Agnico Eagle Mines Ltd (AEM) 2025 Q2 法說會逐字稿

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

早安.我叫珍妮，今天我將擔任您的會議接線生。現在，我歡迎大家參加 Agnico Eagle Mines Limited 2025 年第二季電話會議。（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, and good morning, and thank you all for joining our Agnico Eagle second quarter conference call. It's always a pleasure to speak to all of you and particularly a pleasure when things are going well, and we have good news to share like this morning.

謝謝大家，早安，謝謝大家參加我們的 Agnico Eagle 第二季度電話會議。我很高興與大家交談，特別是當事情進展順利時，我們有好消息要分享，就像今天早上一樣。

Before we come to our call, however, I'd like to remind everyone that we'll be making a number of forward-looking statements, so please keep that in mind and refer to the disclaimers at the beginning of this presentation. The message we'll be sharing with you this morning is, frankly, the same positive message we've been sharing for the last several quarters. One, we continue to report record financial results, driven by strong and consistent operational performance. Two, we continue to strengthen the company, to strengthen the balance sheet and to return record amounts of cash flows to our owners and three, we continue to invest heavily in building the foundations of our future growth, and we're excited to talk about that.

不過，在我們召開電話會議之前，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，並參考本簡報開頭的免責聲明。坦白說，我們今天早上要與大家分享的資訊與我們過去幾季一直在分享的正面訊息是一樣的。首先，在強勁而穩定的營運績效的推動下，我們繼續報告創紀錄的財務表現。第二，我們繼續加強公司實力，改善資產負債表，並向我們的所有者返還創紀錄的現金流；第三，我們繼續大力投資建立未來成長的基礎，我們很高興談論這一點。

By any measure, we've had another strong quarter. Gold prices are up, gold production is strong, and our costs are under control. With that, we're making a lot of money for our owners and reporting once again record financial results. Record free cash flow at $1.3 billion, record adjusted EBITDA at $1.9 billion, record adjusted net income at $1.94 a share and remember, it's always the per share metrics that matter most. We've returned record cash flow to our owners in the form of $200 million in dividends and $100 million in share buybacks, add to that a further $550 million of debt repayments. And while delivering those record financial results, these record financial results, we continue to make great progress and in some cases, accelerating progress towards building the best project pipeline we've ever had. And we continue to have great success with the most aggressive exploration program we've ever had.

無論以何種標準衡量，我們又度過了一個強勁的季度。黃金價格上漲，黃金產量強勁，我們的成本受到控制。這樣，我們為業主賺了很多錢，並再次報告創紀錄的財務表現。自由現金流達到創紀錄的 13 億美元，調整後 EBITDA 達到創紀錄的 19 億美元，調整後淨收入達到創紀錄的每股 1.94 美元，請記住，每股指標始終是最重要的。我們以 2 億美元的股息和 1 億美元的股票回購的形式向我們的所有者返還了創紀錄的現金流，此外還有 5.5 億美元的債務償還。在取得這些創紀錄的財務表現的同時，我們繼續取得巨大進展，在某些情況下，我們正在加快步伐，打造我們有史以來最好的專案管道。我們有史以來最積極的勘探計劃不斷取得巨大成功。

With 866,000 ounces of safe, responsible gold production at peer-leading costs, I want to take a moment to thank all of our Agnico Eagle family for delivering these results. We know it's not easy. We know you work under difficult conditions, whether it's 3 kilometers underground at LaRonde or at minus 50 degrees in Nunavut. We know you always work hard, there are always challenges and you push yourselves. You all do a great job quarter after quarter, reliably, safely, responsibly and I just want to acknowledge and appreciate that. We all do.

我們以同行領先的成本安全、負責任地生產了 866,000 盎司黃金，我想藉此機會感謝 Agnico Eagle 全體員工取得的這些成果。我們知道這並不容易。我們知道你們的工作條件很艱苦，無論是在拉隆德地下 3 公里處，還是在努納武特地區零下 50 度的氣溫下。我們知道你們總是努力工作，總是面臨挑戰，並且不斷鞭策自己。你們每季都出色地完成工作，可靠、安全、負責，我只想承認並欣賞這一點。我們都這樣。

I'm proud to say that as gold is up $400 this quarter, our cash costs are up a relatively modest $30 per ounce compared to Q1. This means that we're delivering 93% of this remarkable gold price increase to our owners. Jamie will go through that in a bit more detail, but again to our teams on the ground great work on cost control. Of course, one should expect record financial results when we have record gold prices. That's why people invest in a gold company and while we are naturally proud to be able to deliver these financial results, we want to emphasize that we remain regardless of gold price, absolutely laser-focused on operational improvements, on controlling our costs, on capital discipline and on continuing to build value per share for our owners. Consider the following examples in this quarter alone.

我很自豪地說，由於本季金價上漲了 400 美元，我們的現金成本與第一季相比僅上漲了每盎司 30 美元。這意味著我們將把黃金價格大幅上漲的 93% 回饋給我們的業主。傑米將更詳細地介紹這一點，但我們的實地團隊在成本控制方面做得非常出色。當然，當金價創下歷史新高時，人們應該期待創紀錄的財務表現。這就是人們投資黃金公司的原因，雖然我們為能夠取得這些財務業績而感到自豪，但我們希望強調的是，無論金價如何，我們始終專注於營運改進、控製成本、資本紀律以及繼續為我們的所有者創造每股價值。僅考慮本季的以下例子。

At Odyssey, record gold production and record underground development. At Goldex, record tonnes processed. At Macassa, record gold production, at Detour, the best mill throughput for a second quarter ever, and that our exploration sites, Guy and his team have delivered, I think, quite remarkable 9% reduction in costs per meter drilled. These are all just a few examples, individually they may not seem material, but collectively, quarter-over-quarter, this focus on improvement adds up and makes a big difference.

在奧德賽，黃金產量和地下開發量都創下紀錄。在 Goldex，處理的噸數創下了紀錄。在 Macassa，黃金產量創歷史新高；在 Detour，第二季的產量創歷史新高；在我們的勘探現場，Guy 和他的團隊取得了顯著成果，我認為，每米鑽探成本降低了 9%。這些只是幾個例子，單獨來看可能看起來並不重要，但綜合起來看，每個季度與每個季度相比，這種對改進的關注會累積起來，產生很大的不同。

And it also illustrates part of the culture at Agnico Eagle, where everyone at every level is encouraged and authorized to look at all options to do things better. At the same time, we continue to invest in the future as we make steady progress on our five key value drivers. Ongoing work to get Detour to over 1 million ounces a year, our vision to get Malartic to over 1 million ounces a year, excellent construction progress at Upper Beaver, a brand-new mine in a great region that could add over 200,000 ounces a year, continued great drill results and accelerating on-site activity at Hope Bay with a target of over 400,000 ounces a year and continued progress at San Nicolas, a high-grade, high-return copper project in the best mining jurisdiction in Mexico.

這也體現了 Agnico Eagle 的部分文化，即鼓勵和授權各個級別的每個人考慮所有選項，以便做得更好。同時，我們在五大關鍵價值驅動力方面取得穩步進展，並將繼續投資未來。我們正致力於使 Detour 銅礦的年產量超過 100 萬盎司，我們的願景是使 Malartic 銅礦的年產量超過 100 萬盎司，Upper Beaver 銅礦的建設進展順利，該礦位於一個絕佳的地區，每年可增產 20 多萬盎司，Hope Bay 銅礦的鑽探結果持續良好，每年可增產 20 多萬盎司，Hope Bay 銅礦的鑽探結果持續良好，現場產量增加超過 40 萬盎司，SansNicola 的鑽探結果持續良好，目標是現場產量銅礦計畫也持續取得進展，該礦是墨西哥最佳採礦轄區內的一個高品位、高回報的銅礦計畫。

These projects cumulatively represent approximately 1.3 million to 1.5 million ounces of potential production, all from assets we already own in regions we've been operating for decades and in most cases, leveraging off existing infrastructure already in place. Dominique and Natasha will provide a brief update on some of these projects and Jamie will describe how at these gold prices, we cannot only fund acceleration of these projects but continue to strengthen our balance sheet and continue to increase returns to our shareholders.

這些項目累計的潛在產量約為 130 萬至 150 萬盎司，全部來自我們在已經運營了幾十年的地區已經擁有的資產，並且在大多數情況下，利用現有的基礎設施。多明尼克和娜塔莎將簡要介紹其中一些項目的最新情況，傑米將描述在這樣的金價下，我們不僅可以為這些項目的加速提供資金，還可以繼續加強我們的資產負債表並繼續增加股東回報。

And finally, once again, Guy Gosselin will be the star of the show as he spends a few minutes highlighting some of the exciting exploration results our team is delivering at some of the most promising ore bodies in the world.

最後，蓋伊·戈塞林 (Guy Gosselin) 將再次成為節目的明星，他將用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令人興奮的勘探成果。

And with that, I'll now turn it over to our CFO, Jamie Porter, to review the second quarter financial results.

現在，我將把時間交給我們的財務長 Jamie Porter，來審查第二季的財務表現。

Thank you, Ammar, and good morning, everyone. We've had an excellent first half of the year with another strong quarter of operating results and good cost performance. By delivering on our production targets and controlling costs, we continue to ensure that the benefit of margin expansion in a higher gold price environment accrues directly and indirectly to our shareholders through both direct shareholder returns and the strengthening of our balance sheet.

謝謝你，阿馬爾，大家早安。我們上半年表現優異，季度經營業績強勁，成本表現良好。透過實現生產目標和控製成本，我們繼續確保在金價上漲的環境下，利潤率擴大帶來的好處能夠透過直接股東回報和資產負債表的加強直接或間接地惠及我們的股東。

Our strong operational performance and cost control paired with higher gold prices, drove record financial results, including record revenue of $2.8 billion, record adjusted earnings of $976 million or $1.94 per share and record adjusted EBITDA of $1.9 billion, and record free cash flow of $1.3 billion. Free cash flow more than doubled quarter-over-quarter, benefiting from favorable working capital adjustments, primarily due to an increase in accrued taxes payable.

