Agnico Eagle Mines Ltd (AEM) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen. My name is Vanessa, and I will be your conference operator today. At this time, I would like to welcome everyone to the Agnico Eagle Mines Limited Q4 2025 Conference Call. (Operator Instructions)

女士們、先生們，早安。我叫Vanessa，今天我將擔任你們的會議接線生。在此，我謹代表 Agnico Eagle Mines Limited 2025 年第四季電話會議，歡迎各位參加。（操作說明）

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

謝謝。阿馬爾·阿爾-瓊迪先生。您可以開始會議了。

Thank you, operator. Good morning, everyone, and thank you for joining our Agnico Eagle Fourth Quarter and Year-end 2025 Conference Call. 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.

謝謝接線生。各位早安，感謝各位參加Agnico Eagle 2025年第四季及年終電話會議。我想提醒大家，我們將發表一些前瞻性聲明。所以請記住這一點，並參閱本簡報開頭的免責聲明。

This morning, we're pleased to announce another strong quarter, capping off a remarkable year. In 2025, as gold prices hit new highs throughout the year, Agnico Eagle delivered on our production targets, we delivered on our costs, and we did it responsibly and reliably. While the price of gold went up $1,700 year-over-year, our cash costs went up $76 per ounce.

今天早上，我們很高興地宣布又一個強勁的季度業績，為這非凡的一年畫上了圓滿的句號。2025 年，隨著金價在全年創下新高，Agnico Eagle 實現了我們的生產目標，控制了成本，並以負責任和可靠的方式完成了這一切。雖然黃金價格比去年同期上漲了 1700 美元，但我們的現金成本卻上漲了每盎司 76 美元。

This means we delivered over 95% of this gold price increase to the benefit of our shareholders, delivering on our core mandate of providing gold upside leverage to our owners. In 2025, we repaid almost $1 billion in debt. We built up almost $3 billion in cash, and we returned over $1.4 billion directly to our owners through dividends and share buybacks, all while continuing to invest heavily in our future through the largest exploration budget we've ever had, and through continued strong investment into our five key growth projects.

這意味著我們實現了超過 95% 的黃金價格上漲，使股東受益，履行了我們為股東提供黃金價格上漲槓桿的核心使命。2025年，我們償還了近10億美元的債務。我們累積了近 30 億美元的現金，並透過股利和股票回購直接向股東返還了超過 14 億美元，同時繼續透過有史以來最大的勘探預算對我們的未來進行大量投資，並繼續大力投資我們的五個關鍵成長項目。

In an exceptional year for gold, Agnico Eagle delivered on our commitments to our owners, to our employees, and to our communities. This strong momentum continues into 2026 and beyond, supported by a stable annual production profile of between 3.3 million to 3.5 million ounces over the next three years at peer-leading costs while reporting record reserves, record resources, record inferred ounces and an increase to our dividend.

在黃金價格異常豐收的一年裡，Agnico Eagle 履行了我們對所有者、員工和社區的承諾。這一強勁勢頭將延續到 2026 年及以後，未來三年，公司將保持穩定的年產量，在 330 萬至 350 萬盎司之間，成本處於行業領先水平，同時公佈創紀錄的儲量、創紀錄的資源量、創紀錄的推斷盎司數，並提高股息。

While 2026 cash costs are forecast to be up a little over $100 per ounce compared to last year, more than half of that increase is from the assumption of higher royalties and a stronger Canadian dollar. Excluding those assumptions, our cost increase is about 4% to 5%. This would be at or slightly below the inflation we saw in the industry last year.

雖然預計 2026 年的現金成本將比去年每盎司上漲 100 多美元，但其中超過一半的成長是由於假設特許權使用費增加和加幣走強。排除這些假設，我們的成本增加約為 4% 至 5%。這將與去年該行業的通膨水平持平或略低。

So, good cost control on the factors that we can influence. Our reserves are at a record 55.4 million ounces, up 2%. Our resources are at a record 47.1 million ounces, up almost 10%. And our inferred ounces are at a record 41.8 million ounces, up a remarkable 15.5%. 2025 was an exceptional year, and our near-term prospects look even better.

因此，要對我們能夠控制的因素進行良好的成本控制。我們的儲量達到創紀錄的 5,540 萬盎司，成長了 2%。我們的資源量達到創紀錄的 4,710 萬盎司，成長了近 10%。我們推斷的黃金產量將達到創紀錄的4,180萬盎司，增幅高達15.5%。 2025年是非凡的一年，而我們近期的前景看起來更光明。

But the real story this morning, the real excitement is not in looking back or even the next three years. The real excitement this morning is that Agnico Eagle is in the best position we've ever been in, and we're already aggressively advancing our next phase of growth and growth per share.

但今天早上真正的故事，真正令人興奮的事情，並不在於回顧過去，甚至不在於展望未來三年。今天早上最令人興奮的是，Agnico Eagle 目前處於有史以來最好的位置，我們已經在積極推進下一階段的成長和每股成長。

This morning, we want to focus on our plan to increase production by up to 20% to 30% over the next decade with a path to over 4 million ounces of annual production by the early 2030s. This growth is from the highest quality projects in the best jurisdictions in the world. This growth is from projects we already own in jurisdictions we know well with existing teams and in most cases, leveraging off existing infrastructure.

今天上午，我們想重點談談我們的計劃，在未來十年內將產量提高 20% 至 30%，目標是在 2030 年代初實現年產量超過 400 萬盎司。這一增長源於全球最佳地區最高品質的項目。這一增長源於我們在我們熟悉的司法管轄區內擁有的項目，以及我們現有的團隊，並且在大多數情況下，我們都利用了現有的基礎設施。

This is important because our job isn't simply to grow, but rather it's to grow value for our owners on a per share basis. And in our industry, growing in stable jurisdictions, leveraging existing infrastructure not only delivers to our owners the best return on capital, but also the best risk-adjusted return on capital.

這很重要，因為我們的工作不僅僅是發展壯大，而是為我們的股東創造每股價值。在我們這個行業，在穩定的司法管轄區發展，利用現有的基礎設施，不僅可以為我們的所有者帶來最佳的資本回報，還可以帶來最佳的風險調整後資本回報。

Next slide, please. These assets are where over the past few years we've been investing substantial time, energy and money and where our investments are accelerating. But we're at a point where we see a step change in production per share starting in 2030, and we're eager to share our progress with you this morning.

請看下一張投影片。過去幾年，我們投入了大量的時間、精力和金錢在這些資產上，而且我們的投資正在加速成長。但我們已經到了這樣一個關鍵時刻：從 2030 年開始，每股產量將發生質的飛躍式增長，我們非常渴望今天早上與您分享我們的進展。

At Detour Lake, the largest gold mine in Canada, where we're executing a plan with the potential to deliver an additional 300,000 to 350,000 ounces per year through the development of an underground mine. We've added 4.3 million ounces of resources during the past year in the high-grade mineralized corridor that's amenable to this underground mining.

在加拿大最大的金礦——迪圖爾湖，我們正在執行一項計劃，透過開發地下礦山，每年有望額外產出 30 萬至 35 萬盎司黃金。過去一年，我們在適合地下開採的高品位礦化帶新增了 430 萬盎司的資源。

And, we're tripling our investment from $100 million to $300 million as we accelerate our work towards a go-ahead decision mid-2027, and potential to start underground production as early as 2028. At the Canadian Malartic Complex, the second largest gold mine in Canada, where we see an opportunity to add a remarkable 400,000 to 500,000 ounces per year through our fill-the-mill strategy.

我們將投資從 1 億美元增加到 3 億美元，加快推進工作，爭取在 2027 年年中做出最終決定，並有可能在 2028 年開始地下生產。在加拿大第二大金礦——加拿大馬拉蒂克礦區，我們看到了一個機會，透過我們的「填滿礦廠」策略，每年可以增加驚人的 40 萬至 50 萬盎司黃金產量。

We've added 9 million ounces of reserves since our last technical update. We're ahead of schedule on the ramp, expected first production from East Gouldie this quarter, and ahead of schedule on the first shaft expected to commission in 2027. We're making excellent progress evaluating opportunities to fill-the-mill further via the Marban open pit, via Wasamac underground and via a second shaft.

自上次技術更新以來，我們的黃金儲量增加了900萬盎司。我們在斜坡道建設方面進展順利，預計本季度東古爾迪礦將實現首次投產；第一個豎井的建設也進展順利，預計將於 2027 年投入使用。我們正在評估透過馬爾班露天礦、瓦薩馬克地下礦和第二個豎井進一步填滿磨坊的機會，並取得了非常好的進展。

All three have targeted first production by 2033. At Upper Beaver, which is expected to produce over 200,000 ounces per year, we're ahead of schedule, again, on both the ramp and the shaft. We're increasing our investment from $200 million to $300 million to accelerate the development of the project with the goal of bringing production forward to 2030.

這三家公司都將2033年作為首次投產的目標。預計每年可生產超過 20 萬盎司黃金的 Upper Beaver 礦，無論是斜坡還是豎井，我們的進度都再次超前。我們將投資從 2 億美元增加到 3 億美元，以加快專案開發，目標是在 2030 年實現投產。

At Hope Bay, where we're working on a study that supports a 400,000 to 425,000 ounces per year operation, we saw a 46% increase in inferred mineral resources, primarily from Patch 7. We expect a study update and potentially a project approval as soon as May of this year.

在霍普灣，我們正在進行一項研究，以支持每年 40 萬至 42.5 萬盎司的運營，我們發現推斷礦產資源增加了 46%，主要來自 7 號礦區。我們預計最快將於今年五月獲得研究進度報告，並有可能獲得專案批准。

We continue to make good progress at San Nicolas and hope to have permits to move forward shortly. These projects alone have the potential to add 1.3 million to 1.5 million ounces of highly profitable annual production. And in each case, we've made excellent progress and we're moving forward aggressively.

我們在聖尼古拉斯計畫上持續取得良好進展，希望很快就能獲得許可證，繼續推進計畫。光是這些項目就有可能每年增加 130 萬至 150 萬盎司的高利潤黃金產量。在每項工作中，我們都取得了顯著進展，並且正在積極推進。

With that introduction, I will now turn over the presentation to our CFO, Jamie Porter, to review our third quarter and full year results.

介紹完畢，現在我將把演示交給我們的財務長傑米·波特，由他來回顧我們第三季和全年的業績。

Thank you, Ammar. As Ammar mentioned, we delivered record financial results in 2025, driven by a strong operating performance, disciplined cost control and a supportive gold price environment. We finished the year with a solid fourth quarter, producing approximately 841,000 ounces of gold at total cash cost of $1,089, an all-in sustaining costs of $1,517 per ounce.

謝謝你，阿瑪爾。正如阿瑪爾所提到的，在強勁的營運績效、嚴格的成本控制和有利的黃金價格環境的推動下，我們在 2025 年取得了創紀錄的財務表現。我們以穩健的第四季業績結束了這一年，生產了約 841,000 盎司黃金，總現金成本為每盎司 1,089 美元，綜合維持成本為每盎司 1,517 美元。

Costs increased quarter-over-quarter, primarily due to higher royalties, lower production volumes, and higher costs at our Meadowbank mine associated with extending mine life. Despite higher costs, we delivered a number of financial records in the fourth quarter, including record adjusted earnings of approximately $1.4 billion or $2.70 per share, and record free cash flow of over $1.3 billion or $2.62 per share.

