dollars?

然後僅在 Wasamac 上，您估計從 Wasamac 到 Malartic 大約需要多少距離？您知道以今天的美元計算每噸的大致成本嗎？

I don't have the cost, really, but it is 100 kilometers. So the plan, and we're doing different trade-off, the plan's going to be to track it from Wasamac going to Canadian Malartic through the existing route.

我確實沒有這個費用，但是有100公里。因此，我們的計劃是，進行不同的權衡，計劃是透過現有路線從瓦薩馬克 (Wasamac) 追蹤到加拿大馬拉特克 (Canadian Malartic)。

The one thing, Lawson, I would add is, we are well aware of the value if we can fill that last 15 million. We saw the deal that our team did with O3. And that's just a transaction that made a lot of sense. That asset, frankly is worth more to us than it is to them because we could use the mill.

勞森，我想補充一點，我們非常清楚，如果我們能夠填補最後的 1500 萬，價值將有多大。我們看到了我們團隊與 O3 達成的交易。這是一次非常有意義的交易。坦白說，這項資產對我們來說比對他們更有價值，因為我們可以使用這個工廠。

And the reason I referenced that is we are looking at opportunities all the time on that last 15,000 tons a day. And then finally what I would say is we're both happy to have that come from one of our mines or if it makes more sense, we would enter into a toll milling agreement with someone else.

我提到這一點的原因是，我們一直在尋找每天最後 15,000 噸的機會。最後我想說的是，我們都很高興這些礦石來自我們的礦山，或者如果更有意義的話，我們可以和其他人簽訂代加工協議。

So you're right. There is a lot of value in that 15,000 tons a day. And while Dominique is correct in that we don't have an explicit plan for that. We are clearly focused on that.

所以你是對的。每天 15,000 噸的價值非常大。雖然多明尼克說得對，但我們對此並沒有明確的計劃。我們顯然專注於此。

Mike Parkin, National Bank.

國家銀行的麥克·帕金。

I'm just looking at slide 13. And is it correct that if you're off to the right of that land Malartic property line, the 5% royalty doesn't exist?

我只看了第 13 張投影片。如果您位於馬拉特剋土地產權線的右側，則 5% 的使用費就不存在，這種說法對嗎？

That's right.

這是正確的。

So in the middle price environment we're looking at where if you had ounces on that side of the property, you'd be saving $150 an ounce. And I was just seeing your discovery cost is still probably $20, $25. Are you kind of -- is there any thought around discovery of ounces there with almost the savings on the royalty could almost cover off the cost of discovery but also development?

因此，在中等價格環境下，我們認為，如果您在該房產的這一側擁有幾盎司黃金，那麼您每盎司將節省 150 美元。我剛才看到你的發現成本可能仍為 20 美元或 25 美元。您是否想過——在那裡發現金礦時，節省的特許權使用費幾乎可以覆蓋發現成本和開發成本？

Or are you guys still just giving -- you're having such tremendous success to the left, is this second shaft -- I'm just trying to get a sense of like where you might put that second shaft or where you might kind of focus your drilling on a go forward basis.

或者你們仍然只是在給予 — — 你們在左邊取得瞭如此巨大的成功，這是第二個豎井 — — 我只是想知道你們可能會把第二個豎井放在哪裡，或者你們可能會把鑽探的重點放在哪裡。

But that savings on that royalty given we're just a smidge away from $3,000 an ounce, could be kind of completely cost savings in terms of getting those ounces to a production.

但考慮到我們離每盎司 3,000 美元只有一步之遙，因此特許權使用費的節省可能完全是在將這些盎司投入生產時節省成本。

Well, there's a bit -- there's two parts to your question. Well, first of all, that long section you see at 13 shows the resources where it is and it's within the area where that royalty apply. But -- and that ore, most likely, you see what Dominique describing the second shaft or potential third shaft, you see the tons that are currently known are there.