我們強勁的營運業績和成本控制，加上更高的金價，推動了創紀錄的財務業績，包括創紀錄的 28 億美元營收、創紀錄的 9.76 億美元或每股 1.94 美元的調整後收益、創紀錄的 19 億美元調整後 EBITDA，以及創紀錄的現金 13 億美元自由流。自由現金流環比增長一倍以上，受益於有利的營運資本調整，這主要歸因於應計應付稅款的增加。

Gold production in the second quarter was approximately 866,000 ounces at total cash costs of $933 per ounce and all-in sustaining costs of $1,289 per ounce. Gold production was better than anticipated this quarter, primarily due to better grades at LaRonde, Canadian Malartic and Macassa with this outperformance partially offset by lower production at our Nunavut operations due to an extended Caribou migration and lower gold production at Detour.

第二季黃金產量約為 866,000 盎司，總現金成本為每盎司 933 美元，總維持成本為每盎司 1,289 美元。本季黃金產量優於預期，主要原因是 LaRonde、加拿大馬拉特克和 Macassa 的黃金品位較高，但這一優異表現被努納武特地區業務的產量下降（由於馴鹿遷徙延長以及 Detour 的黃金產量下降）部分抵消。

I'm pleased to report that costs were within our guidance range. While our total cash costs of $933 per ounce were $30 per ounce higher than in the first quarter, the quarter-over-quarter increase was primarily due to higher royalties as a result of higher gold prices and a weakening Canadian dollar, which on a combined basis represents an increase of about $46 per ounce. If we exclude the impact of royalties on foreign exchange, our cash costs were actually lower than in the first quarter, which is, again, a testament to the ongoing optimization efforts that Dom Natasha will talk about later in the presentation.

我很高興地報告，成本在我們的指導範圍內。雖然我們的總現金成本為每盎司 933 美元，比第一季度高出每盎司 30 美元，但環比增長主要是由於金價上漲和加元走弱導致特許權使用費增加，兩者合計每盎司增加了約 46 美元。如果我們排除特許權使用費對外匯的影響，我們的現金成本實際上低於第一季度，這再次證明了 Dom Natasha 稍後將在演講中談到的持續優化工作。

For the full year, we are maintaining our cost guidance and expect cash costs to be within the guided range of $915 to $965 per ounce. All-in sustaining cost per ounce were higher than the previous quarter, primarily due to the increased cash costs and the timing of sustaining capital spend. We continue to expect to be within our guidance for the full year at between $1,250 and $1,300 per ounce. Our all-in sustaining costs continue to be hundreds of dollars per ounce below those of our peers. This is the result of our focus on controlling costs, continuous improvement initiatives and the benefits of our regional strategy.

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。每盎司總維持成本高於上一季，主要原因是現金成本增加和維持資本支出的時間。我們仍然預計全年金價將在每盎司 1,250 美元至 1,300 美元之間。我們的整體維持成本仍然比同行低每盎司數百美元。這是我們注重控製成本、持續改善措施和區域策略優勢的結果。

As an example of the benefits of that regional strategy, our Abitibi platform in Quebec and Ontario has outperform in the first half of 2025 with over 1 million ounces of gold production at total cash cost of only approximately $850 per ounce and a realized operating margin of 73%. This platform hosts 5 of our 10 operating mines, including the two largest gold mines in Canada with multiple decades of mine life and strong potential across the region to continue to grow and expand.

作為該區域戰略優勢的一個例子，我們位於魁北克和安大略的 Abitibi 平台在 2025 年上半年表現出色，黃金產量超過 100 萬盎司，總現金成本僅為每盎司約 850 美元，實現的營業利潤率為 73%。該平台擁有我們 10 座營運礦山中的 5 座，包括加拿大最大的兩座金礦，這些礦山擁有數十年的礦山壽命，並且在整個地區具有繼續增長和擴張的巨大潛力。

If we move on to the next slide, the record free cash flow we generated this quarter allowed us to continue to strengthen our balance sheet, ending the quarter with net cash of almost $1 billion, improving from a net debt position of $5 million at last quarter end. In addition, given our strong cash position, we decided to prepay $510 million of long-term debt in addition to the $40 million of debt that matured in the quarter. Over the past 15 months, we have significantly deleveraged the balance sheet, reducing our gross debt in that period by $1.3 billion. We will look for further opportunities to reduce debt in the third quarter and intend to continue to strengthen the balance sheet, increase our financial flexibility while at the same time, increasing returns to shareholders.

如果我們繼續看下一張投影片，本季我們產生的創紀錄的自由現金流使我們能夠繼續加強資產負債表，本季末的淨現金接近 10 億美元，較上一季末的 500 萬美元淨債務狀況有所改善。此外，鑑於我們強大的現金狀況，我們決定預付 5.1 億美元的長期債務，以及本季到期的 4,000 萬美元債務。在過去的 15 個月中，我們大幅降低了資產負債表的槓桿率，將同期的總債務減少了 13 億美元。我們將在第三季尋找進一步減少債務的機會，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。

We move on to the next slide. We delivered -- as Ammar mentioned, we delivered record shareholder returns this quarter, totaling approximately $300 million and $550 million for the first half of the year, bringing the cumulative shareholder returns in Agnico's history to approximately $4.7 billion, majority of which has been returned in the last several years. From a capital allocation perspective, we remain well positioned in this gold price environment to continue to take a balanced approach. We expect to continue to increase shareholder returns through increased share buyback activity and dividends, we also expect to continue to strengthen our financial position and flexibility by increasing our net cash position and potentially repaying additional debt.

我們繼續看下一張投影片。正如阿瑪爾所提到的，我們本季實現了創紀錄的股東回報，總計約 3 億美元，上半年為 5.5 億美元，使 Agnico 歷史上的累計股東回報達到約 47 億美元，其中大部分是在過去幾年內返還的。從資本配置的角度來看，在當前的金價環境下，我們仍處於有利地位，可以繼續採取平衡的做法。我們希望透過增加股票回購活動和股利來繼續增加股東回報，我們也希望透過增加淨現金狀況和可能償還額外債務來繼續加強我們的財務狀況和靈活性。

Lastly and importantly, we will continue to reinvest in our business in order to bring our high-return organic growth projects online. We have five key value driver projects between Detour underground, filling the mill at Canadian Malartic, Upper Beaver, Hope Bay and San Nicolas, all of which generate solid returns at gold prices $1,000 or more below current spot levels. We have a strong balance sheet, and we'll look for opportunities to accelerate reinvestment in the business to drive growth and value creation. At current gold prices, we are generating a lot of cash, and we'll remain disciplined with a measured capital allocation approach which is focused on increasing returns to shareholders over the long term.

最後，也是最重要的一點，我們將繼續對我們的業務進行再投資，以便將我們的高回報有機成長項目上線。我們在 Detour 地下礦區、加拿大馬拉特克礦區、Upper Beaver 礦區、Hope Bay 礦區和 San Nicolas 礦區擁有五個關鍵價值驅動項目，所有這些項目在金價低於當前現貨水平 1,000 美元或以上時都能產生可觀的回報。我們擁有強大的資產負債表，我們將尋找機會加速業務再投資，以推動成長和價值創造。在目前的金價下，我們正在產生大量現金，我們將繼續採取有節制的資本配置方法，專注於長期增加股東回報。

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. First, I would like to thank the teams for the excellent quarter to continue to keep improving safety, focusing on cost and production, productivity while protecting the environment and the wide life.

謝謝你，傑米。大家早安。首先，我要感謝團隊在本季表現出色，並持續不斷提高安全性，注重成本和生產、生產力，同時保護環境和廣大人民的生命。

The quarter was led by LaRonde -- the production was led by LaRonde in Canadian Malartic mainly because of upside grade. So at LaRonde, we had 3 of the 25 stopes better than expected and at Canadian Malartic still having more tonnes at good grade around old workings, which is a positive surprise. Very good timing because it offsets some challenges at Nunavut, where we have a longer Caribou migration, than planned in our forecast.

本季由 LaRonde 領銜——加拿大馬拉特克金礦的產量由 LaRonde 領銜，主要是因為其品位較高。因此，在 LaRonde，25 個採場中有 3 個的狀況優於預期，而在 Canadian Malartic，舊採場周圍仍有更多品位良好的礦石，這是一個驚喜。時機非常好，因為它抵消了努納武特地區的一些挑戰，那裡的馴鹿遷徙時間比我們預測的要長。

Some years are better like last year, and some years require more stoppage like this year. It is very variable and depending on the Caribou [path]. So we don't control that one, but our plan are adjusted to it. And wildlife protection will remain always a priority. But despite those challenges in Q2 in Nunavut both Meliadine and Meadowbank remain on track to achieve this year's guidance.

有些年份情況會好一些，例如去年，有些年份則需要停工更多，例如今年。它變化很大，取決於馴鹿[小路]。所以我們無法控制這一點，但我們的計劃會根據它進行調整。野生動物保育永遠是我們的首要任務。但儘管努納武特地區第二季面臨這些挑戰，Meliadine 和 Meadowbank 仍有望實現今年的預期。

Moving to the optimization. I would like to thank specifically the Kittila team, where and congratulate them because they are doing significant change management in their way to approach underground production and we see 10% to 15% improvement in productivity underground, which lead to a 4% decrease in cost per ton if we compare the first half of '25 compared to the first half of 2024. So very good there.

轉向優化。我要特別感謝並祝賀基蒂拉團隊，因為他們在地下生產方式上進行了重大變革管理，我們看到地下生產率提高了 10% 到 15%，如果我們將 2025 年上半年與 2024 年上半年進行比較，這將導致每噸成本下降 4%。那裡非常好。

But the thing I would like to bring your attention is about fleet management system. Currently, our underground mine are operating mainly based on radio communication and manual scheduling. So a driver could -- a truck driver could often wait or doing unnecessarily traveling due to change of, for example, an equipment is down or just the timing, so the truck drivers are not fully efficient right now. Imagine that you have -- you are in a truck underground into a tunnel, you don't have a visibility of what it is, let's say, 2, 3, 4 kilometers away. It's very difficult to be optimum.