成本環比增加，主要原因是更高的特許權使用費、更低的產量以及與延長礦山壽命相關的 Meadowbank 礦山成本增加。儘管成本較高，但我們在第四季度取得了多項財務記錄，包括創紀錄的調整後收益約 14 億美元（每股 2.70 美元）和創紀錄的自由現金流超過 13 億美元（每股 2.62 美元）。

For the full 2025 year, we exceeded the midpoint of our guidance with gold production of 3.45 million ounces, underscoring our consistent track record of execution. Total cash costs and all-in sustaining costs were $979 and $1,339 per ounce, respectively.

2025 年全年，我們的黃金產量達到 345 萬盎司，超過了預期中位數，這凸顯了我們一貫的執行力。總現金成本和全部維持成本分別為每盎司 979 美元和 1339 美元。

Both were slightly above the top end of our guidance ranges due to higher royalty costs driven by an average realized gold price of $3,454, nearly $1,000 per ounce above our guidance assumption. If we exclude the impact of higher royalties, our total cash cost would have been $937 per ounce, $42 per ounce lower and below the midpoint of our guidance, again, reflecting strong cost discipline and execution by our operating teams.

由於平均實際金價達到每盎司 3,454 美元，比我們的預期高出近 1,000 美元，導致特許權使用費成本上升，因此兩項指標均略高於我們預期範圍的上限。如果排除更高的特許權使用費的影響，我們的總現金成本將為每盎司 937 美元，比我們預期的中點低 42 美元，這再次反映了我們營運團隊嚴格的成本控制和執行力。

With this performance, we generated strong leverage to the gold price, capturing approximately 95% of the increase in gold price and margin expansion, and delivered record financial results across the board, including approximately $4.4 billion in free cash flow for the year.

憑藉這一業績，我們獲得了黃金價格的強勁槓桿效應，獲得了黃金價格上漲和利潤率擴張約 95% 的收益，並實現了全面創紀錄的財務業績，包括全年約 44 億美元的自由現金流。

We turn to the next slide. Our record financial performance and continued margin expansion benefited our shareholders, both through increased direct returns and through a materially stronger balance sheet. In 2025, we repaid approximately $950 million of debt and increased our cash position by $1.9 billion, ending the year with $2.9 billion of cash.

我們來看下一張投影片。我們創紀錄的財務表現和持續的利潤率擴張使我們的股東受益，既增加了直接回報，也使資產負債表更加強勁。2025 年，我們償還了約 9.5 億美元的債務，現金儲備增加了 19 億美元，年底現金餘額為 29 億美元。

We delivered record shareholder returns through share buybacks and dividends, totaling approximately $500 million in the fourth quarter, and a record $1.4 billion for the full 2025 year. We are in the strongest financial position in our company's history, and we believe we are exceptionally well positioned in the current gold price environment.

我們透過股票回購和分紅，為股東帶來了創紀錄的回報，第四季總計約 5 億美元，2025 年全年總計創紀錄的 14 億美元。我們目前處於公司歷史上最強勁的財務狀況，我們相信在當前的黃金價格環境下，我們擁有極為有利的地位。

We expect to continue to increase shareholder returns. We increased the quarterly dividend by 12.5% to $0.45 per share, and at current gold prices, we expect to be more active on share buybacks. To support this, we intend to renew our normal course issuer bid in May and increase the purchase limit up to $2 billion.

我們期望繼續提高股東回報。我們將季度股息提高了 12.5%，達到每股 0.45 美元，並且以目前的金價，我們預計將更積極地進行股票回購。為了支持這一目標，我們計劃在 5 月恢復正常的發行人要約收購，並將購買限額提高至 20 億美元。

In 2025, we returned approximately one third of our free cash flow to shareholders, and we see the potential to increase that to 40% or higher this year with flexibility depending on the gold price and the needs of the business. At the same time, we remain focused on further strengthening our financial position.

2025年，我們將大約三分之一的自由現金流返還給股東，我們認為今年有潛力將這一比例提高到40%甚至更高，具體比例將根據黃金價格和業務需求而定。同時，我們將繼續致力於進一步加強我們的財務狀況。

As a reminder, given our strong profitability, we are required to pay a significantly higher cash tax liability related to the 2025 fiscal year this February, which is approximately $1.3 billion, and we have the cash on hand to fund that obligation.

再次提醒大家，鑑於我們強勁的盈利能力，我們需要在今年二月支付與 2025 財年相關的更高額的現金稅款，約為 13 億美元，而我們手頭有足夠的現金來履行這一義務。

Lastly and importantly, we continue to deploy capital in a disciplined manner to advance our highest return organic growth opportunities. While current gold prices are driving strong cash flow generation, we remain committed to disciplined capital allocation with a continued focus on enhancing long-term shareholder value.

最後也是非常重要的一點，我們將繼續以嚴謹的方式部署資本，以推進回報最高的內生成長機會。儘管目前的金價帶來了強勁的現金流，但我們仍致力於嚴格的資本配置，並持續專注於提升股東的長期價值。

We move on to the next slide. We have updated our guidance and continue to expect stable production levels over the next three years. We're especially proud of the work our team has done as we were able to provide an improved outlook for 2028 relative to consensus, supported by a life-of-mine extension at Meadowbank and higher levels of production from Canadian Malartic, Fosterville and Kittila.

我們進入下一張投影片。我們已更新了預期，並繼續預計未來三年產量將保持穩定。我們為團隊的工作感到格外自豪，因為我們能夠提供比市場普遍預期更好的 2028 年展望，這得益於 Meadowbank 礦山壽命的延長以及 Canadian Malartic、Fosterville 和 Kittila 產量的提高。

We turn to costs, the midpoint of our 2026 guidance ranges are $1,070 per ounce for cash costs and $1,475 per ounce for all-in sustaining costs. Approximately 60% of the increase in cash costs relative to 2025 reflects higher royalties driven by a higher budgeted gold price of $4,500 per ounce and the impact of a stronger Canadian dollar.

我們來看成本，我們 2026 年指引範圍的中點為每盎司現金成本 1,070 美元，每盎司全部維持成本 1,475 美元。與 2025 年相比，現金成本增加約 60% 是由於預算黃金價格提高至每盎司 4,500 美元以及加幣走強帶來的更高特許權使用費所致。

The remaining 40% of the increase reflects expected inflation of approximately 4% to 5%, and the impact of lower grade mining sequences. Beginning in 2026 to enhance consistency and comparability across our Nunavut operations, we have adjusted the calculation of total cash costs and all-in sustaining costs to exclude certain payments at Amaruq that are made to the NTI, an organization representing the Inuit of Nunavut.

剩餘的 40% 的增長反映了預計約 4% 至 5% 的通貨膨脹，以及低品位採礦作業的影響。從 2026 年開始，為了提高我們在努納武特地區各項業務的一致性和可比性，我們調整了總現金成本和全部維持成本的計算方法，將阿馬魯克工廠支付給努納武特因紐特人代表組織 NTI 的某些款項排除在外。

These payments have similar characteristics to mining duties we pay under the Nunavut mining regulations, which are already excluded from the total cash costs and all-in sustaining costs. Our cash costs and all-in sustaining costs remain hundreds of dollars per ounce below those of our peers, reflecting the quality of our asset base and continued cost discipline.

這些款項與我們根據努納武特採礦法規繳納的採礦稅具有相似的特徵，這些採礦稅已從總現金成本和全部維持成本中扣除。我們的現金成本和全部維持成本仍然比同業低每盎司數百美元，這反映了我們資產基礎的品質和持續的成本控制。

If we look at our capital expenditure guidance, it reflects our focus on reinvesting in the business to lay the groundwork for our next phase of growth. We are accelerating capital at Detour Underground and Upper Beaver through mid-2027. In addition, Hope Bay represents an attractive growth opportunity.

如果我們看一下我們的資本支出指導，就會發現它反映了我們對業務再投資的重視，為我們下一階段的成長奠定了基礎。我們正在加速推進 Detour Underground 和 Upper Beaver 的資本投入，直到 2027 年年中。此外，霍普灣也代表著極具吸引力的成長機會。

If approved, we expect additional capital of approximately $300 million beyond what is currently reflected in the guidance for 2026. Dom, Natasha, and Guy will provide further detail on these projects later on the call. Together, these projects represent compelling opportunities that deliver strong returns with significant upside and the potential to create value for decades to come.

如果獲得批准，我們預計在 2026 年的業績指引中，將額外獲得約 3 億美元的資金。Dom、Natasha 和 Guy 將在稍後的電話會議上提供這些項目的更多細節。這些項目共同構成了極具吸引力的機會，能夠帶來豐厚的回報，並具有巨大的成長潛力，而且在未來幾十年內都有可能創造價值。

Overall, our updated guidance reflects a consistent and reliable business at peer-leading costs as we continue to advance our pipeline of growth projects and remain well positioned to deliver meaningful leverage to higher gold prices.

總體而言，我們更新後的業績指引反映了我們以領先同行的成本實現持續可靠的業務，同時我們繼續推進增長項目，並保持良好的發展勢頭，以充分利用金價上漲帶來的收益。

With that, I'll turn the call over to Dom.

這樣，我就把電話交給多姆了。

Thank you, Jimmie. Good morning, everyone. In my part, I will cover the operation and key project highlights for Quebec, Nunavut in Finland. Q4 has been very stable, again, consistent quarter that contributed to a strong 2025 on production and costs. Thanks to all employees and management team for their commitment, engagement but specifically about the collaboration to keep improving the business.

謝謝你，吉米。各位早安。我將介紹魁北克省、努納武特地區和芬蘭的營運情況和重點項目亮點。第四季表現非常穩定，再次保持了季度穩定成長，為2025年在生產和成本方面取得強勁業績做出了貢獻。感謝所有員工和管理團隊的付出和投入，尤其感謝大家為不斷改善業務所做的合作。

And a good example of that collaboration is about how we are -- around how we are better usage, we do a better usage of our data. It is highlighted here in the outlook. At LaRonde, the last six months, they've worked on telemetry to analyze the data, the behavior of the equipment and the behavior of the operator to better understand how this was going.

而這種合作的一個很好的例子就是我們如何更好地利用我們的數據。這一點在展望部分得到了重點闡述。在 LaRonde，過去六個月裡，他們一直在研究遙測技術，分析數據、設備運作和操作員行為，以便更好地了解情況進展。

And they've been able to improve the number of hours on the transmissions and motors from 3,000 hours up to now 6,000, 7,000, 8,000 hours. This has been done by building an in-house expertise on analyzing data and finding trending and then getting back to the operator, getting back to the trainers to go in that direction.

他們將變速箱和馬達的使用壽命從 3,000 小時提高到了現在的 6,000、7,000、8,000 小時。這是透過建立內部專業知識來實現的，即分析數據、發現趨勢，然後回饋給操作員和培訓人員，讓他們朝著這個方向努力。

So this is a very good way to be more efficient. And this is also something which is transferable to other operations and other projects that we're currently building. So through that collaboration, now we're transferring that to Goldex, and then it's going to go also to other divisions.

所以這是提高效率的一個非常好的方法。而且，這種經驗也可以應用在我們目前正在進行的其他業務和專案中。所以透過這次合作，我們現在將這項技術轉移到 Goldex，然後它也將轉移到其他部門。

Same thing with the fleet management system. We're piloting right now at LZ5. So specifically, we're going to have a dispatch system into our ramps for you, that have already been underground into a ramp. You could see how it could be a mess sometime. So we're now bringing that to another level.

