Agnico Eagle Mines Ltd (AEM) 2025 Q1 法說會逐字稿

Good morning. My name is Judy and I will be your conference operator today. At this time, I would like to welcome everyone to the Agnico Eagle Mines Limited Q1 2025 conference call. (Operator Instructions)

早安.我叫朱迪，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Agnico Eagle Mines Limited 2025 年第一季電話會議。（操作員指示）

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, operator. Hello, everyone, and thank you for joining our first quarter conference call this morning. We're pleased to be sharing with you another strong quarter with solid results across the board. Strong production, excellent cost control, record financial results, excellent progress on our growth projects, including our five key value drivers, and some really great exploration results at a number of our mines.

謝謝您，接線生。大家好，感謝您參加今天上午的第一季電話會議。我們很高興與您分享又一個強勁的季度，各方面都取得了穩健的業績。強勁的生產、出色的成本控制、創紀錄的財務業績、包括五個關鍵價值驅動因素在內的成長項目取得的出色進展，以及我們一些礦山取得的非常好的勘探成果。

Before we jump into the call, I'd like to remind everyone that we will be making a number of forward-looking statements. So, please keep that in mind.

在我們開始通話之前，我想提醒大家，我們將做出一些前瞻性的陳述。所以，請記住這一點。

As we go through the results of the quarter, there are three key messages we want to emphasize. One, we continue to deliver strong overall performance, and we're well positioned to continue to deliver that performance for the rest of the year. Two, we continue to strengthen all areas of our business. And three, we're making great progress on building the foundations of our future growth and future value creation for our owners.

當我們回顧本季的業績時，我們想要強調三個關鍵訊息。首先，我們的整體業績持續保持強勁，我們已準備好在今年剩餘時間內繼續保持這樣的業績。二、我們持續加強各個業務領域。第三，我們在為股東建立未來成長和未來價值創造的基礎方面取得了巨大進展。

Starting with our first quarter operating and financial performance. In a year where gold prices have increased by over $1,000 an ounce, our gold production of 874,000 ounces and our cash costs of $903 per ounce were almost identical to our production and cost numbers in the first quarter of last year.

從我們的第一季營運和財務業績開始。在金價每盎司上漲超過 1,000 美元的一年裡，我們的黃金產量為 874,000 盎司，現金成本為每盎司 903 美元，與去年第一季的產量和成本數字幾乎相同。

This means we are delivering the full benefit of these rising gold prices to our owners. That's why our owners invest in us and that's our job to deliver. We do this by delivering solid production and controlling costs safely, responsibly and reliably.

這意味著我們將為我們的業主帶來金價上漲帶來的全部利益。這就是我們的業主投資我們的原因，這也是我們的工作職責。我們透過安全、負責、可靠地提供穩健的生產和控製成本來實現這一目標。

Not surprising, with good operational performance and record gold prices, we continue to deliver record financial results record operating margins, record adjusted net income and not just on an absolute basis, but also record adjusted net income on a per share basis. It's the per share metrics that matter and it's the per share metrics that we will always focus on.

毫不奇怪，憑藉良好的營運業績和創紀錄的金價，我們繼續實現創紀錄的財務業績：創紀錄的營業利潤率、創紀錄的調整後淨收入，而且不僅是絕對值，而且每股調整後淨收入也創紀錄。每股指標很重要，我們將始終關注每股指標。

The second key takeaway is our progress in strengthening the business. This quarter, we've returned $0.25 billion dollars to our owners through dividends and share buybacks. At the same time, we've invested in moving forward the best pipeline in the business, we've made record investments in promising exploration, and we've largely eliminated our net debt.

第二個關鍵收穫是我們在加強業務方面所取得的進展。本季度，我們透過股利和股票回購向股東返還了 2.5 億美元。同時，我們投資推進業內最佳管道建設，對有前景的勘探項目進行了創紀錄的投資，並且基本上消除了淨債務。

We continue to generate record cash flows and we're well positioned to further increase returns to shareholders. Jamie will be going through our financial performance shortly.

我們繼續創造創紀錄的現金流，並且我們有能力進一步增加股東回報。傑米很快就會回顧我們的財務表現。

The third key takeaway, building the foundations of our future growth, is really the most important and the most exciting takeaway from today's call. An essential element of any quality business is sustainability. This is especially true for a company like Agnico Eagle, where our core strategy revolves around building a long-term, high-quality, sustainable business in the regions in which we operate.

第三個關鍵要點是建立我們未來發展的基礎，這確實是今天電話會議中最重要、最令人興奮的要點。任何優質企業的一個基本要素就是永續性。對於像 Agnico Eagle 這樣的公司來說尤其如此，我們的核心策略是圍繞在我們經營的地區建立長期、高品質、可持續的業務。

We're proud to have just published our 16th annual sustainability report, the highlights of which Carol Plummer, our EVP, People, Environment and Sustainability will briefly review in a minute. A little later in the presentation, Dominique and Natasha will speak about the steady progress we continue to make on our five key value drivers. Number one, our ongoing work to get Detour to over a million ounces a year.

我們很榮幸剛發布了第 16 份年度永續發展報告，我們的人力、環境和永續發展執行副總裁 Carol Plummer 將在稍後簡要回顧其中的亮點。在稍後的演講中，多明尼克和娜塔莎將談到我們在五個關鍵價值驅動因素上取得的穩定進展。第一，我們正在努力使 Detour 的年產量達到一百萬盎司以上。

Number two, our vision to get Detour to over a million ounces a year. Number three, excellent construction progress at Upper Beaver, a brand new mine in a great region as that could add over 200,000 ounces a year.

第二，我們的願景是讓 Detour 的年產量超過一百萬盎司。第三，上比弗礦的建設進展順利，這是一個位於絕佳地區的全新礦場，每年可增產 20 多萬盎司。

Number four, continued great drill results and accelerating on-site activity at Hope Bay with a target of over 400,000 ounces a year. And finally, five, continued good progress at San Nicolas, a high-grade, high-return copper project in the best mining jurisdiction in Mexico.

第四，繼續取得良好的鑽探成果，並加快希望灣的現場活動，目標是每年超過 40 萬盎司。最後，第五，位於墨西哥最佳採礦管轄區的高品位、高回報銅計畫聖尼古拉斯繼續取得良好進展。

And finally, Guy Gosselin will spend a few minutes highlighting some of the really excellent and exciting exploration results our team is delivering at some of the most promising ore bodies in the world. With that, I'll turn over the presentation to Carol.

最後，Guy Gosselin 將花幾分鐘時間重點介紹我們的團隊在世界上一些最有前景的礦體中取得的一些真正出色且令人興奮的勘探成果。說完這些，我會把演講交給卡羅爾。

Thank you, Ammar, and good morning, everyone. Our 2024 sustainability report highlights our global approach and regional focus. Starting with safety, we continued our journey towards zero accidents, focusing on visible felt leadership in the field and identifying and mitigating risks.

謝謝你，阿馬爾，大家早安。我們的 2024 年永續發展報告強調了我們的全球方針和區域重點。從安全開始，我們繼續朝著零事故的目標前進，專注於在現場發揮明顯的領導力以及識別和降低風險。

2023 was the best year for safety in the company's history, and in 2024 we did not do quite as well. However, all of our sites are focused on reducing harm, and we will continue to focus on safe work in every job, every day.

2023 年是公司歷史上安全狀況最好的一年，而 2024 年我們的表現則不太好。然而，我們所有的站點都致力於減少傷害，並且我們將繼續專注於每項工作、每一天的安全工作。

Our approach to climate change continued to focus on energy efficiency, technology transition, and increased use of renewable energy. And we remain amongst industry leaders with a GHG intensity of 0.38 tons of CO2 equivalent per ounce, well below the industry average of 0.79.

我們應對氣候變遷的方法繼續專注於能源效率、技術轉型和增加再生能源的使用。我們的溫室氣體強度為每盎司 0.38 噸二氧化碳當量，遠低於行業平均 0.79，仍處於行業領先地位。

We're working to meet our commitments to reconciliation through the seven pillars of a reconciliation action plan, and we are focused on training and developing our employees, listening and resolving concerns and engaging frequently, preparing our employees and our sites to succeed.

我們正在努力透過和解行動計劃的七大支柱來履行我們的和解承諾，我們專注於培訓和發展我們的員工，傾聽和解決問題並經常參與，為我們的員工和我們的網站取得成功做好準備。

We're very happy to see improved engagement through our employee survey and importantly, low turnover rates. And with that, I will pass over to Jamie.

我們很高興看到透過員工調查員工敬業度有所提高，更重要的是，員工離職率降低。接下來，我將把麥克風交給傑米。

Thank you, Carol, and good morning, everyone. We had a great start to the year with another quarter of strong operating results and excellent cost performance, pairing with higher gold prices to drive record financial results, including record revenue of $2.5 billion, record adjusted earnings of $770 million or $1.53 per share, and record adjusted EBITDA of $1.6 billion.

謝謝你，卡羅爾，大家早安。我們今年有一個良好的開端，又一個季度取得了強勁的經營業績和出色的成本表現，再加上金價上漲，推動了創紀錄的財務業績，包括創紀錄的 25 億美元營收、創紀錄的 7.7 億美元或每股 1.53 美元的調整後收益，以及創紀錄的 16 億美元調整後 EBITDA。

Gold production in the first quarter was approximately 874,000 ounces, a total cash cost of $903 per ounce, and all-in sustaining costs of $1,183 per ounce. Gold production was very similar, as Ammar mentioned, to the first quarter of last year. I'm pleased to report the costs were below the low end of our guidance ranges and actually right around where we were in the first quarter of 2024.

第一季黃金產量約為 874,000 盎司，總現金成本為每盎司 903 美元，總維持成本為每盎司 1,183 美元。正如阿瑪爾所提到的，黃金產量與去年第一季非常相似。我很高興地報告，成本低於我們指導範圍的低端，實際上與 2024 年第一季的水平差不多。

The lower-than-expected cash costs were primarily due to higher than expected grades driving higher gold production at several of our mines as well as the cost benefit from the weaker Canadian dollar relative to the US dollar when compared to our budgeted assumption of CAD1.38.