但我想提請您注意的是車隊管理系統。目前，我們地下礦井主要依賴無線電通訊和人工調度進行作業。因此，卡車司機可能經常會等待或由於設備故障或時間變化等原因進行不必要的行駛，因此卡車司機現在效率不高。想像一下，你乘坐卡車進入地下隧道，你無法看到裡面的情況，比如說，2、3、4 公里以外。要達到最佳狀態非常困難。

What is a fleet management system? It is a system that gives you a real-time track information about the equipment and the people that you could track. So the system knows exactly where each one is, how fast it's moving and if it is waiting. So with the fleet management system with algorithm and artificial intelligence, we will be able to optimize and to originate the fleet to reassign the trucks or to better route if needed, if something happened. So the result of that, as an example, currently, a truck could do maybe five trips into a shift, if we bring that to seven trips into a shift, that's a 40% improvement. Simple like that. It's also reducing fuel consumption because there's less idle time and less route that traveling that you do, which is unnecessary.

什麼是車隊管理系統？它是一個可以為您提供有關設備和可追蹤人員的即時追蹤資訊的系統。因此系統準確地知道每個人的位置、移動速度以及是否在等待。因此，透過具有演算法和人工智慧的車隊管理系統，如果發生某些事情，我們將能夠優化和組織車隊重新分配卡車或在必要時制定更好的路線。因此，舉例來說，目前，一輛卡車一個班次大概可以運送五趟，如果我們將其增加到七趟，那麼就可以提高 40%。就這麼簡單。它還可以減少燃料消耗，因為空閒時間更少，行駛路線也更少，這是不必要的。

So what is our plan is to use LZ5 and to pilot a new fleet management system for underground. The LZ5 team have been the leaders to implementing the first LTE communication system in the world underground. That was seven to eight years ago. They've been the leaders into implementing remote operation underground, where right now, 25% of the ore is out of the mine without any truck driver operating from surfaces.

因此，我們的計劃是使用 LZ5 並試行新的地下車隊管理系統。LZ5團隊一直是世界上第一個在地下實施LTE通訊系統的領導者。那是七、八年前的事了。他們是實施地下遠端作業的先驅，目前，25% 的礦石已從礦井中開採出來，無需任何卡車司機在地面操作。

And the next chapter for them is to develop the fleet management system for underground. What result we could expect from that when we look historically using those systems into open pit, which we do, could be 10% to 15% improvement. So we expect to reach that also for underground. Remains to be seen, it remains to be done, lots of work, but we count on LZ5 to develop that. We're going to pilot in 2025, the loading and the hauling and in 2026 starting went after positive results, starting to implement that also to other mines which already have equipment connected to the system.

他們的下一個目標就是開發地鐵車隊管理系統。從歷史上看，當我們將這些系統應用於露天礦場時，我們可以預期的結果可能是提高 10% 到 15%。因此我們希望地下也能達到這個目標。還有待觀察，還有很多工作要做，但我們依靠 LZ5 來發展它。我們將在 2025 年進行裝載和運輸試點，並在 2026 年開始實施，以取得積極成果，並開始在已有設備連接到該系統的其他礦場實施。

Moving to the next slide. I would like to bring your attention to the figure on the right. So you could see in black, this is the -- what is done concerning the ramp and the shaft development, shaft sinking. The good news, we are on target, we are in cost. And even though the shaft sinking is four to five weeks in advance compared to the plan, very good news. The second thing on the image, you could see the dotted line that was the resource use when we did the June '23 study. As Guy going to show you that ore body just keep growing.

移至下一張投影片。我想請大家注意右邊的圖。所以你可以看到黑色部分，這是——關於坡道和豎井開發、豎井下沉所做的工作。好消息是，我們已經達到了目標，成本已控制在合理範圍內。儘管與計劃相比，豎井下沉提前了四到五週，但這仍然是個好消息。圖像上的第二件事是，您可以看到虛線，那是我們在 23 年 6 月進行研究時的資源使用情況。正如蓋伊要向你展示的那樣，礦體一直在不斷增長。

So right now, if we take all the resources together, we're looking to 20 million ounces into that ore body. So that brings me to my -- the point number 1 and number 2 below, where shaft number 1, the team came with a good idea to improve it. We're going to go slightly deeper, 70 meters deeper with the shaft number 1. And we're going to also add a second loading station to build flexibility to help the production and to save on costs with this one. So that's the first thing now new into the story.

因此現在，如果我們把所有的資源加在一起，我們預計該礦體中的資源量為 2000 萬盎司。所以這讓我想到了——下面的第 1 點和第 2 點，其中第 1 號軸，團隊想出了一個好主意來改進它。我們要再深入一點，1 號豎井要深 70 公尺。我們還將增加第二個裝載站，以提高靈活性，幫助生產並節省成本。這就是故事中第一個新內容。

And the second one about the second shaft. The team is finalizing where it's going to be and the capacity of this one. But it looks like it's going to be close to this one because the reason is simple because that's the center of the mass. And it is also bringing some flexibility or synergy to work with the first shaft. So again, we're not yet finalized on that one, but this is where we're heading. And it's also -- strategically, we need to position that shaft into good rock. So with the shaft number 1 at 20,000 tonnes per day, including the ramp plus shaft number 2, let's say, at potentially 10,000 tonnes per day, we're going to be 30,000 tonne per day coming from that ore body and potentially getting to 750,000 to 800,000 ounces per year from one ore body. So that's going to be definitely the biggest underground mine in Canada in terms of production of gold.

第二個是關於第二個軸的。該團隊正在最終確定其位置和容量。但它看起來會接近這個，因為原因很簡單，因為那是質心。而且它也為與第一軸的配合帶來了一些靈活性或協同作用。所以，我們還沒有最終確定這一點，但這就是我們的方向。而且從戰略上來說，我們需要將豎井定位在良好的岩石中。因此，如果 1 號豎井的日產量為 20,000 噸，包括斜坡和 2 號豎井在內，假設日產量可能為 10,000 噸，那麼我們每天將從該礦體中開採出 30,000 噸，並且每年可能從一個礦體中開採出 750,000 到 800,000 盎司的黃金。因此，就黃金產量而言，這絕對將成為加拿大最大的地下礦場。

But we still have room at the mill. We have 60,000 tonnes per day. We're going to use 30 just for that ore body. This is why number 3 and number 4. We're looking to Marban pit which is 13 kilometers away Satellite pit of the Canadian Malartic mill. We're going to truck it to the mill, and we have the Wasamac underground satellite project, which is 100 kilometers away from the Malartic mill. When you add all of them together, we're going to be around 45,000 to 50,000 tonnes per day, and we're getting to the 1 million ounces production per year. So that vision is realistic, and this is what we're working on. All those piece of the puzzle, let's say, number 2 to number 4 is going to came together with advanced studies more in early 2027, we're going to be in position to give you more detail on that.

但我們的工廠仍有空間。我們每天有 60,000 噸。僅針對該礦體，我們就將使用 30。這就是為什麼數字 3 和數字 4。我們正在勘察距離加拿大馬拉特克磨坊衛星坑 13 公里的 Marban 礦坑。我們要用卡車把它運到工廠，我們還有 Wasamac 地下衛星項目，距離 Malartic 工廠 100 公里。如果把所有這些加在一起，我們的日產量將達到 45,000 至 50,000 噸左右，年產量將達到 100 萬盎司。所以這個願景是現實的，這也是我們正在努力實現的。所有這些拼圖碎片，比如說，第 2 到第 4 塊將在 2027 年初隨著更深入的研究而出現，我們將能夠為您提供更多詳細資訊。

On this, I will pass the microphone to Natasha.

關於這一點，我將把麥克風交給娜塔莎。

Thanks, Dom, and good morning, everyone. So I'll cover the operational highlights for Ontario, Australia and Mexico. The regions, they delivered another strong quarter when it came to safety, operating and cost performance. At Macassa, as Ammar mentioned, the team beat their record on gold production for the second consecutive quarter. The strong quarter was really on the back of one cut and fill area that overperformed with higher-than-expected grades.

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。在安全、營運和成本績效方面，這些地區又度過了一個強勁的季度。正如阿瑪爾所提到的，在馬卡薩，團隊連續第二季打破了黃金產量記錄。本季業績表現強勁，這得益於一個採填區，該區域的礦品位超出預期。

Over at Detour, they have their highest Q2 mill throughput and that's a good sign that we're starting to stabilize the higher throughput. But the ounces for the quarter were affected by lower grades. Now during the first half of the year, mining was within a low-grade domain, which did result in some localized negative or tonnage reconciliation. So we ended up supplementing the shortfall with ore from our low-grade stockpiles. Now mining activities are going to remain in the low-grade domain throughout Q3, and then we expect the grade to improve in Q4 as we move into higher-grade domains. So given the year-to-date gold production, we now expect to be around the lower end of the full year production guidance range at Detour.

在 Detour，他們第二季的工廠產量最高，這是一個好兆頭，表明我們開始穩定更高的產量。但本季的產量受到較低品位的影響。目前，在上半年，採礦活動處於低品位領域，這確實導致了一些局部負面或噸位調節。因此，我們最終用低品位庫存的礦石來補充短缺。現在，採礦活動將在整個第三季度保持在低品位領域，然後我們預計，隨著我們進入高品位領域，第四季度的品位將會提高。因此，考慮到今年迄今為止的黃金產量，我們現在預計 Detour 的全年產量將處於指導範圍的低端。

With respect to San Nicolas, through the joint venture, we're continuing to advance the feasibility study which remains on schedule to be completed by the end of this year. And we're also continuing to engage with the government authorities and stakeholders with respect to our key permits, which is specifically the environmental impact assessment, and following that, the change of land use. This quarter, the JV -- they also received an exploration permit authorizing additional drill pad across the property. So we're going to take this as a slightly positive signal from an overall permitting standpoint. And with respect to the plan to approve the project, this really hasn't changed. It's expected to follow dependent on the receipt of the permit and the results of the study.