嗯，你的問題有點——分成兩個部分。嗯，首先，您在 13 處看到的長部分顯示了資源所在的位置以及它位於適用特許權使用費的區域內。但是 — — 而且那個礦石，最有可能的是，正如多明尼克所描述的第二個礦井或潛在的第三個礦井，你會看到目前已知的礦石量達數噸。

But from a regional or exploration standpoint, I don't really care about the property boundary. We look both east and west, and if we can find more, and we do actually drill on that part to the east, ran and other property. In fact, the property extends an additional, let's say 5 kilometers on the right hand side of that graph.

但從區域或勘探的角度來看，我並不真正關心財產邊界。我們向東和向西尋找，如果我們能找到更多，我們就會實際上在東邊的那部分、跑道和其他財產上鑽探。事實上，該物業在圖表的右側又延伸了 5 公里。

And we have actually four rigs amongst the 25 that Dominique was describing that is testing that. And on the top of that, now with the addition of O3 land position around Marban, we have -- you have that other land position to the north at the back of that slide that is outside of that royalty thing.

在 Dominique 描述的 25 個鑽孔機中，我們實際上有 4 個正在測試它。除此之外，現在隨著馬爾班 (Marban) 周圍 O3 陸地位置的增加，我們擁有了 -- 位於滑道後方北部、位於皇室範圍之外的其他陸地位置。

So we're not limiting ourselves. We're going to discover gold where it is. And after that, it will be part of the decision making process in the economy to figure out the impact of the underlying royalty that may exist on different part of the land package.

因此我們不會限制自己。我們將在黃金所在地發現黃金。此後，它將成為經濟決策過程的一部分，以弄清楚可能存在的潛在特許權使用費對土地包不同部分的影響。

But it's an interesting comment, Mike and that remember, everybody, this is a mine that was originally discovered in 1923, 100 years ago. We are winning an award for the biggest discovery 100 years later at the same mine. We've acquired or in the process of acquiring Marban, another mine a few kilometers away.

但這是一條有趣的評論，麥克，大家記住，這是一個最初於 1923 年發現的礦山，距今已有 100 年了。我們將因 100 年後在同一礦井做出的最大發現而獲得獎項。我們已經收購或正在收購幾公里外的另一個礦場—馬爾班礦場。

And so you're absolutely right. There is potential as we go to the right. And it is worth pointing out that at a 5% royalty, there's an extra $150 an ounce on that. So it's a good question. He answered the right question. Part of it is, look, we've got 25 drills. We are drilling fast because what Dominique said, we want to get this to 1 million ounces.

所以你完全正確。當我們向右走時，就有潛力。值得指出的是，以 5% 的特許權使用費計算，每盎司需額外支付 150 美元。所以這是一個好問題。他回答了正確的問題。其中一部分是，你看，我們有 25 個演習。我們正在快速鑽探，因為正如多明尼克所說，我們想將產量達到 100 萬盎司。

And we want to work as hard as we can. We said -- a year ago we said, look, it's going to take two years of drilling to know if we're going to have a second shaft. It looks like we're going to have a second shaft. Guy and his team are trying to balance it with what Dom's doing, but your question is a good one because it does talk about the potential in this area.

我們希望盡力努力工作。我們說過－一年前我們說過，看，我們需要兩年的鑽探才能知道是否會有第二座豎井。看起來我們將會擁有第二個豎井。Guy 和他的團隊正在嘗試與 Dom 所做的事情取得平衡，但你的問題很好，因為它確實談到了該領域的潛力。

I just think it's going to have an interesting capital return idea that you could almost pretty much get those ounces for free other than the OpEx and sustaining.

我只是認為這將有一個有趣的資本回報想法，除了營運支出和維持費用之外，你幾乎可以免費獲得這些盎司。

John Tumazos, John Tumazos Very Independent Research.

約翰‧圖馬佐斯 (John Tumazos)，約翰‧圖馬佐斯 (John Tumazos) 非常獨立的研究。

For Marban, it looks like for the 1.657 million ounce reserve, you paid $86 an ounce. And for the 2.6 million ounce reserve and resource, you paid $55 an ounce. Their last technical study was October 22. Should we expect in your next reserve report to incorporate their 1.6 million ounces?