現金成本低於預期主要是因為品位高於預期，推動了我們幾座礦山的黃金產量增加，以及與我們預算的 1.38 加元相比，加元兌美元走弱帶來了成本效益。

These cost benefits were partially offset by higher royalty costs related to higher gold prices, and in a rising gold price environment, we do expect the burden of royalty costs to continue to increase. Every $100 increase in the gold price increases our royalty costs by approximately $5 an ounce.

這些成本效益被與金價上漲相關的更高的特許權使用費成本部分抵消，而在金價上漲的環境下，我們確實預期特許權使用費負擔將繼續增加。黃金價格每上漲 100 美元，我們的特許權使用費就會增加約每盎司 5 美元。

For the full year, we are maintaining our cost guidance and expect cash cost to be within the guided range of $915 to $965 per ounce. All-in sustaining cost per ounce were lower than the guided range, primarily due to the timing of sustaining capital spend. We are expecting higher all-in sustaining costs in subsequent quarters and expect to be within our guidance for the full year at $1,250 to $1,300 per ounce.

對於全年而言，我們維持成本指導，預計現金成本將在每盎司 915 美元至 965 美元的指導範圍內。每盎司總維持成本低於指導範圍，主要原因是維持資本支出的時機。我們預計後續幾季的總維持成本將會更高，並預計全年成本將在我們的指導範圍內，即每盎司 1,250 美元至 1,300 美元。

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

我們為團隊所做的工作以及他們在控製成本和持續改進方面所做的持續努力感到非常自豪，因為我們的整體維持成本仍然比同行每盎司低數百美元。

If we move on to the next slide, pleased to report that the strong free cash flow we generated this quarter allowed us to continue to strengthen our balance sheet and increase our financial flexibility. We ended the quarter with close to zero net debt. As a reminder, we started 2024 with approximately $1.5 billion in net debt.

如果我們進入下一張投影片，很高興地報告，本季我們產生的強勁自由現金流使我們能夠繼續加強資產負債表並提高財務靈活性。本季結束時，我們的淨債務接近零。提醒一下，2024 年初我們的淨債務約為 15 億美元。

We have significantly de-leveraged the balance sheet over the past 15 months and intend to continue to strengthen the balance sheet and improve our financial flexibility while increasing returns to shareholders. We were also pleased that Moody's revised its rating outlook for the company during the quarter from stable to positive, which reflects our improving credit profile and strong financial position.

過去 15 個月，我們大幅降低了資產負債表的槓桿比率，並打算繼續加強資產負債表，提高財務靈活性，同時增加股東回報。我們也很高興穆迪在本季將該公司的評級展望從穩定調整為正面，這反映了我們不斷改善的信用狀況和強勁的財務狀況。

We generated $594 million of free cash flow in the quarter, which was net of significant working capital outflows, including tax installments and payments of over $500 million. At current gold prices, we would expect significantly higher free cash flow in subsequent quarters.

我們在本季產生了 5.94 億美元的自由現金流，這是扣除大量營運資金流出後的淨額，其中包括超過 5 億美元的稅款分期付款和付款。以目前的金價，我們預計未來幾季的自由現金流將大幅增加。

If we move on to the next slide, looking back at 2024, we clearly prioritized returns to shareholders. Through dividends, share repurchases, and the reduction of net debt, shareholders benefited directly and indirectly by approximately $2.2 billion. In 2024, we returned approximately 43% of our free cash flow directly to shareholders through dividends and share repurchases. This quarter, we returned approximately 42% of our free cash flow.

如果我們進入下一張投影片，回顧 2024 年，我們顯然優先考慮股東回報。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。2024年，我們透過股利和股票回購的方式將約43%的自由現金流直接回饋給股東。本季度，我們返還了約 42% 的自由現金流。

Our capital allocation plan is designed to benefit shareholders in a rising gold price environment in several ways. We will continue to strengthen the balance sheet, increase our financial flexibility, so we believe that a strong balance sheet is a competitive advantage in this industry. We will also continue our program of strong shareholder returns through the quarterly dividend and share repurchases.

我們的資本配置計劃旨在透過多種方式使股東在金價上漲的環境中受益。我們將繼續加強資產負債表，提高我們的財務靈活性，因此我們相信強大的資產負債表是這個行業的競爭優勢。我們也將透過季度股利和股票回購繼續實施強勁的股東回報計畫。

At these gold prices, we see the potential to further increase shareholder returns and expect to be much more active on the share buyback. We will also continue to reinvest in the business by allocating capital to high-return internal growth projects and high potential exploration opportunities.

在這樣的金價下，我們看到了進一步提高股東回報的潛力，並有望在股票回購方面更加積極。我們也將繼續對業務進行再投資，將資金分配給高回報的內部成長項目和高潛力的勘探機會。

At current gold prices, we're generating a lot of cash, but we will remain disciplined to continue to take a measured approach to capital allocation with a focus on increasing returns to our shareholders.

在目前的金價下，我們正在產生大量現金，但我們將繼續嚴格遵守紀律，繼續採取審慎的資本配置方式，重點是增加股東回報。

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

接下來，我將把電話轉給多米尼克，他將概述我們在魁北克、努納武特和芬蘭的業務。

Thank you, Jamie. Good morning, everyone. We finished the quarter strong out of the gate driven by operation meeting their target safely and help with geological upside at LaRonde and at Malartic pit, where additional ounces were discovered around the old workings.

謝謝你，傑米。大家早安。我們在本季度取得了強勁開局，這得益於安全達成目標的運營以及 LaRonde 和 Malartic 礦坑地質條件的改善，在舊礦井周圍發現了更多的金礦。

In Q1, Meliadine achieved a new tonnage record following last year made expansion, averaging 6,200 tonnes per day. On the cost side, as Ammar mentioned, the quarter was excellent with stable to slightly better cost than expected, thanks to the team's continued effort to improve productivity.

繼去年擴建之後，Meliadine 於第一季創下了新的噸位紀錄，平均每天達到 6,200 噸。在成本方面，正如 Ammar 所提到的，由於團隊不斷努力提高生產力，本季表現非常出色，成本穩定或略好於預期。

This quarter, I would like to highlight Kittila’s progress, focused on the sharp utilization and systematic productivity and cost efficiently improvement. We are starting to see positive results from this initiative with cost per ton coming in 5% below target in Q1.

本季度，我想重點介紹 Kittila 的進展，重點是大幅提高利用率、提高系統性生產力和提高成本效率。我們開始看到這項措施的正面成果，第一季每噸成本比目標低 5%。

Looking ahead, there are three key projects that I would like to highlight today. These projects are closely tied to Ammar's comments about leveraging our assets to create value. First one is the Meadowbank potential expansion.

展望未來，今天我想強調三個重點項目。這些項目與阿馬爾關於利用我們的資產創造價值的評論密切相關。第一個是 Meadowbank 的潛在擴張。

We continue working to extend Meadowbank life of mine beyond 2028. Our objective is to transition Meadowbank mine into an undergoing mine only after the pits are depleted, aiming to add five to six years of production at around 150,000 to 200,000 ounces per year.

我們將繼續努力將 Meadowbank 礦場的使用壽命延長至 2028 年以後。我們的目標是，只有在礦坑開採完畢後，才將 Meadowbank 礦轉變為正在開採的礦山，目標是在五到六年內增加產量，每年產量約為 150,000 至 200,000 盎司。

Given its location in Nunavut, this will not be the lowest cash cost ounces. But in today's gold price environment and the low risk associated with this, we are evaluating different scenario and expecting primary funding by the end of this year.

鑑於其位於努納武特地區，這不會是現金成本最低的盎司。但在當今的黃金價格環境及其相關的低風險下，我們正在評估不同的情景，並預計今年年底將出現主要融資。

On top of that, the team is also working on a new scenario of doing a small pushback at the IVR pit to unlock additional ounces in '28, '29. Recognizing this potential, our site team actively developing a plan to maximize Meadowbank potential, creating a seamless bridge to future production at Hope Bay which is my next project to discuss.

除此之外，團隊也正在研究一種新方案，在 IVR 礦場進行小規模推回，以在 28 年和 29 年解鎖更多盎司。在意識到這一潛力後，我們的現場團隊積極制定計劃，最大限度地發揮 Meadowbank 的潛力，為 Hope Bay 未來的生產建立無縫橋樑，這是我接下來要討論的項目。

Hope Bay is one of the largest, biggest opportunity we have into our portfolio that could add 400,000 ounces per year in the 2030. Hope Bay path to success is clear. We are applying the same proven formula that led Meliadine to success with the same experience team that conduct the study and the project construction.

希望灣是我們投資組合中最大的機會之一，到 2030 年，礦場每年可增加 40 萬盎司產量。希望灣的成功之路是清晰的。我們採用與 Meliadine 成功相同的成熟方案，並由同樣經驗豐富的團隊進行研究和專案建立。

This quarter, we successfully finalized all the contracts with the engineering firm, and we believe we've assembled a team. The goal is to advance the detailed engineering phase to approximately 50% completion by Q1 '26. Given our confidence with the project, we are currently doing some preparation work at site by upgrading the camp facility, extending the airstrip, dismantling the mill and completing early earth work. We expect to report on Hope Bay in the first half of '26.

本季度，我們成功與工程公司完成了所有合同，我們相信我們已經組建了一支團隊。目標是到 2026 年第一季將詳細工程階段推進到約 50% 的完成度。鑑於我們對該專案的信心，我們目前正在現場做一些準備工作，包括升級營地設施、擴大飛機跑道、拆除工廠和完成早期土方工程。我們預計將在 26 年上半年報道有關 Hope Bay 的情況。

The last project update on my side about -- is about our vision of Malartic towards 1 million ounces gold producer. Next slide, please. To achieve our 1 million ounce production at Malartic, we identified four key blocks.

我這邊的最後一個專案更新是關於我們對 Malartic 成為 100 萬盎司黃金生產商的願景。請看下一張投影片。為了實現馬拉蒂克 100 萬盎司的產量，我們確定了四個關鍵區塊。

The first building block is the foundation, the current Odyssey Phase 1 project transforming the site from the Canada's biggest open pit mine to the largest underground gold mine in Canada. The target is about 550,000 ounces per year for this part and the project is progressing very well. The ramp is on target, the shaft sinking as well, and we reached a major milestone in Q1, achieving the commissioning of the temporary loading station at level 64 unlocking efficient transportation of rock and personnel via the service hoist.