關於聖尼古拉斯項目，透過合資企業，我們正在繼續推進可行性研究，該研究將按計劃於今年年底完成。我們也將繼續與政府部門和利害關係人就我們的主要許可證進行接觸，特別是環境影響評估，以及隨之而來的土地用途改變。本季度，該合資公司還獲得了勘探許可證，授權在該地產上增加額外的鑽井平台。因此，從整體許可的角度來看，我們認為這是一個略微正面的訊號。至於批准該項目的計劃，這實際上並沒有改變。預計這將取決於許可證的收到和研究的結果。

Now moving into the term -- now in terms of the operational and cost improvement efforts, they're ongoing with a strong focus on extracting the full potential at all our sites. And we've just included a couple of examples here on this slide. One of them is the internalization of the maintenance work on the 795 trucks at Detour. The team is progressing very well on this, and it does have a cost savings of about $5 million a year. But moreover, we're developing the in-house expertise and sustaining an internal knowledge base on these ultra-class trucks, which to me is really invaluable.

現在進入術語 - 就營運和成本改進工作而言，他們正在進行中，重點是充分發揮我們所有站點的潛力。我們剛剛在這張投影片上列舉了幾個例子。其中之一就是將 Detour 795 輛卡車的維護工作內部化。團隊在這方面進展非常順利，每年確實節省了約 500 萬美元的成本。但更重要的是，我們正在開發內部專業知識並維護這些超級卡車的內部知識庫，這對我來說真的是無價的。

Another example is at Macassa. The mine has over 90 years of operations and with the recent infrastructure upgrades, we're now in the very early stages of connecting the mine. And so with the work ongoing for the next, say, two to three years, similar to what Dom was saying with respect to LZ5, Macassa will also be able to leverage technology to help us optimize our processes even further than the team already has. Our GM at Macassa, Mariana says it well. She says that connecting this mine will help us quote-unquote turn on the lights, which I agree because we'll be able to track in real-time personnel and equipment, provide situational awareness, automate and enhance the reliability of the data that we have, make it easier to diagnose equipment help, utilize fleet management systems, and enable us to obtain short interval control. And of course, Macassa will be utilizing the learnings from LZ5, so that as they go through their journey, so that we'll be able to make quicker decisions become more agile, become more productive and as a result, optimize our costs.

另一個例子是在馬卡薩。該礦已運作 90 多年，隨著最近基礎設施的升級，我們目前正處於礦井連接的早期階段。因此，隨著未來兩到三年工作的持續進行，類似於 Dom 就 LZ5 所說的那樣，Macassa 也將能夠利用技術幫助我們比團隊已經做的更進一步優化流程。我們 Macassa 的總經理 Mariana 說得很好。她說，連接這個礦井將幫助我們打開燈，我同意這一點，因為我們將能夠即時追蹤人員和設備，提供態勢感知，自動化並提高我們擁有的數據的可靠性，更容易診斷設備幫助，利用車隊管理系統，並使我們能夠獲得短間隔控制。當然，Macassa 將利用從 LZ5 獲得的經驗，以便在他們經歷整個旅程時，我們能夠做出更快的決策，變得更加靈活，變得更加高效，從而優化我們的成本。

Moving to the next slide, I'll give you a quick update on the two projects in Ontario that we continue to be excited about because it does give us an opportunity to grow low risk, profitable production in one of the best mining jurisdictions in the world. And I want to talk to you first about Detour Lake and the underground project. This is a world-class asset. 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, we received the permit to take water. Upon receipt of that permit, we established the box cut for the ramp, mobilize the development contractors and as you see in that picture, took our first round in July. We're also continuing with the infill and expansion drilling and continuing to see positive results, but Guy will discuss this later in the presentation.

進入下一張投影片，我將向您簡要介紹安大略省的兩個項目，我們對此感到非常興奮，因為它確實為我們提供了在世界上最好的採礦管轄區之一實現低風險、高利潤生產的機會。首先我想和大家談談繞道湖和地下工程。這是一項世界級的資產。我們為 Detour 規劃了一條發展路徑，使其能夠在 14 年內每年生產 100 萬盎司黃金。雖然現在還為時過早，但本季我們已獲得取水許可證。收到許可證後，我們確定了坡道的箱形切口，調動了開發承包商，正如您在圖片中看到的那樣，我們在 7 月進行了第一輪施工。我們還在繼續進行加密和擴展鑽探，並繼續看到積極的結果，但蓋伊將在稍後的演示中討論這個問題。

As for Upper Beaver, again, this is another low-risk opportunity to grow the production profile in a camp we know well and where we can leverage the -- and the benefit of our technical expertise and our workforce at Macassa. This quarter, we continue to advance on both the surface setup needed for shaft sinking and the site preparation for the ramp. Those of you that joined us on our site visit earlier this quarter, you got to see this firsthand. Our construction team who leverage their past experiences from building our other mines has advanced very well on the installation -- the steel installation of the head frame and the installation of the hoist. We're expecting all of this infrastructure to be commissioned in early Q4 this year and then commence shaft sinking right after that in the same quarter.

至於 Upper Beaver，這又是一次低風險的機會，可以在我們熟悉的營地擴大生產規模，我們可以利用我們在 Macassa 的技術專長和勞動力的優勢。本季度，我們繼續推進鑿井所需的地面設置和坡道的場地準備。那些在本季早些時候參加過我們現場訪問的人，你們已經親眼目睹了這一點。我們的施工團隊利用過去建造其他礦井的經驗，在安裝方面取得了很大進展——井架的鋼結構安裝和提昇機的安裝。我們預計所有這些基礎設施將在今年第四季初投入使用，並在同一季度內開始下沉豎井。

As for the exploration ramp, the box cut was completed in Q1. And in Q2, the team finalizes supporting infrastructure such as the storage base, the temporary air and water services. And we also made a decision to self-perform this ramp development, and we successfully recruited the team there. So now we're expecting to commence the ramp development a little sooner than we had originally planned in Q3 rather than in Q4. I know I've mentioned this before, but with the inclusion of these two projects, we could see gold production from our Ontario operations to grow by 50% by the early 2030s, so we're looking forward to continuing to advance these projects throughout 2025.

至於勘探坡道，箱形切割已於第一季完成。在第二季度，團隊完成了儲存基地、臨時空中和水上服務等支援性基礎設施的建設。我們還決定自行進行這項坡道開發，並在那裡成功招募了團隊。因此，現在我們預計將比原計劃在第三季而不是第四季更早開始坡道開發。我知道我之前提到過這一點，但隨著這兩個項目的加入，我們可以看到安大略省的黃金產量到 2030 年代初將增長 50%，因此我們期待在 2025 年繼續推進這些項目。

And finally, to conclude, similar to Ammar and Dominique, I just wanted to thank all the operating sites and the project teams for all their efforts in achieving our objectives to date and for your focus on business improvement, not just on cost but on all fronts, including safety.

最後，與阿瑪爾和多明尼克一樣，我只想感謝所有營運站點和專案團隊為實現我們迄今為止的目標所做的一切努力，以及對業務改進的關注，不僅在成本方面，而且在包括安全在內的所有方面。

And with that, I'll just 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 of all, I would like to take a moment to highlight the work of our great exploration team, both mine site and regional exploration through the portfolio. The first half of 2025 has been excellent. We currently have 120 diamond drill rig in operation on mine site and regional exploration. Our health and safety performance continued to improve overall as our team is committed to our boots in the field program to improve our safety performance in every single aspect in collaboration with our various diamond drilling entrepreneurs.

謝謝你，娜塔莎，大家早安。首先，我想花點時間強調我們出色的勘探團隊的工作，包括透過投資組合進行的礦場和區域勘探。2025 年上半年表現優異。我們目前有 120 台鑽石鑽機在礦場和區域勘探中運作。我們的健康和安全績效總體上繼續提高，因為我們的團隊致力於我們的現場計劃，與我們的各個鑽石鑽探企業家合作，提高我們各個方面的安全績效。

This concurrently with our drilling excellence program led to the safe delivering of our first six months of drilling, slightly ahead of the program with 670 kilometers of drilling completed with expenditures standing at about 9% below our budget. I'm extremely proud of the improvement observed since 2022, where we have reversed the trend in safety, productivity, and unit costs after COVID.

這與我們的鑽井卓越計劃同時進行，使我們前六個月的鑽井工作安全完成，略微領先於計劃，完成了 670 公里的鑽井，支出比預算低約 9%。我對 2022 年以來的進步感到非常自豪，我們扭轉了新冠疫情之後安全性、生產力和單位成本的趨勢。

Among highlights I would like to mention Detour Lake exploration just celebrated five years with 1 million-meter of core being drilled with our entrepreneur (inaudible) partner. Malartic and Odyssey and regional exploration around the mine that has just celebrated seven years without a reportable accident and 2 million meters of core drilled and processed at the regional core shack facility and Macassa exploration team on the ground with the entrepreneur (inaudible) that celebrated two-year and 300,000 meters of drilling done without a reportable accident. So across the board, world-class exploration team delivering safe and exciting drill results on world-class assets.

我要提到的亮點之一是 Detour Lake 勘探項目，該項目剛剛慶祝了五週年，我們與企業家（聽不清楚）合作夥伴一起鑽探了 100 萬米的岩心。馬拉蒂克和奧德賽以及礦場周圍的區域勘探剛剛慶祝了七年無可報告事故的記錄，並且在區域岩芯鑽探設施和地面上的馬卡薩勘探團隊與企業家（聽不清）一起慶祝了兩年內無可報告事故完成的三十萬米鑽探。因此，世界一流的勘探團隊在世界一流的資產上取得了安全且令人興奮的鑽探結果。

And from a results standpoint, I would like to comment on three of our key value driver projects, Canadian Malartic, Detour and Hope Bay. On slide 12, at Odyssey, we currently have 26 drill rigs working surface and underground and around the mine and are getting some very exciting results in three areas that I would like to highlight. In the upper eastern portion of the East Gouldie, we've seen some great results, such as 5.7 gram over 17 meters, around 900 meter, which is the upper part of the East Gouldie deposits. So we see that area that is progressing well and expand the deposit, and we'll likely get into reserve at our next year-end mineral reserves and mineral resources update.