車隊管理系統也存在同樣的問題。我們現在正在LZ5進行試飛。具體來說，我們將為您提供一個調度系統，將車輛連接到我們已經鋪設到地下的坡道。你可以想像，有時候情況會變得很混亂。所以我們現在要把它提升到另一個層次。

And all that knowledge is going to be rolled out also at Odyssey and Amaruq this year. Another good news on the outlook is Meadowbank mine life extending up to 2030. Meadowbank have played a very important role in smoothing our 2026-2030 production profile by bringing those additional ounces.

今年，所有這些知識也將在 Odyssey 和 Amaruq 展會上得到應用。另一個利多消息是，Meadowbank 礦場的壽命將延長至 2030 年。Meadowbank 透過增加產量，在平滑我們 2026-2030 年的生產計劃方面發揮了非常重要的作用。

Thanks to the Meadowbank team for this key contribution. Those ounces are, yes, higher risk, not higher risk. I mean higher cost but low risk into, let's say, current infrastructure. So that's very positive, and thanks for the team also to keep looking for more options to potentially extend it beyond 2030. This is still under review.

感謝 Meadowbank 團隊的這項重要貢獻。是的，這些盎司的風險更高，但並非風險更高。我的意思是，成本較高但風險較低，比如說，在現有基礎設施的基礎上。這是非常正面的訊號，也感謝團隊繼續尋找更多方案，以期將專案延長至 2030 年以後。此事仍在審查中。

Next page. Malartic fill-the-mill strategy. So back in 2023, when we released our first or updated study on that, we have 9 million ounces. The mine life was going to 2042. With the good drilling done, we've been able to potentially extend by double that mine life.

下一頁。馬拉克式的填滿工廠策略。所以早在 2023 年，當我們發布關於該領域的第一份或更新的研究報告時，我們統計到有 900 萬盎司。該礦的開採壽命將持續到2042年。由於鑽探工作進展順利，我們有可能將礦場壽命延長一倍。

So with the first shaft, which is illustrated on the first line here at the bottom in the ramp, we're still very in a good position to deliver that on time, on budget. But since we are adding more ounces, that could bring us up to 2056 to 2057. So, this is why the second line is now into play. How could we bring those ounces faster into the time.

所以對於第一個豎井（如圖底部斜坡第一行所示），我們仍然很有希望能按時按預算完成。但由於我們增加了盎司數，這可能會使我們達到 2056 至 2057 年。所以，這就是第二條防線投入使用的原因。我們如何更快地將這些盎司轉化為時間？

So the team is working on that to potentially have a second shaft in operation in 2033. That's one part of the vision of the 1 million ounces. Again, back to the 2033, we at that time, set a vision, okay, how could we bring that to 1 million ounces using just one third of the mill. The first second shaft is a good example.

因此，該團隊正在努力爭取在 2033 年投入第二個豎井。這是實現100萬盎司願景的一部分。再回到 2033 年，當時我們設定了一個願景，好吧，我們如何只用三分之一的工廠產能實現 100 萬盎司的目標。第一根第二根軸就是一個很好的例子。

And as well in the last three years, we've worked to bring also Marban and Wasamac, two satellite ore body that's going to be transported to Malartic, and that also could bring more ounces. If you add, you do the sum of that, we're at the 1 million ounces.

過去三年，我們也努力將馬爾班和瓦薩馬克這兩個衛星礦體也運往馬拉爾蒂克，它們也可能帶來更多的黃金。如果把它們加起來，我們就得到 100 萬盎司。

We are progressing well into the studies, and we're targeting to give you more information on that potentially end of Q3, early Q4 next year that you're going to be able to have a better view on all of them. So very positive news. The fill-the-mill strategy is taking place, and there's still room also at the mill.

我們的研究進展順利，我們的目標是在明年第三季末或第四季度初向您提供更多信息，以便您能更好地了解所有情況。這是非常正面的消息。工廠全力運轉，而且工廠裡還有空位。

If you do -- you sum all of that, you're going to be at 46,000 ounces per year. So there are still over 25 drills running into the region around Canadian Malartic, and who knows where we're going to be in three years from now.

如果你這樣做——把所有這些加起來，你每年將達到 46,000 盎司。所以目前在加拿大馬拉克地區還有超過 25 個演習正在進行，誰知道三年後我們會身在何處。

Next slide. At Hope Bay, back in 2021 after the acquisition of TMAC, we quickly set a target to bring it over, let's say, north of [350,000] ounces per year to make that project economical. So, the good news is we are reaching that now, and we are looking to release and to give you more information about that in May this year.

下一張投影片。在 Hope Bay，2021 年收購 TMAC 之後，我們迅速設定了一個目標，將產量提高到每年 35 萬盎司以上，以使該專案具有經濟效益。好消息是，我們現在已經接近目標，我們計劃在今年五月發布相關信息，並向大家提供更多詳情。

The study looks like a 6,000 tonne per day, north of 400,000 ounces per year. So we're reaching our target. We're going to be able to start to, let's say, first kick off a 10 year life of mine. This is what we're looking for. And if this goes forward, we're going to be able to spend -- we're well prepared to spend an additional $300 million on top of what we are guiding right now.

這項研究表明，日產量約為 6,000 噸，年產量超過 40 萬盎司。所以，我們即將達成目標。我們將能夠開始，比如說，先開啟我人生的10年。這就是我們想要的。如果這項計劃得以推進，我們將能夠支出——我們已經做好充分準備，在目前指導的支出基礎上再增加 3 億美元。

So it's very positive. And the study is built on strong foundation, using Meliadine and Amaruq mine benchmark. So we know what's going to be the cost. We know how we're going to operate that. It is backed with historical background, historical information on the OpEx, on the CapEx, how it's going to cost to build.

所以這是非常正面的訊號。該研究建立在堅實的基礎上，以 Meliadine 和 Amaruq 礦為基準。所以我們知道成本是多少了。我們知道該如何操作。它以歷史背景、營運支出和資本支出等歷史資訊為支撐，並說明了建設成本。

Secondly, we are over -- we're going to be over 50% of engineering. That was a clear target. We're reaching that. And on the execution, it's not our first barbecue in Nunavut. So we know how to do it. It's going to be the same team using the same contractors or partially same contractors, and we know it's going to be a success.

其次，我們的工程佔比已經超過 50% 了。那是一個明確的目標。我們正在接近這個目標。至於執行方面，這也不是我們在努納武特第一次舉辦燒烤活動了。所以我們知道該怎麼做。還是原來的團隊，用同樣的承包商或部分同樣的承包商，我們知道一定會成功。

On that, I will pass the mic to my great teammate, Natasha.

接下來，我將把麥克風交給我的好隊友娜塔莎。

Thanks, Tom, and good morning, everyone. I'll cover the operational highlights for Ontario, Australia, and Mexico. The regions delivered fully production as planned and demonstrated balanced execution across the portfolio. And at the same time, they continue to advance initiatives to further optimize our performance.

謝謝你，湯姆，大家早安。我將介紹安大略省、澳洲和墨西哥的營運亮點。各區域均按計畫全面完成生產，並在整個產品組合中展現了均衡的執行力。同時，他們不斷推進各項舉措，以進一步優化我們的業績。

At Macassa, we're very proud of the team as we've achieved record gold production. And in 2025, anticipating declining reserve grades in the coming years, the team proactively initiated work to increase mill throughput. And now in 2026, we continue to advance these initiatives with a target to increase throughput to 2,150 tonnes per day by the end of 2027.

Macassa公司為我們的團隊感到非常自豪，因為我們取得了創紀錄的黃金產量。2025 年，考慮到未來幾年礦石儲量品位將下降，團隊積極主動地啟動了提高選礦廠處理能力的工作。到了 2026 年，我們繼續推進這些舉措，目標是到 2027 年底將日吞吐量提高到 2,150 噸。

At Fosterville, we're taking a very similar approach in managing declining reserve grades. We now have a plan to increase the milling and mining rates to 3,300 tonnes per day by 2028 through various optimization efforts. And this plan is expected to support annual production of somewhere around 160,000 to 190,000 ounces starting in 2028 and into the early 2030s.

在福斯特維爾，我們採取了非常類似的方法來應對儲量品味下降的問題。我們現在製定了一項計劃，透過各種優化措施，到 2028 年將選礦和採礦速度提高到每天 3300 噸。該計劃預計將支持從 2028 年開始到 2030 年代初，每年約 16 萬至 19 萬盎司的產量。

And we continue to see significant upside at Fosterville through exploration to support mine life extension. At Detour, despite the pit delays this year, the mill achieved record annual throughput of 28 million tonnes. That represents a 35% increase since the mill expansion began six years ago. I just want to take a moment to commend the team for this achievement. It was a lot of hard work to get there. So I just wanted to say a quick thank you to the team.

我們持續看到福斯特維爾礦區透過勘探延長礦山壽命的巨大成長潛力。儘管今年礦坑出現延誤，但 Detour 選礦廠仍實現了創紀錄的年產量 2,800 萬噸。這比六年前工廠擴建開始時增加了 35%。我只想藉此機會表揚一下團隊所取得的這項成就。走到這一步，我們付出了很多艱辛的努力。所以我想簡單地向團隊表示感謝。

The team is now focused on further optimization with a revised timeline to support a more measured ramp up to 29 million tonnes, giving the team a little bit more flexibility, and to optimize processes and embed sustainable operating practices.

目前，團隊正致力於進一步優化，並修訂了時間表，以支持更穩步地將產量提升至 2900 萬噸，從而賦予團隊更大的靈活性，並優化流程和嵌入可持續的營運實踐。

Now moving to the next slide. The mill optimization that I just spoke about to 29 million tonnes is part of Detour's next phase of growth, which also includes the development of an underground operation. We're advancing on both fronts, and we have a clear line of sight to achieving 1 million ounces of annual gold production in the early 2030.

現在進入下一張投影片。我剛才提到的將選礦廠產能優化至 2,900 萬噸是 Detour 下一階段成長計畫的一部分，該計畫還包括開發地下作業。我們在這兩個方面都取得了進展，並且我們有明確的目標，即在 2030 年初實現年產 100 萬盎司黃金。

In 2025, we made good progress in advancing permitting, in exploration, in high-intensity drilling, in establishing the key infrastructure on surface and of course, developing the exploration ramp. So given our increasing confidence in the underground project, we've decided to accelerate approximately $200 million of capital through to mid-2027.

2025 年，我們在推進許可審批、勘探、高強度鑽探、建立地面關鍵基礎設施以及開發勘探斜坡道方面取得了良好進展。鑑於我們對地下工程項目的信心日益增強，我們決定將約 2 億美元的資金提前到 2027 年年中投入。

This acceleration of capital is expected to de risk project construction, and ramp-up and also could accelerate the development towards the main (inaudible). At the same time, we're also assessing to begin incremental underground production from a shallower western extension zone as early as 2028.

預計資本的加速流入將降低專案建設和產能提升的風險，並可能加速主要目標的開發。（聽不清楚）同時，我們也在評估最早於 2028 年開始從較淺的西部延伸區逐步進行地下生產的可能性。

So since our last project update in June 2024, the mineral resources have increased significantly. As a reminder, only 4 million ounces were included in the underground study update in June 2024. While our year-end mineral resources are now roughly at 6 million ounces in measured and indicated, and another 6 million ounces in invert.

自我們上次於 2024 年 6 月更新專案以來，礦產資源已大幅增加。提醒一下，2024 年 6 月的地下研究更新只包含了 400 萬盎司。雖然我們今年的礦產資源量目前約為600萬盎司（已探明且已控制），另有600萬盎司（未探明）。

And considering the continued exploration success, we feel that there is an opportunity for a larger underground mine than the one we first envisioned. The combination of exploration success and this higher gold price environment has given us a lot of optionality at Detour that we're in the early stages of evaluating.