第一個基石是地基，目前的奧德賽一期計畫將礦場從加拿大最大的露天礦改造成加拿大最大的地下金礦。該部分的目標是每年約 550,000 盎司，專案進展非常順利。坡道工程已達標，豎井也已下沉，我們在第一季達到了一個重要的里程碑，實現了 64 層臨時裝卸站的調試，從而可以透過服務升降機高效運輸岩石和人員。

The first shaft is expected to be completed by mid '27. The second block for that 1 million ounces story is the second shaft at Odyssey. With the promising results we see in exploration, we are evaluating the possibility of a second shaft to mine in parallel to the first one, the massive East Gouldie ore body. The second shaft could contribute to another 220,000 ounces per year, which brings us to 770,000 ounces per year for the Odyssey project.

預計第一座豎井將於 27 年中期完工。這個百萬盎司故事的第二個區塊是奧德賽的第二個豎井。鑑於我們在勘探中看到的有希望的結果，我們正在評估與第一個礦井平行開採第二個礦井的可能性，即巨大的 East Gouldie 礦體。第二座礦井每年可再產出 22 萬盎司黃金，這樣奧德賽計畫的年產量就可達到 77 萬盎司。

There's two other blocks to -- that we could we could lock on that. The first one of those -- or the third one is the Marban pit located 13 kilometers from the Malartic mill. Marban was success add to our portfolio through the acquisition of O3 and could potentially contribute to another 130,000 ounces per year, which brings us to the 900,000.

還有另外兩個區塊 — — 我們可以鎖定它們。其中第一個，或者說第三個，是距離馬拉蒂克工廠 13 公里的 Marban 礦坑。Marban 透過收購 O3 成功擴充了我們的投資組合，並有可能每年再貢獻 130,000 盎司，使我們的投資組合達到 900,000 盎司。

And the last one is Wasamac. Wasamac is a 3,000 tonne per day underground operation to be trucked at Malartic. It is about 100 kilometers from Malartic. Wasamac can potentially contribute to another 100,000 ounces per year.

最後一個是 Wasamac。Wasamac 是一座地下礦山，日產量為 3,000 噸，由卡車運往馬拉蒂克。距離馬拉蒂克約100公里。Wasamac 每年可能還能貢獻 100,000 盎司。

With all of the four building blocks together, we are reaching the 1 million ounces vision. Over the next five to six years, our focus will be on the studies, permitting and construction, aiming to integrate these new ore feed into the Malartic mill in the 2030s. We should be in good position to greenlight the second shaft Marban in Wasamac in early 2021.

透過將這四個基本要素結合起來，我們就能實現 100 萬盎司的願景。在接下來的五到六年裡，我們的重點將放在研究、許可和建設上，目標是在 2030 年代將這些新的礦石原料整合到馬拉特克磨機中。我們應該能夠在 2021 年初批准 Wasamac 的第二個 Marban 豎井的建造。

Now I would like to hand it over to Natasha.

現在我想把它交給娜塔莎。

Thanks, Dom, and good morning, everyone. So, I'll cover the operational highlights for Ontario, Australia and Mexico. All the regions delivered good safety, operating and cost performance to start off the year. Detour poured their 7th million ounce in March and had the highest Q1 mill throughput with the lowest turnover seen since the mine began open pit operations.

謝謝，Dom，大家早安。因此，我將介紹安大略省、澳洲和墨西哥的營運亮點。所有地區年初都表現出良好的安全、營運和成本績效。Detour 公司在 3 月生產了第 700 萬盎司金礦，並創下了第一季工廠產量的最高紀錄，但營業額卻是自礦山開始露天開採以來最低的。

Weather, however, was challenging this quarter, we do factor in weather delays into our plans, particularly in the winter, but this was a very abnormal winter for us at Detour. So this quarter, we ended up mining less of the higher grade open pit material and instead fed lower grade stockpile, which was planned to be processed later in the year.

然而，本季的天氣狀況對公司來說是一個挑戰，我們確實將天氣延誤納入了我們的計劃中，特別是在冬季，但對於我們 Detour 來說，這是一個非常不正常的冬天。因此，本季我們減少了高品位露天礦的開採量，轉而供應低品位庫存，並計劃在今年稍後進行加工。

Now at Macassa, we hit a few records in safety, in lateral development and in ounces produced. But I think the highlight is that, similar to Detour, even in a highly competitive labor market, we hit a record with the lowest turnover in its history. And in terms of the production, Macassa had a pretty strong quarter two on the back of two stopes that overperformed.

現在在 Macassa，我們在安全性、橫向開發和產量方面創下了一些記錄。但我認為亮點是，與 Detour 類似，即使在競爭激烈的勞動力市場中，我們也創下了歷史上最低的離職率記錄。就產量而言，Macassa 憑藉兩座表現優異的礦場，在第二季表現相當強勁。

Fosterville too had a good quarter. Here, we're working on progressive improvements to the ventilation system and production is progressing at all three mining fronts. And of course, operational improvement efforts with a focus on cost control initiatives are continuing at all of our sites.

福斯特維爾本季的表現也不錯。在這裡，我們正在逐步改進通風系統，三個採礦線上的生產都在取得進展。當然，我們所有工廠都在持續進行以成本控制措施為重點的營運改善工作。

Now, if we look ahead, we're seeing a few exciting things on the go. I'll start with Macassa. We're focused in on mill optimization here. So we'll continue to work on initiatives to debottleneck parts of that circuit, reduce downtime and further improve the mill throughput incrementally.

現在，如果我們展望未來，我們會看到一些令人興奮的事情正在發生。我先從 Macassa 開始。我們在這裡專注於工廠優化。因此，我們將繼續致力於消除該迴路的瓶頸部分，減少停機時間並進一步逐步提高工廠的產量。

At Fosterville, we'll continue to conduct further technical evaluations and drill to confirm the feasibility of increasing the annual throughput to an average of approximately 175,000 ounces. And at San Nicolas, through the JV, we will continue to work on the feasibility study.

在福斯特維爾，我們將繼續進行進一步的技術評估和鑽探，以確認將年產量提高到平均約 175,000 盎司的可行性。在聖尼古拉斯，我們將透過合資企業繼續進行可行性研究。

Project approval is expected to follow, of course, depending on the receipt of the permits and the results of the study. We anticipate all of this coming together towards the end of this year.

當然，專案批准預計將取決於許可證的收到情況和研究的結果。我們預計所有這些都將在今年年底前完成。

And finally, on the next slide, I'll give you a quick update on the two projects that will give us the opportunity to grow low risk and profitable production in a very mining-friendly jurisdiction like Ontario. And I'll start with Detour.

最後，在下一張投影片中，我將簡要介紹這兩個項目，這兩個項目將使我們有機會在安大略省這樣對採礦業非常友好的管轄區內實現低風險和高利潤的生產。我先從「繞道」說起。

This is a world-class asset. Last year, we outlined a pathway for Detour to be a 1 million-ounce producer annually for over a 14-year period. It's still early days, but this quarter, the overburden excavation was completed. The surface preparation was completed. As well, we received the permit to take water. So we're expecting to commence the ramp development in Q2.

這是一項世界級的資產。去年，我們為 Detour 制定了一條發展路線，即在未來 14 年內實現每年 100 萬盎司的產量。雖然現在還為時過早，但本季覆蓋層挖掘工作已經完成。表面準備已完成。此外，我們也獲得了取水許可證。因此，我們預計將在第二季開始坡道開發。

As for Upper Beaver, again, this is another low-risk opportunity to grow the production profile in Ontario. This quarter, we continued to advance on both fronts, the surface setup needed for shaft sinking and the site preparation for the ramp.

對上比佛來說，這又是安大略省提高產量的低風險機會之一。本季度，我們繼續在兩個方面取得進展，即鑿井所需的地面設置和坡道的場地準備。

You can see in the picture that we've started advancing on the steel installation of the head frame and the hoist room. We're expecting both of them to be completed or commissioned in early Q4 this year and shaft sinking to commence soon after.

您可以在圖片中看到，我們已經開始推進井架和提升室的鋼結構安裝。我們預計這兩個項目都將於今年第四季初竣工或投入使用，並且豎井下沉工程也將很快開始。

As for the exploration ramp, we've completed the box cut. We're expecting to commence the ramp development in Q4 this year, if not a bit sooner. Both the Detour Underground and Upper Beaver, they're really solid projects with strong risk-adjusted returns and are going to be drivers of future growth at our Ontario platform. And we look forward to continuing to advance on these projects throughout 2025.

至於探索坡道，我們已經完成了箱形切割。我們預計今年第四季開始坡道開發，甚至可能更早。Detour Underground 和 Upper Beaver 都是非常可靠的項目，具有強勁的風險調整回報，並將成為我們安大略省平台未來成長的驅動力。我們期待在 2025 年繼續推進這些項目。

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

說完這些，我就把它交給蓋伊。

Thank you, Natasha, and good morning, everyone. First, on slide 12, I would like to take the opportunity to highlight the various exploration team at each mine and project site for our grade health and safety performance, cost control and productivity improvement initiative.

謝謝你，娜塔莎，大家早安。首先，在第 12 張投影片上，我想藉此機會重點介紹每個礦場和專案現場的各個勘探團隊，以了解我們的等級健康和安全績效、成本控制和生產力改善計畫。

When we look at the landscape in these photos coming from Hope Bay, we realize that it is a tough environment, and our people are doing an amazing job at working safely while implementing cost control and productivity initiatives.

當我們看到這些來自希望灣的照片中的風景時，我們意識到這是一個艱苦的環境，我們的員工在實施成本控制和生產力計劃的同時，在安全工作方面做得非常出色。

Overall, we had an excellent first quarter with 300 kilometers of drilling completed on all sites with a focus on advancing our key value driver project. Here at Hope Bay, we delivered better than budgeted drilling with almost 30 kilometers of drilling completed in the first quarter from high intensity drilling and from the exploration gravel track that has greatly enhanced our site performance in Q4 and Q1.

總體而言，我們第一季表現優異，在所有場地完成了 300 公里的鑽探，專注於推進我們的關鍵價值驅動項目。在希望灣，我們的鑽探工作比預算更好，第一季完成了近 30 公里的鑽探，包括高強度鑽探和勘探礫石軌道，這極大地提高了我們第四季度和第一季度的現場表現。

Globally, we have a total of 112 rig working on all sides of the company. I would also like to thank our drilling excellence teams that continue to work closely with all of our drilling entrepreneur to integrate new technology that will make drilling safer, more productive and, therefore, more cost efficient.