從結果的角度來看，我想對我們的三個關鍵價值驅動項目——加拿大馬拉特克、Detour 和 Hope Bay 進行評論。在第 12 張投影片上，在奧德賽，我們目前有 26 台鑽機在礦井的地面、地下和周圍工作，並在三個領域取得了一些非常令人興奮的成果，我想強調一下。在東古爾迪的東部上部，我們看到了一些很好的成果，例如 17 米深處的 5.7 克，約 900 米，這是東古爾迪礦床的上部。因此，我們看到該地區進展順利，礦藏不斷擴大，我們很可能會在明年年底礦產儲量和礦產資源更新時獲得儲備。

And then in the lower east extension of East Gouldie, which result up to 3.4 over 36-meter and 3.5 over 19 outside of the current mineral reserves and resources, extending the zone below 2-kilometer depth and still open at depth by the way. And also the Eclipse parallel zone with result of the 3.8 gram over 14, that continue to demonstrate the potential to add parallel zone in proximity of the existing zone currently in the mine plan, offering potential for additional optionality and flexibility for future mining. The strong result in the Lower East and Eclipse continue to expand the zones laterally and should lead to a substantial mineral resources addition at year-end this year. And continue to enhance our scenario for the location of the second shaft as what it was described by Dominique earlier.

然後在 East Gouldie 的東下延伸，導致當前礦產儲量和資源量超出 36 米 / 3.4 米和 19 米 / 3.5 米，將區域延伸至 2 公里深度以下，並且深度上仍然開放。此外，Eclipse 平行區域的結果為 14 克中 3.8 克，這繼續證明了在目前礦山計劃中的現有區域附近增加平行區域的潛力，為未來的採礦提供了額外的選擇性和靈活性。下東部和日蝕礦區的強勁業績繼續橫向擴大了礦區範圍，並將在今年年底帶來大量礦產資源的增加。並繼續增強我們對第二個豎井位置的設想，正如多明尼克之前所描述的那樣。

Now on slide 13, at Detour, drilling continued with eight drill rigs that continue to infill the deposit in the area that are targeted for the underground mine project, both below the pit in the saddle in the central portion of the deposit, with results up to 3.4 gram over 67 meters and to the west of the pit, next to the planned exploration ramp with results up to 2.9 over 32 and 1.7 over 113 meters. The West Extension of the deposit outside and to the west of the open pit and next to the proposed exploration ramp, continue to deliver strong results that could potentially outline an area where underground production could be accelerated in our underground mine development scenario.

現在在第 13 張幻燈片上，在 Detour，八台鑽機繼續進行鑽探，繼續填充地下礦項目目標區域的礦床，在礦床中部鞍座的礦坑下方，結果為 67 米處 3.4 克；在礦坑西側，緊鄰計劃勘探坡道，結果為 32 米處 2.9 克，113 米處 1.9 克。礦床西延伸部分位於露天礦場外部和西側，毗鄰擬建的勘探坡道，繼續取得強勁成果，有可能勾勒出我們地下礦山開發方案中可以加速地下生產的區域。

And last, but not least, on slide 14, at Hope Bay, we have six drill rigs in operation and have completed almost 70,000 meters year-to-date, and we continue to see strong results in two very interesting area. First of all, close the surface in Patch 7 with 16-gram over 4-meter and 5.7 gram over 12-meter at around 300-meter depth. That could potentially be accessible early in the mine plan, close to surface in our project development scenario.

最後，但同樣重要的是，在第 14 張幻燈片上，在 Hope Bay，我們有 6 台鑽機投入運行，今年迄今已完成近 70,000 米，並且我們繼續在兩個非常有趣的領域看到強勁的成果。首先，在深度約 300 公尺處，用 16 克的 4 公尺深度和 5.7 克的 12 公尺深度關閉 Patch 7 中的表面。在我們的專案開發方案中，這可能在礦山計劃的早期階段就可實現，接近地表。

But more importantly, I would like to bring your attention to the deep results we just got in gap between Suluk and Patch with one of the best drill results to date, as of date that we can see in the core box below that long section in all 345 that returned 53-gram over 8.4 meter. We're using 25.7 using capping of the high-grade assays at 50 gram. But that drill intercept is quite spectacular as you can see visually simple cord vein, visible gold, and that drill hole sits at 750 meters below surface where the zone remains open at depth, showing great potential for the mineralization to continue to expand at much greater depth that we currently know.

但更重要的是，我想提請你們注意我們剛剛在 Suluk 和 Patch 之間的間隙中獲得的深層結果，這是迄今為止最好的鑽探結果之一，截至目前，我們可以在長段下方的岩心盒中看到，在所有 345 個長段中，8.4 米的深度重達 53 克。我們使用 25.7 對 50 克的高等級化驗進行封蓋。但那個鑽孔截距相當引人注目，因為您可以看到簡單的線狀礦脈、可見的金子，而且鑽孔位於地表以下 750 米處，該區域在深處仍然開放，顯示出礦化作用在比我們目前所知的更深的深度繼續擴展的巨大潛力。

So we anticipate that these results will have a positive impact on the mineral reserve for Hope Bay at year-end. So midyear, we're very confident that we are in a good position to replace mineral reserve from ongoing production depletion and potentially grow our overall year-over-year bottom line reserve total and as we continue to derisk our key value driver project and deliver economic studies that pertain to each of them.

因此，我們預計這些結果將對年底希望灣的礦產儲量產生正面影響。因此，在年中，我們非常有信心，我們能夠很好地替代因生產持續枯竭而產生的礦產儲量，並有可能增加我們整體的同比底線儲量總額，同時我們將繼續降低關鍵價值驅動項目的風險，並提供與每個項目相關的經濟研究。

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，請他做最後發言。

Thank you, Guy, and everyone else. We began today's call by saying our key messages are largely the same as those over the past several quarters, good production, good cost control, great progress moving forward and accelerating the best pipeline we've ever had. And as Guy just discussed, excellent exploration results with the most aggressive exploration in the company's history.

謝謝蓋伊和大家。我們在今天的電話會議上首先表示，我們的關鍵訊息與過去幾季大致相同，即良好的生產、良好的成本控制、向前邁出的巨大進展以及加速我們有史以來最好的管道建設。正如蓋伊剛才所討論的，這是公司歷史上最積極的勘探，取得了出色的勘探成果。

All of this as gold prices continue to reach new highs as we continue to generate record cash flows as we strengthen the balance sheet and as we return record amounts of cash to our owners. I have to say, in this case, it is a pleasure to be repeating the same good news message quarter-over-quarter. At Agnico Eagle, we will continue to work hard for all of our stakeholders, and we will continue to build off the same foundational strategic pillars that have served us well over the past 68 years. We will focus on the best mining jurisdictions based on geologic potential and political stability. We will be disciplined with our owners' money, making investment decisions based on technical and regional knowledge and creating value through the drill bit.

所有這一切都發生在金價不斷創下新高的同時，我們繼續產生創紀錄的現金流，我們加強了資產負債表，並向我們的所有者返還了創紀錄的現金。我必須說，在這種情況下，我很高興能夠每季重複同樣的好消息。在 Agnico Eagle，我們將繼續為所有利害關係人努力工作，並將繼續鞏固過去 68 年來一直為我們服務的相同基礎策略支柱。我們將重點關注基於地質潛力和政治穩定性的最佳採礦管轄區。我們將嚴格管理業主的資金，根據技術和區域知識做出投資決策，並透過鑽頭創造價值。

We believe we are uniquely well positioned with a quality project pipeline, leveraging existing assets in the best regions in the world where we believe we have a competitive advantage. And we will continue to focus on creating value on a per share basis and on being leaders in our industry in returning capital to shareholders as evidenced by over 42 years of consecutive dividend payments and increasing share buybacks.

我們相信，憑藉優質的專案管道，我們擁有獨特的優勢，並利用我們在世界最佳地區擁有競爭優勢的現有資產。我們將繼續專注於每股價值的創造，並致力於成為行業領導者，為股東帶來資本回報，連續 42 年的股息支付和不斷增加的股票回購就是明證。

Thank you all for your time. And operator, may I ask you to open up for questions.

謝謝大家抽出時間。接線員，請開放提問。

(Operator Instructions) Fahad Tariq, Jefferies.

（操作員指示）Fahad Tariq，Jefferies。

Congratulations on the quarter generated free cash flow, about $1.3 billion and then repurchase shares of about $100 million. Maybe can you walk us through your thought process on buybacks versus dividends? And does the current share valuation play a role in determining which option you choose to return capital to shareholders?

恭喜本季產生了約 13 億美元的自由現金流，然後回購了約 1 億美元的股票。您能否向我們介紹一下您對回購與股利的思考過程？目前的股票估值是否在決定您選擇哪種方式向股東返還資本方面發揮了作用？

Yes. Thanks, Fahad, for the question. It's Jamie here. As I said in my remarks today, we're doing what we said we're going to do. We're taking advantage of higher gold prices to strengthen the balance sheet to reinvest in the business and increase returns to shareholders. So we pay a half dividend, $800 million annually. We've dramatically increased our level of activity on the share buyback, and we doubled it in the second quarter relative to the first. And I think there's room through the rest of the year to do even more. I mean we're at $550 million through the first half of the year, if you annualize that. So just assuming we did the same, we're at $1.1 billion. But what we've been saying consistently over the past several years is that we're targeting about 1/3 of our free cash flow being returned to shareholders.