考慮到勘探工作的持續成功，我們認為有機會建造比我們最初設想的更大的地下礦場。勘探的成功以及金價上漲的環境，為 Detour 專案帶來了許多選擇，我們目前正處於評估的早期階段。

This could include a higher milling capacity, a larger underground scenario or a larger open pit. We said when the study was completed in 2024 that this was just a snapshot in time, and we continue to believe that. So stay tuned. We feel that further opportunity is still ahead at Detour.

這可能包括更高的選礦能力、更大的地下開採方案或更大的露天礦坑。我們在 2024 年完成這項研究時就說過，這只是某一時刻的快照，我們現在仍然這麼認為。敬請期待。我們認為 Detour 還有更大的發展機會。

Now moving to Upper Beaver. The project continues to advance very well there. The exploration ramp is ahead of schedule. And in the fourth quarter, we began shaft sinking, and by year-end, the shaft reached a depth of 155 meters. The team has done an excellent job.

現在搬到上比佛。該專案在那邊的進展非常順利。勘探坡道建設進度提前。第四季度，我們開始開挖豎井，到年底，豎井已達到 155 公尺的深度。團隊做得非常出色。

And given their strong execution, we're now planning to spend an additional $100 million from now under project sanction that's expected in mid-2027. Again, like the Detour Underground project, this acceleration of capital is expected to de risk the construction and ramp up and also accelerate initial production to 2030.

鑑於他們出色的執行力，我們現在計劃從現在開始追加 1 億美元的投資，該項目預計將於 2027 年年中獲得批准。與 Detour Underground 專案類似，此資本加速注入可望降低建設和擴建的風險，並加快初期投產，預計到 2030 年即可實現。

Now I've said this before, that the Upper Beaver project could unlock significant long-term value across the company's wider Kirkland Lake camp. In addition to the potential extension of the mineralization at depth at Upper Beaver, the project could also support a centralized mill strategy for satellite deposits that are nearby, like Upper Canada or Anoki-McBean.

我之前說過，Upper Beaver 專案可能會為公司在 Kirkland Lake 地區更大的營地帶來巨大的長期價值。除了可能進一步擴大 Upper Beaver 礦床的深部礦化範圍外，該計畫還可以支援對附近衛星礦床（如 Upper Canada 或 Anoki-McBean）採取集中式選礦策略。

All in all, the Upper Beaver project is progressing very well. I would like to end by just thanking the teams for their passion, their persistence, their incredible efforts in 2025. It's very much appreciated, and I look forward to continuing to advance the optimization efforts with you and the key projects.

總的來說，上比佛計畫進展非常順利。最後，我要感謝所有團隊在 2025 年所展現的熱情、堅持和令人難以置信的努力。非常感謝，我期待繼續與您一起推進優化工作和重點專案。

With that, I'll pass the call over to Guy.

這樣，我就把電話轉給蓋伊了。

We have more than 120 drill rig in action through the year in 2025, and safely completed nearly 1.4 million meters of core drilling while controlling our unit cost that were slightly lower than previous year. Our commitment to innovation led by our drilling excellence team continue to pay off, and will be an important part of our success moving forward as we are undertaking 2026, with an objective to exceed 1.5 million meters of drilling.

2025 年全年，我們有 120 多台鑽機投入使用，安全完成了近 140 萬米的岩芯鑽探，同時控制了單位成本，比上一年略低。我們致力於創新，而我們卓越的鑽井團隊的領導也持續取得成效，這將是我們未來成功的重要組成部分。我們正著手製定 2026 年的目標，即鑽井量超過 150 萬公尺。

On Slide 14, the 2025 exploration drill program across our operation and key pipeline projects combined with the acquisition of Marban project next to the Canadian Malartic complex, led to a very strong mineral reserve and mineral resources total at year-end 2025. Year-over-year, our mineral reserves are up 2.1% to 55.4 million ounces.

在第 14 張投影片中，2025 年我們在營運和主要管道項目上開展的勘探鑽探計劃，加上收購了位於加拿大馬拉克礦區附近的 Marban 項目，使得我們在 2025 年底擁有了非常強大的礦產儲量和礦產資源總量。與去年同期相比，我們的礦產儲量成長了 2.1%，達到 5,540 萬盎司。

Our measured and indicated mineral resources are up by almost 10% to 47 million ounces. And our inferred mineral resources are up by an impressive 15.5% to 42 million ounces, demonstrating the strong exploration upside of our assets.

我們已探明和已指示的礦產資源量增加了近 10%，達到 4700 萬盎司。我們的推斷礦產資源量成長了驚人的 15.5%，達到 4,200 萬盎司，這表明我們的資產具有強大的勘探成長潛力。

And, as we can see on the graph on the right-hand side of that slide, if we look globally since the merger in early 2022, despite the fact that we've mined approximately 15 million ounces over that period of time, we'll still manage to significantly grow our mineral reserve net of mining depletion to a record of 55.4 million ounces through successful exploration, conversion, delivery of studies, and smart acquisition over the last four years.

正如我們在幻燈片右側的圖表中看到的那樣，如果我們從全球範圍來看，自 2022 年初合併以來，儘管我們在此期間開採了大約 1500 萬盎司黃金，但通過過去四年成功的勘探、轉化、研究成果交付和明智的收購，我們仍然能夠將礦產儲量（扣除採礦損耗後）大幅增長至創紀錄的 5540 萬盎司。

From a results standpoint, I would like to comment on three projects. On Slide 15, in Malartic, the great result produced throughout the year at East Gouldie, Odyssey and parallel Eclipse zone led to an addition year-over-year of about 470,000 ounces in underground proven and probable reserves, and of 2.9 million ounces in inferred mineral resources, including 600,000 ounces from the newly discovered Eclipse zone, parallel to the East Gouldie, close of our planned mining infrastructure.

從結果的角度來看，我想對三個項目發表一些看法。在第 15 張投影片中，馬拉蒂克礦區在東古爾迪礦區、奧德賽礦區和平行的日蝕礦區全年取得的巨大成果，使得地下探明和可能的儲量比上年增加了約 47 萬盎司，推斷礦產資源量增加了 290 萬盎司，其中包括來自新發現的日蝕礦區，該礦區的 60 萬盎司，該礦區靠近古礦區，該礦區靠近礦區，該礦區的平行礦區，該礦區靠近礦區，該礦區。

And on the adjacent Marban project, 128 drill work completed, totaling in excess of 39 kilometers of drilling in 2025. And initial mineral reserve declaration of 1.58 million ounces was made from 52 million tonne at 0.95 grams per tonne as part of our fill-the-mill. The industrial mineral reserve was calculated from the existing for a whole database at the time of the acquisition and did not incorporate any of the 2025 drilling.

在鄰近的馬爾班計畫上，2025 年完成了 128 項鑽探工作，總鑽探里程超過 39 公里。作為我們「填滿工廠」計畫的一部分，我們從 5,200 萬噸礦石中初步申報了 158 萬盎司的礦產儲量，平均品位為每噸 0.95 克。工業礦產儲量是根據收購時現有的整個資料庫計算得出的，並未包括 2025 年的任何鑽探結果。

We plan to deliver an updated study of the Marban project at the end of '26, incorporating new drilling as well as additional opportunities for synergy with the Canadian Malartic complex relating to workforce, equipment, and facilities in order to optimize Marban as part of our fill-the-mill strategy.

我們計劃在 2026 年底提交一份關於 Marban 項目的更新研究報告，其中將納入新的鑽探工作，以及與加拿大 Malartic 礦區在勞動力、設備和設施方面實現協同增效的其他機會，以便優化 Marban 項目，作為我們「填滿工廠」戰略的一部分。

Now on Slide 16, at Detour, drilling has continued extremely well in the year with 215 kilometers of drilling completed, mostly focused on the infilling and expansion of the mineral resources towards the west to advance the underground project. The areas were specifically targeted, one below and around the center point of the current reserve open pit illustrated here in orange on this graphic.

現在來看看第 16 張投影片，在 Detour，今年的鑽探工作進展非常順利，已完成 215 公里的鑽探，主要集中在向西填充和擴大礦產資源，以推進地下工程。這些區域是有針對性的，其中一個位於目前露天礦坑中心點下方和周圍，圖中橙色部分即為該礦坑的中心點。

The result in this area continue to support the two mining approach with several wide interval with combined -- with exceeding 200-meter locally between one and two grams per tonne including narrower high-grade intercept reaching up to 10-gram over 10 meters that could be mined sooner from underground, while keeping the option to mine a much wider lower grade surrounding mineralized envelope in a future larger open pit scenario.

該區域的開採結果繼續支持兩種開採方法，其中幾個寬闊的礦段結合了——局部超過 200 米，品位在每噸 1 至 2 克之間，包括較窄的高品位礦段，在 10 米內達到 10 克，可以更快地從地下開採，同時保留在未來更大的露天開採方案中開採更寬的低礦位。

The other area being targeted is located 3 kilometers to the west, and outside to the west of the current ultimate open pit scenario close to the underground exploration ramp currently being developed. This area also returned strong results up to 10 grams over 10 meters and remains open at depth into the west.

另一個目標區域位於西邊 3 公里處，在目前最終露天礦方案的西側，靠近目前正在開發的地下勘探斜坡道。該區域也取得了不錯的成績，10 公尺深處可達 10 克，並且向西深處仍有擴展空間。

At year-end 2025, the resources amenable for underground mine project now stands at 5.5 million ounces in measured and indicated, and 5.8 million ounces in inferred. This will provide a much larger mineral resources base for the upcoming update of the Detour Underground project compared to the 2024 initial study that incorporated only 4.6 million ounces in the first iteration of the mine plan.

截至 2025 年底，適合地下礦場計畫的資源量已探明並指示為 550 萬盎司，推論為 580 萬盎司。與 2024 年的初步研究相比，這將為即將進行的 Detour Underground 專案更新提供更大的礦產資源基礎，該初步研究在礦山計劃的第一版中僅納入了 460 萬盎司。

And last, but not least, at Hope Bay, we had six drill rig operating through the year, completing an excellent total of 131,000 meters of drilling in 2025. We continue to see strong results in the Patch 7 area, both at depth and in the southern extension. The excellent result provided through the year led to the addition of 1 million ounces year-over-year in inferred resources, mostly from the Patch 7 area.

最後，也是非常重要的一點，在霍普灣，我們全年有六台鑽機投入運營，在 2025 年完成了總計 131,000 公尺的鑽井作業，成績斐然。我們在 Patch 7 區域繼續看到強勁的成果，無論是在深度還是在南部延伸部分。全年取得的優異成績使得推斷資源量比上年增加了 100 萬盎司，其中大部分來自 7 號礦區。

With the strong addition of mineral resources since the acquisition of the project in 2021, we have a much larger resource base to support the project development -- redevelopment plan that was discussed earlier by Dominique. In 2026, exploration will continue to focus on growing and converting resources to reserves to support the project development and deliver an updated reserve estimate at the end of 2026.

自 2021 年收購該專案以來，礦產資源大幅增加，我們擁有更大的資源基礎來支持專案開發——這是 Dominique 之前討論過的重建計劃。2026 年，勘探工作將繼續集中在增加資源並將其轉化為儲量，以支援專案開發，並在 2026 年底提供更新的儲量估算。

So all in all, an excellent year in exploration that translates into a significant addition of reserve to support our short- to medium-term production growth vision, but even more importantly, a very significant increase of 15% in our inferred resources that makes us confident in the bright future.