對於 Marban 來說，看起來 165.7 萬盎司的儲備，每盎司支付了 86 美元。對於 260 萬盎司的儲備和資源，你支付的價格是每盎司 55 美元。他們的上一次技術研究是在10月22日。我們是否應該期望您的下一份儲備報告中包括他們的 160 萬盎司？

Or will it be more because there's two, three years more data? And you've got enough money to drill a deeper hole or do you need to wait two or three years to evaluate it?

或者因為還有兩三年的數據所以會更多嗎？你有足夠的錢來鑽一個更深的洞嗎？

Hi, John. Guy speaking.

你好，約翰。說話的人。

You described it right. There's a fair bit of it of drilling. There's enough drilling in the pit. What we want to pay attention to is, what part of it that we think that could reasonably be billed, when considering wetland, other challenge.

你描述的很正確。其中有相當一部分是鑽探。坑裡的鑽孔已經夠多了。我們要注意的是，在考慮濕地和其他挑戰時，我們認為哪些部分可以合理地計費。

So we're working on our plan and we can anticipate that a good proportion of that 1.6 million could become a reserve in the near term with the existing database.

因此，我們正在製定計劃，我們可以預計，在現有資料庫中，這 160 萬中的很大一部分可以在短期內成為儲備。

Ammar, what is your human resources strategy to have 5 or 10 more Jean Robitaille? So that when the 25 rigs are running and the 200,000 meters are drilled, we get the results, Trevor Peake. Do you need to take five of Elon Musk's 20 year olds and bring them to Canada?

Ammar，您的人力資源策略是什麼，可以再招募 5 或 10 名 Jean Robitaille 嗎？因此，當 25 台鑽機運行並鑽完 200,000 公尺後，我們就得到了結果，特雷弗·皮克。你需要把伊隆馬斯克的五個 20 歲孩子帶到加拿大嗎？

John, that is a -- I'm going to say, it's both a humorous and a good question. We have in our industry, a shortage of, highly qualified engineers, geologists, operators. Good news is we have a lot of accountants. But it's a good question. Everything we do is a function of capital resource allocation and human resource allocation.

約翰，這是一個——我想說，這是一個既幽默又好的問題。我們的行業缺乏高素質的工程師、地質學家和操作員。好消息是我們有很多會計師。但這是一個很好的問題。我們所做的一切都是資本資源配置和人力資源分配的功能。

But I acknowledge that you're right. You're asking an insightful question which is, look, would you be able to get to the reserves and move things forward faster if you could do the studies faster? I think we have a very strong team. I think we have a lot of people.

但我承認你是對的。你問了一個很有見地的問題，那就是，如果你能更快地完成研究，你是否能夠獲得儲備並更快地推動事情向前發展？我認為我們有一支非常強大的團隊。我想我們有很多人。

But yes, the resource of high quality, qualified specialist people is a challenge for us and for everyone else. That said, I do believe our -- the fact that we produce more gold in Canada than everyone else combined, more than 50% of total Canadian gold production.

但是，高素質、高素質專業人才的資源對我們和其他所有人來說都是一個挑戰。話雖如此，我確實相信，事實上，加拿大的黃金產量比其他所有國家的黃金產量總和還要多，佔加拿大黃金總產量的 50% 以上。

We've been in the regions. We've been for decades. We do tend to get high quality people sometimes relative in competition with our peers. I don't know if any -- Dominique, do you want to add to that?

我們去過各個地區。我們已經這樣幾十年了。在與同業的競爭中，我們確實傾向於招募高素質的人才。我不知道是否有——多米尼克，你想補充嗎？

Yeah. That's a good question, John, and we're working on that. And maybe one thing on that one. What -- where we succeed in the past is working with students. And by the way, I was one of them 25 years ago, starting as a student. And I see Jason and Carol on the table here.

是的。這是個好問題，約翰，我們正在努力解決這個問題。也許還有一件事。我們過去的成功之處在於與學生的合作。順便說一句，25 年前我就是他們中的一員，當時我還只是個學生。我看到傑森和卡羅爾坐在這張桌子上。

But one thing we're doing now, we're getting back to having more students. First, the employees' kids which it's a very good way to introduce them to the mining, but also at university, bringing more of those co-op students. So it helps us to do a good selection.