是的。謝謝法哈德提出的問題。我是傑米。正如我今天的演講所說，我們正在履行我們所說的承諾。我們正在利用金價上漲來加強資產負債表，以便對業務進行再投資並增加股東回報。因此我們支付一半的股息，每年8億美元。我們大幅提高了股票回購的力度，第二季的股票回購量是第一季的兩倍。我認為今年剩餘時間我們還有更多的空間可以做更多的事情。我的意思是，如果以年率計算，今年上半年我們的收入將達到 5.5 億美元。所以假設我們也這麼做，那我們的金額就是 11 億美元。但在過去幾年中，我們一直在說的是，我們的目標是將大約 1/3 的自由現金流返還給股東。

So if the gold price stays where it is, that total return to shareholders could get up to $1.3 billion, which implies a lot more activity in the share buyback in the second half of the year. And I think that's what we're favoring in the near term. We'll certainly be evaluating the dividend as we get into our budgeting season. And if there's room for an increase there would likely be later this year or early next.

因此，如果金價維持現狀，股東總回報可能達到 13 億美元，這意味著今年下半年的股票回購活動將更加活躍。我認為這正是我們近期所青睞的。當我們進入預算季節時，我們肯定會評估股息。如果還有上漲空間，那麼很可能在今年稍後或明年年初實現。

Okay. That's clear. And then maybe just switching gears to Macassa. Maybe this question is for Natasha, but can you talk a little bit about how to think about grades in the second half? There's been two consecutive quarters now, pretty high grade. I understand it's one or two or maybe three stopes, but can you talk through how to think about grades in the second half?

好的。這很清楚。然後也許只是切換到 Macassa。也許這個問題是問娜塔莎的，但你能稍微談談下半部如何看待成績嗎？現在已經連續兩個季度了，成績相當高。我知道是一、二或三站，但你能談談如何考慮下半年的成績嗎？

Yes. Fahad, thank you for the question. So both quarters, we did see some localized positive grade reconciliation. So we are not factoring that in, in the second half, and we're expecting to be a bit of a softer second half, but still meeting guidance.

是的。法哈德，謝謝你的提問。因此，在兩個季度中，我們確實看到了一些局部的正向成績協調。因此，我們沒有將這一因素考慮在內，預計下半年業績會略微疲軟，但仍能達到預期。

Josh Wolfson, RBC Capital Markets.

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

I think this question is best for Jamie. Some of the free cash flow beat this quarter looks like it was attributed to the tax deferrals. I'm just wondering how should we think about that going forward and when that liability maybe reconcile and would be a headwind as opposed to free cash flow?

我認為這個問題最適合問 Jamie。本季自由現金流的超額成長似乎部分歸因於稅收遞延。我只是想知道我們應該如何看待未來的發展，以及什麼時候這種負債可能會調和並成為一種阻力而不是自由現金流？

Yes. Josh, thanks for the question. Yes. No, you're absolutely right. I mean that was a big swing this quarter. I think pre-change in taxes payable. Our free cash flow is about $800 million. So it's almost $0.5 billion swing as a result of taxes. If we look at our cash taxes for 2025, we paid about $600 million in the first half of the year and we plan to pay about $600 million in the second half of the year. So in around $1.2 billion for 2025 in cash taxes.

是的。喬希，謝謝你的提問。是的。不，你完全正確。我的意思是本季出現了巨大的變化。我認為應付稅款預先改變。我們的自由現金流約為8億美元。因此，稅收造成的波動幾乎達到 5 億美元。如果我們看看 2025 年的現金稅，我們在上半年支付了約 6 億美元，我們計劃在下半年支付約 6 億美元。因此，2025 年的現金稅約為 12 億美元。

Now our income tax expense is substantially higher than that. But the way it works, we pay installments based on the prior year's profitability. So if the gold price stays where it is, we will have a significant catch-up payment in Q1 of 2026, just as we did this year. This year in Q1, we paid $400 million in relation to 2024, and at these gold prices in Q1 of 2026, we could have upwards of a $900 million catch-up payment in relation to 2025. So you're going to see this volatility in periods where the gold price is rising [at a rate] as it has been.

現在我們的所得稅支出大大高於這個數字。但其運作方式是，我們根據前一年獲利情況支付分期付款。因此，如果金價維持現狀，我們將在 2026 年第一季獲得一筆可觀的補繳款項，就像今年一樣。今年第一季度，我們支付了 2024 年的 4 億美元，以 2026 年第一季的黃金價格計算，我們可能需要支付 2025 年的 9 億美元以上的補款。因此，在金價以目前的速率上漲的時期，你會看到這種波動。

Got it. And then on Detour, just on the operating side, what should we think about sequencing in the second half of the year? And maybe more specifically, what sort of grade can we expect in the fourth quarter when we're out of this or this maybe more challenging zone?

知道了。然後就 Detour 而言，僅從營運方面來說，我們應該如何考慮下半年的排序？也許更具體地說，當我們脫離這個或這個可能更具挑戰性的區域時，我們可以期待在第四季度取得什麼樣的成績？

So as mentioned earlier, so with Q3, we're all going to be in the lower grade domain. In Q4, we're expecting to be in higher grade, I would say, somewhere between 0.97 and 1.

如同前面所提到的，在 Q3 中，我們都將處於較低層級的領域。在第四季度，我們預計成績會更高，我想說，在 0.97 到 1 之間。

Okay. That's solid. And then on Malartic, similar sort of question here for Barnett. When does the contribution from that area taper off?

好的。這很可靠。關於馬拉蒂克，巴內特也面臨類似的問題。該地區的貢獻何時會逐漸減少？

Yes, Josh, it's Guy. So that's something we're going to see through the remainder of the Barnett of the open pit as we experienced back in the day, even in Canadian Malartic. And as you get towards the bottom of the cone of the pit, we're getting closer to the old workings. And around the old workings, that's basically either there was some time we are kind of taken a conservative approach about the pillar that were left around the old workings. So there is more ton left than planned on our void model, and the grade is better also. So that trend is expected to go -- but it could be variable. But theoretically for the rest of the open pit at Barnett, we should see that positive trend and with a little bit more tonnes left behind by the old miners.

是的，喬希，我是蓋伊。因此，我們將透過巴奈特露天礦場的剩餘部分看到這一點，就像我們過去所經歷的那樣，甚至在加拿大馬拉特克也是如此。當你到達礦坑錐體的底部時，我們就離舊的採礦場越來越近了。而在舊工作周圍，基本上有一段時間我們對留在舊工作周圍的支柱採取了保守的態度。因此，我們的空洞模型上剩餘的噸位比計劃的多，而且等級也更好。因此，預計這種趨勢將會持續——但可能會有所變化。但從理論上講，對於巴奈特露天礦場的其餘部分，我們應該看到積極的趨勢，並且老礦工會留下更多的噸位。

Anita Soni, CIBC World Market.

加拿大帝國商業銀行全球市場部的安妮塔·索尼（Anita Soni）。

So first question, just wanted to ask about the exploration results at East Gouldie. I think you said that you're evaluating, deepening the shaft as well as doing a second shaft. On the shaft deepening side, do you have an idea of how much that would cost in terms of the moving loading station? I'm trying to understand is that that loading station is not built yet, it's just a matter from a design standpoint of actually moving that loading pocket further down and then adding one a little higher up. But what would that do to the CapEx for the asset?

所以第一個問題，只是想問一下 East Gouldie 的勘探結果。我想您說過您正在評估、加深豎井以及建造第二個豎井。在豎井深化方面，您是否知道移動式裝載站的成本是多少？我想了解的是，那個裝卸站還沒有建成，從設計的角度來看，這只是一個將裝卸口袋進一步向下移動，然後再稍微向上添加一個的問題。但這會對資產的資本支出產生什麼影響？

Yes. Deeping the shaft number 1 by 70 meters including doing a third loading station, which means all the infrastructure plus a crusher, we're talking approximately USD40 million to do that, but it is a payback project. So we're going to save on trucking. We're going to save on fuel. We're going to be more effective. So that's overall, that's a positive thing.

是的。將 1 號豎井挖深 70 米，包括建造第三個裝載站，這意味著所有基礎設施加上一台破碎機，我們預計這項工程耗資約 4000 萬美元，但這是一個回報項目。所以我們將節省卡車運輸費用。我們要節省燃料。我們將變得更加有效。總的來說，這是一件正面的事情。

And as Guy showed in his slides, it's getting deeper than expected. So the 70 meter, let's say, we're going to be at 1,870 meters with the shaft. It is like the limit of the deep we could go with that technology and the shaft we're having in head.

正如蓋伊在幻燈片中所展示的，它比預期的要深。因此，假設是 70 米，我們的豎井深度將達到 1,870 米。這就像是我們利用這項技術所能達到的深度極限以及我們腦中已有的豎井所能達到的深度極限。

Okay. No, $40 million sounds very reasonable. In terms of capital allocation for Jamie, I think you mentioned 1/3 capital return to shareholders? And I could be wrong about the 1/3, but I did catch $1.3 billion at these gold prices. But could you talk about how you -- the other portions of the other 2/3 and how that's split? And could we see some accelerated investment into your organic opportunities going into the next couple of years or at least next year?

好的。不，4000萬美元聽起來非常合理。關於 Jamie 的資本配置，我記得您曾提到 1/3 的資本回饋給股東？我對於 1/3 的數字可能記錯了，但以這樣的金價，我確實賺到了 13 億美元。但是您能談談另外 2/3 的部分是如何劃分的嗎？我們是否可以看到未來幾年或至少明年對您的有機機會進行一些加速投資？

Yes, Thanks, Soni. Yes, I think absolutely. I mean we'll continue to strengthen the balance sheet. We still have almost $600 million of debt on the balance sheet. We'll look for opportunities to prepay some of that. And yes, as we alluded to in our remarks on the call, I think there will be opportunities for us to accelerate development of some of our projects. So that's what we should be doing. And in these gold prices, we're generating high returns. We should be reinvesting in high-return projects. We could well see higher capital in the years ahead in order to do that.