總而言之，勘探工作取得了卓越的成果，顯著增加了儲量，從而支持了我們中短期產量增長的願景；但更重要的是，推斷資源量大幅增長了 15%，這讓我們對美好的未來充滿信心。

These results keep demonstrating the phenomenal exploration upside of our portfolio of projects and the outstanding work being done by our great exploration, technical services and operation team across our different operations and key value driver project.

這些結果不斷證明我們專案組合具有巨大的勘探潛力，以及我們優秀的勘探、技術服務和營運團隊在我們不同的營運和關鍵價值驅動專案中所做的出色工作。

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

最後，我將麥克風交還給阿瑪爾，請他作總結發言。

Thank you, Guy. At Agnico Eagle, we are proud of our record of growing value per share for our owners over decades, not only by providing full leverage to gold prices, but also importantly, by growing gold production per share. As we look forward, we're excited that even as the second largest producer of gold in the world, we see a clear path to a decade of continued and meaningful increases in production per share at peer-leading costs with exceptional risk-adjusted returns.

謝謝你，蓋伊。在 Agnico Eagle，我們為數十年來不斷提升股東每股價值的記錄感到自豪，這不僅是因為我們充分利用了黃金價格，更重要的是，我們還提高了每股黃金產量。展望未來，我們感到振奮的是，即使作為世界第二大黃金生產商，我們也看到了未來十年每股產量持續顯著增長的清晰路徑，同時保持行業領先的成本，並獲得卓越的風險調整後回報。

And we're already working on additional projects that have the potential to add even more growth, including early work on Hammond Reef, Timmins East and Northern Territory. Next slide, please. As you can see, we 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.

我們目前已經在進行其他項目，這些項目有可能帶來更大的成長，包括哈蒙德礁、蒂明斯東部和北領地的早期工作。請看下一張投影片。如您所見，我們將繼續努力為所有利害關係人服務，並將繼續以過去 68 年來行之有效的相同策略支柱為基礎。

We're going to continue to focus on the best mining jurisdictions based on geologic potential and political stability. We'll continue to be disciplined with our owners' money, making investment decisions based on technical and regional knowledge, creating value through the drill bit, and through smart acquisitions where and when it makes sense.

我們將繼續專注於地質潛力和政治穩定性最佳的礦業管轄區。我們將繼續嚴格管理所有者的資金，根據技術和區域知識做出投資決策，透過鑽探創造價值，並在適當的時候進行明智的收購。

We are uniquely well positioned with a quality project pipeline, leveraging existing assets in the best regions in the world and where we believe we have a strong competitive advantage. And we will continue to be focused 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 and growing dividend payments and increasing share buybacks.

我們擁有獨特的優勢，擁有高品質的專案儲備，充分利用了我們在世界最佳地區的現有資產，我們相信我們在這些地區擁有強大的競爭優勢。我們將繼續專注於創造每股價值，並成為行業內向股東返還資本的領導者，這已透過連續 42 年不斷增長的股息支付和不斷增加的股票回購得到證明。

In summary, 2025 was a great year for the gold market. 2026 is off to an even stronger, albeit volatile start. And while we don't have a crystal ball to predict prices next week or next month, we do remain constructive and positive on the long-term gold price going forward due to global structural, financial, and political occurrence that are not easily changed.

總而言之，2025年是黃金市場表現優異的一年。 2026年開局強勁，儘管波動性較大。雖然我們沒有水晶球來預測下週或下個月的價格，但由於全球結構性、金融性和政治性事件不易改變，我們對黃金價格的長期走勢仍然保持建設性和積極的態度。

Our goal is not only to give our owners full upside leverage to gold prices, but to give them more gold per share over time. We've done that for decades, and we have a solid plan in place to continue to do that over the next decade, all while having the highest quality assets in the best jurisdictions in the world at peer-leading costs.

我們的目標不僅是讓我們的股東充分受益於金價上漲，而且隨著時間的推移，還要讓他們每股獲得更多黃金。幾十年來，我們一直這樣做，我們已經制定了完善的計劃，在未來十年繼續這樣做，同時在世界上最好的司法管轄區擁有最高品質的資產，並保持同行領先的成本。

At Agnico Eagle, our business is going well, and we're in the strongest position in our almost 70-year history. Thank you again for joining us on this call. Operator, may I ask that we now open up the call for questions.

在 Agnico Eagle，我們的業務發展良好，我們正處於近 70 年歷史上最強勁的時期。再次感謝您參加本次電話會議。接線員，現在可以開始提問了嗎？

(Operator Instructions)

（操作說明）

Lawson Winder, Bank of America.

勞森·溫德，美國銀行。

Thank you very much, operator, and good morning, Ammar, and Jamie, and team. Thank you for all the comments today. If I could just tackle the subject of M&A right off the block, and I understand that it's probably a little bit sensitive right now, but any color you could provide would be helpful. But has Agnico decided if they would tender their shares, the offer currently out on [forehand]?

非常感謝接線生，早安，Ammar、Jamie和各位同事。感謝大家今天的所有評論。如果我能直接切入併購這個主題就好了，我知道這現在可能有點敏感，但您能提供的任何資訊都會很有幫助。但Agnico是否已決定是否出售其股份？目前已有相關報價。正手？

Well, thanks, Lawson. Look, like any M&A activity, the decisions are up to the various shareholders and there's a lot more shareholders than us. So that's not really something I would be comfortable discussing.

謝謝你，勞森。你看，就像任何併購活動一樣，最終的決定權在於各個股東，而股東的數量遠遠不止我們。所以，我不太願意討論這個問題。

Okay. I thought I would try anyway. But I completely understand. And then maybe just sticking with that theme. There has been an acceleration in M&A activity in the gold space in recent years. But even in recent quarters, what is the current view from Agnico in terms of M&A?

好的。我還是決定試試看。但我完全理解。然後或許就一直沿用這個主題吧。近年來，黃金領域的併購活動已加速。但即使在最近幾個季度，Agnico 對併購的看法是什麼？

And of course, I mean I acknowledge that you have tremendous growth potential in the existing portfolio. But I mean opportunities do emerge from time to time. What is the thinking on that, particularly with respect to jurisdiction, but also just with respect to your thoughts on potential urgency around M&A? Thanks, Ammar.

當然，我的意思是，我承認你們現有的投資組合具有巨大的成長潛力。但我的意思是，機會總是會不時出現的。您對此有何看法？尤其是在管轄權方面，以及您對併購方面的潛在緊迫性有何看法？謝謝你，阿瑪爾。

Well, it's an excellent question. And I'll start M&A, like exploration, like project investment is a capital allocation decision. And it's our owner's money and we take that serious. And everything we invest in is designed to create value for our owners on a per share basis.

這是一個很好的問題。我會開始談併購，就像勘探、專案投資一樣，這是一種資本配置決策。這是老闆的錢，我們非常重視。我們所有的投資都是為了給我們的股東創造每股價值。

What does that mean for M&A? That means a couple of things. The first part is, are you positioned to be able to identify and assess good opportunities to invest your owners' money, including an M&A. And I think we're very well positioned. You know us. We know everybody in the communities and the regions we work with. We have good relationships.

這對併購意味著什麼？這意味著兩件事。第一部分是，您是否具備識別和評估投資所有者資金的好機會（包括併購）的能力？我認為我們處於非常有利的地位。你們認識我們。我們認識我們所服務的社區和地區裡的每一個人。我們關係很好。

We have, in many cases, a very good understanding of the various assets out there. So we are well positioned, and this is important, like it's easy to buy stuff. It's hard to buy stuff that makes money for your owners. So the first thing is, are you positioned to have a knowledge advantage, and I think we are well positioned there.

在很多情況下，我們對市場上各種資產都有非常深入的了解。所以我們處於有利地位，這很重要，因為買東西很容易。很難買到能為主人賺錢的東西。所以首先要考慮的是，你是否具備知識優勢，我認為我們在這方面很有優勢。

But what I would say, Lawson, is we are willing to move, and we have moved when we see an opportunity on the M&A side that actually creates value per share. We're not interested in just getting bigger. The hard part is actually creating value per share. And so that's going to always be the driver, not only of M&A, but all of our capital allocation decisions.

但我想說的是，勞森，我們願意採取行動，而且當我們看到併購的機會能夠真正創造每股價值時，我們就會採取行動。我們感興趣的不僅是擴大規模。難點在於如何創造每股價值。因此，這不僅將始終是併購的驅動力，也將是我們所有資本配置決策的驅動力。

Okay. Thank you very much.

好的。非常感謝。

Fahad Tariq, Jefferies LLC.

法哈德·塔里克，傑富瑞有限責任公司。

Hi. Thanks for taking my question. Maybe just to clarify, there were a few cost productivity initiatives mentioned in this presentation. I remember there were a lot more also mentioned in the last quarter presentation. Is this already incorporated in the 2026 AISC guidance? Or is this further improvement from the guidance that's provided? Thanks.

你好。謝謝您回答我的問題。需要澄清的是，本次演講中提到了一些提高成本效益的措施。我記得上個季度報告中還提到了更多內容。2026 年 AISC 指南中是否已經納入了這項內容？或者說，這是在現有指導意見基礎上的進一步改進？謝謝。

Dominique speaking. I would say it's partially included, but not all. We all -- Natasha and myself, the role to put the bar at the right place for budget and guidance, but we keep some flexibility in that.

說話的是多明尼克。我認為它部分包含在內，但並非全部。我們所有人——娜塔莎和我——都有責任將標準設定在預算和指導的正確範圍內，但我們在這方面保持一定的靈活性。

Okay. And then just on the underlying inflation, I think the comment was made and this was in the press release, somewhere around 4% underlying cost inflation. Can you just remind us like -- or any other color on consumables versus labor, fuel is probably a tailwind at this point. And any key labor agreements that are coming up for renewal in 2026?

好的。至於潛在通膨，我認為新聞稿中提到過，潛在成本通膨率約為 4%。您能否提醒我們一下—或其他任何關於消耗品與人工成本的比較，目前燃料可能是一個有利因素。2026年有哪些重要的勞工協議需要續約？

Yeah. So Fahad, it's Jamie. I can comment on that. I'd say, I mean, our biggest cost apart from taxes now is labor. It's about 45% of our overall cost structure. And we've seen labor inflation running at around 4%. Across the other consumables, chemicals, reagents, equipment, parts and supplies, there's some fluctuation. But overall, I think across the industry last year, inflation, cost inflation ran around 5%. So 4% on labor, 5.5%, 6% on everything else.

是的。法哈德，我是傑米。我可以對此發表一些看法。我覺得，除了稅收之外，我們現在最大的成本就是勞動了。這約占我們整體成本結構的 45%。我們看到勞動力通膨率約為 4%。其他消耗品、化學品、試劑、設備、零件和用品的價格則有些波動。但總的來說，我認為去年整個產業的通膨率和成本通膨率約為 5%。所以勞動成本佔 4%，其他所有成本佔 5.5%，其餘所有成本佔 6%。

And I'll make the comment. When you observe what's really pushed costs up in the past, it hasn't been so much that labor costs went up 6% instead of 4%. It's been when you can't get the labor and when you can't get the parts. At $5,000 gold, we anticipate there is going to be more pressure on workforces. But one of the advantages we really believe we have at Agnico is our lowest turnover in the industry.