在全球範圍內，我們共有 112 台鑽孔機在公司的各個角落運作。我還要感謝我們的鑽井卓越團隊，他們繼續與我們所有的鑽井企業家密切合作，整合新技術，使鑽井更安全、更有效率，從而更具成本效益。

From a results standpoint, I will briefly comment on three project, Hope Bay, Canadian Malartic and Detour. So on slide 13, at Hope Bay, we continue to see strong results in two very interesting areas. First of all, close to surface in Patch 7, which result up to 20 gram over 4.2 meters at only 240-meter below surface that could potentially be accessible early in our project development scenarios.

從結果的角度，我將簡要評論三個項目：Hope Bay、Canadian Malartic 和 Detour。因此，在 Hope Bay 的第 13 張幻燈片上，我們繼續在兩個非常有趣的領域中看到強勁的成果。首先，第 7 區塊靠近地表，在地表以下僅 240 公尺處，厚度超過 4.2 米，重量高達 20 克，這在我們的專案開發方案早期就有可能實現。

And secondly, in the gap between Suluk and Patch, close to the proposed ramp with result up to 24-gram over 9.5 meters. We anticipate these results will have a positive impact on the mineral resources at the next update.

其次，在 Suluk 和 Patch 之間的空隙中，靠近擬建的斜坡，結果在 9.5 公尺的距離上達到了 24 克。我們預計這些結果將對下次更新的礦產資源產生正面影響。

Now on slide 13, in Malartic, at Odyssey, some very exciting results in three areas. First of all, the Upper East portion of the East Gouldie that we anticipate will get to mineral reserves at year-end this year. Secondly, the lower Eastern extension of anticipate with some pretty good result up to 5.3 gram over 27 meter, 6.6 gram over 17 meters, a couple of hundred meter to the eastern limit of the current resources and all of that between 1800 and 1900-meter below surface.

現在在 Odyssey 的 Malartic 的第 13 張幻燈片上，我們在三個領域取得了一些非常令人興奮的成果。首先，我們預計東古爾迪的上東部地區將在今年底獲得礦產儲量。其次，預計東部下部延伸的結果相當不錯，深度 27 米處為 5.3 克，深度 17 米處為 6.6 克，距當前資源東部邊界幾百米，所有這些都位於地表以下 1800 至 1900 米之間。

And third, in the Eclipse parallel zone with result up to 3.7 gram over 59.7 meter. These strong result in the lower East and Eclipse continue to enhance our scenarios for the location of a second shaft at Odyssey. And last but not least, at Detour, drilling continued to infill the deposit in area that are targeted for the underground mine project both below the pit, in the saddle, in the central portion of the deposit with some local very spectacular result up to 8 grams over 78 meters. And to the West, close next to the planned exploration ramp with result up to 3 gram over 44.5 meter.

第三次是在 Eclipse 平行區，結果顯示重達 3.7 克，距離為 59.7 公尺。東下部和 Eclipse 的這些強勁成果繼續增強了我們對奧德賽第二座豎井位置的預測。最後但同樣重要的是，在 Detour，鑽探繼續填充地下礦計畫目標區域的礦床，包括礦坑下方、鞍部和礦床中心部分，局部成果十分驚人，在 78 公尺處發現了 8 克的金礦。而往西，緊鄰計劃勘探的斜坡，結果在 44.5 公尺處發現了 3 克金礦。

So we are -- we had a very good start of the year in terms of drill results on our key value driver project, and we are in a very good position to deliver updates on studies as discussed in our previous press release, in February and mentioned by Natasha and Dominique.

因此，就我們的關鍵價值驅動項目的鑽探結果而言，我們今年有一個非常好的開端，並且我們處於非常有利的位置來提供研究更新，正如我們在二月份的上一份新聞稿中所討論的，以及娜塔莎和多米尼克所提到的那樣。

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

因此，關於這一點，我想把麥克風交還給阿馬爾，讓他作一些結束語。

Thank you, Guy, and thank you to the full team. The gold price performance over the past year has been remarkable. Our owners invested in gold because they had the correct view that gold prices would increase. And our owners invested in us because they had the correct view that Agnico Eagle is well positioned to deliver the full benefit of gold price increases to them. To deliver that full benefit, we focused on three things, and we've delivered three things.

謝謝你，蓋伊，也謝謝整個團隊。過去一年金價表現引人注目。我們的業主投資黃金是因為他們正確地認為黃金價格會上漲。我們的股東之所以投資我們，是因為他們正確地認識到，Agnico Eagle 完全有能力為他們帶來金價上漲的全部利益。為了實現這一全部利益，我們重點關註三件事，並且已經實現了三件事。

One is production. We need to deliver the production we promised, and we need to be able to grow production per share over time, and we're doing both. Two, we need to control costs. We're delivering not only solid cost control, but we remain disciplined with capital spend.

一是生產。我們需要兌現我們承諾的產量，並且我們需要能夠隨著時間的推移提高每股產量，我們正在同時做這兩件事。二是要控製成本。我們不僅實現了穩健的成本控制，而且在資本支出方面也保持紀律。

The projects we're investing in are all expected to generate good returns and they're the same projects that made sense at gold prices more than $1,000 below where they are now. This is our owners’ money, and we're not going to spend our owners’ money just because the price of gold went up.

我們所投資的項目都有望產生良好的回報，而且這些項目在金價比現在低 1,000 多美元的情況下仍然有意義。這是我們業主的錢，我們不會因為金價上漲就花掉業主的錢。

And third, and this is important, we need to deliver this production, and we need to deliver these costs reliably, steadily and with as little risk as possible, operational risk, financial risk, political risk.

第三，這一點很重要，我們需要完成這些生產，我們需要可靠、穩定地交付這些成本，並盡可能減少風險，包括營運風險、財務風險和政治風險。

We are going to stay with the same strategy that we've used now for almost 70 years. It works for us. It's not for everyone, but it works for us. We're going to focus on regions with multi-decade geologic potential and with the political stability that allows us to fine-tune our strengths over multiple decades.

我們將繼續堅持近 70 年來一直遵循的策略。它對我們有用。它並不適合所有人，但對我們有用。我們將重點關注具有數十年地質潛力和政治穩定的地區，以便我們能夠在數十年內微調我們的實力。

If we take a look at just some of the discussion today, the team that's building the shaft at Malartic is going to be the team that builds the shaft at Upper Beaver. The team that's building Upper Beaver is the same team that just finished construction projects elsewhere in the company.

如果我們看一下今天的部分討論，那麼在馬拉蒂克建造豎井的團隊將會是在上比弗建造豎井的團隊。建立 Upper Beaver 的團隊與剛完成公司其他地方建設專案的團隊是同一個團隊。

Dominique made the point that the team building Hope Bay is the same team that built Malartic and something that's really important that Natasha mentioned, which I think really sort of emphasizes this. We have the lowest turnover rates ever in the history of Detour and Macassa, this is how you build a competitive advantage. You not only leverage off your capital assets, but you keep the best people and you use them to their full extent.

多明尼克指出，建立希望灣的團隊與建立馬拉蒂克的團隊是同一個團隊，娜塔莎提到的這一點非常重要，我認為這確實強調了這一點。我們的員工流動率是 Detour 和 Macassa 史上最低的，這就是我們建立競爭優勢的方式。您不僅可以充分利用自己的資本資產，還可以留住最優秀的人才並充分發揮他們的才能。

So with that, I'd like to turn it over to questions.

因此，我想將話題轉入提問環節。

(Operator Instructions)

（操作員指示）

Ralph Profiti from Stifel.

來自 Stifel 的 Ralph Profiti。

Thanks, operator, and good morning, Ammar. Thanks for taking my questions. It's very encouraging to see some of these internal zones start to bear fruit at Canadian Malartic. And the number two point on the fill-the-mill strategy slide sort of talked about the second shot.

謝謝，接線員，早安，阿瑪爾。感謝您回答我的問題。看到加拿大馬拉特克的一些內部區域開始取得成果，我們感到非常鼓舞。填充策略幻燈片中的第二點談到了第二次射擊。

I'm just wondering how the medium-term mine planning and the shaft positioning might be impacted by Eclipse? It does seem like Eclipse maybe closer in proximity to existing rent infrastructure. And just wondering where this potential if exploration moves out, how that might fit into the medium-term mine plan?

我只是想知道 Eclipse 會對中期礦場規劃和豎井定位產生什麼影響？Eclipse 似乎確實更接近現有的租賃基礎設施。我只是想知道，如果勘探活動轉移到其他地方，這種潛力會如何融入中期礦場計畫？

Hi, Dominique speaking. Eclipse is going to be more, let's say, in the more mid long-term thing because it's more deep. But this is really a zone which is going to help for the second shaft. But there's also some upside that we're not talking or maybe Guy briefly talked at the upper east of East Gouldie and also some internal zone at Odyssey South, Odyssey North that we're still working on. That could bring potential answers in ‘27, ‘28.

你好，我是多明尼克。可以說，Eclipse 將會成為中長期的事物，因為它更加深入。但這確實是一個有助於第二豎井的區域。但也有一些我們沒有談論的優勢，或者蓋伊可能簡要地談到了東古爾迪的東北部以及奧德賽南、奧德賽北的一些內部區域，我們仍在努力。這可能會在 2027 年和 2028 年帶來答案。

Okay, that's encouraging. Thanks. The drilling at Marban, 24,000 meter, just wondering, are we looking at infill resource expansion and would it be too soon to expect updated resources in the year-end ‘25 reserve update?

好的，這令人鼓舞。謝謝。在馬爾班進行的鑽探深度為 24,000 米，我只是想知道，我們是否正在考慮填充資源擴張，並且期望在年底的 25 年儲量更新中獲得更新的資源是否為時過早？

Hey, so I'll take that one. So good morning. So our plan for Marban for this year, we want to provide sort of a first snapshot of what it could be as we took over the project. But that new drilling is dedicated to fully investigate the Eastern extension because one of the facts over there is the PFS O3 was looking at it was property boundary constraint with land that Agnico already own in the Eastern portion of the deposit.