但我們現在正在做的一件事是，我們要重新招收更多的學生。首先，對於員工的孩子來說，這是一種讓他們了解採礦業的好方法，而且在大學裡，也可以吸引更多的實習學生。所以它可以幫助我們做出正確的選擇。

It's also giving them what is the taste of working with Agnico. We have a good name. And the students are, I need to say now, willing and then let's say Agnico is on the top of their choice when they're looking to work. And also the fact that we have different mines like fly in, fly out, or in a BCB.

這也讓他們體會到了與 Agnico 合作的滋味。我們有一個好名字。現在我要說的是，學生都願意去，那麼可以說，Agnico 是他們找工作時的首選。事實上，我們有不同種類的地雷，如飛入式地雷、飛出式地雷或 BCB 式地雷。

It gives us more opportunities for them, and this is something really we work hard.

這為他們提供了更多的機會，這是我們真正努力去做的事情。

If I can ask one last question. I'm worried that someone might look at the $459 million spent for capital and expense exploration last year or $525 million this year. And then see the reserves go up by 500 million ounces.

我可以問最後一個問題。我擔心有人可能會看到去年用於資本和​​費用勘探的 4.59 億美元或今年的 5.25 億美元。然後看到儲備增加5億盎司。

And think that it cost $1,000 an ounce, or that the 25 rigs or the 200,000 meters were a bunch of dry holes, barren results. So could you sort of explain why that's not the case?

想想看，每盎司的成本為 1,000 美元，或 25 個鑽孔機或 200,000 公尺都是一堆乾井，沒有結果。那麼你能解釋為什麼事實並非如此嗎？

Thanks for the question, John, and I did some math lately.

謝謝你的提問，約翰，我最近做了一些數學題。

If you look at the 2024, what really went to drilling is $270 million. And if you look at the distribution of that drilling from, let's say, what is going to infill and what is going to making new discovery, it boils down to the fact that we spent last year $110 million on conversion, which is about $25 an ounces to move ounces from resources to reserves.

如果你看看2024年，實際用於鑽探的資金是2.7億美元。如果你看一下鑽探的分佈情況，比如說，哪些是要加密的，哪些是有新發現的，它歸結為我們去年在轉換上花費了 1.1 億美元，將資源轉化為儲備的成本約為每盎司 25 美元。

And the other $160 million went to adding resource from nothing to resources at a cost of also $25 per ounces. So it's roughly to make a discovery from scratch to bring them to inferred, it's roughly $25 an ounces. And to move them from resources to reserve, another $25 per ounces, ballpark for the overall $270 million of drilling we've done in 2024.

而另外的 1.6 億美元則用於將資源從無到有地添加，成本也是每盎司 25 美元。因此，粗略地從頭開始發現並推斷，價格約為每盎司 25 美元。為了將它們從資源轉移到儲備，每盎司的價格還要再上漲 25 美元，這大約相當於我們在 2024 年完成的 2.7 億美元的鑽探總額。

And I'll add, John, again, good question. So Guy talked about how much went directly into drilling. Of that $459 million, roughly $200 million was associated with something called capitalized exploration. And that really is primarily Detour underground, Upper Beaver, the kinds of things where you have to build some infrastructure to be able to do more exploration, to go underground, to get to build drill platforms, to take bulk samples.

我還要補充一點，約翰，這個問題問得好。蓋伊談到了直接用於鑽探的資金量。在這 4.59 億美元中，約有 2 億美元與所謂的資本化勘探有關。這實際上主要是地下繞行、上比弗河等地，在這些地方必須建造一些基礎設施才能進行更多的勘探、進入地下、建造鑽井平台、採集大量樣本。

So part of that number is actual infrastructure to be able to do exploration. What I would say, and this is important, is every time we do that, we do that with the view that whatever infrastructure we build was -- is the right type of infrastructure that we can then later use when we build an operating mine.