是的，謝謝，索尼。是的，我絕對這麼認為。我的意思是我們將繼續強化資產負債表。我們的資產負債表上仍有近6億美元的債務。我們將尋找機會預付部分款項。是的，正如我們在電話會議中提到的那樣，我認為我們有機會加速一些專案的發展。這就是我們應該做的。在這樣的金價下，我們獲得了高額回報。我們應該對高回報項目進行再投資。為了實現這一目標，我們很可能在未來幾年看到更高的資本投資。

And Anita, it's Ammar here. To the extent that we are accelerating, it's only because they're good projects. It's only because they're good projects. And frankly, the team is doing a very good job. And these are -- there's a lot going on, these are in the future. But having been in this business a long time, I can tell you I'm pleasantly surprised that the quality of the work and the potential of the project and the ability to actually move these things forward. So it's not because we're going to have extra money at these levels that we are looking to accelerate. It's primarily because they're even, in some cases, better than we thought, and we're making faster progress than we thought.

安妮塔，我是阿瑪爾。我們之所以加速，只是因為它們是好項目。這只是因為它們是好的項目。坦白說，這個團隊做得非常好。這些是——有很多事情正在發生，這些都是未來的事情。但從事這項業務很長時間後，我可以告訴你，我對這項工作的品質、專案的潛力以及實際推動這些事情向前發展的能力感到驚訝。因此，我們並不是因為在這些層面上我們會有額外的資金才希望加速。主要是因為在某些情況下，它們甚至比我們想像的還要好，而且我們所取得的進步比我們想像的還要快。

No, for sure. I think you demonstrated a prudent capital allocation. And I think it was this time last year, I was worried about you guys building a second shaft and now I'm hoping you build a second shaft. So a lot changes in the year.

不，肯定不是。我認為您表現出了審慎的資本配置。我想是去年這個時候，我還擔心你們會建造第二個豎井，而現在我希望你們建造第二個豎井。所以這一年發生了很多變化。

Well said.

說得好。

Tanya Jakusconek, Scotiabank.

加拿大豐業銀行的 Tanya Jakusconek。

Congrats on a good quarter. Jamie, just coming back to you on that capital allocation, just a lot of cash and I appreciate there's some of that $600 million of debt you want to pay down or buyback. I understand you're going to be reviewing the dividend maybe third quarter, fourth quarter or early next year. Can I just ask what minimum cash balance you feel comfortable keeping on your balance sheet to run your business? First one; And number two, if we were to see additional capital be put to projects, is accelerated? Would it be for Detour, Hope Bay, and Canadian Malartic with those be the three that you highlighted?

恭喜本季取得良好業績。傑米，剛才又談到了資本配置的問題，有很多現金，我知道你想償還或回購 6 億美元債務的一部分。我知道您將在第三季、第四季或明年年初審查股息。我可以問一下，為了經營您的業務，您覺得在資產負債表上保留的最低現金餘額是多少嗎？第一個問題；第二個問題，如果我們看到額外的資本投入到專案中，速度會加快嗎？您重點強調的是 Detour、Hope Bay 和 Canadian Malartic 三個嗎？

Thanks, Tanya, for the question. Yes. No, I mean, on your first question with respect to the minimum cash balance. I mean at these gold prices, we could be well north of $2 billion, $2.5 billion in cash on the balance sheet by the end of this year. And I'm certainly comfortable at those levels. I mean we do -- we talked about the timing of cash tax payments. We are going to have a significant cash tax outflow in the first quarter of next year.

謝謝 Tanya 提出這個問題。是的。不，我的意思是，關於最低現金餘額的第一個問題。我的意思是，以目前的金價，到今年年底，我們的資產負債表上的現金可能會遠遠超過 20 億美元、25 億美元。我對這些水平確實感到很滿意。我的意思是我們確實討論了現金納稅的時間。明年第一季我們將出現大量現金流稅流出。

And this goes to your second question, we do anticipate having opportunities to accelerate some of our capital spending to bring some of that production forward. I think it's really -- it's across our project pipeline. We'll be, I think, talking more about the potential to accelerate some of the underground production to Detour as an example. But across all of our key value drivers, there are opportunities for us to do more quicker and bring in that incremental production sooner.

這涉及到您的第二個問題，我們確實預計有機會加速部分資本支出，以提前進行部分生產。我認為它確實——它貫穿了我們的專案流程。我認為，我們將更深入討論加速部分地下生產的可能性，以 Detour 為例。但在我們所有的關鍵價值驅動因素中，我們都有機會更快地完成更多工作，並更快地實現增量生產。

Okay. And should I be kind of thinking that we should keep this total capital? I'm going to say it in a way, should we be thinking between the $2 billion to $2.5 billion range over the next few years? Should I be thinking about it that way?

好的。我是否應該考慮我們應該保留這筆總資本？我要這樣說，我們是否應該考慮未來幾年 20 億到 25 億美元的範圍？我該這樣想嗎？

Yes, I'd say it's too early to give you any formal guidance on that, Tanya. We're in the process, we're going through our kind of budgeting and scenario analysis now. And as we get into the fall, we'll have more clarity in terms of what the capital profile looks like over the next several years.

是的，我想說現在給你任何正式的指導還為時過早，Tanya。我們正處於這一過程中，正在進行預算和情境分析。隨著進入秋季，我們將更清楚地了解未來幾年的資本狀況。

Okay. And then maybe I could just ask about -- as you are thinking about your capital profile, can you talk a little bit how you are thinking about your life of mine plans and your reserves and resources given the big discrepancy in the gold price where we're at versus where reserves and resources are done? And how are you thinking about approaching that?

好的。然後也許我可以問一下——當您考慮您的資本狀況時，您能否稍微談談您如何考慮您的礦山壽命計劃以及您的儲備和資源，因為我們所處的黃金價格與儲備和資源的差異很大？您打算如何解決這個問題？

I'll start with that, Tanya, and then maybe I'll ask Guy to jump in. I mean that's an excellent question. It's one thing managing your reserve price when gold moves $100 or $200 a year. Frankly, it becomes a more complex question when the gold price moves $1,000 or $1,500. So right now, we're maintaining and we can get into the specifics a very reasonable number for our reserves -- he'll get into -- and I don't want to steal his thunder. We're doing a good job in replacing reserves. But there could be opportunities, Tanya, and I think I've talked to you about this. So let's take a look at, for example, something like Meadowbank.

我會從這個開始，Tanya，然後也許我會請 Guy 加入。我的意思是，這是一個很好的問題。當黃金價格每年波動 100 美元或 200 美元時，管理底價是一回事。坦白說，當金價達到 1,000 美元或 1,500 美元時，這個問題就變得更加複雜了。因此現在，我們正在維持並且我們可以具體確定一個非常合理的儲備數字——他會談到——我不想搶他的風頭。我們在補充儲備方面做得很好。但是可能會有機會，Tanya，我想我已經和你談過這個了。讓我們來看看，例如，像 Meadowbank 這樣的東西。

Meadowbank was supposed to run out in 2028. This is not formal direction to anybody, but we are working on something that might allow us to extend it at a lower rate to, say, 2034. Now those would be lower grade ounces that weren't the best use of our owners' money at $1,800 environment to make an awful lot of money for our owners at $3,300. So those -- in that example, of course, it makes sense because you're otherwise going to shut down the mine. Of course, it makes sense to take advantage of those additional ounces. I mean we're working on that. But -- so it is a function, and you know this very well, it's a function of do you have spare mill capacity? Are you extending a mine life? If you bring in lower-grade stuff, are you displacing higher grade into many years in the future. So it's an excellent question because gold has changed a lot, and we're looking at all of that. I don't know, Guy, if you want to jump in.

Meadowbank 預計在 2028 年耗盡。這不是對任何人的正式指示，但我們正在努力以較低的速度將其延長至 2034 年。現在，這些都是低品位的黃金，在 1,800 美元的金價環境下，它們並不是我們業主資金的最佳利用方式，而價格為 3,300 美元的金價卻為我們的業主賺取了大量金錢。所以那些——在這個例子中，當然，這是有道理的，因為否則你就會關閉礦井。當然，利用這些額外的空間是有意義的。我的意思是我們正在努力做到這一點。但是——所以它是一個功能，而且你非常清楚這一點，它是一個你是否擁有閒置工廠產能的功能？您是否正在延長礦山壽命？如果您引入低等級的東西，那麼在未來的許多年裡，您是否會取代高等級的東西。這是一個很好的問題，因為黃金已經發生了很大的變化，我們正在關注這一切。蓋伊，我不知道你是否想加入。

Yes, exactly. So we're looking at it on a mine-by-mine approach. But as mentioned by Ammar, it is paramount for us to continue to send to the mill what was in our guidance, meaning we don't want to lower the cut-off grade and change the mining sequence. But on the mine by mine, we're looking if there's extra mill capacity that we can send additional ton at lower grade and that are profitable in the higher price environment, which is the right thing to do.

是的，確實如此。因此，我們正在逐一研究每個礦井的情況。但正如阿瑪爾所提到的，對我們來說，最重要的是繼續按照我們的指導方針向工廠發送礦石，這意味著我們不想降低截止品位並改變採礦順序。但在各個礦場，我們都在尋找是否有額外的產能，以便我們可以以較低的品位發送額外的噸位，並且在更高的價格環境下盈利，這是正確的做法。

And also looking at sensitivity long-term. So we started some analysis of what could be the implication on the higher gold price environment, looking at sensitivity on each of the deposits, which may help us in some design and making sure we're not, for example, putting a waste dump next to a pit that could be much larger or stuff like that.

並且也要長期關注敏感度。因此，我們開始分析這可能對金價上漲環境的影響，研究每個礦床的敏感性，這可能有助於我們進行某些設計，並確保我們不會將廢料堆放在可能更大的礦坑旁邊或諸如此類的地方。

So we're running those scenarios, but our bottom line remains the same. We don't want to lower the cutoff grade. We don't want to change the mining sequence. We are committed to deliver the right -- to send the right ounces first, right ton first at the mill. And if there is available additional milling capacity, we're going to do so if they are profitable.