嘿，那我就選這個了。早安.因此，我們今年對 Marban 的計劃是，我們希望提供我們接手該專案後可能出現的第一張快照。但新的鑽探是為了全面調查東部延伸區，因為那裡的一個事實是，PFS O3 正在研究的是財產邊界限制，而 Agnico 已經在礦床東部擁有土地。

So, we see some upside over there and that first phase of drilling is aiming to make a first kind of test of the shallow portion of that eastern extension on the claim that we already had. And after that, we'll see. So I think we can anticipate the first update of Marban reserve and resources at the end of this year and maybe a second update by the end of 2026, which will be, let's say, most likely the scenario will be developing.

因此，我們看到了那裡的一些好處，第一階段的鑽探旨在對我們已經擁有的東部延伸的淺層部分進行首次測試。之後我們再看吧。因此，我認為我們可以預期今年年底將首次更新馬爾班儲量和資源，也許在 2026 年底進行第二次更新，這將是最有可能的發展情景。

But we want to provide, let's say, step-by-step as is and with another first phase of drilling at the end of ‘26.

但我們希望按原樣逐步提供，並在 26 年底進行另一次第一階段的鑽探。

Great, guys. Excellent. Thank you for those answers.

太棒了，夥計們。出色的。謝謝你的回答。

Josh Wolfson from RBC Capital Markets.

來自加拿大皇家銀行資本市場的 Josh Wolfson。

Yeah, thanks very much. Along the same lines that some of the questions that Ralph had at Malartic, I mean, I noticed the rig count is probably near a record, at least in terms of what we've seen in the sector. Is there any ability to leverage some of the understanding here for what the potential second shaft could be in the current design for the initial shaft and maybe look at reevaluating some scope changes and accelerate a second shaft? And along those lines, just understanding the timeline, today, what you think is reasonable to think about for that second shaft? Thank you.

是的，非常感謝。與拉爾夫在馬拉蒂克提出的一些問題類似，我的意思是，我注意到鑽機數量可能接近歷史最高水平，至少就我們在該行業看到的情況而言。是否有能力利用這裡的一些理解來了解初始豎井的當前設計中潛在的第二個豎井，並可能考慮重新評估一些範圍變化並加速第二個豎井的建設？按照這樣的思路，只要了解時間表，今天，您認為對於第二豎井應該如何合理地考慮？謝謝。

Hi, Josh. That's a very good question. In fact, we are evaluating right now, should we go deeper with the first shaft because it is extending deeper and it's also in parallel looking how deep we go with the second shaft or not. We should have an internal concept on that by the end of this year.

你好，喬希。這是一個非常好的問題。事實上，我們現在正在評估，我們是否應該將第一個豎井挖得更深，因為它延伸得更深，同時我們還在考慮將第二個豎井挖多深。到今年年底，我們應該會對此有一個內部概念。

It is really how to unlock the potential. For the second shaft, we need -- we're looking for 2 million ounces in Inferred. This is what we're looking for. So far, the drilling is very positive, so it makes sense, but the second shaft is going to -- target is going to be also to be a production shaft. So cheaper and easier to do, that's what we're looking for right now.

這實際上是如何釋放潛力。對於第二個豎井，我們需要——我們正在尋找 200 萬盎司的推斷儲量。這就是我們所尋找的。到目前為止，鑽探工作進展順利，因此很有意義，但第二個豎井的目標也是成為生產豎井。更便宜、更容易做到，這就是我們現在所尋求的。

Got it. And sorry, the timeframe that you think would be reasonable to think about the second shaft being in production?

知道了。抱歉，您認為第二個豎井投入生產的合理時間範圍是多久？

We're talking in early 2030s.

我們談論的是 2030 年代初。

Okay, thanks. And then on some of the Meadowbank opportunities you mentioned for the IVR pit pushback and potentially the underground expansion, what would be the kind of rough capital numbers you think that would be reasonable to assume there? Thank you.

好的，謝謝。然後，關於您提到的 Meadowbank 的一些機會，例如 IVR 礦坑後推和潛在的地下擴建，您認為合理的粗略資本數字是多少？謝謝。

I don't have the numbers, but that's going to be no big number because it's going to be just some stripping and development as we already have all the facilities like the camp, the mill, the roads. So, but I don't have the number.

我沒有數字，但這不會是一個很大的數字，因為這只是一些剝離和開發，因為我們已經擁有了所有設施，例如營地、工廠、道路。嗯，但是我沒有號碼。

But it's a -- I mean, it's an important point because, Josh, this will allow us to extend the mine life with relatively very small capital. So, Dominique made the point, look, these aren't going to be cheap cash cost ounces, but they're going to be, I think, exceptional return on capital ounces. And that's really what matters. Sorry, Dom?

但這是一個——我的意思是，這是一個重要的觀點，因為喬希，這將使我們能夠用相對較少的資金延長礦山壽命。因此，多明尼克指出，看，這些不會是廉價的現金成本盎司，但我認為，它們將是卓越的資本回報率盎司。這才是真正重要的。抱歉，Dom？

Yeah, just maybe something to add that we didn't talk, but extending the mill, it's also meaning or the mill, the mine that is going to keep drilling. So that's also bring an interesting opportunity to eventually find more and to keep that running. So I'm very excited about that. It's very great news and the team is doing wonderful work on that.

是的，也許需要補充的是我們沒有談到的，但是擴建工廠，也意味著工廠或礦井將繼續鑽探。因此這也帶來了一個有趣的機會，最終找到更多並保持其運作。所以我對此感到非常興奮。這是非常好的消息，團隊正在為此做出出色的工作。

Great. Yeah, thank you very much.

偉大的。是的，非常感謝。

Anita Soni from CIBC World Markets.

來自加拿大帝國商業銀行全球市場的 Anita Soni。

Hi. Good morning, Ammar and team, and congrats on a good strong results and congrats you're in place for delivering that result to shareholders. The first question that I have is with respect to the cost. So you came in below the bottom end of the cost guidance range for this quarter, and you're maintaining the production, sorry, the cost guidance for the year. Can you just give us an idea of where you're seeing the cost evolving over the course of the year to get to that higher amount.

你好。早安，阿瑪爾和團隊，祝賀你們取得了出色的業績，並祝賀你們為股東帶來了這樣的成果。我的第一個問題是關於成本的。因此，您的成本低於本季度成本指導範圍的底線，並且您正在維持產量，對不起，是全年的成本指導。您能否向我們介紹一下，您認為這一年中成本是如何變化的，以達到這更高的數額？

Yeah, Thanks, Anita. It's Jamie. Yeah, we came in at $903 in the quarter, below the low end of our guidance, which is $915 to $965. We did benefit from the weakness in the Canadian dollar. I think the average, the Canadian dollar averaged CAD1.44 in the quarter.

是的，謝謝，安妮塔。我是傑米。是的，本季我們的營收為 903 美元，低於我們預期的低端，即 915 美元至 965 美元。我們確實受益於加幣疲軟。我認為平均而言，本季加幣平均匯率為 1.44 加幣。

We had some hedges in place, so our realized FX rate was CAD1.42. Much better than the CAD1.38 that we budgeted. So, that was a big contributor. Really, the overperformance in terms of production obviously increased the denominator and that helped as well. So we'd expect costs to go up and be fairly constant throughout Q2 through Q4.

我們採取了一些對沖措施，因此我們的實際外匯匯率為 1.42 加幣。比我們預算的 1.38 加幣好多了。所以，這是一個很大的貢獻者。事實上，生產方面的超額表現顯然增加了分母，這也有幫助。因此，我們預計成本將上升，並且在第二季至第四季期間保持相當穩定。

And so just to repeat a point we've made many times, when you have a good operating quarter, you have a good cost quarter. And the team delivered a great operating quarter. Let's hope they continue to do it for the rest of the year, but for now we're maintaining our cost guidance.

因此，我們再次重申我們多次提到的觀點：當你有一個好的營運季度時，你也會有一個好的成本季度。該團隊本季的營運表現十分出色。我們希望他們在今年剩餘時間繼續這樣做，但目前我們維持成本指引。

So, that's basically, if you continue to assume an even sort of mid, even divide by four on the midpoint of your original guidance or your guidance range, then that would put you back into your cost guidance range.

因此，基本上，如果您繼續假設中間值是均勻的，甚至在您原始指導或指導範圍的中點除以四，那麼您就會回到成本指導範圍內。

Yeah, and at an exchange rate of CAD1.38 and a bunch of other assumptions. That's why it's a great start to the year. We're delighted. You always want to be off to a good start, but it's still early in the year. So we expect to have a good year. We are very well positioned to have a good year. And we are going to keep working hard.

是的，匯率為 1.38 加元，還有其他一些假設。這就是為什麼這是今年的一個好開始。我們很高興。你總是希望有一個好的開始，但現在才剛開始一年。因此我們期待迎來美好的一年。我們已做好充分準備迎接美好的一年。我們將繼續努力。

Okay. And then my second question, a little bit further on Odyssey. I think Dominique mentioned you were looking for about 2 million ounces in order to develop that next shaft. Can you talk about how much you feel like you've delineated at this point?

好的。然後是我的第二個問題，稍微進一步討論一下奧德賽。我認為多米尼克提到過，您正在尋找大約 200 萬盎司來開發下一個軸。可以談談現在你覺得自己已經勾勒出什麼輪廓了嗎？

Hi, Anita, it’s Guy. So, obviously in order to make a more robust case for the second shaft, we would like to see like for the first shaft, an area with above an average grade, north of 3 grams that will be and we're getting there and you see those, even those recent step-out, that depth where we got some better-than-average grade with good thicknesses and those results in East Gouldie, all of that is shaping up to define that 2 million ounces at better than average grade that Dominique is talking about and when you look at the location to the east.

你好，安妮塔，我是蓋伊。因此，顯然，為了使第二個豎井更有力，我們希望看到像第一個豎井一樣，一個品位高於平均水平的區域，北部將有 3 克，而且我們正在到達那裡，你可以看到那些，甚至是最近的那些台階，那個深度，我們得到了一些高於平均水平的品位和良好的厚度，以及東古爾迪的這些結果，所有這些都在形成，以多米尼克所說的 200萬盎司高於平均的品位，當你看向東邊的位置。

So, I think it's a matter of getting the drill spacing. And some of those holes are quite long. So it takes some time to get the right drilling pattern to firm up sort of under a study. But I think we're within reach. It’s matter of maybe a year to get all of that drilling in good shape and we'll be able to firm up the scenario where exactly it should go. But it smells good based on the high-grade result we're getting in the east flank.