因此，該數字的一部分是用於探索的實際基礎設施。我想說的是，這是很重要的，每次我們這樣做的時候，我們都抱著這樣的觀點：無論我們建造什麼樣的基礎設施，都是正確類型的基礎設施，我們可以在以後建造運營礦山時使用它。

So it's not wasted money.

所以這並不是浪費錢。

Tanya Jakusconek, Scotiabank.

加拿大豐業銀行的 Tanya Jakusconek。

The first one is for Jamie on the capital returns. Jamie, just from my understanding, is it safe to assume that your focus will be in Q1 to pay off your $400 million in taxes?

第一個問題是關於資本回報，問 Jamie。傑米，據我了解，您是否可以安全地假設您的重點將放在第一季償還 4 億美元的稅款？

And other that you have to pay and then focus on tax or returns thereafter? Would that be a safe assumption?

另外，您是否需要先付款，然後再關注稅收或退稅？這是一個安全的假設嗎？

Hi, Tanya. Yeah, no that's a good question, and you're absolutely right. We do have a catch up payment of about $400 million in the first quarter that we will be making. I don't think that will preclude us though from being active on the normal course issuer bid, if we see the opportunity and want to be active on that.

你好，Tanya。是的，這是個好問題，你完全正確。我們確實會在第一季支付約 4 億美元的補足款項。我認為，如果我們看到機會並且願意積極參與，這並不會妨礙我們積極參與正常的發行人競標。

And we'll continue obviously to pay the dividend of $0.40 a share this quarter. So we have the balance sheet strength to increase shareholder returns if we wanted to in Q1 despite the fact that we have that big tax payment coming up.

我們本季顯然將繼續支付每股 0.40 美元的股息。因此，儘管我們即將支付大筆稅款，但如果我們願意，我們在第一季就有足夠的資產負債表實力來增加股東回報。

And then once that is paid and you think about shareholder returns, is there a preference you're always going to renew your share buyback program, but is there a preference for dividends or share buybacks? How do you think about that?

一旦支付完畢，您就會考慮股東回報，是否有優先選擇更新股票回購計劃，但是否有優先選擇股息或股票回購？您對此有何看法？

Yeah. We'll certainly be evaluating that throughout the year. It depends on a number of factors. Primarily, of course, the gold price, but also our relative share price. So I think there's an increased appetite. Last year, we repurchased $120 million in shares.

是的。我們肯定會在全年對此進行評估。這取決於許多因素。當然，主要是金價，但也有我們的相對股價。因此我認為人們的胃口增加。去年，我們回購了價值 1.2 億美元的股票。

That's more than I think Agnico has ever done in a year previously. And at these gold prices, there's room for that to increase further certainly.

我認為這比 Agnico 之前一年的業績還要好。在目前的金價下，肯定還有進一步上漲的空間。

And sorry, Jamie, just the last question on the capital return. So how should I be thinking about your 3.5 million, 3.4 million ounces business in terms of a minimum cash balance that you can keep on your balance sheet?

抱歉，傑米，最後一個問題是關於資本回報的。那麼，從您可以在資產負債表上保留的最低現金餘額的角度來看，我應該如何考慮您的 350 萬、340 萬盎司業務？

In terms of a minimum cash balance, so yeah, we ended 2024 with about $926 million. I'd say, again, at current gold prices, our current financial situation, we'd like to keep our cash balance around $1 billion. And could grow as cash flow improves this year to -- up to $1 billion net cash position before we'd be looking seriously at more dramatic increases to shareholder returns.

就最低現金餘額而言，到 2024 年底，我們的現金餘額約為 9.26 億美元。我想說的是，在目前的金價和我們目前的財務狀況下，我們希望將現金餘額維持在 10 億美元左右。隨著今年現金流的改善，淨現金狀況可能會成長至 10 億美元，之後我們才會認真考慮股東回報的更大幅度成長。

And the one thing I would say, Tanya, and you know us well enough, it's our owner's money. It's not our money. It's our owner's money. And we will only spend the cash generated if we have a high quality investment that generates a good risk adjusted return.