我會發表評論。當你觀察過去真正推高成本的原因時，你會發現，並非是勞動成本上漲了 6% 而不是 4%。就是找不到人工，也找不到零件的時候。我們預計，當金價達到每盎司5,000美元時，勞動市場將面臨更大的壓力。但我們認為Agnico的一大優勢是業界最低的員工流動率。

We've been the number one employer in the regions we operate for decades. We have really good relationships with our people, and more than the -- whether it's 5% or 6%, it's going to be, can you keep your turnover low, are you going to get the kind of productivity that you depend on from really the best workers. And we think we are very well positioned in the market for that.

幾十年來，我們一直是所營運地區最大的雇主。我們與員工的關係非常好，更重要的是——無論是 5% 還是 6% 的離職率，你能否保持低離職率，你能否從最優秀的員工那裡獲得你所依賴的生產力。我們認為我們在該市場上的定位非常有利。

Great. Thank you very much.

偉大的。非常感謝。

Josh Wolfson, RBC Capital Markets.

Josh Wolfson，加拿大皇家銀行資本市場。

Yeah. Thanks very much. If everything goes according to plan with the project portfolio, I'm wondering if we should expect CapEx to increase in future years? Or should we think about the current run rate as more of a plateau going forward?

是的。非常感謝。如果專案組合一切按計劃進行，我想知道我們是否應該預期未來幾年資本支出會增加？或者我們應該把目前的運行速度視為未來將要維持的平穩水平？

Yeah, Josh, it's Jamie here. It's a good question. And I think, I mean, with the 20% to 30% production growth starting in 2030, and ramping up through the decade, you're seeing the benefits of that capital spending. Assuming we go ahead with Hope Bay, and approved construction of that project in May of this year, that would add about $300 million to maybe $350 million of capital.

是的，喬什，我是傑米。這是個好問題。我認為，從 2030 年開始，產量將增加 20% 到 30%，並在接下來的十年中不斷提高，屆時我們將看到這些資本支出帶來的好處。假設我們推進霍普灣項目，並在今年 5 月批准該項目的建設，這將增加約 3 億至 3.5 億美元的資金。

So if you factor what we've guided, the [$2.1 billion] that we guided, another $300 million for Hope Bay, we're about $2.5 billion, $2.4 billion, $2.5 billion of capital this year, plus another $400 million of capitalized exploration. I think that's an appropriate range over the course of the next few years.

所以，如果算上我們所指導的投資金額（21億美元），再加上霍普灣的3億美元，我們今年的資本投入大約為25億美元、24億美元、25億美元，再加上另外4億美元的勘探資本投入。我認為在未來幾年內，這是一個合適的範圍。

We will see capital kind of stay at that elevated level. And then once we start to see that stair-step increase in production in 2030, you'd expect the capital to start to come off.

我們將看到資本維持在高位。然後，一旦我們在 2030 年開始看到產量逐步成長，你就會期望資本投入開始減少。

And it's important to note, we are voluntarily accelerating these investments. These are not overruns. These are not things we are voluntarily accelerating because at these prices, these projects really do deliver exceptional returns in the sort of 30% to 60% IRR range.

值得注意的是，我們正在自願加快這些投資。這些並非超支。我們並非有意加速這些項目，因為以目前的價格來看，這些項目確實能帶來非凡的回報，內部報酬率 (IRR) 可達 30% 至 60%。

And again, our job is to make our owners' money, and if we can make them an IRR of 30% to 60%, that's a good thing. So we, again, to emphasize, these are voluntary decisions we made to accelerate what we think are the best projects in the world.

再說一遍，我們的工作是為所有者賺錢，如果我們能為他們帶來 30% 到 60% 的內部收益率，那是一件好事。因此，我們再次強調，這些都是我們自願做出的決定，旨在加速我們認為世界上最好的計畫。

I hear you. I look forward to these project updates, and the IRR is at $5000 gold. Just on the capital allocation side of things. At current gold prices, even with the new dividend and assuming completion of the $2 billion upcoming NCIB by our forecast, you're still building pretty meaningful cash at these levels.

我明白了。我期待這些項目的最新進展，目前內部報酬率為每盎司黃金 5000 美元。僅就資本配置方面而言。以目前的金價，即使加上新的股息，並假設即將進行的 20 億美元 NCIB 能夠按照我們的預測完成，你仍然可以在目前的價位上累積相當可觀的現金。

So when you think about our projections outlined potentially excess of $5 billion in the back half of this year of net cash, how do you think about allocating that in the event gold prices stay at these levels or potentially go higher?

因此，考慮到我們先前預測今年下半年淨現金可能超過 50 億美元，如果金價維持目前的水平甚至可能上漲，您認為應該如何分配這筆資金？

Yeah. Thanks Josh. I mean, obviously, we want to have as much financial flexibility and financial strength as possible because it just creates optionality in terms of how best to grow value in the business. To Ammar's point, I mean, we've identified the five key value drivers and how we think we can expand those.

是的。謝謝你，喬希。我的意思是，很顯然，我們希望擁有盡可能多的財務靈活性和財務實力，因為這能為我們如何最好地提升企業價值創造更多選擇。正如阿瑪爾所說，我們已經確定了五個關鍵價值驅動因素，以及我們認為可以如何擴展這些因素。

But based on the success that we've had through the drill bit, the projects keep evolving, and there could be the potential for further growth and further acceleration in capital spending. So we do want to make sure that we've got the balance sheet to be able to support that.

但根據我們透過鑽探取得的成功，這些項目不斷發展，並且有可能進一步成長，資本支出也將進一步加速。所以我們希望確保我們的資產負債表能夠支撐這一點。

If we end up between 3% to 5% of our market cap and cash on the balance sheet, I don't think that's a bad place to be. Again, it just gives us that financial foundation to be able to have the capacity to invest in further growth in the business.

如果我們最終的資產負債表上的現金佔市值的 3% 到 5%，我認為這還不錯。再次強調，這為我們提供了財務基礎，使我們能夠有能力投資於業務的進一步成長。

Got it. And maybe just to tie in that sort of train of thought and maybe Lawson's questions on M&A. I'm wondering on the M&A side, you sort of outlined, Ammar, the opportunity to create value per share. But there are a lot of projects the company has that look outstanding at current gold prices. So, when you think about measuring external opportunities against the internal portfolio, what would make an M&A opportunity really look compelling beyond just per share upside?

知道了。也許是為了把這種思路和勞森關於併購的問題連結起來。我想知道在併購方面，Ammar，你大致概述了創造每股價值的機會。但該公司有很多項目，以目前的金價來看都非常出色。那麼，在考慮將外部機會與內部投資組合進行比較時，除了每股盈餘之外，還有哪些因素會讓併購機會看起來真正具有吸引力呢？

That's an excellent question, and I'm glad you put it in the context of competing with internal projects because you always want to -- like anything else, you want to pick the best investment for your owners. I think with regard -- so on the one hand, internal projects, you always have more knowledge. You just do.

這是一個很好的問題，我很高興你把它放在與內部專案競爭的背景下討論，因為你總是希望——就像其他任何事情一樣——為你的所有者選擇最佳投資。我認為就此而言——一方面，對於內部項目，你總是擁有更多知識。你只需要這麼做。

And, so that's a bit -- that kind of leans towards -- if I had something at the same return that's internal versus external, your natural reaction would go to the one that you have more confidence in, which is always internal. That said, what would really interest us and what has really driven us for external M&A has really been exploration upside.

所以，這有點——這有點傾向於——如果我有一個回報相同的內部投資和一個外部投資，你的自然反應會是選擇你更有信心的那個，而這總是內部投資。也就是說，真正讓我們感興趣並推動我們進行外部併購的，其實是勘探帶來的成長潛力。

That everything we buy, you know this industry, if you buy a high-quality asset, you end up paying what seems like a full price, but the real value is, are you -- do you have a very strong view on the exploration upside. And that's frankly been the modus operandi of what we've done on the M&A side. The real return to our owners has been from expanding what was expanding well beyond the initial view of what was there.

你知道，在這個行業裡，我們買的任何東西，如果你買的是一項高品質的資產，你最終支付的價格看起來似乎是全價，但真正的價值在於——你是否對勘探的上漲前景有非常堅定的看法。坦白說，這正是我們在併購方面一直以來的運作方式。我們為所有者帶來的真正回報來自於對現有業務的不斷擴展，遠遠超出了最初的預期。

Great. Thank you very much.

偉大的。非常感謝。

Thank you.

謝謝。

Daniel Major, UBS.

瑞銀集團的丹尼爾·梅傑。

Hi, thanks, excuse me. Can you hear me okay?

您好，謝謝，打擾一下。你聽得清楚我說話嗎？

Yes.

是的。

Great. Thanks. Yeah, a few questions. First one, can you give us an approximate cost estimate of the ounces coming from the life extension at Meadowbank like out to 2030?

偉大的。謝謝。是的，還有幾個問題。首先，您能否提供我們一個大致的成本估算，即 Meadowbank 油田延壽計畫到 2030 年所產生的盎司黃金成本？

Well, I probably should have taken it to Dom because he's got more updated numbers. I think the last number I saw was sort of in the $2,200 to $2,300?

我或許應該拿給Dom看，因為他那裡有更新的數據。我記得上次看到的數字好像是2200到2300美元之間？

Yes, right there.

對，就是那裡。

Okay. Thanks you saw then.

好的。謝謝你當時看到了。

Okay. Good. I just wanted to point out that those are additional ounces. So it's not like the costs went up. These are just additional ounces that make an awful lot of money at current spot prices. Something that's interesting, I'll just throw this out there. Meadowbank is on our books for, I think, $866 million. In 2025, Meadowbank made $870 million in cash flow. So it's been really quite a remarkable asset.

好的。好的。我只是想指出，這些是額外的盎司。所以成本並沒有漲。這些額外的盎司黃金，以目前的現貨價格計算，能賺很多錢。我有個挺有意思的事兒，就說說吧。Meadowbank 在我們帳面上的估值，我認為是 8.66 億美元。2025年，Meadowbank的現金流為8.7億美元。所以它確實是一項非常了不起的資產。

Okay. Yeah. And sorry, just to be clear, that $2,200, $2,300 is -- that's an AISC, not a total cash cost. Is that's correct?

好的。是的。還有一點不好意思，需要澄清一下，那 2200 美元、2300 美元是——那是 AISC（全部維持成本），不是總現金成本。是這樣嗎？

Yeah.

是的。

Okay. Yes, the second one, just to perhaps follow on from the capital allocation question in terms of returning excess cash. To Josh's question, yes, I mean would you consider the combination of buybacks and special dividends in a continued high price scenario? Or would you just extend the $2 billion buyback facility?

好的。是的，第二個問題，或許可以接著討論一下資本配置問題，也就是返還多餘現金的問題。對於 Josh 的問題，是的，我的意思是，在股價持續高企的情況下，你會考慮股票回購和特別股息相結合的做法嗎？還是您會選擇延長20億美元的股票回購計畫？

Yeah. Thanks, Daniel. I think we can really do either. I think there's no reason for us to rule out over paying a special dividend. That would certainly be a consideration in, as you say, a continually rising gold price environment.

是的。謝謝你，丹尼爾。我認為我們兩種方法都可以做到。我認為我們沒有理由排除派發特別股利的可能性。正如你所說，在金價持續上漲的環境下，這當然是一個需要考慮的因素。

If we achieve that cap of $2 billion, and we're still generating excess cash beyond what we need or anticipate needing to run the business, and that would certainly be a consideration.

如果我們達到 20 億美元的上限，而我們仍然產生超出我們營運業務所需或預期所需的剩餘現金，那當然是一個值得考慮的因素。

Okay. And then one more, if I could. And it sort of incorporates your current project pipeline and other options. You're obviously accelerating capital spend and adding more projects to the pipeline. Do you feel at any point, the organization is reaching a limit in terms of technical and kind of human capital?