所以，我認為這是鑽孔間距的問題。其中一些洞相當長。因此，需要花一些時間來找到正確的鑽孔模式，以便在研究中鞏固。但我認為我們能夠實現這個目標。也許需要一年的時間才能讓所有的鑽探工作順利完成，然後我們就能確定它的具體方向。但從我們在東側取得的高等級成果來看，情況很好。

Okay, thanks. I'll write that down for my notes. Smells good. Thank you.

好的，謝謝。我會把它記下來作為筆記。聞起來很香。謝謝。

Daniel Major from UBS.

瑞銀的丹尼爾·梅傑（Daniel Major）。

Hi, thanks very much. And great quarter. Yeah, first question, just on the cash returns, you've obviously hit the basically zero net debt and indicated an upscaling to the pace of the buyback. Two parts. I mean, is there any reason we should expect you to move into a meaningful net cash position or should we basically assume the majority of cash is returned to shareholders? And how are you feeling around the balance between special dividends and buybacks? Is this all buybacks, or would you consider a special dividend as a part of the distribution mix?

你好，非常感謝。非常棒的季度。是的，第一個問題，僅就現金回報而言，您顯然已經達到了基本為零的淨債務，並表示將加快回購步伐。兩部分。我的意思是，我們有什麼理由期望您進入有意義的淨現金狀況，或者我們是否應該基本上假設大部分現金都返還給股東？您對特別股利和回購之間的平衡有何看法？這些都是回購嗎？或者您會考慮將特別股息作為分配組合的一部分？

Yeah, thanks, Daniel, for the question. I think, as I indicated in my comments on the call, we're focused on certainly increasing returns to shareholders, but also continuing to strengthen our balance sheet and improve our financial flexibility. So, we're comfortable getting to a net cash position and comfortable at a net cash position north of $1 billion.

是的，謝謝丹尼爾提出這個問題。我認為，正如我在電話會議上的評論中所指出的那樣，我們專注於增加股東回報，同時也繼續加強我們的資產負債表並提高我們的財務靈活性。因此，我們很高興能夠實現淨現金頭寸，並且對淨現金頭寸超過 10 億美元感到滿意。

We think that's a true competitive advantage in this business. In terms of the shareholder returns, I think we're going to do more on the share buyback. That's a big factor why we increase the limit, why we intend to increase the limit to $1 billion over a 12-month period.

我們認為這是該行業真正的競爭優勢。在股東回報方面，我認為我們將在股票回購方面做更多工作。這就是我們提高限額的一個重要因素，也是我們打算在 12 個月內將限額提高到 10 億美元的原因。

So, I'd expect more activity on the share repurchase side. And obviously, we've seen a lot of volatility in the gold price. We'll continue to evaluate the dividend policy based on that, but certainly an uptick in share repurchase in the quarters to come.

因此，我預期股票回購方面會有更多活動。顯然，我們看到金價波動很大。我們將繼續據此評估股利政策，但未來幾季的股票回購肯定會增加。

I'll add, it's Ammar here. At these prices Agnico Eagle and frankly a lot of our peers should be making a lot of money. We should be generating a lot of cash, and that cash belongs to our owners. We will be returning the cash.

我要補充一下，我是阿瑪爾 (Ammar)。以這樣的價格，Agnico Eagle 以及坦白說我們的許多同行都應該賺很多錢。我們應該產生大量現金，這些現金屬於我們的所有者。我們將退還現金。

The most important thing, in my opinion, is don't waste that cash. This is why we keep repeating, it's your cash, it's not our cash, and we're going to continue to be disciplined, which means that we're going to build the business, we're going to strengthen the balance sheet and we are going to increase returns to shareholders.

我認為最重要的是不要浪費錢。這就是為什麼我們不斷重複，這是你們的現金，不是我們的現金，我們將繼續嚴守紀律，這意味著我們將發展業務，加強資產負債表，增加股東回報。

And it may be in a dividend, maybe it's share buybacks, maybe it's probably a combination of all of those. But the real important question or the real important point is stay disciplined. Don't waste that money. Don't go out and do stupid things with our owners’ money.

它可能以股利的形式發放，也可能以股票回購的形式發放，也可能是所有這些方式的結合。但真正重要的問題或真正重要的一點是保持紀律。不要浪費那筆錢。不要用我們業主的錢去做蠢事。

And, that again, that's why we emphasize from the beginning, cost control. That's why we emphasize also capital discipline.

這就是為什麼我們從一開始就強調成本控制。這就是我們也強調資本紀律的原因。

Great, thanks. And then maybe a follow-up on the project front. Hope Bay looks -- some good results there. Can you give us some more of an indication of timelines, if possible, around updated studies, FID kind of trajectory?

太好了，謝謝。然後也許會對專案方面進行跟進。希望灣看起來有了一些不錯的成果。如果可能的話，您能否為我們提供更多有關最新研究和 FID 軌蹟的時間表資訊？

Which project? All projects?

哪個項目？所有項目？

Hope Bay.

希望灣。

Sorry, I missed it. Hope Bay, we're looking in early 2026 to have a better final picture and potentially green light the project. So in the meantime, we're updating the study, doing detailed engineering. As we did at Meliadine, before giving KPIs and what's going to be the cost, how long it's going to take, we would like to have more engineering done. And it's also when you're doing that engineering that you find solutions and you improve and you de-risk the project. So it is really our goal, to be over 50% early 2026.

抱歉，我錯過了。希望灣，我們期待在 2026 年初獲得更好的最終圖景，並有可能批准該專案。因此同時，我們正在更新研究並進行詳細的工程設計。正如我們在 Meliadine 所做的那樣，在給出 KPI、成本是多少、需要多長時間之前，我們希望完成更多的工程。而且，當你進行工程時，你也會找到解決方案，改進專案並降低專案風險。因此，我們的目標是在 2026 年初實現 50% 以上的成長。

And we're also doing a lot of as you mentioned, Dom, activity on the ground. We're getting ready not only with the engineering in the studies, but we're getting ready to get off the starting blocks very quickly. We're increasing camp space. We're upgrading some of the infrastructure. We're clearing out the old mill so that we have, frankly, an empty building to build the new mill in.

正如您所提到的，Dom，我們也在實地進行了許多活動。我們不僅在研究中做好了工程準備，而且還準備很快開始行動。我們正在增加營地空間。我們正在升級一些基礎設施。我們正在清理舊工廠，坦白說，這樣我們就有一座空置的建築來建造新工廠。

So it's not just the studies and the engineering, but it's work on the ground.

因此，這不僅僅是研究和工程，而是實際工作。

Lawson Winder from Bank of America Securities.

美國銀行證券公司的 Lawson Winder。

Thank you, operator. Good morning, Ammar and team. Very nice to hear from you all and thank you for today's update. You talked about your cost control and it's extremely impressive, but you also noted there's a certain cost element, royalties that's sort of out of your control. In a way though, I mean, it could be in your control in the sense that you could buy back your royalties.

謝謝您，接線生。早安，Ammar 和團隊。很高興收到大家的來信，謝謝你們今天的更新。您談到了您的成本控制，這令人印象深刻，但您也指出，有一定的成本因素，即版稅，這是您無法控制的。但從某種意義上說，它可以在你的控制之下，因為你可以回購你的版稅。

And I'd like to know how you think about that. I mean, in particular, the Canadian Malartic royalty. I mean, is there an argument for buying those back in order to actually be proactive on controlling that one cost item you can't control? And then looking at it from another point of view, I mean, is that even still relevant given the extent to which the Canadian Malartic property has expanded beyond the bounds of the current royalty? Thanks.

我想知道您對此有何看法。我特別指的是加拿大馬拉特克皇室。我的意思是，為了真正主動控制你無法控制的那項成本項目，是否有理由回購這些產品？然後從另一個角度來看，考慮到加拿大馬拉蒂克礦區的擴張程度已經超出了現行特許權使用費的範圍，這是否仍然有意義？謝謝。

Well, I mean, that's a very logical question. And we're well aware of those royalties and we know there is a lot of speculation around those royalties. And, Lawson, the answer is of course we look at that. We look at everything all the time, what makes sense for our shareholders.

嗯，我的意思是，這是一個非常合乎邏輯的問題。我們非常清楚這些版稅，我們知道圍繞這些版稅存在著許多猜測。勞森，答案當然是，我們會考慮這一點。我們始終專注於一切對我們的股東有意義的事情。

Those royalties are fantastic for -- I mean that was the smart thing that Osisko did. I mean, they found this thing, they set up the royalties, good for them, I give them credit. We look at it, if there is an opportunity for us to get it at a level that makes sense for our owners, we would do it.

這些版稅非常豐厚——我的意思是，這是奧西斯科做的一件聰明事。我的意思是，他們發現了這個東西，他們設立了版稅，這對他們來說是好事，我讚揚他們。我們會考慮，如果有機會讓我們達到對我們的所有者合理的水平，我們就會這麼做。

If someone else has a lower cost of capital and makes more sense for them, then that's what capital discipline is all about. So very good question. Of course, we know about it. Of course, we look at it. And if the opportunity arises that it makes sense, great. But we're going to be disciplined.

如果其他人的資本成本較低且對他們來說更有意義，那麼這就是資本紀律的意義。這個問題問得非常好。當然，我們知道這一點。當然，我們會看的。如果出現了有意義的機會，那就太好了。但我們會嚴格遵守紀律。

And then when you think about the current footprints of Canadian Malartic, I mean, it is starting to expand beyond that current royalty. Is that a fair statement? And, like, how does that -- how does the expanding resource base and the future trajectory of resource growth at that property factor into this?

然後，當您考慮加拿大馬拉特克目前的足跡時，我的意思是，它已經開始超越目前的版圖。這是一個公平的說法嗎？那麼，不斷擴大的資源基礎和該財產的未來資源成長軌跡如何影響這一點？

Well, you're exactly right. The ore body continues to expand and potentially well beyond the boundary of the royalties. And I mean, clearly what I would say is we have probably better insight into that than -- not probably, we have better insight into that than anybody. So, we do have an advantage in knowledge when it comes to capital allocation in that area.