所以我們正在運行這些場景，但我們的底線保持不變。我們不想降低分數線。我們不想改變採礦順序。我們致力於提供正確的產品——首先將正確的盎司、正確的噸送到工廠。如果有額外的銑削能力，只要有利可圖，我們就會這麼做。

Okay. I don't want to ask any more questions, although I do have a lot. Hopefully, someone asks about how your exploration and reserve replacement is going. So I'll wait hopefully to hear on that.

好的。我不想再問任何問題，儘管我確實有很多問題。希望有人詢問您的勘探和儲備替代進展如何。因此我將滿懷希望地等待聽到這個消息。

Daniel Major, UBS.

瑞銀的丹尼爾·梅傑（Daniel Major）。

I think most of the capital allocation questions have been asked in different ways, so I'll leave that one. But I suppose two questions. One, you mentioned about the scope to accelerate CapEx potentially. I think around this time last year, maybe it was Q3, you increased the CapEx budget for this year. Should we assume that ability to accelerate CapEx more applies to 2026, 2027 and this year's budget is kind of reasonably fixed. Is that the right way of thinking about it?

我認為大多數資本配置問題都是以不同的方式提出的，所以我將不討論這個問題。但我想有兩個問題。首先，您提到了潛在加速資本支出的範圍。我想大約在去年這個時候，也許是第三季度，您增加了今年的資本支出預算。我們是否應該假設加速資本支出的能力更適用於 2026 年、2027 年，今年的預算是合理固定的。這是正確的思考方式嗎？

Yes, thanks for the question, Daniel. I think that's yes, I mean, I think like we're going through the process now of looking at our capital spending outlook. I think it will be -- there will be incremental spending beyond this year's budget. Examples that like Dom just spoke about. I mean, third loading shaft at Odyssey, $40 million probably has an 80% IRR. If there's things like that, that we can do to lower costs in the future to bring production on sooner, strong return projects, we'll look at them. We'll have an announcement early next year out on Hope Bay, that's going to be a new significant mine for the company but comes with a fairly hefty capital cost. So there is the potential for an increase in our overall capital spending but it's going to result in higher long-term returns and value creation for shareholders.

是的，謝謝你的提問，丹尼爾。我認為是的，我的意思是，我認為我們現在正在經歷審視資本支出前景的過程。我認為會的——今年的預算之外還會有增量支出。就像 Dom 剛才講到的例子。我的意思是，奧德賽的第三裝載井，4000 萬美元可能有 80% 的 IRR。如果有這樣的事情，我們可以做，以便在未來降低成本，更快地實現生產，實現強勁回報的項目，我們會考慮的。我們將於明年初在希望灣發佈公告，這將是公司重要的新礦，但資本成本相當高。因此，我們的整體資本支出有可能增加，但這將為股東帶來更高的長期回報和價值創造。

Okay. And the second one, just on the kind of portfolio M&A, et cetera, actually more on the sort of streamlining side. You've got a big portfolio of early-stage kind of options. Is this high gold price environment an opportunity to monetize some of those that don't meet your quality criteria?

好的。第二個是關於投資組合併購等，實際上更多的是精簡方面。您擁有大量早期階段的選擇。目前黃金價格高企的環境是否為將那些不符合品質標準的金子變現提供了機會？

Yes. I mean, clearly, a good question, good observation. We don't invest in this as a portfolio to trade and make money. We -- everything we invest in, we take a look what's the long-term potential. That said, historically, 9 out of 10, we decide -- don't fit exactly and your -- it's a good observation to notice that at these gold prices, the value of that portfolio has gone up a lot. And I can't really talk much more about it than that, but to say that it's not an unreasonable question.

是的。我的意思是，顯然，這是一個好問題，很好的觀察。我們投資這個並不是為了交易和賺錢。我們投資的每一件事，我們都會考慮其長期潛力。話雖如此，從歷史上看，我們認為 10 個中有 9 個並不完全符合您的要求——值得一提的是，在目前的金價下，該投資組合的價值已經大幅上漲。我實際上不能談論太多，但可以說這不是一個不合理的問題。

And then final, just operational question. Grades at Fosterville continue to hold up well into (inaudible) and you look to be tracking well ahead of the guidance. Are you still expecting that grade profile to come off in the second half? Is it kind of reconciliation largely and should normalize? Or is it -- are we more likely to sort of hold those rates into the end of the year?

最後，只是操作問題。福斯特維爾的成績繼續保持良好（聽不清楚），而且看起來你們的成績遠遠超出了指導水平。您是否仍期待該成績概況在下半年出現？這在很大程度上是一種和解並且應該正常化嗎？或者說——我們是否更有可能在年底前維持這些利率不變？

So with Fosterville, reconciliation has been actually okay. It's just the mine sequence. So were expecting a high -- a stronger H1 similar to Macassa, I guess, and we're expecting a lower H2 or softer H2.

因此，對福斯特維爾來說，和解其實是可以的。這只是地雷序列。因此，我們預計 H1 會更高——我猜，與 Macassa 類似，但 H2 會更低或更軟。

John Tumazos, John Tumazos Very Independent Research.

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

With the favorable paces of underground development at the underground at Malartic. Is it possible that the East Gouldie shaft has output in the second half of 2026 or reaches full output sometime in '28 instead of '29?

隨著馬拉蒂克地下礦區開發步伐的加快。東古爾迪礦井有可能在 2026 年下半年產出礦，或者在 2028 年而不是 2029 年某個時候達到滿產嗎？

Yes, John, Dominique speaking. The first shack, the end of the commissioning for the mid-shaft loading station is mid-2027. And getting to the latest loading, where we're going to be at the third now, I don't have that date, but I guess we're in the 2030.

是的，約翰，我是多明尼克。第一個棚屋，中井裝載站的調試結束時間為2027年中期。說到最新的裝載量，我們現在將達到第三次，我還沒有確定具體日期，但我猜是在 2030 年。

But the commissioning of the midpoint at '27 and it is going conclude from that.

但中點在 27 年投入使用，並將從那時開始結束。

June 2027, it should be a good party at Malartic where we're going to start to bring some ore to the top with that new shaft.

2027 年 6 月，馬拉蒂克應該會舉行一場盛大的聚會，我們將開始用新的豎井將一些礦石運送到頂部。

You can come to that party, if you want, John.

如果你願意的話，你可以來參加那個聚會，約翰。

I can ask the second one. The investment portfolio was up to $1.063 billion at June 30, should we post every night on the Investor Relations page of the website, the value of your total stockholdings, just like you're a hedge fund manager? And how do you want to safeguard these values? Some of us buy Agnico (inaudible) nickel and all this stuff. So is this a good opportunity to take $0.5 billion off the table since the stocks are up $400 million year-to-date?

我可以問第二個。截至 6 月 30 日，投資組合已達到 10.63 億美元，我們是否應該像對沖基金經理一樣，每晚在網站的投資者關係頁面上發布您的持股總額價值？您想如何維護這些價值？我們中的一些人購買 Agnico（聽不清楚）鎳和所有這些東西。那麼，鑑於今年迄今股票已上漲 4 億美元，這是否是從中獲利 5 億美元的好機會？

Yes. Look, I want to get to the core of our philosophy on that. We talk a lot, and I talk a lot about being disciplined with your money and about capital allocation. And it's our belief, and again, my personal belief that I can't be sincere -- we can't be sincere in saying we're going to be disciplined in allocating your capital, especially into new investments if we don't know a lot about those investments. If we haven't done our homework, and so we've always had a view that we're willing to take small [end] positions and interesting companies early on as you would want us to in regions that we like with projects with good prospectivity to get to know more about them. And from that, decide based on knowledge, whether or not it makes sense to spend and invest your money.

是的。瞧，我想了解我們哲學的核心。我們談了很多，我也談了很多關於如何規範使用資金以及資本配置的問題。這是我們的信念，而且是我個人的信念，如果我們對這些投資不太了解，我們就無法真誠地說我們將嚴格分配您的資金，特別是對新投資。如果我們還沒有做好功課，那麼我們一直認為，我們願意儘早承擔小型[最終]職位和有趣的公司，正如您希望我們在我們喜歡的地區擁有良好前景的項目，以便對它們有更多的了解。然後，根據知識決定是否值得花錢和投資。

So none of these are as a portfolio. So I certainly wouldn't treat it as a hedge position. That said, as I mentioned before, quite often. And in fact, in most cases, we look at something, and we say it doesn't necessarily fit perfectly. In some cases, it does, and it's worked well but we do appreciate that the market has gone up. And to the extent it made sense to divest some of these things, we're not ignorant to market conditions.

所以這些都不是投資組合。所以我當然不會將其視為對沖頭寸。話雖如此，正如我之前提到的，這種情況經常發生。事實上，在大多數情況下，我們看著某樣東西，我們會說它不一定完全合適。在某些情況下，確實如此，而且效果很好，但我們確實很高興看到市場上漲。從剝離其中一些資產的合理程度來看，我們對市場狀況並非一無所知。

It's just a lot of money, at least it seems like a lot of money to me.

這可是一大筆錢，至少在我看來是一大筆錢。

You're welcome. And it is a lot of money, fair point.

不客氣。而且這是一大筆錢，公平地說。

Thank you. There are no further questions at this time. I will now hand the call back over to Mr. Ammar Al-Joundi for closing remarks.

謝謝。目前沒有其他問題。我現在將發言權交還給阿馬爾·朱迪先生，請他作最後發言。

Well, thank you, everyone, for taking the time. There's a lot going on. The business is running really well, and we continue to appreciate the support of everybody on the call, both our investors and the analysts who coverage. Thank you.

好吧，謝謝大家抽出時間。有很多事情發生。業務運作得非常好，我們繼續感謝電話會議上每個人的支持，包括我們的投資者和分析師。謝謝。

Thank you, ladies and gentlemen. The conference has now ended. Thank you all for joining. You may all disconnect your lines.

謝謝各位，女士們、先生們。會議現已結束。感謝大家的加入。你們都可以斷開自己的線路。