好的。如果可以的話，我還想再來一個。它將您目前的專案流程和其他選項整合在一起。顯然，你們正在加快資本支出，並增加更多項目進入籌備階段。您是否覺得，在某個階段，組織在技術和人力資本方面已經達到極限？

And if that is the case, in terms of other options like Hammond Reef, Taylor, Holt, et cetera, what could they be worth to somebody else? And would it ever be a consideration to recycle those projects?

如果情況真是如此，那麼像哈蒙德礁、泰勒、霍爾特等其他選擇，對其他人來說又值多少錢呢？那麼，是否有可能考慮對這些項目進行再利用呢？

Again, excellent question. So we always look at how do we get the most money for anything for our owners. So, I would say that we are at a point with what we've got on the table very comfortable, but we are using a lot of our people. And so to the extent that we would look at, say, Hammond Reef or some of the others, they would be scheduled to take that into account, the manpower availability.

又是一個好問題。所以我們總是考慮如何為我們的所有者獲得最大的收益。所以，我認為我們目前的情況非常理想，但我們投入了大量的人力。因此，如果我們考察哈蒙德礁或其他一些地方，他們的日程安排會考慮到人力可用性。

And a lot of these jobs are very highly skilled, highly specific jobs. But your point is a good point. If it makes sense for someone else to own one of those assets, and they view that they can pay our owners more money than we see in it, we would always be open to that.

而且這些工作很多都是技術要求很高、專業性很強的工作。但你的觀點很有道理。如果讓其他人擁有其中一項資產是合理的，並且他們認為可以支付給我們的所有者比我們從中獲得的收益更多，我們始終對此持開放態度。

Okay. Great. Thanks and congrats on a great year.

好的。偉大的。謝謝，也恭喜你度過了精彩的一年。

Thank you.

謝謝。

Anita Soni, CIBC World Markets Corp.

Anita Soni，CIBC World Markets Corp.

Hi. Thanks for taking my questions. I think we've talked about capital allocation a lot. But I did want to understand the down -- like the way you think about the downside on dividends. I get you guys are conservative and said you never want to cut your dividend.

你好。謝謝您回答我的問題。我認為我們已經多次討論過資本配置問題了。但我確實想了解下行風險——就像你如何看待股息的下行風險一樣。我知道你們比較保守，也說過永遠不會削減股利。

But how did you sort of come up with the 12.5% say versus a 25%? Is there some kind of pricing scenario that you're using in order to determine that the dividends and not like the baseline scenario that you use?

但是，你是如何得出 12.5% 這個數字而不是 25% 的結論的呢？你們是否採用了某種定價方案來決定股息，而不是採用你們所使用的基準方案？

Anita, yes, it's Jamie. There's no specific gold price scenario that we're using a specific downside scenario to come up with that dividend. The reality is the gold price could pretty well be cut in half, and we'd be okay maintaining that level of dividend. So I'm very confident in an increase. The increase is $100 million from $800 million to $900 million a year.

安妮塔，是的，是傑米。我們並沒有針對特定的黃金價格走勢，而是根據特定的下跌情境來制定股息方案。現實情況是，即使金價下跌一半，我們也能維持目前的股利水準。所以我對成長非常有信心。增加額為1億美元，從每年8億美元增加至9億美元。

It's a pretty modest percentage of our overall free cash flow. So very comfortable increasing the dividend to that level. And really, we'll use the share buyback as the -- we'll either increase or reduce that depending on our profitability and cash flow generation.

這僅占我們整體自由現金流的一小部分。所以完全可以放心地將股利提高到這個水準。實際上，我們將把股票回購作為一項指標——我們將根據獲利能力和現金流情況來增加或減少回購規模。

Okay. And then secondly, I just wanted to talk a little bit about the project. So thanks for all the detail on the projects that gives us something to work with, to bring to life some of these reserves and resources and that organic pipeline in our models. So could you just, specifically on Hope Bay.

好的。其次，我想簡單談談這個計畫。非常感謝您提供的專案細節，這為我們提供了工作素材，使我們能夠將這些儲備和資源以及我們模型中的有機發展路徑變為現實。所以能否具體談談希望灣的情況？

I guess you're putting out an updated study in May. Could you give, I mean, could you give us a little bit of a teaser on in terms of the CapEx, and numbers that we could potentially be working, looking at?

我猜你們會在五月發布一份更新的研究報告。能否，我的意思是，能否就資本支出以及我們可能需要關注的數字，給我們透露一些資訊？

Yeah, Anita. Dominique. Yes, CapEx is going to be around this $2 billion. Again, we're still working on it. But that's where we're looking for. The project is going very well in terms of -- it's like Meliadine. We're preparing the field like we're going to have over 400 rooms, new rooms ready for the construction. We're preparing the land fill.

是的，安妮塔。多米尼克。是的，資本支出將達到20億美元左右。我們仍在努力解決這個問題。但那正是我們所尋找的方向。這個專案進展非常順利，就像梅利亞丁一樣。我們正在為建造 400 多個新房間做準備，就像我們要建造 400 多個新房間一樣。我們正在準備垃圾掩埋場。

We are currently around 100 people working full-time, doing engineering to make sure that we're going to be at 50, 60. And this is what you need to be able to have the -- what is the CapEx that's going to be spent. When you have a lot of detail, a good amount of detail, it's easy.

我們目前有大約 100 名全職員工，從事工程工作，以確保我們能夠達到 50 或 60 人的目標。你需要知道的是——將要花費多少資本支出。當你掌握了大量細節，足夠的細節時，事情就變得容易了。

You could go in tender, you work with a contractor, a supplier to firm up your number. That's what we did at Meliadine. We end up six months in advance and on budget at the time, we're looking to do the same thing.

你可以參與投標，與承包商、供應商合作，確定最終報價。我們在梅利亞丁就是這麼做的。我們最終提前六個月完成了任務，當時也在預算之內，我們希望再次這樣做。

And as Dominique sort of said, and I think he used the expression, not our first barbecue at Nunavut. But in Nunavut, because of the logistics, if you make a mistake, it's a lot more expensive. And so the team has done a great job on engineering and a great job on preparing the site. I'll add upgrades to the port facility upgrade to the laydown facility.

正如多明尼克所說（我想他用了那個表達），這並非我們在努納武特的第一次燒烤。但在努納武特，由於物流方面的限制，如果你犯了錯誤，代價會高很多。因此，團隊在工程方面做得非常出色，在場地準備方面也做得非常出色。我將對港口設施和堆場設施進行升級改造。

We've emptied already the previous no building. I mentioned the camp. Like all the things between preparation and engineering to make sure that you're in the best possible position for execution, which is important in any project and particularly important in projects that have sort of those kind of logistical challenges.

我們已經清空了之前那棟沒有建築物的建築。我提到了那個營地。就像準備和工程之間的所有事情一樣，確保你處於最佳的執行狀態，這在任何專案中都很重要，尤其是在那些面臨後勤挑戰的專案中更是如此。

Just wanted to say congratulations on the growth that's truly stand out for the senior group. And also on Hope Bay, I remember you took a bit of flack for that acquisition four or five years ago, and it looks like it's going to be -- I mean, just my rough math, you were like a sub-$300 all-in acquisition and build costs. So congratulations on that.

只想對你們表示祝賀，你們所取得的進步對於高階團隊來說確實非常突出。還有，關於霍普灣，我記得你四五年前因為那次收購而受到了一些批評，現在看來——我的意思是，我粗略計算一下，你的全部收購和建設成本不到 300 美元。所以，恭喜你。

Thank you, Anita.

謝謝你，安妮塔。

Tanya Jakusconek, Scotiabank.

Tanya Jakusconek，加拿大豐業銀行。

Oh, great. Good morning, everybody. Can you hear me? Okay. Great. I was just going to continue with Hope Bay, if I could from Anita's question. Dominique, can you remind me, you said if we get the go ahead in May, and by the way, if we do have a mine tour Dominique, it better be in May or summer, barbecue for us to attend.

哦，太好了。大家早安。你聽得到我嗎？好的。偉大的。我本來打算繼續寫希望灣的故事，如果可以的話，就聽從安妮塔的提問。多明尼克，你能提醒我嗎？你說過如果我們五月獲得批准，對了，如果我們真的要參觀礦山，多米尼克，最好是在五月或夏天，這樣我們就可以參加燒烤活動了。

Can you just remind me of what exactly you have permitted up there to do for that $300 million that would be spent in 2026? And what exactly would that $300 million go for?

你可以提醒我一下，你上面究竟允許用那3億美元做什麼嗎？這筆錢將在2026年花掉。那這3億美元究竟會用來做什​​麼呢？

Yeah. We have all the permits to spend that $300 million. It's not an issue. There's some amendment to do before, let's say, getting into production, but there's no red flag on that. What we're going to spend is mainly procurement. It's mainly putting steel, concrete and everything we need.

是的。我們已經獲得了所有必要的許可，可以動用這3億美元。這不是問題。在正式投入生產之前，還需要進行一些修改，但這方面並沒有什麼問題。我們這筆支出主要用於採購。主要工作是安裝鋼材、混凝土以及我們需要的一切材料。

Again, we work with barge season. It's always what we need to spend from mid or let's say, the first barge in September '26 getting to the September '27, we need to put everything on the boat. So it is approximately 8 boats that we need to fill up and to deliver to site and to start some more work.

我們再次強調，我們的工作與駁船運輸季節有關。我們需要花掉的錢總是從 2026 年 9 月到 2027 年 9 月期間，或者說從第一艘駁船到 2027 年 9 月期間，我們需要把所有東西都裝上船。所以，我們大約需要裝滿 8 艘船，運送到現場，然後開始更多的工作。

This is one part of the spending. The other part is to do ramp development. So keep preparing the field to be ready for full production in 2030. So that's going to be the other part where we're going to spend money.

這是支出的一部分。另一部分是進行斜坡開發。所以要繼續做好準備，確保田間地頭能在 2030 年全面投產。所以，這將是我們要花錢的另一部分。

Okay. Look forward to that study in May. And then I have a second question which comes back to the capital allocation. Again, wanted to understand, Ammar from you. First of all, as I look at all of these projects and think about the time frame of 2031 for some of these to come in and 2003, should I be thinking that there's about $5 billion of capital to support this growth? Is that somehow how I should be thinking about it? Or maybe Jamie can help me out on that as well?

好的。敬請期待五月的那項研究。然後我還有第二個問題，這個問題又回到了資本配置的問題。阿瑪爾，我再次想了解你的情況。首先，當我審視所有這些項目，並考慮到其中一些項目將於 2031 年和 2003 年投入使用時，我是否應該認為大約有 50 億美元的資金來支持這種增長？我該這樣想嗎？或許傑米也能在這方面幫幫我？

Yeah, sure. I mean at a really high level, if you walk through each of the projects, the Detour Underground, potentially, if you round up $1 billion, Upper Beaver is $1 billion. Hope Bay is $2 billion. Beyond that, we'll be providing an update on San Nicolas likely later this year. But yes, $5 billion to $6 billion of growth spending over the course of '26 through 2030, I think is about the right estimate, Tanya.

當然可以。我的意思是，從宏觀層面來看，如果你仔細研究每個項目，例如地下通道 Detour，如果四捨五入到 10 億美元，Upper Beaver 就是 10 億美元。希望海灣計畫投資20億美元。除此之外，我們可能會在今年稍後提供關於聖尼古拉斯的最新消息。但是，坦妮婭，我認為在 2026 年至 2030 年期間，50 億至 60 億美元的成長支出是一個比較合理的估計。

And I would point out it's sort of subtle, but the team's done a great job in pretty much keeping the sustaining CapEx steady.