嗯，你說得完全正確。礦體繼續擴大，並可能遠遠超出特許權使用費的邊界。我的意思是，顯然我想說的是，我們可能比任何人都更了解這一點——不是可能，我們比任何人都更了解這一點。因此，在該領域的資本配置方面，我們確實具有知識優勢。

Yeah, okay. Well, thanks for that perspective, Ammar. And if I could just ask one follow-up. Thinking about your move into or back into zinc, sorry to be clear, you guys historically have mined a significant amount of zinc. You're moving back into zinc with your partnership with Teck.

嗯，好的。好吧，謝謝你的觀點，Ammar。我是否可以再問一個問題？考慮到你們進軍或重返鋅礦領域，很抱歉要明確說明，你們歷史上開採過大量的鋅。透過與 Teck 的合作，你們將重返鋅產業。

It makes a lot of sense. You produce a metal that trades at a significant sort of historical relative premium to a lot of the industrial metals. Is there an attraction to take some of those very high return profits you're earning on gold and invest it increasingly into base metals, like beyond what you're doing with San Nic?

這很有道理。你生產的一種金屬，其交易價格比許多工業金屬具有相當高的歷史相對溢價。您是否想將您在黃金上賺取的高額利潤的一部分投資於基本金屬，就像您在 San Nic 所做的那樣？

Well, we're a gold company. We're more gold-centric than anyone else, and we're happy to be in gold. And certainly, the last year has demonstrated that gold continues to do what it's expected to do. I mean, you know us well enough. We're a gold-centric company, but we just want to make money for our owners. We want to do it responsibly and we want to do it safely.

嗯，我們是一家黃金公司。我們比任何人都更加以黃金為中心，我們很高興能夠投資黃金。確實，去年的表現已經證明黃金繼續按照預期走勢。我的意思是，你對我們夠了解。我們是一家以黃金為中心的公司，但我們只想為我們的所有者賺錢。我們希望負責任地、安全地去做這件事。

But we're always going to focus and try to leverage off the competitive advantages that we have. So if we find a copper mine in a region that we think has the geologic potential and we have a competitive advantage, we'd be open to that, of course.

但我們將始終集中精力並努力發揮我們現有的競爭優勢。因此，如果我們在某個地區發現一個我們認為具有地質潛力且我們具有競爭優勢的銅礦，我們當然會接受這一點。

But we're not -- we're a little different than some of our peers. Our peers have -- they picked one metal, copper. They said they'll go anywhere in the world to do it, and they've set targets. For Agnico Eagle, we just want to make money for our owners, which means we're going to play off our strengths. We're a gold company, but we're open to other metals if it makes a lot of money.

但我們不是——我們與我們的一些同行略有不同。我們的同行－他們選了一種金屬，銅。他們說他們會去世界任何地方去做這件事，並且他們已經設定了目標。對於 Agnico Eagle 來說，我們只想為我們的所有者賺錢，這意味著我們要發揮我們的優勢。我們是一家黃金公司，但如果能帶來大量利潤，我們也願意投資其他金屬。

They have to be in places that we're comfortable operating. And probably the most important thing is the amount that we do is going to be driven by opportunity to make money. It's not going to be driven by setting an arbitrary number of 30% or 40%.

它們必須位於我們方便操作的地方。可能最重要的是，我們所做的事情的數量將由賺錢的機會決定。它不會透過設定 30% 或 40% 的任意數字來驅動。

Okay. Very well said. Thank you, Ammar.

好的。說得很好。謝謝你，阿瑪爾。

Fahad Tariq from Jefferies.

傑富瑞 (Jefferies) 的 Fahad Tariq。

Hi, thanks for taking my question. Just looking at Macassa, very good grades in Q1. I think the highest in two years. And you mentioned it was due to two stopes that outperformed. Was that a one-off type of situation? Like how should we be thinking about grades through the rest of the year at Macassa?

你好，謝謝你回答我的問題。只看 Macassa，Q1 的成績非常好。我認為這是兩年來的最高水準。您提到這是由於兩個礦井表現優異。那是一次性的情況嗎？例如，我們應該如何考慮馬卡薩 (Macassa) 學年剩餘時間的成績？

Yeah. It’s Guy. So no, there's a few panels. As you know, Macassa, the grade varies a lot between 0.5 ounces per tonne and several ounces per tonne. So it's -- again, with the drill spacing pattern, it's very difficult to capture those jewelry box here and there. So sometimes in some panel, you're going to get some outliers like that, and we may see some more, but they are difficult to predict with the drill spacing we're having. So we are enjoying it when they pass, but it's not something we can predict.

是的。是蓋伊。所以不，有幾個面板。如你所知，馬卡薩，金的品位差異很大，從每噸 0.5 盎司到每噸幾盎司不等。因此，再次強調，由於鑽孔間距模式，很難捕捉到各處的珠寶盒。因此，有時在某些面板上，您會得到一些這樣的異常值，我們可能會看到更多，但根據我們的鑽孔間距，很難預測它們。因此，當它們經過時我們會感到高興，但這不是我們能夠預測的。

Okay. Thank you.

好的。謝謝。

John Tumazos with John Tumazos Very Independent Research.

John Tumazos 與 John Tumazos 非常獨立的研究。

Thank you for your service to the company. I'm looking at the slide 7 -- slide 12, excuse me. I'm interested in the 24-gram intercept between Suluk and Patch 7. Is it possible, Guy, that the two zones connect and are one zone? First.

感謝您對公司的服務。我正在看投影片 7 至 12，不好意思。我對 Suluk 和 Patch 7 之間的 24 克攔截很感興趣。蓋伊，這兩個區域有可能相連並成為一個區域嗎？第一的。

Second, at 24-grams, it would be 30 feet or so of $2,500 rock at today's gold prices. What do you think the cost per tonne will be when you have Hope Bay restarted? $250 a tonne, $500. I'm wondering if that 24-gram intercept is 80% or 90% gross margin rock?

其次，如果重量為 24 克，以今天的黃金價格計算，它將是 30 英尺左右的黃金，價值 2,500 美元。您認為重啟 Hope Bay 後每噸的成本是多少？每噸 250 美元，500 美元。我想知道那 24 克的截獲量是否是 80% 或 90% 的毛利率？

Well, maybe to answer on the cost, you have to look at it. We're looking to replicate something similar to Meliadine. So you should look at the cost structure at Meliadine, 6,000 tonnes per day, and we're generally between $230 and $250 per tonne, if you look at the number.

好吧，也許要回答成本問題，你必須看一下。我們正在尋求複製與 Meliadine 類似的東西。因此，您應該看看 Meliadine 的成本結構，每天 6,000 噸，如果您看一下數字，我們的成本一般在每噸 230 美元到 250 美元之間。

So yeah, you're right, those kind of intercepts are great. They're well above, but you have to look at it, as you know, on average. And to your first question, and as you can -- as you see on the long section at slide 13, there are several ore shoots within that panel. I'm not saying that they're all going to connect because typically, those are kind of -- the structure is kind of an anatomal shear zone where there is some higher-grade ore shoot like as defined in the Patch 7 and Suluk area.

是的，你說得對，這種攔截非常棒。它們遠高於這個數字，但正如你所知，你必須從平均水平來看。對於您的第一個問題，正如您在幻燈片 13 的長部分所看到的，該面板內有幾個礦石芽。我並不是說它們都會連接在一起，因為通常情況下，它們有點像解剖剪切帶，其中存在一些高品位的礦脈，就像 Patch 7 和 Suluk 區域所定義的那樣。

But I think that in between those recent results just demonstrate that there could be one or two other pockets in the gap in between the Patch 7 and the Suluk. And this is what we're going to be focusing on because that would be very positive on the project.

但我認為，最近的這些結果恰恰表明，在第 7 補丁和 Suluk 之間的差距中可能還存在一兩個其他的口袋。這正是我們要關注的重點，因為這對專案非常有利。

It's close from the planned ramp in between Suluk and Patch, there's one or two other ore shoot. And it's pretty similar to the pattern that was observed back in the day also in Doris.

它距離 Suluk 和 Patch 之間的計劃坡道很近，還有一兩個其他的礦脈。這與當年在多麗絲身上觀察到的模式非常相似。

So, it's a collection of ore shoots along that trend. And those recent results just confirm our view that we could add up to maybe 1 million ounces between Suluk and Patch. That's my forecast.

所以，它是沿著這趨勢的礦脈的集合。最近的結果證實了我們的觀點，即 Suluk 和 Patch 之間的產量可能增加 100 萬盎司。這是我的預測。

(spoken in foreign language)

（用外語說）

Thank you.

謝謝。

Tanya Jakusconek from Scotiabank.

豐業銀行 (Scotiabank) 的坦尼婭·雅庫斯科內克 (Tanya Jakusconek)。

Thank you very much for taking my questions. I have three questions. And first of all, congratulations on (technical difficulty). I have three questions, if I could. Maybe, Ammar, can I start with you just on the tariffs. You had a paragraph in your press release in terms of the impact of sequential -- on your cost structure. Can I just dive a little bit deeper into that in terms of trying to understand what portion of your cost structure, I'm assuming consumables, would be impacted?

非常感謝您回答我的問題。我有三個問題。首先，祝賀（技術難度）。如果可以的話，我有三個問題。阿瑪爾，也許我可以先跟你討論關稅問題。您的新聞稿中有一段關於順序對成本結構的影響的內容。我能否更深入地了解您的成本結構中哪一部分（我假設是消耗品）會受到影響？

And what within there would you be having the greatest impact? And then just on the labor side because as you know, if tariffs come through, you would see inflation. So I'm just trying to understand also what labor negotiations you're going through in 2025 with your workforce.

您能在其中產生最大的影響是什麼？然後就勞動力方面而言，因為如你所知，如果徵收關稅，就會出現通貨膨脹。所以我只是想了解您在 2025 年將與您的員工進行哪些勞資談判。

And then lastly, it would come through sustaining and development capital and maybe any important or large sustaining or development capital purchases, new mine fleets, et cetera, that you could see yourself doing this year? So that's my first question. Thank you.