我想說的是，塔妮婭，你很了解我們，這是我們主人的錢。這不是我們的錢。這是我們老闆的錢。而且，只有當我們擁有能夠產生良好風險調整回報的高品質投資時，我們才會花掉所產生的現金。

I say that because sometimes in our industry, people get more cash and they go nuts with it. We're not going to do that. We are going to continue to be committed to disciplined capital allocation and at these prices increase returns to our shareholders.

我這樣說是因為有時在我們這個行業，人們會因為獲得了更多的現金而變得瘋狂。我們不會這麼做。我們將繼續致力於嚴格的資本配置，並以這些價格增加股東回報。

No, I appreciate. I was wondering looking at your investment in the business that you have to do plus obviously take care of the $90 million of debt that you have to pay this year and then sort of see what I could push in terms of shareholder return.

不，我很感激。我想知道，在考慮您對所開展的業務的投資的同時，顯然還要償還今年必須償還的 9000 萬美元債務，然後看看我能在股東回報方面取得什麼進展。

Obviously, I understand you're not going to be prudent and if you do touch the dividend, you tend to be a company that wants to keep a sustainable dividend. So if you increase it, it's because you think you can pay it.

顯然，我知道你不會謹慎，如果你確實觸及股息，你往往是一家希望維持可持續股息的公司。因此，如果你增加它，那是因為你認為你可以支付。

So I'm just trying to understand how much buffer I have to do all that. That's all.

所以我只是想了解我有多少緩衝來完成所有這些工作。就這樣。

It's all good questions.

這些都是很好的問題。

And my second question, actually it has to do with your costs. And I appreciate the gold prices is going higher and the cost payment because we want to see these margins that come through. So I'm interested in how you approach your cost forecast or your guidance this year.

我的第二個問題實際上與您的成本有關。我理解金價會不斷走高，成本也會不斷增加，因為我們希望看到利潤的實現。所以我對您今年的成本預測或指導方法很感興趣。

And I think and thank you for the sensitivity, but one of the things that you highlighted as the tariffs and obviously 50% of your costs that are insulated somewhat from what potential tariffs could come through, just but a second derivative is obviously FX.

我認為並且感謝您的敏感度，但您強調的一件事是關稅，顯然 50% 的成本在某種程度上與潛在關稅無關，但第二個衍生品顯然是外匯。

And so I just want to review with you just what percentage of your overall cost is US dollar denominated. I thought about 10% to 15%. I just want to make sure I'm in that ballpark. Jamie, am I correct on that?

因此，我只想和您一起回顧一下您的總成本中有多少百分比是以美元計價的。我認為大概是 10% 到 15%。我只是想確保我能達到那個水平。傑米，我說得對嗎？

Yeah. Tanya, that's absolutely right. About 10% to 15% are US dollar denominated. And if you look at our cost guidance for 2025, we use the Canadian dollar foreign exchange assumption of 1.38. You compare that to our realized foreign exchange rate in 2024 of 1.37.

是的。塔妮婭，完全正確。約有10%至15%以美元計價。如果你看看我們 2025 年的成本指導，我們使用 1.38 的加幣外匯假設。您可以將其與我們 2024 年的實際外匯匯率 1.37 進行比較。

So there's actually not a big delta there. A lot of the -- frankly, we did better relative to inflation on our cost guidance because of some of the continuous improvement initiatives and efficiencies we've realized at the sites.

因此實際上那裡並沒有很大的差異。坦白說，由於我們在現場實施了一些持續改進措施並提高了效率，我們在成本指導方面相對於通膨做得更好。

Yeah. No, I saw that. So you've got a little bit of a tailwind based on where we are today and the dollar. But can I just ask, if I did not see it in the release, what gold price did you use in that impact? I thought it was about $2 to $3 per ounce on the royalty $100 move.

是的。不，我看到了。因此，根據我們目前的狀況和美元的走勢，你會得到一點順風。但我只想問一下，如果我沒有在發布中看到它，那麼您在那次影響中使用的黃金價格是多少？我認為，在特許權使用費 100 美元的變動中，每盎司的價格約為 2 至 3 美元。

So I just want to need -- I need the gold price that you use.