我想指出的是，這一點雖然比較微妙，但團隊在維持維持性資本支出穩定方面做得非常好。

Okay. And if I can squeeze one more in, and I know -- but maybe for yourself, Ammar. As you think about this capital allocation and as you think about M&A and as you look at, obviously, returns to shareholders. One thing is how is important is it to own 100% of your assets? And the reason I ask is this [tech] to sell our 50% interest in San Nicolas. Would that be something you would consider for your capital allocation?

好的。如果我能再擠出一個，我知道──但也許是給你自己，阿瑪爾。當你考慮資本配置、併購以及股東回報時，顯然，你需要考慮股東回報。其中一個問題是，擁有100%的資產到底有多重要？我問這個問題的原因是，這項技術是為了出售我們在聖尼古拉斯公司持有的 50% 股份。您會考慮將此納入您的資本配置方案嗎？

If it made money for our owners on a on a per share basis, absolutely we would consider it.

如果這樣做能為我們的股東每股帶來收益，我們絕對會考慮。

Okay. Great. Thank you.

好的。偉大的。謝謝。

John Tumazos, John Tumazos Very Independent Research LLC.

John Tumazos，John Tumazos Very Independent Research LLC。

Thank you very much. We increased the underground resources at Malartic this year, 7.5 million ounces. Should we expect 7.5 million more in the coming year or are we getting done with it, first?

非常感謝。今年，我們在馬拉蒂克礦區的地下資源增加了 750 萬盎司。我們應該預期明年新增750萬人口，還是說我們已經完成這項工作了？

Then second, in terms of converting the inferred resources eventually to reserves, is it more efficient to wait until after 2030 when the first and second shafts might be done, significant development has been completed, and the zones can be either visually inspected or channel samples or close space drilled from underground without the substantial cost of half mile or 1 mile holes from surface?

其次，就最終將推斷資源轉化為儲量而言，等到 2030 年以後，當第一和第二豎井可能完工、重大開發完成，並且可以通過目視檢查、槽式取樣或從地下進行近距離鑽探來評估礦層，而無需從地表鑽探半英里或 1 英里的大量孔洞，是否更有效率？

So. Hi this is Guy. To your first question, this year, we made a big push at converting the outskirt when you look at the (inaudible) green mineral inventory in the outskirts of East Gouldie to bring it to the inferred. So this is where you saw the big addition.

所以。大家好，我是蓋伊。對於你的第一個問題，今年我們大力推進了郊區的改造，當你查看東古爾迪郊區的（聽不清楚）綠色礦產儲量時，你會發現它達到了推斷儲量。所以，這裡就是主要的新增部分。

There's still some mineral inventory in the outskirt, but much less than we were used to have, and it was by design because we wanted to tight fill that mineralized envelope, to bring it to inferred. And to your second question, we are already kind of doing some with the current infrastructure, with the ramp and the upper part of East Gouldie.

郊區仍然有一些礦產儲量，但比我們以前擁有的要少得多，這是有意為之，因為我們想緊密填充礦化範圍，使其達到推斷儲量。至於你的第二個問題，我們已經利用現有的基礎設施進行了一些改造，例如坡道和東古爾迪街的上部。

We're going to be doing more and more of that conversion to reserve because you're right, achieving kind of the drill spacing to classify it to indicated or reserve is much more cost efficient from underground. So we're going to be doing having access from the current linkage ramp that goes all the way to the East Gouldie, and from the upper part of East Gouldie, trying to do as much of the reserve conversion from underground.

我們將越來越多地進行儲量轉換，因為你說得對，從地下鑽探達到確定探明儲量或儲量所需的鑽孔間距要經濟得多。因此，我們將利用目前通往東古爾迪的連接匝道，以及東古爾迪的上部，盡可能從地下進行保護區改造。

But there will be also a continuation of drilling from surface. But we've seen already the total number of drill rig that Dominique was mentioning. There is a progressive shift towards much more drilling from underground compared to the drilling from surface.

但地面鑽探工作也將持續進行。但我們已經看到了多明尼克提到的鑽孔機總數。與地面鑽探相比，地下鑽探的數量正在逐漸增加。

So we were really aiming to bringing it to inferred from surface, and we're going to be doing a lot more of the conversion towards the reserve from underground for the reason you mentioned. Back then in order to achieve the drill spacing at 30 to 40-meter drill spacing. It's much easier to achieve that and less and more cost effective to do that from underground.

所以我們的目標是從地表推斷出儲量，而且正如你所提到的，我們將從地下進行更多儲量向儲備的轉換。當時為了實現 30 至 40 公尺的鑽孔間距。從地下進行施工更容易實現，而且成本更低。

Is it sort of the maximum capacity to add 2.5 million ounces a year to reserve, or could it be faster?

每年向儲備增加 250 萬盎司是否已經達到最大能力，還是可以更快？

Where to resources you meant, because in terms of reserve.

你指的是哪裡的資源，因為就儲備而言。

No, no. From inferred to reserve.

不，不。從推斷到儲備。

From inferred to reserve, this year, for example, we've added 470,000 ounces and our pace is about that to convert about 0.5 million ounces from resources to reserves moving forward. I think that's the achievable pace we're targeting.

例如，今年我們已將推斷儲量轉化為儲量 47 萬盎司，我們預計未來將以同樣的速度將約 50 萬盎司的資源轉化為儲量。我認為這是我們力所能及的目標速度。

So you got 20 years' worth of that in front of you? I'm kidding you, Guy.

所以你面前擺放著20年的這種挑戰？蓋伊，我開玩笑的。

Thank you.

謝謝。

Bennett Moore, JPMorgan Chase.

貝內特摩爾，摩根大通。

Good morning, I'm our and team. Congrats on a record year and thank you for taking my questions. Could you unpack the slowing of the mill ramp and change of sequencing at Detour Lake a bit further and implications on cost and CapEx for the next few years ahead of that growth trajectory into the next decade?

早安，我是我們的團隊。恭喜你們取得了創紀錄的一年，感謝你們回答我的問題。您能否進一步分析 Detour Lake 工廠產能爬坡放緩和生產順序改變的原因，以及這對未來幾年成本和資本支出的影響，為未來十年的成長軌跡做好準備？

Sure. You're talking about the time line, Bennett, for the mill ramp-up at Detour?

當然。貝內特，你指的是迪圖爾工廠的產能提升時間表嗎？

Yes. And any implications, I guess, also including incremental stripping and things like that.

是的。我想，任何影響也包括逐步剝離之類的事情。

Okay. Sounds good. So I'll start with the mill. So in terms of the mill, we did reach 28 million tonnes this year. It's a remarkable achievement for the team. The mill has been in expansion mode for the last six years, Bennett. And so the team was looking to just take a bit of time to stabilize the throughput and ensure that we have the sustainable operating practices in place.

好的。聽起來不錯。那我就先從磨坊開始吧。所以就工廠而言，我們今年的產量達到了 2,800 萬噸。這對團隊來說是一項了不起的成就。貝內特說，這家工廠在過去六年一直處於擴張狀態。因此，團隊希望花點時間來穩定產量，並確保我們擁有永續的營運實踐。

And this just gives the team a little bit of flexibility. So with respect to the timeline, we're looking at still getting the mill up and running to 29 million tonnes by 2030. And at the same time, when we reran our life of mine plan, we're looking at reaching the 1 million ounces in early 2030s. So not much of a change on that end yet.

這就給了球隊一些靈活性。因此，就時間表而言，我們仍然希望到 2030 年使工廠投產並達到 2900 萬噸的產能。同時，當我們重新制定礦山壽命計劃時，我們預計在 2030 年代初達到 100 萬盎司的產量目標。所以這方面目前還沒有太大變化。

Yeah. Part of the thing with -- and this is getting it may be a little bit static, but it's not just the throughput, it's make sure you don't have any recovery issues. You don't have any reliability issues. So Natasha's point, they've done a great job. And I think we have some of the best people in the world on that, and we always take their advice on how to do things the best way.

是的。一部分原因是——而且這可能有點靜態，但這不僅僅是吞吐量的問題，還要確保你沒有任何恢復問題。你沒有任何可靠性問題。所以娜塔莎的觀點是，他們做得很好。我認為我們擁有世界上一些最優秀的人才，我們總是聽取他們的建議，以求以最佳方式做事。

Thanks for that. And then coming to Meadowbank, the mine life, it's nice to see extended to 2030, even if it's incrementally higher cost ounces. But wondering if you could give a better understanding of the opportunity beyond 2030 as it relates to an underground-only mine? I mean, could this be of similar size and scale as we've seen over recent years?

謝謝。再來看 Meadowbank 礦，礦山壽命延長至 2030 年，這令人欣慰，即使這意味著每盎司黃金的成本會略有上升。但我想知道您能否更好地闡述 2030 年以後，對於純地下礦而言，有哪些機會？我的意思是，這種情況的規模和嚴重程度是否與我們近年來看到的類似？

Yeah. The team are looking targeting, and again this is very conceptual 250. Is it something possible by -- we know it is going deeper underground so we could. Just keep mining. They're also looking for, smallest pushback here and there. They're looking below what we've mined at goose at the time, below what we've mined at, vault at the time, putting that together to see could we extend the Meadowbank.

是的。團隊正在尋找目標，而這又是一個非常概念性的 250。這有可能嗎？ ——我們知道它正在向地下深處延伸，所以我們有可能。繼續挖礦。他們也在尋找哪怕是最輕微的阻力。他們正在研究我們當時在鵝穴開採的礦藏下方、我們當時在金庫開採的礦藏下方，並將這些礦藏結合起來，看看我們能否擴大草甸岸的範圍。

Of course, the USD5,000 per ounces gold price is very welcome, for Nunavut, for Meadowbank. It is also very welcome because we keep drill, the drill keep running and who knows, we just need one hole and that could change the picture. So it's very positive.

當然，每盎司5000美元的金價對努納武特地區和梅多班克來說都是非常受歡迎的。這真是太好了，因為我們一直在鑽探，鑽孔機一直在運轉，誰知道呢，我們可能只需要一個孔，那就能改變局面。所以這是非常正面的訊號。

Yes, it is higher cost. But as Ammar mentioned, it is on top of with existing infrastructure with minimal CapEx to deliver that. So we are still working on it. Maybe [2020], I will say not before 2027, we could give you more on that. Let's see how the team is going to be able to work at it.

是的，成本更高。但正如阿馬爾所提到的那樣，它是在現有基礎設施的基礎上實現的，只需極少的資本支出即可實現。所以我們還在努力。或許（2020年），但我得說不定要等到2027年，到時候我們才能給您更多消息。讓我們看看團隊將如何完成這項工作。

Understood. Thanks so much and best of luck.

明白了。非常感謝，祝你好運。

Thank you.

謝謝。

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

謝謝。目前沒有其他問題了。現在我將把電話交給阿馬爾·阿爾-瓊迪先生，請他作總結發言。

Thank you, operator, and thank you, everyone, for joining us. Please have a, for those of you who get the long weekend, please enjoy it with your families. Thank you.

謝謝接線員，也謝謝各位的參與。請各位享受一下長週末，也請和家人一起好好享受這段時光。謝謝。

And thank you ladies and gentlemen. This concludes today's conference call. We thank you for your participation. You may now disconnect.

謝謝各位女士、先生。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線了。