最後，它將透過維持和發展資本以及任何重要或大型維持或發展資本購買、新礦井艦隊等來實現，您認為自己今年會這麼做嗎？這是我的第一個問題。謝謝。

Thanks, Tanya. And I guess you've got a cold, so get better soon. So, on the tariff side, I'll just kind of give a big picture and then go into a little bit of detail with some of the questions. So, first of all, on the revenue side, we don't anticipate any impact, zero. We are -- we have our gold refined outside of the United States, and we don't expect any tariff impact on the revenue side.

謝謝，Tanya。我猜你感冒了，所以快點好起來。因此，在關稅方面，我將先給出一個總體情況，然後再詳細回答一些問題。因此，首先，在收入方面，我們預計不會有任何影響，零。我們的黃金是在美國境外提煉的，我們預計關稅不會對收入產生任何影響。

On the cost side, about 60% of our costs are either labor or energy, and we don't see any tariff impact on any of that. On, let's say, the 40% of other costs, one of the advantages that we have of mining in regions where mining has been going on for decades and where we've helped build a robust local supply chain is we get a lot of things locally.

在成本方面，我們的成本中約有 60% 是勞動力或能源，而我們認為關稅不會對其中任何一項產生影響。假設其他成本中有 40% 是我們在採礦業已持續數十年且我們幫助建立了強大的本地供應鏈的地區進行採礦的優勢之一，就是我們可以在當地獲得很多東西。

And so we will have some impact. It's impossible to say because it's the reciprocal tariffs that would affect us. And those are in flux and we don't know. But to make a long story short, no impact on revenue, no impact on labor, no impact on energy, maybe some impact on consumables, but relatively less than I think people would expect because of the local supply chains that we've got.

因此我們會產生一些影響。這很難說，因為互惠關稅將會影響到我們。這些都是不斷變化的，我們不知道。長話短說，對收入沒有影響，對勞動力沒有影響，對能源沒有影響，也許對消耗品有一些影響，但由於我們擁有本地供應鏈，我認為影響相對小於人們的預期。

And our high-level assessment and take this with a grain of salt, because I don't think anybody knows where we're going to end up with tariffs. But in general, our view is to the extent that the tariffs have an impact, it would be -- and we're guessing in the sort of maybe 3% to 4% increase, but that would -- of course, but that would likely be offset by an equivalent or roughly equivalent weakness in the Canadian dollar.

我們對此的高層評估持保留態度，因為我認為沒有人知道我們最終會採取何種關稅措施。但總體而言，我們認為，就關稅的影響程度而言，它將會——我們猜測可能會增加 3% 到 4%，但那當然可能會被加元同等或大致同等的疲軟所抵消。

Again, I'm not an economist. We've done a lot of work on this. That's our assessment. On the labor side of things, I mean, we have great relationships with our teams. We've had our usual very constructive negotiations at the start of the year.

再說一遍，我不是經濟學家。我們在這方面做了很多工作。這是我們的評估。在勞動力方面，我的意思是，我們與我們的團隊保持著良好的關係。我們在年初進行了一如既往的非常有建設性的談判。

That's all been set. We will continue to do things the way we've done them for years, which is with respect with our partners. So we don't really see anything on the labor side. And on the -- finally, on the inflation side, I think that -- again, I'm not an economist. It's too early to say. I think though that tariffs are going to be, in general, difficult for economies. And then you're going to have to weigh the inflationary pressure of tariffs versus the disinflationary issues associated with the slowdown in the economy. But again, I'm with a mining company, I'm not an economist.

一切都已安排好了。我們將繼續按照多年來的做法做事，並尊重我們的合作夥伴。所以我們實際上沒有看到勞動力方面的任何變化。最後，關於通貨膨脹方面，我認為──我再說一遍，我不是經濟學家。現在說還太早。不過我認為，關稅整體上會為經濟帶來困難。然後，你必須權衡關稅的通膨壓力與經濟放緩帶來的通貨緊縮問題。但話說回來，我在礦業公司工作，我不是經濟學家。

Yeah. None of us are economists here, Ammar. Maybe just on the sustaining capital side, any new fleet? I'm just trying to understand any big capital within your CapEx that would be purchased should still have an impact as well.

是的。阿瑪爾，我們這裡沒有人是經濟學家。也許只是在維持資本方面，有任何新船隊嗎？我只是想了解，您在資本支出中購買的任何大筆資本也應該會產生影響。

Hi, Tanya, it's Natasha. So, in terms of equipment, we're always buying equipment. But from what we understand, the equipment is not tariff. So, there's no issue on that end.

你好，Tanya，我是 Natasha。因此，就設備而言，我們一直在購買設備。但據我們了解，該設備不徵收關稅。因此，這方面沒有問題。

Okay. Thank you for that. My second question, if I could. I just wanted to ask Ammar on your strategy of your investment portfolio. I mean this investment portfolio is getting bigger. And I'm kind of wondering how you see this portfolio and sort of your strategy on it.

好的。謝謝你。我的第二個問題是，如果可以的話。我只是想問阿瑪爾你的投資組合策略。我的意思是這個投資組合正在變得越來越大。我很想知道您如何看待這個投資組合以及您的策略。

I mean, historically, you have traded it and taking money off the table where you see that. So how should I be thinking about this portfolio and your strategy and the investment of juniors? And yeah, I'll leave it there.

我的意思是，從歷史上看，當你看到這種情況時，你就進行交易並從中獲利。那麼我該如何看待這個投資組合、您的策略以及初級投資者的投資？是的，我會把它留在那裡。

Yeah. Tanya, fair question because it's gotten big. So there's -- I think there's two distinct parts to my answer. The first part is, yes, we're going to continue the strategy that we've had for decades, which is get in early with projects that we think have a lot of potential. And that really gets to this whole capital allocation and our strong view that capital allocation has to be based on intelligence.

是的。塔妮婭，這個問題問得公平，因為這個問題已經變得很大了。所以——我認為我的答案有兩個不同的部分。第一部分是，是的，我們將繼續執行幾十年來的策略，即儘早參與我們認為具有巨大潛力的專案。這確實涉及整個資本配置，我們堅信資本配置必須基於情報。

So -- we make small investments early on in projects that are interesting, and we do it on purpose to learn about those projects and to be able to make a logical decision, and we want to continue to be, by the way, the partner of choice for some of these juniors in the regions we operate. It's a strategy that's worked really, really well for us.

因此，我們在早期對有趣的項目進行小額投資，我們這樣做是為了了解這些項目並能夠做出合理的決定，順便說一句，我們希望繼續成為我們運營地區一些初級公司的首選合作夥伴。對我們來說，這個策略確實非常有效。

We're going to continue it. The second part, though, is, man, your position has gotten pretty big, Agnico. What are you going to do about it? And the honest answer to that is, frankly, gold price went to $3,000 and everything went up in value, which is not a bad thing.

我們將繼續這樣做。但第二部分是，夥計，你的部位已經變得相當大了，Agnico。你打算怎麼辦？誠實的回答是，坦白說，金價漲到了 3,000 美元，所有東西的價值都上漲了，這不是一件壞事。

And we are reviewing our positions regularly. But I want to emphasize that the increase isn't because we've suddenly decided to double or triple our activity in that space. It's the same pace, it's the same strategy. We've just benefited on the investment side, like hopefully, all of you have.

我們正在定期審查我們的立場。但我想強調的是，成長並不是因為我們突然決定將該領域的活動增加一倍或兩倍。同樣的步伐，同樣的策略。我們剛剛在投資方面受益，希望你們所有人都如此。

I appreciate that. It's just as a certain point, when you look at your portfolio, does it look like that what you had invested and now it's way out of the money.

我很感激。就像在某個時刻，當你審視你的投資組合時，它看起來是不是就像你之前投資的一樣，而現在卻虧損嚴重。

Luckily, it's way in the money, but I hear you.

幸運的是，這是一筆很有價值的錢，但我聽到了你的聲音。

And if I could just ask, Jamie, one final question the capital returns. And I know, Jamie, you are going to be more active on the share buyback in the next 12 months. But you also mentioned that you'd like to go to a net cash of $1 billion to be competitive.

傑米，如果我可以問最後一個問題，那就是資本回報。我知道，傑米，在未來 12 個月內，你將更積極地進行股票回購。但您也提到，為了保持競爭力，您希望淨現金達到 10 億美元。

Is that how I should be thinking or on the dividend side that you kind of want to get to that net $1 billion in cash before you would review the dividend? Or what do you need to see that a gold price stability and that net cash of $1 billion before you would review the dividend?

我該這樣想嗎？或者在股息方面，您希望在審查股息之前獲得 10 億美元的淨現金？或者，在您審查股息之前，您需要看到金價穩定和 10 億美元的淨現金？

Yes, Tanya. I think you've touched on it. I think that's exactly right. We're targeting in the interim, $1 billion of net cash, and we'd like to see some stability in the gold price, and then we'll obviously reevaluate the dividend policy. I think for Q2 and likely for Q3, the focus will be on higher returns via the share buyback, but we'll be evaluating the dividend and obviously having discussions with our Board. And if the gold price stays where it is, there's a very good chance of an increase at some point in the future.

是的，Tanya。我想你已經提到過這一點。我認為這是完全正確的。我們暫時的目標是實現 10 億美元的淨現金，我們希望看到金價保持穩定，然後我們顯然會重新評估股利政策。我認為第二季以及可能的第三季的重點將是透過股票回購獲得更高的回報，但我們將評估股息，並顯然與董事會進行討論。如果金價維持在當前水平，那麼未來某個時候很有可能會上漲。

Okay. Thank you very much for taking my questions. And congratulations.

好的。非常感謝您回答我的問題。恭喜你。

Thank you, and get well soon.

謝謝，祝您早日康復。

And that concludes our question-and-answer session. I would like to turn it back to Mr. Ammar Al-Joundi for closing remarks.

我們的問答環節到此結束。我想請阿馬爾·朱迪先生作最後發言。

Thank you, operator, and thank you, everyone, for participating this morning. As a reminder, we're hosting our Annual General Meeting today at 11:00 at Arcadian Court, and we hope to see as many of you there as possible. Thank you, everyone, and have a great day and a great weekend.

謝謝接線員，也謝謝大家今天早上的參與。提醒一下，我們將在今天 11:00 在 Arcadian Court 舉辦年度股東大會，我們希望能在那裡見到盡可能多的你們。謝謝大家，祝大家有個愉快的一天和週末。

Thank you. And this concludes today's conference call. Thank you all for joining. You may now disconnect.

謝謝。今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。