所以我只需要—我需要您使用的黃金價格。

Yeah. So we -- our base case budget, we use the $2,500 gold price. So that's inherent in the royalty expense that factors into our cash cost. But that sensitivity is exactly right. Every $100 move in the gold price changes our royalty expense by about $3 an ounce.

是的。因此，我們的基本預算採用的是 2,500 美元的黃金價格。因此，這是特許權使用費中固有的部分，已計入我們的現金成本。但這種敏感性是完全正確的。金價每變動100美元，我們的特許權使用費就會改變約每盎司3美元。

And then my last question on these costs is just because with these tariffs, you just don't know where things go, but what assumptions did you use in 2025 as inflation in your site?

我關於這些成本的最後一個問題是，因為這些關稅，你根本不知道事情會如何發展，但是你在 2025 年使用了哪些假設作為你網站的通貨膨脹率？

So cost inflation, the rate of inflation that we saw coming into 2025 was about 5%, and again, our cash cost and all-in sustaining cost guidance was up 3% and 4% respectively.

因此成本通膨，我們預期 2025 年的通膨率約為 5%，而我們的現金成本和總維持成本指引分別上漲 3% 和 4%。

With respect to tariffs, and you alluded to it, about two-thirds of our costs we don't expect to be impacted. Almost half of our cost structure is labor and contractors. Another 10% to 15% is energy, power. And then another 4% or 5% is royalties.

關於關稅，正如您所提到的，我們預計約三分之二的成本不會受到影響。我們的成本結構幾乎有一半是勞力和承包商。另外10%到15%是能源、電力。另外 4% 或 5% 是版稅。

So about two-thirds of our costs we think would not be impacted. The other third could potentially be impacted and --

因此我們認為大約三分之二的成本不會受到影響。其餘三分之一可能會受到影響，--

Of course, some portion of it.

當然，有一部分是這樣的。

Some portion of the other third, exactly. But we'd have to evaluate exactly what tariffs are counter -- retaliatory tariffs are imposed before we could come up with an exact determination.

確切地說，是另外三分之一的某個部分。但在做出確切判斷之前，我們必須準確評估徵收的關稅究竟是什麼——報復性關稅。

And Tanya, you're right. There is a derivative of that which is the FX. And so to the extent, and this is up to anybody to figure out, but the tariffs are higher. Probably the Canadian dollar will go weaker and help offset some of that but that's a calculus. I don't think anybody can can work out with any accuracy at this point.

塔妮婭，你說得對。有一個衍生詞，即 FX。所以，在某種程度上，這取決於任何人，但關稅更高。或許加幣將會走弱並有助於抵消部分影響，但這需要計算。我認為目前沒有人能夠準確解決這個問題。

No. I agree. And I have as much information as I have to get information out on these charts. But it's -- so just Jamie, to confirm, as you said in your 2025 guidance as of the 5% inflation? And --

不。我同意。我擁有盡可能多的信息，可以將這些資訊體現在這些圖表上。但是——所以 Jamie，需要確認的是，正如您在 2025 年指導中所說，通貨膨脹率為 5%？和--

That's correct.

沒錯。

I appreciate that. And I know there's a lot of moving parts happening with what's going on at least just having basic information on your cost to be able to address that should anything happen.

我很感激。並且我知道正在發生的事情中有很多變動，至少您需要了解有關成本的基本信息，以便在發生任何事情時能夠解決問題。

There are no further questions at this time. I will now turn the call over to Ammar for closing remarks.

目前沒有其他問題。現在我將請阿馬爾致結束語。

Well, I just want to say to everybody, thank you to our team for all the work you've done. Thank you for keeping our people safe. I always like to say that's the most important thing.

好吧，我只想對大家說，感謝我們團隊所做的所有工作。感謝你們保護我們人民的安全。我總是喜歡說這是最重要的事。

And to everyone on the call, thank you for taking time out of a Friday of a long weekend. Have a nice weekend. Thank you.

並感謝電話會議中的每個人，你們在長週末的星期五抽出時間參加會議。祝你周末愉快。謝謝。

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

女士們、先生們，今天的電話會議到此結束。感謝您的參與，並請您斷開線路。